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FEBRUARY 1978 / VOLUME 5 8 NUMBER
SURVEY OP CURRENT BUSINESS
CONTENTS
U.S. Department of Commerce
THE BUSINESS SITUATION
1
National Income and Product Tables
2
Juanita M. Kreps / Secretary
Courtenay M. Slater / Chief Economist
for the Department of Commerce
Manufacturing and Trade Inventories and Sales
in Constant Dollars, 1976:I-1977:IV
11
Pollution Abatement and Control Expenditures, 1972-76
12
Work-Force Migration Patterns, 1970-76
17
Federal Fiscal Programs
21
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy. Director
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Staff Contributors to This Issue: James C. Byrnes,
Robert T. Clucas, Gerald F. Donahoe, Frederick J.
Dreiling, Howard L. Friedenberg, John C. Hinrichs,
Bruce Levine, Vernon Renshaw, Frank W. Segel,
George M. Smith, Charles A. Waite, Joseph C.
Wakefield
SURVEY OF CURRENT BUSINESS. Published monthly by
CURRENT BUSINESS STATISTICS
General
S1-S25
Industry
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Subject Index (Inside Back Cover)
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the BUSINESS SITUATION
x\.CCORDING to estimates prepared
FIRST-CLASS POSTAL SERVICE
45 days after the close of the quarter,
is now available to SURVEY subscribers. In most instances, first-class postal service will
real GNP increased at an annual rate
provide somewhat faster delivery. Present subscribers who wish to change should notify
of 4.0 percent in the fourth quarter of
the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C.
1977. An increase of 4.2 percent had
20402. To convert existing subscription to first-class postal service will cost $1 per each
been indicated by the 15-day estimate.
issue remaining in the subscription.
The increase in GNP prices, as measAnnual subscription rates are:
ured by the fixed-weighted price index,
was revised from 6.1 to 6.3 percent.
First class—$31.00 domestic. Foreign airmail delivery rates available upon request.
There were downward revisions in
real nonresidential fixed investment,
Second class—$19.00 domestic, $23.75 foreign.
change in business inventories, and net
exports. The revision in net exports
amounted to about $3 billion at an
15- and 45-day estimates. Many of the discontinuities into the estimates for
annual rate, and was mainly due to the
increases seemed unsustainable even the third and fourth quarters—espefact that December imports turned
before the upward revision. The stron- cially the latter—relative to those for
out to be higher than had been assumed
gest increases tend to be in the cate- earlier quarters of 1977.
in the 15-day estimate. In their effect
gories that are estimated using the retail
on real GNP, the downward revisions
Special table
trade series. As noted in previous issues
were nearly offset by a $3% billion
The reconciliation of changes in comof the SURVEY OF CURRENT BUSINESS,
revision in real personal consumption recent methodological changes in the pensation per hour and average hourly
expenditures (PCE). This revision cen- retail sales series may have introduced earnings is shown in table 1.
tered in goods, and was mainly due to
the incorporation of revised retail sales
1.—Reconciliation of Changes in Compensation Per Hour in the Business Economy
figures. The accompanying tabulation Table
Other Than Farm and Housing and Average Hourly Earnings in the Private Nonfarm
Economy, Seasonally Adjusted
compares percent increases for major
categories of real PCE as shown by the
1977
III'
[Percent change from preceding quarter at seasonally adjusted annual rates, based on constant (1972) dollars]
15-day
estimate
45-day
estimate
1. Compensation per hour of all persons inx the busine i economy other than farm and
housing (percent change at annual rate)
2. Less: Contribution of supplements
3. Plus: Contribution of employees of housing and of nonprofit institutions
Personal consumption expenditures..
7.6
9.4
Durable goods
Motor vehicles and parts
Furniture and household equipment
Other
13.0
10.0
16.0
12.3
24.0
17.4
31.4
10.5
12.9
19.9
10.5
37.3
28.8
5.7
22.1
11.6
3.4
3.7
5.6
2.6
7.7
3.6
2.4
4.2
3.6
6.7
3.8
8.7
9.7
2.9
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other
8.0
8.0
10.8
7.4
8.6
1.0
-.1
.7
.4
-. 1
.2
-.2
-.1
.2
.4
-.2
7.5
7.3
8.4
-.1
4. Less: Contribution of employees of government enterprises and self-employed and unpaid family workers__
5. Equals: Wages and salaries per hour of employees in the private nonfarm economy
(percent change at annual rate)
_._
_
6. Less: Contribution of nonproduction workers in manufacturing
7. Less: Contribution of non-BLS data, detailed weighting, seasonal adjustment, and BLS
data revisions
7.5
Commodity-producing industries..
Manufacturing
Distributive industries
Service industries
8. Equals: Average hourly earnings, production and nonsupervisory workers in the private
nonfarm economy (percent change at annual rate)
r
IV
9.7
-.2
-.2
.3
8.7
1.1
-. 1
-.4
-.4
-.2
.1
1.0
.3
-. 1
-.2
0
0
.1
0
-.3
o
-.1
-.1
0
-.3
8.8
7.8
7.4
8.9
Revised.
1. BLS estimates of changes in hourly compensation in the nonfarm business sector for these four quarters are 11.7,7.7,7.5 and
7.3 percent.
SURVEY OF CURRENT BUSINESS
February 1978
NATIONAL INCOME AND PRODUCT TABLES
1977
1976
1976
1977 r
III
IV
I
II
1976
III
IV'
1976
1977 r
III
1977
IV
Seasonally adjusted at annual rates
I
II
III
IV'
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1972 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
...
Personal consumption expenditures..
1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,963.7 1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7
1,094.0 1,211.4 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9 1,260.2
821.3
861.2
822.7
839.8
850.4
854.1
860.4
879.9
127.5
321.6
372.2
138.3
333.7
389.2
127.1
321.5
374.0
130.7
329.4
379.7
136.9
329.7
383.8
137.9
330.0
386.3
136.5
332.4
391.4
141.7
342.7
395.4
305.2
173.0
195.3
179.4
169.2
186.7
197.2
200.8
196.4
294.5
164.5
183.9
165.6
171.0
177.0
184.0
185.1
189.6
187.5
62.6
124.9
194.9
64.8
130.1
116.8
37.1
79.7
127.0
38.4
88.6
118.5
37.1
81.4
119.0
37.3
81.7
124.3
37.0
87.3
126.4
38.2
88.1
127.6
38.9
88.7
129.8
39.5
90.2
90.8
88.2
1.2
1.4
92.5
89.9
1.1
1.5
99.6
97.0
1.0
1.6
47.7
46.0
.7
1.0
56.9
55.1
.7
1.1
47.1
45.4
.6
1.0
52.0
50.2
.7
1.1
52.7
50.9
.7
1.1
57.6
55.7
.8
1.1
57.5
55.7
.7
1.1
59.8
58.0
.6
1.2
13.8
14.1
-.3
21.7
22.4
-.7
23.6
23.1
.5
10.7
6.2
4.5
8.5
10.1
-1.6
11.4
10.6
.7
13.8
14.4
-.6
-1.8
.7
-2.5
9.7
9.9
-.2
13.2
13.6
-.5
15.7
15.3
.4
6.8
3.7
3.2
3.0
-8.2
-9.7
-7.5
-15.1
16.0
10.0
17.0
13.8
10.6
9.4
12.2
7.7
168.4
160.6
168.5
165.6
170.4
178.6
178.1
187.7
179.9
187.4
95.8
79.8
97.9
87.9
97.9
80.9
96.9
83.1
96.9
86.3
98.5
89.1
99.8
87.6
96.4
88.7
394.9
363.0
370.0
374.9
390.6
400.9
173.6
188.7
413.4
264.4
271.0
264.6
264.6
263.3
270.0
274.0
276.7
145.5
94.3
SI. 2
249.5
130.2
86.4
43.8
232.7
134.2
88.4
45.8
235.8
136.3
89.7
46.7
238.5
143.6
93.4
50.2
247.0
148.1
95.6
52.5
252.9
153.8
98.5
55.3
259.6
96.5
101.4
96.7
97.1
97.0
101.1
103.3
104.2
167.9
169.6
168.0
167.5
166.4
168.9
170.7
172.5
177.6
481.8
559.5
186.3
500.0
573.9
294.9
303.6
273.2
280.0
182.4
61.0
121.4
81.0
78.5
1.1
1.4
-.9
1.4
-2.3
7.9
175.5
185.6
361.4
130.1
86.8
43.3
231.2
179.9
480.7
550.8
159.3
444.7
498.2
166.3
458.8
513.9
177.0
466.6
528.8
243.3
293.9
254.3
243.4
271.8
230.0
276.4
232.8
244.3
258.0
Nonresidential
Structures
Producers' durable equipment..
161.9
55.8
106.1
185.5
61.6
123.9
164.9
56.0
109.0
167.6
57.0
110.6
177.0
57.9
119.2
Residential
Nonfarm structures
Farm structures
Producers' durable equipment..
68.0
65.7
1.0
1.3
91.0
88.4
1.1
1.4
67.8
65.7
.9
1.3
76.7
74.3
1.1
1.3
Change in business inventories.
Nonfarm
Farm
13.3
14.9
-1.6
17.4
16.4
1.0
21.5
22.0
-.5
Net exports of goods and services.
7.8
-10.1
162.9
155.1
158.9
442.7
492.3
DurableBgood
goods
Nondura
Nondurable goods.
Services
Gross private domestic investment.
Fixed investment
Exports
Imports
Government purchases of goods and services
Federal
National defense
Nondefense....
State and local
178.6
474.4
541.1
Table 2.—-Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9 1,915.9 1,963.7
Final sales
Change in business inventories.
Goods
Final sales
Change in business inventories.
1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7
1,693.1 1,872.6 1,705.8 1,756.3 1,797.0 1,848.2 1,892.2 1,953.0 1,266. 2 1,326.1 1,269.8 1,289. 2 1,301.2 1,317.5 1,331.8 1,353.8
13.2
15.7
9.7
8.5
13.8
-1.8
23.6
13.3
17.4
21.5
13.8
21.7
10.7
11.4
6.8
617.0
623.3
602.4
608.5
843.5
612.8
581.9
827.1
861.1
586.9
764.2
834.4
580.1
774.7
805.9
776.0
601.3
616.5
595.3
592.7
583.7
805.4
819.9
601.4
573.0
750.9
850.4
754.5
775.6
816.9
571.6
792.1
15.7
6.8
13.2
9.7
13.8
-1.8
21.7
23.6
11.4
13.3
21.5
-.9
10.7
17.4
8.5
13.8
Durable goods
Final sales
Change in business inventories.
303.4
299.3
4.1
341.4
332.7
8.7
313.4
302.7
10.7
312.6
312.0
334.4
326.6
7.8
341.0
329.5
11.5
342.3
332.1
10.3
347.9
342.8
5.0
235.2
232.4
2.8
253.8
248.0
5.8
240.8
233.5
7.2
237.0
237.0
.1
252.3
246.7
5.6
254.7
247.4
7.3
253.5
246.8
6.7
254.8
251.3
3.5
Nondurable goods
Final sales
Change in business inventories.
460.9
451.6
9.3
493.0
484.2
8.8
462.6
451.8
10.9
462.1
463.6
-1.6
471.5
465.6
6.0
486.1
475.9
10.2
501.2
487.8
13.4
513.2
507.6
5.7
344.9
339.3
5.7
359.0
353.4
5.6
346.1
339.5
6.6
344.8
346.7
-1.9
350.1
346.0
4.2
353.8
347.9
5.8
363.5
354.5
9.0
368.6
365.2
3.3
782.0
169.2
868.3
187.4
791.8
159.6
813.8
166.9
833.7
171.2
855.3
187.5
881.6
190.7
902.4
200.2
584.7
109.9
606.7
118.0
587.9
108.8
593.6
111.9
597.1
111.5
602.9
119.3
611.1
119.4
615.5
121.8
Services
Structures..
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Gross domestic product
Business
Nonfarm
Nonfarm less housing _
Housing
Farm
Statistical discrepancy..
ResiduaU
1,706.5 1,890.1 1,727.3 1,755.4 1,810.8 1,869.9
1,444.3 1,603.8
1,390.9 1,552. 6
"., 258.7 1,406.4
146.1
132.3
50.3
47.9
1.0
5.5
Households and institutions..
Government
Federal.,.
State and localRest of the world.
r
1,915.9 1,963.7 1,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1,347.4 1,360.7
1,692.1 1,872.7 1,712.0 1,740.9 1,793.2 1,851.4 1,898.2 1,947.8 1,268.0 1,330.1 1,276.7 1,280.9
463.0 1,485. 2 1,532.3
409.4 1,433.4 1,478.0
275.4 1,296.8 1,337.4
134.0
140.6
136.5
45.6
46.4
51.0
8.0
3.3
5.3
1,303.3 1,322.8 1,340.1 1,354.2
586.4 1,628.1 1,668. 6 1,082. 0 1,141.2 1,090.5 1,093.9 1,116. 2 1,134. 9 1,150. 5 1,163. 4
536.7 '., 580. 0
1,043. 8 1,103.8 1,051.2 1,054. 8 1,077.8 1,099. 8 1,112.7 1,124. 7
392.7 ,431.9
966.7
987.8
944.7
999.3 1,010. 2
934.9
991.0
941.6
144.1
148.0
151.9
114.5
111.1
112.1
110.2
113.4
108.8
109.6
112.8
50.8
47.2
52.1
37.1
35.1
34.9
34.1
36.2
33.0
32.2
35.8
-1.2
.9
2 1.6
3.4
.2
1.6
7.0
5.2
4.9
1.7
42.1
40.6
41.2
41.7
40.0
40.2
63.6
40.6
62.0
66.1
41.4
56.2
63.0
56.4
58.3
60.4
191.6
62.4
129.2
205.8
66.5
139.4
192.6
61.8
130.7
197.5
64.7
132.8
200.5
65.4
135.1
203.1
65.5
137.6
206.5
65.8
140.7
213. 2
69.1
144.1
145.8
48.4
97.3
147.5
48.6
98.8
146.2
48.5
97.7
146.4
48.6
97.8
146.5
48.6
97.9
146.7
48.6
98.1
147.9
48.7
99.2
148.7
48.7
100.1
14.4
17.4
15.3
14.4
17.6
18.4
17.7
15.9
6.7
7.4
7.0
6.5
7.7
7.9
7.4
6.5
Revised. See other footnotes on following page.
HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The
National Income and Product Accounts of the United States, 1929-74:
Statistical Tables (available for $4.95, SN 003-010-00052-9, from
Commerce Department District Office or the Superintendent of
Documents; see addresses inside front cover). Data for 1973 and
1974-76 are in the July 1976 and July 1977 issues of the SURVEY,
respectively (except for seasonally unadjusted quarterly estimates,
which are in the September 1976 and August 1977 issues).
SURVEY OF CURRENT BUSINESS
February 1978
1976
III
1977 '
1976
1976
1977
I
IV
II
III I V
1976
1977'
Seasonally adjusted at annual rates
,706.5 1,890.1 1,727.3 1,755.4 1,810.8 ., 869.9 1,915.9 1,963.7
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.
179.0
197.0
180.9
184.5
189.0
193.3
199.8
205.9
142.0
152.9
143.5
146.7
149.0
151.2
154.6
157.0
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
150.5
165.2
151.8
155.5
160.1
163.3
166.9
170.6
8.1
5.5
9.0
1.0
8.2
8.0
8.4
5.3
8.7
3.3
8.9
-1.2
9.1
9.4
.8
2.0
1.1
.5
.5
1.4
5.9
123.8
0
133.5
90.1
123.1
92.0
125.4
95.3
140.2
98.9
149.0
103.1
Equals: National income
• Revised.
Domestic income
14.4
17.4
106.0
139.0
124.7
127.5
135.0
138.0
139.9
143.1
0
0
0
0
0
0
0
184.
130.3
197.9
147.9
100.8
186.2
132.3
90.1
189.5
136.4
92.0
194.8
140.3
95.3
194.0
145.4
199.5
150.3
103.1
203.3
155.4
106.0
39.3
42.4
39.8
40.6
41.2
42.3
42.4
43.7
22.4
24.9
23.1
22.6
23.7
24.
25.5
25.8
25.0
35.8
29.6
41.2
25.5
36.0
26.3
38.4
27.5
38.5
28.9
40.
30.4
42.3
31.6
43.6
8.4
8.
8.9
9.1
9.4
8.1
9.0
1,536.7 1,393.9 1,432.2 1,476.8 1,517.2 1,549. 8 1,602.8
[,274.7 1,337.5 1,283.7 1,287.4 1,311.0 1,330.7 1, 347.4 1,360.7
126.0
129.8
126.3
127.0
128.0
129.2
130.4
126.1
132.7
126.9
129.2
131.1
131.9
132.9
5.2
1.7
7.0
4.9
3.4
.2
1.6
1,017. 4 I 073. 3 1,,023. 5 1, 026. 3 1,048.4 1,069.4 1,082.6
15.3
14.4
17.6
18.4
428.2 1,462.6
394.8
32.5
36.9
.9
63.6
66.1
206.5 213.2
17.7
15.9
1,364.1 1,519.8 1,379.61,402.1 1,450..2 1,505.7 1, 540.5
1,349.8 1,502.4 1,364.3 1,387.. 6 1 ,432.6 1,,487.3 ,522.9
Business
1,102.0 1,233.6 1,,115.3 1 131.8 1 171.7 1,222.2 1,252.7
Nonfarm
1,069.2 1,,198.2 ,084.8 i; ioo. 51; 135.1 1,187.2 221.6
36.6
Farm..
30.5
31.1
35.0
32.7
35.4
31.4
60.4
56.4
Households and institutions62.0
63.6
56.2
63.0
58.3 200.5 203.1 206.5
Government.
191.6 205.8 192.6
197.5
14.4
17.6
15.3
Rest of the world.
14.4
17.4
18.4
17.7
Net domestic product
131.6
Equals: Net national product.. 1,148.7 1,207.6 1,157. 4 1,,160.4 1,182. 9 1,201.5 1,217.0 1,229.1
Residual
National income
Net national product
139.3
100.8
[Billions of 1972 dollars]
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
,513.1 1,675.7 1,531.2 1,556.5 1,604.2 1,658.2 1,698.4 1,741.9
Business
265.3 1,406.8 1,282.2 1,300.7 1,,343.3 1,393.1
Nonfarm
_
1,225.0 1,, 370.1 ,241.8 1,,262.4 1 ,302.9 1,357.7
Farm
32.9
37.1
34.8
32.4
36.6
35.8
Statistical discrepancy
3.3 - 1 . 2
5.5
8.0
5.3
1.0
60.4
Households and institutions.
56.2
56.4
58.3
62.0
63.0
Government
191.6 205.8 192.6 197.5 200.5 203.1
38.9
66.1
213.2
15.9
Billions of 1972 dollars
Table 5.—Relation of Gross National Product, Net National
Product, and National Income in Constant Dollars (1.10)
Less: Capital
consumption
allowances with capital consumption adjustment
1,527.4 1,693.1 1,546.5 1,570.9 1,621.8 1,676.6 1,716.0 1,757.8
1,364.1 1,519.8 1,379. 6 1,402.1 1,450.2 1,505.7 1,540.5
Equals: Personal income
Gross national product
Net national product . .
Rest of the world
-37.1 -44.1 -37.4 -37.8 -40.0 -42.1 -45.2 -49.0
128.1
88.4
IV r
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.. 1,527.4 1,693.1 1,546. 5 1 570. 9 1,621.8 1,676.6 1,716. 0 1,,757.8
Less: Indirect business tax
and nontax liability...
Business transfer payments
Statistical discrepancy..
III
Billions of dollars
Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income (1.9)
Less: Capital consumption
allowances with
capital consumption adjustment
Capital consumption
allowances without
capital consumption adjustment
Less: Capital consumption adjustment
II
IV
Seasonally adjusted at annual rates
Billions of current dollars
Gross national product
III
1977
134.8
1,148.7 1, 207.6 1,157.4 1,160.4 1,182. 9 1,201.5 1,217.0 1,229.1
1,142.0 1,200.3 1,150.4 1,153.9 1,175.2 1,193.6 1, 209.6 1, 222.6
988.2 1,005. 7 1, 020. 0 1,031. 7
959. 2 980.2 991.9 .
25.4
26.6
25.6
27.3
3.4
.2
1.6
41.2
41.7
42.1
40.6
148.7
146.5 146.7
147.9
7.9
6.5
6.5
Rest of the world
6.7
7.4
7.0
7.7
7.4
1,017.4 1,073.3 1,023.5 1 ,026.3 ,048.4 1,069.4
National income1,082.6
,040. 1,061.5 1
1,010.7 1,065.9 1,016.5 1,019.8 1,040.7
Domestic income
, 075.2
Business
_
824.7 877.1 830.3 832.8 853.7 873.6 885.6
799. 2 849. 3 805.8 806.3 826.4 846.7 857.4
Nonfarm_
28.1
26.9
28.8
26.5
27.3
24.5
25.5 27.8
Farm
41.7
41.2
40.6
40.6
42.1
40.0
40.2 41.4
Households and institutions.
145.8 147.5 146.4 146.4 146.5 146.7 147.9 148.7
Government-..
Business.._
_
Nonfarm
Farm..
_
ResiduaU
Households and institutionsGovernment
Rest of the world.
956.0 1,011.4
927.0 983. 5
26.2
23.8
1.7
5.2
41.4
40.2
145.8 147.5
964.2
934.2
23.0
7.0
40.0
146.2
966.9
937.2
24.8
4.9
40.6
146.4
7.4
7.0
6.5
6.7
7.7
7.9
7.4
6.5
1. Equals G N P in constant dollars measured as the sum of final products less G N P in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.— Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
Footnotes for tables 2 and 3.
1. Equals G N P in constant dollars measured as the sum of final products less G N P in
constant dollars measured as the sum of gross product by industry. The 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.
2. Held constant at level of previous quarter.
NOTE.—Table 2: " F i n a l sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of
product sold by the establishment holding the inventory; for construction, durable; and for
other industries, nondurable.
Table 3: The industry classification within the business sector is on an establishment basis
and is based on the 1972 Standard Industrial Classification.
SUEVEY OF CUERENT BUSINESS
1976
1977 r
1976
III
February 1978
1977
i
IV
ii
1976
in
rv>
1976 1977
Seasonally adjusted at annual rates
Compensation of employees— ,036.3 ,156.2 ,046.5 1,074.2 1,109.9 1,144.7 ,167.4 ,202.8
Farm
Proprietors' income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adj ustment
_
_.
Nonfarm
Proprietors' income without inventory valuation
and capital consumption adj ustments
Inventory valuation adjustment _
Capital consumption adRental income of persons with
capital consumption adjustment
-.
Rental income of persons
Capital consumption adjustment.
Corporate profits with inventory valuation and capital
consumption adjustments
891.8
989.9
900.2
923.2
951.3
980.9
998.9 ,028.5
187.2
704.6
199.9
790.0
188.2
712.0
192.5
730.7
194.8
756.4
197.2
783.6
200.6
798.3
206.9
821.6
144.5
166.3
146.3
150.9
158.6
163.8
168.5
174.2
68.6
75.9
77.7
88.6
69.1
77.3
70.9
80.0
75.4
83.2
77.1
86.7
78.2
90.3
80.2
94.0
105.0
22.7
88.0
98.1
86.2
88.7
95.1
97.0
18.6
19.7
16.2
16.6
20.7
19.7
15.5
_.
Addenda:
Corporate profits with inventory valuation and capital
consumption adjustments..
Profits tax liability.
Profits after tax with inventory valuation and capital
consumption adjustmentsDividends
_
Undistributed profits
with inventory valuation and capital consumption adjustments..
22.8
24.3
20.3
20.8
25.0
24.2
20.3
27.9
-4.2
69.4
-4.7
78.5
-4.2
70.0
-4.2
72.0
-4.2
74.3
-4.5
77.3
-4.8
80.0
-5.2
82.4
70.4
80.0
70.7
73.2
76.1
78.9
80.8
84.2
-1.3
-1.4
-1.1
-1.7
-2.0
-1.7
-.6
o
—. l
-1.4
4
4
r
23.3
25.3
23.3
24.1
24.5
24.9
25.5
26.4
40.0
45.3
40.3
41.5
42.9
44.6
45.7
48.1
- 1 6 . 7 - 2 0 . 0 - 1 6 . 9 - 1 7 . 3 -18.4 -19.7 - 2 0 . 2 - 2 1 . 7
128.1
139.3
133.5
123.1
125.4
140.2
149.0
148.2
159.9
65.9
94.0
36.0
58.0
141.0
161.7
64.4
97.2
38.5
58.8
156.2
174.0
69.7
104.3
40.3
64.1
166.9
172.8
69.3
103.6
42.3
61.2
—11.7 - 1 6 . 9 - 2 0 . 6 —17.8
—5.9
137.9
154.8
63.9
90.9
38.4
52.5
43 6
14 1
90.1
92.0
95.3
98.9
103.1
128.1
139.3
133.5
123.1
125.4
140.2
149.0
64.7
68.9
65.9
63.9
64.4
69.7
69.3
63.3
35.8
70.5
41.2
67.6
36.0
59.2
38.4
61.0
38.5
70.6
40.3
79.7
42.3
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages
and salaries
_
111.8
121.9
56.2
52.0
52.9
Domestic income.
Compensation of employees
Wages and salaries
Supplements to wages and
salaries
Corporate profits with inventory valuation and capital
consumption adjustments
Profits before tax
Profits tax liability
Profits after tax
Dividends. _
Undistributed profits
Inventory valuation adjustment
Capital
consumption
adjustment.
•
107.0 116.6 108.0 110.
54.0
1,049.3
112.5
55.1
99.4 108.6 100.0 102.5 105.3
784.6 879.2 796.6 804.5 831.6
650.3 733.1 657.3 674.4 700.6
552.6 619.9 558. 572.3 593.1
97.
113.2
99.1 102.0 107.5
57.1
1,094.9 1,124.8
114.2 118.2 121.4
884.0 987.8 896.7 907.0 936.8
1,006.6
107.5 109.
-14.
32.4
-17.0 -14.5 -14.
36.7
32.6
33.0
112.1
873. 897.2
727.4 741.2 763.0
615.7 626.3 644.3
111.7
118.7
101.9 109.4 106.8 97.1 96.3 109.8 118.
130.6 141.0 133.0 128.7 132.4 143.4 142.0
53.
54.8 52.
52.8 57.
56.
56.9
76.9 84.3 78.2 76.0 79.5
85.
85.1
32.4 38.2 33.
36.0 35.2 37.2 39.4
44.5 46.1 45.0 40.0 44.3 48.5 45.
- 1 4 . 1 - 1 4 . 6 - 1 1 . - 1 6 . 9 _20.6 - 1 7 . 8 - 5 . 9
41.0
- 1 5 . 5 - 1 5 . 8 -17.6 - 1 9 . 1
34.6
31.6
20.8
22.5
30.3
36.1
37.5
38.7
43.6
119.4
123.7
112.9
115.2
117.6
943.
954.9
985. 71,030.61,058.3
108.3
118.6
109.2
111.9
115.0
117.4
821.8
920.0
834.6
843.0
870.7
913.2
690.4
585.9
777.
656.4
592.1
715.9
606.9
743.1
628.4
104.
120.8
105.9
109.0
114.8
127.0
119.6
122.5
770.9
651.8
786.0
663.3
682.3
119.1
122.6
126.6
771.7 781.2
76.5 77.2
695.2 704.0
77.9
86.2 86.7
609.0 617.3
88.0
Dollars
Current-dollar cost and profit
per unit of constant-dollar
gross
domestic product 2
37.4
930.1 1,038.6
731.0 773.7 736.6 736.5 753.3
Capital consumption allowances with
capital consumption adjustment
74.9 76.9 75.0 75.3 75.8
656.1 696.9 661.6 661.3 677.5
Net domestic product
Indirect business tax and nontax
liability plus business transfer
82.9 86.7 83.1 84.7 86.0
payments less subsidies
Domestic income
-• 573.2 610.1 578.5 576.6 591.5
106.0
Gross domestic product
of corporate business.._ 1,041.9 1,160.5 1,056.6 1,070.1 1,103.3 1,150.0 1,181.9
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments less
subsidies
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies. _
Gross domestic product of nonfinancial corporate business
- 1 4 . 7 -14.8 - 1 5 . 6 -15.9 - 1 7 . 9 - 1 9 . 4
100.8
29.3
51.0
Billions of 1972 dollars
88.4
27.6
IV
119.9 129.8 125.1 115.4 115.3 129.5 139.5
148.7 161.6 151.4 147.1 151.6 163.3 163.3
64.7 68.9 65.9 63.9 64.4
69.7 69.3
84.0 92.7 85.5 83.2 87.2
93.6 94.0
31.8 37.5 32.4 35.5 34.5
36.
38.7 40.2
52.2 55.2 53.1 47.7 52.7
57.1 55.3
- 1 4 . 1 -14.6 - 1 1 . 7
- 1 7 . 8 -5.9 - 1 4 . 1
-16.9 -20.6
•14.7 •17.2 -14.7
- 1 5 . 9 -17.9 -19.4
-14.8 -15.6
11.4 13.0 11.5
12.7 13.2 13.7
11.7 12.2
Gross domestic product of nonfinancial corporate business... 991.0 ,104.3 1,004.7 1,017.2
Net interest.
Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Capital consumption allowances with capital consumption adjustment
Net interest
Capital consumption allowances with
capital consumption adjustment
Corporate profits with inventory valuation adjustment and without capital
consumption adjustment.. 142.7 156.6
Profits before tax...
__ 156.9 171.2
68.9
64.7
Profits tax liability
92.1 102.3
Profits after tax..
41.2
35.8
Dividends.
56.4
61.2
Undistributed profits..
Inventory valuation ad—14.1 — 14 6
justment
Capital consumption adjustment
-14.7 -17.2
Net interest
Corporate profits with inventory
valuation and capital consumption adjustments
_.
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits.
Inventory valuation adjustment Capital consumption adjustment
Gross domestic product of1 financial corporate business
95.5
Q
III
Table 8.—Gross Domestic Product of Corporate Business—Con.
,364.1 ,519.8 ,379.6 1,402.1 ,450.2 ,505.7 ,540.5
Proprietors' income with inventory valuation and capital consumption adjustments.
II
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
0 ther lab or income
IV
Seasonally adjusted at annual rates
Billions of dollars
National income
III
1977
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies _
1.356
1.427 1.364 1.381 1.393
1.419 1.440
.146
1.209
.151 .147 .150 .149
1.277 1.217 1.231 1.244
.148 .151
1.271 1.288
.136
.140
.136
.139
.140
Domestic income
• 1.073 1.136 1.081 1.092 1.104
.947 .892 .916 .930
Compensation of employees
.890
Corporate profits with inventory
valuation and capital consump.141 .145 .132 .128
tion adjustments...
.073 .073 .074 .072 .070
Profits tax liability.
Profits after tax with inventory valuation and capital con.066 .068 .071 .060 .058
sumption adjustments
.044 .047 .044 .045 .046
Net interest
.139
.140
1.132 1.148
.943 .949
.142
.075
.152
.073
.068
.047
.079
.048
1 Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
2. Equals the deflator for gross domestic product of nonfinancial corporate business with
the decimal point shifted two places to the left.
SURVEY OF CURRENT BUSINESS
February 1978
1977
1976
1976
1977 r
III
5
IV
I
II
1976
III
IV
1976
1977'
Seasonally adjusted at annual rates
III
IV
62.9
73.0
60.9
66.1
74.1
73.2
70.8
73.8
61.8
55.0
71.4
64.0
61.4
54.8
64.9
58.1
73.0
65.0
73.3
65.1
68.5
62.3
70.7
63.5
39.2
46.0
37.8
40.8
45.8
47.3
44.9
45.8
15.8
18.0
16.9
17.3
19.2
17.8
17.4
17.7
8.8
15.7
10.3
19.2
8.4
15.5
8.7
16.6
9.8
18.8
10.3
19.5
10.1
18.8
11.1
19.6
-7.0
-2.6
6.4
8.9
-8.9
-3.7
7.0
10.7
-7.1
-2.4
6.4
8.8
-7.9
-2.6
6.4
9.0
-9.0
-2.5
7.1
9.6
-9.2
-2.8
7.3
10.1
-8.7
-4.6
6.8
11.4
-8.7
-4.7
6.9
11.6
.6
.7
.6
.6
.7
.7
.7
Change in business inventories of new and used
autos
..New
Used
1.0
1.0
0
1.6
1.6
.0
-.5
0
-.6
1.2
1.0
.2
1.0
1.3
-.3
-.1
Addenda:
Domestic output of new
autos >
Sales of imported new autos 2_.
50.5
11.5
59.4
15.2
48.2
11.6
52.6
12.6
60.4
14.0
!6
2.4
2.6
-.2
3.1
3.4
59.4
16.9
58.8
14.8
59.1
15.2
n
Billions of 1972 dollars
Auto output.
Final sales.
Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
_.
Net purchases of used
autos.
Net exports.
Exports
Imports
Government purchases of
goods and services.
50.1
55.7
48.2
51.2
49.4
54.4
48.6
50.3
41.6
32.1
56.8
56.4
54.6
55.0
55.8
56.1
52.7
53.0
46.6
37.1
44.5
34.8
45.5
35.7
40.9
30.9
42.5
32.7
46.5
36.3
44.5
34.6
9.5
9.8
10.0
9.8
10.2
9.4
9.6
9.9
8.3
12.9
9.8
14.9
8.1
12.7
8.3
13.3
9.6
14.9
10.0
i5. a
9.7
14.6
9.8
14.8
-4.6
-1.0
5.2
6.2
-5.1
-1.5
5.4
6.9
-4.6
-.9
5.3
6.2
-5.0
-1.0
5.1
6.1
-5.3
-1.0
5.6
6.6
-5.3
-1.1
5.7
6.8
-4.9
-2.0
5.2
7.2
-5.0
-1.8
5.2
7.1
.5
.6
.5
.5
.6
.6
.6
Change in business inventories of new and used
autos
New.
Used
.7
.7
0
1.3
1.3
0
-.4
-.1
-.4
.9
.8
.1
1.1
1.2
-.1
3
-.1
.3
1.9
2.0
-.1
2.0
2.2
-.2
Addenda:
Domestic output of new
autos *
Sales of imported new autos 2_.
41.3
9.4
46.2
11.8
39.4
9.5
42.1
10.1
47.8
11.1
46.6
13.3
45.6
11.5
44.6
11.5
r
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; contract 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
IV
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
Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment.
New autos
.
New purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
1977
Table 10.—Personal Income and Its Disposition (2.1)
Personal incomeWage and salary disbursements
Commodity-producing
industries 3
Manufacturing...
4
Distributive industries
...
Service industries 5
Government and government enterprises..
,382.7 1.536.7 1,393.9 1,432.2 1,476.8 1,517.2 1,549.8 1,602.8
891.8
989.9
900.2
923.2
951.3
980.9
998.9 1.028.5
308.5
238.2
217.1
179.0
346.4
267.3
242.8
200.8
310.8
240.2
220.2
180.9
317.7
245.1
226.4
186.7
329.0
255.4
234.5
193.0
345.4
265.9
240.5
197.7
351.0
270.0
244.4
202.8
360.1
277.9
251.7
209.8
187.2
199.9
188.2
192.5
194.8
197.2
200.6
206.9
Other labor income
75.9
88.6
77.3
80.0
83.2
86.7
90.3
94.0
Proprietors' income with inventory valuation and
capital consumption adj ustments
88.0
98.1
88.7
95.1
97.0
95.5
105.0
18.6
69.4
19.7
78.5
16.6
72.0
20.7
74.3
19.7
77.3
15.5
80.0
22.7
82.4
Farm
Nonfarm.
16.2
70.0
Rental income of persons
with capital consumption
adjustment
23.3
25.3
23.3
24.1
24.5
24.9
25.5
26.4
Dividends..
35.8
41.2
36.0
38.4
38.5
40.3
42.3
43.6
Personal interest income
130.3
147.9
132.3
136.4
140.3
145.4
150.3
155.4
Transfer payments
192.8
206.9
194.3
198.0
203.5
203.0
208.7
212.7
92.9
105.0
95.8
98.4
99.9
101.8
108.5
110.0
15.7
14.4
12.7
13.8
15.1
13.6
15.0
13.9
15.1
14.3
12.3
13.7
11.6
13.3
11.8
13.9
25.7
28.8
26.1
26.4
27.1
28.4
29.2
30.5
9.9
34.3
10.3
36.3
10.0
33.8
10.0
34.3
10.0
37.0
10.2
36.6
10.3
35.6
10.5
36.0
Less: Personal contributions for social insurance..
55.2
61.2
55.6
56.6
59.6
60.
61.7
62.9
Less: Personal tax and nontax
payments
196.9
227.5
200.6
209.5
224.4
224.8
226.1
234.6
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits.
Veterans benefits
Government
employees
retirement benefits
Aid to families with dependent children
Other
Equals: Disposable personal
1,185.8 1,309. 2 1,193.
income
222.
,252.4 1,292.5 1, 323.8 1,368.2
Less: Personal outlays
166.
,201. 0 1,223.9 1,250. 5 1[,293.0
1,119. 9 1, 242.1 1,128.
Personal consumption expenditures
1,094. 0 1,211.4 1,102.2 1,139.0 1, 172.4 1,194. 0 1,218.9 1,260. 2
Interest paid by consumers
31.6
30.4
28.9
to business
25.5
26.3
27.5
25.0
29.6
Personal transfer payments
1.2
1.3
1.0
to foreigners (net)
.9
1.0
1.1
.9
1.2
75.2
73.3
68.5
64.8
56.3
Equals: Personal saving
51.4
65.9
67.1
Addenda:
Disposable personal income:
Total, billions of 1972 dollars.
924.5
934.4
955.2
5,793
4,202
5,967
4,268
6,098
4,305
6,289
4,391
215.8
216.2
216.6
217.5
4.6
4.1
5.3
5.5
890.3
930.7
890.7
901.5
Per capita:
Current dollars..
1972 dollars
5,511
4,137
6,037
4,292
5,540
4,135
5,665
4,177
Population (millions).
215.
216.9
215.4
5.4
Personal saving as percentage
of disposable personal income
5.6
SUEVEY OF CURRENT BUSINESS
1976
1976
1977 r
February 1978
1977
III
III
II
IV
1976
IV
1976
1977 r
III
1977
IV
Seasonally adjusted at annual rates
III
IV
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)
1,093.9 1,211.4 1,102.2 1,139.0 1,172.4 1,194.0 1,218.9 1,260.2
821.3
861.2
822.7
839.8
850.4
854.1
860.4
879.9
Durable goods
Motor vehicles and parts
Furniture and household equipment
Other
158.9
71.9
63.9
23.1
179.9
83.9
70.5
25.5
159.3
72.1
63.9
23.3
166.3
75.7
66.5
24.1
177.0
85.3
67.4
24.2
178.6
84.5
69.3
24.8
177.6
81.2
70.9
25.5
186.3
84.6
74.3
27.5
127.5
55.7
52.8
19.0
138.3
61.2
56.8
20.3
127.1
55.4
52.7
19.0
130.7
56.7
54.6
19.5
136.9
62.7
54.8
19.4
137.9
62.1
55.9
19.8
136.5
59.3
57.0
20.2
141.7
60.7
59.3
21.6
Nondurable goods
Food
Clothing and shoes
Gasoline and oil
Fuel oil and coal
Other
442.7
225.5
76.3
41.4
12.0
87.6
480.7
246.3
83.0
44.7
12.8
93.8
444.7
227.0
76.9
41.2
12.0
87.7
458.8
232.0
79.9
43.5
13.3
90.0
466.6
237.9
79.3
44.1
13.7
91.6
474.4
244.8
80.4
44.3
12.3
92.5
481.8
248.3
83.3
44.2
12.3
93.7
500.0
254. 3
89.0
46.2
13.0
97.6
321.6
159.7
64.7
25.2
333.7
167.6
67.7
25.7
321.5
160.1
64.7
24.9
329.4
163.9
66.8
25.6
329.7
165.4
65.5
25.8
330.0
166.4
66.0
25.6
332.4
167.6
67.5
25.5
66.4
67.4
66.2
67.1
67.1
66.9
66.8
342.7
170.9
71.9
26.0
5.3
68.6
Services
Housing
Household operation
Electricity and gas
Other
Transportation
Other
492.3
167.9
73.0
33.3
39.6
36.8
214.6
550.8
184.4
83.1
39.3
43.7
41.6
241.7
498.2
170.4
73.1
32.8
40.3
37.6
217.1
513.9
173.7
78. a
37.6
41.2
38.7
222.8
528.8
177.6
80.7
38.7
42.0
39.5
230.9
541.1
181.9
79.2
36.1
43.1
40.5
239.4
559.5
186.7
85.2
41.0
44.2
42.3
245.3
573.9
191.5
87.3
41.6
45.6
43.9
251.3
372.2
136.3
52.7
21.6
31.1
28.9
154.3
389.2
141.1
56.3
23.2
33.2
29.0
162.1
374.0
137.3
52.5
21.0
31.5
29.0
155.2
379.7
138.2
55.1
23.4
31.8
29.1
157.3
383.8
139.2
55.8
23.6
32.2
29.2
159.6
386.3
140.3
54.6
21.7
32.9
29.3
162.0
391.4
141.8
57.0
23.6
33.4
29.7
162.9
395.4
143.0
58.0
23.9
34.1
30.4
164.0
Personal consumption expenditures.
1976
1976 1977'
III
5.7
5.3
5.6
6.1
II
III
1976 1977 r
IV
III
Table 12.—Federal Government Receipts and Expenditures (3.2)
IV
i
ii
in
rv>
Table 13.—-State and Local Government Receipts and Expenditures (3.4)
332.3 373.6 337.1 344.5 364.9 371.2 373.2
Personal tax and nontax receipts
Income taxes
_
Estate and gift taxes.
Nontaxes
147.3 170.7 150.3
170.0 168.6 168.6 175.5
141.6 163.4 144.5 150.7 157.9 163.2 162.8 169.8
_.
5.6
5.7
7.1
6.3 11.9
5.7
5.6
5.3
.1
.1
.1
.1
.1
.1
.1
.1
Corporate profits tax accruals
55.9
59.2
56.9
55.1
55.4
59.9
59.5
Indirect business tax and nontax
accruals
Excise taxes
Customs duties J
Nontaxes
23.4
16.9
4.6
1.9
24.8
17.4
5.4
2.1
23.7
17.0
4.8
1.9
23.8
17.3
4.5
2.0
24.2
17.2
5.0
2.0
24.6
17.2
5.4
2.1
25.4
17.5
5.8
2.1
Contributions for social insurance
105.7 118.9 106.2 108.4 115.4 118.1 119.7 122.4
130.1 145.5 130.2 134.2 136.3 143.6 148.1 153.8
86.8 94.3 86.4 88.4 89.7 93.4 95.6 98.5
41.6 44.0 41.2 43.0 43.3 43.3 43.4 45.8
24.1 25.1 23.8 24.8 24.8 24.7 24.8 26.3
17.6 18.8 17.3 18.2 18.5 18.5 18.7 19.5
45.2 50.4 45.2 45.4 46.4 50.2 52.1 52.7
43.3 51.2 43.8 45.8 46.7 50.2 52.5 55.3
20.8 22.5 20.7 21.7 22.1 22.2 22.4 23.4
22.6 28.6 23.2 24.0 24.6 28.0 30.1 31.9
Purchases of goods and servicesNational defense
Compensation of employees_.
Military..
Civilian
Other
Nondefense
Compensation of employees.
Other
Transfer payments.
To persons.
To foreigners
162.0 173.1 163.9 166.3 170.7 169.3 174.8 177.6
158.8 169.9 160.0 163.1 167.8 166.4 171.2 174.3
3.2
3.9
3.2
2.9
2.9
3.6
3.2
3.4
State
and
local
Net interest paid
Interest paid
_
To persons and business
To foreigners...
Less: Interest received by Government
Subsidies less current surplus of
Government enterprises.
Subsidies
Less: Current surplus of Government enterprises
61.0
67.6
63.1
65.5
62.0
63.6
72.7
72.2
27.2
32.2
27.7
4.5
29.6
35.6
29.
5.6
27.3
32.7
28.1
4.6
28.5
33.4
28.7
4.7
28.6
34.1
29.2
4.9
29.1
35.1
29.
5.2
29.4
35.6
29.8
5.9
31.2
37.5
30.9
6.6
5.0
6.0
5.4
4.9
5.5
6.0
6.2
6.3
5.9
5.
7.8
7.2
6.1
5.
6.0
5.9
6.1
5.9
6.1
7.2
6.3
11.9
10.1
-.5
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
•_
Contributions for social insurance
Federal grants-in-aid
Expenditures
264.7 294.5 269.0 277.5 281.0 288.1 301.6
49.6
26.8
16.0
6.8
56.8
31.8
17.5
7.6
50.3
27.1
16.3
7.0
52.5
29.0
16.3
7.1
54.4
30.3
16.8
7.3
56.2
31.4
17.2
7.5
57.5
32.1
17.7
7.7
8.9
9.7
9.0
8.8
9.0
9.8
9.8
18.1
61.0
20.1
67.6
18.5
19.1
63.1
65.5
19.5
19.9
20.2
20.7
62.0
63.6
72.7
72.2
246.2 265.2 247.9 251.1 253.7 262.6 268.7 276.0
Purchases of goods and services
Compensation of employees
Other
Transfer payments to persons
231.2 249.5 232.7 235.8 238.5 247.0 252.9 259.6
129.2 139.4 130.7 132.8 135.1 137. 6 140.7 144.1
102.0 110.1 102.0 103.1 103.4 109.4 112.2 115.6
Net interest paid
Interest paid
Less: Interest received by Government
-5.7 -6.5 -6.0 -5.7 -6.2 -6.3 -6.7 -6.7
11.6 12.5 11.7 12.0 12.1 12.4 12.6 12.9
Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government enterprises
Less: Wage accruals less disbursements
Surplus or deficit (—), national
income and product accounts..
Social insurance funds
Other funds
25.9
17.3
28.0
18.9
26.2
17.6
26.5
17.7
27.0
18.3
27.7
18.7
-12.5 -10. -13.9 - 1 5 . 0 - 1 0 . 0 - 7 . 9 - 1 1 . 6 - 1 1 . 5
- 4 1 . -39.6 -39.6 -40.9 - 2 8 . 8 -32.4 - 4 7 . 3
28.3
19.3
29.0
19.6
-5.2 -5.8 -5.1 -5.5 -5.7 -5.7 -5.8 -5.9
.4
.3
.3
.3
.3
.2
.2
5.4
0
6.1
0
5.3
5.8
6.0
6.0
6.2
6.3
0
0
0
0
0
0
18.4
29.2
21.1
26.5
27.3
25.4
32 9
14.5
3.9
15.5
13.7
14.8
6.2
15.2
11.3
15.4
11.9
15.5
10.0
15.5
17.4
r Revised.
1. Includes fees for licenses to import petroleum and petroleum products.
Surplus or deficit ( - ) , national
income and product accounts.. -54.0 - 4 9 . 9 - 5 3 . 5 -55.9 - 3 8 . 8 - 4 0 . 3 - 5 8 . 9
59.1
33.1
18.1
7.8
127.1 140.4 128.1 131.7 135.9 138.6 141.5 145.4
57.3 63.9 57.3 59.1 61.7 63.1 64.2 66.5
57.6 62.7 58.2 59.7 61.0 62.1 63.4 64.6
12.3 13.7 12.5 12.9 13.2 13.5 13.9 14.3
-1.7
Less: Wage accruals less disbursements
Social insurance funds
Other funds
Receipts
Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
25.2
17.8
5.3
2.1
386.3 423.5 390.6 400.4 403.7 411.5 432.1 446.7
Expenditures
1977
Billions of dollars
Billions of dollars
Grants-in-aid to
governments
5.0
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Receipts..
5.1
1976
1D77
IV
5.9
15.7
SURVEY OF CURRENT BUSINESS
February 1978
1977
1976
1976
1977 r
III
IV
I
II
1976
III
IV r
1976
1977'
Seasonally adjusted at annual rates
III
IV
Receipts from foreigners. 162.9
175.5
168.4
168.5
170.4
178.1
179.9
173.6
Exports of goods and services.. 162.9
Merchandise
114.7
Other
48.2
175.5
120.2
55.2
168.4
118.4
50.0
168.5
118.9
49.7
170.4
117.9
52.5
178.1
122.1
56.0
179.9
123.2
56.7
173.6
117.7
55.9
o
0
0
o
0
0
0
Payments to foreigners.. 162.9
175.5
168.4
168.5
170.4
178.1
179.9
173.6
Imports of goods and services- 155.1
Merchandise
123.9
31.1
Other
185.6
151.5
34.1
160.6
129.5
31.0
165.6
133.2
32.4
178.6
145 8
32.8
187.7
153 3
34 5
187.4
153.4
34.0
188.7
153.3
35.3
4.3
1.2
3.2
4.8
.9
3.9
4.2
1.0
3.2
4.0
1 i
2.9
3.9
10
2.9
4.9
1.3
3.6
4.6
1.2
3.4
4.7
4 9
6.2
5.9
6.6
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
5.6
4.6
-.9
-20.1
-1.5
- 5 . 9 -17.1 -18.8 -18.2 -26.2
272.8
244.8
232.2
251.4
277.2
284.5
Gross private saving
272.5 293.4
Personal saving
67.1
65.9
Undistributed
corporate
profits with inventory
valuation and capital
consumption
adjustments
29.3
27.6
Undistributed profits
61.2
56.4
Inventory valuation adjustment
-14.1 -14.6
Capital consumption adjustment
-14.7 - 1 7 . 2
Corporate capital consumption
allowances
with
capital consumption adjustment
111.8 121.9
Noncorporate capital consumption allowances with
capital consumption adjustment
67.2
75.1
wage accruals less disbursements
0
0
277.2
64.8
261.6
56.3
262.9
51.4
292.1
68.5
310.5
73.3
237.0
Government surplus or deficit(—), national income and
product accounts
_ -35.6 -20.6
Federal
-54.0 -49.9
State and local
18.4
29.3
Capital grants received by the
United States (net)
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy...
75.2
31.6
58.0
482.5
492.0
62.8
60.0
57.6
61.5
Nonfarm
Durable goods
Nondurable goods..
394.2
220.9
173.3
40L7
225.8
175.9
415.8
231.4
184.4
422.5
235.0
187.6
434.4
243.5
190.9
442.5
248.5
194.0
Manufacturing
Durable goods
Nondurable goods..
201.7
127.5
74.2
206.1
130.8
75.3
210.8
133.1
77.8
213.7
134.4
79.3
219.3
138.9
80.4
222.5
141.4
81.1
Wholesale trade
Durable goods
Nondurable goods..
74.3
45.6
28.7
75.2
46.0
29.2
78.8
47.5
31.2
79.5
48.8
30.7
80.8
50.6
30.2
82.9
51.6
31.4
Retail trade
Durable goods
Nondurable goods..
80.4
35.8
44.5
81.2
36.5
44.7
86.0
38.2
47.8
88.5
39.0
49.5
91.9
40.6
51.4
93.7
41.6
52.1
37.9
39.1
40.2
40.8
42.4
43.4
Other.
504.0
1,441.5 1,486.1 1,518.5 1,564.7 1,604.4 1,657.9
Final sales'.
.316
.273
.315
.274
.311
.270
.308
.270
.307
.271
.304
.267
l
Inventories .
311.7
300.8
300.4
302.8
306.1
310.0
42.0
41.4
41.3
41.2
41.3
42.1
Nonfarm
Durable goods
Nondurable goods..
258.8
147.4
111.4
259.0
147.4
111.6
261.5
148.8
112.7
264.9
150.7
114.2
268.7
152.4
116.4
269.7
153.2
116.4
-11.7
-16.9 -20.6 -17.8
-5.9
-14.7
-14.8 -15.6 -15.9 - 1 7 . 9 -19.4
Manufacturing
Durable goods
Nondurable goods..
127.7
82.4
45.3
128.1
82.7
45.4
128.7
83.0
45.7
130.3
83.8
46.4
131.4
84.2
47.3
131.1
84.2
47.0
112.9
115.2
117.6
119.4
123.7
127,0
Wholesale trade
Durable goods
_.
Nondurable goods...
49.8
31.5
18.3
49.7
31.2
18.5
50.5
31.8
18.7
51.1
32.4
18.6
61.7
32.9
18.8
52.3
33.4
18.9
69.2
71.4
73.8
76.2
78.9
Retail trade. _
Durable goods
Nondurable goods..
58.0
25.7
32.3
57.7
25.6
32.0
58.8
26.1
32.7
60.0
26.4
33.6
62.0
27.3
34.7
62.4
27.6
34.8
0
0
0
0
0
23.4
23.6
23.5
23.6
23.7
-14.1
Other
1,076.6 1, 095.7
Final sales K
-32.4
-53.5
21.1
-29.4 -11.5 -14.9
-55.9 -38.8 -40.3 -58.9
26.5
27.3
32.9
25.4
0
0
276.1
285.4
Ratio of inventories to
final sales
Nonfarm *
237.5
243.3 293.9
- . 9 -20.1
254.3
-1.5
243.4 271.8 294.9 303.6 305.2
- 5 . 9 -17.1 -18.8 - 1 8 . 2 -26.2
1.0
8.0
0
5.3
3.3
0
279.0
-1.2
»• 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 GNP. The former is the difference between two
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales by farms.
NOTE.—Table 16: Inventories are classified as durable or nondurable as follows: For manufacturing, by the type of product produced by the establishment holding the inventory; for
trade, by the type of product sold Dy 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.
478.6
59.8
37.4
61.2
22.5
58.8
252.8
5.5
461.5
61.3
30.3
64.1
20.8
52.5
0
242.5
455.5
Farm.
254.7
0
273.8
Inventories *..
Farm.
Billions of 1972 dollars
0
0
Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)
Ratio of inventories to
final sales
Nonfarm*
Table 15.—Gross Saving and Investment (5.1)
Gross saving.
IV
Billions of dollars
Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)
o
III
Seasonally adjusted at annual rates
Billions of dollars
Capital grants received by the
United States (net)
1977
.279
.240
1,106.5 1,121.7 1,134.8
.274
.236
.274
.236
.273
.273
.237
23.8
1,156.5
.270
.233
Table 17.—National Income Without Capital Consumption Adjustment by Industry (6.4)
National income without capital consumption adjustment
1,399.3 1,561.8 1,415.0 1,.437.9 1, 488.2 1,545.7 1,583.6
Domestic income
Agriculture, forestry, and
fisheries
Mining and construction
1,384.9 1,544.4 1,399.7 1,,423.4 1,1,470.6 1,527.3 1,565.9
40.8
87.1
44.7
98.7
38.7
87.5
39.8
89.5
44.4
90.7
44.2
99.5
41.0
102.1
365.0
146.9
218.1
410.7
160.4
250.2
369.9
148.2
221.7
370.8
148.3
222.6
386.5
152.4
234.1
410.8
159.4
251.4
418.3
166.4
251.9
Transportation
Communication
Electric, gas, and sanitary
services
_
50.6
56.0
35.4
51.7
31.4
52.1
32.5
53.2
33.3
55.5
34.5
56.6
36.0
25.9
28.8
26.3
25.4
28.0
27.4
Wholesale and retail trade..
Wholesale
Retail
220.7
91.1
129.6
246.1
100.1
146.0
225.5
93.7
131.8
229,5
92.7
136.8
234.8
94.6
140.1
241.8
98.7
143.1
251.4
102.9
148.5
Finance, insurance, and real
estate
Services
Government and government enterprises
160.8
188.2
181.4
211.5
163.1
189.5
166.8
195.5
172.2
202.5
177.8
207.9
184.4
214.4
214.9
231.1
216.0
221.4
225.0
227.9
232.0
15.3
14.4
17.6
18.4
Manufacturing
Nondurable goods..
Durable goods
Rest of the world.
14.4
17.4
29.6
17.7
15.9
SURVEY OF CURRENT BUSINESS
8
1977
1976
1976
1977 r
III
February 1978
IV
I
II
1976
III
IV r
1976
1977 r
III
Seasonally adjusted at annual rates
Rest of the world..
128.1
139.3
Table 19.—Implicit Price Deflators for Gross National Product (7.1)
133.5
123.1
125.4
140.2
149.0
115.3
19.1
96.3
129.5
19.7
109.8
139.5
21.0
118.5
10.1
10.7
9.6
119.9
18.0
101.9
129.8
20.3
109.4
125.1
18.3
106.8
115.4
18.3
97.1
8.1
9.6
8.4
7.7
134.6
Domestic industries
18.2
Financial1
6.0
Federal Reserve banks....
12.2
Other
116.4
Nonfinancial
66.3
Manufacturing
36.4
Nondurable goods
Food and kindred
products
8.3
Chemicals and allied
products
7.4
Petroleum and coal
products
9.9
Other
10.8
Durable goods
29.9
Primary metal industries
2.4
Fabricated
metal
products
3.5
Machinery,
except
electrical
5.9
Electric and electronic equipment
3.7
Motor vehicles and
equipment
7.2
Other
7.2
Rest of the world.
156.6
148.2
137.9
141.0
156.2
166.9
147.0
20.6
6.2
14.3
139.8
18.4
5.9
12.5
130.2
18.4
6.1
12.3
131.0
19.2
6.1
13.1
145.5
19.9
6.2
13.7
157.4
21.2
6.2
15.1
126.4
73.8
37.5
121.3
68.4
37.4
111.8
62.9
33.9
111.8
65.2
33.7
125.5
76.4
37.0
136.1
77.6
40.1
9.7
7.1
5.1
5.6
8.0
7.3
11.5
11.5
8.1
6.6
7.7
8.3
8.1
9.3
11.2
10.3
9.2
11.7
10.5
12.6
9.9
14.2
31.0
29.0
31.5
39.4
37.5
2.2
1.1
1.0
2.7
3.7
3.0
3.2
4.1
4.3
6.8
7.7
8.9
6.3
27.1
Corporate profits before
deduction of capital
consumption
allowances with inventory
valuation adjustment.. 239.9
9.6
.3
4.6
5.3
5.0
7.3
7.7
6.9
7.4
8.0
7.9
9.8
8.5
10.4
29.1
27.4
24.0
25.4
31.2
12.2
11.6
10.4
11.1
11.6
11.0
11.5
12.2
14.1
13.2
8.4
7.7
10.1
10.7
9.6
261.3
246.4
238.3
243.0
259.7
272.7
231.8
22.9
6.0
16.9
251.7
25.7
6.2
19.5
238.0
23.2
5.9
17.2
230.6
23.3
6.1
17.2
232.9
24.2
6.1
18.1
249.0
25.0
6.3
18.7
263.1
26.4
Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products
Other
208.9
106.3
55.2
226.0
116.8
57.9
214.8
108.8
56.5
207.3
104.2
53.3
208.7
107.2
53.5
224.0
119.0
57.2
236.7
120.8
60.7
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electric and electronic equipment
Motor vehicles and
equipment
Other
51.1
6.6
6.8
7.0
7.6
8.3
8.0
10.7
12.8
10.8
13.3
10.8
13.3
11.9
13.9
13.6
15.9
12.3
16.5
Wholesale and retail trade.
Transportation,
communication, and electric, gas, and sanitary
services
Other
37.4
39.6
38.1
34.8
36.4
42.6
36.9
28.3
37.9
28.5
36.7
28.4
29.9
42.0
31.4
8.4
7.7
38.3
28.5
10.1
10.7
9.6
20.3
11.7
13.2
10.6
8.7
9.3
11.8
11.9
11.9
11.2
12.5
13.2
13.2
15.3
16.3
14.7
16.8
15.5
16.0
14.8
17.6
16.1
18.6
15.5
20.2
52.3
50.9
53.6
61.8
60.1
6.0
4.9
4.9
6.7
4.4
58.9
6.1
5.2
5.4
4.7
4.9
5.8
6.1
9.6
10.0
10.3
10.5
11.5
12.7
8.1
Personal consumption expenditures
Durable goods
Nondurable goods
Services
9.6
133.2
140.7
134.0
135.6
137.9
139.8
141.7
143.2
124.7
137.7
132.3
130.1
144.0
141.5
125.3
138.3
133.2
127.2
139.3
135.4
129.3
141.5
137.8
129.5
143.8
140.1
130.0
144.9
142.9
131.5
145.9
145.1
139.8
138.7
150.7
150.3
146.0
160.3
140.6
139.2
150.9
142.9
140.9
152.8
145.8
142.5
156.6
148.5
144.4
159. 7
151.3
146.9
160.9
155.3
150.2
164.0
133.1
142.5
143.0
142.9
139.8
159.9
160.5
159.4
133.9
144.1
144.5
145.3
135.4
147.5
14S.0
143.9
136.5
153.7
154.3
153.7
137.7
157.6
158.2
157.7
140.8
160.9
161.5
160.6
144.1
166.5
167.3
166.3
122.6
126.9
123.4
123.8
125.2
126.6
127.6
128.3
170.0
194.3
179.2
211.1
172.0
198.4
174.0
199.3
175.9
207.0
180.8
210.6
180.2
213.9
180.1
212.7
136.7
145.7
137.2
139.8
142.3
144.6
146.3
149.4
134.8
137.7
143.4
147.1
134.7
138.6
138.2
140.7
140.6
143.4
142.0
146.2
143.3
148.1
147.6
150.5
Gross private domestic investment
Fixed investment
Nonresidential
Structures
Producers' durable
equipment
Residential
Nonfarm structures _.
Farm structures
Producers' durable
equip ' ent
Change in business inventories
_
Net exports of goods and
services.
Exports.
Imports .
Government purchases
goods and services
of
Federal
State and local .
Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
Gross national product. _ 134.9
139.9
142.3
144.0
146.2
136.3
138.6
140.9
142.8
144.5
127.3
140.4
135.6
129.3
142.7
138.1
130.0
145.3
140.6
130.6
146.6
143.4
132.2
147.8
145.6
144.5
143.0
150.6
148.1
145.1
153.7
136.4
144.0
138.6
147.4
140.3
153.6
151.1
147.6
156.8
142.4
157.4
153.6
149.8
158.4
144.9
160.7
157.4
152.6
160.3
148.1
166.4
181.8
199.2
173.9
188.8
176.2
190.6
177.8
194.5
182.6
198.7
182.6
202.7
182.8
204.9
146.0
137.5
140.4
142.7
144.8
146.6
149.9
145.2
147.6
149.5
150.2
143.9
143.4
143.6
143.7
146.1
145.7
145. 6
143.2
135.5
Personal consumption expenditures
- 134.0
141.7
134.8
124.8
138.9
132.6
130.5
145.6
142.0
125.3
139.6
133.7
141.1
140.3
148.4
152.6
148.9
157.4
142.0
140.9
148.7
135.7
142.5
144.0
159.7
172.4
185.2
137.1
Durable goods
Nondurable goods
Services
137.5
Gross private domestic invest-
Fixed investment
Nonresidential
Structures
Domestic industries
Financial 1
Federal Reserve banks ._.
Other
Rest of the world.
III
Gross national product.. 133.88 141.32 134.56 136.35 138.13 140.52 142.19 144.32
Corporate profits with
inventory
valuation
adjustment and without capital consumption adjustment
__. 142.7
Wholesale and retail trade
Transportation, communication, and electric,
gas,
and sanitary
services
Other
II
Index number, 1972=100
Table 18.—Corporate Profits by Industry (6.18)
Domestic industries.
Financial L.
_
Nonfinancial
I
IV
Seasonally adjusted
Billions of current dollars
Corporate profits with
inventory
valuation
and capital consumption adjustment
_-.
1977
Producers'
durable
equipment _
Residential
Change in business inven-
Net exports of goods and services
Exports
Imports
-
Government purchases
goods and services.
Federal
State and local
of
136.4
137.6
145.2
146.6
136.3
138.3
140.4
140.3
142.3
142.9
143.6
145.7
134.8
134.4
134.7
134.5
143.1
142.6
142.7
142.9
135.4
135.1
135.3
134.9
137.4
137.1
137.1
137.1
139.8
139.4
139.4
139.0
142.2
141.8
141.9
141.6
Addenda:
Final sales
Gross domestic product
Business
Nonfarm
1 Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the
1972 Standard Industrial Classification.
SUEVEY OF CUEKENT BUSINESS
February 1978
1976
1976
1977'
III
1976
1977
IV
II
III
1976
IV
1977 r
III
Index numbers, 1972=100
Gross national product.. 133.88 141.32 134.56 136.35 138.13 140.52 142.19 144.32
III
IV r
133.0
140.2
133.6
135.4
137.1
139.5
141.0
143.0
132.5
139.6
133.1
134.9
136.5
138.9
140.4
142.5
132.4
132.1
146.1
139.1
139.3
136.6
133.0
132.9
140.9
134.5
134.7
132.9
135.9
135.8
144.8
138. 5
138.5
144.2
140.0
140 6
122.5
135.3
Households and institutions. 139.6
Government
. . . 131.5
152.3
139.6
141.1
131.7
143.6
134.9
148.8
136.9
150.6
138.4
152. 4
139.7
157.0
143.3
134.1
141.6
134.8
136.6
138.3
140.8
142.3
133.5
141.0
134.2
136.1
137.7
140.1
141.6
133.6
133.8
128.7
140.6
141.1
121A
134.3
134.6
124.6
135.9
136.5
118.4
137.3
137.4
133.9
139.9
140.2
129.8
141.5
142.5
110.5
135.3
Households and institutions. 139.6
Government
131.5
152.3
139.6
141.1
131.7
143.6
134.9
148.8
136.9
150.6
138.4
152.4
139.7
157.0
143.3
142.1
144.3
136.7
136.4
138.1
138.0
135.6
134.6
136.5
136.4
Rest of the world...
Domestic income
Goods
Final sales
Change in business inventories
131.7
131.4
136.2
135.8
132.2
131.7
133.1
132.9
133.8
133.7
135.9
135.3
Durable goods
Final sales
Change in business inventories
129.0
128.8
134. 5
134.2
130.2
129.6
131.9
131.7
132.6
132.4
133.9
133.2
133.6
133.1
137.3
137.0
133.7
133.1
134.0
133.7
134.7
134.6
137.4
136.8
137.6
137.7
139.3
139.0
133.8
145.8
143.1
158.8
134.7
146.6
137.1
149.1
139.6
153.6
141.9
157.1
144.3
159.8
146.6
164.4
Services
Structures _
Net national product
Net domestic product._
140.3
133.7
Nondurable goods
Final sales
Change in business inventories
II
Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
138.1
141.2
136.2
I
Index numbers, 1972=100
Table 21.—Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)
134.3
IV
Seasonally adjusted
Seasonally adjusted
Final sales.
Change in business inventories
1977
Business .
Nonfarm
Farm
National income
Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)
Business
Nonfarm
Farm
141.8
Rest of the world
Table 25.—-Implicit Price Deflators for Auto Output (7.9)
Gross national product.. 133.88 141.32 134.56 136.35 138.13 140.52 142.19 144.32
133.4
140.8
134.1
135.9
137.6
140.0
141.7
143.8
Business.
133.5
Nonfarm
133.3
Nonfarm less housing—. 134.6
Housing __
121.5
145.1
Farm.
Residual
140.5
140.7
141.9
129. 6
140. 5
134.2
134.1
135.4
122.3
141.6
135.8
135.9
137.3
123.9
136.2
137.3
137.1
138.4
126.5
145.6
139.8
139.7
141.0
128.6
145.6
141.5
142.0
143.3
130.6
130.5
143.4
Households and institutions. 139.6
152.3
141.1
143.6
148.8
150.6
152.4
157.0
Government
Federal. .
State and local
139.6
136. 6
141.0
131.7
127.6
133.8
134.9
133.2
135.7
136.9
134.6
138.0
138.4
134.9
140.2
139.7
135.1
141.9
143. 3
142.0
144.0
Gross domestic product.
131.5
128.8
132.8
132. 6
140.6
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
133.88 141.32 134.56 136.35 138.13 140.52 142.19 144.32
142.1
151.8
143.2
145.3
147.6
149.3
153.2
156. 5
Equals: Net national product... 133.0
140.2
133.6
135.4
137.1
139.5
141.0
143.0
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government
enterprises
Kesidual
Equals: National income
Addenda:
Domestic
output of new
autos l
Sales of imported new autos 2
125.:
129.9
125.2
126.6
128.4
130.5
131.4
134.1
141.6
134.8
136.6
138.3
140.8
142.3
129.2
125.5
131.0
126.3
129.1
130.3
129.7
129.8
134.2
125.1
131.2
126.3
129.1
130.9
130.5
129.9
133.5
132.1
122.3
140.6
128.7
133.8
122.5
136.9
124.9
139.9
126.3
139. 7
127.4
140.1
128.9
142.9
132.5
106.1
122.1
105.3
128.5
104.0
122.3
105.1
124.7
101.5
126.1
102.2
127.2
104.1
128.7
113.4
132.0
121.9
143.6
128.9
154.2
122.5
143.2
125.3
147. 2
125.7
145.5
127.9
148.9
130.0
157.7
132.2
163.6
121.8
122.8
121.2
122.5
119.5
121.5
121.8
127.7
122.2
122.3
128.7
128.7
122.4
122.5
124.9
124.9
126.2
126.3
127.4
127.4
129.0
128.9
132.3
132.3
Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption
expenditures
Durable goods
»• 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.
t( NOTE.—Table 21: "Final sales" is classified as durable or nondurable by type of product.
"Change in business inventories" is classified as follows: For manufacturing, by the type«of
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Tables 22 and 24: The industry classification within the business sector is on an establishment basis and is based on the 1972 Standard Industrial Classification.
255-267 O - 78 - 2
Auto output .
Final sales
Personal consumption expenditures
New autos
. .
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used
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
133.2
140.7
134.0
135.6
137.9
139.8
141.7
143.2
124.7
130.1
125.3
127.2
129.3
129.5
130.0
131.5
129.1
137.0
130.2
133.6
136.1
135.9
136.8
139.2
120.9
122.1
124.1
125.8
121.2
122.5
121.8
123.9
123.1
124.8
123.9
125.1
124.4
126.1
125.1
127.2
137.7
144.0
138.3
139.3
141.5
143.8
144.9
145.9
147.0 141.7
122. 5 118.8
173.9 165.1
239.7 214.0
139.3 132.5
141.5
119.6
170.0
218.8
134.3
143.9
121.1
170.7
230.4
136.6
147.2
121.9
173.3
240.0
138.3
148.1
123.4
173. 5
244.6
140.3
148.8
123.7
177.9
245.2
142.1
133.2
135.4
137.8
140.1
142.9
145.1
127.6
144.6
164.1
130.3
135.6
144.7
129.6
145.2
166.4
131.2
138. 3
147.8
131.7
149.3
173.2
132.4
142.6
150.6
133.9
150. 6
174.5
133. 8
144.4
153.2
-. 141.2
117.9
164.4
212.1
131.9
132.3
123.2
138.4
154.3
127.4
127.5
139.0
141.5
130.7
147.5
169.6
131.9
140.2
149.1
124.1
139.2
156.2
128.0
130.0
139.9
125.7
142.9
161.0
129.6
132.9
141.7
SURVEY OF CURRENT BUSINESS
10
1977
1976
1976
1977 r
III
February 1&78
I
IV
II
III
IV'
1976
1977'
III
Seasonally adjusted
Percent
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
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 deflatorsChain price index
Fixed-weighted
price
index
Services:
Current dollars
1972 dollars
Implicit price deflator. _Chain price index
Fixed-weighted
price
index
Gross private domestic investment:
Current dollars
_.
. . .
1972 dollars
Implicit price deflator
Fixed-weighted price index.
Fixed investment:
Current dollars
1972 dollars
Implicit price deflator. _
Chain price index._. _
Fixed-weighted
price
index
_____
Nonresidential:
Current dollars
1972 dollars
Implicit price deflator..
Chain price i n d e x . . . _
Fixed-weighted
price
index
Structures:
Current
dollars. . -_
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Producers'
durable
equipment:
Current dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Residential:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted
price
index
11.6
6.0
5.3
5.6
10.8
4.9
5.6
6.0
8.6
3.9
4.6
4.6
6.7
1.2
5.4
5.9
13.2
7.5
5.3
6.9
13.7
6.2
7.1
7.0
10.2
5.1
4.8
4.3
10.4
5.6
6.1
4.8
6.0
7.1
7.0
4.8
6.3
11.6
10.7
14.1
12.2
4.9
8.6
5.1
7.6
1.8
5.3
5.2
5.2
5.0
4.6
4.6
6.8
7.0
7.0
5.7
6.6
6.8
8.6
3.0
14.3
6.0
9.1
3.6
6.7
18.8
11.8
6.2
6.8
28.2
20.2
6.6
6.5
3.6
5.3
5.3
5.3
19.6
13.1
5.7
5.4
5.6
5.7
5.8
13.2
8.4
1.5
4.4
4.6
5.2
4.3
4.6
4.2
8.2
4.6
3.4
3.4
8.6
3.8
4.6
4.8
7.1
3.4
4.8
5.6
2.8
4.1
4.1
4.2
6.7
13.3
10.2
2.8
2.4
2.4
6.3
3.0
.6
1.9
2.2
4.0
6.1
6.2
9.4
4.5
4.7
5.5
5.4
5.4
4.8
-2.2
-3.9
1.7
1.8
21.2
16.0
4.4
4.7
2.0
5.0
7.0
.3
6.7
6.6
6.8
.3
6.5
7.4
6.4
3.0
3.2
3.6
6.7
7.5
3.6
6.0
7.5
8.2
6.3
17.3 - 1 6 . 1
9.9 -20.9
55.5
48.4
38.6
24.3
12.4
7.5
2.1
13.3
6.2
6.7
5.9
7.2
7.0
6.6
28.7
22.2
20.8
12.9
5.8
6.2
22.4
10.1
11.2
10.6
6.5
7.3
10.2
8.3
6.9
10.2
8.2
6.7
4.8
6.0
24.5
19.0
4.6
5.1
12.8
7.0
5.4
6.7
11.6
3.9
7.4
6.2
16.6
4.8
5.5
14.5
8.8
5.3
5.8
13.4
9.0
4.1
4.6
5.4
6.1
4.6
6.0
6.2
7.1
6.0
6.6
2.2
3.3
3.1
3.6
10.3
6.4
6.1
- 1.3
.1
1.4
2.5
7.5
2.2
5.2
5.1
- 36.3
.5
10.2
8.1
24.0
14.7
8.1
8.6
10.8
7.3
3.3
4.8
14.6
6.3
7.8
5.5
2.8
6.1
2.3
5.2
8.4
8.3
4.2
5.1
10.2
42
5.8
6.8
16.8
11 2
5.0
5.7
20.4
13 4
6.1
5.8
6.2
16
4.6
6.4
34.7
30 5
3.3
3.5
7.6
3.9
3.6
5.7
12.0
2.5
9.3
6.9
17.7
7.2
9.8
9.9
7.1
6.1
6.1
6.5
4.8
6.3
7.1
9.3
32.2
23.2
7.3
7.3
33.7
19.2
12.2
12.2
9.7
—. 4
63.3
48.8
9.7
9.7
24.2
5.4
17.9
17.9
57.9
42.6
10.8
10.5
7.7
-.7
8.5
8.7
34.6
17.2
14.8
15.1
7.3
12.1
9.7
17.8
10.5
8.7
15.0
6.0
8.6
3.6
16.2
10.1
1.8
19.3
7.0
11.5
11.2
11.2
4.1
5.5
-1.3
-.3
-.1
-13.3
-13.1
-.2
.5
.4
Imports:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
22.2
18.4
3.2
2.9
2.5
19.7
10,2
8.6
7.3
7.6
29.9
10.8
17.3
14.7
13.0
13.0
11.0
1.9
4.1
4.0
35.4
16.6
16.2
6.9
8.3
22.1
13.9
7.2
7.4
8.8
-.7
-6.7
6.4
10.3
8.3
2.8
5.1
-2.2
3.7
4.4
Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
6.6
.5
6.0
6.1
5.8
9.3
2.5
6.5
4.7
.3
4.4
4.8
4.5
7.9
.0
8.0
8.4
8.6
5.4
-1.9
7.4
7.0
6.8
17.9
10.6
6.6
6.2
6.1
11.0
6.1
4.6
4.2
5.1
13.1
4.0
8.8
9.2
9.3
Federal:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted price index
5.5
-.2
5.7
5.9
11.8
5.0
6.4
6.2
5.6
2.5
3.0
3.8
12.6
1.6
10.8
12.3
-.3
6.9
5.5
23.3
18.2
4.3
3.3
12.9
8.9
3.6
2.5
16.4
3.3
12.7
14.1
5.6
6.5
3.8
12.8
5.6
3.4
4.6
12.6
State and local:
Current dollars
1972 dollars
Implicit price deflator._.
C hain price index
Fixed-weighted price index
7.2
1.0
6.2
6.1
7.9
1.1
6.8
6.7
4.2
-1.0
5.2
5.4
5.4
-1.0
6.4
6.3
4.7
-2.8
7.7
7.9
14.9
6.3
8.1
7.9
4.4
5.3
5.2
11.2
4.3
6.6
6.5
5.0
5.9
7.7
7.9
5.5
7.1
5.8
Addenda:
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
7.6
7.0
5.6
6.0
4.4
.0
4.4
3.2
3.9
-8.4
10.3
2.5
-4.2
4.7
5.5
5.4
Final sales:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted price index
25.7
16.8
7.6
7.8
6.2
Percent at annual rate
20.9
11.7
8.3
7.6
7.4
6.2
6.2
24.4
14.7
8.4
9.0
12.3
8.6
IV'
7.7
2.2
5.4
5.3
5.5
4.2
21.3
13.8
6.6
7.1
20.2
11.8
7.5
7.7
14.7
III
10.6
6.5
3.8
3.6
3.1
10.7
14.3
5.4
8.5
8.1
11.7
4.9
6.4
6.4
II
Exports:
Current dollars
1972 dollars.
Implicit price deflator
Chain price index
Fixed-weighted price index__
3.1
9.6
2.7
6.8
7.5
11.9
4.6
7.0
7.0
I
Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes—Con.
16.0
12.9
2.7
3.1
12.0
4.4
7.3
7.4
7.5
12.4
4.9
7.1
7.1
IV
Seasonally adjusted
Percent at annual rate
Percent
1977
1976
Business:
Current dollars
1972 dollars
Implicit price deflator._.
Chain price index
Fixed-weighted price index
6.9
9.1
8.4
7.6
Nonfarm:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price
index
Disposable personal income:
Current dollars
1972 dollars
r
9.9
4.5
5.2
5.6
10.6
4.7
5.6
6.0
7.9
3.4
4.4
4.6
12.4
6.3
5.8
5.9
9.6
3.8
5.6
6.9
11.9
5.1
6.5
7.0
9.9
4.4
5.3
4.3
13.5
6.8
6.3
6.2
5.6
6.1
4.8
6.0
7.1
7.0
4.9
6.3
11.4
5.9
5.2
5.6
6.6
10.7
4.9
5.5
6.0
6.1
8.2
3.7
4.4
4.5
4.6
6.9
1.3
5.5
6.0
6.1
12.6
7.2
5.0
6.7
7.0
13.6
6.1
7.1
7.0
7.0
10.5
5.3
4.9
4.3
4.8
10.9
4.3
6.3
6.3
6.4
12.0
6.7
4.9
5.4
11.0
5.5
5.3
5.8
8.6
4.2
4.2
4.3
6.2
1.3
4.9
5.4
13.3
8.4
4.5
6.5
14.9
7.5
7.5
10.9
5.6
5.1
4.3
10.3
4.6
5.5
5.5
5.4
6.0
4.5
5.5
6.8
7.5
5.0
5.5
12.7
7.1
5.2
5.5
11.6
5.7
5.6
6.1
9.4
3.4
5.9
5.6
7.0
1.4
5.5
6.5
13.1
9.0
3.7
5.5
16.9
8.4
7.8
7.5
11.7
4.8
6.7
5.6
4.4
5.6
6.3
5.9
6.7
5.8
7.5
6.2
9.4
3.8
10.4
4.5
6.7
1.3
10.2
4.9
10.1
3.1
13.4
7.3
10.0
4.3
14.1
9.2
Revised.
NOTE.—Table 27: The implicit price deflator for GNP is a weighted average
of the detailed price indexes used in the deflation of GNP. In each period, the
weights are based on the composition of constant-dollar output in that period.
In other words, the price index for each item is weighted by the ratio of the
quantity of the item valued in 1972 prices to the total output in 1972 prices.
Changes in the implicit price deflator reflect both changes in prices and changes
in the composition of output. The chain price index uses as weights the composition of output in the prior period, and, therefore, reflects only the change in
prices between the two periods. However, comparisons of percent changes in
the chain index also reflect changes in the composition of output. The fixedweighted price index uses as weights the composition of output in 1972.
Accordingly, comparisons over any timespan reflect only changes in prices.
February 1978
SURVEY OF CURRENT BUSINESS
11
Manufacturing and Trade Inventories and Sales in Constant Dollars, 1976:I-1977:IV
Quarterly estimates of inventories, sales, and inventory-sales ratios for manufacturing and trade, in constant dollars, for 1976: 1-1977: IV are shown in tables 1-4. These estimates are
consistent with those presented in the July 1977 SURVEY OF CURRENT BUSINESS. Estimates for 1973: IV-1975: IV appear in the August 1977 issue.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars, Seasonally Adjusted, End of Quarter
Table 2.—Manufacturing and Trade Sales in Constant Dollars,
Seasonally Adjusted, Quarterly Totals at Monthly Rate
[Billions of 1972 dollars]
[Billions of 1972 dollars]
1976
Manufacturing and trade
Manufacturing
Durable goods
Primary metals
Fabricated metal products
Machinery, except electrical
Electrical machinery
Motor vehicles and parts
Other transportation l equipment.
Other durable goods
Nondurable goods._
Food and kindred products
Nonfood
Paper and allied products
Chemicals and allied products
Petroleum and coal products..
Rubber and plastic products..
Other nondurable goods 2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Automotive dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
1977
II
III
IV
218.8
222.3
225.8
225.9
228.5
124.4
126.1
127.7
128.1
128.7
81.4
13.3
10.2
18.0
10.8
5.0
10.0
14.1
42.9
12.2
30.7
3.5
7.4
3.1
2.7
14.0
82.0
13.6
10.0
17.9
11.2
5.1
9.9
14.3
44.1
12.7
31.3
3.6
7.5
3.2
2.7
14.4
82.4
13.9
10.2
17.9
11.3
5.0
9.8
14.3
45.3
13.5
31.8
3.6
7.8
3.2
2.7
14.4
82.7
14.3
10.3
18.0
11.4
4.8
9.5
14.4
45 4
13.6
31.8
3.7
7.9
3.3
2.8
14.2
83.0
14.2
10.2
18.1
11.8
4.9
9.3
14.6
45.7
13.8
31.9
3.7
7.8
3.3
2.9
14.2
36.1
37.2
37.8
37.8
22.4
13.7
4.8
8.9
23.0
14.2
5.3
8.9
23.4
14.3
5.2
9.2
23.1
14.7
5.3
9.3
58.3
59.0
60.3
60.1
26.3
12.8
13.5
32.0
6.1
25.9
26.4
12.5
13.8
32.7
6.1
26.6
27.5
13.2
14.2
32.9
6.3
26.6
27.4
13.2
14.2
32.6
6.5
26.2
II
Durable goods
._
_
Primary metals
Fabricated metal products
Machinery, except electrical
Electrical machinery
M otor vehicles and parts
Other transportation l equipment
Other durable goods
Nondurable goods
Food and kindred products
Nonfood
Paper and allied products
.. .
Chemicals and allied products
Petroleum and coal products
Rubber and plastic products
Other nondurable goods 2
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
Durable goods
Automotive dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
.
131.9
133.3
134.2
135.3
139.2
65.9
66.7
66.7
66.9
69.7
84.2
14.3
10.5
18.6
12.2
4.8
9.2
14.6
47.0
13.5
33.5
3.9
8.4
3.6
2.9
14.6
35.2
4.7
4.4
6.2
4.6
5.6
2.7
7.0
30.7
10.0
20.7
2.5
5.3
2.8
1.8
8.3
35.9
5.0
4.5
6.4
4.7
5.6
2.7
7.0
30.8
10.0
20.8
2.6
5.2
2.9
1.8
8.4
35.6
5.0
4.4
6.3
4.8
5.5
2.5
7.1
31.1
10.5
20.6
2.5
5.2
2.9
1.7
8.3
35.8
4.6
4.4
6.3
4.9
5.8
2.6
7.1
31.1
10.4
20.7
2.5
5.3
2.8
1.8
8.3
39.4
40.0
26.4
26.8
27.7
24.7
14.7
5.2
9.6
25.2
14.8
5.3
9.5
12.0
14.4
7.1
7.3
12.1
14.7
7.2
7.5
12.2
15.4
8.0
7.5
64.4
64.8
39.6
39.8
39.9
231.5
235.2
235.9
130.3
131.4
131.1
14.4
10.4
18.2
12.0
5.0
9.3
14.7
46.4
13.9
32.5
3.9
7.9
3.4
14.3
84.2
14.4
10.6
18.3
12.1
4.8
9.4
14.6
47.3
14.1
33.1
3.9
8.2
3.5
3.0
14.5
38.5
38.9
23.7
14.9
5.4
9.5
24.3
14.6
5.3
9.3
61.2
62.4
27.9
13.3
14.5
33.3
6.4
26.9
28.2
13.5
14.6
34.2
6.3
27.9
29.1
13.8
15.3
35.3
6.5
28.8
29.3
14.1
15.3
35.4
6.5
29.0
13.4
7.9
5.6
26.2
7.9
18.2
13.5
7.9
5.6
26.3
8.1
18.2
13.4
7.8
5.6
26.5
8.1
18.3
III
IV
140.3
141.4
144.8
69.8
70.2
71.4
38.0
4.8
4.6
6.5
5.1
6.8
2.8
7.5
31.6
10.3
21.4
2.6
5.6
3.0
1.9
8.2
38.3
5.1
4.6
6.6
5.1
6.5
2.8
7.6
31.6
10.0
21.6
2.7
5.6
3.0
1.9
8.4
38.1
4.9
4.5
6.7
5.2
6.4
2.8
7.5
32.1
10.3
21.8
2.6
5.6
3.0
1.9
8.7
39.0
5.0
4.7
6.9
5.4
6.5
2.8
7.7
32.4
10.5
21.9
2.6
5.6
3.0
2.0
8.7
27.6
28.3
29.1
29.7
30.2
12.2
15.4
7.9
7.5
12.8
15.5
7.7
7.7
13.0
16.0
8.2
7.9
13.2
16.4
8.6
7.8
14.1
16.1
8.5
7.6
40.8
41.3
41.4
41.6
43.2
14.3
8.4
5.9
27.1
8.4
18.7
14.2
8.3
6.0
27.3
8.4
18.9
15.0
8.8
6.2
28.2
8.6
19.6
13.6
7.9
5.7
27.2
8.4
18.8
II
14.2
8.5
5.7
27.1
8.3
18.7
Table 4.—Fixed- Weighted Constant-Dollar Inventory-Sales Ratios
for Manufacturing and Trade, Seasonally Adjusted
[Ratio, based on 1972 dollars]
[Ratio, based on 1972 dollars!
II
1977
III
IV
I
II
1977
1976
III
IV
I
II
III
IV
I
II
III
IV
1.66
1.67
1.68
1.67
1.64
1.65
1.66
1.63
1.65
1.66
1.69
1.68
1.65
1.65
1.67
1.62
1.89
1.89
1.91
1.92
1.85
1.87
L.87
1.84
1.90
1.90
1.93
1.93
1.87
1.88
1.89
1.85
2.32
2 87
2.32
2.90
2.35
.88
3.76
2.31
2 76
2.33
2.82
2.38
.91
3 88
2.03
1.46
1.29
1 54
1.43
L52
1.11
1.54
1.74
2.31
3 08
2.35
2.84
2.32
.83
3 64
2.04
1.46
1.30
1 54
1.48
1.49
1.17
1.58
1.70
2.18
2 96
2.21
2.77
2.31
.72
3 33
1.96
1.45
1.34
1 50
1.42
1.39
1.11
1.50
1.73
2.19
2 83
2.23
2.75
2.38
.76
3 29
2.21
2 91
j2.33
2.75
2.35
.75
•j 34
L. 94
L.47
L.37
L 52
L. 51
L.49
L. 18
L.54
L66
2.16
2 88
2.26
2.70
2.28
.73
3 26
1.88
1.45
1.29
1 53
1.48
1.51
1.20
1.50
1.67
2.32
2.29
2.32
2.33
2.22
2.22
2.23
2.18
2.01
1.40
1.23
1 48
1.37
1.40
1.12
1.50
1.68
2.29
2 72
2.23
2.80
2.39
.91
3 73
2.03
1.43
1.27
1 50
1.41
1.44
1.10
1.48
1.72
1.39
1.43
1.47
1.46
1.45
1.48
1.48
1.46
1. 94
1.47
1.40
1 51
1.43
1.42
1.16
1.53
1.70
1.37
1.39
1.37
1.37
1.36
1.34
11.33
1.33
1.36
1.38
1.38
1.38
1.36
1.34
1.35
1.32
1.86
.95
.67
1.23
1.90
.97
.74
1.19
1.91
.93
.65
1.23
1.89
.95
.67
1.25
1.85
.96
.70
1.23
1.86
.91
.65
1.18
] .87
.90
.60
1.22
1.79
.92
.63
1.24
1.84
.94
1.88
.95
1.90
.94
1.87
.96
1.83
.96
1.84
.91
1.85
.91
1.77
.93
1.47
1.48
1.51
1.47
1.48
1.51
1.55
1.50
1.44
1.45
1.48
1.44
1.45
1.47
1.50
1.44
1.96
1.62
2.43
1.22
1.95
1 59
2.46
1.24
75
1.46
2.05
1 70
2.54
1.24
77
1.45
2.01
1.68
2.48
1.20
1.96
1.56
2.55
1.23
.77
1.44
1.97
1.61
2.49
1.26
.76
1.49
S.04
1.fifi
2.56
1.29
.78
1.52
1.96
1.60
2.47
1.25
.75
1.48
1.91
1.90
2.00
1.96
1.92
1.93
1.99
1.90
1.20
1.23
1.22
1.18
1.22
1.24
1.23
1.20
.76
1.42
78
1.39
1. Includes stone, clay and glass products; instruments and related products; and other
durable goods.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Tables 1, 2, and 3: Manufacturing inventories are classified according to the type of
product produced by the establishment holding inventories; constant dollar inventories in
table 16 of the national income and product tables include, in addition to the industries shown
here, nonmerchant wholesalers, other nonfarm industries, and farms.
IV
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing
and Trade, Seasonally Adjusted
I
Manufacturing
III
IV
1976
Manufacturing and trade
II
III
2.9
1977
1976
Table 4: The weighted I-S ratios shown in this table were obtained by weighting detailed
industry I-S ratios with 1972 sales. Additional industrial detail was used than is shown in
table 2. For manufacturing, I-S ratios for 21 industries were weighted by sales, for merchant
wholesalers, 7 categories of business, and for retail trade, 8.
As indicated in the July 1977 SURVEY, the industrial classification underlying the revised
N I P A estimates is now based on the 1972 Standard Industrial Classification (SIC), replacing
the 1967 SIC. In tables 1-4, the estimates for manufacturing also are based on the 1972 SIC.
The estimates for merchant wholesale and retail trade are based on the 1967 SIC.
By FRANK W. SEGEL and FREDERICK J. DREILING
Pollution Abatement and Control Expenditures, 1972-70
E:
i XPENDITURESf or air, water, solid
waste, and other pollution abatement
and control (PAC) increased 18 percent
in 1975 (to $30.9 billion) and 12 percent
in 1976 (to $34.7 billion) (table 1 and
chart I). 1 As a share of GNP, PAC
expenditures were 2.0 percent in both
1976 and 1975, up from 1.6 percent in
1972. Per capita PAC expenditures
have increased from $90 in 1972 to
$162 in 1976.
About 95 percent of PAC expenditures (net of costs recovered) in 1976
was for goods and services to reduce pollution emissions directly, 3 percent
was for research and development, and
2 percent for regulation and monitoring.
This distribution has varied little since
1972.
Pollution abatement expenditures
(PAE) totaled $29.2 billion in 1975—
consumers spent $3.7 billion, business
1. PAC expenditures consist of all expenditures for reducing the emission of pollutants, and excludes expenditures for
other aspects of environmental protection, such as the conservation of natural resources or the protection of endangered
species. PAC spending is denned to include pollution abatement expenditures (PAE), which reduce emissions directly,
plus expenditures for regulation and monitoring and for
research and development, which lead indirectly to the
reduction of emissions. Because data are not available, the
national estimates exclude expenditures by agricultural
business; real estate operators; private medical, legal, educational, and cultural services; and nonprofit organizations.
See "National Expenditures for Pollution Abatement and
Control, 1972," in the February 1975 SURVEY OF CURRENT
BUSINESS for details on concepts and definitions. The technical note at the end of this article describes the improved
data and estimating procedures used to prepare the 1976
and 1975 estimates and to revise the estimates for 1974,1973,
and 1972.
$17.8 billion, and government $7.7
billion. In 1976, PAE totaled $32.8
billion—consumers spent $4.4 billion,
business $19.9 billion, and government
$8.5 billion.
These estimates are not adjusted for
price changes. There is, as yet, no price
index for abatement goods and services,
but prices of all goods and services—
as measured by the GNP implicit price
deflator—rose 9.6 percent in 1975 and
5.3 percent in 1976. Thus, it is possible
that a substantial part of the 1975
increase in PAC spending reflects price
increases, and that some of its deceleration in 1976 is due to the deceleration of
prices.
Table 1.—National Expenditures for
[Millions of
1972 r
Total
x
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Pollution abatement and control
Pollution abatement3
Personal consumption._
Durable goods
Nondurable goods and services
Business _
On capital account
On current account
Private
Government enterprise
Costs recovered
Government _
Federal
State and local.
Government enterprisefixedcapital
Regulation and monitoring
Federal..
"
State and local .
Research and development _ _
Private..
Federal
State and local
"""
Addendum:
Business capital consumption allowance. 4
' Revised.
v Preliminary.
• Less t h a n $500,000.
Air
Water
Other
and
Solid
Total
waste unallocated 2
Air
Water
Other
and
Total
Solid
waste unallocated 2
Air
Water
Other
and
Solid
waste unallocated 2
18,699
6,719
8,704
3,499
-224
22,412
8,676
9,982
3,979
-225
26,214
10,563
11,470
4,373
-193
17,511
6,046
8,419
3,458
-412
21,021
7,928
9,628
3,928
-463
24,628
9,780
11,070
4,311
-534
1,604
473
1,131
1,604
473
1,131
2,158
669
1,489
2,158
669
1,489
2,746
685
2,061
2,746
685
2,061
11,075
5,709
5,365
4,634
1,147
-415
4,281
2,636
1,645
1,627
18
4,895
2,758
2,137
1,008
1,129
2,314
315
1,999
1,999
13,434
7,024
6,410
5,537
1,343
-470
5,626
3,524
2,103
2,072
30
5,628
3,097
2,531
1,218
1,313
2,649
403
2,247
2,247
15,346
7,345
8,001
6,906
1,633
-538
6,862
3,801
3,062
3,001
61
6,150
3,126
3,025
1,452
1,572
2,872
419
2,453
2,453
-538
4,832
143
1,335
3,355
160
56
(*)
105
3,524
79
195
3,250
1,144
5
1,140
4
3
1
5,429
207
1,456
3,767
144
47
(*)
97
4,000
137
193
3,670
1,278
16
1,262
7
6
1
6,536
298
1,613
4,624
172
56
1
116
4,920
199
212
4,509
1,439
38
1,401
4
4
367
200
167
143
48
95
144
79
65
14
9
5
66
64
2
490
278
212
165
50
115
190
99
92
18
14
4
117
15
2
598
349
249
184
53
131
248
135
113
27
22
5
139
138
(*)
822
518
205
99
531
410
104
17
141
63
34
44
27
12
6
10
122
32
62
28
902
568
269
65
583
451
126
6
164
69
62
33
33
13
11
9
122
35
69
18
988
606
344
39
599
491
101
7
153
56
79
18
35
13
17
5
202
46
147
9
-415
-415
-415
1,570
1. Excludes agricultural business; real estate operators; private medical, legal, educational,
and cultural services; and nonprofit organizations.
12
1974 r
1973 r
1 858
-470
-470
-470
-538
-538
2,289
2. "Other" includes expenditures-for abatement and control of noise, radiation, and pesticide pollution. "Unallocated" includes business expenditures not assigned to media.
3. PAE is attributed to the sector that performs the abatement activity.
4. Valued in current prices.
SURVEY OF CURRENT BUSINESS
February 1978
13
CHART 1
Pollution Abatement and Control Expenditures by Media, Sector, and Type
10 -
- 10
5 -
- 5
oi
Biiiiliiili
—
llijini
I—
••I
1972
1973
1974
1975
1976
I
L_JiM___BB_JHL_iM__iM__l
1972
1973
1974
1975
1
1976
wmi
llSllll
••ill
11111 ttmm lo
1972
1973
1974
1975
1976
NOTE.-Data are from table 1. Business is the sum of lines 6 and 20; government, lines 12, 16, 21, and 22; consumers, line 3; capital, 7 and 15; and other, lines 3, 8, 13, 14, 16, and 19. Media bars do not include amounts classified as
"Other and unallocated" in table 1.
78-2-1
U.S. Department of Commerce, Bureau of Economic Analysis
Changes in spending levels, 1975-76
Pollution Abatement and Control
dollars]
1975 P
Total
30,942
1976 *
Water
Air
13,059
13,306
Solid
waste
4,800
29,192
12,272
3,675
1,349
2,326
3,675
1,349
2,326
17,823
8,416
9,407
8,177
1,923
-694
8,380
4,575
3,805
3,727
78
7,002
3,422
3,580
1,735
1,845
3,135
420
2,715
2,715
7,694
435
1,822
5,437
217
88
1
128
5,861
273
280
5,309
1,591
50
1,541
646
375
271
204
66
138
279
153
126
33
26
6
1,104
607
450
47
583
466
109
8
164
67
78
19
42
21
15
6
12,863
4,726
Other
and
unallocated 2
-224
-669
34,679
Water
Air
14,536
15,104
Solid
waste
5,318
5,253
Other
and
unallocated 2
-279
1
-797
2
32, 769
13, 710
4,430
1,815
2,615
4,430
1^815
2,615
19,867
9,004
10,863
9,549
2 168
-855
9,024
4,571
4,452
4,375
78
8,157
3,981
4,177
2,087
2 090
3,540
452
3,088
3,088
25
24
1
8,472
473
1,979
6,021
256
105
1
150
6,446
260
315
5,871
1,713
52
1,661
58
56
2
12
13
14
15
130
130
716
387
328
214
69
145
324
151
173
27
21
6
151
147
4
16
17
18
316
53
249
14
1,194
618
531
45
612
475
131
6
177
74
85
18
39
20
14
4
367
49
301
17
19
20
21
22
-694
-694
-694
2,950
Total
(•)
3,361
14,603
3
4
5
-855
-855
-855
6
7
8
9
10
11
23
In 1975, PAC spending increased $4.7
billion—the largest absolute increase
and the second largest percentage increase in the 5-year period for which
estimates are available; in 1976, the
increase was only $3.7 billion—no larger
than in 1973 and the smallest percentage increase in the period. The contrast
between the 2 years is consistent with
patterns of PAC spending that have
become apparent. Capital expenditures
by business and government enterprises
(and consumer purchases of durable
goods) increase unevenly as abatement
compliance deadlines are effective, as
the flow of Federal funds varies, and as
general capital spending fluctuates. Operating costs rise steadily with the
buildup of pollution abatement capital
stock except when the prices of major
components increase sharply as did the
price of fuel in 1974.
A high level of government regulation
and funding activity stimulated capital
PAC spending in 1975, but that stimulation was not sustained in 1976. In
1975, capital spending by business and
government enterprises rose 16 percent
($1.9 billion) as several national abate-
SUEVEY OF CURRENT BUSINESS
14
February 1978
Table 2.—Business and Government Expenditures for Air and Water Pollution Abatement
[Millions of dollars]
Water
Air
1972 r
Business (line 6) ».
On capital account (line 7)
Motor vehicle emission abatement
Plant and equipment expenditures
Electric utility cooperatives.
_
Residential systems 2
On current account (line 8)
Private (line 9)
Motor vehicle emission abatement
...
Manufacturing establishments
Privately owned electric utility establishments
Other nonmanufacturing establishments
Residential systems2
1974 r
1975 v
1972 r
1976 v
1973 r
1974 '
1975
1976
P
P
4,281
5,626
6,862
8,380
9,024
4,895
5,628
6,150
7,002
8,157
2,636
218
2,405
3,524
335
3,176
13
3,801
427
3,342
31
4,575
751
3,790
34
4,571
939
3,593
40
2,758
3,097
3,126
3,422
3,981
i,508
5
1,246
1,762
8
1,328
1,876
7
1,243
2,362
6
1,053
2,743
8
1,229
1,645
1,627
457
744
223
202
2,103
2,072
641
830
370
231
3,062
3,001
1,060
969
712
259
3,805
3,727
1,407
1,200
802
319
4,452
4,375
1,675
1,501
797
402
2,137
1,008
2,531
1,218
3,025
1,452
3,580
1,735
4,177
2,087
572
31
210
195
705
35
269
209
843
54
327
228
1,016
73
399
247
1,239
96
487
265
18
18
30
30
61
61
78
78
78
78
1,129
4
1,124
1,313
5
1,308
1,572
5
1,567
1,845
7
1,838
2,090
10
2,081
160
144
172
217
256
3,524
4,000
4,920
5,861
6,446
56
56
47
47
56
56
88
88
105
105
79
70
9
137
129
8
199
192
8
273
266
7
260
252
1
1
1
1
1
1
195
193
212
280
315
195
193
212
280
315
116
116
128
128
150
150
3,250
43
3,207
3,670
68
3,602
4,509
88
4,421
5,309
81
5,228
5,871
107
5,764
Government enterprise (line 10)
Publicly owned electric utilities
Public sewer systems
Costs recovered 3 Giiie 11)
Government (line 12).
Federal (line 13)
Federal excl. highway erosion abatement
Highway erosion abatement
State and local (line 14)
Motor vehicle emission abatement
Highway erosion abatement
Government enterprise fixed capital (line 15)
Publicly owned electric utilities....
Public sewer systems
1973 r
(*)
(•)
(•)
(*)
105
105
97
97
'Revised. » Preliminary.
• Less than $500,000.
1. Line numbers correspond to those in table 1.
s
2. Consists of septic systems and sewer connections linking household plumbing to street
sewer lines.
3. Costs recovered cannot be allocated by media.
ment deadlines became effective and
new Federal funds for waste water
treatment plants increased sharply.
Compliance with the national primary
ambient air quality standards became
mandatory in 1975, and guidelines
denning "best practicable technology"
for water pollution control were promulgated for most industries in 1974
and 1975. Largely reflecting these
measures, business investment in pollution abatement structures and equipment rose $0.9 billion.2 The catalytic
2. The term "structures and equipment" describes PAC
expenditures for nonresidential abatement capital. It includes business plant and equipment expenditures and
capital purchases of electric utility cooperatives (table 2).
converter, introduced to meet the 1975
interim vehicle emission standards
(1970 Clean Air Amendments), almost
doubled the price of vehicle emissions
abatement systems, resulting in an additional $0.3 billion increase for business (and an additional $0.7 billion for
consumers). Spending for residential
septic systems and sewer connections
fell $0.2 billion. In contrast, government
enterprise spending for sewer systems
increased $0.8 billion. Spending in 1975
was stimulated by the 1977 deadline
for municipal sewage plant compliance
with secondary treatment standards,
and the 75-percent Federal funding
provisions of the same act.
In 1976, capital spending rose only
8 percent ($1.1 billion) because no new
national abatement deadlines became
effective, and the flow of Federal funds
to municipalities was impeded by administrative problems and by problems
in financing the municipal share of
costs. Business increased its investment
in structures and equipment $0.2 billion; spending for air pollution abatement fell $0.2 billion, but spending for
water rose $0.4 billion. Business spending for motor vehicle emissions abatement systems increased $0.2 billion.
Investment in residential septic systems
increased $0.2 billion, and spending for
Table 3.—Federal Grants to State and Local Governments
[Millions of
Total
1
Pollution abatement and control _ _
2
Pollution abatement
3
Regulation and monitoring
Research and development
4
r Revised.
» Preliminary.
921
756
66
99
*Less than $500,000.
Air
Water
Other
and
Total
Solid
waste unallocated
819
15
31
1,465
753
3
1
1,323
39
21
2
77
17
44
3
10
28
65
56
(*)
1974 r
1973'
1972 r
Water
Air
Other
and
Total
Solid
waste unallocated
Water
Air
Other
and
Solid
unallowaste
cated
1,382
13
20
2,077
53
2,006
8
1,320
3
1
1,947
1
1,945
1
43
30
2
2
92
46
44
2
6
33
9
18
39
7
18
5
50
(*)
10
(*)
9
SURVEY OF CURRENT BUSINESS
February 1978
public sewer systems increased $0.5
billion.
The operating costs of pollution
abatement systems for consumers,
business, and government increased
evenly—$2.0 billion in 1975 and $1.9
billion in 1976. The costs to consumers
and business of operating vehicle emissions abatement systems increased $0.6
billion each year consistent with the
rise in the stock of vehicles with such
systems of 12 percent in 1975 and 10
percent in 1976. Other operating costs
(including those of government enterprises) rose about $1.4 billion each year.
Spending for regulation and monitoring and for research and development together accounted for less than
$0.2 billion of the increase in each
year.
Trends in PAC spending, 1972-76
Total gross expenditures were $35.5
billion in 1976, up from $19.1 billion
in 1972.3 The increase averaged 17
percent per year, compared with 10
percent for GNP; prices—as reflected
in the GNP implicit price deflator—
increased an average 8 percent per
year. Over the period, expenditures for
air PAC increased at an annual rate of
21 percent; water and solid waste
disposal PAC increased at 15 percent
and 11 percent, respectively. The large
increases in spending for air PAC in
1972 through 1975 are explained by
the stringent regulations for air emissions from industry and motor vehicles
required by the 1970 Clean Air Amendments and subsequent amendments.
3. Materials and energy valued at $0.9 and $0.4 billion
were recovered in the process of pollution abatement in 1976
and 1972, respectively, but these recovered costs cannot be
allocated by media.
Following the 1975 compliance deadlines, spending for air PAC decelerated
to 11 percent. Spending for water PAC
increased 14 percent in 1976, probably
because the Federal Water Pollution
Control Act Amendments of 1972
requires the use of the "best practicable
technology" by July 1, 1977.
Future capital spending for PAC will
depend importantly on legislative action and new compliance deadlines.
New motor vehicle emission standards
are scheduled for 1980-81; certain air
quality regions, now excepted, must
meet primary ambient air quality
standards in 1982; and major regulatory
deadlines will occur in 1984 and 1987
when the "best available technology"
will be required for water pollution control. Based on present regulatory schedules, there appear to be no major
stimulants of PAC spending in 1978 or
1979.
Over the 1972-76 period, spending for
regulation and monitoring grew at
about the same rate as spending for
pollution abatement—18 percent and 17
percent, respectively. Spending for research and development grew only 10
percent. The slow growth in research
spending is attributable to a 5-percent
growth in private research spending for
pollution abatement; Federal research
spending grew 27 percent.
Consumer PAE grew at almost twice
the average annual rate of PAE by
business and government—29 percent
compared with 16 percent and 15 percent respectively. Consumer spending
grew more sharply than business spending because it consisted of the rapidly
rising costs of motor vehicle emissions
abatement systems; business spending
includes substantial amounts for struc-
for Pollution Abatement and Control
dollars]
1975 p
Total
Air
1976 P
Solid
waste
Water
Other and
unallocated
Total
Air
Solid
waste
Water
Other and
unallocated
2,590
56
2,508
11
15
3,519
57
3,429
11
23
1
2,441
1
2,437
3
1
3,322
1
3,316
4
2
2
102
47
52
3
151
49
95
-3
4
3
47
8
19
6
45
6
18
4
17
4
C)
14
15
tures and equipment and associated
operating costs, which grew less rapidly.
The growth in government spending
reflected average annual increases of 16
percent in public sewer system investment and 10 percent in spending for
public solid waste collections.
Personal consumption.—Consumer
durable goods purchases for pollution
abatement grew 40 percent annually,
from $0.5 billion in 1972 to $1.8 billion
in 1976. Most of the growth occurred
in the last 2 years as a result of a near
doubling of the price of auto emission
controls in 1975 and the 31-percent
increase in consumer purchases of new
autos in 1976.
Consumer purchases of nondurable
goods and services, which consisted
of the costs of operating motor vehicle
emissions abatement systems, rose 23
percent annually in 1972-76 to $2.6
billion. These operating costs increased
gradually, except in 1974, when a $0.6
billion increase resulted from the sharp
rise in fuel prices. Prior to 1975, the
increases in operating costs were due
to engine timing and carburetor adjustments that reduce gasoline mileage.
In 1975, the catalytic converter was
introduced; it increases costs by requiring expensive unleaded gasoline.
Business.—Capital PAE rose 12 percent annually—from $5.7 billion in
1972 to $9.0 billion in 1976. It rose
sharply in 1973 and 1975. A 23-percent
increase in 1973 was largely due to
substantial new structures and equipment spending for air pollution abatement; a 15-percent increase in 1975
was the result of a combination of compliance deadlines in both air and water
emission controls and the more expensive vehicle emissions abatement system
previously mentioned.
Business operating costs increased
at an annual rate of 19 percent—from
$5.4 billion in 1972 to $10.9 billion in
1976. These costs increased evenly,
except in 1974 when higher fuel prices
caused a $0.3 billion increase in the
abatement costs incurred by electric
utilities and a $0.2 billion increase in
costs of operating motor vehicle emissions abatement systems. The effect of
higher fuel prices on electric utility
spending spilled over into 1975 and resulted in a $0.1 billion increase. The rise
SUEVEY OF CUEEENT BUSINESS
16
in the remainder of business operating
costs reflected the gradual buildup of
the stock of pollution abatement
capital.
Government.—Government pollution
abatement spending rose 15 percent
annually, from $4.8 billion in 1972 to
$8.5 billion in 1976. Government enterprise purchases of fixed capital—almost
exclusively for public sewer systems—
rose 16 percent annually; Federal Government spending rose 35 percent, and
State and local government spending
for other than sewer systems rose 10
percent. Federal grants to State and
local governments for pollution abatement rose 45 percent (table 3).
Spending for public sewer systems
has increased at an uneven pace—23
and 18 percent in 1974 and in 1975,
respectively, and 12 and 10 percent in
1973 and 1976, respectively. The 1974
and 1975 spending increases were stimulated by the 1977 secondary treatment
standard deadlines and the 75-percent
Federal funding provisions of the Federal Water Pollution Control Act
Amendments of 1972. The 1973 increase
was restricted by an impoundment of
part of the Federal funds for sewerage
grants. The 1976 increase was limited
mainly by high interest rates, which
deterred many local bond issues, and by
the inability of Federal and State per-
sonnel to keep up with the rapidly expanding grants and effluent discharge
permits programs.
February 1978
estimates are based on gasoline price
data from the Bureau of Labor Statistics
and on estimates of the amount of
additional gasoline consumed because
of pollution abatement requirements.
The latter estimates were prepared
Technical Note
from E. L. Polk Company data on the
The estimate for 1976 is based in stock of cars by model year published
part on preliminary and projected data in the Motor Vehicle Manufacturers
not previously used. The estimates for Association Motor Vehicle Facts and
all years reflect improved data and Figures; Federal Highway Administraestimation procedures. These improve- tion data on average annual mileage
ments resulted in downward revisions of per car published in the National Perpreviously published estimates: The sonal Transportation Study (1972); and
1972 estimate was revised downward the annual changes in miles per gallon
$0.2 billion, to $18.7 billion; the 1973 from the Proceedings of the Society of
estimate $0.5 billion, to $22.0 billion; Automotive Engineers, October 1976
and the 1974 estimate $1.0 billion, to (Publication No. 760795).
Estimates of business capital con$26.2 billion.
sumption
allowances were revised upAs a result of improved estimates of
ward
about
$0.7 billion for each year
the cost of operating motor vehicle
1972-74.
Eevised
estimates of capital
emissions abatement systems, consumer
consumption
allowances
for motor vespending was revised downward $0.1
hicle
emission
abatement
systems and
billion for 1972, $0.3 billion for 1973,
for
nonresidential
business
air
and water
and $0.6 billion for 1974; business
pollution
abatement
capital
were despending was revised downward $0.1
rived by applying straight-line deprebillion for 1972, $0.2 billion for 1973,
ciation rates to gross capital stock.
and $0.3 billion for 1974.
Gross capital stocks, in turn, were
The revisions are based on newly derived by using the perpetual invenprepared BEA estimates of the fuel tory method: gross capital stocks for
consumption penalty for passenger cars; any given yearend are calculated by
they replace estimates by the Environ- cumulating past investment flows and
mental Protection Agency. The new deducting discards.
The estimates for 1975 and 1976 presented in this article complete a 5-year series for
1972-76. Improved estimating procedures and the increased use of preliminary and
projected data have made it possible to publish estimates 1 year earlier than previously.
Betsy C. Dunlap, Frederick G. Kappler, and Susan L. Trevathan made significant
contributions to the estimating work, and Mary C. Baker provided statistical assistance.
By VERNON REN SHAW, HOWARD FRIEDENBERG, and BRUCE LEVINE
Work-Force Migration Patterns, 1970-76
J\N
article in the October 1976 SURhighlighted
for the period 1970-73 a pattern of net
migrations of the work force from
metropolitan to nonmetropolitan counties and from the northern and central
States to the southern and western
States, and explained these migrations
by changes in the geographic distribution of employment opportunities and
mean earnings. Using revised 1970-73
data and newly available 1973-76 data,
this article updates and extends the
findings in the October 1976 article. The
following patterns are observed in
comparing 1970-73 with 1973-76: The
metropolitan-nonmetropolitian migration pattern strengthened in 1973-76.
Nonmetropolitan employment and
mean earnings increased faster than in
metropolitan counties, in part because
of increased production of coal and exploration for oil and natural gas.
Metropolitan employment and mean
earnings lagged, in part because of the
incomplete recovery from the 1974-75
recession. Both white and black men
contributed to the strengthening of the
metropolitan-nonmetropolitan pattern;
women of both races, however, moved
(on a net basis) to metropolitan counties. The North-South migration pattern, in contrast to the metropolitannonmetropolitan pattern, weakened in
1973-76, in part because of the relative
deceleration in employment growth in
some southern and western States, such
as Florida and Colorado. Both white
and black men contributed to the
weakening of the pattern; women of
both races moved to the South and
West in about the same numbers as in
1970-73.
The Data
VEY OF CURRENT BUSINESS
The data used in this analysis of
worker migration are from the Social
Security Administration's 1-percent
Continuous Work History Sample
(CWHS). For the purposes of this
article, migration is defined as a change
in the county of work of a social-
security-covered worker between the
first quarters of the beginning and ending years of a timespan. To analyze
the metropolitan-nonmetropolitan migration pattern, the data are sorted by
Table 1.—Net Migration 1 of the Work Force and Relative Trend in Employment and Mean
Earnings for Metropolitan and Nonmetropolitan Counties, Selected Timespans
Relative trend
(Index, U.S. percent change = 100.0)
Net migration
Thousands of workers
1970-73
1973-76
Employment
1970-73
Mean earnings
1973-76
1970-73
1973-76
United States
All counties
Metropolitan counties..
Central counties of SMSA's with populations of:
2 million or more
1 million-1,999,999
.5 million-999,999
less than .5 million
100.0
100.0
100.0
100.0
-25.8
-52.1
99.2
99.2
100.5
99.5
-271. 9
24.9
84.1
56.9
-297. 5
23.7
-23.7
153.2
93.0
99.4
101.2
102.1
92.2
101.0
98.8
103.0
102. 3
99.2
101.2
100.6
99.1
100.8
99.8
100.2
Noncentral counties
80.2
92.2
103.9
103.5
99.8
99.7
Nonmetropolitan counties.
25.8
52.1
103.7
103.3
98.8
103.7
Northern-central regions 2
All counties
Metropolitan counties..
Central counties of SMSA's with populations of:
2 million or more
1 million-1,999,999
.5 million-999,999
less than .5 million
Noncentral counties
Nonmetropolitan counties.
-400.9
-319.8
96.3
97.3
101.7
98.4
-369.0
-284.3
95.6
96.4
102.3
98.3
-240. 0
-75.3
-26.2
-58.0
-252. 0
-49.7
-20.7
-3.5
91.9
95.1
95.0
97.3
90.8
97.1
97.5
99.2
103.8
101.0
102.8
102.0
99.1
99.6
97.1
98.3
30.5
41.6
101.4
102.8
100.9
97.9
-31.9
-35.5
100.7
101.7
98.8
100.7
Southern-western regions 3
All counties
Metropolitan counties..
Central counties of SMSA's with populations of:
2 million or more
1 million-1,999,999
.5 million-999,999
less than .5 million
Noncentral counties
Nonmetropolitan counties.
400.9
319.8
105.2
103.5
98.3
103.0
343.2
232.2
104.7
103.1
98.3
102.1
-31.9
100.2
110.3
114.9
-45.5
73.4
-3.0
156.7
96.9
102.6
107.7
107.4
97.0
103.6
100.0
106.9
97.2
98.1
100.2
99.7
99.7
101.9
102.7
103.1
49.7
50.6
109.9
105.1
97.8
104.6
57.7
87.6
106.5
104.7
99.0
106.6
1. Immigrants (those who worked in a county at the end of a given timespan but who worked in a different county at the
beginning of the timespan) minus outmigrants (those who worked in a county at the beginning of a given timespan but who
worked in a different county at the end of the timespan). Positive numbers indicate net inmigration, and negative numbers
indicate net outmigration.
2. Sum of New England, Mideast, Great Lakes, and Plains BEA regions.
3. Sum of Southeast, Southwest, Rocky Mountain, and Far West (including Alaska and Hawaii) BEA regions.
17
255-267 O - 78 - 3
18
SURVEY OF CURRENT BUSINESS
nonmetropolitan counties and five categories of metropolitan counties—four
categories of central metropolitan counties (those within SMSA's and containing central cities), based on the 1970
population size of the SMSA containing
the central county, and a category of
noncentral metropolitan (suburban)
counties. To analyze the North-South
pattern, the data are sorted for two
groups of BEA regions—southernwestern regions, which experienced in
migration
(Southeast,
Southwest,
Rocky Mountain, and Far West) and
northern-central regions, which experienced outmigration (New England,
Mideast, Great Lakes, and Plains).
of distributing grants-in-aid to State
and local governments from categorical
grants, which particularly benefited
metropolitan counties, to formula
grants, which particularly benefited
low-per-capita-income nonmetropolitan
counties. The mean earnings increase in
manufacturing was partly due to an increase in the number of high-wage
manufacturing jobs (such as petrochemicals production) relative to lowwage jobs (such as textile, apparel, and
leather production and electronic equipment assembly); increases in low-wage
jobs were limited by increased competi-
tion from low-wage foreign producers
and by the incomplete recovery from
the 1974-75 recession.
The net outflow of workers from metropolitan counties was limited to two
metropolitan categories—central counties of SMSA's with populations of 2
million or more and central counties of
SMSA's with populations of from
0.5 million up to 1 million. The outflow
(298,000) from the central counties of
SMSA's with populations of 2 million
or more—which was a continuation of
the pattern of the sixties and early
seventies—reflected below-average in-
Table 2.—Net Migration > of the Work Force and Relative Trend in Employment and Mean
Earnings for Metropolitan and Nonmetropolitan Counties, by Race and Sex, Selected
Timespans
MetropolitanNonmetropolitan Pattern
In 1973-76, nonmetropolitan counties
gained 52,000 workers (on a net basis)
from metropolitan counties—more than
twice as many as in 1970-73 (table 1).
This accelerated inflow was a response
to above-average nonmetropolitan increases in both employment opportunities and mean earnings. The aboveaverage increase in employment opportunities—although somewhat less than
the 1970-73 increase—was due to large
gains in mining, and the continued dispersion of manufacturing and servicetype industries toward nonmetropolitan
counties. The above-average increase in
mean earnings—which contrasted with
a below-average increase in 1970-73—
was mainly due to developments in
mining, government, and manufacturing.
The mean earnings increase in mining,
particularly coal mining, followed the
Arab oil embargo of 1973-74 and the
subsequent quadrupling of imported
crude oil prices. The mean earnings increase in government was mainly due
to relative improvement in fiscal conditions, which permitted increases in
rates of pay compared with metropolitan counties. This relative improvement
reflected, in part, the fiscal distress of
many of the larger city governments
resulting from the incomplete recovery
from the steep recession of 1974-75 and/
or longer term stagnation of the tax
bases of many cities. In addition, during
this period the Federal Government increasingly shifted its principal method
February 1978
Relative trend
(Index, U.S. percent change = 100.0)
Net migration
Thousands of workers
1970-73
1973-76
Employment
1970-73
Mean earnings
1973-76
1970-73
1973-76
United States
All counties
100.0
98.8
98.3
101.2
108.8
White men
Black men
White women.
Black women..
Metropolitan counties..
White men.
Black men
White women
Black women
100.0
97.3
91.1
105.7
100.0
100.8
105.9
98.3
101.9
100.0
100.2
102.9
102.4
109.7
99.2
100.5
101.1
106.3
98.9
103.7
99.5
99.8
102.6
102.0
109.1
98.8
100.6
104.8
96.6
94.0
103.7
103.8
106.9
104.3
113.0
-25.8
-45.3
8.5
6.3
4.7
-52.1
-66.3
-9.2
11.5
11.9
99.2
98.1
97.5
100.2
106.0
96.2
90.2
105.3
100.7
45.3
-8.5
-6.3
-4.7
52.1
66.3
9.2
-11.5
-11.9
103.7
101.5
103.4
105.1
124.2
101.8
95.5
106.9
96.3
Nonmetropolitan counties.
White men.
Black men. _
White women
Black women.
100.0
103.3
Northern-central regions 2
All counties
White men
Black men
White women.
Black women..
Metropolitan counties..
White men
Black men
White women
Black women
Nonmetropolitan counties..
White men
Black men
White women
Black women
-400.9
-261.9
-13.2
-119. 2
-6.6
-319.8
-183.3
-8.4
-119.8
-8.3
96.3
95.4
94.2
97.8
100.4
97.3
94.5
88.5
102.8
97.5
101.7
102.2
109.0
99.4
107.1
98.4
98.9
100.9
100.6
107.0
-369.0
-247.7
-14.7
-101.5
-5.1
-284.3
-169.9
-11.7
-97.3
-5.4
95.6
94.7
93.8
96.5
100.0
96.4
93.6
88.2
102.1
97.6
102.3
102.7
109.1
100.2
107.6
98.3
98.7
101.1
100.5
106.9
-31.9
-14.2
1.5
-17.7
-1.5
-35.5
-13.4
100.7
98.7
102.0
103.2
109.1
101.7
98.7
94.9
106.1
93.5
98.8
100.5
109.2
96.7
96.7
100.7
101.6
98.9
102.3
108.6
3.3
-22.5
-2.9
Southern-western regions 3
All counties....
White men
Black men
White women.
Black women..
Metropolitan counties..
White men
Black men
White women
Black women
Nonmetropolitan counties.
White men
Black men
White women
Black women
NOTE.—See footnotes in table 1.
400.9
261.9
13.2
119.2
6.6
319.8
183.3
343.2
202.4
23.2
107.8
232.2
103.6
57.7
59.5
-10.0
11.4
-3.2
87.6
79.7
8.4
119.8
8.3
2.5
108.8
17.3
5.9
11.0
-9.0
105.2
103.7
102.6
106.2
118.6
103.5
101.0
93.5
109.4
102.4
98.3
99.3
103.3
97.0
97.5
103.0
102.8
106.3
105.0
114.2
104.7
103.4
102.3
105.9
115.6
103.1
99.9
92.6
109.9
104.9
98.3
99.0
103.2
97.3
99.1
102.1
102.1
105.8
104.6
113.9
106.5
104.4
103.6
107.1
126.6
104.7
104.7
95.6
107.8
96.7
99.0
100.9
104.1
96.5
93.9
106.6
106.3
108.4
106.2
113.8
February 1978
creases in employment opportunities
and mean earnings. Employment opportunities—in particular, those in the
Northeast-Great Lakes durables manufacturing belt—were severely limited
by the incomplete recovery from the
1974-75 recession. The outflow (24,000
workers) from the central counties of
SMSA's with populations of from 0.5
million up to 1 million—which contrasted with a gain of 84,000 in 197073—reflected temporary weakness in
cyclically sensitive manufacturing industries and construction in parts of
the South and West. As in 1970-73,
the three remaining metropolitan categories gained workers, with the largest
gain (153,000 workers) occurring in
central counties of SMSA's with populations of less than 0.5 million.
The 1973-76 net inflow of workers to
nonmetropolitan counties consisted of
white and black men but not of women
(table 2). The inflow of men was a response both to increased employment
opportunities in non-metropolitan counties in male-dominated industries, such
as mining, and to high unemployment in
metropolitan counties in male-dominated industries, such as construction
and motor vehicles manufacturing. The
inflow of white men (66,000) was larger
than in 1970-73, and the inflow of
black men (9,000) contrasted with an
outflow in 1970-73
In contrast to the net inflow of men
to nonmetropolitan counties, a net
inflow of both white and black women
to metropolitan counties occurred. The
inflow of women to metropolitan counties reflected (1) unemployment in
nonmetropolitan counties in industries
employing large numbers of women,
such as apparel and textiles, and (2)
a larger pool of administrative and
professional jobs in metropolitan counties, where employment opportunities
for women were stimulated both by the
continuing increases in women's education levels and by affirmative action
programs. For both races, the metropolitan inflow of women was larger in
1973-76 than in 1970-73.
North-South Pattern
In 1973-76, the southern-western
regions gained 320,000 workers (on a
SUEVEY OF CURRENT BUSINESS
net basis) from the northern-central
regions. Both the metropolitan and
nonmetropolitan counties of each southern-western region gained workers
(table 3). As in 1970-73, southernwestern nonmetropolitan counties accounted for nearly all of the net inflow
to nonmetropolitan counties (noted
above).
Although the net inflow in 1973-76
was large, it was less than in 1970-73;
the decline in the inflow occurred in the
Southeast and Rocky Mountain regions. In the Southeast, which gained
135,000 fewer workers than in 1970-73,
employment growth weakened, as nondurables manufacturing and construction lagged. The Southeast's mean
19
earnings, in contrast, strengthened, in
part because of above-average increases
in the mean earnings of State and local
government workers stemming from
the expansion of revenue sharing, and
in part because of faster employment
growth in high-wage relative to lowwage manufacturing industries. In
Florida, which accounted for most of
the decline in inmigration to the Southeast, the 1974-75 recession limited
employment and mean earnings increases, in particular in the recreation
industry; in addition, speculative overbuilding in the early seventies was
succeeded by a sharp building contraction in 1973-76 (table 4). In the Rocky
Mountain region, which gained 25,000
Table 3.—-Net Migration 1 of the Work Force and Relative Trend in Employment and Mean
Earnings for BE A Regions and Metropolitan and Nonmetropolitan Counties, Selected
Timespans
Relative trend
(Index, U.S. percent change = 100.0)
Net migration
Thousands of workers
1970-73
1973-76
Employment
1970-73
Mean earnings
1973-76
1970-73
1973-76
United States
All counties.
Metropolitan counties
Nonmetropolitan counties _
-25.8
25.8
-52.1
52.1
100.0
100.0
100.0
100.0
99.2
103.7
99.2
103.3
100.5
98.8
99.5
103.7
Northern-central regions
-400.9
-319.8
96.3
97.3
101.7
98.4
New England..
Mideast
Great Lakes...
Plains
-13.3
-177.7
-152.6
-57.3
-6.7
-136.3
-148.7
-28.1
96.3
95.0
96.7
99.6
97.3
94.4
98.1
103.7
99.3
103.0
102.1
98.2
97.3
98.3
Metropolitan counties..
-369.0
-284.3
95.6
96.4
102.3
New England.
Mideast
Great Lakes...
Plains
-25.9
-172.4
-143.8
-26.9
-13.0
-137.1
-118.1
-16.1
95.5
94.7
95.8
98.3
96.9
93.9
97.7
102.3
99.5
103.4
102.6
99.3
97.2
98.3
98.0
100.6
-31.9
-35.5
100.7
101.7
98.8
100.7
12.6
-5.3
-8.8
-30.4
6.3
.8
-30.6
-12.0
101.9
98.4
100.8
101.9
100.3
98.7
100.2
106.3
98.7
98.6
100.6
96.5
98.3
99.7
99.5
105.1
All counties..
Nonmetropolitan counties.
New England..
Mideast.
Great Lakes...
Plains
101.7
Southern-western regions
400.9
319.8
105.2
103.5
98.3
103.0
Southeast.
Southwest
Rocky Mountain.
Far West
244.6
60.9
52.6
42.8
110.1
104.8
27.7
77.2
107.5
103.9
111.4
101.2
100.8
109.3
105.7
104.1
100.6
96.8
100.3
96.9
103.1
106.4
104.1
100.7
Metropolitan counties..
343.2
232.2
104.7
103.1
98.3
102.1
210.8
68.0
38.1
26.3
89.5
86.1
16.8
39.8
107.9
104.2
111.0
100.8
100.7
108.7
103.2
103.0
100.8
96.5
101.1
97.0
102.1
106.2
102.4
99.9
All counties..
Southeast.
Southwest
Rocky Mountain.
Far West
Nonmetropolitan counties..
57.7
87.6
106.5
104.7
99.0
106.6
Southeast
Southwest._
Rocky Mountain.
Far West
33.8
-7.1
14.5
16.5
20.6
18.7
10.9
37.4
106.9
102.4
112.1
105.5
101.0
111.6
109.8
113.6
99.8
98.6
99.1
96.1
105.1
107.4
108.0
109.1
NOTE.-—See footnote 1 in table 1.
20
SUEVEY OF CURRENT BUSINESS
February 1978
fewer workers than in 1970-73, the recession adversely affected the recrea- West regions, in contrast to the Southeast and Rocky Mountain regions,
decline in inmigration was concentrated tion industry.
in Colorado, where, as in Florida, the
In 1973-76, the Southwest and Far gained more workers than in 1970-73.
In the Southwest, which gained 44,000
Table 4.—Net Migration 1 of the Work Force and Relative Trend in Employment and Mean
more workers, the gain was concenEarnings for BEA Regions and States, Selected Timespans
trated in Texas, where increased proNet migration
Relative trend
duction of oil and natural gas, as well
(Index, U.S. percent change=100.0)
as growth in other industries owing to
Thousands of workers
Mean earnings
Employment
a favorable tax structure and other
locational advantages, stimulated em1970-73
1973-76
1970-73
1973-76
1970-73
1973-76
ployment and mean earnings. In the
United States
Far West, which gained 34,000 more
workers, the partial recovery of the
Total.
100.0
100.0
100.0
100.0
aircraft industry from its slump in the
Northern-central regions
early seventies and the construction of
Total
-319.8
96.3
97.3
101.7
the Trans-Alaska pipeline provided
-400.9
98.4
New England..
-6.7
96.3
97.3
much of the stimulus.
99.3
97.3
-13.3
Connecticut
96.2
-14.9
7.5
99.0
93.6
99.3
The 1973-76 net inflow of workers to
Maine
99.1
.6
.7
97.8
100.1
98.2
Massachusetts..,
-8.3
97.0
-16.4
95.7
95.4
100.6
the
southern-western regions consisted
New Hampshire.
10.4
99.2
.8
105.6
98.5
95.4
-5.4
Rhode Island
100.4
1.6
97.6
99.2
99.3
of
both
men and women. For both races,
4.3
Vermont
97.1
-.9
103.9
97.9
95.5
the
inflows
of men were less than in
98.3
-177.7
-136.3
94.4
95.0
103.0
Mideast.
1970-73,
with
reduced inflows to metroDelaware
104.2
105.9
1.2
3.9
106.2
99.8
District of Columbia101.5
-2.0
-11.1
96.5
91.7
104.1
politan
counties
more than offsetting
Maryland.
99.6
-6.8
-14.7
102.2
98.3
102.5
New Jersey
97.9
10.3
-19.3
98.9
95.0
101.7
increased inflows to nonmetropolitan
New York
97.6
-127.8
-72.4
93.3
93.0
103.9
99.3
Pennsylvania
-52.6
-22.7
93.3
94.9
102.4
counties. For both races, the inflows
98.2
96.7
102.1
-152.6
-148.7
Great Lakes.
98.1
of women were about the same as in
99.3
Illinois
-55.4
94.9
101.1
-34.6
98.7
1970-73.
98.9
Indiana
-41.3
-32.7
98.0
96.7
101.5
96.5
Michigan..
-17.7
-46.5
98.1
96.9
105.1
In 1973-76, each northern-central
98.2
Ohio-36.3
-39.0
94.9
97.2
101.9
Wisconsin.
-1.9
4.1
101.2
103.5
99.0
region lost workers. Employment
98.2
103.7
99.6
-57.3
-28.1
Plains.
101.7
growth (in particular, in durables
103.2
103.4
Iowa
99.9
99.9
-17.3
-7.8
manufacturing) was limited by the
102.5
Kansas
8.3
-8.3
101.3
112.8
96.0
99.9
Minnesota
3.0
-9.9
99.3
105.8
99.3
1974-75 recession. Furthermore, mean
100.8
Missouri..
-11.8
-26.9
96.6
97.0
98.1
105.1
Nebraska
-6.0
-4.5
101.6
104.5
98.1
earnings
increases (except in the Plains)
109.2
North Dakota.
-.1
-4.5
106.0
108.7
96.3
105.0
South Dakota.
-.1
.5
111.6
110.7
94.9
were weak, especially in government
and service-type industries; governSouthern-western regions
ment mean earnings were held down by
Total.
105.2
98.3
319.8
103.5
103.0
400.9
State and local fiscal difficulties, and
100.6
107.5
100.8
110.1
Southeast..
103.1
244.6
mean earnings in the business, profesAlabama
100.4
105.1
103.3
102.2
.7
-4.2
sional, and financial services industries
Arkansas..
107.0
11.2
111.4
103.4
100.2
15.2
Florida
100.4
47.7
118.1
101.2
102.5
151.9
were held down by the migration to the
Georgia...
102.7
.
4
102.9
95.8
100.0
3.6
100.2
Kentucky
.5
107.6
103.0
102.3
22.6
South and West of corporate manage106.3
Louisiana
11.7
102.5
107.2
97.7
-4.2
104.5
Mississippi
-4.4
108.0
101.3
98.3
2.3
ment units, which typically pay high
102.3
North Carolina.
9.9
-11.4
106.2
96.2
100.9
104.0
South Carolina..
22.9
106.4
101.7
99.3
2.2
salaries.
103.9
Tennessee
25.8
12.4
105.9
99.8
100.6
102.6
Virginia
5.7
14.3
106.8
102.0
101.0
105.8
West Virginia...
The 1973-76 outflows from each
5.2
13.5
102.0
108.3
98.7
106.4
northern-central region were less than
Southwest.
96.8
103.9
109.3
104.8
60.9
Arizona
99.8
101.0
in 1970-73. In the New England,
11.4
112.9
105.6
36.9
105,0
New Mexico..
5.0
10.0
111.0
112.4
95.3
106.7
Oklahoma...
Mideast (especially New York) and
18.8
1.5
104.5
105.0
98.8
107.7
Texas
.2
81.9
101.8
110.7
95.8
Great Lakes regions, the reduced outRocky Mountain..
104.1
100.3
111.4
52.6
27.7
105.7
flows probably reflected recession101.0
Colorado102.5
31.2
113.2
7.9
101.5
103.9
Idaho
induced unemployment in States, such
6.0
6.5
112.2
107.8
99.5
106.7
Montana..
3.9
6.1
107.3
111.5
98.7
108.3
Utah
7.2
as Florida, to which the regions'
.4
110.5
105.9
97.0
110.3
Wyoming.
3.4
6.8
108.6
119.2
100.4
workers typically migrated. In the
100.7
Far West.
96.9
77.2
101.2
104.1
42.8
Plains region, the reduced outflows
Alaska
136.3
89.0
1.6
14.2
96.5
139.5
99.4
California...
reflected
the stimulus to employment
21.3
18.9
100.7
102.7
96.7
Hawaii
101.4
.9
-1.3
105.9
105.6
97.3
Nevada.
94.3
growth
in
farm-related manufacturing
9.9
17.7
105.7
119.8
94.8
Oregon
102.6
21.0
8.9
108.4
105.4
100.7
Washington.
103.1
and service-type industries that resulted
-11.9
18.8
98.3
106.0
97.4
from high levels of farm income.
NOTE.—See footnote 1 in table 1.
By CHARLES A. WAITE and JOSEPH C. WAKEFIELD
Federal Fiscal Programs
1 HE budget for fiscal year 1979,
along with other economic policy documents, was submitted to Congress in
January. According to the administration, it puts forth an economic program
that is designed to assure that the
current economic recovery continues,
and that unemployment and inflation
are gradually reduced.
The administration's fiscal program
consists essentially of three elements:
(1) A $25 billion net reduction in
calendar 1979 tax liabilities designed to
sustain the purchasing power of individuals and to provide investment incentives to corporations, (2) a slower rate of
growth in spending in fiscal year 1979
as part of a longrun strategy to reduce
the share of the Nation's output devoted
to Federal outlays, and (3) an energy
program designed to reduce dependence
on oil and natural gas, to stimulate use
of more abundant fuels, and to reduce
the large trade deficit. Although fiscal
policy is designed to avoid a reacceleration of inflation as the economy approaches high employment, the task of
reducing the current rate of inflation is
to be accomplished by a program that
seeks to reduce the increase in prices
and wage rates through voluntary cooperation of labor and management.
The centerpiece of the administration's economic program is the proposal
for substantial tax reductions combined with reform of the tax system
(chart 2).
The major elements of the tax program are:
NOTE.—Hermione A. Anglin, Robert A.
Boyd, David T. Dobbs, Donald L. Peters,
Deloris T. Tolson, and John N. Wells assisted
in the preparation of this article.
• A $24 billion tax reduction for in- moves individual taxpayers into higher
dividuals, combined with revenue- tax brackets. The proposed reductions
reduce the 1979 ratio of personal taxes
raising reforms of $7 billion;
plus personal contributions for social
• An $8 billion tax reduction for insurance to personal income plus
corporations, combined with reve- these contributions to the average ratio
nue-raising reforms of $2 billion;
of the seventies. In the absence of the
proposed reductions, the ratio would
• A $2 billion tax reduction in tele- rise, and in 1979 would exceed previous
phone excise taxes and unemploy- highs of the seventies (chart 3).
ment insurance taxes.
The administration believes that sustainable economic growth sufficient to
In total, the tax program calls for a attain high employment can be achieved
$34 billion tax reduction partially by a restrained expenditure policy
offset by $9 billion in revenue-raising re- coupled with tax reductions. According
forms. The program approximately off- to the administration, the relatively
sets recently enacted social security slow growth in 1979 expenditures places
taxes and the impact of inflation that the budget on a path that makes possible a balanced budget in 1981 if the
private economy grows very strongly.
CHART 2
However, if economic growth appears
Proposed Tax Reductions and Reforms insufficient, additional tax reductions
on Liability Basis, Calendar Year 1979 will be considered and the date for
achieving a balanced budget may be
Billion $
20
deferred.
NET REDUCTIONS
RATE REDUCTIONS^
REFORMS
The budget assumes early passage of
the administration's energy program
10 initially submitted last spring.1 The
1•
program is designed to have a minimum
impact on the budget deficit; receipts
from new taxes are offset either by tax
~flflflft—1 Other
rebates or by expenditures.
^ ^ ^ B - i i Corporate
The major elements of the energy
program affecting the budget are:
-10 - I
• •JjP
1
M i l Individual
-20 - i
•TOTAL
-30
-40
-
1
-
1. Includes $240 credit for individuals.
Data: The Treasury Department
U.S. Department of Commerce, Bureau of Economic Analysis
7822
• A tax on existing domestic crude
oil production, largely offset by
lower individual income taxes;
• A tax on industrial and public
utility consumption of oil and
natural gas;
1. For details, see The National Energy Plan, April 1977,
Executive Office of the President.
21
SURVEY OF CURRENT BUSINESS
22
• A system of tax credits for corporations and individuals to
promote investment in energyconservation;
• A grant-in-aid program for State
and local governments, mainly for
insulation of low-income housing
and public buildings.
Table 1.-—Economic Assumptions Underlying the Fiscal Year 1979 Budget
Calendar year
Actual
1976
Current dollars
1972 dollars.._
Economic assumptions
._
Personal income
Wages and salaries
Corporate profits before taxes
•Estimates by BEA.
1,890
1,337
2,099
1,400
2,335
1,467
1,383
892
157
1,536
989
172
1 704
1,099
192
1 892
1,219
217
10.8
4.9
11.0
4.7
11.2
4.8
Gross national product deflator_.
5.3
5.6
6.1
6.2
Consumer price index
5.7
6.5
5.9
6.1
__ _
Percent
Unemployment rate:
Total
Insured *
___
Interest rate, 91-day Treasury bills 2
7.7
6.4
7.0
4.6
6.3
4.1
5.9
3.6
5.0
5.2
6.1
6.1
1. Insured unemployment as a percentage of employment covered by State unemployment insurance program.
2. Average rate on new issues within the period; the 1978 and 1979 rate was the current market rate at the time the estimates were prepared.
Source: "The Budget of the United States Government, 1979."
12
U.S. Department of Commerce, Bureau of Economic Analysis
1,706
1,275
11.6
6.0
Current dollars
1972 dollars
13 -
1. Personal contributions are part of contributions for social insurance.
1979
Percent change from preceding period
Federal Personal Tax and Nontax Receipts Plus Federal Personal Contributions as a
Percentage of Personal Income plus Federal Personal Contributions^
73
1978
Gross national product:
CHART 3
71
1977
Gross national product:
Incomes:
1970
Estimates
Billions of dollars
Should the energy bill approved by
Congress not provide for a full rebate
of the crude oil tax, the administration
plans to send a supplemental message
to the Congress increasing the proposed
individual tax reductions by the amount
necessary to offset the tax.
The expansion following the 1974-75
recession is entering its fourth year.
However, despite the substantial increase in output over the period, the
economy continues to operate below its
potential and with high unemployment
and inflation. In the fourth quarter of
1977, the unemployment rate was 6.6
percent—although below the recession
February 1978
74
75
Calendar Year
76
77
78*
79*
peak, essentially unchanged from the
fourth quarter of 1974. The underlying
rate of inflation, defined as the increase in the Consumer Price Index
less food and energy, was 6.9 percent
in December 1977, slightly higher than
it has been throughout the expansion.
The administration formulated the
budget in the belief that the economy
in the near term has good prospects
for continuing a satisfactory expansion,
but that the increase in real GNP
would slow in late 1978 in the absence
of fiscal stimulus. For calendar 1979,
GNP growth would be in the range of
3}i to 3% percent in the absence of
stimulus. This outlook is based on the
following considerations. (1) Consumers
cannot be expected to continue to be
the most important driving force as
they have been during the recent expansion. The increasing burden of taxes
on consumers, particularly the recently
enacted social security taxes, and a
higher rate of saving would curtail consumption somewhat. (2) Housing con-
SUEVEY OF CUKKENT BUSINESS
February 1978
Table 2.—Federal Government Receipts and
Expen ditu res
[Billions of dollars]
Fiscal year
Actual
1977
Estimates
1978
1979
400.4
462.2
439.6
500.2
Unified budget
Receipts
Outlays
Surplus or deficit (—)
356.9
401.9
-45.0 -61.8 - 6 0 . 6
National income and product accounts
364.0 410.8 451.4
Receipts
411.8 463.6 504.0
Expenditures-47.8
-52.8 -52.6
Surplus or deficit (—)
High-employment surplus or deficit -13.4 -24.0 -29.1
Sources; "The Budget of the United States Government,
1979," Council of Economic Advisers, and Bureau of Economic Analysis.
struction, which has risen very strongly
since 1975, would not continue to provide a major thrust; backlogs in the
demand for housing have been reduced
and financial markets have tightened
moderately. (3) The recovery in business fixed investment, which started
later than is typical in cyclical upswings, may not match the 1977 rate.
(4) The foreign sector, which has been
a dampening factor on economic expansion over the past 2 years, is not expected to contribute significantly to the
growth in output despite improved
prospects for U.S. exports. (5) The expansionary effects of inventory accumulation and State and local government purchases are limited. Given this
outlook for late 1978 and 1979, the
administration believes that in the absence of fiscal stimulus the unemployment rate would stop declining and
could begin to increase again.
With stimulus provided by the administration's tax program, the growth
rate of real GNP is expected to be 4%
to 5 percent in both 1978 and 1979.
Given these GNP increases, the unemployment rate would decline from 6.6
percent in the fourth quarter of 1977
to a range of 6 to 6% percent by the
fourth quarter of 1978 and of 5% to 6
percent by the fourth quarter of 1979.
The provisions of the tax program are
largely in effect by late 1978 and contribute to a 4^-percent increase in real
consumption expenditures through the
end of 1979. This strong expansion in
23
15 percent from 1977. Over one-fourth
of the 1979 increase—$10 billion—is
for national defense programs. Nondefense programs increase $28 billion,
compared with $50 billion in 1978.
Nearly half of the 1979 increase is for
income security; among the other nondefense programs, the largest increases
are for health, interest, education, and
energy. Outlays for agriculture are
Unified budget
down sharply from an unusually high
Receipts increase $39 billion—or al- 1978 level; outlays for community and
most 10 percent—in 1979, to $439.6 regional development and for commerce
billion (table 2). Receipts in 1978 are and housing credit also decline.
The deficit decreases from $61.8 bil$400.4 billion, up 12 percent from 1977.
The major percentage increases in 1979 lion in 1978 to $60.6 billion in 1979
are in excise taxes (26 percent), and (chart 4).
social insurance taxes and contributions
(14 percent). Despite reductions, indi- Current services estimates
The Congressional Budget and Imvidual and corporate income taxes each
poundment Control Act of 1974 estabincrease about 6 percent.
Outlays increase $38 billion—or about lished a requirement for the presen8 percent—in 1979, to $500.2 billion. tation of current services estimates.
Outlays in 1978 are $462.2 billion, up Current services estimates show the
consumer markets—coupled with the
proposed investment incentives—are expected to encourage additional business
fixed investment in the course of 1978
and contribute to a real rise of about
8 to 9 percent in 1979. The calendar
year economic assumptions underlying
the fiscal year 1979 budget are shown in
table 1.
CHART 4
Federal Fiscal Position: Surplus or Deficit
Billion $
20
10 -
-
\
-10 -
\-—7
-20 -
vV
-30 -\
-40 -
-50 -
-60 -
High-Employment, NIPA
A
Vs
\
\
V
-70 --
1
-80
1970
1
71
1
72
i
73
i
74
i
75
76
Fiscal Year
i
1
77
NIPA
Unified Budget
_
1
78*
• Estimates from Office of Management and Budget, Council of Economic Advisers, and Bureau of Economic Analysis.
U.S. Department of Commerce, Bureau of Economic Analysis
I
79*
24
SUEVEY OF CURRENT BUSINESS
level of outlays and budget authority
needed in one year to maintain current
Federal Government services and activity levels of the preceding year. Because
these estimates show what would occur
if no policy changes were made, they
provide a base with which administration or congressional proposals may be
compared.
This year, in an experiment agreed
to by the Congress, the current services
estimates are presented in January in
conjunction with the administration's
budget (rather than in the previous
November) and are based on the same
economic assumptions as in the budget.
In the past, it had been difficult to
compare the current services estimates
with the budget estimates because of
differences in economic assumptions, in
the status of legislation, and in technical
estimating methods.
Unified budget receipts in 1979 are
$24.2 billion lower than current services
receipts, primarily because of the income tax reductions and reforms (table
3). Unified budget outlays are $7.8
Table 3.—Reconciliation of Current Services
Budget with Unified Budget
[Billions of dollars]
Fiscal year
Estimates
1978
1979
Receipts
Current services budget
Income tax reductions and reforms
.
Energy program
Other proposals
Equals: Unified budget...
400.7
463.8
-.2
-.1
400.4
-23.5
1.1
— 1.9
439.6
460.4
492.4
.9
4.7
.9
462.2
3.1
500.2
Plus:
Outlays
Current services budget
Plus:
Legislation for new programs
Changes in funding for existing
programs.
Equals: Unified budget
Federal sector of the NIPA's
Receipts on the national income and
product accounting (NIPA) basis increase $40.6 billion in 1979—$1.4 billion more than unified budget receipts.
The larger increase is more than explained by the timing difference for the
corporate income tax; all other differences, taken together, work in the other
direction (table 4). In NIPA receipts,
corporate profits taxes are recorded
on a liability basis and personal income
taxes and social security contributions
on a "when paid" basis; the unified
budget records all receipts on a cash
collections basis, i.e., largely when
Federal Reserve banks inform the
Treasury of deposits in Federal tax and
loan accounts. In 1978, corporate
income tax collections exceed liabilities
by $1.8 billion; in 1979, liabilities
exceed collections by $1.1 billion. The
fiscal 1978 difference occurs principally
because the proposed tax cuts reduce
liabilities beginning with the first quarter of calendar 1978, but reduce collections beginning only with the fourth
quarter. In fiscal 1979, the impact of
the tax proposals on the difference is
negligible; liabilities exceed collections,
as is normal in periods of rising corporate profits.
As noted, other differences, taken
together, partly offset the effect of
the corporate income tax timing difference. The largest of these involves
NIPA personal income taxes and social
security contributions, which exceed
unified budget collections by $1.1
billion in 1978, but fall $0.2 billion
February 1978
below them in 1979. The 1978 difference is normal in periods of rising
wages; in 1979 the proposed cuts in
withheld income taxes reduce NIPA
payments more than budget collections.
Expenditures on the NIPA basis
increase $40.4 billion in 1979—$2.4
billion more than unified budget outlays. The larger increase is mainly due
to two factors. (1) Net lending, which
is excluded from the NIPA's but
included in the unified budget, declines
from 1978 to 1979. (2) Netting differences, which add to NIPA expenditures
relative to unified budget outlays, increase from 1978 to 1979. They consist of Federal employer contributions
to government employees retirement
funds, which are excluded from the
budget as intragovernmental transactions, but included in NIPA expenditures and receipts; items recorded as
negative outlays in the budget but as
NIPA receipts; and items recorded as
negative receipts in the unified budget
but as NIPA expenditures. An example
of the last kind of item is payments to
fuel oil dealers in 1979 under the
energy program; these payments are
recorded as excise tax refunds in the
unified budget and as subsidies in the
NIPA's. Table 5 reconciles unified
budget outlays and NIPA expenditures.
Coverage differences, net purchases
of land, and timing differences are
also included in the reconciliation.
Coverage differences arise largely because the net expenditures of some
agencies, such as the Postal Service,
are excluded from the budget, but in-
Table 4.—Relation of Federal Government Receipts in the National Income and Product
Accounts to Unified Budget Receipts
[Billions of dollars]
Fiscal year
1977
1978
Source: "The Budget of the United States Government,
1979."
billion higher than current services
outlays. Major legislation for new or
expanded programs includes rebates
under the energy program; expansion
of education, medicaid, and child
welfare services; and new cost-of-living
increases in veterans compensation
pension benefits.
Unified budget receipts
Less: Coverage differences..Financial transactions.
Plus: Netting differences:
Contributions to government employees retirement funds..
Other
Timing differences:
Corporate income tax
Federal and State unemployment insurance taxes
Withheld personal income tax and social security contributions.
Excise taxes
Other
Miscellaneous
Equals: Federal Government receipts, NIPA.
1979
356.9
400.4
.9
439.6
1.0
6.4
3.7
7.1
3.9
7.5
4.4
-3.2
.4
-1.8
1.1
-.2
-.2
.3
1.1
.6
-.3
-.2
-.1
364.0
410.8
451.4
SURVEY OF CURRENT BUSINESS
February 1978
25
proposed legislation and selected other
eluded in the Federal sector of the Quarterly pattern
items,
such as cost-of-living increases
NIPA's. Net purchases of land include
The Federal deficit on the NIPA
receipts from the sale of Outer Con- basis peaks at $65.6 billion (annual for retirees and pay raises for Federal
tinental Shelf oil leases, which are rate) in the fourth quarter of calendar employees.
The following paragraphs list the
deducted from outlays in the budget, 1978, when personal taxes are cut, and
but excluded from the NIPA's because declines thereafter (table 6). In the key factors affecting receipts and exthey are transfers of assets. Timing third quarter of 1979, it is $40 billion, penditures beginning with the first
differences principally involve national a decline of about one-third over seven quarter of 1978. All estimates are
seasonally adjusted at annual rates.
defense purchases. Defense timing difquarters. The proposed tax and energy
ferences are of two types. (1) Military
programs have a major effect on the
sales to foreigners are deducted from
deficit; table 7 shows the quarterly
First quarter 1978.—Receipts inbudget outlays at the time of cash
tax impact of their major provisions crease $16 billion. Personal taxes inreceipt; in the NIPA's they are deducted from government purchases at and selected other tax changes. I t crease despite heavy refunds resulting
the time of export. (2) Defense goods should be noted that the impact on from provisions of the Tax Reduction
are recorded in the budget at the time the deficit shown in this table does and Simplification Act of 1977. (Under
of cash outlay and in the NIPA's at the not allow for changes in Federal that Act, withholding rates were cut
time of delivery. Other timing dif- receipts that will result from the June 1, 1977, to reflect a higher standferences largely involve the strategic changed economic activity induced ard deduction; liabilities had been repetroleum reserve program; in the by the tax reductions or increases. duced January 1, 1977.) Corporate
budget, expenditures for this program However, the surplus or deficit and profits taxes decline despite higher
are recorded on a cash basis; in the receipts shown in table 6 incorporate profits, reflecting proposed legislation
NIPA's, they are recorded when petro- the impact of changes in economic reducing tax rates and liberalizing the
investment credit. Indirect business
leum is delivered. Taken together, these activity induced by the tax changes.
The quarterly pattern is estimated by taxes increase despite a reduction in the
elements do not lead to major differences between increases in unified BEA with the cooperation of the Office telephone excise tax under existing
budget outlays and NIPA expenditures of Management and Budget, the Social law. Contributions for social insurance
Security Administration, and the De- increase over $12 billion, reflecting in
from 1978 to 1979.
As a result of the changes in the partments of Treasury, Labor, Agri- part a $5% billion increase in the social
reconciliation items in receipts and culture, and Energy. Receipts reflect security tax rate and tax base. The
expenditures, the NIPA deficit does the pattern of proposed and enacted unemployment insurance tax base also
not decline as much as the unified legislation consistent with the budget increases January 1, adding $2 billion.
Expenditures increase nearly $10
budget deficit from 1978 to 1979—the and the administration's projected
former declines $0.2 billion, and the quarterly pattern of wages and profits. billion. Purchases, grants-in-aid, transExpenditures reflect the pattern of fer payments, and net interest paid each
latter $1.2 billion.
increase roughly $3 billion; subsidies
decline $2 billion because of lower farm
subsidies.
Over one-third of the increase
Table 5.—Relation of Federal Government Expenditures in the National Income and
Product Accounts to Unified Budget Outlays
in purchases is for the strategic pe[Billions of dollars]
troleum reserve; Commodity Credit
Corporation purchases decline from a
Fiscal year
high fourth-quarter level. Unemploy1977
1978
1979
ment benefits decline $1% billion.
Unified budget outlays
Less: Coverage differences:
Geographic
Other
Financial transactions:
Net lending
.
Other
.. .
:
I
"_"_\_"""™I""~"
Net purchases of land:
Outer Continental Shelf
Other
'.
Plus: Netting differences:
Contributions to government employees retirement funds
Other
Timing differences:
National defense purchases
Foreign military sales
Increase in payables net of advances
Other
Miscellaneous
Equals: Federal Government expenditures, NIPA
_ .
401.9
462.2
500.2
3.0
-8.8
3.4
-11.8
3.6
-12.6
10.1
-.4
18.7
-.4
17.3
-.6
-1.6
.2
-.9
.2
-.9
.2
6.4
3.7
7.1
3.9
7.5
4.4
2.7
2.2
.5
-.5
.3
.6
-.3
-.6
-.2
.1
-.3
-1.1
.2
.1
.2
411.8
463.6
504.0
Second quarter 1978.—Receipts increase $15 billion. The increase in
personal taxes is limited by an April 1
cut in withholdings designed to offset
partly the crude oil excise tax effective
on the same date. That tax—worth
about $4H billion—accounts for most of
the strong increase in indirect business
taxes. Other receipts increase roughly
in line with economic activity.
Expenditures increase nearly $12
billion. All NIPA categories except subsidies show strong increases. Subsidies
SURVEY OF CURRENT BUSINESS
26
February 1978
Table 6.—Federal Government Receipts and Expenditures, NIPA Basis
[Billions of dollars]
Calendar year
Fiscal year
Estimates
Actual
Estimates
Actual
Actual
1977
1977
1978
1979
Estimate
1978
1977
I
II
1979
1978
III
IV
I
II
IV
III
II
I
III
Seasonally adjusted at annual rates
Federal Government receipts
Proposed legislation:
Rate reductions and $240 credit
Reforms
Energy program
Tax Reduction and Simplification Act of 1977.
Social insurance legislation . _
Other i
Personal tax and nontax receipts
Proposed legislation:
Rate reductions and $240 credit
Reforms
Energy program
Tax Reduction and Simplification Act of 1977.
Other i
Corporate profits tax accruals
Proposed legislation:
Reductions
Reforms
Energy program 2
Tax Reduction and Simplification Act of 1977.
Other i
Indirect business tax and nontax accruals
Proposed legislation:
Reductions
Energy program
Other i
Contributions for social insurance
Social insurance legislation:
Social security.
Unemployment
Other i
Federal Government expenditures
Proposed legislation:
Energy program
Other...
Purchases of goods and services
National defense
Pay raises:
October 1977
October 1978
Other
Nondefense
Pay raises:
October 1977
_
October 1978
Commodity Credit Corporation
Strategic petroleum reserve
Other. .
Transfer payments
To persons
Proposed legislation:
Energy program
Unemployment benefits
Other . . . I
To foreigners
364.0
-6.8
6.5
.2
.8
165.5
185.5
373.6
—.2
-2.1
167.6
57.4
364.9
371.2
373.2
401.9
416.9
435.4
431.8
445.3
458.3
476.7
—2.4
—2 5
—2 7
—20 4
-33.9
.1
-4.9
2.8
375.7
-9.9
10.7
426.5
— 1.4
2.7
363.6
-3.4
2.8
371.8
-7.9
2.8
378.3
195.6
170.7
187.8
170.0
168.6
168.6
-6.7
3.0
-.3
-12.7
10.3
406.9
175.5
180.0
-3.8
4.4
-.2
—.4
-3.4
174.1
-2.3
-8.4
202.5
170.0
-1.9
170.5
-6.4
175.0
59.2
64.5
55.4
59.9
59.5
—1.6
-8.4
195.7
-5.7
-6.4
226.9
63.1
69.7
—1 9
—6.9
-2.5
— 6
-1.5
67.0
2.1
—1 6
-.6
76.7
-1.5
60.7
.2
—.8
-1.5
69.1
28.5
34.8
24.8
29.9
.1
-1.1
58.5
24.6
421.5
1.6
-7.0
15.8
466.6
-23.6
4
3.7
-5.2
180.7
-11.2
191.6
61.6
—2.4
— 1.4
56.8
24.2
—36.2
-37.4
.2
.2
8.3
8.5
8.8
.7
-12.8
10.5
420.9
1.0
-7.2
10.8
433.3
1.5
-6.9
11.0
446.4
1.0
-7.5
20.1
459.6
1.8
-7.6
20.7
472.3
2.8
-5.8
21.5
483.3
185.1
197.5
.1
— 4
-3.0
-11.3
199.8
63.0
-1.5
61.4
-1.5
61.0
-1.5
—1.5
65.7
—2 15
—1 0
-1.5
67.9
24.6
25.4
25.2
25.7
30.9
.1
—.3
188.7
188.6
195.0
206.8
-16.0
-26.9
-27.7
-23.9
-3.1
-5.4
213.2
-6.3
-7.2
223.3
5.7
-3.1
-5.7
206.3
5.9
6.1
-6.4
-7.3
230.5
-6.4
-5.5
236.5
64.5
69.0
67.0
70.0
72.8
-2.7
-2.7
-7.9
-8.2
-8.5
.2
—1 0
-1.5
69.5
32.0
.2
— 1.0
-1.5
74.0
2.6
—1.7
-.3
74.3
31.1
34.9
—1 7
—1.4
2.6
2.7
—1.8
-.3
77.7
36.0
—1.8
-.3
80.7
—1.5
11.0
27.8
159.8
37.3
5.6
9.0
24.6
26.1
27.4
24.8
26.6
24.2
24.6
25.4
25.2
25.7
26.2
26.9
27.2
27.3
—1.5
10.0
27.5
116 5
133 7
151 3
118 9
139.2
115 4
118 1
119.7
122.4
134.6
137 9
141.4
143.0
154.8
157.3
5.9
2.3
.5
2.3
.5
2.3
2.4
.6
8.2
2.6
2.2
128.6
112.7
116.9
124.3
127.4
130.6
132.0
17.8
2 1
134.9
2.1
116.1
115.3
7.9
2.6
8.4
2.6
119.4
7.7
2.6
18.4
2.6
2.2
.5
136.8
138.5
1 5
2.4
8.9
.0
4.7
5.1
19.1
115.2
22
125.6
13.5
21
135.7
411.8
463.6
504.0
423.5
476.4
403.7
411.5
432.1
446.7
456.3
468.0
483.7
497.4
497.7
504.5
516.7
411.8
• .5
463.1
2.7
501.3
423.5
1.2
475.2
403.7
411.5
432.1
446.7
456.3
.6
467.4
1.4
482.3
2.6
494.8
2.8
494.9
2.9
501.6
2.5
514.2
140.7
92.0
158.4
99.8
171.6
108.1
145.5
94.3
162.3
101.3
136.3
89.7
143.6
93.4
148.1
95.6
153.8
98.5
156.8
99.5
160.0
100.3
163.3
101.0
169.2
104.4
168.6
106.7
172.3
109.3
176.2
111.9
2.4
2.4
2.2
.6
2.4
.5
2.3
2.4
2.4
2.4
2.4
2.1
2.4
2.2
2.4
2.2
2.4
2.2
92.0
97 4
103.5
93.7
98.4
89.7
93.4
95.6
96.2
97.1
97.9
98.6
99.9
102.1
104.7
107.3
48.7
58 6
63 5
51.2
61.0
46.7
50.2
52.5
55.3
57.3
59.7
62.3
64.8
61.9
63.0
64.3
1 i
.3
1.1
1.1
1.1
45.5
47.0
48.1
2.4
2.9
53.3
1.6
4.0
55.6
1.1
4.8
56.8
.8
1.3
57.6
.7
1.4
58.7
1.1
1.1
.6
1.7
46.1
2.2
3.2
54.2
3.5
1.3
51.4
1.1
1.1
1.1
1.1
6.0
.3
48.0
1.1
1.0
3.7
.1
47.1
1.1
.3
1.0
3.0
2 1
52.4
1 i
1 i
.8
2.3
58.2
59.8
169 7
166.5
184 2
180.7
201.8
198.0
173.1
169.9
188.8
185.3
170.7
167.8
169.3
166.4
174.8
171.2
177.6
174.3
180.3
176.9
184.3
180.8
193.6
190.1
197.1
193.5
198.7
195.0
201.3
197.4
210.0
206.0
13.5
153.0
3.2
.1
10.4
170.2
3.5
1.1
10.0
186.9
3.8
12.7
157.2
3.2
.4
10.1
174.9
3.5
15.1
152.7
2.9
12.3
154.1
2.9
11.6
159.6
3.6
11.8
162.5
3.4
10.3
166.6
3.4
10.0
170.8
3.5
.4
10.0
179.7
3.5
1.1
10.0
182.4
3.6
1.1
10.0
183.9
3.7
1.1
10.0
186.3
3.9
10.0
194.9
.9
.4
2.6
77.0
81.6
2
g
67.6
2
5
1.2
3.2
4.4
79.3
80.9
81.7
81.6
81.8
.2
.6
.8
.8
.8
2
5
.8
.5
.5
.3
1.5
6.3
1.1
6.3
1.0
6.3
.9
1.5
62.0
63.6
72.7
3.7
2.1
4.9
1.7
5.4
1.7
6.2
1.6
6.3
1.3
6.3
1.2
1.5
1.5
2.0
2.5
2.8
2.4
2.0
58.6
65.4
64.1
66.5
67.8
68.1
71.0
71.4
72.0
72.2
29.1
29.4
31.2
33.4
35.8
37.8
39.0
89.5
40.1
40.6
7.2
11.9
10.2
8.6
8.1
10.4
9.3
9.0
8.2
.5
2.8
6.9
.4
.4
1.6
6.2
.4
.4
1.4
5.9
.7
.8
3.0
5.9
.9
.6
2.1
5.7
1.0
.6
1.5
5.9
.6
.4
1.4
5.8
-54.4
-51.1
-48.3
-65.6
-52.4
-46.2
-40.0
68
-2.4
-2.5
-2.7
-20.4
-36.2
-37.4
-33.9
.2
-.4
.1
.1
.2
.2
8.3
8.5
-.3
.1
-.4
-1.1
-1.8
-1.1
8.8
.3
-51.8
-48.8
-45.4
-44.3
-22.7
-16.2
-15.2
3.4
1.6
6.1
1.4
1.9
2.4
60 8
66 7
71.6
1.0
61.6
68.4
58.3
29.3
34.5
39.8
29.6
36.5
28.6
6.1
9.5
9.2
7.8
9.3
6.1
5.9
.2
.6
5.3
.2
.5
2.5
6.3
.8
.6
2.0
5.8
.2
1.8
5.8
.4
.5
2.2
6.2
-.1
.8
5.4
-.6
.8
5.7
.5
1.0
5.7
-47.8
-52.8
-52.6
-49.9
-54.9
-38.8
-40.3
-58.9
1 9
32 1
6.5
-50.7
-25.9
-49.9
75.6
.8
6.3
1.0
-47.8
72.2
2.9
1.3
2.4
1.3
5.6
1.6
2.2
—1.1
4.0
.4
79.4
.6
.1
—.3
1.1
81.7
2.9
1.7
Impact of proposed legislation:
Rate reductions and $240 credit
Reforms _.
Energy program. . .
See footnotes at end of table 7.
—32.1
-3.2
1.3
365.9
Net interest paid
Surplus or deficit ( - ) , NIPA, excluding proposed
legislation
—1.9
.2
-9.9
8.2
414.1
66.0
Surplus or deficit ( - ) , NIPA »
451.4
.1
Grants-in-aid to State and local governments...
Proposed legislation:
Energy program
Public assistance financial relief
Social services retroactive payment
Public service employment
Antirecession financial assistance..
Local public works
Other
Subsidies less current surplus of Government
enterprises
Proposed legislation:
Energy program.
Commodity Credit Corporation
Agricultural subsidies .
Other
410.8
-47.9
-38.8
-40.3
-58.9
1.1
4.6
6.2
1.7
SURVEY OF CURRENT BUSINESS
February 1978
27
Table 7.—Selected tax Changes, NIPA Basis
[Billions of dollars]
Fiscal year
Calendar year
1979
1978
1978
1979
1978
I
1979
II
III
I
IV
II
III
IV
Seasonally adjusted at annual rate 3
Total impact on Federal sector deficit, NIPA basis . . . .
3.3
-11.6
1.4
-7.6
4.2
5.3
6.2
-10.8
-10.2
-9.8
-4.2
-4.8
Personal tax and nontax receipts
Proposed rate reductions and $240 credit
Rate reductions.
$240 credit
-1.8
-24.9
—23 6
27 9
4.3
-6.3
—3 8
48
1.0
-26.2
—25 8
30 2
4.4
-.4
-3.4
-3.1
-19.1
-16.0
—20 2
-27.5
-26.9
—31 2
4.3
-28.2
-27.7
—32 1
4.4
-24.2
-23.9
—28 4
4.5
-24.9
-24.7
—29 3
4.6
Proposed reforms
Itemized deduction changes:
Sales tax
Gasoline tax
Medical and casualty expenses .._
Other deductions
Other reforms
_ 2
44
42
—2
60
5.8
25
57
5.5
2.4
5 9
5.7
2.5
6 1
5.9
2.6
6 3
6.1
2.7
Proposed energy program
Rebate of crude oil tax
.
Residential credits and other
1.9
.7
...
. ... .
Corporate profits tax accruals
Proposed reductions..
Rate reductions
Investment credit changes
Proposed reforms
E ntertainment expenses
Phaseout DISC
Otherreforms
Proposed energy program
Expensing crude oil tax. .
Thermal credits and other
Indirect business tax and nontax accruals... .
Proposed reductions
Telephone l
.
Air ticket and freight
Proposed energy program
Crude oil equalization
Auto efficiency
Oil and natural gas consumption and other
Contributions for social insurance 2
Social security .
Base increases:
$16,500 to $17,700
$17,700 to $22,900
Rate increases:
11.7% to 12.1%.
12.1% to 12.26%
Unemployment insurance . .
Base increase
_
Rate reduction
— 4
.9
1 3
1 9
—2
.2
2
_ 2
.6
2
-1.6
— 1.4
-5.7
—4 8
-2 3
—2 1
—2
... .
4.2
— 4
— 4
— 4
.9
.9
1.0
1.7
.6
1.8
.6
1.8
.6
1.9
.6
1.0
.2
.2
2
.2
-6.3
—5.4
-6.4
—5.5
-6.4
—5.5
-6.5
-5.6
—6.4
—5 5
— 9
-3.0
—2 7
-.3
-.3
-.2
-.9
-.9
-.9
-.9
-3.5
-2.7
14
-1.3
-3.5
-2.7
14
-1.3
-7.0
-7.9
5 6
-2.3
-7.4
-8.2
—5 9
-2.3
-7.6
-8.5
—6 1
-2.4
-8.0
—8.8
—6 3
-2.5
-3.1
—2 8
-3.1
—2 9
-.2
—.9
-2.4
-1.9
1 0
-.9
-6.4
-6.9
48
-2.1
-3.1
-2.5
1 3
-1.2
-7.6
-8.4
60
-2.4
-2.6
-2.4
1 2
-1.2
-3.4
-2.5
1 3
-1.2
.1
2.1
1.2
.2
.1
.2
.2
1
2.6
1.5
2.7
1.6
2.7
1.6
.l
2.6
1.5
2
2.6
1.5
7
.1
.6
.3
2
.2
.7
.4
.7
.4
.7
.4
.7
.4
-1.0
_ 7
-.3
-1.0
— 7
-.3
-1.7
-1 2
-.5
-1.8
-1.3
-.5
-1.8
-1.3
-.5
-1.9
-1.4
-.5
.1
.4
-.6
—.4
-.2
-1.6
—1 1
-.5
-.8
—5
-.3
-1.8
—1 3
-.5
-.3
-1.0
—7
-.3
2.4
7.4
—1 5
—1 2
8.6
—1 5
—1 2
—3
0
4.7
5.1
.3.9
—1 7
— 1.4
-.3
7.6
—1 4
— 1.1
-.3
8.5
—1 5
— 1.2
-.3
9.5
— 1.5
-1.2
-.3
9.4
—1.6
-1.3
10.1
8.8
.5
0
4.7
4.4
.3
5.1
4.8
.3
5.6
5.1
.5
0
0
0
0
10.0
8.7
.5
.8
11.0
9.7
.5
.8
11.0
9.7
.5
.8
9.0
7.7
.5
.8
17 3
16.0
18 1
16.7
18 7
17.3
-.3
—.3
3.3
_— 34
—l
2.4
2.3
.1
0
8.9
7.7
.5
.6
3.7
3.4
3
0
5 1
3.6
12 3
11.0
7 5
5.6
16.2
5.3
5.5
5.8
6.0
16 7
15.4
.9
2.4
2 1
26
2.0
2.1
2.2
2.3
2.4
2.5
2.6
2.7
7.5
7.8
8.1
8.4
3.9
4.0
4.2
1.6
1.7
1.8
4.3
1.9
3.4
2.7
1.5
1.5
1. Under current law telephone excise taxes are also reduced 1-1978, and 1-1979.
2. Excludes 1977 social security base increase and 1977 unemployment insurance
increase, included in "social insurance legislation" shown in table 6.
7.9
3.9
1.3
3 5
1.3
2.1
-.8
1 9
4 1
3 3
3.4
3.6
3.7
1 9
1.9
1.9
1 9
1.9
1.9
1.7
1.9
1 3
2 1
1.9
1.9
—.8
1.3
1.3
1.4
2.1
-.8
2.1
-.8
2.2
-.8
-.3
.8
1.4
2.2
-.8
NOTE.—The estimates do not allow for offsetting increases in Federal receipts resulting
from higher levels of economic activity induced by the tax reductions. It is roughly estimated
that over one-third of any tax reduction is utlimately recaptured. For instance, a tax reduction
of $100 ultimately results in an increase in GNP of $150; given a marginal rate of about 23
percent, budget receipts increase $35, or about one-third the original tax cut.
Calendar year
Fiscal year
1979
1978
1978
1979
1978
1979
I
II
III
IV
I
II
III
IV
Seasonally adjusted at annual rates
Addenda:
Personal tax and nontax receipts
Withheld income tax
Nonwithheld income tax less refunds
-1.8
1 4
-.4
Footnotes for table 6.
1. Incorporates the impact of changes in economic activity induced by the tax changes.
2. Passage of the administration's energy program would reduce corporate profits tax accruals $0.2 billion in calendar year 1977.
-24.9
21 7
-3.2
-6.3
59
-.4
-26.2
23 0
-3.2
-0.4
-.4
-3.4
—2 7
-.7
-3.1
—2 8
-.3
-19.1
—18 9
-.2
-27.5
—22.0
-5.5
-28.2
—22.7
-5.5
-24.2
_oo a
-•9
-24.9
-24.0
-.9
NOTE.—Fiscal year totals are based on unadjusted data and will not always conform to the
average of four seasonally adjusted quarters.
28
decline over $1}£ billion reflecting further reductions in farm subsidies and a
postal rate increase.
Third quarter 1978.—Receipts increase over $18 billion, reflecting a
strong increase in economic activity;
personal tax refunds return to more
normal levels.
Expenditures increase $16 billion. Defense purchases increase moderately,
but nondefense purchases continue to
increase at a fast pace, reflecting continued increases in purchases under the
strategic petroleum reserve program.
Transfers increase over $9 billion; over
half reflects a 6.2 percent cost-of-living
increase for social security retirees. Initial transfers under the energy program
reflect a rebate to nontaxpayers of the
crude oil excise tax.
SURVEY OF CURRENT BUSINESS
crease $12 billion; about $9 billion is
attributable to higher social security
tax rates and another increase in the
social security tax base. Unemployment
taxes reflect the proposed reduction in
the Federal unemployment insurance
tax rate.
Expenditures are virtually unchanged. Nondefense purchases decline,
reflecting a sharp fall-off in petroleum
purchases. Subsidies also decline; grants
are flat; transfers and interest advance
moderately.
CHART 5
Changes in Federal Government Receipts,
NIPA Basis
Billion $
TOTAL
Personal Tax
and Nontax
Receipts
Second quarter 1979.—Receipts increase $13 billion; tax changes are not a
major factor.
Expenditures increase $7 billion,
largely in defense purchases and transfers. Petroleum purchases level off;
grants continue flat.
Third quarter 1979.—Receipts inFourth quarter 1978.—Receipts decrease $18 billion; strong growth in
cline nearly $4 billion. Personal taxes
incomes is the major factor. Personal
fall sharply, reflecting a $16 billion cut
taxes increase $12 billion as net final
in withholdings, effective October 1. On
settlements return to more normal
the same date, indirect business taxes
levels. Corporate taxes increase $3
are reduced by the proposed elimination
billion, indirect taxes $1 billion, and
of the telephone excise tax and a reduccontributions for social insurance $2
tion in air ticket and freight taxes.
billion.
Corporate taxes increase substantially
Expenditures increase $12 billion.
due to a large advance in profits.
Transfers increase $9 billion, reflecting
Expenditures increase nearly $14 bila 6.1 percent cost-of-living increase for
lion. Purchases increase $6 billion, insocial security retirees. Defense purcluding over $3 billion for a civilian
chases continue their strong advance;
and military pay raise. Petroleum purother expenditure categories, on balchases continue up. Grants reflect the
ance, increase very little.
proposed energy payments to States
and localities for energy conservation. Table 8.—High-Employment Surplus or
Deficit (—), NIPA Basis
Subsidies reverse their yearlong decline,
[Billions of dollars, seasonally adjusted at annual rates]
reflecting the erratic pattern of farm
subsidies.
First quarter 1979.—Receipts increase
more than $13 billion. Personal taxes
are essentially flat; cuts in withholdings
under the energy program and cuts in
net final settlements under the tax
program roughly offset increases due to
higher incomes. Corporate taxes decline
$2 billion; the full-year effect of a cut
in tax rates plus additional cuts relating
to the investment credit more than
offset increases due to proposed reforms
and higher profits. Indirect business
taxes increase almost $4 billion; proposed energy taxes are the major factor.
Contributions for social insurance in-
February 1978
High-employment surplus
or deficit (—)
Change
Calendar year:
—17.3
—17.9
—26.9
—22.6
6.9
—.6
-9.0
4.3
1976:
First half
Second half
—17.7
—17.0
6.6
.7
1977:
First half
Second half
—5.6
—30.2
11.4
—24.6
1978:
First half
Second half
—24.3
-29.6
5.9
-5.3
1979:
First half—
Second half
—26.3
—18.9
3.2
7.4
1976
1977
1978
1979
Half-year:
Source: Council of Economic Advisers.
• Estimates by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
High-employment budget
As measured in the high-employment
budget, the deficit increases significantly in calendar 1978 (table 8). In
1979, it declines somewhat, but remains
$5 billion higher than in 1977. Thus,
overall fiscal policy adds moderately
to the degree of fiscal stimulus from
1977 to 1979. On a half-year basis, the
high-employment deficit is about $30
billion in the second half of 1978 and
declines thereafter.
The high-employment budget estimates are based on revised estimates of
potential GNP calculated by the previous Council of Economic Advisers
(CEA). The present CEA has reviewed
the methodology underlying the revised
estimates and concluded that it is a
major improvement. The revised estimates lower potential GNP—in 1976
by 4 percent. There are two principal
reasons for the revision. First, explicit
account is taken of the contribution of
capital to potential GNP. Second, thf
February 1978
SURVEY OF CURRENT BUSINESS
29
Table 9.—Breakdown of Changes in Federal Receipts, NIPA Basis
high-employment unemployment rate
is revised up—from 4 to 4.9 percent in
1976—to take into account changes in
the age-sex composition of the labor
force.
[Billions of dollars]
Change from preceding
1977
Total receipts.
Federal Sector Receipts
Federal receipts on the NIPA basis in
fiscal 1979 are $451.4 billion. The 1979
increase of $40.6 billion compares with
an increase of $46.8 billion in 1978
(chart 5). Chart 6 shows receipts by
type of tax since 1970 and the effect of
proposed legislation.
Higher levels of economic activity—
including the impact of inflation—
account for $51.6 billion of the 1979
increase in receipts; the net effect of all
tax changes—both proposed and
enacted—is to subtract $11 billion. In
1978, higher economic activity accounts
for an increase of $49 billion; tax
changes reduce the increase $2.2 billion
(table 9) .2
1978
1979
49.9
46.8
40.6
Due to higher levels1 of economic activityDue to tax changes
49.9
0
49.0
—2.2
51.6
-11.0
Personal tax and nontax receipts
_
Due to higher levels of economic activity..
Due to tax changes.
_
28.3
29.8
—1.5
20.0
28.4
—8.4
10.1
31.7
-21.6
Corporate profits tax accruals
Due to higher levels of economic activity..
Due to tax changes
5.2
6.5
—1.3
5.7
8.6
—2.9
9.0
—2.4
Indirect business tax and nontax accruals...
Due to higher levels of economic activity..
Due to tax changes...
.4
.7
3.9
1.8
2.1
Contributions for social insurance
Due to higher levels of economic activity..
Due to tax changes.
16.0
12.9
3.1
17.2
10.2
7.0
6.3
1.1
5.2
17.6
9.8
7.8
1. Consists of all tax changes since 1975.
($8 billion), principally the Tax Reduction and Simplification Act of 1977.
The reduction in 1978 ($11.3 billion)
reflects earlier legislation ($9.5 billion),
the energy program ($1.6 billion), and
the tax program ($0.2 billion).
The major feature of the tax program
is a reduction in tax rates for all tax-
payers, to a range of 12 percent to 68
percent from the current 14 percent to
70 percent. In addition, a personal tax
credit of $240 replaces the existing $750
personal exemption and the general tax
credit. Like the reduction in rates, the
personal credit is effective October 1,
1978. The credit reduces taxes for most
Personal taxes
Personal tax and nontax receipts
increase $10.1 billion in fiscal 1979. The
net increase consists of a $31.7 billion
increase due to higher incomes partially offset by a $21.6 billion decrease
due to tax changes, largely under the
tax and energy programs. The $21.6
billion decrease results from a larger
reduction in 1979 taxes than in 1978
taxes.
The reduction in 1979 ($32.9 billion)
reflects provisions of the tax program
($19.2 billion), the energy program
($5.7 billion), and earlier legislation
2. Table 9 shows the effect of all tax changes since calendar
1975 on year-to-year changes in receipts. Tax changes since
1975 must be included because the last half of 1975 is in fiscal
year 1976, which is used to calculate the year-to-year change
for 1977. Accordingly, in addition to proposed legislation, this
table incorporates changes due to earlier legislation, specifically the Tax Reduction Act of 1975, the Revenue Adjustment Act of 1975, the Tax Reform Act of 1976, the Tax
Reduction and Simplification Act of 1977, and all other tax
changes since 1975, such as social security base and rate
increases. Table 7 is to be distinguished from table 9 in that it
excludes the impact of the 1975-77 legislation. It focuses on the
detailed quarterly impact of the tax program, the energy
program, and the 1978 and 1979 rate and base increases for
social security and unemployment insurance contributions.
Table 6 summarizes the new programs, and shows separate
data on the most recently enacted income tax legislation, the
Tax Reduction and Simplification Act of 1977.
CHART 6
Federal Government Receipts, NIPA Basis
Billion $
225
/
Excluding Proposed Legislation
/
Personal Tax
and Nontax Receipts
200
175
150
125
100
Corporate Profits
Tax Accruals
75
50
Indirect Business Tax
- s t ^ t H — - and Nontax Accruals
25
1970
71
72
73
• Estimates by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
74
75
76
Fiscal Year
77
78*
79*
30
taxpayers, but increases taxes for others,
generally families earning over $20,000;
on balance, it raises taxes in 1979. Together, rate reductions and the credit
reduce personal taxes $23.6 billion in
1979.
Partly offsetting this reduction is the
impact of many proposed reforms.
Among the more important are the
repeal of itemized deductions for State
and local sales, gasoline, and other
taxes, and modification of existing provisions for deducting medical expenses
and casualty losses. Almost all the
reform proposals are effective January
1, 1979. In fiscal 1979, reforms add
$4.4 billion to personal taxes.
Despite the fact that almost all
reform proposals are effective January 1, 1979, withholding rates are
reduced October 1, 1978 as if reform as
well as reductions were effective on that
date. As a result, taxpayers are overwithheld in 1978 and additional refunds—over $2 billion—are paid in the
spring of 1979.
Withholdings are reduced again
April 1, 1978 and January 1, 1979 in
line with the budget assumptions about
the energy program. These reductions
provide for the bulk of the rebate of the
proposed crude oil excise tax. This
rebate amounts to $15 per capita in
1978 and $30 per capita in 1979. In
addition, net final settlements in 1978
and 1979 are reduced by credits for
residential installation of insulation and
certain other energy proposals. The
residential credits apply to action taken
after April 20, 1977, the announcement
date of the energy program.
Corporate profits taxes
Corporate profits tax accruals increase $6.6 billion in fiscal 1979. The
increase is more than accounted for by
higher profits; tax changes reduce tax
accruals $2.4 billion. The $2.4 billion
results from a larger reduction in 1979
taxes than in 1978 taxes.
The net reduction in 1979 ($9.2 billion) results from the tax program ($4.8
billion), the energy program ($1.6 billion), and earlier legislation, including
the proposed extension of previously
enacted reductions ($2.8 billion). The
net reduction in 1978 ($6.8 billion)
SURVEY OF CURRENT BUSINESS
results from earlier legislation ($4.4
billion), the tax program ($1.8 billion),
and the energy program ($0.6 billion).
The major feature of the corporate
tax program is a reduction in corporate
tax rates. The top corporate tax rate
(applying to income above $50,000) is
reduced from 48 percent to 45 percent
for calendar 1979 and to 44 percent
for 1980. In addition, the tax rate on
the first two brackets ($25,000 each) is
reduced 2 percentage points from the
current rates of 20 percent and 22 percent, respectively. Because October 1,
1978 is the announced effective date,
one-fourth of the 1979 rate reductions
apply to calendar 1978 tax liabilities.
(In the NIPA's they are recorded beginning in the first quarter of 1978.)
The tax proposals liberalize the
investment tax credit in several important ways. First, the 10-percent credit,
which is scheduled under current law
to return to 7 percent in 1981, is made
permanent at 10 percent. Second, the
credit, which now applies only to
machinery and equipment, is extended
to new and rehabilitated manufacturing and utility structures placed in
service after December 31, 1977. Third,
beginning January 1, 1979, the credit
can offset up to 90 percent of tax
liability in any year, compared with
50 percent under current law.
As in the case of personal taxes, reforms partly offset the tax reductions
for corporations. Among the more
important are restrictions on entertainment deductions, and a phaseout of tax
benefits for companies establishing domestic international sales corporations
(DISC's). Under current law, U.S. corporations may defer tax on part of their
export profits by channeling those
profits through a DISC subsidiary.
Also phased out is the existing tax deferral on profits earned by foreign subsidiaries of U.S. corporations.
The reduction in corporate taxes
attributable to the energy program is
largely due to the fact that corporations
are able to charge the crude oil excise
tax to business expense, consequently
lowering profits and the associated tax
liability. (According to Treasury estimates, about one-third of the crude oil
tax is borne by corporations and twothirds is passed on to consumers.) Addi-
February 1978
tional energy tax reductions result from
thermal efficiency credits provided to
corporations that invest in energyefficient structures or equipment.
Indirect business taxes
Indirect business tax and nontax
accruals increase $6.3 billion in fiscal
1979. This unusually large increase is
attributable to new taxes under the
proposed energy program; other tax
changes, such as repeal of the telephone
excise tax, roughly offset the increase
attributable to higher levels of economic
activity.
The principal new energy excise tax
is the crude oil equalization tax, which
is levied on existing domestic production in order eventually to raise the
price of petroleum products to the
world price. The budget assumes that
the first stage of the tax is effective
April 1, 1978 and the second stage
January 1, 1979. The tax is fully rebated to individuals either through
income tax rebates or transfer payments. Another new energy excise tax—
the auto efficiency tax—is levied on
auto manufacturers in an inverse relation to the fuel economy of their cars
and other light vehicles; revenues are
rebated to producers of fuel-efficient
vehicles. Finally, a new excise tax is
levied on certain industrial and public
utility consumption of oil and natural
gas. Firms can obtain refunds by investing in equipment that uses other
sources of energy.
The repeal of the telephone excise
tax on October 1, 1978 accelerates the
timetable for phasing out this tax.
Under current law, the telephone tax
drops from 4 percent to 3 percent on
January 1, 1979 and drops 1 point per
year until its elimination in 1982.
Other tax changes are minor and
include a 2-percentage point reduction
in the 8-percent airline ticket tax and
the 5-percent tax on air freight, and a
new excise tax on crude oil to pay for
damages and other costs of oil spills.
Contributions for social insurance
Contributions for social insurance
increase $17.6 billion in fiscal 1979.
Higher employment and increased wage
rates account for $9.8 billion of the
increase; net tax changes—higher tax
February 1978
SUEVEY OF CURRENT BUSINESS
31
Contributions for Social Insurance Due To Increases in Taxable Wage
rates and an increased tax base for Table 10.—Effect onBase
and Combined Tax Rate for Social Security
social security and a proposed reducTaxable wage base
tion in the unemployment tax base—
Combined tax rate
Effect of
increases in
account for the remaining $7.8 billion.
taxable wage
C a l e n d a r year
Effect of
Effect of
base and
increase, in
Dollars
Percent
There is a larger net tax increase in
increase, in combined tax
billions of
billions of
rate, in billions
dollars
1979 contributions than in 1978 condollars
of dollars
tributions.
1958
4,200
4.50
The increase in 1979 ($18.7 billion) 1959
1.5
0.6
5.00
4,800
0.9
6.00
I960
1.9
1.9
results from higher taxes for social
. .
6.25
.5
.5
security ($16.4 billion) and unemploy- 1962
2.1
1963
7.25
2.1
ment insurance ($2.3 billion). The 1966
6.2
3.4
8.40
6,600
2.8
1.2
8.80
1.2
increase in 1978 ($10.9 billion) results 1967
2.1
2.1
1968
7,800
1969
9.60
3.0
3.0
from higher taxes for social security
3.2
3.2
10.40
($8.7 billion) and unemployment insur- 1971
2.9
1972
9,000
2.9
6.2
10.8
1973
.
11.70
10,800
4.6
ance ($2.2 billion).
3.9
1974
13,200
3.9
The increase in social security taxes 1 9 7 5 . . .
1.4
1.4
__
14,100
2.1
2.1
15,300
reflects the recently enacted Social 1976
2.1
1977
.
16,500
2.1
5.6
3.5
17,700
12.10
2.1
Security Amendments of 1977 as well 1978
9.5
1979
22,900
12.26
1.7
7.9
as increases scheduled prior to those
NOTE.—The effect of increases represents the first full-year effect of the changes in the taxable wage base and the combined
amendments. The tax base was raised tax rate.
For example, the increase in the taxable wage base from $4,200 to $4,800 increased social insurance contributions $0.6
billion
in 1959.
from $16,500 to $17,700 January 1, 1978
Source: Social Security Administration.
and is raised to $22,900 January 1, 1979.
Prior to the amendments, the 1979
base was scheduled to rise to an esti- The 1979 increase—$2.3 billion—would
mated $18,900. The tax rate was raised have been larger except for the proposal
from 11.7 percent to 12.1 percent Jan- to lower the Federal unemployment tax
uary 1, 1978 and is raised to 12.26 per- rate to 0.5 percent January 1, 1979.
CHART 7
cent January 1, 1979. Prior to the This tax finances Federal administraamendments, the 1979 rate remained tive expenses as well as the Federal Changes in Federal Government
at 12.1 percent. The 1977 legislation share of extended unemployment benealso requires employers as well as fits paid when unemployment is high. Expenditures, NIPA Basis
Billion $
employees to pay social security taxes
0
20
40
on tips, effective January 1, 1978. Table
Federal Sector Expenditures
10 shows the effect of increases in the
social security tax rate and base since
Federal expenditures in the NIPA's TOTAL
1959. Increases in the social security in fiscal 1979 are $504.0 billion. The
tax base have their most pronounced 1979 increase of $40.4 billion compares
effect on actual receipts in the second with an increase of $51.8 billion in
half of the calendar year in which they 1978 (chart 7). Increases for transfer Purchases of Goods
occur, because the additional amounts payments to persons ($17.3 billion) and and Services
included in the tax base are generally national defense purchases ($8.3 billion)
earned later in the year. However, in account for about two-thirds of the
seasonally adjusted NIPA receipts, 1979 increase. Smaller increases are for
the step-up is made in the first quarter net interest paid ($5.3 billion), non- Transfer Payments
of the year in which the tax base is defense purchases ($4.9 billion), and
increased. Thus, the January 1978 grants-in-aid to State and local governbase increase raised contributions about ments ($4.6 billion).
to State
$2 billion (annual rate) in the first
Table 11 highlights the major factors Grants-in-Aid
and Local Governments
quarter of 1978, and the January 1979 that contribute to recent changes in
base increase raises contributions about Federal expenditures. The energy pro$7% billion in the first quarter of 1979. gram adds $2.2 billion in 1979, subThe increase in unemployment insur- stantially more than in 1978. Excluding Other**
ance taxes reflects the 1976 legislation, the energy program, expenditures inwhich raised the Federal unemploy- crease $38.2 billion in 1979. Social
ment tax rate from 0.5 percent to 0.7 security benefits and military and
percent effective January 1, 1977, and civilian pensions contribute $15.7 * Estimates by BEA.
* Consists of net interest and subsidies less current surplus of
the unemployment tax base from $4,200 billion. Pay raises contribute $3.3 *Government
enterprises.
to $6,000 effective January 1, 1978. billion, grants for public service jobs U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
Nondefense purchases
[Billions of dollars]
Change from preceding fiscal year
Total expenditures..
1978
39.5
Energy program..
Other
Purchases of goods and services:
Pay raises
Strategic petroleum reserve
Commodity Credit Corporation.
Transfer payments to persons:
Social security
Military and civilian pensions.
Unemployment benefits
Grants-in-aid to State and local governments:
Public service jobs
Public assistance
Local public works
Employment, training, and youth
Antirecession financial assistance
40.4
.5
2.2
51.3
38.2
2.6
3.5
2.1
.4
3.3
.2
-2.2
14.6
2.2
-4.0
12.9
2.3
-3.1
13.4
2.3
-.4
.2
1.7
2.7
2.0
1.6
1.0
-. 1
.7
.9
-.3
.7
.3
.4
-1.0
1.9
.7
.4
-.5
.6
16.5
4.2
12.3
23.0
5.4
17.6
21.0
6.1
14.9
3.0
2.0
— 9
CHART 8
Commodity Credit Corporation
Expenditures, NIPA Basis
Billion $
8
T01AL
6 1
All other expenditures 1~
National defense
Nondefense
51.8
1
Subsidies less current surplus of Government enterprises:
Agricultural subsidies
Housing
Postal Service
1979
Nondefense purchases increase $4.9
billion in fiscal 1979, compared with
$9.9 billion in 1978. The large difference
is due to purchases of agricultural commodities by the CCC and purchases for
the strategic petroleum reserve. Excluding these two programs, nondefense
purchases increase $6.9 billion in 1979
and $7.4 billion in 1978. In 1979, CCC
1
—
1. Includes purchases of goods and services, transfer payments, grants-in-aid, and net interest paid.
1
Table 11.—Breakdown of Changes in Federal Expenditures, NIPA Basis
1977
February 1978
-
1
n
n
n
2 -
1
1
1
1
1
Europe. Production of a new heavy
tank—the XMl—begins. One Trident
submarine is scheduled for production
in 1979 as compared with two in 1978
under a schedule to produce three every
2 years; other ships are cut back also.
The future shipbuilding program is
under study; pending completion of this
study in the spring, several major
decisions are deferred to next year.
Operation and maintenance outlays
increase $3 billion in 1979, mainly for
readiness of ships and aircraft, including supply backups. Other increases are
for the October 1978 civilian and miliNational defense purchases
tary pay raise ($2.1 billion), and for
National defense purchases increase research and development $1.2 bil$8.3 billion in fiscal 1979, compared lion)—primarily for the M-X interwith $7.8 billion in 1978. The 2-year continental ballistic missile, strategic
increase of $16 billion is the largest submarine systems, and for weapons
since 1966-68. Increased spending in needed in Europe. (The budget includes
1979 is for NATO-related programs. over $100 million to continue developThe remainder of the defense budget ment work on the B-l bomber despite
is level; increases in areas such as the administration's decision not to
basic research are offset by savings in build the bomber.) Table 12 shows the
areas such as training.
detail of unified budget defense outlays
Procurement of military hard goods and a reconciliation with defense purincreases over $2 billion in 1979. In- chases on the NIPA basis. The new
creases occur for a number of major budget has reclassified military assistweapon systems including the cruise ance outlays from the national defense
missile, and for weapons to strengthen function to the international affairs
conventional forces, such as combat function; the NIPA's continued to
vehicles, tactical aircraft, and improved classify military assistance purchases
cargo planes to back up troops in as national defense purchases.
and employment and training assistance
$1.4 billion, public assistance grants
$0.9 billion, housing subsidies $0.6
billion, and the strategic petroleum
reserve $0.2 billion. Partly offsetting
these increases are declines in agricultural purchases by the Commodity
Credit Corporation (CCC) and in
agricultural subsidies. Of the remaining
$21 billion increase, nondefense expenditures are up about $15 billion,
about $3 billion less than in 1978. Defense expenditures are up $6 billion,
slightly more than in 1978.
1 1 1 1 1 1 1
32
PURCHASES OF GOODS AND SERVICES
2
-
1970
72
74
76
Fiscal Year
* Estimates by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
78*
79*
SURVEY OF CURRENT BUSINESS
February 1978
33
Table 12.—Relation of National Defense Purchases in the National Income and Product
Accounts to National Defense Outlays in the Unified Budget
Departments of Labor ($0.8 billion)
and Transportation ($0.5 billion).
[Billions of dollars]
Transfer payments
Fiscal year
1978
National defense outlays in the unified budget.
1979
97.5
107.6
117.8
Department of Defense, military
95.7
105.3
115.2
Military personnel
Retired military personnel. _.
Operation and maintenance..
Procurement
Aircraft
Missiles.-
25.7
8.2
26.8
9.2
30.6
33.5
36.5
18.2
6.6
2.8
2.8
1.8
1.2
3.0
21.6
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
24.2
3.2
10.7
3.5
11.9
3.6
1.9
2.3
2.6
Ships
Vehicles and ordnance
Electronics and communications..
Other
Research, development, test, and evaluation..
Other
Civilian and military pay raise
Transfer payments to persons increase
$17.3 billion in fiscal 1979, compared
with $14.2 billion in 1978. The energy
proposal increases transfers $1 billion
in 1979 after adding only $0.1 billion
in 1978. Other proposals limit the
1979 increase in social security and
medicare payments.
Social security payments (excluding
medicare) account for $9.7 billion of
the 1979 increase; $5.9 billion is the
result of increases in benefits. A
6.2-percent increase in July 1978 adds
$4.4 billion to the 1979 increase, and
a 6.1-percent increase in July 1979
adds $1.5 billion. Other increases occur
because the Social Security Amendments of 1977 gradually raise the
limit on the amount that can be earned
after retirement without benefit reductions. The amendments also correct
the previous benefit formula, which
unintentionally allowed benefits to rise
Estimates
Actual 1977
26.9
10.1
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
l
2.1
Atomic energy and other defense related activities.
Plus: Military assistance outlays
Less: Transfer payments to retired military personnel.
Grants-in-aid and net interest paid
Timing differences and other adjustments
.3
-.7
8.2
.4
-3.8
Equals: National defense purchases, NIP A
92.0
9.2
.4
-1.5
99.8
10.1
.5
-.1
108.1
n.a. Not available.
1. Includes pay raise effective October 1979; excludes wage board employees.
Sources: " T h e Budget of the United States Government, 1979," Department of Defense, and the Bureau of Economic
Analysis.
agricultural purchases decline over $2
billion; in 1978, they increase $0.4
billion from an already high 1977 level
(chart 9). The 1979 decline assumes
relatively favorable weather conditions
and higher crop prices. However, because of uncertainties, the administration wants to increase the CCC's
authority to borrow from the Treasury
to $20 billion from $14.5 billion.
The strategic petroleum reserve program adds $0.2 billion to purchases in
1979, compared with $2.1 billion in
1978. Chart 9 shows the quarterly
pattern of this program. The Energy
Policjr and Conservation Act of 1975
requires the creation of a 500 million
barrel reserve by 1982. The administration proposes to complete storage of
500 million barrels by December 1980
and to develop a 1 billion barrel reserve
by 1985. (The Department of Energy
estimates that a 500 million barrel
reserve would provide supplies for a
4-month period given about a 40percent cut in imports.)
Among other major increases in 1979
are the October 1978 pay raise ($1.1
billion) and higher purchases for the
CHART 9
Strategic Petroleum Reserve Purchases
Million Barrels
100
Billion $
5.0
Billions of Dollars
(Annual rates)
4.5
\
^
- 90
//
/ /
4.0
-
80
3.5
-
70
3.0
- 60
2.5
- 50
2.0
-
1.5
- 30
1.0
Millions of Barrels Delivered
- 20
- 10
0.5
0
40
^
\
1
I
1977
I
1978
1
1
I
i
1979
i
Data: Department of Energy and BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
78 2 9
34
faster than the increase in either prices
or wages. Correction of the formula
limits benefits significantly in future
years, but has little effect in 1979.
Proposals—submitted in 1977 but not
acted upon by the Congress—reduce
payments in 1979. These include elimination of certain retroactive lump-sum
payments and a limitation on payments
to college students.
Medicare payments increase $3.7
billion in 1979, about $2.3 billion for
hospital benefits and $1.4 billion for
medical benefits. Proposed legislation
reduces medicare payments $0.6 billion
in 1979 by placing a ceiling on the
annual increase in hospital costs.
Unemployment benefits decline $0.4
billion in 1979 and $3.1 billion in 1978.
It is estimated that an average of 3
million workers per week receive unemployment benefits in 1979 compared
with 3.4 million in 1978 and 4.3 million
in 1977. The Unemployment Compensation Amendments of 1976 provide for
extension (beginning January 1, 1978)
of the regular Federal-State unemployment insurance program to most of
those previously ineligible for unemployment benefits—primarily State and
local government employees and agricultural workers. The temporary special unemployment program, enacted in
1974 to pay benefits during the recession to such ineligible workers, pays its
last claim in the final week of June 1978.
The Federal supplemental benefits program, also enacted in 1974 and which
provided an additional 13 weeks of
benefits to covered workers who exhausted their regular (26 weeks) and
extended (13 weeks) benefits, paid its
last claim in the final week of January
1978.
Under current law, unemployment
benefits are not subject to Federal income taxes. The administration's tax
program proposes to tax unemployment
benefits for single persons with annual
income (including unemployment benefits) of over $20,000, and for married
couples filing joint returns with income
of over $25,000.
Transfers under the energy program
are $1.1 billion in 1979. These payments go to nontaxpayers as part of
the rebate of the crude oil tax. (The
SUEVEY OF CURRENT BUSINESS
major portion of the rebate takes the
form cf reduced income taxes.)
Transfers under the food stamp program decline slightly in 1979, compared
with a small increase in 1978. Although
the number of beneficiaries increases
slightly—to 18 million—continued economic recovery and the impact of the
Food Stamp Act of 1977 reduce payments. Major features of the Food
Stamp Act are: (1) elimination of the
food stamp purchase requirement, (2)
reduction of the net income limits to
the level of poverty income, (3) substitution of a standard deduction for
most of the itemized deductions used
to calculate net income, and (4) tightening of work requirements. The new
regulations are expected to go into
effect in mid-1978.
Together, other transfers increase
$3.4 billion in 1979 and $3.9 billion in
1978. Military and civilian pensions
account for $2.3 billion of the increase
in both years. The tax program includes
extension of the earned income credit
($0.9 billion in 1978 and 1979) beyond
its current expiration date of December
1978. The credit is expanded and made
permanent in January 1982 as a part
of a proposed welfare reform.
Grants-in-aid
Grants-in-aid to State and local governments increase $4.6 billion in fiscal
1979 and $11 billion in 1978; excluding
the energy program, grants increase
$4.0 billion and $10.8 billion, respectively. The 1978 increase is exceptionally large, reflecting accelerated spending for the 1977 economic stimulus program; programs for public service jobs
and local public works are the major
factors. Also adding to the 1978 increase are two one-time grants: a $0.5
billion payment to States to settle prioryear social services claims, and a $0.2
billion payment to States to provide
extra funds for welfare payments.
Grants for the economic stimulus program continue to be a factor in 1979.
Grants for public service jobs increase
$0.7 billion, compared with $2.7 billion
in 1978. The number of federally funded
jobs increased from about 310,000 in
the spring of 1977 to 615,000 at the end
of the year and is expected to total
February 1978
725,000 by mid-1978; approximately
three-fourths of these jobs are with
State and local governments; the remainder are with nonprofit institutions.
The administration proposes to support
this level of jobs through 1979 and to
phase them out as the economy continues to improve. However, permanent
standby authority will be requested so
that public service jobs can be provided
in any future economic downturn. Local
public works grants decline $0.3 billion
in 1979, compared with an increase of
$1.6 billion in 1978. This program,
which was authorized in late calendar
1976 and broadened under the economic
stimulus program in mid-1977, ends in
1980 and no new authority is requested.
Antirecession fiscal assistance—also
part of the economic stimulus program—declines $0.6 billion in fiscal 1979
compared with no change in 1978; the
decline is attributable to reduced unemployment.
Although this fiscal assistance program winds down as the economy improves—general revenue sharing—
grants for the largest fiscal assistance
program provide continuing budget
support in future years. Chart 10 shows
the impact of grants for fiscal assistance,
economic stimulus, and employment
assistance.
Grants under the energy program
increase $0.6 billion in 1979 to $0.8
billion. These grants provide funds for
energy conservation in schools, in hospitals, and in the homes of low-income
individuals.
Grants under other programs increase
$4.2 billion in 1979 compared with $6.1
billion in 1978. Slower growth occurs in
1979 for such programs as public assistance and community development.
New programs in 1979 provide for a
job-related demonstration program associated with the proposed welfare
reform, training and jobs for the disadvantaged in the private sector, and
expansion of the medicaid program for
children and low-income expectant
mothers.
Other expenditures
Net interest paid increases $5.3 billion in 1979 and $5.2 billion in 1978.
Both increases are the result of large
additional Federal borrowing and higher
February 1978
SURVEY OF CURRENT BUSINESS
average interest rates. Debt held by the
public (including the Federal Reserve
System) increases $73 billion in 1979
and $66 billion in 1978. The budget assumes a 6.1 percent average interest
rate on new 91-day Treasury bills in
both calendar 1979 and 1978, but the
effective average interest rates on all
Federal debt increases because of
changes in the yield structure.
Subsidies less the current surplus of
Government enterprises decline $0.3
billion in 1979, compared with an in-
crease of $3.4 billion in 1978. Excluding
energy, the decline in 1979 is nearly $1
billion, reflecting a lower Postal Service
deficit and lower subsidy payments to
farmers. A postal rate increase is effective June 1, 1978; no pay raises are
assumed beyond the expiration of the
current contract for postal workers in
July 1978. The Food and Agricultural
Act of 1977 resulted in large farm subsidies in 1978 as farm prices declined;
the budget assumes higher farm prices
in 1979.
35
The energy program adds $0.6 billion to subsidies in 1979 and $0.2 billion
in 1978. These subsidies consist of rebates of the auto efficiency tax to producers of fuel-efficient vehicles and payments to fuel oil dealers. Housing subsidies increase in 1979 reflecting an
extension of housing assistance to an
additional 400,000 low-income families
and an additional 50,000 moderateincome families. All other subsidies are
essentially unchanged.
CHART 10
Grants-in-Aid for Fiscal Assistance, Economic Stimulus,
and Employment Assistance
Billion $
6 -
2 -
1970
71
74
75
Fiscal Y e a r
* Estimates by BEA.
U.S. Department of Commerce, Bureau of Economic Analysis
76
77
78*
79*
36
SUKVEY OF CURRENT BUSINESS
February 1978
Note: "Employment and Employee Compensation in the 1967
Input-Output Study," to be published as BE A Staff Paper
No. 31, will be available near the end of March. This study
provides estimates of employment, employee compensation, and
wages and salaries of all employees for each industry defined
in the 1967 input-output tables. Additional information is
provided for production workers in manufacturing and mining.
Single copies will be available from BEA's
Interindustry
Economics Division (BE 51). Additional copies will be available
from the National Technical Information Service, Springfield,
Va. 22161.
U. S. GOVERNMENT PRINTING OFFICE : 1978 O - 255-267
CURRENT BUSINESS STATISTICS
X HE STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $6.80) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annually, 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. Unless otherwise noted, revised monthly data
for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data
from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1974
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
1974
IV
1975
I
II
1977
1976
III
IV
I
II
III
I
IV
II
IV
III
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalt
bil.$_. 1,412.9
1,528.8 1, 706.5 1,452.4 1,453.9 1,496.6 1,564.9 1,600.7 1,651.2 1,691.9 1,727.3 1,755.4 1,810.8 1,869.9
Personal consumption expenditures, total..do
889.6
980.4 1,094.0
916.2
936.5
965.9
995.1 1,024.1 1,056.0 1,078.5 1,102.2 1,139.0 1,172.4 1,194.0
Durable goods, total9
do
Motor vehicles and parts
do
Furniture and household equipment...do
Nondurable goods, total 9
do
Clothing and shoes
do
Food
do
Gasoline and oil
do
122.0
48.0
54.9
132.9
53.9
58.0
158.9
71.9
63.9
118.7
44.8
54.7
122.8
48.0
54.8
127.8
49.9
57.4
136.7
56.5
58.7
144.3
61.3
61.0
153.3
68.8
62.0
156.7
71.0
63.0
159.3
72.1
63.9
166.3
75.7
66.5
177.0
85.3
67.4
376.3
65.3
189.8
36.4
409.3
70.2
209. 5
39.1
442.7
76.3
225.5
41.4
388.5
65.0
198.1
39.2
394.0
66.6
202.6
38.2
406.4
69.8
207.9
39.7
415.0
71.5
212.1
39.1
421.9
73.0
215.4
39.8
430.4
74.2
219.3
40.6
437.1
74.3
223.9
40.3
444.7
76.9
227.0
41.2
458.8
79.9
232.0
43.5
Services, total 9
Household operation
Housing
Transportation
391.3
56.1
136. 5
30.7
438.2
64.2
150.8
32.2
492.3
73.0
167.9
36.8
408.9
59.3
141.7
31.6
419.7
61.4
145.1
31.6
431.7
63.7
148.5
31.6
443.4
65.3
152.4
32.2
457.9
66.3
157.2
33.2
472.4
69.5
161.5
34.8
484.6
70.4
166.2
36.3
498.2
73.1
170.4
37.0
do
do
do
do
1,915.9 '1,963.7
1,218.9
1,260.2
178.6
84.5
69.3
177.6
81.2
70.9
' 186.3
84.1
'73.9
466.6
79.3
237.9
44.1
474.4
80.4
244.8
44.3
481.8 ' 500.0
83.3
87.5
248.3
254.2
44.2
46.4
513.9
78.8
173.7
38.7
528.8
80.7
177.6
39.5
541.1
79.2
181.9
40.5
559.5 ' 573.9
85.2
87.2
186.7
191.6
42.3
43.1
214.6
189.1
243.3
210.4
175.1
171.2
205.4
204.7
231.3
244.4
254.3
243.4
271.8
294.9
303.6
' 305. 2
do
do
do
do
205.7
150.6
54.5
96.2
200.6
149.1
52.9
96.3
230.0
161.9
55.8
106.1
203. 6
153.2
55.6
97.5
197.1
149.8
53.3
96.5
196.3
147.7
51.9
95.7
200.5
148.2
52.8
95.4
208.4
150.7
53.4
97.4
216.8
155.4
54.7
100.8
226.1
159.8
55.8
104.0
232.8
164.9
56.0
109.0
244.3
167.6
57.0
110.6
258.0
177.0
57.9
119.2
273.2
182.4
61.0
121.4
280.0
187.5
62.6
124.9
' 294.5
' 194.9
'64.8
' 130. 1
do
do
._ .do
55.1
8.9
10.8
51.5
-11.5
-15.1
68.0
13.3
14.9
50.5
6.8
10.7
47.3
-22.0
-25.9
48.6
-25.1
-26.9
52.3
4.9
1.4
57.6
-3.6
-9.2
61.4
14.5
15.9
66.3
18.3
20.4
67.8
21.5
22.0
76.7
n
L4
81.0
13.8
14.1
90.8
21.7
22.4
92.5
23.6
23.1
'99.6
'10.7
'6.2
.do
do
do
6.0
137.9
131.9
20.4
147. 3
126.9
7.8
162.9
155.1
8.2
150.5
142.3
15.4
147.4
131.9
24.3
142.7
118.3
20.8
146.9
126.1
20.8
152.1
131.3
10.2
153.9
143.7
10.2
160.6
150.4
7.9
168.4
160.6
3.0
168.5
165.6
-8.2
170.4
178.6
-9.7
178.1
187.7
Govt. purchases of goods and services, total.do
Federal
do
National defense
do
State and local
do
302.7
111.1
77.0
191.5
338.9
123.3
83.9
215.6
361.4
130.1
86.8
231.2
317.5
116.9
79.6
200.7
326.0
119.6
81.6
206.4
335.2
121.8
83.0
213.3
343. 5
123.8
84.4
219.7
351.0
128.1
86.7
222.9
353.6
127.6
86.3
225.9
358.9
128.5
86.0
230.4
363.0
130.2
86.4
232.7
370.0
134.2
88.4
235.8
374.9
136.3
89.7
238.5
390.6
143.6
93.4
247.0
Gross private domestic investment, total ...do
Fixed investment
Nonresidential
Structures
-.
Producers' durable equipment
Residential
Change in business inventories
Nonfarm
Net exports of goods and services...
Exports
Imports
By major type of product:!
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
1,404.0
629.7
240.8
389.0
626.8
147.4
do
do
do
8.9
7.1
1.8
1,540.3 1,693.1 1,445.5 1,475.0 1, 521. 7 1,506.6
697.7
643.7
750.9
665.8
692.9
706.6
267.5
241.3
272.5
299.3
250.6
263.8
430.2
402.3
434.2
451.6
415.2
429.1
699.2
656.7
708.4
782.0
670.5
689.5
143.5
145.1
145.0
160.2
138.8
139.3
— 11.5
-9.2
-2.2
13.3
4.1
9.3
6.8
12.2
-5.4
-22.0
-12.8
-9.2
-25.1
-11.7
-13.4
4.9
-2.1
7.0
1,604.4
725.2
283.1
442.1
728.3
150.8
-3.6
-10.3
6.7
1, 636. 7 1,673. 7 1,705.8 1,756. 3 1,797.0 1,848.2
805.4
792.1
775.6
754.5
743.4
730.0
329.5
326.6
312.0
302.7
287.6
294.9
475.9
465.6
463.6
451.8
442.4
448.5
855.3
833.7
813.8
791.8
751. 6
770.8
187.5
171.2
166.9
159.6
155.0
159.4
14.5
-2.0
16.6
18.3
7.0
11.2
21.5
10.7
10.9
Q
'.6
-1.6
13.8
7.8
6.0
21.7
11.5
10.2
- 7 . 5 - -15.1
179.9 ' 173.6
187.4 '188.7
400.9 ' 413.4
148.1
153.8
95.6 ' 9 8 . 5
252.9 ' 259.6
1,892.2
819.9
332.1
487.8
881.6
190.7
1,953.0
849.6
344.9
504.8
903.1
200.4
23.6
10.3
13.4
11.9
5.5
6.4
GNP in constant (1972) dollarsf
Gross national product, totalt
bil.$__ 1,217.8
Personal consumption expenditures, total..do
Durable goods.
Nondurable goods
do
do
Services..
do
Gross private domestic investment, total...do
Fixed investment
do
Nonresidential
do
E esidential
do
Change in business inventories
do
Net exports of goods and services
do
Govt. purchases of goods and services, total .do
Federal
do
State and local
do
1,202.1 1,274. 7 1,199. 7 1,169.8 1,188. 2 1,220.7 1,229.8 1,256.0 1,271.5 1,283. 7 1,287.4 1,311.0 1,330. 7 1,347.4
760.7
775.1
112.5
303.9
344.3
112.7
307.6
354.8
183.6
141.6
175.6
130.6
45.0
8.0
151.5
112.7
38.8
-9.9
821.3
752.9
756.9
127.5
321.6
372.2
104.3
301.2
347.4
106.2
301.8
349.0
173.0
170.6
133.0
164.5
116.8
47.7
8.5
163.8
124.1
39.7
6.8
152.9
116.6
36.3
-20.0
109.0
308.4
353.0
115.4
308.6
356.2
130.9
153.1
148.9
112.0
36.9
-18.0
150.2
111.0
39.3
2.9
1,360.7
792.8
807.2
815.5
822.7
839.8
850.4
854.1
860.4
' 879. 9
120.2
311.5
361.2
125.4
316.1
365.6
126.7
319.3
369.6
127.1
321.5
374.0
130.7
329.7
379.7
136.9
329.7
383.8
137. 9
330.0
386.3
136.5
332.4
391.4
'141.7
r
342.7
' 395.4
149.2
168.1
175.2
179.4
169.2
186.7
197.2
200.8
' 196.4
165.6
118.5
47.1
13.8
171.0
119.0
52.0
-1.8
177.0
124.3
52.7
9.7
184.0
126.4
57.6
13.2
185.1
127.6
57.5
15.7
r
153.8
111.3
42.6
-4.6
158.4
113.7
44.8
9.7
163.1
115.9
47.1
12.1
189.6
' 129.8
59.8
'6.8
15.9
22.5
16.0
17.9
20.5
24.5
22.7
22.3
16.8
16.4
17.0
13.8
10.6
9.4
12.2
'7.7
257.7
95.8
161.8
263.0
96.7
166.3
264.4
96.5
167.9
258.3
95.7
162.6
259.4
96.0
163.4
262.3
96.5
165.8
264.8
96.9
167.8
265.4
97.4
168.0
263.9
96.4
167.5
264.5
96.1
168.4
264.6
96.7
168.0
264.6
97.1
167.5
263.3
97.0
166.4
270.0
101.1
168.9
274.0
103.3
170.7
' 276.7
- 104. 2
r 172.5
'Revised.
* Preliminary.
fRevised series. Estimates of national income and product
and personal income have been revised back to 1973 (see p. 16 ft of the July 1977 SURVEY) ;
770.4
780.2
revisions prior to May 1976 for personal income appear on p. 28 of the July 1977 SURVEY.
9 Includes data for items not shown separately.
S-l
S-2
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
1974
1975
1976
I
II
1977
1976
1975
Annual total
February 1978
III
I
IV
II
III
I
IV
II
1978
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..
Quarterly Data Seasonally Adjusted at Annual
116.02
116.9
108.4
123.8
113.6
127.18
126.5
117.9
133.1
123.5
133.88
133.2
124.7
137.7
132.3
117.1
115.3
122.3
132.4
132.3
132.8
139.8
138.7
142.5
128.9
128.5
130.3
117.5
115.9
118.4
128.9
127.5
129.7
136.7
134.8
137.7
125.7
124.5
126.3
134. 56 136. 35
134.0
135.6
125.3
127.2
138.3
139.3
133.2
135.4
128. 28
127.5
118.4
134.5
124.5
130.17
129.2
120.1
135.5
126.8
131.47
130.8
122.2
136. 2
129.2
133.06
132.3
123.8
136.9
131.1
131.8
131.8
131.7
133.5
133.6
133.2
135.5
135.5
135.4
136.9
136.8
137.1
138.6
137.8
140.7
140.6
139.2
144.1
127.8
126.3
128.6
129.7
127.7
130.9
132.3
131.5
132.7
134.0
132.4
134.9
135.7
133.7
136.8
137.2
134.7
138.6
124. 21 125. 96
123.7
125.4
115.6
117.2
130.6
131.8
120.3
122.3
138.13
137.9
129.3
141.5
137.8
140.52
139.8
129.5
143.8
140.1
142.19
141.7
130.1
144.9
142.9
144.32
143.8
131.2
146.0
145.1
142.9
140.9
147.5
145.8
142.5
153.7
148.5
144.4
157.6
151.3
146.9
160.9
155.3
150.2
164.0
139.8
138.2
140.7
142.3
140.6
143.4
144.6
142.0
146.2
146.3
143.3
148.1
149.4
147.8
150.4
Rates
National income, totalt
bil. $.. 1,136.0 1,217.0 1,364.1 1,156.0 1,191.4 1,244.9 1,275.7 1,321.0 1,353.9 1,379.6 1,402.1 , 450.2 1,505.7 1,540.5
Compensation of employees, total
do
875.8
965.6
930.3
036. 3
914.4
999.6 , 024. 9 1,046.5 1,074. 2 ,109.9 1,144.7 1,167.4
936.7
904.6
998.9
980.9
Wages and salaries, total
do.
764.1
900.2
882.4
805.7
891.8
785.1
923.2
951.3
792.4
810.5
834.9
861.5
200.6
197.2
Govt. and govt. enterprises
do.
160.0
188.2
185.4
187.2
175.4
192.5
194.8
169.8
173.7
176.9
181.2
182.7
783.6
798.3
Other
do.
604.1
712.0
697. 0
704.7
630.3
615.2
730.7
756.4
618.6
633.5
653.8
678.8
163.8
168.5
Supplements to wages and salaries
do.
111.7
146.3
142.5
144.5
124.6
150.9
158.6
119.6
122.1
126.3
130.7
138.1
Proprietors' income with inventory valuation
and capital consumption adjustments,
97.0
95.5
86.2
total
bil. $..
90.4
88.7
95.1
88.0
86.2
86.0
90.4
90.4
86.9
84.3
78.9
19.7
15.5
Farm
do
25.4
21.6
18.6
16.2
23.2
18.3
22.7
26.2
25.5
20.0
16.6
20.7
77.3
80.0
Nonfarm
do
60.9
68.8
69.4
70.0
62.8
72.0
74.3
60.6
61.6
64.2
64.9
66.9
Rental income of persons with capital consump24.9
25.5
tion adjustment
bil. $_.
24.1
21.4
22.9
23.3
23.3
23.0
24.5
22.3
22.3
22.2
22.6
Corp. profits with inventory valuation and capital consumption adjustments, total bil. $.
123.1
140.2
125.4
149.0
92.7
115.6
114.7
126.5
74.0
129.2
133.5
99.3
128.1
Corp. profits with invent, val. adj.:
145.5
157.4
130.2
Domestic, total
do
76.9
136.1
131.0
105.4
134.6
123.2
132.4
139.8
98.4
122.6
77.2
19.9
21.2
Financial
do...
14.4
15.0
18.2
18.4
18.1
15.1
18.4
19.2
14.3
14.7
16.1
17.8
125.5
136.1
Nonfinancial, total 9
do. _.
62.5
90.3
116.4
121.3
118.0
62.1
84.1
107.9
107.1
114.6
111.8
111.8
76.4
77.6
Manufacturing, total 9
do
47.9
66.3
68.4
36.6
68.7
29.4
62.9
65.2
43.4
59.6
59.1
65.3
39.4
Durable goods
do...
37.5
18.5
31.0
32.5
11.5
9.0
29.0
31.5
15.4
25.9
23.8
27.2
Transportation, communication, and
11.5
14.1
electric, gas, and sanitary serv bil. $.
10.4
12.1
12.2
5.6
11.5
8.5
12.1
11.6
9.3
11.1
11.1
5.3
10.7
9.6
Rest of the world
do.-.
7.7
7.6
6.1
6.2
6.3
6.0
8.6
8.1
10.1
8.4
6.0
Profits before tax, total
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Capital consumption adjustment
Net interest
do...
do...
do...
do...
do. _.
do...
do...
do...
126.9
52.4
74.5
31.0
43.6
123.5
50.2
73.4
32.4
41.0
156.9
64.7
92.1
35.8
56.4
101.5
40.8
60.8
32.0
28.8
113.9
45.9
68.2
32.2
36.0
137.7
56.3
81.4
32.9
48.5
141.0
57.9
83.1
32.5
50.6
153.5
63.1
90.4
33.6
56.8
159.2
66.1
93.1
35.0
58.1
159.9
65.9
94.0
36.0
58.0
154.8
63.9
90.9
38.4
52.5
161.7
64.4
97.2
38.5
58.8
174.0
69.7
104.3
40.3
64.1
173.8
69.3
103.6
43.3
61.2
-40.4
-2.9
69.0
-12.0
-12.2
79.1
-14.1
-14.7
88.4
-18.3
-9.2
76.4
-9.3
-11.9
77.6
-8.8
-13.3
79.9
-11.8
-14.5
82.3
-12.4
-14.6
85.0
-15.5
-14.6
86.5
-11.7
-14.7
90.1
-16.9
-14.8
92.0
-20. 6
-15.6
95.3
-17.8
-15.9
98.9
-5.9
-17.9
103.1
DISPOSITION OF PERSONAL INCOMEf
Personal income, total
bil. $.
Less: Personal tax and nontax payments
do...
Equals: Disposable personal income
do...
Less: Personal outlays©
do...
Equals: Personal saving§
do
1,154.9
170.3
984.6
913.0
71.7
1, 253.4 1,382.7 1,205.1 1,234.7 1,269.7 1,304.0 1,338.1 1,366.7 1,393.9 1,432.2 1,476.8 1,517.2
224.8
192. 6
200. 6
169. 0
196.9
179.6
142.5
173.9
179.9
184.8
209.5
224.4
1,084.4 1,185. 8 1,025.4 1,092.2 1, 095. 7 1,124.1 1,153. 3 [,174.1 1,193.3 1,222. 6 1,252.4 1,292.5
1,223.9
1,004. 2 1,119."
1,103.8
1,128.5
960.1
1,166. 3 1,201.0
989.1 1, 019.1 1, 048. 6 1,080. 9
68.5
80.2
70. 3
64.8
65.9
65.4
56.3
51.4
103.1
76.7
75.5
72.4
201.3
027.1
206.9
820.2
174.2
104.2
22.1
82.0
26.4
-13.8
-19.4
106.4
1,549.8 '1,602.8
226.1
234.6
1,323.8 ^1,368.2
1,250.5 "•1,293.0
75
73.3
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
Manufacturing
Durable goods industries^
Nondurable gcods industries^
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gasand other
C ommunication
Commercial and other
Seas. adj. qtrly. totals at annual rates:
All industries
Manufa cturing
Durable goods industries^
Nondurable goods industriesH
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
112.40
46.01
22.62
23.39
112. 78
47.95
21.84
26.11
120.49
52.48
23.68
28.81
25.82
10.84
5.10
5.74
28.43
12.15
5.59
6.55
27.79
11.67
5.16
6.51
30.74
13.30
5.99
7.30
25.87
10.96
4.78
6.18
29.70
12.66
5.61
7.05
30.41
13.48
6.02
7.46
34.52
15.38
7.27
8.12
29.20
12.52
5.80
6.72
33.73
14.84
6.79
8.06
34.82 i 39. 27
15.20
18.05
7.17
8.49
8.43
9.56
32.85
14.26
6.75
7.51
do.
do.
do.
do.
do.
66.39
3.18
2.54
2.00
2.12
64.82
3.79
2.55
1.84
3.18
68.01
4.00
2.52
1.30
3.63
14.98
.91
.59
.44
.62
16.28
16.12
17.44
14.91
.97
.71
.47
.77
.94
.62
.50
.85
.97
.62
.43
.93
.92
.49
.26
.72
17.04
.99
.68
.42
1.02
16.93
1.04
.64
.26
.95
19.14
1.05
16.68
1.02
18.88
1.16
.67
.43
.76
19.21
1.17
.78
.39
.50
21.22
1.10
.86
.52
.54
18.58
1.11
.83
.49
.39
do.
do.
do.
do.
do.
20.55
17.63
2.92
13.96
22.05
20.14
17.00
3.14
12.74
20.60
22.28
18.80
3.47
13.30
20.99
4.42
3.84
.58
3.11
4.88
4.94
4.15
5.07
4.16
5.70
4.85
4.79
4.18
2.92
4.82
6.37
5.34
1.03
3.86
5.64
6.61
5.41
1.20
4.03
5.73 2
6.28
5.38
.90
3.26
5.52
6.46
5.34
1.12
3.84
5.78
7.61
6.21
1.40
3.14
5.00
5.52
4.54
.98
3.33
5.19
5.55
4.78
3.22
5.19
5.50
4.74
.76
3.21
5.21
10. 59
2 9.48
1
bil. $_
do.-.
do...
do_. _
.79
.62
114.57
49.05
22.86
26.20
112.46
48.78
22.59
26.19
112.16
47.39
21.01
26.38
111.80
46.82
21.07
25.75
114. 72
49.21
21.63
27.58
118.12
50. 64
22.54
28.09
65.52
3.76
2.39
2.09
2.82
63.68
3.78
2.70
1.60
2.75
64.76
3.82
2.75
2.12
2.99
64.98
3.82
2.39
1.65
3.56
65.51
3.83
2.08
1.18
3.29
67.48
3.83
2.64
1.44
4.16
...do
do.
do.
do.
do.
20.28
17.03
3.25
13.36
20.82
19.52
16.41
3.11
12.50
20.83
19.79
16.58
3.21
12.95
20.34
20.91
17.92
3.00
12.22
20.44
21.91
18.56
3.36
12.54
20.68
21.85
18.82
3.03
12.62
20.94
expenditures for the year 1977 appear on p. 24 of the Dec. 1977 SURVEY.
Includes com-
fSee corresponding note on p. S-l.
9 Includes data for items not shown
0 Personal outlays comprise personal consumption expenditures, interest paid
.85
do_
do.
do.
do.
do.
do.
do.
do.
,do.
r
Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for Oct.Dec. 1977 and Jan.-Mar. 1978 based on expected capital expenditures of business.
Expected
2
munication.
separately.
.91
.70
.35
.94
.59
.33
.61
.77
3.30
5.27
122. 55 125. 22
54.78
54.44
24.59
25.50
30.20
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
67.76
4.21
2.69
1.12
3.44
70.78
4.13
2.63
1.41
3.49
7 74
4.24
2.71
1.62
2.96
74.78
4.49
2.57
1.43
2.96
77.96
4.74
3.20
1.
1.96
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
28.72
27.41
26.22
23.81
22.60
1.90
4.91
4.31
4.32
16.40
23.14 2 39. 09 2 40.76
142.3* 1146.26
64.42
64.14
29.88
30.46
34.54
33.68
82.12
4.30
3.18
2.01
1.98
82.12
4.61
3.80
2.39
1.83
by consumers to business, and personal transfer payments to foreigners (net).
§Personal saving is excess of disposable income over personal outlays.
ITData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
February 1978
1974
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual total
1974
IV
S-3
1975
I
1976
III
II
I
IV
II
1977 v
III
IV
I
II
III
IV
43,074
29,457
44,951
30,589
45, 402
30,867
29,489
1,845
6,133
5,638
1,714
6,660
5,987
2,008
6,430
6,095
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits + ; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 138,303
Merchandise, adjusted, excl military
do
98,306
Transfers under U.S. military agency sales contracts
mil. $.. 2,952
Receipts of income on U.S. assets abroad---do
19,763
Other services._
do
17,281
Imports of goods and services
do
Merchandise, adjusted, excl military
do
Direct defense expenditures
do
Payments of income on foreign assets in the
U.S
mil. $..
Other services
do
Foreign assets in the U.S., net
Foreign official, net
Other foreign, net
Direct investments in the U.S
Allocation of special drawing
Statistical discrepancy
Memoranda:
Balance
Balance
Balance
Balance
rights
3,919
17,330
19,263
5,213
21,369
21,990
850
5,584
4,633
-4,612 -5,023 -1,098
-2,893 -3,146
-660
-1,719 -1,878
-438
do.
do.
do.
do.
33,612
10,981
22,631
3,695
14,336
6,960
7,376
1,414
do.
_ .do.
-1,555
5,660
-5,367
2,160
447
-5,028
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
38,195
27,657
874
4,306
4,688
1,164
4,338
5,036
924
4,283
4,682
957
4,403
4,858
38,591 40,237 42,196 42,243
27,000 28,380 29,603 29,711
1,189
5,167
5,501
1,095
5,298
5,198
1,472
5,483
5,638
1,457
5,421
5,654
-11,019 -11,376 -11,561 -3,029 -3,052 -2,799 -2,784 -2,741 - 2 , 8 6 1 - 2 , 8 8 7 -2,816 -2,997 - 2 , 8 8 1 - 3 , 1 5 6 - 3 , 2 1 5
-16,416 -17,221 -19,247 -4,369 -4,267 -4,138 -4,282 -4,536 - 4 , 675 - 4 , 662 -4,857 - 5 , 056 -5,298 -5,434 -5,326
-27,029 -31,548 -42,959 -10,023
137
-1,434
-607 -2,530
365 -3,463 -4,213
-937
-25,960 -27,478 -36,216 -9,223
-1,368 -6,264 -4,596 -2,980
on merchandise trade
do
on goods and services
do
on goods, services, and remittances, .do
on current account
do
36,907 35,719 36,780
27,018 25,851 26,562
-136,143 -131,436 -159,668 -36,713 -34,199 -30,688 -32,645 -33,906 -37,039 -38,732 -41,321 -42,580 -46,069 -48,340 -48,352
-103,673 -98,043 -124.014 -27,996 -25,563 -22,566 -24,483 -25,431 -28,343 -29,9o5 -32,411 -33,305 -36,612 -38,397 -38,429 -38,365
-5,035 -4,795 -4,847 -1,319 -1,317 -1,185 -1,096 -1,198 -1,160 - 1 , 2 2 8 -1,237 - 1 , 2 2 2 - 1 , 3 2 9 -1,403 —1, 431
Unilateral transfers (excl. military grants), net
mil. $.. -7,188
U.S. Government grants (excl. military)__.do
-5,475
Other
do
-1,714
U.S. assets abroad, net
do.
U.S. official reserve, net
do.
U.S. Gov't, other than official reserve, net--.do.
U.S. private, net
do.
Direct investments abroad
do.
147,600 163,265 37,668
107,088 114,694 26,601
34,520
17,945
16,575
2,176
9,045 -9,320
16,164 3,596
14, 444 1,719
11,552 -1,427
1976
Annual
-1,110 -1,070 -1,238 - 1 , 0 2 9
-617
-805
-718
-544
-433
-392
-453
-485
-1,015
-556
-459
-1,936 -1,045
-572
-1,475
-473
-461
-8,749 -7,881 -3,081 -11,836 10,751
-342
89
-29
-325
-773
-745
-867
-977
-874
-723
-7,550 -6,985 -1,994 -10,948 - 9 , 2 5 4
-2,193 -2,292
527 -2,306 - 2 , 4 2 7
-9,779
-1,578
-944
-7,257
-142
14,022
-8,409
-407
228
-1,405 -1,142
-6,597 -13,108
-1,205
-822
-1,195
-753
-442
9,162 2,443
4,256 3,452
4,906 -1,009
93
759
1,004
4,793
-1,395
955
517
-143
1,455
2,708
2,266
1,513
- 1 , 352
-785
-567
331 -10,283
6
-388
-909
-825
1,627 -9,464
- 4 0 4 -1,998
-3,396
151
-1,175
-2,372
-1,100
3,663 2,416
2,279 -1,603
1,384 4,019
-342
526
5,814
2,832
2,982
1,137
6,856
3,847
3,009
709
7,385
4,051
3,333
504
8,201
3,070
5,131
561
12,079
6,977
5,102
403
2,510
5,719
-3,209
537
13,781
7,908
5,873
568
12,923
8,243
4,680
511
297 -2,400
2,971
3,372
1,905
1,268
3,325
1,317
1,106
-5,225
3,285
5,031
4,639
3,921
2,079
4,135
3,682
3,065
2,226
4,289
3,856
3,051
-1,343 - 1 , 5 7 5 - 2 , 8 0 8 -3,594
1,505
-337
875
1,552
1,046
-810
414
1,067
490 - 1 , 0 6 1 -1,382
523
-7,155 - 7 , 8 0 8 - 7 , 5 6 2
-2,995 -3,389 -2,950
-3,521 -3,881 -3,517
-4,158 -4,604 -4,302
Jan.
Feb.
Mar.
Apr.
May
June
-8,876
1978
1977
1976
Dec.
-1,215
-723
-492
-1,163
-637
-526
Nov.
Dec.
Jan.
Aug.
Sept.
Oct.
1,539.2
1,549.0
1,561.3
1,583.8 '1,602.3 '1,622.1
, 626. 4
1,006.0
352.9
271.1
246.0
1,022.1 '1,029.9 '1,033.7
358.1 '361.2 '361.0
275.3
277.5 '281.1
249.4 '251.8 '253.8
, 044. 6
365.3
283.5
255.4
July
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCE!
Seasonally adjusted, at annual rates:t
Total personal income
bil.
1,253.4
1,382.7
1,450.2
1,454.3
1,477.0
1,499.1
1,510.1
1,517.3
1,524.3
Wage and salary disbursements, total
do
Commodity-producing industries, total-do....
Manufacturing
do
Distributive industries
do....
805.7
275.0
211.0
195.4
891.8
308.5
238.2
217.1
931.7
321.1
248.2
228.9
937.3
320.5
250.3
231.4
951.7
328.7
255.3
235.5
964.9
337.6
260.7
236.8
974.1
341.7
262.8
239.6
982.0
345.3
266.2
241.1
986.5
349.1
268.7
240.9
992.9
350.6
269.8
242.8
997.9
345.5
269.2
244.5
Service industries
Govt. and govt. enterprises
Other labor income
Proprietors' income:A
Farm
Nonfarm
do..
do..
.do.
159.9
175.4
64.9
179.0
187.2
75.9
188.4
193.3
81.0
191.4
194.0
82.1
192.7
194.8
83.2
194.9
195.6
84.4
196.4
196.4
85.5
198.3
197.2
86.7
198.4
198.1
87.9
200.4
199.1
89.1
203.2
200.7
90.3
204.9
202.1
91.5
208.8
205.8
92.8
'209.8
207.1
94.0
'211.0
'207.8
95.3
215.3
208.6
96.5
do
do
23.2
62.8
18.6
69.4
18.1
73.2
19.6
72.5
21.0
74.4
21.7
76.0
20.9
76.9
19.8
77.2
18.4
77.6
16.5
79.2
15.1
80.2
14.9
80.8
'17.4
81.5
'21.1
'82.3
'29.4
'83.2
23.0
83.7
24.6
24.4
24.8
23.3
24.4
24.6
24.3
39.0
37.9
39.6
41.2
38.5
39.3
35.8
141.8
139.0
145.2
137. 6
143.5
140.3
130.3
206.9
200.5
202.9
200.0
206.
0
192.8
203.0
60.2
59.0
60.9
57.0
60.6
55.2
59.6
1,351.3 1,418.5 1,421.1 1,442.4 1,463.7 1,475.3 1,483.5
25.6
41.9
147.4
200.0
61.0
1,491.6
25.7
24.7
42.4
42.0
150.4
149.1
208.6
207.2
61.6
61.5
1,508.3 .1,519.5
26.0
42.6
151.3
210.2
62.0
1,531.8
Rental income of persons, with capital consumption adjustment
bil. $.
22.3
Dividends
do
32.4
Personal interest income
do
115.6
Transfer payments
do~
176.8
Less personal contributions for social insurance bill.$
50.4
Total nonfarm income
do
1,218.8
'26.6
26.4
26.8
26.2
42.9
'45.2
43.7
42.7
159.3
153.1 '155.4 "157.8
213.1 '214.1
215.6
210.9
62.9
66.9
63.1
62.6
1,551.9 '1,566.3 '1,577.6 1,588. 0
FARM INCOME AND MARKETING*
Cash receipts from farming, including Government
payments, total*
mil. $..
88,884
95,060
8,751
8,170
6,742
6,970
6,557
6,866
7,224
7,385
7,673
8,034 ••11,054
10,573
9,883
88,077
45,053
43,024
9,909
25,818
6,791
94,326
47,937
46,389
11,425
27,188
7,192
8,608
4,787
3,821
939
2,223
604
8,067
4,452
3,615
943
2,063
565
6,632
2,987
3,645
879
2,181
544
6,847
2,897
3,950
982
2,309
620
6,486
2,694
3,792
996
2,161
583
6,828
2,824
4,004
1,042
2,326
582
7,192
3,304
3,888
1,021
2,201
614
7,354
3,570
3,784
1,006
2,096
633
7,625
3,664
3,961
1,995
2,278
642
7,946 '10,955 '10,489
3,938 '6,515 '6,356
4,133
4,008
4,440
'959
977
972
2,810 ' 2,528
2,359
'587
609
634
8,853
4,725
4,128
1,007
2,480
584
8,300
4,300
4,000
1,000
2,500
500
Indexes of cash receipts from marketings and C C C
loans, unadjusted:*
All commodities
. . . 1967=100
Crops
do
Livestock and products
do
206
244
176
220
260
190
241
312
188
226
290
178
186
194
179
192
189
194
184
175
187
191
184
197
202
215
191
206
232
186
214
239
195
223
256
197
282
365
219
376
385
240
248
308
203
233
280
197
Indexes of volume of farm marketings, unadjusted:*
All commodities
1967=100
Crops
do
Livestock and products
do
113
124
106
121
134
111
135
166
114
123
146
107
102
96
106
103
88
114
97
81
109
100
82
113
111
111
112
117
134
106
120
141
112
128
148
113
167
222
128
156
207
119
139
172
116
121
141
106
Farm marketings and CCC loans, total...
Crops
Livestock and products, total 9
Dairy products
Meat animals
....
Poultry and eggs
do
do
do.
do.
do
do
' Revised.
v Preliminary.
fSee corresponding note on p . S-l.
AIncludes inventory valuation and capital consumption adjustments.
*Series revised beginning 1973;
revisions for periods prior to May 1976 are available from the U.S. Dept. of Agr., Economic
Research Service.
9 Includes data for items not shown separately.
S-4
February 1978
SURVEY OF CUREENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
Dec.
1978
1977
1976
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. p
Jan. i
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.
.1967=100..
117.8
129.8
128.3
128.8
133.6
135.7
136.2
137.2
141.5
134.1
138.2
142.4
142.7
' 139.5
134.7
134.6
do
do
do
do
do
.do
do
do
119.3
118.2
124.0
121.4
125.1
110.2
123.1
115.5
129.3
127.2
136.2
141.4
124.1
114.6
137.2
130.6
127.1
125.1
131.0
137.1
128.6
116.8
134.3
130.1
128.4
127.2
135.0
142.2
132.1
116.5
133.2
129.3
132.9
131.7
140.1
150.8
135.8
120.0
137.4
134.5
134.3
132.6
141.9
156.7
136.0
119.8
140.4
137.7
135.0
133.1
141.8
155.6
136.3
121.1
142.5
137.7
135.9
133.5
142.0
156.8
136.1
121.9
144.7
139.2
141.5
139.4
149.2
164.2
143.3
126.0
149.2
141.4
135.0
132.5
140.0
142.3
139.1
122.1
144.5
132.6
139.5
136.4
145.9
140.0
148.2
123.5
150.9
136.3
145.1
142.9
152.9
158.8
150.5
129.2
153.2
138.0
144.3
142.0
152.4
168.1
146.2
127.7
152.7
140.5
139.6
137.0
144.8
157.6
139.7
126.3
149.4
139.5
133.7
131.3
135.6
144.0
132.3
125.3
143.0
136.3
134.2
132.4
138.4
146.1
135.3
124.2
140.4
135.2
do.
128.5
131.6
136.5
140.1
138.1
135.0
132.4
132.6
136.9
140.6
138.8
137.3
134.1
' 133.6
134.9
138.3
...do
.do
do
116.3
126.4
109.3
129.5
140.9
121.7
127.1
136.0
120.8
127.2
137.0
120.5
132.8
143.2
125.7
135.7
146.0
128.5
136.4
146.3
129.7
137.8
147.8
130.8
141.9
152.8
134.3
133.2
144.1
125.6
138.2
154.1
127.2
142.8
156.2
133.7
144.1
155.8
136.0
140.4
151.5
132.8
134.5
142.6
129.1
134.3
143.4
127.9
117.8
129.8
133.0
132.3
133.2
135.3
136.1
137.0
137.8
138.7
138.1
138.5
138.9
139.3
139.6
138. e
119.3
118.2
124.0
129.3
127.2
136.2
133.4
131.5
141.3
133.1
130.8
139.9
133.6
131.6
140.5
135.1
133.3
142.9
135.8
134.1
142.9
136.5
134.7
143.1
137.3
135.4
143.8
138.7
136.8
145.4
138.4
136.3
144.7
138.8
136.8
144.9
138.9
136.5
144.9
139.6
137.2
145.4
140.3
137.8
145.7
139.3
136.4
143.6
121.4
125.8
113.7
101.1
156.6
141.4
154.8
149.8
132.0
167.6
150.5
178.8
176.9
156.3
183.4
145.4
164.2
155.8
136.9
185.6
146.1
161.7
152.7
132.8
184.3
152.4
178.3
176.1
155.8
184.1
151.5
173.9
171.2
150.6
181.3
152.2
172.8
167.4
148.5
186.6
155.8
179.8
177.4
156.8
185.8
158.0
184.8
184.1
161.4
186.6
154.7
177.2
173.1
150.9
187.3
155.6
177.0
172.6
151.6
188.1
156.8
179.4
176.1
154.3
187.6
155.4
173.3
167.7
147.5
187.6
156.0
172.9
166.9
143.6
188.2
149.3
156.4
144.4
127.4
186.7
118.8
98.0
126.8
133.9
114.6
144.1
134.5
110.3
144.7
134.8
113.4
143.7
137.3
118.5
146.0
137.9
124.1
144.6
138.8
126.4
145.0
140.6
131.0
147.3
142.3
133.1
151.2
142.9
130.1
154.1
142.1
129.6
154.8
143. 6
129.4
159.0
144.2
' 128.6
160. 5
' 145.4
132.5
' 160.2
146.5
132.5
161.1
145.2
131.2
125.1
111.6
128.8
122.8
135.8
134.1
124.0
136.9
130.7
144.1
137.6
124.1
141.3
131.8
152.3
137.7
123.7
141.7
131.5
153.4
138.3
123.6
142.2
133.3
152.6
139.1
123.9
143.3
136.0
151.8
139.4
124.4
143.6
136.1
152.5
139.5
125.5
143.4
135.0
153.2
139.1
125.7
142.9
135.4
151.7
140.3
124.1
144.8
137.1
153.8
140.6
126.4
144.6
137.9
152.4
140.7
128.3
144.1
137.1
152.4
140.1
128. 0
143. 5
135.2
153.4
141.4
127.3
145.3
136.6
155.3
141.6
141.3
145. 6
136.9
155.9
145.5
110.2
128.2
121.2
168.3
99.9
114.6
136.3
128.0
177.7
106.5
118.0
142.3
132.3
183.7
110.8
118.4
142.3
131.3
187.4
107.8
119.2
143.5
133.2
192.9
108.5
120.0
144.8
134.4
197.9
109.0
122.1
147.1
136.3
200.5
112.0
123.2
148.9
138.4
205.3
112.8
124.1
150.1
140.0
208.1
115.0
124.8
151.2
140.7
210.6
114.3
124.9
151.1
140.4
203.9
115.3
125.6
152.1
141.4
204.5
117.6
' 125.0
152. 6
141.8
205. 7
118. 5
125.8
153. 5
143.2
208.7
119.1
127.0
154.8
143.8
209.3
119.6
120. 5
154.0
144.1
212.0
119.2
136.3
157.8
101.9
145.8
173.5
104.1
1E4.1
184.3
108.0
155.0
186.2
108.4
155.3
185.6
108.7
156.9
186.1
113.0
159.5
189.7
115.2
161.2
191.1
116.5
161.9
191.4
118.5
163.3
191.7
121.5
163.4
193.0
121.9
164.4
193.7
125.1
• 165.1
195. 4
122. 3
165.3
196.7
118.8
167.6
199.7
120.8
165.5
200.6
113.4
Manufacturing
Nondurable manufactures
Durable manufactures
Seasonally Adjusted
Total index.
1967=100..
By market groupings:
Products, total
do
Final products
do
Consumer
goods_
do
Durable consumer goods
do.
Automotive products
do.
Autos and utility vehicles
do.
Autos
do.
Auto parts and allied goods
do.
Home goods
do.
Appliances, air cond., and TV...do.
Carpeting and furniture.
...do_.
Nondurable consumer goods
do
Clothing
do
Consumer staples
do
Consumer foods and tobacco
do
Nonfood staples
do
Equipment
...do.
Business eq uipment
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
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
do
do.
do.
do.
...do..
do.
do.
do.
do.
do.
do.
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.
80.0
78.4
77.2
78.0
78.5
78.5
79.9
80.0
80.3
80.4
80.8
80.9
78.9
'79.3
80.3
80.1
123.1
116.3
129.8
137.2
132.6
141.8
140.5
135.5
145.3
142.2
136.2
148.0
141.6
135.6
147.6
141.8
136.4
147.3
142.3
137.2
147.5
143.5
138.7
148.4
144.7
139.9
149.6
146.3
141.2
151.3
146.1
141.7
150.6
146. 5
143. 2
149.7
• 147.8
144.9
• 150. 5
148.5
146.6
150.4
150.1
148.0
152.0
149.7
146.9
115.5
109.1
97.7
118.9
126.6
129.0
117.2
130.6
126.8
121.6
133.9
146.3
1511
120.2
132.0
128.7
126.3
138.8
145.8
150.3
123.4
131.1
127.4
121.8
135.1
144.8
149.3
123.3
132.7
128.4
124.1
137.3
150.4
153.9
120.8
135.5
131.9
126.8
U7.8
153.3
158.4
121.8
136.5
133.8
129.4
140.7
153.7
159.0
121.3
137.8
135.2
132.0
141.7
155.4
160.7
122.3
138.7
136.4
134.5
143.0
154.7
160.1
124.3
138.9
136.8
137.2
145.0
154.1
158.9
125.2
137.6
135.4
135.2
145.6
155.1
159. 6
121.4
137.9
135.7
135. 8
146.8
153.9
159. 0
123.5
138.9
137.1
135.4
• 147.6
• 154.4
• 160. 0
• 124.0
139.0
137.2
136.3
147. 5
155.3
159. 3
123. 6
138.4
138.1
135.7
148.6
154.9
159.4
119.1
137.5
137.1
131.5
149.0
153.4
158.3
119.2
do.
do.
do.
do.
128.5
112.8
115.8
113.4
131.6
114.2
122.8
117.2
135.4
115.4
126.8
120.6
137.0
112.8
130.6
95.3
137.1
116.3
128.5
100.8
136.6
120.6
133.8
124.1
135.7
119.2
126.1
118.4
137.1
119.5
120.5
122.4
138.8
122.8
121.3
133.4
139.4
119.8
101.9
120.7
134.4
115.4
70.0
113.6
135.1
118.0
71.4
133.0
135.8
119.6
'80.0
141.4
136.0
119.0
'84.8
140.6
134.0
113.4
104.5
74.6
135.0
112.0
do.
do.
...do.
do.
113.3
94.9
111.0
107.0
112.0
92.2
109.5
118.3
112.8
91.5
111.3
118.0
112.0
89.7
109.5
121.6
115.8
91.3
112.8
124.0
117.5
90.7
112.0
126.1
117.5
91.0
110.1
124.0
118.3
89.3
113.1
123.0
121.3
93.9
114.0
122.5
120.6
94.3
112.6
126.7
119.3
92.8
• 119.4
'94.4
108.5
• 128.1
118.1
'93.4
118.4
93.9
118.7
125.0
119.6
94.7
105. 4
126.7
• 127. 2
126.1
154.1
' 154. 0
• 154.9
157.0
160.7
140.5
150.6
138.7
111.5
119.2
163.7
139.0
150.3
1
do.
...do.
do__.
do _. .
...do...
do...
.do...
do...
146.0
160.8
151.0
167.6
157.9
176.1
163.8
183.6
160.3
179.1
154.8
154.0
156.7
156.8
161.4
155.7
116.3
126.4
123.4
102.6
109.3
145.8
129.5
140.9
132.3
111.2
113.8
156.7
132.5
143.3
132.9
112.0
115.9
155.4
131.6
143.4
134.2
109.8
115.7
161.1
132.6
145.3
136.4
117.6
116.1
161.1
135.1
147.0
138.7
118.7
116.5
168.3
135.8
147.0
138.0
114.4
116.8
169.8
137.1
148.5
138.3
111.3
116.6
172.7
137.8
148.4
136.9
114.5
115.5
166.2
138.5
148.6
138.3
111.6
117.0
172.4
138.6
149.4
139.3
116.1
118.2
168.0
139.0
149.5
138.3
116.1
118.9
166.0
' 139.4
• 149.6
• 137. 3
112.0
118.9
• 168.1
' 139.9
' 150.6
' 139.2
114.8
119.9
' 167.6
...do..
do..
...do..
do..
111.8
122.3
107.6
116.3
117.9
136.4
122.2
133.0
119.2
133.7
124.9
131.4
114.8
132.2
123.0
130.
116.8
132.3
124.4
136.5
104.3
134.4
122.2
135.5
112.1
134.6
121.4
136.3
105.2
136.0
123.5
139.5
119.2
135.4
122.1
139.3
114.5
137.2
121.1
139.2
117.0
136.6
124.1
140.3
113. 5
140.7
127.7
139.1
•
•
•
•
117.5
' 142. 5
128.1
' 138.8
140.7
140.0
do.
do.
do_
113.4
147.2
135.9
123.0
173.1
158.4
124.7
172.2
155.6
122.4
174.9
161.8
124.8
180.0
167.7
123.4
180.6
169.3
124.4
182.8
168.7
124.1
183.5
170.2
124.9
182.6
166.7
125.0
182.6
168.7
124.2
181.3
164.3
• 125. 7 ' 126.2
• 182.3 ' 183.4
• 163.9 ' 164.2
126.8
182.6
160.4
127.9
Petroleum products.
.do...
145.2
133.1
139.7
124.1
138.9
Rubber and plastics products
do...
220.3
166.7
200.2
216.9
218.9
Leather and products.
do...
75.0
74.2
76.5
80.9
74.8
' Revised.
* Preliminary.
i Estimated.
cf 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.
143.3
225.6
73.8
143.4
226.0
74.7
142.4
232.4
76.2
140.0
235.2
74.1
140.4
235.2
74.1
139.9
237.4
74.5
141.9
239.5
74.0
• 141.4
• 236.3
'77.0
' 141. 4
' 238.2
'77.1
138.5
240.3
74.4
139.2
Tobacco products
Textile mill products
Apparel products..
Paper and products
Printing and publishing
Chemicals and products...
Basic chemicals
...
155.8
120.6
169.3
158.6
1
113.8
142.4
129.0
137.9
144.0
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.
February 1978
S-5
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
1976
Annual
Dec.
1978
1977
1976
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. p
Jan. i
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONJ—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
131.0
73.6
1967 = 100_
do___
do
do_._
109.3
76.6
107.6
93.9
121.7
72.7
125.1
105.8
125.0
71.3
128.1
123.4
72.6
132.7
113.9
124.0
72.6
132.2
109.9
126.8
72.8
132.1
109.0
128.0
74.6
130.6
109.2
129.3
74.4
133.0
112.5
130.5
74.1
132.4
104.9
131.6
75.0
132.9
112.4
131.3
75.5
131.8
107.2
131.7
'5.1
137.1
111.2
132.4
-•74.4
135.7
115.7
132.6
'74.1
133.5
103.7
133.6
74.6
136.8
Furniture and
fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products
Nonferrous metals
do___
do
do
do.__
do
do_._
do__ _
118.2
117.8
96.4
95.8
92.9
99.5
97.5
132.7
137.1
108.9
104.9
100.7
108.9
115.9
135.7
142.8
101.5
93.4
90.1
94.9
116.1
135.1
137.1
100.8
89.7
84.6
88.7
121.7
137.1
139.0
100.2
91.3
87.7
91.4
116.4
135.1
143.7
108.3
97.9
95.4
98.2
126.8
135.4
145.0
112.2
103.9
97.8
106.8
126.8
137.5
145.0
117.1
111.0
104.0
116.7
127.9
139.9
147.7
114. 7
109.2
106.5
110.4
124.0
143.0
148.0
114.4
110.9
101.0
116.3
118.0
142.9
148.8
112.5
110.6
102.8
114.1
114.5
145.6
145. 5
109.0
104.6
101.3
102.2
117.0
146.6
148.0
113.5
107.7
99.1
110.4
123.6
146.6
151. 3
111.2
104.3
'95.7
104.2
123.5
147.1
152.3
109.9
102.5
95.1
102.9
122.9
Fabricated metal products
Nonelectrical machinery
Electrical machinery
do__.
do
do
109.9
125.1
116.5
123.3
135.0
131.6
128.1
141.5
135.1
125.7
139.9
134.0
125.8
139.8
137.6
127.5
139.8
137.6
127.6
142.9
139.6
128.2
142.6
141.8
130.8
144.0
142.6
132.0
145.7
143.6
134.0
145.2
143.9
133.6
147.4
144.6
133.8
148.9
144.2
135.8
149.7
145.8
136.9
151.6
147.7
135. 2
150.5
147.3
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
do—.
do
do_-_
97.4
111.1
84.5
110.6
140.7
82.2
117.4
155.0
81.9
113.5
145.5
83.4
113.4
145.4
83.3
120.5
161.2
82.3
119.8
158.1
83.8
120.3
157.7
85.2
123.7
163.2
86.5
125.6
166.2
87.3
124.3
164.4
86.5
125. 5
165.6
87.7
124.3
168.4
82.8
121.9
162.9
'83.4
122.7
161.9
85.7
115.5
146.3
86.6
Instruments
do
132.3
148.2
155.8
153.7
157.0
156.9
157.8
157.4
158.2
159.0
158.3
160.3
162.2
163.0
165.1
163.2
162,751
401,414
.6,551
'1,565
03,279 !27,787 223,233 224,288 132,457
113,326 226,193
,162,751
,401.414
2,095
)9,950
15,281 121,903 !21,167 221,327 222,240
BUSINESS SALES §
Mfg. and trade sales (unadj.), total t © A
mil. $_
229,699 233,339
131,493 !40, 575
135, 626
Manufacturing, total t ©
Durable goods industries
Nondurable goods industries©
Retail trade, total
Durable goods stores
Nondurable goods stores
do__.
do___
do—_
do__.
do__.
do__.
1,046,710 ,178,013' 104,475
526,950 604,706 55,295
519,760 573,499 49,180
.03,569
53,341
50,228
.06,133
54,703
51,430
11,241
58,849
52,392
.09,640
56,764
53,876
L09,458 10,680
56,717 57,570
52,741 53,110
580,445
178,887
401,558
642,507
210,530
431,977
56,685
9,038
37, 647
55,703
.8,860
36,843
57,291
19,382
37,909
57,990
19,863
38,127
58,142
19,833
38,309
58,003
19,516
38,487
57,825
19,436
38,389
!21,255 223,604 224,242 226,536
.09,208 11,376 11,921 13,119
56,820 58,087 58,608 59, 262
52,388 53,289 53,313 53,857
58,552 59,020 59,014 60, 778
19,505 19,984 19,763 20,895
39,047 39,036 39,251
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do._.
do__.
do__.
535,596
220,094
315,502
580,894
246,732
334,162
50,935
21,642
29,293
50,678
21,785
28,893
51,857
22,625
29,232
52,672
22,621
30,051
53,385
22,941
30444
53,866
23,275
30,591
53,735
23,419
30,316
53,495
23,620
29,875
Mfg. and trade inventories, book value, end of year
or month (unadj.), total tA
mil. $_. 281,100
306,412
06,412
09,471
113,189 117,913 520,078 120,660 121,209 120,596 121,713 326,017 332,080 337,475 332,547
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total fA
mil. $_. 281,837
Mfg. and trade sales (seas, adj.), total t© A - -do— _
53,208
24,390
28,818
53,307
24,150
29,157
53, 639
24,997
28,642
13,240
59,154
54,086
16,184
61, 650
54, 534
61,588
20,733
40,855
61,971
20,862
41,109
55, 558
25, 601
29,957
57,471
26, 628
30,843
BUSINESS INVENTORIES §
17,873 320,492 322,899 124,107 126,849 328,928 330,460 '332,674 332,667
170,747 172,629 .73,818 174,571 175,104 76,164 176,789 177,162 177,352
108,190 109,154 10,421 110,978 111,452 111,787 111,904 112,548 112,845
62,557 63,475 63,397 63, 593 63,652 64,377 64, 885 64, 614 64,507
306,325
06,325
09,063 111, 232 14,875
155,693
100,310
55,382
166,587
105,729
60,858
66,587
.05,729
60,858
67,482 168,449 .69,379
106,562 107,222 .07,685
60,920 61,227 61,694
do_-_
do
do
71,031
31,632
39,399
78,431
35,067
43,364
78,431
35,067
43,364
79,458
35,588
43,870
79,721
35,516
44,205
81,196
36,150
45,046
81,825
36,094
45,731
83,025
36,818
46,207
84,134
37,104
47,030
85,326
38,130
47,196
86,650
38,577
48,073
87,208
38,520
48,688
87,462
38,752
48, 710
88,465
39,134
49, 331
87,917
39,097
48,820
do
do
do...
55,113
34,605
20,508
61.307
38,177
23,130
61,307
38,177
23,130
62,123
38,819
23,304
63,062
39,264
23,798
64,300
39,527
21,773
65,301
39,809
25,492
64,838
40,224
24,614
64,947
40,876
24,071
64,210
41,404
22,806
65,095
42,396
22,699
66,119
42,896
23,223
66, 209
43, 014
23,195
67,04'
43,642
23,405
67,398
44,058
23,340
Manufacturing, totalf
Durable goods industries
Nondurable goods industries
do
do
do
Retail trade, totalA
Durable goods stores
Nondurable goods stores
Merchant wholesalers, totalA
Durable goods establishments
Nondurable goods establishments
BUSINESS INVENTORY-SALES RATIOS
ratio.
1.57
1.47
1.44
1.47
1.45
1.42
1.44
1.45
1.45
1.46
1.46
1.47
1.46
1.44
do
do
do_.
do_.
do_.
1.80
2.34
1.64
2.04
1.59
1.90
.62
.77
.51
1.62
2.00
.66
.81
.53
1.52
1.83
.61
.74
.49
1.56
1.91
.63
.77
.50
1.58
1.92
.65
.76
.51
1.57
1.92
.65
.75
.51
1.60
1.95
.65
.78
.52
1.57
1.92
.64
.77
.51
1.57
1.91
.64
.76
.50
1.56
1.89
.63
.75
.51
1.56
1.91
.63
.76
.51
1.41
1.53
'1.83
.60
.74
.50
do
do
do
do
1.26
1.23
1.24
.53
.19
.5!
1.18
.50
.18
.49
1.18
.51
.18
.50
1.20
.51
.18
.51
1.19
.51
.18
.51
1.21
.50
.18
.52
1.21
.50
.18
.52
1.21
.50
.18
.52
1.20
.50
.18
.53
1.19
.49
.18
.52
1.18
.48
.18
.52
do
do.
do.
1.45
2.07
1.1
1.41
1.89
1.1
1.38
1.84
1.15
1.21
.51
.18
.5:
1.43
1.8C
1.19
1.59
1.
.64
.80
.52
1.19
.51
.18
.51
1.39
1.83
1.1
1.40
1.82
1.18
1.41
1.82
1.19
1.43
1.89
1.20
1.45
1.91
1.23
1.46
1.95
1.21
1.47
1.93
1.23
1.48
1.95
1.24
1.44
1.8:
1.22
1.44
1.90
1.21
Merchant wholesalers, totalA
do___
1.24
Durable goods establishments
do
1.88
Nondurable goods establishments
do__.
.80
MANUFACTURERS' SALES, INVENTORIES
AND ORDERS
Manufacturers' export sales: O
Durable goods industries:
Unadjusted, total
mil. $_. 50,516
Seasonally adj., total
do
l,046,71C
Shipments (not seas, adj.), totalt©
do_
1.21
1.78
1.20
1.76
.79
1.23
1.78
.81
1.22
1.7'
.81
1.22
1.75
1.22
1.74
.84
1.20
1.73
.80
1.21
1.75
.79
1.20
1.75
.76
1.22
1.74
.79
1.24
1.78
.80
1.23
1.72
1.20
1.71
.78
60,547
6,041
5,502
4,399
4,690
4,697
4.87C
5,677
5,312
5,49:
5,378
5,363
5,148
5,58C
5,430
4,74:
5,277
4,633
5,089
5,14!
5,206
5,696
5,64'
5,42C
5,374
1,178,01
98,023
96,38'
106,74:
114,20:
111,24:
110,76! 116,636
102,2C
109,894
116,8c
Manufacturing and trade, totalf©A
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 stores
Nondurable goods stores
526,95C 604,514
Durabte goods industries, total 9 t
do
27,314 30,435
Stone, clay, a n d glass products
do__
78, 95c 88,826
P r i m a r y metals
do__
40, 21f 45,137
Blast furnaces, steel mills
do__
30,08:
Nonferrous a n d other primary m e t
do__
34. IK
r
2
Revised.
p
Preliminary.
1
Estimated.
Based
on
data
not seasonally adjusted.
3
Advance estimate; total mfrs. shipments for Oct. 1977 do not reflect revisions for selected
components.
{See note marked "cT" on p. S-4.
§The term "business" here includes
only manufacturing and trade; business inventories as shown on p . S-l cover data for all
types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown
118,25! 1113,484 110,060
on p . S-12 for retail trade and note " O " on p. S-ll for wholesale trade,
items not shown separately.
©See corresponding note on p. S-4.
105.6
SURVEY 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 B U S I N E S S S T A T I S T I C S
1975
1976
Annual
1976
Dec.
February 1978
1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
3,059
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf—Continued
Shipments (not seas. adj.)t—Continued
Durable goods industries!—Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total 9©
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
mil. $..
do
do
do
do
do
68,892
;, 147
63,716
13,369
70,581
22,601
79,659
.09,652
72,039
.36,130
91,115
24, 905
do
do
do
do
.19,760
7,80b
32,874
.76,150
8,087
37,583
do
do
do
do
43,463
90,370
69,692
28,081
50,227
.01,385
82,640
32,572
.71,794
6,505
9,477
6,565
1,996
7,925
2,197
6,162
8,785
6,012
1,803
8,362
2,036
6,926
},953
6,634
13,049
9,001
2,193
7,689
10,772
6,813
14,773
10,360
2,372
7,496
10,222
6,601
13,806
9,681
2,271
7,397
10,096
6,493
14,186
9,711
2,295
7,924
10,686
7,166
15,155
10,606
2,452
6,600
9,137
6,236
2,175
8,207
2,100
7,438
9,716
6,780
il, 278
7,455
2,313
7,866
10,622
7,401
14,181
9,805
2,497
7,416
8,066
L 0,527 10,201
7,364
7,456
15, 562 14, 255
L0,977 10,079
2,477
2,442
7,185
.0,979
7.232
13,174
8,756
2,527
t 7,225
[7,529
.4,283
669
2,949
»2,028 53,651
5, 475 15, 797
714
671
3,659
3,270
53,071
15,429
696
3,543
52,357
15,028
723
3,571
54,287
15,817
738
3,725
49,822
14,706
689
2,988
54,126
15,774
749
3,640
55,438
16,110
726
3,833
55, 558
16,314
701
3,872
54,218
16,097
'757
3,769
52, 317
16,144
725
3,566
4,011
7,979
7,496
2,570
4,174
8,186
7,749
2,713
4,492
9,399
7,948
3,054
4,683
10,069
7,838
3,140
4,570
9,783
8,055
3,142
4,822
9,807
8,131
3,294
4,220
8,552
8,122
2,812
4,675
9,319
8,122
3,109
4,587
9,851
8,117
3,256
4,574
9,240
8,334
3,328
4,481
9,009
8,172
3,135
4,443
8,625
8,365
2,918
.4,599
751
3,097
4,647
10,218
7,597
3,215
109,208
11,376
.11,921
13,119
.13,240
16,184
8,566
4,298
3,387
56,764
2,842
8,136
4,032
3,251
56,717
2,860
8,296
4,244
3,169
57,570
3,010
8,428
4,471
3,050
56,820
2,906
8,174
4,248
3,011
58,087
3,080
8,281
4,273
3,073
58, 608
2,955
8,440
4,372
3,119
59,262
2,882
8,246
4,243
3,049
59,154
' 2, 975
8,323
4,296
3, 052
61,675
3,166
8,598
4,310
3,316
7,048
9,713
6,594
12,824
8,665
2,258
7,707
9,904
6,655
14,367
10,126
2,344
7,370
10,017
6.602
13,341
9,338
2,323
7,253
10,060
6,555
13,325
9,074
2,321
7,461
9,716
6,753
13,862
9,712
2,324
7,303
10,465
6,912
13,193
9,195
2,339
7,432
10,333
6,946
13, 603
9,367
2,319
7,601
10,608
7,055
13,824
9,374
2,356
' 7, 491
10,571
' 7, 228
13, 516
r 9, 292
r 2, 351
7,666
11,091
7,376
14,355
9,739
2,526
50,228
14,920
704
3,269
4,358
8,661
7,878
2,950
51,430
15,277
703
3,346
4,435
9,126
7,833
3,037
52,392
15,451
738
3,503
4,579
9,682
7,060
3,118
52,876
15,778
728
3,593
4,702
9,480
7,884
2,995
52,741
15,261
709
3,558
4,593
9,364
8,159
3,116
53,110
15,822
695
3,464
4,586
9,554
7,921
3,120
6,972
10,037
6,900
13,548
9,403
2,280
52,388
15,513
676
3,423
4,433
9,064
8,080
3,010
53,289
15,768
708
3,537
4,548
9,206
8,073
3,070
53,313
15,383
731
3,589
4,441
9,578
8,067
3,155
53,857 54,086 54, 534
15,804 15,827 16,137
697
727
••746
3,607 ' 3, 701
3,794
4,453 r 4,495
4,763
9,297 r 9, 648 9,356
8,397 r 8,175
8,370
3,162
3,192
3,188
i 93,039 7,973
217,379 18,317
'162,383 14,663
109,437 11,711
100,342
495,602 42,913
8,138
18,594
14,297
10,267
8,611
43,662
8,285
19,001
14,387
] 0,524
9,233
44,703
8,398
19,323
14,736
12,142
9,795
46,815
8,294
19, 521
14,735
11,293
9,483
46,314
8.520
19,041
14,935
10,940
9,431
46,591
8,579
19,510
14,736
11,490
9,665
46,904
8,716
19,065
14,830
11,105
9,480
46,012
19,638
15,244
10,959
9,985
46,652
8,994
19,453
15,234
11,179
10,149
46,912
9,232
19, 555
15,731
11,305
10,193
47,103
' 9, 279
19,902
15,529
11,290
10,112
47,128
35,430
164,374
140,651
' 23,725
i 38,579 3,319
1181,624 16.446
1155,317 13,931
i 26,307 2,515
3,333
16,217
13,570
2,647
3,366
16.391
13,776
2,615
3,542
16,815
14,204
2,611
3,373
10,730
14.234
2,496
3,422
16,934
14,356
2,578
3,631
16,581
14,030
2,551
3,507
17,107
14,529
2,578
3,688
17,436
14,935
2,501
3,850
3,754
17,511 17, 975
14, 943 15,432
2, 568 2,543
3,952
17, 870
15, 224
2,646
do.do..
do..
155,825
99,853
55,972
167,299 : 67,299 .69,300
105,516 L05,516 .07,378
61,783 61,783 61,922
170,396
108,439
61,957
170,818 171,886 173,087 173,022 172,902 173,730 174,161 175,392 176,493 .78, 025
108,726 109,218 109,925 110,229 110,110 110,656 110,740 110,736 111,560 12, 602
62,092 62,668 63,162 62,793 62,792 63,074 63,421 64,656 • 64,933 65, 423
Book value (seasonally adjusted), total!—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..
155,693
166,587
67,482
.68, 449
169,379 170,74"
100,310
3,848
15,527
8,483
6,113
105,729 .05,729 06,562
4,248
4,194
4,194
17,329 17,329 17,197
10,179 10,179 10,148
6,100
6,178
6,178
07,222
4,234
17,276
10,154
6,154
107,685 108,190
4,193
4,142
17,323 17,332
10,232 10,215
6,101
6,088
Fabricated metal products
do..
Machinery, except electrical
do_.
Electrical machinery
do..
Transportation equipment
do..
Motor vehicles and parts
do..
Instruments and related products..do..
12,931
23,479
12,883
19,048
5,978
4,290
104,475
03,569
06,133
11,241 109,640 109,458 110,680
55,295
2,703
7,298
3,583
2,910
53,341
2,644
7,334
3,467
3,020
54,703
2,765
7,590
3,708
3,019
58,849
do.
do..
do..
do_
do.
do.
6,961
9,546
6,688
14,176
10,036
2,198
6,764
9,471
6,625
12,642
8,556
2,228
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
49,180
14,603
753
3,302
4,296
8,637
7,484
2,815
83,200
210,221
147,173
86,063
83,256
436,796
Shipments (seas, adj.), total!©
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met...do
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
By market category:!
Home goods and apparel©
do.
Consumer staples
do.
Equipment and defense prod., excl. auto.do
Automotive equipm ent
do.
Construction materials and supplies
do.
Other materials and supplies
do.
Supplementary series:
Household durables
do_
Capital goods industries
do.
Nondefense
do.
Defense
do.
Inventories, end of year or month:t
Book value (unadjusted), totalf
Durable gocds industries, total
Nondurable goods industries, total
.66,587
4,080 2 4, 010
18,610 s18,314
15,873 15,585
2, 737 2 2, 729
r
172,629 173,818 174,571 175,104 176,164 176,789 177,162 177, 352
109,154 110,421 110,978 111,452 111,78' 111,904 112,548 12,845
4,415 ' 4, 562 4,479
4,321
4,314
4,251
4,348
4,258
17,584 17,645 17,819 17,759 17,640 17, 784 ' 17,581 17, 531
10,519
10,323 10, 355 • 10,100 9,933
10,444 10,500 10,591
6,213
6,336 r 6, 392 6,497
6,216
6,24^
6,150
6,159
13,344
24,281
14,054
19,245
6,429
4,657
13,249
24, 253
14, 3 r
19,512
6,540
4,687
13,265
24,417
14,647
19,428
6,548
4,728
13, 332
24,476
14,741
19,594
6,476
4,721
13,396
24,566
15,088
19,735
6,624
4,785
13,472
24,871
15, 343
20, 370
7,191
4,735
13,682
25,018
15,250
20,377
7,079
4,839
13,763
25,148
15,379
20,555
7,112
4,878
13,897
25,242
15,488
20,537
7,066
4,933
13,893
25,457
15,472
20,126
7,083
5,001
• 13,966
• 25,734
• 15,523
• 20,387
r 7, 339
r 5, 008
14,051
25, 877
15, 597
20, 501
7,230
4,947
By stage of fabrication:!
Materials and supplies 9
do. Primary metals
do.Machinery (elec. and nonelec.)-.-do--.
Transportation equipment
do
34,621
8,059
10,794
4,586
34,621
8,059
10,794
4,586
35,141
8,044
10,876
4,800
35,229
8,174
10,842
4,845
35,798
8,354
10,985
4,815
35,758
8,300
10,865
4,801
36,615
8,267
11,003
5,448
37, 289
8,287
11,148
5,885
37,209
8,379
11,237
5,707
37,312
8,274
11,227
6,026
37, 358
8,131
11,571
6,012
37, 394
8,250
11,479
6,001
37,147
8,035
11,518
" 5, 921
36, 910
8,083
11,458
5,890
Work in process 9
do
Primary metals
do.
Machinery (elec. and nonelec.)...do
Transportation equipment
do
43,020
5,950
16,277
12,059
43,020
5,950
43,235
5,838
16, 277 16,455
12,059 11,972
43,611
5,846
16,564
12,206
43,343
5,743
16,660
12,188
43,805
5,651
17,003
12,364
43,339
5,789
17,079
11,758
43,584
5,809
17,231
11,692
44,120
5,892
17,199
11,936
44,529
5,977
17,412
11,826
44,750
5,954
17,594
11,738
44,430 44,938
5,842 r 5, 846
17,664 17,910
11, 383 11,556
45, 352
5,782
18, 073
11, 653
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.).--do...
Transportaticn equipment
do. _.
28,088
3,320
11,028
2,476
28,0P8
3,320
11,028
2,4'
28,186 28,382
3, 315 3,256
11,004 11,164
2,461
2,473
28,544
3,226
11,419
2,425
28,627
3,381
11,349
2,429
29,200
3,528
11,572
2,529
29,548
3,549
11,835
2,793
29,649
3,548
11,832
2,734
29,611
3,508
11,888
2,703
29,499
3,555
11,565
2,787
30, 583
3,666
11, 943
2,958
60,858
15,648
3,508
5,253
5,200
13,032
5,148
3,88£
60,858 60,920
15,648 15,77"
3,471
3,508
5, 253 5,269
5,220
5,200
13,032 13,009
5,156
5,148
3,965
3,
61,227
15,973
3,518
5,360
5,273
12,991
5,083
4,000
61,694
16,130
3,484
5,368
5,352
12,962
5,156
4,079
62,557 63, 475
16,530 16,819
3,549
3,582
5,426
5,473
5,439
5,534
13,038 13,152
5,252
5,467
4,016
4,087
63,39"
16,360
3,596
5,473
5,568
13,306
5,546
4,104
63,593
16,127
3,647
5,464
5,625
13,549
5,654
4,112
63,652
16,120
3,561
5,461
5,649
13,746
5,686
4,137
64,377
16,390
3,712
5,413
5,628
13,949
5,846
4,185
30,080 30,463
3,692 r 3, 700
11, 786 • 11,829
2,742 r 2, 910
64,885 • 64,614
16,667 • 16,114
3,646 r 3, 666
5,410 r 5, 400
5, 675 • 5, 699
14,177 • 14,265
5,855 "6,004
4,171 r 4,137
26, 013 26,013 25,678 25,988
9,141
9,182
9,067
9,18f
25,663 25,663 26,175 26,098
2
/ Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for Dec. 1977 do not reflect revisions for selected components.
t Revised series.
Data revised back to Jan. 1958 to reflect (1) updating of benchmarks used in developing shipments and inventory estimates, (2) recalculation of estimated new orders. (3) changes required
to conform to revised 1972 SIC categories, and (4) use of new seas. adj. factors. A detailed
description of this comprehensive revision and historical data appear in report M3-1.6, "Man-
14,026
r
13,173
23,987
14,112
19,121
6,301
4,574
55,382
14,328
3,295
4,834
4,646
11, 695
4,710
3,652
8~495~
19, 765
16, 258
11, 788
10, 667
48, 320
13,17:
23,987
14,112
19,121
6,301
4,574
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._
Petrcleum and coal products
do.Rubber and plastics products
do_.
By stage of fabrication:!
Materials and supplies
do._
Work in process
do..
Finished goods
do. _
30,123
64, 507
15,855
3,57
5,494
5,554
14,305
6, 09f
4,186
26,405 26,810 27,068 26, 842 26,701 26,579 26,765 26,696 • 26,353 26,363
9,57'
9,429
9,547
9,629
9,741 r 9, 761 9, 895
9,379
9,422
9,356
25,933 26,368 26,985 27,126 27,318 27,526 27,983 28,448 ' 28,500 28, 243
ufacturers' Shipments, Inventories, and Orders; 1958-1976 (Revised)," available for $2.25
from the Subscribers Services Section, Bur. of the Census, Wash., D.C, 20233. Data back to
Jan. 1958 for mfg. and trade sales and invent, and inventory-sales ratios appear on p. 22 n. oi
the Jan. 1977 SURVEY.
©See corresponding note on p. S-5.
9 Includes data for items
not shown separately.
SUEVEY OF CURRENT BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
1976
Dec.
S-7
1977
Jan.
Feb.
Mar.
Apr.
May
June
July
1978
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Inventories, end of year or montht—Continued
Book value (seasonally adjusted)—Continued
By market category:!
Home goods and apparel
mil. $..
Consumer staples
do
Equip, and defense prod., excl. auto___do
Automotive equiprr ent..'
do
Construction materials and supplies
do
Other materials and supplies.
_. .do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
New orders, net (not seas. adj.). total t A
Durable goods industries, total
Nondurable goods industries, total A
do
do
do
New orders, net (seas, adj.), total tA
do
By industry group:
Durable goods industries, totalf
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 orders^A-.-do
13,005
21,526
38,429
7,885
13,323
61,525
14,039
23,119
38.842
8,430
14,161
67,996
14,039
23,119
38,842
8,430
14,161
67,996
14,003
23,164
39,044
8,601
14,615
68,055
14,056
23,327
39,231
8,718
14,663
68,454
14,296
23,531
39,393
8,728
14,560
68,871
14,608
23,928
39,638
8,691
14,523
69, 359
14,747
24,137
39,855
8,777
14,536
70,577
14,888
23,943
40,267
9,363
14,290
71,067
14,699
23,962
40, 701
9,189
14,465
71,555
14,708
24,217
40,901
',298
14,462
71,518
14,614
24,911
41,250
9,278
14,677
71,434
14, 566
24,914
41,139
9,315
14,861
1, 994
14,479
24,700
41, 636
i,523
14,951
71,973
14,452
24,395
41. 761
9,520
14, 952
"2, 272
6,578
42,341
35,772
6,568
6,923
43,104
36,527
6,577
6,923
43,104
36,527
1,577
6,936
43,311
36,702
6,609
7,117
43,737
37,112
6,625
7,275
43,992
37,475
6,517
7,407 7,494
4,335 44,671
47, 733 38,034
36,602 6 637
7,565
45,206
38,332
6,864
7,487
45,391
38,455
6,936
7,517
,559
45,641 45,897
38, 715 39,043
6,926 6,854
7,488
45, 730
39,134
6,596
7,445
46,092
39,461
6,631
7,416
46, 589
39, 942
6,647
1,027,805 1,183,468 99,575
505,969 608,170 52,139
521,936 573,796 47,436
98,810
51,048
47,762
107,879 114,873 113,054 111,066
55,651 60,900 59,824 58,899
52,228 53,973 53,230 52,167
117,795 103,311 111,036 117,055 121,661 115,378 13, 633
63,372 53, 317 57,107 61,713 66,022 61,156 61,298
54,224 49,994 53,929 55,342 55, 639 54,222 52, 417
1,027,905 n,183,468 106,608 105,288 106,575 111,788 111,547 111,693
505,969 609,450 57,040 55,037 55,133 o9,160 58,652 59,176
7,987
7,904
7,974
71,792
8,647
9,079
90, 046 7,252
4,054
3,906
4,068
3,808
35,779
5,089
4,304
45,846
3,040
3,102
3,031
28, 209
3,062
3,438
34, 956 2,629
111,702 108,598 111,494 112,441 116,543 116,068 20, 765
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., incl. auto
do..
Construction materials and supplies
do..
Other materials and supplies
.
do..
Supplementary series:
Household durables
do.
Capital goods industries
do.
Nondefense
do.
Defense
do.
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
number.
Seasonally adjusted
do...
58,270 58,048
8,576 8,692
4,382 4,513
3,234 3,208
62, 503 61, 984
8,094 8,901
4,140 4,747
3,010 3,155
66,162
8,948
4,135
3,648
7,743
11, 560
7,690
17,229
5,528
79, 256
108,236
74,111
7,072
9, 509
7,127
15,487
3,924
6,924
10,219
6,871
12,630
2,311
6,960
9,998
6,713
12,614
2,329
7,832
9,991
6,338
14,564
2,887
7,363
9,791
6,941
15,128
4,252
7,337
10,143
7,163
14,179
3,421
7,236
10,572
6,866
14,725
3,814
6,798
10,130
6,901
12,667
2,123
7,346
10,897
6,973
12,417
2,183
7,204
10,823
7,070
13,145
2,682
521,936
113,179
408,757
574,016 49,560
127,856 11,289
446,160 38,271
50,251
11,019
39,232
51,442
11,240
40,202
52,628
11,772
40,856
52,895
11,789
41,106
52,517
11,484
41,033
53,146
11,787
41,359
52,567 53,224
11, 756 11,922
40,811 41,302
53,393
11,9fc5
41,408
7,759 r 8, 051
11,162 10,717
7,112 r 7, 762
16,141 14, 413
4,251 ••3,284
54,040 54,084
12,038 11,944
42,002 42,140
8,171
18,624
13,994
10,482
8,733
45,284
8,413
19,008
14,323
10,717
9,227
44,884
8,273
19,316
14,478
12,413
9,706
47,570
8,377
19,514
16,169
11,627
9,545
46,315
8,588
19,032
15,948
11,074
9,564
47,487
8,549
19,531
15,799
11,542
9,683
46,440
8,796
19,108
14,484
11,022
9,418
45,770
9,161
19,660
14,332
11,076
10,129
47,136
9,025
10,432
15,242
11,016
9,883
47,843
9,481
19, 536
17,899
11,443
10,300
47,894
3,351
16,570
14,621
1,949
3,510
16,136
14,249
1,887
3,425
16,775
14,561
2,214
3,443
18,276
14,679
3,597
3,493
18,293
15,000
3,293
3,587
17,717
15,535
2,182
3,931
3,589
16, 341 16,676
14,678
14,409
1,998
1,932
3,773
17,819
16,189
1,630
4,066
20, 770
16, 502
30, 009
4,268
r
9, 223
19,885
17,309
11,152
10,732
47,767
63,235
9,298
14,456
54, 737
12,427
42,310
9,407
19, 750
18, 700
11, 926
10, 858
50,124
3,944 r 4,159 4,088
19, 453 22,210 19,758
15,883 17,366 16,554
3,570 ' 4, 844 3,204
170.243
162,726
7,517
850
174,222 174,222 176,648 177,780 178,453 180,255 180,563 181,521 182,632 183,774 183,974 187,386 189,282 L89,
175,617 178,950 180, 840 184,418 188,093
166,408 166,408 168,599 169,532 169,884 171,526 172,024 173,045 .73, 984 175,322
8,539
8,452
8,357
8,436 r 8, 442
8,729
8,049 8,248
7,814
8,539
8,569
8,476
7,814
171,438
175,453 175,453
167,261 167,261
16,004 16,004
9,993
9,993
4,980
4,980
163,582
14,742
9,287
4,091
23,690
45,472
21,230
50,236
33,106
7,856
23,302
43,808
23,251
52,753
34,746
8,192
23,302
43,808
23,251
52,753
34,746
8,192
177,179 177,623 178,167 180,065 182,301 183,150 182,541 182,646
.68,962 L69,394 169,704 171,587 174,047 174,859 174,072 174,245
16,658 17,041 17,122 16,890 17,673 17,205 17, 342 17,634
10,580 10,939 10,977 10,851 11,696 11,171 11,239 11,347
4,880 5,040
5,000 5,012
4,807
4,834
5,063 4,914
23,464 23,374 23,501 23,494 23,577 23, 353 23,179 23,222
44,279 44,419 44,361 44,133 44,215 44, 894 44,988 45,420
23,575 23,741 23,437 23,772 24,383 24,497 24,500 24,556
52, 744 52,534 52,729 54,517 55,371 56,234 55,351 54,575
34,793 34,537 34, €92 36,387 36,941 38,022 37, 425 36,928
8,469 8,401
8,478
8,229
8,254
8,217
8,463
8,291
2,623
108,533
79,323
29,210
3,501
3,302 3,302 3,366
101,063 101,063 100,978 101,108
18,014 18,014 18,135 18,129
53,074 53,074 54,700 54,885
2,644 2,644 2,663 2,807
110,060 110,060 110,415 110,163
77,829 77,829 78,879 79,354
32,231 32,231 31,536 30,809
326,345
375,76
3,209
98.742
19,197
50,290
33,562
33,495
33,852
34,508
30,348
33,095
INDUSTRIAL AND COMMERCIAL
FAILURES©
664
693
Failures, total
number.
11,432
9,628
85
87
Commercial service
do_
99
1,637
1,331
142
Construction
do...
107
128
2,262
1,770
114
Manufacturing and mining
do...
74
105
1,645
1,360
284
Ret ail trade
do.
315
295
4,799
4,139
68
Wholesale trade
do.
81
69
1,089
1,028
Liabilities (current), total
thous. $. 4.380,170 3,011,271 200,441 168,539 194,197
Commercial service.
do... 475,485
0,140 21,163 27,408 41,971
Construction
do"
640,845
8,737 56,468 24,419 29,436
Manufacturing and mining
do.. 1,020,609 1,121,722 47,747 63,480 72,809
Retail trade
do.. 1,835,908 556,912 43,259 36,825 33,854
Wholesale trade
do..
407,323 413,760 31, 804 16,407 16,128
Failure annual rate (seasonally adjusted)
__
No. per 10,000 c
29. G
28.4
32.0
2 42.6
2 34.8
r
Revised.
p Preliminary.
i Advance estimate: totals for mfrs.
new and unfilled
2
orders for Dec. 1977 do not reflect revisions for selected components.
Based on unadjusted
data.
t See corresponding note on p. S-6.
9 Includes data for items not shown separately.
A See note marked " © " on p. S-5.
© Includes textile mill prod., leather and
prod., paper and allied prod., and print, and pub. ind.; unfilled orders for other nondurable
goods are zero.
56,031
8,311
4,316
3,057
66,712
92,795
61,720
109,511
26,316
By market category:!
Home goods and apparel A
do
2 83,408 2 93,224 7,981
Consumer staples
do
210,267 217, 424 18,310
Equip, and defense prod., excl. auto
d o . . . 141,257 2163,818 15,929
Automotiye equipment
do. _. 2 84,741 110,631 11,800
Construction materials and supplies
d o . . . 2 81,372 2 99,180 9,075
Other materials and supplies
do
426, 941 2498,255 43,505
Supplementary series:
Household durables
...-do_._ 2 35,509 5 38,599 3,314
Capital goods industries
d o . . . 155,968 2183,614 17,885
Nondefense
do.. _ 130.782 2 153,845 13,835
Defense
d o . . . 2 25,185 2 29, 338 4,050
Unfilled orders, end of year or month (unadjusted),
totalt
mil. $.
Durable goods industries, total
do...
Nondur. goods ind. with unfilled orders©..do__.
Unfilled orders, end of year or month (seasonally
adjusted) totalt
mil. $.
By industry group:
Durable goods industries, total?
do...
Primary metals
do...
Blastfurnaces, steel mills
do...
Nonferrous and other primary met--.do_._
58,378
7,959
3,945
3,077
58,677
183,1.66 186,590 189,416 .93,997
77,923 .80, 750 185,239 188,349
17, 733 18, 312 18,660 19,463
11,385 11,837 11, 702
5,525
5,090 r 5,193
174,682
17,887
11,489
5,129
22,995
45,909
24,679
54,114
36,839
8,484
23,152
46, 462
24, 740
56,431
38,199
3,622
3,445
3,498
3,507
3,370
101,119 102,888 104,032 105,o34 104,906
18,191
18,040 18,102 18,235 18,253 55,822
55,638 55,630 56,527 56,065
2,761
2,835 2,790 2,874
2,692
110,119 111,064 113,020 114,159 113,391
80,152
80,794
82,302 82,179
79,708
30,411 31,512 32,226 31, 857 31,212
3,903 3,916
4,147
104,111 103,951 106,24'
18,335 18,068 18,175
56,297 57, 232 58, 021
3,115
3,135
3,352
112,630 112,935 115, 730
81, 923 83,167 84, 236
30,707 29,768 31,494
36,577 39,909 35,963
34, 442 37, 229 35,749
39,169 36,110 36,723
39, 525 37, 812 38,943
35,130
33,394
35, 797
33, 707
687
513
732
804
724
858
95
63
94
109
99
104
129
83
137
139
147
158
85
91
108
98
102
110
293
223
367
319
300
398
53
83
82
76
88
248,196 207,272 473,886 305,860 577,825 338,252
37,873 45,938 14,647 21,041 89,511 21,671
9,653 26,658
33,487 40,516 141,306 29,165
71,219 43,570 52,094 166,517 443,140 91,859
54,743 58,477 37,874 42,515 18,494 GO, 813
50,874 18, 771 227,965 46,622 17,027 137,251
23,711
46,605
• 25,276
• 57,327
• 38,872
23, 792
47,076
25, 588
60,202
41, 672
8,869
60,632
4,080
r 4, 075
107,889 .10, 468
18,794 18,986
58,658 60,463
3,344 ' 3, 421 3,498
117,310 120,914 122,357
84, 892 • 86,388 87,357
32, 418 34,526 35,000
34, 702
38,472
560
67
102
92
219
80
96,994
10, 299
16, 375
28, 656
20, 701
20, 963
27.0
29.7
24.1
30.8
30.:
31.
32.3
H For these industries (food and kindred prod., tobacco mfs., apparel a
prod., petroleum and coal prod., chem. and allied prod., rubber and plas tics
considered equal to new orders.
0 Compiled by D u n & Bradstreet, Inc. (f
for 48 States and Dist. of Col.; Hawaii included beginning July 1975; Alaska
Sept. 1976).
esdata
ginning
SUEVEY OF CUEKENT 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
1975
1976
1976
1978
1977
Deo.
Annual
February 1978
Jan.
Feb.
Apr.
Mar.
May-
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
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
463
452
458
348
400
426
313
457
'446
574
'529
361
282
271
959
467
590
530
240
'466
457
637
540
362
287
276
954
478
584
546
252
'568
578
'558
578
2 553
584
2 556
'577
'654
68
673
68
446
474
537
567
235
444
456
504
379
354
300
907
485
591
569
233
427
456
'538
347
277
274
973
465
'594
523
241
533
533
528
••564
563
'559
614
76
'650
71
'680
69
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
170.5
All items
1967=100.
161.2
174.3
175.3
177.1
Special group indexes:
168.3
173.1
159.1
172.2
175.0
All items less shelter
do
167.5
157.1
172.2
174.0
172.9
All Items less food
do___
169.7
160.9
173.2
176.0
174.2
All items less medical care
do__.
165.2
Commodities
do__ _
158,4
168.1
170.9
168. 7
109.2
Nondurables
do
163.2
171.7
175.0
172.4
158.3
Nondurables less food
do...
151.7
162.3
163.1
161.9
154.3
Durables
do...
145.5
158.4
159.7
158.9
156.6
Commodities less food
do
149.1
160.6
161.6
160.6
180.4
166.6
Services
do
185. 8
188.7
187.4
186.8
171.9
192.6
Services less rent
do...
195.6
194.3
183.4
180.8
175.4
187.7
Food 9
do_
181.7
172. 3
179.4
174.7
Meats, poultry, and fish
do_.
178.0
170.2
169.3
171.3
Dairy products
do_
171.4
171.1
156.6
175.4
177.6
175. 5
194.7
Fruitsand vegetables
do.
171.0
177.2
Housing
do__183.1
181.6
184.3
166.8
179.0
Shelter 9
do...
184.1
182.4
185.3
169.7
144.7
Rent
do...
149.5
148.3
150.2
137.3
191.7
Homeownership
do.__
196.7
195.0
198.1
181.7
182.7
194.8
Fuel and utilities 9
do_._
192.0
196.4
167.8
250.8
271.7
Fuel oil and coal
do_._
264.5
278.3
235.3
189.0
204.2
Gas and electricity
do
201.4
205.4
169.6
168.5
172.6
Household furnishings and operation
do__.
172.3
173.6
158.1
Apparel and upkeep
do___
147.6
151.8
150.0
142.3
150.8
Transportation
do___
165.5
171.4
172.2
150.6
173.2
Private
do
164.6
170.7
171.5
149.8
172. 6
New cars
do
135.7
140.4
141.1
127.6
140.7
Used cars
do___
167.9
178.0
177.7
146.4
179.1
Public
do—_
174.2
178.0
178.7
158.6
178.9
Health and recreation 9
do
163.3
168.0
169.0
153. 5
169.8
Medical care
do
184.7
192.3
194.1
168.6
195.8
Personal care
do__.
160.5
165.2
166.2
150. 7
166.7
Reading and recreation
do
151.2
154.4
144.4
154.9
155.5
Seasonally Adjusted^
All items, percent change from previous month
0.4
•0.
1.0
Commodities
1967 = 100.
168.0
»169.4 171.4
Commodities less food
do
160. 5
•1 161. 6 162.7
Food
_do_._
181.9
183. 5 187.1
1
Food at home
do_
179.7
181. 3 185.4
Fuels and utilities
do...
191.8
»194.0!
194.6
1
261.4
266. 6 272.0
Fuel oil and coal
do__.
1
150.6
152.0
151.
7
Apparel and upkeep
do..171.9
175.1
*173.
Transportation
do__.
171.5
»173. 0 174.8
Private
do__.
139.2
'140. 0 140.1
Newcars
do__.
185.5
* 187. 2 188.4
Services
do...
WHOLESALE PRICES c?
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities
1967=100..
200.6
1201.0
213.0
207.3
9 Foodstuffs
do
196.7
208.0
i 227.3 i 201. 6
203.3
13 Raw industrials
do
203.2
216.4
210.2
i 180.4 1200.6
All commodities
do
174.9
187.1
190.2
183.0
188.1
By stage of processing:
196.9
Crude materials for further processing
do
205.1
207.9
215.5
208.1
180.0
189.3
194.0
196.6
Intermediate materials, supplies, etc
do
195.0
163.4
170.3
174.0
176.6
Finished goods O
do
175.1
163.6
169.0
172.0
175.0
173. 2
Consumer finished goods
do
162.5
173.2
180.2
179.6
178.7
Producer finished goods
do
By durability of product:
165.8
176.0
182.3
Durable goods
do
183.0
181.1
181.7
188.0
191.9
195.0
Nondurable goods
do
191.2
171.1
179.0
184.2
1H5.4
183.2
Total manufactures
do
165.6
175.6
182.1
181.0
182.9
Durable manufactures
do
176.6
182.1
185.0
185.8
187. 6
Nondurable manufactures
do
'Revised. ,f Preliminary.
_.
_
,
.
„
.
.
~
r
K
7
«See note'' V'_ for this page. m \ Computed by BEA.
r
"""
Jan. 1977, the consumer price index replaces the family living items index,
to reflect new base weights; comparable data for earlier period will
des data for items not shown separately.
§ Ratio of prices received
474
'478
'483
'460
447
435
516
328
245
354
966
476
574
568
217
'450
410
447
533
291
243
342
841
493
581
590
231
'437
390
438
514
260
259
383
977
487
593
579
223
'434
384
449
499
255
263
400
1.G74
487
612
569
226
444
401
476
448
264
281
503
983
573
214
448
417
525
434
290
305
443
1,025
479
624
554
216
'600
2
570
597
2 573
588
'594
2 577
582
'590
2 579
'575
589
2 582
572
591
584
574
593
2 585
576
'694
692
'66
690
65
'685
64
685
'63
' 685
65
65
475
641
589
365
282
297
957
479
507
572
359
277
319
967
482
482
567
352
261
374
966
471
577
544
240
473
577
551
232
4S5
571
585
220
590
597
2 562
2 565
583
'686
69
178.2
176.1
175.1
177.0
171.8
175.9
163.9
160. 8
162. 6
190.0
197.0
188.6
175.0
171.2
196.8
185. 5
186.3
150.8
199.3
198.5
281.4
208.5
174. 6
151. 7
174.7
174.0
140.9
182.7
180.4
170.7
197.6
167.3
155.8
592
'693
69
594
70
' 452
'411
'440
'404
'299
'310
421
1,015
'496
'630
584
219
462
418
525
404
300
315
414
1,024
509
624
613
218
'595
604
2 590
590
2
588
'690
179.6
180.6
181.8
182. 6
183.3
184.0
184.5
185.4
186.1
177.5
176.2
178.4
173.3
177. 4
164.7
162.2
163.6
191.2
198.4
190.9
174.6
171.4
203.0
186.7
187.7
151. 6
201.0
199. 4
282.0
209.8
175.4
152. 3
176. 7
176. 2
140.6
187.8
180.4
171.4
199.1
168.4
156.0
178.4
177.3
179.4
174.3
178.3
165.7
163.4
164.7
192.2
199.4
191.7
175.9
173.1
195.1
187.6
188.9
152.2
202.3
200.2
282.6
210.9
175.9
153.4
178.1
177.7
141.4
191.4
181.5
172.3
200.5
169.5
156.8
179.6
178.4
180.6
175.4
179.7
166.6
163.9
165.4
193.7
201.1
193.6
178.5
174.3
196. 8
189.0
190.3
152.9
203.9
201.8
283.1
213.0
177.1
153.9
179.1
178. 6
141.7
192.2
183.2
173.2
201.8
170.6
157.6
180.2
179.1
181.4
175.8
180.1
166.6
164.3
165. G
195.3
202.8
194.6
180. 4
174.1
194.1
190.5
192. 2
153.6
206. 2
203. 5
283.7
216.0
177.4
180.8
179.8
182.0
176.3
180.8
167.3
164.3
166.0
196.3
203.8
195.2
181.8
175.1
192.1
181.2
180.9
182.6
176.6
181.0
168. 4
164.5
166. 7
197.7
205.3
194.5
182.1
175. 4
183.2
192.7
194. 7
155. 3
209.1
205.5
285.1
218.0
178.9
181.7
181.6
183.1
177.0
181.4
169.2
165.0
167.4
198.5
206.2
194.4
180. 9
176.2
184.0
193.6
195.6
156.1
210.0
206.8
287.2
219.3
179.5
182.5
182.5
184.1
177.9
182.4
170.1
165.5
168.1
199.5
207.2
195.6
181.9
176.5
188.7
194.6
196. 9
157.0
211.5
207.4
289.9
219.5
180.1
183.0
183.1
184.7
156.2
178.4
177.8
141.1
182.5
184.1
176.1
206.3
172.8
159.8
157.2
178.6
177.9
145. 7
178.0
184.4
177.1
207.2
173. 9
160.6
158.5
178.7
178.0
148.2
175.0
184.7
177.9
208.1
175.5
160.9
178.3
182.9
170.3
165.9
168. 4
200.5
208.2
196.3
182.1
176.9
192.5
195.7
198.2
157.9
213.0
207.6
291.9
218.9
181.1
158. 2
178.8
178.0
150. 5
170.7
185.7
178.5
209.3
176.3
161.3
0.3
176.3
166.2
194.7
192.4
206.9
290.9
0.3
176.7
166.7
194. 9
192. 5
208.3
291.0
177.7
177.1
144.0
197.7
177. 9
177.2
144.8
198.4
0.5
177.6
167.5
196.1
193.9
208.0
288.7
156.3
178.3
177.6
147.0
199.2
0.4
178.3
168. 3
196.5
194.1
207.4
288. 4
156.9
179.3
178.7
149.2
200.1
153.4
179.2
178.7
141. 6
190.6
183.5
174.1
203.5
171. 3
157.7
191.4
193.2
154.4
207.4
204.5
284.1
217.4
178.1
154.8
178.8
178,2
141.6
186.4
183.5
174.7
204.9
172.1
158.1
706
65
0.8
0.6
172.2
163.4
188.2
186.4
197.3
278.1
152.3
176. 2
175.7
140.6
189.9
173.6
164.0
191.0
189.3
198.4
280.6
152.6
177.9
177.4
140.5
191.4
174.5
164.7
192.4
190.7
199.8
282.9
153.2
178.4
177.6
141.7
192.7
0.6
175.3
165.1
193.9
192.1
202.0
285.4
154.2
178.1
177.5
142.0
194.2
0.4
175. 5
165. 3
194. 0
191.9
204.3
287.1
177.4
176.8
142.3
195. 7
0.3
176.0
165.8
194.5
192.3
205.9
289.6
155.4
177.6
176.8
143.2
196.7
218.4
212.0
222.8
192.0
220.8
219.0
221.9
194.3
218.7
219.4
218.1
195.2
208.5
211.3
206.4
194.4
204.1
203.8
204.1
194.9
200.8
201.3
198.0 I 198.9
202.7 202.
194.6
195.3
203. 3
201.2
204.7
196.3
205.9
208.8
203.8
197.0
212.7
215.1
210.9
198.2
218.0
215.4
219.7
199.9
219.9
198.7
177.5
176.1
180.7
226.1
201.2
178.8
177.5
181.6
224.4
202.1
180.3
179.4
182.4
215.4
202.0
180.5
179.3
183.1
213.2
202.7
181.3
180.2
183. 8
207.3
203.4
181.3
179.7
184.7
207.8
204. 2
181.8
180.2
185.6
208.0
204.4
183.9
181.4
189.9
210.5
204.8
184. 5
181.8
190.8
215.6
205.3
185.5
182.9
191.5
219.6
207.0
186.8
184.2
192.8
0.6
196.0
193.8
192.9
192.6
190.8
189.5
188.2
186.7
186.4
185.9
184.8
202. 2
198.4
190.4
200.8
198.0
197.8
199.4
199.9
197.1
200.5
201.7
196.
0
193.1
191.9
193.7
194. 5
191.1
191. 0
190.4
186.9
188.9
190.2
196.0
192.8
193. 2
194.0
190.9
188.3
189.5
186.6
184.3
184.5
186.2
195.5
192.8
192.4
193.5
194.4
193.3
192.3
189.2
192.0
194.1 1 193.9
to prices paid (parity index).
^Beginning Feb. 1977 SURVEY, data have been revised (backto 1967) to reflect new seasonal factors.
cfFor actual wholesale prices of individual commodities see respective commodities.
©Goods to users, incl. raw foods and fuels.
SURVEY OF CURRENT BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-9
1976
Dec.
1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
COMMODITY PRICES—Continued
WHOLESALE PRICESd*—Continued
(U.S. Department of Labor Indexes)—Continued
All commodities—Continued
Farm prod., processed foods and feeds-1967 = 100Farm products 9
do...
Fruits and vegetables, fresh and dried.-do.-.
Grains
do...
Live poultry
do - _ _
Livestock
do. -.
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and fish
184.2
186.7
183.7
223.9
189. 8
187. 9
183.1
191.0
178.4
205.9
166.9
173.3
183.9
191. 6
174.5
180.6
145. 7
166.1
184.8
193.5
198.5
184.9
153.7
166.0
188.4
199.1
212.7
185.8
183.7
166.2
190.9
202.5
219.2
183.4
177.2
163.5
195.9
208.2
205.7
184.4
182.3
167.9
196.8
204.3
201.8
171.2
183.1
180.2
191.5
192.7
176.2
157.7
182.7
172.3
189.3
190.5
182.0
153. 3
193.7
180.5
184.2
181.2
176.4
142.5
176.1
175.2
183.9
181.9
182.8
144.2
181.7
172.9
184.2
182.4
187.9
144.7
170.5
177.5
186.8
185.5
192.9
164.6
162.7
171.6
189.5
188.3
170.1
167.3
157.8
182.7
192.1
192.2
197.1
169.1
170.2
188.2
do._
do..
do..
do..
do._
do_.
182.6
162.4
178.0
155.8
169.8
191.0
178.0
173.5
172.1
168.5
170.2
181.6
179.0
183.8
168.6
167.3
175. 6
176.9
179.3
184.1
168.4
166.8
175. 4
176.6
181.9
189.3
169.9
166.9
182.9
177.4
183.9
199. 6
171.5
168.0
184.0
174.2
188.5
202.1
171.6
173.5
185.2
174.9
191.9
206.0
172.0
174.2
185. 8
183.8
190.1
207.7
171.3
174.3
187.8
183.4
187.8
204.7
172.0
175.1
188.5
189.5
185.1
205.5
172.1
175.3
190.1
182.7
184.2
204.8
172.8
175.7
191.2
132.7
184.5
204.3
175.4
175.9
190.3
184.7
186.7
200.6
179.7
176.9
193. 0
183.4
189.3
201.3
182.0
178.2
194.4
190.8
191.3
201.9
183.6
178.0
194.4
193.6
do.
171.5
182.4
187.4
188.4
190.0
191.7
193.3
194.2
194.6
195.8
196.9
197.8
199.1
199.2
200.0
201.5
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.
181.3
203.6
206.9
126.6
255.2
166. 9
187.2
188.3
219. 3
134.0
249. 9
174.4
188.2
183.4
221.5
136.4
254. 6
177.3
188.9
182.2
222.1
137.5
253.9
177.3
190.1
183.5
222.9
138.4
253.9
177.3
191.2
187.1
222.4
139.0
273.7
178.9
192.9
189.0
223. 5
139.6
304.9
180.6
194.0
187.7
224.0
139.7
337.5
181.7
193.9
189.0
224.1
140.8
318.8
182.3
193. 5
188.4
224.4
141.2
281.9
183.9
193.5
188.9
224.7
141.2
268.9
183.9
193.2
189.9
224.2
141.4
246.9
185.1
193.5
190.0
224.7
141.8
260.9
185.1
do.
do.
do.
do.
do.
245.1
385. 8
193.4
216.7
257. 5
265. 6
368.7
207.6
286.8
276.6
279.0
374.0
211.5
337. 6
287. 6
278.8
376.3
214.0
322.2
289.2
289.1
377.5
219. 8
363.7
295.1
293.7
378.8
223.4
370.9
301.9
298.8
379.8
229.4
379.0
306.8
302.4
386.9
230.7
390.2
310.1
304.0
390.6
234.4
386.6
311.6
306.6
393.0
239.2
391.9
312.9
309.5
394.5
244.7
400.9
313.0
309.7
395.2
242.7
405.4
312.8
310.6
397.8
242.6
407.0
313.8
Furniture and household durables 9
Appliances, household
Furniture, household
Home electronic equipment
do.
do.
do.
do.
139.7
132.3
146.3
93.5
145. 6
139.2
153.6
91.3
147,9
141.0
158. 6
90.9
148.8
141.2
158.7
89.6
149.1
142.1
158.9
89.3
149.6
142.9
159.7
89.4
150.1
143.3
160.7
88.3
151.3
144.5
162.2
88.3
152.5
147.1
163.1
86.3
do.
do.
do.
do.
do.
do.
148. 5
147.8
174.5
151.5
176.9
192. 5
167.8
158. 9
258.4
188.1
205. 6
233. 0
171.5
162.9
251.2
191.7
220.0
252.1
175.3
164.5
278.9
192.9
222.8
257.8
176.9
165.9
282.5
201.3
224.4
259.3
177.9
166.4
285. 9
201.4
229.0
266.4
179.9
167.2
305.0
204.1
229.8
268.8
179.7
168.6
288.8
202.1
228.7
264.6
151.2
145. 4
162.8
86.8
180.3
170.3
291.5
198.6
235. 5
275.9
152.4
146.2
163.1
Hides, skins, and leather products 9
Footwear
Hides and skins
Leat her
Lumber and wood products
Lumber
150.6
143.2
161.1
88.4
181.9
168.2
313.0
210.7
229.5
267.8
180.5
170.4
288.3
200.3
242.7
286.4
179.9
170.5
274.4
200.5
252.4
301.3
153.0
147.4
164.1
86.3
179.6
171.7
268. 3
196.4
247.3
292.4
193.9
186.9
225.2
142.9
266.1
185.9
311.9
402.2
237.2
422.4
313.7
154.0
147.6
166.4
86.4
194.0
187.3
224.2
144.1
263.2
186.1
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined
193.8
188.1
224.9
142.2
265.4
186.7
310.4
400.1
237.8
414.1
313.4
153.6
147.5
165.1
86.4
180.3
172.0
273.2
197.0
243.2
284.8
181.8
172.1
291.9
200.4
249.1
291.0
186.1
173.8
300.4
210.8
256.3
300.4
Machinery and equipment 9
do.
Agricultural machinery and equip
do.
Construction machinery and equip
do.
Electrical machinery and equip
do.
Metalworking machinery and e q u i p . . _ d o .
161.4
168.6
185.2
140.7
171.6
171.0
183.0
198.9
146.7
182.7
175.4
190. 6
205. 8
150.0
188.7
176.7
192.3
208.8
151.3
190.9
177.5
193.3
209.1
151.1
192.7
178.2
194.5
208.3
152. 0
193.7
178.9
194.8
210.2
151.9
194.7
180.0
195.1
213.0
152.7
195.7
180.8
196.0
213.2
153.0
197.9
181.9
196.6
214.9
154.1
199.2
182.8
198.4
215.8
154.6
200.6
183.9
200.4
215.7
155.8
201.7
185.7
201.4
218.3
157.3
203.6
186.7
209.1
221.4
157.8
204.9
187.3
205.2
221.8
157.9
205.8
189.1
205.9
222.6
160.0
208.1
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do.
do.
do.
do.
185.6
150. 7
200. 9
171.6
195. 9
158.0
215. 9
181.6
200.9
161.8
222.6
185.1
202.1
162.9
224.2
185.3
203. 2
163.1
224.7
188.3
206.5
163. 7
227.4
195.8
208.2
163.5
228.3
200.1
208.5
164.0
227.9
200.9
207.8
164.5
226.9
197.3
210.7
165.4
231.1
198. 0
211.7
166.0
233.1
198.5
212.6
166.8
235.7
195.1
211.8
168.0
234. 2
193.5
212.0
168.3
233.4
194.2
213.3
169.3
235.5
195.1
215.2
171.0
237.7
198.0
Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
Rubber and plastics products
Tires and tubes
do.
do.
do.
do.
do..
do.
do .
do.
174.0
151.2
170.5
144.0
170.4
172.9
150.2
148.5
186.3
163.5
180.1
154.4
179 4
182.3
159.2
161. 5
189.6
168.8
183.0
160.1
181.8
186.6
164.7
172.3
192.4
170.1
187.0
160.8
182.9
188.9
164.6
170.0
193.6
167.8
187.8
160.8
183.0
189.4
164.2
163.6
195.1
170.7
188.4
164.0
183.6
192.0
164.6
165.6
198. 6
177.5
189. 9
172.2
185.3
193.3
165.7
169.9
199.3
174.2
190.5
175.9
186.2
194.1
166.3
167.8
200.4
180.2
190.9
187.1
187.3
194.3
167.4
167.8
201.5
183.8
192.8
186.6
187.7
195. 6
168.9
171.3
202.4
184.5
193.5
189.8
187.8
196.2
169.1
171.1
204.2
185.7
194.0
193.7
188.5
196.3
169.4
171.1
205.3
187.8
195.0
201.6
188.8
197.1
170.0
171.9
205.6
185.1
195. 4
203.2
188.3
197.5
170.0
171.6
206.5
185.5
195.7
204.9
187.6
197.1
169.8
171.9
212.7
189.6
202.7
209.7
188.2
197.8
169.9
172.1
Textile products and apparel §
do
Synthetic fibers
Dec. 1975 = 100.
Processed yarns and threads
do
Gray fabrics
do
Finished fabrics
do
Apparel
1967 = 100
Textile house furnishings
do
137.9
133.4
151.9
148.2
102.4
99.5
106.1
101.1
139.9
159.3
149. 9
101.6
97.2
107.7
101.5
142.9
162.
150.8
102.6
96.6
105.1
100.4
144.8
165.5
151.7
103.4
97.2
103.8
101.2
145.6
167.1
152.4
103.2
98.7
104.5
103.0
146.0
170.4
153.7
106.4
101.5
105.0
104. 3
146.5
170.4
154.0
107.0
102.3
105.1
104.9
146.6
169.7
154.4
109.5
103.4
104.5
104.5
147.2
169.7
154.4
109.2
103.4
104.9
104.3
147.2
169.7
154.4
109.6
103.0
103.3
104.2
147.4
171.2
155.1
109.6
102.1
103.0
104.2
148.4
174.7
155.2
109.5
101.2
103.7
104.1
148.6
175.6
155.3
109.6
100.4
105.2
103.3
149.1
175.6
155.9
109.6
100.6
107.2
103.4
149.4
175.7
156.4
110.3
100.6
108.9
103.4
149.8
175.7
Transportation equipment 9
Dec. 1968=100..
Motor vehicles and equip
1987 = 100
Seasonally Adjusted!
141.5
144.6
151.1
153.8
157. 0
159.5
157.1
159.2
157.2
159.4
158.4
160.7
158.7
161.0
159.1
161.4
159.4
161.
159.5
161.8
160.6
163.1
161.4
163.8
167.9
170.8
168.0
170.6
168.3
170.9
169.0
171.3
1.1
1.1
1.0
0.4
-0.5
0.1
0.2
0.6
0.7
0.4
«0.9
207.7
204.3
214.4
205.2
217.2
205.9
' 221.6
207. 8
Industrial commodities
All commodities, percent change from previous
month
By stage of processing;
Crude materials for further processing. .1967 = 100. Intermediate materials, supplies, etc
do
Finished goods:
Consumer finished goods
do
Food
do
Finished goods, exc. foods
do
Durable
do
Nond urable
do
Producer finished goods
do
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
do..
do..
do.
Farm products
do.
Processed foods and feeds
do..
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
1967=$1.00..
Consumer prices
do
$0. 572
.621
1.546
.587
155.6
149.1
168.2
86.8
209.5
194.4
210.2
195.
219.0
197.3
221.0
199. 3
225.5
201.1
222.3
202.0
213.4
201.6
209.8
202.2
205.
202.6
205.7
203.5
173.0
181.3
167.2
148.0
180.0
178.9
175.2
185.9
168.1
148.7
181.2
1?
176.8
188.3
169.2
149.4
182.7
180.7
178.1
189,6
170.7
150.6
184.2
181.
179.6
192.
171 5
151.3
185.2
182.8
179.5
190.3
172.4
151.9
186.1
183.
179.5
189.9
172.6
152.4
186.2
184.5
179.7
189.4
173.0
153.6
186.1
185.5
180.2
188.9
174.2
153.9
187.6
186.4
180.8
189.4
174.8
154.9
188.0
188.9
181.9
191.7
175.4
155.4
188.7
189.9
182.7
192.6
176.0
156.0
189.5
191.1
1
171
180.7
165.6
146. 9
17
178.5
183.4
181.2
185.2
184.4
182.3
186.0
186.0
183.1
188. 5
187.5
184.5
190.2
189.3
185.4
192.8
190.4
186.2
194.9
190.4
186.5
193.
190.5
188.3
192.2
190.9
189.5
191.5
191.5
191.1
191.4
192.3
192.2
192. 0
193.7
193.2
193.5
194.7
194.2
194.4
> 196. 2
196. 2
' 195. 7
191. 9
178.9
193.0
178.8
197.4
182.3
203.5
185.5
208.8
189.1
203.4
192.2
192.3
189.2
188.0
184.7
181.8
184.7
181.1
183.6
183 5
184.8
189.2
188.1
188.7
189.3
' 192.0
190.8
$.534
.574
$0,532
.570
$0,526
.565
$0.521
.561
$0. 515
.55'
,0. 51!
.554
$0,514
.550
$0. 513
.548
$0. 514
.546
$0.512
.543
$0.509
.542
$0. 508
.539
$0. 505
.537
$0,500
r
9 In
InRevised.
° See note "t" for this page.
c? See corresponding note on p. S-8.
cludes data for items not shown separately.
§ Effective with Jan. 1976 reporting, the
textile products group has been extensively reclassified; no comparable data for earlie
255-267 O - 78 - 2
312.8
404.1
239.7
420.5
314.1
riods are available for the newly introduced indexes.
^ ^ ^
SURVEY, data have been revised (back to 1973) to reflect new seasonal
184.0
194. 7
176.9
' 157.1
' 190. 2
' 192.0
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
February 1978
Dec.
1978
1977
1976
Jan.
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
13,946
Jan.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE t
New construction (unadjusted), total
mil. $.. 134,293
Private, total 9
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
mil. $_.
Industrial
do
C ommer cial
do...
Public utilities:
Telephone and telegraph
do
Public, total 9
do....
Buildings (excluding military) 9
Housing and redevelopment
Industrial
M ilitary facilities
Highways and streets
do
do
do
do
do
147,481
12,107
10,028
10,052
11,739
3,141
.4,608
.5,774
.5,920
.6,499
16,632
16,575
15,787
93,623
46,472
34,408
109,500
60,520
47,277
9,518
5,261
4,053
7,940
4,365
3,438
7,915
4,368
3,536
9,300
5,353
4,351
10,382
6,216
4,839
.1,407
7,108
5,518
.2,137
7,641
6,037
2,346
7,833
6,306
.2,679
8,007
6,471
12,809
7,976
6,494
12,919
7,931
6,503
12,615
•7,647
• 6,289
1,217
6, 620
5,360
26,407
8,018
12,806
26,091
7,183
12,756
2,179
591
1,804
456
906
1,836
468
915
2,078
554
2,204
582
1,108
2,254
600
1,142
2,394
602
2,497
620
2,595
658
1,380
2,677
656
2,704
675
2,363
638
1,218
1,265
1,329
1,452
1,471
2,622
'667
1, 390
3,683
3,777
240
263
401
354
401
411
1,062
40,670
13,214
628
971
1,508
9,754
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
2,759
2,137
2,590
15,254
668
918
1,390
10,861
410
333
349
37,981
New construction (seasonally adjusted at annual
rates), total
bil. $..
Private, total 9
1,051
348
3,820
3,201
2,439
3,637
1,126
98
105
131
1,073
3,574
1,132
91
91
127
1,087
895
58
84
121
312
822
59
80
122
323
155.4
148.1
156.9
163.8
'167.5
' 172.1 '174.6
'173.0
121.2
116.2
122.4
128.4
131.3
'133.7
'135.2
'133.8
71.1
54.8
66.5
52.1
72.1
58.3
76.7
62.2
'79.5
63.5
'82.4
65.8
'82.5
66.0
'80.8
65.1
25.9
6.6
12.8
24.8
6.2
12.5
24.9
6.3
12.5
26.7
7.2
13.7
27.4
7.3
13.9
27.0
7.2
13.8
28.5
7.1
15.2
4.0
4.0
3.9
4.0
4.0
4.3
4.4
917
58
72
125
515
998
66
96
120
583
924
71
92
120
439
1,005
76
95
136
809
3,823
1,147
71
101
124
1,138
3,656
'1,101
'81
95
114
1,081
'172.0
175.9
177.8
' 177.8
180.3
'133.8
136.7
140.1
1
144.1
'80.7
65.1
82.4
66.4
'85.7
'68.8
'87.7
'70.5
89.9
72.9
29.2
7.2
15.5
29.2
7.6
15.3
29.9
7.5
29.8
7.6
15.8
'29.6
'7.7
28.2
7.1
14.9
4.3
4.5
34.3
32.0
34.5
35.4
36.2
38.4
39.4
39.2
4.6
37.7
38.2
do.
do.
do
do.
do.
1.5
8.2
11.8
.8
1.0
1.5
7.2
11.5
1.0
1.0
1.6
8.4
11.8
1.0
1.0
1.5
9.2
12.4
.9
1.1
1.5
9.1
10.8
13.1
1.2
1.1
1.6
10.8
13.8
1.0
1.3
1.5
9.5
12.7
.8
1.4
1.5
9.4
15 932 15,417
307
'317
11,246
218
14,231
267
12.2
1.0
1.0
1.6
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
4.6
36.2
12.1
.8
1.1
1.4
9.5
'35.6
'12.0
.7
1.3
1.3
'8.3
13, 713
279
10, 581
244
10,391
258
10,445
299
39.3
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
142.2
'15.4
'16.1
do.
2,729
1,070
71
101
114
801
1,189
86
106
'133
1,047
4.5
Public, total 9
416
3,171
13.4
.9
1.4
1.5
8.9
12.4
1.1
1.4
92,659
U68
107,158
i 194
7,196
183
6,748
203
7,523
212
9,937
207
12,079
250
mil. $.
do.
32,198
60,460
29,246
77,913
2,091
5,106
1,793
4,955
2,007
5,516
2,655
7,282
2,576
9,502
2,956
12,976
5,424
9,993
2,688
8,558
3,458
10,772
3,249
10,464
2,855
7,725
3,100
7,290
3,486
6,959
do...
do.
do...
31,647
31,261
29,751
30,045
43,651
33,463
2,133
3,236
1,828
2,163
2,927
1,658
1,879
3,427
2,217
3,003
5,149
1,785
2,890
5,266
3,922
3,047
5,660
7,225
3,063
5,945
6,409
2,997
5,548
2,702
3,785
6,148
4,297
3,617
5,518
4,578
3,154
5,452
1,975
3,107
5,281
2,003
3,370
4,305
2,770
do...
83,795
88,457
10,674
9,351
4,438
6,441
5,526
6,979
7,045
6,844
7,736
9,091
8,238
7,313
12,700
1,171.4
766.8
1,160.4
892.2
1,547.6
1,048.3
1,537.5
1,162.4
108.1
78.6
107.4
71.6
81.5
63.9
81.3
55.7
112.7
80.7
112.5
87.2
173.6
124.4
173.6
125.8
182.4
126.4
182.2
138.8
201.3
134.7
201. 3
152.2
197.8
131.1
197.6
149.1
189.8
130.3
189.8
138.2
194.2
129.9
194.0
140.5
177.8
121.2
177.7
131.6
193.2
130.1
193.1
135.4
129.0
155.9
95.1
110.0
• 154. 8 • 128. 8
109.3
89.0
67.9
89.0
62.3
1,824
1,308
1,393
1,011
1,751
1,362
1,982
1,469
1, 931
1,406
2,012
1,508
• 2,139
• 1,532
2,096
•1,544
• 2,194
• 1,568
1,549
1,139
1,526
1,060
1,687
1,188
1,605
1,051
1,615
1,077
1,678
1,105
1,089
1,772
1,156
1,695
1,135
1,850
1,216
1,893
1,257
•1,811
•1,210
1,533
1,021
24.:
25:
24.
251
26.8
264
22.3
251
27.3
270
26.8
300
27.4
319
22.6
318
18.3
318
6,885
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Tnside SMSA'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 (Manufactured Housing Institute):
Unadjusted
thous.
Seasonally adjusted at annual rates
do
• 2,090 • 1,899
• 1,433
676
1,296
894
1,532
1,047
1,333
930
212.7
246.1
15.0
248
14.7
258
218.0
2 275
23.4
27;
• 2,072 • 2,038
• 1,453 • 1,454
CONSTRUCTION COST INDEXES
Dept. of Commerce composite d"
1972=100.
138.:
143.5
146.9
149.0
150.5
150.9
152.
154.4
156.
155.2
157.1
158.4
157.9
159. 6
160.2
American Appraisal Co., The:
Average, 30 cities
Atlanta
_
New York
San Francisco
St. Louis
1913=100.
do
do...
do
do
1,716
1,871
1,82'
1,698
1,659
1,870
2,009
1,943
1,906
1,803
1,916
2,050
1,983
1,961
1,842
1.921
2 l
1,990
1,967
1,850
1,931
2,090
1,994
2,009
1,851
1,938
2,098
2,000
2,017
1,949
2,112
2,003
2,022
1,864
1,967
2,116
2,012
2,027
1,868
1,988
2,118
2,013
2,029
1,
2,014
2,143
2, 11."
2,044
1,921
2,037
2,181
2,132
2,082
1,942
2,050
2,190
2,136
2,173
1,946
2,052
2,182
2,127
2,166
1,938
2,062
2,18:
2,129
2,166
1, 959
2,069
2,187
2,131
2,180
1,967
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings§-1972=100_
Commercial and factory buildings
do...
Residences
do
127.2
130.4
125.9
137.3
141.5
136.2
143.6
147.8
143.3
2
' Revised.
v 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.
JData for new construction have been revised back to Jan. 1973. The revised data are
available from the Bureau of the Census, Washington, D . C . 20233.
© D a t a for Dec. 1976 and Mar., J u n e , Sept., Dec. 1977 are for 5 weeks; other months, 4 weeks.
146.3
150.1
145.
147.8
151.6
147.0
149.9
154.2
149.9
151.5
155.7
152.2
2,090
2,197
2,162
2,199
1,986
152.
157.
153.
9 Includes data for items not shown separately.
, .
tfThis
comparison base (1972 = 100); monthly data bacK
c^This index has been revised to a new
n
1rt^^ f\**yT. ATrnilnVvln n n n n
rnDiinet
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.
». T^-^i
SUEVEY OF CURRENT BUSINESS
February 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
1975
1976
1976
1977
Dec.
Annual
S-ll
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
230. 0
243.0
234.9
246.2
239.6
249.0
237.4
247.6
237.9
248.5
1
149.4
142.1
CONSTRUCTION AND REAL ESTATE—Continued
C O N S T R U C T I O N COST INDEXES—Con.
Engineering News-Record:
Building
Construction
1967=100.
_ .do...
Federal H i g h w a y Adm.—Highway construction:
Composite (avg. for year or'qtr.)
1967 = 100..
225.2
236.5
193.3
205.7
210.9
223.4
219.7
231.8
203.8
199.3
200.4
160.4
174.3
152.4
176.1
139.6
147.5
147.7
167.8
188.1
195.5
179.0
174.8
140.9
166.9
182.9
141.9
191.2
192.3
122.7
186.9
138.6
106.5
185.5
83.5
118.8
184.2
125.0
160. 2
217.3
187.5
149.0
201.2
213.6
156.8
167.0
238.3
269.5
82.3
95.0
157.7
183.4
8.7
125
14.5
234
6.8
107
15.6
230
11.2
156
18.6
254
10.6
111
22.5
240
10.8
125
19.7
216
12.3
126
18.4
203
9.1
95
20.0
216
220.4
232.2
221.9
233.2
222.6
234.0
222.9
235.0
223.0
234.1
202.2
227.8
240.1
215.4
1
238.1
248.8
215.9
C O N S T R U C T I O N MATERIALS
Output index:
Composite, unadjusted 9 o1
Seasonally adjustedd"
1947-49 = 100..
do—
Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted
do.
do.
do.
146.0
170.5
161.1
258.5
REAL ESTATES
Mortgage applications for new home construction:
F H A n e t applications
thous. u n i t s .
Seasonally adjusted a n n u a l rates
do...
Requests for VA appraisals
do,..
Seasonally adjusted a n n u a l rates
do.._
9.2
116
17.3
205
10.0
112
19.9
207
9.6
108
15.8
187
96
15.8
194
9.1
115
15.4
185
6.7
96
12.8
206
15.3
226
H o m e mortgages insured or guaranteed b y —
F e d . H o u s . A d m . : Face a m o u n t
mil. $ . 6,166.12 6,362.12
Vet. A d m . : Face a m o u n t §
d o . - . 8,863.84 10,414.77
508.00
962.30
608. 67 699.49 676. 86
989. 22 988.50 1,041.52
654.86 996.87 654.11 680.64 874. 33 660. 71 707. 90 830. 30 479.48
903. 75 1,137.86 1,184.57 942.53 1,527.21 1,541.53 1,070.96 1,311.79 1,216.71 1,586.68
Federal H o m e Loan B a n k s , outstanding advances
to m e m b e r institutions, end of period
mil. $..
14,952
N e w mortgage loans of all savings a n d loan associations, estimated total
m i l . $_.
B y purpose of loan:
ome construction
do.
H o m e purchase
do.
All other purposes
do.
Foreclosures
Fire losses (onbldgs., contents, etc.)
17,845
15, 862
15,862
15,183
15,717
15,861
16,369
17,054
17, 746
18,492
20,173
55,040
• 78,776
• 7,284
• 5,446 • 5,629 • 8,207 ' 8,963 ' 9,796 ' 11,265
' 9,660
10,889
r 9,865
' 9,277 r 9,138
9,101
10,097
32,106
12,837
" 14,812 1,420
• 48,245 • 4,176
'15,719
1,688
1,071
1,715 ' 1, 757 ' 1,918
•1,004
• 3,309 ' 3,373 " 4,778 ' 5,424 ' 0,019
'1,840 ' 2,083 r 1,893 "1,800 r 1,780
r
6,180 ' 0,944 r 6,237 ' 5,696 ' 5,550
1,862
1,735 r 1,781 '1,808
1,640
1,706
5,386
2,009
number.
142,803
mil. $..
3,560
3,558
314
1,133
14,816
1,185
334
362
14,462
• 1,714
347
1,782
323
15,148
2,104
T
7,102
'
2,059
' 1,859
306
304
310
338
285
274
20,422
259
I
DOMESTIC TRADE
ADVERTISING
M c C a n n - E r i c k s o n national
seasonally adjusted:
Combined index
Network T V
Spot T V
Magazines
Newspapers
advertising
index,
1967 = 100..
do....
do....
do
do
Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $ . .
Apparel a n d accessories
do
A u t o m o t i v e , incl. accessories
do
Building materials
do
Drugs a n d toiletries
do
Foods, soft drinks, confectionery
do
Beer, wine, liquors
do
Household equip., supplies, furnishings..do
I n d u s t r i a l materials
do.
Soaps, cleansers, etc
do.
Smoking materials
do.
All other
•_
do.
Newspaper advertising expenditures (64 cities): ©
Total
mil *
Automotive
do
Classified
do
Financial
do
General.
do
Retail
do....
147
160
166
119
142
180
191
215
143
175
183
194
209
151
180
192
215
213
148
194
192
212
213
163
177
200
223
219
168
187
199
227
210
166
184
210
229
225
184
198
205
239
215
176
178
209
234
234
169
193
217
241
240
168
221
209
225
230
180
198
217
247
220
175
225
219
252
229
180
205
215
231
233
191
203
1,328.7
46.0
101.3
20.6
138.1
91.0
1,622.0
56.4
142.0
28.4
165. 2
120.5
141.5
4.2
8.8
2.1
14.4
12.7
111.7
3.4
9.6
1.4
12.3
6.8
135.9
3.2
13.5
2.0
16.0
11.7
154.4
5.9
14.8
3.5
17.0
11.5
176.6
7.1
17.4
4.5
17.2
13.7
200.5
7.2
20.6
4.6
21.3
14.1
150.7
3.5
15.9
3.3
17.8
12.0
119.1
2.2
10.5
1.7
13.0
10.4
122.3
4.6
9.7
1.4
14.1
10.7
173.1
9.4
8.5
3.9
16.9
11.9
221.4
8.4
21.3
4.5
20.2
16.1
222.3
8.6
20.9
3.2
18.6
18.4
177.6
5.9
13.7
2.2
17.5
13.3
100. 7
55.0
34.2
19.4
143.4
579.1
110.9
83.6
46.9
25.0
161.7
681.2
17.3
6.3
3.8
1.9
12.8
57.0
4.1
3.1
2.9
2.2
12.9
52.9
5.0
5.3
3.6
2.8
13.6
59.1
8.0
8.8
3.7
2.7
13.3
65.0
9.6
11.0
4.7
3.7
13.7
74.0
11.2
15.0
6.0
4.2
16.9
79.4
10.6
7.7
4.1
2.0
15.7
58.1
7.2
7.1
2.5
1.8
17.0
45.7
6.9
6.0
2.9
2.2
17.8
46.0
10.5
11.9
5.3
2.9
15.8
76.2
17.7
13.3
4.8
3.5
20.8
90.7
18.9
14.8
5.1
3.4
19.5
91.1
22.5
8.9
3.7
2.5
17.5
69.9
586.7
16.7
151.5
17.6
86.5
314.4
584.2
14.1
128.5
14.5
81.6
345.5
4,117.4
93.3
982.2
130.8
547.1
2,364.0
5,068. 5
120.6
1,255. 6
139.8
694.6
2,858.0
446.6
7.3
83.1
12.0
51.9
292.3
429.3
12.1
116.8
13.7
61.4
225.3
393.1
12.1
101.9
9.3
55.9
214.0
494.7
14.6
130.3
13.4
69.3
267.1
492.6
14.5
133.6
13.9
69.0
261.7
555.7
14.8
146.9
13.0
81.8
299.3
505. 5
13.3
136.3
14.7
66.1
275.1
450. 5
11.2
142.7
13.4
48 9
240.4
472.0
10.9
141 3
9.4
54 9
255 4
501.3
12.0
134.0
13.3
72 2
209.8
M e r c h a n t wholesalers sales (unadj.), total O mil. T__ 535,596
200,094
D u r a b l e goods establishments
do
N o n d u r a b l e goods establishments
d o . . . 315,502
580,894
246,732
334,162
51,217
20,758
30,459
46,352
IS,895
27,457
47,683
20,013
27,670
56,383
24,008
32,375
53,357
23,350
30,001
4,033
4.159
55,794
2f>. 292
51,290
22,915
28,375
55,597
25,998
29,599
54,505
25,461
29,044
54,251 '56,034
25,369 r25,340
28,882 r 30,694
56,405
24, 919
31,486
02,056
37,028
24,429
02,056
37,028
24,429
02,910
38,455
24. 455
03,985
39,302
24,024
05, 097
39,905
25,131
05,042
40,108
24,874
04,088
40,703
23,324
04,117
•11,593
22,523
03,600
41,738
21,928
04,105
42,142
21,903
65,291
42,484
22, 807
66, 530 '68,082
42,627 '43,252
23,903 r 24,830
67, 960
43,391
24,569
WHOLESALE T R A D E O
M e r c h a n t wholesalers inventories, book value,
end of year or m o n t h (unadj.), total O mil. $ . .
Durable goods establishments
do.
N o n d u r a b l e goods establishments
do
55,727
34,123
21,604
r
Revised.
v Preliminary.
i Index as of F e b . 1, 1978: Building, 239.3; construction,
249.6.
9 Includes data for items n o t shown separately.
§ D a t a include guaranteed
direct loans sold.
f H o m e mortgage rates (conventional 1st mortgages) are u n d e r money a n d interest rate
on p . S-18.
©Source: Media Records, Inc. 64-City Newspaper Advertising T r e n d C h a r t .
^Monthly
revisions back to J a n . 1974 will be shown later.
©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.
UJb (JUK KiilJN L JbU OWN*
S-12
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
February 1978
1976
1976
Dec.
Annual
1977
Jan.
Feb.
Mar.
Apr.
May
1978
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: 1f
Estimated sales (unadj.), totals
580,445
642,507
67,311
48,826
48,853
57,203
58,634
58,893
60,027
59,835
60, 702
58,341
60,836
61,863
74,110
Durable goods stores 9
d o . - . 178,887
Building materials, hardware, garden supply,
and mobile home dealers 9
mil. $. 26,262
17,793
Building materials and supply stores .do.. _
4,935
Hardware stores
do. - _
210,530
19,591
15,438
16,349
20,328
20,559
20,961
21,829
20,553
21,182
19,551
20, 788
19,961
21,179
32,226
22,206
5,659
2,027
1,428
367
9,556
8,771
2,198
1,595
363
2,865
2,043
477
3,515
2,338
592
10,329
9,556
773
13,057
12,036
1,021
3,251
2,189
579
12,851
11,800
1,051
12,878
11,850
1,028
3,622
2,538
593
13,555
12,456
1,099
3,493
2,485
585
12,520
11,462
1,058
3,657
2,669
556
12,713
11, 641
1,072
3,591 ' 3,194
3,547
2,279
2, 587 2,599
567
556
549
11,327 12,418 11,520
10,273 11,313 10,402
1,105
1,054
1,118
mil. $.
r
52, 243
16,204
do.
do.
do.
105,288
95,902
9,386
125, 685
115,596
10,089
2,837
1,791
607
10,204
9,264
940
Furniture, home furn., and equip
do.
Furniture, home furnishings stores. . . d o .
Household appliance, radio, TV
do.
28,114
16,740
31,368
18,665
9,784
3,488
1,883
1,192
2,384
1,434
735
2,406
1,474
720
2,787
1,722
846
2,730
1, 691
825
2,763
1,715
823
2,852
1,782
851
2,884
1,751
907
2,946
1,823
881
2,842
1,695
885
2,911
1,761
887
' 3,157
1,892
983
' 3,820
2,050
1,337
do.
do..
do.
do.
401,558
73,761
57,442
8,309
431,977
79,258
62,900
7,598
47,720
12,242
9,805
1,270
33,388
4,828
3,840
426
32, 504
4,903
3,873
459
36,875
6,347
5,044
584
38,075
6,911
5,470
673
37,932
6,860
5,457
635
38,198
6,887
5,487
645
39,282
6,920
5,492
655
39,520
7,258
5,837
639
38.790
7,143
5,797
589
40,048
7,616
6,179
639
•41,902
'8,991
r 7, 311
716
52,931 136, 039
14, 566
5, 730
11,777
4, 548
1,305
Food stores
Grocery stores
Gasoline service stations
do_.
do_
do.
138,006
128,875
47,387
145,939
136,100
51,265
13, 728 11,905
12,811 11,178
4,604
4,326
11,461
10, 729
4,014
12,695
11,858
4,477
13,047
12,172
4,631
12,846
11,984
4,826
13,102
12,208
4,864
13,783
12,900
5,113
13,082
12,220
5,070
13,194
12,349
4,787
13,169 '13,118
12,250 '12,201
4,856 ' 4,751
Apparel and accessory stores
Men's and boys' clothing
Women's clothing, spec, stores, furriers
Shoe stores
do.
do
.do...
do.. -
31.669
6,802
33,188
6,683
4,689
1,041
2,224
470
2,110
419
2,524
475
2,754
542
2,543
2,524
526
2,465
469
2,694
484
2,891
543
11,760
5,554
12,702
5,575
1,699
642
823
377
827
346
977
437
1,010
505
975
435
939
424
929
436
2,733
495
1,038
504
1,083
520
Eating and drinking places
do...
Drug and proprietary stores
do__Liquor stores
do...
Mail-order houses (dept. store mdse.)§..do...
51,427
19,412
12,169
5,541
58,008
20. 716
12,734
6,099
4.943
2,444
1,503
4, 466
1,647
919
4,542
1,652
950
5.073
1,792
1,012
5,250
1,797
1,066
5.466
1,825
1,064
5,607
1,828
1,087
5,844
1,831
1,135
5,898
1,833
1,067
657
390
418
601
514
473
463
470
573
58,552
59,020
19,505
3,175
2,230
552
19,984
Automotive dealers 9
Motor vehicle dealers
Auto and home supply stores
Nondurable goods stores
General merch. group stores
Department stores
Variety stores
Estimated sales (seas, adj.), totals
do...
Durable goods stores 9
do...
Building materials, hardware, garden supply,
and mobile home dealers 9
mil. $.
Building materials and supply stores.do.-Hardware stores
do...
Automotive dealers
Motor vehicle dealers
Auto and home supply stores
55,703
57,291
57,990
58,142
58,003
19,038
2,910
2,030
485
18,860
19,382
19,863
3,123
2,186
526
19,833
19,516
19,436
2,991
2,807
2,090
1,911
489
493
11,562
11,835
10,668 11,626 10,859
894 10,664
976
962
2,667
2,780
2,728
1, 632 1, 635 1,682
844
800
841
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
56,685
57,825
3,129
2,187
543
11,734
10,763
971
3,143
2,211
540
11,700
10,712
2,819
1,719
874
3,135
2,190
544
12,055
11,069
986
2,836
1,721
884
2,843
1,714
887
2,815
1,726
848
38,487
7,066
5, 629
663
38,389
7,094
5,635
12,135
11,092
1,043
2,931
I, 916
633
i 2, 260
10,902
9,794
1,108
9,842
14, 963
• 13,838
' 4, 855
12,716
11, 770
i 4,547
' 3, 116
648
' 4,868
1,069
i 2, 207
1,160
519
1,204
536
1,844
1,045
5,485
1,794
1,028
5,508
1,847
1,067
' 5,339
' 1,837
1,104
549
720
' 5,535
2, 659
1, 567
r
873
702
59,014
60,778 '61,482
•61,971
19,763
20,895 '20,640
•20,862
3,229
2,287
543
11,652
11,980
10, 666
10,972
1,008
2,920
2,891
1,750
1,772
887
3,297
2, 335
550
11,694
10.613
1,081
3,428
2,422
566
12, 540
11,439
1,101
2,842
1,695
885
2,942
1,757
918
39,047
7,452
5,966
707
39,036
7,363
5,944
644
' 3,222 ' 3.120
2,272
2,210
537
501
12,363 ' 12, 606
11,245 II, 563
1,043
1,118
' 3,010
1,790
951
'3,011
1,800
948
39,251
7,403
5, 952
627
39,883 '40,842
7,826
7,716
6,324
6,248
650
650
•41,109
' 8, 275
r
6, 624
13,203 '13,552 '13,467
12,299 ' 12,578 • 12,455
4,761 ' 4,828 ' 4,836
do.
do.
do.
do.
37,647
6,995
551
686
36,843
6,682
388
590
37,909
6,930
5,550
628
38,127
6,995
5,577
655
38,309
7,059
5,588
679
do.
do.
do.
12,662
11,832
4,602
12,217
11,416
4,589
12,612
11,785
4,605
12,784
11,938
4,642
12,933 13,085 13,014
12, 060 12,235 12,168
4,723
4, 710 4,696
13,080
12,237
4,827
13,005
12,171
4,712
13,099
12,251
4,693
Apparel and accessory stores
do
Men's and boys' clothing
do
Women's clothing,spec, stores, furriers.do
Shoe stores
do.
' 2, 797
558
1,050
467
2,700
547
1,001
451
2,798
561
1,071
462
2,780
550
1,068
457
2, 726
554
1,033
454
2,700
535
1,020
462
2, 663
528
1,000
449
2,714
527
1,017
474
2,782
548
1,062
482
2,696
530
1,064
467
2,855
559
1,111
513
' 2,980
615
1,138
534
' 2, 859
559
1,121
517
Eating and drinking places
do.
Drug and proprietary stores
do.
Liquor stores
do.
Mail-order houses (dept. store mdse.)§_do.
4,960
1,826
1,056
525
4,891
1, 757
1,051
578
5,255
1,804
1,125
526
5,290
1,825
1,079
559
5,232
1,834
1,093
564
5,283
1,845
1,101
522
5,262
1,844
1,096
561
5,346
1,874
1,087
571
5,372
1,853
1,067
5.58
5,529
1,892
1,007
545
5,384
1,889
1,084
603
' 5,567
' 1,882
1,104
573
r 5,513
r
1,989
1,078
580
77,261
35,361 36,017
5, 057 5,281
19,117 19,521
5,908
5,778
81,998
37,336
5,467
20,339
6,049
83,150 83,485 84,070
37,616 37, 789 37,950
5,450
5, 474 5,511
20,432 20,414 20,461
6,162
6,226 6,322
84,028 83,878
37, 762 36.072
5,384
5,389
20,263 18,385
6,273
6,326
86,565
36, 739
5,487
18,444
6,577
90,158
37,964
5, 429
19,317
6,701
92,900
39,279
5,463
20,411
6,886
86, 562
39,307
5,426
21, 224
42,791
17,719
12,000
8,555
6,042
44,662
18,691
12,796
8,832
6,395
45, 534 45,696
19,367 19,755
13,220 13,457
8,895
8,970
6,468 6,418
46,120 46,266
20,093 20,432
13, 574 13,591
8,995
8,863
6,445 6,460
49,826
22, V05
15.155
8,913
7,059
52,194
24, 398
16, 614
9,175
7,324
53,621
24,983
17,271
9,518
7,406
47,255
20, 363
13,876
9,190
6,600
81,825 83,025
36,094 36,818
5, 288 5,350
19,149 19,591
6,181
6,289
84,134 So, 326 86, 650 87,227
37,104 38,130 38,577 38,515
5,571
5, 271 5,378
5,406
19,827 20,551 20,751 20,157
6,373 6,336 6,332
6,499
87,462
38,752
5,484
20,334
6,449
88,465
39,134
5,569
20,659
6,558
87,917
39, 097
5,676
20,606
6,808
Food stores
Grocery stores
Gasoline service stations
Estimated inventories, end of year or month :f
Book value (unadjusted), totalf
mil. $_.
Durable goods stores 9
do
Building materials and supply stores.do
Automotive dealers
do
Furniture, home furn., and equip
do
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
do.
do
do
do
do
Book value (seas, adj.), totalt
do...
Durable goods stores 9
do-_.
Building materials and supply stores.do...
Automotive dealers
do...
Furniture, home furn., and e q u i p . . . . d o . . .
Nondurable goods stores 9
General merch. group stores
Department stores
Food stores
Apparel and accessory stores
' Revised.
i Advance estimate.
do...
do
do
do
do-_.
60,073
19,600
' 3,113
11,815
i 2,907
40,473
i 7, 936
6, 379
1
(
6 J4
13,469
12, 416
i 4,807
i 5,511
i 1,974
69,548
31,166
4,479
16,690
5,294
77,057
31,924
4,957
18,852
5,726
77,057
34,924
4,957
18,852
5,726
38,382
14,555
9, 735
8,189
5,342
42,133
16,790
11,429
8,873
6,066
42,133 41,900
16, 790 16,809
11,429 11,380
8,704
8,873
6,066 5,900
71,031
31,632
4, 680
16,876
5,315
78,431 78,431
35,067 35,067
5,180
5,180
18,684 18,684
5, 743 5,743
79,458
35,588
5,197
18,965
5,890
79.721
35,516
5,276
18,824
6,066
81,825
36,150
5,339
19,224
6,166
39,399
16, 876
10,502
8,060
5, 594
43,364 43,364 43,870
18,119 18,119 18,273
12,342 12,342 12,410
8,733
8,733
8,801
6,352 ' 6, 353 6,392
44,205
18,857
12,875
8,641
6,294
45,046 45,731 46,207 47,030 47,196 48.073 48,712 48,710 49,331 48, 820
19,075 19,467 19,931 20,446 20,698 21,444 21,804 21,956 22.238 22, 014
13,057 13,233 13,525 13,894 13,911 14,360 14,586 14,847 15,110 15,001
9, 028
9,099
8,986
9,012
8,904
9,024
8,943
9,086 8,998
8,859
6, 904
0,831
6,691
6, 725
6,653 0,629
0,651
6, 414 6, 514 6,516
changes, appear in the report, Monthly Retail Sales: January 1967-August 1977 (Revised),
available from the Census Bureau, Washington, D.C. 20233.
9 Includes data not shown
separately.
§Includes sales of mail-order catalog desks within department stores of mailorder firms. fSeries revised, beginning Jan. 1967, to reflect the 1972 SIC designations.
Revised historical data will be available later.
IFEffective 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
i 4, 943
i 1,848
47,806
21,593
14,360
8,773
6,682
KJi)JN
tVJWI O F
February 1978
1976
1976
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
S-13
Dec.
Annual
1977
Jan.
Feb.
Apr.
Mar.
May
1978
June
July
Aug.
Sept.
Oct.
19,368
20, 051
20,300
20,238
20,976
1,528
1,545
279
2 242
2
17,817 17,823
2 6,084
6,110
2 5,123 5,177
2 506
489
2 455
444
1,532
258
1,558
260
1,541
249
1,596
267
18,519
6,127
5,188
487
452
18,742
6,473
5,529
495
449
18,697
6,381
5,483
461
437
19,380
6,727
5,766
493
468
6,985
6,891
7,433
7,339
6,989
6,894
7,178
7,097
7,170
7,084
877
864
835
1,006
981
1,044
355
2 225
2 218
348
230
192
347
208
192
416
245
242
395
223
258
436
239
247
2 1,005
979
819
1,106
860
1,022
835
219,718 19,693
244
2 226
2
5,315
5,287
2
523
528
7,017
2 7,009
20,541
245
5,633
525
7,070
1,120
840
20,827
245
5,630
498
6,908
20,431
255
491
7,133
20,881
261
5,830
502
7,105
1,017
428
227
844
954
379
227
887
1,036
428
251
874
Nov.
Dec.
Jan.
217.61
217. 74
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.
2
2 6,914
2 6,820
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
Estimated sales (seas, adj.), t o t a l | 9
Auto and home supply stores
Department stores
Variety stores
Grocery stores
2
2
do...
do...
do._.
do...
do_ _ _
do_._
do...
2
921
2
362
2
236
2
Apparel and accessoryy stores
do.
spec, stores,
furriers.do.
W omen's
m ' clothing,
lhi
t
fid
Shoe stores
do.
Drug stores and proprietary stores
do.
All retail stores, accts. receivable, end of yr. or mo.
Total (unadjusted)
mil. $_
Durable goods stores
do...
Nondurable goods stores
do__.
Charge accounts
Installment accounts
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
19,345
2
838
907
366
208
830
396
225
5, 629
843
29,625
8,901
20,724
32,153
9,515
22, 638
32,153
9,515
22, 638
30,789
9,037
21,752
30,222
9,052
21,170
30,227
9,348
20,879
30,755
9,028
21,127
31.435
9,965
21,470
31,259 30, 922 3 30,103 30,405 •30,906
10,218 10,120 3 9,983 9,995 10,136
20,988 20,802 3 20,120 20,410 20,770
31, 735
10, 087
21, 648
12, 824 3 9, 729 9,918 10,124
18,098 3 20,374 20,487 •20,782
10, 222
21, 513
do.
do.
do..
do.
do.
11,428
18,197
12,889
19,264
12, 889
19,264
12,215
18,574
12,126
18,096
12,424
17,803
12,881
17,874
13,418
18,017
13,254
18,005
27,764
8,799
18,965
30,323
9,481
20,842
30,323
9,481
20,842
30,500
9,419
21,081
30,664
9,537
21,127
30,885
9,770
21,115
31,078
9,840
21,232
31,288
9,852
21.436
31,274 31, 466 33 30,555 30,615 30,997 31, 549
10,001
9, 794 9,696 ' 9, 872 10, 092
9,907
21,273 21, 559 3 20,761 20,919 21,125 21,457
do.
do.
11, 028
16,736
12,591
17, 732
12,591
17, 732
12,596
17,904
12,711
17,953
12,871
18,014
12,883
18,195
12,957
18,331
12,899
18,375
C harge accounts
Installment accounts
12,809 3 9,738 9,811 ' 9, 907 10,167
18,657 3 20,817 20,804 • 21, 090 21,382
LABOR FORCE , EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseasf
mil
LABOR FORCEH
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over
thous..
Civilian labor force
do
Employed, total
do
Agriculture
do
Noriagricultural industries. _
do
Unemployed
do
Seasonally Adjustedif
Civilian labor force
.
do
Employed, total . .
do
Agriculture
_
do
Nonagricultural industries
do
Unemployed.. _
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent"
of total in the group):
All civilian workers .
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years.
White
Black and other. .
Married men, wife present
Occupation: WThite-collar workers
Blue-collar workers
Industry of last job (nonagricultural) :
Private wage and salary workers
Construction..
Manufacturing..
Durable goods
1
1
216. 82
216.99
216. 02
216.15
216. 26
216.40
216. 53
96,917 ' 98, 082
94 773 95 517
87,485 88.494
2,850
3,297
84,188 85,645
7,022
7,288
96,837
94 704
86,856
2,672
84,184
7,848
97,478
95,340
87, 231
2,709
84,522
8,109
97,909
95 771
88, 215
2,804
85,411
7,556
97, 958
95, 826
89,258
3,140
86.118
6,568
98,321 101, 264 101,449 101,210
96,193 99,135 99,314 99,073
90,042 91,682 92,372 92,315
3,682
3,820
3,790
3,478
86,564 87,862 88,582 88,633
6,151
7,453
6,941
6,757
'95,936
' 88,446
' 3,240
r
85,206
95,516
88, 558
3,090
85,468
96,145
88,962
3,090
85,872
96,539
89,475
3,116
86,359
96, 760
90,023
3,260
86, 763
97,158
90,408
3, 386
87,022
2,339
' 7,490
' 2,462
6,958
2,283
7,183
2,182
7 064
1,923
6,737
1,816
8.5
7.7
7.6
5.9
7.4
7.8
' 6.1
7.4
6.7
8.0
5.6
6.9
5.8
7.2
74
54
94,793
92 613
84,783
3,380
81,403
7,830
2, 483
215.14
19.9
19.0
78
13 9
70
13 1
42
5.1
7.4
' 19.3
r
7 0
r 13 5
' 4 2
11.7
46
94
45
96
9.2
18.1
10 9
11.3
7.9
15 6
79
7.9
r 14 4
' 8 1
'7.9
4.7
7.7
18.7
18.5
67
' 12.6
'6 8
13.1
4.1
3.8
r
4.5
8. 5
'7.5
' 15.1
r7 1
r
6. 7
••Revised
i As of July 1.
2 See note "T' on p. S-12; revised data for earlier periods for
11 or more stores sales are not available.
3 Beginning Aug. 1977, data reflect use of
new sample and are not strictly comparable with those for earlier periods; see note "If" for
P. b-12.
{See note "V on p. S-12.
tRevisions back to Oct. 1973 appear in "Population Estimates and Projections: Estimates
216. 67
215.89
213. 56
r
46
8 8
7.6
15 2
r7 2
'6.9
7.2
18 8
a
r
c
12 9
' 3 8
'8.5
7.4
14.2
' 6 7
'6.3
97,697
90,771
3,252
87,519
6,926
1,808
97,305
90,561
3, 213
87, 348
6,750
1,836
97,641
90,679
3,338
87,341
6,962
1,737
7.1
7.1
7.1
6.9
5.0
7.0
5.3
6.6
5.0
7.2
5.1
6.9
5.2
7.1
17.8
17.9
18.6
17.4
'6.4
12.3
'3.7
'6 3
12.9
6.3
13.2
6.1
'13.3
'14.3
3.6
3.4
3.4
6,744
1,834
7.0
217.16
217.33
217.48
99, 815 100,585 100,951 '100,832 100, 871
97, 684 98,451 98,819 98, 503 97, 950
91, 247 92,230 92,473 92, 623 91, 053
3,181
2,914
3,326
3,408
2,868
87,921 88,822 89,292 89, 710 88,185
6,346
5,880
6,221
6,897
6,437
97,868
91,095
3,215
87,880
6,773
1,866
98,102
91,230
3,272
87,958
6,872
1,862
98,998
92,180
3,362
88,818
6,818
1,933
4.9
7.0
5.3
6.8
6.8
6.7
17.5
18.1
6.1
3.5
'6.0
13.1
'3.3
17.3
'6.0
'13.7
'3.6
4.2
4.2
4.1
6.8
4.9
7.1
4.4
4.3
4.2
'7.9
'8.0
'7.8
'4.1
'8.1
'8.3
'7.8
'8.0
17.1
'5.9
'13.7
'3.3
'4.2
'7.6
'7.1
' 12.2
67
'6.1
'7.2
' 12.8
6.9
' 12.3
' 6 4
'5.7
'6.9
'11.8
67
7.0
'11.4
' 6.9
'6.3
'6.8
10.4
'7.0
'6.4
'6.9
'12.1
'6.8
'6.1
'6.7
'11.2
'6.5
'6.0
'65
'5! 9
6.1
'98,919 99,107
' 92, 609 92, 881
r 3, 323
3,354
' 89, 286 89, 527
' 6, 310 6,226
' 1, 797 1,688
6.4
4.6
»-6.
6
r
15. 6
'5.5
'12.7
r 3.2
'4.0
'7.2
6.3
'10.8
'5.7
'5.6
r
6.3
4.7
6.1
16. 0
5.5
12.7
2.9
3.6
7.1
6.2
11.7
5.6
5.2
of the Population of the United States and Components of Change—1930-15, P-25, No. 632
(July 1976). Bureau of the Census.
, , .nvo
H 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-/5 appear in EMPLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.
c
Corrected.
S-14
SUBVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
Annual
February 1978
Dec.
1978
1977
1976
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.p
Jan.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT!©
Employees on payrolls of nonagricultural estab.:O
Total, not adjusted for seasonal variation. _thous_.
Private sector (excl. government)
do....
0,547
i, 232
1, 332
6,042
52,029
56,684
17,642
82,167
67,567
82,397
67,921
13, 146 33,672 84,092
58,143 38,225 68,484
0,870
5,854
[6,576
13, 763
824
3,661
, 331
16,300
[6,883
!4,017
841
3,759
11,620
»6,571
[7,072
!4,176
847
3,830
SI, 837
56,730
17,164
>4,264
845
3,861
12,157 82,407
16,961 67,184
47,518
t7,350
54,355 24,412
856
833
3,876 3,913
82,474
67,235
47,641
24,305
818
3,893
82,763
67,434
7,822
!4,360
856
3,892
52,902
67,565
47,899
24,436
859
3,911
9,114 19,219
.1,165 11,236
156
156
625
625
494
495
633
630
1,185
1,185
1,415
1,405
2,107 2,122
1,863
1,874
1,787
1,765
521
517
423
418
9,278
1,261
156
627
498
622
1,180
1,420
2,134
1,890
1,786
523
425
9,417
1,373
156
633
503
643
1,200
1,432
2,142
1,906
1,808
526
424
9,499
404
156
635
506
650
1,208
1,433
2,150
1,915
1,802
525
424
.9,566
.1,451
156
638
508
653
1,215
1,444
2,165
1,925
1,797
528
422
9,611 19,666 19, 594
1,484 11,548 11, 527
157
156
156
642
640
638
510
515
508
656
659
659
1,204
1,218
1, 202
1,452
1,459
1, 460
2,170
2,202 2,210
1,931
1,959
1 951
1 802
1,802
1,813
527
527
526
420
414
414
,9,612
1,545
155
648
510
658
1,211
1,456
2,217
1,944
1,809
528
409
1,604
150
653
517
657
1,208
1,473
2,243
1,961
1,801
530
411
1, 273
682
1, 089
1, 042
204
648
264
7,983
1,723
73
960
1,279
685
1,092
1,045
205
656
265
8,017
1,727
73
967
1,282
687
1,096
1,049
205
666
265
8,044
1,732
69
974
1,284
689
1,099
1,052
207
672
266
8,095
1,741
74
979
1,290
695
1,103
1,057
209
681
266
8,115
1,733
72
986
1,292
701
1,108
1,062
210
684
267
77,051
62,330
79,443
64,496
11,099
15,838
79, 473
64,414
9,734
Total employees, nonagricultural payrolls! Odo...
Private sector (excl. government)
do...
Nonmanufacturing industries
do_. _
Goods-producing
do...
Mining
do...
Contract construction
do
77,051
62,330
43,983
22,603
745
3,512
79,443
64,496
45,540
23.332
783
3,594
;0,370 80,574
i5,336 65,552
16,222 46,333
23,528 23,585
809
817
3,605
3,549
Manufacturing
do
Durable goods
do...
Ordnance and accessories
do_ _.
Lumber and wood products
do...
Furniture and fixtures
do_._
Stone, clay and glass products
do. _.
Primary metal industries
do_ _.
Fabricated metal products
do...
Machinery, except electrical.
.do...
Electrical equipment and supplies..do...
Transportation equipment
do...
Instruments and related products.. do...
Miscellaneous manufacturing
do...
18,347
10,679
171
557
451
614
1,180
1,336
2,069
1,761
1,649
489
404
18,956
11,026
158
606
490
626
1,190
1,387
2,074
1,832
1,733
509
421
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, nec-.do__
Leather and leather products
do..
7,668
1,676
78
902
1,235
643
1,079
1,013
197
588
257
84,185
68,577
12,514
17,089
33,245 33,432
37,879 38,058
48,164 48,179
24,528 24,548
713
863
3,950 3,958
33,885
38,498
18,515
24,652
720
3,949
.9,879
Ll,752
153
'685
528
'672
1,205
1,492
2,259
1,989
1,829
'536
'422
1,836
155
669
530
677
1,214
1,498
2,267
2,007
1,851
540
428
8,090 8,127
8,062
1,713
1,703
1,696
'68
'66
67
'991
993
987
1,285 '1,291 '1,295
706
700
702
1,117 ' 1,120 ' 1,124
1,058 ' 1,059 1,065
213
212
211
'689
681
673
'263
265
266
8,147
1,717
67
990
1,299
709
1,129
1,069
214
693
260
Seasonally Adjusted!
1J10
76
966
1,299
676
1,
1,034
203
614
272
7,949
1,711
75
8,127
1,736
72
986
1,301
703
1,113
1,061
210
680
265
8,118
1,728
72
992
1,292
705
1,114
1,064
210
683
258
8 067
710
68
982
1 286
704
1 ,114
1 ,061
210
671
261
8,067
1,711
67
985
1,285
702
1,116
1,058
210
671
262
,9,715
Ll, 625
152
'662
521
667
1,206
1,479
2,237
1,974
1,782
532
413
54,448
4,498
17,000
4,177
12,824
4,223
14,006
14,720
2,748
11,973
56, 111
4,509
17,694
4,263
13,431
4,316
14,644
14,94f
2,732
12,21E
842
549
925
305
620
398
936
034
720
314
56,989
4,544
17,994
4,323
13,671
4,419
15,010
15,022
2,721
12,301
57,107 57,314 57,444 57,573 57,802 57,995 58,169 58,403
4,616
4,588 4,572 4,581
4,553 4,563
4,575 4,586
18,039 18,118 18,175 18,202 18,264 18,322 18,377 18,431
4,334 4,354 4,371
4,379 4,387 4,394 4,398 4,410
14,021
13,705 13,764 13,804 13,823 13,877 13,928 13, ^
4,453
4,524 4,545
4,494 4,506
4,463
4,431
4,481
15,068 15,149 15,182 15,197 15,260 15,37" 15,448 15,482
15,016 15,031 15,049 15,107 15,196 15,223 15,239 15,329
2,725
2,732 2,728
2,721
2,725 2,735
2,721
2,721
12,295 12,306 12,328 12,382 12,461 12,502 12,507 12,601
58,466
4,610
18,414
4,415
13,999
4,572
15,533
15,337
2,730
12,607
•58,71
'4,634
'18,512
'4,438
14,074
' 4,597
15,608
15,366
2,727
12,639
•58,884
'4,650
'18,592
'4,458
14,134
'4,609
15,659
15,374
'2,718
12,656
59,033
4,628
18,686
4,483
14,203
4,619
15,713
15,387
2,726
12,661
51,149
13,070
53,054 54 219
13, 625 13 ,730
52,746
13,606
52,803
13,600
55,926
14,401
55,992
14,343
56,224
14,339
56,358
14,339
54,845
14,197
Production or nonsupervisory workers en private
nonagricultural payrolls !
thous
Goods-producing
do._.
Mining
do..
Contract construction
do..
M anufacturing
do_.
D u r a b l e goods
do__
Ordnance a n d accessories
do._
L u m b e r a n d wood products
do_.
Furniture and
fixtures
_ _ do. _
Stone, clay, a n d glass products
do..
P r i m a r y metal industries
do_.
Fabricated metal products
do_.
Machinery, except electrical
do_.
Electrical e q u i p m e n t a n d s u p p l i e s . . - d o . .
Transportation equipment
do..
I n s t r u m e n t s a n d related products
do_.
Miscellaneous manufacturing
do_.
51,149
16,440
565
2,805
13,070
7,543
80
464
364
485
91'
996
1,346
1,14C
1,141
292
53,054
17,067
593
2,84
13,62.*
7.86C
72
508
40
498
933
1,04
1,33<
1,21(
1,22(
31(
32:
55,337 55,644 55,842
17,890 17,985 18,002
518
'649
645
' 3,113 ' 3,152 3,159
14,132 14,184 14,325
8,449
' 8,313 ' 8,337
70
'69
'68
569
567
'556
434
'429
424
536
'531
'522
944
'944
'946
1,135
' 1 , 1 1 7 ' 1,124
' 1,464 '1,459
M26
' 1,303 '1,314
1,305
' 1,278 '1,261
329
326
'324
324
313
311
55,964
18,053
524
3,126
14,403
8,510
70
572
437
539
953
1,140
1,480
1,341
1,317
331
330
Nondurable goods
do..
Food a n d k i n d r e d products
do_.
Tobacco manufactures
do_.
Textile mill products
do..
Apparel a n d other textile products . . - d o . .
P a p e r a n d allied products
do..
P r i n t i n g a n d publishing
do._
Chemicals a n d allied products
do..
P e t r o l e u m a n d coal products
do.
R u b b e r a n d plastics products, n e e . . . d o .
Leather a n d leather products
do.
5,528
1,136
65
78
1,06:
48?
63€
571
12!
451
21!
5,75<
11&
5,87C
1,156
54
864
l,lli
532
64:
61
14
54:
22-
5,893
1,160
54
864
1,114
534
645
615
142
543
222
37,84
3,94
16,36
3, (i.
12,69
3,50
14,02
37.911
3,910
16,436
3,694
12,742
3,510
14,055
Service-producing
Trans., comm., electric, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
Government
Federal
State and local
do..
do_.
do..
do..
do..
do.
do..
do.
do.
do.
Production or nonsu per visor y workers on private
nonagric. payrolls, not seas, ad justed O__.thous
Manufacturing
do.
56,
4,
IV,
4
13
4
14
15
2
12
55,593
14,258
53,481
13,763
54,222
13,893
54,78:
14,021
54,080 54,462
17,349 17,594
636
61"
2,880 2,
13,852 13,97c
8,039 8,13'
70
7'
532
538
40
41
48S
51
9K
1,08
1,07c"
1,38c
1,37
1,26'
1,254
1,267 1,28'
321
32C
32c
32(;
54,693
17,739
639
3,056
14,044
8,167
71
540
41
518
944
1,085
1,39C
54,823 54,968
17,806 17,881
637
645
3,067 3,100
14,102 14,136
8,240
8,211
73
72
544
543
419
420
52
527
95L
954
1,096
1,103
1,404
1,409
1,285
1,287
1,272
1,275
323
323
32321
55,428
14,024
55,718
14,217
Seasonally Adjusted!
Service-producing
Transportation, comm., e l e c , gas, etc
Wholesale a n d retail trade
Wholesale trade
Retail trade
Finance, insurance, a n d real estate
Services
r
do
do_.
do._
do..
do..
do..
do..
34,70
3,85'
15,01:
3,46!
11,5f
3,22
12,61
53,718 53,80C
17,186 17,18C
613
609
2,854
2,764
13,719 13,807
7,967 8,02'
70
7'
528
52S
406
40c
501
505
925
92c
1,061
1.06S
1,358 1,37(
1,233
1,23£
1,250 1,272
316
31
319
32'
5,752
1,160
62
837
1,092
515
631
591
132
507
225
5,785
1,17
6(
83
1,096
517
63
59
13
1,11'
5i:
631
58!
13
47.
23
35,98! 36,532 36,621
3,904 3,88
3,861
15,64( 15,827
3,562 3* 57:
3,52
12,265 12,30'
12,1
3,357
3,2c
3,37:
13, V, 13,444 13,49
5,81:
1,17
6C
84
l,10C
518
63
60C
132
524
22'
5,83*
1,181
56
84<
1,101
36,73
3,8'
15,92'
3,581
12,33<
3,381
13,54'
36,86
3,886
15,994
3,602
12,39:
3,39
13,59
Revised.
» Preliminary.
OSee end of n o t e ! for this page.
!Beginning in the Dec. 1976 S U R V E Y , figures for employees on payrolls of establishments
as well as hours, earnings, a n d labor t u r n o v e r reflect revised seasonal factors. Generally,
d a t a are affected back to 1971. A modification has been m a d e in the m e t h o d to seasonally
adjust most aggregated hours a n d earnings series (e.g., hours per worker on total private
nonagricultural payrolls, the manufacturing division, durable goods subdivision, etc.).
Aggregate levels are now t h e weighted averages of their seasonally adjusted components;
heretofore these levels were directly adjusted. Previously published hours are subject to
63C
602
13c
53(
22!
l', 279
322
325
5,87'
1,18'
6C
85£
1,107
522
63c
60f
137
536
228
5,89
1,181
58
86C
l,10£
527
64.
61
13
53*
5,896
1,181
59
860
1,117
528
642
610
138
534
227
36,954
3,893
16,03,
3,61
12,42
3,40
13,
37,01
3,90
16,06<
3,62:
12,44!
3,41
13,64
37,091
3,903
16,114
3,623
12,491
3,420
13,654
55,267
55,122 55,11
17,888 17,784 17,829
643
624
609
3,095
3,119
3,097
14,145 14,078 14,091
8,266
8,271
8.252
70
73
71
553
544
548
418
423
416
524
527
523
948
943
937
1,102
1,106
1,104
1,444
1,443
1,438
1,289
1,296
1,299
1,285
1,279
1,281
324
322
32'
309
315
314
5,874
1,170
57
866
1,105
529
642
612
137
536
220
5,826
1,156
54
855
1,102
528
64C
60S
13'
522
222
37,234 37,332
3,885 3,890
16,165 16,208
3,629
3,627
12,538 12,57
3,437 3,43^
13,747 13,79t
5,825
1,157
54
85'
1,100
526
639
608
138
522
224
'5,819
'1,141
'54
860
' 1,09S
'52^
64:
607
139
524
227
37,43? '37,44
3,91
16,234 >- ir>; 26:
3,639 ' 3 .
12,59c
3', 47i
3,45
13,82 '13,
' 5,84'
' 1,14<
53
'866
' 1,105
52£
'60S
14
'532
r 22C
37,65
'3,92
16,293
' 3,659
'12,634
' 3,49(5
'13,948
revision as follows: Manufacturing, durable a n d nondurable g?o d s b e | l r m i l } g 1 9 4 7 . t o t a l
private a n d total trade, 1964, overtime hours, 1956. Effective w i t h the F e b . 19/< P U R V E Y ,
the d a t a reflect corrections m a d e (back to J u l y 1975) to e m p l o y m e n t levels in 4 divisions
(construction, retail trade, services, a n d State a n d local government) to adjust for the lorm a t i o n of new businesses during the recovery phase of the 1973-75 recession. For current
factors, historical data, a n d methodology, see the Dec. 1976 a n d F e b . 1977 issues of E M P L O Y M E N T AND E A R N I N G S ( U . S . D . L . , B L S ) , available from U . S . G o v ' t . P r i n t i n g Office, Wash.
D . C . 20402.
SUKVEY OF CUREENT BUSINESS
February 1978
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
1976
Dec.
Annual
S-15
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec. p
Jan. v
'36.2
'36.3
'43.6
'36.8
'41.1
'40.5
'3.5
35.7
35.3
43.6
35.0
38.2
39.7
3.5
'41.2
'3.7
40.8
'40.1
' 39.4
'41.8
'41.4
'41.4
'41.9
'40.3
'42.3
'40.3
'38.9
40.3
3.7
40.6
39.8
37.9
40.8
40.9
40.3
41.4
39.7
41.1
39.4
38.2
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEKf
Seasonally Adjustedf
Avg. weekly hours per worker on private nonagric.
payrolls:1T Seasonally adjustedt
hours.
Not seasonally adjusted
do...
Mining
do...
Contract construction
do...
Manufacturing: Not seasonally adjusted
do...
Seasonally adjusted
do...
Overtime hours
do-..
Durable goods
do. -.
Overtime hours
do...
Ordnance and accessories
do...
Lumber and wood products
do...
Furniture and
fixtures
do...
Stone, clay, and glass products
do...
Primary metal industries
do...
Fabricated metal products
do...
Machinery, except electrical
do...
Electrical equipment and supplies
do...
Transportation equipment....
do...
Instruments and related products
do...
Miscellaneous manufacturing ind
do...
36.2
36.0
44.3
37.3
40.0
40.3
36.3
36.1
44.1
37.4
40.3
40.4
36.2
36.4
44.1
36.8
40.8
40.5
36.1
36.5
44.8
36.9
40.1
40.2
36.0
36.5
44.2
36.5
40.3
40.3
36.0
36.2
44.3
36.4
40.6
40.3
36.2
36.2
44.6
36.8
40.5
40.4
36.2
35.9
43.5
37.5
39.9
40.3
3.3
3.3
3.4
3.4
3.4
3.4
3.3
3.3
3.5
3.5
40.8
41.0
40.8
41.0
41.2
40.9
41.0
41.0
41.2
41.1
2.6
3.1
2.5
41.3
39.1
37.9
40.6
40.0
40.0
40.9
39.5
40.3
39.5
38.3
40.6
3.1
40.7
40.2
38.7
41.2
40.6
40.7
41.1
40.0
41.6
40.4
38.7
40.5
3.3
40.9
40.3
38.5
41.2
40.2
40.5
41.2
40.2
41.2
40.6
38.9
40.0
3.4
40.6
40.0
36.9
40.0
40.1
39.8
40.5
39.4
41.6
39.7
38.1
39.3
3.0
40.3
37.8
40.1
35.6
39.3
3.0
40.1
37.5
40.1
35.2
38.8
3.0
39.4
36.1
40.1
34.2
3.2
3.1
3.2
3.2
3.1
3.0
3.1
3.0
3.1
3.2
40.3
39.1
40.5
35.6
40.2
38.2
40.7
35.6
40.3
38.2
40.5
35.3
40.0
38.4
40.5
35.6
40.0
38.7
40.3
35.8
39.8
38.6
40.1
35.3
39.7
37.8
40.2
35.5
39.5
38.6
40.3
35.3
39.5
38.2
40.5
35.6
39.8
'38.8
'40.7
35.7
'39.5
'3.1
'39.7
'38.0
40.7
35.8
38.7
3.1
39.2
37.2
40.2
33.9
42.4
37.5
41.6
42.2
40.7
37.3
39.9
33.6
38.8
32.1
36.6
33.5
42.5
37.7
41.7
42.4
41.4
36.4
41.9
37.5
41.6
42.3
40.9
35.3
42.7
37.8
41.7
42.4
41.3
36.8
42.8
37.7
41.8
42.9
41.2
36.5
43.5
37.8
41.8
42.7
41.3
37.3
42.9
37.6
41.7
42.6
41.3
37.1
43.1
37.7
41.9
43.1
41.2
37.2
42.7
37.8
41.7
42.8
40.6
36.8
42.4
37.7
41.8
43.0
40.8
37.3
42.7
38.0
41.7
42.8
40.7
37.6
42.8
37.9
41.6
43.2
40.9
37.7
42.7
37.9
41.7
43.3
40.9
'37.8
'42.9
37.8
'41.6
'43.7
40.8
37.2
42.0
37.6
41.3
43.9
39.8
36.4
40.4
33.6
38.6
32.2
36.7
33.5
39.8
33.3
38.7
31.7
36.7
33.5
40.5
33.4
39.1
31.8
36.6
33.5
40.3
33.4
38.9
31.8
36.7
33.5
40.1
33.4
38.9
31.8
36.6
33.5
40.3
33.5
38.8
31.9
36.7
33.5
40.1
33.3
38.8
31.7
36.6
33.3
39.9
33.3
38.8
31.7
36.6
33.2
40.0
33.2
38.8
31.6
36.7
33.2
39.9
33.2
38.8
31.6
36.6
33.2
39.7
33.5
39.1
31.9
36.7
33.5
'40.3
' 33. 2
'38.9
31.6
36.7
33.3
'40.3
'33.3
38.8
'31.7
36.5
'33.4
39.8
32.8
38.5
31.2
36.5
33.4
152.26 154.87
123. 04 124.88
1.83
1.86
6.53
7.14
39.46 40.13
9.40
9.59
31.24 31.47
8.43
8.43
26.15 26.25
29.22 29.98
155. 35
125. 73
1.93
7.27
40.50
9.56
31.51
8.50
26.39
29.62
155.81
126.15
1.95
7.43
40.62
9.54
31.67
8.49
26.45
29.66
156.50
126. 65
1.94
7.49
40.82
9.61
31.76
8.55
26.47
29.85
156. 62
126. 67
1.96
7.44
41.00
9.57
31.73
8.55
26.42
29.95
157.11
126.80
1.94
7.51
40.92
9.49
31.82
8.58
26.54
30.32
156. 99
126. 72
1.88
7.39
40.77
9.53
31.84
8.63
26.67
30.27
157.14
127. 09
1.97
7.37
40.86
9.58
31.94
8.65
26.73
30.05
158.69 ' 158.10 ' 158.55
128.06 ' 128.37 ' 128.73
1.99
2.00
'1.62
7.48 ' 7 . 5 8
'7.57
41.09
41.18 ' 41.57
9.52
'9.71
'9.74
32.20 ' 32.10 '32.29
8.72
'8.77
'8.75
27.06 ' 27. 03 ' 27.20
30.63 ' 29. 72 '29.82
157. 70
127.61
1.63
7.19
41.14
9.58
32.02
8.77
27.29
30.08
116.8 '117.2
101.7 ' 102.3
143.9
144.8
112.3 '114.0
98.4 '98.8
99.3 '99.5
97.1
97.8
127.2 '127.5
102.9 ' 105.1
122.7 '122.4
118.7 '118.8
124.2 ' 123.7
134.2 ' 134.9
142.7
142.6
'117.6
' 102.3
' 113.0
' 113.9
'99.8
' 100. 9
' 98.2
' 128.3
' 105.8
' 123.1
' 118.9
' 124.6
' 134.5
' 143.9
116.3
100.1
114.3
107.2
98.4
99.7
96.5
127.5
103.5
121.9
118.7
123.2
134.7
144.1
5.41
'7.13
'8.24
5.81
5.56
6.21
5.94
'6.45
5 22
'4.42
' 5. 94
7.77
6.03
' 6.40
5.51
7.46
5.33
'4.44
5.41
' 6.66
' 8. 25
'5.88
' 5. 63
' 6.29
' 6.01
' 6. 54
' 5.23
' 4.48
' 5.97
' 7.80
'6.06
' 6.48
' 5.60
' 7.56
' 5.42
' 4.51
5.47
6.86
8.35
5.92
5.69
6.31
6.05
6.55
5.34
4.49
5.97
7.87
6.06
6.51
5.63
7.50
5.48
4.52
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do.
do.
do.
do.
do.
do.
2.7
40.3
38.0
39.2
35.1
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
do.
do.
do.
do_
do.
do.
41.6
37.0
40.9
41.6
39.7
37.4
do..
do.
do.
do.
do.
do.
39.6
33.8
38.6
32.4
36.5
33.8
Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
36.2
36.0
44.2
37.2
40.2
40.4
35.8
35.4
43.1
35.4
39.0
39.5
3.2
36.2
36.4
43.6
37.2
40.6
40.0
3.2
36.1
42.3
36.6
39.4
36.2
42.8
37.1
40.0
'36.2
'36.1
44.6
36.9
40.6
40.5
3.4
3.5
3.5
3.6
3.6
3.6
3.5
3.5
3.8
40.8
40.4
38.2
41.4
40.7
40.8
41.4
40.5
41.6
40.9
39.5
40.7
40.2
38.6
41.4
41.1
41.0
41.5
40.3
42.6
40.4
39.2
41.0
40.0
38.5
41.7
41.4
40.8
41.4
40.1
42.0
40.3
39.0
41.1
40.0
38.7
41.6
41.5
41.0
41.6
40.2
42.5
40.4
39.0
40.8
39.9
38.9
41.6
41.5
41.3
42.0
40.4
42.8
40.7
39.3
40.3
40.4
38.8
41.4
41.1
41.0
41.8
40.2
42.0
40.3
38.7
40.2
39.6
39.0
41.4
41.0
40.9
41.8
40.3
42.3
40.3
38.8
40.6
40.0
39.2
41.0
40.9
40.9
41.8
40.3
42.6
40.3
39.0
40.8
40.1
39.5
41.1
41.3
41.1
42.0
40.3
42.7
40.6
39.1
40.2
'40.3
'39.4
'41.8
41.3
41.1
41.9
40.2
42.5
40.4
'39.0
39.5
39.5
39.6
39.5
39.5
39.3
39.3
39.3
39.4
39.5
3.7
AGGREGATE EMPLOYEE-HOURS
Seasonally Adjusted
Employee-hours, wage & salary workers in non
agric. establish, for 1 week in the month, season
ally 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) :1ft
Private nonagric. payrolls, total
1967=100.
Goods-producing
do
Mining
~.do"~
Contract construction
do.
Manufacturing
do...
Durable goods
do.. _
Nondurable goods
do
Service-producing
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...
146.92
117.84
1.64
6.68
37.63
9.26
29.99
8.02
24.62
29.08
107. 5
91.2
119.5
100.6
151. 39 153.61
122.09 123.80
1.74
1.84
6.93
6.99
39.31
39.56
9.36
9.59
31.02 31.40
8.21
8.40
25.51
26.02
29.30 29.81
90.8
118.8
101.7
114.7
111.6
115.8
123.5
130.9
111.9
96.3
127.0
103.6
94.0
92.7
95.8
122.1
102.4
118.9
114.3
120.6
126.9
135.8
113.3
97.0
133.7
104.0
94.5
93.7
95.7
124.7
104.9
120.3
114.8
122.3
129.6
138.3
112.3
95.2
131.3
95.9
93.9
93.2
94.9
124.1
102.7
119.4
115.4
120.8
130.1
138.8
114.2
98.6
134.3
105.8
96.1
95.2
97.3
125.0
104.4
120.3
117.1
121. 6
130.2
139.3
115.0
100.1
140.6
108.7
97.2
96.8
97.7
125. 3
104.1
120.7
116. 9
122.1
131.0
139.8
115.4
100.8
141. 6
111.7
97 5
90.9
98.5
125.5
103.8
121.0
117.3
122.4
131.0
140.1
115.9
101.4
140.6
112.4
98.1
97.8
98.5
125.9
104. 6
121.4
117.3
123.0
131. 6
140.3
115.8
101.8
142.3
111.8
98.7
98.7
98.7
125.6
104.1
121.2
117.3
122.7
131.7
139.6
115.8
101.4
139.9
112.8
98.0
98.3
97.7
125.8
103.1
121.6
117.5
123.1
132.3
140.1
115.6
100.6
134.7
110.8
97.6
98.1
96.9
126.1
103.5
121.6
117.5
123.1
132.7
140.6
115.9
100.9
142.5
110.4
97.8
98.4
96.9
126.4
103.9
121.8
117.8
123.3
135.2
140.9
4.54
5.90
7.25
4.81
4.66
5.14
4.98
5.23
4.
3.
4.89
6.17
5.04
5.36
4.58
6.02
4.56
3.79
4.87
6.42
7.
5.19
5.00
5.55
5.34
5.72
4.71
3.98
5.29
6.80
5.43
5.76
4.91
6.54
4.87
4.01
5.02
6.71
7.88
5.42
5.21
5.78
5.55
6.05
4.88
4.13
5.4'
7.00
5.62
5.
5.15
6.94
5.09
4.18
5.07
6.76
7.96
5.46
5.25
5.81
5.59
6.06
4.95
4.15
5.50
7.03
5.58
6.01
5.16
6.95
5.10
4.24
5.09
6.76
7.88
5.43
5.24
5.79
5.57
6.06
4.91
4.16
5.54
7.06
5.57
6.02
5.17
6.87
5.10
4.25
5.12
6.78
7.87
5.48
5.27
5.84
5.61
6.12
4.89
4.19
5.57
7.13
5.65
.6. 04
5.18
6.99
5.10
4.27
5.15
6.80
7.88
5.52
5.31
5.88
5.65
6.14
4.94
4.21
5.66
7.22
5.67
6.07
5.20
7.01
5.11
4.27
5.19
6.81
7.91
5.56
5.34
5.95
5.70
6.16
4.97
4.23
5.73
7.39
5.73
6.10
5.23
7.10
5.13
4.31
5.22
6.88
7.97
5.60
5.37
6.00
5.74
6.15
5.01
4.28
5.79
7.45
5.82
6.15
5.29
7.18
5.15
4.31
5.25
6.90
8.00
5.65
5.43
6.03
5.79
6.24
5.07
4.29
5.83
7.52
5.84
6.17
5.34
7.15
5.20
4.33
5.26
6.86
8.06
5.65
5.42
6.03
5.76
6.30
5.13
4.35
5.84
7.60
5.87
6.21
5.40
7.11
5.21
4.33
5.36
7.05
8.20
5.75
5.48
6.14
5.83
6.37
5.12
4.39
5.87
7.70
5.95
6.32
5.46
7.27
5.28
4.38
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:1f
Not seasonally adjusted:
Private nonagric payrolls
dollars
Mining
do
Contract construction
do
Manufacturing
do"~
Excluding overtime
do
Durable goods
do
Excluding overtime
do"'
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
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..
5.40
7.08
8.25
5.78
5.53
6.19
5.91
6.36
5.23
4.39
5.91
7.72
6.00
6.39
5.47
7.43
5.28
4.39
§ NOTE FOR P. S-16-Effective with the May 1977 SURVEY, the j
slightly revised (and reflect an improvement in the processing system and
data file) back to 1964.
SUKVEY OF CURRENT 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
1975
1976
Annual
1976
Dec.
February 1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec. p
Jan. p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas. adj. 1j— 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
C hemicals 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.: CD f t
Private nonfarm economy:
Current dollars
1967=100. 1967 dollars A
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 adjusted:
Construction wages, 20 cities (ENR): d"
Common labor
$ per hr__
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 receiving cash wages only
do
Workers paid per hour, cash wages only..do
Railroad wages (average, class I)
do
Avg. weekly earnings per worker, Ifprivate nonfarm :
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars__
Mining
do
Contract construction
do
Manufacturing
. d o ...
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
4.35
4.20
4.57
4.51
3.40
3.19
4.99
5.36
5.37
6.42
4.35
3.23
5.92
3.75
4.89
3.34
4.13
4.06
4.68
4.51
4.96
4.91
3.67
3.41
5. 43
5.69
5.89
7.14
4.62
3.44
6.46
3.97
5.18
3.55
4.36
4.36
4.90
4.71
5.16
5.04
3.83
3.52
5.66
5.86
6.14
7.29
5.01
3.53
6.65
4.07
5.34
3.65
4.43
4.52
4.95
4.77
5.22
5.16
3.83
3.57
5.69
5.92
6.18
7.40
5.07
3. 57
6.70
4.17
5.41
3.73
4. 52
4.60
4.93
4.75
5.22
5.37
3.84
3.55
5.69
5.93
6.18
7.63
5.03
3.60
6.74
4.20
5. 40
3.76
4.52
4.61
4.95
4.77
5. 22
5. 36
3.85
3.57
5. 72
5.97
6.21
7.68
5.03
3.61
6.71
4.20
5.41
3.76
4.51
4.62
4.99
4.81
5.26
5.69
3.87
3.57
5. 79
5.98
6.27
7.70
5. 06
3.61
6.80
4.23
5. 48
3.78
4.54
4.64
4.99
4.81
5.28
5. 58
3.86
3.56
5.80
60.2
6.29
7.69
5.05
3.63
6.83
4.25
5. 52
3.80
4.58
4.67
5.03
4.83
5. 28
5. 77
3.90
3.62
5.86
6.06
6.35
7.73
5.12
3.63
6.83
4.26
5.51
3.82
4.54
4.66
5.10
4.91
5.32
5.68
4.02
3. 59
5. 97
6.09
6.44
7.78
5.12
3.60
6.97
4.28
5.56
3.84
4.59
4.68
5.11
4.92
5. 36
5.43
4.05
3.62
6.00
6.15
6.45
7.73
5.14
3.62
6.99
4.28
5. 56
3.83
4.60
4.68
5.17
4.96
5. 42
5.37
4.08
3.68
6.07
6.27
6.52
7.79
5.18
3.67
7.10
4.34
5. 63
3.88
4.65
4.80
5.17
4.97
5.42
5.31
4.08
3.69
6.10
6.23
6.56
7.81
5.19
3.68
7.17
4.38
5.69
3.90
4.72
4.85
5.21
5.00
5.50
-5.57
4.10
-3.70
6.13
6.25
-6.60
-7.81
r
5.22
-3.71
- 7.21
-4.39
- 5. 71
- 3. 92
-4.71
-4.87
-5.26
-5.05
-5.57
- 5. 73
-4.12
3.74
-6.18
6.27
6.65
-7.86
-5.24
3.71
-7.24
4.38
- 5. 77
-3.91
-4.74
4.89
5.34
5.14
5.59
6.00
4.17
3.85
6.19
6.35
6 72
8.17
5.27
3.79
7.25
4.51
5.85
4.02
4.84
4.97
4.54
5.90
7.25
4.81
5.92
3.75
4.13
4.06
4.87
6.42
7.68
5.19
6.46
3.97
4.36
4.36
5.02
6.67
7.83
5.38
6.65
4.11
4.43
4.50
5.07
6. 69
7.92
5.43
6.70
4.15
4.52
4.58
5.10
6.71
7.90
5.45
6.74
4.17
4.48
4.58
5.13
6.77
7.91
5.49
6.76
4.20
4.50
4.61
5.17
6.79
7.95
5. 53
6.83
4.23
4.54
4.64
5. 20
6.82
7.97
5.57
6.88
4.24
4.56
4.66
5.22
6.91
8.04
5. 61
0.88
4.26
4.54
4.67
5.27
6.95
8.06
5.66
7.00
4.30
4.60
4.72
5.28
6.92
8.08
5.68
6.93
4.31
4.61
4.76
5.32
7.03
8.09
5. 73
7.03
4.33
4.65
4.78
- 5.38
- 7. 13
-8.17
5. 79
-7.11
-4.37
4.74
-4.85
- 5.41
-7.12
-8.18
5.81
-7.18
- 4. 39
-4.74
-4.86
-5.42
6.62
8.19
5.83
7.24
4.42
4.74
5.47
6.79
8.31
5.89
7.25
4.48
4.84
4.95
172.5
107.0
182.9
175.4
171.6
181.8
168.0
161. 5
175.2
185. 0
108. 5
199.2
185.6
184.7
198.6
178.6
180.5
188.4
190.7
109.4
207.3
189.8
191. 0
203.5
184.7
173.1
194. 4
192.6
109.7
208.2
191.8
192. 3
205.3
186.2
176.7
197. 5
193.2
109.0
209. 9
191.4
193. 4
206.2
187.4
175.5
197. 3
194.2
108.8
210.6
191. 8
194. 3
206. 9
188.7
176.1
198.7
195. 6
108.8
211.5
193.2
195. 6
209.2
190.0
177.8
199.9
196.4
108.6
213.1
193. 3
196. 9
209. 9
190. 6
178.5
200.5
197. 4
108.5
215. 4
194. 9
198. 5
210. 3
191.1
177.7
201.4
199.4
109.2
217.1
195.1
200.3
214. 3
193.1
180. 3
203.5
199. 9
109.1
217.4
195.8
201.2
212.4
193. 3
180. 6
204. 8
201.2
109.5
218.8
196. 2
202.7
215. 0
194.4
181.8
205. 8
203.3
110.3
221.7
197.8
204.2
217.8
196.2
185.2
208.6
•204.1
• 110.2
•221.7
" 198.5
205. 4
' 219.1
' 197.1
'185.3
• 208.8
• 204. 9
110. 2
•217.8
' 198.8
'206.1
" 221 4
198.5
' 185.4
'209.1
207.3
110.6
221.6
201. 2
208.1
221.1
201.2
189. 3
213.0
8.30
11.01
8.93
11.85
9.20
12.21
9.20
12.21
9. 22
12! 25
9.24
12.25
9.24
12.27
9.24
12.27
9.37
12.49
9.55
12.75
9.64
12.75
9.68
12.85
9.68
12.87
9.69
12.90
9.74
12.94
9.77
13.01
2.43
2.38
2.60
2.45
6.237
2.66
2.61
2.81
2.65
6.929
6,987
163.89
101. 67
176. 29
103.40
181. 72
104. 32
181.51
103. 37
184.62
104.13
185.71
104.10
187.15
104. 09
188. 76
104. 34
188.96
103. 88
190. 25
104.19
190. 08
103. 76
191.52
104.20
194. 76
105. 68
195.84
105.75
196.20
• 105. 54
195.28
104. 20
145.93
90.53
156. 50
91.79
160.58
92.18
160.42
91.36
162.76
91.80
163.58
91.69
164. 66
91.58
165. 87
91.69
172. 67
94.93
173. 69
95.12
173. 55
94.73
174.69
95. 04
177. 23 177.09 177. 23 174. 39
96.16 - 96.16 - 95. 94 93.06
163.89
249. 57
265. 35
189. 51
205. 09
168. 78
234. 43
126. 75
188. 75
108. 22
150. 75
137. 23
176.29
274. 78
284. 93
207. 60
225. 33
183. 92
257.75
133. 39
200.98
113. 96
159. 58
146.06
182. 73
293. 23
289. 98
220. 05
238. 71
194. 53
269. 33
137. 97
20.826
118. 63
162. 58
150.97
179. 48
286. 62
269. 84
212. 94
229. 50
189. 59
264. 65
136. 78
208. 29
116.00
166. 34
153.18
182. 73
292. 71
288. 41
216. 66
233. 92
192. 76
270. 95
138. 60
209. 52
117. 69
165. 88
153.97
183.96
296. 29
289. 62
220. 30
238. 27
194. 54
267. 73
139. 02
209.37
118.06
165. 07
153. 85
185.40
298.52
291. 56
220. 80
239. 32
195.11
271. 32
140. 01
212. 08
119. 07
166.16
154. 51
187. 36
300. 32
296. 63
224. 07
243. 95
196.11
273. 20
141.10
213. 62
120. 08
167. 63
155. 51
190. 01
306. 85
298. 08
228. 48
249. 00
200.19
275. 25
143.14
214. 34
122. 62
166.16
156.11
191. 63
309. 81
302.40
226. 57
244. 82
200. 43
280. 89
145. 95
216. 84
125. 57
168. 45
158.18
191. 99
303. 21
301. 44
227. 70
246. 02
201. 85
282. 40
145. 52
216. 28
214. 86
169. 28
157. 72
194. 03
315.14
304. 22
233.45
253.58
204. 73
284.71
144.52
219.01
122. 61
169.73
159.36
195. 48
319. 31
310. 20
234. 09
255. 03
204, 22
286.08
145. 85
222. 48
123. 24
173. 22
161. 99
95
105
105
106
108
109
112
122
120
128
133
140
3.9
2.6
3.8
1.7
1.3
2.2
1.3
3.5
1.0
1.8
3.7
2.2
3.9
1.4
'1.7
3.7
2.1
3.4
1.3
1.4
4.0
2.6
3.4
1.6
1.0
3.8
2.7
3.4
1.7
4.6
3.4
3.5
1.9
4.9
3.7
3.5
1.9
4.2
3.9
4.3
1.9
1.5
5.2
3.9
5.1
3.1
1.0
4.6
3.5
4.8
2.8
1.1
3.8
2.9
3.8
1.9
1.1
3.0
2.2
3.3
1.5
1.1
2.3
1.5
3.3
1.2
1.4
4.1
2.6
3.7
1.7
1.2
4.0
2.7
3.8
1.8
1.2
4.6
2.9
4.1
1.9
1.4
4.2
3.0
3.8
1.9
1.1
4.0
3.0
3.8
1.9
1.1
4.1
3.0
3.8
1.9
1.1
3.9
2.8
3.8
1.8
1.2
3.8
2.7
3.9
1.8
1.3
3.8
2.7
3.9
1.8
1.3
3.9
2.7
3.9
1.8
1.3
3.8
2.7
3.7
1.8
1.1
3.9
2.9
3.6
1.9
4.4
3.1
3.9
2.1
.9
248
607
'385
518
'310
549
-•409
600
-•634
850
-49f>
908
-580
968
-552
1,032
- 436
904
-660
872
-561
853
-392
723
185
2.82
2.77
3.00
2.84
2.96
2.90
3.12
2.86
2.77
2.74
2.93
2.81
5.99
2.92
3.24
3.08
', 074
195.30
320.14
299.94
235.89
256.47
206.84
290.56
144.87
9
2 2 12
122! 70
172. 31)
161.68
196.38
291.04
300.30
241.67
263.55
209.35
292.50
146.73
226.18
125.12
173.01
162.84
193.09
294.29
279.73
232.06
251.77
204. 52
286.38
145.67
224.06
123.01
177.14
165.00
HELP-WANTED ADVERTISING
Seasonally 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.. .
WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
Beginning in month or year
In effect during month
Workers involved in stoppages:
Beginning in month or year
In effect during month
Days idle during month or year
number..
do
3.7
2.0
4.2
1.4
2.1
5,031
" 5,648
-203
-114
239
-243
- 197
-187
- 163
-226
- 197
••175
75
'230
'120
342
329
335
362
483
405
308
455
260
340
168
176
1,204 • 1,429 • 2,204 ' 2,676 ' 3,440 ' 2,874 • 3,582 • 3,805 • 3, 258 • 3,529 • 3,574
1,459
1977 SURVEY (see t, P- S-14). Seas, adjusted total accession and total separation rates in manu- Revised.
*> Preliminary.
H Production and nonsupervisqry workers.
QThe
facturing reflect a new seas, adjustment method: These levels are the sum of their seas, adindexes exclude effects of changes in the proportion of workers in high-wage and low-wage
justed
components (total rates were revised back to 1951 and 1930).
cTWages as of Feb. 1,
industries, and the manufacturing index also excludes effects of fluctuations in overtime
1978:
Common, $9.78; skilled, $13.03.
©Revisions for 1975 are in the July 1976 SURVEY.
premiums; see note " § , " p. S-15.
AEarnings in 1967 dollars reflect changes in purchasing
a
Does
not
reflect
those
layoffs
of
less
than
7
consecutive
days
caused
by cold weather or
power since 1967 by dividing bv Consumer Price Index; effective Feb. 1977 SURVEY, data
energy supplies.
reflect new seas, factors for the C P I .
tEffective with the Dec. 1976 SURVEY, seas, adjusted
hourly and weekly earnings were revised back to 1964; subsequent revisions appear in Feb.
thous.do
do
1,746
' 2,420
31,237
• 37, 859
February 1978
SUJK,VEY OF
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
1976
Annual
<
CURRENT BIT SlJNJi
3-17
1976
Dec.
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly § 9
thous. _ 4,943
State programs (excl. extended duration prov.)
Initial claims
thous_. 24,863
Insured unemployment, avg. weekly...do
3,986
Percent of covered employment: A
6.0
Unadjusted
.
Seasonally adjusted
3,371
Beneficiaries, average weekly
thous..
Benefits paid §
mil. $.. 11,754.7
Federal employees, insured unemployment,
average weekly
thous.
Veterans' program (UCX):
Initial claims
do _ _ _
Insured u n e m p l o y m e n t , avg. w e e k l y . . . d o . . Beneficiaries, average weekly
do...
Benefits paid
mil. $_
Railroad program:
Applications
thous.
Insured unemployment, avg. w e e k l y . - . d o - - .
Benefits paid
mil. $_
3,822
3,884
4,442
4,448
3,972
3,506
3,105
2,939
3,065
2,751
20,065
2,991
2,252
3,103
2,552
3,638
1,995
3,647
1,483
3,173
1,325
2,414
1,429
2,289
1,707
2,465
p 1,467
2,322
2,450
8, 974. 5
4.7
4.4
2,368
819.0
2,975
5.5
4.8
4.2
3.8
3,106
2,897
975.6 1,038. 5
1,357
2,752
4.1
3.7
2.363
763.7
3.6
3.7
1,998
666.0
3.4
3.8
1,988
658.3
3.6
3.9
1,898
592.4
3.4
4.1
1,933
671.3
5.5
4.2
955.3
2,643
2,649
2,853 *3,226
1,229 ' 1, 350 ' 1,582 p 1,998
2,089
2,071 p 2,274
3.1
3.0
4.1
4.0
1,693 p 1,613 '1,721
565. 2 v 584.2 ' 599. 5
1,983
692.8
45
50
55
60
59
57
50
43
41
41
38
40
41
M2
413
100
101
528.5
401
98
98
35
101
96
36.0
33
103
104
35.6
29
101
32.5
31
95
97
36.9
26
87
85
29.6
26
78
74
27.2
32
74
76
28.0
32
76
71
25.1
34
74
72
28.2
31
69
65
25.0
28
67
64
'23.1
'26
67
'64
'24.7
P 25.7
153
27
89.5
115
27
134.8
6
23
10.1
30
10.9
5
28
13.5
3
21
9.1
2
16
6.2
11
13
6.7
17
15
4.7
13
18
5.9
10
20
5.5
7
20
7.4
9.1
23,499 23,091
58,760 59,397
44,404 44,886
7,935 7,854
36,469 37,032
14,356 14,511
23,317
59,952
44,815
8,094
36, 721
15,137
29
11.0
12
P25
9.7
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $..
Commercial and financial co. paper, total.-do
Financial companies
do
Dealer placed
do
Directly placed
do
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit A dm.:
Total, end of period
mil. $..
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil. $..
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
do.
6 other leading SMSA'si
do....
226 other SMSA's..
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $.
Reserve bank credit outstanding, total 9 _ do...
Time loans
do___
U.S. Government securities
do...
Gold certificate account
do...
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
do.
do
do
do
23,201 23,440
57,573 59,372
43,136 44,642
7,492 7,761
35,644 36,881
14,437 14,730
22,523
52,041
39,710
7,294
32,416
12,331
22,523
52,041
39, 710
7,294
32,416
12,331
22,362 22,187
53,905 54,432
40,100 39,683
7,347 7,291
32,753 32,392
13,805 14,749
22,694
54,671
40,980
7,271
33,709
13,691
22.899
56,333
41,613
7,325
34,288
14,720
31,741
36,740
36,740
37,507
38,199
39,141
39,581 ^ 40,035
40,322
40,644 40,889 41,112 41,442
16,564
3, 979
11,198
19,127
4,931
12,682
19,127
4,931
12,682
19,298
5,596
12,612
19,530
5,924
12,745
19,944
6,140
13,057
20,242
5,924
13,416
20,820
5,232
14,271
21,076
5,001
14,566
20,540
5,654
13,841
123,997
133,540
21,524
4,953
14,635
41, 600 41,713
21,714 21, 923 22,139
5,407 5,696 5,600
14, 321 13, 981 13,974
99,149 107,718
211
25
87, 934 97,021
11,599
11,598
123,997
133,540
34, 780
26, 052
78,770
38,016
25,158
85,590
107,718 103,644 105,622 106,609 111,163 108,982 114,757
260
47
271
379
400
25
24
97,021 94,134 95,837 95, 987 99,967 97,394 102,239
11, 598 11,658 11,651 11, 636 11,636 11,629 11,620
133,540 125,517 127,056 129,044 135,084 131,108 137,763 133,932 134,425
36,313
22,916
81,709
35, 950 40, 297 36,114
27,814 25,773 29,009
83, 257 83,757 85,333
40,872 36,748 35,591
24,562 26,912 28,262
86,326 86,674 87,506
36, 290 34,199
35,796 34,234
494
-35
61
79
441
-102
34,135 34, 613 34,732
33, 870 34,602 34,460
265
11
272
73
110
200
168
-48
103
34,406
34,293
113
262
-94
38, 016 35,833
25,158 23,411
85,590 81,198
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted c?1
mil. $_
112,773 109,046 107,755 107,553
112,124
112,773
do.
do
do.
do_
do.
184,174 181,528 181,528 172,695 173,182 170,784
132,245 130,575 130,575 123,671 124,769 123,138
6, 967
6,816
5,814
6,222
6,041
6,041
1,386
1,467
1,045
1,313
1,620
1,620
29, 322 27,383 27,383 25,238 25, 900 26,323
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
do_
227, 729 231,416
231,416 230,446 230,598 234,857
do_
do.
68,445
115,961
89,473 91,515 92,711 94,998
107,545 105,159 104,540 106,157
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_
285,499 291,495 291,495 289,825
120,661 116,480 116,480 114, 771
8,933
12,327 12,327 12,213
27,180
24,540 24,540 23,264
59, 530 63,409 63,409 63,945
87,404
96,816 96,816 95, 291
290,042 291,422
116,187 116,791
11,625 11,682
22,964 23,560
64,485 64,974
93, 696 93,940
292, 549 298,242 299,724
117,447 117,982 119,439
11, 966 j 12,748 12.296
23,017! 23,208 23,013
65,432 66,304 67,721
93, 538 100,307 98,659
Investments, total
U.S. Government securities, total
Notes and bonds
Other securities
do^
do.
do_
do_
100,345 111,452 111,452 107,418
40,178 ! 50,076 50,076 47,615
26,464
36,825 36,825 36,494
60,167
61,376 61,376 59, 803
109, 504
49, 649
39,429
59,855
111, 176 111, 594
47, 696 48,273
40, 099 39,459
63, 480 63,321
' Revised.
» 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.
AInsured
unemployment as % of average covered employment in a 12-month period.
Q Includes
data not shown separately.
c? For demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in
109,507
49,489
39,730
60,018
35,391
35,043
348
336
35,186
34.987
199
1,071
-771
139,288 128,999 133,591 ' 139,889 135,113
40,928 30.379 30,042 35,550 32,010
19,489
23, 953 22,841 26, 345 26,
87,361 88.380 91,229 93,153 90,159
35,156 35,860
34,965 35,521
339
191
634
1,319
-331
35, 782 '36,471
35, 647 36,297
l74
135
840
558
-622
-330
109,800 109,343 110,328 110,421 113,266 109,130 113,077 113,231
173,317'185,989 176,016 179,973 182,949 176,535 182,852 189,514
125, 598 132, 874 126,871 128,296 130,848 125,685 131,535 135,815
6, 205 6, 678 6,298 6,079 6,320 5,748 6, (530 6,235
2,707
5,352 1,196
2,777 1,013
1,349
4,881 1,083
22,780. 29,090 25,407 26,049 26,607 25,178 27,714 29,389
Demand, total 9
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
89,473
107,545
139,288 128,999 133,591 '139,889 135,113
110,203 109,302 115,972 106,794 109,729 116,303 110,037
757
926
'265
923
1,265
788
1,069
98,711 98,436 104,715 94,597 96,477 102,819 97,004
11,595 11,595 11,595 11,595 11, 595 11,718 11,718
133,540 125,517 127,056 129,044 135,084 131,108 137,763 133,932 134,425
35,136
34,964
172
62
122
21,302
4,914
14,673
25, 654
63, 878
49, 223
8,926
40, 297
14,655
28,911.0 29, 288.150,145.4 30,421.7 30,585.5 32,028.5 32,394.9
13,835.0 14,411.8 L4,898. 0 14,612.1 14,988.9.15,739.7 15,516.4
.5,076.1 .4,876.3 5,247.4 .5,809.6 15,596.5 16,284.2 16,878.5
5, 917.1 5,864.3 5.887.1 6,155. 7 6,055.5 6,420.4 6,213.1
9,159.0 9,012.0 9.360.2 9,653.9 9,541.1 9,863.8 10,665.4
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $.. i 34,989 '35,136
i 34, 727 134,964
Required
do
1
Excess
do
i 262
172
1 127
Borrowings from Federal Reserve banks._ _do
*62
i 148
Free reserves
do.
1122
255-267 O - 78 - 3
23,908 24,088
63,924 63,927
48,151 48, 361
8,784 8,806
39,367 39,555
15,773 15, 566
18,727
47,690
37,515
6,239
31,276
10,175
38,330
37,880
31
481
-407
120,472 114, 743
200,280 188,226
143,553 134,181
6, 346 7,107
3,744 2,105
29,275 27,983
231, 856 235,803 237,934 238,498 239,513 241,749 243,106 246,723 252,424 252, 425
94,700 94,412 94.088 94,331 93,598 93,405 92,844 92,276 92,461 92, 562
104, 251 107,151 109,686 110,461 112,131 113,712 114,681 117,672 121,400 120,910
322, 039
124,359
12,983
22,573
75, 241
109,149
303,936
120,290
13,075
22,525
71,353
101,651
316,908
123.508
12,905
23,188
72,490
105,016
318,767
123,573
13,167
23,285
73,444
107,158
324,557
125, 534
13,638
23,904
74,600
111,547
112 249 110,660 111,345 111,301
48,295 46,726 46,485 45, 713
39,153 38,701 38,458 38,073
63,954 63,934 64,860 65,588
110.989
44,816
37,212
66,173
112,725
45,659
37,468
67,066
113,934 110,113
46,111 44,611
37,247 37,598
67,823 65,502
305,006
119,308
13,667
22,461
68,958
101, 205
305, 789
119,292
12,854
22,507
69,999
102,341
process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross- i.e., before deduction of valuation reserves).
OTotal SMSA s include
some cities and counties not designated as SMSA's.
U Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Y OJb 1 CUJiKEJVIT
S-18
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
Annual
131US1JM ESS
1977
1976
Dec.
February 1978
Jan.
Feb.
Mar.
Apr.
1978
May
June
July
Aug.
812.4
557.7
102.8
151.9
819.4
502.1
104.0
152.7
825. 5
567.0
105.3
153.2
831.8
574.5
102.9
154.4
840.4
582.4
102.6
155.4
843.1
587.6
99.5
156.0
852.6
597.8
97.2
157.6
5.75
Sept.
Oct.
Nov.
Dec.
Jan.
866.1
611.2
95.0
159.9
865.4
612.9
93.5
159.0
874.3
622.4
92.5
159.4
5.80
6.00
6.00
6.37
6.95
7.08
7.26
FINANCE—Continued
BANKING—Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas adj.:t
Total loans and investments©
bil. $._
Loans©
do
U.S. Government securities
do
Other securities
do
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
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
721.1
496.9
79.4
144.8
784.4
538.9
97.3
148.2
8.65
8.37
8.91
8.54
9.01
7.52
7.12
7.88
7.48
7.74
7.54
7.80
8.86
784.4
538.9
97.3
148.2
786. 6
540.9
96.9
148.8
796.4
545.4
101.5
149.5
803.0
551. 0
103.6
148.4
6.00
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.25
5.27
18.14
17.35
7.10
7.03
7.05
6.97
6.85
6.78
6.76
6.75
6.78
Home mortgage rates (conventional 1st mortgages) :H
New home purchase (U.S. avg.)
percent._
Existing home purchase (U.S. avg.)
do
18.75
i 9.01
18.76
18.92
8.87
8.90
8.82
8.84
8.73
8.80
8.74
8.73
8.74
8.74
8.75
8.78
Open market rates, New York City:
Bankers' acceptances (prime, 90 days) do__.
Commercial paper (prime, 4-6 m o n t h s ) . . d o . . .
Finance co. paper placed directly, 3-6 mo-do...
Stock Exchange call loans, going rate
do...
2
6.29
2 6.32
2 6.15
2 8.02
3 5.19
2 5.35
3 5.22
4.62
4.70
4.56
4.81
4.74
4.64
4.83
4.82
4.75
4.80
4.87
4.77
4.78
4.87
4.81
5.34
5.35
5.13
5.39
5.49
5.38
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent.
3-5 year issues
do...
2 5.838
2 7.55
a 4.989
2 6.94
4.354
5.96
4.597
6.49
4.662
6.69
4.613
6.73
4.540
6.58
4.942
0.76
164,169
51,413
4,323
5,556
193,328
62,988
4,841
6,736
19,588
5,162
382
551
14,051
4,297
272
410
14,571
4,949
322
461
18,899
6, 711
453
652
18,733
0, 304
493
090
20,428
4,024
25,862
4,783
3,050
505
2,207
454
1,945
417
2,267
467
do...
do...
do...
do...
156,665
48,406
4,517
4,675
172,795
52,750
4,691
5,151
15,337
4,514
371
452
14,813
4,483
306
443
14,532
4,407
380
438
do...
do...
19,208
4,010
24,012
4,552
2,262
407
2,273
429
do...
do...
do-_.
do...
17,677
5,:
470
624
do-_.
do...
Federal intermediate credit bank loans
do
8.81
8.86
8.82
8.84
8.85
8.89
8.87
8.93
8.92
8.93
5.43
5.41
5.38
5.88
5.84
5.71
6.16
6.17
6.04
6.57
6.55
6.41
6.58
6.59
6.49
6.60
6.64
6.52
6.79
6.69
5.004
6.58
5.146
6.07
5.500
6.90
5.770
6.92
6.188
7.23
6.160
7.28
6.063
7.40
6.448
7.71
19,275
6,473
445
704
20,705
7,197
490
821
18,801
0,280
484
740
21,314
7,035
540
856
19,298
0,178
454
740
18,784
5,898
464
696
19, 721 21,432
5,924 5,635
379
442
595
701
2,361
446
2,485
472
2,066
506
2,453
493
2,934
555
2,937
513
2,818
475
10,888
5, 334
428
509
15,790
4,850
41
498
10,107
4,914
420
512
16,591
5,225
410
529
15,828
4,811
398
509
16,927
5,312
440
553
10,301
4,998
386
536
16,937
5,260
415
525
3,811
589
16, 788 16, 932
5,040
5,013
365
372
521
526
2,107
404
2,370
472
2,107
426
2,412
418
2,390
424
2,261
428
2,461
441
2,513
418
2,640
429
17,241
5,511
372
571
17,595
5,819
383
577
18,496
6,199
445
048
18,784
0,100
479
008
18,503
0,048
415
030
18,810
6,063
420
086
18,631
5,966
455
671
19,204
0,158
479
733
19,164
6,109
424
679
19,787
6,083
457
718
2,297
441
2,182
465
2,408
465
2,400
475
2,570
475
2,021
500
2, 040
521
2,566
499
2,711
510
2,847
485
2,973
487
do..
do..
do.
do.
15,236
4,667
385
463
15,084
4,712
393
463
15,610
4,801
412
478
15,525
4,810
391
480
15.88f
4,901
414
480
15,849
4,801
421
502
10,388
5,100
386
505
16,167
4,897
397
506
16,553
5,104
424
551
16,814
5,005
392
536
17,160
5,234
413
517
do.
do.
2,228
415
2,176
421
2,201
420
2,142
422
2,298
415
2,430
402
2,403
431
2,382
459
2,396
450
2,567
436
2,687
430
8.79
8.83
CONSUMER CREDIT*
(Short- and Intermediate-term)
Installment credit extended and liquidated:
Unadjusted:
Extended, total 9
mil. I
Automobile paper
do.
Mobile home
do.
Home improvement
do.
Revolving:
Bank credit card
do.
Bank check credit
do.
Liquidated, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Seasonally adjusted:
Extended, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Liquidated, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Total installment credit outstanding, end of year or
month
mil. $.
By credit type:
Automobile
do...
Mobile home
do...
Home improvement
...do..Revolving:
Bank credit card.
do...
Bank check credit..
do...
All other
do...
2, 612
447
2, 645
466
19, 680 20,138
6,330 6,721
460
464
722
761
2,828
492
2,973
531
16, 826 17,402
5, 089 5,424
384
390
549
550
2,585
466
2,723
485
204,358 207,294 209,141 212,074 216,572
164,955
185,489
185,48!
184,728
184,766
186,770
189,72C
192,82£
196,998
199,97
55,879
14, 423
9,405
66,116
14,572
10,990
66,116
14,572
10,990
65,930
14,479
10,956
66,473
14,421
10,978
67,850
14,44'
11,122
09,298
14,521
11,315
70,85'
14,540
11,507
72,829
14,027
11,794
74,304
14,713
12,025
76,027
14,812
12,329
77.207
14,880
12,532
77,845 78, 757 79, 352
14,929 14, 999 15,014
12,703 12, 879 12,952
9,501
2,810
72, 93"
11,351
3,041
79,418
11,351
3,041
79,418
11,285
3,066
79,012
11,123
3,080
78,691
10,020
3,075
79,263
11,215
3.094
80,2'
11,287
3,148
81,488
11,503
3,230
82,955
11,754
3,295
83,880
12,227
3,409
85,554
12,651
3,504
86,519
12,829
3,551
87,283
By holder:
89,393 89,484
89,511
78, 66:
89,511
Commercial banks
do...
38,790 38,868
38,639
35,994
38,639
Finance companies
do...
25,666
30,546 30,546 30,410 30,701
Credit unions
do...
17,860
18,378
19,052
18,002
19,052
Retailers
...
do...
7,852
7,757
7,74
6,626
7,741
Others
do...
r
2
Revised.
r> Preliminary.
1 Average for year.
Daily average.
©Adjusted to
exclude interbank loans.
§ For bond yields, see p. S-21.
t Beginning Jan. 1959, monthly
data have been revised to reflect new seasonal factors and adjustment to bench marks for the
latest call date (Dec. 31, 1975.). Revisions are available from the Federal Reserve Board.
Washington, D.C. 20551.
% Data have been revised back to 1970, noninstallment credit
2,878
498
13,096 14,262
3,724
3,601
88, 743 91, 269
100,05' 101,564 102,504 103,469 105,291
41,98, 42,333 42,704 43, 322 44,015
35,077 35,77< 35,993 36.488 37,036
18,47f 18,72f 18,961 19,629 21,082
9,149
8,894 8,978 9,166
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.
If Beginning Jan.
1973, data have been revised; revisions for Jan. 1973-April 1975 will be shown later.
9 Includes data for items not shown separately.
90,585
39,188
31,448
17,585
7,97
92,377
39,561
31,912
17,734
8,13(
93,875
40,12
32,704
17,91
8,211
90,149
40,712
33, 750
18,032
8,355
97,794
41,398
34,122
18,137
8,520
SURVEY OF (OUKRENT 1 BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
S-19
1976
Annual
1978
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)
...mil. $_. 280,997 299,197 29,471 29,954 24,182 24,817 39,832
do
326,105 365,648 31,890 32,617 30,735 34,292 35,363
do
-45,103 -66,451 -2,419 -2,664 -6,554 -9,475
4,469
Budget financing, total
do
>45,108
66,451
9,475 -4,469
6,554
2,664
2,419
Borrowing from the public.
do
i 50,853 [ 82, 913 6,306
5,351
9,118
1,206
3,157
R&duction in cash balances
do
i-5,745 -16,462 -3,887
4,124 -5,675
-493 -2,564
Gross amount of debt outstanding.
do
544,131 631,385 564,794 664,852 674,280 680,141 681,905
396,906 479,819 15,757 518,914 528,033 533, 383 534,590
Held by the public
do
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $.. 280,997 1299.197 29,471 29,954 24,182 24,817 39,832
Individual income taxes (net)
do
122,386 1130,795 12,662 18,085
8,370
5,777 18,476
Corporation income taxes (net)
do
140,621 141,409
948 8,719
7,974
7,633
1,694
Social insurance taxes and contributions (net)
1
mil. $.. 1 86,441
7,413 10,703
92,714
6,207
7,320 10,764
Other
do
31,549 134,281
2,908
4,099
2,969
2,853
2,678
Outlays, total? ._
do
1326,105 1365,648 31,890 32,617 30,735 34,292 35,363
Agriculture Department
.do
i 9,725
1,705
1,286
12,796
1,825
1,165
1,372
Defense Department, military
do
i 85,420 1 88,036
8,146
7,907
7,745
8,305
8,004
Health, Education, and Welfare Department
mil. $.. 112,411 128,785 11,968 11,918 12,136 12,458 12,318
i 41,177 143,527
2,889
Treasury Department
do
2,736
5,012
6,256
4,666
i 3,267 13,670
321
352
National Aeronautics and Space Adm
do
322
345
275
1
1,574
16,575 i 18,415
1,611
Veterans Administration...
do
1,683
1,459
1,640
27,549
33,592
-6,043
43,075 24,952 29,676
32,881 33,630 34, 720
10,194 -8,678 -5,044
36,642 24,127 27, 596
35,097 38,790 36,864
1,545 -14,663 —9, 269
5,044 -1,545 14,663
8,678
6,043 -10,194
7,780 10,024 1,851
518 -1,803
-2,871
8,914 -10,712 10,481 -2,736 -11,569 12,812
8,854
415
682,965 685, 249 684,592 695,485 '09,138 707.693 718, 232
531,719 532,237 34,039 541,819 >51,843 553.694 562, 548
27,549
9,289
1,096
43,075
17,949
14,379
24,952
12,438
1,538
29,676
12,725
809
36,642
17,327
8,376
24,127
13,275
1,445
27, 596
13,171
920
14,203
2,961
7,696
3,052
7,961
3,016
12,958
3,185
7,828
3,112
6,550
2,857
10, 404
3,100
33,592
1,102
7,954
32,881
1,316
8,364
33,630
965
8,317
34,720
1,674
7,851
35,097
1,471
8,094
38,790
1,773
7,992
36, 864
2,840
8, 721
12,311
3,053
309
1,649
12,434
6,031
314
1,218
12,387
4,930
299
1,334
12,961
3,113
355
1,417
12,944
12, 774
5,385
310
1,574
13, 300
3,058
339
1,597
2,970
324
1,329
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates :f
Federal Government receipts, totalf.
bil. $..
286.9
332.3
344.5
364 9
371 2
373.2
Personal tax and nontax receipts
do
Corporate profit tax accruals
do__~.
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
125.6
43.1
24.0
94.2
147.3
55.9
23.4
105.7
157.1
55.1
23.8
108.4
170.0
55.4
24.2
115.4
168.6
59.9
24 6
118.1
168.6
59.5
25.4
119.7
v 25.2
v 122.4
357.1
386.3
400.4
403.7
411.5
432.1
P446.7
136.3
89.7
170.7
62.0
28.6
143. 6
93 4
148.1
95.6
153.8
*98.5
149.1
54.6
23.3
130.1
86.8
162.0
61.0
27.2
134.2
88.4
166.3
65.5
28.5
169 3
63 6
29 1
174.8
72.7
29.4
P
6.7
5.9
6.0
6.1
5.9
7.2
P
.0
.0
.0
.0
o
.0
.do
-70.2
-54.0
-55.9
-38.8
—40.3
—58.9
bil. $.
do...
do...
do...
do...
289.30
15.18
133. 90
89.17
82.41
321. 55
20.26
154.93
91.55
84.13
321.55
20.26
154.93
91.55
84.13
322.49
19.75
157. 26
91.62
84.19
324.16
20.12
158.38
91.65
84.13
326.75
20.98
158. 70
91.79
84.15
328. 79
21.03
160. 29
92.20
84.38
331.03
21.08
161. 52
92.36
84.43
334.39
21.25
164.19
92.85
84.71
336. 65
21.64
165. 78
93.11
84.87
338.96
21.98
166.94
93.33
85.00
341.38
22.54
167.58
94.07
85.60
343. 74
22.79
168.73
94.68
86.12
347.18
23.40
170. 40
95.11
86.46
9.62
24.47
1.92
15.05
10.48
25.83
2.00
16.50
10.48
25.83
2.00
16.50
10.55
25.92
1.51
15.88
10.63
26.05
1.37
15.96
10.74
26.21
1.56
16.75
10.80
26.36
1.48
16.63
10.82
26.50
1.62
17.12
10.90
26.66
1.56
16.98
10.90
26.78
1.50
16.95
10.93
26.95
1.60
17.24
10.93
27.09
1.60
17.57
11.02
27.22
1.46
17.83
11.11
27.36
1.65
18.17
39,151 26,002
22,319 15,970
16, 355 9,534
477
498
24, 722
17,114
7,114
494
30,116
20,858
8,649
609
26,722
19,400
6,786
536
27,414
20,115
6,717
582
30,990
21,024
9,430
536
27,191
17,833
8,624
734
29,961
20,418
9,036
507
33, 217
19,689
13,020
508
29,396
20,750
8,088
558
30,391
21,322
8,549
520
44, 644
24, 738
19, 459
447
11,598 11,658
43
71
52,805 142,509
33,933 30,384
11,650
39
65,292
23,349
11,636
33
5,898
25,981
11,636
-11
1,908
23,716
11,629
61
67,104
28,825
11,620 11,595
5
37
27,107 245,864
99,552 26,458
11,595
62
96,536
42,507
11,595 11,595 11,595
85
116
44
7,456 263,126 41, 553
43,052
182,
659
88, 226
11,719
-116
Federal Government expenditures, totalf..do
Purchases of goods and services
do.
National defense
do.
Transfer payments
do
Grants-in-aid to State and local govts
do
Net interest paid
..do
Subsidies less current surplus of government
enterprises
bil. $.
Less: Wage accruals less disbursements..do
Surplus or deficit (—)
_
123.3
83.9
175. 5
177. 6
P72.2
v 31.2
11.9
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities
Mortgage loans, total
Nonfarm
Real estate
Policy loans and premium notes
Cash
Other assets
do..
. . .do.
do..
do..
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total
mil. $.
Ordinary (incl. mass-marketed ord.)---do._.
Group
do_.
Industrial
do..
2 288,857 321,167
185,779 212,003
2 96,349 102, 791
6,373
6,729
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. $.
Net release from earmark §
do
Exports
thous. $.
Imports..
do...
Production :1[
South Africa.
Canada
Silver:
Exports
Imports..
Price at New York.
Production:
United States
r
mil. $.
do. _ _
11,599
93
458,853
456,638
11,598
331
347,516
331,017
960.9
68.7
962.4
65.2
75.2
6.3
73.5
5.8
72.6
5.8
78.5
6.4
78.5
5.7
79.0
6.9
80.2
5.9
81.1
6.0
83.2
5.8
84.4
5.5
80.2
5.6
10.2
61,434
325,252
4.353
5,304
38,765
4.348
5,367
36,458
4.409
6,987
23,672
4.535
3,557
41,854
4.842
6,714
31,170
4.777
4,629
25,796
4.692
4,632
30,236
4.443
14,562
17,886
4.498
7,824
31, 290
4.444
10,688
31,776
4.539
4,565
26, 395
4.763
454
32,698
4.828
26,708
4,388
2,085
2,026
thous. $. 1147,568
d o . . . 330,556
4.419
dol. per fine oz.
thous. fine oz.
36,627
1
Revised.
v Preliminary.
i Data shown in 1975 and 1976 annual columns are for
fiscal years ending June 30 of the respective years; they include revisions not distributed
to months.
2 Includes $1,694 mil. Vets group life ins.
9 Includes data for items not
shown separately.
14,666 .
25,587
4.409
4.706
1,401
3,280
1,481
1,982
2,267
1,054
2,800
2,446
1,644
2,169
tData have been revised back to 1946 (see table 3.2 in the Jan. 1976 and July 1977 SURVEYS
^ o ' r i n c r ^ s e i n earmarked gold ( - ) .
HValued at $38 per fine ounce from Jan. 1972-Sept.
1973; at $42.22 thereafter.
SURVEY
S-20
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
1976
February 1978
1977
Dec.
Annual
CURRENT BUSINESS
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
MONETARY STATISTICS—Continued
Currency in circulation (end of period)
bil. $-.
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 adjusted^!
do
U.S. Government demand deposits*!!
do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks
do
Demand deposits
do
Time deDosits adiustedH
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's)©..ratio of debits to deposits
New York SMS A
do
86.5
93.7
93.7
91.2
91.7
93.4
94.0
95.6
96.7
97.0
97.9
97.8
98.9
101.9
103.8
289.5
71.0
218.5
436.1
304.2
77.8
226.5
468.0
321.3
82.0
239.3
488.2
319.7
80.5
239.2
494.6
309.9
80.8
229.1
498.6
4.4
312.4
81.6
230.9
504.6
4.5
322.3
82.8
239.6
507.7
5.6
315.5
83.4
232.1
511.8
3.8
321.4
84.2
237.1
516.1
5.2
372.2
85.7
241.4
519.6
3.9
325.2
85.8
239.3
523.7
3.7
328.2
86.1
242.1
526.1
332.5
86.9
245.6
532.2
' 335.4
88.4
' 247. 0
536.2
3.8
344.9
90.0
254.9
542.7
5.5
343.8
88.6
255.2
549.8
4.6
312.4
80.5
231.9
491.1
313. 8
81.1
232.7
495.6
314.0
81.8
232.1
500.0
315.4
82.2
233.2
502.8
320.5
83.1
237.4
505.7
320.7
83.6
237.1
509.2
321.9
84.0
238.0
514.8
326.8
85.1
241.7
519.5
328.4
85.5
242.9
522.5
330.4
86.4
244.0
525.8
333.7
87.1
246.6
532.2
333.2
87.8
245.5
540.3
335.4
88.4
247.0
545.8
337.5
89.2
248.3
550.9
128.3
335.0
143.9
391 9
153.5
419.8
154.3
443.5
153.3
437.3
155.2
436.0
158.2
465.2
160.2
474.9
160.6
452.1
do-...
do
82.9
119.1
68.8
90.7
129 4
75 7
97.0
136.9
81.7
94.6
133.9
79.4
93.8
129.9
79.9
97.3
135.2
82.5
96.8
134.7
82.1
97.7
139.8
81.7
100.8
135.9
87.7
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
49,135
5 154
409
1,801
6 703
64.519
5,826
809
2,270
7,610
15,575
1 314
133
471
1 630
15,584
1,164
168
482
1,934
19,722
1 573
168
618
2 248
16,753
1,383
236
568
2,004
9,307
968
663
2,280
11.725
1,447
913
2,085
2,963
344
190
468
2,999
160
258
204
3,057
542
364
520
3,092
577
181
-250
2 523
3,196
681
726
1 040
888
6,311
2 564
7,889
4,073
2,041
1,200
1,937
1,055
2 401
1 434
2,241
1,332
1 039
1 737
7 481
1,687
5,099
9 890
401
1,284
2 455
446
1,655
2,396
583
2,003
3 171
518
939
3,044
do
19 968
22,763
6,582
6,049
6,537
6,209
mil $
2 56 131
57 647
6 456
3 908
3 137
6,314
3 312
4,111
5,954
4,076
3,336
4,203
3,863
do
do
do
41 664
41 070
5 290
3 002
1 833
4 644
2 721
2,604
4 064
3,158
2,615
2,972
2,, 373
7 413
3,458
8 305
2 789
612
308
499
103
692
128
675
520
428
163
1,036
212
703
332
368
327
379
178
279
347
82*3
299
mil
do $
do
52 539
18 651
1,628
15 894
52 161
15 479
1,771
14 395
6 210
2 385
275
1 156
3 604
906
206
986
2 653
743
172
435
5 839
1 125
154
1 598
3 312
1 348
147
774
3,852
652
133
1,612
5,099
1 182
399
1,466
3,853
1,309
289
568
3,172
966
296
497
3,598
551
156
1,417
3,494
705
463
1 102
do
do
do
2 634
4 464
6 838
3 596
3 56i
10 229
462
196
1 217
36
50
998
1
557
477
317
808
1,462
100
334
529
129
294
928
128
416
1,144
231
277
1,150
195
45
1,092
60
322
717
65
8
868
do
do
29 326
28,973
33, 845
21, 905
2,333
1,126
3,371
1,363
3,136
1,324
4,026
1,506
3,448
5,000
4,237
1,334
5,668
2,294
3,107
1,417
3,997
1,398
3,787
2,223
3,635
1,101
9 701
8,891
810
9,885
9,078
807
10,068
9,267
801
10,255
9,432
823
10, 490
9,667
823
10,592
9,763
829
10, 617
9, 793
824
10,583
9, 756
827
10,680
9,858
605
1,720
615
1,715
625
1,710
595
1,805
600
1,860
605
1,745
600
1, 745
615
1,850
G30
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'scf
226 othpr SMSA's
do
Stone olav and crlass nrodncts
do
Primary nonferrous metal
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinerv and transDort pouio ")
mil %
M^achinprv Texcent plpctricaH
Elec machinerv pouir) and sunnlips
do
do
Transportation equipment (except motor
vehicles etc )
mil 1?
IVtotor vehicles and enuinment
do
Dividends Daid (cash) all industries
SECURITIES ISSUED
Securities and Exchange Commission^
Estimated gross proceeds total
By type of security:
Bonds and notes corporate
Common stock
Preferred stock
By type of issuer:
Corporate
total 9
Manufacturing*
Public utilitv
Transportation
Communication
Financial and real estate
State and municipal issues (Bond Buyer):
Long-term
Short-term ..
3,112 v 3, 391
1,339 * 1,039
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month, 1
9 523
9 011
9 301
total
mil $
6 500
9 011
1
8,679
8 166
8 166
At brokers
do
5 540
8,469
l 96O
832
845
844
845
At banks
do
Free credit balances at brokers:
605
585
645
U75
585
Margin accounts
.do
1
1,525
1,855
1,855
1,930
1,815
Cash accounts
do
r
2
Revised.
v Preliminary.
1 End of year.
Beginning Jan. 1973, does not include
noncorporate bonds and notes formerly included.
eEffective February 1970 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.
822
ifAt all commercial banks.
GTotal SMSA's include some cities and counties not designated as SMSA s.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, andLos
Angeles-Long Beach.
§ Data revised back to 1973; no monthly revisions for 1973-<o are
available.
9 Includes data not shown separately.
February 1978
SUBVEY OF CUERENT
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-21
1976
1978
1977
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited71
dol. per $100bond._
Domestic municipal (15 bonds)
do
U.S. Treasury bonds, taxableil
56.2
68.9
do .
60.3
79.9
59.73
59.4
79.3
59.1
79.3
59.4
80.8
59.2
80.5
60.1
81.6
60.0
81.9
60.1
82.4
60.4
83.3
59.5
81.2
59.2
83.2
58.4
81.7
57.2
80.9
56.23
55.83
56.31
56.06
57.38
57.48
57.30
57.77
56.68
56.24
55.62
53.74
519. 59 495.77
366.81
412.69
347.46
390.74
450.47
365.10
391. 43 335.65
335.80
353. 57
58.0
72.5
61.3
80.0
58.96
62.05
Sales:
57.44
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $..
F ace value
do
10,703.85
9,345.90
New York Stock Exchange:
Market value
do
9,070.20
Face value.
do
10,302.08
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $_. 5,178.34 5,262.11
Yields:
Domestic corporate (Moody's)§
By rating:
Aaa
Aa
A
Baa
400. 87 372.15
percent..
9.57
9.01
8.47
8.41
8.48
8.51
8.49
8.47
8.38
8.33
8.34
8.31
8.42
8.48
8.54
8.74
do
do . . .
do.--do
8.83
9.17
9.65
10.61
8.43
8.75
9.09
9.75
7.98
8.24
8.53
9.12
7.96
8.16
8.45
9.08
8.04
8.26
8.49
9.12
8.10
8.28
8.55
9.12
8.04
8.28
8.55
9.07
8.05
8.28
8.55
9.01
7.95
8.19
8.46
8.91
7.94
8.12
8.40
8.87
7.98
8.17
8.40
8.82
7.92
8.15
8.37
8.80
8.04
8.26
8.48
8.89
8.08
8.34
8.56
8.95
8.19
8.40
8.57
8.99
8.41
8.59
8.76
9.17
do do
do
9.25
9.88
9.39
8.84
9.17
8.85
8.33
8.61
8.39
8.24
8.59
8.27
8.33
8.63
8.26
8.36
8.66
8.26
8.32
8.65
8.17
8.30
8.64
8.12
8.23
8.53
8.06
8.18
8.48
8.02
8.21
8.47
8.05
8.19
8.43
8.03
8.27
8. 56
8.07
8.36
8.61
8.10
8.42
8.65
8.10
8.60
8.87
8.20
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do
do
7.08
6.89
6.56
6.49
5.83
5.69
5.93
5.70
5.92
5.75
5.85
5.76
5.68
5.61
5.72
5.64
5.56
5.53
5.62
5.50
5.54
5.46
5.51
5.37
5.55
5.53
5.47
5.38
5.66
5.48
5.60
U.S. Treasury bonds, taxable O._.
do .
6.78
6.39
6.68
7.15
7.20
7.14
7.17
6.99
6.97
7.00
6.94
7.08
7.14
7.23
7.50
8.36
8.06
7.70
7.54
7.55
7.56
7.60
7.63
7.62
7.51
7.55
7.58
7.62
7.67
7.85
7.92
247.25
802.49
79.81
163.39
303.91
974.92
92.28
214. 03
317. 03 317. 79 308.93
976. 86 970. 62 941.77
105. 33 108.88 107.49
232.43 232.67 227.29
309. 63 308.71
946.11 929.10
106. 48 107.71
225. 94 231.00
312.74
926. 31
110.49
240.75
311.38 311.20 296. 79 291. 30 283. 38
916. 56 908.20 872. 26 853. 30 823.96
113.63 117.11 113. 34 112. 37 111.76
237.48 236. 39 219. 46 215.34 209. 30
284.77 283.84
828.51 818.80
110.85 111.45
212. 22 214. 02
273. 04
781. 09
106. 97
209.90
86.16
96.56
94.63
81.18
102.01
114. 35
115.52
92.73
104.66
116.33
114.30
92.90
100. 57
111.88
111.52
86.85
98.76
109.10
109.28
83.43
99.29
109.46
108.17
84.36
94. 28 93.82
103.71 103.13
100. 76 101. 36
83.90
82.89
90.25
99.34
99.43
80.14
By group:
Industrials
Public utilities
Railroads _ _
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars. .
Industrials
do
Public utilities .
do
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do
Price per share, end of mo., composite
do
Industrials.
do
Public utilities
do
Railroads
.
do
Yields, composite
percent..
Industrials
do
Public utilities
do
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do
Earnings per share (indust., qrtly. at ann. rate;
pub. util. and RR.,for 12mo. ending each qtr.):
Industrials
dollars
Public utilities
do
Railroads ._
do
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.).
. percent
Prices:
Dow-Jones averages (65 stocks).
Industrial (30 stocks)
Public utility (15 stocks)....
Transportation (20 stocks)
Standard & Poor's Corporation: cf
Combined index (500 Stocks)
Industrial, total (400 Stocks) 9
Capital goods (111 Stocks).
Consumer goods (189 Stocks)
.....
1941-43=10..
do
do
do . .
6.98
0)
0)
(*)
0)
103.81
115.17
113.12
91.21
100.96
112.14
110.71
87.93
Utilities (40 Stocks)
do
52.88
48.16
53.01
41.17
54.01
Transportation (20 Stocks)*
1970=10
14.12
14.97
14.85
Railroads (10 Stocks)..
1941-43=10..
49.27
50.48
45.87
50.24
37.48
Financial (40 Stocks)*
1970=10..
11.75
12.42
12.30
New York Citybanks(6Stocks). 1941-43=10.. "~~5L48~ "~52."l4" 51.25
51.20
53.49
Banks outside N.Y.C. (10 Stocks)
do97.96 106. 37 107.79 102.44
80.52
Property-Casualty Insurance (6 Stocks) .do.
105.01 119.40 115.06 109.29
88.72
i No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1976 will be shown
later,
cf Number of issues represents number currently used; the change in number does not
99.05
109.89
110.76
84.03
100.18
110.12
107. 69
85.21
97.75
107. 50
105. 52
85.13
96.23
105. 94
102. 76
85.20
93.74
103.18
99. 79
83.15
54. 54 52.40
54.46
54.61
54.26
55.42
56.95
55.29
52.14
52.57
53.68
13.13
13.34
13.23
13.45
12.97
13.74
14.82
14.68
14.38
14.08
15.00
46.13
46.46
46.44
48.11
46.23
49.19
53.06
52.83
53.12
50.21
54.14
11.15
10.46
11.25
11.61
11.09
11.95
11.74
11.41
12.11
11.59
11.57
42. 57 41.63
40.32
42.36
48.39
45.84
47.61
47.94
47.63
50.04
49.34
93.73
94.92
90.14
94.40
99.
68
97.22
95.30
96.14
98.88
100. 68 97.47
107.00 108.19 117.06 121. 39 121.13 114.76 111.00 106.53 109.22 108.45 101.86
%
Prices are derived from average yields on basis of an asaffect continuity of the series,
O For bonds due or callable in 10 years or more.
sumed 3 percent 20-year bond.
9 Includes data not shown separately.
* New series.
S-22
February 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 B U S I N E S S S T A T I S T I C S
1975
1976
Annual
1978
1977
1976
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
51.83
55.55
39.75
40.36
53.85
49.89
53.45
39.15
39.09
50.91
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
Sales:
Total on all registered exchanges (SEC):
Market value
mil. $..
Shares sold
...millions..
On New York Stock Exchange:
Market value
mil. $..
Shares so'd (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected) __
millions..
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $_
Number o f shares listed
millions.
45.73
50.52
31.10
31.50
47.14
54.46
60.44
39.57
36.97
52.94
56.34
61.54
41.77
40.61
57.45
56.28
61. 26
41.93
41.13
57.86
54.93
59.65
40. 59
40.86
55.65
54.67
59.56
40.52
40.18
54.84
53.92
58.47
41.51
40.24
54.30
53.96
58.13
43.25
41.14
54,80
54.30
58.44
43.29
41.59
55.29
54.94
58.90
43.52
42.44
57.29
53.51
57.30
41.04
41.50
56.52
52.66
56.41
39.99
40.93
55.33
51.37
54.99
38.33
40.38
53.24
51.87
55.62
39.30
40.33
54.04
157,260
6,221
i 194,969
1
7,036
18,759
685
17,436
647
15, 794
575
15,890
579
15,645
554
15,949
569
15,619
617
16,635
610
15, 754
617
13, 673
509
13,168
511
16, 569
597
133,684
5,051
1
164,545
1
5,649
15, 692
541
14,526
509
13, 309
457
13, 223
453
12,884
429
13,370
454
13,244
504
13, 779
483
13,411
507
11,378
404
11, 343
423
13, 407
486
4,693
5,360
£35
502
398
435
403
426
484
450
433
384
414
495
451
428
685.11
22,478
858. 30
24,500
858. 30
24,500
822.53
24,532
802.50
24,612
795. 83
24, 681
800. 08 788. 31
24, 787 25,092
828.46
25,428
815.74
25.668
799.18
25,733
798.95
25,875
766.20
25,913
793. 99
26,000
796.64
26,093
750.43
26,153
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
Exports (mdse.), incl. reexports, totald 1
Excl. Dept. of Defense shipments
Seasonally adj usted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America.
By leading countries:
Africa:
Egypt
Republic of South Africa.
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
mil. $.. 107,591.6
do
do
do
do
do
do
541.6
413.4
378.6
486.7
430.1
458.9
523.7
413.0
525.9
483.6
510.3
371.2
4,948.9 5,205.9
28,223.2 29,731.2 2,710.2 2,430.5 2,367.5 2,825.0 2,698.5 2,963.5 2,679. 5 2, 577. 5 2,413.1 2, 526. 6 2, 246.8 2, 423.4
278.2
227.5
244.8
249. 6
215.0
228.9
238.8
222.3
245. 2
241.2
267.1
195.5
2,339.5 2,689.9
32,731.8 35,902.9 3,564. 8 2,922.1 3,140.9 3,507. 3 3,358.2 3,260.2 3, 087. 9 2,745. 3 2,434. 2 3, 009.4 2, 586. 7 2, 755. 3
do
...do
do
21,752.4 24,113.5 2,053.8 1,891.4 2,012.8 2,500. 4 2,260.7 2,438.5 2, 322. 8 1, 817. 8 1, 768. 3 2,145.2 2, 381. 3 2, 222.7
809.2
767.2
737.3
794.8
584.8
755.2
^08. 2
730.5
674.5
687.1
778.2
562.5
8,288.1 8, 367.7
672.1
818.9 1, 021.1
817.6
650.8
65. 3
717.9
748.4
772.0
779.7
906.3
619.4
8,802.6 8,600.5
do
do
682.7
1, 302.4
810.0
1,347.8
64.9
113.5
60.2
88.7
76.8
128.9
121.3
91.5
104.9
87.9
102.3
95.4
73.9
76.3
101.6
87.8
65.5
82.8
78.4
84.0
43.2
77.3
68.2
72.7
do
do
do
do
1,835.0
1,289.7
372. 0
393.4
2,199.2
1,134.7
394.3
535.6
224.1
80.3
28.7
46.9
161.1
57.1
23.5
44.2
199.5
39.9
14.1
40.5
202.2
74.3
31.9
41.8
201.1
39.4
35.7
44.5
180.6
87.1
48.3
38.8
181.6
94.3
21.4
37.4
202.3
62.7
38.1
45.1
210.3
46.3
16.5
45.2
233.2
48.7
14.8
49.0
196.2
62.3
21.2
79.7
163.4
74.0
17.7
40.9
810.1 1,036.0
818.6
831. 5
9,562.7 10,143.9
92.9
54.5
894,8
57.5
58.2
899.2
58.7
78.3
914.3
72.9
71.0
64.9
61.7
859.7
56.5
69.8
901.7
77.4
83.3
814.0
65.9
69.2
871.6
53.3
88.2
787.4
51.8
88.8
801.9
67.6
54.8
752.2
74.3
67.2
875.8
295.0
271.8
317.7
333.3
319.6
311.8
287.5
247.2
245.6
321.4
247.9
281.1
4.5
1.3
.3
3.1
8.3
501.9
440.8
459.0
208.1
88.8
440.0
175.9
39.2
387.6
234.4
134.7
370.1
do
do
do
Europe:
France
do
3,031.0
German Democratic Republic (formerly E.
Germany)
mil. $ . .
17.3
Federal Republic of Germany (formerly W.
Germany)
mil. $. _ 5,194.1
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada.
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico..
Venezuela
Exports of U.S. merchandise, totald*
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
114,992.4 10,784.9 8,992.7 9,408. 7 11,052.3 10,546.0 10,866.4 10,254.9 9,508.5 8, 881.9 10,361. 7 9, 312.1 9, 648. 0 11,329.9
107,130.4 114,802.3 10,870.8 S, 975. 9 9,403. 7 11,044.5 10,540.5 10,861.3 10,251.9 9,505.3 8,879. 0 10,358.1 9, 309. 5 ), 645. 6 11,326.2
10,397.1 9,598. 9 9,807. 8 10,071.6 9,970.2 10,394.6 10,112.3 10,149.8 9,562. 7 10,915. 9 9,i, 190.0 ), 304.1 11,029.5
do.._
do...
do...
do.
do.
do.
do.
dodo.
do.
do_
do
do
do
do
2,866.9
1,834.6
4,527.4
3,448.9
64.9
3.6
4.2
4.3
4.8
543.2
539.8
550.1
523.8
448.9
428.5
307.9
223.6
485.9
289.8
239.8
460.9
254.9
104.9
456.3
227.7
107.5
568.9
182.5
91.4
465.7
48.4
382.4
5,729.8
606.2
471.4
484.6
3, 068.4
2, 308. 2
4,798. 5
277.0
172.4
454.0
229.3
179.6
411.3
255.1
196.0
446.5
.6
2.1
.9
2, 222. 5
21,743.9 24,108.9 2,053. 7 1,891.2 2,012.7 2,500.1 2,260.3 2,438.1 2,322. 5 1,817. 6 1,768.1 2,144.8 2,381.0
1, 398.1
15,655.0 15, 492.1 1,543.7 1.063.2 1,113.1 1,320.5 1,326.8 1,305.7 1, 340. 6 1,486.9 1,419.4 1, 676.1 1, 305. 5
73.2
65.9
59.5
38.1
65.6
55.2
65.2
78.9
52.5
46.5
102.5
57.2
543.7
628.3
202.5
132.3
317.8
195.1
218.8
182.4
225.1
210.9
174.8
177.1
233.9
221.1
3,056. 2 2, 809.1
40.9
52.6
45.1
30.1
50.7
48.6
40.0
46.2
34.3
46.1
35.8
58.7
533.4
507.7
59.8
72.9
46.8
85.2
64.6
76.4
60.8
67.7
43.1
63.4
61.5
85.5
643.0
702.7
437.6
454.8
312.1
418.2
408.6
408.9
373.0
477.6
294.1
371.8
361. 3
436. 6
5,141.3 4,989.5
283.1
228.6
223.6
354.4
259.6
247.6
240.8
288.3
272.1
205.0
250.6
278.1
2,243. 3 2, 627.8
9, 478. 3
0
9,
i,
119.1
10,148.
9,275.7
8,708.6
9,347.6
8.834.3
10,040.1
10,674.0
10,857
2
10,348.1
10,596.3
106,102.1 113,318.5
9,475. 8
105,641.0 113,128.4 10,592.3 8,817.6 9,270.7 10,849.3 10,342.6 10,669.0 10,037.1 9, 344. 4 8,705. 7 10,144. 4 9,i, 116. 5 2,081. 5
1, 705.1
21,885.7 22,996. 3 2,081.4 1,906.8 2,045.9 2,293.1 2,208. 9 2,199.4 1,882.1 1,748. 9 1,541.6 1, 733.8 7, 414. 0 7, 396.8
8,
414.
2
84,216.5 90,326. 8 8,528.6 6,927.5 7,229.9 8,564.1 8,139.3 8,474.7 8,158. 0 7,598. 8 7,167.0
By commodity groups and principal commodities:
Food and live animals?
mil.
15,484. 3 15,710.1 1,220.8 1,077.0 1,114.1 1.287.7 1,232.6 1,232.2 1,145.9 1,161.9 1,138. 4 1, 244.3
60.7
75.3
67.5
67.0
62.6
54.4
65.4
69.2
64.9
69.0
Meats and preparations (incl. poultry).do
527. 7
798.0
741.6
777.7
684.0
725.1
679.4
718.3
801.9
755.7
780.1
770.8
11,641.7 10,910.9
Grains and cereal preparations
do
133.7
201.8
155. 6
156.6
157.2
142.5
166.3
128.8
112.0
191.9
Beverages and tobacco
...do.
1, 308.4 1,523.5
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
r
do
do
do
do
9, 783. 6
991.2
2,865. 2
1, 355. 2
10,890.7
1,048. 7
3,315. 4
1, 284. 5
, 101. 9 1,040. 8 1,188. 2 1.241.8 1,308.2 1,310.8 1,051.0
181.5
126.2
167.5
189. 3
143.0
189.4
130.4
433.9
369.3
294.8
528.1
455.1
518.4
386.3
73.8
93.5
110.
G
140.6
94.6
104.5
101.4
Revised. i Annual total reflects revisions not distributed to the monthly data.
d" Data may not equal the sum of the geographic regions, or commodity groups and prin-
908.7
98.4
223.3
125.0
686.2
61.6
133.4
67.0
113.6
104.5
985.3 1,140.3 1, 343. 7
67.3
65.1
677.9
556.1
67.3
1,017.0
45.9
448.1
82.2
142.4
282.6
1,112.1 1,151.6
103.1
520.0
69.9
cipal commodities, because of revisions to the totals not reflected in the component items.
9 Includes data not shown separately.
February 1978
OF CURRENT BUSINESS
SUE
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1975
Annual
S-23
1976
Dec.
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
333.6
206.7
109.2
401.4
259.7
134.1
366.2
259.0
92.3
362.1
243.4
103.9
314.7
114.9
119.2
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise—Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $.. 4,469.5
3,343.0
Coal and related products..
do
907.9
Petroleum and products...
...do
943.8
Animal and vegetable oils, fats, waxes....do..
Chemicals
Manufactured goods 911
Textiles
Iron and steel
Nonferrous base metals_
do.
8,691. 2
do.
do.
.do.
do.
10,919.2
1,624.5
2,457.0
1,090.0
Machinery and transport equipment, total
mil. $.. 45,667.6
Machinery, total 9
do
Agricultural
do
Metalworking
do
Construction, excav. and mining
do
Electrical
do
Transport equipment, total
__.do
Motor vehicles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified-
do.
4, 225.8
2,988.2
997.9
978.1
9,958.7
11,206.1
1,970. 0
1,906.2
1,
361.1
234.0
110.0
217.3
122.3
80.7
267.8
158.3
97.9
290.4
180.6
101.0
94.8
77.3
94.8
134.5
397.3
280.9
97.3
106.1
432.3
284.3
134.1
127.3
928.9
809.3
910.0
996.4
178.9
167.9
95.7
871.0
159.5
130.1
87.3
903.3
926.0 1,035.7 1,003.9 1,002.1
185.6
170.7
164.3
175.7
147.1
140.6
139.1
157.3
95.0
79.9
100.4
103.8
943.1
918.8
398.1
295.5
98.3
122.5
918.9
981.6
169.6
139.5
93.4
397.8
258.8
108.8
129.3
106.6
108.3
99.8
957.9
883.2 1,062.4
740.9
736.3 1, 042. 4
890.8
156.9
132.0
87.0
862.4 1, 054. 3
140.0
194.8
133.7
152.7
80.2
97.2
779.0
120.7
113.1
61.4
847.8 1,014. 9
135.7
138.7
69.4
49,501.2 4,822.0 3,824.5 3,869.2 4.819.7 4,416.1 4,633.6 4,325.9 3,868. 6 3,677.2 4.367.4 4, 236. 6 4,145. 7 4,852.0
31,289.0 2,857.5 2,520.3 2,545.5 3,009. 5 2,789.1 2,826.8
165.4
152.2
196.2
183.2
160.3
2,107. 7 162.4
67.8
62.2
67.0
86.7
66.0
75.1
949.2
362.6
359.9
410.3
401.3
401.5
441.7
4,945.1
764.7
759.0
960.5 879.4
876.7
9,278. 5 892.5
18,210.4 1,964.2 1,304.2 1,323.7 1,810.2 1,627.0 1,806.8
884.1 1.182.8 988.5
868.7
10,949.1
1,156.5
1,018.1
556.8
518.1
654.4
601.4
5, 672. 7 6,574. 9
622.3
611.0
232.9
215.2
292.5 267.3
3,162. 0 2,749.4
265.8
267.5
28,477.1
2,092. 2
918.2
4,733. 8
7,582.0
17,190.5
10,028.2
, 753.7 2,627. 7 , 432.5 2,860. 0 2,442.6 2, 644. 2
125.5
135.7
125.7
163.4
156.9
147.3
41.9
48.2
42.3
59.8
55.0
68.9
320.8
298.0
374.2
362.2 305.4
404.6
971.2
778.4
819.5 878.5
851.6
844.2
901.7
,572.2 1,204.8 , 244. 7 1.507.5 1,794. 0 1, 501.4 1,787. 3
711.8 1, 048. 9
, 037.8
786.7
1,119.5 1, 015.4
655.0
607.0 587.3 666.8
648.1
597.1 606.6
278.2
355.4
242.5
269.0
305.7
270.1
230.0
VALUE OF IMPORTS
General imports, total
Seasonally adjusted
By geographic regions:
Africa..
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
.do.
do_
...do
do
...do
do
do
do
.do
do
do
do
do
do
do
do
do.
Latin American Republics, total 9
do
Argentina
do
B razil
do
Chile
do
Colombia
do
Mexico
...do
Venezuela
do
By commodity groups and principal commodities:
Agricultural products, total
mil. $..
Nonagricultural products, total
do
Food and live animals 9
Cocoa or cacao beans
Coffee
Meats and preparations
Sugar
do
do
do
do
do
Beverages and tobacco
do.
Crude materials, inedible, exc. fuels 9 ...do
Metal ores
do
Paper base stocks.. .
do
Textile
fibers
do
Rubber
do
Minerals fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
Manufactured goods 9 f
Iron and steel
Newsprint
Nonferrous metals
Textiles
8,304.6 12,639.3 1,333.3 1,244.0 1,197.7 1,610.1 1,722.4 1,274. 7 1,583. 7 1, 306.1 1,382.5 1,466.8
27.054.6 39.366.1 3,578. 3 3,759. 7 3,299.7 4,209.8 3,871.1 4,004.3 4,625.6 4,228. 9 4,593.-» 4,382.4
144.5
105.3
179.,- i 149.9
122.5
142.6
148.0
160.7
136.8
128.3
1,508.2 1,671.1
21,465.9 23.640.2 !, 162. 3 2,040.8 1,903.2 2,677.7 2,309.5 2.356.5 2,603.8 2, 376. 6 2,631.? 2,389.1
21.754.7 26,246. 9 2,438. 7 1, 986.7 , 184.6 2,732.5 2,482.3 2.504.6 2,791.4 2, 233. 5 2,146,1 2, £87. 5
925.6
958.2 1, 273. 2 1,095.0
901.3 992, 4 ~~~ 8
905.7 1,005.5
912.9
8,821.6 9,347.5
870.5
816.7
816.4
934.6
664.8 73'... 7 790,3
863.6
720.1
825.0
7,219.3 7,760.5
do.
do.
Europe:
France
do
German Democratic Republic (formerly E.
Germany)
mil. $_ _
Federal Republic of Germany (formerly W.
Germany
mil. $_.
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
96,116. 0 120,677.6 11,450.2 10,932.9 10,505.2 13,551.7 12,434.6 11,906.3 13,569.7 11,859.8 12,661.5 12,475.7 11,813.6 11,798.6 13,307.2
11,020.4 11,268.7 11,673.7 12,459.0 12,593.3 11,615.9 12,932.1 12,476.1 12,232.2 12,361.1 12,237.9 11,386.4 13,059,1
27.5
840.9
1.1
76.0
1.0
74.6
76.3
2.1
90.3
17.1
104.0
18.7
115.1
18.6
93.1
16.2
101.6
12.9
100.2
2,495.9 2, 765.3
842.3 893.5
686.7
718.6
27.9 , 16.9
111. 7
I
in
15.8
129.0
86.4
1J4.7
117.2
76.2
99.4
96.4
104.8
95.1 127.1
97.8
127.0
83.8
1,183.0 1,285.7
79.2
63.8
67.2
64.3
47.7
55.8 | 61.3
75.0
63.1
72.2
65.4
48.8
548.2
708.2
3.1
3.1
3.7
4.2
4.4
5.9
5.1
5.1
7.4
4.6
5.2
5.3
48.8
69.8
109.6
102.5
143.6
113.1
101.3
90.0
107.7
117.0
109.9
82.4
113.8
83.1
766.4
939.6
250.3
207.5
296.7
306.4
273.1
334.5
319.8
340.4 272.4
366. 7 240.3
250.2
2,220.6 3,004.3
91.3
71.4
120.2
99.0
79.2
71.5
82.3
89.5
93.2
75. 6 110.8
754.2
882. 9 100.5
11,268.0 15,504.2 1,412.8 1,411.6 1,197.7 1,541.6 1,411.9 1,545.4 1,619.8 1,520.7 1,763.3 1, 624. 2 1,620.4 1, 559.1
2,136.9
11.2
5,381.5
2,397.1
254.4
3,784.4
2,509. 3
230.3
13.6
5,591. 2
2,529. 7
220.2
4,253. 7
538.1
238.1
16.6
383.2
233.0
191.7
1.1
1.3
523.1
207.9
12.8
341.8
444.2
209.5
15.8
310.0
242.1
1.8
577.0
310.7
30.8
492.2
217.9
.7
572.6
265.0
23.0
434.9
253.4
1.8
589.5
240.1
22.0
422.3
298.4
250.3
1.4
1.3
2.2
661.7
276.9
21.0
507.0
648.7
311.3
26.0
498.1
627.0
252.9
10.9
459.1
268.5
270.6
625.5
248.1
24.8
416.2
281.3
223. A
605.6
221.0
16.0
380.3
569.1
215.1
18.8
333.9
.7
21,746.7 26,237.6 2,436. 9 1,985.4 2.183.4 2.721.4 2,480.7 2,504.5 2, 789.0 2,231. 7 2,142.8 2,485.7 2,494.8 2,763.7
11,839.8 13,226.6 1,397. 7 1,380.4 1.369.5 1,608. 5 1,554.1 1,308.7 1, 424.7 1,197. 2 1,304.1 1,268. 9 1,210.8 1, 262.6
39.8
35.0
26.3
37.3
30.6
27.7
28.5
26.6
33.5
28.4
214.6
26.4
30.5
307.9
125.8
155.2
141.2
182.2
238.9
211.1
182.8 242.3
193.5
168.0
181.2
1,464.3 1,736.6
209.6
14.1
19.1
18.5
18.5
22.4
13.0
18.8
34.2
17.6
24.2
26.8
137.7
22.6
221.6
68.4
77.4
35.7
83.2
51.1
99.5
97.3
66.0
62.4
41.2
53.3
590.2
69.9
654.8
377.6 428.0
325.3
322.5
369.1
431. 5 462.2
386.4
417.4
344.5 369.5
3,058. 6 3,598.1
361.1
283.2
311.1
343.9
411.3
349.7
478.0
255.9
348.4
354.2
296.6
3,623.9 3,574. 4 3't)6. 3 386.9
3 835.6 803.1
9.489.8 11,178.7 1,106. 0 1,124. 6 1,142.5 1,343.1 1,404.3 1,279.9 1,251.7 1,010.5 1,019.9 1,013.
11,641.6 11,462.4 10,978.1 10,995.4
86.650.5 109,498.7 10,344.2 9,808.3 9,362. 6 12,208.6 11,030.3 10,626.4 12,318.0 10,849.3
805.1 1, 220. 2
784.4
934.6 895.9
8,503.3 10,267. 4 1,031.4 1,008.1 1,042.3 1,214.1 1,325.0 1,182.3 1,139. 2 938.9
21.0
36.1
37.9
25.3
44.1
43.6
57.2
46.9
70.0
38.7
321.1
31.7
41.6
357.9
221.0
152.7
215.1
177.5
401.6
478.5 519.0
360.5
385.0
389.1
244.7
1,560.9 2,632. 3 343.7
63.0
112.9
82.8
111.4
88.7
114.3 114.5
102.7
109.5
109.5
106.4
1,141.2 1, 447.0
90.9
76.3
89.6
89.4
45.4
62.1
78.8
86.5
82.9
1.870.1 1,154. 0
86.2
87.9
108.4
142.2
102.0
139.7
162.5
187.0
156.4
152.3
128.1
117.8
142.7
1,419.5 1,623.7
155.4
119.5
112.5
704.9
665.3
640.1
734.0
775. 9 677.2
708.0
639.1
681.5
545.0
547.0
5.566.2 7,013.8
626.0
668.1
218.1
246.1
197. 8 181.8
116.1
207.9
139.0
206.5 238.9
126.4
1,976.7 2,250. 8 225.6
150.9
115.8
90.3
127.2
113.6
91.4
117.5
100.6
91.9
111.6
94.8
1,067.5 1,275.5
102.5
102.4
7.7
24.4
12.6
23.5
15.7
21.6
27.3
19.3
16.5
20.2
18.2
174.4
23.8
249. 3
31.5
58.2
59.6
40.5
62.3
67.2
41.2
56.2
45.3
60.3
58.5
364.7
54.9
520.0
do
26.475.6 33,995.9 3,332.8 3,512.6 3, 232.9 4,679.7 4,065. 0 3,208.9 4,008.9 3,531.4 3,761. 9 3,809. 6 3,396. 5 3, 571. 2 3, 508. 0
24,814.3 31,794. 5 3,115. 2 3, 296.8 3,032.3 4.437.5 3,844. 5 2,992.1 3, 779. 3 3, 331. 2 3,556.4 3,538. 6 3,172, 3 3, 322.1
do
36.2
36.2
53.3
29.2
69.7
53.2
42.1
41.7
52.9
do
45.0
42.0
553.9
36.6
50.0
463.9
514.0
331.1
406.8
505.5
481.0
402.1 407.1 517.1
414.3 502.7 474.8
475.4
453.6
c b . . . - 3.695.9 4,771.8
do
14,702.5 17,615.5 1,629.0 1,498.0 1,397.0 1,773.9 1,673. 9 [,856.0 1,999.9 1, 761. 9 1,954.8 1,932.5 1,765.2 1, 768. 9 2,031.9
557.7
528.2
593.5
511.9
do.
568. 9 488.2
355.0
528.9
4,594.5 4,346. 6 437.8
318.5
374.9
366.6
175.6
160.3
do.
139.4
149.1
156.9
174.0
142.8
147.4
157. 2 134.0
144.7
1,427.3 1,742.4
171.0
311.3
371.7
307.9
300.2
do
334.7
365.1
339.1
250.4
272.4
2,580.7 3,500. 8 324.3
349.8 358.3
169.2
141.2
156.6
139.3 118.8
do"
156.3
144.7
139.9
133.2
141.2
1,218.6 1,634. 8 143.4
150.7
r
Revised.
9 Includes data not shown separately,
chiefly by material.
92.5
924.8
1,264.3 1, 494. 8
4,117.3 3, 826.3
101.9
145.3
2,229.2 2,029. 4
II Manufactured goods—classified
Jan.
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 B U S I N E S S STATISTICS
1975
1976
Annual
February 1978
1976
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May-
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS—Continued
G eneral imports—Continued
B y commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $.
Machinery, total 9
_ _ do_..
Metalworking
do _ _.
Electrical
do._.
Transport equipment
.do...
Automobiles and p a r t s
_do_..
23A57.2 29,823.9 2,795.4
11,727.4 15,183.7 1,452.5
33.5
361.8
361.5
676.3
4,911.2 7,424.2
11,737.2 14,640.2 1,343.0
9,920.7 13,103.9 1,228.8
2,569.3 ?, 504.5 3,151.4 2,864.5 2,951.0 3,294.6 2,881.7 2,852. 6 2,874.9 3,069. 4 3, 044.7 3, 435.1
' 311.6 1,229.7
527.3 l
1,477.8 1,623.5 1,490. 3 1,534. 7 1,531.2 1,505. 9 1, 399. 2
34.4
39.8
39.7
30.5
32.6
32.9
31.2
35.8
37.1
32.2
40.7
'41.4 766.6
712.5 624.5
61.3
563.7
'81.7 733.8
>85.7
609.1
687.8
257.7 1,274.8 1,624.1 1,500.7 1,473. 2 1,671.1 1, 391.4 1,317.9 1, 343.7 1, 563. 5 1, 645. 5
132.0 1,153.6 1,465.0 1,340.9 1,325.5 1,474. 2 1, 234. 5 1,118.3 1,193. 8 1, 387.9 1,480. 9
1,169.6 1,047.3 1,125. 2 1,328.5 1,294.9 1,471.8 1,332.7 1,354. 5 1, 240.8 1,450. 2
,045.9
1,002. 2
2,517.6
2,537.7
220.1
170.6
201.5
205.3
201.4
235.6
295.2
204.9
233.2
218.7
227.8
233.4
264.4
195.1
176.7
344.9
202.1
182.7
369.1
209.1
198.6
415.3
209.0
165.2
345.3
208.1
174.4
363.0
211.3
201.1
424.8
212.2
190.9
405.0
213.4
195.7
417.8
212.6
184.9
393.0
211.3
173.2
365.9
211.0
161.5
340.9
212,2
187.2
397.2
210.6
169.5
357.0
213.0
174.2
371.0
215.4
202.3
435.7
241.2
149.4
360.5
248.8
182.1
452.9
255.4
201.8
515.4
259.2
189.7
491.7
260.3
181.5
472.4
267.3
228.0
609.5
265.5
210.4
558.6
272. 6
196. 7
536.1
268. 7
227. 3
610. 9
270.4
197.0
532.7
273.3
207.6
567.4
273.4
204.7
559.5
272.6
194.7
530.8
275. 5
192.5
530.3
271.6
220.6
598.0
thous. sh. t o n s .
mil. $.
269,182
61,408
283,070
64,712
24, 036 18,358
6,023 4,982
20,251
5,342
21,946
5,951
24, 776 24,928
5,976 6,055
24,062
5,617
. . t h o u s . sh. t o n s .
mil. $.
427,865
63,469
517,450
81,171
49,169 48,422
7,770 7,813
42,517
7,128
58.314
9,447
50, 723 45,746
8,175
v 14.84
53.9
p 17.04
P57.4
P2,116
P2,315
v 12.24
P14.01
P281
P 65
P271
P87
P304
P209
P43
Miscellaneous manufactured articles
Commodities not classified._
do._.
do...
9,224.4 12,563.9 1,114.2
Indexes
E x p o r t s (U.S. mdse., excl. military grant-aid):
Unit value
1967=100.
Quantity
do...
Value
_
do__.
General imports:
Unit value..
._
...do...
Quantity
do...
Value
do...
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
Value
General imports:
Shipping weight
Value
24, 085 21, 624 24, 610
5, 490 4,880 5,947
56,066 49,434 54,324 53,204
9,495 8,488 9,281
8, 773
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
Passenger-load factor §
Ton-miles (revenue), totalU_ _
Operating revenues (quarterly) 9 O
Passenger revenues
Cargo revenues
Mail revenues
Operating expenses (quarterly)©
N e t income after taxes (quarterly) O
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
N e t income after taxes (quarterly)©
International operations:
Passenger-mile (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
N e t income after taxes (quarterly) O
bil.
percent.
mil-
162.81
53.7
22,186
178.99
55.4
24,121
15.19
54.6
2,066
mil. $.
do...
do...
do
do...
do.._
15,356
12,354
1,310
311
15,228
-72
J>17,506
PU, 267
*1,497
*328
*16,783
J>415
P4,428
bil.
mildo__.
131.73
2,747
145.27
2,909
719
12.56
245
84
mil. $_.
do
do
12,020
11,902
-46
*>13,901
?13, 326
331
*3,568
bil..
mil_.
do
31.08
2,048
426
33.72
2,187
407
2.63
172
47
mil. $_.
do.
do.
3,336
3,326
-25
P3, 605
"3,457
"120
J>849
5,643
5, 690
99
9,703
99
2 11,362
99
3,040
239
341
177
199
15.09
53.8
1,952
12.94
51.0
1,747
P3,542
P405
P104
15.46
54.7
2,098
15.39
55.6
2,057
15.34
54.0
2,060
17.02
57.6
2,240
4,437
3,638
375
4,896
4,026
40/
4,446
-37
4,651
18.85
60.1
2,425
19.49
61.8
2,515
15.61
54.1
2,128
16.16
55.3
2,255
15.00
263
57
15.62
278
60
12.34
269
60
13.02
292
384
186
34
386
194
34
327
206
31
313
254
32
P252
463
489
479
166. 8
163. 6
P80
H, 304
P62
12 23
211
57
10.72
213
56
12.83
265
66
12.59
250
63
12.31
259
3,590
3,580
-25
P3,455
51
222
153
30
2.87
146
30
263
185
35
13.69
272
61
P12.
16
' 3, 885
'3,695
280
171
34
303
173
35
847
865
-11
332
172
35
v 1,011
P956
Urban Transit Systems
Passengers carried (revenue)
mil-
465
474
577
463
467
426
Motor Carriers
Carriers of property, large, class I, qtrly.:*
N u m b e r of reporting carriers
Operating revenues, total
mil. $..
N e t income, after extraordinary and prior period
charges and credits
mil. $..
Tonnage hauled (revenue), common and contract
carrier service
mil. t o n s .
Freight carried—volume indexes, class I and I I
intercity truck tonnage ( A T A ) :
Common and contract carriers of property
(qtrly.) cf
average same period, 1967 = 100..
Common carriers of general freight, seas, adj.t
1967=100..
100
3,395
100
3,559
90
123
146
53
57
54
100
3,030
137
127
152.3
154.8
16, 357
15,346
297
18,560
17,4
330
4,742
4,448
83
4,459
81
4,972
84
13,207
2,799
351
1108
14.948
3,182
430
1273
3,864
764
102
i 21
825
11
4,148
893
228
1
228
159.5
165.6
165.5
152
154
147
121
131.7
166.4
166.6
165.8
168.1
167.5
165.6
Class I RailroadsA
Financial operations, qtrly, ( A A R ) , excl. A m t r a k :
Operating revenues, total© 9
mil. •$..
Freight
do
Passenger, excl. A m t r a k
do
Operating expenses©
Tax accruals and rents
N e t railway operating income
N e t income (after taxes) 0
do
do"..
do...
do...
r
p
2
Revised.
Preliminary.
i Before extraordinary and prior period items.
Annual
total; quarterly revisions not available.
9 Includes data not shown separately.
11 Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of
available seat-miles in revenue service reflects proportion of seating capacity actually sold
a n d utilized.
O Total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
* N e w Series. Source: I C C (no comparable data prior to 1972).
d"Indexes are comparable for t h e identical quarter of each year (and from year to year).
5,002
4,693
4,158
838
6
i -16
AEffective 1976, defined as those with annual revenues of $10 million oi more; restated 1 9 ^
data reflect changes.
© N a t l . Railroad Pass. Corp. (Amtrak) operations (not included lr
A A R data above), 1975 and 1976 (mil. $): Oper. revenues, 235; 287; net loss, 3o3; 4b9 ( l ^ o
« Domestic t r u n k operations only (domestic t r u n k s average about 90% of total domest
operations).
| Effective Mar. 1977 SURVEY, revised back to 1957 to new t i a d m g day ar
seas. adj. factors.
OF CURRENT
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
S-25
1977
1976
Dec.
Feb.
Jan.
Mar.
Apr.
May
June
1978
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
TRANSPORTATION AND COMMUNICATION—Continued
i
TRANSPORTATION—Continued
Class I RailroadsA—Continued
Traffic:
Ton-miles of freight (net) total, otrly
bil
TJpvpnnp ton-miles otrlv (A \ R )
do
Rpvpnnp Der ton-mile
cents
Price index for railroad freight
1969 = 100..
Passengers (revenue) carried 1 mile
mil-
778.4
754.3
2. 043
169.4
9,765
822.5
794.9
208.9
200.8
186.6
191.6
224.9
216.0
207.7
195.6
198.0
198.0
198.2
198. 3
198.2
198.2
210.9
205.3
198.4
198. 4
198.5
198.1
198. 5
198.6
2 51.1
207.8
Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967 = 100.
Hotels* Average room sale^[
dollars
Rooms occupied
% of total
Motor-hotels: Average room saleU
dollars..
Rooms occupied
% of total
Foreign travel:
U S citizens' ArrivalsO
thous
Departures©
do __
Aliens' Arrivals©
do
Departures©
do
Passports issued
_do.
National Darks visits^
do
118
127
128
114
122
145
114
147
157
138
138
155
28.76
60
20.98
64
31.32
63
22.48
67
31.46
46
21.88
50
34.45
57
23.15
61
33.71
63
23. 27
65
33.92
67
23.68
71
34.69
64
24.06
70
35.72
70
24.29
72
34.89
71
25.07
77
34.06
64
25.81
78
34.98
69
26.10
81
35.20
67
25.07
71
36.68
76
25.72
76
35.70
67
24.96
66
8 050
8,177
6,176
5 326
2 334
60,527
7 700
7,755
6,264
5,382
2,817
60,521
468
588
511
549
354
618
645
643
552
493
710
919
1,002
801
769
719
760
575
511
405
183
399
207
304
222
419
354
462
371
548
288
661
271
409
180
446
162
1,849
1,971
2,417
3,691
4,567
8,252
12,107
11,159
500
206
471
158
1,698
399
357
926
729
6, 355
5,086
2,634
2,050
32,070
15,256
12,692
20,664
5,792
132.3
36, 602
16 621
14 618
23, 321
6.679
138.5
3,174
1,438
1 259
2,173
497
138.5
3,222
1,488
1 295
2,033
587
138.9
3,159
1,488
1 216
1,985
578
139.5
3, 364
1,520
1,391
2, 103
5S5
139.9
3,360
1,531
1 288
2,224
399
140.3
3, 364
1,545
1,351
2,142
607
140.1
3,397
1,548
1,368
2,163
624
141.0
3,290
1,547
1,323
1,959
827
141.5
3, 488
1, 557
1, 450
2, 243
631
142.1
3,467
1,586
1 376
2, 291
591
143.0
3,508
1, 608
1 398
2,232
637
143.6
3, 563
1,627
1,422
2,312
628
144.2
504. 8
403.9
70.7
527 7
423.0
75.4
45.1
36.7
6.0
43.2
34.4
6.2
43.3
33.7
7.1
47.9
37.6
7.6
46.0
34.6
9.0
46.6
35.8
8.2
48.4
37. 4
8.4
45.2
36.2
6.6
47.4
38.1
6.7
46.8
37.9
6.3
46.7
37.3
6.8
46.5
37.6
7.0
315.9
223. 6
74.6
349. 5
256.3
71.9
30.6
23.6
4.7
31.1
21.3
7.6
29.8
21.0
7.1
34.8
22.6
10.3
31.7
23.1
8.3
32.9
22.4
8.9
33.1
20.0
11.5
31.8
22.5
7.7
33.8
22.9
9.3
34.3
22.6
9.7
34.0
22.5
9.8
34.7
16.9
5.2
1
578
452
625
472
347
330
128
646
480
733
488
853
572
746
614
628
528
138
520
457
619
535
217
COMMUNICATION
Telephone carriers:
Oneratinsr revenues 9
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:&
Oneratinc revenues
do
Operating expenses
do
Net operating revenues (before taxes)
do
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AI2O3)}
thous. sh. tons..
Chlorine gas (100% Cla)?
do
Hydrochloric acid (100% HC1)}
do
Phosphorus, elem ental }
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 trypolyphosphate (100% NasP30io)l
do....
Titanium dioxide (composite and pure)} do
Sulfur, native (Frasch) and recovered:
Production
thous. lg. tons...
Stocks (producers') end of period
do
1
100
904
226
39
1, 230
10,378
2,496
437
101
889
207
41
78
792
179
33
82
794
183
33
93
883
203
39
104
901
214
38
97
886
204
41
98
917
232
38
98
820
220
34
112
877
243
32
216
34
2,344
10,516
747
1,232
165
884
65
101
131
791
63
103
138
159
896
65
101
168
882
61
117
160
886
66
118
148
895
63
104
154
848
65
90
161
860
79
95
147
859
61
94
152
797
58
107
770
603
724
713
61
52
50
47
58
48
68
60
61
57
60
61
62
61
54
57
61
63
58
62
61
10,180
5,126
i 9,402
5,563
768
5,563
740
711
5,613
774
784
801
5, 631
5,616
5 ,607
5,562
826
5, 578
826
5, 584
787
5, 552
768
5,440
5, 401
5, 413
16,419
7,088
2,106
7, 527
2, 068
7,677
32,360
16,716
7,186
2, 010
7,892
2,068
7, 955
33,501
1,5?8
1, 104
550
157
567
156
631
2, 631
1,149
1,543
716
173
710
244
771
3,062
3,079
1, 491
614
178
649
189
714
2 928
1 510
587
151
640
212
663
2 684
1, 552
585
195
670
222
702
2,837
1,499
607
125
660
229
719
2,892
1,476
636
150
680
209
757
3,000
1,440
607
2,634
1,617
704
163
708
253
745
3 ,007
1,571
557
136
579
183
654
5,573
5,824
569
469
5,079
6,282
19, 614 1 18,324
1,397
1,239
13,789 '12,351
1,419
1,670
514
469
434
474
396
527
1, 588
29
1, 070
144
493
388
431
571
261
803
595
244
947
600
343
528
1,757
1,873
1,719
113
581
428
394
1, 810
63
1, 309
131
526
432
427
1, 909
105
1 332
155
564
407
756
2,043
108
1,407
173
590
471
497
2,311
151
1,666
214
604
552
363
2,101
124
1, 561
88
500
630
408
1,984
174
1,420
179
••318
2, 251
132
1,538
112
46
34
723
23
15
28
632
13
16
13
571
11
19
10
13
10
852
19
19
8
505
18
21
36
553
0
46
21
642
12
770
776
801
5,469
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}
thous. sh. tons..
Ammonium nitrate, original solution}
do
Ammonium sulfatet
. . . .do.
Nitric acid (100% H N O 3 ) |
do
Nitrogen solutions (100% N) t
.
do
Phosphoric acid (100% PaOsH
do. .
Sulfuricacid (100% H2SOOt
do
Superphosphate and other phosphatic fertilizers
a00%P ? O 6 ):
Production
thous. sh. tons..
Stocks, end of period..
..
do
Potash, deliveries (KjO)
do
E xports, total 9
do
Nitrogenous materials
do
Phosphate materials
do
Potash materials
do
Imports:
Ammonium nitrate
do
Ammonium sulfate
do
Potassium chloride
do
Sodium nitrate
do
646
186
691
177
736
3,030
1,259
1,364
122
1,764
85
1,480
72
29
24
245
312
28
23
48
219
72
566
501
641
6,132
7,475
498
3
16
4
139
103
'Revised,
P Preliminary.
i Annual total; monthly revisions are not available.
2 For month shown.
ASee " A " note, p. S-24.
"[Average daily rent per occupied room,
not scheduled rates.
9 Includes data not shown separately.
©Effective 1976, data are compiled by U.S. Dept. of Transportation from INS records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784- 159- 129)
37
42
913
19
76
54
940
22
1,981
126
1,308
171
60
147
68
723
178
722
298
700
69
1,275
661
223
640
2,765
§ 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.
{^Includes data for Western Union Int. Cable & Wireless.
tMonthly revisions back to 1971 are available upon request.
SUEVEY OF CUEKENT BUSINESS
S-26
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1976
1976
Annual
Dec.
February 1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMIC ALS— Continued
Industrial Gases t
Production:
Acetylene
mil. cu. ft.
Carbon dioxide, liquid, gas, and solid
thous. sh. tons.
Hydrogen (high and low purity)
mil. cu. ft.
Nitrogen (high and low purity)
do...
Oxygen (high and low purity)
do...
6,704
7,111
537
565
531
538
428
544
509
457
505
467
'458
450
1,850
73,552
252,368
352,554
1,967
81,641
289,926
382,914
154
6,876
26,159
29,989
141
6,265
24,744
29,867
160
6,348
23,655
28,938
184
7,329
26,349
34,653
185
7,031
25,576
33,401
186
7,169
27,119
34,943
197
7,404
29,651
33,028
204
7,244
27,342
31,401
217
7,374
28,876
32,287
199
6,831
29,191
30,446
'197
• 7,328
29,466
33,072
175
7,019
29,196
31,279
125.4
128.3
179.2
177.1
i 171.2
' 215.6
14,558.1 !5,449.3
321.2
264.4
i 940.1
i 779. 6
i 902.4
i 702.2
2.7
11.4
14.7
464.5
25.4
82.2
73.1
2.2
8.9
10.3
352.8
25.5
81.2
82.0
2.3
19.2
11.9
338.1
22.8
71.2
75.5
2.5
14.3
12.0
405.5
25.1
94.1
86.3
2.5
11.2
15.8
530.6
20.2
92.6
82.5
3.2
11.2
10.1
504.5
19.2
68.9
71.1
2.7
15.2
11.5
497.0
24.3
84.5
84.8
2.1
11.2
14.2
465.2
20.2
97.4
83.6
2.4
13.1
11.2
491.6
27.4
90.5
72.9
1.7
13.5
7.8
512.6
26.6
70.3
72.1
1.2
11.5
14.4
546.7
25.6
82.8
73.7
1.8
13.0
14.4
Organic Chemicalscf
Production:
Acetylsalicylic acid (aspirin)
Creosote oil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades
Methanol, synthetic
Phthalic anhydride
...mil. 1b.
mil. galmil. lb.
do...
do
mil. gal.
mil. l b .
24.6
83.3
68.1
2.3
14.2
13.9
481.8
23.0
88.0
82.9
144.1
834.1
224.3
468.9
417.4
131.3
808.8
227.6
434.7
392.3
•• 533.3
ALCOHOLJ
Ethyl alcohol and spirits:
Production..
Used for denaturation
Taxable withdrawals
Stocks, end of period
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks, end of period
mil. tax gal.
do...
do...
do
526.4
391.2
77.8
106.1
499.6
416.0
78.4
85.3
47.7
30.5
7.1
85.3
36.5
32.8
5.8
77.5
37.7
34.8
5.1
79.0
42.8
38.8
7.6
75.4
39.2
35.5
6.0
72.0
43.5
33.5
6.5
77.7
43.2
41.4
7.4
73.7
40.3
27.2
5.7
79.0
40.9
36.7
7.5
81.4
41.0
35.0
7.0
69.8
44.6
32.2
7.4
71.9
mil. wine galdo...
do...
207.3
207.1
2.7
225.3
225.5
3.2
16.7
16.9
3.2
17.6
18.5
2.5
18.9
18.4
3.0
20.7
20.7
2.9
19.1
19.3
2.7
18.0
17.5
3.0
22.4
22.8
3.5
14.9
14.7
2.8
19.8
20.1
2.7
18.7
18.6
2.7
17.8
18.1
2.4
11,274.9
17,482.7
11,903.4
13,877.3
i 3,694.6
11,305.3
18.774.7
12,551.0
14,742.9
14.544.8
120.6
773.3
168.5
389.9
355.2
125.3
729. 6
237.0
329.9
337.9
129.1
654.4
243.6
358.9
376.2
143.0
851.3
229.9
472.9
443.0
142.1
833.7
236.2
461.9
451.4
138.5
853.1
229.1
449.7
450.0
141.1
838.3
227.9
458.7
462.7
125.4
882.7
202.3
406.5
441.1
138.4
874.7
197.8
423.9
439.2
146.3
841.5
218.9
423.1
417.8
151.1
891.0
239.1
441.7
451.9
2,325.7
2,543.0
653.6
311.9
141.1
170.8
393.1
200.8
192.3
377.8
197.9
179.9
429.7
231.6
198.2
445.5
237.7
207.9
393.3
216.6
176.7
445.1
239. 6
205.4
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers
mil. lb.
do...
do...
do...
do...
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. lb.
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $.
Trade products
do...
Industrial
finishes
do...
4,026.6
2,079.0
1,947.6
280.0
122.6
157.5
4,685.9
2,446.4
2,239.6
647.4
707.4
623.2
285.9
127.2
158.7
410.7
207.0
203.7
351.2
•368.3
' 173.1 166.3
• 195. 2 184.8
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr. ^2,001,000
196,308 162,840 168,641 156,885 168,163 180,236 197,930
•1,916,000 P2,036.487
Electric utilities, total
do.
,616,000 1,752,807 162,868 175,574 147,543 148,832 138,247 149,466 163,039 181,138
By fuels
do.
300,000 283,680 20,212 20,734 15,298 19,808 18,637 18,697 17,197 16,791
By waterpower
do.
Industrial establishments, total
By fuels...
By waterpower
do..
do.
do.
195,861 176, 035 166,359
179,289 160,023 149,162
16,572 16, 012 17,196
' 84,969
81,649
3,320
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. ,733,024 1,849,625 161,850 170,277 165,226 [56,887 150,833 149,545 160,170 172,569 176,889 172,074 160,715
Commercial and industrial:
418,069 440,625 36,916 39,133 37,945 36,222 35,341 36,227 39,511 43,180 44,345 43,167 39,297
Small light and power§
do
661,558 725,169 61,956 60,314 59,493 62,043 62,004 63,549 65,493 63,584 64,971 65,140 64,650
Large light and power§
do
4,273
586,149
4,338
613, 072
392
56,893
402
64,516
451
61,705
52,686
331
47,736
328
44,005
336
49,481
331
59,748
332
61,541
329
57,687
322
50, 599
13,907
43,625
5,443
14,413
45,625
6,383
1,319
3,839
535
1,376
3,982
554
1,241
3,815
576
1,185
3,837
580
1,123
3,710
588
1,113
3,729
595
1,074
3,705
571
1,141
4,008
575
1,123
4,009
569
1,163
3,977
611
1,244
3,841
763
Revenue from sales to ultimate customers (Edison
46,853.5 53,462.9 4,734.9 5,107. 7 5,005. 4
Electric Institute)
...mil.
4,846. S
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do.
do.
do..
do .
do_
4,685. 5 4,683. 4 5,100. 6 5,775.4 5, 967. 7 5,819.1 5, 349.1
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total
thous..
ResidentiaL _
Commercial
Industrial
Other
es to customers, total
do
do.
do.
do.
..
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
44,839
45,128
45,128
45,295
45,009
41,950
3,483
184
41,685
3,378
178
53
41,463
3,317
177
52
3,067
2,629
851
441
1,723
51
418
290
1,861
60
41,210
3,393
182
54
41,519
3,377
2 179
2 53
41,519
3,377
179
53
14, 863
14,814
3,890
do.
do.
do .
do.
4,991
2,387
6,837
5,014
2,423
2 7,107
2 270
1,438
683
1,692
75
2,348
1,002
,412
187
mil. $.
19,074
23,701
6,738
9,498
tril. B t u .
2,966
9,941
Residential
do.. _
8,445
1,247
4,075
Commercial
do...
3,303
2,435
2 9,374
Industrial
do...
6,718
91
2
311
Other
do...
608
T
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
45,670
54
4,949
5,021
1,974
2,263
240
4,973
852
71
1,217
603
3,072
81
to year basis because of changes from one classification to another.
cfData 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.
SURVEY OF CURRENT BUSINESS
February 1978
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
1976
Dec.
Annual
S-27
Jan.
Mar.
Feb.
Apr.
June
May
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
mil. b b L .
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
...mil. tax gal..
Consumption, apparent, for beverage purposes
mil. wine gal..
Taxable withdrawals
mil. tax gaL.
Stocks, end of period
do
Imports
mil. proof gal. _
Whisky:
Production
mil. tax gal..
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil. proof gaL.
160.60
148.64
12.74
163.66
150.39
11.94
11.19
10.83
11.94
11.98
10.01
14.01
11.48
10.43
13.95
16.20
14.55
14.59
16.03
14.28
15.03
16.79
15.00
15.57
16.90
15.71
15.37
15.92
14.80
15.13
15.31
14.64
14.44
13.30
12.89
13.57
12.61
11.65
13.63
12.02
11.48
13.02
144.24
160.42
12.16
11.33
12.98
14.84
13.61
.15.25
13.85
11.24
11.40
13.82
15.06
1422.61
229.74
793.87
113.46
425.89
216.34
752.85
112.71
53.41
17.46
752.85
12.14
28.97
16.85
747.64
7.08
28.16
15.41
745.49
7.03
36.67
19.51
743. 22
9.47
33.29
17.44
T40. 35
8.28
32.76
16.85
737. 50
8.78
38.62
17.79
737.26
9.23
31.11
14.45
735.02
7.94
33.40
19.79
728. 33
7.21
19.18
725.51
11.58
21.60
18.50
13.27
11.59
11.53
59.64
140.82
737.39
94.98
79.12
126.62
692.34
92.07
5.36
9.71
692.34
9.93
5.81
10.12
687.72
5.59
6.71
9.11
685.03
5.62
7.85
11.04
682.68
7.58
7.78
10. 01
680.51
6.66
8.14
9.18
678.26
6.97
8.08
9.70
678.68
7.56
6.14
7.84
677.94
6.12
6.17
11.40
672.33
5.82
6.16
11.22
668.17
9.33
6.99
13.63
661.14
10.91
9.70
9.29
112.50
46.64
107. 71
41.84
9.79
3.51
7.92
2.95
7.23
2.74
10.34
3.83
8.07
2.80
8.89
3.20
9.50
3.48
7.48
3.01
9.84
3.65
9.52
3.72
10.60
4.17
19.37
18.46
7. 90
1.93
20.59
19.22
8.35
2.56
1.75
2.34
8.35
.40
1.86
1.06
9.05
.25
1.92
.96
9.94
.16
1.92
1.41
10.37
.21
1.77
1.01
11.03
.22
1.25
1.70
10.60
.25
1.13
1.60
10.00
.21
1.29
1.06
10.17
.17
2.13
1.57
10.60
.24
2.02
2.13
10.41
.38
2.70
2.86
10.12
.27
2.67
3.27
9.36
384.82
300.25
451.84
47. 39
405.78
298. 25
473.70
56.36
15.19
27.34
473.70
5.80
6.89
23.31
452.46
5.16
6.37
21.31
429.28
4.63
7.38
31.19
398.63
5.13
7.51
25.02
378.12
5.19
6.65
24.29
357.30
5.91
4.05
26.32
332.30
6.33
3.55
22.29
309.38
6.26
19.58
25.93
298.78
6.39
123.68
25. 98
392.22
6.97
155.11
26.86
505. 22
5.55
51.24
27.56
513.13
2.92
339.31
344.77
16.48
8.58
16.62
10.73
6.93
8.80
6.06
2.67
19.87
89.85
74.00
24.88
983.8
10.9
.818
978.6
47.1
.944
92.5
47.1
.929
105.6
67.6
.927
96.2
94.3
.929
98.4
106.4
.952
100.4
128.5
1.032
103.9
164.0
1.029
95.0
201.3
1.029
84.2
208.4
1.031
78.2
207.7
1.037
75.5
203.4
1.051
84.9
198.3
1.056
81.8
193.7
1.050
89.3
184.9
1.060
mil. lb.. 2,811.4
d o — 1,654.6
3,336.6
2,062.4
281.1
169.1
264.8
166.8
254.0
158.8
299.2
183.4
301.9
193.8
326.6
211.9
314.1
200.3
282.6
176.2
271.6
162.7
251.4
142.8
254.3
145.2
248.5
136.0
275.5
157.8
367.8
Stocks, cold storage, end of period
do
307.0
American, whole milk..
do—
179.5
Imports
do—
Price, wholesale, American, single daisies (Chi1.044
cago)
$ per lb..
Condensed and evaporated milk:
Production, case goodsj
mil. lb_.
Stocks, manufacturers', case goods, end of month
or year
mil. lb..
58.6
Exports:
1.8
Condensed (sweetened)
do
53.0
Evaporated (unsweetened) 0
do
Fluid milk:
115,334
Production on farmst
do
59,230
Utilization in mfd. dairy products!
do
8.75
Price, wholesale, U.S. average?
$ per 100 lb_.
Dry milk:
Production:
63.1
Dry whole milkj
mil. lb..
1,001.5
Nonfat dry milk (human food)J
do
Stocks, manufacturers', end of period:
5.6
Dry whole milk
do
47.1
Nonfat dry milk (human food)
do
Exports:
35.5
Dry whole milk
do
90.6
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per lb_.
478.4
411.3
206.8
485.7
417.0
18.0
470.6
403.5
10.6
486.9
422.5
12.5
511.4
447.4
11.2
558.5
491.5
11.4
583.9
510.6
17.1
592.3
518.3
16.9
590.1
516.9
16.6
554.0
483.2
18.7
502.8
437.5
17.7
479.2
417.7
15.2
468. 6
404.7
43.5
440.8
376.2
1.140
1.140
1.152
1.193
1.193
1.194
1.194
1.194
1.205
1.206
1.211
1.224
1.229
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
.32
5.34
DAIRY PRODUCTS
Butter, creamery:
Production (factory)t
Stocks, cold storage, end of period
Price, wholesale, 92 score (N.Y.)
Cheese:
Production (factory) total!
American, whole milkj
mil. lb..
do
$ per lb..
1.161
411.3
42.6
1.140
895.5
61.3
62.5
63.3
70.6
70.6
66.3
63.5
63.0
81.6
85.7
80.2
76.9
71.7
59.6
53.3
46.1
57.6
66.4
101.5
127.7
133.2
158.7
148.6
134.3
101.0
75.2
.3
2.3
.3
3.0
.3
3.0
.4
1.8
2.3
.9
3.6
.2
2.6
.3
1.1
.1
2.1
.2
1.5
.4
2.7
.2
2.8
' 9, 681
5,066
9.72
9,914
5,259
9.65
9,337
5,100
9.54
10,586
5,847
9.43
10,743
5,992
9.43
11,373
6,465
9.34
11,021
6,360
9.38
10,693
5,825
9.50
10,397
5,580
9.69
' 9,850
4,985
10.00
9,844
4,861
10.20
9,429
4.631
10.20
9,770
4,948
10.30
78.1
926.2
5.0
73.7
6.1
71.5
6.4
72.3
7.6
87.5
6.3
107.1
7.6
119.6
5.6
132.7
4.3
120.7
6.5
100.6
4.2
78.4
4.2
71.5
5.5
65.9
4.7
77.5
9.1
94.0
9.1
94.0
11.1
87.8
8.8
84.9
8.5
78.9
10.1
106.6
119.7
10.0
127.1
9.4
128.8
6.2
109.4
6.3
88.6
5.8
69.3
6.0
59.6
6.0
60.9
31.6
10.3
1.8
.3
2.4
.2
1.6
.1
2.5
.1
2.3
.1
2.5
4.3
1.9
11.8
2.3
3.7
2.1
4.9
2.0
4.8
1.7
1.4
1.5
3.1
1.1
4.2
.635
.625
.624
.623
.653
.677
.679
.678
.679
.680
.680
2,813.6
201.4
182.6
191.5
208.8
219.4
219.2
212.9
214.2
225.1
257.6
198.0
207.2
249.6
8.5
188.1
'90.8
97.3
1.1
11.4
6.3
403.3
• 264.0
139.3
9.5
8.1
2.4
e 415.8
326.4
217.8
108.6
4.0
1.95
1.97
1.84
1.86
2.21
2.09
2.23
2.27
2.33
2.32
2.33
2.32
4.4
44.5
120, 269
63,672
9.66
.5
2.4
195.9
1.047
9,998
v 10. 20
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, rye, wheat)...mil. b u . . 2,529.0
Barley:
3 374.4
Production (crop estimate) A
do
' 273. 8
Stocks (domestic), end of period
do
' 160. 3
On farms
do
113.5
Off farms
do
31.8
Exports, including malt §
do
Prices, wholesale (Minneapolis):
3.80
No. 2, malting
$ per bu_.
3.60
No. 3, straight
do...
Corn:
Production (crop estimate, grain only)Amil. b u . 3 5,829.0
Stocks (domestic), end of period, total
do
'4,466.6
On farms
do
'3,196. 3
Off farms
do
1,270.3
Exports, including meal and
flour
d o . , . 1,321.8
Price, wholesale:
Weighted avg., selected markets, all grades
$ per bu.
2.88
Oats:
Production (crop estimate) A
mil. bu.
3^42.0
Stocks (domestic), end of period, total
do...
' 494. 0
On farms
do...
' 399.9
Off farms
do...
94.1
Exports, including oatmeal
do.
Price, wholesale, No. 2, white (Minneapolis)
$perbu.-
16.2
1.67
3 372. 5
'271.2
' 153. 7
117.5
52.1
3.11
3.06
• 271.2
153. 7
117.5
2.75
2.75
3 6,266.4
'4,889.5 •4,889.5
3,345.5 •3,345.5
'1,544.0 1,544.0
1,748.0
136.6
2.56
3 546. 3
' 412.5
' 339. 0
73.5
2.90
2.85
127.2
119.7
3,293.1
2,133.7
1,159.3
150.9
2.60
2.61
2.50
.2
1.68
1.78
' Revised.
v Preliminary.
i Includes Hawaii, not available on a m o n t h l y basis;
m o n t h l y revisions will be shown later.
2 stocks as of J u n e 1.
3 Crop estimate for t h e
year.
* Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
5
Previous year's crop; new crop not reported until June (beginning of crop year).
« Crop
2.79
2.79
.2
1.81
.3
2.72
2.75
'22,364.8
'2 1,577.5
2 787. 3
139.2
141.6
2.39
' 259.1
^ 211.6
47.5
• 412. 5
• 339. 0
73.5
12.1
1.74
2.80
2.75
2.76
2.80
'2 5125. 7
'2552.3
2 573.4
8.7
1.8
2.42
7.7
2.28
2.32
884.1
125.9
116.5
2.26
2.04
121.6
119.2
66,357.4
5,441.5
13,788.8
1,652. 8
143.3
153.5
2.08
1.80
'674.
' 559. 3
115.5
'2 5164.9
'2 5129.3
2535.6
.3
438. 0
137.5
.7
3.1
1.1
2.34
2.22
2.23
2.23
3 747. 9
562.8
480.4
82,
2.5
1.32
1.34
1.14
1.37
1.82
i.e
1.75
estimate for 1977.
* Reported annual total, including Hawaii; monthly data are preliminary and subject to revision.
. .
, , , 1 O 7 Q Q r p available.
§ Excludes pearl barley.
9 Scattered m o n t h l y revisions back tc> 1973; are:avaname
t Revised m o n t h l y d a t a back to 1973 aie available
©Revised monthly d a t a ior
will be shown later.
ARevised crop estimates for 1970-1974 are available.
1.04
1.12
1.1'
1.34
S-28
SUKVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS
1975
February 1978
1976
Annual
Dec.
1978
1977
Jan.
Feb.
Mar.
Apr. | May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN P R O D U C T S ^ C o n .
Rice:
Production (crop estimate) A
mil. bags 9
California mills:
Receipts, domestic, rough
mil. l b .
Shipments from mills, milled
rice
do
Stocks, rough and cleaned (cleaned basis\ end
of period
mil. l b . .
Southern States mills (Ark., La., Term.. Tex.):
Receipts, rough, from producers
.'.mil. lb...
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. l b . .
Exports
do...
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per lb_
Rye:
Production (crop estimate) A
mil. b u .
Stocks (domestic), end of period
do._.
Price, wholesale, No. 2 (Minneapolis) __$ per b u .
Wheat:
Production (crop estimate), total A
Spring wheat A
Winter wheat A
Distribution, quarterly cf
Stocks (domestic), end of period, total
On farms
Off farms
mil. b u .
do...
do...
do__.
do.
do.
do.
Exports, total, including flour
do_
Wheat only
do.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per b u No. 2, hd. and dk. hd. winter (Kans. City) d o . . .
Weighted avg., selected markets, all grades
$ per b u .
' 128.4
' 115. G
2, 346
1,705
2,220
1,492
104
32
110
76
138
158
158
156
88
74
138
8,461
5,312
9,563
5,481
575
572
624
521
729
507
2,150
2,682
2,682
2,475
2,454
4,711
4,640
574
233
313
. 190
.140
.123
.113
.118
i 16.0
'9.1
115.0
'8.9
2.92
'8.9
2.66
2.82
2.87
1 2,122
i 482
1
1,640
1,860
i 2,142
1
582
* 1, 560
1,754
8 99. 2
163
121
147
113
216
114
275
153
219
177
305
245
85
121
189
36
261
149
157
80
136
132
171
209
185
149
82
166
191
214
505
292
526
199
555
207
521
123
407
1,242
518
3,474
556
753
531
779
545
630
443
2,763
587
2,161
487
.121
'6.2
2.88
750
1,087
263
529
381
4.98
494
511
188
634
464
.133
.156
.155
.153
.145
.150
,154
.205
.215
.215
2.84
3 4 4. 4
2.87
2.56
1.92
1.82
'14.5
2.23
2.26
2.55
8 17.0
9.0
2.55
2.67
1,850
1,424
1,044
2,693
!,647
2,629
!,026
>499
>1, 527
406
392
• 1,385.7 ' 1,781.8 1,781.8
' 547. 6 ' 665. 4 ' 665.4
838.0 1,116.4 1,116.4
1,389.5
511.0
878. 5
2
2 742
278
•3*1,112.2
•3*426.3
3*685.9
1, 990.8
829.4
'2,397.6
1,032.2
1,365.3
1,158.2
1,134.5
1,001.3
968.9
57.4
56.9
51.9
49.0
63.1
57.7
56.5
50.7
75.7
68.1
70.8
66.4
78.5
75.6
85.6
82.8
96.1
93.4
4.60
3.96
4.10
3.50
3.08
2.71
3.08
2.68
3.08
2. 77
3.11
2.76
3.03
2.60
2.87
2.41
2.72
2.38
2.57
2.38
2.59
2.35
4.84
Wheat flour:
Production:
Flour
thous. sacks (100 lb.) - 247,080
Offal
thous. sh. tons.
4,485
Grindings of wheat
thous. bu
555,891
Stocks held b y mills, end of period
thous. sacks (100 l b . ) .
3, 907
Exports
do.._
10,178
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 1001b.
10.552
Winter, hard, 95% patent (Kans. C i t y ) . . d o
9. 365
3.87
2.96
2.97
3.01
3.00
2.94
2.82
2.64
2.57
259, 483
4,643
584, 082
20,804
373
46,931
21,320
380
48,035
21,425
385
48,023
24,321
430
54,434
20,632
370
46,402
20,861
375
46,870
20, 529
367
46, 261
4,334
13,907
4,334
188
1,218
2,334
4 *^48
2^519
3,272
1,857
9.509
«8. 303
7.838
6.838
7. 750
6.763
6.813
7.725
6.525
7.125
6.200
3,894
36,904
4,438
38,992
420
3,205
408
3,272
380
3,041
457
3, ?30
44.61
33. 42
40.44
39.11
37.65
45.18
39.96
35.19
49.58
38.38
34.87
53.12
37.98
36.54
54.88
64,926
70, 454
6,525
5,840
48.30
43.19
38.28
17.1
17.5
16.2
7,552
6,474
44.42
36,213
675
1,116.4
69.4
68.3
58.5
56.7
89.6
86.7
2.86
2.52
2.92
2.60
2.94
2.88
3.04
2.90
2.55
2.82
3.04
3.02
2.84
3.13
3.05
3.12
19,393
345
43,518
23,023
410
51,712
22,039
378
49,258
4,167
1,248
1,194
1,146
3,537
730
473
766
4,498
1,237
6.925
5.838
6.500
5.575
6.588
5.850
6.688
5.913
7.025
6.088
7.188
6.325
7.338
6.575
7.200
6.488
389
3,033
353
3,054
368
3,374
352
3,085
403
3,320
392
3,282
398
3,244
387
3,200
37.28
38.29
52.26
40.08
41.33
52.88
41.98
39.88
54.92
40.24
38.22
51.60
40.94
38.90
46.95
411
3,489
40.11
39.61
46.20
40.35
39.04
41.54
42.29
40.18
42.50
41.83
38.79
40.98
43.13
39.71
40.50
5,825
7,236
6,400
5,877
5,695
4,908
6,149
6,514
6,507
6,885
6,186
39.65
40.40
37.61
37.20
41.94
43.89
45.76
44.34
41.39
40.97
39.44
44.13
16.2
16.8
15.8
15.6
18,4
19.8
23.9
26.3
25.1
23.9
19.9
21.0
534
498
461
579
539
474
550
468
553
568
525
477
441
47.84
45.00
49.50
50.25
51.50
56.75
56.75
53.00
41.25
50.75
55.75
56.88
50.00
58.50
39,060
5 733
3,238
745
100
131
3,084
755
100
150
3,549
795
103
143
3,200
818
113
147
3,122
798
110
147
3,298
726
103
130
2,925
629
112
147
3,405
568
110
158
3,354
580
125
167
3,344
1,305
1,868
3,367
733
128
94
3,416
566
109
87
3,239
'566
124
212
24,500
360
46
1,304
26,480
M64
82
1,467
2,190
464
6
64
2,185
486
6
100
2,044
485
7
123
2,259
504
8
107
2,049
484
6
111
2,052
456
2,031
385
8
115
2,302
361
10
129
2,193
357
8
140
2,165
113
2,247
425
8
101
2,147
302
8
71
2,106
'327
10
171
.754
.644
.662
.638
.630
.605
.640
.675
.660
.668
.661
.667
.690
.715
399
12
361
15
110.2
108.5
22,054 ' 22,445
389
383
49,360 50,166
21, 230
373
47,286
7.588
6.988
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves._
thous. animals
Cattle
do....
Prices, wholesale:
Beef steers (Omaha)
$ per 100 l b .
Steers, stocker and feeder (Kansas City).-do
Calves, vealers (So. St. Paul)t
do
Hogs:
Slaughter (federally inspected)... thous. animals...
Prices:
Wholesale, average, all weights (Sioux City)©
$ per 100 1b..
Hog- corn price ratio (bu. of corn equal in value
to 100 1b. live hog)
Sheep and lambs:
Slaughter (federally inspected)..-thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 100 1b..
MEATS
Total meats (excluding lard):
Production, total!
Stocks, cold storage, end of period O
Exports (meat and meat preparations)
Imports (meat and meat preparations)
mil. lb-.
do
do
do
Beef and veal:
Production, totalf
do
Stocks, cold storage, end of period O
do
Exports
do
Imports
do....
Price, wholesale, beef, fresh, steer carcasses, choice
(.600-700 lbs.) (East Coast)
$ perlb..
Lamb and mutton:
Production, totalt
Stocks, cold storage, end of period
mil. l b . .
do
864
1,694
7
2
' Revised.
» Crop estimate for the year.
See ' V note, this page.
3 stocks as of
4
June 1.
Previous year's crop; new crop not reported until June (beginning of new crop
year).
ssee " O " note, this page.
«Average for 11 months (Jan.-June, Aug.-Dee.). .
'Reflects revisions not available by months.
« Crop estimate for 1977.
9 Bags
of 100 lbs.
cfData are quarterly except that beginning 1975, June figures cover Apr.,
May and Sept. covers June-Sept.
530
106
117
308
8
95
43.62
42.85
40.50
46.08
22.4
64.00
550
321
.723
O Effective April 1977 SURVEY, data beginning Feb. 1976 are restated to exclude cooler meats
comparable earlier data will be shown later.
f See corresponding note, p. S-29.
© Effective July 1977 SURVEY, monthly prices are restated through May 1977 to coincide with
published annual averages which are for "all weights, excluding sows"; comparable monthly
data prior to May 1976 will be shown later.
A Revised crop estimates for 1971-1974
are available.
SURVEY OF CURRENT BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1975
1976
Annual
1976
Dec.
S-29
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept,
Oct.
Nov. j Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TORACCO—Continued
MEATS—Continued
Pork (excluding lard):
Production, totalf
mil. ib.
11,314
Stocks, cold storage, end of periodA
do..
249
Exports
do _..
207
Im ports
do..
327
Prices, wholesale:
.882
Hams, smoked composite
$ per l b . .
,993
Fresh loins, 8-14 lb. average; (New York)_.-do--|
POULTRY AND E G G S
Poultry:
Slaughter (commercial production)
mil. lb__ 10, 434
Stocks, cold storage (frozen), end of period, tctal
mil. lb__
314
Turkeys
do
195
Price, in Georgia producing area, live broilers
$perlb__
.269
Eggs:
Production on farms J
mil. cases©..
178. 9
Stocks, cold storage, end of period:
Shell
thous. cases O_.
Frozen
mil. l b . .
Price, wholesale, large (delivered; Chicago)
$ per doz._
12, 219
3 212
311
<318
.1,146
212
21
26
1,024
197
18
26
•J, 0 1 3
.855
.977
1.007
.860
.758
.971
.787
.916
11,739
928
849
363
203
363
203
335
190
.240
' 179.2
.195
r
15.3
r
1, 256
223
28
30
1,120
261
22
29
1,044
268
26
27
.836
.832
.742
.855
.749
.932
780
938
895
988
303
168
279
142
266
130
281
138
.220
.240
.250
.250
.250
15.1
r 13. 6
15.4
' 14. 9
15.2
200
21
23
869
179
21
27
1 074
145
23
24
1,131
159
27
22
5.740
1 042
1,095
408
252
28
26
28
26
29
27
44
25
42
25
4:2
25
33
28
.678
.823
.787
.756
,675
.624
.557
.570
30.6
1.730
21.5
1. 903
19 0
2.075
16.1
1.983
25.1
1.993
13.6
1,150
167
26
18
1, 241
208
28
12
1.013
1.029
.889
.984
1,179
1,115
481
328
566
408
1,092
1,028
420
269
. 537
. 593
. 615
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. lg. tons..
Price, wholesale, Accra (New York)
$ per lb...
233. 0
.759
235.4
1.092
16.5
1. 543
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd1- ..
Roastings (green weight)
do
3,300
18,551
2, 805
19, 063
2,805
4, 621
19,788
3,092
1.228
2,912
1,858
500
1, 994
641
233
223
371
371
5, 742
1,214
20,289
Imports, total
do
3, 748
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)_.$ per lb... i .678
Confectionery, manufacturers' sales
mil. $.._ 2,830
Fish:
Stocks, cold storage, end of period J
mil. lb_.
Sugar (United States):
Deliveries and supply (raw basis):§
Production and receipts:
Production
thous. sh. tons..
Deliveries, total
For dom estic consumpt ion
Stocks, raw and ref., end of period
Exports, raw and refined
Im ports:
Raw sugar, total
From the Philippines
Refined sugar, total
do
do
do
Tea, imports
10. 8
1.993
1,839
225
1.824
483
1,224
198
1,137
154
756
98
695
71
270
280
211
192
188"
135
284
362
316
312
308
301
323
360
393
1,707
4%
2
775
459
275
202
206
10,926
831
827
10,859
' 3, 341 r 3, 341
832
828
3,624
764
761
3, 758
1,024
1,017
3,430
898
895
3, 302
878
875
3,191
69,735
4, 356
3,246
2,112
3,000
3, 031
1,550
3,680
415
148
4,331
900
214
125
1
247
53
2
418
72
21
321
109
13
407
107
31
389
67
33
104
08
73
976
1.130
1.128
2, 019
1,290
935
.135
.102
.113
.117
.112
.095
1.262
,190
1.115
.156
1.101
.160
1.106
.167
1.121
.171
1.142
.181
1.155
.172
thous. l b . . | 159,287
181,304
18, 273
16,059
15,064
22, 389
23,302
27,345
1.131 1.126
.157 j •151
22,335 j 22,252
309.6
127.7
296.7
127.8
301.2
119.8
357.9
113.9
313. 8
115.3
331. 2
144.7
295. 5
134.1
260. 6
138.2
344, 8
104. 0
311.5
117. 8
316.9
11.8.1
399. 5
97.9
340. 2
91.5
372.4
105. 8
340. 4
100. 8
327.1
101. 5
2, 629.7
67.2
246.0
67.2
242.3
67.4
236. 5
70. 7
232. 7
7L 8
197. 3
178.8
91.0
179.8 I 164.8 S 198.2 j
81.0
73.7 I GS.G I
.443
.455
. 455
. 455
.462
.518
.528
.518 I
535.5
660.5
47.5
43.5
63.7
47. 5
42.4
58. 5
49.1
42.9
58. 9
51.7
49.9
74. 7
43.6
45. 7
60. 9
58. 5
45.2
60. 6
59. 5
. 124
4.7
2.500
2.500
2. 500
1, 347
108
••443
.110
^387
1,067
1, 005
1, 000
1,951
1,376
481
84
. 229
. 105
2.500
1,764
1.986
.311
$ per l b . . |
$ per 5 lb_.
$perlb._
2. 560
2,617 I2,350 I-
3. 115
3,230
sh. tons.. 205, 989
thous. sh. tons...
do
do
Prices (New York):
Raw, wholesale
Refined:
Retail (incl. N. E. New Jersey) _
Wholesale (excl. excise tax)
5,192
10,127
9,974
2,731
3 519
4* 752
10.9
1.993
. 108
"i r.
418
141
20
.098
.114
1.112 ! 1.133
.155 I .191
15,932
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production %
Stocks, end of period©
Salad or cooking oils:
Production!
Stocks, end of period ©.
mil. l b . . I 3, 687. 3 3,913.4
127.7
do
| 124.7
]
do
j 3. 947.2 4, 343. 0
104.0
.do..
Margarine:
Production
do
2,399.3
Stocks, end of period©
do
60.1
Price, wholesale (colored; infr. to wholesaler or
large retailer; delivered)
$ per l b . .
Animal and fish fats:
Tallow, edible:
Production (quantities rendered)
Consumption in end products
Stocks, end of periodif
mil. lb_.
do
do
513.5
649. 7
37.8
Tallow and grease (except wool), inedible:
484.4
Production (quantities rendered)
do
4,655.4 5,674. 6 501. 8 464.1
440.9
Consumption in end products!
do
2,908.4 35 367. 2 261.4
237.5 ! 270.9
261. 7
357. 5 1 402.7
Stocks, end of period?
.
do
276. 6
377.9
354. 8
354. 8
r
Revised.
v Preliminary.
' Average for Jan. and Feb.
- Average for 2 mos. (May
and Sept.).
' S e e " A " note, this page.
'Reflects revisions not distributed to the
months.
s Beginning July 1977. prices represent Midwest and Los Angeles and are not
comparable with those for earlier periods which represent East coast and Los Angeles.
©Cases of 30 dozen.
c?Bags of 132.276 lb.
^Monthly data reflect cumulative revisions
for prior periods.
©Producers' and warehouse stocks.
<[ Factory and warehouse
422. 2 | 439.6
265. 0 ! 274.0
359. 3 1 372.8
325.1 ; 325.5
125.8 117.0
343. 6
112.1
74.8 1 364.9
376.2 '386.2 j 436.5
90. 6 j 88. 7 ! 109. 3 | ' 101. 5 j 105. 8
T-229.0 !
242.0
'•70.0 ; 73.2
.513
.500
•50.5
398.1! 432.1 422.2 ] 427.4 ! '435.2
423.5
;7G.5 242.0 1 202.1 255.7 j 262.1 | '248.8
243.1
152.6 ' 326.0 ! 356.0 ! 359.3 ' 350.8 | '321.0 \ 333.2
.500
S-30
February 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
Annual
Dec.
1978
1977
1976
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
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 1f_.
Imports
I
.mil. lb_
do
.-.do...
do_._
716.2
865.3
26.7
869.1
849.2
990.3
40.1
1,206.9
58.5
75.1
40.1
144.1
57.0
73.4
35.3
86.8
60.2
69.9
38.6
128.8
67.3
82.6
33.4
99.2
59.3
73.0
37.7
64.9
67.6
73.9
46.9
89.4
69.8
79.1
41.4
108.8
67.1
63.1
48.0
66.3
49.1
71.9
42.9
75.0
59.4
73.1
40.1
76.1
56.5
76.3
37.9
29.4
61.0
'77.4
'30.7
75.1
61.2
72.4
43.0
94.5
do
do
do
do
458.8
496.6
475.6
39.5
692.4
562.2
517.0
42.1
51.3
44.9
43.6
42.1
48.1
47.2
47.7
33.4
49.0
44.0
45.2
28.6
59.2
51.1
41.7
32.4
55.6
42.4
37.1
43.2
58.1
50.7
44.0
61.2
57.9
46.3
39.3
62.1
64.0
40.7
64.7
59.3
53.2
49.1
54.8
53.7
49.0
48.2
45.8
58.9
51.6
46.5
39.5
'58.0
48.6
47.5
49.2
49.0
49.9
29.5
do..
1,215.0
1,112.7
.do
do
) 660.7
984.3
819.8
578.8
135.6
86.2
48.0
135.0
95.4
47.9
134.3
98.0
47.8
134.4
103.5
55.7
91.1
79.2
56.7
89.3
82.0
56.1
78.5
73.3
56.2
67.3
55.8
45.9
63.0
57.8
51.8
60.1
48.7
48.6
115.1
77.8
47.5
146. 3
111.4
52.6
134.9
112.8
59.6
160.3
656.5
.322
191.6
520.9
.297
191.6
76.6
.283
207.7
50.4
.278
233.0
80.5
.283
237.5
104.2
.323
226.9
72.4
.350
214.0
23.0
.360
182.5
58.3
.360
153.0
57.4
.280
122.2
52.5
.275
79.4
65.5
.245
91.5
35.4
.265
•112.4
64.2
.270
130.8
67.2
.300
805. 7
578.0
613.8
786.7
553.5
571.5
791.2
567.3
591. 2
823.7
698.7
694.5
747.3
624.7
597.0
682.4
639.1
611.0
631.1
578.1
553.8
566. 6
553.1
517. 9
553.6 578.2
648.4 612.0
629.8 621.5
821.9
686.8
658.6
' 922.3
749.8
'682.3
931.2
738.5
722.2
1,488.1 1,488.1
75.8
1,088.4
.262
.244
1,599.5
103.7
.252
1,609.4 1,486.4 ! 1,478.9 1,355.0 1,168.4
92.3
236.4 ! 103.3 209.4
159.9
.275
.330
. 318
.358
.353
1,032.0
154.2
.271
766.6
66.0
.249
752.1
108.8
.246
' 766. 5
185.5
.260
860.7
175.3
.285
Corn oil:
Production: Crude
Refined
Consumption in end products
Stocks, crude and ref., end of period If
Cottonseed oil:
Production: Crude.
Refined
Consumption in end products
Stocks, crude and ref., end of period H
do
Exports (crude and refined).
do
Price, wholesale (N.Y.)
$ per lb_.
Soybean oil:
Production: Crude.
Refined
Consumption in end products.
mil. lb. 7,861. 7 9,639. 6
6,422. 9 7,185.4
do.
__do
6,830.3 7,576. 6
Stocks, crude and ref., end of period If
do
|
Exports (crude and refined)
do
i
Price, wholesale (refined; N.Y.)
$perlb__l
799.9
758.0
.286
937.3
72.0
.275
.460
.265
TOBACCO
Leaf:
Production (crop estimate)
mil. l b . . * 2,182 i 2,136
Stocks, dealers' and manufacturers', end of period
4,738
4,978
mil. l b . .
4,978
Exports, incl. scrap and stems
thous. l b . . 563,030 577,997 75,600
320,318 310,393 25, 764
Imports, incl. scrap and stems
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports, cigarettes
millions.. 62,278
do
I 588,345
do
| 4,476
do
{ 49,935
72,125
617,892
4,041
61, 370
6
4,425
41, 525 49,692
22,762 27,333
76,832 I 52,964 | 54,695
26,580 26,118 22,075
31,271
36,471
38,003
17,482
5, 295
7,085
49,198 53,374
280 I 332
4,161 6,180
6,371
45,071
295
5,676
7,991
6,432
46, 687 55,079
350
344
5,781
6,267
fi, 032 4,896
43, 739 49,029
264
247
3,823
5,987
4,719
66,331
33,271
47,506
32,360
5,935
43,260
274
5,887
8, 031
56,151 i
314
6,442
17, 850
22,997
7, 716 5,693
49,144 50, 779
326
•"385
7,530
3,570
49,515
25,072
1,934
102,364
23, 716
5, 952
51,358
338 I
4,177
7,341
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $.
Calf and kip skins
thous. skins.
Cattle hides
thous. hides.
Imports:
Value, total?
Sheep and lamb skins
Goat and kid skins
thous. $..
-thous. pieces..
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 lb
Hides, steer, heavy, native, over 53 lb
$ per lb..
do
296,279 552,276
2,403
2,162
21,269 2 25,270
2, 282
50,536
194
2,276
47,158
182
1,998
55,844
144
48, 522
158
2,289
53,264
250
2,167
48,048
174
2,016
49,051
171
2,023
51,786
246
2,189
46,500
187
1,937
50,381
249
2,157
39, 260
179
1,631
38,207
196
1,572
52,871
336
2, 235
78,100
15,520
879
89,100
16,603
1,255
3,500
467
122
5,200
815
136
6,300
1,166
116
9,400
1,942
118
7,700
1,355
144
12,200
2,260
123
10, 600
1, 724
83
9,600
1,601
68
9,400
1,385
72
9,500
1,295
151
5,000
482
44
3,500
155
3
'.350
.234
7.754
.338
.700
.323
.800
.358
.900
.363
.900
.373
.900
.401
1.150
.413
1.150
.363
.900
.381
.900
.368
.900
.348
.338
.750
.348
.800
.400
184,104 2 203,707 18,388
18,630
19,272
23,315
18,338
16,714
16,205
18,612
12,276
16,838
12,807
14,980
18, 240
211.4
211.4
211.4
211.4
201.3
207.1
207.1
207.1
192.7
201.3
201.3
.900
.388
LEATHER
Production:
Calf an d 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..
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1967=100..
«151.1
8
413,080
422,507
29,232
30,898
31,316
34,600
31,305
32,798
33,220
24,931
34,600
32, 926
33,659
33,256
331,232
70,536
7,917
3,392
345,433
64,880
10,064
2,130
24,860
3,294
923
155
25,489
4,392
825
192
25,479
4,745
872
220
26,295
4,961
1,081
243
25,029
5,149
965
162
26,050
5,566
989
193
26,242
5.867
927
184
20,509
3,870
441
111
27,260
6,134
925
281
25, 832
6.006
846
242
25,916
r
6,671
'802
'270
26,337
5,970
709
240
J 4,332
6,023
564
391
436
475
463
412
477
422
475
549
369
165.0
179.1
184.1
184.1
188.9
191.3
192.5
192.5
192.5
194.8
194.8
194.8
197.9
197.9
197.'
200.8
169.3
145.2
169.3
145.2
173.0
145.2
173.0
143.8
173.0
143.8
173.0
143.8
170.2
143.8
170.2
143.8
170.2
143.8
173.3
146.
173.3
146.8
173.3
146.8
176.9
146.8
197.9
210.0
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs.
Shoes, sandals, and play shoes, except athletic
thous. pairs.
Slippers
do...
Athletic
do...
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 . . - d o . . .
151.8
«133.5
163.8
143.4
169.3
145.1
r
J
2
Revised.
Crop estimate for the year.
Annual total reflects revisions
not distrib4
uted to the monthly
data.
3 Average
for Jan.-May and July-Dec.
Jan .-June and
5
6
7
Aug.-Dec.
Jan., Feb., and Dec.
Crop estimate for 1977.
Average for Jan., Feb.,
8
and Apr. Dec.
Average for Jan.-Nov.
% Factory and warehouse stocks.
453
9 Includes data for items not shown separately.
SUKVEY OF CURRENT BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes a r e a s shown in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
1975
S-31
Annual
Dec.
1978
1977
1976
1976
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
LUMBER AND PRODUCTS
LUMBER-ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft.
Hardwoods
_ do...
Softwoods
_
do...
Shipments, total
Hardwoods
Softwoods
**.
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
'32,087
5,872
26,215
137,153
6,830
30,323
2,921
428
2,493
2,822
370
2,452
2,930
460
2,470
3,388
532
2,856
3,260
536
2,724
3,253
545
2,708
3,160
575
2,585
2,975
507
2,468
3,290
583
2,707
3,368
526
2,842
3,268
552
2,734
2,839
487
2,352
do.
do.
do.
132,254
5,799
26,455
1
37,030
6,833
30,197
2,951
426
2,525
2,683
385
2,298
2,873
478
2,395
3,362
543
2,819
3,364
575
2,789
3,314
548
2,766
3,387
590
2,797
3,077
492
2,585
3,358
583
2,775
3,296
516
2,780
3,269
576
2,693
2,859
496
2,363
do.
do.
do.
4,967
875
4,092
5,091
882
4,209
5,091
882
4,209
5,171
830
4,341
5,228
812
4,416
5,325
867
4,458
5,197
802
4,395
5,133
796
4,337
4,964
781
4,183
4,845
788
4,066
4,787
789
3,998
4,859
799
4,060
4,876
775
4,101
4,855
765
4,090
do
do
1,643
5,968
1,909
8,178
150
779
144
691
147
721
169
906
142
167
996
150
999
116
934
156
920
128
99
858
108
956
142
911
7,430
550
8,377
634
696
634
675
638
674
637
771
672
733
621
725
573
748
631
537
547
715
573
663
504
726
497
637
515
786
565
682
689
772
732
918
747
733
932
611
619
924
739
736
927
30
8
21
25
8
17
28
6
22
51
7
44
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
mil. bd. ft.
do...
Production
Shipments
Stocks (gross), mill, end of period
do.
do .
do_
7,134
7,196
920
8,322
8,293
949
675
680
949
720
671
998
686
675
1,009
743
736
1,016
745
784
977
737
773
941
656
690
907
599
621
885
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
do
505
125
398
602
180
422
45
18
27
42
10
31
37
13
24
65
8
57
38
8
30
53
16
37
43
12
31
34
13
21
158.88
191.24
218.76
228. 38
225.50
232.09
226.05
225. 42
213. 79
230.93
242.51
i 7,251
453
1 7,879
443
660
443
587
416
735
499
790
495
790
505
757
509
838
562
707
523
524
i 6,967
i 7,142
17,987
1
7,889
663
658
651
614
702
652
787
794
778
780
729
753
728
785
708
746
759
797
Price, wholesale:
Dimension, construction dried, 2" x 4", R. L.
$ p e r M b d . ft_.
Southern pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft..
do
Production
Shipments
do.
do.
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft..
256.92 237.27
218. 03 227. 70 238.08
646
447
742
723
739
434
667
466
764
752
629
635
1,134
1,232
1,232
1,269
1,319
1,312
1,310
1,286
1,229
1,191
1,153
1,172
1,184
1,178
M bd. ft..
67,502
140,386
17,349
9,455
16, 361
13,413
17,548
14,938
18,473
9,194
15,682
14, 242
9,272
10,223
9,005
Prices, wholesale (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.
1967 = 100.
166.6
207.5
246.1
249.2
247.8
252.4
258.5
259.9
263.7
275.9
284.2
287.9
288.6
290.6
294.3
299.7
226.9
233.6
238.4
238.4
238.4
240.5
242.7
243.8
246.0
251.5
254.8
259.1
260.2
262.4
264.6
267.9
8,665
538
9,760
554
786
554
669
550
738
555
922
589
808
576
812
540
1,015
637
824
604
908
606
884
554
847
563
790
558
842
590
8,445
8,519
9,789
9,744
822
836
732
673
753
733
914
888
820
821
876
848
840
918
822
857
892
906
941
936
838
792
795
800
810
1,315
1,315
1,374
1,394
1,420
1,419
1,447
1,369
1,334
1,320
1,325
184. 31
206.15
227.16
232.18
245.58
251. 21 239.98
216. 44
219.96
104.2
4.5
114.5
4.2
8.5
4.2
9.3
5.1
7.4
5.0
11.8
6.2
10.1
7.0
7.6
5.3
9.4
5.6
9.6
7.0
11.1
7.6
9.4
7.3
9.1
6.4
9.8
6.8
8.1
93.8
98.8
12.5
104.5
109.3
8.9
8.8
8.1
8.9
7.8
8.5
8.1
7.9
7.5
8.5
9.8
10.5
7.7
9.4
9.3
7.2
9.1
9.3
7.1
9.5
9.1
6.1
8.3
8.7
5.6
10.0
10.6
5.1
10.1
9.7
5.4
9.7
10.0
5.1
9.3
9.4
4.9
9.1
7.3
6.2
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft.
do...
Production
Shipments
Stocks (gross), mill, end of period
do.
do.
do.
Price, wholesale, Ponderosa, boards, No. 3,1" x 12",
R. L. (6' and over)
$ per M bd. ft..
1,270
131.97
1,347
1,344
232.57 236.48 235.28
215. 40
1,334
226.2
247. 58
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
.mil. bd. ft.
do...
do
do...
do...
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons.
Scrap
do...
Pig iron
do._.
Imports:
Steel mill products
Scrapf
Pigironf
do.
do.
do.
2,953
9,608
60
2,654
8,120
57
228
634
162
511
4
205
465
3
202
532
11
233
449
4
178
524
10
151
654
136
594
4
143
438
3
171
598
3
125
474
2
148
462
2
149
475
1
12,012
305
478
14,285
507
415
1,364
34
1,121
55
1,002
53
20
1,175
62
17
1,115
80
14
1,817
43
36
1,819
41
58
1,582
35
22
1,831
67
19
2,057
62
25
1,762
40
54
1,938
39
48
2,087
50
53
i 46,042 i 50,035
i 36,753 i 41,144
i 82,331 i 89,914
i 8,766
3,661
2,940
6,508
3,497
3,338
6,735
9,723
3,591
3,567
6,663
9,828
4,436
4,393
8,255
9,864
4,333
4,340
8,107
9,908
4,571
4,456
8,570
9,720
4,570
3,961
8,507
10,625
3,961
3,961
7,527
10,553
4,207
4,051
7,734
9,760
4,187
4,035
7,605
9,917
• 4, 244
• 4,093
• 7,985
' 9,734
3,985
3,773
7,503
9,413
Iron and Steel Scrap*;
Production
Receipts, net
Consumption
Stocks, end of period
thous. sh. tons.
do...
do...
do...
Prices, steel scrap, No. 1 heavy melting:
63.32 2 60.47 260.65 '• 59. 53 2 51.77 2 47.17 2 56.34
74.03
68.01
67.03 2 68.76 73.66
73.62
63.22
Composite (5 markets)
$ per lg. ton._ 70.83
61.50
51.00
56.00
75.50
74.00 74.00 76.00
70.50 67.50 67.00 66.50 64.00
79.10
69.00
72.50
Pittsburgh district
do.
f Effective Aug. 1976 SURVEY, scrap excludes imports of rerolling rails and pig iron excludes
Revised.
p
Preliminary.
i
Annual
data;
monthly
revisions
are
not
available.
2
sponge iron imports previously included.
Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco;
f Effective with 1974 annual and Jan, 1975figures,data reflect expanded sample and exeffective July 1977, it reflects addition of Detroit and Houston.
clusion of direct-reduced (prereduced) iron, previously included in scrap series.
9 Totals include data for types of lumber not shown separately.
SURVEY OF CURRENT BUSINESS
S-32
February 1978
1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
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
d°
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
i 78,866
i 75,967
46, 742
79, 200
77,216
44,390
6,134
5,528
3,422
5, 642
2, 220
2,252
5.968
2,139
1,184
6,205
2,156
881
6,084
4,824
2,051
6,971
8,176
3,078
7,429
9, 432
4,299
6, 677
9, 016
3,520
1,805
5,590
4,961
1,763
2, 459
4,245
1,548
2,579
4,083
1,450
1,740
4,207
3,145
112,718
117,697
114,324
2, 913
9,274
8,195
238
3,471
7,873
123
3,232
7,890
2, 538
4, 251
9, 641
31
7, 058
9,667
364
11,119
10,930
376
12,680
10,108
393
13,174
9,436
r 598
10,500
9,074
147
7, 958
8,504
2
7, 351
8,685
100
6,387
8,185
18
8,469
111
69.144
12,299
52, 231
4, 614
75, 035
14, 026
56, 246
4,763
75,035
14,026
56, 246
4,763
73,533
17.117
51,843
4,573
I 72, 233
I 20,928
j 47,186
I 4,119
70, 055
24,978
41,804
3,273
68,485
26,220
39,195
3,070
67, 701
25, 012
39.381
3, 308
68, 502
23, 002
41,991
3,509
09,691
20, 247
45, 793
3, 851
07,211
10,400
47,224
3,527
65, 923
15,739
46, 678
3,506
63, 523
14,695
45, 344
3, 484
60, 745
14, 373
43, 354
3,018
1,033
1,053
114
70
53
29
48
119
02
79, 923
79,638
i 1,435
86, 870
86, 929
1, 513
6,272
6.275
1,513
5,985
5,984
1,530
181.76
3 182. 33
182. 25
182.25
991
12, 407
6, 397
832
14,168
6, 859
64
729
431
848
491
me, 230
do
do
do
<io
M a n g a n e s e (inn. c o n t e n t ) , general i m p o r t s . . .do
121
110
49
21
7,697
42,271
2,979
64
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons..
Consumption
do
Stocks, end of period
- - do
Price, basic furnace
$ per sh. ton..
Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons...
Shipments, total
do
For sale.'.
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. t o n s . .
Shipments, total
do
For sale
do
Steel, Raw and Semifinished
Steel (raw):
Prod net i on
thous. sh. tons. - 116,642
Hate of capability utilization*
percent. 76.2
Steel castings:
Orders, unfilled, for sale, end of period
748
thous. sh. tons..
1,974
Shipments, total
do
1,
622
For sale, total
do
832
,036
482
883
1,088 j
479
5, 827
5,860
1,520
901
1,130
507
7,174
7,227
1,505
7,382
7, 396
1,526
7,962
8,053
1,508
7,530
7, 535
1,52(3
7,008
7,001
1,501
6, 763
6,832
1,573
6,566
0, 650
1, 530
6,636
6,753
1,419
- 6,121
6,228
1,356
6,419
6,498
1,309
178. 00
178. 00
178.00
178. 00
178.00
178. 00
191. 00
191.00
191.00
191. 00
1. 362
629
920
1,302
632
964
1,357
660
920
1,425
698
923
1,100
557
940
1,276
870
1, 264
'891
1,355
-639
1, 262
632
191.00
890
588
70
127 943
80. 9
66
43
9. 215
67.8
9, 089
10,031
74.7
8, 859
72.1
11,049
81.2
11,167
83.3
12,201
88.1
11,384
84.9
10, 319
76.7
10, 392
77.2
10,050
77.2
10, 442
77.7
9,748
75.0
439
156
133
427
105
143
444
113
97
441
131
111
438
152
132
429
r 151
r 131
430
139
123
8,369 I 8,811
7,002
7,400
7,188
7,020
587
109
359
334
581
155
321
355
613
140
311
380
636
140
1, 297
791
343
155
1,253
786
314
146
1,239
731
371
130
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
431
1,804
1, 513
431
144
125
450
137
121
446
131
116
436
160
139
447
145
123
79, 957 i 89,447
6,334
6,459
6,690
8,750
7,981
321
303
540
187
275
299
525
143
295
320
554
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. t o n s . .
By product:
"Semifinished products
do
Structural shapes (heavy), steel p i l i n g . . . d o
Plates
do
Rails and accessories
do
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Rein forcing
Cold finished
do
do
do
do
Pipe and tubing
"Wire and wire products
Tin mill products
Sheets and strip (incl. electrical), total
Sheets: Hot rolled
Cold rolled
do
do
do
do
do
do
,
j
7,737
386
374
702
164
401
410
719
164
265
339
577
134
311
409
581
145
1,290
757
372
1G0
1,297
077
199
050
3, 403
1,205
1 422
054
203
539
3, 493
1,104
1,480
3,911
5,121
8, 761
1,965
4,384
4,187
7,160
2,017
141
13,367
8,146
3, 666
1.486
• 14, 234
1 8, 664
5 3, 876
1, 618
1,013
611
274
1,024
624
265
129
1,086
663
281
136
1,425
874
377
166
1,373
834
373
159
1,417
848
397
164
1,514
926
408
173
1,140
8,228
2,154
5,687
30, 763
11,222
12,841
6,265
2, 461
6,436
42, 303
15,090
18,265
460
166
470
2,873
1,037
1,228
437
170
622
2, 963
1,004
1, 322
528
183
505
3,077
1,113
1, 343
679
239
782
3, 913
1,363
1,697
614
234
457
3,678
1, 292
1,595
625
221
474
3,941
1.412
1,665
677
240
561
4,124
1,429
1.724
625
172
502
3, 233
1,144
1, 354
|
I
By market (quarterly shipments):
i 14,615
3,156
J5,622
Service centers and distributors©
do_.
1,713
3,
767
* 7,508
Construction, incl. maintenance©
do.
960
3, 927
4, 502
Contractors' products
do
I 15,214
4,873
21,351
Automotive
.. .do
3, 152
848
3,056
Rail transportation.. _
do
5,173
1,237
5,180
Machinery, industrial equip., tools
do
1,428
Containers, packaging, ship, materials
do
j 6, 053 1 6,914
26, 371 5,828
Other©
•__'
do__--l 22,049
Steel mill shapes and forms, inventories, end of
period -total for the specified sectors:
36.4
33.9
mil. sh. tons...
Producing mills, inventory, end of period:
11.9
12.2
10.0
12.2
12.2
Steel in process
mil. sh. tons..
7.1
7.3
7.5
7.5
Finished steel
do
6.7
Service centers (warehouses), inventory, end of
6.3
6.4
6.7
6.5
6.5
period
'
mil/sh. tons.
Consumers (manufacturers only):
10.2
10.2
10.2
10.2
10.5
Inventory, end of period
do
5.0
4.8
4.5
58.9
62,6
Receipts d uring period
do
5.0
4.8
62.1
4.6
62.9
Consumption during period
.do
r
l
Revised.
v Preliminary.
Annual
data; monthly or quarterly revisions are not
3
available.
2 jr o r month shown.
Avg. for 8 months; price not available for July-Oct.
1976.
* See note " © " for this page.
*New series. Source: American Iron and Steel Institute. The production rate of capability utilization is based on tonnage capability to produce raw steel for a full order book
6,986
385
417
713
175
389
380
750
193
3, 492
1, 681
972
5,324
642
364
128
34.4
34.7
11.1
6.9
11.0
7.1
6.3
6.4
35. 5
34.8
11.2
7.4
10.9
7.0
3, 722
1,784
1,075
4, 997
774
1,430
1,297
6, 539
3, 844
1,957
1,148
5,109
806
1,324
1,748
6,446
4. 271
2,161
1, 328
5, 963
869
1, 496
1,697
7,374
1,318
1,971
6,371
309
146
11.4
7.0
11. 5
6.9
10.6
7.1
10.5
10.2
7.3
6.6
0.4
9.8
4.9
5.5
5.1
5.7 i 5.8 I
'5.6
based on the current availability of raw materials, fuels and supplies, and of the industry's
coke, iron, stcelmaking, rolling and finishing facilities. Data prior to 1975 are not available.
©Beginning Jan. 1976, data are not comparable with those for earlier periods since oil &
is supply houses and pipelines, which were formerly shown in "Service centers and distribgas
;ors"
and "Construction, incl. maintenance," respectively, are now included in "Other."
ut«
10.1
5.7
5.8
10.2
5.8
10.3
5.9
10.5
0.1
5.9
10.5
4. 0
4.0
10. 5
5.3
5.3
10.1
5.3
5.7
a o.o
SURVEY OF CURRENT BUSINESS
February 1978
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes a r e as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S
1975
1976
1976
Dec.
Annual
S-33
1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Nov.
Oct.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
N O N F E R R O U S METALS AND P R O D U C T S
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons_.
Recovery from scrap (aluminum content)-.do
Imports (general):
Metal and alloys, crude
Plates, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc
3,879
11,156
4,251
1,346
400
106
399
109
352
109
379
124
371
123
382
120
369
117
381
103
376
116
367
119
108
380
113
do__._
do
457.9
61.0
568.7
87.1
25.9
6.5
15.8
5.5
48.5
5.0
68,6
6.0
59.3
6.1
74.1 |
6.8
67.5
5.8
75. 9
8.0
42.2
8.0
49.6
5.8
54. 5
5.1
do
do
185. 8
187.0
152. 4
222.1
12. 7
21.0
9.8
13.2
10.6
18.1
8.7
21.2
12.5
20.0
59.8
4.8
4.4
20.2
6.7
18,1
7.9
14.6
18.7
9.0
15.7
2.9
13.9
8.9
11.6
22.8
.5100
.5300
.5300
.5300
. 5300
. 5300
.5300
1050.4 •1,055.0
878.3
501). 3 r 506.6
165.8 • 173. 6
999.8
824.4
471.1
176.7
. 3979
.4449
mil. lb__
do
do
do
9,804
7,427
4, 052
1,376
12,568
9,716
5,584
1,845
Inventories, total (ingct, mill products, and
scrap), end of period
mil. lb._
5,999
5,631
Price, primary ingot, 99.5% m i n i m u m . . $ per lb_.
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total
Sheet and plate
Castings
Copper:
Production:
1
Mine, recoverable copper
thous. sh. tons.. 1,413.4 11,611.3
1, 443. 4 11,539.3
Refmery, primary
do
11,286.2 11,422.7
From domestic ores
do
1
1
157.2
116.6
From foreign ores
do
330.0
Secondary, recovered as refined
do
Imports (general):
Refined, unrefined, scrap (copper cont.)---do
Refined
do
Exports:
Refined and scrap
do
R efmed
do _ _.
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
$ per lb._
Copper-base mill and foundry products, shipments
(quarterly total):
. 4800
.4800
. 4800
1,055.6
802. 3
494. 3
147.6
885.8
742.5
422.5
168.7
976.9 1,432.1 1,204.6 ! 1,175.1 1,208.4
952.1
948.3 915.4
752. 7 1,022.6
541. 6
528.2
429. 6 606. 3 557.4
166.2
172.8 I 176.5
166.9
186,7
5,631
5.804
5,874
142.0
125.5
118.0
7.5
30.0
131.9
123.6
114.4
9.2
31.0
159.0
169.6
160.1
9.5
32.0
147.1
166.2
157.3
8.8
36.0
146. 5
166.9
156. 4
10. 5
39.0
5,759
138. 6
176.9
166.5
10.4
46.0
107. 5
124.8
118. 2
124.4
125. 2
70.1
46. 2
44.4
1.8
24.0
102. 5
69.1
66.3
2.8
21.0
. 5300
6.3
29.9
21.7
34.1
17.7
49.6
35. 0
44.2
28.6
41. 9 I
36.0 |
45.2
40.4
49.1
39.7
37. 3
31.7 i
42. 5
32.1
43. 8
28.6
71.3
55.8
333.1
172.4
250.0
113.1
17.1
6.8
13.9
3.7
11.1
1.8
14. 6
3.6
14.8
5.2 |
14.7
5.2
36. 0 i
5.2 I
21.5
5. 5
17.5
1.6
22.0
4.4
16.6
4.6
14.7
5.0
22. 8
6.9
1.541
538
177
1,995
651
177
499
651
177
647
178
608
181
666
194
662 I
220
.6416
.6956
. 6577
.6624 | .6862
7255
. 6062
. 6062
.6194
46.2
65.7
49.1
62.6
49.0
51.2
57.3
45.0
54.3
Imports (general), ore (lead cont.), metal...do
Consumption, total
do
188.6
1,297.1
224.6
1,429.1
24.3
120.0
191.4
180. 7
81.3
133. 3
43.7
110.1
87.8
. 2153
6, 415
44, 365
15, 869
1, 917
55, 800
43,620
"679"!
226 i
. 7439
4
035
683
24S
148
656
247
. 6800
.7120
598
227
.6379 I .6062
.6362
1
do
do
$ per l b . .
3,597
9,536
3. 3982
thous. sh. t o n s . .
3
729
724
155
701
659
145
48.4
61.1
50. 5
64.9
39.0
54. 0
121. 8
6.2
126. 2
21.2
105. 0
39.8 j 10.0
124.0 ! 133.5
4.6
132.7
163.1
183. 4
139. 7
13.2
120.8
12. 7 I 11.1
119.7
1-8.2
13.5
112.9
90.5
.3100
88. 7
.3100
84.8
, 3102
"." 3200" |
-3285
0
4, 0841.160
175
r>, 200
4, 200
0
4,406
• 1, 435
r
165
5,300
4. 500
0
3,541
1, 380
155
5. 900
4, 700
0
4, 056
607
4,120
0
3,800
381
4, 720
4.8179
568
6, 305
5.1804
235
5,557
5.5637
8.1
36.2
11.3
43.5
11.3
55. 4
8.6
15.3
9.2
15.8
21. 7 |
3.7 1
98. 4
22. 5 !
3.4 j
96. 0
31.1
3.1
95. 0
(2)
(2)
(2)
19.7
123.4
49.1
58.3
24.0
114.5
134.4
15.4
126. 9
180.7
169. 8
173.2
162. £
163.4 | 158.0
43.7
110.1
36.5
104.2
27.1
106.1
22.7
104.9
20.5 j
101.6 |
19.7
101.1
14. 5
115. 2
96.0
.2310
96.0
. 2582
85.0
. 2686
84.0
.2869
89.3
.3100
90. 6
. 3100
89.0
.3100
85.2 ! 90.6
.3100 | - 3100
!
5,733
45, 055
14,057
2, 393
67, 567
53, 850
1,346
4. 956
1, 275
193
5, 700
4,600
4,016
1,140
120
5,600
4,400
1,079
4, 577
1,275
125
5,500
4,500
522
4, 523
1,480
150
6,800
5,300
499
3, 955
1,300
150
5,800
4,600
497
3,711
1,205
135
5,800
4, 700
2.429
3. 549
1, 295
155
0,000
4,800
667
5,874
5,1893
370
6,175
4. 8007
281
5,644
4. 8861
352
2,337
7,282
7,282
3. 7982 4.1817
594
606
8,032
7,883
4. 6347 5.0743
56.8
68.2
53.2 |
61.4
i
!
|
!
!
|
484.5
36.6
39.1
40.5
40.2
145. 0
380.4
97.1
714.5
8.0
62.5
10.3
34.0
4.3
37.8
51. €
4.7
60.8
4.6 I
52.1
do.
do..
» 82.7
223.8
96.6
202. 3
7.1
15.1
6.3
15.0
7.7
15.2
8.1
16.4
8.3 I
16.4
9.3
16.2
438.1
57.9
925.3
6.9
498.9
63.6
1,127.1
3.5
41.4
3.7
79.1
.1
42.5
3.1
83.6
.1
36.8
38.8
4.8
106.2
40.2
2.7
96.2
32. 7
4. 5
96. 5
27. 8
4.1
100. 4
23,6
3.2
80.6
75.7
107.3
88.8
111.8
.3701
67.9
116. 7
107.7
.3700 ' .355^
77.3
89.1
. 3400
74.9 |
83.6!
.3400 '
88.8
111.8
. 3700
82.0
0
90 5 ! 84 2
112.9 ! 105.2
.3700 ! .3700
58.9
108.0
.3700
52.1 !
62.6 |
12. 0
187. 7
j. 3300
5,400 I
498 j
594
5,378 j 9,214
5.5u38 j o. 0794
238
430
i
"672093" - 6.1518
37.2
41.2
469.4
do
do
2
Revised.
i A n n u a l d a t a ; m o n t h l y revisions are n o t available.
Less t h a n 50 tons.
3
See " * " note.
* For m o n t h shown.
c? Includes secondary smelters' lead stocks in refinery shapes a n d in copper-base scrap.
§ All d a t a (except a n n u a l production figures) reflect GSA remelted zinc a n d zinc purchased
for direct s h i p m e n t .
O Revised D e c . 31 stocks for 1970-73 (thous. t o n s ) : 124.2; 48.6; 30.1,
25.9. Producers' stocks elsewhere, end of N o v . 1977, 40,654 t o n s .
•5,685
39. 2
26.8
i 609.5
682.5
Slab zinc: §
Production (primary smelter), from domestic
and foreign ores
thous. sh. t o n s . .
Secondary (redistilled) production
do
Consumption, fabricators
do
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)O
do
Consumers'
do
Price, Prime Western
$ per lb_.
5, 644 I 5, 606
40. 6
26. 8
'621.5
1
658.5
r
5,452 j
547.4
384.1
Lead:
Production:
Mine, recoverable lead
thous. sh. tons.
Recovered from scrap (lead cont.)
do...
Consumption (recoverable zinc content):
Ores
Scrap, all types
975. 2 1, 083.8
800.3
866.9
472.3 j 496.6
130.2
165.2
330.0
146. 8
581
142
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)
5,535
138.4
136.0
124.0
12.0
30.0
2,517
2,383
547
Exports, incl. reexports (metal)t
Stocks, pig (industrial), end of periodf
Price, Straits quality (delivered)*
5, 579
. 5100
I
2,025
2,056
512
Tin:
Imports (for consumption):
Ore (tin content)!
metric t o n s . .
Metal, unvvrought., unalloyedt
do
Recovery from scrap, total (tin cont.)f
do
As metalf
do
Consumption, totalt
do
Primary!
do
5,648
.5100
|
Brass mill products
mil. lb._
Copper wire mill products (copper cont.)..-do
Brass and bronze foundry products
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. t o n s . . !
Refiners' (primary), refined and antimonial i
(lead content)
thous. sh. t o n s . /
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons...
Price, common grade, delivered
$ per l b . .
.4878
o7. o
7.1
9.3
42 2
11.8
47.1
26. 5
54.4.
12. 5
60.6
7.7 ;.
4. 7 I 59. 7
60.3 : 65. 3 j 65.8
86.2 I 81.9 ! 76.9 i
j
. 3400 i . 3400 i . 3190 j . 3073 I . 3050
. 3050
* N e w series effective w i t h d a t a for J a n . 1976. Source: Metals Week. MW Composite mo
g,
price (Straits quality, delivered) is based on average of daily prices at t w o marrs.e.8 (Pe
Malaysia—settlement, a n d L M E 3 - m o n t h - - H i s h jzracle), a n d includes fixed cnfcige* plus
dealer's a n d consumer's 70-day financing costs; no comparable earlier prices are avai aDie.
f Effective w i t h t h e A p r . 1977 S U R V E Y , d a t a are expressed in metric ions (to convert u.&.
long t o n s t o metric tons, m u l t i p l y b y factor, 1.01605).
SURVEY OF CURRENT BUSINESS
S-34
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
1976
Dec.
Annual
February 1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, neworders (domestic), net, qtrly. 9 O.
mil. $_.
Electric processing heating equip
do
Fuel-fired processing heating equip
do
146.4
43.6
52.4
184.3
35.8
77.3
45.5
10.7
18.2
Material handling equipment (industrial):
Orders (new), index, seas, adj
1967=100..
135.6
167.5
198.5
209.7
226.1
227.7
235.7
220.6
236.4
139.0
206.7
280.4
244.0
296.0
15,063
19,381
15,786
16,152
1,396
1,618
1,242
1,678
1,439
1,660
1,569
1,912
1,385
1,674
1,351
1,929
1,676
2,182
1,011
1,171
1,535
1,844
1,705
1,661
1,760
1,930
1,675
1,901
36,388
33,930
2,594
4,014
4,274
3,677
3,666
3,956
3,442
3,887
3,809
3,316
142.3
Industrial trucks (electric), shipments:
Hand (motorized)
number..
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments.
number..
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted
1967=100..
Price index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.)
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
Domestic
Shipments, t otal
Dorrestic
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Doirestic
Shipments, total
Domestic
Order backlog, end of period
Tractors used in construction, shipments, qtrly:
Tracklaying, total.
units
mil. $..
Wheel (contractors'off-highway)
units
mil.$__
Tractor shovel loaders (integral units only), wheel
and tracklaying types
_*_ .units..
mil. $..
Tractors, wheel, farm, nonfann (ex. garden and
construction types), ship., qtrly
units..
mil. $..
12.6
18.1
17.0
18.5
17.6
22.3
165.4
178.7
187.6
188.3
194.6
201.7
198.8
199.1
199. 5
195.4
200.0
206.2
207.5
211.4
165.2
183. 8
187.5
191.2
186.4
196.9
205.0
201.9
207.5
207.9
218.6
224.7
214.7
212.3
208.8
169.4
178.4
183.7
185.8
187.5
188.2
188.7
189.4
190.3
192.0
192.7
193.6
195.4
196.3
187.25 150.00 147.70 198. 50
159.55 124.95 135.95 174.40
155.05 122.40 106.25 166. 50
97.75 147. 55
136.50 114.00
1,568.2 1,595.8 1,637.3 1,669.3
160.10
150. 55
141. 55
131.40
1,687.8
mil. $.. 915.90 1,662.15 171.10
do
780.50 1,476. 60 150.50
do
1,878.65 1,482.10 161.95
do
1,548.10 1,269.85 145.70
do
1,062.4 1,242. 4 1,242.4
do
do
do
do
do
49.0
153.45 135.35 200.20 196.75 199.70
139. 70 117. 20 186.95 188.05 175.00
94.30 111.90 129.90 125.25 130.50
80.55
99. 50 117.50 110.95 118. 20
1,301.6 1, 325.1 1,395.4 1,466.9 1,536.1
46.15
42.50
50.75
36.45
204.6
270.45
212.65
573.05
484.50
218.6
568.05
508. 95
577. 55
473. 50
209.2
58.15
53.50
47.55
40.65
209.2
20,453
1,111.5
4,592
289.6
19,533
1,025.7
3.772
238.3
4,321
248.6
813
49.5
267.
1,119
69.8
1,963
37,956
1,132.7
34,543
975.7
207,036
2,451.5
7,628
222.9
43,112
522.3
224,259
2,321. 5
56.55
52.65
56.75
50.65
204.4
62.55
53.00
53.30
49.15
213.6
55.15
51.35
51.50
45. 70
217.3
66.25
60.10
55.20
50.65
228.3
70.00
62.30
67.20
64.30
231.1
70.05
64. 50
45.25
41.55
225.9
102.95
97.35
38.70
34. 05
320.2
53.65
50.80
44.95
41.10
328.9
79.80
74.85
51.55
47.15
357.2
5,368
291.1
' 1,457
'90.4
4,560
265.2
1,489
84.5
3 1,891
3 109.0
10,827
322.4
11,558
' 366.1
10,139
319.5
•60,039
' 785. 4
60,039
770.2
39,271 319, 795
534.6 3 272.1
208.9
•222.65 P247. 20
•205.95 P218. 85
163.05 P206. 55
• 140. 75 P176. 85
1,747.4 "1,788.1
• 63.45
• 59. 05
' 58.90
• 48.90
• 361. 7
v 67.45
61.30
p 56. 35
p 51.05
P 372. 8
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
Radio sets, production, total market
Television sets (incl. combination models),
tion, total market
thous..
thous_.
producthous..
Household major appliances (electrical), factory
shipments (dome tic and export) 9
thous..
Air condit ioners (room)
do
Dishwashers
do
Disposers (foodwaste).
do..."
Ranges
do
Refrigerators
do
Freezers
do.
Washers
do
Dryers (incl, gas)
do
Vacuum cleaners (qtrly.)
do
1
42,582
49,203
5,460
4,909
4,314
3,947
3,183
3,302
3,513
3,280
5,079
5,685
6,060
5,190
5,866
34,516
44,102
2 3,526
2,697
2,738 2 3,832
2,935
3,391
2 3,684
4,404
5,853
2
7,209
4,891
5,061
2 6, 231
2,700
10,637
14,131 2 1,216
1,103
1,141 21,346
1,203
1,255 2 1,431
1,127
1,068
2
1,653
1,380
1,366
2
1,103
25,800
2,962
3,140
2,515
2,462
4,817
1,548
4,492
3,173
9,285
*'1,945
186.9
245. 3
' 203. 0
' 187. 6
' 289.4
'79.6
' 277. 2
217.8
2,4y0.9
1,967
219.2
239.4
224.3
187.0
354.9
101.1
352.0
247.7
2,179
253.4
272.0
228.7
193.4
374.6
107.1
406.6
292.2
2,903
427.7
316.4
252.1
250.4
505. 8
152. 5
478.3
336.5
2,489.3
2,506
488.1
235.7
225.5
215.5
419.9
114.9
361.5
241.5
2,580
440.8
255.5
229.1
242.3
456.7
136.2
404.9
246.3
* 3.036 < 2,556
411.1
393.4
202.5
327.8
228.4
256. 4
222.9
288.9
525.0
659.1
194.8
196. 3
361.8
465. 4
246.3
291.3
2,193. 6
2,828
106.0
311.9
274.2
290.2
599.2
207.8
495.2
330.2
4
2,732
91.3
276.4
270.8
285.2
565.7
142.9
467.9
375.6
2, 647
101.8
339.1
272.0
277.7
461.4
97.1
413.6
343.5
2,529
152.8
321.1
271.9
280.1
435.4
77.4
385. 0
329.2
249.9
349. 5
75.7
340.4
272.7
1,554
1,824
3,112
125.1
152.4
251.5
129.2
113.6
249.9
118.5
133.7
273.7
127.9
170.0
296.9
120.9
142.5
298.8
99.5
151.8
286.2
24,292
2,670
2,702
2,080
1
2, 082
4,577
2,457
4,228
2, 869
7,817
1
4
1, 359
2,153
184.1
258.0
220.6
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.thous
Ranges, total, sales
do
Water heaters (storage), automatic, sales.]]~~do....
1,186
1,618
2,645
116.8
161.3
288.4
102.8
118.9
128.3
146.6
144.0
161.3
152.9
142.8
128.3
145.2
139.9
p 165. 5
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production t
thous. sh. tons..
6,203
475
405
435
6,228
42
640
Exports....
do
615
23
36
Price, wholesale, chestnut, f.o.b. car at mine
44.856
46.428
46.
550
46.
550
$persh.ton__
46.428
Bituminous:
Production t
thous. sh. tons.. 648,438 '678,685 57,046 44,555 50,365
' Revised.
* Preliminary.
i Annual data; monthly or quarterly revisions not avail.
2
Data cover 5 weeks; other periods, 4 weeks.
3 For month shown.
* Includes U.S.
produced and imported microwave ovens and combination microwave oven/ranges amounting to 238,500 for Dec. 1976 and 184,800 for Dec. 1977.
600
59
500
18
550
84
575
26
400
64
605
55
550
94
550
60
600
75
475
11
46.550
46.550
46. 550
46. 650
46.650
46. 579
46. 579
46. 579
46. 579
46. 579
65,020 58,893 60,799 61,078 47,785 55,920 65,505 64,415
9 Includes data not shown separately.
{Monthly revisions back to 1973 are available upon request.
OEffective 1976, data reflect additional reporting firms.
65,545
32,120
46. 579
February 1978
SURVEY OF CURRENT BUSINESS
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
1976
Dec.
S-35
1978
1977
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued X
Industrial consumption and retail deliveries,
total 9
thous. sh. tons__ !556,?01
Electric power utilities
do
403,249
Mfg. and mining industries, total
do
145,746
Coke plants (oven and beehive)
do
83,272
Retail deliveries to other consumers
do
2
7, 282
Stocks, industrial and retail dealers' end of
period, total
thous. sh. tons.- 127,115
Electric power utilities
do
109,707
Mfg. and mining industries, total
do
17,175
Oven-coke plants
do
8,671
597,479
445,750
144,817
84,324
55,642
40,950
13,521
6,941
57,052
43, 094
12,808
6,408
50,776
37,524
12,522
6,274
50,238
37,145
12,568
7,043
46,888
33.851
12,456
6,806
50,015
37,023
12,566
6,991
6,900
1,170
1,150
730
525
580
425
133,673 133,673
116,554 116,554
16, 879 16, 879
9,804 9,804
18,080 14,387 122,584 129,830 137,518
03, 883 .01,065 107, 374 113.631 120,358
14,067 13,182 15,055 16,059 17,000
8,107
7,463
9,025 9,898 10,625
52, 294 57, 287 55,627 51, 342 50. 936 51,448
39, 940 44, 797 43, 957 40, 008 38, 220 38,107
11,987 12,109 11,344 10,923 12,185 12, 665
5,883 6,335 6,505
6,807 6,679 6,164
410
530
675
44, 269 37,462 136, 832 44, 953
.25,399 .21,052 121, 249 27, 723
18,695 16,210 15,393 16,990
12,035
9, 815 9,043 10,410
158.164
137.165
20, 724
12, 599
173,063
147,143
25,560
15,500
365
380
325
233
240
240
130
140
155
140
160
175
200
190
240
275
360
do
Index, 1967=100..
65,669
387.0
59, 406
367.5
4,625
373.0
2,143
375.3
3,079
376.5
3,390
378.0
5,639
379.1
5,673
386.1
6,019
389.7
5,158
392.2
4,279
393.7
5.037
394.4
4,871
397.0
4,489
399.4
3,910
401.6
thous. sh. tons..
do
do
2727
56,494
25,848
605
57,728
26,029
55
4,751
2,211
49
4,412
2,135
37
4,273
2,005
37
4,696
2,239
36
4.672
2,183
26
4.819
2,222
38
4,686
2, 206
38
4, 642
2, 454
4, 259
36
4,087
32
4,305
do
do
do
do
4,996
4,718
278
1,472
6,487
6,173
314
2,127
6,487
6,173
314
2,127
6,970
6,660
310
2,184
7,247
6,953
294
2,282
7,297
7,005
292
2,300
7,054
6, 765
290
2,383
6,749
'235
2,434
6,481
6,247
234
2, 432
6,531
6, 309
221
2,135
6,292
6,084
208
6,213
6,023
190
6,391
6,220
171
.do.
1,273
1,315
32
91
51
108
108
95
160
126
142
66
Crude petroleum:
Oil wells completed
number..
Price, wholesale
Index, 1967 = 100..
Gross input to crude oil distillation units..mil. bbl__
Refinery operating ratio
% of capacity_.
216, 408
245.7
4,709.3
86
17,020
253. 6
5,081.4
1,512
264.4
457.0
91
1,391
262.9
453.6
89
1,321
274.2
425.6
93
1,817
270.0
456.3
90
1,405
271.0
438. 5
89
1,382
271.0
462.8
89
1.720
271.8
458.0
91
1,304
270.8
471.2
91
1,400
273.1
1,924
276.1
1,562
278.6
1,785
282.9
1,875
288.1
All oils, supply, demand, and stocks:
New supply, total eft
Production:
Crude petroluem X
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products J
mil. bbl.. 5,876.9
6.242.6
559.1
566.1
549.7
589.0
554.0
566. 0
557. 3
do
do
3, 056. 8
609.7
2, 971.7
601.0
248.2
50.8
241.5
49.2
248. 7
53.7
242.4
51.5
248.3
52.0
241.:
249.2
51.4
255. 5
252.5
264.1
do
do
1,511.2
1,946.9
723.1
184.8
75.4
196.0
79.3
225.9
45.8
186.9
91.1
206. 7
79.9
204.2
56.0
212.4
53.4
210.
55.
-21.1
-69.0
-46.9
36.3
34.2
50.2
23. <
43.9
6.465.7
644.3
640.9
566.1
533.8
534.7
548.:
551.9
1.0
5.4
559. 7
215.0
4.4
.5
6.2
2.8
6.2
527.1
221.5
3.5
525. 8
219. 2
3.2
Retail dealers.
Exports
Price, wholesale
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
-do-
Exports.
* 159
403.5
PETROLEUM AND PRODUCTS
Change in stocks, all oils (decrease,—)
Demand, total X
Exports:
Crude petroleum
Refined products
do
do
699.2
3 11.8
do
do
6,033. 9
2.1
74.3
do
do
do
Distillate fuel oil X
Residual fuel oil %
Jet fuel
do
do
do
Lubricants %
Asphalt
Liquefied gases
do..
do_.
do.
50.2
147.4
486.4
do.
do.
do
do..
1,133.0
271.4
113.7
747.9
do.
do.
do.
238. 0
Domestic product demand, total 9 t
Gasoline
Kerosene
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
1.1
7.6
.4
5.5
5,957.5
2,450. 3
58.0
2.9
78.7
6,384.1
2,567. 2
61.8
635.7
222 2
9^4
634.9
201. 2
11.1
1.7
4.9
572.0
194.1
7.4
1, 040. 6
898. 6
365.3
1,145.6
1,019. 6
361.4
144.2
111.8
31.8
158.4
110.0
32.7
132.0
102.5
29.0
106.0
97.6
32.3
88.3
85.7
30.6
86.1
84.3
30.8
55.7
146.8
514.0
4.6
6.1
59.6
4.4
5.0
59.8
3.5
5.3
53.6
5.9
8.1
42.0
4.7
9.9
36.8
5.3
14.9
36.2
3. 6
so.:
288.8
218.3
62.0
1.6
6.2
541.
229.
544.0
232.3
4.1
78.9
87.0
32.3
5.3
19.8
37.1
4.9
18.2
35.1
1,111.8 1,111.8 1, 064. 9 1,050.5 1, 086. 8 1,121.0 1,171.2 1,195.1 1, 239. 0
328.6
291.4
299. 5 318.6
333. 6 335. 2
285.5
294.0
285.5
122.5
116.2
108.5
113.6
124.6
122.0
118.6
118.6
112.1
720.2
650.6
673. 8 686.2
736. 9 781.8
707.7 707.7
658.8
2,517.0
1.3
234. 3
223.5
.2
234.3
215.8
.3
255.5
191.6
.1
258.1
214.0
0)
264.7
210.2
0)
261.5
216.8
.1
265.3
215.8
(0
259.1
226.4
0)
260.8
Prices (excl. aviation):
255.8
259. 6 257. 5
254.5
242.2
249.5
239.9
245.6
240.4
260.5
233. G
Wholesale, regular
Index, 2/73=100258.9
261.2
211.8
Retail (regular grade, excl. taxes), 55 cities
.513
.510
.515
.518
.511
.503
.483
.484
.496
.517
.474
.517
.517
(mid-month)
$ per gal..
.455
Aviation gasoline:
1.2
1.3
1.0
1.6
.7
1.1
.8
1.4
13.3
Production
mil. bbl
13.7
0)
0)
0)
Exports
do. _
(')
0)
0)
0)
.2
.1
0)
2. 6
2.8
2.6
2.6
2.8
2.8
Stocks, end of period
do..
3.0
2.8
2.6
Kerosene:
3.7
3.8
6.9
7.1
5.5
7.9
4.2
5.3
55.7
55.7
Production
do..
15.0
14.1
12.5
13.6
11.7
10.5
12.5
Stocks, end of period
do..
15.6
16.8
18.4
Price, wholesale (light distillate)
383.0
379. 3 381.2
323.
2
355.
0
351.7
362.8 363. 5 374.9
339.2
I
346.6
325.6
357.2 360.^
312.3
285.6
Index, 1967=100...
r
2
c? Includes small amounts of "other hydrocarbons and hydrogen refinery input, not
Revised. 3 ! Less than 50 thousand barrels.
Reflects revisions not available by
shown separately.
X Monthly revisions back to 1973 for bituminous coal and back to 19/4
months.
Not comparable with data for earlier periods because stocks cover 100 additional
for petroleum and products are available upon request.
terminals beginning Dec. 1974.
* Oct. includes exports for Sept.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
SURVEY OF CURRENT BUSINESS
S-36
February 1978
1977
Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes a r e a s s h o w n in
t h e 1975 edition of B U S I N E S S S T A T I S T I C S
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PETROLEUM, COAL, AND PRODUCTS—Continued
P E T R O L E U M AND PRODUCTS—Continued
Refined petroleum products—Continued
Distillate fuel oil:*
Production
_. .mil. b b l . .
Im ports i
do
Exports
do
Stocks, end of period
do
Price, wholesale (middle distillate)
Index, 1967-100..
Residual fuel oil;
Production
.mil. bbl._
Imports!
do
E xports
do
Stocks, end of period
dO-._..
Price, wholesale
Index, 19G7 = 100..
Jet fuel:
Production
Stocks, end of period
mil. bbl_
do...
Lubricants:
Production
Exports
Stocks, end of period ...__•
-Asphalt:
Production
Stocks, end of period - _
do
do
do
__.do
do.
]
\
i
LiqueHed 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
96.9
3.1
(2)
162.2
95.9
4.0
(2)
178. 9
99.0
5.9
0
204.9
387.0
386. 8
388. 7
388.8
18.9
51.8
35.5
.2
73.4
544.0
51.4
35.4
.1
71.9
524. 5
53.6
39.4
.1
77.8
510.2
513.6
512. ~i
30.4
33.6
29. 9
34.7
30.0
35.0
12.0
5.3
1.0
11.6
5.6
.9
11.4
5.3
.9
10.6
5.3
.7
10.7
7.6
23.3
10.3
25. 6
11.0
26.7
13.7
25.8
16.4
22.5
17.1
21.6
42.9
33,5 I
9. 4
86. 5
48. 7
38.4
10. 2
91. 2
47. 4
37.3
10.1
1)8. 6
49.8
37.4
12.3
109.9
46.8
35. 9
10.9
119.3
48.7
36.9
11.8
130.9
1,070.2
52.5
4
186. 0
100.9
5.5
I2)
186.0
104.6
10.8
103.7
18. 6
309.4
337. o
349. 8
359. 0
369.4
377.8
451. 0
446.5
5.3
74.1
495.5
504. 0
511. 7
4.2
72.3
452. 9
54.9
55.5
1
72!3
480. 4
64.7 '
492.3
o-l. 6
54.4
.2
71.4
523.1
53. 2
43.9
.1
71.2
533.1
318.0
30.4
335. 8
32.1
27.9
32.1
28.4
30.2
27.3
30.5
29.6
30.7
70.2 j
545. 9
29.7
32.4
56.2
9.1
14.3
61 8
9.5
12 3
54
9
12'3
5.0
12! 3
13! 0
144.0
22.8
139 7
19 4
85
19 4
6.5
20.9
557.5
444.1
113.4
125.1
561 9
437 4
124 6
116 3
48 3
37 8
10.6
116 3
46.3
86.3
10.0
98.9
968.6
56.7
.3
208. 3
98.6
16.1
133. 3
58.6 i
49
:i!
90.0
4.6
.1
148.3
384. 0
50. 6
33
:ii
522.1
392.2
394.2
396.6
511.3
510.5
513.0
PULP, PAPER, AND PAPER PRODUCTS
P U L P W O O D AND W A S T E P A P E R
Pulpwood:
Receipts
C onsumption _.
Stocks, end of period
thous. cords (128 cu. ft.) __
do
do
Waste paper:
Consumption
Stocks, end of period-_
65,456 i 73,583
65,421 ! "'
73, 209
6,571
6,805
thous. sh. tons.
do
£,897
5. 571
5,818
6, 373
6, ISO
6.170
i\ 005
6, 247
12,103
772
WOODPULP
Production:
Total, all grades
___thous. sh.
Dissolving and special alpha
Rulfate
Sulfite
Groundwood
Defibrated or exploded, screenings, etc
Soda and semichemical
tons__ *43,084
do
1,583
do
329,2.13
do
1,951
do
4, 351
d o ( )
3
do
3,201
• 48,804
1.400
3 33,615
2. 079
4, 797
Stocks, end of period:
Total, all mills
P u l p mills
Paper and board mills
Nonpaper mills
do
do
do
do
Exports, all grades, total
Dissolving and special alpha
All other.I
'.
Imports, all grades, total
Dissolving and specia' alpha. .
Allother..
SIS |
6,595
6, 562
6,331
6,244
6,436
6,046
6,480
6,568
0,127
6,530
6,489
6,194
6,091
6, 054
6,141
6,485
fi, 390
6,302
5,899
6,524
6,454
6, 537
6,454
939
732
890
73 4
931
682
918
701
803
920
679
840
680
924
650
3, 668
110
2,738
153
358
4,051
93
3,067
169
'383
(
3, 336
112
2,438
169
337
3,753
139
2,758
180
360
3,850
120
2,741
174
402
4,112
152
3.026
191
390
3,999
127
2, 986
172
376
4,14S
139
3,086
190
386
4, 083
124
3, 053
186
382
3,791
98
2,839
164
362
4, 026
135
3,001
167
387
3 3, €27
280
317
413
354
338
348
339
327
337
M,158
«519
552
87
51,344
s 656
623
65
1,344
656
623
65
1,020
605
354
62
1.045
593
390
63
1,132
640
424
69
1,132
644
415
72
1,145
664
413
69
1,175
677
424
1,185
693
412
80
1,188
714
397
77
1,098
642
392
64
1.063
624
380
59
do.
do..
do.
12,585
692
U,872
i 2, 518
730
U.787
210
54
156
236
76
160
246
84
162
270
80
191
206
57
150
213
65
172
212
03
150
266
83
183
170
56
114
161
50
110
240
72
167
do..
do.
do.
1 3,078 ! i 3.727
' 188
14.0 1
1 2, 937 i 3,539
303
17
286
334
S
326
359
14
345
306
1.9
2S7
304
283
385
18
366
281
10
271
350
17
332
5
282
288
14
274
374
19
356
317
17
299
521
60, 043
306
26, 534
452 I 27, 960
130
115 I
648 1 5, 419
4,500
2,066
2,028
8
397
4,861
2,222
2, 239
8
3S3
4, 082
2,135
2,168
372
5,432
2,425
2,502
9
490
5,148
2.281
2,399
8
459
5, 351
2,357
2,509
9
476
5,287
2,340
2,460
9
478
4, 715
2,108
2,157
0
443
f», 416
2, 397
2,475
9
535
4,918
2,222
2,239
9
448
5.238
2, 348
2,377
9
504
190. 4
138. 7
177.5
144.2
174.6
144.8 |
173. 5
144.5
172.6
145. 9
174. 5
148.8
179.0
151.3
179.5
153.8 I
180. 0
157.8
180.4
162.4
180.1
1G6. 7
177.8
168.8 i
174.2
168.3
171.1
170.4
(4)
184
53 "
131
339
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted-..thous. sh. t o n s . .
Paper
do
Paperboard
do
Wet-machine board
do
Construction paper and board
do
Wholesale price indexes:
Book paper, A grade
1967 = 100..
P y.perboard
do
Building paper and board
do
r
Revised.
* Preliminary.
£
R e p o r t e d a n n u a l total; revisions n o t allocated to t h e m o n t h s .
Less t h a n 50 t h o u s a n d
barrels.
3 Beginning with J a n u a r y 1975, d a t a for soda combined with those for sulphate;
not comparable with d a t a for earlier periods.
1
170.7
174.9
reenings, etc.,
* Beginning March 1975, d a t a for defibrated or exploded, screenings,
e t c . , not
n o t available;
5
not comparable w i t h those for earlier periods.
D a t a exclude small amoun;ts of pulp
because reporting would disclose the operations of individual
finns.
^ h h ^ to avoid
available
JMonthly revisionsback to 197
disclosing figures for individual companies,
upon request.
SURVEY OF CURRENT BUSINESS
February 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
Annual
S-37
1976
1977
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Con.
Selected types of paper (API):
Groundwood paper, nncoated:
Orders, new
thous. sh. t o n s . .
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.
1,245
172
1,189
1,300
151
1,278
103
151
104
99
131
107
98
134
98
106
138
106
113
142
107
112
151
108
120
167
103
112
168
111
121
178
115
107
180
105
110
173
112
3,166
313
3,194
3,956
337
3,981
327
337
332
362
363
331
333
369
331
374
363
382
360
388
343
346
387
350
365
383
365
319
383
317
396
400
383
358
408
357
394
'373
'342
'388
"•372
358
404
330
5,481
5,648
6, 354
6,793
555
559
557
553
635
649
591
603
557
597
571
604
518
550
565
621
542
580
578
"•622
r.554
'592
565
3,312
3, 979
3,839
4,186
300
340
320
363
324
340
350
374
307
330
371
331
374
292
342
323
373
322
340
332
366
305
350
290
340
718
769
299
733 !
653 i
379
690
648
420
726
734
412
732
729
416
755
747
424
760
768
416
721
730
408
783
757
434
713
738
408
840
856
392
835
810
416
701
835
282
323
312
41
291
285
47
333
321
306
299
323
324
63
330
333
29
307
306
60
336
331
65
293
300
58
332
334
55
322
327
51
307
324
34
575
529
483
524
539
561
628
620
597
832
851
827
483
558
532
552
216.7
216.7
216. 7
216.7
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
do..
do_.
do..
7, 679
7,727
95
8,915
8,712
299
United States:
Production
Shipments from mills
Stocks at mills, end of period
do..
do.
do.
3,614
3,613
21
3,686
3,678
Consumption b y publishersd"
do
Stocks at and in transit to publishers, end of
period
thous. sh. t o n s . .
6,363
Im ports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
Index, 1967 =-100--
5, 847
734
184.0
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. t o n s . .
Orders, unfilled§__ _ 1 _ _ _ _~
do
Production, total (weekly avg.)
do
29
6,534
921
6,569
198.2
921
873
896
594
468
500
207.6
209.4
58
64
572
563
59
599
556 j
831
897
599
209.4 j 216.7
835 j
873
495
216. 7
530
608
216.7 i 216.7
385
1,070
471
528
1,089
504
553
1,097
561
596
1,189
581
580
1,217
585
598
1,208
599
577
1,182
580
194,329
216,371
16,672
16,189
17,656
19,783
18,956
19,377
19,505
Folding paper boxes, shipments..thous. sh. t o n s . . 2,380.0
mil. $_. 1,755.0
2,592.0
1,979.0
227.1
177.4
207.5
163.0
197.6
157.2
231.0
182. 3
206.1
163. 9
219.5
176.0
220. 0
176.8
Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft. surf. area__
763
796
I
610 i
216.
624
216.7
216. 7
552
1,070
547
479
1,031
476 I
r
506
1,220
501
546
1.148
572
518
1,135
515
578 j
548
1.146 I 1.132
508 |
550
479
1,037
496
17, 251
19, 694
20,002
19,711
19,285
183. 6
r 148. 7
' 226. 6
'185.6
r 219. 8
' 179.4
232. 5
189. 8
• 210. 7
• 169. 6
229.8
184.9
72. 06
57.43
123.91 i 126.72
72.86
71.16
r 70. 01
136.14
49.28
71.92
133.51
76.27
68.81
137. 65
73.20
76.68
132.04
37. 39
81.99
.448
.443
.438
.429
191,32 198.83 j'201. 67
159.78 210.53 211. 29
430.43 U30.31 422. 33
205. 55
204.17
424. 50
195.43
192.82
424.04
26.14
14.59
13.80
'6.94
12.84
15. 34
7.94
9.66
15.99
7.21
9.05
16.15
r
17,8
574
1,143
517
16, 222
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. metric tons..
Stocks,, end of period
do
p o d
I t
il
lt
d guayule..thous.
lh
llg. tons. J
Imports,
incl.
latex
and
669.97
105.38
656. 60
730. 73
141.84
712. 90
59.43
141.84
68.80
Price, wholesale, smoked sheets (N.Y.)..$ per l b . .
. 299
.395
.400
.408
thous. metric tons.. 1,937.85
do
2,022.43
do
369.86
, 303. 75
,175.26
458.12
210. 92
200. 56
i 458.12
203.95
216.92
441.37
193.03
202. 68
i 431.81
Synthetic rubber:
Production
Consumption
Stocks, end of period
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
1
67.27
119.92
70.19
68.50
127.04
55.61
123.77
82. 29
68.60
118.30
72.18
67.66
119.10
.416
.406
.408
213.07
238. 09
407.62
204.80
200.42
412.85
thous. lg. tons..
214.50
267. 99
21.13
19.11
20.97
thous. metric tons..
do
do
78.23
100. 22
10.18
78.46
81.89
16.81
8.43
8.10
» 16.81
6.74
9.78
15. 95
6.77
8.96
15.83
7.90
9.68
16.66
21. 48
211.45 201. 84
220.14 206. 75
1409.35 1402.18
22.06
.391
.396
1
20.78 ! 24.72
7.34
7.02
6. 75
8.83
9.78
9. 40
16. 26 I i 13.99 i 14. 78
6.24
8.04
15.51
7.62
9.86
15.97
.430
17.13
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes, automotive:
Production
Shipments
Stocks, end of period
Exports (Bu. of Census)
.
thous.
186,705
187,953
20,194
2 20,638
20,094
22,640
20,087
19,512
20,734
15,050
19,495
19, 321
18,926
17, 716
do.
do.
do.
do.
196,295
47,467
142,706
6,122
210,702
60,138
145,869
4, 695
16,466
6,241
9, 731
494
!
16,773 16,609
2
5, 835
4,838
>• 10,496 11,282
M42
489
21,022
6, 423
14,020
579
20,530 I 19,790
5,766 ! 5,828
14,313 j 13, 501
451
461
22, 758
6, 511
15,742
504
17,177
4,474
12,298
404
18, 262
4,425
13,400
436
20, 558
5,750
14,383
425
20,247
6,124
13,818
304
16,716
5,307
11,026
383
50 020
6*124
34,768
4,784
34,768
519
2
44,887
43,460
514
45, 229
448
44, 542
544
43,841
45,176
32,584
34,581
9,212
3, 998
27.548
33,304
5,106
3,167
2,362
2,315
5,106
357
190
127
170
do
do
do.
do.
do
do
I
I
39,010
483
43,212
546
45,616
637
45,832
618
253
186
240
229
r
Revised.
i Producers' stocks are included; comparable d a t a for earlier periods will be
shown later.
2 Beginning Jan, 1977, data cover passenger car and truck and bus tires;
motorcycle tires and tires for mobile homes are excluded.
46,231
504
"285 |
d'As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly d a t a are averages for t h e 4-week period ending on Saturday nearest t h e end of t h e
m o n t h ; annual d a t a are as of Dec. 31.
S-38
UUKJ KJGJN'J.
ut
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
February 1978
1977
1976
Dec.
Annual
13U>
Jan.
Feb.
Mar.
Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
thoiis.bbL. 367,436
Shipments, finished cement
387,410
23,165
13,963
20, 910
489.4
4.3
62.5
296.6
2.6
45.5
437.9
3.4
65.8
4.3
3.3
2.9
5.5
5.6
5.6
21.7
18.9
21.6
22.6
22.8
23. 8
185.9
188.2
191.6
31,346
35,713
40,537 | 45,521 | 41,952 | 43,207 34, o!8
40,197 | 45,090
CLAY CONSTRUCTION PRODUCTS
Shipments: t
Brick, unglazed (common and face)
mil. standard brick.. 6,261.9 i 7,034.4
Structural tile, except facing
thous. sh. tons..
79.5
71.0
Sewer pipe and fittings, vitrified
do
1,189.9
1,097.8
Facing tile (hollow), glazed and unglazed
mil. brick enuivalent..
73.4
64.8
Floor and wall tile and accessories, glazed and
unglazed
mil. sq. ft..
251. 7
27f>. 7
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967=100..
160.5
177.0
194.8 I 195.8
812.3
4.2
113. 7
700. 0
4.7
109. 3
687.8
727.3 j 782.4 j 792.6
3.4
4.3 j
4.1
4.7
102.3 ! 107.2 113.6 i 127.8
22.7
198.2 I 201.4
207.8
5.3
thous. .1
do..
do..
' i.'o j
91.8
6.3
26.9
'26.6
212.2
214.2
209.2
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
Sheet (window) glass, shipments
Plate and other flat glass, shipments
746.6
4.0
97.2
6.4
5.3
2.". 9
740.9
4.4
99. 4
25.2
224.0
215.7
467,994
76.229
391,765
644,751
101,739
543,012
71,412
24,532
46,880
thous. gross.
283,055
302,500
21,020
22,636
24,292
28,109 j 24,433
25,686
27,059 | 20,481 j 29,515
21,251
25,842
26, 825
do...
279,022
292,345
22,943
22,177
22,456
34,176 ! 21,161
23,869 ! 26,526 j 24,472 j 35,382
23,828
21,577
23,530
do...
do.. _
do...
do...
25,266
64,418
76,835
23,406
25,727
65.093
81,938
22,674
1,727
5,736
6,070
2,004
2,244
4,352
5,909
1,813
2,115
4,608
5,890
1,709
3,060
7,142
9,074
2,849
1,987
4,902
7, 574
1,821
1,482
4,429
6, 515
1,978
1, 620
5, 054
6, 613
2 287
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars) t O
thous. gross.
59, 287
61,504
4,712
4,784
5,049
7,897 i 3,471
4,692
4,956
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do...
Chemical, household and industrial
do...
25,775
4,035
30,798
4,611
2,373
321
2,736
339
2,744 I 3,687 2,171
467 | 231
341
2,730
270
37,666
42,800
42,800
41,932
19,751
1
9,181
111,980
111,036
1,132
927
6,231
Glass containers:
Production!
Shipments, domestic, totalt
Narrow-neck containers:
Food
B everage
Beer
Liquor and wine
Stocks, end of period t
do
| 165,553 I
43,266
!.-.
1,567
4,521
7,670
1,630
!
|
I
i
36,408 ! 40,414
i
182,769
1,925
5.450
8,452
1,787
2,155
6,697
8,794
1,939
|
!
i
|
192,76
1,633
6,218 i
8,431 j
1,551 !
3,289
8,451
10,179
2,685
4,025 j 4,502
4,324
7,363 5,015
2,150
2,039
273
2,998
417
2,226
303
41,613 | 42,077
43,019
37,253
33,976
2,214
267
38,433
1,134
1,020
1,151
1,044
1,124
1,032
1,186
1, 072
1,187
1,048
1,272
1,121
565
771
600
792
720
650
502
572
528
585
566
567
27
26
13
29
1,380
15
40
31
1,055
219
20
24
10
27
25
12
32
30
1,262
14
36
23
970
198
20
1, 421
17
41
94
1,102
217
20
1,997
233
41, 504
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct).-thous. sh. tons..
Calcined
do
Imports, crude gypsum
do.
Sales of gypsum products:
Uncalcined
do.
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl. Keene's cement)
Board products, total
Lath
Veneer base
G ypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
do
do.
do.
5,448
i 4,878
I
J
j
mil. sq. ft..
do....
do
do
do
do
do
940 !
863
952 1,092
843 1,046
1,121
1,002
591
533
284
541
515
5,030
476
312
276
348
459
293
176
360
305
23
23
22
28
162
329
11
23
9
20
10
22
14
27
12
12
25
10,804
182
292
198
8,214
1,790
127
113,156
184
362
i 272
110,117
i 2, 029
191
1,165
15
31
23
900
183
13
949
11
23
19
723
160
13
1,029
12
24
20
799
161
14
1,382
17
38
30
1.061
214
21
1,201
13
29
28
917
190
24
1,281
17
35
26
981
202
19
12
28
1,333
10
39
25
1,032
206
22
11
28
1,366
11
39
24
1, 058
211
23
TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb._ 1,955.8
Knitting machines active last working day*..thous_-|
47.1
1, 790. 9
43.5
402. 3
43.5
M19.4 I
7 35.7 |
7 418. 3
7
34.8
454. 3
35. 0
7
I
I
Woven fabric (gray goods), weaving mills:
802
791
2 953
785
1,027
613
820
792
2 923
817 2 21,057
Production, total 9
mil. linear y d . .
9,777
781
10,448
320
318
2 387
315
251
2 432
348
341
2 371
352
C otton
do
4,326
4,450
344
448
474 I
466
2 558
462
356
2 585
443
471
2 545
457
5, 913
Manmade
fiber
do
| 5,356
431
2 600
986 i
1,014
1,
062
L, 118
1,205
1,212
1,153
1,180
1,213
1,203
Stocks, total, end of period 9 d*
do
1,099
1, 203
1,210
1,196
339 |
347
345
365
380
388
415
391
425
431
Cotton
do
489
431
426
425
642 I
662
712
748
819
817
760
767
781
Manmade
fiber
do
605
778
706
767
767
1,846
1,801
1,722
1,728
1,839
1,905
2,113
1,980
1,830
1,830
Orders, unfilled, total, end of period 9 H-.-do
2,590
1,766
1,770
1,991
729
750
742
69S
765
794
921
846
789
Cotton
do
1,144
772
'/89
753
869
1,117
1,051
985
L, 023
1,074
1,111
1,149
1,134
1,008
M anmade
fiber
do
1,414
1,008
993
1,017
1,081
COTTON
Cotton (excluding linters):
Production:
31,722
695
2,366
U0,348]
9,887
10,251
G innings A
thous. running bales.. 3 8,151 *10,348
14,385.8
Crop estimate
thous. net weight bales 0 . . 38,301.6 10,580.6
410,580.6;.
'505
512
395
492
2 016
507
2 582
507
6,833
510
528
2 653
Consumption
thous. running bales. _ 6,142
Stocks in the United States, total, end of period 9
14, 798 14, 680 13,951
2,920 16,139
3, 496
9,544
9,610
6, 642 5,570 j 4,571
7,819
9,610
thous. running bales..
2, 909 16,127 14,787 P14.671 "13,943
3, 483
9,528
7, 793 G, 618 5,550 4,554
9,581
9, 581
Domestic cotton, total
do
75 13, 389 11,270 p 7, 608 v 3,874
126
375
563
787
944
945
1,009
1,247
1,247
On farms and in transit
do
2,638 v 6, 219 p 9,205
1,773
1,787
2,264
3,005
3,815
',707
6,709 I 5,777
7,377
7,431
7,377
Public storage and compresses
do
v 864
844
965
879
1,047
1,093
1,174
1,172
1,124
971 ! 1,072
1,152
957
957
Consuming establishments
do
r
JMonthlv revisions back to 1975 for shipments of clay construction products and for Jan.Revised.
p Preliminary.
i Annual total; revisions not allocated
to thf-. months or
3
Mar 1975 for glass containers will be shown later.
9 Includes data not shown separately.
quarters.
- Data cover 5 weeks; other months, 4 weeks.
Crop for the year e1975.
4
& Stocks (owned by weaving mills and billed and held for others) exclude bedsheetmg,
Crop for the year 1976.7
•> Beginning 1st Qtr 1977, data no longer available.
Dee. 1
toweling,
and
blanketing,
and
billed
and
held
stocks
of
denims.
estimate of 1977 crop.
Beginning 1st Qtr 1977, data exclude garment lengths, trimming,
r
Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and collars; not comparable with earlier data.
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheetmg, toweling,
(DBales of 480 lbs.
©Includes data for ''dairy products."
and blanketing.
ACumulative ginnings to end of month indicated.
*New series.
Source: BuCensus.
Data cover warp and weft knit yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
SURVEY OF CURRENT BUSINESS
February 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
Annual
S-39
1977
1976
Dec.
Jan.
Feb.
Apr.
Mar.
May
1978
Sept.
Oct.
Nov.
July
Aug.
'59.8
282
18
'61.7
'58.3
200
1
59.1
149
1
53.1
61.1
58.2
52.5
49.3
49.1
48.0
16.8
7.0
2 10.2
.406
2 4.2
16.8
7.0
6.7
.334
2.8
16.5
6.8
8.1
.405
3.3
16.5
6.8
9.8
.392
24.I
16.6
6.8
'8.3
' . 415
'3.5
16.6
6.8
8.3
.413
3.4
14.4
10.6
11.3
11.1
'11.0
13.5
6.1
4.6
4.3
4.4
4.0
4.6
.42
29.4
39.6
.44
31.0
42.7
.38
40.2
48.1
.40
24.8
35.5
.41
26.3
32.3
.34
46.3
53.1
June
Dec.
Jan.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Con.
Cotton (excluding linters)—Continued
Exports
thous. running bales..
Imports __
_ _ .thous. net-weight0bales
Price (farm), American uplandU
cents per lb__
Price, Strict Low Middling, Grade 41, staple 34
(1 Wi"), average 10 markets
...cents per lb_.
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton
__ do
Spindle hours operated, all fibers, total
bil_.
Average per working day
do
Consuming 100 percent cotton..
do ._
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. yd
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod._
Inventories, end of period, as compared with
avg. weekly production
No. weeks' prod_.
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equiv thous. net-weight0bales
Imports, raw cotton equivalent . .__ do
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly:
Filament yarn (acetate)- mil. lb
Staple, incl. tow (rayon)
do
Noncellulosic, except textile, glass:
Yarn and monofilaments
do
Staple, incl. tow
do
Textile glass fiber
do
Fiber stocks, producers', end of period:
Filament yarn (acetate)
mil. lb
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofllaments
do
Staple, incl. tow
do
Textile glass
fiber
do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd..
Filament yarn (100^) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9 .do
Rayon and/or acetate fabrics, blends do
Polyester blends with cotton
do
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period. .
Prices, manufacturer to mfr., f.o.b. mill:*
50/50 polyester/carded cotton printcloth, grav,
48", 3.90 yds./lb.. 78x54-56
$ per yd
65% poly./35^ comb. cot. broadcl., 3.0 oz/sp yd,
45", 128x72, gray-basis, wh. permpresfin.
$ per yd
Manmade fiber knit fabric prices, f.o.b. mill:*
65% acetate/35^ nylon tricot, gray, 32 gauge, 54",
3.2 oz./linear yd
$ per yd
100%> textured polyester I)K jacquard, 11 oz./
linear yd., 60", yarn dved, finished _.$ per yd
Manmade fiber manufactures:
Exports, manmade fiber equivalent-, mil. lbs
Yarn, tops, thread, cloth _
do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Imports, manmade fiber equivalent
do
Yarn, tops, thread, cloth
do
Cloth, woven..
do
Manufactured prods., apparel, furnishings.do
Apparel, total
do
Knit appareL _ . . . . .
do
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. lb
Carpet class
do
Wool imports, clean yield
do
Duty-free (carpet class)
do
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills:d"
Domestic—Graded territory, 64's, staple 2 3 4"
and up
cents per lb
Australian, 64's, Type 62, duty-paid
do.
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. y d . .
FLOOR COVERINGS
3,840
50
151.1
3,431
96
64.7
376
1
63.1
J58.0
7
73. 4
17.1
8.0
93.2
.352
46.5
4,095
3
12.3
3 5.9
4
354
2
509
548
400
2
'64.8
'70.1
'68.3
73.1
67.0
72.2
75.8
73.7
16.8
7.5
105.6
.406
48.1
16.8
7.5
2 9.0
.359
24.0
16.7
7.4
8.0
.402
3.5
16.8
7.3
8.2
.412
3.5
16.9
7.2
2 10.3
.413
2 4.4
17.0
7.1
8.2
.410
3.5
70.6
16.8
7.0
8.3
.417
3.5
4,718
1,129
12.7
11.6
3 13.2
12.0
5.0
3 4.7
'66.8
10.8
10.5
11.5
462
1
11.0
4.6
.44
51.6
50.2
181
1
' 1,146
1,207
.41
36.9
43.7
.40
36.5
44.2
2
3.36
556.0
718.3
.42
53.2
52.4
301.3
370.9
286.9
475.4
60.3
121.4
71 9
135 5
74.8
136.7
69.7
132.7
3 197 2
2,676.8
546.5
3,286.5
3, 319. 2
676.0
829 9
833.3
176.1
882.3
892 0
160.5
981.8
931.7
193.2
923.4
898.7
208.9
.42
42.8
47.7
.39
47.1
46.9
.38
47.2
41.2
18.6
51.2
18.1
30.0
18.1
30.0
15 4
40 6
14.0
41.8
13.1
48.0
« 280.6
234.7
101.7
299.8
289.0
79.4
299.8
289.0
79.4
293.2
300.5
57 0
298.8
301.0
57.6
356.0
315.2
61.2
5,278. 3
1,688.0
325. 3
279.0
3,036.5
172.4
2,359.5
257.1
6,092.4
1,984.4
378.2
356.8
5
3,500.4
184.8
2,713.2
320.5
1,458.8
467.7
96.4
89.6
840.0
42.6
647.8
83.8
1 569 1
' 504. 4
'93.5
' 98. 0
' 902. 3
'70.7
' 673.7
84.4
467.2
89.2
78.2
831.0
78.0
606.4
3.33
1 553
497
94
96
899
53
694
88
8
9
0
2
8
3
1
3
333
'51.4
496
'47.9
6.7
3.7
•130
.40
.47
.49
.44
.40
.42
.45
.45
.46
.42
.36
.35
8.416
.409
.398
.385
.389
.400
.399
.388
.396
.393
.405
.424
.441
.438
.725
.768
.771
.759
.760
.764
.765
.754
.750
.750
.741
.741
.727
.727
.412
.343
.345
.350
.383
.419
.420
.446
.450
.440
.438
.445
.435
.435
1.695
1.662
1.668
1.642
1.642
1.609
1.674
34.35
19.75
14.00
14.60
41.83
10.06
6 90
31.77
26 ?6
13. 94
6 1.846
1.696
1.741
1.789
1.819
1.846
323. 73
188.43
142. 89
135.30
400. 38
69. 23
54.02
331.14
289. 00
194. 89
352.17
201.92
139 17
150. 25
479.32
83.82
64.41
395. 49
343.25
209. 80
32.12
18. 95
11.65
13.17
34.55
7.53
5.66
27. 02
22.58
11.42
27.67
16.50
10.64
11.16
34. 20
7.57
5.25
26. 63
22. .59
11.81
30.77
18.97
10.56
11.79
32. oo
7.38
4.40
25.17
21.50
11.49
34.18
20.02
11.82
14.17
37.00
9.19
5.15
27.81
23.18
13.65
32.02
18.07
11. 68
13.95
36.29
7.50
4.95
28.80
24.22
14.47
31.77
18.34
11.22
13.43
43.86
8.72
5.18
35.14
30.83
19. 73
31.55
17.59
11.19
13.96
59.03
9.98
5.81
49.06
43.31
27.52
29.36
15.82
9.42
13.54
54.82
10.36
5.74
44.46
39. 96
24.76
27.08
13.92
9.36
13.16
55.44
13.05
7.87
42. 39
37.13
22.94
35. 02
18.55
11.88
16.48
51. 85
10.91
6.56
40.95
36.34
21.96
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
94.1
15.9
33.6
17.0
106.7
15.1
58.0
18.9
9.0
2 1.5
4.4
1.6
8.2
1.2
5.2
1.6
8.3
1.1
5.0
2.0
10.0
2 1.5
4.7
1.4
7.9
.9
5.1
1.7
7.7
1.1
7.4
2.6
22 9.5
1.3
7.4
2.5
5.2
.6
4.0
1.9
7.4
1.1
4.7
1.5
2 8.6
2 1.1
2.4
.6
8.4
.7
2.2
.3
1.8
.8
150.2
205.8
182.1
6 217.5
187.5
227.3
187.5
229.0
187.5
227.3
182.5
227.6
182.5
228.3
182.5
228.0
182.5
227.0
182.5
224.0
182.5
227.0
182.5
227.0
182.5
230.5
78.9
97.3
26 2
182.5
226.3
' 26.7
224.9
248 4
2
2
^47.8
981
3.50
488.3
487.1
182.0
226.5
182.0
227.0
23.2
21.9
Carpet, rugs, carpeting (woven, tufted, other), shipments, quarterly
mil. sq. yds..
921.0
834.0
APPAREL
232 6
Women's, misses', juniors' apparel cuttings:*
Coats
thous. units
1,185
20,689
1,187
20, 876
1,406
Dresses
do
174,695 170,744 10,353 13,473 15,114
Suits (incl. pant suits, jumpsuits)
do
3,448
34,050
3,144
3,402
34, 468
Blouses
thous. dozen.. 18,971
1,540
1,627
19,735
1,540
Skirts
do
443
312
450
4, 929
4,692
'3 Revised.
v Preliminary.
i Season average.
2 p o r 5 w e e k s , other months, 4 weeks.
Monthly average.
* Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandex yarn.
s Effective 1976, production of blanketing is includede in 100%
spun yarn fabric (prior to 1976, in "all other group," not shown separately).
Avg. for
May-Dec.
7 Average for sales prior to Apr. 1, 1977.
« Avg. for Feb.-Dec.
If Based on 480-lb. bales, P price reflects sales as of the 15th; restated ' price reflects total
quantity purchased and dollars paid for entire month ('price includes discounts and
premiums).
9 Includes data not shown separately.
0 Net-weight (480-lb.) bales.
536
'62.7
944 5
1,912
1,974
1,524
2,044
1,744
1,078
1,285
1,087
18,524 16,570 14,317 14,533 11,486 13, 687 12,827 12,749
2,803
2, 996
2,264
2,935
3,019
3,064
2,697
3, 488
1,632
1,611
1,320
1,706
1,647
1,748
1,765
1,829
425
434
474
373
477
466
568
481
1
cf Effective Jan. 1976, specifications for the price formerly designated fine good French
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%
of total output of these items; current monthly estimates, from smaller sample. Monthly data
for 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.
Suits omit garments purchased separately as coordinates. Except for the year 1974, earlier
monthly data are available, except for suits. Prices (USDL, BLS)—Data not available prior
to 1976.
SURVEY OF CURRENT BUSINESS
S-40
1975
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS
1976
Annual
1976
Dec.
February 1978
1977
Jan.
Feb.
Mar. I Apr.
May
June
1978
July
Aug.
Sept.
Oct.
Nov.
Dec
1,396
1,091
9,261
1,257
2,697
22,284
18,336
Jan.
TEXTILE PRODUCTS—Continued
A P P A R E L - Con.
Men's apparel cuttings:
Suitst
thous. units
Coats (separate), dress and sportt...do...
Trousers (separate), dress and sportt
do__.
Slacks (jean cut), casual ?
thous. doz
Shirts, dress, sport, inc. knit outerwear J-_.do
Hosiery, shipments.
thous. doz. pairs._|
0
1 3 , 749
»11,544
118,944
10,940
32,645
225,514
«16,224
° 12,374
132,163
11,132
36, 797
240,918
1,133
1,153
8,185
1,004
2,653
18,157
1,361
1,225
1,161
1,140
9,923 11,676
941 i 1,188
2,908 2,981
17,369 18,115
1,462
1,460
1,046
1,316
12, 780 11,806
1,425
1,316
3,127 2,550
21,399 18,505
1,355
1,038
11,986
1,367
2,816
18, 737
833
8, 633
1,163
2,129
19,820
151
' 1,536
' 1,329
10,482
r
1,480
'2,711
23,283
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
mil. $...
do.
do.
do
do
28,995
18,593
26,647
29,473
17,314
35,991
21,056
32,390
30,363
19,083
11,029
6,956
9,658
7,485
5, 099
6,554
4,069
5,692
7,588
4,950
9,719
5,309
8,967
8,537
5,185
Backlog of orders, end of period 9
.-do
U.S. G overnment
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. $..
35,038
22,168
15,389
3,503
39,682
22,121
17,321
3,558
39,682
22,121
17,321
3,558
38,668
23, 260
16,071
3,733
39,850
23,384
17, 750
3,614
6,415
6,286
6,286
6,000
5,741
4,071
5,542
5,542
5,654
5,657
4,967. 6 4,646.8
60,480
50,314
1
3,200 » 3,207
529.5
5, 405
420.6
210.8
2,498
69.6
217.9
2,794
63.7
411.6
4,254
286.8
374.7
4,007
267.9
458. 3
5,578
218.7
490.0
4,817
287.3
325. 6
3,212
165.3
371.7
335. 7
403. 7 564.1
3,578 3,813 ' 4,743 3,931
180.0
176. 6
170. 6
6,713
6,073
8,640
7,053
1,587
8,498
7,838
10,110
8,611
1,498
732.7
679.1
807
695
112
11.3
9.7
1.6
635.8
725
602
123
10.5
8.8
1.7
675.7
625.8
811
666
144
11.0
9.1
1.9
953.1
871.5
1,084
896
189
12.2
10.3
1.9
815.5
741.5
1,029
822
207
11.8
9.4
2.5
868.3
794.0
1,054
834
220
11.5
8.9
2.5
951. 4
885.4
111.7
920
198
11.7
9.6
2.1
679.5
645.2
913
731
182
10.9
8.7
2.2
505.4
473.5
931
727
204
11.5
9.4
2.1
738.9 ' 874.4 '767.2
812. 9 718.5
671.2
881
1,014
829
738
870
657
144
144
172
10.5
10.5
11.0
8.4
8.6
9.1
2.1
1.8
1.9
' 685.9
635.3
795
646
149
11.5
9.3
2.2
*9.8
8.0
'1.9
1,419
1,460
2.6
1,465
1,512
2.1
1,465
1,512
1.9
1,594
1,532
2.1
1,645
1,539
2. 0
1,697
1,578
1. 8
1,697
1,583
2.0
1,747
1,602
2.2
1,806
1,627
2.0
1,763
1,751
2.4
1,563
1,668
2.1
1, 669
1,718
2.4
1,709
1,718
2.4
1,731
1,794
2.3
1,887
1,816
2.7
Orders, new (net), qtrly, total
U.S. Government
Prime contract
Sales (net), receipts, or billings, qtrly, total
U.S. Government
Aircraft (complete):
Shipments
Airframe weight
Exports, commercial
___do___
thous. lb.
mil. $.
283.!
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
do___
Retail sales, total, not seasonally adj
do...
DomesticsAdo...
Imports A
do
Total, seas, adjusted at annual rate t
mil.
DomesticsA t
do...
Imports A t
_ _ -do...
Retail inventories, end of mo., domestics: A
Not seasonally adjusted
thous.
Seasonally adjusted!
do
Inventory-retail sales ratio, domestics A t
Exports (BuCensus), assembled cars
To Canada
Imports (BuCensus), complete units
From Canada, total
Registrations©, total new vehicles
Imports, incl. domestically sponsored
thous.. 640. 30 680.46
do
550. 81 573. 47
do
2, 074. 7 2, 536. 7
do
733.8
825.6
4
do
8,262 * 9, 752
4
do
1,501 * 1, 447
Trucks and buses:
Factory sales (from U.S. plants), total
thous..
2,272
2,979
Domestic
do
2, 734
2,003
Retail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW
do
2,076.0 2, 762. 8
161.7
Medium-duty, 14,001-26,000 lbs. GVW do
168.9
119.6
Heavy-duty, 26,001 lbs. and over GVW..do....
106.1
Retail inventories, end of period, seasonally ad546.4
justed*
thous..
485.7
223.47
199. 63
Exports (BuCensus), assembled units
do
Imports (BuCensus), including separate chassis
and bodies
thous.. 466. 28 812.83
Registrations©, new vehicles, excluding buses not 4
2,397 4 3,058
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
78,296 105,401
43,596
61, 726
J
8,072
7,316
2, 936
5,678
1,629
1,683
2.2
*>687
545
••142
46.84
70.95
51.61
58.61
38.70
27.85
67.56
88.62
50.21
60.75
47.06
65.1?
84.01
37.00
41.93
49.42 58.61
32.35
23.39
79.98
60.08
44.33
40.56 39.32
74.33
54.55
242.
62
257.
02
225.
28
199.
95
227.08 210. 59 201.76 259. 60 246.25 240.46 265.85 231. 57 210. 38
61.83
71.31
61.04
54.72
63.26
35.17
93.77
80.83
98.71
74.23 4 62.01 4 75.11
91.49
3
s
940.1
s
781.
7
3
859.1
912.
5
* 845. 6 4 726. 0 4 717. 2 3 826. 2 5 916. 7 si ,007.3 1,041.6 31,005.0 4,018.6
4
110. 2 126.8 3 149. 3 * 175.9 5 202. 9 5 198.9 3 173.9 s 200.8 3198. 6 3 137. 8 5 122.8 5 169. 9
124.5
261. 6 ' 334.5 r 288.2 r 290. 2
241.0 ' 307.1 ' 266.0 ' 269. 0
270.6
14.4
12.8
290.9
17.0
14.0
263. 0
14.4
14.4
240.5
14.3
15.3
551. 4
18.26
563. 5
17.11
555. 5
14.99
568.2
20.18
565. 3
15.46
585. 6
18.63
590.1
19.55
67.27
68.54
77.55
75.56
68.94
64.49
64.09
4
264. 2
9,548
5,617
822
1,148
4
278.0
257.3
256.16
235. 3
280.6
15.0
15.3
270.8
13.5
295.3
14.1
12.9
719.5
15.68
735.6
16.52
721.9
14.88
78.27
67.02
274.4
256.8
305.4 r 319. 3
280.3 297.9
261.3
13.3
14.6
248.9
12.7
14.0
630.0
19.10
676.5
15.48
689.4
14.95
52.53
58.75
' 316. 1 ' 264. 6
290.9 ' 245. 4
224.4
252.9
13.7
15.1
13.7
14.8
243.3 ' 251. 7
221.5 ' 230.8
243.2
263.0
1^.7
14.1
10.5
13.0
62.20
4
307.2
4
282. 6 5 270.9
5 318.0 3 298. 4
313.4
14,856
8,560
679
1,519
12,785
7,343
564
1,035
15,184
9,598
653
1,761
15,296 15,164 14,594
9,728 ' 9, 637 9,228
603
576
605
2,222 2,087 2,212
4,982
4,459
6,334
6,234
24,082
20,922
4,899
4,582
7,461
7,286
26,663
23,545
3,432
3,146
6,073
6,073
29,411
26,579
4.370
3,887
4,412
4,412
29,216
26,867
5,232 3,896
3,452
4,699
5,376 5,673
3,173
4,976
29, 343 30,973
27,127 26,701
1,312
8.9
97.91
74.62
1,310
8.6
97.96
74.75
1,305
8.7
97.67
74.85
1,302
8.6
97.56
74.94
235.8
' 238.1 3 273. 6 5 290. 0 6 305.4
8,756
5,552
625
1,565
11,145
7,057
746
1,447
13,203
8,429
420
1,349
12,788
8,256
450
1,606
13,547
8,205
753
1,744
3,401
3,344
3,048
2,852
4,291
3,548
3,891
3,448
24, 202 24,316
19,463 19,969
5,321
4,834
3 5r8
3^578
22,642
18,782
3,604
3,327
3,956
3,956
22,703
19,120
1,324
8.9
99.43
72.91
1,323
8.8
98.48
74.36
1,319
8.9
98.22
74.46
2 247
331.9
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number..
Equipment manufacturers
do
New orders
do
Equipment manufacturers
do
Unfilled orders, end of period
do
Equipment manufacturers
do
72,392
65,870
33, 457
32, 032
40,135
34,025
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.
1,359
8.6
99.09
72.89
i
i
i
i
52, 504 4,774
45, 618 4,293
36, 048 3,462
30,546 3,061
23,415 23,415
18,733 18,733
1,332
8.8
97.71
73.37
1,332
8.8
97.71
73.37
1,328
8.9
98.63
74.27
' Revised.
p Preliminary.
i Annual total includes
revisions not distributed
by
3
4
months.
3 Estimate of production, not factory sales.
Excludes 2 States.
Excludes
1 State.
5 Excludes 3 States.
JAnnual figures, "Apparel 1975," MA-23Af75)-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.
jSeas. 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
1,299
8.7
97.46
75.05
1,294
8.7
97.19
75.13
4,009
4,652
4, 314
3,477
7,032
4,053
4, 053 10, 550
30, 757 36, 410
27,017 29,490
1,290
8.8
97.12
75.29
1,267
8.9
ixclude domestics produced in Canada.
cover foreign-type cars and captive imports, and exclude d
iourtesy of R. L. Polk & Co.; republication prohibited.
OC
§ 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 reiers
to the weight of the vehicle with full load. Seasonally adjusted monthly data back to 1J71
are available.
"Excludes leisure-type; not strictly comparable with 1974.
U. S. GOVERNMENT PRINTING OFFICE : 1978 O - 255-267
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
8, 9
10,11
11-13
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
13-17
17-22
22-24
24,25
Industry:
Chemicals and allied 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
11,16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and 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 poods 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, GNP
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, sales
3a
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
12
Hardware stores
9,34
Heating equipment
Hides and skins
9,30
Highways and roads
10,11
Hogs
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4, 5,8, 11,12
Household appliances, radios, and television sets.
4,
8,9 ,12,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4, 5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
18
International transactions of the United States . . .
3
Inventories, manufacturers* and trade
5-7,11,12
lnventory-*ales 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
Manufacturers' sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22,23,28,29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2, 4,9,14-16, 20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
.
24
Motor vehicles
1,4-6,8,9,11,20,23,40
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers'
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4-6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures.
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4,6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate.
2,20
Public utilities
2,4,10,20,21,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,25,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade..
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
4,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12, 30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
5,6,9,14,15,20,38
Sugar
• 23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9,12,13,37
Tobacco and manufactures
4,6,8,14,15,30
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
Jj
12,13
23,29,30
8,9
1*
2,3,15, 16
34
JJ
«j»
• • • • «*, 9
5,7,11,14-16
o j 6
*» ^
33
UNITED
STATES
GOVERNMENT PRINTING OFFICE
PUBLIC DOCUMENTS
DEPARTMENT
WASHINGTON, D.C. 2O4O2
OFFICIAL
BUSINESS
GNP estimates within 24 hours of official release—in the detail shown in the
"National Income and Product Tables" in the SURVEY OF CURRENT BUSINESS—
are available by Mailgram. This fast service is called NIPAGRAM (national
income and product accounts by Mailgram), and it delivers estimates on the 650
series shown in the 27 "National Income and Product Tables" in the SURVEY OF
CURRENT BUSINESS.
Annual subscription to NIPAGRAM costs $120 for the contiguous United
States and Hawaii, and $145 for Alaska and Canada,
Orders for NIPAGRAM should be addressed to the U.S. Department of
Commerce, National Technical Information Service, 5285 Port Royal Road,
Springfield, Va. 22161. Those who have a deposit account with NTIS or wish to
use American Express can place orders by telephone. The number is (703)
557-4630.
@FedFRASER