Full text of Survey of Current Business : December 1978
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
DECEMBER 1 9 7 8 / VOLUME 5 8 NUMBER
SURVEY OP CURRENT BUSINESS
12
CONTENTS
THE BUSINESS SITUATION
1
National Income and Product Tables
5
U.S. Department of Commerce
Plant and Equipment Expenditures, Quarters of
1978 and First and Second Quarters of 1979
14
Juanita M. Kreps /
State and Local Government Fiscal Position
in 1978
19
Courtenay M. Slater / Chief Economist
for the Department of Commerce
Employment and Employee Compensation of U.S.
Affiliates of Foreign Companies, 1974
23
Secretary
Bureau of Economic Analysis
George Jaszi / Director
U.S. International Transactions,
Third Quarter 1978
35
Subject Guide, Volume 58, 1978
59
Allan H. Young / Deputy Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editors 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, Virginia K. Olin, Obie G. Whichard,
John T. Woodward
SURVEY OF CURRENT BUSINESS. Published monthly by
CURRENT BUSINESS STATISTICS
General
S1-S25
Industry
S25-S40
Subject Index (Inside Back Cover)
the Bureau of Economic Analysis of the U.S. Department
of Commerce, Editorial correspondence should be addressed to the Editor-in-Chief, Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
Commerce, Washington, D.C. 20230.
First-class maiL—Domestic only: Annual subscription
$31.00.
Second-class maiL—Annual subscription: $19.00 domestic; $23.75 foreign. Single copy: fl.60 domestic; $2.00
foreign.
Foreign air mail rates available upon request.
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.
1 5 h a s deterj5a
!5£JSf fSf^fi^SSfl? !
j5** *j»t the publicagon of this periodical is necessaryto,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
632 6th Ave. 265-5307
99501
ARIZ., Phoenix
85073
201 N. Central Ave. 261-3285
CALIF., Los Angeles
90049
11777 San Vicente Blvd. 824-7591
GA., Savannah 3 1 4 0 2
222 V.S. Courthouse & P.O. Bldg,
232-4321
HAWAII, Honolulu
96850
300 Ala Moana Blvd. 546-8694
ILL., Chicago
60603
Rrn. 1406 Mid Continental Plaza Bide.
353-4450
MICH., Detroit 4 8 2 2 6
445 Federal Bldg. 226-3650
N.C., Greensboro
27402
203 Federal Bldg. 378-5345
MINN., Minneapolis
55401
218 Federal Bldg. 725-2133
OHIO, Cincinnati
45202
550 Main St. 684-2944
MO., St. Louis 63105
120 S. Central 425-3302
OHIO, Cleveland 4 4 1 1 4
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 8 9 5 0 3
777 W. 2d St. 784-5203
PA., Philadelphia 1 9 1 0 6
600 Arch St. 597-2850
N.J., Newark
07102
4th Floor Gateway Bldg- 645-6214
PA., Pittsburgh
15222
1000 Liberty Ave. 644-2850
TEX., Dallas 7 5 2 4 2
1100 Commerce St. 749-1515
TEX,, Houston
77002
515 Rusk St. 226-4231
UTAH, Salt Lake City 8 4 1 3 8
125 South State St. 524-5116
VA., Richmond
23240
8010 Federal Bldg. 782-2246
CALIF., San Francisco
94102
450 Golden Gate Ave. 556-5868
IND., Indianapolis
46204
46 East Ohio St. 269-6214
COLO., Denver 6 0 2 0 2
19th & Stout St. 837-3246
IOWA, Des Moines 5 0 3 0 9
210 Walnut St. 284-4222
CONN., Hartford
06103
450 Main St. 244-3530
LA., New Orleans
FLA., Miami
33130
25 West Flagler St. 350-5267
MB., Baltimore 2 1 2 0 2
415 U.S. Customhouse 962-3560
N.Y., Buffalo
14202
111 W. Huron St, 846-4191
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 0 2 1 1 6
441 Stuart St. 223-2312
N.Y., New York
10007
26 Federal Plaza 264-0634
TENN., Memphis 3 8 1 0 3
147 Jefferson Ave. 521-3213
WYO., Cheyenne
82001
2120 Capitol Ave. 778-2220
70130
•«• WJTCV
AH.
432In«,n,.,iWTr,4,M.r« 58MS46 %,*£&£E^K*.
«%«•-».».«.
"TSS.
P.R., San Juan 0 0 9 1 8
659 Federal Bldg. 753-4555
WASH., Seattle 9 8 1 0 9
Rm. 706 Lake Union Bldg. 442-5615
W. VA., Charleston 2 5 3 0 1
500 Quarrier St. 343-6181
the BUSINESS SITUATION
Chart 1
Personal Income and Consumption:
Change From Preceding Quarter
Billion $
80
PERSONAL INCOME
60
40
Total
20
* Projected
Wage and Salary Disbursements
-20
100
DISPOSABLE PERSONAL INCOME
80
60
40
20
-20
^Constant $
PERSONAL CONSUMPTION EXPENDITURES
1975
1976
1977
1978
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
78-12-1
J
UD GIN G from data through November, personal income increased $52
billion (annual rate) in the fourth
quarter, compared with $49 K billion
in the third (table 1). Wage and salary
disbursements increased $35% billion,
compared with $23 billion. In private
wages and salaries, most of the acceleration was in manufacturing, where it
centered in durable goods. Wages and
salaries in the distributive and service
industries also increased more than
in the third quarter. In contrast, wages
and salaries in construction (included
in other commodity-producing industries) increased less; both the third and
fourth quarters continued to reflect
makeup from last winter's severe
weather, but the makeup had been
larger in the third quarter. In government, the Federal pay raise added
$2K billion to fourth-quarter payrolls.
Farm proprietors' income increased
$3% billion (annual rate), compared
with $1 billion in the third quarter.
Most of the step-up was due to deficiency payments to farmers under
the target price provisions of the Food
and Agriculture Act of 1977. In addition, cash receipts from marketings
increased more in the fourth quarter
than in the third, reflecting mainly a
sharp acceleration in livestock prices.
A deceleration in nonfarm proprietors'
income, from an increase of $3% billion
in the third quarter to §2% billion in
the fourth, was more than accounted
for by California's Proposition 13,
which in the third quarter had led to
a reduction in property tax liabilities
of owners of residential and nonresidential property. Proposition 13 was
responsible also for the deceleration
in rental income of persons. (For a
discussion of the effect of Proposition
13 on the third-quarter national income
and product estimates, see the September issue of the SURVEY OF CURRENT
BUSINESS.) Transfer payments increased only $2% billion, after an
unusually large increase of $10 billion
in the third quarter; the third quarter
had included a $5% billion social
security cost-of-living benefit increase.
If the special factors that are listed
after the personal income total in table
1 are excluded, adjusted personal income increased $48 billion (annual rate)
in the fourth quarter, compared with
$41 billion in the third.
Labor markets.—The substantial acceleration of economic activity that is
suggested by personal income adjusted
in this way is confirmed by employment
and average weekly hours. Employment,
as measured by both the household and
the establishment surveys, increased
much more than in the third quarter.
The former was up 1.1 million through
November, and the latter was up 0.9
million, after each had increased 0.4
million in the third quarter (table 2).
The strengthening was apparent in all
major private industry groups. In manufacturing, most of it was in durables,
and was particularly pronounced in
transportation equipment, most of
which consists of autos and trucks.
Average weekly hours in the private
nonfarm economy also strengthened,
after a decline of 0.2 hour in the third
quarter. In manufacturing, average
hours, which had been 40.4 in the third
quarter, increased to 40.6 in November;
overtime increased from 3.5 to 3.7
hours over the same period.
The increase in the labor force from
the third quarter to November—1.0
million—was twice as large as the
increase in the third quarter. Despite
this large increase, unemployment and
December 1978
SURVEY OF CURRENT BUSINESS
the unemployment rate were down, the
latter to 5.8 percent in October and
November from 6.0 percent in the third
Quarter.
Disposition of personal income
Personal taxes increased less in the
fourth quarter than in the third. The
third-quarter increase in Federal taxes
had reflected a return to a normal level
of refunds; refunds, which are netted
against payments, had been unusually
large in the first half of the year. An
acceleration of State and local taxes
was a partial offset. The third-quarter
increase in these taxes had been held
down by an income tax cut in New
York State.
Disposable personal income—personal income less personal t a x e s increased -$40K billion, or 11% percent
(annual rates) in the fourth quarter,
compared with $35 billion, or 10 percent, in the third. Prices of personal
consumption expenditures (PCE) increased substantially more in the fourth
quarter than in the third, mainly because of an acceleration in food and
energy prices. After adjustment for
prices, the increase in disposable income
was 3K percent—about the same as in
the third and second quarters. As can
Table 1.—Personal Income
[ Change from preceding quarter; billions of dollars at seasonally adjusted annual rates]
Wage and salary disbursements
Manufacturing
Other commodity-producing
Distributive..
Services..
Government and government enterprises
Proprietors' income
Farm.
Nonfarm
_
'
. . .
1978:
III
1978:
IV*
23.0
35.3
5.9
3.5
5.2
5.7
11 5
3.1
8.3
68
2.8
5.6
4.4
5.8
10
3.5
3.4
2.4
Rental income of persons
2.1
.1
Transfer payments
9.8
2.7
11.3
10.0
Other income
.
Less: Personal contributions for social
insurance
Personal income
Less: Federal pay raise
Proposition 13
Social security cost-of-living benefit increase
Federal payments to farmers
Personal income, adjusted
•Projected
1.3
1.6
49.3
52.1
3.0
o
2.5
5.7
-.4
1.4
41.0
48.2
be seen from chart 1, the increases in
real disposable income this year have
been much smaller than in 1977, because of larger increases in PCE prices.
Real PCE increased substantially
more than the 4-percent (annual rate)
increase in the third quarter.1 PCE on
motor vehicles and parts more than
accounted for the acceleration. PCE on
new autos was stable after declining
almost 35 percent in the third quarter,
and PCE on trucks increased about as
much as it had declined—20 percent.
Total unit sales of new passenger cars,
which include sales to business as well
as to consumers, had declined 0.8
million (annual rate) to 11.2 million in
the third quarter. Judging from data
through the first 10 days of December,
sales in the fourth quarter held at the
third-quarter rate (chart 2). (In the
fourth quarter, production of motor
vehicles accelerated more than sales,
as inventories of motor vehicles increased in the fourth quarter after having been depleted in the third.) Among
other goods, a substantial acceleration
in PCE on food was about offset by a
deceleration in PCE on clothing and
shoes. Among services, PCE on gas and
electricity showed no change in the
fourth quarter, because expenditures for
heating were low due to mild weather.
All other PCE combined appears to
have increased a little less than the
third-quarter rate of 6% percent.
The saving rate—personal saving as
a percentage of disposable personal
income—declined from 5.2 percent in
the third quarter to less than 5 percent
in the fourth. A downdrift in the rate
during the year may have reflected
consumers' attempts to maintain real
purchases in the face of sharply accelerated price increases.
Other fourth-quarter
developments
After recovering from last winter's
severe weather, total housing starts
were well-maintained despite high and
rising interest rates (chart 3). Through
September, the Federal Reserve increased the discount rate five times this
year—from 6 to 8 percent—and market
interest rates moved up over the
same period. The interest rate on commitments for conventional loans (with
a 75-percent loan-to-price ratio and a
25-year term to maturity) on new
single-family houses increased sharply—
80 basis points, to 9.91 percent. With
the 0.5- and 1.0-percentage point
increases in the discount rate in October and November, interest rates increased again. In October and November, the commitment rate increased 4
and then 20 basis points, to 10.15
percent.
The value of mortgage commitments
Chart 2
Retail Sales of New Passenger Cars
Million units (ratio scale)
20
_
15
Total
10
8
\
Domestics
6 —
_
* Projected
1. The major source data that shed light on fourth-quarter
production as reflected in the national income and product
4 accounts 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
3 retail sales, unit sales of autos through the first 10 days of
December, and sales of trucks for October and November;
Imports
for nonresidential fixed investment, the same data for autos
and trucks as for PCE, October manufacturers' shipments
2
of equipment, October construction put in place, and business investment plans for the quarter; for residential investment, October construction put in place, and housing starts
for October and November; for change in business inventories,
October book values for manufacturing and trade, and unit
auto inventories for October and November; for net exports
of goods and services, October merchandise trade; for govern1 1 1 1 11 1 1 1 1 1 1 1 1 1
1 1 1 1 1Mil
ment purchases of goods and services, Federal unified budget
1977
1978
outlays for October, State and local construction put in
Seasonally Adjusted at Annual Rates
place for October, and State and local employment for OctoData: Motor Vehicle Manufacturers Association of the United States, Inc.
ber and November; and for prices, the Consumer Price
and Wards.
Index for October, and the Producer Price Indexes for
U.S. Department of Commerce, Bureau of Economic Analysis
78-i:
October and November.
SUBVEY OF CUERENT BUSINESS
December 1978
same size. Taken together, purchases of
structures and of equipment other than
motor vehicles increased only moderately, after an 8 ^-percent increase in
the third quarter.
Information relating to net exports in
the fourth quarter is confined to merchandise trade for October. However,
seen in a perspective that includes the
earlier months of the year, it would appear that real merchandise trade has begun to support GNP. In particular,
nonagricultural exports have picked up
since the first quarter. (A discussion of
merchandise trade in the first 9 months
of the year is included in the article on
U.S. international transactions, which
appears later in this issue of the
Table 2.—Selected Labor Market Indicators
1977
Civilian labor force (millions) _
Employment
Unemployment
II
98.6
92.1
6.6
99.2 100.2 100.7
93.0 94.2 94.6
6.0
6.2
6.1
5.9
6.0
6.2
58.6
58.6
58.1
101.1
95.2
5.9
6.6
Employment-population ratio
57.7
Civilian labor force participation
rates (percent)
Employment (nonfarm): establishment survey (millions)
G oods-producing.
Manufacturing..
Other
Distributive
*
Services 2_
Government
Average weekly hours (private nonfarm)
Total
Manufacturing
III
No- 1977 :IVvember 1978:1*
October
IV
U nemployment rate (percent)
Total
Men
Women
Teenagers..
Change
1978
1978:11- 1978:1111978:111 1978: Nov.
1978:11978:11
0.5
.4
.1
101.6
95.7
5.9
0.3
.7
-.4
1.0
1.2
-.2
5.8
5.8
-.4
-.3
-.2
58.8
59.1
.5
.5
.4
0
.6
1.2
62.7
79.9
48.6
57.0
62.8
79.9
48.9
56.7
63.2
79.9
49.5
57.9
63.2
79.5
63.3
79.5
58.8
58.5
63.6
80.0
50.1
58.5
83.5
86.1
86.6
87.0
1.4
.6
.2
.5
.3
84.3
85.7
24.6
19.8
4.8
23.6
20.0
15.2
24.8
20.1
4.6
23.9
20.3
15.4
25.4
20.3
5.1
24.2
20.6
15.6
25.5
20.3
5.2
24.4
20.8
15.5
25.7
20.4
5.2
24.6
20.9
15.5
25.9
20.6
5.3
24.7
21.0
15.5
36.0
40.5
35.7
40.2
36.0
40.6
35.8
40.4
35.8
40.4
35.9
40.6
1.0
1.1
-.1
0
-.4
.3
.2
SURVEY.)
In recent quarters, Commodity
Credit Corporation (CCC) price support operations were a major factor in
the change in Government purchases.
In the fourth quarter, there were substantial net additions to CCC loans; in
the third quarter, they had been virtually unchanged. (Net additions to CCC
loans are counted as Government purchases, and as receipts in the estimation
of farm income.)
Gaps in the information relating to
final sales, inventory change, and prices
.1
.2
o
-.2
1. Transportation and public utilities, and wholesale and retail trade.
2. Services, and finance, insurance, and real estate.
* Changes in the household series are adjusted for modifications introduced in survey methodology in January 1978.
Source: Bureau of Labor Statistics.
of thrift institutions held steady during
the second and third quarters, and increased sharply in October, suggesting
that lending is not being limited by a
shortage of funds. Thrift institutions'
use of the secondary mortgage market,
sales of securities backed by mortgages,
and increased borrowing from the Federal Home Loan Bank Board provided
funds for mortgage lending, as did the
new 6-month money market certificates.
These certificates, which had been
introduced June 1, carry interest rates
that are tied to the Treasury bill rate.
They appear to have been a major factor
in maintaining savings inflows in recent
months. However, there are indications
that they are becoming less effective in
supporting mortgage lending. The number of thrift institutions offering these
certificates at ceiling rates was down
slightly in October, and the funds received were increasingly being invested
in instruments other than mortgages.
To support thrift institutions' ability
to lend, the Federal Home Loan Bank
Board in December announced a %percentage point reduction, to 6 percent,
in the liquidity ratio that savings and
loan associations are required to
maintain.
Real fixed business investment probably increased about as much in the
fourth quarter as in the third, despite a
swing in purchases of motor vehicles
from a decline of almost 15 percent (annual rate) to an increase of about the
Chart 3
Housing Starts
Millions of units
2.51
1.0
Single Family
v
^*..^—,.«-*•-•^...
i
i
i
i
i
I
i
1975
i
i
i
i
I
^^"""X/"
i
i
i
i
i
l
i
"
i
i
i
i
I
i
Multifamily
i
i
i
i
I
i
1976
1977
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
i
i
i
i
I
i
i
I
1978
i
i
i. i
SUKVEY OF CUERENT BUSINESS
make a precise quantification of fourthquarter GNP impossible. With regard
to prices, it is clear that some acceleration over the third-quarter increase
occurred. The acceleration of PCE
food and energy prices has already
been noted. In addition, the Federal
pay raise added about 0.5 percentage
points (annual rate) to the increase
in GNP prices. It seems likely that real
GNP increased substantially more in
the fourth quarter than in the third,
mainly due to the swing in motor
vehicle production from a decline of
about 20 percent to a somewhat larger
increase. A significant part of the
swing in motor vehicles was due to the
fact that the third-quarter change in
production was held down because the
second-quarter had included makeup
from last winter's severe weather. In
contrast, for GNP other than motor
vehicle production, it was the fourth
quarter that was held down because
the third-quarter increase had included
strong makeup effects. Thus, had it
not been for the severe weather, motor
vehicle production would have accelerated less in the fourth quarter, and
production of other GNP would have
December 1978
accelerated more; the acceleration in
total real GNP would have been
roughly the same.
Third-quarter NIPA revisions
The 75-day revisions of the thirdquarter national income and product
estimates are shown in table 3. There
were downward revisions in net exports
and in corporate profits, which were
traceable largely to revisions in net
dividends received from abroad. These
revisions have no significant bearing
on the interpretation of domestic economic developments.
Table 3.—Revisions in Selected Component Series of the NIPA's, Third Quarter of 1978
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
Levels
45-day
estimate
75-day
estimate
Revision
45-day
estimate
75-day
estimate
Revision
Billions of current dollars
GNP.
Personal consumption expenditures..
Nonresidential fixed investment
R esidential investment
C hange in business inventories
Net exports
Government purchases
Federal
State and local
National income.
Compensation of employees
Comporate profits with inventory valuation and capital
consumption adjustments
Other
.
2,141.4
2,136.1
-5.3
10.7
9.6
-1.1
1,357. 7
227.9
108.9
13.8
-6.6
439.6
154.0
285.6
1,356. 9
227.5
109.0
13.6
-10.7
439.8
154.0
285.8
.8
-.4
.1
-.2
-4.1
.2
0
.2
11.0
15.0
14.7
10.7
14.3
14.9
-.3
-.7
.2
14.8
20.1
12.1
15.0
20.0
12.4
.2
-.1
1,731.0
1,728.4
-2.6
10.6
9.9
1,316. 9
1,317.1
168.4
245.8
165.2
246.2
.2
-3.2
.4
9.3
9.4
12.6
16.0
4.4
16.6
.3
-.7
.1
-8.2
.6
Billions of constant (1972) dollars
GNP.
Personal consumption expenditures..
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
Government purchases
Federal
State and local
1,394.2
1,391.4
-2.8
3.4
2.6
895.5
141.9
59.7
895.1
141.7
59.7
4.2
4.2
-1.5
4.1
3.5
-1.6
11.3
276.6
100.4
176.2
276.7
100.4
176.3
-.4
-.2
0
-.2
-2.1
.1
0
.1
7.1
14.4
3.2
7.2
14.3
3.4
7.1
7.6
7.6
6.9
7.6
7.6
9.2
9.G
9.2
Index numbers, 1972-100 *
G N P implicit price deflator
G N P fixed-weighted price index.
G N P chain price index
1. Not at annual rates.
NOTE.—For the third quarter of 1978, the following revised or additional major source data became available: For
personal consumption expenditures, revised retail sales for
September, sales and inventories of used cars of franchised
automobile dealers for September, consumption of electricity
for August, expenditures for hospital and telephone service
for September, and expenditures in the United States by
foreigners for the quarter; for nonresidential fixed investment,
revised manufacturers' shipments of equipment for September, revised construction put in place for September, and
business expenditures for plant and equipment for the
quarter; for residential investment, revised construction put
153.59
155.8
153.52
155.8
-.07
0
in place for September; for change in business inventories,
revised book values for manufacturing and trade for September; for net exports of goods and services, revised merchandise
trade for September, and revised service receipts for the
quarter; for government purchases of goods and services, revised
construction put in place for Septermber; for wages and
salaries, revised employment, average hourly earnings, and
average weekly hours for September; for corporate profits,
revised domestic book profits for the quarter, revised dividends from abroad and branch profits (net) for the quartet;
for net interest, revised net interest received from abroad for
the quarter; and for GNP prices, revised residential housing
prices for the quarter, and revised unit value indexes for
exports and imports for September.
SUEVEY OF CUREENT BUSINESS
December 1978
NATIONAL INCOME AND PRODUCT TABLES
1977
1976
1977
ii
in
rv
I
II
1978
1977
1978
III'
1976
1977
II
III
I
IV
II
III'
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4
Personal consumption expenditures. _
Durable goods
Nondurable goods..
Services
,090.2 1,206.5 1,188.6 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9
156.6
442.6
491.0
178.4
479.0
549.2
175.6
473.6
539.4
177.4
479.7
557.5
243.0
297.8
295.6
309.7
232.8
282.3
278.6
287.8
Nonresidential
Structures
Producers' durable equipment..
164.6
57.3
107.3
190.4
63.9
126.5
187.2
63.4
123.8
193.5
65.4
128.1
Residential
Nonfarm structures
Farm structures
Producers' durable equipment..
68.2
65.8
1.1
1.3
91.9
88.9
1.5
1.5
91.4
88.4
1.6
1.4
10.2
12.2
-2.0
15.6
15.0
.6
17.0
16.5
.5
Gross private domestic investment.
Fixed investment
Change in business inventories.
Nonfarm
Farm
Net exports of goods and services
Exports
Imports...
Government purchases of goods and services..
Federal
National defense_.
Nondefense
State and local
819.4
857.7
849.5
858.0
876.6
873.5
886.3
895.1
125.9
320.2
373.2
137.8
330.4
389.5
136.2
327.2
386.0
136.9
329.2
391.8
143.0
338.1
395.6
137.8
333.3
402.4
145. 8
336.3
404.2
144.8
340.4
410.0
196.3
197.1
201.7
200.3
205.7
213.1
210.4
187.4
187.1
189.5
192.8
193.4
200.4
201.4
129.8
40.0
89.8
129.1
40.0
89.0
130.8
40.8
90.0
132.5
41.0
91.5
133.8
41.0
92.9
140. 5
44.6
95.9
141.7
45.6
96.1
47.8
46.0
.7
1.1
57.7
55.6
.9
1.2
58.0
55.9
1.0
1.1
58.8
56.6
1.0
1.2
58.4
.7
1.2
59.5
57.4
.8
1.3
59.9
57.8
.8
1.4
59.7
57.6
6.7
8.5
-1.9
8.9
9.4
-.5
10.0
10.2
-.2
12.2
13.5
-1.4
7.5
6.5
12.3
12.5
-.1
12.7
13.9
-1.2
9.0
9.6
-.6
183.5
501.4
591.8
197.8
519.3
605.8
199.5
531.7
625.8
313.5
322.7
345.4
350.1
173.4
300.5
306.0
325.3
336.5
166.8
200.3
67.4
132.8
205.6
68.5
137.1
220.1
76.6
143.5
227.5
80.9
146.6
118.9
38.3
80.6
91.2
1.6
1.5
94.3
100.2
97.5
1.2
1.6
100.3
97.3
1.3
1.7
105.3
102.1
1.4
1.8
109.0
105.7
1.5
1.7
21.9
22.0
-.1
13.1
10.4
2.7
16.7
16.9
-.2
20.1
22.1
-2.0
13.6
14.6
-.9
-23.2
187.2
496.9
571.1
7.4
-11.1
-5.9
-7.0
-24.1
-5.5
-10.7
15.4
9.5
11.0
12.5
3.1
2.9
11.3
9.2
163.2
155.7
175.5
186.6
178.1
184.0
180.8
187.8
172.1
195.2
181.7
205.8
205.4
210.9
95.9
80.5
98.2
88.7
98.9
87.9
100.8
88.2
96.0
92.9
99.1
96.2
108.4
97.1
109.0
99.7
359.5
394.0
399.5
412.5
416.7
424.7
210.1
220.8
439.8
262.8
269.2
267.9
271.7
274.5
272.1
271.9
276.7
129.9
86.8
43.1
229.6
145.1
94.3
50.8
248.9
146.8
94.4
52.4
252.7
152.2
97.1
55.1
260.3
151.5
97.9
53.6
265.2
147.2
98.6
48.6
277.6
154.0
99.6
54.5
285.8
96.6
101.6
101.3
102.9
103.6
101.2
97.1
100.4
166.2
167.6
166.6
168.8
170.9
170.8
142.9
93.7
49.3
245.9
176.3
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.
Durable goods..
Final sales
Change in business inventories.
Nondurable goods
Final sales.
_
Change in business inventories.
Services....
Structures..
1,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4
1, 689.9 1,871.6 1,850.0 1, 894.9 1,945.0 1,975.3 2,067.4 2,122. 5 1,264.4 1, 323.8 1,315.5 1,331. 7 1,347.1 1,341.8 1,369. 9 1L, 382.4
9.0
12.7
12.3
12.2
7.5
10.0
10.2
13.6
15.6
17.0
13.1
20.1
6.7
16.7
21.9
8.9
825.8
844.7
859.6
861.8
912.2
927.3
576.5
608.4
604.4
613.3
620.1
611.8
627.7
630.2
17.0
822.8
21.9
846.5
13.1
845.1
16.7
892.1
20.1
913.7
13.6
569.8
6.7
8.9
594.3
10.0
601.1
12.2
612.7
7.5
599.4
12.3
615.0
12.7
621.2
9.0
339.1
330.0
9.1
346.5
334.6
11.9
347.4
341.1
6.3
351.2
336.3
14.8
375.8
365.0
10.8
380.1
369.8
10.2
236.2
232.5
3.6
253.7
248.0
5.8
253.0
246.9
6.1
255.9
248.0
7.9
255.1
250.5
4.6
254.6
245.0
9.6
266.6
260.2
6.4
264.8
258.7
6.1
455.7
450.7
4.9
341.3
332.9
8.4
491.3
484.1
7.2
486.7
478.8
7.9
498.2
488.2
10.0
512.2
505.4
6.8
510.6
508.7
1.9
536.4
527.1
547.2
543. 9
3.4
340.3
337.3
3.0
354.7
351.6
3.1
351.3
347.5
3.9
357.4
353.1
4.3
365.0
362.1
2.9
357.2
354.5
2.7
361.2
354.8
6.3
365.4
362.5
2.9
778.0
161.9
862.8
191.8
850.0
191.3
875.3
196.8
893.6
204.9
926.4
203.8
952.0
223.4
973.7
235.0
583.0
111.6
602.9
121.3
122.3
606.9
123.7
609.6
124.8
620.1
122.3
625.6
129.3
629.7
131.6
760.3
832.6
750.1
10.2
817.0
15.6
304.6
299.3
5.3
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
_
_.
Statistical1 discrepancy...
Residual ..
Households and institutionsGovernment
Federal
State and local.
Rest of the world.
r
1,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1 1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,,391.4
1,685.7 1,869.9 1,849.0 1,898.7 1,942.2 1,973.8 2,066.5 2,117.3 1,264.3 1,325.3 1,317.7 1,336.3 1,347.9 1,346.6 1,373.9 1,383.9
1,436. 7 1,599.3 1,582.5 1, 626.4 1,660.4 1,684.1 1,771.8 1,817. 5 1,077.9 1,135.9 1,129.6 1,146.1 1,155.9 1,153.5 1,180.0 1,189.3
151. 8
1,385.6 1,544.0 1,528.0 1,571.6 1,601.6 1,628.9 1, 714. 9 1, 758. 5 1,040.1 1, 094. 2 1,088.9 1,102. 6 1,112. 4 1,115. 4 1,145. 2 1,,, 031.
7
998.1 1,026.5 ~
996.4
976.1
988.0
980.5
1, 255.0 1,397.8 1,384.0 1,423.2 1, 449.0 1, 471. 7 1,553. 2 1, 592. 0 932.6
120.1
117.4
66.5
118.6
116.0
112.8
114.6
107.5
113.6
130.6
144.1
152.7
157.1
146.2
161.7
148.4
33.2
32.5
58.6
30.5
36.1
34.1
34.5
32.2
34.4
46.9
50.8
53.0
54.0
50.5
47.7
56.4
.4
4.2
3.7
2.2
4.8
7.1
4.7
.5
4.3
4.3
5.5
7.4
9.0
7.3
6.6
5.6
44.9
44.3
43.6
42.2
42.5
70.5
63.5
40.7
62.7
61.3
56.5
65.9
68.8
192.5
62.4
130.1
208.0
66.4
141.5
205.2
65.4
139.8
208.9
65.7
143.2
215.9
69.5
146.4
221.0
69.9
151.1
224.1
70.1
154.1
227.5
70.5
157.0
14.4
17.3
18.0
18.1
15.9
18.2
21.1
18.8
145.6
48.5
97.1
6.8
147.2
48.7
98.4
146.3
48.7
97.6
147.7
48.8
99.0
148.4
48.8
99.6
149.4
48.8
100.6
7.3
7.8
7.6
6.6
7.5
149.6
48.8
100.8
149.8
49.0
100.8
7.5
Revised.
HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The National Income and
Products Accounts of the United States, 1929-7$: Statistical Tables (available for $4.95, SN
003-010-00052-9, from Commerce Department District Offices or the Superintendent of
Documents; see addresses inside front cover). Data for 1973,1974, and 1975-77 are in July
1976, July 1977, and July 1978 issues of the SURVEY, respectively.
December 1978
SUEVEY OF CUKEENT BUSINESS
6
1977
II
1977
1976
III
1977
1978
I
IV
II
III'
1976
1977
II
III
Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1*9)
1,700.1 1,887.2 1,867.0 1,916.8 1,958.1 1,992.0 2,087.5 2,136.1
Plus: Subsidies less current
surplus of government
enterprises
Equals: National income
Less: Corporate profits with
inventory valuation
and capital consumption adjustments
Net interest
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government
transfer
payments to persons
Personal interest income
Net interest
Interest paid by government to persons
and business
Less: Interest received
by government
Interest paid by consumers to business...
Dividends
Business transfer payments
177.8
195.2
192.4
198.5
202.6
207.3
213.3
220.8
141.
153.6
151.9
155.9
157.8
161.0
163.?
166.9
- 3 6 . 5 -41.6
-40.4
Equals: Personal income..
165.1
163.3
166.5
170.1
173.3
179.4
177.7
8.3
4.2
9.6
4.7
9.4
3.7
9.9
7.1
10.0
4.8
10.2
2.2
10.5
.5
10.9
.4
.7
2.8
1.1
2.7
6.3
4.1
4.3
2.1
Revised
National income.
Domestic income. -
14.4
17.3
144.2
95.4
143.7
93.7
154.8
97.3
148.2
99.0
132.6
101.7
163.4
104.6
165.2
107.4
125.1
140.3
139.1
141.3
145.0
157.4
162.'
166.2
0
0
0
0
0
0
185.6
199.2
194.6
202.0
205.9
208.9
210.1
219.6
126.3
84.3
141.2
95.4
139.1
93.7
143.6
97.3
146.0
99.0
151.4
101.7
156.3
104.6
161.7
107.4
.2
43.0
42.5 j
43.3
44.5
46.7
48.4
50.6
22.8
25.8
25.3
26.3
27.3
28.5
29.7
30.9
25.1
37.9
28.6
43.7
28.2
42.7
29.3
44.1
29.8
46.3
31.5
47.0
33.0
48.1
34.6
50.1
9.9
10.0
10.2
10.5
10.9
9.4
, 380.9 1,529.0 ,508.6 ,543.7
593.0 ,628.9 ,682.4 1,731.7
1,271.0 1,332.7 1,325.5 1,343.9 1,354.5 1,354.2 1,382.6 1,391.4
18.1
18.2
15.9
21.1
18.8
1,344.8 1,498.0 1,481.3 1,519. 5 1,560.9 1,584.91,667.1 1,709.7
14.4
17.3
18.0
18.1
15.9
18.2
21.11
18.8
Billions of 1972 dollars
Net domestic product
Business
NonfarmFarm
Residual i
Households and institutions .
Government
Rest of the world
National income
Domestic income
39.6
18.0
1,359. 2 11,515.3 1,499.3 1,537. 6 1,,576.9 1,1,603.1 1,688.1 1,728.4
1,095.8 1,., 227. 4 1, 214. 8 1., 247. 2 1,, 279.1 1, 295. 2 1,L, 372. 4 1,409. 9
B usiness
1,332.4 1,368. 5
1,064.2 -'1,192. 6 1, 180.5 ., 216. 0 1, 238.7 1, 257. 7 1,
Nonfarm
40.0
37.4
40.5
34.3
31.1
34.8
31.6
Farm
41.3
70.5
68.8
65.9
61.3
63.5
62.7
56.5
Households and institutions.
72.3
192.5 208.0 205.2 208.9 215.9 221.0 224.1 227.5
Government..
Net national product
127.0
84.3
125.9 128.9 128.4 129.3
130.2 130.9 131. G 132.3
Equals: Net national product.__ 1,145.1 1,203.8 1,197.0 , 214. 6 1,224. 4 1,223. 3 1 ,251.1 1,259.2
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprise
125.3 131.4 130.2 131. 7 134.0 135.0 137.4 139.1
Residual i
5.
7.3
6.6
9.0
4.3
5.5
4.3
7.4
Equals: National income
1,014. 2 1,, 065.1 1,060. 2 1,073. 9 1,083.0 1,082.8 1,109.4 1,115.8
r
1,507.9 1,674.7 1,656.7 1,700.2 1,739.6 1,766.5 1,853.2 1,,896.5
1,359.2 1,515.3 1,499.3 1,537.6 1,576.9 1.,603.1 1,688.1 1,728.4
[Billions of 1972 dollars]
Less: Capital consumption allowances with capital
consumption adjustment
1,522.3 1,692.0 1,, 674.6 1,718.3 1,755.5 1,784.7 1,874.2 1,915.3
., 596. 7
1, 258. , 404.1 1,390. 2 1,,427. 9 1,,457. 8 1,., 476.8 1,558.5 1,
Business..
1, 221. ,363.2 1,349. 9 1,,387. 6 1, 413.9 1, 436. 7 1,517.""., 553.5
Nonfarm.
41.0
42.9
37.9
39.1
33.2
36.6
36.1
33.7
Farm...
.5
2.2
.4
4.8
7.1
3.7
4.2
4.7
Statistical discrepancy
68.8
70.5
72.3
65.9
63.5
61.3
56.5
62.7
Households and institutions192.5 208.0 205.2 208.9 215.9 221.0 224.1 227.5
Government _
Rest of the world-
Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)
Gross national product
Net national product..
Rest of the world
-42.6 -44.7 -46.3 -49.4 -53.8
151.3
8.3
III'
Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)
Net domestic product
Equals: Net national product.. 1,522.3 1,692.0 1,674. 6 1, 718.3 1,755. 5 11,784.7 1,874. 2 11,915.3
Less: Indirect business tax
and nontax liability. .
Business transfer payments
Statistical discrepancy.
II
Billions of dollars
Billions of dollars
Gross national product
I
IV
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Less: Capital
consumption
allowances
with
capital
consumption adjustment—...
Capital consumption
allowances without
capital consumption
adjustment.
Less: Capital consumption
adjustment
1978
Business
Nonfarm
F arm
Households and institutions _
Government
Rest of the world.
145.1
203.8 1,197.0 1,,214. 6 1,224.4 1,223.3 1,251.1 1,259.2
138.3
196.4 1, 189.3 1,207. 0 1,217.7 1,215.8 1,242.3 1,,251.7
952.0 1, 007.0 1, 001. 2 1,016. 8 1, 025. 7 1,022. 6 1,048.5 11,057.0
923.4 974.5 969.7 982.5 991.5 993.8 1 , 0 2 2 . ":, 028. 8
21.3
26.9
23.9
23.3
25.2
25.0
25.3
23.0
4.3
7.4
4.3
7.3
5.5
6.6
9.0
5.6
44.3
43.6
44.9
42.2
41.7
42.5
40.7
145.6 147.2 146.3 147.7 148.4 149.4 149.6 149.8
6.8
7.3
7.8
7.6
6.6
7.5
8.8
7.5
014.2 1, 065.1 ,060. 2 11,073. 9 1!,083. 0 1,082.8 1,109.4 1,115.8
007.4 ,057.7 ,052.4 1,066.3 1,076.4 1,075. 3 1L, 100.6 1,108.3
821.1
796.3
24.8
40.7
145.6
868.3
841.4
26.9
42.2
147.2
864.4
837.8
26.6
41.7
146.3
876.1
849.1
27.0
42.5
147.7
884.3
855.7
28.7
43.6
148.4
882.1
857.3
24.8
43.8
149.4
906.8
884.1
22.7
44.3
149.6
913.6
888.3
25.3
44.9
149.8
6.8
7.3
7.8
7.6
6.6
7.5
8.8
7.5
1. Equals G N P in constant dollars measured as t h e s u m of final products less G N P in
constant dollars measured as the sum of gross product b y industry. T h e quarterly estimates
are obtained b y interpolating the annual estimates with the statistical discrepancy deflated
b y the implicit price deflator for gross domestic business product.
NOTE.—Table 6: T h e industry classification within t h e business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1. Equals G N P in constant dollars measured as t h e s u m of final products less G N P in
constant dollars measured as the s u m of gross product b y industry. T h e quarterly estimates
are obtained b y interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.—Table 2: " F i n a l sales" is classified as durable or nondurable b y type of product.
"Change in business inventories" is classified as follows: For manufacturing, b y the type of
product produced b y the establishment holding t h e inventory; for trade, b y t h e type of
product sold b y the establishment holding the inventory; for construction, durable; and for
other industries, nondurable.
Table 3: T h e 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 1978
1977
1976
1977
II
III
IV
I
II
IIIr
1976
1977
Seasonally adjusted at annual rates
Farm._
__
Proprietors income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adj ustments
Inventory valuation adjustment
Capital consumption adjustment
Rental income of persons with
capital consumption adjustment
Rental income.
Capital consumption adjustment
_
1,359.2 1,515.3 1,499.3 1,537.
6 1,576.9 1,603.1 1,688.1 1,728.4
:
Corporate profits with inventory valuation and capital
consumption adjustments.
890.1
983.6
973.4
993.6 1, 021. 2 1,, 050.8 1, 090. 2 , 113. 4
187.6
702.5
200.8
782.9
198.1
775.3
201.7
791.9
208.1
813.1
211.4
839.3
213.9
876.3
216.8
146.7
169.8
167.1
172.2
178.4
190.2
197.6
203.6
69.7
77.0
79.4
90.4
78.
88.5
79.9
92.2
82.4
96.1
90.2
100.0
93.6
104.0
95.7
107.9
88.6
99.8
98.9
97.2
107.3
105.0
110.1
114.5
18.4
20.2
20.0
16.5
25.1
21.
24.0
25.0
22.4
24.6
24.2
21.0
29.8
26.6
28.8
29.7
-4.0
70.2
-4.4
79.5
-4.2
78.9
-4.5
80.8
-4.7
82.3
-4.7
83.1
-4.8
86.1
-4.8
89.6
71.4
81.4
80.6
82.2
84.8
86.7
90.1
93.5
-1.2
-1.3
-1.4
-.7
-1.3
-2.1
-2.2
-1.8
-.7
-1.2
-1.5
-1.!
-2.1
22.4
22.8
22.7
22.2
22.5
22.5
22.4
24.3
44.6
42.6
44.0
45.5
38.7
42.1
41.5
49.5
-16.2 -19.6 -19.0 -20.2 -21.3 -21.8 -23.3 -25.2
127.0
144.2
143.7
154.8
148.2
132.6
163.4
165.2
Corporate profits with inventory valuation adjustment and without
capital consumption adjustment
141.4 159.1 158.5 169.9 163.5 148.7 180.6 184.5
Profits before tax
155.9 173.
175.1 177.5 178.3 172.1 205.5 205.4
Profits tax liability.
64.3
71.8
72.3
72.8
85.0
70.0
73.9
86.2
91.7 102.1 102.8 104.8 104.4 102.1 120.5 119.2
Profits after tax
37.
44.1
Dividends
43.7
42.7
48.1
47.0
46.3
50.1
Undistributed profits.
53.8
60.6
58.4
60.1
72.4
55.1
58.1
69.2
Inventory valuation adjustment
-14.5
-7.7
-14.8 -16.6
-14.8 -23.5 -24.9 -20.9
Capital consumption adjustment
_
-14.4
-15.0
-14.9 -14.8
-15.3 -16.1 -17.2 -19.3
Net interest
84.3
97.3
95.4
93.7
99.0 101.7 104.6 107.4
Addenda:
Corporate profits with inventory valuation and capital
127.0 144.
143.
154.8 148.2 132.6 163.4 165.2
consumption adjustments.
Profits tax liability
Profits after tax with inventory valuation and capital
consumption adjustments.
Dividends
_.
Undistributed
profits
with inventory valuation and capital consumption adjustments.
64.3
71.8
72.3
72.8
73.9
70.0
85.0
62.
37.9
72.3
43.7
71.4
42.
82.1
44.1
74.3
46.3
62.6
47.0
78.4
48.1
79.0
50.1
24.8
28.7
28.
38.0
28.0
15.6
30.3
29.0
Gross domestic product
of corporate business.. 1,038.8 1,160.2 1,148.8 1,183.3 1,206.1 1,223.4 1,298.0 1,328.7
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income..
Compensation of emDloyees
ages and salaries
Supplements to wages
and salaries..
W
118.8
147.7
64.3
83.4
33.9
49.6
-14.5
-14.4
10.2
134.6
164.3
71.8
92.5
39.0
53.5
-14.8
-14.9
10.6
133.3
164.7
72.3
92.3
38.0
54.3
-16.8
-14.
10.3
144..5
167.2
72.8
94.4
39.2
55.3
-7.7
-15.0
11.0
Gross domestic product of financial corporate business L__
50.4
57.0
55.5
58.7
Capital consumption allowances with
capital consumption adjustment
111.5
120.9
119.8 122.6
124. (
I
II
IIIr
Net domestic product
Indirect business tax and nontax
liability plus business transfer payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and salaries
Corporate profits with inventory
valuation and capital consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment.
Capital consumption adjustment.
Net interest
127.4
130.5
134.7
927. 3 1,039.3 1,029.0 1, 060.7 1,081.4 1,096.1 1,167.5 L, 194. 0
108.1
819.2
117.8
921.5
116.6
912.4
118.9
941.8
121.5
960.0
124.3 129.1 129.7
971.8 1,038.3 1,064.3
690.2
583.
776.3
652.5
768.8
646.6
786.3
660.4
808.1
678.1
837.4
698.7
875.1
730.6
896.4
747.4
106.3
123.8
122.2
125.9
130.0
138.7
144.5
149.0
140.3 123.2 151.7 156.1
170.4 162.7 193.8 196.3
73.9 70.0 85.0 86.2
96.5 92.7 108.8 110.1
42.0 42.3 42.3 45.6
54.5 50.4 66.5 64.5
-14.8 -23. 5 -24.9 -20.9
-19.3
-15.3 -16.1
11.5 11.2 111 5 11.8
59.8
61.8
64.9
68.1
988.5 1,103.2 1,093.3 1,124.6 1,146.3 1,161.6 1233.0 1,260.6
106.7 115.6 114.6 117.2 119.0 121.6 124.6 128.6
881.8 987.6 978.7 1,007.4 1,027.3 1,040.0 1108.5 1,132.0
99.5
782.2
650.2
550.7
107.8
879.8
732.1
616.1
106.8
871.
725.
610.6
108.7
898.7
741.
623.5
110.9
916.4
762.2
640.3
113.5
926.5
789.9
659.8
118.0 118.4
990.5 1.013.6
826.0 845.5
690.4 705.7
99.5 116.1 114.7 118.1 121.9 130.1 135.6 139.7
101.3
130.2
53.0
77.2
33.5
43.7
-14.
-14.3
30.7
113.9
143.5
59.0
84.5
39.1
45.5
-14.8
-14.7
33.7
113.5
144.7
59.9
84.8
37.9
46.9
-16.6
-14.7
33.2
122.8
145.3
59.4
85.9
39.5
46.4
-7.7
-14.8
34.4
118.7
148.5
60.4
88.0
42.5
45.6
-14.8
-15.0
35.4
100.9
140.0
55.9
84.2
43.0
41.2
-23.5
-15.7
35.7
127.8 130.6
169.5 170.3
70.1 70.2
99.4 100.1
42.9 46.2
56.5 53.9
-24.9 - 2 0 . 9
-16.8 - 1 8 . 9
36.6 37.6
Billions of 1972 dollars
Gross domestic product of nonfinancial corporate business ... 730.0 769.3 766.9 776.7 783.6 783.6 811.9 814.9
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
75.1
76.5
76.3
76.7
77.1
77.5
77.8
78.1
654.8 692.8 690.6 700.0 706.5 706.2 734.1 736.8
82.7 86.0 85.2 86.0 87.5 87.8 89.3 90.5
572.1 606.9 605.4 614.0 619.1 618.4 644.8 646.3
Dollars
Current-dollar cost and profit per
unit of constant-dollar
gross
domestic product 2
1.354 1. 434 1. 426 1. 448 1.463 1. 482 1. 519 1.547
Capital consumption allowances with
capital consumption adjustment—
.146
Net domestic product
Indirect business tax and nontax liability plus business transfer payments less subsidies
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital consumption adjustments
Profits tax liability
Profits after tax with inventory
and capital
consumption
adjustments
Net interest
150
149
151
.152
155
153
.158
1.208 1. 284 1. 276 1. 297 1.311 1. 327 1. 365
.136
Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Capital consumption allowances with capital consumption adjustment
Corporate profits with inventory
valuation and capital consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment.
Net interest
_._.
Gross domestic product of nonfinancial corporate business
0
IV
Table 8.—Gross Domestic Product of Corporate Business—Con.
Compensation of employees _. _ 1,036.8 1,153.4 1,140.5 1,,165. 8 1,,199.7 1,241. 0 1,287.8 ,317.1
Proprietors' income with inventory valuation and capital consumption adjustments
III
Billions of dollars
Table 7.—National Income by Type of Income (1.13)
Wages and salaries
Government and government enterprises
Other
Supplements to wages and
salaries
Employer
contributions
for social insurance
Other labor income
II
Seasonally adjusted at annual rates
Billions of dollars
National income
1978
1977
1978
140
139
140
.142
145
145
.145
1.072 1. 144 1. 137 1. 157 1.169 1. 182 1. 220 1.244
955 .973 1. 008 1. 017 1.038
.891
946
952
.139
.073
148
077
148
078
158
076
.151
.077
129
071
157
086
.160
.066
.042
071
044
070
043
082
044
.074
.045
• 057
046
071
045
.074
.046
1 Consists of the following industries: Banking; credit agencies other than banks; security,
commodity brokers and services; insurance carriers; regulated investment companies; small
business investment companies; and real estate investment trusts.
. . .
... ..
2. Equals the deflator for gross domestic product of nonfinancial corporate business with the
decimal point shifted two places to the left.
SURVEY OF CURRENT BUSINESS
8
1978
1977
1976
1977
II
III
December 1978
I
IV
II
IIIr
1976
1977
Seasonally adjusted at annual rates
_
61.4
72.3
72.1
70.0
74.5
73.8
79.5
75.8
60.4
70.9
71.9
68.1
72.0
71.3
80.8
77.4
61.8
46.3
15.5
61.9
47.2
14.7
60.4
45.0
15.4
63.2
47.3
15.9
63.1
47.3
15.8
70.5
54.1
16.5
67.9
49.9
18.0
12.2
19.0
-6.8
-3.6
7.0
10.7
12.2
19.2
-7.0
-2.8
7.3
10.0
11.7
18.5
-6.8
-4.6
6.8
11.4
13.0
19.7
-6.7
-4.8
6.9
11.8
13.4 15.0
20.3 22.7
-6.9 -7.8
-5.2
6^9
7.9
12.7 13.1
15.5
23.4
-7.9
-6.5
7.8
14.3
.6
.6
.6
.6
1.0
1.4
.1
1.9
2.5
2.5 - 1 . 3
-1.6
1.0
0
1.6
-.2
-.7
.8
2.6
-.6
3.4
-.9
2.7 - 2 . 2
-.2
.9
-1.4
2
50.2
11.5
59.4
15.3
59.1
16.7
58.4
14.8
60.2
15.5
60.5
15.7
Personal consumption expenditures..
52.8
New autos
_
39.2
Net purchases of used autos. 13.6
Producers' durable equipment9.6
New autos
15.5
Net purchases of used autos. - 5 . 9
Net exports
-2.6
Exports
6.4
Imports
8.9
Government purchases of
goods and services
.5
Change in business inventories
of new and used autos
New..
Used.
Addenda:
Domestic 1 output of new
autos
Sales of imported new autos 2
.6
.5
65.3
17.0
63.6
16.9
Billions of 1972 dollars
Auto output..
Final sales
49.2
55.2
55.6
53.7
55.4
54.1
57.0
53.5
48.5
54.0
55.2
52.1
53.8
52.4
58.3
54.5
Personal consumption expenditures
40.2
New autos.
32.1
Net purchases of used autos.
8.2
Producers' durable equipment
8.8
New autos
12.7
Net purchases of used autos. - 3 . 9
Net exports
_
-1.0
Exports.
5.2
Imports...
6.2
Government purchases of
goods and services
.5
Change in business inventories
of new and used autos
New..
UsedAddenda :
Domestic
output of new
autos 1 ...
_
_.
Sales of imported new autos 2 ...
r
.7
44.4
36.0
8.5
44.8
37.1
7.8
43.6
34.9
8.7
44.7
35.8
9.0
10.6
14.8
-4.2
-1.5
5.4
6.9
11.0
15.0
-4.1
-1.1
5.7
6.7
10.1
14.3
-4.3
-2.0
5.2
7.2
10.6
14.9
-4.3
-2.0
5.2
7.2
.5
.5
.5
.4
1.2
.4
1.6
1.6
43.4
35.0
8.4
47.8
39.3
8.4
10.8 11.8
15.1 16.5
-4.3 -4.7
-2.2 -1.7
5.2
5.8
7.3
7.5
.4
1.6
.4
-1.3
.7
0
1.3
-.2
-.1
.5
2.0
-.4
2.2
-.6
1.8 - 1 . 8
-.1
.5
41.1
9.4
46.1
11.9
46.3
13.1
45.2
11.5
45.5
11.8
44.9
11.6
47.5
12.3
44.6
35.6
9.0
12.0
16.7
-4.7
-2.4
5.5
7.9
.4
-1.1
-1.0
-.1
45.3
12.0
Revised.
1. Consists of final sales and change in business inventories of new autos produced in
the United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
3. Consists of agriculture, forestry, and fisheries; mining; construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.
5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of wage and salary disbursements and proprietors' income is on an establishment basis and is based on the 1972 Standard Industrial
Classification.
III
II
IV
III
Billions of dollars
Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Auto output-
II
Seasonally adjusted at annual rates
Billions of dollars
Final sales
1978
1977
Table 10.—Personal Income and Its Disposition (2.1)
Personal income
Wage and
ments.
380.9 ,529. 0 1,508. 6 1,543.7 ,593.0 ,628.! 1,682.4 1,731.7
rtary disburse-
Commodity-producing
industries 3
Manufacturing
4
Distributive industries
Service industries 5
Government and government enterprises
890.1
983.6
973.4
993.6 ,021.2
050.8 1,090.2 1,113.2
307.5
237.5
216.4
178.6
343.7
266.3
239.1
200.1
342.0
264.1
236.5
196.8
348.3
269.3
241.2
202.3
357.1
277.3
247.5
208.5
365.9
286.9
257.0
216.5
387.0
296.1
266.4
222.8
396.4
302.0
271.6
228.5
187.6
200.8
198.1
201.7
208.1
211.4
213.9
216.7
104.0
107.9
Other labor income
77.0
90.4
88.5
92.2
96.1
100.0
Proprietors' income with inventory valuation and capital
consumption adjustments
88.6
99.
98.9
97.2
107.3
105.0
110.1
114.5
Farm
Nonfarm.
Rental income of persons with
capital consumption adjustment
18.4
70.2
20.2
79.5
20.0
78.9
16.5
80.8
25.1
82.3
21.9
83.1
24.0
86.1
25.0
89.6
22.5
22.5
22.4
22.4
22.7
22.8
22.2
24.3
Dividends.
37.9
43.7
42.7
44.1
46.3
47.0
48.1
50.1
Personal interest income
126.3
141.2
139.1
143.6
146.0
151.4
156.3
161.7
Transfer payments
193.9
208.8
204.0
211.9
215.9
219.2
220.6
230.4
92.9
105.0
101.8
108.5
110.1
112.1
113.7
121.1
10.4
13.8
8.5
13.5
8.7
13.3
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
Less: Personal contributions
for social insurance...
Less: Personal tax and nontax
payments
15.5
14.4
12.5
13.8
12.0
13.8
11.4
13.4
11.5
13.7
25.'
28.8
28.4
29.2
30.5
31.3
32.5
33.2
10.1
35.5
10.6
38.1
10.5
37.4
10.6
10.7
39.4
10.7
40.9
10.8
41.6
10.9
43.3
55.5
61.0
60.5
62.6
67.2
69.2
70.5
233.3
237.3
249.1
263.2
38.7
61.4
196.5
226.0
223.3
224.6
Equals: Disposable personal
1,184.4 1,303. 0 1,,285.3 1,319.1 1,
income..
Less: Personal outlays
6 1,391.6 1,433.3 11,468.4
1,116.3 1,236.1 1,217. 8 1,244.8 1,285. 9 1,309. 2 1,357. 0 1[,392.5
Personal consumption expenditures
1,090.2 1,206.5 1,188.6 1,214. 1,255.2 1,276.7 1, 322. L, 356. 9
Interest paid by consumers
34.6
31.5
33.0
25.1
28.6
to business
29.8
28.2
29.3
Personal transfer payments
.9
1.0
1.1
.9
.9
to foreigners (net)
1.0
.9
1.0
76.0
82.4
76.3
68.0
73.7
Equals: Personal saving
67.5
74.3
Addenda:
Disposable personal income:
Total, billions of 1972
dollars
890.1
926.3
918.6
931.9
949.6 952.1
Per capita:
Current dollars..
1972 dollars
5,504
4,136
6,009
4,271
5,934
4,241
6,077
4,293
6,250
4,365
Population (millions)
215.2
216.9
216.6
217.1
217.5
Personal saving as percentage of disposable personal
income
6,38',
4,370
960.3
968.7
6,566
4,399
6,712
4,428
218.3
218.8
217.9
5.1
5.3
5.2
5.6
5.9
SURVEY OF CURRENT BUSINESS
December 1978
1977
1976
1977
9
1978
IV
III
II
1977
III'
1976
1977
II
1978
III
Seasonally adjusted at annual rates
II
IV
III'
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
Personal consumption expenditures.
Durable goods.
1,090.2 1,206.5 1,188.6 1,214.5 1,255.2 1,276.7 1,322.9 1,356.9
_
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
1977
849.5
858.0
876.6
873.5
886.3
895.1
125.9
137.8
136.2
136.9
143.0
137.8
145.8
144.8
89.8
78.9
30.7
54.3
52.9
18.7
60.0
57.6
20.2
60.2
56.6
19.5
58.6
58.0
20.3
60.9
60.3
21.8
59.5
57 A
21.0
64.2
59.8
21.8
61.0
23.0
519.3
531.7
320.2
330.4
327.2
329.2
338.1
333.3
336.3
340.4
267.8
87.5
49.1
15.2
99.7
272.0
90.5
51.5
14.3
103.3
158.8
64.2
26.0
5.8
65.4
165.1
66.6
26.6
5.6
66.4
164.7
65.1
26.4
5.4
65.6
164.9
66.2
26.5
5.4
66.3
167.6
70.2
26.9
5.7
67.8
165.6
66.8
27.1
6.4
67.3
164.7
69.5
27.5
6.0
68.5
164.8
71.8
28.4
5.6
605.8
625.8
373.2
389.5
386.0
391.8
395.6
402.4
404.2
410.0
204.1
88.9
41.5
47.4
52.1
260.6
210.1
92.6
43.3
49.3
53.7
269.3
134.7
52.7
21.4
31.2
29.4
156.3
140.3
55.4
22.4
33.0
30.8
162.9
139.6
53.7
21.0
32.7
30.7
161.9
141.2
56.1
22.9
33.2
31.0
163.6
142.4
56.3
22.5
33.8
31.9
164.9
144.2
58.7
24.6
34.1
33.0
166.5
145.8
57.0
22.5
34.5
34.0
167.4
147.4
58.3
23.0
35.2
34.6
169.8
178.4
175.6
177.4
187.2
183.5
197.8
199.5
69.7
63.9
23.0
81.5
71.3
25.6
81.2
69.9
24.6
79.5
72.0
25.8
84.0
75.3
27.9
84.1
72.1
27.3
92.5
76.5
28.8
442.6
479.0
473.6
479.7
496.9
501.4
225.8
75.7
42.8
12.2
86.2
245.2
81.5
46.5
13.5
92.4
244.5
79.3
46.2
12.9
90.5
246.4
81.4
46.0
13.1
92.8
252.6
86.7
47.5
13.9
96.2
257.7
82.9
48.3
15.8
96.7
491.0
549.2
539.4
557.5
571.1
591.8
166.4
72.8
33.0
39.8
37.9
214.0
184.6
81.6
38.0
43.6
44 2
238! 8
182.1
78.0
35.0
42.9
43.5
235.8
186.9
83.7
39.5
44.1
45.0
241.9
192.0
84.6
39.3
45.3
47.3
247.3
198.1
89.6
43.3
46.3
49.7
254.4
II
III
819.4
1978
1977
1976
857.7
156.6
IV
I
II
IIIr
1976
1977
Seasonally adjusted at annual rates
II
331.4
174.5 371.4 374.3 385.5 396.2
424.8 441.7
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes..
.46.8
.41.1
5.6
.1
.69.4
62.1
7.2
.2
.67.0
.61.4
5.5
.2
.67.6
.61.7
5.7
.2
L74.8
59.2
5.5
.2
L76.8
L71.3
5.4
.2
186.7 199.7
181.3 194.4
5.2
5.2
.2
.2
Corporate profits tax accruals.
54.8
61.3
61.8
62.0
62.9
59.6
72.6
73.6
Indirect business tax and nontax
accruals
Excise taxes
Customs duties x .
Nontaxes
23.4
17.0
4.6
1.8
25.0
17.5
5.4
2.1
24.8
17.3
5.4
2.1
25.4
17.5
5.7
2.1
25.6
17.9
5.5
2.2
26.5
17.9
6.3
2.2
27.9
18.4
7.2
2.3
28.2
18.6
7.2
2.3
.06.4 118.7 117.7 119.3 122.2
33.3
137.6 140.1
385.2 422.6 411.7 430.7 444.1 448.8
448.3 464.5
Expenditures
86.8
40.9
24.0
16.9
45.8
Nondefense
Compensation cf employees
Other
43.1
21.5
21.6
Transfer payments
To persons
To foreigners
49.3
23.1
26.1
52.4
23.3
29.1
55.1
24.6
30.5
53.6
24.9
28.7
172.7 168.2 175.7 178.3 180.2
L58.4 169.5 165.2 172.0 175.0 176.9
3.2
3.2
3.4
3.3
3.0
3.7
L61.6
_
Grants-in-aid to State and
governments
145.1 142.9 146.8 152.2 151.5
94.3 93.7 94.4 97.1 97.9
42.9 42.3 42.4 44.9 45.0
24.9 24.6 24.5 26.0 25.9
18.0 17.7 17.8 18.9 19.1
51.4 51.4 52.0 52.3 52.9
50.8
23.5
27.3
Net interest paid
26.8
Interest paid
32.1
To persons and business
27.6
To foreigners
4.5
Less: Interest received by Government. 5.3
Subsidies less current surplus of
G overnment enterprises
Subsidies....
Less: Current surplus of Government enterprises
5.8
5.6
-.2
67.4
65.4
70.9
71.1
73.9
279-667 0 - 7 , 9 - 2
54.5
25.2
29.2
180.
188.8
177.0 185.5
3.4
75.9
77.5
28.8
35.0
29.8
5.2
6.2
28.9
35.4
29.9
5.5
6.4
30.7
37.0
30.4
6.6
6.3
33.2
40.2
32.3
7.9
7.0
34.6
42.3
33.7
8.5
7.7
36.3
44.0
35.6
8.4
7.7
8.3
7.5
6.4
6.3
8.4
6.9
11.8
10.3
10.0
8.8
10.0
8.
8.0
8.2
-.1
-1.5
-1.4
-1.2
-1.6
.2
Receipts..
Personal tax and nontax receipts.
Income taxes
Nontaxes
Other
266.9 296.2
292.0 301.8 307.9 315.7 527.4 329.2
49.7
26.8
16.1
6.8
56.6
30.9
18.2
7.4
56.2
30.6
17.9
7.7
57.0
31.3
18.5
7.3
58.5
32.0
19.0
7.5
60.5
33.3
19.5
7.7
34.5
20.1
7.8
63.5
34.9
20.8
7.8
9.4
10.5
10.6
10.7
10.9
10.4
12.4
12.5
Indirect business tax and nontax
128.0 140.0
accruals
57.6 63.9
Sales taxes
57.9 62.3
Property taxes
12.3 13.7
Other
.38.5
63.0
61.8
13.5
L41.2 144.6 146.8
64.2 66.7 67.7
62.9 63.5 64.3
13.9 14.3 14.7
Contributions for social insurance
21.4
22.0
Federal grants-in-aid
Expenditures
Purchases of goods and services.
Compensation of employees
Other
Transfer payments to persons.
Net interest paid
Interest paid
Less: Interest received by government
18.7
61.1
21.7
67.4
Social insurance funds..
Other funds
71.1
24.1
25.2
26.1
73.9
75.9
77.5
229.6 248.9 245.9 252.7 260.3 265.2 277.6 285.8
130.1 141.5 139.8 143.2 146.4 151.1 154.1 157.0
99.5 107.4 106.1 109.6 113.9 114.1 123.5 128.8
27.2
29.7
29.3
30.1
30.9
32.0
-11.6 -10.1 -7.9 -11.9 -11.5 - 1 . 7
-42.2 -38.0 -32.4 -44.5 -47.1 -50.9
-23.6 -22.8
-3.5
-25.5 - 1 9 . 3
33.1
34.1
-5.4 -6.5 -6.4 -6.5 -6.8 -7.1 -7.3 -8.2
12.0 13.2 12.7 13.4 14.1 14.4 14.7 15.0
17.5
19.6
5.8
Surplus or deficit (—), national
income a n d product accounts-
70.9
.51.5 149.5
70. 6 72. 2
65.8 61.6
15.1 15.6
246.3 266.6 263.5 270.7 278.9 284.2 297.7 305.8
Subsidies less current surplus of gov-5.1 -5.6
ernment enterprises
.2
Subsidies
.2
Less: Current surplus of govern5.3
ment enterprises
Less: Wage accruals less disbursement3
65.4
22.8
0
20.7
15.2
5.5
0
29.6
18.0
11.5
22.0
23.1
19.1
19.9
21.0
21.5
-5.3
-5.7
.3
-5.5
.3
-6.0 - 5 . 7 - 5 . 9
.3
.3
.3
5.9
5.8
6.2
6.0
6.2
0
0
0
0
0
31.2
29.0
31.5
29.8
23.4
19.9
11.5
20.5
9.3
21.6
1.8
.2
5.6
0
28.5
17.7
10.8
18.3
12.8
19.1
9.9
jjgyised
.2
Surplus or deficit (—), national
income and product accounts. -53.8 -48.1 -40.3 -56.4 -58.6 -52.6
Other funds
48.6
25.0
23.6
29.1
35.3
29.8
5.5
6.2
Less: Wage accruals less disbursements
Social insurance funds..
147.2 154.0
98.6 99.6
45.0 45.3
25.9 26.0
19.2 19.3
53.5 54.3
local
61.1
III
Table 13.—State and Local Government Receipts and
Expenditures (3.4)
C orporate profits tax accruals
Purchases cf gocds and services
National defense
Compensation of employees
Military
Civilian...
Other
II
IV
Billions of dollars
Table 12.—Federal Government Receipts and Expenditures (3.2)
Contributions for social insurance
III
Seasonally adjusted at annual rates
Billions of dollars
Receipts..
1978
1977
. Includes fees for licenses to import petroleum and petroleum products.
SURVEY OF CURRENT BUSINESS
10
1977
1976
1977
III
December 1978
1978
IV
II
1977
III
1976
1977
Seasonally adjusted at annual rates
II
III
Billions of dollars
Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Exports of goods and services
Merchandise
_
Other
Capital grants received by the
United States (net)
163.2
114.7
48.5
0
175.5
178.1
180.8
172.1
181.7 205.4
210.1
175.5
120.6
54.9
178.1
122.6
55.5
180.8
124.1
56.8
172.1
117.8
54.2
181.7 205.4
122.7 140.3
59.0 65.1
210.1
147.7
62.4
0
0
0
0
Payments to foreigners... 163.2
175.5
178.1
180.8
172.1
181.7 205.4
210.1
Imports of goods and services. _ 155. 7
M erchandise
124.0
Other..
31.7
186.6
151.6
35.0
184.0
149.0
35.0
187.8
153.1
34.8
195.2
158.5
36.7
205.8 210.9
167.5 171.5
38.3 39.4
220.8
179.9
40.9
4.2
1.0
3.2
4.0
1.0
3.0
4.6
.9
3.7
4.3
.9
3.4
4.3
1.0
3.3
4.8
1.1
3.7
4.3
.9
3.4
5.5
5.2
5.5
6.6
7.9
8.5
8.4
Transfer payments (net).
From persons (net)
From government (net)
Interest paid by government
to foreigners
Net foreign investment.
4.2
.9
3.2
4.5
-1.2
0
0
0
-20.9 -15.2 -17.1 -34.1 -36.3 -18.9 -23.5
Gross saving._.
237.5
272.2
276.8
285.5
274.7
284.2 326.1
326.2
270.7
290.8
288.6
310.7
304.3
305.4 319.9
325.7
Personal saving...
67.5
82.4 76.3
68.0
66.9
74.3
73.7
76.0
Undistributed
corporate
profits with inventory
valuation and capital
consumption adjustments. 24.8
29.0
28.7
28.7
38.0
28.0
15.6 30.3
69.2
Undistributed profits
58.4
60.1
58.1
55.1 72.4
53.8
60.6
Inventory valuation adjustment.
- 1 4 . 5 - 1 4 . 8 -16.6 - 7 . 7 - 1 4 . 8 - 2 3 . 5 -24.9 - 2 0 . 9
Capital consumption adjustment
- 1 4 . 4 - 1 4 . 9 - 1 4 . 8 - 1 5 . 0 - 1 5 . 3 - 1 6 . 1 -17.2 - 1 9 . 3
Corporate capital consumption allowances with capital consumption adjustment
111.5 120.9 119.8 122.6 124.6 127 A 130.5 134.7
Noncorporate capital consumption allowances with
capital consumption adjustment.
_
_. 66.3
74.3
72.6
77.9
75.9
79.9 82.8
86.1
Wage accruals less disbursements
0
0
0
0
0
0
0
Government surplus or deficit
(—), national income and
product accounts
-33.2 -18.6 -11.8 -25.2 -29.6 -21.1
Statistical discrepancy
r
too
Gross private domestic investment.
_
_.
Net foreign investment
241.7
4.2
276.9
280.4
292.6
279.5
3.7
7.1
4.8
286.4 326.6
2.2
326.6
.5
.4
Revised.
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
in business inventories (CBI) components of G N P . The former is the difference between two
inventory stocks, each valued at end-of-quarter prices. The latter is the change in the physical
volume of inventories valued at average prices of the quarter. In addition, changes calculated
from this table are at quarterly rates, whereas CBI is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales b y farms.
NOTE.—Table 16: Inventories are classified as durable or nondurable as follows: For manufacturing, b y the type of product produced by the establishment holding the inventory; for
trade, b y 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.
476.4
483.6
498.6
520.7
536.5
58.0
55.7
60.3
66.3
68.0
68.1
Nonfarm.
Durable goods
Nondurable goods..
418.4
238.5
179.9
428.0
245.2
182.7
438.3
251.8
186.5
454.4
263.2
191.1
468.5
271.2
197.3
480.4
280. 3
200.1
Manufacturing
Durable goods
Nondurable goods..
211.9
135.3
76.6
215.5
138.1
77.4
219.2
140.9
225.9
146.5
79.4
232.0
150. 7
81.2
239.0
156.7
82.4
Wholesale trade
Durable goods
Nondurable goods..
80.9
51.8
29.1
82.8
54.1
28.7
85.9
56.1
29.8
90.9
59.6
31.4
94.2
61.9
32.3
96.4
64.3
32.1
Retail trade
Durable goods
Nondurable goods..
84.8
38.5
46.4
87.5
39.8
47.7
41.1
48.8
94.3
42.9
51.3
97.5
43.9
53.6
99.0
44.3
54.8
40.7
42.3
43.3
43.3
44.8
45.9
Farm..
Other
Final sales2
548.5
1,565.5 1,604.5 1,647.3 1,667.3 1,751.7 1,803.9
.304
.267
.301
.267
.303
.266
.312
.273
.306
.267
.304
.266
Billions of 1972 dollars
Inventories l
302.7
305.7
307.6
40.7
40.3
40.6
40.5
40.2
40.1
Nonfarm
Durable goods
Nondurable goods.
262.0
152.2
109.8
265.4
154.2
111.2
267.0
155.4
111. ?
270.2
157.8
112.4
273.6
159.4
114.3
276.0
160.9
115.1
Manufacturing
Durable goods
Nondurable goods..
128.3
83.6
44.8
129.1
84.0
45.1
128.8
83.9
44.9
129.9
84.9
45.0
131.5
86.1
45.4
132.9
87.2
45.7
Wholesale trade
Durable goods
Nondurable goods..
51.9
34.4
17.5
52.7
35.3
17.4
53.7
36.0
17.7
55.7
37.1
18.6
56.6
37.8
18.8
56.8
38.5
18.4
Retail trade
._..
Durable goods
Nondurable goods..
58.3
26.3
32.0
59.8
26.9
32.8
60.6
27.5
33.2
61.1
27.6
33.5
61.7
27.3
34.4
62.2
27.0
35.2
23.5
23.8
23.9
23.4
23.9
24.1
Farm..
310.7 313.9
316.1
1,119.6 1,133.9 1,148.4 1,141.1 1,167.3 1,180.3
Final sales -.
6.2
297.8 295.6 309.7 313.5 322.7 345.4 350.1
- 2 0 . 9 - 1 5 . 2 - 1 7 . 1 - 3 4 . 1 —36.3 - 1 8 . 9 - 2 3 . 5
4.7
Inventories 1 .
Other.
-53.8 -48.1 -40.3 -56.4 - 5 8 6 -52.6 -23.6 -22.8
Federal
29.6
31.2
20.7
28.5
29.0
31.5 29.8
State and local.
Capital grants received by the
United States (net)
0
0
0
0
0
0
0
0
Gross investment..
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 private saving..
II III
IV
Seasonally adjusted at annual rates
Billions of dollars
Receipts from foreigners. 163.2
1978
Ratio of inventories to
final sales.
Nonfarm3
.270
.234
.270
.234
.268
.233
.272
.237
.269
.234
.234
Table 17.—National Income Without Capital Consumption
Adjustment by Industry (6.4)
National income without capital consump1,393.8 1,554.8 1,537.
tion adjustment
,578. 0 1,,619. 3 1,647.
!,735. 2 1,779.8
1,379.4 1,537. 5 1,519.
,559. 9 1,603.4 ,629.
[,714.1 1,761.1
Domestic income
Agriculture, forestry, and
fisheries
Mining and construction
Manufacturing
Nondurable goods..
Durable goods
Transportation
Communication
Electric, gas, and sanitary
services
40.5
Rest of the world.
43.9
41.1
50.6
47.9
50.7
52.2
101.6
118.9
123.3
461.9
176.0
285.9
469.4
178.3
291.1
88.0
100.4
100.9
103.6
104.2
362.9
148.1
214.8
408.9
161.7
247.2
408.3
161.7
246.6
412.9
163.7
249.2
428.7
166.6
262.1
432.5
167.6
265.0
51.6
31.4
58.4
35.0
57.8
34.3
59.6
35.4
61.3
36.6
61.3
38.6
66.5
39.3
66.7
41.1
29.5
27.9
30.4
30.0
33.3
32.7
33.1
237.0
96.5
140.5
233.2
95.8
137.4
245.5
101.1
144.3
242.9
96.8
146.1
245.7
98.2
147.5
260. 0
105.5
154.5
270.5
110.4
160.1
157.9
188.9
177.9
213.1
174.3
209.6
181.5
216.1
185.5
222.0
189.9
231.0
196.6
236.8
207.2
243.0
215.7
232.7
229.6
233.8
241.5
247.2
250.7
254.6
17.3
18.0
18.1
15.9
18.2
21.1
18.8
27.2
Wholesale and retail trade- 215.3
89.6
Wholesale
125.7
Retail
Finance, insurance, and real
estate
Services
Government and government enterprises
44.6
14.4
December 1978
SUBVEY OF CUKRENT BUSINESS
1977
1976
1977
II
III
11
1978
IV
II
1977
III'
1976
1977
II
Seasonally adjusted at annual rates
Financial
Nonfinancial
_.
Rest of the world
Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
Domestic industries
1
Financial
Federal Reserve banks
Other
127.0
144.2
143,7
154.8
148.2
132.6
163.4
165.2
118.8
17.4
101.3
134.6
20.7
113.9
133.3
19.8
113.5
144.5
21.7
122.8
140.3
21.6
118.7
123.2
22.3
100.9
151. 7
23.9
127.8
156.1
25.5
130.6
8.2
9.6
10.4
10.3
7.9
9.4
11.7
9.1
141.4
159.1
158.5
169.9
163.5
148.7
180.6
184.5
133.2
17.5
6.0
11.6
149.5
20.9
6.2
14.6
148.1
19.9
6.2
13.7
159.5
21.9
6.2
15.7
155.6
21.9
6.4
15.5
139.2
168.9
24.3
7.3
17.0
175.4
26.0
8.0
18.0
22.7
6.9
15.7
28.1
35.1
37.2
2.0
1.8
2.9
3.8
4.0
4.1
5.6
7.1
2.7
3.9
7.4
6.6
Wholesale and retail trade.
Transportation,
communication, and electric, gas, and sanitary
services
24.0
13.7
16.1
14.5
17.5
17.1
17.3
19.3
20.7
Other.
12.4
13.8
13.5
14.7
14.3
12.8
15.4
15.8
8.2
9.6
10.4
10.3
7.9
9.4
11.7
9.1
Corporate profits before
deduction of capital
consumption
allowances with inventory
valuation adjustment.
238.5
265.1
263.5
277.5
272.8
260.0
294.0
299.9
Domestic industries
Financial 1
Federal R eserve banks _..
Other
230.3
22.3
6.0
16.3
255.5
26.0
6.2
19.8
267.1
27.1
6.2
20.9
265.0
27.2
6.4
20.8
250.6
28.1
7.0
21.1
282.2
29.8
7.3
22.5
290.8
31.6
8.0
23.6
Nonfinancial
M anufacturing.
Nondurable goods
Food and kindred
products
Chemicals and allied
products
_
Petroleum and coal
products
Other
208.0
105.5
56.5
253.1
25.1
6.2
18.8
228.0
120.7
61.3
240.0
119.4
62.2
237.7
125.5
63.2
222.5
116.0
59.6
252.4
134.8
64.8
259.2
134.9
66.1
9.4
8.1
9.2
10.6
39.1
32.8
46.1
44.6
2.4
1.2
5.1
5.0
3.9
4.2
3.2
4.3
4.7
6.8
7.3
8.5
6.4
9.2
7.4
3.9
4.1
4.4
4.3
4.8
5.8
9.5
8.8
11.0
8.6
9.2
8.7
9.1
10.5
7.9
9.7
10.8
11.9
10.2
11.7
24.0
22.8
30.6
22.1
16.7
22.0
25.8
229.5
118.6
60.9
34.2
10.6
9.3
9.2
10.7
12.5
13.5
13.7
13.2
13.7
13.7
14.2
14.2
17.4
16.0
19.3
18.8
19.7
18.7
19.0
19.3
20.5
19.5
17.2
20.6
21.4
20.0
21.7
19.6
Durable goods
Primary metal in
dustries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic
equipment
Motor vehicles and
equipment
Other
49.0
57.7
59.3
57.2
62.4
56.4
70.0
68.8
5.6
5.8
6.9
4.9
6.5
5.4
9.4
9.3
5.6
5.9
5.9
6.0
6.2
5.3
6.4
6.8
9.7
11.5
11.3
11.9
12.9
11.1
14.0
12.3
5.7
7.3
7.2
7.5
8.0
7.9
8.4
9.4
10.7
11.7
12.9
14.3
14.0
14.1
12.6
14.3
12.6
16.1
11.3
15.4
14.2
17.6
13.6
17.3
Wholesale and retail trade.
Transportation,
comnunication, and electric,
gas, and sanitary services
34.9
36.2
34.8
43.0
34.8
29.8
35.5
39.7
38.5
42.9
41.1
44.8
44.8
45.3
47.7
49.5
Other.
29.1
31.8
31.4
32.8
32.6
31.4
34.4
35.0
8.2
9.6
10.4
10.3
7.9
9.4
11.7
9.1
III'
Gross national product... 133.76 141.61 140.86 142.63 144.56 147.10 150. 98 153.52
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic
equipment
Motor vehicles and
equipment...
Other
Rest of the world..
II
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
Nonfinancial
115.6 128.6 128.1 137.6 133.7 116.6 144.6 149.4
Manufacturing
74.7
65.6
77.4
74.7
80.2
69.8
87.8
87.1
Nondurable goods
39.6
37.5
40.2
40.6
41.1
37.0
41.7
42.5
Food and kindred
products...
7.3
5.7
5.7
7.0
4.3
5.7
6.6
5.4
Chemicals and allied
products..
8.2
7.9
8.5
7.9
8.2
8.1
8.2
8.3
Petroleum and coal
products
12.8
13.4
12.3
11.6
10.4
13.8
14.6
14.4
Other
12.9
10.6
13.4
12.6
13.4
14.3
13.2
13.7
Rest of the world.
I
Index numbers, 1972=100
Table 18.—Corporate Profits by Industry (6.18)
Domestic industries..
1
IV
Seasonally adjusted
Billions of dollars
Corporate profits with
inventory
valuation
and capital consumption adjustments
III
1978
Personal consumption expenditures
Durable goods
Nondurable goods
Services
133.1
140.7
139.9
141.6
143.2
146.2 149.3
151.6
124.4
138.2
131.6
129.5
145.0
141.0
128.9
144.7
139.7
129.5
145.7
142.3
130.9
147.0
144.4
133.1 135.7
150.4 154.4
147.1 149.9
137.8
156.2
152.6
139.6
138.4
149.5
150.6
146.7
159.6
148.9
145.0
158.3
151.9
147.9
160.2
155.9
151.2
164.5
158.2 162.3
153.6 156.7
167.2 171.8
167.1
160.6
177.3
133.2
142.5
143.0
142.6
141.0
159.4
160.0
159.7
139.0
157.6
158.2
158.7
142.4
160.6
161.3
161.8
145.2
166.1
166.9
167.5
147.6
168.6
169.5
168 9
149.6
175.7
176.7
176.5
152.7
182.6
183.7
182.8
122.2
126.2
126.2
126.6
127 5
128.8 131.8
133.3
170.1
193.5
178.7
210.3
180.0
209.3
179.4
212.9
179.2
210.2
183.3 189.4
213.8 217.2
192.8
221.5
136.8
146.3
145.1
147.1
150.3
153.2 156.2
158.9
134.4
138.1
142.7
148.5
141.1
147.6
142.7
149.7
146.9
152.3
149.6 151.5
155.2 158.8
153.4
162.1
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Nonfarm structures
Farm structures
Producers' d u r a b l e
equipment
Change in business inventories .
Net exports of goods and services
.
Exports
Imports..
Government purchases of goods
and services
. ...
Federal
State and local
._
Table 20.—Fixed-Weigh ted Price Indexes for Gross National
Product, 1972 Weights (7.2)
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods _.
Services
155.8
134.9
143.3
142.5
144.1
146.5
149.0 152.9
133.9
141.8
141.2
142.8
144.5
147.3 150.9
153.4
134.5 137.2
151.7 156.4
147.5 150.6
139.3
158.6
153.3
125.0
139.5
131.8
130.5
146.4
141.5
130.2
146.2
140.3
130.6
147.2
142.8
132.1
148.6
145.0
140.7
139.8
147.0
152.3
148.7
156.3
150.7
147.1
154.9
153.6
149.9
157.4
157.6
153.0
160.8
160.1 164.9
155.5 159.2
163.3 168.1
135.7
142.5
144.3
159.2
142.6
157.4
145.6
160.4
148.5
166.1
151.1 154.0
168.6 175.5
169.7
163.0
173.5
157.0
182.3
172.4
184.7
181.3
199.0
182.0
199.2
181.8
202.0
181.7
203.5
185.2 190.9
209.5 211.0
194.6
215.0
137.2
146.8
145.6
147.4
151.0
153.4 156.4
158.9
149.6
152.0
151.4 153.1
154.9 158.6
154.5
161.9
146.4
146.0
145.9
145.7
148.9
148.5
148.3
147.6
155.7
155.3
155.6
154. 6
Gross private domestic invest-
Fixed investment
N onresidential
Structures
Producers' durable
e quipment
R esidential
Change in business invenNet exports of goods and servExports
ImDorts
Government purchases of goods
and services
Federal
State and local
Addenda:
Final sales
.
Gross domestic product
Business
Nonfarm
136.0
138.0
144.9
148.1
143.3
147.2
144.6
149.3
134.8
134.4
134.6
134.4
143.3
142.8
142.9
142.9
142.4
142.0
142.0
141.7
144.0
143.6
143.7
143.8
152.8
152.5
152.6
151.4
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.
SUBVEY OF CURRENT BUSINESS
12
1977
1976
1977
II
December 1978
1977
1978
III
IV
I
II
III'
1976
1977
II
Table 21.—Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)
Gross national product. _ 133.76 141.61 140.86 142.63 144.56 147.10 150.98 153.52
Change in business inventories. _ . _ „
Goods
Final sales
Change in business inventories
_.
141.4
140.6
142.3
144.4
147.2
150.9
153.5
131.9
136.8
136.6
137.7
138.6
140.9
145.3
147.2
131.6
136.3
136.1
136.9
138.2
141.0
145.1
147.1
Durable goods
. _
129.0 134.5 134.0 135.4 136.2 137.9 141.0 143.5
128.7 134.3 133.7 134.9 136.1 137.3 140.3 143.0
Final sales
Change in business inventories
Nondurable goods
133.9
133.6
Final
sales
Change
in business inventories
Services
Structures
__
133.5
145.1
I
II
III'
Index numbers, 1972=100
Index numbers, 1972 = 100
133.7
IV
Seasonally adjusted
Seasonally adjusted
Final sales
III
1978
138.5
137.7
138.5
137.8
139.4
138.3
140.3
139.6
143.0
143.5
148.5
148.5
149.8
150.0
143.1
158.1
141.9
156.4
144.2
159.1
146.6
164.1
149.4
166.7
152.2
172.7
154.6
178.6
Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
Net national product
Net domestic product
Business
Nonfarm
Farm
Residual
Households and institutions.
G o vernment
132.9
140.6
139.9
141.5
143.4
145.9
149.8
152.1
132.5
140.0
139.3
140.9
142.9
145.3
149.2
151.5
132.2
132.2
146.3
139.4
139.9
143.3
138.8
139.2
146.8
140.4
141.2
131.2
142.1
142.6
145.4
144.4
144.6
163.0
148.6
148.3
192.6
151.1
151.0
179.2
138.7
132.2
148.3
141.3
146.9
140.2
149.4
141.4
151.1
145.5
157.1
147.9
159.2
149.9
161.0
151.9
154.9
Rest of the world
National income
Domestic income
Business .
Nonfarm
Farm
Households and institutions.
Government - -
134.0
142.3
141.4
143.2
145.6
148.1
152.2
133.5
141.6
140.7
142.5
145.0
147.4
151.5
154.3
133.5
133.6
127.5
141.4
141.7
129.2
140.5
140.9
129.2
142.4
143.2
115.5
144.6
144.8
141.2
146.8
146.7
150.8
151.3
150.7
176.1
154.3
154.1
163.2
138.7
132.2
148.3
141.3
146.9
140.2
149.4
141.4
151.1
145.5
157.1
147.9
159.2
149.9
161.0
151.9
Rest of the world
Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)
Gross national product. _ 133.76 141.61 140.86 142.63 144.56 147.10 150.98 153.52
Gross domestic product—
124.9
130.9
129.6
130.4
134.3
136.4
139.4
141.8
- __ 124.6
131.2
130.3
130.7
133.8
135.9
138.6
142.0
152.8
152.7
154.3
138.7
176.6
Personal consumption ex131.1 139.0
penditures
122.2 128.6
New autos
Net purchases of used
138.1
127.4
138.7
129.1
141.3
132.2
145.3
135.0
147.7
137.5
152.3
140.3
159.2
161.0
149.9
143.5
152.9
151.9
144.0
155.8
Producers' durable equip109.8
ment
New autos
- - 122.1
Net purchases of used
114.9
128.6
111.5
127.4
116.1
129.1
123.0
132.2
124.5
134.9
126.8
137.5
129.5
140.3
121.9
143.6
128.9
154.2
127.9
148.9
130.0
157.7
132.2
163.6
133.0
172.4
135.3
175.4
140.5
180.0
120.5
126.0
122.4
128.7
134.3
135.9
137.8
142.0
133.3
141.1
140.3
142.1
144.1
146.6
150.4
153.0
133.3
133.2
Nonfarm
Nonfarm less housing. _. 134.6
Housing
121.5
145.7
Farm.-
140.8
141.1
142.6
128.7
146.7
140.1
140.3
141.8
127.7
148.9
141.9
142.5
144.0
129.5
138.4
143.6
144.0
145.4
131.6
149.4
146.0
146.0
147.5
133.9
163.2
150.1
149.8
151.3
136.3
184.7
138.7
148.3
146.9
149.4
151.1
157.1
132.2
128.6
134.0
141.3
136.4
143.8
140.2
134.4
143.2
141.4
134.6
144.7
145.5
142.5
146.9
147.9
143.3
150.2
Business
Residual
Households and institutions.
Government
Federal
_
State and local
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—
Final sales
. .
_
Exports
Imports.
Government purchases of
goods and services
Change in business inventories of new and used
Addenda:
141.2
151.5
149.8
153.5
155.6
158.4
162.2
166.9
140.6
139.9
141.5
143.4
145.9
149.8
152.1
Equals: National income
Auto output
133.76 141.61 140.86 142.63 144.56 147.10 150.98 153.52
Equals: Net national product- _ 132.9
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Residual
Table 25.—Implicit Price Deflatorsi for Auto Output (7.9)
Domestic
output of new
122.1 128.6 127.5 129.2 132.2 134.7 137.3 140.4
autos ] _
Sales of imported new autos *_. 122.2 128.6 127.4 129.1 132.3 135.0 137.5 140.4
Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption '
133.1
expenditures
126.9
134.0
130.9
142.3
131.8
141.4
131.9
143.2
129.8
145.6
132.9
148.1
135.1
152.2
134.1
154.9
' Revised.
1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
Durable goods
Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
uct sold by the establishment holding the inventory; for construction, durable; and for other
Services
industries, nondurable.
Tables it and 24: The industry classification within the business sector is on an establishHousing
ment basis and is based on the 1972 Standard Industrial Classification.
Household operation
Electricity and gas
Other
Transportation
Other
_
140.7
139.9
141.6
143.2
146.2
149.3
151.6
133.1
135.7
137.8
124.4
129.5
128.9
129.5
130.9
128.4
135.8
134.8
135.7
137.9
141.3
144.0
147.8
129.5
133.5
156.2
138.2
145.0
144.7
145.7
147.0
150.4
128.0
132.1
154.4
142.1
117.8
164.9
211.7
131.7
148.5
122.3
174.4
239.4
139.0
148.5
121.8
175.2
239.8
137.9
149.4
123.0
173.7
243.3
140.0
150.7
123.5
176.8
244.8
142.0
155.6
124.0
178.2
247.2
143.7
162.6
125.9
178.4
252.1
145.5
165.1
126.0
181.7
254.5
148.0
131.6
141.0
139.7
142.3
144.4
147.1
149.9
152.6
130.4
145.2
166.8
131.3
141.6
145.6
132.4
149.1
172.9
132.8
145.3
147.9
134.8
150.1
174.1
134.1
148.2
150.0
137.3
152.7
176.1
135.8
150.7
152.8
140.0
156.0
184.2
137.6
153.3
155.7
142.6
158.9
187.9
140.0
155.4
158.6
120.7
122.9
123.5
138.2
154.2
127.3
128.5
136.9
123.8
126.9
131.5
147.2
169.5
132.1
143.3
146.6
123.5
126.2
124.1
127.2
124.7
128.2
125.7
130.1
SUEVEY OF CUREENT BUSINESS
December 1978
1977
1976
1977
II
in
13
rv
I
II
III-
1976
1977
II
Seasonally adjusted
Percent
Personal consumption expenditures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price index..
Durable goods:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index..
Fixed-weighted
price
index
Percent
Percent at annual rate
11.2
5.7
5.2
5.6
11.0
4.9
5.9
6.2
14.0
5.9
7.7
7.3
11.1
5.7
5.1
4.6
3.2
5.5
6.5
7.1
-.1
7.2
7.1
20.6
8.7
11.0
10.8
9.6
2.6
6.9
7.6
5.6
6.3
7.4
4.7
6.8
7.0
11.0
7.6
11.4
5.8
5.3
5.3
5.3
10.7
4.7
5.7
5.9
5.9
7.3
1.4
5.9
6.8
6.9
9.0
4.1
4.8
4.6
4.6
14.1
9.0
4.7
5.0
5.0
7.0
-1.4
8.6
7.7
7.9
15.3
6.0
8.7
10.0
10.2
10.7
4.1
6.4
6.7
6.7
18.1
11.8
5.6
5.6
13.9
9.4
4.1
4.3
5.6
4.1
1.5
2.6
4.0
2.0
2.0
1.4
24.1 - 7 . 7
19.0 - 1 3 . 7
4.3
7.0
7.2
4.4
35.1
25.2
8.0
8.2
3.4
-2.8
6.4
6.3
5.8
4.4
2.8
1.2
7.5
8.4
6.4
9.9
5.0
4.7
5.8
5.9
4.7
8.2
4.4
3.7
8.2
3.2
4.9
4.9
6.7
.1
6.6
7.2
5.3
2.5
2.7
2.9
15.1
11.2
3.6
3.9
3.7
-5.5
9.8
8.4
15.0
3.6
11.0
12.5
3.6
5.0
7.4
2.9
3.9
8.6
12.8
13.9
5.9
7.6
7.6
Services:
Current dollars
1972 dollars.
Implicit price deflator...
Chain price index
Fixed-weighted
price
index.
12.2
5.0
6.8
6.8
11.8
4.4
7.2
7.2
8.4
1.5
6.9
7.7
14.1
6.1
7.5
7.2
10.1
3.9
6.0
6.2
15.3
7.0
7.7
7.3
9.8
1.9
7.8
8.4
6.9
7.3
7.8
7.3
6.2
7.3
8.4
7.6
Gross private domestic investment:
Current dollars
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price index..
27.3
21.6
22.6
13.2
38.5
25.7
20.5
9.7
5.1
-2.9
12.2
11.3
31.3
15.2
5.5
-5.1
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
15.5
9.4
5.5
5.9
21.3
12.4
7.9
7.8
27.5
16.0
10.0
9.6
13.9
5.3
8.2
8.2
18.8
7.1
11.0
10.8
7.5
1.2
6.2
6.5
27.8
15.3
10.8
11.9
14.4
2.0
12.2
12.1
5.9
8.2
9.9
7.9
10.9
6.5
12.5
12.3
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
9.6
4.7
4.7
5.4
15.7
9.1
6.0
6.2
15.3
7.5
7.2
7.6
14.1
5.3
8.3
8.2
14.8
5.3
9.0
11.1
4.2
6.7
6.7
31.2
21.3
8.2
9.2
14.3
3.5
10.4
10.0
5.2
6.3
7.6
7.9
6.7
9.7
10.0
6.6
11.4
4.4
6.7
6.5
30.9
19.9
9.2
9.5
12.9
7.6
5.0
7.5
13.4
2.0
11.1
9.2
6.3
-.3
6.6
5.9
56.5
40.3
11.5
12.4
24.4
9.8
13.3
13.7
6.6
8.9
6.2
12.5
13.4
Structures:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted price
index
3.1
2.8
2.5
Producers'
durable
equipment:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
11.3
5.3
5.7
17.9
11.4
5.8
6.0
8.3
2.5
5.6
6.7
14.7
4.3
9.9
15.6
6.8
8.2
8.6
13.6
6.2
6.9
7.2
19.8
13.6
5.5
7.6
9.1
.7
8.3
8.0
7.0
6.3
7.1
8.6
8.4
7.1
8.0
7.9
Residential:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
32.5
23.4
7.3
7.3
34.8
20.5
11.8
11.8
57.8
37.8
14.5
14.1
13.5
5.2
7.9
8.0
27.3
11.1
14.6
15.1
-5.2
6.0
6.1
21.0
2.7
17.9
17.6
14.9
-1.6
16.7
16.7
7.3
11.8
14.1
8.0
14.9
6.2
17.5
16.4
III
IV
I
II
III'
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:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted
price
index
___
1978
1977
1978
Percent at annual rate
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)—Con.
Exports:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
10.8
6.5
4.0
3.7
3.1
7.5
2.4
5.1
5.0
5.2
17.7
7.8
9.2
8.8
8.5
6.4
7.6
-1.2
-.5
-.4
-18.0
-17.6
-.5
-.2
-.4
24.3
13.7
9.4
8.5
8.1
63.4
43.3
14.0
13.7
12.9
9.5
1.9
7.4
7.4
7.9
Imports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
22.8
19.3
2.9
2.7
2.2
19.8
10.2
8.7
7.5
7.8
10.6
9.8
.7
7.8
8.4
8.5
1.4
7.1
6.0
5.7
16.8
22.8
-4.9
2.6
3.1
23.4
15.2
7.1
12.3
12.3
10.3
3.7
6.4
3.7
2.9
20.2
11.2
8.2
7.7
7.9
Government purchases of
goods and services:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price index..
6.2
.1
6.1
6.2
5.9
2.4
7.0
7.0
7.0
15.5
8.0
7.0
7.2
7.1
11.5
5.8
5.4
5.0
5.0
13.7
4.2
9.0
9.5
10.2
4.1
-3.5
7.9
7.3
7.9
-.2
8.2
7.5
7.8
15.0
7.2
7.2
6.9
6.7
Federal:
Current dollars.1972 dollars..
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
5.5
.1
5.4
5.6
11.7
5.2
6.2
6.3
14.0
10.7
2.9
11.3
6.4
4.6
3.6
15.7
2.9
12.4
14.2
-2.0 - 1 0 . 9
-8.9 - 1 5 . 3
5.2
7.6
5.0
6.1
20.0
14.3
5.0
4.4
5.4
6.5
3.6
14.7
4.9
4.5
3.9
State and local:
Current dollars
1972 dollars....
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
.1
6.5
6.5
7.5
7.4
16.4
6.3
9.5
9.2
11.6
5.4
5.9
5.8
12.5
5.1
7.1
6.9
7.8
-.1
8.0
8.0
19.9
9.6
9.5
9.0
12.4
3.4
8.6
8.3
6.2
7.3
9.3
5.9
7.4
7.8
10.0
8.6
4.3
5.2
5.6
10.8
4.7
5.8
6.2
12.5
4.6
7.6
7.3
10.1
5.0
4.8
4.6
11.0
4.7
6.0
6.6
6.4
-1.6
8.0
7.0
20.0
8.6
10.5
10.8
11.1
3.7
7.1
7.5
5.6
6.3
7.4
4.7
6.9
7.0
11.0
7.6
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index.
11.0
5.6
5.2
5.7
5.7
10.9
4.8
5.8
6.1
6.3
13.9
5.8
7.7
7.4
7.5
11.2
5.8
5.1
4.5
4.6
9.5
3.5
5.8
6.7
7.0
6.7
-.4
7.1
7.1
7.0
20.1
8.3
10.9
10.9
11.0
10.2
3.0
7.0
7.5
7.6
Business:
Current dollars..
1972 dollars..
Implicit price deflator...
Chain price index
Fixed-weighted
price
index..
11.4
6.3
4.8
5.4
11.3
5.4
5.6
6.0
15.1
6.5
8.1
7.8
11.6
'6.0
5.3
4.6
5.8
3.5
5.0
6.1
6.7
6.7
22.5
9.5
11.9
11.8
10.7
3.2
7.3
7.9
5.4
6.2
7.9
4.7
6.3
6.7
12.1
8.0
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
"Fixed-weighted price
index..
12.4
6.6
5.4
5.5
11.4
5.2
5.9
6.2
15.2
6.2
8.5
7.9
11.9
5.1
6.4
6.1
7.9
3.6
4.1
5.1
7.0
1.1
5.8
5.4
22.9
11.1
10.6
10.7
10.6
2.3
8.0
8.5
5.5
6.4
8.0
6.2
5.3
5.3
10.8
8.7
9.0
3.5
10.0
4.1
12.5
6.2
10.9
5.9
12.9
7.8
1.1
12.5
3.5
10.2
3.6
8.4
Addenda:
Final sales:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index.
Fixed-weighted price
dex
in-
Disposable personal income:
Current dollars
1972 dollars..
r
Revised
NOTE.—Table 27: The implicit price deflator for G N P is a weighted average of the detailed
price indexes used in the deflation of G N P . In each period, the weights are based on the
composition of constant-dollar output in that period. In other words, the price index for each
item is weighted by the ratio of the quantity of the item valued in 1972 prices to the total
output in 1972 prices. Changes in the implicit price deflator reflect both changes in prices and
changes in the composition of output. The chain price index uses as weights the composition
of output in the prior period, and, therefore, reflects only the change in prices between the
two periods. However, comparisons of percent changes in the chain index also reflect changes
in the composition of output. The fixed-weighted price index uses as weights the composition
of output in 1972. Accordingly, comparisons over any timespan reflect only changes in prices
By JOHN T. WOODWARD
Plant and Equipment Expenditures,
Quarters of 1978 and First and
Second Quarters of 1979
Chart 4
Plant and Equipment Expenditures
Billion $ (Ratio scale)
200
ALL INDUSTRIES
150
B>business plans to increase spending for
new plant and equipment 1.3 percent in
the first quarter of 1979 and 2.7 percent
in the second (table 1). These increases
are smaller than the planned increase of
3.8 percent in the fourth quarter of 1978
and the actual increase of 3.1 percent in
the third quarter. The figures are based
on the BEA survey conducted in late
October and November.1 If plans are
realized, spending in the first half of
1979 will be at a seasonally adjusted
annual rate of $165.6 billion, 4.6 percent more than the second half of 1978.
Spending increased 7.3 percent from the
first to the second half of 1978.
The latest projection of 1978 spending
is $153.1 billion, a 12.7-percent increase
over 1977. This is slightly more than the
12.3-percent increase reported 3 months
ago, and continues the small upward
revisions reported in earlier surveys
1. Plans have been adjusted for biases (table 6, footnote 2).
The adjustments were calculated for each industry. Before
adjustment, plans for 1978 were $68.22 billion for manufacturing and $85.55 billion for nonmanufacturing. The net
effect of the adjustments was to lower manufacturing $0.57
billion and nonmanufacturing $0.11 billion.
100
this year. The June report indicated an
11.2-percent increase, and the March
report indicated a 10.9-percent increase.
Spending in 1977 was $135.8 billion,
12.7 percent more than in 1976.
The reported figures are not adjusted
for price changes. There is little information on capital goods prices reflected
in actual and planned spending, and
thus it is difficult to assess the change
in real spending implied by the survey
results. Capital goods prices, as measured by the implicit price deflator
for fixed nonresidential investment in
the national income and product accounts, rose at an average annual
rate of about 8 percent in the first three
quarters of 1978. If the latest spending
plans reflect expectations of similar
price rises, then the plans imply that
real spending in the first half of 1979
will be little changed from the second
half of this year. Real spending in
1978 appears to be about 4% percent
more than in 1977, compared with an
increase of 6% percent in 1977.
The actual spending increase of 3.1
11 11 11 t I 11 i 1111 I 11 11 11 i 11 N I 11 111 11 11 11 11 i i
50
MANUFACTURING
40
Nondurables
30
20
15
10 11 i 1 i i 11 i 11 1 11 i I 1111 11 i 11 i 111 i 111 11 11 i i 11 i i
60
50
COMMUNICATION AND COMMERCIAL
40
30
20
• I n . I
50
40 -
m l m
I , . , t • , • I i . 11 . t • I • , • 1 , , , 1 , , , I • , , I
TRANSPORTATION INCLUDING RAILROAD
Table 1.—Expenditures for New Plant and Equipment by U.S. Business
[Billions of dollars, seasonally adjusted at annual rates]
1978
II
1979
III
IV i
144.25
150.76
155.41
161.24
163.34
167.82
Manufacturing
61.57
67.20
67.75
73.20
73.02
76.28
Durable goods
Nondurable goods.
Nonmanufacturing..
28.72
32.86
31.40
35.80
32.25
35.50
34.19
39.02
35.89
40.40
82.68
83.56
87.66
88.04
34.13
38.89
90.31
All industries.
1. Planned, as reported in late October and November, and adjusted for biases.
14
91.53
1969
iliiilniln iliiilinliiilinlnili
71
73
75
77
79
Seasonally Adjusted at Annual Rates
O Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
December 1978
SUEVEY OF CUERENT BUSINESS
percent in the third quarter was
slightly more than the planned increase
of 2.9 percent reported 3 months ago.
The planned increase in the fourth
quarter of 1978, 3.8 percent, was
revised upward from the 2.5 percent
reported 3 months ago. Actual spending
fell short of plans in the fourth quarter
of 1977 and the first quarter of 1978,
but exceeded plans in the second and
third quarters of 1978.
If plans are realized, all industries
except transportation will increase their
spending less in the first half of 1979
than in the second half of 1978. All
segments of the transportation industry
plan larger increases. Results of prior
surveys do not indicate that actual
spending in the first half of next year
will exceed plans. First-half spending
plans reported in December have overstated actual spending in 8 of the past
9 years. The largest overstatements—
3.5 percent and 4.6 percent—occurred
in the recession years 1970 and 1975.
For the remaining 7 years, there was
an average overstatement of 0.8
percent.
The outlook for investment is ambiguous. Among the other indicators of
future investment activity, the BEA
index of capacity utilization in manufacturing declined 1 point from June to
September, and starts of new investment projects in manufacturing and
public utilities declined in the third
quarter. In contrast, new orders for
nondefense capital goods have been
rising and are well above year-earlier
levels. Capital appropriations in manufacturing rose in the third quarter after
a sharp decline in the second, and the
proportion of manufacturers reporting
a need for more capacity increased
Table 2.—Expenditures for New Plant and moderately during the past year.
Equipment by U.S. Business: Percent
15
In nondurables, the largest increase
is in "other nondurables" (22 percent),
and reflects strong increases by apparel
and tobacco companies; other sizable
increases are in food-beverage (15 percent), textiles (12 percent), and petroleum (12 percent).
Manufacturing projects started in
the third quarter of 1978 totaled $17
billion, 6% percent below the second
Chart 5
Starts and Carryover of Investment
Projects
Billion$ (Ratio scale)
•MANUFACTURING
Change From Preceding Year
1978 planned
as reported in—
1977
Actual
Feb.
All industries
Manufacturing Programs
May Aug. Nov.
12.7
10.9
11.2
12.3
12.7
14.6
11.7
11.8
13.1
12.4
17.3
12.0
11.4
14.0
14.3
-4.9
9.9
5.8
7.3
5.2
-10.7
3.2
2.3
17.9
2.6
4.9
1.9
6.9
-1.9
6.8
Electrical machinery
Machinery, except
electrical
25.5
12.8
14.7
22.1
19.9
14.7
10.5
8.1
12.3
11.3
Transportation
equipment *
Motor vehicles
Aircraft
47.0
65.4
7.8
11.9
10.6
16.5
9.7
9.4
10.5
11.9
9.5
25.8
17.8
14.7
37.1
Stone, clay, and
glass
0 ther durables
15.7
21.3
19.0
12.7
23.8
15.9
27.7
15.1
25.1
16.4
12.4
11.5
12.2
12.2
10.8
Food including beverage
Textiles
Paper
Chemicals
11.5
12.7
2.8
2.3
13.4
10.7
10.6
6.5
18.7
8.0
5.4
4.9
17.4
15.8
1.5
7.2
15.3
11.5
.2
5.5
Petroleum
Rubber
Other nondurables.
19.4
32.5
12.5
10.5
31.0
19.4
12.8
24.7
24.7
13.2
20.2
24.2
12.2
20.5
21.9
11.2
10.4
10.7
11.7
13.0
12.4
11.4
24.3
14.1
12.8
24.1
5.9
19.3
36.0
5.8
16.7
49.1
7.8
15.1
46.2
-30.9 -15.3 - 4 . 3 - 7 . 6
-4.8
Manufacturing
Durable goods
Primary metals *
Blast
furnaces,
steelworks
Nonferrous metals.
Nondurable goods
Nonmanufacturing
Mining
Railroad
Air transportation..
Other transportation
Public utilities
Electric
Gas and other
15.8
14.8
21.3
14.3
15.0
10.5
12.2
13.1
7.2
12.2
13.7
4.8
13.0
13.9
8.6
Communication
Commercial
and
other..
16.2
9.8
13.0
14.6
16.8
9.4
7.1
7.4
1. Includes industries not shown separately.
9.2
10.7
Manufacturers' spending rose 1 percent in the third quarter, to an annual
rate of $67.8 billion, after a 9-percent
rise in the second. Plans call for an
8-percent rise in the fourth quarter,
no change in the first quarter of
1979, and a 4%-percent rise in the
second. In the third quarter of this
year, a 2%-percent increase in durable
goods industries was partly offset by a
1-percent decline in nondurables. The
planned fourth-quarter increase is
stronger in nondurables (10 percent)
than in durables (6 percent). Both
durables and nondurables plan little
change in first-quarter spending, and
both plan increases in the second
quarter—5 percent in durables and 4
percent in nondurables.
Plans for the year 1978 show a 12^percent increase over spending in 1977—
14% percent in durables and 11 percent
in nondurables; in 1977, spending
increased 14% percent. In durables,
large increases are in aircraft (37 percent), stone-clay-glass (25 percent),
and electrical machinery (20 percent).
Expenditures
4
200
i h i il i
i I i i i I i
PUBLIC UTILITIES
150
.I
1969
73
71
L-L
75
Seasonally Adjusted
* Carryover as of end of period
U.S. Department of Commerce, Bureau of Economic Analysis
77
79
16
quarter (table 3 and chart 5). An 8Kpercent decline in durables was widespread among the major industries. In
nondurables, a 4%-percent decline was
more than accounted for by petroleum;
chemicals reported a sizable increase.
The value of projects started was
about equal to spending in the third
quarter. Consequently, carryover at
the end of September ($47.2 billion)
was unchanged from the end of June.
Carryover represents the amount remaining to be spent on plant and equipment projects underway.
Capacity utilization
The utilization of manufacturing
capacity was 83 percent in September, a
1-point decline from 84 percent in June
and March (table 4 and chart 6). The
decline was in durable goods, which had
an overall rate of 83 percent, compared
with 85 percent in June. Motor vehicles
SUEVEY OF CUERENT BUSINESS
December 1978
reported a 7-point drop, to 90 percent;
the rates in September for electrical
machinery (82 percent), nonelectrical
machinery (90 percent), aircraft (69
percent), and stone-clay-glass (80 percent) were 1 point lower than in June.
Nondurables reported a rate of 82 percent in September, unchanged from
June. There were increases of 2 points
for textiles, to 85 percent, and 1 point
for food-beverage (79 percent), petroleum (91 percent), and rubber (85
percent); these increases were offset by
declines of 3 points for paper, to 87
percent, and 1 point for chemicals, to
79 percent.
The utilization rate reported by
large-sized firms declined 2 points, to
85 percent; medium- and small-sized
firms were unchanged at 81 percent and
77 percent, respectively. The overall
rate for primary-processed goods industries was 84 percent, unchanged
from June; advanced-processed goods
reported 82 percent, a 2-point decline.
Manufacturing companies owning 33
percent of fixed assets reported a need
for more facilities as of the end of
September, 1 point above the percentage reported at the end of June;
this was the fourth successive 1-point
increase (table 5 and chart 7). Facilities viewed as about adequate increased from 58 percent to 59 percent,
and facilities viewed as in excess of
needs declined from 10 percent to 8
percent.
Nonmanufacturing Programs
Spending by nonmanufacturing industries rose 5 percent in the third
quarter, to an annual rate of $87.7
billion. Their spending had increased
1 percent in the second quarter. Plans
are for increases of one-half of 1 per-
Table 3.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities
[Billions of dollars]
Carryover 2
Starts i
1975
1976
1977
1977
II
1977
1978
III
IV
1978
II
III
Mar.
June
Sept.
Dec,
Mar.
June
Sept
Manufacturing.».
48.24
51.05
66.73
14.71
15.81
18.94
17.26
16.96
18.62
16.37
38.44
39.41.
42.74
42.82
46.10
47.96
47.44
Durable goods °
18.77
24.30
30.43
6.70
7.44
8.39
7.90
8.08
8.96
8.33
16.70
17.35
18.56
18.46
20.17
21.33
21.69
5.02
1.85
4.62
2.23
1.22
5.18
3.04
5.42
3.87
1.83
5.43
3.62
6.19
6.32
2.33
1.12
.60
1.44
1.51
.46
1.24
.96
1.41
1.70
.61
1.75
1.G6
1.80
1.63
.63
1.32
1.00
1.53
1.49
.63
1.22
1.10
1.55
1.57
.87
1.48
1.06
1.78
2.27
.78
1.59
.91
1.60
1.94
.71
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
5.93
2.10
2.94
3.10
1.42
6.05
2.47
3.12
3.37
1.78
6.07
2.62
3.31
4.02
1.96
6.16
2.51
3.34
4.36
2.06
_-.
29.47
26.76
36.30
8.01
8.38
10.55
9.37
9.67
8.04
21.74
22.06
24.18
24.36
25.94
26.63
25.75
Food including beverageTextiles
Paper
Chemicals
Petroleum
3.31
.70
3.40
7.05
12.85
3.89
.90
2.94
5.22
10.93
4.41
4.14
6.98
16.04
.83
.24
.80
1.69
3.59
1.18
.22
.86
1.76
3.23
1.37
.22
1.29
2.04
4.73
1.02
.27
1.19
1.50
4.49
1.22
.31
.84
1.55
4.02
1.14
.27
.70
1.79
4.59
1.16
.20
.73
1.79
3.10
2.33
.39
2.17
6.24
9.23
2.48
.37
2.22
6.32
8.98
2.75
.36
2.66
6.64
10.03
2.56
.40
2.89
6.16
10.67
2.73
.47
3.05
6.24
11.65
2.60
.46
2.97
6.28
12.34
2.60
.39
2.80
6.31
11.60
34.50
29.66
32.54
15.55
2.19
8.22
6.57
13.55
4.83
3.37
118. 22
114.04
115. 66
114.95
122.36
120.05
115.99
Primary metals
Electrical machinery
Machinery, except electrical.
Transportation equipment4.
Stone, clay, and glass
__
Nondurable goods 3
Public utilities.
.96
Seasonally adjusted
Manufacturing....
15.26
16.54
17.41
18.10
16.96
38.36
38.65
42.70
43.90
45.91
47.22
47.23
Durable goods 3
7.00
7.47
8.61
7.40
8.35
9.04
8.29
16.54
17.20
18.50
18.86
20.02
21.21
21.44
1.02
.66
1.55
1.53
.50
1.38
1.03
1.34
1.60
.62
1.88
1.12
1.95
1.59
.56
1.11
.77
1.41
1.64
.65
1.21
1.17
1.61
1.56
.93
1.67
1.19
1.73
2.12
78
1.57
.90
1.63
1.95
.62
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
6.01
2.11
3.05
3.23
1.45
5.94
2.40
3.12
3.36
1.81
6.11
2.63
3.24
3.93
1.99
6.19
2.51
3.29
4.25
1.98
8.26
7.68
11.20
9.14
9.06
9.06
8.67
21.82
21.45
24.20
25.04
25.89
26.00
25.79
Chemicals _
Petroleum.
.22
.75
1.84
3.62
1.16
.22
.86
1.59
2.78
1.30
.21
1.46
2.07
5.20
1.01
.30
1.14
1.43
4.38
1.35
.29
.73
1.77
3.95
1.10
.26
.72
1.59
4.34
1.07
.20
.76
1.79
3.66
2.34
.39
2.11
6.33
9.29
2.48
.37
2.13
6.26
8.59
2.71
34
2.74
6.56
10.11
2.58
.43
3.04
6.20
11.02
2.73
.47
3.01
6.34
11.55
2.61
.45
2.92
6.17
11.98
2.57
.39
2.80
6.20
11.80
Public utilities..
9.76
3.79
10.23
7.99
7.98
7.78
4.40
115.45
112.92
116.59
118.02
119.02
119.69
117.05
Primary metals
Electrical machinery
Machinery, except electrical.
Transportation equipment4.
Stone, clay, and glass
Nondurable goods 3 .
Food including beverage..
Textiles.....
15.15 19.81
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 the end of the period.
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
December 1978
SUEVEY OF CUEEENT BUSINESS
cent in the fourth quarter, 2}'2 percent
in the first quarter of 1979, and 1%
percent in the second.
In the third quarter of 1978, all
major nonmanufacturing industries reported increases, with the largest in the
transportation industries. In the fourth
quarter, planned increases in mining,
airlines, and electric utilities are partly
offset by declines in railroads, gas
utilities, and the communication and
commercial group. In the first quarter
of 1979, the increase is centered in
transportation; in the second quarter,
all industries except railroads plan
increases.
If fourth-quarter plans are realized,
spending in 1978 will increase 13 percent, compared with an 11-percent
increase in 1977. All major groups
except one will increase. The largest
increases are in air transportation (46
percent), communications (17 percent),
railroads (15 percent), and electric
utilities (14 percent). A 5-percent decrease is planned in "other transportation."
Chart 6
1
Manufacturers Capacity Utilization Rate
by Major Industry Groups
Percent
92 ALL MANUFACTURERS
—
88
84
80
- V^
\r
V
76
7?
-
I i 1 1 1 11 11 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i
1969
71
73
75
Seasonally Adjusted
77
U.S. Department of Commerce, Bureau of Economic Analysis
17
Chart 7
Manufacturers' Evaluation of Plant and
Equipment Facilities*
P e r c e n t of Capital Assets Held by R e s p o n d e n t s
Reporting-
20
80
CAPACITY ADEQUATE
70
60
50
i i i i i i I i
20
i i i 1 i [ i I i i i 1 i
CAPACITY EXCEEDS NEEDS
^
\
-
10
y^y^\
— ^ ^
0
J
^*N
/
M I I M I I I i I I I M I I II I M I I I
1969
71
73
1 I I I I I t 11 I 1 1 1 1 I 1 I
75
77
79
* Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
78-127
78-12-6
Table 4.—Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates 1
[Seasonally adjusted]
Ratios of operating to preferred rates
Operating rates (percent)
Industry and asset size
1977
Mar.
AH manufacturing..
83
June
84
Sept.
82
Dec.
Mar.
82
84
June
84
Asset size:
$100.0 million and over..
$10.0 to $99.9 million....
Under $10.0 million
Asset size:
$100.0 million and over..
$10.0 to $99.9 million
Under $10.0 million
Primary metals
Electrical machinery.
Machinery, except electrical.
Transportation equipment3..
Motor vehicles..
Aircraft
Sept.
83
Mar.
0.87
0.89
Sept.
0.87
88
78
76
0.90
0.87
Sept
0.88
.90
.87
.83
78
81
87
91
106
.90
.86
.83
84
89
90
104
71
.91
.91
.95
.82
.87
.74
.92
.94
.90
.99
.76
.85
82
82
.91
.87
.89
1. The survey asks manufacturers to report actual and preferred rates of capacity utilization
for
pacit;
,-—„
,^--..
2. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.
3. Also includes other transportation equipment.
.91
.88
.87
.87
Primary-processed goods 6 _._
Advanced-processed goods 6_.
June
77
Food including beverageTextiles....
Paper....
Chemicals
Petroleum
Rubber
O - 7 9 - 3
Mar.
.83
Asset size:
$100.0 million and over..
$10.0 to $99.9 million....
Under $10.0 million
279-667
Dec.
.87
Stone, clay, and glass.
Nondurable goods *
June
.90
.85
.85
Durable goods 2 .
1978
1977
1978
.85
.89
.89
.87
.94
.92
.88
.89
.91
.90
.85
.94
.84
.87
.93
.87
.93
.87
.89
.90
.90
.90
.88
.83
.90
.87
.94
.89
.89
.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 ^ 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-publistiing, chemicals (at H weight), leather, and miscellaneous.
SUKVEY OF CURRENT BUSINESS
18
Starts of new projects by public
utilities totaled $4.4 billion in the third
quarter, compared with $7.8 billion
in the second. Carryover was $117.0
billion at the end of September, $2.6
billion lower than at the end of June.
December 1978
Table 5.—Manufacturers' Evaluation of Their Plant and Equipment Facilities l
[Percent distribution of gross capital assets]
1976
Sept.
30
1978
1977
Dec.
31
Mar.
31
June
30
Sept.
30
Dec.
31
Mar.
31
June
30
Sept.
30
More plant and equipment needed:
All manufacturing
Durable goods 2
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
34
25
37
33
35
45
36
About adequate:
All manufacturing
Durable goods 2
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
59
56
59
56
61
58
43
64
Existing plant and equipment exceeds needs:
All manufacturing
Durable goods 2
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage
Chemicals
Petroleum
10
16
7
12
0
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.
Table 6.—Expenditures for New Plant and Equipment by U.S. Business x
[Billions of dollars]
Seasonally adjusted at annual rates
Seasonally unadjusted
1976
1977
19782
I
All Industries. .
Electrical m a c h i n e r y . .
.
.
M a c h i n e r y , except electrical
.
.
Transportation equipment 3 _
Motor vehicles
Aircraft *
_
.
Nondurable goods
Food including beverage
Textiles
Paper
.
Chemicals
Petroleum.
Rubber...
Other nondurables 6
Commercial and o t h e r 7 .
II
III
IV 2
12
I
II
III
IV
I
II
III
IV 2
12
.
L48
1.41
1.04
30
.51
1.43
8.00
1.61
.74
66
1.07
1.61
1.49
1.16
28
.56
1.66
6.36
1.10
.45
47
.73
1.37
1.30
1.00
25
.50
1.36
7.79
1.46
.65
59
.92
1.60
1.62
1.24
32
.60
1.60
7.97
1.50
.62
60
1.01
1.57
1.61
1.16
39
.62
1.66
9.62
1.90
.90
72
1.28
1.88
1.74
1.26
.43
.77
2.05
7.57 26.30 27.26 29.23 28.19 28.72 31.40 32.25 34.19 34.13
1.28 5.43 5.61 5.98 5.69 5.13 5.99 5.94 6.60 5.96
.53 2.76 2.70 2.83 2.46 2.20 2.68 2.48 2.97 2.60
50 2 06 2 16 2.30 2.39 2.10 2.41 2.38 2.60 2.25
.81 2.97 3.10 3.45 3.51 3.52 3.83 4.07 4.20 3.91
1.53 6.02 5.46 6.09 5.56 6.15 6.45 6.32 6.69 6.88
4.53 5.34 5.63 5.73 5.71 6.22 6.50 6.76 7.41
1.69
3.46 4.12 4.18 4.44 4.33 4.74 4.84 4.80 5.41
1.24
1.44
1.74
1.26
1.15
1.08
1.81
.96 1.17
.84
.40
2.12 1.94 2.26 2.43 2.52 2.72 2.86
.64 1.91
1.99
1.62
5.43 5.75 5.96 5.76 5.94 6.49 6.90 7.22 7.10
8.43
1.11
24
85
1.72
3.69
39
.44
9.18
1.21
23
96
1.98
3.85
45
.50
7.31
1.05
24
67
1.47
3.03
36
.47
8.97
1.27
27
78
1.75
3.90
47
.52
8.92 10.70
1.34
1.16
23
27
89 1.03
1.75 2.23
3.84 4.79
44
.48
.61
.57
8.65 30.13 32.19 33.79 33.22 32.86 35.80 35.50 39.02 38.89
1.08 3.72 4.05 4.30 4.58 4.80 4.91 4.44 5.09 4.92
1.06
.91 1.01
1.11
.24
.98
.94
.87 1.01
88
.88 3.36 3.36 3.41 3.32 3.06 3.23 3.54 3.53 4.03
7.04
7.08 7.97 7.70
1.74 6.40 6.63 7.08 7.15 6.53
3.85 12.94 13.92 14.70 13.85 13.68 15.62 15.33 17.59 17.34
1.80
1.48
1.62
1.66
1.76
1.77
1.38
.32 1.17
1.60
1.75
1.89
1.81 2.10 2.08 2.30 2.16 2.42
.53 1.66
23.68 27.77 31.75
5.97 5.68 5.97
2.99 2.67 2.62
2 16 2 24 2 39
2.62 3.28 3.94
5.03 5.76 6.42
3.62 5.32 6.27
2.45 4.06 4.66
.94 1 02 1 40
1.72
1.99 2.48
4.73 5.73 6.67
5.80
1.19
.58
46
.61
1.30
1.05
.80
20
.42
1.23
6.79
1.39
.67
53
.75
1.37
1.37
1.06
24
.49
1.41
7.17
1.49
.69
58
28.81 32.39 35.90
3.75 4.18 4.82
92 1 02
81
3 27 3 36 3 37
6.68 6.83 7.20
11.62 13.87 15.56
1 10 1 45 1 75
1.58 1 78 2.17
6.72
.83
22
73
1.45
2.86
26
.37
8.06
1.03
24
82
1.68
3.48
35
.47
.
.....
4.00 4 50 4.84
2.52 2.80 3.22
1.62
2.36
1.30
3.63 2 51 2.39
22.28 25.80 29.16
18 80 21 59 24 59
3.47 4 21 4.58
1 02
.59
.33
.61
5.55
4 78
13.30 15.45 18.04
. . . 20.99 22.97 25.42
1 24
.84
.54
62
7.43
6 11
1.32
.77
1 16
.67
.43
.76
6.37
5 34
1.03
1.17
.78
.39
.50
6.61
5 41
1.20
1.15
.76
.46
.63
7.28
6 06
1.21
1 07
.71
.52
51
6.15
5 27
.88
1 22
.83
.60
.60
7.14
6 01
1.13
3.30
3.86
4.03
4.26
3.97
4.56
4.68
5.27
5.64
5.73
6.33
5.76
6.18
6.43
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 1978. The estimates for the fourth quarter of 1978 and first quarter of 1979 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 $153.77 billion for all
industries, $68.22 billion for manufacturing, and $85.55 billion for nonmanufacturing.
I
68.01 75.64 85.44 16.68 18.88 19.21 20.87 18.68 21.13 21.78 23.86 20.63 73.74 74.78 77.36 76.70 82.68 83.56 87.66 88.04 90.31
Nonmanufacturing . .
Communication..
IV
52.48 60.16 67.65 12.52 14.84 15.60 17.19 13.67 16.76 16.89 20.32 16.22 56.43 59.46 63.02 61.41 61.57 67.20 67.75 73.20 73.02
Durable goods 3
Primary metals
Blast furnaces, steelworks
Nonferrous metals
Mining. .
Railroad
..
Air transportation
Other transportation
Public utilities-..
Electric
Gas and other .
III
120.49 135.80 153.09 29.20 33.73 34.82 38.06 32.35 37.89 38.67 44.18 36.85 130.16 134.24 140.38 138.11 144.25 150.76 155.41 161.24 163.34
Manufacturing
Stone, clay, and glass.. .
Other d u r a b l e s 6 . _
II
1979
1978
1977
1979
1978
1977
1.32
.84
.70
.67
8.46
7.21
1.25
1.18 4.24 4.49 4.74 4.50 4.45 4.81 4.99 5.23 4.94
2.71 2.57 3.20 2.80 3.35 3.09 3.38 3.14 4.05
.86
2.67 2.08 2.20 2.61 3.05
1.76
1.69
1.62
1.43
.59
2.32 2.44 2.23 2.47 2.40 2.99
2.96 2.96 1.96
.62
6.79 25.35 25.29 26.22 26.23 27.92 28.46 29.62 30.59 30.70
5.99 21.19 21.14 21.90 22.05 23.15 23.83 24.92 26.23 26.31
.81 4.16 4.16 4.32 4.18 4.78 4.62 4.70 4.36 4.38
14.19 15.32 16.40 15.82 17.07 18.18 18.90
ill. 88 10.58
|44.07 44.59
22.67 22.73 23.14 23.27 24.76 24.71 26.09
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.
By DAVID J. LEVIN
State and Local Government
Fiscal Position in 1978
the absence of Proposition 13. Other
types of indirect taxes increased slightly
faster than in 1977. The net effect of
legislative changes on them was minor.
Sizable cuts in general sales taxes,
including the removal of grocery store
food sales from the tax base in Washington and residential utilities charges
from the tax base in Texas and Mississippi, were partly offset by increases
in selective sales taxes, especially gasoline taxes, in a ifumber of States.
Contributions for social insurance
continued to increase sharply. Contributions, mainly for pension funds,
have recorded an average annual rate of
increase of 16 percent since 1974, comReceipts
pared with 10 percent over the previous
15 years. Almost all of the recent accelState and local government receipts
eration
has been in employer contriChart 8
increased 10 percent in 1978, down
butions.
Since 1974, employer contrifrom 11 percent in 1977 and 13 percent
butions
have
increased over 50 percent
Increase in State and Local Government
in 1976 (table 1). The deceleration was
faster
than
employee contributions,
Employment and CETA Government
due to Proposition 13, which reduced
which
have
increased
roughly in line
Employment
local government property tax receipts
with
employee
compensation.
For a
nearly $3 billion in 1978. (This and Thousands of employees
significant
number
of
the
larger
State350
other effects of Proposition 13 are
STATE AND LOCAL
local pension systems, extraordinary
summarized in the outlook section.)
employer payments are being made to
Corporate profits tax accruals, contri- 300
the systems to improve their actuarial
I
1
- — Total
butions for social insurance, and Fedsoundness. In the absence of informaeral grants-in-aid increased more rap- 250 tion about the soundness of each of the
idly than in 1977; personal tax and
- — Other
several hundred systems, it is impossible
nontax receipts and indirect business
to estimate how long these payments
will continue. However, as long as they
tax and nontax accruals increased less 200
do, these systems will continue to
rapidly.
generate
ever-increasing annual surPersonal taxes increased about 11 150
pluses.
percent, compared with 14 percent in
Federal grants-in-aid increased more
1977; income taxes, the largest com^H—CETA __
100
rapidly than in 1977, about 13 percent
ponent, increased 12 percent, compared
compared with 10 percent. Most of the
with 15% percent. Legislative changes
increase was in grants for capital formain several States, notably New York, 50
accounted for some of the deceleration
tion—local public works, community
in income taxes. Revisions in estate
development, highways, airports, and
0
1975
1976
1977
1978
and gift taxes similar to those that were
mass transit. Comprehensive Employpart of the Federal Tax Reform Act U.S. Department of Commerce, Bureau of Economic Analysis
ment and Training Act (CETA) grants
L he fiscal position of State and local
governments remained strong in 1978,
although the surplus on a national
income and product accounting (NIPA)
basis was smaller than in 1977. Receipts increased somewhat less rapidly
than in 1977, largely due to California's
Proposition 13. Reflecting a strong
rebound in the purchases of structures,
expenditures increased substantially
faster—50 percent above the rate of last
year. The State and local government
surplus declined $3 billion; a $6 billion
decline in the "all-other-funds" surplus
was partly offset by a $3 billion increase
in the social insurance fund surplus.
of 1976 were enacted in several States,
and as a result, estate and gift taxes
declined. Personal property taxes and
motor vehicle license receipts, which—
along with estate and gift taxes—are
included in "other" in table 1, recorded
little increase in 1978. The increase
in nontaxes—chiefly tuition and hospital charges—continued at about the
1977 pace.
Indirect business taxes increased
more slowly than in 1977, reflecting
the effect of Proposition 13 on property
taxes. The increase in property taxes
was 2 percent, compared with 8 percent
in 1977, although it probably would
have been somewhat slower even in
JUT• U• I
19
SUEVEY OF CUKEENT BUSINESS
20
Table 1.—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
1976
1978*
1974
1975
1976
1977 | 1978*
I
1975
210.4
236.9
266.9
296.2
326.7
12.6
12.7
11.0
152.6
165.9
187.0
207.1
8.7
12.8
10.7
8.8
39.2
20.6
12.8
5.8
43.4
22.8
14.5
6.1
49.7
26.8
16.1
6.8
56.6
30.9
18.2
7.4
10.8
10.6
12.9
6.8
14.3
17.2
11.7
9.8
13.9
15.5
12.7
10.3
11.3
12.2
12.6
4.3
1977
10.3
6.5
7.1
9.4
10.5
9.4
33.3
12.0
14.4
106.9
48.0
48.7
10.1
115.4
51.5
52.8
11.1
128.0
57.6
57.9
12.5
140.0
63.9
62.3
13.9
7.9
7.3
8.3
9.1
10.9
11.7
9.8
13.0
9.4
11.1
7.5
10.9
7.4
11.6
2.2
11.1
Contributions for social insurance.
13.9
16.4
18.7
21.7
17.7
14.5
15.6
17.8
Federal grants in aid
43.9
54.6
61.1
67.4
24.4
11.9
10.2
12.5
•Projected.
December 1978
but the long-term Federal commitment
of funds implied by the renewal had
a stimulative effect on construction.
Construction of general public buildings-—offices and courthouses, for
example—accounted for about 25 percent of the increase, much of it funded
under local public works grants. Education construction, which declined in
1976 and 1977, accounted for another
10 percent of the increase, and highways and other nonbuilding construction accounted for the remainder. In
constant dollars, construction increased
about 6 percent, the first increase
since 1974.
All other purchases from business
increased considerably faster than in
1977, reflecting rising prices for many
of the goods and services purchased
by governments, and the existence of
accumulated surpluses in many governments. In constant dollars, these
purchases increased about 7 percent.
Transfer payments to persons increased 13 percent, the strongest increase since 1975. Social insurance
benefits payments, mainly pensions,
accounted for half of the increase. Welfare payments (direct relief) increased
about 2 percent, continuing a threeyear pattern of deceleration, to which
improved economic conditions and
stronger administrative controls have
both contributed. Other transfer payments increased sharply, mainly because of State-local transfers to non-
local government employees increased
7 percent, slightly more than the 6Kpercent increase in 1977.
Purchases of structures, reversing
the declines of the past 2 years,
Expenditures
increased 17 percent in 1978. The
Expenditures increased 13 percent, increase occurred in all types of conwell above the increases recorded in the struction except conservation and depast 2 years. All categories of expendi- velopment. About 40 percent of the
tures shown in table 2, except the
increase was in construction of sewer
current surplus of government enterprises, and direct relief transfers, regis- and water supply systems. This increase
tered larger increases in 1978. Purchases was largely the result of the availabilof goods and services, by far the largest ity of funds from earlier borrowing,
category, increased 13 percent. Pur- and the renewal of the Clean Water
chases of structures and all other Act. Waste treatment grants did not
purchases from business each increased increase as a result of the renewal,
about 17 percent, and employee compensation, which accounts for over oneTable 2.—State and Local Government Expenditures, NIPA Basis
half of purchases, increased 10 percent.
Calendar years
A 3-percent increase in employment, the
Billions of dollars
Percent change
strongest since 1975, accounted for an
acceleration in compensation. Almost
1974
1975
1976
1975
1976
1977
1977
1978"
two-thirds of the employment increase
Expenditures202.8
230.6
13.7
246.3
266.6
6.8
8.3
299.8
was due to public service jobs under
Purchases
of
goods
and
services.
191.5
215.4
229.6
12.5
8.4
6.6
248.9
CETA (chart 8). State and local CETA
Compensation of employees106.5
119.6
130.1
12.4
8.7
8.8
141.5
Structures
34.7
33.8
31.6
2.4
8
.
8
30.6
3
.2
employment increased from 330,000
Medical vendor payments
12.4
9.9
14.2
25.0
14.0
15.5
9.6
Other purchases
41.3
53.7
10.4
61.3
17.8
14.0
in the second quarter of 1977, when
payments to persons
20.5
24.5
27.2
19.5
29.7
10.9
9.3
expansion of the program began, to Transfer
Benefits from social insurance funds..
8.2
10.8
16.7
12.2
12.7
13.0
Direct relief
12.8
10.0
11.9
18.6
13.5
7.8
4.9
620,000 in the second quarter of 1978,
Other
3.5
2.2
33.6
4.0
3.0
17.7
13.8
when targeted employment levels were Net interest paid
-4.9
-4.8
-5.4
-6.5
Interest p a i d . . . .
9.6
11.0
12.0
13.2
9.3
14.6
attained. (In addition to government
Less: Interest received by government
14.6
12.4
15.8
17.5
19.6
10.7
8.4
employment, CETA funds financed em- Subsidies less current surplus of government
enterprises
-4.3
-4.5
-5.1
-5.6
Subsidies
.1
.2
.2
.2
36.2
20.3
26.8
ployment for about 100,000 positions in
Less: Current surplus of government enterprises
4.7
9.3
5.3
5.8
4.7
14.0
in nonprofit institutions in the second
quarter of 1978.) Average pay of State and
•Projected.
also increased rapidly. Grants for social
programs and income support increased
more slowly, and grants for local waste
treatment facilities declined slightly
from the high 1977 level.
1978*
12.5
12.6
9.8
17.2
12.6
16.5
12.5
16.3
2.0
12.7
16.0
30.3
7.7
December 1978
profit institutions for CETA public
service jobs and for training programs.
(In the national income and product
accounts (NIPA's), nonprofit institutions are part of the personal sector,
and payments to these institutions are
treated as transfer payments.)
The rate of increase in interest payments by State and local governments
accelerated in 1978, due to higher
interest rates and the growth in longterm borrowing over the past three
years. However, interest receipts continued to increase faster, as a result of
the continued accumulation of surpluses in both the social insurance funds
and other funds.
government—Federal, State and local—
all capital expenditures are combined
with current expenditures in the summary presentations. (However, separate
estimates of the capital expenditures of
State and local governments are available in the July issues of the SURVEY OF
CURRENT BUSINESS.) Capital expenditures of State and local governments
are large. If their surpluses were
measured exclusive of these expenditures, the surpluses would be much
larger.
Third, in the NIPA's a measure of the
surplus is provided that includes the
surplus of State and local insurance
funds—mainly pension funds of State
and local government employees—as
Fiscal position
well as the surplus of other funds. The
The overall State and local govern- surplus of the social insurance funds is
ment surplus declined from over $29 included in the overall surplus, because
billion in 1977 to about $26 billion in the surplus of these funds must be com1978. On a quarterly basis, the surplus bined with the surplus of other funds to
increased in the first quarter, reflecting derive a measure of the fiscal impact of
a decline in construction spending due State and local governments on the
to the severe winter weather. There- economy, which is the primary function
after, the surplus declined, as expendi- of the NIPA surplus measure. However,
tures accelerated, in part because of for purposes of assessing the fiscal
makeups in weather-delayed construc- position of State and local governments,
tion (chart 9). The decline in the third the social insurance fund surplus should
quarter also reflects the impact of be excluded, because it is generally
Proposition 13.
not available to finance capital spendAs noted earlier, this summary of the ing or current operations. Accordingly,
fiscal position of State and local govern- the two components are shown sepaments is in the NIPA framework. This rately. The social insurance funds have
gives rise to certain characteristics of recorded persistent surpluses; in conthe measure of the surplus or deficit; trast, other funds have recorded deficits
these characteristics must be kept in and surpluses, reflecting cyclical and
mind because they are important from longer term influences.
the standpoint of economic analysis.
Fourth, there are several points that
The following are the most important. have to be kept in mind in the interpreFirst, the NIPA's do not trace financial tation of the NIPA estimates. (1) Some
flows among the sectors of the economy, of the receipts that are included in the
nor do they provide balance sheet NIPA's are earmarked for particular
information. For instance, for the State purposes in some jurisdictions, and
and local government sector, the therefore are not included in the general
NIPA's do not provide information on budgets prepared by these jurisdictions.
the lending and borrowing associated (2) The NIPA estimates measure the
with surpluses and deficits, nor do they surplus of receipts over expenditures
provide information on State and local in a given period, and therefore do not
assets—tangible or financial—and lia- take into account the accumulated surbilities. Second, as presently construc- pluses of State and local governments.
ted, the NIPA's implement the distincIn contrast, most State and local
tion between current and capital
jurisdictions do take them into account,
expenditures only for business. For the
because they are required to balance
personal sector, the only major expendicurrent receipts plus accumulated surture that is classified as investment is
pluses with current expenditures. If
residences purchased by consumers. For
21
SURVEY OF CURRENT BUSINESS
these jurisdictions have only small accumulated surpluses, they usually plan
for current receipts to exceed expenditures to provide for contingencies. (3)
More generally, the NIPA total State
and local government surplus is the
sum of the surpluses of 50 States and of
thousands of localities. The individual
Chart 9
State and Local Governments
NIPA Surplus or Deficit
Billion $
35
TOTAL
30
25
20
15
10
5
0
I'
M
M
l
20
OTHER FUNDS
15
1974
1975
1976
1977
1978
S e a s o n a l l y A d j u s t e d at A n n u a l Rates
• Projected
U.S. Department of Commerce, Bureau of Economic Analysis
78-12-9
22
SUEVEY OF CUEEENT BUSINESS
States and localities record surpluses
(or deficits) that vary widely from each
other cyclically and in the longer run.
there will be in the near future any effort
to enact major new taxes at the State
level, but there are some indications
that local governments in California
(within the constraints imposed by
Proposition 13) are levying or increasing a number of charges for services.
For example, a fee is being levied on
construction permits, to help finance
the construction of public facilities
needed to service areas of new residential or commercial construction. (In the
NIPA's, these charges would be indirect
business nontaxes.) Other possibilities
are tuition at community colleges,
which now are tuition free; increased
charges at public hospitals; residential
trash collection charges (in the NIPA's,
personal nontaxes); and increased
charges for water and sewer service (in
the NIPA's, enterprise revenues).
Outside of California, propositions
affecting revenues or expenditures at
State or local levels appeared on the
November 1978 ballots of about 20
States. Most of those approved by the
voters involved loose or ill-defined
limitations on State spending, and do
not appear likely to have any major
effect on spending or revenues. In
Texas and Michigan, propositions that
could have a moderate effect on local
government spending in fiscal year 1980
were approved; however, sufficient
State surpluses appear to be available
to cushion the impact on local government expenditures.
However, the various measures voted
on in November, and Proposition 13,
may have a dampening effect on the
initiation of new spending programs.
Even where no spending limits were
imposed, elected officials are likely to
be more cautious about new programs
than they otherwise would have been.
Overall outlook.—The increase in receipts will be less rapid in 1979 than
Outlook
Proposition 13.—Proposition 13 was
adopted by the voters of California
on June 6, 1978. In general, it limits
property taxes to 1 percent of the full
cash value of the property as assessed
in 1975-76, plus an inflation adjustment
of up to 2 percent additional tax each
year, as long as the property remains in
the hands of the present owner. (See
the September SURVEY for a detailed
discussion.) The effect of Proposition
13 was to reduce property tax receipts
of local governments in California
about $3 billion in 1978. The effect on
expenditures was a reduction of only
$0.3 billion, stemming largely from curtailment of summer school programs
and from delays or cancellations of
purchases, particularly of durable goods.
A substantially larger reduction in
spending was delayed by a decision at
the State level to use the accumulated
surplus of the State—about $4 billion
at the end of the fiscal year ending
June 30, 1978—to fund grants to local
governments. For fiscal year 1979, the
local revenue loss is estimated to be
about $6.5 billion. Of that, the State
grants will fund about $4.2 billion, and
expenditure cuts will account for about
$0.8 billion. The remaining $1.5 billion
will be made up from accumulated local
surpluses and new local revenue sources—
chiefly increased charges for services. It
has been estimated that the State will
have an adequate accumulated surplus
to continue assistance of this sort
through fiscal 1980. Thereafter, in the
absence of new revenue sources, it would
appear that more severe expenditure
reductions will be necessary.
It does not now appear likely that
December 1978
in 1978. Personal income tax reductions already enacted in New York and
California will have their major effect
during calendar year 1979, holding
the gain to about 10 percent. The
full-year effect of Proposition 13 will
hold the gain on property taxes below
5 percent. The increase in Federal
grants is likely to be below 5 percent.
Because these three sources of receipts
make up more than half of the total,
it seems likely that the 1979 increase
will fall 1 or 2 percentage points below
the 10 percent in 1978. If economic
activity decelerates substantially in
1979, the increase will be smaller.
The increase in expenditures is likely
to slow in 1979. With little growth in
State and local employment, compensation is likely to increase little more than
average pay. Because grants are already
committed and borrowing is already
planned (if not already carried out),
construction outlays will continue to
increase at least through the middle
of 1979, but may slacken thereafter.
Other purchases from business are
unlikely to match their 1978 increase
of 17 percent; a return to the annual
average increases—about 12 percent—
of 1976 and 1977 appears more likely.
For a number of governments, fiscal
constraints will become stronger as
surpluses accumulated since 1976 are
run down. In summary, it seems likely
that the increase in total expenditures
in 1979 will be about 10 percent.
State and local governments will
remain in surplus on the NIPA basis,
but only because of the surpluses
generated by the social insurance funds.
The all-other-funds measure, which
probably recorded a small deficit in the
fourth quarter of 1978, will record a
larger deficit in the first quarter of
1979, and remain in deficit throughout
the year.
By OBIE G. WHICHARD
Employment and Employee Compensation
of U.S. Affiliates of Foreign Companies, 1074
H,
LlGHLIGHTS of employment and
employee compensation of U.S. affiliates
of foreign companies in 1974 were:
• Affiliate employment was 1.1 million, about 2 percent of employment by all U.S. businesses. As a
proportion of all-U.S.-business employment, affiliate employment was
largest in petroleum and mining;
and smallest in transportation,
communication, and public utilities; retail trade; and "other"
industries.
• Affiliate compensation per employee (CPE) was $12,239, roughly
$800 more than all-U.S.-business
CPE. The higher CPE for affiliates
reflects concentration of affiliate
employment in comparatively highcompensation industries, such as
chemicals and petroleum, rather
than a general tendency for affiliates to pay higher compensation.
• Affiliate employment was largest
in the Mideast, Southeast, and
Great Lakes; it was smallest in the
Rocky Mountains and outside the
50 States and the District of
Columbia. Available all-U.S.-business data suggest that the regional
distributions of affiliate and allNOTE.—Michael J. Liliestedt was responsible
for the computer programing for this article.
Arnold Gilbert was responsible for the
analysis-of-variance routine that was applied
to regional data on wages and salaries per
employee. Ethel J. Wheeler provided statistical assistance.
U.S.-business employment were
probably very similar.
• Affiliate wages and salaries per
employee (WSPE) were highest in
the Mideast, Southwest, and
Plains; they were lowest in the
Southeast and outside the 50
States and the District of Columbia. At least part of the regional
variation in WSPE reflected regional differences in rates of pay in
given industries, rather than regional differences in the industry
distribution of employment.
• More than three-fourths of the
4,694 affiliates that reported employment in BEA's benchmark
survey had 100 or fewer employees.
Only 13 affiliates had more than
10,000 employees.
• More than one-half of the affiliates
paid CPE of between $8,001 and
$16,000 per year; about one-fourth
were in each of the size classes
$8,001-$12,000 per year and
$12,001-$16,000 per year.
This article is divided into four
sections. The first discusses the sources,
geographical coverage, and industrial
classification of the data. The second
compares, by industry, affiliate employment and CPE with comparable data
for all U.S. businesses. The third
presents affiliate employment and
WSPE cross-classified by region and
industry, analyzes regional and industry
differences in WSPE, and measures the
concentration of employment among
States. The fourth examines the distribution of affiliate employment and
CPE by size class.
Sources, Geographical Coverage, and Industrial Classification
DATA on U.S. affiliates of foreign
companies were drawn from BEA's
1974 benchmark survey of foreign
direct investment in the United States,
which was conducted under the authority of the Foreign Investment Study
Act of 1974.1 Data covering all U.S.
businesses—including U.S. affiliates—
are those prepared by BE A in conjunction with the national income and
product accounts (NIPA's). They ap-
pear in NIPA tables 6.5, 6.6, 6.8, and
6.9 of the July 1977 SURVEY OF CURRENT BUSINESS. These data were selected
1. These data were published in U.S. Department of
Commerce, Foreign Direct Investment in the United States:
Report of the Secretary of Commerce to the Congress in Compliance with the Foreign Investment Study Act of 1974. (Public
Law 93-479), Volume 2, April 1976, and in "Benchmark
Survey of Foreign Direct Investment in the United States,
1974"
in the May 1976 SURVEY OF CURRENT BUSINESS. The
data in this article incorporate subsequent corrections and
revisions; the revisions were discussed in "Foreign Direct
Investment in the United States, 1976" in the October 1977
SURVEY.
23
24
for comparison with the affiliate data
primarily because they measure employment on a full-time equivalent
basis—the basis used in measuring
affiliate employment. (See technical
note for further discussion.)
To improve comparability, data covering private households, government,
and government enterprises were excluded from the NIPA data. However,
full comparability could not be
achieved. It was impossible to exclude
certain economic units that were exempt
from reporting in the benchmark survey
(for example, nonprofit organizations
and institutions), or that because of
their quasi-governmental status could
not have had foreign ownership (for
example, Federal Reserve banks).
Differences between the two data
sets in geographical coverage and industry classification should be noted.
The geographical coverage of the data
for all U.S. businesses is narrower than
that for affiliates in two respects. First,
while the former cover only employment by establishments in the 50 States
and the District of Columbia, the latter
also cover employment by affiliates
with principal offices in the Commonwealth of Puerto Rico, the Panama
Canal Zone, and other U.S. territories
and possessions. This additional employment accounted for about 1 percent
of the affiliate total. Second, employees
of domestic establishments who worked
abroad for more than 1 year are excluded from the all-U.S.-business data,
but are included in the affiliate data.
Affiliate employees working abroad
during 1974 accounted for less than onehalf of 1 percent of total affiliate employment; no breakdown of this employment on the basis of the time spent
abroad is available.
The industry classification for the
affiliate data is on an enterprise basis,
while that for the all-U.S.-business
data is on an establishment basis. In
the affiliate data, a given affiliate is
classified in a single industry, based
upon the distribution of its sales.2 In
2. A two-stage procedure was used to classify affiliates by
industry: A given affiliate was classified first in the 1 of the
10 broad industry groups (listed in the technical note) in
which its sales (or gross operating revenues) were largest,
then, within that industry group, in the industry in which
its sales (or gross operating revenues) were largest.
SUEVEY OF CUREENT BUSINESS
the all-U.S.-business data, a given
enterprise is classified in the various
industries in which it had establishments. In most industries, the
noncomparability caused by the differences in classification probably is minimal, because affiliate sales (or gross
operating revenues)—and, by inference,
affiliate employment—tended to be
highly concentrated in the industry of
classification (see technical note).
In the petroleum industry, noncomparability is a larger problem.
Affiliates engaged in integrated extraction and refining are covered by a
single industry code in the affiliate data,
and cannot be allocated to mining and
manufacturing, where they appear in
the all-U.S.-business data. Because of
the importance of petroleum affiliates
in the direct investment universe and
the need for analyzing the petroleum
industry as a whole, the various stages
of petroleum production—exploration,
extraction, refining, and distribution—
usually are the components of a single
industry group in direct investment
statistics.
For all U.S. businesses, the various
stages of petroleum production are
classified in different industry groups.
It was not possible to separate all of the
petroleum data from the nonpetroleum
data in these groups. Only exploration,
extraction, refining, processing, and
December 1978
pipeline transmission (except natural
gas) could be separated. Data were not
available separately for petroleum
tanker transportation, natural gas pipeline transmission, petroleum wholesale
trade, and gasoline service stations and
service station sites. (See technical
note, where an attempt is made to
separate petroleum wholesale trade.)
To narrow the area in which the two
data sets are noncomparable, petroleum
was broken down into two categories:
Category
Affiliate data
All-U.S.-business
data
1
Exploration, extraction, refining, and
processing.
Exploration, extraction, refining, and
processing.
2
Allother
Pipeline transmission (except
natural gas).
For the first category, comparisons
are of the same general validity as for
nonpetroleum industries. For the second, valid comparisons cannot be
made because of the omission of
several petroleum subindustries from
that category in the all-U.S.-business
data. The inclusion of these subindustries in nonpetroleum industries in the
all-U.S.-business data also creates noncomparabilities. However, they are
small because the petroleum portion of
employment in those industries is
small.
Domestic Comparisons
Employment
Total affiliate employment in 1974
was 1,079,179, about 2 percent of allU.S.-business employment (tables 1 and
2). As a proportion of employment by
all U.S. businesses, affiliate employment
was largest in petroleum (19 percent)
and mining (6 percent). (For petroleum
exploration, extraction, refining, and
processing, the proportion was 17 percent.) It was smallest—1 percent or
less—in transportation, communication,
and public utilities; retail trade; and
"other" industries.
Compared with employment by all
U.S. businesses, affiliate employment
was more concentrated in petroleum;
manufacturing; and wholesale trade;
and less concentrated in transportation,
communication, and public utilities;
retail trade; and "other" industries.
The largest diffeience was in "other"
industries (mostly services), which accounted for 28 percent of all-U.S.business employment but only 5 percent
of affiliate employment. These differences in industry distribution had some
bearing on differences in CPE between
affiliates and all U.S. businesses.
Compensation per employee
Both WSPE and CPE were higher for
affiliates than for all U.S. businesses.
WSPE were $10,529 for affiliates,
SUEVEY OF CURKENT BUSINESS
December 1978
compared with $9,922 for all U.S.
businesses. CPE was $12,239 for affiliates and $11,434 for all U.S. businesses.
Because wages and salaries is a major
component of employee compensation
(the sum of wages and salaries and
supplements to wages and salaries),
and because the two measures exhibit
similar patterns of variation, only
CPE is discussed in the remainder of
this section.
Table 1 suggests that the higher
CPE for affiliates than for all U.S.
businesses reflects concentration of affiliate employment in comparatively highcompensation industries rather than a
general tendency for affiliates to pay
higher compensation. Although substantial variation in CPE among industries is evident, for most industries,
affiliate CPE was fairly close to allU.S.-business CPE. (For 23 of the 32
industries shown in the table, affiliate
CPE was actually lower than all-U.S.business CPE.)
These inferences are supported by
more formal analysis. The difference
between affiliate and all-U.S.-business
CPE can be expressed as the sum of
three tfcrms—(1) the difference that
would have existed if, in each industry,
affiliate CPE had been the same as
all-U.S.-business CPE, but the observed differences in industry distribution existed, (2) the difference that
would have existed if affiliate employment had the same industry distribution as all-U.S.-business employment,
but the observed differences in CPE
existed, and (3) a residual interaction
term.3
25
Decomposition of the $805 difference between affiliate and all-U.S.business CPE in this way yields: (1)
A positive $1,350, attributable to differences in industry distribution (a tendency for affiliate employment to be
3. This decomposition can be written symbolically as:
32
32
32
tf-Wi) («?-*)
where: w = CPE for all industries combined
Wi= CPE for industry i
Si=share of tth industry in total employment
An a superscript denotes affiliate data, and its absence
denotes all-U.S.-business data. The summation is over the
32 individual industi ies shown in table 1.
All-U.S.-business data, rather than affiliate data, are used
as weights on the ground that all U.S. businesses should be
the standard of comparison for affiliates, not vice versa. Use
of affiliate data as weights would change the first two terms by
the amount of the interaction term, and would change the
sign of the latter.
Table 1.—Employment and Employee Compensation of All U.S. Businesses and of U.S. Affiliates of Foreign Companies, by Industry, 1974
Full-time equivalent
employees
All U.S.
businesses
U.S.
affiliates
Compensation of
employees
All U.S.
businesses
Thousands
Total.
9,922
10,529
345
201
144
4,930
1,196
3,734
12,609
12,458
12,658
11,657
11,447
11,965
8,268
8,003
265
1,452
1,290
162
6,855
6,622
233
1,196
1,066
131
16,602
16,604
16,563
15,617
15,576
15,951
13,765
13,739
14,563
12.865
12,863
12,879
1,012
1,014
551
75
22
15
5
2
13
27
115
245,481
19,647
8,351
9,489
7,088
4,449
9,257
12,953
15,396
6,700
848
191
122
49
20
167
321
1,615
208,663
16,818
7,376
8,359
6,126
3,893
7,885
11,487
13,253
5,738
725
171
111
42
18
144
288
1,380
12,719
12,017
8,781
7,489
10,243
9,486
13,455
12,799
15,183
12,156
11,348
8,662
8,255
10,397
9,446
12,420
12,076
14,078
10,812
10,286
7,756
6,597
'8,853
8,301
11,461
11,351
13,070
10,410
9,700
7,732
7,497
8,984
8,353
10, 667
10,840
12,028
1,271
1,596
2,193
1,949
1,851
579
1,444
15
61
30
43
54
5
23
47
8,228
20,879
20,931
30,703
24,170
30,577
7,416
15,947
162
850
389
583
577
47
222
536
6,827
16, 954
17,685
26,357
20,599
24,923
6,462
13,659
138
719
327
496
500
42
191
447
11,942
16,427
13,115
14,000
12,401
16,519
12,808
11,044
10,669
14,028
12,881
13,438
10,727
9,519
9,570
11,491
9,909
13,339
11,081
12,019
10,569
13,465
11,161
9,459
9,055
11.866
10,837
11,435
9,308
8,426
8,203
9,576
4,504
34
68,394
489
56,871
418
15,185
14,470
12,627
12,387
13,731
11,991
12,209
8,818
7,363
7,743
10,924
9,958
12,314
19,300
1,635
951
1,267
4,307
10,267
129
120
689,723
58,226
84,552
13,208
1,765
1,061
75,596
1,570
932
13,519
8,235
45,766
13,292
4,400
898
300
28
39,198
10,979
3,828
793
264
24
11, 499
11,022
10, 628
12,376
11,332
14,283
236
1,359
765
4,053
16,734
7,287
132
390
48
3,627
14,244
6,520
121
339
45
17, 174
12 313
9 525
21,906
11,899
9,033
15,369
10,481
8,523
20,035
10,343
8,474
17,073
1,405
3,831
816
11,021
172,971
8,504
52,365
5,393
106,709
497
38
96
82
280
154,760
7,725
46,703
4,836
95,496
448
33
85
72
258
10,131
6,053
13,669
6,609
9,682
8,746
4,803
12,520
5,869
10,308
9,065
5,498
12,191
5,926
8,665
7,898
4,209
11,116
5,148
9,479
1,206
414
73
26
2
10
66
1. For all U.S. businesses, includes only pipeline transmission (except natural gas). See text for discussion.
279-667 O - 79 - 4
51,646
9,849
9,104
9,246
Finance, insurance, and real estate
Addendum:
Puerto Rico, Canal Zone, and U.S. territories and possessions
Dollars
15,068
14,788
15,477
93
83
10
^
U.S.
affiliates
12,239
498
482
16
Other industries
Agriculture, forestry, and fisheries
Construction
Hotels and lodging places
Other services
All U.S.
businesses
15,512
15,510
15,512
Petroleum
Exploration, extraction, refining, and processing..
Other i
Banking
Credit agencies other than banks
!__'__"*
Security, commodity brokers, and services; and holding
and other investment companies
Insurance
Real estate and combined offices.
U.S.
affiliates
11,434
6,065
1,489
4,576
Retail trade
All U.S.
businesses
267
156
111
23
14
Wholesale trade
U.S.
affiliates
11,363
1,079
391
96
295
Transportation, communication, and public utilities..
All U.S.
businesses
Wages and salaries per
full-time equivalent
employee
598,519
60,320
Rubber and miscellaneous plastics productsPrimary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Other
U.S.
affiliates
Millions of dollars
Mining
Metallic
Nonmetallic.
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile productsLumber and wood .products
Furniture and fixtures..
Paper and allied products
Printing and publishing
Chemicals and allied products
Compensation per
full-time equivalent
employee
Wages and salaries
59
6,761
6,034
SURVEY OF CURRENT BUSINESS
26
Table 2.—Full-Time Equivalent Employment of All U.S. Businesses and of U.S. Affiliates
of Foreign Companies, by Major Industry, 1974
U.S.
businesses
U.S.
affiliates
Thousands
U.S.
U.S.
Affiliates
affiliates
as percent- businesses
age of U.S.
businesses
Percent distribution
60,320
1,079
100
ioo
Mining
Petroleum
.
Manufacturing
Transportation, communication, and public utilities
391
498
19,300
4,504
23
93
551
34
1
1
32
2
9
51
3
Wholesale trade
Retail t r a d e . . .
Finance, insurance, and real estate
Other
4,307
10, 267
3,980
17,073
129
120
73
57
All industries
4. The number of affiliates in transportation equipment
was very small (21), and none were large-scale manufacturers
of motor vehicles or aircraft, which accounted for a significant
portion of industry employment by all U.S. businesses.
5. The conclusions drawn from the decomposition analysis
are consistent with the results of analysis of variance. The
latter analysis indicates the presence on interindustry differentials in CPE that are statistically significant at any commonly used level, and the absence of statistically significant
differences between affiliate and all-U.S.-business CPE.
Employment
Because affiliates did not disaggregate
employee compensation geographically
in the benchmark survey, wrages and
salaries—which they did disaggregate—
are the measure of compensation used
in this section.
Aside from "other" regions (that is,
regions outside the 50 States and the
6. Possible reasons why CPE was lower for affiliates than
for all U.S. businesses in the same manufacturing industries
will be discussed by Ned G. Howenstine in "Gross Product
of U.S. Affiliates of Foieign Companies" in a forthcoming
issue of the SURVEY,
7. This statement is based on numbers of employees on
payrolls on nonagricultural establishments published in
Employment and Earnings, States and Areas 1989-75 (U.S.
Department of Labor, Bureau of Labor Statistics Bulletin
1370-12).
(*)
12
11
7
5
transportation equipment manufactur"
ing—rather than to genuine differences
in compensation within the same industries.4 When this is taken into account, almost all of the difference between affiliate and all-U.S.-business
CPE appears to have resulted from differences in industry distribution.5
Although affiliation appears not to
affect CPE at the all-industries level,
it may have an effect in certain industry
groups. For example, a general tendency
for affiliate CPE to be lowrer than allU.S.-business CPE is evident in manufacturing, where affiliate CPE was
lower in 13 out of 16 industries. Decomposition of the difference in CPE for
manufacturing alone yields a negative
second term (the effects of differences
in CPE within given industries) that
more than accounts for the lowrer
affiliate CPE in all manufacturing
industries combined; a positive first
term (the effects of differences in industry distribution) is much smaller.6
Regional Distributions
THIS section examines affiliate data
classified by the State or region in
which the employees worked. Thus, the
data of a single affiliate may be distributed over several States or regions.
District of Columbia), the regions shown
in the tables that accompany this
section are the eight BE A regions.
(Alaska and Hawaii are included in the
Far West.)
Employment by region and industry.—
Of 1,079,179 affiliate employees, the
largest numbers were employed in the
Mideast (301,796), the Southeast (225,
627), and the Great Lakes (206,289);
the smallest numbers were employed in
the Rocky Mountains (18,509) and
"other" regions (18,558) (table 3).
Available all-U.S.-business data suggest
that the regional distributions of affiliate and all-U.S.-business employment were probably very similar.7
Table 4 shows the distribution of
affiliate employment among eight broad
industry groups for each region. For
most regions, the distribution was
similar to that for all regions combined—manufacturing and wholesale and
retail trade accounted for the largest
proportions of employment, and mining
and "other" industries for the smallest.
However, significant differences existed in the Southeast, Southwest, and
Rocky Mountains.
In the Southeast, manufacturing accounted for a much larger proportion of
affiliate employment (71 percent) than
it did in all regions combined (51
percent). This may reflect that WSPE
in manufacturing in that region are
comparatively low and that wage rates
are an important determinant of manufacturing plant location.
In the Southwest, petroleum accounted for 41 percent of affiliate employment, compared with 9 percent for all
regions combined. This reflected the
headquarters employment of a large
integrated company, as well as proximity to petroleum resources. Mineral
resource location also influenced affiliate employment in the Rocky Mountains, where mining and petroleum
accounted for substantially larger shares
than in all regions combined.
* Less than 0.5 percent.
concentrated in industries in which
CPE was comparatively high); (2) a
negative $338, attributable to differences in CPE for given industries (a
tendency for affiliates in given industries to compensate employees at lower
rates than the average for all U.S.
businesses); and (3) a negative $207
for the residual interaction term.
The major reasons for the large size
of the first term, which shows the
influence of industry distribution, are
the comparatively large shares in affiliate employment of the chemicals and
petroleum exploration, extraction, refining, and processing industries, which
are high-compensation industries, and
the small shares of the retail trade and
"other" services industries, w^hich are
low-compensation industries.
Much of the second term is probably
due to differences in the industry distribution of employment among subindustries within a single industry—
December 1978
December 1978
Concentration of employment
among
States.—Table 5 shows the concentration of affiliate employment among
States by industry, measured by the
percentage of affiliate employment accounted for by the States in which
employment was largest. The selection
of the number of States is necessarily
arbitrary; four and eight were used.
The 46 industries are ranked on the
basis of each measure, and the eight
States in which affiliate employment
SURVEY OF CURRENT BUSINESS
27
was largest are listed in descending
order of employment for each industry.
For all industries combined, four
States—New York, California, New
Jersey, and Illinois—accounted for 37
percent of affiliate employment. (New
York and California alone accounted
for 23 percent.) These four States, plus
Pennsylvania, Texas, Ohio, and North
Carolina, accounted for 55 percent.
For individual industries, the proportion of employment accounted for by
four States ranged from 37 percent in
real estate to 93 percent in banking.
For eight States, the range was from
54 percent in food manufacturing to
99 percent in banking.
In some industries, the degree of
concentration may simply reflect the
structure of the industry, the degree
of penetration by foreign investors, or
a combination of both of these factors.
For example, high concentration could
result from a situation in which the
Table 3.—Number of Full-Time Equivalent Employees of U.S. Affiliates of Foreign Companies, by Industry and Region, 1974
All regions
New
England
Mideast 2
l
1,079,179
61,972
301,796
Mining
Metallic
Nonmetallic
22,917
13, 618
9,299
367
(D)
(D)
2,326
(D)
(D)
Petroleu m
Exploration and extraction
Refining and processing
Other
93,002
10,333
72,502
10,167
2,344
(D)
1,426
(D)
9,687
53
8,023
1,611
551,194
74, 753
22,090
14,761
4,720
2,133
13,453
26,590
38,047
2,351
4,113
(D)
(D)
(D)
3,413
2,867
114, 723
61, 663
23, 599
12, 679
16, 782
Rubber and miscellaneous plastics products
Primary and fabricated metals._.
Primary
Fabricated
Great
Lakes 3
Plains *
206,289
Southeast s Southwest 6
Rocky
Mountain 7
Far West 8
Other 9
43,505
225,627
64,873
18,509
138,050
(D)
(D)
(D)
6,197
851
5,346
1,873
(D)
4,541
(D)
(D)
849
769
80
23,977
(D)
22,561
(D)
5,505
105
(D)
(D)
10,777
1,555
8,437
785
26,753
4,903
18,977
2,873
3,084
866
1,857
361
9,225
1,479
7,537
209
1,650
948
(
136,521
17,666
3,466
3,382
329
202
2,166
6,543
107,458
15, 739
145
(D)
(D)
(D)
2,625
5,025
19,686
4,056
(D)
0
(D)
D
( )
(D)
(D)
159,196
13,389
13,322
10,256
1,082
521
3,731
3,699
18,460
2,269
133
(D)
(D)
(D)
(D)
(D)
6,637
1,796
0
0
(D)
0
0
(D)
57,238
15, 666
(D)
(D)
1,358
193
1,257
3,531
7,951
1,821
(D)
5,767
3,657
832
(D)
(D)
35,487
10, 538
11, 845
(D)
(D)
11,263
6,733
1,231
770
2,529
4,770
1,380
1,247
919
1,224
44,002
33,850
4,120
4,907
1,125
3,324
1,755
488
755
326
1,611
(D)
(D)
(D)
542
8,114
3,581
2,743
485
1,305
385
15,202
90, 777
60,597
30,180
1,541
4,776
1,780
2,996
6, 351
21, 948
16, 928
5,020
2,731
27,115
18,094
9,021
96
3,897
2,805
1,092
3,480
18, 573
11,227
7,346
433
3,742
3,291
451
(D)
453
(D)
(D)
532
10,209
6,095
4,114
Machinery
Machinery, except electrical
Electric and electronic equipment
Radio, Television, electronic components
Other
97,122
43, 361
53, 761
30,628
23,133
7,567
2,477
5,090
2,702
2,388
26,811
11, 747
15, 064
8,286
6,778
29,015
14, 372
14,643
5,831
8,812
4,883
3,615
1,268
(D)
(D)
16, 360
5,946
10, 414
7,762
2,652
2,339
1,290
1,049
(D)
(D)
558
486
(D)
0
(D)
9,240
3,166
6,074
4,842
1,232
Transportation equipment
Instruments and related products
Other
4,981
23,240
46, 649
(D)
3,000
1,634
(D)
4,892
(D)
(D)
913
9,226
(D)
18
831
1,337
8,194
21,250
907
(D)
544
(D)
(D)
(D)
641
1,319
4,040
Total
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Chemicals and allied products
Industrial
D rugs
Agricultural
Other
•
(
(
D
)
(
D
)
D
)
18,558
(
551
(
64
)
349
262
)
33,784
1,800
12,069
8,796
1,863
810
20
5,296
Wholesale trade
Motor vehicles and automotive parts and supplies
Metals and minerals
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
128,572
16, 997
23, 758
24,012
16,270
14,016
7,947
7,785
17, 787
6,645
691
850
2,589
728
695
326
5
761
45,450
5,236
9,507
7,014
5,780
5,587
3,190
2,133
7,003
19,118
2,334
2,784
7,325
1,791
2,176
478
927
1,303
4,854
(D)
513
396
1,030
652
(D)
954
983
20,198
1,620
5,787
1,217
3,852
2,213
181
2,034
3,294
6,462
787
2,167
1,245
705
311
188
595
464
1,244
148
(D)
62
354
58
(D)
(D)
131
23,369
5,787
1,798
4,051
1,773
2,002
3,191
1,029
3,738
Retail trade
Food stores and eating and drinking places
Other
120,353
67, 832
52, 521
4,865
(D)
(D)
49,243
23,795
25,448
33,658
24,492
9,166
(D)
(D)
489
12,694
7,929
4,765
1,647
161
1,486
(D)
(D)
(D)
9,374
1,682
7,692
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and investment
companies (except holding companies)
Insurance
-.
Real estate and combined offices
Holding companies
72,574
26,478
1,928
5,870
(D)
(D;
31,041
12,842
827
5,853
301
(D)
1,921
0
(D)
5,963
(D)
(D)
2,483
16
(D)
961
(D)
(D)
17,240
11, 795
149
1,242
628
)
4,876
32, 765
5,362
1,165
246
5,485
75
7
3,474
11, 997
1,517
384
326
4,270
709
(D)
(D)
1,661
82
0
110
3,286
1,044
(D)
123
1,521
741
(D)
29
483
(D)
(D)
302
3,719
920
355
()
343
(D)
12
Other industries
Agrictulture, forestry, and fisheries
Construction
Hotels a n d lodging places
Other services
56,783
7,931
7,672
13, 970
27,210
2,034
(D)
(D)
(D)
1,770
15,459
(D)
(D)
3,083
11,320
(D)
(D)
(D)
(D)
4,115
1,097
(D)
(D)
(D;
460
8,739
1,846
3,007
1,989
1,897
6,385
(D)
1,016
(D)
1,870
(D)
107
(D)
(D)
249
15,459
2,491
(D)
6,896
5,233
2,424
(D)
1,356
(D)
296
Transportation, communication, and public utilities
D
1.
2.
3.
4.
5.
Suppressed to avoid disclosure of data of individual companies.
Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, and Vermont.
Delaware, District of Columbia, Maryland, New Jersey, New York, and Pennsylvania.
Illinois, Indiana, Michigan, Ohio, and Wisconsin.
Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, and South Dakota.
Alabama, Arkansas, Florida, Georgia, Kentucky, Louisiana, Mississippi, North Caro-
(D)
1,232
(D)
()
113
257
322
()
110
lina, South Carolina, Tennessee, Virginia, and West Virginia.
6. Arizona, New Mexico, Oklahoma, and Texas.
7. Colorado, Idaho, Montana, Utah, and Wyoming.
8. California, Nevada, Oregon, Washington, Alaska, and Hawaii.
9. Regions outside the 50 States and the District of Columbia. See text for discussion.
SURVEY OF CURRENT BUSINESS
28
December 1978
Table 4.—Industrial Composition of Employment of U.S. Affiliates, by Region, 1974
[Percent]
All
regions
All industries
MidEast
New
England
100
Mining
Petroleum
Manufacturing
Transportation, communication, and public utilities
Great
Lakes
100
100
1
4
61
3
1
3
45
4
Wholesale trade
Retail trade
Finance, insurance, and real estate
Other..
Plains
100
South-
100
Southwest
Rocky
Mountain
Far
West
Other
100
100
100
100
100
3
5
71
1
3
41
28
1
25
17
36
1
7
41
4
43
15
16
10
5
(*)
10
3
4
10
17
7
12
11
7
13
NOTE.—Regions are denned in footnotes to table 3.
* Less than 0.5 percent.
Suppressed to avoid disclosure of data of individual companies.
D
Table 5.—Concentration Among States of Full-Time Equivalent Employment of U.S. Affiliates of Foreign Companies, by Industry, 1974
Employment accounted for by
Percent
Eight States in which employment was largest l
Eight States
Four States
Rank
Percent
Rank
36.7
54.5
N.Y., Calif., N.J., 111., Pa., Tex., Ohio, N.C.
Mining
Metallic
Nonmetallic.
49.3
66.3
62.3
68.6
79.7
83.0
Colo., Minn., W. Va., Ind., N.Y., N . C , Pa., Tex.
Colo., Minn., Ind., 111., Nev., Utah, N.Y., La.
W. Va., N . C , Tex., Pa., N.Y., La., N. Mex., Ky.
Petroleum
Exploration and extraction..
Refining and processing
Other
55.4
71.8
59.9
49.0
71.2
88.2
76.7
64.7
Tex. Ohio, Calif., La., 111., Pa., Okla., Kans.
Tex., La., "Other",2 Calif., Ala., Okla., Wyo., Colo.
Tex., Ohio, Calif., La., 111., Pa., Kans., N.J.
Okla., N.Y., Tex., Kans., "Other",2 Wis., Conn., Mo.
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products..
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
31.6
38.3
62.9
86.9
45.9
63.6
46.9
38.2
51.9
54.1
86.7
98.4
71.1
85.2
70.6
61.5
N.J., Calif., 111., N.Y., N . C , Pa., Mich., S.C.
Calif., N.Y., 111., N.J., Nev., Pa., Ohio, Ga.
Ga., S.C, N . C , N.Y., Conn., Maine, Va., N.J.
N . C , Pa., N.Y., Ga., Calif., S.C, "Other",2 N.H.
N . C , Mich., Calif., Ala., Ind., Oreg., Mass., Pa.
Mich., N . C , Calif., Tenn., N.Y., Ohio, Conn., 111.
Maine, Tenn., S.C, N.Y., N.J., Ind., Ohio, Calif.
N.Y., Calif., Tex., Pa., 111., N.H., Ohio, Md.
Chemicals and allied products.
Industrial
Drugs
Agricultural
Other
49.8
54.8
72.8
53.1
55.6
65.8
72.3
83.9
75.9
80.6
N.J.,
N.C,
N.J.,
N.J.,
N.J.,
Rubber and miscellaneous plastics products..
Primary and fabricated metals
Primary
Fabricated
47.6
36.5
39.5
40.4
60.4
61.2
64.1
Md., N.Y., N.J., N.H., Ind., Wis., Va., Ga.
N.J., 111., Calif., Mich., Ohio, Pa., N.Y., Tenn.
N.J., 111., Mich., Pa., Calif., Ohio, N.Y., Tex.
Ohio, Calif., 111., Mich., Pa., Tenn., Mass., N.J.
Machinery
Machinery, except electrical
Electric and electronic equipment
Radio, television, electronic components.
Other
40.9
41.6
44.6
58.1
50.1
66.4
64.2
71.6
78.3
72.0
111., Pa., Calif., N.Y., N.J., Tenn., Mich, Wis.
111., Pa., N.Y., Mich., Calif., N.J., Wis., Ohio
111., Calif., Term., N.Y., N.J., Pa., Wis., Mich.
Tenn., Calif., N.Y., 111., N.J., Mich., Fla., Pa.
111., Wis., Pa., N.J., Mass., Calif., Mich., N.Y.
Transportation equipment
Instruments and related products..
Other
61.8
59.0
44.8
88.2
83.5
63.8
Ind., Tex., Calif., Fla., Ga., N.Y., Ohio, Miss.
Ark., Conn., "Other",* Pa., Tex., N.J., Calif., Va.
Va., Ky., 111., Calif., Mich., N.Y., N . C , N.J.
Total _
N . C , S.C, Calif., Tenn., N.Y., Mass., Mich.
S.C, N.J., Tenn., Calif., Mich., Mass., Del.
Calif., N . C , Tenn., Mo., Mass., 111., Utah
N.Y., Fla., Ala., N . C , R.I., Tex., Iowa
N.Y., Ind., Calif., Md., Pa., Mo., 111.
Transportation, communication, a n d public utilities...
58.2
76.2
N.Y.; Mich., Calif., Minn., Wis., N.J., 111., Ala.
Wholesale t r a d e
53.5
66.4
54.4
62.0
44.5
56.9
72.6
49.0
62.6
66.9
82.3
75.3
84.2
59.0
73.0
85.3
70.8
78.2
N.Y., Calif., N.J., 111., Ind., Tex., Conn., W. Va.
Calif., N.J., N.Y., 111., Mich., Tex., Fla., Md.
N.Y., N.J., W. Va., Calif., Tex., Ga., 111., Ohio
Ind., Calif., N.Y., N.J., Conn., 111., Ariz., Md.
N.Y., N.J., Calif., 111., N . C . Ky., Tex., Conn.
N.Y., Calif., 111., N.J., Ala., Pa., Mass., Ind.
Calif., N.Y., N.J., Md., 111., "Other",* Conn., Tex.
N.Y., N . C , 111., Calif., Tex., La., Mo., Fla.
N.Y., Calif., N.J., S.C, 111., N . C , Kans., Ga.
Retail trade
Food stores and eating and drinking places.
Other
53.2
51.0
62.4
72.5
71.0
81.1
N.Y., Wis., 111., Pa., N.J., Calif., Fla., Ohio
N.Y., 111., Wis., N.J., Ohio, Pa., Fla., Ind.
N.Y., Pa., Wis., Calif., 111., Fla., Hawaii, N.J.
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and investment companies (except
holding companies)
Insurance
Real estate and combined offices
Holding companies
64.3
92.6
74.9
98.7
84.8
N.Y., Calif., Mass., Pa., 111., Tex., N.J., Fla.
N.Y., Calif., Hawaii, "Other",* La., Nev., 111.,
Oregon
N.Y., Tenn., 111., Calif., Mass., Ga., "Other", 2 Okla.
84.2
50.8
37.0
62.5
92.1
67.9
59.9
90.3
N.Y., 111., Calif., Mass., "Other",* Tex., Mo., Conn.
N.Y., Mass., Pa., Calif., 111., N.J., Tex., Mo.
Calif., N.Y., Fla., Mich., Tex., Md., Pa., D.C.
Calif., Pa., N.Y., Utah., N . C , Hawaii, Colo., N.J.
Other industries
Agriculture, forestry, andfisheries_
Construction
Hotels and lodging places
Other services
48.0
73.0
68.7
70.9
56.9
69.3
90.1
87.7
88.5
75.3
N.Y., Calif., Hawaii, Fla., Ariz., Pa., Tex., N.J.
Ariz., Hawaii, Miss., Calif., Fla., Mo., Nev., Ala.
Fla., "Other",* N.Y., Tex., Ala., La., Ariz., N.J.
Hawaii, N.Y., Calif., Fla., Pa., "Other",* Tex., La.
N.Y., Calif., Pa., N.J., 111., Tex., Wis., Maine
Motor vehicles and automotive parts and supplies.
Metals and minerals
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
1. States are listed in descending order of affiliate employment.
23
25
28
2. Same as "Other" regions in tables 3, 4, and 6.
SURVEY OF CURRENT BUSINESS
December 1978
number of affiliates is small, or from
one in which a few affiliates are the
dominant employers. Both of these
situations can be illustrated by the
transportation equipment manufacturing industry, where high concentration
(based on the eight-State measure)
largely reflects concentration of employment in a few of the 21 affiliates in the
industry, rather than a clustering of a
large number of affiliates of about the
same size in the same States.
In other industries, the degree of
concentration may reflect differences
among States in economic factors considered in selecting the location of
operations. The factors may be applicable specifically to affiliates, or they
may be applicable to other U.S.
businesses as well.
In banking, some factors that apply
specifically to affiliates can be seen
at work. Many banking affiliates are
established primarily to conduct business of an international nature—financing foreign trade, supplying the dollar
needs of the foreign parent, or servicing
29
U.S. companies that are affiliated with
the parent's foreign customers. A New
York location frequently is advantageous as a base from which to conduct
these activities, and thus that State
alone accounted for nearly one-half of
all employment by banking affiliates.
Restrictions by some States on foreignowned banks—they are actually prohibited in a few States—also contributed to high concentration.
In petroleum exploration and extraction, concentration of affiliate employment reflects the same factors as does
Table 6.—Wages and Salaries Per Full-Time Equivalent Employee of U.S. Affiliates of Foreign Companies, by Industry and Region, 1974
[Dollars]
All
regions
Total
r
Mining
Metallic
Nonmetallic
Petroleum
Exploration and extraction
Refining and processing
Other
.
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
New
England
Great
Lakes
Mideast
Plains
10,529
9,928
11,506
11,657
11,447
11,965
18,858
(D)
(D)
15,261
D
)
12,865
10, 897
13,129
12, 879
12,235
(DD)
()
11,265
14,653
15,057
14,191
16, 943
10,324
(D)
10,283
D
)
10,625
11,276
(D)
10,410
9,700
7,732
7,497
8,984
8.353
10,667
10,840
10,043
9,639
7,968
11,814
11,502
10, 355
8,446
11,067
7,262
10,650
11,506
10,899
10,902
8,931
(D)
11,494
10, 778
D
)
()
11,331
11,192
10,615
11,300
()
8,582
11,229
Southeast
Southwest
9,219
11,324
10,238
10,668
11,056
D
)
11,262
(D)
(D)
9,431
9,248
11,188
13,192
10,106
13,703
13,803 i
14,412
11,272
15, 361
13,499
10,935
9,433
11, 834
9,909
15,500
12, 690
16,125
12,818
9,584
8,831
11,083
8,985
6,023
(D)
12,200
10,145
13,554
11, 844
7,330
7,089
7,223
6,058
7,294
10, 734
9,723
9,805
9,125
7,218
12,028
11,250
13,513
12,833
12,188
11,258
11,104
11,465
(D)
14,154
14,124
15,260
12, 809
13,148
12,266
14,261
11, 726
12,232
12, 881
11,103
12, 568
12,399
10,326
9,823
12,283
12,122
10,444
11, 542
11, 559
13, 949
10,200
10, 951
Rubber and miscellaneous plastics products
Primary and fabricated metals
Primary
Fabricated
9,055
11,524
11, 866
10, 837
8,091
9,857
10,930
9,219
9,970
12,168
12, 703
10,366
7,835
11,846
11, 952
11,635
7,531
13,137
13, 958
11,027
8,667
9,700
10,252
8,856
10,180
10, 072
10,291
8,475
Machinery
Machinery, except electrical
Electric and electronic equipment
Radio, television, electronic components
Other
Transportation equipment
Instruments and related products
other
:
10,256
11,435
9,308
9,100
9,581
8,426
8,203
9,576
10,002
11,235
9,402
9,479
9,315
(D)
(D)
11,209
10,627
10,823
10,474
10,226
10,777
(D)
10,223
10,534
11,131
8,832
(D)
8,520
10,036
7,655
7,607
7, 794
6,652
6,630
9,682
11,313
12,213
10,206
(D)
(D).
10,379
12,463
8,334
7,438
8,927
(D)
10,445
9,715
Transportation, communication, and public utilites
12,387
12,923
11,108
14,386
Wholesale trade
Motor vehicles and automotive parts and supplies
Metals and minerals
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
12,209
12,493
14,148
10,769
12,156
11,172
10,928
14,437
11, 738
9,472
12,151
12,752
4,554
13,679
11, 761
14,282
17, 800
11,876
14,349
13, 715
16, 748
13,192
13, 715
12, 757
12,477
22, 001
13,039
11,763
10,840
12, 809
11,652
12,061
10,162
12,126
12, 630
13,323
7,743
8,052
7,344
7,426
(D)
7,951
7,928
7,972
7,936
6,727
11,991
10,135
14,306
10,682
10,392
17,316
10,241
9,188
(D)
.
.
:_.:
Retail trade
Food stores and eating and drinking places _
Other
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and investment
companies (except holding companies)
Insurance
Real estate and combined offices
Holding companies
10,924
9,958
12,314
10,035
(D)
21,413
10,337
8,474
14,258
19,000
9,562
10,747
15,429
22,836
10,965
9,097
14,443
Other industries
Agriculture, forestry, and fisheries
Construction
Hotels and lodging places
Other services
7,898
4,209
11,116
5,148
9,479
8,034
(D)
8,550
(D)
D
Suppressed to avoid disclosure of data of individual companies,
n.a. Not available.
()
7,351
5,969
9,033
( )
(D)
8,208
(D)
12, 744
(D)
10, 799
10, 782
(D)
n.a.
()
12,251
12, 080
11,906
13, 796
12,874
9,179
13,262
12,344
14,622
11, 685
12,110
11, 463
11,659
10,693
10,159
9,785
9,836
11,279
9,700
11,238
10,594
11, 762
11,485
10,669
10, 877
9,252
12, 917
8,634
10,077
10,366
12,022
11,296
7,488
9,872
10,071
10, 457
11,173
10,813
9,928
11, 338
(D)
13,645
9,912
8,397
11,756
12, 668
15, 894
10,086
12, 494
11, 503
9,431
16, 652
10,586
7,883
7,021
7,479
6,257
6,267
4,161
6,495
11,034
n.a.
9,092
(D)
9,392
13,188
D
()
(D)
10,506
10,130
13,054
()
20, 736
9, 476
6,830
(D)
21,683
9,582
6,806
(D)
(D)
9,747
(D)
(D)
18, 911
10, 618
10,335
14,045
7,974
2,574
12,445
4,398
9,894
5,838
(D)
13,442
(D)
9,256
(D)
4,991
6,930
8,222
10, 988
5,147
8,577
10,590
(D)
13,692
10,040
10,149
7,649
(D)
11, 799
11,187
D
10,955
7,427
n.a.
8,438
(D)
12,518
8,971
D
(D)
(D)
(D)
()
()
n.a.
n.a.
(D)
n.a.
n.a.
(D)
9,577
(D)
9,395
11,667
(D)
11,222
10,584
()
()
Far
West
10,307
8,212
10, 641
Chemicals and allied products
Industrial
Drugs
Agricultural
Other
.
Rocky
Mountain
()
13,263
NOTE.—Regions are denned in footnotes to table 3.
(D)
11,122
(D)
(
)
(D)
8,562
Other
D
D
8,719
7,984
)
4,816
4,650
)
n.a.
n.a.
)
6,178
D
D
8, 953
)
)
8,141
)
8,673
9,122
)
n.a.
(D)
(D)
(D)
8,140
)
)
8,088
7,665
9,084
D
)
)
7,627
D
6,917
6,010
7,116
8,709
7,576
8,394
D
)
6,535
D
8,247
)
4,517
SUEVEY OF CUEKENT BUSINESS
30
concentration of employment by all
U.S. businesses. AU-U.S.-business employment was concentrated in a few
States that were endowed with petroleum reserves, and affiliate employment
tended to be concentrated in those
same States.8
8. Employment estimates for all U.S. businesses are from
Employment and Earnings, States, and Areas 1939-75 (U.S.
Department of Labor, Bureau of Labor Statistics Bulletin
1370-12), and Employment and Earnings, United States 190975 (U.S. Department of Labor, Bureau of Labor Statistics
Bulletin 1312-10). The estimates in these publications differ
somewhat in both definition and geographical coverage from
those for U.S. affiliates.
Wages and salaries per employee
WSPE varied widely among regions.
They were highest in the Mideast
($11,506), Southwest ($11,324), and
Plains ($11,300); they were lowest in
the Southeast ($9,219) and in "other"
regions ($6,088) (table 6).
Analysis of variance presented in the
technical note indicates that at least
part of the regional variation in WSPE
reflects regional differences in rates of
pay in given industries, rather than
regional differences in the industry
December 1978
distribution of employment. This result
is suggested also by an inspection of
the data for three regions—the Mideast,
the Great Lakes, and the Southeast.
These regions were the largest in
terms of affiliate employment—together
they accounted for about two-thirds of
the total—and they were the regions
in which WSPE were highest (Mideast),
closest to the average for all regions
combined (Great Lakes), and, aside
from "other" regions, lowest (Southeast) .
Table 7.—-Distribution of Full-Time Equivalent Employment Among U.S. Affiliates of Foreign Companies, by Industry and Size Class, 1974
Summary statistics
Size classes
1-10
11-100
101-1,000
1,001-10,000
Over
10,000
Total
Mean
Number of employees
Number of affiliates
Total-
Median
Coefficient
of
variation
1,635
1,961
902
183
13
4,694
229.9
22.0
4.926
7
5
2
15
10
5
21
7
14
6
3
3
0
0
0
49
25
24
467.6
544.7
387.4
118.0
44.0
215.5
2.291
2.588
1.433
40
22
0
18
31
16
3
12
39
14
6
19
6
2
3
1
3
0
3
0
119
54
15
50
781.5
191.3
4,833.4
203.3
54.0
22.5
254.0
54.0
4.493
3.398
1,862
2.826
113
11
5
1
0
3
0
11
493
43
20
14
12
10
12
26
405
41
28
4
12
2
14
16
106
19
4
3
1
1
4
2
6
0
0
0
0
0
0
1
1,123
114
57
22
25
16
38
56
490.8
655.7
387.5
670,9
188.7
133.3
448.4
474.8
90.0
111.5
130.0
58.0
137.0
26.0
150.5
58.0
2.886
2.243
2.608
2.357
1.265
2.157
1.521
4.049
Chemicals and allied products..
Industrial
Drugs
Agricultural.
Other
13
6
0
1
6
44
13
3
5
23
69
21
12
8
28
20
12
5
2
1
1
1
0
0
0
147
53
20
16
58
780.4
1,163.4
1,179.9
792.4
289.3
142.0
169.0
378.5
121.5
99.5
2.421
2.051
1.729
2.775
3.181
Rubber and miscellaneous plastics products..
Primary and fabricated metals
Primary
Fabricated
7
15
5
10
25
57
40
14
60
23
37
4
15
11
4
0
1
1
0
50
148
57
91
304.0
613.3
1,063.1
331.6
65.5
119.0
161.0
87.0
2.466
2.810
2.220
3.271
Machinery
Machinery, except electrical
Electrical and electronic equipment
Radio, television, electronic equipment..
Other
25
16
9
4
5
128
85
43
26
17
96
52
44
29
15
23
8
15
9
6
0
0
0
0
0
272
161
111
68
43
357.0
269.3
484.3
450.4
537.9
78.5
56.0
117.0
149.0
96.0
2.702
3.023
2.355
1.969
2.724
Transportation equipment
Instruments and related products.
Other
3
12
7
10
50
42
7
19
23
1
3
6
0
1
2
21
80
85
237.1
290.5
548.8
75.0
54.0
72.0
1.722
4.103
3.386
Transportation, communication, and public utilities...
68
123
56
4
0
251
134.5
26.0
3.543
Wholesale trade...
.
Motor vehicles and automotive parts and supplies.
Metals and minerals
Electrical goods
Machinery, equipment, and supplies.
Other durable goods
Groceries and related products. _
Farm-product raw materials. _
Other nondurable goods.
813
30
55
69
211
148
50
37
213
702
34
86
79
174
124
37
28
140
164
22
16
19
24
24
18
12
29
26
5
5
6
3
2
1
2
2
0
0
0
0
0
0
0
0
0
1,705
91
162
173
412
298
106
79
384
75.4
186.7
146.6
138.7
39.4
47.0
74.9
98.5
46.3
12.0
25.0
17.5
17.0
10.0
11.0
11.5
12.0
9.0
1.894
3.945
4.256
3.415
3.124
2.511
2.995
3.293
61
6
55
111
37
74
38
14
24
11
3
8
4
3
1
225
63
162
534.9
1,076.6
324.2
25.0
43.0
18.0
5.035
3.541
6.421
Finance, insurance, and real estate
...
Banking
Credit agencies other than banks
Security, commcdity brokers and services; and investment companies
(except holding companies)
Insurance
Real estate and combined offices
Holding companies
336
20
19
255
81
10
88
44
1
13
3
1
0
0
0
692
148
31
104.8
178.9
62.1
12.0
44.0
4.413
2.622
3.681
53
29
175
40
35
65
50
14
6
23
11
3
1
•7
1
0
0
0
0
0
95
124
237
57
51.3
264.2
22.6
20.4
Other industries
Agriculture, forestry, and fisheries..
Construction
Hotels and lodging places
Other services.
197
19
12
7
159
231
40
15
18
158
91
12
13
28
58
11
1
1
3
6
0
0
0
0
0
530
72
41
56
361
107.1
110.1
187.1
249.4
75.3
Mining
Metallic
Nonmetallic
Petroleum
Exploration and extraction..
Refining and processing
Other
Manufacturing..
Food and kindred products
Textile mill products
Apparel and other textile productsLumber and wood products
Furniture and fixtures. _
Paper and allied products...
Printing and publishing..
Retail trade...
Food stores and eating and drinking places..
Other
17
8.0
4.0
5.0
3.702
3.457
3.723
2.030
19.0
34.5
28.0
133.5
13.0
3.332
3.040
2.084
1.449
4.660
9.0
39.5
December 1978
That at least part of the regional
differences in WSPE reflected regional
differences in rates of pay in given
industries is suggested by a pervasive
tendency among the three regions for
differences in individual industries to
be in the same direction as differences
in the all-industry averages. For 31 of
the 46 individual industries in table 6,
WSPE were higher in the Mideast than
SURVEY OF CURRENT BUSINESS
in the Great Lakes; in the latter
region, they exceeded those in the
Southeast in 35 industries. In 39
industries, they were higher in the
Mideast than in the Southeast.
Analysis of variance also indicates
that at least part of the industry
variation in WSPE reflected industry
differences in rates of pay in given
regions, rather than industry differences
31
in the regional distribution of employment. This result is suggested also by
noting the pervasive tendency for
WSPE in petroleum to exceed those in
manufacturing (seven out of nine
regions), which in turn tend to exceed
those in retail trade (seven out of nine
regions) and "other" industries (seven
out of nine regions).
Table 8.—Distribution of Compensation Per Full-Time Equivalent Employee Among U.S. Affiliates of Foreign Companies, by Industry
and Size Class, 1974
Size classes
$4,000
or less
$4,001$8,000
$8,001$12,000
$12,001$16,000
$16,001$20,000
Total
$20,001$24,000
$24,001-
$28,001$32,000
Mean
Over
$32,000
TotaL
Metallic
Nonmetallic..
Petroleum
Exploration and extraction..
Refining and processing
Other
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products..
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Transportation, communication, and public utilities...
Wholesale trade
Motor vehicles and automotive parts and supplies..
Metals and minerals
Electrical goods
Machinery, equipment, and supplies
Other durable goods
Groceries and related products
Farm-product raw materials
Other nondurable goods
Retail trade
Food stores and eating and drinking places .
Other
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and investment companies (except holding companies)
Insurance
Real estate and combined offices
Holding companies
Other industries
Agriculture, forestry, and fisheries.
Construction
Hotels and lodging places
Other services
Coefficient of
variation
270
680
1,202
718
314
141
4,694
13,520
12,599
0.540
2
1
1
4
3
1
15
13
6
1
1
0
49
25
24
14,271
14,039
14,512
14,038
14,454
13,839
.379
.413
.351
10
6
0
4
37
19
6
12
20
7
0
13
3
1
0
119
54
15
50
15,381
14,485
12,534
17,204
14,269
13,608
12,561
16,190
.490
.427
.458
.517
193
25
15
10
5
332
31
114
9
0
1
1
0
1,123
114
57
22
25
16
30
56
11,472
10,078
9,167
7,857
10,596
7,941
11,320
13,647
11,413
10,138
9,399
6,718
8,606
8,055
10,752
12,078
.427
.440
.400
.623
.637
.402
.327
.491
147
53
20
16
58
13,250
13,414
13,882
12,877
12,986
13,539
13,704
13,428
13,637
12,930
.328
.380
.325
.228
.301
50
148
57
91
10,486
12,075
12,813
11,613
9,828
12,083
13,311
11,529
.549
.328
.343
.311
29
17
12
272
161
111
68
43
11,812
12,390
10,975
10,994
10,946
11,925
12,640
10,777
10,660
11,264
.366
.321
.426
.415
.447
3
29
17
21
80
85
11,677
11,025
11,096
11,657
11,188
10,339
.357
.379
.618
1,188
Chemicals and allied products
Industrial
Drugs
Agricultural
Other
Rubber and miscellaneous plastics products.
Primary and fabricated metals
Primary
Fabricated
Machinery
Machinery, except electrical
Electric and electronic equipment
Radio, television, electronic componentsOther
Transportation equipment
Instruments and related products.
Other
Median
Dollars
Number of affiliates
Mining
Summary statistics
14
18
9
9
38
17
21
11
10
5
14
16
25
33
91
21
56
82
51
251
14,648
13,902
.429
153
12
6
18
31
29
8
7
42
342
21
16
41
81
71
18
12
82
484
34
40
58
130
86
35
14
87
368
15
37
27
108
57
23
22
79
163
2
35
13
25
23
9
11
45
1,705
91
162
173
412
298
106
79
384
15,228
13,216
18,652
13,813
14,779
14,546
15,572
16,011
15, 651
14,750
12,793
17,924
13,750
14,625
13,982
14,477
16,396
14,774
.445
.402
.421
.440
.429
.429
.434
.454
.453
67
28
39
70
10
60
34
2
32
8
0
5
0
5
225
63
162
8,826
5,717
10,035
8,356
5,265
9,483
.566
.676
.485
112
13
3
167
51
5
140
38
12
46
10
692
148
31
14,009
13,202
16,880
12,052
12,312
14,269
.719
.448
.662
10
40
56
5
16
42
25
7
95
124
237
57
18,730
13,955
9,639
24,966
17,799
12,594
7,831
23,277
.844
.735
132
18
7
11
96
78
9
8
1
60
530
72
41
56
361
12,700
8,445
14,225
5,983
14,417
10,875
7,195
14,666
5,936
12,666
.641
.728
.598
.460
.568
120
24
9
29
58
SURVEY OF CURRENT BUSINESS
32
Distribution Among Affiliates of Employment and Compensation Per
Employee
THIS section summarizes the employment and CPE of individual affiliates.
For each item, the number of affiliates
falling into each of several class intervals is presented, together with three
summary statistics—the median, mean,
and coefficient of variation.9
Employment
Of 4,694 affiliates that reported employment, 3,596 had 100 or fewer employees; of these affiliates, 1,635 had 10
or fewer employees (table 7). There
were 902 affiliates with 101-1,000 employees, and 183 with 1,001-10,000.
Only 13 affiliates had more than 10,000
employees. The median number of employees was 22, while the mean was 230.
The large difference between the median
and the mean, which is found in most individual industries as well as in all in- l
dustries combined, is indicative of positive skewness—a common characteristic
of the size distribution of firms.
The median number of employees
varied considerably among industries.
It was highest in drugs (379), petroleum
refining and processing (254), and nonmetallic mining (216)—industries characterized by economies of scale. It was
9. Of 5,999 affiliates that were required to report employment data, 1,305 reported zero employment; only the data of
the remaining 4,694 affiliates were used in computing the
summary statistics. (See technical note for further discussion.)
Table 9.—Sales of U.S. Affiliates of Foreign Companies, by Industry of Affiliate and by
Tndvistry of Sales, 1974
[Millions of dollars]
Industry
Total.
Sales by
industry of
affiliate
Sales by
industry of
Column (2)
(1)
(2)
(3)
-7-
Column (1)
149,222
149,222
1.00
1,345
692
654
1,411
497
914
1.05
.75
1.40
Petroleum
Exploration, extraction, refining, and processing.
Other
18,270
13,938
4,332
22,258
12,629
9,629
1.22
.91
2.22
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products..
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishingChemicals and allied products
31,348
5,537
604
395
275
65
1,031
1,191
7,987
32,868
5,506
960
404
276
60
1,100
1,188
8,537
1.05
.99
1.59
1.02
1.01
.92
1.07
1.00
1.07
621
4,686
1,608
2,219
2,056
242
667
2,163
702
4,050
1,973
2,441
2,214
358
917
2,181
1.13
.86
1.23
1.10
1.08
1.48
1.38
1.01
1.00
Mining
Metallic
Nonmetallic.
Rubber and miscellaneous plastics products..
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Other
Transportation, communication, and public utilities.
Wholesale trade
Retail trade
Fi nance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and holding and other investment
companies
Insurance
Heal estate and combined offices
,
Other industries
Agriculture, forestry, and fisheries
Construction
Hotels and lodging places
Other services
1,383
1,380
77,642
72,058
.93
6,308
6,317
1.00
11,236
4,472
322
11,172
4,472
317
.99
1.00
.99
691
4,448
1,303
616
4,449
1,318
.89
1.00
1.01
1,689
295
302
255
837
1,757
278
306
243
930
1.04
.94
1.01
.95
1.11
1. Includes sales that affiliates did not specify by industry. See text, footnote 10, for an explanation of the method used to
allocate these sales.
December 1978
lowest—less than 10—in four of the subindustries of finance, insurance, and real
estate, and in "other nondurable goods"
within wholesale trade.
The relative dispersion of employment among affiliates, measured by the
coefficient of variation, exhibited considerable interindustry variation. It
tended to be largest in residual industry
categories that contain a number of
loosely related industries.
Compensation per employee
In interpreting the frequency distributions shown in table 8, it should be
noted that CPE was not reported
directly by affiliates, but was computed
by BEA as the ratio of two reported
figures—employee compensation and
employment. Some reporters may have
counted part-time or seasonal employees as full-time employees, thus
overstating FTE employment and
understating CPE. This may have occurred in the case of many of the 270
affiliates for which CPE was between
$1 and $4,000, and to a lesser extent in
the case of some affiliates in other class
intervals.
Of the affiliates that reported employment, slightly more than one-half
paid CPE between $8,001 and $16,000;
about 1,200 affiliates fell in each of the
intervals $8,001-$12,000 and $12,001$16,000. Nearly one-third, or 1,354,
paid more than $16,000 per employee;
over one-half of these paid between
$16,001 and $20,000.
For all industries combined, median
CPE was $12,599, and the mean was
$13,520. For practically all industries,
CPE was much more symmetrically
distributed, and with much less dispersion, than was employment.
Median CPE varied substantially
among industries. It was highest for
holding companies ($23,277), security
and commodity brokers and services
($17,799), farm-product raw materials
wholesale trade ($16,396), and "other"
petroleum ($16,190). It was lowest for
agriculture, forestry, and fisheries
($7,195), apparel manufacturing ($6,718), hotels and lodging places ($5,936),
and food stores and eating and drinking
December 1978
places ($5,265). With the exception of
apparel manufacturing, the low group
consists of industries in which wages
and salaries paid in kind are potentially significant components of employee compensation; to the extent
that some affiliates might have erroneously excluded or underestimated such
payments, CPE would be understated.
Hotels and lodging places and food
stores and eating and drinking places
might have been able to attract employees at very low rates of compensation
partly because those employees also
received gratuities, which were not
included in employee compensation.
Technical Note
Estimation of full-time equivalent
employment
Both affiliate and all-U.S.-business
employment were measured on a fulltime equivalent (FTE) basis. FTE
employment equals the number of
employees on full-times schedules plus
the number on part-time or seasonal
schedules converted to a full-time basis.
Respondents to the benchmark survey were asked to report employment
on a FTE basis. The instructions
stated
that "part-time
employees
should be included at the appropriate
percentage of a full-time employee
according to the proportion of total
time worked" and that Seasonal employees or employees hired or released
during the year should be included at
the appropriate percentage."
For all U.S. businesses, data on parttime employment were converted to a
full-time basis and added to full-time
employment. The conversion, which is
prepared by BE A in conjunction with
the NIPA's, was made by multiplying
the number of employees on part-time
schedules by the ratio of average
weekly hours per employee on part-time
schedules to average weekly hours per
employee on full-time schedules in each
industry. The all-U.S.-business data are
monthly averages, so that seasonal
employment is converted to a FTE
basis automatically through the averaging process.
SURVEY OF CURRENT BUSINESS
If these methodological differences
have biased the data, it is probably in
the direction of overstating affiliate
employment: Examination of CPE for
individual affiliates suggests that some
of them may have reported the average
number of full-time and part-time employees, rather than FTE employment;
in some instances, this may have occurred because the information needed
to estimate FTE employment was not
readily available.
Enterprise classification of affiliate
data
Comparisons between affiliate and
all-U.S.-business data are hampered by
differences in classification—the former
are classified on an enterprise basis, the
latter on an establishment basis. Although it is not possible to reclassify
one data set on the basis of the other,
alternative classifications of affiliate
sales data suggest that differences
33
between affiliate and all-U.S.-business
employment data that might have been
due to differences in classification are
probably minor.
In the benchmark survey, affiliates
specified sales (or gross operating revenues) by industry. This information was
used to classify affiliates by industry,
using a two-stage procedure: A given
affiliate was classified first in the 1 of
the 10 broad industry groups in which
its sales (or gross operating revenues)
were largest, then, within that industry
group, in the industry in which its
sales (or gross operating revenues) were
largest. The industry groups used in
the first stage were (1) agriculture,
forestry, and fisheries, (2) mining, (3)
petroleum, (4) construction, (5) manufacturing, (6) transportation, communication, and public utilities, (7) wholesale trade, (8) retail trade, (9) finance,
insurance, and real estate, and (10)
services. Table 9 compares sales classi-
Table 10.—Sales of U.S. Affiliates of Foreign Companies, by Industry: Percentage in
Industry of Affiliate and in Other Industries, 1974
[Percent]
Industry of affiliate
Total
Sales in
industry of
affiliate
Sales in
other specified industries
Sales in
unspecified
industries
96.1
0
Mining
Metallic
Nonmetallic
89.9
66.7
92.8
9.7
33.1
6.4
.4
.1
.7
Petroleum
Exploration, extraction, refining, and processing
Other
87.9
85.7
94.8
7.8
8.8
4.5
4.4
5.5
.7
95.0
92.6
97.6
100.0
93.7
80.6
97.8
98.5
87.8
3.9
6.7
2.3
0 .
6.2
19.3
1.7
1.4
10.8
1.1
.7
0
0
0
0
.4
0
1.3
85.2
71.2
79.4
94.9
91.5
93.9
95.8
82.0
14.2
26.6
19.1
5.1
6.6
6.0
2.5
17.8
.6
2.1
1.4
Manufacturing
Food and kindred products
Textile mill products
Apparel and other textile products
Lumber and wood products
Furniture and fixtures
Paper and allied products
Printing and publishing
Chemicals and allied products
Rubber and miscellaneous plastics products
Primary metal industries
1
Fabricated metal products
Machinery, except electrical
Electric and electronic equipment
Transportation equipment
Instruments and related products
Other
3.9
(*)
1.8
0
1.6
.2
Transportation, communication, and public utilities
98.2
1.6
.1
Wholesale trade
85.7
8.2
6.1
Retail trade
97.0
2.9
Finance, insurance, and real estate
Banking
Credit agencies other than banks
Security, commodity brokers and services; and holding and other investment
companies
Insurance
Real estate and combined offices
99.1
99.9
98.3
.8
0
1.5
87.1
99.8
99.5
12.7
0
.4
.1
.1
0
Other industries
Agriculture, forestry, and fisheries
Construction
Hotels and lodging places
Other services
93.7
89.8
94.9
80.9
95.7
5.5
9.8
5.0
18.4
3.2
.7
.3
0
.8
1.1
*Less than 0.5 percent.
0
(*)
0
.1
SURVEY OF CURRENT BUSINESS
34
Table 11.—Effect of Reclassification of All U.S. Business Engagec in Petroleum and
Wholesale Trade
Employee compensation
Full-time equivalent
employment
Classification
of table 1 i
Classification
After reclassification 2
of table 1 i
Thousands
Petroleum
Exploration, extraction, refining
and processing
Other
Wholesale trade
.
..
Compensation per
employee
After reclas- Classification
sification 2
of table 1 1
Millions of dollars
After reclassification 2
Dollars
498
723
8,268
10, 798
16,602
14,935
482
16
482
241
8,003
265
8,003
2,795
16,604
16,563
16,604
11,598
4,307
4,082
58,226
55,166
13, 519
13, 514
1. Petroleum wholesale trade is classified as wholesale trade.
2. Petroleum wholesale trade is classified as "other" petroleum.
Table 12.—Analysis of Variance of Wages and Salaries Per Full-Time Equivalent Employee
of U.S. Affiliates of Foreign Companies, 1974 *
Sum of
squares
Source of variation
Total
Mean rows, and columns
Degrees of
freedom
Mean
square 2
5.07x101°
402
4. 81xl0 10
54
2.20x109
5.33xlO 8
45
8
4.90x107
6.66x107
9
348
7.46x106
F ratio 3
Partial analysis of mean-row-column variation: 4
Increment supplied by rows (industries)
Increment supplied by colums (regions)
Kesidual
..
..
...
-
2. 60xl0
6.56
8.92
1. Data are from table 6.
2. Sum of squares divided by degrees of freedom.
3. Ratio of row or column mean square to residual mean square.
4. Because some cells in table 6 contain no data, it is not possible to factor the mean-row-column variation neatly into mean
effects, row effects, and column effects. See Franklin A. Graybill, An Introduction to Linear Statistical Models (New York,
1961), Chapter 13 ("Two-way Classification with Unequal Numbers in Subclasses").
fied in this manner (by the "industry
of the affiliate") with sales classified
in the industries in which they actually
occurred (by the "industry of sales").10
The latter provides a very rough
approximation of an establishmentbased classification.
The method of classification did
not significantly affect sales in most
industries, usually because sales were
highly concentrated in the industry
of the affiliate (table 10). It made the
largest difference in "other" petroleum,
where sales classified by industry of
sales included substantial sales by
wholesale trade affiliates. The other
most affected industries tended to be
those with comparatively small sales,11
10. Affiliates were lequired to account for 75 percent or
more of their sales by industry. In table 9, sales that a given
affiliate did not specify by industry were allocated among
the industries in which the given affiliate, and all other
affiliates classified in its industry, reported sales. The allocation to a given industry was equal to that industry's share of
the "specified" sales (i.e., sales that were specified by industry) of affiliates in the given affiliate's industry, multiplied
by the given affiliate's "unspecified" sales.
11. The reason for this is largely algebraic, rather than
economic: If affiliates in one industry have sales in another,
the industry with lower sales will be most affected, in percentage terms, by differences between the two methods of
classification.
or those in which the difference in
sales involved closely related industries.12
Petroleum classification
The detail in which data for all U.S.
businesses were available permitted
classification in petroleum only of
establishments engaged in exploration,
extraction, refining, processing, and
pipeline transmission (except natural
gas). Of the industry categories for
which data were not available separately, the most important ones in
terms of employment were gasoline
service stations and petroleum wholesale trade. Although the former had
the largest employment, it did not
create substantial comparability problems, because the affiliate data appear
to include very little service station
employment. (Most service station employees were carried on the payrolls of
12. For example, sales by affiliates classified in metallic
mining exceeded sales in the metallic mining industry to a
substantial extent because these affiliates had significant
sales in the lionmetallic mining industry. This was also
partly responsible for the excess of sales in nonmetallic
mining over sales by affiliates classified in that industry.
A similar situation existed in primary and fabricated metals.
December 1978
independent franchisees, rather than on
those of U.S. affiliates or other U.S.
petroleum companies.)
All-U.S.-business data for petroleum
wholesale trade were not available for
1974. However, as a result of a change
in the system of classifying these data
(from the 1967 to the 1972 Standard
Industrial Classification), data were
available for 1975. Using them, it was
possible to construct very rough estimates for 1974 based on the 1975 relationship of petroleum wholesale trade
to total wholesale trade. The effect of
these estimates on the data in table 1 is
shown in table 11.
Because petroleum was a comparatively small component of wholesale
trade, the major impact of this reclassification is on the petroleum industry
itself. In that industry, reclassification
would have lowered the share of affiliates in all-U.S.-business employment
from 19 percent to 13 percent; it would
also have lowered the estimates of CPE
for all U.S. businesses from a figure significantly higher than affiliate CPE, to
a figure that was significantly lower. It
would not have affected conclusions
concerning the influence of differences
in industry distribution and rates of
compensation on the all-industries difference in CPE between U.S. affiliates
and all U.S. businesses.
Statistical analysis of regional data
Analysis of variance (AOV) was applied to the data in table 6 to investigate
regional and industry influences on
WSPE. This analysis offers several advantages over the less formal approach
used in the text. First, it is applied to
the entire table, not only to a part of it.
Second, it analyzes the various differences among regions or industries simultaneously, rather than through a series
of pairwise comparisons. Third, the
magitudes, rather than only the directions, of the differences are taken into
account. Fourth, standard statistical
tests can be used to assess the significance of the differences.
The AOV routine used was one
specifically applicable to a table such as
table 6, in which some of the cells con(Continued on page 58)
By STEVEN V. DUNAWAY
U.S. International Transactions,
Third Quarter 1978
SUBSTANTIAL increases both in
foreign assets in the United States and
in U.S. assets abroad highlighted U.S.
international transactions in the third
quarter. Foreign assets in the United
States increased $14.6 billion, compared
with $0.4 billion in the second quarter.
Foreign official assets increased $4.9
billion, in contrast to a $5.7 billion
second-quarter reduction. Intervention
purchases of dollars in exchange
markets by industrial countries more
than accounted for the increase; several
major countries sought to limit the
appreciation of their currencies against
the dollar. Official dollar holdings of
OPEC members continued to decrease;
dollar assets of non-OPEC developing
countries increased slightly. Other foreign assets increased $9.7 billion, $3.6
billion more than in the second quarter.
Liabilities to private foreigners and
international financial institutions re-
ported by U.S. banks increased $7.0
billion, compared with $2.7 billion in the
second quarter. In contrast, net foreign
purchases of U.S. securities other than
U.S. Treasury securities decreased $0.9
billion to $0.4 billion, as a shift to net
sales of U.S. corporate stocks more than
offset an increase in net foreign purchases of bonds. Inflows for foreign
direct investments in the United States
were virtually unchanged, at $1.8
billion.
U.S. assets abroad increased $11.0
billion, compared with $6.1 billion in the
second quarter. Claims on foreigners
reported by U.S. banks, which increased
$7.1 billion, compared with $0.5 billion
in the second quarter, more than accounted for the change. In contrast,
outflows for U.S. direct investments
abroad decreased $1.6 billion to $2.4
billion, and net U.S. purchases of foreign
securities decreased $0.6 billion to $0.5
billion, as foreign new issues decreased.
U.S. official reserve assets declined $0.2
billion, slightly less than in the second
quarter.
The U.S. current-account deficit
widened $0.7 billion to $3.8 billion in
the third quarter. Net service receipts
decreased $0.5 billion to $5.5 billion,
largely reflecting decreases in net receipts from U.S. military transactions
and net investment income receipts.
The merchandise trade deficit increased
$0.2 billion to $8.0 billion, as imports
increased more than exports. Unilateral
transfers were unchanged at $1.3 billion.
U.S. dollar in exchange markets
During the third quarter, the dollar
generally declined against most major
currencies. In the first part of the
quarter, the dollar depreciated against
most major European currencies and
the Japanese yen (chart 10 and table
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
1977
Line
Change:
1978
II-III
Lines in tables 1, 2, and 10 in which transactions
are included are indicated in ( )
Exports cf goods and services (1)
Merchandise, excluding military (2)_
Other goods and services (3-15)
I m p o r t s of goods and services (17)
Merchandise, excluding military (18).
Other goods and services (19-31)
U.S. Government grants (excluding military grants
of goods and services) (34)
Remittances, pensions and other transfers (35, 36)
U.S. assets abroad, net (increase/capital outflow (—))
(37)
U.S. official reserve assets, net (38)
U.S. Government assets, other than official reserve
assets, net (43)
U.S. private assets, net (47)
Foreign assets in the United States, net (increase/
capital inflow (+)) (56)
Foreign official assets, net (57)
Other foreign assets, net (64)
Statistical discrepancy (75)
• Revised.
* Preliminary.
III
IV
IIIP
January-September
1977'
1978
Change:
1977-78
183,205
120,576
62,629
44,751
29,477
15,274
46,276
30,629
15,647
47,131
31,009
16,122
45,050
29,461
15,589
48,221
30,664
17, 557
53,976
35,067
18,909
55,559
36,930
18,629
1,583
1,863
-280
138,158
91,115
47,043
157,756
102,661
55,095
19,598
11,546
8,052
-193,789
-151,706
-42,083
-46,381
-36,502
-9,879
-47,716
-37,263
-10,453
-48,740
-38, 277
-10,463
-50,953
-39,664
-11,289
-53,797
-41,865
-11,932
-55,761
-42,869
-12,892
-58,116
-44,975
-13,141
-2,355
-2,106
-249
-142,837
-112,042
-30,795
-167,674
-129,709
-37,965
-24,837
-17,667
-7,170
-2,776
-1,932
-636
-490
-763
-480
-787
-490
-591
-473
-778
-504
-781
-536
-774
-493
-2,186
-1,460
-2,333
-1,533
-147
-73
-34,650
-231
-1,334
-12,003
-6,615
151
-14,700
(*)
15,036
246
-6,134
329
-11,006
180
-4,872
-149
-19,952
-231
-32,176
755
-12,224
-3,679
-30,740
-949
3
-795
-11,214
-1,098
-5,668
-13,862
-896
14,386
-1,176
- 5 , 287
-1,494
-9,692
-318
-4,405
-2,842
-16,879
-3,566
-29,365
-724
-12,486
50,869
37,124
13,746
2,490
5,451
-2,962
14,064
7,884
6,180
14, 251
8,246
6,005
20,065
15,543
4,522
18,095
15,760
2,336
406
-5,685
6,090
14,612
4,904
9,708
14,206
10,589
3,618
30,805
21,581
9,223
33,113
14,979
18,134
2,308
-6,602
8,911
-927
1,600
1,602
3,798
8,830
218
-8,612
-2,529
12,846
15,375
622
-4,
751
* Less than $500,000 ( ± ) .
35
SUEVEY OF CURRENT BUSINESS
36
C). Mounting concern about the rate of
inflation in the United States relative
to the rate of inflation in other major
industrial countries contributed to the
dollar's decline, as did the imbalance
in the U.S. international payments
accounts. In mid-August, the dollar
began to appreciate as the Federal
Reserve stepped up intervention in
exchange markets and raised short-term
interest rates. By mid-September, the
dollar began to depreciate again against
most major currencies, reflecting renewed unease in exchange markets
because of the absence of additional
measures to support the dollai. In the
December 1978
closing days of the quarter, the dollar
appreciated sharply against the Swiss
franc, as the Swiss authorities intervened heavily in exchange markets
and took policy actions to restrain
capital inflows.
The U.S. dollar appreciated against
the Canadian dollar during most of the
Chart 10
Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
Trade-weighted average against 2 2 OECD currencies1
100
100
III! llll I!lllllll IM Mi l lI I IM i l l IIIllll! I l l l l l l M I N I M Mllll I Illlll
60
Trade-weighted average against 10 currencies2
100
100
80
60 11II M 111!111111M III11111 M I M 1 1 1 1 1 1 1 1 M 11111111111 M 1111111 M i M 11111
1977
1973
1974
1975
1976
1978
60
Selected currencies3
120
120
JAPAN
CANADA
100 -
100
^ —
80 -
80
60 -
60
Mill
40
100
Illll
III I i l l !
Hill
ill
III
II
I I I I I 1 1 I I I I 1 I I I I I 1 I I 1 I 1 1 1 I I I I 1 I I I I I 40
FRANCE
— 100
NETHERLANDS
-
80
80
60 -
60
1 i 1 t 1 1 1 11 1 i I i 1 1 1 1 1 i 1 i I 1 1 1 II 1 1 I 1 1 1 1
40
I I I I 1 1 1 1 I I I 1 1 1 I I I I I I i I 1 1 1 I I 1 I 1 I I I I ! 40
100
100
SWITZERLAND
GERMANY
80
80
60 —
60
40 -
40
20
160
1 1 1 1 f 1 1 1 II 1
111 111 111 1111 111 1111 11 1
I I I I I 1 I I I I I i I 1 I 1 I 1 I 1 I I I 1 I I I I I 1 I I I I 1 20
160
UNITED KINGDOM
ITALY
140
140
120
120
100
100
flnll
I I I I 1I I I I I 1 I I I I11 I 1 I II 1 I III I 1I 11 1I I
1976
1977
1978
I I I I I I I I I || I I || I I I I I I I I I 1 I I I I I I I I I M I 8 0
1976
1977
1978
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. The index has been
revised as a result of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin. The new FRB index was rebased by BEA.
3. Data: International Monetary Fund.
NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.
7g 121Q
SURVEY OF CURRENT BUSINESS
December 1978
quarter; apart from minor fluctuations
of brief duration, the dollar has appreciated against its Canadian counterpart
since late 1976. The strength of the U.S.
dollar has largely reflected the sluggish
performance of the Canadian economy
and uncertainties regarding the political
situation in Canada. Intervention in
exchange markets by Canadian authorities, a rise in Canadian interest rates,
and an announcement of additional
Canadian Government borrowing in the
United States at times moderated the
the rise in the U.S. dollar against the
Canadian dollar.
From the end of June to the end of
September, the dollar depreciated 17
percent against the Swiss franc, 8 percent against the Japanese yen, 7 per-
cent against the German mark, 6
percent against the Dutch guilder and
British pound, and 4 percent against the
French franc and Italian lira. In contrast, the dollar appreciated 5 percent
against the Canadian dollar. Measured
in terms of its trade-weighted average
value against the currencies of ten
major industrial countries, the dollar
declined 5 percent. The trade-weighted
average value of the dollar against
the currencies of 22 OECD countries
declined 4 percent.
37
Exports increased 5 percent to $36.9
billion; volume increased 2 percent.
Nonagricultural exports more than accounted for the increase; they rose 7
percent in value, to $29.0 billion, and 2
percent in volume. Capital goods and
industrial supplies registered the largest
increases (chart 11). Exports of aircraft
and machinery led the increase in
capital goods. Among other major
categories, consumer goods posted a
small increase, and automotive products
decreased slightly.
Agricultural exports decreased 1 percent to $7.9 billion; volume increased 2
percent. The decrease in value was more
tl\an accounted for by corn and soybeans, reflecting decreases in both the
volumes and prices of these commod-
Merchandise trade
The U.S. merchandise trade balance
was in deficit by $8.0 billion in the
third quarter, compared with $7.8
billion in the second.
Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
1977
Change:
1978
II-III
Line
III
Changes in foreign official assets in the U.S., net (decrease —) (line 57, table 1)
Industrial countries2 *
Members of OPEC
Other countries
37,124
28,931
6,733
1,460
5,451
2,385
2,927
139
7,884
5,460
1,344
1,080
Changes in U.S. official reserve assets (increases —)
(line 38, table 1)
II r
IV
January-September
1978P
Change:
1977-78
14,979
17,475
-2,468
-6,602
2,418
-8,177
-843
-451
35
-486
114
3,004
-2,890
565
2,969
2,404
-300
120
-420
317
-317
300
197
103
8,246
7,212
1,438
-404
15,543
13,874
1,024
645
15, 760
13,195
1,963
602
-5,685
-2,166
-2,838
4,904
6,446
-1,593
51
10,589
8,612
1,245
732
21,581
15,057
5,709
815
151
(*)
246
329
180
-149
-231
-144
35
-179
691
800
-109
1,946
2,042
-96
-1,423
75
-1,498
-409
887
-1,296
1,014
812
202
22
-22
22
Activity under U.S. official reciprocal currency 3arrangements with foreign monetary authorities:
6
6a
6b
U.S. drawings, or repayments (—), net
Drawings
Repayments
240
835
-595
Foreign drawings, or repayments (—), net.
Drawings
Repayments
120
-420
-163
-144
-163
-100
50
-150
-165
70
-235
^Preliminary.
'•Revised.
* Less than $500,000 ( ± ) .
1. Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
2. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-
295
-295
-35
exporting countries.
3. Consist of transactions of the Federal Reserve System and the U.S. Treasury Department's Exchange Stabilization Fund.
Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[May 1970=100]
E n d of period
1976
I
Trade-weighted average against 22 OECD currencies
*
Trade-weighted average against 10 currencies 2 .
Selected currencies: 3
Canada
France.. .
Germany...
Italy
Japan.
Netherlands..
Switzerland
.
United Kingdom
II
III
IV
I
II
III
IV
I
II
III
88.8
86.8
89.1
87.9
88.2
87.0
89.7
86.2
90.7
86.6
89.7
85.6
90.3
85.1
85.4
79.5
84.1
77.4
82.1
77.1
79.0
73.2
91.6
84 6
69 9
133 0
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
67.6
54.1
137.6
101.9
85.2
57.9
138.6
66.9
62.8
46.5
126.0
105.4
83.0
55.7
135.5
62.0
59.6
43.2
129.4
104.7
81.6
57.1
135.9
57.0
61.5
43.0
129.1
110.2
78.5
53.4
130.9
52.7
58.0
35.7
121.8
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 Kindom. Data: U.S. Department of
the Treasury.
1978
1977
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board. The index has been revised as a result
of a change in method of computation; for details, see the August 1978 Federal Reserve Bulletin.
The new F R B index was rebased by BE A.
3. Data: International Monetary Fund.
SURVEY OF CURRENT BUSINESS
38
Chart 11
U.S. Merchandise Trade
Billion $ (Ratio scale)
15.0 NONAGRICULTURAL EXPORTS
C&pital Goods
10.0
8.0
Nonagricultural Industrial Supplies
6.0
5.0
4.0
Automotive Vehicles.Parts, and Engines
3.0
2.0
Consumer Goods (nonfoods)
1.5
15.0
NONPETROLEUM IMPORTS
ities. There were partly offsetting increases in wheat, cotton, and tobacco.
Imports increased 5 percent to $45.0
billion; volume increased 4 percent.
Nonpetroleum imports increased 7 percent in value and 5 percent in volume.
The increase was in capital goods
(particularly machinery), automotive
products, and consumer goods. Imports
of industrial supplies and foods decreased. Petroleum imports were unchanged, at $10.8 billion and at 8.9
million barrels per day.
On a geographic basis, the trade surplus with Western Europe widened $0.9
billion to $1.3 billion, as exports continued to increase sharply and imports
were unchanged. The deficit with Japan
decreased $0.2 billion to $2.8 billion, the
second consecutive quarterly decrease.
The deficit with Canada narrowed $0.2
billion to $0.4 billion. OPEC members
stepped up their purchases and imports
from these countries were unchanged;
as a result, the deficit decreased $0.2 billion to $4.6 billion. The deficit with nonOPEC developing countries decreased
$0.1 billion to $1.5 billion, as exports
continued to increase faster than imports. In contrast, the surplus with
Eastern Europe decreased $0.4 billion to
$0.7 billion, reflecting a decrease in agricultural exports.
Service transactions and unilateral
transfers
10.0 _ Nonpetroleum Industrial Supplies
/*
/
8.0
6.0
Consumer Goods (nonfood)
5.0
4.0
3.0
Food, Feeds, and Beverages
201
i
i
1976
i
I
i
L
1977
S e a s o n a l l y Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
1978
n-\i-\\
Net service receipts were $5.5 billion,
$0.5 billion less than in the second
quarter. Receipts from exports of services decreased $0.3 billion to $18.6 billion. Income receipts from U.S. direct
investments abroad decreased $0.2 billion, largely reflecting the absence of
large dividends from Western European
affiliates, which had bolstered secondquarter receipts. Transfers under U.S.
military agency sales contracts decreased
$0.3 billion; aircraft deliveries—especially to Middle Eastern countries—were
lower. Partly offsetting was a $0.3 billion increase in receipts of income on
other private assets (mainly U.S. bank
claims on foreigners), reflecting rising
U.S. interest rates. Payments for imports of services increased $0.2 billion to
$13.1 billion. Direct defense expenditures increased $0.1 billion, reflecting
rising expenditures for support of U.S.
December 1978
troops abroad due to the depreciation of
the dollar. Transportation payments increased $0.1 billion, primarily reflecting
the increase in trade volume. A $0.1 billion decrease in income payments on
foreign direct investments in the United
States was partly offsetting. Unilateral
transfers were unchanged at $1.3 billion.
U.S. assets abroad
U.S. assets abroad increased $11.0
billion in the third quarter, $4.9 billion
more than in the second. Increased
bank-reported outflows more than accounted for the step-up; smaller outflows for U.S. direct investments abroad
and smaller U.S. purchases of foreign
securities were partly offsetting.
Claims on foreigners reported by
U.S. banks increased $7.1 billion, compared with a second-quarter increase
of $0.5 billion. The increase in outflows
may have reflected a pick-up in foreign
demand for short-term dollar credits,
and was primarily accounted for by
larger outflows to Western Europe and
a shift to outflows to the Caribbean
from second-quarter inflows.
Net capital outflows for U.S. direct
investments abroad slowed to $2.4
billion, following second-quarter outflows of $3.9 billion. Net flows for
equity and intercompany accounts
shifted to inflows of $0.1 billion from
outflows of $1.9 billion in the second
quarter; reinvested earnings increased
$0.4 billion to $2.5 billion. Among
equity and intercompany accounts,
there were inflows of $1.2 billion from
petroleum affiliates, in contrast to
outflows of $1.2 billion in the second
quarter; affiliates in the Middle East
accounted for most of the shift. There
was also a shift from outflows to inflows
from Canada, reflecting a U.S. company's sale of a Canadian affiliate.
Outflows to nonpetroleum affiliates
were $1.0 billion. $0.3 billion higher.
Larger outflows to Latin American
affiliates and a shift from inflows to
outflows to Canadian affiliates more
than offset smaller outflows to Western European affiliates.
Net U.S. purchases of foreign securities were $0.5 billion, compared with
$1.1 billion in the second quarter.
December 1978
Foreign new issues were $0.9 billion,
down $1.3 billion. The Governments of
Canada and the United Kingdom were
absent from the market after makinglarge placements in the second quarter.
In addition, high interest rates in the
U.S. bond market may have slowed
foreign borrowing in the United States.
Redemptions and net sales of outstanding foreign bonds decreased $0.6
billion to $0.5 billion, partly offsetting
the decline in new issues. There were
small net U.S. purchases of foreign
stocks—a shift from small net sales
in the second quarter.
U.S. official reserve assets declined
$0.2 billion, slightly less than in the
second quarter. The U.S. reserve position in the International Monetary
Fund continued to decrease, as foreign
countries repaid earlier dollar drawings.
U.S. holdings of foreign currencies also
decreased.
Foreign assets in the United States
Foreign assets in the United States
increased $14.6 billion, compared with
$0.4 in the second quarter. An increase—in contrast to a second-quarter
decrease—in foreign official assets and
a large increase in bank-reported liabilities to other foreigners more than
accounted for the step-up.
Foreign official agencies increased
their dollar holdings $4.9 billion, in
contrast to a $5.7 billion reduction in
the second quarter. Industrial countries'
official dollar holdings increased $6.4
billion, following a reduction of $2.2
billion (table B). Net dollar purchases
in exchange markets early in the quarter by several major countries—particularly West Germany, Switzerland,
and Japan—accounted for most of the
increase. Dollar assets of OPEC members decreased $1.6 billion, following a
second-quarter decrease of $2.8 billion;
declines in the investable funds of these
countries and some diversification of
their assets from dollars to other currencies contributed to the decrease.
Dollar holdings of non-OPEC developing countries increased less than $0.1
billion, after decreasing $0.7 billion in
the previous quarter.
Other foreign assets in the United
States increased $9.7 billion, compared
SURVEY OF CURRENT BUSINESS
with $6.1 billion in the second quarter.
Liabilities to private foreigners and
international financial institutions (lines
68, 72, and 73, table 2) increased $7.0
billion, $4.3 billion more than in the
second quarter. The increase in these
liabilities (capital inflows) was largely
accounted for by stepped-up inflows
from branches of U.S. banks in Western
Europe and the Caribbean, and partly
reflected the rise in U.S. short-term
interest rates relative to comparable
rates abroad. Inflows for foreign direct
investments in the United States were
$1.8 billion, about the same as in the
second quarter. Reinvested earnings of
incorporated affiliates decreased $0.1
billion to $0.6 billion. Net inflows for
equity and intercompany accounts were
unchanged at $1.2 billion; larger inflows
from Western Europe and Latin
America were offset by smaller inflows
from Japan and a shift to outflows to
Canada from inflows. Net foreign
purchases of U.S. securities other than
U.S. Treasury securities were $0.4
billion, a $0.9 billion decrease. The decrease was more than accounted for by
net sales of U.S. corporate stocks,
following large net purchases in the
second quarter.
The First 9 Months of 1978
In the first 9 months of 1978, the ILS.
current-account deficit was $13.8 billion, compared with an $8.3 billion
deficit in the same period of 1977. The
increase was more than accounted for
by a $6.1 billion increase, to $27.0
billion, in the merchandise trade deficit.
Imports increased 16 percent to $129.8
billion; volume increased 7 percent.
Nonpetroleum imports were 26 percent
higher in value and 14 percent higher in
volume than in 1977. The largest increases were in imports of industrial
supplies, consumer goods, and automotive products. Petroleum imports
decreased 8 percent in value and 6 percent in volume. The decrease in volume,
to a daily average of 8.7 million barrels,
largely reflected the opening of the
Alaskan pipeline and a reduction of
domestic crude stocks. Exports increased 13 percent to $102.7 billion;
volume increased 5 percent. Nonagricultural exports increased 11 percent in
39
value and 2 percent in volume; the
largest increase was in capital goods,
reflecting improvement in economic
activity abroad and, particularly in the
third quarter, lagged effects of the decline in the foreign exchange value of the
dollar. Agricultural exports increased 20
percent in value and 22 percent in
volume; more than three-quarters of the
increase was accounted for by inci eased
shipments of gi ains and soybeans. Reduced harvests abroad increased foreign
demand for U.S. agricultural products.
Net receipts from U.S. international
transactions in services increased $0.9
billion to $17.1 billion. Net receipts for
investment income, fees and royalties,
and private services increased; a decrease in net receipts from U.S. military
transactions was partly offsetting. Net
payments for travel, passenger fares,
and other transportation decreased.
U.S. assets abroad increased $32.2
billion, compared with $20.0 billion in
1977. The increase in claims on foreigners reported by U.S. banks was
much larger than that for the comparable 1977 period, accounting for most of
the step-up in outflows. Outflows for
U.S. direct investments abroad increased substantially, partly reflecting
a rise in foreign economic activity. In
contrast, net U.S. purchases of foreign
securities were roughly half their 1977
level for the same period; major factors
were the absence in 1978 of issues by
the World Bank and a shift from net
purchases to net sales of foreign stocks.
U.S. official reserve assets decreased—
compared with a small 1977 increase—
largely reflecting a decrease in the
U.S. reserve position in the International Monetary Fund.
Foreign assets in the United States
increased $33.1 billion, compared with
$30.8 billion in 1977. A slower increase
in foreign official assets in the United
States was more than offset by larger
increases in other foreign assets. Among
the latter, the increase in liabilities to
private foreigners and international
financial institutions
more than
doubled; this step-up largely reflected
the rise in U.S. interest rates relative
to rates abroad. Inflows for foreign
direct investments in the United States
{Text continued on page 58)
SUEVEY OF CUEEENT BUSINESS
40
December 1978
Table 1.—U.S. International Transactions
[Millions of dollars]
1977'
Line
(Credits+; debits-) »
II
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from 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 investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
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 foreigners
Private payments for other services
U.S. Government payments for miscellaneous services.
Payments of income on foreign assets in the United States:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
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 service
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 4
Gold
Special drawing rights
Reserve position in the International Monetary FundForeign currencies..
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets
Repayments on U.S. loans «
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net...
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
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.
81
1978
1977'
III
IV
183,205
44,343
47,708
45,129
46,025
47,886
55,668
53,152
120,576
7,079
6,164
1,366
6,983
3,767
958
3,728
29,400
1,912
1,390
247
1,596
812
227
939
135
31,877
1,702
1,583
348
1,857
922
235
928
123
29,013
1,918
1,793
456
1,855
970
244
923
117
30, 286
1,547
1,398
315
1,674
1,063
252
939
109
30,765
1,842
1,626
304
1,673
1,059
257
1,000
132
36,588
2,217
1,855
360
2,026
1,152
262
1,049
149
34,490
1,889
1,996
502
2,064
1,127
266
1,107
164
19,851
12,540
7,312
10,881
1,368
4,930
2,986
1,944
2,479
277
5,191
3,165
2,026
2,547
395
4,722
2,900
1,822
2,791
327
5,009
3,489
1,520
3,063
369
5,587
2,956
2,631
3,400
241
6,072
3,583
2,489
3,585
354
5,253
2,832
2,421
4,104
191
194
39
53
31
71
75
57
69
-193,789
-151,706
-5,745
-7,451
-2,843
-7,263
-253
-194
-2,383
-1,359
-45,587
-36,422
-1,344
-1,387
-622
-1,698
-61
-48
-569
-348
-48,924
-38,224
-1,407
-2,019
-871
-1,857
-57
-48
-586
-334
-49,055
-37, 701
-1,451
-2,500
-782
-1,914
-59
-49
-601
-321
-50,223
-39,359
-1,542
-1,545
-568
-1,795
-76
-49
-627
-356
-53,013
-41,896
-1,632
-1,516
-688
-1,808
-79
-50
-621
-366
-56,964
-43,858
-1,625
-2,148
-909
-1,996
-69
-50
-614
-58,228
-44,130
-1,712
-2,823
-812
-2,138
-98
-50
-612
-349
-2,829
-1,257
-1,572
-6,224
-5,540
-553
-245
-309
-1,345
-1,189
-767
-363
-404
-1,484
-1,271
-702
-295
-408
-1,585
-1,391
-807
-354
-452
-1,810
-1,689
-535
-292
-244
-1,878
-1,943
-1,154
-452
-702
-2,079
-2,074
-1,075
-475
-600
-2,283
-2,147
-194
-4,708
-2,776
-973
-959
-39
-1,101
-626
-240
-236
-53
-1,290
-811
-232
-247
-31
-1,270
-774
-254
-242
-71
-1,047
-566
-247
-235
-75
1,256
-766
-253
-237
-57
-1,360
-827
-270
-264
-69
-1,265
-764
-272
-228
-34,650
-1,614
-12,358
-6,533
-14,146
-15,351
-6,581
-10,900
-231
-118
-121
-294
302
-388
-58
246
329
180
-16
324
-62
-104
437
-4
-43
165
58
-3,679
-6,445
2,720
47
-1,071
-1,680
653
-43
1,199
1,998
787
13
-1,443
-2,170
718
10
-9,637
-2,309
112
-2,421
-467
151
(*)
-60
-29
42
47
-695
-1,475
752
28
59
-83
-80
169
-9
133
27
-1,124
-1,772
579
-817
-1,453
733
-1,044
-1,746
656
46
-30,740
-12,215
-4,904
-7,312
-5,398
-101
-2,281
-338
-1,944
-736
-11,547
-4,062
-2,036
-2,026
-1,766
- 5 , 640
-3,086
-1,264
-1,822
-2,165
-13,451
- 2 , 787
-1,266
-1,520
-731
-14,526
-5,085
-2,454
- 2 , 631
-949
5,712
4,372
1,883
2,489
-1,103
25
-1,725
33
-801
-306
3,990
-1,203
205
1,184
-279
-905
-57
-2,165
80
187
18
-4,600
-447
-1,332
-16
-8,734
-311
12 - 5 0 3
12 - 7 , 1 3 7
406
14,612
-5,685
-5,517
-5,728
211
-312
-493
637
4,904
3,589
3,146
443
350
881
84
6,090
1,852
1,150
702
847
1,308
9,708
1,793
1,193
600
-1,053
442
316
91
391
-751
-10,676
-5,959
Foreign assets in the United States, net (increase/capital inflow (+))..
50,869
2,490
14,064
14,251
20,065
Foreign official assets in the United States, net.
U.S. Government securities..
U.S. Treasury securities 8 _.
Other 7
Other U.S. Government liabilities 8
U.S. liabilities reported by flU.S. banks, not included elsewhere...
Other foreign official assets ..
37,124
32,602
30,294
2,308
1,644
773
2,105
5,451
5,421
5,323
98
505
-725
250
7,884
5,733
5,123
610
417
752
982
8,246
7,575
6,948
627
332
-163
502
15, 543
13, 873
12,900
973
390
909
371
13,746
3,338
1,766
1,572
563
2,869
-2,962
880
571
309
981
828
6,180
996
593
404
-1,370
725
6,005
1,012
604
408
1,251
513
4,522
450
-2
452
-299
803
15,760
13,082
12,965
117
804
1,456
418
2,336
812
568
244
881
462
-620
877
373
6,346
-220
-126
-176
-236
18
572
-242
667
38
457
42
-5,346
104
6,136
194
2,446
33
3,110
250
-564
1,836
8,044
-674
3,638
"8,~83i~
2,629
Other foreign assets in the United States, net...
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
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. liabilities10 reported by U.S. banks, not included elsewhere:
Long-term
.
Short-term io
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 18).n
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines 77, 35, and 36)
Balance on current account (lines 77 and 33) "
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 38)
Increase (+) in foreign official assets in the United States (line 57 less line 61).
See footnotes on page 50.
18,095
-2,522
-927
1,469
801
-31,130
-10,585
-12,516
-15,292
-7,022
-1,244
-1,719
-2,345
-6,347
-1,217
-1,696
-2,507
-3,926
—4 422
-5,196
-9,073
-4,198
- 4 , 679
-5,245
-11,131
-5,127
-5,617
-6,382
-7,270
-1,296
-1,829
-2,656
-9, 640
-5,076
-5,576
-6,341
151
7,914
(•)
7,467
15,153
246
14,956
329
-5,373
180
4,554
-231
35,480
SURVEY OF CURRENT BUSINESS
December 1978
41
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
1977'
(Credits +; debits -)i
Line
II
III
IV
939
132
46,276
30, 629
1,702
1,534
348
1,777
917
235
928
118
47,131
31,009
1,918
1,562
345
1,786
1,005
244
923
119
45,050
29,461
1,547
1,667
365
1,721
985
252
939
116
48,221
30,664
1,842
1,668
380
1,780
1,121
257
1,000
128
53,976
35,067
2,217
1,793
359
1,937
1,146
262
1,049
143
55,559
36,930
1,889
1,730
377
1,984
1,164
266
1,107
166
4,928
3,089
1,839
2,520
348
5,088
3,395
1,693
2,633
367
5,155
3,306
1,849
2,698
367
4,681
2,750
1,931
3,030
286
5,603
3,112
2,491
3,455
323
5,963
3,898
2,065
3,703
337
5,752
3,277
2,475
3,961
233
53
31
71
75
57
69
-46,381
-36,502
-1,344
-1,833
-711
-1,771
-61
-48
-569
-344
-47,716
-37,263
-1,407
-1,872
-705
-1,841
-57
-48
-586
-336
-48,740
-38,277
-1,451
-1,824
-705
-1,841
-59
-49
-601
-322
-50,953
- 3 9 , 664
-1,542
-1,922
-722
-1,810
-76
-49
-627
-357
-53,797
-41,865
-1,632
-1,978
-787
-1,886
-79
-50
-621
-395
-55,761
- 4 2 , 869
-1,625
-1,999
-738
-1,978
-69
-50
-614
-399
-58,116
-44,975
-1,712
-2,104
-733
-2,056
-98
-50
-612
-553
-245
-309
-1,433
-1,211
-767
-363
-404
-1,527
-1,307
-702
-295
-408
-1,541
-1,367
-807
-354
-452
-1,723
-1,655
-535
-292
-244
-1,996
-1,972
-1,154
-452
-702
-2,132
-2,134
-1,075
-475
-600
-2,216
-2,105
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
-39
-1,126
-636
-240
-250
-53
-1,243
-763
-232
-248
-31
-1,277
-787
-254
-236
-71
-1,064
-591
-247
-226
-75
-1,282
-778
-253
-251
-57
-1,317
-781
-270
-266
-1,267
-774
-272
-221
U.S. assets abroad, net (increase/capital outflow (—))
-1,334
-12,003
-6,615
-14,700
-15,036
-6,134
-11,006
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from 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 investment
Interest, dividends, and earnings of unincorporated affiliates..
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts
44,751
29,477
1,912
1,401
308
1,699
860
227
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 foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on foreign assets in the United States:
Direct investment
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
4
U.S. official reserve assets, net
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies
246
329
180
-389
59
-83
-80
169
-9
133
27
-60
-29
42
47
-16
324
-62
-104
437
-43
165
58
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets..
Repayments on U.S. loans *
U.S. foreign currency holdings and U.S. short-term assets, net
-949
-1,654
637
-795
-1,366
667
-1,098
- 1 , 852
708
46
-1,574
708
28
-896
-1,564
711
-43
-1,176
-1,911
722
13
-1,494
- 2 , 272
768
10
U.S. private assets, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates.
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
3
-2,177
-338
-1,839
-736
- 1 1 , 214
-3,729
-2,036
-1,693
-1,766
- 5 , 668
-3,113
- 1 , 264
-1,849
-2,165
-13,862
-3,197
-1,266
-1,931
-731
- 1 4 , 386
-4,945
-2,454
- 2 , 491
-949
- 5 , 287
- 3 , 948
-1,883
-2,065
-1,103
- 9 , 692
- 2 , 363
112
-2,475
-467
33
-801
-1,203
205
1,184
-279
-905
-57
-2,165
187
-306
3,990
18
-4,600
-447
-1,332
-16
-311
- 5 , 959
12 - 5 0 3
12 - 7 , 1 3 7
18,095
406
14,612
15,760
13,082
12, 965
117
804
1,456
418
- 5 , 685
- 5 , 517
-5,728
211
-312
-493
637
4,904
3,589
3,146
443
350
881
84
2,336
812
568
244
881
462
6,090
1,852
1,150
702
847
1,308
9,708
1,793
1,193
600
-1,053
442
Foreign assets in the United States, net (increase/capital inflow (+))_
Foreign official assets in the United States, net
U.S. Government securities6
U.S. Treasury securities
Other ^
Other U.S. Government liabilities 8
U.S. liabilities reported by 9U.S. banks, not included elsewhere...
Other foreign official assets
70
71
72
73
74
75
75a
1978
Other foreign assets in the United States, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
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. liabilities10 reported by U.S. banks, not included elsewhere:
Long-term 10
Short-term
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 18) n
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines 77, 35, and 36)
Balance on current account (lines 77 and 33) "
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 38)
Increase (+) in foreign official assets in the United States (line 57 less line 61)
See footnotes on page 51.
151
-58
2,490
14,064
14,251
(*)
- 8 , 734
20,065
A
-11
5,451
5,421
5,323
98
505
-725
250
7,884
5,733
5,123
610
417
752
8,246
7,575
6,948
627
332
-163
502
-2,962
880
571
309
981
828
6,180
996
593
404
-1,370
725
6,005
1,012
604
408
1,251
513
15,543
13, 873
12,900
973
390
909
371
4,522
450
o
452
-299
803
-220
-126
-176
-236
18
572
-242
667
457
316
91
391
42
-5,346
104
6,136
194
2,446
33
3,110
250
-546
1,836
8,044
1,600
131
622
-179
-4,751
- 2 , 229
1,602
2,276
3,798
160
-1
218
-2,411
-7,025
-1,630
-2,120
- 2 , 756
- 6 , 634
-1,440
-1,920
- 2 , 683
- 7 , 268
-1,609
-2,099
- 2 , 886
-10,203
-5,903
- 6 , 376
- 6 , 967
-11,201
-5,576
-6,080
- 6 , 858
-7,802
-1,785
- 2 , 321
-3,102
-8,045
-2,557
-3,050
- 3 , 824
-388
4,946
6
7,467
151
7,914
(*)
15,153
246
14, 956
329
- 5 , 373
180
4,554
SURVEY OF CURRENT BUSINESS
42
December 1978
Table 3.—U.S. Merchandise Trade
[Millions of dollars]
Not seasonally adjusted
Line
Seasonally adjusted
1977'
1 9 7 7 »•
1978
in
IV
30,641
197'
II
III v
30,953
37,020
35,261
34
19
8
202
1978
II
III
IV
29,729
30,559
31,094
29,834
30,849
35,514
37,691
173
174
31
20
29
166
34
19
8
187
35
30
172
22
23
5
172
194
320
551
529
387
416
517
438
-795
16
-849
146
-742
-109
-899
-73
-971
124
1,310
-1,210
-248
-16
-16
-17
-17
Balance of payments adjustments to Census trade
data:
EXPORTS
Merchandise exports, Census basis ' including reexports and excluding military grant shipments-.
,150
29,641
1,777
29,091
81
14
691
167
22
23
5
186
27
28
9
163
175
31
20
29
163
1,787
320
551
529
387
416
•3,285
46
-795
32
-849
162
-742
-92
Adjustments:
Private gift parcel remittances
Virgin Islands exports to foreign countries
Gold exports, nonmonetary
Inland U.S. freight to Canada
U.S.-Canadian
reconciliation
adjustments,
n.e.c., net 2
Merchandise exports transferred under U.S.
military agency sales
contracts identified in
Census documents 3 .._
Other adjustments, n e t 4
Of which quarterly allocation
of annual seasonal
adjustment discrepancy 5
1C
Equals: Merchandise exports, adjusted to balance
of payments basis, excluding "military" (table 1,
Ii2)
92
-971
124
184
1,310 -1,210
-248
120,576
29,400
31,877
29,013
30,286
30,765
36,588
34,490
29,477
30,629
31,009
29,461
30,664
35,067
36,930
[47,685
35,379
37,239
36,927
38,140 40,551
43,200
43,145
35,481
36,301
37,526
38,468
40,520
42,211
43,990
2,705
1,286
724
267
670
320
620
255
691
444
906
195
473
211
733
292
724
267
670
320
620
255
691
444
906
195
473
211
733
292
-206
83
-82
-145
-62
83
-82
-243
479
-37
6
—78
155
-63
107
-65
211
-35
-46
6
-37
-16
-22
-78
132
-45
-35
9
-46
6
IMPORTS
Merchandise imports, Census basis 1 (general
imports)
Adjustments:
Virgin Islands imports from foreign countries
Gold imports, nonmonetary
U.S.-Canadian
reconciliation
adjustments,
n.e.c, n e t 2
_
_.
Merchandise imports of U.S. military
agencies
3
identified in Census documents
Other adjustments, n e t 6
Of which quarterly allocation
of annual seasonal
adjustment discrepancy 5
18
Equals: Merchandise imports, adjusted to balance
of payments basis, excluding "military" (table 1,
line 18)
-62
-63
84
-65
188
-23
-23
51,706
36,422
38,224
37,701
39,359
41,896
43,858
44,130
36,502
37,263
38,277
39,664
41,865
42,869
44,975
Merchandise trade, by area, adjusted to
balance of
payments basis, excluding military:7
EXPORTS
120,576
29,400
31,877
29,013
30,286
30,765
36,588
34,490
29,477
30,629
31,009
29,461
30,664
35 067
36,930
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9).
34,076
26,503
6,033
19,553
7,573
8,742
6,776
1,488
5,052
1,966
9,185
7,174
1,618
5,309
2,011
7,837
6,067
1,392
4,470
1,770
8,312
6,486
1,535
4,722
1,826
8,769
7,072
1,675
5,158
1,697
9,895
8,021
1,904
5,848
1,874
9,400
7,568
1,532
5,784
1,832
8,485
6,658
1,452
4,970
1,827
8,917
6,967
1,579
5,142
1,950
8,766
6,762
1,501
5,038
2,004
7,908
6,116
1,501
4,403
1,792
8,543
6,960
1,634
5,f"~
1,583
9,623
7,800
1,861
5,672
1,823
10,530
8,458
1,647
6,536
2,072
Eastern 2 Europe
Canada
Latin American Republics and other Western
Hemisphere
2,912
28,293
932
736
7,754
529
6,448
715
7,193
907
1,407
8,428
850
7,150
847
7,017
772
7,094
657
7,101
636
7,081
819
6,960
1,483
7,718
5,490
5,617
4,024
4,254
5,154
4,489
4,819
5,395
1,048
7,866
5,791
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
Seasonal adjustment discrepancy (Bl less B2, 7-12)
10,566
3,777
23,031
3,058
1,057
7,253
3,339
1,040
7,094
2,712
961
5,154
277
2,620
889
6,226
-US
2,566
994
5,
-111
2,668
933
5,769
-23
2,528
865
6,096
34
3,130
1,057
7,028
-367
3,460
1,040
7,276
-81
'otal, all countries (A-10)
Memoranda:
Developed countries 7
OPEC 7
Other developing countries 7
17,921
6,!
4,334
4,727
3,862
2,810
961
5,195
6,842
4,624
2,560
889
6,419
2,472
994
5,735
2,724
933
5,682
2,619
865
6,139
76,712
12,878
28,074
19,411
2,873
6,184
20,388
3,393
7,360
17,751
3,339
7,394
19,162 19,095
3,273 3,336
7,136 7,427
22,438
3,853
20,929
3,773
8,938
19,17i
3,028
6,150
19,520
3,245
7,235
19,427
3,436
7,600
18,590
3,169
7,"
18,896
3,526
7,389
21,528
3,680
8,743
22,896
3,878
9,189
L51,706
IMPORTS
Total, all countries (A-18).
36,422
38,224
37,701
39,359
41,896
43,858
44,130
36,502
37,263
38,277
39,664
41,865
42,869
44,975
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9)
28,226
22,119
5,135
16,163
6,107
6,439
4,989
1,180
3,614
1,450
6,986
5,532
1,278
4,050
1,454
7,266
5,784
1,353
4,232
1,482
7,535
5,814
1,324
4,267
1,721
8,77
6,891
1,523
5,125
1,883
9,163
7,286
1,713
5,313
1,877
9,125
7,323
1,612
5,469
1,802
6,430
4,980
1,16"
3,614
1,450
6,965
5,511
1,262
4,050
1,454
7,318
5,836
1,382
4,232
1,482
7,51:
5,792
1,324
4,267
1,721
8,761
6,878
1,505
5,125
1,883
9,138
7,261
1,694
5,313
1,87"
9,191
7,389
1,647
5,469
1,802
Eastern 2Europe
Canada
Latin American Republics and other Western
Hemisphere
1,127
29,664
222
7,023
306
7,799
370
7,910
351
7,730
222
7,209
306
7,341
292
7,223
307
7,891
370
8,136
360
8,275
21,162
5,846
5,282
360
8,823
5,706
5,624
5,669
5,458
4,868
5,167
5,51C
5,8
351
8,245
5,613
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
18,565
2,792
50,170
3,913
555
12,424
4,589
69:
12,57
6,363
1,104
13,833
3,977
599
11,855
4,553
708
13,203
4,744
725
12,92:
5,291
760
12,19
5,835
969
12,02:
6,173
1,074
13,11
6,288
1,094
13,795
54: -1,271
18C
544
257
19,567
9,431
8,997
20,0H
9,01
8,70]
21,455
8,338,85<
23,701
7,93f
9,42C
24,66C
8,493
10,332
24,818
8,447
10,678
Seasonal adjustment discrepancy (B17 less B18,
23-28)
Memoranda:
Developed countries 7
OPEC 7
Other developing countries 7
See footnotes on page 51.
79,24'
35,778
34,900
17,93C
9,652
8,43*
20,
8,715
8,905
292
307
6,777
8,065
4,869
5,165
4,810
730
12,957
5,67
6,253
816
12,218
19,583 21,669
9,049 8,361
8,700 8,85:
5,753
904
12,514
23,34
8,503
9,497
,
1,05
12,526
25,266
7,822
10,232
24,322
8,48S
18,215
9,002
8,343
SURVEY OF CURRENT BUSINESS
December 1978
43
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
1977r
Line
Seasonally adjusted
1978
III
IV
1977
II
III
1978
IV
III
II
Merchandise trade, by area, adjusted to balance
of payments basis, excluding military—Con.
BALANCE (EXCESS OF EXPQRTS+)
Total, all countries
.
31,130 -7,022 -6,347 -8,688 -9,073
Western Europe
,
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding EC (9).
Eastern 2Europe
Canada
Latin American Republics and Other Western
Hemisphere
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa
Seasonal adjustment discrepancy (BIS less B29) _.
Memoranda:
Developed countries 7
OPEC 7
Other developing countries
3,390
1,466
2,303
1,787
308
1,438
516
2,199
1,642
340
1,259
55"
571
283
39
238
288
1,785
-1,371
710
-125
430
-45
237
-329
5,850
211
455
105
408
11,131 -7,270
-9,640
-7,025 -6,634 -7,268 -10,203
11,201 -7,802 -8,045
-5
181
152
33
-186
732
735
191
535
-3
275
245
-80
315
30
2,055
1,678
285
1,356
377
1,952
1,456
317
1,092
496
1,448
926
119
806
522
395
324
177
136
71
-218
82
129
-38
-300
485
539
1,339
1,069
359
-54
1,067
270
537
-1,068
1,047
-395
-580
625
-192
466
-247
365
-122
329
-810
449
1,176
1,123
-55"
697
-379
-1,645 -1,204
286
-678
-697
-496
178
-872
-3,241
-7,999
985
27,139
-1,984
-948
129
-1,047
-216
-438
-1,103 -2,029 - 2 , 338
-3,134 -3,171
406
198
264 -2,529
-39
6
-7, 229 -6,152 -7,222
ii: —6, 375 -5,273
-6,536
-3,024 -1,265 -1,933 -2,178 -2,623 -3,307
-104
173
181
362
269
-64
-6,739 -6,701 -6,977 -7,039 -6,422 -5,925
-223
-567
-264
1,128 -297
-3,043 -2,828
-r - 5 4
-6,085 -6,519
-479
788
-1,832 -2,507 - 4 , 246 -2,828
-5, 710 -5,088 -5,167 - 3 , 969
-1,306 -1,721 -2,070 -1,342
-47
-583 -2,865 -4,805
960
-3, 393
-4, 716 -5,974 -6,186 -5,575 -5,165 -4,406
-1,74' -2,193 -1,762 -1,101 -1,770 -2,031
-3,132 -1,922
-4,813 -4,569
-1,590 -1,489
1,481
-2,535
-22,900 - 6 , 780
-6,826 -2,254
323
5,322
1,545
29,400
31,877
29,013
30,286
30,765
36,588
34,490
29,477
30,629
31,009
29,461
30,664
35,067
36,930
Agricultural products
Nonagricultural products..
Foods, feeds, and beverages
Foods, feeds, and beverages—agricultural..
Grains
Soybeans
24, 336 6,415
96, 240 22,985
6,469
25,408
5,221
23,792
6,231
24,055
24, 073
7,986
28,602
6,922
27,568
6,219
23,258
6,480
24,149
5,974
25, 035
5,663
23, 798
6,505
24,159
7,994
27,073
7,922
29,008
19,741
19,116
10,245
4,394
5,003
4,915
2,649
1,272
5,263
5,12'
2,669
1,324
4,299
4,072
2,493
476
5,176
5,005
2 434
1,322
5,313
5,165
2,874
1,092
6,83:
6,632
3,74:
1,54$
6,05'
5,680
3,586
786
5,055
4,928
2,649
1,160
5,283
5,110
2,669
1,296
4,811
4,621
2,493
871
4,592
4,457
2,434
1,067
5,388
5,196
2,874
974
6,858
6,612
3,741
1,481
6,784
6,448
3,586
1,393
Industrial supplies and materials.
Agricultural •_
Nonagricultural
Fuels and lubricants
.
Petroleum and products 8__.
34,527
4,643
29,"
4,764
1,334
8,50c
1,37
7,127
898
30C
9,17
1,172
8,000
1,395
34P
8,726
97.r
7,751
1,313
36'
8,127
1,120
7,006
1,158
327
8,445
1,411
7,034
560
332
9,766
1,22'
8,539
1,124
3"
10,008
1,158
8,85C
1,30c
41,
8,510
1,168
7,342
1,021
300
8,856
1,202
7,654
1,289
340
9,001
1,170
7,831
1,361
367
8,160
1,103
7,057
1,093
32"
8,439
1,197
7,242
635
332
9,418
1,260
8,158
1,033
378
10,327
1,388
8,939
1,355
415
Capital poods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete—all types _
Other transportation equipment
39, 807
33,525
2,75:
59C
9,66€
8,26c
51
12'
10,32£
8,640
824
13'
9,627
8,276
517
14:
10,186 10,
8, 340 8,592
894
500
184
174
11,5!
9,762
65*
21
11,591
9,435
995
195
9,584
8,270
475
12"
9,852
8,306
716
13
10, 286
8,629
71
14
10,085
8,320
849
184
9,969
8,600
466
174
11,062
9,384
574
215
12,465
9,844
1,366
195
Automotive vehicles,
parts, and engines.
To Canada 9
To all other areas
13, OH
9,26:
3,74'
3,19;
2,33'
85!
3,55'
2,61:
2,82!
i,9i:
3,
2,589
3,821
2,506
1,267
8,937
2,13*
94.
9H
?
Merchandise trade, by principal end-use category,
adjusted to balance of payments basis, excluding
military:
EXPORTS
Total (A—10) _
120,576
Consumer goods (nonfood), except automotive.
All other, including balance of payments adjustments, not included in lines C 4-20
22
4,554
Seasonal adjustment discrepancy (Cl less CL 8,13,
17, 20 and 21)
2,306
2,296
1,25:
1,23'
3,432
2,402
l,03C
3,461
2,308
1,153
4,226
2,86
1,36:
3,334
2,100
1,233
3,183
2,288
90
3,31
2,37
92
3,23
2,26
94
3,284
2,336
976
3,454
2,262
1,215
2,19'
2,262
2, 11
2,571
2,14
2,17
2,40
2,220
2,264
1,16*
929
1,246
95
1,18
1,27
5
-2
-
1,14
9
1,306
1,335
2,561
-156
1,387
-146
971
-136
IMPORTS
23
Total (A—18).
151,706
Petroleum and products 8
Nonpetroleum products
Foods, feeds, and beverages
36,422
44,980 12,351
106, 726 24,071
14,02'
Industrial supplies and materials.
F uels and lubricants
3,522
38,224
36,50
37,26
38,27
39,66
41,865
42,869
10, 87;
33,25'
11,53
25,72
11,30
26,97
10,56
29,10
9,945
31,920
10,807
32,062
3,38:
3,87C
3,86i
11,57
24,92
3,62
3,82
3,20
3,37
3,961
3,742
3,669
20,48
11,94
20,21
11,40
20,655
10, 771
21,977
11,799
21, 739
11, 662
3,603
10,823
34,152
21, 779
11,712
19,66
12, 25
3,88
3,62'
21J
4,24i
4,062
4,861
4,54!
4,969
4, '"
253
3,20
3,06
10
3,46
3,31
14
3,61
3,43
13
3,83
3,58
21
4,313
4,116
140
4,770
4,491
5,044
4,723
253
4,25
5,30(
2,49:
2,80!
5,864
2,448
3,411
6,48i
2,89'
3,59:
5,531
2,200
3,331
4,28
2,34
1,94
4,51
2,35
2,17
4,73
2,22
2,49
5,31
2,39
2,92
5,667
2,392
3,266
6,056
2,670
3,423
6,150
2,595
3,506
5,337
2^ 38:
5,92:
6,151
6,9:
7,766
5,11
5,51
5,44
5,75
6,627
7,135
7,252
576
5,82i
53
4:
482
33
59
39
50
734
43'
485
38
66
-92
18,85
9,3L
9,53
4,442
2,397
2,045
4,854
2,554
2,300
Consumer goods (nonfood), except automotive.
All other, including balance of payments adjustments, not included in lines C 26-35
21, 82'
4,737
1,82<
321
44,130
9,99:
33, 86'
21,3H
10,98:
Automotive vehicles, parts, and engines.
From Canada
From all other areas
See footnotes on page 51.
43,851
10,598
31, 298
21,052
11,424
Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, engines, parts
C26,
41,896
10,58'
28,
20,33!
11,42'
20,250
13,032
Seasonal adjustment discrepancy (C28
27, 29, 32, 35 and 86)
39,351
20,67
12,18
81,05!
47,78:
14,12:
13,40:
59:
3,150
3,027
103
37,70
10, 700 li, 34:
27,524
26,35!
3,961
3,16:
19, 966
11,350 20,50:
11, '"
3,530
3,56
3,361
143
3,38!
13
39;
27 -1,32
636
SURVEY OF CURRENT BUSINESS
44
December 1978
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
1977
1977
Line
1977 r
1978
III
IV
IIIP
1978
III
IV
II
IIIP
Merchandise trade, by e n d - u s e category, Census
basis, 1 including military grant shipments:
Merchandise exports, Census basis, including military grant shipments ( A - l )
35,281
121,212
29,670
31,791
29,101
30,650
30,965
29,758
30,573
31,104
29,843
30,861
35,545
37,711
24,219
96,993
6,367
23, 303
23,274
6,446
25,345
25,331
5,193
23,908
23,898
6,218
24,437
24,428
6,637 7,996 6,872 6,173
24,328 29,055 28,409 23,586
24,316 29,024
23,556
6,456
24,117
24,103
5,946
25,158
25,148
5,6U
24,199
24,190
6,450
24,411
24,399
8,004
27,541
27,510
7,872
29,839
29,819
F o o d s , feeds, a n d b e v e r a g e s
19,591
4,952
5,231
4,260
5,148
5,250
6,834
6,007
5,005
5,249
4,773
4,564
5,325
6,861
6,734
Grains and preparations
Soybeans
Other foods, feeds, and beverages.
Industrial supplies and materials. __
10,242
4,393
4,955
2,641
1,258
1,053
2,665
1,341
1,224
2,504
470
1,285
2,432
1,324
1,393
2,852
1,089
1,310
3,763
1,564
1,507
3,587
773
1,647
2,641
1,145
1,102
2,665
1,314
1,206
2,504
1,
2,432
1,068
1,254
2,852
971
1,370
3,763
1,497
1,488
3,587
1,380
1,786
34,297
8,397
8,961
8,792
8,147
8,369
9,701
9,943
8,401
8,643
9,069
8,184
8,364
9,354
10,263
1,313
720
699
229
1,158
595
722
307
560
619
1,124
691
1,036
485
1,309
643
958
404
1,021
671
930
418
1,289
694
915
426
1,360
722
785
327
1,093
596
778
36^
635
631
906
422
1,033
676
950
401
1,355
644
1,066
559
291
2,344
256
2,581
Agricultural
products
Nonagriculiural
products
Excluding military grant
shipments.
37,051
Fuels and lubricants l0
Paper and paper base stocks
Textile supplies and materials.—
Raw cotton, including linters.
4,763
2,683
3,408
1,538
658
995
500
1,394
710
992
502
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals,
wood, rubber, tires, etc.)
1,094
8,641
305
2,135
178
2,184
282
2,309
329
2,013
332
2,344
194
2,58:
276
2,698
265
2,135
229
2,184
356
2,309
244
2,013
7,356
1,903
1,935
1,818
1,700
1,955
2,193
1,997
1,839
1,864
1,910
1,743
2,115
354
2,698
2,095
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel
Precious metals (gold, silver, platinum)
Capital goods, except automotive
482
1,875
112
477
154
503
123
447
93
448
111
44'
209
520
246
500
97
461
138
465
182
490
223
498
914
235
913
153
1,080
376
1,089
405
1,029
309
30:
1,316
409
135
474
913
153
111
444
3,996
1,169
139
496
914
235
1,080
376
1,089
405
1,029
309
1,155
303
1,316
409
39,312
9,566
10,187
9,498
10,061
9,908
11,475
9,487
9,712
10,155
9,958
9,839
10,921
12,349
33, 07'
8,172
8,504
8,151
8,24
8,467
9,63C
9,330
8,171
8,168
8,506
8,229
8,475
9,251
9,739
1,760
1,855
1,761
1,862
1,822
2,02c
2,045
1,753
1,804
1,818
1,862
1,817
1,974
2,108
6,649
6,390
6,385
6,645
7,60:
7,285
6,409
6,371
6,694
6,362
6,652
7,288
7,636
Machinery, except consumer-type
Electrical and electronic, including parts and
attachments
Nonelectrical, including parts and attachments
Construction machinery and nonfarm
tractors
Textile and other specialized industry
machinery
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors
Business and office machines, computers,
etc
.
,
Electronic computers and parts—
Scientific, professional, and service industry equipment
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types _
Other transportation equipment
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.
Consumer goods (nonfood), except automotive.
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer gcods (gem stones)
Special category (military -type goods)
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous)..
Foreign (reexports)
Seasonal adjustment discrepancy (Dl less B5, 9,
21, 85, 41, 45 and 46)
See footnotes on page 51.
7,238
25,836
6,412
11,44
5,633
1,429
1,467
1,
1,346
1,476
1,594
1,541
1,464
1,398
1,436
1,335
1,514
1,52
1,590
1,996
9,940
1,58:
485
2,490
444
51
2,591
439
608
2,71'
53C
599
2,549
402
496
2,490
434
498
2,59:
527
2,444
400
475
2,415
386
54'
2,362
584
2,71'
45:
943
758
959
770
492
2,415
346
1,107
907
533
2,362
39
4,049
3,264
1,267
993
1,337
1,079
929
752
962
77S
1,082
85:
1,076
1,088
87"
1,272
1,004
622
1,104
884
78C
630
2,549
451
1,391
1,108
2,63C
502
2,444
358
1.04C
82S
655
88C
857
605
641
697
688
5,67?
2,73c
1,267
513
1,547
820
1,205
514
1,267
495
1,597
65C
1,95C
1,20
472
1,41
71
1,449
708
1,61!
84^
83:
1,207
46:
1,465
566
916
2,344
1,355
55<
127
14:
154
17
195
127
136
142
154
174
21-
195
12,11.
3,055
3,276
2,566
3,211
3,28:
3,96:
3,150
3,045
3,031
2,96S
3,07:
3,275
3,66]
3,637
2,M
85i
2,33
944
1,65C
9h
2,m
3,74'
1,15,
2,599
1, ""
1,916
1,233
2,151
902
2,09C
921
2,004
944
2,122
976
2,083
1,216
2,32b
1,336
2,322
1,267
3,628
2,04]
6,441
915
49.
1,645
1,
1.03C
956
508
1,754
837
60C
1,846
1,054
756
2,151
73S
64'
1,763
925
53S
1,582
471
1,54<
875
52C
1,57
82c
51
1,74€
84$
65(
1,77*
961
67*
1,99c
961
660
2,001
2,17
2,22'
2,68*
2,528
2,11
2,136
2,368
2,20]
2,22?
2,53]
2,655
936
1,182
955
1,264
925
1,151
1,01
1,11.
108
1,18C
1,317
1,143
1,303
8,81'
i,6ea
2,27:
3,765
4,68*
36(
935
1,09
84
3,20!
71'
87;
1,66
2,20
527
385
488
99:
1,18
10C
1,02^
424
605
51
1,384
2,256
91
1,264
92'
1,15
102
898
l,00C
43!
56
1, lh
11
21-
1,25C
1,317
121
1,092
1,303
947
1,091
8C
133
1,123
1,18:
51
9C
88
108
834
75<
89*
97'
1,001
41
585
97'
43S
565
71
1,243
922
l,05e
49C
56i
424
108
150
1,24!
1,123
1,11!
1,088
490
596
936
l,05C
42S
60C
-15:
511
605
-145
-138
December 1978
SURVEY OF CURRENT BUSINESS
45
Table 3.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
1977'
1977 '
II
1977'
III
IV
II
147,685
35,379
37,239
36,927
38,140
40,551
Foods, feeds, and beverages
13,982
3,514
3,951
3,149
3,368
3,864
Coffee, cocoa, and sugar
5,469
1,581
1,621
1,027
1,240
1,535
3,910
1,076
1,235
215
1,234
235
632
293
809
333
1,179
128
Merchandise imports, Census basis, (A-ll).
Green coffee.
Cane sugar. -
Seasonally adjusted
III v
II
1978
III
IV
38,468 40,520
II
43,145
35,481
36,301
37,526
42,211
43,990
3,588
3,615
3,813
3,190
3,364
3,955
3,730
3,654
1,178
1,089
1,581
1,621
1,027
1,240
1,535
1,178
1,089
887
143
709
267
1,235
272
1,234
210
632
236
809
358
1,179
166
887
131
709
219
2,328
43,200
Other foods, feeds, and beverages.
8,513
1,933
2,330
2,122
2,128
2,328
2,675
2,499
1,933
2,330
2,122
2,128
Industrial supplies and materials.. _
76,422
19,056
18,859
19,535
18,972
19,701
20,408
20,597
18,473
19,573
19,521
18,855
44,982
42,346
12,248
11,666
10,723
10,078
11,377
10,731
10,489
9,727
10,476
9,514
10,962
10,146
11,471
10,889
11,560
10,915
11,341
10,695
3,604
862
10,634
9,871
975
1,030
995
878
860
870
10,610
9,84r
996
6,742
1,584
322
1,671
385
105
739
421
82
841
1,732
420
71
784
1,530
358
64
2,043
489
105
915
2,171
508
134
1,006
1,978
499
55
1,583
385
71
1,786
421
68
940
720
808
1,826
420
104
828
1,767
442
465
457
534
523
484
442
465
936
1,132
Fuels and lubricants 10
Petroleum and products 8
Paper and paper base stocks
Materials associated with nondurable goods
and farm output, n.e.s
Textile 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
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel
Precious metals (gold, silver, platinum)
Nonmetals (oils, gums, resins, minerals,
rubber, tires, etc.)
Capital goods, except automotive
Machinery, except consumer-type_
Electrical and electronic, and parts and
attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized
industry machinery and nonfarm tractors
Other industrial machinery, n.e.s
Agricultural machinery and farm tractors.
Business and office machines, computers,
etc
Scientific, professional and service industry equipment
Transportation equipment, except automotive.
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Automotive vehicles, 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...
3,312
9,836
9,074
11,292
10,330
10,912
10,096
951
985
997
1,54'
358
79
713
1,938
489
74
892
2,147
508
11'
967
2,089
499
84
45:
403
534
523
484
864
975
984
1,040
1,141
1,184
720
753
4,606
516
1,499
4,662
587
1,609
4,929
501
1,802
5,303
34"
1,83'
5,599
374
1,800
5,478
578
1,947
3,915
355
1,138
4,515
490
1,594
4,606
522
1,648
4,748
485
1,622
5,770
481
1,904
5,468
348
1,909
5,397
504
1,993
6,717
1,326
1,439
1,743
305
1,664
307
1,871
454
2,309
614
2,481
2,060
554
1,439
260
1,743
305
1,664
307
1,871
454
2,309
614
2,481
2,060
554
3,213
808
802
755
808
944
893
808
848
802
755
808
944
3,794
4,309
4,725
5,009
3,566
4,077
4,446
4,688
13,953
13,280
3,095
2,979
3,483
3,318
3,536
3,377
3,839
3,606
4,236
4,024
4,815
4,504
4,934
4,632
3,148
3,418
3,017
3,274
3,593
3,423
4,365
927
1,051
1,158
1,229
1,226
1,436
1,544
1,057
1,127
1,198
1,299
1,443
1,498
8,915
2,052
2,267
2,219
2,377
2,798
3,068
3,088
2,029
2,204
2,306
2,376
2,768
2,98;
3,210
1,669
3,112
1,174
363
717
418
774
354
444
793
259
444
828
272
54:
994
325
623
1,067
646
1,090
316
363
717
274
418
774
307
44793
301
444
828
292
54'
994
309
623
1,06;
330
646
1,090
364
367
429
482
539
337
429
482
51
1,497
1,463
673
592
265
289
337
346
116
358
356
403
450
165
159
233
213
143
52
4,825
131
52
215
125
175
36
4,205
5,259
5,826
381
517
498
481
311
253
51
367
539
353
357
357
396
45'
479
116
165
159
233
213
311
103
36
143
52
4,484
131
52
215
125
175
36
274
86
4,683
5,275
5,629
5,995
2,349
2,92,
2,354
3,266
2,609
3,423
3,268
932
1,772
2,513
3,506
501
301
253
51
6,068
9,133
9,537
2,336
2,045
2,525
2,300
1,822
2,383
2,450
2,809
2,410
3,416
274
86
6,427
2,836
3,591
10,651
2,634
5,385
2,502
589
1,290
2,777
640
1,408
2,401
554
1,250
2,971
851
1,43'
3,375
878
1,573
3,654
994
1,779
3,007
799
1,64-
2,327
570
1,323
2,462
599
1,400
2,832
612
1,264
3,030
853
1,
3,166
846
1,615
21,796
4,731
5,329
5,817
5,919
6,145
6,904
7,75'
5,107
5,503
5,441
5,745
6,622
7,125
7,243
3,733
2,914
627
18,670
Imports, n.e.s. (low value, goods returned, military aircraft, movies, exhibits)
2,862
904
2,499
20,557
3,587
248
1,092
11,760
8,285
1,752
See footnotes on page 51.
403
2,675
19,304 21,069
17,784
1,852
6,002
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems,
nursery stock)
Seasonal adjustment discrepancy (D50 less D51, 56,
72,84,90, and94
897
705
III
5,449
4,228
2,118
3,331
2,287
1,940
2,175
2,173
2 "
2,539
1,791
2,854
2,024
3,008
2,378
3,359
2,092
3,126
2,447
3,555
2,752
3,893
3,237
2,818
1,894
2,909
2,130
2,887
2,146
3,146
2,115
3,462
2,589
3,617
2,894
401
452
431
468
572
59;
627
401
452
431
468
572
597
792
685
783
793
820
612
814
689
-1,304
409
793
688
-92 -1,248
3,567
886
1,654
823
SUEVEY OF CURRENT BUSINESS
46
December 1978
Table 4.—Selected U.S. Government Transactions
[Millions of dollars]
Al
1977
1977
Line
U.S. Government grants (excluding military) and transactions increasing Government assets, total.
1978
II r
II
III
IV
2,329
2,360
2,474
2,012
2,489
2,812
2,222
2,225
2,693
2,187
2,885
2,679
2, 776
501
2,275
626
139
487
811
245
565
774
117
657
566
566
179
587
827
115
711
6,445
870
5,507
38
1,772
185
1,570
9
1,453
227
1,174
11
40
1,746
243
1,516
6
-19
1,475
215
1,247
12
1
1,680
292
1,380
8
1
1,998
142
1,846
7
3
-47
-71
-25
96
-10
-46
-31
-28
-4
43
-21
-13
-45
O 20
(*)
20
34
(*)
18
42
9,175
Seasonally adjusted
I
By category
Grants, net (table 1, line 34, with
sign reversed)
Financing military purchases l
Other grants
Loans and other long-term assets (table 1, line 44, with sign reversed)
Capital subscriptions and contributions to international financial institutions, excluding IMF..
Credits 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 46, 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
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings), net.
(*)
77
198
(*)
19
45
(*)
18
35
14
16
(*)
337
47
9
(*)
3
107
50
-46
56
870
1,142
4,737
1,482
962
283
337
36
185
188
1,329
507
173
65
80
-37
227
347
1,034
389
262
99
107
109
7,481
3,886
1,190
1,624
1,124
2,014
983
273
623
500
239
965
138
51
179
10
(*)
102
13
86
-22
-40
-19
19
243
411
1,188
349
326
58
86
-14
215
196
1,185
237
202
61
63
-21
292
229
1,409
268
252
55
74
60
142
348
1,509
353
462
67
102
32
1,876
927
309
353
108
2,037
1,132
366
341
224
1,554
844
243
306
306
2,023
925
356
493
314
2,153
1,073
358
349
234
245
89
320
117
48
281
51
186
179
40
306
115
60
473
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
42
Bl
2
3
4
5
6
Cl
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government5 (line C6)
By long-term credits
By short-term credits l
By grants »
U.S. Government grants and credits to repay prior U.S. Government credits li
U.S. Government long- and short-term credits to repay prior U.S. private credits
.
Increase in liabilities associated with U.S. Government6grants and transactions increasing Government assets (including changes in retained accounts) (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
13
80
-1
C)
1,694
315
2,720
579
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 61)
Associated with military sales contracts 2
U.S. Government cash receipts from foreign governments
(including principal repayments on credits
financing military sales contracts), net of refunds !
*
2,686
250
776
1,141
518
574
52
177
264
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
380
11
63
24
74
58
102
437
458
466
659
656
752
653
787
654
51
175
252
176
752
82
206
323
141
649
48
240
265
95
780
36
244
299
201
27
2
(*)
4
7
417
332
390
804
-312
484
34
1,644
1,438
7,273
81
5
505
405
1,787
95
733
706
65
218
302
121
395
302
808
-382
1,836
1,963
1,687
2,298
1,617
92
84
11C
141
131
493
314
349
234
179
115
1,842
2,217
1,624
1,124
623
353
108
341
224
500
138
245
117
Less transfers of goods and services (including transfersfinancedby grants to Israel, and by credits) 12 (table 1, line 3)
7,079
1,912
1,702
1,918
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 U.S. Department of Energy.
Other sales and miscellaneous operations
-2
-1
208
92
116
102
33
70
See footnotes on page 51.
(*)
45
86
14
107
Repayments on U.S. Government long-term assets, total (table 1, line 45)
Plusfinancingof military sales contracts by U.S. Government5 (line A34).
By long-term credits l
By short-term
credits
By grants1
10
-1
83
337
(*)
23
9
14
306
306
1,547
-1
54
34
21
(*)
-5
10
-15
70
23
47
SURVEY OF CURRENT BUSINESS
December 1978
47
Table 5.—Direct Investment: Income and Capital
[Millions of dollars]
1978
1977
(Credits-f; d e b i t s - )
Line
1977
I
II
19,851
4,930
5,191
4,722
5,009
5,587
6,072
5,253
12,540
786
6 474
5,280
7,312
2,986
177
1 424
1,386
1,944
3,165
194
1 625
1 347
2,026
2,900
230
1 443
1 227
1,822
3,489
186
1 983
1 320
1,520
2,956
174
1,304
1,478
2,631
3,583
192
2 085
1,307
2,489
2,832
n.a.
n.a.
n.a.
2,421
-
|
I
IV
II r
in.
U.S. direct investment abroad:
1
Income (table 1, line 11)
o
3
4
5
6
Interest, dividends, and earnings of unincorporated affiliates (table 1, lino 12)
Interest i
Dividends2
.
. . .
Earnings of unincorporated affiliates
. . . . . .
Reinvested earnings of incorporated affiliates (table 1, line 13)Capital (outflow (—)) (table 1, line 48)
8
9
10
11
12
13
14
15
16
17
_
.
_ _
-4,062
-3,086
-2,787
-5,085
-4,372
-2,309
-420
97
-230
-102
-128
215
-1,944
-2,036
-596
—160
-418
258
-436
-505
69
— 1,441
-2,026
-1,264
283
-417
-538
121
700
209
491
— 1,547
-1,822
-1,266
-804
-416
-1,024
608
-388
—286
-102
—463
-1,520
-2,454
-700
-559
-709
150
-140
—227
86
— 1,754
-2,631
-1,883
-688
-567
-751
184
-121
—315
195
-1,196
-2,489
112
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-2,421
5,482
7,326
7,044
1,451
1,758
1,721
1,384
2,009
1,798
1,229
1,743
1,750
1,418
1,816
1,775
1,558
2,297
1,732
1,356
2,580
2,137
n.a.
n.a.
n.a.
-12,215
Equity and intercompany accounts (table 1, line 49)
Incorporated affiliates
Equity
Increase J_ .
... ...
.
. . .
Decrease 2
Intercompany accounts
._ . _.
Short-term
Long-term. . _ _ _ _ _ _ . . . _
Unincorporated affiliates
Reinvested earnings of incorporated affiliates (table 1, Jine 50)
-4,904
-1,669
-1,316
-2,400
1,084
-353
—683
330
—3 235
-7,312
-2,281
-338
-553
9OO
B y i n d u s t r y of affiliate: 3
18
19
20
Income (line 1):
Petroleum. . _ _ _ _ _ _
Manufacturing
Other
21
22
23
Interest, dividends, and earnings of unincorporated affiliates (line 2):
Petroleum.
... . ... - . .
. .
..
Manufacturing
Other
. _.
4,478
3,812
4,250
1,090
895
1,001
1,205
855
1,105
841
1,112
948
1,341
951
1,197
1,142
773
1,041
1,066
1,373
1,144
n.a.
n.a.
n.a.
24
25
26
Reinvested earnings of incorporated affiliates (line 6, or line 17 with sign reversed):
Petroleum
M a nufacturing
Other
1 004
3,514
2,794
360
863
720
178
1,154
693
388
631
802
77
865
579
416
1,524
691
290
1,207
993
n.a.
n.a.
n.a.
27
28
29
Equity and intercompany accounts (outflow (—)) (line 8):
Petroleum
Manufacturing
__..__
Other
-1,613
-884
—2 406
552
-420
—469
-1,638
51
-449
-383
-378
-503
-145
-137
-985
-1,296
-476
-682
-1,171
-80
-633
1,150
n.a.
n.a.
.
-2,829
-553
-767
-702
-807
-535
-1,154
-1,075
Interest, dividends, and earnings of unincorporated affiliates (table 1, line 28)
-1,257
147
-781
-329
-1,572
-245
28
-175
-42
-309
-363
—36
-211
-115
-404
-295
—34
-191
-70
-408
-354
—48
-205
-101
-452
-292
—48
-188
-56
-244
-452
—57
-178
-217
-702
-475
-59
-178
-238
-600
3,338
880
996
1,012
450
812
1,852
1,793
1,766
1,828
1,049
1.124
—75
779
815
-37
—63
1,572
571
715
230
244
— 14
486
652
-167
— 144
309
593
604
119
132
-14
485
399
87
-11
404
604
614
348
380
-32
266
166
100
-10
408
-2
-105
352
368
-16
-457
-401
-56
103
452
568
655
373
386
-13
282
329
-47
-87
244
1,150
1,032
788
840
-51
244
-90
334
118
702
1,193
1,091
262
330
-68
829
182
646
102
600
-838
—843
— 1,148
-223
-239
—91
-173
-224
-370
-207
-210
-286
-235
-170
-402
-246
-120
-169
-276
-277
-602
-335
-262
-478
_ _...
Foreign direct investment in the United States:
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
Income (table 1, line 27)
.
Dividends .
Earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates (table 1, line 29)
..
Capital (inflow (+)) (table 1, line 65)
Equity and intercompany accounts (table 1, line 66)
Incorporated affiliates..
Equity
Increase *
. _
Decrease 2
Intercom pany accounts
Short-term
Long-term
Unincorporated affiliates
Reinvested earnings of incorporated affiliates (table 1, line 67)
...
B y industry of affiliate: 3
47
48
49
Income (line 30):
Petroleum
. . .
Manufacturing.. .
Other
50
51
52
Interest, dividends, and earnings of unincorporated affiliates (line 31):
Petroleum
Manufacturing. . . .
Other
—234
-467
—556
-61
-82
-102
-57
-136
-170
-47
-125
-123
-70
-123
-161
-58
-114
-120
-68
-91
-293
-70
-118
-287
53
54
55
Reinvested earnings of incorporated affiliates (line 35, or line 46 with sign reversed):
Petroleum
Manufacturing
Other
—604
—377
-592
-162
— 158
11
-116
-88
-200
-160
-85
-163
-165
-47
-241
-189
-6
-49
-208
-186
-309
-265
-144
-191
56
57
58
Equity and intercompany accounts (inflow (+)) (line 37):
Petroleum
..
Manufacturing
. .
Other
42
747
977
-40
162
449
71
145
377
93
284
227
-83
156
-75
75
283
211
95
801
254
134
525
534
See footnotes on page 51.
SUKVEY OF CUEEENT BUSINESS
48
December 1978
Table 6.—Securities Transactions
[Millions of dollars]
1977
(Credits (+); debits (-))
Line
1977
Al Foreign securities, net U.S. purchases (—), balance of payments basis (table 1, line 51, or lines 6+17
below)
I
1978
III
II
IV
I
II'
III*
-731
-949
-1,103
-297
200
330
69
-118
-14
-297
-68
200
-37
330
69
-36
—104
— 168
—75
108
31
—229
—269
237
28
32
180
-3
330
239
-62
159
-6
-5,398
-736
Treasury basis, net i
Adjustments:
Less recorded in table 1, line 48 as U.S. direct investment abroad...
Plus exchange of stock associated with direct investment in the United States
Plus other adjustments..
-409
-194
-118
Balance of payments basis, net . . . .
Newly issued in the United States
-409
-196
-194
-77
—213
—532
201
468
52
—117
—123
104
97
13
-1,766
-2,165
-467
Stocks:
2
3
4
5
6
7
8
Of which Canada
9
10
11
12
13
Other foreign stocks
Western Europe
Canada
Japan
Other . .
-12
-12
-V
-36
.
—54
83
11
105
13
-53
132
13
4
56
-50
35
-37
Bonds:
14
15
16
Treasury basis, net^
Adjustments:
Plus additional Canadian redemptions
Plus other adjustments
17
Balance of payments basis, net
-5,035
2
18
19
20
Newly issued in the United States
By type: privately placed
publicly offered.
21
22
By area: Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions 3
Redemptions of U.S.-held foreign bonds 2
Canada. .
Other countries __
International financial institutions 3 2
Other transactions in outstanding bonds
Western Europe.
Canada
Japan
..
Other
23
24
25
26
27
28
29
30
31
32
33
34
35
Bl
-542
16
.
. . .
U.S. securities, excluding Treasury issues and transactions by foreign official agencies, net foreign
purchases ( + ) , balance of payments basis (table 1, line 69, or lines 5+12 below)
-1,694
-1,868
-931
-1,279
-1,172
-455
16
-4,989
-542
-1,648
-1,868
-931
- 1 , 279
-1,172
-455
-6,880
-2,577
-4,303
-1,287
-463
-824
-1,998
-602
- 1 , 396
- 2 , 276
-585
-1,691
-1,319
-927
-392
-1,093
-753
-340
-2,275
-409
- 1 , 866
-943
-433
-510
-291
-728
-150
-293
-979
-41
—84
—129
—750
216
85
-512
-249
-325
-659
-630
-1,331
-464
-367
-50
-283
—275
-45
-64
-50
-264
-62
557
181
33
343
188
184
—48
-68
120
-500
-439
-147
—160
52
—700
235
153
36
46
115
100
—106
-16
137
88
—123
-57
284
310
86
130
94
78
73
10
-150
145
263
115
62
86
-449
174
-22
-697
96
365
90
65
210
737
305
24
223
185
-151
2,869
828
725
513
803
462
1,308
442
2,675
562
721
498
894
670
1,259
-1,596
-2,395
-338
—527
574
—1 450
1,318
505
278
535
573
445
267
-291
686
—118
79
52
192
198
80
16
102
290
235
-12
218
Stocks:
2
3
4
5
6
7
8
9
Treasury basis, net*
Adjustments:
Plus exchange of stock associated with U.S. direct investment abroad
Plus other adjustments i .
Balance of payments basis, netWestern Europe
Canada
.
Japan
Other
-1,351
1 325
1 010
65
33
216
-232
330
200
46
18
66
-446
275
223
—41
9
84
-359
-314
139
580
_3
16
9
50
122
4
465
56
-332
-329
341
389
-48
2
-2
927
769
-26
45
139
-84
-4%
-126
-20C
-17
16
75
Bonds:
10
Treasury basis, net*_.
11
Adjustments
12
13
14
Balance of payments basis, net.
New issues sold abroad by U.S. corporations fl
Investments by international financial institutions 3 in nonguaranteed bonds of U.S.
federally sponsored agencies
0ther transactions in U. S. bonds
15
16
45
Of which United Kingdom
See footnotes on page 51.
1,254
288
778
885
4,336
536
1,500
1,046
—2 791
—38
—1 050
-672
1 544
658
498
322
450
161
374
125
223
50
121
65
380
230
568
499
11
876
—17
193
—5
294
8
241
25
148
12
44
-17
167
61
8
404
178
218
-38
46
6
47
95
-1,031
-398
-167
-317
SURVEY OF CURRENT BUSINESS
December 1978
49
Table 7.—-Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]
1978
Line
Amounts
outstanding
Sept. 30,
1978
(Credits ( + ) ; increase in U . S . liabilities or decrease in U.S. assets.
Debits(—); decrease in U.S. liabilities or increase in U . S . assets.)
I
Claims, total
Al
Long-term (table 1, line 52)
Short-term (table 1, line 53)
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
B ahamas
Other
Payable in foreign currencies
By type:
Deposits
Of which major U.S. corporations
Short-term investments of major U.S. corporations
Other
By area:
Western Europe
Canada
Japan
Other
,.,,....,_.
23
24
Memoranda:
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line A4 above).
As reported in Canadiari ban king statistics
Bl
Liabilities, total
2
2
3
4
5
0
Long-term (table 1, line 70)
Short-term (table 1, line 71)2
Payable in dollars
United Kingdom
Other Western Europe
Japan
Other Asia
Africa
Other
Payable in foreign currencies
Of which Western Europe
8
9
10
11
12
.
... .
IV
1,700
-768
-1,137
1,389
-1,184
2,222
267
275
23,289
25
1,725
1,354
33
-801
- 784
66
-1,203
-1,106
205
1,184
1,118
-279
-905
-582
-57
2,165
1,883
80
187
51
-11
286
n.a.
5,281
18,008
3 16,711
-978
-29
-347
-909
-82
207
-1,115
-35
44
664
48
406
382
40
-1,004
1,616
-176
-91
149
82
-180
324
116
n.a.
6,894
437
3 9,380
-212
-90
-30
-79
-466
-477
-371
-45
-39
-14
-2
-438
-246
-17
-589
-46
-67
57
-357
-104
-97
577
263
66
-134
327
19
66
-155
-268
-15
C)
2
-146
-323
182
15
-756
-90
1,045
-189
-282
261
-95
67
65
23
-270
136
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3 2,257
3 2,526
a 2,899
3 890
3
2,987
3 5,152
3 1,582
-177
-159
-127
-67
12
21
-16
-13
-17
-16
-74
-6
34
30
39
-7
-206
-194
-76
-41
-50
-54
-146
-86
48
64
27
61
n.a.
-126
48
n.a.
3 676
725
495
3
411
-130
-124
-65
-52
34
46
-55
-42
12
-80
-15
-14
-26
6
38
48
-150
-96
-33
-44
-19
9
-214
-58
134
-124
157
-31
n.a.
n.a.
n.a.
n.a.
-IS
-98
56
-188
-32
-389
-15
169
-22
315
257
-346
-412
590
425
495
248
482
13,082
-620
877
844
-370
432
473
8
-45
346
33
-122
-220
-126
-181
-242
50
-19
-100
-17
147
55
-46
-176
-236
-121
3
61
4
-178
-3
-8
-115
-76
18
572
432
-126
88
415
185
-20
-110
140
5
-242
667
714
-5
233
73
101
-5
317
-47
-5
38
457
375
58
48
69
-95
47
248
82
102
-68
316
375
29
113
52
58
-9
132
-59
-21
91
391
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,644
9,438
3 8,222
3
984
3 1,961
3
728
3 1,406
3 595
3 2,548
3 825
3 325
-616
-592
3
3
3
3
422
587
267
306
1,529
n.a.
61
n.a.
See footnotes on page 51.
Table 8.—Claims on Foreigners Reported by U.S. Banks 1
[Millions of dollars]
(Credits ( + ) ; decrease in U . S . assets.
Debits (—); increase in U . S . assets.)
1977
II
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
1978
1977
Line
Total....
Long-term 2 (table 1, line 54)
Short-term 2 (table 1, line 55)
B y area:
I n d u s t r i a l countries 3
Of which United Kingdom . .
Caribbean banking centers 4
Oil-exporting countries 5
Other
Of which L a t i n America
Asia
Africa.-.
By type:
P a y a b l e in dollars.- . . . . . . _ . . .
B a n k s ' claims for own account
On own foreign offices-.
Of U.S.-owned banks
Of foreign-owned b a n k s in the U n i t e d States
On foreign public borrowers 7
On other foreign banks
Of which deposits
On other foreigners...
Banks' claims for domestic customers' accounts
Deposits
Negotiable and readily transferable instruments
Collections outstanding and other claims
Payable in foreign currencies
Banks' claims for own account
Of which deposits-.
Banks' claims for domestic cutomers' accounts
Of which deposits
Memoranda:
Claims on foreign public borrowers (line 17 above) • Long-term
S hort-term
Claims on all other foreigners (lines 18+20 above): Long-term
Short-term
U.S. banks' dollar acceptances payable by foreigners
See footnotes on page 51.
-11,427
-751
-10,676
—3 125
— 1,942
—5 825
-906
— 1,571
—609
-928
— 111
-10,905
—522
8
162
Hrl
I
3,684
-306
3,990
-4,582
18
- 4 , 600
-1,779
-447
-1,332
-8,750
-16
-8,734
-6,270
-311
- 5 , 959
1 630
865
908
197
949
1 024
113
—47
—2 649
— 1,443
— 1 275
-161
—497
—45
-455
—26
407
-38
—786
-400
-1,000
—912
-204
1
—2 513
-1,326
—4,672
-542
-1,023
—676
-382
—39
— 1 938
-227
—3,255
-519
-558
-608
65
-18
3,977
-4,741
-1,804
-8,337
-6,243
—?93
8
—37
159
25
-413
8 306
8 16
8 -123
(8)
o
-1,853
IV
III
-432
-419
-489
m
-513
-503
n.a.
n.a.
-7,137
n.a.
n.a.
n.a.
n.a.
n.a.
—2,396
-163
3,684
223
-2,014
-1,337
-829
132
—2, 952
-644
- 2 , 292
-790
-1,103
-1,558
590
—27
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,076
«880
« 4,253
n.a.
n.a.
ft
-332
« -2,013
» -712
« -1,028
n.a.
n.a.
n.a.
n.a.
-1,579
—27
n.a.
8
8 -592
-7
n.a.
m
320
m..
Amounts
outstanding
Sept. 30,
1978
n.a.
n.a.
n.a.
n.a.
n.a.
-7,137
-7,014
-3,167
965
-4,132
-1,597
-1,326
636
-924
-123
-174
_ 29
73
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
103,321
94, 226
34,757
22, 912
11,845
7,634
31,492
4,480
20,343
9,095
563
3,717
4,815
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
SUEVEY OF CUKEENT BUSINESS
50
December 1978
Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Reported by U.S. Banks 1
[Millions of dollars]
1977
Line
Al
10
11
12
13
14
15
16
17
18
Bl
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
(Credits (+); increase in foreign assets. Debits (—); decrease in foreign assets.)
Foreign official assets in the United States, net (table 1, line 57).
By area: (see text table B)
By type:
U.S. Treasury securities (table 1, line 59)
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 60)
_
Other U.S. Government liabilities (table 1, line 61)..
U.S. liabilities reported by U.S. banks, not included elsewhere
(table 1, line 62)2__
3
Banks' liabilities for own account, payable in dollars
Demand deposits
—
Time deposits2 3
Other
Banks'custody liabilities, payable in dollars3 *._.
Other foreign official assets (table 1, line 63)
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 68,72, and 73)...
By area:
Industrial countries «... 6
Caribbean banking centers
_
Oil-exporting countries 7
Other countries
8
Internationalfinancialinstitutions
_
By type:
Foreign commercial banks
U.S. Treasury bills and certificates
U.S. liabilities reported by U.S. banks
2
Banks'liabilities for own account3
Payable in dollars
_
_
To own foreign offices i°
_
Of U.S.-owned banks
_
Of foreign-owned banks in the United States
To other foreign banks
Demand deposits
_
Time deposits 2 3
Other
Payable in foreign currencies
_
Banks' custody liabilities, payable in dollars3 4
8
Internationalfinancialinstitutions
U.S. Treasury securities.
Bills and certificates
Marketable bonds and notes
U.S. liabilities reported by U.S. banks2...
Banks' liabilities for own account, payable in dollars 3
Demand deposits
Time deposits2 3
Other
Banks' custody liabilities, payable in dollars3 *
Other private foreign residents and unallocated
U.S. Treasury securities. _.
_
Bills and certificates..
__
Marketable bonds and notes
U.S. liabilities reported by U.S. banks 2
Banks' liabilities for own account, payable in dollars 3_
Demand deposits...
__
Time deposits2 3___
Other
Banks' custody liabilities, payable in dollars 3 <
_
_._
Amounts
outstanding
Sept. 30,
1978
1978
1977
III
IV
37,124
5,451
7,884
8,246
15,543
15,760
-5,685
30,294
10,094"
10,094
5,323
2,642
2,642
5,123
923
923
6,948
-521
-521
12,900
7,050
7,050
12,965
11,483
11,483
-5,728
-3,751
-3,751
3,146
-581
-581
110,882
55,014
55,014
20,328
-128
4,367
-167
-81
-86
610
417
752
752
67
519
166
982
7,237
232
318
-86
627
332
-163
-163
428
-565
-26
502
6,535
-685
-565
-120
973
390
909
909
395
47
467
371
2,412
-930
-796
-134
117
804
1,456
1,456
-724
-149
-1,748
2,727
1,000
1,134
-134
35,564
20,304
19,5b7
1,644
773
773
134
-564
1,203
2,105
2,189
492
577
-85
98
505
-725
-725
-756
-565
596
250
7,282
-4,323
4,870
3,891
1,204
3,128
1,175
2,496
-721
-4,433
-182
260
417
-385
2,435
2,066
56
217
96
5,299
22
5,277
-4,490
-11
-4,479
3,768
-8
3,776
249
-377
2,308
-229
-95
-134
211
-312
767
-493
-493
-364
1,009
2,329
418
106
-235
637
-269
-128
84
6,439
12,611
19,689
9,462
3,307
2,563
3,592
10,227
8,376
2,844
567
2,683
6,991
78,039
128
3,086
437
958
-718
3,074
-1,842
422
904
286
-202
608
-44
-141
346
447
275
430
963
568
3,066
4,010
-244
36,482
12,869
4,071
16,811
7,806
3,876
25
3,851
2,145
16
2,129
-151
20
-171
1,197
40
1,157
9-3,749
9-4,144
9-3,268
7,405
7
n.a.
n.a.
9-876
9-31
9-387
9-579
712
9 287
-721
-283
-1,996
1,713
-438
-438
-59
52
-431
-385
826
41
785
-1,211
-1,211
-87
35
-1,159
-1,584
-222
-1,362
1,680
1,680
25
-73
1,728
-718
758
-645
1,403
-1,476
-1,476
-14
29
-1,491
286
-283
-1,170
887
569
569
17
61
491
346
621
612
9
-275
-275
14
17
2,704
824
42
782
552
166
50
116
386
386
-147
491
1,006
222
-81
303
784
784
-79
390
733
468
237
231
265
265
81
420
42
473
-236
413
-32
-164
132
445
445
433
-118
130
288
,183
409
157,997
4,904
443
350
881
696
582
997
7,398
7,165
6,719
4,155
2,243
321
-453
351
423
446
233
52,464
307
52,157
47,684
45,542
31,767
12,995
18,772
13,775
9,711
1,606
2,458
2,142
4,473
-306
568
571
-367
938
-3
-3
15
87
-105
-838
-1,193
114
-1,307
355
292
-121
-19
432
7,806
5,423
1,036
4,387
2,383
780
144
99
537
1,603
372
240
51
189
132
132
-303
277
918
236
20
216
682
682
430
475
158
-223
424
133
-2
135
291
-282
-108
-55
-119
573
17,769
2,570
308
2,262
15,199
12,632
4,041
8,226
365
2,567
534
9,793
Memorandum:
41
Negotiable certificates of deposit held for foreigners 3..
9 173
See footnotes on page 51.
Footnotes to U.S. International Transactions Tables 1-10
General
notes for all tables:
r
Eevised.
p Preliminary.
*Less than $500,000 ( ± ) .
n.a. Not available.
Table 1:
1. Credits, + : exports of goods and services; unilateral transfers to Unites 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 16).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
exports documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflect various other adjustments (for valuation, coverage,
and timing) of Census statistics to balance of payments basis; see table 3.
4. For all areas, amounts outstanding September 30, 1978, were as follows in millions of
dollars: line 38, 18,850; line 39, 11,668; line 40, 2,942; line 41, 4,214; line 42, 26.
5. Includes sales of foreign obligations to foreigners.
6. Consists of bills, certificates, marketable bonds and notes, and nonmarketable convertible and nonconvertible bonds and notes.
7. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,
and of debt securities of U.S. Government corporations and agencies.
8. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foriegn official agencies; see table 4.
9. Consists of investment in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
10. Beginning with estimates for the second quarter of 1978, the distinction between shortand long-term liabilities is discontinued.
11. Conceptually, the sum of lines 79 and 74 (total, all areas) is equal to "net foreign investment" in the national income and product accounts (NIPA's) of the United States. However,
the foreign transactions account in the NIPA excludes reinvested earnings of incorporated
foreign affiliates of U.S. direct investors and of incorporated U.S. affiliates of foreign direct
investors; beginning with 1973-IV, shipments and financing of extraordinary military orders
December 1978
placed by Israel are also excluded. Line 77 (total, all areas) differs from "net exports of goods
and services" in the NIPA due to the omission in the NIPA of net reinvested earnings,
shipments of extraordinary military orders placed by Israel, and U.S. Government interest
payments to foreigners. The latter payments are classified in a separate category in the foreign
transactions account in the NIPA's. A reconciliation table of the international accounts and
the NIPA's foreign transactions accounts appeared in table 4.3 in the presentation of the
NIPA's in the July 1978 SURVEY OF CURRENT BUSINESS.
12. Due to the introduction of new reporting forms for bank-related transactions, the maturity breakdown for bank claims is not available at this time.
Table 2:
For footnotes 1-12, see table 1.
Table 3:
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.
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
statistics published by Canada. Since mid-1977, these adjustments have been estimated.
3. Exports of military equipment under U.S. military agency sales contracts with foreign
governments (line A7), and direct imports by the Department of Defense and the Coast
Guard (line A15), to the extent such trade is identifiable from Custom declarations. These
exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales
contracts); and the imports are included in tables 1, 2, and 10, line 19 (direct defense
expenditures).
4. Addition of electrical energy; deduction of exposed motion picture film for rental rather
than sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-qwned
grains in storage in Canada; net timing adjustments for goods recorded in Census data in one
period but found to have been shipped in another; and coverage adjustments for special
situations in which shipments were omitted from Census data.
5. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted annual totals.
6. Addition of electrical energy; deduction of foreign charges for repair of U.S. vessels abroad,
which are included in tables 1, 2, and 10, line 22 (other transportation); deduction of imports
from Panama Canal Zone; net timing adjustments for goods recorded in Census data in one
period but found to have been shipped in another; and coverage adjustments for special
situations in which shipments were omitted from Census, data
7. Annual and unadjusted quarterly data shown in this table correspond to country and
area data in table 10, lines 2 and 18, except that imports from international organizations,
namely, purchases of nonmonetary gold from the IMF, are included in data for Other countries in Asia and Africa. The memorandum items are defined as follows: Developed countries:
Western Europe, Canada, Japan, Australia, New Zealand, and South Africa; OPEC:
Venezuela, Ecuador, Iraq, Iran, Kuwait, Saudi Arabia, Qatar, United Arab Emirates,
Indonesia, Algeria, Libya, Nigeria, Gabon; Other Developing countries: Latin American Republics, Other 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, C24, and D58) includes
propane and butane, and line with current Bureau of Mines and Federal Energy Administration practice.
9. The statistical identification of automotive products exports to Canada (line D36) is
not as complete and comprehensive as the identification of imports under the U.S.-Canada
Automotive Products Trade Act. However, the underestimation of automotive shipments
to Canada due to unreported exports, amounting to about $1,760 million in 1977, largely has
been corrected in line C18.
10. Includes nuclear fuel materials and fuels.
NOTE.—The "seasonal adjustment discrepancy lines" {BIS, B29, B45, C22, C37, D49 and
D95) show the difference between total exports and imports and the sum of major items
independently adjusted.
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 in line 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. However, such data for the third quarter 1978
are only extrapolated estimates by BE A, because of incomplete reports from one operating
agency, and are to be revised in future issues of the SURVEY.
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 of 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.
6. Excludes liabilities associated with military sales contracts financed by U.S. Government grants and credits and included in line C2.
51
SUEVEY OF CUEEENT BUSINESS
Table 5:
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity, contributions.
2. Sales and liquidations of capital stock and other equity
holdings, total and partial.
3. Petm
' " '
^-J
— - — ; - - - * — ' * ~ ~ » «-•*
and the •
companies. " Other" industries includes industries other than petroleum and manufacturing,
the major ones being agriculture, mining and smelting, public utilities, transportation, trade,
insurance, finance and services.
Table 6:
1. As published in Treasury Bulletin, Treasury data are based on transactions by foreigners
reported by banks and brokers in the United States; net purchases by foreigners (+) correspond to net U.S. sales (+).
2. Redemptions consists of scheduled retirements and identifiable premature retirements of
U S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by
U.S. residents based on Canadian statistics. Unidentifiable nonscheduled retirements appear
3. 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 (IDB).
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate
stocks and in debt securities of U.S. Government corporations and agencies, private corporaions, and State and local governments. These investments are included in table 1, lines
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.
Table 7:
1. Consists of negotiable and other readily transferable foreign obligations payable on
demand or having a contractual maturity of not more than one year, including loans payable
on demand. Excludes other types of loans, acceptances and accounts receivable.
2. Includes funds obtained by finance and subsidiaries incorporated in the Netherlands
Antilles from sources other than sales of newly issued securities to the extent that they are
transferred to U.S. parent companies.
3. Outstanding amounts as of June 30, 1978.
Table 8:
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the data
series for components of claims on foreigners reported by U.S. banks beginning with amounts
outstanding at the end of April 1978. Only partial data are available for the second quarter
on the new basis: data on the old basis are available in the June and September 1978 SURVEY.
2. Beginning with estimates for the second quarter of 1978, long-term claims are defined as
claims having more than one year remaining to contractual maturity.
3. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
4. Mainly in the Bahamas and the Cayman Islands.
5. Based on data for Ecuador, Venezuela, Indonesia and other Asian and African oilexporting countries.
6. Based on data for May and June.
7. Includes central governments (central banks, departments, and agencies), state, provincial and local governments, and international and regional organizations.
8. Prior to third quarter 1978, banks' deposits for own account are commingled with those
for domestic customers' accounts.
Table 9:
1. Because of changes in U.S. Treasury reporting forms, there is discontinuity in the data
series for some components of liabilities reported by U.S. banks beginning with amounts
outstanding at the end of April 1978. Data on the old basis are available in the June and September 1978 SURVEY.
.
2. The distinction between long- and short-term liabilities is discontinued beginning with
the second quarter of 1978; for prior quarters, all long-term liabilities are combined with shortterm time deposits.
.
3. Negotiable certificates of deposit issued to foreigners by U.S. banks are included with
U.S. banks' custody liabilities, and are shown in the memorandum.
4. Mainly negotiable and readily transferable instruments; excludes U.S. Treasury
5. Consists of Western Europe, Canada, Japan, Australia, New Zealand, and South Africa.
6. Mainly in the Bahamas and the Cayman Islands.
7. Based on data for Ecuador, Venezuela, Indonesia, and other Asian and African oil-export8. Consists'of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), Inter-American Development Bank (IDB), and the Trust
Fund of the International Monetary Fund.
9. Based on data for May and June.
10. Beginning in the second quarter 1978, coverage is expanded from Western Europe, oanada, Japan, Bahamas and Cayman Islands to all countries.
Table 10:
For footnotes 1-9, see table 1.
10. See footnote 11 to table 1. .
11. The "European Communities (9)" includes the "European Communities (6)' , the
United Kingdom, Denmark and Ireland;
12. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg, the Netherlands, the European Atomic Energy Community, the Eurpean Coal and
Steel Community, and the European Investment Bank.
13. 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.
14. Details not shown separately; see totals in lines 57 and 64.
15. Details not shown separately are included in combined lines 72 and 73.
16. See footnote 12 to table 1.
SURVEY OF CURRENT BUSINESS
52
December 1978
Table 10.—U.S. International
[Millions of
Western Europe
(Credits + ; debits - ) i
Line
1977'
I
11
12
13
14
15
Exports of goods and services 2
--Merchandise, adjusted, excluding military 3
- Transfers under U.S. military agency sales contracts._. . . .
Travel
.
Passenger fares
Other transportation
..
Fees and royalties from 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 investment
...
...
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
.
Other private receipts.. ._ . . . ..
U.S. Government receipts
-
16
Transfers of goods and services under U.S. military grant programs, net
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
Imports of goods and services
... ... .
Merchandise, adjusted, excluding military »
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 investment. .
. . . ... .
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
.
32
U.S. military grants of goods and services, net
1
2
3
4
5
6
7
8
9
10
33
36
U.S. assets abroad, net (increase/capital outflow (—))
38
39
40
41
42
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 6
U.S. foreign currency holdings and U.S. short-term assets, net
12,856
8,312
246
267
13,720
8,769
208
223
15,514
9,895
266
358
14,488
9,400
270
378
486
77
537
427
138
649
459
168
654
449
104
580
515
107
193
112
203
89
570
552
153
715
568
212
734
578
37
31
45
47
1,510
1,193
1,872
2,393
1,003
1,390
2,562
1,546
1,016
608
711
94
173
100
182
155
53
35
7,126
4,406
2,720
1,922
136
1,824
1,053
1,921
1,207
47
48
49
50
51
U.S. private assets, net
... ..
Direct investment
Equity and intercompany accounts .
Reinvested earnings of incorporated affiliates. . . . . .
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
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
... ...
72
73
74
75
Other U.S. Government liabilities 8
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets 9
Other foreign assets in the United States, net
Direct investment.
E quity and intercompany accounts
Reinvested earnings of incorporated affiliates
__ . . .
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)
76
77
78
79
Memoranda:
Balance on merchandise trade (lines 2 and 18) 10
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines
77, 35, and 36)
Balance on current account (lines 77 and 33) l0
_.
.
70
71
See footnotes on page 51.
.
58
1,750
48
-61
-87
3
1
6
4
5
35
-11,980
-6,9»6
-735
-646
-697
-612
-12,482
-7,266
-778
-816
-589
-626
-12,630
-7,535
-846
-383
-434
-609
-13,847
-8,774
-845
-296
-481
-605
-15,533
-9,163
-844
-732
-732
-658
-15,817
-9,125
-935
24
33
843
908
773
5
-998
-608
—708
-46
-40
-34
-41
-29
-41
-46
-42
-60
-42
-49
-42
-245
-71
-256
-252
-249
-61
-249
-70
-77
-89
-84
-85
-354
-161
-193
-747
-575
-453
-194
-260
-825
-633
-446
-244
-201
-849
-725
-552
-234
-318
-938
-912
-386
-236
-150
-960
-1,058
-843
-304
-539
-1,036
-1,101
-714
-332
-382
-1,137
-1,144
-3
-1
-6
-4
-5
-35
-83
-60
-29
-112
-106
-48
—116
-46
-17
-116
-76
-27
-117
-55
-32
-118
-74
-19
-119
-24
-110
-71
-42
-251
276
51
81
58
86
69
96
65
-11,068
-968
-5,235
-1,062
-3,804
-2,980
-2,888
-3,715
2
-91
19
27
47
-62
-4
58
2
-91
19
27
47
-62
-4
58
-202
-808
-223
-344
-102
-184
(*)
-159
123
-121
-91
-226
-172
-424
165
226
115
-261
-445
175
197
-31
17
-62
-5
19
21
9
56
-10,868
-5,453
-2,733
-2,720
-1,585
-653
-1,481
-711
-771
-209
-5,151
-1,860
-1,147
-714
-567
-1,090
-962
-646
-317
-452
-3,974
-1,150
-231
-919
-356
-2,827
—2,357
-966
-1,390
113
-2,623
-1,721
-706
-1,016
-295
-3,601
-1,037
-129
-908
-161
96
18
-618
64
743
10
-422
4
17
-75
178
5
353
-323
-282
-3,222
-266
1,282
-114
-2,010
-451
-2,043
30,335
-423
9,088
8,381
13,289
6,264
977
9,685
24,599
2,389
5,328
7,355
9,527
6,324
-1,567
6,012
|
00
1
(14)
103
143
04)
(14)
-31
103
99
-2,812
642
00586
00 278
-580
-60
-294
-238
-169
-12
85
-33
915
655
260
04)
1,026
600
399
201
04)
103
-790 J
150
-60
360
210
318
150
545
-202
223
00
2,544
1,335
-9,665
-3,082
5,850
3,921
3,743
3,626
2,303
2,417
2,358
2,334
2,199
1,613
1,582
1,554
571
-335
-393
-441
777
226
197
180
-5
-127
-176
-203
906
382
4
-67
86
-6,878
3,673
1,288
539
142
209
-5,407
284
796
975
-943
—2,071
(14)
427
-22,893
19
129
(14)
04)
04)
-10
(14)
04)
272
-46
00
—965
190
(14)
3,762
ia
04)
(")
04)
5,737
2,322
1,350
972
04)
2,051
3,760
129
-48
04)
536
342
193
-564
04)
00
(14)
} 04)
...
113
217
-232
304
..
114
213
952
919
567
31
-1,805
-833
-972
-3,360
-2,846
114
210
317
488
714
465
C)
-10,455
-6,439
-705
-258
-433
-564
637
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, n e t . .
U.S. Government securities
.
...
U.S. Treasury securities *
771
402
-47,547
-28,226
-3,064
-2,103
-2,153
-2,410
-155
-163
-982
-279
-295
-117
-453
.
II'
I
12,147
7,837
378
295
U.S. official reserve assets, net *
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
_
43
44
45
46
IV
13,593
9,185
181
254
-10
37
34
35
III
12,872
8,742
342
172
10
_
II
51,467
34,076
1,146
988
2,420
1,850
413
750
Unilateral tranfsers (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
1978
1977'
04)
0)
229
113
38
(14)
1,985
-4,567
732
275
-1,329
-1,383
-1,403
-19
-42
-74
SURVEY OF CURRENT BUSINESS
December 1978
53
Transactions, by Area
dollars]
E u r o p e a n C o m m u n i t i e s (9) 11
E u r o p e a n C o m m u n i t i e s (6) 12
United Kingdom
1977'
1978
1977'
1977 r
1978
1977'
1977'
II
II'
I
I
III
IV
9,868 10,483
6,776 7,174
182
83
195
143
60
108
306
387
371
395
77
82
121
127
36
18
9,212
6,067
205
226
134
388
394
87
134
21
9,919 11,037 12,373 11,247 10,463
6,486 7,072 8,021 7,568 6,033
142
136
92
121
126
194
170
282
295
199
78
70
118
172
142
335
331
424
431
464
449
505
508
517
501
92
93
93
93
70
140
145
148
152
156
14
26
29
37
27
5,617
3,642
1,975
1,484
156
1,473
825
648
306
18
1,157
1,062
96
376
23
1,461
791
670
439
90
-1
-1
I
39,483
26,503
612
758
380
1,416
1,609
337
522
89
1,527
964
562
363
25
2,001
753
1,248
473
16
1
(•)
IIIP
2,115
1,254
862
541
2
1,261
634
627
596
6
1,802
806
996
850
93
I
III*
II
III
IV
2,415
1,488
36
34
21
102
106
16
39
8
2,765
1,618
17
42
39
125
135
17
39
6
2,530
1,392
40
66
51
125
125
18
39
8
2,753
1,535
33
57
30
111
136
19
39
6
3,068
1,675
14
53
28
104
180
19
42
11
3,212
1,904
16
84
45
133
147
19
44
11
383
195
188
178
4
511
173
338
208
9
438
221
217
222
7
471
216
254
243
74
654
149
505
284
5
509
336
173
296
6
(*)
(*)
]Line
1978
1977'
II'
2,789 27,563
1,532 19,553
II
III
I
IV
III*
II'
23
95
62
141
157
19
46
9
471
525
219
843
1,058
263
347
53
7,097
5,052
142
103
36
181
256
59
77
26
7,319
5,309
65
143
63
233
247
64
83
10
6,334
4,470
158
152
77
233
254
68
90
11
6,813
4,722
107
127
44
197
302
72
96
7
7,577
5,158
118
110
39
203
311
73
98
13
8,718
5,848
74
185
69
257
343
73
99
16
8,069
5,784
92
190
101
255
344
72
99
24
1
2
3
4
5
6
7
8
9
10
371
266
104
328
5
3,556
2,750
807
618
57
1,028
613
414
126
13
936
754
183
153
15
657
838
-181
150
15
935
545
391
190
15
1,261
589
672
182
10
1,521
905
616
239
-6
847
381
466
261
-1
11
12
13
14
15
_j
(*)
(*)
I
—1
_j
(*)
16
(*)
- 3 6 , 7 7 9 - 7 , 9 1 8 - 9 , 3 4 3 - 9 , 7 4 6 - 9 , 7 7 2 -10,813 -12,180 -12,530 - 9 , 8 6 2 - 2 , 0 0 8 - 2 , 5 2 8 - 2 , 6 5 2 - 2 , 6 7 4 - 2 , 7 7 6 - 3 , 3 4 7 -3,342 -25,552 - 5 , 6 2 3 - 6 , 4 7 0 - 6 , 6 9 6 - 6 , 7 6 3 - 7 , 6 8 8 - 8 , 3 8 7 -8,719
- 2 2 , 1 1 9 - 4 , 9 8 9 - 5 , 5 3 2 -5,784 - 5 , 8 1 4 - 6 , 8 9 1 -7,286 - 7 , 3 2 3 - 5 , 1 3 5 - 1 , 1 8 0 - 1 , 2 7 8 - 1 , 3 5 3 - 1 , 3 2 4 - 1 , 5 2 3 - 1 , 7 1 3 -1,612 -16,163 - 3 , 6 1 4 - 4 , 0 5 0 - 4 , 2 3 2 - 4 , 2 6 7 - 5 , 1 2 5 - 5 , 3 1 3 -5,469
-2,672
-609
-743 -758
-84
-82
-90
-107
- 9 5 -2,230
-649
-672
-127
-554
-567
-601 -640
-508
-636
-84
-732 - 8 5 3 - 3 8 3
-741
-1,492
-153
-454
-589
-296 -215
-44
-186
-233 -122
-73
-177
-522 - 7 3 0 - 5 8 5
-354 - 7 5 9 - 1 0 4 - 2 3 2 - 2 6 4 - 1 5 9 - 1 3 2 - 2 6 9 -302
-1,571 -305
—327 - 3 3 6
-503
-436
-536 - 4 5 3 - 5 7 7 - 1 2 1 - 1 7 0 - 1 6 5 - 1 2 1 - 1 3 3 - 1 8 6 -177 - 8 9 1 - 1 6 5 - 3 0 0 - 2 4 2 - 1 8 4 - 1 8 1 - 3 1 4 -246
-1,595 -371
-404
-414
-407
-404
-441 - 4 7 4 - 5 8 6 - 1 3 7 - 1 5 0 - 1 5 3 - 1 4 7 - 1 4 5 - 1 5 9 -171 - 8 5 7 - 1 9 7 - 2 1 1 - 2 2 1 - 2 2 3 - 2 2 1 - 2 4 1 -259
o
-58
-10
-20
-30
-34
-22
3
g
-15
-11
-11
-18
-23
-36
—7
-9
-22
-8
-8
-12
-13
-17
-10
-143
-36
-36
-36
-35
-36
-36
-37
-74
-19
-19
-18
-18
-18
-19
-66
-17
-17
-17
-17
-17
-17
-17
-19
-813
-524
-194
- 2 1 0 - 2 0 8 -206 - 2 0 5
-202
-207
-128
-131
-133 -133 -131
-64
-72
-69
-75
-75
-74
-73
-130
-130 - 2 8 0
-158
-33
-41
-45
-41
-51
-25
-6
g
-5
-6
27
-39
-48
-5
-34
-41
-8
-128
-31
-39
-41
-31
-1,588
-673
-915
-2,149
-2,421
-269
-132
-138
-473
-477
-443
-155
-287
-537
-536
-387
-206
-180
-537
-626
1
1
119
-1
-311
432
10
48
19
(*)
-76
86
(*)
-78
125
(*)
-78
98
-8,829
4
2
218
-67
327
-42
-363
-2,767
26,123
1
(")
1
89
{ (")
2,116
1,202
915
(.5)
1
42
—1
-80
122
(*)
(*)
4
2
(*)
(*)
6
-48
42
13
16
73
-57
17
-111
11
-555
-262
-107
1,265 —1,979
275
(15)
-744
-242
-502
-689
-917
-651
-459
-241
-239
-410
-220
-760 -1,091
-960
-402
-166
-64
-102
-274
-64
-104
-49
-55
-271
-115
-59
-16
-14
-14
-15
-17
-46
-11
-12
-11
-12
-13
-369 -1,659
-470
(*)
(*)
23
—1
-81
105
-18
-49
31
-235
-34
49
—1
—82
132
21
—1
-82
103
-465 -3,236 -1,997 -1,730 -2,769 -4,416
—2
-9,048
-627 -4,525
-4,343 -1,409 -1,385
-2,368
-761
-823
-1,975
-648
-562
-1,250
-510
-127
110
-436
-381
-198
-182
-628
-886
(*)
-617 -4,511
2
-490
-180
-310
-603
-782
56
-9
72
-7
-26
140
-10
140
9
49
39
10
18
-385
-26
20
95
-4
83
15
115
-5
62
57
2
284
-37
192
33 133)
-27
- 2 9 -2,024 -735}
153
-16
168
(*)
-3
-353
35
-227
|
-52
i«-413 "»—l,ozo 1-1,890
18
7,836 10,834
4,688
1,077
7,247 14,716
(18)
(18)
(18)
(15)
(18)
-64
51
-28
32
131
125
205
(16)
7
7
16
-3
326 - 2 , 7 3 2
-625
-699
-361
-437
-188
-338
80
-23
34
-28
-15
-552
-85
-36
950 - 1 , 4 0 7
558
(")
C)
o
115
2
12
-9
-387 -1,777
-674
-287
-457
-33
-254
-217
-237
29
-473
-641
-136
-505
256
12
-205
-22
161
18
9
20
17
—6
-215 - 1 , 1 2 5
-95
-16
-13
—1
-13
-880
-433
-120 - 6 9 2
-385 - 1 , 0 4 8
-166 - 1 , 9 7 0
-14
t
558
i
73
- 3 ' -1,399
13
2
-250
-82
-168
-235
-436
1
1
217
—1
-241
459
35
-1,221 -4,059
(*)
-59
94
-281
-157
-124
-263
-497
* 72
-60
44
61
(*)
-61
106
-6]
19$
1ZO
-2
1
(*)
2
2
13
34
48
-35
50
-16
—877 - 1 , 7 0 0
-682
-628
-446
-267
-414
-183
-199
-457
49
1
-62
68 - 1 , 5 7 0 - 1 , 4 5 1
C)
63
-44
138
-32
-34
23
15
-310
-159
-151
-291
-649
(*)
-869 -1,689
4
-320
-103
-217
-290
-577
(*)
(*)
12
-10
17
-437
-153
-285
-318
-709
32
(*)
72
•
- 8 2 9 -1,519
37
-26
20
38
39
40
41
42
-26
20
40
66
74
24
16
6
4'
3
43
44
45
46
- 8 7 -1,61
-41
-76
5
-14
-46
-61
19
47
48
49
50
51
34 - 1 , 5 8 - 1 , 4 9 1
75 - 5 5 9 - 1 , 0 2 3
-107
-35
-168
181 - 3 9
-672
-202
-180
-93
i
-16
-1
2
15
( -327
- 3 7 8 j 18-163 18 - 6 4 4 X - 8 3 3
-18
29
-7
-55
-22
6
-4
-63
-1
-36
-41
3,79
2,41
5,17
5,17
2,87
6,08
(15)
(16)
(15)
(18)
(15)
(15)
(15)
(16)
(18)
(18)
(18)
2
8
(16)
(18)
(15)
71
26
58
3
-6
-18
11
35
36
-62
-6;
6
6
823 10,963
33
34
46
2
-1
5
-321
27
28
29
30
31
-433
-146
-287
-346
-770
-17
-90
-774 -2,070
-13
-274
-91
-183
-260
-460
76
-209
-32
332
6,027
;
12
29
-]
5,359
4
41
-892 -1,262 -4,123
-43C - 1 , 7 9 4
-701
-332
-987
-528
-807
—173 - 1 0 4
144 - 1 , 0 3 7
-328
2,771
2
-5
52
53
-3
-I 1 7 (
Il6 97 18
lu
—l,i<
Y Li
\
64
-
54
55
56
|
\
12 I
57
58
59
60
61
62
(18)
351
214
138
(,8)
(18)
860
573
287
(18)
(18)
721
541
180
(15)
(18)
185
-125
310
(18)
(18)
337
155
182
(18)
(18)
(18)
1,251
750
502
1,353
943
410
(18)
(18)
(18)
536
316
220
(18)
(15)
-117
-86
-31
(16)
(18)
208
105
102
(18)
424
478
197
552
517
898
587
1,237
338
362
-557
-279
-212
-297
-167
-29
42
-101
-220
148
140
282
-61
53
108
37
-260
-476
-96
-314
-111
-27
15 73 is 5,985 15 7,006 1510,039 i5 3,38C 15-1,19C 15 4,957 1513,679
-20,117 - 1 , 6 1 8 -3,854 -6,858 -7,787 -2,938
4,384
2,704
2,824
2,823
(*)
118
11
1,650
}i5 23,103
(*)
-304
-89
-216
-368
-191
2
7,177
(18)
-70
-38
-32
-333
-222
20
-521 -3,375 -2,045 -1,798 -2,904 -4,569
-676
-873 -1,755 -1,525 -879 -2,284
-580
-204
-664
-251 -1,288
-508
-96
-670 -1,248 -862
-627
-996
154 - 1 5 2
1
4
4
157 - 1 4 2
-468
64
615
333 - 2 , 7 2 1
-171
-77
-94
-311
-188
17
18
19
20
21
22
23
24
25
26
1,787
1,950
1,960
1,960
1,642
1,140
1,188
1,188
283
-533
-514
-514
67
14
189
189
18
224
248
248
898
60
542
54
272
216
55
(15)
(18)
174
80
94
(18)
(18)
-8
-11
3
(15)
209
329
33
-122
-58
-13
68
14
(15)
79
58
21
(15)
(15)
(18)
19S
7S
12C
(15)
1,552
860
692
(15)
62
468
416
-25
70
2S
-272
189
15 743 15 2,339 15 5,009 is 5,588 15-1,264 15-3,49
15 —14
411 - 3 , 2 1 7 -10,841 - 1 , 2 8 2
735
245
194 - 1 , 2 8 2
244 - 1 , 2 6 1
243 - 1 , 2 6 1
(15)
308
407
39
39
-274 -4,854 -4,431
340
237
223
223
39
-122
-136
-136
211
79
63
63
96
3,098
15
29
27
27
-135
-149
-149
19
45
28
168
(15)
8
-117
(15)
(18)
(15)
(15)
(15)
124
-23
228
17
27
11
65
66
67
68
69
-52
38
18
-14
163
7
-5
8
3
1
70
71
64
463
183
(15)
454
330
124
(15)
-21
21
(15)
41
264
15
45
16
28
(15)
(15)
13
1,16
87
28
(15)
f
is 9,020 is - 7 7 7 15 3,041 " 1 , 9 4 7 15 4,809 15 4,390 15 2,05 15 4,62 \
966 - 9 , 1 3 2
-80
—553
-568
-568
(15)
(15)
3,390
2,011
2,229
2,228
-226 -3,022 -2,168 -3,717 -3,660 -2,44
1,438
1,474
1,509
1,509
1,259
849
921
920
238
-361
-317
-317
455
50
117
116
33
-110
-61
-6
53
33
40
40
72
73
74
-3,96
75
31
-65
-60
76
77
78
79
-604
SURVEY OF CURRENT BUSINESS
54
December 1978
Table 10.—U.S. International
[Millions of
Eastern Europe
(Credits + ; debits - ) i
Line
I
1
2
3
4
5
6
7
g
9
10
11
12
13
14
15
Exnorts of foods and services 2
TVfprrhandise a d i u s t e d excluding m i l i t a r y 3
TVan^fprs iindpr XT S m i l i t a r v affftiicv SELIGS c o n t r a c t s
Travel
Passenger fares
Other transportation
--
--
-
-
--
FPPS 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 investment
Interest dividends and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private receipts
U S Government receipts
--
Transfers of {foods a n d services under U.S military trrant oroCrams net
17
18
19
20
Imports of goods a n d services
23
24
25
26
27
28
29
30
31
32
TT S militarv brants of ffoodfl and serivees net
Unilateral transfers (excluding military grants of goods and services), net
37
38
39
40
.-
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 investment
Interest dividends and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U S. Government payments
33
34
35
36
-- -
..
.
U.S. Government grants (exclduing 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 (—))
_ ..
41
42
TJ S official reserve assets net *
Gold
Special drawing rights
Reserve position in the International Monetary fund
Foreign currencies
43
44
45
46
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets..
Repayments on U.S. loans 5
U.S. foreign currency holdings and U.S. short-term assets, n e t . . .
47
48
49
U.S. private assets, net
Direct investment
Equity and intercompany accounts
Rpinvpsted earnincs of inpornoratpd affiiiafps
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 _
50
51
52
53
III
II
1,025
932
844
736
635
529
820
715
1,016
907
1,523
1,407
965
850
122
30
32
32
28
36
35
34
33
73
7
7
17
2
8
18
2
9
19
2
10
20
1
10
21
2
9
22
2
9
22
2
117
59
29
10
30
18
29
15
29
17
29
12
27
22
28
20
-1,326
-1,127
-2
-61
-13
-55
-261
-222
-351
-306
-1
-11
-357
-292
-1
-31
-407
-370
-417
-360
-7
-14
-4
-15
-358
-307
-1
-12
-1
-13
-437
-351
-1
-48
-4
-15
. . _.
-26
-32
-6
-10
-10
-2
Y
-1
-13
-4
-6
• ~3
(*)
-6
-6
(*)
-7
-7
-11
-3
^ -3
-15
-12
-18
-20
-11
-5
-9
-1
-11
-6
-11
-8
-12
-29
-28
-173
-258
-86
-119
32
1
-126
-182
41
15
-173
-247
67
7
-85
-3
-11
-11
-118
63
73
-202
-347
106
40
-57
-91
19
14
-18
-60
31
11
-112
13
-63
-85
21
1
191
-61
81
137
34
58
-47
3
-32
2
25
-6
-53
95
-32
3 \
28 }
-6
-64
35
3
-1
30
36
16
36
71
107
Foreign assets in the United States, net (increase/capital inflow (-f))
1
Foreign official assets in the United States, net..
... ..
.__
U.S. Government securities6
59
U.S. Treasury
securities
60
Other 7
. .
61
Other U.S. Government liabilities 8
62
U.S. libailities reported by 9U.S. banks, not included elsewhere
63
Other foreign official assets
64
Other foreign assets in the United States, n e t . . .
65
Direct investment
66
Ecmitv and intercompany accounts
67
Reinvested earnings of incorporated affiliates
(15)
68
U.S. Treasury securities
69
-3
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
70
Long-term
67
71
Short-term
15
U.S. liabilities reported by U.S. banks, not included elsewhere:
72
Long-term
5
|
1
28
73
Short-term
74
75 Statistical discrepancy (sum of above items with sign reversed)
-2,031
-4
2
56
57
58
1,785
1,997
1,936
1,935
(15)
114
-5
(15)
(15)
(»)
(15)
(15)
C)
(*)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
(15)
1
-2
18-78
15 6
20
67
(15)
(*)
67
7
102
(15)
(15)
(15)
(15)
-1
(*)
17
16
(15)
(*)
-3
16 Q
16 9
-75
(13)
(*)
-4
-17
(*)
-13
-6
-11
-1
-6
-8
(*)
C)
-18
-43
-53
-19
-6
-17
-62
-1
-19
-42
124
2
See footnotes on page 51.
C)
-3
9
21
76
77
78
79
-4
-1
-14
* ~3
3
32
Memoranda:
Balance on merchandise trade (lines 2 and 18)10
Balance on goods and services (lines 1 and 17)
Balance on goods, services, and remittances (lines 77, 35, and 36)..
Balance on current account (lines 77 and 33) i°
III'
II'
3,323
2,912
15
51
54
55
I
IV
-
16
21
22
1978
1977'
1977'
2
-1
12
-5
1
-1
19
-4
9
15-3
15 103
i5_7O
1547
15 15
-2
-624
-545
-330
-533
-495
-983
-270
710
430
493
480
480
237
278
262
262
408
462
448
448
537
609
598
598
1,047
1,106
1,089
1,089
499
528
508
508
764
747
746
SURVEY OF CURRENT BUSINESS
December 1978
55
Transactions, by Area—Continued
dollars]
1978
1977'
1977'
1978
1977 '
1977'
1977'
I
38,141
28,293
77
2,150
I
III
IV
9,425 10,315
6,898 7,754
16
21
549
652
8,957
6,448
18
611
9,445
7,193
22
338
II
Japan
Latin American Republics and Other Western Hemisphere
Canada
I
III
IV
6,693
3,862
55
383
37
187
69
18
198
17
7,308
4,334
18
548
51
224
73
18
186
20
8,370
4,998
41
611
83
222
114
19
179
18
8,063
4,727
13
586
68
194
78
19
182
17
8,003
4,624
23
490
60
203
78
20
196
19
9,215
5,490
17
603
60
242
96
20
201
19
9,657 14,199
5,617 10,566
14
33
680
436
102
300
242
805
72
300
21
289
208
120
19
31
3,913
2,371
1,542
3,756
298
965
623
343
828
73
898
577
321
866
73
1,061
529
532
946
80
989
643
347
1,117
72
974
617
357
1,237
79
1,074
599
476
1,310
82
1,203
733
470
1,517
-39
13
4
2
1
6
6
2
<j
9,725 30,435
7,150 17,921
22
128
607 2,128
240
827
156
333
185
74
14
745
141
72
9
9,467 11,142
6,842 8,428
30
14
675
583
559
670
48
477
13
125
129
12
119
147
182
12
119
6
144
174
12
119
142
185
12
120
2
131
156
12
13]
160
183
13
134
3,341
1,425
1,916
2,497
18
855
300
555
608
3
928
338
591
597
6
770
263
508
655
3
787
524
263
637
6
755
229
526
731
3
904
321
583
710
6
607
214
394
831
in.
II
II'
1978
Line
1977 '
I
II'
II
I
512
356
156
763
44
(*)
3,620
2,810
15
116
74
182
48
70
25
c
III
II'
I
IV
HI,
3,459 3,475 3,645 3,637 4,235 4,774
2,560 2,472 2,72< 2,619 3,058 3,339
6
8
11
23
108
100
134
112
143
132
66
55
79
71
88
90
214
215
195
180
228
247
75
81
97
94
110
127
73
72
74
76
78
81
32
35
37
37
36
28
10
6
21
17
6
8
141
87
54
174
11
78
7(
181
12
(*)
120
119
1
210
8
172
74
99
199
13
(*)
(*)
215
116
99
270
8
137
83
54
231
14
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
374
219
155
320
13
16
(*)
- 3 3 , 2 4 5 - 7 , 6 4 9 - 8 , 7 6 9 - 8 , 0 2 2 - 8 , 8 0 5 - 8 , 5 2 2 - 9 , 8 0 3 - 9 , 0 8 5 -27,819 - 7 , 4 5 3 - 6 , 8 6 7 - 6 , 5 8 8 - 6 , 9 1 2 - 7 , 5 7 8 - 7 , 6 5 1 - 7 , 7 2 2 -22,305 - 4 , 7 3 0 - 5 , 5 5 0 - 5 , 7 6 0 -6,265 - 6 , 7 9 0 - 7 , 4 4 1 - 7 , 6 5 1
- 2 9 , 6 6 4 - 7 , 023 - 7 , 799 - 6 , 777 - 8 , 0 6 5 - 7 , 9 1 0 - 8 , 8 2 3 - 7 , 7 3 0 -21,162 - 5 , 8 4 6 - 5 , 2 8 2 - 4 , 8 6 9 - 5 , 1 6 5 - 5 , 6 7 1 - 5 , 7 0 6 - 5 , 6 2 4 -18,565 - 3 , 9 1 3 - 4 , 5 8 9 - 4 , 8 1 0 -5,253 - 5 , 7 5 3 - 6 , 2 2 9 - 6 , 3 6 3
-56
-62
-40
-40
-34
-47
-811 -177
-53
-33
-191
-64
-58
-48
-47
-44
-45
-199 -202
-233 - 2 0 9 - 1 8 7 - 1 7 6
-184
-739 -713 -852
-149
-783
-727
-780 -846
-23
-43
-384
-36
-49
-136
-55
-35
-708 -205 -128 -350 -680 -2,962
-1,433
-17
-69
-125
-233
-54
-38
-56
-32
-37
-72
—74
-35
-39
-68
—42
—16 —36
-120 -143
-167 -173 -168 -169
-91
-660
-152
- 2 1 1 - 2 0 2 - 1 , 2 7 0 - 3 0 3 - 3 2 6 - 3 3 3 -308 - 3 1 9 - 3 5 5
-119 -130 -133
-374
-88
-471
E
-1
1
-32
-4
-2
-4
-36
38
-35
-34
-3
11
11
1]
19
-26
-31
19
-126
-44
-4
2:
(*)
r-4
-184
-99
-102
-105
-187 -195 -211
-197
-188
-776
-81
-94
-92
-206
-20
-20
-370
-91
-21
-21
-22
-93
-21
-21
i •
-20
-4
-64
-85
-5
-76
-58
-4
-4
-4
-86
-46
-10
-19
-76
-31
-16
-12
-279
-81
-8
-8
-11
-374
-112
-262
-421
-163
-144
-128
-16
-90
-58
-33
-99
-47
-131
-33
-98
-99
-43
-77
-7
-70
-109
-41
-76
-14
-62
-114
-32
-44
-14
-29
-129
-30
-144
-64
-80
-137
-36
-26
-41
-37
-40
-29
-38
-30
-33
-7
-34
5
-37
-1
-38
8
-31
5
-31
-10
-4,687 -1,784
-671
-34
-4
-152
-355
-50
-215
-103
-140
-149 -1,105
-35
-87
5
-4
9
(*)
-4,705 -1,789
-1,507 -564
-8
409
-1,916 -555
-2,357 -699
8
-1
8
2
-13
-4
-2
-183
-73
-32
-79
-185
-65
-31
-89
- 9 9 6 - 1 , 2 3 6 - 2 , 4 7 1 - 2 , 3 4 0 - 1 , 4 9 7 -11,692
3
-1
6
-2
3
-2
5
1
5
-3
6
2
-5
-7
3
-1
57
33
-9
-148
26
72
-284
-111
-14
-747
203
-680
72
-688
82
129
28
208
21
-329
27
- 6 9 9 i« -552
-448
-1,063
-416
-722
105
23
164
-188
-302
-176
-21
-706
10
614
299
36
262
C)
306
41
9
33
8
83
169
71
98
4
351
—1
-71
70
150
-152
-295
139
5
-2
-126
90
28
62
-4
685
218
188
29
109
-752
- 7 7 9 - 6-, 91 12 80
1,490
-590
930 - 1 , 1 0 6
10
561
179
99
80
5,517
32
-10
516
54
-49
103
• 08)
187
47
140
-7
27
-1
22
-3
6
-5
49
c«)
} (»)
383
449
-940
-65
-1,371
4,896
4,752
4,752
-125
1,776
1,750
1,750
-45
1,547
1,506
1,506
-329
935
897
897
-1
-6
15
-248
-45
-203
-236
-797
-34
1
-35
-58
-170
(*)
(*)
—6
-6
-2
-4
-184
-57
-33
-94
-205
-71
-36
-98
-197
-52
-36
-109
-211
-68
-37
-106
-8
-35
-5
-7
1,509 - 5 , 3 2 2
614
1,345
-43
-85
-16
-69
-56
-175
-12
-7
-69
1
-70
-52
-194
-61
-32
-29
-70
-258
-22
-8
-15
-77
-343
(*)
(*)
(*)
-16
-8
-5
-11
(*)
-741
398
-82
-33
-49
-106
-451
-23
-22
-5
-12
-17
-17
-388 -1,348
-427
-76
-60
-215
163
-8
-101
-272
170
1
11
-7
21
-3
-6
-25
-21
-26
19
c
-400 -1,353
-37
-1
-36
53
-1
-54
30 - 5 2 5
-421
-165
-66
-99
381
-55
-163
-155
202
47
48
49
50
51
6
222
2
-36
52
53
(
—60 I
54
55
379
-133
-35
-99
-71
24
-826
89
-171
-16
552
11
-144
-19
-57
-16
42
18
-96
28
-33
-91
-31
-401 -395 -495
[»«2,167 M,475
2,256 - 1 , 4 1 1 - 1 , 7 1 6 - 5 , 2 4 9 - 3 , 4 6 1
65
1,227
-5
1,512
7
-494
22
638
41
-429
13
- 5 1 8 «-865
1,155
5,280
8,217 -1,217
(15)
(15)
(15)
32
-530
346
86
403
20
-33
201 - 1 , 4 1 0
1,698
4,079
-607
(15)
(15)
27
(15)
56
9
47
-57
-231
159
15
(15)
-6
(15)
-118
-267
147
2
-15
(15)
91
4,878
I 5 135
4,322
-496
1,576
-452
1,477
-872 -1,068
639
945
600
916
600
916
-395
1,339
1,301
1,301
-580 - 3 , 2 4 1 - 1 , 9 8 4
640 2,615 - 7 6 0
610 2,121 - 8 7 0
610 1,853 - 9 4 3
9
-101
8
'?
1,721 »3,934
689 - 2 , 6 7 3
-948
442
322
257
129
1,782
1,644
1,572
8
-395
(15)
(15)
140
(15)
261
194
67
573
370
203
(15)
(1.5)
(15)
(15)
6,350
(15)
(15)
70
14
57
12
-44
56
C)
4,735
-2
(15)
(15)
47
7
40
(15)
10
-4
(15)
133
61
72
845
(15)
26
(15)
-49
-30
-20
1,865
-5
-28
23
20
-18
38
•
310
(15)
(15)
245
209
35
(16)
-69
69
274
204
70
26
206
71
273
28
46
128
-14
162
-36
180
-1
68
-14
78
-92
501
16
-21
-27
10
-66
421
1,687
•M92
4,341 8 4,956 »-700
U271
»361
1,185
172
2,528
-7,999
-8,106
-8,149
-8,149
-1,103
-1,110
-1,122
-1,122
-2,029
-2,091
-2,098
-2,098
-912
6,802
8
8
3,779 - 3 , 7 2 0 - 1 , 1 3 7
-438 -1,047
424
1,152
290
1,025
219
968
-216
1,563
1,419
1,366
-7
1,935
1,792
1,724
54
26
29
5,024
8
-2,529
-2,620
-2,628
-2,628
56
57
1
59
30
104
-25
-54
72
1
38
-4
-13
70
71
-l,639 •2,491
72
73
74
4,873
365
75
-3,171
-3,206
-3,229
-3,229
-3,024
-2,876
-2,898
-2,898
76
77
78
79
7,973
-3,134
-3,152
-3,170
-3,170
3
(15)
242
216
26
8
158
109
49
(15)
(15)
748 - 2 . 2 6 4 - 3 , 6 9 9
-2,338
-2,285
-2,301
-2,301
f
1 58
(15)
(15)
(15)
8
2,609
61
62
63
64
65
66
67
68
69
176
162
15
-15
91
16
37
(15)
(15)
(15)
85
(15)
20
(15)
(15)
•
-18
-304
55
37
11
37
(15)
19
-3
22
(*)
43
44
45
46
5
-19
21
3
-761
-231
-177
-54
-69
(»)
37
38
39
40
41
42
1,350
118
120
-2
-199
3
81
33
34
35
36
c
568
-283
-127
-156
-308
-9
149
27
28
29
30
31
32
-17
1
-9
-60
-34
-26
-96
-410
1,610 - 5 , 1 4 2
-614 -1,179
-139 -708
-476 -470
139
-24
c«)
938
-111
-44
-67
-514
-20
1,146 - 2 , 6 4 2 - 2 , 8 6 0 - 7 , 1 0 6 - 5 , 8 0 3
-377
-530 -1,323 -1,402 -496
-35
-209
-791 -1,055 -139
-343 -321 -532 -347 -357
100 - 1 1 2
90 - 2 2 9
39
(»)
8
-85
-29
-57
-436
-27
46
-57
105
-2
280
-4
26
—1
-210
-73
-33
-104
-78
-22
-56
-374
-27
-180
-328
147
1
(15)
60
155
-16
104
150
32
93
-101
-61
-40
-348
-26
150
-202
-327
120
4
-19
-57
8
150
300
-11,463
-3,632
-2,090
-1,542
-151
-100
-28
-72
-304
-21
1,094 - 2 , 6 4 4 - 2 , 9 7 8 - 7 , 1 6 3 - 5 , 8 6 3
4 -529
- 1 -1,120
566
6
25
(*)
-679 -999 -1,239 -2,476 -2,335 -1,502
-266 -262 -415 -416 -400 -500
110
183 - 1 0 6
245 - 1 5 2
325
-591 -508 -263 -526 -583 -394
-467 -1,071 -121 -627 -1,307 -348
-210
-154
-89
-108
20
-241
-21
-762
-268
-129
-365
300
19
-8
27
-65
-18
-47
-213
-19
17
18
19
20
21
22
23
24
25
26
|
'
[
SURVEY OF CURRENT BUSINESS
56
December 1978
Table 10.—U.S. International
[Millions of
Australia, New Zealand, and South Africa
(Credits +; debits - ) l
Line
1978
1977'
1977 r
II
IV
III
\
Exports of goods and services 2
Merchandise, adjusted, excluding military 3 .
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from 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 investment
Interest, dividends, and earnings of unincorporated affiliates.
Reinvested earnings of incorporated affiliates
Other private receipts
U.S. Government receipts
5,842
3,777
34
154
126
182
208
43
132
3
1,375
961
7
15
20
39
47
11
40
(*)
1,453
889
9
45
42
50
52
11
34
1
1,524
994
11
58
40
50
53
11
29
1
1,490
933
6
36
25
42
56
11
29
(*)
1,395
865
23
30
22
44
51
11
33
1
1,771
1,057
41
66
42
57
62
11
37
1
911
624
288
249
23
190
117
74
40
4
237
176
61
75
9
225
138
87
50
4
260
193
67
84
255
168
87
58
3
295
195
100
94
7
-3,302
-2,792
-20
-112
-115
-83
2
-1
-29
-702
-555
-5
-814
-691
-5
-21
-28
-21
(*)
(*)
-948
-816
-5
-1,054
-730
-5
-14
-29
-22
(•)
(*)
-904
-5
-45
-43
-21
(*)
(*)
-1,172
-1,051
-4
-24
-30
-21
(*)
(*)
-8
-11
-6
-1
-5
-12
-11
-1
-3
2
-11
-9
-6
6
-12
-11
-9
-7
-9
-3
-6
-3
-6
-421
-213
1,686
1,040
74
70
38
56
52
12
107
125
Transfers of goods and services under U.S. military grant programs, net..
27
28
29
30
31
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 investment
Interest, dividends, and earnings of unincorporated affiliates
Reinvested earnings of incorporated affiliates
Other private payments
U.S. Government payments
32
U.S. military grants of goods and services, net
33
34
35
36
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
37
U.S. assets abroad, net (increase/capital outflow (—))
38
39
40
41
42
U.S. official reserve assets, net 4
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies
43
44
45
46
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets
Repayments on U.S. loans »
U.S. foreign currency holdings and U.S. short-term assets, net
47
48
49
50
51
U.S. private assets, net
Direct investment
Equity and intercompany accounts
Reinvested earnings of incorporated affiliates
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
52
53
54
55
56 Foreign assets in the United States, net (increase/capital inflow (+))
57
Foreign official assets in the United States, net
58
U.S. Government securities8
59
U.S. Treasury securities
.
60
Other 7
61
Other U.S. Government liabilities s
62
U.S. liabilities reported by U.S. banks, not included elsewhere
63
Other foreign official assets «. _
64
Other foreign assets in the United States, net
65
Direct investment
66
Equity and intercompany accounts
67
Reinvested earnings of incorporated affiliates
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 18)
Balance on goods and services (lines 1 and 17)10
Balance on goods, services, and remittances 10
(lines 77, 35, and 36)
Balance on current account (lines 77 and 33)
See footnotes on page 51.
-23
-16
—7
-34
-05
-19
1
(*)
Q
-4
-6
—92
-5
-6
1
7
-20
-4
-6
2
-9
-12
-7
-32
-39
-22
-22
1
(*)
-8
-9
o
-9
-24
-2
-6
-2
-5
o
-5
-7
-2
-5
-1,029
-411
-269
-65
-284
-206
50
-17
65
3
-2
4
29
-3
30
1
7
1
13
-12
24
(*)
-3
5
1,079
-383
-95
-288
-273
-413
-147
-74
-74
11
-298
-65
-4
-61
2
-72
25
111
-87
-81
-297
-196
-129
-67
-206
-209
-136
-49
-87
3
-446
-249
-149
-100
-177
6
7
2
-2
-1
15
-9
5
3
-2
7
-12
-56
-380
-25
-252
-17
-232
-30
23
16
81
12
-86
-626
201
-114
-587
-126
150
(ii)
-28
-35
7
80
20
97
(15)
(15)
(15)
-26
-25
-1
6
8
-2
(15)
(15)
4
(15)
(15)
(15)
26
-1
-57
70
(15)
-1
16
'5208
is-190
is-605
-853
-455
-249
-26
985
2,539
2,507
2,507
406
673
665
665
632
632
264
685
678
678
1
-26
-25
(15)
(15)
1
3
-2
-312
(15)
(15)
27
(.5)
-3
-210
-165
-40
-125
-11
16-42
4
9
-6
(15)
2
1
19
_,?
(15)
-3
-8
5
5
-2
7
-12
-11
25
-2
(15)
(15)
-5
-10
4
(*)
-1,218
-1,104
-4
-18
-33
-24
(*)
(*)
(15)
0
19
26
-7
-4
25
17
1
-9
1594
15 -148
15 - 2 9 4
-123
"-278
-112
117
542
533
533
341
334
334
6
599
590
590
-64
468
459
459
SURVEY OF CURRENT BUSINESS
December 1978
57
Transactions, by Area—Continued
dollars]
International organizations and unallocated 13
Other countries in Asia and Africa
1978
1977'
1977
i
1978
]Line
1977
1977'
I
II
37,956
23,031
5,658
308
213
1,385
362
60
1,049
141
8,833
5,195
1,468
52
39
331
81
16
277
38
10,198
6,419
1,472
79
51
368
71
15
267
37
9,577
5,735
1,463
106
77
363
89
15
256
33
3,843
3,118
725
1,207
700
923
733
190
274
141
956
766
191
282
182
IV
171
35
48
-55,299
-49,516
-1,472
-631
-150
-851
-8
-1
-118
-330
-13,565
-12,245
-373
-142
-31
-203
-1
-30
-73
-13,790
-12,338
-385
-175
-36
-218
-3
(*)
-30
-74
-24
-36
12
-935
-1,263
2
-6
4
-199
-267
—4
7
3
-217
-310
IV
I
II'
9,348
5,682
1,256
71
47
323
120
15
249
34
10,154
6,139
1,547
65
45
343
116
15
269
39
11,700
7,253
1,849
113
51
395
120
16
296
36
11,271
7,094
1,502
127
71
393
102
17
326
40
1,842
500
4
4
683
43
165
11
173
10
175
10
170
12
167
14
194
14
202
12
381
64
90
14
94
17
97
16
100
17
104
15
109
16
115
19
1
2
3
4
5
6
7
8
9
10
953
698
255
314
173
1,011
921
90
337
204
1,027
809
218
367
183
958
790
168
383
232
991
686
305
432
176
206
241
-36
370
90
93
84
10
118
4
111
15
95
60
73
31
6
26
110
6
-30
136
-166
82
7
47
48
-1
138
9
64
17
47
80
84
94
30
64
136
11
11
12
13
14
15
29
58
65
51
30
-14,350
-12,880
-365
—156
-42
-227
-4
-13,595
-12,053
-349
—158
-41
-204
-1
-14,134
-12,348
-492
-194
-39
-208
2
-772
-179
-805
-233
-657
-77
-711
-165
-793
-185
-812
-178
-922
-283
-54
-1,463
-17
-356
-7
-380
-14
-388
-16
-339
-16
-368
-7
-405
-14
-431
-29
-95
(*)
-31
-88
-15,377
-13,550
-498
-190
-48
-239
(*)
C)
-32
-93
-2,945
-654
-29
-89
-14,022
-12,329
-473
—174
-37
-222
-3
(*)
-30
-80
-1
-332
(*)
-110
-81
(*)
-73
-69
(*)
-93
(*)
-84
(*)
-52
17
18
20
20
21
22
23
24.
25
26
-11
4
-231
-321
—11
-13
2
-288
-365
-5
-9
4
-290
-378
-22
-15
-7
-329
-380
-20
-14
-6
-326
-380
27
28
29
30
31
III
I
II
III
537
446
I
359
II'
494
III*
567
588
8
16
-123
-319
-21
-89
-36
-68
-29
-76
-37
-85
-34
-98
-29
-110
-36
-105
-81
-92
-92
-123
-123
33
34
35
36
-171
-35
-48
-29
-58
-65
-51
-30
-3,080
-2,100
-227
-753
-723
-480
-55
-188
-901
-642
-54
-205
-763
-539
-59
-165
-693
-439
-59
-196
-829
-586
-58
-185
-929
-650
-64
-215
-777
-554
-63
-161
-290
-290
-48
-48
-75
-75
-114
-114
-53
-53
-4,764
-334
-1,883
-1,503
-1,045
-2,765
-1,922
-168
-2,014
-437
-979
-400
-198
309
80
350
37
-533
-118
-121
-294
-447
-58
-163
124
308
333
122
-83
-80
-9
133
-47
-60
-29
42
-16
324
-104
437
-43
165
38
39
40
41
32
-389
O1
AO
-2,345
-3,566
1,210
12
-507
-837
297
33
-434
-725
343
-53
-773
-1,083
273
37
-630
-921
296
-5
-645
-891
308
-62
-663
-1,005
353
-11
-863
-1,103
290
-50
-517
-521
5
-135
-139
3
-167
-167
-119
-120
2
-96
-96
-202
-206
3
-2,420
-1,055
-330
-725
301
173
324
513
-190
-74
-1,449
-1,090
-899
-191
65
-730
-808
-552
-255
216
-414
519
609
-90
95
-2,119
-1,846
-1,628
-218
15
-1,259
-885
-717
-168
-1
694
505
810
-305
-163
-964
98
62
36
-1,024
145
-153
-144
-10
333
-649
-20
75
-95
-617
-405
377
403
-26
-797
-55
-107
-272
166
57
—2
-312
-38
3
42
4
2
50
—8
-369
28
94
-2
-19
-25
1
-1
2
151
-1,502
26
-67
126
-595
-82
-108
81
-732
23 | i 6 - 2 7 7
-433
-38
-34
-11
-3
11
3
3,519
2,908
1,831
2,015
1,365
-638
-338
65
-768
402
330
304
-1,193
-638
-338
65
-768
402
330
304
-1,193
10,273
QA
-2,005
•%
-344
-62
-62
-35
-36
2
43
44
45
46
204
167
166
1
33
-191
-337
-290
-47
153
263
229
293
-64
38
47
48
49
50
51
1
-1
-4
-1
3
52
53
16-4
(
\
56
57
58
59
60
61
62
63
64
65
66
67
68
69
f
(15)
(15)
(15)
1,062
(15)
(15)
351
(15)
-567
(.5)
(15)
(15)
(15)
574
164
355
193
(15)
(15)
(15)
(15)
(15)
100
(15)
I1
I
-15
-3
-12
(15)
8
11
—4
(15)
-12
-9
—3
(15)
C)
—4
-10
-8
—2
(15)
(.5)
46
49
—4
(15)
(15)
(15)
15
12
61
74
-6
156
-5
-56
1
94
-1
273
15 794 15-1,617
is - 8 0 3
is - 6 6 4
7,289
5,396
4,046
-5,095
-2,433
-2,713
-3,363
-6,456
-4,107
-4,330
-4,884
-654
-1,104
-1,104
-1,394
82
29
21
8
185
-6
44
10
-172
10
157
"8,951
15 3,093
is 2,869
151,293
14,915
2,270
3,467
5,208
3,970
6,096
-26,485
-17,343
-18,323
-20,423
-7,050
-4,731
-4,974
-5,454
-5,919
-3,592
-3,851
-4,493
-7,145
-4,773
-4,997
-5,536
-6,371
-4,247
-4,501
-4,940
-6,190
-3,867
-4,110
-4,696
14
8
6
23
16
7
15 1,696
(15)
(15)
(15)
(15)
° 5 ) 25
-13
54
55
(15)
59
70
71
15 5 6
15-772
1,095
1,257
1,494
200
-259
-48
1,299
72
73
74
75
-179
-272
-272
-320
-233
-268
-268
-343
-77
-212
-212
-326
-165
-352
-352
-405
-185
-299
-299
-380
-178
-24
-24
-33
-28
-334
-334
-45
76
77
78
79
15 - 3 2 5
15 377
15 337
15 348 15-1,252
(
I
SURVEY OF CURRENT BUSINESS
58
(Continued from page 34)
tain no data.13 The results indicate regional differences in WSPE over and
above differences that might have been
due to regional differences in the industry distribution of employment.
This is shown by the F ratio for columns (regions) in table 12.
The results also indicate industry
differences in WSPE over and above
differences that might have been due to
differences among industries in the regional distribution of employment. This
is shown by the F ratio for rows (industries) in table 12.
AOV after deletion of cells based on
very small (fewer than 25) numbers of
employees (in table 3) yielded results
that were similar to, but of greater statistical significance than, those shown in
table 12. For most such cells, both the
number of affiliates and the number of
employees per affiliate tended to be
unusually small, and their WSPE unrepresentative of those in their region
or industry. The primary effect of their
deletion was a reduction in the residual,
or "unexplained," variation.
Deletion of the column for "other"
regions, in which WSPE were considerably lower than in any other
region, reduced the F ratio for columns
(regions) somewhat, but it nevertheless
remained highly significant. This indicates that significant regional differences in WSPE existed within the 50
States and the District of Columbia,
where integration of markets for both
goods and services and factors of production had considerable opportunity
to reduce regional differences in WSPE,
rather than only between those regions
and "other" regions, where such opportunity was more limited.
Reports of zero employment
Zero employment was reported by
1,305 of the 5,999 affiliates that were
required to report employment data. A
majority were either holding companies—legal entities that hold equity
in other companies—or real estate
affiliates representing foreign ownership
13. The routine was drawn from Fianklin A. Graybill,
An Introduction to Linear Statistical Models (New York,
1961), Chapter 13 ("Two-Way Classification with Unequal
Numbers in Subclasses").
of real property in the United States.
Some affiliates that reported zero employment used workers that were carried
on the payroll of another business—
often another U.S. affiliate of the same
foreign parent. Others appear to have
been inactive. Although most reports
of zero employment occurred for one of
these reasons, a few affiliates—principally small ones whose reports BEA
did not investigate—may have reported
zero employment erroneously. This may
have resulted in a slight understatement
of affiliate employment, but would bias
estimates of CPE only to the extent
that CPE for these affiliates differed
from that of affiliates that reported
employment correctly.
(Continued from page 39)
December 1978
1977 to the end of September 1978, the
dollar depreciated more than 20 percent
against the Swiss franc and Japanese
yen; 8 percent against the German
mark, French franc, and Dutch guilder;
5 percent against the Italian lira; and
3 percent against the British pound.
In contrast, the dollar appreciated 8
percent against the Canadian dollar.
Measured in terms of its trade-weighted
average value against the currencies of
either 10 major industrial countries or
22 OECD countries, the dollar depreciated 8 percent.
U.S.-Canadian Balance on Current Account
Reconciliations
Reconciliation of the 1977 bilateral current account balance
of payments statistics of the United States and Canada
and revision of the 1976 current account reconciliation were
completed in December 1978. Reconciliations were com-
increased sharply; many foreign com- pleted earlier for 1970-75 (see SURVEY OF CURRENT BUSINESS,
June 1975, September 1976, and September 1977). U.S.panies either expanded their position Canadian current account reconciliations will continue to
be undertaken annually on the basis of the previously
here or entered the U.S. market, prob- established conceptual framework. The results for 1976 and
1977 are as follows:
ably spurred by the depreciation of the
dollar. Net foreign purchases of U.S.
U.S.-Canadian Balance on Current Account
[Billions of U.S. dollars]
securities other than U.S. Treasury
securities increased slightly.
1976
1977
The increase in foreign official assets
in the United States was roughly one- Reconciled data (U.S. surplus/Canadian
deficit)
3.6
3.9
third less than in 1977. Industrial coun- U.S.
3.1
3.6
published data (U.S. surplus)
Canadian published data
(Canadian
tries increased their dollar holdings
4.0
3.7
deficit)
compared with 1977; most of the inbased on the reconciliations are incorporated in
crease was in the first quarter, when theRevisions
published series insofar as is presently possible. It is
not possible to substitute the reconciled data fully for the
several major countries made large previously published data because U.S. transactions with
areas would be affected.
intervention purchases of dollars in ex- other
Additional data on the reconciliations are contained in the
following table:
change markets. Both OPEC members
and non-OPEC developing countries
U.S.—Canadian Balance on Current Account
reduced their official dollar holdings in
[Billions of U.S. dollars]
the first 9 months; this reduction probably reflected some diversification of
1976
1977
their assets from dollars to other curU.S.
U.S.
rencies and a reduction in OPEC
pubpubAdAdlished justed lished1 justed
members' invesiable surplus from interdata* data data
data
national transactions.
During the first 9 months of 1978, U.S. receipts:
36.2
37.3
34.4
Goods and services
33.5
the dollar generally depreciated against
Merchandise exports. | 26.3 f 25.5 J 28.3 ( 27.7
\
0.9
I 0.9
Inland freight
7.9
8.8
8.0
Other services.
7.2
most major currencies; a higher rate of
0.2
0.2
Unilateral transfers
()
()
inflation in the United States relative
37.5
36 2
34.6
33.5
Total
to inflation rates in other industrial U.S. payments:
countries and continuing imbalance in
33.6
33.0
30.5
Goods and services
29.8
Merchandise imports. [ 26.5 ( 26.2 J 29.7 ( 29.3
the U.S. international payments ac\
0.6
\ 0.6
Inland freight
3.7
3.3
3.7
Other services
3.3
counts were major contributing factors.
0.3
0.3
Unilateral transfers
0.1
2 0.1
More active intervention in exchange
33.9
Total
30.8
33.1
markets by U.S. authorities, higher U.S. current-account 29.9
3.6
balance (surplus +)
3.9
U.S. interest rates, and other policy
3.6
3.1
actions at times slowed the dollar's
1. As published in the June 1978 SURVEY OF CURRENT
decline. From the end of December BUSINESS.
2. Published data are net payments.
2
2
2
Subject Guide
Volume 58 (1978)
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.
Growth of Materials Capacity and the Outlook for Its Utilization.
Frank de Leeuw, Bruce T. Grimm. 9-48.
Debt
Public and Private Debt. (Series discontinued.) 5-4.
Earnings
Reconciliation of BE A Compensation and BLS Earnings. 2-1; 5-2;
8-2; 11-2.
Farm
Farm Sector. Shelby W. Herman. 11-18.
Fixed capital stock
Fixed Nonresidential Business and Residential Capital in the
United States, 1975-77. 9-46.
GNP by industry
Gross Product by Industry, 1977. Donald P. Eldridge. 4-20.
Government
transactions
Federal Budget Developments. 3-4; 7-13.
Federal Budget Developments. Joseph C. Wakefield. 11-14.
Federal Fiscal Programs. Charles A. Waite, Joseph C. Wakefield.
2-21.
Proposition 13. 9-4.
Receipts and Expenditures of State Governments and of Local
Governments, 1959-76. David J. Levin. 5-15.
State and Local Government Fiscal Position in 1978. David J. Levin.
12-19.
Housing and construction
Residential Construction: Three Years of Recovery. Douglas R. Fox,
Virginia K. Olin. 6-Part 1-18.
Inventories and sales
Manufacturing and Trade Inventories and Sales in Constant Dollars.
1976:I-1977:IV, 2-11; 1977:1-1978:1, 5-14; 1974:IV-1978:II,
8-4; 1977:1-1978:111, 11-13.
Revised Manufacturing and Trade Inventories and Sales. 1967-77,
5-34; 1977-78, 10-56.
Motor vehicles
Motor Vehicle Sales. 10-8.
National income and product accounts (NIPA's)
Key Source Data and Projections for National Income and Product
Estimates: Third-Quarter 1978, 10-20.
N I P A errata. July 1977 SURVEY OF CURRENT BUSINESS,
1-44;
National Income and Product Accounts of the United States, 1929-1%:
Statistical Tables and July 1976 SURVEY, 8-70; July 1978 SURVEY,
9-8.
Revised National Income and Product Estimates, 1929-46. 8-67.
Revisions. Fourth Quarter of 1977, 2-1 and 3-3; First Quarter of
1978, 5-2 and 6-Part 1-5; Second Quarter of 1978, 8-1 and
9-7; Third Quarter of 1978, 11-2 and 12-4.
Revisions uf NIPA Estimates. 7-1.
Seasonally Unadjusted NIPA Estimates. 8-71.
Selected National Income and Product Account Estimates, 1929-74.
11-27.
Summary National Income and Product Series, 1929-77. 10-54.
U.S. National Income and Product Accounts: Revised Estimates,
1975-77. 7-24.
Plant and equipment
expenditures
Plant and Equipment Expenditures. John T. Woodward. Year
1978, 1-17; First and Second Quarters and Second Half of 1978,
3-19; Four Quarters of 1978, 6-Part 1-28 and 9-18; Quarters of
1978 and First and Second Quarters of 1979, 12-14.
Pollution abatement and control
Capital Expenditures by Business for Pollution Abatement, 1973-77
and Planned 1978. Gary L. Rutledge, Frederick J. Dreiling,
Betsy C. Dunlap. 6-Part 1-33.
Pollution Abatement and Control Expenditures, 1972-76. Frank W.
Segel, Frederick J. Dreiling. 2-12.
Prices
Reconciliation of Quarterly Changes in Measures of Prices Paid by
Consumers. 3-6; 5-2; 8-2; 11-2.
Productivity
Effects of Selected Changes in the Institutional and Human Environment Upon Output Per Unit of Input. Edward F. Denison.
1-21.
59
SURVEY OF CURRENT BUSINESS
60
Profits
Alternative Estimates of Capital Consumption and Profits of
Nonfinancial Corporations, 1975-77. 9-47.
Taxes
Federal Personal Income Taxes: Liabilities and Payments. Stephen
C. Lehman. 5-28.
INTERNATIONAL
Balance oj payments
U.S. International Transactions. Fourth-Quarter and Year 1977,
Steven V. Dunaway. 3-41; First-Quarter 1978, Christopher L.
Bach, 6-Part I I - l ; Second-Quarter 1978, Steven V. Dunaway,
9-24; Third-Quarter 1978, Steven V. Dunaway. 12-35.
Foreign investment
in United States
Employment and Employee Compensation of U.S. Affiliates of
Foreign Companies, 1974. Obie G. Whichard. 12-23.
Foreign Direct Investment in the United States, 1977. William K.
Chung, Gregory G. Fouch. 8-39.
Investment
position
International Investment Position of the United States: Developments in 1977. Russell B. Scholl. 8-53.
Military transactions
Military Transactions in the U.S. International Accounts, 1972-77.
Walter G. Kealy, Jr., Rodney D. Thorn. 5-22.
OPEC transactions
OPEC Transactions in the U.S. International Accounts, 1972-77.
Christopher L. Bach. 4-21.
Travel
International Travel and Passenger Fares, 1977. Joan E. Bolyard.
6-Part 1-64.
U.S. investment
December 1978
abroad
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S.
Companies. 1977 and 1978, David H. Galler, 3-25; 1978 and 1979,
L. A. Lupo, 10-42.
Relationship Between Age and Rate of Return of Foreign Manufacturing Affiliates of U.S. Manufacturing Parent Companies.
L. A. Lupo, Arnold Gilbert, Michael Liliestedt. 8-60.
Sales by Majority-Owned Foreign Affiliates of U.S. Companies, 1976.
William K. Chung. 3-31.
U.S. Direct Investment Abroad in 1977. Ralph Kozlow, John
Rutter, Patricia Walker. 8-16.
REGIONAL
Migration
Work-Force Migration Patterns, 1970-76.
Howard Friedenberg, Bruce Levine. 2-17.
Vernon
Renshaw,
Personal income
Regional Differences in Personal Income Growth, 1929-77. Howard
L. Friedenberg. 10-27.
Regional Patterns of Change in Nonfarm Income in Recession and
Expansion. Robert B. Bretzfelder. 1-19.
Revised County and Metropolitan Area Personal Income. Regional
Economic Measurement Division. 6-Part 1-39.
Revised Quarterly State Personal Income, 1969-77. 6-Part 1-15.
State Personal Income. 1976:IV-1977:IV, 4-19; 1977:IV-1978:I,
7-14; 1978:1-1978:11, Robert B. Bretzfelder, 10-24.
State Personal Income. 1972-75, 8-15; 1975-77, 10-31.
*
* *
Errata
NIP A errata. July 1977 SURVEY OF CURRENT BUSINESS,
1-14;
National Income and Product Accounts of the United States, 192074: Statistical Tables and July 1976 SURVEY, 8-70; July 1978
SURVEY, 9-8.
U. S. GOVERNMENT PRINTING OFFICE : 1979 O - 279-667
CURRENT BUSINESS STATISTICS
_L 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 $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
1975
III
1977
1976
IV
I
II
III
IV
I
II
1978
III
I
IV
II
III-
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT!
Gross national product, totalf
bil.$._ 1,528.8 1, 700.1 1,887. 2 , 564.0 1,598.0
Personal consumption expenditures, total..do
Durable goods, total 9
do.
Motor vehicles and parts
do.
Furniture and household equipment ...do.
979.1
1,090. 2 1, 206.5
994.0 1,021.6
685.4 1, 715. 6 1,749.8
806.8 1,867.0 1,916.8 1,958.1
, 992.0 2,087.5 2,136.1
, 053. 8 1,075.1 1,098.4 1,133.7
167.7 1,188.6 1, 214.5 1,255.2
, 276.7 1,322.9 1,356.9
,649.7
132.6
53.4
58.0
156. 6
69.7
63.9
178.4
81.5
71.3
136.3
55.9
58.7
143.5
60.6
60.8
152.2
67.7
61.9
154.7
69.1
63.0
156.7
69.5
64.2
162.8
72.6
66.5
173.2
81.3
68.0
175.6
81.2
69.9
177.4
79.5
72.0
187.2
84.0
75.3
183.5
84.1
72.1
197.8
92.5
76.5
199.5
89.8
78.9
Nondurable goods, total 9
Clothing and shoes
Food.
Gasoline and oil
do
do
do
do
408.9
70.1
209.6
39.5
442.6
75.7
225.8
42.8
479.0
81.5
245.2
46.5
415.0
71.5
212.4
40.0
421.4
72.2
216.6
40.5
430.3
73.8
219.4
41.4
437.4
74.2
223.9
41.9
444.5
76.1
227.4
43.0
458.3
78.5
232.3
45.1
465.9
78.5
237.5
46.1
473.6
79.3
244.5
46.2
479.7
81.4
246.4
46.0
496.9
86.7
252, 6
47.5
501.4
82.9
257.7
48.3
519.3
87.5
267.8
49.1
531.7
90. 5
272.0
51.5
Services, total9
Houshold operation
Housing
Transportation.
do_.
do.
.do.
do.
437.5
64.5
150.2
32.6
491.0
72.8
166.4
37.9
549.2
81.6
184.6
44.2
442.7
65.8
151. 5
32.7
456.7
66.7
156.3
34.0
471.3
69.3
160.2
36.0
483.0
70.2
164.7
37.0
497.2
73.5
168.2
38.7
512.6
78.2
172.3
39.-8.
528.6
80.2
177.3
40.8
539.4
78.0
182.1
43.5
557.5
83.7
186.9
45.0
571.1
84.6
192.0
47.3
591.8
89.6
198.1
49.7
605.8
89.9
204.1
52.1
625.8
92.6
210.1
53.7
Gross private domestic investment, total....do.
Fixed investment
do
Nonresidential
..do
Structures
.do
Producers' durable equipment.
.do
190.9
243.0
297.8
206.8
203.9
231.5
243.5
249.9
247.1
272.5
295.6
309.7
313.5
322.7
345.4
350.1
201.6
150.2
53.8
96.4
232.8
164.6
57.3
107.3
282.3
190.4
63.9
126.5
202.3
149.7
54.0
95.7
208.8
151.5
54.7
96.8
220.1
157.7
56.4
101.3
228.1
162.2
57.6
104.6
235.3
168.1
57.3
110.8
247.6
170.5
57.9
112.6
262.2
180.6
59.3
121.4
278.6
187.2
63.4
123.8
287.8
193. 5
65.4
128.1
300.5
200.3
67.4
132.8
306.0
205.6
68.5
137.1
325.3
220.1
76.6
143.5
336.5
227.5
80.9
146.6
Residential
Change in business inventories
Nonfarm
do
do
.do
51.5
-10.7
-14.3
68.2
10.2
12.2
91.9
15.6
15.0
52.6
4.6
1.1
57.3
-4.9
-9.0
62.4
11.4
12.7
65.9
15.4
18.8
67.3
14.5
15.2
77.1
-.6
2.2
81.6
10.3
11.1
91.4
17.0
16.5
94.3
21.9
22.0
100.2
13.1
10.4
100.3
16.7
16.9
105.3
20.1
22.1
109.0
13.6
14.6
Net exports of goods and services
Exports
Imports
do
_do
do
20.4
147.3
126.9
7.4
163.2
155.7
-11.1
175.5
186.6
20.9
147.0
126.1
20.9
152.2
131.2
10.4
154.4
144.1
9.7
160.7
150.9
6.9
168.2
161.3
2.8
169.4
166.6
-8.5
170.9
179.4
-5.9
178.1
184.0
-7.0
180.8
187. 8
-23.2
172.1
195.2
-24.1
181.7
205.8
-5.5
205.4
210.9
-10.7
210.1
220.8
Govt. purchases of goods and services, total.do
Federal
do
National defense. _.
do
State and local
do
338.4
123.1
83.7
215.4
359.5
129.9
86.8
229.6
394.0
145.1
94.3
248.9
342.2
123.6
84.2
218.7
351.5
127.9
86.2
223.6
354.0
127.1
85.9
226.9
357. 2
127.8
85.6
229.4
360.4
129.9
86.5
230.5
366.3
134.6
89.1
231.7
375.0
138.3
91.9
236.7
388.8
142.9
93.7
245.9
399.5
146.8
94.4
252.7
412.5
152.2
97.1
260.3
416.7
151.5
97.9
265.2
424.7
147.2
98.6
277.6
439.8
154.0
99.6
285.8
By major type of product: t
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, 539. 6
686.6
259.0
427.5
697.6
144.7
-10.7
-8.9
-1.8
5
1, 689. 9 1,871.6 1,559. 4 1, 602.9 1, 638.3 1,670.1 1,701.0 1,750.4 1, 796.5 1,850.0 1,894.9 1,945.0 1,975.3 2,067.4 2,122.
927.3
912.2
861.8
859.6
844.7
825.8
800.2
741.9
772.9
718.6
758.0
711.4
768.1
760.3
832.6
380.1
375.8
351.2
347.4
346.5
339.1
288.6
315.6
332.2
273.7
269.9
301.8
312.4
304.6
341.3
547.2
536.4
512.2
510.6
498.2
453.4
457.3
486.7
444.9
468.0
441.5
456.2
455.7
455.7
491.3
973.7
952.0
893.6
926.4
749.7
808.1
875.3
726.4
850.0
706.1
832.3
787.1
766.9
778.0
862.8
235.0
223.4
204.9
203.8
158.1
168.7
153.0
196.8
146.5
191.3
160.3
174.3
160.5
161.9
191.8
13.6
20.1
16.7
13.1
21.9
17.0
11.4
15.4
14.5
-.6
10.3
4.6
-4.9
10.2
15.6
10.2
10.8
14.8
6.3
11.9
9.1
6.1
.1
6.5
9.3
5.2
-3.5
-8.6
5.3
8.4
3.4
9.3
1.9
6.8
10.0
4.2
7.9
5.3
-5.8
8.0
3.7
11.3
8.9
7.2
4.9
GNP in constant (1972) dollars!
Gross national product, totalt
bil.$__
Personal consumption expenditures, total..do
Durable goods. _
do..
Nondurable goods
do..
Services
do.
Gross private domestic investment, total...do
Fixed investment
Nonresidential
Residential
Change in business inventories.
Net exports of goods and services
do.
do.
do.
...do..
do
Govt. purchases of goods and services, total .do
Federal
do.
State and local
do.
r
, 202.3
774.6
1,271.0 1,332.7 1,220.0 1, 227.9 1,255.5 1, 268.0 1, 276.5 1,284.0 1,306. 7 1,325.5 1,343.9 1,354. 5 1,354.2
873.5
876.6
858.0
836.2
849.5
806.3
820.9
846.6
814.0
779.7
791.1
857.7
819.4
112.7
306.6
355. 3
125.9
320.2
373.2
137.8
330.4
389.5
115.2
307.5
357.0
119.7
309.5
361.9
124.8
314.6
366.9
125.2
318.2
370.6
142.6
173.4
196.3
153.7
148.9
168.5
174.7
152.4
113.6
38.8
-9.8
22.6
262.6
96.5
166.1
154.1
111.8
42.3
-5.2
161.0
115.5
45.5
7.5
164.6
117.8
46.8
10.1
1,382.6 1,391.4
886.3
895.1
145.8
336.3
404.2
144.8
340.4
410.0
125.3
320.5
375.1
128.5
327.7
380.0
134.9
327.1
384.6
136.2
327.2
386.0
136.9
329.2
391.8
143.0
338.1
395.6
137.8
333.3
402.4
177.1
173.4
186.1
197.1
201.7
200.3
205.7'
213.1
210.4
192.8
132.5
60.3
7.5
193.4
133.8
59.5
12.3
200.4
140.5
59.9
12.7
201.4
141.7
59.7
9.0
167.8
121.0
46.8
9.3
173.6
121.4
52.3
-.2
180.3
126.8
53.5
5.8
187.1
129.1
58.0
10.0
189.5
130.8
58.8
12.2
166.8
118.9
47.8
6.7
187.4
129.8
57.7
8.9
151. 5
112.0
39.5
2.1
15.4
9.5
22.8
22.2
16.5
16.1
16.1
13.1
11.2
11.0
12.5
3.1
2.9
11.3
9.2
263.8
96.7
167.2
265.7
97.3
168.4
264.3
96.2
168.1
263.2
95.9
167.3
262.5
96.8
165.7
261.3
97.5
163.8
262.8
98.7
164.1
267.9
101.3
166.6
271.7
102.9
168.8
274.5
103.6
170.9
272.1
101.2
170.8
271.9
97.1
174.8
276. 7
100.4
176. 3
262.8
96.6
166.2
269.2
101.6
167.6
Revised.
v 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 and
p. 24 ff. of the July 1978 SURVEY); revisions prior to May 1977 for personal income appear on
1
p. 36 of the July 1978 SURVEY.
9 Includes data for items not shown separately.
S-l
279-667 O - 79 - SI
S-2
December 1978
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
1977
Annual total
I
II
III
IV
I
II
1979
1978
1977
1976
III
I
IV
II
III
IV
I
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted
Implicit price deflators:!
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 do..
Federal
do.
State and local
do.
132. 92 134. 39 136.28
133.8
135.6
132.1
125.0 126.8
123.6
138.7
139.9
137.4
132.5
134.9
130.3
138.27
137.9
128.4
142.4
137.4
140.86
139.9
128.9
144.7
139.7
140.3
138.9
143.8
142.6
140.5
147.6
145.4
142.5
152.3
148.9
145.0
157.6
137.3
134.2
139.1
140.2
138.0
141.5
142.7
140.1
144.3
145.1
141.1
147.6
127.15
126.4
117.7
133.4
123.2
133.76
133.1
124.4
138.2
131.6
132.3
132.2
132.8
139.6
138.4
142.5
150.6
146.7
159.4
136.7
136.6
137.2
138.5
137.7
140.7
128.9
127.5
129.7
136.8
134.4
138.1
146.3
142.7
148.5
134.0
132.1
135.0
135.7
133.3
137.1
141. 61 131. 40
130.7
140.7
122.0
129.5
136.8
145.0
128.4
141.0
142. 63 144.56
143.2
141.6
130.9
129.5
147.0
145.7
144.4
142.3
147.10
146.2
133.1
150.4
147.1
151.9
147.9
160.6
155.9
151.2
166.1
158.2
153.6
168.6
162.2
156.7
175.7
167.1
160.6
182.6
147.1
142.7
149.7
150.3
146.9
152.3
153.2
149.6
155.2
156.2
151.5
158.8
158.9
153.4
162.1
150.98 ' 153.52
151.6
149.3
137.3
135.7
156.2
154.4
152.6
149.9
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $_. 1,215.0 1,359.2 1,515.3 1,319. 8 1,347. 9 1,372.1 1,397. 0 1,447.5 1,499. 3 1,537.6 1,576.9 1,603.1 1,688.1 '1,728.4
Compensation of employees, total
do
Wages and salaries, total
do
Govt. and govt. enterprises
do
Other
do....
Supplements to wages and salaries..
do
Proprietors' income with inventory valuation
and capital consumption adjustments,
total
bil. $..
Farm
do
Nonfarm
do
Rental income of persons with capital consumption adjustment
bil. $..
Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $._
Corp. profits with invent, val. adj.:
Domestic, total
do
Financial. __
_
do
Nonfinancial, 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
Inventory valuation adjustment
Capital consumption adjustment
Net interest....
1,036.8 1,153. 4 1,001.7 1,026.0 1,046.1 1,073.3 1,107.9 1,140.5 1,165. 8 1,199. 7 1,241.0 1,287.8 1,317.1
973. 4
993.6 1,021.2 1,050.8 1,090.2 1,113.4
919.9
946.4
897.3
881.5
890.1
983.6
861.7
213.9
216.8
198.1
201.7
208.1 211.4
192.6
195.2
188.1
186.1
187.6
200.8
183.7
876.3
896.6
775.3
791.9
813.1
727.2
751.2
839.3
695.4
709.2
702.5
782.9
678.0
197.6
203.6
167.1
172.2
178.4
153.4
161.5
190.2
144.6
146.7
148.8
169.8
140.0
931.1
805.9
175.4
630.4
125.2
87.0
23.5
63.5
88.6
18.4
70.2
20.2
79.5
88.6
20.9
67.7
88.8
19.6
69.3
87.4
16.9
70.5
89.5
16.3
73.2
95.6
19.4
76.1
20.0
78.9
97.2
16.5
80.8
107.3
25.1
82.3
105.0
21.9
83.1
110.1
24.0
86.1
114.5
25.0
22.4
22.5
22.5
22.5
22.4
22.4
22.8
22.5
22.4
22.4
22.7
22.8
22.2
24.3
95.9
127.0
144.2
126.8
128.6
130.0
122.5
129.9
143.7
154.8
148.2
132.6
163.4
' 165.2
101.8
13.0
88.9
48.3
18.3
133.2
17.5
115.6
65.6
28.1
149.5
20.9
128.6
74.7
35.1
132.3
15.8
116.4
67.0
27.4
135.4
17.0
118.4
67.5
29.7
136.3
18.3
118.0
65.9
28.5
128.7
19.1
109.7
61.9
26.9
134.8
19.7
115.1
66.4
29.9
148.1
19.9
128.1
77.4
37.2
159.5
21.9
137.6
74.7
34.2
155.6
21.9
133.7
80.2
39.1
139.2
22.7
116.6
69.8
32.8
168.9
24.3
144.6
87.8
46.1
'175.4
26.0
' 149.4
87.1
44.6
9.2
6.1
13.7
8.2
16.1
9.6
12.4
8.9
14.3
7.6
14.9
8.2
15.4
9.7
14.5
10.4
17.5
10.3
17.1
7.9
17.3
9.4
19.3
11.7
20.7
9.1
do
do....
.do
do
do
120.4
49.8
70.6
31.9
38.7
155.9
64.3
91.7
37.9
53.8
173.9
71.8
102.1
43.7
58.4
152.6
63.6
89.0
34.5
54.5
158.7
66.3
92.4
37.2
55.2
157.8
64.7
93.1
38.4
54.7
13.3
8.2
154.6
62.4
92.2
41.4
50.8
164.8
68.3
96.5
41.5
55.0
175.1
72.3
102.8
42.7
60.1
177.5
72.8
104.8
44.1
60.6
178.3
73.9
104.4
46.3
58.1
172.1
70.0
102.1
47.0
55.1
205.5
85.0
120.5
48.1
72.4
r 205.4
'86.2
' 119.2
50.1
'69.2
.do
do
do_...
-12.4
-12.0
78.6
-14.5
-14.4
84.3
-14.8
-14.9
95.4
-11.4
-14.4
80.1
-15.7
-14.4
82.0
-13.3
-14.5
86.2
-17.6
-14.5
88.9
-20.3
-14.6
91.7
-16.6
-14.8
93.7
-7.7
-15.0
-14.8
-15.3
99.0
-23.5
-16.1
101.7
-24.9
-17.2
104.6
-20.9
-19.3
' 107.4
97.3
DISPOSITION OF PERSONAL INCOMEf
1,731.7
Personal income, total..
bil. $.. 1,255. 5 1,380.9 1, 529. 0 1,336.9 1,363. 2 1, 392.8 1,430.5 1,470.7 1, 508. 6 1, 543. 7 1, 593. 0 1,628. 9 1,682.4
249.1 ' 263.2
233.3
237.3
223.3
209.0
222.7
224.6
226.0
200.0
184.4
192.6
168.8
196.5
Less: Personal tax and nontax payments
do
'1,468.4
1,433.3
1,391.6
1,086.7 1,184.4 1,303.0 1,152. 5 1,170. 6 1,192.8 1,221. 5
Equals: Disposable personal income
do.
l!"2l7.8 fl"244?8" it 285! 9 1, 309. 2 1,357.0 1,392.5
1,003.0 1,116. 3 1,236.1 1,078.9 1,100. 7 1,124. 8 1,160. 9
Less: Personal outlays©
do
76.3 '76.0
73.7
82.4
67.5
74.3
60.7
83.6
68.1
73.6
69.9
68.0
52.2
Equals: Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
38.06
34.52
37.89 r 38.67 i 44.18 i 36.85
34.82
32.35
29.20
33.73
30.41
25.87
29.70
120.49 135.80
112. 78
All industries..
bil.
17.19
16.22
15.38
16.76 ' 16.89 20.32
15.60
13.67
13.48
12.52
14.84
12.66
52.48 60.16
10.96
47.95
Manufacturing
do.
8.00
7.57
9.62
7.27
7.79 '7.97
6.02
7.17
6.36
5.80
6.79
5.61
23.68 27.77
21.84
4.78
Durable goods industries^.
do
9.18
8.65
10.70
7.46
8.12
8.97 '8.92
8.43
7.31
6.72
8.06
32.39
7.05
28.81
26.11
6.18
Nondurable gcods industries^.
do
20.87
20.63
21.13 r 21.78 23.86
19.14
16.93
19.21
18.68
18.88
75.64
64.82
14.91
17.04
16.68
68.01
Nonmanufacturing
do.
1.15
1.18
1.32
1.22 '1.24
1.05
1.04
1.17
1.07
1.16
4.50
.92
.99
1.02
3.79
4.00
Mining
do.
.76
.86
'.84
.84
.83
.70
.64
.78
.71
.67
.49
.68
.59
2.80
2.55
2.52
Railroad
do..
.46
.59
'.54
.70
.60
.35
.26
.39
.52
.43
.26
.42
.33
1.30
1.62
1.84
Air transportation
do.
.63
.62
'.62
.67
.60
.95
.50
.51
.76
.94
.72
1.02
.61
3.63
2.51
3.18
Other transportation
do.
Public utilities. __
Electric
Gas and other
Communication
Commercial and other.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries^
Nondurable goods industries^.
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
5.50
4.74
.76
3.21
5.21
5.52
4.54
.98
3.33
5.19
6.46
5.34
1.12
3.84
5.78
5.55
4.78
.77
3.30
5.27
6.37
5.34
1.03
3.86
5.64
6.61
5.41
1.20
4.03
5.73
7.28
6.06
1.21
4.26
6.33
6.15
5.27
.88
3.97
5.76
7.14
6.01
1.13
4.56
8.18
'7.43
'6.11
'1.32
4.68
6.43
do.
do.
do.
do.
do.
do.
do.
do.
do.
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
134.24
59.46
27.26
32.19
140.38
63.02
29.23
33.79
138.11
61.41
28.19
33.22
144.25
61.57
28.72
32.86
150.76
67.20
31.40
35.80
' 155.41
' 67. 75
' 32. 25
' 35. 50
161.24
73.20
34.19
39.02
163.34
73.02
34.13
38.89
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
74.78
4.49
2.57
1,43
2.96
77.36
4.74
3.20
1.69
1.96
76.70
4.50
2.80
1.76
2.32
82.68
4.45
3.35
2.67
2.44
83.56 ' 87. 66
4.81 '4.99
3.09 '3.38
2.08 '2.20
2.23 '2.47
88.04
5.23
3.14
2.61
2.40
90.31
4.94
4.05
3.05
2.99
do.
do.
do.
do.
do.
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
25.29
21.14
4.16
15.32
22.73
26.22
21.90
4.32
16.40
23.14
26.23
22.05
4.18
15.82
23.27
27.92
23.15
4.78
17.07
24.76
28.46 ' 29. 62
23.83 ' 24.92
4.62 '4.70
18.90
18.18
24.71
26.09
30.59
26.23
4.36
30.70
26.31
4.38
2 44.07
2 44. 59
20.14
17.00
3.14
12.74
20.60
22.28
18.80
3.47
13.30
20.99
-I-
25.80
21.59
4.41
15.45
22.97
' Revised.
r> Preliminary.
* Estimates (corrected for systematic biases) for Oct.Dec. 1978 and Jan.-Mar. 1979 based on expected capital expenditures of business.
Expected
2
expenditures for the year 1978 appear on p. 18 of the Dec. 1978 SURVEY.
Includes communication.
fSee corresponding note on p. S-l.
9 Includes data for items not shown
separately.
©Personal outlays comprise personal consumption expenditures, interest paid
6.79
5.99
.81
4.79
4.18
.62
2.92
4.82
do.
do.
do..
do..
do.
8.46
7.21
1.25
11.88 210.58
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 CURRENT BUSINESS
December 1978
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual total
1975
III
S-3
1976
IV
I
II
1977
III
IV
I
1978
II
III
IV
I
II'
III
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. $.. 155,656
107,088
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales con3,919
tracts
_
mil. $..
25,359
Receipts of income on U.S. assets abroad-.-do
Other services
do
19,290
171,274
114,694
5,213
29,244
22,124
7,079
32,100
23,451
-132,595 -161,913 ' 193,789
Imports of goods and services
.do
-98,041 -124,047'-151,706
Merchandise, adjusted, excl. military
do
-4,795 -4,901 -5,745
Direct defense expenditures
do
Payments of income on foreign assets in the
U.S
mil. $.. -12,564 -13,311 -14,593
Other services
do
-17,194 -19,655 -21,746
Unilateral transfers (excl. military grants), net
mil. $..
U.S. Government grants (excl. military)...do
Other
do...
U.S. assets abroad, net.
do.
U.S. official reserve, net
...do.
U.S. Gov't, other than official reserve, net...do.
U.S. private, net...
do.
Direct investment abroad
do.
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investment in the U.S
Allocations of special drawing rights
Statistical discrepancy
Memoranda:
-4,615
-2,894
-1,721
40,760 40,375 42,449 44,160 44,291 ' 44,751
27,657 27,001 28,380 29,602 29,711 ' 29,477
1,912
1,189 1,472
1,457
1,164 1,095
957
6,360 6,884 7,027 7,369 7,428 7,420 7,796
5,566
4,865 5,055 5,252 5,511 5,658 5,703
183,205 38,744
120,576 26,562
-5,022 -4,708
-3,145 - 2 , 776
-1,878 - 1 , 932
15,550
6,907
18,073
18,897
4,347
do.
do.
5,449
9,300
Balance on merchandise trade
do..
Balance on goods and services
do..
Balance on goods, services, and remittances..do..
Balanceon current account
do.
9,047
23,060
21,339
18,445
-9,353
9,361
7,483
4,339
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
],702
8,088
5,857
-1,070
-617
-453
-1,241
-805
-436
-1,028
-546
-482
-1,040
-592
-448
14,179 -12,365 -11,740
-773 -1,578
89
-932
-762
-977
-13,291 -10,830 -9,230
-4,736 -3,923 -2,047
-1,908 -1,047
-567
-1,440
-468
-480
-10,269
-407
-1,340
-8,522
-3,081
-1,126
-636
-490
-1,243 -1,277
-763
-787
-480
-490
7,590
3,819
3,771
1,472
7,914
4,017
3,897
1,086
8,932
3,070
5,862
999
12,534
7,166
5,367
790
2,490
5,451
-2,962
14,064
7,884
6,180
••927 -2,274
2,614
3,073
1,685
1,018
3,525
'1,600
'622
2,079
5,678
5,225
4,608
2,226
6,629
6,193
5,388
-1,351
2,731
2,249
1,703
-1,583
3,181
2,733
2,141
-2,816
2,227
1,759
319
-3,603
1,223
743
176
-7,025
-1,630
-2,120
-2,756
1,842
9,381
6,334
2,217
10,003
6,689
1,889
9,946
6,794
Nov.
-1,064 -1,282
-591
-778
-473
-504
-1,317 -1,267
-774
-781
-493
-536
-6,634
:-l,440
- 1,920
-2,683
-11,006
180
-1,494
-9,692
-2,363
18,095
15,760
2,336
812
406 14,612
-5,685 4,904
6,090 9,708
1,852 1,793
' -4,751 • 1,602 3,798
218
14,251
8,246
6,005
1,012
•-7,268
•-1,609
-2,099
•-2,886
20,065
15,543
4,522
450
-10,203
-5,903
-6,376
-6,967
-11,201
-5,576
-6,080
-6,858
Aug.
Sept.
-7,802
-1,785
-2,321
-3,102
-8,045
-2,557
-3,050
-3,824
Oct.
Nov.
1978
1977
Oct.
1,547
7,997
6,045
53,976 55,559
35,067 36,930
-16,235 1,334 -12,003 -6,615 -14,700 -15,036 -6,134
246
329
6
151
228
-388
-896 -1,176
-1,180
-795 -1,098
-949
8 .
-15,283
3 -11,214 -5,668 -13,862 -14,386 -5,287
-2,563 -2,177 -3,729 -3,113 -3,197 - 4,945 -3,948
6,177
2,851
3,326
1,369
31,130
10,585
12,516
15,292
48,221
30,664
-3,212 -2,973 -3,405 -3,332 -3,293 -3,281 -3,197 -3,601 -3,610 -4,185 -4,503 -5,420 -5,396
-4,275 -4,529 -4,728 -4,754 -4,987 -5,185 -5,337 -5,445 -5,401 -5,563 -5,796 -5,847 -6,033
2,774
-1,648
4,422
50,869
37,124
13,746
3,338
1,918
8,220
5,984
45,050
29,461
-33,066-34,131 -37,644 -39,268 -41,933 -43,068 -46,381 -47,716 -48,740 -50,953 -53,797 -55,761 -58,116
-24,483 -25,431 -28,352 -29,963 -32,418 -33,314 -36,502 -37,263 -38,277 -39,664 -41,865 -42,869 -44,975
-1,096 -1,1"" -1,159 -1,219 -1,235 -1,288 -1,344 -1,407 -1,451 -1,542 -1,632 -1,625 -1,712
-39,444 -50,608 -34,650 -5,108
-607 -2,530
-342
-231
-3,470 -4,213 -3,679
-745
-35,368 -43,865 -30,740 -4,021
-14,244 -11,614 -12,215 -1,495
.do..
...do..
do..
do_.
46,276 '47,131
30,629 31,009
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCEf
Seasonally adjusted, at annual rates:f
Total personal income
bil. $_. 1,380.9
Wage and salary disbursements, total
do
Commodity-producing industries, total.do...
Manufacturing. _
do..
Distributive industries
...do
890.1
307.5
237.5
216.4
Service industries.
do
Govt. and govt. enterprises
do..
Other labor income
do.
Proprietors'income:A
Farm
do...
Nonfarm
do.
Rental income of persons, with capital consumption adjustment
bil. $
Dividends
do
Personal interest income
do
Transfer payments.
do
Less personal contributions for social insurance__
bil. $
Total nonfarm income
do
178.6
187.6
77.0
18.4
70.2
1,529.0 1,577.0 1,592.7 1,609.2 1,615.5 1,625.0 1,646.3 1,669.4 1,682.1 1,695.7
22.5
37.9
126.3
193.9
55.5
1,349.5
1,719.2 '1,731.1 '1,744.7 1,767.2 1,784.5
983.6 1,014.1 1,022.3 1,027.3 1,038.3 1,047.4 1, 066.6 1,083.9 1,088.4 1,098.4 1,108.2 1,111.3 1,120.1 1,136.7 1., 148.4
410.9
390.9
386.2
395.4 395.7 r 398.2 ' 404.5
343.7
359.0
354.8
358.3
358.2
364.4 374.3 383.9
313.9
301.0 r 303.6 '308.7
298.1
301.6
295.9
281.9
266.3
277.1
280.5
286.5 292.4 294.3
274.2
279.9
271.0 r 274.1 ' 277.6
268.3
266.1
253.3
256.2 261.3
264.9
247.4
249.5
239.1
245.6
235.3
224.3
227.2 228.0 230.3 '233.6
219.0 222.2 222.0
215.1
200.1
215.3
206.9
208.3
210.3
222.3
216.7 217.5 ' 221.0
214.9
215.8
213.9
212.0
213.0
211.6
210.6
200.8
206.8
208.4
209.2
111.8
110.4
109.1
107.9
105.4
106.7
104.0
100.0
101.3
102.7
98.7
94.8
96.1
97.3
90.4
20.2
79.5
22.1
81.4
24.6
82.2
28.5
83.2
25.6
82.0
21.5
83.0
18.6
84.4
22.0
85.5
24.8
86.1
22.5
43.7
141.2
208.8
22.4
45.1
145.3
214.2
22.6
45. 5
145. 5
216.5
22.9
48.3
147.3
217.2
23.0
46.8
149.6
218.1
22.8
47.0
151.4
219.0
22.6
47.2
153.3
220. 3
22.3
47.4
154.8
219.7
22.1
48.0
156.5
221.3
25.3
86.7
24.9
90.1
24.0
88.4
24.3
22.1
24.3
50.3
49.0
49.2
157.6 ' 159. 6 '161.9
220.8
229.0 230.8
69.6
70.3
69.0
68.0
68.9
67.0
62.4
66.5
61.0
62.8
62.6
1,494.4 1,540.1 1,553.1 1,565.5 1,574.7 1,588. 3 1,612. 5 1,631.9 1,641.8 1,654.7 1,679.0
27.3
'91.5
28.7
92.0
24.3
24.2
50.7
51.1
' 163.6 '165.2
' 231.5 '232.2
24.4
51.6
166.6
233.1
26.0
'90.2
72.1
70.8 '71.5
70.4
1,690.3 1,702.6 '1,723.6 1L, 739. 2
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments, totalf...
mil. $..
Farm marketings and CCC loans, total... do
Crops.
do...
Livestock and products, total 9
.do.
Dairy products
_
do
Meat animals
do
Poultry and eggs.
ZIIII11IIIIII IZI<a.oI IZI
Indexes of cash receipts from marketings and CCC
loans, unadjusted:t
All commodities
1967=100
Crops
___
do
Livestock and products
.do
95,060
94,326
47,937
46 389
11,425
27 188
7)192
220
260
190
'96,889 '11,453
195,025 '11,367
47,572 '6824
147,453 ' 4,543
979
111,782
2,812
127,909
619
17,207
1
222
258
195
307
424
219
10,573
9,883
7,377
7,730
8,403
7,417
10,457
7,991 10,229
3,257 '5,414
4,734 '4,815
1,011
1,051
3,160
2,910
556
728
12,800
7,200
5,600
254
282
233
'262
'293
'238
360
468
278
127
150
110
129
149
114
172
239
124
2,492
7,256
2,402
4,854
1,064
3,098
7,079
2,429
4,750
1,076
2,883
652
640
7,580
2,686
4,794
1,108
3,161
571
8,339
3,571
4,768
1,046
2,973
697
7,342
3,680
3,662
1,058
1,764
791
192
181
201
205
178
226
199
156
232
217
181
244
235
232
235
206
240
180
10,469
6,356
4,113
959
2,528
587
8,853
4,725
4,128
1,007
2,480
584
8,807
4,877
3,930
1,008
2,336
543
6,873
2,858
4,015
293
414
202
248
308
203
240
297
197
Indexes of volume of farm marketings, unadjusted:!
All commodities.
.1967=100..
121
124
'181
139
169
PPS——
...do..:]
134
138
'250
238
172
i
l
l
113
'132
120
116
Livestock and products
do
ise
Pp
liminar
™£M
,?\
/f
y - A * Reported annual total; revisions are not reflected in the
monthly data.
a Less than $500,000(±).
fSee corresponding note on p. S-l.
AlncJudes inventory valuation and capital consumption adjustments.
JSeries revised begin-
7,407
9,162
944
538
110
102
96
101
100
133
113
86
75
86
98
172
109
113
111
111
103
106
ning 1973; revisions for periods prior toMay 1976 are
Economic Research Service.
9 Includes data for items not shown separately.
113
124
104
available
from the U.S. Dept. of Agr.,
December 1978
SUEVEY OF CUERENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Oct.
Annual
1978
1977
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.p
Nov.1
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONS
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index-...
By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods.._
Nondurable consumer goods
Equipment
Intermediate products
Materials
By industry groupings:
Mining and utilities
129.8
137.1
142.7
139.5
134.9
134.8
139.6
141.4
144.2
144.2
148.8
141.9 ' 146.9
151.8
152.4
149.8
do
...do
do
do
.do
do
do
do
129.3
127.2
136.2
141.4
134.1
114.6
137.2
130.6
137.1
134.9
143.4
153.1
139. 6
123.2
145.1
136.9
144.3
142.0
152.4
168.1
146.2
127.7
152.7
140.5
139.5
136.9
144.4
157.6
139.1
126. 6
149.0
139.4
133.8
131.1
135.8
144.4
132.4
124.6
144.1
136.5
133.5
131.0
136.7
142.7
134.3
123.1
142.5
137.0
139.0
136.6
143.4
155.7
138.5
127.1
148.0
140.6
141.0
138.6
145.3
162.4
138.4
129.3
150. 3
142.1
143.2
140.7
148.4
169.7
140.0
130.1
152. 6
146.1
142.1
138.9
145.2
163.7
137.7
130.4
153.8
147.0
148.2
145.1
152.1
167.6
146.0
135.6
159.9
149.7
141.7
138.2
142.5
143.9
142.0
132.2
154.8
142.2
147.0
143.4
149.7
146.7
150.9
134.6
160.3
146.8
153.2
150.4
158.2
166.0
155.0
139.8
163.6
149.7
152.5
149.8
157.2
174.1
150.6
139.6
162.5
152.0
148.8
145.8
150.6
165.7
144.6
139.2
159.8
151.4
...do.
131.6
136.2
134.1
132.9
135.0
142.0
139.9
136.3
137.0
142.4
145.5
147.2
144.2
141.7
141.8
133.9
142.8
127.8
139.6
148.7
133.2
142.1
150.5
136.3
145.1
153.3
139.5
145.1
153.5
139.2
149.7
159.3
143.0
141.2
150.3
135.1
146.9
160.3
137.7
152.8
163.7
145.3
154.0
163.4
147.5
150.8
158.8
145.4
1967=100..
.
Manufacturing
Nondurable manufactures
Durable manufactures
do.
do.
do.
129.5
140.9
121.7
137.1
148.1
129. 5
144.1
155.8
136.0
140.3
151.0
132.9
134.8
143.0
129.2
1967=100..
129.8
137.1
138.9
139.3
139.7
138.8
139.2
140.9
143.2
143.9
144.9
146.1
147.1
147.7
148.5
149.5
129.3
127.2
136.2
137.1
134.9
143.4
138.9
136.5
144.9
139.5
137.0
145.2
140.3
137.6
145.8
138.5
134.9
141.8
139.6
136.4
143.8
141.6
138.9
145.9
143.0
140.5
147.5
143.1
140.5
147.0
144.0
141.1
147.0
145.0
142.2
147.7
146.2
143.3
148.4
146.6
143.8
148.9
147.3
144.5
149.8
148.2
145.3
150.6
141.4
154.8
149.8
132.0
167.6
153.1
174.2
169.2
148.4
186.8
156.8
179.4
176.1
154.3
187.6
155.2
173.6
167.6
147.5
188.7
155.8
172.4
165.5
143.6
190.4
146.5
157.5
145.5
127.4
187.8
151.2
162.8
153.9
131.5
185.3
157.5
175.8
171.0
149.7
188.5
161.8
184.3
182.7
159.1
188.2
160.2
180.0
175.6
151.6
191.5
160.6
179.9
174.3
149.8
193.9
160.9
182.2
176.7
152.7
196.1
161.5
182.1
175.6
151.1
198.0
160.2
178 3
170.0
144.4
199.8
162.6
186.9
182.3
155.0
198.6
163.3
190.3
186.9
159.9
199.5
133.9
114.6
144.1
141.3
127.3
152.2
144.2
128.6
160.5
145.0
131.4
160.0
146.6
132.8
161.5
140.3
116.1
159.1
144.6
133.3
160.2
147.2
135.4
159.3
149.2
142.2
158.9
148.9
138.3
163.4
149.7
139.0
166.0
148.9
133.7
168.5
150.0
133.9
167. 9
150.0
134.4
168.8
149.0
130.8
169.0
148.1
127.6
134.1
124.0
136.9
130.7
144.1
139.6
125.2
143.6
135.5
152.9
140.1
128.0
143.5
135.2
153.4
141.2
126.4
145.3
136.7
155.1
141.8
126.9
145.9
137.9
155.2
139.9
118.3
145.9
136.5
156.6
140.8
121.1
146.3
138.3
155.8
141.3
122.4
146.4
138.7
155.3
141.8
124.9
146.6
140.8
153.3
141.7
125.4
146.2
139.9
153.4
141.6
124.8
146.3
139.0
154.8
142.4
125.1
147.3
140.2
155.5
143.1
126.6
• 147.8
140.8
• 155.9
144.3
128.9
148.7
141.4
157.2
144.7
145.6
149.1
141.1
158.3
~156X
114.6
136.3
128.0
177.7
106.5
123.2
149.2
138.5
202.5
113.9
125.0
152.6
141.8
205.7
118.5
125.8
153.5
142.6
206.7
118.7
126.2
154.0
143.0
208.3
118.2
125.4
152.6
144.3
211.1
118.8
126.2
154.2
144.6
214.9
117.7
129.1
157.4
146. 9
221.7
118.3
130.8
159.3
147.8
225.1
119.0
131.6
160.2
149.7
226.0
121.3
133.0
161.8
150.9
227.3
122.8
134.7
163.8
151.9
228.9
122.6
• 136. 3
165.4
•152.8
• 228.1
123.9
136.7
166.0
153.1
226.9
124. 7
137.2
166.9
153.6
226.4
125.8
137.9
168.1
154.3
227.0
126.5
145.8
173.5
104.1
161.6
191.6
117.8
165.1
195.4
122.3
165.9
197.4
118.9
166.9
198.8
121.1
162.2
198.5
111.1
165.5
200.9
115.9
169.4
202.0
126.1
172.6
203.8
133.7
172.3
204.2
132.2
174.4
206.9
132.3
177.5
210.6
134.9
• 179.9
212.2
138.5
180. 8
214.1
138.3
182.0
214.5
140.9
183.8
216.5
141.7
78.4
79.6
78.9
79.3
79.5
79.7
81.9
82.9
84.6
85.9
'87.1
'87.3
87.3
87.3
152.1
148.5
155.6
152.6
150.4
155.0
154.7
152.1
157.0
155.6
153.5
157.6
• 156.4
154. 7
• 158. 2
157.4
156.7
158.1
158.6
157.9
150.5
152.8
145.5
165.5
164.3
169.5
128.3
151.6
154.0
146.6
166.5
164.7
169.6
129.4
Seasonally Adjusted
Total index..
By market groupings:
Products, total
...do..
Final products
do._
Consumer goods.
do..
Durable consumer goods
.do..
Automotive products
do..
Autos and utility vehicles
do_.
Autos
do..
Auto parts and allied goods
do..
Home goods
do..
Appliances, air cond., and TV...do._
Carpeting and furniture
do_.
Nondurable consumer goods
do..
Clothing
do..
Consumer staples
...do._
Consumer foods and tobacco
do..
Nonfood staples
.do..
Eouipment
do.
r_
Business equipment
do.
Industrial equipment 9
do.
Building and mining equipment-do.
Manufacturing equipment
do.
Commercial, transit, farm eq. 9 __.do.
Commercial equipment
do.
Transit equipment
do.
Defense and space equipment
do.
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
.
do.
do.
do.
do.
do.
do.
do.
.do.
do.
.do.
137.2
132.6
141.8
145.1
140.8
149.5
147.8
144.9
150.5
148.4
146.5
150.1
150.4
148.3
152.6
151.6
149.2
153.8
151.4
148.6
154.2
151.4
147.9
155.0
130.6
126.8
121.6
133.9
146.3
151.1
120.2
136.9
134. 5
132.0
143.1
153.5
158.3
122.4
138.9
137.1
135.4
147.6
154.4
160.0
124.0
139.0
137.2
136. 5
147.2
155.4
159.3
123.0
138.8
138.7
135.7
149.2
155.3
159.3
118.7
139.2
138.2
133.0
148.7
155.0
160.7
122.2
138.6
137.0
131.1
146.6
158.5
162.8
117.7
139.9
138.6
133.1
151.3
160.5
165.7
117.5
143.7
142.7
136.8
154.8
162.0
166.4
123.9
145.1
143.9
137.9
155.8
163.5
167.9
125.2
146.4
145.4
138.7
157.4
164.1
168.8
127.5
147.9
148.7
142.0
161.7
162.5
168.3
127.9
• 148.6
• 150.4
142.2
162.9
• 162. 7
• 167. 0
• 127. 0
156.8
155. 7
158.1
149.5
151.8
144.8
164.6
163.8
169. 2
126.3
do.
do.
do
do.
do.
do.
do.
do.
131.6
114.2
122.8
117.2
136.2
117.8
105.4
118.0
135.8
119.6
80.0
141.4
135. 5
118.8
84.8
140.6
133.9
113.4
104.3
74.6
137.4
115.0
121.4
54.8
137.7
114.4
119.9
56.5
138.2
119.3
127.6
78.4
140.9
127.2
122.3
129.5
140.9
126.7
120.0
131.7
142.5
128.0
121.1
136.4
142.6
127.1
117.0
131.7
142.5
126.0
117.9
124.9
141.8
124.3
116.0
114.7
143.9
127.9
121.5
145.5
144.3
128.2
148.9
112.0
92.2
109.5
118.3
118.0
92.4
110.4
124.9
119.4
94.4
108.5
128.1
117.8
92.9
107.1
127.2
118.4
93.4
109. 6
126.5
121.1
96.9
108.8
130.0
120.4
92.7
108.7
129.1
123.3
94.0
109.9
128.2
127.3
99.4
107.6
128.9
126.3
95.4
112.2
130.1
127.1
97.3
113.2
130.7
126.8
97.8
112.6
131.3
126. 2
'97.7
125.3
'97.4
124.9
97.1
124.7
131.6
133. 0
133.3
do
do.
do.
do.
do.
do.
do.
do.
_do.
do.
do.
do.
.do.
do.
.do.
151.0
167.6
156.5
175.6
154.0
173.6
154. 2
173.3
156.7
175.9
162.3
183.6
163. 5
184.3
156.0
175.0
157.0
177.1
158.6
180.1
159.9
182.1
160.8
183.2
161.2
183.3
161.6
162.1
129.5
140.9
132.3
111.2
113.8
156.7
137.1
148.1
137.9
114.0
117.4
167.6
139.4
149.6
137.3
112.0
118.9
168.1
139.9
150.1
139.4
114.8
119.9
168.4
140.5
150.
140.4
111.6
119.2
167.6
138.7
149.8
139.3
109.2
119.0
174.5
139.4
150.6
140.8
117.9
118.7
176.0
159.5
178.8
141.4
151.4
141.1
113.8
119.7
172.6
143.5
153.2
143.1
116.1
119.8
181.1
144.3
154.0
142.8
113.6
118.9
177.8
145.5
154. 9
141.8
111.4
119.4
175.7
146.7
155.0
142.9
115.2
119.8
185.3
147.6
155. 6
' 144.0
115.2
120.6
' 186. 7
148.5
156. 6
144. 2
113.4
121.5
184.3
149.3
157.0
143.
112.8
122.5
184.1
150.3
157.8
117.9
136.4
122.2
133.0
114.3
137.1
124.2
137.4
113.8
142.4
129.0
137.9
117. 5
141.6
125.1
137.8
120.6
143.7
125. 8
138.6
113.4
137.1
118.6
139.9
117.7
136.4
121.1
143.9
115.6
135.1
122.8
144.9
121.0
138.1
126.1
145.7
120.2
138.5
125.8
146.6
122.7
140.4
126.8
148.0
120.8
141.0
124.5
140.5
118.6
139. 5
' 127. 2
• 141.9
120.6
142.0
130.7
142. 7
144.9
147.2
131.2
193.9
173.0
131.6
145.6
262.0
72.7
145.8
262.0
72.7
127.5
183.0
164.1
129.9
184.4
165.1
128.3
183.7
163.0
129.1
185.2
167.3
128.6
185. 5
171.0
128.2
188.1
174.9
128.7
191.1
178.7
130.3
192.3
174.5
• 129.5
• 192. 2
177.3
131.0
192.8
176.5
140.
139.3
141.0
141.4
133.1
Petroleum products
do..
240.
236.3
232.2
Rubber and plastics products
..do
200.2
238.
77. 3
77.0
75.3
Leather and products
do...
80.9
75.3
77.0
78.1
80.9
""Revised. v Preliminary. i Estimated.
& Monthly revisions back to 1967 will be
shown later; effective Sept. 1977 SURVEY, indexes revised to reflect more up-to-date information.
9 Includes data for items not shown separately.
139.7
238.7
74.5
139.0
240.0
73.0
140.1
243.1
72.1
141.7
249.1
76.0
143.4
252. 7
75. 7
142.8
255. 5
75.1
144.3
259.1
74.5
• 144.1
• 261.1
145.4
263.3
'73.1
120.6
169.3
158.6
124.7
180.7
165. 3
125.7
182.3
163.9
126. 2
183.1
164.3
74.0
NOTE FOR P. S-5:
O Revised back to Jan. 1975 to reflect corrections in reporting errors in the machinery industry, and corrections in classifications in the aircraft and machinery industries; revisions
prior to Apr. 1976 are available from the Bur. of the Census. Wash., D.C. 20233.
CUKKENT BUSINESS
December 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1976
S-5
1977
Oct.
Annual
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. v
Nov.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION J— 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
Furniture and
fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products
Nonferrous metals.
Fabricated metal products
Nonelectrical machinery
Electrical machinery
121.7
72.7
125.1
105.8
129.5
73.9
133.4
110.6
132.4
74.4
135.7
115.7
132.7
74.1
137.5
103.7
133.4
73.8
138.1
119.6
131.1
72.3
138.5
109.6
131.5
71.2
135.5
108.9
134.4
72.7
136.5
103.7
136.9
73.0
136.9
109.9
137.6
74.3
136.5
106.0
139.0
74.7
138.7
110.6
141.1
75.2
138.1
112.8
142.2
"75.2
136.9
106.4
142.9
- 74.4
• 139.2
113.6
144.1
74.4
140.4
132.7
137.1
108.9
104.9
100.7
108.9
115.9
140.9
146.1
110.2
103.4
97.4
105.3
122.4
146.6
148.0
113.5
107.7
99.1
110.4
123.6
146.0
152.8
111.2
104.3
95.7
104.2
123.5
146.6
152.1
111.0
103.8
94.7
105.7
123.3
146.4
152.2
107.4
99.5
91.4
104.9
121.7
150.1
152.6
106.2
96.3
89.7
98.0
124.0
149.5
154.2
106.1
96.4
88.2
99.8
123.9
148.9
156.7
114.3
109.0
97.4
116.9
124.7
152.8
157.9
115.5
110.5
104.7
118.1
124.8
156.2
159.8
117.5
114.5
109.4
122.9
123.2
158.1
158.8
123.0
119.0
110.5
133.6
129.5
•
•
•
•
• 160.3
• 160.9
• 127. 8
' 123.0
115.2
' 129. 0
' 136.9
160.2
161.6
128.4
123.7
115.9
130.4
135.7
123.3
135.0
131.6
130.9
144.8
141.9
133.8
148.9
144.2
135.8
149.7
146.0
136.4
151.7
147.3
136.9
150.1
144.0
136.9
150.1
146.4
138.1
151.5
149.5
139.5
152.2
152.3
140.4
152.9
152.9
142.3
154.6
154.1
144.0 ' 145.8 'r 146. 3
156.1 r 157.3
158.7
157.9
156.9 r 158.3
146.6
160.3
158.3
147. 5
161. 7
110.6
140.7
82.2
121.1
159.7
84.7
124.3
168.4
82.8
122.0
163.0
83.3
122.2
161.8
84.9
116.2
146.6
87.6
118.4
153.1
85.8
126.5
165.1
90.1
130.5
171.7
91.8
130.1
168.3
93.9
130.4
167.7
95.0
1S2.1
169.7
96.5
133.4 r 132. 9
171.0 r 168.9
98.3
r
98. 9
172.2 r 175.4
' 174.6
137.2
177.1
99.7
139.1
170.9
175.0
169.8
170.5
163.4
164.7
163.1
168.7
162.2
163.5
159.1
148.2
Instruments
-__do_
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t 0 A - - .mil. $~ 2,409,117 2,685,519 234,033 232,197 141,801 209,707 224,582 251,459 250,018 257, 761 265,651 240,107 261,407 262, 212 271,250
Mfg. and trade sales (seas, adj.), total t© A - - d o — 22,409,117 22,685,519 228,450 231, 550 ;7, 017 230, 294 238,165 242, 627 250, 606 251, 869 252, 639 250, 853 258,306 258,311 264,386
175 7
1967=100.
do..do...
do__.
do_.
_.do_.
do..
do_.
do..
do.
do..
do..
do..
do..
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
do..
do..
do.
Manufacturing, total t©
Durable goods industries
Nondurable goods industries
Retail trade, totalA
Durable goods storesA
Nondurable goods stores
do
do
do
do..
do..
do..
U,185,716 21,335,072 114,091 114,342
608,363 699,193 60,316 60,228
577,353 635,879 53,775 54,114
2 642,507 2 708,344 60, 720 61, 650
210,530 238,815 20, 835 20, 795
431,977 469,529 39,883 40,855
.7,938 114,322 118,982 121,101 124, 537
32,130 59,973 63,077 64,457 66,493
55,808 54,349 56,905 56,644 58,044
61, 813 59, 987 61,548 62,649 63, 917
20, 674 19, 914 20,445 20, 897 21, 807
41,139 40,073 41,103 41,752 42,110
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do..
do..
do..
2 580,894 ! 642,104 53,639 55,558
246,732 285,605 24, 997 25,601
334,162 356,498 28,642 29,957
57,266
26,488
30,778
55,985
25,568
30,417
57,635
26,976
30,659
58,877 62,152
27,466 28,974
31,411 33,17
159. 0
159.5
126.0
120. 9
114.7
123.1
" 137.5
123, 566 124,839 123,039 127,871
65,417 66,293 64,847 68,684
58,149 58,546 58,192 59,187
145.1
73.9
129.4
159 1
179 5
100.9
127,919 130,1,433
68,916 70, 223
59,003 60, 210
64, 292 64, 565 64, 343
21, 821 22,092 21, 844
42,471 42, 473 42,571
65,862
22,908
42,954
66,347
22,812
43,535
67,225
23,339
43,886
64,011 63, 235 63,190
28,692 28, 738 29,889
35,319 34,497 33,301
64,573
30,072
34,501
64,045
29,763
34,282
66,728
30,854
35,874
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), total t/^©
mil. $~ 308,601 333,821
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total fA©
mil. $_.
334,785
Manufacturing, totalt©
Durable goods industries
Nondurable goods industries
do___.
do—
do.....
Retail trade, totalA
..
Durable goods stores
Nondurable goods stores
do.__.
do—
do—
Merchant wholesalers, totalA
Durable goods establishments
Nondurable goods establishments
do..
do..
do_
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, totalf©A
ratio.
Manufacturing, totalt©
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 storesA
Nondurable goods stores.
332,444 337,922 333,821 337,433 341,939 349,204 352,432 354,647 354,157 355, 639
357,587 361,389 370,396
134,785 337,676 340,396 345,839 350,545 354,226 356, 920 359, 301
362,815 364,747 367,924
330,832 333,186
194, 063 195,024
169,886 179,714 179,301 179,840 .79,714 180,977 182,393 183,860 185,715 187,689 189,557 191,167 192,882
126,176 127,060
108,968 115,424 114,448 115,212 15,424 116,278 117,511 118,725 119,848 121,471 122,688 123, 830 125,206
67,676
•
67,887 67,964
67,
337
60,918 64,290 64,853 64,628 64,290 64,699 64,882 65,135 65,867 66,218 66,869
93,680
•
93,664 94,301
78,045 87,073 85,322 86,299 87,073 87,708 87,642 89,097 89,963 91,063 91,543 92, 470 42, 640 42,565
039
36,417 40,534 39,589 40,087 40,534 41,060 41,369 41,521 41,881 42,300 42,036 42, 359 51,040 • 51,099 43,
51, 262
41,628 46,539 45,733 46,212 46,539 46,648 46,273 47,576 48,082 48,763 49,507 50, 111
' 77,020 78,599
61,307 67,998 66, 209 67,047 67,998 68,991 70,361 72,882 74,867 75,474 75,820 75, 664 76,253
'
50,300 50,912
38,177 44,368 43,014 43,642 44,368 44,686 45,684 46,838 47,673 48,363 48,810 49, 577 50,101
r
26,152
26,720 27,687
23,130 23,630 23,195 23,405 23,630 24,305 24,677 26,044 27,194 27,111 27, 010
1.48
1.44
1.45
1.44
1.41
1.47
1.43
1.43
1.40
1.41
1.41
1.43
1.40
1.41
1.39
1.55
1.82
.59
.78
.46
1.52
1.83
.60
.77
.46
1.50
1.81
.58
.77
.45
do...
do_..
do...
do...
do__.
1.66
2.07
.69
.85
.52
1.58
1.93
.65
.78
.49
1.57
1.90
.65
.76
.49
1.5'
1.9
.64
.77
.50
1.52
1.86
.62
.75
.48
1.58
1.94
.64
.80
.51
1.53
1.86
.61
.77
.48
1.52
1.84
.60
.77
.48
1.49
1.80
.58
.76
.46
1.52
1.86
.60
.78
.47
1.52
1.85
.60
.78
.47
1.55
1.90
.61
.81
.48
do.
do.
do.
do.
1.23
.50
.19
.53
1.19
.48
.19
.53
1.21
.48
.19
.54
1.1!
.4"
.1
.54
1.15
.45
.18
.52
1.19
.46
.19
.54
1.16
.45
.18
.52
1.15
.45
.18
.52
1.13
.44
.18
.51
1.14
.44
.18
.52
1.14
.45
.18
.52
1.16
.45
.18
.53
1.14
.44
.17
.53
1.15
.44
.18
.53
1.13
.44
.18
.52
do
do
do
1.39
1.94
1.12
1.40
1.93
1.13
1.41
1.90
1.15
1.4C
1.9
1.41
1.96
1.13
1.46
2.06
1.16
1.42
2.02
1.13
1.42
1.99
1.14
1.41
1.92
1.14
1.42
1.94
1.15
1.42
1.90
1.17
1.44
1.94
1.18
1.42
1.86
1.19
1.41
r 1.87
1.17
1.40
1.84
1.17
1.18
1.18
1.20
1.20
1.19
1.20
1.18
1.24
1.22
1.2:
1.23
1.19
Merchant wholesalers, totalA
do
1.23
1.21
1.21
1.65
1.67
1.69
1.70
1.66
1.65
1.69
1.71
1.69
1.75
1.68
Durable goods establishments
do
1.
1.73
1.72
1.78
.77
.76
.78
.78
.82
.83
.77
.77
.80
.77
Nondurable goods establishments
do
.81
.79
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: O
Durable goods industries:
6,817
6,813
6,033
5,716
6,298 6,378 6,386 6,673
6,165
4,982
5,569
5,785
Unadjusted, total
mil. $.. 62,792 66,765 5,845
6,643
6,932
6,406
5,978 6,240 6,249 6,092
6,061
5,648
5,622
5,710
4,345
Seasonally adj., total
do.
135,820
1,185,716 1,335,072 118,946 114,188 111,358 105,437 119,337 125,225 127,014 125,144 131,727 114, 380 126,166 133,527
Shipments (not seas, adj.), totalf©
do
65,991 ' 71,888 73,500
608,363 699,193 63,287 59,834 58, 211 54,426 62,766 67,473 68,379 67,357 71,839 59,296
Durable goods industries, total 9t
do
4,081 * 4,039 4,154
3,581
2,772
2,692 3,072 3,449 3,706 3,809 4,039
3,174
2,991
30,637
Stone, clay, and glass products
do
35,274
9,131 10,110 r 10,643 10,915
9,957 10,252 10,086 10,609
8,347
8,305 9,515
8,755
8,484
93,005 103,340
Primary metals
do
5,039 r I, 283 5,431
4,678
5,366
5,102
5,105
4,167
4,172
4,898 5,100
4,321
4,223
46,687
51,519
Blast furnaces, steel mills
do
4,321
4,083 r 4,279
3,540
3,334
3,269 3,642 3,864 4,057 3,844 4,123
3,412
3,310
36,531
Nonferrous and other primary met
do
40,877
r
2
corresponding note on p. S-6. ©Mfrs. shipments, inventories and few orders were revised
Revised.
*
Preliminary.
i
Estimated.
Based
on
data
not
seasonally
adjusted.
8
back to 1958; revisions prior to Am;. 1977 are available from Bureau of the Census, Wash D O
Advance estimate; total Mfrs. shipments for Oct. 1978 do not reflect revisions for selected
202T*
ASee notes " T' and " t" on p S-12 for retail trade and note O" on p. S-ll for wnoiecomponents.
JSee note marked "c?" on p. S-4. §The term "business" here includes
sale trade
I"indudes data for Hems not shown separately.
OSee corresponding note
only manufacturing and trade; business inventories as shown on p. S-l cover data for all
on p. S-4.
types of producers, both farm and nonfann. Unadjusted data for manufacturing are shown
below on pp. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12. fSee
STJBVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
December 1978
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
'8,637
• 12,346
'9,026
• 16,958
' 11,290
' 2,890
8,628
12,408
9,061
17,921
12,764
2,885
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Shipments (not seas. adj.)f—Continued
Durable goods industriesf—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total? ©
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
mil. $_. 77,508
105,529
do
do
73,868
do
141,028
do
95,380
do
25,030
85,255
119,008
85,759
170,739
117,758
28,570
7,814
10,297
7,758
16,233
11,419
2,537
7,137
9,970
7,668
14,890
10,501
2,501
6,815
10,627
7,566
13,754
9,134
2,510
6,357
9,285
7,135
13,140
9,070
2,182
7,457
11,039
7,826
15,313
10,600
2,359
7,919
11,860
8,175
16,675
11,641
2,661
8,184
11,685
8,119
17,087
11,920
2,522
8,110
11,259
7,848
16,833
11,780
2,575
8,510
12,453
8,627
17,540
12,035
2,826
7,158
10,446
7,271
13,185
8,645
2,390
11,074
8,273
13,858
9,141
2,716
do_
do_
do_.
do_
577,353
180,933
8,786
36,387
635,879
191,887
9,589
40,821
55,659
16,751
779
3,705
54,354
16,545
841
3,608
53,147
16,494
889
3,437
51,011
15,338
789
3,216
56,571
17,487
800
3,562
57,752
17,694
876
3,691
58,635
17,539
903
3,912
57,787
17,778
835
3,743
59,888
18,204
1,003
3,818
55,084
16,983
821
3,100
60,175 r 61,639 62,320
18,209 ' 18,674 19,279
'939
968
1,007
3,744 '3,901
3,905
do_
do_
do_.
do _
48,219
104,142
82,347
31,762
52,368
113,891
95,656
36,955
4,404
9,400
8,295
3,310
4,313
9,175
8,137
3,119
4,282
9,161
8,346
4,229
9,366
8,005
2,820
4,666
10,309
8,151
3,260
4,775
11,010
8,019
3,400
4,759
11,434
8,207
3,462
4,803
11,841
8,273
3,306
5,066
11,161
8,721
3,491
4,592
9,605
8,679
3,001
5,007
10,241
8,926
3,544
114,091 114,342 117,938 114,322 118,982 121,101
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_.
'4,966 5,177
' 10,961 10,730
' 9,118 8,764
'3,522
3,653
124,537 123,566 124,839 123,106 127,871 '127,919 ISO, 433
60,316
2,951
8,690
4,383
3,354
60,228
2,986
8,794
4,384
3,440
62,130
3,223
9,166
4,639
3,552
59,973
3,136
8,776
4,163
3,677
63,077
3,341
9,591
4,932
64,457
3,396
9,310
4,683
3,680
66,493
3,657
9,824
4,968
3,834
65,417
3,710
9,628
4,942
3,640
66,293
3,710
9,860
5,062
3,786
65,222
3,644
9,905
5,030
68,684
3,791
10,346
5,064
4,267
do_.
do_.
do_.
do_.
do_.
do_.
7,406
10,280
7,371
14,896
10,225
2,406
7,296
10,390
7,502
14,527
10,052
2,431
7,419
10,670
7,640
14,906
10,334
2,485
7,003
10,051
7,831
14,420
9,688
2,397
7,582
10,778
7,713
15,176
10,490
2,441
7,848
10,964
7,979
15,676
8,013
11,364
8,119
16, 288
11, 291
2,569
7,880
11,091
7,929
15,971
11,138
2,602
7,899
11,425
8,167
15,887
10,803
2,674
7,539
11,454
8,071
15,510
10,670
2,579
8,174
8,241 8,200
11,831 12,062 ' 12,396
8,495 8,509 '8,615
16,324 16,738 16,490
11,237 11,012 11,477
2,744
2,714 '2,716
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_
53,775
16,094
781
3,486
4,303
9,387
8,368
3,163
54,114
16,326
821
3,513
4,345
9,626
8,160
3,197
55,808
16,844
884
3,600
4,558
10,104
8,299
3,270
54,349
16,100
836
3,535
4,424
10,223
8,080
3,086
55,905
17,343
840
3,583
4,593
10,093
7,953
3,219
56,644
17,747
898
3,486
4,719
10,277
8,158
3,226
58,044
17,775
928
3,976
4,750
10,537
8,239
3,314
58,149 158,546
18,015 17,844
960
821
3,606
3,697
4,815
4,796
10,433 10,719
8,590
8,443
3,283
3,235
57,884
17,599
824
3,639
4,861
10,399
8,600
3,258
59,187
18,122
921
3,706
4,859
10,188
8,863
3,515
93,402
227,918
156,878
111, 595
95,577
500,346
102,713 8,924
244,028 20,339
177,735 15,427
137,605 11,971
109,361 9,569
563,630 47,861
20,919
15,384
11,851
9,499
47,741
9,269
21,519 20,662
15,672 15,005
12,226 11,440
9,525
9,918
49,334 48,792
9,147
21,969
15,711
12,261
9,935
50,054
9,190
22,217
16,209
12,690
10,276
50,519
9,611
22,480
16,541
13,160
10, 653
52,092
22,554
16,300
12,917
10,651
51,749
9,532
22,545
16,968
12,563
10, 786
52,445
9,291
22,300
16,838
12,340
10,605
51,732
22,855
17,606
12,963
11,200
53,438
'9,820
22,658
18,277
12,856
11,062
53,246
40,624
178,160
151,511
26,649
45,015
205,263
173,723
31,540
3,941
17,824
15,216
2,608
4,010
17,860
15,174
2,686
4,184
18,208
15,525
2,683
3,911
17,974
15,296
2,678
3,951
18,459
15,690
2,769
4,296
18,978
16,095
2,883
4,369
19,536
16, 598
2,938
4,133
19,058
16,257
2,801
4,361
19,653
16,782
2,871
4,155
19,574
16,819
2,755
4,447
20,409
17,598
2,811
4,353 '4,544
21,290 20,799
18,357 18,065
2,933 '2,734
do
do
do
170,430
108,529
61,901
180,118 178,220 179,313 180,118 182,745 184,450 185,448 186,844 188,499 188,846 189,439 191,281 '191,876 193,769
114,862 113,338 114,185 114,862 116,835 118,704 119,969 120,963 122,540 122,891 123,160 124,430 124,903 125,854
65,256 64,882 65,128 65,256 65,910 65,746 65,479 65,881 65,959 65,955 66,279 66,851 • 66,972 67,915
Book value (seasonally adjusted), totalt
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met.do
169,886
179,714 179,301 179,840 179,714 180,977 182,393 183,860 185,715 187,689 189,557 191,167 192,882 194,063 195,024
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products__do
14,017
24,323
13,912
20,475
7,640
5,265
14,760 14,699
26,379 25,647
15,433 15,185
21,258 21,095
7,851 7,877
5,727 5,709
14,756
25,852
15,240
21,431
8,138
5,733
14,760
26, 379
15,433
21,258
7,851
5,727
14,849
26,731
15,539
21,443
8,128
5,820
15,225
26,924
15,703
21,867
8,022
5,950
15,573
27,400
16,023
22,127
8,019
6,087
15,874 15,992
27, 757 28,279
16,188 16,445
22,264 22,743
7,919 8,037
6,104 6,140
16,130
28, 766
16,628
22,784
8,003
6,203
16,313
29,062
16,758
23,010
7,828
6,199
16,425
29,374
16,860
23,400
8,232
6,282
• 16,374
• 29,707
• 17,023
«• 23,614
'8,500
do
do
do
do
do
36,540
7,222
6,949
4,105
5,625
38,719
7,141
7,345
4,520
6,733
39,011
7,312
7,177
4,473
6,901
38,793
7,256
7,173
4,435
6,788
38,719
7,141
7,345
4,520
6,733
38,177
6,711
7,329
4,440
6,810
38,535
6,603
7,371
4,528
6,971
38,547
6,393
7,497
4,581
6,782
38,794
6,371
7,703
4,630
6,730
39,484
6,427
7,897
4,729
6,822
39,667
6,444
8,012
4,819
6,736
39,727
6,394
8,155
4,873
6,541
40,343
6,587
8,175
4,872
6,763
41,133 40,699
' 6,554 6,495
8,601
'8,412
' 4,979 4,948
' 7,122 6,565
Work in process 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do.
do.
do_.
do_.
do_
44,735
6,036
10,610
6,152
12,262
46,864
5,760
11,803
6,835
11,655
45,996 46,515
47,785 48,696
5,919
5,845 5,760 5,880 5,871
11,387 11,517* 11,803 12,040 12,111
6,750 6,821
6,835 7,000 7,151
11,354 11,636 11,655 11, 699 12,065
49,491
5,690
12,457
7,259
12,266
50,330 50,966
5,801 5,740
12,487 12,723
7,365 7,410
12, 674 13,018
51,684
5,814
13,048
7,452
13,126
52,763
5,998
13,102
7,
53,296 53,375 54,412
6,025 ' 6,155 6,240
13,374 13,556 13,692
7,557 '7,645 7,700
13,722 13,506 14,029
Finished goods 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
do
do
do
do
do
27,693
4,441
6,764
3,655
2,588
29,843
4,878
7,231
4,079
2,870
29,441
4,844
7,083
3,962
2,840
30,280
4,711
7,442
4,024
2,831
30,687
4,745
7,446
4,183
3,079
30, 724
4,768
7,567
4,193
2,860
31,021
4,893
7,659
4,306
2,903
31,337
4,951
7,706
4,357
2,922
31,340
4,943
7,805
4,429
2,771
31,567
4,934
7,825
4,431
2,915
31,668 31,949
' 4,969 5,006
' 7,739 7,818
4,306
'4,399
' 2,986 2,923
64,699 64,882
15,755 15, 690
3,427 3,419
5,432 5,450
5,588 5,632
14,167 14,225
6,016
5,986
4,356 4,419
65,135
15,968
3,405
5,445
5,664
14,426
5,591
4,401
65,867
16,168
3,465
5,394
5,687
14, 743
5,576
4,445
66,218
16,436
3,477
5,433
5,798
14,763
5,302
4,498
16,643
3,501
5,475
5,869
14,861
5,397
4,521
67,337
16,525
3,385
5,542
5,939
15,054
5,530
4,521
67,676
16,674
3,359
5,554
5,816
15,182
5,512
4,581
67,887
16,895
'3,481
'5,601
'5,855
15,317
'5,406
4,561
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
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:
urables
do_.
Household du
Capital goods industries
do_.
Nondefense
do_.
Defense
do_.
Inventories, end of year or month:f
Book value (unadjusted), totalf
Durable goods industries, total
Nondurable goods industries, total
By stage of fabrication :f
Materials and supplies 9
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
'59,003 60,210
' 17,853 18,528
'933
1,010
'3,657
'4,812
5,070
' 10,450 10,706
' 9,040 8,819
'3,426
3,493
9,997
23,239
18,046
13,368
11,346
54,437
115,424 114,448 115,212 115,424 116,278 117,511 118,725 119,848 121,471 122,688 123,830 125,206 126,176 127,060
4,361 4,259 4,416 4,510
4,570
4,688 4,740 4,776
4,606
4,518
4,569
3,991
4,530
4,259 4,243
17,699
17, 779 18,075 17,977 17,779 17,555 17,185 16,828 16,940 17,060 17,209 17,335 17,546 17,678 17,741
9,782
9,500
8,879
9,089
10,176
10,062
8,978
9,384
10,160
9,126
' 9,523 9,625
9,782
8,824
8,721
6,974
6,912
6,728
6,739 6,826 6,891
7,000
6,953 '6,931
6,912
6,490
6,901
6,893
29,906
4,876
7,163
3,985
3,007
29,843
4,878
7,231
4,079
2,870
Nondurable goods industries, total 9 - - d o
60,918 64,290 64,853 64, 628 64,290
Food and kindred products
do
15,495 15,575 16,402 16,001 15,575
3,514 3,534 3,524
Tobacco products
do
3,446
3,524
5,303 5,288 5,294
Textile mill products
do
5,109
5,294
5,639
5,658 5,622
Paper and allied products
do
5,218
5,622
Chemicals and allied products
do
12,965 14,134 14,109 14,134 14,134
5,927
6,050
5,992
Petroleum and coal products
do
5,129
5,992
Rubber and plastics products
do
3,969
4,281 4,268 4,226 4,281
By stage of fabrication:!
Materials and supplies
do
24,945 25,102 25,623 25,297
25, 297 25,102
Work in process
do
9,557
10,116 10,178 10,165
10.165 10,116
Finished goods.
do____ 26,416 29,071 29,054 29,166
29.166 29,071
' Revised
i Advance estimate; total mfrs. shipments for Oct. 1978 do not reflect revisions for selected components.
t Revised series. Data revised back to Jan. 1958 to reflect
(1) benchmarking of shipments and inventories data to the 1974,1975, and 1976 Annual Surveys of Manufactures, (2) recalculation of new orders estimates, and (3) updating of the seasonal factors. A detailed description of this revison and historical data appear in report M3-1.7,
2,6
68,916 ' 70,223
' 3,725 3,864
10,241 ' 10,857
5,154 5,519
'4,036 4,253
30,316
4,964
7,362
4,099
2,934
16,707
30, 111
16,954
23,517
7,795
6,489
67,964
3,539
5,693
5,843
15,238
5,475
4,538
25,190 25,332 25,730 25, 742 25,825 26, 314 26,145 26,024 26,108 26,243
10,145 10,258 10,208 10,352 10,354 10, 277 10,348 10,352 10,484 10,599
29,364 29,292 29,197 29, 773 30,039 30,278 30,844 31,300 31,295 31,122
"Manufacturers' Shipments, Inventories, and Orders: 1958-1977," available for $2.45 from the
Bureau of the Census, Washington, D.C. 20233. Data back to Jan. 1958 for mfg. and trade sales
and inventories and inventory-sales ratios appear on p. 34ff. of the May 1978 Survey.
*°~"
corresponding note on p. S-5.
9 Includes data for items not shown separately.
SURVEY OF CURKENT BUSINESS
December 1978
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Annual
S-7
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Inventories, end of year or month f—Continued
Book value (seasonally adjusted)—Continued
By market category:!
Home goods and apparel
mil. $__
Consumer staples
do
Equip, and defense prod., excl. auto
do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
New orders, net (not seas, adj.), total fA
Durable goods industries, total
Nondurable goods industries, total A
14,783
22,933
39,574
9,718
14, 270
15,340
23,942
42,836
10,108
14,935
72,553
15,193 15,340 15,738
24,393 23,942 24,092
42,155 42,836 42,971
10,114 10,308 10,108 10,377
14,937 15,046 14,935 15,203
72,700 72,745 72,553 72,596
15,848
23,902
43,869
10,276
15,720
72,778
15,947
24,157
44,645
10,256
15,853
73,002
16,066
24,621
45,228
10,129
16,059
73,612
16,183
24,928
46,155
10,297
16,091
73,035
16,276
25,407
46,761
10,265
16, 293
74,555
16,707
25,366
47,339
10,106
16,299
75,350
16,859 16,887
25,511 25,919
47,790 48,255
10,510 10,751
16,372 16,503
75,840 75,748
7,260
43,056
36,720
6,336
7,771 7,808 7,758 7,771 8,026
46,677 45,546 45, 926 46,677 46,966
40,294 39,389 39,663 40,294 40,512
6,383 6,157 6,263 6,383 6,454
8,053
47, 824
41,188
6,636
8,116
48, 772
42,151
6,621
8,188
49,518
42,780
6,738
8,301
50,512
43,610
6,863
8,307
51,399
44,583
6,816
8,574
52,112
45,227
6,885
8,635
52, 620
45,743
6,877
do
1,189,604 ,354,099 122,435 116,122 114,989 109,532 123,022 129,668
do
611,963 717,537 66,699 61,767 61,797 58,172 66,343 71,712
d o — 577,641 636,562 55, 736 54,355 53,192 51,360 56,679 57,956
71,890
59,009
128,665 134,171 117,023 129,873 136,229 143,408
70,723 74,237 61,702 69,713 •74,520 81,059
57,942 59,934 55,321 60,160 •61,709 62,349
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
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do..
do_.
do_.
do..
do_.
Nondurable goods industries, total A
do
Industries with unfilled orders©
do
Industries without unfilled ordersifA- -do
By market category:!
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
15,264
24,503
41,783
2
l,189,604 1,354,099 117,331 117,024 122,128 117.899
611,963
94,226
47,396
37,377
717,537 63,556
105,968 8,696
53,394 4,359
41, 360 3,376
62,821 66,165
9,268 9,347
4,766 4,609
3,501 3,746
63,335
9,857
4,938
3,940
16,656
25,877
49,098
10,047
16,786
76,560
' 8,678 8,579
•53,007 54,054
•46,246 47,095
'6,761
6,959
122,544 125,801 128,175 128,450 127,580 123,279 130,952 ••131,840 137,443
66,681 69,016 70,033 70,045 68,840 65,187 71,582 72,645 '77,297
9,946 10,228 10,308 10,754 10,428 10,095 10,876 11,233 '11,819
5,151
5,184 5,764
5,451
5,944
5,302 5,376
5,331 5,845
3,850 4,504 '4,365
3,954
4,688
3,611
3,850
3,957 3,811
7,635 7,447 7,597
76,997 85,609 7,509
103,901 122,489 10,762 10,797 11,210 10,563
75,884 88,241 7,564' 8,059 8,000 8,434
143,606 178,617 17,117 15,247 17, 569 14, 749
3,675
32,279 42,420 4,519
3,283 5,240
8,019
11,482
8,460
16,392
4,162
7,826
11,573
8,319
18,085
4,221
8,778
11,536
8,626
17, 721
4,943
8,023
11,872
8,352
18,019
4,832
7,736
11,477
8,239
17,953
5,677
7,524
11,669
7,902
15,226
8,294 8,196
8,604
11,830 12,708 '13,063
8,730 8,919
18,516 18,536 '20,820
5,460 ' 5,412 5,721
577,641 636, 562 53,775
124,527 139,673 11,770
453,114 496,889 42,005
54,203 55,963 54,564
11,932 12,289 12,002
42,271 43,674 42,562
55,863
12,047
43,816
56,785
12,412
44,373
58,142
12,880
45,262
58.405
12,971
45,434
58,740
12,934
45,806
58,092
13,070
45,022
59,370
13,208
46,162
22,526
18,317
12,612
10,690
54,037
9,177
22,350
16,204
12,209
10,437
52,902
9,955 ' 9,938
22,840 22,626
19,485 20,281
13,000 13,132
10,986 10,714
54,686 55,149
4,263
21,592
18,155
3,437
4,039
19,355
17,074
2,281
4,563 4,456 '4,320
22, 701 23,667 '25,700
19,344 20,149 '22,236
3,518 '3,464
3,357
d o — 93,444
do
227,963
do
158,051
do
112,788
do
94,415
do
502,943
103,442 9,146
244,051 20,339
186,752 17.555
138,805 12,101
110,261 9,634
570,788 48,556
8,908 9,325 9,007
20,908 21,494 20,680
17,070 17,785 16,839
11,736 12,524 11,475
9,885 10,008 10,011
48,517 50,992 50,088
9,222
21,984
17,822
12,521
10,417
50,673
9,160
22,222
18,802
12,895
10, 397
52,325
9,735
22,534
18,423
13,171
11,218
53,094
9,422
22,549
19,295
13,018
10,600
53,556
do
do
do
do
45,733
216,849
182,413
34,436
3,998
19,511
16,090
3,421
4,253
21,384
16,988
4,396
20,538
17,882
2,656
4,262
21,992
17,507
4,485
4,513
21,440
17,409
4,150
22,202
18,124
4,031
4,078
40,462
179,736
150,011
29,725
4,138
20.556
16,097
4,459
3,994
19,382
16,511
2,871
59,195
12,866
46,329
60,146
13,019
47,127
9,781
23,218
22,014
13,810
11,627
56,993
Unfilled orders, end of year or month (unadjusted),
totalf
mil. $.. 174,001
Durable goods industries, total
do
166,137
Nondur. goods ind. with unfilled orders©__do
7,864
193,029 187,464 189,398 193,029 197,123 200,807 205,248 209,132 212,654 215,098 217,738 221,444 '224,149 231,735
184,482 178,963 180,896 184,482 188,227 191,804 196,039 199,549 202,915 205,310 207, 714 211,434 214,067 221,624
9,739
8,547 8,501
9,003
9,788 10,024 10,010 '10,082 10,111
9,209
9,583
8,502 8,547
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil. $._ 174,553
By industry group:
Durable goods industries, total 9
do
166,440
Primary metals
do
15,853
9,962
Blastfurnaces, steel mills
do
4,850
Nonferrous and other primary met._.do
193,659 186,787 189,469 193,659 197,235 200,798 205,500 209,133 214,010 216,754 216,922 219,999 '223,921
184,834 178,206 180,799 184,834 188,194 191,798 196,359 199,895 204,516 207,067 207,026 209,922 213,650
18,513 17,858 18,332 18,513 19,594 19,948 20,866 21,349 22,476 23,043 23,232 23,760 24,753
11,852 11,500 11,882 11,852 12,627 12,996 13,689 14,052 14,955 15,344 15,464 15,583 16,193
5,990
5,350 5,095
6,158
5,696
5,526
5,156 5,350 5,613
6,184
5,819
6,421 ' 6,750
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft, missiles, and parts
do
Nondur. goods ind. with unfilled orders©.do
By market category:!
Home goods, apparel, consumer staples. _do
Equip, and defense prod., inch auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
.number
Seasonally adjusted
do
22,890
43,707
23,320
52,724
34,502
8,113
23,203 22 836
47,221 46,'274
25,833 24,916
60,527 57,144
41,275 38,650
8,825 8,581
Revised.
v Preliminary.
2,617
109,386
77,284
32,102
24,233
48,434
27,186
62,072
42,502
9,041
9,000
24,213
49,044
27,526
64,480
43,396
9,141
24,976
49,219
28,031
65,915
9,238
25,118
50,001
28,455
67,963
46,608
9,494
24,956
50,055
28,529
70, 029
48,756
9,687
24,941
50,268
28,358
69,745
48,751
9,896
24,993
50,266
28,594
71, 938
50,650
10,077
24,990 25,416
50,912 '51,581
29,006 29,360
73,733 78,064
51,964 54,363
10,271 10,206
3,649
3,520
3,389 3,332
3,431
3,486
3,546
3,546
3,625 3,644
3,320 3,389 3,472
120,899 116,072 117,723 120,899 122,307 124,388 127,402 129,310 132,453 134,393 134,172 136,464 138,841
85,893 83, 514 84,430 85,893 87,107 89,301 90, 712 91,528 93,395 94,768 95,021 96,767 98,560
40,281
35,006 32,558 32,293 35,006 35,200 35,087 36,690 37,782 39,058 39,625 39,151
375,766
36,723
38,943
546
85
98
65
226
72
115,692
15,682
37,264
20,703
23,622
18,421
34,586
38,344
38,008
39,674
36,547
517
621
77
76
89
132
96
87
200
262
55
64
200,287 168,317
18,659 13,986
21,527 10,415
65,286 101,789
62,418 32,224
32,397 9,903
21,359
9,764
82,393
40,513
14,279
22.5
21.6
24.2
i Advance estimate: totals for mfrs.
new and
2
27.0
unfilled
orders for Oct. 1978 do not reflect revisions for selected components.
Based on unadjusted
data.
f See corresponding note on p. S-6.
9 Includes data for items not shown separately.
ASee note marked " © " on p. S-6.
©Includes textile mill prod., leather and
prod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurable
goods are zero.
23,797
47,732
26,436
60,856
41,598
4,248
4,309 4,285
4,091 4,111
4,483
4,329
4,266
4,396 '4,482
3,285
4,457
4,060 4,091 4,219
100,355 110,488 106,506 108,077 110,488 112,156 114,527 117,326 119,221 122,306 123,708 122,938 124,857 127,137 131,546
18,765 18, 289 18, 675 18,765 19, 249 19,731 19,852 20,417 20,366 20,269 20,102 19,888 19,539 19,820
17,881
69,616 70,858 72,763 75,319
53, 032 60,315 57,881 58,657 60,315 61,611 62, 231 64,037 65,038 66,855
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
number..
7,919
Commercial service
.do.
1,041
1,331
Construction
_
.....do*...
1,463
1,770
Manufacturing and mining
do
1,122
1,360
Retail trade
__
do
3,406
4,139
Wholesale trade
do"
887
1,028
Liabilities (current), total
...thous. $ 3,011,271 3,095,317
Commercial service
do.
490,140 358,686
Construction
II "do"
428,737 420,220
Manufacturing and mining
do
1,121,722 1,221,122
Retail trade
do
556,912 482,560
Wholesale trade
" I d o l " 413,760 612,729
Failure annual rate (seasonally adjusted)
2
No. per 10,000 concerns.
2 34.8
28.4
r
23, 203
47,221
25,473 25,833
57,864 60,527
39,004 41,275
8,670 8,825
23,175
230,933
'220,727
'25,715
16,618
7,185
504
63
69
74
231
67
35,249
39,253
43,130
37,602
38,690 41,960
38,498 38,320
43,059
39,796
39,245 42,392
39,796 42,605
'3,428
143,741
102,732
41,009
38,732
41,827
559
519
666
583
594
62
63
79
75
78
104
106
109
107
83
70
114
87
81
250
288
246
257
59
79
66
71
205,014 324,412 202,990 160,395 178,839
70,081 12,319 31,388 14,872 42,981
24,297 16,543 24,490 17,547 21,733
46,080 230,159 78,094 77,213 55,154
34,854 37,867 35,824 27,850 33,947
29,702 27,524 33,194 22,913 25,024
21.9
24.1
23 A
24.6
24.0
H For these industries (food and kindred prod., tobacco mfs., apparel and other textile
Sept. 1976).
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
December 1978
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS!
Prices received, all farm products
1910-14= =100__
Crops 9
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
do
Food grains
do
Fruit
do
Tobacco...
do
Livestock and products 9
...do
Dairy products
do
Meat animals
do
Poultry and eggs
do
Prices paid:
All commodities and services
„
do
Family living items
do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
Parity ratio §
.
.
do
CONSUMER PRICES1
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND CLERICAL WORKERS, REVISED (CPI-W)I
1967=100..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U)I
1967=100.
Special group indexes:
All items less shelter..__
do
All items less food
do
All items less medical care
doIII
Commodities
do...
Nondurables
do..."
Nondurables less food
do._.
Durables..
_
do._Commodities less food
do...
Services
_do.
Services less rent
I I_doIII
Food 9 do...
Food at home
_
do...
Housing
„
.do
Shelter 9
do
Rent
..._do.._
Horneownership
„
do
Fuel and utilities 9
do
Fuel oil and coal
...do
Gas (piped) and electricity
_do._.
Household furnishings and operation..»..do._.
Apparel and upkeep...
do...
Transportation..
do
Private..
do""
New cars
do.._
Used cars
do
Public
_
do..I
Medical care
do~_
Seasonally Adjusted A
All items, percent change from previous month
Commodities
1967=100_
Commodities less food
_do~_
Food..
do.__
Food at home
do~_
Fuels and utilities
do_
Fuel oil and coal
I IIdo_
Apparel and upkeep
do_.
Transportation
.
do
Private
do_.
New cars
dol.
Services
do_.
PRODUCER PRICEScf
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities
_
1967=100
9 Foodstuffs
_
do I"
13 Raw industrials
_ do_
All commodities
do
By stag '
'
Crude materials for further processing _do
Intermediate materials, supplies, etc
do
Finished goods O
do~
Finished consumer goods
. " do_ ""
Capital equipment_
do~~_
By durability of product:
Durable goods
_
do
Nondurable goods
do I"
Total manufactures
do~
Durable manufactures
I do_III
Nondurable manufactures
do" ~
501
521
538
543
537
1,024
445
533
433
325
328
460
1,006
468
696
437
337
344
441
1,017
478
604
454
351
340
503
1,018
486
588
463
342
337
583
1,017
478
531
478
324
335
586
1,030
525
455
449
478
307
337
554
1,078
537
457
463
472
302
336
623
1,144
509
624
613
218
539
624
661
235
560
624
700
238
576
618
730
245
597
612
779
237
603
612
789
238
597
618
763
258
598
642
765
243
621
667
796
247
595
588
578
605
590
590
611
621
598
611
630
602
621
643
620
632
644
624
630
651
628
630
641
613
632
656
632 j
644
659
638
646
688
65
690
66
710
65
717
727
744
747
763
72
73
749
70
'760 j
69
748
72
757
67
735
71
71
71 !
70
184.5
185.4
186.1
187.1
188.4
189.7
191.4
193.3
196.7
197.7
199.1
200.7
184.5
185.4
186.1
187.2
188.4
189.8
191.5
193.3
195.3
196.7
197.8
199.3
200.9
188.1
187.4
190.1
189.9
189.0
191.9
191.8
190.6
193.9
192.7
192.0
195.3
193.5
193.3
196.3
194.5
195.1
197.9
195.8
196.7
199.4
183.5
183. 8
171.8
169. 9
171. 3
206.5
214. 6
185. 5
190.7
172.8
172.0
173.0
208.0
216.2
210.3
209.7
i 199. 9
206.6
2162.7
222. 5
3 215. 5
4
295. 6
232.5
i 176.0
159.8
183.2
182.6
152.5
184.6
187.4
216.9
187.5
192.7
173.7
173.9
174.4
209.9
218.3
213.8
213.9
1 202.0
208.9
2 163. 6
225. 3
34 217. 5
295.1
236.5
i 177. 6
159.9
185.5
185.0
153.5
191.5
187. 2
217.9
188.6
193.6
174.1
175.3
175.4
211.7
220.4
215.0
214.7
1 203. 8
211.3
2 164.2
228.3
34 218.0
294. 5
237.2
i 178.1
158.0
187.2
186.8
153.9
195.9
187.7
219.4
189.3
194.4
175.4
175.9
176.3
213.4
222.2
190.5
195.4
177.1
177.2
177.8
215.6
224.6
191.8
196.6
178.1
178.8
179.1
217.6
226.7
215.4
214.5
* 205.2
213.3
2165.1
230.6
3 218.1
4
294.2
236.
i 178. 9
159.
188.1
187.7
153.8
196. 7
187.6
221.4
215.6
214.1
216.8
215.4
i 207. 5
216.2
2166.4
234.2
3 218. 8
4
295. 7
237.9
i 180.5
1 209. 5
218.6
2 167. 4
237. 0
3 220.1
4
300.1
240.0
i 181. 9
161.9
188.7
188.3
153. 5
195.9
188.2
222.6
163.3
189.7
189.4
155.5
195.4
189.3
224.7
465
411
450
411
299
310
414
423
530
404
306
314
424
1,015
495
624
582
223
593
585
576
66
685
65
170.5
181.5
170.5
181.5
456
431
496
509
316
275
358
972
481
594
564
228
442
564
563
559
400
459
448
264
283
496
445
414
512
428
290
305
434
993
485
618
570
214
478
624
552
217
591
573
591
584
574
650
71
687
443
456
504
387
355
294
906
485
591
569
233
168.3
167.5
169.7
165.2
169.2
158. 3
154.3
156.6
180.4
186.8
180.8
179.5
174.6
179.0
144.7
191. 7
182.7
250.8
189.0
160.1
147.6
165.5
164.6
135.7
167.9
174.2
184.7
5 201.0
«201. 6
5 200.6
183.0
205.1
189.3
170.3
169.0
173.2
179.1
178.4
180.3
181.7
181.6
183.1
182.5
182.5
184,1
174.7
178.9
166.5
163.2
165.1
194.3
201.6
192. 2
190.2
186.5
191.1
153.5
204.9
202.2
283.4
213.4
1C7. 5
154.2
177.2
176.6
142.9
182.8
182,4
202.4
177.0
181.4
169.2
165.0
167.4
198.5
206.2
194.4
191.7
190.4
195. 6
156.1
210.0
206.8
287.2
219.3
169.6
157.2
178.6
177.9
145.7
178.0
184.4
207.2
177.9
182.4
170.1
165.5
168.1
199.5
207.2
0.3
176.7
166.8
195.0
192.5
208.1
289.5
155.
177.5
176.9
145.0
0.4
177.5
167.6
196.0
193.5
207.6
289.5
156.4
178.3
177.8
146.9
198.7
199.5
180.8
178.3
179.9
168.4
169. 5
196.7
199.2 201.
199.5
194.2
197.0
207.1 s 207. 7 3 209.4
4
289.6
290.8 4 291.1
156.8
157.2
155. 7
179.2
180. 3
181.4
180.7
178.7
179.7
150. 3
148.4 J49.3
200.3
203.0
201.5
203.3
201.2
204.7
196.3 '
205.9
208.8
203.8
197.1
212.7
215.1
210.9
198.2
« 209.6
5 208.2
5
210.4
194.2
214.4
201.
180.
178.9
184.5
195.6
193.0
191.4
196.9
157.0
211.5
207.4
289.9
219.5
170.2
158.5
178.7
178.0
148.2
175.0
184.7
208.1
207.6 r 210. 6
204.4 '204.9
183.9 r 184.6
181.4 r 181.9
189.8
190.8
183.8
183.0
183.1
183.8
184.7
185.8
179.2
178.3
182.9
183.9
170.3
169.7
165. 9
166.6
168.4
168.6
200.5
202.0
208.2
209.8
199.2
196.3
193.7
197.0
192.4 i 193.8
198.2
200.0
157.9 2158. 8
213.0
215.0
207.6 34 208.5
291.9
295.2
218.9
219.7
171.0 1 171.3
158.2
155.7
178.8
179. 0
178.0
178.2
150.5
150.9
170.7
169.8
185.7
186.6
209.3
211.2
0.4
215.5
205.4
185.5
r
183.0
191. 6
192.9
192.6
193.8
198.4
199.4
200.8
193.1 ' 193. 8
194. 6
192.9 r 193. 3
194.1
192.8 ' 193. 6 194.5
• r ?£ v l ^S?' / P r e l i m m a r y .
» Includes TV and sound equipment and repairs formerly
m health 4 and recreation."
2 Residential.
3 includes additional items not previously
priced.
Includes bottled gas.
« Computed by BEA.
JData revised back to 1965
to reflect new base weights; comparable data for earlier periods will be shown later.
9 Includes data for items not shown separately.
§ Ratio of prices received to prices paid
(parity index).
HData through December 1977 are for urban wage earners and clerical
176.0
188.0
179.0
175.6
182.1
188.1
198.4
190.1
188.1
191.
543
482
427
518
425
313
320
441
1,020
452
464
0.8
218.0
215.4
219.7
200.1
219.6
207.2
187.0
184.4
193.0
185.0
184.7
186.9
186. 3
185.9
188. 3
180.2
185.1
169.6
167.2
168.8
203.5
211.4
181.6 ,
186.8 I
170.7
168.3
170.0
204.9
213.0
204.2
202.5
202.0
200.1
1195.0
201. 3
2 159.7
216.4
3 210. 6
4
296.9
223.3
i 172.1
154.5
179.4
178.6
151.2
170.0
186.8
213. 3
0.6
1196. 7
202.9
160.5
218.3
3 212. 6
* 297. 2
226.6
i 173.6
156.5
179.9
179.1
151.1
172.3
187.2
214.5
2
0.9
184.0
171. 8
208. 1
207. 3
3
211. 5 3 213.2
4
295. 7
4
294. 0
157. 2 158. 8
182. 0
181.7
181. 3
181.0
151.0
150.5
204.7
206. 6
0.8
182.3
170.9
204.3
202.5
220. 3
226. 3
220.8 i 236.0
219.9
219.8
202.1
225.0
208.9
188.5
186.2
193.7
207.5
206. 5
1198. 3
204. 7
2 161.5
22D. 4
3
213. 9
4
296. 6
229. 2
i 17o. 0
158. 4
181. 1
180. 3
151. 2
177. 3
187. 3
215. 7
203.7
230.5
210.7
189.1
186.8
194.6
536
450
474
512
309
350
465
1,115
626
704
792
248
0.8
0.8
0.5
0.6
0.9
0.9
190.1
191.5
187.9
188.7
187.2
185.6
177.2
178.
5
174.9
175.7
173.9
172.8
215.6
217.3
213.9
214.5
214.0
211.2
214.1
216.0
213.2
213.3
214.0
211.1
221.5
3 215.5 3 217.8 34 218.8 34 219.4 43 219. 9 43 302.
5
4
300. 2
* 296. 5 297.8
298.4
297. 5
161.8
161.1
160.1
159.3
159.7
160.3
188.6
187.8
185. 6
186.6
184.4
183.2
188.2
187. 5
185.1
186.1
183.8
182.5
154.7
156.8
155.3
155.8
154.1
152.8
217. 5
2x5.7
212.2
214.0
210.5
208.7
229.6
228.1
225.0
240. 8
243.7
237.9
221.1
217.8
216.5
'206.5 r 208. 0 '209.6
239.0
212.5
191.5
189.7
195.6
-•451
'451
' 503
302
'343
'548
1,107
'639
'691
830
238
241.2
213.9
193.1
191.4
196.9
245.4
215.1
194.5
193.0
198.1
228.9
234.9
224.7
' 210.7
241. 4
232.6
210.4
245. 4
• 216. 0
' 196. 0
' 194. 6
' 199. 2
240.2
217.2
195.3
193.4
199.8
212.3
251.0
253.1
249.4
215.0
252.2
248.3
254.8
215.7
244.9
218.7
196.9
195.1
201.0
249.9
220.7
199.7
197.8
204.1
248.6
221.8
200.6
198.3
205.9
243.0
248.7
239.1
!
212.1
207.1
208. 0 j 210.7
203.8
205.3
199.3 ' 201.5 202.8
196.1
198.0
217.6
212.1
214.7 ! 217.4
213.9
209.
211. 3 213.0
209. 55
206.5
204.5
202.3
210.6
r
209.6
205.6
207.1 j
201. 0 I 202.5 ' 203. 9 204.8
198.9
197.8
196.2
211.8
206.9
207.8 ! 210.5
203. 9 205.0
197.9
199.1
201. 3 ' 202. 6 '
196.1
r
208
5
207.
9
203.4
205.6 !
203.9
203.2
197.1
198.1 •200.0 ' 201.7
195.6
clerical
workers; beginning January 1978, there are two indexes, all urban wage earners
earne and cle
workers,
k
revised
i d (CPI-W),
( C P I W and
) d all
ll urban
b consumers
u m r s (CPI-U).
( C P I U ) TThese
h e s e indexes re
reflect improved
pricing methods, updated expenditure patterns, etc.; complete details are availableiirom
Bureau of Labor Statistics, Washington, D.C. 20212.
ABeginning Jan. 1978 ^ - u cTFor actual producer prices of individual commodities see respective commodities.
O Goods to users, incl. raw foods and fuels.
December 1978
OF L;UKK EJNT BUS
/KY
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
1976
1977
1978
1977
Oct.
Annual
S-9
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
COMMODITY PRICES—Continued
PRODUCER PRICEScf—Continued
(U.S.
Department of Labor J7i<teres)—Continued
All commodities—Continued
Farm prod., processed foods and feeds .1967=100..
Farm products?
do
Fruits and vegetables, fresh and dried--do
Grains
do
Live poultry
.do
Livestock
do
183.1
191.0
178.4
205.9
166.9
173. 3
188.8
192.5
192.2
165.0
175.4
173.0
184.3
182.0
188.0
144.7
170.5
177.5
187.0
185.6
193.5
164.6
162:7
171.6
189.4
188.3
169.5
167.3
157.8
182.7
192.2
192.2
196.6
169.1
170.2
188.2
196.8
198.9
204.2
170.8
188.8
202.1
200.0
204.2
201.2
178.9
187.9
208.3
205.5
' 213.7
227.3
198.7
196.0
218.1
207.6
215.8
220.1
189.2
194.5
230.3
210.4
219.5
230.2
188.1
221.6
236.2
' 210.3
219.9
' 252. 4
183.8
246.5
226.8
205.3
210.3
215.2
178.9
204.8
216.6
209.5
215.3
209.8
176.9
211.1
226.8
213.6
220.7
225.9
182.0
184.9
235.1
212.5
219.2
217.4
189.0
192.4
222.4
-do.
do.
do.
do.
do.
do.
178.0
173.5
172.1
168.5
170.2
181.6
186.1
201.0
173.4
173.4
187.4
182.0
184.3
205.0
175.5
175.9
190.4
184.7
186.9
201.7
179.9
176.9
193.1
183.4
189.3
201.3
182.1
178.2
194.4
190.8
191.5
202.1
184.3
178.0
194.3
193.6
194.9
201.3
185.0
178.7
194.5
205.4
196.9
200.1
186.4
180.3
195.6
204.7
200.2
200.1
' 188.8
184.5
'196.5
211.7
202.4
199.5
188.2
184.5
197.4
220.4
204.6
200.0
189.0
185.4
198.7
226.2
'204.2
' 198.4
' 191.0
186.1
'200.4
224.4
201.8
197.2
191.7
190.8
203.3
215.9
205.5
197.8
190.9
192.9
204.9
224.4
209.0
201.1
193.2
197.0
210.3
228.2
208.1
201.4
195.8
199.6
216.3
220.9
do.
182.4
195.1
199.1
199.3
200.0
201.6
202.9
204.1
' 206.1
' 207.4
208.5
' 210.1
211.2
212.4
214.7
216.0
187.2
188.4
219.3
134.0
249.9
174.4
192. S
187.8
223.9
140.5
279.0
182.4
193.7
190.2
224.9
141.8
260.9
185.1
193.9
188.2
225.1
142.3
265.4
186.7
194.1
187.1
225.3
142.9
266.1
185.9
194.1
187.5
224.3
144.1
263.2
186.1
195.2
189.1
224.2
145.0
281.5
189.3
196.1
191.0
224.1
145.3
294.6
189.5
' 196.9
' 192. 3
' 224. 2
146.2
301.3
191.6
198.6
203.5
224.0
146.6
315.2
192.6
199.1
202.4
224.6
147.8
313.2
192.6
199.8
' 202.1
' 225.1
148.5
335.6
192.6
199.4
201.9
226.2
148.6
312.9
192.6
200.2
202.4
226.3
149.6
338.5
192.6
201.5
202.5
227.8
150.3
340.0
192.6
202.3
201.8
227.1
152.1
361.2
196.9
Fuels and related prod., and power 9
do.
Coal
...do.
Electric power
do.
Gas fuels
do.
Petroleum products, refined.
do.
265.6
368.7
207.6
286.8
276.6
302.2
389.4
232.9
387.8
308.2
310.7
398.5
242.1
406.2
314.2
310.5
400.6
237.6
414.0
313.6
312.0
402.0
237.0
422.3
313.9
312.8
403.8
239.5
420.4
314.3
312.9
404.9
242.6
417.7
312.9
315.3
407.0
249.8
424.8
310.9
317.3
' 426.4
' 250.6
' 428.6
'311.7
319.7
432.4
252.6
428.8
314.5
322.8
434.6
256.5
428.1
318.0
' 324. 5
437.1
' 254. 8
' 430. 6
' 321.1
324.9
442.4
253.8
425.5
323.1
327.0
442.7
252.7
431.5
326.1
328.9
443.9
253.4
433.4
328.9
329.9
442.7
250.4
434.9
331.9
Furniture and household durables 9
Appliances, household
Furniture, household
.
Home electronic equipment
do.
do..
do..
-do..
145.6
139.2
153.6
91.3
151.5
145.1
162.2
87.7
153.0
147.8
164.1
86.2
153.8
148.0
165.1
154.2
148.0
166.4
86.5
156.5
149.5
168.2
89.0
156. 7
149.8
168.8
88.7
157.7
151.2
169.3
89.1
' 158.4
' 152.4
169.9
'88.7
159.2
152.4
170.7
'90.0
159.2
152. 3
172.3
87.4
' 161. 4
' 153. 5
' 174. 6
'90.8
160.7
153.7
175.6
87.3
161.3
153.7
176.1
88.9
162.2
154.2
177.9
88.7
162.9
155.3
178.9
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber
do..
do.
do.
do.
do.
do.
167.8
158.9
258.4
188.1
205.6
233.0
179.3
168.7
286.7
201.0
236.3
276.5
179.2
171.2
266.6
196.4
247.8
292.4
180.0
171.6
273.2
197.0
243.3
284.8
181.5
171.6
291.9
200.4
249.2
291.0
185.8
173.4
300.4
210.8
256.4
300.4
187.2
175.7
298.2
211.9
263.7
308.5
187.9
175.7
296.0
215.3
266.2
312.5
'191.9
' 180.0
320.5
217.4
r
269.6
316.7
193.6
180.9
321.7
217.3
273.4
316.5
195.5
181.6
346. 5
217.4
278.5
320.8
' 197. 3
' 181.7
360.4
224.5
277.5
319.1
205.4
184.5
400.8
251.9
281.4
326.3
211.0
186.5
435.3
269.4
282.8
332.0
213.3
191.2
427.9
269.4
284.1
334.4
216.0
192.7
417.0
278.7
288.5
338.5
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
do.
do.
dodo.
do.
171.0
183.0
198.9
146.7
182.7
181.7
197.9
213.5
154.1
198.5
185.4
201.4
217.2
157.3
203.5
186.8
205.3
220.8
157.9
204.9
187.5
206.3
223.0
158.0
206.0
189.3
206.7
223.5
160.0
208.3
190.3
207.7
224.8
160.7
209.5
191.6
208.1
225.7
161.8
210.8
' 192.7
'209.0
' 228.4
' 162.7
' 212.2
• 193.9
•209.7
• 230.3
• 163.4
• 214.0
195.1
210.3
230.7
164.5
215.3
'
'
'
'
'
196.5
212.2
232. 8
165.4
216. 7
197.5
213.4
234.2
166.0
218:0
198.7
217.0
236.5
166.5
220.2
200.4
217.9
240.1
167.5
223.5
202.5
219.9
241.9
169.6
225.9
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do..
do..
do..
do.
195.9
158.0
215.9
181.6
209.0
165.5
230.4
195.4
211.8
168.0
234.4
193.6
212.0
168.3
233.5
194.2
213.3
169.3
235.7
195.1
215.2
171.3
237.9
198.0
219.1
170.7
244.8
199.7
221.1
171.3
247.6
201.1
' 223.9
' 172.7
' 252.0
202.9
224.6
173.4
' 252.0
203.2
225. 2
173.6
252.1
205.0
'
'
'
'
227.
174.
253.
205.
3
4
9
9
231.0
175.5
258.4
211.0
231.5
175.8
258.4
211.3
234.0
176.7
259.7
217.0
235.4
177.0
261.5
218.1
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.
186.3
163.5
180.1
154.4
179.. 4
182.3
159.2
161.5
200.5
179.8
191.8
183.5
186.4
194.3
167.6
169.9
205.4
187.8
195.0
201.6
188.7
197.4
170.2
172.0
205.7
185.1
195.4
203.2
188.2
197.2
170.2
171.7
206.6
185.5
195.7
204.9
187.6
196.9
170.0
172.1
212.9
189.6
202.9
209.7
188.0
197.5
170.2
172.3
215.1
190.4
205.2
215.9
188.6
198.3
170.2
170.9
215.9
192.6
206.0
217.0
189.7
198.8
171.4
172.3
' 218.4
193.7
' 207.9
221.2
'191.9
' 202.7
' 172.8
' 175.1
- 219.3
194.2
•209.7
228.2
' 193.2
'204.0
' 173.8
'178.8
221.7
195.5
211.4
230.2
193.3
205.4
174.4
179.3
' 224. 7
196.6
' 214.4
234.0
' 195.5
'206.8
' 174. 9
' 179. 9
226.9
197.7
219.5
235.9
196. 0
208.1
175.4
179.9
227.8
201.8
221.0
236.0
199.1
210.4
176.6
180.3
229.0
202.4
222.3
236.8
202.2
213.2
178.0
184.3
229.8
204.4
222.9
242.1
203.7
214.2
179.2
187.6
Textile products and apparel §..
do
Synthetic fibers
Dec. 1975=100..
Processed yarns and threads
do
G ray fabri cs
..-do
Finished fabrics...
do....
Apparel
1967=100.
Textile house furnishings
do
148.2
102.4
99.5
106.1
101.1
139.9
159.3
154.0
107.3
100.9
104.7
103.7
147.3
171.3
155.2
109.2
101.2
103. 7
104.3
148.6
175.2
155.3
109.3
100.4
105.2
103.5
149.1
175.3
155.8
109.3
100.5
107.2
103.6
149.4
175.3
156.5
110.0
100.6
108.9
103.6
150.1
175.4
157.0
109.9
101.0
109.9
103.7
150.0
175.8
157.4
109.9
101.2
112.2
103.0
150.2
176.3
' 157.9
' 109.2
' 101.1
113.9
103.1
' 150.7
' 176.1
'158.6
' 109.5
101.0
'117.3
' 103.3
' 151.0
177.0
158.9
109.1
101.3
117.8
102.9
151.7
178.7
' 160.0
' 108. 9
101. 9
'119.2
' 103. 2
' 153.0
179.4
160.3
109.3
102.4
120.8
103.2
153.3
179.2
161.1
109.3
103.3
124.1
104.0
153.2
180.3
162.2
109.8
103.7
126.5
104.3
154.3
181.0
163.0
110.8
105.3
126.7
104.7
155.2
180.5
Transportation equipment 9 ...Dec. 1968=100..
Motor vehicles and equip
1967=100..
151.1
153.8
161.3
163.7
167 8
170.7
168.1
170.7
168.3
170.9
169.1
171.3
169.5
171.8
169.6
171.9
170.5
' 172.9
r 172. 0
r
174.6
172.5
175.2
' 172.8
' 175. 5
173.0
175.6
173.5
175.8
178.8
181.3
179.8
182.1
0.4
«0.9
1.0
'0.9
'1.1
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
do.
do..
do.
do.
..do.
.do.
Seasonally Adjusted?
All commodities, percent change from previous
month
._.
By stage of processing;
Crude materials for further processing. .1967=100.
Interrnediate materials, supplies, etc
do-..
Finished goods 0
do
Finished consumer goods
do...
Food
do...
Finished goods, exc. foods
do...
Durable
do...
Nondurable
do...
Capital equipment
do...
" 207.4
204.3
183.2
180.8
r
189. 5
' 174.8
154.9
' 188. 1
188.9
214.4
205.2
' 184. 5
' 182.1
'191.9
175.4
' 155.5
'188.8
189.9
217.2
' 206. 0
r 185. 3
182.7
192.6
r 176. 1
' 156. 1
189.5
' 191. 3
• 221.6
• 207.9
• 186.6
• 184. 2
« 194. 8
«177.1
• 157. 4
• 190. 3
0
192.3
228.7
209.7
188.6
186.4
200.7
177.6
157.7
190.9
193.5
231.7
211.3
189.6
187.5
202.1
178.4
158.7
191.5
194.6
238.5
212.4
192.0
190.4
205.8
180.8
163. 2
• 192.4
' 195.7
238.9
' 213.7
' 193.4
'191.6
'206 7
' 182.3
' 165.5
' 193.3
197.3
243.1
' 214.6
' 194.8
' 193.1
209.1
' 183.2
' 165.8
' 194.6
' 198.7
241.7
215.4
195.7
193.9
208.4
184.8
168.4
195.4
199.9
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
do..
do..
do.
192.3
' 192. 3
192.0
• 193.8
• 193.3
• 193.6
' 194. 8
r 194. 3
r 194. 5
0
196.4
• 196. 3
«195. 8
198.4
198.1
198.1
199.5
199.3
199.1
201.4
201.3
200.8
202.7
202.6
202.5
• 203.9
' 203. 7
• 203. 0
Farm products
do.
• 189. 3
• 188.3
188.7
189.3
« 192.0
a
191.0
197.4
195.4
205.5
198.7
214.2
201.0
218. 2
203.6
do.
' 183.1
' 184.7
214.2
202.6
Processed foods and feeds
$0,509
.542
$0. 508
.539
$0.505
.537
$0,500
6.534
$0.495
$0.491
.527
$0. 484
.522
$0. 481
.517
PURCHASING
POWER
As measured b y —
Producer prices
Consumer prices
OF T H E
'0.5
0.7
0.7
0.3
0.3
0.8
1.4
0.7
238.6
216.4
195.5
193.4
205.2
185.6
169.6
195.9
200.6
242.3
217.9
197.2
195.1
208.6
186.6
170.3
197.1
201.8
249.6
220.6
198.9
'197.1
212.1
187.8
170.3
199.2
203.0
253.3
222.2
200.4
198.5
213.4
189.1
171.1
200.9
205.0
204.4
205.0
202.9
205.4
206.9
202.6
206.7
208.0
204.6
208.8
209.9
207.1
210.6
211.8
208.5
216.8
201.6
210.8
201.4
214.2
204.7
222.1
209.4
223.9
209.7
10. 478 $0.475 $0.475
. 512 .508 .506
$0.471
.502
$0.465
.498
,0.464
DOLLAR
1967=$1.00.
.do.
$0. 546
.587
$0.515
.551
b
' Revised.
« See note "t" for this page.
Beginning Jan. 1978, based on CPI-U; see
note "If" for p. S-8.
cf 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
279-667 O - 79 - S2
0.7
1
.531
extensively reclassified: no comparable data for earlier periods are available for the newly
introduced indexes.
t Beginning in the February 1978 SURVEY, data have been revised
(back to 1973) to reflect new seasonal factors.
0 See corresponding note on p. a*.
S-10
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
1976
1977
Annual
December 1978
1977
Oct.
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
19,469
Nov.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION P U T IN PLACE X
New construction (unadjusted), total
mil. $.. 148,778
110,467
Private, total 9
--do
60,520
Residential (including farm)
.do
47,277
New housing units..
do
Nonresidential buildings, except farm and public utilities, total 9
mil.$_. 26,091
7,183
Industrial..
...do
12,756
Commercial
..do
Public utilities:
3,777
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
15,730
13,813
11,441
11,395
13,425
15,339
17,290
18,752
19,010
19,709
19,642
134,724 12,823 12,438
80,956 7,787 7,431
65, 749 6, 573 6,345
11,071
6,442
5,409
9,188
5,149
4,239
9,153
5,158
4,295
10,823
6,264
5,174
12,180
7,272
5,669
13,466
8,297
6,366
14,511
8,881
7,041
14,572
8,989
7,382
14,846
"•9,069
' 7,543
14,817 14,832
' 8,878 8,623
r 7,433 7,269
2,714
723
1,419
2,416
690
1,220
2,074
554
1,081
2,095
565
1,097
2,463
720
2,672
750
2,825
735
3,171
966
3,207
950
3,359
1,057
417
385
294
297
1,242
1,365
1,524
1,627
1,661
' 1,697
469
172,552
7,712
14,783
4,345
38,311
37,827
13,480
736
973
1,520
9,777
12,751
959
1,146
1,517
9,372
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
-
2,770
719
1,496
413
485
424
417
438
516
945
59
93
117
266
2,603
1,055
70
96
119
376
3,159
1,173
66
107
120
548
3,823
1,353
92
106
120
897
4,240
1,386
91
119
113
1,067
4,439
1,468
94
114
124
1,148
'4,863
' 1,501
'95
137
124
' 1,413
177.6
185.4
195.3
201.6
205.8
208.3
' 206.4
207.7
208.0
147.7
153.7
156.5
160.6
159.9
' 158.0
' 159.4
160.2
94.5
75.1
94.9
76.6
'92.5
'76.8
92.8
76.2
34.2
8.7
18.5
37.3
11.3
19.2
94.0
77.7
37.7
11.2
19.5
••92.5
'77.1
37.6
12.0
18.8
'38.2
'12.6
'18.9
38.6
12.7
19.3
2,742
2,253
2,242
3,664
1,133
90
95
114
1,097
1,108
74
101
113
838
1,016
63
99
118
508
950
63
96
115
323
176.7
178.1
179.0
171.4
139.2
140.6
84.2
69.3
85.2
70.7
87.4
72.8
79.3
65.0
85.3
70.9
88.1
72.5
92.4
74.4
30.3
8.2
15.9
30.7
8.4
15.9
29.0
7.9
14.9
28.4
7.4
15.0
28.7
7.7
15.2
31.8
9.2
16.2
33.2
9.2
17.2
134.9
3,551
1,112
1,841
443
3,292
142.3
' 3,437
' 1,114
' 1,720
141.9
' 4,825
4,637
1,500
118
131
142
1,257
4.6
4.6
4.5
4.7
4.5
4.9
5.3
5.0
5.6
5.5
5.1
5.6
-do.
37.4
37.4
36.8
36.4
35.7
37.7
41.5
45.1
45.2
48.4
48.4
'48.3
47.8
..do.
do
do_
do.
do.
12.6
.9
1.2
1.4
9.5
12.9
.8
1.3
1.3
9.0
12.4
.8
1.1
1.4
8.5
12.7
.9
1.2
1.4
8.4
13.1
.9
1.1
1.5
7.4
13.8
.9
1.0
1.4
8.1
14.8
.9
1.2
1.5
8.5
16.4
1.2
1.2
1.4
10.6
16.0
1.0
1.3
1.4
10.3
16.7
1.0
1.6
1.5
9.8
16.6
1.1
1.8
1.5
11.4
'16.3
1.2
1.6
1.6
'10.9
16.1
1.1
1.5
1.4
11.4
139,213 10,581
244
i 252
36,902 2,855
102,310 7,725
10,391
258
10,445
299
9,390
283
9,695
266
12,345
254
13,189
279
17,785
332
14,169
'251
14,711
286
15,597
13,816
300
14,863
319
3,100
7,290
3,486
6,959
2,499
6,891
2,239
7,456
3,131
9,214
3,594
9,595
4,097
13,688
3,551
10,618
11,141
3,857
11, 740
10,317
3,099
11,764
-
Buildings (excludingmilitary) 9—
Housing and redevelopment
Industrial
_
__
Military facilities...
Highways and streets
_
16,487
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $..
Index (mo. data seas, adj.)
-1967=100.
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O
110,061
U99
mil. $..
do...
29,254
80,807
do
do...
do_. .
30,035
44,169
35,857
35,299
61,433
42,481
3,154
5,452
1,975
3,107
5,281
2,003
3,370
4,305
2,770
2,809
3,884
2,697
2,905
3,862
2,929
3,429
6,139
2,776
3,470
6,854
2,864
4,538
7,652
5,596
3,768
7,722
2,679
4,534
6,710
3,466
3,945
6,910
4,742
4,572
6,317
2,926
4,141
6,821
3,901
do
88,457
91,702
8,238
7,313
12,700
6,885
10,349
10,470
7,014
6,556
8,771
9,071
9,756
5,882
9,837
1,547.6
1,048.3
1,537.5
1,162.4
1, 989.8
1,377.9
1,987.1
1,450.9
193.2
130.1
193.1
135.4
155.9
110.0
154.8
109.3
129.4
95.3
129.2
87.1
88.6
67.5
88.6
63.3
101.3
75.2
101.3
72.8
172.3
121.6
172.1
121.4
197.5
141.8
197.5
139.9
211.1
146.2
211.0
154.9
216.1
149.7
216.0
154.3
192.3
131.2
192.2
139.3
190.9
()
190.9
140.0
181.1
190.8
154.1
180.5
124.6
190.8
131.4
154.1
106.3
2,139
1,532
2,096
1,544
2,203
1,574
1,548
1,156
1,569
1,103
2,047
1,429
2,165
1,492
2,054
1,478
2,124
1,441
2,119
1,453
2,025
1,440
2,075
1,463
2,095
1,459
2,104
1,498
1,691
1,114
13,209
HOUSING STARTS AND PERMITS
New housing units started:
Un adjusted:
Total (private and public)
TnsideSMSA's
Privately owned
One-family structures
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
thous.
do...
do-..
do-._
do
do
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous.
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
thous.
Seasonally adjusted at annual rates
do...
1,296
1,690
1,126
1,781
1,186
1,822
1,218
1,778
1,188
1,526
1,032
1,534
957
1,647
1,037
1,740
1,157
1,597
1,058
1,821
1,123
1,632
1,035
1,563
1,020
1,731
1,092
1,719
1,127
2 246.1
277.0
27.4
319
22.6
318
18.3
318
18.8
322
18.7
265
24.5
284
23.1
252
26.5
258
26.3
263
20.1
232
27.9
283
24.1
272
25.7
300
CONSTRUCTION COST INDEXES
Dept. of Commerce composited*
1972=100.
143.8
156.6
161.0
163.4
164.8
164.5
164.5
164.8
169. 2
171.0
173.9
173.6
175.4
175.7
178.3
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
1913=100.
do...
d o.. .
do...
do...
1,870
2,009
1,943
1,906
1,803
1,998
2,141
2.065
2,063
1,905
2,051
2,182
2,127
2,134
1,938
2,061
2,187
2,129
2,134
1,959
2,068
2,187
2,131
2,147
1,967
2,088
2,197
2,162
2,167
1,986
2,095
2,247
2,162
2,195
1,990
2,111
2,270
2,174
2,195
2,003
2,124
2,283
2,181
2,220
2,029
2,137
2,294
2,191
2,216
2,066
2,169
2,309
2,211
2,230
2,078
2,180
2,348
2,211
2,295
2,087
2,207
2,366
2,223
2,312
2,102
2,218
2,374
2,229
2,321
2,111
2,244
2,389
2,298
2,338
2,122
Boeckh indexes:
Average, 20 cities:
152.5
137.3
148.6
Apartments, hotels, office buildings!.1972=100.
157.5
152.8
141.5
Commercial and factory buildings
do...
153.2
148.5
136.2
Residences
do...
2
' Revised.
P Preliminary.
i Computed from cumulative valuation total.
Unadjusted data for Jan.-Dec. 1976 and seasonally adjusted data for Jan. 1974-Dec. 1976 will be
available later.
3 N 0 longer available.
tData 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.
OData for Dec. 1977, and Mar., June, Aug. and Nov. 1978 are for 5 weeks; other months,
4 weeks.
2,249
2,388
2,297
2,336
2,121
160.7
156.7
158.8
154.0
155.3
167.5
165.2
163.0
158.5
160.9
166.4
162.0
158.8
157.5
155.5
9 Includes data for items not shown separately.
cfThis index has been revised to a new comparison base (1972=100); monthly data back
to Jan. 1964 are available upon request.
.
§These indexes are restated on the 1972=100 base; monthly data for earlier periods will be
available later.
December 1978
S-11
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
1976
1977
Annual
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
246.2
256.3
251.0
262.6
252.3
263.3
254.5
265.4
254.8
265.4
256.3
266.4
11.6
131
17.0
192
15.5
202
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Eecord:
Building
Construction
1967=100..
_.do
210.9
223.4
228.6
240.0
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100..
199.3
216.4
175.4
180.4
187.5
167.5
172.8
180.7
163.3
187.3
148.4
156.9
153.6
174.1
186.6
193.9
141.9
191.2
192.3
147.3
199.8
208.7
149.4
206.6
285.5
142.2
186.7
205.1
139.1
186.5
156.3
124.9
187 1
91.7
129.2
186.9
110.8
161.9
212.7
188.1
158.9
194.2
226.5
176.4
209.6
268.6
180.9
205.0
297.8
153.2
177.6
261.6
173.7
207.1
301.1
9.1
117
15.4
190
6.7
95
12.8
205
7.2
116
15.3
226
7.2
96
13.7
181
10.4
111
18.1
191
11.0
134
18.9
215
12.0
114
16.3
171
9.7
102
16.7
178
10.9
133
15.4
186
11.1
124
17.7
185
239.4
249.0
237.2
247.6
237.7
248.5
237.7
248.8
239.0
249.6
239.5
250.7
240.0
251.2
244.6
254.4
219.5
233.0
258.1
296.1
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9 <?
Seasonally adjusted cf
1947-49=100. do
Iron and steel products, unadjusted
do
Lumber and wood products, unadjusted-do
Portland cement, unadjusted
.do
REAL ESTATE1
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.
95.0
113.3
7.9
183.4
211.8
15.8
196
8.6
102
14.9
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
mil. $__ 6,362.12 8,840.84 765.65 895.80 543.88 811.39 785.78 963.10 714.60 868.92 805.68 886.60 1,049.48 867. 76 1,916.27
Vet. Adm.: Faceamount§
do
10,414.77 13,753.02 1,070.96 1,311.79 1,216.71 1,586.68 1,411.86 1,344.91 988.96 1,180.30 1,108.57 1,178.68 1,319.00 1,536.24 1,178.75 1,115.62
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage loans of all savings and loan associations, estimated total
mil. $..
By purpose of loan:
Home construction
do
Home purchase.
do.
All other purposes
do.
Foreclosures
number
Fire losses (on bldgs., contents, etc.)
...mil. $..
15, 862
20,173
17,746
18,492
20,173
20,422
20,845
21,278
22,957
23,664
25,274
26,605
78,776
107,368
9,277
9,138
9,233
7,115
6,828
9,418
9,026
10,436
11,472
14,812
48,245
15,719
20,717
66,060
20,591
1,800
5,696
1,781
1,780
5,550
1,808
1,752
5,448
2,033
1,380
4,212
1,523
1,364
4,022
1,442
2,113
5,501
1,804
2,011
5,260
1,755
2,259
6,423
1,754
2,266
7,358
1,848
3,558
3,764
274
259
322
310
379
385
370
311
355
351
320
297
29,158
30,104
9,031
10,398 '9,305
9,482
1,811
5,756
1,464
1,981 '1,807
6,830 '6,049
1,587 '1,449
1,951
5,989
1,542
27,869
30,975
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index...
Network TV
Spot TV
Magazines
Newspapers...
advertising
index,
1967=100
do . .
.do....
do
do
180
191
215
143
175
207
231
223
172
197
220
254
225
176
220
222
259
234
182
205
217
237
238
193
193
226
247
267
182
211
215
234
250
188
212
218
235
260
191
180
234
261
257
196
218
271
269
197
207
247
274
281
216
208
244
267
277
212
212
257
288
265
228
236
248
286
259
224
205
252
291
284
204
217
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...
1,626.7
57.8
142.3
28.1
167.4
120.7
1,965.4
69.6
176.6
36.2
201.8
150.5
221A
222.3
177.6
5.9
13.7
2.2
17.5
13.3
130.3
3.8
12.1
1.8
12.3
8.8
160.2
3.7
17.5
2.1
16.1
13.5
193.5
7.6
19.5
4.1
17.7
18.0
212.7
9.2
20.9
6.0
19.8
15.7
231.0
8.7
22.8
6.1
22.0
14.3
189.7
5.1
19.5
3.9
19.7
14.9
162.9
3.5
17.8
2.1
13.7
14.3
146.9
6.0
13.8
2.4
13.9
13.4
215.9
11.8
12.4
5.1
19.8
16.3
259.51
10.80
29.18
5.6
23.1
18.5
Beer, wine, liquors
do...
Household equip., supplies, furnishings..do...
Industrial materials
do...
Soaps, cleansers, etc.
do...
Smoking materials.
do...
All other.
.do...
111.0
83.4
47.0
25.0
161.8
682.0
132.3
112.8
49.5
33.9
194.5
807.7
22.5
8.9
3.7
2.5
17.5
7.2
6.7
4.0
2.1
14.7
56.8
10.3
3.8
3.0
16.1
65.4
13.0
13.2
4.8
4.3
16.0
75.2
12.9
14.7
4.8
3.7
17.2
87.9
16.5
18.1
6.9
3.2
18.4
94.0
17.5
11.3
4.5
2.5
18.1
72.7
18.6
9.5
3.3
2.5
18.0
59.5
11.3
9.8
3.9
2.8
16.3
53.3
13.8
13.9
5.5
3.3
16.0
99.9
20.0
15.7
6.3
2.9
19.0
108.4
Newspaper advertising expenditures (64 cities): ©
Total
mil. $.
Automotive..
...do..Classified
do...
Financial
do...
General
do .
Retail.
do...
5,352.0
127.0
1,341.8
147.6
731.0
3,004.6
Merchant wholesalers sales (unadj.), total O mil. $.. 580,894
Durable goods establishments
.do
246,732
Nondurable goods establishments
.do
334,162
8.4
8.6
21.3
20.9
20.2
16.1
18.6
18.4
17.7
13.3
18.9
14.8
20.8
90.7
19.5
91.1
5,996.7
154.5
1,569.6
160.8
803.6
3,308.0
586.7
16.7
151.5
17.6
86.5
314.4
584.2
14.1
128.5
14.5
81.6
345.5
524.8
8.3
105.9
14.6
56.1
340.1
488.2
11.1
142.0
18.4
67.7
249.0
458.5
13.7
129.7
11.3
64.4
239.4
555.6
15.5
152.8
16.2
69.6
301.4
621.0
14.4
177.5
19.8
84.4
324.8
600.8
13.7
165.5
19.2
80.7
321.6
578.2
12.9
165.8
23.3
73.9
302.3
523.2
10.9
172.9
17.1
50.9
271.3
488.7
10.8
162.7
8.6
47.4
259.2
497.9
11.4
158.0
11.8
59.8
257.0
578.1
12.8
174.0
16.2
72.9
302.2
642,104
285,605
356,498
54,251
25,369
28,882
56,034
25,340
30,694
56,244
24,797
31,427
52,143
22,869
29,274
52,766
23,880
62,900
28,985
33,915
60,613
28,784
31,829
66, 249
30,405
35,844
65,834
30,991
34,843
60,651
28,701
31,950
67,702
32,279
35,423
63,931
30,404
33,527
68,520
32,162
36, 358
4.5
4.8
3.5
3.2
5.1
3.4
8.7
WHOLESALE TRADE 0
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total O mil. $. 62,056
68,555 66,530 68,082 68,555
Durable goods establishments
do
43,676 42,627 43,252 43,676
37,628
Nondurable goods establishments.
.do.. _ 24,429
24,879 23,903 24,830 24,879
r
Revised.
v Preliminary.
Index as of Dec. 1, 1978: Building, 256.7; construction
267.0.
9 Includes data for items not shown separately.
§ Data include guaranteed
direct loans sold.
1f 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.
76,074 78,982
49,944 50,475
26,130 28,507
©Beginning Nov. 1977 SURVEY, data revised to reflect new sample design, benchmarking
to the 1967 and 1972 Censuses, conversion of the classifications to the 1972 SIC, addition of
farm assemblers and bulk petroleum establishments, and revision and updating of seasonal
factors. Revisions back to Jan. 1967, as well as a summary of the changes, appear in the report,
Monthly Wholesale Trade: January 1967-August 1977 (Revised) available from the Census
Bureau, Washington, D.C. 20233.
The revisions back to 1967 also appear on p. 34fl of the
69,596
44,287
25,309
71,156
45,757
25,399
73,931
47,275
26,656
May 1978 SURVEY.
74,635
47,957
26,678
74,634
48,918
25,716
74,882
49,627
25,255
74,874
49,900
24,974
74,943
49,841
25,102
S-12
L _bU J31JNJ!
»u±
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
1976
December 197*
1977
1977
Annual
Oct.
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: 1[
Estimated sales (unadj.), totalU
mil. $.. 642,507
708,344
60,836
61,975
74,219
52,146
52,479
63,334
62,391
66,368
67,475
65,076
67,539
64,754
66,910
69,688
210,530
238,815
20,788
20,049
21,228
16,314
17,230
21,863
22,227
24,059
24,656
22,975
23,899
21,658
23,369
23,244
37,958
26,706
6,431
143,682
131,418
12,264
3,591
2,599
567
12,418
11,313
1,105
3,229
2,307
555
2,963
1,928
648
2,304
1,591
389
2,419
1,664
387
3,116
2,139
503
3,592
2,409
570
4,027
2,681
624
4,186
2,927
629
4,012
2,870
584
4,247
3,110
581
3,798
11,551
10,448
1,103
10,927
9,812
1,115
9,976
9,071
905
10,710
9,872
838
14,008
12,940
1,068
13,832
12,715
1,117
14,831
13,698
1,133
15,133
13,913
1,220
13, 764
12,593
1,171
14,092
12,869
1,223
• 3,982
• 2, 890
'599
12,262
11,074
' 1,188
• 4,084
2,979
614
...do..
...do.
...do..
32,226
22,206
5,659
125,685
115,596
10,089
13,750
12,521
1,229
13,174
Furniture, homefurn., and equip
do..
Furniture, home furnishings stores._.doHousehold appliance, radio, TV
_do.
31,368
18,665
9,784
34,499
20,843
10,654
2,911
1,761
887
3,179
1,937
966
3,815
2,058
1,328
2,513
1,515
770
2,523
1,541
732
2,882
1,761
845
2,887
1,830
800
3,059
1,938
865
3,091
1,946
888
3,009
1,860
879
3,210
2,005
926
• 3,120 ' 3, 203
1,900 1,971
944
'926
3,508
do.
do..
do.
do.
431,977
79,258
62,900
7,598
469,529
89,231
71,583
7,958
40,048
7,616
6,179
41,926
8,986
7,290
706
52,991
14,572
11,817
1,308
35,832
5,368
4,325
450
35,249
5,488
4,404
482
41,471
7,317
5,867
643
40,164
7,420
5,987
613
42,309
7,960
6,401
662
42,473
8,049
6,492
660
42,101
7,443
5,937
637
43,640
8,107
6,490
683
43,096
7,967
•6,438
'637
43,541
8, 912
• 6,575
659
46,444
' 9,874
1 7,968
.do..
do..
do..
145,939
136,100
51,265
156,313
145,900
56,538
13,169
12,250
4,85C
13,135
12,265
4,721
14,894
13,787
4,918
12,880
12,043
4,537
12,617
11, 796
4,313
14,333
13,374
4,804
13,675
12,759
4,787
14,328
13,347
5,049
14,732
13,737
5,147
14,806
13,829
5,173
14,653
13,670
5,275
14,737 14,199
13,780 13,202
' 5,083 ' 5,198
14,778
13,787
1 5,024
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
Liq uor stores
do
Mail-order houses (dept. storemdse.)§_.do
33,188
6,683
12,702
5,575
33,527
2,891
543
3,166
675
4,899
1,088
2,217
458
2,080
402
2,847
509
2,729
511
2,817
517
2,804
537
2,674
485
12,814
5,832
1,160
519
1,206
1,847
720
829
413
814
364
1,116
555
1,063
514
1,096
515
1,079
553
1,071
547
' 3,136
'527
1,221 r 1,279
642
'579
58,008
20,716
12,734
6,099
63,891
22,380
13,084
6,751
5,508
1,847
1,067
5,261
1,849
1,106
878
5,491
2,685
1,583
4,857
1,820
945
4,761
1,793
928
437
5,610
2,010
1,044
598
5,750
1,883
1,087
543
6,055
2,000
1,092
537
6,251
2,009
1,145
500
6,426
1,957
1,188
502
6,558
2,048
1,168
592
61,548
62,649
63,917
64,292
64,565
64,343
65,862
' 66,347
20,445
20,897
21,807
21,821
22,092
21,844
22,908
' 22,812
3,382
2,181
520
3,341
2,247
542
3,559
2,473
556
3,518
2,446
557
3,619
2,543
568
3,641
2,560
553
3 801
2; 688
573
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 9Motor vehicle dealers
Auto and home supply stores
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Food stores
Grocery stores
Gasoline service stations
_
Estimated sales (seas, adj.), totalf
do
720
60,720
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...
20,837
61,650
20,795
3,260
2,300
536
702
440
61,813
59,987
20,674
19,914
r
3,098
529
r
3,139
565
1 3,373
1,287
555
' 6,166 r 6,139
' 1,982 ' 2,019
1,154
1,137
555
6,005
2,102
781
67,225
23,339
68,584
23,707
' 3, 772
1 3,806
r
2,673 >• 3,838
'599
2,706
12,460
11,357
1,103
3,149
2,224
513
12,393
11,343
1,050
3,224
2,096
529
12,095
10,982
1,113
12,160
11,105
1,055
12,642
11,564
1,078
13,135
12,064
1,071
13,069
12,005
1,064
13,232
12,151
1,081
12,774
11,704
1,070
13,600
12,434
1,166
• 13,395 13,822
• 12,156 12,597
' 1, 239 1,225
13,955
2,942
1,757
918
3,030
1,833
934
3,008
1,807
941
2,793
1,704
842
2,921
1,761
857
2,887
1,737
867
3,055
1,900
870
3,101
1,915
916
3,039
1,873
886
3,059
1,883
872
3,171
1,932
945
' 3,220 r 3,206
' 1,987 1,946
'939
967
3,275
do.
do.
do.
., _ _. do.
7,716
6,248
650
40,855
7,822
6,306
641
41,139
8,276
6,646
40,073
7,432
6,066
628
41,103
7,763
6,309
660
41,752
7,866
6,336
659
42,110
8,026
6,425
694
42,471
8,160
6,538
695
42,473
8,215
6,618
685
42,499
8,141
6,531
709
42,954
8,204
6,596
687
" 43,535 43,886 44,877
' 8, 277 8,242 11 8,557
6,851
' 6,644 ' 6,588
681
'680
do..
do..
do.
13,203
12,299
4,739
13,569
12,644
4,798
13,406
12,410
4,898
13,636
12,704
4,796
13,906
12,977
4,952
13,900
12,947
4,983
14,218
13,291
4,900
14,342
13,374
4,916
14,263
13,324
4,930
14,381
13,452
4,803
14,383
13,441
4,907
•r 14,511 14,732 15,019
13,523 13,752 13,997
' 5,028 ' 5,106 1 5,127
Apparel and accessory stores
do.-.
Men's and boys' clothing
do...
Women's clothing, spec, stores, furriers .do...
Shoe stores
do.
2,855
559
1,111
513
3,027
640
1,140
541
2,875
568
1,123
515
2,723
533
1,017
502
2,755
537
1,054
485
2,885
549
1,148
509
3,009
573
1,184
539
2,953
548
1,133
534
2,924
522
1,127
536
2,986
552
1,193
501
3,147
585
1,255
532
r
Eating and drinking places
do
Drug and proprietary stores
do...
Liquor stores
do
Mail-order houses (dept. store mdse.)§.do
5,368
1,889
1,084
603
5,486
1,894
1,106
576
5,469
2,008
1,089
580
5,415
1,944
1,104
609
5,510
1,957
1,101
550
5,772
1,992
1,106
574
5,808
1,999
1,064
598
5,783
1,996
1,117
590
5,853
1,999
1,138
597
5,917
2,018
1,137
607
6,000
2,094
1,163
575
' 6,081 ' 6,151
' 2,084 ' 2, 082
1,177
1,200
591
594
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
do.
do.
...do.
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.
Food stores
Grocery stores
G asoline service stations
Estimated inventories, end of year or month:t
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...
3,428
2,422
566
12,482
11,381
1,101
616
3,164
'586
' 1, 268
'527
3,108
579
1,216
554
1 3,161
6,203
2,163
76,115
35,895
6,083
18,031
6,070
85,148
40,372
6,659
20,296
7,197
88,194
39,148
6,663
18,473
7,105
90,527
40,434
6,705
19,519
7,301
85,148
40,372
6,659
20,296
7,197
85,092
40,927
6,875
20,665
7,116
86,333
41,662
7,180
20,917
7,157
89,825
42,670
7,352
21,424
7,304
90,953
43,029
7,480
21,398
7,504
91,514
43,281
7,479
21,381
7,519
91,502
42,804
7,516
20,959
7,493
91,326
42,137
7,439
20,295
7,507
91, .363
40,464
7,344
18,395
7,629
• 93,447
40,904
7,356
18,525
7,702
97, 645
42,589
7,321
19,705
7,935
do...
do.-_
do...
do...
do...
40,220
13,660
10,061
8,880
6,693
44,776
16,571
12,215
9.198
7,282
49.046
19,852
14,626
9,183
8,080
50,093
20,382
15,204
9,166
8,237
44,776
16,571
12,215
9,198
7,282
44,165
16,502
12,136
8,948
6,982
44,671
16,911
12,266
8,963
7,172
47,155
18,561
13,662
9,280
7,366
47,924
19, 351
14,283
9,233
7,503
48,233
19,599
14,465
9,379
7,486
48, 698
19, 777
14,555
9,564
7,471
49,189
20,115
14,516
9,541
7,671
50,899
21,133
15,147
9,616
8,003
1
52,543
22, 233
15,961
'9,712
8,370
55,056
23, 731
17,157
10,085
8,654
Book value (seas, adj.), totalf
do...
Durable goods stores 9
do...
Building materials and supply stores.do.-.
Automotive dealers
do. -.
Furniture, home furn., and equip
do...
78,045
36,417
6,336
18,195
6,064
87,073
40,534
6,936
20,055
7,190
85,322
39,589
6,730
19,404
6,858
86,299
40,087
6,828
19,756
6,973
87,073
40,534
6,936
20,055
7,190
87,708
41,060
7,066
20,300
7,269
87,642
41,369
7,173
20,249
7,348
89,097
41,521
7,166
20,269
7,423
89,963
41,881
7,262
20,360
7,565
91,063
42,300
7,254
20,480
7,587
91,543
42,036
7,333
20, 329
7,531
92,470
42, 359
7,461
20,377
7,590
93,680
42,640
7,396
20,394
7,675
• 93,664
42, 565
7,438
20,290
7,596
94,301
43,039
7,395
20,699
7,659
14J893
10,960
8,732
7,016 '
46,539
18,097
13,321
9,053
7,641
45,733
17,824
13.047
8,968
7,413
46,212
18,116
13,313
8,805
7,536
46,539
18,097
13,321
9,053
7,641
46,648 46,273 47,576 48,082 48,763 49,507 50, 111 51,040 • 51,099 51,262
18,237 18,087 18,952 19, 384 19^667 20, 039 20,389 20,929 21, 281 21,314
13,455 13,203 13,927 14,254 14,465 14,807 14,873 15,117 15,347 15,305
9,822 ' 9,800
9,849
9,261
9,696
9,417
9,044
9,317
9,641
9,038
7,932
7,939
7,564
7,860
7,911
7,608
7,418
7,494
7,686
7,581
seasonally adjusted data for motor vehicle dealers, total automotive dealers, total durable
goods, and total retail stores have been revised back to Jan. 1977; earlier revisions are on p.
56 of the Oct. 1978 SURVEY.
9Includes data not shown separately.
§Includes sale of
mail-order catalog desks within department stores of mail-order firms. tSeries revised,
beginning Jan. 1967, to reflect the 1972 SIC desingations.
Revised historical data appear
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
r
Revised.
i Advance estimate.
do.
do.._
do...
do...
do.._
^Effective Nov. 1977 SURVEY OF CURRENT BUSI-
NESS, estimates 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
changes, appear in the report, Monthly Retail Sales: January 1967-August 1977 (Revised),
available from the Census Bureau, Washington, D.C. 20233.
Effective Oct. 1978 SURVEY,
on p. 34 ff. of the May 1977 SURVEY.
SUKVEY
December 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
S-13
CURRENT BUSINESS
1978
1977
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
21, 611
Oct.
Nov.
DOMESTIC TRADE—Continued
RETAIL TRADEt—Continued
Firms with 11 or more stores:
Estimated sales (unadjusted), totalt
mil.
Durable goods stores
Auto and home supply stores
do..
do_.
Nondurable goods stores 9
General merchandise group stores
Department stores
Variety stores
Miscellaneous general stores.
do.
do..
do.
do..
do.
do...
do...
Estimated sales (seas, adj.), totalt 9...
Auto and home supply stores.
Department stores
_
Variety stores
Grocery stores
do...
do...
do...
do
do...
Charge accounts
Installment accounts.
Total (seasonally adjusted)..
Durable goods stores..
Nondurable goods stores
Charge accounts..
Installment accounts
_
22,783
30,601
17,556
17,477
21,496
20,944
22,073
22,380
22,570
22,532
1,607
267
1,674
269
2,207
274
1,162
204
1,194
190
1,508
262
1,743
266
1,788
287
1,724 '1,782
••275
267
<)
19,430
6,808
5,837
494
477
21,109
8,092
6,898
553
641
28,394
13,149
11,165
1,043
941
16,394
4,764
4,109
329
326
16,283
4,875
4,183
359
333
19,988
6,511
5,565
493
453
1,607
294
19,337
6,607
5,686
459
482
20,330
7,096
6,082
496
518
20,592
7,184
6,176
500
508
19,887 • 20,788
7,224
6,604
6,176
5,649
521
481
474
527
1,733
272
20,799
7,116
6,117
495
504
7,143
7,058
7,153
7,073
8,161
8,046
7,022
6,939
6,877
6,792
7,876
7,776
7,406
7,325
7,649
7,567
7,878
7,798
7,873
7,790
7,683
7,602
7,977
7,900
1,043
1,145
1,788
673
1,032
968
1,017
1,007
931
1,162
1,163
242
247
463
272
262
747
467
366
276
163
183
287
158
163
432
226
279
404
224
243
432
241
247
422
233
242
406
222
212
280
280
493
294
294
861
999
870
1,050
1,440
932
862
921
825
1,122
974
1,203
950
1,198
970
936
1,230
978
1,242
940
20, 942
261
5,902
503
7,079
21,525
271
5,967
502
7,152
21,917
256
6,2»0
555
7,178
20,703
255
5,723
480
7,213
21,264
252
5,993
489
7,488
21,476
251
5,984
498
7,484
1,130
894
22,249
268
6,140
517
7,760
22,222
245
6,187
524
7,674
22,243
246
6,232
519
7,668
22, 761
256
6,249
540
7,853
22,432
'258
6,283
538
7,527
22,673
285
6,306
529
7,707
1,035
425
251
892
1,089
443
260
919
1,023
418
243
952
925
373
233
423
229
934
1,020
439
253
971
1,077
464
265
974
1,089
461
274
962
1,058
446
263
975
1,111
474
259
994
1,138
477
254
976
1,114
459
264
985
8
0)
8
0)
0)
0)
0)
0)
0)
0)
Apparel and accessory stores
do...
Women's clothing, spec, stores, furriers .do...
Shoe stores...
_.do...
Di ig stores and proprietary stores
do.. I
All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted)
mil. $
Durable goods stores..
do..I
Nondurable goods stores
do III
21,037
0)
0)
0)
0)
0)
0)
Food stores.
do.
Grocery stores
do.
Apparel and accessory stores 9
do
Women's clothing, specialty stores, furriers.
mil. $_
Family clothing stores
do...
Shoe stores.
.do...
Eating places
Drug stores and proprietary stores
0)
0)
0)
.8
32,153
9,515
22,638
34,149
10,089
24,060
30,986
10,216
20,770
31,733
10,097
21,636
34,149
10,089
24,060
32,454
9,445
23,009
31,692
9,369
22,323
31,650
9,531
22,119
31,599
9,817
21,782
31,915
9,963
21,952
32,212
10,203
22,009
32,147
10,375
21, 772
32,534
10,490
22,044
32,842
10,443
22,399
do...
doZI
12,889
19,264
10,659
23,490
10,116
20,870
10,200
21,533
10, 659
23,490
9,928
22,526
9,823
21,869
10,011
21,639
10,029
21,570
10,171
21,744
10,399
21,813
10, 319
21,828
10,513
22,021
10,512
22,330
do.
do.
do"
30,323
9,481
20,842
32,018
10,019
21,999
31,076
9,951
21,125
31,547
10,102
21,445
32.018
10.019
21,999
31,966
9,790
22,176
32,020
9,838
22,182
32, 275 32,030
9,919 10,010
22,356 22,020
31,950
9,880
22,070
32,362
9,933
22,429
32, 807
10,195
22, 612
33,101
10,312
22,789
33,226
10,148
23,078
.do.
do.
12,591
17,732
10,490
21,528
9,899
21,177
10,145
21,402
10,490
21, 528
10,281
21,685
10,346
21,674
10,371
21,904
10,077
21,953
9,820
22,130
10,097
22,265
10,381
22, 426
10,749
22,352
10,609
22,617
218.36
218. 50 218. 67 218. 86 219.03
LABOR FORCE, EMPLOYMENT, AND EARNINGS
PO PULATION OF THE UNITED STATES
Total, incl. armed forces overreast
mil..
LABOR FORCEH
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over...
thous
Civilian labor fcrce
do
Employed, total
---IZZZZI
do"
Agriculture
I-...." I " do"
Nonagricultural industries
do
Unemployed..,
Illldol
Seasonally Adjusted!!
Civilian labor force
do
Employed, total
do"
Agriculture
""do"
Nonagricultural industries
do"
Unemployed.
do
Long-term, 15 weeks and o v e r " " " " d o
Rates (unemployed in each group as percent"
of total in the group):
All civilian workers
Men, 20 years and overZZZZZZZZI"
Women, 20 years and over
"
B o t h sexes, 16-19 years
"1HZZZZZZZZIZZZZ
White
Black and other
ZZZZZZ
Married men, wife present...ZIZZZI"""
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):"
Private wage and salary workers
Construction
Manufacturing. __I~~~~-~
"
Durable goods_.ZZZZZI
6
available
n
2
215.14
2
96,917
94,773
87,485
3,297
84,188
7,288
216.82
217.33
217.48
217.61
99,534 100,585 100,951 100,832 100,071
97,401 98,451 98,819 98, 503 97,950
90,546 92,230 92,473 92, 623 91,053
3,408
3,181
3,244
2,868
2,914
87,302 88,822 89,292 89, 710 88,185
6,221
6,346
6,855
6,897
5,880
98,071 98,877
91,383 92,214
3,243
3,357
88,140 88,857
217.94
218. 09 218.22
100,048 100,565 100,984 101,422 104,276 104,755 104,169 102,961
99,309 102,178 102,639 102,047 100,838
97,924 98,443
91,185 91,964 93,180 93,851 95,852 96,202 96,116 95, 041
3,983 3,997 3,856 3,549
2,913 3,151 3,369
2,771
88,413 89,051 90,029 90,483 91,869 92,204 92,261 91,492
5,931
5,797
6,326
6,438
6,479
5,457
5,685
6,739
99,107
92,881
3,354
89, 527
99,093
93,003
3,242
89,761
99,414
93,266
3,310
89,956
219.19
103, 677 103,776
101,555 101,659
96, 095 96,029
3,553
3,100
92,541 92,929
5,460
5,629
99,784 100,261 100, 573 100,618 100,549 100,870 101, 062 101,647
93,801 94,112 94, 819 94,425 94,581 94,868 95,192 95,735
3,265
3,380
3,275 3,235 3,473 3,387 3,360 3,411
90,526 90,877 91,346 91,038 91, 221 91,457 91,811 92,470
2,339
1,911
6,688
1,848
6,663
1,829
6,310
1,797
6,226
1,688
6,090
1,568
6,148
1,463
5,983
1,384
6,149
1,358
5,754
1,23)
6,193
1,292
5,968
1,215
6,002
1,293
5,870
1,370
5,912
1,251
7.7
5.9
7.4
19.0
7.0
5.2
7.0
17.7
6.8
5.0
6.8
17.3
6.7
4.7
6.9
17.3
6.4
4.6
6.6
15.6
6.3
4.7
6.1
16.0
6.1
4.5
5.7
17.4
6.2
4.5
5.8
17.3
6.0
4.2
5.8
16.9
6.1
4.2
6.3
16.5
5.7
3.9
6.1
14.2
6.2
4.1
6.5
16.3
5.9
4.1
6.1
15.6
6.0
4.0
6.0
16.6
5.8
4.0
5.6
16.3
5.8
4.0
5.8
16.2
7.0
13.1
4.2
6.2
13.1
3.6
6.0
13.7
3.6
5.9
13.7
3.3
5.5
12.7
3.2
5.5
12.7
2.9
5.3
11.8
2.9
5.3
12.4
3.0
5.2
11.8
2.8
5.2
12.3
2.9
4.9
11.9
2.7
5.3
12.5
2.7
5.2
11.7
2.8
5.3
11.2
2.7
5.1
11.4
2.7
5.0
11.8
2.5
4.6
9.4
4.3
8.1
4.1
8.0
4.2
7.6
4.0
7.2
3.6
7.1
3.5
7.1
3.4
7.1
3.5
6.5
3.6
6.6
7.9
15.6
7.9
7.7
7.0
12.7
6.7
6.2
6.9
12.1
6.8
6.1
6.7
11.2
6.5
6.0
6.3
10.8
5.7
5.6
6.2
11.7
5.6
5.2
6. 1
11.5
5.7
6.0
11.3
5.4
5.9
9.5
5.3
4.4
5.9
9.2
5.6
5.0
3.5
6.5
5.6
9.3
5.6
4.8
3.8
6.9
6.0
9.5
5.6
5.1
3.5
7.0
5.9
9.1
5.7
5.5
3.5
7.0
5.9
10.7
5.5
5.0
3.3
6.9
5.7
11.5
5.3
4.8
3.3
6.6
5.7
10.6
5.3
4.8
: r e v i s e d d a t a for p e r i o d s
rior t o M a
1977 a r e n o t
nm L r k ?' n?' mor items not shown separately,
ons back to Oct. 1973 appear in "Population Estimates and Projections: Estimates
217.84
98, 919
92,609
3,323
89, 286
2 I f n? t iy *i
P
^
! ° ? « •
and are not JrWlv
v, " B e r i n gg Augg 1977,, data
ata reflect
reflect use
use of
of new
new sample
sample
Se for
for eeaarrlliieerr ee r i o d s sseeee nnoottee
for s s 12
IS ^ 4 " y n JJ' F ^o^ nT91TI1n1c??l u y°
PP
'
"T'
" T 'for
PP. ""12dye s d a t a f
L
217. 74
5.0 I 4.8
of the Population of the United States and Components of Change—1930-75," P-25, No. 632
(July 1976), Bureau of the Census.
U Effective with the Feb. 1977 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1972; comparable monthly figures for 1972-75 appear in &MPLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.
S-14
December 1978
SURVEY OF CURKENT 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
1976
1977
Oct.
Annual
1978
1977
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct. v Nov. *
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab.:©
Total, not adjusted for seasonal variation..thous..
Private sector (excl. government)
do
79,382
64,511
82,256
67,177
83,891
68,560
84,276
68,786
84,464
68,982
82,724
67,372
82,962
67,363
83,897
68,171
85,075
69,309
85,796
69,988
86,800
71,109
85,925
70,996
86,134
71,375
Total employees, nonagricultural payrollst©do
Private sector (excl. government)
do
Nonmanufacturing industries
do
G oods-producing
do
Mining
.do
Contract construction
do
Manufacturing
do
Durable goods..
...do
Lumber and wood products
.do
Furniture and
fixtures
do
Stone, clay and glass products
do
Primary metal industries
.do
Fabricated metal products®.
.do
Machinery, except electrical
do
Electrical equipment and supplies..do
Transportation equipment©
do
Instruments and related prod.© do
M iscellaneous manufacturing
do
79,392
64,511
45,514
23,352
779
3,576
82,256
67,177
47,530
24,289
8C9
3,833
83,199
67,979
48,210
24,507
833
3,905
83,549
68,286
48,437
24,617
840
3,928
83,719
68,451
48,467
24,626
687
3,955
83,871
68,557
48,492
24,648
678
3,905
84,188
68,838
48,699
24,724
684
3,901
84,726
69,291
49,061
24,927
698
3,999
85,418
69,901
49,619
25,313
867
4,164
85,618
70,056
49,759
25,341
869
4,175
85,996
70,399
50,083
25,473
879
4,278
86,033
70,476
50,174
25,501
882
4,317
86,149 86,163
70,613 70,718
50,335 50,432
25,463 •25,471
'887
887
4,298 ' 4 , 2 9 8
'86,567
'71,110
'50,678
'25,664
'894
' 4,338
87,034
71,553
50,959
25,878
904
4,380
18,997
11,077
680
444
644
1,155
1,511
2,065
1,774
1,799
575
429
19,647
11,573
722
463
668
1,179
1,577
2,179
1,868
1,862
615
439
19,769
11,693
736
471
673
1,182
1,597
2,219
1,891
1,867
620
437
19,849
11,746
745
475
680
1,180
1,608
2,232
1,903
1,860
623
440
19,984
11,851
756
481
685
1,180
1,617
2,251
1,912
1,895
628
446
20,065
11,917
754
484
689
1,186
1,625
2,259
1,923
1,917
632
448
20,139
11,986
756
487
691
1,193
1,638
2,271
1,935
1,928
635
452
20,230
12,041
752
491
692
1,189
1,639
2,289
1,951
1,944
639
455
20,282
12,076
751
491
699
1,192
1,646
2,309
1,951
1,936
644
457
20,297
12,093
745
489
700
1,197
1,652
2,311
1,952
1,942
649
456
20,316
12,109
747
486
701
1,197
1,645
2,332
1,962
1,929
654
456
20,302
12,138
743
485
698
1,199
1,643
2,345
1,977
1,937
660
451
20,278 •20,286 '20,432
12,146 12,166 '12,302
'744
'748
743
r
'480
484
481
'692
'699
692
1,205 '1,214 ' 1 , 2 2 0
1,650 ' 1,666
1,646
2,351 '2,358 '2,389
1,972 ' 1,986
1,975
1,941 ' 1,943 '1,992
'662
'663
661
451
455
451
20,594
12,398
759
486
704
1,240
1,681
2,399
1,998
2,006
669
456
Nondurable goods
do
Food and kindred products..
do
Tobacco manufactures
...do
Textile mill products
do
Apparel and other textile products..do
Paper and allied products..
...do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and ccal products
do
Rubber and plastics products, nee..do
Leather and leather products
do
Service-producing
do
Trans., comm., electric, gas, etc
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do
7,920
1,689
77
919
1,318
676
1,099
1,042
198
640
263
8,074
1,703
74
914
1,312
693
1,338
1,071
202
712
253
8,076
1,682
72
914
1,314
694
1,148
1,073
204
720
255
8,103
1,693
71
918
1,318
693
1,512
1,073
205
726
254
8,133
1,700
74
917
1,320
697
1,156
1,076
206
734
253
8,148
1,706
74
917
1,318
699
1,159
1,079
207
737
252
8,153
1,705
74
917
1,315
699
1,163
1,081
208
738
253
8,189
1,718
76
916
1,319
703
1,171
1,081
209
744
252
8,206
1,715
74
911
1,330
706
1,174
1,085
210
748
253
8,204
1,701
75
913
1,326
709
1,180
1,093
207
747
253
8,207
1,702
76
908
1,325
709
1,186
1,091
209
749
252
8,164
1,688
73
909
1,307
710
1,187
1,091
207
749
243
'8,120
' 1,665
'70
907
'1,309
'697
1,178
1,088
209
r
744
••253
' 8,130
' 1,667
71
'908
1,308
'693
'1,181
'1,089
'210
'752
'251
8,196
1,690
71
910
1,312
702
1,199
1,094
211
760
247
56,030
4,582
17,755
4,546
13,209
57,968
4,696
18,492
4,697
13,795
58, 692
4,721
18,733
4,745
13,988
58,932
4,736
18,830
4,761
14,069
59,093
4,749
18,911
4,783
14,128
59,223
4,758
18,991
4,802
14,189
59,464
4,782
19,071
4,828
14,243
59,799
4,817
19,169
4,854
14,315
60,105
4,847
19,252
4,872
14,380
60,277
4,847
19,335
4,885
14,450
60,523
4,881
19,412
4,905
14,507
60,532
4,827
19,469
4,901
14,568
60,686 •60,692 '60,903
4,855 '4,920
4,846
19,523 • 19,546 '19,640
'
4,917 ' 4,946
4,905
14,618 ' 14,629 '14,694
61,156
4,946
19,705
4,978
14,727
4,271
14,551
14,871
2,733
12,138
4,452
15,249
15,079
2,727
12,352
4,508
15,510
15,220
2,728
12,492
4,535
15,568
15,263
2,727
12,536
4,547
15,618
15,268
2,723
12,545
4,563
15,597
15,314
2,736
12,578
4,591
15,670
15,350
2,736
12,614
4,605
15,773
15,435
2,739
12,696
4,623
15,866
15,517
2,745
12,772
4,637
15,896
15,562
2,753
12,809
4,670
15,963
15,597
2,772
12,825
4,690
15,989
15,557
2,765
12,792
4,737
4,707 ' 4,719
16,074 16,127 '16,149
15,536 •15,445 '15,457
2,752 ' 2,767
2,765
12,771 12,693 '12,690
4,759
16,245
15,501
2,767
12,734
52,897
13,638
55,040
14,110
56,241
14,396
56,449
14,387
56,612
14,378
55,028
14,237
54,984
14,250
55,716
14,355
56,761
14,444
57,358
14,534
58,289
14,737
58,120
14,476
58,437
14,532
58,637 58,745
14,877 '14,880
59,055
14,950
56,114
17,954
493
3,021
56,348
18,016
494
3,023
56,744
18,198
509
3,122
57,263
18,541
655
3,288
57,428
18,565
659
3,303
57,653
18,660
663
3,401
57,704
18,675
667
3,439
57,771 '57,861 '58,125
18,619 '18,629 '18,795
'676
'671
668
3,462
3,419 '3,422
58,542
18,999
684
3,494
14,440
8,569
650
399
553
929
1,234
1,483
1,267
1,326
386
342
14,499
8,620
650
401
551
937
1,247
1,493
1,276
1,332
388
345
14, 567
8,661
647
405
552
933
1,247
1,507
1,288
1,342
391
349
14,598
8,676
646
405
558
934
1,251
1,517
1,284
1,337
394
3,50
14,603
8,685
639
404
557
939
1,257
1,516
1,283
1,344
397
349
14,596
8,683
641
400
558
939
1,250
1,533
1,284
1,327
402
349
14,569
8,694
637
398
554
942
1,245
1,547
1,293
1,328
407
343
14,532 '14,536 '14,657
8,693 '8,706 ' 8 , 8 1 8
'641
636
636
'398
'395
394
'554
548
549
'960
'953
947
1,248 '1,264
1,245
1,544 ' 1 , 5 5 0 '1,577
1,293 '1,290 '1,300
1,336 ' 1,337 ' 1 , 3 7 2
'406
'406
405
'346
'343
344
14,821
8,916
648
400
560
981
1,278
1,579
1,312
1,395
415
348
5,871
1,156
59
799
1,132
523
656
618
136
576
216
5,879
1,158
59
798
1,131
525
658
620
136
578
216
5,906
1,168
60
798
1,134
527
663
620
137
583
216
5,922
1,167
59
794
1,144
530
664
624
137
586
217
5,918
1,154
60
795
1,140
535
668
628
135
586
217
5,913
1,152
61
792
1,137
535
668
628
136
587
217
5,875
1,142
58
791
1,121
535
669
628
135
587
209
5,839
1,124
54
' 5,830
' 1,122
56
'790
785
1,127 '1,124
'522
523
657
2 667
'624
623
137
136
'581
584
'217
216
'5,839
'1,122
57
'791
'1,124
'521
'660
'623
'137
'589
'215
5,905
1,145
57
794
1,129
531
675
626
139
599
210
38,160
4,028
16,737
3,958
12,779
3,472
13,923
38,332
4,044
16,812
3,982
12,830
3,494
13,982
38,546
4,067
16,894
4,007
12,887
3,500
14,085
38, 722
4,094
16,952
4,020
12,932
3,516
14,160
38,863
4,086
17,079
4,026
13,053
3,523
14,175
38,993
4,109
17,106
4,043
13,063
3,546
14,232
39,035
4,051
17,165
4,040
13,125
3,565
14,254
39,152
4,066
17,214
4,042
13,172
3,579
14,293
'39,232
'4,064
'17,228
' 4,053
'13,175
' 3,591
'14,349
'39,330
" 4,127
'17,287
'4,069
'13,218
'3,603
'14,313
39,543
4,151
17,367
4,103
13,264
3,628
14,397
'87,298
71,556 '71,728
87,798
72,066
Seasonally Adjusted!
Finance, insurance, and real estate
Services
Government
Federal.
State and local
do
do
do
.do
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted©, thous...
Manufacturing
.do
Seasonally Adjusted!
Production or nonsupervisory workers en private
nonagricultural payrolls!
thous.. 52,897 55,040 55,660 55,969 56,095
Goods-producing
do
17,044
17,729 17,874 17,985 17,976
Mining
do
592
502
615
635
639
Contract construction
do
2,814
3,004
3,099
3,062
3,083
Manufacturing
do
13,638
14,110 14,177 14,263 14,375
Durable goods
do
7,914
8,291
8,371
8,429
8,515
Lumber and wood products
do
576
646
616
630
639
Furniture and
fixtures.
do
364
397
381
387
391
Stone, clay, and glass products
do
514
549
533
534
544
Primary metal industries
do
904
922
922
920
921
Fabricated metal products©
do
1,139
1,194
1,210
1,221
1,228
Machinery, except electrical
do
1,340
1,462
1,477
1,425
1,455
Electrical equipment and supplies...do
1,160
1,243
1,252
1,258
1,227
Transportation equipment©
do
1,235
1,284
1,312
1,284
1,281
Instruments and related prod.©
do
353
384
375
378
380
Miscellaneous manufacturing
do
329
342
335
331
335
Nondurable goods
.do
5,724
5,860
5,806
5,834
5,819
Food and kindred products
do
1,145
1,142
1,154
1,131
1,151
Tobacco manufactures
do. .
64
60
59
57
57
Textile mill products
do
800
800
798
795
795
Apparel and other textile products...do
1,134
1,130
1,126
1,125
1,131
Paper and allied products
do
523
508
520
519
519
Printing and publishing
do
625
650
653
644
651
Chemicals and allied products
.do
617
600
614
614
615
Petroleum and coal products
do
135
128
134
134
131
Rubber and plastics products, nee. ..do
575
493
562
557
569
Leather and leather products
do
227
218
217
218
218
Service-producing
do
35,853
37,311 37,786 37,984 38,119
Transportation, comm., elec, gas, etc
do
4,024
3,993
3,918
4,009
4,015
Wholesale and retail trade
do
15,649
16,297 16,496 16,607 16,676
Wholesale trade
_
do
3,746
3,943
3,869
3,925
3,908
Retail trade
do
11,904
12,427 12,588 12,682 12, 733
Finance, insurance, and real estate
do
3,453
3,243
3,385
3,445
3,425
Services
.do
13,043
13,636 13,856 13,917 13,966
r
Revised.
P Preliminary.
©See end of note! for this page.
tData have been revised to conform to the 1972 Standard Industrial Classification and
adjusted to March 1977 benchmark levels; consequently they are not comparable with previously published data. For a discussion of the effect of these revisions, see "BLS Establishment Estimate Revised to Reflect New Benchmark Levels and 1972 SIC," in the October 1978
8,132
1,670
69
903
1,309
698
1,188
1,089
209
746
251
issue of Employment and Earnings, available from the U.S. Government Printing Office,
Washington, D.C. 20402.
©Effective October 1978 SURVEY, includes data formerly shown separately under ordnance and accessories.
SUEVEY OF CURRENT
December 1978
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
1976
1977
1977
Annual
S-15
Oct.
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.*
Nov.
35.9
36.3
43.0
37.3
40.3
40.5
35.8
36.2
43.6
37.1
40.4
40.3
3.4
35.8
'36.0
'43.0
37.0
MO. 7
40.4
3.6
35.8
35.9
'43.1
36.9
40.6
'40.4
3.6
35.9
35.8
42.8
36.8
40.8
40.6
3.7
41.0
3.6
39.3
39.0
41.6
42.0
40.9
41.1
3.8
'39.6
38.8
41.8
41.8
40.9
41.2
3.9
'40.0
'38.9
'41.8
'42.2
'40.8
41.3
4.0
40.0
39.1
41.9
42.2
41.0
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjusted!
Avg. weekly hours per worker on private nonagric.
payrolls:H Seasonally adjusted!
hours_.
Mining
Not seasonally adjusted
do.
Contract construction
do.
Manufacturing: Not seasonally adjusted
do,
Seasonally adjusted
do.
Overtime hours
do.
Durable goods
do.
Overtime hours
do.
Lumber and wood products
do.
Furniture and
fixtures
do.
Stone, clay, and glass products
..do.
Primary metal industries
do.
Fabricated metal products©
- .do.
Machinery, except electrical
do..
Electrical equipment and supplies
do.
Transportation equipment©
do..
Instruments and related products© do_
Miscellaneous manufacturing ind
do..
Nondurable goods
0vertime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
36.1
42.4
36.8
40.1
36.0
43.4
36.5
40.3
36.1
36.1
43.7
36.3
40,6
40.5
36.0
35.9
43.7
36.4
40.7
40.5
35.9
36.2
42.9
36 2
4l!l
40.5
3.6
35.5
35.1
42.8
34.3
39.2
39.8
3.5
35.7
35.3
43.2
35.6
39.6
40.1
3.7
36.0
35.8
43.7
36.9
40.4
40.6
3.7
36.1
35.8
44.0
37.3
40.4
40.8
3.8
35.9
35.7
43.4
36.6
40.4
40.4
3.5
3.6
41.2
40.4
3.7
39.3
38.4
40.0
41.4
40.3
40.7
4.0
39.6
40.0
40.9
41.6
40.7
41.3
3.9
39.9
40.1
41.8
41.5
41.3
41.4
4.0
40.2
40.1
42.0
41.5
41.4
41.0
41.2
3.7
3.7
39.5
39.4
41.6
41.7
41.1
40.0
39.5
41.9
41.8
41.0
41.2
3.8
39.8
39.3
41.7
41.8
41.0
42.1
40.2
41.8
40.8
38.8
42.3
40.2
42.0
40.8
38.8
42.2
40.7
42.1
40.7
38.8
41.8
40.4
41.8
41.0
39.0
"41.9
'40.1
'42.5
'40.9
39.0
42.0
'40.2
'42.5
40.9
'38.8
42.2
40.4
42.7
40.6
38.8
39.5
39.4
3.5
3.1
3.4
40.6
3.2
39.9
38.8
41.1
40.8
40.8
41.0
3.7
39.8
39.0
41.3
41.3
41.0
41.2
3.8
40.1
39.5
41.0
41.5
41.0
40.0
39.5
41.5
41.5
41.0
41.2
3.8
40.0
39.6
41.3
41.6
41.2
41.2
40.0
41.7
40.3
41.5
40.4
42.5
40.6
38.8
41.9
40.5
42.9
40.8
38.9
41.9
40.5
42.6
40.6
38.9
41.9
40.5
41.5
40.5
38.6
41.1
39.7
41.6
40.4
38.0
41.8
40.0
40.9
40.6
38.3
42.3
40.6
42.1
41.3
39.0
42.3
40.4
42.4
41.4
39.1
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
39.4
3.0
40.5
37.5
40.1
35.8
39.4
3.2
40.0
37.9
40.4
35.6
39.4
39.5
42.5
37.5
41.6
42.1
40.7
37.4
do.
do.
do.
do.
do.
do.
39.8
33.7
38.7
32.1
36.4
33.3
3.6
3.8
35.9
36.2
43.4
37.3
40.8
40.5
3.2
3.1
39.8
38.7
40.5
35.9
39.6
39.6
40.3
35.8
39.4
3.2
39.8
38.6
40.2
35.8
39.3
3.2
39.5
37.7
40.4
35.6
39.4
3.2
39.5
'37.9
'40.4
35.7
39.3
3.2
39.8
'36.9
'40.4
'35.1
39.5
3.2
39.8
37.2
40.5
35.8
43.5
37.9
42.0
43.6
41.3
38.1
42.9
37.3
41.9
42.9
41.1
37.6
42.9
37.5
41.9
43.4
41.1
37.4
42.9
37.6
41.8
43.9
40.9
37.2
42.7
37.4
41.9
44.3
40.9
37.1
42.7
37.8
'41.8
43.8
'41.0
'37.2
42.7
'37.7
'42.0
'43.8
41.0
'36.8
43.1
37.9
42.0
43.7
41.2
36.5
40.0
33.0
39.0
31.2
36.7
33.0
40.2
32.9
33.7
31.1
36.3
32.9
40.1
32.8
38.8
31.0
36.5
32.8
39.6
32.9
38.7
31.1
36.6
32.8
40.1
32.8
'39.0
30.9
36.5
32.8
40.1
32.8
38.8
30.9
36.5
32.7
40.1
32.9
38.9
31.0
36.3
32.7
163.47
132. 56
1.99
8.39
42.54
9.93
33.42 j
8.94 i
27.35
30.92
162.91
132.29
2.03
8.29
42. 22
10.05
33.38
8.93
27.39
30.62
162.91
132.58
1.99
8.23
42.30
10.12
33.44
8.96
27.53
30.34
3.1
3.2
39.7
38.1
40.6
35.6
40.1
38.5
40.7
35.8
39.4
3.3
39.9
38.0
40.5
35.9
38.8
3.2
39.7
37.6
40.3
33.7
39.1
3.3
39.7
38.3
40.3
35.5
39.7
3.3
40.0
38.9
40.8
36.0
3.4
40.1
38.7
40.9
42.9
37.7
41.7
42.7
41.0
42.8
37.9
41.7
42.9
40.8
37.2
42.8
37.8
41.7
42.8
40.8
37.4
42.9
37.6
41.7
43.4
40.6
37.0
42.5
37.4
41.6
43.1
40.2
36.5
42.5
37.4
41.6
42.8
39.8
36.4
43.4
38.0
42.1
43.3
40.7
37.1
39.9
33.3
38.8
31.6
36.4
33.0
39.8
33.4
38.9
31.7
36.5
33.2
40.2
33.1
38.8
31.4
36.4
33.0
40.0
33.1
38.8
31.4
36.4
33.0
40.0
32.7
38.7
30.9
36.3
33.0
40.1
32.7
38.7
30.9
36.3
32.9
40.4
33.0
38.9
31.2
36.3
33.0
156. 31 158.46 ' 158.04 158.66
126. 67 128.09 128.54 128.68
1.52
1.83
1.90
1.93
7.48
7.28
7.34
7.41
41.74
40.96
41.19
41.40
9.74
9.88
9.74
9.89
32.14
32. 55 32. 52 32.54
8.44
8.59
8.55
8.58
26.28
26.93
26.82
26.83
29.64
29.98
30.37
29.49
157.83
127.87
1.50
7.03
41.43
9.87
32.51
8.64
26.89
29.96
159.13
128.81
1.53
7.19
41.89
10.04
32.61
8.66
26.88
30.32
30.9
36.6
32.8
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..
Total private sector
do
Mining
do
Contract construction
do
M anufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
do
Indexes of employee-hours (aggregate weekly) :flt
Private nonagric. payrolls, total
1967=100.
Goods-producing
do...
Mining
do...
Contract construction
do...
Manufacturing
do...
Durable goods
do...
Nondurable goods
do...
Service-producing
Transportation, comm., elec, gas
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
do.
do..
do...
do...
do...
do.-.
do.
151. 20
122.05
1.72
6.84
39.44
9.48
31.20
8.10
25.27
29.15
161.30 162.90 162.48 ' 163.31
130. 93 132. 21 131.79 132.60
1.98
1.59
1.96
1.98
7.62
8.10
7.94
8.36
42.53
42.57
42.44
42.49
10.12
10.11
10.15
10.18
33.09
33.22
33.21
33.36
8.42
8.84
8.78
8.88
27.26
27.39
27.30
27.34
30.36
30.69
30.69
30.71
163.60 P165.28
133.40 134. 25
2.03
2.03
8.30
8.35
42.56
43.08
10.22
10.30
33.57
33.75
9.02
9.00
27.68
27.75
30.20
31.03
rill. 4
96.0
125.5
100.2
94.2
93.4
95.4
115.4
100.2
133.4
105.8
98.0
98.7
97.1
117.0
101.2
138.8
107.6
98.8
100.1
96.8
117.4
102.0
139.7
108.7
99.5
100.8
97.6
117. 5
101.6
107.8
108.6
100.2
101.7
97.9
116.2
99.3
105.6
100.3
98.9
100.5
96.5
117.1
100.9
106.8
104.2
100.1
101.9
97.4
119.1
103.6
111.3
111.5
102.0
103.9
99.2
120.4
106.0
144.2
118.8
102.5
104.2
120.0
105.1
143.1
117.1
101.6
103.5
98.9
120.6
106.0
144.0
122.8
101.7
103.8
98.7
120.6
106.1
143.5
124.2
101.6
104.0
98.1
120.4
105.4
145.7
122.8
101.0
103.5
97.2
120.8
105. 5
144.4
122.6
101.2
103.9
'97.2
121.4
106.5
145.8
123.7
102.1
105.5
97.2
122.4
107.9
146.5
124.5
103.7
107.0
98.9
' 122.1
103.7
118.9
116.4
119.8
125.8
133.9
126.0
105.9
123.0
120.6
123.1
131. 3
138.8
128.0
105.9
124.3
122.2
125.2
133.2
141.8
128.1
107.2
124.2
122.4
124.9
133.6
141.6
128.5
106.9
124.7
123.0
125.4
133.9
142.1
127.9
107.0
123.7
123.1
123.9
134.3
141.7
128.4
107.7
124.2
123.9
124.4
135.1
141.8
129.8
109.1
125.9
125.3
126.1
135.4
143.3
130.5
108.7
126.4
126.0
120.6
137.5
144.1
130.5
109.0
126.8
125.2
127.3
136.2
143.8
130.7
109.4
126.8
126.1
127.0
137.9
143.9
130.7
106.5
127.4
125.7
128.0
139.0
144.1
130.8
107.7
127.2
126.1
127.7
139.2
144.1
131.4
108.2
127.5
127.1
127.7
139. 6
145.1
131.8
109.9
127.9
127.2
r
128.1
r
140.5
r
144. 7
132.4
110.5
128.8
128.2
129.0
140.3
145.1
4.86
6.46
7.70
5.22
5.00
5.58
5.34
4.72
3.99
5.33
6.77
5.49
5.78
4.96
6.62
4.93
4.04
5.24
6.94
8.09
5.67
5.39
7.14
8.29
5.82
5.40
7.19
8.26
5.85
5.40
6.77
8.29
5.92
5.47
6.91
8.34
5.97
5.49
6.93
8.32
5.98
5.52
6.95
8.40
6.00
5. 59
7.62
8.39
6.03
5.62
7.64
8.52
6.07
6.22
6.25
6.33
6.35
6.37
6.40 I
6.44
6.47
5.09
4.34
5.80
7.40
5.90
6.25
5.39
7.28
5.29
4.36
5.26
4.44
5.94
7.65
6.05
6.45
5.52
7.54
5.38
4.42
5.25
4.47
5.98
7.71
6.08
6.46
5.55
7.57
5.43
4.47
5.27
4.51
6.00
7.76
6.12
6.54
5.65
7.67
5.51
4.54
5.39
4.55
6.04
7.86
6.11
6.53
5.66
7.59
5.54
4.58
5.39
4.55
6.04
7.96
6.13
6.59
5.68
7.60
5. 59
4.57
5.40
4. 56
6.08
7.94
6.19
6.61
5.68
7.69
5. 60
4.60
5.43
4.59
6.18
7.98
6.25
6. 61
5.70
7.74
5. 62
4.63
5.49
4.61
6.25
8.04
6.27
6.63
5.73
7.75
5.65
4.64
' 5.82
7.94
8.87
0.28
' 5.99
6.71
' 6.39
' 5.75
4. 76
6.46
' 8. 42
6.45
6.88
5.94
'8.04
' 5.76
4.74
5.86
'7.97
8.89
6.33
6.04
6.76
6.44
' 5.76
'4.77
' 6.47
'8.44
' 6.48
' 6.96
'5.98
'8.20
'5.80
4.77
5.87
8.07
8.90
6.37
6.06
5.71
7.79
8.72
6.16
5.90
6.57
6.28
5.68
4.72
6.40
8.31
6.35
6.74
5.87
7.78
5.73
4.70
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker :f
Not seasonally adjusted:
Private nonagric. payrolls
dollars..
Mining
do.
Contract construction
do.
M anufacturing
do.
Excluding overtime
do.
Durable goods
do.
Excluding overtime
do
Lumber and wood products
do
Furniture and
fixtures
do .
Stone, clay, and glass products
do.
Primary metal industries
do.
Fabricated metal products©
do
Machinery, except electrical
do
Electrical eauipment and supplies.do
Transportation equipment©
do
Instruments and related prod.©
do
Miscellaneous manufacturing ind.-do
' Revised.
p Preliminary.
f Production and nonsupervisory workers,
t See corresponding note., p. S-14.
© See corresponding note, p. S-14.
5.65
7.69
8.56
6.11
5.85
6.52
6.23
5.66
4.66
6.33
8.10
6.29
6.70
5.75 '
7.81
5.65
4.66
5.69
7.82 I
8.63
6.17
5.92
6.57
6.29
5.71
4.68
6.37
8.19
6.32
6.73
5.83
7.84
5.70
4.70
6.81
5.75
4.79
6.51
8.49
6.53
7.01
5.98
8.26
5.85
4.83
December 1978
SURVEY OF CURKENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1978
1977
1977
1976
Annual
Oct.
Dec.
Nov.
Jan.
Apr.
Mar.
Feb.
June
May
Aug.
July
Oct. v Nov. p
Sept.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
i
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas. adj. If—Continued
Manufacturing—Continued
Nondurable goods..
dollars..
Excluding overtime
do
Food and kindred products
do
Tobacco manufactures. _.
do
Textile mill products
do
Apparel and other textile products.. .do
Paper and allied products
. . do
Printing and publishing
..do . .
Chemicals and allied products
do
Petroleum and coal products
_ do .
Rubber and plastics products, nee do
Leather and leather products
do
Transportation, comm., elec, gas . .
do
Wholesale and retail trade
. . ..do .
Wholesale trade
do
Retail trade . _
do
Finance, insurance, and real estate... --do ..
Services
do
Seasonally adjusted:!
Private nonagricultural payrolls
do
Mining
do
Contract construction
.
do
Manufacturing...
do . . .
Transportation, comm., elec, gas
do
Wholesale and retail trade
_.
do
Finance, insurance, and real estate.. ..do . . .
Services
do
Indexes of avg. hourly earnings, seas, adj.: If f
Private nonfarm economy:
Current dollars..
- . ..1967=100
1967 dollarsA
do
Mining
do
Contract construction
.
. do . . .
Manufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
...
..do . .
Finance, insurance and real estate
do
Services
do
Hourly wages, not seasonally adiusted:
Construction wages, 20 cities (ENR): d"
Common labor
$perhr_.
Skilled labor
do
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rate
$ per hr..
All workers, other than piece-rate
do
Workers paid per hour, cash wages only.-do
I
4.70
4 51
4.97
4.99
3.69
3.40
5.47
5.71
5.91
7.21
4.65
3.40
6.46
3.97
5.18
3.57
4.27
4.31
5.10
5.21
5.24
5.30
5.38
5.38
5.39
5.42
5.44
5.37
5.62
3.98
3.62
5.96
6.11
6.43
7.82
5.17
3.61
6.99
4.27
5.39
3.85
4.54
4.65
5.44
5.48
4.10
3.69
6.14
6.24
6.62
7.91
5.22
3.66
7.22
4.37
5.53
3.92
4.64
4.76
5.53
5.71
4.12
3.71
6.17
6.26
6.66
7.91
5.25
3.68
7.25
4.38
5.55
3.94
4.63
4.78
5.60
5.80
4.14
3.76
6.20
6.27
6.72
8.00
5.29
3.69
7.29
4.38
5.61
3.93
4.67
4.80
5.63
6.03
4.17
3.85
6.27
6.33
6.78
8.41
5.34
3.80
7.34
4.54
5.67
4.10
4.76
4.89
5.68
6.06
4.16
3.85
6.32
6.34
6.82
8.57
5.33
3.84
7.37
4.54
5.66
4.10
4.76
4.91
5.69
6.30
4.17
3.89
6.32
6.37
6.83
8.50
5.32
3.86
7.34
4.56
5.69
4.11
4.76
4.91
5.73
6.33
4.17
3.91
6.33
6.37
6.87
8.53
5.36
3.87
7.45
4.60
5.78
4.14
4.84
4.95
4.86
6.46
7.70
5.22
6.46
3.97
4.27
4.31
5.24
6.94
8.09
5.67
6.99
4.27
4.54
4.65
5.36
7.16
8.19
5.82
7.16
4.36
4.64
4.75
5.39
7.18
8.20
5.85
7.21
4.39
4.66
4.76
5.41
6.75
8.24
5.88
7.28
4.42
4.68
4.78
5.46
6.84
8.30
5.93
7.34
4.51
4.72
4.86
5.49
6.92
8.35
5.98
7.38
4.50
4.71
4.87
5.54
6.94
8.47
6.01
7.40
4.55
4.75
4.90
5.61
7.63
8.47
6.05
7.49
4.60
4.84
4.95
5.75
6.41
4.19
3.89
6.37
6.38
6.93
8.52
5.43
3.88
7.45
4.61
5.78
4.15
4.85
4.95
5.62
7.66
8.59
6.08
7.50
4.60
4.84
4.94
5.48
5.26
5.75
6.61
4.20
3.92
6.51
6.42
6.96
8.52
5.47
3.89
7.47
4.62
5.81
4.16
4.89
4.93
5.66
7.71
8.65
6.12
7.52
4.63
4.89
4.96
5.57
5.35
5.80
6.58
4.32
3.92
6.63
6.47
7.05
8.58
5.51
3.89
7.53
4.66
5.91
4.19
4.93
4.95
5.71
7.85
8.66
6.18
7.53
4.67
4.95
5.01
5.56
5.33
5.80
6.30
4.37
3.93
6.59
6.51
7.06
8.59
5.54
3.87
7.63
4.67
5.92
4.19
4.91
4.94
5.73
7.88
8.72
6.20
7.58
4.70
4.92
5.02
5.62
5.38
5.87
6.10
4.42
'3.99
6.68
6.58
7.13
'8.67
5.58
3.92
'7.71
4.74
'6.02
' 4.25
4.97
' 5.00
5.77
'7.94
'8.87
'6.28
'7.71
'4.74
'4.97
'5.06
'5.64
5.41
5.88
5.97
4.42
'4.02
'6.68
'6.57
7.18
'8.67
'5.66
'3.93
'7.73
'4.78
6.05
'4.28
'5.03
'5.11
5.82
'7.97
'8.89
6.33
'7.73
'4.78
'5.03
'5.11
5.68
5.46
5.96
6.10
4.45
4.03
6.74
6.60
7.22
8.71
5.70
3.98
7.72
4.79
6.06
4.30
5.02
5.13
5.86
8.07
8.90
6.37
7.72
4.79
5.02
5.13
183.0
107.3
198.6
184.7
184.6
196.7
176.1
169.9
183.9
196.8
108.4
214.8
194.3
199.4
213.2
189.5
180. 7
197.9
201.5
109.2
220.9
196.3
204.0
218.8
193.5
185.1
202.2
202.4
109.3
221.2
196.7
205.3
220.2
194.0
185.4
202.6
203.5
109.4
217.2
197.4
206.5
222.1
195.9
186.0
203.5
206.0
109.9
219.7
198.8
208,3
109.5
222.5
203.0
211.0
225.6
201.5
188.9
208.7
210.3
109.6
237.1
203.5
212.2
228.4
203.5
192.3
210.5
211.0
109.0
237.3
206.0
213.5
229.2
204.0
192.4
210.4
212.3
108.7
239.8
207.6
214.7
229.6
205.2
194.6
211.5
214.1
109.0
244.3
207.9
216.7
230.4
207.6
196.9
213.2
214.6
108.7
244.5
209.2
217.5
231.2
208.3
196.0
212.9
' 216.2
108.7
' 247.1
'209.9
218.9
' 233.3
'209.9
' 198.2
' 214. 8
' 217.9
' 108. 7
' 249.8
' 210.7
' 220.8
' 234. 2
'211.4
' 199.9
' 217.1
218.9
208". 1
223.8
199.9
187.7
207.0
206.6
109.5
221.0
200.1
209.4
224.9
199.7
187.3
206.8
8.93
11.85
9.46
12.56
9.68
12.87
9.69
12.90
9.74
12.94
9.77
13.01
9.78
13.03
9.82
13.04
9.83
13.04
9.87
13.09
9.96
13.19
10.26
13.55
10.27
13.61
10.31
13.36
10.33
13.68
10.34
13.72
2.66
2.61
2 81
2.65
6.929
2.87
2.82
3 06
2.90
7.481
2.99
2.92
3 24
3.08
Avg. weekly earnings per worker, Ifprivate nonfarm :f
Current dollars seasonally adiusted
1Q67 dollars seasonal!v nrHn«tprI A
Spendable earnings (worker with 3 dependents):
1967 dollars seasonally ariin^fpd A
Current dollars, not seasonally adjusted:
Private nonfarm; total..
dollars.Mining
do - Contract construction
do
Manufacturing
... . .
..do....
Durable goods
do
Nondurable goods
do
Transportation, comm., elec, gas
do
Wholesale and retail trade . .
-do . . .
Wholesale trade
. do - .
Retail trade
do
Finance, insurance, and real estate.
do
Services
.
do .
7 658
193.50
104.93
194.04
104.77
194. 22
193.83
103. 38
195. 99 199.44
103. 86 104.86
176.24
95.57
176.67
95.39
176.81
95.06
173.27
92.41
174.93
92.70
177.52
93.33
3.18
3.11
3.34
3.20
2.93
2.90
3.06
3.00
3.09
3.05
3 22
3.08
3.18
3.13
3 40
3.18
250.0
211.9
222.2
234.7
212.5
200.6
217.7
202. 52 201.76
105. 59 104.21
203.19
104.04
204.99
104.43
205.13
103.92
206.57
103.91
208.36
103.97
179. 83
93.76
179.26
92.59
180.33
92.33
181.68
92.55
181. 78
92.09
182.86
91.98
184.21
91.92
189.16
302.97
295.87
226.89
245.81
199.76
277.60
142.52
215.90
121.41
168.36
157.31
188.64
301.20
295.29
228. 50
248. 46
200.94
278. 90
142.19
209.13
120.11
165.26
153.45
194.58
317. 02
308.39
236.29
256.89
206. 32
287.36
145.08
215. 67
122.36
169. 36
157. 56
193.56
317.80
298.19
238.10
258.75
208.03
291.45
144.10
215.34
123.00
168.53
157. 26
195.48
289.08
299.27
243. 31
265.86
211.47
293.06
146.29
218. 79
123.70
169. 99
158.40
192.00
289.53
275. 22
234. 02
252. 73
205. 52
289.20
146.19
217. 73
120. 08
173.26
160.39
193.80
297. 30
287.87
236. 81
256.71
208. 21
294. 80
146. 64
-217.34
122.36
173.26
160.56
197. 62
301. 63
304. 92
242.40
263.04
212.37
294.33
149.11
220.20
122.88
172. 79
161. 05
200.12
332. 23
310. 43
243. 61
265. 33
213. 55
296. 51
150. 42
224. 26
127. 26
177.14
162. 36
200. 63
331.58
312. 68
245.23
265. 27
213. 79
297. 26
150.75
223. 69
133. 57
176.06
161.37
204.53
336. 05
324.42
249. 29
270. 58
217. 56
301.04
153.38
226. 59
127.40
178.49
162. 69
206. 55
337. 82
329. 67
248. 65
268.71
220.02
301.20
157.04
230.49
134. 08
180.93
164.84
206. 70
338.09
330.49
248.86
268. 71
220.18
307.49
156.45
230.88
133.24
179.71
164.01
'209.52
'345.39
332.63
'255.60
277.79
223.68
'309.94
155. 47
'234.78
'131.33
180.91
165.46
210.37
'349.09
336.93
257.00
279.19
'222.78
'309.97
' 156. 31
'235.95
'131.40
184.10
' 167.10
95
118
128
133
140
138
139
141
146
144
147
150
151
152
161
3.9
2.6
3.8
1.7
4.0
2.8
3.8
1.9
3.8
2.9
3.8
1.9
3.0
2.2
3.3
1.5
2.3
1.5
3.3
1.2
3.2
2.2
3.1
1.4
1.4
4.0
2.8
3.7
1.9
4.1
2.9
3.9
2.0
4.4
3.3
3.9
2.0
4.2
3.1
3.8
4.0
3.0
3.8
2.0
3.9
3.0
3.8
2.0
4.0
2.9
3.5
2.0
•7
4.2
3.1
4.0
2.2
4.0
3.0
3.9
2.1
4.8
3.8
3.8
2.2
.7
3.9
3.0
4.0
2.1
4.4
3.2
4.1
2.1
1.1
3.8
2.9
3.9
2.0
5.3
4.1
5.2
3.4
.7
3.8
2.8
3.7
1.9
4.8
'3.9
4.8
3.0
.8
4.1
'3.1
3.7
3.0
4.3
3.5
4.1
2.3
1.1
3.7
2.6
3.5
1.8
4.7
3.6
3.6
2.1
1.1
3.7
2.4
3.5
1.5
1.2
1.0
1.0
.9
.9
1.0
.9
1.0
1.0
.9
.9
210.37
210.15
349.43
324. 85
259.90
282.62
225. 50
309.57
156.15
235. 73
132.01
182.23
167.24
HELP-WANTED ADVERTISING
Seasonallv adjusted index
1967=100.
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires
do
Separation rate, total
do . . .
Quit
do
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires
do
Separation rate total
do
Quit
do
Layoff
do
1.3
1.2
1.1
2.0
.9
.9
.7
.8
4.4
3.4
4.0
2.3
.9
WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
4,630
133
408
335
5,648
Beginning in month or year
number.
822
719
485
In effect during month A
do
Workers involved in stoppages:
1,603
157
200
80
2,420
Beginning in month or year
thous
290
308
233
In efTert diirinf? month
do
3,347
5,029
3,158
24,288
37,859
Days idle during month or year
do...
'Revised.
v Preliminary.
H Production and nonsupervisory workers.
0The
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
449
494
435
463
545
460
568
267
349
271
775
810
835
670
449
527
785
774
859
304
127
160
211
176
130
132
171
70
126
87
214
603
338
333
228
307
190
329
367
318
2,261
4,421
4,141
2,995
3,072
2,724
2,055
4,221
4,290
4,689
power since 1967 by dividing by Consumer Price Index; effective Feb. 1977 SURVEY,
data
reflect new seas, factors for the CPI.
fSee corresponding note on p. S-14.
d71 Wages as of
Dec. 1, 1978: Common, $10.37; skilled, $13.73.
©Revisions for 1975 are in the July 1976
SURVEY.
SURVEY OF CURRENT BUSINESS
December 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
S-17
1977
Oct.
1978
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
U N E M P L O Y M E N T INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly § 9
thous _.
State programs (excl. extended duration prov.)
Initial claims
thous..
Insured unemployment, avg. w e e k l y . . . d o
Percent of covered employment: A
Unadjusted
Seasonally adjusted
Beneficiaries, average weekly
thous,.
Benefits paid §
mil. $..
Federal employees, insured unemployment,
average weekly
thous.
Veterans' program ( U C X ) :
Initial claims
do
Insured unemployment, avg. weekly.._do
Beneficiaries, average w eekly
do
Benefits paid
mil. $..
Railroad program:
Applications
thous..
Insured unemployment, avg. weekly.-.do
Benefits paid
mil. $..
3,846
3,304
2,649
2,853
3,226
3,780
3,638
3,212
2,659
20, 065
2,991
19,488
2,647
1,350
2,071
1,582
2,274
2,010
2,644
2,272
3,191
1,692
3,273
1,442
2,901
1,211
2,379
4.6
3.9
3.0
4.0
1,613
584.2
3.3
3.9
'1,741
599.5
3.9
3.7
2,011
703.0
4.6
3.6
2,520
910.2
4.7
3.6
2,753
919.2
4.2
3.5
2,615
1,002.0
2,450
8, 974. 5
2,178
8,773. 0
2,297
2,581
2,394
1,229
2,051
1,349
' 1, 962
' 1,680
2,265
' 1,372
2,168
3.4
3.1
2,140
•704.6
2.9
3.1
1,724
• 638.9
2.8
3.1
r
1, 653
' 579.0
3.2
3.4
r
1,680
' 557.8
3.0
3.6
1,811
677.4
2,369
P2,063
P
P
1,118
1,859
P2.6
1,816
P3.3
1,640
p 551.4
P
40
42
46
42
32
29
31
32
401
98
98
593.0
354
80
78
341.5
28
67
64
23.1
67
64
24.7
27
68
66
25.6
25
69
71
26.0
23
69
65
22.6
23
59
60
24.5
18
52
55
••19.7
20
47
47
19.2
23
45
46
18.2
24
49
'46
17.8
'25
50
'51
'21.5
J»55
18.8
115
27
134.8
104
21
99.8
20
7.4
21
9.1
12
25
9.7
13
40
13.1
12
41
16.9
7
35
18.4
3
22
10.4
2
13
5.3
11
5.9
16
16
3.9
28
33
'1.5
1.4
28,289
72,884
56,277
9,830
46,447
16,607
27,579
73,809
56,633
10,258
46,375
17,176
28,319
73,273
56,236
50
P1,9
34
48
FINANCE
BANKING
Open m a r k e t paper outstanding, end of period:
Bankers' acceptances
mil. $.
Commercial and financial co. paper, t o t a l . . d o
Financial companies
do. - .
Dealer placed
do...
Directly placed
do
Nonfinancial companies
do - . .
25, 252
66,500
50,961
9,409
41,552
15,539
25, 411
67,015
51, 684
9,340
42,344
15,331
20,181
67,093
51,440
8,972
42,468
15,653
26, 256
70,700
53,983
9,693
44,290
16,717
42,179
42,663
43,632
44,329
44, 666 44,926
21,714 21, 923 22,139 22, 351 22,581
5,407 5, 696 5,600 6,073 6,277
14, 321 13,981 13, 974 13, 755 13,806
22,927
6,800
13,905
23,185
6,939
14,205
23, 526 23, 866 24,152
6,114
5,747
6,631
14,509 14,945 15,302
22,523
52,041
39, 710
7,294
32,416
12,331
25,654
63,878
49, 223
8,926
40, 297
14, 655
23,908
63,924
48,151
8,784
39, 367
15,773
24,088
63, 927
48, 361
8,806
39, 555
15, 566
36,740
41,713
41,442
41,600 41,713
19,127
4,931
12,682
22,139
5,600
13,974
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $__ 133,540
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
25.654
63,878
49, 293
8,926
40, 297
14.655
26,714
71,900
55,892
10, 201
45, 691
16,008
27,952
74,994 78,518
57,373 59,917
10,511 10,966 11,219
45,725 46,407 48,098
17,037 17,621 18,001
45, 201 45,614 46,051
24,467
5,634
15,513
46,729
24, 760 25,070
5,642 6,214
15,649 15,445
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233SMSA's)O
bil. $..
New York RMSA
do....
Total 232 SMSA's (except N.Y.)
6 other leading S M S A ' s i - .
226 other SMSA's
do.
do
do.
134,925 134,500 136,643 141,394 141,977 148,127 146,137 148,947 153,075 '156,320151,756
139,889
128,999 133,591 139,889
107,718
25
2
5
97,021
11,598
116, 303
265
102,819
11,718
106,794 109,729 116,303 109,849 110,235 113,004 110,021 116.607 124,439 123,607 126,311 129,675
954 1,365
1,127
923
926
1,750
1,167
1,428
758
304
332
265
94,597 96, 477 102,819 97, 004 98,450 101,577 103,500 102, 826 110,146 108, 885 111, 739 115,279
11,595 11,595 11,718 11,718 11,178 11,718 11,718 11,718 11, 706 11,693 11,679 11,668
129,200 127,913
812
1,207
115,322 113,305
11,655 11,642
do....
133,540
139,889
128,999 133,591 139,889 134,925 134,500 130,043 141,394 141,977 148,127 146,137 148,947 153,075
156,320 151,756
do...
do-..
do...
38,016
25,158
85,590
35, 550
26,870
93,153
31, 822 30,805
19, 301 20,047
90,159 90,703
33,097 30,003
27,900 28,321
91, GOG 92,331
33,647 40,595
30,135 27,920
94, 570 95,345
39,910
28,461
95,571
40,773 44,430
27,705 26,830
96, 534 96,572
42,563 38,110
26,200 30,577
154 100,825
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total. 1
mil. $.
R equired
do.. _
Excess
do...
Borrowings from Federal Reserve banks
do._.
Free reserves
._
do...
135,136
134,964
U72
162
»122
1
36, 471
i 36, 297
i 174
1
558
1
-330
35,860 35, 782 36,471 38,185 36,738
35, 521 35, 647 36, 297 37, 880 36,005
305
135
133
339
174
481
840
405
558
1, 319
-144
-622
-220
-330
-866
i
30, 231 36,880
35, 925 30,816
306
64
344
539
9
-432
37,119 37,262
36,867 37,125
252
137
1,227
1,111
—R82
-854
38,189
38,049
140
1,286
-1,003
37,666
37,404
262
1,147
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
D e m a n d , adjusted cf
mil. $.
112,773
Reserve bank credit outstanding,
u s a d g , total
t o a l 9 __ do
o
Time loans l
dod
o
a
n
s
U.S. Government securities
do
Gold certificate account.
do
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
30, 379 30, 042 35,550
22,841 26, 345 26,870
88,380 91,229 93,153
37,689
37,614
75
1,068
-802
38,434 39,313
38,222 39,510
' 212 -203
• 1,261 722
-828 -740
120, 472
113,077 113,231 120,472 114,743 112,191 112,769 112,127 113,822 113,522 116,955 114,813 113,870 118,184 114,248
D e m a n d , total 9
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
do.
do. _.
do...
do...
do.
181,528 | 200, 280
130,575 143, 553
6,041
6, 346
1,620 !
3,744
27,383 ! 29, 275
182,852 189,514 200,280 188,226 191,501 177,209 188,146 206,908 187, 760 192,013 186, 539 191,858 201,237 191,095
131,535 135,815 143,553 134,181 130, 293 128,408 133,580 144,852 133,823 138,220 135,136 135,128 142,470 138,012
6,182
6,632 5, 592 5,802 6. 709 5, 072
0, 377 5,065 6,510
0, 630 6, 235 6, 340 7,107
6,144
954
2, 909 1,444
2,707 3,744 2,105
1,031
5,970 1, 303
2, 745 2,702 3,714
1,190
1,325
27,714 29,389 29,275 27,983 29,172 24,482 26,886 35,975 27, 540 28,213 27, 563 28,666 31, 091 29,773
T i m e , total 9
Individuals, partnerships, and corp.:
Savings
Other t i m e . . .
do.
231,416 i 252,424
243,106 i 246, 729252,424 252,425 254,902 260,621 261,462 265,176 266,884 1267,169 270,102 272,480 276,533 280,971
do.
do.
89,473
107,545
Loans (adjusted), total d\_ .
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans.
Other loans
_
do.
do_
do.
do.
do.
do.
291,495
116,480
12,327
24,540
63,409
96,816
Investments, total
U.S. Government securities, total
Notes and bonds
Other securities
...
do.
do.
do.
do
111,452
50,076
36,825
61,376
1,202 93,405 92,883 91,857 | 91,590 91, 633 90,783 90, 044
92, 461 92,844 I 92,276 92,461 92,562 92, 641 94,013
121,400 114,681 117,672 121,400 120,910 122,262 120,550 128,296 131,672 134,330 135,919 j 137,422 139,485 143,895 148,290
324,557 322,039 323,040 325,103 332,251 339, 652 341,669 |345,594 348,636 353, 784 365, 297 360,087
324, 557 310,908 '318,
125,534 124,359 120, 009 128,805 131,054 134,601 135,528 |135,467 1134, 981 136, 710 139,878 140, 573
125,534 123.508 123,
13,638 12, 983 12,012 11,521 12,481 12, 296 12,335 I 12,172 12,490 12,865 13,048 10,971
13, 638 12,905 13,
23,904 22, 573 22.370 22,589 22,931 23,023 22,991 23,520 ! 23,576 24, 022 24, 692 24, 119
23, 904 23,188 23,
74,000 75,241 75,897 70,788 77,930 79,156 80,530 82,621 i 84,410 85,882 87,588 88,929
74, 600 72,490 ! 73,
111,547 109,149 100,727 107,064 108,708 117,686 113,196 ! 114,293 1113,853 114, 813 120,965 125, 474
111,547 105,010 1107,
'5 |110,263 |110,097 i 110, 888 112, 020 111,176 111,498
113,934 110.989 !ll2, 725 !ll3,934 110,113 110,703 ! 109,907 112,417 111,295
,
42,917 41,484 41,317
4:
46, 111 44,810 I 45,P 659 I 40,111 44,611 44,909 I 44,038 44,335 43, 425 42, 742 42,84
37, 247 37,212 ! 3 468 .37,247 37,598 38, 380 37,710 39,534 38,503 38,011 38,350 38,187 38,579 38,156 38,181
67, 823 00,173 i 0' 066 ! 07,823 65,502 05, 794 05,809 08,082 67,870 I 67,521 67,250 68,111 09,103 60.092 70,181
r
Revised.
v 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.
A Insured
unemployment as % of average covered employment in a 12-month period.
9 Includes
data not shown separately.
d For demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in
279-667 O - 79 - S3
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.
If Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
December 1978
SUKVEY OF CUREENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Sept.
Oct.
Nov.
939.2
677.2
97.0
165.0
947.1
684.4
96.3
166.4
955.4
693.7
94.3
167.4
966.3
706.7
90.3
169.3
9.50
Apr,
May
June
July
Aug.
904.8
645.0
98.4
917.9
657.9
97.1
162.9
922.4
661.2
98.4
162.8
935.2
672.0
99.7
163.5
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©
.do
U.S. Government securities
do
Other securities
do
784.4
538.9
97.3
148.2
Money and interest rates:§
Bank rates on short-term business loans:
In 35 centers
percent per annum.
New York City
do...
7 other northeast centers
.
do...
8 north central centers
do...
7 southeast centers
.do...
8 southwest centers
do...
4 west coast centers
do...
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
month
percent..
Federal intermediate credit bank loans
do
865.4
612.9
93.5
159.0
852.6
597.8
97.2
157.6
866.1
611.2
95.0
159.9
865.4
612.9
93.5
159.0
874.3
622.4
92.5
159.4
881.9
625.4
97.5
159.0
633.5
96.5
158.8
6.00
6.00
6.37
6.50
6.50
6.50
6.84
7.00
7.23
7.43
7.83
8.26
7.26
7.34
7.48
7.64
7.76
7.86
7.94
8.05
8.18
8.27
8.38
5.25
6.00
5.80
17.35
16.93
6.95
161.4
Home mortgage rates (conventional 1st mortNew home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)...do
Commercial paper (prime, 4-6 months)..do
Finance co. paper placed directly, 3-6 mo-do
18.76
18.92
18.80
18.83
8.84
8.85
8.87
8.93
8.93
8.95
8.96
8.99
9.03
9.04
9.07
9.14
9.14
9.17
9.23
9.27
9.34
9.41
9.45
9.55
9.50
9.62
'9.60
9.68
9.62
9.74
3
5,19
'5.35
a 5.22
2 5.59
2 5.60
2 5.49
6.57
6.55
6.41
6.58
6.59
6.49
6.60
6.64
6.52
6.86
6.79
6.69
6.82
6.80
6.74
6.79
6.80
6.73
6.92
6.86
6.74
7.32
7.11
6.98
7.75
7.63
7.41
8.02
7.91
7.66
7.98
7.90
7.65
8.54
8.44
8.18
9.32
9.03
10.53
10.23
9.82
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent. .
3-5 year issues
do.
2 4.989
3 6.94
22 5. 265
6.85
6.188
7.23
6.160
7.28
6.063
7.40
6.448
7.71
6.457
7.76
6.319
7.76
6.306
7.90
6.430
8.10
6.707
8.31
7.074
8.54
7.036
8.31
7.836
8.38
8.132
8.61
8.787
8.97
193,328
62,988
4,841
6,736
225,645
72,887
5,244
8,066
18,784
5,898
464
696
19, 721 21,432
5,924 5,635
379
442
595
701
16,718
5,031
329
452
16, 688 21,976
5,469
7,541
518
343
785
558
21,339
7,175
506
761
24,000
8,297
537
918
25,032
8,608
536
950
22,424
7,529
558
25,144
8,371
614
1,000
21,892
6,869
511
842
25,862
4,783
31,761
5,886
2,818
475
3,811
589
3,121
563
2,897
589
3,165
644
3,546
3,300
585
3,825
694
3,595
644
do.
do.
do.
do.
172,795
52,750
4,691
5,151
194,555
59,652
4,802
6,098
16,937
5,260
415
525
3,023
2,533
586
478
16, 321 19,067
4,860 5,860
431
348
590
494
17,803
5,353
411
550
19,172
5,830
472
602
19,176
5,789
450
606
do
do.
24,012
4,552
28,851
5,202
2,640
429
2,693
575
3,053
582
3,074
609
2,940
537
3,254
561
3,080
580
21,595 22,117 22, 336 22,680
6,822 7,248 7,387 7,241
460
508
490
502
801
753
798
770
22,332
7,156
517
736
22,632
7,399
546
850
22, 514
' 7,129
489
817
3,482
694
3,466
599
3,499
625
3,603
640
19, 031 19,646
5,636 5,953
459
413
621
580
19, 236
5,690
411
583
3,219
581
3,254
640
CONSUMER CREDIT!
(Short- and Intermediate-term)
Installment credit extended and liquidated:
Unadjusted:
Extended, t o t a l ? - .
mil.
Automobile paper
do.
Mobile home
do.
Home improvement
.do.
Revolving:
Bank credit card
do
Bank check credit..
do.
Liquidated, total?
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card.
Bank check credit
Seasonally adjusted:
Extended, t o t a l ? Automobile paper
Mobilehome..
Home improvement
Revolving:
Bank credit card
Bank check credit
Liquidated, total?
Automobile paper
Mobile home.
Home improvement
Revolving:
Bank credit card.
Bank check credit
-
_
_.
do.
___do.
do.
do.
do.
do.
457
718
2,973
487
do..
do..
do..
do..
17,160
5,234
413
517
do.
do..
2,687
430
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.
By holder:
Commercial banks
Finance companies
Credit unions
Retailers
Others
_
r
Revised.
19,787
do.
do
do
do
do
185,489
66,116
14,572
10, 990
11,351
3,041
79,418
89,511
38, 639
30,546
19,052
7,741
2,878
498
16, 788 16, 932 17,365
5,013 5,040 5,006
365
365
372
521
501
526
2,612
447
2, 645
466
19, 680 20,138
6, 330 6,721
460
464
722
761
3,014
511
2,729
435
19,586 20,179
6,263 6,400
406
449
710
618
2,973
531
2,948
556
3,143
535
16, 826 17,402
5,089 5,424
384
390
549
550
17,162
5,078
398
514
17,518
5,296
383
539
2,723
485
2,788
491
2,858
448
2,828
492
2,585
466
216,572 209,141 212,074 216,572 215,925 216,297
79,352 77,845 78, 757 79,352 79,376 79,984
15,014 14,929 14,999 15,014 14,978 14,973
12,952 12,703 12,879 12,952 12,904 12, 968
14,262 12,829
3,724 3,551
91,269 87,283
13, 096 14,262
3,724
3,601
88, 743 91,269
14,369
3,776
90,522
3,053
561
3,231 3,255
608
17, 527 18,398
5,300 5,520
413
394
541
553
2,783
2,944
590
3,245
677
18, 479 18,888
5,598 5,698
445
432
592
576
2,982
548
3,120
604
18, 632 19,808 18,371
4,898 6,088 5,555
397
475
429
572
627
580
3,068
572
219,203 222,737 227, 561 233,416 237,197 242,538 246, 056
94, 268
81, 666 83,490 85, 954 88,767 90,671
15, 690
15,062 15,156 15, 220 15,309 15,438
14, 905
13,162 13,375 13,691 14,037 14, 260
14,174 14,142
3,822 3,844
90, 376 91,327
14,345
3,856
92,515
14, 456 14,929
3,919 3,996
94, 321 96,378
15,288
4,043
97,497
16, 371
4,241
100,581
105,291 102,504 103,469 105,291 105,466 105,663 107,166 109,335 111,673 114,756 117,110 119,889 121, 519
44,015 42,704 43,322 44,015 43,970 44,107 44,486 45; 182 46,136 47,147 47,967 48,982 49,673
37,036 36,851 37, 217 38,185 38,750 39,951 41,388 41,802 42,931 43,747
37,036 35,993
21,082 18,961
21,082 20,525 20,060 19,920 19,941 20,141 20,310 20,432 20,600 20,872
9,660
9,815
9,886 10,081 10,245
9,114
9,149
9,250 9,446 9,528
8,978
9,149
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.
H Beginning Jan.
1973, data have been revised; revisions for Jan. 1973-April
1975 will be shown later.
c
? Includes data for items not shown separately.
Corrected.
SUKVEY OF CURRENT BUSINESS
December 1978
1977
1976
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
S-19
1978
1977
Annual
Oct.
Nov.
Jan.
Dec.
Mar.
Feb.
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 (—)
Budget financing, total
Borrowing from the public
Reduction in cash balances
i 299,197 rl357,762 24,127 27, 596 32,794 33,201 26,795 24,879 42,343 34,961
i 365,648 '1402,802 38, 790 36,864 37, 646 36,918 33,787 40,004 35,724 36,670
'-66,451 -45,040 -14,663 —9, 269 -4,852 -3,717 - 6 , 9 9 2 -15,125 6,618 -1,709
mil.!
do.
do.
.
1
do.
do.
.......do..
45, 040
66,451
82, 913 1 53, 516
-16,462 ' - 8 , 4 7 6
1
1
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
631,866
480, 300
1
!
14, 663
1,851
12,812
4,852
9,269
9,971
8,854
415 -5,119
709,138 707, 693 718, 232 729,164
551,843 553, 694 562, 548 572,519
3,717
6,027
-2,310
6,992
5,108
1,884
15,125 - 6 , 6 1 8
9,656 - 2 , 263
5,469 —4, 355
1,708
-555
2,263
47, 657 29,194 35,040
38, 602 36,426 39, 572
9,055 - 7 , 232 - 4 , 532
-9, 055
5,401
-14,456
42,591
38,936
3, 655
4,532 - 3 , 655
7,232
2,821
9,039
3,195
4,037 - 4 , 507 - 0 , 4 7 6
31,821 739,650 '47,844
u 8,546 583,654 593,310
'46,431 |751,412 758, 804 '60, 203 773, 340
i91,048 590,493 595, 894 599, 089 608,128
'80,425
»10,948
24,127
13, 275
1,445
27, 596
13,171
920
32,794
13,941
9,212
33,201
20,217
1,991
26,795
10,620
1,013
24,879
5,258
8,023
42,343
18,883
8,850
34,961
14,293
1,183
47,657
20, 301
14, 655
29,194
14, 590
1,785
35, 040
14, 784
1,122
42, 590
20,883
9, 753
108,088
rl
36,556
6,550
2,857
10, 404
3,100
6,647
2,995
7,998
2,996
12,427
2,736
8,560
3,037
11,828
2,831
16,092
3,395
9,287
3,414
9, 518
3,300
15, 587
3, 547
8,515
3, 439
365,648 '•1402,802
Outlays, total 9
.._.do
12,796 ' 16,738
Agriculture Department..
.....do
88,036 Pl95,650
Defense Department, military
do
Health, Education, and Welfare Department
mil. $_.. 1 128,785 i rt147.455
1 43,527 50,461
Treasury Department
-..
do
i 3,670 1 3,944
National Aeronautics arid Space Adrn
do
Veterans Administration
.
d o . . . . 1 18,415 i 18,019
38, 790
1,773
7,992
36, 864
2,840
8,721
37,646
3,018
8,200
36,917
2,689
8,123
33,787
939
8,226
40,004
1,879
9,168
35,724
781
8, 315
36,670
1,229
8,870
38, 602
819
8, 854
36, 426
1,336
8, 285
39, 572
1,200
9, 552
38,935
1, 865
8,811
12, 774
5,385
310
1,574
13, 300
3,058
339
1,597
13,179
6,344
320
2,604
13,125
5,082
315
684
13,378
3,601
342
1,514
14,387
3,386
370
2,676
12,756
5,647
316
556
13,826
3,657
361
1,751
14,142
6,837
320
2, 432
13,122
5,180
324
14,417
3,727
320
1,528
14,402
3, 585
344
299,197 1357,762
130,795 'i1 157,626
54,892
41,409
• 92,714
34,281
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual ratesrf
Federal Government receipts, totalf
bil. $..
rl
331. 4
374.
4
1,440
385.5
441. 7
146,8
54.8
23,4
106. 4
169.4
61.3
25.0
118. 7
174.8
62.9
25.6
122.2
176.8
59.6
26.5
133.3
186.'
72.6
27.9
137.6
• 199. 7
r 73. 6
28.2
140.1
;
385.2
42
444.1
448.8
448.3
464.5
Purchases of goods and services...
do
j
National defense
do
|
Transfer payments..._
_..
do
j
Grants-in-aid to State and local govts
do
i
Net interest paid
do
|
Subsidies less current surplus of government j
enterprises
bil. $..j
129.9
86,8
145.1
94.3
152.2
97.1
151.5
97.9
147.2
154.0
' 99. 0
161.6
61.1
26.8
172.7
67.4
29.1
178.3
71.1
30.7
180.2
73.9
180.'
75.9
34.6
10.0
10.0
Personal tax and nontax receipts...
..-do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals-do
Contributions for social insurance
.do
Federal Government expenditures, totalf. ..do
Less: Wage accruals less disbursements..do....!
Surplus or deficit (-)
.
do
!
8.3
-0
0
.0
-53.8
-48.1
-58.6
321.55
20.26
154.93
91.55
84.13
351. 72
23. 56
171.65
96, 85
88. 01
344.95
22.88
169.56
94, 78
86.21
348.77
23.52
171.22
95. 20
86. 55
351.72
23.56
171.65
96.85
88.01
10.48
26 83
2.00
16 50
-
11.06
27.56
2.13
18.92
10.94
27.28
1.25
18. 26
11.01
27. 41
1.53
18.88
11. 06
27. 56
2.13
18. 92
188.8
r
.0
.0
.2
-22.8
-23.6
-52.6
36. 3
-8.0
LIFE INSURANCE
i
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
Real estate
Policy loans and premium notes
Cash
.
Other assets
do
i
do
do
I
.do... J
Life Insurance A.e»MiCy Maragemrnt A^soc.ution
Silver:
Exports
Tin ports
Price at New York
Production:
United States
.mil. $.
...do...
'
}
\
j
962,4
65.2
369. 88
24, 20
183.70
100. 04
90. 34
11.27
28. 25
1.48
19. 44
11.54
28.43
1.54
19.62
11.54
28. 65
1.48
20.27
35,877 31,562
23, 952 22,359
11,351 i 8,634
574
569
33, 589
24.147
8, 876
506
37,057
24.034
12,475
548
11.22
27.84
1.46
19. 03
11.21
28.02
1.57
19.27
11.14
27. 69
1.64
18,82
I
!
|
i
|
378.12
24. 71
189.47
101.60
91.65
381.05
25.18
190.61
102. 36
92.26
11.56 j 1 1 . 5 4
29- 07
28.84
1.45
1.42 !
20.44 ! 20.28
11.5*
29. 29
1.42
20.00
32, 529
23, 610
8, 399
520
31,361
22,138
11,737
374. 42
24. 38
187.18
100, 60
90. 78
i
30,185
21,016
8, 591
578
31,722
21,611
9, 593
518
Gold and silver:
\
•
Gold:
J
j
Monetary Mock, i; S. (<-nd of p e r i o d ) . . . m i l . $._| 11,598 j 11,719 11,595 11,
Ne + release frmii i'3nnar<§
do
!
331 i
85
426
Exports.
thous. $ . . | 347,516 :1,042,625 263,126 41,
Imports .
.
d o . . . . . 1 331,017 t 674,026 43,052 182,
Produc-Mon:*
Pont'.. Africa...
'•"ar.-.ida
366.94
24.27
182.34
99.19
89.67
359.11
24.03
176.98
98.02
88.82
j
I n s u l a t e vw t U " f»(\\ p< ld-for n w i n nee'
\
V i l a 1, , ( tin. lit 1 t ' t a l
.
Mil $ . ! 324,849 367,335
O ' , ! ] r V ( u , ( riiSMi,uikfM(<; ) u ! y
do
1213,784 242,842
(.-on;, "
"I 104,683 117,960
d0
7
6, 533
t.' u ^ t n a l
. .
do . J
6,382 ,
MONETARY STATISTICS
363.27
23. 88
180.37
98.58
89.21
354.02 356.27
23.88 { 24.09
173.70
175.15
97.15 I 97.48
88. 26
88. 47
2 951.6
80,2
5.6
595
116
553
659
80.2 !
6.2
44,049
25,282
18,281
485
26,063
17, 755
7, 862
445
26, 603
18,893
7. 264
446
28, 579
20, 691
7, 399
490
11,719 11,718 11,718 | 11,718 11,718 | 11,718 | 11,706 11,693 I 11,679 11.668 11,655 j...
22 !
26
41
202 |
-9 I
-116
78, 272 195,119 26,092 j 36,552 188,860 ! 32,674 j 23,118 I 40,900 ! 29,538 |269,917 45,804 !!"".
59, 317 75,585 32,347 ! 138,032 90,020 ! 49,529 | 82.745 I 32,994 i 71,754 | 58,454121,231 j...
73.0
6.2
76.0
5.8
76.4
5.5
80.6
6,4
82.8 ! 80.2 78. 5
6.0
6.2 ! 5.8
81.1
5.9
82.8 : 83.0
5. 8
6,079 j 12,408 ! 18,345
0,194
7,936 13,665 i 5,758
8,798 10,735
14,66i
25,58' 136,446 82, 384 210, 902 164,590 I 29,915 I 33.200 32,209 I 33,105 j 30,572
5.118 ! 5.121 j 5.310
5.331 '! O, O i D
4409
4.409 | 4.93G
5.273
4.706
i
,
2,045
1,434
2,456
1,526
1,219 I 1,893 ' 2,530 ' 1,034 ' 1,911 i 1,802
3,280 I 4,286
.
thous. fine oz..'. 26,708
1,481
27,519
r
t D a t a have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1978 SURVEYS
Revised.
p Preliminary.
* Data shown in 1976 and 1977 annual columns are for
a)
fiscal years ending
June 30 and Sept. 30 respectively; they include, revisions not distributed
2
to months.
Reported annual total; revisions not distributed to the months.
9 Includes
> in earmarked gold ( - ) .
^Valued at $38 per fine ounce from Jan. 1972-Sept.
data for items not shown separately.
1973; at $42.22 thereafter.
do
2325,252 i 3.54,818
dol. per fine o z . . ;
4.353
4.623
4,565
26, 395
4. 763
454
32,698
4. 828
S-20
SURVEY OF CUEEENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Annual
December 1978
1978
1977
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. $..
93.7
103.8
98.9
101.9
103.8
100.8
101.4
102.4
103.1
105.4
106.3
106.6
107.6
107.7
Money supply and related data (avg. of dailyfig.):©
Unadjusted for seasonal variation:
Total money supply
bil. $..
Currency outside banks
..do
Demand deposits
do
Time deposits adjustediF
.do
U.S. Government demand depositsif
do
305.1
77.8
227.4
467.8
4.1
327.4
84.8
242.6
517.1
4.2
335.2
86.9
531.9
3.7
338.4
88.4
250.0
536.0
3.5
348.2
90.1
258.1
542.6
5.1
347.5
88.7
258.8
549.5
4.3
335.9
89.0
247.0
554.9
4.3
338.2
89.9
248.2
563.2
4.8
350.9
91.0
259.9
567.1
'5.0
345.3
91.9
253.3
572.9
'4.0
351.7
92.9
258.8
576.6
6.2
356.0
94.1
262.0
579.9
4.5
354.2
94.3
259.9
584.6
3.6
561.3
358.8
95.8
95.0
263.8 ' 265.6
'
594.0
589.9
4.3
6.2
335.9
87.1
248.7
531.9
336.2
87.7
248.5
540.1
338.5
88.6
249.9
545.0
341.7
89.4
252.2
550.6
341.8
90.1
251.7
556.7
342.9
90.7
252.3
561.7
348. 5
91.2
257.3
565. 2
350.6
92.1
258.5
571.6
352.8
92.8
259.9
574.5
354.2
93.3
260.9
579.4
356.7
94.0
262.8
583.0
360.9
95.2
265.7
589.7
Adjusted for seasonal variation:
Total money supply.
do.
Currency outside banks
..do.
Demand deposits
do.
Time deposits adjustedif
.-.do..
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's)O_.ratio of debits to deposits.
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
6226other
SMSA'scT
otherleading
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 and allied products.
do
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. $..
Machinery (except electrical)
do
Elec. machinery, equip., and supplies do
Transportation equipment (except motor
vehicles, etc.)
mil. $..
Motor vehicles and equipment
.do
All other manufacturing industries
do
90.7
129.4
75.7
64,519
5,826
809
2,270
7,610
70,366
5,575
828
2,367
8,060
18,390
1,455
268
580
1,900
16,064
1,236
225
563
2,020
22,189
1,707
343
719
2,392
20,436
1,531
311
629
2,251
11,725
1,447
913
2,085
12,179
1,686
873
864
2,972
455
140
365
2,549
246
191
161
3,152
655
376
791
3,423
759
303
642
3,458
862
720
1,167
1,030
7,889
4,073
9,131
5,383
2,510
1,562
2,067
1,387
3,029
1,710
2,471
1,757
1,687
5,099
9,890
1,989
6,133
11,840
468
1,525
3,328
498
1,471
2,730
'506
2,014
• 3,628
675
1,020
3,634
.do
22,763
26,585
7,844
6,392
6,957
7,056
mil. $.
57,801
53,618
3,863
5,019
6,385
3,074
2,409
5,642
3,458
4,889
5,274
4,056
3,260
.do...
41,182
37,532
2,, 373
2,696
4,850
2,314
1,821
3,872
2,434
3,157
3,598
3,446
2,353
Common stock
do.
Preferred stock
_ do.
By type of issuer:
Corporate, total?
.mil. $.
M anufacturing
do
Extractive (mining)
do...
Public utility
do...
Transportation
do...
Communication
...do...
Financial and real estate
...do...
State and municipal issues (Bond Buyer):
8,304
2,803
8,034
3,393
823
1,556
339
596
445
462
171
388
138
674
148
239
235
649
390
819
586
451
57
625
157
52,290
15,493
1,762
14,415
48,958
12,225
2,589
13,199
3,494
705
463
1,102
4,591
744
207
1,714
5,891
1,994
167
1,030
2,947
273
328
644
2,347
716
99
465
4,694
1,229
187
1,258
2,908
549
142
618
4,196
878
100
1,885
5,003
1,471
334
1,244
3,954
842
370
3,135
721
277
875
3,626
3,562
10,283
1,641
4,353
11,565
65
126
1,010
630
253
232
1,570
70
519
1,023
41
34
912
113
291
1,311
252
35
931
216
0
811
209
349
1,017
261
353
1,115
87
552
375
33, 845
21,905
45,060
21,349
3,635
1,101
3,142
1,339
3,506
1,049
• 3,224
2,662
1,521
'4,430
1, 556
3,489
4,915
5,146
985
4,122
1,870
3,685
1,598
6,020
1,760
2,292
1,937
10,866 10,583
9, 993 9,756
827
873
10,680
9,859
822
10, 866 10, 690 10,901
9,993 9,839 10,024
851
877
873
11,027
10,172
855
11,424
10,510
914
10,910
11,332
615
1,850
630
1,845
G60
1,925
630
1,795
715
2,170
755
2,395
700
2,300
710
2,295
795
2,555
825
2,655
Securities and Exchange Commission:!
Estimated gross proceeds, total
By type of security:
Bonds and notes, corporate
Long-term
Short-term
...do.
do.
362.0
'96.0
266.1
593.6
143.9
391.9
3,196
Dividends paid (cash), all industries.
SECURITIES ISSUED
109.3
1,171
3,096
1,248
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month
or year, total
mil. $.
At brokers
do
At banks
...do...
Free credit balances at brokers:
Margin accounts
do...
Cash accounts
do...
9,011
8,166
845
585
1,855
640
2,060
640
>,060
r
Revised.
v Preliminary.
» 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.
635
1,875
HAt all commercial banks.
©Total SMSA's include some cities and counties not designated as SMbA s.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
§ Data revised back to 1973; no monthly revisions for 1973-75 are
available.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
December 1978
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Annual
S-21
1978
1977
Nov.
Oct.
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
58.0
72.5
59.6
81.3
59.5
81.2
59.2
83.2
58.4
81.7
57.2
80.9
56.9
81.8
57.0
82.0
56.3
79.8
55.5
77.2
55.2
75.7
54.5
75.2
56.1
77.0
56.1
77.6
54.7
77.4
58.96
56.89
56.68
56.24
55.62
53.74
53.09
52.90
52.15
51.34
50.91
49.97
51.32
51.67
50.11
New York Stock Exchange, exclusive of some
stopped sales face value, total
mil. $ 5,262.11
, 646.35
335.80
353.57
400. 87
372.15
283.80
378.68
408. 75
451.17
410.47
348.52
459.78
393. 73
392.14
334.59
U.S. Treasury bonds, taxable*!!
do
54.3
76.6
49.54
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $
Face value.
do .
New York Stock Exchange:
Market value .
Face value
Yields:
Domestic corporate (Moody's) §
By rating:
Aaa
Aa
A
Baa.
do . .
do
percent..
9.01
8.43
8.42
8.48
8.54
8.74
8.78
8.80
8.88
9.02
9.13
9.22
9.08
9.04
9.20
9.40
do
do
do
do
8.43
8.75
9.09
9.75
8.02
8.24
8.49
8.97
8.04
8.26
8.48
8.89
8.08
8.34
8.56
8.95
8.19
8.40
8.57
8.99
8.41
8.59
8.76
9.17
8.47
8.65
8.79
9.20
8.47
8.66
8.83
9.22
8.56
8.73
8.93
9.32
8.69
8.84
9.05
9.49
8.76
8.95
9.18
9.60
8.88
9.07
9.33
9.60
8.69
8.96
9.18
9.48
8.69
8.92
9.11
9.42
8.89
9.07
9.26
9.59
9.03
9.24
9.48
9.83
do..
.do
do
8.84
9.17
8.85
8.28
8.58
8.13
8.27
8.56
8.07
8.36
8.61
8.10
8.42
8.65
8.10
8.60
8.87
8.20
8.65
8.90
8.32
8.66
8.93
8.41
8.72
9.05
8.49
8.84
9.19
8.60
8.92
9.33
8.68
9.05
9.38
8.70
8.95
9.21
8.72
8.90
9.17
8.68
9.03
9.37
8.74
9.21
9.58
9.01
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do
do
6.56
6.49
5.67
5.56
5. 55
5.53
5.47
5.38
5.66
5.48
5.63
5.60
5.63
5.51
5.69
5.49
5.89
5.71
6.19
5.97
6.29
6.13
6.12
6.18
6.16
5.98
6.09
5.93
6.22
5.95
6.03
U.S. Treasury bonds, taxable O__
do
7.06
7.08
7.14
7.23
7.50
7.60
7.63
7.74
7.87
7.94
8.09
7.87
7.82
8.07
8.16
By group:
Industrials
Public utilities
Railroads
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars. .
Industrials
do
Public utilities
-do
Railroads
do
N.Y. banks
.
do....
Property and casualty insurance cos
do
6.78
0)
Price per share, end of mo., composite.
Industrials
Public utilities
Railroads
do
do
do
do
0)
Yields, composite
Industrials
Public utilities
Railroads
N.Y. banks
Property and casualty insurance cos
percent..
do
do....
do
do..-do
0)
Earnings per share (indust., qrtly. at ann. rate;
pub.util.andRR.,forl2mo.endingeachqtr.):
Industrials __
dollars..
Public utilities
do
Railroads
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)....
percent..
0)
7.98
7.61
7.62
7.67
7.85
7.92
7.99
8.07
8.06
8.11
8.31
8.42
8.26
8.24
8.29
8.43
..
303.91
974.92
92.28
214.03
301. 70
894.62
110. 96
225.16
283.38
823. 96
111.76
209. 30
284.77
828.51
110. 85
212. 22
283.84
818. 80
111.45
214.02
273.04
781. 09
106. 97
209. 90
267.80
763.57
104.32
208.14
265.75
756.24
105.48
204.50
276. 65
794. 66
105.85
214. 50
288.45
838.56
104.85
225.96
288. 53
840. 26
105. 48
224. 33
287.85
831. 71
105.54
227.06
306.73
887.93
108.51
248. 96
305. 26
878. 64
106. 67
250. 25
294. 58
857. 69
103.88
234.64
261. 61
767.73
93.93
202.30
Standard & Poor's Corporation:^
Combined index (500 Stocks)
1941-43=10..
Industrial, total (400 Stocks) 9
do....
Capital goods (111 Stocks).
do
Consumer goods (189 Stocks) . .
.do
102. 01
114. 35
115.52
92.73
98.20
108. 44
106. 79
85.27
93.74
103.18
99. 79
83.15
94.28
103. 71
100. 76
83.90
93.82
103.13
101. 36
82.89
90.25
99.34
99. 43
80.14
88.98
97.95
96.25
79.11
88. 82
97.65
95.12
78. 68
92.71
102. 07
97.86
82.69
97.41
107.70
104.69
86.84
97. 66
107.96
106.36
87.51
97.19
107. 39
105.16
86.68
103. 92
114. 99
115.19
92.45
103. 86
115.11
113.94
91.30
100. 58
111.56
111.37
88.00
94.71
105.23
103.38
81.71
51.71
52.16
14.01
13.30
46. 05
41. 77
11.20 ! 11.87
45. 20
42.04
97. 09 1 102.28
107. 52 107.88
52. 25
13.88
44. 92
11.87
44. 85
101.70
108. 43
52.32
14.00
43.97
11.75
43. 62
100. 76
106.90
53.35
15.41
47.26
12.85
48.02
113.19
117.48
52. 54
15.46
48.19
12. 76
48.01
114. 25
115.64
51.28
14.62
47.63
12.23
48.13
111.80
110.98
49.04
13.17
43.56
11.21
43.61
99.93
101.35
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
54.54
54.23
54. 26 1 54. 46
48.16
Utilities (40 Stocks)
do
13. 34
13.23
14.06
12.97
14.17
Transportation (20 Stocks)*
1970=10..
46.46
46.
44
49.
94
46.
23
Railroads (10 Stocks)
1941-43 = 10..
45.87
11.15
11.25
11.63
11.09
Financial (40 Stocks)*
.1970=10..
11.46
41.63
42. 57
47. 34
42.36
New York City banks (6Stocks) .1941-43 = 10..
52.14
93.73
94. 92
98. 23
94. 40
Banks outside N.Y.C. (10 Stocks)
do..
97.96
112.42 106. 53 109. 22 108.45
Property-Casualty Insurance (6 Stocks)_do_ 105.01
••Revised.
* No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1975
will be shown later,
d" Number of issues represents number currently used; the change in number does not
51.72
51. 60
52.40
12.70
13.13 ! 12.91
43. 61
44.69
46. 13
10. 50
10.46 | 10.33
38.66
38. 74
40. 32
89. 56 j 90.36
90.14
101. 86 1 99.37 101.01
affect continuity of the series.
„
. - sumed 3 percent 20-year bond.
O For bonds due or callable m 10 years or more.
9 Includes data not shown separately.
* New series.
SURVEY OF CURRENT BUSINESS
S-22
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1978
1977
Oct.
Annual
December 1978
Nov.
Apr,
May
June
July
51. 75
55. 48
41.19
39. 69
55.04
54.49
59.14
44.21
39.47
57.96
54.83
59. 63
44.19
39.41
58.31
54.61
59.35
44.74
39. 28
57.97
!
I
14,442 i 11,889 15, 794 20, 335 27, 367 24, 391
802
1,041
923
639
568 i 482
18, 318
669
Jan.
Dec.
Feb.
Mar.
Aug.
Sept.
Nov.
Oct.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation..
do
Utility
do....;
Finance
do
I
54.46
60. 44
39.57
36.97
52.94
Sales:
Total on all registered exchanges (SEC):
Market value
.mil. $.. * 194,969
Shares sold
millions.. i 7,036
On Newr York Stock Exchange:
Market value
mil. $.. ' 164,545
Shares sold (cleared or settled)
millions.. 1 5, 649
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
5,360
(sales effected)
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $..
Number of shares listed
millions..
53.69
57. 86
41.08
40.92
55, 25
51.37
54.99
38.33
40.38
53.24
187,203
7, 023
13,168
511
51.87
55.62 i
39.30
40.33 |
54.04 !
I
15,698 I 15,953
637
597
! 157, 250 11,343 i 13,407 ! 13,376
! 5, 613
423 |
486 !
504
!
5,274
858.30 j 796.64
24,500 ! 26,093
414 !
49.89
53.45
39.15
39.09
50.91 i
51.83
65. 55
39. 75
40. 36
53.85
495 i
49.41
52. 80
38. 90
39. 02
50. 60
i
j
j
!
i
58.53
64.07
49.45
40.20
63.28
30, 452 27,312
1, 099 3,335
23,486
848
20, 557 15, 229
534
744
26,123
895
22,272
789
696
776
541
865
672
760. 31 | 820. 7o 829.63
26,388 ! 26,411 26,588
818. 95 864.13
26,736 26,940
428 ! 369
796. 64 750.45 i 737.55
26, 093 26,153 i 26,276
498
52.74
57. 50
41.80
37.88
54.95
56.40
61.60
46.70
39. 44
60.42
58. 58
64 23
50.19
39 82
63 22
12,334 j 9,990 13,289 | 17,316
650
510
462
387
451
766.20 i 793.99
25,913 26,000
49.50
52.77
38.95
39.26
51.44
682
515
890.57 883.85 I 792.03 811.60
27,012 I 27,152 27,243 27,401
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totald"
Excl. Dept. of Defense shipments
Seasonally adj usted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
115,149.8 121,150.4 9,554.8 9,690.2 11,396.1 39,364.4 9,514.6 j|l2.074.2 12,064,2 12,478.9 12,477.3110,934.0 11,613. 9112, 713.1113,153. 6!.
9,357.4 9,477.9 110,999.0 *10,014.3 9, 922.4 10.912.1 111,634.9 11,753.7 12,125.7111,792.5 12,469.3 13,428. 9J13, 010. 5;.
do
do
510. 5
372.1 j 415.8
529.3
582.7
37S. 6
430.0 ! 518.9
5, 205. 6 5,545. 6
;
29,728.5 31,428.9 2,246.8 2, 423.4 I 3,277.8 2,463.4 2,578.5 13,366.1 J3,174. 2 3, 297.0 3,
293.6
224.4
i
203.0
\
253.2
|
233.2
228.9
289.7
227.5
2, 689. 9 2, 876. 5
35,900.6 36, 296. 0 2, 586. 7 2, 755, 3 j 3,557.5 3 010.1 2, 996. 0 3, 723.. 9 3, 846. 8 2, 726. 0 3,
.do.—
..do—.
..do—
.do—
!
I.
L
!.
i
By leading countries:
Africa:
Egypt
Republic of South Africa..
.do.
.do.
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
..
.
982. 4
1,054.4
43.2
77.3
2,199. 2 I 2 375. 6
1,135.8
778.6
394.3
292.
535. 6
560. 7
196.2
62.3
|
810.0
.j 1,347.6
do
do
do
do
.do . . 1,034.6 •
do—
818.2
d o . — 10,144 '7
763.2
875.9
Europe:
France
.
do
i 3, 440. 3
German Democratic Republic (formerly E. j
Germany)
mil. $..
64. 9
Federal Republic of Germany (formerly W.
G ermany)
.
mil. $... 5, 730.8
Italy
Union of Soviet Socialist Republics
United Kingdom
.
North and South America:
Canada
.
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
E x p o r t s of U . S . m e r c h a n d i s e , total&•
E x c l u d i n g m i l i t a r y grant-aid
Agricultural products, total
Nonagricultural products, total
...
do
do
do
3,071.1
2, 309.6
4,801.2
do
24,106.4
do
15,487.4
do
do
..do
d^
*>
do
543.7
~ 80'^ S
>07 7
7i J
M) 0
(J s
do
(\
i
In
(
do
79! 7
86.2
81.1
163.4
74.0
17.7
40.9
55.3
67.0
82.6 i
75.6
111. 4
81.5
74.3 !
62.3
67.2 I
85.5
875.8 : 1,068.1
79.3
57.4
743. 2
70.5 i 69.1
84.7 '
79.4
869.4 1,015.9
247. 9
281.1 ; 318.3
110.7
76.1
80,8
90.7
86.7
92 2
243.2
128.8
30.2
58.4
219.4
84.7
16.3
72.6
216.4
70.1
40.0
59.4
312. h
86. 7
54. 8
70. 9
!
89.3 !
91.8
56. 9
88. s
5
1,193.
969. J 11,009.3 1,046.1 {1,046.7 1,092.3
55.2
90. 0
57. t> j
76. 6
340. 8 j 325.1
59.2
88.2
53.8
87.3
280.1
415.2
21.5
.3
11.5
447.1
462.5 I 625.4 j 544.3 \ 493.2
51S. 3
472.7
155 2
550' 5
217.3 j 280.6 i
107.3 j 241.7
488.4 1 635.1
342.5
265. 4
574. 2
258.0 I 222.6 | 275.1
170.9 ! 1G3.0 ! 97.0
460.6 I 534.0 ! 575.9
325. 3 j
9.5
5.6 j
459.0 1 590.2
175.9 I 234.4 I 252.4
39.2 I 134.7 ! 173.4
387.6 I 370.1 j 556.0
2.2 I
!
395 5
338.6
294. 1
13.9
440. 8
118.9
89.5
18.8
271. 2
1.6
8.3 ;
75.2 |
94.5 |
129. 6
91.5
191 2 ; 172.8 | 209.8 j 193. J
249.7
72.7 i 90.1 I 75.9 j 75.3
65.8
17 2 i 47. 0 I 72. 9 | 46. 3 [ 35.5
49 6 I 52. 4 ! 59. 7 ! 54. 3 j 56. 6
I 244.2
!
92.4
!
9.3
[
53.0
67.6
54.8
752. 2
3.1
15. 4
1
299.2
308.3
791.2
291.8
356.5
533,7
542.2 i 802.6
,381.0 12,222.5 j 1,995,8 1,858.0 11,945.1 [2,411.9 '2,451.8 ;2, 654.6 [2,612.5 jl, 995. 4 2,143.8 i 2, 396.9
16, 346. 5 1,305.5 ll, 398.1
73.2
65. !
731.1
r
202 >
' "» 4s^> ",
32 3
40 ')
,20 „
5*
8
7S2 U
137 b
\rA S
4 *,fb ]
'S3 1
22^ 6
^,170 )
< 4 0 122 S
,113 6<>f 0 119 00 > ">
<s • i ' l
113 47o J 118,9!! 7
I
> 0V 5
2_ ( i ' b 2i,b7i 0
(
)o >p » f »l,j«us 7 11 ( 7 39b 8
By commodity groups and principal e o n m , ^
ties:
Food and live animals 9
.
mil.$__ 15,710.1 I 14,115.
Meats and preparations (incl. poultry)..do
798.0 ! 796, 9
Grains and cereal preparations
I. .do
10,910.9 j 8,754.8
Beverages and tobacco.
544.4
435.2
486.0
567.1
390. 2 3,209.4 3,346.8 3,589.0
355.8
256. 8
289.7
260. 6
690. 2 3,076.2 3,467.7 3,829.2
858 1 1,945.5 12,412.0 J2.451.3 12,654.7 2,612.6 11,995.5 2,143.8 2,397.0 I.
. . d o — 24,111.0 »5, 752.1 2, 381. 3 2, 222.7 ! 1,995.9 1'691.7
956.6 I969.9
729.7 ! 898.4 | 867.7
926.4
922.7 I 868.9
755.2 ! 851.8
. d o — 8, 368. 0 8, 660.5
901. 6 1,047.4 I
747 1 ' 649. 5 ! 896. 0 j 840. ') | 970,8 j 932. 2 | 927.9
672.1
779.7 i 891.6
. . d o — 8, 595. 4 9, 274. 8
Northern North America. __
Southern North America
South America
Indonesia
Philippines
Japan
!
mil. $.. 115,339.9 121,212.3 9,557.4 9,692.6 11,399.9 29,366.9 19,518.5 12,079.4 12,069,7 112,494.6 12,487.3 10,944. 7 11,621. 8 12,714.4 13,157.4
1,523.5 I 1,846.8
1,593.3 1, 304.4 |1,263.3 j 1,631.0 1, 562. t> : 1,729. 2 1,708.2 11,662.7 |l,720.5 1,843.7
76.2
53.0 i
46.5 j
70. 0
60, f> 1
73.3
56.0
n
1
278.6
262
165.0 ] 237.8 ' 224
251. 8
211 6
266
234 8
77.2
hi
>b 2
09.5
12
19 7
*- u
96.1
81.0
73 3
598. 8
42) I
597.9
"H" 2
">0"> II
") 13. 3
490 >
375.9
(
211
7
3>7
33s
b
292.
3
301
)
289. C
Jib i
')b »
d
11 201 -, 0,-16 b I'J 311
lll'T"
HI i 0 W7
(
> \~>\ )
n>
.« > r •
987.5 ! 3.142.9 ! 1,348.2
65,1
67.3 I 77.5
556.1
677.9 j 856.9
67.3 i 142.4 I 282.6
118°
8 (18)9)
') 11 h - f {
2 il 1 w ,(W ()
>1h \ 9 3)1 (
*>?>0 0
12 261 $
2 "2<> 1
9,520 7
12 2 7 1 7
)2 2b\ "
2 639 s
l(
> Ml i
10 780.0
10 769.4
2 us. 8
S GIG. 2
11429.3
11,421.4
2.391.1
9.038.2
112,505.712,926.4 .
112,504.4 12.922.6:
;
'2,268.0
:
110,237.7 '
-.
1?132.7 1,271.5 1,465.7 1,472.8 !l,684.2 11,737.1 !l,540.6 1,716.2 [1,645.7 :i.597.9
7
8.jj 7
I I 74.1 i
64.8
75.3
78.1
77.6
63.8 I 62.2
90.7 I 93.2 ;
3 0 | |l,008.5
920.1
657.1 i 819.8
942.7 jj 1,168.0 [[1,193.0
2
1,107.2 1,049.2 ;
2
138.0 j
168.0
213. 6
144. Z
143.6 ! 141.5 I
161.6
213.3 I 176.9 I 251.3
337. 5 1,388. 6 1,466.5 11,353.9 : 992.5
Crude materials, inedible, exc. fuels9
do
10, 890. 7 13,086.3 1,042.7 i 1,131.5 1,179.6 21,049.8 1,063.4
111.9
153. 7 il, 114.
4 jl. 470. 4
143.8 | 154.2 ! 132 2 1,083.4
182. S
Cotton, raw, excl. linters and waste
do
157.6 : 145.6 ! 203. 8
156. 6
1, 048. 7 1, 529. 5
45.9 I 103.1
271. 9 i
*.2. G
583.4
468.2 ! 238. 6
431. 5
513.8
323.0^ 334.2
Soybeans, exc. canned or prepared
do
355. 3
3, 315. 4 4, 393. 2
448.1 I 520.0
1 "9. 8
162 1
152 0
149.5 ! 162.3
111.5
112. 5
105.9!
84.8
Metal ores, concentrates, and scrap
do
1. 284. <s 1,197. 0
149.1*
82.2 i 69.9
r
]
cf Data may not equal the sum of the geographic regions, or commodity groups and prinRevised.
Annual total reflects revisions not distributed to the monthly data.
2
cipal commodities, because of revisions to the totals not reflected in the component nems.
Beginning Jan. 1978, data are based on a new classification system and include nonnione9
Includes data not shown separately.
tary gold; the overall total and the commodity groups (but not the items within the groups)
have been revised back to Jan. 1977 to reflect these changes.
SURVEY OF CURRENT BUSINESS
December 1978
S-23
1977
Unless otherwise stated in footnotes below, data
through 1971 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
Feb.
Dec.
i Mar.
Apr.
May
Au-
June
Sept.
Oct.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
|
j
Exports of U.S. merchandise—Continued
;
j
By commodity groups :md principal commodi- '
j
ties—Continued
|
I
Mineral fuels, lubrieams, etc. 9
mil. $__| 4,225.8 I 4,183.6
Coal and relat ed products
do
! 2,988. 2 2, 730.4
Petroleum and products
do
997. G I 1,275.6
978.1 | 1,308.
367.0
°59 0
92. 3
362.1
243. 4
103.9
315.3
181.0
118.0
!
188.9
52.8
115.8
141.0
37.1
86.4
165.2
24.5
119.4
363. 6
235.1
112.9
145.4
119.3 ; 132.1 j 130.7 I 120.9
Oils and fats, animal and vegetable
do
j
98.1
112.5
116.0
i 96.0
97.2 ! 141.5
Chemicals
do
| 9,958.7
10,812.3
737. 2
736.0
1,037.4
830.2
883.2 jl, 031.1
971.3 1,018.7 1,063.4 1,077.2 1,149.1 1,197.9 j 1,085.0 I
AI anufact ured goods 9 r
Textiles
Iron and steel
Nonferrous base metals
do
do
do
do
111, 206.1
I 1,970.9
j 1,906,8
| 1,088.4
10,857.0
1,958.9
1, (',00. 5
1, 058. 4
742. 5
120.7
113.1
61.4
815. 4
135. 7
138.7
69.4
977.1
185.5
136. 7
103.3
829.9
142. 7
113.0
59. 5
848.4
140.6
120.2
72.5
088. 7 1,100.4 l,0 ( i2.5
171. 1
192.9
189.7
129.0
146.6
152.8
88. 6
73.3
1
11,067. 7
! 173.4
I 136.0
! 84.6
Machinery and transport equipment, total j
mil. $..!49, 501.2 50,247.6 4,157.9 4,074.7 4,768.7 3,852.0 3,041.9 5.111 1 5 098 2 5,132 2
31,290.8 32, 516. 6 2,442.6 2, 644. 2 3, 064. 7 2,465.2 2 546.5 3 2^t 7 3127
127
"Machinery, total 9
do.
3 23') 3
135.7
221
159.3
>M
125.7
' 107. 1,871.1
222 ')
132.8
174.4
"1 >
Agricult ural
do.
S") 2
73. 8
112 1
42. 3
41.9
730. 3
86.3
113 1
82.7
Metalworking
do
\ 949.2
s
do
do
do
Miscellaneous manufactured articles
do
6,574.9
8, 233. 9
670.7
692. 9
741. 8
665.6
689.6
-do.
2, 749. 4
4, 313. 6
493. 7
312.3
434.8
433.6
237.5 | 390.4
General imports, total
Seasonally adjusted
do
do
By geographic regions:
Africa
Asia
Australia and Oceania
' 4,945. 3
! 9,278.5 |10, 285.3
! 18, 210. 4 118, 520. 0
404. 7
298. 0
971.2
819.5 I 878.5
,794.0 1,501.5 1,787.3
995. 8
1,119.5 1,015.4
Construction, excav. and mining
Electrical
Transport
equipment,
tot al
p
qp
M
t
hil
d parts
Motor
vehicle
Commodities not classified
VALUE OF IMPORTS
j
ill,796. 5
!
121,008.6 |147,685.0
|
61. 1
467.0
58. 7
483.8
12,497.5 12,270.1 13,372.0 12 7 1 7 . 7 13,286.4
12,586.9 12,406.6 13, 474. 2 12,380.9j 14,440.2
")S7
»70
20 J
l
878 ">
H 117 3
13 669 3
Europe
j
388.2 |l, 325.3 1,100
do
| 12,644,0 17,023.9 1,264.3 1,494.8 1,476.6
d o . . . . ! 39.366.8 49,421.
4,117.3 3, 826. 3 4, 503. 6 /234. 1 '4,565.8 4 702
'in 5
178.0
171
145.3 | 101.9
do
j 1,671. 2 1, 719. 6
do
j 23,645.6
2,229.2 J2.029.4 2, 783. 4 2,759.7 2,875.1 3, 113
Northern North America
Southern North America
South America
do
do
do.
By leading countries:
Africa:
Egypt
Republic of South Africa
do.
do.
Asia; Australia and Oceania:
Australia, including New Guinea
Tndia
Pakistan
Malaysia
Indonesia
Philippines
Japan
do
do
do
do
do
do
..do
North and South America:
Canada
do
Latin American Republics, total 9
do
Argentina
do
Brazil
do
Chile
do
Colombia
do
Mexico
do
Venezuela
do
By commodity groups and principal commodi-
ties:
'
924.8
1,285.
' 708. 3
69. 8
! 939.6
! 3, 004. 3
| 882.9
115, 504. 2
do
170.0
1,268.8
13.6
16.7
5,592.0 7, 215. 3
2,529.8 3. 037. 5
234. 4
220.2
4,254. 3 5, 067. 9
26,237.1
! 13,228.3
i 3O7.*9
I 1,736.6
| ' 221. 6
!
654. 8
3,598!l
3,574.4
i
I
j 1,623.7
36.9
111.7
15.8
129.0
2.1
155.7
281.3
.9
605. 6
221.0
16.0
380. 3
223.4
.7
300. 2
2.6
569.1 | 771.3
215.1 | 279.0
18.8
333. 9
472.0
29,355.' 2,494.8 |2,763.7
116,335.3 .1,210.8 il, 262. 6
j '383.3
35 0 j 39.8
I 2,245.9
155.2 I 125.8
' 260. 8
19.1 I 14.1
8°1. 6
77.4 j 68.4
I 4, (184! 8 377.6 j 428.0
I 4,071.9
311.1 ! 283.2
2, 572. 4
223. 6
33. 6
86. 1
451.0
252. 7
12 .:
485.5
3, 860. 9
j 1.273.2
1,079.1
1,669.4
812. 9
36.1
152.7
82.8
89. 4
137.8
901.6 I 1,294.6
21.0
23.0
221.0
316.0
63. 0
157. 5
76.3
185. 4
105.0
159.8
! 7,014. 1 8,486.2
! 2,250.9 2, 234. 4
I 1,275.5 1,252.4
225. 1
\ '249.3
050. 3
520. 0
Minerals fuels, lubricants, etc
Petroleum and products.
I 33,999.6 44.537.2 3,634.9 i 3,702.9 3,153.0
! 31,797.9 41,526.1 3,172.3 J3, 322.1 3, 223. 0
Oils and fats, animal and vegetable
Chemicals
Manufactured goods 9 «;
Iron and steel
_
Newsprint
Nonferrous metals
Textiles
737.4
181.8
90. 3
12. 6
59. 6
l'i
1 ^7 1
l,_».l i
>, 211 1
»
1 2
5 1' • i
1-1.
777 •
312.8 ! 395.0
1
IK. () ' 1 W 1
102 s
VIII
17 ")
l'l 0
")Sl s
(21 1
n,i. 1 1,'MO 7
S
'7H
1, 121 1
85"> )
(
10. 5
189. 4
891 3
290.9 I
301.3
4.0 |
1.5
767.2
274. 0 |
25.4 !
457.4 |
775. 2
243. 6
20.8
506.1
361.8
4.8 :
376.3
4.1 ]
876.6
360. 6
98.2
566.4
875. 3
344. 6
57.1
553. 8
2, 360. 2 12, 562. 6 2,802.4
2,777.6
715. 2
218.1
115.8
781.2
205. 0
3L5
69. 5
is!o
~ ~ ] ~ ~ ^ . . . d o ! _ - . j 3!506.3 I 3', 938. 4
do
j 1,634.9 | 1,772.4
300. 2
139. 3
311.3
118.8
377. 4
181.3
(
»">3 6
351.6 | 330.6 | 703.0 j 325. 1
11 70} 'i H 0 2 1 0
11 77 • i 1 1,090 2
lMM>Ulil
11,1 J6 1 U '
2.0
141. 7
86.1
2 ''12 >
10 > 1
"•t> 4
))1 1
H i n , f| H 118 3 |
i , 120 0 1") 138 0
no 7 i „ -, i
15 J 2
(is i t
17«. ^
2,\ 2
110 0 2 M0i i
,7i) 2 2 7 '• 1
1 u71 1
sit, i
1 lit') ')
st,l 2
3. 4
146. 3
8. 9
148. G
361. 2
316. 3
390.1
3.5
1.2
2.5
758. 6
335. 4
13. 6
568.1
780. 8
357. 7
46. 1
597. 6
040. 3
376.2
21.6
553.0
1.7 |
15.3 ;_.
169.1
228.1 !..
-
321.6 I 278.7
4. 1
839.4
701.8 |
391.0 ! 326.6 |
54.6 | 23.1 ;
i
!
!
3,017.1 2, ( i8s. } 2,661.7
2,601.7 2,372. S 2,7.'
1,485.8 ! 1,396.8 1,592.8 1,509.3 1.516. s 1, ">O7. S l,53s.7 1,37^.2 1. ".71 '•
1'). 7
51.5
41.6
41.7
30. 0
176.7
2(>7 s
231.6
2">6 o
:\\2
2"iV2
199, 5
216.2
.52. 1
56.0
3'». ".>
3". 7
ls.'i
2"'. 7
35. 2
31.1
38. 6
(
70. 1
66.3
<**.«»
M. 1
s i . i.
Ill
H). 3
89. 1
70. 7
itjO.
i)
5
1
1
.
S
ISO.")
in.")
;•>.->.
i
.
2 1 i.
451.0
446. 6
498. 1
313.7
2bs. 1
286.2
2 K 3 , 32'• ()
411.0
2tiU. (.
249. 4
295. 8
1,126.9 1,111.4 1,257.5 1.161.5 1.113.1
51. S
53. 3
67.0
92. 2
68. 9
2S5. S
315.0
380. 9
3s3. 6
414.4
171.0
i
.v>. 3
124.6
i
is.
4
107.6
14.5
32.4
43.6
52.2
59. 7
201.5
i 138.1
162. 4
174. 7
IS'). 2
811.1
712.4
76s. 5
657. 2
233. 1
177.5
2IS. 5
183. 6
199. 0
si n
Ids. <)
91. 2
95. 0
91. 7
23. 2
I1) 1
20.4
18.8
21.S
72. S
40. 7
41.2
02. 5
13,422.2 ; 3 , 5 0 2 . 3
3,149.4:3,241.3
3,131.2
3,191.2
3,"'13.5
3.216 1
:
;--'_>)1
L.'».>!.()
1.1'»2. ( » 1,021.2 1. I ' 1 : 'I
I1}.") 11.0 13,002.8 1 >>,.H)'» 1
1.12i'.. 1
10. s
6'i. 2
111). 1
404.5
443.8
201.4 I 159.7
465.1
191.6
Isi). 6
19(». 5
.,()'» S
iss. 3
021. 0 j l . O l s «.l 1. 152.2
13. 1
2 ; 0
210. 1
2 >> ti
5'i. s '
170.2
212.7
r. i
Ids 2
211.5
si 7. 1 ' s'j1). 3
2i)'i. li
27'i ( '
831.2
Ml.0 '
.'I.1'
17. I
23.7
~v> -i
17 1
(
{..'Mi. 1 3,677 1 3. Ji'is i '1. l'»l 6
.!. 1 10. 7 •>. 1 is. s $, 171. S
5 1 . ")
1
12 7
39. 0
41.1
29. 3 j
46. 6
do
! 463. 9
530. 7
16.0
29.6
5s3.<»
l 11. f
311.6
' 4 1 8 . 9 i 472.7
601.2
349.1
do
i 4,772.4 ' 4,970.4
2. > 3 . 0 2,3V».3 '. 501.0 2,11s..;
do
! 17,621.9
1,869.3 | 1,763.0 2,117.6 U.982.9 2,195.4 2.331.1
4 9 3 . 0 ! 669.4
5(>3.9
hiWi ">
53s. 1
>1<>. 1
I.^D. s
..do ..I 4,347.6 5, 804. 4
612. 1
557.
511.9
..do
159.7 | 152.7
177.1
177 2
J'K) 0
I'M. 1
IT. 7
176.6
175.6
1,742. 4
15)'). 9
Revised.
i See noi.» 2 for p. S-22.
9 Includes data not shown separately.
i IManufaciui-ed goods-classified chiefly by material.
f
80. 7 !
2 14,480.8 !4,599. 8 k 142. 1 !5. 586. 4
, Oss 0
I'll) !
1,290.5 >,10s.3
803.1 1, 309.8 1 239.9 il. 245.1 1.405.7 1,346.7
13,538.3
(
133,278.4 10,978.1 10,995.4 |11,'J97.4 11,477.8 12,041.3 13,1116 13,13 ) 1 12,')0s 7 1 ;,316.1
Crude materials, inedible, exc. fuels 9 . . . d o
Metal ores
do
Paper base slocks
do
Textile libers
do" "
Rubber
do
do
do
129.4 j 149.3
8 1 407 2 1 310 5 l,2hl. 2 1 »"> i>
6 4 ()24 2 1 M0 3 "> 01 > 7 J 1 ! v 7
<)
20() 6
11L> 1
20' 7
l1^ 1
1 3 2 s . 3 3 0v* "i •!, 15">. 7 * 121 2
15.6
186.4
1.0
126.5
113.9
039. 5 1,024. 7 il 1 3 2 . 5 il, 120. 8
104.2 i 1 8 0 . 9 !
S-,1 6
511.1
156.3 |
139.2
137.9 ! 166.5
136.2
128.5
152. 4
139.7
143. 8
1,264.2
155. 3
124.7
86.4
96.8
81.0
01.7 I 83.6
73.1
78. 3
110.5
90. 8
88. 0
781.1
66. 1
63.6
63. 8
79. 2
9.2
6. 6
3.4
7.4
6.0
7 2
57. 0
5. 3
5. 3
3.1
3.1
119.4
154.9
96. 6
141. 6
120! i
12L6
1,321.6
86.4
130.8
102.5
109.6
316. 4
291.5 j .
358. 5
290. 4
312. 9
338. 5
225. 1
3,491.3
209. 9
283. 3
207.5
250.3
101.8
118.1 I
103. <)
90. 4
86. 6
95. 4
96. 5
81.7
119.1
71.4
91.3
I 1,103.2
18,622.7 1,620.4 11,559.1 1,807.1 1, 784! 4 11,842. 4 2,103.7 2,181.9 2, 010. 1 2, 048. 9 2.217.2 2,065.5 2,0ii4.8 |
2,508.8 \ 3,030.7
Agricultural products, total
mil. $__! 11,179.3
Nonagricultural products, total
do
;l()9',5io!4
Food and live animals 9
do
| 10,267.6
,„
Cocoa or cacao beans
do
\ 357.ii
Coffee
do
2, 632. 3
Meats
and
preparations
do
|
1,447.0
Sugar
~_~_"_~_I".~!do~!!~~! 1,154.0
Beverages and tobacco
U2 7
7 h\h 2
3 1 S'»2 {J
7 1 247 3
j 26,246.8
2,495.9 '2,765.3 2, 573. 5 '> 360.3 -2,562.9 2 806 2 2 7s() 3 'I 019 s
842.3 j 893.5
! 9,348.9 11,590.7
1^ 047.1 1,' 022.0 1 (H,7 "> 1 Uiis > 1' "(171
- ' '1
s}2 "J
764.4
7,760.6 | 9,343.1 718.6 j 686.7
806.2 ! 756.5
912 1
s70 6
Europe:
France
do
]
German Democratic Republic (formerly E.
Germany)
mil. $__
Federal Republic of Germany (formerly W.
Germany
mil. $__
Italy
do
Union of Soviet Socialist Republics
do
Un it ed Kingdom
do
r
42-1.0 | 321.7 ; 335.4 I 348.0 ' 422.1
289.8 '• 180.2 i 181.7 I 176 '
121.1 : 118.9 : 139.1
150.8 |
284. 5
134.7
137.6
I'M.-i
lsti. 1 •
13.0
511. 'j
30.2
537.9
W 9
">11. 1
2, 21s. t1, 2 , 2 1 5 1 2 311 ">
i,37. ( i
VM 'I
172.5
li. 1 7
3 11.3
17'. -i
.{li..")
1^3.2
l ( i2.2 • 17'). 2
S-24
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
1976
1977
Annual
December 1978
1977
Oct.
Nov.
1978
Jan.
Dec.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
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. $__ 29,824.7 36,406.8 3,301.5 3.190.1 3,643.1 3,392.7 3,573. 2 4,050.7 4, 085. 5 4,020.4 4,132. 9 4,108.2 3,578.5
15,184.5 17,663. 8 1, 505.9 1.399.2 1,668.8 1,619.9 1, 751. 8 1, 979. 7 2, 003.1 2,011.6 2, 073.3 2,217. 6 2,046.5
Machinery, total 9
do
362.1
433.5
Metal working
do
31.2
46.7
91.0
32.9
69.3
75.2
73.8
80.5
69.5
67.8
86.4
7,424.3 8,432.0
Electrical
do
453.3
685.7 | 763.9
'61.3
335.0
446.4
407.7
408.4
411.5
349.8
465.2
Transport equipment
Automobiles and parts..
Miscellaneous manufactured articles
do.
do.
do.
Commodities not classified-
do.
14, 640. 2 17,829.9 1,563.5 1,645.5 1,766.3 1,772.7 1,821.4 2,071.0
082. 3 2,008. 8 2, 059. 6 1,890. 6 1,532.0
13,104.0 15,842.0 1,387.9 1,480.9 1,535.4 1,556.6 1,574.6 1, 854.8 1, 854. 4 1,776. 3 1, 840. 3 1,676. 3 1,361.0
12,564.1 13,809.4 1,341.1 1,118.9 1,305.4 bl,227.9 1, 293.7 1,511.1 1, 430. 7 1,460.0 1, 651. 5 1,782.5 1,756. 5
1
2, 537. 7
3,335.7
280.5
414.6
327.2
202.1
182.7
369. 1
p 211.8
P181.7
P 384.7
210.6
169.5
357.0
213.0
174.2
371.0
215.4 P219.9 P219.6
202.3 p164.1 P 162. 8
435.7 p 360. 8 P357.5
248.8
182.1
452.9
P 269.2
P 204.2
P549.8
272.6
194.7
530.8
275. 5
192. 5
530. 3
271.1
280.7
220.6
203. 6
598.0 ' 571.6
283,070
64,712
517,450
81,171
274,413
65,376
22,218
4,151
22,978
4,625
24,594
6,371
612,798
103,037
49,016
48,176
7,312
56,856
10,620
328.4
369.2
253. 5
334. 8
316.0
335.2
327.0
323.6
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100.
Quantity—.
do...
Value
do...
General imports:
Unit value
do...
Quantity....
do...
Value
do
219.4 p 223.0 p 224.0 p 232.2 p 231.3 p 234.2
p 211.1 p 208.2 p 213.9 P206. 8 p 182. 3 p 190. 9
P 463.3 p 464.2 p 479.0 P408. 1 p 421.7 P447.2
P
289.4
281.2
212.8 r 226. 4
'
655.2
' 598. 3
290.3
224.5
651. 9
292.6
218.4
639.1
293.6
222.3
652.7
18,930
5,108
21,712
6,431
24,142
6,313
28, 057
6,912
29,487
6,842
24, 969 26, 001
5,989 6,385
45,953
9,132
47,203
9,680
49, 874
9, 838
47,176
9,400
47, 840
9,657
50, 703 53, 652
10,143 9,880
20.51
67.6
2,630
22.48 v 23. 70
68.9 P71.1
2,811 p 2, 972
293.3
225.1
660.4
295.0
213.4
629.6
P 237.3
205.0 P 213.3
p 506.1
294.3
220.5
649.0
296.3
228.7
677.7
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
Value.
General imports:
Shipping weight
Value
thous. sh. tons.
mil.$.
thous. sh. tons.
mil. $-
7,906
18,144
4,947
44,657
8,680
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
Passenger-load factor §„
Ton-miles (revenue), totalf.
.bil.
percent _
mil-
178.99
55.4
24,121
194. 75
56.2
26,100
Operating revenues (quarterly) 9 O
Passenger revenues...
Cargo revenues
Mail revenues...
Operating expenses (quarterly)O
Net income after taxes (quarterly) O
mil. $.
do...
do...
do...
do...
do
17,503
14,266
1,497
326
16,781
451
19,925
16,274
1, 719
390
19, 017
731
...bil.
...mil.
.do...
145.27
2,909
719
156.61
3,125
751
mil. $.
do
do...
13.899
13,324
331
15,821
15,165
497
bil.
mil.
do
33.72
2,187
407
36.61
2,302
397
mil. $..
do
do
3,605
3,457
120
4,104
3, 852
234
5, 690
5,979
Domestic operations:
Passenger-miles (revenue).
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly) O
International operations:
Passenger-mile (revenue)
Cargo ton-miles...
Mail ton-miles...
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly) O
16.16
o5. 3
2,255
14.84
53.9
2,116
17.04
57.4
2,315
16.62
56.8
2,143
18.45
60.6
1,460
14.51
55.1
1,948
5,169
4,153
494
154
4,957
127
3.02
292
62
12.24
281
65
14.01
2.60
252
35
3.04
209
43
17.96
62.1
2,363
15.32
309
74
12.03
251
60
2,515
492
90
5,254
405
63
13.42
236
62
19. 03
P60.2
5,703
4,656
5,115
4,226
432
89
5, 011
14. 32
293
68
14.46
293
16.53
300
64
17.74
281
59
18.93 p 14.78 ' P13. 44
308
310
65
65
' P12. 90
4,556
4,205
4,151
4,053
3,979
107
3.13
254
32
17.58
59.9
2,344
311
3.20
220
28
3.12
199
33
2.49
158
27
3.25
193
32
3.50
177
30
4.73
197
27
4.78
193
4.25
211
29
1,147
1,049
94
964
958
-5
1,023
978
20
3.98
187
28
Urban Transit Systems
Passengers carried (revenue)
_
mil.
Motor Carriers
Carriers of property, large, class I, qtrly.:*
Number of reporting carriers
100
Operating revenues, total
mil. $_. 2 11,420
Net income, after extraordinary and prior period
charges and credits
mil. $..
2 349
Tonnage hauled (revenue), common and contract
carrier service...
mil. tons..
201
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..
137
Common carriers of general freight, seas, adj.f
1967=100..
152.3
489
479
492
3 654
46
153
58
54
137
152
148
172.9
Class I RailroadsA
Financial operations, qtrly. (AAR), excl. Amtrak:
5,110
20,116
Operating revenues, total© 9
.mil. $
18,574
18,916
Freight
do.... 17, 433
4,798
337
Passenger, excl. Amtrak
..do
330
16, 392
Operating expenses®
do
| 14, 954
4,184
3,377
Tax accruals and rents
do
| 3,152
98
347
Net railway operating income
do
|
468
199
284
Net income (after taxes) ©
do 1
1273
r
2
Revised.
v Preliminary.
i Before ext
raordinary and prior period items.
Annual
3
total; quarterly revisions not available.
Beginning Jan. 1978, data are for total unlinked
passenger trips; revenue passenger data no longer available.
Q Includes data not shown
separately.
ifApplies to passengers, baggage, cargo, and mail carried.
§ Passengermiles as a percent of available seat-miles in revenue service reflects proportion of seating
capacity actually sold and utilized.
©Total revenues, expenses, and income for all groups
of carriers also reflect nonscheduled service.
*New Series. Source: I C C (no comparable
data prior to 1972).
3 670
126
217
163. 6
616
4,139
100
3,913
166.8
3
100
3,569
100
' 13, 853
2 452
166. 2
3 691
»610
162. 6
177.3
175.9
182.8
178.5
"-156"
""235
85
a 646
3
684
167
192.5
I 4,905
4,750
4,440
571
100
5, 720
' 5,3G8
•89
o, 375
i
3
177.6
177.6
184.3
5,394
• 5,015
5,268 !
cf Indexes are comparable for the'identical quarter of each year (and from year to year).
AEffective 1976, defined as ".hose with annual revenues of $50 million or more; restated 1977
data reflect changes.
®Natl. Railroad Pass. Corp. (Amtrak) operations (not included in
A A R data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 353; 469 ( I C C ) .
° Domestic trunk
operations
only (domestic trunks average about 90% of total domestic
b
operations).
See note 2 for p . S-22.
t Effective Mar. 1977 SURVEY, revised back to
1957 to new trading day and seas. adj. factors.
bUK1 V&x
December 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
UJNT
1977
Annual
5$
13U$
S-25
1977
1978
Nov.
Oct.
Jan.
Dec.
Mar.
Feb.
Apr.
May
•
June
July
Aug.
Sept.
Oct.
Nov.
217.9
2 77.9
2 73.1
215.8
215.8
216.3
740
624
640
539
178
5,264
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I Railroads A— Continued
Traffic:
Ton-miles of freight (net), total, qtrly
biL.
Revenue ton-miles, qtrly. (AAR)_.
do
Revenue per ton-mile_.
_
cents..
Price index for railroad freight..
.1969=100..
Passengers (revenue) carried 1 mile
mil..
822.5
794.1
2.196
186.6
10,634
862.6
826.2
2.289
199.1
10, 295
127
31.32
63
22.48
67
219.2
208.6
2.294
207.7
5,258
192.7
235.8
203.4
188.5
207.6
207.6
"207." 7"
207.8
207.9
208." 2
215.2
215.7
143
35.54
50
24.66
53
124
38.43
60
26.11
139
38.32
68
26.80
69
157
38.09
67
27.42
73
155
39.37
74
27.07
74
164
39.83
73
28.55
75
169
39.14
72
28.91
78
174
36.77
66
29.28
78
163
38.39
69
29.67
82
575
520
457
409
180
2,634
511
619
535
446
162
2,050
592
550
450
217
1,679
570
586
405
325
239
2,520
711
721
567
420
379
2,757
706
662
550
420
351
3,439
718
804
603
496
371
785
917
686
522
380
8,232
1,024
858
925
545
308
12,047
1,077
901
948
844
290
11,037
742
910
741
698
196
6,375
3,508
1,608
1,398
2,232
637
143.6
3,563
1,627
1,422
2,312
628
144.2
3,573
1, f.22
1,435
2,373
603
149.9
3,640
1,642
1,487
2 s 302
661
145.6
3,585
1,645
1,406
2,248
654
145.5
3,788
1,683
1,570
2,447
660
146.1
3,715
1,688
1,469
2,335
685
146.4
3,820
1,692
1,574
2,470
673
146.9
3,828
1,694
1,560
2,424
702
147.2
3,783
1,680
1,526
2,356
712
147.5
3,924
1,725
1,636
2,532
703
146.6
3,942
1,765
1,573
2,527
718
148.9
554.8
439.6
86.9
46.7
37.3
6.8
46.5
37.6
7.0
46.8
39.0
7.0
44.5
36.5
5.4
44.8
35.3
47.9
35.9
9.2
46.6
36.6
7.3
49.1
37.5
9.0
48.1
37.5
8.5
46.8
37.0
7.2
50.4
39.1
47.9
37.9
7.5
279.4
108.4
34.0
22.5
9.8
34.7
22.0
9.4
34.9
24.5
8.8
35.4
23.8
9.2
34.2
23.5
9.0
38.7
25.3
11.8
36.5
24.4
10.4
38.0
25.0
10.3
39.2
25.4
11.0
36.7
24.8
9.6
39.3
26.0
11.6
38.0
25.3
18.5
107
875
224
37
884
221
39
951
237
39
115
'925
'210
92
922
225
36
198.5
198.6
139
34.96
65
24.65
70
155
36.68
76
25.72
76
138
35.70
67
24.96
66
7,700
7,755
6,264
5,382
2,817
60,521
8,201
8,198
6,492
5,364
3,107
760
628
528
471
158
36,602
16,621
14,618
23,321
6,679
138.5
40,754
18,667
16,312
26,120
7,298
149.9
527.7
423.0
75.4
349.5
256.3
71.9
Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967=100.
Hotels: Average room saleif
dollarsRooms occupied.
% of total.
Motor-hotels: Average room saleU
dollars.
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals©
thous.
Departures©
do.__
Aliens: Arrivals©
do...
Departures O
...do
Passports issued
_
do...
National parks, visits§
...do...
COMMUNICATION
Telephone carriers:
Operating revenues9
mil. $.
Station revenues
.
do. _.
Tolls, message.
do...
Operating expenses (excluding taxes)
.do...
Net operating income (after taxes)
do...
Phones in service, end of period
..mil.
Telegraph carriers:
Domestic:
Operating revenues
mil. $.
Operating expenses
...do...
Net operating revenues (before taxes)
do...
Overseas, total: d"
O perating revenues
. do...
Operating expenses
do...
Net operating revenues (before taxes)
do...
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AhO3)}
thous. sh. tons..
Chlorine gas (100% Clj)}
...do
Hydrochloric acid (100% HC1)}_
..do
Phosphorus, elementalt
.do
Sodium carbonate (soda ash), synthetic (58%
NajO)}
thous. sh. tons_.
Sodium hydroxide (100% NaOH)}_._
do
Sodium silicate, anhydrous}
do
Sodium sulfate, anhydrous}
_
do
Sodium try poly phosphate (100% Na6P30io)I
do....
Titanium dioxide (composite and pure)}...do
Sulfur, native (Frasch) and recovered:
Production..
.thous. Ig. tons..
Stocks (producers') end of period
do
1,230
10,378
2,496
437
1,162
10,664
2,568
431
100
926
229
39
102
833
222
35
103
868
224
36
97
816
215
33
2,344
10,516
747
1,232
1,812
10,481
781
1,241
152
887
62
95
155
852
71
115
140
842
66
102
107
818
67
99
724
713
709
679
61
57
56
55
49
19,402
5,563
1 9,389
5,469
770
5,401
776
5,413
801
5,469
17,398
7,454
1,904
7,877
2,640
8,456
35,821
1,476
636
150
680
209
757
3,137
1,424
610
(6)
663
224
640
2,900
1,460
564
(6)
629
220
2,991
6,699
573
? 6,309
604
552
363
507
631
408
541
573
318
93
825
212
33
(
102
813
230
36
95
890
253
38
(6)
(
()
941
62
97
()
'906
64
' 102
59
63
58
63
63
60
60
63
5,368
811
5,437
810
5,519
795
5,498
'776
5,472
1,558
689
177
736
224
830
3,319
1,553
640
168
719
218
822
3,410
1,424
563
164
625
210
768
3,250
1,374
512
172
604
191
732
3,107
• 1, 329
'537
182
••627
r(«)
803
• 3,350
1,296
523
153
602
(6)
797
3,326
627
400
789
1,690
73
1,321
58
639
471
692
1,831
129
1,306
119
569
494
557
2,293
148
1,368
205
573
461
417
2,596
364
1,431
210
614
'395
598
2,651
406
1,496
237
622
383
487
2,690
354
1,571
169
798
65
104
823
66
104
867
64
115
59
47
57
54
61
60
63
67
792
5,478
735
5, 441
809
5, 389
780
5,352
1,391
612
155
643
199
693
3,041
1, 208
530
157
595
173
718
3 031
1, 435
701
160
767
227
830
3, 365
556
600
458
2,165
* 168
1,272
*154
562
571
447
1 924
153
1 340
80
673
506
687
2, 150
192
1, 448
162
()
861
68
114
58
()
864
67
104
()
886
63
787
5,387
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}
t h o u s . sh. t o n s _ .
A m m o n i u m n i t r a t e , original solution}
do
A m m o n i u m sulfatet
do. _
Nitric acid (100% H N 0 3 ) } _ _
.do....
Nitrogen solutions (100% N ) J
do
P h o s p h o r i c acid (100% P J O B ) } . .
do
Sulfuric acid (100% H2SO4)}
do....
S u p e r p h o s p h a t e a n d other p h o s p h a t i c fertilizers
(100% PjO 8 ):
Production
t h o u s . sh. t o n s . .
Stocks, end of period
do
P o t a s h , deliveries ( K a O ) e
do....
16,716
7,186
2,010
7,892
2,068
7,955
33,300
5,824
469
1 6,160
3
Exports, total9
.do
118,324
23,108
2,101 1,984 2,251
Nitrogenous m a t e r i a l s . . .
.......do
1,239
1,169
124
174
132
Phosphate materials
d o . . . . 112,351
16,741
1,561 1,420 1,538
Potash materials
do....
1,670
1,650
88
179
112
Imports:
Ammonium nitrate
do. .
312
361
19
21
46
Ammonium sulfate
do. .
566
327
8
36
21
Potassium chloride
do....
7,475
8,229
505
553
642
Sodium nitrate
...do....
103
157
18
0
12
'Revised.
* Preliminary.
1 Annual total; monthly revisions are not available.
3
For month shown.
3 Reported annual total; see note 6 for this page.
* Because of an
overall
revision to the export commodity classification system effective Jan. 1, 1978, data
ma
? * na t?a e s t n c t l y comparable with those for earlier periods.
«Less than 500 short tons.
, , l ? ? . ^ e toing
withheld
to avoid disclosing figures from individual companies.
? See
A See
© note, T p a g e " A " note, p . S-24.
If Average daily rent per occupied room,
not scheduled rates.
9 Includes data not shown separately.
© Effective June 1978 SURVEY, data beginning Jan. 1977 exclude potassium magnesium sulfate; comparable data for Jan .-Mar. 1977 are (thous. of short tons) 512,414, and 781 respectively.
620
1,985
290
1,347
122
21
14
13
53
37
22
81
18
11
11
37
3
.. 26
59
654
619
682
812
849
735
669
15
16
(5)
0
21
5
15
13
©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).
t
§ 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.
cflncludes data for Western Union Int. Cable & Wireless.
{Monthly revisions back to 1971 are available upon request.
»For July-Dec, 1977.
47
48
609
21
27
545
30
54
31
851
16
S-26
December 1978
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in foot^ptes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
1978
1977
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Industrial Gasest
Production:
Acetylene
mil. cu. ft..
7,111
Carbon dioxide, liquid, gas, and solid
2,064
thous. sh. tons..
Hydrogen (high and low purity)
mil. cu. ft_. 82,099
288,867
Nitrogen (high and low purity)
do
388,446
Oxygen (high and low purity)
do
5,972
463
456
454
431
413
422
450
434
449
2,256
84,459
331,545
392,984
199
7,309
29,508
33,798
183
7,098
29,210
31,033
182
7,107
30,147
32,606
147
7,041
31,853
32,012
158
6,591
28,902
30,001
189
7,809
33,497
34,409
190
7,269
31,776
33,694
200
7,342
33,235
37,805
204
7,186
32,273
36,298
131.4
i 161.2
i 217.8
16,046.5
286.0
i 971.8
i 926.0
1.2
11.5
14.4
546.7
25.6
82.8
73.7
1.8
13.0
14.4
533.3
24.6
83.3
68.1
2.3
14.2
13.9
481.8
24.5
88.0
82.9
2.7
8.4
15.4
488.4
23.8
65.3
72.5
2.1
8.3
16.7
477.7
21.0
62.5
72.6
3.0
13.6
17.1
571.3
23.4
57.7
85.2
2.4
13.1
12.4
555.1
23.5
87.3
81.5
3.2
11.9
18.4
550.4
26.3
78.0
92.7
3.0
13.9
22.5
549.1
21.8
77.3
93.4
2.5
10.1
19.8
535.8
20.0
83.3
87.2
2.5
11.6
20.4
£22.8
29.4
79.8
80.1
498.3
404.8
81.0
71.4
44.6
32.2
7.4
71.9
48.8
31.6
7.6
72.9
39.7
25.1
7.5
71.4
35.8
35.1
6.9
68.3
41.1
32.4
5.8
75.2
50.4
37.3
7.5
78.9
42.2
32.1
7.3
80.8
31.3
37.2
7.2
74.6
48.7
37.5
7.5
76.2
42.5
25.4
5.9
85.8
45.4
36.6
7.7
88.4
223. 8
224.6
2.6
17.8
18.1
2.4
19.9
19.4
2.9
16.0
16.2
2.6
19.1
19.2
2.5
17.4
17.1
2.8
19.9
19.9
2.8
17.7
17.7
2.9
21.3
21.3
2.9
20.3
20.2
3.0
17.0
17.0
3.1
19.9
19.9
3.0
U,305.3 11,797.1
18,774.7 110,100.1
12,551.0 12,705.8
14,742.9 15,203.0
14,544.8 15,267.3
151.1
891.0
239.1
441.7
451.9
144.1
834.1
224.3
468.9
417.4
131.3
136.6
845.1
235.7
413.3
430.2
138.2
739.4
210.8
396.5
413.8
154.9
916.7
253.0
467.1
477.2
149.1
905.2
226.8
474.9
481. 0
148.2
915.4
232.3
479.6
501.6
143.5
900.8
232.2
483.4
128.8
937.1
232.0
450.5
458.1
368.3
173.1
195.2
350.5
165.2
185.2
319.1
149.4
169.8
341.1
160.7
180.3
Organic Chemicals &
Production:
Acetylsalicylic acid (aspirin)
mil. l b . .
128.3
177.1
Creosote oil.
._
mil. gal..
Ethyl acetate (85%)...
...mil. l b . . i 215.6
Formaldehyde (37% HCHO)
d o . . . . 15,449.3
321.2
Glycerin, refined, all grades
-do
Methanol, synthetic
_
mil. gal_. i 940.1
i
902.4
Phthalic anhydride
mil. lb..
ALCOHOI4
Ethyl alcohol and spirits:
499.6
Production
mil. tax gal..
415.9
Used for denaturation
-do
Taxable withdrawals
,
do
78.4
Stocks, end of period
.do
85.3
Denatured alcohol:
225.3
Production
mil. wine gal..
225.6
Consumption (withdrawals)
do
3.2
Stocks, end of period
.do
402
••448
414
205
205
'210
7,752
7,394
7, 510 32,744
31,879 r34,001
36,295 37,554 36,904
2.5
12.9
17.9
546.6
26.4
'87.9
79.6
2.5
11.8
20.8
591.8
28.3
73.2
73.9
142.7 ' 151.8
960.4
962.2
260.5
257.3
427.5 ' 473.4
469.8
459.1
169.5
967.0
246.8
477.8
500.3
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers.
Polyvinyl chloride and copolymers.
mil. l b . .
do
-do
do
do
227.6
434.7
392.3
MISCELLANEOUS PRODUCTS
Explosives (industrial); shipments, quarterly
mil. lb_. 2,543.0
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $
4,678.0
Trade products
. do. _ 2,446.4
Industrial
finishes
do..
2,231.7
2.675.1
445.6
647.4
4,517.7
2,278.5
2.239.2
305.9
140.7
165.2
19.5
786.7
416.6
204.0
212.5
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr.
Electric utilities, total..
....do.
•2,037,654 »2,124,078 166,382 167,059 184,205 197,271 173, 676 173,157 159,749 175,184 187,408 202,595 205,637
1,753,948 1,903,643 149,193 146,662 161,449 172,488 151,260 148, 496 134,406 146,409 162,166 178,037 183,505
By fuels
do.
283,706 220, 435 17,189 20,397 22,756 24,783 22,416 24, 661 25,343 28,775 25,242 24,558 22,132
By waterpower
do.
Industrial establishments, total
By fuels..
By waterpower
_
do..
do..
do.
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 1,849,625 1,950,791 160,715 153, 250 162,654 174,427 169,924 164,064 153,146 153,813 165,403 176,403 181,386
Commercial and industrial:
Small light and power§
do
440,625 469,227 39,297 36,725 38,306 39,922 39,498 38, 467 36,001 36,252 40,365 44,071 44,918
Large light and power§
do
725,169 757,168 64,650 62, 973 62,479 63,348 59,724 60,150 61,706 65,057 67,449 65,894 67,819
344
353
336
316
335
415
377
421
371
4,212
348
4,337
322
Railways and railroads
do.
613,072 652,345 50, 599 47, 568 55,611 64,624 64,283 59,283 49,722 46,764 51, 533 60,266 62,366
Residential or domestic
do.
1,168
1,101
1,170
1,119
1,129
1,396
1,227
1,258
1,313
1,359
Street and highway lighting
do..
14,413
14,418
1,244
4,173
3,643
4,005
4,103
4,135
3,719
3,978
4,172
3,916
3,741
Other public authorities..
do.
45,625
46,242 3,841
598
568
597
586
606
587
583
567
612
Interdepartmental
do.
582
6,383
7,179
763
Revenue from sales to ultimate customers (Edison
Electric Institute)..
...mil. $. 53,462.9 62,610.0 5,349.1 5,013. 6 5,259. 7 5,674.5 5,626.9 5, 646. 4 5,277.1 5,278. 2 5,802.3 6,318. 6 >, 510. 8
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.
45,128
45,725
45,725
46,172
45,580
do.
.do.
do.
do.
41,519
3,377
2 179
2 53
42,108
3,400
*175
3 42
42,108
3,400
175
42,445
3,490
183
54
41,984
3,373
172
51
tril. Btu.
14,814
14,341
5,312
3,180
do..
do.
.do..
do.
5,014
2,423
2 7,107
2 270
4,946
2,409
a 6,711
3275
1,270
626
1,717
67
2,439
1,066
1,692
115
960
492
1,662
mil. $..
23,701
28,303
7,524
11,166
6,861
42
3,680
3,045
9,941
11, 541
Residential
do..
1,340
4,980
4,075
Commercial
do..
3,035
2 11,385
2 9,374
Industrial.
...do.
104
2 397
Other
.do.
2 311
r
Revised.
' Preliminary.
i
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
5,685
2,517
2,330
1,118
3,019
3,128
132
97
to year basis because of changes from one classification to another.
d"Data 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.
December 1978
SUEVEY OF CUKEENT BUSINESS
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Annual
5-27
1978
1977
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
16.88
15.82
14.57
16.74
15.29
19.81
17.61
16.28
14.33
14.62
13.72
14.01
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES?
Beer:
Production
mil. b b l . .
Taxable withdrawals
do
Stocks, end of period
...do
Distilled spirits (total):
Production...
—mil. tax gal..
Consumption, apparent, for beverage purposes
mil. wine gal..
Taxable withdrawals
mil. tax gal..
Stocks, end of p e r i o d —
do
Imports..
mil. proof gal..
Whisky:
Production
mil. tax gal..
Taxable withdrawals..do
Stocks, end of period
...do
Imports
mil. proof gal..
Rectified spirits and wines, production, total
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
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) totali-..-.
mil. lb_.
American, whole milkt
do
Stocks, cold storage, end of period....do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb-.
Condensed and evaporated milk:
Production, case goodst
mil. l b - .
Stocks, manufacturers', case goods, end of month
or year
mil. lb_.
Exports:
Condensed (sweetened)
Evaporated (unsweetened)
do
do
Fluid milk:
Production on farmst-..
do
Utilization in mfd. dairy products^
do
Price, wholesale, U.S. averaget
$ per 100 lb-.
Dry milk:
Production:
Dry whole milkj
mil. l b . .
Nonfat dry milk (human food)t
do
Stocks, manufacturers', end of period:
Dry whole milk
do
Nonfat dry milk (human food)J
do
Exports:
Dry whole milk
do
Nonfat d r y milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)}:
$ per l b .
163.66
150.39
12.91
160.42
1
425. 89
216.40
752.85
112.71
1
170.51
156.94
12.42
12.61
11.65
13.53
159.38
15.06
13.78
12.21
11.88
11.29
432.56
219.41
706.86
112.94
34.93
21.60
718.50
13.27
43.84
21.18
712.02
11.59
54.63
19.24
706.86
11.53
30.55
18.28
701.16
8.29
30.16
16.87
691. 79
8.65
12.02
11.48
13.02
12.01
11.51
12.42
12.87
10.69
13.92
12.71
11.01
12.02
15.63
13.60
15.01
16.56
15.00
14.97
11.84
13.69
15.15
14.95
7.63
13.20
38.42
21.12
690.80
9.74
33.82
20.15
686.68
11.52
34.36
17.44
685.96
9.29
38.75
20.61
683.36
10.94
32.06
15.63
678.12
9.08
35.77
21.30
672.34
7.77
9.52
627.72
7.12
6.80
11.37
624.89
8.70
3.09
8.68
619. 70
6.99
6.06
11.39
614.91
7.98
15.86
14.18
14.56
10.94
14.83
8.46
12.14
79.12
126.67
692.34
92.07
80.60
127.02
649.00
91.15
13.63
661.14
10.91
5.65
12.76
653.85
9.70
5.11
10.89
649.00
9.29
5.25
10.11
643.65
6.59
5.40
9.70
633.82
6.76
5.45
12.08
633.43
7.63
6.39
11.58
629.07
1.04
107.71
41.85
110.46
41.48
10.60
4.17
10.25
3.67
10.63
4.12
9.95
3.95
8.00
2.70
10.00
3.42
2.81
9.36
3.10
9.79
3.36
7.46
3.03
10.25
3.48
20.59
19.22
8.74
2.56
22.86
21.35
8.56
2.93
2.70
2.86
10.12
.27
2.67
3.27
9.36
.26
2.19
2.71
8.56
.32
1.72
1.04
9.06
.21
1.51
.97
9.59
.18
1.84
1.25
9.84
.29
1.41
.98
10.19
.30
1.94
1.71
10.67
.40
1.24
.83
10.22
.40
1.92
1.13
10.97
.28
2.55
1.76
11.58
.30
2.06
1.90
11.43
.40
.44
405.78
298.25
473. 72
56.36
409.75
310.38
505.36
65.79
155.11
26.86
505. 22
5.55
51.24
27.56
513.13
2.92
25.99
28.00
505. 36
5.34
6.22
25.20
478.44
5.61
3.99
21.23
461.30
5.39
4.79
31.63
434.92
6.62
5.70
25.65
411. 29
7.26
4.81
25.62
348.02
7.98
4.51
26.34
355.00
8.64
2.53
23.32
320.44
8.18
32.67
25.43
332.30
8.06
140.20
26.29
431.50
7.68
8.05
344.77
276.55
74.00
24.88
7.55
4.81
5.49
2.45
1.57
1.90
3.56
1.46
32.17
97.78
978.6
47.1
.944
1,085.6
184.9
1.015
84.5
195.4
1.056
81.5
193.4
1.050
89.5
184.9
1.060
108.3
195.7
1.047
95.7
215.9
1.035
97.7
235.6
1.059
98.5
245.6
1.084
96.7
264.6
1.088
84.7
280.9
1.093
73.7
312.7
1.117
64.2
282.4
1.207
64.5
266.6
1.220
71.1
'251.8
1.219
3,320. 2
2,048.8
3,357. 9
2,042.4
256.8
146.2
247.7
135.4
281.6
160.1
274.0
163.6
260.6
154.3
311.8
182.9
306.2
190.8
328.7
208.2
332.9
209.3
297.0
183.4
284.6
167.5
264.9
149.2
279.4
159.0
478.4
411.3
206.8
468.6
404.7
209.4
502.8
437.5
17.7
479.8
417.4
15.2
468.6
404.7
43.5
460.2
394.4
14.5
442.6
378.1
14.1
431.0
365.3
16.7
448.2
379.8
13.6
462.3
392.1
13.8
501.1
424.3
13.0
501.6
425.5
16.4
491.1
418.0
22.7
475.8
396.4
19.3
•455.0
378.9
22.0
1.161
1.187
1.206
1.211
1.224
1.229
1.241
1.246
1.259
1.259
1.259
1.260
1.321
1.340
932.1
818.9
53.5
47.1
58.8
56.2
52.1
67.3
68.9
82.4
78.8
73.8
69.0
58.2
58.9
70.6
75.2
134.3
101.0
75.2
59.7
52.9
52.1
120.2
134.4
136.0
3.2
2.3
2.1
2.4
4.2
4.4
44.5
4.1
28.8
.2
2.8
.3
2.3
.3
3.0
6 4.3
3.9
2.6
3.6
3.5
120,269
63,630
9.66
122,957
65,879
9.72
9,844
4,838
10.10
9,429
4,591
10.20
9,770
4,994
10.20
9,988
5,398
10.20
9,341
5,093
10.20
10,528
5,871
10.20
10,686
5,903
10.10
11,219
6,299
10.00
10,928
6,295
10.00
10,598
5,687
10.10
10,259
5,323
10.50
9,732
4,854
10.90
9,818
4,837
11.30
78.1
926.2
69.4
1,106.0
4.3
70.3
4.2
65.1
4.9
78.0
6.8
79.7
4.5
70.6
7.1
84.4
7.4
96.4
8.0
103.0
6.9
113.5
5.9
98.2
5.5
78.6
5.0
59.1
4.9
49.0
9.1
98.8
6.0
60.7
5.8
68.0
5.9
67.4
6.0
60.7
6.0
61.4
5.4
55.2
6.1
49.8
7.3
79.1
8.4
86.8
9.5
94.7
9.4
95.0
9.3
74.9
7.4
64.1
5.3
54.7
31.6
10.3
23.8
38.8
1.7
1.4
1.5
3.1
1.1
4.2
5 6 6.8
G.4
.665
.679
.681
.681
2,813. 6
2,586.1
198.0
207.2
249.6
6195.5
3 372.5
271.2
153.7
117.5
52.1
3 420.2
328.0
217.8
110.3
72.8
8.1
2.4
328.0
217.8
110.3
4.0
3.11
3.06
2.45
2.64
2.23
2.27
2.33
2.32
2.33
2.32
5.8
.725
.732
288.3
' 303.8
260.8
3.2
2.18
2.27
.705
.711
.710
.713
271.3
335.8
334.4
.715
9,404
"II.56"
8.7
15.1
12.9
430.9
357.9
1.400
113.8
101.4
57.4
230.1
1.260
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)._ .mil. b u . .
Barley:
Production (crop estimate) A
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)Amil. b u . 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 b u .
Oats:
Production (crop estimate) A
mil. b u .
Stocks (domestic), end of period, total
do...
On farms
_.do.._
Off farms
do...
Exports, including oatmeal
do...
Price, wholesale, No. 2, white (Minneapolis)
$ per b u .
1.6
.5
237.1
148.1
89.0
.3
2.34
2.22
2.30
2.27
2.29
2.27
2.3
2*171.4
4104.0
2 i 67. 3.3
4.4
5.2
5.0
464.7
333.9
130.8
4.3
2.38
2.38
2.49
2.44
2.35
2.34
2.12
2.10
2.14
2.11
2.26
2.29
2.48
2.44
76,890.3
119.2
143.3
5,463.0
3,788.8
1.674.2
153.5
2.56
2.22
1.86
2.08
2.23
3 546.3
412.5
339.0
73.5
3 750.9
563.0
480.4
82.6
12.1
11.2
2.23
3,842.1
2,484.8
1,357. 3
128.0
157.0
160.9
2.44
2.80
2.30
22,800.8
2
1,812.C
2 988.8
207.3
2.62
214.3
171.3
2.52
2.47
i 1,064.
4
620.0
4 444.4
176.4
180.3
139.5
2.24
2.27
2.31
2.15
3 601.5
417.2
356.0
61.2
563.0
480.4
82.6
2.5
1.3
1.17
1.34
1.34
1.74
1.34
r
Revised.
P Preliminary.
i Includes Hawaii, not available on a monthly basis;
monthly revisions for 1976 will be shown later.
2 Stocks as of June 1.
3 Crop estimate for
the year.
* Previous year's crop; new crop not reported until Oct. for corn and June for
barley and oats (beginning of new crop year).
s Beginning Jan. 1978, data for condensed
and evaporated milk are reported under the single heading " t o t a l milk and cream, con-
265.3
' 447.0
6,370.6
5,463.0
3,788.8
1,674.2
1,596.2
3 6,266.4
4,889.5
3,345.5
1,544.0
1,748.0
224.2
.5
.6
657,
542.7
114.
2*309.
24 256.1
2453.6
1.1
.6
1.8
5.4
.3
1.7
1.47
1.38
1.37
1.27
1.36
1.44
1.25
1.32
1.33
1.34
1.42
densed and evaporated"; data for dry whole milk and nonfat dry milk are under the heading
6
7
"toral dry milk, whole and nonfat."
See corresponding note for p. S-29.
Nov. l
estimate for 1978 crop.
s Dec. 1 estimate for 1978 crop.
§ Excludes pearl barley.
9 Scattered monthly revisions back to 1973 are available.
% Revised monthly data back
= Corrected.
to 1973 are available.
A Revised crop estimates for 1970-74 are available.
S-28
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
1976
1977
Annual
December 1978
1978
1977
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Con.
Rice:
Production (crop estimate) A .mil. bags 9 .. t 115.6
California mills:
Receipts, domestic, rough __
mil. lb_. 2,220
Shipments from mills, milled rice
do
1,492
Stocks, rough and cleaned (cleaned basis), end
of period
mil. l b . .
158
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb..
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. lb..
Exports.
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$perlb_.
137.8
110
385
1,005
500
3,062
599
1,708
654
952
684
842
2,184
2,604
347
325
545
.467
.185
.175
.145
.145
2.39
2.19
25.2
2.37
2.32
237
226
165
239
779
545
630
443
344
433
282
505
266
520
131
463
101
455
2,647
2,629
2,474
2,231
1,333
1,638
1,287
339
364
191
9,563
5,481
9,557
6,217
753
531
2,682
2,629
2,693
634
464
204
.205
.215
.215
115.0
8.9
2.92
i 17.3
9.0
2.39
2.26
2.55
9.0
"2.55
2.67
mil. bu..
. . -do
do
do....
2,142
1582
i 1,560
1,748
i 2,036
••1449
1
1,537
1,820
do.
do.
do.
1,781.8
665.4
1,116.4
1,990.0
829.4
1,160.7
Exports, total, including
flour.
do.
1,001. 3
968.9
Wheat only
do.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu.
4.10
No. 2, hd. and dk. hd. winter (Kans. City) do...
3.50
Weighted avg., selected markets, all grades
$ per bu.
3.87
905.8
863.9
Wheat flour:
Production:
Flour
...thous. sacks (100 lb.).
Offal
thous. sh. tons.
Grindings of wheat
thous. bu.
Stocks held b y mills, end of period
thous. sacks (100 lb.)_
Exports
do...
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 l b .
Winter, hard, 95% patent (Kans. City)..do.__
109
434
228
166
.154
Stocks (domestic), end of period, total
On farms
Off farms. _
277
214
214
1
185
179
140
.152
Wheat:
Production (crop estimate), total A
Spring wheat A
Winter wheatA
Distribution, quarterly c?
237
170
81
.140
Rye:
Production (crop estimate) A
mil. bu..
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis) ..$ per bu..
229
93
63
157
80
188
240
58
172
99
261
149
4,995
72
109
109
61
189
36
4,640
55
103
61
114
62
217
2,215
1,460
427
294
.215
.205
.190
5.9
2.95
3.02
4 4.0
3.23
.145
«26.2
2.57
2.96
2.48
1,799
9 550
1,248
2
466
408
351
3*1,175.6
3*492.2
3*683.3
1,524.9
638.8
886.1
1,990.0
829.4
1,160.7
2,110.6
1,006.3
1,104.3
58.5
56.7
89.6
86.7
8 66.3
64.6
94.9
94.5
107.4
103.3
107.8
101.8
124.2
118.8
115.1
108.8
110.0
106.1
136.9
131.9
122.8
118.3
116.5
113.0
3.02
2.84
3.13
2.94
2.88
3.04
2.90
3.07
2.99
3.13
3.16
3.32
3.34
3.35
3.26
3.27
3.20
3.18
3.20
3.18
3.12
3.30
3.27
3.39
3.44
3.52
3.50
3.05
3.12
3.14
3.27
3.37
3.40
3.34
3.22
3.31
3.34
3.51
3.55
52,352
23,785
389
53,159
23,363
381
52,106
21,787
381
48,430
21,783
385
48,910
24,330
430
54,821
22, 554
385
50, 478
24,078
417
53,601
23,051
402
51,544
22,335
384
49,749
25,053
••439
56,062
22,395
400
50,506
2.80
2.62
2.92
2.60
2.88
3.04
275,077
4,643
618,284
275,784
4,593
618,125
23,396
383
4,334
13,907
4,160
17,994
473
766
4,160
1,237
8 723
147
4,096
1,774
2,554
2,297
3,459
2,694
1,674
2,145
3,342
1,963
1,505
9.509
«8. 303
7.160
6.246
7.188
6.325
7.338
6.575
7.200
6.488
7.588
6.988
7.325
6.675
7.650
6.963
8. 638
8.250
8.388
7.463
8.100
7.225
8.250
7.600
7.938
7.575
7.825
7.550
7.900
7.600
4,438
38,992
4,696
38,717
392
3,282
3,244
387
3,200
368
3,238
336
3,046
386
3,243
304
2,969
288
3,215
271
3,052
261
2,869
304
3,247
275
3,027
287
3,180
39.11
37.65
45.18
40.38
38.74
48.19
42.29
40.18
42.50
41.83
38.79
40.98
43.13
39.71
40.50
43.62
42.85
40.50
45.02
46.89
43.75
48.66
51.39
47.60
52.52
53.81
69.45
57.28
59.85
77.26
55.38
57.42
73.28
54.59
58.67
75.72
52.40
58.22
81.66
54.26
60.23
83.25
54.93
62.06
81.82
70, 454
74,018
6,507
6,186
5,969
5,840
6,794
6,213
6,298
5,778
5,402
6,227
6,203
6,576
43.19
41.12
40.97
39.44
44.13
46.08
49.26
47.77
46.22
49.25
48.19
46.94
48.83
50.34
52.58
17.5
19.9
23.9
20.1
21.2
22.0
23.6
21.8
20.0
20.9
20.9
20.9
24.0
24.0
25.9
6,474
6,133
525
477
441
425
390
487
430
451
441
406
438
435
457
47.84
53.38
56.88
50.00
58.50
64.00
67.50
69.38
62.75
71.00
59.50
60.00
59.25
62.50
60.00
59.50
39,060
5 733
1,305
'1,868
39,172
567
1,315
1,741
1,345
532
106
117
3,416
565
109
87
3,241
567
124
212
3,214
560
8 109
138
3,044
574
101
155
3,341
660
115
183
3,079
748
108
202
3,268
761
108
181
3,078
721
99
167
2,882
642
93
161
3,272
582
119
137
3,138
598
131
182
3,353
'641
124
184
711
26,480
5 464
82
1,467
25,780
327
93
1,377
2,165
311
8
95
2,148
301
8
71
2,108
327
10
171
2,140
327
8 30
103
2,009
331
35
118
2,133
370
27
141
1,960
385
32
161
2,118
400
30
147
2,007
385
32
133
1,897
344
28
123
2,146
325
35
107
2,018
342
42
151
2,150
'358
31
141
394
.644
.662
.694
.690
.715
.723
.747
.782
.846
.922
.897
.878
.840
.854
.859
.845
361
15
341
10
23
28
25
8.400
7.925
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 C i t y ) . . d o . . .
Calves, vealers (So. St. Paul)f
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 1001b.
MEATS
Total meats (excluding lard):
Production, totalt
mil. lb.
Stocks, cold storage, end of period O
do
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, totalt
do
Stocks, cold storage, end of period G
do
Exports
do
Imports.
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (East Coast)
$perlb..
Lamb and mutton:
Production, totalf...
Stocks, cold storage, end of period
r
mil. lb.
do...
1
Revised.
i Crop estimate for the year.
2 See "d" " note, this page.
3 stocks as of
4
June 1.
Previous year's crop; new crop
not reported until June (beginning of new crop
6
year).
s
See
"
O
"
note,
this
page.
Average
for
11
months
(Jan.-June,
Aug.-Dec).
7
8
Reflects revisions not available by months.
See note 6 for p. S-29.
» Dec. 1 estimate for 1978 crop.
9 Bags of 100 lbs.
& Data are quarterly except that beginning
1975, Junefigurescover Apr., and May; Sept. covers June-Sept.
53.82
60.75
78.60
23.0
12
O Effective April 1977 SURVEY, data beginning Feb. 1976 are restated to exclude cooler meats;
comparable earlier data will be shown later.
t 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.
ARevised crop estimates for 1971-1974
are available.
S-29
SUEVEY OF CUKEENT BUSINESS
December 1978
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1977
1978
1977
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):
12,219
Production, totalt
mil. lb
3 212
Stocks, cold storage, end of period A
do
311
Exports
do.. _
Im ports
do
<318
Prices, wholesale:
.855
Hams, smoked composite
$perlb__
.977
Fresh loins, 8-14 lb. average (New York)...do..
13,051
186
289
298
1,151
166
26
18
1,241
209
28
12
1,108
186
25
34
1,051
174
"32
29
1,013
174
26
25
1,179
217
26
35
1,093
281
25
32
1,125
281
31
28
1,046
258
25
26
962
218
23
29
1,101
178
31
23
1,095
176
32
23
1,176
'207
35
36
245
1.865
.952
.889
.984
.971
.901
1.013
1.029
.857
1.038
.932
1.066
.822
1.022
.759
1.001
.820
1.091
.808
1.129
.803
1.102
.887
1.067
.905
1.147
1.038
1.212
1.086
1.124
11,916
1,092
1,028
969
932
831
981
901
1,088
1,127
1,052
1,234
1,119
1,229
310
168
599
444
418
269
310
168
304
168
263
137
233
113
210
101
213
104
257
152
326
213
413
298
486
370
'543
'430
.237
.225
.210
.205
.230
.240
.240
.280
.265
.300
.330
.265
.270
.245
15.9
14.1
15.7
15.3
15.7
15.0
15.1
15.2
15.0
15.7
36
23
30
22
30
27
29
28
55
29
42
23
'28
POULTRY AND EGGS
Slaughter (commercial production)
mil. lb_. 11,739
Stocks, cold storage (frozen), end of period, total
363
mil. lb_.
203
Turkeys
. . _
do. _
Price, in Georgia producing area, live broilers
.240
$per lb_Eggs:
179.2
Production on farms t
mil. cases©
Stocks, cold storage, end of period:
28
Shell
thous. casesO
26
Frozen
mil. lb
Price, wholesale, large (delivered; Chicago)
$ per doz__
.678
179.3
15.6
15.4
16.1
39
30
52
33
50
31
39
30
50
28
41
26
37
23
.624
.537
.550
.615
.552
.628
.620
.570
.520
.493
.612
.618
.632
.608
8.1
2.500
4.7
2.500
5.5
2.500
19.4
2.500
20.3
2.500
27.9
2.500
20.5
2.500
16.5
2.500
12.4
2.500
16.1
2.500
14.7
2.500
7.3
2.500
35.6
2.500
29
344
234
30
26
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. lg. tons..
Price, wholesale, Accra (New York)
$ per lb_.
235.4
1.092
172.1
2.144
Coffee (green):
Inventories (roasters', importers', dealers'), end
of Deriod
thous basfsr?1
Roastings (green weight)
do
2 805
19,063
1,684
14,233
19,788
3,092
1.228
2,912
14,808
2,453
635
1
972
3
1,347
108
1,682
209
1,575
129
1,707
115
1,557
319
1,345
329
1,249
206
1,316
337
3,059
289
279
275
252
291
271
207
211
193
420
412
426
420
384
339
336
319
324
344
5 748
5 053
681
1,067
997
602
374
280
10,924
10 856
3,341
11,245
11,210
4,352
Imports, total
do
From Brazil
do
Price wholesale Santos No 4 (N Y ) $ per lb
Confectionery, manufacturers' sales
mil. $
Fish:
Stocks, cold storage, end of periodj
mil. l b . .
Sugar (United States):
Deliveries and supply (raw basis):§
Production and receipts:
Deliveries tots!
For domestic ronsiimntioTi
Stocks, raw and ref., end of period
do
do
. do.
2
371
914
914
2,259
958
957
3,009
836
832
4,352
766
764
4,352
494
1,376
2,202
3,554
2,161
4,467
1 684
3 878
130
2,133
3,767
174
1,124
56
1.350
314
1,337
57
1.540
'306
1,901
334
1.540
305
367
413
430
' 432
135
48
35
115
1,033
1,029
3,059
905
901
2,729
1,122
1,109
2,264
1,020
1,014
'2,054
*2,169
613
841
747
1,019
1,020
300
63
330
56
607
16
335
54
550
131
400
114
.114
5.135
.144
.150
189
775
772
4,104
930
927
3,850
864
861
3,451
891
888
3,326
6 4,312
881
970
802
682
7 277
118
(')
189
49
447
53
67
28
sh tons
69,735
20,335
807
thous. sh. tons
do
do
4,331
900
214
5,130
1,136
656
481
84
16
418
141
20
562
48
469
. . . . $ per lb._
.135
.109
.098
.114
.114
.114
.114
.114
.114
.114
.114
Retail (incl. N.E. New Jersey)... $ per 5 lb_.
Wholesale (excl. excise tax)
$perlb_.
1.262
.190
1.118
.169
1.112
.155
1.133
.191
1.045
.185
1.155
.187
1.174
.201
1.212
.193
1.270
.201
1.268
.200
1.189
.198
.191
.205
.213
.223
4 203,012
9,702
7,213
10,924
9,023
12,791
18,648
15,450
17,523
8,286
13,141
13,788
9,390
12,502
3,841.1
113.0
343.6
112.1
347.9
109.6
342.1
113.0
312.4
138.8
305.1
125.2
368.2
112.1
328.0
128.4
335.5
141.1
302.2
126.1
293.0
124.2
360.4
107.2
' 356.0
' 106.9
381.8
107.8
4,346.9
105.4
376.2
109.3
386.2
101.5
436.8
105.4
391.1
127.7
378.1
118.3
459.0
112.7
435.0
133.8
413.1
128.1
406.8
123.7
368.8
130.8
410.6
132.9
'389.2
' 121.6
407.0
106.8
2,535.0
79.9
221.8
74.0
229.0
70.0
244.7
79.9
219.8
61.8
224.6
70.3
243.0
59.3
186.8
72.3
183.7
63.4
194.6
68.8
166.0
67.8
200.6
60.3
' 207.6
'66.0
222.2
68.3
.507
.513
.513
.500
.500
.500
.514
.552
.552
.552
.552
.525
.522
.521
598.5
787.9
42.4
63.9
72.3
32.0
65.2
67.8
33.7
68.9
68.6
42.4
64.0
66.6
48.7
60.8
67.0
49.1
74.1
82.8
40.6
60.8
74.8
38.3
70.0
71.4
38.8
65.5
63.7
45.4
61.7
62.0
45.1
70.3
70.6
46.3
'68.8
'74.8
'41.8
79.2
77.3
44.2
483.2
254.8
352.0
464.2
261.9
349.0
537.4
294.4
352.3
403. 3
281.7
289.2
500.1
296.3
292.7
464.9
263.1
289.3
442.5
242.5
309. 6
491.8 ' 474.1
273. G ' 250.3
346.1 ' 394.0
505.1
287.3
304.5
Exports, raw and refined
Imports:
Raw sugar, total
From the Philippines
Refined supar total
Prices (New York):
Raw, wholesale
Tea, imports
.
.
thous. lb
181,304
7
1.530
*429
.214
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Productiont
Stocks, end of period©.
Salad or cooking oils:
Production t
_
Stocks, end of period©
3,913.4
mil. lb
127.7
do. . .
do
do
4, 343.0
104.0
Margarine:
2,629.7
Production
.
do
67.2
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
.443
large retailer; delivered)
$ per lb._
Animal and fish fats:
Tallow, edible:
Production (quantities rendered)
Consumption in end products
Stocks, end of periods
mil. lb._
do
do
535.5
660.5
47.5
Tallow and grease (except wool), inedible:
510.6
509.9
6,106.3
521.7
5,674.6
Production (quantities rendered) t
do
257.8
3,180.4
275.2
259.4
3, 367.2
Consumption in end products!
do
355.5
324.9
347.2
347.2
354.8
Stocks, end of period^t - - - do
' Revised, v Preliminary, i Average for July-Dec: beginning July 1977, prices represent
2
Midwest and Los Angeles and are3 not comparable with those 4for earlier periods. Average for 2 mos. (May and Sept.).
See " A " note, this page.
.Reflects revisions not dis5
tributed to the months.
Beginning
Aug. 1978, prices are estimated; not strictly compar6
able with those for earlier periods.
Because of an overall revision to the export commodity
classification system effective
Jan. 1, 1978, data may not be strictly comparable with those
7
for earlier periods.
Beginning Jan. 1978, data are
for both raw and refined sugar and are
8
not comparable with those for earlier
periods.
Beginning Jan. 1978, data are no longer
9
available: see note 7, this page.
Beginning July 1978, data no longer available.
.533
©Cases of 30 dozen.
cf Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
©Producers' and warehouse stocks.
H Factcry 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.
t Revised series. Beginning May 1977 SURVEY, data represent total commercial slaughter (excluding rendered pork fat and lard), whereas the price for calves
(p. S-28), represents a different market.- Comparable data prior to Mar. 1976 will be shown
later.
December 1978
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
Oct.
Annual
1978
1977
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
Consumption in end products
Stocks, refined, end of period 1[. _ _
Imports
mil. lb_. 849.2
do..
990.3
do
40.1
do
1,206.9
729.4
878.7
39.9
994.3
56.5
76.3
37.9
29.4
61.0
77.4
30.7
75.1
55.1
65.0
39.9
94.5
58.1
69.3
36.6
65.5
56.8
71.0
35.9
127.1
73.0
81.5
46.0
102.9
70.4
88.9
48.2
72.4
68.1
87.6
41.2
98.3
69.0
76.1
40.7
79.9
65.3
73.6
38.7
104.5
'70.3
79.0
39.0
83.7
'61 3
'72.4
'43.0
47.0
69.6
83.9
40.6
80.4
Corn oil:
Production: Crude
Refined .
Consumption in end products
Stocks, crude and ref., end of period If
do
do
do
do
692.4
562.2
517.0
42.1
671.9
577.0
537.6
33.4
58.9
51 6
46.5
39.5
58.0
48 6
47 6
48 3
50.1
49 0
50.6
33.4
54.9
47.6
44 7
26.7
51.6
43 2
43.2
31.9
58.7
51 1
48 7
33.4
57.1
44 4
37.5
41.2
68.0
53.3
41.2
52.3
64.7
48.1
44.9
62.9
60.5
41.4
37.7
69.3
59.7
55.1
47.3
71.0
63.8
'52.7
'50.9
72.6
64.9
54.3
50.8
70.2
Cottonseed oil:
Production: Crude
Refined
Consumption in end products
do
do
do
984.3
819.8
578.8
1,254.6
995.7
625.3
115.1
77.8
47.5
146 3
111.4
62.6
140.2
112.8
58.5
141.6
111.1
50.0
129.5
98.2
52.3
141.8
114.7
55.6
122.1
102.7
55.7
109.2
91.3
63.4
113.9
95.2
65.9
107.8
91.8
62.3
'103.5
117.5
60.0
82.0
'84.7
'57.3
108.9
85.5
55.6
191.6
520.9
.297
132.7
731.2
.299
91.5
35 4
.265
112.4
64 2
.270
132.7
67.2
.300
151.4
50.6
.295
156.4
68.2
.288
176.4
84.9
.315
180.4
61.6
.315
154.6
59.8
.335
130.7
63.5
.333
106.7
70.2
.340
102.3
50.0
.355
'84.8
82.3
.405
103.9
25.9
.340
mil. lb_. 9,639.6
do
7,185.4
do
7,576.6
8,836.5
7,642.5
7,451.0
821.9
686.8
658.6
922.3
749.8
682.3
931.5
731.0
721.9
911.9
705.6
664.1
809.5
653.2
648.8
943.3
801.4
771.7
866.9
738.0
686.5
908.2
732.1
662.4
795.1
649.9
640.5
777.9
636.8
596.2
'815.8
725.3
699.8
783.3
' 679.9
'672.5
984.3
782.5
716.2
Stocks, crude and ref., end of period 1F do
1,488.1
Exports (crude and refined).
do
1,088.4
Price, wholesale (refined; N.Y.)
$ per l b . .
.244
859.2
1,666.9
.289
752.1
108.8
.246
766.5
185.5
.260
859.2
175.3
.285
913.8
M13.1
.265
856.5
141.8
.265
803.8
252.6
.320
822.2
218.9
.319
828.7
176.4
.336
834.4
147.2
.315
820.8
165.5
.320
777.5
108.8
.316
' 728.6
193.4
.330
810.3
96.8
.329
40,904
29,161
32,316
31,446
4,453
29,178
29,661
42,661
35,184
52,266
28,032
4,635
41,319
26,755
85.785
32,049
6,973
50,268
282
5,361
6,981
54,390
319
6,050
7,971
58,267
345
6,616
5,925
9,141
44,397 '54,308
298
235
5,523
7,205
8,002
50,321
322
7,823
7,634
53,376
346
6,328
Stocks, crude and ref., end of period If. -.do
Exports (crude and refined) .
do
Price, wholesale (N.Y.)
$ per l b . .
Soybean oil:
Production: Crude
Refined
Consumption in end products
TOBACCO
Leaf:
Production (crop estimate)
mil. lb
Stocks, dealers' and manufacturers', end of period
Exports, incl. scrap and stems _
Imports, incl. scrap and stems
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt _ .
Taxable
__
Cigars (large), taxable
Exports, cigarettes
mil lb
thous. lb
do
l 2 136
1
1,912
5 070
4 978
577,997 2628,564
310,393 316,236
millions.- 72,126
..do
617,892
4,041
do
do
61,370
78,133
592,006
3,776
66,835
.328
.293
8 2,008
17,850
22,997
5 070
49,515 102,364
25,072 23,716
52,539
25,925
55,604
26,973
4 811
73,157
27,773
5,693
50,779
385
3,570
5,952
51,358
341
4,177
6,734
42,886
284
7,341
5,399
48,436
280
3,716
6,769
49,326
271
6,151
7,362
55,317
329
6,580
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total9
thous. $.. 552,276
Calf and kip skins
thous. skins.. 2,162
Cattle hides
thous. hides.. 2 25,270
Imports:
Value, total 9
Sheep and lamb skins
Goat and kid skins
thous. $.. 89,100
thous. pieces.. 16,603
do
1,255
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 lb
$ per lb_.
Hides, steer, heavy, native, over 53 lb
do
3.755
.338
582,906
2,508
24,488
39,260
179
1,631
38,207
196
1,572
52,871
336
2,235
'45,523
211
1,893
47,562
160
2,021
58,535
288
2,270
61,297
265
2,375
55,370
194
2,122
55,846
199
2,078
47,511
222
1,725
58,797
189
2,176
54,396
339
1,779
60,090
181
1,922
96,600
15,468
1,137
5,000
482
44
3,600
155
8,100
1,288
80
6,700
841
116
10,200
1,850
227
10,800
2,080
143
12,200
2,541
275
11,400
2,245
128
8,800
1,577
45
8,300
1,848
190
7,800
1,323
75
7,600
1,093
117
920
112
<.914
.370
.750
.348
.800
.380
.900
.338
.900
.378
1.000
.373
1.100
.413
1.100
.418
1.100
.458
1.200
.478
1.850
.530
1.850
.590
1.850
.573
2 206,276 12,807
14,980
18,240 U7,364
15,309
16,408
16,720
18,899
21,427
14,160
19,726
16,224
17,438
227.2
241.6
270.4
261.7
1.650
.548
LEATHER
Production:
Calf and whole kip
thous. skins.
Cattle hide and side kip_ .thous. hides and kips.
Goat and kid
thous. skins.
Sheep and lamb
_
...do.-_
Exports:
Upper and lining leather
thous. sq. ft.. 203,707
Prices, wholesale, f.o.b. tannery:
Solo, bends, light
index, 1967=100.. s 197.9
Upper, chrome calf, B and C grades
index, 1967=100-
8 205.8
192.7
201.3
201.3
210.0
212.8
208.5
207.1
210.0
391,121
34,010
33,498
31,172
32,395
32,572
37,271
36,173
36,761
34,221
24,481
34,445
31,628
309,770
65,961
12,642
2,748
25,873
6,838
1,018
281
26,153
6,212
886
247
25,605
4,371
929
267
26,955
4,204
978
258
26,498
4,698
1,020
356
29,895
5,520
1,479
377
27.870
6,010
1,568
725
28,871
5,991
1,578
321
26,516
5,830
1,474
401
19,987
' 3,248
'947
'299
26,827
5,857
1,362
399
24,194
5,747
1,309
378
6,023
5,411
369
489
453
395
378
585
495
448
514
454
605
467
546
179.1
193.3
197.9
197.9
197.9
200.8
206.8
206.8
211.4
211.4
211.4
211.4
213.8
218.6
221.0
163.8
143.4
171.8
144.9
173.3
146.8
173.3
146.8
173.3
146.8
176.9
146.8
176.9
146.8
176.9
146.8
181.7
157.4
182.9
161.3
182.9
161.3
182.9
161.3
182.9
161.3
187.7
161.3
197.3
170.9
270.4
LEATHER MANUFACTURES
Footwear:
Production, total
thous. pairs. . 422,507
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 345,433
64,880
Slippers
do
Athletic
____do--.. 10,064
2,130
Other footwear
_
_
do
Exports
do.
Prices, wholesale f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality.--do
r
2
Revised.
* Crop estimate for the year.
Annual total reflects revisions not distributed to the monthly data. 5 3 Average for Jan., Feb., 6and Apr.-Dec. 4 Average7 for Jan.Sept., Nov. and Dec.
Average for Jan.-Nov.
Average for Feb.-Dec.
Because
197.3
of an overall revision to the export commodity classification system effective Jan. 1,1978, data
may not be strictly comparable with those for earlier periods. 8 Dec. 1 estimate for 1978
crop.
9 Includes data for items not shown separately.
IF Factory and warehouse stocks.
December 1978
S-31
SUKVEY OF CUEEENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1877
1978
1977
Annual
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES?
National Forest Products Association:
Production, total
mil. bd. ft.. 136,472 137,235
Hardwoods.
do
6,185
6,442
Softwoods
do
30,030 31,050
Shipments, total
Hardwoods
Softwoods
do..
do..
do..
_
Stocks (gross), mill, end of period, total
do
Hardwoods
_
...do
Softwoods
_
do.."
3,268
552
2,734
2,839
487
2,352
2,944
456
2,488
2,843
442
2,401
2,904
430
2,474
3,222
497
2,725
3,127
571
2,556
3,203
546
2,657
3,333
574
2,759
2,988
597
2,391
3,263
591
2,672
3,285
580
2,705
136,328
6,426
29,902
137,521
6,297
31,224
3,269
576
2,693
2,859
496
2,363
2,983
455
2,528
2,699
426
2,273
2,741
456
2,285
3;158
511
2,647
3,133
574
2,559
3,355
583
2,772
3,548
600
2,948
3,156
574
2,582
3,357
567
2,790
3,250
577
2,673
5,111
891
4,220
4,825
779
4,046
4,876
775
4,101
4,855
765
4,090
4,818
770
4,048
4,963
787
4,176
5,128
763
4,365
5,201
749
4,452
5,190
752
4,438
5,038
715
4,323
4,877
687
4,190
4,705
706
3,999
4,632
732
3,900
4,669
737
3,932
94
1,670
118
93
88
96
Exports, total sawmill products
do
212
1,909
142
72
125
99
94
108
110
10,698
1,117 1,194 1,119 1,014
1,091
8,178
1,173
911
915
865
858
840
956
Imports, total sawmill products
do
SOFTWOODS
Douglas fir:
8,377
677
8,712
833
705
779
807
816
757
634
754
738
661
712
846
634
565
614
617
597
610
706
565
679
495
60*/
513
649
Orders, new
_
mil. bd. ft._
548
586
Orders, unfilled, end of period
do
8,322
8,796
672
816
715
745
619
738
770
745
779
769
637
810
812
Production
do
8,293
722
717
670
8,781
780
925
717
764
727
761
696
643
733
783
Shipments
do
914
952
964
1,017
886
907
949
964
1,126
1,161
964
1,037
958
1,114
1,143
Stocks (gross), mill, end of period
do
602
47
30
35
488
50
Exports, total sawmill products
do
52
37
51
25
28
39
52
11
180
4
129
7
19
Sawed timber
do
16
10
7
8
6
17
24
422
44
359
23
36
31
Boards, planks, scantlings, etc
do
27
44
17
22
Price, producer:
Dimension, construction, dried, 2" x 4", R. L.
$perM bd. ft.. 191.24 230.38 237.27 218.03 227.70 238.08 241.81 246.28 238.48 238.43 245.28 245.00 272.06 274.74 266.66 271.51
Southern pine:
671
790
696
769
637
668
767
624
761
Orders, new
mil. bd. ft.. i 7,467 i 8,317
667
739
591
443
541
552
544
561
470
552
470
563
588
500
Orders, unfilled, end of period
do
434
495
466
i 7,575
i 7,477
i 8,224
i 8,290
764
752
629
635
621
633
594
622
596
728
733
730
756
735
736
728
732
669
676
733
752
691
1,232
1,166
1,184
1,178
1,166
1,180
1,206
1,210
1,175
1,174
1,170
1,163
1,144
1,141
Exports, total sawmill products
M bd. ft.. 140,386 157,806
Prices, producer (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
207.5
271.0
1967=100.
Flooring, C and better, F. G., 1" x 4", S. L.
233.6
250.2
1967=100.
9,272
10,223
9,005
14,712
9,784
14,492
14,920
12,506
15,495
8,991
10,324
12,161
288.6
290.6
294.3
299.7
305.5
313.6
321.5
329.7
331.5
333.6
337.7
343.4
346.4
347.1
260.2
262.4
264.6
267.9
269.9
272.4
271.2
274.4
274.4
276.6
280.6
282.1
283.8
284.3
870
563
811
557
865
590
696
567
752
618
850
636
739
596
877
546
874
526
854
544
889
506
980
545
908
545
861
813
817
821
832
744
719
759
701
871
832
790
779
865
927
843
894
786
836
901
927
927
941
897
908
1,344
1,340
1,329
1,354
1,412
1,451
1,462
1,400
1,299
1,273
1,349
1,259
1,248
235.28
215.40
226.17
264.90
267.57
240.07
251.25
232.33 236.92 254.23
267.17
9.1
6.4
9.7
10.0
5.1
9.8
6.8
8.1
7.9
9.8
8.6
9.1
10.8
10.4
9.5
10.7
9.3
11.6
9.3
10.2
8.5
11.4
10.5
11.4
7.9
10.6
9.8
11.0
9.3
9.4
4.9
9.1
7.3
6.2
7.9
8.8
5.3
8.0
8.5
4.8
9.4
5.4
9.0
9.2
5.2
8.8
8.5
5.4
9.1
10.1
4.0
7.2
7.4
3.7
9.9
10.4
3.1
8.7
8.7
3.2
8.9
9.4
2.7
205
695
)
255
821
1
271
786
1
174
756
5
208
777
7
174
834
1
218
977
11
2,175
45
35
1,511
127
38
1,360
55
1,785
77
42
1,870
71
78
1,584
70
88
1,715
51
41
4,070
4,144
7,659
8,865
76.00
82.50
Production
do.
Shipments.
do.
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft..
Western pine:
Orders, new
__
Orders, unfilled, end of period
mil. bd. ft.
do...
9,760
554
Production
do.
Shipments.
do.
Stocks (gross), mill, end of period. __
_do.
Price, producer, Ponderosa, boards, No. 3,1" x 12",
R. L. (6' and over)
$ per M bd. ft..
9,789
9,744
10,331
590
10,309
10,295
1,315
1,329
184.31
231.53
247.58
263.85
10,467
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production.
_._
mil. bd. ft.
do...
do.
Shipments..
Stocks (gross), mill, end of period
dodo.
114.5
4.2
112.8
7.9
104.5
109.3
8.9
109.8
110.0
6.2
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap.
..do—
Pig iron
do
Imports:
Steel mill products
do..
Scrapt
---do.
Pigiront
do.
149
475
1
160
642
1
208
444
1
1,762
40
54
48
2,087
50
53
1,538
53
44
2,220
46
7
149,523
147,873
i 92,090
i 9,360
4,244
4,093
7,985
9,734
3,962
3,709
7,430
9,412
3,968
3,729
7,368
9,360
3,824
3,679
7,541
8,923
3,714
3,868
7,374
8,797
4,730
4,396
8,347
9,017
4,477
4,265
8,488
8,779
4,581
4,851
8,738
4,605
4,509
8,579
8,747
2 55.99
80.35
51.77
56.00
47.17
51.00
56.34
61.50
66.04
73.00
68.94
74.50
71.90
77.00
75.42
80.50
71.46
75.50
71.38
75.00
2,003
6,175
51
125
474
2
14,285
507
415
19,307
625
373
Iron and Steel ScrapT
Production...
_
thous. sh. tons..
Receipts, net
do
Consumption...
do
Stocks, end of period
...do
i 50,035
i 41,144
189,914
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$perlg. ton..
Pittsburgh district
do.
73.62
79.10
r
2 Revised.
*> Preliminary.
1 Annual data; monthly revisions are not available.
Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
effective July 1977, it reflects addition of Detroit and Houston. Avg. for 1977 is for July-Dec.
3 Less than 500 short tons.
9 Totals include data for types of lumber not shown
191
628
5
148
462
2
2,654
8,120
57
4,565 M,401
4,426 v 4,153
•8,279 P 8 , 3 0 7
9,018 P 8,819
75.40
78.50
72.81
75.60
71.67
75.50
83.50
separately.
fEffective Aug. 1976 SURVEY, scrap excludes imports of rerolling rails and pig
iron excludes sponge iron imports previously included.
If Effective with 1974 annual and Jan, 1975figures,data reflect expanded sample and exclusion of direct-reduced (prereduced) iron, previously included in scrap series.
SUEVEY OF CUKRENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
1977
Oct.
Annual
December 1978
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
IRON AND STEEL-Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. lg. tons..
Shipments from mines..
do
Imports
.do
79,200
77,216
40,967
r 55,750
r 54,053
37,905
1,548
2,579
4,083
1,450
1,740
4,207
3,843
4,051
3,145
5,104
3,871
0
4,820
2,475
1,316
6,425
2,489
1,643
6,034
5,299
1,291
7,751
8,558
2,102
7,988
8,754
2,182
7,559
9,757
3,686
7,593
9,779
4,488
7,314
8,707
4,534
1,610
U.S. and foreign ores and ore agglomerates:
117,697
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do_... 114,324
2,913
Exports
do
94,944
108,462
2,143
7,351
8,685
100
6,387
8,185
18
7,697
8,469
4,408
8,735
87
4,185
8,321
2
4,639
9,048
2
6.363
9,379
390
10,907
11,448
10,216
403
11,787
9,940
143
14,658
10,137
348
12,291
9,797
520
317
54,092 53,084 50, 360 49,862 51,887 51,561 53,791 54,681
17,702 21,687 22,411 21,598 20, 968 18,772 16,461 15,165
33,701 29,195 26,199 26,903 28,127 29,939 34,349 36,738
2,689 2,202 1,750 1,361 22,792 2,850 2,981 2,778
42
82
97
50
55
113
49
71
62
111
10,114
393
75,035
14,026
56,246
4,763
59,390
14,140
42,271
2,979
1,053
834
49
21
64
94
Pig iron:
Production (excluding production of ferroalloys)
81,328
thous. sh. tons.. 86,870
82,017
86,929
Consumption
do
1,309
1,513
Stocks, end of period
-do
«183.11
3182.33
Price, basic furnace..
.$ per sh. ton..
6,636
6,753
1,419
6,121
6,228
1,356
6,419
6,498
1,309
6,390
6,452
1,271
5,971
6,061
1,200
6,894
7,013
1,108
7,189
7,316
1,916
7,936
7,969
997
191.00
191.00
191.00
191.00
191.00
191.00
Stocks, total, end of period
At mines__
At furnace yards._
At U.S. docks..
do
do
do
do....
Manganese (mn. content), general imports...do
63,523 60, 745 59,390
14, 695 14, 373 14,140
45,344 43,354 42,271
3,484 3,018 2,979
56,342
15,358
37,915
Pig Iron and Iron Products
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total.
do
For sale
-do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, totaldo
For sale
do
191.00
191.0
7,754
7,770
1,014
7,637
7,611
1,068
191. 00 191.00
7,809
7,518 7,391
7,527 r 7,463 p 7,805
983
1,080 1,047
203.00 203.00
203.00
891
1,390
668
854
1,270
615
935
1,102
553
949
1,090
543
990
1,161
596
1,009
1,327
646
1,969
1,301
976
1,423
737
984
1,406
734
••946
1,148
••587
1,000
1,330
711
970
1,327
673
125,333
78.4
10,442
77.7
9,748
75.0
10,031 10,301
74.7
77.2
9,643
80.1
11,083
83.1
11,528
88.5
12,320
91.5
11,861
91.1
11,388
85.1
11,550
86.3
11,467
88.6
451
1,718
1,488
429
151
131
431
139
122
451
132
116
494
152
135
461
141
124
502
158
138
512
153
133
492
168
145
501
162
140
•-592
••124
'108
634
156
134
665
160
140
91,147
7,400
7,188
7,020
7,323
8,718
8,055
8,610
8,787
7,608
8,293
8,252
491
460
767
155
467
444
772
141
S93
393
694
111
457
426
697
123
491
419
688
140
463
422
701
156
14,168
6,859
935
15,318
7,496
56
848
491
65
829
458
203.00
Steel, Raw and Semifinished
Steel (raw):
Production.
thous. sh. tons.. 128,000
80.9
Rate of capability utilization*
percent..
Steel castings:
Orders, unfilled, for sale, end of period
431
thous. sh. tons..
1,804
Shipments, total
do
1,513
For sale, total
do—
12,105
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.
By product:
Semifinished products
do...
Structural shapes (heavy), steel piling...do...
Plates
do...
Railsand accessories
do...
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Reinforcing.
Cold
finished
do
do
do
-do
Pipe and tubing
do
Wire and wire products
do
Tin mill products
do
Sheets and strip (incl. electrical), total...do
Sheets: Hot rolled
do....
Cold rolled..
do....
»89,447
4,384
4,187
7,160
2,017
» 3,991
4,382
7,529
1,863
359
334
581
155
321
355
613
140
311
380
636
140
352
376
649
136
344
354
596
132
425
421
738
157
434
413
714
146
i 14, 234
i 8, 664
» 3,876
1,618
15,420
9,362
4,179
1,794
1,297
791
343
155
1,253
786
314
146
1,239
731
371
130
1,221
769
284
161
1,236
754
307
169
1,438
854
384
191
1,423
827
412
177
1,509
884
437
180
1,524
904
430
182
1,272
661
359
149
1,463
845
436
174
1,465
877
407
173
1,531
916
422
185
6,265
2,461
6,436
42,303
15,090
18,265
7,490
2,400
6,382
41,687
14,558
17,684
657
201
453
3,363
1,156
1,407
639
174
400
3,292
1,099
1,417
672
165
431
3,046
1,103
1,201
636
192
461
3,300
1,127
1,382
708
198
645
3,326
1,190
1,373
804
235
566
3,933
1,406
1,644
737
231
449
3,509
1,207
1,445
779
228
502
3,719
1,297
1,527
737
235
549
3,918
1,349
1,629
643
175
472
3,455
1,176
1,430
211
498
3,720
1,316
1,512
683
204
536
3,630
1,288
1,473
219
487
3,921
1,391
1,588
By market (quarterly shipments):
3,746
114,615 <15,346
Service centers and distributors©
do
1,769
*7,508 * 7,553
Construction, incl. maintenance©
do
1,051
4,502
4,500
Contractors' products
do
4,996
21,351
21,490
Automotive.
do
775
3,238
3,056
Rail transportation
do
1,428
5,566
5,180
Machinery, industrial equip., tools
do
1,296
6,714
6,914
Containers, packaging, ship, materials ...do
1
6,519
26,371 * 26,740
Other©
do.
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tons..
36.4
34.1
34.2
33.9
34.1
Producing mills, inventory, end of period:
Steel in process
mil. sh. tons..
12.2
10.1
10.5
10.2
10.1
Finished steel
do
7.5
7.6
7.2
7.3
7.6
Service centers (warehouses), inventory, end of
period
mil. sh. tons. _
6.5
6.6
6.5
6.5
6.6
Consumers (manufacturers only):
Inventory, end cf period
do
10.2
9.8
10.0
Receipts during period
do
62.6
63.4
5.5
4.9
4.6
Consumption during period
do
62.9
63.9
5.6
5.0 1
4.7
r
Revised.
v Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
» For month shown.
»Avg.
for 8 months: price not available for July-Oct.
5
1976.
* See note " © " for this page.
Avg. for 11 months; Feb. price not available.
*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
4,159 21,464
2 816
2,432
2 329
934
5,365 2 2,027
2 326
864
2 527
1,497
1,615 2 2 525
2,584
7,287
4,709
2,497
926
5,257
856
1,577
1,652
7,977
4,179
2,079
939
5,117
820
1,477
1,790
7,179
34.1
33.1
32.6
32.5
33.7
33.6
35.0
34.9
10.0
7.8
9.4
7.4
9.1
6.8
9.2
7.0
9.5
7.3
9.7
7.0
10.6
7.1
6.4
6.4
7.1
7.1
7.1
10.6
7.2
6.8
10.0
5.9
5.8
9.7
5.7
6.0
9.8
6.2
6.1
6.1
6.1
10.2
5.1
4.7
10.3
5.9
5.8
5.2
5.2
5.1
5.0
based on the current availability of raw materials, fuels and supplies, and of the industry's
coke^iron^steelmaking, rolling andfinishingfacilities. Data prior
tojmueMtmfobl*
l
SUBVEY OF CURRENT BUSINESS
December 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
1976
Annual
S-33
1977
Oct.
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
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
4,251
1,346
4,539
1,367
386
108
380
113
395
106
400
110
366
104
395
117
387
114
405
114
395
118
107
410
125
399
122
do
do
568.7
87.1
673.3
73.8
49.6
5.8
54.5
5.1
57.5
7.1
30.0
1.5
36.0
2.8
46.1
3.1
29.5
2.4
41.2
2.1
30.8
4.8
27.8
5.2
17.8
2.2
44.7
2.4
do
do
152.4
222.1
97.8
207.9
2.9
13.9
8.9
11.6
7.2
22.8
3.7
13.0
5.7
19.6
6.1
19.0
4.2
14.8
37.7
2.4
7.0
19.5
9.3
17.3
8.5
15.1
11.0
14.5
15.9
19.5
1.8
13.8
.4449
.5132
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
.5300
12,568
9,716
5,584
1,845
13,199
10, 420
6,041
2,009
1,055
869
507
176
1,001
830
475
175
1,146
818
496
155
995
852
476
158
1,071
889
504
171
1,265
986
552
184
1,118
933
528
164
1,233
988
565
172
1,261
995
556
171
1,092
878
509
126
1,251
1,008
'562
169
1,169
934
536
164
5,685
5,725
5,685
5,811
5,802
5,732
5,751
5,697
5,666
5,705
5,588
5,585
124.8
118.2
110.9
7.3
26.0
124.5
125. 2
118.9
6.3
26.0
124. 6
120.2
112.7
7.5
28.0
125.4
116.3
108.7
7.6
29.0
122.5
116.0
99.8
16.2
31.0
133.5
134.6
124.4
10.2
41.0
129.3
119.8
113.7
6.1
41.0
133.7
129.6
119.3
10.3
41.0
128.0
128.4
121.4
7.0
44.0
97.8
104.8
95.9
8.9
30.0
125.1
133.6
126.9
6.7
36.0
122.7
123.4
117.4
6.0
64.0
47.4
55.5
45.9
69.3
58.2
94.5
77.9
63.8
53.4
46.5
39.2
17.1
4.7
19.1
4.9
24.2
11.9
20.4
7.3
62.6
47.8
28.1
11.4
26.5
10.1
23.3
7.2
566
620
144
648
162
637
163
642
156
. 6402 .6477
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
5,685
scrap), end of period..
mil. lb.. 5,631
Copper:
Production:
Mine, recoverable copper
thous. sh. tons.. U,605.6 1,518.0
Refinery, primary
d o — 11,539.3 1,496.2
1,411.0
From domestic ores
d o — 11,422.7
1
85.2
116.6
From foreign ores
do—
364.0
353.0
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
$perlb._
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. l b . .
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) cf
do—
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons..
Price, common grade, delivered
$ per lb..
547.4
384.1
528.1
394.0
42.5
32.1
43.8
28.6
250.0
113.1
220.3
52.7
16.6
4.6
14.7
5.0
71.3
55.8
22.8
6.9
1,995
651
177
2,202
649
178
577
160
614
152
526
649
178
658
164
647
151
.6956
. 6677
.6062
.6062
.6194
.6362
.6359
2,517
2,383
547
2,667
583
i 609,5 i 589.2
734.4
682.5
204.3
224.6
* 1,429.1 '1,582.3
582
683
137
. 6241
28.4
17.6
34.5
27.7
31.6
10.2
41.2
22.2
20.8
5.3
595
144
236
135
621
225
130
.6657
.6408
.6723
.6763
679
145
49.1
62.6
48.7
60.3
51.1
61.2
49.8
54.7
45.0
56.4
57.1
63.7
49.4
57.8
54.3
64.3
40.1
62.1
35.5
54.1
47.6
62.6
49.5
4.6
132.7
9.2
120.0
12.0
121.8
5.4
122.5
3.4
115.0
13.2
125.2
7.7
122.5
5.5
117.4
4.8
121.6
11.0
99.5
11.0
125.2
4.5
189.7
187.7
184.6
182.1
176.4
184.4
189.8
198.6
198.5
199.2
15.8
111.7
20.0
119.4
31,4
111. 9
31.4
119.7
32.1
115.9
30.1
113.8
24.2
109.6
180.7
184.6
43.7
110.1
15.4
109.3
13.5
112.9
15.9
111.2
15.4
109.3
15.4
106.0
96.0
.2310
91.3
.3070
84.8
.3102
91.3
.3200
91.3
.3852
97.6
.3300
94.2
.3300
83.7
.3300
82.8
.3300
73.8
.3100
64.4
.3100
61.1
.3100
63.8
.3217
Tin:
Imports (for consumption):
Ore (tin content)t
metric tons.
Metal, unwrought, unalloyedt
do
Recovery from scrap, total (tin cont.)f
do—
Asmetalf
do
Consumption, totalt
do—
Primary f _ _
do
5, 733
45,055
16,440
1,467
62,928
53,850
6,724
48, 338
15,380
1,790
68,000
55,500
0
4,056
1,400
240
5,400
4,400
607
4,120
1,215
100
5,000
4,100
1,089
3,800
1,165
120
5,100
4,300
169
2,911
1,160
175
5,400
4,500
064
5,070
1,505
125
5,500
4,100
439
4,369
1,485
135
5,200
3,900
635
3,438
1, 555
160
5,700
4,200
40
5,413
1, 630
155
5 400
4 000
62
3,144
1,215
180
4,600
3,500
355
3,382
1,410
155
5,200
3,700
5,200
3,700
Exports, incl. reexports (metal)t
do...
Stocks, pig (industrial), end of period!
do...
Price, Straits quality (delivered)*
$ per lb.
2,337
7,282
'3.7982
5,462
8,441
5.3460
594
9,214
6.0794
238
7.272
6. 2093
430
8,441
6.1518
324
7,626
5.9230
273
4,727
1,255
145
5,000
3,700
380
6,628
5.9336
579
6,291
5.5757
617
405
384
7, 785 8,139
7,846
5. 3962 5. 7027 6.0092
274
7,817
6. 0700
508
7,200
6. 3925
298
5,774
6. 7484
35.5
35.3
33.9
33.2
35.3
35.2
33.1
22.7
19.9
25.6
24.6
10.9
43.4
13.7
35.1
17.9
65.1
13.0
78.8
19.0
56.1
6.0
49.9
25.6
47.4
9.2
49.2
15.6
8.1
15.6
7.4
15.6
34.5
3.1
100.0
.4
33.5
3.9
96.4
Zinc:
Mine prod., recoverable zinc...thous. sh. tons.
Imports (general):
Ores (zinc content)
do...
Metal (slab, blocks)
do...
Consumption (recoverable zinc content):
Ores.
.
Scrap, all types
,
do.
do.
484.5
3
457.7
37.2
97.1
714.5
121.9
575. 5
11.8
47.1
26.5
54.4
12.5
3.8
64.9
96.6
202.3
100.8
238.2
7.7
28.2
8.3
28.2
8.2
27.2
7.0
27.2
27.2
8.4
28.6
8.8
28.4
9.9
16.4
8.6
15.9
36.6
2.6
85.9
30.0
2.9
84.0
.1
27.0
3.4
96.0
,1
30.1
3.4
93.0
32.0
3.7
99.0
31.3
3.2
99.9
.1
Slab zinc: §
Production (primary smelter), from domestic
38.0
36.9
392.6
and foreign ores
thous. sh. tons..
498.9
31.1
2.9
3.1
3.1
Secondary (redistilled) production....... do
41.4
63.6
79.6
88.2
Consumption, fabricators
.
do
1,134.1 1,103.1
95.0
Exports
do
3.5
CO
Stocks, end of period:
65.8
65.3
60.3
65.8
Producers', at smelter (ABMS)O
do
86.
76.2
86.8
76.9
C onsumers'
do
111.8
. 3073 .3050
.3439
.3190
Price, Prime Western
$ per lb.. .3701
r
2
Revised.
i Annual
data; monthly revisions are not available.
Less than 50 tons.
3
4
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
or 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. 1978, 21,234 tons.
.7050
31.7
2.7
84.3
7.4
.3406
. 3661
273
3,861
52
3,410
269
7.3918
25.3
54.0
(2)
32.9
50.0
26.9
27.4
32.5
30.1
56. 9
40.9
31.8
64.3
62.8
86.4
92.3
86.8
83.6
82.5
88.1
76.7
81.0
.3283
.3116
.3237
.2901 i .2980
. 3000 .2900 .2900 .2900
.3050
* New series 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 (Penang,
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 available.
t Effective with the Apr. 1977 SURVEY, data are expressed in metric tons (to convert U.S.
long tons to metric tons, multiply by factor, 1.01605).
SUKVEY OF CUKRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1977
1977
Oct.
Annual
December 1978
Nov.
1978
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
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
184.3
35.8
77.3
1240.8
168.0
192.5
Material handling equipment (industrial):
Orders (new), index, seas, adj
.1967=100..
167.5
232.3
244.0
296.0
278.5
286.5
246.2
298.6
334.0
362.1
351.0
318.2
15,786
16,152
18,000
21,409
1,760
1,930
1,675
1,901
1,652
1,867
1,363
1,614
1,775
1,912
1,897
2,441
1,539
2,173
2,043
2,241
1,815
2,128
1,297
1,609
1,699
2,190
1,882
2,214
1,986
2,275
33,930
43,289
3,809
3,316
3,219
4,378
4,675
4,312
3,839
5,200
3,106
4,645
4,972
5,054
165.4
199.2
206.2
207.5
211.4
213.8
215.4
218.6
222.8
226.2
228.3
227.5
225.4
232.7
251.3
183.8
207.4
214.7
212.3
208.8
208.9
208.7
224.0
233.6
233.9
242.2
238.6
243.3
253.7
214.7
178.4
191.4
195.4
196.3
196.8
198.6
199.8
200.6
201.5
202.3
203.7
205.6
206.9
207.8
210.1
316.95 249.30 274.65 253.00
280.55 231.20 255.10 234.40
216.05 137.75 161.70 193.60
193.05 123.55 142.90 172.40
2,315.9 2,427.5 2,540.5 2,594.9
v 334.05
v 312.00
195.60
v 173.30
J>2,733,3
Industrial trucks (electric), shipments:
Hand (motorized)
number..
Eider-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
mil. $._
_do
do
do
do...do
do
do
do
do
,662.15 !, 202.05 160.10 222.65
1,476.60 ,980.70 150.55 205.95
1,482.10 ,650.80 141.55 163.05
,269.85 , 469.85 131.40 140.75
1,242.4 1,793.6 1,687.8 1,747.4
568.05
508.95
577.55
473.50
209.2
Tractors used in construction, shipments, qtrly:
Tracklaying, total
_
.units.
19,533
mil.$_ 1,025.7
Wheel (contractors' off-highway)
units.
3,772
mil.$_.
il$
238.3
Tractor shovel loaders (integralunits only), wheel
and tracklaying types
_.units.. 34,543
mil.$_975.7
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
.units.. 207,036
mil. $.. 2,451.5
794.85
730.70
629.95
560.35
384.1
67.3
14.8
28.8
65.7
16.0
30.3
79.80
74.85
51.55
47.15
357.2
63.45
59.05
58.90
48.90
361.7
250.40
222.45
204.15
175.20
, 793.6
68.30
62.25
55.90
50.70
384.1
230. 55 234.40 258.90 302. 20
205.45 210.00 230,80 273. 70
146.25 151.60 206,00 178. 70
130. 95 140.35 188.35 158.65
1,877.9 1,960.7 2,013.6 2,137.1
83.80
76.35
63.00
55. 55
394.9
65.40
62.60
66.35
61.40
420.9
76.95
71.30
50.00
44.30
421.9
65.5
16.8
23.3
75.0
15.3
36.5
76.70
70.80
64.25
55.45
433.4
267.40
235.30
189.45
175.25
1,215.7
87.45
80.20
66.25
61.20
454.6
75.80
69.60
76.90
68.95
453.5
19,942
1,127.8
5,271
330.1
5,051
303.
1,284
,3
5,820
350.1
1,537
107.7
5,926
361.0
1,599
119.9
42,730
1,328.2
10,134
319.3
11.825
394.7
12,945
463.5
207,239
2,758.7
47,863
668.5
45,912
693.5
47, 931
706.6
72.25
66.95
70.65
64.40
455.1
100.15
93.95
53.70
49.00
501.5
81.70 p 79.95
75.35 P 74.55
65.15 P 71.75
57.55 9 65.45
518.0 9 526.3
4,752
304.3
37,911
552.8
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
3,975
3,287
3,456
3,695
3,703
5,247
5,972
6,442
5,422
3,272
3,883 2 5,585
4,328
4,313
a 4,831
3,937
3,246
1,103
1,197 U,674
1,368
1,288 21,678
1,225
1,279
2 2,044
1,538
1,345
2,153
184
258
221
250
350
76
340
273
4,411
2,195
233
230
234
216
360
100
348
263
2,422
270
266
273
230
388
114
410
287
3,343
569
345
291
305
569
150
513
375
1,747
3,100
703
307
280
293
480
118
416
296
3,205
639
330
277
307
536
153
446
3,247
591
320
280
296
604
191
435
271
3,084
2,616
307
211
255
249
548
163
376
246
2,789
111
301
278
294
586
168
469
327
2,720
101
288
287
274
528
115
468
340
2,162
2,855
130
342
335
298
518
103
463
347
140
158
245
121
110
230
124
141
242
133
157
270
130
154
118
161
275
127
168
217
126
124
217
137
146
230
155
168
217
595
31
570
43
66
575
116
"535
142
47.192
47.192
47.498
47.542
47.537
23,115 23,520 38,765 59,530 62,220 65,565 52,150 62,005
9 Includes data not shown separately.
t Monthly revisions back to 1973 are available upon request.
©Effective 1976, data reflect additional reporting firms.
54,150
69,860
thous..
49,203
64,601
6,060
5,194
5,878
4,711
4,209
Eadio sets, production, total market
thous..
Television sets (incl. combination models), production, total market
thous..
44,102
52,926
4,891
5,061
2 6,231
2,700
2,907
14,131
15,432
1,380
1,366
2 1,359
25,800
12,962
3,140
2,515
2,462
4,817
1,548
4,492
3,173
9,285
30,951
3,270
3,356
2,941
3,009
5,707
1,598
4,933
3,553
9,392
2,647
102
339
272
278
461
97
414
344
2,529
153
321
272
280
435
77
385
329
1,554
1,824
3,112
1,746
4 3,070
1,508
153
143
250
128
145
208
Household major appliances (electrical), factory
shipments (domestic and export) 9
thous..
Air conditioners (room)
do
Dishwashers.
do
Disposers (food waste)
do....
Ranges
do....
Refrigerators
_
do
Freezers
do
Washers.
Dryers (incl. gas)
Vacuum cleaners (qtrly.)
I.IIdoIII!
do-. .
do.-.
2
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous..
Ranges, total, sales
do.. .
Water heaters (storage), automatic, sales
do....
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
430
600
Production t
thous. sh. tons..
6,228
6,200
550
11
75
Exports
do—.
615
625
60
Price, wholesale, chestnut, f.o.b. car at mine
46.579 46.579
__
.
$persh.ton__ 46.428
46.579 46.579
Bituminous:
68,715 30,930
Production
|
...thous. sh. tons.. 678,685 I 688,575 67,420
r
Revised.
v Preliminary.
i Annual data; monthly or quarterly revisions not avail.
> Data coyer 5 weeks; other periods, 4 weeks.
3 For month shown.
* Beginning July
19//, data include shipments to mobile home and travel trailer manufacturers (formerly
excluded); they are not directly comparable with those for earlier periods.
430
24
340
33
610
52
46.579
46.579
46. 579
46.579
47.530
SUEVEY OF CUERENT BUSINESS
December 1978
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
1976
1977
Annual
S-35
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
July
Aug.
Sept.
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous— Continued t
Industrial consumption and retail deliveries,
total 9
thous. sh. tons.. 598,750
447,021
Electric power utilities
do
44,817
Mfg. and mining industries, total
.do
84,324
Coke plants (oven and beehive)
do
119,632
174, 818
L37,785
77,396
50,191
38, 220
11,440
6,335
50,245
38,107
11,462
6,033
53,687
41,071
11,691
6,016
54,405
42,594
10,916
5,399
46,014
35,737
9,386
4,155
13,810
33,923
9,237
3,988
45,504
34,545
10,418
5,501
6,900
7,020
530
675
925
895
891
650
540
Stocks, industrial and retail dealers' end of
period, total
.thous. sh. tons_. 133,555
116,436
Electric power utilities
do
16,879
Mfg. and mining industries, total
do
9,804
Oven-coke plants
do
[52,317
.30,951
21,146
12,721
58.164
37.165
20,724
12,599
% 063 152,317
47,143 30,951
25,560 21,146
15,500 12,721
18,121
02,792
15,147
8,130
93,130
82,437
10,574
5,067
Retail deliveries to other consumers
do
48,753
, 827
37,125 40,593
11,132 10,758
6,406
495
475
55,428 57,135
44,035 48,872
10,942 10,820
6,530
6,436
450
442
S3,942 96,462 10,886 .21,588 19,791 22,405
75,081 85,772 98,472 07,498 07,443 .09,804
8,747 10,555 12,239 13,780 12, 058 12,246
6,276
3,750 5,602 7,129 8,237 6,604
240
220
275
220
182
119
114
135
175
310
290
355
...do
Index, 1967=100..
59,406
367.5
53,687
4,871
397.0
4,489
399.4
3,910
401.6
199
403.2
109
404.6
16
406.5
940
426.4
1,548
432.4
1,730
434.7
1,223
437.2
1,251
442.6
3,338
442.9
thous. sh. tons..
do
do
605
57,728
26,029
2 414
53,060
26,769
32
4,305
2,202
33
4,186
2,244
32
4,077
2,236
29
3,603
2,177
2,741
2,014
29
2,661
2,321
29
3,753
2,137
33
4,398
2,286
29
4,362
2,220
29
4,455
2,2i>2
25
4,379
29
4,346
6,487
6,173
314
2,127
6,442
6,306
136
6,526
6,369
157
1,980
6,442
6,306
136
2,050
5,937
5,772
164
2,095
5,209
5,059
150
2,146
3,461
3,373
87
2,270
3,189
3,107
81
2,321
2,993
2,910
83
2,380
2,938
2,848
90
2,376
2,846
2,731
114
2,489
2,954
2,827
127
3,008
2,896
112
2,050
6,391
6,220
171
2,001
1,315
1,241
' 159
142
60
62
81
42
56
103
74
53
46
125
Crude petroleum:
Oil wells completed.
number.. 17,059
Price, wholesale
Index, 1967=100..
253.6
Gross input to crude oil distillation units..mil. bbl_. 5,081.4
Refinery operating ratio
% of capacity—
274.2
5,468.4
90
1,562
278.6
465.9
1,785
282.9
449.6
89
1,875
288.1
463.5
1,184
288.8
449.8
85
1,486
289.7
401.2
84
1,499
293.4
447.9
85
1,369
294.3
426.3
83
1,209
295.5
472.2
89
1,812
298.8
451.2
1,503
301.8
470.3
1,516
302.7
570.7
549.3
571.3
561.6
503.6
585.4
537.4
549.6
553.6
573.5
261.2
49.9
272.8
48.9
264.7
49.0
271.2
50.1
163.5
173.1
54.6
192.1
47.8
192.8
59.5
Retail dealers
do.
Exports
Price, wholesale
1,837
444.1
442.9
1,619
305.7
1,406
307.5
1,294
310.5
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke §...
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
do
..do
do
.do
Exports
PETROLEUM AND PRODUCTS
All oils, supply, demand, and stocks:
New supply, total eft
Production:
Crude petroleum i__
Natural-gas plant liquids...
Imports:
Crude and unfinished oils t
Refined products t
mil. bbl.
Change in stocks, all oils (decrease,—)
Demand, total t-Exports:
Cd de p
pe
ned products
p
Refined
-
Domestic product demand, total 91
Gasoline
Kerosene
Distillate fuel oil t
Residual fuel oil t
Jet fuel
Lubricants t
Asphalt
Liquefied gases
_
._
Stocks, end of period, total
Crude petroleum
_.
Unfinished oils, natural gasoline, etc
Refined products.
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
6,253.6
6,785.8
.do...
do.._
2,976.2
601.0
2,985.4
263.7
52.0
255.4
50.4
261.1
52.5
258.8
50.1
234.4
45.3
237.0
50.9
do...
do...
1,946.7
729.7
2,408.7
782.9
198.5
56.5
190.0
53.5
191.3
66.4
189.2
63.5
159.2
64.7
190.3
71.2
do...
-21.1
199.4
32.6
9.7
-34.5
-43.9
-76.1
-23.5
do..
6,472.3
6,811.2
560.7
560.3
629.9
618.4
590.3
616.8
do.
2.9
78.7
18.3
70.3
2.6
5.3
2.1
6.4
3.0
4.9
.2
5.6
do..
...do..
.do..
6,390.8
2,567.2
61.9
6,722.6
2,633.3
63.3
552.7
222.2
5.9
1.4
5.7
553.2
216.8
5.0
621.4
229.4
8.5
610.4
207.6
9.6
584.5
193.6
1.9
6.5
608.4
226.2
6.0
do..
do..
do..
1,146.7
1,025.1
361.4
1,223.3
1,116.6
379.7
94.2
83.9
31.5
102.6
84.6
31.1
130.3
104.3
33.7
137.6
108.4
30.4
135.3
111.0
31.0
do.
do_.
do.
55.7
146.8
514.0
58.3
156.0
519.6
5.0
17.3
43.8
4.7
11.4
47.6
4.3
7.0
54.4
4.3
4.6
57.6
4.4
4.6
50.4
do..
do..
do.
do..
1,111.8
285.5
118.6
707.7
1,311.2
347.6
121.8
841.8
, 336.0
343.2
122.4
870.5
, 345.7
350.2
120.2
875.4
,311.2
347.6
121.8
841.8
351.2
118.3
797.8
.do.
do.
...do.
2,517.0
1.3
234.3
2,582.0
216.0
.1
258.0
214.9
222.6
(*)
260.7
260!
.1
261.5
Prices (excl. aviation):
257.5
255.8
256.3
253.3
Wholesale, regular
Index, 2/73=100-.
233.6
Retail (regular grade, excl. taxes), 55 cities
.511
.518
.507
.513
(mid-month)
.$ per gal.474
Aviation gasoline:
1.0
1.
1.0
14.2
Production.
mil. bbl.
13.
0)
0)
Exports
do.
2.8
2.9
3.0
Stocks, end of period..
do...
2.'8
Kerosene:
5.7
5.6
5.1
62. C
55.
Production
.do.
18.0
20.5
19.9
18. C
12.5
Stocks, end of period
do.
Price, wholesale (light distillate)
381.2
379.3
374.9
312.3
358.
Index, 1967=100..
r
2
Revised.
» Less than 50 thousand barrels.
Reflects revisions not available by
months.
3 Oct. includes exports for Sept.
* Oct. 1978 mid-month price: $0.547.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
62.7
215.8
0)
275.3
255.1
.512
3.4
7.6
37.1
571.8
560.1
556.8
5.9
6.1
4.3
5.9
531.4
217.3
3.2
3.8
5.9
562.1
241.0
3.8
548.1
238.8
2.7
546.5
236.3
3.0
126.8
109.6
34.5
92.8
89.7
30.4
94.4
82.7
30.
85.1
78.5
31.
77.
86.2
31.4
4.8
7.'
44.:
5.3
10.4
34.7
5.5
15.2
36.2
5.8
20.8
33.6
5.1
21.1
34.7
6.5
1,191.2 1,167.
363.8
350.1
123.4
121.6
680.6
719.6
541.5
2.8
7.4
, 174.2 1,177.6 1,185.2 1,222.3
365.0
367.9
354.6
363.4
123.0
121.5
124.0
121.0
686.1
732.8
699.0
700.8
186.4
210.1
201.
220.1
217.8
0)
262.3
0)
236.1
222.
255.5
260.6
.517
.524
0)
274.0
251.6
252.9
252.0
.511
.510
.8
0
2.4
5.
11.
253. 0
.512
(0
0)
226.6
0)
219.1
266.1
271.1
274.6
277.9
277.3
.533
.542
.545
.547
.554
1.4
1.3
1.1
.9
1.4
0
0
0
0
0
0
3.0
2.9
2.4
2.5
2.4
2.6
3.8
5.3
4.C
4.2
3.9
5.5
15.9
11.5
12.9
13.
14.3
14.8
395.5
392.8
'390.
391.1
393.9
397.
388.2 388.
287.
d" 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 1974
for petroleum and products are available upon request.
SUKVEY OF CUKEENT BUSINESS
S-36
1976 v
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977 P
Annual
December 1978
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products—Continued
Distillate fuel oil:
Production
mil. bbl_. 1,070.2 1,197.1
Imports}:
do
53.5
90.5
Exports...
do
.4
.5
Stocks, end of period.
do
186.0
250.3
Price, wholesale (middle distillate)
337.0
Index, 1967=100..
383.8
Residual fuel oil:
Production
mil. bbl_. 504.0
639.0
Imports}:
.do
517.3
492.6
Exports..
do....
4.2
2.3
Stocks, end of period
do
72.3
89.7
Price, wholesale
Index, 1967=100..
452.9
520.3
104.3
4.6
.2
267.4
100.2
5.6
.1
270.6
103.0
7.0
.1
250.3
389.1
392.2
394.2
54.2
37.7
.1
95.9
522.1
50.8
32.8
.2
95.2
511.3
57.0
41.8
.4
89.7
510.5
94.7
6.0
(
213.4
82.2
5.8
.4
165.9
58.0
42.1
.4
81.4
514.8
50.4
43.8
.3
64.9
502.7
93.0
5.8
(2)
137.9
88.2
3.0
.2
136. 3
99.4
3.7
(2)
145.1
93.2
4.4
(2)
157.5
96.4
4.6
.1
180.5
394.8
393.3
393.3
393.2
393.1
393.4
54.5
52.7
.7
62.2
491.6
46.6
46.9
.2
66.2
494.6
51.0
505.9
47.5
30.4
.1
71.9
507.9
49.4
40.2
.3
75.3
493.9
479.4
37.9
.5
72.4
Jet fuel:
Production
Stocks, end of period
mil. bbl_.
do
335.8
32.1
355.7
34.6
30.2
34.9
28.5
35.4
30.3
34.6
28.6
34.6
27.8
33.3
30.1
32.0
29.5
34.6
31.4
38.5
28.8
37.4
28.8
38.0
Lubricants:
Production
Exports...
Stocks, end of period
do
do
do
61.8
9.5
12.3
64.5
9.6
12.1
5.8
.7
11.1
5.6
.8
11.6
5.2
.8
12.1
5.1
.8
12.3
4.6
.7
12.1
5.8
.8
12.4
5.7
1.1
12.0
5.9
.7
11.9
5.8
.8
11.3
6.3
.7
11.9
Asphalt:
Production
Stocks, end of period
...do
do
6.7
24.7
9.8
26.8
12.2
15.9
29.2
16.4
25.0
17.7
21.8
47.1
36.7
10.5
121.5
47.7
36.5
11.2
129.4
46.0
34.9
11.0
138.5
46.4
35.6
10.8
«147. 3
Liquefied gases (incl. ethane and ethylene):
Production, total
.do
At gas processing plants (L.P.G.).
do
At refineries (L.R.G.)...
do....
Stocks (at plants and refineries)-...
do
139.7
19.4
154.1
18.7
15.4
14.1
12.7
15.4
10.3
18.7
8.6
22.6
561.9
437.4
124.6
116.3
571.8
443.0
128.9
135.9
49.2
38.2
11.0
147.6
48.6
38.1
10.5
143.7
49.8
39.1
10.7
135.9
47.2
37.1
10.1
121.7
43.1
33.6
9.5
111.5
49.5
38.3
11.2
112.6
394.1
399.9
408.5
484.0
500.9
35.4
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
thous. cords (128 cu. ft.).. 73,583
Consumption.
do
73,209
6,445
Stocks, end of period.
do
Waste paper:
Consumption..
thous. sh. tons.. 12,103
779
Stocks, end of period
do
WOODPULP
Production:
Total, all grades 9
thous. sh.tons..
Dissolving and special alpha.
do
Sulfate.
.do
Sulfite
_
do
Groundwood...
do
Soda and semichemical..
do
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
_
Exports, all grades, total
Dissolving and special alpha.
Allother.
_
Imports, all grades, total
Dissolving and special alpha
All other.
_
do
do....
do
do
do
do
do
do
_.do
do
68,292
75,035
r 6,187
6,454
6,537
6,454
5,674
6,171
5,961
5,745
5,545
6,187
5,534
6,406
5,421
6,129
6,251
5,210
6,998
6,780
5,382
6,538
6,776
5,151
6,463
6,751
4,844
6,949
6,884
5,020
6, 203
6,090
5,141
10,427
661
919
648
836
661
790
661
953
640
910
633
706
1,005
744
1,059
745
976
753
'732
48,804
1,400
s 33, 701
2,079
4,797
3 3,627
49, 777
1,454
3 34,823
2,059
4,520
3 4, 002
4,054
93
3,067
169
386
3,884
109
2,938
158
377
302
3,489
108
2,592
155
354
280
3,944
131
2,983
172
342
316
3,642
135
2,701
168
326
312
4,149
142
3,149
166
352
340
4,101
113
3,150
165
342
330
4,100
* 1, 344
«656
623
65
<796
*330
404
62
774
333
383
58
784
348
385
51
796
330
404
62
1,051
613
379
59
1,062
618
391
53
1,090
613
415
62
1,074
613
397
64
1,069
611
395
63
i 2,518
730
i 1,787
12,640
170
56
114
161
50
110
240
72
167
185
61
124
185
62
123
13,727
188
» 3,539
i 3,864
179
14
274
374
19
356
317
17
299
326
10
316
319
23
297
60, 043
26, 534
27, 960
130
5,419
60,736
27,280
27,890
98
5,468
5,266
2,340
2,414
9
502
5, 037
2,295
2,270
4,625
2,159
2,057
463
402
5,003
2,350
2,230
8
416
190.4
138.7
176.4
157.0
177.8
168.8
174.2
168.3
171.1
170.4
170.7
175.0
796
i 1,844
136
3,064
173
387
341
6,349
6,231
5,323
962
734
' 3,672
114
130
3, 085 ' 2,823
'129
178
304
389
301
325
3,868
117
3,002
116
302
331
898
426
407
66
1,014
'516
'432
'66
1,042
543
439
60
4,109
83
150
327
20
307
210
46
163
227
71
156
80
186
230
69
161
174
54
120
269
73
196
207
60
147
300
8
292
402
16
386
303
7
296
327
20
307
325
5
320
316
20
297
351
8
343
4,956
2,297
2,211
5,547
2,553
2,494
10
489
5, 242
2,379
2, 368
10
484
5,602
2,533
2,559
10
499
5,463
2,444
2,541
11
467
' 4,793
' 2,075
'2,278
6
'435
5,156
2,179
2,462
10
505
172.1
180.1
174.5
186.6
' 177. 3 178.0
' 188.7
178.6
192.0
179.5
192.9
179.4
189.8
184.2
187.0
185.5
189.5
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons..
Paper.
do
Paperboard..
do....
Wet-machine board
_
do
Construction paper and board..
do.
Producer price indexes:
Book paper, A grade
1967=100..
Paperboard
do.
Building paper and board..
do
'1 Revised. p Preliminary.
Reported annual total; revisions not allocated to the months. 2 Less than 50 thousand
barrels. »Beginning with January 1975, data for soda combined with those for sulphate;
not comparable with data for earlier periods.
186.3
188.7
* Data exclude small amounts of pulp because reporting would disclose the operations of
individual firms.
9 Includes data for items
t Monthly revisions backc to 1974 are available upon request,
not shown separately.
Corrected.
SURVEY OF CURRENT BUSINESS
December 1978
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Annual
S-37
1977
Oct.
Nov.
1978
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):
Ground wood paper, uncoated:
Orders, n e w . . .
thous. sh. ton?
Orders, unfilled, end of period
.do
Shipments
do. _..
Coated paper:
Orders, new
do...
Orders, unfilled, end of period
do...
Shipments
...
do...
Uncoated free sheet papers:
Orders, new
_
do...
Shipments
do...
Unbleached kraft packaging and industrial converting papers:
Orders, new
thous. sh. tons
Orders, unfilled, end of period
do...
Shipments...
...do...
Tissue paper, production
do...
1,316
151
1,278
1,295
135
1,290
112
145
115
94
134
110
120
135
102
121
151
105
149
101
118
155
116
111
133
111
124
130
124
132
144
106
72
138
83
84
143
81
'125
-•174
3,956
337
3,981
4,279
398
4,261
373
342
349
372
384
398
354
356
348
370
363
382
351
419
403
402
337
391
359
385
390
394
376
397
370
333
405
320
382
408
381
'337
'405
348
346
352
376
6,354
6,830
6,870
7,162
576
622
554
595
595
585
577
591
602
591
702
691
658
644
709
661
666
572
'575
636
'658
'588
'591
581
629
3,839
4,186
3,815
4,286
332
291
337
326
349
307
340
347
373
345
364
348
388
320
369
301
317
'293
'337
'301
'324
310
345
.do...
do...
do...
8,915
8,712
299
9,005
282
840
856
392
835
810
416
701
835
282
811
721
372
767
688
452
927
350
834
798
843
895
333
807
853
287
833
293
823
813
303
759
770
292
855
868
279
do..
do..
.do..
3,736
3,728
29
3,870
3,866
34
338
55
330
334
51
307
324
34
324
315
43
307
309
41
352
360
34
328
323
336
340
34
339
342
30
258
255
33
279
284
28
319
316
331
337
25
Consumption by publishers d"..
do
Stocks at and in transit to publishers, end of
period
thous. sh. tons..
6,534
6,772
628
620
597
548
521
600
620
586
560
558
566
624
921
796
800
763
796
774
784
818
818
829
840
Imports
._
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
...Index, 1967=100..
6,569
6,559
552
610
624
593
530
611
198.2
215.4
216.7
216.7
216.7
216.7
216.7
216.7
228.2
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons..
Orders, unfilled§
do
Production, total (weekly avg.)
.do
552
1,035
547
558
1,037
557
578
1,146
670
548
1,132
560
479
1,037
478
574
1,143
518
591
1,166
577
610
1,306
622
1,385
Paper products:
Shipping containers, corrugated and solid fiber
shipments...
.mil. sq. ft. surf. area..
216,371
226,088
19,711
19,285
17,898
17,880
18,669
21,555
-Folding paper boxes, shipments.-thous. sh. tons.
mil. $.
2,592.0
1,979.0
2,639.0
2,105.0
236.9
192.2
215.0
171.9
235.0
188.1
205.2
164.7
210.9
171.7
240.2
194.3
Newsprint:
Canada:
Production
Shipments from mills..
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period.
593
835
876
639
747
649
228.2
228.2
228.2
1,546
612
622
1,556
612
560
1,560
542
19,970 21,759
22,116
215.7
176.8
152
108
580
672
230.5
230.5
230.5
230.5
598
1,600
586
584
1,470
573
605
1,479
566
1,412
600
597
17,583 22, 311
20,548
22,654
236.0 ' 229.9
191.7
193.4
200.4
166.5
244.1
205.9
230.0
' 193.6
246.8
207.7
61.88
123. <9
54.36
51.68
125.41
47.79
69.13
126.06
71.02
65.55
127.65
77.07
54.90
.490
.494
.520
.544
.543
211.17. 194.36
211.42 194.19
411.41 433.09
195.95
169.96
456.46
207.37
211. 24
435. 79
22.22
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
.thous. metric tons..
Stocks, end of period
do
Imports, incl. latex and guayule..thous. Ig. tons..
Price, wholesale, smoked sheets (N.Y.)..$ per l b . .
Synthetic rubber:
Production
Consumption
Stocks, end of period
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption..
Stocks, end of period
730.73 780.13
125.33 U27.65
712.90
792.41
68.81
137.65
73.20
61.31
129.42
37.39
62.53
127.65
81.99
59.19
123.29
46.71
61.06
116.40
45.68
.416
.443
.438
.429
.430
.446
thous. metric tons.. 2,303.75 2,417.53
do
2,175.26 2,464.09
do
458.12
426.83
205.55
204.17
424.50
195.43
192.94
424.04
196.58
203.35
426.83
198. 20
193.23
430.97
192.71
191.00
427.88
.395
63.79
117.10
71.77
.455
61.23
115. 60
83.44
.439
210.31 214. 92
200. 61 195.68
434. 49 446. 93
67.98
122. 76
75.96
.450
thous. lg. tons..
267.99
239.98
14.59
13.80
17.13
16.94
18.86
22.55
19.48
24.90
22.28
19.35
20.04
20.77
thous. metric tons..
do
._
do
78.46
81.89
16.81
85.37
111. 34
16.26
7.94
9.66
15.99
7.21
9.05
16.15
6.91
8.23
16.26
9.45
9.79
14.76
9.62
9.12
14. 73
9.61
9.39
14.52
10.05
10.11
13.45
9.85
10.28
13.70
9.88
10.26
13.56
9.53
8.75
13.67
10.79
9.60
15.14
5.00
10.01
15.51
thous.. 185,950 * 231,638 18,926
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Sbipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census).
Inner tubes, automotive:
Production
Shipments
Stocks, end of period
_.
Exports (Bu. of Census)..
do
do
do
do
17,716
17,425
18,290
18,319
18,987
18,828
19,148
18,946
15,108
19, 245 19,155
208,539 226,583 20,247
58,573 » 65,998 6,124
145,282 U55,195 13,818
304
4,684
2 5,390
16,716
5,307
11,026
383
16,025
4,716
10,798
511
15,170
5,238
9,564
368
15,755
4,840
10,573
341
22,198
6,386
15,373
21,738
6,161
15,224
352
20,597
6,300
13,888
409
22,509
6,121
16,008
440
17,584
4,077
13,265
242
20, 516
4,680
15,464
372
22,214
5,933
15,888
392
2 47,181 43,841
45,176
47,181
51,523
54,621
51,986
50,006
49,276
46,293
44,280
44, 057
41,796
do..
do..
34,768
4,784
do
do_.
do..
do..
27,548
33,304
5,106
3,167
r
Revised.
i Beginning Jan. 1977, producers' stocks are included; comparable data for
earlier periods will be shown later.
2 Beginning Jan. 1977, data cover passenger car and
tiuck and bus tires; motorcycle tires and tires for mobile homes are excluded.
cf As reported by publishers accounting'for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
December 1978
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 BUSINESS STATISTICS
1976
1977
Annual
1978
1977
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June 1 July
Aug.
Sept.
Oct.
Nov.
I
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbL.
387,410
26,133
15,330
18,516
31,452
37,239
44,904
49,782
43,755
50,340
44,617
732.2 ' 632.7
'3.7
'3.6
••89.2 ' 6 5 . 6
461.2
3.8
43.9
476.9
7.7
38.6
713.6
7.4
70.9
788.8
10.5
82.1
893.6
6.6
95.6
914.6
6.3
•807.1
'5.4
'94.8
911.6
5.1
785.6
6.9
106.4
91.6
'4.7
2.9
3.1
4.6
4.9
5.8
'22.5
'21.9
20.6
21.5
27.9
25.0
27.1
215.7
215.7
224.0
224.4
228.0
230.1
418,862
43, 207
45.0
1,106.8
767.4
'3.9
'93.4
'61.8
'5.6
6.3
' 269.3
'23.6
203.7
214.2
34,548
CLAY CONSTRUCTION PRODUCTS
Shipments:!
Brick, unglazed (common and face)
mil. standard brick..
Structural tile, except facing
thous. sh. tons..
Sewer pipe and fittings, vitrified
do
Facing tile (hollow), glazed and unglazed
mil. brick equivalent..
Floor and wall tile and accessories, glazed and
unglazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967=100..
Glass containers:
Production}:
1,097.8
64.8
' 277.2
177.0
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass, shipments
7,218.0
71.0
thous. $.. 644,751
do
101,739
do
543,012
thous. gross.
739,919
230.6
101.0
5.7
26.2
4.9
5.4
27.0
24.3
234.1
242.2
231.9
230.7
243.3
'210,640
202,552
198,829
5.6
'21.1
202,475
(«)
302,500
303,452
25,842
26,508
21,640
25,982
25,375
28,884
28,767
29,150
28,759
26,930
29,428
25,975
29,902
do
292,345
304,785
21,577
23,378
25,683
21,086
22,020
27,383
26,528
33,988
27,233
24,514
29,484
27,674
27,292
..do
do
do...
do...
25,727
65,093
81,938
22,674
25,069
67,466
92,757
24,352
1,482
4,429
6,515
1,978
1,654
5,092
6,614
2,185
1,958
5,604
7,652
2,405
1,876
3,705
6,249
1,841
1,914
4,014
6,889
1,852
2,317
5,438
8,679
2,321
2,234
5,202
8,948
2,132
2,705
6,940
10,569
2,770
2,184
6,010
9,755
1,897
1,758
5,317
9,501
1,573
2,432 '3,357
5,683 '4,914
10,519
9,304
2,134 '2,060
2,201
4,763
9,239
2,390
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars) t O
thous. gross.
61,504
61,330
4,692
4,909
5,299
4,937
4,807
5,806
5,226
7,194
4,717
4,187
6,018
1
5,567
5,944
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do.._
Chemical, household and industrial
do...
30,798
4,611
30,091
3,720
2,214
267
2,660
264
2,469
296
2,074
404
2,265
279
2,515
307
2,474
312
2,375
295
1,906
272
2,371
327
' 2,147
'325
2,415
340
do...
42,800
36,912
38,433
41,204
36,912
39,337
42,408
43,764
45, 739
3,349
461
41,461
43,398
45,902
Production:
Crude gypsum (exc. byproduct)..thous. sh. tons.
Calcined
_
do...
»11,980
111,036
113,390
112,590
1,272
1,121
1,110
1,010
1,034
987
1,110
1,051
1,027
956
1,222
1,071
1,333
1,195
1,277
1,237
1,208
1,121
1,195
1,164
1,302
1,184
1,251
1,129
825
788
811
505
568
552
28
33
33
10
9
26
1,326
10
36
17
1,014
228
20
Shipments, domestic, total}:
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine
Stocks, end of period*
244.6
43,947 ' 43,233 46,346
GYPSUM AND PRODUCTS
Imports, crude gypsum
do...
6,231
17,074
650
648
435
593
417
493
529
767
Sales of gypsum products:
Uncalcined
do...
5,030
i 5,759
567
455
452
295
302
370
423
458
.do...
305
1326
33
31
29
25
27
35
37
36
do...
do...
162
136
312
11
10
26
9
22
9
20
9
21
11
25
10
27
29
9
25
mil. sq. ft.
_do...
do...
do...
do...
do...
do...
113,156
184
362
1272
110,117
12,029
191
15,369
165
418
289
11,840
2,425
232
1,366
11
39
24
1,058
211
23
1,298
15
36
20
1,002
204
20
1,467
12
38
18
1,138
243
18
1,254
11
35
21
1,194
14
32
16
921
196
16
1,399
15
40
22
1,071
232
20
11
26
1,364
12
36
22
1,049
227
18
1,399
13
42
22
1,070
232
20
1,388
11
40
22
1,058
236
20
1,351
12
40
21
1,037
221
20
1,502
13
43
21
1,147
257
21
621
2 970
234
2 368
2 589
'380
884
871
298
294
579
'570
2,580
2,811
821
1,082
1,759 '1,728
'774
468
871
300
565
' 2 , 772
' 1 , 008
' 1 , 765
2 375
2 584
851
294
551
2,755
1,043
1,713
144
672
1,492
"383
459
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
_
967
204
17
565
14
TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb._ 1,790.9
Knitting machines active last working day *. .thous—
43.5
1,688.6
34.3
Woven fabric (gray goods), weaving mills:
Production, total 9
mil. linear yd_. 10,448
791
10,237
2 964
802
Cotton
_
do
318
4,450
2 378
4,237
320
Manmade fiber
_
do...I
466
5,913
2
577
5,915
474
Stocks, total, end of period 9 d"1
do
1,014
1,203
986
985
986
347
Cotton
do. .
340
431
339
340
662
Manmade
fiber
do
640
767
641
640
Orders, unfilled, total, end of period 9 If...do
2,004
1,797
1,801
1,848
2,004
Cotton
do
750
789
858
729
858
Manmade
fiber
do
1,051
1,008
1,146
1,120
1,146
COTTON
Cotton (excluding linters):
Production:
4
7,493 11,711 13,513
GinningsA
thous. running
10,347 314,018
Crop estimate
thous. net weight bales © . . U0,581 314,389
2 562
Consumption
thous. running bales..
6,393
6,833
512
505
Stocks in the United States, total, end of period 9
12,890 14,680 13,951 12,890
thous. running bales..
9,610
12,883 14,671 13,943 12,883
Domestic cotton, total
do
9,581
1,665
1,665
7,608 3,874
1,247
On farms and in transit
do
9,205 10,268
6,219
10,268
7,377
Public storage and compresses
do
950
864
844
957
950
Consuming establishments
do
' Revised.
v Preliminary.
1 Annual total; revisions 3not allocated to the months.
2
Data cover 5 weeks; other months, 4 weeks.
Crop for the year 1977.
* Crop for the year 1976.
« Beginning 1st Qtr 1977, data no longer available.
<* Nov. 1
estimate of 1978 crop.
? Beginning 1st Qtr 1977, data exclude garment lengths, trimming,
and collars; not comparable with earlier data.
(DBales of 480 lbs.
©Includes data for "dairy products."
*New series.
Source: BuCensus.
Data cover warp and weft knit yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
412.1
34.5
7399.2
7 34.3
827
341
478
932
31.4
611
2,037
819
1,218
814
323
481
927
311
609
2,050
755
1,295
2 983
»382
2 588
915
306
602
2,148
806
1,342
439.7
34.3
784
303
471
866
307
553
2,388
803
1,585
786
305
471
860
307
547
2,522
797
1,724
314,018
314,389
13,859
506
2 620
484
484
575
r
r
r
r
4,667
10,981
483
6,678
15,130 13, 976 P13, 176
5,326
6,285
8,395
7,391
9,525
11,935 10,836
15,126 13, 971 P13, 172
5,321
6,281
8,388
7,385
9,518
11,928 10,828
1,606
950 p 6,875
700
765
976
977
1,162
1,110
1,360
3,457 3,431 v 5,279
3,803
4,411
6,375
5,312
8,714
7,398
9,634
1,063 1,030 v 1,018
1,118
1,105
1,037
1,096
952
1,010
934
IMonthly revisions back to 1975 for shipments of clay construction products and for Jan.Mar. 1975 for glass containers will be shown later.
9 Includes data not shown separately.
d*Stocks (owned by weaving mills and billed and held for others) exclude bedsheetmg,
toweling, and blanketing, and billed and held stocks of denims.
., . .
A
f•
IIUnfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheetmg, toweling,
and blanketing.
ACumulative ginnings to end of month indicated.
SUEVEY OF CUREENT BUSINESS
December 1978
Unless ot herwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 197 5 edition of BUSINESS STATISTICS
1976
1977
1978
1977
Oct.
Annual
S-39
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
Exports
thous. running bales..
Imports
.thous. net-weight0bales_.
Price (farm), American uplands
cents per lb_.
Price, Strict Low Middling, Grade 41, staple 34
(lMo*), 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' prqd..
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-weight(Dbales_
Imports, raw cotton equivalent
do
MANMADE FIBERS AND MANUFACTURES
Fibe reproduction, 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)
do
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 <?
r..mil. lin. y d . .
Filament yarn (100%) fabrics?
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 y d . .
Manmade fiber knit fabric prices, f.o.b. mill:*
65% acetate/35% nylon tricot, gray, 32 gauge, 54",
3.2 oz./lin ear yd
$ per yd..
100% textured polyester D K jacquard, 11 oz./
linear yd., 60", yarn dyed, finished...$ per y d . .
Manmade fiber manufactures:
Exports, manirade fiber equivalent
mil. lbs_.
Yarn, tops, thread, cloth
do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Imports, manmade fiber equivalent
do
Yarn, tops, thread, cloth
.do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Apparel, total.
do
Knit apparel...
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
...mil. lb_.
Carpet class
do
Wool imports, clean yield
do
Duty-free (carpet class)
do
Wool prices, raw,
shorn, clean basis, delivered to
1
U.S. mills:^
Domestic—Graded territory, 64's, staple 1\i"
and up
$perlb_.
Australian, 64's, Type62, duty-paid
do
Wool brosdwoven goods, exc. felts:
Production (qtrly.)
.mil. lin. yd..
3,431
96
64.7
4,448
25
51.8
149
1
53.1
170.9
7 50.8
49.1
16.8
7.5
105.6
.406
48.1
16.6
6.7
103.6
.398
43.4
16.6
6.8
8.3
.415
3.5
48.0
16.6
6.8
8.2
.410
3.4
333
(10)
51.4
496
(10)
47.9
48.4
16.5
6.7
2 9.3
.371
2 3.7
»521
0
48.0
51.0
502
(10)
50.3
16.7
6.6
8.2
.412
3.3
52.9
16.5
6.6
8.3
.416
3.4
13.0
12.3
640
0
51.7
55.0
54.7
16.5
6.5
10.1
.403
2 4.0
16.6
6.6
8.2
.413
3.4
57.6
16.4
6.4
8.2
.408
3.3
16.3
6.3
2 10.0
14.0
13.7
13.9
510
(10)
53.7
1,046
1,023
4,718
'4,356
U3.2
3 11.7
11.1
11.0
»4.7
3 4.7
4.4
4.6
4.6
4.4
3.36
556.0
718.3
3.40
460.1
525.2
.40
24.8
35.5
.41
26.3
32.3
.34
46.3
53.1
.34
32.4
70.0
286.9
475.4
282.0
527.0
3,292.9
3,320.2
676.0
13.5
51.3
704
(10)
4.5
.37
35.4
44.8
528
1
54.8
57.4
'.402
2 4.1
456
(10)
56.5
524
0
56.6
59.8
(10)
55.9
16.3
6.4
6.5
.327
2.7
16.3
6.3
7.9
.395
3.2
P60.0
16.3
6.3
2 9.6
.383
2
3.9
57.0
6.3
3.3
22.7
17.7
17.2
4.9
4.8
4.8
5.9
5.2
4.7
.33
37.9
56.7
.35
35.3
68.7
.35
34.7
53.9
.35
33.1
60.6
.26
31.8
60.8
.29
35.9
51.3
.28
37.9
65.6
121.9
71.5
129.3
76.3
131.7
76.9
133.8
3,659. 9
3,653.8
786.7
16.7
49.8
873.4
931.4
222.2
••909.4
,002.1
'225.2
951.0
996.8
229.1
956.7
952.1
233.7
16.7
49.8
11.7
46.1
12.6
37.4
<299.8
289.0
79.4
'353.0
299.7
67.9
350.3
299.7
67.9
13.1
48.8
' 353.6
306.3
'84.5
' 336.5
347.6
'89.4
6,092.4
1,984.4
378.2
356.8
184.8
2,713.2
320.5
6,223.6
2,014.1
371.5
356.9
3,583.2
286.2
2,677.1
359.5
1,644.5
539.0
94.9
80.3
940.3
84.1
693.1
96.3
1,648.5
555.3
98.6
78.4
931.8
84.7
660.8
97.5
1,690.3
566.8
104.0
95.1
957.2
83.3
673.5
97.9
3.30
3.42
.36
.35
.34
.31
.31
.30
8.416
.405
.424
.441
.438
.451
.456
.475
.495
.515
.496
.496
.516
.514
.725
.901
.741
.727
.727
.729
.725
.729
.751
.763
.778
.776
.794
.824
18.1
30.0
63,500.4
.22
.21
334.3
328.1
89.3
.21
.501
.445
.435
.435
.443
.451
.456
.467
.472
1. 708
1.642
1.609
1.674
1.655
1.665
1.658
1.658
1.651
1.655
352.17
201.92
139.17
150.25
479.32
83.82
64.41
395.49
343.25
209.80
367.08
206.34
131.35
160. 74
531.13
110.11
67.70
421. 02
365.24
218.68
25.81
14.11
9.60
11.63
46.69
9.31
5.76
37.38
32.68
20.13
27.50
14.64
9.97
12.86
37.57
6.09
4.14
31.48
27.22
16.28
34.35
19.75
14.00
14.60
41.83
10.06
6.90
31.77
26.26
13.94
34.05
17.14
10.85
16.91
45.54
14.91
7.98
30.63
24.80
12.33
33.47
17.24
10.65
16.23
46.68
11.95
5.90
34.73
29.50
17.10
42.23
22.86
13.07
19.37
46.34
13.29
7.27
33.05
27.48
15.78
40.38
21.50
12.77
18.88
53.87
16.11
7.85
37.76
31.08
18.46
45.18
23.30
13.24
21.89
59.74
13.74
8.05
46.01
40.00
25.09
43.18
20.85
13.82
22.33
67.70
12.36
7.94
55.34
48.88
30.40
38.52
18.62
11.11
19.90
70.41
14.13
8.61
56.28
49.66
29.34
41.62
20.99
12.48
20.63
64.75
12.29
8.51
52.46
46.95
26.89
43.02
23.29
15.12
19.72
106.7
15.1
58.0
18.9
95.5
12.5
53.0
18.8
7.7
.7
2.2
.3
7.0
.8
1.8
2 7.9
2 1.0
3.0
2.0
7.7
1.0
3.7
2.2
8.2
.8
3.2
1.9
10.5
1.2
4.1
1.4
8.8
1.1
4.9
2.2
9.2
1.0
4.0
1.5
10.3
1.5
3.8
2.0
7.0
'8.4
1.0
5.4
2.5
9.4
1.4
3.4
1.9
4.0
1.8
1.82
«2.18
1.83
2.27
1.82
2.27
1.82
2.30
1.82
2.26
1.82
2.28
1.78
2.30
1.78
2.31
1.81
2.32
1.84
2.33
1.92
2.36
1.92
2.36
1.95
2.36
1.97
2.36
.412
«1.846
97.3
a
101.7
25.4
*60.6
995
4.8
14.4
283
(10)
'59.6
28.2
31.7
242.6
284.7
4.7
2.3
.596
2.02
2.37
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), ship271.1
939.3 1,024.6
ments, quarterly
mil. sq. yds..
APPAREL
Women's, misses', juniors' apparel cuttings:*
1,908
17,624
1,567
1,105
Coats
thous. units.. 20,689
170,744 166,385 12,810 12, 553 10,531
Dresses
do.
34,575
2,964
34,050
2,523
1,951
Suits (incl. pant suits, jumpsuits)
do
19, 540
1,704
1,676
Blouses
thous. dozen.. 19,735
1,473
427
461
4,929
5,445
Skirts
do.
435
a
' Revised.
*> Preliminary.
i Season average.
For 5 weeks, other months, 4 weeks.
8
Monthly average.
* Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
« Effective 1976, production of blanketing is included
in 100%
spun yarn fabric
(prior to 1976, in "all other group," not
shown separately). fl9 Avg. for
7
May-Dec.
Average for sales prior to Apr. 1,1977.10 8 Avg. for Feb.-Dec.
Effective
Jan. 1,1978, includes reexports, formerly excluded.
Less than 500 bales.
If Based on 480-lb. bales, v 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.
Q) Net-weight (480-lb.) bales.
1,531 ' 2,193 2,076
1,967
984
1,037
1,748
1,173
1,408
12,152 13,006 15,504 15,048 14,600 14,115 11,246 14,133 13,989
2,047
1,761 '2,L64
2,026
2,307
2,815
2,595
2,343 2,189
2,052
1,551 ' 2,217
1,960
2,174
1,945
1,778
1,719
1,864
553
'604
495
638
641
537
574
443
532
c? 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.
• Avg. for Jan.-Apr.; June-Dec.
S-40
SUKVEY OF CUKRENT BUSINESS
1976
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1977
Annual
December 1978
1978
1977
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
1,381
1,193
9,241
1,239
2,609
21,183
1,432
1,376
9,368
1,193
2,691
22,541
June
July
Aug.
Sept.
Oct.
Nov.
TEXTILE PRODUCTS—Continued
APPAREL-Con.
Men's apparel cuttings:
Suits!
thous. units..
Coats (separate), dress and sportt
do
Trousers (separate), dress and sport}
do
Slacks (jean cut), casual t-thous. doz__
Shirts, dress, sport, inc. knit outerwear t—-do
Hosiery, shipments
thous. doz. pairs. .
«16,224
12,874
132,163
11,732
36,797
240,918
a
° 16,065
«13,652
125,827
15,537
32,523
248,144
1,494
1,285
10,108
1,398
2,676
24,594
1,384
1,167
9,206
1,260
2,662
22,284
1,193
1,099
7,408
1,301
2,332
18,336
1,335
1,031
8,499
1,190
2,318
18,384
1,261
960
9,472
1,283
2,298
19,418
1,496
1,378
10,505
1,295
2,784
21,859
1,438
1,291
1,272
2,869
24,987
1,334
843
1,311
786
5,711
785
1,990 '2,810
22,044 24,569
1,302
1,483
2,985
23, 664 24,589
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...
DomesticsA-do...
ImportsA
do...
Total, seas, adjusted at annual rate t
mil.
DomesticsA tdo...
ImportsA t
do...
Retail inventories, end of mo., domestics: A
Not seasonally adjusted.
thous.
Seasonally adjusted t
.."I.do..I
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..I.
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 inbuilt cars and
cars for export):
Shipments.
number..
Equipment manufacturers
do.
New orders
do
Equipment manufacturers..I.II..""IIIdoIII!
Unfilled orders, end of period__
do
Equipment manufacturers
..do..!!
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous.
Held for repairs, % of total owned
Capacity (carrying), total, end of mo..mil. tons.
Average per car
_
tons
r
35,991
21,056
32,390
19,083
39,682
22,121
17,321
3,558
37,802
21,706
34, 746
32,934
20,243
13,573
8,271
12, 731
8,832
5,207
10,807
5,567
10,084
8,511
5,093
13,486
7,525
12,553
9,095
5,408
44,287
25,355
19,360
44,287
25,355
19,360
5,170
46, 796
25,843
20,330
5,192
49,474
27,706
22,767
5,559
5,981
6,163
6,377
6,395
6,936
5,170
5,981
5,542
6,395
423
528
492
958
753
205
11.9
9.9
2.0
738
676
828
662
166
10.8
8.9
1.9
2 910
2 856
1,034
884
150
11.1
9.2
1.9
v 909
770
v 139
v 11.0
9.0
v 2.0
1,510
1,655
2.0
1,606
1,678
2.3
1,629
1,737
2.3
1,718
1,767
2.4
61.60
46.61
212.3
78.3
4 887
4 185
66.74
50.06
232.8
77.2
866
149
4,700.9
47,647
2,605
564.1
4,743
434
366.5
3,872
180
525.3
4,481
284
294.5
2,624
«80
363.0
3,604
203
478.5
4,287
172
436.2
3,902
210
434.8
5,113
165
662.2
6,293
275
469.1
4,959
248
8,498
7,838
10,110
8,611
1,498
9,199
8,511
11,185
9,109
2,075
874
813
1,014
870
144
11.0
9.1
1.9
767
718
881
738
143
10.8
8.7
2.1
686
635
795
646
149
11.2
9.3
2.1
657
616
687
545
142
10.1
8.0
2.1
675
623
777
628
149
10.5
8.5
2.0
909
842
1,078
883
195
11.8
9.8
2.1
806
1,043
863
180
12.3
10.2
2.1
919
850
1,159
963
196
12.1
10.0
2.1
821
1,137
950
187
11.8
9.7
2.0
589
553
930
762
163
11.0
9.1
1.9
1,465
1,519
1.9
1,731
1,784
2.3
1,629
1,738
2.3
1,709
1,760
2.4
1,731
1,784
2.3
1,887
1,824
2.8
1,952
1,848
2.6
1,991
1,866
2.3
2,008
1,877
2.2
1,970
1,818
2.2
1,911
1,721
2.1
1,729
1,694
2.2
680.46
573.47
2.536.7
825.6
697. 20
591.51
2,791.3
849.2
10, 826
1,977
70.95
58.61
225.3
61.0
51.61
41.93
242.6
71.3
3 788
3 123
46.84
37.00
257.0
61.8
3 946
170
«47.09
«38.S0
•116.2
« 55.5
4r703
4 '127
53.72
41.81
253.6
61.1
3'767
'3 152
62.84
49.56
299.1
78.9
3'870
70.48
57.21
310.1
78.1
4 ' 916
' 4 162
69.32
57.92
266.5
73.5
4'987
'4 162
70.63
45.83
36.11
58.20 33.75
25.95
281.4 236.8 ' 198. 3
86.8
41.1
47.6
3 1,053 4 1,062 3 1,061
'2 166
3 198
4 183
2,979
2,734
3,440
3,178
278
257
256
235
240
223
268
247
341
311
319
291
338
309
355
324
272
254
281
266
305
281
2.762.8
161.7
119.6
3,145.0
171.5
169.1
319
298
284.7
13.7
14.7
280.6
14.0
14.5
297.5
14.6
14.4
257.3
13.2
14.2
276. 6
13.3
14.7
308.4
16.3
18.3
305.9
14.7
16.5
296.7
14.0
17.1
316.9
14.7
17.6
281.7
14.0
18.6
321.8
11.2
16.8
250.9
12.0
17.0
546.4
199.63
716.1
202.55
704.8
15.68
736.4
16.52
736.0
14.88
717.4
813.60
713.4
18.58
715.1
21.72
717.0
22.86
696.0
675.2
24.24
658. 2
18.05
643.2
16.58
653.3
«86.15
97.00
85.88
63.80
'3 357
••4 386
3 396
< 9, 752
* 1,447
84.67
103.13
96.87
'3 287
' 3 306
' 4 320
13,012
8,169
519
2,115
12, 590
7,817
483
2,265
14,052
8,637
408
2,429
17,543
11,653
578
3,341
15,540
9,930
352
2,643
17,589
11,150
622
2,531
16,872 13,758 16,979
10, 967 ' 8,853 11,585
'540
670
'462
2,421 ' 2,192 3,170
4,009
3,477
4,053
4,053
30,757
27,017
4,652
4,314
10,550
7,032
36,410
29,490
3,762
3,522
6,344
6,144
38,195
31,315
3,795
3,483
6,352
6,352
40,602
34,034
4,874
4,489
4,346
4,346
45,387
39,204
4,702
4,351
10, 258
10,008
50,943
44,861
5,843
5,644
16,907
16,907
61,802
55, 919
6,113
14,815
14,815
69,298
64,195
1,290
8.8
97.12
75.29
1,267
8.9
1,263
9.1
95.44
75.58
1,253
9.3
94.84
75.66
1,247
9.5
94.47
75.74
1,247
9.5
94.45
75.73
1,245
9.3
94.38
75.83
822.43
78.27
67.02
81.31
3,509
4 287
3 275
3 336
105,437
61,726
7,316
5,678
159,297
98,687
7,193
20,662
15,041 14,597
9,521 r9,242
603
576
2,212
2,087
3,896
150,927
* 45,872 3,452
i 66,750 5,673
i 57,402 3,173
36,410 30,973
29,490 26,701
1,294
8.7
97.19
75.13
52,548
45,618
36,148
30,546
23,415
18,733
1,332
8.8
97.71
73.37
1,267
8.9
95.64
75.50
22.74
' 4 255
812.83
4 3,058
95.64
75.50
Revised. p Preliminary.
i Annual total includes revisions not distributed by
months.
2 Production, not factory sales. 3 Excludes 2 States. 4 Excludes 1 State.
6
Excludes 3 States. « Beginning 1978, data may not be strictly comparable with those for
earlier years because of the revised export schedule.
jAnnual figures, "Apparel 1975," MA-23A(75)-l. Survey expanded and classification
changed; not comparable with data prior to 1974.
9 Total includes backlog for nonrelated products and services and basic research.
fSeas. 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
564.1
679.1
• 5,844 6,073
356
379
4,646.8
49,094
»3,207
92.12
' 4 342
1,242
9.3
94.30
22.18
76.23
4 335
2 339.6
313.1
13.2
17.2
742
24.90
83.21
4 305
15,558
10,324
320
1,718
17,767
11,944
466
1,796
6,697 5,942
4,753
5,533
6,198
4,351
11, 599 13, 5S6 10,561
11,265 13, 086 8,911
75,461 82,733 87,200
70,426 78,197 81, 423
6,465
6,174
9,010
9,010
87,605
82,119
1,232
8.8
94.05
76.31
1,231
8.4
94.18
76.50
1,239
9.0
94.20
76.04
1,239
8.9
94.38
76.20
316.8
13.7
16.2
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.
°Excludes 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, XI
11-13
»
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24,25
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
25, 26
26
27-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp* paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising.
Aerospace vehicles
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Apparel
'.
Asphalt
Automobiles, etc
11* 16
40
17
24
34
7,40
26
11,27
$3
1,4,8,9,11-16,40
35,36
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronze
Brick.
Building and construction materials
Building costs
Building permits. .
Business incorporations (new), failures
Business sales and inventories
Butter
17,18
27
34
28
9,11,22,23,27
5-7
20,21
33
38
4,6,
7,11,31,38
10,11
10
7
5
27
Cattle and calves
28
Cement and concrete products
9,11, 38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores. . .
13
Cheese
27
Chemicals
4,6,9,14-16,20,23,25,26
Cigarettes and cigars
30
Clay products
9,38
Coal
4,9,23,34,35
Cocoa
. . . 23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts. ,
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
„
1
Consumer goods output, index
4
Consumer Price Index
8
Copper
33
Corn
27
Cost of living (see Consumer Price Index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3, 8,27, 28,30,38
Crude oil
4, 35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, G N P
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, sales
3b
3,8,9,27
17
19
2
12,13
17,20
34
16
27
2, 3,20, 21
12,13
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry.
3, 8,9,29
Electric power.
4,9,26
Electrical machinery and equipment
5-7,
9,14,15*20,23,24,34
Employee-hours, aggregate, and indexes
15
Employment
13, 14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities)
1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks.
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
, .
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
,
4,8,9,23,34-36
Furnaces
34
Furniture
5,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products
4,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
Hardware stores
Heating equipment. .
Hides and skins
Highways and roads.
Hogs.
Home electronic equipment,
Home Loan banks, outstanding advances
Home mortgages
Hosiery
Hotels and motor-hotels
Hours, average weekly
Housefurnishings
1,4, 5,8,
Household appliances, radios, and television sets.
8,9,
Housing starts and permits
12
9,34
9,30
10,11
28
9
11
11
40
25
15
11,12
4,
12,34
10
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers' and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
5,9,11, 20, 23, 31,32
Labor advertising index,'stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance.
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank (see also
Consumer credit)
11,17,18
Lubricants
35,36
Lumber and products
5,9,11,12,14,15,20,31
Machine tools
34
Machinery
5-7,9,14,15,20,23,24,34
Mail order houses, sales
12
Manmade fibers and manufactures
9,39
Manufacturers9 sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28,29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2, 4,9,14-16, 20
Monetary statistics
19,20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40
National defense expenditures
1» 19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers*
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4-6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4,6,
8,9,14,15,20,23,35,36
Pig iron
,
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28, 29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings.
13-16
Profits, corporate
2,20
Public utilities.
2,4,10,20,21,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,25,40
Ranges
'.
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
4,6,
9,14-16,23,37
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and Iambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock market customer financing
Stock prices, earnings, sales, etc
Stone, clay, glass products
Sugar
Sulfur
t
Sulfuric acid
Superphosphate
2
17
20
20-22
1,8, 14-16
28
9, 12,30
19
30
39
23, 31,32
31
20
21,22
5,6,9,14,15, 20,38
23,29
25
25
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
12,13
23,29, 30
8,9
17
2,3,15, 16
34
jJ4
«*
8
•
; \
5,7,11,14-16
36
9,39
33
UNITED
STATES
GOVERNM
WASHINGTON, D.C.
OFFICIAL
BUSIN
20402
@FedFRASER