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JANUARY 1969 / VOLUME 49 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS
U.S. Department of Commerce
Maurice H. Stans / Secretary
U.S. Economy in 1968

1

Production and Income in 1968

7

National Income and Product Tables

20

Labor Markets—Prices

24

Financial Developments in 1968

27

The Balance of Payments

30

Personal Income Higher in All Regions

in Third Quarter, 1968

37

CURRENT BUSINESS STATISTICS
General

S1-S24

Industry

S24-S40

Subject Index (Inside Back Cover)

Albuquerque, N. Meat. 87101
U.S. Courthouse Ph. 247-0311.
Anchorage, Alaska 99501
306 Loussac-Sogn Bldg. 272-6331.
Atlanta, Ga. 30303
75 Forsyth St. NW. 526-6000.
Baltimore, Md. 21202
305 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th Si. Ph. 325-3327.
Boston, Mass. 02203
JFK Federal Bldg. 223-2312.
Buffalo, N.Y. 14203
117 Ellicott St. I'h. 842-3208.
Charleston, S.C. 29403
334 Meeting St.
Ph. 577-4171.
Charleston, W. Va. 25301
500 Quarrier St. Ph. 343-6196.




Cheyenne, Wyo. 82001
6022 U.S. Federal Bldg.
Ph. 634-5920.
Chicago, III. 60604
1486 New Federal Bldg.
Ph. 353-4400.
Cincinnati, Ohio 45202
550 Main St. Ph. 684-2944.
Cleveland. Ohio
666 Euclid Ave.
Ph. 522-4750.

44114

Dallas, Tex. 75202
1114 Commerce St.

749-3287.

Denver, Colo. 80202
16419 Fed. Bldg., 20th & Stout Sts.
Ph. 297-3246.
Des Moines. Iowa
609 Federal Bldg.
Ph. 284-4222.

50309

Detroit, Mich. 48226
445 Federal Bldg. Ph. 226-6088.
Greensboro, N.C. 27402
258 Federal Bldg.
Ph. 275-9111.
Hartford, Conn. 06103
18 Asylum St. Ph. 244-3530.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
Ph. 588-977.
Houston, Tex. 77002
515 Rusk Ave. Ph. 228-0611.
Jacksonville, Fla. 32202
400 W. Bay St. Ph. 791-2796.
Kansas City, Mo. 64106
911 Walnut St. 374-3141.
Los Angeles, Calif. 90015
1031 S. Broadway Ph. 688-2833.

William H. Chartener / Assistant Secretary
for Economic Affairs
Office of Business Economics
George Jaszi / Director
Morris R. Goldman Louis J. Paradiso
Associate Directors
Murray F. Foss / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics

STAFF CONTRIBUTORS TO THIS ISSUE
Production and Income:
Joseph Wakefield
Mabel A. Smith
Martin Lefkowitz
Genevieve B. Wimsatt
Donald A. King
David R. Hull, Jr.
Leo Bernstein
Dorothea S. Jones
Labor Market—Prices—Finance:
Robert B. Bretzfelder
Donald A. King
David R. Hull, Jr.
The Balance of Payments:
Emil L. Nelson
Max Leehter
Personal Income:
Robert B. Bretzfelder
Marian B. Sacks
Q. Francis Dallavalle
Subscription prices, including weekly statistical supplements, are $9 a year for domestic and $12.75 for
foreign mailing. Single issue $1.00.
Make checks payable to the Superintendent of Documents and send to U.S. Government Printing Office,
Washington, D.C. 20402, or to any U.S. Department of
Commerce Field Office.

Memphis, Tenn. 38103
147 Jefferson Ave.
Ph. 534-3214.
Miami, Fla. 33130
25 West Flagler St. Ph. 350-5267.
Milwaukee, Wis. 53203
238 W. Wisconsin Ave. 272-8600.
Minneapolis, Minn. 55401
306 Federal Bldg. Ph. 334-2133.
New Orleans, La. 70130
610 South St. Ph. 527-6516.
New York. N.Y. 10007
26 Federal Plaza 264-0634.
Philadelphia, Pa. 19107
1015 Chestnut St. Ph. 597-2850.
Phoenix, Ariz. 85025
230 N. First Ave. Ph. 261-3285.
Pittsburgh, Pa. 15222
1000 Liberty Ave. Ph. 644-2850.

Portland, Oreg. 97204
217 Old U.S. Courthouse Bldg.
Ph. 226-3361.
Reno, Nev. 89502
300 Booth St. Ph. 784-5203.
Richmond, Va. 23240
2105 Federal Bldg. Ph. 649-3611.
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah 84111
125 South State St. Ph. 524-5116.
San Francisco, Calif. 94102
450 Golden Gate Ave.
Ph. 556-5864.
San Juan, Puerto Rico 00902
100 P.O. Bldg. Ph. 723-4640.
Savannah, Ga. 31402
235 U.S. Courthouse and P.O.
Bldg. Ph 232-4321.
Seattle, Wash. 98104
809 Federal Office Bldg.
Ph. 583-5615.

The US. Economy in 1908
I

NCREASED demands in all principal markets brought substantial rises
in the Nation's income and production
in 1968. It was the eighth year of the
long cyclical upswing that started in
early 1961 and that was interrupted
briefly in early 1967. Employment rose
to its highest level ever, and the unemployment rate fell to its lowest level
in 15 years. Lower unemployment rates
were widespread; even so, they were
still considerably above average for
those groups at a disadvantage in the
labor market, notably nonwhite persons and teenagers.
The problem of inflation continued to
be of major concern in 1968, as it has
ever since the step-up in the war in
Vietnam in 1965. In an economy operating at full employment, the increased
demands of 1968 led to sharp increases
in costs of production, profit margins,
and prices. With demand strong and the
supply of experienced labor very scarce,
employees were able to win the largest
wage increases since the early 1950's.
Last year's increase in production was
accompanied by some acceleration in
the growth of productivity, which had
slowed down the year before. However,
the productivity rise fell short of the
increase in wage rates so that labor
costs per unit of production, although
rising somewhat less than in 1967, increased considerably. The price rise of
1968 reflected not only these and other
cost increases but also expanded profit
margins, which had contracted in 1967.
Wholesale industrial prices continued to
increase, and consumer prices, rising
steadily through the year, scored their
largest advance in 17 years. Inflationary pressures were accentuated by last




year's rise in farm prices, which had
fallen in 1967.
Personal income registered a sharp
gain in 1968, and notwithstanding the
tax increases imposed during the year
as well as the continuing price rise, per
capita income advanced. In addition,
before-tax profits of corporations were
much higher than the 1966 peak; aftertax earnings equaled their 1966 high.
CHART 1

GNP rose $71 billion or
9 percent in 1968
Percent Change From Previous Year

10
GNP
8

_ (Current $).

•i im i
ii
Real Output increased 5 percent.
6

GNP
_ (in 1958 $)

while prices were up 3 3/4 percent
IMPLICIT PRICE DEFLATOR
FOR GNP

1963

64

66

U.S. Department of Commerce, Office of Business Economics

67

68

Farm income rose but was still short of
the 1966 record.
In its transactions with foreign
countries, the record for 1968 was a
mixed one. The balance of payments
deficit, after a sharp increase in 1967,
improved in 1968. Aside from some
special transactions, this improvement
reflected a shift in private capital
transactions, from sizable net outflows
to a small net inflow, chiefly because
foreigners made unusually heavy purchases of U.S. stocks and bonds. However, the balance on merchandise trade,
which had been substantial through
most of the 1960's, fell precipitously.
Policy problems
Both fiscal and monetary policies
were used last year in efforts to stem
the expansion and thereby the inflationary tide. The President called for a
surtax on individual and corporate incomes in August 1967, but it was not
until the end of June 1968 that the
surtax was passed, as part of a fiscal
program that also included a ceiling on
Federal expenditures in fiscal 1969,
an extension of certain excise taxes, and
limitations on Federal employment.
Consequently, in the first half of 1968,
the responsibility for curbing the expansion fell on monetary policy. The
Federal Reserve followed a policy that
provided a limited accommodation to
burgeoning credit demands but still
permitted a sizable expansion in credit.
This policy had some impact insofar as
it contributed to the sharp increases
in interest rates and braked an ongoing
recovery in residential construction.
However, monetary restraints were
eased once the fiscal program was passed

SUEVEY OF CURRENT BUSINESS
because of the widely shared belief that
the expansion in consumer and business
spending would slow down and consequently diminish the need for monetary limitations
This diagnosis proved to be only
partially correct since consumer expenditures rose very sharply in the
summer. In the fourth quarter, however, spending rose at a much more
subdued rate. Private investment demand, far from slowing down, began to
accelerate toward the end of the year.
It was around this time that the
Federal Reserve moved back toward a
more restrictive policy, and against a
background of heavy demands for
credit, market interest rates exceeded
their spring peaks, which had been the
highest in many decades.

Fourth Quarter GNP and
Yearend Position
Output continued to rise at a rapid
pace in the fourth quarter. According to
preliminary and incomplete data, the
GNP advanced $16.8 billion to a seasonally adjusted annual rate of $887.8
billion; this was almost as large as the
$18 billion increase the quarter before.
The 2 percent rise in the fourth quarter
was divided about equally between an
increase in physical volume and an
increase in price.
The composition of the fourth quarter
output gain was quite different from
that of the third, even though the two
quarterly changes were roughly the
same in size. The increase in final sales
slowed down, from $21.4 billion to
$14.3 billion, while inventory investment increased after a decline in the
preceding quarter.
The slower rate of expansion in final
sales was attributable to consumption
expenditures, which rose only $5 billion
after a gain of $13 billion in the third
quarter; the rise was the smallest in
more than a year. Consumer purchases
of autos and parts leveled off after an
unusual spurt from the spring to the
summer months, while expenditures on
household durables declined after seven
quarterly increases. Nondurable expenditures showed little gain, but
services continued their steady upward
movement.
With the rise in consumption much
less than the $10 billion rise in disposable



income, personal saving increased, and
the saving rate advanced almost to 7
percent from 6% percent in the third
quarter. In the first half, the saving
rate averaged 7.3 percent.
Fixed investment was very strong in
the fourth quarter. With housing starts
recovering from the spring slump and
attaining their best level of the year
in the fall, residential contruction rose
$2.3 billion for the largest gain of 1968.
More impressive was the rise in nonresidential fixed investment, which advanced $4 billion after a $3 billion rise
the quarter before; most of the increase
was for equipment, but an advance was
also recorded in outlays for structures,
for which spending had been very sluggish during the year.
On the basis of figures for October and
November it appears that inventory investment rose from a seasonally adjusted annual rate of $7% billion in
the third quarter to $10.0 billion in the

The less rapid increase in current dollar GNP
in the 2d half of 1968 ...
Percent Change From Previous Quarter

12

GNP
(Current $)

reflected a slower pace in real volume
8

GNP
(in 1958 $)

6
4
2

L

1—1 -

1—| i—|

[
LJ

n

i

The price rise continued with little change
6

IMPLICIT PRI C E t)E FLAT OR
FOR GNP

—

4
2
0

-ita

i -

"r

1967

I

1968

Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics

January 1909
fourth—a gain of $2% billion. From
the second to the third quarter, inventory investment declined $3 billion. The
rise in the rate of accumulation appears
to be related primarily to the slower
expansion in consumer buying, since
trade firms accounted for the increase
in accumulation.
State and local government purchases
continued their steady upward trend
with a $2% billion rise, but Federal
outlays recorded their smallest increase
since 1965 with an advance of only
$% billion. Incomplete data indicate
that net exports were little changed in
the fourth quarter—above the abnormally low first half rate but considerably under the 1967 total.
December business

Production, employment and income
rose through the quarter and, if anything, appeared to be rising more
rapidly at the end than at the beginning.
Personal income advanced a large $5%
billion (annual rate) in December, as
compared with gains of $3% billion in
October and $4.8 billion in November.
The rise in payrolls was especially
strong, reflecting a very substantial
increase in employment (266,000 in
nonfarm establishments), a slight pickup in hours (after decreases in October
and November), and continued advances in hourly earnings. Unemployment remained at the post-Korean low
attained the month before. Industrial
production rose 1 percent, the second
consecutive sizable monthly increase.
Final sales in December were much
less buoyant than production to judge
from partial data. Retail sales, which
had shown no growth from September
to November, fell sharply in the closing
month of the year, according to advance reports. The outbreak of the
influenza epidemic in December undoubtedly had an adverse effect on
December sales but how much it is
impossible to say at this time. There
was no evidence of any lessening in
the price rise as wholesale prices of
industrial commodities advanced again.
Outlook for 1969

The uncertainties concerning the
outlook appear manifold at the start of
1969: Of overriding importance is the
course of developments relating to
Vietnam, but economic events may also
(Continued on page 38)

SURVEY OF CURRENT BUSINESS

January 1969

CHART 3

* GNP rose $16.8 billion in the fourth quarter; real GNP up 4 percent (annual rate)
* Establishment employment showed another large gain in December—unemployment rate remained at November low point
* GNP deflator continued its steady rise in the fourth quarter—wholesale prices up again in December
THE LABOR MARKET

TOTAL PRODUCTION

PRICES

Million Persons

Billion $

81

950

CIVILIAN LABOR FORCE AND
EMPLOYMENT*

CURRENT DOLLAR GNP*

IMPLICIT PRICE DEFLATOR FOR GNP*
(Change From Previous Quarter)

79

900

Labor Force

Total

850

Final Sales

75

Employment

- Inventory Change
750

73
Quarterly ( IV )

QBE

Monthly

(Dec.)

Quarterly ( IV )

BLS
1957-59=100

Billion $

130

UNEMPLOYMENT RATE*

CONSUMER PRICES
125

Total
20

-

10

-

120

Married Men

1 t M I t i I i l M I I l i I l l I i i I i l I i i I i l I I I.I i i
Quarterly ( IV )

Monthly

Billion $

(Dec.)

110 1 1 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 l i i i

BLS

Monthly (Nov.)

Billions

Million Persons

800

76

750

WHOLESALE PRICES

-

-

Total

Final Sales

650

64

Man-Hours**
(right scale)

l

l

l

1 . 1 . 1

i

Quarterly ( IV )

60

110

130

^T

~~

Inventory Change

I

105 ~

i 1 1 i i 1 1 i 1 i i M I i i i i i i i i i i i i i i i i i i i i i 120

QBE

Monthly (Dec.) (Nov.)

1 00 i i i i i i i i i i i

Dollars

PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
Average Hourly Earnings
(right scale)

3.00

120

l

i
9

l

6

7

i
1

i
9

i
6

I

8

1

Quarterly ( IV )
* Seasonally Adjusted

l
9

i
6

i




2.40
1967

QBE

2.80

1968
Monthly

1969
(Dec.)

110

r Farm Products
\

90
1967

BLS

BLS

WHOLESALE PRICES
Processed Foods
and Feeds

- 2.60 100

35.0

9

* * Seasonally Adjusted at Annual Rates

U.S. Department of Commerce, Office of Business Economics

-

37.5

1

i iiii 11 iii ii i11 1111ii ii

1957-59=100
130

40.0

i

Total

Monthly (Dec.)

45.0

42.5

" \'"\

BLS

Hours

CONSTANT DOLLAR (1958) GNP*
(Change From Previous Quarter)

Industrial Commodities

140

68

I . I

—

115

Employment*
(left scale)

700

600

1957-59=100

NONFARM ESTABLISHMENTS
(Employees)
72

BLS

120

CONSTANT DOLLAR (1958) GNP*

-4 I

Retail Food*

115

1968
Monthly (Dec.)

1969
BLS

SURVEY OF CURRENT BUSINESS

January 1969

* Personal income increased 5 ]/2 billion in December— well above the October-November average gain
* The consumption advance slowed down in the fourth quarter after strong rise in the third — saving rate rebounded
• Nonresidential fixed investment advanced sharply in the fourth quarter —November housing starts were the highest since early 1964
INCOME OF PERSONS

CONSUMPTION AND SAVING

Billion $
800

FIXED INVESTMENT
Billion $

Billion $
650

_

750

_

550

_

Producers' Durable Equipment**

75

_

600

yS

700

100

PERSONAL CONSUMPTION
EXPENDITURES* *

PERSONAL INCOME**

50

.. Vr— ..
Nonresidential Structures**

S^

^/

s\

650

500

^*s
^^^^
600

1 1 1 M

1 II

\

^^S

""'

25

1 1 1 1 1 1 1 1 1 1 1 1 M

1 1 1 1 1 M

Residential Structures**

1

450

1 1

Monthly (Dec.)

v

\

^

1 1 1

...
...

...» *****

1

1

QBE

1
1
1
1
Quarterly ( IV )

1

|

|

i

0

l

l

t i l
Quarterly ( IV )

QBE

Billion $

Billion $
35

l

l
QBE

Billion $

550

i

80

RETAIL STORE SALES*

WAGES AND SALARIES**
500

_

_
Total
(left scale)

^^/
^^^^"^

200

_

PLANT AND EQUIPMENT
EXPENDITURES**

70

/^>

— ^. — ^

—150

400

20

J

"~~\

/

65

Excluding Automotive Group

350

1 i 1 1 1 1 1 1 1 1 1

1 1 1 M

_

*

25 ^~°^

Manufacturing
(right scale)

75

-

\ S^

^^

\s-^

450

Total

30

_

1 1 1 1 1 1 1 M

1 1 1 1 1 M

M

Monthly (Dec.)

100

15

1 M 1 1 1 M M 1

1 1 M

1 1 M

Monthly

QBE

M

1 1 M

1 1 1 1 M

(Dec.)

y/T

i

60

1 1 1

i

i

Census

v^

1

i

i

° Anticipated

i

i

l

Quarterly ( II )

Billion $

Million Units

Billion $

700

12

l
OBE-SEC

8

NEW CAR SALES**

DISPOSABLE PERSONAL INCOME**
650

_

_

MACHINERY AND EQUIPMENT*
(Manufacturing Firms)

Domestic
(left scale)

10

7 _

\

/^

600

550

8

- ^^^^
**^^

I

500

I

6

_

r*s\.

\A/

New Orders
6

1

1

1

1

I

1

I

Quarterly ( IV )

-

- 2

4

1 1 M

1 1 M

1 1 1

QBE

Dollars

1

5 -s— •*"

M

M 1 1 1 II

Monthly

0

M 1 M 1 M 1

(Dec.)

4

1.1 1 1 1 1 M

10

1 1 1

Trade Sources & QBE

1 1 1 1 1 1M

1 1 I

1 1 M

1 1 M M I

Monthly (Nov.)

Census

Million Units
2.5

PERSONAL SAVING RATE*

REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,600 - (In 1958 Dollars)

_

Shipments

Percent
12

2,700

/ i

Imports
(right scale)

/

I

;\

N.

PRIVATE NONFARM HOUSING**

-

^

2.0

Starts

2,500

-

8

-

1.5

^^

./
2,400

6

^^ ^^

1.0

^^
2,300

i

l

l

1967

i

i
1968

i

i

i

i

i

1969

Quarterly ( IV )
QBE
* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics




4

i
1967

i

i

1

1

i

1968

Quarterly ( IV )

1

1

1

1

.5

1969

- ^fi^r^i
^f^^\^\
**'

Permits

1 M M 1 1 1 1 1 1

1967

QBE

M 1 M 1 M

~

II 1 ! 1 M M

1968

Monthly (Nov.

1 1 1 II

1

1969

Census

SURVEY OF CURRENT BUSINESS

January 1969

* In the fourth quarter: Inventory investment increased $2.5 billion over third quarter rate
®
Net exports remained at relatively low third quarter rate
•
Federal outlays changed little— State and local purchases continued upward
INVENTORIES

FOREIGN TRANSACTIONS

GOVERNMENT

Billion $

Billion $

Billion $

40

12

140

NET EXPORTS**

CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
30

-

-

8

_

_

4

Total

/
_

u.-^*---\\
\\
\%

0

\ ^^^.t
^^^f**^

100

>** ••.

^^^

^^,

l.il

-

120

Goods and Services

__ _
20

FEDERAL PURCHASES OF
GOODS AND SERVICES**

Of\

Merchandise
till

1

1

Quarterly ( IV )

1

i

4

i

***

i

QBE

1

1

1

1

1

1

1

Quarterly ( IV )( III )

i

60

'""

l

Defense

i

l

QBE

l

i

i

i

i

i

Quarterly ( IV )

Billion $

Billion $

Billion $

170

3.5

QBE

4

MERCHANDISE TRADE*

MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
160

~

~

Total
150

3.0

S

140

-

i i i I i 1 i Mi i

M | | | I 1 | II 1

Monthly (Nov.)

2.0

1.5

\
-

J

2

i i i i i 1 i i i i i 1 i i i i i i | 11 L L

1 1 1 1 1 1 1 1 1 11

Census & QBE

Monthly (Nov.)

4

MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
100

_

2

/ vAy\
Shipments

0

1 1 1 1 1 1 1 1 1 1 1

1 t 1 1 1 1 1 1 1 t 1 1 1 M

1 1 1 1 1 1 1 1

Monthly (Nov.)

Census

Billion $
225

NET FLOW OF PRIVATE U.S. AND FOREIGN CAPITAL
(Other than Liquid Funds)*
_

/* A

.

1

Census

Billion $

120

r

v\

Imports

-

Billion $

New Orders

\

\

2.5 — V V ^\l /

\s/

1 11 1 1 1 1 1 1 M

3

Exports

•N/WYHQ^V

>if

130

DEFENSE PRODUCTS*

A

_

FEDERAL BUDGET**
(NIA Basis)
_

200

_

_

Manufacturing
\

60

40

y^

^ O u t f l o w A(
^*^^~/

^

i11 t 11ii ii

~WM^S\
150

-4

I

i

i

1

Census & QBE

Ratio
2.0

1

1

1

1

|

2

M 1 1 1 1 11 1 1 1

1967

1968

7

i

i

i

i

i

i
QBE

125

\

7^

75

h —r^"

Liquidity Basis

1 M 1 t 11 ( I I I

1969

Monthly (Nov.)
Census & QBE
* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics




i

Quarterly ( IV )( III )

1 6

1 11111111 M

l

STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**

Official Reserve Transactions Basis

\A

-2

l

150

r<A.
^ Total
Manufacturing and Trade

i

Billion $

X

1.2

Receipts

QBE

BALANCE OF PAYMENTS*

INVENTORY/SALES RATIOS*
Manufacturing

1 4

***^

125

|

Quarterly (III)
Billion $
4

^"-A^v

••'""/

x "sS'

\

Monthly (Nov.)

1R

\

\

-2

Trade
i 11 ii1 11iit

1 11 111 111 11

Expenditures

inflow

^~~~

Of\

4

l • I • l
1967

^
i

i

i

1968

Quarterly (III)

i

i

|

|

50

1969

i i i
1967

QBE

i

i

1968

i

i

i

i

i

1969

Quarterly ( IV )

QBE
69-1-5

SURVEY OF CURRENT BUSINESS

6

January 1969

- Industrial production advanced in December for third straight month
• Money supply and bank credit increased again in December
* Interest rates and bond yields rose to new highs
INDUSTRIAL PRODUCTION

MONEY, CREDIT, AND SECURITIES MARKETS
Billion $
460

Index 1957-59=100
190

Billion $
240

/

\

170

Vvx^'X

80

^'\

340

- To"ta7/Nv '/
....
...

/•'*'

1 1 H'Ki 1 1 1 1 i i i i i ! i i i i i l i i i i 1 1 i i i i i

150

Monthly (Dec.)

300

180

60

160

40

^1

in i 1 1 1 i i i t i 1 1 1 1 1 1 i i i i i i i i i 1 i i t i i

_

i

i

1

1

„/-—-%

-

100

-2

i i i i i 1 i ii i i

1 1 1 1 1 1 1 t 1 1 1 1 M

1 1 1 1 1 1 M

Monthly (Dec.)

Profits After Taxes

1

l

40

i

i

t

Output

80

r—~\*S
x>..
..X V %-"'

6

4

I

i

Quarterly ( I V )

I

i

2

.*""**

0

i 11 1 i11 ii ii i i i i i1iiiii i i ii i t 1 i i iii

43=10

120

32

—

100

*£XV^
Shipments

Monthly (Nov.)

Census

* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics

i

i

60

.

i. . i

i

i

i

i

i .
BLS

4

Standard and Poor's (500)

v

-^

2

0

MM 1 1 1 1 1 1 1

1967

1969

i

UNIT LABOR COSTS, PRIVATE ECONOMY*
(Change From Previous Quarter)

80

1 1 111 11 1 11 1 1 1 1 i 1 11 1 1 1 11

Compensation

Per cent
6

/\

28




QBE

1

-2

STOCK PRICES

DURABLE GOODS MANUFACTURERS*

1968

i

Quarterly ( III )

140

1967

i

JiflJllI flJI,
i

Monthly (Dec.)
1941

20

i

2

3-month Treasury Bills

FRB

Billic,n $
36

xf**

i

Corpora te Yields, Moody's Aaa

85

24

i

OUTPUT AND COMf'ENSATION PER MAN-HOUR,
PRIVATE ECONOMY
4 - (Change From Prev ous Quarter)

8

i

i

Quarterly ( III )
Per cent
6

Manufacturing

New Orders

QBE

-

FRB

INTEREST RATES AND BOND YIELDS

90

i

I

-

60

FRB

RATIO, OUTPUT TO CAPACITY*

i

I

Internal Funds

Perc ent
10

i

1

80

-1

1

Perc ent
95

1

1

\

Monthly (Dec.)

1

1

CORPORATE INTERNAL FUNDS AND PROFITS**

-

0

i 1 1 i i 1 i i i ii i 1 1 1 1 1 1 1 11 i 11 1 1 i 11 1 11 1 1

75

1

Quarterly ( III )
Billion $
120

1

/]/ S\
Steel

i

FRB

FREE RESERVES

/ ^"\
\ ^'

Autos

(Dec.)

Bill on $
2

INDUSTRIAL PRODUCTION*

Before Tax and Including IVA

Money Supply
(right scale)

Monthly

FRB

Index, 1957-59=100
200

100

200

Bank Credit
(left scale)

380

Nondurable Manufactures

125

-^

CORPORATE PROFITS**

420

Durable Manufactures

150

100

BANK CREDIT AND MONEY SUPPLY*

180

175

120

220

INDUSTRIAL PRODUCTION*

160

PROFITS AND COSTS

L> 1 1 t 1 1 1 M 1 1 1 1 1 M

1968

Monthly (Dec.)

1 1 1 1 1 I

1969

-2

i.ni.i
t i i
1967

i

i

i

1968

Quarterly ( III )

1
i

i

i

i

1969

BLS

Production and Income in 1968
SUBS
iSTANTIAL increases throughout
the year brought the Nation's production of goods and services to a total of
$861 billion in 1968, a rise of $71 billion
or 9 percent over 1967. This was a
considerable step-up over the 5% percent increase in 1967, and about
matched the large increase in 1966,
when the demands for Vietnam were
added to an economy operating at a
high rate. Consumption and fixed investment were chiefly responsible for
the more rapid advance in 1968 than
in 1967.
Of last year's rise in current dollar
GNP, about 5 percent represented an
increase in physical volume, and 3%
percent, higher prices. The advance in
physical volume, although double the
gain for 1967, fell short of the full-year
rises for both 1965 and 1966. Within
the year, the rise in real output was
at an annual rate of 6% percent from
the fourth quarter of 1967 to the second
quarter of 1968 but tapered to a 4%
percent rate in the following half-year.
The price rise continued through the
year with little abatement and was a
considerable acceleration over the rises
of 2.6 to 3.1 percent in 1966 and 1967.
With demand rising in all major
markets last year, final sales recorded
their largest percentage advance since
1951—9 percent. For the full year,
inventory accumulation rose only
slightly and thus contributed little to
the rise in production. During 1968,
however, changes in inventory investment were pronounced. For the most
part, this was because the rate of expansion in final sales was very erratic,
while changes in GNP, although larger
in the first half than in the second,



were comparatively steady from quarter
to quarter. Final sales, after a modest
gain in the last quarter of 1967, rerecorded an extraordinary advance in
the opening quarter of 1968, grew much
more slowly in the spring, accelerated
noticeably in the summer, and again
slowed down in the closing quarter
of the year.
Of the main categories of final sales,
the largest percentage gain last year
(22 percent) was scored by residential
construction, recovering from the credit
stringency of 1966; it was the first
annual increase since 1964 (chart 7).

« Last year's percentage rise in final sales
was the largest since 1951
* Gains were widespread
Percent Change

-10

0

10

Final Sales,
Total
Residential
Structures

Government Purchases
(Excluding Defense)

20

30

The change within 1968, however, was
very modest until late in the year.
Nondefense purchases by all levels of
government (up 11% percent) continued their substantial and rather
steady increases, reflecting the rising
trend in State and local outlays and a
considerable step-up in Federal nondefense purchases. Defense purchases
recorded a 9 percent gain but showed
little change after midyear. The 8%
percent rise in consumer expenditures
dominated the dollar advance in final
sales with widespread increases that
were especially heavy for durable goods,
particularly automobiles. Consumer
spending started off the year with very
large gains but subsequently exhibited
a seesaw pattern of change attributable
to fluctuations in the purchases of
goods.
Investment in nonresidential structures and durable equipment remained
high, with a moderate increase (7% percent) that was larger than the 1967
rise but considerably smaller than the
increases during the investment boom
of 1964-66. A substantial pickup, however, became evident in the closing
months of the year.
Sales to foreigners rose much more
rapidly in 1968 than in 1967, but the
rise in imports showed an even greater
acceleration. Consequently, net exports
declined to their lowest level since 1959.
GNP by type of product

U.S. Department of Commerce, Office of Business Economics

The strong advance in demand last
year led to large increases in all major
types of production. The increases were
dominated by the recovery in durable
goods, which, in current dollars, rose
7

SURVEY OF CURRENT BUSINESS

8
11 percent in 1968 after a gain of only
2 percent the year before. The rise in
the value of durable goods production
reflected chiefly last year's strong demand for automobiles and the moderate increases in business equipment
outlays and in government purchases
of hard goods.
Following a 1 percent gain in 1967,
the value of structures rose almost 12
percent, reflecting chiefly last year's
recovery in homebuilding. Service output rose 9 percent, about the same
relative advance as in 1967, as government payrolls were increased and consumers added to their expenditures for

Percent Changes in Real GNP
By Type of Product
Last year's rise in production featured
a recovery in durable goods production
and construction

services. Finally, the increased purchases by both consumers and government were responsible for the 7 percent
rise in the value of production of
nondurable goods; the year-earlier gain

January 1960

was 5 percent. Adjustments for the
pronounced price increases of 1968
reduce the current dollar gains but do
not greatly alter the pattern of change
(chart 8).

Personal Income, Consumption, and Saving
THE 1968 rise in personal income was
the largest on record in absolute terms,
and the largest since 1951 in percentage terms. The $57 billion or 9 percent
increase over 1967 surpassed by a wide
margin the sizable additions of the
preceding 3 years and brought the total
for the full year to $686 billion (chart
9.) The very large expansion in
payrolls contributed the most to the
1968 income advance, but transfer
payments and nonwage incomes also
made notable gains.
Social Security benefit payments were
boosted $2% billion (annual rate) in
March. For all of 1968, transfer payments expanded $7 billion, nearly as
much as the unusually large increase in
1967, the first full year that Medicare
payments were in effect. Partly in
reflection of higher interest rates in
1968, personal interest income rose
$5.3 billion, the largest gain on record.
Dividend payments increased somewhat
more than in 1967, while rental income
of persons and incomes of nonfarm

proprietors advanced at about the 1967
rates. Farm income recovered moderately, following the 1967 decline.
Personal taxes increased by an exceptional $14% billion from 1967 to
1968. The Federal portion of this rise
was $12 billion, of which $3% billion
represented larger withholdings and
quarterly declarations as a result of the
imposition of the Federal surtax in
July. The remainder reflected the increased tax payments on higher incomes. Total personal tax payments of
$97 billion constituted 14 percent of
personal income in 1968 as compared
with a ratio of 13 percent in 1967.
Because of the sizable increase in
taxes, the rise in disposable personal
income over 1967 was dampened to
$42% billion, or 1% percent. Since
consumer prices advanced 3.6 percent
in 1968 (GNP basis), the rise in real
after-tax income came to 4 percent.
Sharp rise in consumer spending

The expansion in consumer spending
in 1968 was the largest in percentage

Disposable Personal Income and Consumer Expenditures
Current prices
Per capita
Disposable Personal
consumppersonal
tion exDisposable Personal
income
consumppenditures personal
tion exincome
penditures

Year

Constant prices
Per capita
Disposable Personal
consumppersonal
tion exincome
Disposable Personal
consumppenditures personal
tion exincome
penditures

(Dollars)

(fill. $)

1963
1964
1966
1966
1967
1968

.

(1958 dollars)

(Bil. 1958 $)

404.6
438.1
473.2
511.6
546.3
589.0

375.0
401.2
432.8
465.5
492.2
533.7

2,136
2,280
2,432
2,598
2,744
2,928

1,980
2,088
2,224
2,364
2,472
2,653

381.3
407.9
435.0
459.2
478.0
497.4

353.3
373.7
397.7
417.8
430.5
450.7

2,013
2,123
2,235
2,332
2,401
2,473

1,865
1,945
2,044
2,122
2,162
2,240

8.3
8.0
8.1
6.8
7.8

7.0
7.9
7.6
5.7
8.4

6.7
6.7
6.8
5.6
6.7

5.5
6.5
6.3
4.6
7.3

7.0
6.6
5.6
4.1
4.1

5.8
6.4
5.1
3.0
4.7

5.5
5.3
4.3
3.0
3.0

4.3
5.1
3.8
1.9
3.6

Percent change:
1963 64 65

66 67 68 ^

1967
1st 2d

1968
1st 2d*

Half Years,
Seasonally Adjusted
at Annual Rate
U.S. Department of Commerce, Office of Business Economics
69-1*Preliminary




1963-64. _.
1964-65
1966-66
1966-67
1967-68

Source: U.S. Department of Commerce, OBE.

SURVEY OF CURRENT BUSINESS

January 1969

terms since 1947. The $42% billion or
8% percent gain over 1967 brought
total expenditures to $534 billion. As
in other years of large increases in
consumer spending—such as 1955, 1965,
and 1966—purchases of automobiles
were exceptionally high.
Sharply higher prices accounted for a
large proportion of the 1968 current
dollar increase in spending; after allowance for the price advance, the physical
volume of goods and services pur-

Changes in Personal Income and in
Its Disposition
Personal income increased sizably
throughout 1968
Billion $ Change From Previous Quarter

10

However, the imposition of the surtax
after midyear...

dampened the rise in DPI

10

Nevertheless, consumer spending
continued strong through the third quarter.
PERSONAL
CONSUMPTION
EXPENDITURES

and the saving rate was lower in the second half
Percent

PERSONAL SAVING RATE

1967

1968

Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
329-153 O - 69 - 2




chased by consumers in 1968 increased
4.7 percent, as compared with 3 percent in 1967. The 1968 rise in physical
volume was less than in each of the 3
years preceding 1967, as the accompanying table shows.
Consumer expenditures for durable
goods registered a striking advance of
13K percent last year, with higher
prices accounting for about one-fifth of
the dollar increase. Expenditures for
nondurable goods and services increased nearly 7 and 8% percent respectively; half of these gains were due to
price increases.

9

of consumer spending as compared
with 26 percent in 1958 and 31 percent
in 1948. The share of the spending
dollar absorbed by clothing has been
stable at 8.6 percent for the past 3
years. This was preceded by a 5-year
period when the proportion was 8.3
percent; the recent rise in the share
reflects the emergence of sharp increases in clothing prices. Fluctuations
in the ratios for the other major nondurable goods groups have been rather
small in recent years.
The proportion of total spending
devoted to services in 1968 remained
at 41 percent, the same as in 1967, but
Major expenditure groups
higher than in preceding years. Further
Among the major expenditure groups, increases in the fraction spent for
the largest rise in 1968—20 percent— medical care services were offset by
occurred in autos and parts, a group small reductions for some of the other
groups.
that had shown almost no change for 2
years following exceptionally heavy Quarterly spending pattern
purchases in 1965. New car sales (inThe quarterly increases in consumer
cluding purchases by business) in- expenditures during 1968 showed marked
creased 1.2 million units in 1968 to a
record total of 9.6 million.
Aside from the exceptional rise for
Personal Consumption Expenditures
autos, relative increases by major
categories were fairly uniform last year,
All major groups of consumer expenditures
increased substantially in 1968
in contrast to the 1967 experience.
This is clearly indicated in chart 10.
Percent Change
The furniture and clothing groups each
5
10
15
20
25
gained 9 percent, while housing and
household operation registered somewhat smaller increases. Expenditures
TOTAL
for food showed the smallest gain over
1967—6% percent.
Autos & Parts
Consumers devoted 6.8 percent of
their 1968 expenditure dollar to autos
Furniture & Houseand parts—a larger fraction than in
hold Equipment
either of the 2 preceding years, but
still less than the proportions spent in
Clothing & Shoes
the boom auto years of 1955 and 1965.
Furniture and other durable goods outlays, on the other hand, accounted for
Household
Operation
the same proportion of total spending
in each of the past 3 years—about 8%
percent.
Housing
Expenditures for nondurable goods
continued to decline relative to overall
Food & Beverages
spending in 1968, and the ratio fell to
a record low of 43 percent. In recent
All Other Goods
years, this downtrend has been due to
& Services
food expenditures, which have consistently risen relatively less than total
spending. For example, in 1968, food
expenditures accounted for 22 percent U.S. Department of Commerce, Office of Business Economics

10
variations, not only in absolute terms
but also in relation to disposable personal income. The first quarter rise of
$17 billion (seasonally adjusted annual
rate) was the largest quarterly increase on record. In part, it reflected
a makeup in auto sales, which had
been limited by the strikes in late
1967. But the rise was broadly based.
Expenditures for furniture and household equipment spurted following a
sluggish performance during 1967, while
spending for nondurable goods expanded
with strong gains for all major groups,
particularly food and clothing.
It was not likely that the extraordinary first quarter increase could be
maintained. The second quarter increase of $8% billion was only half as
large as the first quarter rise, with the
changes in expenditures relatively small
for most categories. A smaller expansion
in income and disturbances in the cities
contributed to the second quarter
slowdown.
The increase in consumer spending
accelerated to $13 billion in the third
quarter, notwithstanding a rise in
personal taxes of almost $10 billion at
an annual rate. About $5% billion of the
tax rise was due to increased withholdings under the surtax that became
effective in July. Large increases were
registered in outlays for autos and parts,
for furniture and household equipment,
and for the groups that had lagged in
the second quarter.
In the fourth quarter, the increase
in consumer spending fell to about $5
billion, even though disposable income
advanced by $10 billion. The slower
rise in expenditures for goods was
general and included a leveling off
in auto purchases and a decline in
purchases of household durables. As
noted earlier, the influenza epidemic
in December probably hurt retail sales
but by how much is not known; in
any case, a slowdown in the spending
advance was evident before December.
In contrast to the erratic quarterly
movements for durable and nondurable
goods expenditures in 1968, the dollar
increases for services were much more
regular, averaging about $4% billion
per quarter.




SURVEY OF CURRENT BUSINESS

January 1969

A number of factors doubtless conSaving rate lower
tributed to the drop in the saving rate
For 1968 as a whole, the ratio of
personal saving to disposable personal in the second half. In part, it is
income was reduced to 6.9 percent from associated with larger expenditures for
7.4 percent in 1967. After remaining at automobiles and parts, as may be seen
6.0 percent in 1964 and 1965, the saving below.
rate had increased to 6.4 percent in 1966
1968
and to the unusually high rate of 7.4
1967
percent in 1967. The 1968 reduction is
Year
III
IV
I
II
apparently associated with larger expenditures for autos and parts; changes Ratio to DPI:
7.1
7.5
6.9
7.4
6.9
6.3
in these expenditures are usually re- Personal saving
Consumer expenditures on autos
flected in changes in the saving rate. If
and parts
6.4
5.6
6.2
6.0
6.0
6.3
Total
13.0 13.1 13.1 13.5 12.7
these expenditures are added to the sav13.2
ing rate, there is little difference between 1967 and 1968.
In addition, the impact of the tax
The decline in personal saving was
increase may have been delayed; this
especially marked from the second
is suggested by the fact that the rise
quarter of 1968 to the third, dropping
in consumption slowed in the fourth
from 7.5 percent of disposable income
quarter and the saving rate increased.
to 6.3 percent. At the very time that
Another possibility is that an inflatax withholdings were boosted, consumers increased their spending twice tionary psychology motivated conas fast as their after-tax incomes rose. sumers to spend relatively more of
It now appears that the fourth quarter their incomes; last summer and fall,
rate of saving rose to just under 7 per- price increases were in prospect for
cent, but it was still below the ratio in many items, such as automobiles,
the first half.
apparel, and furniture.

Business Fixed Investment
BUSINESS investment in producers'
durable equipment and nonresidential
construction in 1968 showed only a
moderate gain for the second successive
year. Expenditures totaled $90 billion
for the year as a whole, up $6 billion,
or about 7 percent, from 1967 (chart 11).
The increase was larger than the 3 percent advance in 1967 but about half
the large annual increases in the years
1964-66, when an investment boom
was underway. A significant shift in
the investment climate took place during 1968, and investment became a
strong source of demand late in the
year.
With construction costs rising substantially and equipment prices continuing to advance, the 1968 rise in
business fixed investment in real terms
came to 4 percent; in 1967, the real
volume of these outlays had barely
matched the 1966 total. The share of

business fixed investment relative to
total output edged down slightly but
remained high relative to the average
of the past decade (chart 11).
Expansion in nonmanufacturing
Industries covered in the OBE-SEC
capital expenditures survey, which is
somewhat less comprehensive than the
national accounts measurement of investment, showed a rise of 4% percent
from 1967 to 1968 and less than 1 percent when price increases are taken into
account. The increase centered mainly
in nonmanufacturing industries, where
investment in current dollars was up
8 percent, as compared with a 4 percent
increase in 1967. Manufacturers held
current dollar outlays close to 1967
totals; expenditures had declined 1 percent from 1966 to 1967 after the strong
gains of 1964-66.
For the year as a whole, durable

SURVEY OF CURRENT BUSINESS

January 1969

goods producers' outlays—at $13.6 billion—were slightly below 1967 expenditures. Within this goods group, most
industries showed cutbacks, with the
largest—about 7 percent—in transportation equipment. Only the electrical
machinery and the "other durable
goods" groups (including lumber, furniture, fabricated metals, and miscellaneous) expanded outlays in 1968. Soft
goods manufacturing companies increased their expenditures for plant and
equipment about 1% percent—to $13.2
CHART 11

Nonresidential Fixed Investment
Rose moderately in 1968 after little
increase in 1967

billion—owing to the enlarged expansion programs of petroleum, rubber, and
"other nondurable goods" groups (including apparel, leather, printing and
publishing, and tobacco). Paper, chemicals, and textiles reduced outlays; for
the last two industries, it was the second
year in a row of declining investment.
In the nonmanufacturing sector, nonrail transportation firms, paced by the
airlines, and public utilities lifted their
capital spending by one-seventh—marking the fifth successive year of substantial expansion. Except for railroads, the
other nonmanuf acturing groups—communications, commercial, and mining
firms—reported modest increases in
capital outlays. Railroads reduced their
1968 outlays only slightly, in contrast
to very substantial cutbacks in 1967.

11

It is still a little early for a definitive
explanation of the strong investment
recovery. It is probably significant
that sales increased substantially during
1968, equaling or exceeding businessmen's expectations; sales had tended
to fall below expectations throughout
1967. Moreover, as the year progressed,
an increasing number of manufacturers
became concerned about the adequacy
of their capacity (bottom panel of
chart 12), even though actual capacity
utilization was well below preferred
rates. At the end of September, manufacturers holding 45 percent of total
gross assets in manufacturing reported

CHAR] 12

Billion $ (ratio scale)

90 - TOTAL
80

Rise in second half

70

The highlight of investment in 1968
was the unexpectedly strong showing of
investment programs late in the year.
Early in 1968, businessmen had programed a 6 percent rise over actual
1967 expenditures, with a dip in the first
half to be followed by a modest upturn.
They carried out this projected pattern
in broad outline for the first three
quarters of the year, spending somewhat
less than anticipated in each quarter.
In the fall, however, they showed
major upward revisions in spending
programs. According to the OBE-SEC
survey published in December 1968,
businessmen in both manufacturing and
nonmanuf acturing industries projected
an extremely large $4 billion rise
(annual rate) from the third to the
fourth quarter and a rise of more than
$3 billion from the fourth quarter to
the first half of 1969.
The turnabout in manufacturers'
spending programs after mid-1968 reflected an upturn in the start of new
investment projects that began around
the end of 1967 (chart 12). Changes in
these starts tend to be reflected in
expenditures some two to three quarters
later. Starts accelerated sharply in both
the durable and nondurable goods
groups in the third quarter of 1968 (the
latest period for which data are available) to a point 30 percent above their
fourth quarter 1967 rate.

Plant and equipment expenditures
showed yearend strength in both
manufacturing and nonmanufacturing

60
50
40

The advance centered in equipment—outlays
for construction changed little
70
60
50
40

30

20

30

20
15

Fixed investment rose less than total GNP
for 2d straight year but remained relatively high
Pei
12

PERCENT OF GNP
10

1958-68 Average

1958

60

62

64

U.S. Department of Commerce, Office of Business Economics




66

68

Billion $
50

(Seasonally adjusted at annual rates)
Nonmanufacturing

40

30

20

o Anticipated
I

10

,

I

!

I

I

,

!

I

I

The rise in manufacturers' outlays reflected the
earlier upturn in starts of investment projects..
40

STARTS OF INVESTMENT PROJECTS
(Seasonally adjusted at annual rates)

30

7

Manufacturing

20

10

and manufacturers'increasing concern over the
adequacy of their capacity
60

PERCENT OF FACILITIES CONSIDERED
INADEQUATE*

50

Manufacturing

40

30
1963

64

65

66

67

68

69

*ln view of current and prospective sales over the next 12 months.
Data: OBE-SEC
U.S. Department of Commerce, Office of Business Economics

69-1-12

SUKVEY OF CURRENT BUSINESS

12
that they needed more plant and
equipment facilities to meet production requirements in the next 12
months—as compared with 41 percent
in June and 40 percent in March.

The summer rise, which extended over
a wide range of industries, interrupted
the steady decline in this percentage
that began in the second quarter of
1966.

January 1969

prices and rents have intensified. The
tight market for conventional housing
has also stimulated the production of
mobile homes, which advanced 20 percent in 1968 to a rate double that 5
years earlier. (These are not included in
housing starts figures).
Mortgage lending higher

Housing
private nonfarm housing starts, which
totaled about 1% million units in 1968
(chart 13). The upward movement in
starts that began late in 1966 continued
through the first quarter of 1968, but
the tightening of credit during the
winter and early spring caused a temporary setback in the recovery. Starts
declined 3% percent from the first to
the second quarter to an annual rate
of about 1.4 million units. Somewhat
easier credit conditions during the
summer and early fall permitted a
resumption of the forward movement,
and by the fourth quarter, the annual
rate had advanced to 1.6 million units.
Single-family starts reached nearly
900,000 units, up 10 percent from 1967;
Starts up in 1968
the multifamily total of 600,000 starts
Underlying last year's rise in expendi- represented a one-third gain from the
tures was an 18 percent increase in preceding year. The rise in multifamily
units brought these starts slightly above
the 1963 peak but single family starts
still trailed the rates reached earlier in
the 1960's. The relatively larger rise in
Private Nonfarm Housing Starts
multifamily construction is probably
• Starts rose 18 percent in 1968 as
related to the pattern of household
multifamily units exceeded 1963 peak
formation in recent years, which has
* Single family units, while higher,
been concentrated in the younger age
continued to trail 1963-65 rate
groups, who typically rent rather than
Million Units
buy. In addition, the more stringent
2.0
downpayments and interest rate charges
required on single-family home purchases have also favored apartment
house accommodations.
Despite last year's increase in starts,
for the third year in a row the volume
of starts was below the combined total
required for new household formation
plus estimated replacements. This shortfall has caused a substantial backlog to
build up; consequently, vacancy rates
1963
64
65
66
67
68
have fallen to the lowest point in 10
Data: Census
years (chart 14), and pressures on home
U.S. Department of Commerce, Office of Business Economics
69-1-13

RESIDENTIAL construction activity,
which turned up in early 1967, advanced further during 1968 as housing
starts rose to their highest level in 4
years. For the full year, outlays totaled
$30.0 billion, a $5% billion increase over
1967. Unlike the large quarter-byquarter rise during 1967, the advance in
activity during 1968 was irregular: Expenditures rose approximately $}£ billion in each of the first two quarters,
leveled off during the summer months,
and then increased $2% billion in the
fourth quarter. When the rise in construction costs is taken into account
the 22 percent increase in current dollars for the full year is cut to 16 percent.




Enlarged credit flows to housing
markets were a key factor in last year's
strong rise in residential construction
activity. On the basis of data that are
still incomplete for the fourth quarter,
nonfarm residential mortgage lending
increased about $18% billion in 1968.
This expansion compares with increases
of $16 billion in 1967 and $13.7 billion
in 1966, and about matched the average
advance from 1961 to 1965.
Although mortgage lending held at
relatively high levels in 1968, lending
appears to have varied little during
the first three quarters of the year on a
seasonally adjusted basis. It showed
some pickup in the final quarter to a
rate approximately matching that in
the second half of 1967. Last year's
restrictive monetary policy and high
and generally rising interest rates
exerted a dampening influence on
mortgage lending and housing activity.
First, the high levels reached by market
rates of interest were mainly responsible

Vacancy Rates
Last year rental and homeowner
vacancy rates were the lowest
in a decade
Percent

10

Rental

0 L
f
1958

1

I
60

I

i
62

I

t
64

U.S. Department of Commerce, Office of Business Economics

I

I
66

1

68
Data: Census
69-1-14

January 1 6
99

for a pronounced slowdown in the flow
of savings to deposit-type institutions.
With market rates of interest above
the ceilings that commercial banks,
savings and loan associations, and
mutual savings banks were permitted
to pay on savings accounts, these
institutions encountered difficulties in
attracting and holding saving-type deposits. This development limited their
ability to make mortgage loans. In
addition, last year's rise in market
rates of interest narrowed the spread
between yields on mortgages and rates
of return on competitive open market
investments. Under these circumstances, some mortgage lenders tended
to curb their residential mortgage lending activities.
Mortgage funds were available last
year only at very high cost. The yield
of FHA new home mortgages averaged
7.12 percent, as compared with 6.53
percent in 1967 and 6.40 percent in
1966. Although the high rates on
mortgage loans were indicative of
serious pressures in mortgage markets
last year, the situation at no time
became as critical as in 1966. There
were a number of important differences
between the 2 years. First, the mortgage
lending institutions, as well as the
Federal Home Loan Bank System,
were generally in a more liquid position
in 1968 than in 1966. Second, in spite of
the sharp rise in market rates of interest,
the slowdown in deposit flows to thrift
institutions was not as severe as it was
2 years ago. This development is
explained by several factors: Regulation Q reduced the competition for
deposits between these institutions and
the commercial banks; some of the
highly interest-sensitive deposits that
left the thrift institutions in 1966
apparently never returned; and the
savings and loan associations have
acquired greater deposit stability since
1966 through the issuance of saving
certificates carrying higher rates than
regular share accounts and maturities
extending 6 months and more. Finally,
the profit margins on mortgage loans
were substantially greater in 1968 than
1966, since the rates paid by lending
institutions for deposits rose less last
year than in 1966 while those earned
on mortgage loans rose more.




SUEVEY OF CURRENT BUSINESS

13

Inventory Investment
IN marked contrast to the 2 preceding
years, when changes in inventory investment constituted a dynamic element in the economy, business accumulation of inventories in 1968 was not
a significant source of change in GNP.
For the year as a whole, businessmen
added about $7% billion to their inventories, only about $1)2 billion more than
the 1967 accumulation, which was far
below the record $14.7 billion rise of
1966.
Virtually all of the increase in business stocks in 1968 was reported by
nonfarm concerns, up $7.2 billion in
1968 as compared with $5.6 billion in
1967. Here, durable goods companies
accounted for all of the rise in accumulation since nondurable investment was
the same in both years. Farm stocks
advanced a little less in 1968 than in
1967.
In 1968 as in 1967, manufacturers
accounted for the major part of the
overall inventory accumulation, but the
rise of almost $4 billion in their stocks
last year was somewhat less than their
1967 addition. Stocks of trade firms
rose $2.8 billion last year, considerably
more than the $0.5 billion rise during
1967.
The pattern of inventory investment
within the year was very irregular, in
part reflecting varying rates of expansion in sales, especially at retail. In the
opening quarter of 1968, a largely unexpected upsurge in sales caused inventory investment to fall sharply, but
this movement was reversed in the
spring as the expansion in sales abated.
The rate of inventory accumulation
edged down in the summer but appears
to have picked up again in the closing
quarter of the year as trade sales
showed no further rise.
Inventory investment during the year
also reflected special influences affecting
steel and automobiles. The stockpiling
of steel against the possibility of a steel
strike at the end of July bolstered in-

ventory investment in the first half of
the year; with a strike averted, steel
consumers liquidated stocks during the
second half. Auto dealers added heavily
to their stocks in the first 6 months of
1968 to make up for the deficiencies
caused by the auto strike in late 1967,
but made only slight further additions
in the final 6 months.
The ratio of nonfarm stocks to GNP
in 1958 dollars (chart 15) continued to
recede during the year from the peaks
of early 1967, but remained above the
average of the preceding 5 years.
Manufacturers9 additions

With contributions from all major
industries, manufacturers of durable
goods added about $2 billion to their
stocks in 1968, down from a $3 billion
increase of 1967. The defense product
industries, whose additions to inventory
made up one-half of the total in 1967,
contributed only one-third of the smaller
1968 increase. The rate of inventory investment by machinery and equipment
firms also fell in 1968, with the total
stock increase for this group only onequarter of the 1967 increase.

Ratio of Nonfarm Stocks to GNP
Percent
24

23

22

21

20 ill i ..1. i i t t i i...i I t t t J i t t I t i ...i I i t i I t t t\ i t i
1960

61

62

63

65

66

Note.-Based on seasonally adjusted constant dollar data.
Stocks, average for quarter. GNP at annual rates.
U.S. Department of Commerce, Office of Business Economics

67

68

SUEVEY OF CURRENT BUSINESS

14
The major increase in durable goods
manufacturers' inventories in 1968 occurred in the work-in-process stage of
fabrication, although holdings in both
the materials and supplies and finished
goods categories also rose during the
year.
Stocks held by nondurable goods
manufacturers rose $1.8 billion in 1968,
about $Y2 billion more than the year
before. The 1968 increase was widely
distributed among the component industries. About 60 percent of the
advance consisted of finished goods,
with the remainder fairly evenly divided
between materials and work-in-process.

metals and metal products groups
affected by the threatened steel strike
in the middle of the year.
Stocks of nondurable goods wholesalers showed little change this year
as compared with about a $1 billion
increase in 1967. A slow start in the
first quarter and widespread increases
during the second were followed by a
drop in the third, due largely to
smaller holdings of farm products and
raw materials. During the fourth
quarter, the trend turned upward again.
Stock-sales ratio

The foregoing analysis of inventory
changes was based largely on stock
holdings after inventory valuation adjustment (GNP basis). In terms of book
values, manufacturing and trade inventories rose about $10 billion during

Trade inventories rise

Durable goods retailers, whose stocks
declined in 1967, contributed most to
the expansion in retail inventories
during 1968. Virtually all of the $1%
billion increase was attributable to
larger holdings of retail auto dealers,
in sharp contrast to the decline in
these stocks during 1967. Other major
durable goods retailers lifted their stocks
slightly during 1968 but with gains somewhat less than those of the year before.
Stocks held by nondurable goods GOVERNMENTS at all levels made
dealers rose at a steady pace throughout an important contribution to the rise in
the year, accumulating $0.7 billion for final demand last year. Their purchases
the year as a whole —$% billion more of goods and services rose nearly $19
than in 1967. Most of the increase billion—divided about equally between
was reported by general merchandise Federal and non-Federal—to a total of
$197 billion. Although the increase was
stores.
Wholesalers added about $0.7 bil-somewhat smaller than in the previous
lion to their stocks in 1968, less than year, its share of the rise in total producthe accumulation in 1967. Durable tion was considerably less—25 percent
goods wholesalers accounted for the as compared with 50 percent in 1967.
bulk of this increase, largely in the Nondefense outlays (including those of

January 1969

1968, considerably more than the $6.6
billion rise in the preceding year. Over
$3 billion of the 1968 book value rise
was attributable to higher inventory
replacement cost. Manufacturers' stocks
rose nearly $6.0 billion during the year,
retailers' stocks over $3.0 billion, and
wholesalers' inventories about $1.0
billion.
For all manufacturing and trade
firms, the ratio of (book value) stocks
to sales was lower at the end of November 1968 than at the end of 1966
and 1967. However, the ratio was
higher than those for the preceding 5
years. The same broad pattern is evident in the separate ratios for manufacturing, wholesale trade, and retail
trade. It may well be that with expectations of rising sales and prices,
businessmen do not consider their inventory position to be burdensome.

Government Expenditures and Receipts

Manufacturing and Trade: Ratios of Stocks to Sales
Retail

Manufacturing

Merchant wholesalers

Total
manufacturing
and trade

Total

Durable
goods
industries

Nondurable
goods
industries

Total

1961
1962
1963
1964

1.50
1.53
1.49
1.45

1.68
1.77
1.66
1.62

1.93
2.05
1.91
1.83

1.42
1.48
1.39
1.37

1.39
1.38
1.40
1.37

1.86
1.82
1.84
1.74

1.18
1.18
1.20
1.18

1.16
1.15
1.16
1.13

1.57
1.57
1.54
1.49

0.86
.85
.88
.85

1965
1966
1967
1968 !

1.45
1.56
1.56
1.53

1.59
1.72
1.73
1.67

1.80
2.00
2.01
1.98

1.34
1.37
1.37
1.31

1.40
1.51
1.49
1.47

1.84
2. 11
2.07
2.08

1.18
1.22
1.22
1.18

1.13
1.22
1.23
1.19

1.47
1.61
1.57
1.50

.86
.91
.94
.92

End of
year

1

End of November.




Durable
goods
stores

Nondurable
goods
stores

Total

Durable
goods
establishments

Nondurable
goods
establishments

State and local governments) rose about
$12 billion in 1968 as compared with
about $10% billion in 1967. Returning
to the pattern of change in the early
1960's, these purchases advanced more
than those for defense. The earlier
trend was broken around mid-1965
when the Federal Government stepped
up its outlays for the war in Vietnam.
Other government expenditures, such
as transfer payments and interest, also
continued to increase in 1968. The
$7% billion advance over the previous
year brought the rise in total expenditures of all governments to about $26
billion (NIA basis).
Large as these were, they were exceeded by an increase in receipts of
$33% billion. The 1967-68 advance in
receipts was a record gain, the result of
increased yields from existing taxes
in a rapidly expanding economy and
new taxes or higher tax rates at all
levels of government, notably the
Federal surcharge on individuals and
corporations. The Federal tax increase
was enacted at midyear in an effort to
minimize the Federal budget deficit

January 1969

SURVEY OF CURRENT BUSINESS

and to dampen inflationary pressures
in the economy.

1966

Federal Government

1968

Change from previous
year, ($ billions)

Smaller deficits in 1968

With receipts advancing more than
expenditures, both Federal and State
and local governments moved toward
smaller deficits in 1968. The change was
most pronounced in the Federal sector,
where the deficit declined to $5% billion
from the record $12% billion level shown
in 1967. This change occurred primarily
in the second half of the year, when the
deficit averaged about $1% billion at an
annual rate as compared with more than
$9 billion in the first half. The sharp
second-half shift reflected the higher
taxes and lower expenditures called for
by the Revenue and Expenditure Control Act of 1968 passed by Congress in
June.
This legislation provided for (1) a 10
percent surcharge on corporate and
individual income taxes, effective January 1, and April 1, 1968, respectively,
with individual withholding beginning
July 15; (2) an extension of the 1967
excise tax rates on automobiles and
telephone services to January 1970; and
(3) a ceiling on expenditures in fiscal
1969 that allowed for some exemptions,
such as expenditures for Vietnam,
interest, and social security. The new
legislation also placed a limitation on
the number of civilian employees in
the Federal Government.

1967

National defens e purchases
Employee c ompensation
All other go ods and services _ .

10.4
3.6
6.9

11.8
2.8
9.0

6.5
3.3
3.2

Moreover, most of the slowdown in
the deliveries of goods was centered in
the procurement of major defense items.
1966

1967

1968

Change first 9 months,
\$ billions)
Total procurement...
Aircraft
Ordnance, vehicles, and related equipment
Electronics and communications equipment . . . - All other procurement

3.2
1.2

4.1
1.4

.8

2.5
.2

.3
-.3

1966

0.7

Of the other major defense expenditure
categories, operation and maintenance
costs were up considerably less in the
first 9 months of 1968 as compared
with the same period of 1967, while
expenditures for research and development declined.
In contrast to last year's smaller
gains in the purchases of goods, compensation of military and civilian personnel advanced somewhat more than
in 1967. The strength of the Armed
Forces increased by about 150,000 men
through the first half of the year,
peaking in June at over 3.5 million.
This increase partly reflected the reserve
callup following the Tet offensive and
the Pueblo incident. However, from
June to November (the latest month
available) there was a decline of over
100,000 men. Civilian employment in
the Department of Defense, about 1.1
million employees, showed little change
after increasing substantially in 1967.
Two civilian and military pay raises
also added to the increase in 1968 compensation. The first, effective in October
1967, added about $% billion to the
1968 increase in Defense Department
compensation; the second raise, effective July 1968, added another $K billion.

The Federal Government purchased
$100 billion of goods and services in
1968. The advance of nearly $9% billion,
although substantial, was the smallest
since the Vietnam buildup began in
1965.
Defense spending increased only $6%
billion last year as compared with
nearly $12 billion in 1967 primarily
because of slower growth in the delivery Surge in nondefense purchases
of goods. These deliveries accounted for
a much smaller proportion of the gain
Federal nondefense purchases regisin defense purchases than in 1967, as tered a record $3 billion gain that
the following table shows:
brought the total to more than $21




billion for the year. This rise was due
to two major factors. The first was a
$2 billion increase in purchases by the
Commodity Credit Corporation. The
large advance in agricultural purchases
was a result of expanded output,
particularly in wheat and soybeans,
whose prices fell considerably. The
second factor responsible for the rise
was a large increase in payrolls reflecting the two pay raises. The following
table shows the composition of the
increases in nondefense purchases in
recent years.

.7

.2
1.1

15

1967

1968

Change from previous
year ($ billions)
Total nondefense purchases
Employee compensation
Commodity Credit Corporation
NASA... ...

.0
.6

1.4
.4

2.9
.7

-1.6
.4

1.2
-1.1

2.1
-.3

OASDl benefits advance

Other categories of Federal expenditures—transfers, grants, interest, and
subsidies—amounted to more than $82
billion in 1968. These advanced more
than $9 billion last year, or some $1
billion more than in 1966 and 1967.
As in 1967, transfer payments to
persons were the strongest element in
the advance, accounting for over $5%
CHART 16

Federal Deficit
Tax increase and expenditure slowdown
reduced deficit in second half
Billion $

5 -

-10 -

-15

2d

1st
1966

'

1st

2d

1967

'

1st

2d

1968

Half Years, Seasonally Adjusted at Annual Rate
U.S. Department of Commerce, Office of Business Economics

69-1-16

SUKVEY OF CURRENT BUSINESS

16
billion of the total gain. However, in
contrast to 1967, when medicare transfer payments accounted for half of the
increase in total transfers, over 60
percent of the 1968 rise resulted from
OASDI benefits.
The large gain in OASDI payments—
about $3% billion— was mainly the
result of the 1967 amendments to the
Social Security Act. The chief provisions under these amendments called
for a 13 percent across-the-board increase
in benefits—the sixth since the program
started and the largest since 1950—
and a rise from $44 to $55 in the
minimum monthly payment.
The Social Security Amendments of
1967 also enlarged the medicare program by allowing for expanded coverage
of medical care and services. Currently, medicare has an enrollment of
over 19 million persons, some 9 million
of whom received benefits last year.
Medicare transfers totaled more than
$5% billion in 1968, an increase of about
$1 billion over 1967, because of increased utilization and rapidly rising
hospital and medical costs. For example,
according to the Social Security Administration, hospital charges per claim

Increases in Federal Government Receipts
Due To Higher Yields From Existing Taxes
and Tax Changes
* Total receipts show record increase of
$26 billion in 1968
• Yields from existing taxes were $17 billion
• Tax changes added $9 billion
Billion $

30

25

20

15

10

Due to
Personal &
Corporate
Surtax
1966

1967

1968

Change From Previous Year
U.S. Department of Commerce, Office of Business Economics




January 1969

(not all of which are reimbursable)
increased from $656 in July 1967 to
$737 in July 1968. Medical charges per
bill (again, not all reimbursable) increased from $59 in August 1967 to $64
in August 1968.
Larger benefits for veterans also
added to the rise in personal transfers.
The largest increase occurred in education benefits for veterans returning
from Vietnam. Veterans' pensions and
readjustment benefits also rose owing
to cost-of-living increases and other
adjustments provided for by recent
congressional action.

enterprise deficits, particularly for the
CCC and the Post Office, were down
nearly $% billion from 1967. The decline
in the Post Office deficit reflected postal
rate increases, partly offset by pay
raises for postal workers.

Medicaid boosts grants

Grants-in-aid to State and local
governments—nearly $18% billion last
year—advanced more than $2% billion,
almost double the rise of 1967. Public
assistance grants, particularly for aid
to dependent children (AFDC) and
medicaid, accounted for the bulk of
this increase, rising by over $% billion.
The number of recipients receiving
AFDC increased from 5.1 million in
August 1967 to 5.7 million in August
1968; the average monthly payment in
the same period increased from about
$38 to $42. Highway grants rose almost
$% billion in 1968 after declining nearly
$K billion in 1967, when they were held
back for some time as a means of
limiting budget expenditures.
Net interest paid amounted to nearly
$12 billion in 1968, advancing by over
$1K billion because of rising interest
rates and a larger public debt. The rise
in market interest rates to the highest
levels in 40 years accounted for about
two-thirds of the higher costs of financing the Federal debt. The average
interest rate (as of November 30) was
about 4.6 percent on an interest-bearing
debt of $354 billion as compared with
4.3 percent on a debt of $342 billion in
1967.
Subsidies (less the current surplus of
government enterprises) recorded a
moderate decline of about $K billion for
the second straight year. This decline
was the result of offsetting factors: (1)
Government payments to farmers
showed a gain of about $% billion owing
to increased participation in the feed
grain program, while (2) government

Record rise in receipts

Federal receipts advanced a record
$26 billion in 1968 to nearly $177 billion. About $17 billion of this exceptional rise was due to increased yields
of existing taxes on higher personal
income, profits, and employment. The
additional $9 billion was the result of
the 10 percent surcharge on personal
and corporate taxes—nearly $7 billion
of the total—and of an increase in the
maximum earnings subject to social
security taxes.
Among the various types of receipts,
the largest increase—about $12 billion—was in personal tax and nontax
receipts. Over one quarter of this advance was the result of the surcharge
that affected payrolls beginning July
15. However, even before the surcharge
went into effect, personal taxes were
increasing rapidly because of the substantial gains in personal income and a
rising marginal withholding rate.
Corporate profits tax accruals advanced $7% billion last year. The increase was divided about equally between the effects of the surcharge and
the large rise in corporate profits.
Indirect business taxes also moved
ahead strongly—about $1% billion—in
contrast to relatively smaller gains
throughout the 1960's. Tax liabilities
on autos and trucks led the advance,
reflecting the recovery of vehicle production following the 1967 decline.
Contributions for social insurance
programs advanced $4% billion; this
was some $1 billion more than the
increase in 1967, but was well below
the record $8 billion gain recorded in
1966. Most of the 1968 rise—over $4
billion—came in OASDHI contributions. The increase in the wage base for
social security tax purposes—from $6,600 to $7,800 effective in January—
accounted for $2 billion of this advance.
Also, in April, the voluntary supplementary medical insurance (SMI)

January 1969

monthly payment was increased from
$3 to $4, adding some $200 million to
contributions. This category of receipts
will also advance sharply in 1969 as
the combined social security tax rate is
scheduled to increase from 8.8 to 9.6
percent this month, adding about $3
billion (annual rate) in the first quarter.

State and Local Governments
State and local governments continued to be an important factor in
final demand, generating $97 billion in
purchases of goods and services in 1968,
$9 billion more than in 1967.
As usual, the rise in purchases centered in employee compensation, which
advanced almost $5% billion. Average
pay and employment levels continued
their steady growth. State and local
government employment increased
nearly 500,000 persons last year, with
about two employees being added in
education for each employee added in
all other functions combined.
New construction outlays advanced
over $2 billion, slightly exceeding the
1967 increase. Education construction—a major component of the total—
showed signs of leveling off, while expenditures for mass transit systems,
highways, and hospitals moved up
sharply.
The past few years have witnessed
large increases in purchases other than
those for compensation and construction, largely because of Federal programs. In particular, Federal grants
for medicaid have expanded State and
local purchases in the areas of health
and welfare; by 1968, most State governments had enacted legislation to take
advantage of the Federal program. As
a result, expenditures on these programs last year increased about $1%
billion to over $4 billion. This was
twice the amount spent 2 years ago
and compares with outlays of only $%
billion in 1960.
Other types of expenditures, such as
transfer payments and net interest
costs, advanced about $1 billion in 1968,
somewhat more than the preceding year.
Almost all of this rise occurred in trans329-153 O - 69 - 3




SUKVEY OF CURRENT BUSINESS

17

fer payments, which totaled over $9%
billion. The advance was attributable
to both higher benefit payments and a
substantial increase in the number of
public welfare recipients, which increased more than one-half million
persons in the first 9 months of 1968.

umbia and a new personal income tax
in Nebraska contributed to this large
increase.
Corporate income tax accruals advanced over $% billion. A large share of
this rise was attributable to higher rates
in six States and the District of Columbia and to the adoption of new
corporate income taxes in Michigan
Receipts up sharply
and Nebraska.
A summary of tax changes and new
Receipts of State and local governtax enactments by State governments
ments totaled about $102% billion in
1968 for an increase of $10% billion, appears in the table below.
While State and local yields from
after an advance of $7% billion in 1967.
Of the major types of receipts, the taxes were rising by slightly over 10
largest—indirect business taxes—ac- percent, Federal government grantscounted about one-half of the increase. in-aid increased over 17 percent, or
Property taxes represented $2% billion $2% billion. Much of this advance is in
of this rise, while State sales taxes in- the form of built-in increases and does
creased $1% billion, or more than 50 not represent new programs or major
percent above the previous year's gain. changes in existing ones. For example,
Two-thirds of the 1968 advance was as the number of persons on welfare
due to higher tax rates; 17 States increases, public assistance grants (inraised sales taxes in the last 2 years. In cluding medicaid) rise automatically as
addition, indirect business taxes were the Federal government must match
augmented by increased tax rates on State and local outlays for these
motor fuel and cigarettes in several programs.
States.
Personal tax and nontax receipts Second consecutive deficit
rose more than $2 billion, or 15 percent.
Rising incomes as well as higher tax
Despite growing surpluses of emrates in New York, Massachusetts, ployee pension funds, State and local
Mississippi, and the District of Col- governments recorded a deficit for the

Tax Changes of State Governments, 1968
Personal
income
Alaska
Arizona
District of Columbia
Florida
Idaho
Kentucky
Maryland
Massachusetts
Michigan
Mississippi
Nebraska ._ ...
New Jersey
New Mexico.. .
New York
Oklahoma
Pennsylvania
Rhode Island
South Carolina
South Dakota
Texas
Vermont
Virginia
West Virginia

X

Corp.
income

...

.. .
.

... ..

States with tax taking no action

.. ..

X
N

Cig. .
tax

X
X

x
N
x

X2

N
X

X

X

x
x

x

x

X

N New tax.
X Increase in existing levy.
N.a. Not available.
i Alaska, aviation fuel excise and oil and gas production
tax; Kentucky, motor vehicle usage tax and realty transfer
tax; New Jersey, motor vehicle licensing and registration
and realty transfer tax; New York, realty transfer tax;
South Carolina, gift tax; South Dakota, realty transfer tax;

38

X

X

XN

X

N

x
X

48

XN

x

x
x
x
x

x
x
29

Other i

X

x

x

Gasoline

X

x

x

33

Liquor

X

.- ... X

Sales
tax

47

x

N
N
X
X

44

42

Est.
yield ($
millions)
na
na
na

350
3
95
12
70
110
68
50
117
4
153
15
130
21

n.a.
n.a.

176
3
72
2

1,451

Texas, franchise tax; Vermont, rooms and meal tax.
2
Commuter tax applicable only to New York residents
working in New Jersey increased to conform with New
York rates.
Sources: Tax Administration News; Tax Foundation, Inc.;
Commerce Clearing House; Office of Business Economics.

SURVEY OF CURRENT BUSINESS

18
second consecutive year. In 1968, these
pension funds recorded a surplus of
approximately $4% billion, up from $4
billion a year earlier. In contrast, general funds of these governments continued to register a substantial deficit.
Although general fund deficits have
been common throughout the 1960's,
they have grown markedly in the past
2 years. Increasingly, State and local
administrators, faced with public concern about increasing tax rates, have
turned to credit markets for new
sources of funds. This has been evident
in the past 2 years, when new bond
issues by State and local governments
increased very sharply despite rising
interest rates. In 1967, bond issues
increased almost 29 percent, and for
the first 10 months of 1968, they were
about 20 percent ahead of the comparable period a year earlier.

CHART 18

Fiscal Position of
State and Local Governments
Deficit shown for second straight year
Billion $

National Income
LAST year's advance in GNP was
reflected in widespread income gains.
Employee compensation posted a record annual increase of $45% billion, or
9% percent. Corporate profits, which
had declined in 1967, recovered
strongly; on the basis of data that
are still incomplete, before-tax profits
rose 13 percent. Business and professional income as well as rental income
rose about in line with recent experience, while the rise in net interest
accelerated. Farm proprietors7 income
recovered sharply from the 9% percent
decline in 1967. Rising prices for farm
products and a step-up in government
payments were mainly responsible for
last year's 5 percent increase in farm
proprietors' income.
All told, the rise in national income
came to $60 billion or 9 percent—&
substantial advance over the 5 percent
rise the year before. Although the
dollar gain was the largest ever, the
relative increase fell short of the 10
percent increase of 1966.
Employee compensation rises

-2

I960

62

64

U.S. Department (A Commerce, Office of Business Economics




66

68
69-1-18

January 1969

Increased employment and much
higher rates of pay brought about
record dollar increases in private and
public payrolls last year. The $45%
billion rise in employee compensation
reflected a $30 billion gain in private
wages and salaries, a $10 billion rise in
government payrolls including military, and nearly a $5% billion advance
in supplements (mainly employer contributions to Social Security and to
private pension funds and health
programs).
Increased man-hours accounted for
only a minor part of last year's 9 percent gain in private wages and salaries
(chart 19). With shortages in many
labor markets already common as the
year began, the heightened demands of
1968 elicited a sizable but not unusually

large rise in employment—1.5 million
or 2.8 percent. This was well below the
average 4 percent gain in the years
1964-66, when large production advances occurred in a setting of higher
unemployment.
The increase in employment last year
accounted for all of the increases in
man-hours as weekly hours of work,
which have shown a secular downtrend
for nonsupervisory employees, decreased slightly. Hours of work rose in
most manufacturing industries, but
this increase was more than offset by
shorter hours in construction and trade.

Percent Change in National Income, by
Industry
1966-67 1967-68
All industries, total
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods . . . . . . . . .
Durable goods
Transportation
Communication
Electric, gas, and sanitary services.. .
Wholesale and retail trade
Finance, insurance, and real estate
.
Services .
._ ...
- _.
Government and gov't. enterprises . .
Rest of the world

5.2

9.2

-4.9
31
2.5
3.6
1.9

5.1
7 6
9.7
9.5
98

4.4
4.8
5.7
5.8

73
9.2
8.5
9.0

5.7
8.4
10.6
9.5

11.6
8.7

9.0

8.2

In the latter group, the growing importance of part-time workers was
responsible for a continuation of the
long-term decline in weekly hours.
Higher average hourly earnings, on
the other hand, accounted for more than
two-thirds of the rise in private payrolls. The 6.3 percent increase in hourly
earnings of nonsupervisory workers was
substantially greater than the average
4.7 percent rise of 1966 and 1967 and
the average 3.2 percent rise during
1961-65.
Government civilian payrolls continued their steady upward trend last

SURVEY OF CURRENT BUSINESS

January 1969

year, posting a record gain of $8 billion
over 1967. State and local governments
were responsible for $5% billion of this
increase as a result of both higher employment and higher rates of pay. After
rising early in the year, Federal civilian
employment was reduced as part of
the program of fiscal restraint passed
in late June. For the year as a whole,
the employment gain was the smallest
since 1964, and the major part of the
$2% billion rise in Federal civilian payrolls reflected higher rates of pay.
Military payrolls rose about $2 billion
from 1967 to 1968 chiefly as a result
of pay increases.

mitted a widening of corporate profit
margins, and with the volume of corporate output higher, profits before taxes
rose sharply. On the basis of data that
are still incomplete, before-tax profits
rose about $9 billion to a record $89
billion—a development that stands in
marked contrast to the $8)2 billion
decline a year earlier. In relative
terms, the rise in profits amounted to 11
percent and, during the current cyclical
advance, was surpassed only by the
14% percent increase scored in 1965.
Profits were higher for all the broad
industry groups in 1968, but the rise
was most pronounced in manufacturing,
particularly durable goods.
Corporate profits higher
Book profits, which include gains or
Strong market demands in 1968 perlosses due to differences between the
replacement costs of goods taken out
of inventory and their recorded acquiCHART 19
sition costs, rose even more than the
national income version of profits.
Nonagricultural Establishments
This was due to the behavior of the
The 1968 rise in private
inventory valuation adjustment (IVA).
nonfarm payrolls . . .
With wholesale prices rising more
rapidly in 1968 than in 1967, the IVA
Percent Change From Previous Year
increased from $1.2 billion to $3.1
12
WVA1E PAYROLLS
billion; consequently, book profits rose
$1.9 more than the national income
measure.
Corporate tax liabilities rose very
sharply in 1968, partly because profits
were higher, but mainly because of the
reflected a sharp increase in
increase in taxes resulting from the
rates of p a y . . .
imposition of the surtax. After-tax
AVERAGE HOURLY EARNINGS
profits were only $3 billion or 6 percent
higher in 1968 than in 1967. Moreover,
with dividend payments rising nearly
the same amount as after-tax profits,
retained earnings (at $26.4 billion)
a rise in employment.
were only about $1 billion above those
of 1967 and were still significantly
below their 1966 record high of $29.3
billion. Most of last year's rise in corporate internal funds came from a $4
billion increase in capital consumption
and a slight dip in weekly hours of work
allowances.
AVERAGE WEEKLY HOURS

•Illll

19
in 1967, with most gains falling in the
rather narrow range of 7 to 10 percent.
Government showed an above-average
increase of 11% percent, and agriculture,
a below-average advance of 5 percent.
Contrasts with the relative changes in
1967 were most striking in the case of
manufacturing, notably durable goods,
and agriculture, as may be seen in the
table on p. 18.
CHART 20

Corporate Profits
Book profits before taxes rose
sharply in 1968...
Billion $ Change From Previous Year
15

but taxes were also higher, partly
because of the surtax...
10

5

TAX LIABILITY
-

m ,.

p-

-5

and after tax profits were up only
moderately
10

AFTER TAX

-5

With dividend payments higher...
DIVIDENDS

the rise in undistributed profits
was small
UNDISTRIBUTED PROFITS

Industry gains widespread
-4

1963

64

65

66

*Preliminary
U.S. Department of Commerce, Office of Business Economics




67

68*

All industries contributed to the 1968
income rise. The income originating in
nearly all the major industry .groups
was considerably greater last year than

-5
1963

64

65

66

* Preliminary
U.S. Department of Commerce, Office of Business Economics

67

68*

SURVEY OF CUKKENT BUSINESS

20

January 1969

NATIONAL INCOME AND PRODUCT TABLES
1968

1967

III

1967

IV

II

1967
III

IV * 1967

1968'

III

Seasonally adjusted at annual rates

1968

IV

II

III

IV

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1958 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
789.7 860.7

Personal consumption expenditures

-

-

430.5

450^7

431.8 434.1 444.9

447.5

455.7

454.8

73.1 74.2
216 4 218 4
205.9 209.6

85.1 84.8
232 7 233.5
223.4 228.0

72.4
191 1
167.0

80.0
197.0
173.8

72.6
191 1
168.1

73.0
191 6
169.5

77.3
196 5
171.0

78.9
196 1
172.6

82.5
198 5
174.8

81.4
196 8
176.6

99 3 104 7

831.2 852.9 871.0

887.8

673 1 706.9

675 6

681 8

692 7 703.4

712 3 719 1

-- --

--

Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfann
Farm
-

-

Change in business inventories.
Nonfann
_
Farm

- --

_
-- --

121 8 119 7

127.3

127.1 136.1

99.5

106.8

101 5

107 3

105.8

112.5

120.0

109.3

113.5

117.6

116.5

119.6

126.0

93.6

99.8

94.0

96.7

99.5

97.4

99.0

103.4

83.6
27.9
55.7

Gross private domestic investment

81.0
228.2
218.7

108.2

-

79.0
226 5
213.9

114 3 127.5 114.7

Durable goods
Nondurable goods
Services
Fixed investment

495.5 502.2 519.4 527.9 541.1 546.3

72.6 82.5
215 8 230.2
203.8 221.0

--

795.3 811 0

492.2 533.7

Gross national product

90.0
29.2
60.8

83.3
27.7
55.6

85.0
27.7
57.3

88.6
29.6
59 0

87.0
28.5
58.5

90.1
28.8
61.3

94.2
29.8
64.4

73.7
22.6
51.1

76.7
22.5
54.3

73.2
22.2
51.0

74.0
22.1
52.0

76.5
23.4
53.0

74.5
22.1
52.4

76.6
21.9
54.7

79.4
22.5
57.0

24 6
24.0
.6

30.0
29.4
.6

26.0
25.4
.6

28.5
27.9
.6

29 1
28.5
.6

29.5
28.9
.6

29.5
28.9
.6

31.8
31.2
.6

19.9
19.5
.5

23.1
22.6
.5

20 8
20.3
.5

22.7
22.2
.5

23.0
22.6
.5

22.9
22.5
.5

22.4
21.9
.5

24.0
23.5
.5

6.1
5.6
.5

7.6
7.2
.4

5.3
4.8
6

8.3
7.1
12

2.1
1.6
4

10.8
10.4
.4

7.5
7.3
.1

10.0
9.2
.8

5.9
5.3
.6

6.9
6.5
.4

5.2
4.5
.7

8.0
6.7
1.3

2.0
1.6
.4

9.9
9.6
.4

6.8
6.6
.1

9.1
8.4
.8

4.8

Exports
Imports
Government purchases of goods and services

2.4

5.4

3.4

1.5

2.0

3.3

3.0

2.4

.2

3.1

1.0

—.1

-.6

.7

.7

45 8
41.0

Net exports of goods and services.

50.6
48.2

46 1
40 6

46 0
42 6

47 5
46 0

49 9
47.9

52 6
49.4

52.4
49.5

41 8
39.3

45.9
45.7

42 1
39.1

41.9
40.9

44.0
44.1

44.7
45.4

47.6
46.9

47.1
46.5

183 5 190 5

195.7

199.6

202.5

140 7

149.2

141 4

142 0

146.5

149.2

150.1

151.0

101.6
80.0
21.6

74.8

79.3

75.6

75.6

78.1

80.1

79.5

79.4

100.8

65.9

69.9

65.8

66.4

68.4

69.1

70.6

71.6

178 4

197.1 179 6

90.6
72 4
18.2

_

State and local

91.3
72 9
18 4

93.5
74 6
19 0

97.1 100.0
76 8 79.0
20 3 21.0

101.2
79 6
21.5

87 8

Federal
._
National defense
Other

100.0
78.. 9
21.1

97.1

88 4

90 0

93 4

95.6

98.4

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product

_

Final sales
Change In business inventories

789.7 860.7

_.

Goods output

396 9

Final sales
Change in business inventories ..
Durable goods
Final sales
Change in business inventories

831.2 852.9 871.0

887.8

430 9

398 9

404 8

414 9

428 4

436 9

159 3 176.7
156 4 172.2
4.5
3.0

__ __ .
_
.

168 2 175 3
166 7 169.1
6.2
15
237 6 254 2 237 8 240 7 246 7 253 1
234 5 251.1 236 2 236 6 246 1 248 5
g
31
46
31
41
16
314 8

342.8

77 9

Structures

87.1

161 1 164 1
157 3 159 9
42
38

317 5 324 7
78 8

81 5

330 4
85 8

673.1 706.9

692.7 703.4

712.3 719.1
705.5
6.8

710.0
9.1

693.5
9.9

364 4

370.4

379.2

384.7

386.8

355.1 373.4 356.7 356.4
8.0
52
69
59

368.4
2.0

369.3
9.9

378.0
6.8

377.7
9.1

155.9
154.5
1.4

161.2
155.6
5.6

164.9
160.5
4.4

166.3
161.7
4.6

210 2 211 6 214.5
208.5 207.5 213.9
.6
41
18

218.0
213.7
4.3

219.8
217.4
2.4

220.5
216.0
4.6

255.1 258.7

262.3

261.5

65.5

65.2

67.7

380 3 361 9

162 1 151 6
158.1 148.2
3.4
4.0

210 7 218 2
207 5 215 3
32
30

339.2 347 6

354.0

249 6

86 4

90.6

62 5

85 4

681.8

690.7
2.0

180 0 183 1 150 3
175 1 177.9 147.6
5.2
2.7
4.9
256 9 260 2
254 4 255.3
25
49

675.6

667.2 699.9 670.4 673.8
8.0
69
52
59

443.3 361 0

390.8 423.3 393.6 396.5 412 8 417.6 429.5 433.2
7.6
7 5 10 0
61
2 1 10 8
53
83

Nondurable goods.
_ __ _
Final sales
Change in business inventories. . _
Services

795.3 811.0

783.6 853.1 789.9 802.7 829 1 842.1 863 5 877.8
7 5 10.0
61
7.6
83
2 1 10.8
53

152.8
149.0
3.8

260.1 251 2

253 2

62.5

64.2

66.4

67.2

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product

789 7 860 7

Private
Business
Nonfann
Farm

673 1 706 9

675 6

681 8

692 7 703.4

712.3 719.1

709 8

722 3 740 3 759 9

775 0

790 3

614 0

644 8

616 0

621 7

631 8

641.6

649.7

656.2

677 9
653 7
24 2

766 4
737 4
712 4
25 0

682 4
658 0
24 4

694 1 712 4 730 8 745 6
669 4 688 1 706 1 720 2
24 8 24 3 24 7 25 5

760 7
735 2
25 5

594 0 623 8
569 9 599 9
24 1 23 9

595 6
571 2
24 4

600 8
576 3
24 5

611 4
587 8
23 6

620 5
596.2
24 3

628.5
604.5
24 0

634.9
610.9
24.0

16.0

704 8

_

Households and institutions

795 3 811 0 831 2 852 9 871 0 887 8

_

22 3

24 0

22 5

22 9

23 5

24 2

15 5

15 7

16 1

16.3

16.2

50

50

53

44

52

54

45

16 1
49

15 6

46

24 2
49

24 2

Best of the world

49

52

43

4.8

5.1

5.3

General government

84 8

94 3

A

88 6

90 8

93 0

96 0

97 6

59 0

62 0

59 6

60 1

60 9

61 8

62.6

62.9

* Preliminary.




OK

SURVEY OF CUREENT BUSINESS

January 1969
1967
1967 1968» III

21
1967

1968

IV

I

II

III

1967 1968*

IV P

National income
789.7 860.7 795.3 811.0 831.2 852.9 871.0 887.8
74; 3

70.0

71.1

72.3

73.7

74.9

Less: Indirect business tax and nontax
69.6 75.8 70.1 71.2 72.8 74.8 76.7
liability
3.2
3.3 3.3
3.1 3.3 3.2 3.2
Business transfer payments
—3 5 -4.7 —3 4 —4.2 —4 7 -3.6 -5.3
Statistical discrepancy
1.6

.7

1.5

1.3

.5

.7

1.0

79.0
3.3

.7

652.9 712.8 656.9 670.9 688.1 705.4 722.5

Equals* National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance
Wage accruals less disbursements
Plus: Government transfer payments
to persons
Interest paid by government
(net) and by consumers
Dividends
Business transfer payments
Equals : Personal income

76.2

720.5 786.4 725.3 739.8 758.8 779.1 796.1 811. 6

Plus: Subsidies less current surplus of
government enterprises .

.

80 4

89.2

80 2

82 3

83.8

89.2

91.6

41.9

46.9

42.1

43.0

45.8

46.5

47.4

47.8

.0

.0

.0

.0

.0

.0

.0

.0

Compensation of employees
Wages and salaries
Private
Military .
G overnment civilian ._

Other labor income
Employer contributions to private pension and welfare funds
Other
Proprietors' income

48.6

55.3

48.9

49.7

52.5

55.0

56.3 57.5

23.6
22.9
3.1

25.9
24.6
3.3

23.5
23.5
3.2

24.2
22.5
3.2

24.9
23.6
3.2

25.7
24.4
3.3

26.2
25.2
3.3

26.7
25.4
3.3

628.8 685.8 633.7 645.2 662.7 678.1 694.3 708.2

Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
Farm.. ..

Billions of current dollars
35.6

31.3

33.7

36.1

36.1

36.7

Personal consumption expenditures. 24.9 30.0 25.4
Producers' durable equipment
5.3
4.4
4.5
.8 -1.0
Change in dealers' auto inventories.. -.5

25.3
4.5
1.4

28.4
5.0
.6

29.0
5.1
2.3

31.6
5.6
-.6

31.1
5.5
1.0

Net exports
Exports
Imports

45.2

46.2

48.4

49.4

50.7

51.7

23.9

21.6

22.1

23.5

23.7

24.2

24.4

26.1

23.7

24.2

25.0

25.7

26.5

27.3

19.5
3.8
60.7

62.9

61.2

61.1

61.8

62.6

63.4

63.7

46.3

47.8

46.6

46.8

47.2

47.8

48.0

48.2

46.6
—.3

48.4
—.6
15.1

14.6

14.3

14.6

14.8

15.4

15.5

20.4

20.5

20.7

20.9

21.0

21.2

Corporate profits and inventory valuation adjustment

80.4

89.2

80.2

82.3

83.8

89.2

91.6

81.6

92.3

80.8

85 4

88.9

91.8

92 7

33.5 41.3
48.1 51.0
22.9 24.6
25.2 26.4

33.2
47.6
23.5
24.1

35 1
50.3
22.5
27.9

39 8
49.1
23.6
25.5

41.1
50.7
24.4
26.3

41 5
51.2
25.2
26.0

-1.2 -3.1
23 3

26.3

25.4

-.6 -3.1 -5.1 -2.7 -1.0 -3.7
23 6

24 3

25 0

25 8

26.7

27.6

Table 7.—National Income by Industry Division (1.11)

Agriculture, forestry, and fisheries
Mining and construction. .
M anuf acturing
Nondurable goods
Durable goods

652.9 712.8 656.9 670.9 688.1 705.4 722.5
21.4 22.5 21.6 21.4 21.9 22.2 22.9
39.7 42.7 39.7 40.3 41.3 42.6 42.9
196.6 215.6 196.6 201 0 207.7 214.4 218 2
75.8 83.0 75.9 77.6 80.1 82.1 84.2
120.8 132.7 120 7 123 4 127 7 132 3 134 0

Transportation
Communication .
Electric, gas, and sanitary services
Wholesale and retail trade

26.1 28.0
13.1 14.3
12.9 14.0
96.8 105.5

26.3
13.2
13.1
97.9

26 5 27 3 27 9 28 2
13.3 13.7 13.7 14.6
13.2 13.5 13.6 14.4
99.7 101.8 104.5 107.2

32.8
5.0

Finance, insurance, and real estate
Services.
Government and government enterprises.
Rest of the world

70.9
77.0

77.3
83.3

71.5
77.7

73.0
79.2

93.6 104.5
5.0
4.6

94.3
5.0

98.0 100.5 102.8 106.3
49
5 3 4.4
52

Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)

-.1
1.6
1.7

-.7
2.1
2.8

.1
1.9
1.8

-.2
1.8
2.0

-.6
1.6
2.2

-.5
2.3
2.9

-.7 -1.1
2.0
2.4
3.1 3.1

25.9
2.9

32.2
4.3

26.0
3.1

28.0
3.4

30.0
4.0

32.8
4.2

33.1
4.0

Addenda:
New cars, domestic J
New cars, foreign

23.3

50.1

21.0

All industries, total

29.3

423.4 463.5 426.3 436.4 448.3 457.6 469.0 479.0
337.1 367.1 339.4 346.0 355.7 362.8 370.9 379.1
16.3 18.3 16.1 17.1 17.5 17.8 18.9 18.8
70.0 78.1 70.8 73.3 75.2 77.0 79.1 81.1

14.4

Inventory valuation adjustment

Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)

652.9 712.8 656.9 670.9 688.1 705.4 722.5

20.3

Net interest

29.0

IV »

Rental income of persons

Profits tax liability
Profits after tax
Dividends
...
Undistributed profits

Gross auto product

III

468.2 513.6 471.5 482.7 496.8 507.1 519.7 530.7

Supplements to wages and salaries. .. 44.8
Employer contributions for social
insurance _ .
21.5

Profits before tax

1

II

Table 6.—National Income by Type of Income (1.10)

Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)

Equals • Net national product

I

Billions of dollars

Billions of dollars

Less: Capital consumption allowances. 69.2

IV

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Gross national product

III

1968

74.5
81.3

76.2
82.6

78.6
84.0

Billions of 1958 dollars
Gross auto product

1

29.0

34.8

29.2

30.7

33.0

35.4

35.2

35.4

Personal consumption expenditures. 24.8 29.1 25.2
Producers' durable equipment
5.2
4.4
4.5
Change in dealers' auto inventories-- -.5
.8 -1.0
Net exports
0.0 -.6
.2
Exports
2.1
1.7
1.9
Imports. .
2.7
1.7
1.7
Addenda:

24.8
4.4
1.4

27.7
5.0
.6

28.3
5.1
2.3

30.7
5.5
-.6

29.9
5.3
1.0

-.1
1.8
1.9

-.5
1.6
2.1

-.4
2.3
2.8

-.6 -1.0
2.0
2.4
3.0
3.0

New cars, domestic 2
New cars, foreign _

27.9
3.3

29.9
3.9

32.7
4.1

32.8
3.9

26.4
2.9

31.9
4.1

26.4
3.0

Mutual
Stock
Non financial corporations.

32.2
4.8

1. The gross auto product total includes government purchases, which amount to $0.2 billion
annually for the periods shown.
h6gr SS aUt product total by tnemark
°
°
up on both used cars and foreign cars.




All industries, total
Financial institutions..

Manufacturing
Nondurable goodsDurable goods
Transportation,
communication,
and public utilities
All other industries

80 4

89.2

80 2

82.3

83 8

89 2

91 6

10.3

11.5

10.3

10.6

11.0

11.2

11.9

1.9
8.4

70.1 77.7

69.9

71.7

72.9

77.9

79.7

39.2
18.0
21.2

44.3
19.9
24.4

38.5
17.9
20.6

39.9
18.0
21.9

41.3
19.0
22.3

44.9
19.7
25.2

45.3
20.3
25.0

11 8
19.0

12.8
20.6

12 0
19.4

11 9
20 0

12 5
19.0

12 5
20.6

13 0
21 4

SURVEY OF CUKEENT BUSINESS

22
1967
1967 1968 v

III

January 1969

1968
IV

I

II

1967

III

IV*

1967 1968 p

Seasonally adjusted at annual rates

Capital consumption allowances
_. 43.4
Indirect business taxes plus transfer
40.6
payments less subsidies-

45.7

46.7

47.6 48.5

44.4

41.0

41.6

42.6

43.7

45.0 46.4

Net interest

-1.0

Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
- Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment..

76.8 85.2
78.0 88.3
33.5 41.3
44.5 47.0
21.3 22.9
23.1 24.1
-1.2 -3.1

-.9

-.8

76.2 78.1
76.8 81.2
33.2 35.1
43.6 46.1
21.7 20.6
21.9 25.5
-.6 -3.1

80.3
85.4
39.8
45.6
22.0
23.6
-5.1

-.8 -1.0

Gross product originating in
financial institutions -

Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies

400.7 410.4
316.3 323.7 330.7
280.4 286.9 293.2
35.8 36.8 37.5
-.8

-.8 -.8

85.2 87.5
87.9 88.6
41.1 41.5
46.8 47.1
22.8 23.4
24.0 23.7
-2.7 -1.0 -3.7

628.8 685.8 633.7 645.2 662.7

678.1 694.3 708.2

423.4
166.6
134.1
100.5
70.0
86.3

463.5
180.5
145.4
109.4
77.2
96.3

426.3
167.1
134.6
101.4
70.8
86.9

436.4
170.5
137.1
103.1
72.4
90.4

448.3
175.6
141.2
105.6
74.5
92.6

457.6
178.6
143.8
108.0
76.2
94.8

469.0 479.0
181.6 186.1
146.7 149.7
111.1 113.1
78.2 79.9
98.1 99.9

Other labor income

23.3

26.1

23.7

24.2

25.0

25.7

26.5 27.3

Proprietors' income
Business and professional
Farm

60.7
46.3
14.4

62.9
47.8
15.1

61.2
46.6
14.6

61.1
46.8
14.3

61.8
47.2
14.6

62.6
47.8
14.8

63.4 63.7
48.0 48.2
15.4 15.5

.._ 20.3
22.9
46.8

21.0
24.6
52.1

20.4
23.5
47.2

20.5
22.5
48.5

20.7
23.6
49.8

20.9
24.4
51.4

21.0 21.2
25.2 25.4
52.9 54.3

51.7

58.6

52.1

52.9

55.7

58.3

59.5 60.8

25.7

30.3

26.0

26.4

28.2

30.5

30.9 31.6

2.1
6.6
17.3

2.0
7.2
19.1

2.2
6.5
17.3

2.0
6.8
17.7

2.2
7.0
18.4

1.9
7.1
18.8

2.1 2.0
7.2 7.4
19.3 19.8

23.2 23.4

Wage and salary disbursements
Commodity-producing industries __
Manufactun n,g
Distributive industries
Service industries _
Government.
..

Rental income of persons
Dividends
Personal interest income

94.1
71.2

87.7
66.0

91.0
70.4

91.3
69.3

93.5
70.8

94.7
71.3

20.0

23.1. 20.3

20.9

21.7

22.5

23.9

Less: Personal contributions for
social insurance

20.4

22.9

20.6

20.9

22.3

22.8

Less: Personal tax and nontax payments

82.5

96.9

83.6

85.6

88.3

91.9 101.6 105.7

42.2

45.8

42.9

43.7

44.4

45.4

46.3 47.1

42.5

39.2

39.7

40.7

41.8

43.0 44.3

Compensation of employees. - 277.0 301.7 278.7 283.9 292.5
246.8 268.0 248.1 252.8 259.8
Wages and salaries
30.2 33.8 30.6 31.1 32.7
Supplements
- -

Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability.
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment- __
Cash flow gross of dividends
Cash flow net of dividends

468.6 479.0

38.8

Income originating in nonfinancial
351.9 384.6 353.3 360.3 370.8
corporations

8.5

9.2

66.4 73.7
67.6 76.8
28.8 35.7
38.8 41.1
20.1 21.6
18.8 19.5
-1.2 -3.1
81.1
61.0

86.9
65.3

8.6

8.9

9.0

65.9 67.5
66.5 70.6
28.4 30.2
38.1 40.4
20.5 19.4
17.6 21.0
-.6 -3.1

69.3
74.4
34.5
39.9
20.7
19.2
-5.1

80.9
60.5

84.0
64.6

84.3
63.6

381.4 389.8

298.3 304.9 311.3
264.9 270.7 276.5
33.4 34.2 34.8
9.1

9.3

9.4

74.0 75.6
76.6 76.6
35.6 35.7
41.0 41.0
21.4 22.0
19.6 18.9
-2.7 -1.0 -3.7
86.5
65.0

87.2
65.2

Gross product originating in
392.3 416.4 393.4 397.2 405.9
nonfinancial corporations

413.5 420.8

Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
1.104 1.136 1.107 1.117 1.123
corporations

506.2 548.1 509.5 516.1 533.5
Less* Personal outlays
Personal consumption expenditures- 492.2 533.7 495.5 502.2 519.4
13.1 13.7 13.2 13.3 13.4
Interest paid by consumers
Personal transfer payments to for.8
.7
.8
.7
.7
eigners
Equals: Personal saving.. _

1.133 1.138

.110

.109

.110

.109

.110

.110

.099
.706
.022

.102
.725
.022

.100
.708
.022

.100
.715
.022

.100
.721
.022

.101
.721
.022

.102
.725
.022

Corporate profits and inventory valu.169
ation adjustment
.073
Profits tax liability
Profits after tax plus inventory valuation adjustment.. .096

.177
.086

.168
.072

.170
.076

.171
.085

.179
.086

.180
.085

.091

.095

.094

.086

.093

.095

40.8

40.5

43.4

40.8

.8

44.0

.7

.7

37.1 41.4

478.0 497.4 479.5 483.7 491.8

497.1 499.2 501.6

Per capita current dollars
Per capita, 1958 dollars

2,744 2,928 2,758 2,798 2,866
2,401 2,473 2,404 2,418 2,454

2,918 2,942 2,982
2,474 2,478 2,483

Table 1 . —Personal Consumption Expenditures by Major Type (2.3)
1
Personal consumption expendi492.2 533.7 495.5 502.2 519.4
tures

527.9 541.1 546.3

72.6

82.5

73.1

74.2

79.0

81.0

85.1 84.8

30.4
Automobiles and parts
Furniture and household equipment. 31.4
10.9
Other

36.5
34.3
11.7

31.0
31.4
10.8

31.4
31.8
11.1

34.6
33.3
11.1

35.4
33.9
11.7

38.1 38.0
35.4 34.4
11.5 12.3

Nondurable goods

Services
Housing
Household operation .
Transportation
Other

215.8 230.2 216.4 218.4 226.5

228.2 232.7 233.5

109.4 116.6 109.1 110.8 113.6
42.1 45.8 42.8 42.3 44.6
18.1 19.8 18.3 18.6 19.7
46.2 48.0 46.2 46.7 48.5

116.4 117.7 118.8
44.8 47.2 46.5
19.4 20.0 20.2
47.6 47.8 48.0

203.8 221.0 205.9 209.6 213.9

218.7 223.4 228.0

70.9
29.0
15.0
88.9

76.2
31.2
16.6
97.0

71.2
29.2
15.1
90.4

72.2
29.9
15.5
92.0

74.0
30.3
16.2
93.3

75.4
31.0
16.3
95.9

76.9 78.6
31.5 31.9
16.8 17.1
98.2 100.5

Table 12. — Foreign Transactions in the National Income and
Product Accounts (4.1)
45.8

50.6

46.1

46.0

47.5

49.9

52.6 52.4

45.8

50.6

46.1

46.0

47.5

49.9

52.6 52.4

45.8

50.6

46.1

46.0

47.5

49.9

52.6 52.4

41.0

48.2

40.6

42.6

46.0

47.9

49.4 49.5

Transfers to foreigners
Personal Government.......

3.1
.8
2.2

2.7
.7
2.1

3.4
.8
2.6

2.6
.7
1.9

2.6
.7
1.9

2.8
.8
2.1

2.8
.7
2.1

2.8
.7
2.1

Net foreign investment..

1.7

-.3

2.1

.8 -1.1

-.8

.5

.2

Receipts from foreigners
Exports of goods and services...

1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
v Preliminary.

40.2

542.3 555.6 561.1
527.9 541.1 546.3
13.6 13.8 14.0

Addenda:
Disposable personal income :
Total, billions of 1958 dollars

Food and beverages
Clothing and shoes
Gasoline and oil
Other

.108

Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies

Equals: Disposable personal income. ... 546.3 589.0 550.0 559.6 574.4 586.3 592.7 602.5

Durable goods.

Billions of 1958 dollars




IV p

Transfer payments
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits ..
Veterans benefits
Other

Gross product originating in
433.0 472.9 435.3 443.7 455.9
nonfinancial corporations

Net interest

III

87.9
66.6

Cash flow gross of dividends
Cash flow net of dividends

-

Personal income

44.9

293.3 320.2 295.3 300.9 309.9
260.8 283.9 262.5 267.5 274.9
32.4 36.3 32.8 33.4 35.1

Net interest

491.1 503.0

44.1

Compensation of employees
Wages and salaries
Supplements

I][

Table 10.—Personal Income and Its Disposition (2.1)

47.1

Income originating in corporate busi369.0 404.5 370.5 378.1 389.4
ness
-- -

I

Billions of dollars

Table 9.—Gross Corporate Product1 (1.14)
453.1 496.1 455.6 464.6 477.7

IV

Seasonally adjusted at annual rates

Billions of dollars

Gross corporate product

III

1968

Payments to foreigners
Imports of goods and services

SUKVEY OF CURRENT BUSINESS

January 1969

1967
1967

1968"

1967

1968

IV

III

23

I

II

III

1967

IV 9

1968 v

III

1968
IV

Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)

Federal Government expenditures

151.2 176.9 152.2

67.3
30.9

79.4
38.4

16.2
36.8

17.6
41.5

156.4

68.2
16.3
37.0

163.6

182.2

165.1

166.6

72.0
37.0

74.9' 83.7
38.2 38.6

86.8

16.4
37.9

17.0
40.5

17.5 17.8
41.2 42.0

18.1
42.4

181.9 184.9

186.8

100.0 101.2
79.0
21.0 21.5

101.6
80.0
21.6

Purchases of goods and services
National defense
Other
-..
.

90.6 100.0
72.4 78.9
18.2 21.1

72.9
18.4

Transfer payments. ..
To persons
To foreigners (net).

42.3 47.8
40.1 45.7
2.2 2.1

42.9
40.3
2.6

42.7
40.8
1.9

45.1
43.2
1.9

47.7 48.7
45.6 46.6
2.1 2.1

49.5
47.4
2.1

93.5
74.6
19.0

97.1
76.8
20.3

18.4

15.9

17.0

17.7

18.3 18.5

19.2

10.3

11.9

10.2

10.7

11.3

11.8 12.1

12.2

Net interest paid

Table 16.—Implicit Price Deflators for Gross National Product (8.1)
117.3 121.8 117.7 118.9 120.0

Personal consumption expenditures

114.3 118.4 114.7 115.7 116.8

118.0 118.7 120.1

100.4 103. 1 100.7 101.7 102.2
112.9 116.9 113.3 114.0 115.2
122.1 127.2 122.5 123.7 125.1

102.7 103.1 104.2
116.4 117.2 118.6
126.7 127.8 129.1

Fixed investment

115.6 120.2 116.2 117.4 118.3

119.6 120.8 121.9

Nonresidential

113. 5 117.2 113.8 114.9 115.8

116.7 117.6 118.6

Structures
123.6 129.7 124.6 125. 5 126.3
Producers' durable equipment.- 109.1 112.0 109.1 110.3 111.2

128.8 131.3 132.6
111.7 112.1 113.1

Durable goods
Nondurable goods
Services-

121.2 122.3 123.5

Gross private domestic investment

Residential structures
Nonfarm ...
Farm

123.1 129.9 124.8 125.6 126.3
123.1 130.0 124.9 125.7 126.3
122.6 128.7 123.4 124.6 125.4

128.9 131.7 132.7
128.9 131.8 132.8
128.4 129.3 131.3

109.5 110.4 109.3 109.7 107.9
104.2 105.4 104.0 104.1 104.3

111.6 110.6 111.2
105.6 105.2 106.5

Government purchases of goods and
services
126.8 132.1 127.0 129.2 130.1

Grants-in-aid to State and local gov15.7
ernments.
Subsidies less current surplus of government enterprises

IV p

Gross national product

171.8182.1

69.7
32.4

168.6 175.1

III

Index numbers, 1958=100

Billions of dollars

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance_._

II

Seasonally adjusted

Seasonally adjusted at annual rates

Federal Government receipts-

I

131.1 133.0 134.1

Change in business inventories
Net exports of goods and services. . .

4.8

4.2

Surplus or deficit (—), national
-12.4 -5.3
income and product accounts

4.8

4.6

3.9

4.1

4.4

4.2

-10.2 -2.8

-12.9 -12.2

ExportsImports. ...

Federal
State and local.

121.2 126.1 120.7 123.7 124.4
133.3 138.8 134.3 135.5 136.6

124.9 127.2 128.0
138.4 139.4 140.8

Table 14.—State and Local Government Receipts and Expenditures

(3.3, 3.4)
State and local government receipts

91.9

Personal tax and nontax receipts
15.2
Corporate profits tax accruals
2.6
Indirect business tax and nontax
53.4
accruals
Contributions for social insurance ... 5.1
15.7
State and local government expenditures
Purchases of goods and services
Transfer payments to persons
.
Net interest paid
_
Less:'Current surplus of government
enterprises

102.4

Table 17.—Implicit Price Deflators for Gross National Product by
Major Type ol Froduct (H.2)
92.7

95.5

97.8

100.8 103.6

17.5
2.9

15.4
2.5

15.8
2.7

16.3
2.8

17.0 17.9
2.9 2.9

58.2
5.3
18.4

53.8
5.1
15.9

54.7
5.1
17.0

55.8
5.2
17.7

57.3 58.9
5.3 5.4
18.3 18.5

jg g
--- an Q
*

19 2

Gross national product

117.3

Tinrft'hlo anrvlc

Nondurable goods

93.3

103.5

128.2 129.5

131.1 132.5

133.8

126.1

127.0

127.7

130.2 132.6

133.7

Addendum:
100.0

100.5 101.9 102.1

102.0 102.3

103.5

95.6 98.4
9.4 9.6
.3
.3

^f

3.4

35

97.1
9.6
.3

88.4
8.6
.2

90.0
9.0
.2

93.4
9.2
.2

3.3

3.4

3.3

3.3

3.4

-1.1

126.4

124.6 131.1

101.9 104.9

87.8
8.5
.2

133.3 138.4

40.2 40.8
25.2 26.4
—1.2 -3.1

-1.1

— .4 — 1.7

3.4

—1.1 —1.3




102.5

Table 18. — Implicit Price Deflators for Gross National Product by
Sector (8.4)
117.3 121.8 117.7 118.9 120.0

121.2 122.3 123.5

114.8 118.9 115.2 116.2 117.2

118.4 119.3 120.4

Business
Nonfarm
Farm

134.1 139.4 133.6 141.4 137.0

44.0 37.1
26.3 26.0

41.4

—.6 —3.1 —5.1 —2.7 —1.0

114.1 118.2 114.6 115.5 116.5
114.7 118.8 115.2 116.2 117.1
100.7 104.5 100.2 101.1 103.2

117.8 118.6 119.8
118.4 119.1 120.3
101.9 106.3 106.5

Households and institutions .

143.7 148.9

-3.7

40.5
24.1

43.4
27.9

40.8
25.5

General government

43.4 47.1

44.1

44.9

45.7

46.7 47.6

25.9
.0

26 3
.0

26 6
.0

27 0 27.3
.0 .0

27.7
.0

143.7 152.1 143.4 147.6

149.1

150.5 153.4 155.1

48.5

25.7 27.2
.0
.0

-12.4 -5.3 -12.9 -12.2 -8.6 -10.2 -2.8
-1.4 -1.1 -1.1 -.4 -1.7 -1.1 -1.3
116.0 127.2

Gross private domestic in vestment .. 114.3 127.5
Net foreign investment
1.7 -.3

Preliminary.

114.6

108.7 109.2 110.1
116.1 116.9 118.0

126.1 131.8

99.5

Government surplus or deficit (—),
national income and product
accounts...
-13.8 -6.4 -14.0 -12.5 -10.3 -11.3 -4.1

Statistical discrepancy

113.0 113.6

ctriirtiirM

95.8

Table 15.—Sources and Uses of Gross Saving (5.1)

Gross investment

121.2 122.3 123.5

111.1 112.0

107.8

93.8

Gross national product

Federal
State and local

118.9 120.0

110.2

106.0 109.0 106.2 107.4 107.9
112.8 116.5 113.1 113.8 115.0

Private

Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment .
Corporate capital consumption
allowances
Noncorporate capital consumption
allowances
Wage accruals less disbursements

117.7

113.3

Services

Surplus or deficit (—), national
income and product accounts
-1.4

Gross private saving.

121.8

110.0

Goods output.

-3.5 -4.7

116.7 122.6 118.7 126.5 127.5

136.3

114.7 121.8 119.7 127.3 127.1
2.1
.8 —1.1 —.8 .5

136.1
.2

-3.4 -4.2 -4.7 -3.6 -5.3

HISTORICAL DATA
Historical national income and product data are available
from the following sources:
1964-67: July 1968 SURVEY OF CURRENT BUSINESS.
1929-63: The National Income and Product Accounts of the
United States, 1929-65, Statistical Tables (available from any
U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402, price $1.00 per copy).

Labor Markets and Prices

1 HE year 1968 was the third consecutive year of large price increases
and a sharp contrast to the situation in
the first half of the 1960's. During the
early stages of the upswing that began
in the winter of 1961, large annual
gains in output were realized with only
a slight upward drift in prices. From
1961 through 1965, real GNP increased
at an annual rate of 5% percent, and
prices—as measured by the implicit
deflator for GNP—rose at a rate of
1% percent per year. This comparative
price stability reflected mainly the
continued existence of idle resources
of both labor and capital. Unemployment, while tending downward
during these years, was still relatively
large: 6% percent in 1961 and 4% percent in 1965. At the same time, the rise
in average compensation per man-hour,
about 4% percent per annum, exceeded
only slightly the gains in productivity,
and unit labor costs increased only
fractionally each year.
By mid-1965, with the Vietnam
buildup superimposed upon civilian
demands that were already buoyant,
there were signs that the well-balanced
business growth that had characterized the preceding years was ending
and that the economy was beginning
to expand unevenly and in excess of
its capabilities. With the rate of advance in total output spurting to over
6% percent for the year, these emerging
imbalances and inflationary developments intensified in late 1965.
In 1966, pressures on resources
mounted, as the advance in real GNP
continued at the rapid pace of the
previous year. The unemployment rate
24



in 1966 dropped to 3% percent. Compensation per man-hour rose more than
7 percent, the growth in productivity
slowed, and unit labor costs showed
their first sizable increase of the expansion. Mainly because of these cost
increases, prices rose more than 2%
percent.
Even though the pace of the output
advance slowed considerably in 1967,
the unemployment rate-price record
for that year was little different from

that of 1966. Principally because of
large withdrawals from the labor force
in the early part of the year, when the
business expansion was very slow, the
unemployment rate showed no increase as compared with 1966. Average
compensation went up somewhat less
than the year before, but there was
little rise in productivity. Unit costs—
labor as well as nonlabor—showed a
large advance, much of which was
reflected in higher prices.

Labor Markets in 1968
PRESSURES in the labor market were
severe during 1968. For the year as a
whole, the number of new jobs created
outstripped the rise in the civilian
labor force, and the number of persons
unemployed was reduced.
The unemployment rate, which was
already at the unusually low level of
about 3% percent toward the close of
1967, changed little during most of
1968. However, conditions became still
tighter late in the year, and the rate
dropped to 3.3 percent in November
and December, the lowest ratios recorded since the Korean conflict (chart
21). For 1968 as a whole, the unemployment rate averaged 3.6 percent, a
little under the 3.8 percent registered
in each of the preceding 2 years.
The demand for labor was extremely
strong in 1968, especially for skilled
and experienced employees. With the
cost of living rising rapidly, with labor's

bargaining position very favorable and
with several important contracts up
for renewal, major contract settlements
provided large gains that were an important factor in last year's sharp
acceleration in rates of pay. Wage increases were obtained in a setting of
considerable labor unrest; the number
of strikes was the largest in 15 years
and time lost from strikes was the
largest since 1959.
Employment totals 76 million

Civilian employment rose 1.5 million
last year to 76 million. The size of the
employment gain was little different
from the advance registered in 1967
but was below the annual increases
of 1.8 million in 1965 and 1966. Last
year's gain in the civilian labor force
came to 1.4 million, less than the rise
in 1967 but about average for other
recent years.

SURVEY OF CURRENT BUSINESS

January 1969
Annual Changes in Nonagricultural
Employment and Sources of Change
[Millions]

Year

1961_-_1962... .
1963. . .
1964_ . .
1965. . 1966 .- .
1967. . .
1968- . .

Increase
in nonagricultural
employment

Increase
in

All*
civilian
sources labor
force

Decline
in unemployment

Decline
in

agricultural
employment

0.2
1.2
1.3
1.7

0.2
1.3
1.3
1.7

0.8
.2
1.2
1.3

-0.9

.8
-.2
.3

0.3
.3
.3
.2

1.9
2.2
1.6
1.6

2.0
2.2
1.6
1.6

1.4
1.3
1.6
1.4

.4
.5
-.1
.2

.2
.4
.1
0

"Total equals increase in the civilian labor force plus the
decline in unemployment plus the decline in agricultural
employment.
NOTE: Detail may not add because of rounding.
Source: Basic data from Department of Labor.

25

After having shown continuous reductions since 1960, agricultural employment last year was about unchanged
from 1967. This leveling off further
intensified pressures in the nonagricultural job market. During the 1960's
the movement of farm workers to nonfarm jobs averaged about 200,000 per
annum and, as the table indicates, was
an important source of supply for the
nonagricultural labor market.

Annual Employment Change in •Nonfarm
Establishments
[Thousands]
Year

Total

Private State &
local
Manufac- nonturing manufac- governturing
ment

Federal
Government

1961
1962
1963
1964

-192
1,554
1,106
1,630

-470
527
142
279

37
731
629
980

232
235
318
381

9
61
18
-10

1965
1966
1967
1968

2,500
3,202

788
1,152
220
300

1,217
1,271
1,031
1,222

465
593
590
565

30
186
155
17

1,996
2,104

Advance in nonfarm employment

The number of employees on nonagricultural payrolls rose more than 2
million (3 percent) last year to total
about 68 million, according to data
In the tight labor market of 1968, from nonfarm establishments. The 1968
adult women accounted for about 55 payroll employment gain slightly expercent (875,000) of the employment ceeded the advance registered in 1967,
rise even though they accounted for but was well below the rise of 3.2
only one-third of the total number of million in 1966 and 2.5 million in 1965
jobholders in 1967. In contrast, adult (see following table).
men filled only about 35 percent
It may be noted that the 1968 change
(575,000) of the new jobs although they reported by establishments is considerheld three-fifths of the jobs the year ably larger than employment gains cited
before. The rise of 100,000 in teenage earlier, which are based on figures obemployment of both sexes was about tained through household surveys. The
proportional to their importance in differences, which have been sizable in
1967 employment.
recent years, are traceable primarily to
The nonfarm sector accounted for two factors. (1) The household survey
all of last year's employment change. includes three groups of workers not

included in the establishment survey:
domestic and other private household
workers, the self-employed, and unpaid
workers who work 15 hours or more in
family-operated enterprises. The number of employees in these three groups
has been declining over time, and the
drop is usually steepest when other job
openings are most numerous. (2) Workers who hold two or more jobs "moonlighters" in nonfarm establishments are
counted twice or more often in the
establishment survey and only once in
the household survey. If the amount of
"moonlighting" is increasing, as it
apparently does when jobs are easy to
find, reported job holdings will go up
faster in the establishment survey than
in the other.
Gains widespread by industry

Unemployment Rates
The overall rate last year was the lowest since 1953

1948

50

52

54

56

58

60

62

64

66

68
Data: BLS

U.S. Department of Commerce, Office of Business Economics




69-1-21

Employment in manufacturing rose
300,000 in 1968, to a total of 19% million, continuing the expansion in progress since 1962. Although the advance
was larger than that of 1967, it was far
below the rise of 790,000 in 1965 and
1,150,000 in 1966. Employment gains
last year occurred in nearly all of the
major durable goods producing industries, with the largest and one of the
strongest in transportation equipment;
there was also a vigorous advance in
ordnance. In contrast, employment for
the year decreased slightly in nonelectric machinery, and dropped moderately in primary metals for the second
straight year. Employment was also
higher in most soft goods industries
except for food processing and tobacco.
Private nonmanufacturing industries
showed a gain that exceeded 1.2 million

SUEVEY OF CUERENT BUSINESS

26

January 1969

and almost matched the record increase atively more for nonwhite persons than
of 1966. The largest gains—about for white persons in 1968. Nevertheless,
450,000 to 500,000—were registered in the rate for the former continued to be
the large trade and service groups. Job double that for the latter; the problem
openings in these industries have been is especially acute among nonwhite
increasing at a swift pace all during the teenagers, whose unemployment re1960's. The rapidly expanding finance, mained at 25 percent last year. Moreinsurance, and real estate group added over, the nonwhite unemployment rate
140,000 jobs last year, while employ- has not improved much relative to the
ment in transportation rose by 75,000. white rate over this decade.
Employment in the cyclically sensitive
contract construction industry increased
50,000 last year, nearly making up the
CHART 22
decline experienced in 1967.
State and local government employUnemployment Rates
ment continued to rise at a fast pace in
*Both white and nonwhite rates have
1968, the number of jobs increasing
been cut sharply during the 1960's
by more than a half million for the
third consecutive year. In sharp con• Nonwhite rates remain substantially
above white
trast, however, Federal employment
was little changed, after having risen
more than 150,000 in each of the preceding 2 years.

As chart 22 shows, unemployment
rates for both whites and nonwhites in
each of the major age-sex groups have
fallen substantially since 1961, when
the overall rate stood at 6% percent.
In 1961, at the beginning of the current
business expansion, the unemployment
rate for nonwhites (12% percent) was a
little more than twice that of whites
(6 percent). Last year, the rate for
both groups was substantially lower.
The nonwhite rate (6% percent) was still
somewhat more than double the white
rate (3% percent) but a relative improvement is evident for adult males.
It should be noted that despite lower
rates, white unemployment, at a little
over 2 million in 1968, was still substantially greater than nonwhite unemployment, which averaged about
600,000.

Decline in unemployment

Increases in rates of pay accelerated
sharply in last year's tight labor
market. Average hourly earnings in
private industries scored a 6.3 percent
advance, as a result of widespread
gains that exceeded those of any other
year in the present decade (see table).
The 1968 increases were the result of
wage increases for nonunionized workers, statutory increases under the Federal minimum wage law and substantial
settlements under union contracts. Labor contracts were negotiated for at
least two-fifths of the 10.7 million
workers covered by major collectivebargaining agreements. According to
the Labor Department, the contracts
settled during 1968 provided a median
first-year wage rate adjustment of 7.5
percent of straight-time hourly earnings. This gain substantially exceeded
the 5.6 percent increase under settlements concluded in 1967 and the 4.8
percent increase of 1966. The first-year
changes of the 1968 settlements are
"front-end loaded'' to a considerable
degree, since the wage change over the
entire life of the contracts is 5.1 percent,
only lightly above the 1967 figure. The
emphasis on the large first-year figure
apparently reflects labor's concern over
the rapid price rise.

With the job gain exceeding the labor
force advance in 1968, the number of
persons out of work declined nearly
160,000 to a total of 2.8 million persons.
The last time the number of unemployed was that low was in the mid19 50's, when the economy (as measured
by real GNP) was less than two-thirds
as large. For 1967 as a whole, the rise
in the labor force exceeded the number
of new jobs and unemployment increased by 100,000 persons.
Lower unemployment rates were evident in all the various socio-economic
groups. For workers in the prime agesex group—males 20 years old or over—
the rate fell to 2.2 percent; this was
only a small improvement from the
year before because the rate was already virtually at the frictional level.
The unemployment rate for adult
women fell from 4.2 to 3.8 percent,
while that for teenagers showed only
a slight improvement, from 12.9 to
12.7 percent. In 1967, when demand
was less pressing, unemployment rates
for women and teenagers rose, but the
rate for adult men continued to decline.

10

1960

Nonwhite rate still high

61

62

63

64

65

66

67

68
Data: BLS

The unemployment rate declined rel-




U.S.

Department of Commerce, Office of Business Economics

Rates of pay higher

27

SUKVEY OF CUEKENT BUSINESS

January 1969

Percent Increases in Average Gross Hourly Earnings of Production or
Nonsupervisory Workers
1960-61 1961-62 1962-63 1963-64 1964-65 1965-66 1966-67 1967-68
Total private l

but well above the increases in any
other year of the current expansion.
The components of price change in
1968 were different from those in 1967
even though the overall advance in
prices was not much different. Last

24

37

27

3.5

3.8

4.5

4.7

6.3

M anuf acturing
Nondurable
Durable
Construction _

27
2.9
25

3.0
2.8
2.8

2.9
2.3
2.7

2.8
3.2
3.0

3.2
3.1
3.0

4.2
3.8
3.9

4.0
4.9
3.4

6.4
6.6
6.3

3.9

3.4

3.0

4.1

4.2

5.1

5.7

6.3

Mining

1.1

2.3

1.9

2.2

3.9

4.5

4.6

4.7

Trade
Retail
Wholesale

.

2.9
2.6
3.1

4.0
4.5
2.6

3.3
3.1
3.4

3.7
4.2
2.9

3.6
4.0
3.6

4.9
4.9
4.6

5.6
5.2
5.5

6.7
7.5
5.9

Consumer Prices

Finance, insurance, and real estate.

3.5

3.8

3.7

2.2

3.9

3.3

4.5

6.6

•Consumer prices in late 1968
were 4 3/4 percent above a year ago

CHART 23

i Includes industry divisions not shown separately.
Source: Basic data, Bureau of Labor Statistics, U.S. Department of Labor.

•Increases ranged from 6 percent for services to
4 percent each for food and nonfood commodities
1957-59=:100
All items

120

no

Price Developments in 1968

140

Services
130

120

WIDESPREAD price increases characterized last year's full-employment
economy. A combination of higher aggregate demand, rising costs of production, and a buildup of inflationary
expectations led to the most sizable
overall price rise since the 6 months
following the outbreak of the Korean
war. Moreover, if not for the excess
production capacity in some basic
industries such as steel and cement and
the availability of competitively priced
imported goods, the price increases of
1968 would have been still greater.
Not all of last year's price rise was a
reflection of rising demand under fullemployment conditions. Farm prices
are a significant case in point. These
prices, which had declined in 1967 and
helped to offset the rise in the nonfarm
sector, turned around and added to the
general price advance in 1968.
The prices of goods and services included in the GNP rose approximately
1 percent in each quarter of 1968 and
averaged 3% percent higher than in
1967. For the year as a whole, consumer
prices showed an advance of more than
4 percent following a rise of nearly 3
percent in the preceding year. Prices in
wholesale markets rose 2% percent last
year, after little change from 1966 to
1967.




Corporate Prices and Costs
110

Commodities Less Food*

A useful analysis of price-cost-profit
relationships is afforded by data for
nonfinancial corporations, which produce a large share of the GNP and
which have clear-cut distinctions between wages and profits. (The latter
is not true of nonincorporated business.)
The data provide a link between the
flow of labor and nonlabor income,
on the one hand, and the real volume of
output, on the other. Costs and profits
per unit of production are obtained by
dividing each income and nonincome
aggregate measured in current dollars—
profits, employee compensation, capital
consumption allowances, etc.—by the
total production of these corporations
measured in constant 1958 dollars.
The sum of the costs and profits per
unit equals price per unit, which is
the deflator for nonfinancial corporations.
Real corporate output rose 6 percent
in 1968—a noteworthy recovery from
the small 1% percent gain from 1966 to
1967. Corporate prices rose close to 3
percent, reflecting not only expanded
profit margins but also higher costs.
The 1968 price rise was only slightly
more than the rise the year before,

100

I V <'..!. I 1 i

t t

t

t

t t

130

Fruits and
Weats, Poultry,
and Fish*

120

„**•«»«*****

*** *

110

Apparel Commodities'

120

110

100

Medical Cart
Services

150

140

130

120

110
1966

1967

1968

*Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Office of Business Economics

69-1-23

SURVEY OF CURRENT BUSINESS

28
year witnessed a rise in unit labor costs
that was well below that of 1967: about
2.7 percent as compared with 4.3 percent. The deceleration in the rise in
unit labor costs in 1968 occurred despite
the substantial increases in rates of
employee compensation. This reflects
the fact that higher labor productivity
(output per man-hour) offset the increases in employee compensation to a
greater extent in 1968 than in 1967.
In addition to less growth in unit
labor costs, the rise in the nonlabor
component of unit costs also slowed
markedly in 1968. These costs, which
include primarily capital consumption
-

-\

Wholesale Industrial Commodity Prices
* Prices of wholesale industrial commodities
rose 21/2 percent from 1967 to 1968
* For most commodity groups increases were
larger than in 1967
Percent Change
- 6 - 4 - 2

0

2

4

6

1

I

I

10

12

I

I

I

14

Industrial Commodities

Lumber & Wood
Products

Consumer Prices

Nonmetallic Mineral
Products

Prices of virtually all consumer
goods and services rose in 1968, unlike
1967, when near-stability in food prices
dampened the rise in the overall index.
Service prices generally showed the
largest advances, ranging from about
2K percent for rent to nearly 7% percent
for medical care. Prices of consumer
commodities averaged 3% percent above
1967 with about equal increases in food
and nonfood.

Textile Products
& Apparel
Rubber & Rubber
Products
Hides, Skins,
Leather, &
Related Products
Machinery &
Equipment
Furniture & Household Durables
Metals & Metal
Products
Miscellaneous
Products
Pulp, Paper, &
Allied Products
Chemicals &
Allied Products
Fuels & Related
Products & Power
I
i
i
i
*Percentage change figures are based on annual average data,
with December 1968 estimated.
U.S. Department of Commerce, Office of Business Economics




allowances, indirect business taxes, and
interest, are relatively fixed in the
short run. Nonlabor costs per unit of
corporate output rose 2.2 percent in
1968 as compared with a 7 percent
increase in 1967.
Finally, the increase in the unit price
of corporate output in 1968 differed
from that of 1967 with respect to the
role of profit margins. In 1967, when
demand conditions were less buoyant,
corporations were forced to absorb
part of their sharply higher unit costs
in the form of lower profit margins,
which declined about 7% percent. Last
year, however, the reverse of the 1967
situation prevailed. Strong market demands permitted corporations to raise
unit prices more than the unit cost
increases, and profit margins rose about
4% percent.
These developments are illustrated
in chart 25, where the year-to-year
changes are shown in absolute rather
than percentage terms. The chart makes
clear that last year, higher labor costs
accounted for somewhat more than half
the price rise; in the 2 preceding years,
labor costs on balance accounted for
almost all of the price rise.

Data: BLS
69-1-24

Food prices rebound
Retail food prices advanced last year
despite improved supplies of many
items. Prices in grocery stores were up
more than 3 percent after a small decline in 1967, and prices of restaurant
meals increased more than 5 percent.
The rise in restaurant prices reflects
not only the higher cost of food prepared by such establishments but also
a substantial boost in employee pay
scales—in part a result of the extension

January 1969

of minimum wage coverage early in
the year.
Changes in retail grocery store food
prices were in sharp contrast to 1967.
Two groups that account for more than
one-half of consumer food purchases—
meats, poultry, and fish, and "other
foods at home" (which includes such
important commodities as margarine,
cooking oil, eggs, sugar, and coffee) —
rose almost 2% percent after sizable
decreases in 1967. In contrast, prices
of cereals and bakery products and
dairy products increased less than in
1967. The most significant contribution
to the rise in food prices last year came
from fruits and vegetables. These products, which account for roughly onesixth of the food index and were unchanged from 1966 to 1967, showed an
average price advance of 7% percent
from 1967 to 1968. A sharp rise in
citrus fruit prices last winter, due to a
freeze that reduced supplies, accounted
for the bulk of the increase.
Nonfood commodity prices up
Prices of consumer goods other than
food rose 3% percent from 1967 to
1968, after increases of 2% percent in
1967 and 1# percent in 1966. Last
year's increases for nondurable goods
averaged more than 4 percent, while
those for durables were about 3 percent.
Rising apparel prices were an important
part of the broad advance for noiidurables; retail prices of clothing and
shoes were boosted almost 6 percent
last year, the largest rise since the
scare buying that followed the start
of the Korean war.
The price rise for consumer durable
goods last year was a continuation of a
pronounced upward trend that started
in early 1967 after several years of
comparative stability. New car prices
were up 3 percent from the year-earlier
average, reflecting the increases posted
on both the new 1968 models in late
1967 and the new 1969 models introduced last September. Prices of household durables rose 3% percent last year
after a 1% percent advance in 1967.
Service price rise continues
Service prices continued to be the
most rapidly rising component of the

SUEVEY OF CUEEENT BUSINESS

January 1969

Consumer Price Index. For all services,
prices rose 3% percent in 1966, 4% percent in 1967, and 5% percent last year;
if rents are excluded, each of these
figures would be increased by about
one-half of 1 percent. To a large degree,
service price changes reflect changes in
labor costs. The tight labor market,
higher minimum wage rates, and extended minimum wage coverage have
all been important factors contributing
to the upward movement of wages and
prices in service industries.
Prices of medical care services continued their pronounced rise in 1968,
but the tempo of the advance eased
somewhat from the 8% percent rate of
1967, the first full year of medicare.
However, last year's 1% percent increase was the largest among the major
service categories, as doctors' fees advanced, hospital room charges soared,
and health insurance premiums were
adjusted upward to keep pace.
Price rises for most other services
were also substantial in 1968. Household services, excluding rent, rose nearly
6 percent, partly because of sharply
higher mortgage interest costs; transportation services were up 4 percent,
and prices of miscellaneous services,
such as haircuts, movie admissions, and
college tuition fees, increased an averEstimated Contribution to Rise in the
Consumer Price Index by Major Groups
196566
Major groups:
Food
Housing
Apparel and Upkeep
Transportation
Health & Recreation

1.14
.79
.27
. 19
. 57

Special groups:
C ommodities
1.70
1. 14
Food
Nondurable except
food commodities
.57
Apparel commodities
.24
Other nondurables less
food and apparel
.
.33
l
Durable commodities _
.02
Household durables
-.01
New cars
.
-.04

196667

196768

0.21
.99
.42
.38
.78

0.81
1.34
.57
.46
.99

1. 17
.21

2.39
.81

.76
.37

1.01
. 52

.38
.28
.07
.02

.51
.55
. 17
.07

Services
Rent
.. .
Household services less rent.. .
Transportation services
Medical care services ._. . .
Other services

1.31
.08
.52
.21
.25
.22

1 54
.10
.62
.17
.43
23

1 83
.13
.82
.20
.38
.33

All Items

2.9

2.8

4 2

1

Includes items not shown separately.
NOTE.—Contribution is measured by price change times
relative importance 9f the component in December of the
preceding year. Details will not add to subtotals or totals.
Source: Basic data from BLS.




age of 5% percent. The rise in rents
accelerated with a boost of 2% percent;
the acceleration reflects mainly the
pressure of demand on the comparatively limited supply of apartments, as
evidenced in the steady decline in rental
vacancy rates.
The text table shows, for each of the
major components of the Consumer
Price Index, the contribution to the
price rise in each of the past 3 years.
The contribution is measured by the
price change times the relative importance of the component.

29
and prices of fruits and vegetables, both
fresh and processed, were up 6% percent
last year.
Changes in Wholesale Prices of
Products and Foods
[Percent]
1965-66 1966-67 1967-68
Farm products, processed foods,
and feeds - _
...
Farm products .
Fruits and vegetables,
fresh and dried .
Grains
.-.
Livestock
Poultry..

6.7

—5.6

2.5

.7
8.6
9.5
5.8

.

-3.4

7.3

Processed foods and feeds
Fruits and vegetables,
canned and frozen
Cereals and bakery
products
-.
Meats, poultry, and fish__
Dairy products
-

Wholesale Prices
Prices in wholesale markets increased
2V2 percent from 1967 to 1968, after
little change the preceding year. Prices
of industrial and agricultural commodities showed about equal gains, in
contrast to 1967 when a moderate rise
for industrial products was about offset
by declines in farm products and foods.
The advance in industrial commodity
prices for the full year 1968 was the
largest in a decade and was broadly
based: Of the 12 major industrial commodity groups in the Wholesale Price
Index, 10 registered increases. Prices
of farm products and processed foods
reversed their 1967 decline with increases in both crops and livestock.

Farm

—.9
-5.3
—8.1
-10.1

6.6
-10.8
3.7
3.5

5.9

-1.2

2.1

2.6

2.3

6.5

5.9
9.1
9.2

1.5
-4.7
3.0

.9
3.1
4.6

2.3

Industrial prices increase
Wholesale prices of industrial commodities—a key measure of price
trends—showed widespread and generally substantial increases last year.
(Continued on page 32)

Changes in Prices, Costs, and Profits Per
Unit of Real Corporate Output
Last year's price rise for corporations
reflected increases in labor costs, nonlabor costs,
and profit margins

Agricultural commodities higher
On a combined basis, prices of farm
products, processed foods, and feeds
advanced 2% percent in 1968 after a
somewhat higher drop the preceding
year. The rise in farm product prices
slightly exceeded that for foods and
feeds combined; in the latter category,
prices of manufactured animal feeds
weakened as a result of reduced exports
and little change in domestic demand.
Bumper crops of food and feed grains,
both in the United States and abroad,
led to a decline of 11 percent in domestic
grain prices last year; this was the only
significant reduction among the major
agricultural commodity groups (see
table). Improved demand bolstered
prices of livestock and meats about 3%
percent, after marked declines in 1967,

LABOR COSTS PER UNIT
•"*' '•":•

0

f, :-- <" v -;.

•K

-.02

.02

NONLABOR COSTS PER UNIT
-:• ':'"';'4'

.02

PROFITS BEFORE TAX AND (VA PER UNIT

mm
-.02
1963
Note: Nonfinancial corporations only.
U.S. Department ot Commerce, Office of Business Economics

67

68

Financial Developments in 1908

_L HE strong rise in economic activity
last year brought increased demands
to credit markets that were already
under stress as the year began. Governments were unusually large borrowers
in 1968. Stale and local governments
issued a record volume of new securities, and the Federal Government issued
new securities in amounts close to last
year's postwar record. Consumers increased their borrowing in 1968 markedly: Additions to mortgage debt were
almost one-fifiri higher and additions
to installment debt more than 2% times
as large as the increases the year before.
Corporate business remained heavily
dependent on external financing last
year as the rise in internal funds failed
to keep pace with the expansion in
investment exp3nditures. The funds
raised by corporations in credit markets
in 1968 were second only to the record
amounts borrowed in 1967.
The strains that these heavy demands for funds imposed on credit
markets were accentuated by a restrictive monetary policy. In an attempt
to contain inflationary pressures and
promote orderly economic growth, the
Federal Reserve System pursued a
monetary policy designed to provide
a limited accommodation of unusually
large credit demands. Although restrictive in relation to the demands for
funds, this policy, which varied in its
intensity at different times within the
year, permitted substantial growth in
bank credit, money supply, and time
deposits.
Interest rates and bond yields

Despite strong growth in monetary
variables in 1968, the pressures that
30



developed in financial markets produced
the highest annual levels for financing
costs in several decades. Long-term
rates, which had advanced from 1966
to 1967, rose still further last year, and
short-term rates, which had fallen in
1967, rose to new records (chart 26).
Interest rates and bond yields exhibited
erratic patterns during 1968 as they
responded to a variety of influences—
the uneven impact of credit restraint,
the gold crisis in the spring, uncertainties associated with the passage of
the program of fiscal restraint, anticipations of continued inflation, and the
shifting prospects for peace in Vietnam.
On balance, financing costs rose over
the first 5 months of 1968 and by the
end of May had exceeded the highs
established in 1966 and 1967. Following
the passage of tax legislation and the
ensuing relaxation of credit tightness,
financing costs fell noticeably through
midsummer but rose again in the fall.
The upward trend in financing costs
gathered momentum in December when
commercial banks twice raised their
prime rates, and the Federal Reserve
System raised the discount rate. By
yearend, most interest rates and bond
yields had risen above their end-of-May
peaks.
Monetary policy

During the first half of 1968, the
burden of dampening the economic
expansion fell on monetary policy.
Following the shift from expansive
credit policies in late 1967, which the
Federal Reserve System signaled with
increases in both the discount rate and
the reserve requirements on demand
deposits, the authorities moved grad-

ually toward tightening in the early
months of 1968. In the spring months,
faced with the strong evidence of an
acceleration in inflationary pressures,
and the outbreak of the gold and
dollar crisis, the authorities used monetary policy more forcefully. The discount rate was raised from 4K to 5
percent on March 22 and again on
April 19 to 5}o percent. Although the
System made substantial purchases of
Government securities through its open
market operations, these were limited
to offsetting the loss of reserves that
resulted from gold sales. Also, especially
from mid-March to mid-April, the
System imposed considerable restraint
on the banking system by delaying
action to raise the interest rate limits
that Regulation Q allowed banks to
pay for time deposits. With market
rates of interest rising, banks were
experiencing considerable difficulty in
attracting and holding these deposits,
a particularly acute problem in the
case of the large denomination certificate of deposit funds.
During the summer, after the passage
of the program of fiscal restraint, the
tempo of credit policy changed again.
Concerned with the possibility that the
late June tax and expenditure legislation
might lead to an overdose of fiscal
restraint, and seeking to establish a
better mix between monetary and fiscal
policies, the Federal Reserve made
heavy open market purchases of Government securities. This permitted an
expansion in bank reserves that helped
ease credit conditions considerably. On
August 15, the discount rate was lowered from 5% to 5% percent.
In the fall, when it became evident

January 1969

that consumer and business spending
were not slowing down as anticipated,
credit restraint was stepped up. In the
closing months of the year, open market
operations held the line on the expansion in member bank reserves, rising
market rates of interest were again
bringing the banks under pressure from
Regulation Q ceilings, and on December 18, the discount rate was returned
to its pre-August level of 5% percent.
Bank credit expansion
The credit policy pursued in 1968 permitted an expansion in member bank
reserves that provided an increase of
11 percent in commercial bank credit.
This was only slightly less than the
postwar record increase of 1967 when
stimulative credit policies prevailed,
and it was twice as large as the 5%
percent advance in 1966, the last experience with credit restraint. Following
the pattern of monetary policy noted
above, bank credit expansion was uneven over the course of 1968: loans
and investments at commercial banks
rose at a moderate 6X percent annual
rate in the first two quarters, spurted
to a record 19 percent annual rate in
the summer and then tapered to a 10^
percent rate in the fourth quarter.
Loans at commercial banks increased
$27 billion last year and accounted for
about 70 percent of the total expansion
in bank credit. This contrasts with the
year before when, under less buoyant
conditions, commercial banks allocated
more than half of their portfolio increases to investments in U.S. Government and other securities. Despite the
limitations of monetary policy, loans
at commercial banks were relatively
strong in the first half of 1968 as banks
relied on the liquidity they had built
up in 1967 and supported loan expansion by curtailing their investments in
securities. Loan expansion accelerated
sharply in the summer quarter, but
subsided a little in the closing quarter
of the year.
The investment component of bank
credit rose $11 billion in 1968, roughly
half of the advance posted in 1967. By
far the largest part of last year's increase ($8 billion) was recorded in the
second half of the year, and most of
this was concentrated in the summer




SURVEY OF CURRENT BUSINESS
quarter. For the year as a whole, most
of the commercial bank investments
were in State and local obligations as
banks added only $2 billion to their
holdings of U.S. Government securities.
Bank deposit expansion
Total deposit liabilities of commercial
banks mirrored the strong expansion in
bank credit and rose 9% percent last
year. The money stock (currency and
demand deposits) increased 6)2 percent
in 1968, about the same as in 1967, but
the 11% percent expansion in time
deposits was substantially less than the
advance in the preceding year.
Increases in time deposits were
smallest in the spring, largest in the
summer and tapered slightly in the fall.
These variations reflected the uneven-

31
ness of monetary restraint last year,
as well as shifts in the public's preferences for holding time deposit balances.
The latter, in turn, was related to the
movements in market rates of interest
and to the relationship these bear to
the maximum ceiling rates that Regulation Q allows the banks to pay for time
deposits. In late winter and spring,
when restraints were greatest, the
rapid rise in market rates of interest
reduced the attractiveness of the rates
paid on time deposits, and interestsensitive depositors shifted from these
deposits to higher yielding market
securities. In the summer, when credit
restraint was relaxed and market rates
of interest receded, this process was
reversed and time deposit growth
accelerated. In late fall, the strong rise

In 1968, financing costs reached their highest levels in several decades
Percent

BONO YIELDS

»•"•»«**

FHA Mortgages
/
on New Homes /
(Secondary Market) /

V"

AAN/-J

\

State and Local
(tody's Aaa)

6

_

5

-

1959

U.S. Department of Commerce, Office of Business Economics

65

66

67

68

Data: FRB, FHA, Moody's & Treas.
69-1-26

SURVEY OF CURRENT BUSINESS

32

January 1969

in interest rates was apparently again
causing a shift in the public's preference
for holding time deposit balances, and
growth in these deposits moderated.
While the expansion in money stock
was rapid throughout last year, it was
particularly pronounced during the
spring. After rising at a seasonally
adjusted annual rate of 4K percent
from January to March, the growth in
money stock surged to an 8K percent
rate in the second quarter, tapered to
about half this pace in the summer and
then rose at nearly a 7% percent rate
in the closing quarter of the year. In
a general way, these changes were the
reverse of those shown by time deposits.
The unusual acceleration in money
expansion in the spring resulted in part
from the public's decision to shift the
flow of new deposits from time to demand deposits. As explained above, this
was a consequence of the changing

spread between market rates of interest
and the rates that Regulation Q permitted banks to pay on time deposits.
It was also a consequence of a strong
demand for money balances that developed at this time. This demand is
believed to have been related to the
sharp step-up in the volume of stock
market activity and the accompanying
log jam in paperwork—and to a variety
of uncertainties: the gold and dollar
crisis, the outlook for fiscal restraint,
and the course of monetary policy and
interest rates. Thus, with the demand
for money strong and for time deposits
weak, the deposit creation that did
occur during the spring mainly took
the form of demand deposits. In addition, the pronounced second quarter
acceleration in money stock was partly
the result of a marked shift from Government demand deposits (which are
not counted as part of the private

money stock) to private accounts.
The growth of demand deposits
slowed appreciably in the summer when
time deposit growth accelerated and
government deposits built up. During
the fall, the pickup in money growth
reflected a reversal of these developments: Government demand deposits
were reduced and the public again devoted a somewhat larger proportion of
deposit growth to money balances and
a smaller proportion to time deposits
(see table).

(Continued from page 29)

capacity of manmade fibers and the
competition from imports. In 1968,
however, prices of textile products and
apparel rose 3% percent as manmade
fiber prices firmed and prices of cotton
products advanced.
Metals prices moved erratically in
1968 but, on balance, averaged 2% percent above their 1967 level, about
double the rise in the preceding year.
The 3% percent rise in the index of
nonferrous metals prices was closely
associated with the copper situation.
Domestic copper production was shut
down by a strike that began in mid-1967
and extended into April 1968. Prices of
secondary copper products increased
substantially during the strike period,
but dropped sharply after a settlement
was reached. Domestic producers raised
primary copper prices at the end of the
strike and again at yearend.
Iron and steel prices were somewhat
unstable during 1968; producers increased prices of some key products
after a new labor contract was concluded on July 31, but a substantial
reduction—partially rescinded—was
made on hot-rolled sheets in the fall.

Declines in steel scrap prices during
1968 accompanied the decline in steel
production after late spring and held
the rise in the overall index of iron and
steel prices to 2 percent.
Machinery prices continued to rise
at the 3 percent rate of the 2 preceding
years. Increases were sizable for all
categories except electrical machinery.
Prices of motor vehicles and equipment
rose 2% percent in 1968 after a 1% percent increase the preceding year.
The rise in the overall index of
industrial commodity prices was
dampened last year by a reduction
in fuel prices and near-stability in
chemical prices; together, these commodities constitute nearly one-fifth of
the industrial index. The drop in fuels
reflects mainly declines that have
occurred in refined petroleum product
prices since their sharp runup in mid1967 at the time of the Middle East
conflict; these were offset to some
extent by higher coal prices. Chemical
prices eased a little because of pricecutting in agricultural chemicals and
fertilizers, where capacity has been
excessive.

Within the year, prices advanced
sharply during the winter months,
leveled off through August, and began
to rise again in the fall. The period of
stability during the summer resulted
from a retardation in the rate of price
increases for most commodity groups
and a decline in prices of metals.
Among the major commodity groups,
the most prominent advance was the 13
percent rise in lumber and wood products, which have a weight of only 3K
percent in the overall industrial index.
Eight groups with a weight of 70 percent
in the Industrial Price Index showed
increases ranging from 2% to 3% percent. Among these, the most important
were the increases in such heavily
weighted categories as textile products
and apparel, metals and metal products,
and machinery and equipment.
Wholesale prices of textile products
and apparel had fluctuated in an extremely narrow range for nearly 15
years prior to late 1967, mainly because
of the pronounced expansion in the



Quarterly Changes in Reserves and Deposits
of Member Banks, 1968
[Seasonally adjusted, billions of dollars]

I
Total reserves .. . ...
0.66
Nonborrowed reserves. . . .-29
Total deposits*
Demand deposits
Time deposits
.
Government deposits

4.8
1.5
1.3
2.1

II

III

0.01
-.02

0.58
.83

.8

9.1

3.1
.6

-2.8

.4
7.1
1.4

IV

0.58
.19
8.9
3.3
6.9

-1.2

*Deposits subject to reserve requirements.

The Balance of Payments in 1908
THE pattern of our international
receipts and payments in 1968 was
notably different from the pattern of
previous years, reflecting unusual
changes in trade and capital transactions. Even though exports rose substantially, a new upsurge in imports
caused a pronounced decline in our
merchandise trade surplus. In an even
more striking development, the United
States became a net importer of capital
in 1968. This change on capital account
more than offset the deterioration in
the trade balance, resulting in a liquidity
balance more favorable than in any
other year since 1957.
The year 1968 began in a climate of
uncertainty in financial markets. There
were lingering doubts as to the strength
of the dollar after Britain's failure in
late 1967 to maintain the exchange
value of the pound. In order to restore
confidence in the dollar and in the international monetary system, the President announced a broad program on
January 1, 1968, to improve the balance
of payments. The program included
mandatory restraints on direct investment abroad, tighter measures restraining foreign lending by banks, and
further efforts to reduce the adverse
impact of Government expenditures.
Before the effects of these measures
were fully demonstrated, speculative
purchases of gold, which had been very
heavy in the fourth quarter of 1967,
reached crisis proportions again in
March. U.S. gold losses in the first
quarter were nearly $1.4 billion, most
of which was used to meet private
demand in foreign gold markets. This
loss was brought to a halt after the
international agreement of March 17



to stabilize official gold reserves. The
agreement to stop supplying gold from
official reserves to private markets
meant that private demand and supply
(including new production) would determine the price of gold traded there.
At the same time, the price at which
gold was to be traded among official
agencies was maintained at $35 per
ounce.
The two-tier price system for gold
was remarkably successful in halting
the speculative attack on the official
gold price. Uncertainty over the
strength of the dollar disappeared
before midyear, and the dollar remained
relatively strong on the exchange markets in the face of speculation over
the defensibility of existing exchange
rates for the German mark and the
French franc.
C H A R T 27

U.S. Balance of Payments
Billion $

Liquidity Basis

Official Reserve
Transactions o3§IS
W& Basis

_

mm

Later in the year, speculative movements of funds out of France for investment in German marks placed
extreme strains on international financial markets. Although the U.S. dollar
was not under pressure during these
disruptions, the defensive measures
employed by foreign countries in protecting their currencies and the support
extended them by the United States
led to significant changes in the composition of U.S. official reserves and
in U.S. liabilities to foreign official
agencies.
In the process of supporting their
currencies, foreign official agencies made
massive use of their liquid dollar
holdings, including those obtained
through swap arrangements with the
United States and through their drawings of dollars from the IMF. During
the course of the year, these support
operations affected U.S. accounts by
(1) reducing U.S. liquid liabilities to
foreign official agencies, (2) increasing
U.S. liquid liabilities to private foreigners, (3) increasing U.S. official
reserve assets held in the form of
convertible currencies, and (4) improving the U.S. gold tranche position
in the IMF.
Changes in balances

-2

-4

1964 65

66

67

68*

1964 65

66

67

68*

*January-September totals, seasonally adjusted.
U.S. Department of Commerce, Office of Business Economics

69-1-27

During the full year 1968, the U.S.
reserve position in the IMF and the
convertible foreign currencies included
in U.S. official reserves increased by
$2.1 billion, more than offsetting the
net reduction of $1.2 billion in the gold
stock. Thus, total U.S. official reserve
assets, although changed in composition, showed a net increase of $0.9
billion during 1968.
33

SUEVEY OF CUEEENT BUSINESS

34
During the first 9 months of 1968,
there was a net decrease of $1.9 billion
in U.S. liabilities to foreign official
agencies. This reflected reductions of
$3.6 billion in liquid liabilities offset,
in part, by an increase of some $1.7
billion in nonliquid liabilities, including
special financial transactions designed
to convert U.S. liabilities to foreigners
from liquid to nonliquid form. The
net reduction in U.S. liabilities to
foreign official agencies for the full year
plus the increase in U.S. official reserve
assets created a large surplus in the
balance measured on the official reserve
transactions basis, as compared with a
deficit of $3.4 billion on this basis in
1967.
Since the balance on the liquidity
basis is not affected by the shift of liquid
dollar liabilities from official to private
accounts, this measure of the balance of
payments was less influenced by the
emergency financial operations abroad.
The improvement in the liquidity balance, therefore, reflected principally the
large inflows through foreigners' net
investments in the United States, including purchases of U.S. stocks, bonds,
and other nonliquid assets. These
contributions, together with a rise in
receipts from special transactions by
foreign official agencies (up from less
than $1.0 billion in 1967 to more than
$1.4 billion through September 1968),
more than offset the serious deterioration in the U.S. trade balance. In the
first 9 months of 1968, the total liquidity
deficit was only $0.8 billion, seasonally
adjusted, and the final total for the full
year may have been more favorable.
The comparable deficit was $3.6 billion
for all of 1967 and about $1.3 billion in
1965 and 1966 (chart 27).

Merchandise Trade
On the basis of incomplete data for
the whole year, the Nation's favorable
trade balance appears to have dropped
from $3K billion in 1967 to barely $K
billion in the year just ended. (On the
Bureau of Census basis, the balance
fell from $4.1 billion to 1967 to $1.1
billion in 1968.) The export surplus of
$K billion was the narrowest in the
whole post-World War II period, and




the year-to-year deterioration of $3 billion was the largest adverse shift since
1949-50.
These developments occurred against
a background of vigorously expanding
trade in both directions last year.
Nonmilitary merchandise exports in
1968 rose 11 percent over the preceding
year after a gain of only 4% percent
for 1967, while imports increased 23
percent following a 1967 advance of
less than 6 percent.
Actual or threatened strikes in domestic metal industries and by longshoremen at east and gulf coast ports distorted quarterly trends in trade during
1968 and strongly influenced the statistics for specific commodities like
steel, copper, and aluminum. However,
their effect on the movement of overall
exports, imports, and the trade balance
for the year as a whole was not of
major importance. With realistic assumptions as to the effects of these
special factors on the annual volumes
of imports and exports, it appears
unlikely that much more than one-fifth
of the deterioration in the trade balance
in 1968 could be attributed to strikes
and the threat of strikes.
Sharp rise in imports

The exceptionally large rise in imports in 1968 was reflected in all major
categories of goods. Industrial supplies
and materials accounted for about 40
percent of the total dollar gain in imports, reflecting demands sparked by
the swift pace of U.S. economic growth
and amplified by strikes or threats of
strikes. Nevertheless, the rate of increase in this major category was less
rapid than the gain in total imports.
Automotive vehicles and parts, on the
other hand, which accounted for about
one-tenth of total 1967 imports, contributed one-fourth of the 1968 expansion in total imports. Imports of
other nonfood consumer goods advanced at a pace about parallel with
the overall rate, with strong growth
widespread throughout this group of
commodities. Although imports of foods
and beverages advanced less rapidly
than the total, 1968 witnessed a sharp
reversal in coffee imports from the 1967
downturn, while imports of whiskey

January 1969

and meat products extended the sizable
gains of recent years.
At the same time, total agricultural
exports showed almost no expansion
from 1967. Gains in exports of corn,
cotton, and tobacco were largely offset
by lower exports, mainly of sorghums
but also of wheat and other grains.
Eeductions in grain prices accentuated
the declines in agricultural export
values.
Among nonfarm products, annual
gains were substantial for exports of
transport equipment, chemicals, and
forest products. However, there were
some significant shifts within the year.
Sharply increased worldwide deliveries
of commercial transport planes, together with strongly expanding automotive sales to Canada, accounted for
nearly half the seasonally adjusted gain
in total exports from the last half of
1967 to the first half of 1968. These
two commodity groups accounted for
less than one-fifth of the advance in
overall exports in the second half of
1968. The latter period brought expanded gains in exports of chemicals,
wood and paper, and nonferrous metals
(following labor-contract settlements)
and marked increases in exports of
machinery and nonfood consumer
goods.
Except for the stepped-up pace of
automotive deliveries, exports to Canada showed little growth in 1968. Exports to Western Europe showed significant improvement, expanding sharply
in the second half of the year, and sales
to Japan in the second half also bettered
the already improved performance of
the first half.
Trade surplus declines

The trade surplus, which had virtually disappeared in the first half, improved substantially in the second.
However, at a seasonally adjusted annual rate of less than $1 billion (balance
of payments basis), it remained extremely modest. The improvement
within the year was due to a slower
rate of expansion in imports. The rate
of increase in imports from the first to
the second half of 1968 was less than

SUKVEY OF CUEEENT BUSINESS

January 1969

one-third as much as the 18 percent
increase from the last half of 1967 to
the first half of 1968. The rate of increase in exports in the last half of 1968
was comparable to the rate of increase
recorded in the preceding half year.
Last year's deterioration in the trade
surplus, while extreme, was a continuation of a trend dating from 1964.

Merchandise Trade Balance
Except for civilian aircraft all major commodity
categories contributed to last year's deterioration
IMPORT BALANCE
Billion $
-4

I

-2

EXPORT BALANCE

0

I
TOTAL WHANDfS TRADE
I960
1967
1966 j
1965
1964 |

Foods, Feids, and Beverages

Automotive Venletes and Parts (with Canada)

Automotive Vehicles and Parts (with all other areas)

j

i

L_

Note.-Total merchandise trade balance is on a balance of payments basis;
balances for commodity categories are on Census basis. Total
includes "All other" which is not shown separately. All 1968 data
are Jan.-Sept. totals, seasonally adjusted at annual rates.
U.S. Department of Commerce, Office of Business Economics




Chart 28 indicates the persistent decline
in the trade surplus during this period
and shows how the decline was distributed among the broad end-use
commodity categories.
In 1968, the trade surplus increased
significantly only in aircraft and parts,
reflecting the deliveries of jetliners to
foreign airlines. The favorable balance
of trade declined only slightly in other
capital goods categories, but there were
serious deteriorations in all other commodity groups. Automotive trade with
both Canada and the rest of the world
swung from surpluses to deficits, and
even in the food and beverages category, the United States recorded an
import surplus last year.

35

Foreign Direct Investment Program,
which does not restrict transfers to
foreign affiliates of funds that were
borrowed abroad by a U.S. parent
company. The remainder of securities
sales was almost entirely foreign purchases of U.S. corporate stock—$1.2
billion during the 9 months or $1.6
billion at an annual rate.
A second major source of improvement in private capital transactions in
1968 was the reduction in U.S. bank
claims of more than $400 million
(seasonally adjusted annual rate) after
an increase of some $460 million in
such claims during 1967. This change
may have reflected the tightening of
the program to restrain bank credit
under the Federal Reserve Program,
although the total reduction in claims
by the banking community was beyond
Private Capital and Other
that required under the program.
Transactions
Additional improvement through
other private capital transactions inThe sharp decline in the merchandise
trade balance from 1967 to 1968 was cluded U.S. corporate borrowing abroad
more than offset by the phenomenal from banks, largely to help finance
halt to the customary net outflow of direct investment activities. At the
capital through private transactions. same time, there were some offsetting
The imposition of mandatory controls increases in corporate assets abroad
on direct investment transactions at other than direct investments. The
the beginning of the year and the greater part of these were bank deposits
tightening of restraints on capital or other temporary investments of
outflows through U.S. banks were funds that were obtained through
major factors in the unprecedented special bond issues or other forms of
shift to a net inflow of private capital foreign borrowing.
If the transfers of funds borrowed
in 1968. However, the largely unrelated
abroad by the U.S. companies are inincrease in foreign purchases of outstanding U.S. securities (mainly com- cluded, the seasonally adjusted annual
mon stocks) was an important addi- rate of direct investment capital outtional element in the improvement on flows in the first three quarters of 1968
exceeded the $3.0 billion outflow for
capital account.
Chart 29 indicates the total net the year 1967. Acquisitions of existing
improvement in private capital trans- foreign enterprises (net of liquidations
actions in 1968, by type, along with of existing U.S. affiliates) totaled more
the comparable annual data since 1964. than $320 million during the first 9
The major source of improvement months of 1968 as compared with about
last year was in foreign purchases of $180 million in all of 1967. Thus, while
U.S. private securities, which were at use of foreign-borrowed funds offset a
an annual rate of $3.7 billion during large portion of the balance of paythe first 9 months of 1968, as compared ments impact of investment activities,
with $1.4 billion in 1967. The sales of the actual transfers of capital for
U.S. securities during the first three direct investment purposes were not
quarters of 1968 included some $1.6 reduced, and the Foreign Direct Investbillion ($2.1 billion annual rate) of ment Program appears to have had
bonds issued by U.S. corporations to little or no adverse effect on the scope
finance their investments abroad. These of investment activities by foreign
sales were in direct response to the affiliates.

SUEVEY OF CURRENT BUSINESS

36
Improvement in services

The annual rate of income receipts
from direct investments abroad during
the first 9 months of 1968 was about 14
percent above the total for 1967. This
additional source of improvement in
1968 balance of payments receipts
could also be attributed to the control
program since reinvestments of earnings by foreign affiliates are also subject
to its limitations. Keceipts and payments from tourism showed some net
improvement in 1968 mainly because
disturbances in Europe appear to have
affected payments more than receipts,
and expenditures in Canada were down
as compared with those of the year
before, when Expo '67 attracted many
U.S. visitors. Among other major payments, military expenditures abroad
continued to increase and were at an
annual rate of $4.5 billion in the first 9
months of 1968. In summary, the net
balance on transactions in services (in
contrast to merchandise trade) increased from net receipts of $1.3 billion
in 1967 to nearly $2 billion at a seasonally adjusted annual rate in the
January-September period of last year.
Near-Term Prospects
Improvements in the U.S. balance
of payments in 1968 reflect the impact
of special circumstances that are not
likely to be repeated this year. It will
be more difficult to realize improvements in the same areas in 1969 since
some of the favorable changes in capital
flows were transitory in nature or were
essentially one-time contributions.
There was an initial gain for the balance
of payments in 1968 associated with the
tightening of restraints or the imposition of new controls. Even if the controls are not relaxed, in the second year
of operations they are likely only to
maintain the improvements already
achieved. Any reduction in the reliance
on foreign sources of finance for direct




investment activities could be reflected
in a deterioration in the balance of payments. Tight money in the United
States may discourage lending to foreigners, but another large reduction
in banking claims on foreigners should
not be expected.
The substantial flow of foreign funds
into U.S. corporate stocks could easily
turn around with a sharp or prolonged
decline in stock prices. But there also
are reasonable grounds for expecting
continued foreign interest in U.S. securities. The increasing preference
among European investors for equity
securities and the desire to diversify
portfolios may help sustain the demand
for U.S. corporate stocks. The general
growth in European capital markets
and the increased activity of U.S.
investment firms abroad facilitate the
channeling of foreign investors' demand
to U.S. securities.
However, these potentialities do not
alter the precarious nature of the balance of payments improvements in
1968, and the prospects are highly
tenuous for future improvement in the
same areas. Consequently, the outlook
for even short-term gains depends upon
better performance on trade account.
The prospects here appear at least moderately encouraging; there is already
some evidence of a slowing down in the
excessively rapid growth of imports.
The increase in imports of industrial
supplies and materials is likely to taper
off with a change in the tempo of U.S.
economic activity. On the other hand,
it is less likely that the persistent
increase in the trade deficit in consumer
goods can be reversed unless new efforts
are made to counter foreign competition
in major items. The rising favor among
U.S. consumers for the types of goods
produced abroad and the rising capacity
of foreign suppliers to produce for the
U.S. market make it difficult to counter
the unfavorable trend in the trade
balance in consumer goods. However,

January 1969

if the rate of growth in exports can be
maintained and if imports grow less
rapidly with the slowing of U.S. economic expansion, there should be considerable improvement in the foreign
trade surplus in 1969.
CHART 29

Private Capital Transactions
The halting of private net capital outflows in 1968
was the major source of improvement in the balance
of payments
U.S. OUTFLOWS

U.S. INFLOWS
Billion $

-8

-6

-2

0

0

BALANCE ON TOTAL CAPITAL TRANSACTIONS
(Total net outflows)
(Total net inflows)
1968
1967
1966
1965
1964

Direct Investment Capital Flows
(Net investments abroad)
(Foreign investments
in U.S.)

Security Transactions i
(Foreign sales in U.S., net)
(U.S. sales abroad,

1

net)

Claims Reported by U.S. Banks
(Increase in U.S. claims)
(Decrease in U.S.
claims

F

Other Private Capital Transactions 2
(Increase in U.S. claims)

(Increase in U.S.
liabilities)

Note.-All 1968 data are Jan.-Sept. totals, seasonally adjusted at annual rates.
1
Excluding liquidations of U.S. securities by the Government of the United
Kingdom and investments by international and regional organizations in
the U.S. Government agency bonds.
2
Excluding changes in U.S. liquid liabilities and special transactions by
U.S. and foreign official and international agencies.
U.S. Department of Commerce, Office of Business Economics

69-1

Personal Income Higher in all Regions
in Third Quarter of 1968
A EESONAL income rose in all
regions and in 48 of the 50 States
during the third quarter of 1968 as
income from most major sources advanced briskly. Nationally, there were
above-average gains in farm income,
Federal payrolls, and finance and transportation wages and salaries. Although
most other industries showed gains close
to the average, construction payrolls
registered little change, while the rise in
nonfarm proprietors' earnings generally
lagged behind the national pace.
From the second to the third quarter,
total personal income rose 2% percent,
or $16 billion, for the entire Nation.
Among the eight regions, income gains
varied from about 3 percent in the
Far West and the Southwest to 1%
percent in the Mideast and about
three-fourths of 1 percent in the Rocky
Mountains. The advances in the other
four regions—Plains, Great Lakes,
Southeast, and New England—were
very close to the national pace (text
table).
Many of the regional differences in
the rate of income advance during the
summer can be traced directly to
developments in farming. Nearly all
of the above-average gain in total
personal income in the Southwest is
traceable to a jump in farm income.




Similarly, the small advance in the
Rocky Mountain States was caused
chiefly by weakness in agricultural income, although income in many other
industries in that region expanded
rather slowly.
The above-average third quarter income advance in the Far West is
attributable to a broadly based lift in
most major nonfarm sources of personal
income as well as to a sharp rise in farm
income. Only in durable goods manufacturing was there a substantial industrial lag in the Far West. The somewhat
below-average gain in the Mideast
region is traceable mainly to a slow
increase in both hard and soft goods
manufacturing industries as well as in
Federal Government payrolls.
The Plains, Great Lakes, Southeast,
and New England regions each showed
an increase of roughly average proportions in both total and nonfarm personal income. The industrial pattern of
the personal income gain in the Plains
and Southeast was similar to that in
the United States. This was not the
case in New England and the Great
Lakes. In New England, a comparatively small expansion in manufacturing payrolls—in both hard and soft
goods lines—was offset by an unusually
large increase in farming and by sizable

gains in mining, construction, and
finance.
In the Great Lakes, a spurt in- payrolls of both durable and nondurable
goods producers provided the major
impetus to the income rise. Wage and
salary payments in durable goods factories in the region rose over 3 percent
(as compared with a nationwide gain
of 1% percent) despite the sharp fall
in steel production following the labor
contract settlement in early summer.
Higher wages called for by the new
contract partly offset the effects the
decline in production had on employment and hours of w^ork. In addition,
auto production and payrolls increased
during the summer. Offsetting the
strength in manufacturing in the Great
Lakes, farm earnings in the region fell
back substantially; gains in most other
industries were fairly close to the U.S.
average.
Percent Change in Personal Income, From
Second Quarter to Third Quarter 1968
Regions

Total

Nonfarm

Far West
Southwest

3.1
3.0

2.9
2.5

Plains
Great Lakes
Southeast
New England

2.6
2.4
2.3
2.2

2.1

1.8
.7

1.8
1.7

2.4

2.3

Mideast
Rocky Mountain
U.S. average .

.

.
.

-. .

2.6
2.6
2.0

37

SUKVEY OF CURRENT BUSINESS

38

Table 1.—Quarterly Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
Percent
change,
1968

1968

19 57

State and region

II-III

I

Maine New Hampshire
Vermont
Massachusetts ._
Rhode Island
Connecticut

...

Mideast
New York
New Jersey
Pennsylvania

.. ...

Delaware.
Maryland
District of Columbia
Great Lakes

II

III

617 968

629 942

641 231

658 927

674 345

690 316

38 658

39 255

39 970

40 747

41,325

42, 450

43,391

2.2

2 544
2 068
1 15°

2,614
2,105
1,184

2,656
2,154
1,219

2,658
2,244
1,248

2,750
2,266
1,263

2,844
2,313
1,292

3.4
2.1
2.3

18, 739
2 923
11 263

19 082
2 943
11 466

19, 298
3,030
11, 739

19, 667
3 083
11,968

19,967
3,169
12, 039

20, 616
3,214
12, 341

20, 951
3,247
12, 744

1.6
1.0
3.3

148 211

150 142

153 463

157 210

160 793

163 722

1.8

67 364
24 964
36 560

68 300
25 512
36 646

69, 293
25, 807
37, 208

70, 705
26, 461
37, 847

72,396
26, 699
39, 155

74, 152
27, 427
39, 688

75, 578
28,011
40, 330

1.9
2.1
1.6

1 833
12 °56
3 216

. -.. .. ...

I

2 524
2,052
1 157

.

IV

146 193

New England.

III

611 135

United States

II

1 894
19 461
3 398

1,930
12, 576
3,328

1,963
13, 087
3 400

1,977
13, 484
3 499

2,058
13, 783
3,685

2,096
14, 027
3,680

1.8
1.8
i

2.4

130 662

130 813

134 354

135 398

140 701

142 627

146 081

2.4

Michigan.. . .. . ...
Ohio
Indiana _

28 482
33 226
15 870

93 765
32 881
1^ (559

29, 786
33 803
15 986

29, 573
34 510
16, 403

31, 270
35 97?
16, 717

31, 449
36 339
17, 005

32, 734
37 068
17, 344

4.1
2.0
2.0

Illinois ...
Wisconsin

40 022
13, 062

40 498
13 010

41, 426
13, 353

41,455
13, 457

42,812
13,930

43, 731
14, 103

44, 392
14, 543

1.5
3.1

47 148

47 662

48 872

49 171

50 435

51 588

52 912

2.6

10 899
8 178

10 910
8 418

11,363
8,966

11 477
8 671

11 835
8,916

11,923
9,195

12 428
9,493

4 2
3.2

13 674
1 574

13 674
1 599

13 823
1,558

13 927
1,627

14 431
1,683

14 635
1,641

14, 895
1,877

18
14.4

1 683
4 318

1 706
4 482

1,788
4,418

1 805
4,470

1 813
4,455

1 858
4,770

1,904
4,707

2 5
-1.3

Plains
Minnesota
Iowa ...

. .

Missouri.
North Dakota

- ......

South Dakota
Nebraska
Kansas

..- .. .

..

6 822

6 873

6,956

7,194

7,302

7 566

7,608

.6

103 629

104 538

106, 120

108, 846

111,687

114, 598

117, 269

2.3

Virginia.- .. ...
West Virginia
Kentucky. -

12 314
4 137
7 690

12 474
4 162
7 561

12 725
4 205
7 787

13 362
4 284
7 911

13 416
4 390
8 045

13 756
4 478
8 277

14 219
4 529
8 510

3 4
1i
2 8

Tennessee.
North Carolina .. .
South Carolina

9 154
11 996
5 675

9 246
12 042
5 661

9 352
12, 165
5 746

9 515
12 866
5 926

9 876
12 826
6 125

10 152
13 224
6 233

10 249
13 598
6 388

10
2 8
2 5

Georgia
Florida .
Alabama

11 301
16 475
7 549

11 329
16 810
7 616

11 484
17 482
7 (576

11 720
17 638
7 786

12 055
17 947
8 162

12 423
18 602
8 228

12 708
19 338
8 338

2 3
4 0
13

4 486
8 868
3 984

4 544
8 891
4 202

4 336
8 988
4,174

4 443
9 234
4*161

4 662
9 659
4*524

4 912
9 722
4 591

4 936
9 838
4 618

5
1 2
6

41 917

42 985

43 875

44 599

45 642

47 511

48 948

3 0

6 499
28* 717

6 384
29 601

6 621
30 324

6 874
30 643

7 030
31 451

7 007
32 908

7 296
33 898

4 1
30

New Mexico
Arizona

2 432
4 269

2 532
4 468

2 420
4* 510

2 553
4 529

2 563
4 598

2 718
4*878

2 663
5 091

—2 0
4 4

Rocky Mountain

13 276

13 478

13 460

13 953

14 060

14 672

14 782

7

1 977
1*830
967

1 985
1 884
973

2 019
1 900
988

1 7
8
15

Southeast

Mississippi .
Louisiana
Arkansas
... .
Southwest
Oklahoma
Texas

Montana
Idaho ..
Wyoming _ _ .

1 916
1 722
924

1 948
l' 735
'934

1 878
1 812
923

2 012
1 930
1 002

Colorado. .
Utah

6 060
2 654

6 207
2 654

6 178
2 669

6 318
2 691

6 516
2 770

6 911
2 919

6 923
2 952

2
1i

86 335

87 650

89 700

91, 468

94 198

96 301

99, 285

31

10 485
5 927

10 689
6 046

10 945
6 129

11 364
6 386

11 590
6 440

11 815
6 576

12 127
6 711

2 6
21

1 536
68 387

1 559
69 356

1 613
71 013

1 656
72 062

1 690
74 478

1 745
76 165

1 824
78 623

4 5
3 2

991
2 326

1 003
2 373

1 007
2 442

1 066
2 520

1 099
2 570

1 125
2 680

1 126
2 800

1
4 5

Far West
Washington
Oregon..

,.

Nevada ..
California.. .
Alaska.
Hawaii.

.

NOTE. Quarterly totals for the State personal income series
will not agree with the personal income measure carried
in the national income and product accounts since the latter
includes income disbursed to Government personnel stationed abroad.




Source: U.S. Department of Commerce, Office of Business
Economics.

January 1969

(Continued from page 3)
be affected by military troubles in other
areas, by the international monetary
situation, and by developments in our
cities. In addition, consumers and investors have been behaving in very unexpected ways, making the task of
forecasting especially difficult. Finally,
the 1969 outcome depends on Government economic policies and on labor and
business attitudes.
Despite these uncertainties, the prospects now are that the economy will
show a large expansion in 1969, but the
real volume of GNP will increase at a
more sustainable rate than last year
and the increase in prices will slow
somewhat. Personal income and corporate profits will set new records,
employment will rise to new highs, and
the overall unemployment rate will
remain comparatively low.
There should be further large gains
in consumer expenditures, although the
pattern may be uneven during the year,
partly because of the increases in social
security taxes and unusually large
settlements on 1968 tax liabilities.
Residential construction is likely to
increase more although credit restrictions will limit the extent of the rise.
Fixed business investment is due for a
healthy advance, according to all available evidence. Net exports will show
some improvement as exports continue
to increase and the import rise slowrs
down. State and local government
purchases will continue their strong
expansion, but on the basis of present
programs, Federal purchases will be
relatively stable.
The most difficult economic problem
in 1969 will be to contain inflation.
The slowrer increase in the real volume
of output will help to moderate the
price rise. Partly because of the "frontend loading" in the labor contracts
negotiated in 1968 and the smaller
coverage of forthcoming contract negotiations, wage rate increases may
not be as pronounced as last year.
Also, the movement in farm prices
should be less unfavorable than in 1968.
Nevertheless, strong demand and cost
pressures will persist and the problem
of inflation will remain.

SURVEY OF CURRENT BUSINESS

January 1969

39

Farm Income, 1960-67: Revised Data for Page S-3 1
[Millions of dollars]
Cash receipts from farming

Cash receipts from farming

Receipts from marketings and CCC loans

Receipts from marketings and CCC loans
Year and month

Total,
including Government
payments

Livestock and products
Total

Crops

34, 856
36, 582
38, 103
39, 094
39, 414

34, 154
35, 089
36, 356
37, 398
37, 233

3,420
2,544
2,766
2,538
2,503
2,920

July
August.
September
October
November
December
Annual total..
1966: JanuaryFebruary
March
April
May

Meat
animals

15, 208
15, 660
16, 294
17, 435
17, 377

18, 946
19, 429
20, 062
19, 963
19, 856

4,753
4,918
4,854
4,860
5,027

10, 598
11, 007
11, 665
11, 455
11, 137

3,292
3,197
3,240
3,322
3,374

3,325
2,405
2,516
2,455
2,475
2,894

1,658
880
785
780
734
1,091

1,667
1,525
1,731
1,675
1,741
1,803

436
401
447
434
452
426

933
850
982
924
974
1,062

256
233
265
273
270
283

2,973
3,284
3,747
4,762
4,557
3,957

1,227
1,367
1,754
2,678
2,487
1,949

1,746
1,917
1,993
2,084
2,070
2,008

411
398
394
411
402
426

1,018
1,176
1,243
1,299
1,298
1,205

295
322
336
354
351
344

39, 350

17, 392

21, 958

5,037

12, 964

3,581

3,794
3,090
3,176
2,955
2,891

.

Dairy
products

41,813

. .

Total

3,079
3,924
4,365
5,102
4,641
4,011

1960 .
1961
1962
1963...
1964
1965: January
February
March
April
May
June..

Year and month

3,719
2,921
3,002
2,836
2,851

1,734
1,001
858
859
809

1,985
1,920
2,144
1,977
2,042

430
403
462
459
481

1,209
1,176
1,296
1,145
1,197

304
296
344
321
315

Total,
including Government
payTotal
ments

Poultry
and
eggs

Livestock and products
Crops

Total

Dairy
products

Meat
animals

Poultry
and
eggs

1966— Continued
June

3,211

3,181

1,196

1,985

472

1,161

322

July
August
September
October...
November
December

3,432
4,661
4,945
5,408
4,931
3,963

3,303
3,715
3,980
4,922
4,838
3,912

1,424
1,536
1,736
2,555
2,672
1,877

1,879
2,179
2,244
2,367
2,166
2,035

465
467
467
478
461
486

1,068
1,309
1,368
1,476
1,300
1,155

325
382
391
396
389
362

46, 457

43, 180

18, 256

24, 924

5,532

14, 859

4,149

3,687
3,011
3,204
2,814
2 949
3,263

3,617
2,797
2,967
2,719
2,916
3,240

1,523
948
959
818
817
1,253

2,094
1,849
2,008
1,901
2,099
1,987

487
449
502
494
522
504

1,244
1,082
1,161
1,090
1,247
1,168

314
268
307
274
289
287

3,605
4,531
4,751
5,398
4,777
3,877

3,499
3,708
3,862
4,915
4,715
3,833

1,586
1,587
1,712
2,605
2, 653
1,921

1,913
2,121
2,150
2,310
2,062
1,912

473
463
459
471
458
488

1,113
1,309
1,347
1,494
1,278
1,098

309
332
328
329
307
295

45, 867

42, 788

18, 383

24, 405

5,770

14, 630

3,640

Annual total
1967: January
February
March
April
May
June
July
August
September
October
November
December
Annual total. .

Indexes of Cash Receipts and Farm Marketings (Unadjusted), 1960-67: Revised Data for Page S-3 *
[1957-59=100]

Year and month

Cash receipts from farm
marketings and CCC
loans
Year and month
Total

1960
1961
1962
1963
1964

.

1965: January
February _ March.
April
May
June

Livestock
Crops
and
products

105
108
112
115
115

110
113
117
126
125

102
105
108
108
107

123
89
93
91
92
107

144
76
67
67
63
94

108
99
112
108
113
113

July.. .
August
September October. ...
NovemberDecember. .

110
122
139
177
169
147

106
118
152
233
216
169

113
124
129
135
134
130

Annual.. .

122

125

119

138
108
111
105
106

150
86
74
74
69

129
124
139
128
132

1966: January
February __
March
April
May . .

Cash receipts from farm
marketings and CCC
loans

Total

1966— Continued
June
July
August

103
123
133

129
122
141

September .
October
November.
December..

148
183
180
145

150
220
232
163

145
153
140
132

Annual.-

133

132

135

1967: January
February _ .
March
April
May
June

134
104
110
101
108
120

132
82
83
70
70
108

136
120
130
123
136
129

July
August
September.
October
November.
December..

130
137
143
182
175
142

137
138
148
226
231
167

124
137
139
150
134
124

Annual...

132

133

132

Year and month

Year and month

Livestock
Crops
and
products

118
122
138

Physical volume of farm
marketings

Physical volume of farm
marketings

Total

Total

Crops

Livestock
and
products

108
111
122

92
111
119

119
111
124

SeptemberOctober
NovemberDecember. .

131
165
170
140

134
202
224
165

128
138
130
122

Livestock
Crops
and
products

1960
1961
1962
1963
1964

107
109
111
116
118

112
110
112
119
118

104
108
110
114
118

1965: January
February. _
March
April
May
June

126
87
90
84
84
104

141
65
52
46
44
88

115
103
118
113
115
116

July
August
September
October
November.
December.-

110
119
135
174
166
141

110
117
149
231
218
174

111
120
125
131
128
117

Annual-..

118

120

118

1966: January
February ...
March
April
May

130
94
94
88
92

154
79
62
54
52

113
105
118
113
120

1966— Continued
June
July
August

Annual. -

120

121

120

1967: January
February, March
April
Mav
June _.

128
95
100
90
96
110

137
77
72
53
54
96

122
109
122
118
127
122

July
August
SeptemberOctober
NovemberDecember..

122
130
133
173
170
137

132
133
138
214
224
162

114
127
129
142
131
119

Annual...

124

124

124

1
Source: U.S. Department of Agriculture, Economic Research Service. Data for 1965-67 reflect incorporation of the latest available information relating to production, marketing, prices
and inputs from Government and private sources. In addition, the estimates for the dollar figures only were revised back to 1960 (annually, 1960-67; monthly, 1965-67) to include Alaska
and Hawaii.




U.S. GOVERNMENT PRINTING OFFICE : 1969 O - 329-153




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CURRENT BUSINESS STATISTICS

JLHE STATISTICS here update series published in the 1967 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.50) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1963 through 1966 (1956-66 for major quarterly series), annually, 1939-66; for selected series,
monthly or quarterly, 1947-66 (where available). Series added or significantly revised after the 1967 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (|), respectively; certain revisions for 1966 issued too late for inclusion in the 1967 volume appear in the monthly
SURVEY beginning with the September 1967 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
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.
1965

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1966

1965
IV

I

II

1967
IV

III

I

Annual total

1968
I

IV

III

II

III

II

| IV P i

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil. $

684.9

747.6

789.7

710 0

728.4

740 4

753 3

768 2

772 2

780 2

795 3

811 0

831 2

852 9

871.0

887.8

Personal consumption expenditures, total

do

432. 8

465.5

492.2

447.4

457.8

461.1

469.3

473.7

480.9

490.3

495.5

502.2

519.4

527.9

541.1

546.3

Durable goods total 9
Automobiles and parts
_
_
Furniture and household equipment

do
do
. do

66 3
30.3
26.9

70.5
30.4
29.8

72.6
30.4
31.4

68 9
30 6
28.9

71 6
31.8
29.3

68 2
28 9
29.0

71 0
30 3
30 4

71 1
30 5
30 4

69 8
28 1
31 1

73 4
31 2
31 2

73 1
31 0
31 4

74 2
31 4
31 8

79 0
34 6
33 3

81 0
35 4
33 9

85.1
38,1
35.4

84.8
38.0
34.4

06 3
39.4
106 8
16 4

208 3
40 5
107 0
16'7

228 9
44 8
116 4
19 4

232.7
47.2
117.7
20.0

233. 5
46.5
118.8

223.4
31.5
76.9
16.8

228. 0

Gross national product, total t

Nondurable goods, total 9
Clothing and shoes
_
_ __ __
Food and beverages
Gasoline and oil _
_ _ _
_ _

do
do, do
do

191.1
35.9
98.8
15.3

206.7
39.8
106.4
16.6

215. 8
42.1
109 4
18.1

197 8
37.4
102 3
15 9

202 8
39.2
105 1
16 0

9

Services, total 9
Household operation.
Housing
Transportation
_ . . . , __ __

do
_.do_ .
do
do

175.5
25.6
63 5
12.6

188.3
27.1
67.3
13.6

203.8
29.0
70 9
15 0

180
26
65
13

7
4
1
2

183 4
26.2
66 0
13 3

186 7
26.9
66 8
13 6

190
27
67
13

0
5
6
6

193 3
27 8
68 8
13 8

198
28
69
14

do

108. 1

120.8

114 3

113 2

116 8

121 0

119 9

125 7

113 0

98 5
71.3
25 5
45.8
27 2
26.7
9.6
86

106.1
81.3
28 5
52.8
24 8
24.3
14.7
14 9

108 2
83 6
27 9
55.7
24 6
24 0
61
56

103 5
76 2
27 8
48.3
27 4
26 9
9 7
85

105 9
78 6
28 6
50.0
27 3
26*8
10 9
10 7

105 6
79 8
28 1
51.7
25 8
15 4
15 4

107 0
82 6
28 9
53.7
94 4
93 9
12 8
13 3

105 9
84 2
28 2
55.9
21 7
21 1
19 8
20 9

104 6
83 5
29 0
54.5
21 1
20 5
8 4
83

do
do
_- _ _ do

6.9
39 2
32.3

5.1
43 1
38 1

4.8
45 8
41 0

6.0
40 5
34 5

6.0
42 1
36 1

5.2
42 6
37 3

4.5
43 6
39 1

4.5
44 9
39 7

5.2
45 5
40 3

Govt. purchases of goods and services, totaL.do
Federal
do
National defense _ _.
_
_
do
State and local
do

137.0
66 9
50 1
70 1

156. 2
77 4
60 6

178.4
90 6
72 4
87 8

143.3
70 1
52 9
5
73

147.8
72 5
55 3
75 3

153.1
75 6
58 6
77 4

159.5
79 9
63 0
79 7

164.3
81 5
65 4
82 7

By major type of product: f
Final sales, total
Goods total
Durable goods
Nondurable goods
Services..
_, _
Structures

675 3
337 G
133 0
204.7
262 9
74.8

732 8
367 5
145 7
221.8
288 0
77.3

783 6
390 8
156 4
234.5
314 8
77 9

700 3
351 1
138 5
212. 5
271 o
78 2

717 5
360 5
143 3
217.3
977 5
79 5

725 0
36° 6
220.4
9g4 7
77 7

740 4
371 0
147 3
223.7
992 3
77 2

9.6
6 7
30

14.7
10 2
4 5

6.1
30
31

9.7
4 6
51

10.9
7 6
33

15.4
99
55

Gross private domestic investment, total
Fixed investment
_
NonresidentiaL. _ _ , Structures
Producers' durable equipment
Residential structures
Nonfarm
_ _ _ _ _
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports.. _ _ _ _ _ _ _ _ _
_._

Change in business inventories
Durable goods
Nondurable goods. _
.._

_

__

do
do __
do
do
do
d o
do ..
do

do
do
do
do
do
do.

_ _

do
do
do

14°" 9

3
4
9
8

9

16 4
42 8
109 1
18 3

218 4
42 3
110 8
18 6

"6 5
44 6
113 6
19 7

6
7
4
8

995
29
71
15

9
2
2
1

909 6
29 9
9
72
15 5

9

13 9
30 3
74 9
0
16

218
31
75
16

107 6

114 7

121 8

119 7

127 3

127.1

136. 1

105 4
82 9
7
27
55.5
9
29 7
2 1
2 3

109 3
83 3
27 7
55.6
26 0
25' 4
5 3
4 8

113 5
85 0
27 7
57.3

117 6
88 6
29 6
59.0
29 1
28 5
16

116 5
87* 0
28 5
58'. 5
29 5
9
89
10 8
10 4

119 6
90.1
28 8
61.3
29 5
28 9
75
7 3

126.0
94.2
29 8
64.4
31 8
31 2
10 0
9 2

45 5
40 4

5.4
46 1
40* 6

3.4
46 0
42 6

1.5
47 5
46 0

2.0
49 9
47 9

3.3
52 6
49 4

3.0
52 4
49 5

173.1
87 4
70* 0
85 8

177.3
90 0
72 1
87 2

179.6
91 3
79 9
88 4

183.5
93 5
74 6
90 0

190.5
97 1
76 8
93 4

195.7
100 0
79 0
95 6

199.6
101 2
79 6
98 4

202.5
101 6
80 0
100 8

748 4
375 9
3
150
225. 1
°98 1
74 9

763 8
381 5
151 1
230.4
306 3
76 1

778
391
157
234.
310
75

0
8
1
7
9
3

789 9
393 6
157 3
236'. 2
317 5
78*8

809 7
396 5
159 9
236.6
324 7
81 5

829 1
412 8
166 7
246.1
330 4

849 1
417 6
169 1
248.5
339 9
85 4

863 5
429 5
175 1
254.4
347 6
86 4

877
433
177
255.
354
90

12.8
10 5
9 4

19.8
13 6
6 3

8.4
33
50

2.3

5.3
38
16

8.3
49
41

2.1
15

10.8
69
4 6

7.5
4 9
2 5

209
40
106
17

3
3
9
1

212
40
108
17

9
9
7
7

9

2
1
7
7

9

15
42
108
17
01
28
70
14

9 9

5.1

Q

17

9g 5

27 9
8 3
71

9 I

85 8

Q

7
0
4
3

20. 2

31.9
78.6
17.1

8
2
9
3
0
6

10.0
5°
4 9

GNP in constant (1958) dollars
Gross national product, total f

bil. $_.

Durable goods
Nondurable goods
Services
Gross private domestic investment, total

617.8

657.1

673.1

636.6

648.6

653.3

659.5

657.1

665.7

669.2

do

397.7

417.8

430.5

409.2

420.0

420.6

424.8

431.2

66 6
178 6
152.5

71 3
186 9
159.5

72 4
191 1
167.0

69 8
183 3
156.1

415.7
79 9
185 5
157.3

414.8

do
do
do

Personal consumption expenditures, total

69 2
186 9
158.7

71 8
187*8
160.4

71 4
187 5
161.7

70 1
190 3
164.4

73 7
191 6
165.9

108.8

112.3

681.8

692.7

703.4

712.3

719.1

431.8
79 g
191 1
168.1

434.1

444.9

447.5

455.7

454.8

73 0
191 6
169.5

77 3
196 5
171.0

78 9
196 1
172.6

82 5
198 5
174.8

81 4
196 8
176.6

675.6

do

99.2

99.5

103.4

106.1

109.5

107.4

99.8

94.2

99.3

104.7

101.5

107.3

105.8

112.5

do
do
do
do

90 1
66 3
23 8
9.0

94 9
73 8
9
11
13.9

93 6
73 7
19 9
5.9

94 0
70 3
93 g
9.3

95 8

94 7

23 6
10.3

29 o
14.7

95 5
74 8
20 7
12.0

93 7
75 4
18 °
18.6

91 8
74 2
17 6
8.0

99 Q
73 3
18 7
2.3

94 0
73 9
°0 8
5.2

96 7
74 0
29 7
8.0

99 5
76 5
23 0
2.0

97 4
74 5

99 0
76 6

99 9

99 4

9.9

6.8

103 4
79 4
9
40
9.1

do

6.2

4.0

2.4

5.7

5.3

4.3

3.6

2.9

3.0

2.8

3.1

1.0

-.1

-.6

.7

.7

114.7
126. 5 140.7
118.4
121.5
57 9
65 2
74 8
61 8
59 6
56.8
61.3
65.' 9
58^7
59.6
'•Revised.
P Preliminary.
1 Preliminary annual tota ls for 1968 for components
shown in this column appear on pp. 20-23 of this issue of the SURVEY.
fRevised series
Estimates of national income and product and personal inco e have been revised back to

124.7
64 0
60.7

128.5
66 9
61. 6

131.3
67 9
63.4

138.1
72 7
65. 4

141.0
75 1
66.0

141.4
75 6
6n's

142.0
75 6

146.5
78 1

149.2
80 1
69.1

150. 1

151. 0
79 4

Fixed investment.. _ .
Nonresidential
___ _
Residential structures
Change in business inventories
Net exports of goods and services

_

Govt. purchases of goods and services, total. _do
Federal _
do
State and localdo




66 4

fiS 4

7Q ^
70 fi

71 fi

1965 (sec p. 19 ff. of the July 1968 SURVEY for data beginning 1965); revisions prior to May
1967 for personal income appear on p. 28 fT. of the July 1968 SURVEY.
9 Includes data not
shown separately.

S-l

January 1969

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1965

| 1966

| 1967

Annual total

I

II

1968

1967

1966
III

IV

I

II

III

1969

I

IV

II

III

IV P

722. 5

I

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Hates
bil $

Proprietors' income, total 9
Business and professional 9
Farm
Rental income of persons

652. 9

604.0

615.1

626.7

637.3

638.6

645.1

056. 9

670. 9

088. 1

705.4

435.6

468.2

420.6

430.8

441.4

449. 7

456. 7

461.8

471.5

482. 7

490. 8

507.1

519.7 » 530. 7

358.9
289. 6
12 1
57.1
35.0

394.6
316.9
14.6
63.1
41.1

423. 4
337.1
16.3
70.0
44.8

381.0
306. 7
13.6
60.6
39. 6

390.2
314.0
14.2
62.1
40.5

399. 8
320. 8
14. !)
64.1
41.5

407. 2
326. 0
15. 5
65.7
42. 5

413.3
330. 2
15.8
67. 2
43.4

417.6
332. 8
15. 9
68. 8
44.2

420. 3
331). 4
16.1
70.8
45. 2

436. 4
346.0
17.1
73.3
40 '>

448. 3
355. 7
17.5
75.2
48.4

457.6
362.8
17.8
77.0
49.4

469.0 « 479. 0
370.9 « 379. 1
18.9
18.8
79.1
81.1
51.7
50.7

do
do
do
do

Wages and salaries total
Private
Military
Government civilian
Supplements to wages and salaries

620.8

393.8

do
do
do
do
do

Compensation of employees, total

564.3

do

National income, totalf

57.3
42.4
14.8
19.0

60.7
44.8
15.9
19.8

60.7
46.3
14.4
20.3

61.5
44.5
16.9
19. 5

60.8
44.7
16.1
19. 7

60. 2
44.7
15.5
19. 9

60. 2
45.2
15. 1
20. 0

60. 1
45. 7
14.4
20.1

00. 5
46.1
14.4
20. 2

61.2
40.6
14.0
20.4

61.1
40.8
14.3
20.5

01.8
47.2
14.0
20.7

62.6
47.8
14.8
20.9

63.4
48.0
15.4
21.0

63.7
48.2
15.5
21.2

Corporate profits and inventory valuation adjustment total
bil $
By broad industry groups:
Financial institutions
do
Nonlinancial corporations, total
do
Alanufact firing, total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilitiesbil. $_.
All other industries
do

76.1

83.9

80.4

82.7

83.4

84.2

85.3

79.5

79. 6

80.2

82.3

83.8

89.2

91.6

8 7
67.4
39.3
16.6
22.8

10 2
73.7
42.8
18.8
24.1

10 3
70.1
39.2
18.0
21. 2

9 8
72.8
42. 9
18.5
24.4

10.2
73.2
42.6
18.8
23.8

10.4
73.8
42.7
19.0
23. 6

10.4
74.9
43.3
18.8
24.5

10.3
69. 2
39. 3
18.3
21.0

10.2
09. 5
3D. 1
17.9
21.2

10.3
0'.). 9
38. 5
17.9
20. 0

10. 0
71.7
3!». 9
18.0
21.9

11.0
72.9
41.3
19. 0
22. 3

11.2
77.9
44.9
19.7
25.2

11.9
79.7
45.3
20.3
25.0

11.1
16. 9

12.0
18.8

11.8
19.0

11.8
18.1

12. 1
18.5

12. 1
19.0

r.». o

12.0

11.7
18.1

11.8
18.6

12. 0
1',). 4

11.9
20. 0

12.5
19. 0

12.5
20.6

13.0
21.4

Corporate profits before tax total
Corporate profits ta v liability
Corporate profits after tax
Dividends
Undistributed profits .
.
Inventory valuation adjustment
Net interest
- -

77.8
31.3
46.5
19 8
26.7
17
18.2

85.6
34.6
51.0
21 7
29.3
1 7
20.8

81.6
33.5
48.1
22 9
25.2
1 ^
23.3

85.2
34.5
50.8
21 6
2!). 1

86. 7
35.0
51.6
21 9

85. 0
34. 4
50. 7
21 6
29. 1
3
22. 0

79. 9
32. 8
47. 1

80. 3
33.0
47.3
23.2
24.1

19.8

85. 6
34.6
51.0
21 9
29. 1
9
2
20. 4

99 9

22. [)

SO. 8
33.2
47.0
23. 5
24. 1
0
23.0

85.4
35. 1
50.3
22.5
27. 9
3 1
24.3

88.9
39. 8
49. 1
23.0
25.5
51
25.0

91.8
41.1
50.7
24.4
26.3
2 7
25.8

92.7
41.5
51.2
25. 2
26.0
1.0
26.7

bil $
do
do
do
do

538. 9
65.7
473. 2
444.8
28.4

586.8
75. 3
511.6
478.6
32. 9

628. 8
82.5
546. 3
506. 2
40. 2

570.4
70.4
500. 0
470.5
29. 5

580. 3
74.7
505. 5
474. 2
31.4

592. 1
76.8
515.4
4H2. 5
32. 9

604. 5

614. 8
80.5
534. 2
494. 6
39. 7

621. 0
80. 1
541. 5
504. 5
37.0

033. 7
83. 0
550. 0
50',). 5
40. 5

045. 2
85. 0
559. 0
516. 1
43.4

002. 7
88.3
574. 4
533. 5
40. 8

678.1
91.9
586. 3
542. 3
44.0

694.3 a 708. 2
101.6 - 105. 7
592.7 « 602. 5
555.6 a 561. 1
37.1 Ml. 4

bil. $
do
do
do

51.96
22.45
11.40
11. 05

60.63
26.99
13.99
13.00

61.66
26.69
13.70
13.00

12.77
5.61
2.87
2.74

15.29
6.78
3.51
3.27

15. 57
6. 84
3.54
3.30

17.00
7.75
4.07

3.68

13.59
6.10
3.08
3.02

15.61
6.81
3.40
3.34

15.40
6.48
3.33
3. 15

17.05
7.30
3.82
3. 48

14.25
5.79
2. 96
2.82

15. 87
0.50
3. 22
3.28

16.08
6.03
3.37
3.25

US. 33
7. 86
4.03
3.83

1.30
1.73
2.81
6.94
4.94
11.79

1.47
1.98
3.44
8.41
5.62
12.74

1.42
1.53
3.88
9.88
5.91
12.34

.33
.40
.75
1.60
1.26
2.83

.40
.55
1.00
2.09
1.42
3.06

.37
.48
.82
2. 36
L 36
3.33

.38
.55
.86
2.36
1.58
3.52

.32
.41
.70
1.84
1.35
2.87

.34
.41
1.12
2.46
1.49
2.99

.37
.35
.98
2. 06
1,46
3.09

.39
.36
1.07
2.92
1. 02
3. 39

.36
.37
.98
2.33
1.43
2. 93

.36
.38
1,04
2. 97
1.51
3.11

.34
.36
1.12
2.90
1.50
3.18

.42
.40
1.32
3. 13

. 30
.41
.96
2, 04

35.20

s 1. 74

58.00
25.60
13.15
12.45

60.10
26. 80
13.85
12.95

61.25
27.55
14.35
13. 20

62.80
27.75
14.50
13. 25

61. 65
27.85
14. 20
13.70

61.50
27.00
13.75
13.25

00. 90
26. 15
13. 50
12. 65

62. 70
20. 00
13. 50
12. 55

64. 75
26. 35
13. 05
12.70

62. 65
25. 80
12. 80
13.00

63. 45
20. 05
13. 05
13.05

167. 25
28. 10
14.15
13, 90

271.15

1.40
1.75
3.30
8.25
5.35
12.35

1.55
2.00
3.50
8.30
5.50
12.45

1.45
1.85
3.40
8.55
5.60
12.85

1.45
2.35
3.50
8.50
5.95
13.30

1.40
1.80
3.05
9.20
5. 75
12.55

1.30
1.55
3. 90
9.70
5.80
12. 25

1. 15
1. 40
4. 10
9. 80
0. 05
11.95

1.50
1.40
4. 45
10. 05
0.05
12.05

1.55
1. 05
4. 35
1 1. 60
0.35
12.85

1.40
1.45
3. 65
11.65
5. 90
12.80

1.35
1.40
4. 00
10.90
0.15
12. 35

1. GO
1.50
5. 35
11.45

1.55
1.40
4.30
13. 20

10,528
7,188
200
1,478
1,662

10,645
7,179
219
1, 537
1,710

10,912
7, 309
205
l,f,89
1,7-19

11,059
7,440
205
1, 648
1, 706

11,371
7, 001
•,535
1,504
1, 781

11,377
7, 703
331)
1, 556
1,782

11,513
7, 626
245
1,327
1, 815

11,496
7, 478
323
1,8W
1,813

11,800
7,921
300
1, 742
1,888

12, 557
8,325
362
1, 950
1, 920

do
do
do
do
do
do
do

9 Q

9' 5
21. 1

24. 0
4

« 25. 4

*27.6

DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays®
Equals* Personal saving§

52.5. 4
487.3
38. 1

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
..
Manufacturing
Durable goods industries^
Nondurable goods industries?Mining
_
Railroad
.__ _
Transportation, other than rail
Public utilities
_
Communication
Commercial and other

do
do
do
do
do
. do

Seas. adj. qtrly. totals at annual rates:
All industries
_
Manufacturing
...
Durable goods industries?
Nondurable goods industries?
Mining
Railroad
. _
Transportation, other than rail
Public utilities-..
_ _
Commercial and other
U.S.

do
do
do
do
_
_
.__
.

do
do
do.
do
do

3 19. 25

2

15. 02
I). 50
3.2S
3. 22

29. 00
15. 10
14. 50

3

20 . 05

BALANCE OF INTERNATIONAL
PAYMENTSc?

Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise, adjusted, excl. military
do._
Military sales
_
do
Income on U.S. investments abroad
do
Other services
do

39,197
26, 244
830
5,894
6,229

43, 144
29, 176
829
6, 252
6,887

45, 757
30, 468
1,239
6,859
7,191

p 13, 247
v 8.840
p 405
P 2, 048 i " . - " . . - p 1,954

i

Imports of goods and services
do
-32,296 -38, 063 -40, 988 -9,020 -9,336 -9, 778 -9, 929 -10,078 -10,108 -10,1-54 --10,013 -11,534 -11,905 <-12,30&
Merchandise, adjusted, excl. military
do
-21,516 -25, 541 -26,991 -6,036 -6,263 -6,567 -6,675 -6,686 -6,005 -6,541 — 7, 159 —7,807 -8, 320 p— 8, 578 , _
-962
- 979 -1,072 --1,005 -1,098 -1,104 -1,110 -1,123 P- 1,150
Military expenditures
do
-872
-923
-2,945 -3,736 -4,339
-704
p-735
-598
— 575
-500
— 060
— 560
— 556
-563
-476
-479
Income on foreign investments in the U.S__do
-1,729 -2,074 -2,293
Other services
do
- 1 , 093 -1,712 - i , 700 -1,878 — 1 , 940 -1,787 -1,897 -1,818 P— 1,900
-6,106 -6,712 -7,365 -1,636 -1,671
Unilateral transfers, net (excl. military grants);
-713
p-754
-042
— 84"i
-Oil
—859
-730
-017
transfers to foreigners ( — )
mil $ -2, 834 -2, 925 -3,075
— 732
-701
-845
r
r
©P ersonal c nllay? c emprise personal consum >tion ex >enditur is, interc >t paid by conRevised.
v Preliminary.
» See note 1 on p. S-l.
1
sume "s, and p Tsonal t •ansfer p; lyment.; to foreigr ers.
Estimates for Oct. -Dec. 1968 based on anticipate(I capital expenditiires of bus iness.
2
§Pe rsonal sa ving is !•-. :cess of d isposubk income, over per? onal out ays.
Estimates for Jan. -Mar. 1969 based on anticipated capit al expen iitures of business
Anticipated expenditures for the year 1968 are as f ollows ( n bil. $). All indu stries. 6- .53;
ill) \ta for in dividim'' durable and non durable 2oods itu ustries ('ompone its appear in the
Mar., June, Se it., and Dec. issu ^ of t h e 3UKVF.Y.
manufacturing, total, 26.78; durable goods industr es, 13.58 ; nondunible good!- industr ies,
o\\ ore eo m i )le(.edetn ilsare giv en in t lie quarter y review 3 in t ho -\ Lir., Jun c, Sept., and Dec.
13.19; mining, 1.49; railroad, 1.51; transportation, 4. 46 public iitilities, 1 1.38; com nunicat on,
issues of the SiJRVEY. 1levised < lata budi to 1900 appear o n p. 32 ; f. of the June 1968 issue.
6.26; commercial and other, 12.65. 3 Includes comn lunicatio n.
« CcHTt-eted.
tSee corresponding note on p. S-l.
9 Includes i nventory valuatioii adjustm ent.




SURVEY OF CURRENT BUSINESS

January I960
1965

Unless otherwise stated, statistics through 19G6
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

S-3
19B7

1966

1967
I

Annual total

II

III

IV

I

1968
III

II

IV

1969

II

1

III

IV

I

Nov.

Dcc.p

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Transactions in U.S. private assets, net; increase
(-)
_
.
.
mil. $
Transactions in U.S. Govt. assets, excl. official
reserve assets* increase ( — )
mil $
Transactions in U.S. official reserve assets, net;
increase ( — )
mil $
Transactions in foreign assets in the U.S., net (U.S.
liabilities); increase (+)
mil. $..
LiQuid assets
do
Other assets
do
Unrecorded transactions
do Balance on liquidity basis — increase in U.S. official
reserve assets and decrease in liquid liabilities to
all foreigners; decrease ( — )
mil $
Balance on official reserve transactions basis — increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
official agencies; decrease (— )
mil. $
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

-3 792

-4, 298 -5,505

—1 562

— 1 535

-1,011 -1,114 -1,010 -1,163
—496

—330

—347

— 708

—572

—501

68

82

—6

1,027

-419

-375

-181

6, 705
3, 519
3, 186
-535

484
206
278
-198

1,110

594
219
375
231

1,135
339
796
-102

343
-522
865
-250

2,143
941
1,202
-458

1,943
1,177
766
207

2,276
1,923
353
-34

-1,357 -3,571

—630

-93

-333

-505

—522

-802

3S2
113
261)
-317

3,323
789
2, 534
-214

-1,280
1966

-707

—630

424

—2411

568

-1,335

-1,104 -1,788 -1,638

—362

999

I

-975

266

-3,405

1967

Annual

-409

1, 085
-145

-116

-301

692

99 -1, 764

1967
Nov.

-645

-788

p— 499

-137

p-571

1,150
-217
1,367
-243

2, 780
301
2,479
-429

p2 270
P530
pi, 740
P444

-1,742

-687

-164

p41

-1,082

247

-806

-1,448 p-1,768

-556

1,528

P444

Aug.

Sept.

904

1968
Dec.

Jan.

Feb.

Mar.

Apr.

June

May

July

Oct.

GENERAL BUSINESS INDICATORS—Monthly Series

370.0

672.6

678.2

683.7

689.2

694.1

699.7

703.2

r

708. 0

713. 4

152. 2
L77.0
142.2
106. 5

453.2
176.7
141.6
106.9

457.5
179.3
144.3
107.4

462. 2
179. 9
145.6
109. 7

465. 4
180. 6
146.0
109. 9

468.7
181.1
146.3
111.2

472.8
183.3
147.8
112. 1

474.9
184.7
148.8
112. 1

' 478. 9
' 186. 1
'149.7
'113.3

483. 1
187. 5
150. ft
113.7

75.2
93.4
25.2

75.5
94.2
25.5

76.1
94.7
25.7

77.0
95.5
26.0

77.5
97.4
26.3

78.2
98.2
26.5

78.8
98.6
26.8

79.1
99.0
27.0

79. 8
' 99. 6
27.3

80. 8
101.0
27. G

47.5
14.8

47.6
14.8

47.8
14.8

47.9
14.8

48.0
15.1

48.0
15.4

48.0
15.7

48.1
15.6

48.2
'15.5

48.3
15. 5

°0 7
23.9
50.2
57.8

20.8
24.3
50.8
58.1

20 9
24.7
51.3
58.2

20.9
24.3
51. 9
58.5

21 0
25. 0
52.4
59.1

21.0
25.2
52. 9
59. 6

21.1
25.3
53.4
59. 9

21.2
25.3
54.0
60.4

21.2
25.4
' 54. 3
60.8

21. 3

22. 4

22.6

22.8

22.9

23.1

23.2

652.4

658.0

663.4

668. 7

673.3

678.6

J, 021

2, 986

3,027

3,206

3,716

4,861

23.4

23.3

349. 9

51 Ji
61.1

23.5

23. 5

682.

' 687. 0

692. 5

5,138

5,602

1

3,973
1,744
2 229
478
1,362
373

5, 206
2, 678
2, 528
498
1, 639
375

4, 954
2, 742
2,212
485
1,350
35,8

4,09')
l,95 r >
2, 1H
Mu
1/J32
364

4, 991

1

4, 148

2,847
835
2, 012
504
1,190
286

3, 562
1, 476
2,086
493
1,253
322

107
73
132

111
74
139

119
108
127

133
129
135

140
138
142

148
152
145

194
174
164

1 184
210
144

i ir>:<

92
55
119

98
57
128

112
105
116

126
133
120

133
141
127

133
142
127

182
227
148

1173
233
129

» 141
172
122

164. 6

163.2

165.2

169. 4

160. 3

163.3

r

169. 5

' 170.2

' 169. 1

167.0

166. 4
170.5
161.2
125.3

165. 1
169. 4
159. 8
127. 3

167. 4
172.1
161. 6
128.6

171. 6
175.4
167.0
128. 9

160.4
164. 1
155.7
127. 1

163. 0
160. 5
166. 3
130. 7

'170.5
^ 1 70. 6
r
170. 5
128.6

'172.9

171.2
'171.3
' 167. 3
'126.8

Kil.4
120. 0

164. 8
156.2
179. 8
148 7
183i4

160. 8
151.7
175.1
144. 2
m4

162.6
153.7
178.5
145. 9
18L6

168.8
161. 2
184. 5
153. 8
185! 1

159. 1
14!). 6
153. 5
148.3
179-. 6

162. 0 r'171.0
154. 2 , 165. 9
141. 5 ;' 178.5
158.3 ! - i r>i.9
184. 6
178'. 6

' 171.9
' !()«». 4
' 192. 7
158 1
183.7

r 169.

1W. S

164. 5
157.7
171.5




3,188
1,233
1,955
522
1,108
299

93
00
118

Revised. ^ p Preliminary.
i Data for Nov. and Dec. 1968 cover 50 States
§See
note marked "c?" on p. S--2.
fSec corresponding note on p. S-l.
{Series rcvise'l beginning 1960 (annual data for 1960-67 and monthly data for 1905-67, for dollar figures only, now
include Alaska and Hawaii; 1968 data exclude these States); monthly data back to 1965appear

2, 993
851
2, 142
540
1.284
281

106
73
131

r

2,868
838
2, 030
511
1,215
267

3,763
1, 579
2, 184
482
1,330
355

165. 4
158.8
172.2

167. 6
162. 4
173.0

169. 9
164.8
175.1

161.3
155. 1
167. 6

164. 5
153. 1
176. 3

r

f

j

]

r 173. 5

T

172. 1
122. 8

3

'161. 4
190. 9

171
13'*

10S.3
173. S

1 r,c,.:{

1S2

186. 3

l,8!t. 3

' 167. 5 ' 168. 7 168. 9
' 1 57. 4 r lf>8. 9 '159.0
' 177. 9 [ '178.9 ' 179. 1

167.7
15!)
177

on p. 39 o the Jan. 1969 issue o the SURVP:Y.
^Revisions for 1966 appear on p. 20 of the Nov. 1967 SURVEY; those for Jan.-Aug. 1967 will
be shown later.
9 Includes data for items not shown separately.

SURVEY OF CURRENT BUSINESS

S-4
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

January 1969

Nov.

1968
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.p

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output— Con.
Seas, adj., total index (incl. utilities) d"-1957-59 = 10r
By industry groupings:
Manufacturing, total _ _ - __
do

156.3

158.1

159.8

162.1

161.2

162.0

163.0

162.5

164.2

165.8

166.0

164.6

165.1

158.6

159.7

161.3

164.1

162.7

163.6

164.6

163.7

165.8

167.3

167.4

165.7

166.3

167. 4 ' 168. 7

170.1

Durable manufactures 9
do
Primary metals
do_. .
Iron and steel
..
_
.do
Nonferrous metals and products
do.
Fabricated metal products _
do
Structural metal parts
do_-

164.8
142.7
136.2
166.2
163.0
158.8

163.7
132.5
126.8
153.2
161.9
158.1

164.1
134.9
133.3
142. 1
159.8
158.8

168.1
140.9
140.9
145. 2
162. 4
160.0

167. 2
136.3
134. 2
145.6
163.9
159.4

167.6
139.3
137.8
154.1
165.7
160.9

168.2
140.2
140.8
151.3
166.6
162.7

167.2
143.3
143.1
154.5
161.4
156.9

169.8
148.5
146.4
161.2
165.0
159.8

171.0
148.6
148.4
150.4
166.1
161.8

170.8
145.8
146.6
153.6
166.2
159.7

167.8 ' 168. 7 r 169. 3 '171.4
122.8 ' 120. 6 ' 123. 0 ' 129. 6
112.9 ' 107. 3 ' 108. 1 116.2
153.9 ' 166. 2 ' 173. 5 173.8
167.6 ' 172. 2 173.6
166.3
159.1
161.1 ' 165. 1 ' 168. 4

172.6
136
124

183.8
181.9
186.4
166.9
168.7
165.0

183.4
183.4
183.3
165.7
146.5
182.1

183.2
180.9
186.3
165.6
141.4
186.0

182.2
179.5
185.8
177.5
166.9
186.3

183.4
180.7
186. 9
175.6
162. 2
186.8

183.2
180.6
186. 6
175.1
161.1
186.5

183.3
180.2
187.3
177.6
167.8
185.4

179.4
176. 9
182.8
175.3
164.8
183.5

179.9
176.6
184.2
180.4
173.6
185.4

181.7
178.8
185.5
182.6
174.2
188.6

182.7
179.8
186.5
183.2
174.3
189.3

183.8 r 186. 4
179.1 ' 182. 6
191.4
190.1
180.5
181.7
173.5
175.4
184.7
185.7

do
do
do
do
do- . .

176.5
140.7
119.4
171.9
157.9

184.8
138.7
116. 9
167.7
157.3

185.4
139.2
120. 6
167.8
155.1

186.3
143. 6
125.7
170.7
155. 7

186.7
140.8
118.1
171.3
158.9

184.7
137.3
119.3
173.0
160.7

183.8
131.0
125.0
173.7
159.9

181.4
146.1
123. 9
174.1
158.8

181.2
146.4
122.7
178.9
160.6

181.3
145.1
123.4
178.0
160.9

179.2
145.2
120.6
177.8
161.1

182.6
147.5
114.7
178.6
161.4

do
do
do
do
do

150.8
142.5
150.1
111.7
152. 1

154.6
142.0
147. 6
106.3
153.6

157.7
147.1
148.6
113.0
156.1

159.0
151.9
150.9
114.8
157.4

157.1
147.6
145.2
110.4
155.9

158.6
148.8
146.4
109.7
157.1

160.0
149.9
148.5
113.7
159.2

159.5
146.3
148.9
114.6
159.5

160.8
147.2
149.6
118.0
161.1

162.7
148.8
151.4
115.8
162.9

163.0
150. 9
150.4
If 7.0
164.1

163.0
151.4
149.0
109.5
164.1

do
do
do
do
do

142.1
134.2
193.2
221.0
128.3

146.8
134.2
203.8
236.0
133.4

145.5
134.4
209.2
245.5
136.7

144.1
129.9
211.4
249.4
137.9

143.3
129.9
211.8
250. 9
134.8

145.9
131.4
213.8
251.8
135.7

146.8
133.7
215.0
252. 7
136.1

145.8
130.8
215.2
256.2
137.3

149.8
134.4
216. 6
255.5
139.9

149.6
134.7
219.3
258.0
140.6

149.5
134.7
229 4
264.' 4
139.5

151.1
137.7
221.0
262.7
140.7

do
do.-_
do
do
do

191.9
128.7
126. 6
139. 9
120.0

193.5
132. 6
130.1
146.0
120.3

213.9
133. 5
130.2
151.0
115.5

215.4
134.4
130.5
155.5
120.5

206.7
133.5
130.7
148.2
114.4

212.3
133.2
130.7
146.7
132.1

215.7
134.5
131.4
151.2
122. 9

209.4
135.3
131.9
153.3
112.1

214.3
134.0
131.9
145.0
120.0

218.0
135. 5
132.2
153.1
122.8

222.4
135.1
132.7
147. 9
123.4

223.1
135.3
131.5
155.7
123.1

do
_ do
_ do.
do
do
do

120.5
117.0
118.0
119.3
133.4
133.5

123. 8
120.4
123.1
126.3
120.3
135.4

124.1
117.2
126.5
128.7
94.6
139.0

122.8
119.2
123.5
126.4
97.1
142.7

121.6
113.4
123. 6
127. 4
100.0
135.3

123.9
116.8
124.5
129.7
102.8
145.0

126.2
126.0
126.0
130. 9
108.7
141.2

127.1
124.4
124.8
128.7
139.9
137.1

126.9
120.4
126.6
131.2
131.4
135.0

129.2
126.7
128.4
132.4
130.8
136.9

130.0
126. 6
120.2
134.0
134.1
137.1

129.4
121.3
129.3
134.8
134.5
137.5

' 127. 0

do
do
do

173.9
179.6
156.1

184.9
191.8
163.0

191.5
199.4
166.6

192.6
200.8
166.8

196.7
205.2
169.8

199.0
207.3
172.8

198.0
206.4
171.8

196.5
204.9
170.0

196.1
205.0
168.4

197.9
207.0
169.2

199. 3
208.2
171.3

202.1
211.5
172.6

204.8
214.7

155.5
147.5
166.5

158.3
148.5
159.0

160.1
150.2
163.2

162.1
153.0
169.0

160.8
151.3
167.0

162.0
152.9
167.9

163. 5
155.0
173.1

161.7
153.5
169.5

163.0
154.6
173.6

165.2
156.8
176.4

164.7
156.4
175.2

164.8
156.8
175.6

r 165. 7

do
do
do
do
do
do

163.0
169.5
154.4
168.9
166.6
165.7

149.1
145.7
153.6
166.0
159.6
159.6

152.4
144.5
162.9
170.8
168.4
163.4

170.0
175.1
163.3
168.3
158.7
166.5

164.2
163.2
165.4
169.1
159.3
166.4

162.7
158.0
168.8
171.5
162.6
169.2

173.4
172.7
174.4
172.9
164.8
169. 9

168.7
166.8
171.2
170.1
156.8
170.1

178.1
182.3
172.6
170.4
156.7
174.6

180.7
183.5
177.1
173.4
161.6
174.8

180.4
183.7
176.1
171.5
161.8
174. 5

177.1
182.4
170.2
174.6
168.0
174.0

175.6
177.4
173.2
175. 9
170.4
175.5

Apparel and staples
do
Apparel, incl. knit goods and shoes__do
Consumer staples _
do
Processed foods
do

141.4
139.5
142.0
126.4

145.1
136.2
147.6
130.0

146.1
137. 5
148.5
129.5

147.9
139.2
150.4
130.4

146.2
136. 5
149.0
129.5

148.1
137.3
151.2
130.6

149.2
140.3
151.7
131.3

148.3
139.9
150.7
131.2

148.6
139.5
151.2
131.0

150.6
140.8
153.4
132.2

150.4
139.4
153.5
132.9

152.5
150.7 '151. 5
139.8 ' 139. 6 141.9
154.9 ' 155. 5 ' 155. 4
153.9
132.5 ' 129. 5 129.1
132.5

133.2
173.5
136.5
159.9

137.4
182.7
140.1
168.9

139.0
183.1
135.7
174.9

143.7
184.3
138.5
177.5

136.8
184. 2
138. 4
176.9

141.8
185.9
141.5
179.6

141.7
187. 5
142.1
179.4

139.4
186.1
142.1
177.3

136.6
190.0
145. 3
177.0

142.9
192.0
143.6
180.8

139.6
192.6
144.2
180.8

144.7
190.6
143.6
182.6

145.2
193.6
140.7
186.0

172.6
181.2
172. 3
190.1
208. 3
167.5

179.4
182. 8
170.2
200.9
215.4
158.7

181.5
183.5
170.4
200.9
222.9
147. 2

181.5
183.4
168.9
204.7
228 4
131.2

181.4
183.3
168.0
204. 2
226. 4
148.3

181. 6
182.9
165.8
206.1
230. 1
146.4

181.8
183.3
167.0
205. 4
227.8
150.6

179.4
180.9
165.9
204.4
220.8
140.3

181.1
182.5
165.8
203. 6
231.5
145.1

183.2
184.3
168.0
204. 6
234.0
144.2

182. 6
183.4
167.5
202.4
234.3
139.6

181.9
182.4
164.7
204.6
233.2
145.8

' 183. 6
' 185. 2
167.8
205.9
235.6
' 152. 9

do
do
do
do
do

157.0
156.9
166.5
180.7
141.7

157.8
151.9
143.9
184.5
139.6

160.1
152. 4
143.8
186.0
141.2

162.0
155. 1
159.4
184.9
142.1

161.7
154. 9
162. 3
183.9
142.8

161.8
155. 4
162. 2
186.7
144.8

162.8
156.7
160.1
185.1
145.8

163.1
157. 1
154.6
181. 9
144.4

165.2
166.7
159.4
FA 4
163.0 <•• 166. 2
183.6
184.8
145.3
145.6

167.4

164.2 r 165. 1
153.3 r 153. 3
166.1
153.5
185.1
185.3
143.3 ' 145. 5

Nondurable materials 9
Business supplies
Containers .
General business supplies

do
do
do
do

157.2
149.0
145.6
150.6

163. 9
152.9
148.5
155.1

168.1
154.7
152.6
155.7

169.2
154. 7
152. 0
156.0

168. 7
154. 4
154. 3
154.5

168.3
151.1
144.5
154.4

169.1
150.1
142.8
153.8

169.3
152.0
150.9
152.6

171.2
154. 5
155.6
154.0

Business fuel and power 9
Mineral fuels
Nonresidential utilities

do
do
do

144.3
136. 6
129.2
1" 5
172.9
183.3
cfSee correspond!)-ig note on p. S-3.

147.5
130.8
189.3

146.2
129.3
188.9

147.2
128. 9
193.4

149.1
131.4
194.4

Machinery
_
Nonelectrical machinery
Electrical machinery
Transportation equipment 9
Motor vehicles and parts
Aircraft and other equipment

_ do
_ do
do
do
do
do

Instruments and related products
Clay, glass, and stone products _
Lumber and products
Furniture and fixtures
Miscellaneous manufactures
Nondurable manufactures
Textile mill products
Apparel products
Leather and products
Paper and products.. _.
Printing and publishing
Newspapers
Chemicals and products
Industrial chemicals
Petroleum products

_

.

Rubber and plastics products
Foods and beverages
Food manufactures
Beverages
Tobacco products
Mining _
Coal
Crude oil and natural gas
Crude oil
Metal mining
Stone and earth minerals
Utilities .
Electric
Gas
By market groupings:
Final products, totalcf
Consumer goods ._
_ _
Automotive and home goods
Automotive products
Autos. . . . . . . .
Auto parts and allied products
Home goods 9
Appliances, TV, and radios
Furniture and rugs

Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, books
Consumer fuel and lighting

do
do
do._.

do
do
do
do

Equipment, including defense 9
do___
Business equipment _ _
do
Industrial equipment
do
Commercial equipment
do
Freight and passenger equipment. .do...
Farm equipment
do
MaterialscT
Durable goods materials 9
Consumer durable
Equipment _
Construction
. _

r

Revised.

p Preliminary.




173.9
159.0 I
158.9 !
159.0

1*0 8

167.7
185. 8
143.7
175.3
157.9 >
156.0

158.8 ;

150.8
150. 2
151. 7
153.2 i 154.1
134.3
132.6
133.7
136.4
13G.O
193.6
194.6
198.2
196.7
197.0
9Imiludes da ta for ite ms not s 10 wn sep arately.

165.7
r

167.4

188.4
186.5
190.8
r 180. 4 ' 179. 9
r 177. 0
177.4
' 181. 0 ' 179. 3
«• 186. 1
«• 183. 7
' 189. 3

184.3 ' 185. 8
150.0 ' 151.5
119.4 '119.4
179.7 ' 180. 4
162.0 r 162. 1

' 188. 3
' 150. 5
122.0
' 182. 3
' 161. 0

168.9

175
171
189
187
192
179
173
181
190
152
183
160

' 165. 0 ' 165. 3
3
152.0 ' 153. 2 154.9
149. 9 150.8
r 109. 3
113.1
' 166. 1 ' 166. 6 167.8

167.0

150.0 '151.2 ' 152. 0
138.4
140.8
140.9
222.4 ' 226. 6 225.9
' 263. 2 266.0
' 141. 9 ' 143. 4 142. 7

153

r 163.

r

135.4
131.5
156.0
124.0

135.8
'131.6
158.5
120.8

134.4
130.0

' 120. 7 ' 126. 5
86.6 ' 115. 9
' 125. 5 126.6
' 129. 1 129.1
' 125. 0 132.5
' 132. 2 136.0

127.1
120
125
127

' 210. 0

212.5

' 166. 4 ' 167. 4
157.3 ' 158. 5 ' 158. 9
175.8 ' 177. 6 179.1

168.2
159.4
177

120.8
' 126. 8
131.2
127.7
136.5

' 208. 4
218.7

180.2
' 178. 9
180.3 ' 180. 6
' 177. 0 179.8
' 176. 7 178.4
171.1
' 171.8
177.5
' 174. 2

177
175

157

145.8
' 199. 8 200.2
' 145. 8 145.7
188.7
' 185. 7
' 190. 0
174.1
206.5
241.1

187.1
192

' 165. 5 ' 167. 5
' 155. 3 ' 158. 0
' 166. 5 167.7
186.9
184.7
' 146. 3 147. 9

169.6
180

'
'
'
'
'

183. 3
187. 1
170. 2
205. 9
237. 8
155.3

178.3
163.6
167.9
161.4

180

154.3 ' 153. 3 ' 148. 9 r 153. 1
134.1 r 126. 0 '131.6
136.6
205.5
202.8
200.3
« Cor rected.

153
131

175.5
158.4
154.2
160. 5

' 177. 2
161. 1
163. 4
160. 0
T
r
r

'
'
'
'

176. 0
161. 7
167. 5
158. 8

January 1969

S-5

SURVEY OF CURRENT BUSINESS
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

Annual

1968

1967

1967

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

Oct.

Nov.

Aug.

Sept.

94 408

96 310

98 496

99 096

51,441 ••52,560
27, 985 '28,960
23 456 '23 600

Dec.

98 605 '103 413 101, 837

97 360

52,685
28, 917
23, 768
28, 891
9,320
19, 571

July

GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES AND INVENTORIES §
Mfg and trade sales (unadj ) total rf
Mfg and trade sales (seas adj ) totaled

mil $

l

l 046 213 067 539 92 117
*1

96 953

86 378

90 002

95 315

do

il 046 213*1 067 539 90 759

Manufacturing , totaled
Durable goods industries
Nondurable goods industries

do
do
do

1533 506 1548 542
295 624 299 680
242 882 248 862

46 955
25 538

47 961
26 610

48 446
26 844

91 3M

91 coo

48 356
26 711

91 41 7

91 fi4^

91 fi09

Retail trade, total cf
Durable goods stores
Nondurable goods stores. _

do
do
do

*303 956 1313 809
98 301 100 173
205 655 213 636

26 385
8 276
18 109

26 368
8 422
17 946

26 936
8 502
18 434

27 512
8 871
18 641

Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments

do
do
do

*203 751
91 026
112 724

205 188 17 419
90 447
7 040
114 741
9 576

17 641
7 980
9 661

17 694

17 953
8 171
9*789

1

91 970

93 077
48 447
26 925

7 QQ9

9 802

93 821

94 612

95 757

98 459

100 Oil
97 554

r

99 684 100, 442

94 436

96 043

48 755
26 888
91 fcfi7

50 014
27 509
22 505

50 729
27 633
23 096

51 425
28 211
23 214

49 825
26 837
22 988

28 145
9 062
19 083

27 675
8 871
18*804

28 132
9 081
19 051

28 451
9 290
19 161

28, 802
9 402
19 400

29, 037
9 567
19 470

28,863 '28,706
9 699 r 9, 402
19,164 '19,304

18 021

18 006
8 ICO
9 843

17 897

18 374
8 152
10 222

18 269
8 309
9 960

18 498
8 301
10 197

18, 792 '18,418 18, 866
8 554 ' 8 536 8,843
10 238 ' 9, 882 10, 023

o 141

9 880

c OKQ

9 839

Mfg. and trade inventories, book value, end of year
or month (unadj.), total cf
mil $

135 513

142 213

143 762 142 213 143 308 144 921 146 430 148 157 149 140 148 890 148 138 148 320 149 122 '152,201 154, 245

Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total cf mil $

137 184

143 772

142 554 143 772 144 106 144 819 145 153 146 487 147 808 148 522 149 063 149,923 150,725 '152,122 153, 193

Manufacturing, totald"
Durable goods industries...
Nondurable goods industries
Retail trade , total f
Durable goods stores.
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
Inventory-sales ratios:
Manufacturing and trade, totalcf

do
do
do
do
do
do
do
do
do

78
49
28
38
17
21
20
12
8

82 819
53* 540
29 279
39 318
17 403
21 915
21 635
12 543
9 092

82 389
53 *283
29 106
39 104
17 065
22 039
21 061
12 258
8 803

82 819
53 540
29 279
39 318
17 403
21 915
21 635
12 543
9 092

82 890
53 525
29 365
39 575
17 566
22 009
21 641
12 433
9 208

83 408
54 009
29 399
39 788
17' 709
22 079
°1 623
12 446
9 177

83 759
54 295
29 464
39 776
17 723
22 053
21 618
12 509
9 109

84
54
29
40

382
724
658
242

9 086

85 278
55 234
30 044
40 606
18 248
22 358
21 924
12 664
9 260

is' 113

22 129
21 863
19 777

85 582
55 442
30 140
40 842
18 440
22 402
22 098
12 775
9 323

85 829
55 461
30 368
41 065
18* 475
22 590
22 169
12 923
9 246

86
56
30
41
18
22
22
13
9

713
069
644
010
501
509
200
166
034

87 109
56, 458
30 651
41 424
18 622
22 802
22 192
13 064
9*128

'87,566
'56,657
'30,909
42, 220
19, 165
23 055
'22 336
'13 218
'9 118

88,182
57, 124
31, 058
42, 488
19, 361
23, 127
22, 523
13, 306
9,217

1 48

1 58

1 57

1 56

1 55

1 54

1 53

1 55

1 54

1 52

1 51

1 54

1 52

' 1.53

1.53

1 62
1 85

ratio

Manufacturing, total cf
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, totald*
do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers, total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil $
Seasonally adj., total*
do

125
797
328
368
309
059
691
112
579

1 77
2 08

1 75
2 09

1 73
2 01

1 71
1 99

1 72
2 02

1 73
2 02

1 7°.

2 04

1 71
2 01

1 69
2 oi

1 67
1 97

1 69
2 02

1 67
1.96

1.67
1.98

60
94
50

60
92
49

60
92
49

59
89
48

1 74
2 09

63
95
51

60
92
50

1 36

1 33

1 30

1 31

1 33

1 31

1.31

1.31

.49
20
62

.49
.20
62

1 43
1 97
1 16
1 21
1 56

1 41
1 93
1 16
1 20
1 59

1.44
1 92
1 19
1.18
1 53

1.47
2.04
1.19
'1.21
' 1.55
'.92

1.47
2.08
1.18
1.19
1.50

1 275 ' 1, 370
1,293 ' 1, 356

1,403
1,384

58
81
46

62
94
52

54
20
60

1 44
2 00
1 18
1.14
1 49

85

11 436

59
93
50

1 40

1 34

61
96
52
1 36

1 37

55
21
64

1 47
2 03
1 21
1 22
1 61

91

12 853

53
21
62

1 48
2 06
1 22
1 21
1 56

53
21
63

1 49
2 07
1 22
1.23
1 57

.92

.94

1 109
1,091

1 337
1,204

58
92
50
1 36

53
21
63

1 47
2 07
1 19
1 22
1 58

59
93
50
1 36

52
21
63

1 45
2 00
1 18
1 20
1 52

94

94

1 139
1,210

1 137
1,175

59
93
50
1 36

52
21
64

1 41
1 96
1 16
1 20
1 54

92

1 169
1,' 091

1 45
2 04
1 18
1 21
1 57

1 44
2 01
1 17
1 23
1 57

92

94

49
20
61
44
98
17
20
57
91

1 203
1 184

1 268
1,223

1 256
1,222

51
21
OA

50
20
63

49
20
62

50
21
63

.93

89

1 180
1,314

1 152
1,261

.89

.58
89
.49

.58
.91
.49
.49
.20
.62

.92

Durable goods industries total 9
Stone, clay, and glass products
Primary metals.. _ _
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment

do

538 506

548 542

46 799

46 923

45 421

48 976

50 491

50 068

50 596

53 163

47 378

47 967

52 950 ' 54,016

do
do
do
do
do
do
do
do

295
14
49
24
30
46
40
75

299
14
45
22
31
52
41
74

680
479
867
846
443
066
443
863

40 nn«

25 455
1 226
3 798
1 963
2 627
4 301
3 695
6 366

25 137
1 088
3 872
2 042
2 586
4 225
3 303
6 815
4 0^1

27 070
1 154
4 189
2 218
2 770
4 794
3 601
6 971

28 283
1 373
4 663
2 457
2 900
4 808
3 361
7 410
4 490

25 612
1 297
4 352
2 554
2 703
4,376
3 151
6 086
3 096

24 692
1 403
3,536
1 497
2,896
4,519
3 389
4,976
2 126

9 500

854

864

922

880

909

29 606
1 402
4 852
2 617
3 015
5 165
3 717
7 466
4 one

815

28 290
1 204
4 411
2 362
2 864
5 026
3 708
7 310
4 9fl7

8 841

26 644
1 182
3 766
1 926
2 673
4 748
3 717
7 295
4 120
'862

97 QQ4.

47 14.fl

Shipments (not seas, adj.), total d"

994

860

955

28 404
1 449
3,912
1 579
2 965
5,029
3 754
7,067
4 018
1 062

21 344
7 128

20 279
6 967

20 284
6 716

21 906
7 084

22 201
7 151

22 234
7 014

22 313
7 233

23 557
7 680

21 766
7,455

23 275
7,729

24 546 ' 24,475
8,251 ' 8, 115

23, 675
8,063

1 758
1 811
3 527
1 822

1 597
1 795
3 452
1 733
1 014

1 795
1 917
3 684
1 815

1 767
1 979
3 816
1 821
1 1 04

1 736
1 981
4 019
1 787

1 765
2 014
3 969
1 811
1 245

1 892
2 123
4 127
1 955
1 252

1 585
1 901
3 588
1,837
1 099

1 819
2,041
3 940
1,884
1 160

1,956
1 981
2,186 ' 2, 174
4 204 ' 4, 109
1,897 ' 1, 905
1 221 r 1 321

1,865
2,058
3,945
1,888
1 178

624
634
530
544
913
682
799
278

o

eijn

0 QQ7

1 348
4 584
2 416
2 865
4 930
3 403
6 993
Q Q7fi

r 29 541
' 1, 496
' 4, 125
' 1, 754
' 3, 079
' 5, 094
' 3, 681
' 7, 835
r 4 749
' 1, 025

52, 635
28 960
1,343
4,071
1,698
2,885
4,988
3,678
7,952
4 707
1,039

Instruments and related pro'ducts

do

Nondurable goods industries total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products

do
do
do
do
do
do
do
do

1 Ofil

1 637
1 776
3 218
1 773
1 007

Shipments (seas, adj.), totalcf
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals .
.
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products

do

46 955

47961

48 447

48 356

48 446

48 755

50,014

50 729

51, 425

49, 825

51, 441 ' 52,560

52, 685

do
do
do
do
do
do
do
do
do
do

25 538
1 234
3 941
2 088
2 671
4 493
3 569
6,170
3 328

26 610
1 319
4 027
2 140
2 786
4 693
3 624
6,686
3,748

26 711
1 303
4 056
2 158
2 789
4 647
3 560
6,703
3 821

26 844
1 257
4 119
2,165
2 813
4 678
3 578
6,746
3 766

26 888
1 330
4 263
2 194
2 814
4 685
3 473
6,689
3 701

27 509
1 329
4 423
2,288
2 841
4 657
3,475
7,020
4 092

27 633
1 263
4 603
2,504
2 811
4 749
3,601
6,801
3 879

28, 211
1 280
4,741
2,720
2,898
4,740
3,503
7,148
3,874

26, 837
1,295
3,662
1,516
2,799
4,853
3,503
6,906
3,966

841

816

26 925
1 285
4 012
2 114
2 889
4 639
3 556
6,903
3,938

923

944

926

969

27, 985 ' 28,960
1,347 ' 1, 390
3,963 ' 4, 220
1,626 ' 1, 835
2,859 ' 3, 005
5,075 ' 5, 194
3,545 ' 3, 529
7,227 ' 7, 555
4,188 ' 4, 329
'989
999

28, 917
1,351
4,201
1,807
2,929
5,199
3,576
7,590
4,278
1,025

do
do
do
do
do
do
do
do

21 417
7 132

21 351
7,141

21 522
7,036

21 645
7,066

21, 602
7,112

21 867
7 095

22, 505
7,267

23, 096
7,499

23, 214
7,754

22, 988
7,721

408

418

1,742
1,750
1,692
1 855
1,884
1 822
3,586
3,611
3 709
1 762
1 831 1 774
1,046
1,075
1,097
'Revised.
i Based on data not seasonally adjusted.
2 Advance estimate.
§The
term business" here includes only manufacturing and trade; business inventories as shown
on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for
manufacturing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll
and S-12.
cf Series revised to reflect benchmarking manufacturing data to annual survey
of manufactures totals for 1961 to 1966 and carrying forward the revised levels to June 1968,
and to reflect revision of the retail sales sample. Complete details and data back to 1961 for

1,780
1 900
3,664
1 808
1,095

1,741
1,952
3,697
1 803
1,161

1,804
2,023
3,811
1,824
1,204

1,804
2,045
3,966
1,911
1,182

1,867
2,056
3,881
1,824
1,210

1,746
2,016
4,014
1,869
1,197

23, 456 ' 23,600
7,812 ' 7, 869
'421
411
1,848 ' 1, 805
2,117 ' 2, 112
4,061 '4,061
1,884 ' 1, 890
1,221 ' 1, 276

23, 768
8,070

399

Nondurable goods industries total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products




242
79
4
19
20
40
20

n

882
729
772
608
411
797
403
Q 70

248
83
4
19
21
49
21

862
017
768
241
120
347
211

19 ^Q7

403

401

399

405

359

921

396

386

1 1 OR

888

402

406

903

413
1,722
1,913
3,619
1 856
1,086

387

1 9'39

892

394

421

421

437

419

438

423

412

419

417

1,787
2,070
4,163
1,897
1,215

manufacturing, for which methodology and sample design remain unchanged, appear in
Manufacturers' Shipments, Inventories, and Orders: 1961-1968—Series M3-1.1, available from
the Bureau of the Census (Wash., D.C. 20233). See note marked "t" for p. S-ll regarding
new retail sales sample. Revised manufacturing and trade sales and inventories (except
inventory-sales ratios) back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY.
\ Revised
series; see corresponding note on p. S-12.
*New series.
9 Includes data for items not
shown separately.

SURVEY OF CURRENT BUSINESS

S-6
Unless otherwise stated, statistics through 19C>6
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

Annual

January 1969
1968

1967
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

4,551 ' 4, 559 4,390
9, 905 HO, 126 10, 351
8,234 ' 8, 483 8,643
4.771 '4,919
4,806
4,248 '4,304
4,240
19, 732 -20,169 20, 255

Oct.

Nov.

Dec.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS^— Continued
By market category:
152,169 151,206
Home < T oods and npparol
mil $
Consumer staples.. . . . . _ . _ . _
.
.. . do _ _ _ 1101,749 H06.412
1
70, 153 184,149
E q u i p m e n t and defense prod., exel. auto.do
1 52, 926 148,769
A u t o m o t i v e equipment... . . . _ _ _
__.do
1
43, 344 142.916
( 'oust ruction materials and supplies
do
1212,165 1215,090
other materials and supplies
do
S u p p l e m e n t a r y market categories:
1
Consumer durables
. ._ _.
do _ _ . 22, 661 123,461
1 34, 076 139,279
I >efeime products (old series)
do
1 )efeiise products*. . . .
do
158, 928 ~ 1 63, 709
Machinery and equipment
do
i n v e n t o r i e s , end of rear or month:
Hook value ( u n a d j u s t e d ) , totaled...
do ...
D n r a N e goods industries, total --_
do
N o n d u r a b l e goods industries, total. _ _ _.. _do
Book value (seasonally adjusted), totalcf.-.do
Bv i n d u s t r y group:
Durable goods industries, total 9--- .do
Stone, clay, and glass products, ...do
Primary metals. _
..
...do
Blast furnaces, steel mills
.do
Fabricated metal products.
...do
Machinery, except electrical ... _ _ d o
Electricarmacln'nery..
do
Transportation equipment.
do
Motor vehicles and parts...
do
I n s t r u m e n t s and related products do
By s l a w of fabrication:^
A l a t e r i a N and supplies?.
do
P r i m a r v metals
do
M a c h i n e r y (elec. and mmdec.)._.do
Transportation e(|iiipment
do
Work in process 9
do
P r i m a r y metals
do
M a c h i n e r y (elec. and nonelec.) do
Transportation equipment
do
Finished foods 9
do
P r i m a r y metals....
do
M a c h i n e r y (dec. and nonelec.) do
Transportation equipment
do

77,899
49. 496
28, 403

82, 561
53, 217
29, 344

4,307
9 180
7, 374
3,808
3 698
18, 588

4.429
9, 142
7,714
4. 235
3, 846
18, 595

4, 581
9,118
7, 087
4. 421
3, 800
18, 834

4,504
9,090
7, 087
4, 285
3,941
18, 849

4,437
9,094
7, 756
4, 235
3,916
19, 008

4, 565
9,149
7, 763
4,209
3. 988
19, 081

4, 825
9, 346
7,743
4. 622
3,966
19,512

4,908
9, 549
7,803
4,401
3,972
20, 096

4, 865
9, 862
8,277
4.430
4,052
19, 939

4,519
9,831
8,015
4, 559
3. 998
18,903

2 004
3,571

2, 041
3, 090

5,435

~5.619

2.044
3. 732
1,930
5, 500

2, 025
3, 739
2, 063
5, 500

1.997
3, 838
2, 050
5, 567

2,001
3,719
1, 928
5, 633

2, 035
3, 763
1,948
5, 578

2,023
3,788
1,905
5, 057

2.049
4.126
2.217
5,589

1,939
3,742
1,823
5, 082

81,899
52. 889
29. 010

82. 501
53. 217
29. 344

83, 200
53, 405
29, 735

84, 012
54, 285
29, 727

84, 304
54, 585
29,719

85, 069
55. 208
29, 861

85, 828
55,731
30, 097

85, 775
55, 756
30, 019

85,314
55,128
30, 186

86,247
55,897
30,350

86,409 '86,887
56, 141 T
'56,265
30, 268 30, 622

87, 614
56, 667
30, 947

1,990
3,839
1,884
5, 921

' 2, 032
' 4, 060
2,070
' 5, 926

1,926
4,058
1,908
6,178

78,125
....
. ._

...
....

Nondurable troods industries, t o t a l 9. ..do
Food a n d k i n d r e d products
do
Toba ceo prod net s
do
Tex t i l l 1 m i l l products
do
Paper and allied products
do
C h e m i c a l s and allied products
do
Petroleum ami coal products
do
Pk ubber and plast ics products
do
By stasre of f a b r i c a t i o n :
Materials and supplies
do
W o r k in process
do
Finished troods
do....
By m a r k e t category:
Home troods and apparel .
do
K q u i p . and defense prod., excl. a u t o
do
A u t o m o t i v e , equipment
do
( ' o n s f r u c t i o n materials and supplies
do
other materials and supplies
do
•-'Hr.plementary market categories:
Consumer durables
do
I )cfcnse products (old series).
_ do .
Defense products*
do...
Machinerv and equipment
do

82, 819

82, 389

82,819

82, 890

83, 408

83, 759

84,382

85, 278

85, 582

85, 829

86,713

87, 109 '87,566

88, 182

49, 797
1,907
7, 226
4. 039
5, 415
10, 248
7 930
10, 762
3,706
1,863

53, 540
1,952
7, 644
4,319
5. 465
10, 905
8, 157
12, 079
3, 827
2,013

53. 283
1,950
7,616
4, 263
5, 467
10,880
8, 180
12, 498
3, 800
1,997

53, 540
1,952
7. 044
4,319
5, 405
10.905
X. 157
12,079
3, 827
2, 013

53, 525
1,952
7, 000
4, 300
5, 404
10, 784
8, 180
12.717
3.911
2, 007

54, 009
1,949
7, 074
4,318
5, 542
10, 808
8.224
12.975
3,981
2, 034

54, 295
1,930
7,715
4, 322
5. 585
10, 843
8, 261
13,108
4,073
2, 044

54, 724
1,927
7,724
4,341
5, 691
10,954
8, 291
13,263
4, 139
2, 033

55, 234
1,940
7, 657
4,302
5, 823
11,061
8, 400
13,430
4,118
2, 025

55, 442
1,957
7, 506
4,109
5,963
11, 107
8, 352
13,603
4, 172
2, 042

55, 461
1,997
7, 255
3,831
6, 077
11, 132
8, 463
13, 494
4, 280
2, 056

56,069
2,003
7,433
3,994
6, 102
11,174
8,448
13,761
4,411
2,061

56, 458 '56,657
2,029 ' 2, 064
7,502 ' 7, 426
4, 065 ' 3, 985
6,121 ' 6, 229
11,213 '11,147
8 502 ' 8, 524
13,889 ' 13, 891
4,248 ' 4, 257
2, 067 ' 2, 105

57, 124
2, 136
7,518
4,010
6, 285
11,229
8,520
13, 990
4,281
2,093

15, 484
2,807
4,904
0
872
21,976
2,412
8. 581
6. 764
12. 337
'>, 007
4, 693
1,126

15, 592
2,815
4, 785
2 968
24, 675
2, 671
9, 021
8, 527
13.273
2.158
5, 256
1,184

15,532
2, 809
4, 792
2, 954
24, 428
2, 632
8. 980
8, 387
13,323
2, 175
5, 300
1,157

15, 592
2,815
4, 785
2. 968
24, 675
2.671
9, 021
8, 527
13,273
2. 158
5, 256
1,184

15, 489
2, 781
4. 674
3,044
24. 641
2, 643
9, 068
8,481
13. 395
2, 236
1, 192

15, 648
2,772
4, 092
3,106
24, 926
2, 621
9, 125
8, 647
13, 435
2, 281
5,215
1,222

15, 840
2, 796
4, 721
3,204
25, 078
2, 629
9,183
8,714
13,377
2. 290
5, 200
1,190

16, 071
2,821
4,800
3, 260
25, 214
2,621
9. 210
8,801
13, 439
2,282
5, 235
1 , 202

16, 379
2, 872
4,903
3,295
25, 392
2, 570
9,243
8, 941
13, 463
2, 215
5, 315
1,194

16, 498
2,832
4,876
3,379
25, 490
2, 505
9, 260
9, 044
13, 454
2, 169
5, 323
1,180

lt>, 753
2,833
4,907
3. 450
25, 237
2, 387
9, 273
8,845
13,471
2,035
5, 415
1,199

16,781
2,853
4,807
3, 496
25,544
2, 469
9,311
8,981
13,744
2,111
5, 444
1,284

16, 704 ' 16, 763
2, 876 ' 2, 850
4,816
4,850
3, 436 ' 3. 403
25, 772 '25,825
2, 486 ' 2, 451
9, 305 '9,319
9, 128 ' 9, 146
13,982 '14,069
2,140 ' 2, 125
5, 560 ' 5, 536
1,325 ' 1, 342

16, 695
2,797
4,820
3,383
26, 198
2,530
9, 361
9, 285
14, 231
2,191
5,568
1,322

28. 328
6, 922
2, 226
3, 072
2, 185
5, 230
1,861
1,582

°9 °79
Y, 094
2, 269
3. 232
2, 190
5, 000
1,971
1,601

29. 106
7, 026
2, 243
3, 172
2, 220
5, 547
1.941
1,593

29, 279
7, 094
2, 269
3, 232
2. 190
5. 600
1,971
1,601

29, 365
7,122
2, 292
3,297
2, 202
5, 576
1,978
1,596

29, 399
7, 128
2, 263
3, 338
2,234
5. 574
1, 956
1,611

29, 464
7,110
2, 248
3,389
2, 230
5, 621
1,970
1,620

29, 658
7,081
2, 251
3. 393
2, 261
5, 651
1,955
1, 668

30, 044
7,220
2,201
3,406
2,284
5, 698
1,981
1,674

30, 140
7, 262
2,278
3, 440
2, 326
5, 664
2,021
1,693

30, 368
7, 376
2, 276
3,392
2, 338
5, 708
2,047
1,704

30,044
7,434
9 259
3,474
2, 327
5, 751
2, 006
1,748

30, 651 '30,909 31, 058
7,423 ' 7, 491 7,457
2,236
2, 219 '2,211
3,454
3,470
3,477
2,331 ' 2, 359 2,348
5, 793 ' 5, 871 5, 882
2,131
2,083 ' 2, 114
1,861
1,733 '1,731

11,266
4, 255
12, 807

11,247
4. 496
13, 536

11,280
4.444
13,382

11,247
4, 496
13, 536

11,306
4, 482
13, 577

11,249
4.497
13, 653

11,128
4, 508
13, 829

11,228
4, 522
13, 909

11,312
4, 604
14, 128

11,333
4,619
14, 188

11,360
4, 082
14,320

11,508
4, 729
14,407

11,511 '11,609 11, 557
4,679 ' 4, 724 4,854
14, 461 ' 14, 576 14, 647

8,441
10 8 ''3
18.316
4, 552
6, 467
29, 526

8, 589
1 1 997
20, 955
4, 640
6, 445
30, 893

8. 624
8, 589
11 1 67 1 1 '^97
20, 750 20, 955
4, 605
4, 640
6, 445
6.411
30, 832 30, 893

8, 678
8,701
11,382 11,392
20, 808 20, 995
4, 715
4,833
6,479 ' 6, 554
30, 828 30, 933

8,713
11,346
21,089
4, 907
6, 559
31,145

8, 838
11,360
21,250
4, 996
6, 609
31,329

8,927
11,514
21,595
4, 997
6, 086
31,559

8, 853
11,532
21,769
5,042
6, 754
31,032

8, 932
11,075
21, 004
5, 107
0, 887
31, 504

9,043
11,714
21,774
5, 306
6, 944
31,932

9, 206 ' 9, 327
11, 709 '11,789
21, 988 '21,943
5,172 ' 5, 195
6, 909 ' 7, 129
32, 005 ' 32, 183

9,536
11,771
22, 065
5, 186
7,238
32, 386

4, 145
8, 476

4. 333
10,307

4. 352
10, 139

4,371
10, 486
6, 696
13, 589

4, 309
10, 537
0, 077
13, 003

4, 359
10, 012
6, 862
13, 759

4, 386
10, 872
7, 025
13, 873

4,344
10,945
7, 105
14, 000

4, 446
10, 958
0, 987
13,851

4,498
11,146
7,138
13, 846

4,643 '4,671
11,404 '11,419
7, 233
7, 287
13, 873 ' 13, 851

4,750
11,532
7,277
13, 884

51,879
29, 700
22, 173

50, 453
28, 172
22, 281

49,511
27,179
22, 332

52, 469
28, 860
23, 603

46, 738
24,951
21,787

48,449
25,310
23,133

53, 005 ' 55, 022 52, 417
29, 052 ' 30, 536 28, 775
24, 553 ' 24, 486 23, 642

12, 832

13, 689

13, 046

13,089

4,374
10, 308
6, 686
13, 565

\r w orders, net (not seas. adj.). totaled
Dnr.iblc eoods industries, total
Nondurable goods industries, total

do
do
do

551,250
80S, 504
242, 746

551,138
302, 205
248, 873

46.311
24, 920
21,391

47, 838
27, 545
20, 293

40, 227
25, 930
20, 297

49, 538
27, 593
21,945

Vow orders, net (seas, adj.), tot aid*
By i n d u s t r y group:
Durable eoods industries, total 9
Primary metals
P'last furnaces, steel mills
Fa 1 >rieated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts

do

1551,250

1551,138

47, 320

49, 403

48, 353

48, 453

49, 566

49, 237

49, 650

49, 850

50, 181

50, 201

51, 877 '53,931

53, 384

do
308, 504
do
50, 796
do
25, 075
do
32, 146
do
50, 205
rlo"._ 42, 909
do
79,414
do
25, 790

302, 205
45, 393
23, 037
32, 557
51,714
41,749
70, 849
28, 620

25, 852
4. 094
2, 229
2, 820
4, 497
3. 265
6, 481
2,610

28, 050
4,313
2,418
3. 335
4, 004
3, 098

20, 837
4.424
2. 520
2.798
4, 591
3. 201
0, 919
2,494

26, 814
4. 364
2,401
2, 719
4, 541
3, 642
6, 662
2, 464

28, 005
4,244
2, 262
L\ 775
4, 404
3, 530
8, 089
3, 781

27, 373
4.244
2.396
2, 819
4, 658
3, 366
7, 326
3,173

27, 172
3, 900
2,014
2,941
4. 665
3,313
7,343
2, 903

26, 701
3, 867
1,755
2, 824
4, 810
3, 725
6, 259
1,616

26, 925
3, 859
1.791
2, 755
4, 923
3, 476
6, 749
2, 396

27, 329
3, 491
1,400
2,917
4,706
3,501
7,479
2, 492

28, 381 r 30, 280
4, 092 ' 4, 397
1, 082 ' 1, 990
3,103 ' 3, 271
5,184 ' 5, 403
3, 008 ' 3, 751
0, 990 ' 7, 764
2, 098 ' 2, 749

29, 635
4, 519
2,139
3,324
5, 289
3,520
7,587
2,618

Nondurable goods industries, total
do
242, 746 248, 873 21,468 21,407 21,510
Industries with u n f i l l e d orders^
do
65,113
66, 285
5, 772
5, 893
5, 930
Industries without unfilled ordersf
do
177,633 182, 588 15,696 15, 514 15, 580
By market category:
H o m e goods and'apparel
do
1 53, 236 1 50, 966
4, 272
4.429
4. 495
Consumer staples
do
1101,749 1106,416
9 190
9,133
9,103
1
E q u i p , and defense prod., excl. auto
do
83, 01 3 186,057
7, 354
8, 330
7, 320
Automotive equipment
do
' 52, 746 1 48, 306
3,880
4, 254
4, 454
C o n s t r u c t i o n m a t e r i a l s and supplies
do._. ' 44, 264 144,019
4, 392
3.831
3, 055
^ Other m a t e r i a l s and supplies
do
1217,242 '215,374 18, 793 18, 925 19, 326
S u p p l e m e n t a r y m a r k e t categories:
C 'onsumer durables
'
do
1 22, 728 1 23. 257
1 , 991
1,955
2. 030
Defense products (old series)
do
, ! 39^263 142,473
3, 636
4. 350
3, 500
Defense products* . . . .
. do
;
[
M a c h i n e r y and equipment
do
103,214 •• 102,999
5,372
5,495
5,400
' Revised.
i Based on data not seasonally ad usted.
- Advance estimate.
crSee
corresponding note on p. S-5.
*New series; see cor responding note on p. S-7.
9 Includes
d a t a for items not shown separately.
e Includes te xtile mill products, leather and products,
paper and allied products, and printing and publis hing industries; unfilled orders for other

21,639
5, 979
15,660

21,501
5, 8S7
15,074

21,804
0, 041
15, 823

22, 478
6, 134
16,344

23, 149
6, 271
16, 878

23, 250
0, 304
10,952

22,872
5, 953
16, 919

23, 490 '23,651
0,434 '6,518
17,002 '17,133

23, 749
0,424
17, 325

4, 564
9, 091
7, 624
4,231
3, 820
19,117

4,449
9,101
8,943
4, 299
3, 800
18, 908

4, 512
9,151
8, 284
4, 241
3.989
19, 000

4,737
9, 351
7, 909
4, 554
4, 090
19, 009

5, 089
9, 568
7, 579
4,408
4, 080
19, 126

4,838
9,874
7,888
4,431
3, 950
19, 194

4,460
9, 827
8, 142
4,649
4,135
18,988

4,575
4,001
9,931 '•10,126
8, 495 ' 9, 527
4,984 ' 4, 094
4, 480 ' 4, 500
19, 386 '20,509

4,402
10,342
8,472
4,826
4,591
20, 751

1,944
1,994
4, 428
5, 073
1,406
1,311
5, 382 . 5, 492

1,902
4,011
2, 208
5, 447

2, 207
2, 963
2, 059
5, 968

2, 034
3, 000
1,914
5, 714

1,884
3,913
2, 355
6, 027




4, 333
10,307

3', 040

2, 085
3, 801
1,595
5, 380

2, 033
3, 554
1,919
5, 910

'
'
'
'

2, 033 1,959
4, 407 3,893
2, 384 1,831
6, 550 6,263

nondt rable go ods indii ^tries are zero,
)arel and related
r
Fo r these i idustrie^ (food ai id kindnH! produ cts, toba ceo prod ucts, api
plastics
produ cts, petrc)leum an 1 coal pro ducts, cl emicals rmd allied product s, and ru )ber and
produ cts) sale? are con? idered ec jual to IKuv orders

SURVEY OF CURRENT BUSINESS

January 1969
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Annual

S-7
1968

1967
Nov.

Dec.

Jan.

Feb.

Mar.

May

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS!—Continued
Unfilled orders, end of year or month (unadjusted),
totall
mil. $-_
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders©
do

79,903
82, 499
76,895 j 79,480
3,008 | 3,019

Unfilled orders, end of year or month (seasonally
adjusted), totalf
mil. $_ 81,072
By industry group:
Durable goods industries, total 9
do
77,987
Primary metals
do
7,501
Blast.'furnaces, steel mills
do
3,445
Fabricated m e t a l products
do
| 7,819
Machinery, except electrical
do
| 14,919
E lect rica 1 m aehinery
do
j 12,942
Transportation equipment
do
j 29,027
A i r c r a f t , missiles and parts
do
} 22,465
Nondur. goods ind. with unfilled orders©

83. 220 83. 700
80,044 ; 80,667
3,176
3,033

84. 358 '85.357 85. 143
81,318 '82,307 i 82,123
3,040 '3,050 I 3,020

82,806

83,184

83,617 '84,991

79, 684
5, 704
2, 645
8, 752
14, 408
12,803
32,368
26,922

80,177
5,533
2, 529
8,870
14, 321
12,801
32,941
27,012

80, 572
5, 662
2, 585
9,115
14, 430
12,923
32,709
26, 604

•81,894 82, 607
r
5, 840
6, 157
' 2, 7403, 072
' 9,381 9,776
14, 637 14,726
• 13,148 13, 092
•32,918 32, 914
26, 670 26, 599

3,007

3,045

' 3, 0973,077

82,184

83,686

83,592 | 83,689 ] 84,809 ! 85,291 j 84,!

79 13'-*
6,' 733
3,366
8,427
14, 640
13,161
30, 440
25, 070

80, 578
7,019
3,644
8,976
14,551
13, 235
31,031
25, 682

80,490
7,431
4,056
8,885
14,503
12,940
31,047
25,698

80,593
7,739
4,299
8,815 I
14,397 !
13,022 |
31,006 !
25,755 I

3,085

3,108

3,052

3,108

3,102

3,096

2,372
! 42,859
8,171
27,670

2 125
44,304
9,313
27, 944

2,134
43,669
8,767
27,614

2,125
44,304
9,313
27,944

2,024
43,970
9,162
28,436 I

1,917
' 28. 680 !
i
:
! 21,968 i
I
I

1,698
31, 888

1,703
31,228

1,698
31,888

1,609 ! 1,669 I
31,622 i 31,784 !
22,289 21,822 !
21,149 20,969

1,666
3, 019
1, 083
0,784

1,609
33, 728
20, 622
20, 643

1, 536
33, 976
20,941
20, 512

1, 650
1.720
1, 705
33, 151 32, 690 32, 860
21.095 20, 792 21, 324
20, 823 20, 951 21,295

16,065
18, 403

17,525
18, 168

20,438 i 17,910
17,223 i 18,014

r),520
7,974

19,641
18, 659

19, 940
18, 796

18.670
19, 197

19, 733
19, 530

881
102
166
133
393
87

831
104
158
133
347
89

909
92
168
150
393
106

751
92
140
128
317
74

810
ss
134
119
380
tt
°

734
87
129
105
344
69

705
68
112
126
320
7()

91,411 74,657 90. 269
4,618 I 6,885
9,942
17,397 ! 25,378 i 31,275
33,120 ! 15.368 i 20,589
23,345 14,415 \ 19,740
12,931 12,611
8,723

65, 766
6, 525
14,595
22, 113
14, 0!)S
8, 435

58, 651
5, 857
15, 703
15, 951
13, 721
7, 419

21~367~

BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted
number..! 200,010 j 206,569
Seasonally adjusted
do_.

Labilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade

83,305 83,867 85, 255 5. 640 84. 555 83. 861
80,273 80,796 ! 82,212 j 82,550 j 81,446 i 80,706
3,032 , 3,071 j 3,043 j 3,090 j 3,109
3,155

80, 578
7, 019
3, 644
8,976
14, 551
13,235
31,031
25, 682

do

By market category:
Home goods, apparel, consumer s t a p l e s _ _ _ d o
E q u i p , and defense prod., inel. a u t o
do
Construction m a t e r i a l s and supplies
do
Other materials and supplies
do
Supplementary market, categories:
Consumer durables
do
Defense products (oid series)
_do
Defense products*
do
Machinery and equipment
do

INDUSTRIAL AND COMMERCIAL
FAILURES d"
Fallures, t of al
number.
C01 ninercial service
do
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade
do

81,584 i 82,499
78,579 ! 79,480
3,005 j 3,019

81,754
7,864
4,396
8,777
14,183
12,974 '
32,349
27,014 i

82,239 ! 81,902
7,845 ! 7,322
4,324
4, 598
8,782
8, 882
14,156 14,164
12, 867 12, 705
32, 986 33,309
27, 697 | 28,140

80,970
6, 586
3, 575
8,895
14, 225
12,829
32, 767
27,288

3,055 | 3,052 I 3,025 | 3,078

•

I

i

2,104 i 2,053 I 1,970
2,170
2,085
43,853 45,104 I 45,657 ! 45,755 ! 45,538
8,997 | 8,998 I 9,122
r>, yyn
y, L££
y, -ou
9,047
% vnt
28,704 , 8, 604 28, 583 28, 080 27, 110

2,154
45,151
if, iOO

26, 368

85, 684

2,165 r 2,182
2,091
45, 368 45,843 • 46, 662
9, 270
9, inrt
9, 700
if, 504
26] 455 26, 105 r 26^ 447

2,186
46, 506
10,051
26*941

1,692 «• 1,693
32, 577 '32,925
21,358 r 21,672
21,287 21, 912

19, 052 19,015
20, 053 21, 237

...

..

1,727
32,757 !
21,534 !
21,997 j

21, 636
21, 721

18,201
20, 850
1

13,061
j 1,368
I 2, 510
| 1,852
I 6,076
j 1,255

I 12,364
i
1,329
! 2,261
j
1,832
!
5, 696
1,246

thous. $ _ _ ! 1,385,659
do
i 185,202
do
j 326,376
... ... do
! 352,861
do
j 344,346
do
| 176,874

1,265,227
144,965
! 323,680
I 325,869
| 334,279
i 136,434

Failure annual rate (seasonally adjusted)
No. per 10,000 concerns

j
i

!
2 51.6 |

844
90
159
149
354
92

832
85
129
142
388
88

1 , 021
119
188
143
472
99

69, 977 195, 448 104, 491
7,398
7,025 45,725
15,780 97, 86S 23, 366
20, 678 25, 988 31,131
19,110 16,380 20, 339
7,384
9, 487 22,257

79,602
6.913
19,786
24. 377
19,04S
9, 47S

3, 593
),738
3, 924
1,110
5, 486
L, 335

80, 107
7, 971
10, 483
22, 662
23, 277
15] 714

37.5

44.3

43.5

2 49. Q

1, 003
' 133
152
153
454
111

36.9

41.0

36.5

40.3

260
235
333
179
166
167
303
563
281
305
348
124

259
229
292
176
163
156
302
563
285
300
354
134

260
221
288
170
157
150
266
563
294
307
364

261
226
270
219
147
149
308
576
291
315
353

267
230
272
222
151
150
317
577
299
32! »
352
165

310
335
293

311
335
293

311 !
33<) !
293 i

310 i
337 i
291 |

1
i
!
i

696
87
115 !
97
341 L. ...
56

65, 384 58, 651
6,631
7,949 ! _ _ _ _
18,001
8,157 ]
13,512 i 20,482 i.
17,594 i 16,908 ;
9,646
5, 155 |._..
37. 5

311
338
292

354
74

768
92
151
111
347
67

35. 7

355

40.9

COMMODITY PRICES
^ES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products!
1910-14 = 100,
Crops 9
do
Commercial vegetables
do_
Cotton
do
Feed grains and hay
do ~~_
Food grains
_._*
~_~~
do"""
Fruit
Idol"!
Tobacco
_do
Livestock and products?
do_
Dairy products
II_II_~do_"
Meat animals
" ~ ~
do
Poultry and eggs
IHIIIIIIIIIIIIdoI!
Prices paid:
All commodities and services
do...
Family living items
IIIdoI~~"
Production items
I_II_IIIIdo
All commodities and services, interest, "taxes, and
wage rates (parity index)
1910-14 = 100
Parity ratio §..
.do..
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes:
All items
1957-59 = 100.
Special group indexes:
All items less shelter
do
All items less food
~ - ~ ~ ~ ~ ~ d o _ ~~_
All items less medical care
'-"-"""do.""
Commodities
do
Nondurables
I-_--~do~~
Nondurables less food
.-"-""do."".1
Durables9
--~-~~~-~_II_~doI~"Ii
I
New cars
~ do
Used cars
I-.-I_IIIIII"I~do

267
237
285
215
180
185
258
552
292
294
356
161

305
336
132

297
315
285

302
321
287

334

342
74

284
191
174
177
225
555

319
318
130

254
230
351
189
162
170
270
558
275
318
324
132

302
325
286

303
325
287

304
327
288

343
73

344
74

346
74

348
74

251
228
284
154
168
249
557
270
322
317
123

253
231
299
233
160
169
277
551

282
314
342
131

990)

348
164
165
173
294
560
282
308
345
307
330
291

259
232
365
166
164
167
298
563
282
305
348

127 i
|
309 I
333 i
292

262
228
275
224
148
155
326
570
291
335 !
340

262
227
318
204
156
15'. >
279
570
292
340
337
154

262
221
32',
1SL
If.1.
15f
24-1
581
2'.T
337
343

I

354
73

314
341
294

116.3
112.9
113.0
112.3
109.2
111.8
109.7
102! 7
97.
117.8 j

117.8

118.2

118.6

119.0

119.5 ! 119.9 i 120.3

120.9

121.5 I

121.9 , 122.2 i 122.9

117.5
118.7
116.5
112. 6
115.3
115.2
106.0
101.4
125.6

117.7
118.9
116.8
112.9
115.6
115.2
106.1
101.3
124. 8

118. 2
119.3
117.3

118.5
119. 7
117.6

113.2
116.0
115.1
106.3
101.0
125.8

113.5
116.4
115.6
106.4
100.8
123. 6

119.1 ! 119.6
120.0
120.2 ! 120.6
121.0
118.1 ! 118.5 i 118.9
113. 9
114.3
114.7
116.9
117.3
117.8
116.1
116.4
117. 0
106. 6
106.9
106.9
100. 3
100. 6
100.3
126.3
126.7

120.4
121. 6
111). 5
115.1 I
118.2 !
117.5 !
107.4 !
100.1

120.8
122.1
120.1
115.5
118. 7
117. 6
107. 6
99. 8

121.2
122.6
120.5
115. 9
119. 2
118. 1
107. 7
W. 1

315
341
296

123.4

115.9
116.8
115.0
111.2
114.0
113.1
104.3
98.1
121.5

122. 5
124. 4
121. 9
117.1
120.3
120.2
109. 3
103. 8

.
o
- Based on unadjusted data.
^1 Sec note marked
« a" on p. S-5 ' Advance estimate..
i
o
e See corresponding note on p. S-6.
9 Includes data for items not
shown separatel y.
*New series. Based on separate reports on defense work filed by large.
defense contractors in ordnance, communications, complete aircraft, aircraft parts, and shipbuilding industries. It differs from the old series in that it includes defense activity in shipbuilding and excludes nondefensc work in ordnance, communications, complete aircraft, and




258
228
342
168
165
173
273
560

121.5 i 122.2
123.0 I 123.8
120.8 ! 121.5
116.1
119. 6
118.9
107.6
!)8.4
126. 7

116.8
120. 2
119.7
108. 5
102.8

aircraft parts. Further details appear in the Aug. 1968 issue of the, Census Bureau Current
Industrial Report, Series: M3-1.
cf1 Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
J Re visions for Jan. 1964-Mar. 19G7 (back to Jan. 1959 for all farm products, all crops,
commercial vegetables, and fruit) are available from the Dept. of Agriculture, Statistical
Reporting Service.
§ Ratio of prices received to prices paid (parity index).

SURVEY OF CURRENT BUSINESS

S-8
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

January 1969
1968

1967

Annual

Nov.

Dec.

Feb.

Jan.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

115.3
137.4
142.0
120.5
114 .6
122.6
123.8
121.7
126.9
116.3
131.1
111.3
115.9
109.9
114.8
124.0
121 2
118^9
139.4 "".'.-.
132.4
148.2
122.8
128 .0

Nov.

Dec.p

COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes— Continued)
Unadjusted indexes— Continued
Special group indexes— Continued
Commodities less food
1957-59 = 100.,
Cervices less rent
Food 9
Meats, poultry, and
Dairy products
Fruits and vegetables
llousinrr
Shelter 9
Kent

fish
_

_ _

-

106.5
122.3
125.0
114. 2
114^1
111.8
117. 6
111.1
114.1
110.4
115. 7
107.7
108.3
108.1
105.0
109. 6
112.7
111.0
125. 8
119.0
127.7
112. 2
117. 1

do
do
.do
..do
--do
do_
do
do

Fuel ind utilities 9
do
Fuel oil and coal
do
(las and electricity
do
Household furnishings and operation... .do
Apparel and upkeep
..do
transportation
do
Private
do
Public

_

Health and recreation 9
Medical care
Personal care
Kcadiii rr and recreation
Seasonally adjusted indexes:
Food *
Apparel and upkeep

(JO

do
do
do
do

Foods and feeds, processed 9

111.5
131.3
135.2
117.4
112.0
118.5
124.9
116.9
120.8
113.9
123.5
109.8
113.8
109. 3
111.2
116.6
118.6
116.4
136. 2
127. 5
141.9
117.6
123. 0

111.9
132. 1
136.1
117.9
113.1
118.7
126.1
117.2
121.0
114.2
123.8
109.9 !
113.9 I
109.3 !
111.8
117.6
119.0
116.7
137.1
128.3
142.9
118.4
124. 2

112. 2
132. 5
136.6
118. 3
112.7
118.8
128. 3
117.5
121.3
114.4
124. 0
110.0
114.0
109. 5
112.2
118.4
119.0
116.8
137.2
128. 8
143. 5
119.0
124. 9

112.5
133.0
137.1
118.8
113.0
120.2
130.7
117.8
121.6
114. 6
124.3
110.3
115. 3
109.5
112.5
119.5
119. 1
116.8
137.3
129. 2
144.0
119.6
125.3

113.0
133.9
138.1
119.1
113.2
120.9
130.0
118.7
122.9
114.9
126.1
110.3
115.4
109.4
112.9
119.9
119.7
117.4
138.4
129.7
144.4
120.1
125. 6

113.2
134.9
139.3
120.0
114.0
121. 0
132. 2
119.5
124.2
115.1
127.8
110.6
115.7
109.5
113.1
119.7
119.8
117. 0
138.5
130. 2
145. 1
120. 4
125. 9

113.5
135.5
140.0
120.5
115.3
121.5
128. 2
120.1
125.0
115.4
128.8
110.7
115.7
109.7
113.3
120.3
120.0
117.7
138.6
130. 5
145.5
120. 9
126.3

113.9
136.0
140.5
120.4
115.5
121.6
122.9
120.4
125.3
115.7
129.1
110.5
115.8
109.3
113.9

12G.7

114.7
136.6
141.2
120.9
115.4
122.3
123.4
120.9
126.0
116.0
130.0
110.4
115.9
109.1
114.2
123.3
120. 6
118.4
138.7
131.9
147.4
122. 1
127.5

119.4
119.3
119.2

119.2
119.9
119.8

119.0
120.3
119.6

119.7
121.0
120.0

120.0
122.1
119. 7

120.9
122.7
120.4

121 .0
123.3
120.7

116.4
116.2
117.7

117.2
116.6
118.5

117.4
117.1
119.1

118.1
117.8
119. 5

118.7
118. 5
119.1

198.1
194.7
i 100. 4

95.1
89. 5
99. 1

96.2
90.7
100. 1

96. 1
W. 9
99.8

96.4
99. 5

97.0
92.7
100.1

96.0
92. 8
98.3

94.8
92. 9
96.1

94.2
92.2
95.6

93.5
92.3
94.4

93.7
92.2
94.9

94.5
92.2
96.1

95 2
92.0
97.5

106. 1

106.2

106. 8

107. 2

108.0

108.2

108.3

108.5

108.7

109.1

108.7

109.1

109.1

r 109.6

101.6
107.7
110.4

101.4
107. 9
110.5

102.0
107.7
110.9

101.4
107.8
111.3

102.6
107.9
111.9

100.8
107. 9
111.4

100.9
108.3
112.0

100.2
108.5
112.0

98.8
96. 1
100.7

98.1
95.1
100.3

101.5
108.6
112.5

Q9 O
J_. ^

109.8

105. 3
104.8
106.9

96.5
106. 1
108. 9

98.6
106. 5
109. 3

99.1
106.9
109.7

10G.O
105. 0
105. >
1()(U)
105.3

108.0
104.7
106. 7
108.2
105.3

109.3
104.0
107. 3
109. 4
105.2

109. 6
104. 8
107. 6
109.7
105. 6

110.3
105.0
108.1
110.4
105.9

111.0
105.9
108.7
111.1
106. 4

111.4
105.9
108. 9
111.5
106.3

111.5
106.0
109. 1
111.8
106.4

111.2
106.5
109.1
111.5
106.7

111.3
106.7
109.4
111.6
107.2

111.3
107.4
109.7
111.7
107.7

111.6
106.6
109. 5
111.9
107.2

112.0
107.0
109.9
112.3
107.4

112.8
106. 5
110.0
113.1
107.0

113.1
107.0
110.3
113.4
107 .2

108.9

_do.

99.6
105. 6
108.2

100.9
107. 6
110.2

105. 2

103.4

104.8

105.3

106.8

106.9

106.8

107.9

108.0

109.4

107.7

108.6

107.4

108.3

108.4

103.9
108.2
80.0
93.8
109.5

101.4
97.4
75.1
87.8
106.2

102.8
97.6
76.5
84.8
106. 0

101.2
99.8
78.7
79.3
104.1

103.1
109.4
82.0
87.6
103.9

103.3

101.3
112.5
86.3
87.0
102. 7

102. 1
114.5
85.1
81.4
105.7

102.1
112.0
84.7
81.1
105. 2

103.6
123.6
86.4
85.4
105.4

102.5
106,4
82.0
89.6
106.2

! 113.3
108. 6
i 117.4 I
! 124.0
! 113.8
i 107.6

112.9
108. 9
117.4
123.3
114.4
107.0

112.8
109. 5
117.3
125. 9
114. 6
105.8

113.6
109.4
117.1
128. 9
114.6
107. 0

114.6
109.4 !
117.0
128.7
114.8 \
109.8

115.9
109. 5
118. 4
128. 8
114.7
113.6

115.3
114. 9
110.0
109.8
119.0
119.3
129. 1
128.8
113.6 ! 113.6
111.2
109. 7

114.4
110.5
119. 4
130.1
114.0
106.9

114.7
110.6
119.3
130.0
114.1
107.7

108.6

108.8

108.6

108.8

108.8

108.9

109. 2

109.7

r 109.9

97. 9
98.7
97.9
93. 0
68.5
115. 2

97.8 1
98.1
98.0 j
93.3
69.9 1
115.2

97.8
96.7
97.9 j
93.5
73.4
115.9

102.5
105.8
101.8
120.8
100. 9

101.9
108.3
101.9
120.4 !
99.3

102.0
111.0
102.0
120.4
99.2

104. 4
92.6
117. 8
80. 7

104.5
92.7
118.5
80.2

j 104.7
! 92.7
I 118 .9
j 80.2
1
i
I
]

105.fi
102.5
<)7.3
91.4
110.0

do

96. 4
102. 9
81.3
65.6
96.2

98.9
105.0
85.4
68.2
97.6

99.0 i
108. 1
85.0
i
98'.7

111.7
106. 5
122. 0
107. 2
105. 0

110.9
107.4
117.0
123. 0
112.0
102. 2

111.5
107. 7
116.9
124. 1
113.1
103. 2

112.4
107.9
117.1
123.8
113.7
105.5

104.7

do

99.7
101.0
92. 2
82.2
101.1

113.0 !1
105.8
1 1 5. 4 !
118. '-> ;
104.8 !
110.2

do
-do
do
do
do

106. 3

107.1

107.4

107.8

117.1

108.3

98. 8
101.6
98.8
93.4
80.9
114.4

98.7
101.6
99.0
93.4
78.4
114.4

98.5
101.3
98.6
93.5

112'. 2

98.6
101.2
98.7
93.4
80.0
114.1

102. f
104.9
100.9
133.1
99.9

101.8 1 102. 5
105.0 ! 105. 0
101.0 ! 101.1
130.0 j 133. 3
98.8

102.0
105.5
101.2
126.5
99.5

102.4
105.4
101.3
125.0
100.3

102. 4
105.2
101.3
123.6
100.5

102. 6
103.3
105.4 j 105. 5
101. 2 | 101.8
120. 8 1 120. 6
102. 8 | 101.0

103. 3 1 103. 6
91.6 ! 91.9
115. 7
116.0
81.7
81.6

103.8
92.2
116.2
81.8

104.0
92. 2
116.9
81.8

103.7
105.3
101.3 !
123.3 1
103.1 1
i
103.9
92.0
117.0
81.3

118.3
126. 6
95.6
111.5 ;
115.8
123. 6

118.8
127. 0
98.2
112.5
117.0
125. 3

118.7
127.1
95.1 i
112.8 i
117.2 j
125.0

119.5
119.5
127. 3 ! 127.2
102. 8
101.5
113.8 ; 113.6
120. 5
119. 2
127.7 | 129. 8

i
1
i
|

120. 7
128. 8
106. 6
114. 1
122. 6
131. 5

122.3
131.3
105.6
115.1
124. 9
133.4

115.4
127. 0
129. 0
102.9
129. 3

i
!
1
i
1

115.8
127.7
130. 3
103. 1
129. 7

110.1
116.6
127.8
129.3
131.5 i 132.1
103.2
103.6
130.0
130.4

98.4
103. 6
97.4
94. C
81.3
109.3

98.2
101.7 I
98.3
93.7
100! 9

Fuels and related prod., and power 9 do
Coal
do
1
Electric power
Jan. 1958 = 100.Gas fuels
do
Petroleum products, refined
1957-59 = 100..

101.3
98. 6 !
100.3 1
129. 3 !
99.5 |

103.6
103. 2
100. 7
133. 6
102.2

102.8
104.8
100. 9
132. 8
100.4

Furniture and household durables 9
App 1 iances, h ouseh ol d
Furniture, household
Home electronic equipment

do
do
do
do

99.1
89.1 |
109.1 !
83.6

101. 0
90.1
112.8
82. 5

102.1
102.0
90.8 | 90. 9
114.3
114.3
81.8

103.0 '
91.1 i
115.2 1
81.7

Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber

1
do
do
do
1
do
do___. :
do

119.7
118.2
140.8
121.1
105. 6
108. 5

115.8
122. 1
94.0
110. 5
105. 4
108. 4

116.0
115.4
124.3
123. 7
90.4 | 89.7
106.5 i 109. 1
107. (
106.7
110. 9
111.8

116.5 ! 116.7 117.9
125. 6
125. 6 i 125. 5
87.3 !; 89.5 i 99.3
108. 6 108.9 i 110.3
113.9
108.6
111.6
114.0 ; 117.1 120.3

I
i
1
i
1

98.1
99.4
98. 4
93. 2
71.2
114.4

j 98. 5
! 93.0
i 76.7
| 113.2

97.8 !
102. 8 1
95.7 !
94.5 !
102. 8
100.8

j
!

98.2
101. 3
98.2
93.4
69.1
114.4

1
!
|
1
j
!

98.2
99.5
98.5
92.9
76.4
113.2

Chemicals and allied products 9
do
1
Agric. chemicals and chem. prod
do
Chemicals, industrial . _ do. ._
Drugs and Pharmaceuticals
do
Fats and oils, inedible
do
Prepared paint
do

98.4
102. 2
98.3
93.8

98.1

; 100. 6

*,

113.9
112.6 1 113.2
Machinery and equipment 9
do
1
108. 2
111.8
118. 5
125.8
123.8 j 124.9
122.3
Agricultural machinery and equip
do
127.2
118.9
122.7
125.3 \ 126.3
Construction machinery and equip
do
102.7
102. 3
99.0 i 101.8
101.6
Electrical machinery and equip
do_.__
126.1
123. 8
125.4 1 125.8
Metalworking machinery and equip
do
1
118.8 1
r
Revised.
v Preliminary.
i Computed by OBE.
9 Includes data for items not
shown separately.
d"For actual wholesale prices of individual commodities, see respective




119'. 5
117.2
138.7
131.1
146.4
121. 5

105.9

Cereal and bakery products
do
Dairv products. _'
.
do .
Fruits and vegetables, processed
do
Meats, poultrv, and fish . . . . -.do
Industrial commodities

111.2
130.8
134. 6
117.0
111.6
118.5
124. 1
116.4
120. 2
113.7
122.9
109.5
113.7
108.9
110.6
115.9
118.7
116. 6
135.5
127.1
141.2
117.6
122.7

i 109. 5
i 101.9
i 115.2

All commodities
do
By stage of processing:
Crude materials for further processing
do
Intermediate materials, supplies, etc
do
Finished goodsO
do
By durability of product:
Durable goods
~ do
Nondurable goods
do
Total manufactures,
.
~
do
Durable manufactures
do
Nondurable manufactures
do

Farm products 9
-Fruits and vegetables, fresli and dried
Grains
Live poultry
Livestock

111.1
111.1
129. 6
130.1
133.2
133.8
116.2
115.6
111.4
111.2
117.8 1 118.1
119.6
116.7
116. 0
115.5
119.4
119.9
113.2
113.5
122. 6
121.9
109.3
109.3
112.7
113.1
108. 7
109. 0
109.7
109. 3
116. 6
116.8
118.3
117.9
116.2
115.8
134.6
134.9
126.2
126. 6
140. 4
139.7
116.9
117.2
122. 2
122. 0
116.1
115 9
117.8

do
do

WHOLESALE PRICEScf
(U.S. Department of Labor Indexes}
Spot market prices, basic commodities:
22 Commodities
1957-59 = 100- 9 Foodstuffs
do
13 Raw industrials
do

Farm prod., processed foods and feeds

109.2
127.7
131.1
115. 2
111.2
116. 7
117.5
114.3
117.9
112.4
120.2
109.0
111.6
108. 5
108. 2
114.0
115.9
113.9
132. 1
123.8
136. 7
115. 5
120. 1

!

114.1

I 125.8
1
i

102^ 7
126. 6

114.3
126.1
128.3
102.6
127.3

commodities.

114.8
115.0
126.2
126.3
128. 9 ! 129. 4 i
1
102. 9
103.0
127.6 1 128. 0 i

114^4

'
]
i
1
1

104.1 1
92.4 I
117.2 i
80.7

115.0 1 115. 2
126. 8 i
126. 5
129.4 ! 129 2 :
!
102.' 7
102.7
128.2 i 129. 1 i

104. 2
92.5 1
117. 5 i
80.7 J

OGoods to users, incl. raw foods and fuels.

122.4
131 .7
107.0
113 .8
126.8
1 136 .2

j

114.7

j

110.2

i
1

:;;:::::

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

Annual

S-9

1967
Nov.

1968
Jan.

Dec.

Mar.

Feb.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

COMMODITY PRICES—Continued
WHOLESALE PRICES^— Continued
(U.S. Department of Labor Indexes — Continued)
All commodities — Continued
Industrial commodities — Continued
Metals and metal products 9 — - 1957-59 = 100
Heating equipment
do
Iron and steel _ _ __
do
Nonferrous metals
do

108.3
92 5
102.3
1°0 9

109.6
92 6
103.5
120 9

111 0
93 3
104 2
194 7

111 4
93 4
104 6
195 7

112.2
93 1
105.4
127 4

113 3
93 8
105 7
131 1

Nonmetallic mineral products 9
do
Clay prod., structural, excl. refractories
do..
Concrete products _
do
Gypsum products
do
Pulp, paper, and allied products
do
Paper. __ _
do
Rubber and products
do
Tires and tubes
do

102.6

104.3

105.1

105 3

106.0

108
103
10°
109
107
94
93

4
0
4
6
3
8
3

110.1
105 3
102 4
104 0
110.0
97 0
96.2

111.1
105 6
103 9
104 6
111 2
99 1
98 7

111 6
105 8
103 9
104 8
111 2
99 °
98 7

111.8
106.5
103 9
105 2
111. 2
99 5
98.7

Textile products and apparel 9 .
AppareL
Cotton products
_
Manmade fiber textile products
Silk yarns
Wool products

do
do
do
do
do
do

10° 1
105 0
109 5
89 5
153 G
IOC 0

102 1
106 9
100 7
86.8
171 9
103 2

103 0
108 0
101 2
88 1
183 9
102 2

103 8
108 9
1
104
88 6
189 7
10° 2

104 3
108 3
105 2
89.3
196 8
102.3

105
89
197
!()•)

Transportation equipment 9 _
Motor vehicles and equipment.
Miscellaneous products 9
Toys, sporting goods, etc .
Tobacco products

do
do_
do
do
do

100
106
104
109

8
8
1
6

102.1
109 2
105 6
112 9

104
110
106
114

104
110
106
114

0
7
4
8

104.3
111 0
106 7
114 8

104
111
106
114

$0 945
.884

$0 943
860

$0 942
849

$0 936
846

$0 933
843

^0 996
840

0
6
3
8

112.5
95. 6
106.7
121 9

112.4
95.8
106.0
122.4

108. 7

108.7

108.9

109.2

113.7
108 5
106 6
104 9
113.0
100 6
99 5

113.7
108 6
106 6
105 1
113.1
100 7
99.5

114.2
109. 1
106 2
105 2
113.1
101 0
99.5

115.2
109.2
106 2
105.2
113.4
101.1
99.5

106 0
110 9
105 3
90.7
175 1
104 1

106 5
111 0
105 4
92.5
177 5
104 1

107 0
111 7
105 3
92.7
175 5
104. 7

107.2
111 8
105.4
93.0
172.0
104.6

104 9
111 5
108 7
114 9

104.4
111 6
108 9
114 9

104.1
111 9
109 0
114 9

106.5
112 0
109.1
115 0

106 .6
112.5
109.2
116 5

$0 990
897

$0 917
893

$0 9°0
890

$0 917
818

$0 917
.814

$0 912
.810

r

r

111.7
95 3
104.8
123 6

111.4
95 3
104.8
122 3

107.4

107.8

108.3

108.4

112.1
107 5
105 9
1
105
11° 1
99 7
98 7

112.5
107 6
105 1
105 5
113 5
99 8
98 7

112.3
108 2
105 1
104 7
112.7
99 9
98 7

112.5
108 1
105 0
104 9
113 0
100 7
100 9

104 6
109 1
105 0
89 3
196 3
103 1

104 7
109 9
3
105
89 3
189 7
103 0

104 8
109 4
104 9
89 7
183 8
103 5

105
110
104
89
184
103

105
110
105
90
182
103

8
7
2
4
5
9

104
111
107
114

3
5
4
9

104 3
111 8
108 1
114 9

104 2
111 9
8
108
114 9

104 5
111 8
108 2
114 9

$0 924
837

$0 923
834

$0 9"
'831

113.3
94 5
105 0
131 0

106 9

107.3

111
106
105
105
111
99
98

9
8
1
7
9
5
7

112.0
107 0
105 1
105 2
111 9
99 7
98 7

104 6
0
6
°
8
3
3
6
8

ios x

112 2
95.5
106.7
121 5

111.7
94 7
104.9
194 1

113.8
94 3
105.4
133 2

2
1
7
9
0
8

111.3
95 4
104.8
121 7

PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices.

1957-59—$! 00
do

_

$0.911

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
New construction (unadjusted), total . .

mil. $

Private, total 9
do
Residential (nonfarm)
do
New housing units
do
Nonresidential buildings, except farm and pub-"
lie utilities, total 9
mil $
Industrial.-.
do
Commercial..
do
Farm construction.
.
do
Public utilities:
Telephone and telegraph
do
Public, total 9

do

Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial
do
Military facilities...
do
Highways and streets
do
New construction (seasonally adjusted at annual
rates), total
_ _
bil $
Private, total 9--.

-

Index (mo. data seas adj )
Public ownership
Private ownership
By type of building:
Nonresidential
Residential 1
Non-building construction
New construction planning
(Engineering News-Record) §




r 7 341

r 7 519

r 7 680

r 7 943

8 014

7,582

4 441
2,191
1,742

3 819
1,859
1,465

3 586
1, 655
1,305

3 98
1, 885
1,472

4 513
2, 262
1,710

4 843
2,518
1,891

4 963
2, 628
2,015

5 068
2,687
2, 075

5 318
2, 770
2, 123

5 344
2,760
2, 139

5 493
2,695
2,130

5 277
2,609
2, 083

18 595
6 679
6 879
1,245

18 106
6 131
6 989
1 324

1 616
493
676

1 499
59 1
573

1 349
431
595

1 323
397
549

1 428
428
587

1 538
441
676

1 569
448
684

1 5993
49
689

1 535
417
79 1

1 690
' 485
/

1 716
508
793

1 808
538
844

1 729
554
769

1 609

1 638

150

146

104

120

140

25 573

9 i§8

9 974
706
406
721
8 538

9

24 000

6 951

6 407

5 605

139

141

156

148

147

172

9 73

9 49g

9 556

9 619

9 695

9 609

9 591

910
63
49
60
953

885
54
35
57
1 051

888
57
43
79
1 014

41
81

37
96

45
83

r gl 3

r 83 6

r 84 5

r 87 2

86.7

56 5

57 2

59 5

58. 9

119
9

9

375

1 786

85
59
40
76
706

825
47
36
70
559

78 9
49
39
56
469

739
35
38
59
379

84
56
45
51
572

893
78
45
53
755

955
83
49
64
886

79 6

81 9

89 9

83 9

83 6

r R1! 9

r 85 7

53 9

8 920
655
369
769
8 355

54 0

55 3

cr A

cc -I

cy A

57 3

55 0

54 7

99 £

9

97 4

98 1

29 1

30.0

30.4

17 6
4 8
8 3

19 0
5 6
8 6

18 6
5 5
8 5

19 7
6 1
8 9

19.0
6.4
8.0

1 633

1 974
9

T §9

1

27 2

27 6

97 o

26 8

27 7

99 3

17 8
5 7
7 0

17 4
58
6 7

19 3
6 3

19 5

19 2
5 5
8 3

19 1
5 5
8 5

18 5
5 3
81

17 7
4 9
8 1

17

16

1 7

1 ^

16

15

19

1 7

18

2 0

27 1

97 7

27 0

27 3

27 7

27.9

9 7
'6
5

9 9
6
6
8
9 2

5
8

4
10

6
.9

4,863

9

f!

27

10 3
6
5
8
8 2

i 50 150

C 7

8 3
I

25 7

do

10 5
6
5
9
99

10 6
6

3 996

3 o 71 A

9

76

00

C

•i o 7
5

97

10 8
10
• _*

10 8
8

q

9 3

27 9

^i

28 4
11 0
1 0

9 8

41 7

4 070

6 170

53 446

4 258

2 1 KQ

1 R8

mil $
do

18 152
31 998

20 709
32 737

1 435
2 823

f)' AQO

do
do
do

19 393
17, 827
12 930

20 418
19, 695
13 333

1 586
1,717
956

1 550
1,404 31,462
i o4'~>

1,495

do

52.112

59. 944

4 995

* SQfi

3 4Q9

^ run

3 osn

f

2

5

9

10 0
7

r

9* 2

9 8

8

K

g
9 9

7

145

1957 59 — 100

7 953

1 966

9 2

9' 1

5 589

5 956

6 318

5 170

6,171

-107

I Q9

183

200

183

i fin

159
1 ^4

9 n^fi

1 860
3 7OA

9 256
3' 7nn

1 994
4 3 04

1 549
3 691

1 728
4 443

1,558
3 305

1 QOC

1 ^99

2,220

2, 312

9 297
2' 543

9 030
2,243
i 31 fi

2 414
2,287
1 9^

9 128
2, 295
1 895

1 815
2,125
1 230

2 370
2,408
1 393

1,992
2,043
828

4 fifiS

a

9 «nn

4.895

3. 001

6.387

1 C.QQ

1 507

' Revised
* Preliminary.
'Annual total includes revisions not distributed to
months.
Computed from cumulative valuation total.
3 See note "IT" for this page
cf See corresponding note on p. S-8.
9 Includes data for items not shown separately:
I Revisions for 1965-May 1967 are shown in Bu. of Census report C30-68-6.
329-153 O - 69 - 4

r Q 786

9

4 763
2,340
1,857

do

Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial..
do
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Co.).'
Valuation, total V- mil $

5 956

50 587
23, 736
17,885

76 160

Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $
Industrial
_
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9

5 219

51 1°0
23,971
17,964

75 120

> R35i

9fV7

^ Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new
compilation method raises the level of residential data by 8 percent and the total valuation
by 3 percent.
§ Data for Nov. 1967 and Feb., May, Aug., and Oct. 1968 are for 5 weeks,
other months, 4 weeks.

SURVEY OF CURRENT BUSINESS

S-10
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

j 1967

Annual

January 1969
1968

1967
Dec.

Nov.

Jan.

Feb.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

CONSTRUCTION AND REAL ESTATE—Continued
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total, incl. farm (private arid public)
One-family structures
Privately owned
Total n on farm (private and public)
In metropolitan areas
Privately owned

1,321.9
844.9
1, 291. 6

120.2
69.1
118.4

83.1
47.1
80.1

1,172. 8
807.3
1,141.5

1, 298. 8
919.7
1, 268. 4

118.6
84.9
116.8

82.1
63.6
79.1

1, 590
1,567

do
do
do

Seasonally adjusted at annual rates:
Total, including farm (private only)
Total nonfarm (private only)

145.1
87.2 ! 128.6 ! 165.2
55.4
79.4 j 98.0 : 87.0
84.6
126.6 l 162.0 ! 140.9 I
I
85. 3
126. 0
162. 2 143.3 I
101.2 |
01.4 I 92. 1 ! 118.4
139.0 I
82.8 i 123.9 ! 159.1

1,196.2
779. 5
1, 165. 0

thous..
do
do

1,250
1,235

1, 456
1,430

1, 537
1,499

1,390
745

1,148
667

1,394
724

do
do

New private bousing units authorized by building
permits 03.000 permit-issuing places):{
Seasonally adjusted at annual rates:
Total
thous..
Ono-family structures
do

1,141
651

82.7 !
45.3
80.5 !
I
82.0 !
63.5
79.8 j

141.1 ! 140.0
103.6 i 100.6
136.0 I 137.3

141.0 r139.8 I r r143.3 ! 128.1
96.4
82. 6 r 80. 3 i 85. 7 ! 64. 4
52.1
136.6 r 134. 3 I T 140. 8 ! 125. 7
93. 0
ir
i
126.1
138.9 r 138. 0 i 140. 6
102.9 I 99. 3 j
101. 0
134.5 r 132.4 ' 138. 1 123. 7

142.9 I 142.5
81.6 i 86.5
137.9 i 139.8

r

1,591
1,562

1,364
1,345

1,365
1,248

1, 531
1,507

1,518
1,496

1,592
1,570

1,570
1,541

1,689

1,71;

1,454
1,439

1,340
675

1,511
1,479

1, 280
659

1,281
641

1,289
663

>90
j73

1, 393
706

'1,378
'•694

1,425
72!)

1,400
702

CONSTRUCTION COST INDEXES
Dept. of Commerce composite}:
American Appraisal Co., The:
Averaee, 30 cities
Atlanta
New York
San Francisco
St. Louis

119

Engineering News-Record: +
Building
Construction

do
do

Bu. of Public Roads—Highway construction:
Composite (avg. for year or qtr.)
1957-59 = 100..

127

128

128

129

130

132

132

33

134

134

134

909
992
1,008
910
903

930
1,024
1,025
933
916

932
1,025
1,026
937
919

937
1,033
1,044
941
923

938
1,033
1. 044
943
923

940
1,047
1,044
943
923

945
1,053
1,048
944
927

958
I, 064
1, 052
948
962

973
1,065
1, 056
958
964

979
1, 075
1,087
968
964

86
81
)90
79
67

992
1.087
1,092
980
969

994
1.110
1,092
980
969

997
1,110
1,093
1,001
•J69

132

134

134

134

134

135

135

136

138

140

41

142

142

143

129. 8
130.7
130.2
127. 4

133.8
134.7
134.3
131.2

| 133.9
! 134.7
i 134.4
! 131.2

133.7
134.6
134.2
131.1

134.1
135.1
134.6
131.6

134.6
135.3
135.5 ! 136. 2
134.9 ; 135. 5
132.4
133.3

137.3
138.4
137.5
135.2

139. 6
140.8
139. 8
137.4

123.4
134.1

E. IT. Boockh and Associates, Inc.: ^
Average, 20 cities:
All types combined
1957-59 = 100..
A p a r t m e n t s , hotels, office buildings
do
Commercial and factory buildings
do
Residences
do

127

122.1
123.2
122. 2

Associated Heiiera! Contractors of America. Tnc ,
T h e ( b u i l d i n g only)
1957-59= 100..

127

127

1913 = 100
do
do
do
do

125

867
941
963
867
852

1957-59=100._

127.4
140.8

130.1
144.3

130.4
144. 5

131.4
145. 't

131.8
146.5

132. 5
147.0

141.6
156.6

141.7
156.7

113.0

142.2
140.1

138.3
140.7
154.1 I 156.0

136. 2
151.9

132.9
147.6

142.1
143.1

.5
141.8
140.6 | 141.7
138.5
139.2

132. 6

119.8

120.6

143. 1
158. 0

CONSTRUCTION MATERIALS
O u t p u t index:
Composite, unadjusted ?
Seasonally adjusted

..

..1947-49-100
.do

Iron and steol products, u n a d j u s t e d
Lumber and wood products, u n a d i
Portland cement, u n a d j u s t e d

150.9 j 133.0
158.1 | 154.8

do
do
do

100. 0
155.0
189. 8

163.0
149. 6
150. 6

161.4

147.6
137.0
127. 5

140.0
149. 1

147.2
166. 4

164.0
169. 5

176. 8
173.7

147. 1 j 158.6
184.8 \ 192.7
152. 6 ! 155. 9 I 167. 2 j 175. 6
101.5 i 122.0 I 156.7
205.9

183.0
170. 5

175. 8
164.3

203.1 I 201.2
179.0 i 161.6
223. 7 221.1

170.6
154.1

r
T

168. 7
161.1

180.7

210.1 151.9
166. 7
175.1
249.8 i 263.8

r
r

159.1
173. 0
238. 4

159. 6
189. 4
271. 3

14.0
168
10.4
125

17.1
198
12.7
147

180.4
187.8

159.7

REAL ESTATE
Mortgage applications for new home construction: I
A p p l i c a t i o n s for F1TA c o m m i t m e n t s
I
thou::. units..!;
Seasonally adjusted a n n u a l rates!
do
Requests for V A appraisals
do
\
Seasonally adjusted a n n u a l rates!
do
I

11.2
163
8.4
122

153.0
99. 2

Home mortgages insured or guaranteed by—
|
Fed. FFous. A d m . : Face a m o u n t .
l.._nril. $ 6,095.32 ! 5, 884. 64
Vet. Adm.: Face amount §
do
2, 600. 53 13.404.87
Federal Home Loan Banks, outstanding advances
to member institutions, end of period.
mil. $ _ _ >

6,935 I

New mortgage loans of nil savings and loan assoeia- i
tions, estimated totalt
*
mil. $.. I
By purpose of loan:t
11 ome con struct ion
do
Home purchase
do...*
All other purposes
do
Nonfarm foreclosures
Fire losses (on bldgs., contents, etc.)

4, 386

020. 86
382.91

457. 89
340.32

4,188 ! 4,386
!

1,759

388
856 i
557 !

577.50 i 436. 34
348.77 ! 279. 57

15.9
160
11.6
127
434. 80
267. 29

14.7
144
12.4
126

15.7
161
11.0
110

I
13.2 I
146 i
12.5 !
135 i

15.2
167
11.5
127

'13.5
211
11.4
172

9.0
136

684.06 ! 572.38 I
359.54 i 376.98 365.50

4,889

4,997 i 5,026 | 5,035 j 5,040

1,965

1,456 i 1,766

1,389

13.7
157
10.4
120

470.58 495.28 I 493.61 572.97 j 595.12 ! 588.18
265. 30 ! 280.15 ! 240. 95 326.86 340.69 ! 322.30

4,442 j 4,348 i 4,269 i 4,545 j 4,719
j

380
780
599

1,801

12.4
152
10. 6
141

1,844 | 1,977 ' 1,823 ' r 1, 930 \ 1,701

426
1,066
473

396
1,031
417

5, 259

409
1,146
422

'461 !
r
986
r 483

392
975
456

3, 605
7,747
5,372

4,190
9, 505
6,196

number.. 117,473

110,541

8,469

8,119

8,414 | 7,822

8,127 I 8,040

7, 630

6,446

115.21

127. 82

153.95 ; 142.75

155.58 ! 197.25

157.72

154.71 ; 159.14

131.69

383
859
459

6,669

1,496.76 1,706.72

mil. $_

291
665
433 !

305
704
447

409
840
517

475
934
543

505
1,041
541

134.80

134.21

DOMESTIC TRADE
ADVERTISING
Marketing/Communications advertising index, seasonally adjusted:®
'
Combined index
1^57 59 100
Business papers
do
Magazines
do
Newspapers
do
Outdoor
_.
do
Radio (network)
do
Television (network)
do
r

•
i
'
!
i
'
'

148
l°8
159
119
91
118
1Q4

1 49 '

i ^o

19^ i

1OK

117
95
117

1^7 '
113 '
96 '
130

161
114
111
101

H
134
15°
113
73
109

900

'^10 ;

900

90S S

1 ^O
19Q

Revised.
c Corrected.
{Revisions for Jan.-Aug. 1967 for new private housing u n i t s authorized; for 1905-May 1967
for Dept. of Commerce composite; for July-Dec. 1906'for E X K building and construction
cost indexes; for 1960-66 (seas, adj.) for FHA applications and YA appraisals: and for Jan.July 1967 for new mortgage loans will be shown later.




|

i
i
T

i

|

-1 fl

'
'
i
!

141
157
1°8
97
106

'•

93fi

1 51

160

155
13°
161

125
87

199

199

1 £,*}
1 ^0

919

1 C4

1 07

79
123
911

75
19Q
999

150
128
16°
116
82
144

154

900

910

161
196
95
147

146
195
141
123
84
175
•'03

1 99

168
126
90
137
198

1
i
!
i
1

. ...

^Copyrighted data; sec last paragraph of headnote, p. S-l.
9 Includes data for items not shown separately.
§ Data include guaranteed direct loans sold.
© Formerly Printer's Ink advertising index.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 19G6
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

19(>8

19 67

j 1967

Nov.

Annual

Dec.

Jan.

Feb.

Mar.

May

Apr.

June

Aug.

July

Sept.

Oct.

Nov.

Dec.

DOMESTIC TRADE—Continued
ADVERTISING— Continued
Television advertising:
Network (major national networks):
Net time costs, total
Automotive incl accessories
Drugs and toiletries
Foods, soft drinks, confectionery
Soaps , cleansers , etc
Smoking materials
All other

471.7
42 6
127. 5
89.1
34.1
60.4
117 9

417.2
36.0
122. 6
84.7
41.5
46.1
86 3

1,411.3
106. 7
4**) 8
274 0
131. 5
161. 4
308.0

1 499 9
115. 8
429 0
306. 8
134.3
183.1
331.0

Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $
1, 166. 7
Apparel and accessories
do
!
68. 1
Automotive, incl. accessories
do
i 123. 5
Building materials
do
34.5
Drugs and toiletries
do
134.4
Foods, soft drinks, confectionery
do
125 4

1,161.6
60.7
103. 7
31.0
148.4
116. 1

115.6
5.4
9.8
22
14.' 6
11.9

99.9
3.3
8.1
1.4
12.3
10.1

63.3
1.6
4.4
1.2
7. 1
6.7

79.2
80.1
53 3
17.6
39.6
411.0

89.2
70.7
62 7
22.9
39.9
416.3

11.5

15.0
5. 1
4.4
1.1
4.7
34.4

3.4

4.5

5.4
9
2
3!7
41.3

4.2
27.' 6

4.3
1.5
3.0
33.6

3 354 3
924.3
2, 430. 0
18° 9
73 °
310.3
1,863.6

3, 297. 8
878.1
2, 419. 6
158. 5
66 9
297.1
1,897.1

305. 8
68. 4
237.4
13. ',)
53
28.7
189. 5

283. 2
59.8
223. 4
9.2
5. 6
99 2
18& 4

231.3
67.0
164.2
11.4
7.6
17.3
127. 9

203, 751
91, 026
112,724

205, 188
90, 447
114, 741

18, 132
7,904
10,228

17,408
7, 530
9,878

21,607
12, 308
9, 299

21,425
12, 150
9, 275

313, 809
100, 173
58, 273
53, 96f>
4,307
15, 267

Beer, wine, liquors.. ,
Industrial materials
Soaps , cleansers , etc
Smokinc materials
A l l other. __ . . . .

rrpl $
do
do
do
do
do
do

_ . _ _ do

.

i
i
•

..

do
do
do
do

Newspaper advertising linage (52 cities):
Total
'.
.mil. lines..
Classified
do
Display, total. _. ....
..... . .
.do
Automotive. .. .. _ _ _ _ _ _
_ do . _
Financial
do
General
do. _
Retail. . . .
do
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total, mil. $..
Durable goods establishments
do
Nondurable goods establishments
do

Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $._ 20, 520
Durable goods establishments
do
11,805
Nondurable goods establishments
do
8, 715
RETAIL TRADE t
All retail stores: t
Estimated sales (unadj.), total J
mil. $._ 303, 956
Durable goods stores 9
do
98, 301
Automotive group
do
58, 089
Passenger car, other auto, dealers
do
54, 144
Tire, bat tery, accessory dealers
do
3, 945
Furniture and appliance group 9
do
14, 558
Furniture, homefurnishings stores
do
Household appliance, TV radio
do
Lumber, building, hardware group
do
12, 573
Lumber, bldg. materials dealersd"
do
9,769
2 §04
Nondurable goods stores 9
do
Apparel group
do
Men's and bovs' wear stores
do
Women's apparel, accessory stores
do
Family and other apparel stores ... do
Shoe stores
_
_ do
Drug and proprietary stores
do
Eating and drinking places
do
Food group
do
Grocery stores
do
Gasoline service stations
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 9 §._ _
mil. $
Department stores
do
Mail order houses (dept. store mdseVdo
Variety stores
. .
.do
Liquor stores
do

205, 655
17,291

12, 675
9,781
2,894
213, 636
18, 123

9,988 ,
22,098 ,
68,137
21,792

29 739

46, 961
•

10, 721
23, 473
69, 113

49, 820

1

i
. .

i

!

!

331.3
23.0
89.2
63.2
33.7
33.1
89. 1

!
. _

119.2
8,6
12.7
4.8
11.9
9.9

116.0
5.6
11.9
4.1
14.5
8.5

99.9
2.6
9.3
3.7
14.3
9.6

69.9
1.1
4.8

6.8

7.8

8.1

7.9

4.4

i!i

39.8

4.7
2.5
3.8
43.1

5.9
1.9
4.0
42.1

5.5
1.5
4.2
35.1

6.3
4. 1
3.3
1.9
2.9
23.9

236.1
66. 9
169. 2
13.4
4.6
22.3
128.9

282. 4
79.0
203. 5
14.4
5. 5
26. 0
157. 6

277. 5
76.0
201.4
16. 6
6. 6
26.1
152. 2

306.5
224! 0
17.3
5.5
29. 0
172. 2

279.2
79.0
200. 2
16. 6
5.8
23.4
154. 3

16, 863
7, 365
9, 497

16, 816
7, 541
9, 275

17,775
8, 026
9,749

18,087
8,397
9, 690

18, 578
8,482
10, 095

21,607
12, 308
9, 299

21, 678
12, 236
9, 442

21. 555
12, 308
9, 247

21,679
12, 564
9, 115

21,841
12,881
8,960

27, 186
8, 525
4,842
4, 436
406
1,432
858
461
1,080
839
241
18, 661
1, 630
405
621
362
242
881
1,909
5,748
5, 348
1,939

32, 622
9 032
4, 573
4,111
462
1,738
956
616
1,088
749
339
23, 590
2, 618
686
997
595
340
1,241
2,041
6, 562
6, 110
1, 958

24, 094

24, 210

27, 049

7, 517
4, 642
4, 339
303
1, 205
726
381

16, 577
1,277
332
493
242
210
901
1,836
5, 596
5, 232
1,874

7, 883
4,842
4, 557
285
1, 205
7^2
390
891
708
183
16, 327
1, 155
267
462
233
193
887
1,837
5, 598
5, 227
1,809

8,916
5, 526
5, 187
339
1,253
769
402
1,013
797
216
18, 133
1,430
313
559
295
263
901
2, 022
6, 113
5, 705
1,970

5,136

7, 376

3,289

3, 296

3, 901

1.7

641

84.7
3.2
9.6
1.8
11.2
9.1

105.9
6.3
11.1
3.1
12.3
10.3

9 9

301.3
18.1
88.6
57.4
33.0
28.4
75.8

i

67.7

i
i

106.8
10.6
6.8
3.1
11.6
7.1

127.2
7.1
17.3
2.9
13.5
9.5

134.7
6. (5
13.9

4.6

7.1

3.7
1.5
3 .2
24.8

5.8
1.9
3.6
41.6

10.4
9. 4
5.3
2.8
4.1
44. 9

13.0
9.8
5.4
1.8
4.4
50. 9

249.9
75.2
174.8
13. 6
6.9
18.6
135. 7

277.9
83.8
194. 1
13.3
4.1
18.1
158. 6

292.8
83.3
209. 5
15.9
5.7
27.1
160.9

315. 7
84.1
231. 5
16. 0
7.2
31.7
176. 7

315. !)
79.0
230. 8
13.1
6. 2
32. 5
185.0

17, 961
8, 241
9, 720

18, 488
8, 515
'.), 973

18,933
8, 629
10,304

18, 640 r 19, 979 18, 979
8, 590 ' 9, 220 8, (554
10, 050 ' 10, 759 10, 325

21,816
12, 851
8, 965

21,952
13, 020
8, 932

21,908
13,030
8, 878

22,094
13,183
8, 910

22, 170 ••22,031
13, 065 ' 13, 102
9, 105 ' 9, 470

27, 602

29, 285

29,410

27, 015

0,917
6, 112
5, 706
406
1,314
871
376
1, 269
986
283
19, 368
1, 538
367
600
312
953
2, 189
6, 310
5, 883
2, 097

28,887
9,828
5, 974
5, 543
431
1, 353
875
414
1,290
1,010
280
19,059
1, 522
375
577
311
259
938
2, 245
6,252
5, 825
2, 150

28,542

9, 134
5, 549
5, 171
378
1,217
783
363
1,190
926
264
18, 468
1, 627
364
617
334
312
906
2, 034
5, 838
5, 420
2, 012

9 696
5, 773
5, 354
419
1,393
861
440
1,338
1,055
283
18,846
1,421
325
548
312
236
938
2,287
6. 196
5, 766
2, 197

9, 383
5,365
4, 951
414
1,479
905
476
1, 355
1,077
9
78
20, 027
1, 633
342
618
378
295
962
2, 413
6, 596
0, 166
2, 202

4,218

4,342

4,296

4 222

4,671

QO

g

10.' 3
9.1

3^4
1.6
10.5
5.7

15.' 1
11.6

100. 0
4.0
7.4
1.0
12. 0
!>. 1

"•I
4. 2
1.1
4.3
36. 0

22,810
13, 170
9, 641

••29,418 '30, 223 134,305
8,703 '10, 039 r 9, 004 i J). S35
4,814 r 5, 992 ' 5, 038 15,215
4, 457 r 5, 595
5, 21 1
357
427
r 397
1,412 r 1,450 ' 1,490 i 1,704
850
937
'907
460
409
r 456
1,257 '1,339
1, 225
997 r 1, 063
925
260
300
276
18, 312 "•19, 379 '20, 619 124,530
1, 557 r 1,654 ' 1,821
332
430
'373
r
608
709
650
333
395
'360
284
' 265
281
912
'937 i" 1/25 7
'941
2, 175 ' 2, 161 ' 2, 057 i 2, 094
5, 860 r 0, 108 ' 6, 464 i 0, 4i)0
5, 448 ' 5, 685 ' 6, 042 Mi, ( I I S
2,017 r 2, 064 ' 2, 075 i 2, 10(1
4,266

' 4, 097 ' 5, 456 i 7, 739

4, 243
3,831 ' 4, 209 ' 4, 970 1 7, 101
2, 916
3, 911
3,890
6, 698
3,813
2 912
3, 487
3,800
2, 844
2. 602 r 2, 843 ' 3, 379 1 4, H80
4, 512
27,868 ; 29, 589
2, 628
2, 641
1, 949
2, 538
2, 334
2, 538
1, 912
273
!
250
417
373
-•316
187
248
239
218
238
233
197
!
520
451
574
982
346
432
496
487
474
'498
497
387
i 6,081
600
640
548
' 584
502
822
560
486
581
6,409
516
583
537
Estimated sales (seas, adj.), total J _ _ _
do
1
26, 936 27, 512 28, 145 27, 675 28, 132 28,451 28,802 29,037 28, 863 '28, 706 '28, 891
; 26, 368
Durable goods stores 9
do
n nr,i>
9, 567
8 492
9, 699 ' 9, 402 ' 9, 320 1 !), 1 7 1
8 502
9, 290
9, 081
8,871
9, 402
8 871
Automotive group ... _
do
5, 730
5, 604
5, 399
i 4,738
4, 951
5, 907 ' 5, 023 5,512
5,117
5, 598
5,18!)
5,307
Passenger car, other auto, dealers
do
5, 347
5, 219
5, 523 ' 5, 254 5, 0',)4
! 4,378
5, 027
4, 563
4,744
4,812 ' 4,921
5,213
Tire, battery, accessory dealers
do
418
389
384
372
385
' 309
360
388
373
385
377
386
1,440
Furniture and appliance croup 9
do
1.402 ' 1, 359 1,350
1,323
1, 362
1,349
1,381
1, 367
1,363 ! 1,372
1,420
855
Furniture, homefurnishings stores
do
i
852
' 837
882
884
871
;
777
824
837
85!)
826
843
Household appliance. TV. radio
do
'
475
430
'435
441
.
429
422
415
429
428
440 ;
440
446
Lumber, buildiner, hardware group
do
1,198
1, 197
1, 196 '1,200
1,114 """846" 1,190
1, 191
1, 170
1,133
1,202
1,181
910
924
927
'930
904
932
874
:
878
947 '
048
899
2S8
Hardware stores
do
273
270
209
236
25!)
266
259
282
243 :
254
1
Nondurable goods stores 9
do
17,946 18, 434 18, 641 19, 083 18, 804 19, 051 19,161 19,400 19,470 19, 164 '19,304 '19, 571 1 II . D'.)!J
Apparel group
do
1, 074
1, 696
' 1,034
1, 621
1, 563
1, 597
1,473
1, 530
1,574
1,659
1,547
1, 677
Men's and boys' wear stores
do
395
380
'373
307
385
345
366
380
380
379
367
405
Women's apparel, accessory stores
do
045
647
634
665
580
'638
560
599
662
601
621
589
Family and other apparel stores
do
353
329
'343
359
334
340
338
327
338
35!)
309
357
Shoe stores
do
292
'280
281
278
24!)
241
245
268
274
257
278
253
Revised.
i Advance estimate.
jSeries revise 1 to reflect , a new sample of retailcM\S
durable totals, and scle cted line s of trad e, unadj. and seas3. adj., b ack to 1! 61 appe. r on p.
The most important difference, between this and th old sample is a ccounted for by UN
22 IT. of the No v. 1968 S JRVEY. 1< urther d etails apiicar in tl e Censu 3 Bureau Monthly R e t a i l
general merchandise group which now includes all IK n-stores, i.e., rna 1 order houses, n er
Trade Report, Aug. 19( 8.
91ncludes Jata for i :ems not shown s eparatel>
chandising machine, operators, and direct selling estal lishments. Forme rly, many nou-st on
cfComprises lumber 3•arils, bi ilding in iterials d ealers, ai id paint, plunibh g, and el (-.•tried
establishments were classified outside of the general i erchandise group , particularly in the
stores.
§Exc ept depn rtment s tores ma il order.
food and eating and drinking place groups. Revisions for total retail sal ^s, durable and n on




4,450
2,948
377
530
562
26,385
8,276
4,756
4,353
403
1,295
781
421
1,044
810
234
18,109
1,517
368
579
326
244

January 1969

SUKVEY OF CURKENT BUSINESS

S-12
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967
Nov.

Annual

1968
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

959
2,119
6,131
5,717
2 042

956
2,114
6,194
5,773
2 055

967
2,068
6,146
5,720
2,053

972
2,139
6,194
5,779
2,073

967
2,151
6,145
5,723
2,037

Oct.

Nov.

Dec.

DOMESTIC TRADE—Continued
RETAIL TRADEt— Continued
All retail stores}— Continued
Estimated sales (seas, adj.) — Continued
Nondurable goods stores — Continued
Drug and proprietary stores
mil. $
Eating and drinking places.
do
Food group
__do .
Grocery stores
__do_ __
Gasoline service stations
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil. $
Department stores
do
Mail order houses (dept. store mdse.)do
Variety stores
__ _do
Liquor stores
do
Estimated inventories, end of year or month :f
Book value (unadjusted), total
mil $
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil $
Department stores
do
Book value (seas adj ) total
do
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $
Department stores
do
Firms with 11 or more stores:!
Estimated sales (unadj.), total 9
do
Apparel group 9 - - - - do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores. _
do
Drug and proprietary stores
do
Eating and drinking places...
do
Furniture and appliance group
do
General merchandise group with nonstores 9 -- mil. $
Genera] merchandise croup without nonstores§
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
do
Tire, battery, accessory dealers
do
Estimated sales (seas, adj ) total 9
do
Apparel group 9
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
_
do
Drug and proprietary stores
do.
Eating and drinking places
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores§
mil $
Dept. stores, excl. mail order sales... d o _ _ _
Grocery stores
do__.
Tire, battery, accessory dealers.. _ __
do All retail stores, accounts 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

914
2 012
5 841
5 435
1 955

934
2 023
5 920
5 514
1 910

941
2 015
5 886
5 496
1 975

932
2 083
5 914
5 525
1 990

2
6
5
2

921
117
044
626
054

2
6
5
2

934
099
084
658
041

••963
r
2, 146
' 6, 133
' 5, 714
r
2, 040

948
2,145
6,274
5,849
2,085
4,720

4 473

4 295

4 269

4 348

4 457

4 390

4,455

4,490

4,757

4,677

4,506

'4,622

3 807
2 533
250
495
541

3 770
2 529
242
491
528

3 859
2 564
256
501
567

3 925
2 623
250
511
552

4 020
2 689
267
523
588

3 986
2 680
266
497
554

4 038
2 698
249
521
589

4,077
2,725
271
516
578

4,315
2,907
278
527
596

4,241
2,861
280
519
589

4,047
2,733
268
492
592

' 4, 141 4,257
' 2, 798 2,923
••283
301
'520
521
'603
599

045
832
284
825
575
213
178
290

40 438
16 724
6 723
3 026
2 669
23 714
4 791
4 477

38 045
16 832
7 284
2 825
2 575
21 213
4 178
4 290

38 430
17 493
7 845
2 811
2 641
20 937
4 010
4 248

39 354
18 019
8 201
2 893
2 660
21 335
4 225
4 271

40 447
18 400
8 413
2 953
2 738
22 047
4 405
4 324

41 247
18 989
8 799
3 034
2 809
22 258
4 456
4 360

41 496
19 278
9 069
3 039
2 794
22 218
4 388
4 371

41 163
19 174
8 987
3 027
2 764
21 989
4 317
4 334

40 916
18 895
8,794
3 035
2,801
22, 021
4,431
4 291

39 979
17, 536
7,348
3 032
2,764
22, 443
4,670
4 311

40, 543
17, 244
7,130
3,059
2,788
23, 299
4,953
4,382

42,683
18, 246
7,898
3,140
2,806
24, 437
5,116
4,552

43, 815
18, 866
8,437
3,158
2,790
24, 949
5,145
4,651

7 927
4 376
38 368
17 309
8 066
2 825
2 634
21 059
4 300
4 086

8 304
4 717
39 318
17 403
7 425
2 927
2 666
21 915
4 384
4 273

9 971
5 720
39 104
17 065
7 268
2 887
2 682
22 039
4 379
4 380

8 304
4 717
39 318
17 403
7 425
2 927
2 666
21 915
4 384
4 273

8 312
4 640
39 575
17 566
7 609
2 925
2 706
22 009
4 383
4 269

8
4
39
17
7
2
2
22
4
4

576
836
788
709
693
992
703
079
392
314

8 967
5 113
39 776
17 723
7 747
2 992
2 692
22 053
4 401
4 311

9 137
5 170
40 242
18 113
8 043
3 010
2 735
22 129
4 443
4 338

9 146
5 168
40 606
18, 248
8 192
3 006
2,713
22 358
4,450
4 384

9 105
5 102
40 842
18, 440
8 352
3 006
2 712
22 402
4,506
4 351

9 189
5 148
41, 065
18, 475
8,407
3,038
2,807
22, 590
4,630
4,356

9 305
5 189
41, 010
18, 501
8 417
3,035
2,781
22, 509
4,574
4,381

9,733
5,375
41, 424
18, 622
8,590
3,008
2,799
22, 802
4,668
4,408

10, 505
5,884
42, 220
19, 165
8,945
3,046
2,820
23, 055
4,720
4,450

10, 810
6,116
42,488
19, 361
9,121
3,019
2,798
23, 127
4,694
4,555

8 503
4 660

8 900
5 018

8 835
4 957

8 900
5 018

8 990
5 088

9 049
5 161

9 025
5 159

9 107
5 160

9,266
5 252

9,366
5 298

9,448
5,329

9,351
5,231

9,360
5,153

9,525
5,254

9,624
5,337

7 820
435
67
150
110
245
159
100

10 604
682
107
242
149
369
173
123

6 352
315
50
107
85
247
156
86

6 387
291
43
103
78
242
156
92

7 318
384
50
133
107
257
173
95

7 479
460
60
157
134
265
177
98

7,828
414
62
145
110
283
176
104

7,689
421
66
143
113
275
178
103

7,532
368
53
132
93
275
180
111

8,279
440
54
159
118
283
186
130

7,454
426
54
153
119
266
192
120

' 8, 068 9,015
'454
502
88
'71
180
'163
118
'111
279
'272
183
'189
119
'112

2,248

2 266

2,713

2 969

3,033

3,013

2,959

3,300

2,979

' 3, 303 3,902

3 201
2 325
401
2 679
139
7 565
393
57
135
110
254
166

4 592
3 610
778
3 135
167
7 309
379
53
133
99
236
175

2 070
1,515
263
2 635
107
7 503
416
59
150
108
274
169

2 073
1 490
296
2 676
105
7 681
428
63
152
108
272
173

2 499
1,821
339
2 967
122
7 707
442
64
152
114
268
175

2 763
2,003
393
2 738
146
7 718
417
60
144
108
278
179

2,811
2,066
384
2,971
159
7,728
415
64
142
106
290
169

2,801
2,083
377
2,882
161
7,794
430
65
147
112
277
166

2,745
2,023
364
2,837
156
8,045
454
67
159
115
288
169

3,080
2,263
407
3,122
159
8,004
451
64
163
120
291
172

2,750 ' 3, 055
2, 08 '2,234
'391
347
2,694 ' 2, 890
'153
130
7,923 ' 7, 992
444
'445
63
'67
161
'159
114
'118
' 283
288
'189
191

2,992

3,104

3,132

3,098

3,083

3,099

3,306

3,254

3,126

' 3, 245 3,342

2 763
2,025
369
2,731
138

2 773
2,028
388
2,728
121

2 787
2,023
386
2,780
138

2 879
2,102
396
2,805
140

2 901
2,100
412
2,815
139

2,889
2,115
385
2,864
144

2,868
2,087

2,889
2,115

3,100
2,291

3,045
2,243

2,854
148

2,923
141

2,931
147

2,918
153

2,890
2,127
378
2,916

' 3, 017 3,100
' 2, 208 2,265
416
' 402
' 2, 916 2,985

18 696
7 109
11 587
8 199
10 497
18 664
7 054
11 610
8 086
10 578

19 806
7 331
12 475
8 336
11 470
18 588
7 093
11 495
7 936
10 652

18 518
6*999
11 519
7 679
10 839
18 943
7 345
11 598
8 075
10 868

18 497
7 018
11 479
7 770
10 727
19 024
7 360
11 664
8 120
10 904

18 853
7 150
11 703
8 052
10 801
19 196
7 445
11 751
8 124
11 072

19,005
7,299
11, 706
8,254
10 751
18 957
7,337
11 620
8 059
10, 898

19, 154
7,428
11 726
8,337
10 817
19 020
7,251
11 769
8 126
10, 894

18, 910
7,413
11,497
8,227
10 683
19 045
7,263
11, 782
8,196
10, 849

18, 964
7,415
11, 549
8,191
10 773
19 152
7,258
11,894
8,193
10, 959

37
16
7
2
2
20
4
4

094
771
888
731
545
323
085
102

18 986
7 212
11 774
8 164
10 822
17 767
6 987
10 780
7 730
10 037

38
16
7
2
2
21
4
4

19 806
7 331
12 475
8 336
11 470
18 588
7 093
11 495
7 936
10 652

19
7
11
7
11
18
7
11
7
10

020
079
941
931
089
622
178
444
956
666

Af\Q

A(V7

3,679
2,671
461
3,176
159
8,168
454
74
162
118

190

LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas
.mil.
LABOR FORCE
Labor force, total, 16 years of age and over
Civilian labor force. .
Employed, total. _ _
Nonagricultural employment
Agricultural employment
Unemployed (all civilian workers)

thous_.
do
do
_ do
do _
do

1 196. 92 1 199. 12
78, 893
75 770
72, 895
68, 915
3,979
2,875

80, 793
77 347
74, 372
70, 528
3,844
2,975

199. 92

200.09

200.25

200. 36

200.51

200.66

200.83

201. 00

201. 17

201. 36

201. 56

201. 75

201. 94

202.1

81,582
78, 113
75, 218
71,460
3,759
2,894

81, 527
78, 057
75, 338
71, 793
3,545
2,719

79,811
76, 347
73, 273
69,908
3,366
3,074

80, 869
77, 402
74, 114
70, 653
3,462
3,288

80, 938
77, 447
74, 517
70, 980
3,537
2,929

81, 141
77, 634
75, 143
71, 292
3,851
2,491

81, 770
78, 234
75, 931
71, 935
3,996
2,303

84, 454
80, 887
77, 273
72, 757
4,516
3,614

84, 550
80, 964
77, 746
73, 270
4,476
3,217

83, 792
80, 203
77, 432
73, 325
4,107
2,772

82, 137
78,546
75, 939
72,103
3,836
2,606

82, 477
78,874
76,364
72, 596
3,767
2,511

82, 702
79, 185
76, 609
73, 001
3,607
2,577

82,61
79,11
76,70
73,42
3,27
2,41

' Revised.
1 As of July 1.
t See corresponding note on p. S-ll.
9 Includes data
not shown separately.
§ Except department stores mail order.
1f Series revised to
reflect benchmarking to the levels of the 1966 and 1967 Annual Retail Trade Reports and




to conform to the definitions of the new retail sales sample; revised data back to 1961 appear
on p. 22 ff. of the Nov. 1968 SURVEY.

SURVEY OF CURRENT BUSINESS

January 1960
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

Annual

Nov.

S-13
1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec."

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted
Civilian labor forcef
Employed, total
_____
Nonagrictiltural employment
\gricultural employment

77, 989
75, 005
71, 166
3,839

thous. _
do
_ do_ _ _
do

__

78, 473
75, 577
71, 361
4,216

77, 923
75, 167
71, 164
4,003

78, 672
75, 731
71,604
4,127

78, 658
75, 802
71, 788
4,014

78, 343
75,636
71,656
3,980

78, 613
75, 829
71, 936
3,893

79, 018
76, 048
72, 197
3,851

78, 985
76, 038
72, 202
3,836

78, 690
75, 929
72, 196
3,733

78, 831
75, 957
72, 355
3,602

78,804
75, 952
72, 471
3,481

79, 032
76, 389
72, 713
3,676

79, 456
76, 867
72, 993
3,874

536

449

2,984
485

2,896
445

2,756
488

2,941
455

2,856
448

2,707
398

2.784
410

2,970
423

2,947
453

2,761
398

2,874
369

2,852
388

2,643
354

2,589
323

3.8
2.5
3.8
12.7

3.8
2.3
4.2
12.9

3.8
2.4
4.0
13.9

3.7
2.2
4.1
12.8

3.5
2.3
3.9
11.3

3.7
2.3
4.0
12.6

3.6
2.2
3.7
13.0

3.5
2.1
3.7
11.9

3.5
2.1
3.7
12.6

3.8
2.3
3.7
13.6

3.7
2.2
3.9
13.6

3.5
2.2
3.7
12.0

3.6
2.2
3.9
12.6

3.6
2.3
3.8
12.7

3.3
2.0
3.4
12.2

3.3
1.8
3.5
12.6

1.9
7.3
3.3

1.8
7.4
3.4

1.7
7.3
3.4

1.7
6.9
3.3

1.6
6.4
3.2

1.7
7.2
3.3

1.7
6.9
3.2

1.5
6.7
3.1

1.6
6.4
3.2

1.7
7.2
3.3

1.6
6.9
3.3

1.6
6.2
3.2

1.6
6.7
3.2

1.7
7.4
3.2

1.6
6.5
3.0

1.4
6.0
2.9

2.0

2.2

2.2

2.1

2.0
4.3

2.2
4.3

1.9
4.4

1.8
3.9

1.9
3.7

2.1
4.2

2.1
4.3

2.0
4.2

2.1
4.1

2.0
4.1

2.0
3.8

1.8
3.6

3.8
8.1
3.2
2 8

3.9
7.3
3.7
3.4

3.9
7.2
3.5
3.2

3.8
6.1
3.5
3.5

3.6
8.3
3.3
2.8

3.8
7.4
3.6
3.4

3.6
8.0
3.5
3.1

3.4
5.7
3.3
2. 7

3.4
6.5
3.2
2.9

3.8
8.1
3.2
2.8

3.8
7.0
3.3
2.8

3.6
6.9
3.4
3.1

3.6
5.5
3.4
3.3

3.7
6.1
3.4
3.2

3.4
6.6
3.1
3.0

3.2
5.1
2.8
2.6

64,034

66, 030

67,397

67,903

66,017

66,393

66,713

67, 422

67, 724

68, 724

68, 327

68, 508

68, 923 '69,292 '69,551

70, 012

64,034
627
3,275
19, 214
11, 284

66, 030
616
3,203
19, 434
11,422

66,778
603
3,214
19, 518
11,463

67,060
603
3,275
19, 593
11, 498

67,058
604
3,107
19, 612
11,541

67,600
608
3,388
19, 612
11,514

67,656
609
3,330
19, 607
11,495

67, 755
632
3,313
19, 657
11, 533

67, 792
631
3,245
19, 693
11,545

68, 039
632
3,174
19, 777
11,571

68, 170
638
3,189
19, 776
11,619

68, 314
638
3,195
19, 748
11,563

68, 382 ' 68, 701 '68,920
639
••591
'635
3,252 ' 3, 285 ' 3, 273
19, 755 ' 19, 807 '19,854
11,577 '11,603 '11,647

69, 186
638
3,353
19, 918
11,685

Ordnance and accessories ... _ ...do
Lumber and wood products
do
Furniture and fixtures.
do.
Stone, clay, and glass products.
do
Primary metal industries
do
Fabricated metal products _
-.-do.
Machinery, except electrical
do

261
614
462
644
,351
,351
,910

317
598
455
629
1,318
1,361
1,967

333
598
457
631
1,306
1,360
1,977

334
605
464
640
1,306
1,374
1,942

334
605
465
638
1,306
1,374
1,962

334
612
466
609
1,305
1,369
1,957

336
607
466
591
1,304
1,374
1,960

337
599
468
641
1,320
1,373
1,949

338
594
471
640
1,322
1,376
1,949

344
592
474
642
1,310
1,386
1,951

349
597
471
642
1,314
1,385
1,944

350
597
476
644
1,291
1,385
1,953

348
598
476
643
1,279
1,391
1,957

'334
'603
478
'649
1,272
1,410
'1,962

'350
'601
'485
'653
' 1, 285
'1,413
' 1, 987

350
601
489
658
1,292
1,423
1,979

Electrical equip, and supplies
_do_ ..
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
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
Transportation, communication, electric, gas,
and sanitary services.. _
_ _ _. .thous
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do

,909
,918
431
434
7,930
1,777
84
964
1,402
667
1,017
961
184
511
364

1,953
1,947
448
429
8,012
1,785
87
957
1,400
681
1,048
1,002
183
516
351

1,959
1,968
449
425
8,055
1,780
90
963
1,399
684
1,053
1,014
185
535
352

1,962
1,993
450
428
8,095
1,786
93
970
1,407
687
1,054
1,021
185
537
355

1,965
2,007
450
435
8,071
1,775
85
972
1,399
688
1,054
1,021
185
537
355

1,965
2,015
450
432
8,098
1,773
87
981
1,403
690
1,055
1,023
186
545
355

1,957
2,018
449
433
8,112
1,777
87
979
1,408
690
1,058
1,024
186
546
357

1,955
2,015
448
428
8,124
1,783
81
979
1,417
692
1,058
1,020
185
550
359

1,963
2,013
447
432
8,148
1,778
87
982
1,422
696
1,061
1,023
186
552
361

1,960
2,031
448
433
8,206
1,797
87
990
1,433
699
1,062
1,030
188
559
361

1,962
2,070
446
439
8,157
1,777
87
987
1,416
697
1,064
1,033
188
559
349

1,963
2,013
452
439
8,185
1,778
90
990
1,412
702
1,067
1,036
187
566
357

1,964
2,035
451
435
8,178
1,773
87
987
1,422
700
1,063
1,037
186
566
357

' 1, 957
' 2, 046
454
'438
' 8, 204
1,778
84
'988
1,426
'704
' 1, 068
' 1, 041
187
570
358

1,960
1,964
' 2, 018 2,030
455
457
'440
442
' 8, 207 8,233
' 1, 779 1,781
'82
81
'992
995
'1,417
1,426
'708
712
' 1,072
1,071
1,044
1,047
'188
188
'568
575
'357
357

4,151
13, 245
3,437
9,808

4,271
13, 613
3,538
10, 074

4,297
13, 791
3,584
10, 207

4,302
13, 793
3,581
10, 212

4,317
13, 818
3,586
10, 232

4,342
13, 920
3, 619
10, 301

4,332
13, 999
3,632
10, 367

4,331
14, 009
3,641
10, 368

4,281
14, 049
3,655
10, 394

4,336
14, 086
3,679
10, 407

4,346
14,117
3,680
10, 437

4,358
14, 181
3, 683
10, 498

4, 365 ' 4, 374
4,369
14, 222 ' 14, 298 '14,331 14,310
3,695 ' 3, 708 ' 3, 722
3,718
10, 527 ' 10, 590 ' 10, 609 10, 592

Finance, insurance, and real estate
Services
.. _
Government
. ._
_
Federal. _ _
State and local
.

3,100
9,551
10, 871
2,564
8,307

3,217
10, 060
11,616
2,719
8,897

3,273
10, 270
11,812
2,692
9,120

3,289
10, 316
11, 889
2,709
9,180

3,291
10, 331
11,978
2,721
9,257

3,304
10, 405
12, 021
2,721
9, 300

3,311
10, 415
12, 053
2,718
9, 335

3,323
10, 402
12, 088
2,717
9,371

3,334
10, 425
12, 134
2,721
9,413

3,335
10, 467
12, 232
2,795
9,437

3,350
10, 498
12, 256
2,788
9,468

3,376
10, 548
12, 270
2,751
9,519

3,387 '3,411, ' 3, 425
10, 545 '10,610 ' 10, 695
12,217 '12,325 '12,313
2,705 ' 2, 696
2,716
9,501 ' 9, 620 '9,617

14, 297

14, 300

14,489

14,425

14,213

14,231

14,248

14, 303

14, 352

14, 622

14,415

14, 561

14, 739 '14,718 ' 14, 720 14, 657

14, 297
8,370
127
536
382
517
1,100
1,052
1,344

14, 300
8,354
176
520
375
500
1,057
1,052
1,367

14, 338
8,362
187
519
375
504
1,043
1,049
1,366

14, 400
8,389
187
525
382
511
1,045
1,063
1,331

14, 405
8,420
190
527
385
511
1,042
1,062
1,343

14, 393
8,382
190
531
385
479
1,040
1,056
1,344

14,386
8,371
191
528
385
463
1,038
1, 062
1,346

14, 439
8,406
192
520
387
517
1,054
1,059
1,332

14, 449
8,401
193
516
389
514
1,054
1,060
1,331

14, 523
8,424
198
514
392
517
1,042
1,070
1,334

14,512
8,458
200
517
389
516
1,044
1,068
1,322

14, 474
8,399
200
518
393
518
1,023
1,066
1,331

14, 476
8,410
198
517
393
515
1,012
1,073
1,332

1,325
1,318
1,315
1,319
1,319
1,366
1,371
1,390
1,411
1,420
275
280
280
279
279
346
338
335
335
342
5, 926
5,946
5, 976
6, Oil
5, 985
1,180
1,186
1,183
1,191
1,181
72
75
77
79
73
859
849
853
860
861
1.246
1.240
1.238
1. 243
1 . 233
'Revised.
p Preliminary.
*Ncw series. Monthly data for earlier years are available.
{Beginning in the Mar. 1968 SURVEY, labor force data reflect new seasonal factors.
tMTective with the Sept. 1967 SURVEY, additional series (unemployment rates, seasonally
adjusted production workers, hours, man-hours and man-hour indexes private sector data
and spendable earnings) are shown; these are not in the 1967 edition of BUSINESS STATISTICS

1,316
1,423
279
339
6,011
1,178
74
870
1.240

1,311
1,429
278
340
6,015
1,181
74
867
1.243

1,310
1,425
275
335
6,033
1,191
68
868

1,312
1,419
275
338
6,048
1,185
73
871
1 95fi

1,305
1,438
275
339
6,099
1,204
73
877
1 . 265

1,308
1,478
272
344
6,054
1,185
74
876

1,313
1,415
278
344
6, 075
1,187

1,313
1,439
277
341
6,066
1,183
74

878

1 94Q

1 9 A.Z

875
1 954

Unemployed (all civilian workers)
do
Long-term 15 weeks and over
do
Rates (unemployed in each group as percent
of total in that group) :J
All civilian workers
Men 20 years and over
_ __
Women, 20 years and over. _
- _.
Both sexes 16-19 years
Married men*
Nonwhite workers*
White workers*

__

Occupation: White-collar workers*
Industry:
Private wage and salary workers*
Construction*
Manufacturing*

_

EMPLOYMENT
Employees on payrolls of nonagricultural estab.:t1
Total, not adjusted for seasonal variation. -thous..
Seasonally Adjusted
.
_ .

Total
Mining
Contract construction
Manufacturing.
Durable goods

... _ _

.thous
do
do
do_._
do

do
do
do
do
do

Production workers on manufacturing payrolls:
Total, not seasonally adjusted ft
thous

'4,2».4

3,441
10, 758
12, 399
2,697
9,702

Seasonally Adjusted
Totalt
thous..
Durable goods
do
Ordnance and accessories
do
Lumber and wood products .
do
Furniture and fixtures. .
do
Stone, clay, and glass products- . . ...do
Primary metal industries
.do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies
Transportation equipment
.
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products




do
do
do
do
do
do
do
do
do

1 951

14, 524 ' 14, 564 14, 634
' 8, 432 ' 8, 470 8,502
'201
200
' 186
'520
' 521
521
'401
405
396
530
'520
'525
1,029
1,009 ' 1,021
1,099
' 1, 092 '1,090
1,348
'1,337 '1,357
' 1,302
1, 446
280
'344
' 6, 092
' 1,191
'71
873
1 95Q

1,306
' 1,423
280
'345
' 6, 094
' 1,191
'70
' 877
r 1 949

1,308
1,433
282
347
6,132
1,200
69
882
1 . 958

^Beginning in the June 1968 SURVEY, payroll employment and earnings data (except
man-hours, beginning Aug. 1968 SURVEY) reflect revised'benchmarks and seasonal factors;
comparable earlier data, except man-hours and man-hour indexes, appear in BLS Bulletin
1312-6, EMPLOYMENT AND EARNINGS FOR THE UNITED STATES, 1909—68, $5.75, available
from the Gov't. Printing Of!., Wash., D.C. 20402.

SURVEY OF CURRENT BUSINESS

S-14
-

'•••

•

•

1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

Annual

Nov.

January 1969
1968

1

Dec.

Mar.

Feb.

Jan.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.'

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
i
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on manufacturing payrollsContinued
Nondurable goods industries — Continued
Paper and allied products
thous
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

i

545
666
614
118
438
307

541
663
614
118
438
306

'546
'667 !
'617
119
441
308

551 i
670
618
119 :
440
309

555
671
621
119
448
309

43.4
37.3
40.7
40.9
3.6
41.5
3.8
41.3
40.7
40.7
41.9
41.9
41.7
41.'. 0
40.3
42. 6
40.5
39.2

42.8
37.5 |
40.7
40.7
3.5
41.1
3.7
41.6
40.7
40.6
41.9
40.2
41.7
41.9
40.5
41.9
40.5
39.2

43.1
37.9
41.2
41.1
3.7
41.7
3.9
42.0
41.1
40.8
42.2
41.3
42. 1
42.4
40. 9
42.6
40. 6
39.7

'41.3
' 37. 5 !
41. 1
41.0 i
3.7
41.6
4.0 I
42.0
'40.8
40.8
'42.2
41.4
42.2
42.3
40.5
42.6
40.6
39.5

' 42. 9 !
36.0
40.9
40.8
3.7
41.6
4.0
'41.4
40.4
'40.4
'41.8
'41.4
42.3
' 42.3
'40.5
'42.2
'40.7
' 39. 2

42.5
37.9
41. 1
40.7
3.7
41.4
3.9
40.9
40.5
40.4
41.9
41.3
42. 1
42. 6
40.4
42.1
40.8
39.1

40.0
3.4
41.1
38.5
41.3
36.4

39.9
3.4
40.8
38.1
41.5
36.1

39.9
3.3
41. 1
38 9
41 1
36.0

40.1
3.5
40. 9
38.5
41.6
36.5

39 9
3.3
40.8
37.6
41. 1
36.4

'39.7
'3.4
'40.6
'37.6
41.1
'35.9

39. 9
3.3
40.8
37.4
41.3
36.0

43.0
38. 1
41.6
42.5
41.7
38. 8

43.0
38.2
41.7
42.3
41.7
38.7

43.1
38.3
41.7
42. 8
41.8
38.1

42 9
38 4
41.7
42.1
41.4
37 8

43.2
38.4
42.0
42. 5
41.6
38.4

43. 1 '43.0
38.3
38.6
41.9 ' 41. 9
' 42. 6 ' 42. 5
41.6
41.7
38.0
'38.7

35.9
39 8
34. 6
37 1

36.3
40.3
34.9
37.1

36. 2
40.1
34.9
37.0

36
40
34
37

36.1
40.2
34.7
37.1

35.9
40.1
'34.5
'37.0

134.68

135. 46

135. 89

398
318

528
669
592
115
397
304

530
661
600
116
413
305

533
66°
604
117
415
307

534
660
605
117
415
306

535
662
606
117
422
307

534
662
607
117
422
308

536
663
602
117
426
311

538
665
603
118
427
312

42 7 1
37.6
41.3

42 6
37.7
40.6

39
42 1
4 3
42 2
40 3
41 5
42.0
4° 1
42.4
43.8
41.2
49 6
42.1
40.0

34
41 2
35
41 7
40 2
40 4
41.6
41 1
41.5
42. 6
40.2
41 4
41.3
39. 4

43 4
39. 4
40.8
40.7
33
41 2
34
41 8
40 9
40 5
42.1
41 5
41.4
42. 3
40.5
39 8
41. 1
39. 5

42 5
37.2
41.1
40.7
34
41 3
36
41 6
40 1
40 7
41.7
41 6
41. 6
42.4
40.4
41 7
41.2
39.4

41 8
36. 0
40.0
40.2
35
40 9
37
40 2
38 6
39 6
40.8
41 5
41.5
41.8
40.1
41 8
40.6
39.2

42 3
37.9
40.6
40.8
35
41.4
36
42 2
41 2
41 0
41.9
41 8
41.4
42. 2
40.3
41 9
40.8
39.7

42 3
36.8
40.6
40.7
3.4
41.4
37
41.9
40.5
40 9
41.7
41 8
41.5
42.1
40.2
49 4
40.8
39.5

42.8
37.8
39.8
40.1
3.0
40.7
3.1
40. 9
40.1
40.0
41.7
42.3
40.4
41.0
39. 5
41. 1
39.6
38.5

42.6
37.2
40.9
40.9
3.7
41.5
3.8
41.5
40.3
41.2
41.8
42.0
41.7
41. 9
40.2
42. 9
40.5
39.7

do
do
do
do
do
do

40 9
34
41 2
38 9

39 9
9
3
40 8
38 9
41 9
4
36

39 9
32
40 8
36 9
41 9
6
36

39
3
40
37
39
35

40
3
40
40
41
36

39 8
3.3
40 7
37 9
41 6
36 2

39.2
2.8
40.4
34 1
40 6
35 0

39.8
3.3
40.7
38.0
41.2
36.3

. do
do
do
do
do
do

43 4
38 8
42.0
42.4
42.0
38 6

39 7
31
40 9
38 6
40 9
36 0
49 $
38 4
41.fi
42.7
41.4
38 1

49 7
38 1
41.8
42. 9
41.7
39 3

43 0
38 0
41.8
42.1
41.3
38 3

49 G
37 8
41.7
42. 9
41.2
37 8

49 ft
38 2
41.9
42.3
41.6
38 7

36
40
35
37

5
3
3
n

36 4
40 9
2
35
3

36
40
35
36

36
40
34
37

36
40
34
36

42 7
38 9
41.6
42.2
41.4
38 7 I
36 1
39 9
34 7 1
37 1 i

42 0
37 8
41.4
42. 7
40.3
38 1
°°36 1
39 9
34 8
36 9

134.01

542
665
610
119 i
433 I
301

42.9
37.6
41.1
40.9
3.6
41.7
3.8
41.6
40.7
41.1
42.0
42.1
41.9
42.0
40.6
42. 5
40.6
39.7

518

646
574
115

542 ;
664 i
609
118
435

;

312 i

HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of nonagricultural estab.rtl
Mining
hours
Cont ract construction
do
Manufacturing: Not seasonally adjusted
do
Seasonally adjusted
-do_ ..
Overtime hours
do
Durable goods _
.
_ - do . .
Overtime hours
do
Ordnance and accessories
do
Lumber and wood products
- _, do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries.
.-.
.do.
Fabricated metal products
do
Machinery, except electrical
do
Flectm-al equipment and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products ...
Paper and allied products
.
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Wholesale and retail trade. _.
Wholesale trade
Retail trade
..
_
..
Finance, insurance, and real estate

41 9

36 4

do
do
. do~do

37 1
40 7
35 9
07 q

-» n

2
1
1
9

2
3
5
5
9
1

1
0
8
0

0
2
8
1
6
5

1
0
9
9

Seasonally Adjusted
Man-hours in nonfarm estab., all employees,
seasonally adjusted, annual rateff
bil. man-hours ..

129. 33

131.85

133.72

133.23

132.16

134.38

133.80

Man-hour indexes (aggregate weekly), industrial
and construction industries, totaltl
1957-59 = 100..
Mining
do
Contract construction
do
Manufacturing
...do
Durable goods
_
do
Ordnance and accessories
do
Lumber and wood products
do, . Furniture and
fixtures
do
Stone, clay, and glass products
do.. ..

116.0
89 5
114 1
118 0
124 5
151 2
97 7
197 6
111.1

113.7

79 9
110 9
115 8
191 4
9
06 3
93 3
191 7
106. 4

114.7
78 9
116 5
116 1
121 1
9
19 9
94 7
122 2
108.5

114.7
77 4
112 2
117 0
129 4
218 9
(
»3 9
125 1
109. 0

112.0
76 0
101 7
115 7
121 6
914 9
90 8
129 6
106.6

115. 9
77. 9
118 8
117.3
122 5
225 6
97. 6
127 0
102.6

115.3
114.9
114.0
81.9
77.8 • 82 1
113. 1
115 7 j 110. 9
117.0 ; 115 4 ' 117.7
123. 1 1
122. 3
190 7
225.4 1
225 2 ! 991 o
92. 8 !
95.4
93 0
124 5
128. 9 1
126. 7
109. 9
98. 7
110.3

117.3
126. 3
138. 9
146.7
117. 1
126. 8
113 1

110.0
123. 7
137.3
142. 5
114. 1
126. 5
109. 0

110.1
109.7
125. 3
123. 0
133.1
136. 3
143.3
143. 2
111.3 i 118.4
126. 4
125.7
107.8
108. 1

109. 6
124.8
132. 4
142. 3
119.4
124.1
109. 5

110.1
109.9
124.8
123. 8
133.7
133. 8
142. 6 I 141.7
121. 9
120.0
124. 3
124.7
109. 7
109. 9

do
do
do
do
do

109 5
96 2
85 1
106 2
119. 0

108 6
96 0

87 7
102 5
117.1

109. 6
95. 6
91 3
104.3
117.5

110.1
96.2
88 9
105. 7
118.0

107. 9
94.7
83.5
101.5
113.5

do
do
do
do
.do
do

114. 9
115 3
116 3
80 3
147 1
100. 6

115. 3
116 7
118 6
80 8
144 3
94.9

115.5
115.7
120 8 i
82.2
151.5
98.1

117.0
115. 6
121 6
81.4
150. 7
96.2

116.1
114.7
121.5
82. 9
150.4 !
94.6

130.24 i
146, 26 i
112.34 i

135. 89
154. 95
114.90

138.78 137.70
161.63 155. 13
117.50 i 119.60

Primary metal industries
do
Fabricated metal products
... . .do .
Machinery, except electrical
do
Electrical equipment and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
,.. .
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee _.
Leather and leather products

W E E K L Y AND HOURLY EARNINGS

43.2
38.5
41.8
42. 9
41.2
38.0

35.8
'40.0
34.4
36.9

35.7
39.8
34.3
37.0

136. 26 '136.30 '136.40 '136.37

136. 68

3
3
9
0

115.8
82 3
109 3
118 7
193 7
9
31 8
93 3 i
199 6
111.1

115.5
83 9
109 1
118 3
193 8
939 4
~93 9
197 4
110.6

114.8
89 9
109 7
117 3
1" 0
934 i
94 1
128 4
111.0

1

116.3
83 7
113 0
118 5
193 7
9
34 0
94 8
129 0
111.2

116.0 ' 115. 5
i ' 73 0 '82. 9
! r 113 2 ' 108 3
' 118 7 ' 118. 5
' 123 8 ' 123. 9
r 219 g ' 234 1i
' 94 7 ' 93.9
!
130 0 ' 130 3
112.2 ' 112. 2 1

117.4
82. 7
117.3
119. 1
124. 3
230. 2
94. 1
131.6
113.6

112.2
125.2 I
131. 6
141. 9
122.5
122. 1
109. 6

111.1
127. 0
132. 2
142. 5
123. 0
122. 4
109.9

110. 8
126. 2
131. 0
141.8
126.7
120. 7
110.1

104.2
125.9
131 6
143.0
119 3
123.4
110 1

105. 9 ' 105. 8
128. 0 ' 130. 5
133.2 ' 133. 4 i
144.4 ' 141.8
123. 4 ! ' 124. 0 !
123. 2 ' 124. 6!
110.6 ! ' 111.0

'
'
'
'
'
'
'

107. 1i
130. 6 •
135. 4
142.3
120. 8
124. 9
110.5

107. 7
131.1
135. 5
142. 1
121.4
126. 1
110.8

110.1
110.5
95.2 ! 95. 2
90.5
85.5
106.5
106. 9
118.0
118.7

113.0
121.2
128. 8
139. 2
117. 9
119.3 1
105.3 |!
108 5
95.3 !
70 7
104 1 i
114.8 !

110. 8
95. 5
84. 6
106. 0
119. 6

112.1
98.0
85.7 '<
107.0 I
120. 8

111 0
95. 7
85 9
107.4
118.2

111 9
96 6
91 3
106 6
117.5

111.7
95. 8
86.9
107. 5
120. 0

1 ' 111.9
: ' 96. 2!
; '81.4 :
! 106. 0
120.2

' 111.3
'95.7
' 80. 2i
' 106. 5'
' 117.6

112.3
96. 9
78. 7
107. 6
118.8

116.9 !1 116.4 i!
116.2
116. 2
122. 3
121. 6 '
81.5
81.7
154.4 i 153. 6 !
97. 2 i 97.5 i

114.9
115.2 i
1°0 0
82 5
151 0 !
97.0 i

118. 1 I
116.4 ;
120. 8
82.8 ;
156. 6 ;
99. 1

118.9

119.2

119.3
117 5
193 3
89 0
159 5
95.0

119.3 ' 120. 1
117.0 '118.3
124. 2 r 124. 5 1
82. 8 '83.7
160. 2 ; 161.7 j
96. 1 i '97.5 i

'120.9
' 117. 9
' 124. 7
'83.5
' 161.0
' 96. 1\

122.4
118.7
125.0
84.3
162.3
96. 1

116.6

i

117.0

122. 3 i

122 5
84. 1
159. 2
93.8

82.4 !
159. 5 I
98.8 !

1

i

Not Seasonally Adjusted
Average weekly gross earnings per production
worker on payrolls of nonagricultural estab. :tH
Mining.. _.
.
dollars
Contract construction
do
Manufacturing ostal tlishments
do
r
Revised.
p Preliminary.
tSee corresponding note, bottom of p. S-13.




136.95 136.45 137.10 140.25 1
151.50 !; 154.57 154. 94 159.27
1 1 7. 60 119.36 ; 120.18 ; 118.21 i
' See corresponding

141.24 14109 145.52 ! 144.52 146. 35 I' 138. 78 ' 146. 97: 147.90
162.43 ! 164.74 , ltiT.52 ! 169.94 : 172. 99 '172.80 '158.20 : 168. 14
122. 29 1 123.30 i 122.10 121.69 i 125.66 125. 77 ' 125. 97 127.41
note, bottom of p. S-13.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through I960
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1907

19GG

Annual

S-15
1968

1967
Nov.

Dec.

Fob.

Jan.

Apr.

Mar.

June

May

July

Sept.

Aug.

Oct.

Nov.

Dec

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
1

WEEKLY AND HOURLY EARNINGS— Con.

i

:

!

i

'

'

'

Not Seasonally Adjusted — Continued
Avg. weekly cross earnings per prod, worker on
manufacturing payrolls— Continued 11
Durable goods
dollars
Ordnance and accessories
do
"Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries . ...
Fabricated metal products
Machinery except electrical
Fleet rieal equip and supplier
Transportation equipment.. _.
I n s t r u m e n t s and related products
Miscellaneous manufacturing ind
Nondurable eoods
Food and kindred products _ .
Tobacco m a n u f a c t u r e s
Textile mill products
Apparel and other textile products
Taper and allied products
P r i n t i n g and publishing. .
Chemicals and allied products .
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products .
Wholesale and retail trade
Wholes-ile trade
_ , ...
Retail t rule
F i n a n c e , insurance, and real estate

do
do
do
do
...do
do
do

122. 09
133. 77
91.80
91. 72
114.24

123. 60
132. 19
94.87
94. 13
117.31

125.66 129.16
136.40 1 136.73
98.49
95.92
97.34
99.84
121.96 119.81

127 70 !1 128 54 129.68 127.58
132.03 136.50 133.95 130.33
93.21 ! 99.79 100.50 100.90
93 36 i 98 01 i 98.42 ' 95.26
116.29 118.90 | 119.19 123.85

138.09 •
122.11
135.34

137. 27
123. 67
135. 89
111.35
142. 42
117.71
92. 59

141.25
125. 33
137.05
115. 18
141.35
119.77
94.56

: 143.45
128. 52
139.53
i 117.26
152.01
i 121.60
; 96.47

144 35 ;> 144 70 ! 146.23
126 69 126.28 ! 128.44 I
137.10 139.59 i 140.86 :
115.20 116.06 i 115.49
151.68 148.63 i 151.62
117.97 119.54 : 119.66
95.06 | 98.85 | 98.60 j

102. 03
107. 98
87. 62
84. 25
73. 08

105.06
109.47
83.42
89. 03
75. 14

1 105.86
- 110.70
: 85.03
:
89. 67
i 74. 88

103.86
109.87
86.01
84.74
73.01

122. 84
125. 95
128. 96
152. 87
113.85
78.87

125.99 !! 127.74
127.64 129.75
132.40 1 132.82
156. 16 150. 06
119.70 :; 119.55
82.92
83.28

124 91
126.00
132.48
157 36
117.55
81.92

109 18

141.86
114.93
88.80 ;

i

do
do,
do
do
do

98.49 i
103.82

do
do
do
do
do
do

119.35
122.01 !

do
do
do
do

85.19 '
82. 12 !

68.80 I

125. 58 ;

144.58
112. 14

74.88 :
79.02 I
111.11 !:
r

82. 13
116.06
70 9 r >
95. 46

68 >7
92. 13 i

82.67 i 83.22
117. 79 119. 90
18
71 34
7°
97.31 ! 98.05

1 106.40
110.28
; 93.61
i 89.64
i 79.57

!

132.29 i 132.92 i 131.02
133.63 134.37 ' 131.61
102.97 106.30 ; 105.01
99.88 101.52 : 99.14
126.30 i 127.62 126.72 i

150.52 148.54 i
124.62 131.99 !
135.71 141.46 !
112.61 i 116.58 !
146.16 157.38 ;:
115.44 i 119.88
95.12 . 98.75 j

150.10
132.62
141.37
118.15
155.55
120.88
99.25

148.75 142.36
i 130.41 132.0!)
• 140.11 13!). 44
: 116.51 118.37
i 152.52 150.70
119.39 ! 121.20
j 90.36 ! 97.71

! 106.79 !; 104.76 ! 108.26 109.47 !
111.08 110 09 113 68 i 115.36 1
I 92.01
87.30
98.14 102.31 !
! 89.84 : 86.22 ; 89.40 '• 90.69
| 80.15 ; 76.08 ; 79.50 j 80.30 j

!

! 125.50 I 125.93 : 123 97 '
; 128.82 ; 130.64 128.22
I 133.02 } 132.70 134.60
153.55 i 154.24 16° 54
i 117.42 ' 117.14 113.32
! 85.80 ; 85.25
81.92 ,

83 41 • 84 49 '> 84 85 ;
118' 10 : 119 40 ;; 119.80
7'> 11
7° 80
70 0.3
98.42
99.26
99.80 ,

84.85
119.89
73 49
100.00

1^0 13
131 45
135.01
15') 64
r>0 2'>
85.47

;

130.59
132.94
136.27
158.90
121.04
87.36

;

130 29
134 05
107.12
101.70
128.05

87.36 :
122.92
75 82
102.12 ;

3.30
4. 32
2.9!)
2.87
3.18
3.04
3.22
2.53
2. 46
3.00

3.32
4.29
3 00
2.87
3.18
3.04
3.23
2. 58
2. 47
3.01

1 148.68 '147. 24
j 136.85 '136.95
; 143.82 '145.51 ',
121.06 '121.29
160.07 '162.92
< 123.62 '123.62
| 99.50 ; '100. 15 i

110.00 l 110.55 i
115.92 , 114.96 ,
99.53
95.55 ;
89.19
92.51 !
79.06 i 81.40 :

!
I
j
!
'
i

85.32 ;
120.99
73.40
101.01 |

i 135.01 135.85 136.03 ! 137.85
1 137.76 '139.08 '138.53 138.61
109.03 '107. 08 105.32 104.52
I 104.33 104.58 : r!02. 82 ; 104.4!)
! 130.36 '130.36 '128. 63 128.74

132.32
132.94
136.45
163.18
121.42
85.31

'.
i
!
i
:
i

133.06
135.49
136 .45
157.78
122 30
85.41

112.03 111.88
116.48 115.21
94.33
92.43
94.02 ; 94.21
82.26 ; 82.63

1 135.60
137.39
138.60
, 162.49
: 125.46
: 85.28

88.56 i 88.80 i
122.82 123.22 j
77 33 : 77 33
102.77 i 102.77 j

'149. 14
137.80
'146. 36
'122. 10
'163. 45
'124.75
'99.79

: 150.28
138.55
149.64
! 123.82
165.07
: 126.18
: 100.47

:

! '111. 72 113.08
'116.28 118.08
'94.13
99.58
\ 94.21 94.85
j '81.00
80.91

'134.97
'137.03
: 138.69
'160.98
125.16
; '86.56

''135.10
, 136.35
'139. 86
'161.93
; 124.98
: 86.26

: 136. Hi
140.01
I 139.05
i 161.03
125.10
• 88.08

88.08 ' 87.47 i '87.33 ; 87.60
124.62 123.91 '124.80 : 126.32
75.99 '75.46
75.14
76. 12
103.60 ; '104. 25 '104. 00 < 105. 3* J

Average hourly gross earnings per production
Mining
Contract construction
Manufacturing
Excluding overtime
Dm able goodExcluding overtime
..
Ordnance and accessories
Lumber and wood products . ...
Furniture and fixtures . .
Stone, clav, and elass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equip, and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
Excluding overtime
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate

dollars
do
do~.
do
do
do
do
do
do
do

3.05
3.89
o 79
2 59
2.90
2.76
3.17
2.25
2.21

do
do
do
do
do
do
do

2. 88
3.17
2. 36
2. 33
2. 82

do
do
do
do
do
do
do
do
do
do
do
do
do
do
do
do

2.45
2.35
2.52
2.19
1.96
1.89
2.75
3. 16
2.99

3 30
4' 34
•? 94
•> 83
3! 13
3 00
3' '>(-,
'M4
2 40
2.90

3.42 i
3.02
3.24 ;:
2.83
3.49 i
2.90
2.37

3.44
3.06
3.26
2.86
3.56
2.93
2.43

3 47 <
3.09 ;
3 28
'> 88 '
3' 62
2 92
2^45 i

3"! oo

;
i
1
i
1

i
!
1

;

i
!
i
i

3.41 ;
2. 67
1.94
2 13
2.73
1.91
2. 47

i
!
i
j
i
!
i
|

3.24
4.25
2.91
2.79
3.09
2.96
3.24
2.41
2.40
2.88

3.34
2.98
3. 19
2. 77
3.44
2. 85
2. 35

3.28
2.88
3. 09
2. 65
3.33
2. 73
0
22

3.22
4.22
2 88
2.76
3.05
2.93
3.24
2.42
2.38
2.89

3.19
4.11
2. 83
l>
72

i
;
i

2. 57
2. 47
2. 64
o 07
2. 06
2. 03
2.87
3.28
3. 10
3.58
2. 75
2. 07

2.88
2.01
2. 58

Miscellaneous hourly wages:
Construction wages, 20 cities (ENR) :
Common labor
$ per hr
3.887
3. 623
Skilled labor
.. do
5. 527
5. 207
Farm, without board or rm., 1st of mo
do
1.33
1.23
Railroad wages (average class I)
do
i 3. 293
i 3. 106
Spendable Weekly Earnings f 1
Spendable average weekly earnings per worker (with
three dependents) in'manufacturing industries:
Current dollars
101. 15
99. 46
Constant dollars
1957-59 dollars. .
87.89
86. 98
PRIVATE SECTOR SERIESfl
Not Seasonally Adjusted
Excludes government employees:^
Employees, total, nonagricultural estab
thous _
54,414
53,163
44,281 i 45, 130
Production or nonsupervisory workers
do.- .
Hrs. (gross), av. weekly: Unadjusted-.hours.
38.0
3S.6 '
Seasonally adj ,do_- .
Weekly earnings (gross), average
dollars.
98.82 ! 101.84
Hourly earnings (gross), average
do__2. 68
2.56 !
r
^ Revised.
v 1'roliminary.
' Includes a d j u s t t i K M i t s not dii
- Effective Apr. 1968, data :i
reflect income tax surcharge impc
E x p e n d i t u r e Control Act.
As of Jan. 1, 1969.




2.62
2.52
2.67
2.15
2.13
2.07
2.93
3.35
3. 16
3. 64
2.85
2.11
2.29
2.93
2 05
2.63

!
:

1
!
i
'
i
;
;
:
i
i
!
i
i

2.64
2.54
2.70
2.22
2.14
2.08
2.95
3.37
3. 17
3. 59
2.86
2.13
2.28
2.95
2. 04
2.65

4. 001
4. 009
5 687 : 5. 713

3.312 ; 3.338

i
i
!

:

i
!

3 28
4.27
'> 94
'' 83
3'. 12
3 00
3 25
2 47
2 42
2.90

i
;
1
ij
1

3 47 ;
3 . 0 8 !:
3 30
2 88 !
3 59 ;i
2.93
2.49

'> 67 ':
2' 57 <
'/74 i
^'35 ;
2 14 '
2.11 !
^ 9 6 !l
3 36
3'->0
3 72 ;:
•/86
'2.15
2.33
'> 96
2Q9
2.66 i

2 68 i
2 58 '•
o 75 :
2' 47 '•
2.16 I
2. 18 \
2 96 i
3 39 I
3 19 !
3.70 '
° 85 :
2.20 1
2.36!
3 00 i
2 11 i
2. 69 i

4040
5' 747
140
3335

3 28
4.28 :
° 96
'> 85
3.14
3.02
3 22
2.50
2. 43
2.90 i
3 49
3.11
3 33
2 88
3.61
2.94
2.49

;

3. 30
4.27
2 97
2.86
3.15
3.03
3.21
2.51
2. 43
2.97

:
:
i

;
;
:
i
!
i
j

3.55
3. 10
3.31
2.88 i
3.60
2.93
2.49

3.52 '
3.15
3. 36 '
2.90
3.66
2.96 i
2.50

2. 70
2.61
2 78
2.56
2.15
2. 18 \
2.98!
3.41 i
3.22 '
3.78
n
84 i
2.22
2.37
3.02
2. 13 i
2. 71 i

;

4061
5' 750

2 69 '
2 59
••> 77
2.48 ^
2.17 ;
2.19 ;
2971
3 42
3.19
3.69 !
'' 85 '•
2.22 1
2.37^
3 01 i
2.12 1
2.69 |

;
;

4061
4.076
5 . 7 5 0 ! 5.761
1.43
3380 , 3358
3357

103.35
87.73

105.04
88.87

103 43
87'. 21

104 85
88.11

105.50 -'103.23
88.28 286.10

55, 386
46.008
38. 0
38. 0
103. 74

55, 766
46,360
38. 0
37. 8
103. 74

53989
44^582
37.3
376
101' 95
•> 70

54 ''57
44.837
37.6
37.9
104.53
•> 78

54520
45.068
37.6
37.8
104.90
•> 79

2. 72
2.62 ;
2.80
2.61
2.17
2.19 i
3.01;
3.45
3.23
3.73
2.89
2. 22 j
2.39:
3.04;
2.14 ;
2.73 i

:

:
i
:

3.33
4.34
3 00
2 88
3.18
3.05
3.21
2.58
2. 46
3.01

3.33
4.38 i
2.9!)
2.86
3.17
3.03
3.23
2 60
2. 47 i
3.02 ;

3. 38
4.47
3.05
2.90
3. 23
3.08
3. 2S
2.64
2. 52
3.06

3. 54 i
3.15:
3.35 :
2.91 ,
3.66 !
2. 97 ;
2.50 ;

3.55
3.15
3. 36
2.92
3.04
2.97
2.49

3.55
3 Hi
3-36
2. 93
3.04
3 00
2. 4S

3.60 ! 3.60
3.22
3. 23
3.40
3.44
2. 90
2.98
3.74
'3.78
3.03 i 3.03
2.50
'2.51

i
!
!
>

2. 73 i
2. 62 i
2 80 !
2. 63 !
2.18 i
2.20 j
3. 03 :
3.48
3.26 ;
3.73
2.91 '
2.24 j
2.40^
3.05;
2.16 !
2. 76 i

2. 75
2.63
2.80
2.04
2.17
2.19
3.07
3. 4S
3.28
3.76
2.94
2.21
2.40
3.04
2.16
2.77

;

2, 75
2.64
2.77
2.45
2.24
2.23 !
3.08
3.51
3.28
3.73
2.94
2.23
2.40
3.05
'2. 16 !
2.77

i '3.32
i '4.50
: 3.00 i
: 2.92 \
:
3.25 j
3.09 ;
'3.31 !
;
2.62
! 2. 52 j
i 3.06 !

106.38
88.43

55.208 55,497
45,742 45,988
37.3
37.7
37.6
37.8
104.44 106.69
2 80 : 2.83

107.16 106.23
88. 64 ; 87.43

105 91
86.88

2. 7S :
2. 79
2.00 j 2.67
2. SO '
2.81
2.37 ,
2.37
2.26
2.27
2.26
2.27 i
3.11
'3.11:
3.55
'3.55
3.30
3.31
3.77
3.77
2. 9S
2. <)K
2.25
2.20
2.44
2.45
3.10
3.09
2.19
2.20
2.80
2.81

108.98
89.18

;
:
;
;

i
i

'3.62
3. 25
' 3. 46
'3.00
'3.81
3.05
' 2. 52
:

4.162 | 4.224 j 4.234
4.287
4.307
4.317
5.865
5 . 9 7 4 ; 5.989
6 . 0 7 3 ' 6.102
6.134
.
1.45 ....
1.41
3.349
3.254
3.464
3.490
--.

' 3. 45
'4.52
3.08
2.94
3.27
3.12
3.33
2.62
' 2. 52
'3.07

\

2. 80
2.6!)
'2.85
2.51
2.27
2.25
'3.12
3.56
'3.33
'3.81
2.99
2.27
' 2. 4(5
'3.12
2.21
' 2. 82

i

3.48
4.52
3.10
2.90
3.29
3.13
3.34
2.60
2. 53
3.08
3.63
3.26
3.48
3.02
3.83
3.07
2.55

:
:

:

,
;

:
!
;

2. 82
2.70
2.88
2.56
2.28
2.26
3.13
3.59
3.34
3.78
3.00
2.27
2.44
3.15
2.20
2.84

4.321
4.343
6 . 1 5 0 : 6.173
°1.5<
-

109.06 109.22 . .
8 8 . 7 4 , 88.51 . . .

56,444 56,479 56,746 56,793 '56,853 '57.039
46.852 46.816 47.053 47.127 '47, 1x0 r 4 - 3 8 9
38.1
3S. 2
38.3
3S. 1
37.8
'3^.0
r
37.9
37.9
37.!*
38.0
3<. >
3-.,i
108.59 109.25 10!). 54 110. «7 110.3s '109.50
2.85 , 2.86 , 2.86 ; 2.91
2.92
2.92
t i d i n g note, b o t t o m of
fSce corresponding note, bottom of p. S-13.

57,408
4,^)1
, :- 8
. . f ' -.
HO. < n
2. ;M
p. S-13.

SUKVEY OF CUERENT BUSINESS

S-16
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

January 1969

1967

Annual

Nov.

1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index

190

INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
number
Workers involved
_. _ thous
In effect during month :
Work stoppages
number..
Workers involved
_ thous
Man-days idle during period ..
do__ _
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
thous
Unemployment insurance programs:
Insured unemployment, all programs©
do
State programs:
Initial claims .
do
Insured unemployment, weekly avg do
Percent of covered employment :cf
Unadjusted
Seasonally adjusted
Beneficiaries, weekly average
thous
Benefits paid
mil $
Federal employees, insured unemployment,
weekly average
thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment weekly avg
do
Beneficiaries, weekly average
do

182

187

190

5.0
38
4.6
2.6
12

1957-59=100

LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation: A
Accession rate, total
mo. rate per 100 employ ees__
New hires
do
Separation rate, total
_ __ _
do
Quit
_
__ __
do
Layoff
do
Seasonally adjusted: A
Accession rate, total
__ __ _ do_
New hires
do
Separation rate, total
do
Quit
do
Layoff .
__ __ __do

4 4

3.7

2.8

0

28
4 0
19
13

2 0
39

184

193

202

4.2

3.8

3.9

14

16

4.4
2 3

2.3

2 7
39

1.9

2.1

15

12

1i

4.4
3.4

4.5
3.5

4.5
3.3

4.1
3.4

4.1
2 3

4.5
2.3

4.7
2.5

4.6
2.4

1.2

1.2

1.4

219

f

213

'222

5.9
4.7
4.1
2.3
.9

4.9
3.7
5.0
2.3
1.7

5.7
4.3
6.0
3.7
1.2

5.7

'5.0
r
40

"3.9

4 5
63

4.9
2.8

"4.0
"2.1

4.6
3.4

4.7
3.5

2.0

198

4.5
3.3

4.6
3.5

4.5
3.4

35
4 3

4.1
2.2
1.0

1.5

185

10

32

2 9
4 1

189

4.6

4.3

30
4 4

4.5
3.3

0

4 6

187

188

2.4

4.1

1i

"30

12

"11

4.7
3.5

4.8
'3.7

r

1.2

1.4

1.1

2.5
1.3

2.4
1.1

2.4
1.2

2.6
1.3

2 4

1.2

2.6
1.1

"4.8
"3.6
" 4. 4
"2.6
"1.0

490
438

600
252

500
167

370
163

420
140

400
151

480
267

"270
"112

690
545

810
580
5,650

750
331
4,260

630
316
3,810

690
290
3,660

670
268
2,820

561

540

426
984

4. 5
2.3

4,405
1,960

4 595
2 870

360
277

182
74

310
135

330
232

330
130

25,400

653
559
42 100

3,210

445
210
2,550

470
211
2,520

500
326
3,780

3, 550

6 493

5 817

460

380

419

400

438

482

496

538

542

531

1 651

1 478

1,214

1,025

942

1,057

1,023

867

861

969

762

822

642
883

1,080

1,142

696
964

991

778
955

604
802

701
794

788
913

2.2
687

16

1.6
2.1
644

"200
"107

1.8
2.1
680

1 123
10 575
1 061

1 270

1 068

11 760
1 205

910
997

2 3

2 5

2 0

895
1 771

1 017
2 092

1 338
1 149
1 259

1 718

1,460
1 624

1 556

1 390

32

2 8

2.3
2.2

1,298
231 1

1,060
195.1

2.0
2.2
844

1.8
2.2
794

2.0
2.3
770

1.9
2.3
804

159 2

1,374
243 7

159 1

129. 1

145.6

150.0

121 8

126.0

29

26

23

20

19

20

20

19

20

21

31
40
36

24
40
38

21
36
39

18
29
26

17
25
23

20
25
25

28
30
25

26
32
29

22
28
26

26
27
24

21

182
21
19
39. 5

222
23
21

22
26
21

25
33
26

46.3

4.0

4. 6

6. 9

241
20

54
23
41

39

25

26

2.3

12

23

27

A[\ a

"410
" 170
" 1, 650

122.5

28

134 9

2.3

20

20
on o

720
"500
379
"224
3,570 " 2, 210

3.3
2.3

2.3
942
23

145

4,910

1,317
248.5

2 6

2.3
776

20

Railroad program:
Applications
thous
Insured unemployment, weekly avg.-.do
Benefits Daid
mil $

510
302

r

6. 7

26
32
26

r o

8

4

13

19

10

7

9

20
33

15
26

16
2 6

14
2 1

16
2 3

16
3 1

18
31

20
4 0

18

359
417
761
656

4,286
18 798
5 822
12 976

4,330
19 746
6 270
13, 476

4,418
20 734
7 091
13,643

4,327
20 264
7,737
12, 527

4,420
20 839
7,592
13 247

4,389
22, 220
7,758
14, 462

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $
Commercial and finance co paper total
do
Placed through dealers
do
Placed directly (finance paper)
do

3 603
13 279
3 089
10 190

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
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil $
New York SMSA
do
Total 232 S MSA's (except N Y )
do
6 other leading SMSA 'si
do
226 other SMSA's
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $
Reserve bank credit outstanding, total 9__do
Discounts and advances
do
U.S. Government securities.
do
Gold certificate reserves
do
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation

4
17
4
12

317
084
901
183

218
147
136
Oil

4
17
4
12

317
084
901
183

312
370
216
154

4,266
17 813
5 493
12 320

4
18
5
12

336
487
832
655

4
17
5
11

430
509
930
579

4
18
5
12

5
2
3
1
2

10 848

10 675

10 848

11 012

11, 188

11,361

11 488

11, 598

11, 730

11,830

11,809

11,722

11, 734

11, 677

4 958
1 290
3 205

5 609
1 506
3 733

5 546
1 475
3 654

5 609
1 506
3*733

5 661
1*565
3 785

5 721
1 595
3 871

5 793
1 598
3*970

5 853
1 549
4 085

5 923
1 482
4* 193

5 973
1 454
4 302

6,004
1 454
4,372

6,033
1 450
4,326

6,064
1,479
4,179

6,094
1,551
4,090

6,107
1,583
3,987

923 1
502 2
420 9
328 1
092 7

70 332

6 661 5
2' 921* 2
3 740 3
1 471 8
2 268 5

6 997 7 7 047 0 7 369 4 7 263 9 7 218 7 7 500 7 7 614 0 7 948 5 8 163 0 8 521 8 8 368.4 8 599 8 8, 540. 1
3 100 8 3 149 7 3 323 4 3 216 8 3 'l97 9 3 285 5 3*370 6 3 595 0 3 726 1 4 079.6 3, 857. 8 3, 953. 7 3, 929. 9
3 896 9 3' 897 3 4 046 0 4 047 1 4 020 8 4 215 2 4 243 4 4 353 5 4 436 9 4, 442. 2 4, 510. 6 4, 646. 1 4, 614. 2
i cc7 o 1 515 4 1 584 8 1 593 3 1 601 6 1 673 5 1 722 0 1 771 0 1 807 9 1 825 2 1 840 2 1 904 9 1 904. 1
2 339 1 2 381 9 2 461 2 2 453 g 2 419 2 2 541 7 2 521 4 2 582 5 2* 629 0 2 617.0 2,670 4 2 741 2 2, 710. 1

73 413

75 330

74 319

73 462

72, 892

74 393

74 736

75, 510

76, 296

75, 592

77, 388

77, 215

78, 977

78, 972

50,869
76
48 931
12 392

51,948
141
49, 112
11 481

51,434
843
49, 092
11 484

51, 056
166
48, 952
11 384

52, 127
672
49, 691
10, 131

52, 612
741
50, 507
10 128

53, 436
1,026
50, 625
10 026

54, 610
305
52, 230
10, 025

54, 880
736
52, 397
10, 025

55, 461
529
53, 044
10, 026

54, 707
390
53, 279
10, 026

55, 919
179
53,329
10, 026

56, 226
471
53, 350
10, 026

56, 613
188
52, 937
10, 026

75 330

73 418

75 330

74 319

73 462

72, 892

74 393

74 736

75, 510

76, 296

75, 592

77, 388

77, 215

78, 977

78, 972

22 920
20 999
42 369

22 837
20 648
41 488

22 920
20 999
42, 369

23, 614
21,838
41,365

23 040
21, 195
41,211

22, 614
21, 133
41, 490

22 885
21, 221
41,811

23, 217
21, 334
42, 137

23, 196
21,462
42, 534

23, 496
21, 702
42, 857

23, 314
21,808
43, 179

22, 949
21,233
43, 273

23, 935
22,316
43, 472

23, 667
22, 533
44, 481

23, 473
21, 807
45, 510

27.1

29.9

27.1

27.8

27.6

24.4

24.2

23.8

23. 6

23.4

23.2

23.2

23.1

22.5

22.0

75 330
51, 948
141
49 112
11 481

do

70 332

do
_ do
do.__

20, 972
19, 794
40, 196

31.5

••Revised.
p Preliminary.
AAdjusted to new benchmarks and seasonal factors; see note "If," p. S-13.
©Excludes persons under extended duration provisions.
(^Insured unemployment as % of average covered employment in a 12-month period.




4
18
5
13

9 452

47, 192
173
44, 282
12 674

Ratio of gold certificate reserves to FR note
liabilities
_
percent..

4
17
5
12

OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

End of year

S-17
1968

Dec.

Nov.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
- ..mil. $._ i 23, 830 i 25, 260 24,740 25, 260 25, 834 25, 610 25, 580 25, 546 25, 505 25, 713 26,001 <26, 069 26, 077 26, 653 '26, 760 27, 175
i 23, 438 i 24, 915 24,337 24, 915 25, 453 25,211 25, 224 25. 276 25, 085 25, 362 25,702 =25, 694 25. 694 26, 393 26, 472 26, 766
Required
- do
383
411
299
260
'288
375
1392
1345
399
270
420
351
403
356
381
345
Excess
-- do
515
525
427
569
765
565
1557
361
683
133
671
746
692
1238
237
Borrowings from Federal Reserve banks . _ _ do
238
-132
-356
-226
-167
-190
'-281
270
144
38
-413
-341
U07
-315
-326
Free reserves
. _ __
do_ __ i -165
107
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
75, 120
81, 848 76, 649 81, 848 78, 598 75, 721 76, 244 78, 384 76, 136 76, 164 78, 839 76, 793 78, 029 79, 134 78, 964 88, 930
Demand, adjustedcf
mil. $
114, 765 127, 277 113,421 127, 277 120,128 116,456 117,044 121,317 115, 108 123, 430 122,373 117, 004 127, 364 123, 574 125, 007 144, 295
Demand total 9
do
83, 108
Individuals, partnerships, and corp
do
92, 380 83, 521 92, 380 86, 053 82, 761 84, 721 86, 147 83, 860 87, 998 87, 330 84, 929 88, 412 88, 655 91, 495 102, 818
7,675
6,175
6,247
6,175
6,301
5,984
6,366
6,137
7,121
5,946
State and local governments
do
5,620
6, 202
5,516
6,231
6,231
5,607
3,774
3,437
5,485
1,429
3,990
6,515
3,882
5,467
3, 323
5, 208
3,107
3,055
U.S. Government
do
3,818
2,793
3,368
3,818
Domestic commercial banks
do
13, 838
15, 752 12, 774 15, 752 13, 298 12, 785 14, 202 13, 394 13, 135 15,837 14, 582 13,635 16, 216 14, 896 15, 596 19, 064
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time

106,411 108, 259 109, 359 110, 771 111,937 112, 103

do

89, 639

do
do

47, 213
29, 002

48,864
38, 273

Loans (adjusted) , totalcT
_ . _ _ _ . ...do
Commercial and industrial
do
For purchasing or carrying securities
do .
To nonbank financial institutions
do
Real estate loans ._
_ _.do
Other loans
do

134, 761
60, 779
6,691
11, 228
27, 492
34, 729

143, 966
66, 290
8,350
10, 470
28, 988
37, 700

Investments, total
.
.
_ . do
U.S. Government securities, totaL.
do
Notes and bonds
_ do
Other securities
do .
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas. adj. :t
Total loans and investmentsO
bil $
LoansO
do
U.S. Government securities . .
do
Other securities
do
Money and interest rates: §
Bank rates on short-term business loans: t
In 35 centers
percent per annum
New York City
do
7 other northeast centers
do
8 north central centers
do
7 southeast centers
do
8 southwest centers
do
4 west coast centers
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent-Federal intermediate credit bank loans
do
Federal land bank loans
do
Home mortgage rates (conventional 1st mortgages) :t
New home purchase (U.S. avg.)
percent-Existing home purchase (U S avg )
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days) . . do.
Commercial paper (prime, 4-6 months)__do
Finance Co. paper placed directly, 3-6 mo.do
Stock Exchange call loans, going rate
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent. .
3-5 year issues
_
do

51, 502
24, 803
19, 816
26, 699

61, 804
28,371
22, 322
33,433

61, 485
28, 400
22, 436
33, 085

61,804
28, 371
22,322
33, 433

2 310. 5
2208.2
53.6
248.7

346. 5
225.4
59.7
61.4

344.3
222.7
61.2
60.4

346.5
225.4
59.7
61.4

35.99
35.72
36.34
35.96
35.96
36.06
36.09

5.96
5.71
6.29
5.91
5.94
6.03
6.03

4.50
35.82
3
5.74

4.50
35.88
36.02

4.50
5.78
6.00

4.50
5.82
6.24

4.50
5.98
6.68

4.50
6.10
6.71

5.00
6.21
6.71

5.50
6.30
6.71

5.50
6.37
6.75

5.50
6.47
6.92

5.50
6.57
6.96

5.25
6.61
6.96

5.25
6.61
6.96

5.25
6.59
6.96

5.25
6.54
6.96

6.14
6.30

36.33
36.40

6.33
6.42

6.41
6.51

6.39
6.57

6.47
6.58

6.50
6.59

6.57
6.64

6.69
6.81

6.88
6.97

7.04
7.10

7.10
7.12

7.10
7.11

'7.09
'7.09

7.07
7.07

5.36
5.55
5.42
5.78

'4.75
<5.10
*4.89
<5.66

4.98
5.28
5.17
5.68

5.43
5.56
5.43
6.00

5.40
5.60
5.46
6.00

5.23
5.50
5.25
6.00

5.50
5.64
5.40
6.00

5.75
5.81
5.60
6.18

6.04
6.18
5.99
6.50

5.96
6.25
6.04
6.50

5.85
6.19
6.02
6.50

5.66
5.88
5.74
6.50

5.63
5.82
5.61
6.50

5.79
5.80
5.59
6.50

5.97
5.92
5.75
' 6. 25

6.20
6.13
5.86
6.50

<4.881
<5.16

« 44. 321
5. 07

4.762
5.73

5.012
5.72

5.081
5.53

4.969
5.59

5.144
5.77

5.365
5.69

5.621
5.95

5.544
5.71

5.382
5.44

5.095
5.32

5.202
5.30

5.334
5.42

5.492
5.47

5.916
5.99

102, 921 102, 969 102, 921 104, 178 104, 961 104, 696 104, 080 104, 170 104, 118
48, 516
39, 639

329-153 0 - 6 9 - 6

48, 274
41, 972

48, 512
44, 023

48, 522
45,106

48, 672
45, 926

49, 161
45,013

48, 990
39, 632

48,386
39, 113

138,213 143, 966 141, 762 140, 511
63,733 66, 290 64,994 65, 057
8,360
7,562
8,350
6,817
9.303
9,676
9,773 10, 470
28, 754 28, 988 29, 035 29, 106
35, 597 37,700 36, 293 36, 431

142,078
67, 013
6,578
9,597
29,268
36, 092

144,872 143, 667 148, 695
67, 757 67, 054 69, 222
6,736
7,689
6,938
9,634 10, 608
10, 540
29, 543 29, 844 30, 226
37, 016 37, 779 38, 945

62, 057
28, 080
22, 057
33,977

62, 927
28, 738
23, 870
34, 189

61,482
27, 208
23, 423
34, 274

60, 885
26, 005
23, 210
34, 880

61, 136
26, 494
23,942
34, 642

60, 083
25, 327
23, 382
34, 756

62, 131
27, 070
23, 253
35,061

64,129
27, 781
24, 401
36, 348

66, 239
28, 602
24, 701
37, 637

68,051
30,099
24, 770
37, 952

66, 525
28, 231
24, 480
38, 294

68, 347
29, 354
24, 040
38, 993

349.9
227.5
60.0
62.4

353.9
229.2
62.0
62.7

352.5
229.0
59.9
63.6

355.2
231.4
60.3
63.4

357.3
232.6
61.0
63.6

357.8
233.5
60.4
63.9

365.9
238.4
63.1
64.4

370.4
241.1
63.9
65.5

374.8
243.8
64.0
67.0

379.6
246.9
64.2
68.5

381.6
250.4
61.0
70.2

384.5
252.3
61.7
70.5

48,864
38,273

48, 597
40, 006

48, 269
43,042

149,811 148, 615 153, 411 151, 927 154, 024 161,824
69, 181 68,134 69, 693 69,686 71, 178 73, 988
I), 533
8,296
7,691
8,839
8,751 10, 245
10, 377
9,789 '10,617 10, 253 10, 287 11,866
30, 434 30, 740 31, 057 31,462 31, 752 32, 051
38, 202 38,681 '40, 137 39, 498 40, 485 40, 882

6.84
6.60
7.19
6.89
6.61
6.87
6.76

6.36
6.14
6.73
6.35
6.21
6.41
6.31

CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or montht--.mil. $_. '97,543 ••102,132 '99,648 '102,132 '101,260
Installment credit total
do
77, 539
80, 926 79, 485 80, 926 80, 379
Automobile paper
do
30, 556
30, 724 30, 718 30, 724 30, 579
Other consumer goods paper
do
20, 978
22, 395 21, 323 22, 395 22, 117
Repair and modernization loans
do
3,734
3,789
3,810
3,818
3,789
Personal loans
do
22, 187
24, 018 23,634 24, 018 23, 949
By type of holder:
Financial institutions, total
do
66, 724
69, 490 68,945 69, 490 69, 238
Commercial banks
do
31, 319
32, 700 32, 547 32, 700 32, 710
Sales finance companies
do
16, 697
16, 838 16, 725 16, 838 16, 726
Credit unions
•
do
8,972
8,868
8,255
8,908
8,972
Consumer finance companies
do
8,050
8,103
7,663
7,888
8,103
Other.
.
do
2,884
2,877
2,877
2,790
2,877
Retail outlets, total
do
10, 815
11, 436 10,540 11,436 11, 141
Automobile dealers
do
285
285
277
285
285
Noninstallment credit , total
_ do
20,004
21, 206 20,163 21, 206 20, 881
Single-payment loans, total
do
8,449
8,428
7,972
8,423
8,428
Commercial banks
do
7,352
7,340
7,307
6,946
7,340
Other financial institutions
.do
1,097
1,116
1,088
1,026
1,088
Charge accounts, total
do
6,424
6,146
6,968
6,686
6,968
Credit cards ...
do
1,047
1,038
1,029
874
1,029
Service credit
do
5. 346
5.810
5. 594
5.810
6.008
' Revised.
* Corrected.
i Average for Dec.
2 Effective with the June 9 change in Federal Reserve regulations,
data exclude loan balances accumulated for payment of personal loans (about $1.1 bil.); beginning June 30, about $1 bil. of certificates, formerly in "other loans," are in "other securities."
3
4
Average for year.
Daily average.
d*For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial interbank and U.S. Government, less cash items in process of collection; for
loans, exclusive of loans to domestic commercial banks and after deduction of valuation




48, 470
39, 295

48, 620
39, 910

48, 533
38, 788

6.61
6.40
6.95
6.69
6.44
6.48
6.62

6.89
6.67
7 16
6.96
6.74
6.86
6.86

5.50

'100,771 '100,981 '102,257 '103,411 '104,620 '105,680 '107,090 '107,636 '108,643 110, 035

80, 233
30, 682
21, 767
3,708
24, 076

80, 474
30, 942
21, 644
3,688
24, 200

81, 328
31, 331
21, 841
3,697
24, 459

82, 312
31, 818
22,011
3,746
24, 737

83, 433
32,364
22, 248
3,769
25, 052

84, 448
32, 874
22, 452
3,808
25, 314

85, 684
33, 325
22, 777
3,857
25, 725

86, 184
33, 336
22, 988
3,881
25, 979

87, 058
33, 698
23, 248
3,910
26, 202

87, 953
33, 925
23, 668
3,931
26, 429

69, 439
32, 839
16, 713
8,899
8,071
2,917
10, 794
286
20, 538
8,484
7,375
1,109
5,859
1, 017
6.195

69, 840
33, 082
16, 759
8,975
8,091
2,933
10,634
289
20, 507
8,529
7,416
1,113
5,710
1,012
6.268

70, 600
33, 562
16,868
9,109
8, 144
2,917
10, 728
293
20, 929
8,636
7,526
1,110
6,026
1,021
6.267

71, 560
34, 079
17, 010
9,271
8,175
3,025
10, 752
298
21,099
8,663
7,526
1,137
6,276
1,022
6.160

72, 610
34, 585
17, 239
9,461
8,302
3,023
10, 823
303
21, 187
8,674
7,546
1,128
6,368
1,090
6.145

73, 573
35, 103
17, 448
9,574
8,397
3,051
10, 875
308
21, 232
8,695
7,565
1,130
6,457
1,160
6,080

74, 690
35, 672
17, 670
9,739
8,490
3,119
10, 994
313
21, 406
8,774
7,627
1,147
6,574
1,245
6,058

75, 114
35, 923
17, 680
9,851
8,530
3,130
11, 070
313
21, 452
8,868
7,719
1,149
6,550
1,267
6,034

75, 871
36, 352
17, 823
9,962
8,588
3,146
11,187
317
21, 585
8,943
7,794
1,149
6,692
1,268
5,950

76, 446
36, 560
17, 960
10, 049
8,685
3,192
11, 507
319
22, 082
9,024
7,857
1,167
6,964
1,294
6,094

reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately. JRevised monthly data for commercial bank credit
for 1948-June 1967 appear on p. 44 of the Sept. 1968 SURVEY; those for home mortgage rates
for 1965-66 and for consumer credit for 1956-Oct. 1967 will be shown later.
©Adjusted to
exclude interbank loans.
§For bond yields, see p. S-20.
fBegirmmg Feb. 1967, series
revised to cover 35 centers and exclude rates for certain loans formerly included (see May 196<
Federal Reserve Bulletin).

SURVEY OF CURRENT BUSINESS

S-18
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

January 1969

1967

Annual

1968
Dec.

Nov.

Feb.

Jan.

Apr.

Mar.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

FINANCE—Continued
CONSUMER CREDITS— Continued
Installment credit extended and repaid:
Unadjusted:
Extended, total
__
Automobile paper
Other consumer goods paper
All other
.,
Repaid total
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended total
Automobile paper
Other consumer goods paper
All other
Repaid, total
Automobile paper
Other consumer goods paper
All other

mil. $
do
do
do
do
do
do
do

' 84, 693
26, 667
26, 952
31, 074

' 7, 386
2,215
2,429
2,742

' 8, 378
2,074
3,265
3,039

r

76, 120
25,404
23, 178
27, 538

r

r

6, 907
2,208
2,161
2,538

••6 937
2,068
2,193
2,676

7,304
2,262
2,303
2,739

r

r

r

82, 335
27, 341
25, 591
29, 403

T

r

6, 913
2 190
2,193
2 530

' 7 001

81 306
2,6499
25, 535
29 272

do
do
do _
do
do
do
_ do
do

FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: 1
Expenditure account:
Receipts (net)
mil. $
Expenditure (excl. net lending)
.do
Expend acct surplus or deficit ( — )
do
Loan account:
Net lending
do
Budget surplus or deficit (— )
do
Budgetfinancing:1
Borrowing from the public
do
Reduction in cash balances
do
Total, budget
financingdo
Gross amount of debt outstanding^
. ..do ._
Held by the public
do

1149 555 1153 485 10 888
1
153, 184 1 172, 956
i _3 599 i 19 471

i 2 848
i 5 959
i 8 807

»23 090
1
2 317
1
25, 407

Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $
Personal tax and nontax receipts _.
do
Corporate profit tax accruals
do
Indirect business tax and nontax accruals do
Contributions for social insurance
do
Federal Government expenditures, total . do .
Purchases of goods and services
do
National defense
do
Transfer payments
.
do
Grants-in-aid to State and local govts
do ...
Net interest paid.
do
Subsidies less current surplus of government
enterprises.
bil $
Surplus or deficit (— ). .

do

i 158 362
* 5, 841
1 67, 453
»34
i 13
i 5
i6

950
045
423
688

1

7,329
2,302
2,434
2,593

T

r

7,453
2,385
2,339
2,729

T

7,054
2 254
2,223
2 577

6, 862
2,193
2,275
2,394

' 8, 377
2,853
2,520
3,004

r

8, 115
2,735
2,441
2,939

' 8, 738
2,974
2,631
3,133

'8,502
2,774
2,531
3,197

'7,682
2,354
2,462
2,866

'8,687
2,917
2,752
3,018

8,166
2,546
2,739
2,881

T

7, 365
2,375
2,336
2,654

' 7, 393
2,366
2,350
2,677

r

6 994
2,189
2,204
2,601

T

' 7, 266 ' 7, 182
2,343
2,323
2,251
2,206
2,737
2,588

' 7, 813
2,555
2,492
2,766

7,271
2,319
2,319
2 633

r

7,863
2,509
2,597
2,757

r

r

8,003
2,570
2,536
2,897

' 8, 247
2,673
2,622
2,952

' 8, 187
2,684
2,483
3,020

r

8,533
2,782
2,645
3,106

8,288
2,681
2,640
2,967

7 281
2 316
2,372
2 593

r

2,764
2,533
2,922

7 903
2,605
2,531
2 767

6, 716
2,296
1,925
2,495

' 7, 222
2 297
2,340
2,585

r

r

' 7, 253 ' 7, 701
2 482
2 327
2,428
2,209
2,791
2,717

'7,586
2 391
2,451
2,744

7,454
2,363
2,388
2 703

7, 501
2,565
2,295
2 641

r 8, 219

T

7 260
2,305
2,418
2 537

'7,847
2,559
2,458
2,830

r

T

r

7, 111
2,275
2,269
2,567

8,033
2,590
2,535
2,908
7, 301
2 327
2,312
2 662

r

7, 287
2 289
2,324
2,674

7, 723
2,464
2,427
2,832

7, 390
2.352
2,374
2 664

' 8, 416
2,783
2,560
3,073

12 220 12 087 11 870
14,864 13, 695 14, 311
—2 644 — 1 608 —2 442

19 045 11 711
15, 199 15,385
3 847 —3 674

19 476 11 706 13, 195
14, 486 13, 961 16, 161
4 990 —2 255 —2 966

18, 746 10, 733 12 705
16, 024 16,570 15, 038
2 722 —5,837 —2 332

-688
—589
—611
—3 233 —2 296 —3 053

12 367

i _5 178 1—5 936
i _8 go? i —25 407

Budget receipts by source and outlays by agency: H
Receipts (net), total
mil $ 1149 555 U53 485
Individual income taxes (gross)
do
i 69 371 i 78 218
i 34 918 i 29 889
Corporation income taxes (gross)
do
Employment taxes (gross)
do
i 26 483 i 27 576
Other
do
i 28* 365 i 29 177
Expenditures and net lending, total 9
do
Agriculture Department
..
do
Defense Department, military
. .do ...
Health, Education, and Welfare Department
do
Treasury Department
do
National Aeronautics and Space A dm
do
Veterans Administration
..
do

2 205
2,255
2 541

r

T

7, 360
2,233
2,383
2 744

6, 782
2,157
2,156
2,469

—856
—479
3,368 —4 529

-313
-189
—984
4,006 -2, 567 -3, 155

-207
-286
—55
2,515 -6,122 —2 387

4 055
2,801 —3, 769
—1,626
2 841
—1, 742
—237 -1,488
314
1,728
2,567
-3,368
4,529 -4,006
3,155
367, 749 373,185 369, 776 373, 356 378, 018
291 542 294 345 290 576 294,631 297, 472

3,132
—4 525
—686
2,990
2,010
3 073
6,122
-2, 515
2,387
372, 616 375,374 375, 120
292, 947 296, 121 295 441

3 976
4 081 —1 345
-743 —1,785
4,398
3,233
2,296
3,053
360 988 361 977 365, 021 370, 637 368, 862
285 749 286 457 290 433 294 512 293 169
4 348

708

10 888
5 464

12 367
4 828
4 224
1 536
1 952

588

12 220
8,152

940

12 087
6,901

650

178, 892
* 7, 326
i 77, 190

1,583
2 046

3 345
2 591

15, 453

2 067
2 967

14,383
495

447

6,891 ' 6,164

3,247
1 305
372
595

Ml, 251
» 1 719
14,
4, 722
i 7, 037

11,706
5,164
2,259
2,087
2,450

13, 195
6,472

3 426
3 851

19 476
7,781
7 412
2 547
2 100

16, 241

15, 470

19 045
11, 732
4 339
3,068
2 468

11 711
6,105

14 923

15, 678

r

6, 069

r

6, 832

3,581
1 312

T

3, 409
1 350

11
6
4
2
2

3,316
1 228

395
598

870
205
439
050
025

111

410
606

796

377

' 634

763

565
6,902

4,374
1 347
425
610

10, 733
5,359
1,496
1,937
2,243

12 705
6,541

3 439

18, 746
9,247
5 133
2,380
2 188

14, 274

16, 349
1,270
6,449

16, 231
1,645
6,438

16,856
1,289
6,769

15,092
754
6,342

3,527
1,348
277
590

3,771
1,364

3,764
1,353
342
622

3,790
1,252
393
••597

3,830
1 436
329
617

599
5,543

276

7,115
4,120
1,422

451
588

654
2,880

434
599

679

2,495
3 194

143 0
61 7
32 4
15 8
33 1

151 2
67.3
30 9
16 2
36 8

156
69
32
16
37

4
7
4
4
9

166 6
72 0
37 0
17 0
40 5

171.8
74.9
38 2
17 5
41. 2

' 182. 1
83.7
38.4
17.8
42.0

142
77
60
35
14
9

163.6
90.6
72 4
42.3
15.7
10.3

168.6
93 5
74 6
42 7
17.0
10 7

175 1
97 1
76 8
45 1
17.7
11 3

181.9
100.0
79 0
47.7
18.3
11.8

184.9
101.2
79.6
48.7
18.5
12.1

186.8
101.6
80.0
49.5
19.2
12.2

4.2

4
4
6
7
4
5

5 4

4 8

4 6

39

4 1

—12 4

—12 2

86

—10 2

18.1
42.4

4.4

7

86.8

' -2.8

LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance companies J
bil $
Bonds (book value), total
do
Stocks (book value), total
do
Mortgage loans, total _
do
N on farm
do
Real estate.
do
Policy loans and premium notes
do
Cash
do
Other assets _
do

2 167 02
2 71 90
2
8 76
2 64 61
2 59 37
2 4 88
2 9 12
2
1 53
2 6 23

2

177 36
75 42
2 10 79
2
67 52
2 61 95
2 5 19
2
10 06
2
1 56
2 6 83
2

176 18
75 63
8 84
67 10
61 60
5 16
10 00
1 45
8 01

177 20
75 49
9 00
67 60
62 04
5 18
10 08
1 56
8 30

178 26
76 37
9 06
67 77
62 22
5 21
10 17
1 46
8 23

178 76
76.68
9 17
67 87
62 29
5 24
10 26
1.33
8 21

Payments to policyholders and beneficiaries in
U.S., total
mil $ 12 342 2 13 293 6 1 059 6 1 373 4 1 174 9 1
Death benefits
do
5 218 2 5 665 3
531 2
447 3
520 5
Matured endowments...
do
981.6 1 017 1 96 0
86 5
80 8
Disability payments
do
169.3
174.6
14.3
17.4
12 9
Annuity payments
do
1 152 6 1 261 3
133 5
107 4
91 8
Surrender values..
do
184.0
2 120 6 2, 243. 1
191.8
196 0
Policy dividends
do
210.3
2. 699. 9 2. 932. 2
210.6
475.6
r

Revised.
Data shown in 1966 and 1967 annual columns are for fiscal years ending June 30, 1967
2
and June 30, 1968, respectively; revised monthly data not available.
Annual statement
values.
cf Sec note " {" on p. S-17.
fTables showing cash transactions and administrative budget receipts and expenditures
1




179 48
76 97
9 35
68 06
62 42
5 26
10 36
1 18
8 30

150 8 1
531 6
81.0
13.7
114.4
197.0
213.1

180. 41
77.15
9 43
68.12
62 45
5 30
10 47
1.19
8 74

181 23
77 42
9 59
68 34
62 63
5 34
10 60
1.17
8 78

182 11
77 59
9 75
68 51
62 78
5 37
10 73
1.24
8 92

183 09
78.14
9 94
68 71
62 97
5 42
10 81
1.40
8 68

278 4 1 155 3 1 177 9 1 127 2 1
525.8
508 7
476 4
575 4
84.1
83.8
76 7
90 5
16.2
15.5
18.6
18 0
117.2
112 2
118 7
111 8
218.5
194 4
215 0
208.1
227.0
242.4
267.7
216.1

183 84
78 34
10 04
68 91
63 15
5 47
10 92
1 35
8 79

184. 75
78.51
10.17
69.02
63.25
5.50
11.03
1.45
9.07

120 5 1 198 8 1
499 2
507 3
74.9
75 5
15.4
16.8
117 3
112 1
201.4
204 7
212.3
282.4

185 70
78.98
10 34
69 21
63 43
5 51
11.12
1.46
9 08

186 89
79 32
10 51
69 41
63 63
5 54
11 20
1.45
9 47

162.3 1 247 2 1 087 3
498. 6
547.8
466.1
75.0
75.4
84.6
15.6
15.9
15.5
113.2
117.0
122.8
200.5
218.6
186.5
259.4
226.8
257.5

have been discontinued. Data shown in the indicated sections are on the basis of budget
concepts adopted pursuant to the recommendations of the President's Commission on Budget
Concepts.
9 Includes data for items not shown separately.
I Re visions for Apr. 1966-Aug. 1967 will be shown later.

SURVEY OF CUREENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

Nov.

1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

13,802 15, 658
9,782
8,888
3,471 i 6, 234
549
536

Nov.

Dec.

FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association :t
Insurance written (new paid-for insurance):
121,989 1141,799
Value estimated total
mil $
88, 693 94,777
Ordinary (incl. mass-marketed ord.)f _ _ .
Groupt.. -.
- - - - - - 26,219 139,968
7,054
Industrial
do
7,078
Premiums collected:
Total life insurance premiums
..do . 16,090
17,017
12, 117
12, 822
Ordinary (incl. mass-marketed ord.)t--do
2,605
Groupf
do
2,843
Industrial
do__
1,367
1,352
MONETARY STATISTICS
Gold and silver:
Gold:
11,982
Monetary stock, U.S. (end of period) _. .mil. S.- 13, 159
-50
Net release from earmark!
do
-86
Exports
.
thous. $ 457, 333 1,005,199
42,004
Imports
do
32, 547
Production, world total
...mil. $. 2 1, 445. 0 2pl,410.0
South Africa
do
1,080.8 1,068. 7
Canada
do
114.6
103.7
55.4
63.1
United States
do
Silver:
Exports
_
thous. $
114,325 100, 710
Imports
...
. _ do
78, 378
80, 178
Price at New York
dol. per fine oz
1.293
1.550
Production:
Canada
thous. fine oz_. 32, 825 37, 206
Mexico __
_.
do
40, 173
41, 984
United States
do
30, 354
45, 047
Currency in circulation (end of period)
bil. $..
44.7
47.2
Money supply and related data (avg. of daily fig.) : J
Unadjusted for seasonal variation:
Total money supply
bil $
176.4
169.8
Currency outside banks
do
37.5
39.4
Demand deposits
do
137.0
132.3
Time deposits adjusted!
do
3 154. 0
173.3
5.1
4.9
U.S. Government demand deposits . _ _ do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks..
. do
Demand deposits
do
Time deposits adjusted!- .
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's) O . .ratio of debits to deposits. . 52.8
56.7
New York SMSA
do
120.8
109.4
Total 232 SMSA's (except N.Y.)
do
40.1
38.3
6 other leading SMSA'scf
do
53.4
50.1
226 other SMSA's
do
34.5
33.3
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products...
do
Lumber and wood products (except furniture)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
Petroleum refining
do
Stone, clay, and glass products
do
Primary nonferrous metal
do
Primary iron and steel. ._
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $..
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc.)...
.
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $

11, 425 124,089
8,535 8,798
2,317 114,720
573
571

1,379
1,051
231
97

1,734
1,178
313
243

9,989
7,291
2,197
501

10, 871
8,118
2,198
555

14,421
9,139
4,670
612

11, 786
8,898
2,331
557

12,450
9,253
2,594
603

11,416
8,435
2,431
550

11, 407
8,433
2,451
523

12,295
8,470
3,305
520

11,161
8,101
2,533
527

1,442
1,109
228
105

1,430
1,096
237
98

1,486
1,128
258
99

1,462
1,094
269
98

1,514
1,146
268
100

1,434
1,084
254
96

1,512
1,118
293
101

1,516
1,129
287
100

1,432
1,072
261
99

1,569
1,192
278
99

1,426
1,083
248
95

11, 882 10, 484
-31
-234
949 500,800
1,839 12, 596

10,484
-148
1,302
29, 283

10, 384 10,367
413
-31
254 300, 630
19, 153 16,094

10, 367
-49
9,199
59,648

10,367
-76
458
13, 361

10,367
170
11, 732
18,365

10,367
36
11, 484
20, 770

10,367
92
370
16,128

20,990
14, 182
1.973

11,884
11, 547
2.018

4,092
48.3

4,327
48.7

50.0

12, 908 11, 982 11, 984
-32
52
-221
969 1,002,523 1,503
1,126
3,201
2,510

90.0
8.2

88.5
8.7

90.3
7.7

90.0
7.7

91.8
8.3

91.8
8.2

93.1
8.4

91.5
7.5

90.5
7.4

91.5
7.7

2,792
6,759
1.953

6,236
4,984
2.066

12, 993
10, 922
1.990

23, 889
8,645
1.855

9,192
12, 436
2.180

19, 526
8,567
2.203

18,953
14,306
2.377

41, 149
13, 019
2.464

35, 673
16, 543
2.314

17, 207
10,844
2.195

18,806
13,421
2.208

3,134
4,027
644
46.5

2,864 '3,342 ' 3, 672 '3,640 '3,435 '3,807 ' 3, 559 ' 4, 536 '4,564
4,894
2,949
2,276
3,019
4,017
1,079
2,841 4,233
4,196
703
2,017
3,282
1,268
650
45.8
47.2
47.6
45.8
46.6
47.2
48.4
48.0
46.3

3,372

182.4
40.4
141.9
181.3
5.3

187.1
41.2
145.9
182.0
5.0

187.6
40.5
147.1
183.7
5.0

181.4
40.3
141.1
185.8
7.2

182.0
40.7
141.2
187.7
6.6

185.6
41.1
144.5
187.9
4.2

182.5
41.3
141.1
188.4
6.4

185.6
41.9
143.6
188.6
5.4

187.2
42.4
144.8
190.8
5.7

186.9
42.7
144.2
194.4
5.5

188.6
42.7
145.8
196.2
5.9

190.6 ' 193. 4
42.9 '43.7
147.7 ' 149. 7
200.7
199.1
'4.2
6.1

181.0
40.1
141.0
182.0

181.3
40.4
140.9
183.5

182.3
40.5
141.7
184.1

182.7
40.7
141.9
185.2

183.4
41.1
142.2
186.7

184.3
41.4
143.0
187.1

186.1
41.6
144.5
187.6

187.4
42.0
145.4
188.2

189.4
42.2
147.2
190.4

190.3
42.6
147.6
193.8

189.5
42.7
146.7
196.6

190.2
42.8
147.4
199.5

192.0
43.2
' 148. 7
201.9

58.4
130.2
41.2
55.7
34.8

58.5
122.1
41.1
54.6
35.3

60.2
128.5
41.6
55.6
36.0

59.8
129.2
42.1
56.9
36.1

59.3
128.2
41.6
56.5
35.7

59.7
126.7
42.3
57.4
36.2

61.0
129.5
43.0
58.8
36.1

62.4
131.4
43.4
59.5
36.6

64.3
140.3
43.7
59.9
37.0

65.2
147.7
43.7
60.8
36.5

64.7
144.7
43.8
61.3
36.7

66.3
143.1
45.6
64.4
37.7

66.5
144.6
44.9
63.0
37.4

30, 937
2,102
702

29,008
2,130
540

7,946
589
171

7,430
501
129

8,286
521
167

345
911
3,474
5,055
799
1,298
1,487

333
796
3,261
5,497
672
1,061
1,165

98
210
859
1 477
'195
233
346

113
193
878
1,491
79
225
334

173
239
904
1,400
240
306
413

1,316
2,893
2,297

322
692
666

268
641
572

356
796
581

809
2,356
3,884
13, 262

249
712
1,129
3,732

238
862
906
3,325

285
957
949
3,538

237
396
1,150
3,626

2,764

2,911

729

863

193.1
43.4
149.7
204.3

349
745
605

821
3,053
4,058
12, 958

199.3
44.3
154.9
202.5
4.7

179
211
852
1,442
254
269
177

1,395
3,058
2,379

1.959

7,635
590
180

641

SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $
8,732
4,483
45,015
68,514
4,556
By type of security:
Bonds and notes, total
do
8,428
4,206
4,234
42,501
65, 670
Corporate
do
1,196
2,107
15,561
1,449
21,954
Common stock.
do
222
235
1,939
276
1,959
Preferred stock
do
42
81
574
46
885
By type of issuer:
Corporate, total 9
do
1,500
2,385
1,771
18,074
24, 798
Manufacturing
do
527
1,135
561
7,070
11,058
Extractive (mining)
. do
25
126
49
375
587
Public utility
do
410
282
424
3, 665
4,935
Railroad
do
0
16
339
9
286
Communication
do
70
83
2,003
1,979
188
Financial and real estate
do
1.941
2.433
176
277
279
'Revised.
r> Preliminary.
1 Includes coverage on Federal employees of $8.3 bil. in
Doc. 1967 and $3.5 bil. in Nov. 1968.
2 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea.
3 Beginning June 1966, data exclude
ba'ances accumulated for payment of personal loans (amounting to $1,140 million for week
ending June 15).
t Revisions for Jan. 1966-July 1967 for insurance written and for Jan.-July 1967 for premiums collected will be shown later; those for money supply for 1963-Apr. 1967 are in the June




10, 367

8,072

5,069

3,423

7,702

4,984

4,913

9,821

3,819

6,060

3,257

7,845
1,382
169
58

4,628
1,359
295
145

3,152
1,157
221
49

7,402
1,566
249
51

4,598
2,025
361
24

4,541
1,771
286
86

9,426
1,037
303
93

3,421
1,159
397
1

5,551
1,591
483
25

2,821
1,294
395
41

1,608
570
50
562
47
148
64

1,799
777
42
456
13
86
105

1,428
373
38
180
14
192
147

1.866
563
18
557
0
104
348

2,411
767
35
507
28
239
332

2,143
843
27
239
20
239
201

1,432
362
21
446
11
95
197

1,557
453
70
475
5
156
142

2,099
620
66
676
19
106
229

1,729
392
77
443
50
171
219

1968 Federal Reserve Bulletin.
§ Or increase in earmarked gold (-).
t Beginning
Oct. 1968 SURVEY, mass-marketed ordinary, formerly combined with group, is included
under ordinary insurance; monthly data available on new basis beginning Jan. 1966.
11 Time deposits at all commercial banks other than those due to domestic commercial banks
and the U.S. Govt.
O Total SMSA's include some cities and counties not designated as
SMSA's.
c? Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland,
and Los Angeles-Long Beach.
9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

S-20
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967
Nov.

Annual

January 1969
1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept. 1 Oct.

Nov.

Dec.

FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer— Continued
Noncorporate, total 9
-- mil. $. . 26,941
8,231
U S Government
- do
State and municipal
do. .. 11,089

43, 716
19, 431
14, 288

7,232
5,054
1,320

2,099
371
1,093

2,785
481
1,162

6,464
4,719
1,134

3,270
418
1,363

1,995
405
1,277

5,836
3,805
1,134

2,573
383
1,360

2,770
417
1,422

8,389
5,850
1,729

2,262
361
1,423

17, 841

24,409

1,470

2,344

1,732

1,585

1,765

1,397

1,829

2,367

2,097

1,397

1,513

15,806
12, 430
3,376
241
1,795

22, 230
16, 154
6,076
312
1,867

1,305
914
391
3
163

2,113
1,379
734
8
223

1,588
1,202
386
30
117

1,447
1,136
311
16
121

1,592
1,253
339
24
149

1,210
897
313
12
175

1,647
1,102
546
4
177

1,944
1,263
681
33
389

1,985
1,143
841
6
106

State and municipal Issues (Bond Buyer):
Long-term
do_ . 11,089
6,524
Short-term
..do

14,288
8,025

1,320
767

1,093
330

1,162
569

1,134
563

1,363
1,090

1,277
669

1,134
972

1,360
422

1
791
791
7, 948 7,200
2,763 2,500

791
7,948
2,763

888
7,797
2,942

815
7,419
2,778

820
7,248
2,692

834
7,701
2,979

850
8,268
3,064

New corporate security issues:
Estimated net proceeds total
Proposed uses of proceeds:
New money, total
Plant and equipment
Working capital
Retirement of securities
Other purposes

do
. . . _.do
do
do.
do
do _

3,960
430
2,260

1,527
379
1,037

1.074
744
330
3
320

1,281
912
370
15
216

1,422
673

1,729
835

1,423 '2,260
r
459
856

1,037
975

885
8,728
3,293

977
8,861
3,269

885
8,489
2,984

964
8,724
3,126

1,111
574

SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances (net)

mil $
do
do

*609
i 5, 387
1
1,637

1
1

T
r
T

1, 024
S, 859
3, 407

1,063
8,994
3,422

Bonds
Prices:
Standard & Poor's Corporation:
Industrial, utility, and railroad (AAA issues):
Composite c?
dol. per $100 bond..
Domestic municipal (15 bonds)
do

86.1
102.5

81.8
100.5

76.8
95.2

75.9
93.6

77.2
95.5

77.5
94.8

76.9
92.7

76.2
94.7

75.3
92.7

75.6
92.8

76.1
95.2

78.1
95.9

78.4
93.9

77.0
92.7

75.7
91.2

72.8
89.2

78.63

76.55

70.53

71.22

73.09

73.30

70.98

72.06

70.89

72.58

73.99

74.48

73.95

72.44

71.27

68.47

4,261.12 6, 087. 43
3,740.48 5, 393. 60

567.12
536.43

531.62
519. 14

552.08
503.57

402. 93
392. 36

434.68
432.90

523. 16
499. 30

549. 78
520. 63

445.94
429. 15

388.82
375. 37

364.07
343. 50

397. 64
397. 65

522. 32
533.78

501.27
474.36

4,100.86 5, 428. 00
3,589.62 4, 862. 48

496.10
475. 48

440.43
446. 45

437. 51
422.35

339. 82
341. 27

356. 71
367.88

383.18
386.64

394. 65
404. 34

336. 37
335 50

313. 26
317. 38

286.17
277. 57

304. 64
323.61

406. 30
430 97

395. 10
383.79

New York Stock Exchange, exclusive of some
stopped sales, face value, total
.mil. $.. 3, 092. 79 3,955.54

382. 38

360. 78

333. 25

268.61

317. 43

351. 55

346. 53

276. 51

269.07

252. 18

305.18

363.54

343. 20

387.20

6.60

6.63

6.57

6.37

6.35

6.43

6.56

6.80

6.02
6.25
6.38
6.82

5.97
6.23
6.39
6.79

6 09
6.32
6 47
6 84

6.19
6.45
6.59
7.01

6.45
6.66
6.85
7.23

U.S. Treasury bonds, taxable!

-do

Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil $
Face value
do. New York Stock Exchange:
Market value
do
Face value
do

Yields:
Domestic corporate (Moody *s)
By rating:
Aaa
Aa _.
_
_
A.
Baa
By group:
Industrials
Public utilities
Railroads
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable©

_

5.34

2

5. 82

6.36

26.51

6.45

6.40

6.42

6.53

do
.do
do
do

5.13
5.23
5.35
5.67

25.51
5.66
5.86
6.23

6.07
6.23
6.43
6.72

26.19
6.35
6.58
6.93

6.17
6.29
6.48
6.84

6.10
6.27
6.41
6.80

6.11
6.28
6.43
6.85

6.21
6.38
6.57
6.97

6.27
6.48
6.62
7.03

6.28
6.50
6.65
7.07

6.24
6.45
6.60
6 98

do
do
do

5.30
5.36
5.37

5.74
5.81
5.89

6.28
6.39
6.42

6.39
6.57
26.63

6.34
6.47
6.65

6.31
6.36
6.65

6.33
6.39
6.67

6.42
6.54
6.79

6.49
6.60
6 87

6.54
6.60
6.88

6.50
6.53
6.82

6.26
6.30
6.72

6.24
6.27
6.70

6.34
6 39
6 72

6.47
6.58
6.78

6.72
6.85
6.97

do
do

3.83
3.82

3.96
3.98

4.42
4.36

4.44
4.49

4.16
4.34

4.44
4.39

4.54
4.56

4.44
4.41

4.64
4.56

4.48
4.56

4.11
4.36

4.38
4.31

4.36
4.47

4.56
4.56

4.64
4.68

4.85
4.91

do

4.66

4.85

5.44

5.36

5.18

5.16

5.39

5.28

5.40

5.23

5.09

5.04

5.09

5 24

5.36

5.65

8.25
9.17
4.11
4.45
5.06
6.85

8.26
9 03
4.34
4.62
5 35
7.82

8.28
8.92
4.41
4.55
5.48
8.09

8.30
8.95
4.44
4.55
5.57
7.95

8.41
9.12
4.44
4.55
5.57
7.95

8.42
9.12
4.45
4.52
5.69
8.08

8.42
9 12
4.46
4 52
5 69
8.08

8.46
9 18
4.48
4 52
5 78
8 08

8.47
9 18
4.48
4 52
5 78
8 08

8.47
9.18
4.48
4.55
5.78
8.08

8.49
9 20
4.50
4 55
5 78
8 08

8.52
9.23
4.50
4.55
5.78
9.00

8.52
9.23
4.55
4.55
5.89
9.00

8.56
9 25
4.55
4 55
5 89
9 24

8.78
9.55
4.55
4.62
6.09
9.86

8.78
9.57
4.58
4.62
6.14
9.86

230.88
266. 77
102.90
92.65

246.54
290 05
101 87
95 91

250. 32
300. 84
95.92
90.80

256.30
309. 19
98.19
90 86

247. 26
294. 18
97.75
88 59

241. 14
286.99
97.15
85 80

13
45
76
77

266. 57
317 73
99.25
101 90

267. 62
328 32
98 46
109 77

92
50
83
53

281.46
343 13
107. 33
115 18

268.18
326.90
104.04
111 24

3.57
3.44
3.99
4.80
4.04
2.92

3.35
3.11
4 26
4.82
3.87
3.47

3.31
2.97
4.60
5.01
4.06
4.01

3.24
2.89
4.52
5.01
4.06
3.78

3.40
3.10
4.54
5.14
3.93
3.63

3.49
3.18
4.58
5.27
3.77
3.99

3.21
2.93
4 51
4 52
3.17
2.85

3.20
2.90
4 53
4.47
3.24
3.00

3.18
2.81
4 62
4.15
3.28
2.66

3.17
2.81
4 60
4 15
3.01
2.69

3.12
2.78
4 25
4.01
3.07
2.83

3.27
2.93
4.40
4.15
3.26
2.76

percent _ .

2

Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars ..
Industrials.
do
Public utilities
_
do
Railroads
_ do
N.Y. banks
do
Fire insurance companies
do .
Price per share, end of mo., composite
do
Industrials
do
Public utilities
.
_ do
Railroads
do
Yields, composite
Industrials..
Public utilities
Railroads
N.Y. banks...
Fire insurance companies

percent-do .do
do
do do

Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RR., for 12 mo. ending each qtr.) :
Industrials
dollars
16.78
15.76
18.65
Public utilities
do .
6.30
6.67
6.67
Railroads
__.do
9.34
6.74
6.74
r
Revised.
» End of year.
2 Beginning Dec. 18,1967, Aaa railroad bonds not included.
9 Includes data not shown separately.
cfNumber of bonds represented fluctuates; the change in the number does not affect the




242
290
92
86

77
96
66
75

3.47
3.13
4 81
5 21
3.86
4.11

262
319
92
94

85
20
93
62

3.22
2 88
4 82
4 78
3 66
3.94

262
318
92
109

95
40
08
93

268.14
320 51
100 10
105 57

3.22
2 88
4 87
4 42
3.63
3.38

3.16
2.86
4 48
4.31
3.30
2.71

264
314
99
100

269
329
98
109

18.05
15.50
15.98
6.67
6.78
6.88
6.72
continuity of the series.
1 Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1

1967

Annual

S-21
1968

1967
Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..

Standard & Poor's Corporation :d"
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43=10__

4.97

5.34

5.79

5.95

5.70

5.65

5.80

5.86

5.92

5.90

5.74

5.59

5.63

5.76

5.82

5.93

308.70
873.60
136.56
227.35

Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks) Public utility (15 stocks)
Railroad (20 stocks)

314. 79
879. 12
132. 65
242. 38

303.88
865. 43
123. 05
230. 74

309.78
887.20
125. 19
233.20

312. 05
884. 77
132. 48
233.76

299.84
847. 20
128. 87
224.63

292. 86
834.76
123. 66
217. 94

309.31
893. 37
123. 59
230.63

318. 17
905.22
122. 72
246.85

327. 12
906.82
127.66
262. 95

327. 41
905. 32
133. 11
259. 95

318. 15
883.72
131. 15
249. 52

329. 15
922. 80
130. 80
258.53

340. 25
955. 47
130. 40
270. 41

344.39
964.12
137. 57
270. 51

347. 57
968.39
138. 26
279. 25

85.26

91.93

92.66

95.30

95.04

90.75

89.09

95.67

97.87

100.53

100.30

98.11

101.34

103.76

105.40

106.48

. do. _
.. do-_.
do
do. do

91.08
84.86
74.10
68.21
46.34

99.18
96.96
79.18
68.10
46.72

100.90
103. 58
80.47
63.48
42.95

103.91
106.41
81.92
64.61
43.46

103.11
102. 87
81.06
68.02
43.38

98.33
98,13
77.99
65.61
42.35

96.77
96.32
77.49
62.62
41.68

104.42
104.08
84.79
63.66
44.79

107.02
106.86
87.75
62.92
48.00

109.73
110. 65
89.04
65.21
51.72

109.16
108.12
88.38
67.55
51.01

106. 77
104.92
85.73
66.60
48.80

110. 53
107. 57
88.46
66.77
51.11

113.29
108.48
91.36
66.93
54.26

114. 77
109.75
92.04
70.59
53.74

116. 01
111. 44
91.91
70.54
55.19

do
do

33.32
63.80

36.40
66.46

35.65
64.60

35.52
64.83

37.18
67.64

38.46
70.66

38.38
70.59

40.35
73.18

42.19
76.43

43.72
79.66

48.58
85.91

47.38
84.74

46.99
84.59

49.65
89.83

52.46
98.15

50.99
99.20

Fire and casualty insurance (16 stocks)., _ do

64.55

62.29

55.84

56.99

59.42

56.61

53.31

53.61

59.23

72.52

78.11

78.11

82.97

96.19

95.35

98.29

46.15
46.18
50.26
45.41
44.45

50.77
51.97
53.51
45.43
49.82

51.40
53.79
48.43
42.39
50.19

53.06
55.80
48.73
42.75
52.37

53.24
55.45
47.90
44.87
55.89

50.68
52.63
45.15
43.36
53 88

49.48
51.54
43.29
41.78
52.98

53.23
56.03
46 85
42 46
57 56

54.85
58.04
49.92
42.07
60.43

56.64
59.83
52.86
43.30
64.60

56.41
59.12
51.59
44.69
68.90

55.04
57.59
49.01
44.09
68.19

56.80
59.57
51.94
44.53
71.77

58.32
61.07
55.24
45.22
77.50

59.44
61.97
55 96
47.18
79 55

60.32
63.21
57 30
46.73
79 00

161,752
4,504

14, 478

14, 919

17, 662

518

12,008
321

12,632
336

17 571

20 012

568

18,582
510

16,529
444

14,038
376

13,733
38S

18, 572

16 165

125,329
2,886

11,193
242

11, 186

262

12,914
298

8,909
205

9,672
221

13, 310

14, 341

333

13,548
305

12,373
283

10,493
244

9,868
231

13, 727

11, 979

2,530

212

230

263

174

193

296

292

257

243

194

228

272

252

268

605. 82
11, 622

586. 17
11, 568

605.82
11,622

582.94
11, 696

564.15
11, 796

568.51
11, 897

619. 04
11,936

631.82
12,158

641.04
12,330

628.88
12, 440

640.17
12,626

668.36
12, 714

676. 18
12, 891

716. 40
13,042

692. 34
13, 196

Industrial, total (425 stocks) 9
Capital goods (130 stocks)
Consumers' goods (181 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)

New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
_
do
Utility
do
Finance
do

Sales:
Total on all registered exchanges (SEC):
123, 034
Market value
mil $
3,188
Shares sold
millions
On New York Stock Exchange:
98, 565
Market value..
mil. $
2,205
Shares sold (cleared or settled)
millions..
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
1,899
(sales effected) _ .
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
.
bil. $
Number of shares listed
millions.

482.54
10,939

381

412

453
298

479

305

412

261

FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted

....

mil. $.. 30,319.6 31,526.2 2,796.1 2,871.5
do_. 29, 379. 2 30,934.4 2,760.0 2,812.3
do

By geographic regions:
Africa
Asia.
.
Australia and Oceania.
Europe

do
do
do
do

Northern North America
Southern North America
South America..

_

By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa

do
do...
do

2,691.4 2,603.4

2,726.8 2, 726. 0 2,673.8 2,983.4 2,968.1 2, 731. 2 2, 699. 5 2,840.5 2,984.7 2, 763. 4 3,184.3
2,674.0 2,666.7 2,639.1 2,944.2 2,944.4 2, 681. 5 2,640.5 2,786.8 2,941.5 2,714.9 3,124.4
2,784.7 2, 773. 1 2,454.7 2,888.5 2, 719. 7 2, 759. 3 2,803.0 2,915.8 3,245.9 2,594.2 2,989.3

1,348.5 1, 182. 3
6,733.3 7, 147. 2
805.3 1,016.1
10,003.0 10,294.1

88.6
617.4
79.5
961.3

88.4
642.6
164.1
943.1

92.1

870.8

88.6
880.1

87.7
613.5
81.3

855.4

127.5
669.8
93.1
938.8

117.7
600.9
96.0
961.0

108.2
618.8
74.0
863.3

100.1
110.3 115.8
586.4
609.8 628.1
73.3
92.5
98.6
880.6 1,000.3 1,011.6

6,661.2 7, 174. 1
2,268.3 2,365.0
2, 499. 9 2, 354. 9

634.3
213.4
202.5

618.1
197.7
218.1

615.4
186.0
189.6

600.7
213.4
196. 2

630.5
208.8
196.6

695.0
222.6
236.7

735.9
224.4
232.2

637.4
220.5
209.0

594.1
214.7
250.3

565.9
212.6
249.1

661.2
213.0
256.4

769.5
211.7
184.0

791.5
221.3
277.4

96.6

676.2

107.1

639.9

94.2
109.6
543.4
690.0
80.8
78.5
879.9 1,016.0

do
do

189.1
401.0

66.1
426.4

1.1
32.1

2.9
29.0

2.5
35.3

1.0
39.3

2.9
26.6

1.4
47.0

6.9
44.5

6.9
34.2

3.4
36.5

2.2
43.3

3.3
36.3

11.1
36.3

3.1
43.1

Asia; Australia and Oceania:
Australia, including New Guinea ... do
India
do
Pakistan
do
Malaysia
do

654.2
929.3
238.7

894.1
955.4
346.9
49.2

63.4
75.9
24.6
5.2

157.9
58.5
34.6
6.7

73.6
94.6
18.4
5.9

73.4
81.9
27.9
5.5

72.4
80.5
27.0
5.3

83.3
74.1
23.9
4.7

83.0
50.9
17.6
3.8

67.9
51.3
25.0
3.8

59.6
43.7
18.6
4.3

81.8
52.1
24.2
4.5

79.3
40.6
29.1
3.9

67.3
33.9
28.5
3.7

66.9
51.0
33.2
3.8

67.6

68.4
428.2
2,695.8

11.1
34.7
258.5

7.4
33.8
244.1

11.1
45.8
246.1

256.8

14.0
32.1

230.3

21.5
38.5
250.4

15.4
49.0
235.0

11.8
38.4
228.3

8.5
34.0
230.3

9.9
36.6
247.4

12.5
40.5
249.9

12.6
24.3
223.7

23.3
32.3
276.7

Indonesia
Philippines ..
Japan
Europe:
France
East Germany
West Germany

_.
.
.

Italv
Union of Soviet Socialist Republics
United Kingdom

do
do
do

45.6

347.8
2,363.6

do
do
do

1,007.0

25.2
1, 673. 6

1,025.1
26.3
1,706.3

78.6
2.5
161.8

86.0
1.1
136.3

102.3
2.5
117.1

87.0
2.7
124.7

84.4
1.1
130.8

98.2
3.2
161.6

100.6
2.4
150.6

79.2
1.6
137.1

81.7
.5
134.4

82.2
3.7
162.2

84.7
2.9
158.5

79.6
1.3
133.1

102.2
3.4
142.3

do
do
do

908.8

972.9

103.0
3.8
165.5

93.4
4.5
193.6

95.1
5.9
167.4

74.7
2.9
179.3

93.6
6.2
151.5

87.5
5.4
166.6

94.0
3.8
183.2

103.3
4.3
170.8

103.3
4.6
162.9

99.3
6.9
182.5

88.2
2.2
201.3

86.6
2.4
204.9

93.4
6.9
223.6

600.7 629.5 695.0 735.9 637.3
9 Inch[ides datii not shewn sepairately.

594.1

565.9

661.2

769.4

791.5

60.2
41.7
1, 737. 1 1,960.3

North and South America:
Canada
mil $ 6, 660. 8 7, 172. 9
634.3 618.1 615.4
Revised.
d*Number of stocks represents nuiiiber cur rently us ed; the change in
number does not affect continuity of the series.
r




5.0
36.1

SURVEY OF CURRENT BUSINESS

S-22
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

| 1967

Nov.

Annual

January 1969
1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

345.4
18.6
40.3
17.7
26.8
118.3
53.5

436.8
41.3
87.0
24.7
29.7
112.5
60.7

FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America— Continued
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
Exports of U.S. merchandise, total
Excluding military grant -aid
Agricultural products, total
Nonagricultural products, total

mil. $.. 4, 230. 9
244.1
do
575.0
do
256.0
do
287.1
do
1, 180. 0
do
598.0
do
do
do
do
do

By commodity groups and principal commodities:
Food and live animals 9
do
Meats and preparations (incl. poultry).. do
Grains and cereal preparations
do

4, 126. 2
230.3
547.9
248.1
218.0
1, 223. 3
587.5

358.6
20.2
56.5
22.8
15.3
109.0
50.5

362.9
18.5
58.6
24.0
25.2
99.8
50.3

329.9
18.6
46.5
18.3
21.9
94.7
45.8

359.4
16.1
48.4
21.1
23.3
118.8
49.3

358.4
14.6
41.2
32.2
29.1
120.5
47.1

402.3
19.7
61.2
18.1
26.2
111.4
59.4

405.9
22.3
55.0
22.8
29.9
123.6
53.5

378.4
16.7
53.7
23.1
28.9
121.9
48.5

410.7
25.5
64.7
38.3
28.2
111.4
55.4

404.5
21.8
74.6
29.0
26.8
105.7
54.3

410.5
30.7
65.0
32.4
22.8
97.9
63.5

29,883.9 31,142.1 2,764.9 2,840.7 2, 697. 9 2, 695. 1 2, 635. 5 2,947.4 2, 930. 9 2, 697. 2 2, 664. 4 2,802.6 2, 950. 9 2,717.9 3, 150. 5
28,943.5 30,550.2 2,728.7 2,781.5 2,645.1 2, 635. 8 2,600.9 2,908.2 2, 907. 2 2, 647. 5 2,605.4 2, 748. 9 2, 907. 6 2, 669. 3 3, 090. 6
547.5
544.5 523.9
497.6 461.4
609.5
563.6 545.5
489.2
469.7 463.9
6,874.2 6, 383. 3 667.7
465.8
23,009.8 24, 763. 9 2.098.0 2, 277. 4 2,152.4 2, 147. 7 2,091.0 2, 423. 5 2,433.3 2,235.8 2, 198. 6 2, 313. 4 2,481.1 2,253.9 2, 541. 0
4,562. 4
158.9
3, 189. 6

4060.9
151.3
2, 681. 4

409.8
14.8
288.8.

351.1
11.8
237.0

353.4
11.8
246.6

354.0
11.7
246.2

353.8
10.1
249.2

334.9
11.5
225.4

313.9
10.6
183.3

287.6
10.0
176.5

297.0
10.3
183.4

326.0
15.3
197.9

289.5
16.6
167.0

278.2
15.4
150.4

336.3
21.6
200.4

Beverages and tobacco

do

623.7

648.7

70.5

73.7

44.5

52.9

36.9

46.4

52.6

55.7

48.5

73.0

88.1

45.6

82.5

Crude materials inedible exc fuels 9
Cotton raw excl linters and waste
Soybeans exc canned or prepared
Metal ores, concentrates, and scrap

do
do
do
do

3, 070. 4
432.2
759.9
421.6

3, 279. 7
463.8
771.6
519.6

328.2
32.7
112.8
46.6

276.8
38.3
74.3
36.6

284.9
60.9
61.3
35.6

290.5
52.7
53.2
47.4

308.5
49.3
68.6
54.3

313.1
45.8
61.3
57.9

302.6
45.1
57.1
50.5

245.1
33.9
52.5
33.5

271.4
43.4
47.5
36.0

264.6
24.4
47.8
44.5

266.0
30.5
38.4
51.2

280.8
17.9
88.2
39.4

348.6
22.2
132.3
50.6

Mineral fuels lubricants etc 9
Coal and related products
Petroleum and products

do
do
do

975.8
493.0
434.1

1, 104. 1
501.3
538.9

96.1
50.1
41.2

76.1
39.1
31.3

76.5
35.5
30.4

70.5
30.9
33.6

79.0
33.5
39.9

89.6
45.9
38.1

93.3
48.9
39.1

87.0
42.5
38.1

90.3
42.3
41.4

102.3
58.3
39.4

106.5
54.3
46.8

78.2
38.4
34.4

92.4
46.8
39.7

Animal and vegetable oils, fats, waxes

do

356.8

338.0

27.9

19.8

15.5

26.2

24.3

23.2

20.9

29.3

20.1

20.3

25.0

21.1

20.1

C hemicals

do

2,674. 5

2,801.6

244.2

242.6

235.9

238.4

257.8

292.5

287.4

260.2

278.8

304.3

334.8

249.3

272.8

Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals

do
do
do
do

3,433. 5
554.2
557.3
582.4

3, 391. 1
530.9
561.2
516.8

270.7
45.3
42.6
29.2

277.6
48.9
46.0
30.1

262.0
40.4
45.4
29.9

264.9
43.2
40.6
29.2

264.5
39.5
39.6
32.5

319.0
47.9
47.3
40.2

326.3
46.9
46.8
54.0

307.5
40.8
45.0
57.1

298.7
40.1
46.5
56.4

320.7
44.9
47.8
57.8

379.2
51.1
63.3
72.0

313.9
39.1
55.7
55.1

351.2
46.0
65.1
62.4

Machinery

and transport equipment, total
mil. $.- 11, 155. 5

Machinery total 9
Agricultural
Metalworking
Construction, excav. and mining
Electrical

do
do
do
do
do

7,445.8
628.3
337.9
969.1
1, 900. 1

12,574.1 1,080. 4 1,241. 1 1, 160. 6 1, 163. 1 1, 074. 4 1, 273. 8 1, 272. 5 1, 174. 8 1, 118. 6 1, 123. 0 1, 199. 4 1, 179. 4 1, 384. 4
761.8
664.2
703.8
8, 047. 8
705.9 734.3
717.7
669.2
675.3 679.0
785.3 769.8
711.8
692.6
54.3
35.4
51.8
49.8
614.7
45.2
40.3
49.8
47.6
56.8
58.0
53.0
51.5
54.0
24.0
26.2
23.6
28.6
22.0
338.8
31.7
35.5
25.5
39.1
30.9
26.9
26.9
28.9
97.2
98.2
77.6
83.8
1, 038. 0
94.6
91.5
99.4
82.2
80.3
77.3
99.7
95.2
96.6
199.0
196.4
176.6
199.5
2, 098. 2
190.3
178.7
197.4
200.8
193.4
188.1 182.2
173.5
180.8

Transport equipment, total
Motor vehicles and parts

-do
do

3, 709. 7
2,386.3

4, 523. 5
2, 733. 9

416.2
252.0

Miscellaneous manufactured articles

do

1, 844. 2

1, 985. 4

Commodities not classified

do

1, 187. 2

958.8

do
do

25,542.2

26,812.3 2,441.7 2,431.4 2,728.5 2,448.1 2,558.2 2,755.3 2,814.6 2,648.8 2,812.0 2, 739. 1 2,869.3 2,924.1 2, 795. 1
2,381.8 2,525.0 2,609.0 2,601.9 2, 612. 4 2,640.5 2, 751. 9 2,839.3 2,664.4 2,827.3 2, 963. 7 2, 657. 4 2, 818. 3

do
do
do
do

978.8
5,276.4
593.5
7,857.2

905.4
5, 352. 2
581.3
8, 232. 2

62.1
491.8
57.5
797.4

80.5
438.0
59.8
779.3

101.6
504.6
44.4
889.7

96.2
422.8
49.9
818.0

96.5
484.4
54.0
794.1

119.2
548.6
48.2
880.0

100.7
594.2
56.3
902.1

83.4
566.4
62.5
786.1

90.0
636.6
61.2
883.0

80.9
652.7
75.9
892.0

98.8
653.1
67.1
884.9

76.4
630.4
72.3
836.7

83.1
604.1
65.9
863.1

do
do
do

6, 131. 4
1,912.1
2,785.3

7, 105. 0
1,968.2
2, 663. 4

644.0
161.3
220.8

668.3
176.0
228.7

732.2
206.5
255.5

634.4
176.2
250.3

697.9
197.7
233.4

720.5
190.5
246.5

749.9
205.7
205.1

766.4
170.7
212.7

703.2
187.9
249.2

615.7
179.0
242.3

728.6
175.0
260.7

905.8
172.2
229.4

791.4
171.3
215.2

do
do

17.6
249.0

14.9
227.0

1.2
13.2

1.0
23.1

3.7
24.6

.7
17.3

1.6
26.9

2.0
31.5

2.4
23.2

1.9
20.2

3.8
17.9

4.6
17.8

3.3
16.0

2.7
17.6

2.7
17.6

do
do
do
do
do
do
do

398.6
327.0
67.8
176.7
179.0
397.6
2, 962. 6

411.5
297.6
54.8
195.6
181.8
380.5
2,998.7

48.3
27.2
3.9
21.8
14.7
23.6
294.6

46.5
25.0
6.7
18.7
17.1
42.7
221.3

31.2
28.4
5.0
21.0
12.6
26.3
297.6

38.7
23.1
4.3
19.0
11.8
25.6
230.4

37.2
24.7
4.3
18.0
12.7
27.6
293.0

31.0
26.9
5.0
16.9
13.1
39.4
320.1

40.6
22.7
4.2
15.7
16.2
55.5
339.7

44.8
27.3
5.8
18.0
14.4
49.0
315.0

42.2
24.2
6.4
17.4
18.6
43.0
366.6

56.3
26.2
4.5
18.5
12.4
45.2
402.9

42.3
31.1
7.6
30.0
18.5
22.3
379.8

50.2
25.5
4.5
21.0
12.8
30.5
384.2

52.9
27.0
4.9
22.3
14.9
30.5
363.5

do
do
do
do
do
do

697.9
8.2
1, 795. 6
743.0
49.4
1, 786. 1

689.8
5.6
1,955.4
855.6
41.0
1, 709. 8

67.5
.3
205.9
82.9
2.7
158.6

61.7
.3
186.8
83.4
2.9
170.0

71.9
.5
231.5
85.7
9.2
165.2

69.1
.4
217.3
81.4
4.7
149.5

65.7
.2
197.8
83.8
6.8
146.9

76.8
.3
223.9
91.6
4.7
177.0

72.2
.6
246.8
102.3
5.6
178.1

42.7
.3
218 5
87.4
4.3
163.9

81.6
.5
224.8
92.7
4.3
183.1

82.9
.6
242.8
102.8
3.3
188.7

69.6
.6
226.4
86.7
2.3
191.3

61.6
.6
230.3
94.2
7.4
176.9

65.6
.5
231.3
95.4
1.8
157.8

do

6, 124. 9

7, 099. 3

643.5

668.0

732.1

634.1

697.4

720.4

749.9

766.0

702.2

615.3

727. 8

905.5

791.3

333.0
13.9
52.9
12.8
19.6
65.5
81.8

326.0
14.9
53.0
11.7
23.2
73.5
70.0

_

G eneral imports total
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egvpt)
Republic of South Africa *
Asia; Australia and Oceania:
Australia including New Guinea
India __
__
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany.
West Germany
Italy . . . .
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada. _
_
Latin American Republics, total 9
Argentina
__
Brazil _
Chile
...
Colombia
.
Mexico
Venezuela
..
' Revised.
9 Includes data not shown




do
3, 969. 9
do
148.8
do
599.7
do
229.1
do
244.8
do
750.2
do . 1. 002. 4
separately.

3,853.2
140.3
559.0
175. 2
240.4
748.9
981.6

523.8
281.1

485.2
278.3

484.1
259.0

405.2
249.1

488.6
290.3

502.7
299.2

463.0
257.6

426.0
214.9

417.1
198.0

465.2
284.7

475.6
307.1

622.6
353.0

170.5

172.3

169. 5

166.6

170.4

188.2

190.2

168.9

170.2

190.5

181.8

183.5

192.9

66.8

109.6

95.2

68.0

65.9

66.6

71.2

81.0

70.8

78.0

80.5

87.8

69.3

319.8
12.3
57.1
16.0
18.8
64.8
68.8

331.6
10.8
30.7
8.4
20.1
65.9
inn. i

379.7
15.9
48.9
15.7
26.3
72.2
97 3

358.6
15.3
64.1
15.9
21.3
73.8
86.5

358.8
15.6
43.1
18.7
17.2
81.2
95.8

376.9
15.9
62.7
33.8
19.5
83.8
71 n

331.0
17.0
45.8
12.9
18.2
87.6
66.3

312.5
14.5
43.5
13.2
19.4
63.1
68.2

368.7
17.2
65.5
12.6
21.0
73.8
8fi. 3

351.9
9.7
63.3
19.3
30.6
71.8
60.8

367.1
18.3
72.3
22.2
22.0
67.8
76.3

Dec.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

S-23

Nov.

1968
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
General imports— Continued
By commodity groups and principal commodities:
430.8 415.2 379.0 438.2 433 2
4, 530. 5 4, 472. 1 378.5
410.8
Agricultural products, total
mil. $
21,011.7 22, 343. 6 2, 057. 0 2, 020. 2 2,304.4 2,032.9 2, 179. 3 2, 317. 0 2 381 4
Nonagricultural products, total.
..do

455.0 385.7 422.3
386.2 437 5
434 5
2,262.6 2, 374. 5 2,304.6 2, 414. 3 2, 538. 4 2, 372. 8

Food and live animals 9
do
Cocoa or cacao beans
do
Coffee
do
Meats and preparations
do
Sugar
do
Beverages and tobacco
__
_ do _
Crude materials, inedible, exc. fuels 9 _ -do
Metal ores
do
Paper base stocks.
_
do
Textile
fibers
do
Rubber
...
do

3, 947. 5
122.2
1, 067. 3
599.5
501.2
641.7
3, 265. 5
1,019.8
449.3
436.3
180.9

4,003.1
147.2
962.7
645.0
588.4
698.1
2,964.3
973.9
419.3
305.6
174.5

335.0
9.5
82.2
54.9
37.3
73.8
256.3
86.1
38.3
26.2
17.1

357.0
14.4
63.9
58.2
64.3
81.7
254.0
86.0
33.7
28.5
16.6

366.5
21.0
100.1
57.2
25.2
74.2
254.7
70.1
35.3
32.9
16.8

356.9
13.9
110.5
52.9
35.2
64.2
225.3
53.7
35.7
31.6
14.0

333.4
4.3
78.4
51.4
48.4
61.8
257.2
63.2
36.0
30.1
13.3

393.8
15.4
107.6
55.8
55.6
61.5
260.3
65.8
39.5
33.1
13.6

396 1
16 6
87 2
52 7
67 2
55 1
296 3
102 2
39.3
31 0
14 2

353.8
13.0
73 6
66.2
58.6
47.6
280.8
88.2
40.4
25.7
11.9

403.3
10.5
111 7
67 2
62.6
54.4
286.5
88 1
36.8
28 1
17.9

403.1
8.8
110 0
68.7
70.7
80.8
288.9
90.3
36.8
24 1
16.3

408.9
7.5
103.1
83.1
55.8
80.1
302.0
99.4
34.2
28.5
23.4

368.2
6.6
74.5
69.5
60.4
67.2
292.1
85.9
40.4
22.2
14.0

396.8
6.3
95.7
72.5
43.7
61.8
264.3
75.6
37.4
25.2
16.5

Mineral fuels, lubricants, etc
Petroleum and products.. _ _
Animal and vegetable oils and fats
Chemicals

do
do
do
do

2, 262. 0
2, 127. 1
146.2
955.3

2, 248. 0
2,088.1
122.1
957.9

167.8
152.6
12.5
87.2

212.8
199.8
11.4
81.9

237. 5
219.6
13.8
91.5

204.1
187.6
14.7
86.8

220.3
204.4
9.2
96.9

193.9
176.3
11.3
103.0

178 0
162 1
13.4
104 0

202.8
188.2
15.4
82.2

228.5
214.9
17.4
95.2

187.1
174.4
8.5
101.3

220.7
205.8
14.8
95.2

226. 6
212.0
12.7
88.6

195.0
179.1
10.3
94.0

_

do
do
do
do
do

6, 352. 6
1, 305. 0
889.5
1, 551. 8
908.5

6, 384. 2
1, 372. 8
863.7
1,562.3
811.9

628.0
145.6
71.6
167.6
70.8

570.3
121.0
71.3
155.6
66.6

681.5
128.4
72.0
224.6
86.2

610.0
123.8
61.1
198.7
70.2

686.6
145.6
70.9
220.1
74.5

760.2
168.1
79.0
244.5
85.7

719.3
193.2
77.5
162.3
81.6

647.1
176.8
72.9
147.0
74.1

654.2
172.4
72.0
123.4
82.0

708.7
235.3
67.2
126.3
83.5

666.5
189.2
60.5
134.2
90.1

648.5
170.1
75.7
120.9
«81.9

629.3
177.7
69.0
110.7
77.4

Machinery and transport equipment
Machinery, total 9
Metalworking
Electrical

do
do
do
do

4, 822. 8
2,612.9
135.3
1,010.5

5, 793. 5
3,028.8
203.4
1, 139. 8

525.2
275.6
17.6
118.8

562.6
266.0
17.0
95.1

671.4
305.3
17.8
101.7

586.2
263.1
16.1
90.0

577.4
267.2
15.4
99.9

617.8
305.6
20.0
118.9

686.0
301.7
16 2
113.8

665.0
283.6
22.0
111.3

630.6
308.7
14.7
133.2

547.6
309.4
18.3
136.1

663.3
322.9
17.6
140.9

788.4
351.8
17.0
160.4

744.3
325.0
11.3
145.5

2,209.8
1, 617. 7
2, 282. 2
866.4

2, 762. 4
2, 259. 4
2, 576. 2
1, 064. 9

242.9
211.7
247.7
108.2

296.6
257.1
216.6
83.0

366.1
322.3
247.3
90.1

323.1
273.9
213.5
86.3

310.2
256.5
236.9
78.5

312.2
255.6
246.6
106.8

384.4
338.9
262.9
103 3

381.4
327.1
261.2
93.0

321.9
276.8
332.5
109.4

238.2
191.1
315.5
97.7

340.3
302.6
312.2
105.7

436.6
370.9
325.3
106.4

419.4
384.4
291.7
107.4

154
168
109

159
177
111

165
184
112

"165
*182
'111

J>113

178
182
102

185
191
103

200
205
103

213
220
103

224
234
104

185, 978
18, 570

187, 426
18, 636

18,364
1,696

15,602
1,606

14,280
1,520

14, 114
1,547

14,668
1,464

16, 370
1,747

16, 602
1,684

15, 223
1,520

15,864
1,550

16, 922
1,703

17,531
1,790

15,454
1,405

266, 074
17,319

256, 814
17 434

20, 861
1 567

23,312
1,539

22, 856
1,740

19, 597
1,571

22, 416
1 605

19, 965 23, 980
1 756 1,823

24, 363
1 686

24,946 23, 932 26,304
1 845 1 918
1,915

26,042
1,726

Manufactured goods 9
Iron and steel
Newsprint.
Nonferrous metals
Textiles

_

Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Quantity
1957-59—100
Value
do
Unit value
do
General imports:
Quantity
do
Value
do
Unit value
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 $

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total):
ODerating revenues, total 9
mil. $.
3,707
Transport, total 9
do...
3,672
Passenger
do
3.261
Property
do
242
U.S. mail (excl. subsidy)
do
91
Operating expenses (incl. depreciation)...do
3,250
Net income (after taxes)
_do
240
Operating results:
Miles flown (revenue)
_
mil. 1,010.9
Express and freight ton-miles flown. ._ do
1. 081. 7
Mail ton-miles
flown
do
282.4
Passengers originated (revenue)
Ido
81.1
Passenger-miles flown (revenue)
btt
57.1
Express Operations (qtrly.)
Transportation revenues
mil. $
430.8
Express privilege payments
do..]"
111.7
Local Transit Lines
Fares, average cash rate
Passengers carried (revenue)

cents
mil..

21.9
6,671

4,470
4,431
3,936
277
104
4,057
234
1 274.5
1, 285. 9
393.4
99 3
71.3

1,130
1,121

80

5.5

112.0
102.6
41.3

8.4
6.2

7.9
5.7

108.8
126.9

120 5
119.6
45 3
90
64

61

120 4
122 0
43 6
93
67

124 3
136.0
44 5
88
63

95.8
22.2

23.0

23 1

23.2

23.2

23.4

559

546

561

540

568

Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total) :
Number of reporting carriers
.
2 1 203 2 1 203
1,203
Operating revenues, total
mil. $
7,963
8,117
2,169
Expenses, total
do
7 566
7,813
2,078
Freight carried (revenue)
_V.V."mil." tons"
' 477
122
473
••Revised
p Preliminary.
1 For the 3d quarter 1967, payments of $1.4 mil. were
deferred until the 4th quarter 1967.
2 Number of carriers filing complete reports for the year.




80
31
1 163

14
118.6
104.0
41.0

6.4

423.1
103.6
22.7
6 616

71
31

23
117.5
114.3
55.4
86

1 275
1,139

1 116

1,076

109.9
110.2
40.3

1,287

1,164
1 153
1,028

989
73
33

133.7
136.3
43.7
11 1

127.5
134.8
41 1

10 2

130.6
124.7
4.
08
99

7.8

7.6

8.6

6.6

124 7
126.1

41 8

93.8
21.4

93.4
20.2

23 4
568

23.4
584

89

23 7

23.8

23 9

24.3

24.4

24.4

519

514

509

532

574

541

9 Includes data not shown separately.

« Corrected.

Dec.

SURVEY OF CURRENT BUSINESS

S-24
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

| 1967

1968

1967

Nov.

Annual

January 1969

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

164.3

166.4

Oct.

Nov.

Dec.

TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity) — Continued
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly )
average same period, 1957-59=100
Common carriers of general' freight, seas. adj.
1957-59=100 .
Carriers of passengers, class I (qtrly.):
Number of reporting carriers
Operating revenues, total
mil. $
Expenses, total
_
do
Passengers carried (revenue)
mil

161 2

152.8

1
161
643.0
547.6
225 3

168.1

154.4

160.2

156.0

i i6i
663 9
586.0
223 6

156.4

160.1

163.3

165.8

161

162.1

174.3

172.6
163.4

165.4

165.1

171.7

165.3
169.5

165

159.7
145.6
54.6

141.1
139.5
50 8

2 610
2 349

148
110

2 757
2,482
112
2 131
418
207
174

184 8
181 8
1 292
3 105

194.3
191.5
1.296
3,311

Class I Railroads
Financial operations (qtrly.):
Operating revenues total 9
mil. $
Freight
do
Passenger
do
Operating expenses
do
Tax accruals and rents
do
Net railway operating income
do
Net income (after taxes)
do
Opera ting results:
Ton -miles of freight (net), revenue and nonrevenue (qtrly )
bil
Revenue ton -miles
do
Revenue per ton-mile (qtrly avg )
cents
Passengers (revenue) carried 1 mile (Qtrly ) mil
Travel
Hotels:
Average sale per occupied room
dollars
Rooms occupied
"
% of total
Restaurant sales index same mo 1951=100
Foreign travel:
U 8 citizens' Arrivals
thous
Departures
do
Aliens: Arrivals
do
Departures
do
Passports issued and renewed
.
do
National parks, visits
do._ _
Pullman Co. (qtrly.):
Passenger-miles (revenue)
mil
Passenger revenues
mil $
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil. $
Station revenues
do
Tolls, message. _
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating re venues
mil. $
Operating expenses
do
Net operating revenues (before income taxes)
mil $
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before income taxes)
mil. $

906

4 325

2,673
2,375
116
2,069
378
226
< —17

750.5
738 3
1 257
5 17 095

731 6
8 719 4
1 269
15 201

185.7
182.6
1.301
3 566

10.03

10 59

10, 661
9,286

10 366
9 130

544

485

8 122
1,490
1 048

8 203
1 485

677

11.24

9.91

105

2 079
'383

10.73

10.83

10.48

11.64

11.14

11.94

64
129

63
117

63
134

63
125

350
359
204
168
176

371
374
230
185
213

383
391
244
206
235

439
559
269
238
214

2 2, 707
2 2, 173
2394
2140
2107

2

55.6

2' 71.8

258.0

259.5 2 » 74.9

10.63

11.90

11.85

12.31

533
627
327
260
191
9,273

485
809
367
528
352
357
264
311
693
'83
132
9,240 ' 4, 176 ' 2, 725

58
117

72
118

63
122

63
116

61
116

59
110

48
119

3 881
3 759
2,413
2 040
1,548
38,490

4,387
4,334
2,773
2,358
1,686
39,538

292
249
197
172
79

278
298
196
204
75
922

1,969
33 80

1,434
24.57

244

4 64

4.08

13,847
7,090
5,170
8,319
2,488
90.2

3,568
1 822
1,332
2,153
642
90 2

3 634
1 851
1 358
2 156
91 6

3,700
1,872
1,390
2,191
584
92.2

3,796
1,895
1,447
2,275
643
93.6

319.3
275 5

335.0
291.9

84.6
72 6

86.3
74.8

90.7
77.3

89.3
79.7

24 9

24 2

83

6.0

7.5

5.4

121 4
90 4

132 3
101 4

34 8
27 2

35.8
27.1

37.0
27.6

39.0
29.1

27.1

26.2

6 0

7.2

7.9

57
110

4.62

12,905
6 699
4,761
7,713
2,317
86 0

12.03

279

5 02

252.3

8.2

62
115

1,534

56
103

320
322
206
154
128
832

61
116
306
334
169
138
143
1,082

288

1,366

2,112

2,881 ' 6, 388

272

662

67

1,412

75
904

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene
mil cu ft
Ammonia, synthetic anhydrous thous sh tons
Carbon dioxide liquid gas and solid
do
Chlorine gas (100% Clj) '
do
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOs)
do
Oxygen (high purity)
mil cu ft
Phosphoric acid (100% PjOs)
thous sh tons
Sodium carbonate (soda ash), synthetic (58%
NagO)
thous sh tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate anhydrous
thous sh tons
Sodium sulfate anhydrous
thous sh tons
Sulfuric acid (100% H2SO<)
do

16 598 5 14 570
1 230
10 622 4 11 869 6 1 024 7
1 089 0 1 172 8 83 7
666 7
7 205 2 5 7 658 0
1,519 4
1 597 7 139.1
521 7
5 514 4 6 121 8
212 751 5 224 592 20 570
4 548 6 4 764 3
414 3

1 273
955 8
81 6
695 5
146 9
521 5
21 511
455 1

5 089 7 4 827 9
141 5
131 3
7 616 5 7 891 4
623 3
605 3
1 445 1 si 386 6
28 384 9 28 815 2

342 1
364 0
433 5
11 6
10 5
11 6
672 1
666 3
708 8
49 0
38 1
51 4
115 8
110 7
114 4
2 615 8 2 284 3 2 3gQ g

393 9
10.8
681 9
55 4
119 2
2 478 4

1 278
990 6
81 1
661 9
126 7
499 3
20 895
412 5

*• Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
3
Preliminary estimate by Association of American Railroads.
Data cover 5 weeks;
other months, 4 weeks.
< Reflects adjustment of -230 mil. dol. for extraordinary items.
2




1 156
1,219
1,276
1 241 1 292
1 271
973 3 1 062 4 1 082 6 1 163 7 1 028 5 1031 3
107.2
88.0
75 5
69 6
73 1 ' 89 5
688 2
700 1
692 4
701 8
649 8
708 4
141.7
150.3
138.7
132 0
137.8
144 8
595 3
593 0
434 9
470 4
538 9
517 8
21 114 22 099 21 930 21 661 21 265 21,077
435 9
326 2
458 6
381 9
432 6
453 8
349 8
12! 6
727 7
55 2
134 6
2 459 7 2

390 2
399 5
12.7
12 2
723 9
755 4
59 1
57 1
130 5
145 2
447 7 2 541 2

383 7
12.4
727 1
46 0
121 2
2 278 1

1,224 ' 1, 174
932.1 r 949. 0
105.5 r 92.5
702 6 701 2
149.0 ' 149. 9
r
463 3 486 6
18,960 ••18,297
388 2 r406.9

380 0
397 6
12.1
11.3
725 o
729 1
42' 8
47 4
115 0
121 4
2 161 8 2 282 2

r

383 2
11.7
r 736 4
r
47*8
r
121 7
r9 294 6

1,276
943.6
90.1
733 5
156. 2
501 9
19, 255
409.0
410 8
12.4
777 2
61 9
129.0
2 365 8

«Annual total reflects revisions not distributed to the monthly data.
1968, passports are issued for 5 years; no renewals are made.

«Effective Aug. 26,

SURVEY OF CURRENT BUSINESS

January I960
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

S-25
1968

1967

1967
Nov.

Annual

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :d"
Acetic anhydride
Acetvlsalicylic acid (aspirin)
Creosote oil

* 1,596.8 11,556.4
34.1
30.5
i 116. 5
i 114.7

123.4
2.8
9.9

144.0
2.1

133.3
2.6
7 2

136.5
2.6
9.5

140.1
2.9
9.9

123.7
2.7
9.6

103.0
2.2
8.3

107.6
2.4
10.7

141.2
2.3
9.0

142.3
2.1
8.0

142.5
2.6
9.3

137. 1
'3.1
10.5

139.0
3.0
8.8

mil Ib
do
do

141.5
1
121.6
13,712.6

102.8
138.9
3, 686. 2

6.6
14.9
320.6

10.1
12.7
335.1

11.7
13.5
313.8

11.5
10.5
337.6

12.6
13.5
340.4

10.8
9.5
343.6

11.7
13.6
350.5

12.3
12.8
356.3

12.2
13.0
337.3

12.3
13.3
340.6

10.7
14.5
' 332. 4

18.8
364.6

11.8
330.8

do
do
mil. gal__
mil Ib

365. 6
26.0
i 492. 3
i 675. 2

353.8
32.6
i 520. 2
715.3

32.6
30.4
44.6
62.7

30.8
32.6
48.3
66.2

30.8
36.0
45.4
51.0

29.4
36.7
46.5
58.2

34.1
42.1
46.8
59.7

28.8
37.5
49.9
60.8

27.3
32.1
47.5
66.6

26.3
29.3
46.5
65.5

27.5
29.2
48.6
57.1

30.2
28.7
46.1
63.9

28.7
28.4
47.5
59.1

'27.0
'28.1
50.5
66.2

29.0
26.9
49.4
62.5

mil. tax gal
do
do
do

659.6
204.0
570.0
74.7

685.0
218.4
556. 1
79.0

59.5
208.7
44.2
8.4

57.2
218.4
41.6
6.2

56.8
220.0
44.0
6.4

52.2
223.3
43.8
5.0

55.2
223.9
41.8
5.8

57.6
220.7
48.2
7.5

58.2
216.6
48.8
6.9

54.6
215.7
44.7
6.4

59.7
217.4
47.1
6.5

56.5
207.5
49.8
6.6

60.0
201.4
47.0
7.7

70.8
199.5
51.7
9. 1

mil wine gal
do
do

307.3
310.0
3.5

300.1
* 298. 6
4.9

23.8
23.6
4.4

22. 9
22*4
4.9

23.7
22.9
5.7

23.5
23.8
5.3

22.7
24.1
3.9

25.9
25.8
4.0

26.3
27.2
3.1

24.0
23.8
3.4

25.3
25.8
2.9

26.7
26.2
3.3

25.2
25.7
2.7

27.6
27.0
3.4

thous. sh. tons-.
do
do
do

14,219
2, 303
10,018
1,000

15, 294
i 1, 629
11,025
1,119

1,343
128
943
71

1,428
159
947
106

1,419
175
935
91

1,324
121
948
127

1,417
162
1,077
79

1,584
229
1,132
115

1,610
174
1,207
110

1,466
147
1,091
89

1,617
215
1,195
75

1,533
180
1,143
99

1,658
242
1,134
153

1,902
347
1,332
160

1,544
317
1,100
77

154
160
2,382
321

177
168
2,711
218

17
13
328
18

11
9
188
11

18
20
467
16

18
17
378
8

28
31
473
30

46
11
498
16

21
3
223
19

11
1
205
30

11
1
152
25

15
6
111
25

13
5
260
(2)

14
6
275
(2)

12
13
254
2

3,991

4,034

267

259

336

411

607

598

354

281

117

213

329

4,450
624

4,695
726

411
658

398
726

356
697

375
704

405
615

378
500

379
497

310
529

257
567

308
578

'351
••524

••358
'525

332
520

Explosives (industrial), shipments, quarterly:
Black blasting powder
mil Ib
High explosives
do

.5
1,753.1

.4
1, 708. 5

Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
do
Industrial finishes
do

2, 364. 4 2, 348. 2
1,312.4 1, 329. 5
1, 052. 0 1, 018. 7

179.9
94.1
85.8

150.4
76.5
73.9

177.6
89.7
87.9

186.2
100.9
85.3

206.4
114.7
91.6

229 2
135.8
93.3

241.7
141.4
100.3

239.0
139.8
99.2

231.6
140.5
91.1

238.6
141.9
96.6

' 101. 9

231.4
119.7
111.7

i 8, 243
2,704

8,284
1,954

678
2,123

702
1,954

681
1,996

646
2,011

699
2,046

690
2,027

715
2,028

763
2,142

777
2,293

771
2,466

744
2,619

757
2,691

mil. Ib

i 186. 7

U71.9

13.9

14.9

12.3

15.4

15.3

14.2

14.3

14.2

13.3

15.7

16.3

do
polymer
mil Ib
do
do
do

1

666. 1

i 585. 9

47.8

44.0

48.4

49.8

53.9

54.0

55.3

51.1

52.6

54.5

51.4

1334.5
i 470. 0
1,046. 7
i 718. 3

i 289. 9
489.7
i 953. 7
i 645. 4

24.9
42.4
84.2
57.4

27.4
44.9
76.0
52.8

24.8
39.6
82.3
51.9

29.7
45.6
83.1
55.2

28.1
49.1
87.6
60.3

31.0
54.3
83.7
58.3

30.9
51.9
92.3
59.6

21.7
50.6
86.2
55.2

28.6
46.2
72.0
54.1

24.2
47.7
85.2
65.5

25.0
48.9
91.4
68.2

12,384.5 1 2, 365. 4
12,680.0 1 2, 599. 4
13,558.0 3,761.9

213.9
235.4
311.4

208.7
233.2
360.3

193. 4
219.9
344.4

189.8
' 218. 3
343.7

220.2
235.9
334.1

224.2
237.1
351.6

235.6
250.3
370.0

229.3
246.7
363.5

212.3
231.7
362.4

228.1
245.3
381.4

235.7
254.8
383.7

mil Ib
do
mil gal

DDT
Ftbyl acetate (85%^
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
Methanol, synthetic and natural
Phthalic anhvdride

r

ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks end of period
Used for denaturation
Taxable withdrawals
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks end of period
FERTILIZERS
Exports, total 9
Vitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate

do
do
do_
do

Potash deliveries (IMO)
do
Superphosphate and other phosphatic fertilizers
(100%P 2 0 5 ):
Production
thous sh. tons
Stocks end of period
do
MISCELLANEOUS PRODUCTS

Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons__
Stocks (producers'), end of period
do

1
403.9

.1
417.5

2
330.9

.1
428.8

r 229. 5
127.6

PLASTICS AND RESIN MATERIALS
Production:
Cellulose plastic materials

. .

Thermosetting resins:
Alkyd resins
Coumarone-indene and petroleum
resins
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins - _ .

Thermoplastic resins:
Styrene-type materials (polystyrene) mil. Ib
Virivl resins (resin content basis)
do
Polvcthylene
do

1

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr__ 1,249,444 1,314,299 109,818 115,905 121, 305 112, 970 114, 845 109, 234 114, 607 119, 340 127, 472 131, 905 115,832 119,354
Electric utilities, total
By fuels
By waterpower. ..
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower .
r
Revised.
1
2 Revised annual

do
do
do

1,144,350 1,211,749 101,288 107, 340 112, 565 104, 531 105, 887 100, 340 105, 522 110, 645 118,870 123, 001 107, 154 110,288
949, 594 991, 706 82,781 86, 503 92, 325 86, 615 87, 024 81, 341 85, 998 91, 708 99, 841 104, 856 '91,428 93, 636
194, 756 220, 043 18, 508 20, 837 20, 240 17, 915 18, 864 18, 999 19, 524 18, 936 19, 029 18, 146 15, 726 16, 652

do
do

933, 464
210,886

985, 580
226, 169

82, 860
18, 429

87, 361
19, 979

91,866
20, 699

84, 976
19, 555

85, 345
20, 542

80, 976
19, 364

85, 251
20, 271

90, 318
20, 326

do. .
do
do

105, 094
101,912
3, 182

102, 549
99, 203
3,346

8,529
8,259
270

8,565
8,251
314

8,740
8,421
319

8,439
8,155
284

8,957
8,651
306

8, 895
8,578
317

9,084
8,758
327

8,695
8,378
317

total; revisions are not distributed to the monthly data
Less than 500 short tons.

329-153 0 - 6 9 - 5




97, 308 101, 215
21, 582 21, 786

87, 884
19, 270

91,092
19, 196

8,904
8,657
246

8,677
8,457
220

9,066
8,818
248

8,603
8,338
265

cfData are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

S-26

1%7

1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

Annual

January 1969

1967
Nov.

1968
Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers, total (EEI) mil.kw.-hr. 1,038,982 1,107,023
Commercial and industrial:
225, 878 242, 492
Small light and power §
do
465, 077 486, 043
Large light and power §
do

91,635

95, 386 100,952

98, 707

98, 285

94, 620

94, 367

97, 169 102, 330 107, 416 106, 260 100, 515

19, 708
41,307

20.047
41,216

20. 851
41,851

20, 526
41, 380

20. 501
42, 024

20, 029
42, 488

20, 621
43, 488

22, 064
43, 354

24, 174
43, 055

25. 433
44, 195

24,832
44, 166

22, 762
44, 678

4,572
331.525
9. 863
29, 426
3,102

389
26, 513
915
2, 525
278

434
29, 782
962
2,668
277

458
33, 924
960
2, 626
283

432
32,603
901
2,593
273

404
31,603
874
2, 599
280

358
28, 118
815
2, 527
284

351
26, 239
775
2, 586
307

336
27, 676
750
2,685
304

342
30, 995
746
2,693
324

338
33, 570
796
2,769
315

351
32, 967
842
2, 772
331

361
28, 687
903
2, 787
337

Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental

do
do
do
do
do

4.514
306, 572
9,240
25, 922
1,779

Revenue from sales to ultimate customers (Edison
Flectric Institute)
mil $ 16 196 1 17, 222. 7 1,423.4 1,473.0 1,545.5 1,519.0 1, 503. 1 1,454.6 1, 450. 8 1,514.6 1,601.6 1, 670. 7 1,656.3 1,559.8

GAS
Manufactured and mixed gas:
Customers end of period total 9

669
626
43

650
608
40

574
539
35

613
389
224 !
I
53.9
36.5
17.5

323
174
144

163
63
98

29.3
18.1
10.8

14.8
7. 7
7 0

38, 835
35, 692
3,097

38, 962
35. 834
3 082

670
628
41

666
624
41

666
624
41

1 , 386
807
56°

1,437
829
589

404
227
171

127.9
83. 5
43. 1

131.4
84 5
45.3

36.4
23.0
12.9

38, 183
35, 057
3, 082

39, 034
35, 836
3, 152

39, 034
35. 836
3 152

39, 053
35, 842
32.115 ..

127,183
40, 933
80, 592

133, 424
42,811
85,321

34 460
11,120
22, 027

47. 703
20,674 ! . _ _ _ . . .
27.030

Revenue from sales to consumers, total 9 ..mil. $.. 7, 736. 8
4, 108. 2
Residential
do
3, 425. 4
Industrial and commercial
do

8, 124. 4
4, 294. 9
3, 637. 9

2.100.9
1 103.1
946.4

Industrial and commercial
^ales to consumers total 9
Residential

thous
do
mil therms
do

Revenue from sales to consumers, total 9 -mil. $._
T \ t '• 1 • " 1 coir moreial
Natural gas:
Customers, end of period, total 9
T \

t \' 1 ' T ] POI iinproial

Sales to consumers total 9
Residential
Industrial and commercial

do
thous._
do
mil therms
do
do

I

.

3, 169. 0
1. 883. 4
1,285.6 ..

33. 077
! 8,960
|! 22.594

. .
. .!

!

. .

9f, 950
3, 821
21,519

!

|

!

..11,911.7
940.4 i
.| 920.0 |

1
i

i

1 . 339. 9
! .W> 9
787 5 '
I

I

FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
_ mil. bbl__
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total):
Production
mil. tax gal
Consumption, apparent, for beverage purposes
mil. wine gal_.
Taxable withdrawals
mil tax gal
Stocks, end of period
_
_ .- do
Imports
mil. proof gal
Whisky:
Production
mil. tax gal
Taxable withdrawals
- _ _.do
Stocks, end of period
do
Imports
mil. proof gaL.

113.04
104.26
10.57

116. 55
106. 97
10.77

8.37
8.12
11.30

8.47
8.33
10.77

9.05
7.58
11.52

8.57
7.48
11.94

10.10
8.95
12. 36

10.84
9.45
12. 88

11.48
10. 19
13.17

11.37
10.30
13.31

12.30
11.58
13.02

11.37
10 76
12.64

9.86
9.11
12.54

10.10
9.28
12.48

191.14

211.74

20.73

19.94

18.33

16.49

17.63

21.21

25.14

19.32

18.24

14.72

19 36

23.73

308. 92
144 73
880. 56
60.30

324. 81
148. 20
904. 58
68.17

33.94
15.20
899. 16
8.54

37.98
11 05
904. 58
7.42

23.22
10.97
909. 39
4.76

24. 62
10.07
912. 89
5. 00

28. 22
10. 52
917.15
5.17

26. 62
13.95
920. 51
6.20

29.37
12.59
929. 85
6.00

26.48
12.13
934. 29
5.16

25. 96
10 53
939. 76
4.92

27.47
1° 53
938. 82
6 17

27.35
14 29
940. 45
6.80

15 75
943.52
9.23

7.90

128.51
94. 58
835. 46
52. 20

153. 78
97.02
856. 66
59.70

14.83
10.74
853. 74
7.67

12. 76
7.21
856. 60
6.58

13.08
7.19
860. 36
4.22

13.57
6.88
864.53
4.48

14. 36
7.24
868. 98
4.60

16.28
8. 62
873 7~*
5.35

20. 51
7.88
883. 23
5.34

14. 15
6. 97
888.11
4.50

13.85
6.28
893. 66
4.31

9.60
7.63
892. 77
5.37

13 28
9.45
893 39
5.92

17.66
11.07
895. 98
8.13

7.00

101.08
67.14

108. 15
67.20

12.17
7.90

8.63
5.17

8.31
4.70

6.90
4.16

7.60
4.31

10.30
6.30

9.37
5.77

8.91
5.33

8.30
4.92

8.66
4.99

10.43
6 37

12. 85
8.26

8.75
7.40
3.75
1 64

10.18
8.74
4.30
1 92

1.00
1.20
4.46
.28

1.04
1.12
4.30
23

.98
.60
4.62
15

1.07
.56
5.07
13

1.12
.78
5.35
14

1.17
.63
5.82
15

.88
.78
5. 85
.20

.87
.74
5.90
17

.60
.55
5.86
13

1.06
6.08
24

.95
1 06
5.85
18

1.07
1 28
5.54
26

.)-

218. 38
165. 80
265. 11
16.34

217.36
47.77
16.61
174.84
272. 03 285. 85
1
2.24
17. 46

7.93
14.45
272. 03
1.88

3.88
15.11
258. 34
1.37

2.83
14.51
243. 08
1. 27

2.92
18.42
227. 77
1.30

2.94
13.48
214. 48
1.68

3.01
14. 05
203. 34
1.93

2.40
14.39
187. 59
1.41

2.21
11.22
175. 28
1.55

8.88
14.76
166.67
2 24

72 54
14 76
221.09
2. 22

93. 68
18.04
290. 02
1.78

1.54

391.14

361. 34

58.10

19.98

10.50

3.18

3.84

3.99

3.52

3.22

4.66

35.96

125. 32

126.37

. mil. Ib
1,112.0
do
32.3
$ per lb_.
.672

1,222.6
168.6
.675

82.2
186.2
.675

93.0
168.6
.686

107.8
163.5
. 673

100.7
173.0
. 673

108. 6
176.4
.672

113.9
180.1
.673

124.4
199.3
.673

116. 5
225.0
.672

100.1
241.7
.674

81.5
224.6
.677

70.2
196.5
.691

1,855.5 ' 1,910.4 ' 134. 9
1,220.6 ' 1, 277. 1 '80.1

148.0
92.5

149.0
94.8

144.2
94. 3

163.0
105.8

179 9
120.9

199.6
139. 6

197.1
140.1

175.7
123. 1

161.3
109. 6

146.6
94.4

372.9
326.3
») 3

361 0
312. 3
8 7

352.5
304.6
q 1

363 4
315. 0
9 5

393.7
341.6
14 8

420.8
370.1
1° 9

444.5
389.2
9
09

451 3
390.5
93 5

448 5 T 415 5 r 395 6
377.2 ' 346. 4 r 334. 5
9() 0
11 6
10 7

.528

. 522

. 550

.553

.549

.549

.550

Kectifled spirits and wines, production, total
mil. proof gal
Whisky
_
do _
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal
Taxable withdrawals
do
Stocks, end of period _ _ _
_ do ..
Imports
do
Still wines:
Production
_ _
_
do.
Taxable withdrawals
do
Stocks, end of period- __
do __
Imports.
_ _ _ _ .. _
_. do
Distilling materials produced at wineries__.do
DAIRY PRODUCTS
Butter, creamery:
Production (factory)..
__
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), total
American, whole milk _ _

mil. lb__
do

Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ perlb.-

372.7
322.2
135 5

390 3
344.0
t 151 g

401 8
354.3
9 3

390.3
344.0
13 9

.527

.521

.518

.529

.530 1

r
Revised.
i Annual total reflects revisions not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one classi-




fication to another.

.551

9 Includes data not shown separately.

r

77.7
161.9
.686

77.8
'137.4
.680

147.1
90.4

137.0
81.1

.562

.565

117.3
.690

374 4
315. 0

SURVEY OF CURRENT BUSINESS

January 1060
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1968

1967

1967

1966

S-27

|
Annual

Nov.

Dec.

Feb.

Jan.

Mar.

Apr.

May

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production, case goods:

7 7
91.0

3.3

7.4

8.7

8.0

6.7

9.3

8.6

86.2

85.6

96.4

125.4

146.7

138.4

138. 0

8.1

6.9

8.3

6.9

101.5

91.0

128 6
1, 709. 2

1,493.2

11.6
192 9

5.8

8.9

5.8

5.4

6.4

2.6

219 2

190 2

142 2

104.0

8.2

190 2

78.1

58.6

106.2

149.1

178.9

192.8

189.0

160.6

124. 4

92.9
38.4

28.6
33.8

1.0
2.5

6.0
2.6

9
3.3

1.5
2.3

2.7
2.5

4.7
3.9

1.3
2.5

2.4
1.7

6.5
3.2

6.0
1.7

2.7
2.8

6.1
3.1

1.5
2.7

6 73

7 05

7 06

7.06

7 06

7.06

7.07

7 09

7 29

7.33

7. 35

7.36

7.36

7.36

7.36

- ..mil. l b _ _ 119,892
56, 398
do
4.82
$ per 100 lb._

119,294

8,814
3,808
5.35

9, 299
4,126
5.29

9.608
4, 628
5.27

9,249
4,574
5.20

10, 269
5,103
5.08

10, 460
5, 576
5.03

11,283
6,147
4.99

10,937
6,038
4.90

10, 208
5, 567
5.06

9,567
4, 929
5. 24

9,058
4, 120
5.46

9,159
4,119
5.62

8,793
3,818
'5.68

5. 7
97.4

6.0
118.9

6.5
128.0

5.7
128.8

6.4
145. 5

7.1
169. 8

9.6
189.2

10.0
188.2

5.2
152. 1

4.6
120.3

4.9
91.0

6.1
91.0

5.1
90.9

11.5
145.9

11.1
139. 9

10.1
128. 4

8.4

9.1

107.4

90.1

76.0

Stocks, manufacturers', case goods, end of period:
Exports:
Price, manufacturers' average selling:
Fluid milk:
Production on farms
, _ __
T'tilization in mfd. dairy products
Price, wholesale, U.S. average
Dry milk:
Production:
Dry whole milk

64 4

58, 587
5.01

5 7
83.7

8?

4.0

4.7

134.5

3.0

107.5

5.7

2.6

3.0

mil. Ib

94.4
1, 579. 7

do

6.9
118.2

6.1

6.6

6.1

7.6

9.1

99.9

98.7

84.6

79. 3

6.3

98.7

76.8

89.6

118.0

16.4
170.3

12.8
140.9

1.1
3.5

1.1
2.5

I.I
4.1

6.2

1.5
6.7

1.1
4.3

1.4

1.1

26.4

12.3

10.2

20.8

22.8

6.6
8.1

.199

.199

.198

.198

.198

.199

.227

.231

.231

.231

.232

.234

.235

.233

1 590 3 1,245.4

152 5

121 2

116 7

122.8

122.3

109.6

86.2

92.2

99.1

114.4

86.2

84.8

5. 62

13.7

.182

9,220

108.3

Stocks, manufacturers', end of period:
Drv whole milk

Exports:
Dry whole milk
do
Nonfat drv milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per lb_.

74.3

1,674.8

6.6

6.6

1.3

1.7

7.9
1.1

GRAIN AND GRAIN PRODUCTS

Barley:
HI
O f

(
l

[ tvi u< ; _
''
'

-.
---

Prices, wholesale (Minneapolis):
No 2, malting
No. 3, straight

..
Ho

i 303 9 ^372 9
301.6
294 4
182.9
179 1
118.7
115 2
40.2
63.6

4.0

.3

11

4.8

2.9

.8

.8

.5

1.1

1.8

.4

.7

2.4

1.30
1.29

1.25
1.24

1.20
1.20

1.23
1.24

1.24
1.25

1.23
1.23

1.24
1.23

1.24
1.25

1. 19
1.18

1.06
1.07

1.04
1.05

1.19
1.20

1.19
1.18

1.17
1.15

4, 760
207.2

17 1

15 9

18 2

17.9

18.3

18.3

1.35
1.33

$ per bu
do

Corn:

14 117
203 6

rl

2

301 6
182 9
118. 7

216. 9
127. 7
89. 3

445. 8
295. 6
150.2

3136. 8
3
70. 6
3
66. 1

3 169
2, 362

2 151
1 621

4 217
3 353

515.3

76 3

61.7

51 8

48.1

54.9

41.9

42. 1

42.7

46.7

._
60.7

1.34
1.31

1.27
1.25

1.06
1.07

1.11
1. 09

1.10
1.09

1.12
1.10

1.14
1.14

1.13
1.11

,.,7
1.14

1.13
1.15

1.10
1.10

1.06
1.06

Prices, wholesale:
No. 3, yellow (Chicago)
_ .__ $ per bu
Weighted avg., 5 markets, all grades
do
Oats:

Off farms
Exports, including oatmeal
Price, wholesale, No. 2, white (Chicago)

do

Rye:
Production (crop estimate)
mil bu
Stocks (domestic) end of period
do
Price, wholesale, No. 2 (Minneapolis) ..$ per bu__

Stocks (domestic), end of period total
On farms
OfT farms _

rl

mil bu
do
do
do
do
do
do

85 0

864

648
543
104

9.4

.1

4

r l

.6

31,146
3
765
3380
50.2

40.8

54.1

1.06
1.03

1.06
1.08

1.13
1.14

1.14
1.13

3
3

""

930
776
154 _. . _ - .

6

„

1.4

1.0

.5

9

1.6

.83

2.0

.79

.81

.82

.74

.67

.60

.63

.58

187
135

194
224

213
167

206
188

122
119

83
63

91
80

54
28

170
76

371
69

.7

1.0
71
2 105 3

81
43

59
62
254

260

1S5

179

142

106

88

69

79

110

286

317

592

384
408

338
451

511
485

235
424

141
434

62
410

88
299

126
248

1,182

1,732

1,584

481

749
519

1,875

1,671

1, 545

417
300
090

272
235

784
169

1,547

2,122

2,119

.090

.087

.081

18. 0
1.12

1.10

1. 09

31.9
1.12

317

254

5 880
3 962

6, 675
T
4, 544

1,758
2 978
083

1,875
4.066
.085

2,003
337
085

i 27 8
28 4
1.20

' ! 24 2
27 7
1.19

1.14

i 1 312
i <>4q

r ! 1,522
T

1 049

r

475

55! >
085

1,236

988
469

644
406

085

.088

.090

.090

.090

27 7
1.13

1.17

1.18

23 2
1.17

1.13

1.14

343

295

481

3

305

372

342

209

336

2 23 2

1.17

1.17

1.20
2 1 570
2 340
2 i 2'>9

!316

i i 062 ' 1 1 207
1 365
1 600

1 209

930

115
58

.9

.

270
204
3
66

89. 4

347

837
360
477
and wheat; Oct. for corn).
of 100 Ibs.

446

299 '

373

1,209

505
505
409
704
704
641
r
2
3
Revised.
' Crop estimate for the year.
December 1 estimate of 1968 crop.
Old
crop only; new crop not reported until beginning of new crop year (July for barley, oats, rye,




531

442
358
84

.80

74

. 75

1,913
1.403

1,536
920

807

4,375

2

789

648
543
104

4 77
1

4 217
3 353

864

30.2

do

Rice:
Production (crop estimate)
mil bags 9
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, Nato No 2 (N O )
$ per Ib

Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution _

i 801
662
557
105

1.14
1.14
2

3 677
2 899
779
616 6

418 2

i

3
537
3
228
3

.

... .

309 i

4

Average for 11 months.

1,690
744 !
946 i .

|
I

§ Excludes pearl barley.

i
1
9 Rigs

January 1969

SURVEY OF CURRENT BUSINESS

S-28
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

Nov.

1968
Dec.

Jan.

Feb.

Mar.

May

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total, including
Wheat only

flour

mil. bu
do

Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu__
No. 2, hd. and dk. hd. winter (Kans. City). do
Weighted avg., 6 markets, all grades. _ ..do
Wheat flour:
Production:
Flour
thotis sacks (100 Ib )
Offal
thous sh tons
Grindings of wheat
thous 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

875.7
820.8

675.6
637.1

71.5
68.9

59.1
55.2

63.1
58.7

69.1
65.4

63.4
59.1

64.8
58.0

42.2
39.1

48.3
45.6

51.1
48.0

50.2
46.5

30.4
25.2

42.6
37.9

50.7
44.0

1.97
1.81
1.88

1.92
1.68
1.88

1.91
1.59
1.86

1.85
1.58
1.86

1.86
1.62
1.87

1.85
1.63
1.85

1.87
1.61
1.84

1.84
1.57
1.83

1.81
1.55
1.78

1.77
1.48
1.70

1.74
1.42
1.62

1.68
1.41
1.62

1.72
1.42
1.73

1.79
1.49
1.83

1.79
1.54
1.83

253, 000
4 619
568 672

245, 240
4 423
549 801

21 046

20, 731

21, 543

20,379

21, 873

20,025

19,985

19 687

20, 422

21,873

21, 533

r

46, 503

48, 368

45,637

49, 019

44,492

44,374

44 119

45, 852

48,950

48, 042

f

23, 506
'411
53, 606

22, 067

47 016

4,180
23, 540

4,372
16, 535

1,115

4,372
1,712

1, 903

1,568

4,348
1,842

2,930

1,300

4,262
1,144

1,304

1,551

4,517
2,229

2,020

2,903

6 365
5 994

6 194
5 631

5 925
5 433

5 913
5 383

5.938
5 433

6 020
5 500

6.020
5 450

6 210
5 938

5.888
5 350

5.775
5 267

5.775
5 350

5.788
5.288

5.913
5 375

4 002
357
2,254
27 780
' 12 585 T 1 252
7 §59
1 287

323

365

2,214

2,493
1,045

378

371

387

366

390

355

351

352

369

391

379

1.72
1.50
1.78

383

49, 082

LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous animals
Cattle
do
Receipts at 28 public markets
do
Shipments feeder to 8 corn-belt States
do
Prices, wholesale:
Beef steers (Chicago)
$ per 100 lb._
Steers, stocker and feeder (Kansas C i t y ) _ _ d o
Calves, vealers (Xatl Stockyards 111 ) do
Flogs:
Slaughter (federally inspected) thous animals
Receipts a t 2 8 public markets, _ _ _ _ _ _ _ d o _ _
Prices:
Wholesale, average, all grades (Chicago)
$per 1001b__
Hog- corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
Sheep and lambs:
Slaughter (federally inspected) thous animals
Receipts at 28 public markets
do
Shipments feeder to 8 corn-belt States
do
Price, wholesale, lambs, average (Chicago)
$per 1001b__

4 432
27, 319
13, 134
8 056

966
668

302

342

332

2 258

2,241

2,286

523

850
401

302

2,541

847
472

883
384

740
386

257
2,367

794
291

344

311

323

373

2,609
1,015

2.468

2,540
1,123
1 153

2,813
1,381
1 488

2,416
1,077
1,206

921

468

957
708

288

26.17
25.41
32 38

25.97
24.73
39 38

26.46
23.90
39 00

26.38
23.68
33 00

26.68
23.89
34 00

27.19
25. 68
35 50

27.67
26.09
38 50

27.38
26.43
35 50

27.02
26.80
34 00

26.83
26.51
33 50

27.56
26.54
32 00

27.92
25.84
32.00

28.24
25.33
32.00

28.22
25.33

28.38
26.01

28.83
26.39

63 729
15, 175

70 915
• 16 263

6 431
1,531

6 100
1,396

6 496
1,445

5 697
1,288

6 238
1 323

6 483
1,431

6 407
1,355

5 125
1,130

5,454
1,221

5,942
1,186

6 348
1,319

7,404
1,612

6,571
1,388

1,410

22.61

18.95

17.22

16.79

17.73

18.86

19. 37

18.56

18.37

19.58

20.50

19.35

19.49

18.19

17.56

17.87

'16 2

16.9

17 8

17 5

17 5

16.7

18.0

20 0

19.3

19.3

18.6

16.8

17.0

210
25.00

18.5

16 3

r

17 6

11 553
3,901
1 988

11 516
3 619
1 449

899
323
150

869
248
92

1 050

840
190
78

796
178
75

865
200
61

920
241
114

856
245
83

928
266
74

930
233
122

973
300
181

1 068

276
96

376
301

835
243
130

25.00

23.48

22.50

22.00

23.00

24.75

26.00

26.50

29.50

29.00

26.25

25.25

25.25

25.62

26.12

29 291

31 110

2 646

2 582

9 816

9 494

9 5$!

2 690

9 855

2 482

2 661

2 738

2 738

3 132

2, 770

621
480

644
484

644
36
120

651
38
198

635
37
117

618
32
109

662
37
123

674
34
109

615
32
150

548
34
151

508
45
148

517
55
171

'572

'614

625

1 381'

1 554

1 434

1 587

1 464
'207

1 599

1 608

1 536

287
3
87

1 414

i 406

286
3
76

1 714
'273

1 489
'304

306

MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil Ib
Stocks (excluding lard), cold storage, end of
period.mil Ib
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, inspected slaughter
do
Stocks, cold storage, end of period .
. do
Exports
do
Imports _
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (New York)
$ per lb-_
Lamb and mutton:
Production, inspected slaughter
mil Ib
Stocks, cold storage, end of period"
do
Pork (including lard), production, inspected
slaughter
_
mil Ib
Pork (excluding lard) :
Production, inspected slaughter
do
Stocks, cold storage, end of period
do
Exports
do
Imports
_
do
Prices, wholesale:
Hams, smoked, composite... ...
$perlb
Fresh loins, 8-12 Ib. average (New York) . _ d o _ _ _
Lard:
Production, inspected slaughter
mil Ib
Stocks, dry and cold storage, end of period do
Exports
"do
Price, wholesale, refined (Chicago)
$ per Ib

1 318

1 397

638
46
123

16 710

17 254

1 384

317
32
895

.442
581

17

i 967

279
3
88

.451

.460

286
34

574

15

15

45

.464
54

15

15

I9 000

13 281

1 217

1 156

1 208

9 662
234
55

10 751
286
56

987

944

993

279
5

286
5

288
4

23

32

27

.587
.569

544

546

.515

.465

.472

1 695

1 835

168

154

298

100
158
152

307

151
189
196

POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil Ib
8 786
9 218
Stocks, cold storage (frozen), end of period, total
436
mil. l b _ _
540
Turkeys
do
267
367
Price, in Georgia producing area, live broilers
.145
$ per lb._
.122
r
Revised.
i Annual total reflects revisions not distributed to the monthly dat-.i.




45

.460

573

120
27
113

151
8
116

884

517

.515
157

164

964
2
78

234

.474
44

13

1 036

849
291
3

97

9

9

70

84

203
3
69

.469

.469

.475

42

44

46

12

12

1 211

1 222

929

985

986

306
3

355
3

°9

28

13

1 134

504

531

.533

.492

136
9

224

148

517

388
3

99

516

2
105

222
2
113

240
3
113

.472

.477

.477

47

249
2
129

.477

48
147

2
111

62
144

3

107

.466

.471

53

42

.484

45

45

12

12

11

977

1 024

1 084

1 154

1 365

1 239

786

830

881

943

326
3

245
4

197
11

197
11

1 114
222
14

232

29

27

24

30

24

1 014
'209
18

545

.481

.484

41

12

12

522

544

.550

.569

.515

.543
.539

.484

110

140

146

154

121
10
108

105
16
105

94
16
105

182

.472

.475

164

17°
13')

8
110

130
12
104

89
14

'15

15

25

78
20

114

14
97
114

741

687

566

589

620

706

671

805

880

858

984

795

606
429

540
367

525
361

458
310

400
9
68

351
995

312
194

296
185

332
9
26

413
305

492
386

607
'504

'486
'386

421
323

.105

.110

.125

. 135

.135

.135

.135

.140

. 145

.140

. 135

.115

.120

. 125

121
13
116

132
16
115

January 1969

SURVEY OF CUKEENT BUSINESS

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1957
edition of BUSINESS STATISTICS

1966

1968

1967

| 1967

Annual

S-29

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS-Continued
Eggs:
Production on farms
mil. casesGL.
Stocks ,cold storage, end of period:
Shell
thous. casesO
Frozen
mil. lb__
Price, wholesale, extras, large (delivered; Chicago)
$ per doz

184.7

194.9

15.9

16.6

16.6

15.7

17.1

16.6

17.7

15.9

16.1

15.7

15.1

15.8

15.4

15.9

82
81

102
86

191
95

287
108

262
110

229
109

150
102

'172
'92

'91
82

66
72

27
36

86
89

150
96

86
89

75
85

77
80

401

298

.298

.315

1.325

.294

.316

.303

.287

.332

.369

.390

.501

.399

.437

Cocoa (cacao) beans:
Imports (incl. shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per lb._

319 3
.246

282 6
.288

17 8
.316

26 1
.310

35 g
.315

24.5
.300

7.7
.300

25.7
.313

27.9
.296

21.8
.289

18.6
.291

15.3
.300

12.9
'363

10.8
.394

10.0
.465

.498

Coffee (green) :
Inventories (roasters', Importers', dealers'), end
of period
thous bagsd"
Roastings (green weight) _
do

3 141
21 300

2 311
21 291

Imports, total
_
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N. ¥.)--$ per lb__
Confectionery, manufacturers' sales
mil $

22 056
6 726
.414
1 543

21 312
6 069
.384
r i 645

1 845
637
.375

1 424
316
.373
r 134

2 202
631
.373
r
148

2,461
956
.375
'150

1,755
510
.375
r
142

271

253

248

253

227

201

174

4 045
6 250
1,911

4 103
6 391
1,958

1 090
327
117

978
339
99

551
2 128
24

172
302
129

do
do
do

10 444
10 299
2 598

10 516
10 245
2 870

829
818
2 217

848
827
2 870

763
748
2 891

sh tons

3 006

1 468

106

27

thous sh tons
do
do

4 198
1 039
38

4 584
1 134
97

287
29
1

.073

.074

MISCELLANEOUS FOOD PRODUCTS

Fish:
Stocks, cold storage, end of period

_mll. lb_.

Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous sh tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
... do
Deliveries, total 9
For domestic consumption
Stocks, raw and ref , end of period
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total

_

Price s (New York):
Raw, wholesale
Refined:
Retail (incl N E New Jersey)
Wholesale (excl excise tax)
Tea, imports

$ per Ib

.070

2

2 311
5 592

r 171

3,286
4,954

2,568
5,687

5, 205
4,921

1,956
559
.380
'113

1,641
567
.378
'106

2,481
726
.378
'97

2,397
773
.378
'127

2,322
839
.375
'194

1.687
552
.378
190

2,132
740
.378

.375

176

181

188

235

258

275

'288

'287

284

202
146
142

115
154
152

105
218
199

65
418
170

72
714
184

90
788
184

158
532
92

793
570
215

439
128

752
738
2,719

841
825
2 603

834
821
2 523

943
931
2,323

952
940
2 092

1,028
1,008
1,817

1,029
1,117
1,102
1,013
1,249 ' 1, 723

932
921
p 2, 466

85

285

51

120

89

65

94

165

120

62

113

434
138
51

201
13
4

282
32
5

373
64
2

440
109
3

494
174
26

457
253
8

475
104
2

541
161
4

444
9
2

452
33
1

290
32
48

.073

.074

.074

.074

.074

.075

.076

.076

.076

.076

.077

.076

613
099

.614
099

.615
099

.622
102

.624
.103

.635
.102

.635
.102

.636

.638

14, 766

12, 279

2,398
766
.375
' 126

$ per 5 Ib
$ per Ib

620
096

3 620
099

617
100

618
099

608
099

.614
100

thous Ib

132 996

142 583

10 144

13 857

10 910

10 121

13 500

13 121

15 800

13 734

11,440

16, 354

3 189 5
118.6

3 225 7
139.2

294 2
123 4

268 2
139 2

264 2
141 5

267.6
128.9

271 8
124.2

258 4
130.7

273.6
133.8

258 4
130.3

238.9
124.3

297.7
136.2

292.4 '317.0
125.4 ' 134. 7

2 946 8
83.4

2 922 1
92.8

229 5
67 6

232 5
92 8

246 5
73.0

258.4
100.5

247.8
80.8

239.1
76.0

271.2
79.7

291.5
83.1

230.1
69.6

245.0
73.2

239.4 ' 261. 5 231.5
75.5
69. 7
64.9

2 109.7
53 2

2 114. 1
59 9

176 8
53 3

189 3
59 9

203.3
58 8

192.7
62.1

177.5
65.3

170.8
62 3

161.5
58.0

160.9
62.2

162.3
52.6

168.0
52.8

168.0 '199.7
50.1 '56.3

266

257

oec

occ

256

256

256

256

256

256

256

256

256

566 7
516.1
50 9

577 8
525.1
73 2

45 7
44.4
69 7

46 0
39.7
73 2

46 3
38.6
81 6

46 5
43.0
81 5

46 0
42.9
84 9

41 0
42.8
76 0

49 5
42.5
72 5

44 4
40.6
69 g

41.8
40.5
59.6

44 9
53.2
47.5

44.5
47.2
39.3

4 466 9
2, 439. 6
447.4

4 753 0
2, 401. 6
424.6

395 7
192 2
441 9

394 0
188.9
424 6

415 0
205.3
489.2

381.9
189.9
439.5

387.5
209.1
438.1

379 4
198.7
428 1

426.1
225.3
440.1

398.1
214.1
407.1

398.5
205.0
420.3

397.5
210.1
400.0

390.2 '431.9
211.7 ' 223. 0
376.9 ' 386. 7

389.3
200.5
383.1

164.1
72 1
158.5

118.4
73 0
146.3

11 6
5 7
168.1

5.9
62
146.3

.9
60
144.4

.6
61
119.2

1.1
62
110.5

4.0
6 3
113. 1

10.8
65
119.7

21.0
57
145.8

36.2
65
163.0

30.9
55
177.8

26.3 '20.4
5.2
58
188.3 ' 178. 8

12.2
5.6
159.3

20.9

18.8

37.7

30.9

34.9

64.7
114.4
20.3

39.9
48. 2
68.9
95. 9
16.9

41.1

56.6
142.8
59.6

67.9
108.8
34.2

57.8
129.0
35.7

54.2
145.2
40.5

61.1
152.8
16.1

.076

Baking or frying fats (incl. shortening) :
Production
mil Ib
Stocks, end of period© ._
do
Salad or cooking oils:
Production
do
Stocks, end of period© _ _
do
Margarine:
Production
do
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or

303.6
123.3

180.3
46.4

FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats:A
Tallow, edible:
Production (Quantities rendered)
mil Ib
Consumption in end products
" do
Stocks end. of period 1
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do
Consumption in end products
do
Stocks, end of period t
do
Fish and marine mammal oils:
Production
do
Stocks, end of period t

do

Vegetable oils and related products:
Coconut oil:
32.3
363.1 2 350. 5
34.6
35.5
Production: Crude
mil. lb_.
52. 2
565. 1
569.6
35. 5
42.7
Refined
do
783.4
749.1
61.1
61.4
53.1
Consumption in end products
do
147.5
133.6
223.9
100.5
133.6
Stocks, crude and ref., end of period 1f
do
115.8
498.2 2 523. 0
35.2
16.2
Imports
do
Corn oil:
35.1
444.0
33.8
446.6
35.5
Production: Crude
do
36.4
418.1
35.1
32.7
397.6
Refined
do
35.7
35.6
421.5
34.2
388.0
Consumption in end products
do
36.5
37.7
41.3
37.7
53.5
Stocks, crude and ref., end of period IF
do
' Revised.
r> Preliminary.
1
Beginning January 1968, data are not comparable with those for earlier periods; prices are
based on minimum 80 percent A quality (instead of 60-79.9 percent as formerly). 2 Annual
3
total reflects revisions not distributed to the monthly data.
Beginning July 1967, prices
based on 1967 benchmark; 1967 average is for July-Dec, period. July 1967 price on old basis,
$0.631.




'48.1
'45.1
'40.9

45.7
46.5
43. 2

41.6
27.5
' 48 1 44 5
61.6
57.2 '65.6
172.3
130.2 ' 132. 9
17.5
41.0
30.7
34.0
44 1

39.7
34.4 '41.4
33.4
36.6
38.8
40.7
37.6
38.5
39.0
36.8
35.2
38.3
31.9
33.6
37.8
35.5
36.5
34.3
35.2
40.2
39.5
33.5 '40.9
37.4
36.5
36.2
30.6
37.3
35.6
40.0
39.7
41.1
51.2
49.2
43.5
34.1
39.8
50.1
44.9
OCases of 30 dozen. tfBags of 132.276 Ib.
§ Monthly data reflect cumulative revisions
for prior periods.
9Includes data not shown separately; see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.

SURVEY OF CURRENT BUSINESS

S-30
Unless otherwise stated, statistics through 1966 '
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
;

1967

1967
Nov.

Annual

January 1969
1968

Doc.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued

!

FATS, OILS, AND RELATED
PRODUCTS— Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
Production
thous sh tons
Stocks (at oil mills) end of period
do
Cottonseed oil:
Production: Crude _ _
... mil. l b _
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period
mil. lh.._
Exports (crude and refined)
...do
Price, wholesale (drums; N.Y.)
_$ per l b . _
Linseed oil:
Production crude (raw)
mil Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. Ib
Soybean cake and meal:
Production
thous. sh. tons.
Stocks (at oil mills), end of period
do
Soybean oil:
Production: Crude
.__ _
mil. l b . _
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. lb_
Export^ (crude and refined)
do
Price, wholesale (refined; N.Y.)
$ per lb..-

2,381.4
94.2

1,564. 7
146.7

229. 0
137.1

196.8
146.7

198.0
161.8

161.6
168.1

140. 2
170.6

107.8
192.4

73.8
200.5

47.8
188.9

39.1
158.0

33.5
127. 4

54.5
107.6

' 231 .5
-130.7

240.3
145.4

1, 674. 6
1, 506. 4
1,258.1

1,108.3
1, 050. 8
997. 0

167. 1
111.6
87.4

140.8
123.7
85.1

143.8
136. 6
85.7

114.1
106.5
82.6

99.1
115.7
81.5

76.1
77.7
81.0

52.6
71.4
91.0

35.5
50.3
87.1

27.4
34.4
62.4

22. 9
29.' 4
63.0

39.6
30.0
59.2

'162.6
'99.3
' 76.9

167.8
122.8

381.8
184.0
.178

252. 1
i 72.1
2 . 154

228. 6
4.7

252. 1
3.4
.148

313.7
4.5
.148

328. 2
2.0
.154

324.7
3.6
.158

311.7
8.4
.160

262.9
. 185

201. 4
5.4
.183

158. 3
7.4
.184

118.7
.8
.193

98. 7
3.3
.175

r 153. 2
3.9

216. 7
12.0

454. 2
234. 7

370. 6
213. 3

35.9
13.9

24.3
12.1

27.6
14.6

28.5
17.9

25. 8
15.0

23.4
17.3

24.3
17.9

23.2
18.3

9.9
17.2

22.0
17.3

31.6
16.8

'49.7
17.3

41 .2
14.1

208. 4
.128

213.3
.129

222. 6
.132

213.3
.132

O9') 7

7l32

223. 0
.132

219. 3
.132

216. 2
.132

205. 0
.132

200. 9
.132

179. 2
.132

163. 6
.126

162.2
.119

164.7

168.0

12, 614. 4
120. 0

13,359.2
199. 8

1.218.4
168. 0

1,181.9
199. 8

1,191.7
142. 7

1,132.6
158.5

1.124.1
196. 3

1,028.9 1, 128. 2
150.8
123.8

1,098.9
151. 6

5,811.2
5,152.0
5, 210. 2

6,149.9
5, 072. 8
5, 207. 5

535. 3
414.8
436. 2

525. 7
442.6
432.7

526. 2
429. 1
457.1

510. 4
457.7
450.8

510. 9
431. 9
448.5

472.8
424. 2
428.0

520.5
447. 1
448.1

507. 5
425. 2
457.0

507. 6
392. 6
413.3

477.6
427. 1
444. 9

408.6
444.4
457. 0

510.9
684.8
.140

655.1
i 912.3
.120

570.1
114.3
.109

655. 1
40.1
. 110

688.4
30.3
.108

695. 0
68.4
. 132

711.5
80. 9
.115

747.0
41.4
.106

745. 6
48.0
.107

705.0
119.2
.098

743.2
46.2
.092

695. 7
29.7
.092

539.9
124. 2
.093

0

1,102.1 1,022.7
136.0
100.5

228. 1
134.6

893.4 '1,257.3 1,281.4 1, 207. 1
95.4
111.5
112.6
147.8

r 578 .8
' 446. 7
496. 0

587.5
439. 6
446.1

' 531. 4
67.2

570.0
56.4

r

TOBACCO
Leaf:

3
1,888 '3 1,968
Stocks, dealers' and manufacturers' end of period
5, 486
5, 353
mil. lb_.
Exports. incl. scrap and sterns
thous. Ib... 551,162 571, 559
179, 336 1197,109
Imports, incl. scrap and stems
do

Manufactured:
Consumption (withdrawals) :
Cigarettes (small):
Tax-exempt
Taxable

millions . 46, 112
522, 532
do
7, 075
23, 453
millions

Exports cigarettes

48, 971
527, 798
6, 846
23, 652

4

5,486
66," 834 ~ 68, 822
17, 520 13, X92

4,148
42, 529
609
1,824

3.902
36, 593
411
2, 049

44. 296
hi, 337

44, 792
22, 179

5,312
28, 806
20, 361

3, 485 I 4. 040
4,144
40. 982 1 46,362 ! 41,839
;
531
536
557
1, 59';)
1,940 ! 1, 490

T

63, 939
18,335

4,937
73, 366
16, 656

38, 781
18, 990

4,788
44, 093
532
1,810

5, 243
48, 947
616
3,088

5,470
44, 159
558
3, 329

4,478
50, 083
682
1, 579

43, 727
16, 680

4, 858
45, 614
17, 824

43, 696
18, 427

3, 954
4, 923
40,015 ! 47,305
569 |
641
2, 298
2, 244

4, 659
43, 407
535
2,455

36, 934
22, 830

1

71,322
13,874

2, 089

;

LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
.
. ._ thous. $
Calf and kip skins
thous. skins _
Cattle hides
thous. hides.
Imports:
Value total 9
Sheep and lamb skins
Cf oat and kid skins

thous $
thous pieces
do

Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy, 9H/15 Ib
Ilides steer heavy native over 53 Ib

$ per lh._
do

155, 623
2, 582
14, 307

127, 893
2,626
11, 987

10, 783
233
1,131

8, 476
217
837

15, 701
208
797

9, 723
211
983

4,850
177
1,043

9, 644
289
902

10, 152
238
1, 022

9,281
212
1,018

8,753
190
816

11, 724
111
1,302

10, 937
130
1,180

13, 737
163
1,235

13, 456
158
1,185

88, 995
36, 998
10, 331

61, 200
36, 044
7, 109

4,400
1,804
488

4,500
3,174
391

6,600
2, 330
614

7, 900
3,413
734

8,300
4,037
418

8, 200
3, 349
572

8,700
3, 659
419

7,300
3,034
483

7,200
3, 469
352

5, 900
2, 214
295

6, 300
2, 359
344

5,200
1,475
330

3,700
915
369

. 460
. 120

.460
.108

. 500
.098

.480
.113

.500
. 123

.550
.108

.575
.110

.625
.114

.601
. 177

.500
. 093

.480
.093

. 530
.120

. 550
.113

1

LEATHER
Production:
Calf and whole kip
thous skins
Cattle hide and side kip
thous. hides and kips- .
Goat and kid
thous. skins__
Sheep and lamb
do

4,720
23, 830
13, 372
29, 302

4,008
23, 394
8, 456
28, 375

378
2, 069
731
2,748

347
1, 978
641
2, 399

341
2, 088
696
2, 664

340
2. 073
539
2, 691

341
1.990
520
2, 762

398
2, 073
547
2, 807

436
2, 181
536
2, 910

392
2, 002
466
2, 554

359
1,616
442
2, 225

390
2, 094
496
2,821

306
' 1, 895
573
2, 560

320
2, 201
700
2, 651

Exports:
Upper and lining leather

thous. sq. f t , .

65, 704

71, 769

6, 883

6,520

6, 732 , 7, 683

7,417

8,746

6, 733

5, 619

4,249

5, 777

5,220

6,078

Prices, wholesale, f.o.b. tannery:
Sole bends light
index 1957 59^100
Upper, chrome calf, B and C grades
index, 1957-59 = 100-.

2 114.5

97. 9

90.5

91. 2

90. 5

90. 5

90.5

98.0

98.0

95.0

95.0

96.5

105. 5

92. 8

85.8

87. 9

86.3

88.2

89. 0

88.8

88.4

88.8

94.2

94.2

95.9

LEATHER MANUFACTURES
Shoes and slippers:
Production, total %
thous. pairs.- 641, 696
Shoes, sandals, and play shoes, except athletic t
thous. pairs. . 537, 681
93, 823
Slippers J
do
7, 268
Athletic t
do... _
2, 924
Other footwear J
do

599, 964

51,283

47, 681

56, 644

55, 670

58, 067

56, 878

57, 175

51, 158

48, 136

57, 460 '51,228

495, 380
95, 620
6, 949
2,015

41,153
9, 360
605
165

40, 586
6, 337
580
178

47, 689
8, 186
602
167

46,418
8,443
628
181

48, 457
8,760
654
196

46, 467
9,535
683
193

46, 477
9, 875
619
204

41, 515
8, 809
641
193

40, 504
7,072
428
132

46, 710 '41,387 47,479
9, 933 ' 9, 057 11,119
' 626
693
641
'158
176
176

2,737

2,217

207

167

144

178

244

232

185

165

156

193

737

120.9

122. 9

124.5

125. 7

125.7

125. 7

125. 7

128.7

128.7

128.7

128.7

128. 7

131.3

111.0
121. 2

113.1
125.8

113.7
129. 6

113.7
129.9

113.7
133.1

113.7
132.3

116.6
132. 4

120.0
133. 2

120.0
132.9

120. 0
133.1

120.0
133.0

120.0
132. 9

120 .0
135.5

i

Exports

do

Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt..- index, 1957-59=100-Women's oxfords, elk side upper, Goodyear
welt
index, 1957-59=100.Women's pumps, low-medium quality-.-do

90. 5

' Revised.
1
Annual total reflects revisions not distributed to the monthly data.
3
4
- Average for 11 months.
Crop estimate for the year.
December 1 estimate of 1968
crop.




Q Includes data for items not shown separately.
t Revisions for Jan. 1965-July 1967 will be shown later.

|

7,853

59, 467

213

195

1, 716

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

Nov.

S-31
1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

LUMBER AND PRODUCTS
LUMBER— ALL TYPES
National Forest Products Association:
Production, total
mil. bd. ft . ' 36, 584 ' 35, 275 f 2, 933 ' 2, 595 '2,711 ' 2, 845 ' 3, 137 ' 3, 278 ' 3, 281 ' 3, 108 3,140 '3,211 ' 3, 183 3,364
'582
'604
'504
'602
'592
' 7, 737 * 7, 401
'481
'581
'630
'611
'536
'596
605
Hardwoods
do
Softwoods
do _ T 28, 847 r 27, 374 ' 2, 329 ' 2, 059 ' 2, 230 ' 2, 341 ' 2, 556 ' 2, 676 '2,685 ' 2, 478 ' 2, 548 ' 2, 600 ' 2, 601 2,759
Shipments, total
TEardwoods
Softwoods

..

-

Stocks (gross), mill, end of period, total
Hardwoods
Softwoods

.do
do.
do
do
do
do

Exports, total sawmill products^
_ . _ do
Imports, total sawmill products, .. _
do

' r36, 810
8, 242
r
28, 568

2,970
614
2,356

' 35, 777 ' 2, 945 ' 2, 772 ' 2, 700 ' 2, 980 ' 3, 252 ' 3, 414 ' 3, 426 ' 3, 196 ' 3, 253 ' 3, 312 ' 3, 194
3,434
' 7, 603 '660
'634
' 710 ' 686 ' 666
'621
'581
'637
'654
'608
'637
637
r
28, 174 ' 2, 285 ' 2, 138 ' 2, 119 ' 2, 343 ' 2, 542 ' 2, 728 ' 2, 760 ' 2, 542 ' 2, 645 ' 2, 691 ' 2, 557 2,797

' 5, 737 ' 5, 744 ' 5, 859 ' 5, 744 ' 5, 789 ' 5, 690 '5,632
r
'1,377 '1,411 '1,377 ' 1, 332 ' 1. 252 ' 1, 183
1, 06!)
r
4, 668
' 4, 368 ' 4, 448 ' 4, 368 '4,457 ' 4, 438 ' 4, 449

' 5, 504 ' 5, 380 ' 5, 322 ' 5, 279 ' 5, 194 ' 5, 196
' 1,115 ' 1, 051 '1,041 ' 1, 038 ' 1, 034 '995
' 4, 389 ' 4, 329 ' 4, 281 '4,241 ' 4, 160 ' 4, 201

3,041
687
2, 354

5,094
975
4,119

5, 030
934
4,096

1,009
5,120

1,112
4,987

82
380

95
256

100
407

108
418

107
407

110
476

104
439

81
517

100
610

94
560

81
526

90
685

82
519

'8,315
486

r 8, 222
••570

'684
'502

'718
'579

'710
'620

'808
'725

'783
'755

'758
'727

'724
651

'858
734

'795
752

'666
645

790
742

726
662

674
657

' 8, 046
••8,433
' 8, 450
7,840
1, 040
'957

'670
'686
'1,018

'584
'641
'957

'716
r 777
'969

'723
'773
'919

721
693
947

774
806
915

671
679
907

24
9
15

32
10
22

31
7
24

27
6
21

SOFTWOODS
Douglas fir:
Orders, new . ._
._
Orders, unfilled, end of period

mil. bd. ft.
do- _

Production
_
Shipments
Stocks (gross) , mill, end of period

- do
do
do

Exports, total sawmill products
Sawed timber
_ _
Boards, planks, scantlings, etc

do
do
do

Prices, wholesale:
Dimension, construction, dried, 1" x 4", K. L.
$pcr M bd. ft..
Flooring, C and better, F. G., 1" x 4", R. L.
$per M bd. f t _ _

401
110
290

388
113
275

'762
'724
'801
'726
'786
'669
' 753
'703
' 1, 012 ' 1, 035 ' 1, 044 ' 1, 059
36
9

'799
'747
'800
'775
' 1, 058 ' 1, 030

32
9
23

39
14
25

43
10
33

34
9
25

31
7
24

36
10
26

32
8
24

29
6
23

85.62

85.54

89. 20

90. 43

95.75

98. 62

105. 88

103. 56

103. 84

104. 66

108. 46

111.01

112.36

165.87

16'.). 99

167. 96

165. 24

165. 24

164.54

165. 24

164. 71

163.31

163. 31

163. 31

163. 31

165. 94

' 6, 374
274

r 6, 381

'541
277

'500
307

' 522
328

'579
356

'586
358

'620
388

'598
356

'562
368

'596
375

'596
367

'621
390

647
369

629
391

Production
..
. .. _
. . _ do _
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft

' 6, 60', »
r
6, 466

' 6, 415
' 6, 348

'579
' 558

'509
'470

' 519
'501

'521
' 551

'568
'584

'575
'590

'591
'630

'548
'550

'590
'589

'579
'604

'559
'598

645
668

596
607

1 °30

1, 297

1,258

1,297

1,315

1, 285

1, 269

1,254

1,215

1,213

1,214

1,189

1,150

1, 127

1,116

Exports, total sawmill products

M bd. ft._

99, 202

87, 436

8,817

7,229

8, 674

6, 965

7,428

6,716

9,658

6,529

7,649

7,538

7,790

5,536

5,222

Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1957-59=100..
Flooring, B and better, F. G., I" x 4", S. L.
1957-59 = 100-.

105.1

103.4

106.5

107.0

108. 9

111.2

114.0

116.0

117.7

118.6

119. 5

120.8

121. 8

106.2

106.0

107.2

107.4

108.7

109.2

110.7

111.6

112.7

112.7

113.7

114.5

114.7

' 10, 510 ' 10, 531
557
427

'807
504

'848
557

756
607

869
659

880
'642

1,040
666

'920
582

939
624

994
640

946
608

985
616

1,006
615

789
600

' 10, 552 ' 10, 180
' 10, 618 ' 10, 401

'809
'787

'744
'795

714
706

801
817

920
897

968
1,016

983
1,004

888
897

955
978

988
978

1,015
977

1,003
1,008

804
804

1, 453

1,437

1,460

1,412

1,391

1,382

1,359

1,369

1,407

1,402

1,402

87. 26

92. 16

88.72

87.67

89.03

89.99

Southern pine:
Orders new
Orders, unfilled, end of period

mil bd ft
- -do

Western pine:
Orders new
Orders unfilled, end of period
Production _ _ .
._
Shipments.- . .. . .

mil bd ft
do
_

_

_

do
_ do_..

Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3,1" x
12", R. L. (6' and over)
$ per M bd. f t _ .

307

!

1,666

1,445

1,496

1,445

69.39

71. 95

73.73

71.94

70.78

71.86

75.90

547.0
20.1

40.0
21.9

36.1
20.1

42. 0
20. 5

50.3
26.4

44.6
27.3

39.2
25.8

41.2
21.4

34.4
18.9

39.2
19.1

45.1
20.7

47.0
25.6

45.3
26.1

36.2
25.7

551.2
552.2
57.9

45.4
42.1
58.1

37.1
37.3
57.9

41.1
40. 6
58.4

40.3
43. 1
53. 9

41.1
43.7
51. 3

41.6
40.5
52.4

43.4
44.3
51.0

38.2
37.2
49.2

33.4
38.2
44.0

38.3
43.0
38.5

34.6
40.5
30.5

41.4
44.8
27.1

34.4
36.1
25.3

HARDWOOD FLOORING

Oak:
Orders, new
Orders, unfilled, end of period

mil bd ft
do

Production
Shipments
Stocks (gross) , mill, end of period

do
do
do

618.1
26.0
685.6
654.4
58.3

'

METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons. _
Scrap
do
Pig iron
do

1,724
5,857
12

1,685
7,635
7

128
451
(>)

127
353
(l)

141
485
(l)

104
355
1

110
527
1

137
420
1

132
502
1

120
501
1

142
479
1

176
624
1

269
764
1

207
539
1

306
801
2

10, 753
464
1,252

11,455
286
2
631

1,308
28
71

1,013
28
78

1,102
34
14

1,058
26
14

1,241
27
64

1, 480
30
31

1,770
36
63

1,507
31
71

1,505
30
81

2,138
16
92

1,698
17
124

1,485
24
99

1,550
19

thous sh tons
do
do
do

55, 463
36, 671
91, 583
8,188

52, 312
2 32, 654
85, 361
7,793

4,587
3,416
7,481
7,739

4,600
3, 629
7, 692
7,793

4,702
4, 762
3, 391
3,709
7,777
7,795
7,546 | 7, 672

5,017
3,799
8, 232 i

5, 009
3,568
8, 024
7,889

5,259
3,746
8,342
8,113

4.785
3,411
7,577
8,225

Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig ton
Pittsburgh district.- - ."do

29.95
31.00

3 27. 51
27.00

27.48
27. 50

28. 65
30. 00

30.07
33. 00 '•

28.17
31.00

26. 30
28. 50 ;

24.48
%. 00

22. 85
24.00 1

Imports:
Steel mill products
Scrap
Pig iron

do
do
do

Iron and Steel Scrap
Production
Receipts
Consumption
Stocks, consumers', end of period

T

Revised.
f Preliminary.
1 Less 3 than 500 tons.
2 Annual total reflects revisions
not distributed to the monthly data.
For Feb.-Dec. 1967.




30. 32
34. 00

22. 59
24.00

22. 40
24.00

23 .01
25.00

--

SURVEY OF CURRENT BUSINESS

S-32
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

| 1967

Annual

January 1969

1967
Nov.

1968
Jan.

Dec.

Feb.

Mar.

Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued

Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. 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
do
Exports
do
Stocks total, end of period
At mines
At furnace yards
At U S docks

do
do
do
do

Mianganese (mn content) general imports

do

4,766
6,502
4,377

4,831
3,293
3,328

5,289
2,009
2,390

5,182
2,035
1,725

5,476
2,140
2,031

6,697
6,881
2,859

9,492
11,210
5,243

9,582
11, 075
4,650

9,459
11,737
4,591

9,098
10, 411
4,555

8,514
8,760
5,082

6,918
8,418
4,742

3,114

119, 435
118, 982
5,944

10, 651
10, 479
417

6,995
11,220
342

3,693
11, 251
346

3,674
10, 746
321

3,920
11, 562
385

8,787
11,457
625

15, 437
11, 770
570

15, 189
11, 152
458

15, 325
11,012
500

13, 915
8,519
493

12,904
7,343
593

12,200
7,798
698

7,737
8,358
522

69, 525 '71,238
12,160 ' 13, 130
54, 658
55, 121
2,707
2,987

73,824
11, 470
59,345
3,009

71, 116
13, 008
55, 121
2,987

66, 532
16,288
47, 527
2,717

62, 143
19, 435
40, 455
2,253

57, 287
22, 771
32, 813
1,703

54, 323
22, 586
30, 130
1,607

56, 113
20, 866
33, 798
1,449

58, 708
19, 374
37,880
1,454

61, 054
17,095
42, 195
1,764

65, 413
15, 782
47, 591
2,040

71, 113
15, 536
53, 153
2,424

74, 491
14, 230
57, 554
2,707

56, 934
2,806

1,086

96

97

108

87

116

82

72

68

61

92

103

28

52

1 86,984
87, 371

7,626
7,757

8,182
8,231

8,097
8,285

7,841
8,139

8,476
8,658

8,443
8,568

8,706
8,650

8,244
8,220

8,021

6,333

5,481

5,916

6,218

2,842

2,836

2,842

2,677

2,523

2,425

2,439

2,514

2,549

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70
63.00
63.50

62.70

62.70

913
14, 329
8,128

850
1,262
716

913
1,212
662

912
1,186
650

979
1,283
693

1,010
1, 360
770

1,026
1,352
802

1,031
1,455
835

986
1,291
774

965
1,144
703

909
1,184
723

899
l,223
'747

889
1,307
770

120
1,040
615

120
89
51

120
86
47

121
91
53

122
85
42

123
91
48

117
94
50

112
102
55

113
91
48

120
79
44

122
79
46

131
88
49

116
102
56

11, 299
141.5

11,953
144.9

12,015
145.6

11, 795
152.8

12,721
154.2

12,450
155.9

12,700
153.9

11,906
149.1

11, 452
138.8

8,956
108.6

8,086
101.3

300
145
119

293
150
125

336
159
127

318
154
126

307
157
128

300
153
125

283
155
125

262
144
118

280
129
109

279
129
109

289
135
116

331
141
119

7,310

7,003

7,758

7,901

8,752

9,035

9,718

9,492

10, 368

5,263

5,215

6,316

6,007

380
525
752
139

422
562
843
143

439
586
840
140

439
648
882
152

433
627
858
138

530
671
926
165

254
370
513
63

291
385
457
72

350
438
540
110

479
428
523
99

1,155
757
228
161
851
282
509
3,307
971
1,587

1,296
857
259
170
957
314
582
3,633
1,049
1,681

1,303
842
279
173
1,175
345
654
3,552
986
1,667

1,443
919
333
181
1,113
358
842
3,842
1,093
1,778

1,348
875
288
177
1,077
343
882
3,786
1,089
1,726

1,521
963
376
173
1,113
361
960
4,121
1,264
1,830

887
477
279
123
666
205
320
1,984
616
787

818
444
251
116
520
210
544
1,919
530
789

965
551
267
137
600
252
770
2,293
685
943

937
559
239
131
626
239
334
2,343
723
985

••190,041 i 84, 179
1 90, 824 1 82, 415
46, 259 i 44, 627
128, 225
127, 694
7,779

1,293

Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons_- i 91, 500
Consumption
do
91, 770
Stocks (consumers' and suppliers'), end of period
thous. sh. tons,2,962
Prices:
Composite
$ per Ig ton
62.74
Basic (furnace)
do
63.00
Foundry No 2 Northern
do
63.50
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons__
962
Shipments total
do
15, 716
For sale
do
8,927
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons-182
Shipments total
do
1,133
For sale
do
688

r

Steel, Raw and Semifinished
Steel (raw):
Production
thous sh tons 1 134,101 1127,213
Index
daily average 1957 59—100
138.1
131.0
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
590
293
Shipments, total
do
2,155
1,857
For sale, total
do
1,792
1,554
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh
By product:
Semifinished products
Structural shapes (heavy), steel piling
Plates
Rails and accessories

tons
do
do _.
do
do

Bars and tool steel total
do
Bars: Hot rolled (incl. light shapes)
do
Reinforcing
do
Cold
finished
do
Pipe and tubing
do
Wire and wire products
do
Tin mill products
do
Sheets and strip (incl. electrical), total.. . do
Sheets: Hot rolled
do
Cold rolled
do
By market (quarterly shipments) :
Service centers and distributors. _.
C onstruction , incl . maintenance
Contractors' products
Automotive.-- _

__. do
do _
do
do

Rail transportation
Machinery, industrial equip., tools
Containers, packaging, ship, materials
Other

do
do
do
do

Steel mill products, inventories, end of period:
Consumers' (manufacturers only)._mil. sh. tons__
Receipts during period
do
Consumption during period
do
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.) -do

i 89, 995

i 83, 897

3,806
6,764
9,103
1,776

4,061
6,133
7,948
1,434

371
518
691
88

376
493
680
109

380
495
759
127

14, 523
9,126
3,276
1,999
9,233
3,495
5,828
35, 468
10, 137
15, 972

13,053
7,961
3,249
1,733
8,969
3,133
6,591
32, 574
9,312
14, 709

1,136
702
281
144
725
253
333
3,196
885
1,508

1,044
672
236
128
662
225
427
2,986
823
1,435

1,138
749
218
161
730
267
573
3,290
947
1,573

i 16, 400
111,862
i 4, 969
i 17, 984

i 14, 863
i 111,375
4, 582
i 16, 488

3,864
2,722
1 168
4,774

4,811
3,849
1,570
6,108

3,748 2 1, 104
2737
3,030
2336
1,171
3,962 2 1, 128

702
1,275
1,517
5,470

1

4,110
3,111
1,233
5,650
871
1,557
1,873
5,987

898
1,730
2,594
6,685

593
1,174
1,949
7,168 2

2215
2332
2773
1, 691

i 4, 332
i 5, 747
i 6, 597
i 22, 104

3, 225
i 4, 994
i 7, 255
1
21, 115

10.1
65.1
67.9

9.1
62.5
63.5

9.2
5.7
5.6

9.1
5.4
5.5

9.6
6.1
5.6

10.1
6.0
5.5

10.5
6.2
5.8

11.4
6.7
5.8

12.2
7.2
6.4

13.1
6.9
6.0

15.0
7.0
5.1

14.7
5.0
5.3

13.3
4.3
5.7

5.4

5.6

5.2

5.6

5.5

5.5

5.4

6.0

5.8

5.7

5.9

6.2

'6. 1

6.1

9.6
7.9

'9.3
8.0

p 9.5
p 8.4

.0900

.0897

.0871

9.8
9.2

12.5
9.6

11.8
9.1

11.7
10.5

11.5
10.1

10.6
10.0

10.1
9.0

9.1
7.0

9.8
7.7

.0865
.0865
.0864
For mo nth shovra.

.0865

.0865

.0865

.0865

.0882

12.3
10.1

12.5
9.6

Steel (carbon),finished,composite price. . _$ per lb_, .0842
.0850
.0860
.0855
••Revised.
"Preliminary.
1 Revised total; me
mthly rev isions are not avail able.




9,006 ' 9, 590
109.2 '120.1

2

12.0
10.4

12.0
••5.2
••6.5

* 10.9
p 4.7
p 5. 8

Dec.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriotive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967
Nov.

Annual

S-33
1968

Dec.

Jan.

Feb.

Mar.

1
1

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous sh tons
Recovery from scrap (aluminum content) do
Imports (general):
Metal and alloys, crude
Plates sheets etc
Exports metal and alloys crude

do
do
do

Stocks, primary (at reduction plants), end of
period
thous sh. tons
Price, primary ingot, 99.5% minimum.. _$ per lb._
Aluminum shipments:
Ingot and mill products (net)
Mill products total
Plate and sheet (excluding foil)
Castings^

2, 968. 4

3. 269. 3
T i 820. 0

277.2
69.0

282.7
66.0

285.3
73.0

267.1
72.0

288.3
78.0

280.3
78.0

289.0
81.0

218.5
68.0

226.0
61.0

246.5
70.0

269.0
69.0

293.4

521.8
119.1
188.2

450.5
56.3
209.0

37.7
4.2
12.4

45.7
3.4
11.1

54.6
4.7
13.3

44.7
4.1
13.7

89.6
4.4
12.3

69.6
5.4
15.5

58.4
5.3
15.4

74.4
4.7
13.4

61.2
5.9
11.9

40.3
7.1
13.1

52.5
.9
20.4

49.7
5.3
16.7

38.4
.7
18.1

74.8
. 2450

208.0
.2498

216.1
.2500

208.0
.2500

213.0
.2500

187.7
.2500

161.2
.2500

113.4
.2500

97.4
.2500

109.3
.2585

114.2
.2600

91.2
.2600

93.9
.2600

99.2
.2600

.2600

747. 2
507.4
234.2
. 127. 9

816.0
583.3
280.3
137.0

796.1
593.9
282.4
139.4

937.9
649.4
313.2
137.6

957.0
688.5
348.7
132.7

1,069.6
797.7
414.6
138.8

695.4
489.0
209.5
121.6

696.6
516.4
227.8
101.2

750.6
550.4
253.1
120.5

' 780. 5
r
564. 6
r
256. 0
4

847.8
625.4
284.4
145.8

123.9
150.5
121.4
29.1
38.1

122.4
158.4
129.8
28.6
33.5

127.9
168.8
136.9
31.9
31.4

120.5
153.4
128.6
24.8
32.0

127.8
181.0
151.0
30.0
32.6

122.9
165.2
139 4
25.9
33.7

1831.6

r

mil Ib
do
do
-do

8,797.6 '8,836.9
6,457.5 r 6,350 6
2,936.7 2, 868. 1
1,639.9 1, 534. 7

730.6
539.2
245.0
130.1

Copper:
Production:
M!ine recoverable copper
thous sh tons
Refinery primary
do
From domestic ores
do
From foreign ores
do
Secondary recovered as refined
do

1,429.2
954.1
1,711.0 1, 133. 0
1,353.1
846.6
286.4
357. &
472.0
394.5

24.3
16.0

23.9
18.1

22.9
17.7

28.0
16.1

41.0
29.2

121.3
96.0

27.4

23.3

21.2

24. 9

37.8

36.4

125.5
139.0
111.8
27.2
44.7

Imports (general) :
Refined unrefined scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption refined (by mill^ etc )
Stocks, refined, end of period
Fabricators'
Price bars electrolytic (N Y )

do
do
do
$ per Ib

596.7
162.7

644.1
328.3

79.9
58.1

64.4
47.5

99.5
78.3

86.3
74.1

88.4
74.3

111.5
73.5

56.9
33.5

50.5
24.2

27.9
8.4

53.1
13.3

43.0
8.2

29.8
5.5

35.5
7.2

334.7
273.1

241.8
159.4

13.3
2.9

10.4
2.0

9.4
2.5

12.6
1.1

17.2
2.2

19.4
5.4

29.8
19.8

37.0
30.4

40.4
31.3

42.9
31.8

52.6
39.9

35.0
25 .4

35.2
28.1

2 382 0 1,948.2
169.5
240.0
114.1
174.0
s. 3823
.3617

122.6
185.1
124.1

121.4
169. 5
114.1

109.8
169.5
107.6

96. 4
159. 2
100. 9

107 8
172.4
103.8

162.3
183. 2
129.9
.4219

172.9
205.6
139.4
. 4207

195 4
190.2
132.1
.4210

130 0
219.2
166.1
.4171

168 8
214.8
159.6
.4170

pl87. 8 p 203 7
P199.8 p 175.2
P148.9 p 130.9
.4171
.4172

pl79 6
p 165. 2
P112. 7
.4171

Copper-base mill and foundry products, shipments
(quarterly total) :
Copper mill (brass mill) products
mil 11)
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do

3,326
2,494
1 007

Lead: A
Production:
Mine recoverable lead
thous sh tons
Recovered from scrap (lead cont.)
do

327.4
i 572. 8

Imports (general) ore (lead cont ) metal
Consumption total

do
do

Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABM!S
thous sh tons
Refiners' (primary), refined and antimonial
(lead content)
thous sh tons
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
Price, common grade (N.Y.)
$perlb__
Tin:A
Imports (for consumption) :
Ore (tin content)
Bars pigs etc
Recovery from scrap total (tin cont )
As metal
Consumption pig total
Primary

Exports, incl. reexports (metal)
Stocks pig (industrial) end of period
Price, pig, Straits (N.Y.), prompt

1

316.9
553. 8

431.3
488 4
!1,323.9 1 260.5

142.2

596
579
244

2 595
2,360
966

42 5
108 0

688
559
929

24.8
46.6

24.2
50.1
r

675
595
250

624
567
257

r

.4171

22.4
47.3

22.3
49.6

22.0
51.2

25 3
48.9

28.7
47.8

26.5
49 2

28.8
37.5

31.0
44.6

33.6
105. 6

43.9
108.8

39 3
105.1

43 8
106.2

38 7
107.1

37 8
112 1

30 3
104 8

35 8
93.3

r

29. 3
46.4

42.1
50.4

27.6
110. 1

36 7
113 5

30.3
130.6

32 3

160 2

168 8

160.2

166.1

158.8

156.8

153 9

147.5

148 6

143 4

143.5

145.2

143.1

4

19.1
102 0

23.6
100.7

17.2
88.1

14.0
86.1

13.2
99.4

15.5
105 2

18.2
106 9

21.0
102 5

29.4
116.1

29.6
105. 1

22.3
100.8

19.5
84.0

4

58 0
.1400

48 2
.1400

53 6
.1400

57.5
.1400

58.2
.1400

58.9
.1400

56 8
.1400

50 6
.1304

50 9
.1300

55.5
.1270

53. 1
.1250

50.9
.1250

50.1
.1279

.1300

3,255
49 924
122 667
13 176
80 646
57 856

68
5 343
1 665
285
6 165
4 485

467
4,775
1 625
290
6,265
4,655

0
5,473
1 720
275
7,010
5 160

784
5, 145
1 616
241
6,775
4 965

49
3 895
1 655
245
7 010
4 925

417
4 928
2 015
225
7 285
5 115

0
3 667
2 315
280
7,685
5 295

702
5 088
2 040
235
7,090
5 085

458
3 561
1 765
235
6 305
4 540

771
3,868
1 770
255
6 270
4 290

0
6 847
2 060
250
6,660
4 650

0
4,359

0
6,302

do

2 4, 372
41,624
!25 349
i 3 238
85, 486
60 209

do
do
$ per Ib-.

3,069
22 687
1.6402

2,509
18 662
1. 5340

75
17 590
1. 5501

36
18 662
1. 5259

190
17 965
1. 4788

303
17 515
1. 4563

969
18 385
1. 4562

197
18 910
1. 4521

888
18 480
1. 4330

247
16 520
1.4165

109
16 945
1.4148

84
15 680
1.4185

211
18 145
1. 4804

564
16 360
1.5107

572 6

549 4

41 8

41 5

42 8

42 1

41 7

43 7

45 3

44 5

43 3

47 0

r 44 4

44.2

521.3
277.4

534.1
221 4

44.8
23.0

32.8
19.0

50.3
29.3

33.7
30 8

47.8
35 8

30.2
31.1

43.5
24.0

45 0
17 2

50.8
20 2

53.9

51.1
14.9

41.1
24.4

i 126. 7
1
269. 6

1 114 3
*240 9

10 0
18.6

8.9
18.1

10.4
20.1

8.8
18.9

8.6
19.1

8 8
19.8

10 1
19.7

9 8
20 5

9.2
19.7

9.5
19.4

10.9
19.9

10.7
19.8

1 025 1

1Q38 g

68 5
6 5
106.5

71 6
6 0
100.7
.1

69 6
6 1
112.2
.6

64 5
5 8
104.0
5.7

68 1
6 1
108.2
6.3

85 0
6 0
110.7
11.6

95 5
6 4
120.7
2.5

92 4
5 5
115.2
1.0

87 1
5 8
104.7
.1

87 8
6 1
104.7
3
()

86 7
7 0
108.8
2.3

89 5
6.3
123. 7
1.6

(3)

84.3
97 4
.1350

73.4
93.7
.1350

66.4
94.2
.1350

62.9
89.9
.1350

64.8
93.3
.1350

65.4
88 0
.1350

70.4
84.7
.1350

78.8
89.1
.1350

84.4
85.2
.1350

82.2
78.9
.1350

70.3
73.8
.1350

67.6

67.4

. 1350

.1350

Ig tons
do
do
do
do

Zinc:A
Mine production, recoverable zinc
thous sh tons
Imports (general):
Ores (zinc content)
do
Metal (slab blocks)
do
Consumption (recoverable zinc content) :
Ores
Scrap, all types

do
do

Slab zinc:
Production (primary smelter), from domestic

4
4

22. 6
90. 3

4

52. 8
. 1512

23.4
4
105 8

J
i 73 5
83 3
Secondary (redistilled) production
do
1,410.2 1 236.8
Consumption, fabricators'
do
1.4
Exports..
do
16.8
Stocks, end of period:
64.8
Producers', at smelter (AZI)O
do
81 9
Consumers'
do
129.6
102 5
.1450
Price, Prime Western (East St. Louis) .$ per l b - _
.1384

(3)

89.0
90 9
.1350

r
l
Revised.
p Preliminary.
Annual total; 4 monthly revisions are not available.
* Total for 11 months.
3 Less than 50 tons.
Reported yearend stocks. See BUSINESS
5
STATISTICS note.
Jan.-Aug. average.
^Effective 1966, estimates are derived from a new sample and are not directly comparable
u-itli earlier data; see note in Feb. 1967 SURVEY.




r 125.

.2600

.1300

7,510
5,070
805
1. 6214

1.6346

54.9
23.6

AData reflect sales from the Government stockpile.
^Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap.
O Producers' stocks elsewhere, end of Dec. 1968, 15,700 tons.

SURVEY OF CURRENT BUSINESS

S-34
1966

Unless otherwise stated, statistics through 1966
and descriotive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967

Annual

January 1969

Nov.

1968
Dec.

Feb.

Jan.

Mar.

Apr.

May

1 Juno
i

July

Aug.

Sept.

Oct.

Nov.

Dec.

METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Oast-iron... .
_ _ mil. sq. ft. radiation.
N on ferrous
do
Oil burners:
Shipments
thous
Stocks, end of period
do
Ranges, gas, domestic cooking (incl. free -standing,
set-in, high-oven ranges, and built-in oven
broilers), shipments
thous
Top burner sections (4-burnerequiv ) ship do

I

19.7
2
90 4
1

6.9
84 8

.6
8 0

.5

.5

.6

6 4

8 0

7 3

.7
7.7

.4
5.5

.3

.4

.4

5 5

6 5

4 0

:

.5
8 6
r
r

63. 7
35. 1

.7..

.81
73. 1 '
28.4 ;

211.2 1
10 5 !

11

9

559. 5
44. 1

625 2
27.3

61.9
28.9

46.5
27.3

47.1
32.4

51.5
30.2

42 2
32.1

51.3
33.2

43.0
36.4

55. 8
34.2

43.3
35.3

2, 135. 6
234 1

2 122 7
104 3

191.8
17.5

181 9
14 5

164.8
13 8

173.2
14 7

201.1
18. 1

175. 9
17.2

188. 5
18 8

192 5
10 7

153.7
14.8

101.5
17 8

11.482.3
Stoves, domestic heating, shipments, total — do
1, 033. 8
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
1, 525. 1
shipments, total
thous
Gas
do
11,211.3
Water heaters gas shipments
do
2 488.9

1,313.0
928.9

120.1
92.7

67.5
44.7

76.4
44.5

60.3
33.0

79.5
48. 9

85.8
53.7

100.5
73. 2

08. 6
77.0

120. 4
102. 1

'139.4
r
105. 4

174.0
125.1

1, 404. 0
1, 082. 7
2 602 3

126.8
96.9
197.1

113.2
03. 5
240 8

108.3
88.7
252.6

108.7
89.5
236 0

125. 0
103.1
210.4

122. 0
102. 0
241. 5

114.0
94.2
216 8

127 2
102.8
209 5

130. 0
114.1
103. 2

r

140. 6
113.3
218. 1

183.1
230.6 - .
137.2
177.5
200 4 i 98°. 7 i

279.9

300.5

210.2

284.9

270.1

275.2

380.5

210.4

196.2

197 3

406.6

247.8

177 4

179 3
23.9
95.9

140 7
U2.3
171.6

10.3

11.0

10.2

12 7

9.3

.7
9.6

4.4
.5
1.1

10.4

7. 7
.9

0.7

5.6

.9
4.6

85

206 1

197 9

221.1

186. 7

189,6

189. 1

243.7

242.8

10 390
12 404

11 133
12 174

903

912

941
992

819
971

823

819

1,168

3,367

3,746

94.15
85. 80
84. 90
74.60
139. 75
114.90
104.65 125. 40
1, 032.0 986. 4

22.80
20.40
32.15
27. 95
203. 7

3

1

r

82. 6
27.3

:

201.7
148.7

.

. .

-

MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo avg shipments 1 95 7-59 ~ 100
Furnaces (industrial) and ovens, etc., new orders
(domestic) net
mil $
Electric processing __
_ . ___
do
Fuel-fired (exc. for hot rolling steel)
do
Material handling equipment (industrial):
Orders (new) index seas adjf
1 957-59 ~ 100
Industrial trucks (electric), shipments:
TIand (motorized)
number
Rider-tvpe
do
Industrial trucks and tractors (internal combustion
engines) shipments
number
Machine tools:
Metal cutting type tools:!
Orders, new (net), total
Domestic
Shipments, total
Domestic
._
Order backlog, end of period
Metal forming type tools :t
Orders, new (net), total
Domestic
Shipments, total
Domestic
.
Order backlog, end of period

mil. $
do
do
do _ .. .
do
do
do
do
do
do

47 043

1,629.90
1,483.10
1,221.75
1,097.50
1 306.7
445. 72
401.35
463 45
436. 85
394 4

1.3
6.3

1,058

.5
7.1

.8
7.1

1,086

2,961

3 406

3,418

77.45
1, 134. 95
67. 65
1,024.65
1 353 20 114.25
1,211.05 101.45
1 088 5 1,137.5

88.35
80. 15
137. 40
121.40
1,088.5

75.50
64.20
102. 85
91. 45
1,061.1

23. 60
21.70
34. 55
31.15
234. 5

33.25
27. 20
39. 45
35. 15
228.3

21. 85
20.45
31.50
25. 20
218. 6

41 996

286. 65
248. 15
452 75
406. 90
228 3

Other machinery and equip., qtrly. shipments:
Tractors used in construction:
i 377 g
i 476 o
Tracklaying total
mil $
7
Wheel (contractors' off-highway)
do
' 183. 6
92. 8
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil. $
'1412.9 'i 7 407.0
Tractors, wheel (excl. garden and contractors'
i 986 2
off-highway types)
mil $
1 005 9
Farm machines and equipment (selected types),
excl. tractors
mil. $.. 1, 220. 6 1,203.5

23.75
22.50
29. 30
27. 55
213. 1

.9

°19. 1

307. 0

13 1
1.0
9.0

0.2
1.7
4.0

8.2
.8 !
4.3

.8
4.0

3.9

2.8

227.1

184 7

272.0

198.8

222. 2

218. 8

1 000
1 019

845

1, 016

869
980

1,139

007
807

801
1,007

1,055 | - - 1,089

3, 559

3,279

3 824

3,770

3,003

3, 600

4, 123

90.10
78.40
105. 90
89.35
970.6

93.30
86.15
121.30
109. 60
942. 6

9775
81. 85
127.60
114.90
912. 8

105. 65
04. 05
100. 05
01.35
018. 4

70.75
74. 05
88. 05
82. 40
000. 2

71.05
62. 30
115.55
109.15
864.7

'78.55
98.75
' 70. 45 80. 45
'107.75 104.35
i' 100. 90
97.05
'835.5
820.0

19.70
17.05
28. 15
24. 90
195. 3

22. 50
18. 15
29. 10
25. 50
188.7

28.80
25.70
34.30
28.55
183.2

20. 75
27. 30
26. 05
23. 50
186.0

26.75
23. 40
32. 00
30.40
170. 0

22. 75
20. 90
26. 90
24. 95
175. 7

'
!'
'
i'
i'

.7

78 8
20.2

89.6
11.5

146 2
21.1

120. 3
10.3

91. 9

105. 6

133.6

273.5

266.3

178. 6

215.6

376.5

-

56. 35
54. 10
32. 00
20. 15
190. 2 !

!

4

-

80. 00 i .
77. 10 j
25. 05
_
22. 60 !
253. 2 j

125.3

204 9

- -

.

48. 2
L - - ....'

4

l

06. 2 j
i
.

343.5

.

ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments. ..thous.. 32, 124
32, 061
ITousehold electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous - _ 2, 028. 0 11,909.6
Refrigerators and home freezers, output
1957-59 = 100
145.8
163. 0
r 1^09 rr
5 c?7 A
Washers, sales (dom. and export) t
do
4, 446. 5 4, 376. 0
Driers (gas and electric), sales (domestic and
9
export) _
_
thous
360 8 2 642 3
Radio sets, production O
do
Television sets (incl. combination), prod.O do ....
Electron tubes and semiconductors (excl. receiving,
Motors and generators:
New orders index qtrly
1947-49 — 100
New orders (gross) :
Polyphase induction motors, 1-200 hp
mil. $..
D.C. motors and generators, 1-200 hp
do

3,431

3,179

3,852

2,736

2, 215

2,119

1,809

2,101

2,450

3,144

3, 646 | ' 4, 054

3, 731 ;

3

173.4

191.6

189. 8

187. 9

183. 6

196.3

187. 5

180.1

180.0

170.5

232.5

201.7 j

161.2
563 4
321.5

139. 6
477 4
292. 9

147.0
505 0
347. 2

175.1
497 8
376. 4

164.1
565 1
377.4

177. 6
471 8
324. 5

156.1
464 6
330.2

188. 6
490 9
412.0

1 65. 6
515 2
374.3

182.2
114.1
551 1 ! 04° 6
445. 1
431.3

191.3
682 1
455.9

344.8

r 185.

166.3 !
i

297.2

256 1

247.4 i

228. 2

200 2

155.8

142. 8

176.0

194.8

275.5

318.7

375.7

287.3

23 595
12, 402

21 698
10, 881

2,226
1,022

s 2,278
M,066

1,463 '
798 !

1, 787
919

52,134
5 1, 114

1, 549
818

1, 682
905

2 000
5 1, 105

1,272
651

52,415
1,875 5
876 ! 1,237

1,950
1,156

1,982
1,063

I 0^0 O

7J9 Q

CQ 9

CQ Q

j

CC J

61 7

57 8

c;9 4

57 0

47 5

239

205

«113.3
51.3

e 97. 6
47.5

58 3

6 6. 8
3.5

6

6.9
3.8

67.5
4.1

6 7.5
3.6

57 3 '

68.1

4.6

68.7
4.4

59 5

60 4

^2,383
1,154

s

55. 8 i

208

203

207

188
67.6
3.4

5

G8 0 1
4.4 I

*7.9
3.5

67.9
4.7

68.1

926
68

853
40

1,016
47

1,021
75

13.125 j 13.125

13.475

13. 475

6

9. 0
4.8

6

7. 2 .
3.7 !

13. 825

4.0

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous. sh. tons__ 12, 941
897
996
12, 256
1,017
Exports
.
_
do
28
48
766
595
59
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 12. 824
12. 892 13. 475 13. 825 13. 825
Bituminous:
Production
thous. sh. tons.. 533,881
552,494 47,441 43, 160 45, 180
r
Revised.
i Revised total; monthly revisions are not available.
- Total for 11 mouths.
r
Reported year-end stocks. See BUSINESS STATISTICS.
< For month shown.
5 Data cover
5 weeks; other periods, 4 weeks.
« Excludes orders for motors 1-20 hp.; domestic sales of
this class in 1967 totaled $110.5 mil.; Nov. 1968, $8.7 mil.
' Effective 1st quarter 1967.
tractor shovel loaders include types not previously covered and off-highway wheel tractors
exclude types previously covered; also, wheel tractors for 3d quarter 1967 omit one type
s
s
(usually included) to avoid disclosure of individual operations.
Data cover 6 weeks.




894
25

13.867

994
17 1

1,164
30

13.867 \ 13.867

018 1
33 i

1,000
48

960
53

988

43, 830 47,510 47,730 48.830 ! 40,600 42, 300 49, 540 '47,300 ' 37, 540 44,635 44,985
ITData (back to Jan. 1065) reflect revisions and new seasonal adjustment factors.
tRevised series. Monthly data for 195566 are on p. 35 fT. of the Mar. 1968 S U R V E Y .
1 Revised to include combination washer-driers.
O Radio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

Annual

S-35

1967
Nov.

1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous sh. tons
Electric power utilities
do
Mfg. and mining industries, total _ „ _ _ _ .do
Coke plants (oven and beehive)
do
Retail deliveries to other consumers

do

Stocks, industrial and retail dealers', end of period,
total
-- ---thous. sh. tons
Electric power utilities. _ _
- .
do
M fg and mining industries, total
do
Oven-coke plants
do

486, 266
264, 202
201, 490
95, 892

480, 255
271, 784
190, 905
92,111

42
42, 066
23 364
23,364
16, 674
7,840

44, 035
24, 631
17, 247
8,165

47, 344
26, 646
17, 917
8, 095

44, 525
25, 115
17, 030
7,749

43, 186
24, 346
17,107
8,211

38, 734
21,929
15, 989
8,004

39, 275
22, 574
16,173
8,257

38, 858
23, 209
15, 125
7,960

40,519
25, 126
14, 882
7,941

19, 965

17, 099

1,985

2,148

2,780

2,380

1,730

773

471

475

465

681

943

1,357

74, 466
52, 895
21, 332
9,206

93, 128
69, 737
23, 212
10 940

95, 001
71, 357
23
23, 345
10
10, 914

93, 128
69, 737
23, 212
10, 940

86, 325
64, 269
21, 921
10, 422

82, 356
60, 631
21,614
9, 815

82, 724
60, 750
21, 894
10, 492

87, 773
64,121
23, 552
11,882

92, 171
68,213
23, 833
11, 994

93, 487
69, 131
24, 183
11, 633

89,404
66,417
22, 801
10, 321

91,492
67, 529
23, 754
10, 545

96, 220
70, 633
25, 372
11,209

91, 966
68, 880
22, 885
9, 540

41,517 '37,541
26. 530 22, 850
14, 245 ' 13, 694
7,354 ' 6, 716

39, 735
23, 764
14, 566
6, 699

i

239

179

199

179

135

111

80

100

125

173

186

209

215

201

49, 302

49, 510

4 948
4,948

3,775

3,241

2, 786

3,061

4, 512

4,826

4,224

4,147

5,868

5,406

3,783

4, 534

4. 952
6.971

5.217
6.795

5.287
6. 998

5.278
7.017

5. 281
7.077

5,281
7.077

5.313
7.077

5.326
6.643

5. 336
6.643

5.336
6.671

5.336
6.671

5.336
6.727

5,336
6.810

1,442
65, 959
17,611

834
63 737
18 187

74
5
5, 410
1,483

75
5,643
1,606

74
5,602
1,535

70
5, 352
1,497

78
5,686
1,584

81
5, 528
1,484

82
5,692
1,572

73
5,468
1,561

65
5, 453
1,636

63
5,088
1,692

51
4, 684
1,627

'46
4,686

48
4,747

3,078
2,863
215
1,459
1,102

5,467
4 961
506
1,364
710

5,499
5 022
5,022
477
1,337
64

5,467
4,961
506
1,364
46

5,375
4,879
495
1,342
78

5, 226
4,766
460
1,297
83

5, 016
4,579
437
1,304
65

4,740
4,240
501
1,218
47

4, 525
4,152
373
1,219
54

4,336
3,992
344
1, 259
63

4, 312
3,953
359
1,260
42

4,736
4,329
409
1, 281
54

5, 31)2
4, 968
424
1, 319
58

' 5, 757
5,362
395

5, 926
5, 588
338

Crude petroleum:
O i l wells completed
_ _ _ _ _ _
number
16, 780
2.93
Price at wells (Okla. -Kansas)
$ per bbl__
Runs to stills
mil. bbL_ 3, 447. 2
Refinery operating ratio
% of capacity _ _
91

i 15 367
3.02
3, 582. 6
93

1,193
3.05
299.1
94

2,061
3.05
318.1
96

940
3.05
312. 9
95

934
3.05
297.0
96

978
3.05
312. 8
95

1,379
3.05
299. 5
88

986
3.05
324.1
92

1,205
3.05
310.2
91

1,320
3. 06
328. 1
93

1,162
3.06
328.5
93

1, 350
3.06
312.4
92

4 656 8

383.5

408.2

418.4

396.3

430.2

395.4

408.3

402.2

420. 6

411.1

399. 5

414.3

279.7
45.3

270.3
43.7

288.8
47.4

273.7
45.5

285.4
47.3

274.4
44.8

283. 9
46.4

285.8
46.1

269. 1
44.6

276.4
46.7

30.5
62.9

28.2
54.2

35.5
58.5

32.5
43.7

37.5
38.1

40.2
42.9

45.7
44.6

43.2
36.0

42.5
42. 9

45.9
45.1

Retail dealers

do

Exports
_
_do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ persh. ton-Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
__
. ... -_thous. sh. tons
Oven (bvproduct)
do
Petroleum coke§ - - - - - - - - do
Stocks, end of period:
Oven-coke plants, total
do
At furnace plants
do
At merchant plants
do
Petroleum coke__
do
Exports
do

68

PETROLEUM AND PRODUCTS

All oils, supply, demand, and stocks:
New supply, total
Production:
Crude petroleum
Natural-gas liquids, etc
fm ports:
Crude petroleum _
Refined products

mil bbl

Distillate fuel oil
Residual fuel oil
Jet fuel

3 216 5
514 5

269 4
269.4
44.0

276.2
45.1

447.1
492.0

411 9
6
514

29.6
40 4
40.4

37.5
49.4

_

-24.0

-8.9

-53.6

-26.9

18.1

16.9

31.6

29.7

31.1

19. 6

21. 9

9.1

407 5
407.5

417.0

471.6

423.1

413.0

378.1

378.6

372.0

389.7

392. 4

375.6

406. 8

1.5
70.9
4, 325. 1
1,793.4
101 1

26 5
85 4
4 481 9
1 84? 7
100 1

1
.1
84
8.4
390 0
399.0
154 5
154.5
10.5
10 5

.1
.2
5.9
'5. 6
411.0 ' 465. 7
150. 6
147.8
11.4
16.3

.3
6.4
416.5
144.5
12.2

368! 1
159. 8
6.9

-i

.1
6.6
400.1
170.1
8.7

797.4
626 4
244.4

818 1
651 7
300 8

80 8
80.8
57.1
57 1
26 3
26.3

93.4
63.2
26.7

M17.8
84.4
26.1

100.7
69.1
27.2

'85.4
63.9
27.9

'60.1
51.5
29 2

' 56. 1
44.5
27.8

' 49. 5
42.6
30.9

53.6
48.3
29.4

62.3
50.9
32. 0

do
do
do

Stocks, end of period, total 1
Crude petroleum -__
_
Unfinished oils, natural gasoline, etc
Finished products

63.0
4 593 8

do
do
do

_

38.1
4 397.5

do
do
do
do
do

_ _

do
do

Lubricants
Asphalt.
Liquefied gases

Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period

3 027. 8
468.7

do
do

Change in stocks, all oils (decrease,—)
Demand, total .
Exports:
Crude petroleum
Refined products _ _
Domestic demand, total 9
Gasoline
_ _ _ _ _
Kerosene

4, 435. 6

do
do

48 9
134 1
323.9

44 3
131 2
344 4

36
3.6
93
9.3
35 3
35.3

3.5
4.4
36.6

3.8
4.0
42.5

3.8
4.2
36.6

3.9
5.5
33.1

4.3
9.3
25.8

4.4
13.1
27.5

3.7
16.2
25.4

4.1
20.0
27.8

4.0
17.5
27.1

4.4
17.0
32.9

do
do
.do
do

874. 5
238 4

2944.1
249 0
2
96 0
2599 2

952.9
254 2
254.2
99 1
99.1
599
599. 6

944.1
249.0
96.0
599. 2

890.5
244.9
93.6
552.0

863.7
245. 3
94. 3
524. 1

881.8
256. 9
96. 2
528.6

898. 6
262. 1
100.7
535. 8

930.2
262. 0
106.8
561.4

959.9
264.9
104.2
590.8

9
991.0 1,010.5 1 03 5 1
266. 4 ' 262. 8
205. 8
102.7
98.4 •
104.2
641.5
671. 2
621. 0

do
do
do

1 792 6
38
194.2

1 845 9
4 9
208 0

155.3
155 3
4
.4
192 0
192.0

165.8
.3
208.0

159.4
.3
220.4

147. 6
.1
224 2

153.4

223! 4

147.0
.3
209.5

160.7
.3
203.1

162. 3
.1
201.0

170.3
.2
193! 1

Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal__
.114
.115
.115
.117
.110
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal-.216
.226
.226
.229
.225
Aviation gasoline:
Production
mil. bbl
41.2
37.1
2.7
2.9
2.3
4
Exports
do
4 0
.3
34
.4
.3
Stocks, end of period
do7.8
7.9
7.9
7.5
7.6
Kerosene:
Production
do
10° 1
10.6
100 4
10 1
10.1
10.3
Stocks, end of period., _ .
do
25 4
°5 0
26.2
25.4
26 2
19.2
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal .
.104
.110
.112
.112
.112
' Revised.
' nevised.
1
2
Annual total reflects revisions not distributed to the monthly data,
See i ote 'T' for
3
this page.
Less than 50 thousand barrels.
!f Beginning 1967, data reflect change in reporting to show all stocks of unf nishcd oils,
unfinished o ils,
natural gasoline, plant condensate, and isopentane as one item, and stocks of "finished prods
"fu lishcd pr 3d-




3

.2
.1
.1
)
(3)
'7.5
'7.0
7.7
'6.8
'6.9
' 405. 2 r 371. 1 ' 370. 8 '364.2 ' 382. 7 ' 385. 5
168.8
166. 4
162. 7
179.3
155.7
180. 5
6.1
6.3
5.6
5.1
9.7
4.7

(
r

n-.l

' 47. 9 '46.0
48.2
45.9
28.8
28.8
4.3
19.9
28.1

170. 3
.1
186. 1

fU1 .^

' 266. 3
101.5
673. 7

_ _j

167.2

195. 1

.115

.115

.120

.108

. 115

.115

.115

.115

.225

.228

.230

.232

.231

.230

.234

. 234

2.2
.1
7.8

2.9
.2
7.6

2.4
.2
6.7

2.8

2.5
.1
6.4

3.1

6^6

C).l

2.7
.1
6.3

3.0
.2
6.3

9.7
16.7

9.4
16.4

7.8
18.6

8.5
20.9

7.2
23.0

7.3
25.7

7.8
27.2

28.0

|
.228 i

.226

.235

i

.115
.111
.112
.112
.112
.115
.115
.115
nets" is anoth 3r (both items in(,lude sto ?,ks at re fineries, i latuwl g as processing plants, terminalf , and l)i Ik statio is). Also , as a res ult of inc reased c()vcrage i i certain bulk terminals,
stocks of distill ate and •esidual fuels are on a ne\v basis. )ec. l%f data on new basis (mil.
bbl.): Total sto cks, 881.1 ; distillate, 158.1; residual G3.9.
9 In eludes dcita not si own sep irately.
§Inch ides noni narketal le catalyst coke.

SURVEY OF CURRENT BUSINESS

S-36
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Annual

January 1969

1967
Nov.

1968
Dec.

Jan.

Feb.

Mar.

Juno

May

Apr.

July

Aug.

Sept.

Oct.

Nov.

PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production.
mil. bbl
Imports..
_
do _ .
Exports
do
Stocks, end of period
do
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal
Residual fuel oil:
Production. _
__
_ _ _ ..mil. bbL_
Imports
do
Exports _
_
_ do
Stocks end of period
do
Price, wholesale (Okla., No. 6)
$ per bbl
Jet fuel (military grade only) :
Production
Stocks end of period

785.8
13.8
4 4
154. 1

119 8

96 9

93 5

.100

102

102

102

102

. 102

276.0
395.8
22.0
!65 6
1.47

24.5
30.9

27.5
37.9
65 6
1.45

24 5
42 3
15
55 1
1 45

24 7
46 4

64 2
1 45

27.7
50 9
16
58 5
1 45

215 5
19.4

273 2
22 2

24 2
22 1

24 0
22 2

24 1
22 9

65.4
17 1
12.7

64.9
18 6
14 8

53
18
13 8

5 6
12
14 8

.270

270

270

129.6
17.3

127 8
19.9

60 1
215. 1

65.5

1.4
5

73 8

3.5
4

74 3

3.7

74 5
35

3

77 3
4 8
r 2

68 8

69.1

71 7

70.5

r 2

r 1

115 8

139.5

109

105

.105

22.8
32 7

19.7
30.9

72 4
1.35

1.9

67 6
1.45

1.2

74 3
1.35

75.8
1.35

27 3
24 4

27 1
25 1

65
2
'
101

1
8
2
2

2.0

2.5

66 1
2 4

2.9

2.2

r I

r 1

168 1

191 4

206.0

105

105

.101

21.2
30 4

21.4
24.7

19.4
31.3

4

9 9

2.1

60 5

1 45

62 8
1 45

22.7
27 8
2 2
66 9
1 45

23 8
23 o

25 3
92 g

26 5
23 1

27 3
25 2

24 5
23 6

26 6
24 8

51
10
15 1

5 0
13
15 1

5 4
1 7
15 0

5 5
15
14 7

57
16
14 4

5 3
16
14 4

19
13 6

15
13 8

18
13.5

270

270

970

270

270

270

270

270

270

270

10 1
17 2

6 9
19 9

6 4
22 7

6 2
25 0

7 3
26 9

9 8
27 6

13 0
27 8

14 2
26 9

15 3
23.0

15.7
19.1

14.8
17.2

67 6
236 6

53
26 0

5 7
29 1

58
28 5

5 6
28 0

6 3
30 4

5 7
28 8

68
29 8

6 0
27 5

6 3
29. 1

6 3
28.6

28.6

37.7

63 4

68 6

63 4

53 1

48 2

50 7

59 1

67 7

74 7

80 4

85.8

91.1

69,363
28,917
40, 446

76 500
30 509
45 991

6 270
2 689
3 580

4 126
1 881
2 245

4 689
2 025
2 664

4 217
1 873
2 344

4 309
1 874
2 435

5 901
2 316
3 585

7 061
2,577
4 484

8 212
2 957
5 955

8 020
3,000
5 020

8,086
3,169
4 917

8,343
3,346
4,997

' 8, 397
'3,375
r 5, 122

6,172
2,632
3,540

554
539
880

468
445
876

55
33
76

30
17
57

31
13
70

26
14
64

23
26
60

30
36
71

29
44
78

36
45
81

30
43
77

41
46
81

44
42
82

'55
53
89

49
28
70

mil. bbl
do

Liquefied petroleum gases:
Production
do
Transfer from gasoline plants
do
Stocks (at plants, terminals, underground, and
at refineries) end of period
mil bbl

Asphalt siding
Insulated siding
Saturated felts

159 7

264.0
376.8
12.9
61.2
1.62

Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midcontinent,
f o b Tulsa)
$ per gal

Asphalt and tar products, shipments:
Asphalt roofing total
thous squares
Roll roofing and cap sheet
do
Shingles all types
do

176 1

.094

mil. bbl
do

Asphalt:
Production
Stocks end of period

804 8
18.5
4 3
1
159 7

do
do
thous sh. tons

2.5

1.2

2.2

5.5

1.3

5.7

5.6

5.7

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks end of period
Waste paper:

i 56 797
2 56 259
2
6 529

54 921
55 257
5 859

4 377
4 615
6 024

4 123
4 333
5 859

4 180
4 9
835
5 31

4 806
4 713
5 398

5 026
5 037
5 415

3 865
4 200
4 249

4 795
5 060
4 776

4 823
4*932
4 766

4 973
4 755
5,017

5 047
5 021
5,008

4 933
4 733
5,274

5,337
5,235
5,398

2 jo 541
2
-738

9 733
'602

OQQ

594

753
602

859
542

004
526

883
510

859
518

899
518

870
493

761
535

885
510

r 850

do

••513

921
547

35 487
1 447
22 593
2 669

2 563

3 139

q (]AA

3 270

3 180

q 977

3 207

2 997

3 290

3 053

3 360

do
do
do

2 36
2
1
2 23
22

9 QQ7

Dissolving and special alpha
Sulfate
Sulfite

1 890

1 751

9

2 076

2 078

2 113

2,180

217

191

209

1,953

213

1 913

205

926

2 053

226

1 960

2 096

206

Oil

Groundwood
Defibrated or exploded
Soda, semichem screenings etc
Stocks, end of period:
Total all mills
Pulp mills
Paper and board mills
Nonpaper mills

do
do
do

3 794
2 1 658
2
3 351

3 953
1 418
3 407

334
120
296

256
15
217

348
195
294

336
122
272

367
130
309

348
136
296

368
133
319

359
128
297

340
131
291

363
137
318

344
128
298

363
136
316

do
do
do
do

816
276
456
84

786
342
363
80

813
388
359
69

786
342
363
80

785
379
342
64

779
358
352
69

756
334
349
74

783
345
362
76

795
339
382
73

838
369
397
73

797
323
404
71

801
344
383
74

r

746

r

364

'67

778
346
368
65

Exports, all grades, total
Dissolving and special alpha
All other.

do
do
do

1 572

1 710

1 009

1 109

160
57
103

156
57
99

139
48
91

155
50
105

153
63
90

172
66
106

127
39
87

179
49
130

176
72
103

163
66
97

128
32
96

165
65
99

Imports, all grades total
Dissolving and special alpha
All other

do
do
do

3 355

3 162

3 065

2 898

290
23
267

252
26
226

269
27
242

155
57
98
977
95
959

280
23
257

315
29
286

305
23
283

311
20
290

292
23
270

283
23
261

258
26
232

304
27
277

299
19
280

47 189
20 631
22 574

20 341
21 840

3 871
1 683
1 862
11

3 592
1 644
1 659

3 963
1 781
1 842

4 190
1 884
1 924

4 144
1 847
1 913

4 220
1 905
1 923

4 159
1 849
1 938

3 873
1 733
1,774

4 197 r 4 017
1 834 r 1,810
1,966 r 1, 808

4 435
1,965
2,044

3 831

3 678

315

12
278

4 038
1 831
1 874

46 886

46 074

3 893

101 7
115 1
97 1

1ft1 Q

101 9
117 8
97 3
Q9 n

thous cords (128 cu ft )
do
do

Stocks, end of period
Production:

WOODPULP
640
527
562
748

2

563

607

293

265

128

227

119

135

149

142

131

216

164

132

131

150

133
197

315

151

214

PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
Paper
do
Paper board
do
Wet-machine board
do
Construction paper and board
do
New orders (American Paper Institute):
All grades paper and board
do
Wholesale price indexes:
Printing paper
1957 59 100
Tiook paper A grade
do
Paperboard
do
Buildine nanpr and hnnrH
An
r
Revised.
1

153

135

09 fi

p
Preliminary.
See note "1" for p. S-35.
-Reported annual total; revisions not allocated to the months.




117 6
97 3
Q1 Q

13
320

12
328

3 561

4 170

3 975

101 9
117 8
97 3

101 9
117 8
97 3

101 9
117 8
97 3

09 1

Q<> 1

Q1 8

13
370

13
379

13
360

10
355

11
386

4 332

4 248

4 297

4 952

3 940

4 275

101 9
117 8
91 7
92. n

101 9
117 8
91.7
92.1

101
119
91
92

101 9
119 4
90 6
99 3

101 9
120 5
90 6
92.3

13
369

9
4
7
3

120 5
90.6
92.9

12

'386
r

4,078
100 6
121 0
90.9
93.5

13
414

' 4, 526

Dec.

January 1969

SURVEY OF CURRENT BUSINESS
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

1967
Nov.

Annual

S-37
1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):
Fine paper:
Orders, new
_ -thous. sh. tons..
Orders unfilled end of period
do

2,637
159

2,645
157

215
146

206
157

242
164

227
158

264
184

269
213

255
208

243
223

232
217

225
207

230
226

»236
*217

do
do _

2,641
2,633

2,659
2,658

215
217

202
203

237
237

224
222

244
250

250
247

249
248

242
240

221
224

233
225

226
226

•p 253
p246

do __
do

6,711
553

6,335
449

472
415

508
449

546
427

570
513

617
525

579
537

586
504

577
539

554
546

569
510

541
510

P615
P525

do
do

6, 511
6,511

6,332
6,332

501
501

508
508

534
534

544
544

567
567

568
568

580
580

572
572

526
526

570
570

538
538

p595
p 595

4,723
200

4,678
214

406
225

411
214

423
228

399
218

440
231

396
218

441
231

418
262

380
236

429
253

388
265

P 447
P279

do
do

4,696
4,704

4,753
4,685

408
404

400
403

422
405

418
412

432
423

404
396

432
427

410
396

379
380

413
418

372
374

TO 430

do
do
do .

8,419
8,385
184

8,051
7,968
268

675
687
311

602
646
268

641
583
325

629
573
381

674
659
396

674
682
388

711
756
343

689
705
327

693
617
402

639
634
408

576
622
362

719
760
320

702
761
262

do
do
do

2,408
2,405
21

2,620
2,602
39

222
228
41

204
206
39

238
223
55

220
215
59

250
242
68

234
253
49

265
267
47

256
254
49

240
244
46

253
247
51

240
240
52

257
259
50

248
255
43

Consumption by publishersd"
do
Stocks at and in transit to publishers, end of
period
.
---thous. sh. tons.

6,898

6,907

622

587

518

523

604

586

622

579

509

559

599

645

652

681

630

673

630

617

613

584

605

626

623

681

704

659

660

628

Imports___ _ .
_
- , __ do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
-_ _ .$ per sh. ton

6,991

6,599

541

531

537

460

531

594

581

544

542

505

451

568

514

136. 23

139. 95

141. 40

141.40

141. 40

141.40

141. 40

141. 40

141.40

141. 40

141. 40

141. 40

141. 40

449
724
446
92

444
618
439
87

466
767
458
89

405
648
421
78

429
661
408
89

481
714
482
92

494
733
480
90

497
767
480
90

488
778
489
91

510
826
489

433
847
421

513
877
497

470
895
469

536
921

* 511
966

454
869

512

502

518

Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area-- 160,452

162,362

14, 175

13,081

13, 432

12, 922

13, 763

14, 289

14, 922

14,416

13, 477

15, 316

15, 375

17, 191

15, 121

13, 765

134.1

139.7

132.5

126.1

128.6

138.7

135.6

139.6

131.6

129.4

145.2

142.2

Production
Shipments
Printing paper:
Orders, new
_
.
Orders, unfilled, end of period
Production
Shipments

__ _ ._

..

_

_
..

Coarse paper:
Orders, new
Orders, unfilled, end of period. _ - .
Production
Shipments

_ . _

Newsprint:
Canada:
Production
Shipments from mills
__
Stocks at mills, end of period. . ._
United States:
Production
__ _ _ _ . _ . - . .
Shipments from mills
Stocks at mills, end of period. ._

do
- do.

Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons__
Orders, unfilled §
do
Production, total (weekly avg.) _. _. .
do
Percent of activity (based on 6.5-day week)

Folding paper boxes, shipments, index of physical
volume
1947-49=100.-

134.1

c

r

M30

T

158. 6 p 135. 1

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. Ig. tons._
Stocks, end of period,- _ _
do
Imports, incl. latex and guayule
do

545. 68
91.59
431. 66

488. 85
111 66
452. 80

46.03
109 43
50.23

43.06
111 66
48.22

49.17
108 23
46.88

47.61
102 10
42.06

49.48
95 09
39.49

47.94
94 42
42.17

49.61
92 64
42.72

46.22
92 07
36.73

41.00
99 57
51.26

Price, wholesale, smoked sheets (N.Y.)_.$ per lb-.

.236

.199

.179

.175

.173

.164

.176

.179

.186

.213

.208

thous. Ig. tons.. 1,969.97 1,911.87 181. 88
do
1 666 06 1 628 26 155 13
do
348 69 369 94 347 00

185. 10
143 83
369 94

178.79
162 92
360 27

170. 82
154 26
360 38

180. 29
161 98
358 80

177. 88
156 04
357 83

184. 77
162 82
354 33

173. 42
153 23
364 32

171. 58
135 49
375 64

Synthetic rubber:
Production
Consumption
Stocks, end of period
Exports (Bu. of Census)__

49.05
46.27
103 02 107 19
63.30
46.06

53.85
105 05
36.24

48.69
100. 02
43.69

.201

.215

.228

178.63 172.89
153 92 rl58 07
374 65 r361 12

178. 39
178 40
348 04

180. 69
161 55
348 14

.210

do

308 44

299. 80

24 94

23 02

24 35

23 99

26 15

24 86

27 39

21 23

23 67

30 71

37 76

13 86

18 28

do
do
do

Reclaimed rubber:
Production.
Consumption
_
Stocks, end of period

277. 36
264 51
32 29

243 65
239 27
28 40

23 18
21 25
27 21

23 90
22 59
28 40

23 76
23 07
28 04

23 94
22' 85
29 yg

22 71
23 51
28 58

22 12
22 09
29 07

22 78
21 88
28 95

21 20
20 70
29 00

17 65
15 94
29 46

19 68
19 14
30 26

20 28
20 22
29 88

22 60
22 38
30 03

20 14
19 82
29 71

177, 169 163, 192

.228

16 831

TIRES AND TUBES
Pneumatic casings, automotive:
Production

_

thous

Shipments, total
Original equipment
Replacement equipment
Export

do
do
do
do

Stocks, end of period
Exports (Bu. of Census)

do
do

Inner tubes, automotive:
Production
Shipments.
Stocks, end of period
Exports (Bu. of Census)

do
do
do
do

r

16 244

15,664

17, 594

17 118

18, 175

17, 212

17, 930

16 683

14 429

15 694

16 506

18 695

173 464 172 947 r!3 612
54,680 47, 617 r 4, 321
116,348 123, 205 r 9 H9
r 172
2 125
2 436

12 972
5,008
7 760
204

14 818
4,866
9 757
196

13 538
4,585
8 755
198

16 740
5,465
11 099
176

18 876
5,176
13 500
200

19 059
5,603
13, 025
431

18 427
5,265
12 782
381

15 782
2,986
12 561
235

15 235
2,542
12 399
294

18 226
5,305
12 514
407

19 623 15 450
5,899
5,679
9 372
13 681
178
' 264

42 569
2 051

34 782
1 450

31 674
166

34 782
121

38 020
76

41 916
145

43 742
93

42 369
126

41 817
280

40 689
416

39 485
185

39 969
254

38 719
397

37 930 39 698
' 245
157

42 765
44 222
11 996
1.100

39 775
41 691
11 005

3 816
3 191
10 508
63

3 314
3 026
11 005
69

4 078
4 579
10 790
63

4 005
3 664
11 159
66

3 991
3 778
11 453
62

3 598
3 532
11 605
197

3 770
3 675
11 744
120

3 492
3 574
11 917
83

3 093
3 440
11 518
92

3 491
3 595
|9 437
115

3 428
3 658
1? 442
266

4 094
4 230
11* 146
'132

849

Revised.
v Preliminary.
e Corrected.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.




3 474
3 900
11 480
109

§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.

SUEVEY OF CURRENT BUSINESS

S-38
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1968

1967
Nov.

Annual

January 1969

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

44, 106

39, 855

45, 358

30,954

708.1 ' 672. 0
18.2
'18.3
168.5 ' 169. 6

740.2
16.2
171.4

Dec.

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement

__

.

thous. bbl

380, 694

374,017

30,604

21,305

17, 166

20,204

26, 176

34, 426

37, 389

36, 876

41, 763

7, 551. 7
°67 4
1,610 3

7, 117. 4
234.5
1, 572. 2

615.1
17. 1
126.7

471.1
14.3
92.2

360.1
13.5
82.9

500.6
13.4
103.1

600.0
16.0
132.4

710.5
14.6
160.0

734.9
15.8
159.7

687.1
16.8
154. 2

727.2
16.9
165. 7

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick
Structural tile, except facing
thous. sh tons
Sewer pipe and fittings, vitrified
do
Facing tile (hollow) , glazed and unglazed
mil. brick equivalent
Floor and wall tile and accessories, glazed and unglazed
mil sq ft
Price index, brick (common), f.o.b. plant or
N.Y. dock
1957-59-100

308 1

240.1

20.7

18.3

14.4

14.6

18.0

22.4

18.8

17.4

19.0

17.8

18.8

20.9

272 7

257.5

21.3

18.4

21.3

20.4

22.6

23. 9

25.2

24.3

22.4

24.5

23.9

24.1

111 5

113 3

113.9

114.9

115.3

115.4

115.8

115.8

116.1

116.5

116.8

117.6

117.6

343 138

331 976

93 640

89, 988

90, 523

98, 252

136, 785
206 353

131 476
200 500

37,604
56 036

34, 335
55 653

29,684
60, 839

35, 844
62, 408

GLASS AND GLASS PRODUCTS
Flat glass mfrs ' shipments

thous $

Sheet (window) glass, shipments
Plate and other flat glass shipments
Glass containers:
Production

do
do
thous gross

Shipments, domestic, total
do
General-use food:
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous gross

211 764

225 579

19, 499

19, 073

20 584

(5)

(S)

20,068

20, 992

21, 757

21, 909

23, 054 '21,368

22, 870

21,125

204 093

228, 766

21, 123

25,647

25, 451

(5)

5

()

17, 146

18, 666

20, 017

21,322

23, 576 '21,034

20,902

18, 721

21 605

23,631

1,700

2,204

2,260

(5)

(5)

1,591

1,930

1,886

2,365

3,473

'2,681

2,252

1,576

5,633

6,887

6 579

(5)

(5)

3,693

4,066

4,524

4,864

5,826

' 4, 763

5,591

4,981

3,755
3,798
1,304

3,980
4,331
1,323

4,519
4,577
1,465

4 684
4,983
1,349

4, 387 ' 3, 609
4,781 '4,081
1,591 ' 1, 637

4,190
3,373
1,802

3,871
3,268
1,639

2,657

2,638

2,649

2,696

3,065

'2,810
'390

3,189

440
65

2,910

63

20, 709

22,463

24, 593

52 168

57 852

Beverage
Beer bottles
Liquor and wine

do
do
do

27 098
38 895
17 608

38 185
44 501
19, 459

3,728
3,559
2,137

5 108
4,153
2,198

3 694
5 040
2, 276

(5)

(5)

(5)

(5)

5

( )

5

( )

Medicinal and toilet
Chemical household and industrial
Dairy products

do
do
do

39 766
5 812
1 141

38 516
5 664

3,768

4 898

(5)
(5)

(5)
(5)

958

510
88

4,386

(5)

(5)

284
64

do

30 084

22 546

29, 394

(5)

(5)

16, 304

5 479
9 647

4 722
q 393

1 372
2,348

1, 069
2,233

1,402
2,582

1,604
2,768

do

8 434

7 879

1 812

1 923

2 155

2,330

do
do

4 693

4 511

1,185

866
73

1,487

1,369

69

78

77

do
do

680
899

561
813

118
189

130
184

137
196

143
215

1 079
7 084

94Q

190

296

249

7 089

1 560

1 771

2 048

Stocks, end of period

600
111

608
96

?•> 546

17 568

356
42

339
58

18, 407

19, 936

324
57

20, 324

387
66

19, 594

r

416
60

GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
Production

thous sh tons
do

Calcined production total
Gypsum products sold or used, total:
Uncalcined uses
Industrial uses
Building uses:
Plasters:
Base-coat
All other (incl Keene's cement)
Lath
Wallboard
All other.

_

mil sq ft
do
do

322

228

293

52

59

°43

285
2,326

79

73

TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:
Production total 9
mil linear yd
Cotton
do
Manmade
fiber
do

12 689
8 866
3 571

11 983
8 263
3 493

969
649
306

1 l IOQ
i 753
i 353

1 1 154
i 749
i 383

983
651
314

1 317

1 330

1 317

1 287

1 270

Stocks, total, end of period 9 cf
Cotton
_
Manmade
fiber

do
do
do

1 306

Orders, unfilled, total end of period 9 f
Cotton
._
Manmade
fiber

do
do
do

3 209
2 408

746

3 190
2 060
1 045

3 20°
2 099
1 021

9 562

7 435

6 320 ' 2 6 933 3 7 264

9 575
9 647

7 455
9 215

766
521

837
465

850
466

837
465

3 190
2*060
1 045

821
451

3 047
1 915
1 036

953 i i 136
i 738
621
i 373
313

939
604
315

932
592
320

i 888
i 558
1311

1 223

1 225

1 250

1 228

1 240

784
440

811
443

2 860
1 734
1 032

2 814
1,666
1 054

769
437

2 836
1,670
1 069

775
435

2 892
1,651
1 142

778
457

2 948
1,608
1 241

748
466

907
573
317

T

911

576
'320

1 235 ' 1, 225

756
466

749

'463

2 974 r 2 909 ' 2 768
1,500
1,640
l".596
1 236 ' 1 224 1,180

i 1, 134
i 709
i 406

1,192

715
464

2 866
1,575
1,212

COTTON
Cotton (exclusive of linters):
Production:
GinningsA
thous running bales
Crop estimate, equivalent 500-lb. bales
thous bales
Consumption..
do
Stocks in the United States, total, end of period
thous bales
Domestic cotton , total
do
On farms and in transit
do
Public storage and compresses
. do
Consuming establishments
do
Foreign cotton, total
. _ do.

720

!825

!880

20 265
14 563 15 705 14 563 13 220
20 186
14 472 15 614 14 472 13 135
1,509
1,121
1,509
2,554
1,311
11,369 11,613 11,369 10 073
17,639
1,594
1,751
1,594
1,447
1,426
86
91
79
91
91
r
Revised.
i Data cover 5 weeks; other months, 4 weeks.
- Ginnings to Dec. 13.
3 Ginnings to Jan. 16.
< Crop for the year 1967.
» Data not available owing to lack of
complete reports from the industry.
• Dec. 1 estimate of 1968 crop.
9 Includes data not shown separately.
cfStocks (owned by weaving mills and billed and held for others) exclude bedsheeting,




4

729

7

7 435

* 7 455

721

374

1,416

5,955

1670

665

643

'813

'9, 164 2 10, 030
o 10, 822

1

839

692

682

657

7 633
6 448 16 575 15 720 14 636
9 660
8 588
12 051 10 898
6,402 16,517 15, 665 14, 575
9*594
8 529
7,580
11 971 10 826
6,268
300 11,085 10, 339
616
628
955
660
1,137
3,819 '6,890 ""8,874"
4,277
3,777
5,037
6,810
5,813
8,970 ' 7,916
1,512
'1,419
1,507
1,825
1,655
1,927
1,956
2,087
1,864
2, 125
50
'59
55
46
58
54
72
66
59
81
toweling, and blanketing, and billed and held stocks of denims.
1}Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.

SURVEY OF CURRENT BUSINESS

January 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1966

1967

1967

Annual

S-39

Nov.

1968

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of linters)— Continued
Exports
thous. balesImports
do
Price (farm), American upland
cents per l b _ - _
Price middling 1", avg. 12 markets'!
do- Cotton linters:
Consumption
thous. balesProduction
do
Stocks end of period
do
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
Consumin (T 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day_
Consuming 100 percent cotton
-

miL.
do
biL_
do
do_

Cotton yarn, price, 36/2, combed, knitting, natural
stock
- .$perlb_.
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. y d _ .
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
nvg. weekly production --No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills) end of period, seasonally adjusted- ...
Mill margins:*
Carded yarn cloth average
cents per lb-_
Combed varn cloth average
_ - do
Blends (65% polyester-35% cotton)
do
E'rices, wholesale:
Print cloth, 39 inch, 68 x 72__. cents per yard..
Sheeting, class B, 40-inch, 48 x 44-48 _ .do

3,597
100
» 20. 6
i 22.1

3,973
169
i 25. 4
124.8

1,366
1,419
725

1,080
977
617

19.5
15.1
132.1
.509
102.4

20.0
14.4
126.2
.486
94.4

20.1
14.5
10.2
.511
7.3

.949

.942

.960

8,840

8,278

18.4

15.4
5.2

.25
Ml. 95
« 95. 74
4
63. 29

18.7

WOOL
Wool consumption, mill (clean basis) :
Apparel class
mil Ib
Carpet class
do
Wool imports, clean yield.
_ __ do
Duty-free (carpet class)
do
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
$ per lb-Graded fleece, % blood _ _
do
Australian, 64s, 70s, good topmaking . _ _ d o

2

406
3
19.6
25.1

436
3
19.4
25.2

96
122
628

98
122
617

84
98
614

2

383
3
21.1
24.9

357
2
20.0
24.9

277
2
20.8
24.8

108
62
549

90
41
492

20.1
13.8
12.5
.501
2
8. 5

20.1
13.7
10.3
.516
7.0

20.1
13.6
10.3
.513
6.8

1.065

1.040

1.040

2

92
27
'436

85
83
595

213
20
26.0
25.0

262
44
26.2
25.0
'92
42
255

95
20
364

77
20
300

20.2
13.6
10. 5
.419
2
6. 8

20.2
13.5
10.1
.504
6.6

1.040

1.039

152
2
26.5
24.3
2

185
1
24.2
23.3

21.6
22.7

1.037

' 114
160
'308

20.2
20.2
13.3 2 13.3
9.9 ' 12.5
.495
.502
6.5 ' 2 8. 3

95
157
353

2

20.1
14.2
12. 7
.508
2
8. 9

20.1
14.1
10.4
.519
7.2

20.1
14.0
10.3
.516
7.2

1.026

1.081

1.085

1.070

15.4

13.9

12.2

12.1

12.7

12.3

12.1

16.8

12.4

'11.6

12.4

12.4

5.0

5.2

5.1

5.0

4.9

5.2

5.2

5.3

6.8

5.4

5.3

5.1

5.0

.35

.34

.35

.37

.42

.42

.41

.42

.42

.40

.42

.44

.41

.40

37.75
75.60
54.47

33.43
68.50
66.85

32.36
80.98
69.32

33.72
83.82
71. 92

35.36
86.41
73.54

36.13
90.48
65.97

36.77
91.98
63.25

37.30
92.91
63.85

38.00
37.73
94.40 3 90. 13
62.84
63.69

37.85
90.58
64.04

38.10
91.72
62.24

39.03
93.31
60.31

40.80
95.20
60.51

U8.4

16.5
18.5

17.0
19.0

17.0
19.0

17.0
19.0

17.0
19.0

17.0
18.9

17.0
18.9

17.5
18.4

17.5
18.4

5,573
6,200
4,026
16, 599

8,812
10, 040
3,614
15, 804

20.0
14.4
11.6
.465
2
8. 3

2

2

20.1
13.1
10.0
.502
6.6

1,924

2,035

2,031

17.0
18.4

17.3
18.4

3, 980. 6
734.7
603.4

1, 149. 2
205 9
181.7

'1,211.8
198 3
183.3

1,229.6
183 3
176.7

1,213.9
1,119.8
308.8

334.3
344.9
82.4

' 375 .4
365.8
89.0

410.4
359.8
99.4

42.02
98.55
60.68

1,303.5
204.7
180.4
423.7
392.6
102.1

.66
.81
1.52

7, 805
6, 303
3, 9 12
14, 029

8,782
5,910
3,065
14,972

8, 155
6,077
4,978
22, 598

8,661
8,445
4,456
19, 519

7,205
7,944
3,953
20,668

7,910
9,100
4,579
20, 250

8,156
12, 338
5,921
16, 848

8,011
9,134
5,650
14, 474

8,516
9,381
5,584
15, 165

8,509
8,583
5,485
17,480

8,396
9,185
6,124
18, 376

51.7
43.8

40.7
51.3

33.9
47.2

49.1
52.4

138 7
142.4
40 4

134 9
r 159 7
37 3

154 6
158 8
41 7

168.3
184.1
44.7

.62
.81
1.46

.61
.81
1.41

.60
.81
1.41

4 234 1 '4 237 3
1V 612 5 ^1, 620. 4
735 0 r 754 o
335 4 r 324 2
1, 907. 7 '1,987.0
' 624. 6 600.2
1,051.2 rl 169 6

479.4

' 412. 5

266.6
103.6
277.2
114.6

228.7
83.9
187.3
78.2

17.5
6.8
16.9
8.7

1.349
1.171
1.259

1.215
.910
1.153

1.177
.825
1.125

.61
.82
1.41

r\ 175 7
r 439 o

.61
.82
1.42

.61
.84
1.42

.61
.84
1.43

.61
.87
1.43

.61
.85
1.43

.61
.88
1.43

.61
.87
1.43

1,272.9
454.2
191.0
85.7

1 284 7
465 4
210 4
86 5

'1 310 5
'460 1

' 565. 1

649.6

159 5
'340 3

178 0
408 8

'677.7
r 173 5
'430 6

157.7
422 .2

110.5

112.7

'117.8

106.0

r 205 1

r 79 Q

2

20.2
29.1
19.0
9.3

1.165
.835
1.162

2

r 203 1
r 88 0

2

19.0
7.2
19.2
9.7

'17.8
7.1
20.6
12.5

2

22.7
2 8.9
17.7
9.2

16.4
9.0

1.220
.820
1.175

1.220
.820
1.175

1.220
.850
1.175

1. 210
.840
1.175

1.215
.864
1. 191

1.245
.880
1. 195

90.7

91.0

91.7

19.3
7.2
21.2
8.2

19.8
7.2
19.0
10.3

1.178
.825
1.175

1.190
.825
1.175

1.208
.820
1.175

89.9

90.2

90.7

19.7
7.5
23.5
9.0

19.4
7.2
21.7
7.7

1.165
.825
1.175

1.165
. 825
1. 175

88.8

62.0

2

659.5

19.9
27.4
25.3
14.0

24. 9
8.8
22.8
10.0

22. 7
9.0
24.0
12.3

2

WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59 =100. _ | 108. 2
88.2
87.8
87.8
92.6
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. yd._
264.9
238.6
57.8
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
.. 1957-59 = 100
102.7 M01.7
100. 5
100. 5
100.5
r
3
Revised.
1 Season average.
2 por 5 weeks, other months, 4 weeks.
Beginning
July 1968, average omits one cloth; July 19685margin comparable with earlier data, 95.52 cents
6
per pound.
< Average for Aug.-Dec.
For ten months.
Revised total; revisions
not distributed by months.
« Corrected.
HFor the period Sept. 1967-Feb. 1968, 14 markets; beginning Mar. 1968, 12 markets.




447
3
19.9
25.4

2

Exports: Yarns and monofilaments
thous. lb_- 98, 722 « 88, 831
Staple, tow, and tops
do
55, 522
78, 293
Imports' Yarns and nionouMaments
do
16,571
28, 194
Staple tow and tops
do
177, 570 8 149, 672
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb._
67.3
51.7
Staple, incl. tow (rayon)
do._70.1
43.8
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
150.2
138.7
Staple incl tow
do
129.8
142.4
Textile glass
fiber
do
42 5
40.4
.80
.80
1.58

474
10
22.4
26.2

2

14.5

4.5

331
10
27.6
27.0

81
146
595

MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. l b _ _ 3, 860. 1
Filament varn (rayon and acetate)
do
799.8
Staple, incl. tow (rayon) _ _ _ _
do
659.2
Noncellulosic, except textile glass:
Yarn and monofilaments
do
1, 164. 7
Staple, incl. tow.
do
904.0
Textile glass
fiber
do
332.4

Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb-_
Yarn: Rayon (viscose), 150 denier. .
do
Acrylic (spun), knitting, 2/20,3-6 D*_ do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly ) total 9
mil lin yd
Filament yarn (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics __
do
Spun yarn (100%) fabrics (except blanketing) 9
mil. lin. yd._
Rayon and/or acetate fabrics and blends
do
Polyester blends with cotton .
do_ _.
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd._.

298
17
30.5
25.0

'68.8

2

1.245
.880
1.195

91.8
57.0

101.1
100.5
100. 5
100. 5
100.5
100.8
101.1
101.1
*New series. Beginning Aug. 1966, mill margins refer to weighted averages of over 70 types of
unfinished carded yarn cloths and to simple averages of 7 or 8 combed yarn cloths and of 3
polyester-cotton blends; no comparable data prior to Aug. 1966 are available. Spun yarn price
(BLS) available beginning Jan. 1965.
9 Includes data not shown separately.

SURVEY OF CURRENT BUSINESS

S-40
1966

Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS

1967

Annual

January 1969
1968

1967
Nov.

Dec.

Jan.

Mar.

Feb.

May

Apr.

June

July

Aug.

Sept.

Oct.

Nov.

20, 631

Dec.

TEXTILE PRODUCTS—Continued
APPAREL
Hosierv, shipments
Men's apparel, cuttings:
Tailored garments:
Suits
Overcoats and topcoats

210, 425

thous. doz. pairs

r

thous. units
- do

Coats (separate) , dress and sport
do
Trousers (separate) , dress and sport.
do
Shirts (woven fabrics) , dress and sport
thous. doz
Work clothing:
Dungarees and waistband overalls
do
Shirts.
- do
Women's, misses', juniors' outerwear, cuttings:
Coats
thous. units
Dresses
do
Suits
do
Blouses, waists, and shirts
Skirts

thous. doz
do

20, 495
' 4, 052

223,482

15,371

r 13, 446
13, 726 ' 1, 256
147, 246 ' 138, 571 '12,010
T

19, 151

17, 107

18, 022

19, 828

18, 331

19, 858

19, 536

21, 632

1 672
337

1,894
311

1,716
290

1 848
297

1,854
365

1,810
426

1,783
363

1,272
318

1,856
408

' 1, 836
'420

2,357
395

'1 079 1,244
10, 275 11, 738

1,151
12, 838

1,188
13, 237

1,263
13, 799

1,256
14, 841

1,172
13, 828

793
12, 079

r

r

r

1,208 ' 1, 074 1,371
14, 418 '13,417 14, 867

1, 625

1,918

2,201

2,170

2,118

2,109

2,061

1,716

1,992

' 1, 858

2,342

'614
'291

480
275

569
303

579
308

514
295

555
268

660
265

416
214

544
259

'676
'268

605
340

r
24, 007 ' 22, 414 r 2, 260 ' 1, 624 1,770
273 080 '279 864 '21 850 '18 711 24, 379
T
'692
847
10, 651 r 7, 983
' 599

2,098
25 047
989

1,449
27, 376
1,060

1,209
28, 394
622

1,588
24,049
526

1,749
21, 034
643

1,865
19, 136
659

1,336
628

1,466
660

1,410
714

1,455
649

1,271
742

1,142
854

25, 598
'6 106
4,081

r

r

18, 197

r

'r19 719 ' 1, 919
••419
4, 770
r

r

16, 671

19,873

r

16 895
9, 554

T

22, 835
T

7 464
4,042

' 2, 020
r

510
'329

' 14 064 ' 1, 152
' 8, 548 T 576

'867
'396

1,157
522

2,108 ' 2, 051 2,146
21, 334 ' 19, 892 22, 728
622
646
'532
1,201
788

' 1, 148
'645

1,405
789

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $
IT S Government
do
Prime contract
do
Sales (net) receipts or billings qtrly total do
U S. Government
do
Backlog 6f orders, end of period 9
do
U.S. Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications), products, services
mil $
Aircraft (complete):
Shipments 0
Airframe weight 0
Exports

do
thous Ib
mil $

' 27 233 '26 900
16 351 r is 538
24 219 '24 423
20 227
14 530

30
17
16
4

936
950
401
9
52

i 7, 244
13 640
6,633
i1 6 321
4, 156

6,916
5 506
6,360
6 398
4,181

130 262

936
950
401
252

6,731
3 881
6,226
6 221
3 989

116,813
i 4, 192

468
550
813
666
556

30
17
16
4

23 444
16 334

27 547
15,711
14, 655
3 824

7
5
6
6
4

30 589
15, 768
17, 938
3,916

31 202
17, 236
17,214
3,765

1

116,057

4 510

5 704

5 704

14 708

4 007

5,254

2 492

2 810

2 810

12 759

2 827

2 854

2 087 0
43 983
553 7

2 981 5
56 739
786 5

296 6
5 367
95 2

381 2
6 645
95 3

337 9
6 043
127 5

354 6
6 359
145 6

357.0
6 671
78 7

373.4
6,858
115.4

391 4
6 931
130 2

339.5
5 831
125.8

406.8
6,931
117.6

340.3
6 005
121.7

311. 6
5 668
94.1

0, 329. 4
9 943 4
8, 598. 3
8, 336. 9
1, 731. 1
1, 606. 5

8, 976. 2
8 484 6
7, 436. 8
7 070. 2
1, 539. 5
1 414 4

807.7
761 8
683.0
645 2
124.7
116 5

957.8
903 9
813.9
768.5
144.0
135.4

937.5
889.3
787.0
747.2
150.4
142. 1

847.6
801 4
703.2
668 2
144.3
133 2

968.0
917 7
800.7
764.0
167.3
153 7

941.7 1, 103. 5
895.8 1 051 6
782.7
916.9
747.8
876.2
159.0
186.6
147.9
175.4

990.1
945.8
813.7
781.6
176.4
164.3

773.1
744.8
624.6
605.4
148.5
139.4

292.1
274.7
193.1
182.6
99.0
92.1

816.9 1,125.2 21,036.3
769.4 1, 065 .2
935.2 2 873. 7
656.4
620.0
889.5
2 162. 6
190.0
160.5
175.8
149.4

337.3
5,581
53.5

160.7

MOTOR VEHICLES
Factory sales, total
Domestic
.Passenger cars, total
._
Domestic
Trucks and buses, total
.
Domestic.

.

thous..
do
.do
do
do
do

Exports:
Passenger cars (new), assembled
To Canada*
Trucks and buses (new), assembled

do
do
do

177. 58
114 32
78 64

280 58
236 64
82 24

26.74
22 58
5 16

37.13
31 61
6 15

35.09
29 90
5.99

29 34
25 29
7 29

30.92
27 99
7 63

29.90
25.65
8.40

30.19
27 62
7.82

26.12
23.22
6.84

15.35
13.63
6.07

8.29
6.86
5.41

27.71
23.60
8.84

30.32
26.24
7.83

do
do
do

913 21
165 36
42 96

090 fi9
323 55

100 48
27 37
3 13

110 67
40 71
8 88

145 98
48 28
9 23

121 37
31 22
9 74

112 32
34 12
8 09

117 33
34.32
6 20

157 10
49 07
6 93

139 11
50.91
9.93

139 32
32.25
8.70

97 25
13.68
3.58

126 02
42.57
10.50

143 10

75 07

113 493
75 527

96 539
59 147

7 884
5 161

7 209
4 757

7 839
5 028

8 881
5 713

10 207
6 775

9 814
5 899

10 918
7 188

8 942
5*676

8 891
5,529

9 526
6,439

9 544
6,475

18 402

27 497

2 326

1 447

2 063

2 192

2 181

2 165

1 956

2 532

2 392

2 308

3 703

3 703

93 008 5 3 g 357 4
658 1 3 779 2
1 610 4 3 i 518 4

643 0
64 5
107 2

737 9
67 1
121 4

800.6
78.0
145.9

872.0
»79.5
161.9

744.4
«81.7
150.9

705.3
94.7
148.5

880.3
103.8 1
170.3

757.0
84.2
140.3

90 349
67 944
22, 405

QO flQC

64 775
18 320

5 122
3 958
1,164

5 483
3' 087
1 496

148. 6

10 061
7,056

Registrations (new vehicles) : O
Passenger cars
Foreign cars
Trucks (commercial cars)

2

154 .81
55.67
13.95

Shipments, truck trailers:
Complete trailers and chassis
number
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number

2 715. 0

36.28
30.79
10.03

Imports:
Passenger cars (new) complete units
From Canada*
Trucks and buses complete units

2 863. 6

thous
do
do

a
604
0

859.4
82.4
161.6

824.3
78.4
149 6

13.60

6
62 1
olio 9

725 0
75 5
131 7

4 717
3 875
842

5 754
4 358
1^396

5 712
3 978
1,734

5 774
3 395
2,379

4 994
2 906
2,088

4 408
2 728
1,680

3 499
2 476
1,023

3 760
2 488
1,272

4 448
3,062
1,386

4 533
3 319
1,214

4,097
2,670
1,427

°657 9
62 5
l!8 5

0
a

0

a

a

RAILROAD EQUIPMENT
Freight cars (ARCI):
Shipments
Equipment manufacturers total
Railroad shops, domestic

number
do
do

New orders
Equipment manufacturers total
Railroad shops, domestic

do
do
do

99 828
73' 185
26 643

53 703
38 468
15* 235

6 209
3 365
2 844

8 209
4 450
3 759

4 548
3 418
1 130

5 527
2 727
2 800

3 860
3 380
480

3 294
2,502
792

4 057
2,686
1,371

3 233
3 197
36

2,789
2,580
203

3,156
3,033
123

' 4, 323
' 4, 223
100

9,800
6,782
3,018

9,641
7,841
1,800

Unfilled orders, end of period
Equipment manufacturers total
Railroad shops, domestic

do
do
do

56 618
40 426
16 192

94 917
14 276
10 641

21 828
13 730
8 098

24 917
14 276
10 641

24 893
14 024
10 869

24 742
12 469
12' 273

22, 933
11 894
11 039

20, 364
10 862
9,502

19, 281
10 496
8 785

17,810
10 969
6,841

16, 948
10, 977
5,971

16, 261
11,439
4,822

16, 229
12, 693
3,536

21, 400
16, 060
5,340

26, 939
21,226
5,713

1,497
4 8

1 482
5 1

1,492
5 2

1,482
51

1,480
5 3

1,478
53

1, 478
52

1,476
5 2

1,473
5 2

1,473
5 2

1,470
5.2

1,467
5.4

1,466
5.4

1,463
5.2

1,461
5.2

QO 7-1

93 84
93 83
93 66
93 72
93 68
93 80
93 57
°3 6^
93 55
64.23
64.12
63.' 90
63^84
63.75
63.40
63.55
63.66
63.30
63.18
9Total includes backlog for nonrelated products and services and basic research.
® Data include military-type planes shipped to foreign governments.
*New series;
source, Bureau of the Census.
O Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.

Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
Held for repairs % of total owned
Capacity (carrying), aggregate, end of period
Average per car

_..

tons

no en

62.74
63.33
62.85
62.85
' Revised. l Beginning 1st quarter 1968, value of new orders and backlog refers to orders
on a funded order basis for Government contracts and on binding legal documents (or equivalent) for commercial business. Revised 4th quarter 1967 figures, comparable with funded
data beginning 1st quarter 1968 (mil. dol.): Total net new orders 7,428; total backlog, 29,339.
2
Preliminary estimate of production. 3 Annual total includes revisions not distributed
by months.
<• Omits data for 1 State.




61.19

QO X I

INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS

Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment

General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade

1-7
7-9
9,10
10-12

Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications

12-16
16-21
21-23
23,24

Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products

24,25
25,26
26-30
30

Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products

31
31-34
34,36
36,37

Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment

37
38
38-40
40

INDIVIDUAL SERIES
Advertising
10,11,16
Aerospace vehicles
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts
4,6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt and tar products
35,36
Automobiles, etc
1,3-9,11,12,19,22,23,40
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
4,8,11,22,23,26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields
18-20
Brass and bronze
33
Brick
38
Broker's balances
20
Building and construction materials
7-8,
10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores...
12
Cheese
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
Clay products
9,38
Coal.
4,8,22,34,35
Cocoa..
23,29
Coffee
23,29
Coke
35
Communication
2,19,24
Confectionery, sales
29
Construction:
Contracts
9
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
7,8
Copper
33
Corn
27
Cost of living (see Consumer price index)
7,8
Cotton, raw and manufactures
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,28,30,38
Crude oil and natural gas
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S Government
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales




3,7,8,26,27
16
18
11,12
16,17,19
16
26
2,3,18-21
11,12

14,15
11,12
3,7,28,29
4,8,25,26
4-8,
13-15,19,22,23,34
Employment estimates
12-15
Employment Service activities
16
Expenditures, U.S Government
18
Explosives
25
Exports (see also individual commodities)
1,2,21-23
Express operations
23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages
15
Fats and oils
8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilizers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28,29
Food products
1,4-8,11-15,19,22,23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight cars (equipment)
4,40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product.
Gross private domestic investment
Gypsum and products

4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38

Hardware stores
11
Heating equipment
9,34
Hides and skins
8,30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels
24
Hours of work per week
14
Housefurnishings
1,4,8,11,12
Household appliances, radios, and television sets.
4,
8,11,34
Housing starts and permits
10
Imports (see also individual commodities)
1,22,23
Income, personal
2,3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3,4
Installment credit
12,17,18
Instruments and related products
4-6,13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers* and trade
5,6,12
Inventory-sales ratios
5
Iron and steel
4,5-7,9,10,19,22,23,31,32
Labor advertising index, strikes, turnover.
16
. 12,13
Labor force
Lamb and mutton
28
Lard
28
33
Lead.
Leather and products
4,8,13-15,30
Life insurance
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
35,36
Lumber and products
4,8,10-15,19,31
Machine tools
34
Machinery
4,5-8,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
4-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings.. . 13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3,7,8,22,23,28
Medical and personal care
7
Metals
4-7,9,19,22,23,31-33
Milk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
23,24
Motor vehicles
1,4-7,9,11,19,22,23,40
Motors and generators
34

National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrons metals
4,9,19,22,23,33
Noninstalhnent credit
17
Oats
Oil burners
Oils and fats
Orders, new and unfilled, manufactures'
Ordnance

27
34
8,22,23,29,30
6,7
13-15

Paint and paint materials
Paper and products and pulp

8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passports issued
24
Personal consumption expenditures
1
Persona] income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11,13-15,19,22,23,35,36
Pig iron
32
Plant and equipment expenditures
2,20
Plastics and resin materials
25
Population
12
Pork
28
Poultry and eggs
3,7,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Profits, corporate
2,19
Public utilities
2-4,8,9,13,19-21
Pullman Company
24
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radiators and convectors
34
Radio and television
4,10,11,34
Railroads
2,15,16,19,20,21,24,40
Railways (local) and bus lines
23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators and home freezers
34
Rent (housing)
7
Retail trade
5,8,11-15,17,18
Rice
27
Roofing and siding, asphalt
36
Rubber and products (incl. plastics)
4-6,
9,13-15 23,37
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock prices, earnings, sales, etc
Stone, clay, glass products
Stoves and ranges
Sugar
Sulfur
Sulfuric acid
Superphosphate

2
17
19,20
20,21
1,7,13
28
8,11,12,30
19
30
39
31,32
31
20,23
4-6,8,13-15,19,38
34
23,29
25
24
25

Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,10,11,34
Textiles and products.... 4-6,8,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-6,9,11,13-15,30
Tractors
34
Trade (retail and wholesale)
5,11,12
Transit lines, local
23
Transportation
1,2,8,13,23,24
Transportation equipment
4-7,13-15,19,40
Travel
23,24
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
Wages and salaries
Washers and driers
Water heaters
Wheat and wheat flour
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.

12,13,16
16-18,20
finance
18
2-4,9,13,19-21,25,26
34
11,12
29,30
7,8
16,18
2,3, 14,15
34
34
28
8,9
••
5,7,11 ,13-15
36
9,39
33

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