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FEBRUARY 1981 / VOLUME 61 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
1
\
*fc«
National Income and Product Accounts Tables
2
Reconciliation and Other Special Tables
13
Consumer Credit, 1960-80
14
State Local Government Fiscal Position in 1980
19
The National Income and Product Accounts
of the United States: An Overview
'
U.S. Department of Commerce
Malcolm Baldrige / Secretary
Courtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
22
George Jaszi / Director
Allan H. Young / Deputy Director
Quarterly and Monthly Constant-Dollar Manufacturing
and Trade Inventories and Sales
35
Trends in the U.S. Direct Investment Position Abroad, 1950-79
39
Fixed Capital Stock in the United States: Revised Estimates
57
Carol S. Carson / Editor-in-Chief,
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Managing Editor: Patti A. Trujillo
Staff Contributors to This Issue: Leo M. Bernstein,
James C. Byrnes, Carol S. Carson, Robert T. Clucas,
Douglas R. Fox, George Jaszi, David J. Levin, John
Mon, John C. Musgrave, George M. Smith, Edward I.
Steinberg, Teresa L. Weadoek, Obie G. Whichard
CURRENT BUSINESS STATISTICS
General
SI
Industry
S22
Footnotes
S37
Subject Index (Inside Back Cover)
SURVEY OF CURRENT BUSINESS. Published monthly by
the Bureau of Economic Analysis of the U.S. Department
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the BUSINESS SITUATION
Table 1.—Revisions in Selected Component Series of the NIPA's, Fourth Quarter of 1980
LEVISED (45-day) estimates show
that real GNP increased 4 percent at an
annual rate in the fourth quarter of
1980,1 percentage point less than in the
preliminary (15-day) estimates (table
1). The downward revision was more
than accounted for by a larger estimate
of the decumulation of business inventories. Among the components of final
sales, there were upward revisions in
personal consumption expenditures
(mostly nondurable goods), nonresidential fixed investment, and residential investment, and downward revisions in
net exports (mostly in goods, downward
in exports and upward in imports) and
government purchases. The increase in
GNP prices as measured by the fixedweighted price index was revised down
one-half percentage point to 10 percent.
The article "Pollution Abatement and Control Expenditures,"
which regularly appears in the
February SURVEY OF CURRENT
BUSINESS, will be published in the
March issue. Publication is being
delayed in order to incorporate
data on expenditures in 1979 by
manufacturing industries for the
operation of pollution abatement
facilities. These source data usually become available in November
or December; this year they will
be released in February.
The article "Federal Fiscal Programs," which regularly appears
in the February SURVEY, will be
published in a later issue. Publication is being delayed in order to
incorporate the fiscal year 1982
budget revisions submitted to Congress by the new administration.
Seasonally adjusted at annual rates
15-day
estimate
45-day
estimate
Revision
Percent change from preceding
quarter at annual rates
15-day
estimate
45-day
estimate
Revision
Billions of current dollars
2,732.3
-9.1
16.7
15.2
1,744.4
297.3
1, 749. 2
300.0
113.3
-15.2
26.9
4.8
2.7
1.1
-9.5
-7.6
15.6
4.5
63.8
16.9
8.4
70.5
1.3
3.9
6.7
558.8
213.3
345.5
558.0
212.1
346.0
-.8
-1.2
.5
20.4
43.6
8.4
19.7
40.2
9.0
-.7
-3.4
.6
1, 662. 4
1,661.6
-.8
17.3
17.1
-.2
2,741.4
GNP
Personal consumption expenditures
Nonresidential fixed investment
Residential investment
Change in business inventories
Net exports
112.2
-5.7
34.5
Government purchases
Federal
State and local
Compensation of employees
Corporate profits with inventory valuation
and capital consumption adjustments
Other.
_
Personal income
-1.5
361.1
360.3
-.8
17.2
16.1
-1.1
2,259.1
2,256.0
-3.1
14.9
14.3
-.6
Billions of constant (1972) dollars
1,490.1
1,486.5
-3.6
5.0
4.0
-1.0
Personal consumption expenditures
Nonresidentialfixedinvestment .
Residential investment
Change in business inventories
Net exports
943.0
946.0
156.1
50.8
-5.8
49.7
3.0
1.8
1.0
-5.6
-3.2
5.3
-3.0
54.1
6.7
1.6
67.2
1.4
4.6
13.1
Government purchases
Federal
State and local
290.2
289.7
107.6
182.1
-.5
-1.0
.5
2.9
6.8
.6
2.0
2.8
1.6
-.9
-4.0
1.0
GNP
154.3
49.8
-.2
52.9
108.6
181.6
Index numbers, 1972=100 »
GNP implicit price deflator . .
183.98
183. 80
-.18
11.2
10.7
-.5
GNP fixed-weighted price index
GNP chain price index
188.6
188.3
-.3
10.7
10.1
-.6
11.0
10.5
-.5
.
1. Not at annual rates.
NOTE.—For the fourth quarter of 1980, the
following revised or additional major source
data became available: For personal consumption expenditures, revised retail sales for
November and December, and sales and inventories of used cars of franchised automobile
dealers for October and November; for nonresidential fi&ed investment, manufacturers'
shipments of equipment for November (revised) and December, and construction put in
place for November (revised) and December;
for residential investment, construction put in
place for November (revised) and December;
for change in business inventories, book values
for manufacturing and trade for November
(revised) and December; for net exports of
goods and services, merchandise trade for
November (revised) and December, and revised net investment income and other services
receipts for the quarter; for government purchases of goods and services, Federal unified
budget outlays for December, and State and
local construction put in place for November
(revised) and December; for wages and
salaries, revised employment, average hourly
earnings, and average weekly hours for November and December; for net interest, revised net interest received from abroad for the
quarter; for GNP prices, the Consumer Price
Index for December, unit value indexes for
exports and imports for November and December, and residential housing prices for the
quarter.
SUEVEY OF CURKENT BUSINESS
February 1981
National Income and Product Accounts Tables
The tables that follow are presented in eight groups, and the table numbers reflect these groups. These table numbers will also be used in future publications presenting NIPA estimates. The groups are:
1. National product and income
2. Personal income and outlays
3. Government receipts and expenditures
4. Foreign transactions
5. Saving and investment
6. Product and income by industry
7. Implicit price deflators and price indexes
8. Supplementary table: Percent change from preceding period
Two abbreviations are used in the tables: IVA is inventory valuation adjustment and CCAdj is capital consumption adjustment.
1979
1979
1980'
III
1979
1980
IV
I
II
III
IVr
1979
1980 r
III
1980
IV
Seasonally adjusted at annual rates
I
II
III
IV'
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of dollars
Table 1.1-1.2.—Gross National Product in Current and Constant Dollars
Gross national product
Personal consumption expenditures
2,413.9 2, 626. 5 2,444.1 2,496.3 2,571.7 2,564.8 2, 637.3 2,732.3 1,483.0 1,480.9 1,488.2 1,490.6 1,501.9 1,463.3 1,471.9
212 3
602\2
696.3
Durable goods
Nondurable goods
Services
Gross private domestic investment-.
Fixed investment
__ >
Nonresi denti al
Structures
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equipment ..
Change in business inventories
Nonfarm
Farm —
Net exports of goods and services
Exports
Imports
Government purchases of goods and services
Federal
_-„
National defense
Nondefense
State and local
211 9
675.4
785.1
213 3
611.5
704.3
415.8
395.4
421.7
410.0
398.3
279.7
96.3
183 4
118.6
113. 9
18
2.9
17.5
13.4
4.1
400.8
295 4
108 6
186 8
105 3
100.3
20
3.0
—5.3
—4.1
—1.2
408.3
288 5
99.6
189 0
119.8
114.9
20
2.9
13.3
7.8
5.5
410.8
290 2
105.1
185 1
120.6
115.4
23
3.0
—.8
—4 4
3.6
216 1
639.2
727.0
1,486.5
930.9
934.9
933 4
941.6
943.4
919.3
930-8
946.0
223 4
702.2
823.7
146 6
354.6
429.6
135 8
358 2
440.8
146 7
355 4
431.3
146.0
361.3
434.3
145.4
361.5
436.5
126. 2
356.6
436.5
132 6
354.9
443.3
139 2
359.9
447.0
1, 510. 9 1,672.3 1 529 11 582 3 1 631.0 1 626.8 1. 682. 2 1,749.2
194 4
664.0
768.4
208 8
674.2
799.2
415.6
390.9
377.1
398.1
232.6
203.8
232.6
221.5
218.3
200.5
195.3
201.1
413.1
297 8
108.2
189 7
115.2
110.1
22
30
2.5
15
1.0
383.5
289 8
108.4
181 4
93.6
88.9
1.8
2.9
7.4
61
1.3
393.2
294 0
107.3
186 8
99.2
94.5
17
3.0
—16.0
—12 3
—3.7
413.3
300 0
110.5
189 5
113.3
107.9
22
3.1
-15.2
—11.7
—3.5
222.5
163 3
48.5
114 8
59.1
66.2
9
2.0
10.2
7g
2.4
206.4
158 2
48.3
109 9
48.2
45.3
9
2.0
-2.6
—2.1
—.5
225.0
166 4
49 4
117 0
58 6
55.5
9
21
7.6
45
3.1
222.2
164.1
50.7
113 5
58.1
54.9
1.1
2.1
—.7
—2.7
2.0
219.2
165.0
50.5
114 5
54.2
51.2
10
2.1
—.9
—1.4
.5
199.2
156 1
48.7
107 4
43.1
40.3
g
2.0
1.3
6
.7
200.2
155 5
46.8
108 8
44 7
41.9
7
20
—5.0
—3 1
—1.8
207.0
156 1
47.3
108 8
50.8
47.8
10
2.1
—5.8
—4.2
—1.6
220 9
661.1
749.0
13.4
24.2
17.9
7.6
8.2
17.1
44.5
26.9
37.7
52.3
41.1
42.2
50.1
51.7
57.6
49.7
281.3
267.9
340.1
315.9
293.1
275.2
306.3
298.7
337.3
329.1
333.3
216.2
342.4
297.9
347.5
320.5
146.9
109.2
161.2
109.0
151 3
110.2
154.8
112.6
165.9
115.8
160.5
108.9
160 5
102.8
158.1
108.3
473.8
534.6
475.4
496.4
516.8
530.0
533.5
558.0
281.8
290.0
281.1
285.3
2*0.1
291.9
288.2
289.7
167.9
111.2
56.7
305 9
198.9
131.7
67.2
335.7
165.1
112.0
53.1
310 4
178.1
118.7
59.4
318 3
190.0
125.0
64.9
326 8
198.7
128.7
70.0
331 3
194.9
131.4
63 5
338 6
212.1
141.6
70.4
346 0
101.7
67.1
34 6
180 1
108.2
71.0
37.2
181 8
99.9
67.1
32 8
181 2
103.1
68.3
34 8
182 2
107.6
69.9
37 7
182 5
110.7
70.9
39 7
181 2
106.9
70.9
35 9
181 3
107.6
72.1
35 5
182 1
Table 1.3-1.4.—Gross National Product by Major Type of Product in Current and Constant Dollars
Gross national product
Final sales —
Change in business inventories
Goods
_
__ 1,055.9 1,131.2 1,064.9 1,078.3 1,116.9 1,106.4 1,129.4 1,171.9
Final sales
Change in business inventories
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
Services
Structures
2,413.9 2,626.5 2 444.1 2 496 3 2 571 7 2 564 8 2 637 3 2,732 3 1 483 0 1 480 9 1 488 2 1 490 6 1 501 9 1 463 3 1 471 9 1 486 5
2, 396. 4 2, 631. 8 2, 430. 8 2,497 1 2 569 1 2 557 4 2 653 4 2, 747. 5 1 472.9 1 483 5 1 480 6 1 491 3 1 502 8 1 462 0 1 476 9
—.7
—5.3
2.5
17.5
13.3
10.2
7.4 —16.0 —15.2
—.8
—2.6
7.6
—.9
1 3 —5 0
_
Addenda:
Gross domestic purchases 1
Final sales to domestic purchasers1
674.5
665.5
673.6
673.3
682.1
658.1
657.5
664.5
1, 038 5 1 136 5 1 051 6 1 079 11 114 4 1 099 0 1 145 4 1 187 1 664 3
— g
25
17.5
—5.3
13 3
7 4 —16 0 —15 2
10 2
668 1
—2 6
666 0
76
674 0
_ 7
683 0
— 9
656 8
13
662 4
—5 0
670 3
—5 8
451 2
439 7
11.5
604.7
598 8
6.0
477 8
477 4
.4
694.1
709 7
—15.6
296 9
290 2
6.7
377.5
374 1
3.5
279 6
281 4
-1.8
386.0
386 7
—.7
295 9
292 1
3.8
377 7
373 8
38
289 6
289 9
-.3
383.7
384 1
— 4
290 6
295 2
-4.6
391 4
387 7
37
270 8
270 1
.7
387 3
386 7
6
274 6
278 4
-3.8
382 9
384 0
—1 1
282 2
281*9
.4
382 3
388 5
—6 2
1,097.2 1,229.5 1,112.0 1,142.8 1,178.6 1 205.6 1 249 0 1,284.8
265.8
267.3
275.1 276.2
275.5
260.8
252.8
258.9
678.0
130.6
695.6
119.7
683 0
131 6
684 9
132.4
690 7
129 1
690 6
114 6
699 9
114 5
701 4
120 7
458 8
463 0
-4.1
672.3
673.5
—1.2
455 9
449 2
6.7
609.0
602 4
6.6
448 1
448 4
-.4
630.3
630 7
—.5
456 4
468 2
-11.8
660.5
646 2
14.3
444 6
441 3
3.3
661.8
657 7
4.1
456 5
464 9
-8.4
672.9
680 5
—7.7
2,400.5 2, 602. 3 2, 426. 2 2, 488. 7 2, 563. 5 2, 547. 7 2 592 8 2,705.4 1,445 3 1 428.7 1 447 1 1 448 4 1 451 8 1 411 6 1 414 3 1 436 8
2, 383. 0 2, 607. 7 2, 412. 9 2, 489. 5 2, 560. 9 2, 540. 3 2,608.8 2, 720. 5 1, 435. 1 1, 431. 3 1,439 5 1, 449. 1 1 452 7 1 410 4 1 419 2 1 442.6
«• Revised.
NOTE.—Percent changes from preceding period for selected items in these tables are shown
in table 8.1.
1 492 4
'—5 8
1. Gross domestic purchases equals gross national product less exports plus imports; final
sales to domestic purchasers equals final sales less exports plus imports.
SUEVEY OF CUEKENT BUSINESS
February 1981
Table 1.5-1.6.—Gross National Product by Sector in Current and Constant Dollars
1980
1979
1980'
1979
I
IV
III
II
1980
1979
IV-
III
1979
1980'
IV
III
I
II
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of dollars
2,413.9 2,626.5 2,444.1 2,496.3 2,571.7 2,564.8 2,637.3 2,732.3 1,483.0 1,480.9 1,488.2 1,490.6 1,501.9 1,463.3
Gross national product
2,370.1
- -- '2. 046. 3
1, 974. 1
1, 786. 0
188.1
70.0
2.2
75.7
6.4
69.3
248.1
75.8
-172.3
43.8
Gross domestic product
Business
N on farm
Nonfarm less housing
Housing
Farm
Statistical discrepancy
Households and institutions
Private households ._ _ __
Nonprofit institutions
Government
Federal
- State and local..
_ __ __
Rest of the world
Addendum:
Gross domestic business product less housing. „ 1, 858. 2
1980'
III
1,462.4
1, 263. 6
1, 228. 2
1,099.1
129.1
35.8
-.4
44.4
3.6
40.8
154. 5
48.9
105. 6
28.1
2,008.6 1, 878. 7 1,916.6 1, 974. 1 1, 957. 3 2, 014. 0 2,088.8 1,131.0 1, 119. 6 1.131.9 1, 134. 4 1, 141. 6 1, 103. 5
1, 109. 4 1, 123. 9
2,576.6
2,221.4
2,151.6
1, 1 38. 8
212.8
68.0
1.7
85.9
6.7
79.2
269.3
82.0
187.4
49.9
2,520.2
2,176.9
2, 106. 4
1, 903. 6
202.8
67.7
2.8
82.1
6.6
75.5
261.2
79.6
181.6
51.5
2,516.7 2,586.9 2,682.8
2,166.4 2, 230. 0 2, 312. 1
2, 100. 8 2, 159. 1 2,240.2
1,891.7 1, 943. 1 2,016.8
20V. 1
67.5
-1.9
84.4
6.7
77.7
216.0
67.9
3.0
86.9
6.7
80.2
223. 3
69.0
3.0
90.3
6.9
83.5
80.5
185.4
48.1
80.7
189.3
50.5
87.1
193. 3
49.4
265.9
269.9
280.3
1,455.9
I, 258. 3
1, 222. 1
1,094.8
127.3
34.9
1.4
43.7
3.5
40.2
153.9
49.0
104.9
27.2
1, 452. 5
1,251.9
1, 215. 7
1,083.4
132.3
35.2
1.0
45.4
3.5
41.9
155.2
49.2
106.0
28.5
1979
I
II
1, 471.5
1, 271. 9
1, 233. 3
1, 103. 0
130.3
37.0
1.6
44.8
3.5
41.3
154.8
49.0
105. 8
30.4
1979
1980
IV
1,471.9 1 486.5
1,443.4 1,459.4
1,242.3 1. 258. 1
1, 207. 6 1,223.4
1,074.6 1,089.2
133. 0 134.2
33.1 33.0
1.6
1.7
45.6 46.1
3.4
3.4
42.1 42.7
155. 5 155. 2
49.4 48.9
106.1 106.3
28.5 27.2
2,449.7
2,113.9
2, 043. 6
1, 846. 3
197.3
71.0
-.7
79.4
6.6
72.8
256. 4
79.0
177.3
46.6
III
1980'
IV'
1980
IV
III
I
II
III
IVr
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Table 1.11.—National Income by Type of Income
Table 1.7.—Relation of Gross National Product, Net National
2,413.9 2,626.5 2,444.1 2,496.3 2,571.7 2,564.8 2,637.3 2 732 3
Less: Capital
consumption
allowances
with
CCAdj
253.6 287.3 259.6 265.1 274.6 283.7 291.8 298. 9
Capital consumption
allowances without
CCAdj
199.2 224.1 203.4 208.1 215.6 220.3 226.9 233. 7
Less: CCAdj
-54.5 -63.1 -56.1 -57.0 -59.0 -63.4 -64.9
~" '
Equals: Net national product. . 2,160.3 2,339.3 2,184.6 2,231.2 2,297.1 2,281.1 2,345.5 2,433.3
Less: Indirect business tax
and nontax liability
188.4 212.2 190.0 193.5 198.9 206.3 215.8 227 6
Business transfer payments
9.4
10.5
9.6
9.8 10.1 10.3 10.6
10. 9
Statistical discrepancy...
2.2
1.7
2.8
2.8 -1.9
-.7
3.0
Plus: Subsidies less current
surplus of government
enterprises
.
3.1
4.6
4.0
2.7
3.1
6.3
3.7
5.4
Equals: National income
1,963.3 2,119.5 1,986.2 2,031.3 2,088.5 2,070.0 2,122.4
Less: Corporate profits with
IV A and CCAdj
196.8 180.7 199.5 189.4 200.2 169.3 177.9 ...
143.4 179.9 146.8 156.5 165.4 175.3 185.3 193. 6
Contributions for social
insurance
187.1 203.7 188.5 192.2 198.8 199.5 204.1 212.2
Wage accruals less dis_ z
bursements.
0
-.2
-.1
-.2
0
.2
.5
Plus: Government transfer
payments to persons- 239.9 283.8 248.3 253.3 261.6 270.3 300.1
Personal interest income. 209.6 256.2 214.3 225.7 239.9 253.6 261.8 269! 4
Personal dividend income
48.6 54.4 48.6 50.1 52.4 54.2 55.1 56.1
Business transfer pay9.4 10.5
9.6
9.8 10.1 10.3 10.6
10.9
Equals: Personal income
1,943.8 2,160.2 1,972.3 2,032.0 2,088.2 2, 114. 5 2, 182. 1 2, 256. 0
Billions of 1972 dollars
Table 1.8.— Relation of Gross National Product, Net Natioila|
Product, and National Income in Constant Dollars
Gross national product
1,483.0 1 ,480. 9 1,488.2 1,490.6 1,501.9 1,463.3 1,471.9 1.486.5
Less: Capital consumption allowances with CCAdj. 141.6 147. 5 143.1 144.1 145.9 146.6 147.9
J^-J
Equals: Net national product. .1,341.4 1,333.4 1,345.2 1,346.5 1,356.0 1,316.6 1,324.0 ,i, <w/.
i
Jjess: Indirect business tax
arid nontax liability
plus business transfer
payments less subsidies plus current surplus of government
1,458.6
1, 260. 0
1, 223. 2
1, 095. 0
128.2
35.1
1.7
44.2
3.6
40.6
154.4
49.0
105. 3
29.6
1,435.5
1. 235. 2
1, 198. 5
1, 066. 8
131.7
37.8
-l.l
44.9
3.5
41.5
155. 4
49.4
105.9
27.8
2,396.0
2, 069. 8
1,996.5
1, 805. 4
191. C
70.4
2.8
76.9
6.6
70.3
249.4
74.9
174.5
48.1
1979
1979
IV'
National income
1,963.3 2,119.5 1,986.2 2,031.3 2,088.5 2,070.0 2, 122. 4
Compensation of employees. . .1,460.9 1,596.5 1,476.7 1,518.1 1,558.0 1,569.0 1,597.4 1,661.6
1,235.9 1,343.6 1,248.5 1 282 4 1, 314. 5 1, 320. 4 1, 342. 3 1,397.2
Wages and salaries
Government and govern235.9 253.6 237.0 243.3 246.7 250.5 253. 9 263.3
ment enterprises
1,000.0 1,090.0 1,011.6 1, 039. 1 1, 067. 9 1, 069. 9 1, 088. 4 1, 133. 9
Other
Supplements to wages and
225.0 252.9 228.2 235.7 243.5 248.6 255.0 264.5
salanes
Employer
contributions
for
106.4 115.8 107.3 109.8 112. 6 113.6 116. 0 121.0
social insurance
118.6 137.1 120.9 126.0 130.9 135.1 139.1 143.5
Other labor income
Proprietors' income with IVA
131.6 130.7 132.9 136.3 133.7 124.9 129.7 134.3
and CCAdj
30.8 23.4 30.2 29.5 25.7 23.3 22.1 22.6
Farm. ._
Proprietors' income with
36.6 30.3 36.2 35.7 32.3 30.2 29.0 29.7
IVA
-5.8 -6.9 -5.9 -6.2 -6.5 -6.9 -6.9 -7.2
CCAdj
Nonfarm
Proprietors' income
IVA
CCAdj
Rental income of persons with
CCAdj
.. .
Rental income of persons
CCAdj
..
Corporate profits with IVA
and CCAdj
100.7
105.2
-3.4
-1.0
107.2
112.6
-3.5
-1.9
102.7
107.3
-3.5
-1.2
106.8
112.2
-4.0
-1.5
107.9
114.8
-5.3
-1.6
101.6
105. 5
-2.0
-1.9
107.6
113.1
-3.5
-2.0
111.8
117.2
-3.4
-2.0
30.5 31.8
32.0 32.4
31.5
30.3 31.0 31.2
58.9 64.9 59.7 61.4 62.9 64.5 65.9 66.4
-28.3 -33.1 -29.4 -30.4 -31. 6 -33.0 -33.9 -33.9
196.8 180.7 199.5 189.4 200.2 169.3 177.9
Corporate profits with IVA . 212.7 197.8 215.6 204.5 215.6 186. 9 195.9
255.4 241.8 262.0 255.4 277.1 217.9 237.6
Profits before tax
87.6 80.7 88.4 87.2 94.2 71.5 78.5
Profits tax liability
167.8 161.1 173.6 168.2 182.9 146.5 159.1
Profits after tax
50.2 56.0 50.2 51.6 53.9 55.7 56.7 57.7
Dividends
Undistributed profits. 117. 6 105.1 123.5 116.6 128.9 90.7 102.4
-42. 6 -43.9 -46.5 -50.8 -61.4 -31.1 -41.7 -41.4
IVA
— 15. 9 —17.2 -16.1 -15.1 -15.4 -17.6 -17.9 —17.8
Net interest
143.4 179.9 146.8 156.5 165.4 175.3 185.3 193.6
Addenda:
Corporate profits after tax
with IVA and CCAdj...
Dividends
Undistributed profits with
IVA and CCAdj
109.2
50.2
100.0
56.0
111.1
50.2
102.2
51.6
106.0
53.9
97.8
55.7
99.5
56.7 "~57.~7
59.1
44.0
60.9
50.6
52.1
42.1
42.8
' Revised.
NOTE.—Percent changes from preceding period for selected items in table 1.5-1.6 are shown
in table 8.1.
SURVEY OF CURRENT BUSINESS
February 1981
Table 1.13.—Gross Domestic Product of Corporate Business in Current Dollars and Gross Domestic Product of Nonfinancial
Corporate Business in Current and Constant Dollars
1980
1979
1979
1980 '
IV
III
I
1979
III
II
1980 '
1979
IV r
III
IV
Gross domestic product
of corporate business. . 1,494.9 1,614.2 1,510.8 1,539.8 1,584.0 1,576.7 1,617.5
155.4
175.4
161.5
158.7
167.1
173.0
178.4
183.2
1,339.5 1,438.8 1,352.1 1,378.3 1,416.9 1,403.7 1,439.0
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
139.6
159.2
140.9
143.5
148.1
154.4
162.4
172.1
1, 199. 8 1,279.5 1,211.2 1,234.8 1,268.9 1,249.3 1,276.6
Domestic income
Compensation of employees
1,011.5 1, 103. 1 1,023.5 1,051.4 1,079.9 1,083.0 1,101.7 1, 147. 7
Waces and salaries
845.9 917.9 855.4 877.8 901.1 900.8 915.2 954.5
Supplements to wages
and salaries .
165.6 185.2 168.1 173.6 178.8 182.2 186.4 193.2
Corporate profits with
IVA and CCAdj
166.5
149.3 164.4 157.7 163.6 140.0 147.0
225.0 210.4 226.9
Profits before tax
Profits tax liability
88.4
87.6
80.7
Profits after tax
~ 137.4 129.7 138.6
37.o
32.3
Dividends
34.9
Undistributed profits 102.5 92.2 106.3
IVA
-42.6 -43. 9 -46.5
-17.2
16 1
CCAdj
-15.9
27.2
23.3
Net interest.
21.9
Gross domestic product
of financial corporate
business
77.9
80.9
223.7
87.2
136.5
35.3
101.2
-50.8
15 1
25.6
78.6
82.0
79.7
80.4
Gross domestic product
of nonfinancial corpo1,417.0 1,533.3 1,432.1 1,457.7 1,502.1 1,496.3 1,537.7
rate business
Capital consumption allowances with C C Adi
147.5
165.9
150.7
152.9
158.2
168.6
163.6
173.0
Profits before tax
Profits tax liability
Profits after tax...
Dividends
Undistributed profits
IVA
CCAdj
Net interest
1980 '
III
180.1 195.5
61.9 70.5
118.2 125.0
40.3 34.9
193.4
69.7
123.7
37.3
IV '
IV
I
191.1 207.2
68.4 74.3
122.7 132.9
38.2 36.9
158.6
52.0
106.6
41.1
177.9
60.3
117.6
40.8
42.6
77.9 90.1 84.5 96.0 65.5 76.8
86.3
-42.6 -43.9 -46.5 -50.8 -61.4 -31.1 -41.7 -41.4
-14.1 -14.4 -14.2 -13.0 -13.1 -14.9 -15.0 -14.7
56.1 46.7 49.1 52.3 54.4 57.6 60.1
45.2
Billions of 1972 dollars
Gross domestic product
of nonfinancial corporate business
873.3
Capital consumption allowances with CCAdj.-
84.6
Net domestic product..
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income
878.2
853.2
860.4
87.1
87.6
88.5
778.0 788.8 787.3 791.2
765.7
771.9
866.2 874.3 873.4
88.1
788.7
85.5
86.1
92.7 95.1 92.7 93.9 94.9
696.0 682.9 696.1 693.5 696.2
II
III
1980'
1979
IV '
I
IV
III
94.1 95.3
671.6 676.5
89.4
96.1
1980
1979
1980
1979
1979
III
Net domestic product
1,269.5 1, 367. 4 1,281.5 1,304.8 1,343.9 1,332.7 1,369.1
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
133.6 152.4 134.8 137.3 141.7 147.7 155.4 164.7
Domestic income.. _
1,135.9 1,215.0 1,146.7 1,167.5 1,202.3 1,185.0 1,213.6
Compensation of employees
..
954.0 1,037.1 965.2 991.1 1,017.3 1,018.0 1,034.8 1,078.5
Wages and salaries
798.9 864.2 807.7 828.4 849.9 847.9 860.9 898.2
Supplements to wages
and salaries
155.2 172.9 157.5 162.7 167.4 170.1 173.9 180.3
Corporate profits with
IVA and CCAdj
136.7 121.8 134.8 127.3 132.6 112.5 121.2
240.4 188.6 206.7
94.2 71.5 78.5
146.2 117.1 128.2
34.3 37.9 37.9 40.0
79.3 90.3
112.0
-61.4 -31.1 -41.7 -41.4
-15.4
17 6 -17.9 —17.8
25.3 26.3 27.9 29.1
82.0
II
Billions of dollars
Billions of dollars
Net domestic product
I
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Capital consumption allowances with C C Adi
1980
II
III
IV'
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1972 dollars
Billions of dollars
Table 1.14-1.15.—Auto Output in Current and Constant Dollars
64.9
60.2
68.0
Final sales
69.2
62 2
69 8
Personal consumption expenditures.
65.3
61.8
65.0
New autos
46 2
49 4
49 7
Net purchases of used autos .
15.9
15.2
15.6
Producers' durable equipment
13 2
12 4
14 7
22 2
New autos
24 2
21 2
Net purchases of used autos
—9 1
—9 5
—8 8
Net exports
—10 1 —12 9 —10 8
Exports
4.7
40
4.8
14 8
Imports
168
15 5
Government purchases of goods and services. .
.8
.9
.8
Change in business inventories of new and used
antos
12
2 0
4 9
New . .
—1 0
—5 1
13
_ 7
2
2
Used
Addenda:
Domestic output of new autos *
Sales of imported new autos *
57.8
19 4
48.8
21 7
55.6
19 2
61.8
65 7
64.2
48 5
15.7
11 2
19 5
—8 3
—10 5
4.9
15 4
.8
64.4
38.6
44.0
41.4
42.5
34.6
34.6
42.8
47.3
41.3
33 1
39 9
36 5
28 6
47.4
40.8
32 8
44.1
39.9
31.8
48.3
43.7
35.0
33.5
30.4
22.9
36.8
34.3
26.9
40.9
37.4
29.6
85
13 2
—4.7
—5 5
2 4
80
.5
10 6
15 9
—5.3
—4 7
12 8
—4.6
—4 5
14 2
—5.1
—5.0
11.4
—4.1
—4.6
13.4
-4.8
—6.6
13.6
-4.7
—6.0
78
.6
.5
.5
.5
.5
.5
13
33
—3 4
—5 8
52
6
10
18
—2 2
—2 4
19
1
—2 7
—2 4
— 3
—.8
.2
2.1
—.2
36.5
12 7
32.8
13 0
33.0
15.6
26.8
11.4
27.3
12.9
33.7
14.1
54.3
51 5
50 7
36 8
13 9
11 0
18 3
—7*3
—10 9
39
14 8
.8
57 8
58 7
44 3
14 4
13 3
21 9
—8 7
—15 1
34
18 4
.8
65 5
66 1
48 7
17.3
12 6
22 4
—9 8
—13 9
17 8
.8
76
.6
95
35
38
4
31
35
_ 4
5
— 4
_ i
— 4
45.3
21 2
55.4
23 2
38.7
12 9
30 2
13 5
39
—3 3
— 6
—1 2
2o
34
—1 4
50.1
19 8
51.6
24 3
43 0
18 2
68.6
46.8
53.6
73 8
71 6
54 8
16 9
12 9
22 2
—9 4
—11 5
4 8
16 3
.8
3.9
8.2
9
14
—5
—4
9
9
0
4
3.1
7.8
9
8.0
3.1
8.1
8.2
3.2
7.7
8.7
9.1
3.1
8.1
7.5
7.3
2.4
7.1
7.4
8.6
1.8
8.4
7.8
8.9
2.4
8.3
Table 1.16-1.17.—Truck Output in Current and Constant Dollars
Truck output »
Final sales
_
Personal consumption expenditures __
Producers' durable equipment .
Net exports
Exports
Imports
Government purchases of goods and services
Change in business inventories. __
37.8
25 7
34 5
32 6
28 0
23 g
23 2
27 7
22 3
13 8
19 8
19 0
15.7
12.8
12.2
14.3
37 7
11.4
23 7
— 4
33
38
3.0
27 8
79
17 6
1i
31
41
3.3
37 6
10 8
23 9
_ 2
32
34
3.1
36 4
11.4
22 0
_ i
30 9
91
19 4
26 1
73
16 1
14 9
49
9 1
21 8
71
13 3
21 0
7 5
12 1
17 3
58
10 4
14 1
14.5
13.7
37
3.1
3 n0
3
3.2
2 9
35
3.3
26 8
7 5
16 8
10
33
22 3
76
13 3
3*5
27 5
79
18 0
19
31
3.4
3.5
91
—1 2
16
28
1.7
8 2
__ 7
16
23
1.7
.1
—2 1
—3.1
—3 8
—2 9
—2 2
4 3
9
—2 2
5
g
' Revised.
http://fraser.stlouisfed.org/
Tablt 1.14-1.15:
1. Consists
of St.
finalLouis
sales and change in business inventories of new autos produced in the
Federal Reserve
Bank of
7
cn
4.3
4
19
23
1.7
I
Table 1.16-1.17:
1. Includes new tracks only.
4.5
9 1
18
20
0
1.7
1.7
1.7
16
2 2
1.7
84
— 6
15
21
1.7
12
2o
21
—1 6
—1 3
16
t)
o
3
t)
0
Q
4.8
4.5
SURVEY OF CURRENT BUSINESS
February 1981
1979
1979
1980 '
III
1979
1980
IV
I
II
III
1980
1979
IV r
I
437.9
333.4
303.0
259.2
465.4
350.7
328.9
295. 7
441.6
335.5
306.5
263.4
450.4
340.4
315.0
273.7
461.7
347.9
322.6
283.6
456.0
343.2
323. 2
290.8
460.1
346.7
329.2
298. 7
484. 1
oSn!!
qnQ7
Personal consumption
expenditures
1,510.9 1,672.3 1,529.1 1,582.3 1,631.0 1,626.8 1,682.2 1.749.2
uiuire»._212.3 211.9 213.3 216.1 220.9 194.4 208.8 223.4
Durable goods
Motor vehicles and parts. .
Furniture and household
equipment
95.5
89.9
94.7
95.4
100.6
77.5
87.0
94.5
81.1
35.8
84.6
37.4
82.4
36.2
83.8
37.0
83.6
36.8
81.3
35.6
84.6
37.2
89.0
39.9
664.0
674.2
702.2
338.4
102.3
90.9
132.4
19.2
113.1
347.7
105.3
85.3
136.0
20.7
115.3
359.7
109.3
90.2
142.9
20.2
122.7
236.1
253.6
237.1
243.1
246.8
250.5
253.9
263. 3
Nondurable goods
602.2
675.4
611.5
639.2
661.1
Other labor income
118.6
137.1
120.9
126.0
130.9
135.1
139.1
143.5
Proprietors' income with IVA
and CCAdj
131.6
130.7
132.9
136.3
133.7
124.9
129.7
30.8
10U.7
23.4
107.2
30.2
102.7
29.5
106.8
25.7
107.9
23.3
101.6
22.1
107.6
-, . ,
•*
00 „
**. o
111.8
Food
Clothing and shoes
Gasoline and oil
Other nondurable poods. . .
Fuel oil and coal
Other
Uine
Services .
312.1
98.9
68.4
122.9
16.0
106.9
345.5
104.8
89-0
136.1
19.7
116.4
314.3
100.3
72.1
124.9
17.9
107.0
329.0
102.5
77.6
130.0
18.1
111.8
336.2
102.2
89.4
133.3
18.8
114.5
30.5
48.6
209.6
249.4
31.8
54.4
256.2
294.2
30.3
48.6
2U.3
257.8
31.0
50.1
225.7
263.1
31.2
52.4
239.9
271.7
31.5
54.2
253.6
280.7
32.0
55.1
261.8
310.7
32 .4
2M "1
oj«
q
OlO.V
W4
131.8
153. 8
137.8
139.3
142.0
144.7
163.2
165.3
Government
employees
retirement benefits
Other transfer payments. .
Aid to families with de-
9.8
14.4
160
15.0
9.8
14.4
10.6
14.6
11.4
14.8
16.0
14.6
19.0
14.9
37.0
56.4
42.8
66.7
37.3
58.4
39.2
59.3
40.2
63.3
42.3
63.0
43.1
70.5
17.5
15.5
4r 7
Personal
T
Durable goods
Less: Personal tax and nontax
payments
11.0
45.4
12.4
54.3
11.1
47.3
11.5
47.8
11.7
51.6
12 0
51.0
12.8
57.7
80.6
87.9
81.2
82.4
86.2
85.9
302.0
338.6
308.4
321.8
323.1
330.3
88.1
341.5
1Q
56< 7
01
91 9
'2
359 3
Equals: Disposable personal
income
1,641.7 1,821.6 1,663.8 1,710.1 1,765.1 1,784.1 1,840.6 1 896 7
'
i 7Q7 9
Less: Personal outlays
1,555.5 1,719.8 1,574.5 1,629.4 1,678.7 1,674.1 1,729.2 1
»'*'•*
Personal consumption expenditures
1, 510. 9 1,672.3 1, 529. 1 1, 582. 3 1,631.0 1, 626. 8 1,682.2 1,749.2
Interest paid by consumers
to business
43.7
44.5
45.8
46.7
46.0
46.3
46.4
46.8
Personal transfer payments
i 2
to foreigners (net)
1.0
.9
1.3
1.0
1.0
1.1
1.0
-Equals: Personal saving
86.2
101.8
89.3
80.7
86.4
110.0
111.4
qo r
Addenda:
Disposable personal income
Total, billions of 1972
dollars
1,011.5 1,018.4 1, 015. 7 1, 017. 7 1, 021. 0 1,008.2 1, 018. 5 I 025 g
Per capita:
Current dollars
7,441 8,176 7,533 7,722 7,953 8,020 8,249
1972 dollars
4,584 4.571 4,598 4, 596 4,600 4,532 4, 565 4,' 585
Population (millions)
220.6 222.8 220.9 221.5 221.9 222.4 223.1 223. 7
Personal saving as percentage of disposal persona)
income
...
Transportation
Other.
Less: Personal contributions
r
HnnsiTiff
Household operation
E lectricity and gas
n + Viay
Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits. ..
Other ._
IV'
1,843.8 2,160.2 1,972.3 2,032.0 2,088.2 2,114.5 2,182.1
Wage and salary disbursements
1,236.1 1,343.6 1,248.6 1,282.2 1,314.7 1,320.4 1,341.8 1,397.7
Rental income of persons
with CCAdj
Personal dividend income
Personal interest income
Transfer payments
III
Table 2.2—2.3.—Personal Consumption Expenditures by Major Type
Table 2.1.—Personal Income and Its Disposition
Farm
Nonfarm
II
Billions of dollars
Billions of dollars
Commodity-producing industries
Manufacturing _ _
Distributive industries
Service industries
Government and government enterprises
_~
IV
III
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Personal income
1980
5.2
5.6
5.4
4.7
4.9
6.2
6.1
5.2
Revised.
Table 2.1:
NOTE.— Percent changes from preceding period for selected items in this table are sh own in
table 8.1.
Table S.lfr
NOTE.— In this table interest and dividends received is included in receipts; in tab Ies3.1,
3.2 and 3.3, interest and dividends received is netted against expenditures.
696.3
785.1
704.3
727.0
749.0
768.4
799.2
823.7
241.9
98.7
47.3
51.3
57.2
298.5
272.0
111.7
55.7
56.0
63.8
337.5
244.9
99.5
47.3
52.2
58.2
301.7
253.0
102.7
49.8
52.9
59.9
311.4
259.8
104.2
50.0
54.2
61.4
323.7
267.3
109.3
54.5
54.8
61.6
330.2
275.7
116.1
5'J.3
56.8
65 8
341.5
285.2
117.2
59.1
58.1
66.5
354.7
Billions of 1972 dollars
consumption
930.9
934.9
933.4
941.6
943.4
919.3
930.8
946.0
146.6
135.8
146.7
146.0
145.4
126.2
132.6
139.2
61.7
53.8
60.8
60.3
62.1
47.0
51.5
54.5
59.8
25.1
59.0
23.1
60.7
25.2
60.7
25.0
59.6
23.8
57.0
22.2
58.4
22.6
60.8
23.8
Nondurable goods
354.6
358.2
355.4
361.3
361.5
356.6
354.9
359.9
Food....
Clothing and shoes
Gasoline and oil
Other nondurable goods
Fuel oil and coal
Other.. ..
8^^
176.7
76.6
28.1
73.2
4.7
68.5
181.4
78.0
26.2
72.6
4.2
68.4
177.4
77.4
27.4
73.2
4.8
68.3
181.3
78.4
27.2
74.4
4.5
69.9
183.6
76.9
27.0
73.9
4.2
69.7
182.2
76.7
26.4
71.2
4.1
67.2
180,1
78.3
25.2
71.4
4.3
7.0
179.6
80.1
26.3
74.0
4.2
69.8
429.6
440.8
431.3
434.3
436.5
436.5
443.3
447.0
159.3
59.6
23.1
36.5
35.5
175.2
164.2
61.5
23.3
38.2
34.6
180.5
159.8
59.6
22.6
37.0
35.8
176.1
160.9
60.1
23.0
37.1
35.5
177.7
162.1
60.0
22.3
37.7
35.2
179.2
163.5
61.3
23.1
38.2
34.1
177.7
164.8
62.6
24.1
38.4
34.7
181.2
166.5
62.2
23.6
38.7
34.5
183.7
«>YnAiirlitiiroa
Motor vehicles and parts..
Furniture and household
equipment
Other.... .
TTnn<!inff
Household operation
Electricity and gas
Other
Transportation
Other
Billions of dollars
Table 3.14.— State and Local Government Social Insurance Funds
Receipts and Expenditures
Receipts
«eceP*s
40.2
45.0
41.0
42.1
42.9
43.6
46.0
47.7
surance
28.1
31.5
28.6
29.2
29.6
30.2
32.3
33.7
7.5
20.7
7.7
23.8
7.5
21.1
7.7
21.5
7.5
22.2
7.0
23.2
8.1
24.3
8.4
25.3
18.3
2.4
21.0
2.8
18.6
2.5
19.0
2.5
19.6
2.6
20.5
2.7
21.4
2.8
22.4
2.9
12.1
13.6
12.4
12.9
13.3
13.4
13.7
14.0
16.4
18.2
16.6
17.1
17.6
17.9
18.3
18.8
.5
15.9
.6
17.6
.5
16.1
.5
16.6
.5
17.0
.5
17.4
.6
17.8
.6
18.2
23.9
26.9
24.5
25.0
25.3
25.7
27.7
28.9
Personal contribution
Employer contributions
Government and government enterprises.
Other
interest and dividends received
Expenditures
Administrative expenses (purchases of goods and services) .
Transfer payments to persons.
Surplus or deficit (-)
SUEVEY OF CUEEENT BUSINESS
6
February 1981
Table 3.7B-3.8B.—-Government Purchases of Goods and Services by Type in Current and Constant Dollars
1980
1979
1980'
1979
III
IV
I
II
1979
III
IV'
1979
III
1980'
IV
Seasonally adjusted at annual rates
Federal
National defense -_
Durable goods
Nondurable goods
Services
—Compensation of employees
Military
Civilian
Other services
Structures
-
475.4
496.4
516.S
530.0
533.5
558.0
281.8
290.0
281.1
285.3
290.1
291.9
288.2
289.7
165.1
112.0
26.6
7.4
75.3
48.2
27.3
20.8
27.1
2.7
178.1
118.7
29.5
8.2
78.5
51.0
29.1
21.9
27.5
2.4
190.0
125.0
31.5
9.8
80.8
51.3
29.3
22.0
29.5
2.9
198.7
128.7
32.3
10.4
83.1
51.4
29.4
21.9
31.8
2.9
194.9
131.4
32.9
10.5
84.1
51.8
29.7
22.1
32.3
3.8
212.1
141.6
35.2
12.8
90. H
56.8
33.2
23.6
33.8
3.1
101.7
67.1
16.6
2.4
46.7
32.0
18.8
13.2
14.7
1.4
108.2
71.0
18.4
2.5
48.5
32.1
18.9
13.2
16.4
1.6
99.9
67.1
16.0
2.4
47.2
32.0
18.8
13.3
15.1
1.6
103.1
68.3
17.7
2.4
46.9
32.0
18.8
13.2
14.9
1.3
107.6
69.9
18.2
2.3
47.8
32.0
18.8
13.2
15.8
1.5
110.7
70.9
18.3
2.5
48.7
32.0
18.8
13.2
16.7
1.5
106.9
70.9
18.0
2.3
48.7
32.2
18.9
13.2
16.5
1.9
107.6
72.1
19.0
2.8
48.7
32.1
19.0
13.1
16.6
1.5
56.7
.6
2.0
48.1
27.0
21.0
6.0
67.2
1.5
4.1
55.1
29.1
25.9
6.6
53.1
1.2
-3.0
48.5
26.7
21.8
6.4
59.4
-1.1
3.8
50.8
28.0
22.8
5.9
64.9
1.5
4.4
52.3
28.3
24.1
6.7
70.0
1.3
7.8
54.6
29.1
25.4
6.3
63.5
1.5
-1.1
56.3
28.8
27.5
6.8
70.4
1.6
5.3
57.1
30.3
26.8
6.4
34.6
.7
1.1
29.6
17.0
12.6
3.2
37.2
.9
2.0
31.1
17.1
14.0
3.2
32.8
.9
-1.4
29.9
17.0
12.9
3.4
34.8
0
1.6
30.1
16.9
13.1
3.1
37.7
1.0
2.9
30.5
17.0
13.5
3.4
39.7
.8
4.5
31.4
17.5
13.9
3.1
35.9
.9
—.1
31.9
17.2
14.6
3.2
35.5
.9
.8
30.8
16.8
13.9
3.0
305.9
9.8
23.4
232.4
172.3
60.1
40.3
335.7
10.6
26.3
253.6
187.4
66.2
45.2
310.4
9.9
23.7
235. 1
174.5
60.6
41.7
318.3
10. 1
24.3
239.8
177.3
62.5
44.1
326.8
10.3
25.0
245.4
181.6
63.8
46.1
331.3
10.5
25.7
250.7
185.4
65.3
44.4
338.6
10.7
26.7
256.3
189.3
67.1
44.9
346.0
10.9
27.7
262.0
193.3
68.7
45.4
180.1
6.2
13.4
140.2
104.9
35.3
20.4
181.8
6.3
13.7
141.3
106.0
35.3
20.5
181.2
6.3
13.4
140.7
105. 3
35.3
20.8
182.2
6.3
13.4
141.1
105. 6
35.5
21.4
182.5
6.2
13.5
141.1
105.8
35.3
21.6
181.2
6.3
13.6
141.1
105.9
35.2
20.2
181.3
6.3
13.7
141.4
106.1
35.3
20.0
182.1
6.2
14.0
141.8
106.3
35.5
20.0
1979
Receipts
494.4
1980 r
539.4
Billions of 1972 dollars
198.9
131.7
33.0
10.9
84.7
52.8
30.4
22.4
31.9
3.2
Table 3.3.—State and Local Government Receipts and Expenditures
Table 3.2.—Federal Government Receipts and Expenditures
1979
IV '
534.6
—
-
III
167.9
111.2
26.8
7.0
74.9
48.8
27.7
21.0
26.2
2.4
-
-
II
473.8
Nondefense .
Durable goods
Nondurable goods
Services
-Compensation of employees
Other services
Structures
State and local .. _
Durable goods
Nondurable goods
Services _ _
_
Compensation of employees
Other services
Structures. _
I
Seasonally adjusted at annual rates
Billions of dollars
Government purchases of goods and services
_
1980
III
1980
IV
I
II
1979
III
IV '
1979 1980'
III
1980
IV
I
II
III
IV r
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
BiUions of dollars
500.6
514.0
528.4
520.9
Receipts
540.8
351.2
383.7
355.4
365.6
70.6
38.8
24.5
7.4
80.7
45.0
27.9
7.9
72.3
40.0
24.9*
7.4
74.7
41.3
25.9
7.5
76.2
41.8
26.7
7.7
78.3
43.0
27.5
7.8
82.1
45.8
28.3
8.0
11.9
13.1
12.9
13.7
10.6
11.7
372.1 373.9
386.8
273. 0
266.0
6.8
.2
Personal tax and nontax receipts
Income taxes
-_
Nontaxes
Other
66.7
Corporate profits tax accruals.
159.0
76.9
64.4
17.7
171.6
82.8
67.5
21.2
160.6
77.8
64.8
18.1
163.9
79.4
65.4
19.1
167.0
80.8
66.3
19.9
167.7
79.7
67.2
20.8
173.0
83.4
67.9
21.7
178.7
87.2
68.9
22.6
33.7
Personal tax and nontax receipts.
Income taxes..
Estate and gift taxes
Nontaxes
..
231.4
225.7
5.5
.2
257. 8
251. 0
6.6
.2
236.2
230.6
5.4
.2
247.1
241.0
5.9
.2
246.9
240.7
6.0
.2
252.0
245.2
6.7
.2
259.4
252.3
6.9
.2
Corporate profits tax accruals..
74.6
68.7
75.3
74.3
80.5
60.. 9
13.0
86.4
49.2
29.0
8.2
Indirect business tax and nontax accruals _
Excise taxes
Customs duties
Nontaxes.. .
29.4
18.6
7.5
3.4
40.6
29.1
7.2
4.3
29.3
18.5
7.3
3.5
29.6
18.6
7.4
3.6
31.9
20.9
7.2
3.8
38.7
27,9
6.8
4.0
42.9
31.4
7.3
4.2
48.9
36.1
7.3
5.4
Indirect business tax and nontax accruals
Sales taxes. _ _
Property taxes
Other
Contributions for social insurance.
159.0
172.2
159.9
163.0
169.2
169.3
171.8
178.6
Contributions for social in
surance
--
28.1
31.5
28.6
29.2
29.6
30.2
32.3
509.2
601.6
515.8
538.6
564.7
587.3
615.0
639.4
Federal grants-in-aid
80.4
87.9
80.8
84.9
85.5
87.2
87.7
91.4
324.4
354.8
328.9
336.7
345.4
350.0
358.2
365.7
Purchases of goods and
services
305.9
Compensation of employees. 172.3
Other
133.6
335. 7
187.4
148.3
310.4
174.5
135.9
318.3
177.3
141.0
326.8
181.6
145.2
331.3
185.4
145.9
338.6
189.3
149.3
346.0
193.3
152.7
36.4
37.2
38.1
39.7
40.4
Expenditures
Purchases of goods and services
National defense...
Nondefense .
167.9
111.2
56.7
198.9
131.7
67.2
165.1
112.0
53.1
178.1
118.7
59.4
190,0
125.0
64.9
198.7
128.7
70.0
194.9
131.4
63.5
212.1
141.6
70.4
Transfer payments
To persons
To foreigners
209.1
204.9
4.2
249.4
244.9
4.5
216.6
212.8
3.8
221.7
216.8
4.9
228.9
224.4
4.5
236.0
232.2
3.8
265.3
260.4
4.9
267.6
262.6
4.9
Grants-in-aid to State and
local governments
Net interest paid— .
Interest paid.
To persons and business.. .
To foreigners
Less: Interest received by
government
80.4
87.9
80.8
84.9
85.5
87.2
87.7
91.4
42.3
53.6
42.6
11.1
53.4
67.5
54.8
12.7
42.9
54.7
43.7
11.0
44.4
56.8
45.5
11.3
50.3
63.1
50.9
12.2
54.4
68.0
56.3
11.7
53.5
68.2
56.3
11.9
70.8
710.8
55.8
15.0
11.3
14.1
11.7
12.4
12.8
13.6
14.8
15.4
10.5
9.0
9.5
9.8
10.1
10.0
11.0
10.3
13.7
10.7
13.1
11.6
.3
—.1
-.6
-3.1
-1.4
0
0
0
Subsidies less current surplus
of government enterprises..
Subsidies. .
Less: Current surplus of
government enterprises
9.4
9.3
12.0
10.7
-.1
-1.3
-1.5
Less- Wage accruals less disbursements
0
0
0
0
Surplus or deficit (-),
national income and
product accounts
-14.8 -62.3 -15.2 -24.5
insurance funds
Digitized forSocial
FRASER
Other
0
-36.3
-66.5
-74.2
3.2 -14.2
-2.1 -2.1
.4 -7.8 -27.1 -22.2
-18.1 -48.1 -13.1 -22.4 -36.7 -58.6 -47.1
Expenditures
Transfer payments to persons.
38.9
35.4
Net interest paid
„ -8.8 -10.8
17.7
Interest paid
16.3
Less: Interest received by
government
25.1 28.5
-9.0
16.5
Less: Dividends received by
government
35.0
1.5
Subsidies less current surplus
of government enterprises. -6.3
Subsidies
.3
Less: Current surplus of
government enterprises..
6.7
-9.7 -10.2 -10.6 -11.1 -11.3
16.9
17.2
17.4
17.7
18.3
25.5
26.6
27.4
28.0
28.8
29.6
1.6
1.5
1.5
1.6
1.6
1.6
1.6
-7.4
.4
-6.5
.3
-6.7
.3
-7.0
.3
-7.2
.3
-7.5
.4
-7.7
.4
7.7
6.8
7.0
7.3
7.6
7.8
8.1
0
-.1
.2
2
0
0
0
Less: Wage accruals less disbursements
-.1
Surplus or deficit (— ),
national income and
product accounts
26.7
28.8
26.5
28.9
26.6
23.9
28.6
23.9
2.9
26.9
1.9
24.5
2.1
25.0
4.0
25.3
1.3
25.7
-1.7
27.7
.9
Social insurance funds
Other
_
28.9
SURVEY OF CURRENT BUSINESS
February 1981
1980
1979
1979
1980'
III
IV
I
II
1979
III
1979
1980'
IV '
1980
IV
III
Seasonally adjusted at annual rates
I
II
III
IV
Seasonally adjusted at annual rates
Billions of dollars
Billions of 1972 dollars
Table 4.1-4.2.—Foreign Transactions in the National Income and Product Accounts in Current and Constant Dollars
Receipts from foreigners
Exports of goods and services
Merchandise
_ _ _
Durable goods
Nondurable goods
Services
_ Factor income *
Other
282.5
341.3
294.3
307.4
338.5
1 281JL
176. 9
. 10279
74 1
104.4
66 6
37.8
340 1
218 3
127.7
90 6
121 8
79 7
42 0
2Q3 1
183 6
106.1
77 4
109 6
72 2
37.4
306 3
193.9
109.4
84 6
112.4
74 5
37.9
337 3
214 8
127.0
87 8
122.5
83 0
39 5
Capital grants received by the United States (net).
334.4
333 3
213 9
126.3
87 6
119.4
78 1
41 3
343.5
348.6
342 4
222 9
129.9
93 0
119 5
76 3
43 2
347 5
221 8
127.7
94 i
125 7
81 5
44.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
Payments to foreigners
282.5
341.3
294.3
307.4
338.5
334.4
343.5
348.6
Imports of goods and services
Merchandise
Durable goods
Nondurable goods
Services
Factor income ' ..
Other
267 9
208 9
99.0
109.9
59 0
22.8
36.2
315 9
245 2
111 6
133.7
70 7
29.9
40.8
275 2
214 5
99 9
114.6
60 8
24.1
36.6
298 7
233 0
103 7
129.3
65 7
27.9
37.8
329 1
257 5
115 7
141.8
71 6
31.5
40.0
316 °
245 6
107 9
137.8
70 5
29.9
40.6
297 9
231 5
108 7
122.8
66 4
25.9
40.6
320 5
246 3
113 9
132.4
74 2
32 1
42.1
5.2
1.0
4.2
5.6
1.1
4.5
4.7
.9
3.8
6.2
1.3
4.9
5.5
1.0
4.5
4.8
1.0
3.8
6.9
1.0
4.9
6.1
1.2
4.9
11.1
12.7|
11.0
11.3
12.2
11.7
11.9
15.0
7.0
3.4
—8.7
—8.3
1.7
27.8
6.9
Transfer payments (net)
From persons (net)
From government (net)..
_
Interest paid by government to foreigners
Net foreign investment...
-1.7
146 9
82 8
50.5
32 3
64 1
41 3
22 8
161 2
92 3
55.6
36 7
69.0
45 5
23 5
151 3
84 5
51.3
33 2
66.8
44 5
22 3
154 8
87 6
52.3
35 3
67 2
15 0
22 3
165 9
94 1
58.1
36 0
71 8
4q o
22 8
160 5
92 1
55.9
36 2
68 4
45 1
23 3
160 5
93 5
55 7
37 g
67 0
43 1
23 9
158 1
89 3
52 6
36 6
68 8
44 g
24 0
109 2
76 9
47 2
29.7
32 3
14.1
18.1
109 0
73 8
47 5
26.3
35 i
17.0
18.1
110 2
77 3
48 1
29.2
32 9
14 9
18.0
112 6
78 0
48 0
30.0
34 7
16 8
17.8
115 8
78 8
50 3
28.5
37 0
18 6
18.4
108 9
73 4
46 8
26.6
35 5
17 3
18.2
102 8
70 5
45 8
24 6
32 4
14 6
17.8
108 3
72 7
47 0
25 7
35 g
17 6
18 0
Table 4.3-4.4.—Merchandise Exports and Imports by Type of Product and by End-Use Category in Current and Constant Dollars
Merchandise exports
176.9
193 9
214 8
213 9
222 9
221 8
82 8
92 3
84 5
87 6
94 1
92 1
93 5
89 3
29 8
52.6
17.9
34.6
58.2
17.4
12.6
6.2
65
6.3
3.2
3.2
218 3
35 g
67.2
24.4
28
73.5
lfi.8
16 5
8.8
77
8.5
4.3
43
183 6
Foods feeds and beverages
Industrial supplies and materials
Durable goods..
_
Nondurable goods
Capital goods, except autos.
Autos. .
Consumer goods
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods
32 5
53.7
18.2
35 5
61.4
17.4
12.8
6.3
65
5.7
2.9
2.9
34 8
60.3
20.9
39 4
60.6
17. 7 1
13.7
6.8
69
6.9
3.4
3.4
34 2
66.5
25.5
41 0
68.0
17.2
18 8
11.1
76
10.1
5.1
5.1
32 1
70.7
26.4
44 3
73.0
15.6
15 1
7.7
74
7.5
3.7
3.7
38 4
65.9
23.3
42 7
77.6
16.5
16 0
8.3
77
8.4
4.2
4.2
38 7
65.5
22 3
43 2
75 fi
17.8
16 0
8.0
81
82
4.1
4. 1
13 4
20.9
7.1
13 8
30.8
8.1
6.7
3.0
37
3.0
1.5
1.5
15 2
23.7
86
15 1
34 7
6.7
83
3.8
45
36
1.8
1.8
14 1
21.2
7.2
14 1
31 7
8.0
68
3.1
37
2.6
1.3
13
15 2
22.4
7.8
14 6
31 8
7.9
71
3.2
39
3.1
1.6
1.6
14 9
23.3
90
14 4
34 7
7.4
93
4.9
45
44
2.2
22
14 5
25.0
93
15 7
35 2
6.4
78
3.4
45
32
1.6
1.6
16 4
23.5
83
15 2
35 6
6.5
79
3.6
44
3.5
1.8
18
15 2
23.1
79
15 3
33 i
67
79
33
4.ti
33
1.6
1.6
Merchandise imports
208.9
245 2
214.5
233.0
257.5
245.6
231.5
246 3
76.9
73 8
77.3
78.0
78.8
73.4
70.5
72 7
Foods feeds and beverages
Industrial supplies and materials, excluding
petroleum _ _ _ _
_
Durable goods
Nondurable goods
Petroleum and products
Capital goods, except autos
Autos
Consumer goods
Durable goods
Nondurable goods..
_ _ _ _ _ _
Other
Durable goods
Nondurable goods
17.4
82
17 5
19 0
17 8
17 5
18 2
19 5
76
67
76
77
68
65
66
70
47 4
28.7
18.6
60.0
24.6
25.6
30 6
18.4
12.2
3.5
1.8
1.8
51 8
30 9
20 9
79.0
30 0
27.1
34 4
21.2
13.1
4.8
2.4
2.4
47.9
29 0
18.9
64.4
25.2
25.6
31 2
18.8
12.5
2.6
1.3
1.3
50.6
30 1
20.5
75.4
26.4
25.7
32.0
19.6
12.4
40
2.0
2.0
57.1
35 3
21.7
86.4
29.7
26.3
34 2
21.4
12.8
6.1
3.0
3.0
52.1
30.6
21.5
84.0
29.5
25.0
34.1
21.0
13.1
3.5
1.7
1.7
47.5
27 6
19.9
69.1
30.0
28.1
34 3
20.8
13.5
4.2
2.1
2.1
50.5
30 i
20.4
76.7
30.7
28.9
34 8
21.7
13.2
5.2
2.6
2.6
19.4
11 7
7.6
8.5
13.8
11.0
15.0
9.9
5.1
1.6
.8
.8
17.3
10 1
7.1
6.9
14.6
10.9
15 6
10.9
4.7
1.9
1.0
1.0
19.4
11 7
7.7
8.2
14.4
11.3
15.3
10.1
5.2
1.2
.6
.b
18.9
11 2
7.7
8.4
14.5
11.0
15.7
10.4
5.3
1.7
.9
.9
19.2
11 6
7.6
8.2
15.2
11.0
15.8
11.2
4.6
2.5
1.3
1.3
17.4
10. 1
7.3
7.2
14.2
10.7
15.9
11.1
4.8
1.4
.7
.7
15.6
8.9
6.7
5.8
14.4
11.2
15.2
10.5
4.7
1.7
.8
.8
16.8
99
6.8
6.2
14.6
10.8
15.2
10.7
4.6
2.1
1.0
1.0
Addenda:
Exports of agricultural products..
Exports of nonagricultural products
Imports of nonpetroleum products
35.4
141.5
148.9
42.2
176.1
166.2
37.5
146.1
150.1
41.7
152.2
157.6
41.5
173.3
171.1
38.9
174.9
161.7
43.8
179.1
162.4
44.6
177.2
169.6
15.9
66.9
68.4
18.0
74.2
67.0
16.3
68.2
69.2
18.2
69.3
69.5
18.1
76.0
70.6
17.6
74.5
66.1
18.7
74.8
64.7
17.6
71.7
66.5
' Revised.
Table 4A-Lt:
I. Equals rest-of-the-world production as shown in tables 1.5 and 1.6.
SURVEY OF CURRENT BUSINESS
8
February 1981
Table 5.1.—Gross Saving and Investment
1979
1979
1980'
in
1980
I
IV
1979
III
II
1979
IV
1980 r
III
Seasonally adjusted at annual rates
IV
Gross saying
Corporate capital consumption
allowances
with
CCAdj
Noncorporate capital consumption allowances with
CCAdj
Wage accruals less disbursements..... __..._.
400.7
422.3
402.0
404.5
394.5
402.0
398.9
86.2
433.1
101.8
409.8
89.3
396.4
80.7
413.0
86.4
435.9
110.0
446.5
111.4
52.1 42.1 42.8
50.6
60.9
59.1 44.0
90.7 102.4
117.6 105.1 123.5 116.6 128.9
-42.6 -43.9 -46.5 -50.8 -61.4 -31.1 -41.7
-15.9 -17.2 -16.1 -15.1 -15.4 -17.6 -17.9
99.5
-41.4
-17.8
155.4
175.4
158.7
161.5
167.1
173.0
178.4
183.2
98.2
111.8
100.8
103.6
107.4
110.7
113.4
115.8
0
0
0
0
.5
-.5
0
II
m
IVr
Billions of dollars
411.9
0
I
Seasonally adjusted at annual rates
Billions of dollars
Gross private saving.
Personal savins
Undistributed
corporate
profits with IVA and
CCAdj
Undistributed profits
_
IVA
CCAdj
1980
Government surplus or deficit
(— ), national income and
11.9 -33.4
product accounts
11.3
4.4 -9.6 -42.5 -45.6
Federal
_
-14.8 -62.3 -15.2 -24.5 -36.3 -66.5 -74.2
State and local.
26.7 28.8 26.5 28.9
26.6
23.9
28.6
Capital grants received by the
United States (net)
Gross investment
Gross private domestic investment
Net foreign investment
Statistical discrepancy...
1.1
1.1
1.1
1.1
1.1
1.1
1.1
1.1
414.1
402.5
425.1
401.3
407.3
392.5
405.0
405.0
415.8 395.4
7.0
17
421.7
3.4
410.0
-8.7
415.6
-8.3
390.9
1.7
377.1
27.8
398.1
6.9
1.7
2.8
-.7
2.8
2.2
-1.9
3.0
Table 5.8-5.9.—Change in Business Inventories by Industry in Current and Constant Dollars
1980
1979
1979
1980'
m
IV
I
II
m
rv
1979
1980'
III
IV
17.5
M anuf acturing
Durable goods.. .
Nondurable goods
Wholesale trade
Durable goods
Nondurable goods
Merchant wholesalers .
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods . ...
Retail trade
_
Durable goods
Nondurable goods
Other
_
Durable goods3
Nondurable goods a
__
__
_
_
..
_. _
4.1
13.4
64.6
-51.2
12.3
11.3
.9
1.4
.4
1.1
.4
-.3
.7
1.0
.6
.4
-.6
-.5
-.1
.3
.3
—.1
III
II
IVr
Billions of 1972 dollars
Billions of dollars
Change in business inventories
I
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Farm
Nonfarm
_
_
Change in book value
Inventory valuation adjustment *
1980
1979
13.3
-0.8
2.5
7.4
10.2
-2.6
7.6
-0.7
-0.9
1.3
-5.0
-5.8
-1.2
-4.1
47.8
-51.8
5.5
7.8
64.1
56 2
3.6
-4.4
57.0
-61.4
1.0
1.5
75.1
-73.5
1.3
6.1
43.4
-37.3
3.7
-12.3
36.5
—48.8
—3.5
11.7
36 0
47.7
2.4
7.8
.5
-2.1
3.1
4.5
2.0
-2.7
.5
-1.4
.7
.6
-1.8
-3.1
-1.6
-4.2
-6
-.4
-.3
2
6
-.5
.5
.9
4
-.3
-.2
—.1
-4.3
-4.4
.1
.7
.1
.6
9.4
6.7
2.7
2.5
3.0
-.5
2.6
2.6
.1
-.1
.4
-.6
-2.2
-3.7
1.5
-1.8
.8
-2.7
6.4
10.6
-4.2
-1.2
-2.7
1.5
-3.9
-3.1
8
2.7
.4
2.3
-9.8
-9.1
-.8
.2
.7
-.5
13.3
3.4
9.8
-.4
-3.9
3.5
-4.9
-3.7
-1.2
4.5
-.2
4.7
-15.3
-11.7
-3.6
4.0
.4
3.6
.4
.4
.1
5.6
5.9
-.3
6.4
6.0
.4
-.8
0
-.7
-.5
-3.2
2.7
.6
.2
.4
-12.6
-4.4
-8.2
-1.9
-.8
-1.0
3.7
-.4
4.1
-5.6
-.5
-5.1
2.9
-3.0
5.9
-.8
-.2
-.6
-3.6
-.9
-2.8
-2.7
1.3
-4.0
—3.1
1.6
-4.7
5
-.3
.7
-4.3
.2
4.5
-1.1
-.2
-.9
6.8
6.3
.6
1.0
.5
.5
.4
0
.4
.6
.5
0
-.1
-.2
.1
.1
.2
-.1
-.3
0
-3
.1
.4
-.3
2
.5
-.3
4.5
3.6
.9
1.7
1.9
-.2
1.5
1.6
0
.2
.4
.2
-1.1
-2.2
1.1
-.5
.4
— 9
3.6
5.7
-2.1
-1.1
-1.1
0
-1.8
-1.5
-.3
.7
.4
.3
-5.3
-5.2
0
0
.4
-.4
5.4
2.1
3.3
-.5
-1.0
.5
-1.3
-.9
-.4
.8
-.1
.9
-7.5
-5.9
-1.6
1.1
.2
.9
-.5
0
-.5
1.5
2.3
-.8
1.6
2.3
-.7
-.1
0
-.1
.6
-1.7
1.1
.2
.1
.1
-5.2
-1.8
-3.4
.9
-.2
1.1
1.9
0
2.0
-1.1
-.2
.9
1.3
-1.7
3.0
-.1
—.1
0
-.8
-.3
-.5
-1.5
.5
-2.0
-1.4
.6
-2.0
-.1
-.1
.0
-1.6
.3
-1.9
-.3
— .1
-.2
-5.3
-16.0
-15.2
-!l
0
-2.1
-2.3
.2
.2
0
.2
Table 5.10-5.11.—Inventories and Final Sales of Business in Current and Constant Dollars
Inventories i
681.9
710.1
724.5
740.4
765.8
769 6
343.7
343.5
343.3
343.6
342.3
340.9
Farm
Nonfarm
Durable goods
Nondurable goods
83.4
598 5
348.1
250 4
84.3
625.9
363.6
262 3
77.8
646.6
369.5
277.1
81.8
658.5
374.6
283.9
92.6
673.2
379.9
293.4
92.7
677.0
383.9
293.1
43.0
300.7
181.9
118.8
43.5
300.0
181.8
118.2
43.6
299.6
180.6
119.0
43.8
299.8
180.8
118.9
43.4
299.0
179.9
119.1
43.0
297.9
180.0
118.0
295.0
192.1
102 8
129.4
80.8
48 5
103.4
66.6
36 8
26.0
14.2
11 7
119.7
58.9
60 8
M5
311.2
203.7
107 5
134 6
83.6
51 0
106 3
68.6
37 7
28 3
15.1
13 3
122 6
59.7
62 9
57 5
325.0
210.0
115 0
138.5
84.4
54 1
108.2
69.7
38 5
30.3
14.7
15 6
122 8
58.3
64 5
60 3
331.2
212.6
118 6
142.0
87.0
55 0
111.6
72.2
39 4
30.4
14.8
15 6
124.0
57.9
66 2
61 3
335.3
215.5
119 8
146.3
89.0
57.3
116.7
74.0
42 7
29.6
15.0
14 6
127.3
58.1
69 3
64 3
337.7
217.7
120 0
146 5
90.0
56 5
116 6
74.9
18
29 9
15 1
14 8
127 8
58 8
69 0
64 9
145.0
97.5
47 5
64.5
42.5
22 0
53.2
35.3
17 9
11.3
7.2
4 i
68.1
33.9
34 2
23 l
145.9
99.0
47 0
64.2
42.2
22 0
52.8
34.9
17 8
11.4
7.3
42
66.8
32.6
34 2
23 1
147.3
99.5
47.8
64.1
42.0
22 1
52.5
34.7
17.7
11.6
7.2
44
64.9
31.1
33 8
23 4
147.2
99.5
47.7
64.5
42.5
21.9
52.9
35.3
17.6
11.6
7.2
4.4
64.7
30.7
34.1
23 4
145.9
99.0
46.8
64.7
42.5
22.2
53.3
35.3
18.1
11.3
7.2
4.1
65.1
30.2
34.8
23.4
145. 6
99.0
46.7
64.3
42.6
21.7
53.0
35.4
17.6
11.3
7.2
4.2
64.7
30.3
34.3
23.3
202.6
208.1
214.1
213.1
221.1
229 0
123.4
124.3
125.2
121.8
123.1
124.4
.—
171 4
109.9
176 2
112 9
181 2
115.9
179 9
112.6
187 2
117 0
193 9
121 9
104 4
66 5
105 4
67 2
106 1
67 7
102 8
64 3
103.9
64.7
105.3
65.9
Ratio: Business inventories to business final sales
Nonfarm business inventories to business
final sales *
Nonfarm business inventories to business
final sales of goods and structures. ._
3.98
4.03
4.00
4.12
4.09
3 97
3.29
3.26
3.24
3.34
3.29
3.24
3 49
3 55
3 57
3 66
3 60
3 49
2 gg
2 85
2 82
2 92
2.88
2 83
5.45
5.55
5.58
5 85
5 75
5 55
4.52
4 46
4 43
4 66
4.62
4.52
_
Manufacturing
_
Durable goods
Nondurable goods
Wholesale trade
Durable goods
_
Nondurable goods
Merchant wholesalers
Durable goods
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods
Retail trade...
Durable goods
_
Nondurable goods
Other
Final sales *
Business final sales 3
Business final sales of goods and structures
Revised.
See footnotes on page 11.
r
SURVEY OF CURRENT BUSINESS
February 1981
Table 6.4.—National Income Without Capital Consumption
Adjustment by Industry
Table 6.20.—Corporate Profits by Industry
1979
1979
1980'
1979
1979
1980'
IV
III
1980
1980
I
IV
III
I
11
IV r
III
II
III
i
IV r
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of dollars
Billions of dollars
Corporate profits with
IVAandCCAdj
National income with,
out CCAdj
2,014.3 2,178.5 2,038.8 2,084.6 2,143.6 2,129.4 2,183.1
Domestic industries
1,970.5 2,128.7 1,990.7 2,037.9 2,092.1 2,081.3 2,132.6
Private industries
1,692.7 1,827.0 1,711.4 1,750.9 1,799.6 1,783.7 1,830.1
Agriculture, forestry, and
fisheries
Mining
Construction
64.7
30.1
102.6
64.8
31.6
104.8
65.4
32.6
107,9
63.5
34.4
110.2
62.4
36.4
105.3
62.1
36.0
106.6
Manufacturing
Durable goods
Nondurable goods
514.5
315.4
199.1
513.4
312.9
200.4
516.7
311.0
205.8
538.9
317.5
221.4
504.3
293.7
210.6
517.6
305.7
211.9
Transportation and public
utilities
Transportation
Communication
Electric, gas, and sanitary services
158.3
7H.3
43.5
160.1
77.4
44.8
163.4
79.5
45.9
167.1
79.4
47.3
170.0
78.2
48.1
179.3
79.9
50.9
37.9
38.0
40.5
43.6
48.5
Wholesale trade
Retail trade
Finance, insurance, and
real estate
Services
Government and government enterprises
38.4
121.9
108.9
124.5
171.7
128.0
172.7
129.8
171.8
134.5
177.8
131.4
183.6
256.3
275.3
2fi0.7
27D.9
271.1
293.0
280.7
303.2
284.1
308.9
294.3
319.1
199.5
189.4
200.2
169.3
177.9
149.3
27.5
121.8
164.4
29.6
134.8
157.7
30.4
127.3
163.6
31.0
132.6
140.0
27.4
112.5
147.0
25.8
121.2
30.3
31.4
35.1
31.7
36.6
29.3
30.9
212.7
197.8
215.6
204.5
215.6
186.9
195.9
182.4
166.5
180.5
172.0
179.9
157.5
165.0
31.6
Financial
Federal Reserve Banks. . . 9.6
Other
22.0
30 2
11.9
18.3
31.5
9.7
21.7
32.6
10.5
22.1
33.3
11.9
21.4
30 1
12.7
17.4
28.7
11.3
17.4
136.2
149.0
84.4
34.8
140 3
80.2
29.3
145.7
92.1
28.1
127.5
61.3
10.1
136.2
68 5
19.4
4.2
4.5
2.8
5.9
2.0
.7
5.0
4.6
4.8
5.2
1.7
3.9
6.2
196.8
Rest of the world
Corporate profits with
Domestic industries
277.8
301.7
279.3
287.1
292.5
297.6
302.5
314.0
43.8
49.9
48.1
46.6
51.5
48.1
50.5
49.4
Rest of the world
180.7
166.5
. 29.8
136.7
Domestic industries
Financial _ .
Nonfinancial
' Revised.
Table 71-7 «:
1. Gross domestic purchases equals gross national product less exports plus imports; final
sales to domestic purchasers equals final sales less exports plus imports.
NonfinaTicial Manufacturing
Durable goods
Primary metal industries
Fabricated metal
products
Machinery, except
electrical.
Electric and electronic
equipment
Motor vehicles and
equipment
Other
Nondurable goods
Food and kindred
products
Chemicals and allied
products
Petroleum and coal
products.
Other
Transportation and public
utilities
Wholesale and retail trade.
Other..
NOTE.—Percent changes from preceding period for selected items in table 7.1—7.2 are shown
n table 8.1. Fixed-weigh ted price indexes are subject to further revision.
Rest of the world
150.8
88.9
39.5
8.8
9.2
8.0
7.3
5.7
6.3
5.8
5.7
6.6
3.8
5.5
4.3
10.8
49.4
-.3
11.1
49.6
-.8
8.8
50.9
-2.9
6.0
64.0
-8.8
5.6
51.2
-4.8
8.0
49.1
6.9
6.7
6.7
8.2
6.7
5.7
8.2
7.8
6.6
8.8
6.0
7.0
18.3
16.0
17.7
17.4
23.7
13.8
31.0
16.0
25.3
13.2
22.2
14.2
18.0
23.0
20.8
17.1
25.6
22.0
14.9
22.6
22.6
16.1
14.8
22.7
16.6
25.9
23.7
22.5
20.4
24.8
35.1
31.7
36.6
29.3
30.9
31.4
30.3
:::::
Table 7.1-7.2.—Implicit Price Deflators and Fixed-Weighted Price Indexes, 1972 Weights, for Gross National Product
1979
1979
1980'
III
IV
I
II
1980
1979
1980
III
IV
1979
1980 r
III
I
IV
III
II
IV r
Seasonally adjusted
Seasonally adjusted
Fixed-weighted price indexes, 1972=100
Implicit price deflators, 1972=100
162.77
177.36
164.23
167.47
171.23
175.28
179.18
183.80
166.3
182.0
167.9
171.9
175.9
179.8
183.8
188.3
162.3
144.8
169.8
. _. 162.1
178.9
156.0
188.5
178.1
163.8
145.4
172.1
163.3
168.0
148.0
176.9
167.4
172.9
151.9
182.9
1/1.6
177.0
154.1
186.2
176.0
180.7
157.5
190.0
180.3
184.9
160.5
195.1
184.3
164.8
146.9
173.1
163.3
182.7
159.0
194. 4
180.0
166.6
147.8
175.7
164.6
171.1
150.3
181.3
168.8
176.4
154.2
187.9
173.2
180.5
157.4
191.8
177.9
184.7
161.0
196.2
182.2
189.3
164.0
201.9
186.3
179.1
171.3
198.6
159.7
200.5
202.7
202.0
140.3
194.2
186.8
224.7
170.1
218.5
221.6
219.9
149.4
181.5
173.4
201.4
161.5
204.6
207.0
205.5
140.5
184.9
176.8
207.4
163.2
207.7
210.1
207 7
142.4
188.5
180.5
214.3
165.6
212.6
215.2
213.6
145.5
192.5
185.7
222.4
169.0
217.4
220.7
219. 4
148.5
196.4
189.1
229.5
171.7
221.9
225.2
223.1
151.0
199 7
192.1
233.4
174.2
222.9
226.0
224.0
152.5
185.0
176.7
194.9
166.2
200.9
203.7
195.4
217.9
182.5
219.5
187.9
178.8
197.6
168.0
205.1
191.7
183.0
203.3
171.4
208.1
196.7
188.0
210.3
175.2
213.2
202.4
193.9
216.7
180.8
218.4
207.1
198.6
221.0
185.8
223.1
209.6
202.1
224.1
189.4
223.9
Net exports of goods and services
Exports
Imports
191.5
245.4
211.0
289.9
193.7
249.8
197.9
265.2
203.4
284.2
207.6
290.4
213.4
289.7
219.8
295.9
196.8
243.3
217.0
300.0
199.5
249.5
203.4
265.3
210.0
287.9
213.1
296.9
2189
305.8
22^.4
311.7
Government purchases of goods and services
Federal
National defense
Nondefense
State and local
168.1
165.1
165.7
163.8
169.8
184.4
183.8
185.6
180.6
184.7
169.2
165.2
166.8
161.9
171.3
174.0
172.8
173.8
170.8
174.7
178.1
176.5
178.9
172.1
179.1
181.6
179.5
181.4
176.2
182.8
185.1
182.4
185.2
176.7
186.7
192.6
197.1
196.5
198.3
190.0
170.4
168.0
188.1
188.8
171.7
169.0
177.5
178.1
182.1
182.8
185.9
186.0
189.7
189.4
194.8
197.1
172.0
187.6
173.5
177.0
181.7
185.8
189.9
193.2
169.3
166.2
169.2
177.0
240.2
154.3
187.3
181.8
187.2
190.7
317.0
168.0
171.2
167.8
171.0
177.5
255.3
155.2
175.9
171.7
175.7
181.8
273.2
158.6
181.0
175.7
180.8
183.3
304.1
162.5
185.2
179.7
185.1
185.8
318.5
166.2
189.4
183.6
189.3
193.2
320.2
169.7
193.8
188.1
193.7
200.8
325.1
1734
166.4
166.9
182.0
183.0
168.0
168.8
171.9
172.6
176 0
176.8
179.9
180.9
183.9
185.2
188.4
189.2
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential
Nonfarm structures
Farm structures
Producers' durable equipment
Addenda:
Gross domestic purchases *
Final sales
Final sales to domestic purchasers l
Personal consumption expenditures food
Personal consumption expenditures, energy
Other personal consumption expenditures .
domestic product
DigitizedGross
for
FRASER
Business
http://fraser.stlouisfed.org/
Nonfarm
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
10
1979
1979
1980'
III
February 1981
1980
I
IV
II
1979
III
IV'
1979
1980'
III
1980
Seasonally adjusted
162 7
_. 156.6
Goods
177.4
164 2
167 4
171 0
174 9
179.18 183.80
179.7
184 1
170.0
158.1
160.2
163.8
168.1
171.8
176.4
Final sales
._ _
Change in business inventories
156.3
170.1
157.9
160.1
163.2
167.3
172.9
177.1
Durable goods
Final sales
Change in business inventories
Nondurable goods
Final sales
Change in business inventories
152 0
151.5
164.1
164.5
154 1
153.8
154 7
154.7
157 0
158.6
164 2
163.4
166 3
167.0
169.3
169.4
160.2
160 1
174.2
174.2
161.2
161 1
164. 3
164 2
168.7
166 7
170.9
170 1
175.7
177 2
181.6
182.7
Services
161.8
176.7
162.8
166.9
170.6
174.6
178.5
183.2
Structures..
199.7
222.0
203.1
207.8
213.9
220.6
226.0
228.3
Addenda:
Gross domestic purchases i_. 166.1
Final salesl to domestic purchasers
166.0
182.2
167.7
171.8
176.6
180.5
183.3
188.3
182.2
167.6
171.8
176.3
180.1
183.8
188.6
Table 7.4.—Implicit Price Deflators for Gross National Product by
Sector
Gross national product. . 162.77 177.36 164.23 167.47 171.23 175.28
Gross domestic product
162.8
III
IV'
Dollars
Table 7.3.—Implicit Price Deflators for Gross National Product by
Major Type of Product
Gross national product.. 162.77 177.36 164.23 167.47 171.23 175.28
II
Seasonally adjusted
Index numbers, 1972=100
Final sales
Change in business inventories
I
IV
179.18 183.80
177 4
164 3
167 5
171 3
175 3
179 2
183.8
Business
162 6 177 4
Nonfarm
161 5 177.0
Nonfarm less housing. . . 163.1 179.0
Housing
147 8 160.9
Farm
200.8 193.1
Statistical discrepancy
162.6 177.4
Households and institutions. 173.2 189.4
Private households
180.3 193.8
Nonprofit institutions
172. 6 189.1
Govern ment
161 3 173 5
Federal .
154.7 166.6
State and local
164.4 176.7
164 3
163 2
164.9
149 1
200 6
164.3
173.9
181.3
173.3
161 5
152 7
165.6
167 3
166 4
168.0
152 8
198 5
167.3
179.0
185.6
178.4
165 9
161 6
168.0
171 2
170 8
172.6
155 6
183 0
171.2
183.2
188.8
182.7
168 7
162 4
171.7
175 4
175 3
177.3
158 8
178 6
175.4
187.7
191.8
187.4
171 2
162 8
175.1
179 5
178 8
180.8
162 5
205.3
179.5
190.7
195.0
190.3
173 5
163 2
178.3
183 8
183 1
185.2
166 4
208.8
183.8
195.9
199.8
195.6
180 7
178 0
181.9
182.0
185.9
Rest of the world
161.0
175.4
162.4
165.7
169.4
173.2
177.2
Addendum:
Gross domestic business
product less housing..
164.3
179.4
166.0
168.9
172.9
177.4
181.5
Table 7.7.—Current-Dollar Cost and Profit Per Unit of ConstantDollar Gross Domestic Product of Nonfinancial Corporate Business
Current-dollar cost and
profit per unit of constant-dollar gross domestic product i
Capital consumption allowances with CCAdj
Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies
Domestic income
Compensation of employees
Corporate profits with
IVA and CCAdj .
Profits tax liability
Profits after tax with
IVA and CCAdj
Net interest
__
1.623
1 771
1.638
1.669
1.710
1.754
1.787
.169
1.454
.191
1.579
.172
1.466
.175
1.494
.180
1.530
.192
1.562
.196
1.591
.153
.176
1 301 1.404
.154
.157
1 312 1 337
.161
1 369
.173
1 389
.181
1 411
1.092
1.197
1.104
1.135
1.158
1.193
1.203
.157
.080
.141
.071
.154
.081
.146
.078
.151
.085
.132
.061
.141
.070
.077
.052
.070
.065
.074
.053
.067
.056
.066
.060
.071
.064
.071
.067
Index numbers, 1972=100
Table 7.8.—Implicit Price Deflators for Auto Output
Auto output.
Final sales
Personal consumption expenditures
New autos Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used autos
Addenda:
Domestic
output of new
autos 1
Sales of
imported new
autos 2
145.5
155.9
147.3
149.1
151.3
155.0
156.8
146.4
155.8
147.3
148.9
152.7
153.8
156.8
160.2
158.3
149.4
169.4
161.2
159.2
151.6
160.9
152.4
163.8
156.4
166.8
160.4
171.0
164.5
176.5
164.6
133.2
149.4
146.6
161.3
138.1
152.1
136.1
152.2
141.2
156.2
150.8
160.2
154.9
164.3
140.7
164.4
150.0
195.6
164.7
211.4
152.0
199.4
152.8
199.5
156.7
201.7
160.8
209.8
182.4
219.5
165.1
214.1
147.6
167.1
151.2
155.6
160.4
172.1
173.0
163.7
149.2
161.7
152.1
152.6
156.7
160.2
165.7
164.4
149.5
161.4
151.7
152.4
156.4
160.5
164.5
164.6
160.4
Table 7.9.—Implicit Price Deflators for Truck Output
Table 7.5.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
Gross national product. . 162.77 177.36 164.23 167.47 171.23 175.28
Less: Capital consumption allowances with C C Adj
179.18 183.80
179.1
194.8
181.4
184.0
188.2
193.5
197.2
200 0
200.0
Equals: Net national product.. 161.0
175.4
162.4
165.7
169.4
173.2
177.2
182 0
182.0
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies
plus current surplus of
government enterprises. 135.7
146.3
135.8
137. 6
139.6
144.7
147.5
153 4
153.4
Statistical discrepancy. . 162.6
177.4
164.3
167.3
171.2
175.4
179.5
179.1
165.6
169.1
173.1
176.8
180.9
Equals: National income
164.1
Imports
Government purchases of
goods and services
Change in business inventories
Revised.
Federal Reserve Bank of St. Louis
176.4
165.4
164.4
168.7
168.7
180.0
186.4
177.5
194.9
180.3
181.3
186.1
191.3
197.3
205.2
Table 7.11.— Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product
Personal consumption
expenditures
Motor vehicles and parts
Furniture and household
equipment
Table 7.5:
•
final
Other
...
1. Gross domestic purchases equals gross national product less exports plus imports;, nnai
final
Nondurable goods
sales to domestic purchasers equals final sales less exports plus imports.
.
Food
_
7
NOTE.—Percent changes from preceding period for selected items in tables 7.3 and 7.4
are
'*
Clothing and shoes
shown in table 8.1.
Gasoline and oil
Other nondurable goods
Table 7.7:
irri+vi
Fuel oil and coal.
1. Equals the deflator for gross domestic product of nonfinancial corporate businessSo Wlth
with
Other
the decimal point shifted two places to the left.
Services
Housing .. _
Table 7.8:
fu a
Household operation
1. Consists of final sales and change in business inventories of new autos produced \inn the
in me
Electricity and gas .
United
States.
t anrl
Other _
2. Consists of personal consumption expenditures, producers' durable equipment,
and
«»,
auu
Transportation
government purchases.
http://fraser.stlouisfed.org/
Other
_
r
163.7
162.3
178.9
163.8
168.0
172.9
177.0
180.7
184.9
144.8
154.6
156.0
167.1
145.4
155.7
148.0
158.0
151.9
161.9
154.1
164.9
157.5
168.8
160.5
173.2
135.8 138.0 140.4
143.7 148.1 154.7
172.1 176.9 182.9
177.2 181.5 183.1
129.5 130.8 132.9
263.0 285.1 330.6
170.7 174.8 180.3
371.4 406.6 450.9
156.6 160.0 164.1
163.3 167.4 171.6
153.2 157.3 160. ft
166.9 170.8 173.7
209.5 216.6 224.4
141.0 142.5 143.7
162.7 168.5 174.3
171.3 175.2 180.6
142.5
160.6
186.2
185.7
133.3
345.1
185.9
473.3
168.5
176.0
163.5
178.2
235.6
143.5
180.7
185.9
144.8
164.4
190.0
193.0
134.5
338.6
190.6
476.6
172.1
180.3
167.3
185.6
245.6
147.9
189.7
188.4
146.4
167.5
195.1
200.3
136.4
343.7
193.2
484.2
175.8
181.3
171.3
188.3
250.8
150.2
192.7
193.1
135.6 143.5
142.7 161.8
169.8 188.5
176.6 190.5
129.2 134.3
243.4 339.4
167.8 187.5
340.6 471.3
155. 9 170.1
162.1 178.1
151.9 165.6
165.5 181.6
205.2 239.3
140.5 146.4
161.2 184.3
170.4 187.0
SUKVEY OF CUEEENT BUSINESS
February 1981
1980
1979
1979
1980'
HI
11
IV
I
II
I]El
IV r
1979
1980'
III
Seasonally adjusted
Government purchases
of goods and services. . 168.1
Federal
National defense
Durable goods
Nondurable goods
Services.
_ _
Compensation of employees
Military
Civilian
Other services
Structures
165 1
184.4
169.2
174.0
178.1
181.6
Purchases
185.1
192.6
183 8
185 6
179.0
440.5
174 7
165 2
166 8
166.3
306.0
15'j 6
172 8
173 8
166.6
344.6
Iu7 5
176 5
178 9
172 6
425.0
169 0
179 5
181 4
176 2
420.7
170 8
182 4
185 2
182.6
451.6
172 9
197 1
196 5
184 5
461.9
185 9
152.3
147.6
159.0
177.8
174.4
164 7
160 q
170.2
194.1
198 2
150 4
145 7
157.1
179.0
175 2
159 5
155 3
165.5
184.6
185 8
160 3
155 9
166. 4 *
186.6
192 3
160 7
156 4
166.8
190.0
198 1
161 1
156 8
167 3
195.9
199 6
176 9
174 5
180 4
203 4
202 3
Nondefense
Durable goods
Nondurable goods
Services
Compensation of employees
.....
0 ther services
Structures
163 8
93.0
180 6
166 9
161 9
135.5
170 8
172 1
160 6
176 2
165 4
176 7
168 6
198 3
172 6
162 4
176 9
162 0
168 8
171 5
173 7
176 6
185 6
159.1
166.9
186.0
170 0
185. 2
207 7
157.1
168.5
189 1
165.5
173.2
194 1
166.3
178.1
200 1
166 7
182.5
206 0
167 2
187.7
211 0
180 2
192 1
214 2
State and local
Durable goods
Nondurable goods .
Services
Compensation of employees
..
_
Other services
Structures
169 8
157.7
175.1
165 8
184 7
169 6
191 6
179 4
171 3
157.6
176.2
167 1
174 7
161.2
180.6
170 0
179 1
165 1
184.9
174 0
182 8
168 1
188.6
177 7
186 7
170 6
194. 7
181 3
190 0
174 7
198 0
184 8
164.4
170.2
197.6
176.7
187 5
220.8
165.6
171.7
200.6
168.0
175 9
206.1
171.7
180 7
213.2
175.1
185 5
219.6
178.3
190 2
224 7
181 9
193 5
226 3
Table 7.16.—Implicit Price Deflators for Exports and Imports of
Goods and Services
211.0
193.7
197.9
203.4
207.6
213.4
219.8
217 2
206.8
233.3
221 5
209.2
239.6
228 3
218.5
244.0
232 2
225.9
241.8
238 5
233 1
246.4
248 4
242 6
256 8
164.0
162.4
167 2
167 2
165.7
170 2
170.7
169.4
173 6
174.6
173.2
177.1
178 4
177.2
180 6
182 8
182 0
184 2
Merchandise
Durable goods
Nondurable goods
213.7
203.8
229.1
236 7
229.7
247.3
Services.
Factor income
Other
162.8
161.3
165.6
176 5
175.3
179 0
Imports of goods and service... 245.4
289.9
249.8
265.2
284.2
290.4
I
III
II
IV r
Index numbers, 1972 =100
165.7
162.0
292.4
160.3
Exports of goods and services.. 191.5
IV
Seasonally adjusted
Index numbers, 1972=100
Table 7.14B.—Implicit Price Deflators for Government
of Goods and Services by Type
1980
1979
289.7
Table 7.17.—Implicit Price Deflators for Merchandise Exports and
Imports by Type of Product and by End-Use Category
213.7
236.7
217.2
221.5
228.3
232.2
238.5
248.4
222.8
235.1
230.7
229.1
228.7
221.6
234.1
255.4
251.7
251.8
251.7
189.1
215.8
187.5
203 4
174 5
213.0
213.0
213 0
282.9
282.9
282.8
212.2
249. 6
199. 4
231 0
172.6
236.2
236. 2
236.3
252.9
252.9
252.9
193.6
216.3
189.2
206 7
174.9
217.3
217.3
217 3
269.5
269.5
269.5
190.2
222.7
192.5
212 5
176.3
221.5
221.5
221 5
285. 1
285.1
285.1
196.0
234. 5
200.7
227 9
170.8
228.2
228.2
228 2
282.8 280 5
282.8 280 5
282.8 280.5
207.4 217.9
243.1 255 0
192.4 201.7
226 8 232 2
166.3 176 9
232.1 238. 5
232.1 238.4
232.1 238 7
283.1
283.1
283.1
228.1
267.3
202.7
238 7
176. 5
248.7
248.7
248 7
Merchandise imports. . 271.6
332.2
277.3
298.9
327.0
334.8
328.4
338.8
270.1
230.8
247.1
260.4
266.6
276.0
277.3
Merchandise exports
Foods, feeds, and beverages.
Industrial supplies and materials
Durable goods
Nondurable goods
Capital goods, except autos
Autos
-_
_
Consumer goods
__
Durable goods
Nondurable goods
Other
Durable goods
Nondurable goods .
Foods, feeds, and beverages .
Industrial supplies and materials, excluding petroleum .
Durable goods
Nondurable goods
Petroleum and products
Capital goods except autos
Autos
Consumer goods
Durable goods
Nondurable goods
Other
_ .
Durable goods ..
Nondurable goods
Addenda:
Exports of agricultural products
Exports of nonagricultural
products
Imports of nonpetroleum
products
228.4
247.2
244.5 300.0
244 9 3 ;4 8 247 5
244.1 293 2 246.8
702.0 1,153.9 788.4
178.6 205.3 174.9
231 9 248 5 226 1
203.7 221.2 204.8
186.4 195.0 186.3
236 9 282 4 240 8
217.5 245.9 216.9
217.5 246.1 216.9
217.5 245. 8 216.9
267.7 296.6 299.2
267 7 303 3 303 8
267.7 286.2 292.9
893.3 1,059.7 1,163.2
182.2 195.3 208.1
233.5 239 3 235 0
203.8 216.3 214.2
188.1 190.7 188.8
234 6 278 6 273 2
226.7 239.2 242.2
226.8 239.3 242.2
226.6 239.0 242.2
303.8 301.3
309 3 303 4
298.3
296 5
1.191.6 1, 231. 4
210.4
208.1
267.4
252 3
228.5
226 2
198.1 202.8
289 1 288 9
254.3
249.1
249.3 254.5
254.1
248.8
222.4
234.4
229.7
229.0
229.8
220.7
234.0
253.5
211.6
237.2
214.2
219.5
227.9
234.9
239.6
247.1
217.8
248.1
217.0
226.7
242.3
244.4
251.1
255.2
Table 7.21.—Implicit Price Deflators for Inventories and Final Sales
of Business
Inventories 1
198.4
206.7
211.0
215.5
223.7
295.9
Farm
194 0
193 7
178.4
186 8
213.6
215.7
199.1
191.4
210.8
208.6
200.0
222.0
215.8
204.6
232.9
219.7
207.2
238.7
225.2
211.2
246.3
227.2
212.9
213.3
225.8
Merchandise
Durable goods
Nondurable goods
271.6
209.8
369.9
332 2
234.9
507 4
277.3 298.9
207.5 216.1
392 4 431 6
327.0
230.0
498 4
334.8
230.8
517 6
328. 4
237.0
498 6
338 8
242 4
515 4
Nonfarm
Durable goods
Nondurable goods
Services
Factor income
Other
182 9
161.5
199.5
201 2
175 3
225. 5
184 9
162.4
203.5
193 2
169.4
217.3
198 6
173 3
222.7
205 2
177.2
228.3
208 3
182 0
234.0
M anuf acturing
Durable goods
Nondurable goods
203 4
197.0
216.6
213 3
205 9
228.9
220.6
211.1
240.6
225 1
213.7
248.9
229.9
217.6
255.9
231.9
220.0
257.0
Wholesale trade.
Durable goods
Nondurable goods
200.6
190.3
220.5
209.7
198.2
231.8
216.1
201.2
244.4
220.3
204.7
250.6
226.2
209.5
258.1
227.8
211.2
260.4
Merchant wholesalers
Durable goods
__
Nondurable goods
Nonmerchant wholesalers
Durable goods
Nondurable goods .
194.4
188.7
205.6
230.3
198.6
285.6
201.4
196.2
211.6
247.8
207.6
317.9
206.3
200.8
217.1
260.3
203.1
354.4
211.1
204.6
224.2
262.0
204.9
356.6
218.7
200.6
236.6
261.2
208.9
351.9
220.1
211.3
238.0
263.9
211.0
355.0
Retail trade.. .
Durable goods
Nondurable goods
175.8
173.8
177.8
183.6
183.3
184.0
189.3
187.6
190.8
191.6
188.7
194.2
195.7
192.0
199.0
197.7
194.0
201.0
Other
235.9
248.8
258.1
261.5
274.6
278.3
164.2
167.5
171.0
174.9
179.7
184.1
164.2
167.3
170.8
175.0
180.1
184.1
165.4
167.9
171.2
175.2
180.7
184.9
189 5
165.7
212.0
' Revised.
Table 5.8-5.9:
1. The inventory valuation adjustment (IVA) shown in this table differs from that which
adjusts business income. The IVA in this table reflects the mix of methods (first-in-first-out,
last-in-first-out, etc.) underlying book value inventories derived primarily from Census
Bureau statistics. The mix differs from that underlying business income derived from statistics
tabulated by the Internal Revenue Service and other sources.
Table 5.10-5.11:
1. Inventories are as of the end of the quarter. The quarter-to-quarter change in inventories
calculated from current-dollar inventories in this table is not the current-dollar change in
business inventories (CBI) component of ON P. The former is the difference between two
inventory stocks, each valued at their respective end-of-quarter prices. The latter is the change
in the physical volume of inventories valued at average prices of the quarter. In addition,
changes calculated from this table are at quarterly rates, whereas CBI is stated at annual rates.
Quarter-to-quarter changes calculated irom the constant dollar inventories shown in this
table are at quarterly rates, whereas the constant-dollar change in business inventories component of GNP is stated at annual rates.
2. Quarterly totals at monthly rates.
3. Business final sales equals final sales less gross product of households and institutions,
government, and rest-of-the-world.
4. Business final sales include a small amount of final sales by farms.
Final sales
Business final sales 2
Business final sales of goods
and structures.
_
1. Inventories are as of the end of the quarter.
2. Business final sales equals final sales less gross product of households and institutions,
government, and rest of the world.
Table 8.1.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes
1980
1979
1979
1980
III
I
IV
II
III
IV'
1980'
III
Seasonally adjusted
Gross national product:
Current dollars
12.0
1972 dollars
3.2
Implicit price deflator
8.5
Chain price index
8.6
Fixed-weighted price index. . 9.2
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 deflators..
Chain price index
Fixed-weighted
price
index
Nondurable goods :
Current dollar .
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index
Services:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index
Fixed-weighted
price
index _.
Gross private domestic investment:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
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 index
Fixed-weighted index
Structures:
Current dollars
1972 dollars
Implicit price deflator
Chain price index. .
Fixed-weighted
price index
Producers' durable
equipment:
Current dollars
1972 dollars
Implicit price deflator...
Chain price index.
Fixed-weighted
index
Residential:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted
price index
Exports:
Current dollars
1972 dollars
Implicit price deflator .
Chain price deflator
Fixed-weighted price index. .
12.2
4.1
7.8
7.4
8.9
8.8
.6
8.1
8.5
9.7
12.6
3.1
9.3
8.3
9.8
-1.1
-9.9
9.8
8.5
9.1
11.8
2.4
9.2
9.4
9.2
15.2
4.0
10.7
10.5
10.1
Imports:
Current dollars . ..
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index.
12.0
2.9
8.9
9.1
9.4
10.7
.4
10.2
10.5
10.9
14.6
4.7
9.4
9.9
10.4
14.7
3.6
10.7
10.9
11.3
12.9
.8
12.0
12.1
12.8
-1.0
-9.8
9.8
9.5
9.8
14.3
5.1
8.8
9.6
9.6
16.9
6.7
9.6
10.2
10.3
Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index. .
6.5
.2
6.3
6.6
-.2
-7.4
7.7
8.2
11.9
7.3
4.3
4.9
5.4
-1.8
7.3
7.3
9.2 -40.0
-1.6 -43. 3
11.0
5.8
10.6
8.5
32.9
21.7
9.2
9.0
31.1
21.4
8.0
8.0
6.7
8.2
5.1
6.9
9.5
7.7
8.6
13.7
2.6
10.8
11.2
12.1
1.0
11.0
11.9
18.3
5.6
12.0
12.7
19.4
6.8
11.8
12.8
14.4
.2
14.2
14.3
1.8
-5.3
7.5
8.2
6.3
-1.8
8.3
9.5
17.6
5.7
11.3
12.0
11.5
12.3
13.5
13.5
15.3
8.6
9.4
12.1
12.4
4.1
8,0
8.1
12.7
2.6
9.9
10.0
12.2
3.1
89
9.1
13 5
2.8
10.5
10.4
12.7
2.1
10.4
10.7
10.8
0
10.7
10.9
17.0
6.4
10.0
9.8
12.8
3.3
9.2
9.3
8.2
10.2
9.2
10.6
11.0
11.3
9.9
9.3
-13 3
-10.0
24.2
12.6
10.5
2.1
8.3
9.7
22 1
14.2
6.9
5.2
12.0
9.7
5.0
11.0 -10 4
2.2 -19.9
6.0
-1.5
8.4
1.6
10.8 -4.9
1.3 -12.4
-1 5 -10.6
-9.9 -17.8
5 6 -21.8
-5.6 -28.9
2.2 -25.8
-5.3 -31.8
8.9
7.9
12.3
10.5
20.0
8.6
10.5
11.1
2.5
-4.8
7.7
8.4
10.7
10.1
11.7
8.4
15.6
6.5
5.6
-3.1
25.0
13.4
2.3
-5.4
8.6
9.0
9.0
10.3
10.2
10.0
8.2
9.4
8.6
10.7
11.8
13.1
7.6
10.0
6.6
6.4
9.7
10.6
10.5
9.8
11.3
13.1
10.2
7.1
22.4
8.7
12.8
-.3
30.3
12.0
24 0
10.3
12.4
.7
-1.4 -13.1
-4 0
-15.3
12.5
5.1
12.6
12.9
13.1
11.9
16 3
14.7
12.4
12.2
14 0
14.8
15.9
12.6
13 3
8.3
7.0
6.5
12.9
11.8
14.3
12.0
14.5
12.6
8.1
5.8
12.8
3.1
9.4
10.2
.6
-7.2
8.4
10.0
22.3 -7.9
14.0 -11.6
10.8
10.2 -16 3
3.8 -22.7
12.3
5.5
1.9
-4.3
6.4
7.1
6.5
9.5
7.3
7.7
4.1
8.0
6.2
8.4
7.6
9.8
8.1
8.3
9.1
6.6 -11.2
-5.2 -18.5
9.1
-3.6
I
II
III
IV
Percent at annua, rates
Percent
8.8
-.1
9.0
8.5
9.4
10.6
IV
Seasonally adjusted
Percent, at annual rates
Percent
1980
1979
1979
12.3
5.3
6.0
.1
8.3
13.4
6.6
11.0
59
6.4
13.4
11.6
7.9
2.8 -16 7 -56.4
-3.1 -24.2 -60.2
25.7
16.0
70.5
67.2
12.5
12.6
90
9.3
13 2
13.6
6.1
6.1
9.8
10.1
9.5
10.2
8.4
8.9
2.0
1.5
12.6
9.3
13.6
6.2
10.1
10.2
8.8
1.4
28.0
15.2
11.1
12.0
12.6
20.9
97
10.2
10 0
10.2
45.7
34.6
8.2
8.3
8.3
19.2
9.4
8.9
7.3
8.2
47.1 -4.7
32.0 -12.3
11.5
8.6
6.1
12.6
13.5
5.9
11.4
_ <
1L6
11.5
11.5
6.1
-5.9
12.7
14.6
14.4
r
Revised.
NOTE.—The
implicit price deflator for GNP is a weighted average of the detailed price
http://fraser.stlouisfed.org/
indexes used in the deflation of GNP. In each period, the weights are based on the composition
Of Constant-dollar
OUtnilt
in that np.rind Tn nthpr wnrds the nripp inHpv fnr panh item HQ79Federal Reserve
Bank of St.
Louis
-21.2
-20.4
-1.0
11.9
12.5
34.1
23.2
8.8
8.6
7.9
10.6
2.5
7.9
8.2
8.5
2.6
-5.0
8.0
8.7
8.4
19.7
2.0
17.3
11.6
11.1
29.5
18.9
8.9
7.7
19.8
11.9
7.0
6.7
-7.5
-13.1
6.4
8.3
40.2
2.8
36.4
19.2
23.4
11.0
7.1
7.5
17.2
15.0
2.0
12.7
26.2
7.1
17.9
23.2
9.8
12.2
12.4
6.2
5.8
8.4
-.1
8.6
35.2
6.7
26.7
6.1
.6
18.6 -16.0
7.6 -13.9
56.4
26.4
42.9
38.4
35.0
23.1
-32.2
-33.1
51.2
-4.6
5.5
10.2
23.8
3.3
9.7
1.3
58.5
9.6
1.2
8.2
8.4
9.7
.9
8.7
8.8
12.2
3.9
8.0
7.5
10.6
2.4
8.1
7.9
11.2
.6
10.5
10.6
56
-2.8
8.6
9.1
9.1
.3
8.8
9.0
9.0
1.6
7.2
7.4
9.0
9.1
8.1
8.3
11.0
9.5
9.0
7.1
11.3
2.3
8.8
9.2
9.6
S.4
-1.2
9.7
10.3
10.7
10.5
1.5
8.9
9.8
10.5
10.7
.4
10.3
10.7
11.4
12.6 -2.4
1.0 -10.6
9.2
11.5
11.3
9.7
12.1
9.8
7.3
.8
6.5
9.4
9.4
18.5
6.5
11.3
10.8
10.6
Final sales:
Current dollars
12.3
1972 dollars
3.5
Implicit price deflator
8.5
Chain price index
86
Fixed- weighted price index. . 9.2
9.8
.7
9.0
85
9.4
16.1
7.2
8.3
7.3
8.8
11.4
2.9
8.2
8.4
9.6
12.0 -1.8
3.1 -10.4
9.6
8.7
8.4
8.3
9.2
9.7
15.9
4.1
11.3
9.4
9.2
15.0
4.3
10.3
10.5
10.1
12.0 -3.2
1.0 -11.2
10.9
9.0
11.4
9.7
9.9
12.1
11.2
2.5
8.5
9.4
9.4
18.3
6.8
10.8
9.7
9.5
Federal:
Current dollars
1972 dollars
Implicit price deflator. .Chain price index.
Fixed-weighted price
index
National defense:
Current dollars
1972 dollars
Implicit price deflator.
Chain price index
Fixed-weighted
price index . . .
Nondefense:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted
State and local:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted
price
index
21.6
6.0
14.7
17.1
16.1
17.9
-.2
18.1
25.3
23.3
28.3
5.0
22.2
32.4
27.5
38.7
9.1
27.2
28.3
27.9
47.4 -14.8
11.9 -21.9
31.8
9.0
15.8
41.1
13.2
38.6
9.5
1.5
7.9
8.4
9.0
12.8
2.9
9.7
9.5
10.4
9.2
1.2
7.9
8.4
9.8
18.8
6.1
12.0
12.1
14.1
17.5
6.9
9.9
9.6
11.0
9.5
1.9
7.4
8.3
18.5
6.4
11.4
10.7
3.7
-3.6
7.5
9.9
35.4
13.1
19.7
20.3
8.9
12.4
12.5
11.2
2.6
8.4
18.4
5.8
12.0
-2.4
Addenda:
Gross domestic purchases:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index..
Final sales to domestic
purchasers:
Current dollars
1972 dollars
Implicit price deflator
._
Chain price index
Fixed-weighted price index..
11 6
2.6
8.8
9.1
9.5
9 4
-.3
9.7
10.2
10.6
14.4
4.6
9.3
9.8
10.5
13.3
2.7
10.3
10.7
11.4
Gross domestic product:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fixed- weighted price index..
11 5
2.8
8.5
8.7
9.2
8.7
-.2
9.0
8.5
94
11 1
3.0
7.8
7.4
8.9
9.3
1.0
8.1
8.5
9.7
12.0
2.5
9.3
8.2
9.8
-.6
-9 4
9.8
8.5
9.1
11.6
2.2
9.2
9.4
9.2
15.7
4.5
10.7
10.4
10.1
Business:
Current dollars.
1972 dollars
Implicit price deflator
Chain price index.. .. _
Fixed-weighted price
index
11.9
2.9
8.7
8.9
8.6
-.5
9.1
8.6
11.5
30
8.3
7.7
8.8
1.1
7.6
8.0
12 5 -1.9
2.7 -11.1
9.5
10.3
8.7
8.3
12.3
2.3
9.7
9.9
15.6
5.2
9.9
9.6
9.6
9.6
9.5
9.3
10.2
9.5
9.8
8.9
11.8
3.1
9.0
11.5
2.7
9.8
1.7
12 9 -1.1
1.7 -10.8
11.6
3.1
15.9
5.4
8.5
8.6
9.6
9.2
8.5
8.0
11.0
10.9
8.3
10.0
9.2
10.3
12.2
3.1
11.0
.7
13.3
3.5
11.6
.8
13.5
1.3
4.4
-4.9
13.3
4.1
12.8
2.9
Nonfarm:
Current dollars
1972 dollars..
Implicit price deflator
Chain price index. _.
Fixed-weighted
price index
Disposable personal income:
Current dollars
1972 dollars
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 com™citi«n nf ™it™if TVio fivaH^.roirrKioH r«M««, i«^«~ «o«o «o ,.,^^K*o +i™ ™~,.™o^~., ~t ~.,+™,+
SUEVEY OF CURRENT BUSINESS
February 1981
13
Reconciliation and Other Special Tables
Table 1.—Reconciliation of Changes in Compensation Per Hour in the Business Economy
Other than Farm and Housing and Average Hourly Earnings in the Private Nonfarm
Economy, Seasonally Adjusted
1980
I'
1. Compensation per hour of all persons in the business economy other than farm and housing (p6rc6nt change at annual rate) *
II'
III'
IV P
10 0
10 9
97
.1
1.3
.4
96
—7
—.1
_ i
—.2
2
4. Less: Contribution of employees of government enterprises and self-employed and unpaid family workers
- -
o
_ l
.3
3
5. Equals: Wages and salaries per hour of employees in the private nonfarm economy
(percent change at annual rate)
-
9.8
9.7
8.8
.2
1.0
.5
10 2
— 3
7. Less: Contribution of non-BLS data, detailed weighting, and seasonal adjustment...
1.3
1.2
—.5
-.4
8. Equals: Average hourly earnings, production and nonsupervisory workers in the private nonfarm economy (percent change at annual rate)
8.3
7.4
8.8
10.9
3 Plus* Contribution of housing and nonprofit institutions
6 Less' Contribution of nonproduction workers in manufacturing
' Revised.
v Preliminary.
1. Bureau of Labor Statistics estimates of changes in hourly compensation in the nonfarm business sector for the four
quarters are 9.9, 11.2, 9.2, and 9.6 percent.
NOTE.—The reconciliation of changes
in the implicit price deflator for
personal consumption expenditures
(PCE), the PCE chain price index, and
the Consumer Price Index (CPI) will
appear in a forthcoming issue of the
SURVEY.
Electric Utilities in the 1972 Input-Output Study
A disaggregation of the 1972 input-output transactions data for the electric utility industries (I-O's 68.0100, 78.0200, and 79.0200) is now available.
Each of these industries is subdivided among fossil fuel generation, nuclear
fuel generation, hydroelectric generation, and transmission and distribution.
Single copies of the report, prepared by Nancy W. Simon, may be obtained
by requesting "Subdivision of Electric Utilities in the 1972 Input-Output
Study" from the U.S. Department of Commerce, Bureau of Economic Analysis, Interindustry Economics Division (BE-51), Washington, D.C. 20230.
By EDWARD I. STEINBERG
Consumer Credit, 1960-80
V^ONSUMEE credit
outstanding
stood at almost $400 billion in 1980, an
amount equal to about one-fifth of disposable personal income, and almost 30
percent of total household credit outstanding. This article reviews the major statistical series on consumer credit.
It focuses on trends since 1960 and on
cyclical patterns during the period, with
emphasis on developments in 1980.
Consumer credit consists of credit
that is extended to individuals through
regular business channels—preponderantly commercial banks, finance companies, credit unions, and retailers—to
finance the purchase of consumer goods
and services, or to refinance debts incurred for such purposes. Consumer
credit excludes loans to individuals for
business purposes, policy loans of life
insurance companies, loans made by one
individual to another, and loans made
by employers to their employees.
About four-fifths of consumer credit
outstanding consists of installment
credit, which is defined as consumer
credit that is scheduled to be repaid (or
that provides the option of repayment)
in two or more payments. Published
data distinguish four components of
consumer installment credit: automobile, revolving (mainly credit card),
mobile home, and "other."* Noninstallment credit consists of consumer credit
that is scheduled to be repaid in a lump
sum; its main components are single1. As the inclusion of mobile home credit (and
also home improvement loans) suggests, the
coverage of consumer credit differs from that of
personal consumption expenditures in the national
income and product accounts.
Credit on gasoline credit cards used by individuals has been defined as installment credit since
the beginning of 1971; previously, it was defined
as noninstallment credit. Although it increased
more than 46 percent from December 1978 to
December 1980, gasoline credit represented only
1.5 percent of consumer installment credit outstanding in December 1980.
14
CHART1
Household Credit Outstanding
Billion $
1,300
1,200 -
1,100 -
1,000 ~
1960
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
70
72
Seasonally Adjusted
74
76
78
80
February 1981
payment loans, charge accounts, and
credit extended by providers of services,
such as doctors and hospitals.
Trends since 1960
Consumer credit outstanding increased 541 percent, from $60.0 to $384.4
billion, from the first quarter of 1960 to
the first quarter of 1980 (chart 1). By
comparison, mortgage credit outstanding, the other component of total household credit, increased 580 percent, from
$128.9 to $876.5 billion, during the same
period. Consumer credit thus accounted
for about 30 percent of total household
credit outstanding during the period.
Consumer credit increased more rapidly
than did mortgage credit during the
1960's, but the reverse was true during
the 1970's, when house prices rose very
rapidly.
A perspective on the extent of the
credit burden is obtained by relating
the amount of credit outstanding to the
level of consumers' incomes. Consumer
credit outstanding increased from 17.4
percent of disposable personal income in
the first quarter of 1960 to a high of
22.2 percent in the second quarter of
1979, before dropping to 1,9.8 percent in
the fourth quarter of 1980 (see the discussion of "Eecent developments" later
in this article); much of the increase
occurred in the late 1970's (chart 2,
panel 1). The rapid inflation of the late
1970's made credit more attractive, because consumers expected the fixed repayment amounts to constitute a declining percentage of their inflationbolstered incomes. Also, there was a
decline in the "real" interest rate on
consumer credit; for example, from
1976 to 1979 the interest rate on personal
loans at major finance companies
hovered around 20-21 percent, while the
rate of increase in prices of personal
consumption expenditures accelerated
from about 5 percent in 1976 to about
9 percent in 1979. Given the increased
attractiveness of credit, consumer credit
might have increased more rapidly in
the late 1970's, except that mortgage
credit was used by some consumers as a
substitute for consumer credit, because
they found mortgage credit cheaper, or
more accessible, or both. The contract
interest rate on a 25-year mortgage with
SUEVEY OF CUEEENT BUSINESS
15
CHART 2
Selected Household Credit Measures as a
Percentage of Disposable Personal Income
Percent
80
CREDIT OUTSTANDING
70
60
50
Mortgage
40
30
Consumer
20
25
CREDIT REPAYMENTS
Total
20
15
Consumer Installment
10
Mortgage
{
0 Ii ii Iii iIii i Ii ii Iii iIi i iIi i iI i i i Ii i iI i i i Iii i Ii i i I i ii Ii i i Ii
10
NET CHANGE IN CREDIT OUTSTANDING
Consumer
I ! I I ! I
1960
62
64
66
68
70
72
Seasonally Adjusted at Annual Rates
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
74
huh
76
78
80
SUEVEY OF CUEEENT BUSINESS
16
February 1981
Table 1.—Distribution of Consumer Installment Credit Outstanding by Type of Extender,
Selected Years
CHART 3
Consumer Installment Credit
Extensions in Business Cycles
[Percent]
I960
Jan.
1965
Jan.
41.9
34.3
8.0
42.7
33.1
14.3
1.3
.3
1970
Jan.
1975
Jan.
13.2
45.8
27.6
11.9
12.7
48.8
21.9
13.3
10.7
1.0
1.1
.5
.8
2.7
1.6
.9
9.6
1980
Jan.
49.4
22.1
14.9
8.8
2.7
1.3
.9
Percent of reference trough
130
120 -
Source: Federal Reserve Board.
a loan-to-price ratio of 75 percent was
under 9 percent in 1976, compared to a
rate of about 21 percent on personal
loans at finance companies.
Another factor underlying the increase in the late 1970's in the ratio of
consumer credit outstanding to disposable personal income was the increased
tendency for consumers to use credit
instead of cash, paying their outstanding balance in full at the end of the
billing period. Also, there was an increase in the proportion of the population in the 25-44 year-old range, in
which consumer debt burdens tend to
be heaviest. According to a survey conducted for the Federal Reserve Board
in 1977, over 68 percent of families
with a head aged 25-44 had outstanding installment debt, compared to 65
percent of the families with a head
younger than 25, 58 percent of those
with a head aged 45-54, and smaller
proportions of older families. The proportion of families with outstanding
installment debt in excess of $3,000 was
also highest for those with a head aged
25-44.2
Mortgage credit outstanding increased from 37.3 percent of disposable
personal income in the first quarter of
1960 to its current level of just under 50
percent; this increase, too, was concentrated in the late 1970's, when factors
similar to those that led to the expansion of consumer credit led to the expansion of mortgage credit as well. An
additional factor in the expansion of
mortgage credit was that some home-
owners took out second mortgages in
order to convert the capital gains on
their homes into spending power.
For the purpose of analyzing consumers' ability to make purchases, the
ratio of credit repayments to disposable
personal income is a more useful measure than is the ratio of credit outstanding to disposable personal income.3 The
advantage of the former ratio is that it
indicates the proportion of consumers'
income that is unavailable for purchases. Mortgage credit repayments
varied from 3.5 to 4.2 percent of disposable personal income from 1960 through
1975, and then climbed to a plateau of
5.0 percent in the late 1970's (chart 2,
panel 2). Repayments for consumer installment credit increased from about
13 percent of disposable personal income
in 1960 to 17 percent in 1971, dropped
during the next 4 years, and then
climbed in the late 1970's to a peak of
17.7 percent, before falling in late 1979
and 1980 to 16.3 percent in the fourth
quarter of 1980. Given the increasing
ratio of consumer credit outstanding to
disposable personal income and the high
consumer interest rates prevailing in the
late 1970's, the repayments ratio would
have climbed more rapidly, but for the
lengthening of loan maturities. For
example, the average maturity on loans
by major automobile finance companies
increased from about 38 months in early
1976 to over 44 months in 1979. More
than 60 percent of the loans made by
commercial banks for new car purchases in 1979 were for over 36 months,
compared to less than 20 percent in 1975.
2. Board of Governors of the Federal Reserve
System, 1977 Consumer Credit Survey, December
1978, pages 95-96.
3. "Repayments" includes the majority of interest payments on consumer installment credit, as
well as principal payments.
100 90
- 4 - 3 - 2 - 1 0
1
2
3
Quarters from Reference Troughs
4
Note. — Based on seasonally adjusted data. Years indicate reference troughs
as designated by the National Bureau of Economic Research.
Data: Federal Reserve Board
U.S. Department of Commerce, Bureau of Economic Analysis
81-2-3
Table 1 shows the changes over time
in the distribution of installment credit
outstanding by type of extender. The
decline in the share of installment credit
provided by finance companies reflects
the partial withdrawal of these companies from the automobile credit market; finance companies had provided
44.3 percent of the automobile credit
outstanding in January 1960, but only
23.8 percent of the amount outstanding
in January 1980. The increase in the
share provided by commercial banks
and the decline in the share provided
by retailers reflect, in part, the aggressiveness of commercial banks in pro-
SUKVEY OF CUEEENT BUSINESS
February 1981
CHART 4
Loan Delinquency Rates
Percent delinquent
31
Installment Loans at
Commercial Banks
. I . I ! I ! . ! I I ! I I I I . I I , ! I I I I I I I I I I I , I . . . I . , I I I ! , I I ! . I ! I | I I I , I , . , I I , | I , ! ! I , ! I I I I I I ! I I
1960
'62
'64
'66
'68
70
72
74
76
78
'80
Note.— The rate on installment loans is seasonally adjusted and reters to the percent of accounts delinquent 30 days or more.
The rate on mortgages is based on dollar amounts delinquent 60 days or more.
Data: Federal Reserve Board, Federal Home Loan Bank Board
U.S. Department of Commerce, Bureau of Economic Analysis
81-2-
in credit outstanding in any period is
the difference between the amount of
credit extended during the period and
the amount repaid. Because repayments
are a function of prior credit extensions
over a period of time, it is in credit extensions that cyclicality is more evident.
As shown in chart 3 for the 1961, 1970,
and 1975 recessions, consumer installment credit extensions are flat or declining in the several quarters before a
cyclical trough, after which they rise
sharply. Mirroring the greater volatility
of automobile purchases than of other
purchases, cyclical variations in the automobile credit component are sharper
than those in total consumer installment
credit extensions. For reasons discussed
later in this article, the decline in credit
extensions—both total and automoCyclical patterns
bile—was unusually sharp in the 1980
The third panel of chart 2, which recession.
traces the net change in credit outstandThe net change in consumer installing as a percentage of disposable per- ment credit outstanding generally leads
sonal income, shows the slowing of the business cycle.5 During the early
credit growth that occurred in the re- phases of an economic recovery, repaycessions that troughed in the first ments, which are influenced by the low
quarter of 1961, the fourth quarter of level of extensions during the recession,
1.970, the first quarter of 1975, and the
5. In Business Conditions Digest, this series is
second quarter of 1980. The net change
moting their credit cards. The Federal
Eeserve study cited earlier reported
that the proportion of families using
bank credit cards increased from 19 percent in 1971 to 35 percent in 1977, and
that the proportion using retail cards
increased only from 45 percent in 1971
to 50 percent in 1977.4 The sharp increase in the share of installment credit
provided by credit unions is associated
with the sharp increase in their importance as depository institutions;
savings at credit unions increased tenfold from 1960 to 1979. The partial
replacement of finance companies as
sources of automobile credit by commercial banks and credit unions has
probably made such credit available at
lower interest rates.
4. 1977 Consumer Credit Survey, pages 87-88.
classified as leading at peaks, at troughs, and at
peaks and troughs combined. See page 32 of the
January 1981 issue.
17
increase more slowly than do extensions.
As the recovery continues, however, repayments begin to increase faster than
extensions, and the net change in credit
outstanding turns down before the peak
of the business cycle is reached.
In contrast, the volume of consumer
installment credit outstanding generally
lags the business cycle.6 Extensions
normally exceed repayments; so, even
when a recession begins and extensions
flatten or decline, they continue to exceed repayments, and the volume of
credit outstanding continues to increase
even after the business cycle peak has
passed.
Credit delinquency rates also show a
cyclical pattern (chart 4). The rate on
consumer installment loans at commercial banks, for example, reached highs
in three of the four trough quarters
cited above. (The exception was in 1980,
when the delinquency rate continued to
rise from the second quarter to the
third.) Superimposed on the cyclical
pattern is a secular uptrend in this delinquency rate. Because this rate refers
only to consumer installment loans extended by commercial banks, the uptrend may reflect nothing more than the
fact that in increasing their share of the
consumer installment credit market,
commercial banks have accepted a
larger number of high-risk customers.
Recent developments
Table 2 shows the monthly movements during 1980 in the net change in
consumer installment credit outstanding, in repayments, in extensions, and in
those components of total extensions for
which data are available. Consumer installment credit outstanding increased
$1.6 billion in December, following
average monthly increases of one-half
that size in August through November,
and average monthly declines of $1.9
billion in April through July. Behind
the decline was a drop in extensions,
from a high of almost $28 billion in
January to a low of just over $22 billion
in May. Automobile credit, which had
accounted for less than 29 percent of
6. Tn Business Conditions Digest, this series is
classified as lagging at peaks, at troughs, and at
peaks and troughs combined. See page 35 of the
January 1981 issue.
18
February 1981
SUEVEY OF CUEEENT BUSINESS
Table 2.-—Developments in Consumer Installment Credit, 1980
[Millions of dollars, seasonally adjusted]
1980
Extensions
Automobile
Revolving
Mobile home
Other
Repayments
__
_
_
_
Net change in amount outstanding
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
27, 923
8 441
10 500
27 581
7 973
10 756
25 881
7 372
10*634
23 220
5 922
10 347
22 093
5 533
10 302
26,176
7 400
10,700
27,064
7,518
11, 143
27, 365
7,544
11,124
25,991
7,117
10,953
27, 149
7,234
11,614
299
23,997
6 068
10 679
397
22,349
5 550
10 341
8 460
8 400
7 440
6 554
5 959
6 034
6 873
7,661
7,961
8,184
7,497
7,822
25,196
25,178
25,227
24,891
24,770
24,394
25,196
25,687
26,009
26,663
25,152
25,530
2,727
2,403
654
—1,671
-2, 677
-2,045
-1,199
489
1,055
702
839
522
452
435
424
377
415
442
513
Nov.
424
Dec.
479
1,619
Source: Federal Reserve Board.
the installment credit extended in 1979,
It is difficult to assess the role that
accounted for about 50 percent of the the Federal Reserve's program played
January-to-May drop in extensions.
in curtailing credit extensions. On the
Factors behind the January-to-May one hand, automobile credit, which
drop in credit extensions were the re- plummeted, was exempt from the procession and the associated drop in con- gram, and from February to May (the
sumer incomes and concern over possible months for which data are available)
future income losses; high consumer interest rates rose as rapidly on auto
interest rates—for example, the rate on a loans as on other consumer loans. On the
36-month commercial bank loan for the other hand, announcement of the propurchase of a new automobile was 15.72 gram apparently caused some consumers
to curtail their use of credit and some
percent in May, up from 13.28 percent
credit extenders to tighten up on the
in February; cost pressures on credit granting of credit—for example, by
extenders, who were limited in their requiring larger monthly payments or
ability to raise interest rates by State by raising eligibility requirements for
usury laws; and the credit control pro- credit use.8 Because of the very sharp
gram announced by the Federal Reserve drop in credit use, the Federal Reserve
Board on March 14 (see the "Business
1977 Consumer Credit Survey, chapter 2.) It
Situation" in the March 1980 SURVEY OF is(See
not clear, however, whether the demand for conCURRENT BUSINESS)/
sumer credit is becoming more sensitive to changes
announced a relaxation of the credit
controls on May 22, and their elimination on July 3.
Several State legislatures have recently liberalized their usury laws. For
example, in late November, New York
removed its civil usury ceiling from consumer loans. These liberalizations
would support the upturn in consumer
credit that seemed underway by December. Facilitating such an upturn is the
reduced burden of consumer credit; as
noted earlier, consumer installment
credit repayments were equal to only
16.3 percent of disposable personal income in the fourth quarter of 1980, the
lowest level in 4 years. The strength of
any upturn will depend, of course, on
auto sales; extensions of automobile
credit were down in November-December from the previous 3 months.
7. There is evidence of increasing consumer
awareness of the interest rates on consumer credit.
and ^Jrban Affairs, Credit Controls: An Evaluation,
U.S. Government Printing Office, 1980.
In interest rates.
8. For a description of the responses of various
credit extenders to the program, see U.S. House of
Representatives, Committee on Banking, Finance
By DAVID J. LEVIN
State and Local Government Fiscal Position in 1980
A HE State and local government
surplus on a national income and product accounting (NIPA) basis was $29
billion in 1980, up $2 billion from the
surplus in 1979. The increase in the surplus reflected a larger acceleration in
receipts growth than in expenditures
growth. It was the net result of a $3
billion increase in the surplus of social
insurance funds and a $1 billion decline
in the surplus of other funds. The otherfunds surplus has declined each year
since 1977, from $10 billion to about $2
billion in 1980.
Receipts
State and local government receipts
increased 9 percent in 1980, up from a
71/2-percent increase in 1979, but below
the increases of 10 percent or more registered in 1977 and 1978 (table 1). All
categories of receipts recorded strong
increases in 1980 except corporate
profits tax accruals, which declined Sy2
percent. General own-source receipts accelerated—from a 7^-percent to a 9percent increase—despite the decline in
corporate profits taxes. Major increases
were in personal tax and nontax receipts
(especially income taxes) and in indirect business tax and nontax accruals
other than sales and property taxes,
especially in receipts related to exploitation of mineral wealth.
Personal income tax growth accelerated in 1980 despite a deceleration in
income growth. The 16-percent increase
was in line with increases in recent years
except 1979, when the increase was only
9 percent. The pattern appears to be related to that of net final settlements. In
1978, refunds exceeded payments on settlement by approximately $1 billion; in
1979, the excess widened to about $2.5
billion as a result of law changes affecting 1978 liabilities. The change of about
$1.5 billion from 1978 to 1979 accounted
for much of the 1979 deceleration. In
1980, the excess was again about $2.5 billion, so that final settlements had little
effect on the change in personal income
taxes.
Sales taxes, the largest category of
indirect business taxes, again increased
less than in the preceding year. Gasoline taxes declined slightly, despite a
number of rate increases, as gasoline
consumption declined for the second
consecutive year. Factors contributing
to the decline in consumption were an
increasing proportion of more fuelefficient vehicles in the fleet and a decline in the number of miles driven.
General sales tax growth was held down
by a number of law changes. Several
States exempted some or all purchases
of residential utilities from the sales tax
base. Illinois and West Virginia continued a phased removal of food sold in
grocery stores from the base, and Colorado removed these food sales from the
base.
Business property taxes increased
very slowly by historical standards—
about 5 percent—but more than in 1978
and 1979. The virtual absence of growth
in 1978 and 1979 was largely the result
of California's Proposition 13, which
affected the second half of 1978 and all
of 1979. By 1980, it no longer exerted a
major negative effect on the year-toyear change. Tax limitations other than
Proposition 13 enacted in 1978 are still
slowing property tax growth. In addition, there are other possible reasons for
continued slow growth: (1) Local officials may have found it prudent to limit
tax growth in order to lessen pressures
for voter initiatives, and (2) local governments that accumulated surpluses,
as local governments as a whole did in
1977 and 1978, allowed tax growth to
decelerate while accumulated balances
ran down. In 1980, there were referendums in several States designed to restrict severely the growth of property
taxes. However, these measures failed,
with the exception of one in Massachusetts. This referendum required legislative implementation for several of its
provisions, and both magnitude and
timing of its property tax provisions
are as yet unclear.
Table 1.—State and Local Government Receipts, NIPA Basis
Calendar years
Billions of dollars
1976
Receipts
General own-source receipts
Personal tax and nontax receipts
Income tax
Nontaxes
Other .
_
Corporate profits tax accruals
Indirect business tax and nontax accruals
Sales taxes
_ _ _
Property taxes
Other__
1977
1978
1979
Percent change
1980
1977
1978
1979
1980
267.8 298.0 327.4 351.2 383.6
11.3
9.9
7.3
9.2
187.1 208.4 225.6 242.6 264.2
11.4
8.2
7.6
8.9
14.4
16.0
13.8
7.5
49.6
26.8
16.7
6.1
56.4
30.9
18.9
6.7
63.9
35.5
21.4
7.0
70.6
38.8
24.5
7.4
80.7
45.0
27.9
7.9
13.8
15.3
13.1
9.2
13.3
15.1
13.2
5.2
10.5
9.2
14.4
5.0
9.3
11.0
11.7
13.0
11.9
18.5
6.7
11.0
128.3 141.0 149.9 159.0 171.6
57.8 64.1 71.0 76.9 82.8
58.2 63.4 63.9 64.4 67.5
12.3 13.5 15.0 17.7 21.2
9.9
10.9
8.9
9.9
6.3
10.8
.9
10.8
6.0
8.3
.7
17.9
7.9
7.6
4.9
20.2
Contributions for social insurance
19.5
22.1
24.6
28.1
31.5
13.1
11.3
14.5
11.9
Federal grants-in-aid
61.1
67.5
77.3
80.4
87.9
10.5
14.4
4.1
9.4
266.7 296.3 328.4 360.1 393.5
186.1 206.7 226.6 251.6 274.2
11.1
11.1
10.9
9.6
9.6
11.0
9.3
9.0
Addenda: Receipts, excluding selected law changes:
Total
General own-source receipts
19
20
Contributions for social insurance
increased 12 percent, compared with
14% percent in 1979. Most of this deceleration was accounted for by a $0.4
billion refund under the cash sickness
(temporary disability insurance) program administered by the State of California ; 80 percent of contributions paid
by employees to the program during
1979 was returned during 1980.
Federal grants-in-aid increased 9%
percent, compared with only 4 percent
in 1979, but Wy2 percent and 14% percent in 1977 and 1978. Much of the acceleration was in entitlement programs—Federal support for welfare
benefits, medical vendor purchases, provision of food and home-heating for the
needy, and training and human development programs. Grants for these programs increased 14 percent. Grants
for capital purposes also increased
strongly—11% percent—despite a $1.2
billion decline in local public works
grants due to the running down of the
1977 program (only $0.2 billion of an
original $6 billion remained unspent as
1980 ended). All other grants recorded
an increase of less than 2 percent.
Expenditures
Expenditures increased 9% percent
in 1980, compared with 8% percent in
1979 (table 2). Accelerations in purchases of structures and in direct relief
transfer payments—the latter reflecting
the 1980 slowdown in the economy—
were major factors.
Total purchases again increased 9%
percent, but the composition of the increase differed from that in 1979. Purchases of structures increased 12 percent, up from 7% percent. The 1980
increase was more than accounted for by
prices, which increased 13 percent; real
purchases of structures declined slightly. Other purchases of goods and services from business increased 10 percent,
a little more than in 1979. Real purchases were flat. Compensation of employees increased 8% percent in 1980,
less than in 1979. Higher average compensation accounted for most of the
1980 increase. Real compensation increased only about 1 percent. About onehalf of the increase in real compensation was due to an increase in employ
SURVEY OF CURRENT BUSINESS
ment. The other one-half was due to a
shift from employment funded by
the Comprehensive Employment and
Training Act (CETA), which declined
about 75,000, to permanent employment, which increased by about 140,000.
(In the derivation of real compensation,
a CETA employee's services are valued
at $7,000 in 1972 dollars, which is the
estimated average compensation of an
employee under the Public Employment
Program of 1972, and a permanent employee's services are valued at about
$11,000; thus a shift of 75,000 from
CETA to permanent employment is
valued at about $3 billion in 1972
dollars.)
In 1977 and 1978, CETA hiring by
States and localities had been largely
an addition to normal increases in employment (chart 5). In 1979, when
CETA employment first declined, other
employment accelerated, suggesting
that many of those leaving CETA rolls
became permanent employees.
In 1980, however, the further decline
in CETA employment was not offset by
larger-than-normal increases in permanent employment. Among the factors
that contributed to the change in pattern from 1979 to 1980 are that: (1) the
better qualified CETA employees, who
are more easily absorbed into the permanent workforce, were "skimmed" off in
1979 as managers anticipated further
February 1981
declines in CETA employment, and (2)
by 1980 many governments had run
down surpluses accumulated in 1977
and 1978, so that they were no longer
able to finance larger-than-normal
hirings.
Transfer payments to persons increased 11 percent, up from 7 percent in
1979. Welfare and related transfers,
which react quickly to changes in the
economy, accounted for most of the acceleration ; they were up 14 percent after
an increase of 3% percent in 1979. Benefits from social insurance funds increased 11 percent, slightly less than in
1979, and other transfers increased 3%
percent, more than in 1979.
Interest received by government,
which is netted against interest paid in
the NIPA's, increased more rapidly
than did most types of expenditures,
thus holding down total expenditures
growth. Dividends received by social
insurance funds (which, until the recently published comprehensive revision of the NIPA's, were included
with interest received) increased 4%
percent in 1980, more than in 1979, but
significantly less than in 1977 and 1978.
The lower rates of increase reflect a
shift in the holdings of State and local
government-administered
retirement
systems from stocks—i.e. dividend-paying investments—to interest-bearing
investments.
Table 2.—State and Local Government Expenditures, NIPA Basis
Calendar years
Billions of dollars
1976
Expenditures
_
Purchases of goods and services
Compensation of employees
Structures
_ _
Medical vendor payments
Other purchases
_
_ _
__
T ransfer payments to persons
Benefits from social insurance funds
Direct relief
Other
_
. . .
Net interest paid
Interest paid
_
Less: Interest received by government
Less: Dividends received-
_
...
_
Subsidies less current surplus of government enterprises
Subsidies..
Less: Current surplus of government enterprises ...
Less: Wage accruals less disbursements
1977 1 1978
1979
Percent change
1980
1977
1978
1979
1980
251.2 270.0 298.4 324.4 354.8
7.5
10.9
8.7
9.3
232.9 250.6 279.2 305.9 335.7
132.3 144.0 157.5 172. 3 187.4
32.3 31.0 37.5 40.3 45.2
14.2 15.7 17.1 19.4 21.5
54.3 59.9 67.1 73.9 81.6
7.6
8.9
-3.8
10.6
10.3
11.4
9.3
21.0
9.4
12.1
9.6
9.4
7.4
13.2
10.1
9.7
8.7
12.1
10.6
10.5
38.9
17.6
16.0
5.3
7.8
10.6
4.7
10.3
10.3
13.3
1.2
32.3
6.8
12.3
3.3
.8
10.9
10.8
13.8
3.4
-3.6 -4.0 -6.2 -8.8 -10.8
12.5 13.7 14.9 16.3 17.7
16.1 17.7 21.1 25.1 28.5
9.4
9.6
8.9
19.2
9.5
19.0
8.2
13.5
1.6
45.1
21.7
1.8
4.5
-4.8 -5.1 -5.7 -6.3 -7.4
.3
.4
.2
.2
.2
7.7
6.7
5.4
6.0
5.0
11.1
6.4
13.8
11.7
36.8
11.7
8.3
15.5
27.6
H.3
12.8
3.5
.8
0
29.7
12.5
13.4
3.8
1.2
0
32.8
14.1
13.6
5.1
1.5
.2
35.0
15.9
14.1
5.1
1.5
-.1
0
SURVEY OF CURRENT BUSINESS
February 1981
CHART 5
State and Local Government
Employment: Change From
Preceding Year
Thousands of employees, full-time equivalents
300
rowing, the "normal" fiscal position of
the other-funds measure has been a deficit.1 The 1980 acceleration in capital
spending helped explain the continued
move toward deficit.
1980 P
1977
1978
1979
28.1
29.0
26.7
28.8
17.9
10.1
20.0
9.0
23.9
2.9
26.9
1.9
NIPA surplus or deficit (-):
Total .
Social insurance funds.
Other funds
p Preliminary.
-50 -
-100-
-150
1977
1978
1979
U.S. Department of Commerce, Bureau of Economic Analysis
1980
81-2-5
Fiscal position
With a surplus of $2 billion on 1980,
the State and local government sector
excluding social insurance funds barely
maintained the record of surpluses registered since 1975. These surpluses had
been $10 billion in 1977 and 1978 and $3
billion in 1979. Over the past several
years, certain mineral-wealthy States
have recorded strong revenue growth,
partly in response to sharply rising energy prices. In Texas, Alaska, and Louisiana, severance taxes and royalties increased sharply, as did corporate profits
taxes in Louisiana and Alaska (Texas
does not levy a corporate profits tax).
These States have accumulated surpluses, while other States and localities
in aggregate have moved into deficit.
This other-funds measure has usually
registered a deficit; prior to 1972, when
general revenue sharing funds accounted for much of the surplus, the last surplus was recorded in 1947. Because capital spending by government is combined
with current spending in the summary
NIPA presentations and because much
of the capital spending by States and
localities is funded by long-term bor
Outlook
In 1981, total receipts will increase
at the same or at a slightly faster rate
than in 1980. General own-source receipts are likely to increase faster, about
11 percent. The increase in personal income taxes is likely to accelerate. Several States now indexing these taxes—
i.e., adjusting any or all three of the
determinants of tax liability that are
stated in dollar amounts (personal exemptions and deductions, and tax rate
brackets) to reflect changes in the price
level—are considering modification of
the practice. Indexation had a modest
dampening affect on overall 1980
growth; the intent of the modifications
is to allow more rapid increases. If the
economy improves in 1981, the decline
in corporate profits taxes will end. It is
likely that there will be fewer law
changes limiting sales tax growth than
there were in 1980.
Localities may allow property taxes
to increase somewhat more rapidly than
in 1980, as State legislatures (and the
Federal Government as well) limit
growth in grants-in-aid for local government use. The property tax increase
will be held down by the Massachusetts
action mentioned earlier, which will reduce total property tax accruals about
$0.4 billion in 1981. Other indirect business taxes will continue to increase rapidly, as energy prices continue to rise.
1. This and other characteristics of the surplus
and deficit in the NIPA framework are discussed
more fully in "State and Local Government Fiscal
Position in 1978," in the December 1978 issue of
the Survey of Current Business.
21
These faster increases in own-source
revenue will be partly offset by a slower
increase in Federal grants-in-aid. The
State portion of general revenue-sharing is scheduled to stop in 1981, reducing grants by $2.3 billion, and it
appears that the Administration will
attempt to curb growth in grants programs supporting construction of highways, mass transit, and water treatment
plants. Grants for GETA employment
are likely to be further reduced, if not
eliminated, in 1981. For the year as a
whole, grants increases are unlikely to
exceed 4-5 percent.
Increases in expenditures will probably remain under 10 percent. Construction will probably increase very little,
as grants for capital purposes are cut
back. Further reductions in CETA employment will probably limit compensation growth, and some improvement
in the economy will allow welfare transfers to increase more slowly. In California, State spending may have to be
reduced below current levels.
Following the passage of Proposition
13 in 1978, the State used its large accumulated general fund surplus to help
finance local government spending,
especially for welfare and education.
(See "Proposition 13: One Year Later,"
in the November 1979 SURVEY OF CURRENT BUSINESS.) That surplus, which
was $1 billion in June 1979, declined
to less than $1 billion as of January
1981; almost all of that surplus is reserved for an "economic uncertainty"
contingency fund. Unless increases in
major State receipt categories accelerate
sharply in the next few months, State
support for local operations will have to
be reduced.
The 1981 surplus on the NIPA basis
will be somewhat larger than in 1980—
about $32 billion. The social insurance
funds will show a surplus of about that
amount, and the other funds will be in
approximate balance. Several of the
points mentioned—specifically, smaller
increases in welfare transfers, stability
of corporate profits taxes, and larger
increases in personal income taxes—
rest on an assumption of some improvement in the economy. In the absence of
such an improvement, the other-funds
measure will move into deficit.
By
CAROL
S.
CARSON
and
GEORGE JASZI
The National Income and Products Accounts
of the United States: An Overview
This article presents a summary explanation of BEA's national income and
product accounts. It is an expansion of the article that appeared in the October
1979 SURVEY OF CURRENT BUSINESS, and it incorporates the results of the recently
completed comprehensive revision of the national income and product accounts.
An appendix to the article presents the definitions that underlie these accounts.
These definitions provide detail that cannot be included in a summary explanation.
JL HE national income and product
accounts (NIPA's) show the economic
process—i.e., the production, distribution, and use of output. Although the
measurement of production is the function of the NIPA's that is best known,
they gained their preeminence as a tool
of macroeconomic analysis because, in
addition to measuring production, they
present a summary picture of the economic process. The first section of this
article explains how production is
measured in the NIPA's, and the second
section explains how the NIPA's provide a summary picture of the economic
process.
The Measurement of Production
ABOUT 85 percent of GNP—the most
popular measure of the production of
the Nation—originates in business. Accordingly, a good way to explain the
GNP is to show how the production attributable to a single business unit can
be measured. It can be measured in two
ways: in terms of products, i.e., goods
and services; and in terms of incomes
generated in production.
GNP as a sum of products
Of all the magnitudes that are observable for a business unit, its sales come
closest to its production, but they are
not equivalent to it. First, sales fall
short of production if some of the unit's
production is added to inventories.
Conversely, sales exceed production
if inventories are drawn down. Second, sales and inventory change of
a unit measure not only the production
attributable to that unit (also called
product originating in, or the value
added by, the unit), but also the raw
materials, semifinished products, and
finished products—more precisely, any
22
product other than plant and equipment
intended for use by the purchasing
unit—that the unit purchases from
other units. Because these purchases are
the production of the other units, they
must be deducted from the sum of a
unit's sales and inventory change to
derive the production attributable to
that unit. In NIPA terminology, these
purchases are called current-account
purchases. (The term "intermediate
products" is often used interchangeably
with current-account purchases.)
Thus, the production attributable to
the business unit can be measured by the
following formula:
Value of production = sales+inventory
change — current-account purchases.
The next step is to regard GNP as
the sum of the production of all the
business units that operate in the economy and to examine what happens to
the formula if it is so interpreted. Its
inventory change component stands. Because the current-account purchases of
one unit are the sales of another, they
cancel out for the economy as a whole.
In an economy like that of the United
States, the sales that do not cancel
("final sales") can be seen to consist of
(1) sales to consumers, (2) gross fixed
investment (the plant and equipment
that was omitted from current-account
purchases), (3) sales to government,
and (4) sales to foreigners—exports.
Exports are measured after deduction
of imports. Imports are reflected in final
sales and also in the inventory change
component of the formula. But they are
foreign rather than U.S. production,
and must be deducted if the aim is to
derive a measure of production attributable to the United States.
About 15 percent of GNP originates
outside of business. Nonbusiness production includes the services provided
by household employees (and by the
employees of nonprofit institution),
the services provided by government
employees, and the services provided to
foreigners abroad by factors of production—labor and property—owned by
residents of the United States (net of
the services provided in the United
States by factors of production owned
by residents of foreign countries). The
first two categories of nonbusiness production are measured by the compensation of employees of households (and
nonprofit institutions) and of government. The last category is measured by
the net inflow from abroad of employee
compensation and—much more important—of property incomes (interest
and profits). The household component
is treated as a sale to consumers; the
government component, as a sale to government ; and the foreign component, as
a sale to foreigners.
This is a drastically abbreviated explanation of GNP and, at a minimum,
February 1981
requires the following further explanations.
First, the reference to business
"units" was intentionally ambiguous.
On the one hand, units may be establishments (e.g., factories); on the other,
they may be firms (enterprises, companies, corporations). The former tend
to reflect technologies, the latter tend
to reflect financial arrangements.1
Second, each of the components of
final sales has characteristics that are
not obvious. For instance, fixed investment is defined "gross," i.e., no deduction is made for plant and equipment
used up in production. Another characteristic of fixed investment is that it
covers, in addition to residences bought
by business, residences bought by households. Common sense suggests that such
purchases are investment rather than
consumption.
Third, in addition to monetary transactions, GNP includes "imputations"
for certain items of production in kind.
These amount to less than 10 percent of
GNP. The major items are: wages and
salaries in kind, food and fuel produced
and consumed on farms, the value of
services rendered by owner-occupied
residences, and the value of services furnished without payment by financial
intermediaries. Each of these imputations is made in order to obtain a better
view of total national output and of its
distribution. This statement can be
illustrated by one of the imputations
for wages and salaries in kind. If only
monetary transactions were taken into
account, meals provided free to restaurant workers—unlike meals sold by
restaurants—would not appear as part
of GNP, and wa^es of restaurant workers would be understated relative to the
wages of workers who receive their
wages entirely in monetary form.
1. There are several systems of economic accounts that, taken together, are commonly called
the national economic accounts. One of these systems, the input-output accounts, because it shows
how the industries of the Nation interact to produce the GNP, are based on a technological definition of the business unit. Another system, the detailed saving-investment accounts, because it shows
the transactions in the markets that transform
saving into investment, are based on a financial
definition. Inasmuch as the NIPA's may be viewed
as the system that summarizes the national economic accounts, they would seem to require both.
The establishment-firm dichotomy is one of the most
important obstacles to integration within and among
parts of the national economic accounts.
SURVEY OF CURRENT BUSINESS
GNP as a sum of incomes
The second way of measuring GNP is
based on a self-evident proposition:
Value of production = costs of production + profits.
To shorten the discussion, the following
explanation omits the application of
this formula to the single business unit,
and applies it directly to business as a
whole. When the formula is applied to
business as a whole, a major category of
costs of a single business unit—currentaccount purchases—cancels out because,
as has been explained, the currentaccount purchases of one unit are the
sales of another. The costs remaining in
the formula fall into four main categories : compensation of employees, net
interest, depreciation and other capital
consumption allowances, and indirect
business taxes. Employee compensation
consists mainly of wages and salaries,
but includes also employer contributions
to social security and private pension
and welfare funds. Net interest is interest paid by the business less the interest it receives. Depreciation, etc., represents the cost of plant and equipment
used up in production. Indirect business
taxes are taxes that can be charged to
business expense—for example, sales
and excise taxes and business property
taxes.
The difference between the value of
business production and the costs just
enumerated is business profits, of which
corporate profits is the largest category.
Corporate profits are measured before
taxes on them. (Corporate profits taxes
are not an expense in the strict sense of
the word, because, unlike business expenses proper, they cannot be determined before profits are calculated.)
The other major profits category is labeled proprietors' income, and covers
the incomes of proprietorships and partnerships. The last category of profits,
called rental income of persons, is very
similar to proprietors' income.
This itemization of costs and profits
is applicable to business production.
The items used to measure nonbusiness
production were enumerated earlier. In
measuring GNP as a sum of incomes,
these items are combined with corre-
23
sponding items of business costs and
'profits.
A graphic summary.—Business and
nonbusiness production, and production
in terms of products and of incomes,
are quantified for 1980 in the upper
panel of chart 6.2 The bulk of production is seen to originate in business; out
of a total of $2,629 billion, $2,224 billion
originates in this sector. Production attributable to households accounts
for $86 billion, production attributable to government for $269 billion,
and production attributable to factors
of production provided (net) by U.S.
residents to foreigners abroad—called
rest-of-the-world production—accounts
for $50 billion. Without rest-of-theworld production, the total is called
gross domestic product. This total,
which is $2,579 billion, is useful in
studies that focus on production attributable to factors of production located
in the United States.
The right-hand side of the panel
shows production measured in terms of
products, and the left-hand side shows
production measured in terms of incomes. For the business sector, the distinction between products and incomes
is observable in the real world; for the
other sectors, only incomes are observable. The sequence of incomes shown
for the business sector differs from the
costs-profits sequence just described for
reasons that will be explained in the
next section.
The chart also shows how the sectors'
corresponding product items and corresponding incomes items are combined
to derive the National Income and
Product (NIP) Account, which is
shown in the lower panel. For example,
sales to persons by business and by consumers are combined to become personal
consumption expenditures, and compensation of employees by business, by
households, and by government is combined into a total for compensation of
employees.
The national income and product
account
The NIP account is shown as account
1 of table 1. On the right-hand side,
2. The estimates shown in chart 6 are those in
the January 1981 SURVEY.
February 1981
SUEVEY OF CUKEENT BUSINESS
24
GNP is measured as a sum of products.
On the left-hand side, it is measured as
a sum of incomes. The following points
help make the table intelligible.
First, the items "subsidies, etc.,"
"business transfer payments," and "statistical discrepancy" are new. The first
of these can be regarded as negative indirect business taxes. The business
transfer payment item includes, in addition to corporate gifts to nonprofit
institutions, bad debts incurred by consumers. Sales on the right-hand side of
the account include credit sales before
defaults; accordingly, bad debts are an
element of business cost. They are called
transfer payments—a NIPA term that
includes incomes of consumers for which
they did not render current services—
because they are written off rather than
collected. Finally, the statistical discrepancy is the GNP measured as a
sum of products less GNP measured as a
sum of incomes. In theory, the statistical
discrepancy should be zero, because
profits is a residual—the value of production less the cost of production. In
practice, the statistical discrepancy is
not zero, because the income and product sides of the NIP account are estimated independently, and—given the
imperfection of estimating methodologies—are subject to error.
Second, the terms "inventory valuation adjustment" and "capital consumption adjustment" are attached to
several items on the income side of the
NIP account. "Inventory valuation adjustment" is attached to proprietors'
income and to corporate profits to signal
that, with respect to inventory accounting, even though these two forms of
profits are derived from business reports, they are based on the method used
in the NIPA's rather than on methods
used by business. The NIPA method is
to value the change in the physical
volume of inventories in the prices of
the current period. When the physical
volume of an inventory good is unchanged or increasing, this method is
identical to the last-in-first-out method.
The inventory item included on the
product side of the account is also measured using the NIPA method.
"Capital consumption adjustment" is
attached to the two profits items just
enumerated, and also to rental income of
persons and to capital consumption allowances, to signal that, with respect
to depreciation accounting, even though
the items are derived from business reports, they are based on the method used
in the NIPA's rather than on methods
used by business. The method used in
the NIPA's is to measure depreciation
with uniform service lives and consistent depreciation formulas, and to
value it at replacement cost.
Third, the sequence of items on the
income side of the NIP account departs
from the costs-profits sequence used in
their explanation. The entries adding
up to a total called national income are
a combination of items that can be envisaged as the sum of the earnings of
the several factors of production. This
"factor cost" concept is often used in
studies dealing with the allocation of
factors of production to various uses.
The two additional aggregates that are
shown—charges against net national
product and charges against GNP—
measure production valued at market
prices, which include indirect business
taxes. Because it is market price that is
the basis for choice among alternative
products, market-price valuation is
preferable for studies of economic behavior and welfare. Charges against net
national product measure the value of
production after deduction of capital
consumption allowances, and charges
against GNP is the income counterpart
of the product measure of GNP.
Table 1.—Summary National Income and Product Accounts, 1980 l
[Billions of dollars]
Account 1.—National Income and Product Account
Line
Line
1 Compensation of employees
_
_
_
2
Wages and salaries
3
Disbursements (2-7)..
_ _ __
4
Wage accruals less disbursements (3-12) and
5
Supplements to wages and salaries _
6
Employer contributions for social insurance
7
Other labor income (2-8)._ __ __
g
9
10
11
12
13
14
15
16
17
__ _
__ _
(5-4)
(3-20)
Proprietors' income with inventory valuation and capital consumption adjustments (2-9)
Rental income of persons with capital consumption adjustment (2-10)
Corporate profits with inventory valuation and capital consumption adjustments
Profits before tax
_._ __
Profits tax liability (3-17)
Profits after tax
Dividends (2-12)
Undistributed profits (5-6)
_.
Inventory valuation adjustment (5-7)
Capital consumption adjustment (5-8)
18
Net interest (2-15)
19
National income
_
20
21
22
23
Business transfer payments (2-20)
Indirect business tax and nontax liability (3-18)
Less: Subsidies less current surplus of government enterprises (3-11)
Statistical discrepancy (5-12)
24
Charges against net national product
25
Capital consumption allowances with capital consumption adjustment (5-9)..
1, 596. 7
1 343 8
1,343 8
o
252 9
115 8
137 1
130 6
31.9
182.1
242.7
80 8
161 9
56.0
105.9
—43 3
-17 2
26
27
28
29
Personal consumption expenditures (2-3)
Durable goods
Nondurable goods
Services
_
_
30
31
32
33
34
35
36
Gross private domestic investment (5-1)
Fixed investment
Nonresidential..
_
Structures
Producers' durable equipment
Residential— .
^
Change in business inventories
37
38
39
Net exports of goods and services
Exports (4-1)
Imports (4-3)
40
41
42
43
44
Government purchases of goods and services (3—1)
Federal
Nondefense
State and local
_ 1,671.1
211.6
674.3
785.3
396.8
399.8
294.7
108.3
186.5
105.1
-3.0
__ _ _
_
26.1
340.6
314.5
534. 8
199.2
131.9
67. 3
335.6
180.1
...
CHARGES AGAINST GROSS NATIONAL PRODUCT
2, 121. 4
10 5
212 2
4.5
17
2, 341. 3
287.5
2 628 8
GROSS NATIONAL PRODUCT
2,628.8
http://fraser.stlouisfed.org/
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For example, the counterentry for wage and salary disbursements, (2-7), is in account 2
ne 7. Bank of St. Louis
Federal Reserve
February 1981
SURVEY OF CURRENT BUSINESS
25
Table 1.—Summary National Income and Product Accounts, 19801—Continued
[Billions of dollars]
Account 2.—Personal Income and Outlay Account
Line
Personal tax and nontax payments (3-16)
_
338.7
Personal outlays
_
_
Personal consumption expenditures (1-26)
Interest paid by consumers to business (2-18)..
Personal transfer payments to foreigners (net) (4-5)
_
Personal saving (5-3)
Wage and salary disbursements (1-3)
1,343.8
1,718.7
1,671.1
46.5
1.1
Other labor income (1-7)
137.1
Proprietors' income with inventory valuation and capital consumption adjustments (1-8)
_
130.6
103.6
Rental income of persons with capital consumption adjustment (1-9)..
Personal dividend income
Dividends (1-14)
_
Less: Dividends received by government (3-10)
31.9
. 54.4
56.0
1.6
Personal interest income
Net interest (1-18)
Interest paid by government to persons and business (3-7)
Less: Interest received by government (3-9)
Interest paid by consumers to business (2-4)
Transfer payments to persons
From business (1-20)
From government (3-3)
_
Less: Personal contributions for social insurance (3-21)
PERSONAL TAXES, OUTLAYS, AND SAVING
2,161.0
PERSONAL INCOME
256.6
180.1
72.7
42.6
46.5
294.4
10.5
283.9
87.9
2,161.0
Account 3.—Government Receipts and Expenditures Account
Purchases of goods and services (1-40)
534.8
Personal tax and nontax payments (2-1)
Transfer payments
To persons (2-21)
To foreigners (net) (4-6)
288.4
283.9
4.5
Corporate profits tax liability (1-12)
_
_
Net interest paid
Interest paid
To persons and business (2-16)
To foreigners (4-7)
Less: Interest received by government (2-17)
_.
_
_
42.6
85.2
72.7
12.5
42.6
Less: Dividends received by government (2-13)
1.6
Subsidies less current surplus of government enterprises (1-22)..
4.5
Less: Wage accruals less disbursements (1-4)
338.7
80.8
Indirect business tax and nontax liability (1-21).
212.2
Contributions for social insurance
Employer (1-6)
Personal (2-22)
203.7
115.8
87.9
GOVERNMENT RECEIPTS.
835.4
0
Surplus or deficit (-), national income and product accounts (5-10)
Federal
State and local
-33.3
-61.6
28.2
GOVERNMENT EXPENDITURES AND SURPLUS.
835.4
Account 4.—Foreign Transactions Account
Exports of goods and services (1-38)
Capital grants received by the United States (net) (5-11).
_
340.6
1.1
Imports of goods and services (1-39)
Transfer payments to foreigners (net)
From persons (net) (2-5)
From government (net) (3-4)
Interest paid by government to foreigners (3-8).
Net foreign investment (5-2)_._
RECEIPTS FROM FOREIGNERS.
341.7
PAYMENTS TO FOREIGNERS
314.5
5.6
1.1
4.5
12.5
9.1
341.7
Account 5—Gross Saving and Investment Account
Gross private domestic investment (1-30)..
Net foreign investment (4-8)
396.8
9.1
Personal saving (2-6)
Wage accruals less disbursements (1-4)
Undistributed corporate profits with inventory valuation and capital consumption adjustments
Undistributed corporate profits (1-15)
Inventory valuation adjustment (1-16)
--Capital consumption adjustment (1-17)
Capital consumption allowances with capital consumption adjustment (1-25).
Government surplus or deficit (-), national income and product accounts
(3-13).
GROSS INVESTMENT
406.0
103.6
0
45.3
105.9
—43.3
—17.2
287.5
-33.3
Capital grants received by the United States (net) (4-2)
1.1
Statistical discrepancy (1-23)
1.7
GROSS SAVING AND STATISTICAL DISCREPANCY
406.0
NOTE.—Numbers in parentheses indicate accounts and items of counterentry in the accounts. For example, the counterentry for wage and salary disbursements, (2-7), is in account 2,
line 7.
1. The estimates are those published in the January 1981 SURVEY OF CURRENT BUSINESS.
26
SURVEY OF CURRENT BUSINESS
February 1981
CHART 6
Derivation of the National Income and Product Account, 1980
PRODUCTION ORIGINATING, BY SECTOR
Measured in Terms of
Incomes
$2,629
Products
$2,629
Business
Households
Government
Rest of the World
NATIONAL INCOME AND PRODUCT ACCOUNT
2,500 -
1,500 ~
1,000 -
500 -
U.S. Department of Commerce, Bureau of Economic Analysis
SURVEY OF CURRENT BUSINESS
February 1981
A Picture of the Economic Process
THE sketch of the first function of the
NIPA's—the provision of measures of
the total output of the Nation—has been
completed. An explanation of their
second function—the provision of a picture of the economic process in terms
of the production, distribution, and use
of output—is taken up next.
Inspection of the NIP account shows
that it provides considerably more than
a product and an income measure of
total GNP. In addition, it provides important clues to the distribution and use
of GNP. For instance, it shows the part
of GNP that goes to consumers ("persons" in the NIPA's, to indicate that
nonprofit institutions and a few other
entities are merged with households
proper). It also shows, on the left-hand
side of the account, many of the incomes—for instance, wages and salaries--that persons receive and use to
purchase goods and services. In other
words, the NIP account shows many
of the elements that are necessary for a
comprehensive accounting of the distribution of GNP to, and the use of it
by, persons—one of the major economic
groups distinguished in the NIPA's because these groups determine the working of the economy. But the picture is
incomplete. The NIP account does not
show all the income receipts of persons;
for instance, old-age and unemployment
benefits and other transfer payments received from government are not shown.
Nor does it show individual income and
other personal taxes, or personal saving.
A similar situation holds for the
other major economic groups, government and foreigners: The NIP account
shows some but not all of their receipts
and expenditures.
Finally, information is incomplete for the part of GNP that is saved
and invested. The NIP account shows
the part of GNP that is invested domestically, but not foreign investment.
Among the forms of saving that make
investment possible, only business saving (undistributed corporate profits
and capital consumption allowances) is
shown.
Recognition of these gaps in the information relating to the distribution
and use of the GNP suggests a way in
which these gaps can be filled: Accounts
are established for persons, government,
and foreigners to record systematically
all the receipts of these groups and the
disposition they make of these receipts,
and an account is established for the several forms of domestic saving these
groups generate and the investment
their saving makes possible. These accounts are shown as accounts 2 through
5 in table 1. They do not involve a calculation of profit or loss, as does the NIP
account, because they are receipt and
expenditure accounts—unlike the NIP
account, which is .fashioned after a business income statement. Also, there is a
difference between the personal, government, and foreign accounts on the one
hand, and the saving-investment account on the other. The former refer to
economic groups. The latter cuts across
them and shows the saving and investment transactions of all domestic
groups.
The remaining task is to fill in accounts 2 through 5. First, counterentries
to the transactions that appear in the
NIP account are made in the appropriate accounts. For instance, personal consumption expenditures, which are a
receipt in the NIP account, appear as
a disposition of receipts in the personal
income and outlay account. Second, the
accounts are completed by filling in
transactions not yet encountered—transactions that occur between two of these
accounts. These new entries are explained below.
Personal income and outlay account
In the personal income and outlay
account, several new items are encountered on the receipts side: dividends
received by government, interest paid
by government to persons and business
less interest received by government,
interest paid by consumers to business,
transfer payments to persons from government, and personal contributions for
social insurance. Dividends received by
government is encountered because it
27
must be subtracted from the dividend
total in the NIP account to derive personal dividend income.
The interest items are encountered as
part of a presentation that replicates the
methodology of deriving personal interest income from the net interest item in
the NIP account. This derivation is
seen most easily in algebraic form. If
interest is paid (p) and received (r) by
business (B), by persons (P), by government (G), and by foreigners in
transactions with the United States
(F),then:
B p +P p +G p +Fp=B r +P r +G r +F r ,
and
Inasmuch as (B p -B r ) + (F p -F r ) is the
net interest item in the NIP account,
it can be seen that personal interest
income equals net interest plus interest
paid by government less interest received by government plus interest paid
by persons. The differences between the
terminologies used in the algebraic
formulation and in the personal income
and outlay account mainly reflect classificational features of the NIPA's.3
Transfer payments by government to
persons consists of social security and
unemployment insurance benefits, veterans' pensions, and other items paid by
government to persons for which the
latter do not perform current services.
Personal contributions for social insurance consists of contributions of employees and the self-employed to social
security and similar government plans.
On the disposition side of the account,
the new items are personal taxes, interest paid by consumers to business, personal transfer payments to foreigners,
and saving. Personal taxes consists of
3. These differences relate to GP and PP. "Interest
paid by government to persons and business" is
used instead of GP to indicate that interest paid
by government to foreigners is handled separately.
Such payments are not regarded as payments for
services produced by property supplied by foreigners
to the United States, and are therefore excluded
from production in the rest of the world (and hence
also from the NIP account). "Interest paid by
consumers to business" is used instead of PP to
indicate (1) that interest paid by nonprofit institutions is excluded (it is included in the business
component of "net interest"), (2) that mortgage
interest paid is excluded (it also is included in the
business component of "net interest"), and (3) that
it is assumed that consumers pay interest only to
business.
28
the individual income tax and other
taxes paid by persons that cannot be
charged to business expense. Interest
paid by consumers to business consists
of interest paid by individuals in their
capacity as consumers. Transfer payments to foreigners consists of remittances and other gifts in cash and in
kind made by U.S. persons to residents
of foreign countries. Finally, saving is
the difference between personal income
and the outlays listed on the disposition
side of the account.
SURVEY OF CURRENT BUSINESS
Gross saving and investment account
There are no new entries in the gross
saving and investment account. This
account exhibits the well-known ex post
equality of total saving and total investment.
Estimates Supporting the Summary NIPA's
THE figures shown in table 1 are only
the tip of the iceburg. Information is
available not only for years but also for
quarters and, in the case of personal
income and its disposition, for months.
For most annual information, the
period since 1929 is covered; for most
Government receipts and expenditures quarterly and monthly information, the
account
post World War II period is covered.
For GNP and its product components,
The government receipts and expenditures account, which can be regarded current-dollar measures, such as those
shown in table 1, are separated into
as a budget statement within the
"real" measures—i.e., measures from
framework of the NIPA's, shows three
new items: transfer payments to for- which price change has been eliminated—and measures of price change.
eigners, interest paid to foreigners, and
surplus or deficit. Government transfer Finally, most of the items shown in
table 1 are available in much greater
payments to foreigners consists of nonmilitary grants in cash and in kind detail. For instance, annual estimates of
personal consumption expenditures are
made to foreign nations and of transfer
broken down into about 100 types of expayments to former residents of the
penditures, and annual and quarterly
United States. Interest paid to forestimates of government receipts and
eigners consists of interest paid by the
expenditures are shown separately for
U.S. Government to foreign business,
the Federal Government and for State
governments, and persons. The government surplus or deficit is the difference and local governments.
Major measures of production and
between government receipts and
income.—Four
widely used measures
expenditures.
of production and income—GNP, national income, personal income, and disForeign transactions account
posable personal income—are shown in
4
The foreign transactions account, chart 7 for 1980. GNP and national inwhich is an embryonic balance of pay- come are comprehensive measures of
ments statement for the United States, production. In the chart, the difference
shows two new items: net foreign in4. The estimates shown in chart 7 are those pubvestment, and capital grants received
by the United States. The latter con- lished in the January 1981 SURVEY.
sists mainly of allocations of Special
Drawing Rights to the United States
by the International Monetary Fund.
Net foreign investment is the increase
of U.S. claims on foreigners less the
Definitions of NIPA Entries
increase of foreign claims on the United
States. U.S. exports give rise to claims
Income and product aggregates are
on foreigners, as do capital grants re- defined below, and their definitions are
ceived by the United States. U.S. im- amplified by definitions of their major
ports, tarnsfer payments paid to for- components. Aspects of the aggregates
eigners, and interest paid by govern- and their major components that are
ment to foreigners give rise to foreign not apparent from their titles are
claims on the United States.
emphasized.
February 1981
between them is separated into capital
consumption and indirect business
taxes, etc.; the latter makes up the difference between the market-price and
factor-cost valuations.
Personal income is sometimes used as
a proxy measure of production because
it is available for regions of the Nation
and because the national measure is
available monthly. It differs from production because it excludes some incomes that represent production but are
not distributed to persons—for example, social security taxes and undistributed corporate profits—and includes
some incomes that do not represent current production—for example, transfer
payments. Because, especially in the
short run, some of these incomes do not
follow the course of total production,
the proxy is imperfect. In the chart, the
former is shown as what is subtracted,
and the latter as what is added, in order
to derive personal income from national
income.
Personal income and its disposition—
taxes, outlays, and saving—are useful
in their own right, especially because
persons are the largest among the economic groups whose interaction determines the working of the economy: Persons receive most of the income, account
for the single largest share of taxes,
give rise to the bulk of the demand for
GNP, and contribute substantially to
the saving that finances investment.
Appendix: Definitions Underlying
the National Income and Product Accounts
The definitions are presented in the
framework of the five-account summary of the national income and product accounts (NIPA's) shown in table 1.
Each entry has a counterentry, generally in another account. The parenthetical numbers that follows an entry
in table 1 identify the counterentry by
account and line number.
February 1981
SURVEY OF CURRENT BUSINESS
29
CHART 7
Major Measures of Production and Income, 1980
*
•
*
•
GROSS NATIONAL PRODUCT Is the market value of goods and services produced
NATIONAL INCOME Is the income from the production of goods and services
PERSONAL INCOME is the Income received by persons from all sources
DISPOSABLE PERSONAL INCOME is the income remaining to persons after
payments of personal taxes
GROSS
NATIONAL
PRODUCT
$2,629
Equals
NATIONAL
INCOME
$2,121
Plus
Equals
PERSONAL
INCOME
$2,161
Less
Equals
DISPOSABLE
PERSONAL
INCOME
$1,822
Interest Paid by
Consumers and
Government
U.S. Department of Commerce, Bureau of Economic Analysis
Billions of Dollars
30
With the exception of major income
and product aggregates, entries are
usually defined in this appendix in the
sequence in which they appear in the
five-account summary. Their definition
is not repeated when the counterentries
appear, but a cross-reference is made to
the place of their first appearance. The
definitions of GNP, national income,
and some other production aggregates
can be found in the first two sections,
which define the entries in the national
income and product (NIP) account.
Definitions of personal income and disposable personal income can be found in
the section that defines the entries in the
personal income and outlay account.
NIP account: gross national product
GNP is the market value of the goods
and services produced by labor and
property supplied by residents of the
United States, before deduction of depreciation charges and other allowances
for business and institutional consumption of fixed capital goods and after deduction of products charged to expense
by business. GNP consists of the purchases of goods and services by persons
and government, gross private domestic
investment (including the change in
business inventories), and net exports
(exports less imports).
Personal consumption expenditures
(1-26) is goods and services purchased
by individuals, operating expenses of
nonprofit institutions serving individuals, and the value of food, fuel, clothing, rent of dwellings, and financial
services received in kind by individuals.
Net purchases of used goods are also
included. All private purchases of residential structures are classified as gross
private domestic investment.
Gross private domestic investment
(1-30) is fixed capital goods purchased
by private business and nonprofit institutions, and the value of the change in
the physical volume of inventories held
by private business. The former include
all private purchases of residential
structures whether purchased for tenant
or owner occupancy. Net purchases of
used goods are also included.
Net exports of goods and services
(1-38) and (1-39) is exports less imports of goods and services. Exports are
part of national production. Imports
SUEVEY OF CURKENT BUSINESS
are not, but are included in the components of GNP, and are therefore deducted. There are differences between
the NIPA measures of exports and imports and those in the detailed balance
of payments accounts.
Government purchases of goods and
services (1-40) is the compensation of
government employees and purchases
from business and from abroad. It excludes transfer payments, interest paid
by government, and subsidies. It includes gross investment by government
enterprises, but excludes their current
outlays. It includes net purchases of
used goods and excludes sales and purchases of land and financial assets.
NIP account: charges against gross national product
Charges against GNP is the costs incurred and the profits earned in the
production of GNP. Accordingly, it
equals GNP, except for the statistical
discrepancy. These charges are arranged
in two groups. The first of these—compensation of employees, proprietors'
income, rental income of persons, corporate profits, and net interest—are factor charges, because they represent the
incomes of the factors of production
(labor and property). The total of factor incomes is called the national income. The second group consists of nonfactor charges. Addition of business
transfers, indirect business taxes, and
current surplus of government enterprises less subsidies—which are included
in this group—to national income yields
charges against net national product
(and net national product). Addition
of capital consumption allowances—the
remaining item in the nonfactor cost
group—to charges against net national
product yields, in principle, charges
against GNP (and GNP). In practice,
measurement errors result in a statistical discrepancy, which is entered between national income and charges
against net national product to secure
balance between GNP and the factor
arid nonf actor charges against it.
The aggregates that have been enumerated so far differ from each other
because of distinctions that are made
between market value and factor cost
concepts, and gross and net concepts.
GNP as derived above is a gross market
February 1981
value measure; national income is a net
factor cost measure; and net national
product is a net market value measure.
One further basic distinction can be
made in defining the value of production. This is the distinction between
domestic measures and national measures. The former denote the production
attributable to labor and property located in a country; the latter denote the
production attributable to labor and
property supplied by residents of a
country. The national measures exceed
the domestic measures by the net inflow
of labor and property incomes from
abroad.
In principle, eight measures of production can be derived from these three
distinctions. Three of them are included
in table 1; two additional ones are included in more detailed presentations
of the NIPA estimates. GNP has already been defined. Definitions of the
other five follow. Gross domestic product is the market value of the goods and
services attributable to labor and property located in the United States. It
equals GNP less the net inflow of labor
and property incomes from abroad. Net
national product is the net market value
of the goods and services attributable
to labor and property supplied by residents of the United States. Net national
product equals GNP less capital consumption allowances; these allowances
are deducted from gross private domestic fixed investment to express it on
a net basis. Net domestic product is the
net market value of the goods and services attributable to labor and property
located in the United States. It equals
net national product less the net inflow
of labor and property incomes from
abroad. National income is the income
that originates in the production of
goods and services attributable to labor
and property supplied by residents of
the United States. Thus, it measures the
factor costs of goods and services produced. Incomes are recorded in the
forms in which they accrue to residents,
and are measured before deduction of
taxes on those incomes. They consist of
the compensation of employees, proprietors' income, rental income of persons,
corporate profits, and net interest. Domestic income is the factor cost of the
February 1981
goods and services attributable to labor
and property located in the United
States. It equals national income less
the net inflow of labor and property incomes from abroad.
Compensation of employees is the income accruing to employees as remuneration for their work. It is the sum of
wages and salaries and supplements to
wages and salaries.
Wages and salaries consists of the
monetary remuneration of employees,
including the compensation of corporate
officers; commissions, tips, and bonuses;
and receipts in kind that represent income to the recipients. It consists of
disbursements (1-3) and wage accruals
less disbursements (1-4). Disbursements is wages and salaries as just defined except that retroactive wages are
counted when paid rather than when
earned.
Supplements to wages and salaries
consists of employer contributions for
social insurance and of other labor income. Employer contributions for social
insurance (1-6) includes employer
payments under the following programs: Federal old-age, survivors,
disability, and hospital insurance ;
State unemployment insurance; railroad retirement and unemployment
insurance; government retirement; and
publicly administered workmen's compensation. Other labor income (1-7) includes employer contributions to private
pension and welfare funds, and directors' fees.
Proprietors' income with inventory
valuation and capital consumption adjustments (1-8) is the income, including
income in kind, of proprietorships and
partnerships and of producers' cooperatives. Interest and dividend income received by proprietors and rental incomes
received by persons who are not primarily engaged in the real estate business
are excluded. The inventory valuation
adjustment is described under corporate
profits and the capital consumption
adjustment under capital consumption
allowances.
Rental income of persons with capital
consumption adjustment (1-9) is the
income of persons from the rental of
real property, except the income of persons primarily engaged in the real estate
SUEVEY OF CURRENT BUSINESS
business; the imputed net rental income
of owner-occupants of nonfarm dwellings ; and the royalties received by persons from patents, copyrights, and
rights to natural resources. The capital
consumption adjustment is described
under capital consumption allowances.
Corporate profits with inventory valuation and capital consumption adjustments is the income of corporations
organized for profit and of mutual
financial institutions that accrues to residents, measured before profits taxes,
before deduction of depletion charges,
after exclusion of capital gains and
losses, and net of dividends received
from domestic corporations. Corporate
profits includes net inflows from abroad
of dividends, reinvested earnings of incorporated foreign affiliates, and earnings of unincorporated foreign affiliates.
In other major respects, profits are defined as in Federal income tax regulations. The capital consumption adjustment is described under capital consumption adjustment is described under
capital consumption allowances.
Profits before tax is corporate profits
without inventory valuation and capital
consumption adjustments.
Profits tax liability (1-12) is Federal,
State, and local taxes on corporate
income.
Profits after tax is profits before tax
less profits tax liability. Dividends
(1-14) is payments in cash or other
assets, excluding stock, by corporations
organized for profit to stockholders
who are U.S. residents (including State
and local social insurance funds).
Undistributed profits (1-15) is corporate profits before tax less corporate
profit tax liability and less dividends. It
may also be viewed as the sum of purchases of fixed capital assets, the change
in the book value of corporate inventories, and the net acquisition of financial assets, less the sum of capital consumption allowances, net borowing, and
net stock issues.
Inventory
valuation adjustment
(1-16) is the change in the business inventories component of GNP, which is
measured as the change in the physical
volume of inventories valued in prices
of the current period, less the change in
the value of inventories reported by
31
business (book value). The inventory
valuation adjustment converts inventories at historical cost, the valuation
concept generally underlying business
accounting, to replacement cost, the
concept underlying the NIPA's. It is required only for nonfarm inventories;
the change in farm inventories is estimated directly. To make the measurement of charges against GNP consistent
with GNP, an inventory valuation adjustment must be applied to reported
corporate profits and proprietors' income.
Net interest (1-18) is interest paid by
business less interest received by it, plus
net interest received from abroad. In
addition to monetary interest flows, net
interest includes flows of interest in
kind (imputed interest). The latter
have their counterparts in service
charges, which are included in personal
consumption expenditures and in government purchases.
Business transfer payments (1-20) is
payments to persons for which the latter
do not perform current services. They
include liability payments for personal
injury, corporate gifts to nonprofit institutions and bad debts incurred by
consumers. Most of personal consumption expenditures is stated before deduction of consumer bad debts; corporate profits and proprietors' income are
Stated after allowance for bad debts.
Accordingly, bad debts have to be
entered explicitly among the charges
against GNP, and because they are written off rather than collected, they fit
into the general category of transfer
payments.
Indirect business tax and nontax
liability (1-21) consists of tax liabilities
(except employer contributions for
social insurance) that are chargeable to
business expense in the calculation of
profit-type incomes, and of certain other
business liabilities to government agencies (except government enterprises)
that it is convenient to treat like taxes.
Indirect business taxes includes sales,
excise, and property taxes, and the
windfall profit tax on crude oil production. Taxes on corporate income are excluded ; these taxes cannot be calculated
until profits are known, and in that
sense, are not a business expense. Non-
32
SURVEY OF CUEEENT BUSINESS
taxes includes regulatory and inspection
fees, special assessments, fines and penalties, rents and royalties, and donations. Nontaxes generally excludes business purchases from government of
goods and services that are similar to
business purchases of intermediate
products from other businesses. Government receipts from the sale of such
products are netted against government purchases so that they do not
appear in GNP and other measures of
production.
Subsidies less current surplus of government enterprises (1-22). Subsidies
is the monetary grants paid by government to business, including government
enterprises at another level of government. The current surplus of government enterprises is their sales receipts
less their current outlays. In the calculation of their current surplus, no deduction is made for depreciation
charges and net interest paid. Subsidies
and current surplus are often combined
because deficits incurred by government
enterprises may result from selling
goods to businesses at lower than
market prices in lieu of giving them
subsidies. This is also the major reason
for not counting the current surplus of
government enterprises as a profit-type
income and, accordingly, as part of
factor charges.
Statistical discrepancy (1-23) is
GNP less charges against GNP other
than the statistical discrepancy. It
arises because GNP and charges against
GNP are estimated independently by
methodologies that are subject to error.
Capital consumption allowances with
capital consumption adjustment (1-25).
Capital consumption allowances consists of depreciation charges and accidental damage to fixed business capital. For nonfarm business, they are as
reported on Federal income tax returns.
For farms, nonprofit institutions, and
owner-occupied houses, depreciation
charges are not based on income tax
returns, but instead are calculated to
conform to NIPA definitions. Capital
consumption adjustment (1-17) for corporations is the tax return-based capital
consumption allowances less capital
consumption allowances that are based
on estimates of uniform service lives,
straight-line depreciation, and replacement cost. Similar adjustments are applied to proprietors' income, and rental
income of persons. The capital consumption allowances with capital consumption adjustment for nonprofit institutions serving individuals is the
value of the current services of the fixed
capital assets owned and used by these
institutions; it is included in personal
consumption expenditures.
Personal income and outlay account
Personal income is the income received by persons from all sources, that
is, from participation in production,
from transfer payments from government and business, and from government interest, which is treated like a
transfer payment. Persons consist of individuals, nonprofit institutions, private noninsured welfare funds, and
private trust funds. Proprietors' income is treated in its entirety as received
by individuals. Life insurance carriers
and private noninsured pension funds
are not counted as persons, but their
saving is credited to persons. Personal
income is the sum of wage and salary
disbursements, other labor income, proprietors' income with inventory valuation and capital consumption adjustments, rental income of persons with
capital consumption adjustment, personal dividend income, personal interest
income, and transfer payments, less
personal contributions for social insurance.
Disposable personal income is personal income less personal tax and nontax payments. It is the income available
to persons for spending or saving.
Wage and salary disbursements (see
1-3).
Other labor income (see 1-7).
Proprietors^ income with inventory
valuation and capital consumption adjustments (see 1-8).
Rental income of persons with capital
consumption adjustment (see 1-9).
Personal dividend income is the dividend income of persons from all sources.
It equals dividends (see 1-14) less dividends received by government (2-13).
Dividends received by government consists of dividends received by State and
local government social insurance
funds.
February 1981
Personal interest income is the interest income of persons from all
sources. It equals net interest (see 1-18),
plus interest paid by government to persons and business (2-16) less interest received by government (2-17) plus interest paid by consumers to business
(2-18). The last item consists of all interest paid by individuals in their capacity as consumers, and accordingly
excludes interest payments on mortgages and home improvement loans, because homeowners are treated as businesses in the NIPA's. The derivation of
personal interest income can be explained as follows: Net interest equals
interest paid by producers (in this case,
business and U.S. residents supplying
property services to abroad) to persons
and government less interest received
by producers from consumers and government. It therefore falls short of interest received by persons from producers by the amount of interest received by producers from consumers
and government, and exceeds interest
received by persons from producers by
the amount of interest received by government from producers. Accordingly,
the former is added to net interest, and
the latter is deducted, to obtain personal
interest income.
Transfer payments to persons is income payments to persons, generally in
monetary form, for which they do not
render current services. It consists of
business transfer payments (see 1-20)
and government transfer payments
(2-21). Government transfer payments
include payments under the following
programs: Federal old-age, survivors,
disability, and hospital insurance; supplementary medical insurance; State
unemployment insurance; railroad retirement and unemployment insurance;
government retirement; workmen's
compensation; veterans, including veterans life insurance; food stamp; black
lung; supplemental security income;
and direct relief. Government payments
to nonprofit institutions, other than for
work under research and development
contracts, is also included.
Personal contributions for social insurance (2-22) includes payments by
employees, self-employed, and other individuals who participate in the follow-
February 1981
SUEVEY OF CUEEENT BUSINESS
ing programs: Federal old-age, survivors, disability, and hospital insurance; supplementary medical insurance; State unemployment insurance;
railroad retirement insurance; government retirement; and veterans life insurance.
Personal tax and nontax payments
(2-1) is tax payments (net of refunds)
by persons (except personal contributions for social insurance) that are not
chargeable to business expense, and of
certain other personal payments to government agencies (except government
enterprises) that it is convenient to
treat like taxes. Personal taxes includes
income, estate and gift, and personal
property taxes. Nontaxes includes passport fees, fines and penalties, donations,
and tuitions and fees paid to schools and
hospitals operated mainly by government.
Personal outlays is the sum of personal consumption expenditures (see
1-26), interest paid by consumers to
business (see 2-18), and personal transfer payments to foreigners, net (2-5).
The last item is personal remittances in
cash and in kind to abroad less such
remittances from abroad.
Personal saving (2-6) is personal income less the sum of personal outlays
and personal tax and nontax payments.
It is the current saving of individuals
(including proprietors), nonprofit institutions, private noninsured welfare
funds, and private trust funds. Personal
saving may also be viewed as the sum
of net acquisition of financial assets
(such as cash and deposits, securities,
and the net equity of individuals in life
insurance and in private noninsured
pension funds) and physical assets less
the sum of net borrowing and of capital
consumption allowances with capital
consumption adjustment.
Purchases of goods and services (see
1-40).
Transfer payments is transfer payments to persons (see ^-21) and transfer payments to foreigners, net (3-4).
The latter is U.S. Government nonmilitary grants to foreign governments in
cash and in kind, and U.S. Government
transfer payments, mainly retirement
benefits, to former residents of the
United States.
Net interest paid is interest paid by
government less interest received by
government (see 2-17). The former is
interest paid to persons and business
(see 2-16) and interest paid to foreigners (3-8). Interest paid to foreigners is
interest paid by the U.S. Government
to foreign businesses, governments, and
persons.
Dividends received l>y government
(see 2-13).
Subsidies less current surplus of government enterprises (see 1-22).
Wage accruals less disbursements (see
1-4).
Surplus or deficit ( — ) , national income and product accounts (3-13) is
the sum of government expenditures
(lines 1, 2, 5, 10, 11, and 12 of account
3) less the sum of government receipts
(lines 16,17,18, and 19 of account 3). It
may also be viewed as the net acquisition of financial assets by government
and government enterprises, and net
government purchases of land and of
rights to Government-owned land
including oil resources.
Government receipts and expenditures
account
Personal tax and
(see 2-1).
Corporate pro-fits
1-12).
Indirect business
liability (see 1-21).
Contributions for
(see 1-6 and 2-22).
nontax payments
tax liability (see
tax and nontax
social insurance
Foreign transactions account
Imports of goods and services (see
1-39).
Transfer payments to foreigners (see
2-5 and 3^).
Interest paid ~by government to foreigners (see 3-8).
Net foreign investment (4-8) is U.S.
exports of goods and services and capital grants received by the United States,
net (see below), less imports of goods
and services by the United States,
transfer payments to foreigners (net),
and U.S. Government interest paid to
foreigners. It may also be viewed as
the acquisition of foreign assets by U.S.
residents less the acquisition of U.S.
33
assets by foreign residents. It includes
the statistical discrepancy in the detailed balance of payments accounts.
Exports of goods and services (see
1-38).
Capital grants received by the United
States, net (4-2) is mainly the allocation of Special Drawing Eights to the
United States.
Gross saving and investment account
Personal saving (see 2-6).
Wage accruals less disbursements (see
Undistributed corporate profits with
inventory valuation and capital consumption adjustments (see 1-15, 1-16,
and 1-17).
Capital consumption allowances with
capital consumption adjustment (see
1-25).
Government surplus or deficit ( — ) ,
national income and product accounts
(see 3-13).
Capital grants received l>y the United
States, net (see 4-2).
Statistical discrepancy (see 1-23).
Gross private domestic investment
(see 1-30).
Net foreign investment (see 4-8).
Definitions of Sectors
In addition to the breakdowns of
GNP that appear in the five-account
summary of the NIPA's, GNP can be
broken down by sectors—business,
households and institutions, government, and the rest of the world.
Business consists of all organizations
located in the United States that produce goods and services for sale at a
price intended at least to approximate
costs of production. In the main, it
covers private enterprises organized for
profit, both corporate and noncorporate.
Mutual financial institutions, private
noninsured pension funds, cooperatives,
nonprofit organizations serving business, Federal Eeserve banks, and federally sponsored credit agencies are also
included, as well as government enterprises. Owner-occupied housing, and
buildings and equipment owned and
used by nonprofit institutions serving
individuals, are considered to be busi-
34
ness organizations selling their current
services to their owners.
The production of the business sector can be measured either in terms of
the value of the goods and services it
produces in the United States or in
terms of the costs incurred and the
profits earned in its production.
Households and institutions consists
SUKVEY OF CUEEENT BUSINESS
of households of families and unrelated
individuals, nonprofit institutions serving individuals, private trust funds,
and private noninsured welfare funds;
the coverage is the same as that of persons as defined in the NIPA's. Production is measured by the compensation
of employees.
Government consists of Federal and
February 1981
State and local government agencies except government enterprises. Production is measured by the compensation of
employees.
Rest of the world consists of foreigners as transactors with U.S. residents.
Production is measured by net inflows
of labor and property incomes from
abroad.
February 1981
SURVEY OF CURRENT BUSINESS
35
Quarterly and Monthly Constant-Dollar Manufacturing and Trade Inventories and Sales
Revised quarterly estimates of constant-dollar inventories, sales, and inventory-sales ratios for manufacturing and trade, for 1976:11980 :IV and monthly estimates for July-December 1980 are shown below. They incorporate the revised national income and product
account estimates of inventories that were described in the December 1980 SURVEY OF CURRENT BUSINESS and revised Census Bureau
sales and shipments series. Inventory estimates for the period beginning with 1959 have been revised principally to incorporate new
procedures for deflating the book value of inventories. Retail sales have been revised beginning with 1968, and manufacturing shipments
and wholesale sales beginning with 1978. Revised estimates for earlier periods are available on request from the National Income and
Wealth Division (BE-54), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Table 1.—Manufacturing and Trade Inventories in Constant Dollars, Seasonally Adjusted, End of Period
[Billions of 1972 dollars]
1<)76
I
Manufacturing and trade
227 5
Manufacturing
_
Durable goods _ _ __
_ _
Primary metals
Fabricated metals _ __
Machinery, except electrical... _ _ _ _ _
Electrical machinery
Transportation equipment - _
Other durable goods1
_
Nondurable goods
__ _ _
_
Food and kindred products
Nonfood
_ __
Paper a n d allied products _ _ _ _ _ _ _ _ _
Chemicals and allied products _
_
Petroleum and coal products
Rubber a n d plastic products
___
2
O ther nondurable goods
Merchant wholesalers. __ _
__
Durable goods
_
Nondurable goods
Groceries and farm products.
Other nondurable goods
_ _
Retail trade
_
_
_
_ _ _ _ _ _
_ _ _
_
Durable goods
Auto dealers
_
_ _
Other durable goods
Nondurable goods. __ _ _ _ _ _
Food stores
Other nondurable goods
_ __
_
.
_ _ _
._
_ __
_
1977
I
II
III
IV
231 1
233 6
235 1
1978
II
III
IV
I
II
III
237 9
240 5
244 o
245 8
250 5
253 4
255 8
258 3
133.6
133.9
135.5
136.9
138.2
139.1
127.4
128.7
129.7
130.9
131.6
132.4
84.0
13 2
10.9
20.3
10 9
14.5
14.2
84.5
13 3
10.9
20.2
11 2
14.7
14.4
85.0
13 5
10.9
20.2
11 4
14.4
14.6
86 3
13 6
11 2
20.3
11 8
14 6
14.8
86.7
13 7
11.1
20.3
12 1
14.5
15.0
86.8
13 8
11 2
20.3
12 3
14 3
15.0
87 5
13 7
11 4
20.4
12 4
14 5
15.0
87.9
13 4
11 4
20.8
12 6
14 6
15.1
89.2
13 1
11.6
21.1
13 0
14.9
15.5
90 4
13 2
11 6
21.5
13 3
15 2
15.5
91.7
13 4
11.6
21.9
13 6
15.5
15.8
92.7
13 4
11.8
22.3
13 6
15.7
16.0
43.5
11 0
32.4
3.6
7.9
3.1
3.1
14.7
44.1
11 2
32.9
3.7
8.0
3.1
3.1
15 1
44.7
11.6
33.1
3.7
8.2
3.1
3.0
15.0
44.6
11 6
33 0
3.7
8.2
3.2
3.1
14 9
44.9
11 7
33.2
3.7
8.1
3.2
3.2
14 9
45.6
11 9
33.7
3.8
8.2
3.3
3.3
15.1
46.1
12 1
34 0
3.8
8.5
3.4
3.4
15 1
46.0
11 6
34 4
3.8
8.6
3.3
3.4
15 3
46.3
11 6
34.6
3.8
8.7
3.3
3.4
15.4
46.6
11 6
34.9
3.9
8.8
3.2
3.5
15.6
46.5
11.6
34.9
3.9
8.8
3.2
3.5
15.5
46.4
11.7
34.7
3.9
8.8
3.2
3.5
15.3
42.9
44.4
45.1
45.4
46.7
47.4
48.2
48.9
50.7
51.2
51.3
52.4
28.9
14.0
5.4
8.7
29.8
14.6
5.9
8.7
30.5
14.6
5.6
9.0
30.5
15 0
5.8
9.2
30.9
15.8
6.3
9.6
31.3
16.1
6.4
9.7
32.0
16.2
6.3
9.9
32.4
16.5
6.6
9.9
33.4
17.3
6.9
10.4
33.9
17.3
6.8
10.5
34.2
17.1
6.5
10.6
34.9
17.4
6.5
10.9
57.2
58.0
58.8
58.8
59.6
60.7
62.3
63.0
64.2
65.2
66.3
66.8
27.0
13.4
13.6
30.2
6.1
24.1
27.5
13.4
14.0
30.6
6.2
24.4
28.3
14.0
14.3
30.5
6.3
24.2
28.3
13.7
14.6
30.5
6.4
24.1
28.8
14.1
14.7
30.9
6.3
24.5
29.3
14.5
14.7
31.4
6.4
25.0
30.3
15.3
15.0
32.0
6.4
25.6
30.6
15.7
14.9
32.4
6.4
26.0
31.3
15.9
15.4
32.9
6.4
26.5
31.5
15.7
15.7
33.7
6.5
27.3
32.0
16.0
15.9
34.3
6.5
27.8
32.8
16.8
16.0
34.1
6.4
27.6
19*$0
1979
Manufacturing and trade. _
_
Manufacturing
Durable goods 7
Primary metals
_
Fabricated metals _
Machinery, except electrical
Electrical machinery..
.
Transportation equipment
Other durable goods1. _.
__
. . .
.
.
_.
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
0 ther nondurable goods
.
.
_
Retail trade
Durable goods
Auto dealers
_
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
See footnotes to table 4.
.
-
IV
I
II
III
IV
I
II
III
IV
July
Aug.
Sept.
Oct.
Nov.
261.5
265.1
266.3
265.4
264.6
264.7
264.2
263.3
264.8
264.4
264.2
264.5
264.0
263.3
145.6
147.2
146.4
145.9
145.3
145.2
145.6
Dec.
141.8
143.9
145.0
145.9
147.3
147.2
145.9
94.9
13.2
12.0
23.0
14.1
16.3
16.4
96.6
13.3
12.2
23.5
14.2
16.8
16.6
97.5
13.3
12.1
24.1
14.4
17.1
16.5
99.0
13.3
12.3
24.4
14.9
17.5
16.5
99.5
13.3
12.3
24.6
15.2
17.5
16.6
99.5
13.4
12.0
24.9
15.0
17.7
16.5
99.0
13.1
11.7
24.9
15.0
18.0
16.4
99.0
13.0
11.8
24.4
15.0
18.5
16.4
99.8
13.4
11.9
25.1
15.1
17.9
16.5
99.5
13.2
11.8
25.0
15.0
18.0
16.5
99.0
13.1
11.7
24.9
15.0
18.0
16.4
98.6
13.0
11.6
24.5
15.0
18.0
16.4
98.6
13.0
11.7
24.5
15.0
17.9
16.4
99.0
13.0
11.8
24.4
15.0
18.5
16.4
46.9
12.0
34.9
3.9
8.8
3.1
3.5
15.6
47.3
12.4
34.9
4.0
8.8
3.0
3.6
15.5
47.5
12.5
35.0
4.0
8.8
3.1
3.6
15.5
47.0
12.6
34.3
4.1
8.7
3.1
3.4
15.0
47.8
12.5
35.2
4.2
9.1
3.2
3.3
15.4
47.7
12.3
35.3
4.3
9.1
3.3
3.2
15.4
46.8
12.3
34.5
4.2
8.8
3.3
3.1
15.2
46.7
12.1
34.5
4.2
8.8
3.2
3.0
15.2
47.4
12.4
35.0
4.2
8.9
3.3
3.2
15.3
46.9
12.3
34.6
4.2
8.8
3.3
3.1
15.2
46.8
12.3
34.5
4.2
8.8
3.3
3.1
15.2
46.7
12.2
34.5
4.2
8.7
3.2
3.1
15.3
46.6
12.1
34.5
4.2
8.8
3.2
3.0
15.2
46.7
12.1
34.5
4.2
8.8
3.2
3.0
15.2
52.9
52.8
53.2
52.8
52.5
52.9
53.3
53.0
52.8
53.3
53.3
53.5
53.5
53.0
35.1
17.8
6.5
11.3
34.9
17.9
6.8
11.1
35.3
17.9
7.0
10.9
34.9
17.8
7.0
10.9
34.7
17.7
6.9
10.9
35.3
17.6
6.8
10.7
35.3
18.1
7.2
10.9
35.4
17.6
6.8
10.7
35.1
17.7
6.9
10.8
35.5
17.8
6.9
10.9
35.3
18.1
7.2
10.9
35.2
18.3
7.4
10.9
35.4
18.0
7.1
10.9
a5.4
17.6
6.8
10.7
66.8
68.4
68.1
66.8
64.9
64.7
65.1
64.7
64.8
64.7
65.1
65.7
65.4
64.7
33.2
17.0
16.2
33.7
6.5
27.1
34.4
18.2
16.3
33.9
6.5
27.4
33.9
17.5
16.4
34.2
6.7
27.5
32.6
16.5
16.1
34.2
, 6.7
27.4
30.7
15.1
15.6
34.1
6.9
27.2
30.2
14.9
15.4
34.8
6.9
27.9
30.3
15.3
15.0
34.3
6.9
27.4
30.4
14.9
15.4
34.5
6.9
27.6
30.6
15.1
15.4
34.1
6.9
27.3
30.2
14.9
15.4
34.8
6.9
27.9
30.5
15.1
15.5
35.2
7.0
28.2
30.6
15.3
15.3
34.8
7.0
27.8
30.3
15.3
15.0
34.3
6.9
27.4
31.1
15.5
15.6
33.8
6.8
27.0
SURVEY OF CUERENT BUSINESS
36
February 1981
Table 2.—Manufacturing and Trade Sales in Constant Dollars, Seasonally Adjusted Total at Monthly Rate
[Billions of 1972 dollars]
19 76
I
Manufacturing and trade
Manufacturing..
Durable goods
Primary metals. ._
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation 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.. . _ .
_.
_- _ _
Merchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
Retail trade
_.
__
--
Durable goods
Auto dealers
___
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
_
__
-
__
19'r8
K )77
II
III
IV
138.5
140 8
141 6
143 2
65.8
67 2
67.6
68.2
35 1
46
43
61
45
85
7o
36 1
50
43
63
4 7
87
7i
36
5
4
6
4
8
7
4
1
2
4
8
7
2
30 7
10 2
20.5
25
52
27
17
83
31 1
10 4
20 7
25
53
29
18
82
30 9
14 1
16 8
8.7
82
I
II
III
147 3
148 6
149 7
152 5
70.7
70.7
71 5
72.8
36 7
48
43
65
51
90
72
38 5
49
46
67
53
96
75
38 7
50
46
67
53
95
76
39 0
49
46
69
54
95
77
39 9
50
47
70
56
96
79
31 1
10 4
20 7
26
54
29
17
81
31 4
10 5
20.9
26
5.5
29
18
81
32 2
10 5
21.7
27
57
30
20
8.4
32 0
10 2
21.8
27
57
29
20
8.5
32 5
10 4
22 0
26
58
30
21
86
31 3
31 5
31 9
32 7
33 7
14 2
17 1
87
84
14 2
17 3
9.1
83
14 4
17 4
9.2
83
14 9
17 8
9.3
85
15 3
18 4
9.9
85
41.9
42.3
42.5
43.2
43.8
14.5
8.5
6.0
27.4
8.6
18.8
14 7
8.6
60
27.7
8.8
18.9
14.6
8.5
61
28.0
8.9
19.1
14.8
8.7
61
28.3
9.1
19.3
15.4
9.1
63
28.5
9.0
19.5
IV
II
III
153 4
158 6
159 4
73 3
75 8
7fi A
162 6
77 4
41
5
4
7
_L1 7
AQ O
32 9
10 6
22 4
27
59
30
22
86
39 8
50
47
7 Q
58
9 4
7*9
33 5
10 6
22 8
27
61
3o
21
89
33 6
34 2
15 5
18 1
9.8
83
16 3
17 9
9.6
83
44.2
44.6
15.6
9.2
6.4
28.6
9.1
19.5
15.8
9.4
64
28.8
9.1
19.7
19'79
I
IVlanufacturing and trade
Manufacturing
_ _ _
Durable goods
_
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
_._ _
_
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
Auto dealers
Other durable goods
Nondurable goods...
Food stores
O ther nondurable goods
See footnotes to table 4.
_ _
_ _ __
__
I
4
2
8
3
IV
54
4. 8
58
51
78
10 0
81
75
5Q
99
80
10 3
82
34 4
10 8
23 6
2*8
62
31
21
9 4
34 3
10 8
23 5
28
62
32
23
91
34 2
10 7
23 5
2§
65
32
22
89
35 0
36 5
36 8
37 6
16 6
18 4
9.8
86
17 4
19 1
10 2
89
17 6
19 2
10 1
9i
18 1
19 6
10 4
9 2
45.6
45.2
46 2
46 6
47 5
16.2
9.6
66
29.4
9.2
20.2
15.8
9.3
65
29.4
9.2
20.2
16 7
98
69
29 6
90
20.6
16 8
97
7o
29 8
90
20 8
17 3
10 C
7 3
30 2
91
21.1
ft A
A fl
1980
I
II
III
IV
July
Aug.
161 2
160 7
150 5
153 6
158 1
152 6
152 1
156 0
157 9
158 5
158 0
75.8
76.1
70.1
71.5
73.9
70.9
70.2
73.3
74.2
73.9
73.7
41.9
54
50
8.1
61
9.0
8.2
41.2
53
5.0
8.1
62
8.5
8. 1
41.7
53
5.1
8.3
67
8.4
8.0
37.2
43
44
7.9
63
7.2
38.3
45
45
8.1
62
7.6
40.4
50
50
8.3
63
8.1
37.9
43
44
8.1
62
7.7
37.3
44
4 4
7.7
62
7.4
39.6
47
47
8.4
62
7.8
40 6
49
49
8.3
64
8.4
40 7
50
49
8.3
65
8.2
40.0
51
5.0
8.3
6.1
7.7
34.7
10 8
23 8
2.8
67
30
23
90
35.1
11 0
24.1
2.9
67
29
22
93
34.6
11 0
23.6
2.7
6.8
2.8
2.1
9.2
34.4
11 0
23.5
2.8
6.6
2.7
2.1
9.3
32.9
11 0
21.9
2.6
60
2.5
1.9
9.0
33.2
11 0
22.1
2.6
61
2.4
1.9
9.0
33.5
10.9
22.7
2.7
6.4
2.6
2.0
9.1
33.0
11 0
22.0
2.6
60
2.4
1.9
9.1
32.9
11 0
21.9
2.6
60
2.4
2.0
8.9
33.7
11 1
2°. 6
2.7
63
2.4
2.0
91
33.6
10 7
22.9
2.7
64
2.6
2.0
92
33.3
10 7
22.6
2.6
63
2.6
2.0
90
33.7
11.2
22.5
2.7
6.6
2.5
1.9
8.9
37.1
37 5
38.1
38.0
37.8
36.2
36.8
38.5
36.6
36.5
37.3
38.3
38.2
39.2
18.0
19 1
10.0
91
17.9
19 5
10.1
95
18.2
19 9
10.4
9.5
18.1
19.9
10.5
9.4
18.0
19.9
10.7
9.2
16.4
19.8
10.8
9.0
16.9
19.9
10.4
9.6
17.9
20.6
10.7
9.9
16.7
19.9
10.4
9.5
16.7
19.8
10.3
9.5
17.2
20 1
10.4
9.7
17.7
20 6
10.7
9.9
18.1
20 1
10.4
9.7
18.0
21.2
11.0
10.2
47.3
46.6
47.4
47.4
46.8
44.2
45.3
45.6
45.2
45.4
45.4
45.5
46.3
45.1
17.3
10.2
7.2
30.0
9.1
20.9
16.7
9.4
7.3
29.9
9.2
20.7
17.2
9.6
7.5
30.2
9.4
20.8
16.7
9.3
7.4
30.6
9.5
21.1
16.4
9.2
7.2
30.4
9.6
20.8
14.2
7.6
6.7
29.9
9.7
20.3
15.3
8.5
6.8
30.0
9.6
20.4
15.4
8.3
7.1
30.2
9.4
20.8
15.3
8.5
6.8
29.9
9.7
20.2
15.2
8.4
6.7
30.2
9.6
20.6
15.5
8.7
6.8
29.9
9.5
20.4
15.3
8.4
6.9
30.1
9.3
20.8
15.9
8.6
7.2
30.5
9.5
21.0
15.1
7.9
7.2
30.1
9.4
20.6
II
III
IV
162 8
161 0
162 4
78.3
77.0
77.0
43.8
57
52
7.9
63
10.5
8.2
42.3
53
50
79
63
9.5
8.2
34.5
10 7
23.8
2.8
67
32
23
87
Sept.
Oct.
Nov.
Dec.
February 1981
SURVEY OF CURRENT BUSINESS
37
Table 3.—Constant-Dollar Inventory-Sales Ratios for Manufacturing and Trade, Seasonally Adjusted
[Ratio, Based on 1972 Dollars]
1976
I
Manufacturing and trade
Manufacturing
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation 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
------
Retail trade
.
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
.
Other nondurable goods
I
[I
III
IV
1 64
1 65
1 61
1 63
1 61
1 63
1 60
1 61
I 92
] 62
] 86
1 62
1 S2
1 87
1 87
1 84
1 85
1 81
1 82
1 80
2 39
2.86
2 54
3.31
2.41
1 71
2.01
2 34
2 67r
2 51
3 H
2.4C)
1 6£
2.0C
2 2T
2 f ft
2 £s
3 1fi
2.2 6
1 f>6
2.CR
2 35
2 H4
2 61
3 14
2 33
1 63
2 07
2 25
80
$ 44
j 04
30
] 50
1 99
2 24
2 75
2 43
3 02
2 32
1 51
1.97
2 24
2 80
2 49
2 96
2 28
1 52
1 96
2 21
2 67
2 41
2 95
2 24
1 52
1 92
2 24
2 6o
2 5o
30
^
2 23
1 50
1 9fi
2 18
2 55
2 41
2 93
2 •>3
1 59
1 91
2 20
2 46
2 40
2.91
2.28
1 57
1.96
2 15
2.33
2 31
2 86
2.25
1 52
1.94
1.42
1 08
1.4S
1 05
1.5?
1 4i
1.51
1.4 4
1 i1
1. f >0
1 43
l.i 1
I ]o
7
1.7 4
1 j?6
1 49
1 10
1 58
1 43
1 47
1 11
1 75
1 8?
409
1
53
41
4?
07
] 64
] 78
1.43
1 17
1.54
1 40
1.44
1 13
1 63
1 78
1 42
1 16
1 55
1 46
1 46
1 12
1 62
1 76
1.40
1 10
1 54
1 44
1.46
1 10
1 57
1 77
1
1
1
1
38
09
59
41
1 io
1 63
1 73
1 35
1 08
1 48
1 39
1 40
1 04
1 63
1 67
1.35
1 08
1.48
1 40
1.43
1 00
1.55
1 70
1.36
1.09
1.48
1.39
1.37
1.00
1.61
1.72
1 OC
1.74
1 85
1.39
1 42
1 41
1 1?
]
<n
1 41
1 43
1 43
1 4I
] 40
1.40
1.39
2 15
.£(4
f ,1
1 ()9
2 11
86
6?
1 11
' 07
89
68
] 13
2 05
2 06
2 00
2 C9
1 95
1.93
1.14
1.20
1.19
] 95
90
67
1 17
1.17
1.19
1.06
_ _ . _ _ . _ _ .
1.37
1.31r
l.t 8
1 36
] , 36
1.37
1.40
1.38
1.4 ?
] 41
1.42
1.41
1.87
1 57
2.29
1 10
1.87
1 5f,
2.3C{
1 11
.7()
1.2?)
1 £)4
1 (>5
2 It6
1 ()9
1 01
1 58
2 38
1 08
71
1 95
] 87
] 54
1.88
1 59
2.29
1 10
1 92
1 63
2.33
1 11
1 89
1 63
2 27
1 10
1.9 9
1 71
2 38
1 19
1.91
1.65
2.27
1.15
1.89
1.68
2.18
1.13
1.28
1 30
1 29
1 31
] 89
1 61
99
] 14
79
1 33
1.34
1.31
.83
.62
_ _ _.
.71
n
1 5>7
.87
65
> 34
] 08
71
] %
.71
89
64
.70
197€
--
Manufacturing
-
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
-
_
_
Retail trade
Durable goods
Auto dealers
Other durable goods
Nondurable goods
Food stores
Other nondurable goods
_ _ _
See footnotes to table 4.
I
II
1.61
1 65
1.81
1 87
2.17
2.31
2. 31
2.92
2 22
1.55
2 00
1.36
1.12
1.47
1 39
1.31
_
92
69
.70
.S 4
71
1.2 0
.7 o
.89
65
.72
.89
.62
.71
1980
I][
Oc t.
Nov
IV
I
1 64
1 65
1 65
1 76
1 7?
1 67
1 74
1 74
1.69
1 68
1.6 7
1 88
1 92
1 94
? 10
2 D4
1 97
2 08
2 08
1.99
1 96
1.96
1.97
2 28
2.49
2 43
2 97
2 24
1.77
2 03
2 33
2.47
2 42
2 97
2 34
1 90
2 01
2 40
2.53
2 44
3 00
2 40
2 06
2 04
2 39
2.53
2 42
2 97
? 28
2 08
2 08
67
13
79
3 15
9 38
9 46
9 3°
2 59
2. 94
2 RO
3 18
2 1°
2. 36
2 'I
2.45
2.59
2 39
2.94
2 37
2.29
2 10
2 63
3.13
2 72
3.10
2 44
2.34
2 25
2 66
3.00
2 66
3.25
2 41
2.44
2 29
2.50
2.79
2.48
2.95
2.41
2.29
2.14
9
?
?
?
9
?
9
43
67
35
97
35
15
11
2.4 ?,
2.58
2.38
2.95
2.33
2.19
2.1?,
2.48
2.54
2.37
2.95
2.47
2.41
2.08
1.51
1 78
.36
14
.47
40
.32
00
.59
72
1.35
14
.45
38
31
07
62
1 66
.36
15
.45
51
.29
11
63
63
.39
14
.50
53
37
20
57
66
1
45
13
61
64
53
33
73
71
1. tl
1 11
1. 56
1 59
1. *3
1 37
1. W
1 f>8
1.39
1.12
1.52
1 60
1.37
1 25
1.55
1 68
1.44
1 13
1.59
1 62
1.49
1 40
1.65
1 69
1.43
1 11
1.59
1.65
1.45
1.36
1.58
1.72
1.39
1.11
1.53
1.54
1.39
1.35
1.59
1.66
1.39
1 14
1 51
1 56
1 36
1 ?,6
1 55
1 66
1.40
1.13
1.53
1.60
1.39
1.23
1.53
1.69
.39
.09
.53
.60
.34
.29
.60
.71
1 42
1 41
1 40
1 39
I 39
1
46
1 15
1 38
1 45
1.46
1.43
1
40
1.4 0
1.35
1.95
1.95
.92
68
1.17
1.94
.90
68
1.15
1.93
.90
66
1.16
L. 93
89
65
L. 18
?
2. 19
. )1
70
1. 13
1.98
2.10
2.12
2.05
1.99
1.08
1.14
1.14
1.11
1
89
69
10
1.96
.90
.68
1.13
1.97
1
15
89
63
19
1.41
1.47
1.44
1.41
39
1
47
1. 14
1.42
1.44
1.43
1.43
1
45
1.4 1
1.43
1.91
1.68
2.25
1.12
2.06
1.94
2.22
1.14
.70
1.33
1 97
1.82
2.17
1.13
.71
1.32
1 95
1.78
2.16
1. 12
.71
1.30
L 90
L. 69
2.17
1. 11
.70
30
?
?,
9
1
16
00
34
14
71
34
1.
1.
2.
1.
1.97
1.84
2.11
1.14
1.99
1.75
2.28
1.15
2.02
1.80
2.29
1.13
1.95
1.72
2.25
1.17
? 00
1.79
2.01
1.94
2.08
1.14
1.32
1.37
1.32
1.37
1.93
1.77
2.12
1.14
.73
1.33
.96
_
IVferchant wholesalers
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
1.4 9
1 59
2 05
1.28
Durable goods
Primary metals
Fabricated metals
Machinery, except electrical
Electrical machinery
Transportation equipment
Other durable goods *
IV
_
.
_ _ _ _ _ _ _
-
] II
II
1 92t
...
_
Manufacturing and trade
I
2 1C)
.8£
.6£
1.0C{
_.
_
IV
1 64
.59
45
.51
14
.78
78
Merchant wholesalers
III
19 78
1 94
_
Durable goods
Nondurable goods
Groceries and farm products
Other nondurable goods
II
1977
.93
.65
1.24
.72
1.30
III
III
9
3
9
1
1
1
W
74
37
16
7?
1. 37
IV
.85
.64
.73
July
.89
.66
.71
Aug.
.90
.67
.72
£Sept.
.90
.69
.72
2 24
1 17
75
1.36
Dec.
1.67
.83
.62
1.05
.73
1.33
SUEVEY OF CURRENT BUSINESS
38
February 1981
Table 4.—-Fixed-Weight Constant-Dollar Inventory-Sales Ratios for Manufacturing arid Trade, Seasonally Adjusted
[Ratio, Based on 1972 Dollars]
1977
19 76
Manufacturing and trade
Manufacturing
Durable goods
Nondurable goods
-
_
__
19 78
IV
I
II
III
IV
I
II
III
1.64
1.64
1.60
1.61
1.62
1.59
1.62
1.58
1.91
1.92
1.85
1.87
1.86
1.83
1.85
1.80
2.34
1.42
2.26
1.38
2.24
1.42
2.24
1.42
2.20
1.39
2.24
1.40
I
II
III
1.63
1.63
1.93
1.90
2.39
1.39
2.33
1.40
2.32
1.43
19 79
19 80
IV
I
II
III
IV
I
II
III
IV
1.58
1.55
1.57
1.62
1.80
1.77
1.79
1.86
1.61
1.62
1.63
1.77
1 71
1 65
1.87
1.91
1.92
2 11
2 04
2.18
1.36
2.19
1.35
2.13
1.35
2.15
1.36
2 26
1.38
1 95
2.29
1.37
2.36
1.37
2 37
1.40
2 66
1.48
2 56
1.43
2 42
1.40
IVlerchant wholesalers
1 38
1.40
1.41
1.43
1.42
1.41
1.42
1 41
1.44
1 38
1 37
1.36
1.39
1.38
1.36
1.36
1 36
1 46
1 43
1 36
Durable goods
Nondurable goods
2.03
.83
2.06
.85
2.10
.84
2.11
.86
2.07
.89
2.05
.87
2.06
.90
2.00
.92
2.04
.95
1.96
.90
1.96
.89
1.94
.89
1.96
.92
1.95
.90
1.93
88
1.93
.88
1.94
88
2.16
.88
2.09
89
1.98
.84
1.34
1.35
1.36
1.34
1.33
1.34
1.36
1.34
1.39
1.36
1.37
1.35
1.36
1.41
1.38
1.36
1.35
1.45
1.40
1.38
1.85
1.09
1.85
1.09
1.92
1.08
1.89
1.07
1.86
1.07
1.86
1.08
1.90
1.09
1.88
1.08
1.97
1.09
1.87
1.10
1.89
1.11
1.87
1.0!)
1.90
1.09
2.04
1.10
1. 95
1.09
1.92
1.08
1.88
1.08
2.13
1.11
1.95
1.12
1. 95
1.09
Retail trade
Durable goods
Nondurable goods
_ _ _ _ _ _
-
__ _ _
1. Includes lumber and wood products; furniture and fixtures; stone, clay, and glass products; instruments and related products; and miscellaneous manufacturing industries.
2. Includes tobacco manufacturers; textile mill products; apparel products; printing and
publishing; and leather and leather products.
NOTE.—Manufacturing inventories are classified by the type of product produced by the
establishment holding the inventory. Trade inventories are classified by the type of product
sold by the establishment holding the inventory.
Table 4: The I-S ratios shown in this table were obtained by weighting detailed industry
I-S ratios by 1972 sales. For manufacturing, 20 industries were used: for merchant wholesalers,
20 kinds of business; and for retail trade, 8 kinds of business.
By OBIE G. WHICHARD
Trends in the U.S. Direct Investment
Position Abroad, 1950-79
This article presents data on the U.S.
direct investment position abroad,
equity and intercompany account outflows, and reinvested earnings of incorporated foreign affiliates for 1950-79.
The data for 1950-65 have been reaggregated from previously published
data into formats as similar as possible
to those used in the SURVEY OF CURRENT
BUSINESS for 1966 forward. In tables
7, <9, and 9, the 3 items are shown for 6
areas (excluding subtotals], 5 of which
are cross-classified ~by 3 industries. In
the near future, tables showing these 3
items and, in addition, income; earnings; and interest, dividends, and earnings of unincorporated affiliates for 43
countries or areas and 6 industries will
be available upon request.
of the period; equity and intercompany account outflows were larger
during the middle of the period.
• At yearend 1950, the shares of the
position accounted for by affiliates in
developed and developing countries
were about the same—48 and 49 percent, respectively. ("International
and unallocated" accounted for the
remainder.) By yearend 1979, the
share of developed countries had increased to 72 percent, while that of
developing countries had declined to
25 percent. European affiliates largely
accounted for the increase in the share
of developed countries, while Latin
American affiliates largely accounted
for the decline in the share of developing countries.
• At yearend 1950, 29 percent of the
UEING 1950-79, the U.S. direct inposition was in petroleum, 32 percent
vestment position abroad expanded
in manufacturing, and 39 percent in
greatly and underwent marked changes
"other" industries. Largely during
in its composition by area and industry.
the sixties and early seventies, inAlso, the relative sizes of the different
vestments in manufacturing rose sigcomponents of change in the position
nificantly relative to those in petrovaried significantly. The major developleum. At yearend 1979, 22 percent of
ments, which are reviewed and interthe position was in petroleum, 43 perpreted in this article, were:
cent in manufacturing, and 35 per• At yearend 1950, the U.S. direct incent in "other" industries.
vestment position abroad was $11.8
The position is the net book value of
billion. From 1950 to 1979, the posi- U.S. direct investors' equity in, and outtion grew at an average annual rate standing loans to, their foreign affiliof 10.1 percent and, by yearend 1979, ates. It is sometimes confused with, and
had reached $192.6 billion. Growth accordingly should be distinguished
tended to be most rapid in the early- from, total assets of the affiliates themto-mid fifties, and to be slowest in the selves, which are the sum of total ownlate fifties and early sixties.
ers' equity held by, and total liabilities
• Of the two generally largest compo- owed to, both U.S. direct investors and
nents of change in the position—equi- all other persons.1
ty and intercompany account outflows
The change in the position in a given
and reinvested earnings of incorpo- year consists of three components: (1)
rated foreign affiliates—reinvested
1. Data on total affiliate assets are collected in
earnings was generally the larger BEA's
benchmark surveys of U.S. direct investcomponent at the beginning and end ment abroad.
D
equity and intercompany account outflows, (2) reinvested earnings of incorporated foreign affiliates, and (3) valuation adjustments. Equity and intercompany account outflows are the net increase in U.S. parents' capital .stock (including additional paid-in-capital) in,
and intercompany account balances
with, incorporated foreign affiliates,
plus the net increase in U.S. parents'
claims on the net assets of unincorporated foreign affiliates. Reinvested
earnings are U.S. parents' shares in the
earnings of incorporated foreign affiliates (net of foreign income taxes),
less gross dividends to U.S. parents
from these affiliates. Valuation adjustments are all changes in the position not
arising from the other two components.
The sum of equity and intercompany
account outflows and reinvested earnings is equal to capital outflows for
U.S. direct investment abroad recorded
in the U.S. international transactions
accounts.
Data on the position are collected for
the universe of foreign affiliates in
censuses, or benchmark surveys, of direct investment. Benchmark surveys
were conducted in 1950,1957, and 1966.2
(A survey covering 1977 is in the final
stages of processing.) For nonbenchmark years, sample data are collected,
and are linked to the universe data collected in the most recent benchmark
survey. As a result of this linking (or
benchmarking) process, the universe
2. Results of these surveys were published in U.,S.
Department of Commerce, Office of Business Economics, Direct Private Foreign Investments of the
United States: Census of 1950 (Washington, D.C. :
U.S. Government Printing Office, 1953) ; idem, U.S.
Business Investments in Foreign Countries (Washington, D.C. : U.S. Government Printing Office,
I960) ; U.S. Department of Commerce, Bureau of
Economic Analysis, U.S. Direct Investment Abroad,
1966: Final Data (Washington, D.C. : U.S. Government Printing Office, n.d.).
39
SUKVEY OF CUKKENT BUSINESS
40
data for the benchmark year are extrapolated forward, based on the sample
data, to obtain universe estimates for
subsequent years.
For a benchmark year, estimates
made by linking sample data to the previous benchmark survey will generally
differ from data collected in the new
one, because movements in the sample
data collected in that year, and in the
years between the two benchmark surveys, do not perfectly reflect movements
in the universe. The technical note at
the end of the article compares the
linked-sample and benchmark*estimates
for 1957 and 1966; the note also discusses comparability problems stemming from changes in the definition of
direct investment, changes in the method of allocating the position by country and industry, and measurement of
the position in terms of historical book
values.
Overview
At yearend 1950, the U.S. direct investment position abroad was $11.8 billion ; at yearend 1979, it was $192.6 billion (table 1 and chart 8). The average
annual growth rate was 10.1 percent,
with a high of 16 percent in 1956 and a
low of 5 percent in 1966. The 1966 figure
reflected a downward revision made as
a result of benchmarking the data to
BEA's 1966 benchmark survey of U.S.
direct investment abroad, rather than
an actual deceleration of investment
activity; in the absence of this revision,
the position would have increased
about 11 percent in 1966. The second
slowest growth year was 1960, when the
position increased only 7 percent, primarily because expropriated investments in Cuba were removed from the
position.
February 1981
Although year-to-year variations
make it difficult to draw general conclusions concerning subperiods of 195079, there was some tendency for the
position to grow most rapidly during
1950-57, when large investments were
made in Canada and, during 1956-57,
in Venezuela. Growth tended to be
slowest during the late fifties and early
sixties, probably because of slow growth
in the world economy, as well as the
1960 disinvestment in Cuba.
After the midsixties, growth in the
position was fairly stable: the rates
ranged from 9 to 11 percent, except in
4 years—1973, 1975, 1978, and 1979—
when they ranged higher. The rapid
growth in these 4 years was in part a
consequence of three related factors
that characterized the seventies: (1)
high rates of worldwide inflation, (2)
sharp increases in petroleum prices, and
CHART 8
U.S. Direct Investment Position Abroad, 1950-79
By Industry
By Area
Billion $ (Ratio scale)
200
Billion $ (Ratio scale)
200
100
100
80
80
60
60
Total
Total
\
40
40
30
30
20
20
10
Petroleum
Latin America
8
Other
6
4
3
*Break in series (see text lor discussion)
ll I I I I I I I I I I I I I I I I I I I
I I I I I I I I I I
1950
70
52
54
56
58
60
62
U.S. Department of Commerce, Bureau of Economic Analysis
64
66
68
72
74
76
78
I
1950
I I I I
52 54
I I
56
I I
58
I I I I
60 62
I I I I I I
64 66 68
I I
70
I I I I
72 74
I i I {
76 78
1
SUEVEY OF CUERENT BUSINESS
February 1981
(3) floating exchange rates. In 1973,
1978, and 1979, the growth in the position was accounted for by reinvested
earnings of incorporated foreign affiliates. In 1973 and 1979, dollar earnings
were boosted by both rapid worldwide
inflation and particularly sharp petroleum price increases; in 1978, they were
boosted by depreciation of the U.S.
dollar against several major foreign
currencies. In each year, much of the
increase in earnings tended to be reinvested by affiliates, probably in part
because of the need to finance the replacement of physical assets at costs exceeding allowances calculated under
historical cost accounting. In 1975, the
rapid growth in the position was accounted for by equity and intercompany
account outflows, partly due to the reversal of large inflows from petroleum
affiliates in 1.974. This shift in equity
and intercompany account flows was
related to sharp increases in petroleum
prices in 1973-74.
Growth in the Position, by
Component
During 1950-79, the patterns of
growth in the position, both by component and by area and industry,
varied. Table 2 shows, for 1950-79, the
three components of the change in the
position in millions of dollars and as a
percent of the total change.
In most years, the two largest components of change in the position were
equity and intercompany account outflows and reinvested earnings of incorporated foreign affiliates. Of these
two components, equity and intercompany account outflows were larger in
17 of the 30 years in the period—in 1950
and 1956-71. Except for 1950, reinvested earnings were larger at the beginning (1951-55) and end (1972-79)
of the period.
A higher proportion of incorporated
affiliates' earnings were reinvested,
rather than being remitted to U.S.
parents, in the two periods when rein-
Table 1.—-U.S. Direct Investment Position Abroad, 1950 and 1979
Distribution
Amount
1979
1950
1979
1950
Percent
Millions of dollars
All areas
Petroleum
Manufacturing
Other
Developed countries
Petroleum
Manufacturing
Other
_ _ . _ . - _ . .
. . __
_ _.
Canada
Petroleum
Manufacturing
Other..
.
Europe
Petroleum _
M anuf acturing
Other
_ _
_
.
Other
Petroleum
Manufacturing
Other
Developing countries
Petroleum. .
Manufacturing
Other
_
.
_ .__
.
. .
Latin America
Petroleum
Manufacturing
Other
Other
Petroleum
_
Manufacturing
Other . . .
_
.
I nternational and u nallocated
Petroleum .
Manufacturing
Other
.
Average
annual
rate of
growth,
1950-79
11,788
3,390
3,831
4,567
192,648
41, 553
83,564
67, 531
100
29
32
39
100
22
43
35
10.1
9.0
11.2
9.7
5,696
981
2,984
1,731
137,927
31, 821
67, 366
38,741
48
8
25
15
72
17
35
20
11.6
12.7
11.3
11.3
3,579
418
1,897
1,264
41, 033
9,168
19, 237
12, 628
30
4
16
11
21
5
10
7
8.8
11.2
8.3
8.3
1,733
426
932
374
81, 463
18, 555
41, 246
21, 662
15
4
8
3
42
10
21
11
14.2
13.9
14.0
15.0
384
137
156
92
15, 431
4,098
6,882
4,451
3
1
1
1
8
2
4
2
13.6
12.4
13.9
14.3
5,736
2,169
847
2,720
47,841
7,231
16, 198
24, 412
49
18
7
23
25
4
8
13
7.6
4.2
10.7
7.9
4,577
1,303
781
2,493
36,834
4,568
13, 220
19,046
39
11
7
21
19
2
10
7.5
4.4
10.2
7.3
1,159
866
66
228
11,007
2,662
2,978
5,366
10
7
1
2
6
1
2
3
8.1
3.9
14.0
11.5
356
240
6,880
2,502
3
2
4
1
10.8
8.4
116
4,378
1
2
13.3
41
vested earnings were larger than in the
period when equity and intercompany
account outflows were larger. During
1951-55, high rates of reinvestment apparently resulted mainly from the need
to finance the expansion of existing
affiliates; passive accumulation of funds
because of restrictions on remittances
by host governments was of secondary
importance.
During 1972-79, rates of reinvestment were comparatively high partly
because, during much of the period,
foreign inflation and dollar depreciation against a number of foreign currencies made it difficult for affiliates to
maintain stocks of physical capital
using only funds provided by allowances based upon historical prices and
exchange rates. Maintenance of these
stocks also required the reinvestment of
a portion of the affiliates' earnings. Keinvestment for this purpose had not
been necessary to the same extent in
earlier periods, when foreign inflation
rates were generally lower and foreign
exchange rates more stable.
The importance of reinvested earnings as a component of change in the
position during 1972-79 reflected not
only a relatively high rate of reinvestment, but also extremely slow growth
in equity and intercompany account outflows. Absolute declines in outflows were
registered in 5 of the 8 years in the period. This slow growth was partly attributable to an increase in sales, relative to purchases, of capital stock in
incorporated affiliates by U.S. parents.
Table 3 shows, for 1964-78, data on U.S.
parents' acquisitions and sales of stock
from or to foreigners other than the
affiliate in which the investment was
made—primarily unaffiliated foreigners.3 (Such data are not available for
other years.)
During 1963-72, outflows to acquire
capital stock from unaffiliated foreigners substantially exceeded inflows from
the sale of capital stock to unaffiliated
foreigners. For most of these years, a
major portion of outflows for acquisitions was to acquire or add to investment in European manufacturing affiliates. Some of this investment was prob3. For 1978, the data cover only transactions
with unaffiliated foreigners.
SURVEY OF CURRENT BUSINESS
42
Table 2.—Additions to U.S. Direct Investment Position Abroad, 1950-79
Distribution
Amount
Year
Total
Equity
and intercompany
account
outflows
Reinvested
earnings of
incorporated
affiliates
Valuation
adjustments *
Total
Equity
and intercompany
account
outflows
Reinvested
earnings of
incorporated
affiliates
Valuation
adjustments *
Percent
Millions of dollars
Memorandum:
Position at
Yearend
Millions
of dollars
1950
1951
1952
1953
1,088
1,191
1,742
1,533
621
508
853
735
475
751
923
826
-8
-68
-34
-28
100
100
100
100
57
43
49
48
44
63
53
54
-1
-6
-2
-2
11, 788
12, 979
14, 721
16,253
1954
1955
1956
1957
1,376
1,766
3,108
2,890
667
823
1,951
2,442
702
962
1,175
1,363
7
-19
-18
-915
100
100
100
100
48
47
63
84
51
54
38
47
1
-1
-1
-32
17,631
19, 395
22, 505
25, 394
1958
1959
I960
1961
2,015
2,418
2,039
2,852
1,181
1,372
1,675
1,599
945
1,089
1,266
1,054
-111
-43
-902
199
100
100
100
100
59
57
82
56
47
45
62
37
-6
-2
-44
7
27,409
29,827
31,865
34,717
1962
1963
1964
1965
2,559
3,460
3,744
4,994
1,654
1,976
2,328
3,468
1,198
1,507
1,431
1,542
293
-23
-15
-66
100
100
100
100
65
57
62
70
47
44
38
31
-11
-1
(*)
37, 276
40, 736
44,480
49, 474
1966
1967
1968
1969
2,318
4,768
5,347
6,186
3,625
3,050
2,855
3,130
1.791
1,757
2,440
2,830
-3,098
-39
52
226
100
100
100
100
156
64
53
51
77
37
46
46
-134
-1
1
4
51, 792
56, 560
61,907
68,093
1970
1971
1972 .
1973
7,387
7,280
7,118
11,435
4,413
4,441
3,214
3, 195
3,176
3,176
4,532
8,158
-202
-337
-628
82
100
100
100
100
60
61
45
28
43
44
64
71
-3
-5
-9
1
75,480
82, 760
89,878
101,313
1974
1975
1976
1977
8,765
13, 971
12,759
13,039
1,275
6,196
4,253
5,612
7,777
8,048
7,696
7,286
-287
-273
810
141
100
100
100
100
15
44
33
43
89
58
60
56
-3
-2
6
1
110, 078
124, 050
136, 809
149,848
1978
1979
17, 957
24,844
4,877
5,904
11,469
18,414
1,611
525
100
100
27
24
64
74
9
2
167,804
192,648
--
i Includes all changes in the position not arising from the other two sources (see text).
* Less than 0.5 percent (±).
ably a delayed response to the earlier
formation of the European Economic
Community, and some was probably encouraged by an overvalued U.S. dollar.
Both factors tended to increase the attractiveness to U.S. companies of direct
investment, relative to exporting, as a
means of serving foreign markets.
In contrast, in 1973, outflows for acquisitions only slightly exceeded inflows
from sales, and in each of the succeeding years sales exceeded acquisitions.
The excess of sales over acquisitions was
particularly large in 1976 and 1978,
when several sizable sales occurred. The
motivations previously mentioned for
acquisitions of equity in foreign affiliates had probably diminished by the
midseventies: U.S. companies had had
ample time to adjust patterns of trade
and investment in response to the formation of the European Economic Community, and increased flexibility of foreign exchange rates and the substantial
depreciation of the U.S. dollar probably had reduced the significance of per
sistent exchange-market disequilibrium
as a factor in investment decisions. In
addition, motivations for sales may
have increased. Reasons for some of the
larger sales included concern over Canadian controls on petroleum exports;
host-government procurement policies
favoring locally owned firms; concern
over the ability of affiliates to compete
with more highly integrated locally
owned firms; the desire to raise funds
to finance domestic (U.S.) operations;
arid pressures by host governments for
a greater degree of local ownership of
affiliates, particularly in the extractive
industries. In some instances, local ownership was increased through the sale
of affiliates to governments or government enterprises.
Slow growth in equity and intercompany account outflows during 1972-79
was also attributable to a tendency for
affiliates to rely increasingly on foreign,
rather than U.S., funds to finance their
operations. According to BEA's data
on sources and uses of funds of foreign
February 1981
affiliates for 1957-76 (the data for 1966
forward cover only majority-owned
affiliates), this tendency first became
evident around 1968, when mandatory
controls on U.S.-source financing of
foreign affiliates were established.4 It
apparently continued even after the
controls were abolished in January
1974. The controls appear to have had
lasting effects on foreign capital
markets, which grew and developed
during the program years to meet increased demands for foreign-source
funds.
Finally, equity and intercompany account outflows were dampened during
1972-79 by a reduction in outflows to,
or shift to inflows from, petroleum affiliates. As discussed in the next section,
the pattern of outflows in petroleum
was closely associated with changes in
crude oil prices.
As noted above, valuation adjustments—the third component of change
in the position—include all changes in
the position not arising from the other
two components. They primarily reflect
differences between transactions values
4. The tendency might have been even stronger
had there not been a provision that permitted U.S.
parents to supply their foreign affiliates with funds
in excess of program ceilings by borrowing abroad
and using the proceeds to offset their excess
financing of affiliates.
Table 3.—-Acquisitions and Sales of Capital
Stock in Incorporated Affiliates From or
to Foreigners Other Than Affiliate in
Which Investment Was Made, 1963-78
[Millions of dollars]
Year
1963
1964
1965
1966
1967
1968
1969
1970
..
.
1971
1972
1973
1974
1975
1976
1977
1978
--
Acquisitions
Sales
Column (1)
minus
dolumn (2)
(1)
(2)
(3)
228
434
369
591
52
106
90
29
176
328
279
562
508
800
847
855
318
220
164
157
190
580
683
698
656
854
666
525
196
152
627
573
460
702
39
-48
502
311
491
721
546
1055
647
2,331
-44
-744
-156
-1,610
NOTE.—Data for any given year have not been revised
since they were last published in the SURVEY. For 1963-77,
includes transactions in which a U.S. parent acquired or
sold capital stock in one affiliate from or to another affiliate.
However, most acquisitions and sales were from or to unaffiliated foreigners. For 1978, only acquisitions and sales
from or to unaffiliated foreigners are included.
SURVEY OF CUREENT BUSINESS
February 1981
period over which growth is compounded.6
At yearend 1950, the shares of the
position accounted for by affiliates in
developed and developing countries
were about the same—48 and 49 percent, respectively. "International and
unallocated," which includes shipping
and certain other international operations, accounted for the remainder. In
both developed and developing countries, the areas with the largest shares
were in the Western Hemisphere: in
developed countries, Canada had the
largest share (30 percent); in developing countries, Latin America had the
largest share (39 percent) (chart 9).
By yearend 1979, the geographical
distribution of the position had changed
significantly. The share of the developed countries had increased to 72 percent, while that of the developing countries had declined to 25 percent. The
share of "international and unallocated"
had increased slightly.
European affiliates largely accounted
for the increase in the share of the developed countries. As a result of f asterthan-average growth in all three major
industries, the share of Europe increased from 15 percent at yearend
and in 1960, when the expropriated investments in Cuba were removed from
the position; the adjustments were
negative in all three years. Relatively
large negative adjustments were also
made for 1962 and 1972; these adjustments resulted from the reclassification
of several Canadian investments from
direct to portfolio investment. The
largest positive adjustments were made
for 1978, when several affiliates were
sold for more than their book value, and
when, partly as a byproduct of the 1977
benchmark survey, several previously
unreported affiliates were included in
the position for the first time.
on the books of U.S. parents, which are
used to record equity and intercompany
account outflows, and book values on
the books of foreign affiliates, which are
usd to record changes in the position.
For example, they include differences
between the proceeds from and book
value of affiliates that are sold or liquidated ; differences between the purchase
price and book value of affiliates that
are acquired by U.S. parents; and writeoffs resulting from uncompensated expropriations of affiliates. Valuation adjustments may also arise because of reclassifications of investments from (to)
direct investment to (from) portfolio
investment; revisions made in conjunction with benchmarking, such as the
correction of errors or changes in definition ; and revaluations of affiliate assets.5
For individual areas and industries,
they include reclassifications of investments between areas and industries.
Valuation adjustments were a relatively small component of the change in
the position in most years shown in
table 2. However, they were quite large
in the benchmark years 195Y and 1966,
Area and Industry Patterns
Tables 1 and 4 show levels, percentage distributions, and average annual
rates of growth in the position by area
and industry. The percentage distributions and rates of growth are interrelated. The share in the total of a given
area or industry will increase, remain
unchanged, or decline, respectively, depending upon whether its growth rate
is above, equal to, or below that of the
total. For an area or industry whose
growth rate is above (below) that of the
total, the increase (decline) in its share
will be larger (1) the larger its initial
share, (2) the larger the difference between its growth rate and the growth
rate for the total, and (3) the longer the
5. For 1978 and 1979, the gains and losses arising
from such revaluations are consistently included
as reinvested earnings of incorporated affiliates or
equity and intercompany account outflows to unincorporated affiliates, rather than as valuation adjustments. Before 1978, however, these gains and
losses, if known,, were included as valuation adjustments.
43
6. More precisely, letting r equal the growth rate
for the given area or industry, R equal that for the
total, and t equal the period over which growth is
compounded, the change in the share of the given
area or industry is equal to the initial share multiplied by { [ i + ( ( r - R ) / ( l + R ) ) ] t - l } .
Table 4.—U.S. Direct Investment Position Abroad, Yearend 1950, 1957, 1966, and 1979, by Industry
Distribution
Amount
1950
1957
1966
1979
Percent
Millions of dollars
All industries.
Petroleum
_
___
11,788
25,394
51,792
192,648
100
100
100
100
_ _ _
3,390
9,055
13, 893
41, 553
29
36
27
22
9.0
3,831
483
512
385
807
420
387
485
1,159
378
182
599
8,009
723
1,378
941
1,658
927
731
1,204
2,106
722
401
983
20, 740
1,771
83,564
32
4
4
3
7
4
3
4
10
3
2
5
32
3
5
4
7
4
3
5
8
3
2
4
40
3
7
3
10
6
3
8
9
2
2
5
43
4
10
2
12
n.a.
n.a.
6
9
n.a.
n.a.
n.a.
11.2
9.8
13.3
9.0
12.3
n.a.
n.a.
11.5
9.8
n.a.
n.a.
n.a.
4,566
1,129
1,425
762
542
221
425
826
589
237
8,331
2,361
2,145
1,668
1,156
513
1,001
1,155
680
475
17,160
3,983
2,260
67, 531
7,185
39
10
12
6
5
2
4
7
5
2
33
9
8
7
5
2
4
5
3
2
33
8
4
8
7
2
9
4
1
3
36
4
2
11
n.a.
n.a.
14
4
n.a.
n.a.
9.7
6.6
3.3
12.1
n.a.
n.a.
15.5
8.4
n.a.
n.a.
Manufacturing.. __
_ _
Food products
_
_
Chemicals and allied products
Primary and fabricated metals - _
Machinery
Machinery, except electrical
_ _ __
Electrical machinery
Transportation equipment Other manufacturing
_ _
Paper and allied products
Rubber and misc. plastics products
Other
_
_
_
Other industries
Mining and smelting
_ _ _
Transportation, communication, and public utilities
Trade
Wholesale trade..
_ .
_
_ _ _ _ _
Retail trade
Finance and insurance
Other..
_ _ _ _ _
Agriculture
_
_ _ _ _ _ _ _
_ _
Other
n.a. Not available.
1979
1966
1957
1950
Average
annual rate
of growth,
1950-79
__
_
3,840
1,448
5,033
3,235
1,798
3,919
4,729
1,294
817
2,618
4,331
3,427
905
4,540
2,046
322
1,724
7,291
18, 990
4,681
23, 591
n.a.
n.a.
11, 489
17, 522
n.a.
n.a.
n.a.
3,607
20,709
n.a.
n.a.
27, 459
8,570
n.a.
n.a.
10.1
SURVEY OF CURRENT BUSINESS
44
1950 to 42 percent at yearend 1979. The
share of "other" developed countries—
Japan, Australia, New Zealand, and
South Africa—rose from 5 percent to
8 percent. Partly offsetting was a decline, from 30 percent to 21 percent, in
the share of Canada; this decline
resulted
from slower-than-average
growth in manufacturing and "other"
industries.
Latin American affiliates largely accounted for the decline in the share of
developing countries. The share of
Latin America declined from 39 percent
to 19 percent because of slower-thanaverage growth in petroleum and
"other" industries. The share of "other"
developing countries also declined because of slow growth in petroleum.
The industry distribution of the position also changed significantly during
the period. At yearend 1950, 29 percent
of the position was in petroleum, 32
percent in manufacturing, and 39 percent in "other" industries. At yearend
1979, 22 percent of the position was in
petroleum, 43 percent in manufacturing,
and 35 percent in "other" industries.
Investments in manufacturing had
risen significantly—largely during the
sixties and early seventies—relative to
petroleum investments.
These changes in area and industry
composition reflected changes in the relative advantages and disadvantages of
investing in various areas and industries. They also reflected the facts that
the initial (1950) U.S. direct investment
position in Europe, but not in Canada
and Latin America, had been lowered by
the destruction of U.S. investments during World War II, and that the position
in Europe in later years was raised by
the replacement of these investments.
Before 1950, U.S. direct investment
abroad tended to be made close to home,
in part because expensive and inefficient
transportation and communication
made it difficult to operate enterprises
from great distances. Canada, in particular, was viewed by U.S. direct investors as an extension of the domestic
market. In addition, it Avas a location
from which manufactured goods could
be exported on preferential terms to
members of the British Commonwealth.
Pre-1950 investments also tended to be
concentrated in public utilities, agriculture, and industries related to natural
resources—such as mining and petroleum—from which it would be difficult
to derive benefits through other means,
Guch as by exporting. The agricultural
and natural resources investments were
February 1981
made primarily to serve United States,
rather than foreign, markets.
Many of the U.S. direct investments
in Europe that had been made before
World War II were destroyed during
the war and had not been replaced by
1950. Incentives to replace these investments, and to make new ones, wore weak
until economic reconstruction was more
complete and currency convertibility,
which had been suspended during the
War, began to be restored. Reconstruction provided larger markets—with associated economies of scale—for goods
produced by foreign affiliates, and the
economic infrastructure needed for
efficient production and distribution.
Moves towards currency convertibility
ensured U.S. direct investors that income from, and capital invested in, foreign affiliates could be largely or wholly
repatriated. Incentives to invest in Europe were further strengthened by the
secular decline in the cost, and improvements in the quality, of long-distance
transportation and communication facilities, and by the integration of several major economies into the European
Economic Community.
Because Canada and Latin America
were more nearly "saturated" with U.S.
investments in 1950 than was Europe,
CHART 9
Distribution of U.S. Direct Investment Position Abroad, 1950-79
By Area
By Industry
Percent
Percent
100
100
Canada
Petroleum
80
80
60
60
•urope
Manufacturing
40
1950
52
54
56
58
60
62
64
U.S. Department of Commerce, Bureau of Economic Analysis
66
68
70
72
74
76
78
1950
52
54
56
58
60
62
64
66
68
70
72
74
76
78
February 1981
in part because U.S. investments in
these areas had not been destroyed during the War, there was less immediate
potential for subsequent growth and
development of U.S. investments in
these areas. Moreover, Canada and
Latin America had initial concentrations of U.S. investments in industries—such as public utilities and those
related to natural resources—in which
the issue of foreign control became especially sensitive. U.S. direct investors
made a number of substantial disinvestments in these industries during
1950-79.
Petroleum
At yearend 1950, the position in petroleum was $3.4 billion. From then
until 1979, it grew at an average annual
rate of 9.0 percent; at yearend 1979, it
was $41.6 billion. Growth rates in particular years varied widely, ranging
from a 14-percent decline in 1974 to a 25percent increase in 1956.
The position in petroleum grew at annual rates of 12.7 percent in developed
countries, 4.2 percent in developing
countries, and 8.4 percent in "international and unallocated." In developed
countries, the position grew at annual
rates of 11.2 percent in Canada, 13.9
percent in Europe, and 12.4 percent in
"other" developed countries. In developing countries, the position grew at a
4.4-percent rate in Latin America and a
3.9-percent rate in '"other" developing
countries.
In Canada, growth was most rapid
during 1950-57—at an average annual
rate of 27.1 percent, compared with 7.4
percent during 1956-79. The position
grew more rapidly in each of the years
1950-56 than in any subsequent year.
Investments during 1950-56 were
largely accounted for by equity and intercompany account outflows, which
financed petroleum exploration and development, particularly in Western
Canada, and construction of pipelines
and refineries. As projects in Canada
were completed during 1956-58, growth
slowed to an annual rate of about 14
percent, and then dropped to 4.9 percent
during 1958-69. Because substantial
development had already taken place
earlier, and because world petroleum
supplies were ample, further major de
SURVEY OF CURRENT BUSINESS
velopment was discouraged in the latter
period.
The growth rate increased to 9.0 percent during 1969-79, entirely because
of growth in reinvested earnings. In
contrast to earlier periods, equity and
intercompany account , inflows were
registered for 1970-79 as a whole, and
for 6 of the 10 years in the period. The
inflows reflected two factors—(1) a
shift, affecting at least the years
through 1976, in the sources of affiliates'
external financing from funds from
U.S. parents to foreign-source (i.e.,
non-U.S.) funds, and (2) sales of
affiliates by U.S. parents in 1976 and
1978. Data for a sample of majorityowned foreign affiliates showed that
during 1972-76, over 98 percent of
affiliates' total external funds were from
foreign sources; this was up sharply
from 60 percent during 1966-71.7 (Also,
the proportion of external funds accounted for by foreign-source funds
was higher in each of the years 1972-76
than in any of the years 1966-71.)
The sales of affiliates in 1976 and 1978
reflected, in addition to the particular
objectives of individual companies,
heightened Canadian interest in increasing domestic ownership and control of natural resource industries, and
associated tax and regulatory policies—
including export controls.
In Europe, the average annual rate
of growth in the position in petroleum
was 13.9 percent during 1950-79,
Growth rates in individual years ranged
from 4 percent in 1952 to 30 percent in
1956. For 1950-79 as a whole, an exceptionally high proportion of growth
was financed by equity and intercompany account outflows. With the notable
exception of 1979, reinvested earnings
tended to be quite low; for most of the
sixties, they were actually negative. Low
or negative reinvested earnings reflected
corporate earnings that were low or negative due to intercompany pricing practices; earnings were shifted from incorporated refining and marketing affiliates in oil-importing areas, primarily
7. Ida May Mantel, "Sources and
of Majority-Owned Foreign Affiliates
nies,. 1973-76," U.S. Department of
reau of Economic Analysis Staff
(May 1979).
Uses of Funds
of U.S. CompaCommerce, BuPaper No. 33
45
Europe, to crude-oil-producing affiliates
in oil-exporting areas, primarily the
Middle East. Tax considerations, some
or all of which ceased to apply toward
the late seventies, were the primary
factors.
In addition to 1956, years in which
growth in Europe was particularly rapid were 1951 (20 percent) ,1957 (27 percent), 1960 (21 percent), 1961 (22 percent), 1973 (24 percent), and 1979 (23
percent). In all these years, except 1973
and 1979, major expansions in refinery
capacity or development of distribution
systems occurred. The largest increases
in the position tended to be in the
United Kingdom, which, throughout
1950-79, accounted for a larger share
of the position in petroleum than any
other European country.
In 1973, rapid growth in the position
was attributable to sharp increases in
crude oil prices, which resulted in increases in European affiliates' indebtedness to their U.S. parents for oil the
parents had purchased in crude-oil-producing countries, primarily in the Middle East, and then resold to the European affiliates. The increases in indebtedness reflected both the higher value of
transactions associated with the higher
prices and a temporary lengthening of
credit terms by U.S. parents on sales
to their affiliates.
These same factors contributed to
growth in 1974, when a second round
of sharp increases in crude oil prices
occurred. However, growth in 1974 was
moderated by a transfer to newly
formed Latin American finance affiliates of accounts receivable due U.S. parents from their European petroleum
affiliates; the transfer caused the portion of the U.S. direct investment
position represented by these receivables
to be shifted, by means of offsetting
equity and intercompany account flows,
from Europe (in petroleum) to Latin
America (in finance and insurance).
In 1975, crude oil prices stabilized,
and affiliates were able to repay some of
the debt they had incurred in 1973 and
1974. However, growth in the position
in 1975 slowed only slightly from 1974
because of a sizable increase in outflows
to the United Kingdom. The increase in
46
outflows largely financed sharply higher
spending, to a substantial extent induced by higher crude oil prices, for
North Sea exploration and development. Outflows to finance such spending continued to be an important source
of growth for the remainder of the
period.
In 1979, rapid growth in the position
was attributable to a sharp increase in
reinvested earnings, which, in turn, was
due to increases in both corporate earnings and the rate of reinvestment. The
increase in earnings largely reflected
increased profit margins of refining affiliates; margins rose as prices of refined
products were bid up considerably above
OPEC-set crude oil contract prices, in
response to growing uncertainties about
the future price and availability of
crude oil. The reinvestment rate increased to help finance these affiliates'
accumulation of inventories as a hedge
against further price increases and possible supply disruptions.
In Latin America, the average annual
rate of growth in the position was 4.4
percent. Growth occurred mainly during the fifties and early sixties: from
1950-61, the position grew almost 10
percent per year; from 1961-79, it grew
1.2 percent per year.
Growth was particularly strong in 4
years—1952, 1956, 1957, and 1961. In
each year, it was concentrated in Venezuela, which, until the midseventies, accounted for a larger share of the position in petroleum than any other Latin
American country. The most rapid
growth in the position in Latin America
was in 1956 and 1957, when there were
large equity and intercompany account
outflows to Venezuela to finance the acquisition of petroleum concessions.
Growth in 1961 was mainly due to a
valuation adjustment, which reflected a
writeup in the book value of the fixed
assets of a large Venezuelan affiliate.
During 1961-79, growth was depressed by two factors: (1) a large ($1.0
billion) negative valuation adjustment
in 1966, associated with BEA benchmarking, and (2) a substantial decline,
over several years, in the position in
Venezuela. The growth in investments
that did occur during this period was
outside Venezuela—primarily in re
SUKVEY OF CUERENT BUSINESS
fining affiliates located on various Atlantic and Caribbean Islands; most of
this growth took place in the seventies.
The position in Venezuela declined
from $2.4 billion at yearend 1961 to
$0.4 billion at yearend 1979. Declines
were registered in 14 of the 18 years.
One reason for the decline was that,
during much of the period, affiliates5
depreciation and depletion charges
against existing capital exceeded their
gross capital spending.8 The excess provided funds that could be transferred
to U.S. parents as equity and intercompany account inflows without impairing
affiliate operations or requiring affiliates
to borrow additional funds abroad. The
disinvestment in net fixed assets, in
turn, may have reflected a combination
of political uncertainty and the availability of more attractive investment
opportunities outside Venezuela. Political uncertainty was generated by
rising taxes; by the refusal of the government to grant new concessions to
foreign-owned companies; and by announcement of the intention to force
the return of existing concessions to the
government well in advance of takeover
dates.
In some individual years during 196179, there were additional reasons for the
declines in the position in Venezuela.
The decline in 1966 was largely attributable to BEA benchmarking. In 1973 and
1974, declines were associated with
sharp increases in crude oil prices, which
increased trade accounts receivable that
affiliates held against their U.S. parents
for oil the latter had purchased, but for
which payment had not been made. Finally, the large decline in 1976 reflected
equity and intercompany account inflows from compensation paid to U.S.
parents by the Venezuelan Government
for affiliate assets it had nationalized.
(Following the nationalization of the
assets, some affiliates remained in Venezuela to purchase petroleum or to sell
technical services.)
In "other" developing countries,
where affiliates were engaged primarily
8. This was evidenced by data for a sample of
majority-owned affiliates. For these affiliates, depreciation and depletion charges exceeded capital
spending during 8 of the 11 years 1966-76 for
which data are available; the cumulative difference
over the entire period was about $0.5 billion.
February 1981
in crude oil production and, to a lesser
extent, in the purchase of crude oil from
state-owned enterprises, the position
grew 3.9 percent per year. It grew an
average of 7.7 percent per year from
1950 to 1972, when it peaked at $4.4
billion. In 1973, it declined and, in 197476, was actually negative. It turned positive again in 1977 and, in 1979, reached
$2.7 billion—still considerably below
the 1972 peak.
Before 1973, funds supplied by U.S.
parents to finance oil-producing assets
largely determined the change in the
position. Crude oil was produced by
affiliates with little direct participation
by host governments or their enterprises, crude oil prices were relatively
low, and accounts receivable were comparatively unimportant. The position
increased in every year from 1950 to
1972, except 1966, when a downward
adjustment was made as a result of
BEA benchmarking.
Beginning in 1973, the position in
"other" developing countries was lowered or made negative by two related
developments. First, a few host governments either nationalized the producing
assets of affiliates, thus changing the
status of the affiliates to trade and service companies, or purchased fractional
equity interests in the affiliates' producing assets. Compensation or other
proceeds from these transactions generally were returned to the U.S. parents,
thereby lowering their direct investment
positions. Second, and probably more
importantly, crude oil prices rose sharply ; this increased trade accounts receivable that the affiliates held against their
U.S. parents or transferred to their parents for collection.
The increase in receivables was largest in the Middle East, where the position shifted to a negative value in 1973
and remained negative for the rest of
the period. In 1973 and 1974, the effect
of increased prices apparently was reinforced by a temporary extension of
credit terms that allowed additional
time for the higher priced oil to work
its way through the distribution system
before the receivables were required to
be settled. As prices stabilized, and customary credit terms were reinstated, the
position in "other" developing countries
February 1981
SUEVEY OF CURRENT BUSINESS
tion apparently was boosted by reinvestment of inflation-induced inventory
profits. Throughout the period, the bulk
of the position was in developed countries; the share of these countries
ranged from about three-fourths to
five-sixths of the total.
The position in manufacturing grew
at similar average annual rates in developed and developing countries—11.3
and 10.7 percent, respectively. In developed countries, the position grew at
annual rates of 8.3 percent in Canada,
14.0 percent in Europe, and 13.9 percent
in "other" developed countries. In developing countries, the rates were 10.2
percent in Latin America and 14.0 percent in "other" developing countries.
Data on the position in individual industries within manufacturing are
available for the benchmark years 1950,
1957, and 1966, and for each year from
1967 forward. Data for 1950,1957,1966,
and 1979—the most recent year for
which data are available—are shown in
table 4. Of the industries shown separately, the positions in three—chemicals, machinery, and transportation
equipment—grew more rapidly from
1950 to 1979 than the position in total
manufacturing. The above-average
growth in chemicals and machinery was
partly attributable to investment in
subindustries, such as petrochemical
and computer manufacturing, that have
been characterized by high rates of
technological innovation. At yearend
1979, the position in chemicals and
machinery accounted for about one-half
of the position in manufacturing, compared with a little over one-third at
yearend 1950.
By area, the average annual rate of
growth in manufacturing was lowest in
Canada—8.3 percent. The rates for Canada in individual years ranged from a 6percent decline in the BEA benchmark
Manufacturing
year 1966 to a 15-percent increase in
1952, when direct investment capital
At yearend 1950, the position in outflows increased sharply, partly to fimanufacturing was $3.8 billion; at year- nance construction of hydroelectric
end 1979, it was $83.6 billion. The aver- power-generating and other facilities to
age annual growth rate was 11.2 per- expand the productive capacity of alucent, and growth for individual years minum-manufacturing affiliates.
ranged from a 6-percent increase in the
Throughout 1950-79, growth in the
1957 BEA benchmark year to a 16- position in Canada tended to be financed
perceiit increase in 1973, when the posi- out of reinvested earnings. Equity and
increased somewhat, but remained negative until 1977 due to the higher level of
receivables associated with higher
prices. In 1979, credit terms were shortened significantly, thus lowering the
level of receivables and sharply increasing the position.
During the years before 1973, the
geographical composition of the position within "other" developing countries changed markedly. Until the midfifties, over three-fourths of the position in these countries was in Middle
East countries other than Iran. The
share of these countries declined
steadily for the remainder of the
period—by 1972, it was only 15 percent—while the share of other areas,
most notably Africa, increased. By
1972, Africa accounted for nearly onehalf of the position in "other" developing countries. Beginning in 1973, discussion of the composition of the position is complicated by the shift to a
negative position in the Middle East.
Throughout most of 1950-79, equity
and intercompany account outflows
were a much more important source of
change in the position in "other" developing countries than were reinvested
earnings of incorporated affiliates. The
importance of the former primarily
reflected the prevalance of unincorporated affiliates, whose unremitted earnings are included in equity and intercompany account outflows, in crude-oilproducing areas. To a lesser extent, it
reflected a low rate of reinvestment by
incorporated affiliates, except in 1975,
when temporary exchange restrictions
caused postponement, to early 1976, of a
major dividend payment by an affiliate
in the Far East. This increased both
reinvested earnings and the position in
1975, but reduced them by an equivalent amount in 1976.
47
intercompany account outflows exceeded
reinvested earnings in only 4 years, and
in 2 of those years, the difference was
slight. This pattern may have reflected
the fact that Canadian affiliates are
older, on average, than affiliates elsewhere, and over time have developed the
capacity to finance growth primarily
out of internally generated funds.9 The
relatively slow growth of investments
also may have reduced the needs of affiliates for large infusions of funds from
U.S. parents.
In Europe* the growth rate, at 14.0
percent, was the highest among major
areas except "other" developing countries, where the position was much
smaller. Europe has accounted for the
largest share of the position in manufacturing since 1964, when it surpassed
Canada. By yearend 1979, Europe's
share was nearly 50 percent.
Except for two years—1960 and
1975—growth in Europe ranged from
10 to 19 percent. In 1960, growth was
unusually rapid—29 percent—because
of a large equity and intercompany account outflow to acquire additional equity in a United Kingdom automotive
affiliate. In 1975, growth was relatively
slow—8 percent—largely due to poor
business conditions. Earnings of incorporated affiliates fell in that year, thereby reducing the funds available for reinvestment. Moreover, data for a sample of majority-owned foreign affiliates
indicate liquidation of inventories and,
to a much lesser extent, short-term accounts receivable from persons other
than U.S. parents; this liquidation reduced the affiliates' need for funds from
U.S. parents (as well as from other
sources).10
9. Data on age of affiliate, measured by the
number of years that the U.S. parent owned the
affiliate, are presented for a sample of foreign
manufacturing affiliates of U.S. manufacturing
parents in L. A. Lupo, Arnold Gilbert, and Michael
Liliestedt, "The Relationship Between Age and
Rate of Return of Foreign Manufacturing Affiliates
of U.S. Manufacturing Parent Companies," SURVEY
OF CURRENT BUSINESS, Vol. 58 (August 1978), p.
62, table 3. The table shows that in 1966, 60 percent of the Canadian affiliates were at least 10
years old, compared with 40 percent of European
affiliates, 48 percent of affiliates in other developed
countries, and 42 percent of affiliates in developing
countries. The percentage of total affiliate assets
accounted for by these older affiliates was 83 percent in Canada, compared with about 70 percent in
the three remaining areas (table 2, p. 61).
10. Mantel, ''Sources and Uses of Funds," p. 37.
48
Within Europe, the geographical
composition of the position in manufacturing changed significantly during
1950-79. In 1950, 58 percent of the position was in the United Kingdom, 34 percent in the 6 countries—Belgium,
France, Germany, Italy, Luxembourg,
and the Netherlands—that were to comprise the original European Economic
Community, and 8 percent in other European countries. The shares of these
areas remained about the same until the
mid-to-late fifties, when the share of the
United Kingdom began to decline and
that of the European Economic Community—which beginning in 1967 became
known as the European Communities
(6)—began to rise; somewhat later, the
share of other European countries also
began to rise.11 These changes in composition continued with few interruptions
until about the midseventies, when the
composition again stabilized. At yearend 1979, 29 percent of the position was
in the United Kingdom, 55 percent in
the European Communities (6), and 16
percent in other European countries.
One reason for the shift in distribution from the United Kingdom to countries in the European Communities (6)
was the creation of the European Economic Community in 1958 through the
Treaty of Rome, which had been signed
in the previous year. The major features
of the Community were (1) the gradual
reduction in, and eventual elimination
of, barriers to movements of goods and
factors of production among member
countries, and (2) the adoption of common external tariffs. The most important feature, from the standpoint of direct investment, was probably the elimination of internal tariffs.12 Some U.S.
manufacturers that had been serving
markets in the Community through
11. The change in terminology resulted from an
administrative merger with other organizations. The
European Communities (6) includes, in addition to
the 6 orisrinal member countries of the European
Economic Community, the European Atomic Energy Community, the European Coal and Steel
Community, and the European Investment Bank.
The organization became known as the European
Communities (9) in 1973, when Denmark, Ireland,
and the United Kingdom joined the Communities.
12. The common external tariff may have had an
effect on investment in individual countries and
industries. However, because it was to be based
on an average of previous tariff rates in individual
countries, its overall effect on direct investment is
unclear.
SUKVEY OF CURRENT BUSINESS
Table 5.—Average Annual Rates of Growth
in U.S. Direct Investment Position in
European Manufacturing Affiliates
[Percent]
Total
United
Kingdom
European
Commun-
ities (6)
Other
Entire 1950-79 period
14.0
11.3
15.9
16.8
Period up to European
Economic Community's formation (195058)
13 0
12 2
15 0
8.7
5 years (1958-63)
17 9
15 0
21.1
20.6
10 years (1958-68)
16.0
11.8
18.7
25.6
21 years (1958-79)
14.3
10.9
16.2
20.0
12.1
10.5
11.9
16.4
Periods following
formation:
Period following United
Kingdom entry into
the European Communities (1973-79)
U.S. exports found it necessary to produce in the Community in order to compete with local firms in third-country
markets within the Community. Also,
to the extent that the arrangements associated with the Community increased
economic growth and efficiency in the
member countries, general market expansion may have created additional
investment opportunities. Finally, the
ability to export duty free within the
Community raised the advantages to direct investors of choosing member countries, rather than the United Kingdom
or other outside countries, as a locus of
production from which to serve Europe
as a whole; as a result, investment was
probably diverted from nonmember to
member countries.
Table 5 show^s growth in the position
in the United Kingdom, the European
Communities (6), and "other" Europe
in the entire period 1950-79; the period
1950-58 before the Community's formation; three periods—1958-63, 1958-68,
and 1958-79—following its formation;
and the period 1973-79, following the
United Kingdom's entry into the Communities. The figures suggest that the
formation of the Community stimulated investment in the member countries and diverted investment from the
United Kingdom. The position in the
European Communities (6) grew more
rapidly in each period following formation than it did before formation. In
contrast, growth in the United Kingdom was more rapid than before the
February 1981
Community's formation only in the
first period following formation, and
then only because of the previously
mentioned transaction in 1960 involving an automotive affiliate. The differential in growth rates between the
United Kingdom and the European
Communities (6) narrowed considerably during 1973-79, when the United
Kingdom (along with Denmark and
Ireland) was included in an expanded
9-member European Communities.
Other factors also may have contributed to the shift in distribution.
Partly because of the absence of language and cultural barriers, large-scale
investment by U.S. direct investors had
been channeled earlier to the United
Kingdom than to continental Europe;
thus, following a period of postwar reconstruction, investment in the United
Kingdom had less potential for subsequent growth and development. Also,
economic growth after 1958 tended to
be slower in the United Kingdom than
in the European Communities (6),
partly for reasons unrelated to the
Community's formation. This may have
discouraged investment in the United
Kingdom relative to that in the European Communities (6).
Growth in the position in manufacturing in "other" European countries
(table 5) increased sharply after 1957,
although from a relatively small base.
Contributing to the increase were economic expansion in .several countries in
the area, increasing familiarity of U.S.
direct investors with the area as a byproduct of investments elsewhere in
Europe, and, possibly, the formation of
the European Free Trade Association
(EFTA) in 1960. In addition, some of
the increase in 1966 represented a break
in series attributable to BEA benchmark revisions.
The EFTA included six of the
"other" European countries, together
with the United Kingdom. For several
reasons, it probably had less important
effects on trade and investment than the
European Communities (6). First, by
providing only for the eventual elimination of internal tariffs, but not for
common external tariffs or increased
mobility of factors of production, it
represented a lesser degree of integra-
February 1981
tion. Second, with a population only
about one-half that of the European
Communities (6), it provided a much
smaller internal market. (Over one-half
of the population within the EFTA
was, in turn, accounted for by the
United Kingdom.) Third, longer distances and other natural barriers, such
as bodies of water and mountain ranges,
provided greater obstacles to trade in
the EFTA than in the European Communities (6). Finally, the EFTA's continued existence was threatened by the
possibility that some of its members
would eventually leave it to join the
Euopean Communities, as the United
Kingdom and Denmark in fact did in
1973.
In "other" developed countries, the
average annual rate of growth was 14.0
percent. Rates in individual years
ranged from 29 percent in 1951 to 4 percent in 1975. The rapid growth in 1951
was from a very small (less than $0.2
billion) base. The slow growth in 1975
was, as in the case of Europe, attributable to poor business conditions. Earnings of incorporated affiliates declined,
reducing the funds available for reinvestment; also, liquidation of inventories and receivables moderated affiliates' need for equity and intercompany
account outflows from U.S. parents.
During 1950-79, the share of the
"other" developed countries accounted
for by Japan increased sharply, while
the shares of the remaining countries declined. At yearend 1950,3 percent of the
position was in Japan, 63 percent in
Australia, 6 percent in New Zealand,
and 28 percent in South Africa. At yearend 1979, 40 percent of the position was
in Japan, 46 percent in Australia, 2 percent in New Zealand, and 12 percent in
South Africa.
The position in Japan grew very rapidly—at an average annual rate of 24.3
percent—during 1950-79, and Japan's
share increased during almost all of the
period. (Corresponding declines in
shares tended to be largely in South
Africa during the fifties and early six'ties? and largely in Australia thereof ter.) The growth in the position in Japan throughout most of the period reflected very rapid growth of the Japanese economy. Growth in the position
SURVEY OF CURRENT BUSINESS
during 1963-66 may have also reflected a
relaxation of exchange restrictions,
while growth in subsequent years reflected several rounds of liberalization
of restrictions, beginning in 1967 and
continuing through the midseventies, on
inward direct investment. Despite the
rapid growth, the position in Japan has
remained small in relation to the size of
the Japanese economy and the importance of its manufacturing sector. This
may reflect remaining restrictive elements of Japanese policies.
In Latin America, the position in
manufacturing grew at an average annual rate of 10.2 percent during 1950-79.
Rates of change ranged from a 26-percent increase in 1951 to a 16-percent
decline in 1957. The 1957 decline was entirely due to a break in series from BEA
benchmarking. It was concentrated in
two countries—Argentina and Brazil—
that had experienced extremely high
rates of inflation, accompanied by periodic large depreciations of their currencies against the U.S. dollar. Between
benchmark surveys, the estimated dollar
value of investment in affiliates' net current assets in these countries that were
denominated in local currencies was not
adjusted downward to allow for the depreciations. In the 1957 benchmark survey, however, the investments were
revalued at the prevailing (lower) exchange rates, thus eliminating the overstatement that had arisen in nonbenchmark years. Although in 1966—the next
benchmark year—the position for Latin
America as a whole increased, significant downward revisions were again
made for Argentina and Brazil, both of
which continued to experience high
rates of inflation and currency depreciation.13
13. In 1976, new rules for translating affiliate
financial statements from foreign currencies into
U.S. dollars went into effect (see Financial Accounting Standards Board Statement No. 8). Under
these rules, when exchange rate changes reduce
(increase) the dollar value of certain specified balance-sheet items, including net current assets, that
are denominated in local currencies, income is also
reduced (increased) ; the position is affected on
an ongoing basis through reductions (increases) in
reinvested earnings of incorporated affiliates and
equity and intercompany account outflows to unincorporated affiliates. Thus, in nonbenchmark years,
overstatement of additions to the position in countries such as Argentina and Brazil should be
largely eliminated in estimates for 1976 forward,
and overstatement of the position itself should be
largely eliminated once the series for 1977 forward
has been linked to the 1977 benchmark survey.
49
Much of U.S. direct investment in
Latin American manufacturing industries probably was undertaken in
response to numerous restrictions on
foreign trade and foreign exchange
transactions in several of the larger
countries. These restrictions were designed to induce the substitution of domestic production for imports, and they
increased the profitability of serving
markets in these countries through direct investment, rather than through exports. Automobile manufacturing affiliates, for example, were established in
several of the larger countries, even
though economies of scale might have
been exploited more effectively through
more centralized production within
Latin America or through exports from
the United States.
Throughout 1950-79, the position in
Latin America was concentrated in four
(Text continued on page 54)
Table 6.—U.S. Direct Investment Position
Abroad, 1957 and 1966: Comparisons of
Series Based on 1950, 1957, and 1966
Benchmark Surveys
[Millions of dollars]
1957
1950
basis
1966
1957
basis
1957
basis
1966
basis
AH areas
26,278
Petroleum
9 106
Manufacturing.. 8,414
Other
8,758
25, 394
9 055
8,009
8,331
54,799
16, 222
22, 078
16, 499
51,792
13, 893
20, 740
17,160
Developed countries
14, 112
(D)
Petroleum
Manufacturing .... 6,608
(D)
Other
14,038
3,691
6,591
3 757
36,661
8,588
18, 237
9,836
35,290
7,661
17, 214
10, 415
8,870
2,001
3,890
2,979
8,769
2,016
3,924
2,829
17, 017
3,608
7,692
5,717
15, 713
3,171
6,697
5,845
Europe . .
Petroleum
M anuf acturing
Other
4 152
1,219
2 239
4,151
1,253
2,195
702
16, 233
4,003
8,879
3,351
16, 390
3,627
8,906
3,858
Other
Petroleum
M anuf acturing
Other
1,090
1,118
3,411
3,187
1,666
1,611
Developing countries
Petroleum
Manufacturing
Other...
11,092
10,315 118, 138
4,715 i 7, 634
3,842
1,418
4,182 i 6, 662
13,866
5,051
3,525
5,290
Canada
Petroleum.
Manufacturing
Other
Latin America
Petroleum
M anuf acturing
Other
...
694
(D)
479
(D)
(D)
1,807
(D)
_ ..
Other
Petroleum
M anuf acturing
Other
International and unallocated
421
472
225
977
768
863
712
8,766
3,118
1,650
3 998
8,052
2,997
1,280
3,775
11, 498
3,475
3,318
4,705
9,752
2,456
2,973
4,323
2,326
(D)
157
(D)
2,263 16,640
1,718 i 4, 159
524
138
407 1 1, 957
4,114
2,595
1,074
1,041
(2)
552
967
2,635
D
Suppressed to avoid disclosure of data for individual
companies.
1. Includes "international and unallocated."
2. Included in "other" developing countries.
SURVEY OF CURRENT BUSINESS
50
February 1981
Table 7.—U.S. Direct Investment
1950
Line
1952
1951
1953
1954
1955
1956
1957
1960
1959
1958
1961
Millions
1
2
3
4
All areas
Petroleum
Manufacturing
Other..
_
5
6
7
8
Developed countries .
Petroleum
Manufacturing
Other
_
_
11,788
3,390
3 831
4 567
12,979
3,687
4 348
4,944
14,721
4,273
4 967
5,481
16,253
4,914
5,340
5,998
17, 631
5,297
5 899
6,434
19,395
5,899
6 623
6,873
22,505
7,355
7 561
7,589
25, 394
9,055
8 009
8 331
27, 409
9,822
8 673
8 914
29,827
10,324
9 707
9,795
31, 865
10, 810
11 051
10,004
34,717
12,190
11, 997
10, 530
5 696
981
2 984
1 731
6,447
1,258
3,284
1 906
7,408
1,506
3 727
2 174
8,395
1,808
4,112
2,475
9,443
2,104
4 567
2,773
10, 686
2,488
5 151
3,047
12,375
3,119
5 898
3,358
14, 038
3,691
6 591
3,757
15, 250
4,043
7 178
4,029
16, 961
4,384
8 106
4 472
19,319
4,926
9 323
5,070
20,978
5,571
10,068
5,338
3 579
418
1 897
1 264
3 969
563
2 009
1,397
4 641
719
2 303
1,618
5 349
941
2 540
1,869
6 043
1 165
2 777
2,101
6 761
1,381
3 093
2,287
7 795
1,759
3 526
2,511
8 769
2,016
3 924
2,829
9 470
2,293
4 164
3,013
10 310
2,467
4 565
3,278
11 179
2,664
4 827
3 688
11,602
2,828
5 076
3,698
g
10
11
12
Canada ._ _
Petroleum
Manufacturing
Other
13
14
15
16
Europe . .
Petroleum
Manufacturing
Other. _ _ .
1 733
426
932
374
1 989
512
1 074
403
2 153
532
1 194
427
2 375
609
1 310
456
2 643
'668
1 478
497
3 002
'762
1 685
555
3 561
990
1 952
619
4 151
1 253
2 195
702
4,573
1 320
2 475
779
5,323
1 452
2 947
924
6 691
1 763
3 g04
1 124
7,742
2 152
4 255
1,336
17
18
19
20
Other
Petroleum
Manufacturing
Other
384
137
156
92
490
183
201
106
614
255
230
129
671
258
262
150
757
271
312
175
923
345
373
205
1 019
371
420
228
1 118
421
472
225
1,207
430
539
238
1 328
465
593
269
1 449
499
692
258
1,634
591
738
304
21
22
23
24
Developing countries
Petroleum
Manufacturing
Other
25
26
27
28
Latin America .
Petroleum
Manufacturine;
Other
29
30
31
32
Other -.
.
Petroleum
Manufacturing
Other
33
__
. __
. . .
_
._
International and unallocated
5 736
2 169
'847
2 720
6 146
2 162
1 064
2,919
6 880
2 466
1 239
3 175
7,369
2 763
1 228
3,378
7,620
2 796
1 332
3 492
8,043
2 944
1*472
3,627
9,326
3 675
1 663
3,988
10, 315
4 715
1,418
4,182
10, 971
5 028
1 495
4,448
11,508
5 099
1 602
4,808
11 128
5 033
1 727
4,367
12,254
5 751
1,929
4,574
4 577
1 303
781
2 493
4 949
1 294
'982
2 672
5 514
1 455
1 153
2 905
5 774
1 554
1 134
3,085
5 929
1 539
1 223
3,168
6 242
1 622
1 353
3 266
7,298
2 197
1 531
3,570
8 052
2 997
1,280
3,775
8,469
3 152
1,334
3,983
8 887
3 208
1 417
4,263
8 366
3 122
1 521
3,723
9,239
3 674
1,707
3,858
1 159
866
66
228
1 197
868
82
247
1 366
1 Oil
86
269
1,596
1 209
94
293
1 690
1 257
109
324
1 802
1 322
119
361
2 028
1 478
133
417
2 263
1 718
138
407
2,503
1 876
161
466
2,621
1 891
185
545
2,762
1 912
206
644
3,015
2,077
222
716
356
387
433
488
567
666
803
1,041
1,188
1,357
1.418
1,485
Percent change from
34
35
36
37
38
39
40
41
Developed countries
Petroleum
Manufacturing.
Other
42
43
44
45
Canada
Petroleum
Manufacturing
Other
46
47
48
49
50
51
52
53
Europe
Petroleum
Manufacturing
Other
54
55
56
57
Developing countries
Petroleum
Manufacturing
Other
13
16
14
11
10
15
g
9
g
g
10
7
10
11
12
7
16
25
14
10
13
23
6
10
g
g
g
7
9
5
12
10
7
5
14
2
9
13
9
5
13
28
10
10
11
35
6
11
15
20
14
14
13
20
10
14
12
16
11
12
13
18
13
10
16
25
15
10
13
18
12
12
9
10
9
7
g
13
11
H
9
13
g
5
17
28
15
16
g
4
11
6
15
31
10
15
12
18
11
9
15
27
14
10
12
15
11
13
8
14
6
g
9
g
10
9
10
14
10
7
13
24
9
12
11
10
13
9
14
12
15
13
g
g
6
13
14
14
14
12
19
30
16
12
17
27
12
13
10
5
13
11
16
10
19
19
27
34
30
15
7
(*)
26
7
25
40
14
22
13
5
19
16
3
1
g
3
22
28
20
17
6
5
11
4
10
7
13
11
10
14
12
—1
g
2
14
6
12
14
16
9
9
1
14
17
7
12
—1
6
16
25
13
10
11
28
-15
5
g
—1
26
7
11
12
17
9
5
7
-2
6
3
—1
g
3
5
5
11
3
17
35
13
9
3
25
9
14
16
6
9
17
20
9
9
6
4
16
11
7
5
9
11
9
12
13
16
17
__
_
Latin America.. _
Petroleum
M anufacturing
Other
62
63
64
65
Other
_ .
Petroleum
Manufacturing
Other
15
20
15
g
__
Other
_
Petroleum
Manufacturing
Other
58
59
60
61
66
10
9
13
g
All areasPetroleum -_
M anufacturing _ _
Other .
__
_
(*)
...
International and unallocated
_ __
.
"Less than 0.5 percent (±).
1. Percent change not denned because of negative position in current year, previous year, or both.
4
6
5
(*)
16
22
12
19
6
7
5
6
10
g
10
13
5
1
7
g
26
21
29
22
9
7
17
-4
-3
-1
8
-9
10
14
12
5
10
36
—16
6
5
5
4
5
5
2
6
7
-6
-3
7
-13
10
18
12
4
13
12
12
16
12
16
4
-2
11
9
16
14
5
1
15
17
5
1
11
18
9
9
8
11
21
30
14
14
5
5
13
19
7
18
SURVEY OF CURRENT BUSINESS
February 1981
51
Position Abroad, 1950-79
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
37,276
12,725
13,250
11,301
40,736
13,652
14,937
12,147
44,480
14,328
16,935
13,217
49,474
15,298
19,339
14,837
51,792
13,893
20,740
17,160
56,560
15, 166
22,803
18,591
61,907
16,574
25, 160
20,174
68,093
17,612
28,332
22, 149
75,480
19,754
31,049
24,677
82,760
21, 794
34, 359
26,607
22,976
5,943
11,060
5,974
25,638
6,697
12,421
6,520
28,637
7,203
14,045
7,389
32,313
7,721
15, 939
8,653
35,290
7,661
17,214
10,415
38,708
8,493
18, 912
11,303
42,088
9,159
20, 721
12,208
46,658
9,859
23,285
13,513
51,819
11,205
25,572
15,042
12,133
2,875
5,312
3,947
13,044
3,134
5,761
4,149
13,855
3,196
6,198
4,461
15,319 15, 713
3,356
3,171
6,872
6,697
5,090 . 5,845
16, 703
3,372
7,059
6,272
17,952
3,625
7,535
6,792
19,578
3,881
8,404
7,293
8,930
2,385
4,883
1,662
10,340
2,776
5,634
1,930
12, 129
3.122
6,587
2,420
13,985
3,427
7,606
2,951
16,390
3,627
8,906
3,858
18,231
4,158
9,867
4,206
19,851
4,434
10,940
4,478
1,912
682
865
365
2,254
786
1,026
442
2,652
884
1,260
508
3,010
937
1,461
612
3,187
863
1,611
712
3,774
963
1,986
824
12,653
5,815
2,191
4,647
13,365
5,967
2,516
4,881
13,960
6,063
2,890
5,006
15, 176
6,476
3,400
5,300
13,866
5,051
3,525
5,290
9,524
3,642
1,944
3,938
9,941
3,636
2,212
4,092
10.255
3,589
2,507
4,159
10,885
3,546
2,944
4,395
3,129
2,174
246
709
3,424
2,332
304
789
3,705
2,475
383
847
1,647
1,733
1972
1973
1974
1975
1976
1978
89,878
23,385
38,325
28, 168
101,313
24,951
44,370
31,992
110,078
21,418
51, 172
37,488
124,050
25,972
55,886
42, 192
136,809
28,775
61, 161
46,872
149,848
31,420
66,033
52,395
167,804
33, 790
74,080
59,934
192,648
41,553
83,564
67,531
1
2
3
4
56,950
12,544
28,320
16,086
62,060
13,542
31,558
16,959
72,214
15,911
36,550
19,753
82,895
18,204
41,973
22,719
90,695
20,129
45,427
25, 139
100,304
22,912
49, 766
27,625
108,225
24,851
53,709
29,665
120,471
26,871
59,858
33,742
137,927
31,821
67, 366
38,741
5
6
7
8
21,015
4,337
8,971
7,708
21,818
4,643
9,504
7,671
22,985
4,764
10,491
7,730
25,541
5,320
11,755
8,467
28,404
5,731
13,450
9,223
31,038
6,220
14,691
10, 126
33,838
7,119
15.965
10, 754
35,200
7,660
16, 696
10,844
37,071
8,246
17,477
11,347
41,033
9,168
19,237
12,628
9
10
11
12
22,246
4,756
12,372
5,118
25,255
5,481
13, 819
5,955
28,654
6,247
15,628
6,779
31,696
6,872
17,529
7,295
38,255
8,524
20,777
8,954
44,652
9,830
23,990
10,832
49,305
11,165
26,013
12, 127
55, 139
12, 726
28,788
13,625
60,930
13,947
31,672
15,311
69,553
15, 122
36,304
18, 127
81,463
18,555
41, 246
21,662
13
14
15
16
4,284
1,100
2,247
938
4,834
1,223
2,509
1,102
5,549
1,387
2,783
1,379
6,478
1,654
3,188
1,636
7,378
1,906
3,538
1,934
8,417
2,066
4,019
2,332
9,839
2.642
4,533
2,664
10,352
2,744
4,722
2,886
11,327
3,068
5,013
3,246
12,095
3,244
5,342
3,510
13,847
3,503
6,076
4,269
15, 431
4,098
6,882
4,451
17
18
19
20
14,905
5,289
3,891
5,725
16,497
5,852
4,439
6,206
17,627
6,032
5,047
6,548
19, 192
6,644
5,477
7,072
20,719
7,027
6,038
7,654
22,274
7,376
6,767
8,130
22,904
6,074
7,820
9,010
19,848
-390
9,200
11,038
26,288
2,519
10,459
13,310
29,313
2,690
11,395
15,227
34,462
3,520
12. 324
18,618
40,399
4,361
14,223
21,816
47,841
7,231
16, 198
24,412
21
22
23
24
9,752
2,456
2,973
4,323
10,290
2,391
3,238
4,661
11,342
2,551
3,723
5,068
12,039
2,533
4,202
5,304
12,961
2.703
4,541
5,717
14,013
2,939
4,995
6,080
14,897
2,979
5,620
6,297
16,484
3,043
6,456
6,984
19,527
3,564
7,541
8,422
22, 167
3,324
8,562
10,281
23,934
2.932
9,275
11,727
28, 110
3,489
10,063
14,557
32,662
3,892
11,712
17,059
36,834
4,568
13,220
19,046
25
26
27
28
4,291
2,931
455
905
4,114
2,595
552
967
4,615
2,898
653
1,064
5,154
3,300
716
1,138
5,587
3,499
845
1,244
6,231
3,941
936
1,354
6,706
4,088
1,044
1,574
7,377
4,397
1,147
1,833
6,420
3,030
1,363
2,027
321
-3,954
1,658
2,616
4,121
-805
1,8'6
3,029
5,379
-242
2,120
3,501
6,353
31
2,261
4,061
7,737
469
2,511
4,757
11,007
2,662
2,978
5,366
29
30
31
32
1,883
1,985
2,635
2,947
3,323
3,809
4,469
5,091
5,545
6,196
7,335
7,067
7,192
7,160
6,934
6.880
33
1977
1979
Line
of dollars
previous year
7
4
10
7
9
7
13
7
9
5
13
9
11
7
14
12
5
-9
7
16
9
9
10
8
9
9
10
9
10
6
13
10
11
12
10
11
10
10
11
8
9
7
12
6
13
7
16
14
9
-14
15
17
13
21
9
13
10
11
9
11
10
9
8
12
12
8
12
14
15
23
13
13
34
35
36
37
10
7
10
12
12
13
12
9
12
8
13
13
13
7
13
17
9
-1
8
20
10
11
10
9
9
8
10
8
11
8
12
11
11
14
10
11
10
12
11
7
9
8
11
5
16
17
16
16
15
14
15
15
9
11
8
11
11
14
10
10
8
8
8
7
11
8
11
14
14
18
13
15
38
39
40
41
5
2
5
7
8
9
8
5
6
2
8
8
11
5
11
14
3
-5
-3
15
6
6
5
7
7
8
7
8
9
7
12
7
7
12
7
6
4
7
6
11
12
12
10
11
8
14
9
9
9
9
10
9
14
9
6
4
8
5
1
5
8
5
5
11
11
10
11
42
43
44
45
15
11
15
24
16
16
15
16
17
12
17
25
15
10
15
22
17
6
17
31
11
15
11
9
9
7
11
6
12
7
13
14
14
15
12
16
(*)
13
14
13
14
5
3
10
1
11
10
12
8
21
24
19
23
17
15
15
21
10
14
8
12
12
14
11
12
11
10
10
12
14
8
15
18
17
23
14
20
46
47
48
49
17
15
17
20
18
15
19
21
18
12
23
15
13
6
16
20
6
-8
10
16
18
12
23
16
14
14
13
14
13
11
12
17
15
13
11
25
17
19
15
19
14
15
11
18
14
8
14
21
17
28
13
14
5
4
4
8
9
12
6
12
7
6
7
8
14
8
14
22
11
17
13
4
50
51
52
53
3
1
14
2
6
3
15
5
4
2
15
3
9
7
18
6
7
5
10
8
11
11
14
8
7
3
14
6
9
10
9
8
8
6
10
8
8
5
12
6
3
-18
16
11
-13
<*>
18
23
32
14
21
12
7
9
14
18
31
8
22
17
24
15
17
18
66
14
12
54
55
56
57
3
-1
14
2
4
(*)
14
4
3
-1
13
2
6
-1
17
6
-9
-22
4
(*)
-10
-31
1
-2
6
-3
9
8
10
7
15
9
6
-1
13
5
8
7
8
8
8
9
10
6
6
1
13
4
11
2
15
11
18
17
17
21
14
-7
14
22
8
-12
8
14
17
19
8
24
16
12
16
17
13
17
13
12
58
59
60
61
4
5
11
-1
9
7
23
11
8
6
26
7
16
18
19
7
-4
-11
21
7
12
12
18
10
12
14
10
7
8
6
18
9
12
13
11
9
8
4
12
16
10
8
10
16
-13
-31
19
11
-95
0)
22
29
1,186
(')
14
16
18
22
1,428
11
17
42
468
19
13
62
63
64
65
11
5
9
5
33
12
13
15
17
14
9
12
18
-4
-3
-1
66
0)
31
(»)
12
16
2
0)
C)
7
16
February 1981
SURVEY OF CURRENT BUSINESS
52
Table 8.—Equity and Intercompany
{Millions
Line
1
2
3
4
5
6
7
8
1950
All areas
Petroleum
Manufacturing
Other
Developed countries. .
Petroleum
Manufacturing
__
Other
9
10
11
12
Canada.
Petroleum
Manufacturing
Other
13
14
15
16
Europe
Petroleum
Manufacturing
Other
17
18
19
20
Other...
Petroleum
M anufacturing
Other
21
22
23
24
Developing countries
Petroleum
M anufacturing
Other
25
26
27
28
Latin America
Petroleum .
Manufacturing
Other
29
30
31
32
Other
Petroleum
Manufacturing
Other
33
_
_
_
1957
1959
1958
1961
1960
852
254
228
370
735
412
-27
349
667
286
148
233
823
392
224
207
1,951
1,173
390
388
2,442
1,408
432
602
1,181
649
269
263
1,372
410
468
494
1,675
452
801
422
1,599
793
462
344
__
463
225
126
112
362
200
77
84
508
170
150
188
450
206
44
199
480
218
114
149
578
278
152
148
1,116
648
283
184
956
362
321
273
627
292
192
144
932
267
404
261
1,454
411
667
376
1,145
541
378
226
287
122
88
77
235
125
39
71
430
125
135
170
404
185
45
173
408
194
73
141
353
161
84
108
601
302
149
150
678
250
184
244
421
237
72
113
417
115
146
157
451
135
29
287
302
100
117
85
121
73
32
16
64
37
21
6
-6
-24
11
6
48
33
-1
16
45
20
31
-6
130
54
53
23
488
343
123
21
287
135
121
31
* 190
67
92
31
484
150
244
90
962
273
607
81
725
376
233
116
55
30
6
19
62
38
17
7
84
69
4
12
-3
-13
(*)
10
27
4
10
14
95
63
15
17
27
4
11
13
-8
-23
16
-1
16
—12
28
(*)
31
2
15
15
41
3
31
8
119
65
28
26
133
-2
66
69
169
-83
125
127
371
113
79
179
288
207
-71
151
120
7
34
79
196
69
72
55
795
483
107
204
1,378
1,004
111
262
481
285
77
118
305
49
64
192
209
30
134
46
446
251
84
111
51
-63
65
49
187
-47
117
117
322
66
81
175
142
71
-71
142
53
-36
28
61
169
53
70
47
647
357
102
187
1,220
867
99
254
329
162
70
96
266
50
56
160
149
24
126
—1
219
63
78
77
83
61
2
20
—18
-36
8
10
49
47
-2
4
146
136
(*)
9
67
43
7
18
27
16
3
8
148
126
5
17
158
137
13
8
152
123
7
22
39
-1
8
32
60
5
8
47
227
188
6
33
25
-22
-26
-3
66
49
40
108
73
135
12
8
__
_
_
_
.
1956
508
95
202
212
_ _ __
_
1955
1954
621
248
192
181
.
__ __
1953
1952
_
__ _
_
1951
__ _..
International and unalloacted _
"Less than $500,000 (±).
Table 9.—Reinvested Earnings of
[Millions
Line
1
2
3
4
All areas
Petroleum.
M anufacturing
Other
5
6
7
8
Developed countries
Petroleum
M anufacturing
Other
9
10
11
12
Canada
Petroleum
M anufacturing
Other
13
14
15
16
Europe
Petroleum -_
M anufacturing
Other
_
17
18
19
20
Other
Petroleum .
M anufacturing
Other
21
22
23
24
Developing countries
Petroleum
_
M anufacturing
Other
_
25
26
27
28
Latin America
Petroleum M anufacturing
Other.
29
30
31
32
Other
Petroleum
M anufacturing
Other
33
1951
1950
International and unallocated
1960
1961
702
94
418
190
962
205
477
281
1,175
292
533
351
1,363
468
455
440
944
155
464
326
1,089
110
581
398
1,266
169
627
470
1,054
149
445
460
327
51
208
.68
404
61
252
92
454
80
296
78
534
97
342
95
532
70
339
123
632
93
392
147
761
154
454
152
731
189
377
165
590
69
388
134
749
71
493
185
857
114
529
214
659
83
340
237
146
20
85
41
181
20
101
60
239
31
160
48
301
36
195
69
274
25
165
84
342
41
203
98
441
67
276
98
357
67
180
110
279
40
168
71
393
44
240
110
389
46
234
110
266
41
139
86
_ __
151
32
101
19
181
33
121
26
175
45
111
19
173
45
115
14
198
36
134
28
219
41
143
36
251
66
142
44
294
95
154
44
238
8
180
50
266
-7
213
59
363
38
237
88
332
14
189
129
__ _.
30
-1
22
9
42
8
29
5
40
3
25
12
60
16
32
11
59
9
40
11
71
12
47
13
68
22
36
11
80
27
43
11
74
21
39
13
90
33
40
17
106
31
58
17
60
27
11
21
136
12
58
66
294
93
107
95
396
195
101
100
234
96
61
77
157
31
79
47
281
87
85
109
317
85
78
154
469
192
78
199
280
56
76
148
306
44
88
175
359
56
98
205
335
51
105
179
103
6
49
48
210
47
96
67
265
99
94
72
141
33
54
54
127
26
69
32
188
37
77
74
236
53
69
114
330
97
67
165
191
24
59
109
226
28
71
127
278
39
86
152
279
40
96
143
33
6
9
18
84
46
10
27
131
96
7
28
93
63
7
23
30
5
10
15
93
50
8
35
81
32
9
40
139
95
11
34
89
32
17
40
80
15
16
48
82
17
12
53
57
11
9
37
12
53
73
58
13
49
97
163
74
34
49
60
_
_ _
_
_
_ _
1959
1958
826
236
403
187
_
__
1957
923
338
397
188
_ _
_
1956
752
204
359
189
_
__
1955
1954
475
74
266
135
_ _ __ _
__
1953
1952
_.
February 1981
SUKVEY OF CURRENT BUSINESS
53
Account Outflows, 1950-79
of dollars]
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1973
1972
1974
1975
1976
1977
1979
1978
Line
1,654
606
712
337
1,976
828
774
373
2,328
760
1,034
534
3,468
977
1,525
966
3,625
787
1,611
1,227
3,050
1,079
1,224
746
2,855
1,149
946
760
3,130
864
1,210
1,056
4,413
1,624
1,263
1,527
4,441
1,643
1,564
1,234
3,214
1,297
1,163
754
3,195
-331
,863
,663
1,275
-5,215
2,861
3,628
6,196
2,820
1,301
2,075
4,253
1,683
1,041
1,529
5,612
1,792
1,282
2,537
4,877
412
1,587
2,877
5,904
2,730
1,236
1,938
1
2
3
1,364
454
554
357
1,471
633
587
251
1,901
521
846
534
2,635
561
1,225
849
3,064
743
1,374
948
2,198
736
960
502
1,627
595
638
393
2,044
487
924
633
3,071
1,083
1,106
883
2,895
1,097
1,280
518
1,989
648
840
501
,810
,109
,420
,280
5,143
1,208
2,191
1,744
2,799
1,113
921
765
2,786
1,418
777
591
2,901
1,357
1,218
327
2,227
225
1,084
918
2,542
737
548
1,258
5
6
7
8
314
159
12
143
365
188
120
57
298
25
140
133
962
179
395
388
985
113
439
433
372
106
11
255
384
147
-4
241
582
152
260
170
763
301
234
228
64
73
-39
29
376
-96
227
245
581
106
148
327
643
-110
410
344
419
-57
130
346
20
-88
67
42
-248
-5
38
-281
-600
-437
41
-204
915
5
380
530
9
10
11
12
869
229
453
186
930
363
395
171
1,388
414
619
355
1,479
342
760
376
1,835
593
851
392
1,435
574
684
177
984
358
543
83
1,197
261
587
349
1,894
676
787
430
2,209
822
1,091
296
1,139
588
528
23
3,070
1,057
1,225
788
3,664
893
1,602
1,169
2,239
1,194
769
276
2,408
1,347
686
376
2,920
1,325
1,039
556
2,447
728
937
782
1,246
439
-119
926
13
14
15
16
181
65
89
27
177
82
73
22
215
82
87
46
194
40
69
85
244
37
84
124
391
56
265
70
258
90
99
70
265
75
76
114
415
105
85
225
623
202
228
193
474
156
85
233
159
-53
47
165
836
425
179
231
141
-24
22
143
357
160
24
174
230
36
141
52
380
-67
107
340
382
293
287
-198
17
18
19
20
215
74
158
-17
477
162
187
128
349
156
188
4
821
406
301
114
499
-4
237
265
734
222
264
247
1,126
506
308
313
738
249
286
202
1,116
590
157
368
1,005
293
284
428
816
329
323
164
-852
-1,749
443
454
-4,573
-6,881
670
1,638
3,732
1,988
379
1,365
1,827
603
265
959
2,766
428
64
2,274
2,864
554
503
1,808
3,749
2,088
688
972
21
22
23
24
29
-67
133
-38
235
5
150
81
113
8
137
-32
271
-74
245
100
303
-107
187
223
311
-76
197
191
708
141
275
292
385
32
215
138
579
136
132
311
696
210
228
258
272
21
288
-37
654
-54
360
348
2,244
418
565
1,261
1,245
-214
246
1,213
439
-599
189
849
2,422
292
80
2,050
2,204
218
432
1,554
1,454
38
621
794
25
26
27
28
186
141
24
21
242
158
37
47
236
149
51
36
549
480
55
14
196
104
50
42
423
298
68
57
419
365
33
21
352
217
71
64
537
455
25
57
309
82
56
170
544
308
35
201
-1,507
-1, 695
83
106
-6,817
-7,299
105
377
2,487
2,202
133
152
1,388
1,202
76
110
344
136
-16
225
660
336
71
254
2,295
2,050
67
178
29
30
31
32
74
27
78
13
62
117
102
348
226
541
409
238
704
-335
-360
-55
-387
33
-215
4
Incorporated Affiliates, 1950-79
of dollars]
1963
1964
1965
1966
1967
1968
1969
1970
1971
1,198
133
514
551
1,507
120
871
517
1,431
-35
934
532
1,542
54
895
593
1,791
156
918
717
1,757
206
845
707
2,440
248
1,357
836
2,830
29
1,987
814
3,176
575
1,528
1,073
3,176
421
1,796
959
4,532
356
2,830
1,346
8,158
1,925
4,107
2,126
7,777
1,719
3,936
2,122
8,048
2,057
3,451
2,540
7,696
738
4,117
2,841
757
62
412
283
1,196
119
756
320
1,059
-29
762
327
1,075
29
694
353
1,206
45
719
442
1,266
90
729
447
1,699
64
1,116
519
2,344
62
1,665
616
2,141
270
1,206
665
2,538
254
1,499
785
3,692
390
2,396
906
6,177
1,240
3,488
1,449
5,526
1,116
3,174
1,236
4,900
816
2,540
1,543
371
41
230
100
533
69
335
128
500
54
289
157
540
66
283
191
627
85
285
257
650
91
334
224
834
108
442
285
1,002
111
610
280
699
159
339
201
1,023
234
574
214
1,379
276
770
333
1,867
452
1,008
406
2,214
530
1,298
385
292
-4
138
159
513
27
314
172
408
-87
341
155
388
-50
298
140
414
-65
338
141
423
-42
285
180
617
-86
514
189
1,054
-103
870
286
1,136
49
679
407
1,215
-52
747
520
1,891
18
1,366
507
3,507
575
2,071
861
94
26
44
25
150
23
107
20
152
4
133
15
147
13
113
21
165
25
96
44
193
41
110
43
248
42
161
44
288
54
185
50
306
62
187
57
300
71
178
51
422
96
259
67
325
45
102
178
229
-7
115
121
293
4
171
117
387
6
202
180
427
68
199
160
297
33
116
148
480
51
240
188
420
-62
321
161
601
71
322
208
557
102
297
158
308
54
103
151
182
-11
99
94
250
3
151
96
345
30
178
137
309
23
174
113
202
11
83
108
361
19
209
132
331
-51
263
118
453
41
259
153
17
-9
-1
27
47
4
15
27
43
2
21
21
42
-24
24
43
118
45
25
47
96
22
33
41
119
32
31
56
89
-12
58
43
115
82
79
80
157
194
261
67
1962
1972
Line
1978
1979
7,286
1,012
3,545
2,729
11,469
1,355
6,152
3,962
18,414
4,979
8,139
5,296
2
3
4
6,133
920
3,469
1,744
5,008
653
2,711
1,644
8,573
1,029
4,833
2,711
14,509
4,098
6,858
3,553
5
6
7
8
2,173
548
1,106
518
2,451
724
1,202
525
1,707
611
655
441
1,724
564
679
481
2,884
828
1,320
736
9
10
11
12
2,768
434
1,586
748
2,345
142
1,261
943
3,084
33
2,011
1,040
2,845
-98
1,865
1,078
5,665
213
3,572
1,880
10,522
2,947
5,039
2,536
13
14
15
16
804
213
409
182
544
151
290
103
381
126
174
82
599
163
256
180
457
140
191
126
1,184
252
582
351
1,103
323
499
281
17
18
19
20
795
42
435
319
1,568
494
619
454
1,841
423
762
655
3,083
1,241
910
932
1,223
-370
648
945
2,269
485
834
950
2,864
396
1,319
1,149
3,573
843
1,281
1,450
21
22
23
24
373
26
246
101
645
20
364
262
991
155
476
360
1,109
95
568
446
1,621
173
801
647
1,323
227
515
580
1,582
271
678
632
2,096
187
1,119
791
2,589
623
918
1,048
25
26
27
28
148
30
63
55
183
77
50
56
150
21
71
58
576
339
143
94
732
329
194
209
1,462
1,068
110
284
-100
-597
132
364
688
215
156
317
768
210
200
358
984
219
364
401
29
30
31
32
434
81
45
413
410
66
340
9
31
332
33
1973
1974
1976
1975
1977
1
54
SUEVEY OF CURRENT BUSINESS
of the larger countries—Argentina, tional corporations. It also reflected
Brazil, Venezuela, and Mexico—which political uncertainty, and language and
together accounted for from 76 to 86 cultural barriers to investment. Changes
percent of the position. For almost all in the position in individual years were
of the period, the position was largest erratic, particularly in the early part of
in Brazil and Mexico. At yearend 1979, the period.
these two countries together accounted
Throughout 1950-79, the position in
for 63 percent of the position.
manufacturing in "other" developing
The position in manufacturing countries was highly concentrated in
tended to grow faster during the sixties Asian and Pacific countries outside the
and seventies than during the fifties. Middle East; these countries' share of
This quickening of growth coincided the total ranged from 73 to 86 percent.
with the formation of two regional Among these countries, however, the
groupings—the Latin American Free geographical composition of the posiTrade Area and the Central American tion changed significantly. During the
Common Market. However, judging fifties, the Philippines, India, and Indofrom the extremely high proportion of nesia together accounted for roughly a
affiliate sales that were local (i.e., with- 90-percent share. During the sixties and
in each affiliate's own country of loca- seventies, this share declined, due to
tion), the growth in the position prob- rapid growth in investment in other
ably did not reflect U.S. direct inves- Asian and Pacific countries outside the
tors' efforts to gain preferential access Middle East, and by yearend 1979, it
to third-county markets within the had fallen to about 35 percent. Investgroupings.14 Instead, it was probably ment in the other countries—such as
more due to increasing rates of eco- Singapore, Hong Kong, Korea, and
nomic growth and shifts toward manu- Taiwan—grew rapidly, partly as a refacturing in the composition of output sult of policies to promote the manuin the larger countries. This was par- facture, by both foreign and domestic
ticularly true in Brazil, where, begin- investors, of labor-intensive products
ning in about 1964, major changes in for export.
various internal policies resulted in
very rapid economic growth that con- Other industries
tinued through the early seventies.
At yearend 1950, the position in
The 14.0-percent average annual rate "other" industries was $4.6 billion.
of growth in the position in "other" de- From 1950 to 1979, the position grew at
veloping countries was the highest an average annual rate of 9.7 percent,
among the five major areas. Despite this and at yearend 1979 was $67.5 billion.
rapid growth and the area's large num- Growth in individual years ranged from
ber of countries, some of which had siz- 2 percent in 1960, when the expropriated
able populations, the position in this investments in Cuba were removed from
area remained the smallest among the the position, to 17 percent in 1974, when
the previously mentioned Latin Amerimajor areas throughout 1950-79. The can finance affiliates of U.S. petroleum
small position reflected these countries' companies were established.
generally low per capita incomes and
Rates of growth in the position in
correspondingly small markets for "other" industries varied considerably
goods likely to be produced by large, among areas. In developed countries,
technologically sophisticated rnultina- the growth rate was 11.3 percent per
year; in developing countries, 7.9 per14. Of total sales by majority-owned Latin American manufacturing affiliates in 1976, the most recent ; and in "international and unallocent year for which data are available, 94 percent
cated," 13.3 percent. Among developed
were local, while only 4 percent were exports to
countries other than the United States.. (In concountries, the growth rate was 8.3 pertrast, for the European Communities (9), a significantly smaller fraction of sales—69 percent—
cent in Canada, 15.0 percent in Europe,
was local, and a significantly larger fraction—29
and 14.3 percent in "other" developed
percent —was exports to countries other than the
United States.) See William K. Chung, "Sales by
countries. Among developing countries,
Majority-Owned Foreign Affiliates of U.S. Comit was 7.3 percent in Latin America and
panies, 1976," SURVEY, Vol. 58 (March 1978), p. 35.
February 1981
11.5 percent in "other" developing countries.
Rates of growth in the position also
varied considerably among industries
within "other" industries. The position
in finance and insurance (which consisted primarily of investment in finance
affiliates) and in trade (which consisted
primarily of investments in wholesale
trade affiliates) grew significantly faster
than the position in all "other" industries combined. The position in mining
and smelting; transportation, communication, and public utilities; and all other
industries, including agriculture, grew
significantly slower. The slower growth
in these industries partly reflected increasing pressures for transportation
systems and public utilities to be operated, and for exploitation of natural resources to be conducted, by or with
increased participation of domestic
investors.
Throughout 1950-79, the position in
"other" industries was concentrated in
three areas—Canada, Europe, and Latin
America. At the beginning of the period,
the largest shares were accounted for by
Latin America and Canada. Subsequently, the shares of these areas declined, while the share of Europe increased. At yearend 1979, Europe had
the largest share.
In Canada, the average annual rate of
growth was 8.3 percent. The rate ranged
from a small negative rate in 1971 to a
positive 16 percent in 1952. The negative
1971 rate resulted from a sizable negative valuation adjustment that reflected
the reclassification, from direct to portfolio investment, of a publicly held affiliate in finance and insurance. The affiliate was reclassified because the ownership interest of U.S. investors had fallen
below the level used to define investment
in such publicly held affiliates at that
time (see technical note). For the same
reason, a negative adjustment was made
in 1972 to reflect the reclassification of a
publicly held mining and smelting affiliate ; as a result, growth in the position in
that year was unusually low—1 percent.
Other years in which the position grew
relatively slowly were 1961 and 1977. In
1961, some investment in public utilities
was reclassified from direct to portfolio
investment. In 1977, slow growth was
February 1981
SUKVEY OF CUKRENT BUSINESS
55
The position in Latin America actulargely attributable to net equity and the culmination of generally rapid
ally
declined in 2 years—13 percent in
growth
from
the
late
fifties
through
the
intercompany account inflows from a
1960,
and 2 percent in the BEA benchmidsixties.
The
average
rate
of
growth
number of finance affiliates.
mark
year 1966. The decline in 1960
during
1958-65
was
21.0
percent.
Eapid growth in the position in Canreflected
the removal from the position
The
position
in
"other"
industries
in
ada in 1952, and to a lesser extent in
of
about
$0.7
million of expropriated inEurope
tended
to
be
largest
in
trade
other years in the early fifties, resulted
vestments
in
Cuba. These investments
from sizable equity and intercompany throughout 1950-79. The position in
were
primarily
in agriculture (mainly
account outflows to mining affiliates. A trade mainly represented investment in
sugar)
and
public
utilities.
substantial portion of these outflows fi- wholesale trade affiliates that had been
The
lowest
positive
growth rates were
nanced the development of new iron-ore- established to distribute goods prorecorded
in
1962
and
1964—2
percent in
duced by U.S. parents and by their formining facilities.
Growth was also relatively rapid in eign manufacturing affiliates. The dis- each case. In 1962, slow growth or slight
1965 and 1966, when increases of 14 and tribution of goods produced by manu- declines occurred in several industries.
15 percent, respectively, were regis- facturing affiliates in the European Growth was slow in 1964 primarily betered. This partly reflected a surge in Communities probably increased in im- cause of a 19-percent decline in transpurchases by U.S. investors of securi- portance following the formation of the portation, communication, and public
ties issued by publicly held finance European Economic Community and utilities that, in turn, reflected the sale
affiliates. These purchases, in turn, prob- the associated expansion of U.S. manu- of an electric power utility to the Brazilian Government.16
ably reflected the response of U.S. in- facturing investment.
Data on the position in finance and
Reductions in the position in mining
vestors to the Interest Equalization
Tax, which had been in effect since insurance are available only for the and smelting in Chile significantly demid-1963 and which provided a tax ex- benchmark years 1950, 1957, and 1966, pressed growth in the position in Latin
emption for interest received from and for 1967 forward. For 1950 and America in 1969, 1972, and 1974, alCanadian sources. The exemption en- from 1966 forward, the position in though the effect was obscured by
couraged U.S. investors to substitute se- finance and insurance was larger than growth in other areas and industries.
curities issued by Canadian companies the position in any industry except The reductions, which totaled about $0.6
for securities issued by companies in trade. Part of the position in finance billion in the 3 years combined, reflected
other developed countries; interest re- and insurance represented investment the nationalization of U.S.-owned Chilceipts from the latter countries were in affiliates that were established to ean copper mines. The reductions were
finance the operations of affiliates in made through both equity and intercomsubject to the tax.
In Europe, the 15.0-percent growth other industries, such as manufacturing pany account inflows, which reflected
rate in the position in "other" indus- and trade; the position also represented compensation received for the nationaltries was the average of rates in indi- investment in banking affiliates, and— ized properties, and valuation adjustvidual years ranging from 6 percent in starting in 1966—in holding companies. ments, which reflected disputed claims
In Latin America, the relatively low that the U.S. direct investors wrote off
1952 and 1968 to 31 percent in the BEA
benchmark year 1966. The low 1952 rate growth rate—7.3 percent—was the or transferred to a U.S. Government inwas consistent with generally low average of very low rates in most years surance agency.
growth rates in the early fifties. The before the early seventies, offset by conIn the 1972-79 period, the finance and
low rate in 1968—the first year of man- siderably higher rates in subsequent insurance industry contributed most
datory direct investment controls— years. The position grew at an average significantly to the relatively rapid
may have been due to a substitution by annual rate of 4.3 percent from 1950 to (17.1 percent) growth in the position in
affiliates of funds borrowed from for- 1972, compared with 17.1 percent from Latin America. The position in this ineign sources for funds from U.S. par- 1972 to 1979. In the earlier period, the dustry grew at an average annual rate
rate of growth in each year was lower
ents as a source of financing.15
of more than 30 percent over the 7-year
The high 1966 rate primarily re- than in any year in the later period.
period. This very high growth rate was
The relatively slow growth in the
flected a change in the method of classifying the position by country and in- earlier period stemmed from an initial partly attributable to the previously
dustry (see technical note). This concentration of the position in indus- mentioned establishment, in 1974, of fichange resulted in an increase in the tries—such as agriculture, mining, and nance affiliates of U.S. petroleum composition in finance and insurance in public utilities—that were returned, to panies, and to subsequent expansion of
Europe because of the inclusion of sub- a substantial extent, to local ownership investment in these affiliates. Investment
stantial investment in European hold- during that period. In the case of agri- in other finance affiliates including
ing companies through which U.S. par- culture, slow growth may also have re- banks and holding companies, also grew
ents indirectly owned affiliates in other flected the secular tendency for agricul16. The proceeds of the sale were largely interestareas or industries. The 1966 rate was
bearing notes, which were included in portfolio inture to grow more slowly than other in- vestment.
Valuation adjustments, rather than bal15. This is suggested by data for majority-owned dustries
as economic development ance-of-payments capital flows, were used to record
foreign affiliates in Mantel, "Sources and Uses of
this change from direct investment to portfolio
Funds," pp. 40 and 41.
progresses.
investment.
SURVEY OF CUEEENT BUSINESS
56
rapidly. Most of this investment was,
for tax reasons, located in the Caribbean and in Panama. Its expansion was
probably related, among other factors,
to expansion of international lending
activity during the period.
Technical Note
Benchmark revisions
As noted in the text, estimates made
for a benchmark year by linking sample
data to the previous benchmark survey
generally differ from data collected in
the new benchmark survey, because
movements in the sample data do not
perfectly reflect movements in the direct investment universe. Table 6 compares estimates on the two bases for the
benchmark years 1957 and 1966.
Classification of position in indirectly
owned affiliates
Before 1966, the positions in indirectly owned affiliates were classified in
these affiliates' own countries and industries. A portion of the position in the
directly owned affiliate through which
the U.S. parent owned a given indirectly owned affiliate was attributed to
the indirect^ owned affiliate and "allocated" to its country and industry. After
1966, the position was, with one exception, classified instead in the country
and industry of the directly owned affiliate. The exception was that any direct
transactions, such as intercompany
loans, of the U.S. parent with the indirectly owned affiliate continued to be
classified in that affiliate's own country
and industry. For 1966, the position was
classified both ways for purposes of
comparison.17 In this article, the classification used for 1966 is the one described for years after 1966.
Changes in definition of direct investment
From 1950 to 1961, direct investment
was generally defined in two ways: (1)
as ownership by a single U.S. investor
(defined to include an associated group
of investors) of at least 25 percent of
the voting interest in a foreign business
enterprise, or (2) ownership, by several
U.S. investors collectively, of at least 50
percent of the voting interest in a publicly held foreign business enterprise in
which no one U.S. investor owned as
much as 25 percent. In a few instances,
interests of slightly less than 25 percent
were included where important management relationships were known to be
17. See U.S. Direct Investment Abroad: Final
Data.
February 1981
associated with the interests. Beginning
in 1962, all ownership interests of 10-25
percent were included in direct investment. In 1970-71, the only two publicly
held affiliates of any significance were
dropped from the direct investment
universe because the 50-percent criterion was no longer met.
Measurement of position at historical
book value
The position reflects U.S. direct investors' net claims on their foreign affiliates in terms of historical book
values, not in terms of constant dollars—probably the measure of greatest
interest for the analysis of long-term
trends. This limits the significance that
can be attached to rates of growth in
absolute terms, or to small differences
in rates of growth among time periods,
that may be attributable to variations
in rates of inflation or foreign exchange
rates. However, comparisons of rates of
growth among areas or industries during a given period, or even among
periods, usually appear to be attributable more to specific economic, political,
or other factors than to rates of inflation
or foreign exchange rates. Where the
latter two factors do seem particularly
important, they have been noted in the
text.
By JOHN C. MUSGRAVE
Fixed Capital Stock in the United States: Revised Estimates
• Fixed Nonresidential Private and Residential Capital, 1925-79
• Government-Owned Fixed Capital, 1959-79
LEVISED estimates of fixed nonresi- count (NIPA) estimates of private fixed
dential private and residential capital in investment and government purchases
the United States for 1925-79 are shown of residential structures that were dein tables 1-8. They incorporate the re- scribed in the December 1980 SURVEY or
vised national income and product ac- CURRENT BUSINESS. With one exception,
NIP A revisions mostly affect the estimates starting in 1968. The exception
affects the estimates for all years: Investment in hotels and motels, which
previously was included in residential
Table 1.—Current-Dollar Gross Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,
1925-79
[Billions of dollars]
By legal form of organization
By major industry group
Total
Corporate
Manufacturing
Farm
Noncorporate
Nonfarm
nonmanufacturing
Year-
Nonfinancial
Total
end
EquipEquipEquipEquipEquipEquipEquipment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Structures
and
and
and
ment
tures
tures
and
ment
and
ment
tures
ment
tures
and
ment
ment
tures
and
ment
tures
strucstrucstrucstrucstrucstrucstructures
tures
tures
tures
tures
tures
tures
4.5
4.7
5.0
5.3
5.6
5.6
5.4
5.2
5.0
4.7
8.1
8.3
8.1
8.0
7.5
6.7
5.6
4.8
4.8
4.9
31.9
33.3
34.1
35.0
35.0
32.5
28.8
25.8
26.1
27.1
12.1
12.6
12.9
13.3
13.4
12.8
11.9
11.1
11.2
11.5
19.8
20.8
21.2
21.7
21.6
19.7
16.9
14.8
14.9
15.6
106.0
109.7
112.2
114.0
114.0
110.0
101.1
93.6
92.7
93.8
34.3
35.2
35.9
36.5
36.9
35.6
33.4
31.1
30.1
30.0
71.7
74.4
76.3
77.5
77.1
74.4
67.8
62.5
62.6
63.8
116.4
119.9
122.2
123.6
123.2
117.9
107.7
99.2
98.7
100.1
38.4
39.2
39.8
40.3
40.5
38.8
36.4
33.9
33.3
33.5
78.0
80.7
82.3
83.2
82.7
79.0
71.3
65.3
65.3
66.6
114.3
117.8
119.8
121.3
120.8
115.7
105.7
97.4
96.9
98.3
37.8
38.7
39.2
39.7
39.8
38.2
35.8
33.4
32.8
33.0
76.5
79.1
80.6
81.6
81.0
77.5
69.9
64.0
64.1
65.3
34.1
36.1
37.5
38.7
38.9
36.9
33.2
30.3
30.1
30.4
12.6
13.3
14.1
14.8
15.4
15.1
14.3
13.4
13.0
12.7
21.6
22.8
23.4
23.9
23.5
21.8
18.9
16.8
17.0
17.7
10.2
10.9
11.0
11.0
11.4
12.5
13.3
13.6
14.2
4.5
4.7
5.1
5.2
5.3
5.6
6.3
6.7
6.7
7.1
5.1
5.5
5.8
5.7
5.7
5.8
6.2
6.7
7.0
7.1
27.4
29.7
31.8
31.6
31.9
33.9
37.5
40.0
41.2
42.1
11.3
11.8
12.6
12.6
12.8
13.8
15.1
15.8
16.1
16.8
16.1
17.8
19.2
19.1
19.1
20.1
22.4
24.3
25.1
25.4
94.9
99.3
103.4
102.1
102.1
106.7
116.5
124.2
126.9
129.3
30.3
30.9
32.3
32.0
32.0
33.6
37.1
38.3
38.1
38.7
64.6
68.4
71.1
70.1
70.1
73.0
79.4
85.9
88.8
90.7
101.1
106.1
110 9
109.4
109.4
114.5
125.3
133.8
136.9
139.6
33.7
34.7
36.4
36.2
36.3
38.4
42.1
43.8
44.2
45.3
67.4
71.5
74.5
73.2
73.1
76.1
83.2
90.0
92.7
94.3
99.3
104.1
108.8
107.3
107.3
112.3
122.9
131.3
134.4
137.2
33.2
34.1
35.8
35.6
35.8
37.8
41.5
43.2
43.6
44.8
66.1
70.0
73.0
71.7
71.5
74.6
81.5
88.1
90.8
92.4
30.7
33.0
35.2
35.3
35.6
37.5
41.3
43.8
44.8
46.1
12.4
12.8
13.6
13.7
13.8
14.7
16.4
16.9
16.7
17.3
18.3
20.2
21.6
21.6
21.8
22.8
24.9
26.9
28.1
28.8
132.3
160.4
191.0
203.7
205.8
15.5
19.6
24.1
28.1
30.4
7.7
11.6
14.7
17.0
10.0
12.5
13.3
13.4
46.7
61.7
77.8
87.5
90.2
18.7
23.5
29.4
35.7
38.6
28.0
38.2
48.3
51.8
51.5
138.9
169.3
199.7
219.8
227.9
42.3
57.1
69.4
81.2
87.0
96.6
112.2
130.2
138.6
140.9
150.8
186.5
222.8
247.2
256.3
49.9
65.8
80.2
94.9
102.2
101.0
120.6
142.6
152.3
154.2
148.3
183.3
219.0
243. 2
252.2
49.4
65.2
79.4
94.0
101.0
98.9
118.1
139.6
149.2
151.2
50.2
64.2
78.7
88.1
92.1
18.9
24.4
30.2
36.6
40.5
31.3
39.8
48.4
51.5
51.6
162.3
183.6
198.8
214.0
225.6
221.7
240.9
250.5
256.1
262.7
34.5
38.4
41.0
42.6
43.8
20.0
22.4
24.4
25.9
26.9
14.6
16.0
16.6
16.7
16.9
99.1
111.7
118.5
123.4
128.5
43.9
51.3
56.3
61.2
65.6
55.2
60.4
62.1
62.2
62.9
250.4
274.4
289.8
304.1
316.1
98.5
109.9
118.0
126.9
133.2
151.9
164.5
171.8
177.2
182.9
280.5
309.1
327.1
343.0
356. 3
115.6
131.1
142.2
153.7
162.8
165.0
178.0
184.9
189.3
193.6
276.0
304.2
321.8
337.6
350.6
114.3
129.7
140.5
151.9
160.8
161.8
174.5
181.3
185.7
189.9
103.5
115.4
122.1
127.2
132.0
46.7
52.5
56.6
60.3
62.9
56.8
62.9
65.5
66.9
69.1
530.5
586. 3
621.5
645.1
669.0
685.9
246.4
275.1
298.5
311.6
325.9
336.5
284.1
311.3
323.0
333.6
343.1
349.5
46.6
49.1
50.6
52.1
53.4
53.9
28.5
29.7
31.0
32.3
33.2
33.6
18.0
19.5
19.6
19.8
20.2
20.3
140.7
157. 4
167.0
171.3
176.0
179.4
72.9
83.7
92.1
95.4
99.9
103.3
67.8
73.7
74.9
75.9
76.1
76.1
343.2
379.8
403.8
421.7
439.6
452.6
145.0
161, 7
175.3
183.9
192.8
199.6
198.2
218.1
228.5
237.8
246.8
253.0
387.2
429.5
457.1
474.9
492.7
504.8
178.9
202.4
221.6
232.1
244.2
253.5
208.3
227.1
235.5
242.8
248.5
251. 3
380.9
422.5
449.7
467.2
484.4
496. 3
176.6
199.8
218.7
229.0
240.8
249.9
204.2
222.6
231.0
238.1
243.6
246.4
143.3
156.8
164.3
170.2
176.3
181.1
67.5
72.7
76.9
79.5
81.7
82.9
75.8
84.2
87.4
90.7
94.5
98.1
705.8
730.9
759.3
796.4
344.4
355.4
368.8
386.8
361.4
375.5
390.5
409.6
55.0
56.4
58.3
60.5
33.9
34.5
35.4
36.6
21.1
21.9
22.9
23.8
183. 3
188.6
195.2
203.5
105.0
103.1
111.8
117.5
78.3
80.5
83.5
86.1
467.5
485.9
505.8
532.4
205.4
212.8
221.7
232.7
262.1
273.2
284.2
299.7
518.0
535.4
554.5
580.8
260.7
270.5
282.0
297.1
257.2
264.9
272.5
283.7
509.0
526.1
544.4
569.5
257.0
266.7
277.8
292.3
252.0
259.4
266.6
277.2
187.9
195.5
204.8
215.6
83.7
84.9
86.8
89.7
104.2
110.6
118.0
125.9
1965... 851.6
440.1
411.5
1966. _. 928.8
450.1
478.7
1967... 1, 005. 2
487.6
517.7
1968... 1, 099. 9
534.2
565.7
1969... 1, 230. 7
586.9
643.8
1970... , 363. 6
645.1
718.6
1971 ... 1, 479. 1
786.2
692.9
1972... 1, 606. 2
744.0
862. 1
826.9
995. 7
1973... 1. 822. 6
1974... 2, 262. 1 1, 010. 8 1, 251. 3
64.1
68.7
73.6
78.7
86.8
92.8
98.8
108.1
121.3
151.4
38.7
41.4
44.1
46.8
50.1
52.1
54.6
59.7
65.4
81.5
25.3
27.3
29.4
31.9
36.7
40.8
44.3
48.4
55.8
69.9
217.2
238.5
260.2
283.1
314.7
343.6
364.5
387. 8
429.5
529.2
126.1
139.7
153.4
167.5
182.2
198.1
209.8
221.4
242.0
299.4
91.1
98.7
106.8
115. 6
132 5
145. 5
154.8
166.5
187.4
229.7
570.3
621.6
671. 5
738.1
829.3
927.2
1, 015. 7
1, 110. 2
1,271.8
1, 581. 5
246.7
268.9
290.1
319.9
354.6
394.9
428. 5
463.0
519.4
629.9
323.7
352.7
381.4
418.2
474.6
532.3
587.2
647.3
752.4
951.7
620.5
677.1
733.7
804.9
898.3
997.8
1, 083. 6
1, 173. 5
1, 329. 3
1, 653. 4
317.6
349.9
381.3
420.9
465.5
515.4
556.3
598.1
665.8
816.6
302.8
327.2
352.4
384.0
432. 8
482.3
527.4
575.4
663. 5
836.8
607.4
661.8
715.7
782.6
869.8
963.2
1, 043. 0
1, 125. 9
1, 270. 3
1, 578. 4
312.1
343. 4
373.6
410.9
452.8
499.8
537.8
576.6
639.2
783.8
295.3
318.4
342.2
3"!. 7
417.1
463.4
505. 2
549. 2
631.2
794.7
231.2
261. 7
271.5
295.0
332.5
365. 8
395.4
432.7
493.3
608.7
93.9
100.2
106.3
113.3
121.4
129.6
136. 6
146.0
161.1
194.3
137.3
151.5
165.2
181.7
211.0
236.2
258.8
286.7
332.2
414.4
1975. .. 2, 470. 6
1976. _ . 2, 670. 8
1977... 3, 003. 9
1978... 3, 410. 3
1979... 3, 899. 6
164.7
181.8
206.6
237.3
272.0
92.6
104.6
1 17. 5
132.8
150.0
72.1
77.2
89.1
104.4
122.1
577.3
623.0
703.1
797.7
909.5
348.3
386.0
438.7
497.9
569.0
229.1
237.0
264.4
299.8
340. 4
716.4
1, 728. 6
1, 866. 0
787.1
2, 094. 2
877.4
2, 375. 3
981.8
2, 718. 1 1, 097. 1
1, 012. 2
1, 078. 9
1, 216. 8
1, 393. 5
1, 621. 1
1, 830. 3
1, 985. 4
2, 227. 9
2, 518. 3
2, 873. 3
640.3
1, 747. 9
846.8
901.1
685.4
1, 895. 4
994.9
900.5
776.0
2, 122. 6 1, 115. 2 1,007.4
892.0
2, 393. 9 1, 253. 0 1, 140. 9
2, 726. 6 1,411.5 1, 315. 0 1, 026. 3
218.1
240.5
268.5
301.3
337.4
422.3
444.9
507.5
590.7
688.9
1925—
1926. _.
1927. _.
1928—
1929—
1930—
1931—
1932—
1933—
1934—
150.5
156.0
159.5
162. 3
162.0
154.8
140.9
129.5
128.7
130.5
50.9
52.5
53.9
55.2
55.9
54.0
50.7
47.3
46.4
46.2
99.6
103.5
105.7
107.1
106.2
100.8
90.2
82.1
82.4
84.3
1935—
1936—
1937—
1938—
1939—
1940—
1941—
1942...
1943—
1944—
131.8
139.2
146.1
144.7
145.0
152.0
166.6
177.7
181.7
185.7
46.1
47.5
50.0
49.8
50.1
53.1
58.5
60.7
60.9
62.6
85.8
91.7
96.1
94.9
94.8
98.9
108.0
116.9
120.8
123.1
1945—
1946—
1947—
1948—
1949—
201.0
250.6
301.5
335.3
348.4
68.8
90.2
110.5
131.6
142.6
1950...
1951...
1952...
1953...
1954...
384.0
424.5
449.3
470.1
488.3
1955...
1956...
1957...
1958...
1959...
I960...
1961...
1962...
1963...
1964...
1, 157. 3
1, 277. 7
1, 433. 6
1, 612. 6
1, 816. 0
1,313.3
1, 393. 0
1, 570. 3
1,797.7
2, 033. 6
12.6
13.0
13.2
13.3
13.1
12.3
11.0
10.0
9.8
9.6
9.6
7.8
9.6
939.2
891.0
1, 037. 3
948.1
1, 165. 1 1, 062. 8
1,311.3 1, 207. 0
1, 478. 6 1, 394. 7
57
February 1981
SURVEY OF CURRENT BUSINESS
58
capital, is now included in fixed nonresidential private capital. The revised
capital estimates also incorporated a revision that affected the private nonresidential stock estimates by broad industry groups for all years. Investment in
central administrative offices of manufacturing establishments, which was
previously included in nonfarm nonmanufacturing stocks, is now included
in manufacturing stocks. A summary
statement of methodology appeared in
the April 1976 SURVEY.
Revised estimates of government- owned fixed capital shown in tables 9-15
owned fixed capital in the United States include government-owned residential
for 1959-79 are shown in tables 9-15. capital, which is also included and
They also incorporate the revised shown separately in the tables on resiNIPA estimates of government pur- dential capital.
chases of goods and structures that were
A detailed statement of methodology
described in the December 1980 SURVEY. for fixed capital stock in the United
The revisions mostly affect the estimates
States will appear in a forthcoming volstarting in 1968; estimates for 1925-58
ume
that will present the stock estiwere not revised. The 1925-58 estimates
and a summary statement of method- mates in greater detail. This volume is
ology appeared in the March 1980 SUR- expected to be available for purchase in
VEY. The estimates of government- May 1981.
Table 2.—Current-Dollar Net Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,
1925-79
[Billions of dollars]
By legal form of organization
By major industry group
Total
Corporate
Nonfarm
nonmanufacturing
Manufacturing
Farm
Yearend
Noncorporate
Nonfinancial
Total
EquipEquipEquipEquipEquipEquipEquipment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Structures
and
tures
and
tures
ment
tures
tures
and
ment
and
ment
ment
and
tures
and
ment
tures
and
ment
ment
strucstrucstrucstrucstrucstrucstructures
tures
tures
tures
tures
tures
tures
925. __
926. __
927...
928—
929.. _
930...
931—
932. __
933...
934...
79.7
83.1
85.2
86.8
87.1
82.8
73.8
65.7
63.4
63.0
27.0
27.9
28.5
29.1
29.5
28.2
25.6
22.8
21.4
20.8
52.7
55.2
56.7
57.7
57.6
54.7
48.2
42.9
42.1
42.2
6.3
6.5
6.6
6.7
6.6
6.1
5.3
4.7
4.4
4.2
2.3
2.5
2.7
2.9
3.0
3.0
2.8
2.5
2.3
2.1
4.0
4.0
3.9
3.8
3.6
3.1
2.5
2.2
2.1
2.1
17.2
18.1
18.6
19.2
19.4
17.9
15.4
13.3
13.1
13.3
6.5
6.8
6.9
7.2
7.2
6.8
6.1
5.4
5.3
5.3
10.8
11.4
11.7
12.1
12.2
11.1
9.3
7.9
7.8
8.0
56.1
58.4
59.9
61.0
61.2
58.8
53.0
47.7
45.9
45.5
18.2
18.6
18.9
19.1
19.3
18.4
16.7
14.8
13.8
13.4
38.0
39.8
41.1
41.9
41.9
40.5
36.3
32.8
32.2
32.1
61.0
63.0
64.2
65.0
65.1
62.1
55.5
49.6
48.0
47.7
20.2
20.7
20.8
21,0
21.0
20.0
18.2
16.2
15.3
15.0
40.7
42.4
43.4
44.1
44.1
42.1
37.3
33.4
32.7
32.7
59.8
61.8
62.9
63.7
63.7
60.8
54.3
48.6
47.0
46.7
20.0
20.4
20.5
20.6
20.7
19.6
17.8
15.9
15.0
14.8
39.8
41.4
42.4
43.0
43.1
41.1
36.5
32.7
32.0
31.9
18.7
20.0
21.0
21.8
22.0
20.7
18.3
16.1
15.4
15.3
6.8
7.2
7.7
8.1
8.5
8.2
7.5
6.6
6.1
5.8
11.9
12.8
13.3
13.7
13.5
12.5
10.8
9.5
9.4
9.5
035—
936—
937—
938—
939—
940—
941—
942. __
943—
944—
62.6
66.0
69.7
68.6
68.5
72.2
80.0
84.6
85.3
86.9
20.4
21.4
23.3
23.2
23.6
25.7
29.4
30.5
30.5
32.0
42.2
44.6
46.5
45.3
44.9
46.5
50.6
54.0
54.8
54.9
4.2
4.6
5.0
5.1
5.1
5.3
5.9
6.2
6.2
6.6
2.1
2.3
2.6
2.7
2.8
3.0
3.4
3.6
3.5
3.9
2.1
2.3
2.4
2.3
2.3
2.3
2.4
2.6
2.7
2.8
13.2
14.3
15.5
15.2
15.3
16.5
18.7
19.9
20.2
20.6
5.1
5.5
6.0
6.0
6.2
6.9
7.9
8.4
8.6
9.2
8.0
8.8
9.4
9.2
9.1
9.6
10.8
11.5
11.6
11.4
45.2
47.1
49.2
48.3
48.1
50.4
55.4
58.5
58.9
59.7
13.2
13.6
14.6
14.5
14.6
15.8
18.1
18.6
18.4
19.0
32.0
33.5
34.7
33.8
33.5
34.6
37.4
39.9
40.5
40.7
47.3
49.4
51.9
50.8
50.6
53.3
59.0
62.7
63.4
64.6
14.8
15.4
16.6
16.5
16.7
18.2
20.8
21.8
22.1
23.2
32.5
34.0
35.3
34.3
33.8
35.0
38.2
40.9
41.3
41.4
46.3
48.4
50.8
49.7
49.6
52.2
57.9
61.6
62.4
63.6
14.6
15.1
16.3
16.2
16.4
17.9
20.4
21.5
21.8
22.9
31.7
33.2
34.5
33.5
33.1
34.3
37.5
40.1
40.5
40.7
15.3
16.6
17.8
17.8
17.9
18.9
21.0
21.9
21.9
22.4
5.6
6.0
6.7
6.8
6.9
7.5
8.6
8.7
8.4
8.8
9.7
10.6
11.2
11.1
11.1
11.4
12.4
13.2
13.5
13.5
945...
946...
947—
948—
95.1
120.9
151.3
174.0
36.6
48.1
62.8
77.8
58.5
72.8
88.5
96.2
9.5
12.4
15.3
7.3
4.3
5.2
6.7
8.9
3.0
4.3
5.7
6.4
23.3
32.1
42.2
48.6
10.6
13.4
17.6
21.8
12.7
18.7
24.6
26.8
64.5
79.2
96.7
110.0
21.7
29.5
38.5
47.1
42.8
49.8
58.2
63.0
70.7
89.0
110.7
126.8
26.6
35.0
45.4
55.8
44.1
54.0
65.3
71.0
69.7
87.7
109.1
125.1
26.4
34.7
45.0
55.2
43.3
53.0
64.1
69.9
24.4
31.9
40.6
47.2
10.0
13.1
17.4
22.0
14.5
18.8
23.2
25.2
949...
950—
951...
952...
953...
954...
183.8
205.5
229.3
243.3
256.3
266.2
85.2
97.3
109.5
116.7
124.6
128.9
98.7
108.2
119.9
126.6
131.7
137. 4
17.2
20.0
22.3
23.7
24.4
24.8
10.5
12.4
13.8
14.6
15.1
15.1
6.7
7.6
8.5
9.1
9.4
9.7
50.3
55.1
62.2
65.9
68.5
70.9
23.5
26.4
30.5
33.0
35.4
37.4
26.8
28.7
31.7
32.8
33.1
33.5
116.3
130.5
144.8
153.7
163.4
170.5
51.1
58.5
65.2
69.1
74.1
76.3
65.2
72.0
79.6
84.6
89.2
94.2
133.4
147.8
164.6
174.8
185.0
192.3
60.5
68.8
77.9
83.6
90.0
93.8
72.9
79.0
86.7
91.3
95.0
98.5
131.7
145.8
162.3
172.4
182.4
189.5
59.8
68.0
77.0
82.6
89.0
92.7
71.8
77.8
85.3
89.8
93.4
96.8
50.4
57.7
64.8
68.5
71.3
73.9
24.6
28.5
31.5
33.2
34.6
35.1
25.8
29.2
33.2
35.3
36.7
38.9
955...
956...
957...
958—
959...
960—
961...
962...
963...
964—
290.5
323.4
344.7
356.8
370.1
380.2
391.5
407.0
424.9
449.3
139.5
154.5
166.5
171.1
177.4
181.9
184.7
190.5
198.2
209.6
151.0
169..0
178.2
185.7
192.7
198.3
206.8
216.5
226.7
239.7
26.2
27.3
27.9
28.6
29.4
29.6
30.2
31.0
32.2
33.6
15.7
15.9
16.3
16.9
17.3
17.3
17.4
17.7
18.2
19.0
10.4
11.4
11.6
11.7
12.1
12.3
12.8
13.3
14.0
14.6
77.0
86.5
92.0
93.3
94.5
95.6
96.8
98.9
102.2
107.2
41.0
46.9
51.4
52.1
53.6
54.7
55.0
56.4
58.4
62.1
36.1
39.6
40.6
41.2
41.0
40.9
41.8
42.5
43.8
45.1
187.3
209.7
224.8
234.9
246.1
255.0
264.5
277.1
290.5
308.5
82.8
91.7
98.8
102.2
106.5
109.9
112.3
116.4
121.6
128.6
104.5
118.0
126.0
132.7
139.6
145.1
152.3
160.7
168.8
180.0
209.8
234.6
251.1
259.6
268.6
275.3
281.9
292.0
303.4
320.2
102.5
115.3
125.6
129.4
134.7
138.9
141.7
147.0
153.5
163.0
107.4
119.3
125.5
130.2
133.9
136.4
140.2
145.1
149.9
157.2
206.5
230.8
247.0
255.2
263.8
270.3
276.6
286.6
297.3
313.1
101.1
113.8
124.0
127.6
132.8
136.9
139.6
144.9
151.2
160.2
105.4
117.0
123.1
127.6
131.1
133.4
137.0
141.7
146.1
152.9
80.7
88.8
93.5
97.2
101.5
104.9
109.6
115.0
121.5
129.1
37.0
39.1
40.8
41.7
42.7
43.0
43.0
43.6
44.7
46.6
43.7
49.7
52.7
55.5
58.8
61.9
66.6
71.4
76.8
82.5
965— 487.2
966... 539.6
967— 588.7
968— 647.5
969— 729.0
970— 807.3
971— 872.7
972. .. 946.7
973— 1,078.4
974— 1,334.7
226.7
252.9
276.8
305.0
336.7
368.9
393.2
421.0
471.1
576.0
260.5
286.6
311.9
342.6
392.3
438.4
479.5
525.7
607.3
758.7
35.9
38.9
42.1
45.0
49.6
53.0
56.3
61.3
69.4
87.2
20.5
22.3
24.1
25.5
27.2
28.2
29.5
32.2
35.9
45.2
15.5
16.7
18.0
19.5
22.3
24.8
26.8
29.1
33.5
41.9
116.4
130.6
144.8
158.0
175.7
191.2
201.3
213.4
236.1
292.7
68.2
77.8
87.1
95.3
103.7
112.3
117.7
124.0
136.0
170.4
48.1
335.0
52.8
370.0
401.8
57.7
444.6
62.7
72.0 ' 503.7
563.1
78.9
615.1
83.6
89.4
672.0
772.9
100.0
122.3 954.8
138.0
152.8
165.6
184.2
205.7
228.3
246.1
264.8
299.2
360.3
196.9
217.1
236.2
260.4
298.0
334.7
369.1
4,07.2
473.7
594.5
347.0
385.1
421.3
465.5
523.1
580.9
628.5
679.8
773.1
959.5
177.1
199.1
219.2
243.5
270.7
298.6
319.4
342.0
382.6
468.7
169.9
186.0
202.1
222.0
252.4
282.3
309.1
337.8
390.5
490.8
338.5
374.8
409.0
449.7
502.5
555.8
599.2
645.7
730.8
906.4
173.8
195.1
214.3
236.9
262.1
288.0
307.2
328.0
365.2
447.7
164.7
179.7
194.6
212.8
240.4
267.8
292.1
317.7
365.6
458.7
140.2
154.5
167.5
182.1
206.0
226.4
244.2
266.9
305.3
375.2
49.6
53.8
57.6
61.5
66.0
70.3
73.8
79.0
88.5
107.2
90.6
100.6
109.8
120.6
139.9
156.1
170.4
187.8
216.8
267.9
1,440.8
651.4
789.4
712.5
1,542.8
830.3
1, 726. 8
797.6
929.3
896.1 1. 058. 3
1, 954. 4
2, 232. 2 1,008.4 1,223.8
95.1
105.0
119.6
137.1
156.8
51.7
58.5
65.7
73.7
82.5
43.4
46.6
54.0
63.5
74.2
319.3
343.9
387.3
437.8
489.3
198.2
219.0
248.8
281.8
321.8
121.2
124.8
138.5
156.1
176.5
401.5
434.9
483.1
540.7
604.1
624.9
658.9
736.8
838.7
973.0
1,051.5
1, 130. 7
1, 262. 1
1,421.7
1,620.9
531.9
581.2
650.9
731.5
824.2
519.6
549.5
611.2
690.2
796.7
994.8
1,070.2
1, 192. 5
1, 340. 4
1, 525. 7
508.4
555.9
621.6
697.7
785.7
486.4
514.3
571.0
642.7
740.0
389.3
412.1
464.8
532.7
611.3
119.5
131.3
146.7
164.7
184.3
269.8
280.8
318.1
368.1
427.0
975—
976—
977—
978—
979...
1,026.4
1,093.9
1, 219. 9
1,379.4
1,577.1
SURVEY OF CUEEENT BUSINESS
February 1981
Revised estimates of capital stocks and related measures
for fixed non-residential private and residential capital,
government-owned fixed capital, and durable goods owned
by consumers for 1925-79 in machine readable form are
now available for sale. Copies of the data tape are avail-
59
able for $100 from National Income and Wealth Division
(BE-54), Bureau of Economic Analysis, Washington,
D.C. 20230. Please make remittance payable to "Bureau
of Economic Analysis."
Table 3.—Constant-Dollar Gross Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of
Organization, 1925-79
iBillions of dollars]
By legal form of organization
By major industry group
Total
Corporate
Farm
Manufacturing
Noncorporate
Nonfarm
nonmanufacturing
Yearend
Nonfinancial
Total
EquipEquipEquipment Equip- Struc- ment Equip- Struc- ment Equip- Strucand
and
ment
tures
ment
tures
and
ment
tures
strucstrucstructures
tures
tures
EquipEquipEquipEquipment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Strucment
tures
and
tures
and
ment
tures
and
tures
and
ment
ment
strucstrucstrucstructures
tures
tures
tures
1925. _.
1926...
1927. __
1928.. _
1929—
1930. _.
1931. __
1932. __
1933. _.
1934. _.
572.3
589.0
603.8
617.8
634.2
644.1
642.8
632.7
620.6
610.4
169.2
174.7
178.3
182.0
187.0
188.8
186.3
180.6
174.3
169.4
403.1
414.4
425.5
435.8
447.2
455.3
456.4
452.2
446.3
441.0
50.4
51.0
51.4
51.7
52.1
51.9
50.8
49.2
47.6
46.2
14.3
14.9
15.5
16.1
16.8
17.2
16.9
16.2
15.5
14.9
36.1
36.0
35.9
35.6
35.3
34.7
33.9
33.0
32.1
31.3
130.2
134.5
138.3
142.9
148.8
150.9
149.8
146.5
144.3
142. 3
42.3
43.8
44.9
46.2
47.6
48.0
47.6
46.2
44.7
43.5
87.9
90.7
93.4
96.7
101.2
102.9
102.3
100.4
99.6
98.8
391.7
403.6
414.2
423.2
433.4
441.3
442.2
437.0
428.8
421.9
112.6
115.9
117.9
119.7
122.6
123.5
121.9
118.2
114.2
111.0
279.2
287.6
296.3
303.5
310.8
317.8
320.3
318.8
314.6
310.9
439.9
451.0
460.6
469.6
481.1
487.7
485.9
478.0
468.8
461.1
130.8
134.3
136.2
138.1
141.0
141.8
139. 8
135.6
131.1
127.5
309.1
316.8
324.4
331.6
340.1
345.9
346.1
342.4
337.7
333.5
431.9
442.8
452.0
460.7
471.7
478.0
476.0
468.0
459.1
451.4
129.5
132.9
134.8
136.6
139.5
140.2
138.3
134.1
129.7
126.1
302.5
309.8
317.2
324.0
332.2
337.7
337.7
333.9
329.4
325.3
132.4
138.0
143.2
148.2
153.2
156.4
156.8
154.8
151.8
149.3
38.4
40.4
42.1
43.9
46.0
47.0
46.5
45.0
43.2
41.9
94.0
97.6
101.1
104.2
107.1
109.4
110.3
109.8
108.6
107.4
1935—
1936. _.
1937—
1938™
1939—
1940. __
1941. __
1942. __
1943. _.
1944...
602.0
598.5
599.2
593.2
588.7
588.5
592.2
585.7
574.9
569.0
166. 3
166.2
167.7
165.2
163.8
165.2
169.3
168.3
166.0
167.2
435.7
432.3
431.5
428.0
425.0
423.3
422.9
417.4
408.9
401.7
45.5
45.2
45.3
45.1
44.8
44.6
45.1
45.0
44.3
44.7
14.9
15.2
15.9
16.2
16.5
17.0
18.1
18.6
18.5
19.4
30.6
30.0
39.5
28.9
28.3
27.6
27.0
26.4
25.9
25.4
140.3
139.8
141.0
139.3
138.2
139.1
142.2
141.2
138.9
137.8
42.8
42.9
43.5
42.8
42.7
43.4
44.8
45.3
45.7
46.9
97.5
96.9
97.5
96.4
95.5
95.7
97.3
95.9
93.2
90.9
416.2
413.4
412.8
408.8
405.7
404.8
404.9
399.5
391.7
386.4
108.6
108.1
108.4
106.1
104.6
104.8
106.3
104.5
101.9
101.0
307.6
305.4
304.5
302.7
301.1
299.9
298.6
295.1
289.8
285.5
453.9
450.5
450.4
444.8
440.4
439.6
441.5
436.7
428.7
423.8
124.9
124.5
125.1
122.5
120.8
121. 3
123.4
122.7
121.3
121.9
329.1
326.1
325.4
322.2
319.6
318.2
318.1
314.0
307.4
301.9
444.5
441.1
441.1
435.5
431.3
430.5
432.6
428.0
420.3
415.8
123.5
123.1
123.6
121.1
119.4
119.8
121.9
121.3
120. 0
120.7
320.9
318.0
317.4
314.4
311.9
310.7
310.7
306.8
300.3
295.0
148.0
148.0
148.8
148.4
148.3
148.9
150.7
149.0
146.3
145.2
41.4
41.8
42.7
42.7
42.9
43.9
45.9
45.6
44.8
45.3
106.6
106.2
106.1
105.8
105.4
105.0
104.8
103.3
101.5
99.9
1945, _.
1946. _.
1947—
1948™
573.0
598.2
631.9
660.7
175.2
192.9
220.3
242.4
397.7
405.3
411.6
418.3
45.3
47.2
50.5
54.5
20.4
21.4
23.9
27.3
24.9
25.8
26.6
27.2
141.3
155.1
169.5
179.9
50.4
56.9
66.6
74.0
90.9
98.2
102.8
106.0
386.4
396.0
411.9
426.2
104.5
114.6
129.7
141.0
281.9
281.3
282.2
285.1
427.1
446.0
470.9
490.7
127.9
141.2
161.2
176.3
299.1
304.8
309.7
314.4
419.3
438.2
463.0
482.8
126.8
140.0
159.8
174.7
292.5
298.2
303.2
308.1
145.8
152.2
161.0
169.9
47.3
51.7
59.1
66.0
98.5
100.5
101.9
103.9
1949—
1950—
1951™
1952...
1953—
1954—
681.6
706.6
734.3
759.9
787.6
813.5
257.6
275.9
296.0
314.3
333.2
348.8
424.0
430.8
438.3
44.5. 6
454.5
464.6
58.6
62.7
66.2
69.1
71.7
73.6
30.7
34.2
37.1
39.4
41.4
42.8
27.9
28.5
29.1
29.7
30.2
30.8
186.1
192.0
200.7
208.8
216.7
224.6
78.8
83.9
90.8
97.5
103.9
110.3
107.3
108.1
109.9
111.4
112.7
114.3
436.9
452.0
467.5
482.0
499.3
515.3
148.1
157.8
168.1
177.5
187.8
195.7
288.9
294.2
299.6
304.5
311.5
319.5
503.9
519.0
537.3
555.0
574.5
592.6
186.1
198.0
212.2
225.7
240.0
252.4
317.8
321.0
325.0
329.3
334.6
340.2
495.9
518.0
528.9
546.2
565.6
583.2
184.4
196.1
210.1
223.4
237.5
249.7
311.6
314. 7
318.7
322.8
328.1
333.5
177.7
187.7
197.0
205.0
213.1
220.9
71.5
77.8
83.8
88.6
93.2
96.4
106.3
109.8
113.3
116.3
119.9
124.4
1955—
1956—
1957—
1958—
1959—
I960—
1961 —
1962. __
1963—
1964—
843.5
874.0
904.3
925.7
950.6
977.9
1,003.7
1, 034. 1
1, 066. 1
1, 104. 3
365.5
381.2
396.7
405. 0
416.0
427.4
436.5
448.1
461.7
480.1
477.9
492.8
507.7
520.7
534.6
550.5
567.3
586.1
604.3
624.3
75.2
75.8
76.2
77.0
78.3
78.9
79.6
80.7
82.3
84.0
44.0
44.1
44.1
44.4
44.9
44.7
44.7
44.9
45.6
46.4
31.2
31.7
32.2
32.6
33.4
34.1
34.9
35.8
36.7
37.6
232.9
242.3
251.4
256.2
259.6
263.9
267.7
272.3
277.7
284.7
115.6
122.3
128.6
131.1
133.4
136.2
138.1
140.6
143.9
149.2
117.3
120.0
122.8
125.1
126.2
127.7
129.6
131.7
133.8
135.5
535.4
555.9
576.7
592.5
612.6
635.2
656.4
681.1
706.1
735.6
206.0
214.8
224.0
229.5
237.7
246.5
253.7
262.5
272.2
284.4
329.4
341.1
352.7
363.0
374.9
388.6
402.7
418.6
433.9
451.2
613. 8
636.4
659.0
673.5
689.8
708.4
725.8
746.8
768. 7
795.5
265.9
279.7
293.6
301.0
310.6
321.1
329.7
340.3
352.4
368. 4
348.0
356.7
365.4
372.4
379.2
387.4
396.2
406.4
416.3
427.1
603.9
625.9
648.1
662.1
677.7
695. 9
712.7
733.2
754.2
779.6
262.9
276.4
290.1
297.4
306.6
316.8
325.2
335.7
347.4
362.8
340.9
349.4
357.9
364.7
371.0
379.0
387.5
397.5
406.8
416.8
229.6
237.6
245.3
252.2
260.7
269.5
277.9
287.3
297.4
308.8
99.7
101.5
103.1
104.0
105.4
106.4
106.8
107.7
109.3
111.7
129.9
136.1
142.2
148.3
155.4
163.1
171.1
179.6
188.0
197.1
1965—
1966—
1967—
1968—
1969—
1970—
1971™
1972—
1973—
1974—
1, 155. 3
1, 214. 7
1, 270. 2
1, 328. 8
1, 393. 4
1, 452. 6
1, 506. 0
1, 566. 9
1, 642. 8
1, 714. 7
504.8
536.6
565.7
597.5
633.1
665.1
693.6
728.1
774.3
819.2
650.5
678.1
704.5
731.3
760.2
787.5
812.4
838.8
868.5
895.5
86.4
89.4
92.6
95.1
97.6
100.3
103. 0
105.3
109.4
113.7
47.9
49.8
51.7
53.1
54.4
55.7
57.0
58.2
60.7
63.2
38.5
39.6
40.9
42.0
43.2
44.6
46.0
47.1
48.7
50.6
296.0
311.3
327.3
339.7
352.7
363.6
370.8
380.1
391.3
407.7
157.3
168.0
178.9
187.6
196.6
204.4
210.1
218.2
227.8
241.5
138.7
143.3
148.4
152.1
156. 1
159.1
160.7
161.9
163. 6
166.2
772.8
813.9
850.3
894.0
943.0
988.7
1, 032. 3
1, 081. 5
1, 142. 0
1, 193. 3
299.6
318.7
335.1
356. 8
382.1
405.0
426.6
451.8
485.8
514.6
473.2
495.2
515.2
537.2
560.9
583.7
t05.7
629. 8
656.2
678.7
832.2
876.3
918.2
963.7
1, 013. 7
1, 059. 2
1, 099. 1
1, 145. 2
1, 202. 9
1, 259. 3
389.7
417.1
442.3
470.5
502.0
530.3
555.2
585.4
624. 2
662.7
442.5
459.3
475.9
493.1
511.7
529.0
543.9
559.9
578.7
596.6
814.4
856.2
895.4
936. 6
981.7
, 022. 5
, 057. 6
, 098. 5
, 150. 0
, 201. 1
383.3
409.6
433.8
459.7
488.5
514.2
536.7
564.0
599.6
635.0
431.1
446.5
461.6
476.9
493.2
508.3
520.9
534.4
550.4
566.1
323.0
338.3
352. 0
365.1
379.7
393.4
406.9
421.7
439.9
455.4
115.1
119.5
123.4
126.9
131.1
134.9
138.4
142.8
150.1
156.4
207.9
218.8
228.6
238.2
248.5
258.5
268.5
278.9
289.8
298.8
1975—
1976—
1977—
1978—
1979—
1, 766. 9
916.1
850.7
1, 821. 9
885.4
936.5
1,888.0
929.4
958.6
1, 963. 6
979.7
983.9
2,045.4 1, 032. 1 1, 013. 3
118.3
123.2
128.2
133.3
138.0
65.7
68.4
71.1
73.6
76.1
52.6
54.8
57.2
59.7
62.0
420.1
433.6
450.8
469.3
490.1
253.0
265.4
281.0
298.0
317.3
167.1
168.2
169.7
171.3
172.8
1, 228. 5
1, 265. 1
1,309.0
1, 361. 0
1, 417. 3
532.0
551.6
577.3
608.1
638.8
696.5
713.5
731.7
752.9
778.5
1, 299. 9
1, 342. 2
1,392.4
1, 450. 0
1, 513. 1
689.9
719.2
756.5
799.0
843.7
610. 0
623.0
635.9
651.0
669.4
, 237. 9
, 276. 3
, 321. 9
, 374. 0
, 431. 3
660.2
687.0
721.5
760. 8
802.3
577.7
589.2
600. 4
613.2
628.9
467.0
479.6
495.5
513.6
532.4
160.8
166.2
172.9
180.7
188.5
306.1
313.5
322.6
332.9
343.9
February 1981
SUKVEY OF CUREENT BUSINESS
60
Table 4.—Constant-Dollar Net Stock of Fixed Nonresidential Private Capital, By Major Industry Group and Legal Form of Organization,
1925-79
[Billions of 1972 dollars]
By legal form of organization
By major industry group
Total
Corporate
Nonfarm
nonmanufacturing
Manufacturing
Farm
Yearend
Total
Noncorporate
Nonfinancial
EquipEquipEquipEquipEquipEquipEquipment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Struc- ment Equip- Structures
tures
and
ment
tures
ment
and
ment
ment
and
ment
tures
and
ment
tures
and
tures
tures
and
ment
and
strucstrucstrucstrucstrucstrucstructures
tures
tures
tures
tures
tures
tures
1925...
1926...
1927...
1928...
1929...
1930...
1931...
1932...
1933...
1934...
304.1
314.9
323.7
331. 9
342.6
346.3
339.2
324.2
309.0
296.8
89.7
92.7
94.0
95.4
98.1
97.3
92.6
84.8
77.9
73.4
214.4
222.3
229.8
236.5
244.5
249.0
246.7
239.4
231.1
223.4
25.1
25.4
25.6
25.7
25.9
25.4
24.1
22.5
21.0
19.9
7.5
7.9
8.3
8.7
9.1
9.3
8.7
7.8
7.1
6.6
17.6
17.5
17.3
17.0
16.7
16.2
15.4
14.6
13.9
13.2
70.4
73.2
75.5
78.4
82.7
83.0
80.4
75.8
72.7
70.0
22.6
23.5
24.0
24.6
25.5
25.2
24.2
22.3
20.7
19.5
47.8
49.7
51.4
53.8
57.2
57.8
56.2
53.5
52.0
50.5
208.6
216.3
222.7
227.8
234.1
237.8
234.7
225.9
215.3
206.9
59.5
61.3
61.6
62.1
63.5
62.9
59.7
54.7
50.2
47.2
149.0
155.0
161.0
165.7
170.5
175.0
175.0
171.2
165.2
159.7
231.4
238.2
243.4
248.3
255.7
258.1
252.3
240.8
229.5
220. 3
69.0
70.7
71.0
71.4
72.9
72.1
68.6
63.1
58.2
54.9
162.4
167.5
172.3
176.9
182.8
186.0
183.6
177.7
171.3
165.4
226.7
233.3
238.2
242.9
250.1
252.2
246.3
235.0
224.0
215.1
68.3
70.0
70.3
70.7
72.1
71.2
67.8
62.4
57.5
54.2
158.4
163.3
167.9
172.3
177.9
180.9
178.5
172.6
166.5
160.8
72.7
76.7
80.4
83.6
86.9
88.2
87.0
83.5
79.5
76.4
20.6
21.9
22.9
24.0
25.2
25.2
24.0
21.7
19.8
18.5
52.0
54.8
57.5
59.7
61.7
63.0
63.0
61.7
59.8
57.9
1935...
1936...
1937...
1938...
1939...
1940...
1941...
1942...
1943...
1944...
288.1
285.3
286.8
281.4
278.0
279.0
283.9
276.8
266.5
261.4
71.6
73.4
77.1
75.9
76.2
79.4
84,7
83.1
80.8
82.2
216.5
211.8
209.8
205.5
201.9
199.6
199.2
193.7
185.7
179.2
19.6
19.7
20.2
20.1
19.9
19.9
20.4
20.2
19.6
20.2
6.8
7.3
8.1
8.4
8.6
8.9
9.8
9.9
9.5
10.2
12.8
12.4
12.1
11.7
11.4
10.9
10.6
10.3
10.1
10.0
67.7
67.3
68.5
66.8
65.9
67.1
70.3
69.2
67.0
66.0
19.1
19.7
20.7
20.3
20.5
21.7
23.3
23.6
23.8
24.9
48.6
47.7
47.8
46.4
45.4
45.5
47.0
45.6
43.1
41.0
200.8
198.2
198.1
194.5
192.2
192.0
193.1
187.3
179.8
175.3
45.7
46.5
48.3
47.2
47.1
48.9
51.6
49.5
47.4
47.1
155.1
151.8
149.9
147.4
145.0
143.2
141.5
137.8
132.4
128.2
213.2
210.4
211.2
206.4
203.4
204.1
207.6
202.9
195.8
192.0
53.2
54.2
56.4
55.1
55.0
57.2
60.7
59.8
58.6
59.6
159.9
156.2
154.8
151.3
148.4
146.9
146.9
143.2
137.1
132.4
208.1
205.5
206.4
201.8
199.0
199.8
203.5
199.1
192.2
188.8
52.6
53.5
55.7
54.4
54.3
56.5
59.9
59.1
58.0
59.1
155.5
152.0
150.7
147.5
144.7
143.4
143.6
140.0
134.2
129.7
74.9
74.9
75.7
75.0
74.6
74.9
76.3
73.8
70.7
69.4
18.4
19.3
20.7
20.8
21.2
22.2
24.0
23.3
22.2
22.6
56.5
55.6
55.0
54.2
53.4
52.7
52.2
50.5
48.5
46.8
1945...
1946...
1947...
1948...
265.5
287.1
315.9
341.2
89.6
103.1
125.4
143.6
175.9
183.9
190.5
197.6
20.8
22.7
26.0
29.7
11.0
11.7
13.8
16.6
9.8
11.1
12.1
13.1
69.1
80.9
92.4
100.3
27.9
32.8
40.2
45.5
41.2
48.1
52.2
54.8
175.6
183.5
197.5
211.2
50.7
58.6
71.4
81.5
124.9
124.8
126.1
129.7
195.6
211.8
233.0
250.5
65.2
75.3
91.4
103.8
130.4
136.4
141.7
146.8
192.7
208.7
229.9
247.3
64.8
74.7
90.6
102.8
127.9
134.0
139.3
144.4
69.9
75.3
82.9
90.7
24.4
27.8
34.0
39.8
45.5
47.5
48.8
50.9
1949. __
1950. __
1951 .__
1952...
1953...
1954. __
357.2
374.9
393.7
408.9
426.6
441.1
153.6
164.6
175.6
183.7
192.7
197.9
203.5
210.3
218.1
225.3
233.9
243.3
33.0
36.1
38.3
39.9
41.1
41.6
19.1
21.4
22.8
23.5
24.1
24.0
13.9
14.8
15.5
16.4
17.0
17.6
103.8
106.4
111.5
115. 7
119.8
123.5
47.9
50.2
53.9
56.9
59.9
62.6
55.8
56.2
57.6
58.8
59.9
60.9
220.4
232.4
243.9
253.3
265.7
276.0
86.6
93.1
99.0
103.2
108.8
111.2
133.8
139.4
144.9
150.1
157.0
164.8
260.5
270.9
283.5
294.4
307.4
317.6
110.1
117.2
125.3
131.8
139.4
144.4
150.4
153.7
158.2
162.6
168.0
173.2
257.2
267.3
279.8
290.3
303.2
312.9
109.0
116.0
124.1
130.4
138.0
142.8
148.2
151.3
155.7
159.9
165.2
170.1
96.7
104.0
110.2
114.6
119.2
123.6
43.5
47.4
50.3
51.9
53.3
53.5
53.1
56.6
59.9
62.7
66.0
70.1
1955. _.
1956. __
1957. _.
1958. _.
1959...
1960...
1961. __
1962...
1963___
1964.. _
460.0
480.5
500.4
511.8
526.3
543.2
558.5
578.0
598.5
625.1
205.6
212.8
220.0
221.1
225.0
229.7
232.6
238.7
246.7
258.8
254.3
267.7
280.4
290.8
301.3
313.6
325.9
339.3
351.8
366.3
42.2
42.1
42.0
42.4
43.4
43.6
43.9
44.7
45.8
46.9
24.2
23.6
23.1
23.1
23.3
23.0
22.8
22.8
23.4
23.9
18.1
18.6
19.0
19.3
20.1
20.6
21.2
21.8
22.4
23.0
127.1
132.7
138.1
139.2
139.2
140.4
141.2
142.6
145. 0
149.6
64.6
68.3
71.5
71.3
71.2
71.9
72.0
73.0
74.8
78.5
62.4
64.4
66.5
67.9
67.9
68.6
69.1
69.6
70.2
71.1
290.7
305.7
320.3
330.2
343.7
359.2
373.4
390.7
407.7
428.7
116.8
120.9
125.4
126.7
130.4
134.8
137.8
142.8
148. 5
156.4
173.9
184.7
194.9
203. 5
213.3
224.4
235. 6
247.9
259.2
272.3
330.5
345.6
360.2
366.7
374.9
385.3
394.5
407.0
420.2
438.2
151.2
158.3
165.5
166.8
170.3
174.9
178.1
183.8
190.7
201.1
179.3
187. 3
194.6
199.9
204.6
210.4
216.5
223.2
229.4
237.1
325.4
340.0
354.1
360. 3
367.8
377.9
386.7
398.9
411.3
428.2
149.5
156.4
163.5
164.7
167.9
172.5
175.5
181.3
188.0
197.9
175.9
183.5
190.6
195.6
199.8
205.5
211.1
217.6
223.3
230.3
129.4
134.9
140. 2
145.1
151.4
157.9
164.0
171.0
178.3
186.9
54.4
54.4
54.5
54.3
54.7
54.8
54.6
54.9
55.9
57.7
75.0
80.5
85.8
90.8
96.7
103.1
109.4
116.1
122.4
129.2
1965. „ 662.9
1966. __ 707.2
1967. __ 745.2
1968. _. 783.5
1969. __ 825.5
1970___ 860.1
1971 _ _ . 888.7
1972... 923.3
1973. __ 971.1
1974... 1, 012. 4
276.9
300.6
320.2
340.2
362.5
379.7
393.2
411.9
441.3
467.8
386.0
406.7
425.0
443.3
462.9
480.3
495.5
511.4
529.8
544.6
48.7
50.9
53.1
54.5
55.8
57.2
58.6
59.7
62.6
65.4
25.2
26.7
28.1
28.9
29.5
30.1
30.8
31.4
33.3
35.1
23.6
24.2
25.0
25.6
26.3
27.1
27.8
28.3
29.3
30.4
158.1
169.9
181.5
189.1
196.7
202.2
204.6
209.2
215.3
225.9
84.8
93.3
101.4
106.5
111.9
115.8
117.8
122.2
128.0
137.4
73.2
76.6
80.1
82.5
84.8
86.3
86.9
87.0
87.3
88.5
456.1
486.4
510.6
540.0
573.0
600.7
625.5
654.5
693.2
721.1
166.9
180.6
190.7
204.8
221. 1
233.8
244.6
258.3
280.0
295.3
289.2
305.8
319.9
335.2
351.8
366.9
380.8
396.2
413.2
425.7
465.1
497.9
526.6
556.8
589.6
616.3
637.3
663.4
699.4
732.4
216.5
236.6
253.6
271.6
291.4
306.8
318.5
334.7
358.8
381.2
248.6
261.3
273.0
285.2
298.1
309.5
318.8
328.7
340.6
351.2
453.4
484.2
510.9
537.5
566.3
589.6
607.3
629.9
661.7
691.6
212.6
232.0
248.2
264.4
282.3
295.9
306.2
320.7
342.7
363.6
240.8
252.2
262.7
273.1
284.1
293.7
301.1
309.2
318.9
328.0
197.8
209.3
218.6
226.8
235.9
243.8
251.4
259.9
271.7
280.0
60.4
64.0
66.6
68.6
71.1
73.0
74.6
77.2
82.5
86.6
137.4
145.4
152.0
158.1
164.8
170.8
176.8
182.7
189.2
193.4
, 033. 7
, 056. 9
, 089. 5
, 129. 5
, 174. 6
480.4
495.7
519.2
547.5
577.1
553.3
561.2
570.3
582.0
597.5
68.4
71.4
74.4
77.2
79.7
36.7
38.4
39.8
41.0
42.0
31.7
33.0
34.6
36.3
37.7
232.7
239.7
249.2
259.1
270.7
144.3
151.1
160.3
169.9
181.1
88.4
88.6
88.9
89.2
89.6
732.6
745.8
765.8
793.2
824.2
299.4
306.2
319.1
336.6
354.0
433.2
439.6
446.7
456.6
470.2
749.4
767.7
792.5
823.1
858.5
392.0
404.6
424.4
448.2
473.6
357.5
363.1
368.0
374.9
384.9
707.1
723.7
746.2
774.0
806.0
373.8
385.5
404.0
426.2
449.9
333.2
338.2
342.2
347.8
356.1
284.2
289.2
297.0
306.3
316.1
88.4
91.0
94.8
99.2
103.5
195.8
198.1
202.2
207.1
212.6
1975. _.
1976. __
1977. __
1978...
1979—
SURVEY OF CURRENT BUSINESS
February 1981
61
Table 5.—Current-Dollar Gross Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of dollars]
By tenure group l
By type of owner and legal form of organization
Private
Total
Yearend
Total
Corporate
Total
1925
1926
1927. . .
1928
1929
1930
1931
1932
1933
1934 .
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
.
_
.
1945
1946
1947.
1948
1949
1950
1951
1952
1953 _ _ _
1954
_ _
1955
1956
1957
1958
1959
1960
1961..
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976.
1977
1978
1979
_ _
_
__
_
.
__
__
Owner occupied
Government
Nonfinancial
Noncorporate
Total
Federal
State
and
local
Nonfarm
Farm
Nonfarm
128.4
133.4
137.4
144.8
149.3
142.5
123.7
110.5
115.4
120.9
128.4
133.3
137.4
144.7
149.3
142.5
123.6
110.5
115.3
120.8
2.0
2.2
2.4
2.6
2.8
2.7
2.3
2.1
2.2
2.3
1.8
2.0
2.2
2.4
2.5
2.5
2.1
1.9
2.0
2.1
126.4
131.1
135.0
142.1
146.5
139.8
121.3
108.4
113.1
118.5
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
10.4
10.4
10.4
10.6
10.7
10.1
8.6
7.7
8.0
8.3
61.7
64.0
65.8
69.2
71.3
68.0
59.1
52.8
55.2
57.9
5.6
5.6
5.7
5.9
6.0
5.7
4.9
4.4
4.6
4.8
49.6
52.1
54.2
57.6
59.8
57.1
49.7
44.4
46.4
48.6
123.5
133.9
144.6
148.6
154.0
165.6
182.8
197.6
214.1
231.0
123.4
133.6
144.1
147.8
153.1
164.6
181.3
195.6
211.3
227.8
2.3
2.5
2.8
2.8
2.9
3.2
3.5
3.7
4.0
4.3
2.2
2.3
2.5
2.6
2.7
2.9
3.2
3.4
3.7
4.0
121.1
131.1
141.3
145.0
150.2
161.5
177.9
191.9
207.3
223.5
.1
.3
.5
.8
.9
1.0
1.4
2.0
2.8
3.1
.1
.3
.5
.8
.8
.7
.9
1.3
1.9
2.2
0
0
0
0
.1
.3
.5
.7
.9
.9
8.4
9.0
9.6
9.8
10.0
10.6
11.7
12.6
13.6
14.7
59.2
64.1
69.1
70.9
73.6
79.4
87.8
95.0
102.9
111.3
4.9
5.2
5.6
5.7
5.8
6.1
6.5
7.0
7.5
8.0
49.7
54.1
58.7
60.6
62.9
67.7
74.8
81.0
87.9
94.6
249.1
288.8
344.7
378.2
245.6
284.7
340.0
373.6
4.7
5.3
6.2
6.7
4.3
4.9
5.7
6.2
240.9
279.4
333.8
366.9
3.5
4.2
4.7
4.6
2.5
2.9
3.1
2.7
1.0
1.3
1.7
1.9
15.8
18.2
21.4
23.2
120.3
142.1
173.7
195.7
8.5
9.6
11.0
11.5
101.8
116.1
135.2
144.1
378. 1
426.0
462.1
483.6
499.2
522.8
373.4
420.6
456.2
476.9
491.9
515.1
6.6
7.3
7.8
8.0
8.1
8.3
6.1
6.8
7.2
7.3
7.4
7.6
366.8
413. 3
448.4
468.9
483.8
506.8
4.7
5.4
5.9
6.7
7.2
7.7
2.5
2.7
2.5
2.5
2.6
2.6
2.2
2.7
3.4
4.1
4.7
5.1
23.0
25.3
26.9
27.5
27.7
28.2
199.4
230.5
255.4
272.1
285.7
304.9
11.1
11.8
12.3
12.3
12.1
12.2
141.1
154.6
163.7
167.8
169.7
173.6
555. 7
584.0
600.7
619.0
642.7
663.8
683.9
708.1
719.7
763.1
547.6
575.4
591. 5
608.9
631.6
651.9
670.9
693.7
704.9
747.4
8.6
8.8
9.0
9.1
9.4
9.8
10.2
11.0
11.7
12.9
7.9
8.1
8.2
8.4
8.7
9.0
9.5
10.1
10.8
11.9
539.0
566.6
582.6
599.8
622.2
642.1
660.7
682.8
693.2
734.5
8.1
8.6
9.1
10.0
11.1
11.9
13.0
14.4
14.9
15.8
2.6
2.8
2.9
3.3
3.9
4.3
4.8
5.4
5.6
5.8
5.5
5.9
6.2
6.7
7.2
7.7
8.2
9.0
9.2
9.9
28.9
29.6
29.6
29.6
29.7
29.8
29.9
30.0
29.5
30.4
330.8
353.4
368.3
384.0
403.7
421.2
437.2
455.1
465.2
496.6
12.3
12.4
12.2
12.0
11.8
11.7
11.5
11.4
11.0
11.1
179.6
184.5
186.4
189.0
192.9
196.5
200.6
206.4
208.6
219. 1
796.1
855.8
898.5
999.8
1,087.0
1, 162. 8
1, 274. 9
1, 425. 2
1,651.0
1, 862. 1
779.6
837.8
879.4
978.3
,063.4
, 136. 9
, 245. 5
, 391. 6
, 610. 9
, 816. 2
13.9
15.2
16.3
18.6
21.0
23.0
25.8
29.6
35.2
39.8
12.9
14.2
15.2
17.3
19.5
21.5
24.0
27.7
32.9
37.2
765. 7
822.6
863. 1
959.7
1, 042. 4
1, 113. 9
1, 219. 8
1, 362. 0
1, 575. 7
1, 776. 4
16.5
18.0
19.1
21.4
23.6
25.9
29.3
33.6
40.1
45.9
6.0
6.5
6.6
7.2
7.6
8.3
9.5
17.5
14.6
17.0
10.5
11.6
12.5
14.3
16.0
17.7
19.8
22.0
25.5
28.9
30.7
32.3
33.1
35.8
38.0
39.5
41.9
45.1
50.3
55.8
521.5
564.1
596. 0
667.7
729.4
784.1
865.8
974.7
1, 136. 1
1, 290. 2
11.0
11.3
11.3
12.0
12.4
12.6
13.1
13.7
15.0
16.1
226.3
240.9
250.2
275.5
297.8
316.8
343.7
380.4
437.1
486.5
2,017.4
2, 273. 9
2, 627. 4
3, 135. 3
3, 493. 0
1,968.4
2, 219. 9
2, 565. 7
3, 061. 9
3, 412. 0
43.4
48.7
56.1
66.9
75.1
40.6
45.6
52.5
62.5
70.2
1,925.1
2, 171. 2
2, 509. 6
2, 995. 0
3, 336. 9
49.0
54.0
61.7
73.4
81.0
17.8
19.3
22.0
26.5
28.9
31.1
34.7
39.7
47.0
52.1
59.3
65.3
73.6
85.8
92.6
1,406.0
1, 597. 8
1, 861. 8
2,238.0
2, 508. 3
16.6
17.8
19.5
22.0
23.2
521.0
577.2
654.9
769.3
847.1
1. Excludes stocks of other nonfarm residential capital, which consists of dormitories, fraternity and sorority houses, nurses, homes, etc.
Farm
Tenant occupied
February 1981
SUEVEY OF CUKEENT BUSINESS
62
Table 6.—Current-Dollar Net Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of dollars]
By tenure group l
By type of owner and legal form of organization
Yearend
Total
Corporate
Total
Total
Owner occupied
Government
Private
Nonfinancial
Noncorporate
Total
State
and
local
Federal
Farm
Nonfarm
Tenant occupied
Farm
Nonfarm
82.5
86.2
89.1
94.0
96.6
91.3
78.4
69.1
71.1
73.4
82.5
86.1
89.1
94.0
96.6
91.3
78.4
69.1
71.0
73.4
.4
.6
.7
.9
2.0
.9
.7
.5
.5
.5
.3
.4
.6
.8
.9
.8
.5
.3
.4
.4
81.0
84.5
87.3
92.1
94.5
89.4
76.7
67.6
69.6
71.9
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
5.8
5.8
5.7
5.8
5.8
5.4
4.5
3.9
4.0
4.1
40.0
41.7
42.9
46.2
46.3
43.8
37.7
33.2
34.2
35.4
3.1
3.1
3.1
3.3
3.3
3.1
2.7
2.4
2.4
2.5
32.8
34.7
36.4
38.8
40.1
37.9
32.6
28.7
29.5
30.5
74.1
79.7
85.4
87.1
89.9
96.5
106.4
114.1
122.2
130.0
74.1
79.5
85.0
86.4
89.1
95.6
105.1
112.2
119.6
127.1
.5
.7
.8
.8
.9
2.0
2.1
2.3
2.4
2.5
.4
.5
.6
.7
.7
1.8
2.0
2.1
2.2
2.3
72.6
77.8
83.2
84.6
87.3
93.6
102.9
109.9
117.2
124.6
0
.3
.5
.7
.8
.9
1.3
1.9
2.6
2.9
0
.3
.5
.7
.7
.6
.8
1.2
1.8
2.0
0
0
0
0
.1
.3
.5
.7
.8
.9
4.1
4.4
4.6
4.7
4.8
5.1
5.6
6.0
6.5
6.9
35.8
38.4
41.1
41.8
43.3
46.6
51.6
55.4
59.3
63.4
2.5
2.7
2.9
2.9
2.9
3.0
3.2
3.3
3.5
3.7
30.8
33.3
35.9
36.8
38.1
40.8
44.9
48.2
51.7
54.8
138.3
161.1
194.0
215.7
217.7
135.1
157.3
189.8
211.7
213.7
2.7
3.0
3.5
3.7
3.7
2.4
2.8
3.2
3.4
3.4
132.5
154.3
186.3
207.9
210.0
3.2
3.8
4.2
4.0
4.0
2.2
2.6
2.7
2.3
2.1
.9
1.2
1.5
1.7
2.0
7.4
8.6
10.3
11.4
11.5
67.8
81.4
101.8
117.9
122.3
3.9
4.3
4.8
5.0
4.7
58.0
65.4
75.5
79.7
77.6
1950
1951
1952
1953
1954
249.6
273.6
288.6
300.2
316.9
245.1
268.5
282.9
294.0
310.5
4.1
4.3
4.4
4.4
4.5
3.8
4.0
4.0
4.1
4.1
241.0
264.2
278.5
289.6
306.0
4.6
5.0
5.7
6.1
6.4
2.2
1.9
2.0
1.9
1.9
2.4
3.1
3.7
4.2
4.5
12.8
13.6
14.0
14.1
14.3
145.3
163.8
176.8
187.8
202.8
4.9
5.0
4.9
4.8
4.7
85.0
89.4
91.2
91.8
93.4
1955..
1956
1957
1958. _
1959
1960
1961. _
1962
1963
1964.
340.4
360.1
372.1
385.2
403.1
418.2
432.6
450.1
460.2
490.4
333.7
353.1
364.7
377.0
394.2
408.6
422.1
438.5
448.3
477.9
4.6
4.7
4.7
4.8
5.0
5.3
5.7
6.3
7.0
8.0
4.2
4.3
4.4
4.4
4.6
4.9
5.3
5.8
6.5
7.4
329.1
348.4
359. 9
372.2
389.1
403.3
416.4
432. 2
441.3
470.0
6.7
7.0
7.4
8.1
9.0
9.6
10.5
11.6
11.9
12.5
1.9
2.0
2.1
2.4
2.9
3.2
3.7
4.1
4.4
4.4
4.8
5.1
5.3
5.7
6.1
6.4
6.8
7.5
7.6
8.1
14.6
14.8
14.7
14.7
14.6
14.5
14.5
14.5
14.2
14.6
223.1
240.5
251.9
263.7
279.2
292.3
303.8
316.7
324.6
347.1
4.7
4.6
4.5
4.3
4.2
4.0
3.9
3.8
3.6
3.5
96.2
98.4
99.1
100.4
102.9
105.1
107.9
112.2
114.7
121.6
513.8
553.0
580.7
647.4
705.2
754.1
830.1
933.9
1, 086. 8
1,223.5
500.8
539.0
565.9
631.1
687.3
734.6
808.0
908.7
1, 056. 6
1, 189. 3
8.8
9.8
10.6
12.3
14.1
15.6
17.8
20.8
25.2
28.5
8.2
9.1
9.9
11.5
13.2
14.6
16.6
19.5
23.6
26.7
492.0
529.2
555.4
618.8
673.2
718.9
790. 3
887.8
1, 031. 5
1, 160. 8
13.0
14.0
14.7
16.4
17.9
19.6
22.1
25.2
30.1
34.2
4.5
4.8
4.8
5.1
5.3
5.7
6.7
8.3
10.7
12.4
8.5
9.3
10.0
11.3
12.5
13.8
15.4
17.0
19.4
21.8
14.7
15.3
15.7
16.9
17.8
18.4
19.5
20.9
23.1
25.8
365.1
394.4
416.1
466.0
508.5
545.0
602.6
680.5
794.1
898. 3
3.4
3.5
3.4
3.5
3.6
3.6
3.6
3.7
4.0
4.2
126.4
135.0
140.3
155.1
169.0
180.6
197.6
221.7
257.8
286.8
1, 319. 2
1, 483. 8
1, 715. 7
2, 048. 5
2,279.4
1, 283. 4
1, 445. 1
1, 672. 3
1. 997. 5
2, 224. 1
30.8
34.4
39.4
46.9
52.6
28.9
32.2
37.0
44.0
49. 3
1, 252. 6
1.410.8
1. 632. 9
1,950.6
2, 171. 5
35.8
38.6
43.4
51.0
55.4
12.6
13.3
14.8
17.7
18.9
23.1
25.4
28.5
33.3
36. 5
27.4
30.0
34.0
40.0
42.6
973. 8
1, 104. 0
1, 286. 7
1, 546. 1
1, 728. 6
4.3
4.5
4.8
5.3
5.5
305.1
335.9
380.2
446.1
491.0
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
_
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
_
1945
1946
1947 ___
1948
1949
1965.1966
1967
1968.1969
1970
1971
1972
1973
1974
_
_
_
1975
1976
1977
1978
1979
1. See footnote 1, table 5.
SUEVEY OF CURRENT BUSINESS
February 1981
63
Table 7.—Constant-Dollar Gross Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of 1972 dollars]
By tenure group l
By type of owner and legal form of organization
Private
Yearend
Total
Corporate
Total
1925
1926
1927.
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944
1950
1951
1952
1953
1954
-
1955 .
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
Farm
Nonfarm
Farm
Nonfarm
0.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
0.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
0
0
0
0
0
0
0
0
0
0
39.0
39.1
39.2
39.1
39.0
38.9
38.6
38.3
38.1
37.8
231.0
239.6
247.2
254.3
259.2
261.7
263.8
264.2
264.1
264.4
21.0
21.1
21.3
21.5
21.8
21.9
22.0
21.9
21.8
21.8
184.6
193.8
202.7
210.7
216.1
218.5
220.3
220.6
220.5
220.5
.
552.3
556.4
561.2
565.8
573.2
581.8
591.9
595.7
596.7
595.6
552.0
555.2
559.2
562.7
569.7
578.1
587.0
589.3
588.7
587.3
10.3
10.4
10.5
10.6
10.8
10.9
11.0
11.1
11.0
11.0
9.5
9.6
9.7
9.8
9.9
10.0
10.1
10.2
10.1
10.1
541.7
544.8
548.6
552.1
558.9
567.1
576.0
578.2
577.6
576.2
.3
1.2
2.1
3.1
3.5
3.7
4.9
6.4
8.1
8.4
.3
1.2
2.1
3.1
3.3
2.7
3.2
4.1
5.7
6.0
0
0
0
0
.2
1.0
1.7
2.3
2.4
2.4
37.6
37.4
37.3
37.2
37.3
37.5
37.9
38.0
38.0
38.0
265.4
266.9
268.8
270.5
274.3
279.2
284.8
286.8
287.3
287.3
21.8
21.8
21.8
21.7
21.6
21.5
21.2
21.0
20.8
20.6
221.4
224.2
227.1
230.2
233.8
237.3
241.6
243.5
244.4
243.5
- - -_
594.5
606.6
606.6
622.9
643.4
662.3
586.0
597.6
597.6
614.1
635.4
653.9
10.9
11.0
11.0
11.1
11.2
11.4
10.0
10.1
10.1
10.2
10.3
10.5
575.1
586.7
586.7
603.0
624.2
642.5
8.5
9.0
9.0
8.8
8.0
8.3
6.1
6.3
6.3
5.7
4.7
4.5
2.4
2.7
2.7
3.1
3.3
3.9
37.9
38.2
38.2
38.8
39.6
40.4
287.6
298.9
298.9
314.3
333.4
349.8
20.4
20.2
20.2
19.9
19.7
19.5
242.5
243.2
243.2
243.8
244.6
246.6
690.3
712.7
734.4
756.6
780.7
681.4
703.5
724.0
745.5
769.1
11.7
11.8
11.9
12.0
12.1
10.7
10.9
10.9
11.1
11.2
669.7
691.7
712.1
733.5
756.9
8.9
9.3
10.3
11.1
11.6
4.5
4.0
4.0
4.0
4.0
4.4
5.3
6.3
7.1
7.6
41.1
41.5
41.8
42.0
42.2
374.1
394.5
413.8
433.9
455.9
19.2
19.0
18.7
18.5
18.2
249.9
251.7
254.1
256.3
258.3
809.2
834.5
857.9
882.6
913.8
941.0
968.5
999.3
1,033.4
1, 068. 1
797.3
822.1
844.8
868.2
897.9
924.0
949.9
978.8
1,011.7
1, 045. 7
12.3
12.4
12.6
12.8
13.2
13.6
14.3
15.3
16.5
17.8
11.3
11.4
11.6
11.8
12.1
12.5
13.2
14.1
15.0
16.5
785.0
809.7
832.2
855.4
884.7
910.3
935.6
963.6
995.2
1, 027. 9
11.9
12.4
13.1
14.4
15.9
17.1
18.6
20.5
21.7
22.4
3.9
4.0
4.2
4.8
5.6
6.2
7.0
7.8
8.4
8.4
8.0
8.4
8.9
9.6
10.3
10.9
11.7
12.7
13.3
13.9
42.2
42.3
42.3
42.3
42.3
42.2
42.4
42.4
42.5
42.6
482.3
505.6
526.7
548.1
574.6
597.8
619.7
642.9
668.6
695.5
18.0
17.7
17.5
17.2
16.9
16.6
16.4
16.1
15.8
15.5
269.7
262.9
265.4
268.8
273.5
277.8
283.3
290.6
298.7
306.0
1, 102. 2
1, 132. 3
1,161.0
1,195.3
1,229.9
1,261.7
1,305.4
1, 358. 5
1,409.3
1,445.6
, 079. 0
, 108. 2
, 136. 1
, 169. 5
, 203. 0
, 233. 5
, 275. 4
, 326. 6
,375.5
, 410. 5
19.0
20.0
20.9
22.2
23.7
24.9
26.4
38.3
30.2
31.1
17.6
18.6
19.5
20.6
22.0
23.3
24.6
26.4
28.2
29.1
, 060. 0
,088.1
,115.1
, 147. 4
, 179. 4
,208.5
, 249. 0
, 298. 3
, 345. 3
, 379. 4
23.2
24.1
25.0
25.8
26.8
28.3
30.1
31.9
33.8
35.0
8.6
8.8
8.7
8.7
8.7
9.0
9.8
10.9
12.1
12.7
14.6
15.3
16.2
17.1
18.1
19.2
20.3
21.0
21.7
22.4
42.6
42.7
42.8
42.9
43.0
42.9
42.9
43.0
42.9
43.3
722.5
746.6
770.6
798.6
825. 4
850.8
896.5
929.0
969.5
1,001.1
15.2
14.9
14.6
14.3
14.0
13.7
13. 4
13.1
12.8
12.4
312.8
318.3
322.8
329.0
336.8
343.6
351.9
362.8
373.5
378.3
1,474.4
1,511.1
1, 555. 8
1, 601. 6
1, 643. 5
, 439. 2
, 475. 8
, 520. 1
,565.3
,606.8
31.9
32.7
33.6
34.7
36.0
29.8
30.5
31.4
32.4
33.6
, 407. 3
, 443. 2
, 486. 5
,530.6
,570.9
35.2
35.2
35.7
36.2
36.7
12.4
12.2
12.3
12.4
12.4
22.7
23.0
23.4
23.8
24.3
43.3
43.3
43.5
43.7
43.5
1, 027. 1
1,060.9
1,101.9
1, 141. 4
1, 177. 9
12.1
11.8
11.5
11.2
10.9
381.3
384.6
389.4
395.0
401.1
..-
-.
--
-
.
1975
1976
1977
1978
1979
State
and
local
472.2
489.9
506.4
521.4
531.6
536.6
540.2
540.5
540.0
540.0
..-
. . .
Federal
6.8
7.5
8.2
8.8
9.2
9.3
9.4
9.4
9.4
9.4
-- ...
.
Total
7.5
8.2
8.9
9.6
10.0
10.2
10.3
10.3
10.3
10.3
.
.
Noncorporate
479.7
489.1
515. 3
531.0
541.6
546.8
550.5
550.8
550.3
550.3
--_-----_._
1945
1946
1946
1947
1948.
1949
Nonfinancial
Tenant occupied
479.9
498.3
515.5
531.2
541.8
546.9
550.7
551. 0
550.5
550.5
-.
-
Total
Owner occupied
Government
.
.
1. See footnote 1, table 5.
February 1981
SURVEY OF CURRENT BUSINESS
64
Table 8.—Constant-Dollar Net Stock of Residential Capital, By Type of Owner, Legal Form of Organization, and Tenure Group, 1925-79
[Billions of 1972 dollars]
By tenure group1
By type of owner and legal form of organization
Private
Total
Yearend
Corporate
Total
1925
1926
1927 _ _
1928
1929
1930
1931
1932
1933 __
1934
_
1935
1936
1937
1938.1939
1940
1941
1942
1943
1944
__
_
_ _
_
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
_ _
_
_ _
_
___
—_
_
_
_
_-
-_-
- -
_
1. See footnote 1, table 5.
Total
Owner occupied
Government
Nonfinancial
Noncorporate
Total
Federal
State
and
local
Farm
Nonfarm
Tenant occupied
Farm
Nonfarm
308.4
322.0
334.4
345.0
350.6
350.6
349.3
344.6
339.3
334.6
308.2
321.9
334.2
344.9
350.4
350.4
349. 1
344.5
339.2
334.5
5.3
5.9
6.5
7.0
7.3
7.3
7.3
7.2
7.0
6.9
4.8
5.4
6.0
6.4
6.7
6.8
6.7
6.6
6.5
6.4
302.9
316.0
327.7
337.9
343.2
343. 1
341.8
337.3
332.1
327.5
0.2
.2
.2
.2
.1
.1
.1
.1
.1
.1
0.2
.2
.2
.2
.1
.1
.1
.1
.1
.1
0
0
0
0
0
0
0
0
0
0
21.8
21.7
21.5
21.3
21.0
20.6
20.2
19.7
19.3
18.9
149.8
156.0
161.3
166.0
168.4
168.5
168.2
166.2
1C3.8
161.8
11.7
11.7
11.8
11.9
12.1
12.1
12.0
11.8
11.6
11.5
122.1
129.3
136.1
142.0
145.0
145.1
144.8
142.9
140.6
138.6
331.7
331.4
331.7
331.8
334.8
339.0
344.7
343.9
340.7
335.4
331.5
330. 3
329.8
328.9
331.6
335.6
340.1
338.0
333.1
327.7
6.8
6.8
6.8
6.8
6.8
6.8
6.8
6.7
6.6
6.4
6.3
6.3
6.3
6.3
6.3
6.3
6.3
6.2
6.1
5.9
324.7
323.4
323.0
322.1
324.8
328.7
333.3
331.2
326.5
321.2
.2
1.1
1.9
2.9
3.2
3.4
4.6
6.0
7.5
7.7
.2
1.1
1.9
2.8
3.0
2.4
2.9
3.8
5.3
5.5
0
0
0
0
.2
1.0
1.7
2.2
2.3
2.3
18.5
18.2
18.1
17.8
17.8
17.9
18.1
18.2
18.1
18.0
160.7
160.1
159.9
159.4
161.2
163.9
167.4
167.2
165.6
163.6
11.4
11.3
11.2
11.0
10.9
10.6
10.4
10.1
9.8
9.6
137.4
138.1
138.9
139.9
141.5
143.1
145.4
145.1
144.1
141.3
330.3
338.3
350.5
366.7
381.1
322.5
330.2
342.7
359.8
373.9
6.3
6.2
6.2
6.3
6.4
5.8
5.7
5.7
5.8
5.9
316.2
324.0
336.5
353.5
367.5
7.8
8.1
7.8
6.9
7.2
5.5
5.6
5.0
4.0
3.7
2.2
2.5
2.8
2.9
3.5
17.8
18.1
18.7
19.4
20.1
161.9
171.1
184.1
200.7
214.3
9.3
9.0
8.8
8.5
8.3
138.4
137.3
136.1
135.3
135.6
404.3
421.7
438.0
454.8
473.0
396.7
413.8
429.3
445. 4
463.4
6.5
6.5
6.5
6.5
6.5
6.0
6.0
6.0
6.0
6.0
390.2
407.3
422.7
438.9
456. 8
7.6
7.9
8.8
9.4
9.7
3.6
3.1
3.1
3.0
2.9
3.9
4.8
5.7
6.4
6.8
20.8
21.1
21.2
21.3
21.4
235.7
252.9
268.8
285.1
303.2
8.0
7.8
7.5
7.3
7.1
137.1
137.4
138.0
138.5
138.8
495.5
514. 4
531.2
549.1
573.1
592.8
612.7
635.3
660.8
686.5
485.7
504.3
520.6
537.4
560.2
579.0
597.6
618.7
643.4
668.7
6.5
6.6
6.6
6.8
7.0
7.4
7.9
8.8
9.9
11.0
6.0
6.0
6.1
6.2
6.5
6.8
7.3
8.1
9.2
10.3
479.2
497.8
514.0
530.7
553.2
571.7
589. 7
609.9
633.5
657.7
9.8
10.1
10.6
11.7
12.9
13.8
15.1
16.6
17.4
17.8
2.8
2.8
3.0
3.5
4.2
4.7
5.3
6.0
6.5
6.4
7.0
7.3
7.6
8.2
8.7
9.1
9.7
10.6
10.9
11.3
21.2
21.2
21.0
20.9
20.8
20.6
20.6
20.5
20.5
20.5
325.3
343.9
360.2
376.4
397.4
414.8
430.6
447.4
466. 4
486.2
6.8
6.6
6.4
6.2
6.0
5.8
5.5
5.3
5.1
5.0
139.6
140.1
140.9
142.7
145.8
148.4
152.3
157.9
164.3
169.8
711.4
731.7
750.4
774.1
797.8
818.2
850.0
890.2
927.7
949.7
693.2
712.9
731.2
754.4
777.5
796. 9
827.3
866.2
902.3
923.7
12.1
12.9
13.6
14.6
15.9
16.9
18.2
20.0
21.5
22.2
11.2
12.0
12.7
13.7
14.9
15.8
17.0
18.6
20.2
20.8
681.2
700.0
717.5
739.8
761.6
780.0
809.2
846.3
880.7
901.5
18.2
18.8
19.2
19.7
20.3
21.3
22.7
24.0
25.4
26.0
6.5
6.5
6.3
6.2
6.1
6.3
6.9
7.8
8.8
9.2
11.7
12.3
12.9
13.5
14.2
15.0
15.8
16.2
16.6
16.9
20.3
20.3
20.3
20.2
20.2
20.0
19.9
19.9
19.7
20.0
505.8
522.1
537.9
557.4
575.4
591.4
617.0
648.6
677.6
697.1
4.8
4.6
4.4
4.2
4.1
3.9
3.7
3.6
3.4
3.3
174.8
178.3
181.0
185.2
191.0
195.9
202.3
211.4
220.2
222.9
964.0
985.8
1, 015. 5
1,045.7
1, 071. 6
938.4
960.6
990.4
1, 020. 5
1, 046. 5
22.6
23.0
23.6
24.2
25.1
21.2
21.6
22.1
22.7
23.5
915.8
937.6
966.9
996.3
1,021.4
25.6
25.2
25.1
25.2
25.1
8.8
8.4
8.3
8.2
8.0
16.9
16.8
16.8
16.9
17.1
20.0
19.9
20.1
20.3
20.0
711.4
733.0
760. 7
788.1
811.2
3.1
3.0
2.8
2.7
2.6
223.2
223.7
225.9
228.9
232.3
SUEVEY OF CUEEENT BUSINESS
February 1981
65
Table 9.—Current-Dollar Gross Stock of Government-Owned Fixed Capital, 1959-79
[Billions of dollars]
Federal
Total
Total
Equipment
and
structures
1959
1960
1961.
1962
1963
1964
1965
1966
1967
1968
..
1969
1970
1971.
1972
1973
1974
1975
1976.
1977
1978
1979
..
Total
Excluding military
Yearend
Equip- Strucment
tures
Equipment
and
structures
Equip- Strucment
tures
Equipment
and
structures
State and local
Excluding military
Equip- Strucment
tures
Equipment
and
structures
Equip- Strucment
tures
Military
Equipment
and
structures
Equip- Structures
ment
Equipment
and
structures
Equip- Structures
ment
485.2
500.7
522.1
549.3
577.1
610. 1
651.2
699.7
753.9
823.4
135.6
139.1
142.6
147.9
153.8
160.4
167.4
176.6
187.0
197.5
349.6
361.5
379.5
401.4
423.4
449.7
483.8
523.1
566.9
625.9
345.8
358.7
376.5
398.1
420.7
448.7
483.1
524.0
569.7
629.9
35.7
37.6
28.9
40.3
42.4
44.9
47.6
51.3
55.7
60.4
310.1
321.2
337.6
357.8
378.4
403.4
435.5
472.7
514.0
569.5
219.4
224.7
231.0
240.3
249.6
260.3
272.6
288.0
304.0
321.8
119.7
122.5
125.3
130. 0
135.0
140.7
146.6
154.3
162.3
169.9
99.7
102.2
105.7
110.4
114.5
119.6
126.0
133.7
141.6
152.0
80.0
82.8
85.4
89.1
93.2
98.5
104.5
112.3
119.7
128.3
19.9
21.0
21.6
22.4
23.6
25.1
26.8
29.1
31.0
32.8
60.1
61.9
63.9
66.7
69.5
73.3
77.8
83.3
88.7
95.5
139.4
141.9
145.6
151.2
156.4
161.9
168.1
175.7
184.2
193.5
99.8
101.6
103.7
107.6
111.4
115.5
119.9
125.2
131.3
137.1
39.6
40.3
41.9
43.6
45.0
46.3
48.2
50.4
53.0
56.4
265.8
276.0
291.1
309.0
327.5
349.8
378.6
411. 7
450.0
501.6
15.8
16.6
17.3
17.9
18.7
19.7
20.8
22.3
24.7
27.6
250.0
259.4
273.8
291.1
303.8
330.0
357.8
389.5
425.3
474.0
908.1
1,005.4
1, 095. 4
1, 188. 3
1,353.7
1, 564. 5
1, 700. 9
1, 814. 6
2, 013. 8
2, 258. 6
2, 586. 7
208.4
223.7
234.1
242.5
254.0
282.5
317.1
343.7
385.3
421.8
469.2
699.8
781.7
861.3
945.8
1, 099. 7
1, 282. 0
1, 383. 8
1, 470. 8
1, 628. 5
1, 836. 7
2, 117. 5
703.7
786.1
865.7
949.0
1, 100. 8
1,292.3
1, 401. 8
1, 493. 5
1, 655. 7
1, 873. 1
2, 147. 6
65.1
70.4
75.1
79.4
87.3
105.5
181.1
128.4
140.4
157.6
176.5
638.6
715.6
790.6
869.6
1, 013. 5
1, 186. 7
1, 283. 7
1, 365. 1
1, 515. 3
1, 715. 5
1, 971. 1
342.3
367.6
389.9
411.4
443.9
491.3
539.5
578.1
637.7
694.9
784.6
177.5
188.9
195.9
200.4
206.0
221.9
248.4
266.5
298.5
323.2
354.9
164.7
178.7
194.0
210.9
237.9
269.4
291.1
311.6
339.2
371.8
429.6
137.8
148.3
160.1
172.1
191.0
219. 1
240.4
257.1
279.6
309.6
345.5
34.2
35.7
36.9
37.3
39.3
44.9
49.4
51.2
53.6
59.0
62.2
103.6
112.6
123.2
134.7
151.7
174.1
191.0
205.6
226.0
250.5
283.2
204.4
219.3
229.7
239.7
252.9
272.2
299.1
321.0
358.1
385.4
439.1
143.3
153.2
159. 0
163.1
166.7
176.9
199.0
215.3
244.9
264.2
292.7
61.2
66.1
70.7
76.2
86.2
95.2
100.1
105.7
113.2
121.3
146.4
565.9
637.8
705.6
776.9
909.8
1, 073, 2
1,161.3
1, 236. 5
1, 376. 1
1,563.6
1, 802. 1
30.9
34.7
38.2
42.1
48.0
60.6
68.8
77.2
86.8
98.6
114.3
535.0
603.1
667.4
734.8
861.8
1,012.6
1, 092. 5
1, 159. 2
1, 289. 3
1,465.0
1, 687. 9
Table 10.—Current-Dollar Net Stock of Government-Owned Fixed Capital, 1959-79
[Billions of dollars]
Total
Yearend
1959
1960
1961
1962
1963
1964._
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979.
__
Equipment
and
structures
296.9
306.0
321. 3
339. 2
357.8
378. 3
404.2
435.8
469.8
514. 8
568.5
628.8
683. 8
742.6
848.1
979.8
1, 057. 8
1. 121. 0
1, 235. 0
1, 380. 2
1, 573. 2
Equipment
and
structures
223.0
231.0
243.7
258.6
273. 9
291.8
315. 0
341.8
371.2
411.2
219.0
227.2
239.2
253. 5
268.9
287.4
311.4
339.9
371. 3
412.6
460.0
108,5
115.9
513.0
119.9
563.9
125.7
616.9
132.7
715.3
831.3
148.5
165.6
892.2
179.0
941.9
199.3 1, 035. 7
218.8 1, 161. 4
245.0 1, 328. 3
461.9
515.8
567. 5
620.1
717.8
839. 4
904.4
956.9
1, 054. 2
1, 185. 6
1, 353. 0
73.9
74.9
77.5
80.6
83.9
86.5
89.3
94.0
98.5
103.6
Total
Excluding military
Equip- Structures
ment
State and local
Federal
Total
Equip- Strucment
tures
Equipment
and
structures
Excluding military
Equip- Structures
ment
Equipment
and
structures
Equip- Structures
ment
Military
Equipment
and
structures
Equip- Structures
ment
Equipment
and
structures
Equip- Strucment
tures
198.1
205. 7
217.5
231.7
246. 3
263. 7
286.1
312.1
340.6
379.0
127.5
129.7
134.5
140. 3
146.0
150. 8
156.5
164.6
171.4
180.0
64.7
65.6
68.1
71.1
74.1
76.2
78.4
82.1
85.0
88.0
62.8
64.0
66.4
69.1
71.9
74.6
78.2
82.5
86.4
92.0
49.6
50.8
52.5
54.6
57.1
59.9
63.7
68.8
72.8
77.8
11.7
12.1
12.2
12.4
12.8
13.4
14.5
16.0
17.0
18.0
37.8
38.7
40.3
42.2
44.3
46.5
49.3
52.8
55.8
59.8
77.9
78.9
82.1
85.7
88.9
90.9
92.8
95.8
98.5
102.2
53. 0
54.5
56.0
58.8
61.3
62.8
63.9
66.1
67.9
70.0
24.9
25.3
26.1
26.0
27.6
28.1
28.9
29.7
30.6
32.2
169.4
176.3
186.7
198.9
211.8
227.5
247. 7
271.2
298.4
334.8
9.2
9.3
9.4
9.5
9.8
10.3
10.9
11.8
13.6
15.7
160.2
167.0
177.3
189.5
202.1
217.3
236. 8
259.4
284.9
319.2
36.3
425. 6
39.5
476. 3
42.1
525. 4
44.0
576.1
669.7
48.1
57.8
781.6
63.8
840.6
68.7
888.2
75.1
979.1
84.1 1, 101. 5
96.1 1, 257. 0
189.3
201.2
211.3
223. 5
242.1
267.7
291. 5
310.5
340.6
371.7
420.2
90.5
95.3
97.1
100.3
103.6
111.5
123.9
132.7
14S.O
161.2
179.2
98.7
105.9
114.2
123. 2
138.5
156.2
167.6
177.9
192.6
210.6
241.0
82.6
88.2
95.0
101.0
111.8
127. 3
138. 2
146.5
159.8
177.1
200.0
18.4
19.0
19.3
18.6
18.9
20.9
22.1
22.3
23.8
26.5
30.3
64.3
69.2
75.7
82.4
92.9
106.4
116.0
124.2
136.0
150.7
169.7
106.6
113.0
116.3
122. 5
130.2
140.4
153.4
164.0
180.8
194.5
220.2
72.2
76.3
77.8
81.7
84.6
90.7
101.8
110. 3
124.2
134.6
148.9
34.5
36.7
38.5
40.8
45.6
49.7
51.6
53.7
56.6
59.9
71.4
379.2
427.6
472.5
519.1
606.0
712.0
766.2
810.4
894.4
1, 008. 5
1, 153. 0
17.9
20.6
22.9
25.4
29.2
36.9
41.7
46.4
51.4
57.6
65.8
361.2
407.0
449.7
493.8
576. 8
675.1
724.5
764.1
843.0
950.9
1, 087. 3
20.9
21.4
21.6
21.9
22.6
23.7
25.4
27.8
30.6
33.6
SURVEY OF CURRENT BUSINESS
66
February 1981
Table 11.—Constant-Dollar Gross Stock of Government-Owned Fixed Capital, 1959-79
[Billions of 1972 dollars]
Federal
Total
Excluding military
Total
Yearend
Equipment
and
structures
Equip- Strucment
tures
Equipment
and
structures
Equip- Strucment
tures
Excluding military
Total
Equipment
and
structures
State and local
Equip- Structures
ment
Equipment
and
structures
Equip- Strucment
tures
Military
Equipment
and
structures
Equip- Structures
ment
Equipment1
and
structures
Equip- Strucment
tures
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
750.7
775.9
800.9
829.4
860.1
893.4
926.9
962.3
997.9
1, 032. 8
185.0
188.6
190.6
194.8
200.1
206.9
212.6
218.5
223.6
227.4
565.8
587.3
610.2
634.6
659.9
686.5
714.3
743.8
774.3
805.5
549.0
570.9
593.7
617.9
644.4
672.9
702.9
734.9
768.0
801.4
47.1
49.2
50.8
52.3
54.6
57.2
59.8
62.9
65.8
68.3
501.8
521.8
542.9
565.6
589.8
615.8
643.1
672.1
702.2
733.2
323.9
331.0
336.4
344.7
353.6
363.6
372.2
380.7
387.0
390.8
163.8
166.6
167.9
171.4
176.0
181.9
186.5
191.2
194.3
196.0
160.1
164.4
168.5
173.3
177.6
181.7
185.7
189.6
192.7
194.8
122.1
126.0
129.2
133.3
138.0
143.1
148.2
153.4
157.1
159.4
25.9
27.2
28.0
29.0
30.5
32.1
33.8
35.6
36.5
36.9
96.2
98.9
101.2
104.3
107. 5
110.9
114.5
117.9
120.5
122.4
201.8
205.0
207.2
211.5
215.6
220.5
224.0
227.3
229.9
231.4
137.8
139.4
139.9
142.5
145.5
149.8
152.8
155.6
157.8
159.1
63.9
65.5
67.4
69.0
70.1
70.8
71.2
71.7
72.1
72.3
426.3
445.0
464.5
484.7
506.5
529.8
554.7
581.6
610.9
642.1
21.2
22.0
22.7
23.4
24.1
25.1
26.1
27.3
29.3
31.4
405.6
422.9
441.8
461.2
482.3
504.7
528.7
554.2
581.6
610.7
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1,064.7
,093.1
, 122. 2
, 148. 7
, 174. 5
,200.1
, 228. 1
, 252. 9
, 274. 5
, 296. 7
,318.7
231.0
833.6
233.6
859.6
237.0
885.3
238.5
910.2
239.9
934.6
241.4
958.6
247.9
980.2
999.2
253.7
258.6 1, 016. 0
261.9 1, 034. 8
267.4 1,051.4
832.0
860.0
888.3
915.7
943.7
971.6
996.9
1, 018. 7
1, 038. 6
1,062.4
1, 081. 6
70.9
73.0
75.7
78.7
82.4
86.1
90.0
93.2
96.5
101.1
103.4
761.1
787.1
812.5
837.0
861.3
885.4
960.9
925.5
942.2
961.3
978.2
393.5
395.0
398.2
400.1
400.9
400.8
405.2
409.1
412.2
414.0
417.1
197.4
197.5
198.3
196.8
194.7
192.4
195.0
197.1
198.3
197.9
199.7
196.1
197.4
199.9
203.3
206.2
208.5
210.1
212.0
213.9
216.2
217.4
160.9
161.9
164.2
167.1
170.1
172.3
174.0
174.9
176.3
179.7
180.0
37.2
36.9
37.1
37.0
37.2
37.0
37.1
36.6
36.2
37.1
35.8
123.6
124.9
127.1
130.0
132.9
135.3
136.8
138.4
140.1
142.7
144.2
232.7
233.1
234.0
233.0
230.8
228.5
231.2
234.2
235.9
234.3
237.2
160.1
160.6
161.2
159.8
157.5
155.3
157.9
160.5
162.1
160.8
163.9
72.6
72.5
72.8
73.2
73.3
73.2
73.3
73.6
73.8
73.5
73.2
671.1
698.2
724.0
748. 6>
773.6
799.3
822.9
843. 8
862.3
882.7
901.6
33.7
36.1
38.8
41.7
45.2
49.1
52.9
56.6
60.3
64.0
67.6
637.5
662.1
685.3
706.9
728.4
750.2
770.0
787.2
802.1
818.6
833.9
.
.
,
.
Table 12.—Constant-Dollar Net Stock of Government-Owned Fixed Capital, 1959-79
[Billions of 1972 dollars]
Federal
Total
Equipment
and
structures
Equip- Structures
ment
Equipment
and
structures
Excluding military
Total
Excluding military
Total
Yearend
Equip- Strucment
tures
Equipment
and
structures
State and local
Equip- Structures
ment
Equipment
and
structures
Equip- Strucment
tures
Military
Equipment
and
structures
Equipment
Equip- Structures
ment
and
structures
Equip- Strucment
tures
1959
1960
1961
1962
1963
1964
1965 _
1966
1967
1968
461.3
476.7
495.4
514.7
536.0
556.8
578.2
602.0
624.6
648.2
100.7
101.4
103.6
106.1
109.1
111.5
113.3
116.1
117.7
119.2
360.6
375.2
391.8
408.6
426.8
445.5
464.9
485.8
506.9
529.0
347.9
362.1
377.9
394.4
413.0
432.6
454.1
477.6
501.4
525.6
27.6
28.0
28.2
28.4
29.1
30.1
31.9
34.1
36.2
38.0
320.4
334.1
349.8
366.0
383.9
402.5
422.2
443.6
465.2
487.7
189.2
192.0
196.9
202.2
207.8
211.6
214.7
218.5
219.0
219.3
88.4
89.1
91.3
93.7
96.5
98.5
99.6
101.6
101.6
101.5
100.7
102.9
105.6
108.5
111.2
113.1
115.1
116.8
117.4
117.9
75.8
77.4
79.5
81.9
84.8
87.4
90.6
94.1
95.8
96.8
15.3
15.6
15.8
16.0
16.5
17.1
18.2
19.5
20.0
20.2
60.5
61.8
63.7
65.9
68.3
70.2
72.5
74.6
75.7
76.6
113.4
114.6
117.4
120.3
123.0
124.3
124.1
124.3
123.3
122.5
73.1
73.4
75.5
77.7
80.0
81.4
81.4
82.1
81.6
81.2
40.3
41.1
42.0
42.6
43.0
42.9
42.7
42.2
41.7
41.3
272.2
284.7
298.4
312.5
328.2
345.2
363.5
383.5
405. (i
428.9
12.3
12.4
12.4
12.4
12.6
13.1
13.7
14.5
16.1
17.8
259.9
272.3
286.0
300.1
315.6
332.1
349.8
369.0
389.4
411.1
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
668.0
684.9
700.8
717.4
733.0
747.7
760.8
771.6
779.4
789.4
799. 0
120.1
121.0
121.4
123.7
125.3
126.5
129.2
132.0
134.0
136.1
139.7
547.9
564.0
579.5
593.7
607.8
621.2
631.6
639.6
645.5
653.3
659.2
546.5
564.7
582.3
598.1
614.4
630.1
642.6
652.1
660.3
671.1
679.9
39.5
40.9
42.5
43.6
45.4
47.1
48.7
50.0
51.7
54.1
56.4
507.0
523.8
539.9
554.5
569.0
583.0
593.9
602.1
608.6
617.0
623.6
218.1
216.7
215.9
217.2
217.9
217.2
217.7
218.6
219.2
220.5
222.6
100.6
99.6
98.2
98.5
97.8
96.5
97.1
98.0
98.3
98.7
100.8
117.5
117.1
117.7
118.7
120.1
120.7
120.6
120.5
121.0
121.7
121.7
96.6
96.5
97.5
98.0
99.2
99.6
99.5
99.1
100.1
102.1
103.5
19.9
19.6
19.4
18.5
17.9
17.2
16.6
16.0
16.1
16.7
17.5
76.6
76.9
78.1
79.5
81.3
82.5
82.8
83.1
84.1
85.4
86.0
121.5
120.2
118.5
119.3
118.7
117.6
118.2
119.5
119.1
118.3
119.0
80.7
80.0
79.9
80.1
79.9
79.3
80.5
82.1
82.2
82.0
83.4
40.9
40.2
39.6
39.2
38.8
38.2
37.8
37.4
36.9
36.3
35.7
449.9
468.2
484.9
500.1
515.2
530.5
543.2
553.0
560.2
568. 9
576. 4
19.6
21.3
23.1
25.2
27.5
29.9
32.1
34.0
35.7
37.4
38.9
430. 3
446.8
461.8
475.0
487.7
500.6
511.1
519.0
524.5
531.5
537.5
_
SURVEY OF CURRENT BUSINESS
February 1981
67
Table 13.—Constant-Dollar Gross Stock of Government-Owned Structures, Excluding Military,* by Type of Structures, 1959-79
I Billions of 1Q72 dollars)
Federal
State and local
Buildings
Yearend
Total
Resi- Indus- Educational
dential trial
Hospital
Other »
Highways
and
streets
ConserBuildings
vation
and de- Other 2 Total
Resi- Educa- Hosvelopdential tional
ment
pital
Other i
Highways
and
streets
ConserSewer
vation
Water
and de- systems supply
velopfacilities
ment
Other 2
1959
I960
1961
1962
1963
1964
1965
1966
1967
1968
96.2
98.8
101.2
104.3
107.5
110.9
114.4
117.8
120.6
122.4
5.6
6.2
7.0
7.8
8.4
8.4
8.6
8.8
8.7
8.7
31.1
31.0
30.1
29.6
29.0
29.1
28.9
28.6
28.8
28.6
0.5
.5
.6
.6
.7
.7
.7
.7
.8
.8
2.3
2.4
2.5
2.5
2.7
2.8
3.0
3.2
3.3
3.4
7.9
8.2
8.5
8.9
9.6
10.6
11.6
12.3
12.6
12.7
3.4
3.6
3.8
4.1
4.4
4.6
4.9
5.2
5.6
5.9
43.8
45.2
46.9
48.8
50.6
52.5
54.5
56.7
58.5
60.0
1.6
1.7
1.8
2.0
2.1
2.2
2.2
2.3
2.3
2.3
405. 6
423.0
441.8
461. 3
482.0
504.9
528.7
554.2
581.6
610.9
10.3
10.9
11.7
12.7
13.3
13.9
14.6
15.3
16.2
17.1
80.4
84.0
88.1
92.0
96.5
101.5
107.1
114.0
121.5
128.7
16.6
17.0
17.3
17.7
18.1
18.7
18.9
19.3
19.9
20.5
26.4
27.7
29.1
30.4
31.9
33.6
35.3
37.0
39.3
41.9
180.0
188.0
196.6
205.7
215.4
225.1
235. 1
245.5
255. 7
266.5
4.3
4.5
4.8
5.2
5.7
6.2
7.0
7.7
8.6
9.4
32.8
34.1
35.4
37.0
38.0
40.1
41.7
43.4
44.6
46.6
28.2
28.8
29.5
30.2
31.2
32.4
33.9
35.0
36.4
38.1
26.8
28.0
29.3
30.4
31.9
33.4
35.1
37.0
39.4
42.1
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
123.6
125.0
127.1
130.2
133. 0
135.1
136.8
138. 4
140.0
142.6
144.2
8.7
9.0
9.8
10.9
12.1
12.7
12.4
12.2
12.3
12.4
12.4
28.2
27.5
26.9
26.8
26.4
26.0
25.8
25.5
25.0
25.1
24.3
.8
.8
.8
.8
.9
.9
.9
.9
.9
.9
.9
3.5
3.7
3.8
4.0
4.1
4.2
4.4
4.7
4.9
5.2
5.4
12.7
12.7
12.7
12.7
12.7
12.8
13.0
13.0
13.1
13.3
13.6
6.1
6.4
6.7
7.0
7.2
7.4
7.6
7.8
8.1
8.3
8.5
61.2
62.5
63.9
65.4
66.9
68.4
69.9
71.5
72.9
74.5
76.2
2.4
2.4
2.5
2.6
2.7
2.7
2.8
2.8
2.8
2.9
2.9
637. 5
662.1
685.4
707.0
728.4
750. 3
770.0
787.1
802.1
818.5
834.0
18.1
19.2
20.3
21.0
21.7
22.4
22.7
23.0
23.4
23.8
24.3
135.0
140.5
145. 3
149.9
154.9
159.7
164.5
167.9
170.4
173. 0
175.5
21.2
21.8
22.4
23.0
23.5
24.1
25.0
25.8
26.5
27.0
27.3
45.0
47.5
50.3
53.0
55.8
59.0
61.5
63.5
65.2
67.4
69.4
276.2
285.6
294.9
303.2
310.9
317.7
322.7
327.1
331.0
334.5
338.0
10.1
10.7
11.2
11.6
11.9
12.3
12.7
13.3
13.7
14.0
14.4
48.1
49.7
51.4
53.1
55.0
57.8
60.9
64.1
67.1
70.7
74.0
39.4
40.4
41.1
41.9
42.5
43.3
44.1
44.7
45.5
46.6
47.5
44.4
46.7
48.5
50.3
52.2
54.0
55.9
57.7
50.3
61.5
63.6
*Estimates of the constant-dollar gross stock of military structures appear in table 3. Family housing for the armed forces is included in the Federal residential estimates above, and troop
housing is included in the military structures estimates in table 3.
1. Consists of general office buildings, police and fire stations, courthouses, auditoriums, garages, passenger terminals, etc.
2. Consists of electric and gas facilities, transit systems, airfields, etc.
Table 14.—Current-Dollar Gross and Net Stocks of Fixed Capital Owned by Government Enterprises, 1959-79
[Billions of dollars]
Net stock
Gross stock
Federal
State and local
Total
Federal
Equipment Equip Structures
and
ment
structures
Equipment Equip- Structures
and
ment
structures
Equipment Equip- Strucand
ment
tures
structures
Equipment Equip- Strucand
tures
ment
structures
Total
Yearend
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
Equipment
and
structures
Equip- Structures
ment
State and local
Equipment
and
structures
Equip- Strucment
tures
_
84.6
88.0
92.4
97.6
102.4
108.9
116.3
124.7
134. 3
148.4
3.5
3.6
3.8
3.9
4.1
4.2
4.3
4.5
4.8
5.2
81.1
84.4
88.6
93.7
98.3
104.7
112.1
120.1
129.5
143.2
6.4
6.7
7.1
7.6
8.1
8.4
8.8
9.3
9.8
10.6
1.5
1.6
1.6
1.7
1.7
1.7
1.7
1.8
1.8
1.9
4.9
5.1
5.5
6.0
6.3
6.7
7.2
7.6
8.0
8.8
78.2
81.3
85.3
90.0
94.3
100.5
107.5
115.3
124 5
137.8
2.0
2.1
2.2
2.3
2.4
2.5
2.5
2.7
3.0
3.2
76.2
79.3
83.2
87.7
91.9
98.0
105. 0
112.6
121.5
134. 6
55.2
57.3
60.4
63.9
67.1
71.6
76.6
82.3
89.0
98.7
1.9
1.9
2.0
2.1
2.2
2.2
2.3
2.4
2.6
2.9
53.3
55.4
58.4
61.9
64.9
69. 4
74.4
79.9
86.4
95.8
4.0
4.1
4.4
4.8
5.2
5.4
5.7
6.1
6.5
7.1
0.7
.8
.8
.8
.9
.9
.9
.9
1.0
1.1
3.2
3.3
3.6
4.0
4.3
4.5
4.8
5.2
5.5
6.0
51.3
53.2
55.9
59.1
61.9
66.2
71.0
76.2
82.4
91.6
.1
.2
.2
.2
.3
.3
.4
.5
.6
.8
50.1
52.1
54.7
57.9
60 6
64.9
69.7
74 8
80.9
89.8
- -
165.6
186.1
207.2
229.0
266.7
316.7
352. 2
381.8
425.3
484.5
562.2
5.6
6.2
6.7
7.4
8.5
10.2
12.1
13.6
15.0
16.9
18.9
160.0
179.9
200.4
221.6
258.1
306.4
340.1
368. 3
410.3
467.7
543.3
11.7
13.3
15.2
17.3
20.2
24.4
28.0
30.5
33.8
38.2
44.2
2.0
2.2
2.4
2.6
2.9
3.4
4.1
4.4
4.9
5.4
5.9
9.7
11.0
12.8
14.7
17.4
21.0
23.9
26.1
28.9
32.8
38. 3
153. 8
172.8
192.0
211.8
246.4
292. 3
324.2
3nl 3
391. 5
446. 3
518.0
3.5
3.9
4.3
4.9
5.6
6.8
8.0
9.1
10.1
11.5
13.1
150.3
168.9
187.7
206.8
240.8
285. 5
316.1
342. I
381.5
434.9
505.0
110.4
124.0
138.0
152. 5
177.4
210.5
233. 4
252.4
280.5
319.3
369.4
3.2
3.5
3.9
4.4
5.1
6.2
7.3
8.2
9.0
10.0
11.0
107.3
120. 5
134.0
148.1
172.3
204.4
226.2
244.3
271.5
309. 3
358.4
8.0
9.1
10.7
12.5
14.9
18.2
20.8
22.6
25.0
28.3
32.4
1.2
1.3
1.4
1.5
1.7
2.0
2.4
2.5
3.0
3.3
3.4
6.8
7.8
9.3
11.0
13.2
16.2
18.3
19.9
22.0
25.1
29.0
102.5
114. 9
127.2
140 0
162. 5
192.3
212.6
229.9
255. 6
291 0
337.0
2.0
2.2
2.5
2.9
3.4
4.2
4.9
5. 5
6.0
6.8
7.5
100.4
112.6
124.8
137.1
159.0
188.2
207.7
224.4
249. 5
284.2
329.4
_
_
SUEVEY OF CUEEENT BUSINESS
68
February 1981
Table 15.—Constant-Dollar Gross and Net Stocks of Fixed Capital Owned by Government Enterprises, 1959—79
[Billions of 1972 dollars]
Gross stock
Total
Yearend
Equipment
and
structures
Net stock;
Federal
Equip- Strucment
tures
Equipment
and
structures
State and local
Equip- Strucment
tures
Equipment
and
structures
Total
Equip- Strucment tures
Equipment
and
structures
State and local
Federal
Equip- Structures
ment
Equipment
and
structures
Equip- Structures
ment
Equipment
and
structures
Equip- Strucment
tures
1959
I960 .._
1961
1962
1963
1964
1965
1966
1967 .
1968
132.7
137.6
143.4
149.4
155.4
162.0
168.6
175.1
182.1
190.5
4.4
4.6
4.8
4.9
5. 1
5.2
5.3
5.4
5.6
5.8
128.2
133.0
138.5
144.5
150.3
156.8
163.2
169.7
176.5
184.7
9.8
10.2
10.8
11.4
11.9
12.3
12.5
12.8
13.0
13.2
2.0
2.0
2.1
2.1
2.2
2.2
2.2
2.1
2.1
2.2
7.8
8.1
8.7
9.3
9.8
10.1
10.4
10.6
10.8
11.1
122.9
127.5
132.6
138.0
143.5
149.7
156.0
162.4
169. 2
177.3
2.5
2.6
2.7
2.8
3.0
3.1
3.2
3.3
3.5
3.7
120.4
124.9
130.0
135.2
140.5
146.6
152.9
159.0
165.7
173.7
86.7
89.9
93.8
97.9
102.0
106.5
111.1
115.7
120.7
126.7
2.4
2.5
2.6
2.6
2.7
2.8
2.8
2.9
3.1
3.2
84.3
87.5
91.2
95.3
99.3
103.8
108.3
112. 7
117.6
123.4
6.1
6.3
6.8
7.2
7.7
7.9
8.1
8.4
8.6
8.9
1.0
1.0
.1
.1
.1
.1
.1
.1
.2
.2
5.1
5.3
5.6
6.2
6.6
6.7
6.9
7.2
7.5
7.7
80.6
83.6
87.0
90.7
94.3
98.7
103.1
107.3
112.0
117.8
1.4
1.5
1.5
1.5
1.6
1.7
1.7
1.8
1.9
2.0
79.2
82.1
85.5
89 2
92.7
97.0
101.3
105.6
110.1
115.8
1969
1970
1971
1972
1973
1974 . . . .
1975
1976
1977
1978
1979
198.3
206.1
213.5
221.0
228.8
237.1
245.0
252.4
259.7
268.9
276.9
6.1
6.4
6.8
7.4
8.0
8.6
9.3
9.9
10.6
11.1
11.5
192.3
199.8
206.7
213.6
220.8
228.5
235.7
242.4
249.1
257.8
265.4
13.8
14.5
15.6
16.8
18.1
19.3
20.2
20.6
21.4
22.6
23.5
2.2
2.3
2.5
2.5
2.7
2.9
3.1
3.3
3.4
3.6
3.7
11.6
12.3
13.2
14.3
15.4
16.4
17.0
17.4
17.9
19.0
19.8
184.5
191.5
197.8
204.2
210.7
217.8
224.8
231.7
238.3
246.4
253.4
3.9
4.1
4.3
4.8
5.3
5.7
6.2
6.6
7.1
7.5
7.9
180.7
187.4
193.5
199.4
205.4
212.1
218.6
225.1
231.2
238.8
245.5
132.2
137.4
142.1
147.1
152.2
157.8
162.6
166.9
171.2
177. 2
181.9
3.5
3.7
3.9
4.4
4.8
5.2
5.6
6.0
6.4
6.6
6.7
128.7
133.7
138.2
142.7
147.4
152.6
157.0
160.9
164.8
170.6
175.2
9.4
10.1
11.0
12.1
13.3
14.4
15.0
15.2
15.7
16.7
17.1
.3
.4
.5
.5
.6
. .7
.9
.9
2.1
2.2
2.1
8.1
8.7
9.6
10.6
11.7
12.7
13.1
13.3
13.6
14.5
15.0
122.8
127.3
131.2
135.0
138.9
143.5
147.6
151. 7
155.5
160.5
164.7
2.2,
2.3
2.5
2.9
3.2
3.5
3.8
4.0
4.3
4.4
4.5
120.6
124.9
128.7
132. 1
135. 7
140.0
143.9
147.6
151.2
156.0
160.2
U.S. GOVERNMENT PRINTING OFFICE : 1981 0 - 336-907
CURRENT BUSINESS STATISTICS
THE STATISTICS here update series published in the 1977 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY OF CURRENT
BUSINESS. That volume (available from the Superintendent of Documents for $6.25) provides a description of each series, references to sources of earlier figures,
and historical data as follows: For all series, monthly or quarterly, 1973 through 1976 (1966-76 for major quarterly series), annually, 1947-76; for selected
series, monthly or quarterly, 1947-76 (where available).
The sources of the data are given in the 1977 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and are also listed
alphabetically on pages 181-182. 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.
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1977
1978
Annual total
I
II
III
IV
I
II
1981
1980
1979
1978
1979
III
IV
I
II
III
IV
65 18
24.10
1254
11.56
41.08
2.74
099
0.90
084
8.01
664
1.37
1908
8.52
7402
28.86
1479
14.06
45.16
3.27
106
1.27
098
8.84
707
1.77
2023
9.52
74 12
28.98
1449
14.50
45.13
3.50
100
093
107
897
689
2.08
2038
9.28
'8098
32.95
16.43
16.53
48.02
4.00
1 12
0.87
096
8.80
685
1.95
2258
9.71
29436
11569
59.38
5632
178.66
1281
406
427
376
81892
54710
I
GENERAL BUSINESS INDICATORS—Quarterly Series
NEW PLANT AND EQUIPMENT
EXPENDITURES t
Unadjusted quarterly or annual totals:
Total nonfarm business
bil $
Manufacturing
do....
Durable goods industries U
do
Nondurable goods industries
fl
do....
Nonmanufacturing
do....
Mining
. . . do
Railroad
do
Air transportation
do
Other transportation
do
Public utilities
do
Electric
.
do
Gas and other
do....
Trade and services
do
Communication and other
do....
Seas. adj. quarterly totals at annual rates:
Total nonfarm business
Manufacturing ..
Durable goods industries
fl
Nondurable goods industries U
Nonmanufacturing
Mining
.
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Trade and services
Communication and other
See footnotes at end of tables.
6839
24.93
1299
11.94
43.47
2.87
104
091
1 18
880
703
1.77
1987
8.79
7799
30.42
1573
14.69
47.57
3.11
1 12
1.10
1 23
273.15
100 11
52.13
4797
173.04
1140
4 13
395
460
284.30
10657
55.03
5155
177.73
1186
424
455
4 41
3240
2685
555
7603
3371
26524
9471
4925
4547
17052
11 01
383
403
4 16
3402
2788
614
7903
34 44
3505
2871
635
7886
3505
3408
27 16
692
82.69
3590
291.89
11177
58.28
5349
180.13
1189
446
390
4 11
3626
2898
728
82.17
3734
65667
41805
67 763
42815
74773
47 198
78305
50237
85647
54708
5741
19.58
989
9.68
37.83
258
088
082
100
730
602
128
1729
7.96
5847
19.93
1024
9.69
38.55
264
089
072
105
757
604
154
1734
8.35
6757
24.45
1246
12.00
5726
19.65
1004
9.61
43.12
290
098
0.83
122
883
728
1.55
1947
8.90
37.61
259
086
080
082
7 19
6 15
105
1763
7.72
do....
do
do....
do
do....
do
do
do
do
21324
7264
36 19
3644
14061
909
3 35
3 17
4 08
23324
7996
41.09
3887
15328
1048
354
308
405
28 19
23 11
508
6296
2976
30 16
2466
549
6873
3324
247.36
86 15
43.88
4227
161.21
1103
3 68
341
436
32 13
2665
548
73.32
3328
25555
9075
46.38
4437
164.80
1123
3 90
349
4 04
do
do
do
do....
do
22753
78 19
39.47
3872
149.34
10 10
3 34
279
3 86
2893
2379
5 14
6886
3146
49319
30922
54 156
35404
56432
36828
61 131
38900
U.S. INTERNATIONAL TRANSACTIONS
Quarterly Data Are Seasonally Adjusted
(Credits +; debits—)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise, adjusted, excl. military
do....
Transfers under U.S. military agency sales
contracts
mil $
Receipts of income on U.S. assets abroad .. do. .
Other services
do
Imports of goods and services
do
Merchandise, adjusted, excl. military
do. ..
Direct defense expenditures
do
Payments of income on foreign assets in the
US
mil $
Other services. . ..
do
Unilateral transfers (excl. military grants), net
mil. $..
U.S. Government grants (excl. military)
do....
Other
do
U S assets abroad net
.
do
U.S. official reserve assets, net
do...
U.S. Gov't assets, other than official reserve
assets, net
mil. $..
U S private assets net
. . do
Direct Investments abroad
do....
Foreign assets in the U.S., net
Foreign official assets, net
Other foreign assets net
Direct investments in the U.S
Allocation of special drawing
rights
Statistical discrepancy
Memoranda:
Balance on merchandise trade
Balance on goods and services
Balance on goods services and remittances
Balance on current account
6681
23.68
1231
11.37
43.13
281
100
1 19
108
858
705
153
1976
8.70
4779
15.76
785
7.91
32.02
209
074
072
083
625
529
096
1457
6.82
19808
69.22
3404
35.18
128.87
924
303
2.17
420
26.79
2223
4.56
5654
26.90
184 705
120,816
23124
79.72
4043
39.29
27046
98.68
5107
47.61
151.52
1021
348
309
4 10
2995
2463
5.32
6866
32.02
171.77
1138
403
401
431
3396
2765
6.31
7926
34.83
221 036
142,054
286 508
182 055
2 055
7451
7 194
8 240
2 051
2000
2013
2 121
1 927
32,587
9957 10557 12851 14263 15250
42,972
9607
65970
7 771
7 329
23852
27772
6 740
31 289
7 599
7 034
6669
-194 169 230 240 281 630 54 288 56 951 -58 365 60638 -62 935 -67 873
-151,689 -175,813 -211 524 -42063 -43699 -44'336 ^45715 -46919 -50 885
-7,354
-8469
-5823
2029
1752 -1874 -2048
1680
2029
9.38
742
1.96
2201
9.62
3503
2791
7 12
8107
3766
29623 '294.95 '310.59
11640 11537 12269
60.23
58.19
57.42
6246
57.96
5821
17983 179.58 187.90
1607
1525
1386
362
422
398
3.59
404
406
344
383
4 18
3678
3195
3558
2799
25.05
28 14
879
690
744
84.09
84.87
81 19
3948
3626
3697
86403
56288
1 692 1 575 1 497 1 758 2093
18050 18407 20846 16*641 19 113
7 833
8 909
8 596
8086
8 783
72267 78 555 -86 445 -82997 -80026
-54 258 -59 462 -65558 -62215 -59' 116
2752 -2725
-2 135 -2275
2419
14598
22059
22073
25001
33460
28 178
-4 539
-6006
5474
-6026
5 717
-6438
-6343
-6532
7 225
-6 762
7 979
-6980
-8 731
7 143
9 524
7 294
10 752
7 716
10508
7 522
10 646
7539
^4,605
-2775
-1830
35793
-375
-5,055
-3,171
-1884
-61 191
732
-5,666
-3524
-2 142
-61 774
-1 133
-1,204
-773
-431
15 048
187
-1,307
-831
-476
5749
248
-1,233
-772
-461
9 977
115
-1,313
-795
-518
30 418
182
-1,324
-860
-464
7 768
-3585
-1,383
-899
-484
15 300
322
-1,407
-878
-529
25215
2779
-1,552
-887
-665
13 492
-649
-1,812
-1247
-565
12711
-3268
-1,326
-762
-564
25 712
502
-1477
-903
-574
20 196
-1 109
-3,693
-31 725
-12,898
do.... 50,741
do
36575
14 167
do
3728
do .
do....
do
-880
-4,644
-57 279
-16,345
64,096
33293
30804
7897
-3,783
56858
-24,319
-1,257
-4740
-4051
775
5273
6 049
2313
-1,386
-8706
-3010
-991
29609
-4578
17069
4777
12292
2620
28,048
18368
9680
1608
-1,191
25023
-2873
7,949
7775
174
3082
-1,320
17767
-4485
11,003
8025
2978
2206
3 015
9076
3 926
3 190
-925
-766
-991
-1,102
3081 -14 631 -27 228 -11918
-5819 -7214 -7,156 -4,129
6407 24,941
4,025
2201
5789 -1221
-8744 -10 095
5246
10945 16502 19 152
2564
3217
2812
1 120
1,139
-825 11 269
3020 10 385
-1,467
7976
-5463
7,194
-7215
14 409
1666
11354
37,575
-14 271
51845
9713
1,139
23848
-1,009
14226
-4707
18,204
15422
2783
1355
1,152
6975
20 194
4293
-30873
do
do.... -9,464
-11 293
do
do.... -14.068
-33 759
-9,204
-11 088
-14.259
-29 469
4,878
2736
-788
11 141
-4969
-5400
-6.173
-8295
-2795
3271
-4.102
-7508
-1 933
2394
-3.166
-6815
493
25
-820
-9225 -10 850
-798
-250
1363
-915
-1.802 -2.610
-7505
-1,105
1669
-2.431
-2828
6,377
5803
4.900
5 114
2732
2268
1.408
-8070
-110
594
-1.493
'6936
26.52
13.01
13.51
42.84
3.70
080
0.93
079
8.07
641
1.66
1954
9.01
-7060
2,506
1977
1.099
S-l
S-2
SURVEY OF CURRENT BUSINESS
1979
1978
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1980
1979
Dec.
Annual
February 1981
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME BY SOURCE t
Seasonally adjusted, at annual rates: t
Total personal income
bil. $..
Wage and salary disbursements, total
do....
Commodity-producing industries, total.... do....
Manufacturing
do....
Distributive industries
do....
Service industries
do....
Govt. and govt. enterprises
do....
Other labor income
do....
Proprietors' income: $
Farm
do....
Nonfarm
do....
Rental income of persons with capital
consumption adjustment
bil. $..
Dividends
do....
Transfer payments
...
do.
Less: Personal contrib. for social insur
do....
Total nonfarm income
do....
DISPOSITION OF PERSONAL INCOME *
Seasonally adjusted, at annual rates:
Total personal income
bil $
Less: Personal tax and nontax payments
do....
Equals: Disposable personal income
do....
Less: Personal outlays
do....
Personal consumption expenditures
do....
Durable goods
do
Nondurable goods
do....
Services
do
Interest paid by consumers to
business
..
.
do....
Personal transfer payments to
foreigners (net)
...
.. . do....
Equals: personal saving
do....
Personal saving as percentage of disposable
personal income §
percentDisposable personal income in constant (1972)
dollars
bil. $..
Personal consumption expenditures in
constant (1972) dollars
do
Durable goods
do....
Nondurable goods
do
Services . .
do....
Implicit price deflator for personal consumption
expenditures
index 1972 — 100
INDUSTRIAL PRODUCTION |
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index
1967 — 100..
By market groupings:
Products, total
do....
Final products
.
do..
Consumer goods
do....
Durable consumer goods
do....
Nondurable consumer goods
do....
Equipment
do....
Intermediate products
do
Materials ..
..
do....
By industry groupings:
Mining and utilities
do....
Manufacturing
do..
Nondurable manufactures
do
Durable manufactures
do....
Seasonally Adjusted
Total index
do....
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 equipment
do....
Industrial equipment #
do
Building and mining equip
do....
Manufacturing equipment
do....
Commercial, transit, farm eq. #
do....
Commercial equipment
do....
Transit equipment
do....
Defense and space equipment
do....
See footnotes at end of tables.
1,721.8
1,105.2
389.1
299.2
270.5
226.1
219.4
102.2
1,943.8 2,051.8 2,077.2 2,086.4 2,101.0 2,102.1 2,114.1 2,127.1 2,161.2 2,179.4 2,205.7 '2,234.2 '2,257.1 '2,276.8 2,298.1
1,236.1 1,293.1 1,306.1 1,315.0 1,322.9 1,317.8 1,320.1 1,323.2 1,326.3 1,342.4 1,356.8 1,381.7 '1,400.4 '1,410.9 1,431.2
475.8 '485.2 '491.2
452.5
460.0
453.7
467.7
500.4
462.6
463.2
458.8
455.4
455.0
437.9
459.3
358.8
366.2 '370.1
346.7
340.9
341.0
352.5
375.6
348.3
349.9
346.2
342.6
342.8
345.4
333.4
338.6 '341.4 '341.8
325.5
329.4
332.6
348.7
322.5
324.1
322.6
323.5
323.3
3169
3030
3212
305.6 '310.5 '313.0
295.3
298.9
301.7
316.0
283.2
287.7
290.2
294.4
287.9
277.2
2796
259.2
261.7
254.1
263.3 '264.8
266.1
253.0
254.7
251.8
246.8
247.6
248.7
251.0
244.1
246.0
236.1
145.0
141.9
137.7
139.1
143.5
146.6
140.4
135.0
136.3
130.8
132.6
133.8
127.5
129.1
118.6
26.1
91.0
30.8
100.7
29.6
107.6
27.6
109.5
27.4
43.1
1732
223.3
69.6
1,679.2
30.5
48.6
2096
249.4
80.6
1,892.9
31.2
50.9
2295
265.1
82.9
2,000.7
1,721.8
258.8
1,462.9
1,386.6
1,348.7
199.3
529.8
619.6
1,943.8 2,051.8 2,077.2
326.7
302.0
320.3
1,641.7 1,725.1 1,756.9
1,555.5 1,647.2 1,676.7
1,510.9 1,599.9 1,629.3
2194
2320
2123
650.1
657.0
602.2
730.4
740.4
696.3
25.2
108.2
24.4
106.1
23.8
102.7
23.3
101.0
22.8
101.0
22.4
105.1
22.0
106.3
21.9
111.4
22.1
111.5
'22.4
'111.5
'23.2
'112.2
23.3
113.7
'32.3
'32.5
'32.4
32.5
31.8
32.0
32.2
31.6
30.8
31.3
31.4
31.6
31.4
56.7
55.5
55.9
57.4
54.7
54.7
55.2
55.4
52.4
54.1
53.7
53.2
51.6
261.7
278.5
258.9
260.4
263.2 r265.6 '269.1 '273.5
240.0
253.7
244.5
2483
2352
313.8
316.7
'313.2 '314.6
284.6
309.7
309.0
313.4
281.4
270.4
271.9
275.9
272.7
90.4
'91.9
91.4
101.7
88.3
89.1
86.2
87.0
86.4
85.8
85.6
86.2
86.1
2,027.4 2,038.3 2,053.1 2,054.7 2,067.0 2,080.3 2,114.5 2,132.7 2,158.7 '2,186.8 '2,209.4 '2,228.2 2,249.1
2,086.4 2,101.0
323.1
325.9
1,763.3 1,775.1
1,671.7 1,687.8
1,623.9 1,639.9
211.9
218.9
658.8
667.5
746.2
760.5
2,102.1
326.6
1,775.6
1,670.7
1,623.0
196.1
665.0
761.8
2,114.1
330.3
1,783.8
1,667.7
1,620.3
191.7
661.3
767.3
2,127.1
334.2
1,793.0
1,683.9
1,637.1
195.5
665.7
776.0
2,161.2 2,179.4
341.7
336.3
1,824.9 1,837.7
1,714.9 1,730.3
1,667.9 1,683.4
210.5
210.6
674.4
667.4
789.9
798.4
2,205.7
346.5
1,859.2
1,742.4
1,695.2
205.2
680.9
809.1
'2,234.2
354.1
'1,880.1
'1,777.3
'1,729.6
'222.3
'690.5
'816.7
'2,257.1
'359.9
'1,897.2
'1,800.3
'1,752.4
'223.4
'706.8
'822.3
'2,276.8 2,298.1
371.1
'364.0
'1,912.8 1,927.0
'1,814.1 1,839.0
'1,765.7 1,790.4
'224.4
232.0
'709.3
718.1
'832.0
840.3
37.1
43.7
46.0
46.4
46.7
46.9
46.7
46.3
45.8
45.9
45.9
46.2
46.5
'46.7
'47.1
47.4
0.8
76.4
1.0
86.2
1.3
77.9
1.1
80.2
1.0
91.6
1.0
87.4
1.0
104.9
1.0
116.2
1.0
109.1
1.0
110.0
1.0
107.4
1.0
116.8
1.2
'102.8
1.2
'96.9
1.2
'98.7
1.2
88.1
5.2
5.2
4.6
4.8
4.9
5.3
5.8
6.2
6.2
6.0
6.1
5.9
'5.6
'5.2
4.9
981.6
1,011.5
1,018.9
1,028.9
1,050.7
1,013.3 1,009.1
1,008.5
1,007.0
1,018.6
1,018.2
936.1
138.3
359.2
438.7
922.4
127.9
358.1
436.4
916.0
124.6
355.3
436.1
919.5
126.1
356.3
437.1
931.1
134.8
355.4
440.8
932.7
133.6
356.2
442.8
928.8
129.3
353.2
446.3
'941.5
'139.1
356.0
'446.5
'947.8
'139.0
'362.4
'446.3
948.8
139.4
361.3
448.1
1,018.6 '1,023.5 '1,026.1 1,027.8
9048
146.3
345.7
412.8
9309
146.6
3546
429.6
9449
147.2
3643
433.4
9542
153.7
3644
436.1
940.0
144.4
360.8
434.7
149 1
1623
1693
1708
172.8
175.2
176.0
176.9
178.0
179.1
180.5
182.5
'183.7
184.9
186.1
146.1
152.5
147.7
148.0
152.7
153.2
148.1
143.5
145.0
137.2
142.9
148.6
'150.2
'149.4
"146.3
'147.1
e
144.8
142.2
149.1
159.2
145.1
132.8
154.1
148.3
150.0
1472
150.8
155.8
148.8
142.2
1605
156.4
143.7
141.2
139.6
137.1
140.6
143.3
153.3
153.9
144.1
1422
142.0
137.0
144.1
142.5
1512
153.9
149.3
147.7
148.0
147.9
148.0
147.3
155.5
157.9
149.9
148.0
149.0
149.1
148.9
146.7
156.8
158.3
145.0
143.7
143.6
140.0
145.0
143.9
149.7
152.9
142.2
141.2
139.9
130.4
143.6
143.0
145.9
145.6
146.2
145.6
145.9
132.9
151.1
145.2
148.4
143.0
140.8
139.7
138.3
115.4
147.5
141.6
144.8
131.7
146.3
144.7
146.5
121.4
156.6
142.1
152.2
137.8
152.5
151.2
154.2
139.0
160.3
147.1
157.0
142.7
'151.8
'150.4
152.7
148.4
'154.3
'147.2
157.3
147.6
'148.7
'147.3
'146.9
'144.5
'147.9
'147.8
'153.9
'150.5
P
143.9
"142.4
"139.5
"131.9
"142.5
"146.4
"149.8
"150.0
!44.8
'143.9
142.1
132.5
146.0
146.3
148.2
150.8
141.7
146.8
1569
139.7
144.7
1536
1640
146.4
148.8
147.6
1568
141.2
152.5
1474
1582
139.8
153.1
152.7
163.8
145.0
151.2
153.5
164.9
145.6
145.0
148.5
161.3
139.7
143.1
143.6
157.1
134.2
149.1
144.4
160.1
133.5
151.9
135.1
151.0
124.1
157.1
141.3
161.2
127.6
152.3
148.0
167.5
134.6
'146.1
'150.6
167.8
'138.7
'148.9
'149.5
'163.8
'139.5
"155.3
"145.0
"156.7
"136.9
161.2
145.2
157.9
136.4
146.1
152.5
152.5
152.7
152.6
152.1
148.3
144.0
141.5
140.4
141.8
144.1
'146.9
'149.4
"150.9
151.8
144.8
1422
149.1
159.2
179.9
172.5
1486
198.5
147.7
133.3
1642
145.1
131.1
1489
140.6
158.5
1328
160.3
1458
207.3
121.2
177.2
212.0
133.8
86.5
1500
1472
1508
155.8
1677
154.3
1367
201.5
149.2
127.4
1730
148.8
1319
1535
145.0
163.4
1422
171.3
1522
206.3
130.3
193.4
228.1
151.6
93.4
1498
1472
148.6
146.7
141.8
121.4
1102
193.6
149.4
133.1
1708
149.3
131.3
1543
145.8
164.3
145.2
174.1
1532
205.0
132.1
198.1
237.2
151.9
96.7
1499
1470
1479
142.3
1313
108.7
980
188.5
148.5
128.9
1709
150.1
1302
1556
146.9
165.8
1458
174.9
1572
222.1
132.6
195.2
238.2
142.8
97.0
150.1
1477
148.4
144.5
142.1
124.6
116.8
186.7
145.8
122.3
1682
150.0
130.7
1554
146.5
165.6
146.6
176.0
1592
231.6
133.1
195.5
238.7
145.4
97.2
150.0
1477
148.6
144.1
141.0
122.0
1149
189.1
145.8
122.1
169 1
150.3
131.8
1555
147.3
165.0
1466
176.1
1593
235.6
133.1
195.5
240.4
142.5
97.1
146.6
1454
145.3
136.3
126.3
102.3
97.1
187.2
142.0
114.8
1658
148.8
128.7
1544
146.2
164.0
1456
174.2
1593
239.5
131.9
191.5
235.6
143.0
97.6
143.7
143.1
142.4
128.8
118.5
92.6
88.4
184.0
134.6
102.8
1542
147.7
127.9
1532
146.1
161.5
144.0
171.9
1578
242.2
129.5
188.2
232.0
136.3
97.2
142.5
142.3
142.1
128.2
121.6
97.1
95.7
183.7
132.0
105.6
1467
147.6
126.7
153.4
146.2
161.7
142.6
169.8
1552
241.0
126.1
186.7
228.8
138.0
96.8
142.8
142.4
142.0
128.3
129.2
106.4
105.2
186.9
127.7
102.3
136 1
147.4
122.5
154.3
146.4
163.6
142.9
170.1
1548
244.4
126.0
187.8
229.0
140.9
97.2
143.8
142.8
142.7
128.6
121.5
94.1
91.3
191.1
132.6
114.2
141 1
148.3
123.6
155.1
146.0
165.7
142.9
170.3
1545
243.6
124.4
188.4
233.6
138.4
96.9
145.3
143.9
144.3
132.7
130.6
105.5
98.0
194.2
134.0
116.3
146 1
148.9
122.1
1563
147.0
167.1
143.2
170.5
1542
243.4
123.9
189.4
237.2
133.8
97.4
'147.2
'145.8
146.6
139.6
141.8
120.2
110.7
196.8
138.3
123.5
1502
149.4
'125.1
'156.1
'147.7
'165.9
'144.8
'172.3
'1544
244.3
'123.9
'192.8
'242.0
135.0
98.5
148.7
'147.4
'147.9
'142.9
'145.3
'124.3
114.3
'198.6
'141.5
'128.4
'1549
'149.9
127.0
'1563
'147.4
'166.5
'146.8
'174.6
'1572
'250.1
'126.0
'194.7
'244.0
'136.6
'100.0
"149.8
"148.1
"147.9
"141.1
"138.7
"115.8
"105.3
"196.8
"142.5
"128.9
"1552
"150.6
150.5
148.6
147.8
137.5
127.2
e
99.3
e
90.0
197.9
143.3
127.8
"1579
"148.4
"168.8
"148.3
"176.4
"1590
"252.6
"128.1
"196.5
"246.2
"137.7
"101.0
151.9
159 1
170.5
"1497
178.2
1618
e
261.1
129.5
197.1
e
248.6
134.6
101.9
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
S-3
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
152.4
1405
1643
153.6
1428
164 3
"156.2
P
1459
P
1665
"1527
"148.6
"117.2
"185 9
"177.3
"1855
"1320
e
!57.5
e
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION H—Continued
Seasonally Adjusted— Continued
By market groupings—Continued
Intermediate products
Construction supplies
Business supplies
Materials
Durable goods materials #
Durable consumer parts
Equipment parts
Nondurable goods materials #
Textile paper and chemical
Energy materials
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
Oil and gas extraction #
Crude oil
Natural gas
Stone and earth minerals
Utilities
Electric
Manufacturing
.
Nondurable manufactures
Foods
Tobacco products
Textile mill products
.
Apparel products
Paper and products
Printing and publishing
Chemicals and products ....
Petroleum products
Rubber and plastics products
Leather and products
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Nonferrous metals
Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments
BUSINESS SALES
1967 = 100..
do ...
do
do
do....
do....
do
do....
do
do....
154.1
1517
1565
1483
149.0
140.8
1665
165.6
1718
1253
1564
157.8
137.1
1899
175.9
183 7
1289
1566
155.8
125.1
1967
180.2
1892
1294
1570
156.0
120.8
1998
181.0
1893
1300
1565
154.8
119.9
198 9
179.9
188 1
1315
1553
154.2
120.3
199 2
177.0
185 2
1309
1510
148.2
110.6
1958
173.2
1807
130 1
1443
139.8
100.1
1908
165.2
171 5
1296
1400
133.8
96.0
1825
159.6
1634
1304
1365
129.0
93.9
1776
156.2
1585
1304
1386
131.3
98.1
1763
159.8
1632
130.0
1424
134.2
104.2
1760
169.7
175 1
1284
1464
140.4
110.8
1785
r
!73.7
1272
1504
146.4
115.5
1840
174.3
181 3
1304
do....
do
do
do....
do
do....
do....
do
do
do....
do
do....
do
do....
do
do....
do
do....
do
do
do....
do
do
do....
do
do
do....
do
do
do
do....
do....
do
do
do
do
1417
1240
1210
1147
1246
969
108.6
131 2
1447
1255
127 0
1356
121 7
946
109.2
137 6
1482
131 4
1369
1434
1272
950
110.9
141 4
1482
1335
1376
1410
1299
964
113.9
144 6
1490
1329
136 6
1360
1304
958
112.4
1423
151 4
1330
1327
1372
131 8
96 1
117.0
1360
150 1
133 1
1235
1434
1325
973
112.2
133 1
1496
1334
1208
1450
133 9
96 1
111.6
128 1
150 1
1329
1200
1500
133 2
955
107.1
123 9
150 1
1306
83 1
1498
134 3
953
106.0
123 7
1505
1305
73 1
1489
134 7
929
109.5
1282
1502
132
1
r
908
1457
135
4
r
925
1523
135 4
107 2
151 6
1368
'92 l
"1547
"137 7
"115 0
"158 3
"1375
"926
129 0
131 5
"135 5
161 4
1822
166 0
1858
1669
1860
1648
1834
167 1
1857
1720
1924
169 1
1879
167 7
1860
1693
1887
171 8
1924
1505
1296
71 2
1549
1336
933
105.1
123 5
173 g
1954
172 7
1939
1704
1903
171 3
191 4
"173 6
1468
156.9
1427
1536
1640
1475
153 2
1653
148 4
153 4
1660
1485
1530
1659
149 0
152 1
1647
149 3
147 9
1616
147 8
143 4
1580
1495
1403
1553
1490
139 1
1547
148 9
1406
1569
148 3
143 4
1603
148 6
146 4
1618
1494
1183
1375
134.2
1448
1178
145 0
1344
1510
1166
1480
131 1
1557
1187
143 4
1315
1574
1200
144 0
1338
1536
1222
142 0
136 1
152 7
1219
139 9
1313
148 2
1162
137 1
1286
145 7
113 9
133 6
1272
146 2
119 6
1325
1215
1436
1174
132 6
1238
147 1
119 1
133 0
1267
152 3
123 1
1338
1275
1530
149 1 "1504
1633 "1649
1495 "1497
124 7
1350 "134 0
1299
154 3 "156 8
1315
1974
1452
253.6
738
1369
211 8
143 9
272.2
71 7
1378
2168
145 4
263.8
71 2
1399
217 4
144 6
266.8
73 3
1392
2136
140 7
2644
72 8
1365
209 1
137 4
261.8
69 9
135 5
199 2
133 0
248 1
70 1
135 4
191 1
131 3
2429
68 5
138 6
1903
130 5
2425
67 8
140 3
197 8
126 7
2459
67 7
140 3
206 8
130 5
253 1
67 2
1415
r
209 1
130
1
r
259.2
70 2
142
7
r
212 1
1328
r
259.6
r
71 2
"144 8
"217 3
"136 9
"259.7
"68 3
1397
73.7
1363
146 4
75.2
136 9
144 8
77.5
1324
1389
2180
147 5
265.5
74 2
144 7
77.1
131 6
144 1
77.2
130 2
143 4
76.9
125 3
138 4
77.5
105 2
133 3
77.9
104 5
129 9
77.5
109 7
128 3
77.1
112 8
129 4
77.2
121 7
131 7
77.1
122 6
1358
79.1
122 2
139
3
r
80.0
124 9
"140 4
"80.1
"124 7
1558
1572
1199
113 2
131 9
141.6
153.6
1594
161 5
1639
1213
113 2
135 8
148.5
163.7
1750
1610
1638
1153
106 6
131 1
146.2
163.0
1816
1608
1650
116 4
107 2
133 4
145.0
167.1
1817
159 2
1624
111 9
103 4
1274
145.7
167.0
179 2
159 5
1564
113 7
1059
1280
145.5
166.5
1792
157 1
1488
106 4
97 4
122 0
141.4
163.2
1770
149 5
1408
96 1
84 4
116 4
133.2
162.1
171 4
143 1
1345
90 4
75 4
118 1
126.1
158.3
1666
138 6
1342
817
68 1
1073
123.8
158.5
165 0
141 1
1357
86 0
75 3
104 5
125.8
158.8
166 7
144 8
141 4
90 1
79 8
107 1
129.0
159.1
167 5
147 2 147 2
1452 1478
1006 1135
93 3 107 2
113 1 1236
133.9
132.8
163.4
161.1
1700 1733
"148 8
"1512
"1133
"104 7
"128 7
"136.3
"165.2
"1753
1325
169 9
167 1
1354
1599
1749
1273
137 1
1750
122 1
126 2
1759
1257
133 9
1748
1238
130 1
1735
115 1
114 7
1738
1098
105 9
1710
1100
106 7
1692
1107
1079
1675
1083
104 4
1676
1129
113 4
1674
Mfg. and trade sales (unadj.), total $
mil. $..
Mfg. and trade sales (seas, adj.), total $
do....
Manufacturing total 1"
do
Durable goods industries
do
Nondurable goods industries
do....
Retail trade total §
do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers total
do
Durable goods establishments
do....
Nondurable goods establishments
do....
Mfg. and trade sales in constant (1972) dollars
(seas, adj.), total *
bil $
Manufacturing *
do
Retail trade *
do
Merchant wholesalers *
do....
BUSINESS INVENTORIES
Mfg. and trade inventories, book value, end of year
or month (unadj ) total $
mil $
Mfg. and trade inventories, book value, end of year
or month (seas adj ) total $ ..
mil $
3,051,568
'3,051,568
1 496573
798 057
698 515
'800 890
281 491
519 399
1754 105
349,916
404,189
r
Merchant wholesalers total
do....
Durable goods establishments
do....
Nondurable goods establishments
do....
Mfg. and trade inventories in constant(1972)doDars,
end of year or month(seas adj ) total* ... . bil $
Manufacturing *
do....
Retail trade *
do....
Merchant wholesalers *
do....
80771
52,460
28,311
See footnotes at end of tables.
144.5
1286
1604
143.5
1285
1584
147.6
133.1
1619
150.6
1374
1636
1805
1188
124 2
1696
121 7
1290
1699
"1205
"126 7
"172 1
3,461,382 r306,356 286,311 298,985 312,588 300 289 300 850 303 481 294 795 306 603 321,031 338,522 r324,830 342 810
3,461,382 r302,117 312,884 310,571 305,657 295,277 292,478 294,203 304,154 308,019 318,321 325,838 r328,983 332,212
1 692001 146 289 152 088 152 899 150 081 143 596 141 515 141 573 145 678 146 643 152 764 156 697 157
722 158 517
887 777 74 191 77948 79 159 75925 72 207 69 443 69 056 72 544 72057 76571 79497 r79 741 79 461
804 224 72098 74 140 73730 74 156 71389 72072 72517 73 134 74586 76 193 77200 r77 981 79056
'886 047 77 150 79464 77993 76534 75 Oil 74587 76 001 78287 78770 80087 80 609 r82 125 82362
308 156 25 943 27 268 26 369 24 296 22 821 22 537 23212 25 076 24 821 25 868 25 591 rr26 524 26 185
577 891 51 207 52 196 51 624 52 238 52 190 52 050 52 789 53 211 53 949 54 219 55 018 55 601 56 177
*883 334 rr78 678 81 178 79 689 79 042 76 670 76 376 76 629 80 189 82606 85 470 88 532 rr89 136 91 333
404,288 35,138 36,848 36,838 35,903 33,305 32,561 33,441 34,083 34,597 35,880 37,387 r38,271 38,980
479,046 43,540 44,330 42,851 43,139 43,365 43,815 43,188 46,106 48,009 49,590 51,145 50,865 52,353
380 643
101 538
50 100
51438
146.2
1330
1594
r
r
do...
. do
do...
Retail trade total §
Durable goods stores
Nondurable goods stores
150.8
1394
1620
1
378 243
198 334
129 456
68878
158.3
1523
1643
159.2
1538
1645
160.8
1564
165 1
159.6
1557
1635
1606
757
469
38 1
do
do
do
Manufacturing total 1"
Durable goods industries
Nondurable goods industries
160.5
1580
163 1
r
!637
r
77 1
r
48 0
386
r
!613
76 7
r
46 9
r
377
157
2
r
74 5
r
45
5
r
372
1518
r
71 1
r
44 2
r
364
1497
r
697
r
43 9
r
36 1
150 1
695
r
44 4
r
36.2
1526
r
709
r
452
r
36.6
152.1
r
702
r
454
r
36.5
1560
733
r
45 4
r
373
157
9
r
74 2
r
45
5
r
383
158
5
r
73 9
r
46
3
r
382
1580
737
45 1
392
423 878 r423 878 430 052 436 289 443 435 448 552 448 959 446 629 446 492 447 153 450 356 458 727 r463 170 453 665
426 796 r426 796 431 815
228 258 228 258 232 294
151 689 151 689 154 043
76569 76569 78251
108 862 108 862 108 436
53087 53 087 52 130
55775 55775 56306
r
89 676
r
57,219
32,457
r
89 676
r
57,219
32,457
2573
143.5
64.3
49.5
435 321 439 325 445 528 445 801 447 031 449 510 451 951 454 566
235 096 238 522 242 540 243 402 243 630 244 105 243 517 243 615
155 314 157 127 159 877 160 607 160 404 160 875 161 081 160 691
79782 81395 82663 82795 83226 83230 82436 82924
108 717 109 095 110 252 109 837 109 768 110 786 111 323 112840
52232 52276 52490 51 792 51 645 51 531 52 383 52 238
56 185 56819 57762 58045 58 123 59255 58940 60 602
91085 91508 91708 92736 93 147 93633 94619 97 111 98 111
58,146 58,293 58,937 60,080 60828 60483 60349 61 880 61 738
32,939 33,215 32,771 32,656 32,319 33,150 34,270 35,231 36,373
r
2648
r
!46.3
r
65.7
r
52.8
r
264 1
146.4
r
65.2
r
52.6
r
2646
147.3
r
649
r
52.5
r
2660
148
1
r
652
r
52.8
r
2652
1477
r
649
r
52.7
r
264 7
1472
r
64 7
r
52.9
r
264 8
1472
r
648
r
52.8
r
264 4
1464
r
647
r
53.3
r
2642
1459
r
65 1
r
53.3
r
456 532 457 986 457 023
242 876 r244 090 245 194
977 161 918
160 137 160
82 739 r83 113 83276
112288
114 381 113940
52 687 r52 804 51856
61 694 r61 136 60,432
99275
62005
37,270
r
2645
145.3
r
657
r
53.5
r
99 956
r
63,015
r
36,941
r
2640
145.2
r
65.4
r
53.5
99,541
63,607
35,934
2633
145.6
64.7
53.0
!477
e
!538
e
!49.9
116.0
e
!895
178.2
C
186 1
e
!331
e
!56 4
61394
e
!53 8
*140 0
C
175 3
e
!51 1
e
!65 7
e
!538
e
!46 2
'137 7
e
!41
1
e
80.3
e
l!2 7
137.6
167.8
e
!77 3
e
l!7 5
e
l!94
e
!750
SURVEY OF CURRENT BUSINESS
8-4
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1981
1980
1979
Dec.
Annual
February 1981
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total $
ratioManufacturing total 1"
do
Durable goods industries
do
Materials and supplies
do
Work in process
do
Finished goods
.. do
Nondurable goods industries
do....
Materials and supplies
do
Work in process
do....
Finished goods
..
do
Retail trade total §
Durable goods stores
Nondurable goods stores
Merchant wholesalers total
Durable goods establishments
do....
do
do
do
do....
Manufacturing and trade in constant (1972) dollars,
total *
do
Manufacturing *
do
Retail trade *
do
Merchant wholesalers *
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted total
mil $
Seasonally adj., total
do....
Durable goods industries, total
do....
Primary metals
Blast furnaces steel mills
Fabricated metal products
Machinery, except electrical
do
do
do....
do....
Transportation equipment
Motor vehicles and parts
Instruments and related products
Nondurable goods industries, total
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemical and allied products
Petroleum and coal products
Rubber and plastics products
do....
do
do....
do....
do....
do
do
do....
do....
do
do....
By industry group:
Durable goods industries total $
do
Primary metals
Blast furnaces steel mills
Fabricated metal products
Machinery, except electrical
do
do
do....
do....
T ansn rt t'
do
t
Motor vehicles and parts
Instruments and related products
Nondurable goods industries total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products ...
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
By market category: t
C
In
*
Ipq
Supplementary series:
Household durables
1ST H f
Defense
Inventories, end of year or month: t
Book value (unadjusted), total
Nondurable goods industries, total
^0
do....
do..
do
do
do...
do...
Book value (seasonally adjusted), total t
By industry group:
Durable goods industries, total #
Stone, clay, and glass products
do...
do...
Blast furnaces, steel mills
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
do...
do...
do
do...
do...
do...
do...
Tnatrrim*»nf.s «nrl r*»lat*»H nroHiirts . . . Ho
See footnotes at end of tables.
1.41
1.41
1.38
1.40
1.44
1.51
1.52
1.52
1.48
1.47
1.43
1.40
1.39
1.38
1.52
1.84
0.60
0.77
0.47
1.52
1.91
0.61
0.82
0.47
1.56
2.04
0.66
0.90
0.49
1.53
1.98
0.64
0.87
0.47
1.54
1.96
0.64
0.86
0.46
1.59
2.07
0.66
0.91
0.49
1.69
2.21
0.71
0.98
0.53
1.72
2.31
0.73
1.03
0.55
1.72
2.32
0.73
1.04
0.56
1.68
222
0.69
0.94
0.53
1.66
2.24
0.68
1.01
0.54
1.59
2.10
0.64
0.96
0.50
1.55
2.02
0.61
0.92
0.49
'1.55
'2.02
0.61
0.92
0.48
1.55
2.04
0.62
0.94
0.48
1.14
0.44
0.18
0.52
1.08
0.42
0.17
0.49
1.06
0.42
0.16
0.48
1.06
0.42
0.16
0.48
1.08
0.43
0.17
0.49
1.10
0.43
0.17
0.50
1.15
0.45
0.18
0.52
1.15
0.45
0.18
0.52
1.15
0.45
0.18
0.53
1.14
0.44
0.17
0.52
1.11
0.42
0.17
0.51
1.09
0.42
0.17
0.50
1.07
0.41
0.16
0.49
1.07
0.41
0.16
0.49
1.05
0.41
0.16
0.48
1.43
1.98
1.14
1.45
2.08
1.11
1.17
1.64
0.77
1.41
2.05
1.09
1.39
1.98
1.09
1.47
2.30
1.11
1.21
1.80
0.75
1.47
2.30
1.12
1.22
1.86
0.74
1.42
2.05
1.11
1.41
2.11
1.09
1.41
2.02
1.12
1.42
2.06
1.12
1.39
1.99
'1.10
1.36
1.98
1.08
1.15
1.58
0.78
1.43
2.15
1.09
1.16
1.64
0.76
1.44
2.22
1.10
1.14
1.62
0.75
1.36
1.91
1.08
1.12
1.58
0.74
1.22
1.81
0.77
1.18
1.77
0.74
1.18
1.79
0.74
1.15
1.72
0.73
1.12
1.66
0.73
1.12
'1.65
'0.73
1.09
1.63
0.69
1.60
1.90
1.37
1.30
'1.62
r
1.90
1.37
'1.37
'1.64
'1.91
'1.39
'1.39
'1.68
'1.98
'1.43
'1.41
'1.75
'2.08
'1.47
'1.45
'1.77
'2.12
'1.48
'1.46
'1.76
'2.12
'1.46
'1.46
'1.74
'2.08
'1.44
'1.45
'1.74
'2.08
'1.43
'1.46
'1.69
'1.99
'1.43
'1.43
'1.68
'1.96
'1.45
'1.40
'1.67
'1.96
'1.41
'1.40
1.67
1.98
1.43
1.35
1.19
1.67
0.78
76,257
82,988
1,496,573 1,692,001
798,057 887,777
48,185
43,888
120,390 140,122
68,663
60,533
96,212 109,463
137,119 157,695
98,661 110,713
188,883 194,461
132,207 129,364
31,560
36,253
698,515 804,224
211,921 234,828
10,941
12,173
46,992
43,951
66,033
57,654
126,445 149,181
103,567 134,041
44,742
39,930
2
114,547
2
268,237
2
203,025
2
153,752
2
130,079
2
626,934
2
51,453
2
233,405
2
200,895
2
32,512
9,216
7,555
7,276
9,025
8,278
7,480
8,047
8,152
7,550
6,149
7,018
7,983
8,941
9,270
8,521
7,543
7,315
7,677
7,842
7,395
6,996
6,755
139,658 139,629 153,732 157,049 146,692 143,186 149,249 134,602 144,426 158,671 162,189
70,347 70,187 79,116 80,897 74,464 71,296 74,880 65,260 69,249 79,921 82,721
4,249
4,640
4,590
3,954
4,208
3,946
4,010
3,999
3,858
3,756
3,576
9,415 10,253 11,420 11,777
10,699 12,208 12,944 13,355 12,133 10,985 10,674
5,603
5,217
4,117
4,531
4,740
5,002
6,477
5,681
5,922
5,605
4,927
9,796 10,310
8,082
8,984
9,095
8,719
9,334
9,693
9,570
8,568
8,607
13,742 12,736 14,659 15,286 13,768 13,714 14,999 12,680 12,829 14,903 14,825
8,971 10,062 10,955 11,229
9,838 10,500
9,909
9,204 10,617 10,778
9,720
13,960 13,853 16,274 16,368 14,959 13,922 14,309 12,453 11,759 16,079 17,662
6,446
9,371 11,191
8,059
6,842
7,772
8,724
9,938
8,832 10,224
8,003
3,771
3,807
3,091
3,541
3,574
3,318
3,217
3,719
3,485
3,030
3,248
69,311 69,442 74,616 76,152 72,228 71,890 74,369 69,342 75,177 78,750 79,468
20,352 18,903 20,391 20,942 19,035 20,013 20,864 19,843 21,897 22,790 22,672
1,290
1,137
1,216
1,187
1,065
1,145
1,175
1,019
1,061
1,002
1,052
4,303
4,211
3,944
3,397
4,190
4,067
4,193
4,441
4,258
3,814
3,786
6,160
6,241
5,973
5,521
6,081
5,742
5,921
6,032
5,969
5,705
5,156
12,533 12,918 13,837 14,766 13,991 13,150 13,263 11,823 12,758 14,247 13,977
13,489 13,827 14,568 14,578 14,116 14,485 14,829 14,104 14,396 14,440 14,877
3,992
3,826
3,281 • 3,775
3,603
3,404
3,695
3,879
3,930
3,677
3,279
146,289 152,088 152,888 150,081 143,596 141,515 141,573 145,678 146,643 152,764 156,697
9,402
14,046
10,352
14,962
8,831
3,643
74,156
20,364
1,041
4,172
5,863
13,079
14,849
3,645
69,443
3,808
10,268
4,675
8,441
13,538
10,048
13,299
7,259
3,334
72,072
20,116
1,129
3,992
5,649
12,701
14,751
3,311
69,056
3,798
9,791
4,293
8,406
13,822
9,893
12,958
7,231
3,348
72,517
20,589
1,012
3,954
5,756
12,502
14,760
3,406
72,544
4,063
10,258
4,352
8,659
13,945
10,067
14,932
8,856
3,375
73,134
20,898
1,205
4,027
5,845
12,869
13,960
3,611
72,057
3,930
10,604
4,642
8,801
13,560
10,283
14,304
8,641
3,536
74,586
22,110
1,192
3,938
5,794
13,099
14,314
3,753
76,571
4,288
11,322
5,227
9,432
14,594
10,392
15,339
8,746
3,552
76,193
22,178
1,145
3,959
6,152
13,731
14,365
3,724
79,497
4,285
11,797
5,776
9,901
14,749
10,747
16,433
9,936
3,620
77,200
21,825
1,231
4,027
6,055
14,161
15,038
3,796
'79,741
'4,383
'12,284
'6,286
'9,944
'14,650
'10,813
'16,117
'9,679
3,629
'77,981
'22,115
'1,171
'4,060
'6,005
'14,121
'15,590
'3,810
79,461
4,610
12,565
6,643
10,138
14,636
10,180
15,640
9,494
3,753
79,056
22,610
1,277
3,986
6,112
14,773
15,473
3,655
11,642
25,966
21,907
11,853
13,098
67,742
11,156
26,092
21,904
10,541
12,007
68,381
10,671
25,070
21,107
9,784
11,643
65,321
10,566
26,151
21,681
8,758
10,793
63,566
10,724
26,708
21,510
8,767
11,110
62,754
10,949
27,123
21,867
10,332
11,819
63,339
10,655
28,159
21,267
10,472
11,710
64,380
11,186
28,573
23,166
10,635
12,463
66,741
11,649
27,962
22,765
11,839
13,266
69,216
'11,406
'27,911
'22,894
'11,599
'13,370
'70,542
11,459
28,822
22,603
11,477
13,607
70,549
5,174
24,652
21,399
3,253
4,891
24,741
21,352
3,389
4,724
23,911
20,625
3,286
4,616
24,202
20,762
3,440
4,588
24,063
20,628
3,435
4,824
24,496
21,043
3,453
4,699
23,693
20,369
3,324
4,978
25,680
21,882
3,798
'4,998
5,212
25,618 '25,716
21,842 '21,858
3,776 '3,858
4,977
25,155
21,428
3,727
77,948
4,537
13,148
5,869
9,526
13,923
10,035
15,241
9,332
3,367
74,140
20,117
1,046
4,195
6,067
13,927
13,965
4,042
79,159
4,215
12,849
5,864
9,772
14,313
10,471
15,860
9,876
3,613
73,729
20,175
1,144
4,323
5,857
13,508
14,349
3,854
75,925
3,898
12,199
5,757
2
125,723
2
298,916
2
236,754
2
151,020
2
148,806
2
11,112
26,495
21,046
10,963
12,587
64,087
11,538
25,886
21,089
11,342
13,453
68,780
2
55,938
2
267,807
2
232,315
2
4,742
23,375
20,187
3,188
5,145
23,951
20,875
3,076
730,782
35,492
9,776
9,476
9,390
9,311
'156,659 151,674
'78,679 75,509
4,005
'4,331
'11,515 11,284
5,826
'5,733
9,493
'9,742
'13,997 14,825
'10,952 10,177
'16,538 14,827
8,388
'10,144
3,730
3,759
'77,980 76,165
'22,427 22,421
1,293
'1,206
3,815
'4,138
5,636
'5,926
'13,359 13,545
'15,565 15,864
3,308
'3,694
'157,722 158,517
72,207
3,944
11,333
5,385
9,134
13,374
9,878
14,276
8,232
3,262
71,389
19,104
1,203
4,178
5,834
13,031
14,213
3,519
74,191
4,119
11,879
5,616
9,214
13,663
9,722
14,780
9,086
3,270
72,098
20,534
1,038
3,960
5,574
13,647
13,208
3,611
do....
do....
do....
do
do....
do....
do ..
do
do....
do....
Equipment and defense prod., exc. auto .... do....
Construction materials and supplies
1.41
197,979
128,405
69,574
198,334
227,658 227,658 233,547 236,758 239,837 243,705 244,901 243,494 242,990 242,763 241,441 241,622
150,321 150,321 154,097 156,470 158,721 161,306 162,275 161,087 160,646 160,807 159,177 158,497
77,337 77,337 79,450 80,288 81,116 82,399 82,626 82,407 82,344 81,956 82,264 83,125
228,258 228,258 232,294 235,096 238,522 242,540 243,402 243,630 244,105 243,517 243,615 242,876
'242,730 244,423
'159,260 160,307
'83,470 84,116
'244,090 245,194
129,456
4,873
17,875
9,761
151,689 151,689 154,043 155,314 157,127 159,877 160,607 160,404 160,875 161,081 160,691 160,137
5,993
5,976
5,920
6,089
6,079
6,141
6,073
5,987
5,758
5,666
5,643
5,643
19,803 19,803 20,093 20,382 20,387 20,789 21,979 20,884 20,841 20,588 20,187 20,055
10,834 10,834 11,039 11,336 11,151 11,472 11,726 11,751 11,539 11,423 11,045 10,850
19,402 19,402 19,443 19,490 19,659 19,747 19,816 19,451 19,134 18,980 18,863 18,592
36,624 36,624 37,272 37,502 37,609 38,624 39,079 38,940 39,339 39,255 39,107 38,582
20,598 20,598 21,036 21,413 21,620 21,999 21,924 21,861 22,079 22,012 22,095 22,140
29,916 29,916 30,371 30,630 31,447 32,121 32,202 32,688 32,951 33,505 33,950 34,290
7,070
7,401
7,264
7,238
7,485
7,775
8,019
7,827
7,801
7,869
8,012
8,012
8.353
8.290
8.404
8.393
8.425
8.351
8.296
8128
8.237
8.043
77fi5
77fi5
'160,977 161,918
6,009
'5,994
'20,148 20,181
'10,854 10,873
'18,917 19,039
'38,691 38,517
'22,107 22,181
'34,541 35,412
7,263
'7,167
8,424
'8,448
16,940
31,013
17,082
24,151
7,798
fijsm
Jan.
SURVEY OF CURRENT BUSINESS
February 1981
1978
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
Annual
1980
1979
Dec.
S-5
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS t—Continued
Inventories, end of year or month t—Continued
Book value (seasonally adjusted) t—Continued
By industry group—Continued
Durable goods industries—Continued
By stage of fabrication: t
Materials and supplies
Primary metals
Machinery, except electrical
Electrical machinery
Transportation equipment
mil. $..
do
do....
do....
do....
2
48,857
7,411
10,732
5,936
8,351
48,857
7,411
10,732
5,936
8,351
49,627
7,802
10,785
6,034
8,082
50,248
7,971
10,994
6,134
8,161
50,347
7,919
10,963
6,222
8,501
51,086
8,049
11,214
6,289
8,709
50,665
8,213
10,035
6,215
8,642
50,177
8,194
11,114
6,171
8,321
50,032
8,300
11,123
6,193
8,404
49,136
8,124
11,108
6,163
7,817
49,007
8,090
10,998
6,166
7,770
48,722 '48,841
r
7,906
8,018
10,943 r!0,990
6,142 '6,081
7,725 r7,929
49,113
8,025
10,765
6,037
8,299
Work in process #
Primary metals
Machinery except electrical
Electrical machinery
Transportation equipment .
do
do..
do
do....
do
2
55,523
2
6,320
14,298
2
7,883
2
14,091
66,837
7,013
16,952
10,064
17,832
66,837
7,013
16,952
10,064
17,832
67,951
6,825
17,245
10,173
18,688
68,397
6,869
17,264
10,385
18,772
69,585
6,936
17,451
10,518
19,155
70,594
7,141
17,736
10,631
19,477
71,411
7,315
17,931
10,662
19,644
71,891
7,398
17,716
10,729
20,469
71,126
7,232
17,867
10,915
20,524
73,113
7,184
17,916
10,995
21,489
73,209
6,919
17,706
11,090
22,149
74,459
6,921
17,607
11,374
23,087
Finished goods $
Primary metals
Machinery except electrical ..
Electrical machinery
Transportation equipment
do....
do
do .
do....
do....
2
32,454
2
5,022
2
8,045
2
4,247
2
3,054
35,994
5,379
8,940
4,598
3,733
35,994
5,379
8,940
4,598
3,733
36,465
5,466
9,242
4,829
3,601
36,669
5,542
9,244
4,894
3,697
37,195
5,532
9,195
4,880
3,791
38,197
5,599
9,674
5,079
3,935
38,531
5,451
10,113
5,047
3,916
38,336
5,292
10,110
4,961
3,898
38,717
5,309
10,349
4,971
4,023
38,832
5,280
10,231
4,854
4,199
38,475
5,178
10,403
4,839
4,031
73,037 '73,733
6,796 '6,989
17,407 17,481
11,208 rl 1,244
22,448 '22,663
38,378 r38,403
5,241 r5,253
10,232 10,220
4,790 r 4,782
4,117
3,949
Nondurable goods industries, total #
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
By stage of fabrication:
Materials and supplies
Work in process
Finished goods
do....
do....
do....
do....
do....
do....
do....
do....
2
68,878
2
17,298
2
3,602
2
5,664
2
5,889
2
15,439
2
5,359
2
76,569
20,397
3,503
5,844
6,795
16,982
6,581
4,777
76,569
20,397
3,503
5,844
6,795
16,982
6,581
4,777
78,251
20,250
3,541
5,919
6,906
17,875
6,933
4,880
79,782
20,505
3,506
5,962
7,156
18,429
7,297
4,840
81,395
20,431
3,506
6,096
7,296
18,677
8,062
4,954
82,663
20,292
3,475
6,143
7,416
19,274
8,388
5,098
82,795
20,102
3,505
6,149
7,479
19,451
8,384
4,986
83,226
20,272
3,529
6,085
7,598
19,330
8,763
4,817
83,230
20,830
3,618
5,940
7,442
18,964
8,885
4,769
82,436
21,867
3,575
5,850
7,550
18,517
8,811
4,520
82,924
21,337
3,722
5,876
7,475
18,489
8,894
4,470
82,739 '83,113
21,527 r21,756
3,723 '3,771
5,975 '6,068
7,443 '7,473
18,358 18,610
8,495 '8,333
4,488 '4,393
83,276
21,360
3,693
6,201
7,499
18,871
8,391
4,445
do....
do
do....
2
26,719
2
10,729
2
30,257
11,774
34,538
30,257
11,774
34,538
30,873
12,065
35,313
31,418
12,269
36,095
31,967
12,687
36,741
32,322
12,774
37,567
32,406
12,708
37,681
32,338
12,611
38,277
32,314
12,634
38,282
31,461
12,620
38,355
31,918
12,725
38,281
32,139 '32,142
12,551 12,560
38,049 '38,411
32,740
12,982
37,554
mil $
do....
do....
do....
do....
do....
2
17,010
2
26,542
2
50,369
2
10,111
2
17,116
2
17,584
29,749
61,621
10,347
19,646
89,311
17,584
29,749
61,621
10,347
19,646
89,311
17,801
29,738
63,049
10,248
19,514
91,944
17,838
30,090
63,716
10,114
19,572
93,766
18,168
30,420
64,718
10,183
20,166
94,867
18,419
30,418
66,205
10,428
20,165
96,905
18,413
30,351
67,180
10,019
20,095
97,344
18,286
30,418
67,819
9,647
19,954
97,506
18,008
31,018
68,824
9,347
19,827
97,081
17,985
30,978
69,295
9,262
19,707
96,290
17,845
31,071
69,213
9,347
19.649
96,490
17,882
31,317
69,615
9,981
19,491
95,590
17,880
'31,773
'69,813
'9,073
19,704
'95,847
18,105
31,575
70,435
9,081
19,826
96,172
do
do....
do
do
2
8,701
2
55,444
2
48,274
2
9,180
68,640
59,178
9,462
9,180
68,640
59,178
9,462
9,248
70,252
60,660
9,592
9,234
71,106
61,488
9,619
9,311
72,177
62,102
10,075
9,495
73,741
63,464
10,277
9,397
74,668
64,217
10,451
9,267
75,370
64,782
10,588
9,132
76,569
65,661
10,908
9,160
76,956
65,779
11,177
9,058
77,401
66,091
11,310
9,014 '9,002
77,805 '78,117
66,158 '66,284
11,647 11,833
9,122
78,746
66,638
12,108
By market category: t
Home goods and apparel
Consumer staples
Equip, and defense prod., exc. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
41,480
2
6,533
2
8,670
2
4,952
2
7,006
2
4,629
31,430
77,186
7,170
38,346
5,235
10,145
4,770
4,026
142,086 145,943 156,942 159,145 146,490 138,924 145,566 136,338 144,119 159,886 165,762 155,859 154,454
73,106 76,232 82,230 82,642 74,452 67,663 71,700 67,191 68,832 81,060 86,228 '78,070 78,247
68,980 69,711 74,712 76,503 72,038 71,261 73,866 69,147 75,287 78,826 79,534 '77,789 76,207
do.... 31,541,861 31,732,015 149,232 155,588 154,602 152,065 143,313 138,920 138,582 147,104 147,180 155,262 r!58,054 158,775 161,811
New orders, net (not seas, adj.), total t
Durable goods industries, total
Nondurable goods industries, total
do.... 1,541,861 1,732,015
do.... 2841,739 926,580
do.... 2700,121 805,435
New orders, net (seas, adj.), total t
By industry group:
Durable goods industries, total
Primary metals
Blast furnaces, steel mills
Nonferrous and other primary met
do....
do
do....
do....
2
841,739
2
128,002
2
65,307
2
926,580
142,882
69,121
59,802
77,199
11,502
5,114
5,230
81,467
13,533
5,776
6,432
81,021
13,086
5,893
5,956
77,546
11,141
5,162
4,830
72,416
9,680
4,124
4,649
67,328
8,373
3,356
4,368
66,454
8,947
3,881
4,250
74,228
10,811
4,721
5,290
72,229
11,412
5,644
4,854
78,960
12,554
6,255
5,292
80,693 '81,047
13,745 13,029
7,183
'7,071
5,478 '4,872
82,471
12,811
6,770
4,886
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do....
do....
do .
do....
do....
2
99,016
2
142,863
2
103,216
2
210,419
2
9,685
14,016
10,060
16,970
6,019
9,092
15,249
10,626
16,448
5,643
10,224
14,247
11,440
16,005
4,387
9,738
14,000
11,109
16,345
5,558
73,581
15,071
58,510
74,519
15,594
58,925
72,128
14,582
57,546
72,876
15,099
57,777
8,903
14,817
9,977
17,487
5,272
76,302
15,879
60,423
10,496
14,937
10,385
17,225
5,017
74,121
15,640
58,481
8,522
12,931
10,790
14,175
3,794
74,951
15,370
59,581
10,121 '9,884
14,806 14,822
11,098 11,459
15,007 15,957
3,286
'4,624
72,033
14,499
57,534
8,333
12,701
10,022
14,320
6,188
71,592
14,456
57,136
8,621
14,177
9,677
16,362
5,682
2
700,121
2
153,795
2
8,862
11,651
10,737
17,510
8,576
70,897
14,702
56,195
8,076
13,085
9,941
12,672
4,810
do....
do....
do....
111,622
163,304
115,785
216,523
65,796
805,435
172,569
632,866
77,361 '77,728
15,807 15,469
61,554 '62,259
79,340
15,956
63,384
do
do
do....
do....
do....
do....
2
114,547
2
268,264
2
226,205
2
155,910
2
131,384
2
126,005
298,939
258,447
149,571
149,383
749,670
11,031
26,492
23,272
10,870
12,869
64,699
11,540
25,886
23,837
11,002
12,932
70,391
11,687
25,978
22,076
11,963
13,250
69,649
11,145
26,132
23,597
10,237
12,237
68,717
10,570
25,105
23,186
8,948
11,452
64,052
10,283
26,135
22,307
8,348
10,838
61,009
10,613
26,712
20,802
8,359
10,906
61,190
10,880
27,107
21,728
10,444
11,665
65,031
10,744
28,168
21,722
10,205
11,504
64,837
11,051
28,569
25,049
10,854
12,281
67,458
11,535
27,947
22,514
12,073
13,552
70,433
11,359
'27,897
'23,121
11,760
13,158
'71,480
11,494
28,837
24,768
11,581
13,724
71,407
do....
do....
do
do
2
51,456
2
261,400
2
219,693
2
55,939
299,216
259,721
39,495
4,670
26,072
22,285
3,787
5,247
27,211
23,859
3,352
5,244
25,161
21,480
3,680
4,923
27,184
22,590
4,594
4,713
27,110
22,162
4,948
4,417
24,868
19,589
5,279
4,503
23,500
19,954
3,546
4,728
25,974
21,608
4,366
4,789
23,886
19,371
4,515
4,830
27,318
20,860
6,458
'4,873
5,081
24,526 '26,302
20,618 '21,849
3,908
'4,453
5,017
27,342
21,628
5,714
2
237,134
2
226,975
2
10,159
277,153 277,153 283,465 286,671 288,770 288,564 284,306 280,616 282,354 282,047 283,255 286,830 '286,027 288,811
265,777 265,777 271,821 274,931 276,676 276,660 273,032 269,847 271,780 271,364 272,495 276,003 '275,393 278,136
11,376 11,376 11,644 11,740 12,094 11,904 11,274 10,769 10,574 10,683 10,760 10,827 10,634 10,675
2
238,652
278,846 279,710 283,211 284,924 286,907 286,629 284,033 281,044 282,463 282,997 285,497 286,849 '287,907 291,202
2
267,071 267,879 271,399 273,263 274,884 275,098 272,981 270,383 272,062 272,231 274,622 275,813 '277,124 280,135
29,607 29,962 30,349 30,586 29,528 27,876 25,982 25,139 25,692 26,499 27,731 29,680 '30,425 30,671
17,915 17,944 17,349 16,088 14,770 14,358 14,727 15,728 16,756 18,163 18,948 19,075
17,690 18,007
9,486
9,427 '9,394
8,892
8,706
8,874
8,911
8,591
9,397
9,178
9,334
9,708
9,844
9,295
28,257 28,382 27,948 28,400 28,737 28,464 28,356 28,027 27,987 27,706 27,178 27,396 '27,338 27,696
58,729 58,779 60,105 60,041 59,994 58,270 57,432 56,695 56,926 56,294 56,519 56,573 '56,747 57,048
35,552 35,631 36,219 37,190 37,944 38,808 38,782 38,830 38,437 38,947 38,534 38,884 '39,531 39,737
102,747 102,906 104,116 104,257 105,642 108,876 109,896 109,611 111,042 110,913 113,058 111,633 111,473 113,058
77,893 77,929 79,784 80,298 81,804 86,099 87,994 88,827 90,247 90,178 90,632 89,150 '89,089 89,637
Nondurable goods industries, total
Industries with unfilled orders $
Industries without unfilled orders
fl
By market category: t
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries
Nondefense
Defense
Unfilled orders, end of year or month (unadjusted),
total t
niil $
Durable goods industries total
do
Nondur. goods ind. with unfilled orders $
do....
Unfilled orders, end of year or month (seasonally
adjusted) total t
mil $
By industry group:
Durable goods industries total $
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
49,500
53,503
546,326
645,552
41,706
228,181
2
26,738
2
17,179
2
7,443
2
26,094
2
53,037
2
30,427
2
80,910
2
do....
do....
do....
do
do....
56,098
2
10,471
Nondur. goods ind. with unfilled orders $ .. do....
By market category: t
Home goods, apparel, consumer staples
Equip, and defense prod., incl. auto
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household
durables
Capital goods industries
http://fraser.stlouisfed.org/
Nondefense
DefenseBank of St. Louis
Federal Reserve
do....
do....
do....
do....
do
do....
do....
do....
2
11,775
11,831
11,812
11,661
12,023
11,531
11,052
10,661
10,401
10,766
10,875
11,036
10,783
11,067
4,108
134,669
2
20,195
2
79,680
'3,928
3,976
3,988
4,247
4,120
4,260
4,159
4,355
4,717
4,652
4,630
4,689
4,538
4,632
154,691 154,999 157,406 157,684 159,073 160,314 160,530 159,412 159,384 159,570 161,670 161,652 162,043 164,313
20,772 20,910 20,388 20,541 20,771 20,581 20,626 20,423 20,269 20,063 19,883 20,168 19,957 20,074
98,845 99,171 100,785 102,010 102,346 101,082 98,522 96,962 98,651 99,104 99,824 101,041 101,979 102,839
2
3,347
2
147,787
2
104,225
2
'2,975
3,013
3,100
3,233
3,381
3,471
3,387
3,288
3,670
3,680
3,475
3,577
3,408
3,648
179,055 179,310 182,569 183,077 185,519 188,718 189,384 188,821 190,296 190,487 192,126 191,031 191,621 193,809
131,563 131,819 134,800 134,881 136,118 137,657 136,482 135,810 136,374 135,375 134,355 133,127 133,120 133,321
47.492 47.492 47.769 48.196 49.401 51.061 52.902 53.011 53.922 55.112 57.771 57.904 '58.501 60.488
2
43.563
Jan.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
41,865
43266
44,923
46,488
49,023
47225
39,691
43,834
Dec.
Jan.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS INCORPORATIONS t
New incorporations (50 States and Dist. Col.):
Unadjusted
numberSeasonally adjusted
.... do...
INDUSTRIAL AND COMMERCIAL
FAILURES *
Failures total
number
Commercial service
do....
Construction
do
Retail trade
Wholesale trade
Liabilities (current) total
Commercial service ....
478,019
524 565
41,167
43579
47,016
44447
41,569
44583
45,007
42615
44,479
42461
43,436
41,974
41,420
39,746
46,151
44,058
1,141
1,009
1068
975
1,094
926
729
925
1,323
509
677
7564
6619
126
154
121
120
143
130
143
211
930
68
98
68
773
214
215
221
190
192
202
210
282
1378
82
122
149
1204
160
164
134
147
139
96
135
143
128
1 165
69
99
1013
400
437
492
363
381
483
532
3,183
220
332
291
405
2889
do
102
116
118
151
70
119
908
81
97
131
110
740
70
do
thous $ 2 656 006 2 667 362 138 015 243 149 190 788 274,238 428 150 381 146 436,680 445,693 345,408 1,002,944 359,242
9,407 21,973 29,986 35,129 32,913 43,610 46,133 26,842 50,288
325,681 347,749 28,946 35,191
do
328 378 291,323 16,909 30,420 37 170 47,810 134,025 84,405 130,691 49,079 60,678 41,318 59,971
878 727 970 178 28821 43763 72131 119010 126 688 120 038 80,461 178,373 108,231 804,390 106,539
do
777,450 636,859 39,687 84,136 54,369 60,332 96,317 78,183 123,589 84,811 81,870 56,491 86,849
do
345 770 421 253 23652 49639 17711 25,113 41 134 63391 69,026 89,820 48,496 73,903 55,595
do
Manufacturing and mining
Retail trade
.
Wholesale trade
Failure annual rate (seasonally adjusted)
No per 10 000 concerns
*239
*278
249
309
275
362
422
393
48.7
52.0
45.4
45.0
56.8
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops #
....
.do
Commercial vegetables
do....
Cotton
do. .
Feed grains and hay
do
Food grains .
do....
Fruit
. do
Tobacco
do....
livestock and products #
do
Dairy products
do....
Meat animals
.... do....
Poultry and eggs
do
Prices paid:
All commodities and services
do....
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
Parity ratio §
do....
CONSUMER PRICES H
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
ALL ITEMS, WAGE EARNERS AND
CLERICAL WORKERS, REVISED
(CPI-W) H
1967=100..
ALL ITEMS, ALL URBAN CONSUMERS
(CPI-U) H
1967 - 100
Special group indexes:
All items less shelter
do
All items less food
.... do .
All items less medical care
do....
Commodities
do
Nondurables
do....
Nondurables less food
do....
Durables
do
Commodities less food
do
Services
do....
Services less rent
do....
Food #
do
Food at home *
do....
Housing
do
Shelter #
do
Rent
do....
Homeownership
do....
Fuel and utilities #
do....
Fuel oil and coal
do
Gas (piped) and electricity
do....
Houshold furnishings and operation
do....
Apparel and upkeep
.
. .. do . .
Transportation
do....
Private
.... do .
New cars
do
Used cars
do
Public
do
Medical care
..
do
Seasonally Adjusted t
All items, percent change from previous month
Commodities
1967= 100..
Commodities less food
do....
Food
..
do
Food at home
do....
Apparel and upkeep
do
Transportation
do
Private
do....
New cars
do
Services
.
do
See footnotes at end of tables.
524
456
522
466
320
336
508
1,061
595
647
757
242
r
602
501
548
490
360
403
'534
1,148
708
736
938
252
'597
'498
515
506
'366
'435
'496
1,197
701
783
897
262
'592
'496
'500
'520
'374
431
'440
1,199
692
783
887
251
'598
'497
'487
'562
'368
441
'458
1,188
702
783
921
230
'585
'496
'542
'547
'367
431
'467
1,204
679
111
876
233
'563
'491
'584
'534
'366
425
'459
1,206
637
111
803
219
'570
'505
'581
'564
'381
434
'472
1,210
637
771
810
211
'582
'513
'555
'530
391
428
'520
1,210
653
764
839
218
617
544
'524
'632
423
443
'463
1,204
694
771
894
255
'643
'568
'555
'676
445
455
'444
1,204
721
783
932
271
653
'584
'576
'687
458
458
482
1,291
724
807
921
284
'652
583
'569
636
464
482
'510
1,235
722
838
907
279
660
'609
'623
'655
478
499
'493
1,248
714
856
877
288
'662
'613
'640
'683
'489
'498
'438
1,331
'713
'863
'867
297
658
619
671
657
504
496
430
1,296
696
863
846
279
r
639
628
r
725
722
758
'752
770
'770
780
'778
791
'789
790
'784
793
'784
801
'791
809
'799
819
'813
828
'824
835
'830
'847
'838
'851
'840
862
852
746
70
'850
71
'885
'67
'917
65
'926
65
'937
'62
'937
60
'940
61
'948
61
'956
65
'967
'66
'976
67
'982
66
'990
67
'994
'67
1,016
65
195.3
217.7
230.0
233.3
236.5
239.9
242.6
245.1
247.8
248.0
249.6
251.9
254.1
256.4
258.7
260.7
1954
2174
2299
2332
2364
2398
2425
2449
247.6
247.8
249.4
251.7
253.9
256.2
258.4
260.5
1913
191.2
194.0
187 1
192.0
174.3
1739
1747
210.9
219.4
2114
210.2
2
2028
2104
3
164.0
227.2
4
216.0
5
2983
232.6
2
177.7
159.6
185.5
185.0
1538
1865
1878
2194
2108
213.0
216.1
2084
215.9
198.7
191.1
195 1
234.2
244.9
2345
232.9
2276
2397
176.0
262.4
239.3
403 1
257.8
190.3
166.6
212.0
2123
1660
2010
2003
2397
2206
226.4
228.6
2194
228.2
215.2
199.8
2072
249.3
261.6
2417
238.7
2436
2594
182.9
286.9
255.1
4880
270.8
195.8
1722
227.7
2275
1717
1982
2230
2507
2234
229.9
231.9
2224
232.0
220.5
2013
2104
253.1
266.1
2438
240.6
2473
2640
184.1
292.5
258.6
5140
273.0
196.9
171.0
233.5
233.5
1739
1972
2268
2539
2266
233.5
235.0
2252
236.3
227.3
202 1
2138
256.8
270.2
2449
241.3
2505
2672
185.6
296.3
263.8
5391
278.8
199.0
1719
239.6
2398
1753
1953
2295
2579
2296
237.1
238.4
2280
240.3
232.6
2030
2167
261.3
275.4
2473
243.6
254.5
2716
186.6
302.0
268.0
5534
284.0
201.3
176.0
243.7
2440
1750
1952
2321
2602
2317
239.9
241.1
229.9
242.2
234.6
204.9
218.6
265.3
280.0
249.1
245.3
257.9
2760
187.0
307.7
270.5
556.4
288.0
203.0
177.3
246.8
247.0
1770
1967
2359
2620
2334
242.6
243.6
231.4
243.2
235.5
207.1
220.2
269.2
284.4
250.4
246.5
261.7
2802
188.9
312.9
275.9
556.0
298.2
204.2
177.5
249.0
249.2
1789
1993
2395
2634
234.9
245.5
246.4
232.8
244.5
236.3
208.6
221.4
274.2
290.0
252.0
248.0
266.7
286.3
191.1
320.4
282.2
558.7
308.8
205.5
177.2
249.7
249.7
1785
200.7
2422
264.7
236.4
245.1
246.5
234.1
245.9
236.6
209.8
222.2
272.4
287.6
254.8
251.5
265.1
282.9
192.1
315.4
285.5
560.4
314.3
206.2
176.2
251.0
250.5
1792
203.4
2505
266.6
238.5
246.3
248.1
236.7
248.3
237.8
212.4
224.2
272.5
287.4
258.7
256.3
265.8
283.3
193.2
315.4
286.8
561.5
316.1
207.2
178.6
252.7
251.6
181 1
206.4
2615
268.4
241.0
248.6
250.4
239.0
250.2
239.3
215.3
226.6
274.8
289.8
261.1
258.9
267.7
285.3
195.1
317.6
288.2
561.5
318.4
209.2
182.2
254.7
253.2
1817
214.6
2710
270.6
242.1
250.9
252.6
240.7
251.0
239.6
218.1
228.3
277.9
293.2
262.4
260.0
271.1
2904
197.1
323.8
287.6
558.7
317.1
210.1
183.9
256.1
254.5
1819
2227
2736
272 8
243.6
253.2
254.9
242.5
252.4
240.5
220.6
230.0
280.9
296.4
264.5
262.1
273.8
294.7
198.3
329.4
285.7
567.0
310.5
211.0
184.8
259.0
257.4
1843
230.8
2770
2745
245.2
255.5
257.1
243.8
254.1
242.0
221.1
231.0
284.7
300.7
266.4
263.9
276.9
298.5
199.6
334.2
289.9
585.3
313.9
211.6
183.9
261.1
259.4
1845
234.4
2801
275.8
247.6
257.6
259.2
245.4
256.9
245.3
221.0
232.4
287.7
304.2
268.6
265.6
279.1
300.1
200.9
335.8
296.7
6259
318.5
212.6
181 1
264.7
2629
1853
2340
2864
2795
12
220.4
207.3
2448
242.3
1708
2283
228.3
1695
2495
14
223.5
211.5
2448
241.8
1724
2353
2354
1718
2529
14
226.1
2152
2447
240.9
173 5
2420
2423
1739
2568
1.4
228.8
217.9
247 1
243.5
1770
2462
2465
1745
2616
0.9
230.0
219.0
2484
244.5
1775
2476
247.9
1770
2656
0.9
230.8
219.8
2492
245.1
1772
2483
248.4
1787
2698
1.0
231.6
220.4
2505
246.0
1772
2477
247.5
1789
2747
'0.1
233.0
221.4
2529
248.9
1779
2486
248.0
1805
2725
'0.8
235.8
223.5
257.5
254.7
1790
2508
249.7
1835
2723
1.0
238.7
226.0
2616
259.6
1813
2539
252.4
1854
2743
•1.0
'6241.1
"228.0
'6264 4
r6
262.2
r
°182 1
"256 6
"255.1
"183 3
"277 9
'1.1
'243.5
'230.0
'2676
'265.6
'1828
'2599
'258.4
'1835
'2815
1.0
245.2
231.3
2702
268.0
1828
2624
260.9
1833
2855
07
246.6
2336
2698
2669
1825
2670
2653
1835
2880
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
S-7
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
COMMODITY PRICES—Continued
PRODUCER PRICES §
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities
9 Foodstuffs
13 Raw industrials
1967—100
do....
do
All commodities
do
By stage of processing:
Crude materials for further processing
do....
Intermediate materials, supplies, etc
do....
Finished goods #
do. ..
Finished consumer goods
do....
Capital equipment
do....
By durability of product:
Durable goods
do....
Nondurable goods
do
Total manufactures
do....
Durable manufactures
do
Nondurable manufactures
do....
Farm prod., processed foods and feeds
do....
Farm products #
do....
Fruits and vegetables, fresh and dried.... do....
Grains
do
Live poultry
do....
Livestock
do....
Foods and feeds processed #
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
Meats, poultry, and
fish
Industrial commodities
Chemicals and allied products #
Agric. chemicals and chem. prod
Chemicals industrial
Drugs and Pharmaceuticals
Fats and oils inedible
Prepared paint
Fuels and related prod., and power #
Coal
.
Electric power
Gas fuels
Petroleum products, refined
do....
do
do....
do.
do....
do....
do....
do....
do....
do
do....
do
do....
do....
do....
do
do....
do....
Furniture and household durables #
Appliances, household
Furniture, household
Home electronic equipment
Hides skins, and leather products #
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber
do....
do....
do....
do....
do
do
do....
do
do....
do
Machinery and equipment #
do....
Agricultural machinery and equip
do....
Construction machinery and equip
do....
Electrical machinery and equip
do....
Metalworking machinery and equip
do....
Metals and metal products #
do....
Heating equipment
do
Iron and steel
do....
Nonferrous metals .
do
Nonrnetallic mineral products #
do....
Clay prod., structural, excl. refrac
do....
Concrete products
do....
Gypsum products .
do
Pulp paper, and allied products
do....
Paper
do....
Rubber and plastics products
do....
Tires and tubes
do
Textile products and apparel
do....
Synthetic
fibers
Dec. 1975=100..
Processed yarns and threads
do....
Finished fabrics
do....
Apparel
1967=100..
Textile house furnishings
do....
Transportation equipment # ....Dec. 1968=100..
Motor vehicles and equip
1967—100..
Seasonally Adjusted $
Finished goods, percent change from previous
month *
By stage of processing:
Crude materials for further processing 1967—100
Intermediate materials supplies, etc
do....
Finished goods #
do
Food
Finished goods exc foods
Durable
Nondurable ..
.
Capital equipment
See footnotes at end of tables.
do....
do
do....
do....
do....
X
2966
290.3
300.8
2984
289.4
3047
2093
2356
2497
2549
2602
2619
2725
2350
3019
2628
2656
2746
270.0
2776
2704
2738
2928
284.8
2983
'2746
277.0
278.4
2877
272.6
2984
2803
'234.4
'215.6
1959
'194.9
1992
r
274.3
r
'286.7
'259.2
'2300
'231.3
'2252
'287.8
'266.2
'2344
'235.8
'229 1
'298.5
'271.9
'2377
'239.7
2305
'293.6
'274.3
'2400
'242.2
2322
'286.2
'275.7
'242 1
'243.7
2362
'289.3
'277.0
'2434
'245.2
'2367
'288.4
'278.8
'2449
'246.8
'237.8
'304.3
'281.6
'249.3
'251.7
'240.6
'317.0
'284.3
'251.4
'254.1
'241.9
'319.3
'285.3
'2514
'254.1
'241.8
'322.6
'286.9
'254.7
'256.5
'248.1
'323.2
'288.6
'255.6
'257.4
'248.9
'320.8
'291.7
'256.9
'258.6
'250.8
321.3
295.5
259.8
261.4
253.9
204.9
2119
204.2
2047
203.0
206.6
212.5
216.5
1825
199.8
220 1
202.6
2000
190.3
1884
202.6
217.1
209.4
226.9
2417
228.8
226 1
231.1
229.8
241.4
229.0
2148
194.3
2603
2370
2593
242.6
2362
249.0
234.6
242.5
210.7
2279
1947
2525
2293
2216
2236
2199
222.6
242.8
253 1
243.8
2632
248.4
2429
253.9
231.9
236.4
219.0
2146
195.2
2478
2285
2240
2254
2210
222.9
239.6
260.6
246.0
241.9
3029
166.5
3256
223.3
508.0
4593
2905
677.5
583.3
183.4
166.5
1974
91.0
247 1
2702
253.2
2457
260.8
2466
273 1
255.2
2456
265.2
234.9
239.3
218.5
2179
1801
2518
2316
2259
2318
2230
223.7
239.2
2686
252.8
256.1
3133
168.9
2999
2287
2477
2744
257.0
2467
267.9
229.3
228.9
223.2
2108
1719
2305
2286
2279
2324
2275
224.6
226.0
2713
259.8
258.5
322 1
172.6
2982
2315
247.1
2776
258.3
2467
270.7
248.7
2788
259.8
248.5
271.7
234.3
233.4
233.5
2153
166.6
2400
253.1
2903
265.7
252.7
279.5
255.1
263.8
254.0
2565
224.5
2757
261.9
300.7
276.4
261.5
292.5
572.1
466.5
3165
745.1
680.9
185.4
173.2
203.0
92.0
240.7
2319
289.7
290.4
272.1
301.4
237.6
256.4
285.9
199.9
272.9
281.8
204.0
304.8
289.7
284.0
230.0
275.2
256.5
249.2
256.1
215.0
233.2
182.0
133.2
124.2
136.5
115.3
170.2
202.6
202.5
204.5
257.2
292.7
268.8
256.5
281.8
258.8
263.4
240.4
2692
222.9
263.0
255.4
2367
241.3
238.4
234.5
255.8
281.2
264.6
260.0
329.0
178.3
302.0
239.6
592.5
471.0
337.6
801.1
689.6
189.1
176.6
207.7
88.9
260.8
295.8
271.9
260.2
284.2
256.5
265.3
244.7
2652
218.9
251.4
566.6
4652
310 1
730 1
678.0
184.4
171.1
2003
91.4
2435
2319
328.6
2976
275.6
310 1
236.4
254.4
284.2
198.9
270.2
284.4
2042
307.2
2983
283.7
235.0
272.9
264.0
247.8
253.5
214.1
231.8
181.2
130.4
122.1
137.0
114.5
170.0
201.6
203.2
205.4
242.6
259.9
293.4
205.0
278.8
285.1
208.0
302.6
298.4
286.0
229.7
276.0
251.8
252.4
258.6
220.5
238.0
185.6
137.5
123.2
137.5
116.8
175.1
211.0
'253.7
'2912
'265.8
'253 1
'279.5
'256.5
'267.0
266.0
2606
241.0
266.8
249.8
'236 1
'238.3
234.1
231.9
'257.8
'278.8
'263.4
'260.6
3262
176.8
304.5
239.6
'593.5
472.1
338.6
'786.2
'696.4
189.5
176.2
206.6
89.1
247.8
235.7
356.1
300.2
'292.2
'328.0
'244.7
262.5
295.0
206.0
280.2
'287.3
208.8
'304.5
'302.2
'286.8
230.2
277.5
251.8
'252.8
258.9
'222.0
239.9
186.6
139.3
123.4
139.2
116.8
174.7
217.1
257.8
294.8
270.1
257.1
283.9
553.5
4617
3055
7166
659.0
185.7
169.9
1989
91.3
2468
2318
348.7
3110
294.9
3406
232.5
252.0
279.5
196.5
264.1
286.8
2026
301.8
3214
276.5
231.4
269.1
2676
242.6
250.3
212.7
2316
179.3
129.1
119.3
1368
113.2
168.0
201.2
198.8
200.7
251.2
2856
263.0
251.0
275.9
246.6
254.3
252.0
2448
227.2
2605
2415
2346
234.7
230 1
229.8
248.5
276.2
263.3
258.7
3287
175.7
2600
238.8
585.5
467.5
331 1
762.1
693.9
188.0
175.8
206.5
91.7
245.1
2327
356.6
292.2
289.2
327.2
241.5
258.6
291.5
203.7
278.0
282.5
206.2
300.6
292.6
284.8
230.1
275.9
253.1
251.7
258.2
218.8
238.0
184.7
136.0
122.4
1357
116.6
174.4
210.7
206.2
208.6
208.8
211.7
'204.4
'205.6
234 1
'239.2
*2306
198.8
198.4
2256
148.1
3158
1923
322.5
4300
2506
428.7
321.0
160.4
153.0
1735
90.2
2000
1830
360.5
2386
276.0
3224
196.1
213.1
232.9
164.9
217.0
227.1
174 4
253.6
2078
222.8
197.2
214.0
229 1
195.6
206.1
174.8
1792
159.8
109.6
102.4
1186
103.8
152.4
178.6
173.5
176.0
'277 1
2556
'2930
X
243.2
'2177
r
217.9
r
2165
2225
2107
2103
2112
221.9
242.0
236.5
222.3
214.4
2640
159.4
3767
2044
408.1
4509
2702
544.1
444.8
171.3
160.9
1863
91.3
2524
2180
5354
3567
300.4
3543
213.9
232.1
256.2
178.9
241.3
259.3
187 1
283.5
2617
248.6
217.9
244 1
2523
219.0
229.6
194.3
2059
168.7
119.0
109.2
127 1
107.4
160.4
190.4
188.1
1905
2862
2554
3096
238.2
232.9
2923
164.4
327 l
2107
487.9
4586
2870
6624
555.2
177.9
1653
1948
90.5
2492
2279
4439
3248
290.1
3395
223.4
244.2
268.8
186.6
254.6
273.6
1956
2928
2919
259.6
226.7
2532
2550
231.7
242.7
205.9
223 1
173 1
124.7
112.7
1323
109.9
162.6
197.1
195.6
1982
287 1
2495
3162
2557
2291
468.8
3476
290.0
3363
227.6
248.4
276.0
190.6
258.9
284.6
1995
297.4
3263
268.4
229.6
2654
2554
237.4
245.5
207.8
2251
175.2
127.0
114.6
1327
110.5
165.5
199.0
198.7
200.7
294 1
2572
3225
237.0
242.3
220.6
2233
184.6
2572
2331
2248
2299
2208
223.3
239.6
2659
248.7
248.0
3079
167.6
3022
2233
532.7
4596
2993
716.6
620.4
185.6
168.7
1985
91.2
2509
2280
404.8
3403
294.7
3414
230.2
249.9
278.3
194.3
261.8
288.9
2026
300.3
3377
274.0
231.0
2667
2622
239.2
247.2
210.7
2316
176.5
127.2
118.0
1323
111.1
166.8
199.7
198.2
200.1
2853
2450
3169
264 1
244.4
2785
2642
2603
250.0
2675
233.8
233.5
244.0
2190
171.3
2333
233 1
2312
234.7
2285
225.4
224.5
271.9
262.5
258.5
3285
172.8
2947
238.8
2339
2343
2332
2295
227.2
226.6
273.5
262.8
257.6
3295
174.4
2558
238.8
576.5
4666
3260
749.2
681.7
186.5
175.5
204.0
91.8
240.9
2319
315.7
284.4
279.8
313.0
239.2
257.1
287.6
201.6
275.4
281.9
205.0
303.4
288.8
283.4
230.1
275.8
257.1
251.1
257.9
217.3
235.6
183.0
134.5
122.8
1348
115.8
172.7
202.7
203.1
205.2
2887
2837
292 1
249.4
237 1
235.8
2326
230.7
259.9
278.2
264.4
260.0
3300
176.1
3076
238.8
590.6
468.7
3336
772.6
697.6
188.9
176.3
208.0
91.3
251.3
2337
398.4
3142
296.1
333.7
236.8
381.5
288.7
319.2
246.4
262.8
298.4
207.0
282.2
290.4
210.0
310.4
303.9
287.8
233.4
276.9
249.5
254.4
262.5
222.7
244.7
187.8
140.9
124.2
142.5
118.2
175.5
218.0
215.8
217.8
260.1
264.9
246.4
2709
221.0
2548
256.5
238 1
245.4
2406
235.2
250.8
282.7
266.9
260.4
3334
181.1
3082
241.7
597.6
475.7
332.0
826.5
696.8
190.4
177.2
209.1
91.1
255.5
237.7
409.1
317.3
293.4
325.0
247.7
266.1
299.7
207.4
283.7
290.7
211.2
312.5
301.0
288.4
233.6
277.6
253.3
255.5
264.4
223.0
244.7
189.3
141.4
124.9
144.3
119.0
176.0
218.0
216.0
218.0
250.8
238 1
248.5
2427
237.1
248.0
286.1
267.9
262.8
3346
181.8
3160
241.7
611.7
475.7
3379
841.8
716.3
192.3
178.2
210.4
91.0
256.6
237.1
392.8
332.4
299.4
333.0
249.5
269.5
301.1
208.9
285.6
290.7
212.6
316.0
294.4
290.7
234.1
277.8
252.7
257.4
269.8
223.5
244.7
190.2
141.5
127.6
143.3
120.0
177.0
218.5
224.1
225.9
2817
2677
2916
2835
257.3
264.4
257.7
277.7
213.1
244.3
252.4
240.4
250.8
245.2
237.4
248.8
289.9
273.6
265.8
3428
184.7
310.6
243.3
625.9
477.5
341.7
857.9
736.0
193.2
181.0
211.3
91.0
258.5
238.6
377.8
332.6
296.6
331.6
252.7
273.5
304.9
211.9
289.3
293.6
215.4
322.8
290.6
296.3
240.0
285.6
259.6
262.0
271.0
224.9
240.5
192.4
147.3
129.2
142.8
121.5
178.6
223.9
226.4
228.5
'08
1.6
1.3
1.1
'0.8
'0.5
'0.8
1.7
1.2
'0.3
'0.7
'0.7
'0.5
0.9
'2909
'260.6
'2304
'2319
'2334
'2260
1925
'254.9
'224.8
'288.8
'267.3
'234.2
'2358
232.0
'2325
198.9
'261.4
'228.2
'295.1
'272.0
'237.3
'2393
'230.7
'238.2
'202.2
'269.1
230.0
'288.4
'274.0
'239.9
'2421
'232.9
'2412
'200.8
'275.9
'232.1
'283.1
'274.7
'241.7
'2433
'229.8
'2445
'201.5
'281.5
'235.8
'286.1
'276.4
'242.8
'2445
'230.8
'2458
'201.7
'283.6
'236.6
'288.3
'278.4
'244.8
'2466
'232.1
'2482
'204.7
'285.6
'238.2
'303.6
'281.0
'249.0
'2512
'240.6
'2508
'207.7
'287.8
'241.1
'317.5
'283.7
'252.0
'254.3
'247.0
'2523
'209.4
'289.1
'243.6
'321.8
'285.2
'252.7
'255.1
'248.3
'252.8
'209.1
'290.3
'243.9
'326.9
'286.8
'254.5
'256.5
'249.5
'254.3
'211.3
'291.2
'247.0
'329.2
'289.8
'256.3
'258.4
'250.3
'256.7
'212.5
'294.7
'248.4
'325.3
'293.3
'257.5
'259.4
'250.5
'258.0
'212.4
'297.2
'250.6
322.1
296.8
259.7
261.5
250.6
261.1
212.5
302.3
253.0
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
COMMODITY PRICES—Continued
PRODUCER PRICES—Continued
(U.S. Department of Labor Indexes) — Continued
Seasonally Adjusted
By durability of product:
Total manufactures
1967—100..
Durable manufactures
do
Nondurable manufactures
do
PURCHASING POWER OF THE DOLLAR
As measured by:
Producer prices
fl
1967 = $1.00..
Consumer orices i
do....
'0.511
0.512
'0.460
0.461
243.8
237 1
2505
248.9
2429
2549
253.5
2457
2616
255.5
2454
2657
256.2
246.2
2668
257.3
2462
2694
259.3
2485
2701
262.5
251.3
2745
266.0
253.0
2795
265.7
2528
2794
268.5
255.7
2824
270.5
2574
2853
273.3
261.2
2859
'0.435
0.435
'0.427
0.429
'0.421
0.423
'0.417
0.417
'0.413
0.412
'0.411
0.408
'0.408
0.404
'0.401
0.404
'0.398
0.401
'0.398
0.397
'0.393
0.394
'0.391
0.390
'0.389
0.387
21,156 '21,127 '20,048
15418 '15 735 '15 388
7,876 '8,006 '8,027
5783 '6061 '6 179
18,888
14770
7206
5441
4676
1,178
2702
'4529
'1 157
'2586
4 413
1231
2444
532
'4660
(22)
(2)
()
0.385
0.384
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE @
New construction (unadjusted), total
mil. $..
Private total #
do
Residential
do....
New housing units
do
Nonresidential buildings, except farm and
public utilities total #
mil $
Industrial
do...
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total #
do. ..
Buildings (excluding military) #
do....
Housing and redevelopment
do
Industrial
do....
Military facilities
do
Highways and streets
do....
New construction (seasonally adjusted at annual
rates), total
bil. $..
Private, total #
do
Residential
do
New housing units
do....
Nonresidential buildings, except farm and
public utilities, total #
bil. $..
Industrial
.do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public total #
do
Buildings (excluding military) # .
do
Housing and redevelopment
do
Industrial
do
205,457
159 556
93,424
75808
228,950
179 948
99,030
78587
18,923
15 162
7547
5874
16,709
13215
6,798
5234
15,842
12538
6,240
4687
17,003
13365
6,686
4905
17,909
13869
6,836
4731
18,873
14212
6,963
4695
19,706
14568
6,959
4753
19,975
14522
7,134
4993
20,483
15054
7,556
5405
36293
10994
18565
47298
14950
24924
4388
1337
2382
3952
1 142
2 167
3817
1094
2110
3969
1 113
2209
4202
1,106
2419
4373
1,174
2500
4543
1,274
2564
4375
1,153
2504
4503
1,187
2580
5418
45,902
15,241
1053
1,184
1502
10,712
6343
49003
15,857
1211
1,411
1640
11,915
580
3762
1,330
119
107
146
737
483
3494
496
3304
557
3638
584
5,453
1,704
148
150
174
1,590
596
620
1,378
133
189
146
574
607
5 139
1,701
141
165
149
1,497
5,429
1,777
129
145
197
1,488
5738
1,269
119
103
131
526
565
4,661
1,547
132
156
155
1,186
568
1,301
115
140
133
567
591
4040
1,483
132
151
146
843
5,392
1,672
157
107
158
1,644
244.0
1912
102 1
785
259.6
248.8
1917
1015
75 1
237 1
1806
940
684
225.8
1715
835
60.7
218.9
1648
770
552
215.0
1613
734
519
214.3
1586
743
52.2
215.1
162 1
786
56.1
223.7
1679
844
60.8
'226.1
198 1
1058
80.7
53.6
159
294
56.6
158
316
54.9
157
307
52.3
139
299
52.7
136
309
52.9
142
30 1
52.9
150
296
49.4
13.3
281
49.1
13.0
280
70
529
173
16
13
17
129
75
61 5
176
17
18
18
169
76
57 0
182
17
14
15
157
70
565
185
19
21
19
136
73
54 3
183
18
18
20
144
66
54 1
185
15
18
17
132
68
53 7
194
16
18
17
140
6.7
557
180
16
1.8
20
138
11071
130
3 724
7 348
11 135
125
3 534
7 601
12425
145
3 867
8 558
4 063
4 373
2635
4 135
4 495
2 505
12,397
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F.W. Dodge
Division, McGraw-Hill):
Valuation total
mil. $.. 159 930 '1681446 '10 339 11080 10394 11286
'174
155
171
190
186
Index (mo. data seas, adj.)
tt
1972-100..
183
39013 '46 646 '2844
Public ownership
mil $
3 287
3 134
3 480
7 260
Private ownership
do
120 917 '121 800 '7 495
7999
7 600
By type of building:
45046
'50 206 '3428
Nonresidential
do
3 635
4 352
4 272
4 337
'74 557 '4 173
74949
4 100
Residential
do
4 584
'43 683 '2737
39935
Non-building construction
do
2422
2628
2 429
New construction planning
(Engineering News-Record) §
do.... 112,069 135,004 13,222 17,164 12,564 12,750
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
thous.. 2,023.3
1,749.1
806
918
734
86 1
Privately owned
do.... 2 020.3
1745 1
85 1
799
916
73 1
1,433.3
One-family structures
do....
1,194.1
51.7
49.3
49.9
57.8
Seasonally adjusted at annual rates:
Total privately owned @ @
. . . . do....
'1563 '1389 '1273 '1040
One-family structures @ @
do
'628
'777
'965
'1 056
New private housing units authorized by building
permits (16,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous
1552
1800
1 247 1 271 1 168
968
One-family structures
..
do
1 182
776
982
780
556
'708
Manufacturers' shipments of mobile homes
(Manufacfactured Housing Institute):
Unadjusted
thous
'18 3
'14 7
'277 4
'18 9
275 9
'19 3
Seasonally adjusted at annual rates
do....
'261
'251
'274
'231
See footnotes at end of tables.
4473
1 178
2529
'1,638
'149
'112
160
'1,135
4 117
1,594
157
174
157
763
171 1
874
'63.5
'231.6
'1778
'937
'692
241.6
1845
970
72.1
49.0
13.1
274
50.2
130
284
'51.1
'134
'289
53.7
14.7
300
6.3
53 1
195
15
16
23
113
67
558
194
14
24
17
138
63
55 1
188
16
14
21
136
63
'53 7
'194
17
'1 4
19
'124
57 1
203
20
22
18
13.3
13466
148
3 783
9 684
15 146
192
3488
11 657
13077
163
3 559
9 518
13886
167
3 459
10 428
13296
210
3367
9929
12513
193
3238
9275
4 861
5092
2 471
4 819
6105
2 542
4313
5897
4 936
4 419
6069
2589
5025
6 785
2076
5008
5847
2441
4709
5570
2 235
13,057
8,900
9,642
8,997
9,821
13,580
17,200
13,071
14,991
966
962
61.5
92.1
917
64.9
1168
1164
76.9
1207
120 1
85.6
1303
1299
92.0
1393
1383
95.0
153.0
1527
97.5
'1135
'1129
'71.2
'962
'957
'56.5
815
80 9
46.4
'1044
'650
'938
'651
'1 184 '1277
'867
'760
'1411
'971
'1482
'1 032
'1519
'1009
789
473
825
495
1 078
628
1 236
781
1 361
857
1 564
914
1 333
819
18 2
'206
'15 5
'165
15 4
'166
17 0
'207
200
'208
21 5
'239
23 6
'236
1,813
139
201
176
1,637
'1550 '1 532
'1 019
'971
1585
941
1 355 '1 235
'743
812
1 231
703
17 8
'239
16 0
261
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1077 edition of BUSINESS STATISTICS
1978
1979
Annual
S-9
1979
1981
1980
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1972=100..
American Appraisal Co., The:
Average, 30 cities
1913-100..
Atlanta
do ..
New York
do
San Francisco
do ...
St Louis
.
.. .
do
Boeckh indexes:
Average, 20 cities: @
Apartments hotels office buildings 1972—100
Commercial and factory buildings
do....
Residences
do ..
Engineering News-Record:
Building
1967= 100..
Construction
do....
Federal Highway Adm.—Highway construction:
Composite (avg for year or qtr ) .
1967 — 100
CONSTRUCTION MATERIALS
Output indexes:
Iron and steel products
Lumber and wood products
Portland cement
REAL ESTATE fl
1947-49=100..
do....
do....
Mortgage applications for new home construction:
FHA net applications
..
....
thous units
Seasonally adjusted annual rates
do....
Requests for VA appraisals
do
Seasonally adjusted annual rates
do....
175.7
199.6
208.0
211.4
215.4
216.0
216.3
218.8
222.6
223.7
223.9
224.3
2265
2285
230.2
2,173
2322
2222
2,263
2071
2,357
2506
2431
2498
2424
2425
2600
2534
2612
2289
2,423
2594
2531
2605
2284
2435
2606
2535
2617
2289
2432
2600
2 533
2610
2 286
2418
2561
2 510
2609
2 261
2,430
2563
2509
2607
2259
2,502
2672
2528
2626
2367
2,531
2726
2580
2722
2383
2,551
2735
2589
2732
2398
2,545
2,717
2577
2,717
2384
2547
2711
2 575
2730
2395
2556
2 715
2 579
2738
2399
2566
2723
2 587
2744
2406
1582
164.3
1618
1705
179.0
1766
247.7
258.4
269.3
2795
282.6
2924
2649
3083
352 1
158.6
196.6
225.2
165.6
191.2
225.2
139.4
1523
174.7
1188
1338
1927
2161
59
92
130
215
1785
1882
1825
280.9
2915
1799
1893
1827
280.7
2918
283.9
294 1
183 1
1917
1850
282.6
2933
279.9
2922
3369
82
127
89
118
152
208
166
207
99
117
157
180
1926
201.8
1888
187 8
1973
1857
284.1
2977
289.0
3035
292.1
3076
3602
292.4
3090
1940
2032
1914
292.5
3097
296.0
3125
123
119
109
123
154
165
156
189
149
152
148
165
174
197
223
247
210
246
165
189
203
243
12 9
139
96
138
113
161
74
129
19 8
213
12 9
189
113
169
125
1 242 93 1 351 14
1 135 18 95490
95533
917.26
48,963
48,581
Home mortgages insured or guaranteed by:
Fed Hous Adm * Face amount .. .
mil $ 11 139 97 18 166 74 1 283 52 2 085 53 1 401 68 1 287 33 1 367 96 92669 91870 1 324 06 1 506 58 1 461 37 1 584 55
Vet. Adm.: Face amount §
do.... 14,470.40 16,505.50 1,530.52 1 956.35 1,301.10 1 252.31 1 148 69 848.02 740.56 817.14 944.00 1 623 90 1 133 39
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
32,670
41,838 41,838 41,733 41,802 44,122 44,660 43,366 42,364 41,473 42,605 44,161 46,115
New mortgage loans of all savings and loan
4 344
associations estimated total
mil $ . 110 294 100 546
5372
4 116
4581
3241
4 130
8339
5711
5723
9336
9500
By purpose of loan:
Home construction
do ...
22495
928
1 170
20583
915
1556
981
1 119
969
706
1238
1886
1803
2 793
2316
Home purchase
do
68380
5208
2 544
3 187
3 547
62740
1 848 2374
3498
5552
5 708
All other purposes
do....
19,419
872
1.015
819
1.057
17,223
687
841
1.575
819
975
1.898
1.989
47,322
r
6574
6693
1391
3 821
1.362
1 418
3641
1.634
3115
119
27.3
39
27.4
294
276
184
76
27
242
131.2
254.3
97
22.1
24
22.6
18.4
369
108
45
14
234
102.2
810.0
16.7
1853
244
113.7
469.9
680.5
11.3
136.2
279
76.6
428.5
r
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national advertising index,
seasonally adjusted:
Combined index
1967 — 100
Network TV
do....
Spot TV
do
Magazines
do....
Newspapers
do
Magazine advertising (general and natl. farm
magazines):
Cost total
mil. $..
Apparel and accessories
.
do
Automotive, incl. accessories
do. .
Building materials
do
Drugs and toiletries
do....
Foods soft drinks confectionery .
do
Houshold equip supplies furnishings
do
Industrial 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....
WHOLESALE TRADE
Durable goods establishments
do
Merchant wholesalers inventories, book value,
end of year or month (unadj ) total
mil $
Durable goods establishments
do
Nondurable goods establishments
do
See footnotes at end of tables.
241
269
263
209
214
274
312
293
235
246
287
341
278
249
260
289
311
300
260
278
300
338
301
263
288
295
332
293
266
274
297
332
342
236
270
302
343
339
252
261
311
360
329
263
276
305
341
335
243
294
326
370
349
280
291
314
363
360
253
265
294
330
354
227
259
2,364.8
858
220.8
463
221.9
1867
1928
1488
584
374
2030
9628
2,671 1
923
2237
466
269.0
2007
1726
53
143
17
154
106
217.4
47
20.0
30
20.4
197
251.0
159
12.0
52
27.8
144
20 3
149
71
31
24 4
1077
234.4
59
20.1
50
24.9
173
229
118
58
22
24 3
94.2
175.3
78
8.4
29
23.6
134
15 2
74
58
23
23 1
95.9
2669
89
239
65
283
153
20 2
165
66
32
24 8
1129
1708
53
127
30
210
152
120
51
48
27
236
77 1
2557
10.0
243
40
216
195
19 5
112
67
26
27 1
1092
2613
132
202
62
25.4
188
236 1
1308
699
357
281 2
10852
2460
76
204
20
193
18 1
35 1
97
59
22
288
969
137
79
34
09
21 3
663
119
79
40
23
23 1
69.9
167
123
74
33
256
110.5
275.2
130
24.3
46
25.9
196
22 0
146
72
31
249
116.0
6,665.8
1506
18924
2028
827.1
3,592 9
7,529 0
1930
22017
2368
9378
39598
674 1
11 1
1476
22 1
751
4182
6004
167
1846
286
864
2842
636.5
182
1900
209
91.6
3160
7437
173
2139
25 6
1044
3824
669.4
155
1777
30 0
1013
3449
706.7
159
1823
259
103.0
3796
695.2
14.7
1883
249
96.5
370.8
586.3
129
1720
243
72.1
3050
675.0
13.6
1968
160
78.1
370.5
650.2
15.2
1808
219
93.2
339.2
738.4
15.6
1838
277
105.9
405.4
754 105
349 916
404 189
883 334
404 288
479 046
75396
32515
42881
77 104
33579
43525
75746
33949
41 797
80597
36 170
44 427
79388
35302
44086
79 449
34 214
45235
77790
34610
43 180
81 256
34882
46374
81397
35091
46306
85715
37 173
48542
93336
40*200
53 136
r
85 336
r
35 722
r
49 614
91843
37854
53989
80922
51646
29276
r
89 757
r
89997
56470
33527
91477
57268
34 209
92854
58463
34390
93745
59460
34285
93479
60458
33021
93522
61715
31807
93112
61493
31619
93612
61053
32559
95215
62,119
33096
96302
61,553
34749
98969 100 464
61346 '62,049
37623 r38 415
99648
62,522
37 126
56 230
33527
'298.2
'3139
3497
345 4
100
109
298.6
3143
r
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1980
1979
Annual
Dec.
February 1981
Jan.
Feb.
Mar.
Apr.
May
1981
June
July
Aug.
Sept.
Oct.
82,997 '82,835 '99,293 '75,055
26928 '25 369 '28 204 '22 724
Nov.
Dec.
Jan.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores: t
Estimated sales (unadj.), total t
mil. $..
Durable goods stores $
do
Building materials, hardware, garden supply,
and mobile home dealers #
mil. $..
Building materials and supply stores .. do....
Hardware stores
do
Automotive dealers $
Motor vehicle dealers
Auto and home supply stores
Furniture, home furn., and equip #
Furniture home furnishings stores
Household appliance, radio, TV
Nondurable goods stores
General merch group stores .
Department stores
Variety stores
Food stores
Grocery stores
Gasoline service stations
Apparel and accessory stores #
do
do.
do
do....
do
do....
do
do
do.
do
do
do
do
do....
Wren's lothL™ ec stores furriers do
Shoe stores
do
Eating and drinking places
do....
Drug and proprietary stores
do....
Liquor stores
.
do
Estimated sales (seas, adj.), total t
do....
Durable goods stores #
do
Building materials, hardware, garden supply,
and mobile home dealers $
mil $
Building materials and supply stores .. do. .
Hardware stores
do
Automotive dealers
.... ...
do
Motor vehicle dealers
do
Auto and home supply stores
do.
Furniture, home furn., and equip. #
do....
Furniture home furnishings stores
do
Household appliance radio TV
do
Nondurable goods stores ..
..
do
General merch. group stores
do....
Department stores
..
....
do...
Variety stores
do
Food stores
do
Grocery stores
do....
Gasoline service stations
do
Apparel and accessory stores $ .
do....
Men's and boys' clothing
do
Women's clothing spec, stores, furriers do...,
Shoe stores
do
Eating and drinking places
do
Drug and proprietary stores
do
Liquor stores.... .
.. . do. .
Estimated inventories, end of year or month: t
Book value (unadjusted) total
mil $
Durable goods stores #
do
Building materials and supply stores do
Automotive dealers
do
Furniture home furn and equip
do
General merch 2rouo stores
Department stores
Food stores
do
do
do
Book value (seas adj ) total
do
Durable goods stores #
do
Building materials and supply stores do
Automotive dealers
do
Furniture home furn and equip
do
Nondurable goods stores $
do
General merch group stores
do....
Department stores
do
Food stores
.
.....
.. do. .
Apparel and accessory stores
do
Firms with 11 or more stores:
Estimated sales (unadjusted) total
mil $
Durable goods stores
do
Auto and home supply stores
do
Nondurable goods stores #...
General merchandise group stores
Department stores
..
....
Variety stores
Miscellaneous general stores
See footnotes at end of tables.
do
do
do
do
do
800,890
886,047
308 156
91,542
26785
69,449
22707
23044
74,942
24366
74,209
23846
78,215
24445
76,442
24963
78,937
26,284
80,780
25492
76,650
281 491
45,892
31,645
7177
52,239
35,102
8993
4,018
2,580
868
3,400
2,315
593
3,335
2,195
577
3,683
2,385
653
4,049
2,623
747
4,441
2,839
830
4,408
3,002
775
4,454
3,043
739
4,587
3,189
740
168 035
153 917
14 188
177 714
161 277
16437
3,313
2 129
928
191 326
177 703
71,894
39,413
8 127
14751
6387
69,145
24,787
13764
43,028
8 772
15 802
7 127
75,139
27,174
15595
17937 16,349
16496 15204
6,675
6,766
3,061
6,131
604
1 410
1 112
2157
540
853
6,023
6,630
2,326
3,127
1,294
1974
77,150 79,464
25943 27268
16,146
15002
6,702
2,796
538
1046
462
5,871
2,329
1,258
77,993
26369
3,478
2184
1,009
53,770
9,510
7,736
689
18,299
16,998
7,847
14,184
12,540
1,664
3,695
2333
1,085
55,288
9,675
7,889
693
18,645
17,323
8,300
4,010
767
1443
693
13,490
11,934
1,556
3,603
2258
1,049
51,917
8,959
7,350
594
171 997
160506
59270
14444
13060
1384
3,392
2 176
945
50576
8350
6,770
610
17 118
15877
7,284
3,351
614
1 254
*599
15,159
13,475
1,684
519399
101 240
81850
7359
13754
12508
1246
3,251
2086
906
46,531
6,911
5,571
517
13,422
11,826
1,596
41,868
26726
12,119
577 891
110
233
2
89,127
7914
13366
12,055
1311
3,317
2105
938
46,742
6,817
5,488
513
13542
11,952
1590
36,719
23 175
10,476
12735
11,266
1469
4,414
2552
1,411
64757
17 196
13,930
1283
4,423
2,917
768
14039
12,451
1588
3,384
2 137
1,015
51,479
8,745
7,116
635
7,428
2,475
1,452
78,770
24,821
6,824
2,422
1,305
80,087
4,679
3,180
4,370
2,862
756
3,993
2,651
734
4,236
2,822
741
14,696
13,172
1,524
3,719
2,355
1,070
69,575
6,485
2,364
1,301
76,534
24296
50,363
8,642
6,975
666
16,803
15514
7,466
3,549
645
1314
667
6,613
2,399
1,297
75,011
22821
3,625
2,258
1,109
52,653
8,661
7,023
635
7,022
2,509
1,425
74,587
17,212
15907
8,088
3,383
711
1203
578
7,011
2,414
1,378
76,001
78,287
22,537
23,212
25,076
3,917
2,641
3,914
2,604
3,930
2,588
733
14,203
12,582
1,621
3,615
2,229
1,105
53,211
9,467
7,735
684
17,660
16,361
7,906
3,784
758
1,397
625
6,603
2,519
1,369
3,608
691
1335
628
18,189
16,868
8,333
3,343
633
1250
552
7,158
2,433
1,429
24733
17,281
16,022
7,821
3,664
683
1384
664
25,868
4,833
3,372
798
15,013
13,281
1,732
3,801
2,402
1,092
56,069
10,144
8,255
687
18,388
17,079
8,078
4,026
789
1,519
693
7,047
2,601
1,377
80,609
25,591
'4,309
'2,911
'761
13,255
11,675
1,580
'4,022
'2,520
1,169
'57,466
11,874
'9,709
'736
18,027
16,724
'7,791
'4,288
'900
'1,554
'718
'6,694
'2,564
1,439
'82,125
'26,524
18,179
16,830
7,821
3,809
796
1,384
643
6,831
2,568
1,377
4,243 '4,455
2,853 '2,961
744
'758
14,329 14,802
12,721 13,222
1,608
1,580
3,654 '3,777
2,303 '2,353
1,049
1,109
55,018 '55,601
10,015 10,175
8,125
'8,327
693
'687
18,095 18,338
16,794 16,979
7,896 '7,926
3,876 '3,885
803
'775
1,397
1,408
645
'669
6,929 '6,937
2,646 '2,674
1,399
1,416
99342
49815
8288
25530
7614
49527
17 766
13*160
10209
8328
101 538
50100
8651
25 178
7699
51438
19,437
14336
10098
8666
106 463 106 463 105 028 106 677 109 853 111 368 110 536 110 023 109,890 109,175 112,613
52765 52765 51928 52614 53688 54093 53333 52669 51,594 49,936 50,034
8976
9001
8,951
9465
9 133
9150
9 183
8852
9374
8678
8678
26,679 26679 25658 25990 26,398 26,245 25,683 24,943 24,049 22,135 21,803
8,223
8,170
8139
8223
8,048
7842
7949
8 147
7835
7736
7835
53698 53698 53 100 54063 56 165 57275 57203 57354 58296 59239 62579
19249 19249 19 253 ** 19*803 21 132 21 839 21726 21699 21991 22532 24 105
14265 14265 14*186 14*437 15*476 16*003 15,950 15,937 16,068 16,503 17,634
11250 11250 10975 10995 11301 11342 11332 11475 11,516 11567 11781
9827 10560
9436
9136
9 144
8944
8 511
8 719
9 119
9019
8944
108 862 108 862 108 436 108 717 109 095 110 252 109 837 109 768 110 786 111 323 112 840
53087 53087 52 130 52*232 52*276 52490 51792 51645 51,531 52383 52,238
9083
9136
8989
8942
9076
8881
9058
9058
9088
9 114
9066
26311 26311 25 130 25209 24998 24783 24252 23961 23,858 24513 24280
8203
8131
8094
8 121
8 010
8 115
8231
7930
7930
7910
8021
55775 55775 56306 56485 56819 57762 58045 58 123 59,255 58940 60602
21,071 21071 21,476 21362 21,712 22,015 21,900 21,934 22,281 22,120 22,752
15539 15539 15833 15641 15857 16035 15982 16 131 16463 16356 16810
11 128 11 128 11,097 11208 11290 11,388 11,378 11,464 11,644 11,755 11,888
9,599
9644
9 147
9342
9925
9398
9271
9266
9248
9307
9307
118,136 120,219
'51,850 53,321
9050
9,125
'22,900 24,024
8,482
8,360
r
66
286
66898
r
26 035 26310
r
!9,108 19,622
12455 12731
10985 11076
114 381 114 170
'52,687 52,886
9197
9302
'24,414 24,564
8243
8093
r
61,694 61284
'23,280 23,167
'17 045 17048
12,153 12,253
9977 10078
270 643
296 593
20546
3146
22568
3338
274 025
95933
83857
6258
5 gig
(*)
250097
88404
76934
5830
5640
4487
3,060
754
14618
13 192
1426
788
15,691
3568
2277
1022
51207
9636
7700
679
16872
15666
6752
3630
'719
1324
612
6690
2313
1395
3,733
2,363
1068
52 196
9,709
7851
726
16997
15,739
7056
3,793
696
1,420
649
6860
2464
1460
14 182
1,509
22164
1517
2867
244
295
33323 20647
5879
15073
5 161
13068
387
1 041
331
964
36 190
15,045
13537
1,508
3,620
2,300
1016
51,624
9,426
7,674
682
16749
15,514
7285
3,671
707
1,326
608
6634
2439
1,425
22209
1492
230
20717
5997
5245
405
347
3,515
2218
1010
3,902
2,620
703
12,251
10719
1,532
3,439
2,142
1005
52238
9,288
7,564
667
17228
16,005
7502
3,611
674
1,401
625
6692
2422
1,399
52190
9,215
7,468
693
17376
16,077
7572
3,681
678
1,405
629
6,700
2450
1,435
4,076
2,698
716
13,488
12070
1,418
24 933
1 682
261
23251
7286
6378
486
422
716
12,025
10,512
706
12,612
11,107
1,513
1,505
3,478
2,184
1009
52,050
9,473
7,721
694
17,097
15,856
7,531
3,723
740
1,358
634
6,520
2499
1,412
3,453
2,135
1058
24983
26939
1792
1938
302
23191
7514
6559
523
432
303
25001
8302
7280
542
480
52,789
9,331
7,586
684
17,400
16,133
7,852
3,780
763
1,364
644
6,577
2491
1,392
25215
1887
305
23328
7642
6700
501
441
13,938
12,343
1,595
3,620
2,261
1,074
53,949
9,809
8,034
691
17,906
16,561
7,793
3,917
835
1,424
651
6,638
2,526
1,407
25841
27678
1910
1935
313
23,931
7546
6,616
500
430
306
25,743
8477
7438
555
484
54,219
9,562
7,778
669
25927 '28 491
1904 '2057
321
293
24,023 '26,434
7842 '8837
'7,757
6,914
551
482
529
446
30028
2173
301
27,855
10443
9,108
610
725
'4,129
2,580
957
'3,309
12 922
11,248
1674
12873
'4,868
2689
1,581
'71,089
18,481
14,967
1,301
'3,562
19,579
17,937
'8,165
'6,547
1426
2317
914
'7,006
'3,674
1,958
'82,362
'26,185
1
52,331
'7,540
'6,034
18,577
17,278
'7,982
'3,339
'6,458
'2,628
'84,009
'26,936
'4,454 '4,590
2,942
824
14,241 14,824
12,624
1,617
'3,853
2,361
1,125
'56,177
10,201
'8,224
691
18,587
17,214
'8,092
'3,892
726
1,436
658
'7,113
'2688
1,418
'3,936
'57,073
10,417
'8,357
'18,533
17,124
'8,402
'3,984
'7,224
'2,729
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1076 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1979
Annual
Dec.
S-ll
1980
Jan.
Feb.
Mar.
Apr.
May
1981
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
22865
22881
DOMESTIC TRADE—Continued
RETAIL TRADE—Continued
Firms with 11 or more stores—Continued
Estimated sales (unadjusted)—Continued
Nondurable goods stores—Continued
Food stores
mil $
Grocery stores
do....
Apparel and accessory stores #
do....
Women's clothing, specialty stores,
furriers
mil $
Family clothing stores
do....
Shoe stores
do
Eating places
.
do ...
Drug stores and proprietary stores
do....
Estimated sales (sea adj ) total #
do
Auto and home supply stores
do....
Department stores
do ..
Variety stores
do
Grocery stores . . . . .
do .
Apparel and accessory stores
do....
Women's clothing spec stores furriers do
Shoe stores
do....
Drug stores and proprietary stores
do
All retail stores, accts, receivable, end of yr. or mo.:
Total (unadjusted)
mil. $..
Durable goods stores
do. ..
Nondurable goods stores
do....
Charge accounts
do....
Installment accounts
do....
Total (seasonally adjusted)
do....
Durable goods stores
do....
Nondurable goods stores
do....
Charge accounts
do ...
Installment accounts
do....
92737
91,700
13,227
102 496
101,270
14,285
9685
9,526
5464
3,221
3129
5876
3,455
3420
15165
13,720
13758
11,971
37,316
10903
26,413
11,599
25,717
34,843
10,823
24,020
11331
23,512
40,387
11391
28,996
12,268
28,119
37,437
11,194
26,243
11743
25,694
8607
8,497
2,111
8756
8,658
890
856
557
421
1322
1,736
26086
281
7292
530
8903
1210
493
284
1 148
350
204
243
1214
1,150
26268
296
7352
565
8808
1245
510
318
1246
354
198
219
1204
1,140
25799
292
7205
540
8724
1228
504
298
1234
40,387
11391
28,996
38960
10990
27,970
11,744
27216
38,070
11463
26,607
37935
10730
27,205
11,683
26252
38,063
11321
26,742
11 913
26.150
12,268
28 119
37,437
11 194
26,243
11743
25.694
11956
26.114
861
9003
8,897
9608
9,497
1,196
9761
9,653
1,200
1,107
491
464
264
244
300
332
1388
1398
1,174
1211
26056 25983
270
285
7 158
6978
531
548
9007
9 150
1 188 1221
497
530
300
305
1245
1215
503
282
297
1457
1,286
26 198
289
7280
552
9047
1234
507
311
1294
450
270
269
1409
1,237
26443
273
7 166
547
9229
1222
500
298
1290
36,953
10454
26,499
36566
10914
25652
11493
25073
37 108
11066
26042
36220
10832
25388
11250
24970
36434
10763
25671
36046
11 138
24*908
11426
24620
11 375
25.733
10929
25.505
36 157
10973
25 184
11,371
24786
36526
10790
25736
11 256
25.270
9 126
9,016
1,117
8890
8,775
11,458
25495
37452
10888
26,564
11 413
26.039
1,068
9898
9,788
1,404
9209
9,105
1,227
467
259
242
1493
1260
26823
298
7246
546
9440
1263
531
303
1317
554
347
345
1567
1,292
27444
298
7528
558
9484
1312
513
319
1324
496
282
325
1427
1,233
27235
301
7355
545
9584
1237
505
304
1342
9940
9,832
1,354
r
555
r
325
332
r
!502
r
l,297
r
27 806
295
r
7657
566
9630
1295
r
519
315
1361
9786
9675
1,458
597
360
330
1330
1314
28005
**293
7845
562
9636
1291
530
303
1357
(22)
()
(2)
(22)
()
(2)
36972
10938
26034
(2)
(2)
11 716
25.256
(2)
(2)
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total incl armed forces overseas iji
..
Civilian labor force, total
Participation rate *
Employed, total
Employment-population ratio *
Agriculture
Nonagriculture
do....
percentthous..
percentthous..
do
Unemployed, total
do....
Long term, 15 weeks and over
do....
Rates (unemployed in each group as percent
of civilian labor force 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 spouse present
Married women, spouse present
Women who head families
Occupation:
White-collar workers
,
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
EMPLOYMENT t
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation ....thous..
Private sector (excl. government)
do....
Seasonally Adjusted t
Total employees, nonagricultural payrolls
Private sector (excl. government)
Nonmanufacturing industries
Goods-producing
Mining
Construction
See footnotes at end of tables.
r
mil
LABOR FORCE
Not Seasonally Adjusted
Labor force, total, persons 16 years of age
and over
thous..
Armed forces .
do
Civilian labor force, total
do....
Employed
.
.... do....
Unemployed
do
Seasonally Adjusted H
do....
do....
do....
do
do....
do....
227 00
102,537
100,420
94373
6047
r
227 18
r
227 44
r
227 64
r
227 84
r
228 07
r
228 28
22848
104,998 105 973 105 269 105 343 105 441 105 505 106 115 108 159 109 095 108 240 106,841 107 536 107 406 106 902 106 796
2 121
2121
2 114
2090
2084
2 125
2124
2 119
2099
2092
2088
2092
2086
2081
2089
102,908 103 884 103 188 103 257 103 351 103 412 104 028 106 067 106 997 106 126 104,720 105,415 105*287 104 778 104 671
96945 98047 96 145 96264 96546 96566 96709 97 776 98587 98 115 97256 97933 97801 97545 96 128
7482
7464
8011
5963
8 544
7 233
7 486
8 410
6 805
6 993
7 043
5836
7 318
6 846
8 291
104 053 104 208 104 271 104 171 104 427 105 060 104 591 105 020 104 945 104 980 105 167 105 285 105 067 105 543
63.8
63.8
63.8
63.8
63.6
63.8
63.9
63.7
63.9
63.9
63.8
63.9
64.1
63.8
r
97 781 r97 708 r97 817 r97 628 r97 225 r97 116 r96 780 r96 999 97003 97,180 97,206 97339 97282 97,596
58.3
58.2
58.3
58.2
58.1
58.3
58.2
58.3
59.0
59.2
59.2
59.3
58.5
58.7
r
3,403
3,394
3,319
3,399
3,210
3,340
3,323 r3,287 r3,329 r3,337 r3,262 r3,352 r3,232 r3,267
r
94 458 r94 421 r94 488 r94 291 r93 963 r93 764 r93 548 r93 732 93793 93781 93887 r93 999 93888 94294
r
r
7,847
7,942
7785
7961
7,800
7946
6272 r6500 r6454 r6543 r 7202 r 7944 r7811 r8021
2,358
2,378
2,150
2,329
2,295
2,292
1,935
1,777
1,391
1,686
1,299
1,319
1,247
1,599
63.2
63.7
58.6
3,342
91031
59.3
3,297
93648
1,379
1,198
60
42
6.0
163
52
119
28
58
41
57
16 1
51
112
27
51
83
3.5
69
3.3
69
5.9
10.6
55
49
5.7
10
1
r
56
50
r
6.0
11.2
r
61
r
58
86,697
71,026
89,886
73,966
86,697
71,026
50,521
25580
851
4.229
89,886
73,966
52897
26512
960
4.483
r
60
r
44
5.7
163
r
53
115
'30
5.1
85
62
48
58
165
r
55
11 9
34
53
90
r
r
62
r
47
r
76
64
6.7
185
66
142
46
6.0
102
75
64
6.7
186
6.6
140
44
5.9
9.9
74
6.2
6.8
17.8
6.5
14.0
4.3
5.8
10.4
74
6.0
6.7
19.0
6.7
12.9
4.2
5.2
10.5
6.6
187
r
68
139
r
49
6.1
88
3.7
96
r
3.8
109
3.7
11.1
3.7
113
3.7
11 1
3.8
108
3.9
10.8
3.9
10.7
4.0
10.5
3.9
10.2
r
6.3
13.1
r
66
r
65
T
7.0
14.5
7.9
83
r
8.0
16.6
r
9.7
104
r
8.0
15.6
r
9.7
109
r
8.0
15.8
r
98
107
8.0
173
93
101
7.8
15.9
9.2
100
7.8
14.6
9.2
9.5
7.8
14.8
8.9
9.0
7.7
13.8
8.8
9.0
7.5
13.3
8.4
9.3
89,781
73,489
90,316
73,871
90,761
74,110
90,849
74,293
91,049
74,655
89,820
74,270
90,072
74,706
90,729
74,965
91,332
75,080
r
91,693
r
r
91,839
r
91,186
75,099
54,142
26623
1,007
4.659
91,144
74,983
54,045
26476
1,009
4.529
90,951
74,567
53,925
26 121
1,012
4.467
90,468
74,195
53909
25745
1023
4.436
90,047
73,817
53803
25422
1029
4.379
89,867
73,710
53882
25 163
1,013
4.322
90,142
73,998
54,058
25,312
1,013
4,359
90,384
74,275
54,231
25,476
1,028
4,404
90,710
74,551
54,394
25,636
1,037
4,442
r
90,961
r
74,797
r
54,515
r
r
91,116
r
74,967
r
54,639
r
r
3.4
r
62
114
67
67
r
62
109
r
67
r
65
91,394
75,180
89,630
73,601
90,678
74,676
53693
26590
992
4.615
91,031
74,999
54028
26715
4.745
74
66
6.2
178
65
14 1
47
57
90
6.4
183
r
67
135
r
46
6.0
85
3.4
79
3.4
81
r
r
76
r
66
r
65
189
r
68
136
r
46
61
83
58
162
r
5'5
119
34
54
86
3.3
75
r
75
r
64
r
62
164
r
61
12
6
r
40
57
90
58
16 6
r
54
11
7
r
32
54
85
r
r
76
r
64
r
76
6.5
6.5
18.8
6.7
137
48
6.0
90
rg 3
r
50
r
r
82
fQ 9
r
58
r
r
75,302
25,811
1,054
r
4,475
"90,089
75,483 "73,945
"91,490
"75,345
"54,988
25,904 "26,051
"1,082
1,069
r
4.507 "4,612
S-12
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1979
Dec.
Annual
February 1981
1980
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
20,282
!2,146
683
r
469
661
1,119
1,606
2,475
'2,120
r
l,901
r
701
r
411
'8,136
r
l,686
71
'856
1,291
692
1,278
1,108
209
705
240
'65,150
r
5,132
r
20,660
5,297
15,363
'5,225
17,969
16,164
r
2,790
13,374
'20,328
12,169
685
472
'661
1,129
1,609
'2,489
'2,136
1,871
'703
'414
'8,159
1,685
'69
'859
1,292
'694
1,286
1,113
'210
'712
239
'65,212
'5,130
'20,638
'5,299
15,339
'5,243
18,052
16,149
'2,796
13,353
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT t—Continued
Seasonally Adjusted t
Employees on nonag. payrolls—Continued
Goods-producing—Continued
Manufacturing
... .thous..
Durable goods
do....
Lumber and wood products
do....
Furniture and fixtures
do
Stone, clay and glass products
do....
Primary metal industries
do
Fabricated metal products §
do....
Machinery except electrical
do
Electric and electronic equipment @.... do....
Transportation equipment §
do....
Instruments and related products
do....
Miscellaneous manufacturing
do....
Nondurable goods
do....
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do....
Service-producing
do
Transportation and public utilities
do....
Wholesale and retail trade
do
Wholesale trade
do....
Retail trade
do
Finance insurance, and real estate
do....
Services
. do...
Government
do....
Federal
do.
State and local
do....
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous..
Manufacturing
do
Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagri cultural payrolls f
thous
Goods-producing
do....
Mining
do
Construction
do....
Manufacturing
do....
Durable goods . . . .
do
Lumber and wood products
do....
Furniture and fixtures
do....
Stone clay and glass products
do
Primary metal industries
do....
Fabricated metal products §
do
Machinery, except electrical
do....
Electric and electronic equipment @.... do....
Transportation equipment §
do....
Instruments and related products
do....
Miscellaneous manufacturing
do
Nondurable goods
. . . . do.
Food and kindred products
do....
Tobacco manufactures
do....
Textile mill products
do....
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee
do....
Leather and leather products
do....
Service-producing
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
. .. do....
Retail trade
do
Finance, insurance, and real estate
do....
Services
do
"20,357
"12,202
-691
"472
"665
"1,124
p
l,614
P
2,498
P
2,149
"1,867
"705
"417
"8,155
"1,674
"69
"861
"1,286
"697
"1,284
"1,115
"215
"713
"241
"65,439
"5,149
"20,757
"5,310
"15,447
"5,265
"18,123
"16,145
"2,800
"13,345
19,940
11,860
662
456
648
1,059
1,569
2,437
2,083
1,840
697
409
8,080
1,690
67
851
1,296
682
1,266
1,100
208
680
240
64,830
5,129
20,589
5,263
15,326
5,180
17,788
16,144
2,828
13,316
20,044
11,955
674
464
655
1,074
1,587
2,452
2,091
1,851
697
410
8,089
1,672
68
851
1,299
686
1,269
1,104
208
692
240
64,625
5,134
20,459
5,245
15,214
5,150
17,652
16,230
2,951
13,279
19,828
11,819
650
449
641
1,049
1,551
2,448
2,079
1,839
698
415
8,009
1,683
69
833
1,276
680
1,266
1,103
207
663
229
64,704
5,114
20,506
5,247
15,259
5,167
17,760
16,157
2,893
13,264
64,908
5,124
20,620
5,280
15,340
5,194
17,861
16,109
2,765
13,344
20,157
12,043
677
466
656
1,096
1,595
2,469
2,107
1,873
697
407
8,114
1,682
69
856
1,292
690
1,272
1,105
209
699
240
65,074
5,147
20,641
5,292
15,349
5,214
17,913
16,159
2,788
13,371
60,458
14,172
60,730
14,093
60,349
13,657
60,749
13,947
60,991
14,182
61,086 '61,267 '61,411 "59,877
14,204 14,260 14,215 "14,076
60,725
18,814
755
3,509
14,550
8,686
577
398
530
924
1,252
1,630
1,400
1,220
423
332
5,864
1,157
54
771
1,111
532
715
637
109
573
205
41,911
4,329
18,029
4,334
13,695
3,873
15,680
60,325
18,438
764
3,488
14,186
8,386
544
380
513
877
1,195
1,622
1,358
1,159
419
319
5,800
1,157
55
756
1,100
522
709
632
131
537
201
41,887
4,314
17,975
4,308
13,667
3,893
15705
59,964
18,144
770
3,443
13,931
8,205
538
369
498
832
1,166
1,586
1,320
1,172
415
309
5,726
1,143
55
731
1,097
515
711
625
131
518
200
41,820
4,280
17,936
4,284
13,652
3,898
15704
59,888
17,901
757
3,385
13,759
8,084
542
359
492
793
1,136
1,561
1,305
1,172
414
310
5,675
1,149
54
721
1,093
509
708
616
132
502
191
41,987
4,260
17,984
4,288
13,696
3,917
15,826
60,136
18,035
753
3,410
13,872
8,123
553
366
498
822
1,152
1,551
1,309
1,171
415
306
5,749
1,157
52
739
1,107
512
710
615
133
521
203
42,101
4,272
18,046
4,297
13,749
3,926
15,857
60,363
18,181
766
3,443
13,972
8,212
563
374
505
817
1,170
1,568
1,315
1,181
414
305
5,760
1,140
54
740
1,108
515
714
619
133
533
204
42,182
4,276
18,074
4,307
13,767
3,930
15,902
60,567
18,313
772
3,476
14,065
8,288
566
376
506
838
1,178
1,578
1,323
1,207
414
302
5,777
1,149
54
743
1,104
519
712
619
133
540
204
42,254
4,296
18,099
4,317
13,782
3,940
15,919
60,785
18,461
r
783
r
3,499
14,179
8,381
571
'378
r
511
r
860
1,189
1,578
1,335
1,238
416
305
r
5,798
1,154
55
r
744
1,104
'521
r
716
623
133
r
544
204
r
42,324
'4,281
18,106
'4,318
13,788
3,947
15,990
'60,881
18,529
'794
'3,528
14,207
'8,391
573
'381
511
'870
1,191
1,585
1,348
1,204
419
'309
'5,816
1,153
'53
'747
1,104
'524
'732
'625
133
'552
'203
'42,352
'4,280
18,073
'4,320
13,753
'3,961
16,038
"61,185
"18,673
"800
"3,626
"14,247
"8,425
"579
"381
"515
"864
"1,197
"1,594
"1,360
"1,201
"422
"312
35.2
35.4
434
366
35.3
35.3
428
367
35.0
35.1
42.7
368
35.3
35.0
43.2
37 1
35.3
34.9
41.9
368
35.3
35.1
43.1
365
35.3
35.2
43.5
374
35.3
35.3
43.5
370
35.3
35.4
43.5
'37.2
'35.6
35.4
'44.0
'372
"35.0
"35.5
"43.4
"384
39.8
398
31
403
32
38.7
38.5
40.9
40.7
39.4
398
30
39.3
39.3
25
39.4
39.1
24
38.8
390
25
39.3
394
27
39.8
39.6
27
39.8
39.7
28
40.2
39.9
29
'40.9
'40.1
31
"39.9
"40.4
"3 1
403
30
37.3
38.5
40.6
40.6
397
2.5
37.5
37.6
40.3
39.2
395
2.4
37.6
37.0
40.4
38.8
394
24
38.1
36.6
40.2
38.6
399
26
38.9
37.4
40.3
39.2
401
2.7
38.8
38.0
40.9
40.0
401
2.8
38.7
38.0
40.9
40.1
40.5
3.0
39.3
38.0
41.1
40.8
'407
3.2
'39.4
38.5
41.2
'41.5
"41 0
"3.1
"39.6
"39.0
"41.5
"41.3
20,014
11,947
648
461
647
1,096
1,584
2,476
2,094
1,831
696
414
8,067
1,677
71
843
1,287
685
1,269
1,112
205
681
237
64,830
5,178
20,531
5,286
15,245
5,119
17,618
16,384
3,115
13,269
20,286
12,140
654
472
663
1,144
1,620
2,517
2,127
1,819
700
424
8,146
1,691
70
869
1,291
692
1,268
1,120
203
703
239
64,723
5,167
20,487
5,268
15,219
5,137
17,659
16,273
2,960
13,313
60,106
14,727
60,311
14,466
5958
1,182
53
776
1,117
539
718
639
139
588
207
41,735
4,347
18,028
4,332
13,696
3,844
15,516
61,308
19,371
750
3,750
14,871
8,967
629
403
553
945
1,286
1,649
1,408
1,336
423
335
5,904
1,177
53
775
1,123
538
719
637
91
584
207
41,937
4,346
18,138
4,348
13,790
3,860
15593
61,124
19,181
750
3,581
14,850
8,961
621
401
549
941
1,286
1,649
1,413
1,339
427
335
5,889
1,169
53
775
1,126
537
717
636
88
582
206
41,943
4,345
18,098
4,347
13,751
3,869
15631
35.9
35.7
439
372
35.1
35.6
434
373
35.1
35.5
432
37 1
40.9
402
32
40 7
32
39.0
38.9
41.5
40.7
39.8
403
30
39.8
40 1
30
408
35
39.4
39.2
41.4
40.8
406
31
39.1
39.0
41.2
40.8
20,983
12,706
746
497
704
1219
1,718
2459
2,163
2,057
698
445
8,277
1,724
66
889
1,296
708
1,261
1,118
213
756
246
64,088
5,212
20,448
5,251
15,197
5,064
17,362
16,002
2,773
13,229
20,971
12,681
743
497
705
1215
1,707
2532
2,169
1,970
699
444
8,290
1,716
67
888
1,305
710
1,269
1,121
214
755
245
64,316
5,202
20,529
5,278
15,251
5,091
17,462
16,032
2,791
13,241
20,957
12,715
745
495
705
1214
1,711
2529
2,168
2,006
702
440
8,242
1,713
68
888
1,313
709
1,273
1,121
161
751
245
64,563
5,198
20,637
5,302
15,335
5,101
17,540
16,087
2,826
13,261
20,938
12,707
737
494
700
1,209
1,711
2,530
2,176
2,006
705
439
8,231
1,704
68
888
1,316
708
1,274
1,123
157
749
244
64,668
5,202
20,610
5,301
15,309
5,115
17,580
16,161
2,886
13,275
20,642
12,442
689
491
680
1,193
1,678
2,518
2,167
1,885
703
438
8,200
1,690
69
884
1,302
702
1,272
1,123
175
740
243
61 109
4,923
19542
4,969
14,573
4,724
16,252
15,672
2753
12,919
21,062
12,772
766
499
710
1250
1,724
2482
2,124
2,083
689
446
8,290
1,728
70
889
1,312
707
1,240
1,111
210
776
248
63376
5,141
20269
5,204
15066
4,974
17,078
15,920
2773
13,147
58,156
14734
60,442
15085
61,473
14,964
59,871
14,738
54,784
14,678
58 156
18,726
638
3,354
14,734
8,805
647
406
554
954
1270
1,526
1,318
1,384
400
344
60,958
19,382
740
3,686
14,956
9,009
633
405
553
952
1,293
1,606
1,409
1,397
421
340
5947
1,188
52
776
1,108
537
714
632
138
589
208
41,576
4,361
17,970
4,318
13,652
3,822
15,423
61,206
19,471
746
3,814
14,911
8,953
629
404
554
948
1,282
1,659
1,414
1,304
421
338
5929
1,174
56
783
1,145
525
672
628
136
592
220
39,430
4,142
17,219
4,094
13,125
3,593
14476
60442
19,386
721
3,581
15,085
9,120
653
407
560
984
1304
1,632
1,394
1,427
420
340
5965
1,187
55
774
1,124
536
701
633
137
607
211
41057
4,304
17,818
4,274
13544
3,774
15 161
35.8
35.6
434
368
430
370
40.4
40.2
36
33
41 1
38
39.8
39.3
41.6
41.8
408
35
39.4
38.7
41.5
41.4
20,505
12,274
755
494
698
1215
1,673
2326
2,006
2,003
653
452
8,231
1,724
71
899
1,332
699
1,192
1,096
208
755
257
r
r
"5,822
"1,145
"53
"749
"1,101
"526
"721
"629
"140
"554
"204
"42,512
"4,283
"18,171
"4,328
"13,843
"3,976
"16,082
AVERAGE HOURS PER WEEK t
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: fl Not seasonally adjusted
hours..
Seasonally adjusted
do....
Mining $
do
Construction
. ... .
do
Manufacturing:
Not seasonally adjusted
do....
Seasonally adjusted
do
Overtime hours
do
Durable goods
Overtime hours
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primarv metal industries
See footnotes at end of tables.
do
do..
do....
do....
do....
do....
S-13
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK t—Cont.
Seasonally Adjusted— Continued
Average weekly hours per worker—Cont.
Manufacturing—Continued
Durable goods—Continued
Fabricated metal products §
Machinery, except electrical
Electric and electronic equipment @
Transportation equipment §
Instruments and related products
Miscellaneous manufacturing
r
hours
do....
do....
do....
do
do....
41.0
42.1
40.3
42.2
40.9
38.8
40.7
41.8
40.3
41.1
40.8
38.8
40.9
41.5
40.5
40.9
41.0
39.0
40.9
41.6
40.5
40.9
41.4
39.2
40.8
41.5
40.3
40.8
40.9
39.1
40.7
41.3
40.0
40.4
40.4
38.6
40.8
41.5
39.9
40.5
40.7
38.5
39.9
41.0
39.5
39.7
40.3
38.3
39.7
40.7
39.2
39.5
40.4
38.2
39.6
40.6
39.0
39.6
40.1
38.3
40.1
40.8
39.4
40.9
40.1
38.6
40.4
40.9
39.5
40.6
40.1
38.9
40.4
40.7
39.9
40.8
40.2
38.7
Nondurable goods
do
Overtime hours
. . . ... do. ..
Food and kindred products
do....
Tobacco manufactures
... do....
Textile mill products
do
Apparel and other textile products
do....
Paper and allied products
do....
Printing and publishing
do. ..
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products nee
do
Leather and leather products
do....
Transportation and public utilities $
do....
Wholesale and retail trade
do
Wholesale trade
do....
Retail trade
do .
Finance insurance and real estate $
do
Services
do....
AGGREGATE EMPLOYEE-HOURS t
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish, for 1 week in the month,
seas adj at annual rate
bil. hours..
Total private sector
do
Mining
do....
Construction .
do
Manufacturing
do
Transportation and public utilities
do....
Wholesale and retail trade
do....
Finance, insurance, and real estate
do....
Services
do
Government
do
Indexes of employee-hours (aggregate weekly): fl
Private nonagric payrolls total
1967 — 100
Goods-producing
do....
Mining
.
do
Construction
do....
Manufacturing
do
Durable goods
do....
Nondurable goods
.
do
Service-producing
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
..
do
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do
HOURLY AND WEEKLY EARNINGS t
Average hourly earnings per worker: fl
Not seasonally adjusted:
Private nonagric. payrolls
dollarsMining
.
.
do
Construction
do....
Manufacturing
do
Excluding overtime
..
..
do
Durable goods
do
Excluding overtime
do....
Lumber and wood products
do....
Furniture and fixtures
do....
Stone, clay, and glass products
do....
Primary metal industries
do....
Fabricated metal products § . .
do
Machinery, except electrical
do....
Electric and electronic equipment @ do....
Transportation equipment §
do....
Instruments and related products .... do....
Miscellaneous manufacturing
do....
Nondurable goods
do....
Excluding overtime
do
Food and kindred products
do....
Tobacco manufactures
do
Textile mill products
do....
Apparel and other textile products .. do....
Paper and allied products
do....
Printing and publishing
do....
Chemicals and allied products
do....
Petroleum and coal products
do....
Rubber and plastics products, nee .... do....
Leather and leather products
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Wholesale trade
.
do
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do....
39.4
3.2
39.7
38.1
40.4
35.6
39.3
3.1
39.9
38.0
40.4
35.6
39.4
3.1
39.9
38.5
41.0
35.6
39.5
3.1
39.8
38.5
41.5
36.0
39.4
2.9
39.7
37.9
41.1
35.9
39.0
3.0
39.3
37.7
40.8
35.3
39.1
3.0
39.6
38.2
40.3
35.8
38.9
2.6
39.9
38.2
39.7
35.3
38.6
2.5
39.6
37.3
39.1
35.2
38.5
2.6
39.7
38.5
38.8
35.1
38.7
2.8
39.8
37.3
39.2
35.1
38.8
2.7
39.7
37.5
39.7
35.1
39.0
2.8
39.6
39.5
39.9
35.3
42.9
37.6
41.9
43.6
40.9
37.1
42.6
37.5
41.9
43.8
40.5
36.5
42.8
37.4
41.8
43.4
40.0
37.0
43.0
37.8
42.0
36.9
40.7
37.2
42.9
37.4
41.9
40.7
40.0
37.2
42.6
37.2
41.8
39.7
39.9
36.9
42.5
37.2
41.5
41.1
40.1
37.3
41.7
37.1
41.3
42.5
39.3
36.7
41.4
36.8
41.1
42.3
39.2
36.7
41.4
36.9
40.8
42.2
39.0
36.1
41.8
37.1
41.0
42.2
40.2
36.5
42.2
36.9
41.3
42.7
40.1
36.2
40.0
32.9
39.3
31.0
36.4
32.8
39.9
32.6
39.3
30.6
36.2
32.7
40.0
32.6
38.9
30.6
36.4
32.8
39.5
32.6
38.9
30.6
36.2
32.7
39.4
32.4
38.8
30.4
36.3
32.7
39.5
32.3
38.5
30.3
36.3
32.7
39.5
32.0
38.5
30.0
36.2
32.6
39.3
32.1
38.6
30.1
36.1
32.5
39.6
31.9
38.0
30.0
36.4
32.6
39.9
31.8
38.0
29.8
36.2
32.6
39.7
32.0
38.2
30.1
36.3
32.6
39.7
32.1
38.5
30.1
36.1
32.5
164.09
133.51
1.92
8.17
42.99
10.24
33.44
8.96
27.78
30.58
169.04
138.43
2.15
8.92
43.94
10.69
34.29
9.38
29.07
30.61
170.81
139.99
2.25
9.32
43.76
10.82
34.52
9.59
29.72
30.82
171.61
140.31
2.29
9.17
43.93
10.85
34.70
9.60
29.76
31.30
171.41
140.16
2.28
9.13
43.81
10.74
34.66
9.63
29.91
31.25
170.93
139.76
2.30
8.90
43.60
10.77
34.51
9.71
29.98
31.17
170.49
138.36
2.28
8.52
42.84
10.71
34.39
9.65
29.98
32.13
169.27
137.24
2.28
8.52
41.80
10.63
34.37
9.66
29.97
32.03
168.42
136.36
2.32
8.56
41.05
10.51
34.15
9.77
30.01
32.05
167.63
135.57
2.23
8.34
40.59
10.54
33.98
9.71
30.17
32.06
168.44
136.60
2.29
8.32
40.98
10.50
34.44
9.76
30.32
31.84
169.07
137.64
2.34
8.62
41.31
10.56
34.56
9.79
30.46
31.43
121.4
106.0
138.5
118.9
102.6
105.1
98.9
132.1
109.9
127.7
127.7
127.7
139.4
146.4
125.6
109.4
155.0
128.1
104.5
108.1
99.2
136.8
114.0
131.1
133.4
130.1
145.7
152.8
126.8
109.4
162.5
132.8
103.5
106.4
99.2
138.8
115.8
132.2
135.0
131.0
148.2
156.0
127.1
110.1
162.0
137.7
103.4
106.0
99.7
138.9
114.0
132.6
135.4
131.5
148.2
156.4
126.9
109.1
162.1
134.7
102.8
105.8
98.4
139.2
113.7
132.7
135.6
131.5
149.3
157.2
126.0
107.3
162.9
126.9
101.8
105.0
97.3
139.0
113.9
131.8
134.5
130.7
149.6
157.6
124.8
105.2
161.7
124.7
99.8
101.6
97.2
138.3
113.5
130.4
134.1
128.9
149.4
157.6
123.4
102.2
163.2
124.3
96.1
96.6
95.4
138.1
112.6
130.3
133.7
129.0
149.7
157.4
122.5
100.3
166.4
123.7
93.8
94.0
93.5
137.9
112.6
129.1
130.8
128.5
151.2
157.8
121.9
98.5
158.7
120.6
92.5
92.4
92.5
138.2
112.8
128.9
131.0
128.0
151.1
159.1
123.0
100.0
162.4
120.5
94.2
94.1
94.3
139.0
112.6
130.4
131.9
129.8
151.8
159.4
123.8
101.6
166.7
124.7
95.2
95.6
94.7
139.2
112.7
130.9
133.3
130.0
151.1
159.3
124.5
102.3
168.0
124.5
96.1
96.6
95.4
139.9
113.5
131.4
133.6
130.6
152.4
160.0
125.2
103.7
170.4
126.0
97.4
98.5
'95.8
140.2
112.8
131.6
134.0
130.6
152.6
161.2
125.5
104.6
174.8
127.1
r
98.2
'99.1
'96.9
139.9
112.8
130.8
134.4
129.4
153.2
161.2
5.69
7.67
8.66
6.17
5.91
6.58
C
6.29
5.60
4.68
6.33
8.20
6.35
6.78
5%2
7.91
5.71
4.69
6.16
8.50
9.27
6.69
6.43
7.13
6.83
6.08
5.06
6.85
8.97
6.84
7.32
6.32
8.54
6.17
5.03
6.38
8.75
9.58
6.97
6.69
7.42
7.12
6.24
5.26
7.11
9.28
7.14
7.63
6.64
8.93
6.50
5.20
6.42
8.88
9.49
6.96
6.71
7.39
7.12
6.21
5.27
7.06
9.30
7.09
7.66
6.67
8.81
6.57
6.28
6.51
8.95
9.68
7.06
6.81
7.54
7.26
6.35
5.37
7.27
9.45
7.24
7.76
6.78
9.04
6.63
5.34
6.53
9.10
9.69
7.09
6.85
7.56
7.31
6.28
5.39
7.34
9.53
7.27
7.81
6.79
9.04
6.63
5.37
6.57
9.08
9.77
7.13
6.91
7.60
7.38
6.40
5.42
7.45
9.61
7.32
7.91
6.78
9.06
6.72
5.40
6.61
9.16
9.81
7.20
6.98
7.69
7.46
6.56
5.49
7.53
9.65
7.42
7.97
6.87
9.24
6.80
5.42
6.64
9.08
9.91
7.29
7.07
7.77
7.55
6.72
5.52
7.60
9.82
7.42
8.05
6.96
9.34
6.86
5.46
6.86
9.37
10.25
7.49
7.23
8.02
7.74
6.76
5.59
7.74
10.09
7.68
8.36
7.20
9.77
6.95
5.55
'6.93
r
9.51
10.25
7.59
7.32
8.13
7.83
6.79
r
5.62
r
7.82
10.28
7.75
8.44
7.29
r
9.89
'7.02
5.60
6.00
5.78
6.27
6.65
4.66
4.23
7.13
6.95
7.60
9.36
5.96
4.22
8.17
5.06
6.39
4.53
5.27
5.36
6.26
6.01
6.55
6.98
4.87
4.38
7.50
7.21
7.92
9.48
6.21
4.35
8.54
5.18
6.69
4.61
5.48
5.61
6.28
6.06
6.61
7.08
4.90
4.44
7.49
7.24
7.97
9.46
6.25
4.45
8.55
5.34
6.68
4.78
5.53
5.65
6.30
6.08
6.68
7.57
4.92
4.49
7.55
7.34
8.05
9.29
6.27
4.51
8.62
5.40
6.83
4.81
5.68
5.75
6.36
6.15
6.75
7.79
4.91
4.46
7.63
7.34
8.12
9.83
6.30
4.52
8.71
5.40
6.87
4.80
5.68
5.75
6.42
6.22
6.82
7.64
4.90
4.45
7.65
7.44
8.17
10.07
6.34
4.53
8.72
5.42
6.89
4.82
5.70
5.79
6.48
6.28
6.84
7.97
4.93
4.51
7.79
7.46
8.24
10.22
6.39
4.54
8.75
5.43
6.95
4.83
5.77
5.81
6.60
6.38
6.89
8.06
5.06
4.50
7.97
7.56
8.35
10.25
6.48
4.54
8.90
5.48
6.99
4.88
5.77
5.79
6.68
9.18
10.05
7.30
7.05
7.78
7.53
6.76
5.54
7.64
9.84
7.48
8.07
7.02
9.35
6.86
5.46
6.62
6.39
6.90
7.74
5.19
4.60
7.99
7.63
8.39
10.22
6.57
4.59
8.95
5.48
7.01
4.89
5.82
5.81
6.80
9.32
10.19
7.43
7.16
7.93
7.66
6.80
5.58
7.69
9.97
7.62
8.28
7.14
9.56
6.92
5.51
5.53
5.32
5.80
6.13
4.30
3.94
6.52
6.51
7.02
8.63
5.52
3.89
7.57
4.67
5.89
4.20
4.89
4.99
6.46
8.90
9.61
7.00
6.75
7.46
7.19
6.33
5.32
7.14
9.44
7.14
7.69
6.71
8.86
6.59
5.30
6.27
6.06
6.64
7.36
4.90
4.45
7.52
7.29
8.01
9.37
6.25
4.47
8.58
5.36
6.72
4.78
5.60
5.70
6.69
6.44
6.93
7.42
5.24
4.70
8.06
7.73
8.46
10.33
6.63
4.61
9.04
5.56
7.08
4.95
5.87
5.93
6.72
6.48
6.95
7.56
5.26
4.73
8.09
7.75
8.52
10.39
6.70
4.64
9.20
5.59
7.10
4.98
5.91
6.00
'6.80
'6.55
r
7.09
7.74
r
5.30
4.75
'8.18
r
7.79
'8.59
10.52
r
6.79
'4.68
r
9.28
r
5.64
r
7.20
r
5.02
6.01
r
6.10
'6.93
'9.57
10.35
'7.69
'7.39
'8.24
7.94
'6.76
'5.70
7.83
10.40
'7.85
'8.54
'7.39
10.10
'7.12
'5.72
'6.86
'6.60
7.12
'8.05
'5.32
'4.82
'8.28
'7.86
'8.67
10.38
6.88
'4.72
'9.31
'5.60
'7.24
'4.97
'6.00
'6.10
See footnotes at end of tables.
40.6
41.0
40.0
41.4
r
40.5
'38.6
40.7
41.0
40.3
r
41.6
r
40.6
'39.1
"40.9
"41.5
"40.4
"42.3
P
41.1
"38.8
39.0
2.9
39.8
38.9
40.0
35.0
r
39.3
3.0
'39.8
r
37.5
'40.4
'35.7
P
42.2
37.1
41.4
43.1
40.4
36.5
'42.6
36.8
41.7
r
43.2
r
40.8
r
36.2
'42.9
'37.4
'41.7
'43.0
40.8
'36.7
39.8
32.2
38.5
30.2
36.3
32.6
r
'39.7
'32.1
38.7
'30.0
'36.3
'32.6
r
39.7
32.2
38.6
30.2
36.3
32.7
r
r
169.78 170.22 171.21
138.26 139.13 139.46
2.31
2.40
2.50
r
8.57
8.66
'8.73
41.65
'42.08 '42.36
10.65
10.60
10.56
34.74 '34.83
'34.66
r
9.85
9.89
'9.91
30.48 '30.67 '30.74
31.52
'31.09 '31.75
39.6
"3.1
40.3
"40.1
"40.5
P
35.8
P
43.0
"37.9
"41.5
P
43.4
P
41.3
P
37.3
"39.5
P
32.3
P
38.8
P
30.3
P
36.1
P
32.5
P
P
172.87
P
141.00
"2.56
P
9.24
"42.75
p
10.68
"35.16
P
9.89
P
30.73
"31.87
"126.6
"106.5
"173.7
"134.8
"99.2
"100.2
"97.7
"140.6
"112.3
"132.5
P
135.0
P
131.6
P
152.9
"161.1
"7.03
P
9.77
10.44
P
7.73
P
7.47
"8.26
"7.91
"6.84
P
5.73
P
7.85
P
10.44
"7.87
"8.58
"7.45
"10.02
"7.16
"5.81
"6.93
"6.69
"7.21
"8.51
"5.35
P
4.91
P
8.26
P
7.91
P
8.67
P
11.13
P
6.89
P
4.81
P
9.34
"5.79
"7.35
"5.16
"6.12
"6.20
P
S-14
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1980
1979
1979
1978
Jan.
Dec.
Annual
February 1981
Feb.
June
May
Apr.
Mar.
1981
Sept.
Aug.
July
Oct.
Nov.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS f— Cont.
Average hourly earnings per worker—Cont.
Seasonally adjusted:
Private nonagricultural payrolls
dollars..
Mining
. . . do....
Construction
..
do....
Manufacturing
do....
Wholesale and retail trade
do....
Services
do. .
Indexes of avg. hourly earnings, seas, adj.: U
Private nonfarm economy:
Current dollars
1967—100..
1967 dollars $
do
Mining
do....
Construction
do
Manufacturing
do....
Transportation and public utilities
do....
Wholesale and retail trade
do....
Finance, insurance, and real estate
do....
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (ENR): §
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 paid per hour, cash wages only.... do....
Railroad wages (average, class I)
do....
Avg. weekly earnings per worker,
private nonfarm: fl
Current dollars seasonally adjusted
1967 dollars seasonally adjusted $
Spendable earnings (worker with 3 dependents):
Current dollars seasonally adjusted
..
1967 dollars seasonally adjusted $
Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars..
Mining
•
do....
Construction
do
Manufacturing
.
do....
Durable goods
do
Nondurable goods
do....
Transportation and public utilities
do
Wholesale and retail trade
do....
Wholesale trade
.. do....
Retail trade
do....
Finance, insurance, and real estate
do....
Services
do
HELP- WANTED ADVERTISING
Seasonally adjusted index
1967=100..
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employeesNew hires
.
do
Quit
Layoff
Seasonally adjusted:
do....
do
New hires
do...
Separation rate total
do
Quit
'
do....
Layoff
do....
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
State programs (excl. extended duration prov.):
initial claims
..
...
Percent of covered employment: @ @
un JU8.rj ""•.• • ,
Beneficiaries, average weekly
thous..
Federal employees, insured unemployment,
Veterans' program (UCX):
5.69
7.67
8.66
6.17
7.57
4.67
4.89
4.99
6.16
8.50
9.27
6.69
8.17
5.06
5.27
5.36
6.39
8.75
9.55
6.91
8.54
5.23
5.48
5.60
6.41
8.88
9.46
6.93
8.55
5.28
5.53
5.60
6.45
8.90
9.64
6.99
8.58
5.31
5.60
5.64
6.51
8.95
9.75
7.06
8.62
5.37
5.68
5.72
6.54
9.10
9.79
7.11
8.71
5.38
5.68
5.72
6.57
9.08
9.83
7.15
8.72
5.42
5.70
5.78
6.62
9.16
9.89
7.22
8.75
5.45
5.77
5.86
6.67
9.08
9.94
7.30
8.90
5.50
5.77
5.87
6.71
9.18
10.04
7.36
8.95
5.53
5.82
5.91
6.77
9.32
10.05
7.42
9.04
5.56
5.87
5.93
6.83
9.37
10.14
7.49
9.20
5.59
5.91
5.99
6.91
'9.51
'10.21
7.58
9.26
'5.66
6.01
'6.08
'6.94
'9.57
'10.32
'7.63
9.31
'5.66
'6.00
'6.08
"7.02
"9.77
"10.41
"7.69
P
9.34
P
5.72
"6.12
"6.14
212.9
109.0
241.0
207.6
216.0
230.9
206.8
194.5
212.4
229.8
105.9
263.9
222.0
234.7
249.3
223.8
209.6
227.8
239.4
103.8
274.6
228.1
244.1
260.1
231.4
217.9
237.8
240.3
102.7
277.0
225.8
245.2
260.8
234.2
218.4
237.7
242.4
102.2
278.5
229.8
247.8
262.4
235.2
221.1
239.7
245.2
102.0
280.9
232.2
250.2
265.9
237.8
225.7
242.7
246.2
101.4
283.7
233.0
252.4
267.2
238.0
224.9
243.0
248.3
101.4
284.2
234.2
255.0
268.7
239.8
226.3
245.7
250.9
101.5
286.3
235.3
258.3
270.6
241.8
230.2
248.4
252.1
102.0
285.3
236.7
260.6
272.8
243.5
229.0
247.6
254.0
102.0
288.9
239.0
262.4
273.2
245.3
232.7
249.8
255.4
101.5
290.4
239.3
264.5
274.0
246.5
233.1
251.7
257.9
101.4
294.4
241.6
266.6
280.2
247.7
234.8
254.2
'260.9
'101.5
298.7
'243.0
268.9
'283.4
'250.9
'239.3
'258.5
'261.6
'100.7
'302.0
'245.3
'270.2
'284.6
'250.2
'238.2
'258.8
"264.3
"100.9
"306.8
"248.1
"272.9
"285.7
"254.1
"240.9
"260.7
10.08
13.36
10.78
14.22
11.21
14.77
11.22
14.78
11.25
14.82
11.27
14.82
11.27
14.82
11.34
14.91
11.59
15.20
11.83
15.49
12.02
15.70
12.17
15.79
12.25
15.91
12.28
15.95
12.29
16.04
"12.28
"16.07
3.09
3.04
3.22
3.10
8.27
3.39
3.34
3.58
3.41
8.93
'9.30
369
365
3 91
365
r
9.45
'9.65
'9.57
361
3.56
377
3.60
'9.55
'9.51
'9.52
3.54
349
3.74
362
'10.11
'10.28
'10.31
3.85
3.72
3.92
3.83
'10.25
'10.49
'10.49
203.77
104.28
219.53
100.81
228.12
98.88
228.20
'97.44
228.98
96.53
230.45
'95.90
230.86
'95.20
230.61
'94.28
231.70
'93.88
232.78
'94.24
235.52
94.62
238.30
'94.68
241.10
'94.81
244.61 '245.68 "249.21
'95.10 '94.57 "95.19
180.77
92.52
194.40
89.34
201.10
87.17
201.17
'85.90
201.76
85.06
202.87
'84.42
203.18
'83.79
202.99
'82.99
203.82
82.59
204.64
'82.85
206.72
83.05
208.83
'82.97
210.95
'82.95
213.62
'83.06
214.43 "215.81
'82.54 "82.43
203.70
332.88
318.69
249.27
270.44
217.88
302.80
153.64
231.48
130.20
178.00
163.67
219.30
365.50
342.99
268.94
290.90
235.80
325.98
164.96
251.13
138.62
190.77
175.27
229.04
384.13
356.38
285.07
308.67
249.77
341.60
170.42
264.13
142.91
199.47
184.01
225.34
385.39
335.00
277.01
297.82
244.92
337.73
170.35
259.85
200.19
200.19
183.63
226.75
384.48
343.08
278.60
300.64
243.90
338.05
170.98
260.74
203.28
203.28
185.25
229.15
388.43
350.42
280.99
303.86
245.07
340.49
172.80
263.16
206.18
206.18
186.88
228.55
389.48
355.62
279.35
301.64
246.13
344.05
171.72
263.81
142.56
205.62
186.30
229.95
387.72
360.51
280.21
301.72
248.45
342.70
172.90
265.27
144.12
205.77
187.02
233.33
394.71
371.80
283.68
306.06
251.42
346.50
175.39
265.49
146.83
210.03
190.57
234.39
380.45
373.61
282.85
303.81
254.10
355.11
178.10
267.02
149.82
208.87
191.65
237.14
395.66
374.87
286.89
308.87
257.52
355.32
179.20
269.18
151.10
211.27
192.31
240.04
405.42
386.20
295.71
318.79
261.58
358.89
178.48
272.58
149.00
211.91
192.73
242.16
407.60
388.48
298.10
323.21
262.75
366.16
179.44
274.77
149.40
214.53
195.60
'244.63
'413.69
'377.20
305.12
330.89
'267.24
'368.42
'180.48
'277.92
'150.60
218.16
'198.86
'246.71
'421.08
'385.02
'314.52
'342.78
'273.03
'369.61
'182.00
'281.64
'151.59
'217.80
'198.86
149
158
159
154
151
145
122
112
115
118
117
122
127
134
130
4.1
3.1
3.9
2.1
0.9
4.0
3.0
4.0
2.0
1.1
2.2
1.5
3.5
1.1
1.7
3.8
2.4
4.1
1.6
1.6
3.3
2.2
3.5
1.5
1.2
3.5
2.3
3.7
1.6
1.3
3.1
2.1
4.6
1.5
2.3
3.4
2.1
4.8
1.5
2.5
3.9
2.4
4.4
1.4
2.2
3.8
2.1
4.2
1.4
2.0
4.5
2.5
4.8
2.2
1.7
4.3
2.6
4.1
1.9
1.4
3.6
2.2
3.7
1.4
1.5
2.7
1.6
3.0
1.1
1.3
2.2
1.2
3.1
0.9
1.6
3.4
1.8
3.5
1.2
1.5
3.9
2.9
4.0
1.9
1.2
3.9
2.8
4.1
1.9
1.3
3.9
2.8
4.0
1.9
1.3
3.6
2.5
4.3
1.9
1.5
3.0
2.1
5.3
1.5
2.9
3.0
1.8
5.7
1.4
3.5
3.3
1.8
5.1
1.4
2.9
3.4
1.9
3.8
1.3
1.7
3.6
1.9
3.9
1.3
1.9
3.8
2.1
3.5
1.3
1.5
3.8
2.1
3.4
1.3
1.4
3.6
2.1
3.3
1.4
1.2
3.6
2.2
3.3
1.5
1.1
3.5
2.2
3.5
1.5
1.2
3,726
4,085
3,311
2,592
3,047
3,740
3,730
3,652
3,627
3,680
3,790
4,140
3,911
3,961
3,660
18,014
2,358
19,946
2,435
2,265
2,864
2,837
3,537
1,818
3,518
1,705
3,356
2,192
3,278
2,248
3,343
2,319
3,455
^,737
1J,692
'1,828
3,408
'1,702
3,087
'1,808
3.3
3.0
1,942
7,716.6
3.4
3.2
2,184
843.9
4.1
3.9
4.1
3.4
3.1
3.2
3,136
3,048
2,993
1,283.9 1,229.9 1,218.2
3.8
3.7
2,884
1,232.2
3.9
4.0
4.3
3.9
4.7
4.4
4.5
4.3
2,962
3,130 '3,026
2,796
1,196.8 1,213.6 1,397.5 '1,244.4
3.6
4.4
2,656
1,144.9
3.3
4.1
2,488
1,125.4
3.4
3.8
2,043
9,260.6
34
28
31
34
32
30
25
22
20
26
25
29
32
35
37
283
51
52
261.5
24
56
55
23.1
25
60
65
29.6
21
58
61
25.4
21
63
59
24.9
21
52
56
24.5
20
50
50
22.0
23
45
29
11.8
27
58
72
33.3
23
55
58
24.6
25
56
56
24.8
23
56
55
25.9
54
55
107
18
82.5
11
22
8.1
22
38
15.0
7
36
14.6
e
4
28
13.0
6
25
10.0
24
25
10.1
44
35
13.3
13
37
17.3
10
40
18.8
9
7
11
29
13.9
17.8
14.3
18.6
Insured unemployment, avg. weekly
Beneficiaries, average weekly
do...
do...
273
53
53
277.7
Railroad program:
Applications
Insured unemployment, avg. weekly
Benefits paid
See footnotes at end of tables.
thous
do...
mil. $.
130
25
89.0
"246.05
"424.02
"378.97
"308.43
"334.53
"270.96
"368.93
"183.54
"282.98
"152.74
"220.93
"200.26
S-15
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Dec.
Annual
1980
1979
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WORK STOPPAGES
Industrial disputes:
Number of stoppages:
Beginning in month or year
Workers involved in stoppages:
Beginning in month or year .
Davs idle durine month or vear
number-
4,200
4,800
149
352
354
396
425
505
435
491
409
438
360
284
66
253
thous
do....
1600
37.000
1700
33.000
45
207
114
3.025
123
2.705
116
2.786
139
2.464
164
2.553
270
4.030
64
3.363
163
94
2.638
54
18
617
50
614
2.419
3.142
3.169
1.244
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 Adm.:
Total end of period
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Federal Reserve banks, condition, end of period:
Assets total #
mil $
Reserve bank credit outstanding, total # .. do....
Time loans ...
do
U.S. Government securities
do....
Gold certificate account
do
Liabilities, total #
do
Deposits total
do
Member-bank reserve balances
do....
Federal Reserve notes in circulation
do....
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held total
mil $
Required
do
Excess
do
Borrowings from Federal Reserve banks
do....
Free reserves ....
.
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits: $
Demand adjusted §
mil $
Demand, total #
do . .
Individuals, partnerships and corp
do
State and local governments
do....
U.S. Government
do
Domestic commercial banks
do....
Time total # ....
do
Individuals, partnerships, and corp.:
Savings
do
Other time
do
Loans (adjusted), total §t .
do
Commercial and industrial
do....
For purchasing or carrying securities
do....
To nonbank financial institutions
do....
Real estate loans
.. do....
Other loans
do
Investments total iji
do
U.S. Government securities, total
do....
Investment account * . .
do
Other securities
do
Commercial bank credit, seas, adj.: t
Total loans and securities 1J
bil $
U.S. Treasury securities
do....
Other securities
do
Total loans and leases
fl
do
Money and interest rates:
Discount rate (N.Y.F.R. Bank), end of year or
month
percent
Federal intermediate credit bank loans
do....
Home mortgage rates (conventional 1st
mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do....
Open market rates, New York City:
Bankers' acceptances, 90 days
do....
Commercial paper 6-month $$
do....
Finance co. paper placed directly, 6-mo @ do....
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
See footnotes at end of tables.
33700
82236
63857
12350
51507
18379
45321 45321 47780 50269 49317 50 177 52636 54356 54334 54486 55774 56610 55226
111 094 111 094 117 809 118 867 119036 122 473 121 707 124 170 121 365 120 299 120 932 123 095 126 048 123 063
82279 82279 85 103 83848 82581 85 177 83478 81787 81533 82191 82,408 85,707 87,832 87,708
17663 17663 18490 18052 18390 18973 18451 18257 17667 18445 18654 19443 20 169 19945
64,616 64,616 66613 65,796 64 191 66,204 65027 63,530 63,866 63,746 63,754 66,264 67,663 67,763
28815 28815 32706 35019 36455 37296 38229 42383 39832 38 108 38524 37388 38216 35,355
47344
58496
58496
59928
61 105
62658
63969
64362
64632
65,654
66,239
66,975
67,966
68,324
68,648
25596
6102
15646
31284
8091
19 122
31284
8091
19 122
31880
8783
19264
32502
9091
19513
33315
9 196
20 147
34202
9 046
20722
34996
8264
21 102
35579
7584
21469
36 107
8033
21,514
36,470
8388
21,381
36,843
8902
21230
37,260
9988
20,718
37,612
10261
20,451
38,138
9,506
21,005
153 151
123,488
1 174
110,562
11671
153 151
36972
31,152
103,325
1
41 572
*41 447
125
'874
M515
113 248
203 092
144 438
5,309
981
34,086
258 061
77865
141 940
347 246
134 038
10,655
24,166
80655
119 560
169,041 171,495 161,467
139,576 137,644 129,492
1,304
1,809
2284
120,812 121,328 117,169
11,162 11,161 11,159
169,041 171,495 161,467
35 708 35 708 35 202 35325 35385 39044 38445 38834 32810 33 141 33071 33088 34809 31 546 30,747
29,520 29,520 31,232 31,725 31,870 32,927 31,804 33,187 27,548 29,338 28,146 30,518 31,528 27,456 26,621
113,355 113,355 108,927 109,170 110,597 111,524 113,118 114,502 115,654 116,925 117,144 118,248 121,191 124,241 118,147
162 947 162 947 157 208 156 569 158 198 165 649 164 467 165 627 160 556 162 860 167 788 164 067
135,092 135,092 129,965 130,141 131,303 135,544 136,950 138,182 132,648 134,462 134,437 135,029
1567
1515
982
562
215
602
2502
3364
828
4770
1 454 1454
117,458 117,458 116,311 115,171 116,657 118,825 124,277 124,515 119,563 119,848 120,711 121,482
11 112 11 112 11 172 11 172 11 172 11 172 11 172 11 172 11 172 11 172 11 168 11 163
162 947 162 947 157 208 156 569 158 198 165 649 164 467 165 627 160,556 162,860 167,788 164,067
*43 972
*431 578
394
1
1,473
*~997
43972
43578
394
1,473
-997
45 170
44 928
242
1,241
924
43156
42966
190
1,655
1369
43352
42907
445
2,828
-2231
r
44
r
877
44,683
194
r
2,455
r
-2 106
r
43 968
r
43 785
183
1,028
782
r
43479
43,268
211
380
-157
74604 74604 r73 162 72290 71208 68456
159 958 159 958 164 339 166 226 171 839 176 018
402 310 402 310 r398 074 399 761 405 960 399 389
159 321 159,321 157,908
158 912 161 830 160,909
9,470
8,738
9,091
10,275 10,275 r8,394
26,559 26,559 r24,818 25,647 27,531 25,033
99959 99,959 101612 102 192 103 209 104,285
137 906 137 906 128 363 125 529 127 517 125 596
69686 73,377
175 623 172 887
392 482 396,202
157,567 159,557
7,653
7,865
23,498 22,961
104,914 105,217
124 174 127,158
108 114 108 114 108
770 108 353 106 659 109,824 110,923 112,548
36,089 36,089 r35,838 35,454 34,673 35,281 35,568 36,958
31 214 31 214 rr30 594 30 332 29 377 29,360 30,755 32,861
72025 72025 72 932 72 899 71986 74543 75355 75590
1 014 3
93.4
173 1
7478
1 1325
93.8
1915
8472
1 1325
93.8
1915
8472
1200
10.09
1200
10.96
1200
11.47
12.52
11.83
13.00
12.20
2
9.30
2
2
10.48
2
11.30
11.59
11.48
11.78
11.60
12.30
3
8.11
3
7.99
3
3
11.04
3
1091
3
10.25
13.31
12.80
11.68
13.15
12.66
11.79
10.041
12.071
12.036
950
2
2
8.01
10.66
9.36
7.78
7.221
40,097
40,OB7
30
1,617
-1,471
41,514
41,022
492
1,405
-793
112,467 108,156 111,706
208,621 191,810 207,817
145,288 135 213 143 831
4,804
5,135
4,658
2,964
787
1,031
37,552 34,457 36,804
285,113 289,376 300,970
119,584
228,967
158,722
5,933
1,088
41,710
313,750
100,185
185,566
127,940
4,846
1,676
34,044
320,947
74,574 75,905 76,664 76,042
168 630 174,167 177 063 181 124
392,491 403,128 410,632 412,556
158,038 161,390 166,261 166,168
7,084
6,465
7,644
6,924
23,133 23,462 24,281 24,024
105,925 106,894 108,246 109,464
120,007 128,526 128 393 126 159
113,702 115,851 114,866 114,236
38,141 40,283 38,706 37,674
33,232 34,833 34,382 33,897
75561 75568 76 160 76,562
74,946
193,269
424,173
172,266
8,960
24,842
110,728
133,629
116,520
39,409
34,422
77,111
72,313
205,805
433,583
174,751
9,979
25,988
111,665
135,983
118,036
39,539
35,242
78,497
74,382
210,718
425,949
171,414
7,746
25,253
112,866
131,059
117,337
39,777
33,438
77,560
1 177.2 1 191.0 1,204.5
107.9
106.6
104.4
210.3
208.0
207.0
886.2
876.4
865.8
1,221.2
109.3
212.5
899.4
1,234.1
109.6
214.3
910.2
1,250.8
112.7
216.5
921.5
40,373
40,071
302
659
-347
122 610 122 610 108 454 102 894 110613 104 700 100 692 110,723 107,393 108,966
219 155 219,155 189 871 185 378 201 657 201,144 194911 208,631 187,725 204,290
155 734 155 734 132
164 128 202 139 544 134 331 132 409 141 960 131 371 142,783
4,887
4,962
5,008
4,581
4,760
4,661
5,942
5,975
5,942 r5,297
1,015
817
1,061
1811
2424
863 r r776
972
1821
863
35975 35,975 31,664 32,015 34,760 37,598 35,489 39,637 30,413 36,559
267 415 267 415 r270 607 271 911 276 175 278011 278 736 276 789 273,708 281,420
97953
35,549
32437
62404
3
41678
40,723
955
2,156
-1 102
42859
42,575
284
395
-104
3
41,164
40,908
256
1,311
-1,029
41 815
41,498
317
1,335
-951
1,154.9
94.6
199.7
860.6
1,152.0
97.0
201.5
853.5
1,1600
100.9
204.2
855.0
13.00
12.94
11.00
11.47
12.87
13.00
12.59
10.00
12.03
10.17
13.54
1140
13.12
1087
13.12
11.82
11.50
11.53
11.90
12.29
12.25
12.56
12.64
13.21
13.26
13.74
12.24
12.88
12.08
12.23
11.84
11.89
11.95
12.00
12.20
12.31
12.62
12.85
12.84
13.16
12.81
13.48
14.01
13.60
12.39
17.10
16.50
14.70
15.63
14.93
13.68
9.60
9.29
9.01
8.31
8.03
7.42
8.58
8.29
8.03
9.85
9.61
9.08
11.13
11.04
10.29
12.69
12.32
11.15
15.34
14.73
13.07
17.96
16.49
14.78
16.62
15.10
14.09
12.814
15.526
14.003
9.150
6.995
8.126
9.259
10.321
11.580
13.888
15.661
14.724
1 144 8 1 1627 1 1652 1,161.0
94.5
93.2
94.8
93.2
196.2
196.0
195.2
193 1
874.7
871.6
8727
8585
SURVEY OF CURRENT BUSINESS
S-16
1978
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1980
1979
Jan.
Dec.
Annual
February 1981
Feb.
Mar.
Apr.
1981
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
CONSUMER INSTALLMENT CREDIT t
Total extended and liquidated:
Unadjusted:
Extended
Liquidated
....
Seasonally adjusted:
Extended, total #
By major holder:
Finance companies
Credit unions
Retailers
By major credit type:
Automobile
Revolving
Mobile home
28546
23856
24675
25687
23576
24439
24902
25925
23583
24878
22,775
24818
22988
24378
24,984
25530
27,391
25481
26907
25744
28 136
27840
24918
24088
31052
25669
do....
26,638
27,923
27581
25,881
23220
22,093
22,349
23,997
26,176
27,064
27,365
25,991
27,149
do
do
do....
12385
5 163
2812
4036
12322
5471
3 483
4368
12780
5*755
2 444
4*096
11 395
5574
2428
4 108
10 227
4801
1862
3*845
9785
4,320
1575
4,072
9892
4439
1318
4186
10098
4,809
2305
4,148
11 107
5 155
3085
4263
11671
5,355
2752
4,596
11977
5323
2872
4291
11 432
4852
2795
4,250
11484
5 185
3035
4497
do
do....
do.
7735
10,146
453
8441
10,500
522
7973
10756
452
7372
10,634
435
5533
10,302
299
5550
10,341
424
6068
10,679
377
7400
10,700
415
7518
11,143
442
7544
11,124
513
7 117
10,953
424
7234
11,614
479
297 668
254 589
•• mil $
do
...
324 777
286 396
Liquidated total #
By major holder:
Commercial banks
Finance companies
Credit unions
Retailers
do....
24605
25,196
25 178
25,227
5922
10347
397
24891
24,770
24,394
25,196
25,687
26,009
26,663
25,152
25530
do....
do
do....
do
11564
4 190
2770
3955
11,779
4458
2,745
4061
11748
4360
2798
4084
11658
4436
2703
4201
11948
3973
2597
4 124
11,721
4074
2,561
4 118
11,675
3695
2,616
4 118
11,847
4370
2,575
4059
11,789
4768
2,620
4 103
11,936
4742
2,716
4 140
12,313
4869
2,809
4 157
11,552
4258
2,577
4 198
11,760
4325
2,657
4 181
By major credit type:
Automobile
Revolving
Mobile home
do
do....
do
6721
9745
368
6903
9971
418
6991
10034
397
6859
10373
380
6565
10677
383
6574
10,589
349
6576
10,436
366
6785
10,641
363
7045
10,419
382
7434
10,665
399
7343
10,851
372
6872
10,688
400
6932
10,998
413
...
.
Total outstanding, end of year or month #
do....
By major holder:
Commercial banks
.... do..
Finance companies
do
Credit unions
do....
Retailers.
do
By major credit type:
Automobile
Revolving
Mobile home
273,645
312,024 312,024 311,012 310,149 309,127 307,831 305,788 304,399 303,853 305,763 306,926 307,222 308,051 313,435
136 016
54298
44334
25987
154 177 154 177 153 636 153 308 152 347 150 937 149,238 147 883 146,555 146,548 146,362 145 895 145 147 145,765
68318 68318 68724 69545 70421 71545 72 101 73 118 73909 74433 74823 74985 75690 76756
46,517 46517 46466 45964 45730 44954 44,139 42,995 42,644 43,347 43,562 43,518 43,606 44,041
28 119 28 119 27216 26252 25495 25073 24,970 24786 24,620 24918 25301 25703 26469 29410
101 647
48,309
15235
116362 116 362 116719 117 202 117 642 117 502 117 058 116 456 116 125 116868 116 781 116 657 116517 116 327
56,937 56937 56,256 55269 54269 53690 53,225 53,042 53,036 53,771 54,406 54,598 55,304 59,862
16838 16838 16832 16875 16944 16974 16912 16988 17004 17068 17 113 17276 17293 17327
do
do....
do
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
.
Outlays (net)
Budget surplus or deficit (—)
mil $
do
do...
Budget financing total
Borrowing from the public
Reduction in cash balances
..
do
do
do
Gross amount of debt outstanding
Held by the public
..
do.
do
'401 997 '465 940
'450
836 1493 221
1
-48 839 '-27 281
1
'48 839
'59 106
10267
'780 425
'610 948
i£7 281
'33 641
'-6360
National Aeronautics and Space Adm
Veterans Administration
LIFE INSURANCE
Institute of Life Insurance:
Assets total all U S life insurance cos
Government securities
Corporate securities .
Mortgage loans total
Nonfarm
do....
do...
1
1 393
11207
9814
4 559
5201
-642
42617
20 192
10206
43429
26856
2237
37862
15522
1420
33351
9056
9508
61097
31488
9 171
36071
9275
1230
59055
27791
15804
37348
19773
2136
44259
19527
1367
53544
26936
8884
8675
3 544
10775
3 560
11499
3 287
15886
4 552
20787
4 780
10793
4667
10253
5 188
18546
4816
46 566 51 237 50 198
1 732 1 901 2089
11 460 11357 11273
46702
2632
11582
52409 50755
1 195 1374
11439 11402
12860 11283 13242
4864
5205
4078
47289 56305 48049
1 340 1 785 1 829
11345 12705 11601
47 988
3785
10 955
162,856 '181 186
*56 355
'64 596
'3,980
'4,187
1
18 962 '19887
16502
8 759
328
1776
16 888
5 164
417
800
17 041
5 353
408
2772
16 572
5 677
416
743
17667
7 584
398
2004
16447
5 928
397
2792
15368
9900
452
630
17,455
6 815
423
1713
17992
5 164
456
2655
17 153
5016
356
744
19017
7 286
479
2857
16918
5 625
425
717
43623
29 93
21278
11988
107 68
43864
30 16
21370
12093
10865
43973
30 36
21140
12231
109 91
44293
30 30
21235
12359
111 10
44702
3032
213.77
12456
11196
45086
30 13
215.14
12546
11277
45576
30 66
218.72
12646
113 78
45936
30 86
22045
12736
114 65
464 48
31 10
22340
12809
115 36
46806
31 34
225.73
12898
11621
47353
3172
228.63
12988
11708
1370
38 17
084
2400
13.98
3889
105
2445
1408
3935
161
2508
1470
4055
146
2530
15.18
4088
150
2573
41526
31,057
10 122
347
41 164
30,198
10 661
305
46 183
30,607
15 301
276
46 169
33,604
12 337
228
41633
30,211
11 237
184
43228
29 72
20875
118 42
106 24
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....
414,211
283,067
125 129
6,015
488,803
323,640
159 998
5,165
61,232
32,901
27 958
373
See footnotes at end of tables.
39 175
20851
1003
44 010
2870
10343
43228
29 72
20875
11842
10624
1301
3482
267
2489
Real estate
Policy loans and premium notes
Cash
Other assets
38923
21 150
1284
'493 221
120 634
'115013
38992
2655
191.56
106 17
9567
11.76
30 15
237
2137
.. bil $
do
do....
do....
do
37862 33351 61097 36071 59055 37348 44259 53544 38923 39 175
47 208 46566 51 237 50198 46702 52409 50755 47289 56304 48049
6255 -17 382 -8874
-9346 -13 215
9*860 -14 127 12353 -15,062 -6496
9 346 13 215
6496 -6255 17382
8 874
9860 14 127 12353 15062
9737 11 111
5350 -4615
6260
4758
9231
4632
2066 11802
7738
8777
5325 -4615 12515 12624
357
7 280
1 413 14492
861 603 870 444 876 914 884 788 884 381 888,367 900 075 914 317 914 782 920 316
670 827 682 630 687 260 692611 687 997 697 734 708 844 715 105 719 862 729 094
16857
4 064
47 208
2054
10 940
'450 836
do
"20 368
do
do.... '103042
mil. $..
43429
47 988
-4559
'833 751 852 184 854 741
'644 589 663 561 668 762
Budget receipts by source and outlays by agency:
Receipts (net) total
..
mil $ '401 997 1465 940
Individual income taxes (net)
do.... '180988 '217841
Corporation income taxes (net)
do
'59 952
'65 677
Social insurance taxes and contributions
410 »141 591
(net)
mil $ 1 123
1
37 647 140 832
Other
.
do
Outlays total #
Agriculture Department
Defense Department military
Health and Human Services
Department §
42617
44 010
-1393
1301
3482
267
2489
1308
3530
1 58
2366
38601
24,623
13 666
312
1320
35 84
1 40
2341
37062
26,384
10 354
324
1351
3690
1 23
2402
45747
29,885
15 501
361
14 16
3965
1 79
2431
42409
29,813
12 336
260
14 18
3992
1 65
2494
44293
28,801
15 212
280
14 46
4026
1 66
2551
43925
30,059
13 589
277
67066
39146
27 738
182
Jan.
S-17
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1978
1979
Dec.
Annual
1980
1979
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—CONTINUED
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)
Net release from earmark §
Exports
Imports
11,671
mil. $..
11,172
11,172
11,172 11,172 11,172 11,172 11,172 11,172 11,172 11,172 11,168 11,163 11,162 11,160
1
18
525
30
20
3
294
do
61
31
29
22
3
38
0
9
thous $ 1,113,795 4,907,865 187,883 282,237 161,531 473,255 671,189 280,138 252,317 102,151 225,620 177,515 421,774 312,274 287,932
903,023 1,480,203 233,832 254,927 261,649 153,063 248,835 211,651 95,483 202,081 162,535 540,145 330,988 157,531 131,231
do
Production:
South Africa
Canada
mil. $..
do
Silver:
Exports
thous $
Imports
...
. .. do....
Price at New York
dol. per fine oz..
Production:
United States
thous. fine oz..
Currency in circulation (end of period)
bil. $..
Money stock measures and components (averages
of daily figures): t
Measures (not seasonally adjusted): $
Ml-A
bil $
Ml-B..
do....
M2
do
M3
. .. do...
L (M3 plus other liquid assets)
do
Components (not seasonally adjusted):
Currency
Demand deposits
...
Other checkable deposits $$
Overnight HP's and Eurodollars *
Money market mutual funds
Savings deposits
Small time deposits @
Large time deposits @
do....
•• do
do....
do....
do....
.... do....
do
do....
Measures (seasonally adjusted): $
Ml-A
Ml-B
M2
M3
L (M3 plus other liquid assets)
.... do....
do
do....
do
do....
Components (seasonally adjusted):
Currency
Demand deposits
Savings deposits
Small time deposits @
Large time deposits @
do
do....
.. do.. .
do
.... do....
955.4
70.4
119,125
389,015
5.401
74.3
6.3
955.1
'45.9
76.4
5.3
77.7
5.1
75.6
5.6
471,162 100,241 298,433 345,301 253,438 489,037
961,761 155,590 258,547 174,301 195,889 91,538
11.094 21.793 38.257 35.085 24.133 14.500
23,972
27,397
4,442
2,046
3,508
4,424
114.6
125.6
125.6
121.2
121.4
122.9
342.2
r
347.5
1,349.1
1,545.6
1,830.7
93.2
249.0
r
5.3
20.4
7.1
'488.3
488.2
173.0
74.7
5.7
2,379
124.0
78.1
5.7
76.8
5.5
80.6
5.8
81,991 140,458
63,927 108,250
12.533 15.748
57,527
99,031
16.059
2,846
125.7
2,986
127.1
76.8
76.0
6.0
77.3
5.6
74.7
5.5
71.4
65,526 29,012 33,453 40,921 74,637
85,967 135,031 129,450 138,053 122,734
15.897 20.144 20.181 18.648 16.393
1,311
1,607
3,277
2,577
3,034
3,607
128.3
129.7
129.9
131.1
134.1
137.2
r
r
360.0
379.4
375.4 '365.3 '366.1 '370.0 '361.5 '369.7 '375.5 '377.3 '382.6 '388.0 '391.1 '394.7
r
r
380.5 '390.2 '397.5 '400.5 '407.2 '413.7 '417.7 '421.8
'374.5
396.4
393.0 '383.2 '384.6 '389.6
1,469.0 1,527.7 1,538.1 1,539.6 1,551.4 1,558.6 1,560.8 1,589.4 1,618.0 1,629.5 1,642.3 1,656.9 1,665.7 1,674.9
1,810.7
1,818.1
1,821.7
1,845.6 1,870.8 1,886.6 1,902.3 1,923.0 1,942.1 1,963.0
1,704.3
1,780.8
1,791.9
1,797.5
r
2,057.6 '2,154.3 r2,172.6 '2,185.9 '2,204.5 '2,221.3 '2,224.1 '2,241.0 '2,259.6 '2,278.6 '2,296.1 '2,317.6 2,344.7
102.3
257.6
14.6
27.1
26.9
r
446.2
597.0
204.6
112.7
'262.7
'22.0
'29.1
80.6
'401.0
'712.9
'221.7
mil. $
do
Paper and allied products
Chemicals and allied products
do
do....
Petroleum and coal products
Stone, clay, and glass products
Primary nonferrous metal
do....
do....
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
Machinery (except electrical)
Elec. machinery, equip., and supplies
115.8
261.6
43.3
33.0
80.7
376.9
778.4
259.8
r
369.8
370.6 '373.5 '372.9 '366.7 '367.1 '370.9 '373.5 '379.5 '383.4 '386.3 '388.4 '384.8
r
'386.9
388.3 '391.4 '391.4 '386.3 '386.1 '391.3 '395.5 '402.7 '408.0 '412.0 '415.0 '411.9
1,526.0 1,534.7 1,547.6 1,554.6 1,550.4 1,563.7 1,587.6 1,612.5 1,632.5 1,644.4 1,656.5 1,670.8 1,673.5
1,775.5 1,786.6 1,805.4 1,813.0 1,811.9 1,825.7 1,846.2 1,867.7 1,889.5 1,904.6 1,921.8 1,946.1 1,958.1
r
2,151.8 r2, 166.0 '2,188.5 '2,203.8 '2,213.3 '2,229.8 '2,242.7 '2,258.2 '2,282.7 '2,306.5 '2,318.8 2,346.5
372.8
416.1
1,683.0
1,979.4
106.6
r
268.8
17.7
'27.0
49.1
r
409.8
r
662.0
'223.5
106.8
'258.5
17.9
'28.3
56.7
'400.9
'673.4
'227.6
107.9
'258.2
18.4
'26.3
60.9
'393.6
'689.0
'230.4
108.7
'261.3
19.5
'22.1
60.4
'381.8
'707.9
'230.4
109.9
'251.5
19.0
'23.3
66.8
'376.9
'716.4
'231.9
111.2
'258.6
'20.4
'24.6
74.2
'386.9
'716.6
'226.2
113.7
'263.6
'23.2
'31.6
80.7
'408.8
'711.1
'223.3
113.7
'268.9
'24.6
'33.0
78.2
'412.4
'714.9
'226.5
114.9
'273.1
'25.7
'32.5
77.4
'412.9
'723.7
'230.6
116.6
'274.5
'26.6
'32.6
77.0
'405.8
'735.9
'240.0
r
106.3
263.5
'417.0
r
r
656.2
r
219.0
107.3
r
263.3
r
412.4
r
660.9
'221.6
108.1
'265.4
'404.0
'670.2
'227.4
108.9
'264.0
'393.3
'685.7
'229.5
109.0
'257.7
'379.4
'705.3
'232.4
110.2
'256.9
'375.2
'715.3
'233.1
111.0
'259.9
'384.6
'715.8
'228.6
112.1
'261.4
'398.0
'712.4
'224.0
113.5
'266.0
'408.1
'712.6
'223.3
113.9
'269.5
'412.1
'716.4
'226.8
81,148
6,213
1,170
2,598
9,117
98,698
7,340
1,340
3,723
10,896
24,491
1,794
358
111
2,580
24707
1,697
314
795
3,160
22,379
1,821
232
803
2,777
20,961
2,085
198
679
2,779
12,805
2,353
1,362
2,124
21,936
2,373
2,691
2,185
6,972
567
726
-141
7,200
237
959
814
6,621
480
766
529
5,759
602
396
218
115.1
'271.2
'414.2
'723.6
'229.8
3,815
4,431
1,051
1 167
936
877
do
do....
10,746
6,500
11,530
7,386
3,079
1,917
2563
1 830
2,886
1728
2,650
1712
do
do....
2,374
6,211
13,760
3,189
4,382
15,314
824
352
3,635
785
217
3,403
815
1 341
3,326
751
1632
3,887
do....
28,932
32,491
9,096
8,779
8,934
8,925
52,542
57,626
3,602
7,165
4,484
6,827
5,784
9,262
10,672
8,155
5,493
5,237
6,073
37,443
7,937
2,832
40,781
5,281
2,882
7,133
1,802
202
981
382
6,780
1,014
360
1,123
131
3,114
1,717
406
3,085
1,508
88
4,882
679
223
4,139
1,089
297
3,294
2,757
525
8,813
8,709
3,525
2,266
1,044
282
Transportation equipment (except motor
Motor vehicles and equipment
All other manufacturing industries
Dividends paid (cash), all industries
SECURITIES ISSUED
Securities and Exchange Commission:
By type of security:
Bonds and notes corporate
do
Common stock
Preferred stock
do
do
By type of issuer:
Corporate total #
mil $
115.8
'272.6
'407.9
'741.6
'238.8
116.4
268.4
394.4
762.6
248.0
2,869
1,327
2,084
484
Fxtractive (rnmine1)
Public utility
do
do
48,212
11,062
3,100
12,253
53,015
11,552
3,192
13,687
3,592
532
386
1,028
6,667
1,817
530
1,873
4,478
1,340
321
1,212
6,576
3,391
265
1,631
5,784
1,777
469
891
9,137
2,888
455
1,478
10,176
2,445
422
1,807
8,154
3,216
207
1,050
5,393
1,810
235
1,444
5,237
1,025
583
1,474
5,653
1,498
244
1,154
Transportation
Communication
Financial and real estate
do
do
do
2,696
3,640
11,526
3,294
4,694
12,868
194
75
959
472
483
1,074
315
572
350
103
223
759
161
651
1,473
285
1,196
2,218
394
295
3,405
329
787
1,382
370
626
703
455
598
759
353
858
1,137
. . do
do
46,215
21,642
42,261
20,897
3,710
1,497
2,916
1,405
2,555
2,097
2,365
1,796
4,579
4,405
4,778
1,975
6,004
2,098
4,725
2,621
3,918
2,375
4,226
2,379
4,398
1,775
2,950
2,197
mil $
11,035
11,619
11,619
11,987
12,638
11,914
11,309
11,441
11,370
11,522
12,007
12,731
13,293
14,363
835
2.510
1,105
4.060
1,105
4.060
1,180
4.680
1,320
4.755
1,365
5.000
1,290
4.790
1,270
4.750
1,345
4.790
1,665
4.905
1,695
4,925
1,850
5,680
1,950
5,500
2,120
5,590
State and municipal issues (Bond Buyer):
Long-term
Short-term
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers, end of year
or month
Free credit balances at brokers:
Margin accounts
Cash accounts
See footnotes at end of tables.
do
do....
377.4
420.7
1,686.4
1,984.8
118.5
'276.2
'27.1
'32.1
75.8
'391.7
'756.8
'251.5
108.3
'271.1
17.0
25.3
43.6
r
414.1
'651.2
'222.6
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
Net profit after taxes all industries
Food and kindred products
14.752
116.6
256.2
379.2
777.1
257.9
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
February 1981
1980
1979
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composite §
dol per $100 bondDomestic municipal (15 bonds)
do....
55.6
77.9
51 1
73.4
46.1
67.2
44.0
66.2
37.8
60.2
37.3
53.5
41.0
58.0
45.7
65.1
47.4
63.3
45.5
59.9
42.1
56.3
41.1
54.3
39.7
53.4
37.8
50.9
37.2
48.1
38.0
50.4
Sales:
New York Stock Exchange, exclusive of some
stopped sales face value total
mil. $.. 4,554 01
4 087 89
499.19
411.58
43178
422.52
406.20
412.95
411.84
400.89
367.58
373.04
414.73
427.57
709.63
353.06
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A
Baa
907
10 12
11.35
11.74
1292
1373
13.21
12.11
11.64
11.77
12.33
12.80
13.07
13.63
14.04
1380
do
do....
do....
do
873
8.92
9.12
949
963
994
1020
1069
10.74
11.15
11.46
1206
11.09
11.56
11.88
1242
1238
12.73
12.99
1357
1296
13.51
13.97
14 45
1204
13.06
13.55
14 19
10.99
11.91
12.35
13 17
10.58
11.39
11.89
1271
11.07
11.43
11.95
1265
11.64
12.09
12.44
13.15
12.02
12.52
12.97
13.70
12.31
12.68
13.05
1423
12.97
13.34
13.59
1464
13.21
13.78
14.03
15 14
1281
13.52
13.83
1503
do....
do
8.90
922
864
985
1039
9 60
11.02
11.68
1044
11.35
12.12
1068
12.35
13.48
1106
13.11
1433
11 43
12.93
13.50
1163
12.04
12.17
11 54
11.41
11.87
11.26
11.43
12.12
1128
11.84
12.82
11.36
12.31
13.29
11.56
12.60
13.53
1172
13.20
14.07
1202
13.60
14.48
1222
13.37
14.22
1242
do....
do....
607
5.90
653
6.39
7.32
7.09
7.52
7.21
8.72
8.04
9.44
9.09
7.96
8.40
7.73
7.37
7.88
7.60
8.59
8.08
8.85
8.62
9.22
8.95
9.45
9.11
9.61
9.55
9.76
10.09
9.65
11.55
11.87
10.83
9.82
9.40
9.83
10.53
10.94
11.20
11.83
11.89
11.65
percent
••
By group:
Industrials
Public utilities
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable $
do....
7.89
8.74
9.59
10.03
28363
82023
104.61
22261
29346
844 40
10456
23783
29888
836 14
108.17
25327
307 16
86074
108.13
26383
320.70
87822
110.64
29040
291.82
80356
102.03
25976
285.15
78633
105.80
244 40
299 10
828 19
109.00
25735
314.78
86986
112.81
27476
331.17
90979
113.91
29978
342.77
947.33
110.38
317.91
348.16
946.67
111.44
333.91
356.44
949.17
112.34
357.32
373.14
971.08
114.43
393.29
368.40
94596
114.23
39405
371.59
962 13
113.51
39464
Stocks
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: §
Combined index (500 Stocks)
Industrial, total (400 Stocks) #
Capital goods (111 Stocks)
Consumer goods (189 Stocks)
1941-43=10..
do....
do....
do....
96.02
106.16
104.38
84.80
103.01
114.83
11527
83.82
107.78
120.78
119.27
84.52
110.87
124.72
126.68
85.09
115.34
130.91
131.27
83.14
104.69
118.73
116.20
75.50
102.97
115.57
110.20
76.93
107.69
120.80
113.46
82.81
114.55
128.80
122.14
85.76
119.83
135.23
129.26
88.98
123.50
140.18
136.55
93.62
126.51
143.73
142.10
95.41
130.22
148.36
145.07
92.76
135.65
155.08
153.68
92.28
133.48
152.19
149.78
90.30
132.97
151.06
147.23
94.61
Utilities (40 Stocks)
Transportation (20 Stocks)
Railroads (10 Stocks)
do
1970 — 10
1941-43=10..
51.64
1381
45.35
5040
14 53
51.74
5050
1523
56.90
5026
1551
58.64
49.04
1722
69.61
45.40
1562
63.39
48.37
1468
59.46
50.63
1527
61.12
52.48
16.27
65.44
52.82
17.97
70.79
51.18
18.83
73.90
51.10
19.85
80.64
51.49
21.77
90.82
52.08
24.65
106.28
51.66
2455
106.74
52.01
2425
102.31
Financial (40 Stocks)
1970-10..
NewYorkCity banks(6 Stocks) 1941-43=10..
Banks outside N.Y.C. (10 Stocks)
do....
Property-Casualty Insurance (6 Stocks) do....
New York Stock Exchange common stock indexes:
Composite
12/31/65 — 50
Industrial
do....
Transportation
do
Utility
do....
Finance . . .
do
11.53
43.70
100.99
106.96
1233
44.48
104.86
119.06
12.50
43.50
105.44
125.81
12.64
44.57
105.74
129.12
11.95
42.26
97.02
121.98
10.73
38.46
87.69
110.23
11.56
41.09
97.54
120.70
12.20
44.54
103.52
121.37
12.87
46.30
106.05
127.07
13.05
46.06
107.86
130.35
13.04
45.81
105.24
133.87
13.38
45.86
107.15
140.97
13.04
43.27
103.65
134.80
12.68
43.19
103.58
128.25
12.89
46.63
109.74
126.00
13.57
48.70
117.50
129.13
5370
58.23
4350
39.22
5665
5832
6475
4734
38.20
6142
6175
69.82
5059
37.29
6321
6374
72.67
5261
37.08
6422
6606
76.42
5792
36.22
6184
5952
68.71
51 77
33.38
5471
5847
66.31
4862
35.29
5732
6138
69.39
5107
37.31
6147
65.43
74.47
54.04
38.53
65.16
6856
78.67
59.14
38.77
66.76
70.87
82.15
62.48
38.18
67.22
73.12
84.92
65.89
38.77
69.33
75.17
88.00
70.76
38.44
68.29
78.15
92.32
77.23
38.35
67.21
76.69
90.37
75.74
37.84
67.46
7624
89.23
7443
38.53
70.04
percent
do....
do
do
do
528
5.06
833
449
5.03
545
5 18
9 19
4 68
547
553
5.26
943
475
560
541
5.11
953
469
557
524
4.92
984
428
581
587
5.52
1065
474
657
605
5.76
10 10
501
6.14
577
5.49
9.67
463
5.84
5.39
5.10
9.43
443
5.57
520
4.90
9.46
402
5.51
5.06
4.75
9.71
3.84
5.54
4.90
4.59
9.67
360
5.38
4.80
4.47
9.77
332
5.58
4.63
4.31
9.65
287
5.74
4.74
4.42
9.79
299
5.71
do....
8.24
9.11
10.06
10.17
10.55
11.37
11.16
10.20
9.78
9.81
10.04
10.14
10.64
11.35
11.94
11.55
mil $
millions
249 257
9602
299 973
10863
29413 39881
1 044 1402
45731 35704 26248
963
1 550 1 147
28029
960
33574 38611
1 155 1258
43795
1433
41,216
1336
50641
1501
43 157
1280
mil $
millions
210 426
7618
251 098
8675
24 151
813
33942
1091
37721
1239
29 164
904
22320
788
23402
780
27,996
934
31949
1004
35,606 35,308
1 122 1090
42,873
1216
36,015
1016
sales
millions
7205
8 156
710
1 158
957
876
674
765
830
1022
1058
1032
989
1025
956
822.74
27,573
96061
30,033
960.61 1 019 05 1 009 13 89882
30,033 30,278 30,383 30,558
941.84
30,752
Yields (Standard & Poor's Corp.):
Composite (500 stocks)
Industrials (400 stocks)
Utilities (40 stocks)
. .
Transportation (20 stocks)
Financial (40 stocks)
Preferred stocks, 10 high-grade
Sales:
Total on all registered exchanges (SEC):
Market value
Shares sold
On New York Stock Exchange:
Market value
Shares sold (cleared or settled)
New York Stock Exchange:
Exclusive of odd-lot and stopped stock
(sales effected)
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil $
Number of shares listed
millions..
966
99390 1 027.13 1,101.19 1,115.48 1,147.60 1,168.11 1,289.71 1,242.80 1 189 19
31,233 31,893 32,327 32,602 32,804 33,041 33,427 33,709 33,993
FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
mil. $.. 1 143,662.8 r!81,815.6 16,984.5 16,360.9 16,970.8 19,685.0 19,146.7 18,770.0 18,706.7 17,213.7 17,946.1 17,829.0 19,948.9 18,614.0 19,545.1
do.... 1 143,577.5 181,650.8 r!6,954.1 16,343.9 16,958.6 19,671.4 19,134.3 18,764.4 18,674.8 17,177.7 17,938.4 17,800.9 19,936.9 18,609.9 19,537.5
16,741.7 17 347 7 17 233 0 18 534 4 18 468 4 17 677 7 18641.8 18,075 0 19 103 4 18 701.0 19 088 5 18,634 3 191177
do..
Exports (mdse.), incl. reexports, total @
Excl. Dept. of Defense shipments
Seasonally adjusted @@
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
See footnotes at end of tables.
.
do
5887 1
do.... 39,629.9
do
34643
do.... 43,607.7
62992
48,771 1
43188
60,014 0
5994
4 568.2
4387
5831.3
5550
7379
6163
7679
8098
40468 47214 5,147 5 4917.4 48707
362 1
377 1
3974
3313
3719
6214 1 60423 7,059 9 6 753.9 62839
7314
7557
5 224.8 4,925.6
4243
3914
5 862.9 5,240 4
7656
7987
5 273.6 4,956.2
4316
4168
5 303.2 5,107.6
do....
do
do....
33,096.7
14 886 5
13.569.4
2,507.7
15290
1.446.6
2,598.6 2,733.7
1 4802 13602
1.104.2 1.165.7
3,070.0
17664
1.485.0
2,648.2
17907
1.557.8
28,375.2
11 026 2
10.992.3
3,393.0
16044
1.332.4
3,149.7 3,074.0
1 7135 18066
1.319.5 1.490.1
2,499.0
18644
1.453.2
8800
8959
5 467.7 5,078.6
5894
3936
5 965.6 5,589.1
3,040.7 3,078.2
1796 1 2 1236
1.578.4 1.646.5
3,113.2
19105
1.529.2
S-19
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
hi the 1977 edition of BUSINESS STATISTICS
1978
1979
Dec.
Annual
1981
1980
1979
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports (mdse.), incl. reexports—Continued
By leading countries:
Africa:
Egypt
Republic of South Africa
..
Asia; Australia and Oceania:
Australia, including New Guinea
India . . .
.
Pakistan
Malaysia ..
.
Indonesia
Philippines
Japan
mil $
do....
1 134 1
1,080.1
14333
1,413.0
1210
149.4
1505
1365
1510
133.7
1878
162.2
1992
178.8
1705
199.6
1278
199.0
1578
217.0
1322
239.7
1639
184.6
145 1
241.4
152.9
352.5
do....
do
do....
do
2 944.1
9479
495.7
7284
3 649.4
1 1670
529.1
932 1
3705
149 1
327
892
3082
860
257
850
2813
1756
254
916
3128
1938
954
1047
3145
118 4
380
989
3296
1182
457
1373
356.6
1322
71.4
113 1
320.2
1542
62.6
1289
357.2
1890
848
1107
354.6
1240
63.8
864
526.4
1452
54.9
1468
336.5
122 1
41.0
1175
.. do
do
do....
7514
10412
12 885.1
9815
1570 1
17 579.3
894
1743
16063
1026
123 7
15258
1068
1672
16506
972
2295
18098
759
152 1
1843 1
1222
144 9
1599 1
1280
1572
1,787.7
1685
3029
966
1323
1643
1870
1 7182 1 751.5 1,682.2
139.9
1485
1,800.1
115.7
1487
1,793.0
4 166.2
5 586.7
5093
7170
5866
7842
639 1
6233
586.1
6312
5370
5462
678.1
584.0
170.4
356.0
678
172
908
68 1
640
36.8
29.2
21.0
54
25.0
18.6
33.6
6 956.8
8 482.3
9623
9626
10552
10226
9047
964.1
869.2
871.8
896.8
43585
3,607.1
10 634 8
441 2
174.0
947 1
4429
130.0
984 8
466 8
5180
540 4
45.7
184.3
110.5
1 303 4 1 348 5 12860
5377
51.0
10492
4075
43.4
8707
807.0
444 3
35.4
9070
815.2
33606
2,252.3
7 1160
8494
474 9
426.4
8639
3533
49.9
9273
3788
151.2
1 1396
4239
264.7
9354
do.... 28,373.7
33,095.8
2,507 7
25985
27336
3 1497 30740
3 069.9
2 499.0
2 648.1 3,040.6
3,078.1
3 113.2
do.... 20,185.2
8418
do..
29806
do
7246
do
do
10459
do.... 6 680.3
37277
do
26,256.6
18899
34416
8855
14093
9 847.2
39313
2,736.0
2193
3924
884
1482
10085
430 1
23590 2 353.6
1524
176 1
2845
2735
857
770
1438
123 9
9256
9828
3235
2872
Europe:
France
do....
German Democratic Republic (formerly
E. Germany)
mil. $..
Federal Republic of Germany (formerly
W. Germany)
mil. $..
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American republics, total #
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
Exports of U.S. merchandise total § ... .
Excluding military grant-aid
Agricultural products total
Nonagricultural products total
do
do....
do
.. do .
do
do....
do
33929
2 739.6 2814 1 3,079.0 3,032.9 3,087.1 3,108.7 3,141.4
2590
2115
2099
1909
2802
1915
1835
3683
3683
3828
4145
382 7
321 6
361 2
1044
1366
1170
1223
1045
877
962
1385
1547
146 4
153 1 1537
141 1
1190
1 1049 1 2114 12730 1 243.3 13394 12710 12622
4179
4069
4102
3857
3586
3424
3698
141 125 6 178 578 0 16 662 1 16 031 5 16 687 5 19 315 6 18 814 9 18 395 3 18 300 0 16 903 4
141 040 3 178 413 2 16 631 6 160145 16 675 3 19 302 0 18 802 6 18 389 6 18 300 0 16 867 3
29 384 1 34 745 4 36815 32769 33546 36870 34685 32032 30175 30197
111 741 4 143 832 6 12 980 6 12 754 6 13 332 9 15 628 7 15 346 4 15 192 0 15 282 5 13 883 7
By commodity groups and principal
commodities:
Food and live animals #
mil. $ . '183113
9584
Meats and preparations (incl poultry)
do
Grains and cereal preparations
do.... 11 633.8
r
22 250 9
1 1269
14 450 5
r
22738
1202
15237
20179
84 2
13019
3,510.6 3,223.9
271 7
2598
3598
3614
1363
1414
1289
1582
1,542 4 1 407.5
3976
463 1
17 630 7 17 527 9 19 520 6
17 623 0 17 499 8 19 508 6
32436 32362 3 672.9
14 387 0 14 291 7 15 847 7
22035 23400 25010 26894
1306
1034
962
109 0
1 442.6 1613 1 1 657.7 1,710.0
224 7
1954 1 20719
1158
104 8
1 1992 1,289.8
1963
2005
175 1
1798
2074
2494
2,375.4 2,255.2
3134
389 4
544.2
480.3
5170
3962
2,186.1 2,032.7
2445
311 4
395.8
489.4
4482
4300
1,723.1
1904
350.8
3509
1,865.0
1559
434.1
3896
1,535.1
150 4
313.4
298 1
1,776.2
950
493.6
325 1
20465 22123 2 1348
113 5
103 0
88 3
13192 14282 14233
18 247 6
18 243 5
3 796.4
14 451 2
2 652.9 2919.4
1186
1 765.1
2627
2753
Beverages and tobacco
do
2 336 5
283 6
152 4
204 1
Crude materials, inedible, exc. fuels #
Cotton raw excl linters and waste
Soybeans, exc. canned or prepared
Metal ores concentrates and scrap
do.... 115,555.1 r20,756.0
2 1984
17396
do
5,707.7
do.... 5,210.4
33246
1839 1
do
2,160.6
311 9
564.7
412 8
2,109.7
256 1
606.4
404 8
2,169.6
3512
513.1
465 0
5 620 5
34960
1,913.6
5428
3198
196.4
481 4
2335
219.3
4358
2142
186.9
5669
2996
234.9
6305
404.2
204.8
7365
452.1
249.7
730 1
462.1
250.1
7070
415.6
268.3
7029
4809
204.6
7097
4300
227.7
7553
502.8
238.1
785.3
458.8
269.4
18450
1587
1396
1425
228 1
210 1
201.1
134.9
1405
161 7
1605
145.3
131.0
151.0
!7 307 9 16075
1617 1
15378
18804
1 750.6 1,851.7
1,861.5
17923
1760 1
16657
1,765.9
1,488.0
1,769.0
18847
2959
2789
2549
19770
3200
298 1
2809
1 724 3 1 946 9 1836 1
307.5
3020
2726
2755
294 4
273 1
289.9
3417
2412
19355
328.2
288.4
253.2
1717.7
314.1
250.1
219.9
18064
7,349.6
73029
66987
7,531.1
Mineral fuels lubricants etc #
Coal and related products
Petroleum and products
'2 292 8
r
335 3
mil $
do
do....
'3 880 6
2 1226
1,563.7
Oils and fats, animal and vegetable
do
'15213
Chemicals
do
'126228
do
do
do
do
'12 416 8 16 234 2 1 537 0 1 647 9 1 734 7 1 882 6 2 1608
307 1
317 1
22252
2775
3026
3 1894
2686
227 9
2639
237 8
1 716 3 2 342 0
219 3
1780
2465
248 1
10478
2023
1718
16094
1712
..
Manufactured goods #
Textiles
Iron and steel
Nonferrous base metals
Machinery and transport equipment,
total
Machinery, total #
Agricultural .
Metalworking
Construction excav and mining
Electrical
Transport equipment total
Motor vehicles and parts
Miscellaneous manufactured articles
Commodities not classified
r
r
65407
7 444.5 7,015.4
70 407.3
63552
56129
44,741.0
26355
1,391.4
12338
8 635.0
4 1708
1780
125.3
894
7886
25 750 4
15,076.5
do.... '10,177.5 12,637.4
9,030.3
do.... '5 006.7
22126
1,154.1
1,157.5
38728 4,075.1 4,823.9
2945
2346
208 1
107.2
121.9
975
1370
832
118 4
9084
7762
7833
1 744 1 2 472 1 2 625 9
1 1302 1,213.1 1 414.4
1,575.9 1,408.5 1,542.7
mil $. '59 255.4
.. do.... 37,017.5
2 1516
do
1,188.3
do....
13184
do
69666
do
22 250 3
do
13 237.3
do
555.0
6597
455.2
8337
4,611.6 4,783.7 4,965.8
2902
274 1
2833
162.9
149.2
138.6
1665
1505
1384
896.7
9134
8836
2 407 2 2 567 4 23370
12673 12147 1,235.0
1,304.6 1,340.1 1,289.9
702.9
685.1
1 1158
1,761.3 2,001.3
1813
626.6
2263
740.9
279.7
6 730.9 7,018.7
7,934.7
7,372.8
4 646.6 4,761.9
237.1
2825
160.5
155.1
137.1
1555
891.6
865.0
20808 1 972.1
975.8
992.5
1,246.1 1,295.7
4,602.7
242.6
158.0
146.3
829.0
5,130.6
251.4
173.6
141.9
997.3
4,723.7
236.3
163.9
130.3
870.7
2,426.9
1,186.7
2,812 5
1,445.9
1,303.5
1,400.6
2650 1
1,312.0
1,324.0
1,311.5
640.1
562.1
856.4
747.9
703.8
456.8
VALUE OF IMPORTS
General imports, total
Seasonally adjusted @
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa
See footnotes at end of tables.
do.... 171,978.0
do
r
206,255.8 19,744.3 20,132.2 20,638.6 21,040.5 19,625.8 20,502.9 20,520.0 19,324.3 18,858.8 19,078.7 20,267.8 19,532.7 21,312.0
196122 20 937 6 21 640 4 20 588 5 19 257 2 20,439.4 19,893.1 18,995.4 19,235.6 19,465.0 20,060 5 19 422.4 21,173.9
do
do
do
do
16 898 1
58 264 0
2 350 4
37 984 5
24 376 5
66 740 4
30720
43 548 2
do
. do
33 546 2
12 624 4
10 302 6
38 122 3
17 287 8
13 172 5
1050
2.258.7
3810
2.616.5
.. do
do....
27270
59086
3040
44366
2 421 0 3 249 3 2 870 4
6642 1 63979 64586
269 7
257 2
295 7
40926 38860 43398
3 428 5 3 463 4 3 631 6 3 751 6
1 772 7 1 916 5 1 914 2 2 1263
12186 13069 13020 1 243.6
313
167.3
210
342.5
817
215.9
96.1
226.1
2 753 4 3 1706
64103 6,546.8
303.8
2349
4 248.5 4,155.2
32458 33492
1 7887 2,067.3
999.9
998.5
57.5
405.7
33.8
291.2
2,799.4 23737
7,131.1 6,636.2
290.7
2816
3,885.9 4,011.3
32559 3 124 4
2,002 6 18202
1,154.0 1,076 6
44.5
208.5
38
270.2
2 556 4 2273 1
65315 6 220.5
3523
2993
39643 3 730.5
2 828 1 3 341 7 39299 37477
1 819 4 16864 1 9139 1 800.9
1 1109 1 1562 1,072.1 1,407.5
27445 2 148 9
6,314 1 67215
2680
2150
37734 38086
416
291.9
26.4
203.8
29.5
297.5
12.6
291.8
Jan.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
1979
Dec.
February 1981
1980
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS— Continued
General imports—Continued
By leading countries—Continued
Asia; Australia and Oceania:
17277
9794
India
do
837
Pakistan
do
1519 1
Malaysia
.
do....
36069
Indonesia
do
12072
Philippines
do....
24 457 7
Japan
do
Europe:
France
do.... 4 051.0
German Democratic Republic (formerly
353
E Germany)
mil $
Federal Republic of Germany (formerly
99615
W Germany
mil $
Italy
... .
do.. . 4 102 1
539 1
Union of Soviet Socialist Republics
do
United Kingdom
..
do.... 65139
North and South America:
33 525 0
Canada
do
18 556 0
A 0 t°
'
do
5634
28257
Brazil
do
3853
Chile
do
Colombia
do. .. 10442
60939
Mexico
do
Venezuela .
do.... 3,545.1
By commodity groups and principal
commodities:
Agricultural products, total
Food and live animals #
Cocoa beans
Coffee
Sugar
Beverages and tobacco
Crude materials, inedible, exc. fuels #
Metal ores
Paper base stocks
Textile fibers
Rubber
Mineral fuels lubricants etc
Petroleum and products
2809
2215
200 1
172 1
2049
78.8
77.9
103.3
74.9
96.8
104
89
95
103
98
234.8
195.5
187.6
192.6
152.8
255.7
4156
4297
4408
3468
130.9
150.5
135.4
154.1
138.9
26134 2 541.3 26420 25689 25918
4,770.8
470.8
489.9
380.3
469.4
442.2
489.0
441.8
429.6
428.2
345.8
457.8
36 2
49
47
31
58
26
35
36
30
39
28
39
26
10 955 3
4,918 1
8724
80287
10706
492.3
1478
807.5
9893
397.3
418
782.3
9924 10535
382.8
360.8
329
35 1
788.0
741.0
933.1
386.5
22.9
734.3
8448
297.0
953
996.8
8618
284.9
533
907.0
8763
332.6
288
743.1
38 099 3
34264
24 782 2
587 1
3 1188
439 8
12094
88134
5 1659
2468 5
507
2878
51 8
1072
9370
462.8
9926 1 143 0 1 101 1 1 1175
348.2
379.1
401.1
328.3
222
19 1
106
354
763.1
756.2
830.2
827.6
378.1
3463 1 36313 37494 3 245.2 3,348.6 3 255.9 3 120.8 2,825.1 3,339.7 3,929.7 3,747 7
2 515 5 2 605 8 2 601 6 2 210 3 24683 26173 22826 2 141 0 22618 2419 1 26692
1053
635
710
547
54 1
582
61 1
624
548
329
366
433.3
304.1
300.0
293.3
323.2
303.2
317.3
266.3
2776
2943
2684
402
343
482
469
507
424
314
376
557
527
442
86.1
69.1
93.7
115.7
92.2
88.8
134.8
92.1
1093
98.9
1400
904.8 1 045.8
9150 1 106.6 10314
9685 1 159.9 1 1847
9489 10884 10958
372.3
339.3
306.1
422.7
449.0
407.0
420.5
311.7
537.7
549.2
485.0
14,961.6 16,881.0 1,656.4 1,649.7 1,367.2 1,536.2 1,458.2 1,478.5 1,488.5 1,439.8 1,310.9 1,219.3 1,410.6 1,529.9
157 016 5 189 445 5 18 140 8 18 489 2 19 271 3 19 524 2 18 222 4 19 114 5 19 031 5 17 884 5 17 548 0 17 859 3 18 857 2 18 002 8
1
do.... 13,521.5 r!5,169.5 1,470.9 1,466.1 1,203.4 1,351.0 1,278.9 1,293.8 1,372.8 1,335.5 1,207.2 1,121.9 1,304.8 1,441.3
19.2
20.0
40.8
21.0
23.3
45.5
32.0
26.7
25.3
352
263
62.0
6670
5549
do. .
250.7
302.3
217.1
2733
3479
3423
3730
3117
3544
4770
3119
37282
38197
4532
do
2468
180 1
1529
199 1
2135
1897
1640
190 2
2008
154 4
228 7
1 8560 2 539 3
2326
334 1
172.4
172.2
187.5
195.0
1238
1776
1187
156 1
1174
603
636
7230
9743
do
286.3
261.3
243.6
227.6
253.1
244.0
223.3
1786
1985
2247
2585
2129
*2 221 3 r2 565 0
do
10,652.7
3247 1
15467
2312
897 1
r
59 997 9
56 046 0
739 8
r
7 478 6
r
30 064 1
7 466 3
2 322 1
6 320 1
2 216 4
r
53 677 3
28 044 8
1 442 4
6588 1
25 633 6
22 074 6
r
21 006 3
'4,018 5 r4 904 6
do.... '9,293.8
28116
do
1,166 9
do....
2478
do
do
684 7
142 095 8
do
do
39 104 2
*511 0
ig 430 0
do
1
do
27 234 9
do
7 259 3
do
2'l007
do
5 122 8
2*200 1
do
do.... 147,590.2
do . 24 403 8
9467
do
do.... 5,170 7
23 186 1
do
do . 20 631 2
»19 061 5
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons
Value
mil $..
General imports:
Shipping weight
thous sh tons
Value
mil. $..
212 1
2200
82.3
93.6
103
128
215.8
214.6
4352
4403
149.7
146.1
26566 26774
2187
594
82
171.7
2584
149.5
2 1355
mil. $..
Chemicals
Manufactured goods $
Iron and steel
Newsprint ...
Nonferrous metals
Textiles
Machinery and transport equipment
Machinery total #
Metalworking
Electrical
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
Commodities not classified ...
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967-100..
Quantity
do
Value
.
do....
General imports:
Unit value
do
Quantity
do....
Value
do
See footnotes at end of tables.
210 8
1564
233 1
195 4
922
1112
115 1
986
85
102
118
12 1
230.9
2768
2013
2429
5118
4927
4220
4170
1491
102.1
122.6
143.2
24965 22498 23852 25647
2 236 2
10377
1200
2 1456
36206
14888
26 242 9
r
882.4
853.6
3014
3046
1483
135.4
242
187
627
999
r
6 783 4 6 558 6
63002 60463
58 2
97 6
696 1
697 1
r
2 740 0 29163
580 9
690 1
2204
2165
693 0
808 0
203 8
207 9
4 608.9 49760
23663 25194
1459
147 2
6047
6044
22425 2 463 4
18807 20095
1 688 0 1 8798
5463
5200
892.6
2905
139.5
209
695
7 741 9
7 199 1
32 7
7268
28156
6896
2249
663 8
204 2
47419
24007
122 8
6007
2 341 2
20087
1 668 3
6168
988.7
867.1
2938
3512
141.4
1844
229
208
56 1
101 1
7 391 7 6 345 9
68376 58332
48 8
42 3
7653
786 2
29099 2618 1
622 1
537 2
2176
2450
585 3
804 7
243 3
213 6
5,084 3 5 027.2
26569 26136
174 2
136 7
630.3
6798
2 447 3 24684
2097 1 20319
1 806 7 18972
5525
4668
886.0
3073
165.7
269
81 1
6894 5
65150
30 7
7684
27958
741 6
2445
5832
219 4
5,074.1
2 683.2
1412
683.7
24810
20246
19207
5949
41 2
7624
2662 1
600 1
2365
5959
220 8
5,052.3
26855
1485
686 1
2366 8
19936
2030 6
5240
857.8
326 1
130.3
19.5
576
57923
5 421.2
30 8
7050
24473
5435
208.5
5595
192 2
5,166.7
27820
161 9
7120
2 384 6
2008 1
2 182 5
5534
913.7
369 1
147.9
215
638
6 937 6
65314
1,536.0
1,385.9
217.4
871.2
837.2
856.4
830.6
812.4
302.4
279.8
3030
275.0
136.2
134.3
150.4
144.2
16.5
20.9
11.0
175
427
448
756
647
62359 58305 62310 5879 6 72184
5,867.7 54604 5846 1 5446 1
690
308
33 0
51 3
64 6
718 1
6169
7459
6413
6503
2 486.1 24129
6292
5200
201.7
2160
5082
5674
191 5
194 7
4,565.7
25780
1837
647.1
19876
16639
2 143 2
533.2
4,952.2
26215
1368
674.6
23308
20003
20773
911 1
26297
5448
2249
6883
196 1
5,333.3
27545
1503
729.6
25788
22106
2 104 2
7374
26419 2 854.7
617 4
2165
6017
204 4
5,236.2 5,335.7
27338
1567
668 1
25025
2 191 4
1 983 4 20172
624.4
5487
2247
2049
460.3
255 5
227 9
5822
2748
237 0
651 1
2810
223 1
627 1
280 1
233 l
6529
2803
269 6
7558
281 8
261 2
7362
2797
257 4
720 1
2854
251 1
7166
2904
2275
660.5
2936
235 1
690.0
2947
232 5
6852
3000
254 7
7639
3086
2315
714.3
3104
2423
752.2
2913
221.2
644 4
347 4
2217
770 1
388 9
2276
8852
402 5
2237
9003
419 4
220 1
923 1
431 0
2187
942 5
430 0
2049
881 1
4326
213 1
9219
4406
208.6
9189
4422
195.6
8647
444 7
1890
8403
445 8
1907
850 1
449 3
201 1
9035
451 4
193.0
8714
4582
207.5
9505
300 032
77268
357 793
97,579
34644
9,751
28803
8554
27426
8,954
31468
10285
34391
10 162
34042
10,071
35716
10282
33978
9619
36373
10225
592 949
115,480
597 495
140,091
51 748
13,684
44832
13,692
47966
14,404
43967
14,231
39430
13,564
42630
14,532
43584
14,594
36982
13,483
38 122
13,328
Jan.
S-21
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1980
1979
Dec.
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
Passenger-load factor
Ton-miles (revenue), total
Operating revenues (quarterly) # §
Passenger revenues
Cargo revenues
Mail revenues
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
International operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly) §
Operating expenses (quarterly) §
Net income after taxes (quarterly) §
bil..
percent..
mil-
226.78
61.5
29,679
261.98
63.0
33,386
20.50
55.8
2,668
mil. $..
do ..
do....
do
do....
do....
22,892
18,814
1,986
387
21,527
1,186
27,169
22,737
2,210
463
26,977
398
7,256
6,012
606
53
7,466
-60
bil
mil
do ..
182.67
3,506
808
208.86
3,466
852
16.50
270
97
mil. $..
do....
do....
18,189
17,172
856
21,594
21,472
290
5,842
5,979
-28
bil..
mil
do ..
44.11
2,314
374
53.12
2,498
372
4.00
209
43
mil. $..
do
do....
4,703
4,355
331
5,575
5,505
109
1,414
1,488
32
7,616
7,830
633
100
16,618
100
18,799
100
5,282
495
363
110
8
236
224
55
8
19.99
54.5
2,536
18.57
55.1
2,415
22.06
61.2
2,833
20.52
58.5
2,635
20.58
57.4
2,665
15.14
262
73
18.01
286
79
16.48
268
78
16.06
284
78
18.19
273
71
6,176
6,389
-176
4.12
179
29
3.43
194
30
4.05
229
33
24.49
62.9
3,050
5.08
210
32
4.52
212
33
1449
1561
-99
20.69
57.7
2,629
8926
7,555
590
143
r
8,657
203
18.64
281
75
20.25
282
75
14.84
273
73
15.80
293
81
V
11.78
1
13.45
1
13.85
6,853
6,700
105
6,559
6,612
-22
4.04
205
32
19.61
55.9
2,540
26.39
66.3
3,236
8,152
6,844
591
153
8,289
116
7624
6,373
568
150
7,950
276
15.87
253
76
23.27
63.0
2,914
r
5.85
214
30
6.76
210
31
4.77
203
29
4.25
216
33
2,073
1958
94
1,592
1676
-94
Urban Transit Systems
Passengers carried total
6
mil
686
679
744
637
695
718
641
656
681
748
663
133.1
140.3
147.2
147.3
153.7
299.6
Motor Carriers
Carriers of property, large, class I, qtrly.:
Number of reporting carriers
Operating revenues, total
mil. $..
Net income, after extraordinary and prior period
charges and credits
mil. $..
Tonnage hauled (revenue), common and contract
carrier service
mil. tonsFreight carried—volume indexes, class I and II
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.)
average same period, 1967 — 100..
Common carriers of general freight,
seas, adj
1967= 100-
8
100
7,489
8
96
92
157
157
140
181.7
180.3
172.6
21,836
20,346
356
25,714
23,912
387
6,851
6,452
97
6,802
6,329
98
6959
6,492
107
6,995
6521
117
do....
do
do. .
21,130
446
3
258
24,518
794
3
814
6,517
298
315
6404
270
274
6662
175
184
6,623
222
156
bil..
do....
1969=100-
874.0
858.1
213.1
928.7
914.6
243.4
243.0
237.2
264.5
264.7
267.7
236.1
233.1
269.8
279.7
279.7
2308
2277
282.3
291.7
292.4
222.4
298.5
299.0
157
38.83
68
28.45
72
170
45.69
72
32.36
71
164
44.74
55
32.61
50
144
45.27
59
33.77
62
169
46.52
66
34.63
70
188
46.77
72
35.46
74
177
49.04
71
35.13
72
203
48.51
71
35.99
69
277
49.56
75
35.48
74
198
48.19
58
36.70
64
309
49.40
48
36.92
55
247
52.17
69
34.37
66
267
53.05
77
35.46
70
8,903
8,883
7,861
6,325
3,234
9,259
9,681
9,886
7,814
3,170
593
753
798
660
150
691
693
798
674
r
233
626
692
648
530
258
741
807
851
596
313
728
754
806
692
340
747
839
906
697
318
820
1,056
995
768
329
946
1,035
1,272
883
303
172
954
2,183
1,175
222
200
179
150
62,910
56,922
1,922
1,831
1,846
2,339
3,289
4,694
7,451
10,482
10,661
6,195
5,250
2,875
45,905
19,909
18,630
2
29,489
8,191
150.4
50,604
21,967
22,389
33,110
9,084
155.1
4,281
1,838
1,745
2,978
731
155.1
4,479
1,960
1,817
2,976
806
156.3
4,470
1,952
1,769
3,000
781
156.8
4,584
1,976
1,882
3,072
810
157.3
4,599
1,990
1,853
3,093
832
158.4
4,638
2,008
1,861
3,099
828
158.6
4,659
1,995
1,888
3,119
834
15.8
4,820
2,022
3467
889
15.8
4,831
2,030
1,987
3,228
860
15.8
4,825
2,059
1,959
3,305
827
15.9
mil $
do.
do—
576.4
470.0
85.6
636.0
519.2
80.2
53.2
44.0
6.9
55.1
45.2
7.0
55.6
44.3
8.3
57.7
44.0
9.3
57.1
46.2
7.9
59.6
46.4
10.4
57.6
46.8
7.7
59.1
48.3
7.8
57.1
47.8
6.4
59.9
48.8
7.7
do
do..
do—
454.8
313.5
123.3
491.1
326.2
142.7
38.0
32.8
3.9
7
44.1
7
29.5
7
43.2
29.0
12.4
44.1
29.9
12.2
44.2
30.2
12.2
45.7
30.5
13.4
44.8
30.9
12.1
45.4
31.2
12.3
42.1
30.1
10.1
44.7
30.1
12.8
163.5
155.5
159.7
150.7
139.3
140.1
Class I Railroads $
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total #
mil $ .
Freight
do
Passenger excl. Amtrak
do .
Operating expenses
Net railway operating income
Net income (after taxes)
Traffic:
Ton-miles of freight (net), total, qtrly
Revenue ton-miles, qtrly. (AAR)
Price index for railroad freight
5
231.5
300.5
4
85.7
Travel
Hotels and motor-hotels:
Restaurant sales index.... same month 1967=100..
Hotels: Average room sale
fl
dollarsRooms occupied
% of total..
Motor-hotels: Average room sale 1J
dollarsRooms occupied
% of total
Foreign travel:
U.S citizens' Arrivals
thous
Departures
do
Aliens' Arrivals
do
Departures
do...
Passports issued
do....
National parks, visits @
do....
COMMUNICATION
Telephone carriers:
Operating revenues #
Station revenues
.
Tolls message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
Overseas, total:
Operating revenues
Operating expenses
Net ooeratine revenues (before taxes)
See footnotes at end of tables.
mil. $..
. . . do
do
do....
domil
2
12.8
158
2,167
233
2,027
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1979
Dec.
Annual
February 1981
1980
Jan.
Mar.
Feb.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O3) $
thous. sh. tonsChlorine gas (100% C12) $
do
Hydrochloric acid (100% HC1) $
do....
Phosphorus elemental i
.... do .
1,309
11,052
2,793
441
1,314
12,228
3,090
460
98
1,104
278
42
90
1,015
296
37
102
992
237
38
102
962
243
42
96
970
236
37
101
949
218
39
91
872
221
32
108
813
197
32
105
824
219
33
97
903
240
28
Sodium
Sodium
Sodium
Sodium
11,309
829
1,168
12,772
770
1,115
1,160
84
93
1,037
75
102
1,012
65
112
974
73
104
967
64
101
901
56
102
874
65
114
843
46
104
840
66
106
739
701
758
741
66
56
60
63
63
68
70
71
62
69
57
55
61
61
56
53
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons..
Stocks (producers') end of period
do
'9,557
5,261
'10,263
4,172
942
4,172
945
4,027
824
3,973
879
3,896
834
3,774
826
3,664
821
3,594
thous. sh. tonsAmmonium nitrate original solution $
do
Ammonium sulfate $
do
Nitric acid (100% HNO3) $
do
17,119
7,210
9
2,449
7,934
18,523
7,543
2,363
8,465
1,760
746
194
802
1,616
762
(2)
807
1,602
750
(2)
790
1,665
775
181
824
1,633
775
155
796
1,626
782
149
783
Nitrogen solutions (100% N) $
Phosphoric acid (100% P2O5) £
Sulfuric acid (100% H2SO4) $
2,286
9,637
41,314
2,245
10,317
43,119
249
994
4,006
252
846
3,577
252
895
3,538
262
qqc
3,860
260
951
3,967
7,662
366
7,640
736
366
657
662
411
574
674
471
574
703
495
477
28,043
3
3,176
17,919
1,576
3,379
223
2,585
138
2,232
217
1,443
179
1,956
201
1,256
156
404
326
8,390
142
277
245
9,275
116
18
15
840
5
28
39
857
13
5,306
5,741
454
526
hydroxide (100% NaOH) $
do....
silicate, anhydrous $
do....
sulfate anhydrous $
do....
tripolyphosphate (100% Na5P3O10) t
do....
Titanium dioxide (composite and pure) $
do....
102
938
233
'43
85
949
222
47
907
66
101
'972
56
r
!09
967
53
100
58
57
58
53
61
48
60
55
863
3,570
834
3,503
802
3,405
842
3,306
'843
'3,269
891
3,037
1,498
653
(2)
653
1,528
568
172
592
1,634
624
161
647
1,475
632
168
672
1,474
r
698
191
r
726
1,550
750
(2)
780
1,684
817
(2)
864
280
838
3,494
270
858
3,471
250
801
3,470
254
914
3,540
232
909
3,574
208
901
'3,610
242
916
3,793
269
984
3,989
713
587
612
630
637
355
624
509
535
648
460
563
693
483
657
669
515
456
r
666
r
431
C
15,451
2,387
11,758
807
2,049
219
1,429
106
2,034
171
1,301
95
3,123
398
1,654
282
3,013
402
1,471
221
3,125
534
1,657
156
20
29
719
20
21
31
644
25
52
53
756
17
20
12
527
22
10
26
563
21
10
11
762
0
524
511
481
443
439
382
r
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous $
do....
do....
do....
Superphosphate and other phosphatic fertilizers
(100% P2O5):
Production
thous. sh. tons..
Stocks end of period
do
Potash deliveries (K2O) tl
do
Exports total #
Nitrogenous materials
Phosphate materials
Potash materials .
do
do....
do
do....
. .
Imports:
Ammonium nitrate
. do
Potassium chloride
Sodium nitrate
do
do....
7,176
500
6,833
5
5
4
26,247
4
2,622
16,741
4
1,827
4
3
r
676
481
'663
717
395
'810
2,580
319
1,560
178
674
2,487
343
1,595
83
1,853
224
1,130
133
2,486
337
1,408
101
27
14
638
11
12
12
751
0
19
16
836
13
13
26
901
6
17
18
952
10
429
483
r
506
r
Industrial Gases
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....
405
514
3,001
90,470
378,923
430,041
3,124
99,271
427,151
456,636
284
8,946
46,923
44,235
265
8,136
38,266
37,835
258
8,474
38,895
37,582
267
8,433
39,599
37,952
268
8,365
38,348
36,456
289
8,080
40,088
34,916
324
7,524
35,665
29,298
325
6,845
37,418
28,163
334
6,678
35,649
31,637
326
7,857
40,552
32,186
298
r
7,740
r
43,459
r
35,529
298
8,632
43,483
35,966
293
9,084
41,425
37,490
32.2
143.2
Organic Chemicals §
Production:
Acetylsalicylic acid (aspirin)
Creosote oil
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
mil Ib
. mil gal.
mil. Ib..
do....
'181.9
'6,381.0
'31.9
'161.6
'262.4
'5,971.1
2.5
14.1
21.4
532.4
2.5
12.1
22.2
482.3
3.2
12.9
23.3
514.7
3.7
14.1
22.7
534.3
3.7
12.2
19.7
511.6
3.8
13.5
15.8
476.4
3.4
12.0
16.8
422.9
2.7
11.7
15.7
355.8
2.5
11.3
17.0
416.0
2.8
14.8
19.8
483.2
3.2
12.3
20.1
524.2
2.7
11.7
22.2
498.6
2.8
14.0
22.0
519.0
mil. gal..
mil. Ib..
290.5
1
970.4
'978.0
297.8
'1,109.5
'1,012.9
21.0
109.4
77.6
27.2
99.0
74.8
28.1
89.8
83.6
28.2
90.7
91.6
28.5
95.9
84.2
27.8
80.0
73.4
24.7
87.4
49.8
31.3
92.7
43.2
20.6
80.5
51.0
26.4
81.3
67.5
25.3
69.5
73.5
'24.3
84.1
73.7
22.1
106.1
79.2
do . .
506.7
71.2
570.4
53.6
54.6
53.6
57.4
55.0
52.7
56.5
54.7
55.4
54.6
67.8
54.0
73.5
45.7
65.0
52.8
72.7
46.4
70.4
57.2
67.1
227.7
228.8
2.7
260.7
260.9
4.1
26.0
25.9
4.1
22.8
22.1
3.2
25.3
25.5
1.8
28.6
28.0
5.3
27.5
28.4
3.4
26.4
25.6
3.4
28.2
23.8
6.6
22.7
22.6
16.6
21.3
23.1
19.9
22.6
23.2
10.2
1
1,926.0 '1,778.6
mil Ib
'11,359.4 '12,408.4
do
'3,055.3 '3,823.9
do..
do.... '5,988.6 '6,326.9
do.... '5,878.0 '6,211.4
122.2
1,065.7
283.2
519.1
514.2
137.9
1,070.5
326.3
504.5
512.9
132.0
1,012.4
298.4
510.8
519.6
138.7
1,116.1
325.8
422.5
575.1
117.8
1,059.4
328.8
480.7
496.5
91.3
971.4
287.4
398.6
401.4
98.3
724.2
231.6
355.4
351.5
95.5
761.1
213.9
433.7
349.4
109.8
805.0
241.6
397.9
393.3
120.9
906.8
253.3
454.3
458.9
131.9
967.3
259.3
495.8
515.6
126.4
972.4
282.2
464.2
513.0
112.5
1,021.1
286.1
498.2
498.8
'2,821.1
2,987.1
781.9
6,008.1
7
7,033.0
7
3,417.7
7
2,289.7
7
448.1
196.3
161.5
90.2
r
706.1
r
314.8
r
233.5
r
545.9
222.1
202.5
121.3
Methanol, synthetic
Phthalic anhydride
ALCOHOL
Ethyl alcohol and spirits:
Stocks end of period
Denatured alcohol:
Consumption (withdrawals)
do
Stocks end of period
do
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
. .
.
Polystyrene and copolymers
Polyvinyl chloride and copolymers
.
1
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. Ib..
Paints, varnish, and lacquer, shipments:
Total shipments @
Architectural coatings
Product finishes (OEM)
Special purpose coatings
See footnotes at end of tables.
mil $
do....
do
do....
1,325.6
540.8
235.8
196.8
108.1
567.9
258.1
204.2
105.7
611.9
289.3
204.5
118.1
704.0
751.4
7569
648.0
317.2
202.5
128.3
702.4
366.1
197.5
138.8
721.6
381.7
193.1
146.8
682.9
367.3
169.5
146.0
689.3
341.0
199.7
148.6
698.2
329.5
221.7
147.0
788.6
!57.9
Jan.
S-23
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1979
Dec.
Annual
1980
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production:
Electric utilities, total
By fuels
By waterpower
mil. kw.-hr.. 2,203,891 2 247 197 188,946 200 027 188 708 187 542 168 562 175 733
do. 1 922 953 1 966 868 166 213 174 729 167 331 163 210 142 817 146 867
do
280 938 280 329 22732 25 297 21 378 24 332 25 745 28 866
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr.. 2,017,818 2 079 221 170 377 178 424 178 454 175 605 164 699 157 676
Commercial and industrial:
Small light and power §
do.... 480,749 493 494 39655 41216 41 186 40777 38745 38321
Large light and power § .
do
782 141 815 586 65629 65531 66328 67 179 66 125 65053
Railways and railroads
do...
4336
4245
349
370
370
366
353
347
Residential or domestic
do
679 156 694 266 58 741 65 146 64 587 61 451 53 831 48 483
Street and highway lighting
do
14803
14755
1362
1364
1 281 1 267 1 199
1 154
Other public authorities
do....
49,509
49481
4 169
4 108
4261
4016
3900
3767
Intsrdepartmental
..
do
7 125
7394
538
531
533
550
545
551
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 69 852 9 77 691 5 66222 7 0080 7 067 1 7 i6i g 6 821 4 6 743 8
GAS
Total utility gas, quarterly
(American Gas Association):
Customers, end of period, total
thous
Residential
Commercial
Industrial
Other
Sales to customers, total
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
Residential
Commercial
Industrial
Other
189 430 216 051 215 435 191 483 178 541
161 774 191 750 194 959 172 991 160 675
27 656 24 302 20 476 18 491 17 866
165 924 182 194 192 936 188 204 171 198 165 276
41822
64 946
46461
63715
48872
65597
47405
67583
42476
66978
40363
65657
342
53 300
348
65 866
356
72 190
349
66 866
356
55 528
351
53 194
1266
4031
564
1307
3,835
568
7 831 2
7 448 8
1495
1353
14 18
13.02
1251
1394
1 124
3857
533
1 121
4 138
545
1 163
4 185
573
1 203
4*249
550
7 400 4
8 392 0 9 029 8 8 745 4
45995
46817
46817
47577
47206
46886
do....
do
do
do
42,382
3378
189
46
43 137
3441
193
45
43,137
3441
193
45
43711
3627
183
56
43504
3464
195
43
42238
3 414
189
44
tril. Btu..
14,748
15,644
3,749
5,506
3,169
2,610
do....
do
do
do
5 107
2500
6 841
301
5077
2506
7753
309
1227
624
1 822
76
2 171
995
2 236
104
899
447
1 768
55
401
271
1 894
44
mil. $..
32 150
39380
10532
16382
9960
8289
do....
do
do....
do....
12,939
5696
13065
451
14769
6609
17495
506
3959
1875
4,554
144
7 192
3 149
5840
201
3388
1 534
4934
104
1 748
970
5482
90
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
Taxable withdrawals
Stocks end of period
1797
16 19
17 44
1793
1581
1543
18.72
1708
1472
rn,il. bbl..
do....
do
179.66
16271
1376
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage purposes
mil wine gal
Stocks end of period
. . .. mil. tax gal
Imports
mil. proof gal..
166 61
186 68
15 27
13 41
12 73
13 36
13 92
1349
1096
4 72
7 14
8 97
M46 20
66251
128.60
2449 72
64567
12365
53 60
64567
1236
32 88
644 15
630
31 79
64895
906
34 58
64808
7.79
3543
64921
8.26
34 60
649 19
9.64
3728
64927
7.88
3635
63972
9.82
34 47
63344
7.83
34 68
62589
11.35
7 85
58550
6 00
2 72
576 77
7 43
4 45
57226
5 80
198
1 51
1057
032
6 17
26.92
36405
8.99
Whisky:
18340
16743
12 73
12 18
1108
12 73
1464
1254
13 33
1472
1249
13 83
1656
1408
14 84
1636
1433
1531
Stocks end of period
Imports
do
mil proof gal
79 15
60062
101 89
101 26
581 16
95 40
6 58
581 16
9 60
6 77
578 43
4 49
7 63
58020
6 85
9 54
58001
5 62
10 30
581 99
6 20
9 48
58421
7 08
Wines and distilling materials:
Effervescent wines:
Production
Taxable withdrawals
Stocks end of period
Imports
mil wine gal
do
.
do
do
2309
21 52
826
4 31
r
2348
r
159
267
1003
0 54
162
1 21
954
0 26
1 47
1 41
856
0 31
180
1 88
336
0 35
172
1 49
1053
0 32
221
1 45
11 04
0 38
7 06
30.15
538 31
687
7 18
4 72
2652
515 72
639
5 28
31 19
477 58
677
566
2671
481 83
780
4 65
2976
434 17
926
254 36
17 33
2671
558 31
953
6 98
6 86
1 60
1 49
2 27
293
27.18
384 80
738
3 44
22 28
1003
4 53
Still wines:
Taxable withdrawals
do ...
Imports
do
Distilling materials produced at wineries
DAIRY PRODUCTS
Butter, creamery:
Production (factory) @
Stocks, cold storage, end of period
Price, wholesale, 92 score (N.Y.)
Cheese:
Production (factory) total @
American, whole milk @
do
433 96
326 21
558 31
8763
r
r
1629
1451
15 01
3824
14.66
11.84
9.55
5 10
56561
9 04
11 35
909
706
2.65
207
9.83
035
1.92
1 75
12.25
044
3.61
407
11.68
050
0.66
066
20.23
27.26
341 12
8.06
164.44
23.16
48538
9.14
201.68
38.27
64349
8.76
9.23
9.03
1.82
10.22
37.10
90.62
84.9
299.8
1.536
101.7
302.7
1.539
mil. lb..
do....
$ per lb..
994.3
206.9
1.141
984.6
177.8
1.272
84.0
177.8
1.366
103.8
191.2
1.347
99.1
203.3
1.357
101.7
214.2
1.367
111.1
234.1
1.396
116.4
275.7
1.413
93.8
289.4
1.424
85.0
300.1
1.433
77.7
306.4
1.515
77.2
304.9
1.517
89.6
300.7
1.526
. mil lb
do....
35197
2,074.2
37153
2,187.7
3087
175.4
3105
182.0
2979
176.5
341 1
194.5
332.8
203.6
359.6
230.5
329.4
354.2
223.1 . 205.9
316.7
192.7
315.0
181.5
328.1
186.0
315.0
177.2
345.2
200.7
Stocks, cold storage, end of period
do....
American, whole milk
do ...
Imports
do
Price, wholesale, American, single daisies
(Chicago)
$ oer lb..
See footnotes at end of tables.
420 24
31556
527 21
8977
244 25
162
1 85
1003
0 29
17.02
1535
14 45
r
436.4
3579
242 2
512.1
4065
248 3
512 1
4065
52 0
5160
4043
11 1
510.5
3996
67
498.1
3889
92
513.0
406.1
106
545.5
438.2
13.7
581.7
469.8
15.1
619.6
505.6
176
615.1
501.0
175
612.5
498.3
249
593.6
484.5
293
r
567.0
r
462.3
30.9
568.7
466.8
44.4
1.301
1.414
1.444
1.467
1.472
1.508
1.535
1.542
1.548
1.555
1.570
1.615
1.653
1.641
1.641
1.534
1.640
SURVEY OF CURRENT BUSINESS
S-24
1978
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Production case goods @
mil Ib
Stocks, manufacturers', case goods, end of month
or year
mil Ib
Exports .. .. .
do
Fluid milk:
Production on farms $
do
Utilization in mfd. dairy products @
do....
Price, wholesale, U.S. average
$ per 100 Ib..
Dry milk:
Production:
Dry whole milk @
mil Ib
Nonfat dry milk (human food)@
do
Stocks, manufacturers', end of period:
Dry whole milk
do....
Nonfat dry milk (human food) @ .. .. do
Exports, whole and nonfat (human food)
do....
Price, manufacturers' average selling, nonfat dry
milk (human food) @
$ per Ib..
GRAIN AND GRAIN PRODUCTS
Exports (barley corn oats rye wheat)
mil bu
Barley:
Production (crop estimate) jj
do....
Stocks (domestic) end of period . .
. do
On farms
do....
Off farms
do
Exports including malt §
do ...
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu..
No 3 straight
do
Corn:
Production (crop estimate, grain only) fl .. mil. bu..
Stocks (domestic), end of period total
do....
On farms
do
Off farms
do
Exports including meal and flour
do
Price, wholesale:
Weighted avg., selected markets, all grades
Oats:
Production (crop estimate)
fl
mil bu
Stocks (domestic) end of period total
do
On farms
do
Off farms
do
Exports, including oatmeal
do
Price, wholesale, No. 2, white (Minneapolis)
$ per bu
Rice:
Production (crop estimate)
fl
mil. bags #
California mills:
Receipts, domestic, rough
mil. Ib..
Shipments from mills, milled rice
do....
Stocks, rough and cleaned (cleaned basis), end
of period
mil. Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib..
Shipments from mills, milled rice
do....
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. Ib..
Exports
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per Ib .
Rye:
Production (crop estimate) |J
mil. bu..
Stocks (domestic), end of period
do....
Price, wholesale. No. 2 (Minneapolis)
$ per bu..
Wheat:
Production (crop estimate) total U
mil bu
Spring wheat
fl
do
Winter wheat
fl
do
Distribution, quarterly @ @
do
7879
796 1
592
598
583
620
688
639
69.1
66.9
578
562
504
515
603
703
767
767
753
739
762
886
1058
115.8
127.8
1317
1196
934
75.6
51.8
*370
42.3
3.8
29
3.6
3.7
4.0
4.4
2.8
2.1
3.1
4.2
4.0
3.6
5.0
9970 10 946 11 013 11 664 11 321 11 036 10 782 10 364 10 455 10 076
6,895
6,580
6,339
5,398
5,127
5,488
6081
6,345
5,897
5,601
12.60
12.50
12.60
13.20
13.70
12.80
12.70
12.80
14.00
12.70
10491
5,888
14.10
r
!21 461 123411 10 077
65,839
64,763
5,033
12.00
10.60
12.80
746
9204
853
9087
64
719
80
750
61
758
81
90 1
66
1120
5.7
1334
7.1
1326
7.4
122 1
4.4
40 1
4.3
926
4.3
926
4.7
855
4.6
805
6.1
833
4.4
115.4
4.8
140.4
6.3
137.4
6.5
1187
758
742
4.5
2.9
757
3.4
753
6.2
82
6.8
79
r
685
894
r
5.0
696
5.3
849
122.8
73.3
3.6
14.1
10.1
15.7
6.6
11.7
15.3
5.3
28.1
26.5
14.7
17.5
0714
0800
0841
0839
0.839
0841
0873
0.887
0.888
0.889
0.892
0.897
0922
0936
0.939
33112
36403
3483
2785
2812
3100
3210
2663
2987
3276
3632
3505
3681
3664
2
454.8
r
3912
r
2
382.8
r
3656
r
1
1
246.4
1192
345
r
3656
r
r
39
41
67
797
47
51
2.67
261
2.77
263
269
262
2.62
262
2.54
258
2.67
263
2.76
2.69
2.90
295
r2
7,267.9 r2r7,938.8
r
6 319 1 r6,886.2
r
4 637 7
1 681 5
r
6,886.2
r
5 041 7 5 041 7
1 844 5 1 844 5
19752
23335
2236
189 9
239
2 42
2 60
2 67
2
5817
r
5463
r
2
5266
r
93
56
68
(10)
(10)
857.3
3 441 0
1 416 3
1846
2048
2 56
2 58
r3
3 670.4
r3
2 577 8
r3
r5
l,617.5
r5
920 9
5
2133
l 0926
1703
1920
2 64
2 88
275
197 1
6966
2026
2062
2409
6,647.5
5,853.3
4 140 1
17132
2386
2450
(10)
9
465 8
806
152
r
4768
r
400 8
760
08
03
137
157
161
152
7
37
248.0
1473
67
9
r
4
r
4768
'400 8
760
48
2
r4
236 4
r4
198
3
4
r
3396
r
r
484 1
r
3948
r
01
284 3
553
01
05
04
12
151
147
152
164
165
893
10
38 1
1.0
13
457.6
390.9
3292
61.8
0.9
17
0.5
342
(10)
9
2
1332
358.5
3026
184.5
1181
91
r
3953
r
r4
192 1
r4
112.4
r4
262 3
166.0
963
32
2.30
229
3829
9
246.4
1192
45
2770
1142
31 3
145.1
1319
1675
989
2721
1,800
292
208
364
348
248
146
247
228
243
192
254
176
320
256
288
285
237
258
476
113
195
368
304
249
249
175
214
173
169
156
166
100
162
49
255
301
231
8,824
6,130
9,247
6,019
634
434
479
510
1,032
621
620
619
289
490
166
445
155
611
218
412
829
498
2,439
568
2,170
687
1,077
583
1,358
761
2,488
4972
2503
4978
2503
2317
1859
1552
1082
866
912
1938
584
518
585
540
644
419
577
2664
409
2813
584
2346
557
2 138
546
474
2969
730
0 177
0 173
0 195
0 200
0220
0 235
0240
0 240
0220
0 210
0205
0.205
0210
0245
0265
2
24
r
2
17.7
2.50
2.47
2.36
15.0
2.38
22.4
17.7
2.51
1
!5.2
2.64
2
1776
2
553
2
1222
r
2144
l,630.8
r
814 4
816 4
do....
do
do
r
Exports, total, including flour
Wheat only
do....
do
1 2894
12435
62
102 1
1095
10.6
Stocks (domestic), end of period, total
On farms
Off farms
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu
No. 2 hd. and dk. hd. winter (Kans. City) .. do....
Weighted avg., selected markets, all grades
$ per bu..
See footnotes at end of tables.
10 307
5606
12.80
r
2
22134
533
2
1601
r
3.33
3.73
r4
2.18
12.2
2.44
18.4
....._.....
163
9.2
2.73
9
2370
9
478
1891
570
9
432
4.59
4.43
r8
r
r
2051
555
l,716.2
1,716.2
r
r
7739
7739
r
942 2 r942 2
1,265.1
1195
12225
114 9
408
4.03
339
238
9
850
827
492
1,225.1
r
5696
655 5
92.5
101.1
947
895
425
437
422
442
r
324
3.24
132
4.43
4.51
420
4.19
4.33
r8
324
r4
902.0
r4
376 5
r4
100.3
983
525 5
90.7
886
99.9
962
4 13
3.94
4 48
413
454
4 12
(10)
4.68
(10)
4.40
4.63
800
2,471.9
r
9753
1 496 6
118.6
1393
1446
1162
1360
1396
r
1257
1236
(10)
113.4
1122
1,902.0
754 1
1 147 9
133.4
1319
10739
14.10
S-25
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1978
1979
Annual
1980
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
1981
Aug.
July
Oct.
Nov.
26r285
453
58 392
22742
393
50371
Sept.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS—Continued
Wheat flour:
Production:
Flour $ .
thous sacks (100 Ib.)
Offal $
thous. sh. tons..
Grindings of wheat 4thous bu
Stocks held by mills, end of period
thous. sacks (100 Ib.)..
Exports
do....
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 Ib.
Winter hard 95% patent (Kans City)
do
r
277 950
4,860
621 321
284 051
4,945
636 375
22744
398
50643
24553
429
54955
22624
394
50352
22 165
384
49 104
21231
368
47 170
22814
390
49836
21356
377
47786
23 137
410
51760
24025
424
52980
24 813
430
54 762
3,214
'19,711
3,975
18,291
3,975
1,971
1,018
1300
3,323
2713
867
918
4,268
1606
894
2,137
3,716
1396
1034
522
8012
7467
9508
9268
10438
10463
10088
10000
10413
10263
10 113
9813
9688
9488
10375
10013
10338
9 838
11025
10 000
10963
10 113
10975
10475
11 113
10600
11 138
10675
12,554
13820
1026
1047
1,081
1 183
1226
1206
1211
1,170
1,215
1,319
1070
1 150
280
175
387
240
387
240
387
247
363
224
360
209
375
211
403
237
463
289
495
326
548
384
557
399
577
418
r
402
r
257
341
200
0.260
0.250
0.280
0.255
0.240
0.215
0.225
0.235
0.300
0.305
0.325
0.315
0.290
0.295
15.9
r
609
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. Ib..
Stocks, cold storage (frozen), end of period, total
mil. Ib..
Turkeys
.. do ...
Price, in Georgia producing area, live broilers
$ per Ib..
Eggs:
Production on farms @
mil. cases §..
Stocks, cold storage, end of period:
Shell . . . .
thous. cases §..
Frozen
mil Ib
Price, wholesale, large (delivered; Chicago)
$ per doz
0.260
186.5
r
1 170
r
16.5
!59
161
15.5
15.9
16.0
23
23
29
26
47
27
50
29
38
29
29
31
39
30
15
29
0563
0606
0568
0508
'0546
0632
0659
0688
212
2739
187
2486
202
2403
185
2539
161
2616
154
2533
186
2667
182
2684
68.72
77.55
7000
66.32
76.52
7000
67.44
78.35
7088
66.88
72.67
7388
63.07
66.89
7360
64.58
65.52
7188
66.29
68.83
7200
70.47
69.48
7300
!92.3
16.8
168
155
165
38
25
38
23
38
23
47
22
24
24
0603
0662
0724
0599
thous. animals.. do ...
3,620
36948
2,499
31504
192
2470
Prices, wholesale:
Beef steers (Omaha)
$ per 100 Ib..
Steers, stocker and feeder (Kansas City) .... do....
Calves vealers (So St Paul)
do
52.34
56.16
6924
r
!6.1
168
18
25
34
25
0643
0.757
0773
198
2739
228
3003
185
2,507
214
2725
72.31
71.92
79 12
69.68
71.53
8500
67.18
71.64
8340
65.05
70.23
7647
64.29
70.04
77 17
r
0.285
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
Cattle
Hogs:
Slaughter (federally inspected)
thous. animalsPrices:
Wholesale, average, all weights (Sioux City)
$ per 100 Ib..
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib live hog)
r
67.75
77.60
91 41
r
r
74,139
85,425
7,234
8,036
7,276
7,854
8,454
8,165
7,279
6,910
6,745
7,600
8,404
7,361
7,788
48.67
42.13
38.30
37.58
37.61
33.97
29.08
29.35
34.97
41.78
48.49
47.42
48.36
46.44
45.07
224
183
158
148
154
139
119
118
133
15 1
158
153
15.8
147
Sheep and lambs:
Slaughter (federally inspected)
thous animals
Price, wholesale, lambs, average (Omaha)
$ per 100 Ib..
!3.8
4833
389
448
419
470
466
454
400
420
427
466
510
415
468
r
66.58
67.75
66.00
63.00
61.38
59.50
62.75
64.00
67.50
68.25
65.75
62.00
55.67
53.75
5 169
63.49
r
63.08
68.56
7738
41.67
12.3
46.50
MEATS
Total meats (excluding lard):
Production, total
do
38,119
724
"1338
2072
37,225
706
1378
2178
3,074
706
155
193
3,393
735
101
196
3,048
716
108
152
3,100
697
144
166
3,310
714
132
134
3,314
707
139
173
3,090
642
164
154
3,065
579
145
208
3,020
514
129
170
3,221
505
136
133
3,577
582
165
207
3,100
681
144
167
3,346
744
154
191
do ...
do....
do....
do
24610
414
'388
1635
21671
361
366
1712
1725
361
34
154
1917
380
29
156
1735
369
37
111
1683
346
42
121
1769
305
37
93
1814
285
31
133
1,756
264
36
111
1812
250
38
158
1,806
235
40
125
1,860
226
35
95
2,063
250
39
162
1,736
r
287
27
122
1,891
332
33
143
Price, wholesale, beef, fresh, steer carcasses,
choice (600-700 Ibs.) (East Coast) # .... $ per Ib..
0.839
1.011
1.055
1.023
1.037
1.032
0.994
1.020
1.052
1.101
1.120
1.080
1.055
1.014
1.006
300
12
284
11
23
11
27
10
25
9
28
8
28
8
27
9
22
10
23
10
23
9
26
8
29
8
25
10
28
9
13209
242
1
15270
281
330
361
1326
281
34
33
1449
284
22
32
1287
271
21
34
1388
291
26
37
1 514
344
32
35
1473
358
30
31
1313
314
32
35
1231
264
28
44
1,191
217
19
39
1,335
217
18
31
1,485
268
28
40
1,339
r
322
29
37
1,426
350
28
39
0900
1.092
3
0806
1.076
0927
0.986
0683
0.973
0673
0.951
0712
0.916
0.870
0.866
0.970
0.747
1.032
0.851
1.116
0.877
1.114
0.913
1.136
0.938
1.100
0.921
1.094
1.156
4
2097
2.500
1652
"1.604
80
1.550
11 1
1.638
92
1.735
80
1.570
195
1.470
154
1.350
120
1.253
169
1.345
9.6
1.200
8.2
1.220
9.6
1.190
9.4
1.200
19.9
1.080
1.090
2347
16299
2521
17005
2 521
4266
do....
.. do....
$ per Ib..
mil. $..
18,133
2,679
5
1.484
3,847
19,396
1,890
1.763
4347
1,893
72
2.120
382
2,020
309
1.890
414
1,366
274
2.130
469
1,421
44
2.050
415
1,642
314
2.080
340
1,566
277
2.180
325
1,663
287
2.110
318
1,533
419
1.950
293
1,386
336
2.060
396
1,062
208
2.060
578
1,292
346
2.100
r
581
mil. Ib..
421
471
471
445
399
370
355
345
347
359
380
379
391
mil. Ib..
Exports (meat and meat preparations)
Beef and veal:
Production total
Stocks, cold storage, end of period
Exports..
Imports
Lamb and mutton:
Production total
.
mil. Ib..
Stocks cold storage end of period
do
Pork (excluding lard):
Production total
mil Ib
Stocks cold storage end of period
do....
Exports
• do .
Imports
do
Prices, wholesale:
Hams smoked composite
$ per Ib.
Fresh loins, 8-14 Ib. average (New York).... do....
34Q
347
r2
0.998
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per Ib..
Coffee (green):
Inventories (roasters', importers', dealers'),
Roastings (green weight)
Imports total
From Brazil
Price, wholesale, Santos, No. 4 (N.Y.)
Confectionery manufacturers' sales
Fish:
Stocks, cold storage, end of period
See footnotes at end of tables.
do
r
2956
r
2907
4023
2918
4?297
2,814
4,865
3,859
1,486
r
352
2.100
r
508
r
400
1,715
341
2.080
488
"399
SURVEY OF CURRENT BUSINESS
S-26
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
1978
1980
1979
Dec.
Annual
February 1981
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Cont.
MISCELLANEOUS FOOD PRODUCTS— Cont.
Sugar (United States):
Deliveries and supply (raw basis): §
Production and receipts:
Production
thous. sh. tons-
4,574
4,731
888
636
467
229
116
176
158
70
60
96
592
10900
10849
3,621
10788
10
714
r
3,503
841
837
r
3,503
817
782
3,606
874
829
3,563
869
843
3,384
810
765
3,071
965
936
2,841
933
875
2,510
968
907
2,204
975
900
1,866
955
905
1,548
899
808
1,679
'14 138
14924
3957
16668
32009
38,616
21008
35,730
64,641
45,114
87,919
40,495
81,229
4,810
231
213
367
392
302
304
398
397
349
314
310
510
272
0.164
0.228
0.180
0.261
0.189
0.250
0.272
0.364
0.200
0.295
0.232
0.315
0.324
0.452
0.277
0.393
0.351
0.442
0.372
0.413
0.427
0.560
0.409
0.550
0.291
0.403
151 751
174 690
15578
18749
17562
17,456
18501
0.331
0.422
15,871
16,460
14,099
11,883
11,870
14,271
12,126
15,936
mil lb
do....
40446
106.7
4 206.4
131.9
3377
131.9
3759
136.0
350.2
148.3
362.8
158.1
328.3
146.0
325.1
135.6
314.5
125.6
329.8
111.7
348.1
114.5
347.0
125.5
379.6
102.8
T
348.9
'111.9
367.5
132.5
Salad or cooking oils:
Production
Stocks end of period @ . .
do...
do
4,842.3
1230
5,075.6
141.2
417.1
1412
431.7
1188
417.6
1456
450.1
144.9
421.8
146.1
448.7
160.7
433.0
148.3
409.6
135.6
481.1
157.9
452.8
137.5
414.5
131.8
r
394.4
142.7
411.1
127.8
Margarine:
Production
Stocks end of period @
do....
do
2,519.5
695
2,553.2
80.5
241.5
80.5
235.8
716
228.7
80.0
231.6
73.2
184.5
69.5
200.5
62.5
214.6
74.7
192.1
78.3
186.9
60.7
213.2
66.1
221.9
80.0
'218.4
'71.4
262.4
74.2
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb..
0.529
0.549
0.565
0.565
0.565
0.565
0.599
0.599
0.599
0.599
0.637
0.637
0.624
0.624
0.624
835.0
8478
55.1
904.8
7657
56.6
72.4
535
56.6
73.8
610
62.8
70.2
652
59.2
82.9
65.3
52.9
84.6
577
50.0
89.9
53.8
57.2
89.8
54.7
61.7
88.3
59.0
53.8
87.8
51.1
52.2
91.9
61.7
46.0
99.6
65.4
47.0
'87.8
'57.3
'50.8
96.1
62.4
55.9
5,815.9
32195
3466
5,836.3
3 1176
390.4
492.7
2210
3904
531.5
2568
4202
480.6
244 4
4404
501.0
2675
399.3
504.7
2474
343.0
489.2
2644
417.1
459.7
2406
427.5
470.5
233.0
455.7
431.9
2353
402.8
455.6
2457
430.5
512.2
268.6
439.5
'449.3
'236 1
'412.1
496.8
2369
406.6
768 3
9142
5956
748.4
403
485
527
559
395
499
539
59.5
475
55.8
583
58.1
476
56.3
464
56.2
524
51.0
572
62.5
716
66.9
'630
'63.1
615
56.2
444
10225
40.1
9798
40.1
757
51.3
75 1
40.6
501
46.4
427
38.4
1028
37.7
393
41.9
628
32.7
587
47.6
67.7
35.0
56.5
36.5
126.7
'36.6
90.9
52.8
1160
do
do..
7200
581 1
7435
589.4
630
46.9
623
55.4
600
49.8
707
46.5
643
46.4
683
46.6
65 1
52.9
662
45.2
69.9
51.2
762
56.3
806
63.9
680
64.3
597
59.7
do
do....
5379
70.3
5550
65.2
470
65.2
514
66.9
463
66.1
498
72.1
43 1
64.0
465
65.4
496
60.0
445
71.6
447
62.2
528
65.8
528
72.1
'523
'79.3
614
74.7
do
do. .
14177
12073
12605
1 140.8
1199
103.0
1428
119.1
1257
1027
145 1
118.7
1198
107.5
1255
112.8
1168
103.4
1042
103.5
104.9
96.2
93.1
94.8
116.4
94.1
130.5
'119.8
121.6
125.0
Deliveries total
do
Stocks raw and ref., end of period
do....
Exports raw and refined
Imports raw and refined. ...
sh tons
4177
thous. sh tons.
Prices, wholesale (New York):
Raw
Refined (excl. excise tax)
0.143
0.204
$ per lb..
do....
Tea imports
thous lb
4
2
928
744
701
2,345
r
"2,871
20,650 123,950
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
. ..
Stocks end of period @
Animal and fish fats:
Tallow, edible:
Production (quantities rendered)
Consumption in end products
Stocks end of period fl . .
mil lb
do
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
Consumption in end products
Stocks end of period 1f
do....
do
do
Vegetable oils and related products:
Coconut oil:
Production refined
Consumption in end products
mil lb
do
Stocks, refined, end of period fl .
Imports
do
do
Corn oil:
Production' Crude
Production* Refined
Consumption in end products
Stocks, crude and ref, end of period
fl
Cottonseed oil:
Production' Crude
Production: Refined
Consumption in end products
Stocks, crude and ref, end of period
ff
do
do....
6973
127.1
6182
144.3
51 1
144.3
556
173.2
564
198.9
566
212.8
586
188.7
682
165.8
65 1
167.1
579
144.6
655
138.6
556
121.9
575
122.6
'518
'152.9
500
162.2
Exports (crude and refined)
Price, wholesale (N.Y.)
do....
$ per lb..
728.8
0.332
633.0
0369
27.0
0.285
34.8
0255
28.1
0275
110.5
0243
71.0
0215
105.0
0210
31.4
0223
70.3
0263
77.6
0.273
89.3
0.263
53.7
0.248
66.6
0.330
47.1
0.338
1098 1
9937
7677
687 1
762.9
6716
1 1759 1,183 7
325.4
269.6
0.274
0254
10098
7128
901.6
6990
9278
7203
913.8
7607
1,080.2
784 1
1,077.6
'7605
1,024 3
7638
683.7
693.6
1 1448 12259
327.3
194.6
0.262
0.256
671.2
13050
109.7
0.319
754.5
1,263 0
175.7
0.318
890.1
7645
737.1
1,210 2
Soybean oil:
Production* Crude
Production* Refined
mil lb
do
Consumption in end products
Stocks, crude and ref., end of period 1J
Exports (crude and refined)
Price, wholesale (refined; N.Y.)
TOBACCO
Leaf:
Production (crop estimate)
Stocks, dealers' and manufacturers',
end of period
Exports incl scrap and stems
Imports, incl. scrap and stems
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable ..
Exoorts. cigarettes
See footnotes at end of tables.
do....
do
do....
$ per lb..
mil lb .
.
10 621 4
86184
8 175.2
9706
1
11 504 1 1 102.0
9 110 1 7603
1,944.5
0.309
r3
5071
687 772
335,981
millions
do....
do
do....
85 135
614,208
3621
74.359
730 1
10301
2,370.6
0327
261.9
0.316
173.4
0.282
250.0
0.289
171.2
0.320
737.6
719.1
'682.6
1,373 9 '1 677 3 17379
112.5
84.7
120.5
0.286
0.302
0.309
5
3
2,025
mil lb
thous lb
do....
8 656.4
1030 1
1 1153 10649
8019
7605
7507
7194
1 1552 12045
1,772
1527
4883
561 756
377,203
4883
81549
23,979
27970
29,332
93 150
6 13,830
3356
79.717
7593
40,044
239
7.432
9239
54,126
256
6.262
r
52521
34,263
4616
80058
38,677
54 619
36,353
9610
48,092
244
6.236
9650
49,534
285
10.928
6729
52830
237
6.485
53231
26,995
4284
42998
40,909
40877
25,681
6 161
50,496
281
5.409
6644
53,689
325
6.690
6 193
49,612
228
4.860
25780
25,073
4,548
32323
27,144
47610
32,793
64420
26,059
66563
22,342
6809
52,145
275
2.548
8554
54,839
335
7.770
9630
62,133
r
335
8.171
6833
49,248
251
6.116
6.781
0.303
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
1981
1980
1979
Dec.
S-27
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value total #
Calf and kid skins
Cattle hides
991 707
2321
23731
71798
157
1603
60782
159
1308
75 134
205
1705
78 195
337
1737
58999
181
1671
61787
147
1914
49921
122
1650
45904
260
1509
52 134
281
1703
48820
325
1510
53048
138
1608
50461
137
1542
58493
202
1711
105 600
17807
1762
138 800
15529
2444
8000
624
309
9300
779
144
7 100
641
217
8900
1074
52
9800
1378
6
9 100
1466
15
7500
1,027
1
6200
640
30
6400
666
o
5 100
286
29
6500
492
8
5400
330
6
248
10
1.346
0.472
1.687
0.731
1.100
0.571
1.500
0.591
1.344
0.487
1.150
0.394
0.860
0.381
0.860
0.338
0.860
0.382
1.100
0.439
1.100
0.533
1.100
0.430
1.100
0.491
1.100
0.543
1.100
0.501
*208 799
187 665
15433
15769
16873
18710
13024
12652
15483
15481
15215
15818
19,051
20,880
13,641
235.2
3296
2912
3272
3149
2847
2704
2632
263.9
282.6
3128
2553
268.9
283.2
418,948
398 480
28690
35509
33705
34440
33517
34832
33 137
27932
31474
33335
r
36 976
30285
29446
314,695
79353
20,852
2669
305 172
72779
20,529
3651
22492
4658
1540
267
26 197
5847
1661
293
26 181
6488
1771
349
25777
5828
1912
414
25949
6533
2350
373
24661
6 183
2,293
337
21 378
4733
1,821
309
23858
5363
2,253
309
25 188
5862
2,285
375
r
28,239
r
6421
r
2,316
r
381
23,030
5 105
2,150
375
23,310
4045
2,091
372
6179
7581
879
27297
6245
1967
259
689
862
770
780
742
730
704
893
875
952
908
877
2169
181.5
2346
179.9
2395
179.9
240 7
179.9
243 1
189.3
247 9
189.3
2479
189.3
189.3
189.3
189.3
thous $ '694 617
thous skins..
2,665
thous hides
24792
Imports:
Value total #
Sheep and lamb skins
Goat and kid skins
thous $
thous pieces
do
Price, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9 1/2-15 Ib
Hides, steer, heavy, native, over 53 lb
$ per lb..
do....
LEATHER
Exports:
Upper and lining leather
Price, wholesale, f.o.b. tannery:
Sole bends light
thous sq ft
3
index, 1967-100
LEATHER MANUFACTURES
Footwear:
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
4
2113
Women's oxfords, elk side upper, Goodyear
welt
. . . index 1967 — 100
Women's pumps, low-medium quality
do....
1853
157.5
8
4
LUMBER AND PRODUCTS
LUMBER—ALL TYPES #
National Forest Products Association:
Production total
Hardwoods
Softwoods
mil bd ft
do .
do
Shipments total
Hardwoods
Softwoods
do
do
do
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
••
Exports total sawmill products
Imports total sawmill products
do....
do
do
do
do
2
37 657
6758
30899
2
2631
612
2019
2798
628
2170
2855
592
2263
2 879
588
2291
2257
600
1657
2 307
568
1 739
2486
543
1943
2 479
494
1985
2783
570
2213
2818
527
2291
2903
549
2354
2480
550
1930
2
37 712
6735
30977
2
2589
552
2037
2707
567
2 140
2791
553
2 238
2538
543
1 995
2343
562
1 781
2512
500
2 012
2530
469
2 061
2454
419
2 035
2716
504
2212
2,708
494
2214
2851
511
2 340
2494
542
1 952
5210
1 167
4 043
5,301
1228
4 073
5,374
1276
4 098
5721
1327
4 394
5,769
1371
4398
5,568
1443
4 125
5,534
1527
4007
5,570
1613
3957
5,659
1701
3958
5,776
1,741
4035
5,832
1783
4 049
5,826
1799
4027
4,795
796
3999
37 061
7317
29744
36 514
6942
29 572
5,342
1 171
4 171
1300
12199
1447
11 513
113
771
120
727
116
923
180
896
178
655
170
730
153
830
119
876
134
804
118
863
123
867
117
892
127
799
8894
553
8388
529
647
529
753
664
589
558
575
542
539
565
563
508
614
515
559
563
581
522
682
557
670
566
572
568
479
499
710
695
966
683
591
1,058
449
516
991
525
620
896
592
607
881
540
511
910
614
622
902
685
647
940
638
661
917
558
570
905
520
548
877
34
8
26
53
14
39
58
14
44
66
13
53
49
10
39
42
6
36
42
13
29
35
7
28
40
11
30
40
5
35
37
8
29
23696
222 70
184 83
18556
23701
23897
248 37
232 98
224 31
21486
217.12
571
512
493
545
552
503
580
512
558
470
553
561
566
571
614
600
678
492
626
620
509
473
519
528
1 304 1 273 1 221 1 213 1 208 1 222 1 251 1257
41,269 23,153 17,882 29,384 22,228 24,274 19,376 20,072
16,731
20,878
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....
8,845
8906
903
8427
8412
918
627
617
918
Sawed timber
Boards, planks, scantlings, etc
do ..
do....
478
119
359
520
156
363
36
8
28
651
618
951
44
8
35
253 39
277 24
24976
237 36
zg 229
505
27 950
523
571
523
668
597
544
536
2
8267
2
2
7938
2
522
511
633
594
599
605
Price, wholesale:
Dimension, construction, dried, 2" x 4", R.L.
$ per M bd ft
Southern pine:
Orders unfilled end of period
do
Production
•
do
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
8 264
1 169
7932
1 175
1 175
1 214
1 208
509
501
640
544
441
486
425
456
510
434
575
546
1248
thous. bd. ft..
152,121
209,793
28,052
21,203
23,793
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..
329.9
366.2
372.9
370.1
371.7
368.3
334.4
331.0
329.6
333.0
331.6
324.3
316.1
316.1
320.0
276.9
301.4
320.4
320.4
323.6
326.9
319.3
319.3
319.3
323.6
325.8
325.8
330.2
330.2
330.2
Exports, total sawmill products
See footnotes at end of tables.
Jan.
S-28
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
February 1981
1979
Annual
1980
Feb.
Jan.
Dec.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
LUMBER AND PRODUCTS—Continued
SOFTWOODS— Continued
Western pine:
Orders new
Orders unfilled end of period
mil bd ft.
do
9946
469
9630
403
685
403
754
513
586
442
546
364
572
367
595
365
627
369
726
415
692
387
801
436
783
442
597
414
489
327
Production
Shipments
do
do....
10033
10,067
9780
9,696
639
663
608
644
670
657
696
624
563
569
496
597
552
623
620
680
707
720
753
752
785
111
615
625
568
576
Stocks (gross) mill end of period
do
1295
1379
1379
1356
1428
1422
1321
1250
1 190
1 177
1 178
1 186
1 176
1 168
258.44
317.26
240.42
29136
314.97
242.34
215.48
252.06
310.05
327.35
304.06
293.25
306.22
340.83
mil bd ft
do....
108 6
9.2
93 4
7.0
44
7.0
(3)
4.9
4.1
3.7
3.5
3.5
3.7
3.7
4.0
2.9
2.0
1.5
1.9
do
do
do....
104.7
1063
2.7
998
967
5.4
70
49
5.4
(3)
82
6.6
66
7.6
58
8.9
53
10.5
55
10.0
66
11.1
73
9.6
70
9.4
64
9.8
72
9.4
61
10.0
58
12.4
Price, wholesale, Ponderosa, boards, No. 3,
1" x 12" R.L (6' and over)
$ per M bd. ft..
2
1 343
25262
HARDWOOD FLOORING
Oak:
Orders new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of oeriod
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
Scrap
Pig iron
296
992
1
276
1,163
1
321
829
2
338
1,207
19
418
1,070
36
398
870
1
449
821
4
401
822
1
366
967
2
316
525
3
324
763
()
1265
51
6
1667
70
30
1 120
70
35
1250
49
56
1615
40
22
1203
38
23
1079
26
42
1374
26
26
1064
54
12
1 142
40
32
1 179
35
43
1534
58
72
3 700
3393
7 121
8692
3 998
3633
7 968
8398
3870
3622
7763
8 112
4202
3972
8393
7819
4050
3902
7893
7866
4006
3543
7491
8967
2868
2820
5803
7839
2583
2324
5009
7684
2856
2574
5520
7653
3247
3066
6328
7691
3672
3750
7362
7783
98.07
101 50
93.40
96 50
97.42
101 00
104.24
108 50
104.58
107 50
98.96
10350
83.11
87 00
71.21
6950
73.77
7350
83.61
8850
92.38
99 00
96.65
10450
98.21
10550
101.86
10600
81 583
83207
29924
85 123
86'633
32698
7 380
6611
3 119
6 867
2279
1856
6382
1784
1 167
6677
2 100
1087
6054
6631
2 138
6848
9328
2714
6 415
7*999
2638
5326
7021
2712
4736
6052
2029
4368
6211
2062
5024
6*638
2499
4686
6587
2348
1809
114 227
116 304
3762
115 892
115014
4455
8 571
8507
748
3 526
8631
149
2628
8325
2
2976
9331
237
7569
8891
644
10894
7975
653
9956
5768
551
9467
5456
284
7671
5644
650
8054
5953
484
8498
7*203
552
8323
7895
309
563
do
do
do..
do
55339
12 469
39301
3569
55753
11 368
38969
5 416
55753
11 368
38969
5 416
53719
15 945
33875
3 899
51 750
20555
28 109
3086
49013
25 132
21645
2236
50676
24355
23 100
3221
53522
22771
27242
3509
56784
21073
31 176
4535
57545
19757
32953
4835
57999
17914
35009
5076
57653
16289
36131
5233
56,621
14374
36,499
5748
do..
842
850
76
109
56
54
49601
26833
20*237
2531
66
97
68
54
67
60
38
57
69
87,679
88,384
889
86,709
87,339
881
7,115
7038
880
6,677
6717
882
5,906
5926
889
4,664
4697
900
4,596
5,621
6,132
6,489
203.00
203.00
203.00
203.00
203.00
4,222
4270
870
203.00
4,360
4383
867
203.00
6,583
6638
841
203.00
6,357
6407
815
196.00
6,372
6,383
881
202.50
203.00
203.00
203.00
203.00
961
15579
7910
842
14 573
7 520
842
852
418
745
860
457
705
788
446
719
686
412
737
787
467
771
896
498
66
817
447
57
724
398
57
39
22
47
51
26
47
52
28
47
52
26
40
49
25
36
42
24
37
38
21
33
30
15
34
35
20
38
38
19
1137031
868
136 013
874
780
10 701
82 7
10332
853
11 439
884
10658
830
9 226
696
7 501
584
6 796
53 1
7 019
54 8
800
1854
1.640
1,026
2023
1.767
1,026
159
136
1,080
182
155
1005
180
151
955
187
157
865
169
147
790
173
148
691
152
133
673
115
109
645
120
105
2,422
9038
51
2,818
11094
105
289
889
1
do
do .
do
21 135
'794
655
17518
760
476
1542
61
33
thous sh tons
do
do
do.
152 082
'46*068
99 224
8277
52 137
50048
98920
8692
73.84
7829
Iron ore (operations in all U.S. districts):
Mine production
thous Ig tons
Shipments from mines
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants ... . d o
Exports
do
thous. sh. tons..
do.. .
do
Imports:
Steel mill products
Scrap .
Pig iron
198
1 139
2
4
Iron and Steel Scrap
Production
Receipts net
Consumption
Stocks, end of period
Prices, steel scrap, No. 1 heavy melting:
Composite
$ per Ig. ton..
Pittsburgh district
do
r
Ore
Stocks total end of period
At mines
At furnace yards
At U S docks
Manganese (mn content), general imports
Pig Iron and Iron Products
Pig iron:
Production (including production of ferroalloys)
thous. sh. tonsConsumption
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 tons .
Shipments, total
do
For sale
do
Steel, Raw and Semifinished
Steel (raw):
Production
.. .
thous sh tons
Rate of capability utilization..
percent
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do. .
For sale, total
do....
See footnotes at end of tables.
844
1 033
541
856
973
500
858
1 064
549
821
1 015
537
r
r
803
lr 064
571
r
825
888
476
43
46
23
21
40
21
7 767
627
9 442
722
10 057
795
602
142
122
574
141
122
10 180
77 8
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1979
Dec.
Annual
S-29
1981
1980
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons..
By product:
Semifinished products
do....
Structural shapes (heavy), steel piling
do....
Plates
do....
Rails and accessories
do
'97,935
100,262
6,743
7,952
7,690
8,711
7,296
6,440
5,848
5,354
5,745
6,682
7,458
7,038
'5,070
I
5,496
5,596
9,035
2,026
393
448
646
178
404
504
729
182
503
485
743
177
563
488
848
185
442
437
721
191
431
443
639
173
343
355
592
151
351
355
595
98
386
942
587
112
379
447
652
138
496
489
702
124
488
432
627
125
4#6i
's.eoi
1
1,703
Bars and tool steel total ....
Bars: Hot rolled (incl. light shapes)
Bars* Reinforcing
Bars' Cold finished
do
do....
do
do
1
16,915
1
10,045
'4,704
2,084
17,601
9,958
5,303
2,245
1,160
581
435
137
1,415
764
461
183
1,308
681
460
159
1,334
709
457
159
1,191
645
387
152
1,053
555
357
134
982
500
359
117
832
386
347
94
889
433
350
101
1,011
517
371
117
1,132
583
415
126
1,036
571
340
120
Pipe and tubing
Wire and wire products
Tin mill products
Sheets and strip (incl. electrical), total
Sheets' Hot rolled
Sheets' Cold rolled
do
do....
do
do....
do
do....
8,399
2,510
6,100
43,609
15,447
17,821
8,242
2,449
6,310
43,507
15,995
17,284
677
145
443
2,653
1,068
1,010
722
180
573
3,242
1,154
1,290
747
170
520
3,036
1,085
1,216
871
191
685
3,547
1,338
1,394
756
167
466
2,925
1,078
1,165
779
135
464
2,323
793
945
755
129
411
2,139
775
827
672
118
416
1,915
681
740
689
124
435
2,168
754
848
739
136
426
2,756
988
1,104
789
146
432
3,149
1,083
1,282
767
129
425
3,010
1,111
1,179
By market (quarterly):
Service centers and distributors
Construction incl maintenance
Contractors' products
Automotive
Rail transportation
Machinery industrial equip tools
Containers, packaging, ship, materials
Other
do....
do
do....
do
. do..
do
do....
do
17,333
'9,612
3,480
21,253
3,549
5,992
6,595
30,121
18,263
10,058
4,021
18,624
4,127
6,027
6,770
1
32,372
3,955
2,442
930
3,454
1,052
1,289
1,504
7,857
37.2
36.7
36.7
36.2
35.1
35.3
35.2
35.8
34.8
33.5
33.0
31.2
29.7
30.0
11.7
8.0
11.5
7.6
11.5
7.6
11.4
7.5
11.1
7.4
11.3
7.3
11.5
7.6
12.1
7.4
12.1
7.2
11.9
6.9
11.4
6.8
10.3
6.6
9.6
6.7
9.6
6.9
Steel mill shapes and forms, inventories, end of
period—total for the specified sectors:
mil. sh. tonsProducing mills, inventory, end of period:
Steel in process
.
mil sh tons
Finished steel
do...
Service centers (warehouses), inventory, end of
period
mil sh. tons.
Consumers (manufacturers only):
Inventory end of period
. . . . do..
Receipts during period
do....
Consumption during period
do....
3,592
2,075
752
2,580
855
1,170
1,279
7,281
4429
2,426
974
3,662
1,037
1,518
1761
8,544
3,432
2,006
727
2,440
582
882
1,192
6,518
r
2
1,530
2
787
2
316
2
1,224
2
225
2
345
2
422
2
2,610
2
1,459
2
686
2
287
1,175
2
216
2
327
2
396
2
4,548
2
9.6
7.0
7.1
7.4
7.4
7.3
7.1
7.2
6.8
7.4
7.3
7.0
7.5
'7.4
6.9
7.1
10.4
81.6
80.9
10.2
80.1
80.3
10.2
5.4
5.5
10.0
5.8
6.0
9.5
5.5
6.0
9.5
6.3
6.3
9.3
5.7
5.9
8.9
5.1
5.5
8.2
4.5
5.2
7.7
4.1
4.6
7.3
4.4
4.8
6.9
5.1
5.5
6.5
5.9
6.3
6.4
5.2
5.3
6.6
5.4
5.2
4,804
1,407
5,023
1,476
435
115
431
114
406
111
434
115
421
113
438
111
425
106
427
102
426
113
419
124
437
128
do....
do
756.9
207.1
571.0
187.6
62.6
9.0
61.8
8.6
45.3
7.7
47.8
6.9
45.4
5.6
42.1
6.0
51.7
6.8
40.3
4.4
40.7
4.4
43.0
3.7
41.4
7.2
29.9
4.8
78.3
5.2
do
do
126.6
197.0
200.7
256.8
33.6
23.2
39.6
12.4
37.7
31.9
52.8
20.9
52.3
23.2
52.3
24.9
61.3
27.5
51.3
24.6
97.6
42.5
98.9
24.5
70.1
34.1
55.0
24.2
46.1
24.6
0.5308
0.5940
0.6600
0.6600
0.6600
0.6600
0.6800
0.6800
0.6800
0.6800
0.6800
0.6933
0.7546
0.7600
0.7600
mil lb
do...
do
do...
14,018
11,346
6,409
2,005
14,537
11,241
6,318
1,994
1,152
810
457
128
1,255
941
506
163
1,218
892
500
162
1,274
958
494
166
1,180
926
489
143
1,135
884
498
125
1,093
788
497
107
1,104
800
462
91
1,177
820
468
111
'1,196
851
479
123
1,232
911
494
'138
1,013
796
435
132
Inventories, total (ingot, mill products, and
scrap) end of period . ..
mil lb
5,494
5,125
5,125
5,069
5,011
4,949
4,910
4,950
5,021
5,072
5,026
'4,968
4,942
5,066
1,490.3
1,533.1
1,408.9
124.2
1,441.3
1,515.4
1,411.5
103.9
115.9
126.7
117.8
9.0
124.5
132.9
121.1
11.8
117.0
128.1
116.8
11.3
130.0
133.3
124.2
9.1
127.8
145.3
131.3
14.0
129.2
162.3
151.2
11.2
120.1
155.1
147.6
7.5
49.5
44.8
(33)
()
34.1
22.7
(33)
()
48.3
'25.8
(33)
()
'76.0
64.2
58.7
5.5
102.0
90.2
82.7
7.5
453.0
575.6
45.8
'64.1
'56.2
'55.8
53.0
55.1
52.7
26.6
33.6
33.4
60.8
thous tons §
do...
607.5
463.4
341.3
217.9
34.2
25.0
11.2
2.9
46.5
37.8
69.1
53.2
38.6
32.3
50.7
37.5
31.7
27.5
26.8
24.7
38.6
34.8
42.8
39.1
64.2
59.2
55.8
46.0
44.3
36.8
do...
321.6
109.3
308.9
80.5
24.6
1.5
19.8
1.0
24.2
1.4
23.6
1.9
25.5
1.5
34.0
1.5
30.4
2.0
39.2
1.9
39.2
0.9
20.8
0.4
25.3
0.5
25.2
1.0
22.9
3.4
0.8913
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tonsRecovery from scrap (aluminum content)
do....
Imports (general):
Metal and alloys crude
Plates sheets bars etc
,
Exports:
Metal and alloys crude ..
Plates sheets bars etc
Price, primary ingot, 99.5% minimum .... $ per lb..
Aluminum products:
Shipments:
Ingot and mill prod (net ship )
Mill products, total
Sheet and plate
Castings
Copper:
Production:
Mine recoverable copper
Refinery primary
From domestic ores
thous tons §
do
. . . . do...
Secondary, recovered
as refined
Imports (general):
Refined, unrefined,
scrap (copper cont )
Refined
do
Exports:
Refined
Consumption, refined
(by mills etc )
thous sh tons
Stocks, refined, end of period
do...
Price, electrolytic (wirebars), dom., delivered
$ per lb.
2,417
491
1.3381
1.0604
0.9485
0.9348
0.6651
0.9333
1.0645
2,769
2,911
565
2,979
3,048
579
622
680
146
do...
582.9
753.1
'525.6
719.0
43.9
54.3
51.6
59.2
50.4
55.4
50.0
59.6
49.1
59.1
50.0
51.2
do...
do...
83.9
1.432.7
59.6
1.303.6
6.1
94.0
4.4
97.3
6.5
84.9
2.2
90.0
3.2
83.8
4.4
84.1
1.1939
375
392
530
480
678
345
628
288
1.0356
1.0071
0.7886
0.9947
0.9698
46.3
57.1
43.5
46.0
41.7
56.0
39.3
50.2
48.5
38.7
7.8
77.2
2.0
68.2
4.2
79.5
6.5
95.6
4.6
103.0
3.7
0.9271
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
Copper wire mill products (copper cont.)
mil lb
do...
Lead:
Production:
Recovered from scrap (lead cont.)
Imports (general), ore (lead cont.), metal
Conaumntion. total
See footnotes at end of tables.
584
647
120
716
787
140
0.7600
2.6
0.8857
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND
PRODUCTS—Continued
Lead—Continued
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABMS
thous tons §
Refiners' (primary), refined and antimonial
(lead content)
thous tons §
Consumers' (lead content) U
do
Scrap (lead-base, purchased), all smelters
(gross weight) .
thous. tons §..
Price common grade delivered
$ per Ib
Tin:
Imports (for consumption):
Ore (tin content)
metric tons
Metal unwrought unalloyed
do
Recovery from scrap total (tin cont.)
do
As metal
do
Consumption total
do
Primary
do
Exports incl reexports (metal) . . ..
do
Stocks pig (industrial) end of period
do
Price Straits quality (delivered)
$ per Ib
Zinc:
Mine prod recoverable zinc
thous tons §
Imports (general):
Ores (zinc content)
do
Metal (slab blocks)
do
Consumption (recoverable zinc content):
Ores
do
Scrap all types
do..
Slab zinc: @
Production (primary smelter), from domestic
and foreign ores
thous tons §
Secondary (redistilled) production
do
Consumption, fabricators
do....
Exports
do .
Stocks, end of period:
Producers', at smelter (ABMS)
do....
Consumers'
do....
Price, Prime Western
$ per Ib..
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, new
orders (domestic) net qtrly # .
mil $
Electric processing heating equipment
do....
Fuel-fired processing heating equip
do.
Material handling equipment (industrial):
Orders (new) index seas adj . ..
1967—100
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: t
Sales index, seas, adjusted
1977=100..
Price index, not seas. adj. (tools, material
handling equip., valves, fittings, abrasives,
fasteners, metal products, etc.)
1977 = 100..
Fluid power products shipments indexes: *
Hydraulic products, seas, adj
1972=100..
Pneumatic products seas adj .
. . . . do
Machine tools:
Metal cutting type tools:
Orders, new (net) total
. mil $
Domestic
do
Shipments, total
do....
Domestic
do .
Order backlog, end of period
do....
Metal forming type tools:
Orders, new (net) total
do
Domestic
do....
Shipments total .
.do
Domestic
do....
Order backlog end of period .
.
do
Tractors used in construction, shipments, qtrly:
Tracklaying, total
units..
mil $.
Wheel (contractors' off-highway)
units..
mil. $..
Tractor shovel loaders (integral units only),
wheel and tracklaying types
units..
mil $..
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship, qtrly
units..
mil. $..
ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship
thous..
Radio sets, production, total market
thous..
Television sets (incl. combination models),
production, total market
thous..
See footnotes at end of tables.
'1704
1052
1052
108 1
1146
1196
1236
1373
142.9
140.9
138.3
138.9
142.4
194
1108
46 1
118 8
46 1
1188
609
1183
666
114 4
644
1107
756
1078
81.7
1004
77.0
962
61.0
873
49.1
845
31.5
868
26.1
907
86.6
03365
52.4
05264
52.4
05595
55.1
04988
44.4
04956
36.7
04922
34.1
04402
35.7
0.3600
39.2
0.3419
38.5
0.3560
35.5
0.4096
38.2
0.4226
38.9
0.4500
3873
46773
21 100
1565
63100
47000
4693
5040
62958
4529
48354
17,415
1880
62,500
49000
3,418
4238
75389
621
4 171
1,415
155
4,600
3900
258
4238
82795
34
4617
1325
170
5500
4500
392
7720
83736
412
4 145
1395
145
5300
4300
152
6882
86873
164
4585
1445
185
5750
4750
353
7527
89860
59
3877
1305
150
5,300
4350
322
5443
87666
0
4364
1,175
155
4,600
3700
479
7263
8.6850
0
4202
1,055
160
4,100
3250
566
6592
8.5346
3 131
1,015
125
3,700
3000
426
6544
8.4316
o
0
2736
1,230
175
3,900
3050
498
6051
8.3922
0
3,095
1,220
155
4,150
3,350
227
5 180
8.6898
147
3,688
1,370
155
4,300
3,400
180
5208
8.4000
255
27 1
24.6
25.2
24.1
282
240
1369
1353
0.4381
0.3897
26
3738
3805
4,050
3250
151
5086
7.9779
7.5956
3027
2637
21 4
283
265
282
269
2072
681.1
2250
527.1
85
35.3
81
102
308
18
102
29.5
94
29.1
9.4
21.2
16.3
20.8
156
30.1
86
32.3
2.1
38.3
85
45.1
990
237.3
827
230.0
56
22.2
54
22.3
70
22 1
68
22.3
62
19.3
55
19.1
5.8
18.5
45
18.0
53
18.3
46
18.4
38
19.4
63
19.3
406 1
38.7
1,127.3
0.8
4430
445
1,008.2
03
290
1.4
71.4
0.1
256
2.1
80.4
257
20
80.3
61.0
55.5
01
46.8
'58.2
0.1
(2)
43.1
73.6
0.3744
82.8
(2)
(2)
74.1
(2)
28.5
66.5
0.3801
(2)
(2)
'32.1
56.3
0.3573
66.7
(2)
74.6
547
72.0
(2)
(2)
(2)
55.8
78.9
0.3730
55.8
78.9
0.3723
286.8
71.4
118.2
3726
105.5
160.4
930
32.5
344
336 1
4194
4335
3537
4376
4088
3634
3835
3363
3554
331.5
453.4
371 1
20994
25,119
24 183
28654
2073
2233
1840
2149
1809
2254
2097
2446
1860
2330
1910
2 178
1502
2251
1511
1,577
1396
1,647
1913
1,947
1624
1,839
1512
1658
1 521
1712
51,986
55,782
3,367
3940
4,423
5,016
4,130
3,353
3,875
2,073
1,972
2,590
2,878
2636
2562
261.3
'218.4 ' 224.5
29.0
72.1
0.3796
33.5
66.8
0.3750
'38.9
60.9
0.3644
'38.2
57.5
0.3550
'27.3
57.9
0.3663
'18.7
57.5
0.3858
'18.7
16.7
0.4059
0.4119
39.5
'19.4
'200
849
18.9
373
1097
23.3
567
'21.3
58.6
0.3726
257.7
243.6
228.3
225.1
221.4
206.4
195.6
197.5
198.6
201.0
207.3
129.6
123.7
132.0
139.3
136.3
140.7
138.7
132.2
132.2
134.2
131.4
135.7
132.7
128.1
107.2
117.4
122.8
124.3
125.4
126.9
129.5
130.6
132.0
132.9
133.2
133.9
134.6
135.3
136.3
225
200
272
235
288
232
306
233
313
232
285
231
298
237
274
232
259
218
284
236
244
218
246
225
253
251
240
233
'255
'259
3 373 45
3 043 15
2,188.50
1 960 10
2,980.6
4 495 10
3 865 80
2,930.05
2 605 50
4,545.7
30405
26335
31445
27285
4,545.7
96855
896.85
82495
728.50
5177
1 047 60
919.90
94650
859.80
6188
231.1
6
114.0
6
22,057
14043
6,013
440.0
19,823
1 1730
5 146
417.1
48,851
1,728.9
5
40,226
5
175,245
2,662.1
202 659
3,421.0
56,389
48,036
53,746
40029
17,406
16,616
9825
84.45
8465
73.65
6188
8180
70.35
8285
75.20
6178
99 10
91.65
8870
79.45
6282
44028
800.0
3
1,469
5760
50.35
8420
73.25
6163
7915
72.45
7345
66.10
4927
4345
37.40
8765
72.40
4485
4,518
3404
'1441
l!4.5
3,824
2930
1265
101.1
1334
1128
16,050
5354
111,102
'465 1
9,346
3583
48854
868.0
38475
785.5
27750
580.5
14449
3719
5,741
3792
6,249
2540
5361
2931
1,668
1,684
10785
93.40
9320
81.15
6429
6045
46.20
9100
82.95
5857
4,830
3565
'1 128 98,270
r
9,827.0
1 350 5
4,647
4 195
247
248
385 10 40190 42080 35430 37360 41420 26760 16505 29565 286 55 '275 00 P"247 35
321 55 36200 374 35 325 10 35005 379 15 25065 14895 259 45 26305 '253 95 P209 75
24785 266.75 366.80 258.85 28365 382.85 248.05 24465 33775 35215 31865 375 25
23060 24285 32120 22405 24070 33775 21150 22350 29280 29510 27645 P315 95
4,682.9 4,818.1 4,872.1 4,967.5 5,057.6 5,089.0 5,108.6 5,029.0 4,986.9 4,921.3 '4,877.6 P4,749.6
2,871
1456
730
57.7
3
74876
136
520
38.4
94.6
0.3097
30.8
70.8
0.3750
0.3379
3,859
1696
3,220
1785
1,050
1,188
3,197
1923
3
3
1,492
4300
33.20
9275
79.05
5359
3695
30.45
7890
67.70
4939
5940
51.30
6625
53.60
4870
r
3,014
1536
2,765
2317
1,156
1,265
3,049
2463
3,525
2607
4,564
2365
1,785
1,174
1,301
3
r8
8
3
1,980
'54 05
44 15
'8150
'6945
'421 1
r
P
5435
P
45 10
P
91 40
P
7885
P
384 1
5520
2 149
3354
'1,765
1,560
r3
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
1979
S-31
1981
1980
Dec.
Feb.
Jan.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
METALS AND MANUFACTURES—Continued
ELECTRICAL EQUIPMENT—Continued
Household major appliances (electrical), factory
shipments (domestic and export) $ . thous
Air conditioners (room)
do
Dishwashers
do
Disposers (food waste)
do
Ranges
do....
Refrigerators
do
Freezers
do....
Washers
do
Dryers (incl. gas)
do....
Vacuum cleaners (qtrly )
do
33215
4037
3558
3312
3217
5890
1521
5038
3621
9 136
33 162
3749
3488
3316
3003
5701
1859
4965
3551
13019
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments.... thous..
Ranges total, sales
do
Water heaters (storage), automatic, sales @
do....
1636
1794
2,921
1863
1799
2,887
r
2258
235
240
r
243
r
212
337
101
298
228
4072
2763
201
265
290
261
466
130
479
360
2580
342
250
283
262
375
135
373
278
2845
434
277
295
215
436
152
421
283
2 183
2608
416
232
264
211
409
128
374
241
2238
344
168
164
199
396
151
317
197
2422
316
189
195
192
453
192
340
196
1939
2711
'566
184
199
189
477
182
345
227
2391
94
212
229
191
464
180
397
257
2478
66
261
234
206
476
146
401
285
1948
2877
90
297
343
257
519
123
468
333
2234
'l25
204
256
208
371
74
331
284
2 131
203
198
223
185
295
89
302
238
156
152
221
138
123
262
131
133
233
122
151
262
87
122
257
71
123
210
83
132
215
94
93
199
123
119
208
147
138
237
174
143
271
144
121
218
132
141
246
525
273
462.1
425
286
469.8
400
96
478.4
460
248
479.4
425
80
491.2
380
57
497.9
60,339 67,806 64,328 69,866 69,871 70,399 71,355 60,700 70,240 72,060 75,750 65,505
60,977 263,276 59,429 58,557 52,372 52,598 55,881 62,908 62,631 57,146
46,979 250,295 47,440 46,601 40,622 41,378 45,731 53,489 53,134 47,829 45,011 45,642
9,280
9,029
9,190
13,123 12,155 11,284 11,497 11,270 10,930
9,921
5,142
4,785
4,867
5,317
6,405
6,405
5,099
4,893
6,111
6,230
5,991
6,319
2
217
290
459
875
288
229
229
480
826
705
178,440 3 175,824 173,129 172,966 180,286 189,929 195,147 181,715 181,333 189,844
156,440 155,336
153,669 154,138 160,991 170,319 175,121 162,896 162,792 170,777 177,564 179,472
21,660 220,488 19,460 18,828 19,295 19,610 20,026 18,819 18,541 19,067
8,563
8,445
8,175
7,829
8,386
9,872
9,653
9,534
9,263
9,540
10,028
9,196
8,905
8,711
5,565
9,204
8,266
8,944
7,972
8,449
7,414
3,990
4,292
6,072
474.3
466.7
465.9
458.7
469.9
471.0
467.8
465.9
464.4
461.6
459.4
459.1
72,120
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production $
Exports
Price, wholesale *
thous. sh. tonsdo
Index, 1967=100..
Bituminous: t
Production
thous. sh. tons- 665,127
Consumption total
do
621,330
480,171
Electric power utilities
do
Industrial, total
ffl
do
133,245
Coke plants (oven and beehive)
do....
71,078
Residential and commercial @ @
do....
7,914
Stocks end of period total
do
143,573
Electric power utilities
do
126,047
Industrial total ffi .
.
do
17,166
Oven-coke plants
do
8,162
Exports
do
39,825
Price wholesale $
Index 1967-100
430.0
COKE
Production: $
Beehive and oven (byproduct)
Petroleum coke §
Stocks, end of period: $
Oven-coke plants total
At furnace plants
At merchant plants
Petroleum coke
thous. sh. tons..
do....
....
.
Exports
do
do
do
do
do
4,835
1,233
411.0
6,160
866
403.1
776,299
677,286
526,005
144,150
77,009
7,131
178,440
156,440
21,660
10,028
64,783
451.1
423
206
423.7
470
167
435.7
350
50
435.7
460
67
435.7
510
145
459.7
500
143
459.7
495
184
459.7
8,169
474.1
'49,009
26,916
*52,943
r
27,455
4,444
2,395
4,394
2,298
4,204
2,172
4,444
2,274
4,396
2,163
4,238
2,262
3,686
2,246
3,370
2,402
3,387
2,318
3,295
3,470
3,565
3,534
3,350
184
2,214
889
5,163
4,613
549
1,042
5,163
4,613
549
1,042
5,531
4,859
672
1,038
5,781
5,097
684
1,212
6,063
5,315
748
1,327
8,133
7,095
1,038
1,167
9,011
7,889
1,123
9,040
7,833
1,207
46
84
253
226
199
8,676
7,612
1,063
1,151
246
9,018
7,907
1,112
73
6,698
5,850
847
1,111
229
7,426
6,488
938
1,137
1,545
5,832
5,150
682
1,342
189
207
260
156
67
17,775
300.1
19,346
376.5
'2,390
470.8
1,436
513.6
1,632
515.1
2,383
522.8
1,836
533.9
2,061
540.1
2,232
549.0
2,068
551.4
2,340
566.8
2,636
570.8
2,409
579.6
2,239
580.7
3,675
596.0
5,500.8
88
r
5,458.7
85
'472.4
85
453.5
82
421.8
81
434.0
78
412.9
76
423.4
75
421.7
77
421.9
74
412.3
73
6,822.2
r
6,803.2
'586.4
579.7
529.2
553.2
520.4
520.5
511.4
500.9
498.4
3,178.2
591.4
'3,121.3
'594.2
'267.0
'51.8
268.1
53.1
252.2
49.4
270.1
50.2
260.6
50.3
267.8
49.7
256.4
48.2
265.2
48.2
261.1
48.2
2,329.7
722.9
-34.3
7,011.1
'2,400.9
'686.8
'455.7
'6,930.2
199.0
'68.5
200.6
58.0
5.8
'595.0
174.2
53.4
181.0
51.8
168.5
41.0
159.9
43.1
166.5
40.3
-8.4
'561.2
2.4
'556.5
24.1
'515.4
21.1
518.2
23.3
506.0
145.1
42.4
14.8
147.0
42.1
23.7
511.3
497.4
57.7
74.3
r
85.7
r
9.6
7.1
9.0
6.6
10.0
7.5
9.5
8.2
11.0
8.6
7.4
9.1
2.4
7.5
'545.6
192.3
6.8
107.5
89.9
31.1
500.4
209.7
3.5
74.4
69.2
31.5
4.6
13.0
37.7
486.4
201.0
3.6
69.9
69.7
31.7
5.0
5.7
52.6
'538.9
199.7
5.4
98.3
82.1
34.6
5.0
6.8
48.1
6.5
7.2
'501.7
204.9
4.2
4.6
16.2
36.5
494.8
210.0
3.6
69.0
70.9
34.4
4.3
18.2
35.7
1,339.4
452.8
91.2
125.8
760.8
1,341.9
452.9
91.2
131.2
757.8
1,365.9 . 1,387.1 1,410.4
475.1
470.5
473.2
91.2
91.2
91.2
139.9
147.2
149.4
764.8
755.5
787.8
1,425.2
470.5
91.2
149.5
805.2
487.5
207.3
4.3
66.2
70.9
32.3
4.3
17.8
35.5
1,448.9
478.8
91.2
148.2
821.9
PETROLEUM AND PRODUCTS
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
All oils, supply, demand, and stocks:
New supply total
fl$
mil bbl
Production:
Crude petroleum iji
do
Natural gas plant liquids
do....
Imports:
Crude and unfinished oils $
do....
Refined products $
do....
Change in stocks, all oils (decrease, —) $ .... do....
Demand, total $
do....
Exports:
Crude petroleum
.
..
do
Refined products
do
Domestic product demand, total #$
do....
Gasoline
... do
Kerosene
. . do
Distillate fuel oil
do....
Residual fuel oil
do....
Jet fuel
do
Lubricants . . . .
Asphalt
T.iquefifirf gasps
Stocks, end of period, total $
Crude petroleum
Strategic petroleum reserve
Unfinished oils natural gasoline etc
Refined products
See footnotes at end of tables.
1.5
'601.2
'6.7
'7.9
'586.6
'209.5
6.8
6,879.0
2,719.5
64.0
1,252.6
1,103.2
385.7
86.1
'6,758.3
r
2,581.5
'68.6
1,209.7
1,031.6
r
392.7
114.9
'93.4
'34.2
do .
do
rin
62.6
171.4
515.7
'65.5
172.0
'581.0
4.3
'9.2
'56.6
'578.3
197.2
7.4
115.7
88.8
34.1
5.4
5.7
62.2
do....
do
do....
do
do....
1,277.6
376.3
5
66.9
116.7
784.6
l,340.9 1,340.9
430.3
430.3
5
91.2
91.2
'44132.0 132.0
' 778.6 '778.6
1,347.9
444.8
91.2
125.6
777.4
r4
78.9
73.0
33.2
5.1
8.4
35.8
1,789
SURVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
1980
1979
Dec.
Annual
February 1981
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS—Continued
Refined petroleum products:
Gasoline (incl. aviation):
Production $
Exports
Stocks end of period
mil bbl
do....
do
Prices (excl. aviation):
Wholesale, regular $
Index, 2/73-100..
Retail, regular grade (Lundberg/Platt's) fl
$ per gal..
Aviation gasoline:
Production
mil bbl
Stocks end of period
do
Kerosene:
Production $
do
Stocks end of period
do
Price, wholesale (light distillate) $
Index 1967-100
Distillate fuel oil:
Production $
mil bbl
Exports
do
Stocks end of period
do
Price, wholesale (middle distillate) $
Index, 1967=100..
Residual fuel oil:
Production $
mil bbl
26305
0.5
2408
'2 514
6
r
02
r2
239 9
r
2180
(»)
2399
2175
(*)
2649
2002
(»)
(!)
(!)
2858
1895
(»)
2750
2660
2675
2017
0.1
2638
2014
(!)
2773
r
2035
1966
198 1
(*)
2622
3676
459.6
481.1
5175
560.4
585.4
595.5
598.6
601.1
602.9
599.6
591.2
590.5
595.9
0.878
1.051
1.127
1.190
1.226
1.229
1.234
1.237
1.235
1.233
1.221
1.217
1.220
1.233
139
28
137
2
27
09
27
08
27
1i
27
13
30
10
31
10
29
10
28
13
2.9
14
3.0
563
143
r
668
15 8
61
158
51
140
54
13 3
47
13 1
43
134
36
138
35
139
3.8
143
3.3
133
5396
7063
7339
7769
8346
8625
8705
8784
8927
903.1
9018
8952
895.7
910.3
r
806
64
02
191 5
795
55
06
1777
739
44
01
1770
766
39
794
32
76.3
24
228 7
937
55
02
212 1
2263
265.0
4
0.531
3927
8
1 156 1 rl 150
r
633
71
8
r
12
l1
216 5
228 7
999
71
(»)
0)
(*)
183 1
1958
83.4
36
01
2138
C)
398.0
573.9
719.9
739.3
793.5
837.7
858.9
864.8
860.9
870.2
875.6
873.2
868.4
873.4
891.2
r
6156
r
420
1
r
32
r
r
587
r
39
6
r
04
r
548
35 1
01
97 2
9455
513
325
05
91 0
9698
490
30 1
01
883
9793
477
23 l
12
852
9332
467
252
06
876
870.0
472
225
04
877
853.7
459
244
1.9
856
944.5
44.8
27 1
0.1
869
953.7
951.4
939.0
1,012.0
1,160.7
r
332
385
31 1
384
297
383
320
387
307
393
310
413
30 1
423
302
409
29.7
403
Exports
Stocks end of period
Price wholesale $
do
do
Index 1967—100
6086
494 g
46
90 2
4980
Jet fuel: $
Production
Stocks end of period
mil bbl
do
3539
337
95 6
6845
3692
385
95 6
8346
r
Lubricants:
Production
Exports
Stocks end of period
do
do
do
69 5
97
122
'71 0
86
12 5
60
10
125
57
06
124
53
06
12 3
56
1i
119
56
08
118
58
09
125
53
09
123
58
08
133
50
0.6
136
Asphalt:
Production
Stocks end of period
do
do
1729
209
168 8
189
11 5
189
100
233
95
272
11 1
315
10 7
338
12 0
329
13 4
302
14 i
262
139
225
Liquefied gases (incl. ethane and ethylene): $
Production total
do
At gas processing plants (L P G )
do
At refineries (L R G )
do
Stocks (at plants and refineries)
do
561 1
431 5
1295
1320
r
499
392
106
1107
49 7
39 2
10 5
96 7
47 1
368
10 2
90 4
486
380
106
90 3
470
37 0
100
1000
463
36 2
101
1076
458
35 8
100
116 8
461
35 9
102
125 5
467
36 7
100
134 7
5680
443 9
124 1
r2
1107
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks end of period
.
thous cords (128 cu ft )
do
do
'3374,824
74,170
'6,001
'3376,887
' 77,362
'5,430
6,479
6,057
'5,430
6,906
6,923
5,320
6,996
6,614
5,677
6,895
7,044
5,555
6,677
6,762
5,464
6,800
6,811
5,425
7,365
6,969
5,715
6,782
6,356
6,114
6,893
6,719
6,310
6,722
6,601
6,349
6,878
6,779
6,396
6,408
6,710
6,123
Waste paper:
Consumption
Stocks end of period
WOODPULP
thous. sh. tons
do
'3 12,586
740
r3
12,915
636
985
636
1,060
652
1,055
605
1,083
573
1,035
607
1,054
668
1,050
672
957
743
1,051
727
1,051
747
1,153
'790
1,064
751
Production:
Total all grades #
thous sh tons
do....
do
do....
... do....
'350,020
1,405
'35,457
1,643
'4,655
'3,549
'350,612
1,447
'35,553
1,829
'4,667
'3,854
3,874
118
2,942
150
355
310
4,390
146
3,380
147
364
353
4,152
125
3,183
154
358
332
4,496
134
3,446
158
394
364
4,243
134
3,238
152
375
345
4,447
138
3,403
161
395
351
4,307
126
3,297
156
386
342
3,965
111
3,049
130
369
306
4,334
129
3,324
150
397
335
4,186
94
3,216
160
388
328
'4,319
124
'3,292
164
411
'328
4,230
124
3,236
164
383
325
do....
do
do
do
1,081
'461
551
70
'930
'364
'507
59
3
2,935
764
3
2,170
'930
'364
'507
59
850
377
417
55
843
365
418
60
867
355
450
62
922
385
471
66
971
435
462
74
1,009
547
406
56
269
54
215
321
91
230
360
84
276
362
79
283
1,034
493
479
62
385
70
315
'960
'467
'440
54
212
43
169
982
461
453
68
356
73
283
960
454
452
54
290
75
215
976
420
485
72
317
58
259
313
60
252
341
52
289
247
52
195
322
52
270
4,318
155
4,163
347
11
336
365
15
350
328
14
314
445
13
432
320
24
296
373
13
360
336
29
307
285
10
276
344
21
323
300
10
290
298
12
286
323
24
299
334
10
324
'66,608
'30,012
'30,936
144
'5,516
'5,278
'2,436
'2,454
16
'372
5,749
2,656
2,685
13
395
5,468
2,501
2,551
12
403
5,748
2,661
2,706
13
368
5,329
2,523
2,497
10
298
5,422
2,531
2,600
8
284
5,289
2,394
2,592
9
296
4,945
2,228
2,395
8
314
5,299
2,382
2,561
10
346
5,314
2,382
2,560
13
359
'5,720
'2,614
'2,702
13
391
5,314
2,403
2,552
12
347
Sulfate
Sulfite
Groundwood
Semichemical
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
.
Exports, all grades, total .
Dissolving and special alpha
All other
do
do
do
Imports, all grades, total
Dissolving and special alpha
All other
do
do
do
3
2,599
757
1,841
3
3
3
3
3
4,025
176
3,849
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted
thous. sh. tonsPaper
do
Paperboard
do
Wet-machine board
do....
Construction paper and board
do....
See footnotes at end of tables.
64,300
28,506
30,033
136
5,625
1.278
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
S-33
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
Dec.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS—Cont.
Paper and board—Cont.
Producer price indexes:
Paperboard
1967- 100..
Building paper and board
do
Selected types of paper (API):
Groundwood paper, uncoated:
Orders, new
thous. sh. tons..
Orders unfilled end of period . .
do
Shipments
do....
Coated paper:
Orders, new
do....
Orders, unfilled, end of period
do....
Shipments
do....
Uncoated free sheet papers:
Orders, new
do....
Shipments
...
...
. do
Unbleached kraft packaging and industrial
converting papers:
Shipments
thous sh. tons.
Tissue paper, production
do....
Newsprint:
Canada:
Production
thous metric tons
Shipments from mills
do .
Stocks at mills, end of period
do....
United States:
Production
do .
Shipments from mills
do
Stocks at mills, end of period
do....
Consumption by publishers
fl
do....
Stocks at and in transit to publishers, end of
period
thous. metric tons..
Imports
thous sh tons
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
Index 1967—100
Paperboard (American Paper Institute):
Orders, new (weekly avg.)§
thous. sh. tons..
Orders unfilled
do
Production, total $
do....
Paper products:
Shipping containers, corrugated and solid fiber
shipments
mil. sq. ft. surf. areaFolding paper boxes, shipments.... thous. sh. tonsmil. $..
179.6
187.4
202.1
182.4
1,414
185
1,354
1,519
149
1,509
4,432
404
4,453
4,547
r
385
4,527
7,538
7,571
7,826
8,189
3,884
4,215
221.8
186.2
223.7
191.7
227.4
198.7
232.1
201.3
239.2
206.8
238.9
208.9
237.1
211.8
238.4
210.3
239.2
209.6
241.0
212.1
243.2
215.6
241.1
219.1
r
lll
149
120
169
180
135
119
173
117
136
179
132
116
170
127
105
136
132
115
119
127
118
119
116
135
129
125
120
125
121
139
135
130
'117
r
!32
r
l!2
91
108
102
r
366
r
385
'368
460
381
416
407
420
390
373
378
415
403
405
377
410
360
380
357
344
364
400
405
340
384
404
378
384
385
389
426
398
421
r
375
r
352
r
366
356
379
602
656
730
747
647
710
682
753
652
714
628
710
579
678
580
614
591
669
596
658
733
722
r
r
619
'661
566
613
3,934
4,506
'302
'345
346
384
335
371
346
398
319
372
325
378
299
340
282
323
306
351
311
356
328
375
'302
'376
305
355
8,842
8,913
184
8,756
8,780
162
732
774
162
111
727
212
738
744
205
782
111
210
766
763
214
767
774
207
717
732
192
601
640
154
692
662
183
651
642
192
735
735
192
708
691
208
691
735
165
3,418
3,429
20
6,446
3,685
3,689
16
6,673
307
315
16
580
343
336
23
516
334
334
24
521
358
351
30
582
339
346
23
545
368
365
26
569
356
346
36
538
341
350
27
498
374
371
30
533
353
350
32
534
377
381
28
583
358
346
40
'592
338
355
22
576
660
7,484
628
7,223
628
636
617
619
670
624
683
685
724
631
749
648
806
641
793
550
793
546
782
584
763
588
'696
568
721
596
226.3
249.4
268.2
269.4
269.4
269.4
269.4
277.6
283.7
283.7
283.8
283.8
283.8
298.3
560
1,393
2,332
(22)
()
2,738
2,576
2,777
2,570
2,661
2,608
2,393
2,592
'2,526
r
2,681
'2,622
2,310
21,935
20,452
21,466
20,636
19,150
19,115
18,456
19,345
21,054
23,229
18,849
19,313
50.31
45.06
0.730
r
600
1,368
30,275
613
1,393
'31,429
243,898
2,734.0
2,278.0
250,643
2,716.0
2,416.7
215.4
184.6
r
18,109
220.2
206.1
r
r
394
(22)
()
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous metric tons
Stocks end of period
do. .
Imports, incl. latex and guayule ....thous. Ig. tonsPrice, wholesale, smoked sheets (N.Y.).... $ per lb..
Synthetic rubber:
Production
thous metric tons
Consumption
do....
Stocks end of period
do
Exports (Bu. of Census)
thous. Ig. tons
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous
Shipments total
do
Original equipment
do. ..
Replacement equipment
.
do
Exports
do
Stocks end of period
do
Exports (Bu of Census)
do
Inner tubes, automotive:
Exports (Bu of Census)
do
See footnotes at end of tables.
73900
132.12
747.68
0.651
4790
132 12
47.94
0.679
6292
13140
76.82
0.730
5727
13533
56.00
0.865
5569
14136
73.96
0.733
4685
15242
38.90
0.723
4233
145.70
55.26
0.690
4125
147.39
44.46
0.685
3884
14989
38.49
0.673
4316
138.50
31.37
0.680
4938
132.90
55.92
0.728
4948
129.52
31.77
0.790
2 475 21 2 528 16
2,436 40 2 339.75
40286
424 07
25496
385 10
20755
16325
40286
3476
19558
17078
43990
31 46
19465
17609
436 16
3448
20677
19106
42756
41 98
19240
14889
452 15
41 68
15957
135.73
44508
4688
12964
120.14
42922
3733
11029
13103
391 19
3654
12367
133.73
37233
3046
14976
165.97
33973
2551
17459
167.86
32535
3345
3072
3231
'223 406 206 687
»236 640 213 929
'66 884
58072
165 193 150 781
5077
'4563
44873
*43 472
5328
6572
12340
12 446
2980
9024
442
44873
527
15 188
13700
3830
9463
407
46760
605
15059
12445
3974
8004
467
49993
698
15082
15 180
4208
10 443
528
50471
1098
13678
15 558
3271
11791
496
49220
863
11370
14056
3131
10505
419
46972
787
10716
15 301
3073
11786
442
42817
618
10206
13 457
2217
10817
423
40079
572
12057
15 537
2521
12566
450
37057
657
13 911
17564
3,615
13497
452
33730
885
15790
18034
4304
13 133
597
32 112
638
12861
13305
3,346
9499
431
32,363
691
946
3576
493
405
481
420
438
328
441
458
265
464
226
314
317
76465
125.58
746.23
0.496
3015
Jan.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
1981
July
Aug.
Sept.
Oct.
Nov.
43303
31824
Dec.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement
thous bbl
CLAY CONSTRUCTION PRODUCTS
Shipments: @
Brick, unglazed (common and face)
mil standard brickStructural tile except facing
thous sh tons
Sewer pipe and fittings vitrified
do
Facing tile (hollow), glazed and unglazed
mil brick eouivalent
Floor and wall tile and accessories, glazed and
unglazed
mi. sq. ft..
Price index, brick (common), f.o.b. plant or N.Y.
dock
1967—100
GLASS AND GLASS PRODUCTS
Flat glass mfrs ' shipments
Glass containers:
Production
Shipments domestic total
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine
80198
433
8473
22032
22101
26005
33011
36324
39314
39840
39644
40489
4837
49
422
4501
58
463
4018
94
365
4394
69
406
5050
71
508
520.8
76
520
558.4
76
533
588.0
91
715
574.0
8.9
767
625.5
9.4
787
581
56 1
46
32
35
41
34
46
46
42
30
38
301.7
3143
22.8
26.9
26.3
26.7
24.1
24.3
24.6
24.1
24.4
26.1
234 4
263 1
2666
272 5
2746
2762
2809
2817
2817
2817
2807
2816
thous. grossdo
327 609
317 440
321 999
317 829
21311
23324
27,262
24825
28,136
25234
28,572
28578
27,154
26,615
27,068
27,329
24925
25630
27654
do
... . do
do....
... . do
27563
61403
106 489
25084
26686
54995
113875
26111
1555
3939
8,161
2684
2 130
3731
8,701
1991
2544
3633
9,155
1816
2749
4887
9,614
2213
2338
4516
9,229
1750
2295
5,109
9,867
1,858
65062
66517
5073
5517
5244
6267
4489
27998
3841
43950
25856
3789
45935
1661
251
45935
2449
'306
2462
380
50288
2526
322
50323
*14 891
»14 041
'8 308
1
14 630
1
14 543
7773
1207
1 191
794
1095
1 111
847
1050
943
563
47556
r
681.0
9.7
965
528.9
10.3
77 1
4.2
32
25.9
20.6
2859
2863
29,145
26,558
25,207
23,306
r
2873
210,915
191,757
220 279
858 130 226 566
thous sh tons
do
do
Sales of gypsum products:
Uncalcined
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl Keene's cement)
Board products total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board .
. .
Type X gypsum board
Predecorated wallboard
5/16 mobile home board
8 585.6
480
9274
29202
829 449
thous $
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars)
thous gross
Narrow-neck and wide-mouth containers:
Medicinal and toilet
do .
Chemical household and industrial
do
Stocks end of period
. do
GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc byproduct)
Calcined
Imports crude gypsum
'451 266 *451 383
r
28,495
28,625
28,829
26,476
30,064
2392
5,502
11,068
2,149
2300
6,076
11,254
1,873
2,728
5,683
10,793
2,032
2,781
5,662
10,343
2,278
r
2,157
r
4,776
r
9,433
r
2,478
1,782
3,935
8,651
2,034
4251
4283
4812
5241
6,306
5,149
4794
2379
224
52488
2028
222
52913
2,017
243
52,828
1,876
304
51,372
2,099
253
50,285
2,369
325
2,305
260
46,574
48,825
1,913
197
50,526
963
926
636
951
874
477
924
826
607
980
869
597
1019
964
617
1,050
984
625
1,106
1032
595
1,248
1,064
493
1,028
968
719
r
r
r
do....
'5,881
5596
562
390
324
344
410
459
575
413
428
607
529
493
. do .
*383
379
32
34
35
39
34
32
30
33
36
34
40
31
dodo
mil SQ ft
do
do....
do
do
do
do...
do....
140
306
1
16 445
137
458
234
12566
2786
231
121
283
16865
125
444
218
12,556
3272
249
(5)
10
20
1 415
9
31
18
1043
298
16
(5)
20
15
1 401
10
36
16
1006
308
7
18
17
14
1 130
8
29
14
801
254
8
18
20
13
1 110
7
25
14
783
254
8
19
19
14
1 131
6
25
13
789
273
9
16
18
14
1021
6
25
13
711
243
8
14
19
13
1090
7
25
15
753
266
8
15
18
13
1 166
6
27
17
807
281
9
18
19
13
1203
5
29
17
840
278
10
25
18
13
1258
6
31
18
879
289
10
24
20
15
1365
14
11
662
274
388
806
342
463
774
399
376
650
277
374
780
340
440
691
354
337
3
588
3
252
3
602
248
354
795
353
442
689
363
331
641
268
373
777
332
445
660
343
317
3
832
3
347
3
1 108
5
27
17
784
246
8
20
31
20
961
310
11
27
TEXTILE PRODUCTS
FABRIC
Woven fabric, finishing plants: *
Production (finished fabric)
Cotton
mil linear yd
do....
Inventories held at end of period
do
Cotton
do
Manmade and silk fiber
do...
Backlog of finished orders
do
Cotton
do....
Manmade and silk fiber
.. do
COTTON
Cotton (excluding linters):
Production:
Ginnings
fl
thous. running bales..
Crop estimate
thous net weight bales §
Consumption
.
thous running bales
Stocks in the United States, total, end of period #
thous running bales
Domestic cotton, total
do....
On farms and in transit
.
do
Public storage and compresses
do....
Consuming establishments
do....
See footnotes at end of tables.
8523
3,337
5 186
831
361
470
9471
4,862
4609
8065
3,107
4 957
10374
4287
6*086
9408
4*838
4569
657
235
422
828
r
2
10,549
2
2
14,262
2
12728
10 856
351
477
r
r
740
r
397
r
343
3
801
3
325
3
476
799
3
347
3
452
784
413
371
703
279
424
796
344
452
523
432
391
6079
6 140
436
12933
12,929
3937
8,160
832
12933
12,929
3937
8,160
832
3
866
3
346
3520
818
3
350
3
468
826
433
393
3
604
507
513
11323
11,315
2593
7,734
9792
9786
2245
6554
987
8129
8123
1803
5,252
1.068
988
336
788
3
346
3
442
679
346
333
4
14262
14 629
14 527
11229
11,226
2316
7,860
1.050
710
288
422
800
340
459
833
440
393
200
3
622
496
478
6592
6,586
1376
4,081
1.129
5187
5,182
4014
4,012
3,124
1.096
2,341
1.000
962
671
3
4
581
4
1,311
487
443
456
3027
3,026
250
1,822
954
13290
13,288
10890
1,509
889
12443
12,441
10080
1,578
783
485
3
803
3
347
3
456
3
679
3
345
3
335
4
4,603
3
597
10948
10,946
7024
3,180
742
4
4
7,843
10 938
T
458
10053
10,052
4244
5056
752
4
9,925
468
Jan.
S-35
SURVEY OF CURRENT BUSINESS
February 1981
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1978
1979
Annual
1981
1980
1979
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
TEXTILE PRODUCTS—Continued
COTTON AND MANUFACTURES—Cont.
Cotton (excluding linters)—Continued
Exports
thous running bales
Imports
thous. net-weight bales §..
Price (farm), American upland fl cents per lb..
Price, Strict Low Middling, Grade 41, staple 34
(1-1/16"), 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, compared with
avg. weekly production
no. weeks' prod..
Inventories, end of period, compared with
avg. weekly production
no. weeks' prod..
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports, raw cotton equiv. thous.
net-weight §
bales
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 monofilaments
do....
Staple, incl. tow
do ..
Textile glass
fiber
do....
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total #
mil. lin. yd..
Filament yard (100%) fabrics #
do....
Chiefly rayon and/ or acetate fabrics
do....
Chiefly nylon fabrics
.. .. do ..
Spun yard (100%) fab., exc. blanketing #.. do....
Rayon and/ or acetate fabrics, blends
do....
Polyester blends with cotton
do
Filament and spun yarn fabrics
do....
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders end of period
Prices, manufacturer to mfr., f.o.b. mill:
50/50 polyester/carded cotton printcloth, gray,
48", 3.90 yds./lb., 78x54-56
$ per yd..
'5875
2,783
58.5
o
59.9
o
1025
(7)
'66.5
1 150
1
r
64.8
'63.3
o
911
(7)
'66.8
686
(7)
'62.8
540
2
'74.9
402
0
'80.1
393
2
'81.4
237
1
75.3
436
5
'77.6
541
5
'80.9
87.2
737
r
914
8
3
61.6
66.2
72.4
80.7
79.2
79.0
78.3
72.4
79.0
85.6
87.5
85.8
87.0
164
6.4
1024
0.394
415
162
64
1020
0393
41 7
162
64
71
0352
29
164
64
100
0402
4
41
163
64
87
0436
34
16 3
63
83
0414
33
163
64
100
0402
4
41
162
64
81
0403
33
16 1
63
79
0393
32
160
62
4
82
0329
4
34
16 1
62
76
0378
32
157
62
73
0367
32
16 1
61
100
'0398
4
41
160
60
77
0388
'34
4,007
3858
5
5
22.6
179
166
172
168
147
154
180
132
138
37
39
37
36
36
40
41
40
54
42
41
42
61.6
5
5
4.9
4
927
18.9
16.1
4
1032
4
0.20
0.17
021
022
021
024
028
0.29
030
0.32
0.30
035
4579
676.2
6278
506.4
58 1
40.5
506
43.0
54 2
41.6
52 4
57.5
45 2
53.0
424
44.7
47 2
60.5
34 6
49.2
443
41.3
480
49.4
42 0
44.7
300.9
534.6
3166
549.4
812
135.9
800
1269
3,814.3
3,952.7
9233
4,136.3
4,282.3
10136
1,023.6
10946
2390
1,017.5
1 1076
233 1
15.4
28.7
11.8
356
11.8
356
11 1
343
343.4
335.5
98.6
3798
311 1
1527
3798
311 1
1527
3778
347 6
1280
6,603.0
2,247.0
406.4
3844
3,703.1
331.2
2593 1
376.2
8
1,656.4
644.2
r
!046
1045
8383
853
5832
1142
1,739.4
638.6
1079
1130
9470
807
673 1
1218
022
025
028
027
6
0.472
0469
0476
0.488
0491
0486
0482
0476
0.490
0.494
0.513
0551
59658
37144
22863
225 13
4725
2942
1858
1783
3639
783
4 96
2857
2395
920
5936
2908
16.04
3028
3990
771
4 gg
3218
2728
1451
6955
3531
21 13
3424
3962
983
6 43
2979
24 13
12 11
6901
36 17
1902
3284
3737
8 59
602
2878
23 60
1166
6465
34 80
2089
3005
4672
864
5 60
3809
3239
1685
7085
3784
2374
3301
5592
940
641
4652
4070
2181
5844
3080
1739
2763
5769
790
584
4979
4403
2330
6379
3577
22.00
2802
5018
755
569
4264
3762
1938
6329
3315
20.95
30 14
5211
796
5 72
44 15
3826
1920
7594
4366
27 14
3228
4919
7 45
5 57
4173
36 10
1889
113
4
10
61
31
102
08
49
16
98
09
51
23
114
4
09
46
22
92
07
57
33
8.3
06
45
30
4
7.5
4
07
53
30
84
09
48
20
77
07
41
12
2.38
2.92
2.53
3.10
2.56
3.06
2.31
2.99
2.25
3.10
2.33
3.21
2.45
3.11
2.51
3.06
2.53
3.11
6,589.8
2,414.3
3964
4252
3,531 9
3384
24266
3989
5
022
0.492
1,646.3
609.1
1008
1050
9124
776
6582
99 1
52497
10220
64 58
42279
36041
18450
5812
36 12
21 17
2200
3564
7 18
4 08
2846
2351
1169
102.2
130
504
23 4
1068
105
423
220
84
04
35
17
1.90
2.34
2.18
2.77
2.33
2.80
1166
1194
282
336
'33.9
l 162 3
12160
3178
2934
258.5
19400
191 827
32840
25 388
5,616
21058
142 198
31059
27614
7,478
z
4
4
Skirts
See footnotes at end of tablei
do....
r
'893 r 1 142 1323 1305 1 433 1712 1803
ll
454 !5 913 17*430 18 235 17,327 14,847 15,553
r
l 419 rr l 786 rr2057 rr2192 1825 '1390 1469
2410
'2 199 '2 152 '1 987
2224
1r 558 2r166
r
'456
530
'480
630
'438
350
'462
90
06
36
15
2.53
3.06
2.53
3.20
222
2570
2310
1628
12 903 13 177
1533
1957
'1 803 2216
548
'408
2320
12,745
2357
2246
573
0593
108
08
39
12
APPAREL
Women's, misses', juniors' apparel cuttings: @
Coats
thous units
Dresses
•
do .
Suits (incl pant suits jumpsuits)
do
34
5740
929
872
8688
725
6170
969
441 70
26728
16571
17442
64259
14755
87 76
49504
425 18
24240
4
60
120
5
0.30
85.1
818
'968
5
Manmade fiber manufactures:
Exports, manmade fiber equivalent
mil Ibs
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:
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 yd
FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other),
shipments quarterly ..
mil sq yds
61.6
902
6649
6 127
57.5
2,262
12,796
1994
2429
'570
0575
2.53
3.21
2.53
S-36
SURVEY OF CURRENT BUSINESS
1978
Unless otherwise stated in footnotes below, data
through 1976 and descriptive notes are as shown
in the 1977 edition of BUSINESS STATISTICS
1979
Annual
February 1981
1980
1979
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
1981
July
Aug.
Sept.
Oct.
Nov.
24,580
21,851
20,593
24.182
21.575
717.1 1,305.0 1,200.7
5,571 10,343
8,662
705
792
522
726
Dec.
Jan.
TEXTILE PRODUCTS—Continued
APPARELr-Continued
Men's apparel cuttings: @
Suits
thous units
Coats (separate) dress and sport
do....
Trousers (separate) dress
do
Slacks (jean cut) casual
.
do.. .
Shirts dress and sport
thous doz
Hosiery, shipments
thous. doz. pairs..
17014
14,024
129 225
214 660
43523
267.683
16065
13,096
137 915
233 539
43034
290,453
1038
665
8874
18,545
3423
22.564
1290
1031
10741
17836
3728
22,392
1220
1 110
10999
19269
3728
20.685
1 197 1338
1,590
1260
12315 12014
24 168 20,225
3662
4 107
21,675 23.254
1245
1,490
11203
19,263
3596
20,496
23,995
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders new (net) qtrly total
U S Government
Sales (net), receipts, or billings, qtrly, total
U.S Government
Backlog of orders end of period #
mil $ .
do
do....
do....
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do....
Missiles, space vehicle systems, engines, propulsion units, and parts
mil. $..
Other related operations (conversions, modifications) products services
mil $
Aircraft (complete);
Shipments
.
do....
Airframe weight
thous Ib
Exports commercial
mil $
MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous..
Retail sales total, not seasonally adj
Domestics §
.
Imports §
Total, seas adjusted at annual rate
Domestics §
Imports §
Retail inventories, end of mo., domestics:
Not seasonally adjusted
Seasonally adjusted §
thous..
do
Inventory-retail sales ratio domestics §
Exports (BuCensus) assembled cars
To Canada ....
.
Imports (BuCensus) complete units
From Canada total . . .
thous
do
do
do
Vans
'
do
Trailer bodies (detachable) sold separately
do
Trailer chassis (detachable) sold separately
do.
RAILROAD EQUIPMENT
Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number.
Equipment manufacturers
do
New orders
do ..
Equipment manufacturers
do
Unfilled orders, end of period
do..
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR): $
Number owned, end of period
thous..
Held for repairs, % of total owned
Capacity (carrying), total, end of mo
mil. tons..
Average per car
tons..
See footnotes at end of tables.
19778
6501
18714
15,114
5,686
89211
33814
46953
10,878
7,270
7,270
6,720
6,778
10336
10336
8921
9600
7,557
6,530.8
54542
3
3589
1 118.6 1,271.4
7 191
77327
658
6 149
9,165
8494
11,312
9,312
2000
8,419
7678
10,670
8340
2329
494
442
726
554
171
10.3
78
2.5
1,729
1740
22
3
695
12
3
540.90
3
23881 8
8327
10946
1946
1,691
1674
25
779 16
59095
30018
6712
10357
2351
1,691
1667
26
5595
4067
2579
485
4
836
4
199
3,706
3 415
3,037
2 741
166
141
do....
do....
do
mil..
do
do....
Exports (BuCensus) assembled units
.
do
Imports (BuCensus), including separate chassis
and bodies
thous
Registrations, fl new vehicles, excluding buses not
produced on truck chassis
thous
Truck trailers and chassis, complete (excludes
14849
6325
14 144
11,908
5,096
84546
32999
43684
10,345
63906
29346
58 828
45,844
23,206
75009
36 174
39789
8,241
7697
Registrations 1j total new vehicles
do
Imports incl. domestically sponsored
do
Trucks and buses:
Factory sales (from U.S. plants), total
thous..
Domestic
do
Retail sales, seasonally adjusted:
Light-duty up to 14 000 Ibs GVW
do
Medium-duty 14 001-26,000 Ibs GVW
do
Heavy-duty, 26,001 Ibs. and over GVW
do....
Retail inventories, end of period, seasonally
18333
9120
16718
12,218
5,909
75009
36 174
39789
8,241
49819
25992
46340
37,968
21,888
57 160
30223
28267
5,602
35472
1645
202.3
r
2 865 9
'1515
r
223.6
r
9
1,041.3 1,041.3
7,851
7,397
607
640
513
468
806
588
218
11.9
88
3.2
619
563
812
592
220
10.8
79
2.9
649
578
895
670
225
9.6
7.1
2.5
572
516
743
541
202
8.0
5.9
2.1
518
462
697
499
198
7.2
5.3
2.0
544
496
702
511
191
7.4
5.3
2.2
432
400
772
542
230
9.0
6.5
2.5
299
280
686
487
199
8.9
6.7
2.1
529
487
672
486
186
8.5
6.3
2.2
1,598
1462
20
4943
37.33
2795
486
4
753
4
203
1,610
1437
22
6332
5126
2866
515
6
701
8
196
1,567
1404
24
7244
6262
2881
616
5
801
5
220
1,585
1409
29
6938
58.95
2951
472
4
787
*222
1,598
1423
32
6021
5135
2943
513
4
733
4
215
1,628
1450
3.3
5192
4294
3077
52.6
4
676
4
199
1,507
1417
2.6
3104
27.09
2776
38.8
5
716
8
216
1,337
1330
2.4
2261
18.78
2303
21.8
5
704
5
215
1,373
1332
2.6
4164
35.48
2528
41.9
4
702
4
212
165
148
176
157
169
148
129
113
109
93
104
83
106
88
83
73
133
120
9
1,390
1328
2.3
5839
5109
2769
66 1
5747
5
196
1,440
1351
2.4
4695
3978
2718
63.3
4
730
4
187
1,448
1350
2.5
4046
32.45
2534
49.9
1,421
1,256
2.1
2
2
183
150
1667
r
7.4
14.1
177
1 1565
r
r
7.4
8.1
16.9
15.2
1479
r
90
15.3
143
1 1517
r
r
6.3
71
12.9
14.3
r
7889
1881
r
768 2
1694
•734 1
18.94
r
r
r
6120
16.40
r
r
524 1
1321
r
99 06
10061
10505
9282
10895
8986
11044
974 13
97 43
4
97 40
4
6
5
4
221
98 13
4
207
4
211
5
222
r
5227
13.33
9089
5
196
4
190
5542
1494
5
185
3963
3472
194 976
128 566
6468
29775
209 522
138*484
9 154
14700
13 156
8025
509
1262
11 876
7493
631
1493
10337
6318
770
1,348
10 138
6364
509
883
7 294
4080
258
820
8435
5404
231
840
9 439
6088
840
1053
10505
6,540
996
1,444
67440
62400
129 196
124 862
96,255
89944
8,795
7,835
7,903
8084
90021
7365
8224
7440
7376
83931
3471
7,010
3,776
8538
119 291
3471
6310
3776
7538
113 060
119201 119201 116 458 109 406 100 955
112 749 112 749 109 776 104 045 96 165
7,893
7546
5,501
2851
91940
84847
8,073
7484
5,744
3882
87,277
78911
7,902
7521
3,144
3 144
79486
71 701
5,890
5455
3393
3393
75284
67934
6,994
6 158
2797
2531
69,432
62652
6,947
6596
4,406
4406
66,007
59806
2,047
1847
59,378
53389
1201
81
93.84
78.15
1,195
81
9374
78.46
1,192
83
93.51
79.48
1,184
88
93.27
78.75
1,180
89
9306
78.83
1,177
88
93.61
79.09
266
13627
8956
326
994
1217
80
94.47
77.62
233
12 220
7602
644
1423
1205
81
9366
77.70
210
12 197
7081
486
1 145
1,202
84
9350
77.80
220
1 199
81
9353
78.01
1 186
87
93.31
78.67
455
644
470
174
9.6
7.0
2.6
1487
57
12.6
5780
15.42
470
650
472
178
8.9
6.4
2.5
1498
r
74
13.1
6993
15.51
2
698
530
169
9.3
6.8
2.5
1749
r
81
14.7
7307
17.45
1020
847
664
183
9.2
6.8
2.4
185
7
r
93
15.5
1 035 68
1,217
80
94.47
77.62
559
668
2143
100
17.8
'825 7
1971
1,225
7.9
93.96
76.68
2
2
r
814 8
25944
3
1 100.2 1,187.6 1,210.9 1,275.3
8,975
9,084
9,118
8081
706
709
786
768
2040
r
99
15.8
773 9
248 42
3
636.0
5055
270
r
2
143
1457
6.6
13.6
5705
14.08
5905
77.93
62.17
4
190
7,368
9306
79.38
SURVEY OF CURRENT BUSINESS
February 1981
S-37
FOOTNOTES FOR PAGES S-l THROUGH S-36
General Notes for all Pages:
r
p
e
c
Revised,
Preliminary,
Estimated,
Corrected.
Page S-l
Page S-6
1. Estimates (corrected for systematic biases) for Oct.-Dec. 1980 and Jan.-Mar. 1981
based on planned capital expenditures of business. Planned capital expenditures for the year
1980 appear on p. 44 of the Dec. 1980 SURVEY.
t The estimates for plant and equipment expenditures have been revised. An article
describing that revision and containing revised estimates for 1947-77 begins on p. 24 of the
Oct. 1980 SURVEY.
51 Data for the individual durable and nondurable goods industries appear in the Mar.,
June, Sept., and Dec. issues of the SURVEY.
1. Based on unadjusted data.
2. Beginning Jan. 1978, includes TV and sound equipment and repairs formerly in "health
and recreation."
3. Beginning Jan. 1978, residential.
4. Beginning Jan. 1978, includes additional items not previously priced.
5. Includes bottled gas.
6. Revised seasonally adjusted data prior to Oct. 1980 are not available for this issue of
the S URVEY, but will be shown in the future.
t Compiled by Dun & Bradstreet, Inc.
# Includes data for items not shown separately.
§ Ratio of prices received to prices paid (parity index).
U Data through 1977 are for urban wage earners and clerical workers; beginning Jan.
1978, there are two indexes, all wage earners and clerical workers, revised (CPI-W), and all
urban consumers (CPI-U). These indexes reflect improved pricing methods, updated
expenditure patterns, etc.; complete details are available from the Bureau of Labor Statistics,
Washington, D.C. 20212.
# New series. Earlier data are available from The Bureau of Labor Statistics, Washington,
D.C. 20212.
t Beginning Jan. 1978, CPI-U.
Page S-2
t Revised series. Estimates of personal income have been revised as part of the 1980
benchmark revision of the national income and product accounts. An article describing that
revision appears in the Dec. 1980 SURVEY. Data for 1976-79 will be published in a separate
supplement to the SURVEY. Pre-1976 data will be published in The National Income and
Product Accounts of the United States, 1929-76: Statistical Tables.
$ Includes inventory valuation and capital consumption adjustments.
# New series. Detailed descriptions begin on p. 18 of the Nov. 1979 SURVEY. See note "t"
for this page for information on historical data.
§ Monthly estimates equal the centered three-month average of personal saving as a
percentage of the centered three-month moving average of disposable personal income.
# Includes data for items not shown separately.
H Revised data for 1976-78 will be shown in the 1979 BUSINESS STATISTICS.
Page S-3
1. Based on data not seasonally adjusted.
II See note "II" for p. S-2.
# Includes data not shown separately.
$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "t" f°r P- S-4. For retail see note "t" f°r P- S-10.
t See note "t" for p. S-4.
§ See note "t" for p. S-10.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
Page S-7
1. Annual average computed by BEA.
§ For actual producer prices of individual commodities see respective commodities in the
Industry section beginning p. S-22. All data subject to revision four months after original
publication.
t Revised series. Stage-of-processing producer price indexes have been revised back to
1976 to reflect updated industry input-output relationships and improved classification of
some products.
# Includes data for items not shown separately.
$ Effective Mar. 1980 SURVEY, data have been revised back to 1967 to reflect new
seasonal factors. Effective Feb. 1981, data have been revised back to 1976 to reflect new
seasonal factors.
# New series. Data back to 1975 will be shown in the 1979 BUSINESS STATISTICS.
Page S-8
Page S-4
1. Advance estimate; total manufacturers' shipments for the previous month do not
reflect revisions for the selected components.
2. Based on data not seasonally adjusted.
$ Revised series. Data for both the manufacturing and retail sectors have been revised.
For manufacturing see note "t" f°r this page. For retail see note "t" for P- S-10.
t Revised series. Data revised back to 1958 to reflect (1) benchmarking of shipments and
inventories to the 1974, 1975, and 1976 Annual Surveys of Manufacturers, (2) recalculation
of new orders estimates, and (3) updating of the seasonal factors. A detailed description of
this revision and historical data appear in reports "Manufacturers' Shipments, Inventories,
and Orders" M3-1.7 (1958-1977), M3-1.8 (1967-1978), and M3-1.9 (1977-1979), available
from the Bureau of the Census, Washington, D.C. 20233.
§ See note "t" for p. S-10.
# New series. Data back to 1967 are available from the National Income and Wealth
Division, Bureau of Economic Analysis.
# Includes data for items not shown separately.
Page S-5
1. Advance estimate; total manufacturers' new and unfilled orders for the previous month
do not reflect revisions for the selected components.
2. The Sept., Oct., and Nov. 1979 issues of'the SURVEY incorrectly show annual data for
1977 and 1978 and monthly data for 1978 that had been superseded by the August 1979
revision. The Aug. 1979 SURVEY shows the correct data.
3. Based on data not seasonally adjusted,
t See note "t" for p. S-4.
# Includes data for items not shown separately.
$ Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries; unfilled orders for other nondurable goods industries are
zero.
H For these industries (food and kindred products, tobacco, apparel and other textile products, petroleum and coal, chemicals and allied products, and rubber and plastics products)
sales are considered equal to new orders.
1. Computed from cumulative valuation total.
2. Data shown here are based on 1980 seasonal factors. Effective Feb. 1981, data are no
longer seasonally adjusted.
IT Beginning Jan. 1979 SURVEY, monthly and annual data have been restated to reflect the
purchasing power of the dollar as measured by finished goods; comparable data for periods
prior to November 1977 will be shown in the 1979 BUSINESS STATISTICS.
$ Beginning Jan. 1978, based on CPI-U; see note "V for p. S-6.
# Includes data for items not shown separately.
§ Data for Jan., May, July, and Oct. 1980, and Jan. 1981 are for five weeks; other months
four weeks.
@ Data for new construction have been revised back to Jan. 1975 and are available from
the Bureau of the Census, Washington, D.C. 20233.
@@ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS
STATISTICS.
$$ Monthly data back to Jan. 1970 on the 1972=100 base will be shown in the 1979
BUSINESS STATISTICS.
Page S-9
1. Index as of Feb. 1, 1981: building, 298.4; construction, 314.0.
II Home mortgage rates (conventional first mortgages) are under money and interest rates
on p. S-15.
§ Data include guaranteed direct loans sold.
$ Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
@ Monthly data back to 1972 on the 1972=100 base are available upon request.
Page S-10
1. Advance estimate.
2. Effective Jan. 1979 data, sales of mail-order houses are included with department store
sales.
t Effective April 1980 SURVEY, retail trade data have been revised back to 1973. Effective
April 1979 S URVEY, data have been revised from 1967-1972. Revised data and a summary of
the changes are available from the Census Bureau, Washington, D.C. 20233.
# Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-38
February 1981
Page S-ll
Page S-16
1. As of July 1.
2. The publication of the accounts receivable data has been suspended.
# Includes data for items not shown separately.
$ Revisions for Jan. 1977-Oct. 1979 appear in "Current Population Reports," Series P-25,
No. 870. Revisions for July-Dec. 1976 appear in "Populations: Estimates of the Population
of the United States and Components of Change—1940-79," P-25 No. 802 (June 1979),
Bureau of the Census.
f Effective July 1980 SURVEY, data have been revised based on March 1979 benchmark
levels and updated seasonal adjustment factors; they are not comparable with previously
published data. Effective Oct. 1979 SURVEY, data have been revised based on March 1978
benchmark levels and updated seasonal adjustment factors; effective Oct. 1978 SURVEY, data
have been revised to conform to the 1972 SIC and adjusted to March 1977 benchmark levels,
therefore, data are not strictly comparable with earlier periods. See "BLS Establishment
Estimates Revised to March 1979 Benchmarks," in the July 1980 issue of Employment and
Earnings. See also Oct. 1979 and Oct. 1978 issues of Employment and Earnings for similar
articles.
II Effective with the Jan. 1980 SURVEY, the labor force series reflect new seasonal factors.
Data have been revised back to 1975; comparable monthly data for 1975-79 appear in the
Feb. 1980 issue of Employment and Earnings, U.S. Department of Labor, Bureau of Labor
Statistics.
# New series. The participation rate is the percent of the civilian noninstitutional population in the civilian labor force. The employment-population ratio is employment as a
percent of the total noninstitutional population, 16 years and over.
1. Data are for fiscal years ending Sept. 30 and include revisions not distributed to the
months.
f Beginning Jan. 1979 SURVEY, the consumer credit group has been completely
restructured; comparable data for periods prior to Nov. 1977 are available from the Federal
Reserve Board, Washington, D.C. 20551.
# Includes data for items not shown separately.
§ The Department of Health, Education, and Welfare was redesignated as the
Department of Health and Human Services by the Department of Education Organization
Act. Data for the months Dec. 1979-Apr. 1980 include 5,732 million dollars in outlays by the
Department of Education.
Page S-12
t See corresponding note on p. S-ll.
§ Effective October 1978 SURVEY, includes data formerly shown separately under
ordnance and accessories.
@ Formerly shown as Electrical equipment and supplies.
U Production and nonsupervisory workers.
$ This series is not seasonally adjusted because the seasonal component is small relative to
the trend-cycle and/or irregular components and consequently cannot be separated with
sufficient precision.
Page S-13
t See note "t" on p. S-ll.
§ See note "§" on p. S-12.
@ See note "@" on p. S-12.
$ See note "t" on p. S-12.
II Production and nonsupervisory workers.
Page S-14
t See corresponding note on p. S-ll.
II Production and nonsupervisory workers.
$ Earnings in 1967 dollars reflect changes in purchasing power since 1967 by dividing by
Consumer Price Index; effective Mar. 1979 SURVEY, data reflect new seasonal factors for the
CPI.
§ Wages as of Feb. 1, 1981: Common, $12.28; Skilled, $16.07.
# Includes data for items not shown separately.
@ 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.
@@ Insured unemployment as a percent of average covered employment in a 12-month
period.
Page S-17
1. Total for Jan.-May and Oct.-Dec.
§ Or increase in earmarked gold (—).
t The Federal Reserve has redefined the monetary aggregates. The redefinition was
prompted by the emergence in recent years of new monetary assets—for example, negotiable
order of withdrawal (NOW) accounts and money market mutual fund shares—and
alterations in the basic character of established monetary assets—for example, the growing
similarity of and substitution between the deposits of thrift institutions and those of commercial banks. Monthly data from 1959 to date are available from the Banking Section of
the Division of Research and Statistics at the Federal Reserve Board, Washington, D.C.
20551.
$ Composition of the money stock measures is as follows:
Ml-A.—This measure is currency plus demand deposits at commercial banks. It is essentially the same as the old Ml except that it excludes demand deposits held by foreign commercial banks and official institutions.
Ml-B.—This equals Ml-A plus interest-earning checkable deposits at all depositary
institutions—namely NOW accounts, automatic transfer from savings (ATS) accounts, and
credit union share draft balances—as well as a small amount of demand deposits at thrift
institutions that cannot, using present data sources, be separated from interest-earning
checkable deposits.
A/2.—This measure adds to Ml-B overnight repurchase agreements (RP's) issued by commercial banks and certain overnight Eurodollars (those issued by Caribbean branches of
member banks) held by U.S. nonbank residents, money market mutual fund shares, and
savings and small-denomination time deposits (those issued in denominations of less than
$100,000) at all depositary institutions. Depositary institutions are commercial banks (including U.S. agencies and branches of foreign banks, Edge Act corporations, and foreign
investment companies), mutual savings banks, savings and loan associations, and credit
unions.
M3.—This measure equals M2 plus large-denomination time deposits (those issued in
denominations of $100,000 or more) at all depositary institutions (including negotiable
CD's) plus term RP's issued by commercial banks and savings and loan associations.
L.—This broad measure of liquid assets equals M3 plus other liquid assets consisting of
other Eurodollar holdings of U.S. nonbank residents, bankers acceptances, commercial
paper, savings bonds, and marketable liquid Treasury obligations.
$$ Includes ATS and NOW balances at all institutions, credit union share draft balances,
and demand deposits at mutual savings banks.
# Overnight (and continuing contract) RP's are those issued by commercial banks to the
nonbank public, and overnight Eurodollars are those issued by Caribbean branches of
member banks to U.S. nonbank customers.
@ Small time deposits are those issued in amounts of less than $100,000. Large time
deposits are those issued in amounts of $100,000 or more and are net of the holdings of
domestic banks, thrift institutions, the U.S. Government, money market mutual funds, and
foreign banks and official institutions.
# Includes data for items not shown separately.
Page S-15
Page S-18
1. Average for Dec.
2. Average for the year.
3. Daily average.
4. Beginning Jan. 1981, data are for top-rated only. Prior data cover a range of top-rated
and regional dealer closing rates.
# Includes data for items not shown separately.
§ For demand deposits, the term "adjusted" denotes demand deposits other than
domestic commercial bank and U.S. Government, less cash items in process of collection;
for loans, exclusive of loans to and Federal funds transactions with domestic commercial
banks and include valuation reserves (individual loan items are shown gross; i.e. before
deduction of valuation reserves).
11 Adjusted to exclude domestic commercial interbank loans and Federal funds sold to
domestic commercial banks.
$ Data beginning Dec. 1978 reflect a reduction in the number of banks reporting (from
317 to 171) and changes in consolidation basis as well as content of several asset and liability
items. Unless otherwise stated, comparable data for earlier periods will be available later.
# New series. Beginning Dec. 1978, data are for all investment account securities;
comparable data for earlier periods are not available.
t Revised series. Data are now monthly averages and the coverage has been expanded.
Comparable data back to Dec. 1972 are available from the Federal Reserve Board,
Washington, D.C. 20551.
$$ Rates on the commercial paper placed for firms whose bond rating is Aa or the
equivalent. Data through Oct. 1979 show a maturity for 120-179 days. Beginning Nov. 1979,
maturity is for 180 days.
@ Data through Oct. 1979 show a maturity for 150-179 days. Beginning Nov. 1979,
maturity is for 180 days.
1. Beginning Jan. 1978, data are based on a new classification system and include
nonmonetary gold; the overall total and the commodity groups (but not the items within the
groups) have been revised back to Jan. 1977 to reflect these changes.
§ Number of issues represents number currently used; the change in number does not
affect the continuity of the series.
$ For bonds due or callable in 10 years or more.
# Includes data for items not shown separately.
@ Data may not equal the sum of the geographic regions, or commodity groups and
principal commodities, because of revisions to the totals not reflected in the component
items.
@@ Effective Feb. 1979 SURVEY, seasonally adjusted data have been revised to reflect
sums of commodity components; comparable data for periods prior to 1977 will be shown in
the 1979 BUSINESS STATISTICS.
Page S-19
1. See note 1 for p. S-18.
# Includes data not shown separately.
§ Data may not equal the sum of geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the components.
@ See note "@@" for p. S-18.
Page S-20
1. See note 1 for p. S-18.
# Includes data not shown separately.
February 1981
SURVEY OF CURRENT BUSINESS
Page S-21
1. Domestic trunk operations only (averaging about 90 percent of domestic total).
2. Annual total; quarterly or monthly revisions are not available.
3. Before extraordinary and prior period items.
4. For month shown.
5. Beginning Jan. 1979, data are based on a new sample of freight shipments for 1976. The
new indexes have been linked to the old indexes to maintain comparability.
6. Beginning Jan. 1977, data are for unlinked passenger trips.
7. Beginning Jan. 1980 data, another company is included.
8. Data are for six months, Jan.-June 1980.
# Includes data for items not shown separately.
§ Total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
$ Beginning Jan. 1977, defined as those having operating revenues of $50 million or more.
II Average daily rent per room occupied, not scheduled rates.
@ Beginning Jan. 1979, data include visits to Badlands and Theo. Roosevelt National
Parks (formerly classified as recreational areas). Beginning Jan. 1980, data include visits to
Channel Islands (formerly classified as a monument). Beginning June 1980, data include
visits to Biscayne (formerly classified as a monument). Beginning Dec. 1980, data include
visits to Katmai (formerly classified as a monument).
Page S-22
1. Reported annual total; monthly revisions are not available.
2. Data withheld to avoid disclosing operations of individual companies.
3. Beginning Jan. 1979, data include chemically-treated fertilizer and sodium nitrate
containing over 16.3% nitrogen by weight; not strictly comparable with data shown for
earlier periods.
4. Because of an overall revision to the export commodity classification system effective
Jan. 1, 1978, data may not be strictly comparable with those shown for earlier periods.
5. See note "II" for this page.
6. Reported annual total; includes monthly data withheld to avoid disclosing operations
of individual companies.
7. Data beginning Jan. 1979 are for value of shipments and comprise three new product
categories. Comparable data for these new categories are not available prior to Jan. 1979.
However, the difference between total value of shipments and total factory sales (formerly
shown) is considered statistically insignificant.
# Includes data for items not shown separately.
§ Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
$ Monthly revisions, back to 1975 for some commodities, will be shown in the 1979
BUSINESS STATISTICS.
@ Monthly revisions for Oct. 1976-Feb. 1978 will be shown in the 1979 BUSINESS
STATISTICS.
H Data for Jan. 1977-June 1979 exclude potassium magnesium sulfate; not strictly
comparable with those shown for other periods.
Page S-23
1. Includes Hawaii, not available on a monthly basis; monthly revisions for 1976-78 will
be shown in the 1979 BUSINESS STATISTICS.
2. Reported annual total, including Hawaii; monthly data are preliminary and subject to
change.
§ Data are not wholly comparable from year to year because of changes from one
classification to another.
@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS
STATISTICS.
Page S-24
S-39
Page S-25
1. See note 4 for p. S-22.
2. See note "#" for this page.
3. Effective Mar. 1979, prices are for Central U.S. and Los Angeles; comparability not
affected.
4. Prices for Sept. 1977-Mar. 1979 are estimated; actual price not available. Annual
average for 1978 reflects those estimates. Annual average for 1979 is based on actual price
(Apr.-Dec.).
5. Average for five months (Aug.-Dec.).
§ Cases of 30 dozen.
H Bags of 132.276 Ibs.
$ Monthly revisions back to Jan. 1975 will be shown in the 1979 BUSINESS
STATISTICS.
@ Monthly revisions back to 1976 will be shown in the 1979 BUSINESS STATISTICS.
# Effective Jan. 1979, prices are for Central U.S. (including East Coast); comparability is
not affected.
Page S-26
1. See note 4 for p. S-22.
2. Beginning Aug. 1978, prices are estimated; not comparable with those shown for earlier
periods. Annual average for 1978 represents Aug.-Dec.
3. Crop estimate for the year.
4. Beginning Sept. 1979, estimated prices are derived from a different source and are not
comparable with those shown for earlier periods. Annual average for 1979 represents Sept.Dec.
5. Crop estimate for 1980.
§ Monthly data reflect cumulative revisions for prior periods.
@ Producers' and warehouse stocks.
II Factory and warehouse stocks.
Page S-27
1. See note 4 for p. S-22.
2. Annual total; monthly revisions are not available.
3. Average for Jan.-May and July-Dec.
4. Average for Jan.-Oct.
5. Average for July-Dec.
# Totals include data for types of lumber not shown separately.
Page S-28
1.
2.
3.
4.
Annual data; monthly revisions not available.
Average for 11 months; price not available for Nov.
Effective Jan. 1980, data are no longer available.
Less than 500 short tons.
Page S-29
1. Annual data; monthly revisions are not available.
2. For month shown.
3. Copper refinery production from domestic and foreign ores are not shown to avoid
disclosing information for individual firms. The source reports 79,039 metric tons of
domestic ores and 14,623 metric tons of foreign ores for the period July-Sept. 1980.
§ Beginning with Jan. 1979 data, units are metric tons; to convert, multiply short tons by
0.907185.
1. See note 4 for p. S-22.
2. Crop estimate for the year.
Page S-30
3. Stocks as of June 1.
4. Stocks as of June 1 and represents previous year's crop; new crop not reported until
1. Data beginning Jan. 1978 exclude stocks of lead base bullion in transit and at refineries.
June (beginning of new crop year).
2. Less than 50 tons.
5. Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
3. Data are for five weeks; other months 4 weeks.
6. Less than 50 thousand bushels.
4. For month shown.
7. Ten-month average; Feb. and June prices not available.
5. Data withheld to avoid disclosing information for individual companies in the 4th
8. See note "@@" for this page.
quarter of 1979. Annual total for 1979 is the sum of available data.
9. Crop estimate for 1980.
6. Effective July 1980 SURVEY, data are revised and shown on a new base. Revised data
10. Data are no longer available.
are not comparable to previously published data.
§ Excludes pearl barley.
§ Beginning with Jan. 1979 data, units are metric tons; earlier data are shown in short
# Bags of 100 Ibs.
tons; to convert, multiply short tons by 0.907185.
H Revised crop estimates for 1970-75 will be shown in the 1979 BUSINESS
II Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
STATISTICS.
@ All data (except annual production figures) reflect GSA remelted zinc and zinc
@ Monthly revisions, for some series back to 1976, will be shown in the 1979 BUSINESS purchased for direct shipment.
STATISTICS.
# Includes data not shown separately.
$ Monthly revisions back to 1975 will be shown in the 1979 BUSINESS STATISTICS.
t Revised series. The sample size has been restored to 100 firms and the base has been
@@ Data are quarterly except for June (covering Apr. and May) and Sept. (covering changed to 1977=100.
June-Sept.).
* New series. These indexes are based on shipments of hydraulic and pneumatic products
reported by participating members of the National Fluid Power Association. Data back to
1959 are available upon request.
S-10
SURVEY OF CURRENT BUSINESS
Page S-31
1. Reflects revisions not available by months.
2. Beginning May 1980 S URVEY, monthly data are available only at quarterly intervals.
3. Effective Jan. 1980, total stocks for bituminous coal and lignite exclude residential and
commercial stocks and are not comparable with data shown for earlier periods. See also note
2 for this page.
4. Beginning Jan. 1979, data reflect coverage of additional processing facilities; not
strictly comparable with data shown for earlier periods.
5. Data are available back to Oct. 1977.
# Includes data for items not shown separately.
@ Beginning July 1977, data include shipments to mobile home and travel trailer
manufacturers (formerly excluded); they are not directly comparable with data for earlier
periods.
* New series. Annual data prior to 1978 and monthly data prior to April 1979 are
available upon request.
§ Includes nonmarketable catalyst coke.
If Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
$ Monthly revisions for the following series will be shown in the 1979 BUSINESS
STATISTICS: bituminous coal—back to 1975; coke—back to 1977; petroleum and products—back to 1976; anthracite coal production—1977; and wholesale price indexes
covering bituminous coal and petroleum and products—1977.
$f Formerly shown as Manufacturing and mining industries.
@@ Formerly shown as Retail deliveries to other consumers.
Page S-32
1. Less than 50 thousand barrels.
2. See note 4 for p. S-31.
3. Reported annual totals; revisions not allocated to the months.
4. See note "U" for this page.
$ See note "$" for p. S-31.
11 Prices are mid-month and through 1978, exclude taxes. Beginning Jan. 1979, taxes are
included; comparable prices for earlier periods are not available.
# Includes data for items not shown separately.
Page S-33
1. Beginning Jan. 1977, data cover passenger car and truck and bus tires; motorcycle tires
and tires for mobile homes are excluded.
2. Effective Jan. 1980, data are no longer available.
If Consumption by 525 daily newspapers reporting to the American Newspaper
Publishers Association.
§ Monthly data are averages of the 4-week periods ending on the Saturday nearest the end
of the month; annual data are as of Dec. 31.
$ Data are monthly or annual totals. Formerly weekly averages were shown.
February 1981
Page S-34
1. Reported annual total; revisions not allocated to the months.
2. Crop for the year.
3. Data cover five weeks; other months, four weeks.
4. First-of-the-month estimate of the 1980 crop.
5. Data are not available prior to Jan. 1980.
@ Monthly revisions back to 1976 will be shown in the 1979 BUSINESS STATISTICS.
# New series. Data for finishing mills have replaced data for weaving mills, which are no
longer available.
# Includes data for items not shown separately.
If Cumulative ginnings to the end of month indicated.
§ Bales of 480 Ibs.
Page S-35
1. Effective Jan. 1, 1978, includes reexports, formerly excluded.
2. Effective 1st quarter 1977, data are not directly comparable with earlier periods.
3. Average for crop year; Aug. 1-Jul. 31.
4. For five weeks; other months four weeks.
5. Monthly average.
6. Average for 11 months; no price for Oct.
7. Less than 500 bales.
§ Bales of 480 Ibs.
If Based on 480-lb. bales, preliminary price reflects sales as of the 15th; revised price
reflects total quantity purchased and dollars paid for the entire month (revised price includes
discounts and premiums).
# Includes data not shown separately.
@ Effective Apr. 1979 SURVEY, data include 600 additional firms; comparable data back
to Jan. 1977 (except for slacks, jean cut, casual, shown on p. S-36) will appear in the 1979
BUSINESS STATISTICS.
Page S-36
1. Annual total includes revisions not distributed to the months.
2. Estimates of production, not factory sales.
3. See note 4 for p. S-22.
4. Excludes one state.
5. Excludes two states.
6. Excludes three states.
7. Excludes four states.
8. Effective Jan. 1979, data are not directly comparable with earlier periods because of the
inclusion of Volkswagens produced in the U.S.
9. Effective Jan. 1980, passenger vans previously reported as passenger cars are now included with trucks.
@ See note "@" p. S-35.
# Total includes backlog for nonrelated products and services and basic research.
§ Domestics comprise all cars assembled in the U.S. and cars assembled in Canada and
imported to the U.S. under the provisions of the Automotive Products Trade Act of 1965.
Imports comprise all other cars.
if Courtesy of R.L. Polk & Co.; republication prohibited.
$ Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate.
Domestic trade
1-6
6-8
8,9
9-11
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication
11-15
15-18
18-20
21
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
22
23
23-26
27
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
27,28
28-31
31,32
32,33
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
33
34
34-36
36
INDIVIDUAL SERIES
Advertising
Aerospace vehicles
Agricultural loans
Air carrier operations
Air conditioners (room)
Aircraft and parts
Alcohol, denatured and ethyl
Alcoholic beverages
Aluminum
Apparel
Asphalt
Automobiles, etc
9,14
36
15
21
31
5,36
22
9,23
29
2-7,9-13,35,36
31,32
2-7,9,10,17,19,20,36
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
15
24
30
25
7,9,19,20,23
4,5
17,18
29
34
2-5,9
9
8
6
3,4
23
Cattle and calves
25
Cement and concrete products
7,9,34
Cereal and bakery products
7
Chain-store sales, firms with 11 or more stores. . . 10,11
Cheese
:
23
Chemicals
3-5,7,12,13,17,19,20,22
Cigarettes and cigars
26
Clay products
3,4,7,34
Coal
3,7,19,31
Cocoa
20,25
Coffee
20,25
Coke
31
Combustion, atmosphere, heating equipment
30
Communication
1,17,21
Confectionery, sales
25
Construction:
Contracts
8
Costs
9
Employment, unemployment, hours, earnings. . 11-14
Highways and streets
8
Housing starts
8
Materials output indexes
9
New construction put in place
8
Consumer credit
16
Consumer goods output, index
2
Consumer Price Index
6
Copper
29
Corn
24
Cost of living (see Consumer Price Index)
6
Cotton, raw and manufactures
6,19,34,35
Cottonseed oil.
26
Credit, short- and intermediate-term
16
Crops
6,24,26,34
Crude oil.
3,31
Currency in circulation
17
Dairy products
Debt, U.S. Government
Deflator, PCE
Department stores, sales, inventories
Deposits, bank
Dishwashers.
Disposition of personal income....
Disputes, industrial
Distilled spirits
Dividend payments
Drugstores, sales
6,7,23,24
16
2
10,11
15,17
31
2
15
23
2,17
10,11
Earnings, weekly and hourly
13,14
Eating and drinking places
10,11
Eggs and poultry
6,7,25
Electric power
3, 7,23
Electrical machinery and equipment
3-5,
7,12,13,17,19,20,30, 31
Employee-hours, aggregate, and indexes
13
Employment
11,12
Explosives
22
Exports (see also individual commodities)
1,18,19
Failures, industrial and commercial
6
Farm prices
6,7
Farm wages
14
Fats and oils
7,19,20,26
Federal Government
finance
16
Federal Reserve banks, condition of
15
Federal Reserve member banks
15
Fertilizers
7,22
Fire losses
9
Fish
25
Flooring, hardwood
28
Flour, wheat
25
Food products
2-7,9,12,13,17,19,20,23-26
Foreign trade (see also individual commod.)
18-20
Freight cars (equipment)
36
Fruits and vegetables
6, 7
Fuel oil
6,31,32
Fuels
3,6, 7,19, 20,31, 32
Furnaces
31
Furniture
3,7,10,12,13
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gypsum and products
3,6,7,23
32
34
22
17
6,7,19,24,25
10,11
7,34
Hardware stores
10
Heating equipment
7,30
Help-wanted advertising index
14
Hides and skins
7,27
Highways and streets
8
Hogs
25
Home electronic equipment
7
Home Loan banks, outstanding advances
9
Home mortgages
9
Hosiery
36
Hotels and motor-hotels
21
Hours, average weekly
12,13
Housefurnishings
2,4-6,9,10
Household appliances, radios, and television sets.
2,
7,10,30
Housing starts and permits
8
Imports (see also individual commodities)
1,19,20
Income, personal
2
Income and employment tax receipts
16
Industrial production indexes:
By industry
3
By market grouping
2,3
Installment credit
:
11,16
Instruments and related products
3,4,12,13
Insurance, life
16
Interest and money rates
15
International transactions of the United States. . .
1
Inventories, manufacturers' and trade
3-5,9,10
Inventory-sales ratios
4
Iron and steel
3,7,9,17,19,20,28,29
Labor advertising index, stoppages, turnover
14,15
Labor force
11
Lamb and mutton
25
Lead
29,30
Leather and products
3,7,12,13,27
Life insurance
16
Livestock
6,7,25
Loans, real estate, agricultural, bank (see also
Consumer credit)
9,15
Lubricants
31,32
Lumber and products
3,7,9,12,13,27,28
Machine tools
30
Machinery
3-5,7,12,13,17,19,20, 30
Mail order houses,
sales
10
Manufacturers1 sales (or shipments), inventories,
orders
4,5
Manufacturing employment, unemployment, production workers, hours, earnings
11-14
Manufacturing production indexes.
2,3
Margarine
26
Meat animals and meats
7,19,20,25
Medical care
6
Metals
3-5,7,12,13,17,19,20,28-31
Milk
24
Mining and minerals
1-3,7,11-14,17
Monetary statistics
17
Money and interest rates
15
Money supply
17
Mortgage applications, loans, rates
9,15,16
Motor carriers
21
Motor vehicles
2-4,6,10,17,19,20,36
National parks, visits
21
Newsprint
20, 33
New York Stock Exchange, selected data
18
Nonferrous metals
3,5,7,17,19,20,29, 30
Oats
Oils and fats
Orders, new and unfilled, manufacturers*
Outlays, U.S. Government
24
7,19,20,26
5
16
Paint and paint materials
Paper and products and pulp.
7,22
3-5,
7,12,13,17,20,32,33
Parity ratio
6
Passenger cars
2-4,6,7,9,10,17,19,20, 36
Passports issued
21
Personal consumption expenditures
2
Personal income
2
Personal outlays
2
Petroleum and products. . . . 3-7,12,13,17,19,20,31,32
Pig iron
28
Plant and equipment expenditures
1
Plastics and resin materials
22
Population
11
Pork
25
Poultry and eggs
6, 7,25
Price deflator, implicit (PCE)
2
Prices (see also individual commodities)
6-8
Printing and publishing
3,12,13
Private sector employment, hours, earnings
11-14
Producer Price Indexes
7,8
Profits, corporate
17
Public utilities
1-3,8,17,18,23
Pulp and pulpwood
32
Purchasing power of the dollar
8
Radio and television
2,10, 30
Railroads
1,14,18,21, 36
Ranges
31
Rayon and acetate
35
Real estate
9,15,16
Receipts, U.S. Government
16
Refrigerators
31
Registrations (new vehicles)
36
Rent (housing)
6
Retail trade
3,4,6,10-14,16
Rice
24
Rubber and products (incl. plastics). 3-5,7,12,13,20, 33
Saving, personal
2
Savings and loan assoc., new mortgage loans
9
Savings deposits
15
Securities issued
17
Security markets
17,18
Services
6,12-14
Sheep and lambs
25
Shoes and other footwear
7,10,11,27
Silver
17
Soybean oil
26
Spindle activity, cotton
35
Steel (raw) and steel manufactures
20,28,29
Steel scrap
28
Stock market customer
financing
17
Stock prices, yields, sales, etc
18
Stone, clay, glass products
3,4,7,12,13,17,34
Sugar
20,26
Sulfur
22
Sulfuric acid
,
22
Superphosphate
22
Tea imports
26
Telephone and telegraph carriers
21
Television and radio
2,10,30
Textiles and products.... 3-5,7,12,13,17,19,20,34-36
Tin
30
Tires and inner tubes
7,33
Tobacco and manufactures
3-6,12,13, 26
Tractors
30
Trade (retail and wholesale)
3,4,6,9-14
Transit lines, urban
21
Transportation
1,6,12-14,17,18,21
Transportation equipment... 2-5,7,12,13,17,19,20,36
Travel
21
Truck trailers
36
Trucks (industrial and other)
30,36
Unemployment and insurance
11,14
U.S. Government bonds
15-18
U.S. Government
finance
16
U.S. International transactions
1
Utilities
1,3,6,8,17,18,23
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits.
Veterans' unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
flour
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc
31
10,11
19,20,26
6,7
14
2,13,
24,
3,4,6,9,12-
30
@FedFRASER