Full text of Survey of Current Business : January 1971
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A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION
JANUARY 1971 / VOLUME 51 NUMBER
1
SURVEY OF
CURRENT BUSINESS
U.S.
DEPARTMENT
DF COMMERCE
JANUARY 1971 / VOLUME 51 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
Summary
BUSINESS EXPECTATIONS FOR CAPITAL
OUTLAYS, 1971
National Income and Product Tables
WELFARE MEASUREMENT AND THE GNP
THE ECONOMY IN 1970
Financial Developments
Income and Consumption
Inventory Investment
Nonresidential Fixed Investment
Housing
Federal Government
State and Local Governments
Employment and Labor Force
Prices, Costs, and Profits
The Balance of Payments
REGIONAL AND STATE PERSONAL INCOME:
THIRD QUARTER 1970
PERSONAL CONSUMPTION EXPENDITURES IN
THE 1963 INPUT-OUTPUT STUDY
1
4
9
13
17
18
20
22
23
24
25
26
26
28
30
32
34
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
U.S. Department of Commerce
Maurice H. Stans / Secretary
Rocco C. Siciliano / Under Secretary
Harold C. Passer / Assistant Secretary
for Economic Affairs
Office of Business Economics
George Jaszi / Director
Morris R. Goldman / Associate Director
Lora S. Collins / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
Robert B. Bretzfelder
Lora S. Collins
Alfred I. Jacobs
Donald A. King
David J. Levin
Nancy W. Simon
Charles A. Waite
Helen W. H. Yin
Rose N. Zeisel
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the BUSINESS SITUATION
The losses attributable to the auto
strike cut significantly into the Nation's
total output of goods and services in
the fourth quarter. Gross national product increased only $5% billion in current
prices, and in real terms declined at an
annual rate of 3% percent. It is very
probable that real output would have
risen in the absence of the strike, in
which case the fourth quarter would
have seen a continuation of the moderate expansion that began last summer.
Developments in the economy during
1970 are reviewed in a special article
in this issue of the SURVEY.
JL HE strike at General Motors, which
lasted until late November, had a
dominating influence on the economy's
behavior in the fourth quarter. The
losses attributable to the strike cut
significantly into the Nation's total
output of goods and services. Gross
national product increased only $5)£
billion in current prices, and in real
terms declined 3% percent at an annual
rate. It is very probable that real
product would have risen in the absence
of the strike. In that case, the fourth
quarter would have seen a continuation
of the moderate expansion which began
last summer. Heal GNP had increased
at an annual rate of about IK percent
in the third quarter after having been
virtually unchanged—up less than
three-fourths of 1 percent—in the
second.
The increase in current dollar GNP
was entirely in final sales. On the basis
of incomplete data, it is estimated that
inventory accumulation fell about $1%
billion, chiefly because of a large drop
in retail auto inventories. However, in
the absence of complete data for the
quarter, the inventory accumulation
estimate is necessarily highly tentative.
Final sales
Increases in consumption, residential
investment, and government purchases
were partly offset by declines in business
fixed investment and net exports.
The auto strike had an effect on all
components of demand, but its impact
on personal consumption spending was
especially sharp. Sales of new domestictype cars fell steeply—from a seasonally
adjusted annual rate of 7% million
units in the third quarter to a rate of
5% million units in the fourth. Sales of
foreign cars rose strongly, no doubt in
part as a consequence of the strike but
presumably also as a continuation of the
strong growth trend prevailing all year.
The disruption of the auto market in
the opening months of a new model
year means that there is as yet little
evidence about the success of the new
domestic subcompacts that are intended
to compete against the small imports.
Consumer spending for durables other
than autos and parts rose modestly, but
total durables purchases dropped $5%
billion. There was an acceleration in
the growth of spending for nondurable
goods—especially food and appaxel—
after two quarters of weakness. Spending for services continued its steady
advance. The rise of disposable income
slowed in the fourth quarter, as the
auto strike curtailed the growth of
wages and salaries. Consumer spending
grew a bit more strongly than disposable
income and the saving rate dropped to
7.3 percent from 7.6 percent in the
third quarter.
Residential investment registered a
sizable advance. Spending rose $2%
• • • • •^
• • • • i H
H
H
CHART 1
GNP up about $5 ]/2 billion in the fourth quarter
Billion $
30 -
-
20 -
10 -
FINAL SALES rose $6 H billion
30 -
20 -
ttK
10 -
INVENTORY INVESTMENT declined almost $1V2 billion
10 -
_
tf^
-20 -
REAL OUTPUT down 3 !/4 percent
Percent
10 -
5 ~
-5 -
the GNP DEFLATOR up almost 5 3 4 percent
10 -
1967
1968
1969
ffl
1970
Change From Previous Quarter
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
71-1-1
1
SUEVEY OF CURRENT BUSINESS
billion, following a gain of less than $1
billion in the third quarter; in the
year from the second quarter of 1969 to
the same period of 1970, spending fell
$5% billion. The upturn reflects the
strong recovery of housing starts which
got underway last spring, as soon as
financial markets began to ease. The
further improvement in mortgage credit
conditions has kept the boom going
strongly. Starts averaged 1.29 million
units in the second quarter, 1.51 million
in the third, and a surprising 1.75 million in the fourth.
Government purchases of goods and
services also increased in the fourth
quarter, due to a moderate rise in State
and local outlays. The Federal total
was virtually unchanged as a rise in
nondefense purchases about offset a
further drop in defense spending.
Business fixed investment, which had
been weak all last year, declined $2%
billion. The decline centered in producers' durable equipment and reflected shortages of cars, trucks, and
buses caused by the strike. Net exports
are also estimated to have declined in
the quarter. On the basis of incomplete
data, the drop is put at about $!}£
billion, with exports little changed
and imports up.
GNP price deflator
After rising at an annual rate of
about 4^ percent in the spring and
summer, the implicit price deflator
increased at a rate of 5% percent in
the fourth quarter. Much of this acceleration was due to changes in the
composition of GNP rather than to
accelerated increases in the prices of
the goods and services that make up
GNP. The implicit deflator is a measure
in which component price indexes are
combined with weights which reflect
the composition of GNP and which
therefore shift constantly as that composition shifts. The strike cut most
deeply into the inventory investment,
consumer auto purchase, and producers' durable equipment components
of GNP, all of which have relatively low
deflators. It was the reduction in the
weights of these components which
accounted for much of the acceleration
in the rise of the overall deflator.
January 1971
It is possible to calculate a GNP price
measure whose
quarter-to-quarter
movements are unaffected by changes
in the composition of GNP. One way
to do this is to use fixed weights
representing the composition of GNP
in some base period. Another way is to
use a "chain" construction in which the
change in the deflator between any two
consecutive quarters is calculated by
using the composition weights of the
earlier of the two quarters.
There is no unique and objective
measure of general price change; measures constructed in different ways will
give different pictures cf price behavior.
In the fourth quarter, the rate of increase in a price index using 1965
weights showed virtually no acceleration, and an index constructed with
"chain" weights increased at a 5 percent
rate compared with 4J^ percent in the
third quarter. (Rates of change in the
"chain" index are now shown in table 19
of the National Income and Product
tables appearing in each issue of the
SURVEY.)
Unlike the payroll employment series, the data on the employment status
of the civilian labor force treat striking
workers as employed; the end of a strike
thus does not automatically result in a
jump in this employment series. In December, employment was essentially
unchanged but the labor force and unemployment rose. The number of unemployed reached about 5 million, seasonally adjusted, and the jobless rate
moved up from 5.8 to 6.0 percent, the
highest since late 1961.
Personal income increased $5J4 billion last month, mainly because of the
rebound in manufacturing payrolls resulting from the end of the strike.
Private nonmanufacturing wages and
salaries were virtually unchanged, as a
decline in retail trade offset increases in
the service industries. State and local
government payrolls continued to rise
in line with recent trends while Federal
payrolls were, unchanged. Nonwage
income declined a bit, mainly because
yearend dividends were lower than
usual.
December Developments
The resumption of work at General
Motors was reflected in large December
increases in industrial production, payroll employment, and personal income.
The Federal Reserve index of production rose !*/£ percent to 164 percent of
the 1957-59 average. This represented
recovery of about one-third of the
production loss since August, the last
month unaffected by auto strike losses.
The December rise in production centered in the auto industry and its suppliers. Output in other industries
generally showed very little change
The return of workers was the main
reason for the December increase of
290,000 in the number of workers on
nonfarm payrolls. Virtually all of the
rise was in the durable goods industries
most heavily affected by the strike. Employment did not increase in nondurable
goods manufacturing or construction,
and declined in the service producing
industries. That drop resulted from
employment cuts in retail trade and in
transportation and public utilities, the
latter largely attributable to the strike
of taxicab drivers in New York City.
Outlook for 1971
It is generally expected that some
recovery of lost auto production and a
strike-hedging buildup of steel inventories will buoy production during the
first half of 1971. Beyond that the task
of assessing the outlook is greatly
complicated because the distortions
caused by past and prospective strikes
will be obscuring the underlying tendencies of the economy through most of
the year. The economy should be
stronger this year than last, but the
speed of recovery is subject to various
crucial uncertainties.
Among the principal demand components housing will be a major force
for strength. The strong recovery in
homebuilding which began late last
spring brought starts to a surprisingly
high annual rate of 1.75 million units
(seasonally adjusted) in the fourth
quarter. A reasonable expectation for
1971 seems to be a starts total roughly
equal to that rate. Residential investment expenditures, which lag behind
starts, are expected to rise substantially
in 1971; for the year as a whole, spend-
January 1971
ing may be as much as 25 percent
above last year's level. Of course,
the ke}^ to sustaining the homebuilding
recovery is continuation of the greatly
improved mortgage credit conditions
which developed last year.
In contrast, business fixed investment
is not expected to provide much if
any stimulus this year. The recent
OBE-SEC survey (reported on page 4)
found businessmen planning to increase
outlays for plant and equipment by
only ll/2 percent in current dollars,
implying a decline in real investment.
It is possible that a rising trend of
economic activity will result in some
expansion of investment programs, but
any such revisions are likely to be
moderate. The liberalization of the
depreciation rules used in determining
taxable income will increase depreciation
allowances this year by an amount
estimated at $4% billion. This will
reduce corporate income taxes $2
billion and after-tax profits about
$2l/2 billion. However, cash flow (depreciation and after-tax profits) will
be raised $2 billion. Given the prolonged financial stringency that business
has been through, it seems likely that
most of these funds will initially be
used to rebuild liquidity, and there
may be only a limited impact on capital
investment in 1971.
Inventory investment is likely to be
moderately stronger this year. In the
near term, investment will be boosted
by the expected strengthening of auto
and steel production. For the year as
a whole, however, it is improbable
that there will be a sharp acceleration
in inventory investment such as has
characterized many past cyclical recoveries. The inventory correction in
the 1969-70 slowdown was relatively
mild, and thus did not set the stage for
a surge in accumulation as demands
strengthen.
SUEVEY OF CUKRENT BUSINESS
The growth of State and local government purchases will accelerate somewhat this year. Rising employment and
higher rates of pay will maintain the
steady advance of payrolls, and it
seems probable that many construction
projects postponed because of financing
problems will be rescheduled. However,
rapidly rising construction costs could
well be a continuing impediment to
major growth in the real volume of
public construction. In contrast Federal purchases are not likely to be much
different than in 1970. Defense purchases are expected to continue their
downtrend with the contraction concentrated in the first half of the year.
However, this decline will be largely
offset by increasing nondefense purchases; in the second half of the year
total Federal purchases are expected to
turn up. Expenditures which enter
directly into the disposable incomes of
other sectors of the economy are scheduled to increase more this year than last.
Important here will be grants-in-aid
and transfers, the latter to be boosted
by an increase in social security benefits.
Consumer demand looms as a big
unknown in the economic outlook for
1971. Consumers last year raised their
saving rate to a relatively high level,
and took on new debt at a very cautious
pace. They entered 1971 in a financial
position that presents the potential for
strong consumption spending. However,
attitudes remain cautious and confidence is likely to be slow to strengthen
so long as unemployment remains high
and consumers remain uncertain over
economic conditions. It does seem
likely, however, that this year will witness some decline in the saving rate.
The recovery in homebuilding will no
doubt strengthen purchases of household durables. Auto purchases will
probably be large in the early part of
the year, but the outlook further into
1971 is unclear. Although the saving
rate may well come down somewhat,
a big drop in the rate, providing a major
thrust to economic activity, awaits the
strengthening of consumer confidence.
To a large extent this development
depends on the success of economic
policy.
As the year began, policy was clearly
stimulative and had as its objective
the reduction of both unemployment
and inflation. However, the amount of
progress that can be made on these two
objectives depends on a crucial unknown, i.e., the extent to which policy
can be expansionary without generating
inflationary tendencies.
It is very difficult to judge the degree of progress that will be made
toward reducing unemployment. With
respect to prices, the fact that periods
of economic recovery are typically accompanied by strong productivity gains
is a significant favorable factor. It will
help in the short run to moderate unit
labor costs, and thus to relieve a key
source of upward pressure on prices.
However, slowing the rate of price
increase in conditions of economic expansion and high rates of resource
utilization depends importantly upon
the attitudes of labor and business.
Under present circumstances, a reduction of inflationary expectations would
make labor less money-wage conscious
and permit progress toward slowing
the extraordinary advance in hourly
compensation. Failing this, unit labor
costs will be rising rapidly again when
productivity growth slows to a more
normal pace. Moreover, the achievement of relative price stability requires
that a slowdown in costs be permitted
to affect product prices consistent with
a restoration of profit margins to levels
more adequate than those that have
prevailed recently.
Business Expectations for Capital Outlays, 1971
BUSINESSMEN are scheduling expenditures for new plant and equipment
in 1971 about 1% percent over the 1970
level, according to a survey conducted
in late November and December 1970
by the Office of Business Economics
and the Securities and Exchange Commission. Expenditures in 1970 are estimated to have been 6.6 percent above
the 1969 level. Outlays in 1971 are
expected to total $81.7 billion, compared with $80.6 billion last year and
$75.6 billion in 1969.1
The quarterly OBE-SEC survey conducted in late October and November
revealed that businessmen expect to invest at a seasonally adjusted annual rate
of $81.8 billion in the first half of 1971.
This figure taken together with the current expectation for the full year suggests that the rate of spending in the
second half will be little changed from
the first half. This applies to spending
by both manufacturing and nonmanufacturing companies.
Expenditures by manufacturers are
expected to total $31.4 billion in 1971,
3 percent less than in 1970, while spending in nonmanufacturing industries is
projected to rise 4 percent to $50.3 billion. The greater strength in nonmanufacturing industries is similar to the
general pattern which prevailed in 1970.
Electric utilities and communications
firms account for much of the 1971 increase in nonmanufacturing investment; expenditures by these industries
also rose sharply in 1970. Airlines expect
a substantial reduction in 1971 following a sharp advance in 1970. Railroads and gas utilities project substantial declines and commercial and mining
firms expect small decreases.
Among the manufacturing industries,
nonferrous metals firms and petroleum
refiners are programing increases of 6
percent and 5 percent, respectively. The
motor vehicle and nonelectrical machinery industries expect to spend about the
same as in 1970. Other major industries
expect decreases, with the largest declines projected by iron and steel, aircraft, paper, rubber, and textile
producers.
Expenditures for New Plant and Equipment by U.S. Business,1 1969—71
1969
1970 P
19712
[Billions of dollars]
All industries
1. The 1969 figure is the estimate of actual expenditures and
is consistent with the revised series of actual expenditures
presented in the article on pages 25-40 of the January 1970
SURVEY.
The 1970 figure is based on estimated actual expenditures
during the first three quarters of the year plus the expectations for the fourth quarter reported in the SURVEY last
month. The expectations figure was adjusted for systematic
biases by using the procedures described on pages 36 through
39 of the February 1970 SURVEY. The figure for the fourth
quarter of 1970 may be revised on the basis of the responses to
the next regular quarterly OBE-SEC survey, to be released
in March.
The 1971 expectations reported here have been adjusted for
systematic biases when necessary. Before adjustment, expenditures were expected to be $80.6 billion, indicating virtually no change from 1970. The bias adjustments, which are
computed separately for each major industry, were applied
only when expected spending deviated from actual spending
in the same direction in each of the 4 years 1967 through 1970—
the only years for which such data are available. When this
criterion was met, the adjustment used was the median deviation between expected and actual spending in the 4 years.
These bias adjustments are based on less comprehensive data
than the adjustments which will be used in calculating expected 1971 spending from the responses to the survey to be
taken late this month and next month and reported in March.
For that survey, the adjustments are based on the experience
of the entire postwar period. Thus, the results to be released
in March may differ from the results shown here not only because of changes in the underlying reports but also because
of the use of more comprehensive information on bias adjustment.
.. . .
Percent change
1969-70
1970-71
75.56
80.58
81.67
6.6
31.68
32.26
31.39
1.8
15.96
3.23
1.83
1.10
2 03
3.44
2.76
1.65
.83
1.07
15.91
3.20
1.70
1.20
2.24
3.58
2.45
1.60
.55
.98
15.42
3.15
1.58
1.26
2.14
3.57
2.35
1.61
.48
.93
-.4
-.8
-7.5
8.8
10.4
4.0
-11.3
-2.7
-33.6
-7.9
-3.1
— 1.6
-6.8
5.5
-4.7
-.3
-4.0
.4
-12.5
-5.4
15.72
2.59
.63
1.58
3.10
5.63
1.09
16.36
2. 93
.57
1.63
3.46
5.67
.97
15.97
2.76
.52
1.50
3.26
5.94
.86
4.1
12.9
-9.8
3.2
11.6
-10'.9
-2.4
-5.8
-8.8
-7.9
-5.6
4.8
-10.7
Nonmanufacturing industries
43.88
48.31
50.28
10.1
Mining. ....
Railroad
Air transportation
Other transportation
.
. .
1.86
1.86
2.51
1.68
1.86
1.83
2. 94
1.24
1.84
1.56
2.16
1.28
-.3
-1.6
17.2
-26.5
-1.0
-14.7
-26.5
3.5
Public utilities
Electric
Gas and other ... . .
.
.
. . .. .
11.61
8.94
2.67
13.33
10.85
2.48
15.24
12.88
2.36
14.8
21.4
-7.0
14.3
18.7
-5.0
24.35
27.10
28.20
11.3
4.0
Manufacturing industries
Durable goods3... 3 . .
Primary metals
Blast furnace, steel works
Nonferrous
Electrical machinery
Machinery, except electrical
Transportation equipment 3 . - Motor vehicles. .
Aircraft
Stone, clay, and glass
..
-
. . ..
- -
...
Nondurable goods 3
Food including beverage
Textile
Paper
Chemical
Petroleum
Rubber
. . ..
.
. ..
- -
Communication, commercial and other 4
. .
.
...
- -
1.4
-2.7
4.1
v Preliminary.
1. Data exclude expenditures of agricultural business and outlays charged to current account.
2. Estimates are based on expected capital expenditures reported by business in late November and December 1970.
The estimates for 1971 have been adjusted when necessary for systematic biases in expectational data.
3. Includes industries not shown separately.
4. Includes trade, service, construction, finance, and insurance.
NOTE.—Details may not add to totals because of rounding.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
SUEVEY OF CUREENT BUSINESS
January 1971
• Real GNP down 3|4 percent in fourth quarter, mainly because of the auto strike — GNP up $51/2 billion in current $
• GNP deflator rose almost 5% percent in the fourth quarter
• Nonfarm payroll employment rose in December, reflecting the end of the strike; unemployment rate edged up to 6%
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
Percent
85
1,050
16
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
CURRENT DOLLAR GNP**
1,000
—
83
Total
Jk?
X^
900
81
i
i
//
~~
8
-
-
Employment
79
4
,.*<•**"*
i
i
i
i
i
l
l
77
/ryT.M,,
1 1 M
QBE
1 1 1 M
Billion $
0
1 i 1 1 1 1 1 1 1 1 1 1 . 1
Monthly (Dec.)
BLS
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
—
iiiihil
Quarterly (IV)
Percent
ti
40
-
1957-59 = 100
CONSUMER PRICES
6
-
S
^y
/^
Total
• ••
-
140
4
.
Total
^Vv^r Married Men
V ..••"
*-•*
>
-X*^""" '
0
1
Retail Food*
•»*'**
2
Quarterly (IV)
^"^^
130
^ ^1
^ , — I^M^
Illiill,
QBE
150
UNEMPLOYMENT RATE*
20
0
12
/\/*+
nventory Change
Quarterly (IV)
10
IMPLICIT PRICE DEFLATOR FOR GNP**
(Change From Previous Quarter)
.^A
Final Sales
850
Labor Force
^^
r-X^"
1
950
30
PRICES
Million Persons
120
1
1 '
'
1j
11 1 1
1
i iii i !t ii t i 1 t ii i i 1 i i it i
QBE
Monthly (Dec.)
i 1 1 i 1 1 1 1 1 1 1 j i 1 1 11 1 1 1 1 1 1 i 1 1 1 1i i 1111
110
BLS
Monthly (Nov.)
Billions
Million Persons
1 957-59 = 1 00
850
76
BLS
1^3
CONSTANT DOLLAR (1958) GNP**
800
_
^
Total
750
i
i
.—-——•-~~"i
*^
i
I
I
*•***
115
130
110
120
105
I
1
Quarterly (IV)
60
1
1 111 1 11 i 1 1 t
i MI i 1 i i it i i t t t i i 1 t iI ii
QBE
Monthly (Dec.)
Percent
4
0
_
_
_
—.
hi*
-4
1969
1
-•
Quarterly (IV)
40.0
37.5
1 1
1970
42.5
35.0
1971
QBE
* Seasonally Adjusted
http://fraser.stlouisfed.org/ * * Seasonally Adjusted at Annual Rates
Federal U.S. Department Bank of St. Louis Economics
Reserve of Commerce, Office of Business
i j 1 1 i I 1 1n i 1 1 1 1 11 1 1 1 M i 1 1 1 1 11 1 11 11
Monthly (Dec.)
45.0
CONSTANT DOLLAR (1958) GNP**
(Change From Previous Quarter)
-
BLS
Hours
12
8
\j&'* Industrial
s~~Z^
Commodities
**""**"
wian-nours*
(right scale)
^tfr*^
Man Unnrc*
64
!
/
_
Total
140
../
.......
......
~~~^
Inventory
Final Sales
Change
650
120
68
,
700
72
WHOLESALE PRICES
NONFARM ESTABLISHMENTS
(Employees)
Employment* (left scale)
\
' Vl—^**<*
v^
Dollars
BLS
1957-59=100
140
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
_
•
Average Hourly Earnings ^
(right scale)
/*
•*•
\
,»**N
\ ^*
Average Weekly Hours*
/(left scale)
...-**
"^—N
^
^^£1
1 11 11111111
1969
WHOLESALE PRICES
_
3.40
1 30
•"•
3.20
120
o
i in
1 IU
f\r\
O.UU
1 I t I j t t 1 t ) 1 i t i 1 t 1 i i i 1 i i2.80
1970
Monthly (Dec.)
1971 BLS
Processed Foods
and Feeds
\ .r-^^/^s^
X***"^*"*'^
_
^r
^/
_
Farm Products
/KV/U
•v
- / w
100
, , 1 1 1 1 1 1 1 1 1
1969
x
! 1 1 1 1 1 1 1 1 1 !1 1 1 1 1 1 1 1 1 1 1 1
1970
1971 BLS
Monthly (Dec.)
SURVEY OF CUEKENT BUSINESS
January 1971
Wage and salary income recovered in December and personal income rose $51/4 billion
Consumer spending advanced less in the fourth quarter than in the third, as new car sales dropped steeply
Business fixed investment declined $21/4 billion in the fourth quarter; residential construction advanced $2% billion
•
•
•
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billior1$
FIXED INVESTMENT
Billio n $
Billion $
700
900
100
PERSONAL CONS UMPTION EXPENDITURES**
PERSONAL INCOME**
Producers' Durable Equipment**
850
650
800
600
.—r- -
75
50
^
550
750
/
i 1 1 i 1 1 1 111
700
M
1 1 1 1 t t 1 1 1 1 t M
Monthly (Dec.)
i
500
1 1 11 1 1 M
i
25
i
i
i
i
i
i
i
Quarterly (IV)
0
Total
(left scale)
i
i
i
i
i
i
i
i
i
Quarterly (IV)
QBE
Billio n $
100
PLANT AND EQUIPMENT EXPENDITURES**
RETAIL STORE SALES*
WAGES AND SALARIES**
550
i
QBE
Billio n $
40
Billio n $
600
\
j- —•"'
_ '
Residential Structures**
i
QBE
Nonresidential Structures**
35
90
-
^^***^
Fatal
500
-^r
-
200
>—-^
30
80
^/~—
450
a**"*""
150
25
Manufacturing
(right scate)
400
1 II 1 1 t \ \ [ II
t t i t I i i i 1 t I M ii I i 1 i I 1 ii
Monthly (Dec.)
100
20
70
Excluding A utomotive Group
1 1 iM 1 1i 111 i 1 1 M 1 1 11 ii1 1 ii 1 11 11 i 11
Monthly (Nov.)
QBE
Billio 1$
650
600
550
_
^S
^ ;
sS
\
i
r t i i i i i
Quarterly
2,700
l
8
7
Imports
(right scale)
_
\
•v —
i i i i i t i t tt l
2
\>
V
5
^
i
V
1 M I 1 t 1 1 t I 1 I1 i 1 i 1 ! 1 I1 I I
Monthly (Dec.)
t t 1 i t 1 11 1t 1
1 M i 1 i 1 1 1 1 1 11 M t 1 1 iI 1 t 1
Monthly (Nov.)
Trade Sources & QBE
PRIVATE HOUSING**
10
2.0
/^
fS
s-^~^
6
t
i
i i i i i i i
1970
1971
Quarterly (IV)
QBE
http://fraser.stlouisfed.org/
* Seasonally Adjusted
* * Seasonally Adjusted, at Annual Rates
Federal Reserve Bank of Commerce, Office of Business Economics
U.S. Department of St. Louis
4
1.0
i
i
1969
t
1
1
i
1970
Quarterly (IV)
1
1
1
1
.5
1971
_
Permits
i ii i i 1 ni i i
1969
QBE
/
**\....NA /\/--x
1.5
—Ill,,
1969
Census
Midi on Units
8
\
__
\J /
New Orders
Starts
2,400
1
OBE-SEC
Shipments
6
0
_
PERSONAL SAVING RATE*
2,500
|
CAPITAL GOODS MANUFACTURERS*
Per cent
2,600
I
l
8
QBE
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 DoHars)
i
Domestic
. (left scale)
4
Dollars
t
~
Bil lion $
9
10
6
i
i
Quarterly (IV)
NEW CAR SALES' *
DISPOSABLE PERSONAL INCOME * *
700
l
60
Census
Million Units
12
750
o Expected
Rr
I i i i i 1 i i i i i 1 i ri i i 1 i i I ti
1970
Monthly (Dec.)
1971
Census
SUEVEY OF CUEEENT BUSINESS
January 1971
In the fourth quarter: Inventory accumulation fell $11/2 billion
Net exports declined about $11/2 billion, as exports were little changed and imports increased
Federal Government purchases were unchanged, State and local spending rose $2!/2 billion
•
•
•
INVENTORIES
FOREIGN TRANSACTIONS
GOVERNMENT
Billion $
Billion $
Billion $
40
12
140
CHANGE IN BUSINESS INVENTORIES**
(6NP Basis)
30
-
20
FEDERAl PURCHASES OF
GOODS AND SERVICES**
NET EXPORTS**
"
8
,
~~
-
-
Goods and Services
4
—
120
Total
^~ • ^^ — ._i^*> ««— ^ |
100
\
fcw
H
,
—
rx*x^7\
10
o
Il
ll
• • •1 |
i
1
t
-4
n
Quarterly (IV)
Defame
"^/^ Merchandise
0
i
i
i
i
i
i
i
i
l
Quarterly (IV)
QBE
••-...>„ „.„
80
j
60
t
t
t
QBE
i
i
t
i
i
i
Quarterly (IV)
Billion $
Billion $
Billion $
190
6.0
QBE
4
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
180
_
170
-
MERCHANDISE TRADE*
_
5.0
DEFENSE PRODUCTS*
„_
«.
3
a
?-,
"~
New Orders
\
Total
,^>
3.0
,
-y
2.0
f 11 1 111 1 1,i
s
150
&*f\i% J^S^^
W V
1
—
A}/^&
S^^
160
1 1 i t t 1 1 i 1 t 1 i'i i t id m i l l n u l l
Monthly (Nov.)
.«i
-'V- \ Imports
0
t | | 1 I | | 1 \ 1 1 \ 1 l I 1 1 1 | 1 1. . . !.,!....
Monthly (Nov.)
Census & QBE
ShiP™*/!
2
Exports
4.0
-
—
< * 1 1 i i 11 1 1i 1 1 1 1 1 1 t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11
Census
Monthly (Nov.)
Billion $
Billion $
Billion $
140
4
Census
250
MANUFACTURING AND TRADE INVENTORIES*
NET FLOW OF R?IVATE U.S. AND FOREIGN CAPITAL
(Other than Liquid Funds}*
(Book Value, End of Month)
120
-
-
2
FEDERAL BUDGET**
( NIA Basis)
-
-
-
225
Inflow
Receipts
^
Manufacturing
\
100
——
80
60
\
0
-2
Trade
t I1 M t I 1 t 1 1
\/
V
-
i 1 1 1 1 1 1 i 1 1 1 i i 1 1 n 1 i M l!
Monthly (Nov.)
-4
"
jr\
200
v^x
-
Outflow
i
i
t
i
Census & QBE
i
i
i
I
1
I
Quarterly (III)
Ratio
-
~
2
xy
150
1
1
1
1
1
1
QBE
-
125
,
^x*-*"*
.
\*»*^
\
y ..
-..
_2
100
*~
^T
\ /*
V*
i i t i i 1 i i t i i M t i i i i i i i i 1 i n l t 1 i i i ii
1970
~~
0
v
^•x...:.../>•
-—•»-•***
1969
1
Quarterly (IV)
STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**
Official Reserve
Transactions Basis
—^^•s/^ Total Manufacturing and Trade
1.4
t
\y
Manufacturing
16
f
"
Billion $
175
v
-
Expenditures
t
BALANCE OF PAYMENTS*
INVENTORY/SALES RATIOS*
1.8
175 _
150
4
2.0
•£—
QBE
Billion $
2.2
/*•»-*— -
1971
Monthly (Nov.)
Census & QBE
* Seasonally Adjusted
http://fraser.stlouisfed.org/ * * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business
Federal Reserve Bank of St. Louis Economics
-4
i 'i i
1969
i
l
1
1970
Quarterly (III)
t
t
i
L
75
1971
QBE
r i
1969
r
i
i
i
i
I
i
i
1970 1971
Quarterly (IV)
QBE
8
SU.KV.KI U* L;UKKUJNT 15U»lJNii;»»
January
1971
• In December: Industrial production rebounded after auto strike, rising about 1V> percent
•
Bank credit and money supply increased
•
Interest rates and bond yields dropped
INDUSTRIAL PRODUCTION
PROFITS AND COSTS
MONEY, CREDIT, AND SECURITIES MARKETS
1957-59=100
190
Billion $
Billion $
500
^OU
^x Durable Manufactures
180
~S
*
460
/'^"'""'NL
-f/^.."*' y\f* B*j^s~-
160
—
150
CORPORATE PROFITS AND IVA**
- 240
-
-
100 -
}xTotal
170
'
\Z(J
BANK CREDIT AND MONEY SUPPLY*
INDUSTRIAL PRODUCTION*
Bank Credit
(left scale)
\^^
420
Nondurable
Manufactures
^^''
\\/
V
V
\ '
\f
i 1 1 1 1 1 1 i 1 1 1 i 1 1 11 1 1 1 1 1 i 1 1 1 1 1* 1 1 1 1 11
Monthly (Dec.)
^sS~_~
380 T*******
3^n
sx.
S
220
80 -
200
Before Taxes
\
60 1—
IS^J——
_. —••**"" /
Money Supply
(right scale)
i 1 1 1 i 1 1 1 1 1 i 1 1 1 1 1 1, 1 1 1 1 1 i 180
t 1t 1 t 1 i l 1 l i
Monthly (Dec.)
FRB
—
t
40
i
I
1
FRB
I
l
I
I
I
Quarterly (III)
1957-59=100
Billion $
Billion $
200
2
QBE
I2U
FREE RESERVES
INDUSTRIAL PRODUCTION*
175
150
/" \
V / \
\« ;
«;
\•
\;
\
"—
\
Autos
\.
/ •
: :
• :
*
CORPORATE CASH FLOW AND PROFITS**
100 -
1
/^
0
\.
1?5
100
/
^s^\
*
-1
\A
I
i i11 111 i 1 11 iii 11i i
Monthly (D
Percent
Cash Flow
i—, \ _ ^
80
60
V
•
t ii 1 1 1 ii 1 1 1 1 11
.)j
-2
i i 1 1 1 1 1 1 1 1 i t 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 j.j_i 1 1 1
Monthly (Dec.)
FRB
j^Nov. 78.1
40
-4*1—
INTEREST RATES AND BOND YIELDS
-
-
16
t
75
i
l
8
i i
t
i
l
l
Quarterly ( II)
QBE
Compensation
p^
Output
\
1
i
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY**
- (Change From Previous Quarter)
Corporate Yields, Moody's Aaa
on
i
Percent
10
85
i
Z4
RATIO, OUTPUT TO CAPICITY*
Manufacturing
t
Quarterly (III)
\2
-
Profits After Taxes
•'•—»•
i i i iT~^"i
FRB
percent
95
90
-
£
8
\
^T^
4
Jl
J1J1. . • -fiK
•^ 4
3-month Treasury Bills \
i 1 1 11 11 1 11i
§ l
,,, 1 , i i , • 1 • ii i.l
-
-8
Monthly (Dec.)
FRB
i
Quarterly (III)
Billion$
1941-43=10
Percent
40
140
BLS
24
DURABLE GOODS MANUFACTURERS*
36
32
*™"
>v Shipments .^
?&$
hNr^.
***** s **
1969
i t i i i1 ii i i i 1 i M ii 1 ii iii
1970
"
^X/A, Standar d and Poor's 500
x
1971
Monthly (Nov.)
Census
* Seasonally Adjusted
* * Seasonally Adjusted at Annual Rates
http://fraser.stlouisfed.org/
U.S. Bank of St. Louis
Federal Reserve Department of Commerce, Office of Business Economics
60
i >i 11 1 1 i 11 *
1969
[V
-
t i ii i 1 i i ii i 1 ii i I i{t 1 n 1
1970
Monthly (Dec.)
16
8
—\
80
New Orders
i i til ti i i i]
"
120
100
""*
28
24
STOCK PRICES
1971
0
~
UNIT LABOR COSTS, PRIVATE ECONOMY * *
(Change From Previous Quarter)
"
Mill..
i
-a
1969
1
t
1970
Quarterly (III)
1971
BLS
SURVEY OF CURRENT BUSINESS
January 1971
9
NATIONAL INCOME AND PRODUCT TABLES
1969
1970
III
1970
II
IV
1970
III
IV
1969
1970
III
Seasonally adjusted at annual rates
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)
Gross national product
931.4
976.8
942.6
951.7
959.5
971.1
985.5
990.9
727 1
724.3
730 9
729.2
723 8
724.9
727.4
721 3
Personal consumption expenditures
577.5
616.8
582.1
592.6
603.1
614.4
622.1
627.6
467.7
477.2
468.7
471.7
474.0
478.1
479.6
477.1
90.0
245.8
241.6
89.4
264.7
262.7
89.5
248.1
244.5
90.8
252.0
249.8
89 1
258.8
255.2
91.9
262.6
259.9
91.2
265.8
265.1
85.4
271.7
270.5
84 9
201.2
181.6
82.1
207.9
187.3
84 1
201.9
182.7
84 9
202.4
184.4
82 7
205.6
185. 8
84.9
206.6
186.6
83 6
208.2
187.8
77 1
211 2
188 8
103.0
114.1
110.0
102.9
103.1
104.1
101.8
101.5
100.1
99.6
98.3
79.6
22.6
56.9
76.6
21 8
54.8
Durable goods
Nondurable goods
Services
Gross private domestic investment
139.8
135.8
143.8
140.2
133.2
134.3
138.3
137.5
111.3
131.4
Fixed investment
132.2
132.4
133.0
131.6
131.2
132.7
133.4
104.1
102.8
35.3
67.5
103.6
35.0
68.6
101.4
34.6
66.8
80.8
24.0
56.9
104.2
103.9
79.3
23.1
56.2
81.9
24.6
57.3
82.1
24.3
57.8
80.9
24.4
56.5
80.2
23.5
56.7
99.9
Nonresidential
Structures
Producers' durable equipment. ..
99.3
33.8
65.5
102.6
35.1
67.4
101.5
35.2
66.3
102.6
35.1
67.5
102.6
35.7
66.9
Residential structures
Nonfarm
Farm
32.0
31.5
6
29 7
29.0
6
31.0
30.4
6
30.4
29.8
6
29.1
28.4
6
28.4
27.8
.6
29.2
28.6
.6
32.0
31.4
6
23.3
22.8
4
20.6
20.2
.4
22.3
21.8
4
21.8
21.4
4
20.7
20.2
4
20.0
19.5
.4
20.0
19.6
.4
21 7
21.3
4
8.5
8.0
4
3.6
3.0
5
11.3
10.8
5
7.2
6.5
7
1.6
.9
7
3.1
2.6
.5
5.5
5.0
.5
4.1
3.6
5
7.2
6.8
4
3.1
2.6
.5
9.9
9.3
6
6.1
5.4
g
1.3
.8
6
2.9
2.5
.4
4.6
4.1
.4
35
3.0
5
Change in business inventories
Nonfarm
Farm
1.9
Exports ..
Imports
Government purchases of goods and services
Federal
National defense
Other
State and local
3.6
2.6
2.6
3.5
4.1
4.2
2.7
.2
2.3
.8
.9
1.9
2.4
3.1
1.9
55.5
53.6
Net exports of goods and services _
62.3
58.7
58.3
55.6
58.8
56.2
61.1
57.6
62.8
58.7
62.8
58.6
62.6
59.9
48.5
48.2
52.2
49.9
50.8
50.0
50.0
49.1
52.0
50.1
52.9
50.5
52.0
48.9
51.8
50. 0
212.2
101.3
78.8
22 6
110.8
220.5
99.7
76.6
23 1
120.8
214.1
216.3
102.5
79.8
22 7
111 6
102.1
78.8
23.3
114.2
219.6
218.4
221.0
223.2
102.3
79.3
23 0
117.4
99.7
76.8
22.9
118.7
98.6
75.8
22.9
122.4
98.4
74.6
23.8
124.8
147.8
141.8
147.3
75.7
67.7
72.1
74.1
146.6
75.2
72.1
73.8
72.9
145.0
141.3
140.6
140.5
71.1
67.8
66.2
65.8
73.8
73.5
74.4
74.7
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
931.4
922.9
8.5
976.8
973.2
3.6
942.6
931.2
11.3
951.7
944.5
7.2
959.5
957.9
1.6
971.1
968.1
3.1
985.5
980.0
5.5
990.9
986.8
4.1
727.1
719.9
7.2
724.3
721.2
3.1
730.9
720.9
9.9
729.2
723.0
6.1
723.8
722.4
1.3
724.9
721.9
2.9
727.4
722.8
4.6
721.3
717.8
3.5
Goods output
__
Final sales _
Change in business inventories. _ .
460.0
451.6
8.5
474.1
470.5
3.6
466.2
454.9
11.3
468.9
461.7
7.2
467.1
465.5
1.6
474.9
471.8
3.1
479.8
474.2
5.5
474.5
470.4
4.1
392.2
385.0
7.2
388.5 395.7
385.4 385.8
3.1
9.9
393.5
387.4
6.1
387.3
386.0
1.3
391.1
388.2
2.9
392.1
387.5
4.6
383.6
380.1
3.5
Durable goods
Final sales .Change in business inventories _
190.2
183.9
6.4
185.0
185.3
-.4
192.7
184.8
7.9
192.7
187.4
5.3
185.3
185.5
-.3
186.6
188.5
-1.9
193.5
188.3
5.2
174.5
179.0
-4.5
170.1
164.7
5.3
160.2
160.5
-.4
171.6
164.9
6.7
170.3
165.9
4.4
162.3
162.6
-.3
162.9
164.4
-1.5
167.1
162.7
4.3
148.5
152.5
-4.0
Nondurable .
Final sales _ _
Change in business inventories..
269.8
267.7
2.1
289.1
285.2
4.0
273.5
270.1
3.5
276.2
274.3
1.9
281.8
280.0
1.9
288.3 286.3
283.3 286.0
5.0
.3
300.0
291.4
8.6
222.1
220.3
1.8
228.4
224.9
3.5
224.1
220.9
3.2
223.3
221.5
1.8
225.1
223.4
1.6
228.3
223.8
4.5
225.0
224.7
.2
235.2
227.6
7.5
377.6
93.8
410.3
92.4
383.0
93.3
390.3
92.5
400.1
92.3
405.8
90.4
422.2
94.2
268.2
66.6
274.5
61.3
269.8
65.4
271.3
64.4
273.1
63.4
272.8
60.9
274.8
60.5
277.2
60.5
721.3
Services
Structures
413.2
92.6
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private
Business
Nonfarm
Farm ..
Households and institutions...
Rest of the worldGeneral government
931.4
976.8
942.6
951.7
959.5
971.1
985.5 990.9
727.1
724.3
730.9
729.2
723.8
724.9
727.4
827.8
863.5
836.6
844.0
848.5
858.4
871.7
875.4
666.4
663.6
669.8
668.1
663.1
664.2
666.8
660.4
795 4
767 9
27.5
828 6
800 5
28.1
g04 2
776 6
27 6
810 8
783 0
27 8
814 3
785 5
28.8
824 5
796 0
28.5
836 5
808 5
28.0
839 0
811.9
27.1
646 0
622.5
23.6
642 8
619.6
23.1
649 7
626.2
23.5
647.6 642.1
624.7 619.5
22.8 22.6
644.0
621.0
23.0
645.9
622.9
22.9
639.1
615.1
24.0
28.1
4.3
30.3
4.6
28.3
4.1
29.0
4 2
29.6
4.5
30.0
3.9
30.5
4.7
31.1
5.2
16.4
4.0
16.6
4.3
16.3
3.8
16.6
4.0
16.7
4.3
16.5
3.6
16.5
4.4
16.5
4.9
103 6
113 3
106 0
107 7
111 0
112.8
113.9
115.6
60.7
60.7
61.0
61.1
60.7
60.7
60.6
60.9
Preliminary.
HISTORICAL STATISTICS
National income and product statistics for earlier periods are available as follows:
Data for 1966-69, July 1970 SUEVEY OF CURRENT BUSINESS; 1964-65, July 1968 SURVEY;
1929-63, The National Income and Product Accounts of the United States (available from
U.S. Department of Commerce Field Offices or from the Superintendent of Documents,
U.S. Government Printing Office, Washington, D.C. 20402, price $1.00 per copy)-
SUEVEY OF CURRENT BUSINESS
10
1970
1969
1969 1970"
III
January 1971
IV
I
II
1969
III
IV *
1969 1970 v
Seasonally adjusted at annual rates
Equals: Net national product
79.4
80.7
82.1 83.6
852.5 892. 4 863.1 871.0 877.4 887.5
Less: Indirect business tax and nontax
liability
85.2 92.0 86.6 87.7 89.3 91.1
Business transfer payments
3. 5 3. 6 3. 5 3. 5 3.6 3.6
Statistical discrepancy.
-4.7 -2.5 -5. 5 -4.3 -5.4 -3.1
Plus: Subsidies less current surplus of
government enterprises
Equals: National income,
Less: Corporate profits and inventory
valuation adjustmentContributions 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.
1.0
1.7
1.0
1.2
1.6
1.5
985. 5 990. 9
85.0 86.5
900. 5 904. 4
i3.3 94.3
3.6 3.7
-1.1 .
1.8
82.0
76.7
77.5
78.4
56.0
56.7
57.6 58.0
.0
86.8
.0
.0
2.5 -2.1
769.5 801.0 779.5 785.2 791.5 797.4
806.6
564.2 599.8 572.2 582.1 592.2 596.4
603.8 606.8
Wages and salaries
Private
Military
Government civilian
509.0 540.1 516.4 525.3 534.4 537.4
404.9 426.2 409.9 417.2 422.6 424.0
19.0 19.3 19.9 19.6 20.1 19.5
85.1 94.6 86.6 88.5 91.7 93.9
543.4 545.4
428.9 429.3
19.1 18.6
95.4 97.5
59.7
55.8
56.8
57.9
59.0
60.4 61.4
29.3
30.4
27.9
27.9
28.3
28.5
28.6
29.3
29.0
30.0
29.6 29.9
30.8 31.5
66.8
67.6
67.5
67.2
67.6
67.8
67.8 67.4
50.5
16.4
51.4
16.2
50.9
16.6
50.6
16.6
50.6
17.0
51.2
16.5
51.7 52.0
16.1 15.3
22.0
22.7
22.1
22.3
22.5
22.6
22.7 23.0
Corporate profits and inventory valuation adj ustment _ _
85.8
77.4
86.8
82.0
76.7
77.5
78.4
91.2
82.3
89.9
88.5
82.6
82.0
84.4
42.7
48.5
24.7
23.9
37.9
44.4
25.2
19.2
42.1
47.9
25.0
22.9
41.4
47.1
25.2
21.9
38.0
44.6
25.2
19.4
38.1
43.9
25.1
18.8
38.9
45.4
25.4 ~25." I"
20.0
Supplements to wages and salaries. _ 55.1
Employer contributions for social
27.5
insurance
27.6
Other labor income _.
Proprietors' income
-.4
.0
Profits before tax
61.6
73.9
62.0
63.4
29.0
24.7
3.5
31.8 29.1 30.2 31.0
25.2 25.0 25.2
25.2
3.6
3.5 3.5 3.6
75.8
75.1 78.4
31.4
25.1
3.6
32.2 32.6
25.4 25.1
3. 6 3. 7
.748.9 801.0 758.1 770.5 782.3 801.3 807.2813.4
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product
1
36.6
31.0
Personal consumption expenditures. 31.8 28.2
Producers' durable equipment
5.6
5.0
Change in dealers' auto inventories.1 -.9
Net exports
Exports
Imports
Addenda:
New cars domestic 2
New cars, foreign
35.4
34.7 22. 7
31.6 32.5 28.9
5.6
5.1
5.7
1.4 -1.1 -1.7
30.4
5.4
.8
29.9 23 5
5.3 4' 2
.7 3* 2
-1.4 2 o
2.3 l' g
3.7 3' g
35.8
-1.1 -1.6 -1.4 -1.6 -1.5 -1.4
2.2
2.2
2.4
2.0
2.0
2.6
3.4
3.7 3.6
3.4
4.0
3.8
32.2
5.6
26.5
6.1
33.5
5.6
30.7
6.5
26.4
6.2
30.7
6.7
30.8 lg. o
5.3 6° 3
Gross auto product l.. .
35.0
28.7
Personal consumption expenditures- 30.3 26.1
Producers' durable equipment. . .. 5.4 4.7
g
Change in dealers' auto inventories.
.1
Net exports
Exports
Imports
Addenda:
New cars, domestic 2
New cars, foreign
35.8
33.9
29.2
33.2
-1.1 -1.5 -1.3 -1.5 -1.4 -1.4
2.2
2.1
2.4
2.0
1.9
2.5
3.3 3.6
3.7 3.5 3.4
3.9
-1.4
2.2
3.6
32.7
5.5
29.8
6.3
25.3
6.0
29.5
6.4
31.7
32.4
33.1
-5.9 -3.3
33.8 34.5
806.6
25.2 24.8
49.1 49.1
223.6 222.9
88.8 88.7
134.8 134.2
24.5
49.5
222.7
89.6
133.0
29.2 30.3 29.5 30.1 29.9 29.4
Transportation
15.9 16.4 15.9 16.1 15.9 16.2
Communication
14.2 14.7 14.6 14.2 14.2 14.3
Electric, gas, and sanitary services
115.2 121.9 116.8 117.2 118.9 121.5
Wholesale and retail trade
- ..
30.9
16.4
14.9
122.6
85.3 86.5 87.4
98.4 101.2 103.4
89.1
105.4
114.1 125.2 116.7 118.6 122.5 124.6
3.9
4.1 4.2
4.5
4.6
4.3
126.0
4.7
24.3 24.6 24.5 24.8
Agriculture, forestry, and fisheries
47.4 49.5 48.0 48.9
Mining and construction
Manufacturing
. . 226.2 221.0 228.8 227.3
87.0 89.5 87.5 88.5
Nondurable goods
.
139.3 131.5 141.3 138.9
Durable goods
Finance, insurance, and real estate
Services
Government and government enter-
83.5 88.5
95.3 104.4
84.2
96.5
3.g
Table 8. — Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
1 9
1.7
35
85.8
77.4
86.8
82.0
76.7
77.5
Financial institutions
12.0
12.7
12.2
12.2
12.0
12.3
12.9
73.8
64.7
74.6
69.8
64.7
65.2
65.5
41.8
19.3
22.4
34.1
18.5
15.6
41.8
19.1
22.7
39.1
19.0
20.0
35.2
18.3
16.9
35.5
18.2
17.2
34.7
18.3
16.3
10.7
21.4
9.1
21.5
10.6
22.2
10.3
20.4
9.1
20.4
8.6
21.1
9.1
21.7
21 l
29.3 16.7
5.1 5 9
1. The gross auto product total includes government purchases.
2. Differs from the gross auto product total by the markup on both used cars and foreign
» Preliminary.
31.0
Nonfinancial corporations _ _ .
27.6
5.0
.7
25.2
5.8
33.5
32.1 20.3
30.1 30.8 27.1 28.5
5.4
5.5
4.9
5.1
1.4 -1.1 1 6
.8
31.4
5.5
30.7
769.5 801.0 779.5 785.2 791.5 797.4
Rest of the world
BiUions of 1958 dollars
-5.4 -4.9 -3.2 -6.5 -5.8 -4.5
Table 7.—National Income by Industry Division (1.11)
All industries, total
31.1
37.6
IV P
Compensation of employees
Business and professional
Farm
53.6 57.1 54.2 55.1
0
77.4
III
Rental income of persons
2. 0
769.5 801.0 779.5 785.2 791.5 797.4
85.8
II
Table 6. —National Income by Type of Income (1.10)
National income
931.4 976.8 942.6 951.7 959.5 971.1
84.3
I
BiUions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption allowances. 78.9
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
III
1970
All industries total
Manufacturing
Nondurable goods
Durable goods
-.
Transportation, communication, and
public utilities
All other industries
78.4
SURVEY OF CURRENT BUSINESS
January 1971
1969
1969
1970P
III
11
1970
IV
I
II
1969
III
IVp
1969
1970P
Seasonally adjusted at annual rates
Table 9.—Gross Corporate Product (1.14)
531.2 546.0 537.7 539.7 539.7 544.0
550.7
Personal income
53.5
50.1
51.0
52.0
53.0
54.0 55.0
48.6
52.1
49.3
49.9
50.7
51.7
52.9 53.2
Income originating in corporate busi432.9 440.3 438.2 438.8 437.1 439.3
ness
Compensation of employees
349.7 365.6 354.1 359.5 363.2 363.8
Wages and salaries
310.8 324.1 314.7 319.6 322.6 322.8
38.9 41.5 39.4 39.9 40.6 41.0
Supplements
443.8
368.1 367.3
326.1 324.9
42.0 42.4
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
Gross product originating in
financial institutions
1.9
2.5
2.0
2.1
2.3
81.3 72.3 82.2 77.3 71.6 73.0
86.8 77.2 85.3 83.8 77.4 77.5
42.7 37.9 42.1 41.4 38.0 38.1
44.1 39.2 43.3 42.4 39.4 39.5
23.0 23.3 23.3 23.5 23.3 23.4
21.0 15.9 19.9 18.9 16.2 16.0
-5.4 -4.9 -3.2 -6.5 -5.8 -4.5
Income originating in nonfinancial
corporations
Compensation of employees
Wages and salaries
Supplements
Net interest
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
2.5
2.6
73.2
79.1
38.9
40.2
23.5
16.8
-5.9 —3.3
93.8
70.8
92.7
69.4
93.4
70.1
93.4
69.9
91.4
68.2
92.5
69.0
94.2
70.7
24.7
26.2
24.9
25.1
25.3
25.6
26.5
518.4
524.2
Gross product originating in
506.5 519.8 512.8 514.6 514.4
nonfinancial corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
2.4
748.9 801.0 758.1 770.5 782.3 801.3
Wage and salary disbursements
509.0
Commodity-producing industries . 197.5
Manufacturing .
157.5
Distributive industries .. .... 119.8
Service industries
87.7
Government
104.1
531.9
202.7
160.7
125.9
93.9
109.3
539.5
201.5
159.6
127.0
95.5
115.5
543.8 545.4
201.9 198.7
159.7 155.8
129.7 131.0
97.3 99.5
114.9 116.1
27.6
30.4
27.9
28.5
29.3
30.0
30.8 31.5
66.8
... 50.5
16.4
67.6
51.4
16.2
67.5
50.9
16.6
67.2
50.6
16.6
67.6
50.6
17.0
67.8
51.2
16.5
67.8 67.4
51.7 52.0
16.1 15.3
Rental income of persons..
Dividends
Personal interest income
22.0
24.7
59.7
22.7
25.2
65.3
22.1
25.0
60.1
22.3
25.2
61.9
22.5
25.2
63.4
22.6
25.1
64.5
22.7 23.0
25.1 25.1
66.0 67.1
Transfer payments
Old age, survivors, disability, and
health insurance benefits . .
State unemployment insurance
benefits
Veterans benefits
Other
..
. .
65.1
77.5
65.5
67.0
69.8
79.4
78.7 82.1
33.0
38.5
33.1
33.5
34.2
41.5
39.0 39.5
2.1
8.3
21.6
3.9
9.5
25.6
2.2
8.3
21.8
2.3
8.7
22.4
2.9
9.0
23.8
3.6
9.5
24.9
4.3 4.8
9.7 10.1
25.8 27.7
26.0
27.8
26.4
26.8
27.4
27.7
28.0 28.1
Other labor income
Proprietor's income.. .- .
Business and professional
Farm
Less: Personal contributions for
social insurance
51.9
48.6
49.5
50.4
51.4
52.3 53.4
49.8
47.2
47.7
48.4
49.4
50.6 50.9
Equals: Disposable personal income... 631.6
411.8 418.0 417.0 417.4 415.5 417.5
329.9 344.4 334.1 339.1 342.3 342.9
293.5 305.7 297.3 301.8 304.4 304.6
36.3 38.7 36.8 37.3 37.9 38.3
421.3
346.8 345.4
307.6 306.0
39.2 39.5
13.3
13.6
13.9
14.2 14.5
69.4 59.6 70.0 65.1 59.6 60.7
74.8 64.5 73.2 71.6 65.4 65.2
36.1 30.7 35.3 34.6 31.1 31.0
38.7 33.8 37.8 37.0 34.3 34.2
21.6 21.8 21.9 22.0 21.8 22.0
17.1 12.1 15.9 15.1 12.5 12.3
-5.4 —4.9 -3.2 -6.5 -5.8 -4.5
60.3
66.2
31.5
34.7
21.8
12.9
-5.9 -3.3
87.0
65.3
85.7
63.9
86.5
64.6
86.5
64.5
84.7
62.9
85.6
63.7
807.2 813.4
525.3
202.5
160.8
123.8
90.9
108.1
48.3
12.9
IVp
516.4
199.9
159.7
121.3
88.7
106.5
46.5
14.1
III
540.1
201.2
158.9
128.4
96.6
114.0
Less: Personal tax and nontax pay117.3 116.4
ments-
12.6
II
Table 10.—Personal Income and Its Disposition (2.1)
49.8
Net interest.
I
Billions of dollars
l
Gross corporate product
IV
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
III
1970
117.5 119.9 117.0 117.7
114.2 116.5
684.7 640.6 650.6 665.3 683.6
693.0 696.9
Less : Personal outlays
.
593.9 634.7 598.7 609.6 620.5 632.1
Personal consumption expenditures . 577.5 616.8 582.1 592.6 603.1 614.4
Interest paid by consumers
15.7 17.0 15.8 16.1 16.4 16.8
Personal transfer payments to for.9
.9
.8
1.0
.9
eigners
.
...
.8
640.2 646.0
622.1 627.6
17.2 17.5
41.1
1.0
1.0
51.5
52.7 50.9
534.2 529.8
3,369 3,378
2,597 2,568
37.6
Addenda :
Disposable personal income:
Total, billions of 1958 dollars
Per capita, current dollars .
Per capita, 1958 dollars
Personal saving rate,3 percent
42.0
511.5 529.7 515.9 517.8 522.9 532.0
3,108 3,333 3,148 3,188 3,252 3,333
2,517 2,579 2,535 2,537 2,556 2,594
Equals : Personal saving
6.0
-
50.0
7.3
6.5
6.3
44.8
6.7
7.5
7.6
7.3
87.1
65.3
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Billions of 1958 dollars
Gross product originating in
432.5 425.8 435.6 433. 0 428.4 427.7
nonfinancial corporations
427.7
Personal consumption expenditures
577.5 616.8
614.4
622.1 627.6
90.8
89.1
91.2 85.4
41.1
36.9
12.7
37.7
38.3
13.1
39.4
38.9
13.6
39.2 32.8
38.5
14.1
245.8 264.7 248.1 252.0 258.8 262.6
265.8271.7
128.8 131.2
51.3 51.8
22.4 22.7
56.3 56.9
132.3 134. 5
52.3 53.7
23.0 23.4
58.3 j 60.0
241.6 262.7 244.5 249.8 255.2 259.9
265.1270.5
89.4
Durable goods .
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
1.171 1.221 1.177 1.188 1.201 1.212
corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
.
Corporate profits and inventory valuation adjustment
Profits tax liability
Profits after tax plus inventory valuation adjustment
40.3 37.3
Automobiles and parts
Furniture and household equipment. 36.7 38.5
13.1 13.7
Other
Nondurable goods
1.226
.112
.122
.112
.114
.118
.120
.122
.107
.763
.029
.117
.809
.033
.108
.767
.030
.110
.783
.031
.113
.799
.032
116
.802
.033
118
.811
.033
.160
.083
.140
.072
.161
.081
.150
.080
.139
.073
.142
.072
. 141
.074
.077
.068
.080
.070
.067
.069
89.5
40.2
36.7
12.6
121.7 131.7 122.4 124.6
49.9 52.3 50.7 50.9
21.1 22.9 21.5 21.7
53.2 57.9 53.5 54.9
Food and beverages .
Clothing and shoes. .
Gasoline and oil
Other
Services-
84.0 91.8 84.7 87.0 89.0 90.8
33.9 36.3 34.5 34.8 35.2 35.9
16.7 18.1 16.8 17.1 17.7 17.9
107.1 116.4 108.5 110.9 113.3 115.4
Housing
Household operation.
Transportation
Other
.067
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.
3. Personal saving as a percentage of disposable personal income,
p Preliminary.
582.1 592.6 603.1
92.6' 95.0
36.9 37.4
18.2 18.5
117. 4 119. 6
I
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners .
Exports of goods and serv ices
-Capital grants received by the United
States
Payments to foreigners .
Imports of goods and services
Transfers to foreigners
Personal
Government
Net foreign investment
55.5
55.5
-. 55.5
53.6
2.8
.8
2.1
-.9
58.8
58.8
62.0
61.1
.9
.9
.9
63.2
58.7
2.9
.9
2.0
1.6
58.3 58.8
55.6 56.2
2.9
2.8
.8
.9
2.1
1.9
-.1 -.3
62,0
57.6
2.8
.9
1.9
1.6
63.7
58.7
3.0
1.0
2.0
2.0
63.2
62.3
58.3
58.3
63.7
62.8
63.7 63.5
62.8 62.6
.9
.9
63.7 63.5
58.6 59.9
2.9 2.9
1.0 1.0
1.9 2.0
.6
2.1
SURVEY OF CURRENT BUSINESS
12
1970P
III
1969
1970
1969
1969
January 1971
IV
I
III
II
IVP
1969
1970P
III
Seasonally adjusted at annual rates
Federal Government expenditures
Purchases of goods and services
National defense
Other
Transfer payments
To persons
To foreigners (net)
91.8
34.8
95.6
38 6
96.9
38 1
93.4
34.8
93.5
34.9
89.4
35.7
90. g
90.8
19.6
49.3
19.5
47.0
19.3
47.7
19.3
48.4
19.4
48.9
20.1
49.7
19 6
19.6
AQ' Q
49.9
191.3 206.2 192.5 195.9 197.7 210.9 206.7
209 5
209.5
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Less: Wage accruals less disbursements
Surplus or deficit (— ), national
income and product accounts
52.1
50.0
2.1
20.2
13.1
99.7 102.5 102.1 102.3
76.6 79.8 78.8 79.3
23.1 22.7 23.3 23.0
99.7
76.8
22.9
98.6
75.8
22.9
9g 4
98.4
74.6
23' g
23.8
62.0
60.0
55.3
53.4
64.4
62.4
62.9
61.0
00
1.9
65 3
65.3
63.3
2 o
2.0
23.0
14.3
25.1
14.3
24.4
14.8
25.2
25 2
14' 7
14.7
5.3
5.6
2.5 -2.1
—.4
K o
5.9
Q
.0
2.0
24.4
14.5
52.2
50.3
53.3
51.2
1.9
2.1
20.0
13.2
21.8
13.9
4.6
5.5
4.6
4.9
.0
.0
.0
.0
9.3 -10.8
8.3
1.9
5.3
6.1 -1.7
II
I][I
IVP
2.0
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
200.6 195.4 200.8 202.0 195.9 196.7 194.9
101.3
78.8
22.6
I
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
95.9
Personal tax and nontax receipts
39.2
Corporate profits tax accruals
Indirect business tax and nontax
19.1
accruals
Contributions for social insurance. . . 46.5
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts
1970
128.11 134.86 128.97 130.52 132.57 133.98 135.50 137. 39
Personal consumption expenditures
123.5 129.2 124.2 125.6 127.2 128.5 129.7 131.5
Durable goods
Nondurable goods
Services
106.0 109.0 106.4 107.0 107.8 108.2 109.2 110.8
122.2 127.3 122.9 124.5 125.9 127.1 127.7 128.6
133.1 140.3 133.8 135.5 137.3 139.3 141.1 143.3
Gross private domestic investment
Fixed investment
126.2 132.4 127.1 128.0 129.6 131.0 133.3 135.6
Nonresidential. . . .
122.8 129.4 123.9 125.1 126.8 128.2 130.2 132.4
141.1 152.2 143.3 144.7 146.4 150.0 154.8 158.5
Structures
...
Producers' durable equipment . _115.1 120.0 115.6 116.8 118.4 119.2 120.4 122.0
0
Residential structures
Nonfarm
Farm
137.7 144.0 138.9 139.3 140.6 142.4 145.7 147.1
137.8 144.1 139.0 139.4 140.7 142.5 145.8 147.2
132.3 139.8 133.6 135.1 136.7 137.9 141.5 143.1
Change in business inventories
Net exports of goods and services
Exports
Imports
114.6 119.5 114.6 117.7 117.5 118.8 120.8 120.8
111.1 117.7 111.2 114.5 114.9 116.2 119.9 119.9
Government purchases of goods and
services
143.5 155.5 145.4 147.5 151.5 154.6 157.2 158.9
-14.2 -11.8
Federal
State and local .
133.9 147.3 136.3 138.4 143.8 147.0 149.1 149.5
153.7 163.1 154.9 156.7 158.9 161.5 164.5 167.2
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Personal tax and nontax receipts
21.4
Corporate profits tax accruals
3.5
Indirect business tax and nontax
accruals
66.1
Contributions for social insurance. .. 7.1
20.2
State and locaj government expendiPurchases of goods and services
Transfer payments to persons _
Less: Current surplus of government
enterprises
Surplus or deficit (-), national
income and product accounts
24.6
3.2
21.9
3.4
23.0
3.3
23.6
3.2
24.2
3.2
24.9
3.3
72.4
7.8
24.4
67.1
7.2
20.0
68.4
7.4
21.8
70.0
7.5
23.0
71.7
7.7
25.1
73.2
7.9
24.4
118.9 131.2 119.8 122.9 126.8 128.7 133.0
110.8 120.8 111.6 114.2 117.4 118.7 122.4
11.5 13.9 11.7 12.2 12.9 13.5 14.1
.1
.3
.2
.2
.2
.3
.3
3.6
3.8
3.6
3.7
3.7
3.8
3.8
-.6
1.2
-.3
1.0
.5
3.4
OK 7
Gross national product
7
Goods output
Durable goods
Nondurable goods
117.3 122.0 117.8 119.2 120.6 121.4 122.4 123.7
111.9 115.5 112.3 113 2 114.2 114.6 115.8 117.6
121.4 126.6 122.1 123.7 125.2 126.3 127.3 127.6
ioc q
db
*
Services
Structures
140.8 149.5 142.0 143.9 146.5 148.7 150.3 152.3
140.8 150.7 142.7 143.7 145.7 148.5 153.1 155.7
1
Addendum :
Gross auto product.
|* ?
OR' o
?t' ?
3
.7
eflators for Gross National Product by
Table 18.— Implicit Price D<
sector (8.4)
Gross national product
Government surplus or deficit (— ) ,
national income and product
accounts
Federal
State and local
Private
135.0 148.6 141.1 137.1 140.5 149.4 151.8
Personal saving
37.6 50.0 42.0 41.1
Undistributed corporate profits
23.9 19.2 22.9 21.9
Corporate inventory valuation adjustment
-5.4 -4.9 -3.2 -6.5
Corporate capital
consumption
allowances
49.8 53.5 50.1 51.0
Noncorporate capital consumption
allowances..
29.1 30.8 29.3 29.7
Wage accruals less disbursements. ...
.0
.0
.0
.0
8.7 -9.6
8.0
9.3 -10.8 8.3
-.6
1.2 -.3
Capital grants received by the United
States
51.5
18.8
52.7
20.0
50. 9
5 8 -4.5
5.9
52.0
53.0
54.0
30.6
.0
31.1
.0
General government .
!0
.9
.9
.9
9
138.1
137. 5
.6
-4.7
-2.5
-5.5
-4.3
123.1
123.4
116.9
171.9
128.9 123.8 125.2 126.8 128.0 129.5 131.3
129.2 124.0 125.3 126.8 128.2 129.8 132.0
121.5 117.6 121.6 127.5 124.0 121.9 112.9
183.2
-5.4
-3.1
-1.1
170.8 186.6 173.6 176.5 182.9 185.9 187.9 189.9
Table 19. — Gross National Product: Change From Preceding Period
Percent at annual rate
Percent
Gross investment.
138.9 137.4 143.6 139.9 134.8 136.3 140.4
Gross private domestic in vestment .. 139.8 135.8 143.8 140.2 133.2 134.3 138.3
Net foreign investment
-.9
1.6 -.1 -.3
2.0
2.1
1.6
Statistical discrepancy
124.22 130. 12 124.90 126.32 127.96 129.24 130.73 132. 55
55.0
30.2
.0
.Business.
NonfarmFarm
_ -^
Households and institutions
128.11 134. 86 128.97 130.52 132.57 133.98 135.50 137. 39
33
44.8
19.4
7.1 -1.2 -10.9 -11.2
6.1 -1.7 -14.2 -11.8
1.0
.5
3.4
.7
.9
.- 104.7 108.0 105.0 105.6 106.6 106.5 108.2 112.0
3.9
Table 15. — Sources and Uses of Gross Saving (5.1)
Gross private saving
128.11 134.86 128.97 130.52 132.57 133.98 135.50 137. 39
128.2 134.9 129.2 130.6 132.6 134.1 135.6 137.5
Gross national product :
Current dollars
Constant dollars
Implicit price deflator
Chain price index
-
7.7
2.8
4.7
4.8
4.9
-.4
5.3
5.2
8.4
2.7
5.6
6.0
3.3
3.9
-.9 -2.9
6.4
4.9
5.9
4.9
4.9
.6
4.3
5.0
2.2
6.1
1.4 -3.3
5.7
4.6
5.0
4.4
Gross private product :
Current dollars
Constant dollars
Implicit price deflator
Chain price index
7.5
2.9
4.5
4.5
4.3
-.4
4.7
4.7
3.6
2.1
7.1
2.6 -1.0 -3.0
4.6
5.3
4.4
4.7
5.0
4.7
4.7
.7
4.1
4.8
1.7
6.4
1.6 -3.8
5.7
4.7
5.1
4.4
By EDWARD F. DENISON*
Welfare Measurement and the GNP
It has often been noted that the GNP
cannot be regarded as an index of welfare, and the proposition has been advanced that it should be reconstructed
to convert it into such an index. This
view has gained prominence recently
because of the mounting concern with
the quality of the environment. According to Edward F. Denison, outstanding expert in national income accounting and the analysis of economic
growth, such an attempt would encounter intractable obstacles. Presented
here is a slightly expanded version of a
short paper which Mr. Denison prepared for a conference on national
growth policy. Mr. Denison stresses
that the paper is not intended as a
comprehensive treatment of his subject; he deals only with what he regards
as its most important aspects.
The Office of Business Economics is
deeply concerned with the subject
matter of Mr. Denison's paper. It invites comments on the paper in the
hope that these will throw further light
on the complex and controversial problems he discusses. The Office also hopes
that these comments will help it in the
formulation of a realistic and constructive research program in an area
in which much new information is required to make possible informed decisions that are vital to the equitable,
efficient, and harmonious functioning of
our societv.
i
,T would be enormously convenient to
have a single, general!}' accepted index
of the economic and social welfare of
the people of the United States. A
glance at it would tell us how much
better or worse off we had become each
year and each decade. We could judge
the desirability of an}' proposed action
by asking whether it would raise or
lower this index.
Some recent discussion seems almost
to imply that such an index could be
constructed. Articles in the popular
*Mr. Denison is a Senior Fellow of The Brookings Institution, Washington, D.C. The views expressed are those of the
author and do not purport to represent the views of the other
staff members, officers, or trustees of The Brookings Institution, or of the Office of Business Economics.
press even criticize GNP because it is
not such a complete index of welfare,
on the one hand ignoring the fact that
it was never intended to be such an
index, and on the other, suggesting that
with appropriate changes it could be
converted to one.
Components of a Welfare
Measure
A single, generally acceptable index
of welfare cannot be constructed. This
ought to be obvious, but it may be
instructive to state some of the changes
in society such a measure would have
to encompass and the problems its
compilers would face.
Output
The output available to satisfy our
wants and needs is one important determinant of welfare. Whatever want,
need, or social problem engages our
attention, we ordinarily can more easily
find resources to deal with it when
output is large and growing than when
it is not. GNP measures output fairly
well. Net national product (NNP)
measures it even better, provided that
depreciation is calculated in a consistent and reasonable way. The capital
stock study of the Office of Business
Economics provides data that can be
used to calculate NNP.
A myriad of different products must
somehow be combined if one is to
obtain a measure of total output. We
can obtain a generally acceptable measure only because market prices provide
weights to combine them that are
widely accepted as reasonable and objective. The rationale is that, given the
relative prices they face, people individually or collectively are free to
spend their money in whatever way
maximizes their satisfactions. If they
preferred to do so, they could shift
purchases from one product to another,
substituting at the ratio of market
prices.1 If automobiles cost $3,000 and
TV's $300, they could choose to buy
another car and 10 fewer TV's, or the
reverse.
GNP and NNP valued at constant
prices permit measurement of changes
in the quantity of output with products
combined by use of prices in the base
year (at present 1958). They are extremely useful measures. But users
should understand their characteristics.
Two of these seem to me to be the most
important in qualifying their use in
welfare measurement.
First, households, governments, and
nonprofit organizations are regarded as
the final users of the economy's output,
and GNP and NNP measure the goods
and services they buy.2 How effectively
they use their purchases is outside the
purview of GNP or NNP. Soap, vacuum cleaners, washing machines, and
the time of domestic servants bought
by the housewife are measured, not
how clean her house and linen may be.
Similarly, the teachers' services, books,
school buildings, etc., purchased by
school systems are measured, as are the
planes, ammunition, and soldiers' services bought by the Department of
Defense; NNP does not tell how much
education and national security are
1. In an economy with indirect taxes and subsidies, there
is a complication which leads national accountants to construct two measures of national product. One, recommended
for "welfare" questions, uses market prices as weights; the
other, recommended for resource allocation problems and
productivity measurement, uses factor cost values instead.
For most questions and comparisons the choice makes little
difference. When it matters, the appropriate choice can be
made.
2. I ignore here the net capital formation and net export
components of NNP.
13
14
obtained per dollar (in 1958 prices) of
expenditure for such items.
It is sometimes suggested that governments (and nonprofit organizations)
should be treated as if they were businesses "selling" services to individuals.
NNP in constant prices would include
the services provided (measured in
constant prices) instead of government
purchases. Because most government
purchases are for education and defense,
this proposal requires ways to measure
changes in the amounts of education
and defense that are independent of
government expenditures. But how?
Educators and generals have found no
acceptable procedure to make such an
estimate, and until they do, it would be
a bit absurd to expect the national
accountant to do so. Present estimates
of real GNP truly measure the services
provided by governments only if the
services provided per dollar of government purchases (in 1958 prices) are the
same each year as in 1958.
The prospect for measuring the
services a household secures from its
purchases (when they are combined
with the "labor" of household members,
which is omitted from national product)
as distinct from the value of its purchases seems at least equally remote.
The second characteristic concerns
the "quality change problem." When
expenditure for a new or improved
product appears, it is counted as output
equal to the quantity of previously
existing products that could have been
bought for the same expenditure (based
on 1958 price ratios if the new product
had appeared by then, otherwise on
price ratios when it first entered price
indexes).
Real NNP in 1950 was half that of
1968. This means that output in 1950
was half as big as the sum of (1) the
quantity of products produced in 1968
that were the same as those produced
in 1950 and (2) the quantity of 1950
products that could have been produced
in 1968 by the resources that were
actually used in 1968 to produce products that did not exist in 1950.
The change in real NNP understates
the change in the ability of output to
satisfy our wants because it ascribes no
value to the increased range of products
the economy is able to provide; for
SUEVEY OF CURRENT BUSINESS
January 1971
example, in 1968 medicines were available that did not exist at all in 1950.
I am personally convinced that there is
no way bo measure this understatement not all economists agree.
Such characteristics, which in my
view are not remediable, limit the accuracy of real product as a measure of
changes over time in the ability of output to satisfy our wants.3 Nevertheless,
real product is a very useful measure.
But to evaluate welfare we would need
additional measures which would be
far more difficult to construct.
tions." Only the first of these relates
to the goods and services the worker
can buy; the others relate to real costs.
Perhaps it is under this heading, too,
that the deaths and injuries from wartime service in the armed forces, and
the disutility of involuntary service in
the armed forces in war or peace, should
be counted.
We have data on saving, but no
measure of the real costs of what was
once called "abstinence." And we have
no acceptable way to combine the real
costs of labor and abstinence.
Real costs of production
Needs
To measure welfare we would need a
measure of changes in the needs that
our output must satisfy. One aspect,
population change, is now handled,
crudely, by converting output to a
per capita basis on the assumption that,
other things equal, twice as many
people need twice as many goods and
services to be equally well off. 5 Beyond
this, an index of needs would account
for differences in the requirements for
living as the population becomes more
urbanized or suburbanized; for the
effect of weather changes on requirements for heat, air conditioning, and
clothing; for medical requirements occasioned by epidemics or new diseases;
and, most of all, for changes in national
defense requirements. Such an index
would have to tell us the difference
between the cost of meeting our needs,
to the extent that we do, in a base year,
and the cost of meeting them equally
well under the circumstances prevailing in every other year.
It is sometimes wrongly supposed
that the necessity of taking account of
some changes in needs can be obviated
by omission from NNP of expenditures
for purposes for which needs change:
for example, by elimination of expenditures for local transportation,
heat and air conditioning, health, or
We would need an index of real costs
incurred in production, because we are
better off if we get the same output at
less cost. The starting point for an index
of labor costs exists in series for total
man-hours worked, and we can also
compute hours per capita or per worker.
But use of man-hours for welfare
evaluation would imply unreasonably
that to increase total hours by raising
the hours of eight women from 60 to 65
a week (coverage of the Maryland
60-hour law recently was reduced
greatly) imposes no more burden than
raising the hours of eight men from
40 to 45, or even than hiring one involuntarily unemployed man for 40
hours a week. A usable measure of
the real costs of working would consider that the welfare benefits from
working fewer hours decline as hours are
shortened and may even disappear.4
A measure of real costs of labor would
also have to consider working conditions. Most of us spend almost half
our waking hours on the job and our
welfare is vitally affected by the
circumstances in which we pass those
hours. From the beginning, labor unions
have concerned themselves with
"wages, hours, and working condi3. The two characteristics I have described re7ult from
changes over time in the kinds of end products that the state
of knowledge permits the economy to provide, and in the
skill of individuals and governments in utilizing their purchases to meet their objectives. They do not limit the
significance of comparisons of alternative national products
that might be obtained at a point in time under alternative
conditions or policies unless these alternatives would affect
such knowledge or skill.
4. In this formulation I regard the real costs of working
additional hours as including the loss of welfare resulting
from less leisure time. If it is necessary to treat the two as
separate items affecting welfare, the problem is still more
complicated.
5. In my view, this is a tolerable assumption only if no
change occurs in the composition of the population by age
and family status. In the first place, requirements for individuals vary with age and marital status. Second, an
intractable problem is created by the simple fact that a couple
with two wanted children is not worse off than if it had no
children and the family had twice the per capita income.
Since the couple rejected that option they must be better
off. Also, greater ability to control family size has surely
improved welfare in a way that cannot be captured in any
measure I know.
January 1971
defense. This procedure fails utterly. It
yields the false result that we are
equally well off whether, in the same
circumstances, we ride or must walk
to work, freeze or are comfortable,
do or do not obtain medical care when
we are sick, or provide or do not provide
for national security. Needs and provision to meet them must be separately
evaluated.
The environment
Measures of "needs" shade into
measures of the human and physical
environment in which we live; perhaps
it is here that the concept of economic
welfare broadens to encompass "social
welfare." We are all enormously affected
by the people around us. Can we go
where we like without fear of attack?
Can we attend a lecture without its
being disrupted? Will we be discriminated against? Are our neighbors congenial? We are also affected by the
physical environment—purity of air
and water, accessibility of park land,
presence of trash or rats in our alleys,
and all the other conditions receiving
so much attention just now.
To measure the state of affairs with
respect to any aspect of the human and
physical environment requires adequate
and accurate data. Such data are
generally deficient in both quantity and
quality, and collection and evaluation
urgently need expansion. But, given
data, construction of an index of the
goodness or badness of almost any
environmental aspect faces at least
two serious problems.
First, relations between environmental conditions and welfare are rarely
linear, and nonlinear relationships are
hard to establish. A little air pollution
is harmless, more an annoyance, a
great deal lethal.
Discrimination
against Jews by a random 10 percent of
employers, landlords, and operators
of public places might be merely an
annoyance to those affected; by 40
percent, a real hardship; by 90 percent,
an economic and social catastrophe.
The last situation is far more than nine
times as undesirable as the first.
Second, if anything except the most
detailed imaginable set of data is
contemplated, weighting is required :
To combine robberies and murders in a
SURVEY OF CURRENT BUSINESS
15
crime index; to combine pollution of an improvement. There is no agreement
the Potomac and pollution of Lake Erie on an ideal distribution, from which
in a water pollution index; to combine departures could be measured.
trash in Northeast Washington alleys
and its absence on Route 70-S into a Other aspects
trash index. An expert in a field may be
The list I have presented is not
able to provide judgments with respect exhaustive. I have ignored the hard fact
to the problems of nonlinearity and that tastes differ among individuals
weights that would permit an inter- and change over time. I have not yet
esting index to be calculated. However, recalled that welfare is affected by
the necessity for numerous individual people's perception of reality as well as
judgments that are difficult to assess the objective facts; one's fear of crime
or even to describe must impair general on the streets need not be closely reacceptability of measures based upon lated to actual risks. The authors of
them.
"Toward a Social Report" 6 stressed
The absence of any natural weighting the need for attitudinal data to develop
scheme is an even greater obstacle to welfare measures. I have not provided
combining indexes of crime, water room for any of the pleasures and
pollution, racial discrimination, and worries that are related to purely
the like into a single index. Personally, personal relationships and that for
I see not basis at all for combining most people dominate all else in affectindexes of different aspects of the ing their feeling of well-being.
environment into a combined index
that will command general acceptance. Impracticability of a general measI can imagine only letting each in- ure of welfare
dividual in the country compute his
Even if we could construct indexes
own index with his own personal of output, real costs, needs, the state
weights, and then averaging them. But of the environment, income distribueven this procedure is almost sure to tion, and other relevant aspects of life,
be biased because we are all concerned we could not compute a welfare index
with the aspects of the environment because we have no system of weights to
that currently are problems. Who combine them. Certainly statisticians
would now think to consider the and social scientists are in no position
dangers of attack by hostile Indians?
to assign weights.
Or the risk of being doused by slops
The point to be stressed is that the
thrown from windows as he walks the
situation is just the same as in making
city streets? Even the very recent
policy decisions in government, in
elimination of refrigerator doors that
cannot be opened from within, and business, in the family, or anywhere
cost the lives of so many children, is else. Most decisions that might be
almost forgotten. The annual series for made have favorable and unfavorable
"Persons Lynched" appeared in the effects on various aspects of life.
Decisionmakefs must try to determine
Census Bureau's Historical Statistics
the favorable and unfavorable effects
but not in its current Statistical Abof alternatives and then decide on
stract.
their course of action. Economists,
statisticians, and other social scientists
The distribution of income
can help determine what the effects
To measure welfare we would need are likely to be. But the responsible
decisionmaker must decide how the
an index of the "goodness" of the size
favorable and unfavorable effects baldistribution of income. There is probance out, and different persons will
ably a consensus that, given the same decide differently. This is only another
total income and output, a distribution way of saying that a generally acwith fewer families in poverty would cepted weighting system does not exist.
be better than the present distribution,
and possibly that less inequality
6. U.S. Department of Health, Education, and Welfare,
throughout the distribution would be "Toward a Social Report" (January 1969).
16
SURVEY OF CURRENT BUSINESS
Costs of Growth and the
National Product
production. Air and water pollution,
the volume of solid waste, and other
undesirable aspects of the physical
It is fashionable to describe our environment have been increased by
environmental problems as costs of economic growth or, more accurately,
economic growth, and even to suggest by the increase in the production and
that these costs should be deducted use of particular products which have
from GNP and NNP. I have no idea been produced and used in particular
whether this would raise or lower the ways. Given an index of the state of
growth rate in any particular period. the environment, a complete welfare
But a few observations are in order.
evaluation would not require knowledge
First, some of the objections to of the extent to which changes in this
"growth" are to an increase in popula- index were the result of production.
tion (or its geographic concentration) Nevertheless, the idea of measuring the
and the resulting congestion. Over the net gain from production by balancing
last two centuries, it is true, increases the value of the deterioration of the
in productivity have permitted popu- physical environment caused by prolation to increase and led to its doing duction against the value of greater
so. But this relationship is increasingly output is attractive. The value of this
uncertain; births, which are the chief deterioration could then be deducted
population determinant in this country, from NNP to obtain what many would
do not now follow changes in per capita regard as a better measure of net
income in any predictable way. It is no output. But implementation of this
longer possible to regard the increase suggestion would requite an objective
in population, and whatever disadvan- measurement of the value of the
tages it may bring, as the consequence deterioration expressed as a dollar
of an increase in output; there is no amount. Such a valuation does not
presumption that less output would exist, and its estimation would encounmean fewer people. Moreover, there is ter all the problems involved in measurno unanimity as to whether population ing the goodness of the environment
growth or the steps that would be plus those of deciding what portion of
required to curtail it are undesirable changes in its goodness were due to
or desirable. Population increase has production.
meant less space per person and has
At this point, let me emphasize that
affected other aspects of life adversely expenditures actually incurred to prein the view of many people. Others serve or improve the environment are
stress the pleasures derived from chil- not at all the same thing as the value
dren; almost none would like a higher of the deterioration of the environment
death rate; and immigration, which has that is caused by production. Such
contributed importantly even to recent expenditures must not be deducted in
population growth, has presumably lieu of the value of the deterioration
meant a better life for the immigrants. caused by production. To do this would
Second, many aspects of the environ- mean that the more we diverted our
ment are only remotely, if at all, con- resources and output from other uses
nected with the amount of production to improvement of the environment,
or income; and when they are, it is by the smaller would be GNP and NNP.
no means obvious that high income This surely is not a desirable result.
worsens rather than improves the
Fortunately, GNP and NNP are not
environment. Would such problems of reduced by diversion of resources from
the human environment as crime, drugs, other uses to environmental improvestudent unrest, racial tension, and ment when the costs are borne by
labor-management conflicts now be government or by consumers because
absent or even smaller if output and expenditures by these groups are
income had increased less than they counted as final products. (This generaldid in the past decade or two? It seems ization includes such cases as the addiunlikely.
tion of antipollution devices to
I now turn to what clearly are automobiles because in the national
environmental costs associated with accounts the addition is regarded as
January 1971
increasing the quantity, rather than the
price, of cars.)7
GNP and NNP can be regarded as
providing defective measures of changes
in output when expenditures to protect
the environment are incurred by business in the form of current costs. Such
purchases are not themselves counted as
final products and they absorb resources
that would otherwise be used to produce
products that are counted as final. Steps
already taken, and adoption of additional proposals, to increase expenditures for environmental control of this
type will have the effect of reducing
real output and productivity, as
measured, below the values they would
take if resources were not so diverted.
Business expenditures for the safety of
employees, which are also likely to rise
as a result of new legislation, will have
the same effect. The reduction in measured output could be avoided only by
isolating business expenditures for these
purposes and adding them to national
product as final product. Such a solution is not, I fear, feasible because such
a classification of business expenditures
would encounter distinctions that are
gradual and blurred. What we would
need to know is the amount by
which business unit costs exceed the
theoretical minimum that could be
achieved if production were to be conducted with no regard at all to the
external environment or to employee
welfare—implying no laws, no community pressure, and no conscience.
Such a situation has never prevailed and
is difficult even to imagine. What perhaps can be done, and should surely be
attempted, is to start now to collect
information on changes in expenditures
for environmental and employee protection that will occur in the future.
Even if such information does not lead
or enable us to change the measure of
output, it will enable us to interpret
better the changes in output and productivity that we observe in the future
as well as to know the true costs of the
new programs.
7. Neither are GNP and NNP reduced, in the first instance, when business makes capital outlays for this purpose.
But in the case of business capital outlays NNP is eventually
reduced by a rise in depreciation, just as it is in the case to
which I turn next.
(Continued on page 39)
The Economy in 1970
J_ HE course of the economy last year
reflected the workings of the severe
restraint imposed in 1969 and maintained into early 1970. Clear progress
had been made in 1969 in slowing the
growth of demand, but the very substantial impact of the restraint did not
become plain until last year. Real output for the year as a whole was down
slightly from 1969, largely because of
production losses caused by the auto
strike in the fourth quarter. There was
a drop in real output in the first quarter,
followed by very slow expansion in the
second and third; output then fell again
in the fourth quarter. Overall, economic
activity in 1970 proved weaker than had
generally been expected—even abstracting from the effects of the strike. The
unemployment rate rose, capacity utilization fell, and profits shrank substantially.
Progress against inflation proved to
be disappointingly slow. The stubborn
rise of prices, well after excess demand
pressures had been eliminated, was
painful and frustrating. The economy
had experienced several years of serious
inflation, which worked its way deeply
into the cost and price structure as well
as into attitudes. Such influences, once
well established, are very hard to reverse, and they can have a persisting
effect on the behavior of wages and of
other prices and costs. Some progress
was made in 1970: There was apparently
some ebbing of inflationary expectations, productivity gains during the year
helped to offset the pressures of continuing rapid gains in labor compensation, and the price rise showed
signs of slowing. However, it was clear
at yearend that a great deal remained to
be done in the way of affecting basic
cost and price behavior.
- 71 - 3
412-511 O
A cutback in defense-related demand
has been a particularly visible facet of
the overall restraint on the economy.
Last year saw heavy shrinkage in
defense-related employment and output, but slack was widespread through
the economy. Housing was the one
sector for which 1970 turned out to be
a good year. This reflected the easing
in credit conditions which developed
during 1970, a reversal of 1969 when
credit grew very tight and residential
construction plummeted. Consumers
CHART 6
REAL OUTPUT declined in 1970 . . .
Percent Change From Previous Quarter (Annual rate)
8
_
REAL GNP
UNEMPLOYMENT rose .. .
and the rate of PRICE increase remained high
Percent Change From Previous Quarter (Annual rate)
6 -
IMPLICIT PRICE DEFLATOR
TOTAL GNP
1968
1969
1970
Seasonally Adjusted
Data: OBE-BLS
U.S. Department of Commerce, Office of Business Economics
71-1-6
were very cautious and substantially
raised the share of income saved. There
was a downward adjustment in inventory investment, though the drag was
relatively mild by comparison with
the corrections in some earlier periods
of weakening demand. Likewise, capital
spending held up well relative to past
experience.
The trade balance improved substantially from 1969 to 1970. However,
the improvement occurred not because
of a slowdown in import growth, such
as might have been expected, but
rather because the growth of exports
was usually strong. The improvement
in the trade surplus contributed to a
small improvement in the underlying
liquidity balance; the trade gain was
partly offset by increased outflows of
private long-term capital, reflecting increased U.S. direct investment abroad
and reduced buying of U.S. stocks by
foreigners.
The official reserve transactions balance, on the other hand, swung into
deep deficit last year—a swing associated with the shift of domestic monetary policy from severe restraint in
1969 to moderate ease in 1970. In
1969, U.S. banks sought to relieve the
pressure on their reserve positions by
borrowing heavily from the Eurodollar
market. The resulting high Eurodollar
rates made dollars attractive to private
foreigners, with the consequence that
foreign central banks lost reserves. The
process was reversed in 1970 and
foreign central banks made large dollar
gains.
The easing of domestic monetary
conditions began early last year. The
move was very cautious at first, but
the shift toward more expansionary
policies became more pronounced as
the year progressed. Fiscal policy also
17
SUEVEY OF CURRENT BUSINESS
18
swung toward stimulus. Some features
of the Federal fiscal system function as
automatic stabilizers, and these were
operative last year in the face of the
economy's weakness: unemployment
compensation grew sharply while tax
revenues were dampened by the weakness of taxable incomes.
However, Federal receipts and expenditures were affected last year by
much more than the automatic stabilizer features of the fiscal system.
Federal workers' pay was raised, as
were social security benefit rates and the
benefits of retirees under the Civil
Service and railroad retirement systems.
These actions buoyed personal income
significantly. In addition, the surcharge
on personal and corporate income taxes
expired during the year, with the result
that its effective rate was cut from 10
percent in 1969 to 2j/^ percent in 1970.
There were some actions which raised
Federal revenues, such as new aviation
user charges and higher premiums for
medical insurance under social security.
However, the overall fiscal stance was
expansive: the budget on the NIA
basis swung from a large surplus to a
large deficit, while on the "full employment" basis the budget surplus shrank
substantially.
The easier fiscal and monetary stance
adopted in 1970 is presumably having a
stimulating effect on the economy,
though with a lag. The critical task
has been and still is to restore fuller
utilization of resources while achieving
a further mitigation of inflationary
tendencies.
Financial Developments
THE year opened with credit shortages
intensifying and interest rates reaching
new highs; it closed with credit availability increasing and interest rates
registering one of the sharpest declines
on record. This dramatic shift reflected
the cumulative impact of several
factors: a shift in monetary policy
from severe restraint to moderate
expansion; weakness in consumer and
business loan demand, related to the
weakness in economic activity; and an
appreciable dampening of inflationary
expectations on the part of market
participants.
The unwinding of pressures in credit
markets began in the early months of
last year and interest rates, particularly
in short-term markets, declined noticeably from February through April. The
trend was interrupted in the spring,
when financial market sentiment was
adversely affected by concern over a
possible liquidity crisis 'and by uncertainties arising from U.S. military operations in Cambodia and their domestic
aftermath. Strains in financial markets
intensified again at midyear, when the
Penn Central insolvency seriously shook
investor confidence in the commercial
paper market and caused renewed
concern over liquidity problems.
The trend toward more comfortable
credit market conditions resumed in the
summer and gathered momentum in the
fall as monetary policy become more
stimulative and economic activity was
further depressed by the auto strike.
The decline of short-term interest rates
accelerated as the summer wore on and
in late September the prime rate, which
had been cut from 8% to 8 percent in
March, was lowered to 1% percent. In
November, it was reduced in two steps
to 7 percent and in the latter part of
December to 6% percent.
Conditions in long-term credit markets also became much less strained in
the second half of 1970. However, as is
January 1971
typically the case when the direction of
interest rates is reversed, the decline in
long-term rates trailed that in shortterm markets. The dominant factor in
long-term markets was an extraordinary
demand for capital by corporations and
State and local governments. This
partly represented a backlog of unfilled
demand that had built up during the
severe credit stringency of 1969 and
early 1970; it also reflected efforts on the
part of many borrowers to replace shortterm with long-term obligations.
Monetary policy
The monetary authorities cautiously
moved away from credit restraint
during the first half of the year, and
became more aggressive in pursuing a
moderately expansionary policy in the
second half.
In January, when market interest
were still rising sharply, the Federal
Reserve raised interest rate ceilings
on time and saving deposits. The
authorities stated that the thrust of
credit policy had not changed and
that the action represented a realignment of ceilings within the framework
of continued overall restraint. In February, the policy directives of the
Federal Open Market Committee began
to indicate a desire for somewhat less
monetary restraint. However, throughout the first half of the year, Federal
Reserve operations were apparently
geared to permitting little growth in
member bank reserves—the base for
money and credit expansion. The
objective of policy appeared to be to
permit market forces to achieve a
gradual easing of credit conditions.
Open market purchases were stepped
up in May, as market pressures were
once again pushing interest rates higher.
Even though these pressures subsided
Table 1.—Changes in Interest Rates and Bond Yields
[Basis points]
June 1969Jan. 1970
3-month Treasury bills (market yield)
Prime commercial paper 4 to 6 months
Federal funds
.
Corporate bonds Aaa
State and local Aaa
U.S. Government long-term .
. . .
Source: Federal Reserve Board.
.
Jan. 1970Apr. 1970
1.44
.55
.08
.93
.80
.80
-1.37
-.72
-.88
-.08
-.14
-.33
Apr. 1970- June 1970- Sept. 1970June 1970 Sept. 1970 Dec. 1970
0.17
.15
-.50
.65
.57
.46
-0.55
-.89
-1.31
-.39
-.91
-.36
-1.25
—1.59
-1.39
— 45
—.69
—.66
January 1971
SURVEY OF CURRENT BUSINESS
during the second half of the year, open
market purchases continued to run at
a heavier rate.
The monetary authorities took a
major step toward strengthening the
position of the commercial banking
system in late June, when it appeared
that some sellers of commercial paper
might not be able to renew their
obligations and would turn to the
banks for credit accommodation. Inter-
CHART 7
With monetary policy easier,
NONBORROWED RESERVES and BANK DEPOSITS
have increased sharply
Billion $
30
NONBORROWED RESERVES
29
28
27
26
25
est rate ceilings on large denomination
certificates of deposit (CD's) with
maturities of less than 90 days were
suspended, enabling banks to bid
freely for short-term funds. Banks were
highly successful in issuing a large
volume of CD's and their intermediary
role in the financial process was greatly
strengthened.
In mid-August, the Federal Reserve
reduced the reserve requirement on
time deposits from 6 to 5 percent. At
the same time, however, a reserve requirement was imposed on funds obtained for a member bank through the
sale of commercial paper by an affiliate.
These changes, which became effective
October 1, had the net effect of freeing
about $350 million of reserves, mostly
at banks outside the major money
centers.
Late in the year, after market interest
rates had already declined very substantially, the Federal Reserve discount rate was lowered in several
steps. These reductions—from 6 to
5% percent early in November and to
5% percent effective December 1—
were more a matter of following market
developments than of trying to lead.
Commercial banks
LOAN demand has been weakening, and SECURITIES
account for most of the bank credit expansion
1969
1968
1970
Seasonally Adjusted
*Adjusted to include nondeposit sources of funds.
**Adjusted to include loans sold.
NOTE.—Monthly level is plotted for nonborrowed reserves; other
data are changes between quarterly averages.
U.S. Department of Commerce, Office of Business Economics
Data: FRB
71-1-7
The moderately expansionary monetary policy pursued during 1970 is
reflected in the growth of the major
monetary aggregates (table 2). There
was a pronounced rise in total bank
deposits, centered in time deposits,
which became increasingly attractive
as a consequence first of the suspension
of ceilings on short CD's and then of
the general decline in short-term market
rates. Private demand deposits—which
together with currency in circulation
make up the narrowly defined money
stock—recorded only moderate expansion, a development that probably
reflects a weakness in demand for
transaction balances associated with
slack economic activity.
Commercial banks directed part of
their deposit growth to a restructuring
of liabilities, and significantly reduced
their dependence on nondeposit sources
of funds. During the second half of the
year, banks substantially reduced their
borrowings from the Federal Reserve
System and in the federal funds market.
19
Table 2.—Changes in Selected Monetary
Aggregates
[Billions of dollars, seasonally adjusted at annual rates)
June
1969Dec.
1969
Dec.
1969June
1970
Total reserves
0.2 -0.3
Monetary base 1
3.0
1.8
Money stock (currency in
circulation and private de2.4
10.0
mand deposits)
.2
7.2
Demand deposits
-7.2 -13.2
Time deposits2
-16.0 -9.2
Large CD's
_.
Money stock plus time de2.8 -10.8
posits
-0.1
4 0
4.0
56
12.0
8.4
15.2
4.2
10.0
7.4
56.2
24.8
27.2
66.2
Dec.
1968June
1969
June
1970Dec.
1970
1. Sums of member bank reserves with Federal Reserve
Banks (including reserve adjustments) and currency in
circulation.
2. Not seasonally adjusted.
Source: Federal Reserve Board; Federal Reserve Bank of
St. Louis.
In addition, banks in the major money
market centers sharply cut their use of
Eurodollar borrowing and their reliance
on funds raised through sales of bankrelated commercial paper.
Banks made important progress in
1970 in restoring liquidity, following
serious erosion during the earlier period
of credit stringency. After the first
quarter, they added substantially to
their holdings of U.S. Government and
State and local securities. Increased
security holdings accounted for $16
billion of the $27 billion rise in total
bank credit (adjusted for loans sold)
from the fourth quarter of 1969 to
the fourth quarter of 1970. In the previous year, bank credit increased $17%
billion but investment in securities declined $8% billion. The loan component
of bank credit, which had been very
strong in 1969, turned very weak in
1970—excluding the temporary JulyAugust spurt associated with the difficulties in the commercial paper market.
The weakening of loan expansion reflected the slowdown in economic activity as well as the repayment of business loans from the proceeds of capital
market borrowing.
Thrift
institutions
Last year's generally easier credit
conditions and sharp declines in market
rates of interest resulted in a substantial improvement in the flow of savings
to mutual savings banks and savings
and loan associations. This greatly
improved the availability of funds for
mortgage lending and was a key element
in the strong recovery of homebuilding.
January 1971
SURVEY OF CURRENT BUSINESS
20
Savings flows to the S&L's accelerated sharply after the first quarter, and
for the year as a whole deposits were
up 7 percent or about $9% billion. In
contrast, deposit inflows in 1969 had
dropped to about $4 billion, less than
half the expansion in 1968. The S&L's,
like the commercial banks, allocated
part of last year's deposit growth to
rebuilding depleted liquidity positions.
Their acquisition of liquid assets increased and the ratio of cash and security holdings to total liabilities—one
measure of liquidity—rose steadily from
a low of about 8 percent in the first
quarter to 9 Y± percent in closing quarter
of 1970. At yearend, the S&L's had not
reduced their indebtedness to the Federal Home Loan Banks. Although that
indebtedness increased greatly in 1969
and early 1970, the FHLB system urged
the S&L/s to defer repayment and to use
their enlarged deposit flows to support
mortgage debt expansion. The expan-
Table 3.—Saving Flows, Mortgage Holdings,
and Net Change in Commitments of
Savings and Loan Associations
[Billions of dollars, seasonally adjusted at annual rates] *
Dec.
1968June
1969
Net saving flows - Mortgages C ommitments
1. Preliminary
Reserve Board.
-
June
1969Dec.
1969
Dec.
1969June
1970
6.1
10.9
.6
1.9
7.9
-2 1
5.8
6.1
.3
June
1970Nov.
1970
15.4
13.3
29
seasonal adjustments by the Federal
sion of mortgage debt, which had slowed
from the winter of 1969 through the
winter of 1970, picked up in the spring
and rose sharply during the second
half of the year. A similar pattern was
evident in mortgage commitments,
which fell steadily during the year
ending last March, then turned around
and rose over the remainder of 1970
(tables).
Income and Consumption
such as unemployment compensation as
well as increases in pay and social
security benefits. Likewise, the slack
in taxable income cut into tax receipts.
In addition, reduction of the surcharge
and other tax actions, such as liberalized
treatment of low income persons, reduced taxes.
Unemployment insurance benefit
payments expanded steadily during the
course of last year and by the fourth
quarter had reached a record annual
rate of almost $5 billion, more than
double the rate a year earlier. The
CHART 8
PERSONAL INCOME growth slowed in 1970,
although government payments partly offset
the slack in private payrolls
Billion $
40
TOTAL
30
20
10
WITH employment in most industries other private wages and salaries was
stable to declining last year and the less pronounced, from a gain of 11 perworkweek shortening, there was little cent in 1969 to one of 8 percent in 1970.
expansion in private sector wages and
The shrinkage of profits last year
salaries. The slack was most pronounced naturally affected the flow of dividend
in manufacturing, but spread ever more income. The total was roughly unwidely as the year progressed. Even in changed from 1969 because companies,
the service industries, which are rela- in the aggregate, boosted the proportively insensitive to swings in economic tion of earnings paid out. The factors
activity, the growth of wage and salary responsible for the squeeze on profits—
income was appreciably slower in 1970 weak volume and pressure on margins—
than in prior years.
also affected the income of proprietors.
The sharpness of the income swing in Interest income, on the other hand, conmanufacturing in large part reflected tinued to grow at a rapid pace. Taken
the sensitivity of manufacturing em- together, the nonwage components of
ployment to economic fluctuations. personal income originating in the priHowever, the auto strike had a major,
though largely transitory, effect in the vate sector increased last year by an
fourth quarter. Largely because of the amount roughly in line with the recent
strike, aggregate wage and salary pay- trend, though less than in the preceding
ments in manufacturing were signifi- 2 years.
cantly lower in the second half of the Government actions
year than in the first (chart 8). For 1970
The slack in private incomes was made
as a whole, wages and salaries in manufacturing were up barely 1 percent, a up to a considerable degree by increases
sharp contrast to the 8 percent gain in government payments of various
from 1968 to 1969; the slowdown in types, including automatic stabilizers
Si
10
-
20
10
-
TRANSFERS AND GOVERNMENT
WAGES AND SALARIES
Go yernment Wages and Sal<jries
_
r i
1 i hi— i
10
—
n,.
,—
ransfers
—
I
ALL OTHER INCOME COMPONENTS
1965,
66
67
68
69
Change From Previous Half Year,
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
70
January 1971
previous record was set in the second
quarter of 1961, when the number of
beneficiaries was larger but the average
check was considerably smaller.
The other major factor boosting
government transfer payments last year
was an increase in social security benefit
rates, effective in April but retroactive
to the first of the year. The increase
caused a permanent upward shift on the
order of $4% billion at an annual rate,
while the lump sum retroactive payment boosted income in April by more
than $8 billion at an annual rate.
Federal workers' pay was raised in
April, retroactive to the first of the year.
The raise, which had originally not been
scheduled to occur before early 1971,
was the second in less than a year. It
resulted in a permanent upward shift
of about $2% billion (annual rate) in
government salaries, compared to a
boost of about $3% billion in July 1969.
The retroactive payments temporarily
swelled the income stream in both
April and May, by about $3% billion
(annual rate) in each month.
Other boosts in government payments later in 1970 constituted further
offsets to the weakness in private incomes. In September, postal workers
received an additional pay increase
under the arrangement reached in
April, with a retroactive payment
(about $2 billion at an annual rate) for
the April-August period. In the same
month, there were increases in benefits
for retired Federal workers and for
pensioners under the railroad retirement system. The latter increase
was retroactive to the first of the year
resulting in a lump-sum payment in
October of about $1% billion at an
annual rate.
The general weakness of taxable incomes held down personal tax payments
last year. Nonwithheld payments were
particularly weak, a development apparently related in good part to a
slump in capital gains income in 1969.
Moreover, the income tax surcharge
was at an effective rate of only 2%
percent for 1970 as a whole, down from
the full 10 percent rate in effect throughout 1969. Surcharge withholding was
cut to 5 percent on January 1 and
eliminated at midyear; each cut boosted
disposable income by more than $3%
SURVEY OF CURRENT BUSINESS
21
Table 4.—Personal Income and Tax Payments
[Billions of dollars]
19 70
1969
1968
1969
1970
Second
half»
First
hain
Second
half i
Personal income
688.7
748.9
801.0
764.3
791 8
810 1
Tax payments 2 _.
Federal
State and local
Disposable personal income
97.5
79 3
18 3
591.2
117.3
95 9
21 4
631.6
116
91
24
684
118 7
96 3
22 5
645 6
117 3
93 5
23 9
674 5
115 3
90 1
25 3
694 8
4
8
6
7
1. Seasonally adjusted at annual rates.
2. Excludes social security contributions; includes nontax payments such as fines.
billion at an annual rate. In addition verse impact in markets for a broad
the personal exemption was raised at range of durable goods; for the year as
midyear from $600 to $650, with the a whole, durables consumption exassociated reduction in withholding cluding spending on motor vehicles
representing a boost to income of and parts was up only $2% billion or
about $1% billion at an annual rate. about 4% percent, while spending for
(The only significant personal tax in- motor vehicles and parts dropped $3
crease at the Federal level last year billion.
affected the premium payment for
The strike cut deeply into fourth
supplementary medical insurance under quarter auto sales. Fourth quarter sales
social security.) For the full year 1970, of new domestic models were about 5.4
payments to all governments combined million units at a seasonally adjusted
were down slightly. This was in sharp annual rate, down from the rate of
contrast to the situation in 1969, the about 7% million units maintained in
year in which the full impact of the the first three quarters of the year.
tax surcharge was felt.
Quite apart from the strike, 1970 w^as
not a strong year for domestic cars. The
Consumption and saving
pre-strike pace was relatively weak
compared to the sales rates of well over
Personal consumption expenditures
rose less strongly than disposable in- 8 million units throughout 1968 and
come in 1970 and the saving rate 1969. By contrast, sales of imported
continued to advance (chart 9). For the models boomed in 1970, doing especially
year as a whole, personal consumption well in the fourth quarter. It is too
expenditures totaled $617 billion, up early to tell whether the new domestic
$39% billion or 6% percent from 1969. cars intended to compete directly with
The gain in disposable income amounted the imports will succeed in winning
to $53 billion or about 8% percent and back some of the market share which
the saving rate rose from 6.0 percent the latter now hold.
The saving rate registered a particuin 1969 to 7.3 percent in 1970.
lar^ steep jump in the second quarter
Spending for services continued to
expand in line with the steady trend
Table 5.—Sales of New Automobiles
of recent years. The growth of non[Millions of units, seasonally adjusted annual rates]
durable goods consumption slackened
Domestic Import
in the middle months of 1970 but
models
models
picked up again toward yearend, with
spending for apparel showing a particuI
1.0
8.4
II
.0
8.4
larly marked strengthening. In the
.1
8.9
III
.1
IV
8.7
aggregate, expenditures for nondurables 1968: Year
.0
8.6
and services grew about 8 percent in
.0
I
8.7
II
.2
8.5
1970, a gain somewhat stronger than
.1
8.5
III
.2
8.2
IV
..
those generally registered in recent 1969: Year
.1
8.5
years. Durables consumption was weak
.2
7.6
I
.3
II
7.9
however, partly but by no means solely
.2
Ill
7.8
.5
5.4
IV
because of the auto strike. The general 1970: Year
.3
7.1
wariness of consumers had a clear ad-
SURVEY OF CURRENT BUSINESS
22
CHART 9
1968, while at the same time there was a
sharp increase in the use of consumer
PERSONAL SAVING RATE continued
credit. In view of these developments,
to rise in 1970
it was reasonable to expect that consumers, wanting to rebuild liquidity,
Percent
10
would raise the share of income saved.
From mid-1969 through the end of 1970,
there was not only a large rebound in
the saving rate but also a sizable cut in
the rate of consumer credit expansion.
The latter development was only partly
the result of the relatively weak trend
of auto sales; there was also a slowingin the growth of consumer credit of
I
i
I i _L i I i
70
other types, including personal loans.
66
67
68
69
Half Years, Seasonally Adjusted
In general, there was ample cause for
71-1-9
U.S. Department of Commerce, Office of Business Economics
consumers to behave cautiously last
year. Surveys found them concerned
over the state of the economy and
of 1970, the period in which income worried about income and unemploywas boosted very sharply by the retro- ment. Inflation was cutting into the
active increases in Federal pay and purchasing power of their money insocial security benefits. Some measura- comes, and they faced a steady diet of
ble rise in the saving rate is not sur- disquieting news, including the decline
prising as a short-run concomitant of in stock prices. As to the latter, it is not
a sharp income jump, for it takes some clear how close a connection exists
time for consumers to adjust. This between stock prices and consumption,
factor very likely contributed to the but there is doubtless some relationrise in the saving rate last year.
ship—working both through the direct
Moreover, the rate had dropped very impact on the wealth of stockholders
substantially in the year following the and through an impact on general
imposition of the tax surcharge at mid- sentiment.
1965
January 1971
"minirecession," following the imposition of restraint on demand in 1966, was
much larger—from an annual rate of
$20 billion to $4% billion in a span of
two quarters.
The accumulation rate turned higher
again after last year's first quarter, but
remained modest. Businessmen had
ample reason to concentrate on holding
stocks to the bare bones. The business
outlook was clouded all year, providing
no strong incentive to prepare for a
resurgence of demand. Moreover, the
severe pressure on profits and the high
level of interest rates provided a strong
motive to avoid unnecessary tying up of
capital in stocks. Considerations such as
these probably had an important influence on steel users, who apparently did
little if any stockpiling in the late
months of 1970—contrary to the widespread expectation that they would by
then have begun to prepare for a threatened strike this summer.
The cutback in accumulation in late
1969 and early 1970 was broadly based.
Measured in terms of inventory book
CHART 10
INVENTORY ACCUMULATION by manufacturers
slowed in 1970
Billion $
ACCUMULATION (Seasonally Adjusted)
6 -
Inventory Investment
WHEN demands weaken, the associated adjustments in economic activity
typically include a swing in inventory
investment, aimed at alining stocks
more closely with sales. This was true
in the 1969-70 economic slowdown, as
the rate of inventory accumulation
dropped substantially between the fall
of 1969 and the spring of 1970.
The 1969-70 swing was milder than
many past inventory corrections. The
actual decline in the investment rate
was smaller than some in the past, and
it of course occurred in a bigger overall
economy. It seems likely that the fairly
orderly nature of the 1969-70 inventory
adjustment was related to the fact that
throughout 1969 evidence accumulated
which pointed to a slowdown and
counseled moderation in inventory
policy. Order backlogs were declining
all that year and delivery performance
was reported to be improving. There
was thus considerable warning for those
who cared to heed it. Moreover, the
severe credit restraint prevailing in 1969
and on into 1970 presumably induced
businessmen to assess inventories carefully—though such care would not
necessarily eliminate the threat of undesired accumulation in the face of
unexpected sales weakness.
As measured in GNP, inventory
accumulation fell from an annual rate of
more than $11 billion in the third
quarter of 1969 to a rate of only $1%
billion in the first quarter of 1970. The
adjustment at the time of the 1967
Holdings were in better balance than in
1966 and 1967
40
PERCENT CONSIDERED HIGH*
20
1965
66
67
68
69
70*
naiT tears
Half Years
^Percent of total inventory book value held at end of period by companies
characterizing their inventories as high relative to sales and unfilled order
rders.
**Accumulation through November, expressed at half-yearly
rate: inventory condition at September 30.
U.S. Department of Commerce, Office of Business Economics
January 1971
SURVEY OF CURRENT BUSINESS
Table 6.—Inventory Accumulation, Manufacturing and Trade
[Billions of dollars, seasonally adjusted]
1969
IV
III
I
Change
II
3.29
.-
Transportation equipment manufacturers
Other durables manufacturers
Nondurables manufacturers
...
-
value, accumulation by manufacturing
and trade firms dropped from a rate of
$3% billion in the third quarter of 1969
to $1)4 billion in the first quarter of 1970.
The rate was unchanged in the following
quarter but the adjustment was in fact
continuing; further declines in accumulation rates in many sectors were offset
by a rather large rise in the finished
goods stocks of nondurables manufacturers—presumably not a healthy development—and a shift to accumulation
by auto retailers.
Accumulation in both the manufacturing and nonmanufacturing sectors
was generally modest in the second half
of 1970. At yearend, inventory-sales
ratios in some lines of business were
rather high but it is impossible to disentangle the essentially transitory in-
1.23
1.23
.08
.26
.38
-.41
-.10
.21
.26
-.18
.12
.11
- -
3.08
.57
.05
.53
Total
Auto group retailers
Other durables retailers
Nondurables retailers.
Wholesalers
1970
.65
.48
.41
1.19
.44
.43
1.02
.26
-.07
.79
.34
1969-III—
1970-1
-2.06
1970-1—
1970-11
0.0
-.98
-.15
-.32
.67
-.08
-.09
.30
.37
-.18
-.33
.46
.59
-.48
-.39
-.10
-.26
-.33
.25
fluence of the auto strike from more
fundamental forces. OBE's quarterly
surveys found that the proportion of
durables stocks characterized as high
(relative to sales and unfilled orders)
rose through mid-1970 while the "high"
proportion of nondurables stocks held
steady. Both figures were below the
levels reached in 1966-67, and both declined between June 30 and September 30 (chart 10). However, this
improvement may not have been
sustained through yearend. Manufacturers' accumulation picked up in the
fourth quarter, including another large
increase in finished nondurables. Thus,
while stocks are probably not seriously
out of balance, the process of inventory
adjustment may not have run its full
course.
23
The auto strike cut sharply into business
purchases of motor vehicles in the fourth
quarter, and investment in producers
durables was significantly depressed.
Otherwise, investment in producers
durables traced a generally stronger path
within the year than investment in
nonresidential
structures,
though
neither type of spending showed much
vigor.
As measured in GNP, private investment in nonresidential structures covers
a broad range, not limited to the
spending of profitmaking enterprises.
It includes not only investment in
commercial and industrial structures
and private utility plant but also subCHART
Construction Outlays
Billion $
(Ratio scale)
70
60
50
40
30
20
15
40
PRIVATE
30
20
Nonresidential Fixed Investment
BUSINESS was rather slow to adjust
capital spending to the changed
economic conditions which developed
in 1969 and became fully evident in
1970. The strength of spending in 1969
suggested the possibility that spending
was largely determined by long range
considerations and was highly resistant
to essentially shortrun economic fluctuations, even quite severe ones. However,
in retrospect it appears that an important influence in 1969 was simply
that businessmen were not at all convinced that the restraint imposed on
the economy would be so enduring or
so severe as it turned out to be. Had
expectations of uninterrupted growth
and persistent inflation moderated more
promptly, spending would very likely
have adjusted more rapidly. There
surely were many good reasons for
adjustment, and it is not surprising
that investment spending finally slackened in the face of weakening demands
for output, a growing margin of excess
capacity, severe pressure on profits,
and high interest rates.
The physical volume of nonresidential fixed investment was modestly
smaller in 1970 than in 1969, and was
contracting slowly during the year.
Dollar outlays were up slightly more
than 3 percent for the year, compared
with a gain of 12 percent in 1969.
Other
11.
1962
111
i I.
66
68
70
Seasonally Adjusted at Annual Rates
NOTE.—Data for 1970-IV are averages of October and November.
Data:
U.S. Department of Commerce, Office of Business Economics
Census
71-1-11
SURVEY OF CURRENT BUSINESS
24
stantial amounts spent for hospitals ceased to grow by 1970; spending by
and educational, religious, and other mining firms and gas utilities was also
institutional structures. The "other" about stable last year, while railroads
grouping plotted on chart 11 includes and truckers reported sharp declines.
these categories as well as spending by
The paths traced by various indusutilities other than telephone com- tries' spending reflect the different
panies—a category for which data are influences affecting each. Cyclical
currently not published separately. As swings typically center in manufaccan be seen from chart 11, private in- turing, and that sector's spending has
vestment in nonresidential structures historically been quite sensitive to
accounts for about one-third of total shifts in economic conditions. The
construction spending; the remainder surface transportation industries—railis divided about equally between pri- roads and trucking—are also quite
vate residential investment and public sensitive to cyclical swings in the
investment.
economy; spending by commercial firms
January 1971
is sensitive but to a lesser degree. The
utilities and telephone companies, however, are likely to base their plant and
equipment spending very heavily on
considerations of long range growth.
Moreover, they will be relatively undeterred by high interest rates provided
they can obtain regulatory approval
for passing borrowing costs on to
customers. The need to expand has
doubtless governed spending by these
two industries since the early 1960s,
as both industries have faced strong
demand growth and considerable pressure on capacity.
Plant and equipment spending
From the time in 1963 when business
spending for new plant and equipment
took off into a boom, there has been
barely any interruption in the rapid
growth of spending by communications THE easing in mortgage market confirms (consisting for the most part of ditions last year occurred against a
telephone companies) and the electric background of very strong underlying
utilities (chart 12). Airline spending demand for new housing. Residential
traced a path that was similar but more construction was consequently poised
erratic. Spending by these three in- to takeoff as soon as financial condidustries continued to expand in 1970, tions improved at all. After declining
though airline outlays were quite evi- $5}£ billion, or 16 percent, during the
dently on a downtrend by yearend. year ending last spring, residential
Spending by manufacturing and com- investment expenditures increased $3M
mercial firms, on the other hand, had billion in the second half of 1970. For
the year as a whole, spending was
CHART 12
down about $2K billion from the 1969
level.
Plant and Equipment Expenditures
The upturn of expenditures in the
Billi
(Ratio scale)
40
second half of last year reflected the
turn in private starts. At its low of
30
Manufacturing
about 1.25 million units (seasonally
adjusted annual rate) in the spring,
20
the starts rate was down close to 25
percent from the level in late 1968 and
Housing
Table 7.—Prices of New Homes
[Dollars]
Change in
median sales
price of new
homes sold
Spread between
median in tended sales price
and median
price of new
homes sold
1963
1964
1965
1966
900
1,100
1,400
700
700
1,300
1,400
1967
1968
1969
1970
1,300
2,000
900
-2,000
900
-100
1 400
3,500
Year
1962
64
66
68
70
Seasonal!/ Adjusted at Annual Rates
Includes trade, services, construction, finance, and insurance.
**lncludes mining, surface and air transportation, and gas utilities.
NOTE.—Data for 1970-IV are expectations reported in November.
U.S. Department of Commerce, Office of Business Economics
Data: OBE-SEC
71-1-12
NOTE.—Changes and spread both reflect differences in the
proportion of homes of different size, location, etc., as well as
differences in the prices of homes of identical characteristics.
Source: Bureau of the Census; Department of Housing
and Urban Development.
early 1969. The rate recovered sharply
in the summer and fall and averaged
1.75 million units in the fourth quarter.
The recovery was evident in both
single family and multifamily structures; by yearend, starts of both types
were back close to their levels of late
1968 and early 1969. Indeed, the rate
reached in the fourth quarter represented a stronger recovery than was
generally expected for 1970, and in fact
equaled the widely accepted forecast
of the starts total for 1971.
Shifts in homebuilding
The character of homebuilding activity changed substantially in 1970 as
new home production shifted in the
direction of more moderately priced
homes. This development stands in
sharp contrast to the pattern of recent
years, when rapidly rising land prices
seemed to provide a rationale for the
construction of big expensive houses,
and inflationary expectations seemed
to justify the prices of both the land
and the houses. Last year's shift toward
lower priced housing is clearly apparent
in the 8 percent decline in the median
sale price of new homes sold. Moreover,
difficulties in marketing high-priced
housing were reflected in the very
large spread which developed between
the price of new homes sold and the
price of new homes intended for sale.
January 1971
SURVEY OF CURRENT BUSINESS
In part, the trend toward less expensive housing reflects a response by
builders to shifts in home buyer preferences. Such shifts are to be expected
in a period when mortgage credit is
both scarce and very costly. However,
a more important factor in the trend
toward less expensive housing is the
vast expansion in Federal Government
support of low-income housing. The
1968 Housing Act involved the Federal
Government in large programs of
mortgage interest subsidies (sec. 235)
and rent supplements (sec. 236). Assistance under these programs began
gradually in 1969, but became very
important in 1970, increasing the effective demand of a large number of
people who previously had been excluded from the new home market.
Because units receiving assistance
under these programs must be financed
by government underwritten mortgages, the increase in Federal support
to low-income housing was also an important factor in the big jump in the
share of starts—both single family
and multifamily—financed by FHA
and VA mortgages. More than 30
percent of last year's starts had this
type of financing, whereas the typical
figure in the 1960's was 15 to 20 percent.
Housing shortage
As is well known, new construction
has failed for several years to meet the
shelter demands that arise from normal
replacement needs and from new family
formation. While mobile home production has helped to meet some of
this demand, severe pressures in the
housing market persist. These are
reflected in increases in rents and house
prices and in the low levels to which
vacancy rates have declined. The latter
fell sharply from 1965 to 1968 and
have since stabilized (except in the
West, where a downtrend continues);
the national rates are about 5 percent
for rental units and a little less than 1
percent for homeowner units.
25
defense purchases was the net result of
increases in most civilian agencies
which were nearly offset by large declines in spending by CCC ($2 billion)
and NASA (one-half billion dollars).
Other types of Federal expenditure—
transfers, grants, interest, and subsidies—increased $16% billion, more than
CHART 13
Federal Budget (NIA Basis)
Defense purchases declined in 1970 but
increases in pay and social security benefits
boosted other expenditures
Billion $ (Ratio scale)
150
EXPENDITURES
.»••***
Transfer Payments and Other
100
\....-
80
Defense Purchases
60
40
^
Nondefense Purchases
25
20
Federal Government
ON a national income accounts (NIA)
basis, the Federal fiscal position shifted
from a $9j/2 billion surplus in 1969 to
a deficit of nearly $11 billion in 1970,
the largest swing in 24 years. Sluggish
economic activity and reductions in
tax rates depressed receipts while civilian expenditure increases far outstripped the reduction in defense
spending.
The swing in the budget was to a
considerable extent the result of the
slowdown in economic activity, and
the swing in terms of the so-called
"full employment" budget was much
less pronounced. This is a measure of
Federal fiscal impact which attempts
to abstract from the effects that changes
in economic activity have on the
budget; it is calculated by estimating
what receipts and expenditures would
be if the economy were fully employed.
The "full-employment surplus" decreased about $5 billion from 1969 to
1970, according to unofficial estimates.
Expenditures
Purchases of goods and services declined last year for the first time since
1960. The $1% billion reduction occurred despite a $3 billion increase in
the compensation of military and civilian personnel resulting primarily
from the 6-percent raise granted in
April retroactive to the beginning of
the year. Defense purchases fell more
than $2 billion—the first decline since
1964, the year prior to the Vietnam
escalation—while nondefense purchases
rose one-half billion dollars, the smallest
increase in 4 years.
There were appreciable declines in
defense purchases of hardware, particularly aircraft and ordnance, of
operational supplies and materials, and
of construction; research and development outlays registered a smaller decline. Military manpower fell approximately 300,000 persons and civilian
Defense Department employment was
down 100,000. The small rise in non-
15
Repeal of the surcharge and a sluggish
economy lowered receipts...
250
RECEIPTS
200
150
Excluding Surcharge
100
and a large deficit was recorded
-10 -
-20
1965
66
67
68
69
Half Years
Seasonally Adjusted at Annual Rates
*Data for second half are preliminary.
U.S. Department of Commerce, Office of Business Economics
70"
26
SURVEY OF CURRENT BUSINESS
double the 1969 advance. These items,
which are direct transfers of Federal
moneys to other sectors, came to
$106% billion in 1970 or more than half
of total expenditures on the NIA basis.
The largest category—transfer payments to persons—advanced a record
$10 billion to $60 billion. As usual,
OASDI benefits were the biggest element in the increase. They rose $5
billion, largely because of the 15 percent
benefit increase granted in April retroactive to January 1. Other transfer
increases included unemployment compensation (up $1% billion), veterans
benefits ($1 billion), food stamps (threefourths billion dollars), and medicare
(one-half billion dollars).
Grants-in-aid to State and local
governments rose $4 billion to $24%
billion. The rise appeared partly to
represent a catchup from 1969, when
severe expenditure restrictions limited
the advance to less than $2 billion.
Elements in the 1970 increase included
public assistance (up $1% billion),
highways (one-half billion dollars), and
education (one-half billion dollars).
The increase in net interest paid was
$1% billion, about the same as in the 2
preceding years. There were some
signs at yearend that interest payments
were leveling off, following the easing
of market interest rates. Subsidies (net
of the current surplus of government
enterprises) increased a record $1 billion in 1970, mainly because of two pay
raises for postal workers which swelled
the postal deficit. Farm subsidies were
essentially unchanged.
Receipts
The drop of over $5 billion in
receipts reflected the slow growth of
money income, reduction of the surcharge from 10 percent to an effective
rate of 2% percent, and the impact of
several tax reform measures. Lower tax
rates lost $7% billion of receipts while
income growth generated a rise of only
$2% billion. Personal tax receipts fell
$4 billion. Final settlements paid in the
first half of 1970 were particularly
depressed, partly because of the low
level of capital gains realized in 1969.
Corporate tax accruals also declined
sharply. Most of the estimated decline
of nearly $4^ billion can be attributed
Table 8.—Federal Personal Tax Payments
[Change from previous year, billions of dollars]
1968
TotalDue to:
Changes in incomes
Capital gains
Other
Changes in tax rates
Surcharge
Other
1969
1970
11.8
-4.1
8.5
1.4
7.1
10.9
1.8
9.1
3.4
-1.4
4.8
3.3
3.3
.0
-.
16.6
5.7
5.7
.0
-7.5
-6.3
-1.2
to the drop in profits. The effect of the
surcharge reduction was nearly offset
by the higher liabilities resulting from
January 1971
repeal of the investment credit and
from certain other provisions of the
Tax Reform Act of 1969.
Contributions for social insurance
rose $2% billion, one of the smallest
increases in recent years. More than
two-thirds of the increase was in
OASDI and medicare contributions.
There were no changes in the payroll
tax rate or the maximum earnings
subject to tax, but the monthly premium for supplementary medical insurance for the aged was raised from
$4 to $5.30 at midyear.
State and Local Governments
PURCHASES by State and local
governments rose $10 billion in 1970 to
$121 billion, a percentage increase
somewhat smaller than those of recent
years. Transfer payments—largely for
welfare and pensions—rose a record
$2% billion to total almost $14 billion.
Employee compensation rose $7 billion as a result of higher average pay—
up 6 percent—and steady growth in
employment. All major employment
segments increased more rapidly in
1970 than in the previous year except
State-employed education, personnel.
State and local construction outlays
were little changed. Highway construction, the largest category, increased
modestly but conditions in the credit
markets appear to have cut into other
construction spending. The credit market squeeze had less effect on highway
construction because it is more directly
dependent on Federal grants for
financing.
Receipts, increased $14 billion in
1970. The slack in the economy re-
duced the growth rate of sales and
personal income tax collections and
cut corporate tax liabilities; nearly
two-thirds of the total receipts increase
was accounted for by local property
taxes (up $5 billion) and Federal grantsin-aid (up $4 billion).
Nearly half the States raised tax
rates in one or more categories in 1970.
No major new levies were imposed,
however, largely because many legislatures did not hold regular budget
sessions in 1970, and because voters
rejected several proposals for new
taxes which were on the ballot in 1970
elections.
The operating budgets of State and
local governments remained in deficit
in 1970 and the fiscal position became
increasingly stringent in many large
cities. There were large surpluses in
State and local pension funds, however,
and on an NIA basis, which consolidates operating and pension funds, a
small surplus was recorded.
Employment and Labor Force
THE employment adjustment in the
1969-70 contraction was initially slow.
It seems likely that expectations had
a role in shaping the lag in the employment adjustment, just as they did in
the adjustment of capital spending.
The strength of employment in 1969
was probably related in good part to a
lag on the part of employers in recognizing how severely the economy was
January 1971
SUEVEY OF ODERENT BUSINESS
being restrained. They had been
through several years of substantial
labor shortage. In view of that, and of
the widely held belief that the slow-down would be brief and mild, it is
not surprising that 1969 saw relatively
little in the way of adjustments in
employment.
Some signs of adjustment were in
fact present in that year, such as a
decline in overtime and a rise in the
number of workers on part time for
economic reasons. Moreover, manufacturers were hiring fewer workers
and laying off more, and factory
workers were less inclined to quit—all
signs of slackening demand. It was
not until 1970, however, that employment cuts became sizable. As the year
progressed, the impact spread to more
and more industries and to nonproduction as well as production workers.
Only State and local government employment was immune to the trend; in
all other areas, employment grew less
rapidly or actually declined. The impact on nonproduction workers was
especially sharp in the defense products
industries, where many engineers and
technicians were laid off.
The peak in defense-related employ-
ment was reached in early 1968 but
employment in other industries generally continued to rise through the
end of 1969. The .auto strike cut into
manufacturing employment in the
fourth quarter of 1970, and thus the
second half decline shown in table 9
is exaggerated.
27
The large increase in the labor
force in the early months of 1970 was
rather puzzling. Part of it probably
reflected attempts by women and teenagers to find jobs to offset the impact on
family income of inflation or unemployment or both. The participation of
teenagers in the labor force, which
Labor force behavior
CHART 14
Unemployment rates for all major
labor force groups increased sharply
during 1970 (chart 14). Despite the
clear weakness of demand, the labor
force continued to grow very rapidly in
the winter 1969-70. This pushed the
unemployment rate up sharply from
December to May. A dip in the labor
force during the summer slowed the
rise of unemployment. However, labor
force growth resumed in the fall while
employment was even weaker than it
had been earlier in the year, so that
unemployment rose yet higher. (In
the measurement of the labor force,
strikers are counted as employed;
thus, strikes affect data on labor
force employment and unemployment
only insofar as workers are laid off
because of a strike in another industry.)
Table 9.—Change in the Number of Employees on Nonagricultural Payrolls
Unemployment Rates
Percent (Ratio scale)
20
Teenagers
15 -
V
10 -
Adult Women
1
[Thousands of persons, seasonally adjusted]
1969
1968
2d half
Total
1st half
1970
2d half
1st half
2d half
1,116
1,416
776
339
-63
2
69
9
104
6
30
2
—45
— 11
97
58
39
214
172
42
11
-13
24
-373
-337
—10
—53
—36
—17
64
23
41
-122
2
3
107
71
36
—26
—21
—5
240
193
47
—251
—251
2
92
69
23
62
33
29
27
—6
33
—26
18
— 14
— 13'
— 1'
Transportation and utilities. . . .
Finance, insurance, real estate
......
Services-
44
81
268
66
99
348
63
73
214
33
72
214
{
2
8!
Wholesale trade
Retail trade
59
215
65
244
65
166
75
132
—41
Federal government-..
State and local government—.
—1
187
34
170
-22
146
8
248
-9'
25'
Memorandum:
Goods producing industries.
Service producing industries
260
853
389
74
705
-442
1 026
-88!
24
Mining
C onstruction
Durables manufacturing
Production.
N onpr eduction
.....
Defense products industries _
Production
Nonproduction . .
Other durables
Production . .
...
Nonproduction
Nondurables manufacturing
Production..
Nonproduction
1
2
— 13
—62
o
AA
782
_14
—8,
—6,
—511
— 45(
—61
White Collar Workers
Computed from half-year averages.
Breakdown into defense products industries and other durables is calculated with averages for January-May and JulyNovember.
Source: Bureau of Labor Statistics.
1.5
-50,
— 12
—36
—86
-36
Adult Men
\
1.5
67
68
69
70
Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Office of Business Economics
71-1-14
SURVEY OF CURRENT BUSINESS
28
Table 10.—Change in Population and Labor Force
[Thousands of persons, seasonally adjusted]
1968
2d half
1969
1st half
19 70
2d half
1st half
2d half
Adult men :
Population.. - - - - - - - - Armed forces
Civilian population
Civilian labor force
Employed
- U nemploy ed
441
-50
491
315
193
122
415
-193
608
537
136
401
436
-154
590
340
-137
477
82.9
2.0
82.7
2.2
82.8
3.0
82 5
4.0
61
-153
214
70
79
—9
78
—55
133
153
137
16
68
56
12
35
18
17
102
—28
130
136
29
107
108
—45
153
—9
— 102
93
54.6
11 3
- .-
428
-10
438
289
335
—46
55.8
11 2
56.2
11 6
57.1
13 8
55.7
16 2
548
360
389
-29
Participation rate (percent) Unemployment rate (percent)
543
695
668
27
584
541
505
36
532
414
222
192
542
375
118
257
41.7
37
42.4
37
42.9
37
43.2
4 4
43.4
52
60
-95
—87
—8
80
135
131
4
84
142
130
12
107
112
47
65
108
—51
—110
59
41.0
14 0
.
458
214
244
120
186
—66
83.0
2.1
..
42.5
13 5
44.0
13 3
44 8
14 8
43 5
16 8
Boys 16-19:
Population
Armed forces
Civilian population
Civilian labor force
Employed
Unemployed
.
..
Participation rate (percent)
Unemployment rate (percent)
Adult women:
Civilian population.
Civilian labor force
Employed
Unemployed _ .
Participation rate (percent)
Unemployment rate (percent)
. ..
Girls 16-19:
Civilian population
Civilian labor force
Employed
Unemployed
. ..
- . ..
Participation rate (percent)
Unemployment rate (percent)
....
Source: Bureau of Labor Statistics.
had been rising throughout 1969,
jumped sharply further in early 1970
while women's participation grew in
line with the long-term uptrend; more
surprising was that men's participation,
which is trending slowly but very
steadily downward over time, also
rose in the period. Later in the year, the
women's participation rate rose but
little while the rates for men and
teenagers declined.
Prices, Costs, and Profits
The contraction of labor input last
year was considerably greater than the
decline of production, and ouptut per
man-hour improved substantially in the
second and third quarters (the latest
for which data are available). The productivity gain offset much of the continued strong rise in hourly compensation and the rise in unit labor costs
slowed. This was an important factor in
the moderate improvement of corporate
Although there was a drop during
1970 in the percentage of civilian men
and teenagers participating in the
civilian labor force, the growth of the
civilian population was swelled by the
contraction of the armed forces. In
December 1970 the armed forces were
down by more than 400,000 persons
from the level a year earlier. The
impact of this reduction is shown in
table 10.
profits and cash flow in the spring and
summer. However, rising costs continued to put strong pressure on prices,
and much remained to be done in the
struggle against inflation.
January 1971
mainly reflected the fact that sizable
cuts in man-hours continued while output was beginning a gradual recovery.
It is typical in both expansions and contractions for adjustments in man-hours
to lag behind changes in output. Consequently, productivity tends to deteriorate markedly when the economy is contracting and to improve markedly in the
early stages of recovery.
Average hourly compensation in the
private economy continued to rise
rapidly last year. The rate of increase in
the first three quarters was slower than
the preceding high pace—about 6^2
percent at an annual rate compared
with a rate of more than 8 percent in the
second half of 1969. However, this slowing was probably due for the most part
not to an actual slowdown in the rate of
increase of hourly rates but to cuts in
overtime and to the fact that man-hour
reductions were heaviest in industries
with relatively high pay levels, such as
durables manufacturing. With productivity up in the second and third
quarters, there was a substantial slowdown in the rise of unit labor cost.
This key element in the cost-price
structure rose 2}£ percent at an annual
rate in the two quarters, down dramatically from the rate of more than 7H
percent over the preceding five quarters.
Very large settlements resulting from
union contract negotiations contributed
importantly to sustaining a rapid advance in hourly compensation last
year. Settlements provided increases
even larger than those negotiated in
1969, and last year's negotiations affected an especially large share of the unionized workforce. The inflation that had
built up during the life of expiring
contracts and the inflation expected
during the life of new contracts both
entered into the demands which workers
advanced in negotiations. While union
workers represent only a relatively
small segment of the labor force, it is
clear that their success in raising their
wages contributed significantly to the
sustained rapid rate of increase in
overall compensation.
Productivity and labor costs
Output per man-hour recovered in
the spring and summer of 1970 after
more than a year of very small gains or
actual declines. The rise in productivity
Profits
The pretax book profits of corporations declined $11 }£ billion in the year
ending with last year's second quarter
'SURVEY OF CURRENT BUSINESS
January 1971
and then rose $2% billion in the third.
Profits after tax also rose somewhat in
the third quarter and cash flow—retained earnings and capital consumption allowances—rose $2% billion. This
was the largest increase in internally
generated funds since the end of 1967,
and nearly matched the $2% billion
decline registered in the year through
the second quarter of 1970. Much of the
improvement in book profits represented inventory profits—due to differences between the replacement cost
of goods taken out of inventory and the
cost at which they are charged to
production. Such inventory gains or
losses are excluded from the profits
share of national income by use of an
inventory valuation adjustment. As
measured for national income purposes,
total pretax profits rose a bit less than
$1 billion in both the second and third
quarters of last year.
On the national income basis, the
pretax profits of nonfinancial corporations—which account for more than
half of GNP—increased slightly in the
spring and were essentially unchanged
in the summer. These developments reflected a stabilization of profit margins,
i.e., profit per unit of output, after a
steep decline beginning in mid-1968
(table 11).
The moderation in the rise of unit
labor cost presumably reflects productivity gains that offset the continued
strong rise in hourly compensation.
Nonlabor costs are of a relatively fixed
character in the short run, and changes
Table 11.—Unit Prices, Costs, and Profits
Nonfinancial Corporations
[Dollars, seasonally adjusted]
Price
Labor
cost
Nonlabor
cost*
Profit
1968: I
.123
.129
.136
.145
0.720
.720
.726
.737
0.237
.237
.238
.239
0.166
.172
.171
.169
1969:
I
.154
.165
.177
.188
.745
.755
.767
.783
.243
.246
.249
.255
.166
.164
.161
.150
I
.201
.212
.226
.799
.802
.811
.263
.269
.273
.139
.142
.141
II
III
IV
1970:
II
III
IV
II
III
* Sum of capital consumption allowances, indirect business
taxes less subsidies, business transfer payments, and net
interest.
NOTE.—Values are calculated by dividing current dollar
corporate product (total and its components) by real corporate product.
in nonlabor costs per unit are heavily
affected by changes in the volume of
output.
29
were increasing at about the same
high rate as in 1969 (chart 15). Although
a slowdown in the rise of food prices
dampened the overall increase in both
Prices
retail and wholesale markets, the inPrices continued to rise rapidly in dexes of nonfood commodity prices
1970. Some moderation was evident in showed no deceleration. For consumers,
wholesale prices, but at retail prices prices of services were accelerating and
in terms of the overall consumer index
this offset the effect of the slower
advance in food prices.
The consumer price index, which is
based on a representative "market
CHART 15
basket" of goods and services bought
Price Indexes
by wage earners and clerical workers,
rose 5% percent from the fourth quarter
CONSUMER
of 1969 to the fourth quarter of 1970;
1957-59 = 100
140
this about matched the increase from
1968 to 1969. Food prices, which ac130
count for close to 25 percent of the
All Items
\
consumer index, are very volatile and
120
consequently contribute importantly to
short run changes in the overall index.
110 In in t i l i i i I i t i i t t i n ,,t i I i i ii t I t t i i t li i ii i h i i i
They rose sharply in the first half of the
year but then moderated in the second
160
as prices of meats and poultry declined;
for the full year, food prices were up
150
4 percent, compared with a 5%-percent
increase during 1969. The rate of in140
crease in nonfood prices showed little
change from 1969 to 1970 as an acceler130
ation in durable goods prices—largely
reflecting higher prices of new and
120
used cars—was about offset by a more
moderate rise for nondurable goods,
110
especially apparel. However, 1970 saw
acceleration in the price rise for all
100
major service groups and the services
1969
1970
1968
1967
component of the CPI rose &% percent
WHOLESALE
as compared with 7% percent in 1969.
1957-59=100
Household service costs and medical
130
care costs rose a little faster than in
1969, and sharply rising local transit
120 charges and plane and train fares
increased transportation charges 11%
110 percent as compared with a 1969 rise
of 1% percent.
100
The 2%-pefcent rise in the wholesale
130
index from the end of 1969 to the end
Farm Products,
of 1970 reflected increases in prices of
Food and Feeds
120
industrial commodities. The overall stability of agricultural prices in 1970
110
contrasts sharply with the 1969 increase
of more than 6Ji percent. Within the
100
agricultural group, higher prices for
1968
1969
1967
1970
corn and other grains resulted from
Seasonally Adjusted
ata: BLS
* Not Seasonally Adjusted
reports in mid-summer of blight in
several major corn growing areas, but
71-1-15
U.S. Department ot Commerce, Office of Business Economics
SURVEY OF CURRENT BUSINESS
30
this was largely offset by declines in
livestock, poultry, and egg prices.
Industrial commodity prices were up
3% percent during 1970, about the same
as the advance in 1969. It is relevant to
note, however, that many industrial
commodities are carried in the wholesale index at list price. Consequently,
in a period when many transactions
occur at prices below list, e.g., because
of discounts, rebates, etc., the wholesale index may have an upward bias
as a measure of price behavior.
Within major industry groups, there
w^ere some notable differences in the
behavior of prices. Shortages raised fuel
and power prices more than 8 percent
during 1970, more than double the 1969
increase. Also, machinery and equipment prices rose steadily and the increase for the year amounted to 4%
percent as compared with 3% in 1969.
On the other hand, the advance in
metals and mineral prices slowed to 4
percent—less than half the 1969 advance—and wood and lumber prices
fell 4 percent.
The Balance of Payments
THE U.S. official reserve transactions
balance showed a very sharp deterioration in 1970, reflecting an easing of
monetary conditions in the United
States and in the Eurodollar market
while foreign monetary conditions remained firm. The liquidity balance, on
the other hand, improved somewhat.
The deficit, as recorded, was much
smaller than in 1969. However, after
adjustment for various special factors,
it appears that the underlying liquidity
deficit was probably not much smaller
than the $4}^ billion underlying deficit
in 1969. The trade surplus grew but net
outflows of private capital were larger.
Reflecting the large deficit in the U.S.
official reserve transactions balance,
large dollar gains were made by the
United Kingdom early in the year as
funds were drawn there by relatively
high interest rates and a renewed confidence in sterling as the U.K. basic
balance of payments strengthened.
Later in the year, Germany made very
large gains as the government's restrictive policies to control domestic inflation resulted in high interest rates.
France, Canada, Japan and a number of
other countries also gained dollars in
1970.
Despite the rather large international
flows of short-term funds and the magnitude of the U.S. official reserve transactions deficit, the foreign exchange
markets were generally calm and orderly
during 1970. Even the floating of the
Canadian dollar beginning in late May
was absorbed without undue difficulty.
The relative stability was due, in part,
to the realignment of European exchange rates in 1969.
The successful activation of the SDR
plan in January 1970 also contributed
to the stability of the international
financial system. The deliberate creation of international reserve assets in
this way reduces dependence on gold.
The price of gold in private markets remained close to the official price during
most of 1970, although it rose to $37$38 per ounce toward the end of the
year.
The balances
The balance of payments on the
liquidity basis was in deficit by $3.3
billion, seasonally adjusted, for the first
three quarters of 1970. Preliminary
evidence suggests a moderate deficit in
the fourth quarter. For the year as a
whole the recorded deficit was probably
slightly under $4 billion, compared with
$7 billion in 1969. However, the
liquidity balance has been distorted by
special financial transactions—mostly
shifts of funds held by foreign official
agencies and by international and regional organizations between liquid and
nonliquid categories—and by largely
unrecorded flows of U.S. funds to the
January 1971
Eurodollar market in the last two years
that resulted in abnormally large "errors
and omissions." (The outflow on this
account averaged about $1 billion per
year from 1960 to 1968.) Also, the 1970
balance includes the initial allocation of
SDR to the United States. Adjusting
for these special factors, the year-toyear improvement appears to have been
small.
In spite of this improvement, the
official reserve transactions balance deteriorated sharply, from a $2.7 billion
surplus in 1969 to a deficit of $6.5 billion
in the first three quarters of 1970 and a
deficit of probably over $9% billion for
the full year (including the SDR allocation). This swing largely reflected
changes in monetary conditions here
and abroad. In 1969, U.S. monetary
policy was very restrictive and U.S.
banks attracted a large amount of funds
from the Eurodollar market through
their foreign branches. The high Eurodollar rates, in turn, attracted funds out
of foreign money markets, and foreign
central banks lost reserves.
In 1970, monetary conditions in the
United States eased sharply while
foreign monetary conditions remained
tight. The change in U.S. conditions
led to a significant repayment of Eurodollar borrowings by U.S. banks. This
was reinforced by the reserve requirements imposed by the Federal Reserve
Board in the fall of 1969 on Eurodollar
borrowings in excess of a reserve-free
base amount, and by the banks' success in developing an alternative domestic source of funds through the
issuance of commercial paper by bank
holding companies. The incentive for
Eurodollar borrowing by U.S. banks
was further reduced when Regulation
Q ceilings were raised in January 1970
and, particularly, when ceilings were
suspended in June on large CD's of
short maturity.
The repayment of Eurodollar borrowings led to a sharp drop in Eurodollar rates and there were large flows of
funds into foreign currencies, with the
consequence that foreign central banks
made large dollar gains. Toward the
end of 1970, the Federal Reserve
Board increased, from 10 to 20 percent,
the marginal reserve requirement on
U.S. banks' Eurodollar liabilities. This
SURVEY OF CURRENT BUSINESS
January 1971
was done to discourage U.S. banks
from reducing their reserve-free base
by further repayment of Eurodollar
borrowings.
Goods and services
On the basis of preliminary information, the nonmilitary merchandise
trade balance in 1970 (adjusted to
balance of payments definition) was in
surplus by $2.2 billion, an improvement
of about $1K billion from 1969. The
bulk of the gain was concentrated in
trade with Western Europe; gains were
also made with Japan and the developing countries.
Exports probably rose by over $5^
billion in 1970, compared with a $2.9
billion rise in 1969. The acceleration in
1970 reflected buoyant sales of agri-
cultural exports and jumbo jet aircraft,
as well as the absence of a dock strike,
which disrupted trade in 1969. The
prices of internationally traded goods
also rose quite rapidly in 1970. Aside
from these factors, strong economic
activity abroad and the associated
pressure on foreign capacity encouraged
U.S. exports in both years. However,
toward the end of 1970, foreign economic activities tended to slow down,
and exports weakened.
Imports rose about $4 billion in 1970,
compared with $2.9 billion in 1969,
partly reflecting the absence of various
strikes that distorted imports in the
two preceding years. After adjustment
for such strikes, imports grew slightly
less in 1970 than in 1969. Nevertheless,
the increase in imports was somewhat
stronger than might have been exCHART 16
U.S. Balance of Payments
31
pected in view of the slowdown in the
U.S. economy. The worldwide rise in
prices of internationally traded goods—
partly reflecting the revaluation of the
German mark in October 1969 and the
appreciation of the Canadian dollar in
1970—was probably a major factor in
the large increase in the dollar value of
U.S. imports last year.
Earnings on U.S. investments abroad
continued to grow in 1970, but this
gain was partly offset by larger payments on foreign dollar holdings and
other investments in the United States.
Net outflows associated with military
transactions were slightly higher than
in 1969, reflecting a small decline in
military sales and little change in military expenditures as a reduction in
troop strength abroad and the closing
of foreign bases were offset by higher
salaries and other cost increases. The
travel balance probably also deteriorated somewhat, but the balances on
transportation and on other services
were probably better. Thus, the overall
surplus on goods and services may have
improved by roughly the same amount
as the gain in the trade surplus.
Capital flows
I960
61
* Seasonally adjusted
1. Liquidity balance excluding allocation of SDR, special financial transactions, and "abnormal" errors and ornmisions (in 1969 and 1970).
2. Excluding transfers under military grants.
U.S. Department of Commerce, Office of Business Economics
Private capital flows, on balance,
probably moved adversely in 1970. For
the first 9 months, there was a net
deterioration of $0.7 billion in recorded
private U.S. and foreign capital transactions (other than changes in liquid
liabilities and special financial transactions), compared with the corresponding
period in 1969. This reflected an increased net outflow of U.S. corporate
capital—associated with heavier plant
and equipment spending by foreign
affiliates—and a decrease in net foreign
purchases of U.S. stocks—associated
with the weak domestic stock market
and the difficulties experienced by offshore mutual funds. These adverse
factors were partly offset by a decline
in net U.S. purchases of foreign securities. The pattern for the year as a whole
will probably prove to have been similar
to that for the first 9 months, if U.S.
companies repatriated large amounts of
funds at yearend as they did in 1968
and 1969.
SURVEY OF CURRENT BUSINESS
32
Regional and State Personal Income:
Third Quarter 1970
PERSONAL income rose in each of the Plains and Southwest reflected espeeight regions and in 35 of the 50 States cially large gains in income from agriculduring the third quarter of 1970. How- ture as well as above-average advances
ever, with consumer prices rising nearly in most nonfarm income components.
1 percent, real income was up in only Below-average gains were widespread
two regions and 19 States as the among income components in the New
economy nationwide continued sluggish. England, Far West, and Southeast
For the United States as a whole, regions; there were particularly sharp
total personal income rose three-fourths drops in manufacturing payrolls in New
of 1 percent. Gains were above the England and the Far West, and farm
national average in the Plains and income was noticeably weak in the
Southwest regions, approximately aver- Southeast and Far West.
age in the Rocky Mountain, Mideast, Regional income changes over the
and Great Lakes regions, and quite last year
small in the Southeast, Far West, and
In the year from the third quarter
New England regions.
1969—the peak in business activity—
The top ranking increases in the
to the third quarter 1970—the most
recent period for which State information is available—personal income rose
• • • • • • 1 CHART 17 moderately in all regions, in 49 States
• • • • • •
(North Dakota was the exception) and
PERSONAL INCOME growth slowed last year
the District of Columbia. The gain was
- Percent Change*
6% percent nationally, while consumer
0
2
4
6
8
1 0
prices (as measured by the implicit
price deflator for personal consumption
expenditures) rose nationally by 4%
UNITED STATES
percent. The income advance in all
111-68-111-69
regions and in 44 States exceeded this
Slowdown was particularly sharp
price increase figure, at least by a
in four regions...
modest amount.
The exceptions were Washington and
Plains
Indiana, where income growth was
about equal to the price rise, and
Wyoming, South Dakota, Michigan,
Great Lakes
and North Dakota, where income grew
less than the rise in prices. The income
Southeast
weakness in Wyoming and South and
North Dakota reflected large declines
in farm income which were only
New England
partly offset by gains in other components. The weakness in Washington
and less pronounced in three regions
and Michigan reflected drops in manuMideast
facturing payrolls, with the cutback in
aerospace important in Washington.
In Indiana, changes in most comSouthwest
ponents of personal income were well
below the national average.
Far West
Comparison with 1969
Growth rate was nearly maintained in one region
Rocky Mountain
* Seasonally Adjusted
U.S. Department
FRASER of Commerce, Office of Business Economics
Digitized for
The impact of the 1969-70 economic
slowdown can be seen in a comparison
of changes in personal income in the 12
months ending third quarter 1970 with
changes in the preceding year. Such a
January 1971
comparison eliminates the effects of
most random and transitory developments (such as large retroactive social
security and government wage payments, strikes, and short-term fluctuations in farm income) so that underlying cyclical effects become clearer.
As chart 17 and the tables show, the
pace of the personal income advance
Table
A.—Regional Change in
Selected Components
Income,
Percent change
III1968—
III1969
United States:
Total personal income
Total excluding manufacturing
wages.
Total excluding farm income ...
Total excluding manufacturing
and farm income
Total excluding transfers
Plains;
Total personal income
Total excluding manufacturing
wages
Total excluding farm income. .
Total excluding manufacturing
and farm income
Total excluding transfers .
Change
(perIII- centage
1969— points)
III1970
8.7
6.6
-2.1
8.8
8.7
8.4
6.8
-l!9
8.8
8.7
8.7
5.3
-.1
-3.4
8.6
4.9
-3.7
8.8
8.3
5.8
6.4
-3.0
-1.9
8.4
8.7
7.8
3.4
-.6
-5.3
Great Lakes:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income-..
Total excluding manufacturing
and farm income
Total excluding transfers
8.6
5.6
-3.0
8.5
8.8
8.2
5.6
-.3
-3.2
8.8
8.7
8.3
4.3
-.5
-4.4
Southeast:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income. ._
Total excluding manufacturing
and farm income
Total excluding transfers
9.9
6.5
-3.4
9.8
9.6
7.6
6.8
-2.2
-2.8
9.5
9.9
8.1
5.2
-1.4
-4.7
8.2
6.4
-1.8
8.8
8.2
9.1
6.4
.3
-1.8
8.8
8.0
9.1
5.0
.3
-3.0
New England:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income ...
Total excluding manufacturing
and farm income
Total excluding transfers .
Mideast:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income. ..
Total excluding manufacturing
and farm income
Total excluding transfers
Southwest:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income ...
Total excluding manufacturing
and farm income
Total excluding transfers
_-,.
Far West:
Total personal income
Total excluding manufacturing
wages
Total excluding farm income. ..
Total excluding manufacturing
and farm income
Total excluding transfers
Rocky Mountain:
Total personal income
. ..
Total excluding manufacturing
wages
Total excluding farm income. ..
Total excluding manufacturing
and farm income
..
Total excluding transfers
8.2
7.1
-1.1
8.4
8.2
8.6
7.1
.2
-1.1
8.4
8.1
8.6
5.8
.2
-2.3
9.3
8.2
-1.1
8.8
9.8
9.5
8.1
.7
-1.7
9.4
9.3
9.4
7.3
.0
-2.0
8.0
7.1
-.9
8.3
8.4
9.4
7.3
1.1
-1.1
8.7
7.7
9.7
5.5
1.0
-2.2
9.5
9.3
-.2
9.4
9.2
9.9
8.8
.5
-.4
9.0
9.6
9.4
8.4
.4
-1.2
SUEVEY OF CURRENT BUSINESS
January 1971
slowed in the recent period in all
regions and in all but six of the States.
This slowing, both nationwide and in
each of the regions, reflects mainly developments in manufacturing and farming, with transfers providing a partial
offset. Table A highlights the effects of
these three income components. By
showing income changes excluding the
three components in varying combinations, the combined effects of the
percent change in the component and
its importance in the region's income
structure are measured.
Table B.—Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1969
State and region
1970
Percent change
I
II
III
IV
I
II
III
United States
721,552
736,852
753,503
766,006
778,447
797,082
803,263
8.7
New England
45,729
46,754
47,564
47,642
49,530
50,506
50,619
8.2
6.4
2,903
2,424
1,374
22, 212
3,414
13, 402
2,969
2,457
1,404
22, 784
3,507
13,633
3,002
2,504
1,442
23, 177
3,521
13,918
3,073
2,570
1,483
22, 716
3,618
14, 182
3,175
2,608
1,529
23, 953
3,626
14, 639
3,240
2,654
1,545
24, 755
3,749
14, 563
3,211
2,681
1,572
24, 782
3,693
14,680
7.8
7.9
8.7
8.9
7.3
7.3
7.0
7.1
9.0
6.9
4.9
5.5
170,551
174,297
178,013
181,936
184,666
188,997
190,615
8.2
7.1
78, 959
29,103
42, 071
2,144
14,620
3,654
80, 599
29,962
42, 711
2,166
15, 160
3,699
82, 231
30, 596
43, 551
2,239
15, 591
3,805
83, 746
31, 587
44, 396
2,321
15, 972
3,914
85,549
31, 738
45, 166
2,274
15, 983
3,956
87, 278
32, 513
45, 846
2,346
16, 837
4,177
88, 102
32, 775
46, 217
2,346
16, 960
4,215
8.2
8.0
8.1
7.6
9.4
6.0
7.1
7.1
6.1
4.8
8.8
10.8
152,749
155,080
158,093
161,032
162,819
165,391
166,893
8.6
5.6
33,992
39, 088
18, 337
46, 369
14,963
34,623
39, 753
18,652
46,857
15, 195
35, 387
40, 515
19,048
47, 580
15,563
36, 037
41, 224
19,436
48, 554
15, 781
35,372
42, 093
19, 391
49, 836
16, 127
36, 629
• 42,607
19, 710
50, 057
16, 388
36, 253
43, 104
19, 876
50,963
16, 697
8.7
8.8
9.5
8.2
8.2
2.4
6.4
4.3
7.1
7.3
54,780
55,381
57,428
58,710
59,749
59,384
60,250
8.6
4.9
13,111
9,444
15,764
1,766
1,974
5,010
7,711
13, 118
9,760
15, 736
1,836
1,925
5,182
7,824
13,584
10, 199
16,356
1,881
1,963
5,174
8,271
13, 979
10, 076
16, 483
1,926
2,116
5,553
8,577
14, 179
10, 283
17,024
1,942
2,206
5,584
8,531
14, 109
10,402
16, 922
1,855
2,087
5,651
8,358
14, 297
10,706
17, 150
1,841
2,016
5,514
8,726
8.8
8.3
7.5
15.8
5.9
12.7
7.7
5.2
5.0
4.9
-2.1
2.7
6.6
5.5
124,908
127,672
131,158
132,221
134,366
138,993
139,643
9.9
6.5
14,809
4,576
8,956
10, 889
14,563
6,786
13, 772
21, 367
8,887
5,291
10, 142
4,870
15, 261
4,718
9,134
11, 114
14, 933
6,950
14, 107
21,958
9,000
5,244
10, 285
4,968
15,806
4,763
9,340
11, 273
15,428
7,151
14, 402
22, 962
9,227
5,219
10, 562
5,025
15,888
4,884
9,378
11, 480
15,196
7,184
14, 731
23, 296
9,350
5,182
10, 664
4,988
16, 103
4,915
9,460
11, 733
15, 838
7,361
14, 710
23, 225
9,675
5,465
10, 838
5,043
16, 840
5,040
9,911
12, 050
16, 300
7,592
15, 215
24,174
9,757
5,745
11, 053
5,316
16, 795
5,099
9,992
12,044
16, 430
7,498
15,172
24, 710
9,814
5,608
11, 214
5,267
9.7
6.4
8.7
8.1
11.0
10.5
11.5
13.4
9.7
6.7
6.6
7.1
6.3
7.1
7.0
6.8
6.5
4.9
5.3
7.6
6.4
7.5
6.2
4.8
50,871
52,337
53,876
54,401
55,421
57,539
58,310
9.3
8.2
7,413
35,163
2,855
5,440
7,701
36, 225
2,817
5,594
8,082
36, 997
2,936
5,861
8,104
37, 448
2,910
5,939
8,226
38, 164
3,047
5,984
8,305
39, 756
3,133
6,345
8,618
40, 027
3,234
6,431
8.8
8.9
8.8
12.9
6.6
8.2
10.2
9.7
15,607
15,985
16,168
16,507
16,707
17,485
17,667
9.5
9.3
11.3
11.6
6.4
9.8
7.4
6.1
7.8
3.6
11.3
9.6
Maine .
New Hampshire
Vermont. _ _ . .
M assachusetts
Rhode Island
Connecticut
Mideast
New York
New Jersey _
Pennsylvania . _
Delaware
Maryland
District of Columbia
Great Lakes
Michigan.
Ohio
Indiana
Illinois ..
Wisconsin .
Plains
Minnesota
Iowa
Missouri
North Dakota
South Dakota _
Nebraska
Kansas
..
. ...
Southeast .
Virginia
West Virginia
Kentucky
Tennessee North Carolina
South Carolina
Georgia _ _
Florida
Alabama
Mississippi
Louisiana
Arkansas. . . .
.
Southwest
Oklahoma
Texas .
New Mexico
Arizona .
..
Rocky Mountain
Montana
Idaho...
Wyoming
Colorado
Utah.
Far West
Washington _
Oregon
Nevada
California
III-1968— IH-1969—
IH-1969 IH-1970
6.6
2,102
2,047
1,036
7,389
3,033
2,085
2,150
1,067
7,585
3,098
2,224
2,123
1,075
7,590
3,156
2,278
2,162
1,113
7,714
3,240
2,251
2,173
1,163
7,845
3,275
2,297
2,282
1,133
8,373
3,400
2,359
2,288
1,114
8, 448
3,458
102,249
105,141
106,828
108,976
110,563
113,971
114,420
8.0
7.1
12,666
6,974
1,896
80, 713
13, 050
7,194
1,995
82, 902
13,206
7,392
2,084
84, 146
13,448
7,484
2,174
85, 870
13, 524
7, 521
2,144
87, 374
13, 771
7,709
2,233
90, 258
13, 798
7,886
2,278
90,458
8.0
9.8
14.9
7.7
4.5
6.7
9.3
7.5
1,199
2,909
1,241
2,964
1,262
3,113
1,329
3,252
1,372
3,254
1,425
3,391
1,394
3,452
12.1
11.2
10.4
10.9
.
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.
33
Nationally, the personal income gain
slowed by two percentage points. Manufacturing wage payments rose 8%
percent in the first period but showed
no change in the second. There was a
swing of similar magnitude in income
from farming, from a 7% percent rise
to a one-percent decline. Excluding
income from manufacturing and farming, the growth rate of personal income
was virtually the same in the two
periods. This general pattern is evident
in each of the eight regions.
Partly offsetting the fall-off in farming and manufacturing was a rise in
transfer payments, reflecting both increased unemployment compensation
payments and statutory increases in
social security payments. The importance of transfers in bolstering income
can be seen in the relatively sharp decline in the growth rate of income
excluding transfers, both nationwide
and in each of the regions.
Differential developments in farming and manufacturing income explain
most of the regional differences in the
sharpness of tJhe deceleration in income
growth. The slowing in the rate of
personal income increase was most pronounced in the Plains, Great Lakes,
Southeast, and New England regions
and least pronounced in the Rocky
Mountain region. (See table and chart.)
Farm income had been expanding
rapidly in the earlier period in the
Plains and Southeast where it is an
important income source, but it declined last year. In the Great Lakes and
New England—both heavy manufacturing areas—there were particularly
large swings in factory wage and salary
payments, from vigorous gains in the
first period to declines in the second.
The Great Lakes, New England, and
Far West were the only regions to show
a decline in manufacturing payrolls
in the past year.
In the Rocky Mountain area farm
income grew vigorously in both periods,
with the expansion somewhat greater
in the second than in the first. Also
helping to maintain income growth in
that region were the strength in most
nonfarm income components and the
relatively modest fall in the growth
rate of manufacturing payrolls.
34
SURVEY OF CURKENT BUSINESS
January 1971
Personal Consumption Expenditures in the 1968
Input-Output Study
J_ ABLE 1 presents a cross-classificaAggregate PCE has the same value
tion of 1963 personal consumption in the income and product accounts and
expenditures (PCE) by the functional the input-output accounts, but there are
categories used in the national income important classification differences. In
and product accounts and the industry the income and product accounts, concategories used in the 1963 input-out- sumption expenditures are classified by
put study. The table extends the data function; in the input-output accounts,
from the 1963 study by providing they are classified by producing indusinformation on the industrial compo- try. For example, food purchases in
sition of PCE and on the separate costs GNP are broken down into four funcof trade and transportation associated tional categories: "food purchased for
with each category.1 Similar statistics off-premise consumption"; "purchased
for 1958, with a description of the data meals and beverages"; "food furnished
and a discussion of uses, were published government (including military) and
in "Personal Consumption Expendi- commercial employees"; and "food protures in the 1958 Input-Output Study," duced and consumed on farms". In the
by Nancy W. Simon, SURVEY OF input-output transactions table,2 on the
CURRENT BUSINESS, October 1965.
other hand, food purchases are not
The 1963 figures for personal con- explicitly shown. However, the PCE
sumption expenditures as now pub- column of that table includes flows from
lished in the national income and prod- the various industries that produce and
uct accounts differ from PCE as shown distribute food, such as livestock and
in table 1 because the former have not livestock products, forestry and fishery
yet been revised to conform to the products, food and kindred products,
input-output calculations. The forth- transportation, and trade.
coming benchmark revisions of the
In GNP, personal consumption exnational income and product accounts, penditures (like all final purchases) are
which will incorporate these calcula- valued in the prices paid by the purtions, may in turn result in some modi- chaser. "Food purchased for off-premise
fications of the input-output informa- consumption," for example, reflects
tion presented here.
prices actually paid in retail food stores
and thus includes all costs to the consumer, including the costs of transporta1. The input-output data in the table are for summary
industry categories. A comparable table with the full intion and wholesale and retail distribudustry detail is available upon request from the Office of
tion. In the interindustry transactions
Business Economics. The Summary input output tables for
1963 were presented in "The Input-Output Structure of the
table, on the other hand, goods and
U.S. Economy: 1963," SURVEY OF CURRENT BUSINESS,
services are valued at the prices that
November 1969. Reprints of that article may be purchased
from the Superintendent of Documents, U.S. Government
producers charge. Thus, in the case of
Printing Office, Washington, D.C. 20402, at 40 cents a copy.
items destined for personal consumpTables showing the full detail for 367 industries have been
published in three volumes under the general title Inputtion, the values that appear in the PCE
Output Structure of the U.S. Economy: 1963; Volume 1,
column of the interindustry transactions
Transactions Data for Detailed Industries: Volume 2, Direct
Requirements for Detailed Industries; and Volume 3, Total
table reflect producers' prices. The costs
Requirements for Detailed Industries. These volumes may be
purchased from the Superintendent of Documents at $1.75
each. A list of the detailed industries, with identifying codes,
was included in the November 1969 SURVEY article.
2. Table 1.—Interindustry Transactions, 1963, SURVEY,
November 1969, p. 30.
of transportation, trade (measured as
gross margins, i.e., operating expenses
plus profits), and certain types of insurance which are necessary to bring
goods to consumers are shown in the
PCE column as consumer purchases
from the transportation, trade, and
insurance industries. The entries in the
transportation and trade rows of the
PCE column of the interindustry transactions table thus include the cost of
transporting and marketing all items
purchased by persons.
Table 1 provides a bridge between
the GNP accounts and the interindustry transactions table in the treatment
of PCE. It shows 1963 expenditures in
each of the 83 functional categories into
which PCE is classified in the income
and product accounts. For each category, the table shows the breakdown of
expenditures by input-output industry
in producers' prices, plus each element
of margin—the cost of transportation,
trade, and insurance—which is added
to arrive at the PCE category value,
which is in purchasers' prices. The
identifying numbers for the PCE categories are the ones used in table 2.5
in the annual income and product accounts published each July. The inputoutput industry code numbers, used
to identify producing industries, are
shown below in table A with the associated industry titles and definitions
in terms of the 1957 Standard Industrial Classification.3
3. A discussion of the definitions and conventions of the
1963 input-output study appears on p. 25 of the November
1969 SURVEY. Some points helpful in understanding table 1
are summarized here.
The figure for purchases from each industry represents the
primary products of that industry wherever they are produced. This results from the transfer and redefinition conventions used in the input-output transactions table. Under
the transfer convention, an industry's secondary products
are treated as being sold by the industry in which they are
January 1971
As an example, "shoes and other
footwear" (PCE category II-l) has a
value in table 1 of $2,840 million in
producers' prices. The industrial composition of this value can be seen by
reading down the first column: $359
million of rubber footwear from industry 32, $2,352 million of leather
footwear from industry 34, etc. The
total transportation margin of $42 million for the entire category, shown in
the second column, is the sum of the
individual transportation costs associated with the output of each producing industry; e.g., $9 million was the
cost of transporting the products of
industry 32 to consumers; $23 million
was the cost of transporting the
products of industry 34 to consumers,
and so on. The costs of wholesale and
retail distribution are in the third
column. It shows, for example, that
$225 million was the cost of distributing
the products of industry 32. Purchases
of insurance (from industry 70), shown
in the next to last column, are shown
separately only to the extent that they
apply to imported goods.
The sum of the transportation, trade,
and insurance margins, added to the
$2,840 million producers' value, equals
the purchasers' value of $4,791 million
for the PCE category "shoes and other
footwear." The industrial composition
of this total is shown in the last column.
An industry may appear in more
than one PCE category in table 1.
Industry 32 (rubber and miscellaneous
plastics products), for example, appears
in 12 of the 83 PCE categories. To
obtain the total allocation of any
particular industry's output to PCE,
it is necessary to sum the several entries
for the industry in table 1.
produced to the industry to which they are primary; they
are added to the output of the latter industry. Under the
redefinition convention, secondary products and their associated inputs are subtracted from the industry in which they
are produced and added to the industry to which they are
primary.
Consumer purchases of scrap, used, or secondhand goods
(industry 83) in producers' prices are shown net, i.e., as
purchases by the personal sector from the other final demand
sectors less personal sales to other final demand sectors.
(Sales within the personal sector do not affect the first column
of table 1 because they cancel.) However, the trade margin
has been measured on all sales of used goods—both within
the personal sector and between persons and other sectors—
to the extent that such sales pass through trade channels.
Digitized for margin is usually the largest part of the value of used
FRASER
This
SUEVEY OF CURRENT BUSINESS
35
Table A.—Industry Classification Used in the 1963 Input-Output Study
Related SIC
codes (1957
edition)
Industry number and title
Agricultural, forestry & fisheries:
1 Livestock & livestock products
2 Other agricultural products
3 Forestry & fishery products.
Agricultural, forestry & fisheries services.
Mining:
5 Iron & ferroalloy ores mining.
6 Nonferrous metal ores mining.
7 Coal mining
8 Crude petroleum & natural gas
9 Stone & clay mining & quarrying...
10 Chemical & fertilizer mineral mining.
Construction:
11 New construction
12 Maintenance & repair construction..
Manufacturing:
13 Ordnance & accessories
14 Food & kindred products
15 Tobacco manufactures
16 Broad & narrow fabrics, yarn &
thread mills.
17 Miscellaneous textile goods & floor
coverings.
Apparel
Miscellaneous fabricated textile
products.
Lumber & wood products, except
containers.
Wooden containers
Household furniture
Other furniture & fixtures
Paper & allied products, except containers & boxes.
Paperboard containers & boxes
Printing & publishing
Chemicals & selected chemical
products.
Plastics & synthetic materials
Drugs, cleaning, & toilet preparations.
Paints & allied products
Petroleum refining <fc related industries.
Rubber & miscellaneous plastics
products.
Leather tanning & industrial leather
products.
Footwear & other leather products..
Glass & glass products
Stone & clay products
37 Primary iron & steel manufacturing.
38 Primary nonferrous metals manufacturing.
39 Metal containers
40 Heating, plumbing & fabricated
structural metal products.
41 Screw machine products, bolts, nuts,
etc., & metal stampings.
42 Other fabricated metal products
43 Engines & turbines
44 Farm machinery & equipment
45 Construction, mining, oil field machinery & equipment.
46 Materials handling machinery &
equipment.
47 Metalworking machinery & equipment.
48 Special industry machinery &
equipment.
Industry number and title
013, pt. 014, 0193, 49
pt. 02, pt. 0729
Oil, 012, pt. 014, 50
0192, 0199, pt. 51
02
074, 081, 082, 084, 52
086, 091
53
071, 0723, 073
pt. 0729, 0 5
8,
54
098
55
1011, 106
102, 103, 104, 105,56
108, 109
11, 12
57
1311, 1321
58
141, 142, 144, 145,
148, 149
59
60
147
61
62
138, pt. 15, pt. 16,
pt. 17, pt. 6561 63
pt. 138, pt. 15,
pt. 16, pt. 17
64
General industrial machinery &
equipment.
Machine shop products
Office, computing & accounting
machines.
Service industry machines
Electric transmission & distribution
equipment, & electrical industrial
apparatus.
Household appliances
Electric lighting & wiring equipment.
Radio, television, & communication
equipment.
Electronic components & accessories.
Miscellaneous electrical machinery,
equipment, & supplies.
Motor vehicles & equipment
Aircraft & parts
O ther transportation equipment
Professional, scientific, & controlling
instruments & supplies.
Optical, ophthalmic, & photographic equipment & supplies.
M iscellaneous manufacturing
19
Transportation, communication, electric,
20
gas, & sanitary services:
21
65 Transportation & warehousing
221, 222, 223, 224,
66 Communications, except radio &
226, 228
227, 229
television broadcasting.
67 Radio & T.V. broadcasting
225, 23 (exc. 239), 68 Electric, gas, water, & sanitary
3992
services.
239
Wholesale & retail trade:
24 (exc. 2 4
4)
69 Wholesale & retail trade
244
251
25 (exc. 251)
26 (exc. 265)
265
27
281 (exc. alumina
pt. of 2819),
286, 287, 289
282
283, 284
285
29
Finance insurance & real estate:
70 Finance & insurance
71 Real estate & rental.
Services:
72 Hotels & lodging places; personal &
repair services, except automobile
repair.
73 Business services
30
Related SIC
codes (1957
edition)
356
359
357
358
361, 362
363
364
365, 366
367
369
371
372
373, 374, 375, 379
381, 382, 384, 387
383, 385, 386
39 (exc. 3992)
40, 41, 42, 44, 45,
46,47
481, 482, 489
483
49
50 (exc. manufacturers sales
offices), 52, 53,
54, 55, 56, 57, 58,
59, 7396
60, 61, 62, 63, 64,
67
65 (exc. pt. 6561),
66
70, 72, 76 (exc.
7694 & pt.
7699)
73 (exc. 7396)
7694, pt. 7699,
81, 89 (exc.
8921)
Research and development:
74 Eliminated as a separate industry in
the 1963 study. Research and de31 (exc. 311, 312)
velopment performed for sale is dis321, 322, 323
tributed to the purchaser by each
324, 325, 326, 327,
of the industries performing the
328, 329
research and development.
75
331, 332, 3391,
75 Automobile repair & services
76 Amusements
3399
78, 79
2819 (alumina
77 Medical, educational services, & 0722, 80, 82, 84,
only), 333, 334,
86, 8921
nonprofit organizations.
335, 336, 3392
3411, 3491
Government enterprises:
78 Federal Government enterprises
343, 344
79 State & local government enterprises.
345, 346
Imports:
342, 347, 348, 349 80 Gross imports of goods & services
(exc. 3491)
351
Dummy industries:
352
81 Business travel, entertainment,
gifts.
3531, 3532, 3533
82 Office supplies
3534, 3535, 3536,
83 Scrap, used & secondhand goods..
3537
354
Special industries:
84 Government industry
355
85 Rest of the world industry.
86 Household industry
311, 312
NOTE.—The SIC codes incorporate the 1958 and 1963 supplements to the 1957 SIC.
goods in purchasers' prices. Thus, purchases in 1963 of used
furniture (part of category V-l) from industry 83 amounted
to $157 million, of which $148 million was margin. The value
of $10 million in producers' prices represents the small net
purchase by persons of used furniture from other final demand
sectors.
Nearly every PCE category shows some purchases from
the import industry (80). Under the convention adopted in
the 1963 study, imports purchased by the final demand
sectors are shown as direct purchases from the import row.
(On the other hand, imports used for further processing, if
they are similar to domestic goods, are transferred to the
domestic industry producing similar goods and distributed
along with the domestic production of those goods. Imports
used for further processing which have no domestic counterpart are shown in the input-output transactions table as
direct purchases by the processing industry from the import
industry.)
Excise and sales taxes are included in the value of sales of
the industry which is liable for the tax. Therefore, excise
taxes levied on the producer are part of the producers' value
of the output, and retail excise and sales taxes are part of the
retail trade margin.
The margin shown in table 1 for the insurance industry
covers only the cost of insuring imported commodities as
they move from the foreign port to the domestic port. Insurance on domestic products while In transit is included in the
transportation margin.
SUEVEY OF CURRENT BUSINESS
36
January 1971
Table 1.—Industrial Composition of Personal Consumption Expenditures, by PCE Category, in Producers' and Purchasers' Prices, 1963
[Millions of dollars]
Allocations to PCE
Producing
industry
number >
InsurTransPurProporta- Trade ance
ducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
1-1. Food purchased for off-premise consumption (n.d.c.)
Total
1...
2
3
10
14
27
65
78
80
Producing
industry
number l
45,458
1,208
1,764
329
2
40, 974
10
25
6
1,141
1,666 18,748
259
64
1,721
445
139
42
1
(*)
930 15,364
9
1
0
0
0
0
184
1,257
4
0
0
0
0
0
0
0
0
4
65,877
1,531
3,929
511
3
57,268
19
25
6
2,586
1
2
3
14
27..
69...
8,400
160
337
32
7,467
4
400
253
9
73
2
169
(*)
0
11,029
209
573
43
10, 197
5
0
0
0
0
0
0
0
0
19,682
378
983
77
17,834
10
400
1-3. Food furnished government (including military) and
commercial employees (n.d.c.)
Total
1
2
3
14
27
80
1,200
27
40
12
1,083
1
37
16
18
19
34.
80
83
Total
Total
°0
954
255
339
359
4,946
4,943
4
16.
18
II-5.
72
0
0
0
0
0
0
0
116
2
11
1
102
r)
o
1,350
30
59
14
1,208
1
37
0
0
0
0
0
0
0
0
0
0
0
0
954
255
339
359
72
32
34
80.
83
34
62
64
80
83
72.
Total
44
43
(*)
2,840
359
2,352
129
0
42
9
23
11
0
255
255
24
26
32
34...
64
80
83
10,007
271
7
8,923
39
41
17
15
428
74
213
—21
0
0
102
3
(
\
(*)
8*
10
i
15
0
See footnotes at end of table.
1
0
8,422
24
7,663
5,
313
412
5
63
36
21
7
Total
1
(*)
0
(*)
0
0
0
0
0
0
0
0
64
36
21
7
Cleaning, dyeing, pressing, alteration, storage, and
repair of garments incl. furs (in shops) n.e.c. (s.)
Total
..
0
0
1,763
1,763
0
0
0
0
Total
71
2,504
2,500
4
1,909
225
1,543
136
5
0
0
6,122
318
6
5,070
20
29
8
7
319
48
269
30
Total
0
0
1,255
1,255
Total
72
1,255
1,255
Total
1,093
15
193
838
84
—38
9
(*)
(*)
7
2
0
1,030
12
161
688
142
28
(*) 0
(*) 0
(•) 0
(*)
7,494
7,486
8
72
(*) 0
0
°0
4,791
592
3,917
276
5
Total
0
0
0
0
0
0
22
38
40...
52
54
58
80
83
III-l. Toilet articles and preparations (n.d.c.)
19
29
32
42
54
64
80
Total
2,295
1
1,823
3
194
125
130
19
54
%
°3
4
4
1
1,480
1
1,131
2
118
126
80
21
(*) 0
(*)
0
0
0
0
0
Total
Total
III-2. Barbershops, beauty parlors, and baths (s.)
0
0
255
255
72
1
0
0
0
0
0
0
0
0
0
1
0
16,232
592
14
14,063
60
71
24
22
758
123
498
8
Total
2,827
2,827
0
0
0
0
0
0
2,827
2,827
IV-1. Owner-occupied nonfarm dwellings—space rental
value (s.)
71
Total
37,095
37,095
0
0
0
0
0
0
37,095
37,095
IV-2. Tenant-occupied nonfarm dwellings
(including lodging houses)—space rent (s.)
71
72
Total
14,531
14, 334
197
0
0
0
0
0
0
0
0
0
38
41
42
64
80
3,829
2
2,996
315
255
214
42
14,531
14, 334
197
2,161
2,161
0
0
0
0
1,803
1,803
3,049
3,007
32
10
102
97
5
0
2,196
1,996
52
148
(*) 0
°0
5,347
5,100
89
157
...
3,057
18
3
73
255
2,609
39
60
0
107
1
(t)
.
6
93
1
3
0
1,798
11
2
12
120
1,535
21
37
59
(*) 0
0
0
0
0
0
"o
4,962
30
5
88
380
4,238
61
100
59
V-3. China, glassware, tableware, and utensils (d.c.)
20
32
488
488
0
0
V-2. Kitchen and other household appliances (d.c.)
Ofi
488
488
0
0
1,803
1,803
Total
22
80
83
2,132
27
355
1,532
228
-10
0
0
0
0
V-l. Furniture, including mattresses and bedsprings (d.c.)
1,763
1,763
0
0
0
0
0
0
2,161
2,161
IV-4. Other housing (s.)
OK
II-3a. Women's and children's clothing and accessories
except footwear (n.d.c.)
16
17
18
1
0
0
0
0
II-8. Other clothing, accessories, and jewelry (s.)
II-2. Shoe cleaning and repair (s.)
Total
13
0
3,290
13
2,907
2
130
222
16
II-7. Jewelry and watches (d.c.)
II 1. Shoes and other footwear (n.d.c.)
Total
.
55
(*)
37
(*)
II-4. Standard clothing issued to military personnel (n.d.c.)
1-5. Tobacco products (n.d.c.)
15
5,077
11
4,718
3
180
176
—12
Total
TransInsurPro- porta- Trade ance
Purducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
IV-3. Rental value of farmhouses (s.)
II-6. Laundering in establishments (s.)
34
1
9
1
23
1-4. Food produced and consumed on farms (n.d.c.)
1
2
14
InsurTransPurPro- porta- Trade ance
ducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
II-3b. Men's and boys' clothing and accessories except
footwear (n.d.c.)
1-2. Purchased meals and beverages (n.d.c.)
Total
Allocations to PCE
Producing
industry
number 1
1,036
23
144
177
70
9
242
92
192
88
39
1
6
5
6
(
\
2
1
12
825
14
100
105
57
4
183
49
143
169
00000000
Allocations to PCE
1,900
37
250
287
133
13
431
143
336
269
V-4. Other durable house furnishings (d.c.)
16
17
19
23
26
32.
34
35
36
42
44
47..
48
51
52
53...54
55
61
62
63
64
80
83
Total
2,765
46
940
114
145
133
27
52
19
48
43
15
217
10
77
21
88
23
14
53
176
12
69
11
233
151
29
99
1
28
2
7
17
2
1
(*)
2
2
(*)
8
(*)
(*)
1
w
i
8
1
(*)
r)
e
9
0
2,111
114
764
80
87
134
25
34
13
49
36
7
165
4
20
11
77
15
3
44
93
4
54
7
198
54
15
1
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
1
0
4,977
162
1,732
196
239
283
53
87
33
98
81
23
390
15
98
32
166
39
18
98
277
17
124
19
437
215
45
SURVEY OF CURRENT BUSINESS
January 1971
37
Table 1.—Industrial Composition of Personal Consumption Expenditures, by PCE Category, in Producers' and Purchasers' Prices,
1963—Continued
[Millions of dollars]
Allocations to PCE
Allocations to PCE
Producing
industry
number l
Producing
industry
number 1
InsurTransPurance
Proporta- Trade
(indus- (indus- chasers'
ducers' tion
prices (indus- try 69) try 70) prices
try 65)
Total
1,755
266
11
34
1,216
6
12
8
11
1
24
132
35
0
31
4
(*)
°20
8
(*)
(*)
(
\
3
2
0
1,438
278
8
23
927
6
4
5
6
(*)
14
120
40
6
(*)
0
0
0
0
0
0
0
0
0
0
0
(*) 0
3,223
547
19
58
2,163
12
17
13
17
2
38
255
77
6
86
9 .
17
19
24
25
26
27
29
30.
32
36
42.
53
55
58...
64
80
. . .
3,143
15
34
9
828
74
4
217
1,600
23
3
44
41
6
154
36
45
13
147
1
(*)
(*)
24
2
(*)
20
94
1
(*)
(
\
1
1
1
1,578
0
30
1
410
41
3
133
763
19
2
18
11
2
93
23
15
15
w
(*)
Total
Total
65
70
72
73
78 ...
..
.
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,824
3,824
2,374
408
216
862
62
827
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2,374
408
216
862
62
827
Total
70.
80
24
27
29
32
54
55
62
2,267
142
1
1,982
48
7
2
86
68
4
(*)
61
1
(*)
(*)
2
2,347
64
(*)
2,136
32
7
1
107
0
0
0
0
0
0
0
0
4,682
210
1
4,179
80
14
3
195
VI-2. Ophthalmic products and orthopedic appliances (d.c.)
Total
35
58 ...
62
63
283
3
5
53
222
4
(')
(*)
3
700
2
3
65
629
4,067
4,023
44
0
0
0
0
0
0
0
0
0
4,067
4,023
44
0
0
2,308
2,308
0
0
0
0
1,669
93
288
1,288
0
0
0
0
0
0
1,178
18
302
6
796
55
VII-5. Legal services (s.)
VI-1. Drug preparations and sundries (n.d.c.)
Total
4,869
16
63
10
1,262
116
8
370
2,457
43
5
62
53
8
248
60
61
28
3,824
3,824
TransInsurProporta- Trade
ance
Purducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
VII-4. Expense of handling life insurance (s.)
V-ll. Other household operation (s.)
V-6. Cleaning and polishing preparations, and miscellaneous
household supplies and paper products (n.d.c.)
Total
InsurTransPurProporta- Trade
ance
ducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
V-10. Domestic service (s.)
V-5. Semidurable house furnishings (n.d.c.)
16
17
18
19
26
28..
32
35
37
41
64
80
83
Allocations to PCE
Producing
industry
number 1
0
0
0
0
0
986
5
8
119
854
0
0
2,308
2,308
0
0
0
0
VII-6. Funeral and burial expenses (s.)
36
71...*
72.. j
Total
1,635
59
288
1,288
4
4
0
0
29
29
0
0
VII 7. Other personal business (s.)
66
73
76
77
78
6,397
6,397
VI-3. Physicians (s.)
Total
73. ..
Total
1,178
18
302
6
796
55
0
0
0
0
0
0
0
0
0
0
0
0
VHI-la. New cars and net purchases of used cars - (d.c.)
59
61
80
83
Total
16,166
15, 341
602
378
156
419
377
9
33
0
5,726
3,409
151
246
1,919
2
0
0
2
0
22,313
19, 127
762
660
1,764
Y-7. Stationery and writing supplies (n.d.c.)
Total
24
26...
27
32
37
64
80
Total
705
220
355
51
7
(*)
71
2
17
7
6
2
(*)
(*)
(*)
537
141
302
34
5
(*)
53
2
(*) 0
(*)
0
0
0
0
0
77
1,259
368
663
87
12
1
125
3
Total
6,057
6,057
0
0
Total
77
Total
3,799
3,799
0
0
0
0
Total
0
0
6,057
6,057
77
65
68
79
1,772
16
1,471
285
0
0
0
0
0
0
0
0
3,799
3,799
Total
77
0
0
0
0
0
0
0
0
1,772
16
1,471
285
Total
70
2,384
165
38
62
24
2,056
8
31
222
79
1
5
2
135
(*)
0
Total
5,524
5,524
0
0
See footnotes
at end of table.
0
0
2,253
2,253
1,584
1,584
0
0
0
0
0
0
1,584
1,584
1,469
135
7
5
15
1,303
4
0
0
0
7,216
7,216
0
0
0
0
0
0
7,216
7,216
0
0
1,654
1,654
Total
0
0
0
0
0
0
0
0
1,654
1,654
0
0
0
0
75
51
(*)
(*)
8
1
31
(*)
(*)
(*)
(
\
0
4
1
(*)
0
1,154
13
19
40
16
709
(*)
6
2
28
18
49
^
39
1
57
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
3,010
28
56
132
40
1,941
1
16
4
88
49
159
n
m
79
1
22
Total
4,074
378
46
72
41
3,494
13
31
5,524
5,524
6,693
6,693
0
0
0
0
0
0
6,693
6,693
0
0
0
13,701
13, 699
2
VHI-ld. Gasoline and oil (n.d.c.)
Total
1,610
1,610
0
0
0
0
0
0
1,610
1,610
31
83.
.
Total
70
Total
1,090
1,090
0
0
0
0
0
0
1,090
1,090
70
Total
6,229
6,229
0
0
0
0
0
0
6,229
6,229
6,177
6,177
0
587
587
0
6,938
6,936
2
VHI-le. Bridge, tunnel, ferry, and road tolls (s.)
VII-2. Bank service charges, trust services, and safedeposit box rental (s.)
65
79
354
1
353
0
0
0
0
0
0
0
0
0
354
1
353
VIII- If. Automobile insurance premiums less claims
paid (s.)
VII-3. Services furnished w/o payment by financial intermediaries except insurance companies (s.)
0
0
1,805
15
37
84
23
1,200
1
10
2
59
31
107
(*)
231
39
1
-35
VIII-lc. Automobile repair, greasing, washing, parking,
storage, and rental (s.)
Total
V-9. Telephone and telegraph (s.)
66
0
0
17
19
27
29.
32
36
42
50
52
55
56
57
58
59
62
83
YII-1. Brokerage charges and investment counseling (s.)
70
Total
0
0
VHI-lb. Tires, tubes, accessories, and parts (d.c.)
VI-7. Health insurance (s.)
V-8d. Other fuel and ice (n.d.c.)
7
14
20
27
31
37
68
2,253
2,253
VI-6. Privately controlled hospitals and sanitariums (s.)
V-8c. Water and other sanitary services (s.)
Total
0
0
VI-5. Other professional services (s.)
V-8b. Gas (s.)
68
0
0
VI-4. Dentists (s).
V-8a. Electricity (s.)
68
6,397
6,397
70
Total
2,047
2,047
0
0
0
0
0
0
2,047
2,047
SURVEY OF CURRENT BUSINESS
38
January 1971
Table 1.—Industrial Composition of Personal Consumption Expenditures, by PCE Category, in Producers' and Purchasers' Prices,
1963—Continued
[Millions of dollars]
Allocations to PCE
Allocations to PCE
Producing
industry
number !
InsurTransPurporta- Trade ance
Pro(indus- chasers'
ducers' tion (indusprices (indus- try 69) try 70) prices
try 65)
0
0
0
0
0
0
1,315
1,315
Total
13
in
VIII-2b. Taxicabs (s.)
Total
65
595
595
0
0
0
0
0
0
595
595
VIII-2c. Railway (commutation) (s.)
130
130
Total
65
0
0
0
0
0
0
264
264
0
0
0
0
0
0
264
264
VIII- 3b. Intercity bus (s.)
.
.
1,314
76
63
7
24
26
125
49
366
144
369
5
60
0
37
1
1
(*)
(
*>i
3
(*)
19
1
7
0
6
0
828
58
27
4
16
16
20
4
151
129
312
0
53
41
Total
34
56
57
58
64
80
83
2,384
7
1,981
176
42
174
3
0
65
(*)
59
1
1
3
(*)
0
1,243
5
966
94
27
104
4
43
2,180
134
91
11
41
42
147
53
535
273
687
5
119
41
01
72
73
76
77
80. .
65
290
290
0
0
0
0
0
0
290
290
Total
72
904
904
0
0
0
0
77.
3,692
13
3,006
271
70
282
8
43
77
924
924
0
0
0
0
0
0
924
924
Total
02
04
403
388
15
39
39
0
549
549
0
3
3
0
0
0
0
35
33
0
0
0
0
2
(*)
0
0
0
0
0
1,912
148
429
295
793
237
9
0
0
(*)
2,047
2,047
(*)
Total
2,047
2,047
0
0
0
0
Total
1,673
1,673
0
0
0
0
0
0
1,673
1,673
X-3. Other private education and research (s.)
77
Total
992
992
0
0
0
0
0
0
992
992
XI. Religious and welfare activities (s.)
0
0
904
904
77
0
0
0
Total
5,332
5,332
0
0
0
0
0
0
5,332
5,332
XII-1. Foreign travel by U.S. residents (s.)
IX-7. Flowers, seeds, and potted plants (n.d.c.)
Total
1,874
113
429
295
793
237
7
X-2. Private elementary and secondary schools (s.)
VIII-3C. Airline (s.)
65
Total
X-l. Private higher education (s.)
1 X 6 . Radio and TV repair (s.)
Total
TransInsurProporta- Trade ance
Purducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
IX-12. Other recreation (s.)
IX-5. Radio and TV receivers, records, and
musical instruments (d.c.)
o oooo o
Total
32
34
42
43
60
61
63
64.
72.
80
83.
130
130
VIII-3a. Railway (excluding commutation) and sleeping
and parlor car (s.)
65
InsurTransPurProporta- Trade ance
ducers' tion (indus- (indus- chasers'
prices (indus- try 69) try 70) prices
try 65)
OOOOOOOOOOO
1,315
1,315
Total
Producing
industry
number l
IX-4. Wheel goods, durable toys, sport equipment,
boats, and pleasure aircraft (d.c.)
VIII-2a. Street and electric railway and local bus (s.)
65
Allocations to PCE
0
Producing
industry
number 1
991
975
15
65
80
Total
2,840
436
2,405
0
0
0
0
0
0
0
0
0
2,840
436
2,405
VIII-3d. Other intercity transportation (s.)
XII-2. Expenditures abroad by U.S. Government personnel
(military and civilian) (n.d.c.)
IX-8a. Admission to motion picture theaters (s.)
65
Total
44
44
0
0
0
0
0
0
44
44
Total
76
i:
26
80
Total
cs and maps (d.c.)
986
936
50
0
QQ
12
8
4
0
415
373
29
13
Total
1,747
1,770
5
28
36
36
"o
0
0
0
0
0
0
942
942
IX-8b. Admissions to legitimate theaters and opera and
entertainments of nonprofit institutions (except athletics)
(*) 0
(
\
1,413
1,316
84
13
(8.)
76
685
682
3
0
0
0
0
0
2,468
2,488
8
28
Total
427
427
0
0
0
0
0
0
427
427
26
76
Total
3b4
3
361
(*)
"o
1
1
0
80
Total
779
779
0
0
191
191
0
0
0
365
4
361
85
Total
-1.250
—1, 250
0
0
0
0
85
Total
Total
77.
26
97
32
53
55 ..
58
63
64 . .
80
..
1,694
46
105
5
10
43
3
19
2
59
Ib
226
1,070
89
47
6
1
(*)
°2
(*)
(*)
(
\
(
\
28
7
1,372
23
89
3
7
39
2
13
(*)
36
9
184
859
108
(*) 0
(*)
0
0
0
0
0
0
0
0
0
0
0
3,113
74
195
8
17
85
5
32
2
96
26
411
1,957
204
Total
808
808
0
0
0
0
0
0
808
808
IX-10. Commercial participant amusements (s.)
65
76..
Total
1,595
106
1,489
—1,250
—1, 250
—132
—132
0
0
0
0
0
0
—132
—132
0
0
0
0
0
0
Total
0
0
0
1,595
106
1,489
76
Total
694
694
0
0
0
0
0
0
694
694
290,743
4,395
80,391
11
375,540
5
52,911
6
167,912
(*)
154,717
Durable commodities (d.c.)
33,937
942
18,027
Nondurable commodities (n.d.c.)
Total
IX-11. Pari-mutuel net receipts (s.)
(d.c.) Durable commodities.
(n.d.c.) Nondurable commodities.
(s.) Services.
*Less than $500,000.
1. Industry number relates to the industry codes used for the summary version of the 1963
input-output study. For name and Standard Industrial Classification (SIC) coverage of
each industry, see table A.
0
0
Total personal consumption expenditures
IX-3. Nondurable toys and sport supplies (n.d.c.)
Total
971
971
XII-3. Expenditures in the United States by foreigners
(s.)
IX-9. Clubs and fraternal organizations except insurance (s.)
03
13
17
0
0
XII-4. Personal remittances in kind to foreigners (n.d.c.)
IX 8c. Admissions to spectator sports (s.)
IX-2. Magazines, newspapers, and sheet music (n.d.c.)
26
80
83
942
942
102,162
3,445
62,299
Services (s.)
Total
154,645
7
65
2. Imported cars appear as a purchase from the import industry (number 80). In the 1958
input-output data, imported cars were a purchase from the motor vehicle industry (number
59).
NOTE.—Detail may not add to total due to rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
January 1971
(Continued from page 16)
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There are likely to be pressures to
make ad hoc changes in the existing
national product measures that, it is
supposed, will move the national product series closer to a complete welfare
measure in one way or another. Such
suggestions should be welcomed if they
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regular publication of series for NNP
39
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in constant prices. But some suggestions to change the measurement of
national product will derive from confusion between an output measure and a
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proposals must be rejected. GNP and
NNP cannot be transformed into a comprehensive welfare measure. Efforts to
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1967
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1967
IV
1968
I
II
1970
1969
III
Annual total
rv
I
II
III
IV
I
II
III
IV p i
959.5
971.1
985.5
990.9
627.6
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total f
.
.bil. $.
-
815.9
834.9
858. 1
875.8
891.4
907.6
923.7
942.6
951.7
535.8
577. 5
502.5
519.7
529.1
543.8
550.8
561.8
573.3
582.1
592.6
603.1
614.4
do
. do
do
73.1
30.5
31.4
84.0
37.2
34.6
90.0
40.3
36.7
75.3
31.1
32.5
79.9
34.9
33.7
82.6
36.0
34.1
86.7
39.1
35.4
86.9
38.8
35.2
89.1
39.8
35.8
90.6
40.0
37.2
89.5
40.2
36.7
90.8
41.1
36.9
89.1
37.7
38.3
91.9
39.4
38.9
91.2
39.2
38.1
85.4
32.8
38.5
- do_ _
do
- _do
do
215. 0
42.3
108.5
17.6
230.2
46.1
115.1
19.0
245. 8
49.9
121.7
21.1
217.1
42.5
109.5
18.1
225.6
44.8
112.7
18.8
227.6
45.2
114.7
18.6
232.6
47.1
116.1
19.2
234.8
47.2
117.0
19.3
239.2
47.9
119.1
20.3
244.0
50.0
120.8
20.8
248.1
50.7
122.4
21.5
252.0
50.9
124.6
21.7
258.8
51.3
128.8
22.4
262. 6
51.8
131.2
22.7
265.8
52.3
132. 3
23.0
271. 7
53.7
134.5
23.4
,__do
-do
do
do
-
-
Services tota!9
- Household operation
Housing
Transportation
931.4
492.1
204.0
29.1
71.8
14.5
221.6
31.2
77.4
15.6
241.6
33.9
84.0
16.7
210.1
30.1
73.7
14.6
214.2
30.4
75.2
15.2
218.9
30.8
76.6
15,3
224.5
31.5
77.9
15.6
229.0
32.1
79.8
16.1
233. 5
32.7
81.4
16.2
238.7
33.3
83.0
16.5
244.5
34.5
84.7
16.8
249.8
34.8
87.0
17.1
255.2
35.2
89.0
17.7
259.9
35.9
90.8
17.9
265.1
36.9
92.6
18.2
270.5
37.4
95.0
18.5
do. _
Durable goods total 9
Automobiles and parts
Furniture and household equipment
--
865.0
622.1
Personal consumption expenditures, total
Nondurable goods tota!9
Clothing and shoes
Food and beverages
Gasoline and oil
793.9
.
116.6
126.5
139.8
123.0
119.8
127.3
126.5
132.6
136.0
139.3
143.8
140.2
133.2
134.3
138.3
137.5
108.4
83.3
28.0
55.3
25.1
24.5
8.2
7.5
118.9
88.7
29.6
59.1
30.3
29.7
7.6
7.5
131.4
99.3
33.8
65.5
32.0
31.5
8.5
8.0
113.0
84.1
28.0
56.2
28.8
28.3
10.0
8.5
117.2
88.3
29.8
58.5
28,8
28.3
2.6
2.5
117.0
86.4
28.9
57. 5
30.6
30.1
10.4
10.3
118.3
88.3
29.4
59.0
29.9
29.4
123. 3
91.6
30.3
61.3
31.7
31.1
128.7
95.7
32.6
63.1
33.0
32.4
131.4
97.5
32.3
65.2
33.9
33.3
7.9
7.6
132.4
101.5
35.2
66.3
31.0
30.4
11.3
10.8
133.0
102.6
35.1
67.5
30.4
29.8
7.2
6.5
131.6
102.6
35.7
66.9
29.1
28.4
1.6
.9
131.2
102.8
35.3
67.5
28.4
27.8
3.1
2.6
132.7
103.6
35.0
68.6
29.2
28.6
5.5
5.0
133.4
101. 4
34.6
66.8
32.0
31.4
4. 1
3.6
5.2
46.2
41.0
2.5
50.6
48.1
1.9
55.5
53.6
4.0
46,8
42.8
1.8
47.7
45.9
3.4
50.7
47.3
3.4
1.4
1.3
53.2
49.8
50.9
49.5
47.8
46.5
1.3
57.2
55.9
2.6
58.3
55.6
2.6
58.8
56.2
3.5
61.1
57.6
4.1
62.8
58.7
4.2
62.8
58. 6
2.7
62.6
59.9
Govt. purchases of goods and services, total.. do
Federal
- do
National defense
do__ _
State and local
-do
180.1
90.7
72.4
89.4
200.2
99.5
78.0
100.7
212.2
101.3
78.8
110.8
186.5
93.6
74.7
92.9
193.6
96.4
76.3
97.2
198., 3
98.9
77.8
99.4
202.1
100.7
78.6
101.4
206.7
101.9
79.2
104.7
208.5
100.9
78.6
1015
209.9
99.8
77.9
110.1
214. 1
102.5
79.8
111.6
216.3
102.1
78.8
114.2
219.6
102.3
79.3
117.4
218.4
99.7
76.8
118.7
221.0
98.6
75.8
122.4
223.2
98.4
74. 6
124. 8
By major type of product: f
Final sales, total
Goods total
Durable goods
Nondurable goods
Services
Structures
785.7
390.7
156.5
234. 2
316.5
78.6
857.4
422.9
170.4
252.5
347. 1
87.4
922.9
451.6
183.9
267.7
377.6
93.8
805.9
395.0
158.5
236.5
328. 4
82.5
832. 3
411.6
165.2
246.4
334.7
86.0
847.8
417.8
168.0
249. 8
343.1
86.8
867.6
429.0
173.1
255.9
352.2
86.3
882.1
433.3
175.3
258. 0
358.4
90.5
900. 2
440. 9
180.5
260.4
364. 8
94.5
915.9
448.8
182.7
266.1
372.3
94.8
931.2
454.9
184.8
270.1
383.0
93.3
944.5
461. 7
187.4
274.3
390.3
92.5
957.9
465.5
185.5
280.0
400.1
92.3
968.1
471. 8
188.5
283.3
405.8
90. 4
980.0
986.8
188.3
286. 0
413.2
92. 6
422. 2
8.2
4.7
3.5
7.6
5.7
2.0
8.5
6.4
2.1
10.0
6.1
3.9
2.6
2.5
.1
10.4
8.2
5.8
2.4
9.3
7.2
2.1
7.4
5.6
1.8
7.9
6.7
1.2
11.3
7.9
3.5
7.2
5.3
1.9
1.6
—.3
1.9
3.1
—1.9
5.0
5.5
5. 2
.3
Gross private domestic investment, total
do
Fixed investment
do
Nonresident ial
...do
Structures
- do
Producers' durable equipment
.do
Residential structures
do
Nonfarm
do_ __
Change in business inventories
do. __
Nonfarm
- - -do. __
Net exports of goods and services
Exports
Imports
-
.
_ _
Change in business inventories
Durable goods
Nondurable goods
do
-do
do
do ._
do_ _
do
do. .
do. __
do
do
..do. ._
. do _ _
7.1
3.2
8.2
8.1
9.3
9.3
7.4
7.3
179. 0
4.1
GNP in constant (1958) dollars
Gross national product, total t
-
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services
Gross private domestic investment, total
Fixed investment
Nonresidential
. ___
Residential structures...
_
Change in business inventories
Net exports of goods and services
bil. $..
675.2
707.2
727.1
683.6
693.5
705.4
712.6
717.5
722.1
726.1
730.9
729.2
723.8
724.9
727.4
721.3
do
430.1
452.3
467.7
434.3
445.0
448.4
457.7
458.1
463.3
467.1
468.7
471.7
474.0
478.1
479.6
477.1
do
do
do. .
72.9
190.2
167.0
81.4
196.5
174.4
84.9
201.2
181.6
74.0
190.3
169.9
78.1
195.5
171.3
80.2
194.9
173.2
83.9
197. 9
175.9
83.2
197.6
177.4
84.9
199.7
178.7
85.7
200.9
180.5
84.1
201.9
182.7
84.9
202.4
184.4
82.7
205.6
185.8
84.9
206.6
186.6
83.6
208. 2
187. 8
188. 8
do
101. 2
105.7
111.3
105.1
101.3
107.1
105.1
109.5
109.7
111.5
114.1
110.0
102.9
103.1
104.1
101.8
93.5
73.2
20.4
7.7
98.8
75.5
23.3
6.9
104.1
80.8
23.3
7.2
95.9
72.9
23.0
9.2
98.9
76.1
22.9
2.4
97.6
73.8
23.8
97.7
74.9
22.8
9.5
8.5
103.6
79.3
24.3
6.1
104.8
80.2
24.7
6.6
104. 2
81.9
22.3
9.9
103.9
82.1
21.8
6.1
101.5
80.9
20.7
1.3
100.1
80.2
20.0
2.9
99.6
79. 6
20. 0
4. 6
98.3
76. 6
21. 7
7.4
101.0
77.1
23.9
3. 6
.9
.2
2.1
.8
1.5
1.5
2
-.4
-.3
.8
.9
1.9
2.4
do
do
__do_ ..
do
do
146.4
142.2
148.3
147.8
140.2
Govt. purchases of goods and services, total, .do
77.5
75.5
75.7
78.7
74.7
Federal
do
68.9
66.7
72.1
69.6
65.5
State and local
do
r
Revised.
v Preliminary.
1 Preliminary annual totals for 1970 for components shown
in this column appear on pp. 9-12 of this issue of the SURVEY.
t Revised series. Estimates
of national income and product and personal income have been revised back to 1967 (see
77.1
3.1
1.9
140.6
66.2
74. 4
140.5
65.8
74. 7
141.3
145.0
146.6
147.3
147.9
149.5
150. 0
148.3
148.5
67.8
71.1
73.8
75.2
78.0
75.8
79.4
78.9
79.1
73.5
73.8
72.9
72.1
72.1
71.5
69.4
70.6
69.4
p. 17 ff. of the July 1970 SURVEY); revisions prior to May 1969 for personal income appear on
p. 26 fl. of the July 1970 SURVEY.
9 Includes data not shown separately.
s-1
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1967
1968
1969
1968
Annual total
I
II
January 1971
1969
III
IV
I
II
1970
III
IV
I
1971
II
III
I
IVP3
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, total f
bil. $_
Compensation of employees, total
Wages and salaries, total
Private
Military .
Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9 __
Farm
Rental income of persons
706.1
722.2
735.2
749.3
764.0
779.5
785.2
791.5
797.4
806.6
564.2
495.3
507.6
520.9
532.5
544.9
557.5
572.2
582.1
592.2
596.4
603.8
606.8
464.8
369.1
17.9
77.8
49.3
64.1
49.1
15.0
21.3
509.0
404.9
19.0
85.1
55.1
66.8
50.5
16.4
22.0
447.9
356.0
17.3
74.7
47.4
62.9
48.5
14.4
21.3
458.9
364.7
17.6
76.6
48.7
63.8
49.2
14.6
21.3
471.0
373.4
18.6
79.0
49.9
64.4
49.2
15.3
21.3
481.4
382.5
18.2
80.7
51.1
65.2
49.4
15.8
21.3
491.6
391.5
18.1
81.9
53.3
66.0
49.9
16.2
21.6
502.9
401.2
18.4
83.4
54.6
66.7
50.5
16.2
22.0
516.4
409.9
19.9
86.6
55.8
67.5
50.9
16.6
22.1
525.3
417.2
19.6
88.5
56.8
67.2
50.6
16.6
22.3
534.4
422.6
°20. 1
"91.7
57.9
67.6
50.6
17.0
22.5
537.4
424.0
19.5
93.9
59.0
67.8
51.2
16.5
22.6
543.4
428.9
19.1
95.4
60.4
67.8
51.7
16.1
22.7
545.4
429.3
18.6
97.5
61.4
67.4
52.0
15.3
23.0
78.7
85.4
85.8
81.3
86.0
87.4
87.1
87.1
87.4
86.8
82.0
76.7
77.5
78.4
10.0
68.7
38.7
18.0
20.7
11.0
74.4
42.4
19.1
23.3
12.0
73.8
41.8
19.3
22.4
10.6
70.6
40.1
18.6
21.5
10.8
75.2
42.8
18.9
23.9
11.5
75.9
42.9
19.4
23.6
11.2
75.9
43.7
19.2
24.4
11.5
75.5
43.4
19.4
24.0
11.9
75.4
42.9
19.9
23.0
12.2
74.6
41.8
19.1
22.7
12.2
69.8
39.1
19.0
20.0
12.0
64.7
35.2
18.3
16.9
12.3
65.2
35.5
18.2
17.2
12 9
65.5
34.7
18.3
16.3
10.8
19.1
11.0
21.0
10.7
21.4
11.1
19.5
11.0
21.3
11.2
21.8
10.7
21.5
11.0
21.2
10.8
21.8
10.6
22.2
10.3
20.4
9.1
20.4
8.6
21.1
9.1
21.7
79.8
33.2
46.6
21.4
25.3
-1.1
24.4
88.7
40.6
48.2
23.3
24.9
-3.3
27.8
91.2
42.7
48.5
24.7
23.9
-5.4
30.7
86.7
39.8
46.9
22.3
24.7
-5.4
26.4
88.6
40.4
48.3
23.1
25.2
-2.6
27.3
88.4
40.4
48.0
23.8
24.2
2&2
91.3
41.7
49.6
24.1
25.5
-4.2
29.1
93.0
43.5
49.5
24.1
25.5
-5.9
29.7
93.4
43.8
49.7
24.4
25.2
-6.0
30.4
89.9
42.1
47.9
25.0
22.9
-3.2
31.0
88.5
41.4
47.1
25.2
21.9
-6.5
31.7
82.6
38.0
44.6
25.2
19.4
-5.8
32.4
82.0
38.1
43 9
25.1
18.8
-4.5
33.1
84.4
38.9
45.4
25.4
20.0
-5.9
33.8
-3.3
34.5
629.3
83.0
546.3
506.0
40.4
688.7
97.5
591.2
550.8
40.4
748.9
117.3
631.6
593.9
37.6
664.0
89.1
574.9
534.1
40.8
680.9
92.6
588.4
543.8
44.6
697.6
102.1
595.6
559.1
36.5
712.5
106.5
606.0
566.4
39.6
725.8
113.8
612.0
577.7
34.3
741.1
118.1
623.0
589.7
33.3
758.1
117.5
640.6
598.7
42.0
770.5
119.9
650.6
609.6
41.1
782.3
117.0
665.3
620.5
44.8
801.3
117.7
683.6
632.1
51.5
807.2
114.2
693.0
640.2
52.7
813.4
116.5
696.9
646.0
50.9
65.47
28.51
14.06
14.45
67.76
28.37
14.12
14.25
75.56
31.68
15.96
15.72
15.10
6.15
3.06
3.09
16.85
6.99
3.36
3.63
16.79
7.13
3.54
3.59
19.03
8.10
4.16
3.94
16.04
6.58
3.36
3.22
18.81
7.82
3.98
3.84
19.25
8.16
4.03
4.12
21.46
9.12
4.59
4.53
17.47
7.14
3.59
3.56
20.33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
i 22. 52
8.98
4.37
4.61
i 18. 12
6.93
3.43
3.50
36.96
1.65
1.86
2.29
1.48
8.74
6.75
2.00
6.34
14.59
39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14
43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
8.95
.42
.39
.68
.30
2.07
1.69
.38
1.59
3.50
9.86
.43
.37
.58
.42
2.62
1.94
.68
1.62
3.81
9.66
.39
.31
.64
.41
2.61
1.87
.74
1.61
3.69
10.93
.40
.38
.66
.47
2.90
2.16
.74
2.00
4.13
9.45
.42
.38
.68
.38
2.36
1.88
.48
1.81
3.41
10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97
11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07
12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60
10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16
13.54
.47
.49
.67
.34
3.93
3.32
.62
11.19
.44
.36
.50
.24
3.35
2.90
.45
514.1
do
do
do__.
do
do
do
do
do
do
423.1
337.3
16.2
69.5
44.2
62.1
47.3
14.8
21.1
Corporate profits before tax, total
do
Corporate profits tax liability _
do _
Corporate profits after tax
do
Dividends - .
do
Undistributed profits-... . . __ . _ do
Inventory valuation adjustment
do
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $
Less: Personal tax and nontax payments
do __
Equals: Disposable personal income
do
Less: Personal outlays©
._
_ do .
Equals: Personal saving§.
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals :J
All industries
bil. $
Manufacturing
do
Durable goods industries 1
do
Nondurable goods industries 1 - do
Seas. adj. qtrly. totals at annual rates:t
All industries
Manufacturing
Durable goods industries f
Nondurable goods industries f
687.2
712.7
do
Corporate profits and inventory valuation adjustment, total ._
bil. $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
do
Manufacturing, total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilitiesbil. $
All other industries .
. do .
Nonmanufacturing
Mining
..
Railroad
Air transportation
Other transportation
Public utilities .
Electric
Gas and other
Communication
Commercial and other
653.6
467.2
do
do
do
do
do
do
do
do
do
do
769.5
Q
25.1
2 7.64
26.31
1
do
do
do
do
68.09
28.02
14.11
13.91
66.29
27.84
13.51
14.33
67.77
28.86
14.47
14.40
69.05
28.70
14.39
14.31
72.52
29.99
15.47
14.52
73.94
31.16
15.98
15.18
77.84
33.05
16.53
16.52
77.84
32.39
15.88
16.50
78.22
32.44
16.40
16.05
80.22
32.43
16.32
16.11
81.88
32.15
15.74
16.40
i 81. 72
32.13
15.30
16.82
do
do
do
do
do
do
do
do
do
do
40.07
1.80
1.68
2.88
1.43
10.08
7.76
2 32
6.83
15.37
38.45
1.66
1.49
1.98
1.49
10.24
7.64
2.60
6.42
15.17
38.91
1.57
1.29
2.69
1.65
9.82
7.50
2.32
6.67
15.22
40.35
1.52
1.34
2.87
1.75
10.63
7.74
2.89
7.34
14.91
42.53
1.83
1.68
2.89
1.87
11.52
8.62
2.90
7.74
15.00
42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67
44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78
45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67
45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52
47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
49.60
1.81
1.76
2.72
1.27
14.36
11.91
2.45
49.91
1.86
1.56
2.03
1.15
15.92
13.21
2.72
2 27. 68
2 27. 38
11,932
7,946
302
1,765
1,919
12, 685
8,386
344
1,990
1,965
13, 295
8,878
393
2,000
2,024
12, 714
8,378
357
1,935
2,044
11, 948
7,472
391
2,089
1,996
14, 291
9,585
313
2,150
2,243
14, 565
9,581
458
2,286
2,240
14,712
9,835
352
2,314
2,211
15,342
10,228
258
2,499
2, 357
15,914
10, 705
432
2,302
2,475
pl5, 924
r> 10,678
p341
p 2, 407
p 2, 498
Imports of goods and services
do
-40.991 -48, 127 -53,566 -11,477 -11,832
Merchandise, adjusted, excl. military
do
-26, 821 -32, 964 -35,835 -7,820 -8, 132
Military expenditures
do
-4,378 -4, 535 -4,850 -1,103 -1,112
-2, 362 -2, 932 -4,463
Income on foreign investments in the U.S_.do
-732
-677
Other services
do
-7,430 -7,696 -8, 418 -1,877 -1,856
Unilateral transfers, net (excl. military grants);
transfers to foreigners (— )
mil $
-2. 970 -2.829 -2.835
-629
-675
r
Revised.
p Preliminary.
1 Estimates (corrected for systematic biases for Oct.—
Dec. 1970 and Jan.— Mar. 1971 based on expected capital expenditures of business. Expected
2
expenditures for the year 1970 appear on p. 15 of the Dec. 1970 SURVEY.
Includes communication.
3 See note 1 on p. S-l.
tSee corresponding note on p. S-l.
9lncludes
inventory valuation adjustment.
{Revised series; explanation of revisions and annual
of the Jan. 1970 SURVEY; see also pp. 19
Digitized forandofquarterly data SURVEY.1947 appear on pp. 25 ff. comprise personal consumption expendiFRASER 1970 back to
ff. the Feb.
©Personal outlays
-12, 444.
-8,569
-1,147
-761
-1,967
-12, 374
-8, 443
-1,173
-762
-1,996
-11,618
-7, 576
-1,198
-905
-1,939
-13, 978
-9. 606
-1,187
-1,071
-2, 114
-13, 909
-9,263
-1,220
-1,240
-2, 186
-14,061
-9,390
-1,245
-1,247
-2, 179
-14,510
-9,723
-1,178
-1,348
-2,261
-14,810
-9,876
-1,255
-1,325
-2,354
p -14 ,903
p-9,958
p-1,214
p- 1,292
p-2,439
-768
-612
-812
-690
-721
-739
-721
p-752
Nonmanufacturing. _ .
Mining
Railroad
Air transportation _ _
Other transportation
Public utilities
.
Electric
Gas and other
Communication
Commercial and other.
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise, adjusted, excl. military
do
Transfers under military sales contracts
do
Income on U.S. investments abroad
do
Other services
do
46, 204
30,681
1,239
6,872
7,412
50, 626
33, 588
1,396
7,690
7,952
55, 516
36, 473
1,514
8,839
8,690
-757
81. 40
31.49
15.70
15.79
tures, interest paid by consumers, and personal transfer payments to foreigners.
§Personal
saving is excess of disposable income over personal outlays,
IfData for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
c^More complete details are given in
the quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
"Includes the retroactive pay increase for Federal personnel.
SUEVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1967
1968
S-3
1968
1969
Annual total
I
II
1969
IV
III
1
II
1970
IV
III
I
II
1971
III
IV
I
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
Balance on transactions in U.S. and foreign liquid
and nonliquid assets, incl. reserves
mil. $..
Allocations of special drawing rights (SDR) do
Errors and omissions, net
do
Balance on liquidity basis: H
Including allocations of SDR ...
--do
Excluding allocations of SDR
do
Balance on official reserve transactions basis: ©
Including allocations of SDR
do
Excluding allocations of SDR
do
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes areas shown in
the 1969 edition of BUSINESS STATISTICS
-5,637 -5,412
-2,419 -2,268
-5,233
-684 -1,429 -1,585 -1,714 -1,213 -2, 151
-980
-889 -1,688 -1,870 p- 1,339
-2, 184
-723
-642
-528
-375
-435
-641
-650
-458
-444
52
-880
-1,187
904
-137
-571 -1,076
-48
-299
-686
-154
264
6,853
3,492
3,361
9,409
709
8,700
12, 332
8,199
4,133
1,008
-660
1,668
2,562
31
2,531
2,253
426
1,827
3,586
912
2,674
3,174
1,400
1,774
4,513
4,100
413
3,276
2,965
311
1.369
-266
1,635
1,738
1,175
563
1,749 " 1,065
429
p 54
1,320 " 1,011
421
1,478
1,422
960
-132
8 -1,196
-922
-927
204
-130
217
-182
320
217
-920
p-57
P 217
p-428
420 -1,439 -1,234
420 -1,656 -1,451
-638
-855
-1,154
849
3,728
505
354
-431
-1,088
-514
-2,841
-329
-528
335
-3, 544
-3, 544
171
171
-7,012
-7,012
-244
-244
106
106
145
145
-3,418
-3,418
1,641
1,641
2,700
2,700
-61
-61
1,652
1,652
408
408
1968
-358
-358
1,453
1,453
1,315
1,315
Nov.
805
P584
~"
~"
514 -2,886 -1,761 p- 1,847
514 -3,110 -1,994 -2,047
-582
-582
1969
1969
Annual
164 -1,352 -3,801 -2, 279
164 -1,352 -3,801 -2,279
-364 p -367
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.p
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates: f
Total personal income
bil. $
Wage and salary disbursements, total. ..do
Commodity-producing industries, total-do
Manufacturing
_
do
Distributive industries.
.
.do
Service industries __
Government
Other labor income
Proprietors' income:
Business and professional
Farm
do
do
do. _.
_
_.do
do
Rental income of persons
_.do
Dividends
_
do
Personal interest income
do
Transfer payments. _
__.._
do ._
Less personal contributions for social insurance
bil. $-Total nonagricultural income
.
do
817.8
688.7
748.9
770.6
774.3
777.8
781.5
787.6
806.0
799.7
798.2
803.3
806.4
811.9
464.8
181.5
145.9
109.2
509.0
197.5
157.5
119.8
525.2
201.9
160.0
124.1
528.0
203.8
161.6
124.1
529.5
202.2
160.8
125.4
531.1
202.0
160.0
125.7
535.0
203.9
161.3
126.7
539.9
202.3
160.0
126.0
540.5
200.9
159.2
127.2
538.1
201.3
159.5
127.9
541.5
202.1
160.1
129.1
543.2
202.0
159.6
129.7
546.6
201.5
159.5
130.2
541.8 ' 544. 1
196.8
196.8
154.3 ' 153. 6
130.6 ' 131. 4
550.3
202.6
159.5
131.0
78.4
95.7
24.9
87.7
104.1
27.6
91.0
108.1
28.5
91.6
108.5
28.6
93.1
108.9
29.0
94.1
109.3
29.3
94.6
109.8
29.6
95.1
116.5
29.8
95.5
116.9
30.0
95.7
113.2
30.3
96.8
113.5
30.6
97.3
114.2
30.8
97.9
117.0
31.1
98.8
115.6
31.3
' 99. 8
116.1
31.5
100.0
116.7
31.7
49.1
15.0
50.5
16.4
50.5
16.6
50.4
16.6
50.4
16.8
50.6
17.0
50.7
17.2
51.0
16.9
51.3
16.5
51.5
16.2
51.6
16.2
51.7
16.1
51.8
16.0
51.9
'15.7
52.0
' 15.3
52.1
15.0
21.3
23.3
54.0
59.0
22.0
24.7
59.7
65.1
22.3
25.3
62.0
66.9
22.4
25.0
62.6
67.7
22.5
25.1
63.0
68.8
22.5
25.2
63.4
69.7
22.6
25.2
63.7
71.1
22.6
25.2
64.2
84.1
22.6
25.3
64.5
76.6
22.7
24.7
64.8
77.6
22.7
25.2
65.3
78.1
22.7
25.3
66.0
78.6
22.8
25.5
66.8
79.6
'22.9
25.6
67.0
81.7
'23.0
25.7
'67.1
81.9
23.1
24.1
67.2
82.6
27.7
27.6
27.8
28.0
28.2
28.0
28.1
28.3
777.0
775.7
780.9
784.0
789.7
787.9 ' 791. 0
796.6
' 3, 511 ' 3, 362
' 3, 566
'4,011 '6,917 ' 4, 565
' 5, 693 5,110
22.8
26.0
26.7
26.9
27.3
27.3
27.5
27.7
668.2
726.7
747.9
751.6
755.0
758.4
764.3
783.0
' 809. 9 ' 812. 6
FARM INCOME AND MARKETINGS J
Cash receipts from farming, including Government
payments total t
•mil $
47, 680
51, 023
5,106
4,577
' 4, 425
44, 218
18, 734
25, 484
5,955
15, 363
3,828
47, 229
18, 790
28, 439
6,172
17, 521
4,423
5,085
2,651
2,434
495
1,498
423
4, 544
2,129
2,415
525
1,422
441
' 4, 369 r 3, 367
' 1,853 ' 1,052
2,516
2,315
504
538
1,526
1,429
422
351
137
135
138
146
136
154
188
230
158
168
184
156
' 162
'160
163
'125
'91
150
'133
'87
167
' 128
'80
163
'124
'82
155
'132
' 102
154
'141
' 129
150
'141
' 130
148
' 168
' 174
163
126
129
124
126
129
124
168
227
124
148
187
119
' 144
' 102
' 73
125
' 99
'62
127
'99
'63
126
'111
'92
125
'120
' 120
' 120
'119
' 115
122
'100
'85
111
'139
' 147
133
165.5
» 172. 8
173.6
169.6
168.2
171.5
172.1
170.6
169.1
172.1
163.6
169.1
170.2
166.9
169.8
163.3
126.6
f 173. 9
* 176. 5
v 170. 6
v 130. 2
175.0
175.4
174.5
132.9
169.6
172.6
165.9
133.1
167.5
169.1
165.6
130.1
171.3
170.7
172.0
134.1
172.2
173.5
170.6
134.0
171.0
170.5
171.7
135.0
168.9
169 4
168.4
137.9
171.8
171.3
172.3
137.6
161.6
159.8
163.8
129.2
166.4
161.0
173.2
138.2
167.6
162.3
174.2
140. 1
165.1
156.9
175.0
151.2
182.6
* 170. 8
p 162. 5
p 179. 5
p 157. 1
P 188. 6
170.0
162.6
175.9
158.4
186.0
166.2
156.6
167.4
153.1
187.0
167.1
159.0
165.1
157.1
184.3
170.5
163.0
171.5
160.3
186.5
169.9
161.8
176.3
157. 2
187.3
166.9
160.6
175.5
155. 9
180.3
165.8
160.3
176.0
155. 3
177.7
169.9
165.7
181.2
160. 8
179.0
161.8
157.6
153.5
167.1 ' 168. 8 ' 164. 9 ' 160. 3
165.3 ' 168. 1 ' 164. 3
150.4 ' 163. 2 ' 161. 0 ' 156. 5
170.9
170.9
169.5
176.9
172.6
Materials
.
do
165.8 p 174. 6
156.8
166.3
161.8
157.8 r> 165. 5
Durable goods materials
do
182.5
187.8
183.7
174.1 p 183. 9
Nondurable materials..
do.. _
' for FRASER Preliminary.
Revised.
P
§ See note "d"" on p. S-2. , Iflncrease in U.S. official
Digitized
reserve assets and decrease in liquid liabilities to all foreigners.' ©Increase in U.S. official
reserve assets and decrease in liquid and certain nonliquid liabilities to foreign official agenhttp://fraser.stlouisfed.org/
cies.
fSee corresponding note on p. S-l.
JSeries revised beginning 1967; monthly data
172.5
158.4
186.9
174.0
161.3
187.1
174.3
160.4
188.5
172.1
159. 5
185.1
174.1
162.0
186.6
165.3
153.2
177.8
170.9 ' 171. 5 ' 168. 1 ' 165. 7
156.0
154.9 ' 147. 4
186.2 ' 188. 6 ' 189. 4
Farm marketings and CCC loans, total
do
Crops _ .
__ __
_
do_.
Livestock and products, total?
do .
Dairy products.
_
do
Meat animals
do
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted: J
All commodities
1957-59=100
Crops
..
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted:!
All commodities .
1957-59=100
Crops
_
do
Livestock and products
do
'174
' 3, 391 ' 3, 596
' 3, 584 ' 3, 448 ' 3, 346
' 1, 003
'928
'947
2,581
2, 520
2,399
547
558
585
1,635
1,598
1,455
372
327
322
' 3, 549 ' 3, 807 ' 3, 794 ' 4, 521 ' 5, 595 ' 5, 079
' 1, 176 '1,485 '1,505 '2,011 ' 2, 864 ' 2, 782
2,322
2,510
' 2, 372
524
' 539
538
516
553
1,386
1,392
1,583 ' 1, 782
1,470
' 353
' 392
359
371
391
323
4,219
1,984
'207
' 248
' 177
' 188
' 241
156
' 178
' 218
' 148
'168
130
F iO
349
INDUSTRIAL PRODUCTION rf 1
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) rf1-- 1957-59 = 100..
By industry groupings:
Manufacturing, total ..
do
Durable manufactures
do
Nondurable manufactures
do
Mining
do
Utilities
do
By market groupings:
Final products, total _ _
Consumer goods
Automotive and home goods
Apparel and staples
Equipment, including defense
Federal Reserve Bank of St. Louis
do _
do
do.-.
do
do
' 163. 0
162.0
' 164. 2 ' 161. 2
' 156. 3
' 174. 0 ' 170. 6
' 141. 8 ' 140. 4
162. 8
166.4
1 CC A
170.4
' 166. 1
159.5
159.3
- --•"•""
164.8
1 00
prior to May 1969 are shown in the Farm Income Situation, July 1970, available from the
U.S. Dept. of Agriculture, Economic Research Service.
^Revisions for Jan.-Oct. 19b8
will be shown later.
9 Includes data for items not shown separately.
January 1971
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
Nov.
Annual
1970
1969
1969^
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.*
GENERAL BUSINESS INDICATORS—Continued
|
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output— Con.
165.5
172.8
171.4
171.1
170.4
170.5
171.1
170.2
169.0
168.8
169.2
168.8
165.8
' 162. 3 ' 161. 6
166.9
173.9
171.8
171.3
170.2
170.3
170.8
170.0
168.1
168.0
168.5
167.7
163.7
' 159. 4
do. .
do .
do
do
169.8
137.0
130.7
160.0
176.5
149.1
140.3
181.1
172.1
150.3
142.7
183.1
171.1
147.7
138.8
181.1
169.7
143.1
135.2
174.8
169.6
139.2
129.8
177.3
171.0
141.9
134.4
183.6
168.4
138.9
133.0
175.4
167.6
142.6
136.7
174.4
167.3
142.7
138.8
169.2
167.4
145.2
136.8
172.6
do-. .
do
167.9
162.2
179.8
173.3
179.2
174.5
178.4
177.1
180.0
175.4
178.9
174.6
178.3
174.4
175.2
170.2
171.4
164.2
172.3
164.4
184.3
181.0
188.5
195.7
194.6
197.2
187.4
194.9
177.5
188.7
196.5
178.3
189.7
195.9
181.5
195.8
195.8
195.9
199.1
196.6
202.5
194.9
191.7
199.1
191.0
187.1
196.3
Seas, adj., total index (incl. utilities)^. 1957-59 = 100.
By industry groupings:
Manufacturing, total
do
Durable manufactures 9
Primary metals . ..
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts
Machinery. ._.
_
Nonelectrical machinery
Electrical machinery.
... _ _ _ d o
do
do
163.9
' 158. 8
161.6
166.7
145.6
134. 1
169.7
160.4
153.5 ' 151. 7
' 142. 6 ' 134. 4 ' 129. 3
' 129. 5 ' 121. 9 ' 117. 0
r
172. 1 ' 162. 2
163.5
156.2
132
120
172.5
162.9
171.9
164.0
' 169. 2 ' 160. 7 ' 159. 1
162.7 ' 158. 0 ' 158. 7
163
162
190.6
185.2
197.7
191.2
185.2
199.1
190.3
183.0
199.9
186.2
180.0
194.5
' 182. 9 ' 178. 9
r 176. 1
172.5
' 191.9 ' 187. 5
178
173
185
Transportation equipment 9
Motor vehicles and parts _
Aircraft and other equipment _
do
do
do
179.5
171.4
185.0
174.6
166.9
177.8
168.3
159.9
171.9
163.9
152.0
170.7
159.6
146.8
166.7
154.3
142.1
161.4
156.0
148.9
159.1
153.1
148.0
154.1
157.3
158.5
153.0
159.9
164.4
153.3
158.1
164.8
149.7
156.7
164.7
147.1
139.0
127.3
145.7
' 122. 0 ' 122. 5
'97.4
'95.4
' 141. 1 ' 140. 3
142
141
139
Instruments and related products
Clay, glass, and stone products
Lumber and products
Furniture and fixtures
Miscellaneous manufactures
do
do
do
do
do
184.2
146.2
122.3
178.3
161.4
194.4
156.0
119.1
186.9
166.4
196.0
155.9
114.1
183.7
166.4
197.4
157.4
109.7
183.3
167.2
194.8
154.5
118.0
183.4
168.2
194.0
155.0
117.5
179.4
168.4
193.6
151.7
113.1
180.4
167.8
195.4
154.6
115.5
179.5
167.4
191.3
152.6
116.1
174.4
163.6
187.9
149.4
107.6
173.8
162.6
187.0
148.8
110.5
172.5
162.0
183.3
150.1
114.2
172.9
159.1
181.8
148.7
108.2
171.7
157.7
'181.3 ' 181. 8
' 148. 3
148.8
110.1
r
173. 9 ' 1 74. 2
' 156. 3 ' 158. 8
177
150
Nondurable manufactures
Textile mill products
Apparel products
Leather and products
Paper and products
do
do
do
do
do
163.3
151.5
149.9
111.0
163.8
170.6
154.2
149.2
101.9
175.6
171.5
151.9
148.0
102.7
175.9
171.5
150.3
147.9
98.0
178.0
171.0
152.9
145.8
96.9
173.8
171.3
151.3
141.7
96.9
174.8
170.6
150.3
140.1
95.9
174.9
171.9
151.3
140.8
100.2
176.3
168.7
147.8
137.7
104.5
174.5
168.9
145.9
139.0
99.3
170.8
170.0
145.3
140.9
95.6
172.0
169.0
146.1
140.7
93.6
172.9
167.7
145. 7
r 166. 2
' 166. 6 ' 167. 7
' 145. 9 146.3
138.6
97.1
' 166. 3 166.3
168.2
r 139. 3
Printing and publishing
Newspapers
do
do
149.6
136.1
156.3
142.7
159.1
145.1
158.6
142.0
157.9
141.7
157.3
142.1
156.9
137.9
156.9
139.3
154.8
136.9
155.2
137.5
154.6
140.0
154.3
138.7
151.5
137.4
' 150. 2 ' 152. 4
137.2
134.5
152
Chemicals and products
Industrial chemicals
do
do
221.7
262.0
239.0
283.0
240.8
283.9
241.7
283.8
240.2
281.9
242.6
284.3
242.3
284.8
244.4
289.2
241.4
281.3
243.2
285.8
243.3
285.7
239.8
280.7
Petroleum products
do
139.6
143.8
150.9
149.5
143.3
143.0
146.6
147.9
146.5
147.8
145.5
147. 5
Rubber and plastics products
Foods and beverages
Food manufactures
Beverages
do
do
do
do
222.0
136.4
132.7
156.5
238.7
140.7
136.7
161.9
240.2
141.0
137.5
159.7
234.8
142.1
137.4
167.2
231.4
144.7
140.2
168.9
234.0
145.2
140.4
170.7
235.3
143.3
140.0
161.0
239.4
143.7
140.1
162.8
212.2
143.1
141.0
154.6
227.8
140.7
138.3
153.7
244.8
141.1
139.5
149.6
236.9
141. 6
138.8
156.4
Tobacco products
r
94.6
' 240. 8 ' 240. 2
282.0
r 282. 0
150.3
r
150. 1
' 221. 4 219.1
' 142. 4 ' 139. 6
' 138. 7 r 135. 7
162.2
160.3
174
156
241.3
155.6
141.2
138.5
do
120.9
117.3
116.2
115.1
117.8
122.8
116.8
125.1
117.8
120.7
126.6
121.8
Mining
Coal..
_
Crude oil and natural gas
Crudeoil
Metal mining
Stone and earth minerals
do
do
do
do
do
do
126.6
118.2
126.8
130.5
126.4
137.8
130.2
117.7
129.3
132.0
142.0
144.7
132.6
118.9
131.2
133.5
153.3
146.8
134.4
119.3
132.6
135.0
152.3
154.8
131.7
113.1
131.4
133.7
155.7
142.6
134.2
122.3
131.8
133.0
158.4
149.8
135.1
121.5
132.4
133.5
165.8
150.1
133.9
123.0
131.3
135.2
162.6
146.1
134.8
134.2
131.9
135. 8
151. 8
142.8
135.5
124.3
135.1
137.5
150.3
143.0
133.8
127.5
131.7
134.4
150.9
143.8
137.1
128.5
136.5
139.8
152.3
142.3
138.9
127.9 r
140.3
'
' 144. 1 r
139.9 ' 140. 0
127.2
128.1
141. 5 ' 140. 8
145. 1 144.2
153.8
r 144. 5
145. 1
' 140. 5 ' 142. 0 142.3
139.3
129
139
142
Utilities..
Electric
Gas
do
do
do
202.5
211.5
174.1
221.2
233.0
174.1
226.0
238.3
187.6
227.9
240.5
188.4
230.1
243.1
232.7
246.1
230.3
242.8
233.8
247.1
234.9
248.4
235.4
248.7
236.3
249.5
235.8
248.6
' 242. 8 r 244. 8 ' 239. 5
259.6
257.1
240.0
do
do
do
165.1
156.9
175.0
170.8
162.5
179.5
168.4
160.5
167.2
168.5
160.7
164.4
168.5
161.5
163.7
169.9
162.4
166.6
169.7
162.0
171.4
168.5
163.2
171.1
167.7
163.2
173.5
167.1
162.8
172.7
166.8
163.5
178.5
166.5
163.5
177.0
' 163. 1 ' 159. 9 ' 159. 3
157.0 ' 156. 8
160.1
' 160. 1 ' 151. 1 ' 151. 6
161.8
160.5
165
Automotive products
do
Autos
do
Auto parts and allied products. ..do
Home goods 9
do
Appliances, TV, and radios
do
Furniture and rugs
do
174.3
174.8
173.8
175.4
168.4
173.7
173.2
162.8
186.8
184.0
180.2
180.3
168.0
153.8
186.7
166.7
142.2
176.0
160.9
141.6
186.2
166.8
140.1
175.0
155.3
132.9
184.9
169.6
149.0
173.8
154.8
127.6
190.7
174.8
168.6
169.2
160.0
138.4
188.5
179.4
178.1
170.3
158.4
136.1
187.8
180.0
178.9
170.6
166.4
156.0
180.1
178.4
182.6
165. 5
170.3
163.0
179.9
177.7
178.8
164.9
172.8
163.8
184.7
182.5
192.3
165.2
167.5
163.3
173. 1
183.7
198.6
164.9
108.5
' 165. 6
* 179. 0
' 189. 9
164.4
Apparel and staples
do
Apparel, incl. knit goods and shoes.. do
Consumer staples _
do
Processed foods
do
151.2
139.5
154.5
132.6
157.1
138.5
162.4
136.6
158.3
137.5
164.2
136.5
159.5
137.7
165.7
137.0
160.8
137.6
167.3
138.7
161.0
135.7
168.2
139.5
159.0
133.4
166.2
139.6
160.7
133.8
168.4
140.2
159. 9
131.4
168.0
141.1
159.0
132.4
166.6
137.9
158.8
132.4
166.3
138.7
159.2
133.2
166.6
139.4
Beverages and tobacco
do
Drugs soap and toiletries
do
Newspapers, magazines , books. . .do
Consumer fuel and lighting
do
144.5
193.4
143.3
183.4
146.8
209.0
147.1
199.6
145.0
213.2
148.9
206.0
149.6
217.0
149.7
206.0
151.7
217.6
147.7
210.0
154.6
217.9
147.6
210.3
146.1
216.5
146.1
207.2
150.1
218.6
146.0
212.6
142.2
219.6
146.9
212.3
142.6
217.4
147.6
213.7
141.9
217.4
142.9
212.8
144.7
213.9
143.1
213.5
182.6
184.7
168.2
205.2
234.3
145.0
188.6
195.6
179.1
220.0
246.7
136.8
185,6
194.4
174.4
223.3
252. 8
136.5
185.2
193.8
176.3
223.6
240.9
135.4
183.6
192.8
175.0
223.0
239.5
138.4
186.2
196.9
184.9
222.4
231.8
130.3
186.3
198.0
186.8
225.0
226.1
134.6
179.9
193.0
182.1
223.4
215.4
130.4
177.3
188.7
175.8
220.4
216.8
127.4
176.3
188.0
175.2
220.4
213.8
128.6
173.7
186.1
174.6
218.3
207.3
126.0
173.0
185.9
173.3
214.2
214.3
133.2
' 169. 6
182.3
170.5
210.5
206.5
133.6
'
'
'
'
'
165. 9 '164.6
178. 9 ' 178. 1
169. 7 167.8
207. 0 205.7
193. 7 197.4
128.8
164.8
179
do
do
do
do
do
165.8
157.8
164.2
185.1
145.9
174.6
165.5
163.9
191.9
152.4
174.6
163.5
158.5
190.7
150.2
173.9
161.8
150.9
189.8
150.4
172.5
160.1
148.7
188.6
151.2
171.5
157.9
142.3
188.6
150.7
171.7
159.1
143.0
189.8
148.8
171.9
159.6
143.6
183.8
148.8
170.4
157.5
146.0
177.5
146.8
171.2
157.8
155.4
176.6
145.1
171.4
158.4
156.0
178.4
146.3
171.2
157.4
161.3
175.9
147.3
'168.9
'151. 9
' 143. 6
173.1
' 165. 0 '164.0
' 144. 7 ' 142. 4
112.4
'111.7
' 166. 8 164.0
141.8
«• 144. 2
165.7
146
do
do
do
do
174.1
157.6
156.6
158.1
183.9
166.6
168.6
165.5
186.0
166.9
165.6
167.6
186.5
168.5
174.0
165.8
185.3
167.5
173.7
164.4
185.5
166.2
169.3
164.7
184.7
164.8
165.0
164.7
184.6
164.5
166.2
163.7
' 186. 4 ' 186. 0 ' 186. 4
^161.2 ' 159. 4 160.6
164.1
r 163.1 ' 164.1
158.9
' 160. 3 '157.0
_. ... do
do
Ho
152.0
133.0
9flO 9.
158.2
134.9
216 7
160.4
136.5
220.9
161.7
137.7
222. 5
159.8
135.3
222 4
162.0
137.1
995 0
162.7
137.4
99fi 3
99fi R
"171.8 ' 172. 5
148.0
147.5
r 935. 1
236.7
..
By market groupings:
Final products, totaled
Consumer goods.. _
Automotive and home goods
Equipment, including defense 9
do. .
Business equipment
do
Industrial equipment
do
Commercial equipment
do
Freight and passenger equipment. .do
Farm equipment
do
Materialso71
Durable goods materials 9
Consumer durable
Equipment
Construction
Nondurable materials 9
Business supplies
Containers
General business supplies
Business fuel and power 9
Mineral fuels
Nonrfisidpsnt.ial utilities
' Revised.
» Preliminary.
& See corresponding note on p. S-3.
9 Includes
Digitized for cFRASER data for items not shown separately.
Corrected.
163.8
139.1
183.8
162.1
168.2
159.1
184.9
163.4
166.0
162.1
184.9
164.9
161.9
166.4
185.4
165.0
167.5
163.7
166.0
142.0
166.6
142.4
998 fi
165.4
o 140. 2
167.5
144.4
998 1
c 99Q 4
927 9
124.1
122.9
r 133. 1
' 109. 5 ' 110. 8
78.1
'76.5
152. 9 153.8
180. 3 180.2
194. 3 188.6
166. 5 169.1
148
132
'
'
'
'
160.1
158.9
131.6
168.1 ' 166. 7 ' 166. 5
137.2
' 139. 3 ' 135. 2
r 131. 7
148.1
' 215. 0
140.8
' 219. 2 221.7
149.0
215.5
r 140. 5
r 146. 1
167
217.0
142.8
171.3
147.1
186
171
146
t Revised data back to 1961 for mfg. and trade invent., total, unadj. and seas, adj.; invent.
sales ratios for mfg. and trade, total and retail trade, total, durable, and nondurable, appear on
pp. 38 ff. of the Oct. 1970 SURVEY. Revised data back to 1961 for mfg. and trade sales, total
seas, adj.; mfrs. sales and mfrs., invent., total, durable, and nondurable, seas, adj.; and invent.-sales ratios for mfe.. total, durable, and nondurable are available uoon reauest C.see also
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1970
1969
Nov.
Annual
S-5
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Oct.
Sept.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
1
BUSINESS SALES §
Mfg. and trade sales (unadj.), total f - -
mil. $.. 1,163,869 1,245,058 105, 487 110,662
97,486 100, 264 106, 480 105, 633 107, 931 112, 046 104, 249
105,856
109,585 '110,244 105, 052
do
11,163,869 1,245,058 105, 566 105, 021 104, 932 106, 164 105, 487 105, 087 106, 847 107, 612 108, 393
108,175
108,074 '106,224 105, 057
do
do
do
1604,602 1656,717
331, 835 364, 983
272, 767 291, 734
55, 888
31,011
24, 877
55, 540
30, 603
24, 937
55, 070
29, 930
25, 140
55,613
30, 273
25, 340
55, 223
29, 757
25, 466
54, 539
29, 633
24, 906
55, 661
30, 488
25, 173
56, 438
30, 638
25, 800
57, 025
31,315
25, 710
56, 696
31,270
25, 426
56, 475
30, 863
25, 612
'54,936 54, 301
'29,369 '28,815 2 29, 925
'25,567 25, 495
do
do
do
1° 339, 324 1351,633
110,245 112,779
0
229, 079 238, 854
29, 471
9,229
20, 242
29, 419
9,275
20, 144
29, 570
8,886
20, 684
29, 980
9,143
20, 837
29, 801
9,134
20, 667
30, 536
9,340
21, 196
30, 502
9,320
21, 182
30, 518
9,411
21, 107
30, 729
9,487
21,242
30, 781
9,503
21,278
30, 885
9,556
21, 329
'30,534 30, 173
' 8, 927 8,428
'21,607 21, 745
do
do
do
1
20, 207
9,352
10, 855
20, 062
9,102
10, 960
20, 292
9,201
11,091
20, 571
9,344
11,227
20, 463
9,300
11, 163
20, 012
9,034
10, 978
20,684
9,394
11, 290
20, 656
9, 482
11, 174
20, 639
9,423
11,216
20,698
9,420
11, 278
20, 714
9,435
11, 279
'20,754 20, 583
' 9, 410 9, 209
'11,344 11,374
151,327
163, 375 165,057 163, 375 163, 735 165, 650 167,211 168, 961 168, 391 168, 014 167, 832
167,367
168,045 '170,161 172, 094
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total f
mil. $_. 152, 699
164,917 163, 763 164,917 164, 698 165, 638 166, 149 167, 059 166, 734 167, 375 168, 635
Mfg. and trade sales (seas, adj.), total t
Manufacturing, total f
Durable goods industries..
Nondurable goods industries
Retail trade, total.. .
Durable goods stores
Nondurable goods stores
_
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments ..
219, 943 1236,708
100,012 109, 578
119, 930 127, 130
BUSINESS INVENTORIES§
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f . _
mil $
Manufacturing, total f
Durable goods industries
Nondurable goods industries
Retail trade, total t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
do
do
do
do
do
do
88, 567
57, 399
31, 168
41, 604
18, 851
22, 753
22, 528
13, 454
9,074
169,364
170,038 '170,352 170, 868
95, 931
63, 547
32, 384
44, 623
19, 980
24, 643
24, 363
14, 579
9,784
95, 474
63, 089
32, 385
44, 268
19, 835
24, 433
24, 021
14, 389
9,632
95, 931
63, 547
32, 384
44, 623
19,980
24, 643
24,363
14, 579
9,784
96, 200
63, 909
32, 291
44, 014
19, 342
24, 672
24, 484
14,636
9,848
96, 652
63, 977
32, 675
44, 133
19, 388
24, 745
24, 853
14, 788
10, 065
96, 982
64, 263
32, 719
44, 325
19,471
24, 854
24, 842
14, 781
10, 061
97, 791
64, 689
33, 102
44, 326
19, 426
24, 900
24, 942
14, 773
10, 169
97, 635
64, 447
33, 188
44, 109
19, 346
24, 763
24, 990
14, 763
10, 227
97, 706
64, 395
33, 311
44, 527
19, 552
24, 975
25, 142
14, 855
10, 287
98, 260
65, 079
33, 181
44, 965
19, 739
25, 226
25,410
15,066
10, 344
98, 488
65, 290
33, 198
45, 453
20, 119
25, 334
25,423
15, 165
10, 258
98, 658 '99,466 100, 043
65, 323 '65,628 66, 002
33, 335 '33,838 34, 041
45, 691 44, 883 44, 507
20, 270 19, 291 18, 542
25, 421 25, 592 25, 965
25, 689 '26,003 26, 318
15, 275 '15,369 15, 401
10, 414 '10,634 10,917
1.55
1.57
1.57
1.56
1.58
1.59
1.56
1.56
1.56
1.57
1.57
1.60
1.63
1.74
2.09
.56
.98
.55
1.75
2.12
.57
.99
.56
1.81
2.23
.60
1.04
.59
1.84
2 29
~.'62
1.06
.61
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total f
ratio..
Retail trade, total t
Durable goods stores
Nondurable goods stores
1.69
1.99
.56
.93
.50
1.71
2.03
.56
.96
.52
1.73
2.08
.58
.97
.53
1.75
2.14
.58
.99
.56
1.74
2.11
.58
.99
.54
1.76
2.16
.60
1.01
.56
1.79
2.18
.59
1.02
.57
1.75
2.11
.57
.99
.55
1.73
2.10
.57
.99
.54
1.72
2.08
.56
.98
.54
1.33
.50
.62
1.31
.48
.21
.62
1.30
.48
.20
.62
1.30
.47
.20
.62
1.28
.46
.20
.62
1.29
.47
.20
.63
1.28
.47
.19
.62
1.33
.48
.20
.65
1.32
.47
.20
.65
1.29
.46
.19
.64
1.29
.46
.19
.64
1.31
.47
.19
.65
1.30
.46
.19
.65
'1.32
.47
.19
'.66
1.34
.48
.19
.66
do
do
do
.
1.53
1.70
2.00
.59
.92
.49
do
do
do
do
Nondurable goods industries f Materials and supplies
Work in process
Finished goods,..
1.52
do
do
do
do
do
Manufacturing, total t
• Durable goods industries f
Materials and supplies
Work in process
Finished goods
,
1.43
1.97
1.17
1.47
2.05
1.19
1.50
2.15
1.21
1.52
2.15
1.22
1.49
2.18
1.19
1.47
2.12
1.19
1.49
2.13
1.20
1.45
2.08
1.17
1.45
2.08
1.17
1.46
2.08
1.18
1.46
2.08
1.19
1.48
2.12
1.19
1.48
2.12
1.19
1.47
' 2. 16
' 1. 18
1.48
2.20
1.19
1.20
1.54
.91
1.19
1.53
.89
1.19
1.54
.89
1.21
1.60
.89
1.21
1.59
.89
1.21
1.58
.90
1.21
1.59
.90
1.25
1.64
.93
1.21
1.57
.91
1.22
1.57
.92
1.23
1.60
.92
1.23
1.61
.91
1.24
1.62
.92
1.25
1.63
.94
1.28
1.67
.96
14, 944
17, 189
1,485
1,470
1,741
1,574
1, 457
1,551
1,632
1,687
1,847
1,727
1,739
1,717
1,779
1,722
1,829
1,774
1,583
1,776
1,517
1,676
1,750
1,770
' 1, 675
' 1, 668
1,516
1,510
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
Shipments (not seas, adj.), total f
9Q
do
604, 602
656, 717
55, 928
53, 996
51, 622
56, 322
57, 173
55, 646
56, 358
59, 340
52, 134
54,829
58, 436
do
do
do
do
331, 835
15, 754
50, 457
24, 901
364, 983
17,219
57, 137
26, 493
30, 986
1,450
4,849
2,198
30, 149
1,335
4,651
2,121
27, 953
1,250
4,931
2,365
30, 853
1,356
4, 957
2,213
31, 248
1,464
4,994
2,229
30, 499
1,471
4,724
1,960
31, 300
1, 529
5,071
2,292
32, 845
1,643
5,205
2,386
27, 880
1,486
4,440
2,114
29, 091
1,579
4,701
2,205
31,664 '30,041 '28,668
1,627 ' 1, 610 1,437
4,955
4, 509 r 4, 266
2,311 ' 1, 960 1,838
Fabricated metal products
Machinery, except electrical
Electrical machinery.
Transportation equipment.
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
do
34, 180
58, 047
43, 237
84, 163
47, 638
11,370
37, 024
64, 551
46, 726
91, 480
50, 144
13, 563
3,133
5,237
3,942
8,236
4,439
1,204
3,142
5,319
3,781
8,050
3,865
1,213
2,969
5,017
3,386
6,668
3,666
1,035
3,222
5,805
3,835
7,627
3,924
1,159
3,246
5,844
3,870
7,630
3,898
1,223
3,096
5,593
3,747
7,834
4,033
1,112
3,239
5,695
3,832
7,943
4,300
1,119
3,511
5,877
4,171
8,161
4,624
1,247
3.107
5,077
3,607
6,270
3,037
1,065
3,268
5,194
3,859
6,255
2,882
1,148
3,464
5,622
4,295
7,220
3,747
1,233
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products...
do
do
do
do
272, 767
90,157
4,922
21, 458
291, 734
96, 717
5,121
21, 262
24, 942
'438
1,847
23, 847
8,414
431
1,647
23, 669
8,088
414
1,626
25, 469
8,506
407
1,761
25, 925
8,717
430
1,862
25, 147
8,396
439
1,729
25, 058
8,428
456
1,709
26, 495
9,082
454
1,834
24, 254
8,225
473
1,511
25, 738
8,585
472
1,742
26, 772
9, 294
480
1,879
Paper and allied products..
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do
24, 208
46, 465
22, 267
14, 265
26, 951
48, 698
24, 555
16, 552
2,278
4,036
2,142
1,405
2,187
3,670
2, 128
1,317
2,239
3,797
2,167
1,390
2,386
4,243
2,167
1,571
2,430
4,392
2,085
1,618
2,347
4,310
2,118
1,519
2,328
4,376
2,139
1,537
2,422
4,383
2,215
1,623
2,237
3,889
2.126
1,463
2,388
4,172
2,189
1,493
2,424
4,276
2,166
1,521
Shipments (seas, adj.), total tBy industry group:
Durable goods industries, total 9
Stone, clay, and glass products.
Primary metals
Blast furnaces, steel mills.
do
55, 888
55, 540
55, 070
55, 613
55, 223
54, 539
55, 661
56, 438
57, 025
56, 696
56, 475 '54,936
do
do
do
do
31,011
1,480
5,064
2,392
30, 603
1,495
5,022
2,380
29, 930
1,464
5,080
2,413
30, 273
1, 488
4,739
2,134
29, 757
1,502
4,692
2,037
29, 633
1,443
4,426
1,780
30, 488
1,475
4,786
2,099
30, 638
1,519
4,834
2,201
31,315
1,517
4,891
2,259
31, 270
1,470
4,935
2,287
30, 863 '29,369 28,815
1,482 ' 1, 470 1,468
4,592 ' 4, 452
5,049
2,422 ' 2, 069 2,002
Fabricated metal products
do
3,204
3,295
3,249
Machinery, except electrical
do
5,505
5,423
5,301
Electrical machinery
do
3,820
3,655
3,723
Transportation equipment.
do
6,783
7,843
7,705
Motor vehicles and parts...
do
4,082
3,573
3,904
Instruments and related products
do
1,170
1,175
1,161
'Revised.
« See corresponding note on p. S-ll.
1 Based on data not seasonsilly
adjusted.
2 Advance estimate; total mfrs. shipments for Nov. 1970 do not refle ct revisi ons
for selected components. §The term "business" here includes only manufac luring £md
trade; business inventories as shown on p. S-l cover data for all types of proc ucers, b oth
http://fraser.stlouisfed.org/
3,220
5,594
3,783
7,361
3,738
1,184
Durable goods industries, total 9 .
Stone, clay, and glass products
Primary metals . .
Blast furnaces, steel mills
Federal Reserve Bank of St. Louis
.
'56,638
54, 227
29,347
2
4, 246
' 3, 340 3,240
' 5, 315 5,132
' 4, 209 4,166
6,702 ' 6, 498 2 7, 424
r
3, 167
3,005
' 1, 152
1,125
'26,597 25, 569
' 9, 181
8,868
' 467
458
r
1, 910
1,777
'
'
'
'
2, 447 2,354
4, 128
3,934
2, 186
2, 191
1, 523 1,448
54, 301
2
29, 925
2 4, 596
'3,215
3,315
' 5, 372 5, 294
' 4, 010 4,050
6,538 ' 6, 264 2 7, 180
' 2, 877 2,815
' 1,111
1,097
farm a nd nonf arm. Un adjusted data foi manufa cturing are show n below and on p. S-6;
see corre spendingI notes
those or wholejsale and retail ti*ade on pp. S-ll and S9Inc ludes d ita for
on pp S-4 an d S-7.
tSee corresporiding nc)te on ]3. S-12.
items not shoAvn separ ately.
3,189
5,427
3,719
7,150
3,563
1,205
3,032
5,350
3,835
7,549
3,806
1,144
3,178
5,596
3,993
7,484
3,905
1,137
3,265
5,418
3,962
7,562
4,124
1,175
3,323
5,567
3,995
7,857
4,328
1,168
3,231
5,570
3,993
7,981
4,489
1,140
3,365
5,555
4,042
7, 169
3,630
1,146
-12.
n
SURVEY OF CURRENT BUSINESS
S-6
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriotive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Annual
January 1971
1970
1969
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf— Continued
Shipments (seas. adj. ) f — Continued
By industry group:
Nondurable goods Industries, total 9
mil $
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum arid coal products
do
Rubber and plastics products
do
By market category:
Home goods and apparel
do
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipmentdo
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series) ...
do
Defense products (new series) _ _ . _ .
do...
Producers' capital goods industries
do
Inventories, end of year or month :f
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries total
do
do
do
24, 877
8,330
433
1,771
2,298
4,164
2,132
1,435
1 56, 010 1 57, 935
1115,551 1 124, 395
i 96, 115 1 108, 385
i 54,048 i 57, 175
i 48, 587 i 54, 130
1 234, 291 1254,697
24, 937
8,513
434
1,731
2,280
4,114
2,139
1,370
25, 140
8,510
459
1,784
2,338
4,006
2,241
1,492
25, 340
8,547
428
1,782
2,361
4,237
2,162
1,559
25, 466
8, 759
444
1,819
2,356
4,244
2,123
1,551
24, 906
8,587
454
1,736
2,326
4,000
2, 139
1,441
25, 173
8,541
444
1,740
2,325
4,200
2,156
1,484
25, 800
8,837
417
1,751
2,316
4,168
2, 127
1,536
25, 710
8,538
459
1,783
2,418
4,166
2,136
1,598
25, 426
8,547
445
1,691
2,366
4,184
2,165
1,541
25, 612 '25,567
8,750 ' 8, 822
471
'478
1,752 ' 1,744
2,351 r 2, 382
4,122 ' 4, 043
2,131 ' 2, 179
1,527 ' 1, 454
25, 495
8,808
452
1,702
2,377
4,055
2,179
1,478
4,557
10, 726
9, 339
4,671
4,614
21, 981
4,620
10, 899
9,201
4,494
4,555
21, 771
4,511
10, 889
9, 019
4, 159
4,515
21, 977
4,445
10, 977
9, 478
4,355
4,466
21, 892
4,446
11, 141
9, 193
4,199
4,440
21, 804
4,424
10, 920
9, 270
4,423
4,326
21, 176
4,585
10, 870
9, 483
4,523
4,452
21, 748
4,889
11,222
9,079
4,789
4,554
21, 905
4,816
10, 918
9,345
4, 966
4,643
22, 337
4,608
10, 922
9,481
5,084
4,627
21, 974
4,759 ' 4, 716
11,143 '11,220
9,393 ' 9, 373
4,247 ' 3, 453
4,716 ' 4, 595
22,217 '21,579
4,674
11, 168
9, 107
3,415
4,663
21, 274
2,104
4,269
2,121
6,630
2
2
2
2
' 2, 051
' 4, 230
' 2, 036
' 6, 567
915
201
915
757
126,951
i 50, 144
124,511
i 75, 694
2,082
4,457
2,199
6,381
2,078
4,476
2,259
6,275
1,996
3,959
1, 792
6,346
2,028
4,328
1,924
6,554
2,046
4,292
1,943
6,379
2, 061
4,515
2,010
6,252
2,143
4,255
2,003
6,697
2, 197
4,097
2,130
6,446
2,099
4,192
2,048
6,727
2,005
4,291
2,112
6,687
88, 239
57, 034
31, 205
i
i
i
i
95, 475
63, 106
32, 369
94, 755
62, 570
32, 185
95, 475
63, 106
32, 369
96, 271
63, 702
32, 569
97, 181
64, 244
32, 937
97, 504
64, 599
32, 905
98, 588
65, 285
33, 303
98, 625
65, 222
33, 403
98, 073
64, 779
33, 294
97, 921
64, 838
33, 083
98, 145
65, 141
33,004
2, 215
4, 032
2, 038
6, 231
97,807 '98,542 99, 264
64,827 '65,036 65, 442
32,980 ' 33, 506 33, 822
24,
46,
23,
68,
2,085
4, 524
2,184
6,423
do
88, 567
95, 931
95, 474
95, 931
96, 200
96, 652
96, 982
97, 791
97, 635
97, 706
98, 260
98, 488
98,658 ' 99, 466 100, 043
do
do
do
do
57, 399
2, 210
7,535
4,028
63, 547
2,472
8,033
4,300
63, 089
2,478
8,013
4,285
63, 547
2,472
8,033
4,300
63, 909
2,492
8,114
4,265
63, 977
2,527
8,124
4,251
64, 263
2,535
8,254
4,358
64, 689
2,574
8,544
4,571
64, 447
2,573
8,609
4,589
64, 395
2,558
8,598
4,608
65, 079
2,587
8,641
4,658
65, 290
2,626
8,738
4,726
65,323 '65,628 66, 002
2,658 ' 2, 684 2,688
8,734 ' 8, 866 9, 027
4,669 ' 4, 747 4,846
6,273
11,332
8,575
13, 960
4,273
2,170
6,598
13,216
9,373
15, 584
4,173
2,460
6,511
13, 110
9, 315
15,431
4,087
2,447
6,598
13, 216
9,373
15, 584
4,173
2,460
6,695
13, 267
9,404
15, 665
4,210
2,475
6,708
13, 345
9,493
15, 522
4,167
2,509
6,745
13, 447
9,551
15, 515
4,128
2,583
6,702
13, 572
9,587
15,442
4, 115
2,637
6,648
13, 618
9, 454
15, 309
4,040
2,681
6,633
13, 703
9,521
15, 190
3,977
2,674
6,697
13, 876
9, 690
15, 339
4,036
2,685
6,801
13, 861
9,676
15, 262
3,993
2,680
6,877 ' 6, 866 7,070
13,850 ' 14, 004 14, 068
9,720 ' 9, 780 9,733
15,185 '15,162 15, 124
3,901 ' 4, 021 4,048
2,650
2,690 '2,650
do
do
do
do
16, 634
2, 791
4, 829
3,403
17, 606
2,828
5,571
3, 295
17,217
2,790
5,460
3,106
17, 606
2,828
5,571
3,295
17,418
2,904
5,259
3,263
17, 702
2,939
5,544
3,204
17, 698
3,012
5,540
3,148
17, 570
3,027
5,565
3,117
17,447
3,034
5,537
3,087
17, 438
3,046
5,608
3,029
17,470
3,035
5,592
3,081
17, 621
3,091
5,603
3,096
17,652 '17,708 17, 832
3,187
3,108 ' 3, 162
5,600 ' 5, 584 5,654
3,056 ' 3, 099 3,165
Work in process 9
do
Primary metals
do
Machinery (elec. and nonelec.").--do
Transportation equipment
do
26, 327
2, 529
9, 491
9 192
29, 790
2,759
10, 733
10, 717
29, 693
2,758
10, 693
10, 753
29, 790
2,759
10, 733
10, 717
29, 584
2,824
10, 388
10, 857
29, 965
2,741
10, 824
10, 788
30, 060
2,762
10, 875
10, 826
30, 309
2,891
10, 946
10, 783
30, 308
2,939
10, 940
10, 709
30, 263
2,921
10, 984
10, 641
30, 605
2,939
11, 127
10, 717
30, 555
2,940
11,055
10, 649
30,539 '30,522 30, 608
2,955 ' 2, 975 3,064
11,042 '11,139 11, 149
10,669 ' 10, 595 10, 474
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.) .. .do
Transportation equipment
do
14, 438
2,215
5,587
1,365
16, 151
2,446
6,285
1,572
16, 179
2,465
6,272
1,572
16,151
2,446
6,285
1,572
16, 907
2,386
7,024
1,545
16,310
2,444
6,470
1,530
16, 505
2,480
6, 583
1,541
16,810
2,626
6,648
1,542
16, 692
2,636
6,595
1,513
16, 694
2,631
6,632
1,520
17, 004
2,667
6,847
1,541
17, 114
2,707
6,879
1,517
17,132 ' 17, 398 17, 562
2,671 ' 2, 729 2,776
6,928 ' 7, 061 6, 998
1,460 ' 1, 468 1,485
31, 168
7,370
2 257
3, 559
2,394
5,931
2, 102
1,799
32, 384
7,240
2, 198
3,525
2,644
6,625
2,255
1,886
32, 385
7,295
2,238
3,502
2,618
6,581
2,185
1,869
32, 384
7,240
2,198
3,525
2,644
6,625
2,255
1,886
32, 291
7,240
2,170
3,456
2,671
6,557
2,313
1,913
32, 675
7,451
2,150
3,439
2,682
6,612
2,328
1,946
32, 719
7,487
2,159
3,423
2,686
6,640
2,345
1,958
33, 102
7,579
2, 165
3,427
2,713
6,704
2,374
1,948
33, 188
7,581
2,142
3,431
2,697
6,798
2,414
1,920
33,311
7,563
2,142
3,380
2,738
6,895
2,446
1,915
33, 181
7,457
2,145
3,383
2,754
6,921
2,380
1,930
33, 198
7,336
2,171
3,381
2,758
6,943
2,422
1,908
33,335 '33,838 34, 041
7,376 ' 7, 632 7,668
2,223
2,185
2,168
3,338 ' 3, 397 3,317
2,762 ' 2, 756 2,775
7,015 ' 7, 069 7,184
2,417 ' 2, 461 2,555
1, 935 ' 1, 949 1, 960
11,617
4,834
14, 717
11,821
5,072
15, 491
11,966
5,076
15, 343
11,821
5,072
15,491
11,647
5,076
15, 568
11,818
5,013
15, 844
11,936
4,958
15, 825
11,950
4,993
16, 159
11,921
5.013
16, 254
11.910
5,002
16, 399
11,849
4,977
16, 355
11, 856
4,896
16, 446
11,877 '12,117 12, 201
4,887 ' 4, 940 4,966
16,571 '16,781 16, 874
do
do
do
do
do
do
9, 461
11,790
22, 178
5,218
7, 393
32, 527
9,924
12, 102
25, 862
5,299
7,980
34, 764
9,947
12, 162
25,612
5,193
7,948
34, 612
9,924
12, 102
25, 862
5,299
7,980
34, 764
9,895
12, 126
25, 953
5,337
7,979
34,910
9,896
12, 374
25, 925
5,299
8,005
35, 153
9,845
12, 438
26, 003
5,255
8,006
35, 435
9,930
12, 565
26, 185
5,245
8.035
35, 831
9,847
12, 554
26, 119
5,161
8,016
35, 938
9,813
12, 587
26, 241
5,094
8,026
35, 945
9.892
12, 465
26, 613
5,181
8,086
36, 023
10, 037
12,415
26, 456
5,136
8,173
36, 271
10,040
12,497
26,472
5,045
8,246
36,358
do
do
do
do
4,645
11,485
7,112
14, 070
5, 097
13, 173
7,459
16, 353
5,114
13, 036
7,602
16, 289
5,097
13, 173
7, 459
16, 353
5,142
13, 150
7,498
16, 449
5,153
13, 044
7, 294
16, 582
5,169
13,015
7,326
16,715
5,169
12,941
7,359
16,911
5,050
12, 872
7, 189
16, 898
5,018
12,816
7,104
17,026
5.108
12, 906
7,143
17, 285
5,159
12, 761
7,056
17, 337
5, 199
5,159 ' 5, 195
12,710 ' 12, 429 12, 336
6,986 ' 6, 803 6,671
17,418 ' 17, 659 17, 740
New orders, net (not seas, adj.), totalf... .. do
Durable goods industries, total
do
Nondurable goods industries total
do
608, 038
335, 301
272, 737
659, 191
367, 482
291, 709
55, 372
30, 430
24, 942
53,549
29, 740
23, 809
51,356
27, 766
23, 590
55, 941
30, 422
25, 519
56, 352
30, 412
25, 940
54, 802
29, 594
25, 208
54, 909
29, 825
25, 084
58, 582
32, 147
26, 435
52, 422
28, 171
24, 251
53, 841
28, 152
25, 689
57,977 ' 55, 632 53, 889
31,166 28, 936 '28,245
26,811 ' 26, 696 25, 612
New orders, net (seas, adj.), total f
By industry group:
Durable goods industries, total 9
Primary metals..
Blast furnaces, steel mills
1608,038 1659,191
55, 912
55, 138
54,119
54, 714
54, 339
53, 374
55, 139
55, 778
57, 111
55, 968
55,523 '54,190
29,856 '28,504 '29,009
4, 709 ' 4, 348 r 4, 544
2,253 ' 1, 977 2,060
Book value (seasonally adjusted) totalt
By industry group:
Durable goods industries total 9
Stone clay and glass products
Primary metals _
Blast furnaces steel mills
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery.
do..
Transportation equipment.
_
do
Motor vehicles and parts
do
Instruments and related products .. do
By stage of fabrication:
Materials and supplies 9
Primary metals
Machinery (elec and nonelec )
Transportation equipment
Nondurable goods industries, total 9 ..do
Food and kindred products
do
Tobncco products
do
Textile mill products
do
Paper and allied products
do.
Chemicals and allied products
.do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods .
do
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod excl auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Defense products (old series)
Defense products (new series) .
Producers' capital goods industries
do
do
do
do
Nondurable goods industries, total
Industries with unfilled orders©
.
367, 482
58, 491
27, 281
31, 048
4,755
2,129
30, 209
4,661
1,981
29, 046
4,658
1,963
29, 368
4,309
1,813
28, 861
4,547
1,948
28, 449
4,739
2,036
29, 977
4,874
2. 234
30, 028
4,932
2,302
31, 399
4,894
2,387
30, 537
4, 842
2,310
do
do
do
do."."
I... doll"
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
335, 301
49, 791
24, 379
35, 275
58, 281
43, 215
86, 789
31,515
37, 736
66, 966
47, 030
89, 418
30, 952
3,187
5,473
3,752
8,215
3,171
3,389
5,570
4,126
6,916
2,509
3,010
5,408
3,891
6,460
2,193
3,205
5,544
3, 794
7,040
2,572
3,238
5,149
3,726
6,660
2,700
2,943
5,287
3,705
6, 386
2,048
3, 391
5. 468
4, 052
6, 830
2, 597
3. 509
5. 172
3. 722
7.304
2, 384
3. 220
5.401
4.113
8. 076
3.047
3,304
5,367
3, 921
7, 559
2, 677
272, 737
74, 347
291, 709
80, 276
24, 864
6,804
24, 929
6,761
25, 073
6,815
25, 346
6,923
25, 478
6, 900
24, 925
6, 869
25. 162
6.810
25. 750
6. 925
25. 712
7. 129
25, 431
6. 861
i c &m
. do
.do
Digitized forr FRASER
2
Revised.
i Based
not seasonally
Advance
total mfrs.
http://fraser.stlouisfed.org/ 1970on datareflect revisions adjusted. components. estimate;correspondnew orders for Nov.
do not
for selected
f See
ing note on p. of
9 Includes data for items not shown separately.
© Includes textile
Federal Reserve BankS-7.St. Louis
3,524
5,346
3,606
7, 026
2, 409
'10,158
' 12, 679
' 26, 439
' 5, 194
' 8, 306
'36,690
'
'
'
'
'
3, 302
5, 253
3, 954
6, 062
2, 255
25,667 '25,686
6, 952 ' 7, 053
ie 71 ^ r 1 A 633
10, 145
12, 758
26, 450
5,202
8,457
37, 031
2
29, 459
2
30, 088
54, 573
2 Q4. Q9fi
3,348
5,408
4,056
'6,310 "2" 6~ 824
2, 599
25, 530
6, 901
18. 629
industries; unfilled orders for other nondurable goods industries are zero.
f For these industries (food and kindred products, tobacco products, apparel :
products petroleum and coal products, chemicals and allied products, and rubber am
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
19G9
1969
Annual
S-7
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf— Continued
New orders, net (seas. adj. )f— Continued
By market category:
2
Home goods and apparel
mil $ 22 56, 060 2 57, 779
115,595 2 124, 360
Consumer staples
do
2
98, 601 2109, 426
Equip, and defense prod., excl. auto . _ do
2
Automotive equipment..
.
_. do_ __2 54, 553 11 2 57, 315
49, 516
54, 710
Construction materials and supplies
do
2
Other materials and supplies . . . ..do .. 233, 713 2255,601
Supplementary series:
2
25, 004 2 26, 811
Household durables
do
2
2
47, 412 2 47,317
Defense products (old series)
do
23, 118
Defense products (new series)
do
2
2
69, 647
78, 640
Producers' capital goods industries _
do
Unfilled orders, end of year or month (unadjusted),
total
.
. mil. $
Durable goods industries, total. .. _. do...
Nondur goods ind. with unfilled orders©
do
Unfilled orders, end of year or month (seasonally
adjusted), totalf
mil. $
By industry group:
Durable goods industries, total 9
do
Primary metals
. do
Blast furnaces, steel mills. . _ . ._ do _
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft missiles, and parts
do
do.
do
do
do.
Nondur. goods ind. with unfilled orders©__do
By market category:
Home goods, apparel, consumer staples.. .do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series)
do_. .
Defense products (new series).
--do
Producers' capital goods industries
do
85, 938
82, 946
2,992
88, 412
85, 445
2,967
4,504
10, 725
9,909
4,683
4,616
21, 475
4,632
10, 898
9, 310
4,453
4,589
21, 256
4,497
10,885
9, 125
4,101
4,202
21, 309
4,405
10,976
9,431
4,271
4,442
21, 189
4,502
11, 141
8,551
4,110
4,453
21, 582
4,397
10, 920
8,262
4,404
4,262
21, 129
4,553
10, 867
9,074
4, 334
4,620
21,691
4,843
11,215
8,438
4,748
4, 657
21, 877
4,753
10, 915
9,804
4,980
4,498
22, 161
4,635
10, 936
8, 966
4,981
4,743
21, 707
4,751
11, 146
8, 983
4,184
4, 941
21,518
' 4 651 4, 696
\ 1,238 11, 180
' 9, 180 9, 35!)
' 3, 422 3, 273
' 4, 753 4, 694
'20, 946 21,371
2,032
4, 499
2,347
6,744
2,079
4,092
1,926
6,536
1,987
3,648
1,901
6,542
1,986
4,018
1,744
6,627
2,106
3,985
1,579
5,998
2,026
3,425
1,381
5,984
2,124
4,083
1,893
6,302
2,163
3,511
1,850
6,281
2,041
4,773
3,067
6,411
2,030
4,056
1,846
6, 299
2,107
3,482
2,005
6, 759
2,074
2, 015
3, 954 ' 4, 077
2, 125 ' 2, 016
6,552 r 6, 873
88, 859
85, 854
3,005
88,412
85, 445
2,967
88, 146
85, 258
2,888
87, 765
84, 827
2,938
86, 944
83, 991
2,953
86, 100
83, 086
3,014
84, 653
81, 612
3,041
83, 902
80, 921
2,981
84, 182
81, 205
2,977
83, 200
80, 270
2,930
82, 747 -81,735 81, 392 1
79, 776 '78, 664 ' 78, 243 78, 351
2, 971 ' 3, 071 3,111
r
1
1
1
1
2, 201
3, 981
2, 063
6, 224
86, 718
89, 221
89, 623
89, 221
88, 270
87, 371
86, 487
85, 322
84, 797
84, 146
84, 229
83, 492
82, 544 '81, 797
83, 665
6,274
3,081
86, 206
7,657
3,896
86, 600
8,018
4,295
86, 206
7,657
3,896
85, 322
7,235
3,446
84, 417
6,805
3,125
83, 521
6,660
3,036
82, 337
6,973
3,292
81, 824
7,061
3,427
81, 221
7,159
3,527
81, 301
7,162
3,656
80, 561
7,066
3,678
79, 559
6,726
3, 509
r
9,969
14, 746
13, 110
33, 655
26, 939
10, 684
17, 202
13, 406
31,570
24, 293
10,544
16, 933
13, 003
32, 359
24, 887
10, 684
17, 202
13, 406
31, 570
24, 293
10, 399
17, 105
13, 642
31,247
23, 891
10, 384
17, 055
13, 653
30, 926
23, 503
10, 433
16, 777
13, 660
30, 436
23, 256
10, 344
16, 714
13, 530
29, 273
22, 201
10, 556
16, 586
13, 587
28, 619
21, 943
10, 802
16, 344
13, 350
28, 359
21, 599
10, 699
16, 176
13, 468
28, 578
21, 850
10, 773
15, 972
13, 394
28, 154
21, 696
10, 931
15, 763
12, 960
28, 013
21,302
"•11,019 11,050
'15,646 15, 759
'12, 900 12, 906
27, 537 '27,583 1 27, 228
'20, 567 20, 456
3,053
3,015
3,023
3,015
2,948
2,954
2,966
2,985
2,973
2,925
2,928
2,931
2, 985 ' 3, 104
3,136
2,209
47, 078
10, 175
27, 256
2,014
48, 253
10, 767
28, 187
2,003
48, 185
10, 733
28, 702
2,014
48, 253
10, 767
28, 187
1,996
48, 301
10,454
27, 519
1,955
48, 170
10, 430
26, 816
2,011
47, 439
10, 443
26, 594
1,984
46, 412
10, 379
26,547
1,949
45, 812
10, 546
26, 490
1,899
45, 133
10, 648
26, 486
1,827
45, 607
10, 504
26, 291
1,869
44, 987
10, 621
26, 015
1,864 ' 1,818
44,516 '44, 291
10,845 '11,003
25, 319 '24,685
1,851
44, 398
11,032
24, 780
1,775
33, 091
21, 775
22, 023
1,633
30, 246
20, 372
24, 993
1,632
30, 630
20, 705
24, 732
1,633
30, 246
20, 372
24, 993
1,624
29, 935
20, 481
25, 189
1,582
29, 625
20, 301
25, 262
1,642
29, 318
19, 937
24, 881
1,607
28, 228
19, 308
24, 613
1,589
28, 054
19, 198
24, 221
1,557
27, 468
18, 917
24, 059
1,495
28,049
19, 936
23, 742
1,521
27, 814
19, 670
23, 351
1,525
27, 028
19, 554
23, 480
233 635
274, 267
19, 109
23 308
22, 849
22, 137
24, 407
22, 072
21, 796
23, 249
22, 901
21, 091
23,706
21, 876
21, 952
22, 401
23, 422
22 276
22, 831
22, 264
20, 241 P21.593
22, 078 p23, 126
21, 452
21, 409
9 636
1,106
1,670
1,513
4,366
981
9 154
1,159
1,590
1,493
4,070
842
759
115
134
131
313
66
748
87
105
146
351
59
734
84
114
140
342
54
817
84
155
164
335
79
921
113
153
180
394
81
992
137
174
167
419
95
891
109
164
145
388
85
912
143
132
157
396
84
916
126
123
191
398
78
906
111
118
199
391
87
941
114
149
185
419
74
939
126
133
174
414
92
69, 587 232, 940
63, 931 55, 678
15,169 15,044
44, 034 91, 431
27, 434 54, 970
19, 019 15,817
44, 773
19, 950
14, 109
67, 607
29, 410
13, 697
19, 836
9, 898
15, 393
52,621
29, 839
12, 117
82, 061
78, 693 '78,883
' 6, 481 ' 6, 573
3,475
'3,417
1,455 ' 1,476
26, 45P> '26,302
19, 496 '19,475
23,611 ' 23, 915
1
79,
1
048
6, 903
1
1,461
1
26, 251
1
19, 501
1
23, 909
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted
do
INDUSTRIAL AND COMMERCIAL
FAILURES cf
Failures total
number
Commercial service
do
Construction
do
Manufacturing and mining
do
Retail trade .
do
Wholesale trade..
do
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
thous. $
do
do
do
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns. .
940, 996 1,142,113 127, 138
7,938
87 289 126, 537
212 459 171 717 13 033
291 700 406 450 42, 799
220, 223 265, 122 21, 192
129 325 172 287 42, 176
'38.6
237.3
40.9
96, 849 137, 282 139,388 120, 021 131, 898 147, 888 170, 498 251, 920
7,679 21, 137
18, 505 37, 608
7,770
9,289 16, 680 29, 155
6,968 20, 835 36, 504 13, 258 17, 978 19, 306 21, 229 29, 049
39, 162 42, 260 66, 589 46, 399 39, 958 83, 118 93, 485 144, 516
21, 800 24, 979 21, 655 30. 333 32, 972 23, 774 29, 232 30, 134
10, 414 11,600
9,872 19, 066
6,870 22, 352 19, 853 12, 401
38.2
33.7
39.4
910
131
160
157
382
80
43.7
42.1
43.4
46.8
47.4
50.0
45.9
50.8
289
221
329
175
281
220
301
180
282
233
380
187
281
232
316
189
286
235
290
191
276
226
265
191
281
235
306
185
274
229
261
193
270
231
284
187
265
225
279
177
167
157
167
161
171
160
40.1
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products}:
Crops9
Commercial vegetables
Cotton...
_
Feed grains and hay
Food grains
Fruit
_
Tobacco
Livestock and products 9 . . .
Dairy products. .
Meat animals
Poultry and eggs
1910-14 = 100..
do
do
do
do
do
do
do
do
do
do
do
Prices paid:
All commodities and services.
do
Family living items
.do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index) .. . 1910-14=100
Parity ratio §
261
229
302
192
275
220
298
173
159
160
166
154
282
221
362
180
284
215
318
169
287
217
336
161
162
158
164
159
168
158
Federal Reserve Bank of St. Louis
169
159
173
153
174
151
176
161
190
170
187
173
184
175
192
170
251
590
313
359
379
136
247
605
304
366
352
145
204
610
300
365
343
148
316
567
288
318
346
142
252
594
323
331
400
162
221
601
334
355
398
186
216
603
343
354
410
200
207
600
346
351
420
197
215
603
348
344
436
181
217
603
346
336
442
170
203
603
334
334
429
147
228
603
324
329
418
133
261
603
323
323
421
132
276
603
330
331
423
148
246
608
319
339
403
137
273
610
320
350
391
153
310
335
099
324
351
304
327
356
306
328
357
307
330
360
309
333
362
312
332
362
311
334
364
313
334
365
312
335
366
313
335
366
313
335
367
312
339
369
317
340
369
319
340
371
319
342
372
320
355
373
378
378
383
386
385
388
388
390
389
389
392
394
395
396
.
do
75
73
75
74
75
Revised.
v Preliminary.
1 Advance estimate; total mfrs. unfilled orders for Nov.
2
1970 do not reflect revisions for selected components.
Based on unadjusted data.
f Revised back to 1961 to reflect revisions in the mfrs.' sales and inventories series and the retail
inventories series. Data for mfrs.' sales, invent., and orders have been revised back to 1961
Digitized reflect new seas, factors and the introduction of a small number of other corrections. Reto for FRASER
vised data back to 1961,
http://fraser.stlouisfed.org/ new seas, factors, and other technical data appear in a special Census
f
289
221
333
171
68
70
67
72
74
71
73
72
72
75
75
Bureau report entitled Mfrs.' Shipments, Inventories, and Orders: 1961-1970, Series M3-1.2
(available from the U.S. Government Printing Office, Wash., D.C., 20402; price $1.00).
© See corresponding note on p. S-6.
9 Includes data for items not shown separately.
d" Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
§ Ratio of prices received to prices paid (parity index).
J Revisions back to Jan. 1966
are available from the Dept. of Agriculture, Statistical Reporting Service.
SURVEY OF CURRENT BUSINESS
S-8
lata
Unless otherwise stated in footnotes below, data
n in
through 1968 and descriptive notes are as shown in
i
the 1969 edition of BUSINESS STATISTICS
1968
January
19 70
1969
1969
Annual
Nov.
1971
Dec.
Jan.
i
Feb.
Mar.
Apr.
July
June
May
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care
Commodities
Nondurahles
Nondurahles less food
I )urablos 9
Commodities less food
Services
- Services less rent
121.2
_ __
--
131.8
132.5
133.2
134.0
134.6
135.2
135.7
136.0
136. 6
137.4
137.8
128.6
131.4
128. 9
129. 5
131.9
129. 7
129. 8
132.3
130.1
130.3
133.0
130. 8
130. 7
133. 8
131.5
131.5
134.8
132.2
132. 1
135. 5
132. 9
132.6
136.1
133.4
133.0
136.6
133. 9
133.2
136. 9
134.2
133.7
137.8
134.8
134.4
138. 9
135.6
134.8
139. 7
136. 0
120. 5
124.1
123.0
111.6
118.0
143.7
149. 2
122. 9
126.7
125. 5
113.5
120. 2
147.2
153.1
123.6
127.7
125. 7
113.6
120. 3
148.3
154.3
123.7
127.8
125.2
113.7
120. I
149. 6
155. 8
124. 2
128. 4
125. 8
113.7
120. 4
150.7
157. 1
124. 5
128.7
126.1
114. 1
120. 8
152.3
158. 9
125.2
129. 3
127. 0
114 8
121. 6
153.4
160 1
125.8
129.8
127.5
115.9
122.3
154. 1
161.0
126.2
130.0
127. 7
116.7
122.8
155.0
161. 9
126.5
130. 4
127.8
116.9
122.9
155.8
162.8
126. 6
130.5
127.8
117. 0
123.0
156.7
163.8
127.0
131.0
129. 1
117.3
123. 8
157.7
164. 9
127.7
131.3
129. 9
118.8
125. 0
158.5
165.8
128. 0
131.4
130. 5
119.6
125. 7
159. 5
166. 9
119.3
113.7
120. 6
126.8
119. 1
123. 6
115. 1
127. 0
110.4
115. 1
109. 5
113.0
Food 9
_
. _ _ .- -do-. .
Meats, poultry, and
fish
do
Dairy products
- do
Fruits and vegetables
do
Housing
do
Shelter9
._
do_ _
Kent
do
llomeownership
_
do
Fuel arid utilities 9
__ .. -- do. .
Fuel oil and coal
do
Gas and electricity
do
Household furnishings and operation., do
Apparel and upkeep
do
Transportation
do
Private
do
New cars
do
Used cars
do
Public
do
Health and recreation 9
do
Medical care ..
_ _ _. ._
-.. do
Personal care
do
Reading and recreation
...
do.
131. 3
126. 3
128. 6
126.1
115.3
118.4
117.7
107. 5
113.2
134.3
138. 6
. do
do
do
do
do
do. do
130.5
119.7
do
- do _
do
127.7
120.6
121.9
1957-59 = 100-
125. 5
123. 2
124. 5
128.4
126. 7
133. 6
118.8
139.4
128.1
127.2
126. 3
127. 0
129. 8
137.7
120.5
144.5
129. 9
127. 2
127. 6
132.1
130.7
128.8
128. 4
130. 9
130. 5
13K. 5
121.0
145.4
131.1
13'.). 6
121.3
146. 8
131.5
129. 7
128.8
132. 4
132. 2
140 9
121. 8
148. 5
132. 0
130. 9
129 5
134. 7
134.4
143 7
122 6
152. 1
132.4
130. 5
129.9
136.8
135. 1
144.7
123.0
153.3
132.7
130. 2
130. 2
139. 4
135.6
145.6
123. 4
154.4
114.2
118.9
113.2
119.6
114.6
119.2
113.7
120.0
114.6
119.7
114. 1
120. 1
116
120
115
122.
3
9
7
0
116.4
121.0
115.8
122.5
130.7
125 6
122.7
105. 1
124 9
151 1
130.8
126. 4
123. 4
104. 9
123. 9
153. 0
139. 6
158. 1
128. 1
132.7
131
128
124
104
121.
165
142
162
129
134
1
9
9
3
1
8
3
8
8
4
131.9
129. 9
125. 9
104. 1
127. 5
166.6
139 1
157.4
127 8
132 3
12!). 3
127.3
123. 3
104.7
120. 7
165. 1
140. 1
159.0
128. 5
133. 1
116.2
121.2
115 3
122. 8
132. 2
130.6
126 7
103.8
132.0
167 8
143 7
164. 7
130.2
136 1
133.4
130.8
130.6
137.5
136.2
146.2
123.8
155.0
117.2
122.3
115 7
123.0
131.4
131.4
127.2
103.7
131.8
170 8
144 3
165.8
130. 6
136 6
133.5
131.0
130.8
135.0
137.0
147.2
124 2
156.2
117.7
122. 9
116 4
123.2
131. 5
130.6
126 4
103 5
129. 2
171 0
145 1
166 8
131.3
137 1
133.3
130.1
131.3
131.0
137.8
148.4
124. 6
157.8
118.2
124.3
116 8
123.6
133. 6
131.0
126 6
103 1
127.4
173 3
145 7
167 6
131 7
137 7
133.0
129.1
132. 0
129. 3
138. 5
149 1
125 2
158.6
119 0
125 5
118 0
123. 9
134 g
133 5
129 2
108 7
130.3
173 5
146 3
167 9
132 1
138 4
132. 4
127. 1
132. 4
128.5
139. 3
149. 8
125. 7
159. 3
112.9
117.8
111.5
117.9
127.1
124 2
121.3
102. 4
125 3
148.9
136. 6
155.0
126 2
130.5
131.6
130. 2
129.4
133. 1
133. 6
142. 8
122. 3
150. 9
115 6
120.8
114 8
121. 6
130 6
127. 1
123 0
104 4
117.6
165 8
141 4
161 6
129 6
133 6
114 2
114.fi
111.5
116.7
' 116. 1
r
112. 1
T
118.9
r 116.6
r 116.9
r
114.5
' 109. 2
' 113. 0
T
109.5
r 109. 7
' 118.7
* 116.3
* 113. 5
T 118.2
' 110.9
112. 8
115. 1
108. 8
107.2
108.3
106. 4
120. 1
119.6
117.3
100.8
138.2
130.0
145.0
120.3
125. 7
114.9
120.6
114 6
120. 8
130.0
127.3
123 3
104 6
117.8
165 4
140.7
160.1
129. 0
133.2
142.9
163.6
130.3
135.2
120. 7
127. 1
119. 2
124. 5
135.7
134. 4
130.1
110.4
132. 2
175.0
146. 9
168.7
132. 3
139. 3
WHOLESALE PRICESd1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities: t
22 Commodities _ _ ._ .
1967 = 100
9 Foodstuffs
.
...
do
13 Raw industrials
do
All commodities ©
1957-59-100
By stage of processing:
Crude materials for further processing do
Intermediate materials, supplies, etc
do
Finished goodsO
do
Consumerfinishedgoods . .. . . do
Producer finished goods
do
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
do
do
do
do
do
Farm prod., processed foods and feeds
do
Farm products 9 _
Fruits and vegetables, fresh and dried
Grains
,
Live poultry Livestock
do
-do ...
do
do
do
Foods and feeds, processed 9Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed
.
Meats, poultry, and fish
do
do
do _._
do
do
do
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chein prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint
do
do
do
do
do _
do
do
Fuels and related prod., and power 9
do
Coal
do
Electric power
Jan. 1958 = 100
Gas fuels
do
Petroleum products, refined
1957-59 = 100 _
Furniture and household durables 9
Appliances, household
Furniture, household
Home electronic equipment
do
do
do
do _..
' » 97. 7 ' » 110.3
r
' 98. 0 r » 108. 9
>• » 97. 4 ' 1 111.4
r
T
1
r
115.0
* 111.3
- 117.5
r
113.8
r 112.1
r
114.8
^ 112.9
M 13. 6
112.4
r
r 112.9 r 112.0
* 115.3 r 114.3
' 111.2 M10. 5
r
' 108. 8
113.0
114 7
115. 1
116.0
116.4
116.6
116.6
116.8
117.0
117.7
117.2
117.8
117.8
117.7
117.8
r
108.0
111.3
109.9
115.5
107.9
111.8
115.3
114.0
119.3
109.0
113.1
117.6
116.2
121 5
109. 9
113.5
118.0
116.5
122.3
110.7
114.4
118.8
117.3
122.9
113.0
114.7
118.8
117.3
123.1
114.2
114.8
119.0
117.4
123.5
113.4
115.3
118.6
116.8
123.7
112.8
115.7
118.7
117.0
124.0
113.0
115.9
119.0
117.3
124. 2
113.8
116.4
119.7
118.0
124.6
110.9
116.6
119.1
117.2
124.9
112.5
116.8
119.9
118. 1
125.3
110.9
117.1
120.0
117.8
127.0
108.3
117.1
120. 5
118.2
127.5
108.2
117. 2
120.6
118.2
128. 4
111.8
106. 5
109. 5
' 112.1
106. 9
116.6
110.3
113.3
1 16. 6
110.1
118 4
111.9
114.9
118 3
111.6
119.0
112.4
115.3
118.8
111.9
119.6
113.4
116.1
119.4
113.0
120.0
113.9
116. 4
119.7
113.2
120. 5
113.9
116.6
120. 1
113.2
120.9
113.6
116. 9
120.5
113.4
121.3
113.6
117. 1
121. 0
113.4
121.5
113.8
117.4
121.3
113.6
121.6
114.8
118.0
121.5
114.5
121.7
113.9
118.0
121.6
114.4
121.9
114.8
118.2
121.8
114.6
123.0
114.0
118.6
123.0
114.4
122. 9
113.9
118.7
123.0
114.4
123.0
114.0
118.7
123. 2
114.3
r 107. 7
113.5
115.7
116.4
118.2
118.7
118.8
117.6
117.0
117.5
119.3
117.0
118.5
116.0
115.6
115.1
111.3
122. 2
89.2
' 77.9
123.0
113.1
112.6
89.2
81.9
126. 2
108.2
99. 6
89. 2
77.5
118.6
111.8
113.4
100.5
81.7
114.9
107. 5
102.4
96. 0
76.5
111.8
r 106. 7
109. 4
96. 1
78.0
102.3
106.8
113. 1
99. 6
65. 9
100.6
126.6
120.4
125.8
135.7
118.9
126.3
126. 1
121.1
126.5
136. 2
119.6
122.5
126.2
121. 5
127. 9
135.8
120. 1
120.9
124.9
121. 9
128.7
136. 5
119.1
116.4
124.8
122.2
129. 5
136.8
119.6
114.2
123. 6
121.7
129. 9
137.5
119.0
109. 5
r
101.2
r
102.2
' 108. 3
81.9
84.9
104.8
108. 5
111.0
83.3
89. 8
118.3
111. 1
125. 3
81.7
86.3
116.6
111.7
112.4
82. 9
86. 9
120.2
112.5
116.6
85. 9
94. 8
117.3
113.7
117.2
85.9
87.1
124. 9
114.3
118.2
85.5
90. 8
129.6
111.3
112.7
87.8
82.8
124.8
111.0
123.5
88.4
83.7
122. 2
r
114.2
109. 5
118.1
127. 7
114.2
108. 3
119.8
112.9
120.2
131.9
1 1 5. 7
119.5
121.8
116.0
121.9
131 2
116. 3
120.5
122.6
116.1
122. 0
133. 9
116.4
121. 9
125. 1
117.4
122.3
133. 9
116.9
125. 8
125.2
118.3
123. 3
134.1
117.3
124. 9
124. 9
118.4
123. 7
133. 1
116.5
127.1
124.9
118.8
124.6
135. 1
117.5
124. 9
124. 1
120.3
124.6
135.4
118. 1
122.5
124.8
120.3
124.6
135.4
118.5
123.7
109.0
112.7
114.2
114.6
115.1
115.5
115.8
116.2
116.6
116.7
116.9
117.1
117.4
118.3
118.3
118.7
100.0
92. 0
97. 3
95. 0
102.2
122.8
100.4
92.4
97.9
94.7
107.6
122.8
100. 6
91.7
98.2
94.7
106. 8
122.8
100.5
91.8
98.0
94.8
108. 1
122. 8
100.9
91.0
98.8
95. 0
107.7
122.8
101.1
91.6
98. 6
95. 5
112.0
122. 8
100. 9
92. 2
98. 7
94. 8
104. 0
122.8
101.4
92. 7
98.9
95. 1
117.4
123.2
101.6
92. 7
98. 9
95. 5
123. 2
123. 2
101.6
92. 6
98.8
95. 7
122. 7
123. 3
r
r
r
98.2
99. 6
98.4
93. 3
73. 9
114.6
98. 3
89. H
97. 7
93. 8
88.7
119.2
98.9
86.7
97.8
94.2
100.5
120.3
98.8
86. 7
97.8
94. 6
92. 8
120.3
99. 1
87. 6
97.9
94.5
95. 0
121.7
99. 5
91.4
97.7
94. 6
94.3
122. 0
' 102. 5
r
107. 1
104. 6
116.2
102.7
124. 5
101.8
105.5
123.5
103.4
128 8
101.6
106. 1
124.6
103. 4
131.8
102.2
105. 6
125. 4
103.4
132. 4
101.0
106.4
131.7
103. 6
135. 2
101.2
106.3
133.4
103.6
135. 0
100.8
107.5
145. 9
103.7
136.2
101.3
109. 1
146. 9
104.2
136. 1
104.2
108.6
152.8
104.3
136. 3
102.2
108.9
155.5
104.8
137.0
102.4
109. 6
157.8
105. 5
137.2
103.1
111.0
165.3
106. 1
142. 9
103.8
112.6
181.0
108.0
143.0
103.8
113.7
181.6
109. 0
142.4
105.4
116. 9
181.6
109. 5
143.7
109. 9
106.1
93. 0
122. 3
78.2
106. 9
93.6
123.6
77.7
107.2
93. 6
123. 6
77.8
107. 5
94.4
124.3
77.2 I
107.9
94.4
125. 1
77. 2
108.1
94.7
125. 3
77.2
108.3
94.8
125. 6
77.0
108.3
94. 9
125. 9
77.0
108.6
94. 9
126. 0
77.0
108.8
94.9
126.3
77.2
108.9
95.1
126.6
77.2
109. 0
95.0
126. 5
77.2
109.2
95. 5
126.6
77.4
109. 6
95. 7
126. 9
77.8
109.9
96.0
127. 2
77. 8
r
r 101.6
' 123 9
100.3
r 103.
r
9
91. 8
' 117.3
81.0
r
Revised.
v Preliminary.
i Computed by OBE.
9Includes data for
shown separately.
cf P'or actual wholesale prices of i n d i v i d u a l commodities, see
commodities.
JNew reference base; comparable data for earlier periods will
later.
©Monthly data corresponding to revised annuals for 1968 appear in the
T 112.6
r 119.5
items not
respective
be shown
June 1970
issue of Wholesale Prices and Price Indexes (available from the Bureau of Labor Statistics,
U.S. Dcpt. of Labor, Washington, D.C. 20212).
OGoods to users, incl. raw foods and
fuels.
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Annual
S-9
Nov.
1970
Jan.
Dec.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES— Continued
WHOLESALE PRICESd*— Continued
(U.S. Department of Labor Indexes— Continued)
All commodities©— Continued
Industrial commodities— Continued
Hides, skins, and leather products 9
1957-59= 100. . 119.5
128.0
Footwear
- do.
' 99. 9
Hides and skins
do
112.6
Leather
do
'119.4
Lumber and wood products
do
' 127. 3
Lumber
do
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
Metals and metal products 9
Heating equipment
Iron and steel
_
Nonferrous metals
do _ _
do
do
do
do
. .. -
do
do
_do _
do
••115.4
' 127. 2
* 130. 2
' 103. 1
' 128. 7
112.4
' 95.2
' 105. 6
' 125. 1
125. 8
133.2
116.9
119.9
132. 0
142.6
126.8
135.5
110.4
119.6
123.9
129.3
126. 5
135.0
108.9
119.7
122.5
128.2
126.6
135.9
102. 8
119.6
121.6
126. 9
126.7
136.9
101.1
117.3
120.2
124.1
126.8
136.9
99.4
118.2
119. 5
123.3
128.5
138.4
106.6
120. 4
120. 1
123. 5
127. 9
137.8
101.8
120.4
121.0
124. 3
127.3
137. 9
93.8
119. 8
120. 2
123. 0
127.1
137.9
90.8
119.8
119.6
121.8
127.1
137. 9
92.8
118. 9
120.2
123.0
127.3
138.8
93.8
116.8
120. 4
124. 1
127.9
139.0
97.2
118.1
119.2
123.4
128. 4
139. 0
102. 9
118.4
117.9
121. 6
127. 9
139. 1
96.0
118.3
117. 1
120. 4
119.0
132. 8
135.5
104.8
133.4
121.0
135.8
138.6
106.0
136.5
121.9
136.4
139.8
106.2
138. 0
122.5
136.7
140.2
106. 8
138.6
122.8
137.2
140.3
106.9
139.3
123.1
137.1
140.6
107.2
139.8
123.4
137.3
140.8
107.3
140.3
123.7
137.4
140.9
107.5
141.3
124. 1
137.1
141.0
108.2
141.7
124.7
137.4
141.2
108.6
142.2
124.8
137. 6
141.6
108.8
141.5
125.3
138.4
142. 2
109. 4
141.5
126.0
139. 5
145.0
109.5
141.9
126.5
141.0
146.5
109. 8
142.0
127. 2
142. 4
147.3
110. 1
142. 5
118.9
97.6
111.0
137.4
122.9
99.3
113.7
146.4
123.8
99. 7
113.9
150.1
124.9
99.7
114.6
152.8
126.1
99.9
117.0
152 8
127.0
100.5
117.7
153.4
127.8
101.3
117.3
157.1
128. 7
101.7
118.9
157.2
129.1
102.4
120.2
155.0
129.0
103.3
120.4
152.6
128.8
103.4
120. 3
151.1
128. 7
103.8
120. 9
148.4
129.0
104.6
121. 6
147.5
128.0
104.6
120. 7
144.3
127. 4
104.5
120. 7
141.1
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 plastics products §
..do
Tires and tubes
do
' 108. 2
112.8
113.9
114.5
116.5
116.9
117.3
117.8
117.9
117.9
118.1
118.5
118.7
119.1
119. 5
120. 0
'113.3
108.1
'106.5
'104.9
'112.2
' 100. 2
'98.7
117.0
112.2
106.4
108.2
116.6
102.1
98.2
118.5
113.6
109.8
109.3
117.0
104.4
101,7
118.5
114.2
104.3
109. 5
117.4
101. 5
101.7
119. 4
115.9
107.3
111.1
120.3
104.7
101.7
119.4
116.4
108.3
111.8
121.5
104.6
101. 7
119.8
117.0
107. 0
112.1
121.6
104.4
101.7
120.9
117.2
105.6
112.5
121. 6
104.2
101.7
121.2
117.4
104.0
112.3
121.6
104.2
101.7
121.2
118.1
100.7
112.2
121. 7
104.1
101.7
121.3
118.3
100.7
112.5
121.9
105.6
107.5
121.3
118. 9
104.7
112.3
122. 5
106.3
107.5
122.0
119.7
99.2
112.4
122. 6
106.0
107.5
122 2
119.' 8
99.8
113.0
123.1
106.1
107.5
122.4
120. 1
98. 7
112.8
123. 3
105.7
107.5
122. 9
12J. 7
97. 8
112.6
123. 3
106. 0
107.5
Textile products and apparel 9 do
Apparel
do
Cotton products
do
Manmade fiber textile products
do
Silk yarns
.. _-do
Wool products.
. - . . do _
' 105. 8
'110.6
' 105. 2
90.8
183.0
103.7
108.0
114.5
105.2
92.2
169.7
104.6
109.2
116. 7
106.0
91.5
184.6
104.6
109.2
116.9
106.1
91.1
191.1
104.3
109.5
117.2
106.1
91.5
193.5
104.3
109.4
117.5
106.1
91.0
196.3
104.3
109.5
117.9
105.8
90.4
194.2
104.4
109.3
117.9
105.8
89.9
201.3
104.0
109.3
118.0
105.8
89.5
204.8
103.8
109. 3
118.4
105.9
89,0
199.5
102.8
109.2
118.4
105.8
88.4
201.0
102.6
109. 5
119.0
106.3
88.0
201.0
102.4
109. 6
119.6
106.4
87.1
193. 2
102.0
109.4
119.9
106.7
85.7
193.4
100.9
109. 2
120. 0
106. 9
84.8
190. 1
100. 9
108.8
119.5
107.6
84.3
191. 3
100.0
100.7
107.0
114.7
111.3
120.8
102.7
109.0
117.0
112.8
124.0
102.7
109.0
117.0
112.7
124.0
102.9
109.1
117.4
114.1
124.0
102.9
109.1
117.5
114.2
124.0
103.2
109.4
117.8
115.3
124.1
103.1
109.3
117.8
115.0
124.1
103.2
109.4
118.2
115.1
124.1
103.3
109.5
121.0
115.8
132. 3
103.2
109.4
121.4
115.9
131.7
103.3
109. 5
121.5
116.2
131.8
103.6
109.7
121.9
116.4
132. 1
108.2
115.0
122.0
117.0
132.1
108.5
115.3
122. 2
116.8
132. 1
108. 9
115. 9
122. 3
116.9
132. 1
$0. 885
.783
$0. 872
.767
$0. 869
.762
$0. 862
.759
$0. 859
.755
$0. 858
.751
$0. 858
.746
$0. 856
.743
$0. 855
.740
$0. 850
.737
$0. 853
.735
$0. 849
.732
$0. 849
.728
$0. 850
.726
$0. 849
Transportation equipment 9 ---Dec. 1968=100Motor vehicles and equip
1957-59 = 100.. ~ '105.1
'111.7
Miscellaneous products 9
do
108.3
Toys, sporting goods, etc .
do
115.2
Tobacco products
-do
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices
1957-59-$! 00
do
' $0. 919
.825
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted), total
mil. $..
Private, total 9
Residential (nonfarm)
New housing units
do
do
do
Nonresidential buildings, except farm and public utilities, total 9
mil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Military facilities
Highways and streets
6,963
6,091
5,897
6,512
7,106
7,686
8,244
8,470
8,812
' 8, 484 ' 8, 323
7, 989
5 483
2 482
1 984
5 111
2 288
1 797
4 317
1 961
1 495
4 113
1 765
1,300
4 567
1,986
1,454
4 990
2,278
1,636
5,281
2,461
1,743
5, 588
2,634
1,876
5,744
2, 813
1, 990
5,965
2, 935
2, 075
' 5, 790 ' 5, 802
' 2, 698 ' 2, 673
' 2, 093 ' 2, 095
5,603
2, 633
2, 094
18 800
5 594
8 333
22, 033
6,373
10 136
2,076
569
982
1 942
1,623
1 627
1,824
1,891
1,948
1,898
1,983
' 2, 010 ' 1, 998
' 531 '528
' 964
' 964
1,885
438
415
763
1,769
575
889
750
458
841
501
840
498
890
521
925
519
874
543
922
1 704
2 172
200
226
155
174
218
234
235
271
275
266
27 694
28 060
2 384
1 852
1 774
1 784
1 945
2 116
2,405
2,656
2,726
2,847
10 445
11 226
1 047
921
95
36
780
80
41
800
801
75
35
834
118
36
877
82
45
887
89
48
953
104
47
893
87
24
984
86
42
50
82
do
do
New construction (seasonally adjusted at annual
rates), total _ _
bil $
746
517
824
9 295
512
945
9 276
78
41
276
926
93
47
814
45
36
76
74
76
822
73
600
61
483
54
500
53
581
56
677
72
904
75
986
1,144
1,134
1 061
81
984
88 8
89 8
90 8
92 0
90 7
90.4
89.5
90.2
90.7
92. 1
'90.7
' 91. 3
91.1
'62.5
'63.7
63.3
'29.7
30.5
20.7
6. 1
61 8
61 9
62 7
63 3
64 2
63.4
62.4
62.1
62.3
63.6
28 8
28 9
28 7
28 7
29 4
29.6
28.9
28.1
28.6
29.7
' 28.5
22.8
6 6
10.2
22.6
6 4
10 3
23.3
6 4
11.0
24.0
6.0
11.7
23.8
5.9
11.8
22.7
6.2
10,6
22.4
5.9
10.6
22.7
5.9
10.9
21.9
5.9
10.0
22.4
6.2
10.2
21.8
5.7
10.4
' 21. 8
6.0
' 10. 2
2 2
2 5
2 4
2 4
2.6
2.9
2.8
2.9
3.3
3.0
3.3
3.2
27 0
27 9
28 1
28 6
26.6
27.1
27.0
28.4
28.4
28.5
'28.2
do
do
do
do
.do
10 5
10 7
10
10 8
I i
10 9
1 I
10.7
12
10.7
14
10.5
12
' 10.5
' 10.4
' 10.4
10.3
10.5
do
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
_
527
862
' 2 694 ' 2, 521 2,386
do
Private, total 9
7,867
62 806
30 603
23 689
do
do
do
Buildings (excluding military) 9
Housing and redevelopment
Industrial
' Revised.
*> Preliminary.
d"See corresponding note on p. S-8.
data for items not shown separately.
90, 866
56 996
28* 823
22 423
do
Public, total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial..
Military facilities
Highways and streets
84, 690
9
4
8
9.6
©See corresponding note on p. S-8.
5
9
9 Includes
5
.9
8.9
27.8
1.0
1.0
1.1
.4
.5
.4
.5
.6
.5
.4
.5
.5
.8
.8
.9
.6
.7
.7
.9
.7
10.0
9.7
9.9
9.5
9.5
9.3
11.1
§ Beginning Jan. 1970, retitled to read "rubber and plastics products" to cover the direct
pricing of plastic construction products; continuity of the group index is not affected.
5
.9
SURVEY OF CURRENT BUSINESS
S-10
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes areas shown
in the 1969 edition of BUSINESS STATISTICS
| 1969
19 59
Nov.
Annual
January 1071
1970
Jan.
Dec.
Mar.
Feb.
May
; Apr.
i
June I July
Aug.
Sept.
Oct.
5.453
Nov.
Dec.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION
CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
rail.
$
Index (mo. data seas, adj.)
i 61, 732
67, 827
4,406
5,228
193
178
218
205
mil. $
do
19, 597
42, 135
22,858
44, 969
1, 427
2,980
1,727
3,501
1,433
3,495
_.do.-_
do .._
do
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O
22, 513
24, 838
14, 382
26, 085
25, 590
16, 152
1,566
1,675
1,165
2,168
1,744
1,317
52, 419
57, 164
6,878
5,486
5,249
4,928
2 173
1957-59 = 100__
-
do
6, 140 .
6,757
6,553
6,178
6,230
5,398
186
180
212
183
2,815
3,738 j
2,313
3,865
2,078
4,151
;
1,869
3, 529
2.023
3.430
1,750
2,123
1,545
1,919
2,224
2,410 !
2,469
2,331 i
2.347 ! 2,349
1,361 ! 1,549
1,944
2, 176
1,278
1.863
2.302
1. 289
1,701
1,947
1,497
6,457
4,916
5,248
4,303
7,555
7,013
5,417
208
203
1,652
3,597
2,069
4,071
1,791
4,966
;
1,695
3, 722
2, 252
1,475
1,201
2,269
1,482
1,498
2, 191
1,974 j
1, 975
2,413
2,466 '
1,878
5,655
4,092
4, 989
5,857
215 ;
170
4, 829
179
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-familv structures
202 !
;
1,937
3,208 ;
6,023
i
1,499.9
1, 096. 8
1,466.8
810.6
do
do
New private housing units authorized by building
permits (13,000 permit-issuing places) :J
Seasonally adjusted at annual rates:
Total
thous
One-family structures
. do ...
97.4
68.1
94.6
55.1
85.3
63.7
84.1
42.8
69.2
52.0
66.4
33.4
77.0
55.3
74.3
41.4
117.8
87.5
114.7
61.9
130. 2
91.3
128. 4
73.8
127.3
88.4
125. 0
74.8
141.6
92. 4
135. 2
83.0
143.4
103.4
140.8
75.5
131.6
92. 2
128. 7
77.3
133.4
89.2
130.9
76.0
1,280
762
1, 545. 5
thous
1,116.1
do .
- do.. . 1, 507. 7
899.5
do
Seasonally adjusted at annual rates:
Total privatelv owned
One-family structures
5,145
1
1,402
776
1,059
577
1,306
725
1, 392
708
1, 224
697
1,242
728
1,393
835
1,603
827
1,425
838
1,509 ' 1,583
'890
881
r
r
r
' 1. 178 ' 1.309
'600
' 595
1,987
1,204
' 1. 284 ' 1. 309 ' 1, 378 ' 1. 389 ' 1, 521 ' 1. 489
'618
' 704
' 679
' 638
'676
' 698
1.737
834
318.0
Manufacturers' shipments of mobile homes:*
Unadjusted
do .
Seasonally adjusted at annual rates
do
1.300
617
412.7
32.7
452
27 2
~403
23.7
383
23.9
340
29.3
344
39.6
442
32. 6
377
35.4
366
36.8
432
38.1
407
41.1
428
' 156
1.051
'483
1, 108
'555
1, 085
'542
' 127. 8 120. 0
' 90. 0
85.3
' 126. 4 117.6
' 67. 1 67.2
'1,688
' 930
1.353
695
' 1. 213 ' 1. 175
••591
'605
' 143.4
98.7
' 140. 9
' 79. 4
40.5
423
30.3
418
CONSTRUCTION COST INDEXES
Dept of Commerce composite
1957-59 — 100
131
142
144
145
146
146
146
146
148
150
153
'155
American Appraisal Co., The:
Average 30 cities
Atlanta
New York
San Francisco
St Louis
1913 — 100
do
do
do
do
970
1,072
1,070
966
953
1,050
1,158
1,116
1,054
1,021
1,073
1,178
1,136
1,066
1,054
1,076
1,178
1,136
1,061
1,054
1,082
1,210
1,169
1,061
1,060
1,084
1,214
1,171
1,060
1,065
1,085
1,221
1,172
1,061
1,066
1,097
1,231
1,178
1,062
1,072
1.117
1,231
1,178
1,062
1,138
1,127
1, 231
1,177
1,058
1,137
1,150
1. 261
1, 226
1, 106
1, 138
1,158
1. 263
1. 229
1.110
1,140
1,158
1,268
1,229
1,110
1,140
1,167
1,268
1, 229
1,111
1,140
139
150
153
154
155
155
156
157
159
164
168
171
172
176
179
r
157
157
Associated General Contractors of America. Inc.,
The (building only)
1957-59-100
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings...l957-59=100. .
Commercial and factory buildings
do
Residences
do
Engineering News-Record:
Building
do
Construction
do
139.9
139.1
136.7
151.8
149.1
148.0
156.0
152. 5
150.1
156.4
153.2
151.0
156.7
154.2
151.6
157.1
154.5
152.1
158.0
155.5
152. 3
158.3
155.7
152.6
159.4
157.7
153.3
159.8
157.9
153.6
163.8
161.9
157.5
164.1
162. 1
157.8
167.7
165.2
159.3
168.1
165.3
159. 6
169.2
166.5
160.6
136.8
151.9
149.9
167.2
151.9
171.7
152.2
171.7
152.2
172.2
152.0
172.5
152. 2
173.0
154.2
174.9
156.4
177.0
157/5
180.1
160.9
186.0
161.4
186.6
162. 7
187.2
163.6
188.6
164. 3
190.2
3 164.2
3 190. 2
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr.) of- --1967 = 100-.-
103.4
111.8
166.0
166.0
147.6
154.4
147.0
171.1
136.7
145.5
142.9
161.5
161.1
166.6
162.9
159.8
171.1
168.2
198.1
167.8
164.5
204.2
153.0
147.2
184.2
158. 7
149.9
155.4
140.2
151.0
101.7
158.9
146.6
120.8
175.4
163.4
153.9
162.7
169.8
196.9
180.7
163.8
217. 6
166.8
184.9
138.2
14.6
230
11.5
177
14.9
210
10.1
147
16.5
251
9.4
141
20.0
250
10.7
142
26.5
258
13.5
142
O7 7
131.7
"282
12.8
134
6, 495. 94 7, 120. 63
3, 773. 88 4,073.86
560. 12
328. 54
595. 83
317. 14
610. 47
310. 21
501. 86
235. 24
581. 88
257. 74
5,259
9,289
8,802
9,289
9,852
9,937
21, 983
21, 832
1,330
1,508
1,064
4,916
11,215 !
5, 852
4,756
11, 244
5,832
286
652
392
300
687
521
220
530
314
121.3
116 4
116 6
134 0
CONSTRUCTION MATERIALS
Output index: J
Composite, unadjusted 9
Seasonally adjusted
1947-49 — 100
do
Iron and steel products unadjusted
Lumber and wood products, unadj
Portland cement , unadjusted
do
do
do
175. 9
182. 4
' 173. 8
' 157. 5
172. 0
164.5
190.9
162. 6
239. 0
183.7
165. 1
253.4
r
175. 8
167. 2
' 249. 1
168.0
170.3
228. 2
165.7
176.7
234. 1
24. 9
269
12.2
131
27 7
~290
11.5
125
26.6
294
12.7
127
27.9
319
13.2
153
29.4
338
12.0
138
28.1
327
14.3
166
23.8
350
11.1
163
10.4
151
561.43
232. 58
527. 06
237. 52
696. 27
262. 66
705. 61
297.73
751.81
306. 24
788. 61
325. 77
867. 76
340. 56
769. 79
318.97
317. 70
9,745
9,860
10,008
10, 236
10, 373
10, 446 "10, 524
1,042
1,262
1,400
1,586
2,086
2,080
2,111
2, 183
' 2, 127
1,972
2,451
223
502
317
284
585
393
325
627
448
373
741
472
398
1,017
671
393
1,071
616
369
1,147
595
388
1,100
695
'406
r 1, 032
'689
355
919
698
401
964
1,086
177. 85
200.93
176. 27
185. 67
158. 49
REAL ESTATE
Mortgage applications for new home construction:
FHA net applications*
thous units
Seasonally adjusted annual rates*
do
Requests for VA appraisals
do
Seasonally adjusted annual rates}.
do
Home mortgages insured or guaranteed byFed. IIous. Adm.: Face amount
mil $
Vet. Adm.: Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage lo ans of all savings and loan associations. estima ted total
mil. $..
By purpose of loan:
Home construction
do
Home pure hase
do
All other purposes
do
•
Foreclosures
number
95, 856
7,249
8,337
7,704
7,137
8,383
8,491
8,639
9,084
Fire losses (on bldgs., contents, etc.)
...mil. $.. • i. 829. 92 1, 952. 02
146. 32
179. 43
184. 03
206. 89
196.68
188. 47
186. 94
177. 67
! 110,404
T
Revised.
p Preliminary.
i Annual total reflects revisions not distributed to months.
3
Computed from cumulative valuation total.
Ind^x as of Jan. 1, 1971: Building, 160.2;
construction, 192.8.
O Data for Jan., Apr.. July, Oct.. and Dec. 1970 are for 5 weeks: other
months, 4 weeks.
*New series. Data from Mobile Home Manufacturers' Association:
seasonally adjusted annual rates calculated by Bu. of the Census. Available earlier data will
Digitized forbe shown later.
FRASER
d" New base; comparable'data for periods prior to 4th qtr. 1969 will be
2
shown later.
JRevisions for Jan. 1967-Oct. 1970 for permits, for 1961-68 for FHA applications, and for 1961-Feb. 1969 for requests for VA appraisals (seas. adj. annual rate?) will be
shown later. Revisions for 1964-68 for construction materials output indexes appear in the
Dec. 1969 issue of Construction Review (BDSA).
9 Includes data for items not shown separately.
§ Data include guaranteed direct loans sold.
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1969
Nov.
Annual
S-ll
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
123.7
120 6
4 3
8 5
DOMESTIC TRADE
ADVERTISING
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
1 , 550. 0
125.9
437.0
293. 3
144.9
156.8
392.1
1, 698. 8
135.1
496 8
314.4
157.5
175.0
420 0
Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $ 1, 196. 1
63.5
Apparel and accessories
do
Automotive, incl. accessories
_ __ _ .do _.
112.6
32.3
Building materials
.. ._
do
144.4
Drugs and toiletries
do
Foods, soft drinks, confectionery _
do _
106.3
1, 245. 3
60.6
114.4
26.5
158.7
101.5
133.9
95.6
75.7
56.7
22.2
43.2
443.6
101.8
76.5
60.0
15.7
48.2
481.4
Newspaper advertising linage (52 cities) : ©
Total
mil. lines.. 3, 381. 1
Classified
do
923.7
2, 457. 3
Display, total .
_ do
Automotive
do
171.0
Financial
_
do
72.8
General
do__ _
296.1
Retail
do . 1, 917. 4
m^l $
do
do
do
do
do
do
Beer, wine, liquors
do
Household equip., supplies, furnishings.. d o _ _ _
Industrial materials .
do ._
Soaps, cleansers, etc
do
Smoking materials
do .
Allother
.. do
(i)
537.6
50.6
157.6
89.9
38.4
54.2
147.0
5.6
(0
(1)
(1)
0)
(1)
0)
69.9
106.7
109.8
3.5
7.8
1.4
112 1
121.2
10.7
11.1
12.4
13.4
6.5
9.9
2.6
88.7
6.2
13.2
3.9
6.6
1.0
15.8
11.3
15.4
8.1
1.8
5.4
.8
9.1
5.0
12.8
8.9
6.0
16.6
4.7
3.7
3.6
5.2
7.8
3.1
3.1
3.6
3.7
5.6
3.5
19
52.3
40.9
33.5
37.4
3, 575. 1
1, 017. 1
2, 558. 0
173.3
81.7
300.1
2, 003. 0
339.6
83.4
256.2
13 7
307.2
66.9
240.3
5.9
9.8
7.0
241.4
70.2
171.3
11.5
31.7
204.9
21.7
201.7
247.6
72.9
174 7
10 3
9 6
17.8
137 0
236, 708
109, 578
127 130
19, 720
8,892
10 828
20, 703
9,040
11 664
24, 365
14 376
9 989
24, 288
14 273
10,015
29
9
5
4
1.6
1.5
4.9
2.4
4.1
3.1
101.0
2.0
9.0
1.7
70.7
1.1
5.9
.8
71.0
4.7
4.9
1.2
102.6
7.8
7.1
2.0
13.4
10.5
11.4
14.9
10.5
14 4
11 2
95
2
5
1
12
9
15 1
4.8
2 3
1i
6 6
35 6
5.9
2.3
1.6
14 3
8 5
15.1
15.2
8.4
11.5
9.7
8 1
7.2
4.4
9.1
10.0
5.8
4.8
6.3
4.3
7.0
1.0
4.5
3.3
3.0
6.6
3.9
1.2
6.2
9.2
4.0
46.6
37.5
25.0
26.9
1.8
6.5
44.5
5. 2
43 8
1.4
5.3
4.2
2.8
9.9
9.7
5.1
40.9
47.3
11 7
8.2
3 4
1 7
6 4
49 3
303.8
81 8
222 0
15 3
7 1
27 1
172 5
313.4
87 4
226 0
16 9
51
26 8
177 2
284.3
79.9
204.4
15.7
266.5
78.0
188.5
14.0
285.4
83.7
201.7
13.2
20.7
133.2
289.0
80 2
208 8
13 1
6 8
23 8
165 2
21.6
160.3
17.1
151.0
17.3
167.2
286.2
75 3
210.9
13 0
55
24 6
167 8
302.5
76 2
226 3
15 0
6 2
28.4
176 7
325.5
71 4
254 1
13 8
5 5
30 3
204 5
18, 813
8 328
10 485
18, 505
8,393
10, 112
20 592
9 370
11 221
20, 333
9 371
10 962
20, 247
9,294
10 953
21, 291
10, 020
11,271
20,972
9,699
11,272
20, 623
9,437
11, 186
21,410 r 21,757
9,794 r 9 863
11 616 r \\ 394
20, 644
9 056
11 588
24, 365
14 376
9,989
24, 537
14 432
10 105
24, 746
14, 622
10, 125
24 907
14 817
10 090
25,010
14 974
10 036
24, 938
14 921
10, 017
25, 082
15, 088
9,994
25, 092
15,135
9,957
25, 295
15, 246
10,049
25, 579 r 26 272
15 197 T 15 328
10 382 r lo 944
26 614
15 274
11 340
35 963
9,799
5 072
4 613
27
7
4
4
25, 437
7,874
4,796
4,489
28 715
8 918
5 456
29
9
5
5
654
535
793
351
31 326
9,833
5 859
5,400
31,415
10, 418
6 272
5,798
31, 143
9,959
5,860
5,389
474
471
30 404
9,229
5 178
4,739
29
9
4
4
739 T 31 849
039 r 9 539
986 r 5 293
573 r 4 840
30 181
8 280
4 299
3 853
r 453
446
1 317
' 826
1 355
1 407
1,395
1,392
1 465
860
410
884
437
1 377 ' I 459
1 186
1,288
1,378
1,063
1,381
1,079
1,365
1,086
1,319
1 051
9
8
1
0
3
2
.9
5.0
.9
3.9
9.3
8.3
.8
4.5
5.8
4.6
1.7
1.9
5.6
6.8
7.6
6.5
5.5
6.5
1.0
5.7
4.0
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total, mil. $ . 219, 943
Durable goods establishments
do
100, 012
Nondurable goods establishments
do
119, 930
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $__
Durable goods establishments
do
Nondurable goods establishments
do _
22, 487
13, 245
9,242
RETAIL TRADE
All retail stores:
Estimated sales (unadj.), total
mil. $
a
339
110
65
60
4
324
245
261
660
601
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire, battery, accessory dealers
do
do
do _
do
Furniture and appliance group 9
Furniture, home furnishings stores...
Household appliance, TV, radio
Lumber, building, hardware group
Lumber, bldg. materials dealers cf
Hardware stores..
Nondurable goods stores 9
Apparel group
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
do ._ 16 540
do. .
10 227
do
5 235
do
do.
10 984
do
do
°229 079
do
19 265
do. .
4 516
do
7 429
do
3 196
Drug and proprietary stores
Eating and drinking places
Food group
_,
Grocery stores
Gasoline service stations
_
do
do
do
do
.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 sales (seas, adj.), total
Durable goods stores 9
Automotive group
Passenger car, other auto dealers
Tire, battery, accessory dealers
Furniture and appliance croup 9
Furniture, homefurnishings stores
Household appliance, TV, radio
Lumber, building, hardware group
Lumber, bldg. materials dealersd"
Hardware stores
do
do
do
do
do
do
do
do
do
do
do
11
25
°72
a 57
24
458
285
881
925
526
54 493
49
33
3
6
6
295
323
256
152
969
351
112
66
62
4
633
779
911
048
863
16 719
10 439
5 223
14 562
11 278
3 284
238 854
20 158
4 761
7 606
3 505
11
25
75
70
25
863
§49
866
955
116
58 615
53 083
36 411
3 519
6 548
7 403
839
107
378
968
410
459
1 436
1 847
1 046
1 142
879
263
373
1 327
1,217
1 290
792
428
871
672
199
632
818
368
752
370
896
712
184
17, 563
1 241
26 164
2 838
19 241
1 412
1 025
444
368
524
239
1 018
2 026
6 816
6 407
2 079
950
121
331
922
053
1 347
2 120
6 800
6 351
2 131
1 945
6 040
5 649
1 917
5 649
8 636
3 969
3 719
802
388
1 031
828
203
292
483
214
20 732
1 782
446
666
300
2
6
5
2
966
5 128
3 515
408
590
639
29 471
9,229
5,565
5,170
395
1,332
838
423
1,168
909
2o9
745
8 063
5 572
507
3 546
2 409
234
414
613
3 280
2 181
1 eon
331
336
319
^88
979
ro«
21, 493
1 634
373
618
291
1 022
2 141
6 438
5' QQfi
2 229
6 4.Q7
9 1 98
2 178
1 040
2 452
7 025
6 557
2 298
A 700
5 007
4
fi14
4 -1 CO
2 788
Q8Q
fi nei
4 275
2* 930
4 530
3 067
315
302
20, 997
1 618
21, 184
1 500
279
21, 175
1 625
20, 700 22,310
1 653 T i 820
T
1 029
2 474
6 781
6 319
2 344
1,031
2,554
7,112
6 639
2 414
1 047
2 612
6 859
6 387
2 275
1 047 r 1
2 431 T 2
6 665 T 7
r
6 215 r 6
2 141
2
4 930
4 790
5 060
5 046
4 549
3 099
266
549
652
4 323
2 919
278
532
697
4 569
3 069
353
621
336
30, 729
9,487
5,544
5,113
429
440
440
30, 518
9,411
5,483
5,068
432
438
1 422
1 418
1 454
1,435
1,413
857
452
1,399
1,345
876
461
1,395
851
445
856
402
1,205
1 168
1,158
1,217
1,216
1,221
1,236
1,237
424
1,143
892
426
949
256
868
426
927
241
877
469
914
244
936
281
415
924
292
431
848
443
931
290
298
565
687
30, 781 30, 885
9,503 1 9,556
5,652
5,522
5,214
5,090
958
278
r
958
279
405
696
335
941
285
426
701
315
227
775
241
1,062
2,254
6 511
6 075
2,196
r
5 503
6 080
r
r
4 950
3 350
r
354
T 595
5 435
3,685
304
555
648
30, 502
9,320
5,349
4,909
413
r
344
566
263
4 452
3 056
941
432
21, 901
1 837
T
268
377
610
296
335
608
319
912
r 447
1,226
30 536
9,340
5,469
5 029
29
9
5
4
290
r
1, 362
1 076
r
286
801
134
350
921
29 980
9,143
5,325
4 901
o-i o
r
856
420
crjn
1,457
897
246
20 119
1 ^87
988
300
870
429
413
615
367
916
264
933
253
854
450
439
POQ
1 399
1,180
402
459
CQ7
29, 570
8,886
5,114
4,701
885
465
19 797
442
286
584
671
256
409
537
1 088
'87^
29 419
9,275
5,453
5 086
855
439
083
307
r
Revised.
i Series discontinued by source effective with 4th qtr. 1969 data.
° Monthly
revisions for Jan .-Nov. 1968 (unadj. and seas. adj. data) appear in the Census Bureau Monthy
Retail Trade Report, Dec. 1969 issue.
0 Source: Media Records, Inc., 52-City Newspaper Advertising Trend Chart.
9In-
f)
339
1,186
891
456
051
810
664
325
079
465
698
30,534
8, 927
* 4, 942
* 4, 515
'427
r
456
623
689
30, 173
8,428
4,455
4, 022
433
r 1, 384
1,389
894
"•861
409
-433
' 1, 228 1,261
975
'953
'275
286
cludes data for items not shown separately.
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§ Except department stores mail order.
SUKVEY OF CURRENT BUSINESS
S-12
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
January 1971
1969
Annual
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores 9
.mil. $__
Women's apparel accessory stores
Gasoline service stations
Estimated inventories, end of year or month: J
Book value (unadjusted), total f
mil. $_.
Durable goods stores 9
- - do
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group. _do
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
21,278
1,715
380
658
324
21,329
1 650
387
627
304
1,000
2,137
6,436
6,026
2,097
1,038
2,209
6,674
6,239
2,184
1,034
2,270
6,655
6,221
2,183
1,051
2,273
6,679
6,233
2 203
1,044
2,296
6,747
6,290
2,213
1,040
2,353
6,765
6,305
2,233
1,044
2,341
6,818
6,364
2,237
1,055
2,299
6,751
6,299
2,237
1,071
2 347
6 814
6 349
2 156
1,101
2 374
6 870
6, 420
2 165
1 090
2 386
6* 859
6 422
2 917
4,998
5,061
5,114
5 001
5,271
5,200
5,106
5,246
5 187
5 248
r 5 349
5 424
4,554
3,113
310
553
594
4,603
3,108
330
574
649
4,612
3 129
338
560
633
4,527
3 060
323
562
655
4,796
3,285
309
596
669
4,733
3,185
336
613
674
4,628
3,151
307
575
678
4,766
3,247
327
575
693
4 672
3 154
317
580
710
4,736
3 231
311
603
687
4 802
r 3 259
T 324
r
597
690
4 785
3 247
322
590
676
1 116
2 388
6 853
6*408
9
227
2,989
2,621
44, 800
20, 234
9,867
3,081
2,577
45, 363
20, 440
10, 018
3,116
2,598
44, 828
20, 242
10, 035
3,043
2,548
44, 859
20, 349
10, 162
3,046
2,548
44, 819
20, 116
10, 007
3,017
2,539
43, 927
18, 684
8 573
3,005
2,520
44, 659
18, 665
8 546
3,022
2,534
45, 347
18, 227
7 965
3,100
2,526
46, 216
18, 124
7 697
3,129
2,544
22, 189
4,050
4,393
24, 008
4,426
4,691
26, 416
4.975
4,762
24, 008
4,426
4,691
23, 456
4 256
4,550
23, 896
4 385
4 588
24 566
4 544
4 643
24, 923
4,611
4,664
24, 586
4,539
4,664
24, 510
4,454
4,671
24, 703
4,480
4,687
25, 243
4 685
4 660
25 994
4 853
4 670
27, 120
4 945
4 850
28, 092
5 149
5 055
8,314
4,886
9,186
5,348
10, 834
6,435
9,186
5,348
9,080
5,230
9 319
5 376
9 713
5 671
9,865
5,713
9,719
5,622
9, 735
5,605
9,980
5,768
10 253
5 937
10 806
6 276
11 505
6 689
11 839
6 916
41, 604
18, 851
8,776
3,066
2,705
44, 623
19, 980
9,558
3,199
2,627
44, 268
19, 835
9,563
3,144
2,611
44, 623
19, 980
9,558
3,199
2,627
44, 014
19, 342
9,066
3,138
2,550
44, 133
19 388
8,989
3,134
2 533
44, 325
19 471
9 153
3,118
2 519
44, 326
19, 426
9,166
3,082
2 503
44, 109
19, 346
9,240
3,025
2,488
44, 527
19, 552
9,415
3,034
2, 528
44, 965
19, 739
9,613
3,026
2,552
45, 453
20 119
10 050
3,011
2 558
45, 691
20 270
10 114
3 004
2 575
44, 883
19 291
9, 113
3,024
2 564
44, 507
18 542
8,320
2,980
2 549
22, 753
4,214
4,375
24, 643
4,606
4,672
24, 433
4,560
4,597
24, 643
4,606
4,672
24, 672
4,606
4,577
24, 745
4 563
4 634
24, 854
4 651
4 634
24, 900
4 620
4,664
24, 763
4,613
4,673
24, 975
4,649
4,694
25, 226
4,647
4,763
25, 334
4 593
4 750
25 421
4 583
4 712
25, 592
4,579
4,746
25,965
4 720
4,879
8 849
5, 187
9,777
5,677
9,645
5,635
9,777
5,677
9,828
5,741
9 864
5 731
9 926
5 810
9 873
5 713
9,830
5,696
9 993
5 796
10, 198
5,922
10 277
5 961
10 369
6 017
10, 394
5,988
10 544
6 056
94, 194
103, 070
9,258
12, 541
8,112
7,316
8 463
8,560
9,160
8 986
9,018
9 007
8 946
5 186
767
1,837
1 335
3,373
2,122
1 303
5,921
905
2,090
1,598
3,777
2,487
1,354
556
110
191
144
320
208
112
906
163
314
237
489
205
143
387
73
131
101
322
203
88
352
58
120
97
294
193
85
507
66
167
159
348
215
100
460
63
163
124
322
234
105
485
71
170
134
347
221
106
503
72
182
147
342
222
109
428
55
160
117
356
231
105
502
59
179
151
352
243
100
510
60
180
162
357
242
100
38 395
41,997
4,045
6,340
2 808
2,624
3,306
3 405
3,599
3 562
3,463
3 624
3 620
35 708
26, 184
4 821
39, 222
28, 934
5 232
3,783
2,786
477
6,027
4,424
875
2 613
1,921
326
2,406
1,746
321
3,072
2,241
415
3 174
2,355
409
3,351
2,467
464
3 315
2 475
440
3,222
2,376
424
3 376
2,491
448
3 364
2 500
442
do
°34 295
do... . 1,736
37, 163
1,816
3,148
146
3,409
171
3 511
112
3,028
103
3 179
127
3 166
155
3,468
159
3 323
163
3,515
164
3 324
146
3 260
139
8,739
8,902
9 038
9 078
8 952
9 160
9 167
9 189
9,227
9 229
9 279
515
93
177
147
326
216
523
85
177
158
314
207
487
82
173
125
349
215
521
85
175
140
339
217
477
73
164
127
361
214
530
74
185
142
348
234
496
73
172
132
347
215
517
71
191
148
354
212
509
68
187
138
364
221
526
72
187
155
367
236
499
67
178
143
378
232
3,519
3,695
3 646
3 698
3 605
3 665
3,746
3 695
3 765
3,447
2,556
442
3 428
2 498
460
3 442
2' 534
448
3 362
2 476
'443
3» 782
3 535
2 608
473
3 750
3,264
2,406
437
3 502
2,554
488
3 420
2 531
462
3,504
2,569
467
3 441
2,534
465
3 511
2 599
477
3,199
142
3,213
131
3 344
136
3 306
140
3 318
146
3,274
151
3 344
149
3 444
144
3,377
154
3,427
146
3 424
155
do
do
. do
.do
do
do
do
do
a
do
do
do __
do
do _.
do
do
do
do - .
do
do
do
do
. . do
20, 630
7 140
13 490
8 677
11,953
21, 490
7 174
14 316
8,648
12, 842
20, 143
7,082
13, 061
8,312
11, 831
21, 490
7 174
14, 316
8,648
12, 842
20, 594
6,802
13, 792
8,142
12, 452
20, 086
6,786
13, 300
7,993
12, 093
20, 010
6 794
13 216
8 089
11 921
20, 083
6,819
13, 264
8,199
11,884
20, 254
6 865
13 389
8 403
11,851
20 491
7 183
13 308
8 550
11,941
20, 257
7 139
13 118
8 357
11, 900
20, 286
7 143
13 143
8 305
11 981
19 378
6,941
12 437
8,317
11, 061
20, 140
6,976
13 164
8,280
11, 860
20, 087
7,055
13, 032
8,190
11, 897
20, 140
6,976
13 164
8,280
11, 860
20, 198
6,930
13 268
8,262
11,936
20 433
7,077
13 356
8 428
12 005
20 375
7,074
13 301
8 390
11,985
20, 363
6,983
13 380
8,325
12, 038
20 315
6,902
13 413
8 268
12 047
20 428
7,040
13 388
8 348
12 080
20 533
7,015
13 518
8 357
12 176
20 628
7 056
13 572
8 362
12 266
'
|
r
Revised.
"See corresponding note on p. S-ll.
t Series revised to reflect benchmarking to the levels of the 1968 and 1969 Annual Retail Trade Reports (Census Bureau),
and also recalculation of seas, factors for all lines of trade; description of revisions and re-
21, 607 21 745
r \ 746 1 772
r
398
396
'655
676
332
325
43, 723
19, 827
9 573
3, 046
2,523
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). .
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
21, 242
1,704
386
650
295
42, 927
19,471
9,420
3,025
2,530
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
21, 107
1,694
373
661
296
43, 535
19, 527
9,424
3,122
2,546
General merchandise group with nonstoros9
mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mail order sales . do. __
Variety stores
do
Estimated sales (seas, adj.), total 9
21, 182
1,684
387
627
284
46, 014
19, 598
9,114
3,298
2,606
Nondurable goods stores 9
do —
Apparel group
do
Food group
_ do
General 5 merchandise group with nonstore '
mil. $
Department stores
_ . do._ _
Grocery stores..
Tire, battery, accessory dealers. ..
21, 196
1,728
397
634
293
43, 535
19, 527
9,424
3,122
2,546
Book value (seas, adj.), total J
..do
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber, building hardware group do
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
20, 667
1,608
383
590
271
40, 601
18, 412
8,653
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
20, 837
1,735
420
650
296
4,475
3,083
294
550
614
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.. .
20, 684
1,616
391
608
273
4,987
do
do
do
20, 144
1,681
397
603
335
1,004
2,233
6,429
6,012
2,078
_do
Drug and proprietary stores
Eating and drinking places
Food group
r
20,242
1,677
406
627
305
vised data back to 1961 appear on pp.38ff. of the Oct. 1970 SURVEY.
shown separately. § Except department stores mail order.
9 Includes data not
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
S-13
1969
1969
Annual
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. p
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total inch armed forces overseas
..
mil__ i 201. 18 i 203. 21
204. 00
204. 18
204. 35
204.51
204. 66
204.84
205. 02
205. 20
205. 40
205. 60
205. 81
206. 03
206. 24
206 43
84, 239
80, 733
77 902
74, 296
3,606
2,831
84, 920
81 427
78 716
75, 395
3 322
2 710
84, 856
81 416
78 788
75! 805
2 984
2,628
84, 105
80, 719
77 313
74, 398
2,915
3,406
84, 625
81, 283
77 489
74, 495
2,994
3,794
85, 008
81, 690
77 957
74, 786
3,171
3,733
85, 231
81, 960
78 408
74, 877
3,531
3,552
84, 968
81, 741
78, 357
74, 632
3,725
3,384
87, 230
84, 050
79, 382
75, 174
4,208
4,669
87, 955
84, 801
80, 291
76, 173
4,118
4,510
87, 248
84, 115
79, 894
76, 112
3,782
4,220
85, 656
82, 547
78 256
74, 730
3,525
4,292
86, 255
83 175
78 916
75, 522
3 394
4,259
86, 386
83 347
78 741
75, 515
3 226
4 607
86, 165
83 152
78 516
75, 564
2 952
4 636
412
375
81 379
78, 528
75, 094
3 434
2,851
389
81, 583
78, 737
75, 302
3,435
2,846
392
82, 213
79,041
75, 615
3,426
3,172
409
82, 249
78, 822
75, 323
3,499
3,427
465
82, 769
79, 112
75, 562
3,550
3,657
545
82, 872
78, 924
75, 338
3,586
3,948
569
82, 555
78, 449
74, 836
3,613
4,106
612
82, 125
78, 225
74, 671
3,554
3,900
685
82, 813
78, 638
75, 119
3,519
4,175
711
82, 676
78, 445
75, 025
3,420
4,231
736
83, 031
78, 424
75, 025
3,399
4,607
792
83 353
78, 686
75, 398
3 288
4,667
745
83 393
78 535
75 202
3 333
4,858
870
83 446
78 472
75 061
3 411
4,974
1,045
3.6
2.2
38
12 7
16
3.5
2.1
3 7
12 2
15
3.5
2. 1
3 6
11.8
3.5
2.2
3.5
11.8
3.9
2.5
3.6
13.8
4.2
2.8
4.1
13.4
4.4
2. 9
4.5
13.9
4.8
3.2
4.4
15.7
5.0
4.7
5.0
5.1
5.5
5.6
5.8
6.0
5.1
4.5
5.0
14.3
14.6
13.9
4.8
5.1
15.9
16.8
1.8
6.3
2.0
7.0
2.2
7.1
2.6
8.0
2.5
8.7
2.7
8.3
2.8
8.4
2.9
9.0
55
17 5
3 2
5 7
17 5
3 3
3.2
2.0
3.1
21
3 9
3. 2
2.1
3. 2
2.1
2.4
8.7
5 1
17. 1
31
4.2
4.3
3. 6
2.1
5.5
3.5
7.3
5. 5
3.7
7. 7
3
6
3
3
5
0
3
0
3.6
5.4
3.7
3.6
3.6
6.0
3.8
3.7
6 2
9. 1
6 4
11.0
81
80
67, 915
56, 070
70, 274
58, 070
71, 354
58, 893
71, 760
59, 206
71, 309
58, 288
67 915
56, 070
606
3 285
19, 781
11 626
70 274
58, 070
619
3 437
20 169
11 893
70, 808
58, 485
624
3,473
20, 082
11, 782
338
600
472
636
1 316
1,390
1,966
1,974
2,039
462
433
8,155
1,782
85
319
609
484
656
1 358
1,442
2,028
2,013
2,067
476
440
8,277
1,796
82
1,406
691
1,065
1,030
561
355
LABOR FORCE
Labor force, persons 16 years of age and over.-thous..
Civilian labor force
do
Employed total
do
Nonagricultural employment
do
Agricultural employment
- do
Unemployed (all civilian workers)
do _
Seasonally Adjusted J
Civilian labor force J -.
_
do
Employed, total
_
_ _
do
Nonagricultural employment-do _ _
Agricultural employment
do
Unemployed (all civilian workers)
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group) :J
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
Married men
Negro and other races
White workers
__
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultiirai):
Private wage and salary work: ; :.
Construction
Manufacturing
Durable goods
82, 271
78 737
75 921
72, 104
3,817
2,816
6.7
6.4
1.5
6.2
1.7
5.7
4.6
2.3
5.0
2.7
5.2
2.9
5.7
2.8
6.2
2.6
6.3
3.1
6.6
2.7
7.0
2.8
7.5
3.9
7.1
3.8
3.8
4.3
7.9
4.6
4.6
5.2
5.2
5.5
6.0
11.9
10.9
5.6
4 7
4.7
4.8
4.8
8.1
4.7
4.9
69, 933
57, 483
70, 029
57, 447
70, 460
57, 780
70, 842
58, 481
627
3,496
20, 082
11, 773
70, 992
58, 602
625
3,394
20, 018
11,679
71, 135
58, 694
626
3,466
19, 937
11, 625
296
603
479
659
1,384
1,444
2,043
1,934
2,028
476
436
8,300
1,806
80
290
606
478
659
1,380
1,447
2,051
1,930
2,009
476
447
8,309
1,805
77
281
605
477
653
1,360
1,436
2,043
1,922
1,988
474
440
8,339
1,817
80
1,412
712
1,093
1,061
1,405
718
1,109
1,064
1,410
720
1,110
1,067
594
345
596
338
4,310
14, 084
3,611
10, 473
3,382
10, 623
11, 845
2,737
9,109
4,431
14, 645
3,738
10, 907
3,557
11,211
12, 204
2,758
9,446
46, 475
14, 514
4.1
3.6
6.9
3.3
8. 1
11.0
12.2
13.8
9.3
5. 2
3.2
7.2
6.0
11.9
8.8
9.3
5.2
4.9
5.3
5.1
70, 758
58, 001
70, 780
58, 054
71, 385
58, 746
70, 602
58, 485
70, 527
58, 511
70,922 ' 70,692 ' 70,632
58,466 ' 57,874 ' 57,701
71,242
58, 739
626
3,481
19, 944
11, 648
71,149
58, 539
622
3,426
19, 795
11, 529
70,839
58, 238
620
3,351
19, 572
11, 386
70,629
58, 070
620
3,324
19, 477
11,286
70,587
57, 996
618
3,314
19, 402
11,217
70,414
57, 818
619
3,305
19, 271
11, 134
70,531
57,946
621
3,262
19,285
11,145
' 70,182 ' 70 076 70, 364
' 57,464 ' 57,304 57, 561
625
'621
626
T
3, 278 ' 3 300 3,308
' 18,684 ' 18,547 18, 920
' 10,602 r 10 460 10, 836
277
598
472
657
1,349
1,428
2,048
1,993
1,890
472
441
8,312
1,830
80
271
593
471
651
1,337
1,425
2,046
1,995
1,950
472
437
8,296
1,823
81
261
585
468
644
1,323
1,411
2,032
1,979
1,925
471
430
8,266
1,805
81
256
582
456
638
1,309
1,394
2,004
1,956
1,897
468
426
8,186
1,805
81
250
575
453
636
1,305
1,388
1,982
1,936
1,876
461
424
8,191
1,800
81
243
570
454
628
1,301
1,387
1,969
1,934
1,853
458
420
8,185
1,789
81
240
570
453
631
1,298
1,387
1,939
1,903
1,841
453
419
8,137
1,784
82
237
575
457
635
1,315
1,395
1,926
1,896
1,839
452
418
8,140
1,779
76
220
569
451
627
1,276
1,356
1,871
1,812
1,770
436
418
8,084
1,776
78
1,416
721
1,113
1,068
1,398
720
1,113
1,067
1,396
721
1,113
1,066
1,394
721
1,111
1,063
1,375
714
1,108
1,060
1,385
711
1,103
1,055
1,393
706
1,105
1,054
1,376
703
1,103
1,053
1,380
706
1,105
1,056
594
339
595
337
591
333
589
333
585
334
548
332
570
334
578
333
567
324
569
324
'223
569
'453
' 626
'
' 1, 251
'
' 1,312
' 1, 856
'
' 1, 802
'
' 1,515
'442
r 412
411
' 8. 082 ' 8, 087
T
1, 769 ' 1, 781
76
' 77
'948
' 945
1,367 ' 1, 374
698
700
1,102 ' 1, 100
' 1, 052 ' 1, 045
' 192
190
' 554
557
' 319
323
4,464
14, 848
3,782
11, 066
3,611
11, 383
12, 323
2,730
9,593
4,469
14, 750
3,807
10, 943
3,626
11,431
12, 361
2,721
9,640
4,507
14, 938
3,828
11,110
3,648
11,472
12, 390
2,717
9,673
4,496
14, 987
3,834
11,153
3,652
11,530
12, 441
2,718
9,723
4,502
14, 984
3,847
11,137
3,665
11, 537
12,503
2,766
9,737
4,468
14, 991
3,853
11,138
3,673
11, 564
12,610
2,838
9,772
4,478
14, 968
3,859
11, 109
3,677
11,572
12,601
2,768
9,833
4,511
14, 927
3,849
11,078
3,679
11,532
12,559
2,689
9,870
4,539
14, 933
3,856
11,077
3,676
11, 514
12,591
2,668
9, 923
4,520
14, 912
3,840
11,072
3,670
11,521
12,596
2,659
9,937
4,511
14,961
3,850
11,111
3,684
11,622
12,585
2,649
9,936
' 4, 509 ' 4, 494
' 15,011 ' 14,931
' 3, 857 ' 3, 852
' 11,154 ' 11,079
3, 696 '3,711
' 11,665 ' 11,695
' 12,718 12, 772
2,654
2,661
' 10,064 10,111
4,443
14, 827
3,859
10, 968
3,720
11,718
12, 803
2,652
10, 151
48, 084
14, 768
48, 797
14, 763
49, 097
14, 680
47, 373
14, 402
47, 316
14, 346
47, 648
14, 385
47, 854
14, 240
47, 905
14, 061
48, 582
14, 261
48, 297
13, 958
48, 340
14, 101
48,342 ' 47,763 ' 47,618
14,224 ' 13,575 ' 13,414
48, 226
13, 718
14, 514
8,457
14, 768
8,648
14, 638
8,522
14, 638
8,516
14, 573
8,425
14, 489
8,367
14, 512
8,409
14, 389
8,318
14, 180
8,186
14, 140
8,134
13,974
8,019
137
495
372
509
1,046
1,072
1,342
526
1,085
1,110
1,379
526
1,108
1,106
1,384
527
1,103
1,110
1,391
520
1,086
1,100
1,383
522
1,072
1,090
1,381
517
1,063
1,087
1,381
512
1,049
1,079
1,366
506
1,037
1,060
1,340
505
1,034
1,057
1,321
14,000 ' 13,405 ' 13,297
8,039 ' 7, 504 ' 7, 388
128
'122
118
495
'495
490
'374
373
377
'496
505
' 500
1,047 ' 1, 005
'983
1,067 ' 1, 002 ' 986
1,281 ' 1, 233 ' 1,217
13, 680
7,774
141
501
375
14, 090
8,082
143
504
386
3 0
6.0
5.9
5.7
5.5
6.1
6.3
6.7
7. 1
7.2
7.5
EMPLOYMENT
Employees on payrolls of nonagriculturai estab.:!
Total, not adjusted for seasonal variation, -thous . .
Private sector (excl. gov't)
do
Seasonally Adjusted
Total.. ...
-. .
.thous
Private sector (excl. gov't)
do
Mining
do
Contract construction
do
Manufacturing..
-.do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products.
do
Furniture and
fixtures
do
Stone, clay, and glass products .
do
Primary metal industries
do
Fabricated metal products . . . - d o
Machinery, except electrical
do ..
E lectrical 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
Finance, insurance, and real estate
do
Services
do
Government
do
Federal
do
State and local
. do
Production (or nonsupervisory) workers on private
nonagriculturai payrolls, not seas, adj ^thous..
Total on manufacturing payrolls
. . do .
Seasonally Adjusted
Total on manufacturing payrolls
do
Durable goods .
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
r
994
187
192
521
390
999
183
184
529
401
993
191
168
522
397
995
192
164
524
396
999
193
Revised.
» Preliminary.
* As of July 1.
{Effective with the Mar. 1970 issue of the SURVEY, labor force data reflect new seasonal
factors; comparable figures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1970
156
523
395
987
193
155
515
390
980
194
151
511
390
979
193
971
192
959
193
(USDL, Bureau of Labor Statistics).
1 See corresponding note, p. S-14.
955
191
954
191
131
491
373
129
491
372
499
1,033
1,058
1,316
500
1,031
1,060
1,288
955
190
228
574
••454
'630
1, 273
1, 351
1,878
1,841
1, 534
'447
949
1,371
696
1,100
1,045
192
559
318
116
487
370
497
1,012
1, 039
1,229
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Nov.
Annual
January 1971
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on mfg. payrolls— Continued
Durable goods— Continued
Electrical equipment and supplies
thous..
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---
1,319
1,441
1,341
1,456
340
6,056
1,192
72
881
1,240
536
667
344
6,120
1,205
69
881
1,241
552
682
610
622
118
435
113
460
285
294
306
296
37.8
42.6
37.4
40.7
37.7
43.0
37.9
40.6
1,319
1,291
1,323
1,358
1,313
1,345
1,294
1,317
343
6,148
1,226
67
878
1,242
558
691
343
6,122
1,241
67
867
1,226
557
690
339
6,103
1,235
67
861
1,223
558
690
620
619
616
613
332
6,071
1,217
67
860
1,221
556
687
118
457
119
459
119
454
119
453
118
450
1,264
1,418
1,255
1,403
292
289
337
6,116
1,214
67
873
1,233
554
690
351
6,122
1,213
64
874
1,238
557
691
292
619
118
459
1,246
1,384
289
289
289
610
286
1,289
1, 290
1,266
1,285
280
329
5,994
1,216
68
852
1,206
551
681
278
274
327
6,006
1,214
67
842
1,214
549
679
324
6,008
1,203
67
839
1,223
544
680
323
5,955
1,198
69
837
1,206
540
676
605
602
118
412
118
434
118
444
117
433
606
290
289
285
284
285
284
37.6
37.5
43.5
38.1
40.6
40.5
37.6
37.7
43.2
38.2
41.0
40.7
37.5
37.1
42.7
36.7
40.1
40.3
37.3
37.0
43.4
38.2
39.8
39.9
37.4
37.2
43.2
38.0
40.0
40.2
37.2
36.9
43.1
38.3
39.7
40.0
37.1
37.0
42.6
38.1
39.8
39.8
289
1,297
1,309
603
286
1,258
1,286
273
322
5,961
1,193
63
839
1,210
543
680
606
115
436
' 1, 213
'977
'267
316
' 5, 901
' 1, 184
63
830
' 1, 196
' 535
'676
'603
116
423
' 1, 181
'967
'264
'313
' 5, 909
' 1, 197
'64
'828
' 1, 203
537
675
'598
116
'420
275
'271
1,220
1,220
260
324
5,906
1,195
64
832
1,200
533
677
596
117
422
285
277
37.2
37.4
42.4
37.6
40.0
39.8
37.3
37.6
42.5
37.4
39.9
40.1
37.2
37.6
42.2
37.3
39.8
39.8
36.8
37.0
42.0
35.1
39.6
39.3
'37.0
'36.9
'42.9
'37.1
'39.7
' 39. 6
' 2.7
37 0
37.1
41.8
38.2
40.0
39 7
40.0
'2.5
' 40.3
'39.8
39.4
'41.0
'39.5
'40.0
'40.6
39.5
39.7
'39.9
'38.6
40.1
276
270
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of private nonagric estab ^[ hours
Not seasonally adjusted
do
Mining
-.-do
Contract construction
_.- - .do.. Manufacturing: Not seasonally adjusted .--do
Seasonally adjusted
do
Overtime hours
do
3.6
3.6
3.5
3.3
3.2
3.2
3.0
2.9
2.8
36.9
37.0
42.7
36.9
39.6
39.4
'2.8
41.4
41.3
41.1
41.3
41.0
40.5
40.7
40.4
40.3
40.4
40.7
3.1
39.8
39.9
41.5
40.6
40.6
41.8
41.6
41.7
42.1
40.3
42.2
40.5
39.4
40.4
40.2
40.4
42.0
41.8
41.6
42.5
40.4
41.5
40.7
39.0
40.3
40.2
40.0
41.8
41.6
41.4
42.2
40.1
40.7
40.9
38.9
40.5
40.3
40.0
42.1
41.7
41.5
42.6
40.3
41.4
40.9
39.3
40.6
39.6
39.5
41.7
41.2
41.4
42.2
40.5
40.2
40.7
39.3
41.3
40.1
39.3
41.7
40.9
41.1
41.9
39.7
40.3
40.2
38.6
41.1
39.5
39.4
41.8
40.7
41.2
41.8
40.2
40.4
40.7
39.0
41.1
39.8
39.3
41.6
40.1
40.9
41.4
40.0
39.7
40.5
39.0
40.8
39.7
38.8
41.3
40.2
40.6
41.1
39.7
40.3
40.1
38.7
3.2
40.3
40.6
39.6
38.9
41.1
40.4
40.9
41.1
39.5
41.6
40.2
38.6
40.3
39.8
39.3
41.2
40.7
41.3
41.1
40.4
41.2
40.3
39.1
40.4
39.8
39.0
41.0
40.4
40.6
40.9
39.9
40.7
40.0
38.6
39.7
39.6
38.3
40.9
40.9
39.8
40.1
39.2
39.8
39.4
38.1
40.1
'39.2
'39.2
41.0
'39.9
40.1
40.4
39.7
39.8
'39.8
'38.3
do
do
do-..
do
do do
39.8
39.7
39.6
39.3
39.4
39.4
39.1
3.2
3.2
3.0
3.0
39.0
39.3
3.3
39.8
39.6
3.4
39.1
38.6
40.8
37.4
40.8
35.9
40.8
37.2
40.7
35.8
40.8
36.2
40.9
36.0
41.0
38.3
40.4
35.6
40.7
37.3
40.1
35.5
40.5
37.5
40.2
35.6
40.6
38.3
40.6
35.5
40.7
37.1
39.8
35.1
40.3
37.4
40.0
35.2
40.2
37.9
40.3
35.5
40.7
37.4
39.9
35.1
40.0
36.1
38.8
34.2
'38.9
' 2.8
2.8
40.5
40.3
'38.1 '38.7
' 39. 6 39.6
' 34. 9 '35.4
39 0
40.8
37.9
41 2
36 1
do-_
do
do
do...
do
do
42.9
38.3
41 8
42 5
41.5
38.3
43.0
38.4
41.8
42.6
41.1
37.2
42.7
38.4
41.8
42.6
40.8
37.3
42.8
38.6
41.8
42.3
41.1
37.7
42.8
38.2
42.0
42.5
40.9
37.5
42.3
38.0
41.8
42.7
41.0
37.1
42.2
38.0
41.8
42.2
40.7
37.4
42.1
37.9
41.4
41.9
40.7
37.4
41.8
37.7
41.5
42.5
40.0
37.7
41.6
37.7
41.5
42.6
40.4
37.6
41.7
37.9
41.5
42.6
40.8
37.6
41.7
37.6
41.3
43. 1
40.4
36.8
41.4
37.4
42.0
43.0
40.0
36.5
'41.7
'37.4
'41.3
'43.2
'39.6
37.0
'41.7
'37.5
41.3
'42.9
'39.4
'37.2
41.5
37.6
41 3
43. 1
39.4
37.1
40.6
36 0
40 1
34 7
37 0
34 7
40.7
35.6
40.2
34 2
37.1
34.7
40.7
35.5
40.3
34.0
37.2
34.7
40.8
35.5
40.5
33.8
36.9
34.6
40.7
35.4
40.3
33.8
36.9
34.4
40.7
35.4
40.2
33.7
37.0
34.4
40.6
35.3
40.1
33.8
37.0
34.7
40.2
35.3
40.1
33.7
36.9
34.4
40.6
35.4
40.1
33.9
36.8
34.5
40.6
35.4
39.9
33.8
36.7
34.4
40.7
35.4
40.0
33.9
36.8
34.6
40.6
35.4
39.9
33.9
36.9
34.7
40.5
35.2
39.7
33.8
36.7
34.5
40.5
'35.3
39.9
33.8
36.7
34.4
'40.4
35.3
'39.8
33.9
'36.8
'34.4
40.2
35 1
39.9
33 6
36.4
34 3
Man-hours, all wage and salary workers, nonagric.
establishments, for 1 week in the month, seas,
adjusted at annual ratef.
- . - bil. man-hours- - 134 77
139 09
139 97
140. 25
139. 44
139. 70
140. 21
139.74
139. 05
138. 39
138 70
138 24
138. 09 '137 04 '137 00
137 50
115.5
77 9
112 6
118 0
123 5
118.1
80 6
119 2
119 8
126 0
117.1
82 0
121.4
118.1
123.3
117.8
81.8
122.5
118.7
124.1
115.4
80.9
113.4
117.5
121.8
115.6
82.2
121.1
116.1
120.0
115.5
81.6
120.6
116.3
120.8
114.1
81.1
119.7
114.7
118.5
111.7
79.5
116.0
112.6
116.3
111.3
79.3
113.4
112.6
116.2
111.3
79 1
112 7
112 7
116 1
109.8
78 6
112 0
111 0
114 1
107.5
78 5
103 5
109 8
112 9
' 105. 1 ' 104. 7
r gO 9
80 0
' 109 5 ' 110 9
' 105 6 ' 104 8
' 105 7 ' 104 0
223 7
94 3
127.3
108 9
208 6
94.8
130.3
113 0
190.5
93.6
127.7
112.5
186.9
94.2
127.4
113.5
178.2
92.4
125.5
110.9
180.1
92.1
123.3
111.3
174.6
90.1
123.6
110.5
165.4
89.5
122.0
108.9
161.9
88.7
117.0
106.9
156.5
87.5
116.4
106.2
148 5
87.2
117.9
105 2
146 7
87 2
116.7
104 8
143 0
87.5
116.2
105 6
' 137 6 ' 133 8 132 2
'86 6
'87 0
87 6
' 117. 9 118.2
117.3
r 104 g ' 104 0 105 2
110.3
126. 5
133 2
114.9
130.7
138 2
116.8
129.7
137.8
116. 5
130.5
139.8
113.4
129.0
137.7
111.1
126.9
136.5
109.6
126.9
136.2
106.6
125.0
133.4
105.6
121.9
129.9
105.8
122.5
128.1
106.5
123.8
127 6
105.5
121.9
124 3
108.5
120.3
121 2
'98.4
101.6
102.3
' 113. 8 '111.7
119.5
' 117 5 ' 116 6 117 7
do
do do
do
143.0
122 4
126.6
109 4
145.7
121 5
131.4
109 6
136.3
116.1
130.9
107.1
136.0
116.9
130.9
112.7
135.7
112.0
128.9
110.1
140.8
104.7
127.3
108.1
143.0
110.4
128.9
108.0
141.3
107.4
128.3
105.7
138.2
106.8
125.7
104.0
137.8
109.6
123.4
103.1
140.1
106.9
122.8
103 5
135.9
105 2
120.1
101 8
132.6
103 0
117.9
100 2
' 129. 5 ' 125. 5 129.9
' 78 3 ' 77 2 98 7
' 116. 5 '115.4
112.5
' 98 8 ' 98 7 102 1
do
do
do ..
-do
do
110.8
96 2
83. 1
107. 1
117.3
111.6
97 4
78.3
106.2
116.9
111.4
98.1
76.0
104.9
115.8
111.8
98.0
70.6
105.6
116.9
111.9
99.5
78.2
104.8
116.0
110.8
100.0
76.2
102.7
114.1
110.4
99.0
76.6
102.2
114.2
109.8
97.8
78.2
103.1
113.7
107.7
98.0
76.9
100.2
111.0
107.9
96.9
76.4
99.5
112.1
108.3
95 8
77 4
99 9
113 9
106 9
96 5
78 7
98 6
111 0
105
94
69
96
108
' 105 5 ' 105 8 105 9
r 95 5
r 95 o
96 1
r 75 5
r 73 2
71 2
r 96 8
r 97 1
97 6
' 109 5 ' 111 7 111 7
Durable goods
- . -do
Overtime hours
do
Ordnance and accessories
do .Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay and glass products
do
Primary metal industries
do..
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies
do
Transportation equipment
_ .
do
Instruments and related products
do
Miscellaneous manufacturing ind - do
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
Trans., comm., elec., gas, etc*..
Wholesale and retail trade
Wholesale trade_
Retail trade
Finance, insurance, and real estate
Services*
...do
do
do
do
do
do
--
3.8
3.3
3.8
3.5
3.5
3.6
3.3
3.4
3.4
3.2
3.2
3.0
3.0
3.1
3.0
3.0
2.9
3.0
2.9
3.0
2.7
2.8
2.6
38.9
2.6
2.6
40.5
40.3
39.4
41.4
39.9
40.6
40.6
39.6
40.2
39.5
38.6
2.7
40.6
36.5
39 7
35.5
Seasonally Adjusted
Man-hour indexes (aggregate weekly), industrial
and construction ind., total IT
1957-59 = 100.Mining
do
Contract construction
do
Manufacturing
do
Durable goods
do
Ordnance and accessories
Lumber and wood products
.
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
.
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
_ ..
Food and kindred products
Tobacco manufactures.
Textile mill products
..
Apparel and other textile products
. do
. . do._do
do
do
do
-do ...
' Revised.
*> Preliminary.
IBeginning with the June 1970 SURVEY, payroll employment, hours, earnings, and turnover
data reflect actual employment levels for Mar. 1969 and new seasonal factors. Data in the 1969
BUSINESS STATISTICS are in accordance with Mar. 1968 benchmarks and are not comparable
6
5
3
2
5
108.0
78 3
114 5
108 3
110 1
with current estimates nor with the revised historical statistics to appear in the 1970 BLS
Bulletin No. 1312-7, "EMPLOYMENT AND EARNINGS, UNITED STATES, 1909-70," to be available
from the Superintendent of Documents, Govt. Printing Office, Wash., D.C. 20402.
* New series.
f Data beginning 1968 have been revised to new benchmarks.
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1970
1969
1969
Nov.
Annual
S-15
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. *
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURS AND MAN-HOURS— Continued
Man-hour indexes, seas, adjusted— Continued
Manufacturing indus., nondurable goods— Con.
Paper and allied products
1957-59 = 100. .
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nec_ . -do
Leather and leather products
-do
117.4
117.3
122.7
83.0
158.5
95.9
120.9
120.2
125. 3
79.3
166.3
90.1
120.7
121.8
124.6
83.0
164.7
88.2
121.7
122.6
124.8
82.4
165.2
89.5
121.9
121.3
125.2
83.5
165.1
88.7
120.2
120.5
124.0
83.9
163.7
86.5
120.2
120.5
123.4
82.9
162.1
86.9
119.5
119.7
121.6
81.7
161.1
87.2
117.5
118.0
121.1
82.8
144.9
87.6
116.6
117.6
120.5
83.0
154.2
88.0
115.8
118.4
120.9
83.0
159.3
87.7
114.9
116.8
119.8
83.3
153.8
83.4
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Avg. weekly gross earnings per prod, worker on
payrolls of private nonagric. estab. t-- -dollars. .
Mining
-- - - --- ---do
Contract construction
_do._ .
Manufacturing establishments
. do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products.
. do
Furniture and
fixtures
do
Stone, clay, and glass products
.. do. ..
Primary metal industries
.do. .
Fabricated metal products
do
Machinery, except electrical
do
Electrical 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. ..
Trans., comm., elec., gas, etc.*
. . do
Wholesale and retail trade
do
Wholesale trade,
do
Retail trade
do
Finance, insurance, and real estate
.do
Services*-.
do
107. 73
142. 71
164.93
122. 51
132. 07
135. 29
104.34
100.28
124. 98
147. 68
131. 77
141. 46
118. 08
155. 72
120. 69
98.50
109. 05
114. 24
93.99
91.05
79.78
130. 85
133. 28
136. 27
159. 38
121. 18
85.41
138. 85
86.40
122. 31
74.95
101. 75
84.32
114. 61
154.80
181. 16
129. 51
140. 01
138. 17
110. 15
105. 85
133. 98
158. 42
138. 94
152. 15
124. 84
161. 85
128. 21
103. 74
115. 53
120. 77
97.99
95.47
82.93
139. 32
141. 70
145. 05
170. 40
126. 18
87.79
147. 74
91.14
129. 85
78.66
108. 33
91.26
117. 38
161. 08
184. 39
132. 36
142. 55
143. 32
114. 11
108. 81
137. 85
159. 39
141. 86
154.87
126. 77
165. 17
132. 75
106. 90
118. 21
123. 41
97.73
99.46
83.77
142. 43
145. 15
149. 52
175. 07
128. 64
90.51
152. 15
92.58
133. 87
79.30
111.23
94.11
117. 62
160.64
189. 13
134. 89
145. 53
143. 91
113. 88
110. 57
137. 76
161. 38
143. 79
160. 33
129. 65
170. 49
134. 23
109. 02
119. 60
124. 64
98.26
99.95
84.37
144. 29
148. 59
150. 36
170. 97
130. 31
93.45
151. 78
93.18
135. 94
80.14
110. 26
94.11
116. 12
159 05
181. 00
131. 93
142. 04
144. 73
110. 65
105. 42
134. 15
159. 42
141. 45
156. 14
128. 15
161. 20
132. 03
108. 25
117. 99
124. 74
106. 39
96.80
83.07
142. 04
143. 26
150. 12
176. 40
128. 21
92.74
151. 07
93.02
134. 67
79.49
111. 44
93.98
116. 55
160. 60
186. 21
130. 94
140. 24
144. 43
111. 90
104. 49
134. 15
157. 08
140. 48
155. 87
127. 04
157. 21
131. 45
108. 64
117. 69
123. 20
106. 64
96.80
83.78
140. 37
144. 02
149. 76
176. 81
127. 48
92.38
151. 88
93.80
135. 20
79.92
112. 48
95.01
117. 92
160. 27
188. 23
132. 40
142. 51
145. 66
112. 97
105. 96
137. 12
157. 49
142. 33
157. 88
129. 92
160. 40
133. 50
109. 20
118. 78
124. 00
105. 56
97.04
84.85
140. 70
145. 92
150. 48
176. 81
127. 26
91.64
150. 75
93.80
136. 00
80.49
112. 85
96.81
117.34
163.35
192 91
131. 80
141. 50
146. 06
114. 62
105. 65
139. 03
156. 35
142. 10
155. 25
128. 30
156 80
132. 59
108. 64
118. 56
124. 49
110. 56
96.56
83.90
140. 53
145. 15
150. 18
179. 77
127. 35
90.02
149. 25
93.88
135. 66
80.25
111.81
95.70
118.40
162.26
194. 31
132. 93
143 07
146. 47
117. 09
105. 88
140 27
157. 56
143. 26
154. 95
129. 49
164.02
132. 00
108. 47
118. 95
127. 98
110. 03
96.47
82.84
142. 12
145. 89
151. 42
181. 90
123. 29
93.38
153 12
94.50
136. 06
81.41
111.57
96.04
120. 05
163. 88
196. 99
134. 40
144. 94
146. 11
119. 50
107. 92
141. 10
159. 54
145. 49
155. 32
130. 68
170. 56
133. 39
108. 75
119. 95
127. 58
115. 14
97.93
84.25
142. 61
147. 03
152. 72
181.04
127. 26
94.87
156. 29
96.12
136. 80
82.86
111. 57
96.95
121. 45
163. 88
200. 20
134. 46
143. 87
143. 28
118. 31
107. 86
141. 25
159. 96
144. 79
153.06
132. 14
166. 06
132. 87
108. 29
121. 44
128. 61
113. 63
96.96
84.61
144. 70
148. 18
153. 59
184. 45
129. 68
93.99
159. 06
98.10
137. 83
85.16
112. 61
98.77
122. 20
163. 97
204. 05
134. 13
143. 92
145. 52
122. 31
111.00
142. 35
160. 80
144. 89
152. 31
131. 74
164. 40
133. 73
108. 85
121. 04
128. 96
104. 81
97.60
85.56
146. 23
149. 31
153. 68
184. 03
130. 41
91.76
159. 51
98. 74
138. 35
85.40
113.65
99.75
121. 73
164. 55
194. 03
135. 43
145. 56
146. 00
121. 70
108. 92
142. 83
166. 46
145. 44
152. 76
131. 54
167. 66
134. 64
109. 16
122. 15
130. 56
108. 29
96.19
83.45
147. 97
151. 18
158. 76
187. 49
132. 03
90.86
159. 95
97.08
137. 76
84.07
113.09
99.76
95 28
1957-59 dollars. . 78 61
106. 75
Manufacturing
current dollars
88.08
1957-59 dollars ..
Avg. hourly gross earnings per prod, worker on payrolls of private nonagric. estab. 1
dollars. 2.85
Mining
...
do
3 35
Contract construction . . .
do
4 41
Manufacturing..
do
3 01
Excluding overtime
do
2.88
Durable goods
do
3 19
Excluding overtime.
.
do
3.05
Ordnance and accessories
do
3.26
Lumber and wood products
do
2.57
Furniture and
fixtures
do
2 47
Stone, clay, and glass products
do
2.99
Primary metal industries.
do
3.55
Fabricated metal products
do
3.16
Machinery, except electrical
do
3.36
Electrical equip, and supplies
do 2.93
Transportation equipment
do
3.69
Instruments and related products
do
2.98
Miscellaneous manufacturing ind
do
2.50
2 74
Nondurable goods
do
Excluding overtime
.
do
2 63
Food and kindred products
do
2.80
2 48
Tobacco manufactures
do
Textile mill products
do
2 21
Apparel and other textile products. . . do
2.21
Paper and allied products
do
3.05
Printing and publishing
do
3.48
Chemicals and allied products
..do
3.26
Petroleum and coal products
.
do
3.75
Rubber and plastics products, nee
do
2.92
Leather and leather products
..do
2.23
Trans., comm., elec., gas, etc.*.
do
3.42
Wholesale and retail trade
do
2.40
Wholesale trade
do
3 05
Retail trade
do
2 16
Finance, insurance, and real estate
do
2.75
Services*
..
do
2 43
99 99
78 30
111.44
87.27
102 11
78 25
113. 63
87.07
102 30
77 91
115. 61
88.05
101 97
77 37
114. 48
86.86
102 32
77 22
113. 69
85.80
103. 39
77.62
114.85
86.22
102 95
76.83
114. 37
85.35
103 77
77 10
115. 27
85.64
105 08
77.72
116. 43
86.12
106 18
78 25
116. 48
85.84
106. 78
78.51
116. 22
85.46
106. 40 ' 106 11' 106 14
77.89 r 77 23 ' 77 02
117. 25 ' 115.68 ' 116.58
85.83 ' 84. 19 ' 84. 60
3.04
3 60
4 78
3 19
3.06
3 39
3.24
3.42
2.74
2 62
3.19
3.79
3.34
3.58
3.09
3.90
3. 15
2.66
2 91
2 79
2.96
2 62
2 34
2 31
3.24
3.69
3.47
4.00
3.07
2.36
3. 63
2.56
3 23
2 30
2.92
2 63
3.13
3 72
4 97
3 26
3 12
3 46
3 31
3.53
2.86
2 70
3.29
3 85
3.41
3.67
3 13
3.98
3.23
2.72
2 97
2 85
3.01
2 62
2 42
2 34
3.32
3.78
3.56
4.10
3.13
2.42
3.72
2.63
3 33
2 36
2^99
2 72
3.12
3 71
5 03
3 29
3 15
3 49
3 34
3.51
2.84
2 71
3.28
3 87
3.44
3.72
3 17
4.04
3 25
2.76
2 99
2 87
3.04
2 67
2 42
2 35
3.34
3.81
3.58
4.10
3.14
2.44
3.72
2.61
3 34
2 35
2.98
2 72
3.13
3 76
5 07
3 29
3 17
3 49
3 36
3.53
2.83
2 71
3.28
3 86
3.45
3.70
3 18
4.02
3.26
2.79
3 01
2 90
3.08
2 86
2 42
2 36
3.35
3.80
3.60
4.21
3.15
2.46
3.73
2.65
3 35
2 38
3.02
2 74
3.15
3 77
5 06
3 29
3 17
3 48
3 36
3.54
2.84
2 70
3.28
3 85
3.46
3.72
3 20
3.97
3 27
2.80
3 01
2 90
3.08
2 89
2 42
2 36
3.35
3.81
3.60
4.23
3.14
2.47
3.75
2.68
3 38
2 40
3.04
2 77
3.17
3 78
5 06
3.31
3. 19
3 51
3 38
3.57
2.86
2 71
3.32
3.86
3.48
3.75
3 24
4.01
3.28
2.80
3 03
2 92
3.10
2 90
2 42
2 37
3.35
3.84
3.60
4.23
3.15
2.47
3.75
2.68
3 40
2 41
3.05
9 7Q
3.18
3 79
5 09
3.32
3.21
3 52
3.40
3.58
2.88
2.73
3.35
3.87
3.50
3.75
3.24
4.00
3.29
2.80
3 04
2 93
3.12
2 98
2.42
2.37
3.37
3.85
3.61
4.26
3.16
2.48
3.75
2.69
3.40
2 41
3.03
2 79
3.20
3 80
5 10
3 34
3 22
3 55
3 42
3.59
2.92
2 75
3.38
3.90
3.52
3.77
3.27
4.06
3.30
2.81
3 05
2 94
3.16
2 99
2 43
2 36
3.40
3.88
3.64
4.25
3.09
2.49
3.79
2.70
3 41
2 43
3.04
2 80
3.23
3 82
5 20
3 37
3 25
3 57
3 45
3.60
2.98
2 78
3.42
3 94
3.54
3.77
3 32
4.08
3 33
2.82
3 09
2 98
3.16
3.25
3 84
5 30
3.37
3.25
3.58
3.46
3.62
3.05
2.81
3.43
3.99
3.56
3.77
3.31
4. 11
3.36
2.82
3 08
2.97
3.13
2 78
2 44
2.41
3.49
3.95
3.73
4.26
3.22
2.48
3.90
2.72
3 45
2 44
3.08
2 85
3.29
3.89
5.36
3.42
3.29
3.63
3.49
3.65
3.05
2.80
3.45
4.07
3.60
3.80
3.33
4.15
3.40
2.85
3.14
3.02
3.20
2 88
2.46
2.44
3.54
4.01
3.78
4.32
3.26
2.51
3.93
2.75
3.47
2 48
3.09
2 90
'3.28
r 3 92
r 5 42
r
3 37
3 26
'3 56
'3 44
3.67
3.05
2 80
3.47
3.99
'3.53
3.81
'3.32
'4.01
3.40
2.85
3 13
3 01
3.20
2 83
2 50
2 42
'3.51
4.01
3.77
4.31
3.24
'2.50
3.94
2.76
'3.49
2 48
3.12
2 91
3.29
r 3 95
5 43
3 39
3 28
3 58
' 3 46
'3.72
'3.05
' 2.81
'3.50
3.99
'3.54
3.82
'3.35
'4.03
3.41
'2.87
3 15
3.04
'3.24
2 95
2 52
' 2.44
3.53
4.02
' 3. 78
4.33
'3.28
'2.51
'3.95
' 2.77
'3.52
' 2 49
3.14
' 2 94
4.629
4.848
6 514
6 802
1 55
!
3 708 3 798
4.853
6 831
4.891
6 903
1 67
3 820
4.913
6 912
4.927
6 921
5.048
7 144
5.42
7 553
5.427
7 61
5.480
7 64
1.61
5.52
7.67
3 874
3 801
4.963
6 963
1.66
3 819
Spendable earnings per worker (with 3 depend-
Miscellaneous hourly wages:
Construction wages, 20 cities (ENR) : &
Common labor
$oerhr
Skilled labor...
" do
Farm, without board or rm., 1st of mo
do
Railroad wages (average, class I)
do
4.201
5 956
1.44
^ 3 466
T
3 747
'Revised.
* Preliminary.
1 Includes adjustments not distributed by months.
II See corresponding note, p. S-14.
*New series
« As of Jan. 1, 1971.
cf Wages as of Jan. 1, 1971: Common, $5.629; skilled, $7.828.
3 904
3.21
3 82
5 13
3 36
3.23
3 57
3 443.59
2.98
2.76
3.40
3.92
3.54
3.77
3.30
4.10
3.31
2.81
3 06
2 95
3.15
3 03
2 43
2 38
3.42
3.90
3.68
4.23
3.15
2.49
3.84
2.70
3 42
2 43
3.04
2 81
5.168
7 240
no
o 40
3
2 39
3.47
3.92
3.71
4.25
3.21
2.48
3.87
2.71
q
Af)
9 A.A.
3.06
5.396
7 50
1 66
114.7 ' 113. 9 ' 114. 3
116.9 ' 116. 2 ' 116. 3
122.6 ' 120. 0 ' 119. 0
81.7 '82.8 '82.2
153.4 r 147. 3 ' 145. 5
82.4
83.3 '82.5
' 121.36
' 168.56
r 203.79
' 133.45
' 142.76
147. 53
' 120.78
' 121.40
' 168.67
' 196.57
' 134.58
143. 56
' 151.03
' 120.48
r 111.72 '111.56
143. 66 ' 143.85
r
157.61 ' 156.81
' 142.61 ' 142.31
153. 92 ' 155.09
* 132.47 ' 133.67
r 162.41 ' 163.22
' 136.00 ' 136.74
' 110.30 ' 111.64
122. 07 ' 123.17
129. 92 ' 131.22
r 111.50 ' 114.46
r
99. 75 100. 80
' 84. 46 ' 86. 38
147.07 ' 147.91
150.38 ' 150.75
155.70 ' 156.87
187.05 ' 186.19
129.60 ' 130.22
' 92. 00 ' 93. 62
159. 96 ' 160.37
' 96. 88 ' 96. 95
' 139.25 ' 139.74
83.08 ' 83. 42
114. 82 ' 115.55
99.81 ' 100.84
112.9
117.0
118.6
83.3
146.2
82.0
122. 43
165. 09
203. 79
138. 40
149. 04
154. 57
121. 50
114. 17
144. 55
162. 79
150. 51
157. 85
136. 68
173. 02
138. 45
113. 68
124. 26
133. 01
108. 70
101. 45
86.38
148. 75
154. 28
157. 70
184. 45
131. 74
94.63
160.00
97.08
141. 55
83.73
114. 61
101. 53
3.30
3 94
5 42
3.46
3.35
3.68
3.56
3.77
3.03
2.84
3.50
4.08
3.68
3.85
3.40
4.22
3.47
2.93
3.17
3.06
3.26
2.93
2.53
2.44
3.55
4.06
3.80
4.34
3.31
2.51
3.98
2.75
3.53
2.47
3.14
2 96
5.53
7.706
1.76
0
§ Data for 1970 are calculated on an annual basis with regard to Federal income taxes.
Instead of reflecting changes as of July 1, 1970 in personal exemptions and in surtax, data
reflect personal exemptions of $625 and surtax of 2.5 percent throughout the year.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Nov.
Annual
January 1971
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted indext
1957-59 = 100..
LABOR TURNOVERA
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employ ees__
New hires
do
Separation rate, total
-- do. __
Quit
do
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires
do
Separation rate total
do
Quit
do
Layoff
do -
206
228
222
217
203
203
194
186
180
175
172
170
162
146
148
4.6
3.5
4.6
2.5
1.2
4.7
3.7
4.9
2.7
1.2
3.6
2.8
4.3
2.1
1.3
2.9
2 i
4.2
1.6
1.8
4.0
2.9
4.8
2.1
1.7
3.6
2.5
4.3
1.9
1.6
3.7
2.6
4.5
1.9
1.6
3.7
2.6
4.8
2.1
1.7
4.2
2.8
4.6
2.1
1.5
5.4
3.9
4.4
2.1
1.5
4.4
2.9
5.3
2.1
2.3
5.1
3.5
5.6
3.0
1.7
4.7
3.4
6.0
3.3
1.7
3.8
2.7
5.3
2.1
2.2
P3.0
»1.9
*4. 3
*>!. 5
f'2.1
4.4
3.4
4.8
2.6
1.3
4.6
3.5
4.5
2.5
1.4
4.2
3.3
5.0
2.5
1.5
4.3
3.1
5.1
2.4
1.7
3.9
3.0
5.0
2.2
1.8
4.0
2.8
5.2
2.2
2.0
4.2
2.7
5.0
2.1
1.9
4.0
2.7
4.8
2.2
1.9
4.1
2.8
4.9
2.2
1.6
4.1
2.9
4.5
2.1
1.8
3.8
2.7
4.4
2.0
1.9
3.6
2.4
5.0
1.9
2.2
*3. 7
»2. 3
*>4. 8
»1.8
»2. 0
5,700
2,481
324
131
196
51
260
55
290
106
390
294
600
2319
750
2309
600
212
490
192
420
135
550
539
410
159
?270
?72
^160
»449
42, 869
611
368
4,308
446
276
3,882
420
233
3,730
460
296
1,820
570
364
2,230
810
960
2385
2470
4, 181 2 7, 516
840
428
5,040
750
354
4,378
700
202
2,800
810
655
7,625
650
608
10, 056
^510
p469
pQ, 458
p370
i>527
*2, 438
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
5,045
Work stoppages
number__
2,649
Workers involved
thous
In effect during month:
Work stoppages
number
Workers involved
thous
49, 018
Man-days idle during period
do
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
5,733
Nonfarm placements
thous
Unemployment insurance programs:
1,187
Insured unemployment, all programs §
do
State programs:
10, 463
Initial claims
do
1,111
Insured unemployment, weekly avg do
Percent of covered employment :d"
2.2
Unadjusted
_ _ _ _ _
Seasonally adjusted
936
Beneficiaries, weekly average
_ thous.
2, 031. 6
Benefits paid
mil. $
Federal employees, insured unemployment,
23
weekly average
thous
Veterans' program (UCX):
289
Initial claims
._
do___
32
Insured unemployment, weekly avg do
29
Beneficiaries, weekly average
do
69.2
Benefits paid
mil $
Railroad program:
139
Applications
_ _ _ _ thous
20
Insured unemployment, weekly avg do
40.4
Benefits paid
__ _
mil. $
2
5,153
372
311
326
295
352
339
374
333
330
340
298
1,177
1,105
1,464
1,958
1, 988
1,917
1,885
1,778
1,696
1,897
1,855
1,746
1,889
v2, 233
10, 385
1, 101
866
1,030
1,363
1,375
1,529
1,847
1, 169
1,874
1,078
1,798
1,333
1,770
1,010
1,667
1,118
1,583
1,502
1,761
1,068
1,710
p 1, 079
1 607
1,208
1 724
p2 017
2.1
2.0
2.3
763
136.6
2.7
2.4
1,020
214.3
3.6
2.5
1,459
299. 4
3.6
2.6
1,629
310.8
3.5
2.8
1 581
331.1
3.2
3.6
1,462
292. 9
3.0
3.7
1,382
291 7
3.3
3.6
1,414
314.2
3.2
3.7
1,500
311.4
3.0
4. 1
1,375
r
300 2
3.2
4 4
1,377
304 2
?152
?3. 7
*4. 4
923
2, 127. 9
20
328
a.
3.2
1,533
320. 2
24
28
30
29
27
26
27
31
33
32
33
?35
333
37
34
87.0
30
38
32
6.2
39
48
42
9.5
44
61
55
12.0
38
66
61
12.0
42
69
66
14.2
47
70
67
14.6
38
70
67
14.0
47
73
69
15 3
51
84
77
18.0
44
89
87
18 6
46
81
81
18 3
49
83
75
17 3
p97
100
17
37.0
14
2.5
5
17
3.2
9
20
4.1
4
18
3.4
9
19
3.7
8
16
3.6
4
15
2.4
12
11
2 3
21
15
2.0
16
17
3.0
12
18
2 9
16
22
35
8
20
3.7
167
401
084
289
6 968
33 966
13 301
20, 664
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
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
4 428
20, 497
7 201
13, 296
5 451
31,709
11 817
19, 892
5 212
33, 636
12 524
21,112
5 451
31, 709
11 817
19, 892
5 2S8
34, 362
12 038
22, 324
5 249
36, 020
12 875
23, 145
5 352
37, 164
13 634
23^ 530
5 614
37,966
13 735
24* 231
5 801
39, 674
13 952
25, 722
5 849
37,748
12 989
24, 759
5 973
36 911
12 034
24,877
5 979
36, 524
12 044
24 480
5
33
12
21
11 748
13 204 112 803
13 204
13 3gg
13 597
13 826
14 032
14 190
14 353
14 308
14 338
14 443
14 573
14 616
6 777
1 844
4 975
6 833
1 840
5 154
6 891
1 82H
5*313
7 061
1 778
5 499
7 101
1 852
5 489
7 137
1 973
5 463
7,156
2 090
5, 439
6,126
1 577
4,044
6 714
1 732
4 758
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O. ..
_
bil $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA'st
226 other SMSA's
_
6 714
1 732
4 758
6 738
l' 804
4*846
6 942
l' 796
5 452
6 995
1 749
5 609
7 026
l' 76°
5 519
G
34
13
21
9 484 4 9 560 4 9 547 5 Q 793 5 9 845 3 10 170 2 10 091 8 10 143 3 10 918 1 10 557 7 10 559 4 '10 793 2 10 549 0
4 207 5 4 198 2 4* 054 0 4 232 1 4 336 7 4 429 0 4 249 4 4 366 0 4 324 3 4 770 6 4 668 1 4 899 8 4 824 0
do
do
do
Federal Reserve banks, condition, end of period :
Assets, total 9
mil $
6 704
1 705
14 394
848
924
518
406
5,276.9 5,362 2 5 493 5 5 501 4 5 508 6 5 748 2 5 772. 5 5 777 3 5 893 9 5 787 1 5 891 3 '5,893. 5 5, 718. 0
2 224 8 2 212 9 2 277 4 2 309 1 <> 291 4 9 417 9 2 460 0 2 443 3 9 508 2 2 478 8 2 502 9 r2 499 5 2 420 1
3 052.1 3 149 3 3 216 1 3 252 2 3 917 2 3 330 3 3 312 5 3 334 0 3 385 6 3 308 3 3 388 4 3,393.9 3, 297. 0
Py0
142
78 972
84 050
84 315
84 050
83 133
83 283
82 709
84 690
84 094
84 102
84 794
85 708
87 366
86 609
rgg 464
Reserve bank credit outstanding, total 9 __do
Discounts and advances
do
U.S. Government securities
I. ..Idol.. I
56, 614
188
52, 937
60, 841
183
57, 154
61, 603
1,531
57,318
60, 841
183
57, 154
59, 931
1,565
55, 709
59, 595
1, 148
55, 823
59, 348
684
55, 785
60,729
545
56, 508
61,683
1,451
57, 307
60,728
420
57, 714
62,411
1,292
58, 597
62, 089
538
59,947
63, 297
852
59, 975
63, 527
428
60, 015
'63, 737
300
61, 233
66, 780
334
62, 142
Gold certificate account.. _
10 026
10 036
10 036
10 038
11 036
11 045
11 045
11 045
11 045
11 045
11 045
11 045
10 819
10 819
10 897
10 457
Liabilities, total 9
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation
r
do
do
78, 972
84 050
84 315
84 050
83 133
83 283
82 709
84 690
84 0 4
84 102
84 794
85 708
87 366
86 609
do
_.. do ..
23, 473
21, 807
24 338
22, 085
24 948
23 385
24 338
22 085
25 608
23 637
25 348
23 344
94 726
22* 4° 5
25 895
23 082
95 137
23 041
23 970
21 991
25 253
23 072
24 536
22 557
26 037
23* 938
26 007
24' 206
do
45, 510
48, 244
47, 191
48, 244
46, 831
46, 689
46, 992
47,254
47, 879
48, 391
48, 746
48, 952
49, 128
49, 314
Revised.
* Preliminary.
1 Data for indicated month exclude loans by Federal
Intermediate Credit Banks outside the Farm Credit Adm. system.
2 Excludes figures for
the interstate trucking industry stoppage.
J Revised (back to 1960) to incorporate new
seasonal factors; see note "J", p. S-15, Oct. 1969 SURVEY for data through May 1968 (revisions
for June and July 1968,197 and 204). A See note "1". p. S-14.
9
r
88 464 ?90 142
r
24
r
1P4
22 689
26 672
24 135
50, 390
51,386
§Beginriing Jan. 1970, data include claims filed under extended duration provisions of
regular State laws.
cflnsured unemployment as % of average covered employment in a 12-month period.
OTotal SMSA's include some cities and counties not designated as S \lS.Vs.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
|
End of year
S-17
Nov.
1970
Dec.
Jan.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
28 096
27, 978
27 910
27, 729
27, 567
27, 380
28, 128
27, 987
28, 349
28,204
141
145
28, 825
28, 553
28,701
28,447
28,558
28, 432
29, 233
28, 989
822
-704
976
-795
888
-701
1,358
-1,217
827
-682
607
-335
462
-208
424
—298
321
-77
80,546
Mar.
77 923
81,160
79, 857
79, 451
80 407
81, 780
| Dec.
FINANCE—Continued
BANKING- Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $. 127,221 i 28, 031 27,764 28,031
i 26, 766 i 27, 774 27, 511 27, 774
Required
do
1257
257
1455
253
Excess
_ -.
do
1,086
1765
1 1, 086
1,241
Borrowings from Federal Reserve banks. .. do
-829
i -829
Free reserves
. _-do __ 1-310
-988
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or ino.:J
Deposits:
Demand, adjusted d1
mil. $
Demand, total 9 .
. .
Individuals, partnerships, and corp
State and local governments
U.S. Government.
_
Domestic commercial banks
do._.
do
do
do
do
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas. adj. :
Total loans and in vestments O
bil $
LoansO _ - do
U.S. Government securities
do
Other securities
do
384 6
251 6
61.5
71 5
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent .
3-5 year issues
do
896
-781
81 666
78,320
84, 189
118
181
187
272
254
126
80 299
87, 739
147, 355
103, 169
6,754
4,380
21, 704
119, 443
96, 589
96,167
96, 589
95, 017
95, 620
98, 229
99,282
99 537 101, 580 106, 495 110,400 113, 641 114, 802 116, 447
2
2
46, 490
36, 502
46,318
36 547
46,490
36,502
45 820
35 632
45633
35 648
46 220
36 523
45,893
36,761
46 122
37 024
2
175 756
2
81, 491
2
7,811
2
13 148
2
33, 617
2 44 177
2
2
2
2
59, 536
23, 853
19 789
35 683
2
2
401 3
278. 1
51.9
71 3
2
2
6 68
6 45
7.01
3
3
3
3
3
3
3
6 72
6 50
6. 66
6. 64
46, 425
38, 498
46 344
41 852
46, 351
44, 673
46 811
47, 581
47, 013
49, 086
47, 336
50, 446
48, 035
51, 650
178, 643
81, 618
8,550
13, 646
34, 052
51, 007
168 748 175 756
78,310 81,491
6,521
7,811
11 000 13 148
34 097 33617
44 439 44 177
167 718 167 600
78020 78215
5,964
6 246
11 253 11 066
33680 33488
45 771 44 909
170 963 168,511 167 724 172 560 171 862 173, 106 175 627 173, 826 172 793
79 010 78,907 78 010 80, 110 79 342 79, 383 81 173 79, 968 79, 905
6,436
5,973
6,286
6,497
6 094
5,919
6,537
6,091
7 195
11 658 11 115 11 034 12 903 12 981 12, 925 13 231 12, 589 12 489
33 458 33 385 33 419 33 496 33 597 33, 710 33 923 34, 049 34 061
46 648 44 845 45 480 47 393 45 595 47 392 46 569 47, 038 46 564
59 272
23668
20 045
35 604
59 536
23853
19 789
35683
57580
22435
19 542
35 145
57 048
21 534
19 384
35 514
60
23
19
36
401 2
276 4
53.4
71 4
401 3
278 1
51.9
71 3
398 5
276 6
50.4
71 5
399 7
278 5
49.8
71 4
3
3
3
244
131,784 134,000 139, 086 128, 669 130, 926 140, 018 131, 032 132, 521
91,703 91, 532 95, 254 91, 029 92, 168 94,521 92, 380 93, 779
5,921
7,653
6,142
6,447
6,289
5,695
7,677
6,390
3,721
5,112
4,281
3,440
4,206
4,887
3,569
5,798
16,407 18,960 18, 802 17, 072 18, -195 20, 962 19, 382 19, 186
2
3
3
3
566
616
387
950
60867
22 878
19 455
37 989
60 572
22 662
20 175
37* 910
60 346
22, 035
19 945
38 311
400 9
277 6
50.3
73 0
403 5
277 0
52.4
74 0
405 9
278 0
53.4
74 5
406 4
277 4
54.1
75 0
167
283
632
884
63, 416
24, 754
21 000
38, 662
412 8
281 5
55.8
75 5
418 3
284 1
57.5
76 7
61
23
19
37
851
793
598
058
66, 319
25, 593
20, 720
40, 726
423 7
287 3
57.6
78 8
424 0
286.9
56.3
80 8
64
24
20
40
293
215
939
078
72, 194
28, 061
21, 983
44, 133
427 3
287 7
56.5
83 2
432.5
288.9
58.0
85.6
68
26
21
42
8. 21
8. 02
8. 53
8 83
8.66
9.21
8 86
8 65
9 23
8 49
8* 24
8 86
8 50
8.24
8.89
8.07
7.74
8.47
8. 24
7. 93
8. 19
3
8. 18
8 83
8 58
8.79
8.81
8 86
8 67
8 87
8.84
8
8
8
8
8.47
8.49
8.53
8.54
8.05
8.15
8.08
8.16
5.50
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.75
6 41
3 7 23
7 93
8 15
8 46
8 69
8 76
8 75
8 67
8 66
8 66
8 62
8 51
8 30
8 08
3
6. 83
36.90
3
3
7. 66
7. 68
7.97
8.00
8.07
8.08
8.16
8.13
8.23
8.23
8.29
8.26
8.24
8.19
8.28
8.18
8.31
8.19
8.32
8.21
8.35
8.25
8.31
8.27
8.33
8.20
'8.26
'8.18
8.20
8.12
*5.75
5. 90
<5.69
<6.33
< 7. 61
<7.83
4
7. 16
*7.96
8.18
8.46
7.92
8.50
8.58
8.84
7.93
8.50
8.64
8.78
8.14
8.50
8.30
8.55
8.01
8.50
7.60
8.33
7.68
8.40
7.54
8.06
7.26
8.00
8.02
8.23
7.43
8.00
7.78
8.21
7.55
8.00
7.61
8.29
7.64
8.00
7.20
7.90
7.48
8.00
7.03
7.32
7.12
7.90
6.54
6.85
6.76
7.75
5.79
6.31
6.16
7.40
5.62
5.73
5.48
6.92
* 5. 339
4 5 59
« 6. 677
4 6 85
7.193
7 57
7.720
7 98
7.914
8 14
7.164
7 80
6.710
7 20
6.480
7 49
7.035
7 97
6.742
7 86
6.468
7 58
6.412
7.56
6.244
7.24
5.927
7.06
5.288
6.37
4.860
5.86
CQQ
m 4ft9
91 ^4fi
1 99 ^49
96 662
97 104
97 706
98 699
Discount rate (N.Y.F.R. Bank), end of year or
month
percent. .
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 nio.do_._
Stock Exchange call loans, going rate
do
1,092
-819
90,288
68, 324
29, 358
24 038
38 966
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
965
-799
150,897 131,847 131,911 141,131
105,605 92,210 90,334 97, 063
6,849
7,942
6,323
6,371
4,119
2,989
4,474
5,473
20,801 16,239 16,995 18, 952
do
do ..
do
do
do
115
79,342
Investments, total
.
U.S. Government securities, total
Notes and bonds
Other securities
Federal intermediate credit bank loans
27,473
27,358
273
135,725
93,110
6,452
3,908
18,951
161 820
74, 149
9,563
11 872
32, 106
40 619
do
do
do
do
27,976
27, 703
90,288
Loans (adjusted) , totalcf
do
Commercial and industrial
..
do
For purchasing or carrying securities
do ..
To nonbank financial institutions
do
Real estate loans.
_
__ _ _ d o
Other loans
do
8 north central centers.
7 southeast centers
8 southwest centers
4 west coast centers
166
144,249 150,897
102,790 2 105,605
7,671 2 7, 942
3,437 2 2 2, 989
19, 060
20, 801
2
Time,total9
..do . 112,163
Individuals, partnerships, and corp.:
Savings
_ do
49, 149
Other time .
-_
do .. 45, 076
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum
New York City.. _
do
7 other northeast centers
do
2
88,879
28, 858
28, 692
3
4
44
44
61
42
5.50
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding end of year or month
Installment credit , total ...
Automobile paper
..
Other consumer goods oaDer
Repair and modernization loans
Personal loans
. .
mil $
do
1 09 4fiQ 1 1 Q 778 1 99 4fiQ
89 890
98 169
96 478
do
do
do
do
34 130
26 936
29 gig
29 529
do
" "do
do
77 4H7
SA QC9
OA
36 952
40 305
40 047
9Q flQft
qi 704
do
do
10 178
1 99Q
11 594
1 0^0
11 491
1 070
36 602
36 650
98 169
36 602
m
/VTJ
97 402
36 291
1 I Q
96 892
36 119
36 088
36 264
36 455
3 Qftft
30 030
4 nnq
30 193
123 092 123 655 123 907* 93 866 123 915
99 302
99, 860 100, 142
99, 959
99, 790
30 547
4 081
30 765
36, 908
27 801
4 104
31,047
36, 738
28 055
4 123
31, 226
36, 518
28 152
4 126
31, 163
36, Oil
28 378
4 133
31, 268
36 809
97 3fl3
4 rt4rt
36 918
97 ^8
29 774
29 gig
29 809
84 7ft8
84 809
40 305
40 14.4
q-t K7i
39 990
qt eqo
39 956
31 433
40 245
31 537
85 335
40 515
31 595
86 311
40 979
31 862
86 876
41 703
31 561
87 315
41 934
31 588
87 471
42 051
31 510
87 243
42 010
31 309
86 820
41, 740
31 081
11 594
I qjn
11 468
11 459
1 4flfi
11 533
1 386
11 644
1 376
11 778
1 447
12 030
1 440
12 141
1 471
12, 292
1 501
12, 409
1 501
12, 422
1 502
12, 438
1 561
Retail outlets, total. .
do
12 433
13 187 12 177 13 187 12 871
Automobile dealers
do
336
320
'337
336
333
Revised.
i Average for Dec.
2 Beginning June 1969, data are revised to include all bank-premises
subsidiaries, and other significant majority-owned domestic subsidiaries; also, loans and
Investments 3 now reported gross. For complete details see the Aug. 1969 Federal Reserve
are
Bulletin.
Average for year.
< Daily average.
Jj^vlsjons for Jan. 1969 are shown in the Mar. 1970 issue of Federal Reserve Bulletin.
cf For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial bank
and U.S. Government, less cash items in process of collection; for loans,
12 499
'331
12 354
'331
12 302
12 371
12 388
12 426
12,545
12, 671
12,716
12, 970
By type of holder:
Financial institutions total
Commercial banks
Finance companies H
Credit unions.. .
Miscellaneous lenders 1f
r
http://fraser.stlouisfed.org/
412-511 O - 71 - S-3
Federal Reserve Bank of St. Louis
qfil
q-i ' qqn
29 918
QA QQO
qi
TIA
332
333
336
337
337
337
335
332
exclusive of loans to and Federal funds transactions with domestic commercial banks and
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately.
©Adjusted to exclude interbank loans: beginning June 1969, data are reported gross.
§For bond yields, see p. S-20.
^Finance companies consist of those institutions formerly classified as sales finance, consumer
finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual savings banks.
SUEVEY OF CURRENT BUSINESS
S-18
1968
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
Nov.
Annual
1970
1969
1969
January 1971
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
CONSUMER CREDIT— Continued
Outstanding credit— Continued
Noninstallment credit, total
mil$_.
1 5
e
i
do
24,300
9,096
7,900
1,196
23, 672
9,092
7,887
1,205
23, 185
9,074
7,857
1,217
23, 036
9,054
7,843
1,211
23, 298
9,102
7,892
1,210
23, 640
9,159
7,925
1,234
23,843
9,239
8,005
1,234
23, 790
9,254
8,005
1,249
23, 795
9,294
8,041
1,253
23, 765
9,316
8,062
1,254
23, 907
9,313
8,059
1,254
24, 125
9, 345
8,071
1,274
7,755
6,450
1,305
6,408
8,234
6,650
1,584
6,970
7,238
5,685
1,553
6,662
8,234
6,650
1,584
6,970
7,539
5,932
1,607
7,041
6,789
5,210
1,579
7,322
6,645
5,062
1,583
7,337
6,900
5,289
1,611
7,296
7,273
5,633
1,640
7,208
7,473
5,765
1,708
7,131
7,509
5,727
1,782
7,027
7,508
5,664
1,844
6,993
7,489
5,617
1,872
6,960
7,656
5,797
1,859
6,938
7,757
5,884
1,873
7,023
97, 053
31, 424
30, 593
35, 036
102, 888
32, 354
33, 079
37, 455
8,173
2,433
2,817
2,923
10,096
2,479
4,004
3,613
7,490
2,130
2,663
2,697
7,106
2,214
2,275
2,617
8,243
2,584
2,725
2,934
8,773
2,776
2,792
3,205
8,857
2,696
3,008
3,153
9,534
3,023
3,019
3,492
9,497
2,952
3,141
3,404
8,915
2,540
3,152
3,223
8,580
2,402
3,097
3,081
8,670
2,463
3,200
3,007
8,271
2,006
3,147
3,118
do
do
do
Retail outlets
Credit cards
Service credit
Installment credit extended and repaid:
Unadjusted:
Extended total
r> n i m P pood <? nanpr " "
88, 089
28, 018
28, 089
31, 982
94, 609
29, 882
30, 369
34, 358
7,545
2,382
2,449
2,714
8,405
2,527
2,618
3,260
8,257
2,441
2,926
2,890
7,616
2,386
2,634
2,596
8,473
2,615
2,898
2,960
8,331
2,600
2,756
2,975
8,255
2,505
2,803
2,947
8,541
2,669
2,771
3,101
8,894
2,843
2,906
3,145
8,357
2,550
2,889
2,918
8,298
2,572
2,843
2,883
8,853
2,683
3,103
3,067
8,440
2,513
2,921
3,006
8,632
2,683
2,841
3,108
8,344
2,472
2,838
3,034
8,521
2,479
2,925
3,117
8,625
2,536
3,018
3,071
8,392
2,496
2,922
2,974
8,491
2,571
2,843
3,077
9,004
2,595
3,183
3,226
8,683
2,587
2,925
3,171
9,065
2,685
3,124
3,256
8,809
2,537
3,168
3,104
8,849
2,621
3,071
3,157
8,580
2,349
3,113
3,118
8,414
2,127
3,113
3,174
8,012
2,503
2,623
2,886
7,929
2,499
2,552
2,878
8,141
2,469
2,722
2,950
8,207
2,550
2,761
2,896
8,194
2,501
2,792
2,901
8,195
2,527
2,729
2,939
8,589
2,600
2,888
3,101
8,242
2,573
2,750
2,919
8,622
2,752
2,874
2,996
8,577
2,632
2,967
2,978
8,490
2,599
2,913
2,978
8,662
2,550
3,036
3,076
8,716
2,577
3,082
3,057
16,709
15, 237
1,472
16, 297
16, 558
-261
140
164
do
rlo
All other
ReDaid total
Of,
p nods rian r
All other
Seasonally adjusted:
Extended total
All other
22,900
9,000
7,795
1,205
.- - -
nth fin noiftl *n«?t"'tnt~innq
Oth
24,300
9,096
7,900
1,196
do
do
do
*?_ '
23, 301
9,138
7,975
1,163
do
*• '"o * "<*y .
do
-
do
Repaid, total.
do
All other
do
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: t
Expenditure account:
Receipts (net)
mil. $.. 1 153,671 1 187,784 14,336
U72,802 1 183,072 15, 229
Expenditure (excl. net lending)
do
Expend, acct. surplus or deficit (— )
do ... » -19,131 i 4, 712 -894
Loan account:
1-6,030 1-1,476 -236
Budget financing, totalt
Borrowing from the public.
Reduction in cash balances
.
do
do
do
Held by the public
do ..
Budget receipts by source and outlays by agency:J
Receipts (net), total
mil $
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil. $..
Other
do
Expenditures and net lending, total 9
Agriculture Department
.do
do
104
-254
-200
-108
-480
17
-66
18, 725 11, 493
17, 329 17, 490
1,396 -5,997
-114
-150
14, 134
16, 728
-2, 482
-112
7,210 -6,718 -2,323
1,281 -6, 147
-7,210 6,718 2,323 -1,281 6,147
2,561
-3,156 5,997
2,716 -1,347
3,586
-4,054
66
721
-393
-2, 594
2,594
3,306
-712
i 369, 769 i 367, 144 381, 192 381, 220 380, 502 380, 988 384, 169 379, 316 382, 932 382, 603 388, 214 392, 545 390, 335 391, 840
i 290, 629 i 279,483 291, 306 289, 294 289, 100 288, 961 291, 275 286, 584 288, 036 284, 880 290, 877 293, 593 292, 246 294, 808
395, 274
298, 113
1,612
1-25,161 i 3, 236 -1,130
i 25,161 1-3,236 1,130 -1,612
i 23, 100 1-11,146 2,695 -2,012
400
i 2, 061 i 7, 910 -1,565
-97
97
-194
291
43 -3,429
-43 3,429
2,314
-139
1,115
96
3,986 -2, 459
-3, 986 2,459
-4, 691
1,452
705
1,007
15, 172
7,219
484
18, 725
9,449
4,278
11,493
6,110
669
14, 134
7,181
524
3, 184
3,769
5,330
2,109 ' 2, 306 2,138
2,962
2,036
2,697
2,018
4,108
2,322
17, 495
' 1, 032
6,059
17, 443
304
6,160
17, 640
1,157
6,140
16, 840
695
5,851
4,809 ' 4, 950 r 4,630 ' 4, 729 4,874
1,818
1,851
1,683 ' 1, 776 1, 670
282
282
285
378
268
719
764
730
803
728
4,896
1,264
302
765
4,766
1,854
266
827
1 153,671 1 187,784
i 68, 726 i 87,249
i 28, 665 i 36, 678
14, 336
7,236
634
16, 709
6,774
5,527
16, 297
10,660
1,127
14, 938
6,965
645
13, 119
3,419
4,239
22, 029
10, 701
4,578
13, 982
5,258
714
'39,918
i 23,940
4,078
2,387
2,190
2,219
2,674
1,837
5,408
1,919
3,436
2,025
4,419
2,332
5,851
2,159
1 178,833 1 184,556 15, 466
640
i 8, 330
i 7, 307
6,051
i 77, 373 ' i 77,870
15, 097
598
6,584
16, 394
731
6,419
14, 894
-77
5,953
16, 548
296
6,377
18, 043
320
6,531
4,137
1,552
296
718
4,261
1,650
291
726
4,120
1,710
299
717
4,387
1,811
325
798
5,485
1,731
332
748
i 34,622
i 21,659
Health, Education, and Welfare Department
mil. $.. 140,576
i 14, 655
Treasury Department
do
i 4, 721
National Aeronautics and Space Adm
do
i 6, 858
Veterans Administration
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
175.4
Federal Government receipts, total.
bil. $..
79.3
Personal tax and nontax receipts
do
37.4
18.0
Indirect business tax and nontax accruals. do
40.7
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
14, 938 13, 119 22, 029 13, 982 22, 561 12, 609 15, 172
14, 999 16, 294 17, 844 16, 333 '15,367 ' 14, 871 17, 429
7,690 -6, 735 -2,257
-61 -3, 175 4,186 -2, 351
i 46,594
i 16,924
i 4, 247
i 7, 669
3,857
1,685
267
708
16, 441 r 15, 847 '14,854
320
182
2,649
6,634
6,570
6,185
195.9
93.4
34 8
19.3
48.4
196.7
93.5
34 9
19.4
48.9
194.9
89.4
35.7
20.1
49.7
195.9
102.1
78.8
53.3
21.8
13.9
197.7
102.3
79.3
210.9
99.7
76.8
206.7
98.6
75.8
23.0
14.3
25.1
14.3
24.4
14.8
p 209. 5
P98.4
p74. 6
^65.3
"25.2
v 14.7
4.9
5.3
5.3
5.6
^5.9
2 1
14.2
4
'-11.8
.0
200.6
95.9
39.2
19.1
46.5
202.0
96.9
qo i
181.6
99.5
78.0
47.8
18.4
11.8
191.3
101.3
78.8
52.1
20.2
13.1
4.1
4.6
-6.2
22, 561 '12,609
9,353 6,281
7,329
838
19.3
47.7
9.3
2 5
17
61
"90.8
P 19.6
"49. 9
LIFE INSURANCE
fnstitute of Life Insurance:
Assets, total, all U.S. life insurance cos.t--.bil. $.. 2 188. 64
2 10. 51
Government securities*
do
2 82. 13
Corporate securities*
do
2 69. 97
Mortgage loans, total
__do
Nonfarm.
do
2 64.17
Real estate
Policy loans and premium notes
do...
do
Other assets
do
T
1
2 5.57
2 11.31
2
7.47
196. 66
10.74
83.75
71.71
65.92
2
197. 23 2197. 68
10.77 2 10. 96
83.58 2 84. 76
72. 34
72.13
66.35 2 66. 62
198. 51
10.98
85.02
72.53
66.84
199. 40
10.94
85.34
72.62
66.94
199. 09
10.83
85.10
72.79
67.12
199. 17
10.90
84.63
72.98
67.32
199. 68
10.79
84.66
73.16
67.50
201. 00
11.07
85.40
73.35
67.69
201. 92
11.09
85.84
73.43
67.77
203. 15
11.00
86.68
73.54
67.98
203. 92
11.03
87.10
73.73
68.06
5.90
13.58
1.29
9.69
5.90 25.92
13.80 2 14. 06
2 1.24
1.62
9.43 28.38
5.98
14.30
1.20
8.50
5.99
14.54
1.40
8.58
6.03
14.76
1.26
8.31
6.06
14.95
1.22
8.43
6.10
15.18
1.41
8.38
6.11
15.35
1.29
8.38
6.16
15.52
1.37
8.51
6.20
15.67
1.38
8.68
6.26
15.81
1.30
8.70
Revised.
*> Preliminary.
Data shown in 1968 and 1969 annual columns are for fiscal years ending June 30 of the
2
respective years; they include revisions not distributed to months.
Annual data for
1968 and monthly data beginning 1970 are annual statement values.
I Revisions for July 1967-Apr. 1969 for budget receipts and expenditures and for Jan.-Mar.
1969 for assets of all U.S. life insurance cos. will be shown later.
9 Includes data for items not shown separately.
*New series.
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Annual
S-19
1970
1969
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
LIFE INSURANCE— Continued
Institute of Life Insurance— Continued
Payments to policyholders and beneficiaries in
U.S , total
mil $
Death benefits
do
Matured endowments .
_ do .
Disability payments
do
Annuity payments
do
Surrender values..
__ do __
Policy dividends
do
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):!
Value, estimated total _
. mil. $
Ordinary (incl. mass-marketed ord.)
do
Group.
do
Industrial. _
do
Premiums collected:
Total life insurance premiums _
do
Ordinary (incl. mass-marketed ord.) —.do .
Group
do
Industrial
do
14, 385. 0 15, 524. 5 1,117.8 1, 686. 5 1, 285. 2 1, 307. 8 1, 448. 0 1, 387. 6 1, 292. 4 1, 405. 6 1, 301. 6 1, 301. 1 1, 348. 1 1, 329. 9
6, 209. 3 6, 758. 1
629.4
557.3
613.4
556.1
588.9
608.6
575.3
549.5
567.9
633.7
483.8
565.6
952.6
81.0
967.2
77.9
82.2
93.5
85.7
84.3
72 .4
85.3
75.4
77.0
71.7
81.4
195. 6
204.7
16.6
21.1
19.6
21.3
18.1
19.1
18.2
14.2
17.1
19.9
21.6
18.8
141.4
1, 401. 0 1, 558. 6
112.2
141.2
140.0
153.1
149.0
149.4
129.8
165.1
146.1
151.3
148.7
2, 456. 4 2, 721. 6
245.2
195.2
254.0
256.2
238.3
225.7
230.9
260.9
243.2
223 A
235.8
231.5
3, 155. 5 3,328.9 223.1 612.1 233.4 248.7 287.3 266.3 249.4
289.4
239.6
288.2
299.7
283.9
150,495
103,944
39,877
6,674
157,525
111,863
39, 237
6,425
12,957
9,331
3,097
529
18,488
11,025
6,980
483
11,525
8,386
2,703
436
12, 621
9,082
3,017
522
14,099
10, 310
3,198
591
15, 309
10, 292
4,462
555
13, 542
9,898
3,040
604
15, 020
10,549
3,930
541
18, 052
13,510
3,201
1,341
18, 933
13, 142
3,492
1,299
1,440
1,085
264
91
2,009
1,370
393
246
1,524
1,182
238
104
1,578
1,191
297
90
1,690
1,258
336
97
1,642
1,248
301
93
1,581
1,214
273
94
1,659
1,237
330
92
1,707
1,264
350
94
10,367
-19
244
22, 600
10,367
687
200
21, 863
11,367
20
159
12, 487
11,367
23
278
9,772
11,367
-2
293
17, 659
11, 367
-2
272
13, 865
11,367
33
24, 068
12, 398
11,367
-1
159
11, 602
93.6
6.8
89.5
7.1
102.5
7.5
88.4
6.5
94.3
7.1
92.8
6.6
94.5
7.0
4,425
5,798
1.923
4,256
7,744
1.807
8,578
5,936
1.876
10, 381
5,629
1.896
5,782
7,587
1.888
3,414
8,004
1.853
2,877
3,260
3,495
3.541 3,797
3,452
3,936 -3,369
3,507
3,616
3,503
MONETARY STATISTICS
Gold and silver:
Gold:
10, 367
Monetary stock , U.S. (end of period) . . .mil. $. . 10, 367
187
755
Net release from earmark §
... do ..
Exports
thous $
839, 160
12, 287
Imports
. do
226, 262 236, 905
Production, world total
mil. $ ^1,420.0
South Africa
do
1, 088. 0 1, 090. 7
Canada
do
94.1
85.2
United States.
do
53.9
Silver:
Exports
thous. $_. 2 252, 147 3156, 720
2
Imports..
do
145, 153 380,061
Price at New York
dol. perfineo z _ _ 2.145
1.791
Production:
Canada
thous.fineo z _ _ 4 45, 390
41, 926
Mexico
. .
do
40, 031
42,904
r
United States...
do
29, 168 ' 41, 552
Currency in circulation (end of period)
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)
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)
mii. $
13, 731
9,472
3,714
545
13, 834
10, 377
2,885
572
14, 500
10, 280
3,704
516
1,607
1,202
307
97
1,475
1,154
321
91
1,708
1,308
305
95
1,596
1,198
304
95
11,367
23
239
29, 516
11,367
-66
449
11, 531
11,117
-328
330
27, 115
11,117
-6
253
14, 536
11,117
-27
618
62, 760
96.6
7.2
95.2
6.8
96.3
6.3
96.2
6.6
96.6
4,423
4,298
1.670
1,815
4,592
1.639
1,268
3,741
1.687
2,870
6,676
1.798
1,888
5,301
1.802
1,079
4,419
1.746
3,497
2,983
3,513
r 4, 081 ' 3, 842 r 4, 893 ' 4, 457
r 4, 171
' 4, 422
r
3, 164
' 3, 380
54.0
53.0
54.0
51.9
52.0
52.7
53.0
53.7
54.4
54.5
54.7
54.8
55.0
190.4
' 42. 3
148.5
192.6
5.7
201.5
44.8
157.0
198.8
5.6
205.3
46.4
158.9
193.4
5.2
209.8
46.9
162.9
193.2
5.6
211.4
46.1
165.4
192.7
4.8
202.8
45.9
156.8
193.0
7.1
204.7
46.3
158.4
195.9
6.9
209.3
46.6
162.6
199.3
5.3
205.3
47.3
158.0
201.1
6.4
207.8
47.7
160.1
202.3
6.5
209.0
48.3
160.7
208.1
6.8
208.7
48.3
160.4
214.0
7.1
211.4
48.2
163.1
218.4
6.8
203.5
45.9
157.6
194.0
203.6
46.0
157.7
194.6
205.2
46.2
159.0
193.3
204.5
46.4
158.1
193.5
206.6
46.7
159.8
195.3
208.3
47.1
161.2
198.5
209.2
47.7
161.6
200.3
209.6
47.8
161.9
202.2
210 6
48.1
162.5
208.2
211.4
48.2
163.7
213.2
212.8
48.2
164.6
218.5
70.5
151.6
49.4
71.7
40.3
69.4
145.7
49.2
69.6
40.8
69.4
139.9
50.6
71.6
41.9
72.4
148.8
52.0
74.2
42.9
70.7
145.7
50.3
72.2
41.4
72.9
149.7
52.3
75.8
42.7
73.5
150.6
53.4
78.4
43.2
73.3
149.3
52.9
77.5
42.9
73.3
145.3
53.8
79.4
43.4
75.8
162.8
52.6
77.9
42.3
75.5
161.0
53.1
77.9
43.0
1,277
3,763
1.760
10, 732
1.635
3,707
51.0
bil. $..
Money supply and related data (avg. of daily fig.) :®
Unadjusted for seasonal variation:
Total money supply
_
.
bil $
Currency outside banks
do
Demand deposits __
do
Time deposits adjusted^
do
U.S. Government demand depositslf ... 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 SM S A 's) O . .ratio of debits to deposits
New York SMSA. ..
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMS A'sd"
do
226 other SMSA's
do
14, 285 530, 821
9,920
9,473
3,814 520, 826
522
551
32, 069
2,209
654
33, 248
2,382
621
8,381
636
157
6,894
573
109
7,966
611
96
640
987
3,591
5,884
822
1,414
1,221
101
254
860
1,494
179
387
336
65
212
873
1,388
34
381
213
91
210
913
1,435
211
402
215
1,326
3,138
2,594
323
751
653
265
648
477
324
763
640
945
2,845
4,835
15, 058
171
765
1,314
4,203
165
526
966
3,767
175
739
1,140
3,873
3,186
78.3
175.9
53.6
78.4
'43.5
75.8
168.5
51.7
75.8
42.0
138
60
1 263
3,405
3,002
213.0 ' 213. 5 214.6
49.0
48.5
'48.7
164.5 ' 164. 8 165.7
' 222. 2 225.0
230.3
290
657
556
1,025
3,222
4,229
14, 189
221.1
50.0
171.1
228.7
7.1
93
161
849
1,437
225
280
154
1,320
2,947
2,518
213.0 ' 215. 3
48.5 '49.2
164.5 r 166. 1
222.5
224.6
6.1
5.6
6,973
701
110
635
889
3,525
5,794
769
1,149
1,186
56.4
779
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $
65, 562
52, 546
4,069
4,440
6,144
By type of security:
Bonds and notes, total
do
60,979
44, 150
3,085 3,769 5,628
Corporate
do
17,383 18, 348
1,390
1,860
2,120
Common stock
_
do
902
3,946
7,714
640
456
Preferred stock
do
682
637
83
32
60
' Revised, v Preliminary.
1 Estimated; exclud U.S.S. R., other Easterri Europ 3an
2 es
countries, China Mainland, and North Korea.
Includes silver coiri data for Jan.-Jime
1968 not included in figures shown in the 1969 BU SINESS STATIS TICS,
s Mont hly
data beginning July and annual total figures exclude silver co in.
< Iricludes r evisions not
Revisions for Jan . 1968-Feb.
Digitizeddistributed shown later. * Includes $17.2 bil. G
for will be to months.
FRASER
1969
LI.
n
6,003
6,799
5,891
9,548
6,985
5,896
8,155
8,199
8,427
5,535
5,645
5,190
9,080
5,964
7,817
5,279
7,351
7,495
2,469
3,441
1,334
1,935
2,775
2,385
2,368
2,151
2,814
634
1,064
399
799
246
529
896
417
528
180
67
69
222
92
176
50
90
88
§0riricrease in earmark ed gold (--). 0B eginning Dec. 1970 SURVE v, data re fleet new bench marks and cha nges in seasonal factors, iis well a s the im proved I landling of international
transa ctions of specializ ed bank ing insti tutions. Revised monthlyr data b ack to 1959 will
beava ilablelat<?r. t At all comirlercial ba nks. OrTotal SM S A's include some3 cities and counties nc)t design ated as S MSA's. cflnclu ies Bostc>n, Phila delphia, San Fra ncisco-Oakland,
and L os Angel*js-Long I3each.
SURVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
Annual
1970
1969
Dec.
Nov.
January 1971
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission—Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate total 9
mil. $
Manufacturing
do
Extractive (mining)
do
Public utility.. . —
do
21,966
6,979
594
5,281
26, 744
6,356
1,721
6,736
2,375
453
188
622
2,532
601
99
600
2 636
811
94
639
1,802
357
85
540
3,539
1,416
149
906
3,170
689
211
1,109
3,909
817
327
600
3,389
939
358
1,103
2,768
638
139
843
2,273
683
70
630
3,518
994
193
1,241
3,851
1, 09 i
180
1, 101
- -do _
do
- --do_
246
1,766
2,820
294
2,188
4,409
23
201
533
15
277
524
44
234
275
50
226
323
77
306
339
41
62
597
9
1,747
231
51
354
355
64
144
526
70
279
370
77
445
347
41
370
572
do
--do
do
43, 596
18, 025
16, 374
25, 802
4,765
11,460
1,695
300
853
1,908
380
812
3,508
413
1,314
4,201
416
1 198
3,260
461
1,504
2,721
387
1,625
5,639
3,701
974
3,596
819
1,058
3,128
405
1,310
5,882
3,573
1,318
4,681
1,428
1,650
4,576
412
1,882
16, 374
8,659
11,460
11, 928
853
1,439
812
1,230
1,314
878
1,198
1,444
1,504
1,211
1,625
1,046
974
1,387
1.058
2,035
1,310
1 113
1,318
1,226
1,650
2,049
1,882
1,216
1, 002
9 790
3, 717
1923
» 7, 445
» 2, 803
921
7 111
2,613
923
7,445
2,803
933
6 683
2 626
890
6 562
2 463
874
6,353
2,441
806
5,985
2,248
784
5,433
2,222
748
5 281
2,009
22 180
2,083
2,236
2,163
2 197
76.4
93.4
68.6
79.0
65.6
73.4
62.9
68.7
62.2
69.7
62.4
71.7
62.8
75.6
62.8
71.9
61.2
67.8
59.4
67.5
59.0
70.6
60.0
73.8
60.8
72.7
61.3
71.9
61.9
75.0
64.7
79.8
72.33
64.49
61.08
58.71
58.33
61.63
62.04
60.89
57.78
57.37
60.59
59.20
60.10
60.44
63.27
65.63
5, 669. 52 4,501.18
5, 458. 55 5, 123. 47
318. 32
376. 13
382.04
526. 97
363. 31
485 34
283. 27
365 56
313. 51
405. 30
310. 25
384. 02
300. 39
465. 04
645. 56
824. 44
370. 56
536 56
311.80
442. 43
400. 69
516. 87
417. 18
538. 59
398. 18
506 43
4, 401. 94 3 550.33
4, 447. 68 4, 123. 33
261. 94
308. 69
324. 20
442.89
314 79
411 57
245 86
304 65
267. 94
344. 36
275. 85
337. 06
264. 77
374. 22
608.25
743. 34
344 53
489 26
289. 98
401. 69
358. 08
443. 37
382. 93
485. 02
370 35
460. 35
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 3, 814. 24 3, 646. 16
263.80
432. 91
304 63
281 84
297. 74
329. 77
448. 20
360. 69
394. 13
349. 78
396. 30
370. 23
404.43
557 12
Railroad
Communication
Financial and real estate
Noncorporate, total 9
U 8 Government
State and municipal
State and municipal issues (Bond Buyer) :
Long-term . .
_.
Short-term
do
do._
r
T
1,684
2,022
2,228
2,223
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
1
1
1
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Compositec?1
-. -- - dol. per $100 bond. .
Domestic municipal (15 bonds)
do
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
Face value
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa _.
A
Baa
do
do
6.51
7.36
7.76
8.13
8 32
8.29
8.18
8.20
8.46
8.77
8.85
8.73
8.68
8.63
8.65
8.35
do .
. do
do
do
6.18
6.38
6.54
6.94
7.03
7.20
7.40
7.81
7.35
7.58
7 84
8.25
7.72
7.93
8 21
8.65
7
8
8
8
7
8
8
8
93
13
31
78
7.84
8.06
8.17
8.63
7.83
8.03
8 22
8.70
8.11
8.24
8.49
8.98
8.48
8.58
8.76
9.25
8.44
8.64
8 92
9.40
8. 13
8.49
8.85
9.44
8.09
8.47
8.78
9.39
8.03
8.44
8.71
9.33
8.05
8.42
8 74
9 38
7.64
8. 13
8 48
9. 12
do _
do
do
6.41
6.49
6.77
7.25
7.49
7.46
7 61
7.94
7 83
7.95
8.39
8. 15
8 15
8.54
8 38
8 11
8 47
8 39
7.98
8.34
8.33
8.00
8.37
8 34
8.19
8.72
8.59
8.55
9.06
8 76
8.61
9.01
9 11
8.44
8.83
9.19
8.40
8.80
9. 10
8.35
8.74
9.06
8.37
8.77
9 06
7.95
8.45
8.56
Domestic municipal:
Bond Buyer (20 bonds) _
Standard & Poor's Corp. (15 bonds)
do
.do
4.47
4.51
5.79
5.81
6.58
6.37
6.79
6.91
6 78
6.80
6.16
6.57
6.11
6.14
6.79
6.55
7.12
7.02
6.79
7.06
6.40
6.69
6.16
6.33
6.39
6.45
6.40
6.55
5.41
6.20
5.58
5.70
U.S. Treasury bonds, taxableO
do
5.25
6.10
6.51
6.81
6.86
6.44
6.39
6.53
6.94
6.99
6.57
6.75
6.63
6.59
6.24
5.97
8.53
9.24
4.50
4.55
5,82
8.62
8.98
9.83
4.61
4.60
6.40
9.44
9.06
9.92
4 63
4.67
6.61
10.20
8.99
9.92
4.63
4.10
6.70
10.20
9.13
9.98
4 64
4.02
6.70
10.23
9.13
9.97
4 64
4 02
6.70
10.23
9.13
9.98
4.70
4.02
6.70
10.45
9.10
9.93
4.70
4.02
6.70
10.45
8.96
9.71
4.70
4.02
6.70
10.48
8.95
9.69
4.71
4.02
6.70
10.48
8.95
9.70
4.71
3.95
6.70
10.48
8.94
9.70
4.71
3.79
6.70
10.48
8.93
9.70
4.71
3.79
6.82
10.48
8.90
9.67
4.71
3.79
6.82
10.48
8.84
9.56
4.72
3.79
6.90
10.49
8.85
9.57
4.73
3.79
7.13
10.49
264. 62
315 86
98.37
101. 00
262. 77
313 15
94.55
93.90
252. 78
301 65
85.98
80.73
248. 68
299. 54
84.62
76.96
231. 68
276 68
80.31
73.87
244. 45
290 09
85.35
78.55
243. 53
287. 85
87.44
74.99
222. 65
263. 96
80.06
68.32
209. 44
248. 12
74.91
62.07
198. 30
236. 81
68.96
52.39
212. 90
252. 79
74.55
56.18
221. 25
264. 25
77.17
57.02
226. 91
272. 90
75.66
65.13
224. 96
272. 65
74.15
61.70
235. 68
285. 00
81. 54
6162
248. 66
298. 78
88.59
72.50
3.22
2.93
4.57
4.50
3.40
3.10
3.42
3.14
4.88
4.90
3.72
3.37
3.58
3.29
5.38
5.78
3.95
3.28
3.62
3.31
5.47
5.33
3.92
3.65
3.94
3.61
5.78
5.44
4.20
3.84
3.73
3.44
5.44
5.12
3.61
3.58
3.75
3.47
5.38
5.36
3.72
3.66
4.09
3.76
5.87
5.88
4.14
4.29
4.28
3.91
6.27
6.48
4.29
4.67
4.51
4.09
6.83
7.67
4.30
4.61
4.20
3.84
6.32
7.03
4.01
4.19
4.04
3.67
6.10
6.65
3.83
4.15
3.94
3.55
6.23
5.82
3.99
4.01
3.96
3.55
6.35
6.14
4.27
4.05
3.75
3.35
5.79
5.87
4.16
3.88
3.56
3.20
5.34
5.23
4.04
3.59
17.62
6 67
7.25
17.69
6 92
7.28
By group:
Industrials _.
Public utilities
Railroads
percent
91
15
35
86
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials... ..
do
Public utilities
do
Railroads
_
do
N.Y. banks
do
Property and casualty insurance cos
do
Price per share, end of mo., composite
Industrials
__ ._
Public utilities
Railroads
do
do
do
do
Yields, composite
Industrials
Public utilities
Railroads
_
N.Y. banks
_
Property and casualty insurance cos
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
Public utilities
do
Railroads
do
18.54
6.92
7.28
T
Revised.
1 End of year.
2 Because of changes in series, data beginning July 1970
are not directly comparable with those for earlier periods.
9 Includes data not shown separately.
cfNumber of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
15.19
6 90
6.78
17.19
6 90
5.21
14.12
6 82
5.00
^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 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1969
Annual
S-21
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July 1 Aug.
1
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..
6.41
6.84
7.19
7.02
7.04
6.97
6.98
7.26
7.57
7.62
7.41
7.31
7.33
7.30
6.88
322. 19
906.00
130. 02
250. 09
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks) .
Public utility (15 stocks)
Transportation (20 stocks)
5.78
301. 35
876. 72
123. 07
221. 02
281. 02
841. 09
116. 04
195.47
259. 88
789. 22
108. 36
175. 32
258. 36
782. 96
109. 42
173. 64
251. 63
756. 21
108. 87
169. 83
260. 36
777. 62
116.45
174. 32
255. 71
771. 65
114.44
167. 46
227. 99
691. 96
103. 19
146. 29
224. 18
699. 30
99.15
137. 53
223. 29
712. 80
102. 83
125. 75
229.99
731. 97
105. 36
130. 91
240. 57
759. 38
108. 79
141. 25
245. 02
763. 72
106. 68
152. 66
246. 16
769. 23
110. 98
148. 37
263. 81
821. 51
118. 88
160. 34
98.69
97.84
96.21
91.11
90.31
87.16
88.65
85.95
76.06
75.59
75.72
77.92
82.58
84.37
84.28
90.05
..do
do
do
do. .
do
107. 49
105. 77
86.33
66.42
48.84
107. 13
103. 75
87.06
62.64
45.95
105.86
104. 68
89.84
59.46
40.63
100. 48
100. 31
85.62
55.28
36.69
99.40
99.70
85.42
55.72
37.62
95.73
96.55
83.74
55.24
36.58
96.95
95.97
85.09
59.04
37.33
94.01
93.18
82.28
57.19
36.05
83.16
80.47
71.65
51.15
31.10
82.96
80.77
73.10
49.22
28.94
83.00
77.99
73.10
50.91
26.59
85. 40
78.38
74.76
52.62
26.74
90.66
84.96
79.65
54.44
29.14
92.85
87.90
82.12
53.37
31.73
92.58
86.47
83.09
54.86
30.80
98.72
92.12
88.69
59.96
32.95
do....
..do.
44.69
81.72
45.39
87.73
46.00
88.09
43.55
82.57
44.11
79.34
45.64
77.11
47.49
81.37
45.21
79.47
39.65
70.75
41.03
71.16
42.12
72.07
44.21
76.07
45.22
79.49
43.51
79.39
42.66
77.37
45.11
81.13
Property-liability insurance (16 stocks)., do
73.64
85.43
94.19
85.85
83.88
81.25
84.94
82.45
67.40
69.94
71.10
72.48
77.07
81.56
79.73
88.33
New York Stock Exchange common stock indexes:
Composite
12/31/65=50
Industrial
do
Transportation
do
Utility
do
Finance.
.
do
55.37
58.00
50.58
44.19
65.85
54.67
57.44
46.96
42.80
70.49
53.85
56.84
42.59
41.36
71.62
50.86
53.93
37.77
38.69
66.95
50.60
53.58
37.51
38.76
66.19
48.76
51.29
36.06
38.55
65.01
49.46
51.53
36. 85
40 77
67.37
47.51
49 47
34.99
39 49
64 07
41.65
43.33
29.85
35.48
54.58
41.28
43.40
28.51
33 74
54.21
41.15
43.04
26.46
34.90
54.00
42.28
44.20
27.66
35.74
56.05
45.10
47.43
30.43
36.74
60.13
46.06
48.87
32.38
36.01
59.04
45.84
48.54
31.23
36.71
57.40
49.00
51.68
33.70
39.93
61.95
175, 298
4 963
13, 352
376
13, 951
430
12, 940
396
11,850
346
11, 146
340
11 130
341
10, 704
387
10, 024
401
8,554
378
8,026
299
11, 027
427
12, 176
458
9,239
324
129,603
3 174
10, 000
249
10, 609
288
9,412
255
9,104
238
8,815
243
8 718
240
8,566
272
8,000
282
6,985
250
6,443
216
8,721
304
9,701
329
7,308
234
2,851
214
272
221
218
213
223
258
226
228
219
303
262
230
335
629. 45
15, 082
640. 16
14, 986
629. 45
15, 082
582. 67
15, 136
616. 34
15, 227
615.37
15, 306
553. 80
15, 348
516. 39
15, 552
491. 21
15, 677
531. 08
15, 823
555. 49
15, 869
579. 75
15, 930
570. 41
15,981
598. 64
16, 023
612. 49
15, 522
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Pu blic utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
196, 358
5 312
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
144, 978
3 299
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected) _ _
millions. . 2,932
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $
Number of shares listed
millions
692. 34
13, 196
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), Incl. reexports, total
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia _. .
.
Europe:
France..
.
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
do
do
34,062.8 37, 331. 7 3, 413. 2 3, 362. 4 3, 238. 0 3,388.2 3, 581. 1 3, 599. 1 3, 908. 7 3, 719. 0 3, 549. 3 3, 266. 1 3, 335. 2 3, 916. 7 3, 494. 1 3, 685. 2
3, 365. 1 3, 238. 4 3, 305. 2 3, 628. 4 3, 379. 0 3, 449. 7 3, 695. 1 3, 776. 0 3, 683. 0 3, 601. 8 3, 534. 9 3, 706. 9 3, 462. 6 3,517.8
do
do
do
do
Excl. Dept. of Defense shipments
Seasonally adjusted
Indonesia
Philippines
Japan
mil. $._ 34,635.9 38, 005. 6 3, 469. 2 3,421.0 3, 298. 4 3,432.1 3, 623. 4 3, 648. 5 3, 942. 3 3, 770. 7 3, 591. 9 3, 307. 0 3, 374. 0 3, 975. 3 3, 544. 8 3, 736. 9
139.3
121.5
131.3
132.1
117.9
126.1
122.9
103.4
1, 269. 4 1,391.6
130.3
148.9
151.0
139.1
141.6
818.7
921.4
786.5
878.0
778.9
808.6
768.8
821.4
750.1
890.7
795.5
813.9
7, 581. 9 8, 265. 2
776.7
103.3
156.6
94.2
91.8
121.1
96.0
90.9
998.0
93.0
103.8
81.7
91.2
77.2
1, 026. 0
77.2
12, 619. 2 1, 184. 5 1, 159. 3 1, 167. 5 1,196.4 1, 271. 9 1, 272. 0 1, 482. 2 1, 213. 7 1, 175. 8 1, 083. 3 1, 126. 7 1, 342. 1 1, 220. 0
11,347.3
709.3
770.1
741.7
680.4
729.2
806.3
649.4
783.5
861.7
866.1
740.9
840.9
8, 073. 8 9, 138. 0
756.6
286.8
320.1
253.7
266.6
269.9
273.8
286.3
270.1
243.8
247.1
292.3
2, 598. 8 2, 761. 9 244.1
264.6
267.2
249.8
333.7
279.9
281.9
230.1
280.8
265.6
248.5
258.6
239.2
277.0
245.2
2, 738. 6 2,814.4
do
do
do
do
...do
48.4
455.7
67.2
505.5
5.2
40.7
4.6
50.2
13.8
39.9
3.4
35.6
5.4
40.5
13.9
47.2
7.0
48.7
6.0
54.0
4.0
53.8
5.0
53.0
5.0
48.1
4.1
48.7
7.6
48.7
do
do
do
do
874.9
717.6
301.9
53.6
860.0
517.1
195.2
51.9
85.5
27.9
31.8
4.3
65.8
47.4
24.9
7.0
69.2
51.2
23.0
4.8
77.6
53.4
19.3
3.8
77.5
58.6
27.4
7.8
65.0
33.5
23.4
4.3
80.0
61.1
28.2
5.2
91.7
40.1
37.9
7.0
101.7
54.3
23.7
6.5
74.2
34.9
28.4
5.4
78.4
37.0
18.3
5.3
137.4
52.0
33.8
4.8
80.0
40.2
17.0
5.0
do
do
do
167.1
436.3
2, 954. 3
201.1
374.3
3, 489. 7
28.3
29.6
335.3
20.6
29.0
346.5
26.5
25.9
356.7
19.8
24.7
391.3
15.9
32.5
356.7
16.9
35.8
349.3
20.6
37.4
361.6
21.3
40.6
415.4
29.7
29.3
415.3
12.4
30.7
377.5
17.5
27.0
385.2
27.4
33.7
424.4
32.8
29.4
386.1
do
do
do
1, 095. 0
29.0
1, 708. 9
1, 195. 3
32.4
2,117.9
96.3
4.0
193.2
118.5
7.5
191.3
112.4
1.3
209.1
117.3
4.9
204.2
108.2
4.1
241.9
169.5
2.5
199.3
143.1
3.2
330.2
117.6
1.5
227.7
129.6
2.1
217.6
107.7
2.6
208.9
110.2
3.1
211.3
127.1
3.0
260.4
107.2
.5
218.7
do
do
do
1, 120. 6
57.7
2, 288. 7
1,261.7
105.5
2, 335. 3
121.0
5.1
211.7
108.5
11.5
197.2
107.9
9.1
181.6
118.3
7.8
182.7
106.5
11.7
230.7
114.6
5.6
202.8
150.9
13.3
272.6
110.7
8.9
212.8
134. 3
6.1
210.1
91.4
6.0
177.7
88.1
12.2
200.9
111.6
11.7
236.9
97.1
9.3
220.8
861.5
866.0
783.5
840.9
740.8
affect continui ty of the series,
9 In eludes da ta not sh own sep arately.
728.8
680.4
741.7
770.1
709.3
North and South America:
Canada
do
649.4
756.6
8, 072. 3 9,138.0
806.2
' Revised.
cfNumber of stocks represents number currently used; the change i n numbf ir does n Ot
January 1971
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
| 1969
Annual
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
Aug.
July
June
Sept.
Oct.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— 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
mil. $
do
do
do
do
do
do
Exports of U.S. merchandise, total. _ _
Excluding military grant-aid
Agricultural products, total _
Nonagricultural products, total
.do
do
do
do
By commodity groups and principal commodities:
Food and live animals 9
mil $
Meats and preparations (incl. poultry) do
Grains and cereal preparations.
do
4, 699. 1
281.4
704.6
306.7
319.2
1, 378. 0
655.0
4 869 2
378.3
672 0
314 6
302.8
1, 449. 5
708 2
433.8
35.7
60.6
25.2
28.5
135.8
59.8
446.2
34.3
53 9
34 5
28 7
137.6
54 7
406.1
33.3
47 1
22.6
28.4
120.8
61.2
421.7
33.6
60 6
25.2
28.4
125.2
55 4
480.5
42.2
61 5
23 9
29.8
141.2
66 1
502.1
41.9
66 9
26 0
43.9
155.2
59 6
461 5
27 6
71 0
20 5
37 0
142 7
60 4
3, 889. 6
161.6
2, 463. 1
3 732 7
199.4
2,127.2
373.5
18.5
222.8
334 5
14 9
195 6
324.1
11.5
191.3
350 5
11.6
209.7
314 1
12 4
183 5
319 7
14. 1
179.5
325 0
14 4
190 9
Beverages and tobacco
do
702.5
713.4
88.7
92 8
31.9
39.9
56 7
47.7
do
3, 540. 7
459.4
do
do
810.3
586.2
do _..
3 569 5
280.2
822.3
711.5
366.8
14.4
137.2
62.7
337 7
20 2
101 9
55 3
346.4
46.0
73.9
68.0
360 2
39 0
84 3
66.0
367 8
29 3
103 8
64 6
396.8
37.0
110.4
72.8
387
38
97
88
1, 130. 7
636.3
433.9
106.7
65.5
36.6
102 0
60 2
37 1
88.3
50.3
32.9
98 6
59 I
37.0
120 5
71 4
43 2
129.5
83.2
39.8
134 9
90 2
41 6
do
do
do
568 4
42.4
115 8
22 4
35. 1
161.3
76 6
476.9
28.2
71 8
25 8
32.2
147.1
61 0
1 , 049. 9
523.9
454.4
56 3
4
2
9
6
336 7
14 3
195 9
59 1
409
33
104
77
9
9
7
6
142 6
98 7
38 6
370 6
12 1
214 4
361 5
14 9
209.3
363.9
18.1
216.1
459 0
17 9
289 6
419 6
19.7
252.9
43 7
64.7
75 8
92.5
8
5
5
0
359 3
10 7
81 1
93.5
344.2
11.1
83.7
86.1
419 5
22 9
128 3
85.7
409 3
32.7
135.8
71.2
141 0
91 8
43.1
128 5
88 3
35 1
147.3
102.0
40.3
169 6
113 7
50.3
132.1
88.4
39.0
53 0
359
24
70
94
equipment,
Machinery, total 9
Agricultural
Metalworking
Construction, excav. and mining
Electrical
Transport equipment, total .
Motor vehicles and parts
Miscellaneous manufactured articles. .
Commodities not classified
Value of Imports
General Imports, total
Seasonally adjusted
By geographic regions:
Africa... _ _ _ _
Asia.
Australia and Oceania
Europe
,.
Northern North America __
Southern North America ...
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
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
_
T
Revised.
9 Includes data not shown separately.
274.4
307.6
34.7
36 2
31.0
26.6
50 4
31.1
41 6
55 2
43 8
40 4
44.0
40.3
32.5
3 382. 5
289.9
302 3
318.5
320 2
342 3
324.8
354 1
340 9
326 1
304 5
286.0
325 7
284.4
do
do
do
do
Manufactured goods 9
Textiles
..
Iron and steel
Nonferrous base metals
445.0
39.4
64.2
21.4
24.2
134.5
63.2
3, 287. 0
3, 939. 4
522.3
610.5
600.0
4 554 7
575.5
972.5
712.0
411.3
54.2
107.4
62.2
431 2
52 2
121 1
72 0
425.6
49.1
106.8
81.3
433 6
50 6
112 1
85.3
447
55
115
81
452 0
50.5
127.1
83.2
483
53
142
90
455
52
117
78
417 3
44 6
115 1
70 3
396
46
103
60
380 6
46.7
86.9
63.0
411
53
84
73
375 5
49. 7
81.3
56.6
do _ _
.
Machinery and transport
479 0
36.5
73 2
29 2
29 4
136.6
70 0
do
Animal and vegetable oils, fats, waxes
Chemicals...
482 6
41 0
65 8
32 g
39 0
143 0
60 6
34, 199. 0 37,461.6 3, 417. 4 3,370 0 3, 255. 9 3, 379. 6 3,584 5 3, 593. 5 3 881 1 3 723 3 3 530 3 3 258 5 3, 321. 4 3, 902. 4 3, 495. 7 3, 686. 1
33, 626. 0 36, 787. 7 3, 361. 4 3,311.4 3, 195. 5 3, 335. 7 3, 542. 2 3, 544. 0 3, 847. 5 3,671.5 3, 487. 6 3, 217. 6 3, 282. 6 3, 843. 9 3, 445. 0 3, 634. 4
6, 227. 2 5, 936. 3 657.8
561.1
51 5. 3
550.5
724 1
719.5
563. 1 553.8
528 5
590 8
567 1
593 4
558 3
27,971.9 31, 508. 0 2, 761. 7 2,779 3 2, 740. 6 2, 829. 1 3, 021. 3 3, 039. 7 3 314 0 3 129 9 2 972 0 2 729 9 2, 760. 4 3, 178. 3 2, 776. 2
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
Mineral fuels, lubricants, etc. 9 . .
Coal and related products
Petroleum and products
483 0
35 3
66 0
27 7
31 6
150 4
63 8
total
mil. $_. 14, 447.4 16, 380. 4 1,391.4
857.9
50.0
31.7
117.0
227.9
533.4
342.7
201.0
153.4
8
2
7
8
9
0
1
9
4
0
7
5
0
4
2
8
0
7
7
3
1,424.4 1, 359. 7 1,430.2 1, 537. 9 1, 564. 3 1, 765. 9 1, 545. 9 1, 468. 5 1, 299. 2 1, 363. 7 1,654.2 1,419.1
do
do
do
do
do
do
do
do
do
8, 597. 2
626 8
333 6
1,098 5
2 284 0
5, 850. 1
3, 370. 2
2, 144. 2
924.0
do
do
33, 226.3 36, 042. 8 2, 987. 0 3, 245. 6 3, 125. 5 2, 944. 3 3, 385. 9 3, 391. 4 3, 174. 9 3, 504. 2 3, 312. 0 3, 116. 5 3,451.9 3, 598. 9 3, 405. 8 3, 555. 5
3 211 5 3 005 5 3 249 7 3 255 9 3 213 6 3 247 5 3 360 7 3 309 6 3 241 7 3 364 5 3 397 5 3 528 0 3 462 2 3 320 4
do
do
do
do
1 122.3 1 045 1
6,911.4 8 275 9
696 5
828 3
10 337 7 10 335 6
do
do
do
9,009.3 10, 393. 2
2 259 4 2 518 4
2 879 3 2 643 1
9, 865. 4
644 4
343 4
1, 247. 8
2 677 7
6, 515. 0
3, 788. 0
2, 445. 9
1 226.8
96
657
54
861
9
2
8
0
914 6
198 4
205 8
do
do
32.4
255 9
37.8
243 0
do
do
do
do
do
do
do
495.0
312 1
63 8
240 0
174 3
435 9
4 054 4
595 1
344 1
73 0
307 2
193 6
422 6
4 888 3
37
24
6
24
16
23
410
do
do
do
do
do
do
842 3
59
2,721 3
1 101 7
58.4
2 058 3
842 5
80
2 603 4
1 203 8
51.5
2 120.6
223 9
100 4
5.0
181 1
1.9
18 0
4
3
0
6
8
1
8
67 7
845 7
45 5
34 4
111 7
213 0
T 578 7
318 5
198.6
110 2
821.5
45.9
23.4
111.3
221.0
538.1
279.1
206.6
123.9
895.4
54 1
28 1
113 5
240 1
534 8
?80 2
206.6
113 2
969 6
63 3
31 4
121 8
246 4
568 3
307 2
229 9
117 0
939.3 1 001 3
57 9
56 0
37 4
32 6
113.6
122 3
247 0
264 0
625.0
764 6
352.0
350 8
212.1
213.4
115 4
118 6
9
4
6
1
105 9
735 1
66 0
888 7
86 9
605 6
62 3
845 4
106
765
78
952
986 2
232 5
254 6
845 3
241 5
242 5
845 3
237 8
260 1
960 3
285 6
234 4
951 2
274 7
268 1
4 7
2 6
24 0
38
19 8
2 7
98 n
4 2
33 6
6
5
4
7
8
3
7
47 8
25 9
69
18 8
17 3
12 9
364 2
48 4
69 8
8
230 8
91 8
15.2
186 8
69 4
8
225 3
97 9
8.1
149 1
73 6
7
248 7
117 2
5.4
194 3
114
710
72
875
00
Q
50 3
27 6
6 6
23 4
16° 8
49 9
402 8
74 6
7
2
8
2
3
*M2
90
3
173
57
34
8
30
16
37
431
8
6
5
9
on c
fi
K
188
97 n
104
752
57
979
43
22
5
22
14
32
474
5
5
4
8
90
740
54
898
6
1
8
5
999
49
40
122
9
71
0
5
1
7
g
546 9
354 8
221.6
156 0
94 2
820 1
73' 9
978 3
942 6 1 017 1
943 o
259 6
203 0
259 1
2 3
20 6
3
2
8
1
1
6
3
38
20
6
23
11
42
443
75 5
7
281 3
121 8
3.5
179 0
239
104
5
182
1
6
2
3
5
1
9
73 0
5
5
9
3
8
2 4
20 0
977 7
52 3
35 7
127 8
945 2
490 8
256 7
213.7
136 4
899 0
49 3
36 6
114 4
236 5
400 3
247 8
205.9
119 3
8
2
0
0
76 8
860 6
89 6
860 8
91
932
74
915
851 9
224 7
235 7
759 5
207 3
259 1
916 9 '1 019 9
204 8
227 5
249 5
256 2
1.5
22 1
.4
20 2
85
834
87
990
2
5
5
9
1
0
1
57 4
21 i
7i
17 1
99
45 7
512 7
60
17
5
12
12
53
541
79 9
9
269 7
115 1
4.6
189 0
77 9
1i
269 0
114 7
6.5
201 7
236 0
124 1
5.1
136 5
60
24
7
25
15
40
486
904.4 1 059 3
51 7
58 2
30 8
33 3
112 4
128 9
277 6
236 7
459 4
594 8
320.3 289 7
211.2
229.8
117 6
115 8
5
9
6
7
7
9
9
85 2
Q
8
8
1
3 1
1.5
27 9
55
17
4
23
14
59
571
.5
22 7
45
26
7
20
15
35
529
71 4
5
271 0
97 6
2.9
175 4
82 4
9
277 3
112 3
2.9
212 7
88 9
10
292 0
104 1
5.9
203 0
1 019 0
941 3
9 005 2 10 389 9
914 5
985 9
845 2
845 2
960 1
951 0
942 5 1 017 0
851 8
759 0
916 5
4,288 2
190 2
669 9
205 9
264 0
909 8
949.8
4 213. 6
155 6
616 3
151 4
240 4
1 029 3
940.1
337 1
13 0
63 3
11 2
20 5
87 6
57.3
402 8
11 9
53 6
89
27 7
98 9
96.3
393 0
14 7
48 2
14 8
25 0
104 0
104.4
416 1
12 2
62 0
12 6
25 6
102 8
107^0
429 6
12 4
43 4
77
27 9
125 0
89.7
455 4
16 1
51 5
20 9
24 4
129 8
98.8
377 0
13 1
425 9
13 0
64 9
8 5
25 6
105 0
38>
372 6
13 9
57 8
13 5
22 9
83 2
87^2
385 7
15 6
68 3
10 9
20 4
82 0
86*. 2
371 5
18 3
56 0
14 4
18 4
80 6
86.4
Q
941 3
917 1
2°5 4
51 1
31 3
6 1
21 0
17 5
41 8
565 8
do
11 3
24 3
114 9
72.4
.7
17 6
82 8
841 3
62 8
033 6
4
5
3
4
5
1
9
do
do
do
do
do
do
do
00
87 4
902 4
75 6
033 9 1
928.2
46 0
31 7
117.0
253 5
491. 0
251.9
214.9
115 6
8
1
6
5
6
4
4
383 3 358 0
11 9
18 2
66 3
63 1
14 1
10 1
16 5
15 8
93 1
91 9
80.' 9 1 75.3
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Nov.
Annual
S-23
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Imports— Continued
General imports— Continued
By commodity groups and principal commodities:
Agricultural products, total
mil. $
Nonagricultural products, total
do.
5, 053. 6 4, 954. 4
28,172.7 31, 097. 5
404.0
454.7
455.5
512.6
488.7
471.7
440 0
450 6
454 2
491 4
517 7
2,585.1 2, 758. 7 2, 653. 8 2, 488. 9 2, 873. 3 2 873 7 2 734 9 3 012 7 2 861 3 2, 662. 3 2, 939. 5
461. 1
434.9
3, 137.8 2, 970. 9
r
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?
do
Metal ores
._
_
do
Paper base stocks
do
Textile
fibers
do
Rubber
do
4, 577. 3
136.0
1 139.7
746.5
640.1
786.3
3, 345. 7
1, 007. 8
454.8
335.1
191.8
4, 530. 8
168.2
893.9
863.8
638.2
777.8
3, 460. 3
1, 012. 6
520.8
260.1
279.5
369.4
16.5
99.9
54.5
34.1
72.7
274.8
90.5
47.4
18.4
26.2
454.7
27.2
84 2
68 4
78.1
67.2
313 8
104.7
47 8
21 3
25 8
431.6
32.7
92 6
82.9
38.4
68.0
271.4
75.2
41 8
20.5
27.4
411.5
19.8
103 0
83 6
36.1
63.7
244.7
72.3
41 2
21.4
20.2
473 0
18.7
96 1
93 8
56.0
64.8
273 7
68.6
49 5
22 9
26 0
488
17
96
80
84
71
260
76
43
21
20
8
4
4
6
2
5
5
9
0
4
7
409 2
15 6
96 3
64 9
49 1
64 9
281 2
103.2
41 2
18 7
19.2
475 5
8 7
114 1
84 3
73 0
70.9
298.7
114 7
42 8
19 4
18 5
436 3
14 9
94 4
97 3
62 6
68 2
280 5
114.3
41 2
15 9
15 7
435 1
12.5
99 7
91 2
74 5
49 8
290 7
117.9
39 7
14 9
15 2
447.8
15.4
83 8
91.3
80.9
63.5
301.5
117.1
37 2
13 2
18.7
459 3
17. 5
103 9
86 0
53.4
87.9
275.7
98.2
40 8
10 2
17.7
423 2
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
do
do
_ do
do
2, 526. 7
2, 343. 2
157.9
1 129. 1
2, 794. 0
2, 559. 9
136.7
1, 232. 0
201.4
185.5
11.7
101.8
292 1
261.9
16 2
99 7
274.7
250.6
279 3
252.4
8.6
112 2
110 8
296 6
270 9
10.2
129 0
244
223
10
133
9
8
1
2
224 2
193 0
14 2
120 5
246 8
221 5
21 1
121 1
213 1
188 9
13 1
114 1
255 5
231.4
14 9
124 9
240 4
216.0
9.6
111 9
255 0
229.2
16.0
130 8
239. 1
212.8
11.3
119 8
do
do
do
do
do
8, 162. 4
2, 046. 5
862 9
2 022. 5
962 4
7, 893. 3
1, 809. 1
938.6
1, 534. 6
1 019.0
620.1
137.7
79.6
122.4
73.2
636.5
152.5
87 5
114 7
80 1
656.2
121.4
76 7
144.6
99 7
569.2
109.4
71 0
124.3
81 7
696 2
137.2
81 2
146 0
99 9
691 4
150 2
78 4
145 1
92 8
692 1
164.3
76 5
134 3
93 1
730 3
166.8
76 3
150 8
96 5
726 2
178.3
73 4
136 3
99 2
654.5
171.2
68 1
116 8
89 1
736.1
189.7
76 5
150.9
84 5
768.6
203.5
79. 9
136.0
104 0
762.0
239.5
7 81
120.7
99 4
do
do
do
do
7,986 9
3 688 4
203.9
1, 492. 1
9, 768. 2
4 489.0
182.7
1, 946. 9
872.3
383.4
13.2
179.1
891 0
389 0
15 8
171 8
862.5
387 4
12.9
151.4
839.9
381 5
18 1
154 0
957 1 1,012 3
449 3
453 5
17 5
14 6
191 8
189 0
909.5 1 009 6
415 9
459 7
12 9
14 1
168.6
198.7
897.4
466 0
16 4
189.1
735.0
427 4
10 9
203 5
912.0 '1,015.8
442 4 r 477 6
10.9
10.3
218.2
210.0
975.2
450 2
11.5
204.6
4 298 5
3,711.6
3, 346. 1
1 207 8
5, 279. 2
4, 623. 8
4, 127. 6
1 331.1
490.6
440.9
349.2
113.6
503
456
346
127
6
8
6
8
475.1
420.5
350.3
89 2
458 4
398.0
326 8
89 9
507
436
380
105
8
7
0
4
558 8
477 1
371.3
107 5
493 6
432.9
363.5
95 6
549 9
483 2
418 4
111 7
431 4
352.0
449.2
113 9
307
239
450
105
7
7
4
7
469.6
402.8
453.8
118 1
112.8
172.7
194 8
116.5
182.9
213.0
119.6
195.5
233.9
122.3
188.3
230 2
122.1
182.0
222 2
122.9
188.7
231 9
120 9
203 7
246 3
123 2
200 1
246 4
122.7
218.0
267 5
123.3
206.6
255 3
124.0
195.5
242.5
122 8
182 2
223 7
124.0
184.1
228 2
103 9
225.6
234.4
107 2
236.9
254.0
113 1
220.5
249.3
112 0
245 5
274.9
112 0
249 1
279.0
113 6
219 6
249.3
113 2
253 2
286 7
114 0
251 8
287 1
114 2
235 4
268.8
114 4
259 2
296 7
116 5
240.6
280.4
117 8
223 9
263 9
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
__
Machinery and transport equipment
Machinery total 9
Metalworking
Electrical
_ _
_
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Indexes t
Exports (U.S. mdse., excl. military grant-aid):
Unit value
_ 1957-59 = 100
Quantity
_ __ _
do
Value
do
General imports:
Unit value
do
Quantity
do
Value __
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous sh tons
Value
_ .
mil. $
General imports:
Shipping weight
thous sh tons
Value
_ _ _
mil. $
9.2
9.8
95 8
75 9
44.5
95.0
266.0
98.7
39 2
10 2
18.4
525.0
r 538. 2
' 470. 4 459.4
406. 1
•- 469. 2
108 3
120 8
124.0
215.5
267 2
123.0
194. 7
239. 5
r ng 3 f 118 8
247 1 r 256 5
304.7
292 3
118. 2
243. 9
288.4
194 482
19, 359
1
1 199 286 20 116
19, 915 1,953
17 845
1,871
16 418
1,828
17 146
1*894
17 621
2*008
19 386
2 013
19 332
2 126
92 312
2 101
21 734
2,075
19 802
1 949
20 818
1*920
23 745
2 283
282 751
21, 139
i 288 620
i 21, 570
28 666
1,907
24 682
1,926
23 902
1,767
24 301
2 029
24 061
2 043
21 928
1 919
26 692
2 151
25 454
2 133
26 182
2 085
25 518
2 153
25 202
2,210
21 943
1,727
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:*
Passenger-miles (revenue)
.
bil
Passenger-load factor §
percent..
Ton-miles (revenue) , total ^
mil
Operating revenues 9 _ ..
mil $
Passenger revenues
do
Freight and express revenues
do
Mail revenues
do
Operating expenses
_
_..do
Net income after taxes
do
Domestic operations:
Passenger-miles (revenue)
bil__
Express and freight ton-miles
mil..
Mail-ton miles
do
Operating revenues
_
_mil.$__
Operating expenses
do
Net income after taxes
do
International and territorial operations:
Passenger-miles (revenue)
bil _
Express and freight ton-miles
_
mil..
Mail-ton miles
do
Operating revenues
mil. $
113. 96
52.6
15, 249
7 753
6 222
585
276
7,248
208
125. 41
50.0
16, 898
8 792
7 120
686
296
8,400
55
9.06
43.1
1,295
87.51
1,775
567
5, 691
5,397
83
95. 95
1,971
616
6,517
6,237
11
7.11
167
55
26. 45
1,135
700
2,062
29.47
1,384
729
2,275
1.95
120
73
125
44
23.6
6,491
24.3
6,310
10.78
47.9
1,489
2,219
1 784
185
85
2 204
10.45
46.1
1,403
8.54
171
71
1,682
1 639
8.37
153
53
2.24
114
85
537
2.08
94
59
10.61
49.9
1,466
2,152
1 781
165
71
2 198
9.97
50.0
1,434
10.69
48.4
1,520
12.40
53.2
1,680
13.38
56.2
1,759
14.31
59.4
1,834
10.90
48.2
1,497
7.05
147
50
8.44
171
53
1 677
1,699
43
7.77
206
54
8.10
218
53
9.44
206
50
10.12
189
54
10.88
178
54
8.23
182
56
1.76
100
64
2.17
113
67
475
2.20
112
65
2.60
112
68
2.96
114
68
3.26
121
57
3.44
114
57
2.67
113
56
8.81
45.3
1,243
48
73
20
4.QQ
Net income after taxes
Local Transit Lines
Fares, average cash rate
Passengers carried (revenue)
r
do
.cents
mil
-30
-28
24.7
500
25.2
528
25.4
505
Eevised.
v Preliminary.
1 Annual total reflects revisions not distributed to monthly
data.
} Trade in silver is included in value and quantity indexes for 1968 and all indexes thereafter.
9 Includes data not shown separately.
§ Passenger-miles as a percent of available
seat-miles in revenue service; reflects proportion of seating capacity actually sold and utilized.
If Applies to passengers, baggage, freight, express, and mail carried.
* New series. Source: Civil Aeronautics Board. Certificated route industry covers passenger-
26.2
26.0
25.8
25.7
25.6
25.7
25.4
25.4
25.4
25.5
474
507
482
440
449
522
542
491
515
470
cargo (including local service, helicopter, and other carriers) and all-cargo carriers. Beginning
Jan. 1970, domestic series reflects operations between the 48 States and Alaska and Hawaii;
prior to 1970 this traffic was included in the international and territorial series. Selected
revenues by type (as shown for total industry) and all traffic statistics cover scheduled service
only; total revenues, expenses, and income for all groups of carriers also reflect nonscheduled
service.
SUKVEY OF CUEEENT BUSINESS
S-24
1969
1969
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
Annual
January 1971
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov. | Dec.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION-Continued
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
Number of reporting carriers
Operating revenues, total _
_ _ _ mil. $.
Expenses, total
- _
do
Freight carried (revenue)
mil. tons
1
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.f
1957-59=100-Carriers of passengers, class I (qtrly.): §
Number of reporting carriers. _
Operating revenues, total
mil. $
Expenses, total
do
Passengers carried (revenue)
.
. mil
Class I Railroads
Financial operations (qtrly.):
Operating revenues, total?
mil. $
Freight
..
do
Passenger
do
Operating expenses
__
.
do
Tax accruals and rents
_
do
Net railway operating income
do
Net income (after taxes)
do
Traffic:
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.S. citizens: Arrivals
thous..
Departures
do
Aliens: Arrivals
do
Departures
do
Passports issued
do
National parks visits
do
1, 289
9,513
9,030
531
1
1, 289
10, 482
10, 036
560
1 289
2,775
2,683
144
1,379
2,640
2, 567
136
175.2
183.8
159.4
168.9
i 70
641.1
563.8
184.3
170
676.4
593.6
175.0
70
166.5
151.8
42.4
70
147 6
145.1
39.2
69
179 0
158.0
42.8
10, 860
9,755
444
8,582
1,595
683
565
11,451
10, 346
439
9,062
1,729
659
461
2,958
2,683
106
2,363
429
166
92
2,818
2,569
99
2,337
422
60
« 15
3,082
2,811
106
2,458
466
158
76
759 1
744. 5
1.310
13, 120
4 781 7
767.9
1.347
12, 169
201 7
197 9
1 356
2 838
190 6
184.6
1.378
2 571
201 4
198.6
1 416
2,754
11.35
61
117
12.37
59
119
12.75
55
112
11.66
44
118
13.22
52
107
12.98
55
114
12.23
57
122
13.95
61
127
12.87
58
131
13.80
56
125
12.17
53
117
13.74
55
106
13.95
56
118
5,911
5, 767
3,602
4
3, 039
1,820
42, 403
395
355
256
222
77
1,602
342
429
245
272
93
1,040
469
402
297
214
125
987
414
423
237
187
153
1,133
496
499
291
244
246
1,559
480
481
295
245
'111
1,878
509
545
341
289
267
3,338
536
731
349
313
311
6,667
736
903
455
395
254
9,912
1,009
767
498
421
163
9,969
690
535
416
334
4
4
5,021
4,820
3,084
2,613
1,748
42,392
4
172.8
166.1
167.6
179.9
172.3
178.2
173.0
169.0
122.6
151.0
161.2
179.8
172.8
172.1
173.1
167.4
160.8
2 3, 040
2 2, 759
2113
2 2, 451
2479
2109
227
2
2 188. 1
189. 2
126
14.48
62
114
13.39
50
104
101
88
108
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 revenues
mil. $
Operating expenses
do
Net operating revenues (before taxes)... do
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before taxes)... do
15,068
7,578
5,693
9,020
2,553
95.1
16, 781
8,213
6,506
10, 270
2,798
100.3
4 375
2,120
1 717
2 722
734
100 3
4,354
2 149
1,660
2,741
732
101 0
4 543
2,227
1,753
2,898
764
101 7
4,568
2,236
1,765
2,955
758
103 1
358.2
309.5
29.6
391.3
330.8
32.9
104.3
85 1
7 7
97.5
82 8
9.4
106 7
85 8
11 3
98.1
85 1
6.4
153.4
116.1
30.6
179.9
132.6
39.1
48.3
36 5
9 3
47.5
34 9
10.3
48.5
35 9
10.2
47.7
36 0
9.4
--
--
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene
mil. cu. ft.
Ammonia, synthetic anhydrous__thous. sh. tons.
Carbon dioxide, liquid, gas, and solidf . do
Chlorine, gas (100% C13)
do...
Hydrochloric acid (100% HC1)_
do
Nitric acid (100% HNO 3 )
do "
Oxygen (high purityH
mil. cu. ft
Phosphoric acid (100% P2O5)
thous. sh. tons.
Sodium carbonate (soda ash), synthetic (58%
Na 2 0)
thous. sh. tons.
Sodmm bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do...
Sodium silicate, anhydrous
thous. sh. tons.._
Sodium sulfate, anhydrous
thous. sh. tons
Sulfuricacid (100% H3SO«)
doIII
15,385
14, 204
1,113
1,203
12,119.9 12, 713. 5 1, 060. 0 1, 129. 8
1, 014.1 1, 096. 3
82.6
80.8
8, 444. 5 9, 422. 0
788.2
845.8
1, 752.1
6,362.1
247, 995
4, 958.3
1, 848. 6
6, 254. 3
272, 884
4, 915. 5
145.7
528.4
23, 984
408.6
160.8
557.3
23, 885
447.1
4, 595. 7 4, 502. 8
349.6
419.8
149.4
146.0
11.3
14.3
821.2
8,867.7 9, 618. 7
858.0
633.5
63.4
653.8
60.3
1, 482. 7 n, 471.0
119.9
120.1
28,543.8 '29,536.9 '2,501.2 '2,843.4
1,228
948.0
73.7
787.2
1,254
1,032.5
80.1
745.4
1,306
1,319
1,165.5 1,139.4
102.3
96.5
814.3
822.5
152.4
517.4
22,535
393.9
149.6
506.0
21, 807
430.4
176.8
551.4
23, 713
458.7
350.6
343.6
10.5
11.3
800.9
756.0
37.4
44.5
115.4
117.1
2,302. 6 2,312.6
r
Revised.
1 Number of carriers filing complete reports for the year.
2 Preliminary
4
estimate by Association of American Railroads.
Annual total reflects revisions not distributed to the monthly or quarterly data.
« After extraordinary items.
t Revised
monthly data (1957-69) are available.
157.1
582.0
23, 325
480.3
1,214
1,220
1,275
1,128.9 1,136. 5 1,065.5
109.5
100.3
104.2
844.4
839.2
810.3
165.9
571.7
24,040
465.0
161.5
548. 7
23,401
422.1
378.3
391.4
365.4
370.4
13.6
13.6
12.6
12.7
847.8
835.2
856.8
816.8
65.2
55.0
52.2
54.8
108.0
116.0
124.0
108.0
2,465.3 2,530.5 2,517.4 2,398.4
166.8
475.7
23,147
388.1
1,124
1,082.2
106.6
811.7
1,103
1,155 r 1, 112
1,102.6 1.059.7 1,107. 8
103.5 ' 87. 9 77.0
801.2
' 805. 2 860.1
161.0 ' 163. 8 165.6
502.1
522.7 ' 564.3
22,974 23,003 • 24.244
456.9 ' 481. 6 503.3
144.3
553.6
23,065
459.2
361.6
373.4
332.7
355.5
379.4
11.8
12.1
13.3
10.7
12.7
830.9
889.1
879.1 ' 829.1
889.3
54.6
56.2
'48.7
48.7
39.1
115.2
122.7
117.6
97.9
103.4
2,310.7 2,303.9 2,403.8 '2,491.8 2, 428. 8
§ Beginning with 1st quarter 1969 reporting period, motor carriers are designated class 1
if they have annual gross operating revenues of $1 million or over (1968 data have been restated
on the new basis).
9 Includes data not shown separately.
J Revisions for 1967 available upon request.
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
S-25
1969
1969
Annual
1970
Feb.
Jan.
Dec.
Nov.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production: a"
136.2
10.2
133.2
2.8
9.3
132.2
2.4
8.0
127.8
2.2
9.6
3.3
9.5
3.5
9.3
25.5
373.7
22.9
372.4
13.2
363.1
8.3
324.2
9.7
353.2
'16.2
397.8
14.7
370.8
27.9
23.8
54.3
63.2
29.1
24.9
59.7
58.8
28.7
26.5
60.4
64.8
28.8
57.9
61.0
25.3
25.3
43.4
61.0
27.9
24.6
53.2
58.8
26.1
24.4
50.6
63.6
27.8
23.0
60.4
54.9
59.8
177.1
46.6
57.7
181.2
44.0
57.8
177.3
46.3
8.6
6.2
59.2
184.0
48.4
6.7
56.9
184.8
45.0
6.0
46.9
176.9
42.3
6.4
58.3
177.8
42.7
7.5
54.8
169.4
42.9
8.6
24.9
25.1
2 4
23.7
23.6
24.8
24 3
2.5
2.4
3.0
26.0
26.1
2.9
24.3
24.4
2.8
22.8
22.9
2.7
23.0
22.9
2.8
23.2
22.9
3.0
1, 253
1,088
106
840
51
1,230
78
61
977
87
49
951
105
579
102
323
87
2,078
92
1,773
48
1,550
140
1,148
103
1,414
130
1,086
74
1,341
76
1,034
115
1,479
105
1, 189
74
1,420
114
1,163
73
19
y
393
19
25
16
336
16
22
17
377
9
46
30
514
1
59
37
579
1
57
16
397
6
15
12
218
21
10
6
164
16
10
15
304
13
18
12
331
13
23
16
391
22
24
24
387
8
453
634
331
401
631
621
416
206
169
353
340
411
416
347
429
393
448
336
468
356
422
393
359
408
276
381
264
364
351
330
455
343
432
380
418
'386
' 394
389
430
11,651.6 » 1,748.0
37.5
31.2
1 106. 0 r ! 118. 3
129.5
i 162. 0
1 4, 099. 6
i 153. 2
4,192. 8
10.4
355.0
347.0
29.5
580.2
i 748. 3
* 322. 4
30.5
i 624. 8
774.0
mil. tax gal
do
_ - do _
do
708 1
189. 2
564.4
81.4
mil. wine gal
_ _ do_ _
do
.thous. sh. tons..
do
do
_.
do _
152.1
143.0
3.4
6.5
3.0
8.8
10.0
3.0
8.6
13.1
358.7
12.7
324.8
14.5
321.1
13.6
382.6
'29.4
30.5
52.5
64.3
'25.4
30.5
56.4
72.1
24.5
27.5
52.5
56.4
26.5
26.5
53.5
61.8
r 738. 0
179.7
592.6
85.6
50.8
177.2
33.7
53.2
179.7
43.8
42.2
164.4
40.2
5.9
6.2
48.5
166.9
40.7
303.5
305.6
2.7
318.5
318.8
18.0
18.1
23.7
23.7
21.6
21.4
2.4
2.6
18, 956
2,607
13, 584
1,303
16, 599
1,799
12, 229
1,233
1,004
107
704
93
1,319
1,278
1,039
-do _ _
do
do. __
do
227
131
3,557
205
233
138
3,829
184
15
16
364
6
Potash deliveries (KjO) _
_ do _
Superphosphate and other phosphatic fertilizers
(100% P 2 O») :
Production. . _
thous. sh. tons _
Stocks, end of period
do
4,170
4, 794
4,149
535
4,290
448
Explosives (industrial), shipments, quarterly §
mil. Ib
1 581 7
1 924 8
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
_ _
do
Industrial finishes
do_
2,586.8
1,427.5
1,159.3
2 776. 7
1,473.5
1, 303. 5
186 2
91.6
94.6
Sulfur, native (Frasch) and recovered:
Production
-thous. Ig. tonsStocks (producers'), end of period
do
i 8, 817
2 790
8,568
3 461
3 401
1691 6
i 628 8
1615 4 1 667. 4
il 096.8 U,123.8
i 816 1 i 770 5
43 1
54.4
91.0
65 1
43
55
87
55
15. 5
14 0
Acetylsalicylic acid (aspirin)
Creosote oil
_ do
mil. gal
Fthyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
Methanol, synthetic
. ..- Phthalic anhydride
mil. Ib
do
do
do_
mil. gal_
mil. Ib
1
2.7
3.5
10.0
2.9
131.5
3.0
31.7
26.6
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks end of period
Used for denaturation
Taxable withdrawals
_
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks end of period
_
6.6
2.4
2.6
7.1
21.6
21.7
8.0
FERTILIZERS
Exports, total 9
Nitrogenous materials
Phosphate materials
Potash materials .
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
_._
___ _
__
_
r
93
122
57
1,079
MISCELLANEOUS PRODUCTS
390.9
512 4
755
475.3
179.9
85.0
95.0
179.0
85.9
93.1
197 6
102 8
94.8
241.6
130.4
111.2
236 3
131 7
104 6
746
730
3,530
660
3 604
721
3,657
3 642
45
49
90
52
47 7
58 2
93.0
53 8
53 9
57 9
100.6
54 9
13 3
12 8
3 461
683
484 0
251.2
142.9
108.3
281.3
162.1
119.2
256.4
153.1
103.2
258 9
150 5
108.5
252 3
143 5
108.8
917 3
123 2
94 1
720
3,714
671
3,738
717
3 689
700
3 800
817
3, 837
746
3,977
49
52
89
54
58.0
54.5
85.7
54 6
55.3
49. 1
74.1
44 7
51 7
53 6
83.1
54 7
11.0
10.4
183 4
106 5
76.9
PLASTICS AND RESIN MATERIALS
Production:
Therm osetting resins:
Alkyd resins.
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
mil. Ib
do
. _ __do
do
Thermoplastic resins:
Cellulose plastic materials
Coumarone-indene and petroleum
resins
Styrene-tvpe materials (polvstyrene)
Vinyl resins (resin content basis)
Polyethylene
__
do
polymer
mil Ib
do
do
do
1187 3
1348
19 895
13 215
14 567
i 192 6
i 332 6
8
7 13 251 6
1 13,638 8
7 15 440 7
29
276
311
486
4
9
5
6
26
280
311
497
44 3
49.4
85.2
54 8
8
6
9
7
5
2
5
7
11 0
29
275
284
448
9
5
9
4
5
7
5
8
12 0
27
255
283
441
7
l
2
8
25
269
316
472
1
2
7
2
97
276
338
484
4
2
2
6
2
5
3
7
12 5
9
69
288 *>
330*9
501 1
25
299
325
505
6
1
3
3
25 3
272' 5
298.4
503 2
10 3
25
274
310
488
7
3
5
7
T
56 9
54 7
82.2
52 8
10.8
94
993
314
4()7
6
8
0
4
50 1
58 0
92.8
50 7
11 0
25 4
271 9
311.7
517 7
ELECTRIC POWER AND GAS
kw.-hr__ 1,436,029 1,552,299 125, 601 136, 786 141, 110 124, 678 132, 333 126, 528 130, 470 137, 155 149, 700 151, 492 139, 839 132, 734
do
1,329,443 1,441,939 116, 465 127, 357 131,732 116,010 123, 051 117, 443 121, 197 128, 082 140, 633 142, 694 131, 106 123, 536
— d o _ _ _ _ 1,106,952 1,191,861 96, 941 106, 027 109, 474 95, 973 100, 978 95, 722 99, 394 106, 906 119, 724 122, 769 113, 094 105, 384
do
222, 491 250,078 19, 524 21,330 22, 258 20, 037 22, 073 21, 721 21, 803 21, 176 20, 909 19, 924 18, Oil 18, 153
do
1,083,117 1,171,693
_ . _ d o _ _ _ _ 246, 326
270,247
do
do
do
106, 586
103, 203
3,383
110,360
107,076
3,283
94, 736 103, 589 107,213
21, 729 23,768 24, 519
94, 335
21, 675
99,877
23, 174
96, 192
21, 250
9,429
9,144
285
8,668
8,367
301
9,283
8,978
305
9,085
8,765
320
9,137
8,869
267
9,378
9,070
307
' Revised.
1
Revised annual total; revisions are not distributed to the monthly data.
cTData are reported on the basis of 100 percent content of the specified material unless
98, 722 104, 606 115,291 117, 630 108, 928 102, 710
22, 475 23, 477 25, 342 25, 064 22, 177 20, 827
9,274
8,961
312
9,072
8,806
267
9,067
8,825
242
8,798
8,575
223
8,733
8, 529
204
9,197
8, 972
225
otherwise indicated.
9 Includes data not shown separately.
§Data have been restated to exclude black blasting powder formerly included.
{Re vised data for the months of 1968 will be shown later.
Dec.
SURVEY OF CURRENT BUSINESS
S-26
1969
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Nov.
Annual
January 1971
1970
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 1,202,321 1,307,178 106, 862 111, 506 116, 941 113, 452 111,774 109, 247 108, 692 113, 876 121, 481 126, 043 126, 257 117, 258
Commercial and industrial:
Small light and power §
- do_ _ _ 1265,151 286, 686 23, 232 23, 652 24,464 23, 982 23, 609 23, 564 24, 339 26, 588 29, 113 30, 128 29, 972 27, 109
1 518,834 557, 222 47, 080 47, 190 46, 096 45, 583 47, 041 47, 030 47, 970 49, 231 48, 012 48, 997 49, 130 48, 614
Large light and power§
do
4,531
407, 922
10, 772
35, 861
4,186
1 4, 540
1367,692
do. _ 1 10, 302
. do. __ 1 32, 162
1 3, 640
do
Railways and railroads
_ _ __do
Street and highway lighting
Other public authorities
Interdepartmental
379
31, 823
988
3,008
352
443
35, 759
1,043
3,062
357
453
41,404
1,032
3,122
369
403
39,068
964
3,087
365
415
36,307
938
3,079
386
376
34, 007
891
3,005
374
384
31, 745
839
3,032
383
363
33, 302
817
3,182
393
359
39, 530
828
3,223
416
362
42, 051
869
3,222
414
354
42, 219
917
3,261
404
375
36, 465
978
3,314
404
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $ 18, 579. 9 20, 139. 4 1, 653. 8 1, 715. 1 1, 798. 8 1, 757. 5 1, 721. 0 1, 697. 8 1, 708. 8 1, 795. 7 1, 935. 7 2, 013. 4 2, 033. 3 1, 908. 3
GAS
Manufactured and mixed gas:
Customers end of period total 9
Residential
&a es i
su
,
v
thous
do
_
579
543
36
575
538
36
575
538
36
576
534
41
567
531
35
1 466
825
617
1 519
825
667
408
216
184
644
398
233
321
173
142
Industrial and commercial
do
Residential
do
129 0
81 4
45 9
130 6
80 3
48.1
34.6
20.9
13.1
54.3
36.0
17.4
28.8
17.7
10.7
thous
do
39 950
36 672
3 231
40 769
37, 413
3 307
40, 769
37, 413
3 307
41, 338
37, 938
3,355
41, 003
37, 680
3,275
143 521 154, 430
44, 701 47, 129
91 519
92 594
39, 339
11, 905
25, 936
54, 236
22, 528
30, 192
38, 349
10, 021
26, 854
8,644. 9 9, 406. 6
4 476 8 4 800 1
3 946 4 4 389. 6
2, 453. 2
1,241.5
1,152.9
3, 732. 0
2, 175. 8
1, 48ft. 5
2, 328. 9
1, 118. 7
1, 153. 9
Natural gas:
Customers end of period total 9
Residential
Sales to consumers total 9
Residential
Industrial and commercial
mil therms
do
do
Revenue from sales to consumers total 9
Residsntial
Industrial and commercial
mil $
do
do
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
122. 41
Production
mil bbl
111.42
Taxable withdrawals
do
11.56
Stocks, end of period
do
Distilled spirits (total):
238. 33
Production
_ _
mil. tax gal
Consumption, apparent, for beverage purposes
mil. wine gal-- 1344. 07
Taxable withdrawals...
mil. tax gal
147. 63
Stocks, end of period
do
956. 44
Imports
mil. proof gal-75.45
Whisky:
Production.
mil tax gal
178. 05
Taxable withdrawals
do
95.28
Stocks, end of period...
do
904. 35
Imports
mil. proof gal_.
66.50
127. 32
116.27
11.90
f
8.54
8.28
12.38
9.62
9.24
11.90
9.56
8.47
12.43
9.31
8.04
12.99
11.84
10.35
13.46
12.44
10.66
14.12
12.45
11.45
14.20
13.40
11.90
14.69
12.38
11.87
14.18
11.33
10.79
13.76
11.01
10.38
13.45
10.28
9.62
13.22
20.55
20.28
21.26
20.11
18.16
16.29
12.89
11.22
16. 18
19.21
9.28
8.77
12.93
229. 69
19.84
20.87
i 361. 67
164.55
991. 42
87.08
33.66
14.17
983. 86
9.03
42.64
12.19
991. 42
10.84
28.30
28.00
29.92
30.21
25.71
27. 14
25.07
30.98
29.30
32.49
12.40
11. 32
14.83
13.23
14.72
11.05
16.04
16.10
14.38
18.22
998. 08 1,002.98 1,005.66 1,008.95 1,010.84 1,012.99 1, 013. 73 1,007.86 1, 006. 26 1, 004. 59
5.46
7.03
7.63
5.66
7.55
6.28
7.29
5.97
6.89
10.84
169. 87
108. 01
938. 46
74.29
14.00
9.80
932. 25
7.97
15.36
8.06
938. 46
7.30
15.30
8.10
944. 66
4.67
14.96
8.27
949. 15
4.83
15.69
10.64
951.64
6.66
15.21
9.88
955. 47
6.22
12.85
7.79
959. 53
5.49
10.15
8.76
959. 73
6.34
9.12
6.72
961. 12
5.96
7.16
9.04
957. 73
5.15
10.37
10.67
955. 42
6.76
12.20
12.93
952. 39
5.47
8.99
5.15
8.17
4.27
8.11
4.22
8.44
4.86
11.07
6.58
10.85
6.57
8.15
4.36
9.16
4.71
7.65
4.27
8.78
4.86
10.08
5.79
11.57
6.88
15.80
13.86
6.19
2.41
1.67
1.55
6.45
.29
1.97
2.04
6.19
.27
1.81
1.81
6.48
.11
1.71
1.27
6.82
.10
2.06
1.64
7.15
.12
2.02
1.27
7.80
.15
1.80
1.37
8.10
.14
1.75
1.56
8.15
.13
1.41
1.24
8.27
.09
1.96
1.39
8.72
.10
1.77
2.04
8.31
.17
1.98
2.09
8.17
.19
.21
277. 80
197. 23
306. 36
22.28
55.85
16.01
326. 97
2.50
9.49
17.90
306. 36
2.65
4.08
18.44
290. 91
1.76
3.87
16.36
274. 56
1.65
4.60
20.64
256. 07
2.23
2.98
16.76
240. 99
2.24
3.47
15.10
226. 63
2.42
2.50
17.44
207. 10
2.37
3.15
14.44
196. 38
2.20
11.05
16.32
187. 14
2.13
70.81
18.73
238. 03
2.20
92.19
20.75
302. 36
'2.51
3.07
373. 08
403. 32
52.16
25.52
7.62
6.55
6.34
2.85
2.15
1.29
4.45
28.76
126. 06
91.73
mil. lb._ 1, 164. 8
do...
117.4
$ per lb__
.678
1, 121. 1
88.6
.685
71.4
104.3
.687
90.3
88.6
.696
99.9
77.4
.686
93.0
81.3
.687
105.6
91.6
.688
109.1
114.3
.707
116.7
147.0
.708
112.4
186.0
.707
92.5
203.5
.708
81.1
199.2
.708
72.8
171.3
.713
82.1
79.1
147.5 ' 134. 3
.709
.713
1, 938. 2 1, 985. 9
1, 273. 8 1, 266. 4
146.1
85.4
168.1
100.9
168.5
107.6
160.2
103.0
187.4
120.4
194.4
130.9
215.6
149.3
215.4
150.0
199.3
136.6
181.5
120.6
167.6
104.5
172.2
103.4
381.0
318.7
168.2
317.5
265.4
130.0
328.7
274.8
3.9
317.5
265.4
20.8
298.0
249.6
10.9
285.7
238.0
10.8
286.2
238.9
16.0
308.9
257.7
11.5
335.8
281.0
9.4
370.3
315.2
10.9
384.3
325.9
10.8
366.8
308.9
11.8
358.5
289.2
11.1
336.3
264.8
15.6
.548
.603
.630
.636
.647
Rectified spirits and wines, production, total
mil. proof gal..
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks, end of period
do
Imports.. _ .
do
Still wines:
Production
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
Distilling materials produced at wineries.. .do
110. 56 ' 116. 32
66.71
68.02
12.17
10.29
5.26
2.23
222. 89
181. 52
268. 28
19.98
r
24.27
10.45
9.36
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. Ib
do
Stocks, cold storage, end of period.. . ... .do
American, whole milk. _ .
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb._
•Revised.
l
Annual total reflects revisions not distribute>d to the i•nonthly data.
116.1
.717
161.5
95.9
' 326. 8 322.0
' 254. 8 252.4
18.0
.659
.636
.640
.661
.665
.646
.632
.634
.665
.663
.636
§ Datei are not wholly c omparab le on a y ear to ye ar basis I>ecause o f change 3 from on e classification to anothe r.
9 Includes data not shown separateljj .
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1988 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
Annual
S-27
1969
Nov.
1970
Dec.
Jan.
Feb.
Mar.
May
Apr.
Aug.
Sept.
(6)
117. 5
(8)
e 103. 1
(8)
688.9
(6)
87.1
(6)
(6)
(6)
130. 2 6 173. 2 « 192. 7
(fl)
8 195. 9
(8)
6 187. 4
(6)
180.0
0
2.5
(0
3.1
.6
1.2
6.9
2.0
Dec.
(6)
e 147. 5
4.6
3.0
June
July
Oct.
Nov.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production , case goods:
87.4
Condensed (sweetened) .
mil. Ib
1,360.0
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of period:
2.1
Condensed (sweetened)
mil. Ib
99.1
Evaporated (unsweetened)
_
_
do
Exports:
42.4
Condensed (sweetened)
do
33.7
Evaporated (unsweetened)
_ _ _ _ do
Price, manufacturers' average selling:
7.26
Evaporated (unsweetened)
$ per case-Fluid milk:
117, 234
Production on farms
. _ .-. mil. lb._
57, 997
Utilization in mfd dairy products
do
5.24
Price, wholesale, U.S. average . $ per 100 Ib
Dry milk:
Production:
79.8
Dry whole milk
mil. Ib
Nonfat dry milk (human food)
do__ . 1, 594. 4
Stocks, manufacturers', end of period:
7.6
Dry whole milk
_
_ do _
79.0
Nonfat dry milk (human food)
do
Exports:
18.6
Dry whole milk
_ _ do _
151.0
Nonfat dry milk (human food)
__do
Price, manufacturers' average selling, nonfat dry
.224
milk (human food)
$ per lb_.
84.9
1,413.8
5.9
83.6
3.9
108.5
1.9
105.0
2.2
113.6
52.1
37.1
4.4
3.4
(«)
102. 1
(fl)
6 96.2
1.9
105.0
5.7
90.9
(6)
685.1
.6
2.4
(l)
2.3
(9
3.2
6
(«)
« 107. 2
(6)
« 114. 0
(6)
88. 4
(6)
679.6
.1
2.3
(l)
4.4
6
(')
6 133. 4
6
0)
3.6
(«)
6 136. 5
0)
1.8
6
6
(6)
74. 8
7.50
7.59
7.62
7.75
7.76
7.77
7.85
7.96
8.04
8.11
8.06
8.12
8.12
8.13
116, 200
57, 167
5.49
8,691
' 3, 667
5.92
9,170
' 4, 300
5.89
9,412
4,649
5.81
8,840
4,543
5.69
10, 053
5,287
5.55
10, 330
5,524
5.51
11,019
6,067
5.39
10, 750
6,140
5.33
10, 162
5,583
5.45
9,732
5,013
5.57
9,250
4,418
5.81
9,248
4,388
6.02
8,835
3,997
6.08
66.1
1, 431. 7
5.2
72.0
5.2
101.5
5.1
102.5
4.7
106.8
6.1
132.2
6.1
148.4
7.2
185.7
7.3
179.9
6.5
152.3
5.8
124.5
4.7
96.0
4.4
94.8
4.3
88.5
6.6
83.9
5.7
90.2
6.6
83.9
5.8
81.1
5.6
81.8
4.7
80.6
5.1
101.4
6.6
138.7
8.0
159.0
9.3
154.0
9.4
165.5
8.6
144.8
6.6
122.8
4.7
101.7
15.6
111.6
.5
10.4
.7
7.4
1.5
25.7
3.8
29.2
1.4
14.2
1.0
10.7
1.0
9.0
.7
14.2
.6
19.9
.7
34.1
.5
19.9
.7
7.7
.9
25.4
.235
'.236
.237
.238
.236
.237
.262
.269
.276
.273
.271
.274
.273
.273
1,059. 0
123.6
100.8
97.6
107.1
93.9
100.7
104.6
102.5
117.4
111.5
114.5
143.2
123.0
420.1
258.0
162.1
8.3
.3
420. 1
258.0
162.1
.2
.1
.2
326.4
192.8
133.6
.1
.1
6.5
3 132. 1
3 100. 3
7.8
8.3
8.1
302.8
185.2
6.4
4.4
6.7
$ per bu__
. do _.
1.18
1.18
1.12
1.12
1.08
1.07
1.08
1.07
1.06
1.06
1.06
1.06
1.07
1.07
1.10
1.09
1.15
1.15
1.16
1.16
1.11
1.12
1.14
1.14
1.19
1.18
1.19
1.17
1.21
'1.18
Corn:
Production (crop estimate, grain only).. mil. bu._
2 4, 393
'24,583
4,233
3,276
957
594.0
4,313
3,320
993
553.5
79.6
4,313
3,320
993
48.6
40.2
50.3
2 989
2,222
768
44.3
40.0
50.0
1,923
1,403
520
40.0
58.7
43.9
3999
3570
3430
53.8
56.8
46.4
1.11
1.11
1.21
1.19
1.15
1.12
1.15
1.12
1.22
1.19
1.23
1.22
1.22
1.21
1.26
1.25
1.30
1.29
1.34
1.32
1.38
1.32
1.47
1.40
1.50
1.46
1.40
1.42
1.41
1.39
2939
784
661
123
2950
884
723
161
9,285
6.06
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat) _ _ _ mil. bu._ 1,267.4
Barley:
Production (crop estimate)
Stocks (domestic), end of period
XfTf
Exports, including malt§
Prices, wholesale (Minneapolis):
No. 2, malting
No. 3, straight
....
2 423. 0
371.6
247.7
123.9
17.8
do
do
H
do
__
Stocks (domestic), end of period, total, .mil. bu..
On farms
do
Exports including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu_.
Weighted avg., 5 markets, all grades. _ _ _ d o
Oats:
Production (crop estimate)
(,
esi ;, e a i per oa, total
Off farms"
mil bu
oo
H
Exports including oatmeal
do
Price, wholesale, No. 2, white (Chicago)
$ per bu..
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. lb._
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 lb._
Rye:
<3t lr<; (r\ ^ V.^ et> lliriaie; —
A
Price, wholesale, No. 2 (Minneapolis) ._$ per bu_.
Wheat:
Production (crop estimate), total
W' t
Dist 'h t'
h
t
~~
mil. bu._
H
~~
H
~~
11.6
'.72
7 410. 4
' 2 423. 5
7.6
7 4, 110
1.52
1.49
7909
884
723
161
.4
.4
.3
5.67
1,076
830
3 490
3345
3146
673
529
145
246
.5
.9
.4
.5
.5
.5
1.9
.67
1.0
71
.68
.66
.67
.72
7.4
6.1
.76
.84
782.9
2 104. 1
' 2 90. 8
2,020
1,376
2,012
1,515
36
44
79
47
63
60
87
67
78
63
127
39
244
171
281
258
303
302
161
130
67
110
' 160
'68
100
47
84
78
312
270
266
270
250
241
228
280
136
249
188
184
42
'79
102
82
7,086
4,774
6,605
4,818
602
450
424
461
326
406
280
374
330
373
269
423
110
335
44
220
95
291
1,049
267
1,672
401
1,482
547
472
429
2,013
4,163
.087
1,695
4,183
.085
1,862
349
.086
1,695
362
.086
1,508
235
.085
1,322
337
.085
1,176
306
.085
931
188
.085
717
366
.085
504
499
.085
318
371
.085
745
231
.085
1,502
189
1,950
438
1,852
447
223.4
24.3
1.14
'231.6
29.9
1.17
1.13
29.9
1.14
1.15
1.16
24.6
1.18
1.18
1.20
321.2
1.18
1.05
1.08
47.7
1.10
1.16
1.17
2 1, 576
2341
2 1, 235
1,444
' 2 1, 460
••2313
'21,147
1,275
340
337
313
462
1,346
581
764
1,531
608
923
1,531
608
923
1,195
454
741
3883
3305
3578
1,782
653
1,129
738.6
1.15
7 1, 378
7260
7 1,118
On farms
do
Offfarms
do
' Revised.
* Less than 50 thousand pounds.
2 Crop estimate for the year.
3
Old crop only; new crop not reported until beginning of new crop year (July for barley,
4
oats, rye, and wheat; Oct. for corn).
Average for 11 months; no price for Nov.
1.22
1.20
5
6
Average for Jan.-Sept.
Condensed milk reported with evaporated to avoid disclosing
operations of individual firms. 7 December 1 estimate of 1970 crop.
§ Excludes pearl barley.
9 Bags of 100 Ibs.
January 1971
SUKVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
Nov.
Annual
1970
1969
1969
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO— Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total includin rr
\Vheat 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
642.1
587.8
489.2
439.9
43.2
38.4
51.6
48.1
56.9
51.7
55.6
51.4
49.0
44.6
59.7
54.4
47.6
43.4
54.2
48.3
49.9
47.9
59.0
56.3
52.4
49.9
74.7
69.0
63.8
60.3
1.79
1.52
1.77
1.80
1.48
1.75
1.83
1.52
1.76
1.88
1.52
1.78
1.86
1.53
1.75
1.93
1.53
1.72
1.88
1.49
1.73
1.91
1.54
1.75
1.89
1.53
1.75
1.93
1.45
1.76
1.92
1.42
1.71
1.86
1.54
1.80
1.93
1.62
1.87
1.95
1.60
1.88
1.97
1.63
1.89
254, 094
4, 558
567, 956
22, 170
385
49, 344
23, 068
402
51, 348
21,960
383
48,905
21,015
357
47, 424
21,347
372
47, 089
20, 756
352
45, 834
19,826
347
44,500
19,982
353
44,126
19, 991
350
44,700
21,233
373
47,740
4,595
21, 130
2,052
4 595
1,499
2,232
1,726
4,237
1,860
2,238
1,837
4,227
2,523
863
1,164
5.923
5.438
5.988
5.475
6.000
5.488
6.000
5.513
6.063
5.538
6.088
5.525
6.100
5.513
6.075
5.513
6.113
5.513
6.125
5.525
6.125
5.525
3,876
29, 592
i 11,699
3,637
30, 536
1 12, 715
281
2,368
1,130
302
2,568
1,052
290
2, 653
965
239
2,318
850
290
2,477
983
263
2,545
927
220
2,493
990
210
2,615
997
231
2,642
927
27.65
25.89
33.83
30.48
29.30
37.29
28.71
29.30
35.00
28.86
29.55
37.50
29.25
29.44
38.00
30.25
31.31
38.00
31.92
33.36
43.50
31.53
32.40
42.50
30.36
31.36
42.00
30.61
30.84
40.00
75, 682
15,415
5,825
1, 143
6,344
1,276
6,170
1,166
5,570
1,003
6,415
1,182
6,678
1,253
5,877
1,156
23.65
25.79
26.86
27.52
28.23
25.89
24.05
22.7
20.7
Wheat flour:
Production:
Flour
thous sacks (100 I b ) 254, 185
4,510
Offal
thous sh tons
569, 649
Grindings of wheat
thous bu
Stocks held by mills, end of period
4,638
thous. sacks (100 Ib.K23, 264
Exports
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
5.927
$per lOOlb-.
5.449
Winter, hard, 95% patent (Kans. City), do
1.92
1.63
1.84
22, 159 r 23, 364 20, 870
362
394
407
49, 361 ' 51, 708 46, 062
4,438
1,074
2,438
1,537
232
2,538
971
264
2,723
1,010
266
2,752
1,233
245
2,424
1,135
960
31.35
29.52
40.00
30.74
28.76
40.50
30.76
28.99
30.23
29.68
28.39
28.03
27.58
27.57
5,685
1,153
5,774
1,106
6,045
1,088
7,034
1,303
7,662
1,451
7,350
1,490
1,532
23.28
23.87
23.57
21.12
20.43
17.37
15.02
14.96
19.4
19.2
19.3
17.1
14.3
13.4
11.9
11.1
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous animals
Cattle
do
Receipts at 38 public markets
do _ Prices, wholesale:
Beef steers (Chicago)
$ per 100 Ib
Steers, stocker and feeder (Kansas City)__do
Calves, vealers (Natl. Stockyards, Ill.)__do
Hogs:
Slaughter (federally inspected)., thous. animals.- 74, 789
Receipts at 38 public markets
.__ ._ .do _ _ . i 15,932
Prices:
Wholesale, average, all grades (Sioux City)*
$ per 100 lb.19.08
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
. ___ _
18.0
20.4
23.4
23.6
23.5
24.0
10, 070
i 2, 704
730
218
798
213
855
193
742
139
859
169
903
161
795
185
841
242
829
230
789
225
898
244
917
262
736
216
201
28.53
27.50
27.50
28.88
28.75
28.75
26.00
29.00
29.50
28.38
27.12
26.75
26.75
25.38
23.88
32,714
33, 370
2,617
2,872
2,892
2,537
2,821
2,920
2,737
2,770
2,771
2,731
3,031
3,198
2,958
625
508
1,594
637
571
1,685
635
51
100
637
43
122
659
31
173
721
32
155
743
33
175
811
37
143
815
42
112
728
41
148
671
31
171
607
43
167
588
53
167
646
49
155
-715
74
134
18, 270
304
29
1,129
18, 874
363
28
1,194
1,478
343
2
62
1,632
363
2
81
1,696
378
3
135
1,460
401
2
108
1,594
390
3
123
1,616
380
3
94
1,580
363
3
70
1,643
327
3
99
1,644
317
3
122
1,582
300
2
129
1,701
296
2
130
1,735
310
3
113
.492
.457
.468
.488
.487
.512
.506
.488
.499
.517
.505
.488
.473
.465
.454
545
14
510
16
37
17
42
16
45
17
40
18
47
22
48
21
41
19
42
20
41
23
39
23
44
21
46
21
38
r 20
20
13, 899
13, 989
1,102
1,199
1,151
1,011
1,180
1,255
1,116
1,085
1,086
1,111
1,286
1,417
1,383
985
269
1,045
329
936
351
897
304
924
217
5
24
1,066
210
11
25
1,174
246
9
30
1,143
' 304
9
30
344
.445
Sheep and lambs:
Slaughter (federally inspected). ..thous. animals.- 10, 888
Receipts at 38 public markets
do
i 2, 934
Price, wholesale, lambs, average (Omaha)*
$per 100 Ib.. 26.58
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)
$perlb_Lamb and mutton:
Production, inspected slaughter
mil. lb._
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 ...
Imports
do
Prices, wholesale:
Hams, smoked composite
$perlb_Fresh loins, 8-14 Ib. average (New York) ..do
Lard :
Production, inspected slaughter. .
mil. lb_.
Stocks, dry and cold storage, end of period.. do
Exports .
do
Price, wholesale, refined (Chicago)
$ per lb_-
.473
2
1,533
'326 ~ ~ ~ ~ 3 3 9 ~
3
94
11,330
256
92
324
11,563
211
152
316
906
221
13
23
998
211
5
27
951
210
844
237
19
33
33
32
29
32
905
255
5
32
.537
.509
.580
.575
.628
.622
.674
.614
.679
.657
.681
.626
.677
.578
.566
.562
.566
.581
.572
.623
.536
.647
.535
. 572
.560
. 510
.461
1,862
94
175
.112
1,755
70
262
.145
142
48
42
.170
145
70
13
.169
144
65
25
.159
121
62
38
.159
139
67
37
.185
153
75
13
.165
130
65
30
.160
136
65
19
.153
132
66
38
.153
135
54
37
.160
158
60
28
176
59
37
174
74
22
653
742
786
780
921
999
984
1,020
250
133
223
101
208
82
214
74
250
95
322
157
411
240
516
343
624
447
'486
'313
390
216
.135
.140
.125
.130
.120
.125
.120
.120
.115
.120
.105
POULTRY AND EGGS
Poultry:
761
840
9,492
812
Slaughter (commercial production)
mil. Ib ...
8,915
Stocks, cold storage (frozen), end of period, total
272
307
390
307
mil. lb-_
417
162
192
Turkeys
do
192
284
317
Price, in Georgia producing area, live broilers
.140
.120
.130
$ per lb_.140
.131
' Revised.
i Annual total reflects revisions not distributed to the months; receipts data for 1968 represent
receipts at 28 public markets.
759
2
' 1, 092
926
Beginning Jan. 1969, quotations are on carlot rather than l.c.l. basis as previously.
*New series. Monthly data for earlier years will be shown later.
SUKVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
S-29
1969
1969
Annual
Nov.
1970
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. casesO-Stocks ,cold storage, end of period:
Shell
thous casesO
Frozen.
mil. Ib
Price, wholesale, large (delivered; Chicago)
$ per doz_-
192.5
191.5
15.6
16.3
16.3
14.8
16.8
16.4
16.8
59
51
64
51
46
79
83
61
111
72
43
50
43
41
40
.372
.460
.595
.627
.610
Cocoa (cacao) beans:
Imports (incl shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per lb._
228.2
.344
218.4
.458
18.8
.500
30.7
.458
36.8
.395
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous bagsd"
Roastings (green weight)
do
5,076
21 165
3,811
20 851
Imports, total
do
From Brazil
do
Price wholesale Santos No 4 (N Y ) $ per Ib
Confectionery manufacturers' sales
mil $
25, 377
8,318
.376
1 756
20, 232
5,780
.408
1 848
2,167
285
41
43
.515
.480
.374
23.9
.340
22.6
.336
24.0
.326
15.9
16.2
157
147
16.1
98
56
60
63
.330
.359
.415
.400
21.9
.286
15.8
.293
24.1
.310
21.3
.388
48
15.6
16.2
178
136
15.9
' 76
16.
4
4
58
'55
.455
.415
.448
.41
23.3
.378
'26.7
.354
14.5
.331
.32
'1,713
1,597
60
MISCELLANEOUS FOOD PRODUCTS
3,487
5 143
1,783
1,841
482
562
183
400
485
156
.548
.548
275
269
275
4,395
6,680
1 707
4,298
6,350
1 501
1,036
795
11 089
10 927
2 961
10, 804
10 655
2 796
929
919
826
815
795
783
944
938
880
868
2,307
2 796
2 858
2,827
2,671
2 636
sh tons
1 320
968
50
68
133
2 728
4 045
thous sh tons
_ _
do
do
4 879
1,075
4 776
1,024
117
124
385
23
2
506
130
67
289
165
(i)
263
4
2
396
111
2
.075
.078
.078
076
.081
.080
.079
.624
. 101
638
646
109
.652
111
.662
.109
.671
.109
10, 264
15, 285
Fish:
Stocks, cold storage, end of period
mil. 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
do
do
do
Exports, raw and refined
Imports:
Raw sugar total 9
From the Philippines..
Refined sugar, total
3,334
5 390
3 811
5 621
Prices (New York):
Raw, wholesale
Refined*.
Retail (incl. N E New Jersev)
Wholesale (excl excise tax) "
$ per Ib
$ per 5 Ib
$ per Ib
Tea, imports
thous Ib
706
.490
404
141
806
798
1,675
1,716
323
1,639
177
165
333
538
129
256
221
196
192
647
419
159
935
41
436
43
158
99
.543
169
399
95
150
3,461
4 308
1,644
1,891
1,550
1,616
.538
.538
.570
130
.568
r
115
138
r 212
201
229
263
298
310
74
111
1,113
323
124
128
595
530
148
103
155
948
937
2 4*M
217
600
135
9
357
468
118
1,355
224
139
367
387
' 192
174
313
720
'312
64
693
144
1,049
1 037
2,103
1,023
1,012
1,726
1,089
1,078
1,384
136
44
37
58
26
194
128
358
95
1
515
120
1
454
137
2
534
196
2
565
205
10
368
80
4
323
95
1
.079
.082
.082
.082
.082
.081
.082
.080
.669
.109
.671
.109
.677
.113
.680
.113
,682
.113
.683
.678
.680
12 767
11,503
10, 972
8,940
8,778
10, 805
11,971
10, 409
645
155
515
138
708
226
509
112
931
1 093
912
1 079
1 046 ^1,414 v 2, 182
.107
.645
.109
155 335
139 962
13, 593
11 773
10 826
3,311.9
142 7
3, 480. 5
138 7
321.6
116 0
309.0
138 7
295.0
120 0
302.2
114 0
314.5
114 7
303.1
140 8
294.6
134 2
293.8
155 4
256.9
150 1
308.2
140.0
298.2
127 0
316.5
120.5
309.5
122. 9
2 995 9
79.4
3 143 7
70 5
274 9
63.3
279.4
70.5
263 7
76 4
263.6
77.3
293.9
68.8
285 4
83 6
276.1
93.4
314.5
87.5
279.2
99.7
•268. 3
87.3
268.6
68.5
289.4
80.0
286.7
99.5
2 140 9
49. 1
2 181 9
52.1
179 2
53 8
207.0
52.1
202 5
48 5
198.4
60.6
190.3
57.7
169 4
59 4
157.9
52.5
181.1
65.4
169.7
59.4
166.8
55.9
189.6
50.3
' 200. 9
52.3
188.0
50.5
256
260
272
272
272
272
282
290
290
.290
290
.290
539 1
517.3
49 6
534 6
510 9
45 9
48 7
41 3
34 5
49.3
35.2
45.9
49 9
40 9
46 0
47. 7
50.6
49.0
46 7
51 7
43 8
48 0
48 4
40 0
46 7
51.8
37.3
46 0
49.6
36.2
41.8
43.3
35.2
43.6
48.0
29.3
48 3
40.9
36 9
'47.0
'45.1
'36.3
46.8
49.4
38.3
4 745 2
2, 478. 0
358.5
4 655 0
2 '595 3
348 0
393 8
211 0
353 7
398 3
208.2
348.0
420 4
209 4
416 8
378 4
202.6
429.9
392 0
208 2
370 0
407 l
220 5
365 8
392 1
215.6
338.7
395 8
226.5
319.8
410 6
213.0
333.7
389.6
200. 9
325.0
170.8
69.9
155.8
171.6
75.6
84 0
.5
6.0
.7
5.3
38.2
40.0
39.0
27.4
'20.8
23.2
90 8
79.7
66 1
3.1
5.9
22.3
84.0
.7
7.1
104 6
74 0
74.1
114.9
127.8
147.9
110.2
' 128. 6
113.8
392.1
' 551. 7
' 725. 6
197 1
442 8
386.3
547.5
732.6
205 9
424 6
35 3
42.7
58.3
172 7
21 2
38.0
44.3
61.2
205 9
25 6
44.3
55. 1
200 4
146.5
26.2
42.8
64.7
139 5
49.4
14.2
44.4
63.4
138 3
30.3
19 1
48.5
71.1
122 1
18.4
<«
41.1
(d)
(<0
(d)
(d)
(d)
(d)
37 9
44 2
41 1
38 0
39 0
39 7
A4 1
38 6
34.9
36 0
57 3
43 9
41.5
39 9
Sfl 9
42 1
32.6
31 4
5Q 7
36
34
37
50
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
_
mil Ib
Stocks, end of period0
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
large retailer* delivered)
$ per Ib
Animal and fish fats:A
Tallow, edible:
Production (quantities rendered)
mil Ib
Consumption in end products
do
Stocks, end of period t
do
Tallow and grease (except wool), inedible:
Production (Quantities rendered)
do
Consumption in end products
do
Stocks, end of period f
do
Fish and marine mammal oils:
Production. _ _ _ _ _ _ _
do
Consumption in end products
do
Stocks, end of period 1
do
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks, crude and ref end of period^
do
Imports
do
Corn oil:
Production* Crude
do
Refined
do
Consumption in end products
do
Stocks, cnidfl and rp.f «nd nf nprindfT
dn
452 8
429 6
439 6
4n'*
465
438
442
FA
5
1
2
1
8.2
6.8
4.7
6.9
7.2
d
' Revised.
* Preliminary.
Data withheld to avoid disclosure of operations of individual firms. i Less than 500 short tons.
©Cases of 30 dozen.
c^Bags of 132.276 Ib.
§ Monthly data reflect cumulative revisions
9
6
3
Q
30
fis'?
6.1
6.6
5.8
5.0
419 5 ' 423. 2
216.3 ' 209. 2
369. 5 ' 348. 3
6.0
5.7
403.0
209.9
393. 6
5.3
63.1
122 9
51.7
51.7
66.7
134 0
76.1
43.0
55.6
114 0
47.6
44.1
61.3
123.8
46.9
51.0
62.5
145.6
27.0
47.6
'62.1
' 1 65. 0
63.9
40.9
60.3
175.8
14.1
44 5
35 9
34 2
41.3
38.9
39 9
67 9
38.5
34.3
37 5
68.1
37.4
35.3
35 3
63.5
34.0
34.6
38 0
60. 1
42.0
42.3
43.3
'54. 7
40.1
36.9
36.4
53.6
74 9,
.08
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
| 1969
Annual
January
1969
1970
Dec.
Nov.
1971
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_- 1, 574. 9 '2, 001. 4
135.1
'74.8
Stocks (at oil mills) , end of period
do
Cottonseed oil:
1, 115. 1 1, 425. 8
Production' Crude
mil. Ib
1,001.5 ' 1, 252. 0
Refined
do
' 910.0
889.7
Consumption in end products
do
Stocks, crude and refined (factory and warer
272.7
398. 6
house), end of period
- - mil. Ib 61.7
246 5
Exports (crude and refined)
do
.163
. 142
Price wholesale (drums* N Y )
$ per Ib
Linseed oil:
Production crude (raw)
mil Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil Ib
Price wholesale (Minneapolis)
$ per Ib
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports, cigarettes
240.0
'74.8
232.0
83.6
213.4
108.6
197.7
146.0
144.2
148.4
103.1
161.0
74.1
140.7
46.6
98.0
38.0
65.1
45.2
39.3
194.1
54.2
161.4
110.9
83.5
161.9
129.0
95.7
160.3
120.9
81.4
151.3
125.1
84.5
140.2
129.9
90.9
102.8
96.6
90.8
73.2
77.7
78.2
53.1
67.6
80.6
33.1
42.5
63.0
26.6
27.1
63.0
30.5
27.6
65.8
134.3
'71.6
'77.3
153.4
115.6
80.2
398. 6
42.6
.163
371.7
53.0
.163
394.0
52.2
.163
351.3
56.2
.175
325.1
24.0
.180
297.7
61.0
.184
252.2
12.2
.180
213.9
17 5
.180
158.1
88
.178
121.4 ' 140. 1
17.8
12.0
165.0
18 6
383.9
56. 1
.140
r
306.6
193.6
291 8
193 9
26.7
13.8
19.5
13.9
23.0
13.7
24.2
16.7
21.4
14.6
27.1
16.7
26.8
17.1
24.2
18.6
17.5
18.6
29.1
18.4
157.2
.127
128 8
120
132.0
.125
128.8
125
129.0
125
132.6
. 110
130.4
.110
133.9
.110
130.4
.122
128.7
.122
112.8
.110
117. 1
.110
1,445.4 1, 437. 2
125.4
130.9
1,549.2
202.0
Soybean cake and meal:
13,462.7 '14,716.5
Production
thous. sh. tons
149.2
103.2
Stocks (at oil mills) , end of period
do
Soybean oil:
6, 149. 6 6 804 7
Production* Crude
mil Ib
5 227 9 5 860 0
Refined
do
'5,410. 6 r 5 948 2
Consumption in end products
do
Stocks, crude and refined (factory and ware588.6
house) , end of period
mil. Ib
517 2
823.4
Exports (crude and refined)
do
761 1
.103
Price, wholesale (refined; N Y )
$ per Ib
110
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers' end of period
mil Ib
Exports incl scrap and stems
thous Ib
Imports incl scrap and stems
do
229.9
79.0
1
1,418.6 rl, 453. 5 1,432.4
' 139. 3
103.2
108.5
1,346.2
128.3
1,461.6 1, 441. 3
130.2
179.3
36.2
16.8
30.7
' 15.1
129.9 ' 134. 9
1,429,4 1.238.4
170.8
106.8
221.0
' 219. 2
' 82. 9 85.0
26.8
14.2
145.1
1,530.2 '1,507.5 1, 554. 8
111.8
139.8 ' 158. 2
657.6
526.2
527.7
663 7
560 8
551 9
664.2
533 0
531 0
626.5
509 2
523 3
671 3
566 4
554 7
672.3
545 9
526 1
724 1
505 6
491 0
680.3
531 9
549 5
664.7
488 1
488 3
655.6
516 5
513 7
563.8 * 729 8
705 6
491 9
525 0
534 5
524 3 ' 548 2 525 2
492. 1
100.8
.126
517. 2
97 2
118
552.0
62 7
118
558.6
46.2
.115
560. 7
151 7
155
632.3
73.8
.146
715.8
81. 1
.133
651.3
197.8
.128
638.3
136 0
.130
670.6
126 7
143
543.4 ' 562. 3 696.3
165.2
52 7
103 9
74, 688
20, 902
4,959
77,312
14, 416
20, 483
16, 738
28, 225
17, 413
4,838
41,111
18, 303
38 280
19, 109
39 927
16, 474
4 435
42 307
17, 776
34 699
20 388
' 47, 263 ' 3, 701 3,654
510, 532 38, 875 38, 036
6,744
599
412
24, 970
2, 329
2,027
3,874
42, 627
502
1,935
3,538
40, 900
491
1,967
4,843
40 588
527
2,608
4 619
45 038
544
2,374
4,053
42 549
631
2,838
5 744
46 646
557
3 120
1,710 'i 1,804
5 179
598, 916
217, 708
53, 845
millions
523 007
do
6,759
. _. _. _do _ .
26, 461
do
4 959
579,106
213, 402
2 1 906
29 555
23 556
4 666
46 766
15, 364
53 650
21,982
72 845
33 652
5,031
44 165
540
2 766
3 685
47 119
588
2 309
4 292
47 245
593
2, 188
3,926
50 665
653
2,656
3 4?3
44 o?6
581
2 034
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous $
Calf and kip skins
thous skins
Cattle hides
thous hides
[mports:
Value, total 9
Sheep and lamb skins
Goat and kid skins
thous $
thous pieces
do
Prices, wholesale, f.o.b. shipping point:
Calfskins, packer, heavy 9H/15 Ib
Hides, steer, heavy native over 53 Ib
152, 446
1,652
14 778
14, 103
108
1,376
11, 747
76
1,196
11,321
76
1,154
13, 751
92
1,440
15, 280
115
1,586
11 967
134
1 179
12 794
105
1 250
13 799
96
1 395
10 .836
85
1 159
10 151
64
1 123
10 952
124
1 235
11 205
131
1 196
11 523
116
1 247
78 400
62 400
30 912 3 20 716
5,203
35 068
2,700
349
508
3,900
621
253
4 400
655
800
4,000
1 971
426
6 600
2 993
701
5 700
1 847
192
5 400
2 450
316
4 000
1 438
153
4 500
1 294
174
4 500
2 172
102
2 800
849
36
2 800
863
20
3 500
1 242
65
128, 679
2,212
12 636
$ per Ib
do
.555
.112
561
146
.450
136
.430
.139
.403
123
.300
128
.300
.128
.375
141
375
134
275
134
320
123
.350
135
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
4 247
24 033
6 764
31,413
3,381
22 030
5 856
25, 242
265
1 692
543
2,030
261
1 632
431
1,840
292
1 665
531
1,835
271
1 699
393
1,775
268
1 814
445
1,866
240
1 874
'418
2,070
258
1 815
404
2,054
267
1 791
'413
2,038
135
1 322
240
1 747
186
1 623
260
2,163
184
215
213
1 682 ' 1 784 1 589
202
244
225
2, 117
1,989
2,013
Exports:
Upper and lining leather
77, 266
65, 802
5 299
5 657
6 063
6 824
6,312
6 396
8 316
6 742
6 306
6 165
5 870
95 1
107.0
112.3
112.3
112 3
112 3
112.3
112 3
112 3
110 8
110 8
110 8
91.7
92.1
81.2
85.6
85.6
77.4
82.2
83.3
79.9
76.4
76 4
76.4
thous sq. ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1957-59-100
Upper, chrome calf, B and C grades
index, 1957-59 = 100
LEATHER MANUFACTURES
Shoes and slippers:
Production, total t
thous pairs
Shoes, sandals, and play shoes, except athletic t
thous pairs
SlippersJ _
do
Athletic t
do
Other footwear t _ . _
do
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
r
3
3
5 661
41 114
642,427
576, 961
42 841
44 762
47 697
47 580
50 369
49 049
46 687
48 568
43, 365
47 340
47 722 '48 969
526 580
105 437
8 331
2,079
463, 388
100, 943
8,993
3,637
33 072
8 721
743
305
37 341
6 298
814
309
39 553
7 299
700
145
39 228
7 487
696
169
40 489
8 866
848
166
38 716
9 312
811
210
35 957
9 742
791
197
37 031
10 534
807
196
34 360
8 316
534
155
36 870
9 345
832
293
36 188 '36 714 30 843
9 077
10 209 '10 868
' 935
803
838
452
391
' 487
2 884
2 324
189
221
154
189
195
166
161
172
139
156
129 7
133 8
137 1
137 1
137 1
138 1
138 1
138 8
138 8
138 8
138 8
138 8
118.7
134.4
126.6
139.8
128 7
142.0
128 7
139.7
128 7
142.8
131 6
146. 1
131.6
146.1
131.6
150.3
131 6
147.8
131 6
147.8
131 6
147.9
131 6
147.9
Revised.
1 Crop estimate for the year.
2 Dec. 1 estimate of 1970 crop.
Annual total reflects revisions not distributed to the monthly data.
6 300
9 Includes data for items not shown separately.
J Revisions for Jan. 1968-Aug. 1969 will be shown later.
219
213
192
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Annual
S-31
1969
Nov.
1970
Dec.
Jan.
Feb.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
3,080
647
2,433
2,967
622
2,345
3,004
648
2,356
3,045
626
3,104
3,201
695
2,508
641
2,463
681
2,520
2,733
587
2,419
2 942
3 042
2 930
3,140
2,518
497
2,433
572
2,472
3 059
558
2,384
3 044
587
2,472
657
2,483
6 137
1,065
5 072
6 061
1,165
4 896
6 141
1,322
4 819
6 713
1,389
4 784
6 235
1,460
4 775
6 288
1,476
4,812
4,838
Apr.
Dec.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9 1
National Forest Products Association:
Production total
mil bd ft
Hardwoods
do
Softwoods
.
. do. _
Hardwoods
Softwoods
Exports total sawmill products
2,926
753
2,173
2,820
638
2,182
2 902
38, 197
7,789
30, 408
37 615
8,672
28, 943
2 912
722
2,190
2 757
597
2 160
2 651
do
do
-
37, 943
8,462
29, 481
do
do
do
Shipments total
Hardwoods
Softwoods
37, 450
7,227
30, 223
4 ggg
'838
4,150
5 332
628
4,704
5 269
587
4,682
5 332
628
4 704
4 954
1,143
6 087
U 158
i g 263
85
443
116
435
9,009
821
7,844
486
556
433
do
657
2,245
2,859
673
2,186
3 164
709
2,455
3 203
2,146
3 015
3 128
1 995
2,670
587
2,083
2 428
2 569
5 583
5 772
715
5,057
5 921
5 996
5 024
5 023
515
92
423
104
488
147
eoc
91
572
130
562
93
478
119
540
139
553
97
533
99
514
685
486
591
468
628
474
732
462
811
562
542
453
715
406
697
466
676
435
633
395
741
445
605
424
628
632
687
609
i nsft
694
762
690
707
692
691
637
626
1 114
1 046
627
637
i OQQ
1 Ayo
693
651
1 094
1 036
1 037
1 057
1 058
1 069
34
7
27
37
11
27
31
23
6
17
53
13
40
21
5
16
32
7
25
21
5
16
31
9
22
20
656
629
587
837
559
973
524
2,694
574
2,120
6 233
1,395
SOFT WOODS 1
Douglas fir:
Orders new
Orders unfilled end of period
mil. bd ft
do
Production
Shipments
Stocks (gross) mill end of period
do
do
do
8,781
8,767
971
8,218
8,179
1 010
619
618
1 014
1 ni n
Exports, total sawmill products
Sawed timber
.
Boards, planks scantlings, etc
do
do
do
403
102
301
359
88
271
19
4
15
37
8
29
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$ per M bd. ft
Flooring, C and better, F. G., I" x 4", R. L.
$ per M bd. ft
Southern pine:
Orders, new
_ _
_
Orders unfilled end of period
628
622
749
744
684
711
5
26
693
673
27
107. 85
95.37
92 86
91 43
90 66
92 06
92 68
90.80
90.33
93.00
225. 60
227. 24
227 24
225 69
225 69
225 69
225 69
225. 69
225 69
227. 32
7,336
324
585
339
505
324
502
322
512
329
609
366
681
402
586
369
614
361
663
364
633
374
632
383
637
351
569
333
7,054
7,214
Production
___
.
_ do
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
96.15
212. 59
7,329
422
mil. bd. ft
do
113. 52
166. 36
7,645
7,434
576
577
552
520
574
504
552
505
588
572
626
645
622
619
585
622
608
660
590
623
611
623
677
669
603
587
1 418
1 465
1 481
1 462
1 465
1 428
1 376
1 343
1 331
1 339
1,355
5 Q7fi
e 077
9
rfi1
8 096
8 169
5 099
5 557
5 100
6 405
110 0
108 4.
ifio Q
iin ^
109 1
109 1
109 8
130 7
130 7
1 137
1,348
1 316
1 348
1VI bd ft
90 477
i 75 687
5 821
8 597
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
119 0
132 0
113 6
112 5
113 0
127.0
128 3
129.2
129 2
129 2
129 2
129 2
130 7
130 7
10, 857
539
9,593
364
674
385
723
364
637
399
680
407
778
391
867
402
759
349
833
356
947
445
807
410
887
379
812
354
646
307
10 826
10 875
9 999
9,768
702
719
744
744
668
602
704
672
796
794
850
856
802
812
768
826
850
858
850
842
900
918
860
837
684
693
1,635
1,658
1,649
Exports total sawmill products
Western pine:
Orders, new
_
Orders unfilled, end of period
mil. bd. ft
do
Production
Shipments
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 ft
114 4
6 481
1,396
1,627
1,627
1,627
1 693
1,725
1 727
1 721
1 711
1,653
1,645
1,653
87 72
107 18
77 83
86 00
90 55
84 43
82 45
82 95
90 14
94 14
88 00
82 39
496.5
23 9
380.6
12.0
24.2
13 2
24.1
12 0
21.6
10 5
21.2
9.8
28.3
10 8
31.2
13 2
22 3
9 4
25 3
8 7
31.1
10 3
27.9
10 7
25.6
9 3
23.6
7 8
19.7
7. 0
459.3
485 1
23.5
393.1
387.8
29.6
28 2
26 9
23.2
29.8
23 9
29.6
29.3
23 0
35.2
24.8
20 5
38.5
24 6
26 6
35.2
27 1
29 0
32.9
25 3
26 2
32.1
26 2
26 1
34.1
26 9
30 0
29.4
27 8
27 5
29.6
29.0
27 4
31.2
28.3
25.2
33.6
22.2
20.5
35.5
916
1 045
2
566
918
43
398
832
20
379
722
18
355
781
18
299
45
651
989
54
635
1 269
1 066
1 082
1 134
1 111
1,277
1,714
1,347
27
20
23
33
1 334
33
33
4
2
7
6
522
987
430
360
4 363
3 982
6 808
6 657
4 377
2,608
4,450
2,705
4,269
2,940
6 841
6 828
6 984
7,008
43 17
40 17
39 18
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
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
do
P i g iron..
_ _ .
do
Imports:
Steel mill products
Scrap
Pig iron
___
2,170
6 572
11
do
do
do
17 960
327
799
i 5, 229
9 176
44
636
842
7
693
736
27
654
792
27
690
539
31
698
781
2
809
935
6
14 034
1 008
1 139
781
20
4
697
29
6
859
32
3
962
23
26
56
36
94
6
4
2
7
6
262
915
071
333
4 719
3 255
7 888
6 427
4 636
3 092
7 705
6 448
4
2
7
6
44 94
44 57
40 52
4° 21
412
417
41
40
29
46
33
22
30
30
31
26
35
14
Iron and Steel Scrap
Production.. _
Receipts, net tConsumption
Stocks, end of period
_
thous. sh. tons
do
do
do
1
1
1
53, 545
33, 587
87 060
7 882
049
708
369
448
625
928
943
532
4 662
2,980
7 742
6 448
4
2
7
6
521
778
529
247
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig ton
25 06
29 76
32 13
39 29
34 30
Pittsburgh district
do
27.00
32.00
34.00
35.00
40.00
r
l
Revised.
* Preliminary.
Annual total reflects revisions not distributed to the
monthly data.
9 Totals include data for types of lumber not shown separately.
HData for orders, production, shipments, and stocks have been revised back to 1962;
corresponding monthly revisions are available for 1968 and 1969 only.
4
2
7
6
463
863
519
9
68
6 814
7,346
40.50
39.00
46.50
42.00
45.00
44.50 44.00
{Receipts previously shown for the period Apr. 1967-Sept. 1969 have been corrected to
represent net receipts (i.e., less scrap shipped, transferred, or otherwise disposed of during the
period); data comparable with the net receipts shown through Mar. 1967 appear in the Feb.
1970 SURVEY, p. S-31.
SURVEY OF CURRENT BUSINESS
S-32
—
—
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
Annual
1970
1969
1969
I
January 1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
do
do
85, 865
1 82, 531
43, 941
i 88, 260
i 90, 570
40, 758
5,712
7, 490
3,997
5,327
4,824
4,072
5, 353
2, 658
2,189
5,089
2,583
2,307
5,788
2,318
1,936
6,633
5,348
2, 944
9,264
10, 299
3,806
9,520
10, 763
5,487
9, 651
11,698
5,193
9,382
12, 003
5,368
8,899
10, 952
5, 222
' 8, 260
< 9, 658
3, 448
3,818
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
(Consumption at iron and steel plants
do
Exports
do
118, 581
120, 449
5,937
126, 165
128, 550
5,430
11,928
10, 762
341
9 832
11,083
417
4,012
10, 482
334
3,880
9, 562
315
4,561
10, 788
197
7,542
10, 378
339
14, 483
10, 934
433
15, 033
10, 497
627
15, 533
10, 327
700
15, 407
10, 279
629
14, 483
10, 056
667
12, 593
10, 200
561
9, 582
9, 607
423
do
do
do
do
72, 019
15, 990
53. 232
67, 303
13, 652
51,003
2,648
68, 047
13,141
52, 254
2,652
67, 303
13, 652
51,003
2, 648
63, 147
16, 170
44, 488
2,489
59, 832
18, 795
38, 814
2,223
56, 656
22, 265
32, 587
1,804
54, 945
23, 576
29, 750
1,619
57,616
22, 538
33, 308
1, 770
61,143
21, 297
37, 844
2,002
64, 578
19, 251
43, 050
2,277
67, 506
16, 629
48, 178
2,699
70, 325
14, 615
52, 604
3,106
71,757
13, 223
54. 997
3,537
54, 938
3,658
do
953
1,124
117
123
106
45
41
56
34
47
102
149
81
117
98
88, 780
89 953
2, 342
95, 017
94, 486
1,715
7,955
7,923
1,720
8,132
7,965
1,715
7,668
7,559
1,752
7,062
7,036
1,671
8,059
7,947
1,685
7,790
7,652
1,712
8,122
7,897
1,787
7,874
7,735
1,804
7,618
7,417
1,924
7,578
7,415
1,929
7, 414
7, 402
1,814
7, 527
7, 499
1,833
7, 233
62. 70
63.00
63.50
63.78
64.00
64.33
65. 20
65. 50
66.00
65.20
65. 50
66.00
65.20
65.50
66.00
65.20
65.50
66.00
66.78
65.50
69.00
68.20
68.50
69.00
68. 20
68.50
69. 00
68. 20
68.50
69. 00
68.20
67. 92
69. 00
68.20
67.92
69.00
72.65
73. 70
73.70
923
15 130
8, 715
1,091
15, 935
9, 187
1, 096
1,260
735
1,091
1,273
716
1,080
1,214
674
1,076
1,206
699
1,054
1,271
726
1,061
1,272
739
1,046
1,256
723
1,019
1,291
758
978
1,084
669
969
1, 139
694
- 911
- 1,150
'685
-843
- 1, 087
- 662
829
925
545
137
1,007
583
117
1,171
672
115
79
49
117
82
48
109
78
45
107
80
45
104
80
45
94
83
47
94
78
44
90
77
45
100
61
41
94
68
42
91
-63
44
72
58
42
93
54
37
131, 462 i 141, 262
- 103. 1
- 111.0
11,916
- 114. 0
11,812
<- 109.3
11,243
- 104. 1
10, 498
11,886
r 107. 6
- 110.0
11,386
- 108. 9
11,574
- 107. 1
11,323
- 108. 3
10, 781
- 99. 8
10, 765
* 99. 6
r 102. 6
Shipments from mines
Imports
Stocks total end of period
At mines
At furnace yards
At U S docks
Manganese (mn . content) , general imports
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons..
Consumption
do
Stocks end of period
do
1
Prices:
Composite
$ per Ig. ton__
Basic (furnace)
do
Foundry No 2 Northern
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons
Shipments total
do
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh.tons__
Shipments, total
do
For sale
do
Steel, Raw and Semifinished
Steel (raw):
Production
_.
thous. sh. tons
Index
daily average 1967 = 100- Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons. _
Shipments, total
do
For sale, total
do
1
10, 727
10, 699 '10,009 ?10, 441
p 96. 6
r 99. 0
- 95. 7
371
1,730
1,435
446
1, 900
1,583
430
151
128
446
152
125
435
147
120
443
149
122
433
160
131
433
158
126
421
154
124
411
158
128
381
129
108
378
123
101
-334
-137
-116
318
146
123
319
124
104
91,856
i 93, 877
7,560
7,654
8,538
7,242
8,244
7,039
8,190
8,517
7, 759
7,511
7,767
6,867
6, 119
729
500
714
156
780
543
737
143
586
534
685
119
470
472
631
100
526
490
632
90
601
505
608
105
501
457
592
123
1,305
735
436
127
679
275
582
3, 249
1,087
1,359
1,388
758
472
149
691
282
605
3,350
1,141
1,362
1,249
651
469
123
657
254
603
3,071
1,077
1,240
1,262
676
456
123
661
263
663
2,988
993
1,229
1,156
625
403
121
638
255
1,151
2,831
973
1,120
1, 149
607
424
112
605
250
419
2, 625
880
1,060
1,041
541
399
95
515
200
345
2,345
771
963
1, 480
2
912
2387
1, 170
2 1, 505
2892
2 382
2 898
2 183
2
408
1, 171
2, 056
2 195
2393
2478
2 2, 124
9.7
5.5
5.3
9.5
4.8
5.0
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons__
By product:
Semifinished products
do
Structural shapes (heavy) steel piling do
Plates
do
Rails and accessories
do
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
Construction, incl. maintenance
Contractors' products
Automotive
.
do
do
do
do
Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials. ..do
Other
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
Stffil fOflrhrvn^
finichpr?
r»nmr»r\cifo T-\ri/--a
fc
»~>rn- IK
1
4,821
6,149
8, 401
1,462
6,373
6, 244
8, 238
1,514
649
528
653
105
704
519
662
131
610
523
697
128
584
553
756
144
792
538
738
167
724
496
631
156
13, 660
8,497
3 241
1,815
10, 078
3,393
7,267
36, 624
10, 782
16, 336
14, 354
8,659
3,659
1, 923
9, 232
3, 256
6,555
38,111
12,471
16, 427
1, 157
701
297
149
598
237
449
3,185
1,112
1,337
1, 146
703
291
142
699
230
598
2, 964
1,015
1,260
1, 126
718
244
155
594
235
1,276
3,351
1,170
1,422
1,068
665
252
142
630
237
331
2,939
1, 122
1,143
1,349
759
428
152
734
285
446
3, 195
1,261
1,214
1,173
668
408
90
824
263
445
2, 327
907
919
i 16, 099
1
12, 195
i 4, 922
i 19, 269
1
17, 565
111,402
i 4, 768
i 18, 276
i 3, 048
i 5, 469
i 7, 902
i 22, 952
i 3, 344
i 5, 690
i 7, 145
i 25, 687
10.5
70.1
68.7
9.8
69.3
70.0
9.8
5.6
5.7
9.8
5.6
5.7
10.2
6.4
6.0
10.2
5.7
5.7
4,470
2,818
1,103
3,844
918
1,513
2, 173
7, 759
774
1,422
1,709
7,102
880
1,355
1,757
7,520
9.9
5.8
6.1
9.1
5.7
6.5
9.1
6.0
6.0
8.9
6.1
6.3
2
2
1, 583
2
997
2
412
1, 278
2
2
2
2
2
2
230
400
652
2, 207
9.2
5.6
5.3
1, 441
2928
2
396
1, 396
2
2
2
2
197
415
711
2, 027
9.5
5.5
5.2
2
2
2
2
2
1,277
2
776
2321
2
863
2221
2348
391)
1, 915
2
2
P9.3
^4.4
p4. 6
6.3
6.3
5.9
6.3
6.1
6.0
6.1
6.3
6.1
6.1
6.2
6.6
6.5
*6.6
9.9
9.0
11.7
10.2
11.3
9.9
11.7
10.2
11.7
9.2
11.5
9.3
11.5
9.4
11.7
10.3
12.1
10.1
12.1
9.7
11.7
9.5
11.9
9.5
11.9
9.2
12.1
9.7
^12. 8
plO.O
HC7Q
nni 17
nnio
nnoo
nnrco
nn«n
nnfifi
no7i
0074
ifKR
msfi
insfi
insfi
1062
. 1062
'2 Revised.
* Preliminary.
i Annual total; monthly revisions are not available.
For month shown.
« Corrected.
4,454
2,541
1, 123
3,853
4,454
2, 610
1,167
4 415
SUEVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Annual
S-33
Nov.
1970
Dec.
Jan.
Feb.
Mar.
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 -
3, 255. 0
i 925. 0
3, 793. 1
958.0
318.7
79.0
332.2
72.0
334.6
66.0
305.5
69.0
338.8
76.0
329.0
78.0
341.4
71.0
326.8
73.0
339.3
71.0
330.9
65.0
323.0
68.0
334.6
68. 0
327 0
685.2
61.8
180.3
468.6
57.2
344.4
28.6
3.9
31.6
26.9
4.5
41.1
35.3
7.1
49.5
40.4
9.1
50.2
33.3
8.9
43.1
32.6
6.6
36.0
31.9
7.0
41.5
30.4
7.0
41.1
31.8
6.2
35.2
21.7
5.3
14.1
20.0
5.6
26.9
23 7
5 2
26 9
21 1
5 5
15 9
.2557
.2718
.2800
.2800
.2800
.2800
.2800
.2859
. 2900
.2900
.2900
.2900
.2900
.2900
. 2900
mil. lb. . 9,864.8
7,170.0
do
3, 404. 6
do
1, 588. 2
- do ...
10,721.5
7, 652. 8
3,711.9
1, 698. 1
849.2
586.2
277.4
130.7
911.7
630.9
314.6
129.7
836.6
582.7
272.2
137.1
834.1
597. 1
286.7
130.7
935.4
684.1
348.9
146.5
857.2
632.6
318.2
136.7
872.3
654.0
327.2
134.6
884.1
661.6
338.9
135.9
758.7
592.5
296.7
114.4
786.6
605. 9
309. 8
118. 1
825.2
638.6
334.7
117.4
r
808
r
614
T
9
6
298 0
113 5
716 1
540 1
260 0
3,725
3,749
3,770
3,749
3,815
3,865
3,839
3,899
3,942
3,932
4,040
4,101
4,102
r
4 144
4 275
1,204.6
1, 437. 4
1, 160. 9
276.5
400.9
1,544.6
1, 742. 8
1, 468. 9
273.9
465.6
134.2
145.6
123.9
21.7
41.0
138.6
159.0
140.4
18.6
41.4
139.9
148.6
131.4
17.2
37.5
131.8
140. 1
120. 9
19.3
37.7
144.3
157.5
136.8
20.6
47.2
141.7
151.4
128.1
23.2
45.0
152.1
148.2
128.2
20.0
43.1
148.5
140.9
117.6
23.3
41.5
137.0
148.3
130.4
18.0
41.1
144.6
138.7
119.3
19.4
34.6
143.8
130.5
114.2
16.3
35.9
143
149
197
22
37
8
3
3
0
3
143 8
143 0
122 8
20 2
35. 1
716.7
405.4
415.1
131.1
36.3
15.8
31.5
11.8
24.5
11.7
25.9
6.8
25.8
10.0
34.0
6.8
32.7
9.8
32.1
10.6
35.2
10.1
30.5
11.0
45.5
18.8
36.0
13.6
37.1
13 4
360.8
240.7
286.2
200.3
21.2
13.7
20.0
14.9
25.1
18.6
30.3
20.0
27.3
18.8
32.5
24.0
33.0
26.2
22.2
17.1
25.2
15.0
27.8
17.5
24 8
13.6
35.2
17.4
32 5
15 6
1,876.4
Consumption, refined (by mills, etc.)
do
171.5
Stocks, refined, end of period
do
114.9
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered t
$ per lb_. 2 . 4225
2, 145. 0
170.3
124. 4
181.1
162.9
106.7
180.5
170.3
124.4
170.1
175.1
123.1
186.6
176.4
118.2
200.8
179. 3
111.9
185.9
177.1
118.9
188.5
183.8
118.6
180.8
175.6
121. 9
123.2
230.3
173.4
166.9
225.8
170.9
.4793
.5252
.5289
.5625
*.565
*.565
.598
4
.602
«.601
4.601
Imports (general):
Metal and alloys crude
Plates, sheets, etc
Exports, metal and alloys, crude .
do
do
-do
Price, primary ingot, 99.5% minimum..-$ perlb.Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)§
Mill products, total §
Plate and sheet
CastingsA
--
Inventories, total (ingot, mill prod., and scrap)*
mil. l b - _
Copper:
Production:
Mine recoverable copper
thous sh. tons
Refinery, primarv
do
From domestic ores
do
From foreign ores
do
Secondary, recovered as refined
-do
Imports (general):
Refined, unrefined, scrap (copper cont.).. do
Refined
do
Exports:
Refined and scrap
do
Refined _ .
do
4
.602
4
. 2900
177.6 p 164. 4 p 153.3
227.0 P 248. 7 p 306. <)
166.3 p 168 5 v 171 3
4
4 .590
.601
4
.561
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil lb
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do
2,757
2,213
791
3,111
2,524
853
Lead:
Production:
Mine, recoverable lead
thous. sh. tons..
Recovered from scrap (lead cont.)
do
359.2
i 550. 9
509.0
604.2
42.3
49.8
46.1
49.2
47.8
46.7
46.9
45.8
52.5
50.4
49.7
53.1
51.3
46.8
47.4
50.3
46.6
45.4
48.0
48.4
48.6
48.2
46.5
53.5
424.6
1,328.8
389.6
1, 389. 4
28.2
112.5
28.5
117.7
28.2
116.1
36.2
109.0
32.6
118.7
26.7
115.9
36.7
115.9
23.8
114.0
30.1
39.9
108.8
25 A
31.4
111.8
35.1
113.5
23.5
146.8
165.7
172.3
165.7
158.0
162.7
157.1
163.3
155.1
146.9
151.7
152.8
162.2
179. 0
178.2
15.3
88.9
25.5
151.0
22.7
148.4
25.5
151.0
30.5
147.8
33.2
160.2
36.6
169. 0
47.1
167 6
53.2
165.7
63.1
172.0
78.9
175 9
87.1
174.8
86.2
178 8
90.5
178 8
57.8
.1321
64.9
.1490
57.9
.1559
64.9
.1603
74.7
.1650
75.9
.1650
73.0
.1650
67 5
.1650
72.3
.1650
67 1
. 1650
75 5
.1568
74.0
.1510
73 4
.1452
67 2
.1450
Ig. tons
do
do
do
do
do
3,266
57, 358
122,495
12 978
81,961
58, 859
0
54, 950
i 22, 775
i 3, 022
i 80, 790
i 57, 730
0
3,975
1,895
255
6,110
4,360
0
4.141
1,770
270
6,210
4,430
0
5, 358
1,885
270
6,345
4,565
0
2,731
1,800
255
5,605
3,825
0
4 707
1,840
285
6,760
4 680
0
3 818
1,785
230
6,595
4 665
384
4 543
1,855
330
6,505
4 560
1 065
6 134
1,255
250
6,580
4 780
0
3 398
1,385
225
5,885
4 425
1,633
1 723
1,600
225
5,635
4 100
591
5 693
1,730
215
6,240
4 565
487
3 114
1 770
953
5,860
4 440
do
do ...
$ perlb_.
5,027
18, 557
1.4811
3,217
13, 824
1. 6444
320
14, 808
1. 7596
852
13, 824
1.8132
448
13, 655
1. 7917
808
327
13, 135 12,680
1. 7491 1.7712
81
11,765
1. 8388
91
11,810
1.8054
92
12, 865
1. 7023
673
11, 330
1. 6477
102
10, 700
1. 7451
83
11,705
1. 7474
4 .531
Imports (general), ore (lead cont.), metal. ..do
Consumption, total _ _
.
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons..
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons..
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight) __
thous. sh. tons
Price, common grade (N.Y.)
$ perlb..
Tin:
Imports (for consumption) :
Ore (tin content)
Bars, pigs, etc
Recovery from scrap, total (tin cont.)
As metal
Consumption, total...
Primary
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable z i n c _ _ _ thous. sh. tons
Imports (general):
Ores (zinc content) .__ _
do
Metal (slab, blocks)
do
Consumption (recoverable zinc content) :
Ores
Scrap, all types
do
do
708
599
214
551
551
166
r
.1450
553.1
46.3
45.5
45.1
45.7
49.2
48.3
45.6
46.4
47.5
46.4
45.6
45.6
602.1
324.7
53.0
23.8
40.3
27.8
44.7
25.6
45.2
21.7
56.6
21.3
39.5
22 3
43.7
25 0
42.9
16 4
44 2
20 7
56 9
16 0
42 1
19 4
31 5
39 i
i 124 1
i 270. 6
i 126. 7
i 302. 1
12 2
20.0
12.3
20.1
7.5
18.9
11.8
18.8
12 8
19.8
11 1
19.8
10 3
18.6
9 0
19^4
8 2
18.4
11 5
18.0
10 7
18.2
o
5 515
4 110
85.0
5.5
97.3
87.4
5.2
97.4
76.9
6.1
94.6
85.4
6.9
100.0
.1
80.7
5.3
99.4
0
77.0
6.8
99.1
70.7
6. 1
102.2
71 7
5.3
90.9
65 3
6.6
100.4
68 8
7 0
100 5
66 7
7 8
97 8
61.4
93.5
.1550
78.3
94. 5
.1550
94.7
87.9
.1550
109.3
85.4
.1550
122.2
79.8
.1550
131.7
75 9
.1550
134.9
77 3
.1550
132.0
83 4
. 1550
125.7
84 8 I
.1550
117 2
81 5
.1533
112 8
T 79 o
.1500
113 6
81 6
.1500
1. 6385
8 8
19 0
86.6
6.2
103.0
.1
. 1414
3 810
233
1 233
ll, 965 11 6:H)
1. 7365 1. 7225
529.4
Revised.
* Preliminary.
i Annual; monthly revisions are not available.
3
4
Average for Apr.-Dec.
Less than 50 tons.
Beginning Feb. 1970, the new METALS
WEEK price (based on mine production rates and known selling prices of U.S. producers
only) is not comparable with prices for earlier months.
§For revised 1968 monthly data, see Feb. 1970 SURVEY, p. S-32.
ARevised data (1966-68) are in the Apr. 1970 SURVEY.
*New series. Source, U.S. Dept.
703
637
200
546.4
305 5
Slab zinc:
Production (primary smelter), from domestic
and foreign ores.
thous. sh. tons
11,020.9 1 1, 045. 4
65.7
Secondary (redistilled) production
do
i 79.9
Consumption, fabricators'
. . . do . 11,333.7 1 1, 368. 3
9.3
Exports..
_
do
33.0
Stocks, end of period:
167.7
63.1
Producers', at smelter (AZI)O . .
do Consumers'
do
102.4
i 100. 5
Price, Prime Western (East St. Louis). $ per lb_.
.1460
.1350
T
2
731
609
209
--33 0
18 9
/3\
118 6
V>1 3
. 1500 i
. 1500
of Commerce; monthly data back to Jan. 1967 are available.
{Prices shown are averages of delivered prices; average differential between the delivered
and the refinery price is 0.400 cents per lb. through 1969 and 0.500 cents thereafter.
^Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap.
©Producers' stocks elsewhere, end of Dec. 1970, 28,400 tons.
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Nov.
Annual
January 1971
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July 1 Aug.
Oct.
Sept.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
19.3
5.3
Cast-iron
mil. sq. ft. radiation
279.2
78.5
Nonferrous
•
do
Oil burners:
665.3
i 532. 6
Shipments
thous
1
45.8
Stocks end of period
do
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers) shipments
thous 12,268.2 2,471.1
206.1
198.7
Top burner sections (4-burner equiv ) ship do
1 446 8
1, 001. 3
Stoves domestic heating shipments total
do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
shipments total
thous
Gas
do
Water heaters gas shipments
do
.4
5.9
.3
5.1
.3
5.0
.5
5.1
.4
4.6
.2
4.5
.2
4.1
52.9
18.2
57.0
48.4
47.5
44.1
34.8
36.6
201.8
14.8
199.6
16.2
167.5
13.0
178.2
13.7
208.3
15 7
187.9
12 6
1,361.6
967.0
133.4
102.0
79.3
52.6
71.2
37.8
66.7
31.8
76 6
51 4
1 740 9
1, 428. 1
2, 705. 9
1,898. 8
1, 531. 6
2, 784. 6
153.2
121.7
246.3
146.9
121.4
210.4
150.1
125.4
245.1
133.7
110.8
214.4
135 5
111.6
235.1
270 3
366.1
307.2
242 4
499 0
369.5
121.2
i 12 1
t 64 6
113.1
16.4
58 3
220.4
6 246. 8
.3
3.9
.3
.4
.4
46 6
47.7
64.8
77.0
'87.3
63.0
174.0
13 1
227.6
14 1
172.4
11 2
201.9
10.6
236.1
14.9
217. 1
p 190. 1
72 6
47.6
79 6
52.0
89 2
65 5
125 0
92 0
147.1
109.8
157.6
112.7
201 4
146.8
127 3
95. 9
120 2
97.9
242.7
128.9
105.8
232.5
148 2
119 9
264.8
158 6
125 1
234 7
162.7
121.5
235.7
203.0
150.0
226.7
215. 5
160.7
254.4
190 6
136.7
201.2
550.3 1,402.1
769 7
309 2
255 5
195 3
442 4 1 069 0
54 5
r
13.8
MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo avg shipments 1957 59 — 100
Furnaces (industrial) and ovens, etc., new orders
(domestic) net quarterly total
mil $
Electric processing
do
Fuel-fired (exc for hot rolling steel (
do
Material handling equipment (industrial):
Orders (new) index seas adj
1957-59 — 100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
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:
Orders, new (net), total
Domestic
Shipments, total
Domestic..
.
Order backlog, end of period
30.1
23.2
7 2
88
23.1
18
15 0
22.5
2 7
12 3
3.0
11.3
257.2
226.8
224.1
228.3
200.4
177.3
226.1
177.1
207 6
188.2
182.8
225.5
1,305
1,220
1,218
1,573
1, 150
1,057
1 529
1,237
1,273
1,377
1 125
1,433
688
846
1,093
1,183
1,318
1,019
1 063
1,194
10, 753
12, 243
14, 579
14, 903
1,069
1,282
1,406
1,399
1,000
1,407
42 601
50 446
4 010
4 328
4,135
3 643
3,846
3,416
3 636
3 855
3 533
2 346
3 685
3 114
2 873
mil $
do
do
do
do
1, 079. 35
959.90
1, 358. 30
1, 238. 30
809.6
1,195.30
1, 032. 65
1, 192. 45
1, 077. 45
812.4
78.95
67.55
92.20
83.90
847.8
82.80
70.20
118.15
103.35
812.4
92.25
78.60
93.85
84.35
810.8
62.85
52.70
87.35
74.65
786.3
75.95
60.00
98.20
82.50
764.1
59.20
46.30
83.05
69.15
740.2
52.75
41.60
97.10
82.55
695.9
61.85
44.05
100.60
84.50
657.1
62.70
47.70
74.90
61.30
644.9
34.20
23.45
62.15
47.75
617.0
44.15
35.75
83.35
67.00
539.0
' 36. 70
* 28. 65
' 70. 95
' 60. 40
r
504. 8
29.00
21.00
55.80
45.70
478.0
41.10
27. 95
81.30
63.85
437.8
do__
do
do
do
do
394. 75
360.55
368.60
324. 45
254. 5
533. 45
484. 35
405. 10
369. 30
382.8
31.90
27.70
39.20
34.15
390.2
26.25
24.20
33.60
31.20
382.8
22.30
18.70
40.70
38.65
364.4
31.70
29.65
39.60
33.60
356.5
20.35
17.00
40.95
38.20
335.9
27.20
25.55
34.75
32.20
328.4
16.25
15.20
46.10
43.40
298.5
14.40
12.85
41.20
36.20
271.7
14.75
12.30
38.75
36.25
247.7
12.50
8.95
30.40
28.15
229.8
23. 85
22.25
31.40
28.90
214.6
' 38. 35 9.85
' 36. 25 8.80
' 35. 25 35.35
' 33. 15 30.75
' 217. 7 192. 2
40.60
29. 95
36.90
32.95
195. 9
Other machinery and equip., qtrly. shipments:
Tractors used in construction:
Tracklaying, total
mil $
» 453. 4
68 4
Wheel (contractors' off-highway)
do
Tractor shovel loaders (integral units only),
i 502. 6
wheel and tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
1 938. 4
off-highway types)
mil $
Farm machines and equipment (selected types),
excl. tractors
mil. $.. 11,211.3
1
r
133.2
736.5
100 8
31 6
475. 6
179 1
r
125.3
51. 5
121.7
45 6
T
1, 151. 6
162.4
r 153. 1
230.8
178.2
333.6
304.8
332.0
377.7
358.1
139.7
248.4
239.6
878.6
136 7
228 5
610. 2
337.9
281.8
ELECTRICAL EQUIPMENT
225 5
225.9
203 3
152 1
667 9
8 356. 4
202 7
758 0
8 387. 6
226.4
722. 5
8 399. 6
175 7
650 2
8 348. 5
203 4
198 5
278 7
335 9
359 3
288 2
1,292 4 1,651
531
4823
975
534
1,480
779
4 1, 585
4 1,054
1, 285
965
1,119
945
46 9
49 3
56 3
47 1
42.7
5
8.2
'3. 5
s7 6
3.2
120 2
142 8
210 8
205 5
200 2
221 6
131 5
565 1
241.1
194 9
636 1
302.9
219.5
645 1
399.8
227 2
561 5
338.3
221 4
531 7
321.6
227 4
589 2
382.9
243 6
203 7
219 4
278 8
197 5
173 6
1, 437
4764
1,369
704
1,240
782
4 1, 632
*895
1,322
509
69 7
62 7
59 6
63 8
58 1
153 5
113 3
520 9
277. 1
22, 566
11, 794
20, 549
11, 270
1,504
888
1693 1
770 7
61 1
268 2
4
210
sg i
3 6
193 7
238 3
513 3
s 337. 7
2 912
98 6
645 o
290 8
217
238 4
2 269
144 6
s 109 3
51 9
3 853
1 930
3 692
206
'3 966
2 039
3 782
5 96 6
49 5
4 252
2 491
3 668
Radio sets, production© .
do
Television sets (incl. combination), prod.O.-do
Electron tubes and semiconductors (excl. receiving,
power, and spec purpose tubes) sales
mil $
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
3 018
3 123
Batteries (auto replacement) shipments! thous
33 793
35 510
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous
2 306 8 i 2 342 3
Refrigerators and home freezers output
165 6
181 0
1957 59 — 100
Vacuum cleaners sales billed
thous
6 653 1 7 133 7
Washers, sales (dom. and export)
do
i 4,519. 8 4, 421. 5
Dryers (gas and electric), sales (domestic and
2 861 8 3 022 5
exrort)
thous
58 8
35
53 2
215
5
81
4 8
5
87
38
59 7
6 0
56 4
201
206
3
94
36
88 1
3 4
4 1, 458
4 962
58 6
4 7
59 9
38
57 5
4 0
58 4
3 0
710
110
901
79
'858
135
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous. sh. tons_. 11, 461 r 10, 473
811
'831
750
Exports
_ _
do
16
627
63
70
518
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 13. 813
15. 100 15. 758 16. 248 16. 346
Bituminous:
Production
thous. sh. tons.. 545, 245 r 560, 505 r 45, 690 ••51,095 45, 515
r
Revised.
i Revised total or year-end stock; monthly revisions are no t availalDie.
2
Total for 11 months.
3 For month shown.
4 Data c over 5 w<>eks; oilicr perio ds,
4 weeks.
s Excludes orders for motors 1-20 hp.; do mestic sa les of this class in 1969 tota led
$117.2 mil.; 1970— Nov., $7.4 mil.
s Revised data (1967-68) are in th e Apr. It)70 SURV EY.
7
Excludes figures for rubber-tired dozers (included fc>r other periods) .
773
17
817
22
761
57
766
51
811
43
16. 346
16. 346
16. 346
15. 758
15. 758
15. 954
50, 775
49, 330
50, 765
48,085
38, 795
50, 365
748
54,695 '49,530
50,820
15. 954
45, 890
' 794
78
872
100
53,010
8 Oraits com }ination washer-c ryers.
t Revis ed series . Data reflect adjustment to 1967
Censu s of Manufacturej >; month y revisions (1957-69) are a vailable.
adio prociuction c omprnes table, p ortable I>attery, cuito, and clock models; television
OR
sets co ver mon ochrome and colo r units.
SURVEY OF CURRENT BUSINESS
January 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Nov.
Annual
S-35
1970
Dec.
Jan.
Feb.
I
Mar.
Apr.
July
Aug.
40, 461 41, 142
24, 118 25, 625
15, 853 15, 058
8,315
8,626
44, 233
27, 522
16, 241
7,956
43, 440 41,713
28, 458 '26, 424
14, 385 14, 386
7,928
7,917
May
June
Sept.
Oct.
Nov.
Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous sh tons
thous sh tons
do
do
do
do
do
do
do
47, 198
28, 957
16, 837
8,154
48, 268
30, 167
16,367
7,772
42,416
26, 121
15, 060
7,356
44, 067
26, 668
16, 502
8,582
40, 761
24, 170
16, 113
8,354
12, 666
1,122
1,390
1,734
1,235
894
450
450
420
430
560
866
1,117
85, 525
64, 168
21, 169
9,537
80, 482
60, 597
19,701
8,962
83, 322
63, 433
21,018
8,807
80, 482
60, 597
19, 701
8,962
52, 768
49,944
49, 549
52, 060
55, 619
57, 383
54, 825
55, 654
59, 685
66, 087
7,712
7,796
8,390
8,678
9,093
9,235
6,517
6,719
7,112
8,180
184
211
184
50,637
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
_
Petroleum coke
Exports
42, 422
25,735
15,529
7,769
188
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ per sh. ton._
Domestic large sizes, f.o.b. mine
do
507, 275
308, 461
185, 835
92, 901
15, 224
Stocks, industrial and retail dealers', end of period,
total
thous sh tons
Electric power utilities.
.. ..
do
Mfg and mining industries total
do
498, 830
294, 739
188, 450
90, 765
56, 234
5,751
4,843
3,984
4,343
5,309
6, 057
6,059
7,210
6,269
5,532
6,520
7,267
5,633
5.397
6.944
6.052
7.487
6.470
8.086
6.514
8.207
6.526
8.393
6.926
8.529
7.037
8.529
7.758
8.864
7,819
8.950
8.224
9.193
8,280
9,521
8.424
9.736
775
62, 878
19, 038
710
64, 014
20, 574
63
5,333
1,827
81
5,570
1,881
69
5,332
1,856
61
5,069
1,643
64
5,978
1,696
63
5,807
1,834
59
5,966
1,728
72
5, 749
1,929
69
5,442
1,929
65
5,368
1,818
66
5,425
1,799
61
5,680
68
5, 537
5,985
5,637
348
1,239
3,120
3,020
99
1,040
1,629
3,320
3,202
119
1,237
146
3,120
3,020
99
1,040
164
3,032
2,946
86
1,187
89
3,034
2,969
65
1,173
152
3,088
3,025
63
1,077
141
3,100
3,043
55
1,132
212
3,121
3, 063
58
966
195
2,954
2,907
47
966
149
3,006
2,952
54
1,038
244
2,963
2,914
49
1,051
268
3,057
3,019
37
1,094
286
' 3, 433
' 3, 388
46
3,777
3,691
86
288
269
1,028
3.21
336.9
93
1,153
3.21
304.8
93
1,041
3.21
335.9
93
925
3.21
318.4
91
1,047
3.21
324.0
87
1,142
3.21
326.2
90
1,129
3 21
335.5
90
912
3.21
341.7
92
1,234
986
882
1,454
330.3
336.6
4, 922. 1 "5,111.8 ' 422. 4 ' 466. 4 463.8
430.2
470.5
436.8
436.3
430.9
436.4
441.9
440.9
461.2
3, 329. 0 '3,371.8 ' 280. 4 ' 295. 4
553.7
52.0
584.5
49.4
293.5
51.0
267.7
47.7
294.5
52.3
287.6
50.0
295.2
51.8
280.7
51.0
284.9
51.9
296.2
52.4
295.5
50.5
310.5
53.0
' 53.4
65.6
47.7
71.6
44.3
70.5
50.3
73.3
38.1
61.1
40.7
48.5
44.1
55.1
42.0
57.6
39.0
54.3
43.3
51.6
39.5
58.1
-4.7
-33.2
-52.3
-20.8
-1.0
17.3
28.1
16.3
4.5
11.8
27.0
15.6
426.0
' 499. 7
518.5
450.2
472.4
419.4
407.1
415.0
431.3
427.2
414 2
443 7
.1
.2
7.0
6.8
419.0 ' 492. 6
174.5
163.6
9.3
12.6
.1
6.7
511.7
164.0
16.6
7.2
443.0
151.0
11.7
.1
7.2
465.1
173.4
8.9
.1
7.6
411.7
171.3
5.4
7.8
399.3
183.6
5.0
.3
7.5
407.3
187.4
4.3
.1
8.3
422.9
195.2
5.0
0)
6.4
420.8
190.4
4.8
0
8.1
406.0
179.8
5.5
2.0
7.7
434.1
184.7
7.5
.265
.256
792
42, 465
25, 254
16, 057
8,317
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
number
14, 426 2 14, 368
_ __ $perbbl._
3.06
3.18
mil. bbl
3, 774. 4 '3,879.6
% of capacity-92
93
All oils, supply, demand, and stocks:
New supply, totalcf
Production:
Crude petroleum
Natural-gas plant liquids.
Imports:
Crude and unfinished oils
Refined products
Change in stocks, all oils (decrease,—).
Demand, total
Exports:
Crude petroleum
._
Refined products
Domestic demand, total 9
Gasoline
Kerosene
mil. bbl
do
--_do___ . do
do
_ do
do
__
501.7
537.7
r 552. 9
602.7
55.5
-17.4
4,873.8 '5,126.6
do
1.8
1.4
do
82.7
'83.4
do__ , 4, 789. 2 '5,041.8
do
1, 956. 0 2, 042. 5
do
102.9
100.4
2,080
1,080
3.21
3.21
321.6 ' 342. 7
92
94
47.5
45.0
Q9
Distillate fuel oil
Residual fuel oil
Jet fuel
do
do
do
874.5
668.2
349.4
'900.3
721.9
' 361. 7
82.9
55.5
29.5
112.0
77.1
33.1
127.2
89.7
28.8
96.8
82 2
28^7
95.8
87.3
28.2
74.2
63.6
27.2
60.3
51.3
27.7
52.6
58.2
28.1
50.3
59.2
31.2
52.9
61.2
30.8
58.6
50.7
31.1
69.9
58.9
30.0
Lubricants
Asphalt
Liquefied gases
do
do
do
48.5
141.2
385.7
'48.8
143.3
445.6
3.7
9.8
43.0
'4.0
6.7
48.1
4.1
4.4
54.8
3.4
4.7
41.6
4.1
6.3
38.9
4.4
10.0
32. 2
4.0
14.3
29.0
4.7
18.8
29.8
4.2
21.3
31.9
4.0
20.6
32.2
4.3
18.8
33.2
4.5
15.9
39.6
do
do
do
do
999.6
272.2
98.9
628.5
980.1 '1,013.3
264.8
265.2
101.4
103.5
611.4 ' 647. 1
980.1
265.2
103.5
611.4
927.9
267.1
105.4
555.4
907. 1
269. 6
104.3
533.2
906.2
274.6
107.8
523.7
923. 4
278.0
112.5
532. 9
951.6
284.8
115.0
551.8
967.9
279.9
115.5
572.5
971.0
266.9
113.8
590.4
982.8 1, 009. 8 1, 025. 4
259.2
254.1
265.5
106.9
113.1
107.6
615.6
643.7
652.3
182.1
.3
217.4
176.5
.1
231.9
157.0
2
238'. 8
173.4
.2
240.8
164.3
.1
235.7
172.5
.1
226.4
173.8
.1
214.9
180.6
.2
201.9
183.0
.1
196.4
.113
.110
.110
.133
.115
.120
.123
.237
.256
.248
.249
.256
.238
.230
.246
1.3
.2
5! 9
1.6
.1
5.6
1.6
.1
5.4
1.6
.1
5.1
1.3
4! 7
2.0
.1
5.1
1.9
0)
4.7
1.9
.1
4.7
9.1
18.0
9.5
18.5
7.5
20.8
7.0
22.9
7.4
26.3
6.3
27.7
6.5
29.6
6.2
30.3
.122
.122
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
Refined petroleum products:
Gasoline (incl. aviation):
Production
_ _
Exports
_ _
Stocks, end of period
do
do
do
1, 940. 0 2, 028. 2
2. 1
'2.4
211.5
217.4
175.3
.1
208.4
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal..
.116
.113
.113
.118
.118
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal-.239
.230
.239
.240
.229
Aviation gasoline:
Production
mil. bbl..
31.6
26.5
1.4
2.2
2.1
Exports... __
do
'1.7
.1
1.8
.2
0)
Stocks, end of period
. _ do
6.2
7.0
6.3
5.8
6.2
Kerosene:
Production
do
101.6
102.9
10.2
8.0
9.8
Stocks, end of period.
do
23.5
26.8
20.4
29.4
26.8
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal. . .113
.111
.111 1
.111
.111
f
Revised.
1
Less than 50 thousand barrels.
2 Reflects revisions not a vailable I y month s.
c? Includes small amounts of "other hydrocarbo ns and h ydrogen i^efinery nput," ilot
.120
.111
.111
.111
.118
shown separat 3iy.
9 In eludes d ita not silown sep arately.
§Inc ludes no nmarket ible cata lyst coke
180.8
.1
199.3
.237
SUKVEY OF CURRENT BUSINESS
8-36
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Annual
January 1971
1969
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
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
Production
Stocks end of period
mil bbl
do
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midcontinent,
f.o.b., Tulsa)
$ per gaL_
Asphalt:
Production
Stocks end of period
mil bbl
do
Liquefied gases (inch ethane and ethylene):
Production, total
mil. bbL.
At refineries (L R G )
Stocks (at plants and refineries)
do
do
Asphalt and tar products, shipments:
Asphalt roofing, total
thous. squares..
Roll roofing and cap sheet
do
Shingles all types
do
Asphalt siding
Insulated siding
Saturated felts
do
do
thous. sh. tons__
840.7
48.1
1.5
173.2
848.4
50.9
r
1. 1
171.7
72.5
3.4
.1
201.0
76.9
5.9
.1
171.7
79.5
6.7
(2)
130.7
71.9
5.7
.1
111.5
77.7
7.6
.1
101.0
70.8
4.6
.1
102.1
70.8
3.4
.1
115.8
72.3
1.9
(2)
137.5
73.5
2.8
.2
163.5
74.8
2.8
(2)
188.2
73.4
2.8
.1
205.7
.103
.101
.101
.101
.101
.101
.101
.101
.108
.110
.112
.112
275.8
409.9
20.0
'65.4
1.40
265.9
461.6
16.9
58.4
1.48
21.4
33.8
1.6
-60.7
1.45
24.1
51.2
.8
58.4
1.45
26.0
56.0
1.5
49.5
1.65
23.9
56.5
2.1
46.1
2.00
23.6
58.5
1.1
40.3
2.00
19.8
47.3
1.4
42.8
2.00
17.7
36.8
1.8
44.7
2.00
17.0
43.6
1.3
46.0
2.00
17.7
44.7
1.7
47.9
2.40
20.7
41.7
1.2
48.1
2.60
19.9
39.1
2.8
54.0
314.9
24.3
321.7
28.1
25.6
29.6
27.7
28.1
23.9
27.1
24.0
26.4
26.4
27.2
24.5
29.2
23.7
29.4
24.9
30.9
26.9
30.0
26.6
30.6
25.9
30.2
65.7
18.0
14.0
65.1
16.4
14.1
5.8
1.1
13.6
5.7
1.4
14.1
5.5
1.3
14.3
4.7
1.1
14.5
5.5
1.7
14.1
5.4
1.3
13.8
5.6
1.3
14.1
5.3
1.2
13.6
5.5
1.7
13.3
5.7
1.2
13.7
5.6
1.1
14.0
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
135.5
20.1
135.7
16.8
10.4
14.0
9.0
16.8
6.8
19.5
6.7
21.6
9.3
24.8
10.8
25.8
13.0
24.9
14.5
21.3
16.1
17.3
16.5
14.0
15.6
11.6
469.3
351.3
118.1
76.2
502.0
378.5
123.5
59.6
42.3
32.4
9.9
71.5
44.7
34.5
10.2
59.6
44.6
33.9
10.7
42.4
41.9
31.6
10.3
37.0
45.3
34.8
10.6
37.6
43.3
32.9
10.5
43.5
44.9
34.1
10.8
54.6
43.6
33.0
10.6
63.2
44.6
33.3
11.2
70.0
43.8
33.4
10.5
76.4
43.0
32.9
10.1
80.6
84, 430 -7,216 - 5, 576
r
34, 707 - 3, 220 r 2, 633
2, 943
49, 723 r 3, 996
3,387
1,708
1,679
3,447
1,566
1,882
5,143
2,350
2,793
6,340
2, 662
3, 679
7,895
2,924
4,970
8,504
3,377
5,127
8,792
3,562
5,230
8,384
3,511
4,874
8,452
3,486
4,966
- 8, 699
r 3, 533
- 5, 166
7,487
3,176
4,311
22
17
69
20
7
51
16
13
45
20
24
61
25
22
73
20
31
75
23
39
29
39
84
21
35
82
18
37
75
21
34
78
31
68
78, 045
31,099
46, 946
418
411
875
364
346
920
30
23
74
|
"::..::
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulp wood:
Receipts
Consumption
Stocks end of period
Waste paper:
Consumption
Stocks end of period
5,536
4,811
5,449
5,548
4,745
5,591
5,478
4,892
5,531
5,251
5,193
5,565
5,439
5,417
5,537
5,147
5,813
5,645
5,670
5, 912
5,112
5,340
5,716
868
569
872
563
832
552
854
556
743
591
829
564
832
571
-868
'571
792
557
3,425
139
2 332
187
3,587
145
2,445
201
3,579
142
2,431
208
3,624
160
2,447
203
3,475
120
2,371
203
3,352
140
2,268
181
3,547
144
2,409
194
3,304
128
2,246
177
3,656
155
2,475
197
3, 496
146
2,367
187
thous cords (128 cu ft )
do
do
i 59, 041
i 59, 788
5,676
62, 276
62, 813
4,788
5,255
5,427
4,521
5,274
5,025
4,783
5,044
5,449
4,432
5,273
5,177
4,397
5,813
5,593
4,715
thous sh tons
do
10, 285
586
10, 441
608
818
598
780
608
838
569
805
572
i 39, 400
thous sh tons
1 1, 679
do
i 25, 505
_.
do
d o . _ _ _ i 2, 431
41, 057
1,701
27, 628
2,337
3,594
141
2,456
192
3, 263
131
2,180
197
3,560
154
2,422
194
WOODPULP
Production:
Total all grades
Dissolving and special alpha
Sulfate
Sulfite
5,611
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
i 4, 470
i 1, 625
i 3, 690
4,241
1,585
3,564
359
135
310
341
128
286
359
127
303
353
129
284
362
131
303
366
134
298
374
134
305
357
133
291
359
134
269
378
135
286
348
131
275
378
141
310
363
133
300
do
do
do
do
870
358
426
86
796
230
469
99
839
321
440
77
796
230
469
99
812
294
440
79
811
284
457
76
823
275
474
74
832
299
459
74
868
348
450
71
867
340
459
68
919
359
490
70
904
376
460
67
-821
326
-427
-68
-872
401
-405
66
884
420
395
69
Exports all grades total
Dissolving and special alpha
All other
do
do
do
1,902
671
1,231
i 2, 103
1744
i 1, 359
182
63
119
220
72
148
200
63
137
204
70
134
224
80
145
254
81
173
243
50
193
269
96
173
273
65
208
325
80
245
247
52
195
954
86
868
244
70
174
Imports, all grades total
Dissolving and special alpha
All other
do
do
do
3,540
302
3,238
14,040
1298
1 3, 743
356
24
332
358
35
323
304
24
280
294
21
273
348
25
323
304
24
280
296
23
273
309
15
293
292
13
280
270
21
249
256
30
226
277
27
250
289
24
265
50, 703
22, 091
24, 267
155
4,190
53, 488
23, 460
25, 561
133
4,333
4,455
1,958
2, 150
11
336
4, 253
1,885
2.046
8
314
4,586
2,036
2,237
10
304
4,264
1,893
2,057
9
304
4,532
2,047
2,142
11
332
4,624
2,053
2,198
14
359
4,469
1,944
2,160
12
353
4,380
1,898
2,106
15
361
4,124
1,790
1,956
12
366
4,330
1,882
2,074
14
360
4,092
1, 762
1, 959
16
356
- 4, 584
- 2, 014
r
2, 169
16
'385
4,241
1,858
2,048
13
322
50, 207
53, 754
4,413
4,238
p 4, 532
101.4
119.6
91.1
102.7
122.9
94.4
109 7
126.4
96.0
127.5
97.1
127.5
97. 0
127.5
97. 0
09 7
Q7 1
102 7
126.4
96.0
04 4
03 0
09 0
03 4
127.5
96.7
03 3
127.5
95.5
93 3
127.5
95.5
03 9
127.5
95.5
93.1
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted. _ -thous. sh. tons .
Paper
do
Paperboard _
do
Wet-machine board
do
Construction paper and board.
.
do
New orders (American Paper Institute):
All grades paper and board
do
Wholesale price indexes:
Printing paper
1957-59 = 100..
Book paper A grade
do
Paperboard
do
Buildine nanpr nnrJ hnarrJ
Hn
r
Revised.
v
Preliminary.
03 Q
126.4
96.0
03 4
1
Reported annual total; revisions not allocated to the months,
barrels.
2 Less than 50 thousand
SURVEY OF CURRENT BUSINESS
January 1971
1969
1969
19G8
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1989 edition of BUSINESS STATISTICS
Annual
S-37
Nov.
1970
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug
Sept.
Oct.
Nov.
Dec.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):t
Ground wood paper, uncoated:
Orders, new
.
_ . - thous. sh. tons.Orders unfilled end of period
do
Shipments
do
Coated paper:
Orders, new
- - -do
Orders, unfilled, end of period
do
Shipments
do
Book paper, uncoated:
Orders, new
do
Shipments
do
Writing and related papers:
Orders, new
. . - do .
Shipments
- ..
- ---do. ..
Unbleached kraft packaging and industrial converting papers:
Orders, new
do. ._
Orders, unfilled, end of period
do
Shipments
do
Tissue paper, production .
_do
114
122
94
94
107
91
94
97
93
92
102
89
114
117
96
93
119
93
104
115
101
94
94
102
117
117
99
' 81
' 105
3,313
242
223
269
245
200
275
287
232
278
269
244
254
285
244
288
277
229
282
256
219
270
261
222
266
259
226
262
' 267
2,515
2,587
202
214
196
217
222
231
195
211
218
228
212
223
212
218
212
217
218
220
'209
'212
2,951
2,899
238
233
242
210
239
247
241
236
204
'224
' 227
3,922
189
3,865
3,588
297
173
317
310
'317
' 127
203
8,758
8,741
220
2,935
2,946
27
Consumption by publishers^ . do
Stocks at and in transit to publishers, end of
period
- - . _.
-thous. sli.tons..
7,025
Imports
_
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh ton
Newsprint:
Canada:
Production
_ _ .- - _
Shipments from mills
Stocks at mills end of period
United States:
Production
- . __. _
Shipments from mills
Stocks at mills, end of period
-
1,171
107
1,123
3,230
200
234
247
224
344
189
319
298
337
195
328
308
312
199
318
290
344
187
355
305
760
808
285
730
795
220
749
659
310
692
646
357
3,232
3,233
27
279
290
255
275
279
261
7,344
633
6,462
141. 40
454
869
480
8,031
8,096
do__ _
do
do
.. _do.. . .
do
do
248
243
'256
' 212
thous sh. tons
mil $
P 236
p 193
v 258
v 263
P 202
?208
v 219
p 223
p 233
v 234
p 238
P241
p 324
p 143
P318
p 285
p 318
p 129
p313
p 337
P203
v 263
236
307
140
325
313
289
110
309
314
306
121
294
312
275
115
281
304
750
704
402
752
701
452
715
716
451
671
734
388
698
673
412
694
670
436
649
683
402
760
800
362
766
gQ9
9
36
809
9
36
258
247
273
278
274
274
979
266
289
277
243
258
75
87
72
69
°83
°87
9()5
51
289
285
51
290
277
292
295
55
539
617
624
643
582
544
559
581
214
r 299
' 328
27
45
682
631
563
699
665
699
737
743
710
704
654
683
693
712
6, 790
571
625
545
497
568
563
535
541
539
484
146. 10
146. 10
146. 10
150. 50
150. 50
150. 50
150. 50
150. 50
150. 50
150 50
479
939
510
526
965
523
479
939
554
509
975
522
521
855
521
515
805
514
497
770
508
512
749
511
493
691
502
451
723
436
185 536
14 321
14 535
14 469
14 152
15 233
15 370
15 021
15 569
2 627 0
1 229 0
206 4
98 0
232 4
109 0
209. 9
101 0
195. 1
95 1
224 2
108 8
208 8
101 0
199 4
98 3
208 1
103 6
7 19
9
67
150. 50
2 575 0
1 162 0
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil sq ft surf area
P94
v 73
p 106
244
173 814
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons
Orders unfilled §
do
Production, total (weekly avg.)
. .. do
Folding paper boxes *
239
p93
p81
p94
"86
46
65
69
65
33
626
645
608
708
717
68°
749
544
565
554
492
711
489
467
732
451
490
748
494
492
729
495
15 147
15 394
15 862
17 035
14, 934
201 8
100 1
201 4
100 6
209 1
103 5
349
749
412
' 226 3 pl94 5
' 112 5 P<J3 8
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period
do
Imports, incl latex and guavule
do
581.86
107. 76
540 17
Price, wholesale, smoked sheets ( N . Y . ) _ _ $ p e r l h _ .
Synthetic rubber:
Production
Consumption
Stocks, end of period
thous Ig tons
do
do
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
a
J
2 131 10
l 896.15
368 16
39. 92
93. 44
46 88
.191
.183
.184
187 07 182. 74
152 13 '158.33
479 43 '481 79
184 96
162. 01
481 09
179 36
140. 87
491 09
22.06
24.12
24. 52
' 14. 43 15 99
' 15 95 16 76
26. 28
24 52
15.44
14 38
24. 91
48 26
103. 06
49 26
49 93
106 49
50 51
49 98
104 91
59 03
48 27
98 58
44 05
50 02
95. 14
56 82
48 11
96 42
45 66
35 83
98 31
42 10
43 93
89 69
41 64
42 84
92. 36
37 7g
43 45
94. 73
33 73
.262
.250
.238
.255
.251
.223
.221
.218
.216
.200
.195
250 19
2,024 06
a 441 03
187 86
164 98
424 39
198 64
168 65
441 03
193 11
169 07
434 37
178 91
166 69
436 75
186 76
177 35
433 30
178 68
170 39
429 36
182 24
129 16
457 52
179 64
156 68
455 57
181 33
150 50
464 65
.198
a
2
Q
r
46. 67
45 37
' 96. 69 92. 36
46 74
46 60
598 27
106 49
585 28
do
291. 03
226. 49
20.32
23.11
23.36
23.68
22.27
26.14
25. 25
27.25
23.24
23.28
do
do
do
257 22
950 43
29 58
a 238 92
a 231 77
29 27
17 42
16 99
31 08
17 94
is' 58
29 27
18 77
17 54
30 46
18 38
17 49
30 51
18 48
19 03
28 42
17 45
17 34
27 28
13 26
13 67
27 87
15 46
15 58
26 63
17 55
15 65
26 62
16. 46
14 93
26. 88
thous.. 2203, 060
207, 826
.193
TIRES AND TUBES
Pneumatic casings, automotive:
Production
16, 738
17, 789
18, 174
17, 522
17, 606
17,216
12, 642
15, 658
15, 466
14, 657
15,885
15. 938
777
704
650
493
14 407
4 750
9 519
13 746
4 041
9 505
13 895
4 150
9 625
18 908
4,403
14 320
20 862
5,628
15 077
15 740
2 995
12 576
138
187
185
175
173
156
15 367 '15 "8
3 296
2J346
12 906 '11 813
119
' 114
16 699
3^643
I 9 888
120
19 559
4 507
14 877
18 286
4*912
13 201
200
14 519
3 681
10 651
49 152
2 364
44 898
49 152
53 750
57 105
56 400
54 620
49 670
45 758
187
166
156
90
150
114
45 978
45, 328
119
45 196
43 791
41 657
43 957 2 44 860
11 191
11 828
1 390
1 098
3 263
3 394
11 125
3 073
3 179
11 191
3 384
3 971
10 811
2 918
3 371
10 754
3 336
3 783
lo' 393
3 278
3 666
10' 222
2,765
3 678
9 111
3 127
3 390
9 252
83
84
2 060
3 024
9 680
' 85
2 iqq 155 2 204
2
58 392 2 55
2 137 5(59 2 i4p
23 202
22
Shipments total
Original equipment.
Replacement equipment
Exports.
do
do
do
do
Stocks , end of period
Exports (Bu. of Census)
do
do
42 128
2 518
Inner tubes, automotive:
Production. _
Shipments
Stocks, end of period
Exports (Bu. of Census) _
do
do
do
do
79
T
Revised.
f Preliminary.
1 Revisions for Jan.-Aug. 1968 for synthetic rubber
consumption are as follows (thous. Ig. tons): 162.96; 154.29; 162.07; 155.85; 162.67; 153.44; 135.82;
2
154.33.
Annual total includes revisions not distributed to the months.
jData have been regrouped by the American Paper Institute; details and available earlier
data appear in their April 1970 Monthly Statistical Summary.
67
'ill
71
133
85
107
99
167
169
45 586
116
178
145
3,081
2,654
' 3 206 3,436
8,905
8 934
3,463
3 570
9 133
115
109
125
71
60
o?As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
*New series. Monthly data are available back to 1955.
° Revisions for Jan.- May 1969 will be shown later.
SURVEY OF CURKENT BUSINESS
S-38
U a less otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
1969
Annual
January 1971
Nov.
1970
Ja-.i.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement _ ..
thous. bbl
1 397, 448 1409, 564
31,249
25, 984
16, 932
20, 039
25, 722
32,912
36, 385
39, 699
42, 284
41, 630
38, 158
39 134
29 859
529.6
18.8
136.0
453.9
17.1
118.6
300.4
15.9
91.9
385.6
14.8
96.3
543.3
17.7
142.2
574.8
17.7
134.4
579.4
17.5
138.4
617.0
20.1
153.5
629.4
17.8
161.2
607.6
14.7
153.4
' 612. 3
10.5
r
156. 7
622.0
13.0
150 8
524.8
11.3
127 7
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
7, 556. 8
mil. standard brick
192.5
Structural tile, except facing
thous. sh. tons..
1, 705. 5
Sewer pipe andfittings,vitrified .
. -do
Facing tile (hollow) , glazed and unglazed
220.6
mil. brick equivalent. _
Floor and wall tile and accessories, glazed and un274.5
glazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or
N.Y. dock
_
_
1957-59=100
'117.2
7, 289. 7
241.5
1, 783. 5
209.0
15.4
16.6
11.5
10.7
12.8
16.2
10.6
15.1
16.4
12.7
16.9
16.6
16.6
284.8
20.5
21.3
19.2
19.4
22.8
22 2
20.5
22.8
22.2
21.3
'21.4
21.6
19.3
122.3
123.5
123.5
124.8
124.8
125 4
126.5
127.0
127.0
127 0
127.0
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
_ __
_
thous. $_- 387, 469
Sheet (window) glass, shipments
Plate and other fiat glass, shipments
Glass containers:
Production
do
do .
108, 303
88, 765
90, 388
101, 960
139, 391
248, 078
150, 123
266, 747
37 180
71, 123
29 040
59,725
31 092
59,296
34, 079
67, 881
(8)
260 267
20 650
19 530
20 824
20 300
21 927
22 555
23 293
23 033
22 589
24 910
21 863 ' 24, 635 21 394
(8)
251 , 050
18 613
22 230
17, 913
18, 570
24, 705
20 110
21 411
23, 798
22 051
23, 848
24, 358 ' 24, 138
(«)
24 232
1 559
1 742
1 705
1 877
2,014
1 927
1 963
2 043
1 847
2 718
2,863
(6)
57 8°8
4 595
5 095
4 372
4 331
5 141
4 200
4 140
4 731
4 689
5 293
5 600
-do
do
do
(8)
(6)
(6)
56, 232
51 086
20 677
4,170
3 434
1 633
6, 072
4 073
1 739
3,990
3 192
1 524
4,221
3 499
1 479
6,342
5 415
2 097
4,839
4 407
1 685
5, 956
4 988
1 505
6, 909
5 205
1 699
6,532
4 992
1 303
6,323
4 774
1 670
5,005
5,944 r 5, 912
4 498 ' 4 348 3 386
1 951 ' 2, 081 1 712
do
do
do
(6)
(8)
(6)
35 <)16
4 496
583
'> 884
292
46
3 075
384
50
2 843
*254
33
2 806
329
28
3 237
428
31
2 705
320
27
9
545
2S5
29
2 864
322
25
2 459
'273
26
2 745
294
31
3 140
319
43
23 518
30 260
33 144
30 960
33 032
34 381
31 313
33 540
35 904
34 016
34 404
35 178
thous. sh. tons
5,454
. ...
do __ 10, 018
5 858
9 881
1 497
2 448
1 206
2 181
1 396
2 524
1 775
2, 489
8 844
9 324
2 218
2 000
2 238
2 301
4,935
301
4,681
316
1,162
78
702
76
1 284
86
1,267
51
536
778
473
702
917
105
163
108
140
106
154
104
155
9,090
275
212
2,213
59
184
1 899
46
187
2 258
64
197
2,308
63
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
Beverage... _ Beer bottles
Liquor and wine
416, 870
_ . _ ._ -
._
Medicinal and toilet
Chemical, household and industrial
Dairy products
Stocks end of period
do
r
19, 037
2, 080
1, 609
6 053
4 595
'3 236
396
32
32 504 '32 775
2 465
303
32
34 939
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports
_
_
Production
...
Calcined, production, total. _ .. _ .
.
do _
Gypsum products sold or used, total:
Uncalcined uses .
_
do
Industrial uses. .
. .
do
Building uses:
Plasters:
Base-coat
. _._ ... do ..
All other (incl. Keene's cement)
do
Lath
.
Wallboard
All other.
mil sq. ft
. . do
do
999
8,283
269
TEXTILE PRODUCTS
W O V E N FABRICS
Woven fabrics (gray goods), weaving mills :}
Production, total 9 ...
... mil. linear yd
Cotton... do
Manmade
fiber
..
do
423
2 1 175
2 550
2 509
948
522
410
958
527
414
1 404
659
730
1 335
' 639
682
1 404
659
730
1 401
655
729
3,098
1,627
1 384
2,779
1 535
1 165
2,838
1 498
1 265
2,779
1 535
1 165
2,679
1 483
1 112
10, 917
9,937
8 379
10, 948
8 568
10,014
8 294
12 693
7 408
5 052
12 906
7 159
5 546
do
do
do
1,366
739
611
Orders, unfilled, total, end of period 9 1 f _ _ _ d o
Cotton
do
Manmade fiber .
do
Stocks, total, end of period 9 d"
Cotton
.
Manmade
fiber
...
979
543
2
910
491
404
1 417
658
743
1 389
622
749
1 389
' 606
765
2,620
1 451
1 090
2,510
1 396
1 047
2,482
1 393
1 026
1 098
2 593
2482
791
459
322
901
502
389
2 1 088
2 615
T 2
463
915
516
390
1 409
594
799
1 429
584
830
1 441
587
838
1 454
599
846
rl 453
585
853
1 484
633
837
2,522
1 438
1 030
2,460
1 425
983
2,514
1 481
984
2,439
1 441
954
2, 395
1 441
916
2,425
1,481
900
6
1 191
2 632
2 538
280
1 122
4,165
924
509
406
2
COTTON
Cotton (excluding 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
646
r3
9,110
2 7] 7
9
4
9 821
59 937
635
5 10 014
2 780
626
12 978
12 265 13 147 I 265 11 259
12,926
12, 248 13, 129 12, 248 11,243
1 323 2 952
1 075
1 548
1 323
9 807
9 079
9 653
8 832
9 653
1,571
1,272
1,272
1,336
1,098
52
19
17
16
17
2
' Revised.
1 Reported annual total; revisions not allocated to the months.
Data
3
cover 5 weeks; other months, 4 weeks.
Ginnings to Dec. 13.
< Ginnings to Jan. 16.
5
Crop for the year 1969.
e Data not available owing to lack of complete reports from
7 Dcc
*ti« ustlT.
- 1 estimate of 1970 crop.
9 Includes data not shown separately.
JEffective Aug. 1969 SURVEY, data (1964-Apr. 1969) reflect adjustments to new benchmarks; see Bureau of Census reports: Woven Fabrics (1964-68), Series M22A-Supplement
and (Jan.-Apr. 1969), M22A (69) 1-4 Supplement.
10 324
10, 303
866
7 977
1,460
21
9 312
9^294
716
7 008
1,569
19
616
8 405
8,383
630
6 160
1,592
23
609
7 506
7,486
585
5 363
1,538
20
2 730
6 517
6,498
417
4 691
1,460
19
532
5 760
5,733
360
3 962
1,411
27
593
15 789
IS' 773
10 875
3,631
1,263
15
2 760
632
14 811
14, 795
9 900
3, 851
1,041
16
13 949
13, 931
7,545
5,474
912
18
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
8,831
3 9, 828
7 10,270
2 725
'641
I9 732
12, 719
2,845
' 8, 874
'1,000
13
9, 210
1,130
14
SURVEY OF CURRENT BUSINESS
January 1971
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
1969
Annual
S-39
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
TEXTILE PRODUCTS— Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports
.
._ _ thous. bales..
Imports
do
3,870
95
Exports, raw cotton equiv
Imports, raw cotton equiv
Mill margins:
Carded yarn cloth average
cents per lb-Combed yarn cloth average
do __
Blends (65% polyester-35% cotton)
do
Prices, wholesale:
Print cloth, 39 inch, 68 x 72_.-cents per yard-Sheeting, class B, 40-inch, 48 x 44-48
do
308
7
299
2
269
2
186
2
84
1
89
6
181
3
251
1
120.9
122.2
21.4
21.9
20.0
22.0
19.1
22.0
20.2
22.1
20.7
22.2
21.4
22.4
22.1
22.6
22.3
22.8
22.6
23.0
22.6
23.0
21.9
23.0
22.8
23.0
22.1
22.8
21.0
22.6
19.6
12.4
125.6
.476
80.9
19.7
12.6
9.5
.475
6.0
19.6
12.4
2 10.6
.424
26.7
19.6
12.4
9.4
.470
59
19.5
12.2
9.3
.466
5.8
19.5
12.2
11.5
.459
27 2
19.3
12.1
8.9
.447
56
19.1
11.9
9.0
.451
5.6
19.1
11 9
210.6
.422
26.5
19.1
12.0
7.8
.388
4.8
19.0
11.9
8.6
.431
5.3
18.8
11 8
10.6
.423
2
6 6
18.8
11 7
8 7
.436
5 4
'18.6
18.6
11 6
29 9
.395
1.027
1.024
1.021
1.021
1.014
1.008
1.008
1.005
1.001
1.001
6,965
13.8
15.0
13.1
15.0
13.0
12 7
12.8
13.2
13.3
15.7
14.9
13.1
13 4
13.4
13 9
5.3
6.0
5.1
6.0
5.6
5.5
5.5
5.5
5.4
6.0
5.6
5.1
5.0
4.9
4.8
.40
.42
.39
.42
.43
45
.44
.43
.41
.37
.38
.38
36
37
34
256.0
559. 6
3
246
4
7, 476
thous. bales
do
325
8
1.049
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
382
3
20.0
13.1
128.0
.493
85.9
Cotton yarn, price, 36/2, combed, knit
$ per l b _ _
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (qtrly.) - - . _ _
mil. lin. yd -
176
1
22.0
122.9
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
rniL.
Consuming 100 percent cotton _
do
Spindle hours operated, all fibers, total .-_ _bil
Average per working day
do
Consuming 100 percent cotton
do
123
6
1
Price (farm), American upland
cents per lb._.
Price, middling 1", avg. 12 markets
do
2,397
46
330.5
573.3
39.1
48.9
34.9
44.0
28.2
52.7
23 1
49 9
29.1
52.0
28.0
40.7
25.0
52.0
21.2
42.1
19.3
52.5
16.5
37.2
18 6
37 9
23.0
35 4
37.73
43.27
93. 25 * 108. 02
64.40
59.16
43.96
107. 87
60.71
43.92
109. 01
61.02
43.92
108. 81
61.11
43.86
108 00
60 43
43.79
106. 81
43.65
105.11
43.41
101. 65
43.33
99.07
43.11
98.78
42.98
43.29
43.53
18.7
18.5
18.5
19.0
18.5
19 3
17 8
17.8
s 15.8
«15. 8
815.8
17.3
18.6
M A N M A D E FIBERS AND MANUFACTURES
5, 159. 5
Fiber production, qtrlv. total
mil Ib
805.2
Filament yarn (ravon and acetate)
do
Staple, incl. tow (rayon)
do
739.1
Noncellulosic, except textile glass:
Yarn and monofilaments
do .. 1, 662. 1
1, 550. 4
Staple, incl. tow
_. .
do
Textile glass
fiber
do ..
402.7
Exports: Yarns and monofilaments.. _ thous. Ib
Staple, tow, and tops
do
Imports: Yarns and monofilaments _
do
Staple, tow, and tops
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. Ib
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow _.
_
...
do
Textile glass
fiber
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 deniert
$ per lb_.
Yarn: Rayon (viscose), 150 denier
do _.
Acrylic (spun) knittinu *V20 3 6D do
Manmade fiber and silk broad woven fabrics:
Production (qtrly.), total 9mil lin vd
Filament yarn (100%) fabrics?
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab exc blanketing 9 do
Rayon and/or acetate fabrics and blends
do.___
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures).
mil. lin. yd...
1.024
1,723
r 11 g
'88
'.438
'5 5
2g 9
1,560
1,654
1,368.6
183.9
187.5
1 380 1
181 7
171 7
1 336.2
179.5
141.2
1, 766. 9
1,718.7
501.4
435. 1
422.1
140.0
446 8
452 0
127 9
443.5
447.9
124.1
43.96
44.29
1 290 3
176 8
134 4
442 1
494 o
113 0
11,647
11,880
13, 836
9,310
96, 390
108, 253
5 59, 303
217, 707
100, 539
127, 484
41, 063
159, 404
59.4
59.0
78.4
75.6
78.4
75.6
80 6
92 0
84.5
90.3
77 9
72 1
194.3
210.9
47.3
259.8
247.6
70.6
259.8
247.6
70.6
258 6
251 3
78 4
281.5
254.1
87.7
282 7
251 1
96 6
.61
.85
1 42
.61
.89
1 42
5, 203. 6
1, 737. 2
779.8
7 347. 8
2 749 4
5, 396. 4
1, 690. 7
776.4
7 345. 0
2 951 g
1,340.7
421.0
198.5
78.9
678.0
1 751 9
629.7
1 893 1
130.5
478 6
482.9
517.0
134.3
8,887
11 636
4 533
12, 227
.61
.89
•I
A~l
8,710
13,019
5,872
8,726
219.0
93.8
189.2
95.7
14.7
6 7
17.5
9 3
216.1
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, 3A blood
Australian, 64s, 70s, good topmaking
$ per lb._
do
do
1.207
840
1.180
1.221
.862
1.174
1.210
890
1.089
Q9 fi
91 0
92 6
222.5
100.9
102.6
.61
89
12 692
13 665
6 755
14, 705
cq
1.42
523
97Q
O74
483
.61
1.42
16, 942
12 106
11,966
11,168
15, 212
12 980
9 085
12', 028
.61
.61
. 89
1.42
1.42
r
10 690
9 659
13* 198
11 658
1.198
890
1.075
1.185
884
6 1. 034
6 1. 014
92 5
92 5
Q9 R
e o
1.185
2
3
' Revised.
1 Season average.
For 5 weeks; other months, 4 weeks.
Average
4
for 6 months, July-Dec.
Beginning 1969, the average omits two 6 cloths previously included,
s Revised total; revisions not distributed by months.
Beginning Jan. 1970,
quotation refers to Australian wool, 64's, Type 62; comparable prices prior to 1970 are not avail-
8 521
9 054
14' 314
8 888
l,294.9
QX1
r 10 7
10 7
5 A
6 9
4 0
Q
'68.8
r 735. 9
149 5
62.9
703.6
104.1
' 510. 6
104.2
483.3
r 120 1
109 8
r 170 4
7.2
5.8
14. 1
6.6
6.4
2
4. 7
4.3
1.110
.865
6 1. 010
92 9
'58.1
103.0
367
430
760
187
1.41
133 5
16 0
10
11
14
8
.61
. 89
1.42
.61
406 5
186 1
76.0
742. 8
11, 083
14, 197
15, 424
11, 425
124.2
502. 1
15 6
5. 7
l1^ 1
7
6
103.0
61
r
45.7
103.0
8 751
13 772
12
U
8
12
r1 °.°.Q Q
12 9
58
27 3
16.4
7.2
15 564
-1C -I -I O
.61
89
1.41
79fi ft
238.3
91 4
249.4
119.6
243.3
9,861
13 762
5 031
16, 317
.61
.89
1 41
mil. Ib
do
do
do
2
5, 520.2
774.4
758.8
WOOL
Wool consumption, mill (clean basis):
Apparel class
Carpet class
_
Wool imports, clean yield
Duty-free (carpet class)
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system wholesale price
1957 59 100
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. yd..
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1957-59=100
2
1.081
1.070
. 865
.880
6 1. 019 6 1. 025
93 0
no 7
2
6.8
7. 8
1.055
. 880
6 1. 020
94 7
'54.2
9 0
5.0
•107
5. 8
10 8
7. 5
U 7
2 1 *} 3
2
8. 4
n
o
8 4
5 4
1.025
. 880
6.982
1.025
.953
.925
6.952
6.854
6.760
94 7
.925
007
6.820
.850
838
6.802
94 7
36.5
103.0
103.0
103.0
103.0
103.0
103.0
103.0
7
8
able.
Omits quantities of chiefly nylon combination fabrics.
Beginning Apr. 1970'
average is for cloth 38M-hich. 64 x 56, 5.50 yds./lb.; data not comparable with prices for periods prior to Apr. 1970.
9 Includes data not shown separately.
t Revisions for 1967 are in the Dec. 1970 SURVEY.
SUKVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1968
1969
Annual
January 1971
1970
1969
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
1
Aug.
Sept.
Oct.
Nov.
Dec.
TEXTILE PRODUCTS— Continued
APPAREL
Hosiery, shipments
_.
thous. doz. pairs .. 225, 588
Men's apparel, cuttings: f
Tailored garments:
20, 564
Suits
thous. units
14, 237
Coats (separate), dress and sport
do
166, 542
Trousers (separate), dress and sport
do
Shirts (woven), dress and sport
thous. doz--. 21,573
VVomen's, misses', juniors' apparel, cuttings: t
Coats
thous. units__ 22, 279
277, 971
Dresses
do
Blouses and shirts
.
thous. doz-_ 15,589
8,050
Skirts
do
T
24 7, 286 ' 20, 444
17,631
17, 881
18, 511
19, 267
18, 900
18, 477
22, 403
20, 972
20, 161
20, 405
20, 409
17, 702
21,091
14, 353
169,542
21,125
1,697
1, 119
14, 104
1,868
1,395
1,070
11,538
1,773
1,540
1,036
13, 730
1,791
1,489
928
13, 890
1,985
1,614
1,013
15,299
1,972
1,571
1,092
16, 140
2,005
1,503
1.022
14, 694
1,867
1,267
992
14, 578
1,993
838
573
13, 455
1,517
1,220
752
14, 987
1, 822
1,258 r 1,377
825
'921
15, 329 -15,484
1, 879
2,211
1,256
860
13, 848
1,832
21,664
266,856
14,425
8,443
1,933
18,996
1,305
549
1,640
17,621
1,096
486
1,712
19, 259
1,220
643
1, 522
21,912
1,357
558
1,207
23,162
1,348
683
992
22, 894
1, 293
571
1,191
20, 055
1,153
572
1,549
21, 770
1,236
676
1,474
18, 261
1,097
610
1,569
18, 352
966
490
1,542
r 18, 411
' 1, 073
r483
1,664
19, 154
1, 072
457
1,604
16,171
897
324
9
81 0
4,876
109. 0
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders new (net) otrly total
mil $
U S Government
do
Prime contract
do
Sales (net) receipts or billing*' otrly total do
U S Government
do
Backlog of orders, end of period 9
do
U S Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units and parts
mil $
Other related operations (conversions, modifications), products, services
mil. $
Aircraft (complete):
Shipments ©
Airframe weight ©
Exports commercial
do
thous. Ib
mil $
616
7°3
949
609
545
4,036
5, 976
3,907
4,526
3,400
4,051
6 484
4,188
6, 411
5,096
5, 991
6, 002
4. 032
28, 297
14 298
15,610
3 578
28 297
14 298
15,610
3 578
27, 124
13 434
14,821
3,343
25, 190
12 640
13, 865
2, 969
25*599
13, 704
13, 766
2, 758
27 168
16 577
24 575
9
25 59
16 635
22 005
14,521
19,289
24 648
16 560
30,749
16343
16,608
3 951
5
3
4
6
4
4,698
O Q9g
5 083
4 338
4 338
4,236
3, 828
4,471
2,834
2,881
2 881
2,779
2, 699
2,766
4 355 1
76 202
1 403 1
3 593 4
60,117
1,239.2
294 7
3,438
71 6
342 6
5 464
143 0
396 4
5,037
159.9
341 5
5, 971
162.2
499 7
6, 899
159. 5
419 1
7,116
240. 5
9Q8 5
3,389
156 6
3,236
96.5
288 2
4,495
123.8
304 3
4, 974
55.2
215 6
3.850
51.9
399 2
* 5, 756
101.2
10, 718. 2
10 172 2
8, 822. 2
8 407 1
1 896 1
1 765 1
10,146.9
9 587 7
8, 223. 7
7, 806. 5
1,923.2
1,781.2
856. 4
808 6
682. 1
644 0
174 3
164 5
790.6
743 4
624 0
588 8
166 7
154 6
719.1
683 5
571.4
545. 0
147.7
138. 5
689.2
650 8
555. 2
528.4
134.1
122.4
776.9
732 2
626.2
594.4
150.7
137.8
807.5
760. 9
661. 3
627. 2
146. 2
133.7
890.1
839. 5
724. 4
684.4
165. 7
155. 1
991. 0
931.0
805.3
758.4
185.7
172.6
627.5
600. 5
481.6
464.3
145. 9
136.2
413.4
384 4
272. 4
254. 0
141.0
130.4
632. 0
582. 2
493. 6
454. 2
138.4
128.0
501.4
465.6
392. 5
365.4
108. 9
100.1
9,656
8 625
1 031
9,582
8 464
1 118
797
706
91
9 3
8 1
1.2
721
639
83
9 0
7 8
12
624
539
85
8.5
7 4
1.1
686
598
88
9 2
8 0
1.2
745
646
99
8.6
7.5
1.1
798
691
107
9.0
7.8
1.2
811
699
112
9. 0
7 7
1.3
922
800
122
9.4
8 1
1.3
763
641
122
9.1
7.8
1.4
638
526
112
8.9
7.6
1.3
580
489
91
8.8
7.8
1.0
754
630
125
7.4
6.0
1.4
540
436
105
6.4
5.0
1.4
536
425
110
6.8
5.2
1.6
1,449
1 525
1,467
1 542
1 452
1 603
1 467
1 549
1,563
1 481
1,555
1,428
1,573
1, 420
1,578
1,428
1, 632
1 458
'
1,674
1, 483
1,509
1,504
1,269
1,521
1,261
1, 496
1,053
1,280
1,018
1,167
1,220
1, 294
2.3
2 2
2.3
2.4
2,3
2.6
2.8
3.0
31.72
28.46
6.20
21.10
15. 98
6.06
17.80
14.61
5.78
9Q9 6
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
Domestic .
thous ..
do
do -do
do
do
Retail sales, new passenger cars : *
Total, not seasonally adjusted
thous ..
DomesticsA
do
Imports A
do
Total, seasonally adjusted at annual rates mil
DomesticsA
do
Imports A
do
Retail inventories, new cars (domestics), end of
period: *A
Not seasonally adjusted
... thous ._
Seasonally adjusted
do
Inventory-sales ratio, new cars (domestics)* A
ratio
Exports (Bureau of the Census):
Passenger cars (new) , assembled
To Canada
Trucks and buses (new) assembled
Imports (Bureau of the Census):
Passenger cars (new), complete units
From Canada, total.
Trucks and buses, complete units . .
2 4
4
2. 4
9
2
2.3
333. 45
292.11
3 103 23
32.84
27.92
7 48
30.39
25. 96
8.33
18.76
14.64
6 40
19.19
15.44
8.66
18.40
13. 98
10.61
35.85
32. 16
8.81
33. 11
30.04
8 79
39.08
36. 40
8.68
16.83
14.70
7.69
13. 89
12.55
7.46
do
il 620 45 1 846 72
do
i 500. 88
691. 15
do .- 1 114.65
146.01
154 02
70.84
3.86
165. 11
73. 25
13.90
177 06
59.19
12.04
167. 79
61.35
10. 29
177. 07
70.00
9.99
205. 72
74.17
9.85
174 73
74. 36
10.13
187. 76
79.16
10.52
150. 64
46.86
4.05
95.14
19.01
4.40
167. 62 r 168. 60
56.75
48. 58
10.05
16. 82
173. 31
55.66
9. 69
10, 768
7 754
9,899
6 556
10,004
6 795
9, 824
6 547
10,253
7,237
9, 095
6 06°
9,871
7 057
8,679
5 630
8, 387
5, 880
7, 692
4, 953
' 8, 780 8,037
5, 240
* 5, 817
7, 924
5, 287
4,039
3,461
3,947
3,300
2, 189
2, 056
2,293
1, 590
1,874
' 1,398
1,574
1,393
741. 1
99.8
155 2
5 768. 4
5 100.0
5 161. 9
784. 4 5 900. 9
s 104.2 M18.6
158 9 s 176. 6
s 837. 7
112.2
5 179. 4
s 683. 2
s 109. 9
5 159. 4
5
5
thous. _
do
do
330. 46
286. 78
92 03
Truck trailers (complete), shipments
number. . 113, 928
Vans
do
75 148
Trailer bodies and chassis (detachable), sold
separately.. ...
number
33 761
Registrations (new vehicles): O
Passenger cars
Import cars
Trucks.
0
454.7 2 747. 2
424.3
364.1 2 603. 1
341.1
90.6 2 144. 1
83.2
thous . .1 9, 403. 9
1
do
985 8
i i' 775 6
do
138,347
94 808
33 332
9, 446. 5 5 5757. 5 < 5912. 5
4*101.7
1 061 6
93.6 4
1 888 8 5 146 8 5185 0
5 5619. 1 « 6578. 4
73.8
81. 8
5 130 9 8 124. 4
7
7
7
5
5
5
612. 1
102. 8
5 153. 3
< 719. 0 ' 537. 2
• 112.6 7 " 99. 8
154. 2 118. 1
7
RAILROAD EQUIPMENT
Freight cars (ARCI & AAR):
Shipmentscf 1 -.
number
56 26°
Equipment manufacturers
do .. 38, 991
New ordersc?
do
i 63 561
Equipment manufacturers
do
i 49,391
Unfilled orders, end of period^
do
31.740
24, 540
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads ( A A R ) : §
Held for repairs % of total owned
Capacity (carrying), aggregate, end of period
Average per car _
ton"
5 765
4,640
9 022
4, 753
46, 751
35, 508
4 282
3,484
2,032
2,032
44, 201
33, 756
5,755
4,859
3,632
3,236
40, 704
30, 759
6,632
5, 386
3,080
1,948
36, 426
26, 595
6, 448
4,800
5,501
5,501
34, 491
26, 308
5. 832
4,227
2, 387
2,218
31,046
24, 299
6,115
4,478
5,218
3,487
30, 149
23, 308
5,446
4,457
4,340
4,226
29, 040
23, 074
5,164
4,127
2,148
2, 148
25, 782
20, 853
6, 147
4, 922
2,073
1, 726
21, 672
17, 621
4,675
3,787
3,053
2,516
20, 049
16, 349
4,569
3,573
8, 164
8, 026
23, 644
20, 802
1 438
5 6
1 4*}ft
5 5
5 7
1 435
5 P
1 434
5 7
1 435
5.6
1 434
5 7
1 433
5.5
1 433
5.6
1 433
5.8
1 431
6.0
1 497
5.9
1 424
5.7
94 38
« 65. 53
94 37
65.62
94 45
65.69
94 45
65.80
94 59
65.91
94 76
66.05
94 85
66. 15
95 39
66. 52
95 46
66.63
95 77
66.' 81
95 78
66. 96
95 6 b)
67.01
95 27
66. 89
6 273
4,941
8,264
3.456
43,460
35,361
5 2
68 452
54,072
84 345
65, 401
46,751
35, 508
i ,400
5 6
no 09
f\4 07
64.34
65.62
1
4.4.0
cover foreign-type cars only and exclude domestics produced in Canada.
^Beginning May 1969, data (American Railway Car Institute and Association of American
Railroads) refer to new cars for domestic users; cancellations are not reflected.
9 Total includes backlog for nonrelated products and services and basic research.
0Data include military-type planes shipped to foreign governments.
O Courtesy of R. L. Polk & Co.; republication prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
11,12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
13-16
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
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
1,3-6, 8,9,11,12,19,22,23,40
2,3
Balance of international payments
16,17
Banking
27
Barley
34
Battery shipments
28
Beef and veal
Beverages
4,8,11, 22, 23.26
5-7
Blast furnaces, steel works, etc
18-20
Bonds, outstanding, issued, prices, sales, yields
33
Brass and bronze
38
Brick
20
Broker's balances
6,7,
Building and construction materials... .
9,10,31 36,38
10
Building costs
10
Building permits
7
Business incorporations (new), failures.
5
Business sales and inventories
26
Butter
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
2,20,24
Confectionery, sales.,
Construction:
Contracts
Costs
Employment, unemployment, hours, earnings..
Fixed investment, structures
Highways and roads
Housing starts
Materials output indexes
New construction put in place
1
Consumer expenditures
3,4
Consumer goods output, index.
8
Consumer price index
Copper
33
27
Corn.
Cost of living (see Consumer price index)
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
3,7,27,30,38
Crude oil and natural gas
4,35
Currencyjn 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
2,3,19-21
11,12
Earnings, weekly and hourly
15
Eating and drinking places
11,12
Eggs and poultry
3,7,8, 28,29
Electric power
4,8, 25,26
Electrical machinery and equipment
4-7,
9,13-15,19,22,23,34
Employment estimates
13-15
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
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
Heating equipment
Hides and skins
Highways and roads
Hogs
Home electronic equipment
Home Loan banks, outstanding advances
Home mortgages
Hosiery
Hotels
Hours of work per week
Housefurnishings
1,4,8,
Household appliances, radios, and television sets.
8,
Housing starts and permits
11
9,34
9,30
9,10
28
8
10
10
40
24
14
11,12
4,
11,34
10
Imports (see also individual commodities)... 1,2, 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, 11,12
5
Inventory-sales ratios
Iron and steel
4-7,9,10,19,22, 23, 31,32
Labor advertising index, strikes, turnover.
16
13
Labor force
Lamb and mutton
28
28
Lard
33
Lead.
Leather and products.
4,9,13-15,30
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
4,9,10-15,19,31
Machine tools. .
34
Machinery
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures
9,39
Manufacturers' sales (or shipments), inventories,
orders
5-7
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
8
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
1,4-6,8,9,11,19,22,23,40
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
N on ferrous metals
4t 9,19,22,23,33
NoninstaUment credit
18
Oats
27
Oil burners
34
Oils and fats
8,22,23,29,30
Orders, new and unfilled, manufactures*
6,7
Ordnance
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
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11-15,19,22,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
25
Population
13
Pork
28
Poultry and eggs
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment and earnings
13-15
Profits, corporate
2,19
Public utilities
2-4,9,19-21, 25, 26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radiators and convectors
34
Radio and television
4, 11,34
Railroads
2,15,16,20,21,24,40
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)
8
Retail trade
5,7,11-15,17
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
1,8,13
28
9,11,12,30
19
30
39
22, 23,31,32
31
20,21
4-6f 9,13-15,19,38
34
23,29
25
24
25
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,11,34
Textiles and products.... 4-6,9,13-15,19,22, 23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-7,9,11,13-15,30
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
13,16
16,17,20
finance
18
2-4,9,19-21,25,26
Vacuum cleaners. . .
Variety stores
Vegetable oils
Vegetables and fruits
Veterans' benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
34
11,12
29,30
7,8
16
flour
2,3,15
34
34
27,28
• • • - *» J
5,7,11,13-15
36
"»39
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
PUBLIC DOCUMENTS DEPARTMENT
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
MORE MACHINE-READABLE
Additional data from OBE's 1963 input-output study and
a computer program for manipulating large matrices are now
available on magnetic tape. The new data are (1) the trade
and transportation costs associated with each entry in the
transactions table and (2) detailed worksheet estimates of
product sales used in constructing the published tables.
Trade and Transportation Costs
The trade and transportation costs associated with each
transaction in the input-output table are available on tape at
the 85 industry, 367 industry, and 478 industry levels of
aggregation. For each cell in the transactions table the tape
at the 85 industry level contains entries for transportation and
trade. At the 367 and 478 industry levels the tape record
contains separate entries for rail, motor freight, air, water,
and pipeline transportation, and for retail and wholesale trade.
The cost for each tape is $100. These tapes are probably useful only to those who have already purchased the tapes containing the interindustry transactions.
Product Sales
Two worksheet tapes are available. The construction worksheet tape shows the sales of about 800 products and
services to 32 types of new construction and 17 types of
maintenance and repair construction. Tape price, $225.
Single copy printout, $125.
The manufacturing worksheet tape shows the individual
products of each of about 350 manufacturing industries distributed to the customers of the industry. Many products on
the tape are defined by the 7-digit product codes used in the
Census of Manufactures, while the remainder are at more
aggregated levels. The customer detail is essentially on a 4digit SIC basis. The manufacturing worksheet tape is priced
at $350.
The tape records for the worksheet tapes contain: directly
allocated output at producers' prices and purchasers' prices
and the separate trade and transportation costs as follows:
railroad; motor freight; air; water; pipeline; retail; and
wholesale.
INPUT-OUTPUT
DATA
Computer Program
The computer program accepts any size matrix up to
465 x 465 and will perform the various matrix operations,
including inversion, that are used in input-output calculations.
The program is run on a Univac 1108 by QBE and requires
drum storage in addition to substantial core storage. A program write-up including a listing of the Fortran V source statements can be purchased for $20. A tape containing 80 column
card images of the Fortran source statements is available for
$200.
Interindustry Transaction Tapes
The Interindustry transaction tapes are still available. The tapes
contain: (1) total transactions; (2) directly allocated output; (3)
transferred output; (4) direct requirements per dollar of gross output;
and (5) total requirements per dollar to delivery to final demand.
The price of these tapes is $200 for the 85-industry level, $350 for
the 367-industry level, and $250 for the 478-industry level. The reason
for the lower price on the tape on the 478-industry level is that it
includes only total transactions, directly allocated output, and transferred output. The newly available information contained in the margin
tapes can be combined with these tapes at an extra cost of $25 per
transaction tape.
How to Order
Additional information about the data tapes and the computer
program should be obtained before placing an order. Please write the
National Economics Division, Office of Business Economics, U.S.
Department of Commerce, Washington, D.C. 20230.
A description of the "Input-Output Structure of the U.S. Economy:
1963" appeared in the November 1969 issue of the SURVEY OF
CURRENT BUSINESS. Reprints of the article are available for 40 cents
from the Superintendent of Documents, Washington, D.C. 20402.
Input-Output Seminars
A good way to learn about the applications of the input-output
technique is to attend a seminar conducted by the professionals in
the Office of Business Economics and private industry who have
intimate knowledge of the system and its uses.
Seminars will be held on February 25, 1971, in Denver, Colorado,
and in the latter part of March in Kansas City, Missouri. For more
details, contact the field office in the city in which the seminar is
scheduled (addresses are shown on the inside front cover).
@FedFRASER