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JANUARY 1973 / VOLUME 53 NUMBER
1
SURVEY OF
CURRENT BUSINESS
JANUARY 1973 / VOLUME 53 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
National Income and Product Tables
Business Capital Spending Expectations, 1973
7
11
THE U.S. ECONOMY IN 1972
Labor Force, Employment, and Unemployment
Personal Income
Consumption and Saving
Housing
Nonresidential Fixed Investment
Inventories
Exports and Imports
Federal Government
State and Local Government
Prices
Corporate Profits
Financial Developments
12
13
15
17
18
19
21
22
23
24
25
26
27
REGIONAL AND STATE PERSONAL INCOME
DEVELOPMENTS
30
WORLDWIDE SALES BY U.S. MULTINATIONAL
COMPANIES
33
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
U.S. Department of Commerce
Peter G. Peterson / Secretary
James T. Lynn / Under Secretary
Harold C. Passer / Assistant Secretary
for Economic Affairs and Administrator
Social and Economic Statistics Administration
Bureau of Economic Analysis
George Jaszi / Director
Morris R. Goldman / Deputy 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
Thomas W. Kraseman
David L. Levin
Leonard A. Lupo
Barbara L. Miles
Thomas R. Robinson
Joseph C Wakefield
John T. Woodward
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ROOT V~A
98104
» r\ai~
T»« i
the BUSINESS SITUATION
CHART 1
GNP up $ 3 1 3 / 4 billion in fourth quarter
Billion $
FINAL SALES rose $29 3 A billion
40
30 20 -
-
rr-,
i
-
- n
--
10 -
4•++ 3+
INVENTORY INVESTMENT increased $2 billion
20 10 -
-10 _
REAL OUTPUT grew 8 1/2 percent
Percent
-5 -
GNP DEFLATOR increased 2% percent
10
1968
1969
1970
1971
1972
Change From Previous Quarter
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
73-1-1
E<
J C O N O M I C activity was expanding
rapidly at the end of 1972, as production, employment, and income showed
further strength. Preliminary estimates
show the Nation's output of goods and
services rising $31% billion in the fourth
quarter to a seasonally adjusted annual
rate of $1,195% billion. This was the
largest dollar advance of the year and
well ahead of the $24% billion increase
in the third quarter. Measured in
constant dollars, GNP rose 8% percent (annual rate) as compared to 6#
percent in the preceding quarter. The
rise in the implicit price deflator was
2% percent (annual rate) as compared
with 2% percent in the third quarter.
An alternative measure of price change,
the chain index, whose behavior is not
affected by changes in the composition
of GNP, increased 3 percent in both
quarters.
According to data that are still incomplete, the rate of inventory accumulation rose $2 billion, continuing the
strong upswing in inventory investment
that began in the spring of last year.
However, the rise in inventories continued to fall short of sales growth, so
that the ratio of stocks to GNP fell
significantly further.
Most of the acceleration of output
growth was in final sales, which increased $29% billion as compared to
$21% billion in the third quarter. The
increase would have been considerably
greater if auto demand, which increased
sharply in the summer quarter, had not
declined in the fall. Excluding autos,
final sales increased $31 # billion in the
fourth quarter and $16% billion in the
third.
All the major components of final
sales strengthened in the closing quarter. Personal consumption expenditures,
business fixed investment, residential
investment, and State and local purchases all increased more, and Federal
purchases declined less, than in the
third quarter.
Consumer spending increased $17%
billion, about $2% billion more than in
the preceding quarter. The step up in
consumer spending was mainly in
purchases of nondurable goods though
there was also some acceleration in
spending for services. The strengthening of outlays for nondurables was due
largely to a big increase in outlays for
food, most of which appeared to reflect
higher prices rather than an increase in
physical volume. Spending growth for
durable goods slowed, largely because
of a slight decline in the number of
new cars sold and a shift in buying
patterns from higher priced to lower
priced models.
Disposable personal income increased
$29% billion from the third to the fourth
quarter; about $8 billion of that large
gain reflected the 20 percent increase
in social security benefits which took
effect last October. The rise in consumer spending was less than the
increase in income and the saving
rate—personal saving as a percent of
disposable personal income—moved up
from 6% to 7% percent.
Business fixed investment rose nearly
$5 billion, as compared with a $1%
billion advance in the third quarter.
Investment in producers' durables accelerated, and outlays for structures,
which showed virtually no net change
in the two preceding quarters, increased
$2 billion. Residential investment increased $2% billion, about $% of a
billion more than in the third quarter.
The starts rate averaged 2.41 million
units (annual rate), not much different
1
SURVEY OF CURRENT BUSINESS
from the average 2.38 million unit rate
in the summer months.
The increases in State and local
government purchases accelerated from
$4# billion to $5K billion—a very
large gain. Construction outlays, which
had shown little change in the first
three quarters, accounted for nearly
two-fifths of the fourth quarter rise.
Federal purchases declined about $1
billion. That was much less than the
$2% billion drop in the third quarter,
mainly because cutbacks in defense
spending slowed sharply. Nondefense
spending was unchanged as declines in
space and agricultural purchases offset
increases elsewhere.
December
developments
Employment and industrial production continued to show strength in
December, and the unemployment rate,
which had fallen sharply in November
to 5.2 percent held at that level in
December.
The Federal Reserve industrial production index rose 0.8 percent in
December, or an annual rate of 10
percent, about the same as the average
increase in October and November.
Much the largest gain in December
was in motor vehicles output, which
rose nearly 5 percent, but there were
sizable increases also in machinery,
metals, and some of the nondurable
goods sectors.
The civilian labor force increased
about 300,000 in December, to 87.3
million, offsetting a dip in November.
Employment recorded its seventh consecutive monthly gain. The increase in
employment in December matched the
increase in the labor force.
Nonfarm payroll employment was
unchanged in December after 4 months
of extremely large increases totaling
1.1 million. Much of the slackening
appeared to be due to exceptionally
severe weather during the December
survey week, which forced unseasonal
curtailment of outdoor work. Substantial gains continued in capital goods
manufacturing, services, and State and
local government, but construction employment fell sharply. Trade employment, which recorded an exceptionally
large increase in November, declined
somewhat in December on a seasonally
adjusted basis.
The manufacturing workweek, an
important indication of underlying
strength, increased slightly in December
to a 4-year high of 41.0 hours. There
were increases of l){ hours in transportation equipment and about 1 hour
in primary metals, ordnance, and petroleum products. In durable goods, the
January 1973
December average of 41.9 hours was 1
hour longer than a year earlier and
about one-half hour below the postwar
peak reached in 1966.
Although unemployment was unchanged in total over the month, there
was a further reduction in long-term
unemployment—6 months and over—
which fell to 430,000, the lowest in
almost 2 years. In terms of industry, the
only noteworthy decline in December
was in unemployment of durable goods
manufacturing workers, where the
downtrend all year had been steeper
than in other industries. Unemployment of adult men dropped moderately
again in December but teenage unemployment increased.
Personal income continued to rise
very sharply in December, increasing
$7.7 billion to $983.4 billion (seasonally
adjusted annual rate). The November
increase, $11.9 billion, had been swelled
by increases in railroad retirement and
veterans' educational benefits, including
a one-time speedup in the latter category. With these special factors excluded, the gains would have been $9.8
billion in December and $8.9 billion in
November, compared with rises averaging $6.3 billion in the first 9 months of
this year. The recent accelerated rise
largely reflects exceptionally sharp gains
in farm income, mainly because of
higher prices.
SURVEY OF CURRENT BUSINESS
January 1973
3
CHART 2
In fourth quarter, GNP rose $31% billion; real output grew 8% percent
In December: The jobless rate held at 5.2 percent; nonfarm payroll employment was unchanged
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
1,200
Percent
92
16
CURRENT DOLLAR GNP
1,150
PRICES
Million Persons
CIVILIAN LABOR FORCE AND EMPLOYMENT*
IMPLICIT PRICE DEFLATOR FOR GNP**
(Change From Previous Quarter)
12
88
Total
Labor Force
Final Sales
-
84
1,100
•••••***
1,050
1,000 1
1
1
1
I
1
Ih. I
80
Inventory Change
Employment
I
1
1
I
I
76
1
11111111111
Quarterly (IV)
i i 11 111 t 11itii11111 1111
Quarterly (IV)
Monthly (Dec.)
Percent
Percent
Billion $
80
16
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
CHAIN PRICE INDEX FOR GNP**
(Change From Previous Quarter)
12
60
« I-
F
Total
f ^
Quarterly (IV)
Monthly (Dec.)
Billion $
Quarterly (IV)
Billions
Million Persons
80
850
CONSTANT DOLLAR (1958) GNP**
800
Illillll
Total
^
1967 = 100
140
NONFARM ESTABLISHMENTS
A
CONSUMER PRICES
76
160
130
150
120
-
-
Employment*
(left scale)
Inventory Change
750
170
Final Sales
RetaW Food*
700
-
-
68
140
110
I I I I I I I I I 1 I I 1 I I I I I I U I I 130
100
-
-
Man-Hours**
(right scale)
I
650
I
i
I
1
1
1
1
!
1
64
i ii n l i n
ii
Quarterly (IV)
Percent
Hours
15
45.0
CONSTANT DOLLAR (1958) GNP **
(Change From Previous Quarter)
10
I"
42.5
Total x \
Dollars
4.00
35.0
1973
Q u a r t e r l y (IV)
* Seasonally Adjusted
* * Seasonally Adjusted at Annual Rates
Analysis
3.75
3.50
120
Total
3.25
115
K
I I I 1 I I I I I I I I t I I I I I I I I I 1 3.00
110
J
I M III III II
1971
125
*
Average
Weekly Hours
(left scale)
37.5
Department of Commerce, Bureau of Economic
Digitized forU.S.
FRASER
1967=100
130
WHOLESALE PRICES
Average Hourly Earnings # . x *
(right scale) N , ....-- x *
40.0
1972
Monthly (Nov.)
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
Final Sales
1971
| M I I ! 1 1 1 1 11 1 M 1 1 I 1 11 1 1 I M I 1 ! 1 1 1 1 |
Monthly (Dec.)
1972
Monthly (Dec.)
1973
s<*J
Industrial
Commodities
i 111111 1111 I I 1 M 1 1 M 1 I! 1 1 I ! 1 1 1 1 1 1 1
1971
1972
Monthly (Dec.)
1973
SURVEY OF CURRENT BUSINESS
January 1973
CHART 3
• In December, personal income advanced $7% billion
• In fourth quarter: Consumer spending increased $17% billion
•
Business fixed investment rose nearly $5 billion; residential outlays increased $2% billion
FIXED INVESTMENT
CONSUMPTION AND SAVING
INCOME OF PERSONS
Billion $
Percent
Billion $
800
1,000
Billion $
18
125
14
100
PERSONAL CONSUMPTION EXPENDITURES*
AND PERSONAL SAVING RATE*
950
900
-
750
-
Personal Consumption
Expenditures \
(left scale) x -
Producers' Durable Equipment **
10
700
75
'
650
T"
Residential Structures
50
Personal Saving Rate
(right scale)
800
I I1 i IIi II i i
Iiii II I I i IiI Il 1i tI i i i Ii
1
600
i
* Nonresidenttal Structures**
i
i
i
i
i
i
25
I
i
I
i
Billion $
Billion $
700
Billion $
Billion $
45
110
WAGES AND SALARIES*
40
100
Total
(left scale)
i
i
i
&-'
Total
600
550
i i
PLANT AND EQUIPMENT EXPENDITURES**
RETAIL STORE SALES*
650
i
Quarterly (IV)
Quarterly (IV)
Monthly (Dec.)
200
35
90
150
30
80
100
25
.-©
o Expected
_
Manufacturing
(right scale)
500
MM
Ml I I I
11111
llllhll
111 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i
1
70
1
i
t
Million Units
Billion $
1
i
1
1
I
1
Quarterly
Monthly (Dec.)
Monthly (Dec.)
Billion $
14
900
DISPOSABLE PERSONAL INCOME**
CAPITAL GOODS MANUFACTURES*
(NONtJEFENSE)
850 -
12
-
800
10
-
NewO rders
V
-
750
- 2
8
..
/
-
Shipments
700
I
i
I
f
i
I
I
i
i
I I I I II I I [ I I I I I I I I I I I I I I
I
1111 11 \ \ 111
Dollars
Billion $
Million Units
2,900
2.0
3.5
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,800 _ (In 1958 Dollars)
3.0 -
1.5
Starts
2.5 -
1.0
/
t
i
i
1971
i
t
i
1972
i
i
i
i
1973
Quarterly (IV)
'Seasonally Adjusted
"Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysts
0
l i H i i l i i i i i l i i i i i l i i i n i i i i n l i i i i . i
1971
1972
Monthly (Nov.)
1973
1.5
y
(/'J
2.0 -
2,600
2,500
11111111111111111111
PRIVATE HOUSING**
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
2,700
111
Monthly (Nov.)
Monthly (Dec.)
Quarterly (IV)
J
Permits
1 1 1 1 1 1 M 1111 1 1 1 1 1 1 1 I 1 1 1 1 1 1 1 1 1 1 1 !
1971
1972
Monthly (Dec.)
1973
SURVEY OF CURRENT BUSINESS
January 1973
CHART 4
• In fourth quarter: Inventory investment increased $2 billion
•
Net exports up VA billion as exports rose more than imports
•
Federal Government purchases fell $1 billion, State and local spending increased $5% billion
INVENTORIES
GOVERNMENT
FOREIGN TRANSACTIONS
Billion $
15
Billion $
Billion $
10
200
GOVERNMENT PURCHASES Of
GOODS AND SERVICES**
NET EXPORTS **
CHANGE IN BUSINESS INVENTORIES*
(GNP Basis)
160
State and Local
Goods and Services
-5
i
-10
-5
Quarterly (IV)
i
i
i
i
I
i
120
Federal Total
80
Defense
\
i
40
Billion $
Billion $
Billion $
210
6
320
Imports
200
i
i
i
i
i
1
1
1
I
FEDERAL BUDGET**
(NIA Basis)
MERCHANDISE TRADE *
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
i
Quarterly (IV)
Quarterly (IV)
280
Expenditures,
190
240
180
200
170 I I i i i i I i i I I I I i i i i I 1 i I i i i I i i I i i I i M I i
2 1I II I I 1I I I I I I I I I II I II I I I I I I I I I I I I I M
Monthly (Nov.)
160 1
1
1
i
1
I
1
Billion $
Billion $
10
Billion $
140
I
Quarterly (IV)
Monthly (Nov.)
BALANCE OF PAYMENTS
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
120
Manufacturing
\
Current Account
100
"
-5
80
60 I M l I I I I i I I I I i i I I I I i M i i I i i i i i I i i i i I
«...
-Current Account and
Long-Term Capital
i
-10
Monthly (Nov.)
i
i
i
i
i
i
-
-50
Quarterly (III)
Quarterly (III)
Billion $
Ratio
2.6
Billion $
5
DEFENSE PRODUCTS MANUFACTURERS*
BALANCE OF PAYMENTS *
INVENTORY/SALES RATIOS*
New Orders
o
2.2
Net Liquidity
\
Balance
1.8
\
/ \
^
^
Total Manufacturing'
and Trade
"""'"*
1972
1973
Monthly (Nov.)
*Seasonally Adjusted
**Seasonally Adjusted at Annual Rates
U.S.FRASER
Department of Commerce, Bureau of Economic Analysis
Digitized for
-
Shipments
ficial Reserve
Balance
S'xof
Transactions
1 1 1 1 1 1 1 1 1 11 1 1 1 1 1 111 1 1 1 1 1 11 1 1 1 1 i 11 i
1971
- w
i
.*.
-
-5
10
1.0
-25
15
!
'
1971
1
i
i
(
1972
Quarterly (III)
f
i
i
1973
i
0 I I II 1I i 1I I1 1I 1I 1 1tti I I 1I I I i { M I I II I I
1971
1972
Monthly (Nov.)
1973
6
SURVEY OF CURRENT BUSINESS
January 1973
CHART 5
In December: Industrial production increased 0.8 percent
Bank credit and money supply increased sharply
Short-term interest rates higher, bond yields little changed
....•********
Total
110 ± ****
280
260
/
/
240
75
220
50
i M111111 J i
111 i 11 i 11 11 I i i i 111 11 i 11 i i i i i i I i i i i i 200
25
Money Supply
(right scale)
450
Durable
Manufactures
i ii Iii it1 iiI it i i iii i M \
400
Billion $
36
6
INDUSTRIAL PRODUCTION*
f Net Free Reserves
(left scale)
Steel
~V
Mill
100
32
75
30
Corporate Aaa (Moody's)
8
Manufacturing
4
25 I
1 1 1
I
1 I I I
Quarterly (IV)
I
I
I
2
V/3-Month
/v^K'
n
Percent
24
STOCK PRICES
4
28
?4
-
-
.....I...M
1971
11 1111M I 1 1 1t 11i I 11 1
1972
1973
Monthly (Nov.)
*Seasonally Adjusted
**Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
120 "
80
60
1 I
I
Output
=
1
UNIT LABOR COSTS, PRIVATE ECONOMY*
(Change From Previous Quarter)
Standard and Poor's 500
-
f
y—
100
Shipments
I 1 1 1
Quarterly (III)
Quarterly (III)
140
32
= =
Monthly (Dec.)
1941-43=10
New Orders
I
Treasury Bills
1 t 1 ! 1 1 1 1 1 I 1 1 I I 1 1 1 1 M 1 I I 1 1 1 1 I I 1 1 1 -81 1 1
40
36
I
• J i l l 11
Billion $
DURABLE GOODS
MANUFACTURERS*
I
8
v
60 I
i
\
50
E
70
i
Cash Flow After
Dividends
Compensation
90-Day
Commercial Paper
6
V
i
I
COMPENSATION AND REAL OUTPUT PER MAN-HOUR
PRIVATE ECONOMY**
16 - (Change From Previous Quarter)
~
INTEREST RATES AND BOND Y i a D
RATIO, OUTPUT TO CAPACITY*
90
i
U
0
100
i
Percent
Billion $
Percent
i
Profits After Tax
-2 I i i I i I 1 I I I I I I I I I I I I M I I i I i I i I I I I I I I I I 28
Monthly (Dec.)
MINI l l l l l l l l l l l
Monthly (Dec.)
80
i
Billion $
34
-
l l l l l l l l l l l
1 1
125
Total Reserves*
(right scale) -
cr
SO
!
CORPORATE CASH FLOW AND PROFITS**
-
100
Nonfinancial
Corporations
-
BANK RESERVES
^
+
Quarterly (III)
Billion $
1967 = 100
150
Autos
^
Monthly (Dec.)
Monthly (Dec.)
75
Total
500
'
X
'
125
100
Bank Credit
(left scale) ^ y
r
90
125
CORPORATE PROFITS AND IVA, BEFORE TAXES**
550
u
100
Billion $
BANK CREDIT AND MONEY SUPPLY*
...
Nondurable
Manufactures
120
Billion $
Billion $
600
INDUSTRIAL PRODUCTION*
PROFITS AND COSTS
MONEY, CREDIT, AND SECURITIES MARKETS
INDUSTRIAL PRODUCTION
1967 = 100
130
16
-
-
•*_•
-
tii
I I l i t i i i
1971
1 1 1 ! 1 I M I 1 1 1 1I 1 1 1 I 1 1 II 1
1972
Monthly (Dec.)
1973
-8
1971
1972
Quarterly (III)
1973
SURVEY OF CURRENT BUSINESS
January 19T3
NATIONAL INCOME AND PRODUCT TABLES
1972
1971
1971
1972 P
III
IV
I
II
1972
1971
III
IV P
1971
1972 P
III
IV
I
II
III
IV*
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1958 dollars
Billions of current dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
741.7
789.7
742.5
754.5
766.5
783.9
796.1
812.4
664.9
721.1
670.7
680.5
696.1
713.4
728.6
746.2
495.4
524.8
497.4
503.2
511.0
520.9
528.7
538.6
103.5
278.1
283.3
116.3
299.5
305.4
106.1
278.5
286.1
106.1
283.4
290.9
111.0
288.3
296.7
113.9
297.2
302.4
118.6
302.0
308.0
121.5
310.4
314.3
92.1
211.1
192.2
103.1
220.5
201.2
94.2
210.5
192.8
95.4
212.8
195.0
98.6
214.7
197.7
100.7
220 1
200.0
104.5
221.9
202.3
108.4
225.3
204.9
152.0
148.3
105.8
38.4
67.4
180.2
174.3
158.8
157.2
177.0
172.0
119.2
42.0
77.2
183.2
175.2
120.7
41.8
79.0
108.6
105.9
123.8
119.3
125.6
43.8
81.8
76.8
22.8
54.0
84.3
22.9
61.3
107.3
106.6
76.4
22.5
53.9
112.0
111.3
109.8
38.8
71.0
168.1
167.7
116.1
41.3
74.8
192.4
182.4
120.4
42.2
78.2
152.2
150.9
106.3
38.7
67.6
79.2
22.2
57.0
116.6
116.3
82.2
23.0
59.2
122.0
118.0
83.6
23.0
60.6
125.5
119.3
84.2
22.6
61.6
131.1
123.4
87.2
23.1
64.0
42.6
42.0
.6
53.9
53.2
.7
44.5
43.9
.7
47.3
46.7
.6
51.6
51.0
.6
52.8
52.1
.6
54.4
53.7
.8
56.8
55.9
.9
29.1
28.7
.4
35.0
34.5
.5
30.1
29.7
.5
32.1
31.7
.4
34.2
33.8
.4
34.4
34.0
.4
35.1
34.6
.5
36.3
35.7
3.6
2.4
1.2
5.8
5.5
.3
1.3
-.2
1.6
1.7
.8
.9
.4
.1
.3
5.0
4.3
.7
8.0
7.9
.1
10.0
9.7
.2
2.6
1.6
1.1
4.5
4.2
.3
.7
-.6
1.3
.7
-.1
.8
.3
—.1
.3
3.9
3.4
.5
6.2
6.2
.1
7.7
7.5
.2
.7
-4.1
.4
-2.1
-4.6
-5.2
-3.4
-3.0
.1
-1.8
.1
-1.8
-3.3
-2.8
-.7
-.3
66.1
65.4
68.5
68.2
63.0
65.1
70.7
75.3
70.0
75.2
52.6
52.5
49.9
51.7
55.5
58.9
54.2
57.0
57.2
57.9
60.5
240.9
249.4
254.1
260.3
137.6
56.9
58.7
142.9
54.4
54.3
233.6
74.4
77.8
255.6
79.7
82.7
232.8
73.7
77.8
254.9
137.6
141.1
142.2
143.9
142.6
143.0
97.8
71.4
26.3
105.9
76.2
29.7
97.9
70.1
27.8
100.7
71.9
28.7
105.7
76 7
28.9
108.1
78.6
29.6
105.4
75.1
3a2
104.5
74.4
30.1
60.8
61.6
61.0
62.3
62.8
63.7
60.8
59.2
135.0
148.9
135.7
140.2
143.7
146.0
150.2
155.8
76.8
81.3
76.7
78.8
79.4
80.3
81.8
1,050.4 1,152.1 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,195.8
Gross national product
Personal consumption expendituresDurable goods
Nondurable goods.
Services
Gross private domestic investment..
Fixed investment
Nonresidential
Structures
Producers' durable equipment..
Eesidential structures.
Nonfarm
Farm
Change in business inventories.
Nonfarm
Farm
Net exports of goods and services
Exports
Imports
Government purchases of goods and services
Federal
National defense.
Other
State and local.
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 inventoriesGoods output-
1,050.4 1,152.1 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,195.8
741.7
789.7
742.5
754.5
766.5
783.9
796.1
812.4
1,046. 7 1,146.2 1, 055. 6 1, 076. 4 1,108. 6 1,134.4 1,156.0 1,185.9
3.6
5.8
1.3
1.7
.4
5.0
8.0
10.0
739.1
2.6
785.2
4.5
741.7
753.8
.7
766.3
.3
780.0
3.9
789.8
6.2
804.7
400.4
407.0
420.7
428.7
399.7
.7
406.8
.3
416.7
3.9
422.5
6.2
167.4
169.5
-2.1
175.0
174.8
181.4
179.1
2.3
187.9
183.8
4.1
233.0
230.2
232.0
232.0
239.2
237.6
240.9
238.7
495.5
542.8
497.5
504.8
517.6
537.1
550.4
566.0
393.8
423.9
Final sales
Change in business inventoriesDurable goods
Final sales
Change in business inventories-
491.8
3.6
536.9
5.8
496.2
1.3
503.1
1.7
517.2
.4
532.1
5.0
542.4
8.0
556.0
10.0
391.2
2.6
419.4
4.5
195.7
194.6
1.1
222.7
217.6
5.2
196.7
197.7
-1.0
198.2
200.1
-1.9
209.2
208.8
.4
217.6
214.6
3.0
Nondurable goods
Final sales
Change in business inventories.
299.8
297.3
320.1
319.4
300.8
298.5
303.0
3.5
308.4
308.4
.0
317.5
2.1
456.3
467.3
477.3
117.0
124.2
125.0
Services.-.
Structures.
2.5
.7
2.3
443.9
482.2
446.7
111.0
127.1
112.7
.7
394.5
226.1
220.7
5.4
238.0
226.2
11.9
164.5
163.8
185.9
181.9
4.0
393.7
.7
164.9
166.0
-1.1
324.3
321.7
327.9
329.9
-1.9
229.4
227.3
238.1
237.5
229.5
227.7
2.6
487.3
496.8
133.1
2.0
278.4
291.1
74.8
69.5
126.3
1.9
2.8
.0
1.6
2.2
278.4
282.3
285.2
289.3
293.2
69.6
71.8
74.3
74.0
74.1
7.7
439.2
431.5
7.7
199.1
189.9
9.2
240.1
241.6
-1.5
296.6
76.6
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national productPrivate
Business
Nonfarm.
Farm
Households and institutionsRest of the world
General government
1,050.4 1,152.1 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,195.8
741.7
789.7
742.5
754.5
766.5
783.9
796.1
681.0
728.4
681.7
693.7
705.6
723.0
734.5
812.4
750.3
658.5
633.0
25.5
705.0
681.7
23.3
659.8
633.9
25.9
669.8
644.8
25.0
682.9
659.2
23.8
700.1
676.4
23.8
710.8
688.4
22.4
726.3
703.0
23.4
39.4
16.9
17.9
16.9
17.1
17.4
17.7
18.2
18.2
7.8
5.6
5.4
5.0
6.8
5.4
5.2
5.6
5.7
140.1
60.7
61.4
60.8
60.8
60.9
60.9
61.6
62.1
925.6 1,016.0
931.4
950.2
976.6 1,005.0 1,026.6 1,055.7
884.7
853.9
30.9
970.8
937.4
33.4
890.9
859.6
31.2
906.6
874.5
32.1
933.7
901.8
31.9
960.8
928.2
32.6
33.9
37.8
34.3
35.1
36.0
37.3
38.6
6.9
7.3
6.2
8.5
6.8
6.9
7.6
124.8
136.1
125.5
127.9
132.5
134.4
137.4
980.4 1,008.5
947.4
972.2
33.0
36.3
HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department Field Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and final data for the preceding 2. The July 1972 issue has
data for 1968-71. BE A will provide on request a reprint of final data for the years 1964-67. Prior July issues have final data as follows:
1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970; 1967-68, July 1971.
p Preliminary.
SURVEY OF CURRENT BUSINESS
8
1972
1971
1971
1972 P
III
January 1973
IV
I
1971
III
II
IV v
1971 1972 v III
Seasonally adjusted at annual rates
Equals: Net national productLess: Indirect business tax
and nontax liability..
Business transfer payments
Statistical discrepancyPlus: Subsidies less current
surplus of government enterprises
Equals: National income
Less: Corporate profits and
inventory valuation
adjustment
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government transfer
payments to personsInterest paid by government (net) and by
consumers
Dividends
Business transfer payments
95.0
97.4
99.7
105.3
,164.0
104.1
195.8
105.6
956.6 1,048.4 961.9
980.7 1,009.3 :,034.1
,059.9 ,090.2
101.9
110.1
102.6
105.6
106.7
108.7
111.4
113.5
4.6
-4.8
4.9
.1
4.7
-5.9
4.7
-5.2
4.8
-4.1
4.9
.1
5.0
2.3
5.0
.7
1.7
1.2
1.6
1.8
855.7
934.9
860.8
876.2
903.1
922.1
943.0
78.6
87.7
78.3
79.4
81.8
86.1
89.6
66.3
73.9
65.7
66.9
71.9
73.1
74.6
.6
-.5
1.4
-1.4
II
III
IV v
Table 6.—National Income by Type of Income (1.10)
National income
050.4 1,152.1 1,056.9 1,078.1 1,109.1 1,139.4
103.7
I
Billion of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
93.8
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
Less: Capital consumption
allowances
1972
-.5
-.2
2.1
76.2
.0
89.0
99.1
90.3
92.1
94.4
95.7
97.7
108.4
31.1
25.4
31.6
26.4
31.1
25.5
30.9
25.2
30.9
26.0
31.8
26.2
31.7
26.5
32.0
26.7
4.6
4.9
4.7
4.7
4.8
4.9
5.0
5.0
Equals: Personal income. — 861.4
935.8
867.9
881.5
907.0
922.1
939.9
974.3
855.7 934.9 860.8 876.2 903.1 922.1 943.0
Compensation of employees-
644.1 705.2 648.0 660.4 682.7 697.8 710.2
730.0
Wages and salaries
Private
Military
Government civilian.
573.5 626.4 576.5 587.3 606.6 620.0 630.6
648.5
449.7 491.9 451.6 460.9 475.8 487.1 494.8
19.4 20.6 18.8 19.4 20.8 20.5 20.4
104.4 114.0 106.0 107.0 110.0 112.4 115.4
509.8
20.6
118.1
Supplements to wages and salaries.. 70.7
Employer contributions for social
insurance
34.1
78.7
71.5
73.0
76.1
77.8
79.6
81.5
38.4
34.3
35.0
37.3
38.0
38.8
39.7
Other labor income-
36.5
40.3
37.2
38.0
38.8
39.8
40.8
41.8
Proprietor's income
Business and professionalFarm-
70.0
75.2
70.7
71.8
73.3
73.2
75.3
79.0
52.6
17.3
55.6
19.6
53.1
17.6
63.8
18.1
51.3
19.1
54.4
18.7
56.2
19.1
57.4
21.6
Rental income of persons
24.5
Corporate profits and inventory valuation adjustment.
78.6
25.6
24.8
25.0
25.2
24.2
26.2
26.9
Profits before tax.
Profit tax liability
Profits after tax
Dividends
Undistributed profitsInventory valuation adjustment
Net interest
87.7
78.3
79.4
81.8
86.1
89.6
83.3
93.7
84.1
83.2
88.2
91.6
95.7
37.3
45.9
25.4
20.5
41.0
52.6
26.4
26.3
37.5
46.6
25.5
21.0
35.3
48.0
25.2
22.7
38.8
49.5
26.0
23.5
40.1
51.5
26.2
25.3
41.8
53.9
26.5
27.3
26.7
-4.7 -6.0 -5.8 -3.9 -6.5 -5.5 -6.1
-5.9
38.5
41.3
39.1
39.7
40.1
40.9
41.7
42.5
Table 7.—National Income by Industry Division (1.11)
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto productl
Personal consumption
expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports.
Exports. -_
Imports- -_
Addenda:
New cars, domestic2.
New cars, foreign
40.9
43.0
42.4
38.8
39.9
41.5
46.0
44.5
35.4
39.4
37.1
35.9
36.9
38.2
41.6
40.9
6.2
7.0
6.5
6.3
6.5
6.7
7.3
7.2
1.4
-.9
1.2
-1.2
-.9
-.6
—.9
-1.0
-2.5
2.5
5.1
-3.0
2.9
5.9
-2.9
2.8
5.7
-2.8
2.2
5.0
-3.0
2.7
5.7
-3.2
2.7
5.9
—2.5
3.4
5.9
-3.1
3.0
6.1
35.7
7.8
37.4
8.7
37.9
7.7
34.0
7.4
34.4
8.5
36.2
8.7
41.1
8.0
38.0
36.4
38.4
37.8
35.8
35.6
37.0
40.6
40.4
31.4
35.2
33.1
33.1
32.9
33.9
36.6
37.3
5.6
6.3
5.9
5.9
5.9
6.1
6.6
6.7
1.3
-.8
1.1
-1.1
-.8
-.6
—.8
-1.1
-2.6
2.6
5.3
-2.6
2.6
5.2
-2.5
2.0
4.6
-2.7 -2.9
2.4
2.4
5.0
5.2
—2.2
3.0
5.2
-2.9
2.7
5.6
Addenda:
2
New cars, domestic .
New cars, foreign
32.5
7.1
34.2
8.0
34.5
7.0
31.9
6.9
31.4
7.8
32.8
7.9
37.1
7.2
36.4
9.1
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
cars.
» Preliminary.
26.5 29.1 26.7 27.4 28.5 28.2 28.5
64.2 57.8 64.4 55.7 57.5 57.3 57.5
223.2 248.6 222.3 226.8 238.0 245.6 250.2
90.3 98.0 90.7 91.7 94.8 96.3 99.2
132.9 150.6 131.6 135.1 143.1 149.3 151.0
32.5 35.7 33.1 33.0 34.8 35.0 36.0
18.2 20.9 17.8 18.8 19.7 20.5 21.5
16.3 17.6 16.7 16.4 16.6 17.9 18.1
130.8 140.3 132.5 133.7 135.8 138.8 141.5
98.7 105.9 100.2 100.8 102.3 103.6 107.6
110.6 121.6 111.8 114.0 117.1 120.2 123.2
137.9 150.0 139.2 141.1 145.9 148.1 151.4
7.6
6.9
7.3
6.2
8.5
6.8
6.9
78.6
87.7
78.3
79.4
81.8
86.1
89.6
16.7
17.9
17.0
16.6
16.5
17.5
18.3
3.3
Federal Reserve banks
13.3
Otherfinancialinstitutions..
61.9
Nonfinancial corporations _
30.9
Manufacturing
16.8
Nondurable goods
14.1
Durable goods
Transportation,
communication,
8.2
and public utilities
22.9
All other industries
3.4
14.5
3.4
13.6
3.3
13.3
3.4
13.2
69.8
61.3
62.7
65.2
3.3
14.2
68.5
3.4
14.9
71.3
37.6
18.9
18.7
30.1
16.9
13.3
31.2
16.9
14.3
35.4
17.7
17.7
37.0
17.6
19.4
37.9
19.5
18.4
8.8
23.4
8.5
22.6
7.6
23.9
7.8
22.0
8.8
22.8
9.6
23.8
All industries, total.
Financial institutions
-2.3
2.3
4.6
855.7 934.9 860.8 876.2 903.1 922.1 943.0
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
Billions of 1958 dollars
Gross auto product *
Personal consumption
expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports.
Exports.. .
Imports. _-
AH industries, total
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods
_._
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade
Finance, insurance, and real estate
Services
Government and government enterprises
Rest of the world
SUEVEY OF CURRENT BUSINESS
January 1973
1971
1971 1972'
III
9
1971
1972
IV
I
II
III
1971 1972P
IV»
Seasonally adjusted at annual rates
III
67.7
61.2
56.9
61.0
57.2
63.0
58.9
64.8
68.0
68.4
69.5
59.2
60.2
61.7
62.9
Income originating in corporate business_.
- 463.1 509.4 465.0 471.6
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
Gross product originating in
financial institutions
503.7 513.7
426.6 390.4
i.2 412.2 422.4 429.3 442.6
340.2 372.2 341.2 348.1 159.7 368.6 374.3 388.2
48.6 54.4 49.1 50.1 52.5 53.8 55.0 56.4
1.5
1.0
1.3
1.2
1.1
1.0
1.0
1.0
72.8 81.8 73.3 72.2 76.5
83.4
77.4 87.8 79.1 76.1 82.9 85.9 89.5
37.3 41.0 37.5 35.3 38.8 40.1
1.8
40.1 46.8 41.6 40.8 44.2 45.8
7.7
22.2 23.0 22.8 21.1 23.0 23.0 23.0
17.9 23.7 18.8 19.7 21.2 22.8 24.7
- 4 . 7 - 6 . 0 —5.8 - 3 . 9 —6.5 —5.5 - 6 . 1 - 5 . 9
100.4 114.4 102.8 103.8 109.0 113.8 116.1
78.2 91.4 80.0 82.7 85.9 90.8 93.1
30.9
33.1
31.2
30.9
31.4
32.6
33.7
Gross product originating in
nonfinancial corporations
549.4 604.9 552.2 562.6 582.4 599.3 610.0
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies._
58.0
64.8
58.8
K).5
62.1
65.2
65.5
66.5
54.3
58.2
54.6
>6.2
56.5
57.4
58.8
60.0
476.6
485.7
Income originating in nonfinancial
corporations
_
437.2 481.9 438.8 445.9
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..
365.0 400.7 366.2 373.8 387.0 396.7 403.1 416.1
319.6 350.0 320.4 327.1
346.5 351.8 363.5
45.3 50.8 45.8 46.7
50.2 51.3 52.7
16.1
17.3
16.3
16.6
16.8
17.1
17.4
17.7
56.1 63.9 56.3 55.6
62.8 65.2
60.8 69.9 62.1 59.4 66.4 68.4 71.3
29.4 32.8 29.5 27.4 31.1 32.1 33.5
31.3 37.1 32.6 32.0 35.4 36.3 37.7
19.5 20.3 20.0 18.6 20.3 20.3 20.2
11.9 16.8 12.6 13.5 15.1 16.0 17.5
- 4 . 7 - 6 . 0 - 5 . 8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9
19.3 101.9
81.6
91.5
71.4
92.5
73.9
97.5 101.5 103.2
77.2 81.3 83.0
Billions of 1958 dollars
Gross product originating in
nonfinancial corporations
438.8 475.3 438.9 447.3 459.6 471.7 478.9
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
1.252 1.273 1.258 1.258 1.267 1.271 1.274
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
_
.132
.136
.134
.135
.135
.138
.137
.124
.832
.037
.122
.843
.036
.124
.834
.037
.126
.836
.037
.123
.842
.037
.122
.841
.036
.123
.842
.036
Corporate profits and inventory valuation adjustment
.128 .134
Profits tax liability
.067 .069
Profits after tax plus inventory valuation adjustment.. .061 .065
.128
.067
.124
.061
.130
.068
.133
.068
.065
.136
.070
.061
.063
.063
.066
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.
* Preliminary.
II
III
IVP
Table 10.—Personal Income and its Disposition (2.1)
580.3 S38.1 583.4 593.5 613.7 631.9 643.7
60.3
I
Billions of dollars
Table 9.—Gross Corporate Product 1 (1.14)
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies.
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross corporate product
1972
onal income .
Wage and salary disbursements
Commodity-producing industries.
Manufacturing
Distributive industries
Service industries
Government.
Other labor income
Proprietors' income
Business and professional
Farm
Rental income of persons
Dividends
Personal interest income
Transfer payments.
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits
Veterans benefits
Other
861.4
572.9
206.1
160.3
138.2
105.0
123.5
36.5
70.0
52.6
17.3
24.5
25.4
69.6
93.6
;.8
627.0
224.6
175.9
151.5
116.1
134.8
867.9
575.9
206.0
160.0
l.l
106.3
124.6
40.3
37.2
75.2
55.6
19.6
25.6
26.4
72.9
104.0
70.7
53.1
17.6
24.8
25.5
70.2
95.0
44.5
50.2
45.0
5.7
11.3
32.2
96.8
99.2
100.6
939.9
630.8
225.1
176.6
152.4
117.6
135.8
40.8
75.3
56.2
19.1
26.2
26.5
73.4
102.7
48.1
48.8
57.2
5.4
5.9
12.7 .11.3
35.7 32.8
45.7
6.2
11.6
33.3
46.8
5.4
11.9
35.1
5.6
12.3
34.6
5.8
12.5
35.6
5.0
14.0
37.3
35.5
31.9
34.6
35.1
35.8
36.5
140.7 117.5 123.0 136.5 139.5
795.1 750.4 758.5 770.5 782.6
740.4
U 699.2 714.9 732.5
721.1 670.7 680.5 696.1 713.4
17.6
17.7 17.8 18.0
18.2
1.1
1.0
1.0
1.1
1.1
1.1
60.9 54.8 61.0 59.3 55.7 50.1
141.1
798.8
748.0
728.6
18.2
1.2
50.8
145,9
828.4
766.0
746.2
18.6
Less: Personal contributions for
social insurance
31.2
Less: Personal tax and nontax payments
117.0
Equals: Disposable personal income... 744.4
Less: Personal outlays
683.4
Personal consumption expenditures- 664.9
Interest paidby consumers 17.6
Personal transfer payments to foreigners
Equals-.Personal saving
Addenda:
Disposable personal income:
Total,billionsof 1958 dollars..
Per capita, current dollars..
Per capita, 1958 dollars
Personal saving rate,8 percent.
881.5
585.9
209.9
162.7
141.7
108.4
125.9
38.0
71.8
53.8
18.1
25.0
25.2
70.6
31.3
907.0
608.0
217.5
168.8
147.2
111.9
131.4
38.8
73.3
54.3
19.1
25.2
26.0
71.0
922.1
620.5
222.6
174.1
150.1
114.7
133.1
39.8
73.2
54.4
18.7
24.2
26.2
72.7
974.3
648.5
233.3
183.9
156.3
120.1
138.8
41.8
79.0
57.4
21.6
26.9
26.7
74.5
113.5
1.2
62.4
554.7 578.7 556.5 560.9 565.7 571.4 579.6 597.9
3,595 3,807 3,620 3,649 3,700 3,751 3,821 3,954
2,679 2,771 2,684 2,698 2,716 2,739 2,773 2,854
6.4
7.5
6.9
7.2
6.4
8.1
8.2
7.8
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi664.9 721.1 670.7 680.5 696.1 713.4 728.6 746.2
tures
103.5 116.3 106.1 106.1 111.0 113.9 118.6 1*1.5
Durable goods
Automobiles and parts
. . . 46.7 52.9 48.8 47.9 49.9 51.3 54.8 55.5
4.2
4.1
3.7
4.0
3.5
3.9
3.3
3.6
Mobile homes
Furniture and household equip42.0 47.7 41.9 43.5 46.5 46.8 47.9 49.4
ment ._
14.8 15.7 15.5 14.7 14.7 15.7 15.9 16.6
Other
278.1 299.5 278.5 283.4 288.3 297.2 302.0 310.4
Nondurable goods
Food and beverages
136.4 144.8 136.6 137.9 140.3 144.1 145.8 149.1
56.9 61.9 57.4 58.5 59.4 61.5 62.6 64.2
Clothing and shoes. .
23.5 25.2 23.5 24.3 24.6 24.5 25.4 26.1
Gasoline and oil
61.3 67.6 60.9 62.8 64.0 67.1 68.2 71.0
Other .
283.3 305.4 286.1 290.9 296.7 302.4 308.0 314.3
Services.
99.2 107.2 100.3 102.5 104.2 106.1 108.1 110.2
Housing39.5 43 3 40.0 40.7 41.2 42.7 44.0 45.2
Household operation
Transportation
_ . 19.9 21.7 20.2 20.4 21.0 21.5 21.9 22.4
124.8 133.2 125.7 127.3 130.3 132.0 134.0 136.6
Other
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and services
Capital grants received by the United
States
Payments to foreigners
Imports of goods and services
Transfers to foreigners
Personal
Government
Net foreign investment
66.9
74.4
69.2
63.7
71.5
70.7
75.1
80.4
66.1
73.7
68.5
63.0
70.7
70.0
74.4
79.7
.7
.7
.7
.7
.7
.7
.7
.7
66.9
74.4
69.2
63.7
71.5
70.7
75.1
80.4
65.4
77.8
68.2
65.1
75.3
75.2
77.8
82.7
3.6
1.0
2.6
3.8
1.1
2.7
3.8
1.1
2.7
4.0
1.1
2.9
3.8
1.0
2.8
3.8
1.1
2.8
3.8
1.2
2.6
3.8
1.2
2.6
- 2 . 1 - 7 . 1 —2.7 - 5 . 4 —7.7 - 8 . 3 - 6 . 5 - 6 . 1
SURVEY OF CURRENT BUSINESS
10
1971
1971 1972 v III
January 1973
1972
IV
I
1971
II
III
IV*
1971 1972 * III
Seasonally adjusted at annual rates
Federal Government expenditures
199.1 228.3 199.1 202.8 221.4 224.9 229.8
20.5
55.9
89.8
33.2
93.8 105.8 107.3 109.1
31.1 34.0 35.2 36.7
20.8
57.0
19.7 20.2
62.6 63.8
220.8 246.8 222.2 227.5 236.3 246.5 241.6
20.1
63.3
Purchases of goods and services
National defense
Other
97.8 105.9
71.4 76.2
26.3 29.7
Transfer payments
To persons
To foreigners (net)
75.0
72.4
2.6
20.0
56.1
19.9
61.7
113.1
20.5
65.2
262.9
97.9 100.7 105.7 108.1 105.4
70.1 71.9 76.7 78.6 75.1
27.8 28.7 28.9 29.6 30.2
104.5
74.4
30.1
83.5
80.8
2.7
76.3
73.6
2.7
77.8
74.9
2.9
79.4
76.6
2.8
80.4
77.6
2.8
82.0
79.4
2.6
92.2
89.6
2.6
Grants-in-aid to State and local governments
-„_ 29.3 37.7
29.8
30.8
32.4
38.1
34.4
45.9
13.6
13.3
13.1
13.8
13.6
13.7
13.6
Net interest paid
Subsidies less current surplus of gov5.2
ernment enterprises
Less: Wage accruals less disbursements
_
.0
13.6
6.1
4.6
5.0
5.6
6.0
6.2
6.6
.0
.0
.1
.0
-.1
.0
.0
Surplus or deficit (—), national in-21.7 - 1 8 . 5 - 2 3 . 1 -24.7 -14.8 - 2 1 . 6 - 1 1 . 8
come and product accounts
Table 14.-—State and Local Government Receipts and Expenditures
(3.3, 3.4)
151.8 175.2 154.0 158.7 164.8 174.6 173.4
State and local government receipts
Personal tax and nontax receipts
27.4 31.9 27.7 29.2 30.6 32.1
Corporate profits tax accruals. _
4.2
4.1
4.3
4.7
4.9
5.0
Indirect business tax and nontax
accruals
81.4 90.0 82.6 84.8 86.8 89.0
Contributions for social insurance... 9.4 10.6 9.5 9.8 10.2 10.5
Federal grants-in-aid _
29.3 37.7 29.8 30.8 32.4 38.1
32.0
5.1
32.8
91.2
10.7
34.4
92.9
11.0
45.9
State and local government expenditures
147.0 162.9 147.8 152.7 157.7 159.9 164.0
135.0 148.9 135.7 140.2 143.7 146.0 150.2
Purchases of goods and services
Transfer payments to persons
16.6 18.3 16.7 17.2 17.8 18.1 18.4
Net interest paid..
.0 - . 1
-.1 -.1 -.1 -.1
.0
Less: Current surplus of government
enterprises
4.4
4.4
4.3
4.3
4.4
4.4
4.3
Less: Wage accruals less disburse-.2
.0
ments
.2
.4
-.6
-.1
.3
Surplus or deficit ( - ) , national in9.4
12.3
6.0
come and product accounts
6.2
7.1
4.8
14.8
Tab
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods.
Services
55.7
23.5
112.4 112.8 112.7 111.3 112.6 113.0 113.5 112.1
131.7 135.8 132.3 133.2 134.2 135.0 136.1 137.8
147.4 151.7 148.4 149.2 150.1 151.2 152.2 153.4
Gross private domestic investment .
Fixed investment
140.0 146.2 141.6 141.2 144.2 145.8 146.9 147.8
Nonresidential
Structures
Producers' durable equipment-.
Residential structures.
Nonfarm
Farm
_•
160.8 171.9 160.5 161.5 168.2 169.9 173.4 176.6
175.7 183.1 177.1 178.0 181.0 181.9 183.6 185.8
Federal
State and local.
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
.20
141.61 145.88 142.35 142.88 144.68 145.34 146.21
141.6 146.0 142.3 142.8 144.7 145.4 146.4 147.4
125.8 128.0 126.1 126.1 127.2 127.7 128.4 128.9
Gross national product.
Final sales
Goods output..
119.0 119.8 119.3 118.4 119.5 119.9 120.4 119.5
130.7 134.4 131.1 131.6 132.9 133.6 134.6 136.6
Durable goods
Nondurable goods..
159.9 170.0 162.0 162.9 167.1 168.8 170.4 173.6
Addendum:
Gross auto product-
112.5 111.9 112.1 108.3 112.1 112.3 113.3 110.1
4.5
.0
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
141.61 145.88 142.35 142.88 144.68 145.34 146.21 147.20
135.91 139.49 136.63 136.98 138.40 139.00 139.77 140.71
Business
Nonfarm
Farm
-6.0 -5.8 -3.9 -6.5 -5.5 -6.1
-5.9
67.7
61.2
63.0
64.8
68.0
68.4
69.5
36.0
-.3
33.8
.3
34.4
.9
34.9
-.8
37.3
-.3
35.8
-.1
36.2
.0
.
.
--
. . . 134.3 137.7 135.0 135.3 136.7 137.2 137.9 138.8
134.9 137.5 135.6 135.6 136.8 137.2 137.6 138.3
120.8 143.4 120.6 128.1 134.1 137.2 147.7 155.2
TTonsfthold^ and institutions
Rest of the world
200.7 211.8
205.7 221.7 206.4 210.1 217.5 220.7 223.1 225.5
General government
Table
19.—Gross
National Product: Change
Period (7.7)
.7
186.3
192.4
-6.1
Gross national product:
Current
Constantdollars
dollars
Implicit price deflator
Chain price index
Gross private product:
Current
Constantdollars
dollars
Implicit price deflator - .
Chain Drice index
.
-
--
from
Preceding
Percent at annual rate
Percent
149.8 173.0 149.5 153.4 160.5 168.7 176.7
146.3 154.0 147.8 147.5 151.0 153.3 155.0 156.6
146.3 154.1 147.9 147.6 151.1 153.4 155.1 156.7
140.9 148.2 142.7 141.7 145.6 147.3 148.8 150.2
Structures,.
Gross private domestic investment.. 152.0 180.2 152.2 158.8 168.1 177.0 183.2
Net foreign investment
-2.1 -7.1 -2.7 -5.4 -7.7 -8.3 -6.5
Statistical discrepancy
.1 -5.9 -5.2 -4.1
2.3
-4.8
-.1
Preliminary.
168.4 184.1 171.9 174.9 179.3 182.7 185.0 189.6
124.7 127.5 125.4 124.5 126.5 127.4 128.3 127.7
Change in business inventories.
Government surplus or deficit ( - ) .
national income and product
accounts
- 1 6 . 9 - 6 . 2 -16.9 -18.7 - 7 . 7 - 6 . 9 - 2 . 4
Gross investment
137.7 142.9 139.1 138.6 141.3 142.6 143.5 144.1
Net exports of goods and services.
Exports125.8 129.6 125.9 126.3 127.4 129.1 130.1 131.7
124.5 132.6 125.4 126.0 128.0 131.9 134.3 136.1
Imports .
Government purchases of goods and
services
169.1 178.3 169.7 170.7 175.4 176.6 179.2 182.0
Private
Federal..
- 2 1 . 7 - 1 8 . 5 -23.1 -24.7 - 1 4 . 8 - 2 1 . 6 - 1 1 . 8
9.4
4.8 12.3
6.2
6.0
7.1 14.8
State and local
Capital grants received by the United
States
_
.7
.7
.7
.7
.7
.7
.7
134.2 137.4 134.8 135.2 136.2 137.0 137.8 138.6
159.4 165.7 160.4 161.6 163.8 165.0 166.2 167.5
62.4
50.1
25.3
141.61 145.88142.35 142.88 144.68 45.34 146.21 147.20
Services
50.8
27.3
59.3
22.7
IV v
155.8
18.8
-.3
178.4 171.5 176.5 171.6 174.9 176.0
61.0
21.0
III
i e 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
54.8
26.3
II
169.9
Table 15.—Sources and Uses of Gross Saving (5.1)
170.8
Gross private saving
Personal saving
_
60.9
Undistributed corporate profits
20.5
Corporate inventory valuation adjustment
-4.7
Corporate capital consumption
allowances
60.3
Noncorporate capital consumption
allowances
33.5
Wage accruals less disbursements __ .4
I
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1,3.2)
89.6 108.8
33.1 36.0
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts
Personal tax and nontax receipts
Corporate profits tax accruals
_.Indirect business tax and nontax
accruals
Contributions for social insurance
1972
7.6
2.7
9.7
6.5
5.4
2.5
4.7
5.0
3.0
3.7
3.4
7.4
3.0
9.8
6.9
5.4
2.5
4.3
4.5
2.6
3.1
2.9
2.8
3.4
8.3
6.7
1.5
2.1
12.0
11.4
6.5
9.4
5.1
5.6
1.8
2.7
8.3
7.2
1.0
1.4
11.6
12.1
10.2
1.7
2.3
7.1
4.2
4.4
8.9
6.3
11.4
8.9
6.5
11.8
2.4
3.1
2.2
2.9
8.5
2.7
3.0
8.9
2.7
2.8
Business Capital Spending Expectations, 1973
BUSINESSMEN are scheduling a 13 percent gain in expenditures for new plant and
equipment in 1973, according to the annual
survey conducted by BEA in late November
and December of 1972. Outlays in 1973 are
expected to total $100 billion, compared with
$88.5 billion now estimated for 1972 and
$81.2 billion in 1971.1
The quarterly survey conducted by BEA
in late October and November (reported in
the December SURVEY) revealed that businessmen expect outlays to rise substantially in the
first half of 1973. Although that survey is not
directly comparable with the annual survey
reported here, the projection now available
for the full year seems to suggest that capital
spending will continue rising throughout the
year.
The projected 1973 spending advance—if
realized—will be the largest year-over-year
increase since 1966, when outlays rose 16.7
percent. The expected increase this year
reflects relatively greater strength in manufacturing than in the nonmanufacturing
sector. This pattern also characterized the
expansion in 1966 but has not prevailed
generally since 1967; from 1966 to 1972,
manufacturing outlays have increased at a
compound annual rate of 1.7 percent while
nonmanufacturing investment has risen at a
compound annual rate of 8.4 percent.
Capital expenditures by manufacturers are
expected to total $35.4 billion in 1973, a 13%
percent increase over 1972 compared with a
1. The 1971 figure is an estimate of actual expenditures.
For actual expenditures in earlier years, see the article on
pages 25-40 of the January 1970 SURVEY.
The 1972 figure is based on estimated actual expenditures
in the first three quarters plus expectations for the fourth
quarter reported in the December SURVEY. That expectations figure was adjusted for systematic biases by the procedures described on pages 36-39 of the February 1970
SURVEY.
The 1973 expectations reported here have been adjusted
for systematic biases when necessary. Before adjustment,
expenditures were expected to be $98.4 billion for all industries, $36.6 billion for manufacturing, and $61.8 billion for
nonmanufacturing; the net effect of the adjustments was to
lower the manufacturing total by $1.1 billion and to raise
the nonmanufacturing total by $2.7 billion. The bias adjustments, which are computed separately for each major industry, were applied only when expected spending deviated
f rom actual spending in the same direction for 5 of the 6 years
1967 through 1972—the only years for which such annual
data are available. When this criterion was met, the adjustment used was the median deviation between actual and
expected spending in the 6 years. These annual bias adjustments are based on less comprehensive data than the adjustments which will be used in calculating expected 1973 spending from responses to the quarterly survey to be taken late
this month and in February and to be reported in March.
For that survey, the bias adjustments are based on the experience of the quarterly data for the entire postwar period.
Thus, the results to be released in March may differ from the
results reported here not only because of changes in the
underlying data but also because of the use of more comprehensive information on bias adjustment.
percent increase, to $64.6 billion, for the
nonmanufacturing industries. In manufacturing, sharp advances are planned by producers of nonferrous metals (43 percent),
rubber (36 percent), stone-clay-glass (29
percent), and paper (24 percent). Increases
ranging between 14 and 19 percent are
projected by the iron and steel, motor vehicle,
and chemical industries.
Among the nonmanufacturing industries,
mining and electric utility companies expect
the strongest increases, about 17 percent.
Outlays projected by the electric companies
for 1973 are more than 3 times their 1966
investment, an expansion for the period
1966-73 far exceeding that for any other
major industry. Sizable increases in 1973 are
also planned by the railroad, gas utility, and
"communication, commercial, and other"
groups. Airlines, which increased investment
sharply in 1972, expect a decrease of about 5
percent in 1973.
Sales expectations
Manufacturers expect their sales to increase 9^ percent in 1973, compared to a 12
percent actual rise now estimated for 1972. A
year ago, manufacturers looked for an 8%
percent advance for 1972. Retailers expect a
10 percent increase in sales this year compared
with
an estimated 9% percent in 1972. WholeTable 1.—Expenditures for New 1Plant and
salers expect a 7 percent increase compared
Equipment by U.S. Business, 1971-73
with an estimated 11% percent gain in 1972.
Public utilities expect a 9 percent rise in
1971 1972P 19732 1971- 197273
revenues for 1973 compared with about 11
percent estimated in 1972.
Billions of
Percent
change
dollars
All industries
Manufacturing
81.21 88.54 99.99
9.0 12.9
29. 99 31,.16 35.42
3.9 13.6
Durable goods 3
14.15 15.52 18.11 9.6 16.7
2.78 2.82 3.64 1.5 29.1
Primary metals 3
Blast furnace, steel works 1.37 1.26 1.51 - 7 . 9 19.2
1.08 1.22 1.74 13.0 42.8
Nonferrous
2.14 2.27 2.46 6.2 8.5
Electrical machinery
Machinery, except
2.80 2.89 3.01 2.9 4.3
electrical
Transportation equipment. 2.13 2.52 2.87 17.9 14.3
Motor vehicles
1.51 1.80 2.05 18.6 14.3
Aircraft
..._
.38 .43 .48 12.8 11.8
Stone, clay, and glass
.85 1.16 1.51 37.3 29.4
Other durables 3_
3.45 3.86 4.61 11.9 19.5
Nondurable g o o d s 3
Food including beverage..
Textile
Paper
Chemical
P etroleum
Rubber
Other nondurable 3
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Eleetrie
Gas and other
Communication, commerical, and other *
15.84
2.69
.61
1.25
3.44
5.85
.84
1.15
15.65
2.57
.71
1.34
3.38
5.34
1.06
1.25
17.31
2.82
.65
1.
3.88
5.67
1.44
1.20
-1.2
-4.4
16.0
6.7
-1.6
-8.8
25.4
8.9
10.6
9.5
-9.3
24.0
14.7
6.2
35.9
-3.7
51.22 57.38 64.57 12.0 12.5
2.16
1.67
1.
1.
15.30
12.86
2.44
2.45 2.88
1.
2.41
41 1.43
17.
19.73
14. 54 17.02
2.57 2.71
13.3
7.5
34.2
1.9
11.8
13.1
5.2
17.5
10.4
-4.5
1.0
15.3
17.0
5.6
28.82 32.08 36.14 11.3 12.6
P 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 1972.
The estimates 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.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 2.—Business Sales, Percent Changes
1972 and 1973
1973
1972
Expected as
reported in:
Dec. Feb.
1971 1972
2
Ac-
tual1
Expected as
reported
in Dec.
1972
8.6
8.8
12.1
9.6
8.7
10.6
8.9
9.3
10.5
9.9
14.1
13.1
14.8
11.3
9.8
11.4
9.4
10.3
14.2
12.6
4.8
8.0
5.6
6.7
12.5
23.6
12.0
7.5
Nondurable goods 2
8.5
Food including beverage . 7.7
12.3
Textile
6.3
Paper
8.5
Chemical
8.2
Petroleum
10.4
Rubber
8.3
6.6
10.9
8.0
8.9
7.7
10.1
9.8
10.1
14.8
12.3
9.4
8.7
10.2
7.5
6.7
8.0
11.4
8.8
Manufacturing
Durable goods 2 . _ .
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment
Stone, clay, and glass
Trade,
8.1
7.8
7.7
.
5.9
6.5
10.4
Wholesale.
Retail.
...
6.0
6.9
5.9
6.2
11.6
9.6
7.0
10.1
10.3
10.5
11.3
9.2
Public utilities
1. Sources: Manufacturing data are from Bureau of the
Census, Current Industrial Reports, Series M-3, for first
11 months of 1972, and BEA estimates for December 1972.
Trade data are from Bureau of the Census, Current Business Reports, Monthly Wholesale Trade and Monthly
Retail Trade, and BEA estimate for December 1972 wholesale trade figure. Public utility figure is estimate by BEA
on basis of data collected in the annual business investment
surveys.
2. Includes industries not shown separately.
11
The US. Economy in 1972
JL HE economic expansion in 1972
was broadly based and strong all year,
in contrast to the hesitancy through
much of 1971. Output increased very
substantially from 1971 to 1972, with
GNP in real terms up 6% percent and
the industrial production index up 7
percent. Employment registered one
of the largest year-to-year increases on
record but the unemployment rate
declined only moderately because the
civilian labor force also grew very
strongly. In general, the rate of price
increase slowed, but food prices, rising
steeply, were a marked exception.
Profits increased substantially, especially in durable goods manufacturing.
Personal income also increased substantially, as the growth of wage and salary
income accelerated.
Credit was amply available to support the economic expansion in 1972,
though monetary policy tightened
somewhat in the closing months of the
year. Credit costs remained well below
the levels reached in 1969 and 1970;
short-term interest rates did move up
rather sharply in the first half of 1972
as a reaction to the steep decline that
had followed the institution of the
"New Economic Program" in August
1971. The existence during 1972 of the
control programs instituted under the
NEP meant that the Federal Reserve
was in a relatively favorable position for
accommodating economic expansion,
for the control programs carried some of
the anti-inflationary burden that the
monetary authorities would otherwise
probably have had to carry.
The control programs operating during 1972 consisted mainly of those
administered by the Pay Board and
the Price Commission, which set guidelines for wage and price behavior and
reviewed wage and price actions. It is
12
not possible to identify specifically the
impact that these controls had on the
behavior of wages and prices, for other
economic forces were also at work. It is
certainly true, however, that the average rate of wage increase provided
under new labor contracts in 1972 was
appreciably smaller than the average
in any of the preceding 3 years. In
manufacturing, new contracts negotiated in the first three quarters of 1972
provided an average wage-rate increase
of 5% percent over the contract life,
compared with an average 7}{ percent
negotiated in 1971. In nonmanufacturing industries, the figures were 7 74 percent in 1972 and 9 percent in 1971.
Also, there was a noticeable deceleration of price increases, outside the
agricultural area.
Gross national product
The Nation's total output of goods
and services was $1,152 billion at
market prices in 1972, up $101 % billion
or 9% percent from 1971 (chart 6). The
increase in real output was 6% percent,
the strongest full-year advance since
CHART 6
Output Employment, and Income,Percent Change From Previous Year
PERSONAL INCOME
12-GNP
-
12
Salaries
8 ™
- 8
illill
IMPLICIT PRICE OffLATOR
- 4
PRETAX PROFITS
-
16
-
12
-
8
-
4
-
-8
-
-12
REAL m ?
4
-
CIVILIAN LABOR FORCE
n
1967
68
-16
69
70
U.S. Department of Commerce, Bureau of Economic Analysis
71
72
1967
68
69
70
71
72
January
1966.
The implicit price deflator for
total GNP rose 3 percent, the smallest
full-year advance since 1966.
Inventory investment accelerated
during 1972 but was nevertheless small.
Capital investment increased quite
strongly, in line with the broad cyclical
recovery of economic activity. Disposable income was dampened by overwithholding of Federal income taxes
but consumption spending nevertheless
increased strongly, led by autos and
household durables. The housing boom
persisted with surprising strength. Foreign demand for U.S. goods and services was quite strong, but U.S. demand
for foreign goods and services was
even stronger so that a sizable share
of domestic demand was satisfied
by foreign rather than domestic
production.
SUEVEY OF CURRENT BUSINESS
This swing partly reflected the initial
perverse effect on the value of imports
of the devaluation itself, as well as the
fact that economic activity was expanding faster in the United States
than in most industrialized countries.
The long-term capital accounts, on
the other hand, improved significantly
from 1971 to the first 3 quarters of 1972.
The outflow of long-term capital declined from $6K billion in 1971 to $1%
billion (annual rate) in the first 3
quarters of 1972. This shift about offset
the deterioration in the current account (which includes services and
unilateral transfers as well as trade),
so that the balance on current account
and long-term capital (the "basic
balance") was little changed. An important factor in the swing of long-term
capital flows was the reversal of the
International position
expectations about dollar depreciation
Two major goals of U.S. economic that had prevailed in 1971. Other inpolicy in 1972 were to achieve a strong fluences were the relatively low level of
rate of economic growth and to reduce capital spending in 1972 by U.S. firms'
the rate of inflation. A third major
goal was to develop a stronger international position. In 1971, the long-term
weakening in the U.S. balance-of-payments position had been augmented by
massive speculative influences. There
was a huge increase that year in out- EMPLOYMENT in 1972 recorded one
flows of short-term capital, while the of the largest gains in the postwar
trade balance moved into deficit and period. The increase in the labor force
the long-term capital accounts showed was also substantial, but the rate of
very large outflows. These develop- unemployment nevertheless declined
ments in the international position during the year. The rate had held
were a major consideration in the moves during 1971 at close to the level of 5.9
that launched the "New Economic percent that marked the average for
Program" in August 1971. Converti- that year as a whole; it averaged 5.6
bility of the dollar was suspended and percent for the full year 1972, and in
a temporary import surcharge was the fourth quarter was down to an
imposed, while negotiations were under- average 5.3 percent. The improvement
taken for a general realignment of in 1972 stemmed in good part from a
rebound of employment in cyclicallyexchange rates and new trade arrangesensitive durable goods manufacturing
ments. As 1972 began, the surcharge
industries; employment in those indushad been lifted and a devaluation of the tries had fallen sharply in 1970 and
dollar relative to most major currencies 1971. However, most of the increase in
had been agreed on.
1972 occurred, as usual, in the serviceThe merchandise trade balance never- producing sector, very largely in trade,
theless deteriorated sharply from 1971 services, and State and local governto 1972. It showed a deficit of $7 billion ment, all of which showed significantly
(seasonally adjusted annual rate) for larger increases than they had in 1971.
the first 3 quarters of 1972 compared
From the fourth quarter of 1971 to
to $2% billion for the full year 1971. the fourth quarter of 1972, civilian
13
foreign affiliates, and a recovery in
foreign purchases of U.S. stocks.
The most significant development in
the U.S. international position in 1972
was the vast reduction of recorded and
.unrecorded outflows of short-term capital, from $20K billion in 1971 to little
more than $1 billion (annual rate) in
the first 3 quarters of 1972. This partly
reflected a favorable change in interest
rate differentials after the first quarter
of 1972. More important was the overall recovery of confidence in the dollar
following the devaluation in December
1971 (although there was a flurry of
speculation at midyear, associated with
the floating of the pound). With the
basic balance little changed from 1971
to 1972, the official reserve transactions balance improved by just about
the same amount as the improvement
in short-term capital flows. The official
balance moved from a deficit of $29.8
billion in 1971 to a deficit of $11.6
billion—still a huge number—in the
first 3 quarters of 1972.
labor Force, Employment, and Unemployment
employment increased by 2.3 million
(chart 7). The total labor force increased
by 1.6 million or 1.8 percent over this
period, and the civilian labor force
rose by 1.9 million, with the difference
reflecting the reduction in the Armed
Forces. The total labor force growth
was about as much as normally expected, but considerably slower than
the very rapid rise in the second half of
1971. For the full year 1972, employment increased by 2.3 million, compared to a gain of only 500,000 from
1970 to 1971, and the civilian labor
force rose 2.1 million, compared with
only 1.4 million in 1971. The cutback
in the Armed Forces was about 370,000
in both years.
The composition of labor force change
in 1972 reflected the resurgence of
employment in industries that are
heavy employers of men. In mid-1971,
after a year and one-half of relatively
small changes, the civilian labor force
had begun to expand vigorously, but
SUEVEY OF CURRENT BUSINESS
14
for the rest of that year the increase was
nearly all among adult women and
teenagers, whose rates of labor force
participation moved up appreciably
during the period. There was little
change in the number of adult men in
the civilian labor force, except for the
growth resulting from the reduction of
the Armed Forces. In contrast, adult
men accounted for nearly half of the
civilian labor force growth during 1972,
while the rate of increase slowed markedly for women and teenagers. The percentage of the adult male population
participating in the civilian labor force
has a long-term downtrend. During
1971, the participation rate was drifting
CHART 7
Employment and Unemployment
Million Persons
88
CIVILIAN LABOR FORCE
86
84
-
82
-
80
-
Total
Employed
76
74
6
Unemployed
-
2 l i t i • • li i M i h m i l t m i l l n u l l n i i l i m i l n t n l n m l
?
Imnhimliiitilniiiliunlmniiiniln
1968
1969
1970
1971
1972
Seasonally Adjusted
Data: BLS
:e, Bureau of Economic Analysis
73-1-7
down in line with the trend. During
1972, however, adult men's participation was roughly stable, reflecting the
strong rebound of demand for labor.
Nonfarm payroll employment
The number of workers on the payrolls of nonfarm establishments, which
provides detail on employment trends
by industry, increased by 2.7 million,
or 3.8 percent, between the fourth
quarter of 1971 and the fourth quarter
of 1972—the sharpest gain since the
Vietnam-related buildup in 1966. Payroll employment had been essentially
flat during 1971. Close to one-fourth of
the rise during 1972 occurred in durable goods manufacturing, where employment had declined sharply in 1970
and continued to drift down during
most of 1971. The 1972 increase was
690,000, which offset more than half of
the 1.2 million decline recorded from
the end of 1969 to the end of 1971. The
advance was widespread in durables
manufacturing; the sharpest rates of
gain, close to 8 percent, were in primary metals, machinery, and electrical
equipment—in part a reflection of the
rising demand for capital goods. In
nondurables manufacturing, where employment at the end of 1971 was 330,000
below the end of 1969, there was
little employment expansion in 1972.
The only sizable advances were an 11
percent gain in the rubber and plastics
industry, and 5 percent in textiles. The
changes in other nondurable goods industries were generally small.
The manufacturing employment gains
in 1972 were largely among production
workers. White-collar employment in
manufacturing had by year-end recovered only one-fifth of its sharp drop
from the late-1969 peak to the end of
1971, while production-worker employment had retraced about three-fifths
of its decline. The recession of 1970
was the first in the postwar period with
sizable cutbacks in white collar employment. They were largely in the durable
goods industries, and were related primarily to declines in defense and space
programs.
The increases in weekly hours of
work in manufacturing were largest in
January 1973
the industries with the greatest employment gains. The average for durable
goods manufacturing at the end of 1972
was 41.9 hours per week, 1 hour longer
than a year earlier and the longest
since 1966. In nondurables, the workweek increased about one-half hour, to
39.9 hours—slightly longer than at
any time since 1968.
Evidence of tightening in the supply
of factory labor is provided by the fact
that job vacancies in manufacturing
numbered more than 150,000 in late
1972, 80 percent above the late-1971
low. Moreover, the layoff rate in manufacturing declined in late 1972 to a 20year low, while the quit rate returned
almost to its 1969 level, as alternative
jobs became easier to find. Similarly,
the data on long-term unemployment
indicated that the least employable
were finding jobs more easily in 1972.
Unemployment of 6 months or longer
fell sharply after April, accounting for
nearly half of the total decline in unemployment to December. The drop
probably reflected an increased willingness to hire workers previously turned
away, along with improvement in longdepressed industries such as defense
and capital goods.
Employment in the other goodsproducing industries, mining and construction, showed little change of significance in 1972. Mining employment
is normally steady, but construction had
risen rather strongly in 1971, during
the initial sharp expansion in residential building; during 1972 it held at
about the level reached in late 1971.
In the service-producing sector, employment rose 1.8 million from the
fourth quarter of 1971 to the fourth
quarter of 1972, compared with 1.0
million in the preceding year. Within
this sector, State and local government
and services each rose by one-half
million in the 1972, and trade by
600,000; increases in these sectors had
been 300,000 to 400,000 in 1971.
State and local government employment was affected in both 1971 and
1972 by the Public Employment Program, designed to place unemployed
persons in jobs. Starting in August
1971, employment under the program
reached 89,000 by December and a
January 1973
SUKVEY OF CURRENT BUSINESS
peak of 185,000 in July 1972, before
tapering off to about 150,000 at the
end of 1972.
15
1 year earlier, while the rate for women
Most of the drop in unemployment in
in this range declined from 5.3 percent 1972 occurred among persons seeking
to 4.7 percent. The decline in the rate work continuously since losing their
for
young men 18-24 became sharp jobs. This group declined early in 1972,
Unemployment
after midyear, partly reflecting the fact and by yearend numbered nearly 20
The changes in unemployment by that the cutback in the Armed Forces percent fewer than 1 year earlier. In
sex, industry, and occupation during was completed by then. The overall contrast, unemployment of those re1972 were to a considerable degree a unemployment rate for teenagers (ages entering the labor force declined very
reflection of the varying trends in 16 to 19), in contrast to that of adults, slowly until the final 2 months of the
year, when they were 10 percent less
employment. Although the overall rate
actually increased somewhat in the than 1 year earlier. Unemployment of
of unemployment held at 5.9 percent
early months of 1972, probably because workers with no previous job exin 4 of the first 5 months of 1972,
the same as the 1971 average, there unemployed workers with experience perience remained somewhat above its
were marked declines in the rates were then still in plentiful supply. level 1 year earlier until the final
for manufacturing workers, especially Later in 1972 the teenage rate fell quarter of 1972, indicating the conin durable goods, and also in the rates somewhat, but it was still 15% percent tinuing difficulties of inexperienced
workers in finding jobs.
for occupations where factory workers in the fourth quarter.
are concentrated—blue collar workers,
particularly operatives. Unemployment
rates in these categories continued to
drop sharply through the rest of the
year.
The rate for blue-collar workers,
which during 1971 had remained close
to 7.4 percent, fell steadily in 1972 PERSONAL income in 1972 was $935% very sharply in 1970 and 1971; in 1972,
to an average of 5.8 percent by the billion, up 8% percent from the 1971 it declined. Farm proprietors' income,
fourth quarter; the sharpest decline total of $86IK billion. Although this on the other hand, is estimated to have
was in the rate for operatives. In advance was appreciably stronger than risen very sharply in 1972 after 2 years
contrast, the rate for white-collar the gains in 1970 and 1971, it was of small gains.
workers, at 3.4 percent in the fourth smaller than those recorded in 1968 and
quarter of 1972, was about the same 1969 (table 1). The composition of the Wages and salaries
as a year earlier, although within 1972 income gain reflected the cyclical
Wage and salary disbursements in
this grouping the rates for professional expansion of the economy. The increase manufacturing increased 9% percent
and technical workers and for clerical in wage and salary income was far from 1971 to 1972, following 2 years of
stronger in 1972 than in the previous 2
workers declined somewhat.
years
but the expansion of other very small gains. The expansion of facUnemployment data by industry
tory pay slowed in the third quarter
show a drop in the rate for durable personal income components, in the
but was strong the rest of the year,
goods manufacturing workers to an aggregate, slowed down. The decelerareflecting
not only the growth of emtion
was
especially
sharp
for
unemployaverage of 4.3 percent in the fourth
ployment
but also the lengthening
ment
compensation.
That
component
quarter of 1972, from 6.6 percent
accounts
for
only
a
small
share
of
workweek
as
well as higher rates of
1 year earlier. The rate for nonpersonal
income
but
it
had
increased
pay. In the fourth quarter, manufacturdurable goods manufacturing workers
declined less, averaging 5.4 percent
in the fourth quarter of 1972, comTable 1.—-Annual Percent Change in Personal Income and Components
pared with 6.4 percent 1 year earlier.
On the other hand, there was no
1968
1969
1970
1971
1972
decline in the rates for trade and
construction workers, and very little
Personal income
8.6
9.5
9.0
7.4
for service workers.
9.5
Wages, salaries, and other labor income
10.1
6.2
9.7
6.7
9.7
Manufacturing wages and salaries..
1.3
8.7
8.0
Partly reflecting the concentration of
9.4
Other private wages and salaries
7.6
9.9
8.3
11.1
9.1
Government wages and salaries
7.3
10.6
11.5
8.8
10.4
13.0
Other labor income
13.7
the unemployment decline in the blue13.9
11.8
7.3
8.8
8.3
8.0
8.8
income
collar and heavy industry sectors, Nonlabor
5.4
4.7
-1.0
Business proprietors' income
1.8
5.7
2.4
Farm proprietors^ income
1.2
13.6
13.3
-.7
unemployment rates fell much more for
3.9
2.4
10.3
2.0
Dividends
3.0
adult men than for women. The rate for
4.5
5.2
3.1
.5
6.6
Rent
4.7
5.8
12.1
11.0
10.2
Interest
men of prime working age—25 to 54—
12.8
15.6
16.7
Social security benefits
17.9
8.9
was 2.7 percent in the fourth quarter of
-4.3
46.0
81.1
Unemployment compensation
4.3
-2.6
11.0
17.2
12.4
20.8
Veterans' benefits & other transfers.
13.3
1972, down a full percentage point from
Personal Income
16
ing wages and salaries averaged about
13 percent above the level in the fourth
quarter of 1971 (which had been held
down by the freeze).
Wages and salaries in other private
industries generally showed rates of
increase during the year 1972 that were
close to their year-over-year increases
from 1971 to 1972. In line with the
trends in employment, wage and salary
expansion was strong in the distributive
and service industries (up 9% percent
and 10% percent, respectively, from 1971
to 1972) but modest in the nonmanufacturing goods-producing industries
(construction, mining, and agriculture).
Government wages and salaries also
recorded a large increase in 1972. For
the year as a whole, they were up 9 percent, compared with an advance of
almost 9K percent in private wages and
salaries. A Federal pay raise for military
and civilian personnel boosted the level
of wages and salaries about $1% billion
(annual rate) in January. Apart from
that, the increase in government pay
last year was concentrated at the Statelocal level. This is in line with the trend
of employment: Federal Government
employment was essentially flat last
year but State-local employment was
rising at a substantial rate.
Special factors in 1972
One factor influencing income developments in 1972 was, of course, the
control program instituted under the
Administration's economic stabilization
program. There was a rebound in wages
and salaries in the first quarter, following the freeze in late 1971. Also, the
process of Pay Board approval of
changes in wage rates resulted during
1972 in a stream of retroactive wage and
salary payments—i.e., payments of
income earned in an earlier period.
Such payments occurred throughout the
year but were largest in the first quarter,
when they added about $2K billion (annual rate) to personal income.
Social security beneficiaries received
an across-the-board benefit increase of
20 percent in October. This boosted the
level of transfer income about $8
billion (annual rate) when it went into
effect, and thus swelled the income
change that month and from the third
SUEVEY OF CUREENT BUSINESS
January 1973
quarter to the fourth. However, the
increase occurred so late in the year
that it had only a modest impact on the
year-to-year rise in benefit payments.
Working in the other direction—to
slow the income expansion—was an
increase in January 1972 in the maximum amount of wages subject to social
security taxation, from $7,800 to $9,000.
This boosted the level of personal
contributions for social insurance—
which are deducted in calculating personal income—by about $1% billion
(annual rate) at the start of 1972.
Early in the year, transfer income
was temporarily boosted by a one-time
special payment of dividends on veterans' life insurance. In November, it
was boosted by permanent increases in
railroad retirement benefits—20 per-
cent, or about $0.5 billion (annual
rate)—and in veterans' educational
benefits—$0.4 billion (annual rate);
there was also a one-time speedup
payment of the veterans' benefits that
month, which put an extra $2.1 billion
(annual rate) into November income.
The severe floods in the East in June
also affected income expansion during
1972. Losses to plant and equipment
and inventories owned by proprietors
and to houses were written off in June,
an action that cut very sharply into
June income. The estimated amount
cut from proprietors' income that
month was $2% billion and from rental
income $4J£ billion (both figures at
annual rates). In July, the income
streams moved back up to roughly
normal levels. During the second half
of the year, some government subsidies
were paid to homeowners who had
suffered losses in the floods. These payments, which were in effect a recovery
of some of the losses written off in
June, swelled the rental income component.
CHART 8
Personal Income
Billion $ (Ratio scale)
,000 _
900
Total
\^»
800
' **"
-
700
600 -
-
500 —
Nonmanufacturing
Wages and Salaries
400
—
300
Manufacturing
Wages and Salaries
\
200
^
150
All Other Components*
^--~
fs
100
90
80 ~
70
-
Proprietors' Income
y^
and Dividends
J
60
-
Jf^
Transfers
50 40 Mini
1968
IIIIMI
1969
Imnlimil M . l i l l H l L ...lu.u
1970
1971
1972
Seasonally Adjusted at Annual Rates
*Rent, interest, and other labor income.
U.S. Department of Commerce, Bureau of Economic Analysis
73-
Disposable income
Disposable income expansion in 1972
was significantly dampened by the
overwithholding phenomenon that resulted from introduction of new Federal
income tax withholding schedules in
January. For the year as a whole,
disposable income increased $50%
billion, or 6% percent, to a total of
$795 billion. The increase in 1971 was
$55 billion or about 8 percent. A rough
estimate of the impact of overwithholding on disposable income in 1972, net
of some related reduction in quarterly
payments of estimated taxes, is about
$9 billion. The available evidence
suggests that the amount of overwithholding was fairly steady during the
year; thus, essentially all of its impact
on the growth of disposable income
occurred in the first quarter, though its
impact on the level of disposable income persisted through the year. The
overwithholding far outweighed the
effects of a reduction in Federal income
taxes that went into effect January 1.
The reduction, involving increased personal exemptions and deductions, is
estimated to have cut personal tax
liabilities in 1972 by about $5K billion.
SURVEY OF CURRENT BUSINESS
January 1973
Consumption and Saving
IN 1972, growth of consumer spending
accelerated and figured importantly
in the faster growth of aggregate
demand. The acceleration reflected a
marked improvement in consumer confidence, and was associated with a
record expansion of consumer credit.
The saving rate declined from 1971 to
1972; a good part of the decline was
the result of the extra bite taken from
after-tax income by the overwithholding
of Federal income taxes.
Personal consumption expenditures
increased $56K billion, or 8% percent,
from 1971 to 1972, compared with
$48 billion, or 7% percent, in 1971.
In 1971, the dominant factor in the
acceleration of spending growth was
increased auto demand (partly the
result of late-1970 auto strikes that
shifted some purchases from 1970
to 1971). In 1972, the increase in
spending on autos was smaller than
in 1971 but the growth of other components of consumer demand was
greater. In constant dollars, the advance in consumer spending in 1972
was far stronger than in 1971 for the
rise in prices of most consumer goods
and services except food products
slowed appreciably.
Spending on furniture and household
equipment recorded a much stronger
advance in 1972 than in 1971, an
acceleration presumably associated both
with the continuing housing boom and
with growth in the replacement demand
for home appliances. Spending for
mobile homes grew strongly in the
first half of last year, fell back in the
summer, and advanced again in the
fourth quarter. Spending for food,
which accounts for about one-third
of total consumer outlays for goods,
increased much more in 1972 than in
1971—in good part because of large
price increases in 1972. The growth in
expenditures on gas and oil was strong
all last year and spending on tobacco
rose much more than in 1971. The
1972 increases in consumer spending on
other categories of goods and on services were about in line with the steady
uptrends of recent years.
Auto sales
Automobile buying set a record in
1972. In unit terms, new car sales
totaled 11 million units, up from 10}£
million in 1971; sales of domestic types
totaled 9% million, up from 8% million
in 1971, while sales of imports were
essentially unchanged at Y% million.
Personal consumption spending on autos
is estimated to have dropped slightly in
the fourth quarter but registered sizable gains in the preceding three
quarters (chart 9).
There are indications that sales
volume would have been even stronger
in 1972 had it not been for inventory
shortages. Strong demand taxed dealer
inventories of 1972 models as the model
year was finishing, and caused shortages
of 1973 models as well. Also, production
losses due to scattered work stoppages
cut into the supply of new cars in the
fall. As a result of these factors, the
manufacturers closed the year operating many plants on a 6-day week and
with sharply reduced holiday shutdown
periods.
Unit sales of foreign models held in
a narrow range around IK million units
(annual rate) all year, and the market
share for imports, measured in terms of
unit sales, fell to 14# percent from 15%
percent in 1971. There had been a
steady uptrend in import sales prior to
the latter months of 1971, when the
temporary import surcharge and dock
strikes apparently cut heavily into sales.
By the first quarter of 1972 the surcharge was off and the strikes were over,
but at the same time major currency
realignments forced price increases on
most import models. This factor in
particular affected sales of the major
low priced imports—VW, Toyota, and
Datsun—that compete directly with
domestic subcompacts—Pinto, Vega,
17
and Gremlin. At least partly as a result
of their improved price competitiveness, the domestic subcompacts enlarged their share of the low priced auto
market in 1972, at the expense of the
imports.
Sentiment, debt, and saving
The acceleration of consumer spending in 1972 was consistent with the
evidence from sentiment surveys. The
index of consumer sentiment compiled
by the University of Michigan Survey
Research Center increased more than
14 percent from the fourth quarter of
CHART 9
Consumption and Saving
CHANGE IN CONSUMPTION SPENDING
Billion $
1968
1969
1970
1971
1972
Change From Previous Quarter
Seasonally Adjusted at Annual Rates
SAVING RATE
Percent
1968
1969
1970
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
1971
1972
18
SURVEY OF CURRENT BUSINESS
1971 to the third quarter of 1972, a
stronger gain in those 3 quarters than
the increase of 9 percent recorded in
the 4 quarters immediately following
the recession low in the fourth quarter
of 1970. The increase in consumer
optimism was presumably an important
factor in the rapid growth of installment credit use (chart 10). The rate of
increase in outstanding credit for autos
and other consumer goods accelerated
sharply during 1972, and the full-year
increases in the outstanding amounts
of both types were far larger than the
1971 increases. The "other consumer
goods" category includes credit for
furniture and appliances and also for
mobile homes. The growth rate of
personal loans was erratic in 1972
CHART 10
Change in Consumer Installment
Credit Outstanding
January 1973
(chart 10), but the expansion for the overwithholding probably had an imyear as a whole was nevertheless well pact both on consumption spending and
above that for 1971.
on personal saving, it is likely that the
The saving rate—the share of dis- impact fell disproportionately on
posable income saved—edged down in saving. In the absence of overwith1972 (chart 9). For the full year, the holding, the saving rate probably would
rate averaged 7 percent. It had ranged not have declined in the first quarter—
from 8 to 8% percent during 1970 and it dropped to 7.2 percent, from 7.8 per1971, a high level by historical stand- cent in the fourth quarter of 1971—and
ards, and a decline was generally ex- very likely would have increased.
pected when consumer sentiment imOverwithholding in the rest of the
proved. However, the drop in the rate
year evidently continued at about the
in 1972 was probably due in large part
same level as in the first quarter, and
to the impact of overwithholding; this
thus had no substantial further effect
cut into disposable income and likely
on
the growth of disposable income
was reflected in a cut in saving from
(though
it continued to affect the level
what it otherwise would have been.
of
income).
The saving rate fell sharply
Withholding schedules were adjusted
in January, and it was recognized that to 6% percent in the second quarter
significant overwithholding would result and remained at that level in the third.
if affected taxpayers did not offset some This decline would presumably have
of the impact by increasing their ex- occurred in the absence of overwithemptions for withholding purposes. It holding, but the level of the saving rate
appears that relatively few taxpayers would have been higher all year. In the
took the necessary action. As a result, fourth quarter there was a huge gain in
most of the increase in tax payments in pretax personal income and disposable
the first quarter of 1972 was due to income surged. Consumption spending
overwithholding. Withholding in ex- also accelerated but less sharply than
cess of the amounts needed to cover income, and the saving rate moved back
liabilities is a form of saving; while the up to 7% percent at yearend.
Housing
PERSONAL LOANS AND OTHER*
, 1 , 1 , 1 , 1 , 1 M
1964
66
68
70
72
Seasonally Adjusted at Annual Rates
* Includes repair and modernization loans.
•
October-November at a quarterly rate.
U.S. Department of Commerce, Bureau of Economic Analysis
Data: FRB
THE residential construction boom
continued in 1972, sustained Dy ready
availability of mortgage credit and
strong underlying demand. New private
housing starts (chart 11) reached a very
high rate early in the year, averaging
2.5 million units (annual rate) in the
first quarter. The rate dropped somewhat in the spring and then ran at about
2.4 million units for the rest of the year,
higher than had generally been
expected. Expectation of more weakening was based on the fact that the
starts rate, rebounding from the depressed levels of 1969 and 1970, had
risen to a level higher than that which
was thought sustainable for any period
of time. At yearend, the rate was still
very strong, but signs of softening in
demand relative to supply had appeared
in 1972 that signaled a future slowdown
in housing activity.
For the year as a whole, investment
in residential construction rose about
$11% billion, or 26% percent, to a level
of $54 billion. This increase was about
the same, in dollar terms, as the increase
in 1971, when residential investment
was the strongest component of demand
expansion.
Housing starts totaled 2.4 million
units for the year, up from the previous
record of 2.1 million started in 1971.
Single family starts increased about 15
percent over 1971 to 1.3 million units,
and the number of units in multif amily
structures rose about 19 percent to 1.1
million. Mobile homes are an important
source of low cost housing Dut are at
present treated in the national income
and product accounts as durable goods
consumption and not as residential
investment. Shipments of mobile homes
rose about 17 percent from 1971 to
January 1973
SUEVEY OF CUREENT BUSINESS
1972, to 570 thousand units. Mobile housing starts are estimated to have
home shipments and housing starts totaled only about 340 thousand units
together totaled just under 3 million compared to 430 thousand units in
units in 1972, compared to 2.6 million 1971, and comprised only about 14
in 1971.
percent of total private housing starts.
The strength of the housing boom in (These figures refer to the subsidy
1972 is all the more remarkable in programs of the Agriculture Departlight of the drop in the level of support ment in addition to those of the
provided to private housing by Govern- Housing and Urban Development
ment subsidy. In 1970 and 1971, Department.)
Regionally, the starts expansion in
roughly one-fourth of all new privately
owned housing units were started under 1972 was strongest in the South and the
one of several Federal subsidy pro- Northeast, with gains of 23 percent and
grams (rent supplements, mortgage 30 percent, respectively. The 1972
interest subsidies, etc.). Last year, some increases in starts in the North Central
of these programs were cut back. For and Western regions, which had both
full year 1972, federally subsidized recorded increases around 50 percent
in 1971, were 5 percent and 9 percent,
respectively.
In the rental market, vacancy rates
C H A R T 11
rose noticeably during the year, particularly in the West and North Central
Residential Construction and
regions of the country. Vacancy rates
Mobile Homes
had been fairly stable at low levels in
1971 but began to rise early in 1972. By
Million Units (Ratio scale)
3.0
the third quarter, the rental vacancy
rate for the Nation as a whole had
19
risen to about 5% percent. This was
not especially high by historical standards, but the vacancy rate was expected
to continue to rise for some time
because of the very large number of
units started but not finished in multiunit buildings. (Most multiunit structures are for the rental market. Though
increasingly popular, cooperatives and
condominiums are estimated to have
accounted in 1971 for no more than 10
percent to 12 percent of units in new
structures with 5 or more units. No
estimate is available for 1972, when
the share may well have increased.)
There were also some signs of softening in the market for single-family
homes, as the ratio of new one-family
homes for sale to homes sold—an inventory-sales ratio—rose sharply in the
year. In the first quarter of 1972, this
ratio averaged about 5%—i.e., homes
for sale averaged 5% months of sales.
By late in the year the ratio was
averaging over 6, the highest since early
1970.
Nonresidential Fixed Investment
Multifamily
I I I 1 I I I I 1 I 1 1 1 I I I I I I 1 I 1 I 1 l I I I 1 I I I I II 1 1 I I
.6
A'
.5 _ MOBILE HOME SHIPMENTS
r
.4
j
.3 -
-
/
y
.2
IS
1 1 1 1 1 111 \ i 11 i i i 1 i i 11 i I 11 i i i
67
1963
-
Oct-Nov. average
1 M 1 1 I I 1 111
69
Seasonally Adjusted at Annual Rates
ta:
U.S. Department of Commerce, Bureau of Economic Analysis
Census
THE strengthening demand for output,
some reduction of excess capacity, and
the accelerating growth of cash flow
(which was stimulated by the investment tax credit) were factors contributing to the recovery of nonresidential
fixed investment in 1972. Following
very small increases in 1970 and 1971,
outlays rose 13% percent from 1971 to
1972 to total $120% billion. The recovery in investment outlays occurred
during a period when price increases
were abating, and fixed investment in
real terms increased for the first time
since 1969.
Most of the recovery was in spending
for producers' durable equipment.
These outlays rose steadily during 1972
and for the year as a whole were up 16
percent, or $10% billion, from the level
in 1971. Prices for producers' equipment are estimated to have risen little
in 1972, and roughly four-fifths of the
spending increase represented increased
real purchases.
The structures component of nonresidential fixed investment rose 10
percent ($3% billion) from 1971 to 1972,
but much of that increase is estimated
to reflect higher costs. The spending
pattern was mixed during 1972: outlays
were up fairly sharply early in the year,
showed little net change in the second
and third quarters, and were again on
the upswing in the fourth. Spending
for industrial buildings declined for
the third consecutive year, and most
of the spending growth was for commercial, hospital and institutional, and
privately owned public utility structures. The difference in behavior
between structures and producers' durables in 1972 was probably due in part
to the stimulative impact of the
investment tax credit, which was restored in late 1971. The credit applies
SURVEY OF CURRENT BUSINESS
20
to equipment but not to structures.
Also, capital investment in 197£ was
oriented toward modernization as distinguished from expansion, and this
would tend to channel spending more
toward equipment than toward plant.
The investment recovery got underway at a time when there appeared to be
a significant amount of excess capacity
on hand. The Federal Reserve estimate
of the capacity utilization rate in
manufacturing was only 74% percent in
the fourth quarter of 1971. However,
as 1972 progressed, the utilization
rate moved steadily higher and stood
at almost 80 percent in the fourth
quarter. The manufacturing utilization
rate calculated by McGraw-Hill increased from 76% percent in November
1971 to 83 percent in November 1972;
for durables manufacturing, the increase was from 70% percent to 80
percent. Similarly, the evaluation of
CHART 12
Plant and Equipment Expenditures
Billion $
(Ratio scale]
Mining
111
1111111111111111111111111111111111111111
1962
64
66
68
Seasonally Adjusted at Annual Rates
•
Expected
U.S. Department of Commerce, Bureau of Economic Analysis
70
72
manufacturers' capacity reported in
BEA's quarterly surveys showed a
clear tightening during 1972 (chart 13).
Plant and equipment survey results
BEA's regular quarterly survey of
plant and equipment spending, which
provides industry detail on capital
investment, shows spending up 9 percent from 1971 to 1972. According to
the survey, outlays rose sharply early
in the year, barely at all in the second
and third quarters, and were expected
in November to increase sharply again
in the fourth quarter.
Nonmanufacturing industries undertook stronger investment expansion in
1972 than did manufacturing industries.
Outlays by nonmanufacturing industries rose 12 percent in the aggregate
and, as chart 12 shows, all major industry groups contributed to the advance. Most industries recorded yearover-year increases about in line with
that of nonmanufacturing as a whole.
Within the transportation group, however, there was sharp diversity: investment by the airlines rose 34 percent—a
turnaround from a decline of similar
magnitude in 1971—while investment
by the railroads rose 7% percent, and
outlays of the other surface carriers
(trucks, ships, pipelines, etc.) only 2
percent.
Assuming that the spending expectations for the fourth quarter of 1972
were realized, the increase in investment by manufacturers last year was 4
percent, only about one-third as large
as that by nonmanufacturing industries. Spending by producers of nondurable goods declined about 1 percent
from 1971 to 1972, but spending by the
more cyclically sensitive durables producers rose about 9% percent—a turnaround from the 1971 decline of 10^
percent. Within nondurables manufacturing, increased outlays by the
rubber, textile, and paper industries
were more than offset by cutbacks in
the petroleum, food-beverage, and
chemical industries. In durables manufacturing, all major industries recorded
increases in investment spending in
1972 with the exception of the steel
industry, where the downtrend that
began in 1968 continued.
January 1973
A curious aspect of the plant and
equipment survey findings last year
was the shortfall of actual from expected
spending in the second and third
quarters. Plans reported in May indicated a $4 billion (annual rate)
advance in outlays in the second
quarter, and plans reported in August
indicated an expected gain of $3}i
billion in the third, but spending in
fact changed little in either quarter.
It is rather surprising to find sizable
shortfalls during a period of accelerating economic activity. However, the
shortfalls apparently do not reflect a
scaling back of investment programs;
businessmen revised up their expectations for the quarters immediately
ahead, suggesting that the shortfall
amounts were at least partly shifted
into the near future. Moreover, as the
year progressed, measures related to
current and prospective capital spending—new and unfilled orders for capital
CHART 13
Manufacturers' Evaluation of
Existing Capacity*
Percent of Capital Assets Held by Respondents Reporting—
60
MORE CAPACITY NEEDED
50
40
30
70
t 1 1 1 1 1 1 1 1 1 1 1 1 1 I 1 t 1
. 1 . . . i.>.
i...]...
70
CAPACITY ADEQUATE
60
50
40
i i i I i i i 11 i i 1 i i i I i i
20
CAPACITY EXCEEDS NEEDS
10
i i i I i i i 1 i i i 1 i i i I i i i 1 i i i 1 i i i I i i i I i i i
1964
66
68
70
72
* Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
73-1-13
January 1973
SURVEY OF CURRENT BUSINESS
goods, manufacturers' capital appropriations and backlogs, new project
starts and carryover, construction contract awards—all were strengthening,
and the evidence at yearend strongly
indicated that a major capital spending
recovery is underway, and that it will
carry well into 1973.
Inventories
THE expansion of business inventories major sectors but especially in durable
accelerated sharply during the last goods.
three quarters of 1972, but the advance
Manufacturing inventories increase
fell considerably short of matching the $5 billion, or nearly 5 percent, during
exceptional rise in sales. Inventory 1972. The gain was very unevenly disaccumulation as measured in GNP tributed. About four-fifths of it, or $4
declined from the fourth quarter of 1971 billion, occurred in durable goods into the first quarter of 1972; then it rose dustries; nearly $3 billion consisted of
from an annual rate of only $400 mil- durable goods in process of manufaclion in the first quarter to a rate of $10 ture, of which about $2 billion was in
billion in the fourth quarter—the transportation equipment manufaclargest dollar gain over a 3-quarter turing and probably reflected the boom
span since 1961. Inventory accumula- in motor vehicle production and signifition accounted for about 11 percent of cant recovery in the aircraft industry.
the increase in GNP from the first In soft goods manufacturing, the inquarter to the fourth, a higher pro- crease in goods in process was about
portion than in recent years but con- twice as large in percentage terms as
siderably less than in the recoveries the expansion in either finished goods
after the 1954, 1958, and 1961 reces- or materials and supplies. A sharp rise
sions, when it constituted about 25 in output normally entails an increase
percent of the GNP increase.
in the volume of goods in process of
Despite the acceleration during 1972, manufacture.
the accumulation rate at yearend was
The expansion of finished goods
nevertheless still quite moderate. The stocks was probably held back in some
$10 billion rate in the fourth quarter sectors by the strength of sales. Inwas equal to only about 0.8 percent of ventories of automotive retailers in
total GNP, compared with 1 percent particular declined during most of
on the average during the decade ending 1972, as sales outran even the high
with 1970. For the year as a whole, level of production. Late in the year,
accumulation amounted to just under inventories increased somewhat, but
$6 billion, about one-half of 1 percent dealers' stocks of new cars were still
of GNP.
low in relation to sales.
The ratio of stocks to sales in manuBook values
facturing and trade recorded in 1972
The book value of inventories in its sharpest decline since 1950. In
manufacturing and trade, at $192% November 1972, the ratio was 1.46,
billion in the fourth quarter of 1972, down from 1.58 at the end of 1971 and
was $10 billion or 5% percent higher about equal to the 17-year low reached
than 1 year earlier, with about two- in 1965 and early 1966. The 1972
decline in the ratio for manufacturing
thirds of the rise coming in the second
alone was steeper. The ratio of manuhalf of the year (chart 14). The increase facturers' finished goods to sales was
was less than half as great as the about the same in late 1972 as in 1965,
increase in manufacturing and trade but the ratio for materials and supplies
sales, which rose 14% percent from the was lower while the ratio for work in
fourth quarter of 1971 to the fourth process was significantly higher, at
quarter of 1972 with sharp gains in all least in durable goods.
21
An associated development was the
decline in the proportion of manufacturers' inventories held by companies that considered their stocks as
"high." It fell to about 15 percent at
the end of the first quarter of 1972
and was little changed in the next two
quarters—holding a level about the
same as in 1965. In the same quarters
of 1971, the proportion was 20 percent
(chart 14).
CHART 14
Inventories
INVENTORY ACCUMULATION
Billion $
2.5
MANUFACTURING
2.0
1.5
1.0
-.5
1968
1969
1970
1971
Seasonally Adjusted
1972
MANUFACTURERS' INVENTORY CONDITION
Percent
40
PERCENT OF HOLDINGS CONSIDERED HIGH**
30
1968
1969
1970
1971
•Accumulation in Oct. and Nov. expressed at a quarterly rate.
**Percent of total inventory book value held at end of quarter
by companies characterizing their inventories as high
relative to sales and unfilled orders.
U.S. Department of Commerce, Bureau of Economic Analysis
1972
SURVEY OF CURRENT BUSINESS
22
Exports and Imports
FOREIGN demand for U.S. goods and
services increased substantially from
1971 to 1972 but there was an even
stronger gain in U.S. demand for
foreign output. The preliminary estimate shows exports of goods and
services at $73% billion for the year,
up $7K billion, or 11% percent, from
1971. Imports of goods and services
are estimated at $77% billion, up $12%
billion or 19 percent. The balance on
goods and services deteriorated from
a narrow surplus of $% billion in 1971
to a deficit of $4 billion in 1972.
Merchandise trade accounted for the
bulk of the deterioration in the goods
and services balance. For the first 11
months of 1972, merchandise trade
(calculated on the basis that BEA
uses for the balance of payments and
GNP accounts) was in deficit by $6%
billion at a seasonally adjusted annual
rate. The deficit for the year 1971 was
$2% billion. The deterioration reflected
not only the fact that economic expansion in 1972 was more rapid in the
United States than in most industrialized countries, but also the initial
perverse effects on the value of imports
of the appreciation of leading foreign
currencies against the dollar. Also,
there was an upsurge of shipments
early in 1972 following the lifting of
the import surcharge and settlement of
late-1971 dock strikes; the post-strike
surge was apparently stronger for
imports than for exports.
For the nonmerchandise elements of
exports and imports, detail is available
only for the first 3 quarters of 1972 at
the time this review is being prepared.
Relating those data, expressed at an
annual rate, to data for the full year
1971 shows some decline in the surplus
on investment income, a sharp increase
in the deficit on military transactions,
and a small increase in the deficit on
travel and transportation transactions.
The surplus on investment income
declined from 1971 to 1972 as income
payments on foreign investments in the
January 1973
above their values in the first half of the
1960's.
Aggregate domestic demand is estimated by subtracting gross exports
of goods and services from GNP—for
exports go to fill foreign, not domestic,
demand—and adding gross imports.
In terms of the GNP, aggregate
domestic demand is the sum of the
components other than net exports.
Table 2 shows the share of imports in
selected categories of domestic demand.
United States increased somewhat more
in dollar terms than income receipts
from U.S. investments abroad. In percentage terms, the increase in U.S.
payments was far larger than the
increase in receipts. The sharp growth
of income payments in 1972 centered
in payments on U.S. liabilities to for2.—Exports as Share of U.S. Produceign official agencies. This reflects the Table
tion, Imports as Share of U.S. Domestic
Demand
huge rise in foreign central banks'
[Percent]
holdings of dollars during 1971 as they
attempted to hold exchange rates staAverage
ble in the face of market expectations
1970 1971 1972*
1960- 1965that rates would change (as they in
64
69
fact did).
Exports:
Direct defense spending abroad—an
6.4
5.5
1.
Goods
and services
5.8
6.3
6.3
import item—was little changed from
8.9
7.6
7.8
8.6
8.9
2. Goods
1971 to 1972. However, U.S. exports
Imports:
under military agency sales contracts
6.2
6.1
5.3
6.7
4.6
3. Goods and services
7.0
7.5
8.2
5.9
4.8
dropped steeply, in good part because 4. Goods.
2.1 5.9 11.4 11.8
12.8
Autos
of reduced aircraft deliveries. The 6.5. Nonautomotive
capital
7.4
8.0
5.6
9.3
3.0
goods
result was that the deficit on military 7. Food
4.7
4.3
4.7
5.0
4.2
nonauto
transactions increased sharply from 8. Nonfood,
3.5
4
.
6
2.4
4.9
5.9
consumer goods
supplies and
1971 to 1972. The deficit on travel and 9. Industrial
2.5 2.6 2.7 2.8
2.9
materials.
transportation transactions increased
* First 3 quarters.
slightly as the dollar increase in U.S.
NOTE.—Export and import data used in lines 1-4 of this
payments for travel and transportation table are as published by BEA in lines 1, 2,15, 16 of table 2
regular balance of payments tables. The imports used
was larger than the dollar increase in ofto the
calculate lines 5-9 of this table are, respectively, those
shown on lines 94, 80, 61, 97 and 66 of balance of payments
U.S. receipts. In percentage terms, table 4. The denominators of the ratios shown here are, by
number: (1) G N P ; (2) goods component of G N P ;
however, the increase in payments was line
(3) G N P less net exports; (4) goods and structures components of G N P less net merchandise exports; (5) gross auto
smaller than the increase in receipts.
product less its net export component; (6) producers' durable
Export and import shares
equipment less autos, trucks, buses; (7) personal consumption spending on food; (8) personal consumption spending on
goods except food, autos, and gasoline; (9) goods and structures components of G N P less net merchandise exports.
The deterioration of the balance on
goods and services in recent years
reflects the fact that while the share of
U.S. national output (GNP going
to fill export demand has edged up only
slightly, there has been a marked
increase in the role of imports in filling
domestic demand in the United States.
In 1972, on the basis of data for the
first 3 quarters, the share of exports
in total U.S. production of goods and
services (GNP) held at the 1971 figure
of 6.3 percent (table 2). The share of
goods exports in total U.S. production
of goods moved up modestly following
a decline in 1971. The current values
of both sharefiguresare only moderately
Total imports of goods and services
were 6.7 percent of domestic demand
for goods and services in 1972, up from
6.2 percent in 1971. The increase in
share was sharper for goods alone—
calculated as merchandise imports
divided by domestic demand excluding
services. The import shares in domestic
demand for autos, nonauto capital
goods, and nonauto nonfood consumer
goods all showed sizable increases. Imports of foods-feeds-beverages are related in the table to personal consumption spending on food, and imports of
industrial supplies and materials are
January 1973
SURVEY OF CURRENT BUSINESS
related to total domestic demand excluding services. These two shares show
only small increases in recent years,
but the other share figures reflect a
clear long-term growth in U.S. prefer-
ence for foreign output. (The categories
of merchandise imports for which shares
are calculated in table 2 comprise about
90 percent of total merchandise
imports.)
Federal Government
FEDERAL purchases of goods and
services amounted to $106 billion in
1972, a gain of over $8 billion from 1971.
Defense purchases, which had been
declining since 1969, increased nearly
$5 billion and nondefense purchases
were up about $3% billion (chart 15).
Other Federal expenditures increased
$18 billion and receipts $29 billion, and
the deficit on the national income accounts basis declined from $21% billion
in 1971 to $18}£ billion in 1972.
Defense spending was boosted by
increased military personnel costs,
which reflected the full-year effect of
the military pay raise effective in midNovember 1971, and a 5 percent pay
increase for military and civilian personjiel effective January 1, 1972. The
effect of these pay raises was partly
offset, however, by a year-to-year
decline of about 300,000 in the size of
the Armed Forces. Other types of
defense spending also increased in 1972,
particularly procurement of hard goods
and research and development.
Nondefense purchases, which increased nearly $5 billion in 1971,
recorded another large gain in 1972,
rising $3K billion. Continued increases
in payroll costs and accelerated spending for other goods and services by most
civilian agencies were major factors in
the advance. Net interest payments to
foreigners were also a major factor,
increasing by nearly $1 billion in 1972.
(Government interest payments to
foreigners are treated as a government
purchase but also as an import, and thus
their amount has no effect on the size of
GNP.) Offsetting these gains was a
large decline in the net purchases of
agricultural commodities by the Commodity Credit Corporation largely because of generally higher market prices
and the Soviet wheat sale.
Other types of Federal expenditures—transfers, grants, interest, and
subsidies—increased nearly $18 billion
from 1971 to 1972, to a level of nearly
$141 billion. Transfer payments and
grants accounted for about $17 billion
of the increase.
Table 3.—Federal Nondefense Purchases
[Change from previous year, billions of dollars]
Total
CCC Purchases
NASA Purchases
Net Foreign Interest Paid
Other
1970
1971
1.1
-1.8
-.3
.2
3.1
4.8
1.2
-.2
.8
3.0
1972
3.4
—. 6
-.1
.8
3.3
Transfer payments to persons rose
$8% billion to $80% billion in 1972—an
amount $4% billion higher than total
defense purchases. The largest transfer
category, OASDI benefits, advanced by
over $4% billion, of which about $2
billion resulted from the 20 percent
benefit increase paid beginning in
October.
Unemployment
benefits,
which had increased nearly $2 billion in
1971, fell slightly in 1972, as the average
number of insured unemployed declined about 300,000. Other transfer
icnreases occurred in veterans' benefits
($1% billion), medicare ($1 billion),
civilian pensions ($% billion), and food
stamps ($% billion).
Grants-in-aid to State and local
governments advanced a record $8%
billion to $37% billion. Of this increase,
$2.6 billion came from the initial payment of general revenue sharing in
December. Public assistance grants
(including grants for medicaid and
social services) were up nearly $3% billion; other increases were in emergency
employment assistance ($1 billion) and
education ($% billion).
23
Subsidies (net of the current surplus
of government enterprises) advanced
nearly $1 billion to more than $6 billion. The largest subsidy category, payments to farmers, had declined in the
past few years but increased more than
$% billion in 1972. A temporary program to aid homeowners and businesses
who suffered losses in Hurricane Agnes
added about %){ billion to subsidies in
1972, but there was a $){ billion decline
in the postal deficit. Net interest paid
showed little change in 1972 after
declining by $1 billion in the previous
year.
Receipts
Federal receipts increased in 1972 by
a record amount of over $29 billion as a
result of (1) rapid growth in employment and incomes, (2) overwithholding
of personal taxes, and (3) a higher
social security tax base. Higher incomes
in 1972 accounted for nearly $26 billion
of the gain in revenues while the net
effect of tax changes (including overwithholding)
added
$3% billion
(table 4).
Table 4.—Breakdown of 1972 Change in
Federal Receipts, NIA Basis
(Change from previous year, billions of dollars)
Increase in total receipts (NIA basis).
Amount due to higher incomes.
Amount due to tax changes
Personal tax and nontax payments_.
Amount due to higher incomes
...
Amount due to tax changes 1
Corporate profits tax accruals
Amount due to higher incomes .
Amount due to tax changes
Indirect business tax and nontax accruals .
Amount due to higher incomes
Amount due to tax changes
—
Contributions for social insuranceAmount due to higher incomes..
Amount due to tax changes
29.1
25.6
3.5
19.3
14.3
5.0
2.9
5.3
-2.4
-.4
1.8
-2.2
7.4
4.3
3.1
i Includes impact of overwithholding.
Source: Estimates by Bureau of Economic Analysis.
Personal tax receipts increased nearly
$19 K billion, despite the fact that
liabilities were reduced under provisions
of the Revenue Act of 1971. This Act
also provided for a new withholding
schedule, effective January 1, 1972,
which was designed to eliminate the
underwithholding that occurred in 1971.
Individuals were expected to adjust
24
SUEVEY OF CURRENT BUSINESS
their exemptions in order to match their
withholdings under the new schedule
with their liabilities. However, it appears that most individuals failed to
adjust, resulting in $9 to $10 billion of
overwithholding in 1972. Final settlements paid in 1972 (on 1971 liabilities)
were also up, reflecting the increase in
capital gains realized in 1971. Estate
and gift tax payments continued to
:
ncrease rapidly.
Corporate tax accruals rose about $3
billion, the net result of a gain of about
$5% billion from higher profits and a
$2y2 billion reduction due to tax
changes, such as the investment credit,
liberalized depreciation rules, and the
"Domestic International Sales Corporation'' provision that is intended to
promote exports.
CHART 15
Federal Budget (NIA Basis)
• Defense purchases move up, civilian spending
continues to increase
Billion $ (Ratio scale)
200
EXPENDITURES
January 1973
Indirect business taxes were slightly
over $20 billion in 1972, a decline of
about %}i billion from 1971 reflecting
the full-year effect of the auto excise
tax repeal and the fact that a customs
surcharge was in effect for the final
months of 1971 but not in 1972.
Social insurance contributions recorded another large gain last year, up
$7K billion to about $63% billion. The
increase in the taxable wage base for
social security from $7,800 to $9,000,
effective January 1, 1972, accounted for
over $3 billion of the advance.
150
Transfer Payments
and Other
State and Local Government
60
Defense Purchases
40
30
Nondefense Purchases
20
15
• Receipts, boosted by economic expansion
and overwithholding, advance more than expenditures
150
RECEIPTS
Personal Taxes
100
-7
t
i
80
:
l
Less
Overwithholding^"
l
60 1
/
—
^
orporate and Indirect
Business Taxes
40 -
^
^
30 -
.
1 .
Contributions for
Social insurance
I . I . I
. 1 . 1 .
The Federal deficit declines
1966
67
68
69
70
71
72*
Half Years
Seasonally Adjusted at Annual Rates
*Data for second half are preliminary
U.S. Department of Commerce, Bureau of Economic Analysis
73-1-15
PURCHASES by State and local governments increased $14 billion in 1972
to almost $149 billion. This was a
larger dollar increase than in 1971
(table 5), but about the same percentage gain—slightly over 10 percent—as in the last several years.
Employee compensation, which accounts for over one-half of total purchases, rose $8% billion (10% percent),
the smallest growth rate since 1965.
Compensation increased nearly 13 percent in 1970 and over 11 percent in
1971. Total State-local employment increased nearly 4 percent in 1972 compared with 3.7 percent in 1971. Available data show an acceleration of
growth in educational employment, especially at the local level, after 3 years
of deceleration. Other employment rose
only slightly.
Data now available indicate that
1972 purchases of structures were only
slightly above the 1971 total of $26J£
billion. Spending in the first and fourth
quarters, seasonally adjusted, was considerably above the 1971 rate but
declines in the second and third quarters held down the annual average.
The stability in aggregate Statelocal construction activity was contrary
to the general expectation a year ago,
when an upsurge in 1972 was expected.
Most classes of new construction
showed little change from 1971 to 1972,
including sewerage and water constuc-
tion, an area in which major increases
were generally expected. Public housing construction fell considerably. However, preliminary data indicate that educational construction, which declined
steadily in the 1968-71 period, increased
slightly in 1972.
Other purchases rose $5% billion in
1972. Among the important factors
contributing to this large increase were:
(1) higher spending on social services,
particularly in the first half, largely
financed by expanding Federal grants;
(2) outlays made necessary by Hurricane Agnes; (3) a 20 percent rise in
purchases by these governments of
medical services on behalf of medicare/
medicaid recipients, an increase roughly
as large as the 1969 and 1970 increases
taken together; and (4) spending by
some governments in anticipation of
revenue sharing.
Transfer payments rose only $1^4
billion, well below the $2% billion increase in 1971. Welfare payments
increased only about half as much as in
1971; the economic expansion and more
stringent administration of programs
contributed to this slowdown. However,
other major types of transfer, such as
pensions and injury compensation, rose
somewhat faster than in 1971.
Interest receipts exceeded interest
paid once again in 1972, resulting in
negative net interest payments. Negative net payments over the past few
SURVEY OF CURRENT BUSINESS
January 1973
years are largely a reflection of the
relatively strong financial position of
State and local government in the
aggregate. Until 1969, interest expenditures had exceeded interest receipts in
every year since 1929 (the first year
such data were compiled in the national
accounts). However, since 1969, the
situation has reversed. In part, the
reversal reflects the growing stock of
assets held by retirement and other
social insurance funds, but general
government holdings of financial assets
have also risen rapidly in recent years.
Fiscal position
Receipts
State and local government receipts
increased about $23 billion in 1972, with
almost $14% billion coming from their
own sources, and $8% billion from Federal grants-in-aid. The initial revenue
sharing payment in December accounted for $2.6 billion of these governments' 1972 receipts. The 1971 advance
in receipts was $16% billion, with Federal grants responsible for $4% billion.
The spectacular increase in grant
receipts, which reached almost $38
Table 5.—State and Local Government
Purchases, Other Expenditures, and
Receipts
[Change from previous year, billions of dollars]
1970
1971
Expenditures
__
13.1
Purchases of goods and services
11.3
Compensation
_
7.9
Structures
.1
Other. __
3.4
Expenditures other than purchases... 1.8
14.8
12.5
7.7
1.1
3.7
2.3
15.4
14.0
8.5
.2
5.5
1.4
Receipts
15.2
Less: Federal grants-in-aid
_
, 4.2
Contributions for social insurance
1.0
Equals: Tax and nontax revenues
10.1
Personal income taxes
1.1
Amount due to higher
incomes
Amount due to law
changes...
.5
General and major selective sales taxes.
3.1
Amount due to higher
incomes
2.2
Amount due to law
changes
All other tax and nontax
revenues
....
5.9
16.8
4.7
1.1
10.9
1.6
22.7
8.3
Surplus or deficit
2.1
1972
1.4
13.1
3.0
2.2
.7
.8
2.8
3.9
2.1
3.0
6.5
6.2
2.0
7.3
billion in 1972, has diverted attention
from the very large increases in revenues
raised directly by State and local governments. In every year since 1968,
these governments' revenues from their
own sources have risen more than 10
percent, reflecting the imposition of new
taxes as well as changes in rates and
bases of existing taxes.
Indirect business taxes rose more than
$8 billion in 1972, somewhat more than
in 1971. About $1 billion of the 1972
increase was due to increases in general
or selective sales tax rates enacted in
1971 or 1972 (table 5). Many of these
rate increases occurred during 1971,
with their full impact felt in 1972. There
was a significant slowdown in 1972 in
legislative action increasing sales tax
rates.
The aggregate fiscal position of State
and local governments improved
markedly in 1972. On a national income
accounts basis, which consolidates operating funds and social insurance
funds, a $12 billion surplus was recorded, up from surpluses of $5 billion
in 1971 and $3 billion in 1970.
25
The 1972 improvement centered in
operating funds, which showed a surplus for the first time since 1947. The
$3y2 billion operating surplus in 1972
followed deficits of $2% billion in 1971
and $3% billion in 1970. Nearly half of
the swing to surplus is attributable to
the December revenue sharing payment
which added $2.6 billion to 1972 receipts, but had little impact on 1972
expenditures. Social insurance funds
had a surplus of more than $8}£ billion
in 1972, up more than $1 billion^ from
1971.
The movement toward a surplus
position for operating funds can be
attributed both to very rapid growth in
Federal grants-in-aid, and consistent
growth in State and local tax and nontax revenues. In percentage terms,
growth in these revenues matched or
exceeded gains in expenditures in four
of the last 5 years.
Prices
ON the whole, prices rose substantially
less in 1972 than in 1971 (chart 16).
The major indexes indicated widespread moderation in price increases
for industrial products and services, but
an acceleration of agricultural price
increases.
The implicit price deflator for the
private economy—which measures the
prices of the goods and services comprising GNP excluding the government
sector—rose 2.6 percent from 1971 to
1972, the smallest annual increase since
1966. (The overall GNP deflator, which
is heavily affected by government pay
raises, rose 3 percent for the year.) With
the farm sector excluded, the private
deflator rose even less, about 2.1 percent. Within the year, the private
deflator rose 4J£ percent (annual rate)
in the first quarter, partly as a result
of the lifting of the late-1971 price
freeze, about 1% percent in the second
quarter, 2}{ percent in the third, and
2% percent in the fourth quarter.
The implicit price deflator is an index
based on shifting weights and its
changes reflect both price changes and
the changing mix of the goods and
services in GNP. A measure of price
change for private GNP based on fixed
weights rose more rapidly than the
implicit deflator throughout 1972, and
for the year as a whole was up 3.2 percent, compared with a 4.5 percent increase from 1970 to 1971. The difference
between the 3.2 percent increase in the
fixed weight index and the 2.6 percent
increase in the implicit deflator is due
to the decreasing importance in 1972 of
certain products with relatively high
deflators and the increasing importance
of products with relatively low deflators.
Most important was a shift of output
composition away from nonresidential
construction and toward durable goods,
especially automobiles.
Consumer prices
Consumer price increases were generally slower last year than in 1971.
The overall consumer price index was
up 3.3 percent for the year, compared
with a 4.3 percent rise in 1971. The
26
SUEVEY OF CURRENT BUSINESS
increase in prices for food accelerated in
1972, however. With food prices excluded, the consumer price index increased about 3 percent for the year.
Food price increases were concentrated
in the meats-poultry-fish group and the
fresh fruits and vegetables group.
Strengthening demands pushed meat
prices up strongly early in the year,
and again in the early summer. In an
attempt to increase supplies and ease
price pressures, import quotas were
lifted at midyear; price increases did
slow in the late summer, but by yearend
prices were rising strongly again. The
increases for fruits and vegetables were
due in large part to the effects of
adverse weather conditions.
Prices for nonfood commodities were
up 2.3 percent for the year 1972,
CHART 16
Price Changes
Percent Change
Based on Annual Averages
2
4
IMPLICIT PRICE
DEFLATOR
Private, Total
Private Nonfarm
compared with an advance of 3.8 percent in 1971. The deceleration was
mainly in apparel prices (but not footwear), and in prices for new cars and
household durables. Services prices rose
3.8 percent for the year, well below the
increases of other recent years. This
deceleration was due mainly to smaller
increases in prices of transportation,
medical care, and household services
other than rent (which include maintenance and repair, mortgage interest
rates, utilities charges, and property
taxes).
Wholesale prices
The rate of wholesale price increase
accelerated in 1972, both for the year
as a whole relative to 1971 and during
the year, but the acceleration was due
entirely to increases in prices of agricultural products. Prices of livestock
were responsible for much of the rise in
the spring, and vegetable prices were
increasing rapidly in the spring and
the summer. Grain prices were rising
sharply in the second half of the year;
this was due both to the large wheat
sales negotiated with the Soviet Union
early in the summer and to wet weather
which seriously delayed harvesting in
January 1973
the fall. Processed foods and feed prices
also rose sharply late in the year, partly
as a result of increased costs of animal
feeds.
The industrial wholesale price index
rose 3.4 percent from 1971 to 1972,
about the same as the increase in 1971.
Most industrial commodity groups
showed small or moderate price increases over the year. There were,
however, two major exceptions to this
generalization all year—lumber and
wood products, and hides-skins-leather.
Demand for lumber was strong all year
as a result of the housing boom, and
shortages developed, patricularly for
softwood lumber. Late in the summer,
the Price Commission imposed controls
on many lumber companies which had
previously been exempt because of their
small size, and salvage operations in
National Forests were stepped up to
increase the supply of lumber and ease
price pressures.
Prices in the hides-skins-leather group
also increased at a very rapid rate in
1972. The major reason for the rise
was the shortage of raw hides and skins
throughout the world, and the consequent rising prices in world markets
for which the United States is a major
supplier.
Corporate Profits
WHOLESALE PRICE
INDEX
All Commodities
Industrials
CONSUMER PRICE
INDEX
All Items
All Items
Less Foods
* Based on Jan.-Nov. average for 1971 and 1972.
U.S. Department of Commerce, Bureau of Economic Analysis
73-
THE recovery of corporate profits and
cash flow, which began in early 1971,
continued in 1972 (chart 17). In the
third quarter (the latest for which
data are available) book profits were
at a seasonally adjusted annual rate
of $95% billion. At that rate, profits
stood $12% billion above the fourth
quarter of 1971 and $6% billion above
the previous peak reached in late 1968
and early 1969. Book profits increased
$5 billion in the first quarter; $3%
billion in the second, and a little more
than $4 billion in the third.
Profits in the second quarter were
affected by writeoffs of physical assets
lost in the June floods. BE A has estimated those losses at about $1% billion
(annual rate) in that quarter, as a
result, the second quarter profits increase was $1% billion less than it
otherwise would have been and the
third quarter increase was swelled by
$1% billion.
Cash flow—undistributed profits and
capital consumption allowances—continued to surge in 1972. From the
fourth quarter of 1971 to the third
quarter of 1972, cash flow rose nearly
$10 billion to a seasonally adjusted
annual rate of $95% billion.
Profits last year and in 1971 would
have been higher had it not been for
the liberalization of rules for calculating
depreciation introduced in 1971 (the
ADR system). The effect of that
change was to raise depreciation and
reduce profits: 1971 profits were $1
27
SURVEY OF CURRENT BUSINESS
January 1973
billion lower because of the introduc- tory gains or losses are excluded. The
tion of the ADR system and 1972 recovery of profits on the national inprofits $2% billion lower. There were come basis was less than the recovery of
consequent reductions in corporate tax book profits; from the fourth quarter of
liability, amounting to a little less than 1971 to the third quarter of last year,
$& billion in 1971 and $1J£ billion in national income profits rose $10# billion
to $89% billion.
1972.
Profits of financial institutions were
The Revenue Act of 1971 also reinstituted a 7 percent tax credit for up $1% billion during the first 3 quarters
investment in machinery and equip- of last year to a seasonally adjusted
ment. That tax action lowered corporate annual rate of $18}£ billion. Nonfinancial
taxes by $l}i billion in 1971 and $3 corporations' profits increased $8}£ billion to an annual rate of $71% billion.
billion in 1972.
Book profits include gains or losses The profits of durable goods manufacdue to differences between the replace- turers rose fairly sharply in the first
ment cost of goods taken out of inven- half of the year but declined slightly in
tory and the cost at which these items the third quarter, mainly because of
are charged to production. The na- weakness in auto producers' profits. On
tional income profits figure measures the other hand, profits of nondurables
only incomes arising from current producers increased only a little in
the first half of 1972 but rose sharply in
production and, consequently, inver
the third quarter as a result of big gains
in the petroleum and chemical industries. In industries outside manufacturing, profits declined in the opening
quarter of the year but increased fairly
strongly in both the second and third
quarters.
The growth of profits of nonfinancial
corporations in 1972 was the result of
increases both in the volume of real
output and in profit per unit of output—i.e., profit margin. The 1972 rise
in profit per unit reflected moderate
growth in unit price and very little
change in unit cost. Unit labor cost increased a little in the first quarter and
showed virtually no change in the
second and third. Nonlabor cost per
unit declined slightly during 1972 as
expanding volume spread fixed costs
over more output.
Financial Developments
CHART 17
Profits and Cash Flow
Billion $
125
MONETARY policy in 1972 accommodated economic expansion, and
credit was readily available at an average cost a little below that in 1971 and
well below the levels of 1969 and 1970.
Nearly $159 billion (annual rate) was
borrowed in financial markets during
the first 3 quarters of 1972, a little more
than the record volume raised in the
full year 1971. (Fourth quarter data
are not available as this issue of the
SURVEY goes to press.)
PROFITS
100
Before Tax Book Profits
75
Before Tax Profits
Plus IVA
Credit demands
After Tax Book Profits
I
25
i ii I i i
i
100
CASH FLOW*
75
•
50
i
i
1968
^
i
-
i
i
1969
i
1 t
^
i
i
1
1970
i
i
i
1971
Seasonally Adjusted at Annual Rates
*Capital consumption allowances plus undistributed profits.
U.S. Department of Commerce, Bureau of Economic Analysis
1 i
i
1972
i
The composition of borrowing last
year differed from that in 1971 in a
number of important respects. First,
there were noticeable shifts in the
volume of funds raised by maior borrowing groups, as governments (especially the Federal Government) and
foreigners did less borrowing than in
1971 while nonfinancial corporations
stepped up their borrowing moderately
and households significantly (table 6).
Second, the reduction in Federal borrowing last year was slightly more than
offset by an acceleration of private borrowing, comprising a modest increase in
the volume of funds raised in long-term
markets and a sizable step-up in shortterm borrowing. Third, the increase in
private long-term borrowing was due
entirely to growth of mortgage debt
Table 6.—Total Funds Raised in Credit
Markets by Nonfinancial Sectors
[Billions of dollars]
Total
Nonfinancial business
Short-term debt .
Corporate bonds
M ortgages
Stocks
.. ..
1968
1969
1971
19721
97.8
39.1
15.8
12.9
11.3
91.7 101.6 156.3
158.8
1970
50.8
23.9
12.1
10.4
4.3
49.5
10.5
20.3
12.0
6.8
63.0
9.1
19.4
20.9
13.4
68.3
16.2
12.6
26. 7
12.8
22.3
13.9
8.4
41.6
25.9
15.7
60.2
36.9
23.3
U S Government 2
31.9 32.6
16.0 17.5
15.9 15.1
13.4 - 3 . 6
12.8
25.5
11.2
State and local governments
- - .
10.4
8.7
13.9
20.6
16.8
3.1
3.3
3.0
5.6
2.2
- -.8
Households
.
Mortgages
Other . -
Foreign
-
1. First three quarters expressed at seasonally adjusted
annual rates.
2. Does not include federally sponsored credit agencies.
Source: Federal Reserve Flow of Funds Accounts.
of households and nonfinancial corporations, as the volume of new bond
issues fell below that in 1971. New
issues by State and local governments
fell slightly, partly because, on a consolidated basis, these governments ran
SUEVEY OF CUREENT BUSINESS
28
January 1973
nomic Program in mid-summer 1971. lyioreover, most of the aggregates grew
By late winter and early spring, how- at a fairly rapid rate throughout the
ever, the accelerating pace of economic year with the exception of the third
activity resulted in a strengthening of quarter, when growth of total reserves
short-term credit demands, and money slowed and nonborrowed reserves demarket rates began to move up (chart clined slightly. (In table 7, the calcu18). The rise in short-term rates lations of percent changes in reserve
accelerated somewhat after mid-sum- measures for the fourth quarter were
mer and especially so toward year- made with an adjustment to account for
end, as credit demands intensified and regulatory changes affecting reserve reas the monetary authorities moved quirements (Regulation D) and check
toward a less accommodative credit collection (Eegulation J) that became
policy posture. As the year closed, the effective in early November.)
prime commercial loan rate—the rate
banks charge their most creditworthy
borrowers—was raised from 5% percent to 6 percent. The prime rate was
CHART 19
5}i percent in July and August and 4}£
percent at its low from mid-February
Credit costs
Bank Reserves and Bank Credit
to mid-March.
The year opened with interest rates
The rise in interest rates during 1972 Billion $ (Ratio scale)
continuing the steep decline that began
was
confined to short-term markets as 40 NONBORROWED RESERVES
with the introduction of the New Ecolong-term yields showed very little net 35
^—•*
change. At year end, yields on corporate
r
and State and local government bonds 30
IHHHHHHBHHHHHHH CHART 18 were a little lower than they had been
___
early in the year, yields on long-term 25
Short-and Long-Term Interest Rates
|
...Ml.....
Government securities virtually unMllllll". ,,,,,!,,,,
changed, and those on FHA-insured
Percent
new home mortgages were a bit higher. 600
0
big budget surpluses. New corporate
bond issues were well below the peak
volume recorded in 1971, as corporations had apparently ended the practice
of borrowing at long term for the purpose of rebuilding liquid asset holdings
that had been depleted during the credit
stringency of 1969 and early 1970.
Fourth, corporations were willing to increase their short-term liabilities in 1972
and money market borrowing increased
significantly for the first time since
1969. The strengthening of short-term
credit demands that occurred last year
also reflected a marked step-up in consumer borrowing, particularly in the
use of installment credit.
M I I I
BANK CREDIT
i ^ Federal Funds Rate
8
/
/
\
9
Monetary policy
'Prime Commercial Paper
(4-6 Months)
\ \
\ \V
6
3-Month
Treasury Bills
VA
^
>\7
4 -
\
2
10
/>
'
^ ^ F H A New Home
\
Mortgage Yields
Long-Term
1968
1969
Data:
state and Local
(Bond Buyer)
1970
FRB, HUD, Moody's, Bond Buyer
U.S. Department of Commerce, Bureau of Economic Analysis
1971
1972
& Treasury
73-1-18
The general guidelines for monetary
policy in 1972 were made clear early in
the year: The monetary authorities did
not intend to allow the recovery of economic activity to falter for want of
money or credit, nor did they intend
to release the forces of a renewed inflationary spiral. The year began with
the monetary authorities pursuing a
stimulative policy, but by the spring
the policy statements of the Federal
Open Market Committee indicated that
the objective of policy had become
somewhat less accommodative. By midsummer, some tightening in money and
credit markets was evident and, as the
year drew to a close, that tightening
appeared to be intensifying.
The impact of monetary policy on the
economy is only crudely reflected by
the behavior of the monetary aggregates. However, as may be seen from
table 7, most of the aggregates grew at a
faster pace in 1972 than in other recent
years except the easy credit year 1968.
^
500
Total
400
360
320
Total Loans
280
—
^
-
^
*
240
-
220 7-
120 -
Business Loans
100
>
Other
Securities
80
-
60
y
50 -
-^
40
l l l l f
,
1968
N3vernment
U.S. G:urities
Se
,
1969
i M I l l i
1970
1971
—
,,
1972
Seasonally Adjusted
Data: FRB
U.S. Department of Commerce, Bureau of Economic Analysis
73-1-19
January 1973
SURVEY OF CURRENT BUSINESS
Bank credit
consumers increased $6 billion in the
second half of 1972 as compared to $4
billion in the first half and business
loans rose $8% billion as compared to
$5% billion.
The investment component of bank
credit rose nearly $12% billion during
1972, appreciably less than the $21}£
billion growth in 1971. Banks added
about $11 billion to their holdings of
State and local securities but added
only $1# billion to their holdings of
U.S. Government securities, all of which
occurred in the first half of the year. In
order to accommodate the strengthening
of loan demands, banks liquidated about
$1 billion of U.S. Government securities in the second half of 1972.
The expansion of total loans and
investments at commercial banks
amounted to $68% billion from the end
of 1971 to the end of 1972, a marked
acceleration from the previous record
gain of a little less than $50 billion in
1971. All of the acceleration in bank
credit expansion last year was due to a
strengthening of loan demand, as the
growth of the investment component
slowed sharply, particularly after midyear (chart 19).
Bank loans increased $56 billion during 1972, nearly twice the advance in
1971, with all major loan categories
recording big gains. Lending was noticeably stronger in the second half of the
year than in the first, mainly because
of an acceleration of growth in consumer and business loans. Borrowing by
Savings and loan associations
Records were also set last year for
the growth of savings flows to the
29
savings and loan associations and their
mortgage commitments and mortgage
lending. Savings flows to the S&L's
totaled $32% billion last year, some $4
billion more than the record flow in
1971. Inflows were strongest in the first
quarter ($10% billion, seasonally adjusted) and weakest in the fourth
quarter ($6% billion).
Mortgage debt holdings of the S&L's
increased $31% billion last year, compared with $24% billion in 1971.
Mortgage commitments also recorded
a record advance, increasing $5% billion
to $18% billion by yearend. However,
the rate of increase slowed appreciably
as the year wore on; commitments
increased about $2 billion (seasonally
adjusted) in the first two quarters of
1972, $1% billion in the third, and only
about $% billion in the fourth.
Table 7 .^Percent Change in Selected Monetary Aggregates 1
[Seasonally adjusted]
1968
1969
1970
1971
1972
1972
I
II
III
IV 2
10.0
2.7
4.1
7.3
10.6
2.5
3.2
0.9
_
8.0
1.4
7.2
8.1
7.5
2.7
3.3
— 5
1.9
Keserves available to support private nonbank deposits 3
10.9
1.2
5.9
7.8
10.2
2.7
1.8
2.5
2.8
Money stock (Mi)
7.8
3.2
5.4
6.2
8.2
2.3
1.2
2.1
2.2
Money stock plus time deposits at commercial banks other than
large CD's (M2) .
9.3
2.3
8.1
11.1
10.7
3.3
2.1
2.3
2.5
Total reserves
Nonborrowed reserves
3.6
1. Change calculated from end of period to end of period.
2. Percent calculations for reserves measures based on adjustment made for change in Federal Reserve Board Regulations
D and J, which became effective November 9,1972.
3. Total reserves less reserves needed to support Government deposits and interbank deposits.
Source: Federal Reserve Board.
By ROBERT B. BRETZFELDER
Regional and State Personal Income Developments
X ERSONAL income rose from the
second to third quarter of 1972 in
all eight regions, in 42 of the States,
and in the District of Columbia.
In each, the gain was greater than the
national advance of one-half of 1
percent in consumer prices (as measured by the implicit price deflator for
personal consumption expenditures).
Total personal income declined moderately in South Dakota, North Dakota, Iowa, and Hawaii and was
little changed in Oklahoma, Illinois,
Texas, and Montana.
Mideast
Total personal income in the Nation
rose 2 percent from the second to the
third quarter of 1972. Among the
regions, the biggest gain was in the
Mideast, where income was up more
than 3 percent. A large part of the
rapid advance in that region reflected
recovery from the effects of Tropical
Storm Agnes which had held income
back in the second quarter. Rental
income in the flooded areas moved
back up to "normal" levels after
having been cut by writeoffs of losses
in the second quarter, and there was
also some Federal aid to flood victims
that figured in rental income; there
was thus a particularly sharp jump
in rental income in the Mideast.
Excluding rental income, the personal
income gain in the Mideast was 2%
percent, only slightly above the national
average.
On a State basis, the personal income
NOTE.—The quarterly estimates of State
personal income were prepared in the Regional
Economics Division by Steven E. Johnson
under the supervision of Q. Francis Dallavalle.
Special programing was done by David Cartwright and Evelyn Richardson. The analysis
was written by Robert B. Bretzfelder.
30
effects of the storm and recovery
therefrom were concentrated primarily
in Pennsylvania and secondarily in
New York; there were more moderate
effects in Maryland, Virginia, and
West Virginia. (See "Second Quarter
Developments in Regional and State
Income/' SURVEY, October 1972.)
Other areas
The third quarter personal income
gain in the Southeast (2% percent) was
also above the national average. Major
gains were in payrolls in nondurable
goods manufacturing and in construc-
tion. Income advances in the Rocky
Mountain, New England, and Far West
regions were close to the national
average. The advance was below
average in the Great Lakes and Southwest, where manufacturing payrolls
rose little, and was also below average
in the Plains, where farm income declined.
Among the States, third quarter income changes ranged from increases of
5% to 6 percent in Pennsylvania (the
rebound from the effects of the storm),
Kansas, and Arizona to declines of 1 to
4 percent in South Dakota, North
Dakota, Iowa, and Hawaii.
Regional and State Income Changes, 1971-72
Perspective on the regional pattern
of the current economic expansion can
be gained through consideration of
income changes from the third quarter
of 1971 to the third quarter of 1972.
This longer term comparison also eliminates most of the direct effects on total
personal income of the tropical storm.
Over this four-quarter span, total
personal income rose in all regions and
in all States. Nationally, the increase
was S}i percent; the gain was at least
7% percent in each region and at least
5 percent in each State. With consumer
prices up 2% percent over the year,
there was a sharp gain in real income in
each of the regions and States.
Among regions, largest income gains
over the year occurred in the Rocky
Mountain (11% percent) and Southwest
(10% percent). The smallest gains were
in the Plains, Mideast, and New England (less than 7% percent each). The
gains in the other three regions were
within about one-half of 1 percentage
point of the national advance of 8%
percent.
In most time periods and most areas,
the differential between area (regional
and State) and national changes in
total personal income is traceable primarily to developments in two major
income
components—manufacturing
payrolls and farm income. During the
year under review, however, the role of
these components was less dominant
than usual. Their effect is particularly
muted in the regional data but does
show clearly in the State changes.
From the third quarter of 1971 to the
third quarter of 1972, there were large
and important regional variations in
the rate of change in income in construction, mining, and a wide variety of
service-type industries, in addition to
manufacturing and farming.
January 1973
Unusual gains in the regions
Strong increases were recorded in
farm income in the Rocky Mountain
and Southwest regions. These advances
reflected sharply higher prices for meat
animals and wheat. Manufacturing
payrolls also grew more rapidly in the
Rocky Mountain region than in the
Nation, but the gain in the Southwest
was below average. Among other basic
industries, mining payrolls rose very
rapidly in these two fastest-growing
regions, and the advance in government
payrolls in the Rocky Mountain region
was well above the national average,
but these gains were not as important
in explaining regional-national growth
differentials as the advances in farming
and manufacturing. Reflecting the
strength in the basic industries, the
income gains in almost all servicerelated industries in the Rocky Mountain and Southwest regions over the
year were well above the national
average.
In New England and the Mideast,
two of the three regions with the slowest income increases over the year, the
advances in manufacturing payrolls
and farm income were below the national average. In addition, payrolls
in mining rose only moderately. As a
result of weaknesses in these basic industries, the gains in a wide variety of
service industries were well below the
national average.
The Plains also had an income gain
well below the national average. Industrially, the shortfall reflected a
slight decline in construction payrolls,
weak gains in mining, trade, the financeinsurance-real estate group, the service
industry, and in nonfarm proprietors'
income. Farm income, an important
income source in the Plains, rose more
than 8 percent—little different from
the national average.
In the heavily industrialized Great
Lakes—where income advanced at a
rate close to the national average—
there was a very large increase in
manufacturing payrolls. With auto,
SURVEY OF CURRENT BUSINESS
31
steel, and other hard goods output
rising rapidly, factory payrolls expanded more than 13 percent in the
region, compared with a nationwide
gain of a little more than 10 percent.
Despite this strong gain in the region's
large manufacturing industry, however,
wage and salary payments in all major
service-type activities expanded less
last year in the Great Lakes than in
the Nation.
Columbia also advanced at a relatively
slow rate reflecting the very small gain
in Federal civilian wage and salary
payments.
States with unusually large or small
income gains
Rank
In 25 States and the District of
Columbia, the income gains differed
substantially from the national average
(see table A). The States with the
largest gains (ranging from 16 percent
to 10% percent) were: Arizona, Alaska,
New Mexico, Wyoming, Utah, Colorado, Nevada, Michigan, South Carolina, and Indiana. In seven of these,
the gains in manufacturing payrolls
were well above the national average,
and in five, gains in farm income also
were well above the national average.
The large increases in these basic
industries were reflected in unusually
big gains in many service-type industries in nearly all of these States.
In sum, eight of the 10 fast-growing
States had large gains in farming or
manufacturing or both. The exceptions
were Alaska and South Carolina, where
particularly sharp increases in government and construction payrolls played
key roles. Alaska also showed large
gains in mining, which is one of the
important basic industries in the State;
government is another.
In each of the 15 States with the
smallest income advances (ranging from
5 percent to 7){ percent), income from
manufacturing, farming, or mining—or
from all three industries—registered
changes well below the national average. Reflecting these developments, the
advances in most service-type activities
in these 15 States were below the
national average, as were the gains in
total income. Income in the District of
Table A—Percent Change in Total Personal
Income and in Income Excluding Selected
Components
III 1971—III 1972
Personal income
ExcludExcluding
ing
manu- Exclud manufacturing
Total
facturing
farm
ing
wages, income and
and
farmsalaries
ing
8.4
8.0
8.4
8.0
10
Arizona
Alaska
New Mexico.
Wyoming .
Utah
Colorado..
Nevada
Michigan..
South Carolina
Indiana-
16.2
12.8
12.8
12.6
12.2
11.7
11.0
10.7
10.6
10.6
16.5
13.5
12.0
13.0
11.9
11.8
10.9
7.8
10.9
7.7
15.4
12.8
12.5
10.9
12.7
10.2
11.5
10.3
11.1
10.8
15.7
13.6
11.6
11.3
12.5
10.1
11.5
7.3
11.6
8.0
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
Tennessee
North Carolina. _
Oregon
Oklahoma
Hawaii
New Hampshire.
Florida
Virginia
Iowa
Idaho
Washington
Texas
Montana
Kentucky
Delaware
Maryland
Kansas
Wisconsin
Pennsylvania
Ohio
Mississippi
California
Georgia
Vermont
Louisiana
10.3
10.2
10.0
10.0
9.9
9.9
9.9
10.2
10.2
9.9
10.5
8.4
9.8
9.0
8.4
10.2
9.5
8.8
7.9
8.1
8.6
8.3
7.6
8.1
7.2
6.8
7.8
7.7
7.8
7.6
9.7
9.5
10.2
9.2
8.6
9.9
9.9
9.4
9.2
10.6
9.0
8.5
8.4
8.5
8.8
8.9
8.3
8.6
8.7
8.4
9.2
8.6
8.6
8.5
8.5
9.0
9.2
10.5
8.9
9.2
8.5
10.0
8.6
7.6
11.5
8.0
8.8
8.1
7.4
7.9
8.6
7.7
7.5
8.2
7.2
7.7
8.5
8.6
8.6
8.4
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
New Jersey
Maine
Alabama
Illinois
Massachusetts
Connecticut
Arkansas
North Dakota
Dist. of ColumbiaMissouri
New York
Rhode Island
Nebraska
Minnesota
West Virginia
South Dakota
7.5
7.5
7.4
7.3
7.2
7.1
6.9
6.6
6.6
6.5
6.4
6.4
6.3
6.3
6.2
5.1
8.0
6.7
6.6
6.6
7.1
6.6
6.3
6.7
6.7
6.0
6.5
6.0
6.1
5.8
6.2
4.8
7.5
8.3
8.0
7.1
7.3
7.2
8.8
8.2
6.6
6.3
6.5
6.5
8.0
6.7
6.0
6.2
8.1
7.7
7.4
6.4
7.1
6.7
8.5
8.3
6.7
5.8
6.6
6.1
8.0
6.3
5.9
5.9
11.2
10.3
11.3
10.5
10.6
9.6
10.6
9.8
Southeast
Great Lakes..
Far West
9.0
8.8
8.4
8.7
7.3
8.1
9.1
8.7
Mideast
Plains
New England
7.4
7.3
7.3
7.3
6.7
6.9
7.5
7.4
7.4
United States
States
9.7
9.7
9.6
9.2
9.1
9.0
9.0
9.0
8.9
8.8
8.6
8.6
8.4
8.3
8.0
7.9
7.8
7.7
Regions
Rocky Mountain.
Southwest
7.1
8.7
7.4
6.8
7.1
NOTE.—Percentages are based on seasonally adjusted
unrounded data.
SURVEY OF CURRENT BUSINESS
32
January 1973
Table B.—Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1972
1971
Percent change
State and region
II
III
IV
II
III
III 1971III 1972
United States-
833,668
853,767
863,697
877,210
903,442
918,566
936,406
8.4
New England .
52,168
53,293
54,152
54,413
55,837
56,968
58,109
7.3
3,326
2,766
1,608
26,616
15,014
3,384
2,846
1,639
26,202
3,922
15,300
3,441
2,928
1,666
26,628
4,010
15,479
3,515
2,969
1,688
26,692
4,055
15,494
3,610
2,982
1,729
27,304
4,135
16,077
3,627
3,092
1,767
27,973
4,178
16,331
3,700
3,217
1,797
28,553
4,266
16,576
7.5
9.9
7.8
7.2
6.4
7.1
197,063
200,770
203,427
204,275
210,270
211,920
218,449
7.4
89,708
34,356
48,159
2,544
17,910
4,386
91,834
34,930
49,123
2,588
17,892
4,403
92,553
35,894
49,712
2,604
18,208
4,456
92,872
35,402
50,402
2,705
18,465
4,429
94,838
36,671
51,730
2,680
19,607
4,744
96,368
37,424
51,230
2,722
19,462
4,714
98,484
38,574
53,972
2,839
19,830
4,750
6.4
7.5
8.6
9.0
8.9
6.6
171,216
176,311
177,164
182,105
185,170
190,446
192,815
8.8
38,657
43,487
20,447
51,794
16,831
39,761
44,874
21,071
63,181
17,424
45,002
21,130
53,472
17,680
41,103
45, 970
21,833
55,151
18,048
41,861
46,816
22,158
56,031
18,304
43,232
47,837
22,806
57,592
18, 979
44,139
48,766
23,362
57,353
19,195
10.7
8.4
10.6
7.3
8.6
63,559
65,067
65,849
66,809
68,368
70,058
70,634
7.3
15,114
10,784
18, 274
2,159
2,234
5,845
9,149
15,632
11, 278
18,515
2,324
2,311
6,045
9,062
15,780
11,094
18,572
2,118
2,392
6,183
9,710
15,832
11,199
2,286
2,347
6,236
9,920
16,279
12,140
19,334
2,372
2,438
6,178
9,627
16,617
12,430
19,559
2,351
2,617
6,462
10,022
16,776
12,171
19,779
2,259
2,513
6,576
10,560
6.3
9.7
6.5
6.6
5.1
6.3
8.8
148,482
152,293
155,315
158,264
162,724
165,021
17, 782
5,650
10,552
12,729
17,103
7,995
5,905
10,949
13,225
17,944
8,392
16, 954
27,828
10,925
6,310
12,110
6,110
18,841
5,773
11,110
13,579
18,104
8,471
17,314
28,976
11,078
6,474
12,312
6,232
19, 775
6,215
11,506
16,191
26,298
10,438
6,232
11,729
5,783
18,316
5,829
10,712
13,200
17,492
8,237
16,684
27,341
10,619
6,075
11,892
5,896
Maine
New Hampshire..
Vermont...
M assachusetts
Rhode Island
Connecticut
Mideast.
New York.
New Jersey
Pennsylvania
Delaware
M aryland
District of ColumbiaGreat Lakes
Michigan. .
Ohio
Indiana
Illinois
WisconsinPlains.
Minnesota
Iowa
Missouri
.__.
North Dakota..
South Dakota..
Nebraska
Kansas
Southeast.
Virginia..
West Virginia...
Kentucky
Tennessee
North CarolinaSouth Carolina..
Georgia
Florida
Alabama
Mississippi
Louisiana
Arkansas
169,315
9.0
17, 470
28,620
11,482
6,812
12,898
6,247
20,006
6,202
11,622
14,488
19,037
8,974
17,843
29,624
11, 408
6,670
12,841
6,306
20,468
6,274
11,929
14,593
19, 779
9,282
18,292
30,554
11,732
6,833
13,047
6,532
9.7
6.2
9.0
10.3
10.2
10.6
7.9
9.8
7.4
8.3
7.7
6.9
14,101
18,648
8,950
60,813
62,350
62,715
63,947
67,472
68,435
69,181
10.3
Oklahoma
Texas
New Mexico..
Arizona
_.
8,794
41,762
3,344
6,913
9,207
42,542
3,434
7,167
9,191
42,631
3,506
7,388
43,393
3,608
7,680
9,736
46,032
3,760
7,944
10,162
46,282
3,899
8,092
10,113
46,528
3,954
8,586
10.0
9.1
12.8
16.2
Rocky Mountain _
19,079
19,492
19,741
20,260
21,369
21,520
21,959
11.2
2,731
2,638
1,486
10,398
4,116
2,786
2,666
1,486
10,456
4,127
2,800
2,785
1,601
10,647
4,226
9.0
9.6
12.6
11.7
12.2
Southwest..
Montana. _
Idaho
Wyoming.
Colorado. .
Utah
Far WestWashington .
Oregon
Nevada
California. __
Alaska. .
Hawaii _
2,517
2,412
1,332
9,143
3,675
2,560
2,496
1,304
9,408
3,724
2,569
2,540
1,332
9,534
3,766
2,654
2,598
1,358
9,743
3,907
116,053
118,963
120,176
121,881
126,618
128,489
130,233
8.4
14,781
9,176
2,637
100,024
15,196
9,238
2,713
101,342
15, 666
9,420
2,758
102,389
9.2
10.0
11.0
8.0
1,664
3,950
1,644
4,066
1,688
4,023
12.8
9.9
58,109
191,030
192,815
70,634
132,068
45,087
76,220
37, 257
133,186
7.3
7.2
8.8
7.3
9.2
8.9
8.8
12.5
8.4
13,895
8,202
2,364
91,592
14,207
8,397
2,454
93, 905
14,346
8,566
2,486
94, 778
14,436
8,716
2,535
96,194
1,543
3,692
1,518
3,710
1,496
3,662
1,544
3,712
Personal Income, by Census Regions
Addenda:
New England. .
Mid Atlantic
East North Central.
West North Central
South Atlantic
East South Central.
West South Central.
Mountain
Pacific
52,168
172,223
171,216
63,669
115,859
39,951
68,068
31,700
118,924
175,887
176,311
66,067
118,782
40,606
69,537
32,547
121,737
54,152
178,159
177,164
65,849
120,954
41,409
70,042
33,120
122, 848
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. 1972 estimates have
54,413
178,676
182,105
123,078
42,241
71,303
124,602
55,837
185,170
68,368
126,709
43,901
74,913
36,710
129,595
56,968
185,022
190,446
70,058
128,584
44,188
75,591
36,224
131,485
been revised. Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
II 1972III 1972
By LEONARD A. LUPO
Worldwide Sales by U.S. Multinational Companies
THIS article presents data on worldwide sales in 1966 and 1970 by a sample
of 298 large U.S. multinational companies (MNCs) that responded to a
special survey taken by the Bureau of
Economic Analysis (BEA). These 298
MNCs consist of 298 U.S. reporters
(the U.S. parents of the MNCs) and
their 5,237 majority-owned foreign affiliates (MOFAs).
Gross worldwide sales of a MNC, as
reported to BEA, consist of (i) sales by
the U.S. reporter to all foreign residents,
whether affiliated or not, and to unaffiliated U.S. residents; plus (ii) sales
by its MOFAs to all foreign and U.S.
residents, whether affiliated or not.
From these gross sales data, this
article derives, for the first time, MNC
consolidated worldwide sales, defined
as comprising for each MNC (i) sales
by the U.S. reporter to unaffiliated U.S.
and foreign residents; plus (ii) sales by
its MOFAs to unaffiliated U.S. residents
and to unaffiliated foreign residents
other than sales to minority-owned
foreign affiliates of the MNC. 1 Total
gross and total consolidated sales are
the sums of the gross and consolidated
sales, respectively, of each of the 298
MNCs in the sample.
A main reason for consolidation is to
eliminate duplication in the sales data
of the value of goods sold by each MNC.
Goods sold by one company in a MNC
to a second company in the same MNC,
in principle, are reflected eventually
1. All entities (individuals and businesses) domiciled outside the United States, including foreign affiliates of U.S.
reporters, are considered foreigners; and all entities domiciled
inside the United States are considered U.S. residents. For
each MNC, unaffiliated foreigners are all foreign residents
other than the majority-owned foreign affiliates of the MNC,
including minority-owned foreign affiliates. For each MNC,
unaffiliated U.S. residents are all U.S. residents other than
the U.S. reporter. The treatment of sales to minority-owned
foreign affiliates as included in consolidated sales by the U.S.
reporter, but as excluded from consolidated sales by the
MOFAs, reflected the availability of data in the special survey.
in sales by the second company to
unaffiliated (outside) customers. In
gross sales, the value of the goods in
sales between different parts of a MNC
are counted more than once; in con-
solidated sales, goods are counted only
once for each MNC. However, this
consolidation does not eliminate all
duplication in the sales data for the
298 MNCs as a whole. Sales by one
CHART 20
Flow Diagram for Components of Worldwide Consolidated Sales
By U.S. MNCs and Other Associated U.S. Exports and Imports
U.S. TRANSACTORS
ASSOCIATED
U.S. FOREIGN TRADE
TRANSACTIONS
(Line references to table 1)
Exports to_
"(Line Bl) ~
FOREIGN TRANSACTORS
Other U.S.
Residents
NOTE—
Consolidated U.S. MNC sales to unaffiliated customers. (Worldwide
consolidated MNC sales = lines A2 + A3 + A5 + A6.)
U.S. foreign trade flows associated with but not an explicit part of
consolidated sales.
"Line A5 differs slightly from line B3. See note 2 to table 1.
U.S. Department of Commerce, Bureau of Economic Analysis
33
SURVEY OF CURRENT BUSINESS
34
MNC to another MNC in the sample
are considered sales to an unaffiliated
U.S. or foreign resident.
The first part of this article presents
data on consolidated sales by the U.S.
reporters and their MOFAs for 1966
and 1970; these data show worldwide
MNC sales, split into MNC sales in
U.S. markets and MNC sales in foreign
markets. These data then are used, in
combination with data on U.S. exports
and imports associated with the MNCs,2
to estimate the U.S. export content in
consolidated MNC sales to unamliated
foreigners, and the U.S. import content in consolidated MNC sales to
unaffiliated U.S. residents. The trade
content of sales is given both in terms
of its absolute magnitude and as a
percentage share of sales. The magnitude of consolidated MNC sales and
the U.S. percentage trade content in
2. A related article, "U.S. Foreign Trade Associated With
U.S. Multinational Companies," in the SURVEY OF CURRENT
BUSINESS, December 1972, denned foreign trade associated
with the MNCs as consisting of U.S. export and import
transactions between the U.S. reporters and their own
MOFAs, between other U.S. residents and these same
MOFAs, and between the U.S. reporters and unamliated
foreigners. The same definitions and the same data base are
used in the two articles. In the following discussion, "U.S.
export content" refers to U.S. exports associated with the
MNCs and "U.S. import content" refers to U.S. imports
associated with the MNCs.
MNC sales for 1966 and 1970 are
discussed, and some major factors influencing the changes in these data over
the 1966-70 period are noted. The
second part of this article, dealing
with gross MNC sales, focuses briefly
on gross sales by the foreign affiliates,
the basis on which sales data were
previously published by BEA (SURVEY
OF CURRENT BUSINESS, October 1970).
The primary purpose of this article
is to present in an organized framework
new facts about MNC consolidated
worldwide sales, and the U.S. export
and import content in these sales. This
article is not addressed to the fundamental question of whether or how production and sales by companies in the
United States and the overall U.S.
foreign trade position were influenced
by the U.S. direct investments abroad.
Rather, the data only show the magnitude of sales by the 298 MNCs and the
U.S. foreign trade content in these
sales, given the existence of U.S. direct
investments abroad, as well as the other
factors influencing the sales and the
overall foreign trade position of the
United States. By themselves, these
January 1973
data cannot demonstrate whether
U.S. direct investments abroad created
new markets abroad for goods produced in the United States, expanded
production abroad at the expense of
increased U.S. production, or was,
on balance, roughly neutral between
encouraging production in the United
States or production abroad. Identification of the magnitudes involved in
MNC sales and trade is only the first
step in that determination.
The data on MNC trade and sales
given in this article were drawn from a
publication recently released by the
Bureau of Economic Analysis, entitled
Special Survey of U.S. Multinational
Companies, 1970? The data for sales by
the MNCs generally cover both goods
and services, although the service component probably is relatively small;
however, some of the trade data include
only goods. This and the other statistical problems encountered in constructing the data for this article are
discussed in the Technical Notes.
3. Available from the National Technical Information
Service, U.S. Department of Commerce, Springfield,
Virginia 22151. Price $3. Quote Accession number COM-7211392 when ordering.
Table 1.—Consolidated Sales and Foreign Trade Transactions by 298 Multinational Companies, for 1966 and 1970, by Industry of U.S.
Reporter
[Millions of dollars]
Petroleum
Manufacturing
All industries
Other industries
I t e m i (line references to table 3)
1966
1970
Change,
1966-70
1966
1970
Change,
1966-70
1966
1970
1970
Change,
1966-70
Change,
1966-70
286,675
388,641
101,966
192,288
252,379
60,091
51,649
76,143
24,494
42,741
60,119
17,378
1
2
3
To unaffiliated U.S. residents
B y U.S. reporter (line 2)
B y majority-owned foreign affiliates (line 20) _ .
224, 942
224,120
822
290, 511
289,232
1,279
65, 569
65,112
457
154,454
154,029
425
192,489
191,854
635
37,825
210
34,311
34,015
296
46,935
46,542
12,624
12, 527
97
36,178
36,077
101
51,089
50,837
252
14,911
14, 760
151
4
5
T o unaffiliated foreigners
B y U.S. reporter, to other t h a n own majorityowned foreign affiliates (line 5 ) 2
B y majority-owned foreign affiliates (line 1 7 ) . . .
61, 733
98,130
36,397
37,834
59,890
22,056
17,338
29,208
11,870
6,563
9,030
2,467
7,681
54,052
11,386
86, 744
3,705
32,692
5,767
32,067
9,060
50,830
3,293
18,763
421
16,917
595
28, 613
174
11,696
1,495
5,068
1,730
7,300
235
2,232
13,726
21,228
7,502
10,736
17,050
6,314
957
1,339
382
2,033
2,839
806
5,038
8,623
3,585
4,208
7,079
2,871
378
553
175
451
991
540
1,002
7,687
1,200
11,405
198
3,718
760
5,768
903
9,068
143
3,300
157
423
191
595
34
172
85
1,498
107
1,741
22
243
8,435
13,609
5,174
5,707
9,393
3,686
2,007
3,274
1,267
721
942
221
3,433
6,244
2,811
2,161
4,153
1,992
1,074
1,976
902
198
822
4,180
1,279
6,087
457
1,907
425
3,121
635
4,605
210
1,484
296
637
393
905
97
268
101
422
A.
Consolidated sales _
6
B.
1
2
3
C.
1
2
3
U.S. exports associated with multinationals.
By U.S. reporter to own majority-owned foreign
affiliates (line 4)_.
„._..
By other U.S. suppliers 3 to majority-owned foreign
affiliates
By U.S. reporter to other foreigners (line 5) 2
U.S. imports associated with multinationals
By U.S. reporter from own majority-owned foreign
affiliates (line 15)
By other U.S. residents from majority-owned
foreign affiliates (line 20)
By U.S. reporters from other foreigners
—83
252
576
151
154
1. Data on consolidated sales are drawn from the gross sales data in table 3; see notes to and line 5 in table 3. Such exports are associated with multinational activities and are included
table 3.
for convenience in line B3.
2. Line A5 in table 1 and line 5 in table 3 are slightly smaller than line B3 in table 1 because 3. Other U.S. suppliers can include U.S. reporters which have transactions with majoritythe latter includes U.S. exports ($19 million in 1970) sold by U.S. suppliers other than the owned foreign affiliates of other U.S. reporters in this sample.
U.S. reporter and charged to majority-owned foreign affiliates, but shipped to other foreigners.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Such exports are not a sale by the U.S. reporter, and therefore are excluded from line A5 above
SURVEY OF CURRENT BUSINESS
January 1973
35
Table 2.—Percent Distribution of Consolidated MNC Sales and Foreign Trade Between U.S. and Foreign Markets, for 1966 and 1970, by
Industry of U.S. Reporter
[Percent]
Manufacturing
All industries
Item i (line references to table 1)
1966
Worldwide consolidated sales.
1970
1966
Petroleum
1970
1966
Other industries
1970
1966
1970
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
78.5
21.5
74.7
25.3
80.3
19.7
76.3
23.7
66.4
33.6
61.6
38.4
84.6
15.4
85.0
15.0
Sales in U.S. market
Imports as percent of sales (lines C/Al)
Other sales as percent of sales (lines (A1-C)/A1)..
100.0
3.7
96.3
100.0
4.7
95.3
100.0
3.7
96.3
100.0
4.9
95.1
100.0
5.8
94.2
100.0
7.0
93.0
100.0
2.0
98.0
100.0
1.8
98.2
Sales in foreign markets.
Exports as percent of sales (lines B/A4)
Other sales as percent of sales (lines (A4-B)/A4)_
100.0
22.2
77.8
100.0
21.6
78.4
100.0
28.4
71.6
100.0
28.5
71.5
100.0
5.5
94.5
100.0
100.0
31.0
69.0
100.0
31.4
68.6
Sales to U.S. residents as percent of total (lines Al/A).
Sales to foreigners as percent of total (lines A4/A)
_
4.6
95.4
1. Data for the percent computations are drawn from table 1; also see notes to table 1.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Some major findings
The sample of 298 MNCs had consolidated worldwide sales of $388.6
billion in 1970. Three-fourths, or $290.5
billion, of these sales were to unaffiliated
U.S. residents (table 1); most of these
sales were supplied out of U.S. production as the U.S. import content was
estimated at less than 5 percent (table
2). Abroad, MNC consolidated sales to
unaffiliated foreigners totaled $98.1 billion, with a U.S. export content of 22
percent.
From 1966 to 1970, consolidated
worldwide sales increased $102 billion,
a compound annual growth rate of 7.9
percent. The growth in sales to U.S.
residents was much slower than the
growth in sales to foreigners, in part
because the United States moved into
an economic recession over the period,
while business conditions abroad generally improved.
The U.S. import content (as a percentage) of consolidated MNC sales to
U.S. residents increased from 1966 to
1970, while the U.S. export content (as
a percentage) of MNC sales to foreigners slipped slightly. Some of the
increase in the U.S. import content reflected the increased U.S. demand for
petroleum (and the resulting liberalization of U.S. oil import quotas), and
the 1965 U.S. Canada Automotive
Trade Agreement, which resulted in
substantial increases in U.S. imports (as
well as in U.S. exports) of automotive
products. The decreased U.S. export
content in MNC sales to unaffiliated
foreigners mainly reflected a rapid
growth in sales to foreigners by foreign
producing affiliates of the petroleum
multinationals. Both for MNCs in manufacturing, helped by increased automotive exports to Canada, and for
MNCs in the other industries category,
the U.S. export content share in MNC
sales to foreigners remained about the
same, as these exports increased almost
in line with the rapid growth in nonpetroleum MNC sales to foreigners.
Consolidated Multinational Sales
TABLE 1 shows worldwide consolidated MNC sales, sales in the United
States and abroad, and the trade content of such sales organized by industry
of the U.S. parent reporter. Chart 20
shows a flow diagram to clarify the
relations between the various components of sales and trade given in
table 1. Manufacturing MNCs' sales
in 1970 were $252.4 billion, about 65
percent of the worldwide total. Sales by
petroleum MNCs were $76.1 billion,
and sales by MNCs in the other industries category (mainly mining and
trade) were $60.1 billion. For manufacturing MNCs, about 24 percent of
their consolidated wordwide sales were
to foreigners, slightly less than the percent for all industries. For petroleum
MNCs, on the other hand, over 38 percent of their sales were to foreigners,
reflecting the role of the U.S. international oil companies as suppliers of
foreign-produced oil to foreign markets.
Growth in worldwide sales
From 1966 to 1970, consolidated
worldwide sales by the sample increased
$102.0 billion, of which $65.6 billion
were to U.S. residents (lines A and Al).
Taking U.S. and foreign markets together, the compound growth rate in
sales was 7.9 percent per year. The
growth in sales to U.S. residents was
slow (6.4 percent per year) compared
with the growth in sales to foreigners
(12.3 percent per year). The rate and
the pattern of growth in MNC sales
were influenced by the course of business conditions in the United States
relative to those abroad. In 1966, the
United States was experiencing very
strong aggregate demand while business
conditions abroad generally were weak;
by 1970, the U.S. economy was moving
into recession, while foreign economic
conditions strengthened.
The industry composition of growth
in consolidated worldwide sales was
divergent. For manufacturing MNCs,
the increase was 7.0 percent per year,
slightly below the average for all industries. For petroleum MNCs, however, the increase was 10.2 percent per
year, reflecting the exceptionally rapid
growth in European demands for energy
from petroleum, as well as the fact that
36
SUEVEY OF CURRENT BUSINESS
a higher proportion of petroleum
MNCs' sales were concentrated in
sales abroad, compared with the two
other industry groups.
Use of this import content calculation as an indication of the share of
foreign and U.S. production in MNC
sales to U.S. residents is, however,
subject to a number of qualifications.
The share of foreign production in sales
to U.S. residents would tend to be
overestimated because (i) some part
of the imports of the U.S. reporter
probably are embodied in goods the
U.S. reporter sells to foreigners rather
than to U.S. residents, and (ii) some
of the identified U.S. imports by the
U.S. reporter and other U.S. residents
embody goods previously exported from
the United States (U.S. trade with
Canada in automotive products is an
example). On the other hand, the share
of foreign production would tend to be
underestimated because the calculation
makes no allowance for any imports
contained in purchases made domestically from other U.S. suppliers by
the U.S. reporters. In addition, there
is a problem of timing, especially in
the treatment of raw materials, imported capital goods, and inventories;
thus the year of sale of a U.S. product
may differ from the year in which the
embodied goods were imported. Although there is no clear bias either
way, these statistical problems indicate
the need for caution in assuming that
the import content calculation is always
a good proxy for the share of foreign
as opposed to U.S.-source production
in MNC sales to U.S. residents.
From 1966 to 1970, the U.S. import
content in MNC consolidated sales to
U.S. residents increased twice as fast as
the growth in other MNC consolidated
sales to U.S. residents. Mirroring this,
the U.S. import content increased from
3.7 percent of MNC consolidated sales
to U.S. residents in 1966 to 4.7 percent
in 1970 (table 2, line 5). For manufacturing, the U.S. import content
increased from 3.7 percent to 4.9 percent; for petroleum, from 5.8 percent to
7.0 percent; for the other industries
category, the U.S. import content
decreased.
Over this period, the rise in the U.S.
import content as a percentage of
MNC consolidated sales to U.S. residents reflected several partly offsetting
developments. Some of the rise reflected
the impetus given to U.S. imports of
U.S. import content
MNC sales
in domestic
The U.S. import content in MNC
consolidated sales to U.S. residents is
defined as consisting of all imports
by unaffiliated U.S. residents purchased
directly from the MOFAs, plus imports by U.S. reporters from affiliated
or unaffiliated foreigners. On the basis
of this definition, in 1970 the U.S.
import content in MNC consolidated
sales to U.S. residents amounted to
$13.6 billion (line C). Imports by
unaffiliated U.S. residents directly from
the MOFAs were $1.3 billion (line A3
or line C2), and imports by the U.S.
reporters were $12.3 billion, half of
which were from their own MOFAs
(line Cl), and half of which were
purchased from other foreigners (line
C3).
The definition of U.S. import content
treats all of the $13.6 billion as in some
sense "embodied" in sales to unaffiliated U.S. customers. For the $12.3
billion of imports by the U.S. reporters,
some imports were sold with and some
without further processing or assembly;
the value of imports of capital goods
and raw materials consumed in the
process of production can be considered to be embodied in the value of
sales by the reporters to unaffiliated
customers.
On this basis, the MNCs' 1970 sales
to unaffiliated U.S. residents of $290.5
billion (line Al) contained $13.6 billion
of direct U.S. imports and $276.9
billion of goods largely produced in
the United States, including both the
value added by the reporters and the
goods they purchased from other U.S.
producers. Using these estimates, the
U.S. import content in MNC sales to
U.S. residents was 4.7 percent in 1970,
while the share of U.S.-source production in MNC sales to U.S. residents
was 95.3 percent (table 2, lines 5 and
6). For manufacturing, the U.S. import
content in MNC sales to U.S. residents
was 4.9 percent; for petroleum 7.0
percent; and for other industries, 1.8
percent.
January 1973
automotive products by the 1965 Canadian auto agreement, and the increases
in U.S. oil import quotas as domestic
energy requirements grew; these
changes, taken together, probably accounted for nearly half of the increase
in the U.S. import content as a percentage of MNC consolidated sales to
U.S. residents. Also, there probably
was some general deterioration in the
competitiveness of U.S. production
relative to foreign production during
this period, which may have stimulated
MNC-associated U.S. imports as well
as other U.S. imports. On the other
hand, the relatively slow economic
growth and underutilization of capacity
in the United States probably tended
to moderate the growth in the import
content share of MNC sales to U.S.
residents.
U.S. export content in MNC sales to
foreigners
The U.S. export content in MNC
sales to foreigners is defined as consisting of all exports to MOFAs by
U.S. residents plus exports to other
foreigners by U.S. reporters (table 1,
lineB).
On this basis, the U.S. export content
in consolidated sales by the sample
MNCs was $21.2 billion for 1970.
Exports to the foreign affiliates totaled
$9.8 billion , (lines B1+B2), mainly
from the parent U.S, reporter, and
were embodied in the $86.7 billion of
sales to unaffiliated foreigners by the
MOFAs (line A6). The balance of the
$21.2 billion was U.S. exports of $11.4
billion sold by the U.S. reporters
directly to unaffiliated foreigners (line
B3).
MNCs' 1970 sales to unaffiliated
foreigners of $98.1 billion (line A4)
consisted of $21.2 billion of direct U.S.
exports and $76.9 billion of goods
mainly produced abroad. Accordingly,
the U.S. export content in MNC sales
to foreigners was 21.6 percent, while
the share of foreign-source production
in MNC sales to foreign residents was
78.4 percent—including value added
by the MOFAs and goods bought by
them from other foreigners. For manufacturing, the U.S. export content was
28.5 percent, much larger than the U.S.
import content in manufacturing MNC
SUEVEY OF CUEEENT BUSINESS
January 1973
consolidated sales to UiS. residents.
For petroleum, the U.S. export content
was 4.6 percent, and for the other
industries category, 31.4 percent.
From 1966 to 1970, the U.S. export
content in MNC consolidated sales to
foreigners increased 11.5 percent per
year, approaching the rapid growth
in other MNC consolidated sales to
unaffiliated foreigners. These U.S. exports thus shared substantially in the
exceptional growth in the foreign markets of these MNCs, and the U.S.
export content as a percent of MNC
sales to foreigners slipped only slightly,
from 22.2 percent in 1966 to 21.6
percent in 1970. The slippage reflected
developments in the petroleum industry: the U.S. export content in
petroleum sales decreased from 5.5
percent in 1966 to 4.6 percent in
1970, reflecting a sharp increase in
sales by MOFAs in oil producing areas
to foreign consuming areas. For manufacturing, the U.S. export content
was about 28.5 percent in both years.
This stability in part reflected the
impact of the Canadian auto agreement,
which led to significant increases in
U.S. exports (as well as in U.S. imports)
of automotive products. For the group
of industries other than manufacturing
and petroleum the U.S. export content
increased marginally.
The use of these calculations of
U.S export content as indicators of
the share of U.S. and foreign production in MNC sales abroad is subject
to the same type of qualifications
and uncertainties as is the use of
the calculations of U.S. import content in MNC sales in the United
States.
Gross Sales of Foreign Affiliates
WHILE consolidated sales provided a
useful instrument to analyze the operations of MNC companies as a whole, the
activities of the component entities are
also of interest and must necessarily be
analyzed on a gross sales basis. A brief
review of gross sales by the MOFA's
is given below. These figures are similar
to, but not strictly comparable with the
data on sales published previously in
37
the SURVEY. (See Technical Notes.) 4
Table 3 gives detail on the composition of worldwide MOFA gross sales by
industry of the parent U.S. reporter,
and by residence of customer. Table 4
gives a percentage distribution of the
data shown in table 3.
Gross worldwide sales by the 5,237
MOFAs covered in the sample were
$114.7 billion in 1970. Sales to foreigners
were $107.2 billion, or 93.4 percent of
the gross total; exports to the United
States were $7.5 billion, and were
mainly to the U.S. reporter.
For the sample, manufacturing accounted for the bulk of gross affiliate
sales. MOFAs of manufacturing MNCs
showed worldwide gross sales of $62.9
billion in 1970. Their sales to foreigners
were 54 percent of all MOFA gross sales
to foreigners; and their sales to U.S.
residents were 64 percent of all MOFA
gross sales to U.S. residents. For petroleum, MOFA worldwide gross sales were
$43.7 billion, and for the other industries category, $8.0 billion.
Table 3 distinguishes between gross
sales to unaffiliated customers and gross
4. "Sales of Foreign Affiliates of U.S. Firms, 1961-66, 1967
and 1968," published in the October 1970 SURVEY OF CURRENT BUSINESS.
Table 3.—Worldwide Gross Sales by 298 Multinational Companies, for 1966 and 1970, by Industry of U.S. Reporter
[Millions of doUars]
M anufactur ing
All industries
1966
Gross Sales *_.
By U.S. reporter
To unaffiliated U.S. residents
To foreigners
To own majority-owned foreign affiliates..
Toothers
By majority-owned foreign 2 affiliates _
9
10
Sales to foreigners..,.
Local sales
i
Exports to third countriesExports to United States
1970
Change,
1966-70
1966
1970
Other industries
Petroleum
Item
Change,
1966-70
1966
1970
Change,
1966-70
1966
1970
307,993
423,960
115,967
202,955
270,921
67,966
61,250
91,439
30,189
43,789
61,601
17,812
236,839
224,120
12, 719
5,038
7,681
309,241
289,232
20,009
8,623
11,386
72,402
65,112
7,290
3,585
3,705
164,004
154,029
9,975
4,208
5,767
207,993
191,954
16,139
7,079
9,060
43,989
37,825
6,164
2,871
3,293
34,814
34,015
799
378
421
47,690
46,542
1,148
553
595
12,876
12, 527
349
175
174
38,022
36,077
1,945
451
1,495
53,559
50,837
2,722
991
1,730
15,537
14,760
777
S40
235
71,154
114,719
43,565
38,951
62,928
23,977
26,436
43,749
17,313
5,767
8,042
2,275
66,647
52,400
14,247
4,258
107,196
80,827
36,213
29,940
6,273
2,588
58,139
46,817
11,322
4,788
21,926
16,877
5,049
2,200
25,007
18,473
6,534
1,370
41,379
28,266
16,372
9,793
6,579
999
5,427
3,987
1,440
7,524
40,549
28,427
12,122
3,266
7,677
5,744
1,933
366
2,250
1,757
493
67
492
377
103
274
115
-65
18
81
7,552
7,300
5,641
1,659
252
13,113
12
13
14
15
By majority-owned foreign affiliates to affiliated
customers
Sales to affiliated foreigners
Local
Exports to third countries
Exports to parent U.S. reporter
16,028
12, 595
4,006
8,589
3,433
26,696
20,452
5,799
14,653
6,244
10,668
7,857
1,793
6,064
2,811
6,307
4,146
884
3,262
2,161
11,462
7,309
1,140
6,169
4,153
5,155
3,163
256
2,907
1,992
9,164
8,090
3,100
4,990
1,074
14, 742
12, 766
4,556
8,210
1,976
5,578
4,676
1,456
902
557
359
22
337
198
17
18
19
20
By majority-owned foreign affiliates to unaffiliated
customers
Sales to unaffiliated foreigners _ _
Local sales
Exports to third countries
Exports to unaffiliated U.S. residents.
54,874
54,052
48,394
88,023
86,744
75,028
11,716
1,279
33,149
32,492
32,067
29,056
3,011
425
51,465
50,830
45,677
5,153
635
18,973
18,763
16,621
2,142
210
17,213
16, 917
15,373
1,544
296
29,006
28,613
23, 710
4,903
393
11,793
11,696
8,337
3,359
97
5,169
5,068
3,965
1,103
101
822
26,634
6,058
457
1. Sales by U.S. reporter (lines 1 through 5) were reported on a partially consolidated basis,
in that domestic intercompany sales were netted out; therefore line 1 contains sales to unaffiliated U.S. residents and all sales to foreigners by the consolidated U.S. reporter.
2. Total sales by the foreign affiliates (line 6) include sales of finance and insurance affiliates
but since such affiliates were not required to give any breakdowns of sales by destination in
Change,
1966-70
2,232
1,676
556
151
1966, lines 7 through 20 in 1966 exclude such sales. The amount involved was $249 million.
NOTE.—All data in table 3 are drawn from Bureau of Economic Analysis, Special Survey
of U.S. Multinational Companies, 1970.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
38
Table 4.—Percent Distribution of Gross Sales by Majority-Owned Foreign Affiliates of 298
Multinational Companies, for 1966 and 1970, by Industry of U.S. Reporter
[Percent]
All industries
Item*
Gross sales (line 6).
2
3
4
5
Sales to foreigners (line 7)
Local sales
Exports to third countries
Exports to United States (line 10).
6 Sales to affiliated customers (line 11)...
7
Sales to foreigners (line 12) _
8
Local sales
9
Exports to third countries
10
Exports to United States (line 15) _
Sales to unaffiliated customers (line 16).
Sales to foreigners (line 17)
Local sales
Exports to third countries
Exports to United States (line 20). _
Manufacturing
Petroleum
Other
industries
1966
1970
1966
1970
1966
1970
1966
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
93.7
73.6
20.0
6.0
93.4
70.5
23.0
6.5
92.9
76.9
16.1
6.7
92.4
74.4
18.0
7.6
94.6
69.9
24.7
5.2
94.6
64.6
30.0
5.4
94.1
69.1
25.0
5.2
95.5
71.4
24.0
4.5
22.5
17.7
5.6
12.1
4.8
23.3
17.8
5.0
12.8
5.4
16.2
10.6
2.3
8.4
5.6
18.2
11.6
1.8
9.8
6.6
34.7
30.6
11.7
18.9
4.1
33.7
29.2
10.4
18.8
4.5
9.7
6.2
.4
5.8
3.4
6.1
4.7
1.3
3.4
1.4
77.2
76.0
68.0
8.0
1.2
76.7
75.6
65.4
10.2
1.1
83.4
82.3
74.6
7.7
1.1
81.8
80.8
72.6
8.2
1.0
65.1
64.0
58.2
5.8
1.1
66.3
65.4
54.2
11.2
89.6
87.9
68.8
19.1
1.8
93.9
90.8
70.2
20.6
3.1
1970
1. Percent distributions are based upon data in table 3; note that for 1966 lines 2 and 5 exclude sales of finance and insurance affiliates, but line 1 includes such sales, so that lines 2+5 do not sum to 100 percent. See notes to table 3.
Source: U.S. Department of Commerce. Bureau of Economic Analysis.
sales to affiliates (which cover sales to
the U.S. parent and sales to other
MOFAs of the U.S. parent). Sales to
affiliated customers were $26.7 billion
in 1970, 23 percent of the total; sales
were predominantly exports, either to
other foreigners or to the United States.
In contrast, sales to unaffiliated customers were predominantly to local
customers in the principal country of
operation of the MOFA; this contrast
held for all three industry groups.
From 1966 to 1970, worldwide gross
sales by the MOFAs increased $43.6
billion, a compound annual growth
rate of 12.7 percent. Their gross sales
to all foreigners increased $40.5 billion,
and their exports to the United States
increased $3.3 billion.
As table 4 indicates, the substantial
growth in gross MOIA sales from 1966
to 1970 was accompanied by only small
shifts in the structure of sales, both
overall and by industry. Gross sales to
foreigners became slightly less important and those to the United States
slightly more important. Within sales
to foreigners, the most noticeable shift
was a reduction in the importance of
local sales and an increase in exports to
third countries, reflecting activities of
petroleum MNCs and, to a lesser extent, manufacturing MNCs. Sales to
affiliated customers became slightly
more important and those to unaffiliated customers slightly less so.
Technical Notes
Gross sales
The gross sales data shown for a
U.S. reporter (a collective term for
all the U.S. components of a MNC,
including, for example, any domestic
affiliates of the company actually filling
out the report) are not strictly comparable with those shown for its
MOFAs. The U.S. reporter (parent)
data, as received by BEA, cover
only sales to unaffiliated U.S. residents;
sales between different U.S. members
of the same MNC are excluded. In
contrast, sales transactions between
MOFAs belonging to the same MNC
were often reported separately even
if the MOFAs were domiciled in the
same country. MOFAs could be consolidated in one report only if the
MOFAs were in the same country and
January 1973
in the same industry and even that
much consolidation was not always
done. Therefore gross sales by the
U.S. reporters are more consolidated
th<an are gross sales by the MOFAs.
This difference in consolidation partly
explains why U.S. reporter sales to
affiliated customers were less than
3 percent of their gross sales (table 3,
lines 4 and 1), while MOFA sales to
affiliated customers were 23 percent
of their gross sales (lines 11 and 6).
The gross sales data for foreign
affiliates discussed above differ in
important respects from data published previously in the SURVEY. Affiliate data in the present article are
classified by industry of the parent
U.S.
reporter; data published previously were classified by industry
of the foreign affiliate. In addition, data
in this article cover the MOFAs of
298 MNCs in three industry groups—
manufacturing, petroleum, and all other
industries (including trade and mining).
The previously published data were
estimates of total sales by all foreign
manufacturing and mining affiliates
in which U.S. owners had a direct
equity interest of 25 percent or more.
Under the definitions given earlier,
consolidated sales by the U.S. reporter
include sales to its own minority-owned
foreign affiliates; for purposes of this
article, minority-owned affiliates are
considered unaffiliated foreigners. On
the other hand, consolidated sales by
the MOFAs do not include their sales
to related minority-owned foreign affiliates. This difference in the treatment
of sales to minority-owned affiliates
reflects the fact that data as reported
to BEA did not separate MOFA sales to
minority-owned foreign affiliates from
MOFA sales to other MOFAs, while
sales by U.S. companies to minorityowned foreign affiliates were not distinguished from sales to unaffiliated
foreigners. The result gives a low
measure of consolidated sales by the
MOFAs relative to consolidated sales
by the U.S. reporter.
Consolidation not only eliminates
double counting of the value of sales by
each MNC; in addition, since the gross
sales data for the U.S. reporter and for
its affiliates were collected at different
levels of aggregation, consolidation is
SURVEY OF CURRENT BUSINESS
January 1973
useful because it puts available data
on sales by the U.S. reporters and sales
by affiliates of the same MNC on the
same basis. Furthermore, consolidation
minimizes problems of valuation of
transactions between affiliated companies: pricing of sales between members of a MNC may vary from open
market prices; because consolidation
eliminates transactions between affiliated companies, the effect of this
intercompany pricing is substantially
eliminated in the overall consolidated
sales figures.
Consolidation eliminated double
counting in the reported gross sales
figures of $35.3 billion for 1970 (the
difference between table 3, line 1 and
table 1, line A). The items eliminated
were U.S. parents' export and import
transactions with their MOFAs (table
1, lines Bl and Cl) and sales by MOFAs
to other foreign affiliates of the same
U.S. parent (table 3, line 12). The $35.3
billion was 9 percent of consolidated
sales in 1970, compared with 7 percent
in 1966. For petroleum reporters, the
amount of consolidation was $15.3
billion in 1970, 20 percent of their
consolidated sales
Coverage and valuation of sales
Sales data in this article cover both
goods and services, except for certain
categories of U.S. trade described below
which include only goods. Sales were
requested to be reported excluding
receipts for sales taxes or consumption
taxes levied directly on the consumer.
However, if the accounts of the company
ordinarily showed sales inclusive of sales
or excise taxes, sales could be reported
on that basis. Sales are net of the value
of goods returned, but include valueadded or similar taxes collected at the
wholesale level; however, the treatment
of rebates of value-added taxes on
MOFA export sales is not known.
MNC'associated
trade
MNC-associated trade is denned to
consist of three components:
1. Trade between U.S. reporters and
their MOFAs. This category consists of
U.S. reporters' exports of goods (but
not services) to the MOFAs, whether
the goods were actually produced by
the U.S. reporters or by other U.S.
residents, and of imports by U.S. reporters from their own MOFAs. The
latter, which are derived from affiliate
sales data, include both goods and services ; the service component is believed
to be quite small.
2. Trade between other U.S. residents
and the U.S. reporters1 MOFAs. This
category consists primarily of transactions between U.S. residents that
were not in the sample and the MOFAs
of the U.S. reporters; however, it also
includes transactions between one U.S.
reporter and the MOFAs of another
U.S. reporter; such transactions could
not be separately identified in the
Survey data. U.S. exports include only
goods. U.S. exports charged to the reporters' MOFAs on the books of other
U.S. suppliers, but which were shipped
to other foreign residents, are included
in the component of MNC trade described below. Imports by other U.S.
residents from MOFAs are derived
from MOFA sales data and include
what is believed to be a small amount
of services.
3. Trade between U.S. reporters and
other foreigners. This category consists
of the U.S. reporters' export and import
transactions in goods with foreigners
other than their own MOFAs, but it
includes a small amount of trade of
U.S. reporters with MOFAs of other
U.S. reporters, duplicating some of the
data included in component 2, described
above.
General sources
All 1970 data on sales and on the U.S.
imports and exports associated with the
298 MNCs in the sample were obtained
from Forms BE-llA and 11-B, "Confidential Special Survey of Multinational Companies, 1970," of the Bureau
of Economic Analysis, response to
which was voluntary.
Data on the U.S. reporters' sales
and data on the U.S. reporters' imports
from unaffiliated foreigners in 1966 were
also obtained from the special survey.
However, 1966 data on sales by the
MOFAs, 1966 data on other MNCassociated imports, and all 1966 data
on MNC-associated exports were based
upon the mandatory benchmark survey
of U.S. direct investments abroad for
39
that year.5 The data from the 1966
benchmark survey are for the same
group of enterprises that were included
in the 1970 special survey, but are as
reported by them in the benchmark
survey.6
Sample relative to MNC universe
Foreign affiliates: Gross sales of all
nonfinancial MOFAs covered in the
benchmark survey in 1966 were $97.6
billion. Sales by MOFAs in the sample
were $71.2 billion in 1966, about 73.0
percent of the total. These figures are
not strictly comparable. The 1966 universe data were compiled on a U.S.national definition for majority ownership, i.e., taking into account the ownership interests of all U.S. residents; the
sample data for 1966 were compiled on
a single owner definition for majority
ownership. Also, the sample in this report consists primarily of large U.S.
MNCs; to obtain comparable estimates
of the 1970 universe, information on
the growth rates of sales by MOFAs
of the smaller MNCs is required, as
the growth in such sales may be different from that of the larger companies. Such information is not
available.
U.S. reporters: Domestic sales data
on the universe of U.S. reporters were
not collected for either 1966 or 1970.
However, data on assets are available
for the universe in 1966 and can be
used as a measure of relative importance
of the sample of 298 companies. Domestic assets are defined to include
financial claims on foreign residents
other than foreign affiliates. The sample
of 298 companies reported that their
domestic assets in 1966 were $227.7
billion; this amounted to 39.1 percent
of domestic assets of $502.8 billion for
all U.S. reporters covered in the 1966
benchmark survey. Comparability of
these asset figures is limited by statistical problems, including the effects of
mergers and acquisitions.
5. U.S. Direct Investments Abroad, 1966. Part II: Investment
Position, Financial and Operating Data. This survey was
published in three volumes (Group 1, covering U.S.reporters
in petroleum; Group 2, covering U.S. reporters in manufacturing; and Group 3, covering U.S. reporters in other
industries) as supplements to the SURVEY, available from
the National Technical Information Service, U.S. Department of Commerce, Springfield, Va. 22151, at $3 for each of
the three volumes. Accession numbers are COM-72-10097,
72-10096, and 72-10441, respectively.
6. See Bureau of Economic Analysis, Special Survey of
U.S. Multinational Companies, 1970, for a more detailed
explanation of how this enterprise match was done.
January 1973
SURVEY OF CURRENT BUSINESS
40
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OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
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1969
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1971
1969
IV
Annual total
1970
I
II
1971
III
IV
i | „
1972
in
IV
II
I
III
IV pi
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT!
] ,164.0 1,195. 8
976.4
1,050.4
948.9
958.0
971.7
986.3
989.7
1,023.4
1,043.0
1,056.9
Personal consumption expenditures, total
do
579.5
616.8
664.9
594.4
604.1
613.4
623.0
626.5
648.0
660.4
670.7
680.5
696.1
713.4
728.6
746.2
Durable goods, total?
Automobiles and parts
Furniture and household equipment
do
do
do
90.8
40.2
37.1
90.5
37.3
39.0
103.5
46.7
42.0
91.4
40.6
37.5
90.2
37.8
38.7
91.6
39.2
38.8
92.6
39.4
38.8
87.5
33.0
39.6
99.8
44.9
41.0
101.9
45.4
41.4
106.1
48.8
41.9
106.1
47.9
43.5
111.0
49.9
46.5
113.9
51.3
46.8
118.6
54.8
47.9
121.5
55.5
49.4
do
do
-.do
do
I 245.9
50.2
120.6
20.9
264.4
52.0
132.1
22.2
278.1
56.9
136.4
23.5
251.1
51.1
122.6
21.5
257.8
51.1
128.0
21.8
262.4
51.8
131.2
22.0
266.3
51.7
133.9
22.3
271.3
53.6
135.2
22.8
273 A
55.1
135.1
23.0
277.2
56.7
135.9
23.0
278.5
57.4
136.6
23.5
283.4
58.5
137.9
24.3
288.3
59.4
140.3
24.6
297.2
61.5
144.1
24.5
302.0
62.6
145.8
25.4
310.4
64.2
149.1
26.1
do..
do_.
do_.
do..
242.7
33.8
84.1
16.6
261.8
36.3
90.9
283.3
39.5
99.2
19.9
251.9
35.1
87.2
17.1
256.1
35.3
88.7
17.7
259.4
35.9
90.1
18.0
264.1
36.9
91.4
18.5
267.7
37.2
93.4
18.8
274.8
38.0
95.8
19.3
281.3
39.1
98.1
19.8
286.1
40.0
100.3
20.2
290.9
40.7
102.5
20.4
296.7
41.2
104.2
21.0
302.4
42.7
106.1
21.5
308.0
44.0
108.1
21.9
314.3
45.2
110.2
22.4
do..
139.0
Gross national product, totalf
bil.$__
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
_
Services, total9
Household operation
Housing
Transportation
Gross private domestic investment, total
...do
do
do
do
do
do
do
do
131.1
98.5
34.2
64.3
32.6
32.0
7.8
7.7
do
do
do
1.9
55.5
53.6
Govt. purchases of goods and services, total, .do
Federal
do
National defense
do
State and local
do
By major type of product:!
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
Structures
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories
Nonfarm.._
.._
132.2
100.9
36.0
64.9
152.0
137.9
132.9
137.7
139.9
137.8
143.9
153.0
152.2
158.8
168.1
177.0
183.2
192.4
148.3
105.8
38.4
67.4
42.6
42.0
3.6
2.4
132.3
101. 4
35.8
65.7
30.9
30.5
5.5
5.4
131.4
100.2
35.5
64.8
31.2
30.6
1.5
1.4
131.4
101.7
36.1
65.6
29.7
29.4
6.3
6.2
133.7
103.4
36.2
67.2
30.3
29.9
6.2
6.1
132.1
98.5
36.3
62.1
33.6
33.0
5.7
5.6
139.0
101.9
37.6
64.3
37.0
36.6
4.9
3.9
146.4
105.0
38.3
66.7
41.4
40.9
6.6
5.1
150.9
106.3
38.7
67.6
44.5
43.9
1.3
-.2
157.2
109.8
38.8
71.0
47.3
46.7
1.7
.8
167.7
116.1
41.3
74.8
51.6
51.0
.4
.1
172.0
119.2
42.0
77.2
52.8
52.1
5.0
4.3
175.2
120.7
41.8
79.0
54.4
53.7
8.0
7.9
182.4
125.6
43.8
81.8
56.8
55.9
10.0
9.7
.7
66.1
65.4
2.7
59.2
56.5
3. 6
61.5
57.9
3.9
63.0
59.2
4.0
63.7
59.8
2.8
63.2
60.4
4.5
66.3
61.8
66] 7
66.6
.4
68.5
68.2
-2.1
63.0
65.1
-4.6
70.7
75.3
—5.2
70.0
75.2
-3.4
74.4
77.8
-3.0
79.7
82.7
210.0
98.8
78.4
111.2
31.2
30.7
4.9
4.8
3.6
62.9
59.3
219.0
96.5
75.1
122.5
232.8
97.8
71.4
135.0
214.0
99.4
78.9
114.6
217.3
99.7
78.9
117.6
216.7
96.2
74.7
120.5
219.5
95.2
73.8
124.3
222.6
95.0
72.9
127.6
227.0
96.2
72.5
130.8
229.5
96.3
71.2
133.3
233.6
97.9
70.1
135.7
240.9
100.7
71.9
140.2
249.4
105.7
76.7
143.7
254.1
108.1
78.6
146.0
255.6
105.4
75.1
150.2
260.3
104.5
74.4
155.8
do..
do_.
do..
do..
do..
do..
922.5
449. 7
182.3
267.4
377. 9
94.9
971.5
467.0
183.0
284.0
409.2
95.4
1,046.7
491.8
194.6
297.3
443.9
111.0
943. 4
458.0
184. 7
273.3
391.9
93.4
956.4
462.3
184.4
277.8
400.6
93.5
965.5
467.3
185.2
282.1
405.1
93.1
980.2
472.7
187.4
285.2
412.2
95.3
984.1
465.6
174.8
290.7
418.7
99.8
1,018.5
482.2
189. 6
292.6
431.3
105.0
do_
.do..
_._do_.
7.8
5.0
2.8
4.9
1.9
3.0
3.6
1.1
2.5
5.5
3.7
1.9
1.5
1.0
.5
6.3
1.6
4.7
6.2
6.0
.2
5.7
-.9
6.6
4.9
3.7
1.2
Net exports of goods and services
Exports
Imports
._
Change in business inventories
Durable goods
Nondurable goods
18.2
137.1
1,078.1 1,109.1 1,139.4
1,036.4 1,055.6 1,076.4 1,108.6 1,134.4 1,156.0 1,185. 9
485.8
496.2
503.1 517.2
532.1
556.0
542.4
200.1 208.8
214.6
191.0
197.7
226.2
220.7
317.5
329. 9
294.8
298.5 303.0 308.4
321.7
467.3
456.3
477.3
496.8
487.3
441.1
446.7
124.2
117.0
125.0
133.1
126.3
109.5
112.7
6.6
3.6
3.1
1.3
-1.0
2.3
1.7
-1.9
3.5
.4
.4
.0
5.0
3.0
2.1
8.0
5.4
2.6
10.0
11.9
-1.9
GNP in constant (1958) dollars!
Gross national product, totalf
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. $-_
725.6
722.1
741.7
725.1
720.4
723.2
726.8
718.0
731.9
737.9
742.5
754.5
766.5
783.9
796.1
812.4
do
469.1
477.0
495.4
472.2
474.1
476.9
480.2
476.5
488.2
493.0
497.4
503.2
511.0
520.9
528.7
538.6
do..
do_.
..do..
85.6
201.3
182.2
92.1
211.1
192.2
85.4
201.5
185.2
83.8
204. 4
185.9
84.7
206.0
186.2
84.9
207.7
187.6
78.9
209.9
187.8
88.8
210.0
189.3
90.0
211.2
191.8
94.2
210.5
192.8
95.4
212.8
195.0
98.6
211.7
197.7
100.7
220.1
200.0
104.5
221.9
202.3
108.4
225.3
204. 9
do.
110.5
83.1
207.0
186.8
104.0
108.6
107.4
102.0
105.6
106.2
102.2
105.0
110.0
107.3
112.0
116.6
122.0
125.5
131.1
do
do
do
do
103.8
80.1
23.7
6.7
99.9
77.6
22.3
4.1
105.9
76.8
29.1
2.6
102.8
80.9
21.9
4.6
101.0
78.8
22.2
.9
100.0
78.9
21.1
5.6
101.3
79.3
22.0
4.9
97.4
73.6
23.9
4.8
101.2
75.3
25.9
3.8
104.7
76.4
28.3
5.3
106.6
76.4
30.1
.7
111.3
79.2
32.1
.7
116.3
82.2
34.2
.3
118.0
83.6
34.4
3.9
119.3
84.2
35.1
6.2
123.4
87.2
36.3
7.7
.2
2.2
.1
.8
.1
-1.8
-3.3
-2.8
-.7
-.3
do..
1.9
145.9
Govt. purchases of goods and services, total, .do
139.0
144.6
142.4
137.6
73.5
Federal
do
64.7
71.5
69.0
60.8
72.4
State and local
do
74.3
73.1
73.5
76.8
r
Revised.
v Preliminary.
i Preliminary annual totals for 1972 for components
shown in this column appear on pp. 7-10 of this issue of the SURVEY.
\ Revised series.
Estimates of national income and product and personal income have been revised back to
2.0
2.9
1.9
2.7
-.7
138.6
137.5
137.3
136.1
137.6
141.1
142.2
135.7
143.9
142.6
143.0
64.8
62.9
62.1
60.2
61.0
62.3
62.8
59.7
63.7
60.8
59.2
73.8
74.6
75.1
75.9
79.4
76.0
76.7
78.8
80.3
81.8
83.8
1969 (see p. 16 ft. of the July 1972 SURVEY); revisions prior to May 1971 for personal income
appear on pp. 25-26 of the July 1972 SURVEY.
9 Includes data not shown separately.
S-l
CVJiil Ut 1
S-2
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1969 | 1970
UUKJ
^^
i5u;
January 1973
1970
1971
I
Annual total
.
II
1971
III
IV
I
II
1973
1972
III
IV
I
II
III
I V *>3
I
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
bil. $..
766.0
798.6
855.7
787.5
796.7
806.3
804.1
Compensation of employees, totalf
do..
566.0
603.8
644.1
594.3
600.7
609.0
611.2
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
do
do
do__..
do
do
do
do
do
do
509.7
405.6
19.0
85.1
56.3
67.2
50.5
16.7
22.6
541.9
426.8
19.6
95.5
61.9
66.8
49.9
16.9
23.3
573.5
449.7
19.4
104.4
70.7
70.0
52.6
17.3
24.5
534.9
422.5
20.2
92.2
59.5
67.7
49.7
18.0
23.0
539.5
425.1
19.6
94.7
61.2
67.1
50.0
17.1
23.2
546.1
430.0
19.4
96.7
62.8
66.6
50.1
16.5
23.4
547.2
429.7
19.0
98.5
63.9
65.8
49.9
15.9
23.8
79.8
69.9
78.6
69.3
71.5
72.0
12.4
67.4
36.6
17.7
18.8
14.5
55.4
27.7
16.7
11.0
16.7
61.9
30.9
16.8
14.1
12.8
56.5
29.4
16.4
13.1
14.0
57.5
29.9
17.0
13.0
15.0
57.0
28.9
17.2
11.7
10.1
20.7
7.6
20.1
8.2
22.9
8.0
19.1
7.4
20.1
84.9
40.1
44.8
24.3
20.5
-5.1
30.5
74.3
34.1
40.2
24.8
15.4
-4.4
34.8
83.3
37.3
45.9
25.4
20.5
-4.7
38.5
75.8
34.3
41.4
24.8
16.6
-6.4
33.2
750.9
116.5
634.4
596.2
38.2
116.7
689.5
634.7
54.9
861.4
117.0
744.4
683.4
60.9
75.56
31.68
15.96
15.72
79.71
31.95
15.80
16.15
43.88
47.76
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16,59
876.2
903.1
922.1
648.0
660.4
682.7
697.8
710.2
730.0
560.4
439.3
19.8
101.3
68.2
68.1
51.3
16.8
23.9
569.6
447.0
19.4
103.3
70.0
69.3
52.4
16.9
24.4
576.5
451.6
18.8
106.0
71.5
70.7
53.1
17.6
24.8
587.3
460.9
19.4
71.8
53.8
18.1
25.0
606.6
475.8
20.8
110.0
76.1
73.3
54.3
19.1
25.2
620.0
487.1
20.5
112.4
77.8
73.2
54.4
18.7
24.2
630.6
494.8
20.4
115.4
79.6
75.3
56.2
19.1
26.2
648.5
509.8
20.6
118.1
81.5
79.0
57.4
21.6
26.9
66.9
76.6
80.1
78.3
79.4
81.8
86.1
16.1
50.8
22.6
16.4
6.2
16.6
59.9
30.9
16.6
14.3
16.4
63.7
31.2
16.8
14.4
17.0
61.3
30.1
16.9
13.3
16.6
62.7
31.2
16.9
14.3
16.5
65.2
35.4
17.7
17.7
17.5
68.5
37.0
17.6
19.4
18.3
71.3
37.9
19.5
18.4
7.8
20.3
7.2
20.9
7.8
21.2
23.7
8.5
22.6
7.6
23.9
7.8
22.0
22.8
9.6
23.8
75.2
34.6
40.6
24.7
15.8
-3.7
34.2
76.6
35.4
41.2
24.9
16.3
-4.6
35.3
69.6
32.2
37.4
24.7
12.7
-2.8
36.5
81.3
38.0
43.2
25.5
17.7
-4.7
37.3
84.5
38.6
45.8
25.4
20.4
-4.4
38.1
84.1
37.5
46.6
25.5
21.0
-5.8
39.1
83.2
35.3
48.0
25.2
22.7
-3.9
39.7
88.2
38.8
49.5
26.0
23.5
-6.5
40.1
40.1
51.5
26.2
25.3
-5.5
40.9
95.7
41.8
53.9
26.5
27.3
-6.1
41.7
-5.9
42.5
785.7
117.8
667.9
621.6
46.3
806.1
119.0
687.2
631.2
55.9
813.4
114.3
699.1
641.1
58.0
819.8
115.8
704.0
644.8
59.2
838.0
112.3
725.7
666.4
59.3
858.1
115.2
742.9
678.8
64.1
867.9
117.5
750.4
689.4
61.0
881.5
123.0
758.5
699.2
59.3
907.0
136.5
770.5
714.9
55.7
922.1
139.5
782.6
732.5
50.1
939.9
141.1
798.8
748.0
50.8
974.3
145.9
828.4
766.0
62.4
81.21
29.99
14.15
15.84
17.47
7.14
3.59
3.56
20.33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
21.66
8.66
4.26
4.40
17.68
6.69
3.11
3.58
20.60
7.55
3.52
4.03
20.14
7.31
3.40
3.91
22. 79
8.44
4.12
4.32
19.38
6.61
3.29
3.32
22.01
7.63
3.71
3.92
21.86
7.74
3.86
3.87
i 25.30
9.19
4.65
4.54
51.22
2.16
1.67
1.88
1.38
15.30
12. 86
2.44
10.77
18.05
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
10.99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94
13.06
2.81
4.44
12.83
.55
.42
.39
.37
4.07
3.35
.71
2.62
4.42
14.35
.59
.45
.56
.37
4.29
3.60
.69
2.84
5.26
12.77
.58
.48
.50
.32
3.63
3.19
.44
2.72
4. f 5
14.38
.61
.48
.73
.39
4.24
3.61
.62
2.95
4.98
14.12
.59
3.58
2.79
.78
2.56
4.16
12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42
.72
2.84
4.97
16.11
.67
.47
.69
.35
4.85
4.07
.78
2 9. 08
_do.
do.
do_
do.
78.22
32.44
16.40
16.05
80.22
32.43
16.32
16.11
81.88
32.15
15.74
16.40
78.63
30.98
14.92
16.05
79.32
30.46
14.21
16.25
81.61
30.12
14.06
16.06
80.75
29.19
13.76
15.43
83.18
30.35
14.61
15.74
86.79
30.09
15.06
15.02
87.12
30.37
14.77
15.60
87.67
30.98
15.67
15.31
i 92.36
32.96
16.44
16.52
do.
do..
do.
do.
do.
do..
do..
do.
do.
do.
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
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39
51.50
2.08
1.88
2.28
1 40
14.91
12.61
2.30
11.21
17. 72
51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
10.73
17.85
52.82
2.30
1.64
2 26
1.33
15.74
13.01
2.74
10.44
19.10
56.70
2.42
2.10
1.96
1.48
16.92
14.27
2.65
11.71
20.10
56.75
2.38
1.88
2.89
1.53
16.60
14.32
2.27
11.59
19.88
56.70
2.40
1.50
2.67
1.41
17.01
14.62
2.38
11.56
20.16
59.40
2.61
1.70
2.57
1.28
17.94
14.89
3.05
15,375
10,231
15,762
10,565
15,932
10,705
15,805
10,462
16,580
11,017
16,675
10,710
17,133
11,479
15,748
9,564
1,478
66,133
42,770
1,922
273
441
329
436
510
516
474
423
334
281
11,426
8,004
12,898
8,543
2,936
1,935
2,779
1,977
2,863
2,035
2,850
2,057
2,937
2,116
3,297
2,152
3,015
2,165
3,651
2,110
3,249
2,371
3,187
2,394
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 INCOME f
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:
All industries
bil. $..
Manufacturing
do
Durable goods industries J
do
Nondurable goods industries J
do
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries f
Nondurable goods industries f
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
851.4
639.6
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
utilities
bil. $..
All other industries
do
Nonmanufacturing
Mining __
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other
834.5
do.
do.
do.
do.
do.
do.
do.
do.
do.
do.
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf1
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $.. 55,502
36,417
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales contracts
mil. $.. 1,512
Receipts of income on U.S. investments
abroad
mil. $.. 10,539
7,034
Other services
do
62,870
41,963
.46
.46
.74
.30
.54
.47
.60
3 20
107.0
73.0
943.0
.38
.61
.35
4.39
3.67
26.7
2 33.30
17, 745 17,307 •18, 377
11, 791 11,445 -12,307
*>250
421
*>2,399
-19,273
-13,895
-1,080
P3,
-53,591 -59,307 -65,406 -14,477 -14,795 -14,943 -15,093 -15,444 -16,639 -17,042 -16,285 -18,933 —18,908
-35, 796 -39, 799 -45,459 - 9 , 731 -9,831 -9,968 -10,269 -10, 728 -11, 722 -11,951 -11,058 -13,478 -13,393
-4,856 -4,852 -4,816 -1,180 - 1 , 259 - 1 , 210 - 1 , 203 -1,175 -1,214 -1,198 - 1 , 230 -1,218 -1, 239
-4,564 -5,167 -4,903 -1,344 -1,322 - 1 , 284 -1,217 -1,139 -1,106 - 1 , 304 -1,356 -1,387 -1,417 -1,497
-8,376 -9,491 -10,227 -2, 222 -2, 383 -2,481 -2,404 -2,402 -2,597 - 2 , 589 -2,641 -2,850 -2,859 v -2,801
91
-537 -1,188 -1,601 p-896
712
989
967
1,136
36
3,563
727
1,911
Balance on goods and services, total
do
193
734
737
621
2,164 -2,689
500
-472 -1,494 -1,687 -1,948 -1,588
289 -1,012
Merchandise, adjusted, excl. military
do
T
l
penditures, interest paid by consumers, and personal transfer payments to foreigners.
Revised.
*» Preliminary.
Estimates (corrected for systematic biases) for Oct.§ Personal saving is excess of disposable income over personal outlays.
Dec. 1972 and Jan.-Mar. 1973 based on expected capital expenditures of business. Expected
•jfData for individual durable and nondurable goods industries components appear in the
expenditures for3the year 1972
appear on p. 19 of the Dec. 1972 SURVEY.
2 includes comMar., June, Sept., and Dec. issues of the SURVEY.
cfMore complete details appear in the
munication.
See note l on p. S-l.
t See corresponding note on p. S-l.
9 Includes
quarterly
reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
inventory valuation adjustment.
© Personal outlays comprise personal consumption exImports of goods and services
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
Payments of income on foreign investments in the
U.S
mil. $..
Other services
do
SURVEY OF CURRENT BUSINESS
January 1973
1969
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of B U S I N E S S STATISTICS
1970
1971
S-3
1970
Annual total
I
II
1971
III
IV
I
II
1972
IV
III
III*
II
1
1973
IV
I
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS—Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transactions (excl. military grants), net
mil. $_.
Balance on current account
do
Long-term capital, net:
U.S. Government
do
Private
.
-do.
Balance on current account and long-term capital
mil.$__
Nonliquid short-term private capital flows, net
mil. $..
Allocation of special drawing rights (SDR)...do
Errors and omissions, net.
do
-2,946
-1,035
-3,207
-3,574
- 2 , 847
-765
-773
-821
356
133
194
168
-1,926
-50
-2,018
-1,398
-2,378
-4,079
-462
-922
-563
-236
-324
-191
-3,011
-3,059
-9,304 - 1 , 2 5 1
-605
-347
-640
-482
-2,386
-247
867
717
42
217
-2,470
-1,174
-11,031
217
-51
-56
217
-410
-677
-6,122
Net liquidity balance
do
Liquid private capital flows, net
do.. . 8,824
2,702
Official reserve transactions balance
do
Changes in liabilities to foreign official agencies:
Liquid
mil. $._ - 5 1 7
-836
Other readily marketable
do
-162
Nonliquid
do
-1,187
Changps in U.S. official reserve assets, net .do
Gross liquidity balance, excluding SDR
do
-5,960
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
-849
-137
-791
-670
-702
-922
345
-846
-810
-946
-992
- 8 5 5 - 1 , 529
-990
-2,178
-558
-584
-1,605 - 1 , 8 8 3
-533
330
-343
—1,081
- 8 5 6 - 1 , 2 7 9 - 2 , 999 - 3 , 2 9 6
-1,732
-3,602
-654
-508
178
800
-49
-221
216
—37
-534
-315
-883
180
179
179
179
- 9 4 4 - 2 , 5 8 6 -5,380
-2,122
-918
-895
-2,519 - 1 , 791
—281
—144
-95
750
-1,864 - 2 , 216
-542
592
178
177
—1 141 —1 872
- 3 , 8 5 1 -22,002 -1,332
-854
-765
- 8 9 8 - 2 , 5 7 7 - 5 , 7 2 1 - 9 , 3 8 0 —4 329 —3 132 —2 235 ~ 4 453
- 5 , 988 - 7 , 7 6 3 - 1 , 4 6 1 - 1 , 2 1 1 -1,104 - 2 , 212 - 2 , 8 4 8
-745 -2,551 -1,619
-119
1,386
—171
- 9 , 8 3 9 - 2 9 , 765 - 2 , 793 -2,065 -1,869 - 3 , 1 1 0 -5,425 - 6 , 4 6 6 -11,931 - 5 , 948 -3,251
- 8 4 9 -4,624
7,637
27,615
2,949
760
-810
-539
-154
-235
535
341
-266
735
2,477
2,348
264
805
-4,466 - 2 3 , 791 -1,264 -1,222
584
-986
2,397
-188
77
824
-992
4,952
-201
-8
682
-3,029
5,975
-160
10, 919
-173
—9
659
1,194
-5,805 -10,114
1971
1971
Nov.
Annual
1,530
-233
-12
5,774
-5
366
-187
-4,848
[2 542
280
429
-3,983
-231
-2,216
-5,197
July
Aug.
Sept.
Oct.
Nov.
Dec*
1 082
4 601
—2
78
-55
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
GENERAL BUSINESS INDICATORS—Monthly Series»
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates:
Total personal income
1
bil. $
806.3
861.4
879.4
890.4
898.9
908.5
913.6
919.4
924.0
922.9
932.9
940.0
946.8
963.8 ' 975.7
983.4
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing „ .
_ .do
Distributive industries
do_._
541.9
201.0
158.3
129.2
572.9
206.1
160.3
138.2
583.4
208.8
161.7
140.8
594.3
213.1
165.1
143.8
602.6
214.8
165.8
145.5
609.0
217.7
169.3
148.1
612.4
220.1
171.3
148.0
617.6
221.7
173.3
149.4
619.9
222.5
173.8
149.4
624.0
223.5
175 0
151.4
625.7
222.4
174 5
151.9
630.6
225.2
176 6
152.3
636.0
227.8
178.8
153.0
643.0 ' 648.5
231.0
233.3
181 5 ' 183 9
155.0 ' 156.3
654.1
235.6
186 4
157.7
Service industries
Government. . . . .
Other labor income
Proprietors' income:
Business and professional
Farm
96.7
115.1
32.1
105.0
123.5
36.5
108.2
125.5
38.0
109.4
128.0
38.3
111.2
131.2
38.5
111.6
131.7
38.8
112.8
131.5
39.1
113.9
132.5
39.5
114.7
133.2
39.8
115.5
133.6
40.1
116.9
134.5
40.5
117.3
135.8
40.8
118.2
137.0
41.1
119.3
137.7
41.4
'119.9
139.0
41.8
121.2
139.6
42.1
49.9
16.9
52.6
17.3
53.8
18.1
53.9
18.1
54.0
18.6
54.1
19.1
54.7
19.5
54.9
19.1
55.3
18.7
53.2
18.4
55.7
18.6
56.3
19.1
56.7
19.5
57.0
19.7
'57.4
'21.6
57.8
23.5
23.3
24.8
65.8
79.5
24.5
25.4
69.6
93.6
25.0
25.5
70.6
96.8
25.1
24.6
70.7
97.6
25.1
26.0
70.8
97.6
25.2
26.1
71.0
100.0
25.3
26.0
71.3
100.1
25.5
26.1
72.0
99.7
25.6
26.3
72.7
100.9
21.5
26.3
73.4
101.3
25.8
26.4
73.5
102.2
26.3
26.6
73.4
102.8
26.5
26.5
73.3
103.2
27.0
26.7
73.7
111.6
26.7
26.6
'74.5
' 115.2
26.9
26.8
75.3
113.6
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
28.0
31.2
31.8
32.3
34.3
34.7
34.8
35.0
35.1
35.3
35.5
35.8
36.0
36.4
'36.5
36.6
782.8
837.2
854.5
865.0
873.4
882.4
887.1
893.4
898.3
897.5
907.3
914.0
920.3
937.1
' 947.2
953.0
FARM INCOME AND MARKETINGS t
Cash receipts from farming, including Government
payments, total t
-- -mil. $
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9 .
_
Dairy products
Meat animals
Poultry and eggs
_
do
do
do.
do
do
do
54, 239
56,208
6,306
5,432
4,792
3,798
3,848
3,619
3,767
3,985
7,303
5,423
9,217
11,008
7,206
50,522
20,907
29,615
6,533
18,497
4,305
53,063
22,609
30,454
6,815
19,390
4,000
6,267
3,494
2,773
561
1,853
343
5,157
2,598
2,559
598
1,593
343
4,741
2,121
2,620
594
3,706
296
3,781
1,191
2,590
556
1,722
289
3,835
1,065
2,770
614
1,801
334
3,498
3,750
4,398
1,679
2,719
582
1,803
316
4,810
1,857
2,953
584
1,972
376
5,420
2 346
3,074
585
2,082
387
7,141
3 697
3,445
598
2,452
376
7,174
4 060
3,114
589
2,113
393
176
145
133
106
108
77
69
135
152
20l
161
128
137
153
202
130
241
264
188
170
154
2,551
601
1,629
295
2,830
621
1,877
304
3,968
1 152
2,816
596
1,857
334
98
105
112
124
60
75
109
121
126
140
139
134
146
152
109
118
161
160
127
214
226
947
920
Indexes of cash receipts from marketings and CCC
loans, unadjusted: t
All commodities
1967=100
Crops
_ ..
do..
Livestock and products
do
118
124
123
227
169
122
126
137
127
Indexes of volume of farm marketings, unadjusted: J
All commodities
1967 = 100
Crops
_ .
_ -. do.
Livestock and products
do
108
111
115
225
162
131
167
137
117
86
71
60
48
46
69
102
109
104
107
114
105
102
97
106
101
108
107
102
110
113
112
138
86
62
78
81
91
102
111
122
112
5,719
2 895
2,824
585
1,781
433
140
126
158
102
INDUSTRIAL PRODUCTION cf
Federal Reserve Board Index of Quantity
Unadjusted, total index <?
.
By market groupings:
Final products
Consumer goods
Automotive products
Home goods and clothing
E quipment
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures
Output
'106.6
106.8
107.7
104.5
106.6
110.3
111.6
113.6
113.4
116.5
109.2
115.4
' 120.3 ' 121.2 ' 118.7
115.2
do
do .
do
do
do
104.5
110.3
99.9
104.7
96.3
104.7
115.7
119.5
107.4
89.4
105.9
117.2
123.9
109.7
90.1
101.2
109.9
102.5
101.4
89.0
104.4
115.7
120.7
108.5
88.6
107.7
119.4
126.5
114.2
91.4
108.3
119.2
126.3
114.1
93.1
110.2
122.4
138.2
118.7
93.2
108.5
119.6
132.6
113.2
93.1
113.3
126.0
133.5
120.6
95.6
106.3
117.0
92.8
107.1
91.4
112.7
126.5
107.5
120.2
93.4
' 118. 7
133.5
136.5
125.0
'98.0
114 6
125. 8
140.3
121 0
'99.0
110 1
118.8
121.4
111 0
98.0
do
107.7
107.4
107.6
106.9
108.3
112.4
114.5
116.6
117.7
118.7
109.4
115.8
119.6
' 121. 8 ' 121 5
119 3
105.2
105.2
99.4
' 101. 4
' 110. 6 ' 113.5
106.8
99.8
116.8
102.7
97.1
110.9
104.7
99.2
112.6
109.0
103.8
116.4
110.5
105.5
117.8
112.7
107.5
120.2
112.7
107.6
120.0
115.7
109.4
124.9
107. 0
100.2
116.9
113.5
105.1
125.7
' 118. 9 " 120.6 ' 118 1
'111.9 ' 114. 3 ' 113.1
' 128.9 ' 129. 6 125.4
114 4
110.7
119.8
1967=100 .
do
. . . . . . do
do
118.9
118.0
113.9
121.0
118.1
Mining and utilities
..do
'Revised.
* Preliminary.
tSee corresponding note on p. S-l.
^Series revised
beginning 1969; monthly data prior to May 1971 appear in the Farm Income Situation, July
Digitized1972,
for FRASER
available from the U.S. Dept. of Agriculture, Economic Research Service.
9 Includes data for items not shown separately.
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
'
'
'
'
118. 6
132.7
146. 7
126 6
98.9
'
'
'
'
120.4
120.0
122.9
120.7
124.6
130.0
130.8 ' 126. 2 123.2
121.1
123.8
cfSeries revised back to 1970 to reflect new seasonal adjustment factors and production
levels. Monthly revisions for seasonally adjusted data are available upon request; those for
unadjusted data will be shown later.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Annual
January 1973
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Nov.
Dec. p
Oct.
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*—Continued
Federal Reserve Index of Quantity
Output—Con.
Seasonally adjusted, total index*
..1967=100.. ' 106.6
By market groupings:*
106.0
Products total
do
104.5
Final Droducts
do
110.3
Consumer goods
do
104.8
Durable consumer goods
do
99.9
Automotive products
do
86.6
Autos
do
125.6
Auto parts and allied goods
do
106.8
107.4
108.1
108.7
110.0
111.2
112.8
113.2
113.4
113.9
115.0
116.1 ' 117.3 ' 118. 4
119.3
106.4
104.7
115.7
107.9
106.1
118.0
108.0
106.2
118.0
108.4
106.4
118.5
109.5
107.6
119. 6
110.1
108.2
119.6
111.4
109.8
122.0
112.1
110. 2
122.2
112.0
110.1
122.1
112.2
110 1
122.0
113.3
111.3
123.1
114.4 ' 115.8
117.1
112.4 ' 113 8 ' 114 6
' 124. 4 ' 125.5 ' 126. 7
118.3
115 8
127. 9
115.1
119.5
108.3
140.9
116.0
119. 7
109.2
140.1
117.4
119. 9
109.4
140.0
117.5
116.6
102.8
143.4
120.3
119.5
106.4
144.5
118.9
119.3
104.6
147.5
125.9
128.9
114.3
157.0
125.3
127.4
111.3
158.3
123.0
125.7
108.2
159.3
123 9
124.7
108.2
158. 9
125.8
127.1
109.5
160.9
' 125. 4 ' 128 5 130 6
' 124.8 ' 130. 7 ' 136. 6
109.6
116.9 ' 126. 6
' 153. 9 ' 157.1 ' 156.1
133 6
144.4
137.3
157.7
107.6
103.4
108.4
112.6
111.6
117.2
113.8
110.5
122.2
116.0
116. 9
120.4
118.1
123.8
121.7
120.7
123.1
126.1
118.7
115.1
127.1
124.2
132.2
131.3
124.3
129.3
132.0
126 1
125.9
134.0
123 5
121.6
132.6
125.1
119.7
138.4
' 125 7 ' 127 3 ' 127 3
123.1 ' 124. 5 123.8
' 134. 5 ' 137. 6 137.0
127 5
112.4
101.3
115.4
110.6
120.4
116.0
101.4
119.8
113.6
126.3
118.8
103.7
122. 8
117.2
128.6
119.9
105.0
123.9
116.3
132.0
120.5
105.0
124.6
116.8
132.8
121.0
106.2
124.9
117.2
133.1
120.6
106.8
124.3
116.8
132.2
121.3
108.0
124.8
116.4
133.6
122.1
109.1
125.5
117.6
133.8
' 123. 9
' 110. 0
127.6
118.5
137.2
89.4
96.8
92.9
92.9
82.6
89.6
97.9
94.2
95.2
83.5
119.0
105.8
122.5
115.4
129.8
89.5
98.4
94.1
98.0
82.4
119.3
102.7
123.7
115. 5
132. 4
96.3
101.4
98.4
95.9
'91.8
118.4
115.0
121. 9
115.5
128.7
89.6
98.0
94.2
94.0
83.8
90.9
99.9
95.4
99.6
83.4
92.4
101.3
96.3
101.2
84.5
92.7
101.3
95.7
98.4
84.9
93.4
102.5
96.3
97.0
85.9
93.3
102.4
97.2
98.3
86.7
93.4
102.1
93.7
98.0
87.1
104.8
112.6
94.4
101.2
110.0
89.4
102.1
110.2
89.4
102.4
109.4
93.1
103.3
109.1
95.1
105.1
111. 9
94.7
107.0
114.7
95.4
107.6
114.1
97.0
109.6
116.4
98.9
108.4
116.7
94.4
108.3
117.3
92.5
Home goods 9
do
Appliances, TV, and radios
do
Carpeting and furniture
.do
Nondurable consumer goods
do
Clothing
-do
Consumer staples
do
Consumer foods and tobacco do.. .
Nonfood staples
do
Equipment
do.. Business equipment
- do
Industrial equipment 9
do
Building and mining equipment.do
Manufacturing equipment.
do
Commercial transit, farm eq 9 do
Commercial equipment
do
Transit equipment
do
Defense and space equipment
-do
' 124. 4 '
110.8
' 127. 9 '
' 118. 5 '
' 137. 6 '
125 1
125 7
128. 8
119. 8
138. 3
129.1
120.5
138.1
94.8
105.0
99.9
104.8
89.4
'95.8
97.1 ' 97 9
' 106. 7 ' 108. 3 ' 109 0
' 102. 8 103.7 ' 104. 8
105.7 ' 105. 4 ' 104. 2
92.6
'94.0
'95.4
98 7
110 4
106.5
105.4
96.5
110.7
120.0
93.0
' 111.2
121.5
93.1
115.0
122.8
101.8
' 113. 5 '113.9
' 122. 7 ' 122. 5
'96.9
'99.0
87.9
77.1
75.9
75.6
74.8
76.0
77.6
78.5
78.2
78.3
78.9
77.9
Intermediate products
- . . . do.. . 111.7
110.0
Construction products
do
113.0
Misc intermediate products
do 107.7
Materials
do
' 103.2
Durable goods materials 9
do
96.5
Consumer durable parts
do
94.7
Equipment parts
do_112.5
Nondurable goods materials 9
- - do
113.0
Textile, paper, and chem. materials..do
116.7
Fuel and power industrial
do-
112.6
112.6
112.6
114.3
114.2
114.4
114.9
115.2
114.5
115.9
115.7
116.1
117.0
115.8
118.0
117.3
115.9
118.5
117.3
116.5
118.0
119.3
118.0
120.4
119.1
117.8
120.2
120.5
119 8
121.1
121.2
119 3
122.8
107.4
101.7
104.2
87.1
114.1
116.6
116.3
106.5
100.5
101.8
87.3
115. 9
121.5
104.6
108.4
101.6
104.0
87.9
116.7
123. 0
117.6
109.2
103.5
105.1
88.8
116.0
120.8
117.4
110.8
105.8
107.1
90.7
117.0
121.5
117.7
113.1
107.8
110.2
91.0
119.8
125.0
118.9
115.0
110.4
113.8
95.4
120.6
125.9
121.6
115.6
111.1
112.0
95.3
121.3
127.1
120.7
116.1
111.1
112.0
95.3
122.5
128.5
121.7
116.8
111.5
111.4
98.2
123.3
130.1
123.5
117.4
112.6
114.0
97.8
123.7
131.1
121.5
119.1
116.0
'116.3
100 7
122.7
' 129. 2
125.0
108.5
102.1
105.4
102.6
95.9
114.4
108.6
109.7
103.4
107.4
105.1
98.8
116.6
110.1
111.8
105.8
110.4
110.2
105.5
118.6
110.8
112.3
106.3
112.7
113.5
108.3
121.6
111.9
112.6
105.8
112.1
111.9
104.9
122.5
112.3
113.2
107.7
114.5
114.9
107.7
122.8
114.1
114 1
108.4
114 0
113 6
107.3
124.0
114.4
' 115 2 ' 116 6
' 109. 7 111 3
r H7 9
' 117 4 ' 118 2
113 4 ' 114 1
' 128. 9 ' 125 9
'115.2 '117.5
97.3
99.5
96.2
103.2
98.4
100.3
97.6
103.3
101.1
102.6
98.6
107.1
101.0
103.0
100.4
105.9
101.6
104.8
101.8
108.0
102.0
104.8
102.9
107.1
103.1
104.1
107 1 ' 108 3
106.1
107.0
108.1 ' 109. 7
'
'
'
'
94.7
117.7
72.7
114.5
95.9
118.8
73.9
114.2
100.4
125.6
76.1
116.1
98.9
122.6
76.1
117.3
97.4
119.3
76.4
119.3
98.2
121.4
75.9
119.9
98.4
121.6
76.0
120 9
118.0
119.7
117.0
118.1
119.6
117.2
118.1
119.9
117.1
118.2
119.1
117.5
119.0
121.8
117.4
119.1
121.5
117.7
119 6
121.1
118.7
117.3
108.4
125.4
118.4
108.7
127.2
119.9
111.7
127.4
120.6
110.7
129.6
122.1
112.8
130.6
123.7
115.5
131.0
117.8
101.1
107.0
100.1
86.9
118.8
103.7
110.9
102.7
85.4
120.3
106.1
113.5
103.3
94.4
120.8
104.9
112.8
102.8
89.2
121.3
105.9
113. 9
103.0
92.2
112.6
122.'8
105.8
112.6
122.5
105.9
112.3
124.4
104.2
114.1
127.2
105.3
132. 6
135.1
118.7
135.0
133.4
135.7
117.9
138.1
136.1
137.9
117.0
144.7
115.9
116.9
102.5
116.3
117.5
101.9
121.6
107.2
133.7
93.5
106. 5
99. 6
107.6
104.2
139. 7
144.4
123.8
By industry groupings:*
105.2
106.0
107.1
105.2
106.2
Manufacturing total
do
101.5
99.4
99.1
99. 5
100.4
Durable manufactures
. .. do
108.1
104.0
98.8
100.6
104.0
Primary and fabricated metals
do
100.9
91.4
94.3
102.4
Primary metals
do - - 106.9
105.3
96.6
81.9
85.5
95.2
Iron and steel
- - do
109.8
108.7
109. 9 113.1
116.0
Nonferrous metals
do
109.4
107.5
107.1
107.6
106.0
Fabricated metal products
do
94.9
95.9
95.7
95.6
Machinery and allied goods 9
do
97.6
96.2
97.8
97.9
Machinery
do
100 3
98.5
94.3
95.9
94.8
95.1
Nonelectrical machinery
do
100.5
98.3
99.9
102.2
101.3
100.1
Electrical machinery
do
92.9
93.4
92.0
92.7
Transportation equipment
do
90.4
114.1
115.7
114.0
116.1
Motor vehicles and parts
do
96 9
72.5
72.0
70.8
70.1
84.1
Aerospace and misc. trans, eq do
108.5
110.4
111.3
109.3
Instruments
do
110 8
111.5
113.7
114.8
115.5
Lumber clay and glass
do
106 4
113.9
119.4
121.7
122.0
106.3
Lumber and products - do
106.4
110.0
110.4
110.7
111.6
Clay, glass, and stone products
do
115.0
113.3
114.3
108.8
111.7
Furniture and miscellaneous
.
do ..
99.4
102.1
105.4
103.8
104.0
Furniture and
fixtures
do
120.5
120.5
123.
9
125.1
117.3
Miscellaneous manufactures
do
116.0
116.8
115.9
113.6
110.6
Nondurable manufactures -.do
100.2
100.7
101.8
103.1
102.0
Textiles, apparel, and leather
do _
108.6
110.2
112.6
108.9
106.3
Textile mill products
do
97.8
97.8
99. 8
99.7
99.8
Apparel products
do
87.4
83.3
87.1
89.6
90.8
Leather products
.. ..
do
110.5
110.7
107.8
111.3
Paper and printing
do
107.8
115.8
119.2
119.8
122.2
Paper and products
do. .- 113.3
104.1
102.5
104.5
104.7
103.9
Printing and publishing
do
124.8
127.9
129.8
127.9
118.2
Chemicals, petroleum, and rubber. ..do
126.4
130.8
130.4
131. 2
120.3
Chemicals and products
do
112.6
115.7
116.0
118.3
119. 3
Petroleum products
do
126.0
127.7
126.6
133.3
115.7
Rubber and plastics products
do. _.
115.8
115.7
110.9
115.0
113.7
Foods and tobacco
do 111.7
114.9
117.1
116.6
116.5
Foods
do
100.0
97.7
98.2
93.8
103.8
Tobacco products.
do
118.9
118.0
117.4
120.1
120.6
Mining and utilities
do
109.7
107.0
102.5
107.8
107.3
Mining
do
121.4
136.7
137.7
128.9
Metal mining
.
do ... 131.3
98.8
93.2
93.4
92.7
93.8
Stone and earth minerals .
do
107.6
100.4
109.2
107.1
107.1
Coal, oil and gas
do
55.7
99.8
112.4
105.7
106.3
Coal
do
107.4
108.9
106.3
107.2
109.7
Oil and gas extraction
do
105.0
108.3
104.2
104.0
Crude oil .
.
do .. 109.4
136.0
135.8
133.9
137.4
Utilities
do .. 128.3
138.1
130.6
141.9
141.9
141.2
Electric
do
121.0
116.7
124.7
115.5
Gas
do
119.8
' Revised.
» Preliminary.
9 Includes data for items not shown separately.
f Revised data for 1966-71 for the indiseries appear on pp. 24-25 of the Oct. 1972 SURVEY. See also notes marked "*" on pp. S-ll
Digitized forcated
FRASER
and S-12.
77.7
'78.5
'79.4
79.4
121.7 ' 123. 6 ' 126 0
120 6 ' 123 7 ' 127 2
122.6 ' 123. 6 124.9
127 5
129 1
' 120. 0
' 117.1
'116.0
' 102 6
'r 123. 3
130.1
' 124. 6
120. 6
117 2
115.4
103 3
124. 9
132. 9
124. 0
121.1
118 4
119.1
103 5
125.0
134.0
121.7
' 117 5
' 112 6
119 2
' 119 6
' 114 4
130.7
'118.7
118 6
113 9
120 7
121 5
115 6
'
'
'
'
107.1
110 6
110.4
111.0
108.6
112 0
111.9
112.3
' 102. 4 ' 104. 9
128.3 ' 133. 2
'77.5
'77.6
122 9 ' 123 7
107.1
139.5
75.9
123 5
' 123 5 ' 124 2
129.3
' 128.1
' 120. 8 121.2
125 4
126.7
117 6
135.1
126 6 ' 126. 2 ' 125 9
117 0
116 7
134. 2
135.6 ' 135. 4
128.3
121.0
104.8
112.7
102.2
90.2
122.6
106 8
116.5
104 3
86.5
' 123. 3 ' 124. 3 ' 124. 6
'T 108 0 ' 109 0 ' 109 5
117.8
116.6 ' 117.5
105 5
107 5
'91.6
'88.6
85.7
125.3
110.7
115.1
126.7
107.3
115.2
126.9
107.2
116 4
127.8
108.7
115 3 ' 118 3 ' 120 7
124 1 ' 127.1
133 0
109.4 ' 112.4 ' 112.4
137.5
138.9
119. 5
146.5
137.1
139. 5
117.3
145.0
137.4
139.5
119.5
144.1
139.9
141.3
120 4
150.4
142.0 ' 140. 8
'141.1
' 143. 4 ' 143. 9 ' 142. 3
124 4
120 7 ' 124 1
149.6 ' 148. 8 148.9
142.4
144.3
117.6
118. 6
103.9
117.1
118.5
99.1
117.6
119. 3
96.4
116.8
118.3
96.7
117 6 ' 118 8 ' 117 8 ' 118 3
118 3 ' 120 0 ' 118 2 ' 118. 8
108.5
103.0
111.8
119.0
119. 5
122.3
108.5
131.0
92.7
108.6
104.1
109.3
106. 9
122.9
109. 0
122.2
92.6
110. 0
112. 9
109.6
108.1
122.6
107.9
110.7
91.7
109. 9
105.0
110.7
109.5
122.7
108.2
102.9
97.4
110. 5
109. 1
110.7
108. 9
123. 2
107.9
102.2
91.6
111.0
114.4
110. fi
107.4
123. 8
125. 9 r' 125. 9
107 7
110 2 109 9
115 2 ' 123 4 ' 121 7
91 i
94 9 ' 95.2
109.3
111.1 ' 110.9
104 ?
99 3
97 2
112.1 ' 112.7
111.2
107.8
108.0 ' 108. 7
125.9
109. 4
139. 7
144. 8
140.2
145.6
141.1
147.1
140. 9
146.8
142.5
148.6
144.1
150.2
* See note marked "<?" on p. S-3.
'99.8
' 123. 0
77.3
122 4
120 5
122.8
119.1
145.6
152.0
105. 7
109 5
108. 8
110. 4
'
'
'
'
'
'
'
' 126. 9
' 110 9
140 1
97.5
' 109. 9
100 5
' 111.4
108.2
' 146. 3 ' 147.1
' 152. 8 ' 153. 6
119.7
120. 2
111.9
108.1
96. 6
109. 9
146.8
153.1
SUEVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1972
1971
1971
Annual
S-5
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
Mfg. and trade sales (unadj.), total f-Mfg. and trade sales (seas, adj.), total t
mil. $.. 1,252,885 1,343,166 116,683 121,547 107,392 112,864 123,538 120,449 125,502 129,312 116,810 126,133 130,151
do... 11,252,885 U,343,166 115,757 115,630 118,426 118,077 120,669 121,685 122,814 122,283 123,371 126,458 127,056
132,872 133,491
129,610 131,717
59,189
31,965
27, 224
59,199
32,041
27,158
60,335
32,683
27,652
61,219
33,581
27, 638
61,413
33,705
27,708
61,231
33,129
28,102
61,635
33,825
27,810
63,352
34,710
28,642
63,903
35,037
64,725
36,086
66,741
36,838
29,903
Manufacturing, total t
Durable goods industries
Nondurable goods industries
Retail trade, total t
Durable goods stores
Nondurable goods stores
do
do
do
do
do
do
i 630,715
336,729
293, 986
'375,527 i 408,850
114,288 131, 814
261, 239 277, 036
35, 574 34,896 34,886
11,885 11,334 11, 475
23, 689 23, 562 23,411
35,345
11,457
23,888
36,450
12,087
24,363
36,296
11,976
24,320
37,141
12,280
24,861
36,822
12,253
24,569
37,342
12,468
24,874
37,969
12,842
25,127
37,746
12,614
25,132
39,106
13,168
25,938
38, 828
13,257
25,571
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
1246, 643 1267,357
111,778 122,420
134,865 144, 937
22, 739 22, 994 24,351
10,583 10,629 11, 225
12,156 12,365 13,126
23,533
10,696
12,837
23,884
11,157
12,727
24,170
11,246
12,924
24,260
11,256
13,004
24,230
11,248
12,982
24,394
11,326
13,068
25,137
11,802
13,335
25,407
11,918
13,489
25,779
12,016
13,763
26,148
12,081
14,067
187,745 187,014 186,141 186,243
188,024
1666,959
358,637
308, 322
57,444 57,740
30,792 30,913
26, 652 26,827
BUSINESS INVENTORIES!
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f...
mil. $_. 173,435
181,010 183,396 181,010 181,867 183,488 185,469
Mfg. and trade inventories, book value, end of year
or month (seas, adj.) .total t
mil. $-- 174,942 812,842 181,852
101,712 101,665 101,699
Manufacturing, total}:
do
66,829
65,874 65,877
Durable goods industries
do
34,883
35, 791 35, 822
Nondurable goods industries
do
52,261 51,916
Retail trade, total f
do.._. 46,626
23,808 23,872
20,345
Durable goods stores
do
28,4t3 28,044
Nondurable goods stores
do
26,281
28, 916 28, 237
Merchant wholesalers, total
do— 26,604
15,565
17, 254 16,899
Durable goods establishments
do
11,662 11,338
11,039
Nondurable goods establishments
do
182,842 183,303 183,826 184,263 184,816 185,953 186,439
101,665
65,874
35,791
52,261
23,808
28,453
28, 916
17, 254
11,662
101,796 102,161 102,450 102,428
66,187 66, 422 66,604 66,575
35, 609 35, 739 35,846 35, 853
52,458 52,484 52,639 52,814
23,790 23,679 23,674 23, 740
28,668 28,805 28,965 29,074
29, 049 29,181 29,174 29,574
17, 287 17,354 17,357 17,542
11, 762 11,827 11,816 12,032
188,409
102,822 103,505 103,888
67,035 67,427 67,645
35,787 36,078 36,243
53,402 53,293 52, 940
23,915 23,665 23,194
29,487 29,628 29, 746
29,729 29,641 30,056
17,733 17,780 18,182
11,996 11,861 11,874
191,641 194,452
189,759 ' 190,974192,431
105,138 105,441 • 106,008106,520
68,542 68834 • 69,330 69,769
36,596 36.607 • 36,678 36,751
53,107 53, 661 53,934 54, 658
23,037 23.608 23, 675 24,235
30,070 30,053 30, 259 30,423
30,164 30, 657 31,032 31,253
17,984 18,239 18,296 18, 618
12,180 12,418 12,736 12,635
BUSINESS INVENTORY-SALES RATIOS
ratio.
1.64
1.60
1.57
1.58
1.55
1.56
1.53
1.52
1.51
1.52
1.51
1.49
1.49
1.47
1.46
do...
do...
do_-.
do.__
do.,.
1.90
2.33
.67
1.07
.59
1.83
2.22
.65
.99
.58
1.77
2.14
. .62
.56
1.76
2.13
.62
.96
.55
1.72
2.07
.60
.93
.54
1.73
2.07
.60
.94
.54
1.70
2 04
.'58
.92
.53
1.67
1.98
.56
.90
.52
1.67
1.99
.56
.91
.52
1.69
2.04
.57
.94
.53
1.69
2.00
.57
.91
.52
1.66
1.97
.56
.90
.51
1.65
1.96
.56
.90
.51
1.64
' 1.92
'.55
'.89
.49
1.60
1.89
.54
.88
.48
do.
do.
do.
do.
1.40
.53
.21
1.37
.51
.21
.65
1.34
.51
.20
.64
1.33
.50
.20
.63
1.31
.50
.20
.61
1.32
.50
.20
.62
1.30
.49
.20
.61
1.30
.49
.20
.61
1.29
.49
.19
.61
1.28
.49
.19
.61
1.30
.49
.20
.62
1.28
.48
.19
.61
1.27
.47
.19
.60
' 1.28
.48
.20
.61
1.23
.46
.19
.58
do
do
do
1.47
2.16
1.17
1.47
2.06
1.19
1.46
2.01
1.18
1.50
2.10
1.21
1.50
2.07
1.22
1.48
2.07
1.21
1.44
1.96
1.19
1.46
1.98
1.20
1.44
1.95
1.19
1.45
1.93
1.21
1.42
1.86
1.20
1.40
1.79
1.20
1.42
1.87
1.20
1.38
1.80
1.17
1.41
1.83
1.19
1.23
Merchant wholesalers, total
do
1.61
Durable goods establishments
do
Nondurable goods establishments
do
.92
MANUFACTURERS* SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
...mil. $.. 20,122
Seasonally adj., total.-.
do
Shipments (not seas, adj.), totalt_.
do._- 630, 715
Durable goods industries, total9 X
do_._ 336, 729
16,874
Stone, clay, and glass products
do.__
53, 242
Primary metals
do__.
25, 032
Blast furnaces, steel mills
do...
21,423
Nonferrous metals
do...
1.23
1.60
.92
1.24
1.60
1.26
1.62
.94
1.19
1.54
.90
1.24
1.62
.92
1.22
1.56
.93
1.22
1.56
.93
1.23
1.58
.92
1.22
1.58
.91
1.23
1.61
.91
1.20
1.52
.91
1.21
1.53
'1.20
'1.52
'.93
1.20
1.32
1.05
21, 583
1,853
1,819
1,788
1,900
1,967
2,029
2,303
2,158
1,955
1,918
2,146
2,063
2,151
2,097
1,738
1,951
1,997
2,201
2,111
2,145
'2,288
' 2, 268
2, 258
2,212
666,959
57,309
2,083
1,887
55,321
55,032
59,865
62,380
62,016
62,048
65,193
56,358
61,485
67,074
358,637
19, 766
55,083
26, 656
21,312
30,679
1,744
4,337
1,959
1,780
29,696
1,575
4, 209
1, 959
1,693
29,535
1,628
4,565
2,157
1,796
32,611
1,780
4,880
2,323
1,895
34,285
1, 928
5,211
2,530
1, 976
34,376
1,968
5,418
2,636
34,611
2,079
5,313
2, 594
2,005
36,047
2,154
5,491
2, 641
2,085
29,895
1,973
4,700
2,268
1,800
32,590
2,260
5,135
2,477
1,969
36, 778 37,182 36,649
2,252 ' 2,281 2,175
5,560
5,506
5,546
2,677
2,643 '2,677
'
2,123
2,098
2,160
39,220
55, 859
48,137
75,451
42,537
11, 724
38,478
58,830
50, 041
84,603
54,786
11, 665
3,239
4,801
4,380
7,641
5,059
999
3,088
5,127
4,544
6,822
4,151
990
2,950
4,929
4,274
6,983
4,733
903
3,252
5,457
4,611
7,974
5,338
947
3,372
5,788
4, 793
8,190
5,390
1, 002
3,481
5,764
4,613
8,120
5,426
1,016
3,463
5,681
4,521
8,407
5,489
1,014
3,647
6,104
4,952
8,291
5,530
1,068
3,113
5,083
4,299
5,977
3,410
3,490
5,303
4,687
6,328
3,596
1,047
3,713 ' 3,680
5,904 ' 5,717
5,132 ' 5,109
9,246
8,698
5,855 ' 6, 203
1,161 ' 1,130
25, 497 27, 254
8,449 8,874
487
493
1,994
2,185
28,095
9,117
503
2,415
27,640
8,832
489
2,277
27,437
9,050
520
2,244
29,146
9,575
547
2,581
26,463
8,893
519
2,039
28,895
9,450
540
2,434
30,296 '29,853 29,851
10,187 '9,839 10,033
'526
551
533
2,571 ' 2,448 2,511
2,393
4,781
2,260
1,537
2,349
4,938
2,321
1,540
2,332
4,819
2,233
1,500
2,473
5,014
2,363
1,548
2,227
4,385
2,348
1,319
2,420
4,808
2,408
1,521
2,467 '2,480
5,079 '4,960
2,463 '2,384
1,614 ' 1,598
2,430
4,877
2,454
1,489
Manufacturing and trade, total t
Manufacturing, totalj
Durable goods industries
Materials and supplies
Work in process
Finished goods
,
Nondurable goods industries
Materials and supplies
Work in process
Finished goods
Retail trade, total t
Durable goods stores
Nondurable goods stores
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
do_
do.
do.
do.
do.
do.
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
do_
do.
do..
do_
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do..
do.
do_
do.
96
293, 986 308, 322 26,630 25,625
97, 648 101, 737 8, 932 8,883
5,346
498
479
5,776
22, 338 24, 472 2,158
2,077
24, 659
49, 253
24,846
15,388
25, 362
52,170
25, 777
16, 249
2,144
4,326
2,157
1,342
2,077
4,026
2,149
1,314
2,216
4,381
2,186
1,346
2, 352
4, 622
2, 259
1, 444
.92
'67,035 66, 500
3,461
5,592
5,223
9,309
6,280
1,112
do_
57,444
57,740
59,189
59,199
60,335
61,219
61,413
61,231
61,635
63,352
63,903 '64,725
66,741
..do_
do.
do_
do.
do..
30,792
1,775
4,565
2,146
1,805
30,913
1,763
4,610
2,189
1,817
31,965
1, 880
4,704
2,192
1,871
32,041
1,930
4, 798
2,305
1,851
32,683
1,969
4,933
2,380
1,882
33,581
1, 929
5,032
2, 397
1,957
33,705
2,017
4,930
2,358
1,872
33,129
1,971
4,960
2,306
1,934
33,825
1,988
5,103
2,370
2,047
34,710
2,125
5,393
2,564
2,092
35,037 36,086
2,078 ' 2,130
5,752
5,638
2,788 ' 2,916
2,122 ' 2,110
2,210
5,819
2,936
2,132
3,241
3,196
3,277
Fabricated metal products
do_.
5,057
5, 280 5,274
Machinery, except electrical
do..
4,784
4,258
4,498
Electrical machinery
do..
7,235
6,844 7,381
Transportation equipment
do..
4, 769
4,726 4,393
Motor vehicles and parts
do.
1,004
977
985
Instruments and related products
do.
2
' Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for Nov. 1972 do not reflect revisions for selected components. §The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l
cover
data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur
3,252
5,191
4,622
7,512
4,895
907
Shipments (seas, adj.), totalj
By industry group:
Durable goods industries, total 9 X
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills..
Nonferrous metals
3,335
3,447
3,444
3,397
3,526 • 3,562 3,500
3,323
3,460
5, 328
5,549
5,564
5,597
5,759 • 5,779 5,921
5,564
5,666
4,833 5,073
4,695
4,783
4,670
4,604
4,767
4,679
4,751
8,759 8,816
7,537
7,869
8,146
7,938
7,487
8,137
8,159
5,653
4,908
5,193
5,279
5,326
5,336
5,074
4,793
1,087
1,044
1,0
995
1,067
1,079
1,042
992
1,028
ing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12.
fSee corresponding ncte on p . S-4 and ncte marked " t " on p p . S - l l and S-12. {See
corresponding note on p . S-7.
9 Includes data for items not shown separately.
SUJ
S-6
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1970
1971
Annual
January 1973
T Bl JS1JNJ
t OF
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
2«,639
9,411
"•533
r
2,214
-•2,412
'4,907
'2,377
'1,536
29,903
9,938
554
2,452
2,468
5,048
2,463
1,544
6,881
12,735
9,382
6,678
5,857
25,208
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS*—Continued
Shipments (seas, adj.)*—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 and 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 equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:*
Household durables
do
Capital goods industries^1
.do
Nondefense
do
Defense
do
Inventories, end of year or month:?
Book value (unadjusted), total
do
Durable goods industries, total
do
Nondurable goods industries, total
do
161,171
126,351
93,654
51, 357
50, 733
247,449
25,552
111,522
87,636
23,886
i 67,077
131,852
1
94,935
1
62,573
157,438
1
253,084
1
28, 995
111,652
i 90, 049
1
21,603
1
26,652
8,853
499
2,104
2,176
4,454
2,164
1,389
26,827
8,951
484
2,174
2,184
4,490
2,140
1,421
27,224
8,986
526
2,182
2,305
4,643
2,206
1,444
27,158
9,000
525
2,216
2,318
4,551
2,222
1,420
27,652
9,077
519
2,331
2,317
4,671
2,318
1,478
27,638
9,026
501
2,338
2,342
4,680
2,359
1,464
27,708
9,195
511
2,294
2,343
4,635
2,248
1,456
28,102
9,288
505
2,445
2,365
4,782
2,281
1,442
27,810
9,210
505
2,337
2,376
4,693
2,370
1,426
28,642
9,485
517
2,372
2,407
4,852
2,397
1,547
28,866
9,605
511
2,422
2,383
4,846
2,437
1,594
5,999
11,451
8,058
5,376
5,065
21,495
6,042
11,567
8,292
5,057
5,067
21,715
5,970
11,611
8,531
5,444
5,183
22,450
5,934
11,663
8,296
5,638
5,252
22,416
6,055
11,764
8,635
5,669
5,370
22,842
6,231
11,662
8,836
5,946
5,389
23,155
6,242
11,918
9,017
5,835
5,496
22,905
6,235
11,994
8,890
5,526
5,447
23,139
6,123
11,802
8,934
6,020
5,442
23,314
6,358
12,205
6,117
5,632
24,072
6,419
12,233
9,032
6,060
5,612
24,547
'6,439
12,130
' 9, 287
' 6,410
' 5,699
24,760
2,606
9, 489
7,794
1,695
2,720
9,801
8,243
1,558
2,654
10,149
8,398
1,751
2,674
9,946
8,182
1,764
2,758
10,138
8,404
1,734
2,883
10,320
8,574
1,746
2,913
10,448
2,841
10,389
8,750
1,639
2,902
10,480
8,677
1,803
3,034
10,564
8,872
1,692
3,000
10,632
8,815
1,817
3,016 3,302
10,897 10,962
9,038 9,168
1,859 1,794
103,251 103,777 103,669 103,446 104,682
67,181 67,682 67,570 67,485 68,444
36, 070 36,095 36,099 35,961 36,238
104,470 '105,311 106,005
68,359 '68,840 69,355
36,111 '36,471 36,650
102,822 103,505 103,888 105,138
105,441 '106,008 106,520
101,374
66, 425
34, 949
101,293
65,446
35,847
101,183 101,293 102,098 102,685 102,856
65,461 65, 446 66,134 66, 645 66, 894
35, 722 35,847 35, 964 36, 040 35, 962
101,712
101, 665
101,699 101,665
66,829
2,293
9,148
4,951
3,324
65,874
2,279
9, 205
4,901
3,463
65,877
2,284
9,174
4,865
3,473
65, 874
2,279
9,205
4,901
3,463
66,187 66, 422
2,257 2,253
9,328 9,396
5,062 5,123
3,439 3,432
66,604
2,234
9,506
5,194
3,459
7,156
13,984
10,158
15,775
4,203
2,456
7,268
13,497
9,837
15,179
3,933
2,452
7,379
13,637
9,823
14,991
3,938
2,452
7,268
13,497
9,837
15,179
3,933
2,452
7,345
7,374
13,446 13,400
9,797 9,837
15, 279 15,419
3,949 4,039
2,512 2,538
7,289
7,122
13,356 13,390
9,872 9,888
15, 553 15,536
4,091
4,086
2,507
2,510
19,063
3,231
6,220
3,363
19,146
3,495
6,250
2,937
19,118
3,416
6,245
2,963
19,146
3,495
6,250
2,937
19,138 19,098
3,571 3,605
6,262 6,229
2,755 2,797
18,979
3,596
6,213
2,805
Work in process?
do..
Primary metals.
do..
Machinery (elec. and nonelec.)---do..
Transportation equipment
do..
30,332
3,217
10,862
10,895
29,645
3,044
10,271
10,868
29,648
3,098
10,391
10,619
29,645
3,044
10,271
10,868
29,863
3,072
10,167
11,131
30,058
3,100
10,198
11,232
Finished goods?
do..
Primary metals
do..
Machinery (elec. and nonelec.).--do..
Transportation equipment
do.
17,434
2,700
7,060
1,517
17,083
2,666
6,813
1,374
17,111
2,660
6,824
1,409
17,083
2,666
6,813
1,374
17,186
2,685
6,814
1,393
Nondurable goods industries, tof,al?__do
Food and kindred products
do
Tobacco products...
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:*
Materials and supplies
do
Work in process
do
Finished goods
do
By market category:*
Home goods and apparel
do.
Consumer staples
do_
Equip, and defense prod., excl. auto do
Automotive equipment
do.
Construction materials and supplies do_
Other materials and supplies
do.
Supplementary series:*
Household durables
_ _do_
Capital goods industriescf
do.
Nondefense
do.
Defense
do.
34,883
8,740
2,106
3,564
2, 764
6,743
2,252
2,142
35,791
9,169
2,235
3,622
2,772
6,693
2,266
2,151
35,822
9,137
2,170
3,730
35,791
9,169
2, 235
3,622
2, 817 2,772
6,622 6,693
2,266
2,310
2,151
2,117
13,172
5,239
16,472
13,526
5,340
16,925
13,462
5,322
17,038
10,466
13,334
27,026
5,464
7,976
37,446
10,851
13,978
26,347
5,240
8,178
37,071
4,972
30, 565
24,623
5,942
619,952
325,949
294,003
Book value (seasonally adjusted), total*—do.
By industry group:
urable goods
total?
do
Durable
g( * industries,
*
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous metals
do
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?
do
Primary metals
do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
ew orders, net (not seas, adj.), total*
Durable goods industries, total
Nondurable goods industries, total
do..
do_.
do_.
101,796 102,161 102,450
102,428
67,645
2,285
9,709
5,392
3,459
68,542
2,337
9,759
5,385
3,504
2,367
9,761
5,411
3,479
'69,330 69,769
'2,385 2,376
'9,664 9,614
' 5,347 5,326
' 3,434 3,396
7,185
13,396
9,968
15,722
4,128
2,539
7,220
7,157
13,445 13,442
9,986 10,046
15, 919 15,999
4,140 4,213
2,541
2,486
7,340
13,534
10,154
16,477
4,523
2,551
7,425
13,700
10,237
16,326
4,319
2,571
' 7,605 7,510
'13,747 13,973
'10,262 10,348
'16,486 16,672
' 4,358 4,384
' 2,613 2,638
18,939
3,542
6,237
2,810
18,995
3,528
6,250
2,814
18,804
3,543
6,180
2,728
19,519
3,468
6,262
2,969
19,468
3,457
6,346
2,822
•19,701 19,935
' 3,440 3,451
' 6,389 6,533
'2,900 2,905
30,231
3,182
10,192
11,367
30,240
3,257
10,210
11,346
30,562
3,282
10,290
11,496
30, 982 30,786
3,329
3,354
10,402 10,384
11,779 11,779
17,266
2,691
6,810
1,390
17,394
2,728
6,823
1,381
17,396
2,754
6,831
1,380
17,478
2,790
6,824
1,412
17,641
2,824
6,849
1,412
17,603
2,856
6,896
1,431
17,870
2,891
6,905
1,676
35, 609
9,061
2,256
3,636
2,743
6,667
2,235
2,175
35,739
9,153
2,240
3,642
2,734
6,656
2,215
2,165
35,846 35,853
9,109
9,111
2,240
2,260
3, 728 3,780
2,747
2,731
6,691
6,648
2,185
2,199
2,199
2,230
35,787
2,231
3,817
2,749
6,663
2,208
2,274
36,078
9,156
2,206
3,812
2,742
6,690
2,213
2,252
36,243
9,279
2,196
3,834
2,743
6,717
2,228
2,252
36,596 36,607 •36,678 36,751
9,429 9,306 ' 9,322 9,417
2,272 2,314 '2,329 2,418
3,810 3,786 ' 3,859 3,862
2,758 2,797 ' 2,786 2,793
6,728 6,751 ' 6,801 6,829
2,254 2,272 ' 2, 261 2,262
2,276 2,256 ' 2, 255 2,260
13,526
5,340
16,925
13,526
5,354
16,729
13,659
5,363
16,717
13,468
5,555
16,823
13,499
5,462
16,892
13,464
5,381
16,942
13,635
5,412
17,031
13,596
5,433
17,214
13,671
5,492
17,433
13,711 '13,678 13,748
5,552 ' 5,605 5,564
17,344 '17,395 17,439
10,931
13,810
26,248
5,214
8,239
37,257
10,851
13,978
26,347
5,240
8,178
37,071
10,830
13,915
26,393
5,273
8,233
37,152
10,890
13,986
26,530
5,358
8,202
37,195
10,957
13,916
26,562
5,419
8,172
37,424
10,960
13,901
26,523
5,413
8,118
37,513
11,113
13,780
26,597
5,499
8,164
37,669
11,288
13,931
26,744
5,533
8,181
37,828
11,372
14,071
26,800
5,633
8,174
37,838
11,465
14,262
27,026
5,974
8,287
38,124
11,524 11,593 11,572
14,315 14, 236 14,372
27,282 '27,452 27,810
5,753 '5,806 5,856
8,433 ' 8,653 8,561
38,134 38,268 38,349
4,974
29, 664
24,313
5,351
4,990
29,594
24,509
5,085
4,974
29,664
24,313
5,023
29,673
24,296
4, 956
29,792
24,314
5,478
5,003
29,858
24,226
5,029
29,824
24,208
5,616
5,171
29,939
24,326
5,613
5,220
30,116
24,476
5,640
5,277
30,138
24,453
5,294
30,396
24,661
5,735
5,319 '5,373 5,462
30,642 30,806 31,174
24,906 24,940 25, 261
5,736 ' 5,866 5,913
665, 678
357, 214
308,464
57, 542
30,856
55,663
30,026
25,637
63, 059 62,498
34,838 34,780
28, 221 27, 718
61,727
34,254
27,473
66,733
37,592
29,141
57,930
31,457
26,473
62,112 68,778 '67,748 67, 549
33,238 38,447 '37,792 37,456
28,874 30,331 29,958 30,093
5,351
5,377
56, 620 61, 034
31,043 33,568
25, 577 27, 466
5,632
66, 575 67,035
2,272 2,260
9,553 9,600
5,284
5,247
3,456
3,446
67,427
2,282
9,696
5,370
3,463
19,256
3,499
6,208
2,789
5,685
31,153 31,529 •32,070 32, 235
3,400 3,394 3,350 3,297
10,521 10,635 10,697 10,789
11,832 11,998 12,348 12,539
17,837 •17,559 17,599
2,910 2,874
6,956 ' 6, 923
1,508 ' 1, 238 1,228
61, 097 61, 685
62,012
63,734
62,270
64,409
65,776 '65,454 68,027
34,005
4,999
2,343
1,994
34,302
5,339
2,659
1,961
35,613
4, 888
2,391
1,835
33,328
5,243
2,547
2,004
34,430
5,426
2,711
1,999
35,727
5,967
3,004
2,174
36,851 36,759 37,902
5,859 5,727 6,004
2,936 ' 2,927 .1,021
2,175 '2,023 2,213
3,261
5,384
4,329
8,366
1,793
3,381
5,254
4, 596
7,632
1,490
3,420
5,574
4,694
7,512
1,891
3,401
5,654
4,833
8,111
2,081
3,373
5,668
4,841
7,867
2,079
3,505
5,923
4,775
8,781
3,300
3,501
5,728
4,621
8,181
1,901
3,556
5,853
4,778
8,302
2,235
27, 317
7, 284
20, 033
27, 326
7,438
19,888
27, 769
7,628
20,141
27,680
7,533
20,147
27,710
7,489
20,221
28,121
7,668
20,453
27,840
7,616
20,224
New orders, net (seas, adj.), total*
By industry group:
Durable goods industries, total ?
Primary metals
Blast furnaces, steel mills
Nonferrous metals
do.
619,952 i 665,678
57,992
57,883
59,871
do
do.
do_
do.
325,949
52,413
24, 910
21,173
357,214
54,537
26, 362
21,095
31,294
4,608
2,201
1,792
31,001
32, 554 32,466
4,662
2,250
1,791
4,644
2,167
1,858
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
do_
do
do
do_
do.
39,024
54, 366
47, 830
68,301
17,120
37,805
58,837
50,398
3,173
5,237
4,369
7,345
19, 273
1,817
3,190
5,302
4,371
7,000
1,829
do..
do..
do..
294, 003
76, 883
217,120
308, 464
80, 705
227, 759
26,698 26, 882
6,960 7,076
19,738 19, 806
Nondurable goods industries, total
Industries with unfilled orders©
Industries without unfilled ordersif
1,754
r
r
Revised.
* Based on data not seasonally adjusted.
- Advance estimate; total mfrs.
new
orders for Nov. 1972 do not reflect revisions for selected components. *See correspondDigitized foring
FRASER
note on p. S-7.
? Includes data for items not shown separately.
d*Capital goods
http://fraser.stlouisfed.org/
industries series is comparable to the previous producers' capital goods and defense products
Federal Reserve Bank of St. Louis
59, 792
5,442
2,765
1,950
3,691
6,006
5,025
8,758
2,275
' 3,554 3,440
' 6,074 6,460
' 5,174 5,320
8,990 8,890
' 2, 228 2,188
28,682 28,925 '28,695 30,125
7,784 ' 7,710 8,224
7,765
20,917 21,141 '20,985 21,901
(old series) categories. ©See corresponding note on p. S-7.,
HFor these industries (food and kindred products, tobacco manufactures, apparel and
other textile products, petroleum and coal products, chemicals and allied products, and
rubber and plastics products) sales are considered equal to new orders.
SUEVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
S-7
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS*—Continued
New orders, net (seas, adj.)%—Continued
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
Capital goods industries^...
Nondefense
Defense
,
2
61,204
2126,361
2 88,920
2 50,430
2 50,605
2242,432
2 67,288 6,111
2131,891 11,459
2 94,865 8,449
2 62,926 5,444
2 56,867
4,969
2251,841 21,560
2 25,624
2103,275
2 81,861
2 21,414
2 29,173
2111,015
2 88,777
2 22,238
73,759
70,838
2,921
5,933
11,576
8,321
5,154
5,072
21,827
6,006
11,618
9,083
5,513
5,192
22,459
5,939
11,665
8,446
5,820
5,318
22,604
6,138
11,765
8,522
5,637
5,497
23,538
6,290
11,666
9,012
5,940
5,355
23,422
6,359
11,919
8,895
5,782
5,470
23,587
6,318
11,978
10,501
5,499
5,544
23,894
6,036
11,805
8,819
6,098
5,534
23,978
6,350
12,204
8,856
6,149
5,666
25,184
6,523
12, 225
10,050
6,094
5,790
25,094
2,708
9,935
7,932
2,003
2,600
9,850
8,131
1,719
2,692
10,745
8,166
2,579
2,670
9,969
8,196
1,773
2,829
10,344
8,528
1,816
2,945
10,744
8,785
1,959
3,012
10,569
9,036
1,533
2,925
12,172
9,228
2,944
2,807
10,617
9,100
1,517
3,019
10,717
9,211
1,506
3,094
3,113
11, 762 11,359
9,694
9,519
1,665
2,243
72,478
69, 415
3,063
72,136
69,085
3,051
72,478
69,415
3,063
74,066
70,923
3,143
75,235
71,880
3,355
75,914
72,433
3,481
76,396
72,837
3,559
76,071
72,476
3,595
77,619
74,028
3,591
79,189
75,585
3,604
79,815
76,234
3,581
81,518 • 82,225 83,268
77,901 • 78,504 79,306
3,617 r 3,721 3,962
74,322
73,004
72,861
73,004
73,686
74,279
75,039
75,506
76,103
78,608
79,241
80,299
82,180 ' 82,906 84,197
71,361
6,599
3,734
1,961
69,901
6,043
3,432
1,744
69,813
5,991
3,371
1,770
69,901
6,043
3,432
1,744
70,490
5,983
3,407
1,731
70,915
6,073
3,493
1,715
71,558
6,383
3,660
1,837
71,983
6,350
3,606
1,874
72,579
6,759
3,907
1,963
75,064
7,242
4,366
1,979
75,667
7,563
4,706
1,931
76, 686 78,506 79,174 80,242
8,521
8,138
8,335
8,361
5,146
5,295 r 5,305 5,391
2,013
2,066 r 1,979 2,061
10,122
12,622
14,069
22,109
15,437
9,442
12,632
14,430
21,289
14,322
9,448
12,610
14,557
21,133
14,151
9,442 9,462 9,591
12,632 12,742 12,805
14,430 13,975 13,949
21,289 22,274 22,394
14,322 14,417 14,159
9,674
13,051
13,948
22,369
14,311
9,628
13,156
13,999
22,611
14,553
9,557
13,258
14,171
22,540
14,689
9,664
13,586
14,340
23,833
16,086
9,843
13,749
14,284
23, 880
16,010
9,939
13,936
14,310
24,025
16, 267
2,961
3,103
3,048
3,103
3,196
3,364
3,481
3,523
3,524
3,544
3,574
3,613
1,968
38,152
9,810
24,392
2,224
38,395
9,238
23,147
2,324
38,269
9,233
23,035
2,224
38,395
9,238
23,147
2,267
39,016
9.247
23,156
2,274
39,348
9,313
23,344
2,358
39,203
9,440
24,038
2,421
39,374
9,406
24,305
2,539
39,199
9,379
24,986
2,607
40,785
9,474
25, 742
2,519
40,751
9,567
26,404
2,510
2,604 r 2,680 2,698
40,671 41,728 • 42,169 42,844
9,601
9,778 • 9,740 ", 719
27, 517 28,070 • 28,317
1,627
44,142
26, 672
17,470
1,810
43,483
25,385
18,098
1,930
43,434
25,497
17,937
1,810
43,483
25,385
18,098
1,848
44,079
25,153
18,926
1,844
44,102
25,167
18,935
1,915
44,308
25,291
19,017
1,977
44,733
25,502
19,231
2,162
2,077
44, 853 46,637
25,842 26,322
19,011 20,315
2,064
46,779
26,747
20,032
2,049
46,929
27,084
19,845
2,238
48,522
28,444
20, 273 20,078
264,209
287,547
22,799
25,828
26,051
25, 529
25,715
24, 685
24,340 30,003
24, 743 27,399
26,414
26,372
28,030
26,396
28,331
26,277
26,103
26,893
26,118
26,612
24, 761 '26, 732
26, 795 *27,165
10,748
1,392
1,687
2,035
4,650
984
10,326
1,464
1,545
1,932
4,428
957
819
131
125
129
353
81
730
93
101
126
353
57
750
95
130
139
305
81
856
115
128
127
398
730
88
81
126
338
97
740
103
92
127
344
74
824
101
124
147
b72
80
thous. $
do...
do...
do.
do...
do...
1,887,754
298,736
231,533
817,841
360,603
179, 041
1,916,929
356,923
222, 357
712,611
444,086
180,952
16,533
11,601
63,619
23,026
14,219
111,322
18,170
12,473
44,742
27,953
7,984
148,467 .90,139 127,900 204,624
14,142 29,482 14,228 18,022
8,518 16,980 10,447 7,619
60,566 32,323 48,979 12, 769
48,870 35,848 27,036 45,419
16,371 75,506 27, 210 20, 795
253,619
16, 058
22, 000
114,160
87, 812
13, 589
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns.
2 43.8
2 41.7
41.6
37.5
mil. $..
do—
do—
do—
do
do—
do
do
do—
do—
Unfilled orders, end of year or month (unadjusted),
totalt
mil. $..
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders©.-.do
Unfilled orders, end of year or month (seasonally
adjusted), totalt
mil. $..
By industry group:
Durable goods industries, total 9
__do
Primary metals
..do
Blast furnaces, steel mills
do
Nonferrous metals
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.
Capital goods industries^
do.
Nondefense
do.
Defense
do.
10,104
14,184
14,571
24, 639
16,484
r 6,520
12,125 12,745
' 9,585 10,010
r 6,556 6,723
5,836
'5,661
25,007 25,825
' 10,097
• 14,477
• 14,910
24,869
16,564
3,674 ' 3,732
2,161
48,065
27,792
3,287
11,683
9,764
1,919
10,038
15,019
15,157
24,942
16,658
3,955
2,224
49,247
29,045
20,202
BUSINESS INCORPORATIONS©*
New incorporations (50 States and Dist. Col.):
Unadjusted©
number.
Seasonally adjusted©
do...
INDUSTRIAL AND COMMERCIAL
FAILUREScT
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
130
118
121
425
116
146
194
445
85
01,619 .91,331 220,662
15,776 36, 057 26,578
18,261 24,946 26,815
36,515 77,847 113,437
19,374 28,604 42, 284
11,693 23,877 11,548
35.7
40.8
41.2
121
102
134
355
96
36.5
38.2
730
106
103
107
352
62
755
88
106
125
363
73
799
91
127
121
393
67
113,540 L52,974 208,583
13,807 14,072 17,502
9,435 12, 737 22,044
50,938 47,907 52,284
31,597 63,580 105,445
7,763 14, 678 11,308
38.5
40.5
39.1
38.8
38.5
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
Crops 9
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_.
280
227
294
183
177
163
245
604
326
345
405
151
285
243
323
209
185
167
265
619
321
354
402
133
291
246
395
242
157
161
257
655
331
371
417
128
294
245
340
246
168
165
251
664
338
371
426
138
303
251
356
255
173
165
255
671
349
369
453
130
310
248
320
255
173
166
259
664
363
365
481
130
304
243
290
235
173
166
263
665
357
362
468
138
303
253
327
264
174
168
260
666
346
352
459
122
313
261
342
272
180
170
275
666
357
345
485
123
317
263
319
270
180
166
310
665
364
342
498
125
323
262
328
261
178
164
278
676
376
348
515
136
325
268
334
261
178
183
292
715
374
357
507
132
326
264
341
206
187
207
309
718
380
373
504
145
328
263
295
216
187
227
321
701
383
381
512
136
331
272
360
229
191
239
273
705
381
388
498
150
287
337
216
221
283
263
704
401
394
524
168
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..
336
366
314
352
382
331
357
388
335
357
389
335
360
391
338
363
395
340
364
395
341
365
396
343
366
398
344
369
400
348
372
403
349
372
403
349
376
406
356
377
404
358
381
408
361
410
369
390
410
416
416
420
423
423
428
428
432
433
433
438
440
444
449
Parity ratio §
do
72
72
70
70
71
r
l
Revised.
p Preliminary.
Advance estimate; 2 total mfrs. unfilled orders for Nov.
1972 do not reflect revisions for selected components.
Based on unadjusted data.
JRevised back to 1966 to reflect benchmarking to the Annual Survey of Mfrs. for 1966-70 and
calculation of new seasonal factois; revisions back to 1966, new seas, factors, and other technicalfor
data
appear in a special Census Bureau report entitled Mfrs.' Shipments, Inventories,
Digitized
FRASER
and Orders: 1966-72, M3-1.4, Revised (available from Publications Distribution Section,
http://fraser.stlouisfed.org/
c^o * ™_u -^ r< onoQ*\
«rHoo nnta ^ r i ^ d «^» o n D> s ^ #
©Includes textile mill
Federal Reserve Bank of St. Louis
348
72
73
75
73
71
73
75
74
75
75
78
products, leather and products, paper and allied products, and printing and publishing industries; unfilled orders for other nondurable goods industries are zero.
9 Includes data for
items not shown separately.
c?Compiled by Dun & Bradstreet, Inc. (failures data for 48 States and Dist. of Col.).
O Revisions for Jan.-Dec. 1970 will be shown later.
§ Ratio of prices received to prices paid (parity index).
OF
S-8
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
Januar;v
SB
Nov.
1973
1972
1971
1971
Annual
CUKJKJUJN J
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unajusted indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care._.
Commodities
Nondurables
Nondurables less food.
Durables?
Commodities less food
Services
Services less rent
...1967=100.
116.3
121.3
122.6
123.1
123.2
123.8
124.0
124.3
124.7
125.0
125.5
125.7
126.2
126.6
126.9
do___
do...
..do...
do..
do..
-do.
do..
do..
do..
do.
114.4
116.7
116.1
119.3
122.1
120.9
120.4
123.7
122.3
120.9
123. 9
122.7
120.9
124. 0
122. 8
121.5
124.2
123.4
121.8
124.5
123.6
122.1
124. 9
123. 9
122.4
125.4
124.3
122. 7
125. 7
124.6
123.1
125.9
125.1
123.2
126.1
125.3
123.8
12d.7
125.9
124.2
127.1
126.2
124.6
127.4
126.6
113.5
114.0
113.1
111.8
112.5
121.6
123.7
117.4
117.7
117.0
116.5
116.8
128.4
130.9
118.5
118.9
118.7
117.4
118.1
130.3
132.9
118.9
119. 5
118.8
117.2
118.1
130.7
133.3
118.7
119.2
118.1
117.3
117.7
131.5
134.1
119.4
120.3
118.4
117.1
117.8
131.8
134.4
119.7
120.6
118.9
117.3
118.2
132.1
134.7
119; a
120.7
119.1
117.7
118.5
132.4
135.0
120.3
121.0
119.7
118.4
119.2
132.7
135.3
120.7
121. 2
119.5
119.2
119.4
133.1
135.7
121.2
121.7
119.3
119.6
119.4
133.5
136.2
121.4
122.0
119.4
119.7
119.5
133.8
136.4
122.0
122.8
120.8
119.8
120.3
134.1
136.7
122.3
123.1
121.3
120.1
120.8
134.6
137.2
122.7
123. 5
121. 7
120.3
121.0
134. 9
137.6
114.9
116.5
111.8
113.4
118.9
123.6
110.1
128.5
107.6
110.1
107.3
113.4
116.1
112.7
111.1
107.6
104.3
128.5
116.2
120.6
113.2
113.4
118.4
116.9
115.3
119.1
124.3
128.8
115.2
133.7
115.1
117.5
114.7
118.1
119.8
118.6
116.6
112.0
110.2
137.7
122.2
128.4
116.8
119.3
119.0
118.1
115.9
117.8
126.4
131.3
116.6
136.7
116.8
118.1
116.2
119.5
121.9
118.8
116.6
109.6
110.2
139.3
123.7
129. 7
117. 9
120.8
120.3
118.9
116.1
124.4
120.3
120.7
116.4
120.9
122.4
126.8
117.3
121.4
126.8
131.6
116.9
137.0
117.9
118.1
118.2
119.6
127.3
132.3
117.5
137.8
118.7
118.7
119.0
119.5
122. 2
126.3
116.9
123.9
127.6
132.5
117.8
138.0
119.6
118.7
119.7
120.1
121.8
118.6
116. o
110.4
107.2
139.7
120.2
119.0
116.4
112.2
105.3
143.4
123.9
130.1
117.9
121.1
124.3
130.5
118.1
121.4
119.3
118.7
119.4
119.6
120.7
118.3
115.7
111.9
103.0
143.5
124.7
131.0
118.4
121.5
125.0
131.4
118.7
121.7
122. 4
125.9
117.4
122.1
128.2
133.0
118.4
138.5
119.9
118.6
120. 2
120.5
121.8
118.6
116.1
111.7
106.4
142.7
125. 5
131.7
119.1
122.3
122.3
124. 8
117.3
123.9
128.5
133.4
118.6
138.9
120.1
118.7
120.5
120.8
122.5
119.5
117.1
111.4
110.0
142. 7
125.8
132.0
119.7
122.5
123.0
126.4
117.0
127.2
129.0
134.1
119.0
139.6
120.1
117.8
120.3
121.0
122.1
119.8
117.3
111.3
112.0
143.0
126.1
132.4
120.0
122. 9
124.2
129.9
116.8
128.4
129.5
134.9
119.2
140.7
120.2
117.7
320.3
121.1
121.1
120.3
117.8
111.0
112.7
143.3
126.3
132.7
120.0
123.0
124.6
130.8
116.6
128.1
129.9
135.5
119. 6
141.3
120.1
117.9
120.5
121. 2
120.8
120.5
118.1
110.6
112.4
143.3
126.5
132.9
120.2
123.0
124.8
130.9
116.9
125.7
130.1
135.7
119.9
141.5
120.3
118.0
120.5
121.6
123.1
121.0
118.6
109.6
113.6
144.0
126.8
133.1
120.5
123.7
124.9
131.3
117.1
124.5
130.4
136.0
120.3
141.8
120.6
118.1
120.9
121.8
124.3
121.2
118.7
110.1
115.2
144.1
127.2
133.9
120.8
124.0
125.4
131.5
117.7
126. 5
130.8
136.2
120.5
142.0
121.7
119.3
122.2
122.1
125.0
121.4
119.0
110.2
116.0
144.1
127.4
134.1
121.0
124.1
i 113. 4
J 112. 6
i 113.8
U08.0
1109.3
1107. 1
105.8
104.3
106.9
106.7
106.4
106.8
110.3
109.7
110.7
112.4
111.3
113.0
114.4
110.4
117. 2
115.6
110.1
119.5
119.2
112. 2
124. 3
119.1
112.7
123.7
119.8
114.4
123.7
121.0
115.8
124.6
122. 7
119.7
124.8
124.5
119.4
128.1
126.2
118.7
131.6
do.
110.4
113.9
114.5
115.4
116.3
117.3
117.4
117.5
118.2
118.8
119.7
119.9
120.2
120.0
120.7
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goodsO
Consumer finished goods
Producer finished goods
do.
dodo.
do.
do.
112.2
109.8
110.4
109.9
111.9
115.0
114.0
113.5
112.7
116.6
114. 3
115.0
114.0
113.1
117.0
117.0
115.4
115.0
114.2
117.8
120. 2
115.9
115.5
114.7
118.4
123.1
116.7
116.3
115.6
118.8
123.1
117.2
116.1
115.2
119.0
123.0
117.7
115.8
114.8
119.3
125.5
118.2
116.4
115. 5
119.4
127.2
118.5
116.9
116.1
119. 6
130.1
118.8
117.8
117.3
119. 7
130.3
119. 2
117.9
117.4
119.8
130.3
119.7
118.2
117.7
119. 9
129.2
119.9
117.6
117.1
119.7
130.4
120.6
118.3
117. 9
119.9
By durability of product:
Durable goods
Nondurable goods
Total manufactures.*
Durable manufactures
Nondurable manufactures
do.
do..
do..
do..
do_
112.4
108.9
110.2
112.0
108.2
117.0
111.7
113.8
117.0
110.5
118.1
111.8
114.5
118.3
110.7
118.6
113.0
115.1
118.8
111.3
119.2
114.1
115.7
119.3
112.0
120.0
115.3
116.5
120.1
112.8
120.4
115.2
116.7
120. 4
112.9
120. 7
115.1
116.9
120.8
112.9
121.0
116. 2
117.4
121.0
113.8
121.2
117.0
117.8
121.3
114. 3
121.4
118.5
118.3
121.5
115.1
121. 6
118.6
118.5
121.7
115.1
121.8
119.1
118.8
121. 9
115.6
121.7
118.8
118.8
121.7
115.8
121.8
120.0
119.2
121.8
116.5
Farm prod., processed foods and feeds
do..
111.6
113.8
113.6
115.9
117. 4
119.6
119.1
118.3
120.0
121.3
124.0
123.8
124.5
123.3
125.3
Farm products 9
do..
Fruits and vegetables, fresh and dried.,do..
Grains
do_.
Live poultry
do.
Livestock
do..
111.0
111.6
98.8
99.6
116.7
112.9
120.1
100.9
100.3
118.3
112.2
127.1
87.8
92.3
121.0
115.8
126.3
95.3
87.2
124.7
117.8
124.9
94.1
<J4.3
132. 2
120.7
127.5
93.0
105.4
139. 6
119.7
112.8
93.8
107.6
136.7
119. 1
117.6
96.0
94.1
133.8
122. 2
120! 6
97.5
96.3
139. 8
124.0
121.7
94.5
102. 9
146.4
128.0
129. 9
96.3
118.4
152.4
128.2
138.9
99. 8
106. 8
118.1
128.6
138.1
109.5
112.3
144.9
125.5
122.8
109.2
103.8
144.2
128.8
141.8
113. 6
102.8
139.5
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
Fruits and vegetables, processed..
Meats, poultry, and
fish
do..
do..
do_
do.
do_
do.
112.0
112.9
107.6
111.2
110.4
115.8
114.3
115.8
111.4
115.4
114.3
116.0
114.4
116.6
111.5
116.3
115.4
117.1
115.9
116.4
111.6
117.4
115.8
120.4
117.2
116.4
112.2
117.3
116.0
125.4
118.8
116.8
112.4
117. 5
116.1
130.5
118.6
116.7
112.6
118.0
116.7
127.3
117.7
117.2
112.8
117.5
118.3
123.6
118.6
117.2
113.3
117.4
119.0
126.8
119.6
117.8
113.3
115.3
119.5
131.4
121. 5
117.9
113.6
117.7
119.6
135.8
121. 0
118.9
115.3
118.6
120. 2
132.3
121.8
119.1
116.1
119.0
120.1
131.7
121.8
118.8
116.9
120.0
121.8
130.4
123.1
119.4
118.3
121. 8
123.8
127. 9
do.
110.0
114.0
114.- 9
115.3
115.9
116.5
116.8
117.3
117.6
117.9
118.1
118.5
118.7
118.8
119.1
do
do
do.
do.
do....do.
102.2
88.4
100.9
101.1
133.3
112.4
104.2
92.2
102.0
102.4
133.5
115.6
103.8
90.3
101.7
102. 4
125.3
115.9
103. 4
90.3
101.1
102.5
115.9
115.9
103.4
90.3
101.4
102. 3
111.3
116. 2
103.5
90.2
101.4
102.2
110.7
117.3
103.4
90. 6
101.0
102. 5
103.5
117.9
104.1
92.2
101.5
102.4
112. 2
118. 3
104.4
02. 1
101. 4
118.3
104.3
92. 3
101.4
103.1
115. 9
118.3
104.2
91.9
101. 5
103.2
113.2
118.3
104.4
92.0
101. 3
103.3
121.4
118.3
104.4
92.0
101.3
103.1
116.4
118.3
104.4
92.1
100.8
103.3
117.2
118.2
104.7
92.4
100. 9
103.6
123. 2
118.2
do
do.
do.
do
do
105.9
150.0
104.8
103.3
101.1
114.2
181.8
113.6
108.0
106.8
114.7
182. 9
116. 2
108.8
106.2
115.0
190. 2
116.3
107.9
106.1
116.0
192.7
118.9
110.0
1U6.1
116.1
192.6
120.0
110.2
105.5
116.5
192. 6
120. 0
110. 9
106.3
116. 9
191. 2
120. 5
112.5
106.6
117.5
191. 2
121.2
113.0
107. 3
118.2
191. 2
121.5
112.9
108. 5
118.6
191.2
122.1
113.2
109.1
119.7
191.5
122.1
114.3
110.7
120.3
192.2
122. G
116. 7
111.3
120.6
192.4
123.1
117.5
111. 5
121.3
201.2
123.0
119.0
111.5
110.2
109.9
110.2
110.2
107.5
Furniture and household durables 9
do
107.6
107.2
107.4
106.9
105.3
Appliances, household
do_
115.4
111.6
114.8
Furniture, household
do
115.5
116.0
93.4
93.4
93.3
93.6
93.8
Home electronic equipment
do
1
Computed by BEA.
9 Includes data for items not shown separately,
d"For actual
wholesale prices of individual commodities, see respective commodities.
110. 8
107.5
110.7
92. 9
110.9
107. 4
116.8
93.0
111.4
107.3
117.4
92.4
111.7
107.7
117.8
92.4
112.0
108.1
117. 7
92.9
112.0
108.0
117.7
92.9
112.3 112.4
108.0 I 107.9
118.1 | 118.5
92.5 I 92.3
-
Food 9
do.
Meats, poultry, and
fish
do..
Dairy products._
--do..
Fruits and vegetables
do..
Housing
do..
Shelter 9
do_.
Rent
do_.
Home ownership
._
do..
Fuel and 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.
127.9
132.7
118.0
138.2
121.3
118.4
115.9
111.7
103.9
142.3
WHOLESALE PRICESd1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1967=100-9 Foodstuffs
do
13 Raw industrials
do
All commodities
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fatsand oils, inedible
Prepared paint
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refine d
102. H
116.0
111.0
111. 1 111.2
107.1
107.2
107.5
117.2
117.1
116.9
92. 6
92. 9
92.8
©Goods to users, incl. raw foods and fuel?.
SURVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
S-9
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES—Continued
WHOLESALE PRICES^—Continued
(17.S. Department of Labor Indexes— Continued)
All commodities—Continued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967 = 100.
Footwear
do—
Hides and skins
do__.
Leather
do___
Lumber and wood products
do__.
Lumber
do_._
Machinery and equipment 9
do___
Agricultural machinery and equip
do_._
Construction machinery and equip
do...
Electrical machinery and equip
do__.
Metalworking machinery and equip do...
110.1
113.0
104.4
107.7
113.7
113.7
114.0
116.8
115.1
112.5
127.0
135.5
115.1
117.1
123.1
113.5
131.3
141.9
116.2
117.1
128.6
117.0
132.7
143.8
117.8
118.1
136.0
120.0
134.9
146.9
119.1
118.5
148.9
120.6
137.7
150.4
123.0
120.1
173.8
128.4
139.5
152.4
127.2
122.4
188.6
138.1
141.1
155.1
129.5
124.6
200.3
137.8
142.7
157.0
130.9
125.8
204.1
138.6
144.2
159.0
131.6
126.5
212.5
138.1
146.1
161.6
134.6
126.5
24 5.0
140.6
148.1
164.1
135.7
126.8
244.0
143.5
148.5
165.1
139.8
127.0
270.8
153.3
149.2
166.1
144.0
128.5
287.0
162.6
149.4
166.8
142.2
128.7
255.2
162.2
149.8
167. 9
111.4
113.0
115.5
106.4
114.0
115.5
117.2
121.4
109.5
117.3
115.9
117.5
122.0
109.3
118.2
116.2
118.6
123.2
109.3
118.4
116.5
119.9
124.3
109.5
118.5
117.1
121.5
124.7
110.0
118.9
117.3
122.0
125.0
110.1
119.4
117.6
122.1
125.7
110.2
119.7
117.9
122.3
125. 6
110.5
120.0
118.1
122.7
125. 9
110.6
120.2
H8.3
122.7
125.9
110.7
120.5
118.3
122.8
126.1
110.6
120.8
118.3
122.6
126.1
110.6
121.0
118.4
122.6
126.1
110.5
121.2
118.5
122.9
126. 3
110.6
121.3
118.6
122. 9
126.3
110.6
121.3
do__..
do...
do__.
do...
116.7
110.6
115.1
125.0
120.9
116.5
125.3
116.0
120.8
116.3
125.3
114.9
121.4
115.9
126.8
114.4
122.6
116.2
128.2
115.0
123.4
117.0
128.3
117.2
123.5
117.9
128.3
117.6
123.6
118.1
128.3
117.8
123.6
118.6
128.1
117.6
124.0
119.2
128.8
117.4
124.1
119.2
128.9
117.3
124.1
119.2
129.0
117.2
124.4
119.2
129.5
117.4
113.3
124.0
124.2
124.3
124.6
124.8
125.6
125.9
125.8
123.5
119.0
128.3
116.8
126.2
123.7
119.2
128.6
116.8
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—
119.0
115.5
121.8
116.0
122.4
126.7
126.9
127.3
127.3
127.4
109.8
112.2
100.0
108.2
111.0
108.6
109.0
114.2
120.6
106.8
110.1
114.1
109.2
109.2
114.9
122.6
112.1
110.6
114.7
109.5
110.8
114.8
123.4
113.4
110.8
114.9
109.5
110.3
116.1
123.8
112.8
111.6
115.3
109.2
108.4
116.2
124.5
115.3
112.3
115.7
108.9
108.4
117.2
125.1
114.9
112.8
115.9
108.7
108.4
117.2
125.1
113.4
113.2
115.9
108.8
108.4
117.4
125.3
113.9
113.5
116.2
108.9
108.7
117.5
126.3
115.2
114.3
116.7
109.5
109.7
118.4
127.2
115.5
114.7
116.8
109.5
109.7
118.8
127. 3
115.0
115.0
117. 3
109.8
109.7
118.9
127.5
114.8
115.1
117.5
109.8
109.7
107.2
111.0
105.6
102.1
114.3
99.4
108.6
112.9
110.6
100.8
l
109.8
113.8
112.5
103.2
111.3
113.8
116.7
105.4
112.1
114.1
119.6
106.1
112.6
114.2
120.5
107.2
113.3
114.3
121. 5
108.0
113.6
114.4
122.6
108.6
114.3
115.3
123.6
108.6
114.8
115.6
124.0
108.6
115.1
115.9
124.2
109.5
115.6
116.0
124.8
110.3
92.3
0)
114.1
115.1
122.8
108.7
l
93.5
0)
112.0
114.0
118.0
105.9
1
117.5
126.0
115.7
113.7
116.7
109.2
109.5
114.0
115.1
123.0
108.9
117.5
126.1
116.1
114.1
116.7
109.5
109.7
Textile products and apparel 9
do.__
Apparel
do.._.
Cotton products
do__.
Manmade fiber textile products
do.__
Silk yarns
do...
Wool products
do...
Transportation equipment 9---Dec. 1968=100.
Motor vehicles and equip
1967 = 100.
Mlscellaneous products 9
do—
Toys, sporting goods, etc
do—
Tobacco products
do...
PURCHASING POWER OF THE DOLLAR
114.9
122.9
114.1
110.7
114.7
109.4
110.8
110.6
113.8
113.6
104.3
91.5
92.0
92 2
92.0
93.0
101.1
102.5
106.6
107.1
108.8
104.5
108.5
109.9
109.4
114.0
110.3
114.7
112.8
112.6
116.7
110.8
115.3
113.1
112.8
116.8
112.9
117.5
113.2
113.1
116.7
113.4
117.9
113.7
113.5
117.4
113.6
118.0
114.0
114.0
117.4
113.6
118.0
114. 2
114.5
117.4
113.7
118.0
114.1
114.0
117.4
114.2
118.5
115.1
114.5
117.5
114.2
118.5
115.2
114.8
117.5
112.9
116.9
115.0
114.9
117. 5
1H.0
117.0
115.0
115.0
117.5
114.2
118.4
115.1
115.1
117.5
$0. 906
.860
$0.878
.824
$0. 873
.816
$0.867
.812
$0.860
.812
$0.853
.808
$0.852
.806
$0. 851
.805
$0.834
.796
$0.832
.792
$0. 833
.790
$0.829
.788
>0. 814
.786
10, 944 11,450
11,486
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
As measured b y Wholesale prices
Consumer prices
1967=$1.00.
do...
()
0)
C)
0)
0)
0)
0)
0)
98.3
99.2
113.8
118.1
114.1
114.1
117.5
114.2
118.5
114.2
114.4
117.5
100.0
114.1
118.4
114.9
114.5
117.5
$0. 846 $0.842
.802
.800
$0,835
.797
()
(l)
(i)
(i)
0)
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE 1
New construction (unadjusted), total f
109,399 ' 10,012
9,175
8,417
8,184
8.920
9,627
10,481
10,982
11,578
11, 279
79,535
43,062
34,860
• 7,359
•4,067
3,344
7,043
3,890
3,214
6,353
3,542
2,963
6,108
3,381
2,848
6,737
3,752
3,131
7,335
4,194
3,390
7,852
4,519
3,608
8,243
4,831
3,904
8,311
4,971
4,059
8,568 '8,592 '8,692
5,052 ' 5,077 '5,041
4,140 ' 4, 212 '4,229
8,570
4,921
4,151
21,417
6,538
9,754
22,479
5,423
11,619
2,013
430
1,913
433
1,748
362
956
1,679
328
934
1,840
365
1,005
1,928
382
2,041
393
2,075
416
1,161
2,144
415
1,203
1,098
1,023
2,017
398
1,132
1,066
2,216
402
1,229
2,968
3,005
194
219
1,155
260
270
245
282
mil. $_-
94,030
Private, total 9
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
mil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do—
Public, total 9
do_.
Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial
do
Military facilities
do
Highways and streets
do
New construction (seasonally adjusted at annual
rates), total 1__
_
bil. $_.
65,932
31,864
24,272
Private, total 9
...do.
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9bil. $._
Industrial
do
Commercial
_.do
Public utilities:
Telephone and telegraph
do
28,098
29,864
10, 657
1,107
499
718
9,981
11,397
1,136
572
894
10, 658
2,064
2,183
2,232
871
61
48
72
798
• 2,221
'397
r
1,274
299
266
296
307
2,739
2,633
2,882
' 2,894 '2,886
2,629
941
67
48
83
980
955
73
46
95
1,015
921
94
33
99
1,018
1,042
78
42
84
1,105
2,653
1,056
118
52
86
936
2,132
908
93
45
83
660
89
44
75
585
39
66
552
856
64
46
83
633
114.6
115.6
120.8
121.8
122.9
120.4
122.1
121.1
120.2
123.3
84.2
85.2
88.6
90.9
92.5
91.4
92.2
92.5
91.9
94.1
47.1
38.0
47.9
38.7
49.6
40.4
51.9
42.8
52.7
43.6
52.3
43.3
52.9
43.7
22.9
4.9
12.3
23.0
4.9
12.4
23.9
4.9
13.3
23.5
4.7
13.2
53.1
44.0
24.0
4.8
13.2
23.8
4.6
13.4
24.6
4.7
14.1
24.3
4.9
13.5
53.5
44.0
23.2
4.6
13.0
1,049
62
44
'96
1,094
1,102
73
'47
2,709
43
105
' 124. 9 129.0
129.1
'94.3
'96.2
97.9
54.3
44.6
'55.5
45.9
'56.3
46.7
56.8
47.1
24.2
4.8
13.4
23.6
4.4
13.5
'24.3
4.3
'13.8
25.2
4.6
13.8
3.0
3.0
3.2
3.2
3.2
2.9
3.4
3.3
3.1
3.4
3.2
8.3
30.5
30.3
32.2
30.9
30.4
28.9
29.8
28.6
28.3
29.2
30.6
'32.8
31.1
11.7
.8
.6
1.0
10.2
10.8
.6
.6
1.2
10.3
10.1
.6
.5
1.0
11.2
10.6
.8
.5
1.0
10.9
10.4
.8
.4
1.1
10.0
10.9
1.3
.5
1.4
9.5
11.5
1.1
.4
.9
9.9
12.1
.8
.5
1.0
10.3
13.6
.9
.5
'1.0
.6
1.2
Public, total 9
.-.do.
12.4
12.2
12.1
Buildings (excluding military) 9
do.
1.2
1.3
1.2
Housing and redevelopment
do.
.5
.7
.5
Industrial
do.
1.0
1.0
.9
Military facilities
do_
11.2
10.8
10.4
Highways and streets
do..
r
Revised.
v Preliminary.
» Series discontinued.
d"See corresponding note on p. S-8. 9 Includes data for items not shown separately.
HData have been revised to reflect the incorporation of new basic data, the change in estimating procedures, the modification of the type of construction classifications for private nonresidential buildings, the inclusion of farm housing in new private housing units, and the
2,076
2,171
401
1,252
introduction of the results of a survey covering private nonresidential building construction
in the 13 Western States. More detailed information may be obtained from the Bureau of
Census Report C30-70S, available from the Superintendent of Documents, U.S.Government Printing Office (Washington, D.C. 20402).
SU1
S-10
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes a r e a s shown
in the 1971 edition of B U S I N E S S STATISTICS
1970
1971
Annual
January -
OF CURRENT BUSINESS
1971
Nov.
1973
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
7,248
Dec.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $..
68,160
80,590
• 6,415
6,286
6,234
5,607
7,284
8,100
9,098
8,478
8,067
8,875
8,197
8,225
Index (mo. data seas, adj.)-
1967=100..
U23
1144
155
160
165
155
159
167
165
154
155
180
187
171
177
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) 0
mil. $..
do
21,977
41, 735
22,626
47,879
1,944
4,471
1,087
244
2,137
4,097
1,634
3,973
1,686
5,598
1,741
6, 359
2,574
6,524
2,517
5,960
2,528
5,538
2,466
6,409
2,017
6,181
1,669
6,557
1,785
5,462
do.
do.
do.
24,394
24,675
18,992
25,846
37,119
19,925
2,121
2,977
1,318
1,959
2,997
1,331
1,728
2,667
1,840
1, 799
2, 664
1,144
2,187
3,617
1,480
2,182
3, 971
1, 947
2,908
4,428
1,762
2,447
4,375
1,655
2,461
3,864
1,741
2,458
4,671
1,746
2,378
4,135
1,684
2,384
4,298
1,544
2,184
3,663
1,402
...do.
66,937
65,578
9,919
8,006
4,456
6,500
7,133
4,234
4,799
5,000
3,894
5,315
4,470
6,489
8, 032
1,469.0
1,034.4
1,433.6
812.9
2,084. 5
1,518.5
2,052.2
1,151.0
176.4
128.9
173.7
92.9
155.3
118.1
152.1
80.4
150.9
112.2
149.1
153.6
117.2
152.2
76.3
205.8
152.4
203.9
111.4
213.2
155.6
211.6
119.8
227.9
162.7
225. 8
135.2
226.2
160.4
223.1
131.9
207.5
147.7
206.5
119.1
231. 0
168.2
228.6
131.3
204. 4
140.8
203.0
120.5
218. 2
155.7
216. 5
117.0
• 186. 3
139.8
• 184.9
' 97. 3
2,228
1,242
2,457
1,347
2,487
1.415
2,682
1,325
2,369
1,302
2,109
1,167
2,350
1,344
2,330
1,296
2,218
1,289
2,484
1,410
2,399
1,383
2, 462
1,308
• 2, 388
• 1, 207
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures
thous.
do...
do...
do...
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
do—
do
New private housing units authorized by building
permits (13,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
thous..
One-family structures
do...
Manufacturers' shipments of mobile homes:
Unadjusted...
Seasonally adjusted at annual rates.
do....
do—
1,352
647
1,907
903
!,092
965
2,191
982
2,204
1,098
2,056
959
2,007
954
1,991
963
1, 955
923
2,121
989
2,108
1,013
2,237
1,031
!,265
975
2,216
• 2,139
'961
401.2
496.6
39.9
513
34.4
509
33.3
554
39.7
552
48.8
595
53.4
634
51.5
572
54.7
604
48.2
572
51.7
532
48.8
502
54.1
54.0
50.4
65.1
122
131
134
135
135
136
136
-•135
137
137
138
'139
139
140
1,132
1,254
1,202
1,088
1,116
1,258
1,411
1,359
1,174
1,219
1,295
1,439
1,415
1,187
1,252
1,316
1,482
1,417
1,190
1,259
1,325
1,536
1,419
1,195
1,260
1,336
1,540
1,425
1,266
1,264
1,341
1,540
1,435
1,266
1,264
1,348
1,545
1,436
1,267
1,265
1,359
1,545
1,436
1,267
1,284
1,367
1,545
1,436
1,267
1,284
1,375
1,577
1,436
1,306
1,285
1,379
1,577
1,440
1,315
1,285
124.4
123.1
122.4
135.0
133.9
132.8
138.5
138.1
137.5
138.5
138.1
137.5
141.8
140.6
141.4
124.4
128.9
140.5
146.7
147.4
153.6
147.9
154.6
149.0
155.6
125. e
131.7
CONSTRUCTION COST INDEXES
Dept. of Commerce composite
1967=100..
American Appraisal Co., The:
Average, 30 cities
1913=100..
Atlanta
do....
New York
do—
San Francisco
do
St. Louis
do_.-_
Associated General Contractors1 of America, Inc.,
The (building only)
tf
1967=100.
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings
1967=100.
Commercial and factory buildings
do__.
Residences
do..Engineering News-Record:
Building
1967 = 100Construction
do...
Federal Highway A dm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100.__
126
143.5
143.1
143.3
150.8
156.6
151.5
157.2
152.1
157.6
152.7
158.5
135.5
133.5
146.6
146.1
147.3
144.6
144.2
145.0
147.5
146.9
148.6
156.9
' 164.2
148.3
149.5
157.9
165.1
160.1
167. (J
14.0
173
15.9
193
12.3
150
15.7
191
12.6
162
16.4
207
635.16 750.10 585. 28
672. 96 771. 98 758. 57
598.00
737. 74
592.11
791. 77
154.6
160.8
153.8
159.9
155.3
162.5
133.7
141. 2
CONSTRUCTION MATERIALS
Output index:
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.._
164.3
166.4
162.3
194.3
163.8
182.7
209. 0
315.0
366.8
143.7
217.9
204.2
190.5
173.8
192.7
205.1
203.7
188.1
190.4
206.1
252. 6
27.9
260
20.0
207
20.6
221
21.7
248
20.9
217
18.5
197
20.4
217
20.5
219
935.45 813. 63
639. 38 616. 73
798.12
717.71
653.69
516. 86
627.34
609. 78
643.05
6,515
5,992
5, 913
5,853
163.3
170.8
130.7
180.5
215.1
159. 5
183.0
157.5
166.2
167.6
189.0
197.1
203.4
186.4
183.0
141.0
177.6
156.8
134.4
177.6
134.0
146.1
187.2
138.2
180.4
209.0
192.8
22.5
291
16.4
207
32.4
450
15.7
228
23.3
333
15.4
232
26.7
326
16.8
224
191.2
201.1
269.6
r
r
164.8
182.4
253.0
208.5
301.8
17.2
223
17.3
203
19.5
206
19.2
199
REAL ESTATE1
Mortgage applications for new home construction:
FHA net applications
thous. units..
Seasonally adjusted annual rates
do
Requests for VA appraisals
do
Seasonally adjusted annual rates
do
Home mortgages insured or guaranteed b y 859. 77
Fed. Hous. Adm.: Face amount
mil. $. 8,113. 73 10,374.54 869.50
Vet. Adm.: Face amount§
d o . . . 3,442.90 6,065.83 789. 56 719. 71
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $-New mortgage loans of all savings and loan associations, estimated total
mil. $.By purpose of loan:
Home construction
do
Home purchase
do
All other purposes
-do
Foreclosures.
Fire losses (on bldgs., contents, etc.)t
854.60
10,615
7,936
7,709
7,936
7, 238
3,298
3,592
2,632
2,849
3,910
3,819
4,603
6,835
18,810
13,840
589
1,661
1,048
573
1,590
1,429
481
1,253
898
518
1,400
712
1,861
1,337
707
1,819
1,293
836
2,276
1,491
number.. 101, 070 116,698
10,141
10,602
10,831
11,952
10,095
12,731
5,449
872
2,920
1,657
12,469
193
187
mil. $.-
21,387
4,150
10,239
2,328
39,485
2,316
162
190
r
!
2
Revised.
*> Preliminary.
Computed from cumulative valuation total.
Index
as of Jan. 1, 1973: Building, 161.8; construction, 169.3.
OData for Sept. 1971, and Mar.,
June, Aug. and Nov. 1972 are for 5 weeks; other months, 4 weeks. 9 Includes data lor items
not shown separately.
§Data include guaranteed direct loans sold.
cfNew base; com-
6,138
6,295
6,736
7,045
7,245
4,572
5,379
4,689
• 4,522
4,372
743
2,515
1,314
803
3,087
1,489
739
2,587
1,363
'761
2,423
1,338
714
2,305
1,353
10,539
11,141
10, 747
184
178
6,075
198
931
9,792
241
193
182
202
parable data for earlier periods will be shown later.
If Home mortgage rates (conventional
1st mortgages) are under money and interest rates on p. S-17. f Revisions for Jan.
1970 through Sept. 1971 will be shown later.
SURVEY
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1970
|
S-ll
1972
1971
1971
Nov.
Annual
CURRENT
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:!
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
1957-59=100.
do...
do...
do...
do...
199
249
318
165
127
199
233
302
175
141
201
248
296
173
138
201
246
290
174
140
209
235
319
185
153
207
258
292
184
140
205
244
327
178
134
215
257
335
181
149
216
253
349
187
147
214
247
338
187
148
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $.
Apparel and accessories...
do...
Automotive, incl. accessories
do...
Building materials
do...
Drugs and toiletries
do...
Foods, soft drinks, confectionery
.do...
1,185.7
50.9
95.3
20.8
156.6
99.4
1, 251.4
47.0
111.3
19.2
158.6
108.1
132.3
4.8
9.9
2.1
13.8
13.1
100.7
3.4
4.4
.7
12.6
10.1
72.4
1.6
5.7
1.1
9.1
5.1
94.0
3.0
9.1
1.1
13.3
9.8
107.4
4.3
11.3
2.5
12.2
10.4
121.0
6.0
11.6
3.3
13.4
10.4
128.9
3.8
14.4
3.5
14.4
109.0
1.7
12.2
2.2
13.3
10.6
83.8
1.2
8.4
1.3
10.5
8.7
78.1
3.7
5.0
.9
11.2
6.3
117.0
6.4
8.4
2.2
12.1
8.9
136.5
5.0
15.1
2.1
13.5
11.8
138.5
4.1
11.7
2.1
13.6
13.7
Beer, wine, liquors
do
Household equip., supplies, furnishings..do_._
Industrial materials
do...
Soaps, cleansers, etc
...do...
Smoking materials
do...
Another
do...
98.0
71.1
43.8
16.4
64.7
468.9
88.2
64.0
33.1
17.8
118.2
486.0
12.2
7.3
3.5
1.7
9.4
54.6
13.4
5.1
2.0
1.1
9.6
38.4
2.9
2.3
2.1
1.1
8.2
33.2
4.2
3.9
1.9
2.2
8.8
36.8
5.6
5.9
2.6
1.7
8.5
42.3
7.4
8.5
2.4
2.3
8.7
46.9
8.3
3.8
1.7
50.7
8.5
6.2
2.4
1.7
9.6
40.5
6.4
4.6
1.6
1.6
9.8
29.8
4.7
3.4
2.3
1.4
8.6
30.5
6.7
7.6
3.3
1.8
11.3
48.1
10.2
10.2
2.4
1.7
11.1
53.2
11.4
9.5
3.0
1.9
11.4
56.0
Newspaper advertising expenditures (64 cities): ©
Total*
mil. $_
Automotive
do. -.
Classified
do...
Financial
do...
General
do...
Retail
...do.-.
3,119.5
92.8
724.3
117.0
426.5
1,759.0
3, 289.9
101.9
764.3
106.6
461.8
1,855.3
319.8 1293.2
4.8
8.0
63.9
54.3
9.6
9.4
35.0
48.2
189.5
190.3
279.4
6.8
71.1
13.5
39.9
148.1
273.7
8.6
69.5
8.6
40.0
146.9
313.7
10.8
76.1
10.9
44.8
171.1
332.6
9.2
83.7
12.2
50.7
176.8
324.6
10.4
81.4
9.9
48.2
174.7
310.3
8.3
79.3
11.5
43.6
167.6
280.4
7.6
82.6
10.2
30.4
149.7
273.4
7.4
76.7
6.3
30.0
153.0
281.2
10.5
74.3
8.3
40.2
147.9
333.7
8.2
82.9
11.6
50.6
180.3
23,356
10,666
12,690
23,654
10,478
13,176
21,756
9,725
12,031
22,012
9,951
12,061
24,938
11,567
13,371
23,044
10,977
12,067
25,290
11,898
13,392
25,389
12,127
13,262
23,491
11,085
12,406
26,654
12,552
14,102
25,555
12,092
13,463
26,823
12,604
14,219
27,090
12, 228
14,862
31,631
18,461
13,170
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), totaL.mil. $_
Durable goods establishments
do...
Nondurable goods establishments
-do. _ _
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $_.
Durable goods establishments
do
Nondurable goods establishments
do
246,643 267,357
111, 778 122,420
134, 865 144,937
26,622
15,318
11,304
28, 828
16, 987
11, 841
28,493
16,759
11,733
28,828
16,987
11,841
29,064
17,041
12,023
29,079
17,171
11,908
29,289
17,412
11,877
29,608
17,740
11,868
29,669
17,855
11,814
29,648
18,003
11,646
29,901
18,332
11,569
29,868
18,098
11,769
30,367
18,166
12,201
31,255
18,250
13,005
mil. $.. 375,527
114,288
do.
64,966
do..
59,388
do.
5,578
do.
408,850
131, 814
78,916
72,538
6,378
36,018
42,572
30,604
30,987
38,164
38,730
39,014
9,661
5,756
5,317
439
10,181
6,192
5,760
432
12,095
7,372
6,782
590
13,296
8,162
7,539
623
13,735
8,372
7,716
656
36,961 37, 994
12,624 12,785
7,486 7,406
6,869 6.770
617
636
37,522
11, 931
6,149
5,570
579
36,220
12,258
7,582
7,020
562
35,389
11,796
7,100
6,516
584
17,778
10,483
6,073
18, 560
11,004
6,221
1,677
1,009
546
2,173
1,159
811
1,560
905
540
1,550
919
505
1,673
1,021
516
1,595
969
508
1,689
1,034
530
1,770
1,101
544
1,749
1,001
1,817
1,070
607
1,760
1,022
595
' 1,863
' 1,107
'599
' 1,973
1,175
630
15,346
17,378
11,995
13, 733
3,351
3,645
261, 239 277,036
20,804
19,810
4,630
4,727
7,582
8,193
3,501
3,532
1,568
1,244
324
1,540
1,127
413
30, 641
3,001
750
1,183
403
1,223
984
239
1,240
998
242
1,544
1,226
318
1,731
1,356
375
1,841
1,460
381
1,883
1,541
342
'1,924
' 1,567
'357
1,793
1,413
380
20,806
1,309
302
521
210
23,294
1,665
390
626
294
24,868
1,769
419
683
304
24,995
1,739
432
653
298
1,837
1,465
372
24,337
1,580
371
605
267
1,952
],590
362
20,943
1,437
353
547
235
1,466
1,176
290
23,962
1,734
365
665
317
25,209
1,759
389
667
317
25,021
1,846
401
708
361
25,445
'1,923
'445
'737
'340
26,588 2 33,101
' 2,025 2 3,121
487
764
353
1,099
2,530
7,185
6,673
2,493
1,565
2,688
8,300
7,707
2,528
1,105
2,454
7,101
6,620
2,388
1,101
2,402
7,105
6,619
2,264
1,157
2,693
7,870
7,334
2,488
1,141
2,699
7,588
7,069
2,457
1,197
2,894
7,937
2,608
1,195
3,022
8,173
7,592
2,645
8,092
7,492
2,752
1,222
3,127
8,100
7,494
2,758
1,184
2,943
8,253
7,676
2,606
' 1,189
' 2,902
' 7,862
'7,293
' 2,686
' 1, 215
' 2,799
'8,038
'7,484
' 2,631
68,134
6,824
9,904
4,426
4,512
5,673
5,496
6,002
5,977
5,660
6,224
6,151
'6,540
7,472 210,635
62, 242
42, 027
4,301
6,972
8,773
6,245
4,195
575
621
758
4,004
9,361
2,680
6,518
548
269
1,133
419
1,073
34,896
11, b34 11,475
6,639 6,578
6,162
6,028
477
550
4,064
2,646
327
464
652
5,501
5,493
3,688 3,739
388
344
620
616
751
774
36,822
37,141
12,280 12,253
7,302 7,266
6,719
6,704
562
583
5,208
3,486
336
584
803
37,342
5,735
3,787
444
638
760
5,628
3,835
389
610
749
'5,985
'4,006
'505
'623
'757
6,872 210,078
4,627 2 7, 040
663
685
796
37,969
37, 746
39,106
38,944
12,468
7,399
6,821
578
12,842
7,723
7,104
619
12,614
7,503
6,888
615
13,168
' 7,853
' 7,195
'658
13,257 213, 313
7,858
7,225
633
1,781
1,026
607
1,797
1,040
613
1,750
1,034
'1,846
'1,093
'602
RETAIL TRADE J
All retail stores:!
Estimated sales (unadj.), total X
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire, battery, accessory dealers
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do..
do..
do..
Lumber, building, hardware group
Lumber, bldg. materials dealerscf
Hardware stores
Nondurable goods stores 9
do..
do..
do..
do..
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do..
do..
do..
do
do
do
do
do
13,352
29,689
86,114
79, 756
27,994
General merchandise group with nonstores 9
mil. $.. 61,320
General merchandise group without nonstores 9 §.mil. $_. 55,812
37,295
Department stores
do
3,853
Mail order houses (dept. store mdse).do
6,959
Variety stores.
do
7,980
Liquor stores.
.do
Estimated sales (seas, adj.), total %
do..
Durable goods stores 9
do
Automotive group
do
Passenger car, other auto, dealers
do
Tire, battery, accessory dealers
.do
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do
do
do
13, 736
31,131
89, 239
82, 793
29,163
24,222
1,897
439
752
35,574
11,885
7,248
6,690
558
1,575
946
520
1,651
954
558
1,741
1,020
607
1,548
1,685
1,575
Lumber, building, hardware group
do..
1,249
1,359
1,255
Lumber, bldg. materials dealerscf
do..
326
320
Hardware stores
do..
' Revised.
i Data for Sept.-Dec. 1970 are as follows (mil. $): 256.2, 279.5, 309.5, 264.4;
7.0,9.0,7.1,5.6;
58.6,60.1,58.0,46.1; 8.9,10.2,7.8,8.8; 37.9,42.6,48.5,30.6; 143.9,157.6,188.1,173.2.
2
Advance estimate. ©Source: Media Records, Inc. 64-City Newspaper Advertising
Trend Chart.
*New series. Beginning Jan. 1971 the series was revised to reflect trends in
newspaper advertising expenditures in 64 cities instead of linage in 52 cities as formerly published,
t Revised to reflect new sample design, improved techniques, and new information
from the 1967 Census of Business; revisions for periods prior to Oct. 1970 appear on p. 55 ff.
35,345
11,457
6,689
6,121
568
1,728
1,027
573
5,151
5,037
3,367
3,348
419
352
600
580
743
709
36,450 36,296
12,087 11,976
7,073
7,067
6,490
6,464
577
1,780
1,058
568
1,743
1,044
583
1,748
1,016
576
1,735
1,051
527
1,163
3,063
12,501
7,192
6,592
600
39,901 246,603
13,569 13,313 213,502
' 8, 043 '7,809 " ", 030
' 7, 397
7,146
'647
663
2 2, 359
2 1,712
2,901
2 8,888
2
8, 288
2 2,680
2
1,860
1,101
598
1,562
1,576 1,622
1,679
1,781
1,592
1,605
1,714
1,746 r 1, 780
1,246
1,405
1,249 1,270
1,338
1,362
1,250
1,263
1,406 r 1, 427
316
376
352
327
352
342
342
341
340
'353
of the Dec. 1971 SURVEY (complete details appear in the Census Bureau Monthly Retail
Trade Report, Aug. 1971 issue). 9 Includes data for items not shown separately.
t Formerly Marketing/Communications advertising index. Series revised in June 1971;
comparable 1970 monthly data are in the SURVEY for that month (no comparable earlier data
are available).
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§ Except department stores mail order.
SUEVEY OF CUERENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1970
1971
January 1973
1972
1971
Nov.
Annual
Dec
Jan.
Feb.
May
June
July
Aug.
Sept. I Oct.
Nov.
24,320
1,834
445
673
310
24,861
1,846
438
706
317
24,569
1,788
429
683
294
24,874
1,801
433
695
299
25,127
1,813
438
699
300
25,132 25,938
1,836 ' 1,947
433
'468
701
'718
318
'350
25, 571
1,864
430
698
346
1,178
2,814
7,720
7,190
2,534
1,205
2,763
7,795
7,265
2,489
1,208
2,785
7,985
7,449
2,534
1,218
2,801
7,832
7,279
2,500
1,204
2,818
7,956
7,374
2,577
1,246
2, 797
8,039
7,457
2, 622
1, 204
2,830
8,005
7,438
2,611
' 1, 226
' 2,873
' 8, 209
' 7,637
' 2,686
1,264
2,931
8,181
7,613
2,644
Mar.
Apr.
DOMESTIC TRADE—Continued
RETAIL TRADEf—Continued
AH retail storesf—Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores 9
mil. $_
Apparel group
do...
Men's and boys' wear stores
do__.
Women's apparel, accessory stores__.do.__
Shoe stores
do...
Drugand 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. storemdse.)do
Variety stores
do
Liquor stores
do
Estimated inventories, end of year or month: t
Book value (unadjusted), total t
mil. $_
Durable goods stores 9
do___
Automotive group
do.__
Furniture and appliance group
do___
Lumber, building, hardware group, . d o . . .
Nondurable goods stores 9 _
___do.__
Apparel group
do__.
Food group
do__.
General merchandise group with nonstores
mil. $.
Department stores
do___
1,155
2,714
7,665
7,133
2,493
5,954
5,756
5,874
5,965
6,088
6,025
6,246
6,143
6,267
6,288
6,333
• 6,548
6,339
5,387
3,641
395
577
742
5,261
3,607
345
572
728
5,376
3,578
396
599
727
5,486
3,650
399
617
753
5,546
3,664
406
632
800
5,533
3,643
396
671
769
5,731
3,838
423
649
766
5,632
3,792
393
638
776
5,801
3,899
422
643
785
5,772
3,845
439
654
775
5,858
4,007
425
634
767
• 6,065
5,818
3,941
444
631
780
50,889 50,705 51,724
23,152 23, 440 23,898
11,384 11,528 11,827
3,557
3,565
3,498
3, 219 3,314
3,414
53,324 54.037
24, 572 24,929
12,214 12,33
3,732
3,652
3,574
3,509
54,299
25,087
12,416
3,735
3,612
53,697 52.794
24, 701 23,592
12,084 U , 083
3,692
3,691
3,568
3,543
27, 265 27,826
4,416
4,244
5,357
5,350
28, 752 29,108
4,608
4,674
5,486
5,510
29,212
4,596
5,557
28,996
4,509
5,538
29, 202 29,944
4,598
4,834
5,563
5,631
30, 736 32,091
5,044
5,188
5,645
5,893
12,158
7,344
12,1?3
7,203
12, 981 13,680
7,763
8,316
52,814 53,402
23, 740 23,915
11,387 11,412
3,684
3,709
3,467
3,507
12,106
7,273
f3,293
23, 665
11, 086
3,703
3,508
29, 628 29, 746 30,070
4,726
4,753
4,673
5,597
5,734
5,560
30, 053 30, 259 30,423
4,835
4,860
4,777
5,800 5,815
5,714
12,388
7,485
12,590
7,710
11,661 '11,826
12, 847
545
'66
'194
' 169
431
' 229
' 171
590
76
215
179
449
213
175
53,720
23,387
11,278
3,710
3,206
50,889
23,152
11,384
3,557
3,219
25,638
4,209
5,078
27, 737 30,333
5,005
4,397
5,630
5,507
27,737
4,397
5,507
28,044
4,583
5,429
28,453
4,580
5,442
10,528
6,357
11,753
7,035
11,433
6,879
do.
117,245
125,607
11,352
do..
do.
do
do
do
do
5,475
819
1,875
1,473
4,344
2,859
1,508
5,741
750
2,123
1,498
4,693
2,735
1,600
529
75
199
129
380
224
142
9,905
5,976
11,062
6,613
Grocery stores
do.
Tire, battery, accessory dealers
do.
All retail stores, accts. receivable, end of yr. or mo.: <
Total (unadjusted)
mil. !j
Durable goods stores
__ _.do
Nondurable goods stores
do_.
Charge accounts
do.
Installment accounts
. _ do
do
do..
. do
do..
______~__do
12,835
7,821
11,062
6,613
51,693 53,187 55,075 56, 816
21, 749 22, 451 22, 984 23,908
9,169
9,845 10,165 10, 707
3,672
3,803
3,923
3,750
3,536
3,574 3,646
3,561
12,541
7,469
32,908
5,302
6,030
14,132
8,759
52.940 53,107 53,661 53, 934 54, 658
23,194 23, 037 23, 608 23,675 24, 235
10, 596 10, 407 10, 937 10, 918 11,247
3,725
3,690
3,743
3,714 3,761
3,529
3,579
3, 612 3,628
3,705
28, 668 28,805
4,610
4,603
5,428
5,431
28,965
4,627
5,486
29,074
4,660
5,510
29,487
4,666
5,557
11, 753 11,800
7,035
7,110
11,933
7,140
12,089
7,226
12,133
7,276
12, 293 12,462
7,411
7,545
12,380
7,380
12, 561 12,446
7, 499 7,443
15, 282
8,991
9,104
10,839
10,502
11, 220 11,430
10,892
11,465
854
129
335
180
630
237
209
351
52
124
90
360
203
138
323
43
121
85
365
205
133
496
62
178
144
396
245
137
458
63
159
130
396
227
141
487
68
177
135
427
267
156
472
67
171
129
441
267
164
410
50
153
111
417
278
152
487
51
180
144
445
274
165
532
59
189
178
431
230
156
46,102
52,092
5,248
7,718
3,300
3,395
4,310
4,218
4,626
4,635
4,385
4,814
4,800 ' 5,096
5,891
49,008
36,544
5,398
4,939
3,625
490
7,434
5,583
889
3,104
2,323
324
3,169
2,313
362
4,036
2,938
467
3,989
2,946
458
4,371
3, 246
490
4,393
3,307
493
4,165
3,102
465
4,578
3,365
503
4,531 ' 4,785
3,400 ' 3,533
500
486
5,581
4,087
557
43,183
1,827
45,235
1,955
3,657
177
4,278
180
3,652
123
3,688
121
4,118
179
4,206
200
4,315 ' 4,090
171
186
4,238
192
11,027
11,313
4,114
178
11,445
4,122
191
10, 544 10, 690 10,866
3,893
4,049
181
178
11, 085 11,451
11,630
465
62
170
119
394
221
462
60
173
122
411
228
480
68
178
125
413
247
497
73
172
143
430
215
515
74
185
142
430
260
475
66
178
122
448
253
493
67
180
132
432
258
491
59
185
137
450
251
511
63
183
154
443
228
10,845
494
65
184
127
394
237
490
64
188
122
410
249
4,605
4,431
4,469
4,538
4,656
4, 564
4,844
4,758
4,808
4,862
4,309
3,225
447
4,205
3,161
446
4,212
3,114
475
4,279
3,160
487
4,373
3,214
500
4,309
3,158
511
4,586
3,395
510
4,504
3,334
514
4,590
3,398
522
4,601
3,375
517
3,821
170
3,701
147
3,773
160
3,907
160
3,918
192
4,059
171
4,115
169
4,083
168
4,156
165
4,241
189
22,860
7,387
15,473
9,001
13,859
23,514 22,329
7,685
7,753
15, 761 14,644
9,185
9,385
14,129 13,144
21,394
7,214
14,180
8,603
12, 791
22,046
7,580
14,466
8,986
13,060
23,514 22,312
7,331
7,753
15, 761 14,981
8,744
9,385
14,129 13,568
22, 257 22,046 21,858
7,508
7,580
7,680
14,577 14, 466 14,350
8,862
8,986
9,081
13,176 13, 060 12,996
' Revised.
1 Advance estimate.
fSee note marked "J" on p. S-ll.
tSeries revised
to reflect benchmarking to the levels of the 1968-71 Annual Retail Trade Reports (Census
Bureau), and also recalculation of seasonal factors for all lines of trade; description of revisions
data appear on p. 55 ff. of the Dec. 1971 SURVEY (1968-69) and pp. 24-25 of the
Digitizedand
forrevised
FRASER
12,085
7,232
• 4,092
'457
'663
'800
43,487
31,893
5,417
do_.
do_.
do_.
do_.
do..
do..
_
1,137
2,745
7,387
6,860
2,506
45,439
19,801
8,850
3,384
2,671
General merchandise group with nonstores 9
mil. $_
General merchandise group without nonstores §
mil. $.
Dept. stores, excl. mail order sales
do___
Variety stores
do...
Total (seasonally adjusted)
Durable goods stores...
Nondurable goods stores
Charge accounts
Installment accounts
1,165
2,746
7,523
6,994
2,523
28,453
4,580
5,442
do.
do.
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
1,141
2,677
7,474
6,944
2,521
26,281
4,384
5,018
General merchandise group with nonstores 9
mil. $.
Genera) merchandise group without nonstores §
mil. $.
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
Estimated sales (seas, adj.), total9
23,411
1,732
390
677
286
46,626
20,345
9,133
3,432
2, 748
Nondurable goods stores 9
do...
Apparel group
do...
Food group
do._.
Genoral merchandise group with nonstores
mil. $_
Department stores
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
23,562
1,773
388
715
295
10, 905 11, 281 11 888
6,704
7,132
6,548
52,484
52,639
52,261 51,916 52,261 52,458
23,808 23,872 ! 23,808 23,790 23, 679 23, 674
11, 772 11,972 i 11,772 11,609 11, 494 11,436
3,645
3,670
3,604 3,554
3, 604 3,625
3,428
3,433
3,312 3, 255 3,312 3,378
Book value (seas, adj.), total t
..do.
Durable goods stores 9
do_
Automotive group
do.
Furniture and appliance group
do.
Lumber, building, hardware group...do.
Firms with 11 or more stores: t
Estimated sales (unadj.), total 9
23,888 24, 363
1,767
1,741
409
417
673
671
287
290
23,689
1,775
397
699
304
11, 660 12, 202 11,977
'551
'66
'189
' 179
455
'223
537
64
196
170
468
230
4,969
5,147
4,997
4,724
3,534
513
4, 874
3,627
529
4,738
3,523
507
4,133
182
4,384
191
4,294
180
21,855 21, 900 22, 049 22, 502
7,278
7,359
7,640
7,439
14, 577 14,541 14,610 14,862
8,695
8,865
9,026 9,449
13,160 13,035 13, 023 13,053
22,083
7,510
14,573
9,067
13,016
22,486 22,094 22, 288 22,808 23,213
7,809
7,687
7,805
7,966
8,049
14,677 14,407 14,483 14,842 15,164
9,452 9,124
9,163
9,442
9,703
13,034 12, 970 13,125 13, 366 13,510
22, 249 22,305 22, 593 22,494 22, 504 22, 714 23,031 23,288
7,633
7,603
7,718
7,649
7,606
7,714
7,781
7,790
14,616 14, 702 14, 875 14,845 14, 898 15,000 15,250 15,498
9,128
9,128
9,323
9,252 9,163
9,238 9, 429 9,564
13,121 13,177 13, 270 13,242 13,341 13, 476 13, 602 13, 724
Oct. 1972 SURVEY (1970-71).
9 Includes data not shown separately. §*Except department
stores mail order.
c^See note marked "{'' on p. S-ll; data prior to Feb. 1971 will be shown
later.
January
SURVEY OF CUERENT BUSINESS
1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS S T A T I S T I C S
1970
1971
Annual
S-13
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
209.44 209.58
Dec.p
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
.mil.
i 204.88
Labor force, persons 16 years of age and over._thous.
Civilian labor force
do.._
Employed, total
do.._
Agriculture
do...
Nonagricultural industries
do. _.
Unemployed
do...
85,903
82,715
78,627
3,462
75,165
4,088
Total, incl. armed forces overseas t
1
05
207.78
207.94
208.08
208.20
208.31
208.44
208.56
208.70
208.84
208.98
209.13
209.29
84,113
79,120
3,387
75, 732
4,993
87,715
85,019
80, 204
3,262
76, 942
4,815
87,541
84,883
80,188
2,948
77, 240
4, 695
87,147
2 84, 553
79,106
2,869
22 76, 237
5,447
87,318
84, 778
79, 366
2,909
76, 458
5,412
87,914
85,410
80,195
3,094
77,101
5,215
87,787 87,986
85, 324 85,567
80,627 81,223
3,287
3,531
77,339 77,692
4,344
4,697
90,448
88,055
82,629
3,976
78,653
5,426
91,005
88,617
83,443
4,061
79,383
5,173
90,758
88,362
83,505
4,031
79,475
4,857
89,098
86,693
82,034
3,658
78,376
4,658
89,591
87,176
82,707
3,721
78,986
4,470
89,400
86,969
82,703
3,363
79,340
4,266
89,437
86,997
82,881
3,16S
79,719
4,116
85,116
80,020
3,419
76, 601
85, 225 85, 707 85, 535 86,313
80, 098 80,636 80,623 81,241
3,400 3,393 3,357 3,482
76, 698 77,243 77, 266 77,759
5,127
5,072
5,071 4,912
1,273
1,224
1,294
1,198
86,284 86,486
81, 205 81,394
3,353
3,324
77,881 78,041
5,079
5,092
1,137
1,180
86,395
81,667
3,337
78,330
4,728
1,148
86,467
81,682
3,445
78,237
4,785
1,155
86,860
81,973
3,625
78,348
87,049
82,222
3,575
78,647
4,827
1,137
87, 276 87,037
82,482 82,531
3,660 3,524
78,822 79,007
4,794 4,506
1,095
1,068
87,337
82,812
3,639
79,173
4,525
994
5.5
3.9
5.7
14.8
5.0
9.9
2.7
3.4
6.4
5.8
10.9
5.7
5.7
5.
3.9
5.5
16.9
5.8
11.6
5.4
5.0
5.2
3.6
5.0
15.4
4.6
9.8
2.4
3.1
5.8
5.2
9.7
4.7
4.4
5.2
3.4
5.1
16.0
4.6
9.6
2.4
3.4
5.7
5.3
10.0
4.7
4.1
74,643
60,944
207.
LABOR FORCE §
Seasonally Adjusted
Civilian labor force
Employed, total
Agriculture
Nonagricultural industries
do
do
do
do
Unemployed
do
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
662
1,181
5,096
1,311
4.9
3.5
4.8
15.3
5.9
4.4
5.7
16.9
6.0
4.4
5.8
16.7
White
Negro and other races
Married men
4.5
8.2
2.6
5.4
9.9
3.2
5.6
9.4
3.3
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
2.8
6.2
3.5
7.4
5.2
9.7
5.6
5.7
3.4
7.5
6.0
4.3
5.8
17.3
5.4
10.4
3.2
3.6
7.5
5.9
4.2
5.5
17.8
5.3
10.6
3.0
3.6
7.1
6.2
10.4
6.8
7.0
6.2
9.7
6.6
6.7
6.3
11.2
6.9
6.7
70,593
58,058
70,645
57,790
70,593
58,058
38,711
23,352
623
3,381
Manufacturing
do.
Durable goods
do.
Ordnance and accessories
do_
Lumber and wood products
do.
Furniture and
fixtures
do.
Stone, clay, and glass products
do.
P r i m a r y metal industries
do.
Fabricated metal products
do.
Machinery, except electrical
do
Electrical equipment and supplies, .do
Transportation equipment
do
Instruments and related products..do
Miscellaneous manufacturing
do.
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 . d o
Leather and leather products
do
Service-producing*
do
Trans., comm., electric, gas, etc
do_-~.
Wholesale and retail trade
do
Wholesale trade
..
..do
Retail trade
do
Finance, insurance, and real estate
do
Services
do..
Government
do
Federal
...do
State and local
do
6.1
9.8
6.4
6.7
5.7
4.0
5.0
18.8
5.1
10.5
2.8
3.3
7.0
5.9
10.3
6.0
6.1
5.9
4.1
5.4
17.9
5.3
10.5
2.8
3.5
6.9
6.1
9.8
6.2
6.3
71,643
58,487
72,039 70,642
58, 814 57,464
70,775
57,444
71,393
58,002
70,645
57,790
39, 262
22,542
602
3,411
71,103
58,122
39, 588
22,576
524
3,518
71,291
58, 260
39,741
22,598
611
3,468
71,552
58,459
39, 908
22,689
615
3,523
71,744 72,011
58, 599 58,830
39,987 40,145
22,719 22,811
614
613
3,494 3,512
19,349
11,195
242
573
460
640
1,316
1,380
1,982
1,917
1,799
460
426
18,529
10, 565
192
581
458
634
1,227
1,328
1,805
1,768
1,724
437
410
18,534
10,560
185
601
470
639
1,187
1,334
1,808
1,773
1,713
441
409
8,154
1,783
83
1,365
706
1,102
1,049
191
580
320
7,964
1,758
76
957
1,336
684
1,071
1,008
191
581
302
47,242
4,493
14,914
3,812
11,102
3,688
11,612
12,535
2,705
9,830
48,103
4,442
15,142
3,809
11,333
3,796
11,869
12,856
2,664
10,191
7,974
1,756
74
965
1,341
686
1,067
1,001
190
593
301
48,527
4,403
15, 299
3,830
11,469
3,847
11,997
12,981
2,666
10,315
18,519
10,552
183
601
474
638
1,184
1,329
1,809
1,779
1,705
438
412
7,967
1,755
72
969
1,331
686
1,068
999
192
594
301
48, 693
4,432
15,333
3,840
11,493
3,855
12,042
13,031
2,666
10,365
18, 551
10,575
183
604
477
645
1,192
1,335
1,803
1,778
1,699
442
417
7,976
1,758
73
973
1,328
684
1,072
998
189
600
301
48,863
4,455
15,379
3,849
11, 530
3,867
12,069
13,093
2,673
10,420
18,612
10,621
182
604
481
646
1,190
1,341
1,815
1,786
1,712
443
421
7.991
1,751
73
976
1,336
685
1,072
997
193
605
303
49, 025
4,438
15,456
3,863
11, 593
3,874
12,112
13,145
2,669
10,476
47,934
14,020
47, 732
13,434
48,398
13,558
48, 727 47,387
13,467 13,325
47,934
17,313
473
2,820
14,020
8,042
132
47,732
16,717
451
2,832
13,434
7,598
96
48,021
16,766
374
2,924
13,468
7,616
91
48,141
16,780
460
2 867
13,453
7,608
90
4,887
1,188
5.9
4.3
5.4
17.3
5.4
9.6
2.9
3.4
5.9
4.3
5.9
15.7
5.9
10.6
5.8
5.8
6.0
12.5
6.0
6.3
5.5
4.0
5.5
14.5
5.0
9.4
2.9
3.1
6.4
5.5
9.5
5.6
5.7
71,979 72,612
58, 592 59,182
73,463
60,152
72,469
59,720
72,975
60,295
7\ 519 74,118 74,413
60,366
•60,788
72,246
59,028
40, 238
22,888
605
3,493
72,592
59,318
40,426
23,031
604
3,535
72,699
59,475
40,544
23,081
600
3,550
72,661
59,382
40, 521
22,949
599
3,489
72,984
59,667
40,737
23,076
602
3,544
73,176
59,811
40,782
23,186
606
3,551
73,589
60.192
40,973
23,397
••610
r 73,868
' 60,426
r41,105
r 23,459
'609
'3,529
73,892
60,395
41,039
23,404
603
3,445
18,685
10,673
182
606
483
650
1,209
1,347
1,814
1,795
1,720
444
423
8,012
1,759
76
981
1,334
687
1,074
997
191
609
304
49,200
4,487
15, 508
3,883
11, 625
3,885
12,139
18,790
10, 755
185
610
486
651
1,215
1,360
1,824
1,805
1,747
447
425
8,035
1,756
77
984
1,344
691
1,076
996
191
615
305
49,358
4,481
15,561
3,894
11,667
3,892
12,206
13,181 13, 218
2,667
2,664
10, 514 10, 554
18,892
10,837
186
610
488
660
1,228
1,370
1,848
1,818
1,754
452
423
8,055
1,755
76
988
1,334
700
1,080
1,002
190
621
309
49, 561
4,490
15,632
3,914
11,718
3,913
12, 252
13, 274
2,665
10, 609
18,931
10,857
188
611
490
662
1,222
1,373
1,858
1,830
1,740
457
426
8,074
1,771
75
991
1,329
699
1,079
1,001
190
630
309
49, 618
4,491
15,682
3,926
11,756
3,931
12, 290
13, 224
2,646
10,578
18,861 18,930
10,843 10,897
190
192
613
613
494
497
660
663
1,214
1,236
1,370
1,376
1,855
1,868
1,826
1,830
1,743
1,736
456
460
422
426
8,018
8,033
1,757
1,738
75
70
986
992
1,311
1,334
698
699
1,076
1,079
995
997
188
188
627
629
305
307
49,712 49,908
4,473 4,478
15,692 15,758
3,913
3,935
11,779 11,823
3,927
3,936
12,341 12,419
13, 279 13,317
2,621
2,618
10,658 10,699
19,029
10,970
188
613
499
664
1,268
1,380
1,881
1,847
1,743
462
425
8,059
1,745
66
993
1,337
701
1,083
1,007
188
6J3
306
49,990
4,499
15,794
3,946
11,848
3,953
12,379
13,365
2,624
10,741
' 19,219
'11,127
191
'616
503
673
' 1,279
'1,392
'1,915
' 1,882
'1,782
'466
428
r19,321
r11, 191
193
'622
506
'674
' 1,281
1,399
' 1,932
' 1,889
'1,793
'471
'431
' 8,130
' 1,746
'71
1,009
1,351
'707
' 1,089
1,014
'189
'652
'302
50,409
' 4,550
15,935
' 3,960
11,975
'3,981
12,501
13,442
'2,642
10,800
19,356
11,240
190
622
509
672
1,281
1,402
1,949
1,912
1,794
472
437
8,116
1,728
68
1,016
1,350
705
1,085
1,017
191
657
299
50,488
4,551
15,914
3,974
11, 940
3,982
12,544
13,497
2,640
10,857
47,349
13,413
47,881 48,431
13, 521 13,578
48, 979 49,862
13,676 13,9dO
49,407
13,590
49.952
14,023
50,0 6 50,256
14,180 14, 225
50,432
14,274
50,595
14, 237
48,443
16,889
464
2,881
13,544
7,680
89
48,677
16,986
466
2,904
13,616
7,729
49,124
17,183
457
2,928
13,798
7,876
92
49,122
17,114
453
2,876
13,785
7,889
96
49,367
17,226
455
2,925
13,846
7,942
97
49,510 49,836 50, 057
17,319 17,496 17 555
T
460
'461
459
2,936 ' 2, 952 2, 912
13,924 14,083 14 183
7,999 ' 8,131 8, 198
'99
96
5.3
10.7
2.9
3.6
6.8
5.1
9.7
2.6
3.5
6.5
5.5
3.8
5.4
16.5
5.0
10.2
2.8
3.3
6.1
5.6
9.2
5.1
4.8
5.5
3.9
5.5
15.3
5.0
10.1
2.8
3.6
5.9
5.6
10.6
5.0
4.5
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:t
Total, not adjusted for seasonal variation...thous.
Private sector (excl. government)
do
Seasonally Adjusted
Total employees, nonagricultural payrollsj-.do
Private sector (excl. government)
do
Nonmanufacturing industries*
do.
Goods-producing*
do.
Mining
do.
Contract construction
do.
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted^., .thous.Manufacturing.
.do
976
'8,092
'1,742
66
'1,002
'1,342
'707
'1,086
'1,011
189
643
'304
50,192
' 4,540
15,835
• 3,954
11,881
' 3,969
12,451
13,397
2,630
10,767
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural payrolls %*
thous Goods-producing*
do....
Mining*
do
Contract construction*
do
Manufacturing
do....
Durable goods
do
Ordnance and accessories
do
48,332
16,881
465
2 924
13,'492
7,637
90
Revised.
^Preliminary.
lAsofJulyl.
2See note § below.
f S e e n o t e " ! " p . S-14
§ Effective Jan. 1972, data are adjusted to the 1970 Census; for comparison of J a n . 1972
(and subsequent months) with pre-1972 data, the following approximate amounts (in thous.)
should be added to the earlier figure: Civilian labor force, 330; nonagricultural employed
290; unemployed,' 0(unemployment rates are unaffected). Also, effective F e b . 1972SURVEY
data reflect new seasonal factors; comparable earlier figures appear in EMPLOYMENT AND
48,845
17,049
456
2,882
13,711
7,805
91
49, 245
17, 231
451
2 934
13, 846
7, 899
95
50,012
17,502
453
2,831
14, 218
8,239
97
EARNINGS, F e b . 1972 ( U S D L , B L S ) .
{Effective Oct. 1972 SURVEY, revised employment, hours, man-hours, earnings, and turnover data incorporate adjustments to recent benchmarks and new seasonal factors; comparable
data prior to Aug. 1971 are to appear in forthcoming EMPLOYMENT AND EARNINGS, 1909-72,
B L S Bulletin 1312-9.
•New series; see note "%".
V Jiil
S-14
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
| 1971
UUJXI\JiiiN i
Januarj WT6
1971
Nov.
Annual
Ur
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. p
536
420
'539
' 1,028
' 1,074
' 1,301
' 1, 289
' 1, 288
'287
'337
' 5,985
' 1,178
'58
887
' 1,178
546
659
590
119
'513
'257
•32,502
' 3, 933
• 14,148
' 3,318
10,830
' 3,108
11,313
537
421
536
1,028
1,077
1,313
1,309
1,291
288
342
5,979
1,163
56
893
1,178
545
656
591
121
517
259
32,510
3,932
14,121
3,328
10,793
3,107
11,350
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT—Continued
Seasonally Adjusted
Production or nonsupervisory workers on payrolls!
—Continued
Manufacturing, durable goods industries—Con.
Lumber and wood products
thous..
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. . . d o . . . .
Transportation equipment
do—
Instruments and related products d o —
Miscellaneous manufacturing
do—
Nondurable goods. _
do—
Food and kindred products
do....
Tobacco manufactures
do
Textile mill products
do—
Apparel and other textile products..-do—
Paper and allied products
do—
Printing and publishing
do—
Chemicals and allied products
do—
Petroleum and coal products
do—
Rubber and plastics products, nee. . . d o . . . .
Leather and leather products
do
Service-producing*
do—
Transportation, comm., elec, gas, e t c * — d o —
Wholesale and retail trade*
do
Wholesale trade*
do.-..
Retail trade*
do....
Finance, insurance, and real estate*
do—
Services*
do—
493
379
509
1,043
1,051
1,323
1,265
1,241
278
329
5,978
1,201
69
856
1,196
543
678
602
116
443
273
30,621
3,897
13,264
3,203
10,061
2,918
10, 542
500
377
503
968
1,010
1,178
1,171
1,218
261
316
5,836
1,186
63
839
1,168
523
654
580
117
448
258
31,015
3,844
13,439
3,181
10, 258
2,984
10,748
37.1
42.7
37.4
39.8
37.0
42.3
37.3
518
387
509
930
1,015
1,183
1,183
1,219
265
316
5,852
1,185
61
847
1,172
526
651
578
116
460
256
31, 255
3,807
13,563
3,195
10,368
3,023
10,862
517
391
507
930
1,011
1,182
1,188
1,213
262
317
5,845
1,183
59
851
1,162
526
651
577
118
461
257
31,361
3,830
13,600
3,202
10,398
3,025
10, 906
519
394
514
939
1,016
1,178
1,189
1,210
265
323
5,855
1,187
60
855
1,158
526
655
577
115
465
257
31, 451
3,857
13,634
3,214
10, 420
3,032
10, 928
519
397
515
940
1,022
1,189
1,198
1,218
266
327
5,864
1,180
60
857
1,165
526
654
576
117
469
260
31, 554
3,835
13,714
3,225
10, 489
3,037
10,968
520
399
519
956
1,028
1,189
1,205
1,229
266
329
5,887
1,186
63
864
1,164
529
655
575
117
473
261
31,691
3,881
13,769
3,249
10, 520
3,047
10,994
524
402
519
965
1,038
1,200
1,214
1,252
269
331
5,906
1,186
63
865
1,173
531
656
575
117
478
262
31,796
3,875
13,825
3,259
10,566
3,049
11,047
524
402
526
978
1,049
1,223
1,223
1,257
273
329
5,922
1,182
63
868
1,166
539
658
580
117
483
266
31, 941
3,886
13,894
3,279
10, 615
3,065
11,096
526
405
528
973
1,053
1,233
1,237
1,241
276
332
5,947
1,202
63
870
1,161
539
656
581
117
492
266
32,014
3,879
13,924
3,286
10, 638
3,077
11,134
527
409
528
966
1,049
1,231
1,233
1,245
276
329
5,896
1,188
62
867
1,140
539
655
578
116
489
262
32,008
3,861
13,912
3,273
10, 639
3,069
11,166
528
411
530
988
1,056
1,242
1,236
1,243
279
332
5,904
1,167
57
873
1,162
539
656
578
117
491
264
32,141
3,856
13,979
3,292
10,687
3,077
11,229
528
413
530
1,017
1,058
1,252
1,248
1,247
281
332
5,925
1,172
54
874
1,167
541
658
585
117
494
263
32,191
3,881
14,025
3,301
10,724
3,087
11,198
530
'417
538
1,028
'1,068
' 1, 279
' 1, 279
' 1, 276
285
'335
' 5, 952
' 1,170
54
'881
'1,171
547
659
'587
118
504
'261
32,340
' 3,922
14,054
'3,312
•10,742
' 3,097
•11,267
37.1
37.3
42.4
36.8
40.7
40.2
3.1
37.0
36.7
42.7
37.1
39.8
40.1
2.9
37.2
36.8
42.5
37.3
40.1
40.4
3.2
37.1
36.9
42.8
37.2
40.3
40.4
3.3
37.3
37.0
42.4
36.7
40.5
40.8
3.5
37.0
36.9
42.3
36.7
40.5
40.5
3.4
37.1
37.4
42.6
36.9
40.9
40.7
3.4
37.2
37.6
42.1
37.0
40.4
40.6
3.4
37.1
37.6
42.5
37.1
40.6
40.6
3.5
37.3
37.4
42.8
37.1
41.0
40.8
3.6
37.3
37.3
42.6
37.6
40.8
40.7
'37.2
'37.1
'42.6
'37.0
41.0
40.9
'3.8
37.2
37.4
41.6
35.6
41.5
41.0
3.8
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: ^Seasonallyadjusted
hours..
Not seasonally adjusted
.do—
Mining...
_
...do—
Contract construction.
do—
Manufacturing: Not seasonally adjusted.. . d o —
Seasonally adjusted
do—
Overtime hours
do—
3.0
2.9
37.1
37.0
42.3
39.0
40.2
40.1
3.0
Durable goods
Overtime hours
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
do.
do.
do.
do.
do.
_..do.
do.
do.
do.
do.
do.
do.
do.
40.3
3.0
40.5
39.7
39.2
41.2
40.5
40.7
41.1
39.8
40.3
40.1
38.7
40.4
2.8
41.7
40.3
39.8
41.6
40.4
40.4
40.6
39.9
40.7
39.8
38.9
40.6
2.9
41.9
40.7
40.0
41.8
40.4
40.5
41.1
40.1
40.7
40.1
39.1
40.9
3.0
41.9
40.7
40.0
41.6
40.9
40.9
41.2
40.2
41.5
40.4
39.2
40.6
2.9
41.7
40.9
40.3
41.9
40.6
40.6
41.0
40.0
40.9
40.3
39.1
41.1
3.2
42.2
40.8
40.6
42.0
41.0
41.0
41.4
40.6
41.7
40.6
39.4
41.0
3.3
42.0
40.9
40.4
42.0
41.1
40.9
41.4
40.2
41.7
40.3
39.2
41.4
3.7
42.2
41.1
40.7
42.0
41.4
41.4
41.9
40.8
43.0
40.7
39.6
41.1
3.5
42.0
41.0
40.5
41.8
41.3
41.1
41.8
40.4
41.9
40.6
39.4
41.3
3.4
42.0
41.2
40.8
42.0
41.4
41.2
42.1
40.5
41.6
40.6
39.5
41.2
3.5
42.4
41.1
40.4
41.9
41.4
41.3
42.0
40.3
41.3
40.4
39.3
41.3
3.6
42.7
41.2
40.5
41.9
41.5
41.2
42.3
40.5
41.2
40.6
39.5
41.4
3.8
42.2
41.:$
40.5
41.9
42.0
41.1
42.4
40.6
41.9
40.7
39.5
'41.4
3.8
42.4
'41.1
40.2
42.2
42.3
41.3
'42.3
40.6
'41.5
'40.6
39.2
'41.7
'4.0
'42.3
'40.9
'40.5
'41.8
'42.9
'41.6
42.7
'40.8
42.0
40.5
'39.3
41.9
4.1
43.3
39.8
39.8
41.8
44.0
41.8
42.8
40.3
43.6
40.7
39.4
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufacturers
Textile mill products
Apparel and other textile products
...do.
...do.
do.
do.
do.
do.
39.1
3.0
40.5
37.8
39.9
35.3
39.3
3.0
40.3
37.0
40.6
35.6
39.5
3.0
40.0
35.6
41.1
36.2
39.5
3.0
40.3
35.5
41.0
35.9
39.4
3.1
40.0
34.6
41.2
35.9
39.6
3.2
40.1
34.1
41.2
36.2
39.6
3.3
40.6
34.5
41.4
35.8
39.8
3.5
40.7
34.1
41.7
36.2
39.6
3.2
40.4
33.7
41.2
35.6
39.7
3.3
40.5
34.2
41.3
35.9
39.6
3.3
40.4
34.3
41.2
36.0
39.8
3.3
40.3
35.4
41.3
36.0
39.7
3.3
40.2
34.1
41.4
36.3
'39.7
'3.4
'40.4
'35.8
41.2
'36.2
39.9
'3.*)
40.4
'35.0
41.4
'36.2
39.9
3.4
40.6
33.3
41.4
36.3
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.
do..
do..
do..
do.
do.
do..
41.9
37.7
41.6
42.7
40.3
37.2
42.1
37.5
41.6
42.4
40.3
37.7
42.3
37.6
41.5
42.0
40.6
38. 2
42.4
37.5
41.7
42.6
40.8
38.0
42.2
37.4
41.7
42.4
40.8
38.1
42.6
37.6
41.8
42.2
41.0
38.5
42.7
37.6
41.8
42.2
41.0
38.2
42.9
38.0
41.7
42.4
41.3
39.1
42.5
37.7
41.6
42.0
41.0
43.0
37.9
42.0
42.2
41.3
42.8
38.0
41.8
41.6
40.9
38.4
43.0
37.9
41.7
41.8
41.4
39.0
42.9
18.2
41.8
42.3
41.1
38.7
'42.9
'38.0
'42.0
'42.4
'41.2
'37.7
'43.2
38.3
41.8
r 42. 2
' 41.' 6
'37.8
43.3
37.9
42.2
43.2
41.1
36.7
40.5
35.3
40.0
33.8
36.8
34.4
40.2
35.1
39.8
33.7
37.0
34.2
40.4
35.2
39.9
33.7
37.0
34.1
40.5
35.3
39.8
33.9
37.0
34.2
40.2
35.1
39.8
33.7
37.3
34.1
40.3
35.1
39.9
33.6
37.1
34.2
40.4
35:2
39.9
33.6
37.1
34.1
40.4
35.2
39.9
33.7
37.3
34.1
40.6
35.1
40.0
33.7
37.1
34.0
40.6
35.3
39.9
33.8
37.2
34.1
40.3
35.1
39.8
33.7
37.3
34.3
40.7
35.0
39.6
33.6
37.1
34.1
40.3
35.0
39.9
33.5
37.2
34.3
'40.4
'35.1
39.8
33.5
37.3
34.2
'40.1
35.0
39.9
'33.5
'37.1
34.1
40.3
35.2
39.7
33.8
37.1
34.1
137. 72 139.02 139.38 139. 73 140.40 140. 77 141. 72 142. 04 142. 59
111. 72 112. 80 112. 99 113.04 113. 60 113. 97 114. 58 114.92 115. 50
1.15
1.35
1.36
1.32
1.36
1.37
1.33
1.33
1.33
6.66
7.16
6.62
6.80
6.78
6.79
6.75
6.67
6.81
38.60 38.50 38.88 39.00 39.44 39.48 39.67
38.34 38.51
9.22
9.30
9.29
9.30
9.43
9.31
9.41
9.48
9.48
27.74 28.07 28.23 28.17
28.27 28.37 28.52 28.68
28.81
7.41
7.30
7.42
7.50
7.55
7.50
7.55
7.47
7.60
21.29
21.11
21.43
21.64 21.66
21.40
21.54 21.52
21.79
26.00 26.22 26.39
27.15
26.69
27.13
26.80 26.80
27.09
142. 29
115. 22
1.31
6.71
39.46
9.37
28.74
7.62
22.01
27.07
142.66
115. 72
1.33
6.84
39.70
9.48
28.76
7.59
22.02
26.94
143.54 ' 144. 29
116.09 116. 91
1.35 ' 1 . 3 5
6.85 ' 6 . 9 8
39.91 ' 4 0 . 3 3
9.43
'9.54
28.83 r 28.88
7.65
7.70
22.08 ' 22.14
27.45 T 27. 38
144.54
117. 28
'1.35
6.79
' 40. 73
'9.49
' 29. 08
'7.68
' 22.17
' 27. 26
144. 67
117. 23
1.30
6.38
40.90
9.54
29.19
7.68
22.24
27.44
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagiic.
establishments, for 1 week in the month, seasonally adjusted at annual rate J.-bil. man-hours.
Total private sector*
do...
Mining
do...
Contract construction
do...
Manufacturing
...do...
Transportation, comm., elec, gas
do...
Wholesale and retail trade
do...
Finance, insurance, and real estate
do...
Services
do...
Government*
_
._
do
Indexes of man-hours (aggregate weekly): t H
Private nonagric. payrolls, total*.
1967 = 100.
Goods-producing*
do...
Mining*
do...
Contract construction*
..do...
' Revised.
v Preliminary.
*New series.
t See note *%" p. S-13.
Digitized foriFRASER
Production and nonsupervisory workers.
138. 05
112.63
1.38
6.58
39.94
9.46
27.44
7.06
20.77
25.42
103.7
97.4
100.9
103.4
102.8
94.0
95.6
103.5
103.9
95.3
79.2
111.8
104.1
94.9
97.6
103.4
104.3
95.3
99.3
106.3
104.8
105.2
105.9
106.2
106.7
106.4
106.8
108.4
107.3 • 108.1 ' 108. 5
96.0
96.5
97.5
97.5
98.2
97.3
98.2
100.1
99.0
100.2 '100.7
98.7
99.8
96.7
96.7
96.1
95.4
96.8
98.3 ' 9 8 . 3
94.3
'98.0
105.9
105.3
105.3
104.3
103.7
•
108.
8
105.6
106.1
106.3
106.7
NOTE FOR S-13: | Revisions (back to 1960), to adjust to the 1970 Census, appear in "Estimates of the Population of the United States and Components of Change: 1940 to 1972"
(P-25, No. 481), Bureau of the Census.
January 1973
1
SURVEY OF (JUKli
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
1970
1971
S-15
1972
1971
Nov.
Annual
BUZSliNE
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
MAN-HOURS—Continued
Indexes of man-hours, private nonagric. payrolls,
goods-producing indus.J, Useas. adjusted—Con.
Manufacturing
1967=100.
Durable goods
do.. _
Nondurable goods
do...
Service-producing*
do...
Transportation, comm., e l e c , gas*
do
Wholesale and retail trade*
do...
Wholesale trade*
do...
Retail trade*
do...
Finance, insurance, and real estate*
do...
Services*
do...
102.7
106.7
105.5
107.1
116.1
112.8
93.0
89.7
97.8
109.8
102.3
107.7
106.4
108.2
117.6
113.7
93.3
90.2
97.7
110.5
103.1
108.4
106.4
109.2
117.7
114.5
93.2
90.1
97.7
110.5
103.1
108.2
106.8
108.8
118.9
114.4
94.3
91.6
98.3
110.8
102.8
108.7
107.4
109.2
118.5
115.2
94.8
92.0
98.8
111.3
104.3
109.1
108.2
109.5
118.9
115.1
96.4
94.1
99.8
111.8
104.1
109.8
108.5
110.3
119.6
115.7
96.2
94.2
99.1
112.2
104.9
110.5
109.5
110.8
119.6
115.8
96.9
94.6
100.1
112.7
104.7
110.9
109.4
111.4
120.4
116.6
96.2
94.2
99.0
112.6
103.5
110.4
108.7
111.1
120.4
117.6
96.8
95.1
99.3
112.8
104.4
110.6
108.8
111.2
120.1
117.6
97 7
96.2
99.8
113.1
104.0
110.9
109.9
111.3
120.8
117.9
'98.7
97.7
100.2
113.5
105. 4
111. 1
110. 0
HI. 5
121. 5
118.3
'99.9
'99.2
101.0
113.8
104.9
111.9
110.5
112.4
121.3
118.4
100.5
100.3
100.9
114.2
105.4
112.3
110.3
113.0
121.2
118.8
3.22
3.85
5.24
3.36
3.24
3.55
3.43
3.61
2.96
2.77
3.40
3.93
3.53
3.77
3.28
4.05
3.35
2.83
3.43
4.06
5.69
3.56
3.44
3.79
3.66
3.84
3.15
2.90
3.66
4.23
3.74
3.99
3.48
4.41
3.52
2.97
3.49
3.93
5.87
3.59
3.46
3.82
3.68
3.87
3.21
2.93
3.72
4.36
3.77
4.04
3.50
4.41
3.55
2.98
3.52
4.28
5.90
3.69
3.55
3.92
3.78
3.98
3.19
2.98
3.74
4.49
3.86
4.15
3.58
4.59
3.61
3.06
3.55
4.34
5.96
3.70
3.58
3.94
3.80
3.98
3.21
2.98
3.76
4.53
3.88
4.16
3.59
4.57
3.66
3.08
3.56
4.33
5.95
3.72
3.59
3.96
3.81
4.03
3.21
2.99
3.78
4.54
3.89
4.18
3.60
4.62
3.68
3.07
3.58
4.32
5.94
3.74
3.60
3.98
3.83
4.01
3.23
3.02
3.82
4.56
3.92
4.20
3.62
4.64
3.69
3.07
3.61
4.36
5.96
3.76
3.62
4.01
3.85
4.06
3.26
3.03
3.85
4.60
3.94
4.22
3.62
4.69
3.70
3.09
3.62
4.33
6.01
3.78
3.63
4.02
3.86
4.07
3.29
3.03
3.87
4.61
3.95
4.24
3.64
4.71
3.71
3.10
3.63
4.34
5.94
3.79
3.63
4.03
3.86
4.09
3.33
3.05
3.91
4.62
3.98
4.26
3.65
4.69
3.71
3.10
3.64
4.35
5.96
3.78
3.63
4.01
3.85
4.10
3.34
3.04
3.93
4.64
3.97
4.24
3.66
4.63
3.70
3.09
3.72
4.42
6.15
3.86
3.73
4.53
6.29
3.95
3.77
4.21
4.01
4.18
3.35
3.14
4.01
4.85
4.12
4.43
3.79
4.98
3.77
3.20
3.26
3.14
3.38
3.15
2.57
2.49
3.67
4.20
3.94
4.57
3.40
2.60
4.20
2.87
3.67
2.57
3.28
3.01
3.29
3.17
3.41
3.07
2.59
2.51
3.73
4.28
4.00
4.64
3.44
2.62
4.32
2.91
3.74
2.60
3.30
3.06
3.37
3.24
3.52
3.29
2.62
2.54
3.80
4.36
4.06
4.64
3.51
2.65
4.40
2.91
3.78
2.61
3.34
3.09
3.39
3.26
3.53
3.32
2.69
2.55
3.81
4.36
4.10
4.83
3.52
2.68
4.45
2.97
3.82
2.66
3.40
3.12
3.40
3.27
3.54
3.38
2.71
2.57
3.83
4.36
4.12
4.87
3.52
2.70
4.47
2.98
3.82
2.66
3.40
3.13
3.41
3.28
3.56
3.40
2.71
2.57
3.84
4.40
4.11
4.88
3.52
2.70
4.50
2.98
3.83
2.67
3.40
3.14
3.43
3.30
3.59
3.46
2.71
2.58
3.86
4.44
4.12
4.93
3.55
2.70
4.55
3.00
3.86
2.68
3.45
3.16
3.44
3.31
3.61
3.49
2.71
2.57
3.87
4.47
4.16
4.95
3.55
2.71
4.57
2.99
3.84
2.69
3.43
3.15
3.45
3.31
3.59
3.53
2.72
2.59
3.92
4.47
4.20
4.94
3.56
2.70
4.58
3.00
3.85
2.69
3.43
3.14
3.48
3.34
3.59
3.57
2.71
2.58
3.97
4.49
4.23
4.97
3.61
2.70
4.66
3.01
3.87
2.70
3.45
3.14
4.11
3.92
4.15
3.38
3.11
3.99
4.75
4.05
4.33
3.72
4.80
3.74
3.13
3.51
3.36
3.61
3.35
2.75
2.65
4.01
4.56
4.26
5.00
3.66
2.72
4.74
3.05
a. 91
2.73
3.47
3.23
'3.74
4.41
'6.22
3.86
o. oy
4.11
3.92
'4.13
3.37
3.12
'4.02
'4.74
4.05
'4.35
'3.71
4.81
3.73
'3.13
3.52
3.37
3.63
'3.38
2.76
2.67
'4.02
4.55
'4.28
5.01
'3.69
2.72
'4.80
3.06
3.93
2.74
'3.48
3.24
3.73
'4.46
'6.23
'3.89
'3.72
4.14
3.95
'4.13
3.40
'3.12
'4.00
'4.79
4.07
'4.37
'3.73
'4.87
'3.75
'3.16
3.08
2.97
3.16
2.91
2.45
2.39
3.44
3.92
3.69
4.28
3.20
2.49
3.85
2.71
3.44
2.44
3.08
2.81
3.66
4.37
6.03
3.80
3.64
4.04
3.87
4.10
3.33
3.08
3.96
4.69
3.99
4.26
3.68
4.71
3.71
3.09
3.47
3.32
3.57
3.38
2.73
2.61
3.97
4.49
4.23
4.94
3. 63
2.70
4.70
3.01
3.86
2.70
3.44
3.14
'3.54
'3.39
'3.66
'3.48
'2.78
2.68
'4.03
4.57
4.29
'5.01
3.69
2.73
'4.81
3.07
'3.95
2.75
'3.48
3.25
3.57
3.42
3.73
3.57
2.83
2.68
4.06
4.56
4.33
5.03
3.71
2.73
4.82
3.06
3.99
2.73
3.51
3.26
3.22
3.85
5.24
3.36
3.85
2.71
3.08
2.81
3.43
4.06
5.69
3.56
4.20
2.87
3.28
3.01
3.49
3.90
5.83
3.59
4.31
2.91
3.30
3.06
3.53
4.28
5.88
3.68
4.40
2.94
3.35
3.09
3.55
4.32
5.91
3.69
4.45
2.96
3.39
3.11
3.56
4.31
5.93
3.72
4.46
2.96
3.37
3.12
3.59
4.31
5.97
3.74
4.53
2.97
3.38
3.14
3.62
4.35
6.01
3.76
4.57
2.99
3.44
3.17
3.62
4.34
6.02
3.78
4.58
2.98
3.43
3.15
3.63
4.37
6.01
3.79
4.59
3.00
3.43
3.15
3.64
4.39
6.01
3.79
4.65
3.02
3.45
3.14
3.67
4.41
6.06
3.83
4.70
3.03
3.45
3.16
3.69
4.42
6.10
3.86
4.70
3.05
3.48
3.21
'3.73
4.40
'6.15
3.86
'4.80
3.06
'3.49
3.24
3.73
' 4.42
'6.19
'3.89
'4.81
3.07
'3.48
3.25
3.74
4.53
6.26
3.93
4.82
3.09
3.52
3.26
Indexes of avg. hourly earnings, seas, a d j . : (D*1f
Private nonfarm economy:
Current dollars.
1967 = 100.
1967dollarsA
do...
Mining
do...
Contract construction
do_..
Manufacturing
do...
Transportation, comm., e l e c , gas
do.__
Wholesale and retail trade
d o . _.
Finance, insurance, and real estate
do...
Services
do...
121.2
104.2
120.3
127.3
119.6
119.0
121.1
118.9
122.2
129.7
106.9
127.2
138.1
127.5
130.0
128.3
126.8
131.1
131.8
107.5
126.6
141.5
129.0
133.5
130.0
127.7
133.5
133.6
108.6
132.8
142.2
131.3
136.0
131.7
129. 5
134.6
134.6
109.1
134.3
143.3
132.1
137.5
132.4
130.8
136.2
134.8
108.7
134.1
143.8
132.7
138.0
132.4
130.2
136.1
135.5
109. 2
134.6
144.6
133.2
139. 8
132.9
130.9
136.5
136.7
110.0
135.7
145.3
133.9
141.7
134.0
133.4
137.9
136.7
109.6
135.2
145.4
134.5
141.8
133.6
132.5
137.5
137.1
109.8
136.3
145.6
135.0
141.7
134.4
133.0
137.4
137.8
110.0
137.3
145.6
135.3
144.0
135.3
133.9
138.0
138.3
110.1
137.8
146.8
135.9
145.1
135.6
133.6
138.0
139.3
110.4
138.1
147.8
136.7
145.6
136 3
134.8
139.9
• 140. 5
'111.0
' 137.5
>• 149.3
137.5
r
148. 3
r 137.2
135.5
r
140. 9
140.7
• 110. 8
• 137.8
• 149.9
137.8
r
148. 5
137.2
' 135.0
' 141.1
141.9
111.6
141.3
152.1
139.4
149.1
138.3
136.2
142.0
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E N R ) : d"
Common labor
$ per h r .
Skilled labor
do...
F a r m , without board o r r m . , 1st of m o
do...
Railroad wages (average, class I)
do...
5.22
7.31
1.64
i 3.939
5.96
8.25
1.73
14.416
6.18
8.51
6.23
8.55
6.28
8.64
1.82
6.33
8.76
6.34
8.82
1.84
6.39
8.87
6.46
6.51
9.05
1.85
6.59
9.08
6.64
9.15
6.69
9.21
1.82
119.46
102. 72
126.91
104.62
129. 48
105.59
130.96
106.47
131.35
106.48
132.43
106. 75
133.19
107.32
135.03
108.62
133.94
107.39
134.67
107.92
135.41
108.06
136.16
108.39
10*. 61
89.95
112.12
92.43
114.14
93.08
115.31
93.75
117.30
95.09
118.15
95.24
118. 75
95'. 69
120. 20
119.34
95.69
119.92
96.10
120. 50
96.16
121. 09
96.39
119.46
164.40
195.98
133.73
143.07
120.43
155.93
95.66
137.60
82.47
113.34
126.91
171.74
212. 24
142.04
153.12
128.12
168.84
100.74
146.07
86.61
121.36
102.94
129.13 131.30
166. 24 182.76
222.47 214.76
144.32 150.18
155.47 162. 29
130. 28 134.13
175.39 178.64
101.56 103.31
148.85 151.96
89.00
86.84
122.10 123.58
104.04 105.68
130. 29
184.02
213.37
147. 26
158.78
132.55
177.11
103.06
151.27
88.31
126.82
105. 77
131.01
181.43
214. 20
149.17
161.17
133.28
179.69
103.11
151.65
87.78
126.14
106.42
132.10
182.30
218.59
150.72
163.18
134.35
180.90
103.70
152.43
88.64
126.14
106. 76
133.57
184.86
218.14
152. 28
165. 21
135.49
181.55
104.40
153. 24
89.24
128.69
107.44
133.58
183.16
221.17
153.09
165.62
135.88
184.17
104.05
152.83
89.58
126.91
106.47
135.76
186.62
223.34
155.01
167.65
137.66
186.86
106.50
154. 00
91.73
127.60
107.39
136.86
184.44
225.88
152.71
164.01
138.16
189.66
108.36
155.19
93.69
129.03
109. 27
96.2
94.2
99.1
92.3
89.1
97.1
104.9
105.7
106.9
105.2
113.0
111.3
Average hourly earnings per worker:1It
Not seasonally adjusted:
Private nonagric. payrolls
dollarsMining
do...
Contract construction
d o . _.
Manufacturing
do...
Excluding overtime
do...
Durable goods
do...
Excluding overtime
do. - .
Ordnance and accessories
do...
L u m b e r and wood products
do._.
F u r n i t u r e and
fixtures
do...
Stone, clay, and glass products
do...
P r i m a r y metal industries
do...
Fabricated metal products
do...
Machinery, except electrical
do...
Electrical equipment and supplies. d o . _.
Transportation equipment
d o . _.
I n s t r u m e n t s and related p r o d u c t s . . d o . . .
Miscellaneous manufacturing i n d . . . d o . . .
Nondurable goods
do...
Excluding overtime
do...
Food and kindred products
do...
Tobacco manufactures
do.. _
Textile mill products
do...
Apparel and other textile prod
do...
Paper and allied products
do.. _
Printing and publishing
do...
Chemicals and allied products
do...
Petroleum and coal products
do...
R u b b e r and plastics products, nec.do___
Leather and leather products
.do...
Transportation, comm., e l e c , gas
do...
Wholesale and retail trade
do...
Wholesale trade
do...
Retail trade
do...
Finance, insurance, and real estate
do...
Services
do...
HOURLY A N D WEEKLY EARNINGS
Seasonally adjusted:*
Private nonagricultural payrolls
Mining
Contract construction
Manufacturing
Transportation, comm., e l e c , gas
Wholesale and retail trade
Finance, insurance, and real estate
Services
do.
do.
do.
do.
do
do.
do.
do.
Avg. weekly earnings per worker, Uprivate nonfarm:
Current dollars, seasonally adjusted*
1967 dollars, seasonally adjusted*A
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:|
Private nonfarm, total
dollars.
Mining
do
Contract construction
do
Manufacturing
do.
Durable goods
do.
Nondurable goods
do
Transportation, comm., e l e c , g a s .
do
Wholesale and retail trade
do.
Wholesale trade
do.
Retail trade
do.
Finance, insurance, and real estate
do.
Services
do.
4.645
co
r. Do
6.79
9.29
6.80
9.33
• 1.98
137. 64 • 139.13
109. 06 109.91
138.76
109.32
139.13
109. 38
122. 26 123.43
96.88 ' 97.50
123.14
' 97.01
123. 43
97. 04
137.62 139.13 • 139.50
186. 60 189.18 189.19
230.35 234.93 237.60
154. 28 1 8.26 157. 49
166. 04 171. 39 170.57
138. 80 140. 40 140.10
191. 76 191.97 • 194.88
108.06 107. 06 106.79
153.63 156. 01 156.41
93.69
91. 73
91.24
127.97 128. 74 129.80
108. 64 110.47 110. 48
138,38
• 190.00
• 224.28
• 159.49
• 173.05
• 141.60
• 193.84
106. 53
157.21
' 91. 30
129.11
110. 50
139. 50
189. 81
221.41
163.93
178. 50
143. 51
195. 21
108. 32
160.00
92. 82
130. 22
111.17
4.885
' Revised.
v Preliminary.
i Includes adjustments not distributed by m o n t h s .
{See corresponding note, p . S-13.
^Production and nonsupervisory workers.
*New
a
series.
As of Jan. 1, 1973.
QSource, U S D L , Bureau of Labor Statistics; t h e indexes exclude effects of changes in the
proportion of workers in high-wage and low-wage industries, and the total and manufacturing
o
since the base period, 1967, b y dividing by the Consumer Price Index for the respective period.
January 1973
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index...
1967=100.
92
103
106
99
104
104
5.2
4.1
4.2
2.2
1.1
4.6
3.4
4.8
2.2
1.7
6.0
4.4
5.4
3.6
5.3
4.2
5.3
3.4
.9
'4.8
'3.8
'4.3
'2.5
'.9
P1.0
4.7
3.5
4.2
2.3
1.0
4.0
2.9
4.6
2.3
1.4
4.3
3.2
4.4
2.2
1.2
4.7
3.4
4.3
2.4
1.0
4.3
3.2
4.0
2.1
1.0
'4.6
3.5
'4.0
'2.3
'.9
P. 9
440
640
510
720
425
670
380
640
360
630
440
710
320
560
127
165
1,544
146
217
2,031
126
203
2,139
311
388
3,513
177
426
1,185
108
198
2,492
129
214
2,049
139
196
1,065
81
85
85
87
90
93
93
3.3
2.2
3.7
1.5
1.5
2.5
1.6
3.8
1.2
1.8
4.1
2.6
4.0
1.7
1.4
3.7
2.4
3.5
1.6
1.1
4.0
2.7
3.8
1.9
1.1
4.0
2.9
3.7
2.0
1.0
4.8
3.6
3.9
2.2
4.1
2.8
4.1
1.9
1.4
3.9
2.7
4.3
1.9
1.4
4.4
3.0
4.2
2.0
1.3
4.4
3.0
4.2
2.1
1.2
4.4
3.1
4.3
2.2
1.2
4.3
3.2
4.0
2.1
1.1
5,138
315
562
219
310
470
320
480
400
3,305
3,280
~66,~414"
"47,~589"
235
453
5,034
46
238
3,109
8)
155
2,303
61
140
1,618
3,845
3,700
LABOR TURNOVER*
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees.
N e w hires
do___
Separation rate, total
do___
Quit
_
_
_
do...
Layoff
_
do...
Seasonally adjusted:
Accession rate, t o t a l .
do
New hires..
do
Separation rate, total
do___
Quit
__
do...
Layoff
_
_
do
INDUSTRIAL D I S P U T E S
Work stoppages:
N u m b e r of stoppages:
Beginning in m o n t h or year
numberI n effect during m o n t h
do.__
Workers involved in stoppages:
Beginning in m o n t h or year
thous..
I n effect during m o n t h
do._Man-days idle during m o n t h or year
do...
PLACEMENTS, UNEMPLOYMENT
INSURANCE
Nonfarm placements
.thous.
Unemployment insurance programs:
Insured unemployment, all programs § 9 - - d o
State programs:
Initial claims
.
do.__
Insured unemployment, avg w e e k l y . . . d o . . _
Percent of covered e m p l o y m e n t : ^
Unadjusted
Seasonally adjusted
_..
Beneficiaries, average weekly
thous.
Benefits paid
mil. $.
Federal employees, insured unemployment,
average weekly
_
...thous.
Veterans' program ( U C X ) :
Initial claims.—
_
do...
Insured unemployment, avg w e e k l y . . . d o . . .
Beneficiaries, average weekly
do...
Benefits paid
mil. $.
Railroad program:
Applications
_
...thous.
Insured u n e m p l o y m e n t , avg w e e k l y . . . d o . . .
Benefits paid
_
mil. $.
4.0
2.8
4.8
2.1
1.8
5,716
3.9
2.5
4.2
1.8
1.6
317
266
2,311
2,666
3,097
3,123
2,923
2,431
2,105
1,952
2,088
1,763
1,554
1,512 " 1,692
1,643
2,524
1,241
2,492
1,095
2,279
947
2,005
991
1,740
1,095
1,636
1,378
1,823
974
1,565
795
1,388
871
1,357 v 1,507
1,814
1,518
3, 848. 5 1 4,957.0
1,336
1,879
3.5
4.2
1,352
406.9
1,623
2,221
4.2
3.8
1,640
489.6
4.8
3.4
2,136
550.9
4.7
3.5
2,112
589.5
4.3
3.5
2,071
628.9
3.8
3.6
1,830
472.9
3.3
3.7
1,503
429.2
3.1
3.6
1,342
382.1
3.4
3.7
1,376
364.3
34
35
35
37
36
34
30
28
29
38
43
110
112
30.9
40
107
104
27.5
38
95
99
28.5
2,070
2,593
15, 387
1,805
15,337
2,150
3.4
4.1
31
556
79
75
203.2
622
131
115
356.0
51
105
95
26.1
128
18
38.7
609
26
75.7
19
48
9.9
59
118
108
29.2
68
133
126
30.0
7
33
2.9
2.6
3.4
3.4
1,294
1,116
» 363.0 »> 280.1
2.5
3.4
1,129
280.3
2.7
3.3
38
29
57
140
131
33.6
54
136
137
38.3
48
127
127
31.7
47
119
114
32.6
20.9
*18.2
4
27
4
26
6.0
2
23
4.1
2
15
3.5
11
14
27
18
2.9
10
17
3.7
18
3.4
16
12
20
3.5
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
7,058
31,765
12,671
19,094
7,889
31,103
11.418
19,685
7,601
7,889
7,479
31,164 2 31,103 32,167
12, 231 11,418 12,427
18,933 2 19,685 19,740
7,935
32,579
12,787
19,792
7,985
32,681
12,778
19,903
7,734
32,814
12,926
19,888
7,443
33,055
12,560
20,495
7,069
33,482
12,867
20,615
6,643
33,891
12,923
20,968
6,639
32,998
12,944
20,054
6,602
32,645
13,088
19,557
6,748
34,073
13,558
20,515
6,864
34,067
13,221
20, 846
14 774
16,347
16,194
16,347
16,456
16,684
17,083
17,299
17,461
17,667
17,654
17,722
17, 872
18,012
18,046
7,187
2,030
5 557
7,917
2,076
6,354
7,870
2,076
6,248
7,917
2,076
6,354
7,971
2,098
6,387
8,039
2,149
6,496
8,139
2,267
6,677
8,238
2,260
6,801
8,343
2,181
6,937
8,430
2,145
7,092
8,517
2,137
7,000
8,631
2,156
6,935
8,749
2,233
6,890
8,857
2,335
6,799
8,972
2,313
6,761
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: 0
Total (233 SMSA's)O
bil $
New York SMS A
do
Total 232 SMSA's (except N.Y )
6 other leading SMSA's f
226 other SMSA's
12,915.7 12,383.2 12,530.7 13,027.8 12,785.5 13,169.3 13,400.3 13,281.3 12,995.4 13,970.5 14,022.8 13,896.7 15,166.1
5,918.9 5,523.3 5,687.0 6, 013. 9 5,631.4 5,801.4 5,939. 2 5,780. 8 5,633.0 6,151.8 6,285.1 6,148.6 6,979.3
6,996.9
2,945.2
4,051.6
do
do
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
Reserve bank credit outstanding, total 9 __do
Discounts and advances
do
U.S. Government securities.._
_ .
do
6,859.9 6,843.7 7,013.9
2,859.8 2,803.1 2,913.1
4,000.2 4,040.6 4,100. 9
7,154.2 7,367.9 7,461.1 7,500.5 7,362.4 7,818.7 7,737.6 7,748.1 8,186. 8
2,932.9 3,053.1 3,148. 8 3,096.4 2,996.3 3, 233.0 3,191.0 3,225.8 3,411.7
4,221.2 4,314.8 4,312.2 4,404.1 4,366.2 4,585.7 4,546.6 4,522. 3 4,775.1
90 157
99,523
93,698
99,523
96,551
94,126
96, 849
98,197
101,533
99,746
99,440
99,541
98,658
100,039
93,635 P97,533
66,795
335
62,142
75,821
39
70,218
71, 004
146
67,817
75,821
39
70, 218
72,176
15
69, 552
71, 219
6
67, 698
74, 365
255
69, 928
74,405
60
70, 307
77,234
1,594
71,607
75, 964 74,154
83
130
71,356 70,822
76, 474
1,092
70,740
74,859
239
69,874
75,173
481
70,094
73,476
501
69,501
77,149
1,982
69,906
9,475
10,303
do
10 457
9,875
9,875
9,875
9,875
9,475
9,475
10,303
10,303
10,303
10,303
10,303
10,303
10,303
do
90 157
99,523
93,698
99,523
96,551
94,126
96 849
98,197 101,533
99,746
99,440
99,541
98,658
100,039
93,635 P97,533
Deposits, total
Member-bank reserve balances
do
do
26 687
24,150
31,475
27, 7»U
26,588
23,718
31,475
27, 780
29,471
25,650
27, 252
25, 525
30 527
27, 869
30,152
27,415
32,423
29,538
30,942
27, 482
29,263
26,185
30,738
28, 227
29,719
27,515
29,159
26,757
25,666
23,667
28,525
25,505
Federal Reserve notes in circulation
do
51,386
54,954
54,186
54,954
53,801
53, 914
54, 340
54, 478
55, 210
55,702
56,127
56,347
56,351
57,062
58, 419
59,914
Gold certificate account
Liabilities, total 9
cf Insured unemployment as % of average covered employment in a 12-month period.
© Series revised to reflect recalculation of seasonal factors and trading-day adjustment;
revisions for periods prior to Feb. 1971 will be shown later.
©Total SMSA's include some cities and counties not designated as SMSA's.
iIncludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
S-17
SURVEY OF CURRENT BUSINESS
January 1973
1970
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes a r e a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
E n d of year
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Oct.
Nov.
Dec.
Apr.
May
June
July
Aug.
Sept.
32,539
32,335
204
94
110
33,021
32,874
147
202
—55
33,148
32,893
255
438
-183
33,003
32,841
162
514
-352
33,803 «'31,774 »31, 351
33,556 31,460 3 1 , 151
*>200
247
4'314 v\, 050
574
606
850
-327
4'-292
91,211
91,915
91,355
91,964
FINANCE—Continued
BANKING-Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
..mil. $.
Required
do...
Excess
do...
Borrowings from Federal Reserve banks. __ do. _.
Free reserves
...do...
i 29,265
128,993
1272
1321
1-49
131,329
i 31,164
U65
U07
158
30,953
30,690
263
407
-144
31,329
31,164
165
107
58
91,683
87,258
91,683
32,865
32,692
173
20
153
31,922
31,798
124
33
91
31,921
31,688
233
99
134
32,565
32,429
136
109
27
32,812
32,708
104
119
-15
87,329
86,494
91,037
88,996
90,923
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:!
Demand, adjustedcf
mil. $.
87,739
92,877
97,489 105,502
Demand, total 9
...do
Individuals, partnerships, and corp
do
State and local governments
do
U.S. Government
do
Domestic commercial banks
do
147,355
103,149
6,774
4,380
21, 704
152,699 149,106 152,699
106,885 103, 293 106,885
6,563
7,196
6,563
7,571
2,237
7,571
20,880
24,305 20,880
146,564 151, 788 143,920 148,503 150,176
99,963 102,735 100,628 101,536 105,304
7,714
7,311
7,165
7,200
6,575
4,531
8,614
3,518
5,027
5,579
22,211 26,500 20,190 20, 693 21,540
146,20] 147,379 140, 450 146,133 149,977
102,358 104,096 102,374 103,334 107,281
6,491
6,031
6,877
6,038
6,749
6,479
5,721
4,381
1,715
4,467
20,034 20,957 20,357 20,010 21,690
152,0H 168, 291
108,89' 120,618
>• 6, 473 7,086
'4,808
6,332
20,650 22,443
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
119,443
140,932 138, 217 140,932
142,532 144,286 144,863 147,119 149,089
149,658 152,123 155,510 156, 287 157,389 ' 158,85C 160,731
55,869
61,371
57,844
65,476
do
do
do
51,650
54,542
61, 274
Loans (adjusted),totalcft
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do
do
do
do
do
do
180,429
81,693
8,560
13,642
34,035
50,906
Investments, total!
U.S. Government securities, total
Notes and bonds
Other securities
do
do
do
do
8 north central centers
7 southeast centers...
8 southwest centers
4 west coast centers
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues
do
81,033
28,944
24,605
52,089
79,944
28,298
24,566
51,646
81,033
28,944
24,605
52,089
80,548
27,881
23,972
52,667
81,001
27, 927
23,782
53,074
81,492
27,74<J
23,281
53,743
81,179
27,076
23,461
54,103
81,159
26,958
23,114
54,201
80,063
26,009
22,384
54,054
79,967
25,770
22,502
54,187
80,033
25, 651
22,085
54,382
81,015
26,307
21,535
54,708
80,938
25,955
21,903
54,983
83,365
27,8 36
22,334
55,529
85,197
29,172
22,459
56, 025
435.9
292.0
58.0
85.9
485.7
320.6
60.7
104.5
479.8
318.7
58.8
102.2
485.7
320.6
60.7
104.5
491.4
325.7
59.7
106.0
496.6
328.5
61.0
107.1
505.0
333.8
62.3
108.9
507.4
335.9
62.6
108.9
516.1
341.9
63.1
111.1
517.5
343.7
63.2
110.6
521.9
348.4
62.3
111.2
529.8
356.2
61.4
112.3
535.3
360.0
62.0
113.3
540.4
367.2
59.9
113.3
549.4
373.6
60.6
115.1
554.2
376.6
62.0
115.6
8.22
8.86
2 6.32
2 6.01
2 6.56
6.18
5.86
6.40
5.52
5.35
5.72
5.59
5.28
5.81
5.84
5.55
6.14
6.33
6.09
6.61
8.46
8.44
8. 52
8.49
2
2
2
2
6.30
6.62
6.46
6.38
6.13
6.47
6.43
6.21
5.37
5.87
5.79
5.39
5.54
5.78
5.88
5.60
5.79
6.06
6.07
5.82
6.27
6.56
6.36
6.41
5.50
2 4.75
4.75
4.75
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
2
8. 50
2 6.37
6.12
6.12
6.29
6.20
6.20
6.00
5.90
5.86
5.81
5.81
5.84
5.90
6.05
2
8.27
8. 20
2 7.59
2 7.54
7.65
7.56
7.62
7.51
7.62
7.45
7.45
7.35
7.38
7.31
7.38
7.30
7.40
7.33
7.41
7.36
7.43
7.37
7.45
7.39
7.43
7.42
7.48
7.43
7.50
7.44
3 7.31
3 7.72
3
7.23
3
7.95
3 4.85
3 5.11
3
4.91
3 5.73
4.78
4.92
4.81
5.53
4.45
4.74
4.60
5.36
3.92
4.08
3.95
4.89
3.52
3.78
4.63
3.95
4.17
4.03
4.55
4.43
4.58
4.38
4.88
4.25
4.51
4.38
5.00
4.47
4.64
4.45
5.00
4.73
4.85
4.72
5.23
4.67
4.82
4.58
5.25
4.84
5.13
4.91
5.25
5.05
5.30
5.13
5.70
5.01
5.25
5.13
5.75
5.16
5.45
5.24
5.75
6.458
3 7.37
3 4.348
3 5.77
4.191
5.50
4.023
5.42
3.403
5.33
3.180
5.51
3.723
5.74
3.723
6.01
3.648
5.69
3.874
5.77
4.059
5.86
4.014
5.92
4.651
6.16
4.719
6.11
4.774
6.03
5.061
6.07
2
3
58,561
72,444
72,194
28,061
21,983
44,133
2
- B
58,192
73,089
199,999 203,082 206,437 206,398 211,031 213,308 ' 217,35; 226,170
91,451
84,790
84,953 85,321 84,990 86,647 87,530
10,500
10,621 11,456 10,947 11,284 11,405 11,853 12,627
17,587
17,032
18,241 20,545
14,837
15,957 16,203 16,417
41,049
41,895 42, 742 43,448 44,126 44,816 45,605 45,989
62,434
63,095
71,987
58,815
61,140 62,817 61,951
2
AXA
58,160
72,085
85,498
10, 629
14,677
40,423
59,215
2
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial
—- — ————— •**— ~- -—• paper
• £S%J*yj v i (prime,
Y r *
w 4-6
j * vmonths)__do
i x i V/XJ. v H o y
VXv^ _ _ —
Finance Co. paper placed directly,3-6 mo.do
Stock Excha
lange call loans, going rate
do
58,069
70,841
188,924 192,238 190,040 192,317 194, 538
82,875 83,770 82,047
82,637 83,905
8,675
8,844
9,765
8,835
9,525
13,895
13,844 14,357
14,504
14,681
38,049 38,400 38,887 39,178
39,688
55,161 57,183 56,867 57,031 58,870
2
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
59,827
70,796
192,238
83,770
8,835
14, 504
38,400
57,183
2
do
57,892
67,564
57,624
64,414
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
Federal intermediate credit bank loans
56,578
62,085
57, 295
62,610
2
.do
.do
do
do
54, 542
61,274
57,616
61,926
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas, adj.:
Total loans and investments©
bil. $..
Loans©
do
U.S. Government securities
do
Other securities
do
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum
New York City
do....
7 other northeast centers..
.do
54,124
60,890
4.50
CONSUMER CREDIT 1f
(Short- and Intermediate-term)
127,163
138,394
135,415
138,394
137,426
136,941 137,879
139,410
141,450
143,812
145,214 147,631 .48,976
50,576
do
102,064
111,295
109,088
111,295
110,757
110,510
111,257
112,439
114,183
116,365
119,911 .21,193
.22,505
24, 325
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
do
do
do
do
35,184
31,465
5,070
30,345
38,664
34,353
5,413
32, 865
38,576
32,740
5,417
32,355
34,353
5,413
32,865
38,450
34,046
5,399
38,516
33,579
5,403
33,012
38,853
33,695
5,437
33,272
33,981
5,504
33,606
40,063
34,439
5,604
34,077
41,019
35,041
5,717
34,588
42,644
36,745
6,049
35, 755
43,162
37,216
6,124
36,003
43, 674
38,064
6,174
36,413
B y type of holder:
Financial institutions, total
Commercial banks
Finance companies
do
do
do
88,164
45,398
27,678
97,144
51,240
28,883
95,925
50,557
28,474
97,144
51,210
28,883
51,157
28,723
97,135
51,264
28,695
97,934
51,782
28,716
99,139
52,629
28,955
100,840 102,909 104,132 106,146 L07,278 .08,405
53,624 54,883 55,688 56,846 57,566 58,266
29,310
29,722 30,065 30,464 30,650 30,970
109,673
58,878
31,427
Credit unions
Miscellaneous lenders
do
.do
12,986
2,102
14, 770
2,251
14,609
2,285
14,770
2,251
14,636
2,378
14,702
2,474
14,910
2,526
15,083
2,472
15,395
2,511
15,786
2,518
15,910
2,469
16,278
2,558
16,439
2,623
16,556
2,613
16,742
2,626
Retail outlets, total
do
14,151
13,900
13,163 14,151
13,863
226
218
225
237 |
226
Automobile dealers
do.
Revised, p Preliminary.
2
4
i Average for Dec.
Average for year.
3 Daily average.
Data are not comparable
with those for earlier periods because of regulatory changes affecting reserve requirements
(Regulation D) and check collection processing (Regulation J) that became effective in early
J
November.
& For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial bank and U.S. Government, less cash items in process of collection; for loans,
exclusive of loans to and Federal funds transactions with domestic commercial banks and
13,375
13,323
228
13,300
232
13,343
237
13,456
243
13,570
248
13,765
251
13,915
253
14,100
257
14, 652
259
Total outstanding, end of year or month
Installment credit, total
r
mil. $..
117,702
41,603
35,470
5,799
34,832
42,323
36,188
5,950
35,450
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
tRevisions for months prior to Feb. 1971 will be shown later.
9Includes data not shown separately.
©Adjusted to exclude interbank loans;
§For bond yields, see p. S-20.
f Revised: new data incorporate adjustment of sample-based estimates to reflect recent
benchmarks and new seasonal factors. Monthly revisions appear in the October 1972 Federal Reserve Bulletin.
S-18
January 197*
SURVEY OF CURRENT BUSINESS
1970
Unless otherwise stated in footnotes below, data
throuch 1970 and descriotive notes arp as shnwn
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
1971
Nov.
1972
Jan.
Dec.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FINANCE—Continued
CONSUMER CREDIT ^-Continued
Outstanding credit—Continued
Noninstallment credit, total
mil $_
Single-payment loans, total
do...
Commercial banks
do...
Other financial institutions
do__.
Charge accounts, total.
Retail outlets
Credit cards.
Service credit
25,099
9,675
1,206
do__.
..do...
do___
do...
Repaid, total
._
Automobile paper
Other consumer goods paper
All other
_
27,099
10,585
9,316
ir~
26,669
10,649
9,342
1,307
26,431
10,752
9,415
1,337
26,622
10,843
9,491
1,352
26,971
10,933
9,594
1,339
27,267
11,066
9,717
1,349
27,447
11,181
9,831
1,350
27,512
11,235
9,900
1,335
27,720
11,411
10,053
1,358
27,783
11,541
10,165
1,376
28,071
11,717
10,339
1,378
28,643
11,917
10,527
1,390
8,350
8,397
U
8,164
7,948
6,031
1,917
7,920
8,350
6,397
1,953
8,164
7,630
5,688
1,942
8,390
6,987
5,111
1,876
8,692
6,963
5,102
1,861
8,816
7,179
5,296
1,883
8,859
7,464
5,587
1,877
8,737
7,610
5,689
1,921
8,656
7,644
5,664
1,980
8,633
7,717
5,676
2,041
8,592
7,693
5,613
2,080
8,549
7,780
5,794
1,986
8,574
8,010
6,081
1,929
8,716
112,158
29,791
43,873
38,491
124,281
34,873
47,821
41,587
11,300
3,087
4,381
12,445
2,743
5,528
4,174
9,469
2,499
3,773
3,197
9,540
2,777
3,422
3,341
11,746
3,363
4,337
4,046
11,224
3,269
4,158
3,797
12,556
3,699
4,593
4,264
13,096
3,938
4,779
4,379
11,833
3,480
4,544
3,809
13,166
3,696
5,094
4,376
11,535
3,110
4,695
3,730
12,337
3,663
4,831
3,843
12,806
3,505
5,202
4,099
107,199
30,137
40,721
36,341
115,050
31,393
44,933
38,724
9,987
2,704
3,830
3,453
10,238
2,655
3,915
3,668
10,007
2,713
4,080
3,214
9,787
2,711
3,889
3,187
10,999
3,026
4,221
3,752
10,042
2,774
3,872
3,396
10,812
2,984
4,135
10,914
2.982
4,177
3,755
10,496
2,896
4,115
3,485
10,957
2,976
4,376
3,605
10,253
2,789
4,138
3,326
11,025
3,145
4,360
3,520
10,986
2,993
4,354
3,639
do..
do_.
do..
do_.
11,157
3,121
4,254
3,782
10,866
3,051
4,153
3,662
11,116
3,081
4,258
3,769
10,952
3,100
4,052
3,800
11,741
3,176
4,453
4,112
11,374
3,162
4,370
3,842
11,687
3,274
4,393
4,020
12,057
3,412
4,577
4,068
11,687
3,298
4,684
3,705
12,484
3,491
4,990
4,003
11,953
3,368
4,772
3,813
12,404
3,504
4,971
3,929
12,846
3,620
5,118
4,108
do.
...do.
do.
do..
9,965
2,676
3,875
3,414
9,976
2,715
3,891
3,370
10,015
2,795
3,905
3,315
10,069
2,776
3,878
3,415
10,427
2,831
3,944
3,652
10,384
2,867
3,986
3,531
10,355
2,819
3,981
3,555
10,671
2,922
4,164
3,585
10,593
2,917
4,249
3,427
10,841
2,896
4,395
3,550
10,667
2,873
4,303
3,491
10,908
3,041
4,354
3,513
11,128
3,023
4,444
3,661
15, 239 15,237
18, 764 20,327
24,435
18, 598
17,275
19, 960
25,589
23,202
15,207
18, 591
18,213
20, 581
22,183 14,738
18,471 j'20, 055
16,748
21,165
2,387
-2,685
2,685 -2,387
-618
2,067
-3,384
do_.
do..
do..
do..
_
26,327
10,459
9,189
1,270
7,968
6,163
1,805
7,456
Installment credit extended and repaid:
Unadjusted:
Extended, total
do.
Automobile paper
do..
Other consumer goods paper
do..
Allother
_
..._do_.
Repaid, total
Automobile paper
Other consumer goods paper
Allother
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other..
27,099
10,585
9,316
1T
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net).
_
Budget surplus or deficit (—)
Budget financing, total...
Borrowing from the public
Reduction in cash balances
mil. $
do.
193,743
196,588
1
188,392
211,425
14,945 17, 213 17,596
18, 947 17,484 19,469
1
do
-2,845 -23,033 -4,002
-271 -1,873 -3,525 -5,090
5,935
1
do
2,845 i 23,033 4,002
271
1,873
3,525 5,090 -5,935
do
2,590 8,482
i 5,397 i19,448
134
1 3,795 -2,059
d o . . . . 1-2,552 1 3,794 1,412 -8,211
1,739
3,524
1,295 -3,876
1
G ross amount of debt outstanding
do
382,603 409,468 124,555 34,350
i 284,880 304,328 17,402 125,884
Held by the public
do
Budget receipts by source and outlays by agency:
188,392 14,945 17,213
Receipts (net), total
..mil. $.. i193,743
1
90,412 i 86,230 7,455 7,096
Individual income taxes (net)
do
1
32,829 126,785
512
4, 927
Corporation income taxes (net)
do
Social insurance taxes and contributions 1
1
48,578 4,120 2,642
(net).
mil. $.. 145,298
25,203 i 26,798 2,858 2,549
Other
do....
3,384
3,730
-346
934
1,435
3,712 -5,317 -4,418
4,418
-3,712
5,317
5,298
2,851
376
4,088 2,466
t32,607 34,344 '437,553 435,470 :38,350 437,329 442,461 446,051 '444,580 450,604 455, 285
126,018 326,019 j 329,814 327,755 1327,137 323,770 327,499 328,433 328,809 .331,660 336,958
17,596
10,944
1,070
15, 239
6,846
15, 237
3,905
4,722
24,534
11,965
4,895
17, 275
6,557
733
25,589
11, C54
8,267
15, 207
7,355
1,071
18,213
8,380
665
22,183
11,005
4,965
14,738
7,595
965
16,748
8,613
559
5,740
1,986
4,350
2,259
5,655
2,020
7,443
2,542
4,122
2,147
4,277
2,505
6,849
2,318
4,038
2,175
3,759
2,420
4,969
2,606
18,764
636
6,107
20,327
354
6,872
18,598
97
6,507
19,960
440
6,871
23, 202
588
8,264
18,591
2,688
5,193
20,581
1,532
5,662
18,471
403
5,204
20,055
1,083
6,066
21,165
681
6,250
6,013
1,856
276
861
6,179
1,900
310
1,042
5,946
1,951
238
926
6,189
1,919
270
970
8,211
1,869
5,456
1,862
289
882
6,013
1,864
6,271
1,991
273
831
7,044
1,720
271
7,037
2,098
272
1,276
196,588
Outlays, total 9
do
i 8,307
Agriculture Department
.do
1
77,150
Defense Department, military
do
Health, Education, and Welfare Department
mil. $.. i 52,338
i19,
510
Treasury Department
do
1
3,749
National Aeronautics and Space Adm
do
18,653
Veterans Administration
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
191.6
Federal Government receipts, total. r
bil. $..
211,425
1
8,560
174,546
18,947
1,094
5,996
17,484
1,120
6,386
3,615
1,967
19,469
1,040
5,967
161,866
' 20,990
13,381
i9,756
5,761
1,931
286
818
5,571
1,774
285
893
5,897
1,892
259
1,020
199.1
202.8
221.4
224.9
229.8
Personal tax and nontax receipts
do
Corporate profit tax accruals.
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
92.4
30.4
19.3
49.5
89.6
33.1
20.5
55.9
93.8
31.1
20.8
57.0
105.8
34.0
109.1
36.7
20.2
61.7
107.3
35.2
19.7
62.6
Federal Government expenditures, total...do
204.5
220.8
227.5
236.3
246.5
241.6
96.5
75.1
97.8
71.4
100.7
71.9
1Q5.7
76.7
108.1
78.6
105.4
75.1
24.5
14.6
75.0
29.3
13.6
77.8
30.8
13.3
79.4
32.4
13.1
80.4
38.1
13.8
82.0
34.4
13.6
5.5
5.2
5.0
5.6
6.0
6.2
.1
.0
.1
-24.7
-14.8
-21.6
Purchases of goods and 3 ervices
do
National defense
do
Transfer payments
.do
Grants-in-aid to State and local govts_.__do
Net interest paid
do
Subsidies less current surplus of government
enterprises
.bil. $..
Less: Wage accruals less disbursements.^.do
Surplus or deficit (—)
..do
292
906
-12.9
-21.7
207.25
11.07
88.52
74.38
68.73
222.10
11.00
99.80
75.50
69.90
219.35
11.15
98.44
74.90
71.31
222.10
11.00
99.80
75.50
69.90
223.31
11.32
101. 35
75.52
224. 74
11.34
102.82
75.46
226. 02
11.52
103.80
75.42
69.90
227.89
11.08
105.25
•5.47
69.93
229.34
11.13
106.43
75.49
69.94
230.18
11.10
107. 07
75.55
69.97
231.59
11.08
108. 24
75.63
70.03
233.34
11.09
109. 73
75.72
70.10
234.46
11.12
110.30
75.81
70.20
235.97
11.13
111.62
75.95
70.32
6.32
16.06
1.76
9.15
6.90
17.06
1.76
10.07
6.95
16.95
1.53
9.43
6.90
17.06
1.76
10.07
7.10
17.07
1.51
7.00
17.13
1.47
9.51
7.05
17.21
1.35
9.68
7.03
17.36
1.50
10.20
7.09
17.44
1.54
10.20
7.15
17.53
1.54
10.24
7.18
17.60
1.57
10.29
7.24
17.69
1.55
10.33
7.24
17.77
1.59
10.61
7.23
17.85
1.62
10.57
-11.8
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities
Corporate securities
Mortgage loans, total
Nonfarm
_
Real estate..
Policy loans and premium notes
Cash
Other assets
bil. $_.
do
do
do
do
do
do
do
do
• Revised.
Revised.
*> Preliminary.
Data shown in 1970 and 1971 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
1
9.44
If See similar note on p. S-17.
9 Includes data for items not shown separately.
Dec.
S-19
SURVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
LIFE INSURANCE—Continued
Institute of Life Insurance—Continued
Payments to policyholders and beneficiaries in
U.S., total
..mil. $. 16,449.4 17,177.2 1,354.8 1,918.
Death benefits
. . . d o . . . 7.017.3 7.423.3
608.9
709.5
Matured endowments
do...
978.3
990.2
80.8
83.5
Disability payments
do___
232.9
256.8
21.3
21.2
Annuity payments
do
1, 757.1 1.944.4
156.1
163.5
Surrender values
do
2,886. 4 2,881.6
230.3
264.1
Policy dividends
do
3.577.4 3,680.9
257.4
677.1
Life Insurance Agency M anagement Association:
Insurance written (newipaid-for insurance):!
Value, estimated tota
mil. $. i 193,574
Ordinary (incl. mass-marketed ord.) do.._ 123,272
163,690
Group
do
6,612
Industrial
do.
Premiums collected:
Total life insurance premiums
__do_
19,940
14,912
Ordinary (incl. mass-marketed ord.)
do_.
3,753
Group
do.
Industrial
do
1,275
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. $_
Net release from earmark!
__
do
Exports
thous. $_
Imports
do...
Production:
South Africa
mil. $.
Canada
do
United States
do
Silver:
""
Exports
thous. $
Imports
do
Price at New York
dol. per fine oz.
Production:
Canada.
.thous. fine oz1..
Mexico
_ do
United States
do
Currency in circulation (end of period)
bil. $__
Money supply and related data (avg. of dailyfig.):©
Unadjusted for seasonal variation:
Total money supply
bil. $__
Currency outside banks
do
Demand deposits
do
Time deposits adjusted!
do""
U.S. Government demand deposits^
do
Adjusted for seasonal variation:
Total money supply
_
do.
Currency outside banks
do. I
Demand deposits
do
Time deposits adjusted^
do.."
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted'4
Total (233 SMS A's) ©..ratio of debits to deposits.
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA'sd"
do
226other SMSA's
.
do
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..
_dol_l.
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___II__do"^~
Dividends paid (cash), all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil.$__
186,634
131,319
47,948
7,365
15,096
11,741
2,780
575
20,237
13,409
6,301
527
13,858
9,894
3,366
598
14,996
11,334
3,020
642
19,046
13,421
4,953
672
16, 621
11, 949
4,018
654
16,960
12,374
3,705
881
17,981
12,544
4,865
572
15,484
10,886
3,958
640
16,310
11,935
3,825
550
16,299
11,075
4,675
549
17,032
12,533
3,917
582
17,212
12,694
3,951
567
10,732
-615
37,789
237,464
10,132
-889
51,249
283,948
10,132
-1
84
23,192
10,132
5
1,586
16,163
10,132
0
522
15,119
9,588
-544
1,117
19,390
9,588
38
23,831
27, 714
9,588 10,410
6 -1,227
880
1,633
26, 020 26,573
10,410
0
2,029
25,801
10,410
0
3,436
11,953
10,410
12
52,656
10,410
-1
4,705
31,502
10,410
0
4,257
29,216
10,410
1
983
44,535
1,128.0
81.8
1,098.7
77.3
91.7
6.6
85.7
5.9
2 95.3
2 6.5
88.2
6.4
91.8
6.6
93.2
7.5
94.4
6.8
94.3
6.2
94.4
6.4
94.1
5.9
93.9
6.3
94.2
6.3
27,613
64,957
1.771
19,499
49,507
1.546
212
4,167
1.320
1,382
3,878
1.394
864
5,304
1.473
1,499
4,696
1.504
10,574
4,689
1.536
575
3,541
1.572
2,895
6,355
1.583
1,204
3,414
1.569
16,527
5,955
1.736
9,040
2,963
1.846
744
5,431
1.777
1,515
5,911
1.811
47,483
41,030
3,499
3,287
3,257
3,976
3,308
4,448
3,032
2,841
3,527
3,244
3,597
2,865
57.1
61.1
60.6
61.1
59.4
59.8
60.4
60.5
61.7
62.2
62.4
62.7
62.6
63.6
210.0
47.7
162.3
208.2
6.4
224.1
51.1
173.0
253.8
6.4
229.6
52.8
176.9
265.5
3.9
235.1
53.5
181.5
269.0
6.7
235.3
52.6
182.7
273.7
7.2
229.0
52.6
176.4
277.3
7.2
231.3
53.2
178.1
280.8
7.7
236.1
53.6
182.6
283.1
7.6
231.3
54.0
177.3
286.9
10.4
234.7
54.6
180.1
290.0
6.8
237.9
55.3
182.6
292.7
7.2
237.2
55.3
182.0
298.1
5.3
240.0
55.4
184.6
301.3
5.8
242.3
55.9
186.4
304.5
6.6
245.7 *254.2
56.9 v 58.0
188.8 P 196. 3
306.3 *310.3
6.1
v 7.2
227.7
52.2
175.5
265.3
228.2
52.5
175.7
269.9
228.8
52.8
176.0
274.4
231.2
53.2
178.0
278.1
233.5
53.7
179.9
279.9
235.0
54.0
180.9
282.8
235.5
54.4
181.1
287.0
236.6
54.7
181.9
290.9
239.4
54.9
184.5
293.7
240.5
55.0
185.5
297.1
241.6
55.5
186.1
300.5
242.3
55.9
186.6
303.5
243.6 *246.8
56.3 ' 56.8
187.3
190.0
305.9 v 311. 2
86.4
203.7
58.1
87.2
46.7
83.7
196.1
57.3
85.2
46.4
83.9
205.3
56.2
82.0
46.2
84.5
205.1
56.2
82.6
45.8
83.0
195.2
57.2
83.3
46.9
85.6
202.1
58.9
87.3
47.8
85.6
200.8
58.7
89.8
46.9
84.7
199.9
58.6
88.1
47.5
82.3
194.4
57.1
84.2
46.8
87.6
206.9
60.2
90.2
48.8
88.7
214.9
60.1
89.8
48.8
86.7
208.3
59.2
89.2
47.8
93.6
229.2
62.2
93.9
50.1
28,572
2,549
413
31,038
2,754
558
7,980
703
175
7,934
680
139
9,633
803
161
8,782
797
163
304
719
3,434
5,893
627
1,297
692
603
501
3,780
5, 829
853
621
748
165
76
904
1,407
212
91
171
170
168
1,062
1,287
125
160
173
266
271
1,097
1,095
328
214
324
291
223
1,128
1,298
"355
145
215
1,066
2,689
2,349
1,070
2,489
2,563
202
705
725
312
713
564
426
921
763
428
890
716
593
1,424
4,522
15,070
585
3,097
4,990
15,252
117
887
1,442
4,084
163
1,010
1,209
3,899
275
1,201
1,488
4,106
208
351
1,574
3,573
1,640
5,735
1.832
10,410
1.976
65.1
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
mil. $
105,233 10,569
6,911
7,188
By type of security:
Bonds and notes, total
do
80,037 92,272
9,300
5,710
6,354
Corporate
_do
30,315 32,129
2,436
2,473
2,371
Common stock
do
7,240
9,291
1,032
1,999
531
Preferred stock
do
1,390
3,670
270
169
303
T
Revised, v Preliminary.
»Includes $17 bil. SGLI.
2 Beginning Jan. 1972 valued
$38 per fine ounce
§Or increase in earmarked gold (—). eBeginning Jan. 1972 SURVEY, data reflect corrections
to the latest benchmark levels available for nonmember banks and changes in seasonal factors. Revised monthly data back to 1964 will be shown later, f At all commercial banks.
7,302
6,556
8,636
9,547
7,588
6,921
7,136
5,652
9,405
4,583
7,971
5,802
5,803 6,187
8,399
5,580
6,261
7,771
1,945
1,668
2,305
2,465
2,555
2,329
2,450
2, 253
2,411
765
743
1,014
913
1,017
1,174
846
694
601
305
422
206
206
131
612
195
282
263
\ Series revised to reflect recalculation of seasonal factors; revisions for periods prior to Feb.
1971 will be shown later OTotal SMSA's include some cities and counties not designated as
SMSA's. ^Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and
c
Los Angeles-Long Beach.
Corrected.
S-20
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
|
1971
Annual
1971
Nov.
January 1973
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
2,893
452
255
635
2,737
606
93
1,262
3,739
347
278
1,336
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~.
Transportation§
do...
Communication
do...
Financial and real estate
__do__.
38,945
10, 513
2,093
11,017
45,090
11, 578
1,283
11,800
3,704
811
129
1,217
3,673
980
73
891
3,205
392
105
533
3,369
529
61
3,229
604
189
740
3,275
581
62
1,219
3,598
761
106
738
4,341
767
168
1,538
574
163
798
2,260
5,136
5,517
2,418
5,819
8,814
152
269
232
352
845
282
752
945
146
498
1,036
105
227
1,112
131
178
752
213
391
1,021
185
800
529
160
586
1,148
237
61
33
232
152
370
1,048
do...
do...
do...
49,721
14,831
17,762
60,143
17,325
24,370
6,864
3,254
2,286
3,237
443
2,058
3,983
529
1,737
3,933
539
1,942
3,327
586
2,185
5,360
2,281
1,963
5,949
2,360
1,924
3,248
536
2,222
3,338
496
1,784
4,243
606
1,898
' 2, 915
474
1,701
5,666
2,530
1,922
do...
do...
17,762
17,880
24,370
26,281
2,286
2,785
2,058
2,492
1,737
1,594
1,942
1,752
2,185
3,407
1,963
1,516
1,924
2,726
2,222
2,705
1,784
1,215
1,898
1,840
1,701
2,475
1,970
1,587
' 1,817
' 2,764
i 6,535
15,700
1835
i 1,298
5,995
5,198
797
1,209
6,535
5,700
835
1,298
6,850
5,989
861
1,313
7,427
6,477
950
1,327
7,847
6,896
951
1,294
8,250
7,283
967
1,278
8,472
7,478
994
1,296
8,860
7,792
1,068
1,258
9,042
7,945
1,097
1,229
8,061
8,083
1387
1,837
412
1,758
387
1,837
448
2,040
434
2,108
442
2,070
433
2,030
403
1,930
1,845
403
1,842
384
1,733
380
1,677
61.5
72.3
65.0
80.0
66.4
84.1
66.5
83.5
67.1
84.6
66.7
83.8
66.2
84.1
65.1
82.5
65.2
84.6
65.6
83.4
65.6
83.1
65.8
84.2
65.6
83.4
65.5
85.2
65.9
87.1
60.52
U.S. Treasury bonds, taxablei
do
Sales:
Total,excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $.- 4,763. 24
6,299. 55
Face value
do
New York Stock Exchange:
4,328. 33
Market value
do
Face value
do
5,554.92
67.73
70.47
68.80
68.79
68.32
68.43
67.66
68.59
69.05
69.23
19.55
68.06
68.09
9.87
8,803.91
10,157.90
743.05
815.80
872.36 963.66
979.30 1,011.89
862.43 975.83
903. 78 1,013.72
837.59
859. 85
775.98
807. 23
799.32
840.74
632.67
679.82
723.49
775. 83
525.26
580.92
676.38
747.69
8,009.57
9,080.68
683.91
745.08
803.14
890.20
866.66
896.11
770.82
804. 49
870.04
895.25
763.19
778. 24
717.15
741.02
740.74
776.82
581. 21
625.30
669.41
712. 97
481.76
527.60
629.34
692.12
6,563.82
497.11
639.34
596.42
521. 85
569.24
515.14
458. 20
443. 07
362.57
415.73
309.72
370. 69
Noncorporate, total9
U.S. Government—
State and municipal
State and municipal issues (Bond Buyer):
Long-term
Short-term
___
_
SECURITY MARKETS
Stock Market Customer Financing*
Margin credit at brokers and banks, end of month,
total
mil. $.
At brokers
do-._
At banks...
do...
Other security credit at banks
do__.
Free credit balances at brokers:
Margin accounts
do_-.
Cash accounts
do._Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Compositec?
dol. per $100 bond..
Domestic municipal (15 bonds)
do
1
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $_. 4,494.86
Yields:
8.51
Domestic corporate (Moody's)
percent..
By rating:
8.04
Aaa
do
8.31
Aa
do
8.56
A
do....
9.10
Baa
do
By group:
Industrials..
do
8.26
Public utilities
do
8.67
Railroads
do
9.04
Domestic municipal:
Bond Buyer (20 bonds)
do
6.34
Standard & Poor's Corp. (15 bonds)
do
6.50
U.S. Treasury bonds, taxable©
..do
6.59
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody'sj:
Dividends per share, annual rate, composite
dollars..
8.99
Industrials
_
do
9.76
Public utilities
do"."*
4.69
Railroads
do
3.92
N.Y. banks
I doll I]
6.77
Property and casualty insurance cos
..do""I" 10.44
Price per share, end of mo., composite
do
226. 70
Industrials
do
270.83
Public utilities...
. . . . " " " " d o " " " 79.06
Railroads
.do... I 65.61
Yields, composite
. percent
3.97
Industrials
do
3.60
Public utilities
"I"
"do"""
5.94
Railroads
_ d0
5.97
N.Y. banks
IIII"""do"II
Property and casualty insurance cos ~._do.~-~
Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RR.f for 12mo. ending each qtr.):
Industrials
_
dollars
Public utilities
do "
Railroads
_
do
463.55
7.94
7.77
7.75
7.66
7.68
7.66
7.71
7.71
7.66
7.66
7.61
7.59
7.59
7.52
7.39
7.78
8.03
8.56
7.26
7.56
7.88
8.38
7.25
7.57
7.81
8.38
7.19
7.52
7.70
8.23
7.27
7.52
7.70
8.23
7.24
7.53
7.66
8.24
7.30
7.57
7.74
8.24
7.30
7.56
7.75
8.23
7.23
7.51
7.69
8.20
7.21
7.50
7.71
8.23
7.19
7.43
7.64
8.19
7.22
7.41
7.64
8.09
7.21
7.45
7.64
8.06
7.12
7.39
7.58
7.99
7.57
8.13
7.46
7.96
8.13
7.42
7.92
8.12
7.34
7.85
7.98
7.39
7.84
8.00
7.35
7.81
8.03
7.42
7.87
8.04
7.43
7.88
8.01
7.36
7.83
7.98
7.39
7.80
8.00
7.35
7.69
7.99
7.36
7.63
7.97
7.36
7.63
7.97
7.28
7.55
7.95
5.46
5.70
5.44
5.30
5.02
5.36
5.35
5.25
5.29
5.33
5.40
5.30
5.20
5.45
5.15
5.26
5.43
5.37
5.32
5.39
5.38
5.29
5.30
5.36
5.04
5.20
4.99
5.03
5.74
5.44
5.62
5.62
5.67
5.66
5.74
5.64
5.59
5.57
5.54
5.70
5.69
5.50
8.81
9.50
4.77
3.78
7.28
10.62
8.73
9.39
4.79
3.49
7.28
10.70
8.73
9.39
4.81
3.51
7.31
10.77
8.75
9.42
4.83
3.51
7.31
10.79
8.78
9.45
4.83
3.58
7.31
10.91
8.79
9.45
4.86
3.58
7.31
10.91
8.80
9.49
4.86
3.58
7.31
10.99
8.88
9.58
4.86
3.81
7.31
11.02
8.87
9.58
4.86
3.78
7.31
11.02
8.87
9.59
4.86
3.78
7.31
11.02
8.97
9.60
4.88
3.78
7.31
11.02
8.97
9.60
4.89
3.78
7.31
11.02
8.98
9.62
4.89
3.79
7.31
11.02
9.21
9.97
4.90
3.83
7.31
11.02
261.43
318.75
84.16
85.12
251. 26
306.87
79.80
82.15
271.78
333.51
85.56
92.07
276.91
341.04
84.18
95.27
281.04
348. 64
81.48
94.21
285.67
354.30
80.77
95.75
286. 59
356. 26
77.94
94.88
289. 90
361. 77
77.13
92.59
283.32
354.96
75.27
87.87
285.55
357.81
75.11
295.79
369.60
78.25
90.16
294.25
366. 24
78.48
85.86
295. 56
365.83
83.36
83.85
309.50
383.21
86.86
93.33
4.03
4.02
3.37
2.98
5.67
4.44
4.14
3.25
3.47
3.06
6.00
4.25
3.97
3.33
3.21
2.82
5.62
3.81
3.84
3.27
3.16
2.76
5.74
3.68
3.88
3.28
3.12
2.71
5.93
3.80
3.91
3.24
3.08
2.67
6.02
3.74
3.58
3.14
3.07
2.66
6.24
3.77
3.43
2.90
3.06
2.65
6.30
4.11
3.49
2.82
3.13
2.70
6.46
4.30
3.53
3.00
3.11
2.68
6.47
4.35
3.28
3.13
3.03
2.60
6.24
4.19
3.08
2.90
3.05
2.62
6.23
4.40
3.02
2.94
3.04
2.63
5.87
4.52
3.05
2.70
2.98
2.60
5.64
4.10
3.17
2.52
15.30
6.89
3.53
17.55
7.01
3.93
r
19.86
7.14
3.93
' Revised
p Preliminary.
i E n d of year.
*New series; more detailed information
appears in the F e b r u a r y 1972 Federal Reserve Bulletin.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data reto include "other transportation" in addition toi ra"
* formerly
*
" shown.
'
Digitized forstated
FRASER
railroad~ data
18.57
7.27
4.44
20.97
7.53
4.78
17.49
7.72
'5.35
cf Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
tPrices are derived from average yields on basis of an assumed 3 percent 20-year bond.
O For bonds due or callable in 10 years or more.
January 1973
S-21
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
6.91
6.90
June
July
Aug.
Sept.
Oct.
Nov.
6.99
6.90
7.00
7.03
6.93
306.91
925.92
107.09
229.95
315.22
958.34
109.07
233.53
Dec.
FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
..percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
7.22
6.75
6.78
6.81
6.57
6.67
6.76
243.92
753.19
108. 75
152.36
298.12
884.76
117.22
217. 20
285.91
822.11
111.03
221.48
301.72
869.90
112.43
237.81
315.61
904.65
118.84
249.85
317.15
914.37
113.41
255.10
323.84
939.23
114.34
259.48
329.83
958.16
110. 56
270.08
322.26
948. 22
108.80
257.34
. 315. 09
943.43
106.27
243.84
310.15
950. 58
109.76
222.86
6.92
321.92 322.19 332.15
944.10 1,001.19 1,020.32
113.06 121.33 121.47
215.88 227.89 232.74
Standard <fe Poor's Corporation id1
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10..
83.22
98.29
92.78
99.17
103.30
105.24
107.69
108. 81 107. 65 108. 01
107.21
111. 01 109.39
109. 56 115.05
117.50
Industrial, total (425 stocks) 9
do
Capital goods (116 stocks)
do_...
Consumers' goods (184 stocks)
do _
Public utility (55 stocks)
_ do
Railroad (20 stocks)
__
..do
91.29
87.87
80.22
54.48
32.13
108.35
102.80
99.78
59.33
41.94
102.21
95.51
97.47
55.86
41.19
109.67
103.78
103.92
57.07
43.17
114.12
109.69
106.45
60.19
45.16
116.86
113.90
109.42
57.41
45.66
119.73 121. 34 120.16 120.84
116. 89 120.19 119. 65 120.92
113. 20 115. 05 112. 67 113.43
57.73 55.70 54.94 53.73
46.48 47.38 45.06 43.66
119.98
124. 35 122.33
124.47 121.63
122.39 128.29
119. 50 122.11
112. 94 119.51
56.66 61.16
42.41
41.20
131.08
124.57
122. 26
61.73
44.62
43.83
77.06
46.31
87.06
46.42
83.55
49.79
88.74
49.70
90.16
49.28
90.19
52.16
94.79
Property-liability insurance (16 stocks)..do....
78.34
115.04
115.65
119.58
119.26
122.20
128.19
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
do
Utility
do
Finance
_
do___~
45.72
48.03
32.14
37.24
60.00
54.22
57.92
44.35
39.44
70.38
51.17
54.50
44.29
36.87
54.76
58.85
48.34
37.52
72.28
57.19
61.33
50.56
40.02
74.24
58.45
63.36
52.80
38.56
73.74
59.96
65.18
53.71
38.56
77.15
60.65
66.10
55.50
37.48
80.36
59.82
65.30
53.43
37.04
78.32
185,027
5,916
12,304
405
17,648
674
16,872
547
18,549
609
21,408
661
18,448
584
147,098
4,265
9,757
295
13,997
416
12,971
376
14,278
423
16,439
460
14,122
413
3,891
276
378
380
376
404
741.83
17,500
679.42
17,320
741.83
17,500
761.35
17,589
782.94
17,692
790.22
17,777
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
do do
Sales:
Total on all registered exchanges (SEC):
Market value
__
mil. $
131,126
Shares sold
millions..
4,539
On New York Stock Exchange:
Market value
mil. $.
Shares sold (cleared or settled)
millions..
3,213
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions..
2,937
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares . .
bil. $
Number of shares listed
millions
612.49
15, 522
119.13
112. 57 116.17
54.66
53.47
43.28
42.00
113.19
55.36
42.37
55.57
101.57
55.27
103.63
57.35
106.94
62.11
63.99 63.45
62.48
61.28
112. 21 116.62 118. 20 117. 74 114.24
133. 66 139.43
132.63
127.13
131. 71 129.86
133.04
149.68
144.16
59.87
65.76
51.26
36.32
76.59
59.21
65.13
48.45
36.02
75.41
61.07
67.25
48.97
36.87
78.27
60.05
65.72
46.49
37.82
78.41
59.99
65.35
44.95
38.93
79.64
62.99
68.29
47.50
41.81
84.57
64.26
69.96
48.44
42.28
83.45
17,093
507
16, 744 13,915
427
506
17,596
525
12,183
367
14,821
461
13,124
357
12,989
360
10,831
307
13,828
378
9,669
264
11,930
346
315
289
357
246
317
406
345
793.22
18,432
791.10
18,607
821.15
18,773
816. 22 824.96
18,875 19,002
863.52
19,063
871. 54
19,159
55.76
103.47
791.04 810.43
17,916 18,113
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted.
Africa
Asia
Australia and Oceania
Europe North America
Northern
Southern North America
South America
By leading countries:
Africa:
Egypt
Republic of South Africa..
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
mil. $., 43,224.0 44,129.9 3,264. 5 4,088.4 3,872.6 3,818.4 4,349.2 3,936.7 4,195.5 4,050.9 3,726.4 3,991.4 4,008.1 4,510.2
do
do.
do..
do_.
do
do..
.do—.
..do—
.do—.
.do....
.do—_
do..
do_.
do..
do
do_
"do
...do..
do..
do..
I do..
do..
do..
do
42,659.3 43, 548.6 3,221.3 4,055.9 3,814.8 3,780.0 4,309.7 3,886.6 4,142.8 4,014.9 3,660.3 3,945.8 3,965.0 4,442. 7
3,160.3 3,858.0 4,220.8 3,805. 6 3,890.7 3,760.3 3,913.5 3,904.7 4,019.2 4,201.7 4,157.5 4,364.6
4,582.7
4, 468.7
1,579.1 1.694.1
10,022.8 9,849.5
1,188.2 1,168. 8
14,816.8 14,574.1
106.7
737.1
73.7
9,080.3 10,367.7
3,241.3 3.154.2
3,290.0 3,328.2
931.9
230.8
194.9
876.6
287.4
307.5
859.5
262.0
309.1
77.2
562.7
62.9
622.4
4.0
52.1
8.2
88.8
5.2
67.4
5.9
38.3
9.1
48.4
8.6
40.7
3.5
36.4
7.7
46.4
5.0
37.5
12.1
64.0
4.4
48.6
3.0
70.1
8.8
50.9
1,003.5
572.5
325.4
66.6
1,018.8
648.2
211.6
73.8
62.3
44.0
4.0
5.5
100.0
51.8
5.8
8.4
69.2
41.8
14.9
7.6
74.2
29.2
15.7
5.5
80.2
45.9
19.9
9.5
72.0
18.3
25.4
11.4
59.5
21.7
13.3
9.2
58.4
49.2
17.1
7.0
70.0
28.2
14.3
5.8
90.3
20.8
15.1
16.9
69.2
20.9
8.2
21.0
75.3
21.0
16.0
18.7
76.1
25.3
8.9
8.5
266.0
373.2
4,651.9
263.0
340.2
4,054.7
17.8
21.5
329.0
24.2
35.6
403.9
27.7
29.7
370.9
25.4
25.1
321.7
18.1
34.8
512.6
35.0
28.4
372.8
26.9
30.6
375.0
29.8
31.0
387.7
22.3
34.4
376.5
11.3
27.8
405.3
21.5
32.8
378.5
21.1
29.5
463.7
24.0
29.4
488.5
1,483.0
32.5
2, 740.7
1,380.2
25.4
2,832.0
82.8
2.6
203.2
125.3
7.1
261.4
121.9
1.5
229.3
144.1
1.7
233.2
172.4
5.7
251.7
123.5
.4
234.7
129.4
.3
237.3
117.0
.5
219.6
113.5
.5
219.9
108.8
.6
199.0
117.6
.2
206.9
150.6
.2
247.3
151.2
.3
262.9
1,353.0
118.7
2,536.3
1,314.0
160.6
2,374.0
90.5
13.7
153.9
142.6
26.6
255.7
110.8
21.6
253.8
114.4
29.6
182.8
144.8
35.1
277.0
110.7
30.2
201.8
163.6
29.1
197.5
115.3
21.0
200.2
103.2
19.3
192.8
93.3
75.1
184.9
105.2
67.8
236.2
100.9
64.0
215.2
129.4
56.1
275.3
148.7
183.0
871.5
912.4
81.6
117.7
1,404.2 1,304. 2
North and South America:
Canada
do
9,079.3 10,365.7
931.9 I 876.6
859.5
' Revised.
d* Number of stocks represents number currently used; the change in number does not
4, 613.4
136.6
146.6
150.9
111.5
131.3
113.2
109.9
134.1
114.6
138.9
855.2 1,016.8 1,072.5
809.8 1,068.8
876.0
878.5
893. 3
900.4
931.7
93.9
93.9
91.0
95.0
83.9
85.7
84.9
104.3
72.4
70.7
1,436. 5 1,248.5 1,388.4 1,182.8 1,187.4 1, 246. 5 1, 282. 7 1,407.2 1,535.8
925.2 1,024.3 1,071.0 1,120.1 1,114.6
296.1
274.5
275.0
283.6
290.5
291.9
297.0
267.3
328.7
309.1
925.2 1,024.2 1,070.9 1,119.9 1,114.6
affect continuity of the series.
9 Includes data not shown separately.
875.5 1,008.9 1,062.9 1,158.3 1,138.6
349.6
325.6
304.0
298.1
279.4
337.7
296.1
308.1
306.3
310.8
1,008. 2 1,062. 8 1,157. 9 1,138.5
January 1973
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Oct.
Nov.
550.4
43.1
100.4
12.1
23.9
171.2
78.1
617.9
45.1
118.5
15.5
26.9
207.6
73.1
548.7
26.8
104.2
9.6
26.4
184.4
76.2
Sept.
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
mil. 3
Argentina
do..
Brazil
do_.
Chile
doColombia
do_.
Mexico
do..
Venezuela
do..
Exports of U.S. merchandise, total
do...
Excluding military grant-aid
do
Agricultural products, total
do
Nonagricultural products, total
do
By commodity groups and principal commodities:
Food and live animals 9
mil. $.
Meats and preparations (incl. poultry) _.do. __
Grains and cereal preparations
do._.
Beverages and tobacco
Crude materials, inedible, exc. fuels9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
do_
do..
do..
do..
do..
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
Animal and vegetable oils, fats, waxes
Chemicals
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
do..
do_
do..
do.
do..
do.
do.
do.
do.
Machinery and transport equipment, total
mil. $..
Machinery, total9
do_
Agricultural
do.
Metalworking
do_.
Construction, excav. and mining
do.
Electrical
do.
Transport equipment, total
do.
Motor vehicles and parts
do..
Miscellaneous manufactured articles
do
Commodities not classified
do
5,695.2
441.0
840.5
300.3
394.8
1, 703. 7
759.3
5,667.0
391.0
966.3
223.7
378.0
1,622.1
787.1
42,590.1 j 43,491.8
42,025.4 42,910.5
7,246.8 7,694.9
35,343.3 .35,802.3
372.8
17.0
60.8
14.0
30.2
136.1
43.1
526.0
38.8
112.4
14.8
22.9
153.9
73.0
541.2
34.9
106.9
15.0
23.3
171.4
73.0
504.3
41.8
88.0
17.8
29.6
133.2
74.4
502.6
34.1
96.9
18.2
28.9
140.5
69.9
3,220.1 I 4,031.5
3,177.0 3,999.1
629.2 | 842.4
!,590.3 3,189.7
823.8
765.9
770.1
053.7
761.1 4, 289.5 3,861.5
722.7 4,250.0 3,811.5
715.2
668.6
628.2
045.9 |3,620.9 3,233.3
1
127.1 '3,978. 2 !3,667.9 3,920.0 3,938.1
074.4 |3,942.2 ;3,601.8 3,874.4 3,894.9
684.0 I 709.9
711.9
681.8
743.3
415.3 3,234.8 2,986.1 3,236.0 3,228.1
,448.9
,381.4
908.0
, 540.9
4,527.1
4,496.5
1, 079.9
3,447.2
517.3
19.6
333.6
550.8
29.9
337.4
615.5
23.9
384.8
515.1
26.4
95.7
16.6
25.0
158.8
73.4
478.3
23.1
90.5
12.8
23.2
153.7
70.3
534.3
34.5
102.7
25.6
24.5
159.7
72.3
473.9
23.7
295.8
436.5
19.5
272.8
474.9
18.7
318.4
4,356.3
174.7
2,596.0
4,366.6
192.0
2,447.4
383.2
17.3
460.2
23.2
224.4
379.4
14.9
215.8
373.0
14.5
229.2
376.4
17.7
198.8
361.7
18.8
214.4
449.0
27.6
265.2
701.7
709.1
12.0
75.8
126.2
112.0
49.5
34.3
59.0
54.1
59.7
66.2
76.3
85.8
94.8
27.7
109.7
41.9
371.2
24.6
106.1
42.2
361.9
17.7
91.5
45.6
352.8
10.1
84.5
49.3
311.5
13.8
53.0
43.1
449.7
30.4
186.2
51.2
565.5
55.9
214.8
44.2
123.5
84.9
35.9
62.1
334.8
404.4
63.5
70.8
44.3
103.2
62.5
36.1
44.5
333.1
374.1
54.6
64.2
37.9
157.1
113.9
38.2
37.1
349.4
420.3
66.2
73.8
38.6
130.3
89.1
35.6
137.1
91.1
37.2
35.2
392.9
445.7
74.2
70.9
51.5
146.9
95.3
41.8
4,604.8
372.1
1,215.9
939.5
4,328.6
583.5
1,324.8
485.9
371.7
42.0
146.4
21.9
463.2
65.4
158.4
37.5
397.7
53.9
134.9
25.4
378.2
65.2
110.4
30.7
436.2
72.1
102.9
41.9
399.1
45.8
125.9
30.8
1,594.7
1,044.1
487.9
1,497.5
950.7
478.9
615.2
3,835.8
62.1
19.8
35.8
37.0
223.5
315.2
44.8
65.5
36.1
122.1
76.4
36.4
59.0
309.1
409.3
66.8
83.5
56.0
116.6
71.6
36.5
52.4
337.8
357.4
58.8
62.9
42.9
109.1
70.5
31.4
39.7
351.8
391.9
59.8
65.4
53.2
136.5
87.4
42.8
38.2
342.3
434.8
63.8
74.7
55.6
131.6
88.8
35.1
35.8
294.1
387.5
61.2
61.4
51.0
1,496.9 '1,760.3
893.4 1,083.6
40.7
44.3
39.0
47.1
101.3
121.8
240.3
300.5
605.2
677.0
351.6
337.1
211.4
258.8
107.1
113.8
664.9
047.6
48.7
38.4
122.0
296. 3
617.3
341.5
240.6
150.8
637.4 2,057.6 1,801.0
026.7 1,190.3 1,086.3
63.1
71.0
64.2
27.7
35. 2
33.8
121.5
145.4 142.7
276.4 323. 2 291.9
610.8
714.7
867.3
368.5
418.5
415.5
250.6
284.0
271.3
117.4
145.1
133.9
3,522.0
3,378.7
4,278.7
4,128.4
, 279.9
, 539.6
,177.3 !4,844.2 4,247.9
,403.2 ,4,475.0 4,459.7
1,236.8
81.0
11,782.5 1,060.9 1,327.6
895.0
45.3 : 98.7
12,845.6
786.7 1,032.3
12,765.6 1,139.4 1,130.4
3,0ul.4
245.3 281.4
3,o33.9
169.1
269.4
104.1
, 126. 7
66.0
, 244. 2
, 106.6
296.1
330.8
119.4
111.3
126.4
999.3 1,332.1 ,108.0
68.4
95.3
73.3
240.6 1,427.6 1,159. 7
144.0
1,234.3
310.6
290.1 317.5
223.4
312. 0
275.8
493.0
3,825.6
5,065.2
603.1
1,268.8
892.5
4,413.4
632.1
791.1
595.6
17,881.9
19,459.8
11,379.3 11,596.0
626.4
596.7
395.7
404.5
1,422.3 1,404. 2
2,999.2 3,066. 7
6,502.6 7,899.0
3,550.0 4,151.1
2,570.7 2,734.1
1,496.3 1,531.3
Value of Imports
39,951. 6
General Imports, total
do
Seasonally adjusted
do
By geographic regions:
1,112.9
Africa
do_.
9,621.2
Asia
do_.
870.6
Australia and Oceania
do..
11,394.6
Europe
do..
11,094.8
Northern North America
do..
2,850.1
Southern North America
do..
2,983.1
South America
do..
By leading countries:
Africa:
22.9
Egypt..
do._.
290.2
Republic of South Africa
do
Asia; Australia and Oceania:
622.6
Australia, including New Guinea
do
298.1
India
do.
80.2
Pakistan
do_
270.2
Malaysia
do_
182.4
Indonesia_._
do.
471.7
Philippines
do.
5,875.4
Japan
do.
Europe:
942.3
France
do.
9.4
East Germany
do_
3,127.0
West Germany
do_
1,316.0
Italy
do
72.2
Union of Soviet Socialist Republics
do
2,193.6
United Kingdom
do.
North and South America:
11,092.0
Canada
do.
4,778.9
Latin American Republics, total 9
do
171.8
Argentina
do
669.5
Brazil
do.-..
157.0
Chile
do....
268.8
Colombia
do
1,218.5
Mexico
do
1,082.0
Venezuela
do
By commodity groups and principal commodities:
Agricultural products,total.
.mil ,_ , 5,. 767.4
Nonagricultural products, total
do '34,184.2
Revised.
9 Includes data not shown separately.
552.4
24.9
108.0
15.4
29.9
158.9
94.4
520.9
43.9
87.5
20.5
29.5
150.8
45,562.7
135.8
96.4
35.6
42.0
343.5
413.8
64.0
69.3
47.5
139.1
251.3
94.9
330.8
, 339.5
315.1
246.0
426.3
72.0
66.2
47.1
,887.4 1,904.7
,132.6 ,185.2
59.3
62.8
30.6
35.6
148.1
124.1
341.3
334.8
719.6
754.8
474.2
448.5
265.0
283.1
128.7
131.0
141.4
165.5
134.6
| 126.8
124.5
137.8
1,240.3 1,174.8 1,488.6 1,339.8 1,398.7 1,404.1
101.0
123.4
87.2
127.8 128.0
I 96.6
1,345.9 1,314.4 1,341.6 1,122.0 1,355.3 1,491.7
1,373. 3 ,063.6 1,027. 3 1,206.1 1, 372.9 1,456.8
305.5
248.7
287.7
287.5
258.3
308.7
283.9
312.5
299.6
292.3
277.1
292.0
1.5
30.4
1.5
17.4
1.3
23.1
34.4
1.8
21.1
.4
33.3
2.5
22.1
329.2
77.1
269.1
207.2
495.8
7,260.9
34.5
17.4
3.7
22.3
14.2
39.8
706.5
72.9
36.2
9.3
26.8
18.4
64.4
811.0
49.6
42.1
5.6
27.8
23.7
22.8
664.5
46.8
34.5
5.8
29.0
19.6
30.0
580.7
48.7
38.2
1.5
26.0
17.1
49.1
847.1
72.7
30.4
3.5
20.6
23.2
28.9
691.7
62.1
42.5
4.0
30.7
21.7
32.2
769.3
68.4
42.8
3.3
23.3
20.1
50.8
707.2
1,087.8
10.1
3,650. 8
1,406.0
56.8
2,459.1
71.0
.4
222.3
89.2
2.3
150.9
75.8
1.1
299.7
120.5
3.0
182.8
102.1
1.6
325.2
155.2
3.8
226.9
103.5
1.1
336.3
142.9
4.6
232.1
138.0
1.0
385.7
164.3
5.8
263.7
98.2
.9
317.7
139.0
1.9
214.2
112.9
.5
395.7
132.3
7.9
245.6
115.8
.6
349.2
143.6
7.4
295.6
291.0
3,239.6
47.7
332.0
!
, 722.2 '4,766.5 4,313.7 4,727.3 4,484.8 5,007.1 '5,189.8
,465.9 4,495.0 4,561.4 4,664.3 4,670.7 4,779.6 ,5,027.9
.9
17.3
5,768.1
39,834.0
405.8
64.9
75.0
44.6
895.2 1,757.4 1,574.5 1,680.7 |l,739.7
119.3 1,101.3 1,031.3 ,1,063.2 1,064.6
56.7
58.8
63.1
69.6
71.9
32.4
30.4
31.2
31.7
38.6
119.3
130.2
139.8
137.4
139.5
309.6
296.4
303.5
283.7
305.6
675.1
617.5
656.1
543.2
775.8
433.2
357.4
283.4
438.7
263.3
264.7
261.3
264.2
265.4
121.3
116.8
119.2
137.9
131.4
19.1
286.5
12,761.7 1,139.1 1,129.9 1,105.8 1,143. 4 1, 288.1 1,234.2
315.2
4,882.3
512.9
421.2
486.9
518.6
453.8
8.9
16.7
17.5
175.9
15.3
16.8
19.1
26.7
48.3
98.1
50.5
761.8
62.7
100.1
.6
4.1
6.4
10.7
90.9
2.7
4.5
10.7
14.5
17.9
23.1
31.6
239.4
30.4
116.3
155.0
120.2
145.6
144.7
1,262.5
122.4
95.5
127.8
109.2
97.2
95.2
1,215.8
119.
36.3
336.3
1.2
1.9
36.4
26.4
57.5
38.2
92.0
37.3
24.1
18.2
33.8
680.1
21.5
26.1
50.8
911.1
1.9
108.7
5.1
132.5
.7
.9
373.2
142.3
380.6
173.1
7.3
9.7
246.9
208.2
1.3
26.7
1.1
33.9
1.6
26.5
91.3
30.2
2.2
17.6
29.5
52.7
805.5
89.1
27.3
2.5
33.9
28.2
34.9
819.0
79.9
34.0
2.3
24.9
24.2
41.5
863.9
94.3
.6
282.0
134.6
14.0
197.1
113.8
.7
364.5
124.4
9.5
271.8
127.1
1.0
380.9
156.2
11.1
319.0
,339.2 1,373.2 1,062.9 1,025.8 1, 205.6 1,372.3 1,456.5
486.1
488.9
473.6
482.9
447.4
456.1
476.3
16.3
17.1
16.8
14.8
17.7
15.0
16.1
78.9
85.2
108.2
64.3
74.7
86.2
76.5
7.1
6.8
6.3
3.3
5.7
10.1
12.6
26.1
23.2
17.0
24.5
21.0
19.2
30.7
125.2
146.6
114.6
155.1
125.0
126.6
121.3
101.9
108.8
108.6
87.0
113.9
104.1
99.1
554.1
545.4
556.1
580.3
471.3
590.5
534.9
526.7
550.9
585.8
507.5
487.7
3,731.8 |3, 694.1 13, 586. 8 |4,336.2 ;3,760.2 4,187.3 [4,239.8 3,842.4 4,171. 2 3,939.4 4,426.7 |4,635.7
Dec.
S-23
SURVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
Annual
1972
1971
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value of Imports—Continued
General imports—Continued
By commodity groups and principal commodi
ties:
Food and live animals9
mil. $.
Cocoa or cacao beans
__do__.
Coffee
do...
Meats and preparations
do__.
Sugar
_
_
do__.
Beverages and tobacco
do...
Crude materials, inedible, exc. fuels 9
do...
Metal ores
do...
Paper base stocks
do...
Textile fibers _
do...
Rubber
do...
Mineral fuels, lubricants, etc
do...
Petroleum and products
do...
Animal and vegetable oils and fats..
do...
Chemicals
do...
Manufactured goods 9
Iron and steel
_
Newsprint
_
Nonferrous metals
Textiles
Machinery and transport equipment
Machinery, total 9 .
Metalworking
_
_
Electrical
_
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles.
do...
do...
do...
do...
do...
do...
do...
__do__.
do...
do...
do...
do...
Commodities not classified.. _
do...
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100.
Quantity
do...
Value
do__.
General imports:
Unit value...
do...
Quantity
do...
Value
do...
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight.
thous. sh. tons.
Value
mil. $.
General imports:
Shipping weight.._
..thous. sh. tons.
Value
mil.$.
544.6
6.8
103.5
111.9
52.4
117.3
576.2
7.6
111.7
128.4
91.0
555.1
4.0
130.1
125 4
64.4
585.1
8.0
128.8
127.0
62.0
63.6
55.7
316.8
86.7
36.9
16.9
12.7
316.9
90.3
41.4
19.6
16.4
72.4
334.9
85.6
43.4
14.6
14.3
107.1
347.3
87.8
45.9
15.7
18.0
378.4
341.4
400.2
365.8
409.3
366.7
412.4
371.0
16.3
11.1
11.5
15.5
10.1
165.9
177.4
5,374.7
200.7
1.159.5
1,014. 4
725.3
855.0
3,307. 2
1,148.9
501.9
201.7
236.5
5,528. 8
181.3
1,167.8
1,050.4
763.6
302.8
5.8
44.6
61.9
41.3
542.6
25.4
92.9
110.3
71.2
547.1
18.3
134.8
97.0
75.1
540.8
18.7
114.5
81.9
67.5
472.9
13.4
60.6
83.1
62.6
475.3
14.3
61.1
92.1
69.7
516.1
12.8
95.5
94.6
48.4
525.5
13.3
78.8
89.8
102.4
484.3
9.9
79.2
101.8
65.9
875.5
3,382.0
1.043.6
502.3
158.4
216.0
50.5
254.3
83.7
42.5
3.9
13.7
63.3
294.7
80.5
42.6
15.4
19.6
83.5
288.9
70.3
41.9
13.4
18.3
84.8
276.4
57.2
42.7
19.6
17.0
80.9
313.5
76.2
46.7
12.6
20.7
68.3
291.7
70.9
42.2
17.2
15.5
88.0
341.8
100.4
38.3
17.8
15.9
324.1
95.6
42.8
16.8
11.5
3,074.7
2,764.3
3,714.8
3,323.3
331.7
307.8
400.9
354.7
398.4
352.5
375.4
331.9
427.4
388.5
354.9
299.7
375.3
334.6
375.1
336.1
159.6
171.6
12.1
14.8
14.8
21.1
15.4
12.3
14.3
15.5
383.1
112.5
49.0
16.9
17.6
416.9
374.4
1,450.2
1.612.3
90.1
116.2
159.4
150.8
192.0
187.5
169.2
175.6
144.2
168.0
159.0
8,438.3
2,030.2
929.6
1.655.6
1,135.3
9,545.8
2.725.4
988.5
1.552.7
1,392.0
716.3
220.0
92.1
101.4
82.7
865.0
202.9
94.8
150.6
151.4
872.3
175.0
81.9
150.8
148.1
800.6
184.0
77.7
142.2
120.4
930.0
182.9
83.7
177.1
134.7
804.9
155.8
89.7
138.8
115.0
993.7 1,017.7
266.5
263.4
92.2
91.8
168.6
200.6
126.7
127.0
940.5
256.5
85.7
147.9
118.5
994.1
291.9
83.3
141.3
140.2
941.7 1,085.1 1,072.5
303.8
263.1
314.9
96.4
87.0
96.5
179.8
151.2
173.0
141.5
116.3
125.8
11,171.7
5,288. 7
163.7
2,271. 2
13,873.2
5.967.8
106.8
2,556.6
1,210.6
503.6
4.1
241.7
7,936.0
715.1
620.9
5,883. 0
5,067. 6
4,846.3
1, 273. 8
6.846.5
5,382.9
1,475.6
436.7
116.9
1,702.7
1,302.0 1,269. 2 1,334.0 1,668. 7 1,429.6 1,566.6 1,531.6 1,247.2 1,370.5 1,265.2 1,523.4
737.5
687.4
646.7
672.7
667.1
613.1
610.7
745.6
550.4
575.0
568.2
616.2
17.4
11.4
9.0
13.1
12.0
9.0
14.7
14.3
9.9
9.1
6.9
7.8
332.0
331.4
282.4
256.8
315.8
299.1
266.6
310.0
232.6
211.9
251.2
252.5
965.2
836.0
703.4
919.9
858.9
652.0
923.1
636.5
694.2
765.8
753.7
813.4
552.8
705.0
513.0
588.0
651.3
650.9
676.3
797.7
778.4
758.7
527.8
618.2
580.9
595.9
519.1
477.5
496.1
621.4
610.4
524.8
603.0
147.1
135.6
131.9
127.2
116.0
126.5
140.3
127.3
143.9
133.0
132.2
132.7
110.7
123.9
137.1
114.2
122.7
140.0
113.8
109.3
124.4
115.4
135.8
156.6
115.9
127.2
147.5
117.2
124.3
145.8
116.1
143.3
166.4
117.3
127.3
149.2
116.4
137.1
159.5
118.0
130.8
154.4
117.7
119.9
141.0
116.7
130.0
151.7
118.0
129.2
152.5
118.4
145.0
171.6
122.9
143.3
176.1
111.6
133.1
148.6
117.4
144.5
120.4
130.8
157.6
118.4
161.5
191.1
118.9
160.7
191.0
121.7
153.1
186.4
123.9
174.5
216.2
124.8
151.9
189.6
125.1
168.5
210.7
126.7
167.9
212.7
126.1
152.7
192.5
127.3
165.8
211.0
128.3
156.0
200.1
129.8
172.1
223.5
130.3
177.7
231.6
239,774
24,394
204,132
22,610
13,772
1,312
18,374
2,161
15,432
2,044
15,096
1,968
17,592
2,102
18,601
1,910
19,328
2,046
19,631
2,031
17,742
1,991
21,938
2,088
299,168
24,728
313,167
26,271
1,624
28,004
2,377
27, 209
2,519
25,293
2,343
29,266
2,816
25,335
2,452
28,300
2,868
30,050
2,860
28,083
2,737
31,753
3,154
15.10
60.9
1,931
15.65
62.7
2,034
12.47
53.8
1,705
12.29
50.9
1,725
11.28
192
49
229
55
9.22
223
53
9.50
235
55
3.82
144
3.72
147
38
3.25
145
2.79
164
42
27.2
384
27.8
411
27.8
427
27.8
451
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger miles (revenue)
_bil
Passenger-load factor §
percent. _
Ton-miles (revenue), totalf
_
mil
131.71
49.7
18,166
i135.65
48.5
i18,685
Operating revenues9O
_
Passenger revenues
_
Freight and express revenues
Mail revenues
Operating expenses©
Net income after taxesO
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles.
Mail ton-miles
_
mil. $..
do
do
do
do
do
9,290
7,627
750
306
9,247
—199
10,046
8,221
826
288
9,718
32
bil__
mil..
do
104.15
2,215
715
106.29
2,275
707
Operating revenues©
Operating expenses©
Net income after taxesO
International and territorial operations:
Passenger-miles (revenue)
_
Express and freight ton-miles
Mail ton-miles
mil.$_.
do
do
7,180
7,181
-184
7,747
7,500
22
bil._
_mil__
do
27.56
1,299
766
29.36
1,520
617
..mil. $_
do
do...
2,109
2,066
—15
2,298
2,219
Operating revenues©
Operating expenses©
Net income after taxes©
10.00
45.2
1,485
11.98
50.9
1,710
11.74
49.6
1,563
8.03
204
58
216
9.30
172
55
8.19
189
55
2.32
148
67
12.27
52.2
1,651
12.03
49.4
1,654
9.60
210
63
9.59
194
56
9.15
216
56
2.08
129
2.44
148
44
2.67
137
38
2.88
140
27.6
437
27.2
3.26
141
645
603
21
535
575
-34
568
592
-19
10.68
218
55
2,156
2,035
47
-12
2.44
119
42
13.95
55.9
1,847
2,801
2,321
225
65
2,638
68
2,005
1,990
1,902
28
1.97
164
12.05
50.2
1,669
2,540
2,108
209
68
2,561
-46
2,557
2,053
242
81
2,494
9
Local Transit Lines
27.0
26.7
26.6
26.8
Fares, average cash rate
cents.
25.7
436
464
460
5,903
5,497
Passengers carried (revenue)
mil.
r
l
Revised.
* Preliminary.
Annual total reflects revisions not distributed to
monthly or quarterly data.
9 Includes data not shown separately.
lApplies to passengers, baggage, cargo, and mail carried.
10.27
46.3
1,439
27.2
447
27.2
460
27.2
442
27.8
446
IPassenger-miles as a percent of available seat-miles in revenue service; reflects proportion
of seating capacity actually sold and utilized.
©Total revenues, expenses, and income
for all groups of carriers also reflect nonscheduled service.
SURVEY OF CURRENT BUSINESS
S-24
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
January 1973
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Motor Carriers (Intercity)
Carriers of property, class I :
Number of reporting carriers
Operating revenues, total
mil. $_.
Expenses, total
do
Freight carried (revenue)
mil. tons..
Freight carried, volume indexes, class I and II
(ATA):
Common 1and contract carriers of property
(qtrly.)o
average same period, 1967=100..
Common carriers of general freight, seas. adj.
19(57=100..
Carriers of passengers, class I:
Number of reporting carriers
__
Operating revenues, total
mil. $ .
Expenses, total
_ _.
do
Passengers carried (revenue).
mil
1
1,370
11,126
10,728
559
1
1,370
13,055
12,265
599
112.4
119.0
111.1
124.5
172
724.5
640.7
174.0
172
760.9
666.5
167.3
1 370
8
6,896
8 6,453
8 273
124.9
125.7
129.9
135.6
131 0
137.0
137.4
135.3
127.6
134.0
132.1
72
8 416. 0
88346.2
86 5
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total 9
mil. $
11,982 712,689
Freight
do
11,786
10,913
Passenger e
do
420
7 294
Operating expenses ©
do
9,650
10,053
Tax accruals and rents
do
1,845
1,939
Net railway operating income
do
487
698
Net income (after taxes) ©
do
«229
«350
Traffic:
Ton-miles of freight (net), revenue and nonrevenue
bil
777.2
752.2
Revenue ton-miles, qtrly. (AAR)
do
764.8 ' 739.7
Revenue per ton-mile
_ cents
* 1.431
1.594
Passengers (revenue) carried 1 mile
mil. * 10,770
8,901
Travel
Hotels and motor-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
An
Departures
do
Passports issueddo
National parks, visits!
do
124 0
112.0
125.0
7 3,094
7 fiO
2,506
447
142
8 363.3
177.6
«1.622
8 5,067
r
7 3,195
3 000
'7 63
2,530
496
170
8 79
7
3,437
3,226
7
68
2,686
512
239
«151
7 3,302
3,088
7 66
2,616
508
178
688
' 187.2
' 198.8
' 190.4
204.4
13.25
55
114
13.56
54
114
13.52
53
108
12.36 318.33
41
3 53
116
103
18.02
58
109
18.73
62
132
19.07
66
143
19.35
66
140
19.53
68
136
19.45
63
124
19.83
68
117
19.54
64
125
20.43
71
125
19.38
60
111
6.659
6.499
4.065
3.449
2,219
45, 753
7,591
7,059
4,325
3,567
2,399
48,863
544
442
305
269
113
1,931
427
530
320
322
121
1,246
579
531
294
238
226
1,553
618
674
367
287
326
2,184
765
612
381
303
313
2,898
704
730
386
330
328
4,390
749
931
445
382
329
7,258
1,055
1,003
579
450
249
10,819
1,130
856
586
539
235
10,393
844
736
542
416
174
5,651
140
3,933
132
2,055
18,100
8,908
6,947
11,596
3,010
104.1
19,811
9,699
7,655
12,886
3,354
108.4
5,146
2,526
1,959
3,406
873
108.4
402.5
334.6
34.0
396.8
337.0
31.7
111.4
90.2
15 7
108.6
90.5
11.7
109.4
88.9
13.9
193.7
144.9
39.3
206.0
150.8
44.3
52.8
38.9
11 3
55 3
39 3
13.0
56.2
39 9
12.9
655
500
403
285
158
1,273
119
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil $
Station revenues
_
do
Tolls, message. .
do
Operating expenses (excluding taxes)
do.
Net operating income (after t a x e s ) . . . .
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
c 5,017 10 5,653
9 2,473 w 2,789
99 1,947 o0 2,184
3,199
3,654
9 864 W960
9
110.9 i° 115 8
"5,450
"2,645
i 2,126
13,538
H931
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene*
mil. cu. ft. 14,834
Ammonia, synthetic anhydrous*.thous. sh. tons.. 13, 824
Carbon dioxide, liquid, gas, and solid*___ do
1,135
Chlorine gas (100% C12U
do
9,764
Hydrochloric acid (100% HC1)*
do
2,014
Nitric acid (100% HNO3)*
do.II!
6,679
Oxygen (high and low purity)©. _ mil. cu. ft 329,729
Phosphoric acid (100% PaOsU.-.thous. sh. tons..
5,683
Sodium carbonate (soda ash), synthetic (58%
Na 2 O)*
thous. sh. tons..
4,393
Sodium bichromate and chromate
do
154
10,141
Sodium hydroxide (100% NaOH)t _ — do
628
Sodium silicate, anhydrous*
do
1,373
Sodium sulfate, anhydrous*
do
Sulfuricacid (100% H J S O I U
29,525
do""
I
12,336
14,029
1,270
9,352
2,099
6,742
319,152
6,240
1,117
1,184
104
809
177
562
24,835
496
1,088
1,267
104
843
182
583
26,250
544
4,275
138
9,667
628
1,356
29,422
356
9
838
54
112
2,466
411
10
874
52
112
2,742
1,023
1,002
1,108
1,169
91
89
772
786
170
173
585
588
27, 275 26, 651
509
322
10
824
43
109
2,440
' Revised.
v Preliminary.
1 Number of carriers filing complete reports for the year.
2 For month shown.
3 See note " § " .
* Annual total reflects revisions not distributed
6
to the monthly or quarterly data.
s Based en six months ending in month shown.
Before extraordinary and prior period items.
1 Reporting roads only; excludes A M T R A K
operations.
s For six months ending in month shown.
9 For 1st qtr. 1971, 72 carriers.
i° For 72 carriers.
" For 56 carriers.
c?Indexes are comparable for the identical quarter of each year (and from year to year).
©Natl. Railroad Passenger Corp. ( A M T R A K ) operations for 1971 (mil. $): Operat-
355
11
809
47
110
2,447
997
1,237
115
799
186
625
28,713
560
917
1,280
108
807
177
626
28, 691
541
1,290
123
845
178
623
30,353
551
953
1,212
129
810
181
577
29,388
490
925
1,150
123
838
180
531
28,920
501
1,223
130
857
190
524
29,095
507
975
'904
1,133 ' 1,167
118
122
851
809
195
179
'608
552
29,399 32,029
512
'557
381
11
839
65
122
2,679
367
10
841
55
109
2,646
11
880
56
130
2,713
342
11
837
54
118
2,522
353
12
856
45
106
2,487
13
892
49
109
331
376
11
12
840
886
65
55
109
117
2,495 '2,660
1,157
588
"508"
2,624
ing revenues, 86; expenses, 179; net income, —55 (Interstate Commerce Comm.).
9 Includes data not shown separately.
JRevised monthly data back to 1969 will be shown later.
O Not comparable with data in 1971 BUSINESS STATISTICS.
§ Effective Jan. 1972, data reflect an expanded sample that includes many motor-hotels;
comparable Nov. 1971 figures are as follows: Average sale per room $18.96; occupancy, 58%.
IData include visits, effective Jan. and July 1971, to Guadalupe Mts. and Redwood National Parks, and effective Jan. 1972, to Arches and Capitol Reef National Parks.
SURVEY OF CURRENT BUSINESS
January 1973
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
S-25
1972
1971
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals, production :d"©
Acetic anhydride
Acetylsalicylic acid (aspirin)
mil. 1b.
do.__
2.9
11.0
130.1
2.5
10.3
19.6
430.8
19.8
• 458.8
18.4
462.9
32.1
26.1
85.3
74.2
29.1
30.1
81.0
73.6
30.8
24.5
'64.7
75.5
26.5
24.3
85.2
70.8
8.4
54.7
98.1
38.6
6.0
57.7
98.9
39.0
6.1
64.0
103.8
36.4
6.1
59.3
105.4
40.7
7.3
21.8
22.0
2.8
21.0
21.0
2.8
21.1
21.2
3.0
21.2
21.4
2.7
19.4
19.5
2.7
21.9
22.0
2.6
2,034
68
1,802
60
1,216
54
968
118
2,182
78
1,849
79
1,697
75
1,324
133
1,643
104
1,217
124
1,802
61
1,292
217
1,702
135
1,209
140
1,358
88
1,013
75
582
6
71
38
640
5
73
14
453
1
10
13
260
4
15
16
298
23
17
13
410
0
20
23
507
1
20
22
303
9
381
651
603
547
174
307
369
494
443
505
279
240
427
410
415
235
499
369
'461
'347
il,589.0
135.2
1103.4
11,545.8
31.7
119.2
115.1
2.4
9.7
113.5
2.7
10.6
120.3
3.4
8.8
118.1
2.7
10.0
132.0
3.1
12.0
127.0
3.2
9.2
129.5
3.1
10.1
119.4
3.0
10.3
121.1
2.7
8.9
124.2
2.5
11.3
3.0
9.8
1161.4
14,426.9
i 159.8
i 4,373.1
9.7
387.6
16.7
338.3
11.5
400.2
13.1
419.1
17.2
449.5
16.5
408.0
21.9
462.1
20.5
443.4
11.8
384.5
21.3
519.8
336.1
29.6
i 742.7
i 734.0
28.2
i 754.7
i 766.4
29.8
27.3
67.8
72.8
26.4
28.2
72.9
26.7
27.2
67.5
66.4
29.5
29.4
64.1
66.3
29.0
28.9
78.7
66.7
29.9
26.8
68.6
71.0
32.2
29.8
75.0
75.9
31.4
26.2
70.5
95.0
25.7
26.3
75.1
82.1
mil. tax gal.
do._.
do___
do___
630.5
164.0
513.8
84.7
'552.9
132.8
436.7
88.0
51.6
136.7
37.1
9.0
46.9
132.8
36.2
7.5
38.0
126.5
35.1
6.7
43.8
123.3
43.7
109.8
38.2
7.0
52.4
101.8
56.7
100.0
6.5
46.1
108.6
39.0
7.7
8.0
mil. wine galdo-_.
do___
276.9
276.2
3.0
234.1
234.6
2.9
18.2
18.2
2.9
19.6
19.6
2.9
18.9
19.4
2.4
19.7
19.6
2.5
21.0
20.8
2.9
20.6
20.4
3.1
thous. sh. tons.
do
do
do
16,005
1,133
12,543
17,106
1,050
13,431
1,033
1,322
64
1,079
78
133
899
85
1,630
137
1,209
109
1,563
92
1,072
121
1,185
123
882
67
374
229
4, 549
203
14
15
468
0
17
13
316
2
28
28
468
13
36
34
377
14
52
4,603
5,026
404
423
4,596
484
4,966
415
343
417
Explosives (industrial), shipments, q u a r t e r l y !
mil. l b .
2,046.5
2,120.0
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $_.
Trade products
do
Industrial
finishes
do
2,737.1
1,497. 6
1,239.4
2, 830.9
1, 562.8
1,268.2
208.9
107.6
101.3
183.3
90.8
92.5
209.6
101.4
108.2
226.0
117.4
108.7
261.0
140.2
120.8
252.7
143.2
109.5
285.8
162.0
123.8
292.4
171.7
120.7
257.6
160.0
97.7
286.4
167.2
119.1
269.0
152.0
116.9
254.0
135.4
' 118. 6
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons..
Stocks (producers'), end of period
do....
• 8,531
4,038
5 8,620
4,311
745
4,388
754
4,311
748
4,374
731
4,297
777
4,274
732
4,267
4,156
715
4,104
741
4,159
796
4,127
776
4,008
805
4,019
()
637.7
11,141.8
i 683.4
58.2
105.1
60.6
55.8
94.2
56.8
()
117.8
()
109.5
120.2
121.4
123.1
122.9
116.7
124.1
146.5
173.3
160.4
()
3,749.8
4,075.8
6,395.8
326.9
363.4
557.1
338.8
372.6
579.6
318.5
>332.4
573.5
324.1
312.9
566.8
357.3
354.4
625.7
357.7
339.1
622.8
395.0
349.9
644.3
391.2
352.8
603.9
370.7
323.3
604.3
389.9
349.0
658.0
386.1
357.9
662.2
404.4
384.1
686.2
406.8
377.1
663.4
Creosote oil
mil. gal-
Ethyl acetate (85%)
Formaldehyde (37% H C H O )
Glycerin, refined, all grades:
Production
Stocks, end of period
Metbanol, synthetic
Phthalic anhydride
ALCOHOL
mil.lb.
do.__
do
do_._
mil gal.
mil. l b .
Ethyl alcohol and spirits:?
Production
Stocks, end of period
Used for denaturation
Taxable withdrawals
Denatured alcohol:%
Production
Consumption (withdrawals)
Stocks, end of period
FERTILIZERS
Exports, total 9
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
do
do
do
do
Potash deliveries (KjO)
do.__.
Superphosphate and other phosphatic fertilizers
(100% P a O 5 ):
Production*
thous. sh. tons..
Stocks, end of period
do
326
218
4,256
129
1
1
484
431
324
425
MISCELLANEOUS PRODUCTS
573.0
522.6
486.9
554.0
224.8
113.2
111.6
PLASTICS AND RESIN MATERIALS
Production:
Thennosetting resins:
Alkyd resins
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
Thermoplastic resins:
Cellulose plastic materials
Coumarone-indene and petroleum
resins
Styrene-type materials (polystyrene)
Vinyl resins (resin content basis)
Polyethylene
mil. lb..
do
do
do
1635.6
i 569.3
do
polymer
mil.lb.
do
do
do
1182.2
1746.2
i 282.6
3,549.7
3,756.4
5,844.1
1
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total $
mil. kw.-hr_. 1,639,771 1,717,520 139, 231 148,369 153,445 145,729 149.055 140,883 146,663 154,360 166,652
Electric utilities, total
By fuels
By waterpower.
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
do
1,531,609 1,613,936 130,857 139,724 144,575 137,301 140.056 132,138 137,745 145,523 157,846
do___~ 1,284,153 1,347,616 110,427 115,941 120, 078 115,128 115,929 108,705 113,375 122,254 134, 292
do
247,456 266,320 20, 430 23,783 24,497 22,172 24,127 23,434 24,370 23,269 23,553
do
do
do
do
do
1,254,583 1,322,540 107,728 115,022 118,860 112,973 115,010 107,730 112,960 119,219 129,089
277,026 291,396 23,129 24,701 25,715 24,327 25,046 24,409 24,785 26,304 28,756
108,162
104,919
3,243
103,585
100,325
3,260
8,374
8,120
254
8,645
8,381
263
8,870
8,597
273
' Revised.
v Preliminary.
i Reported annual total reflecting revisions not distributed to the monthly data. 2 Series
discontinued.
3 L e ss than 500 short tons.
* Annual total reflects sulfur content, whereas
5
6
monthly data are gross weight.
Gross weight.
Beginning Jan. 1972, data exclude
polyvinyl acetale, polyvinyl alcohol, and other vinyl resins; comparable Dec. 1971 figure,
320.1 mil. lb.
492-678 O - 73 - S2
8,428
8,190
238
8,999
8,712
287
8,744
8,447
8,918
8,615
303
8,837
8,537
299
8,807
8,522
285
©Except for glycerin, scattered revisions have been made in the annual data back to 1965;
monthly revisions are not available.
d*Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9Includes data not shown separately.
§Data exclude black blasting powder.
t Revised monthly data for 1970 will be shown later.
SURVEY OF CURRENT BUSINESS
S-26
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
January 1973
1972
1971
Nov.
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 (Edison Electric
Institute)
_
mil. kw.-hr._ 1,391,359 1,466,441 119, 753 123,145 128,150 127,924 127,079 124,326 123,457 128,367 134,108 141, 473 141,720
Commercial and industrial:
312,750 333,752 27,471 27,357 28.008 27,954 27,952 27, 915 28,247 30,514 32,423 33,874 33,784
Small light and power§.
do
572, 522 592,700 50,069 49, 607 50,145 50,268 51,555 51,825 53,161 53,651 52,492 55,020 55,575
Large light and power§_
do
Railways and railroads
Residential or domestic
do
do
4,633
447,795
4,537
479,080
370
37,048
400
40, 891
423
44,644
417
44, 295
410
42,162
365
39,352
36, 813
335
38,827
345
43,899
336
47,232
341
46,882
Street and highway lighting
Other public authorities
Interdepartmental
do..
do..
do_.
11,183
37,816
4,660
11,673
39,819
4,880
1,063
3,348
385
1,117
3,374
399
1,120
3,397
414
1,046
3,529
415
1 023
3,551
425
971
3,488
410
3,526
413
901
3,671
469
906
3,601
442
950
3,617
442
985
3,715
,062.0 2,121.0
2,213.9
2,221.3
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $_. 22,065.9 24,725. 2
2,203.4 2,179. 5 2,178.2 2,286.8 2,412.0 2,529.1 2,544.2
GASt
Total utility gas:
Customers, end of period, total
Residential
Commercial - Industrial
Other.
Sales to customers, total
Residential
C ommercial
Industrial
Other
Revenue from sales to customers, total
Residential
C ommercial
_.
Industrial
Other
thous..
do
do
do
.do....
41,903
38,461
3,183
201
58
• 42,660
• 39,189
'3,218
'206
'47
42,660
.tril. Btu_.
do
do
do
do
16,041
4,924
2,007
674
'16, 677
5,040
'2,154
'8,657
'826
mil. $._
do
do....
do....
do.
10,283
5,207
1,620
3,181
274
11,354
'5,637
' 1, 813
' 3,577
'327
'43,069
39,477
' 3,305
207
81
'42, 673
39,191
3,230
205
47
4,024
1,173
524
2,107
219
' 5,475
2,243
3,977
1,067
2,061
'232
2,207
'213
2,812.5
1,370.5
457.7
896.3
'4,380.0
2,440.1
831.5
7
118.3
,841.2
1,327.8
442.1
980.5
90.9
3,218
206
47
s.o
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
137.36
133.12
Production
mil. bbl__
127.52
Taxable withdrawals
do
121.86
12.23
Stocks, end of period
_ __do
12.26
Distilled spirits (total):
'
183.27
Production
mil. tax g a l . . 212.29
Consumption, apparent, for beverage purposes
mil. wine gal_. 2 371.52 2 382. 34
182. 07
Taxable withdrawals
mil. tax g a l . . 173.71
996.62
Stocks, end of period.
do
1,008. 54
102.14
Imports
mil. proof gal_.
90.89
Whisky:
119. 38
Production
__mil. tax gal__
146.36
116.F4
Taxable withdrawals
do
112.88
945.80
Stocks, end of period
do
954. 58
189.29
Imports
. . . m i l . proof gal._
75.59
Rectified spirits and wines, production, total
mil. proof gal__
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil. wine g a l . .
Taxable withdrawals
do
Stocks, end of period
do
Imports
_ _
do
Still wines:
Production
do
Taxable withdrawals..
do
Stocks, end of period
do
Imports
do
9.86
9.74
12.78
10.02
9.83
12.23
9.96
8.75
12.97
10.38
9.09
13.64
12.62
11.69
13.82
12.53
11.09
14.51
13.25
12.41
14.45
14.21
13.12
14.40
13.18
12.22
14. 49
13.09
12.89
13.75
18.75
18.66
16.27
18.76
16.50
18.88
16.50
15.83
11.41
10.88
13.54
11.15
10.61
13.36
8.04
12.79
16.08
38.64
18.26
993.62
8.24
47.28
27.80
28.67
35.18
29.34
26.03
26.59
33.30
32.45
15.52
14.24
14.19
18.19
13.97
12.52
16.73
15.97
16.61
996. 62 1,000.98 1,003.89 1,006. 66 1,008.08 1,009.32 1,007.56 1,001. 98 991. 93
7.18
6.69
6.00
6.47
6.99
9.27
8.17
7.45
6.13
30.68
18.65
984. 85
7.10
22.14
977.70
11.61
11.64
11.41
12.19
944.54
7.46
11.25
9.59
945.80
6.48
12.86
8.49
949.31
5.14
12.28
8.40
952. 82
5.54
13.37
10.38
955. 90
7.10
11.31
8.86
957. 72
5.76
12.11
9.72
959.37
6.50
9.89
10.83
958.39
8.20
4.72
9.36
952.97
6.20
3.63
10.94
944.46
5.26
6.62
12.75
937.44
6.19
9.32
15.86
929.65
10.17
10.29
18.35
113.67
64.37
116.12
63.05
12.14
6.85
9.77
4.95
8.19
3.69
8.19
4.22
10.15
5.29
9.45
5.11
10.87
6.02
11.44
6.36
8.97
5.47
9.26
4.43
9.51
4.75
12.59
6.69
23.03
20.36
7.38
1.79
24.60
22.10
8.57
1.88
2.38
2.81
8.99
.14
2.66
2.91
8.57
.12
1.95
1.36
9.07
.14
1.20
1.05
9.09
.15
1.76
1.48
9.24
.15
1.58
1.08
9.69
.14
1.82
1.57
9.81
.16
1.65
1.78
9.58
.15
.79
1.01
9.31
.12
2.83
1.35
10.65
.12
1.91
2.51
9.64
.10
.20
245.04
216.97
293. 32
28.23
357.34
247.20
366.35
i 34.28
69.05
23.13
347.50
1.49
54.21
25.31
366.35
2.09
7.97
21.17
350.63
3.03
7.60
19.91
335.34
3.62
8.23
25.69
314. 47
3.57
4.84
21.00
297.85
2.87
8.16
21.75
281.43
3.84
7.51
24.24
262.06
3.80
7.52
17.70
251.81
3.49
26.39
19.95
255.37
4.02
84.87
25.04
356.65
3.33
303. 08
402.38
73.30
16.45
4.04
6.76
2.89
4.06
2.92
.96
50.22
50.38
mil. lb_. 1,137.0
do
118.8
$ per lb
.704
1,143.6
96.8
.693
79.3
155.0
.688
89.9
96.8
.690
101.5
79.1
.688
99.4
93.1
.688
106.8
109.7
.688
110.2
130.9
.688
119.4
159.1
.688
111.1
194.8
89.4
211.4
76.3
198.2
.704
65.4
178.2
.710
75.9
154.7
.708
73.2
' 132.4
.703
mil. l b _ . 12,203.8 12,380.4
do
1,423.4 1,510.6
' 179. 5
103.6
197.8
114.6
199.0
124.0
197.3
122.9
230.8
147.7
232.1
153.9
250.8
172.1
257.9
176.4
237.8
164.2
220.0
145.6
199.7
125.0
197.3
118.1
184.9
106.9
285.0
223.6
17.2
288.9
228.4
12.7
311.7
246.7
10.0
346.9
277.5
13.0
378.9
309.9
10.1
407.6
341.3
14.9
409.8
342.0
14.1
404.0
335.8
15.6
378.5
313.4
17.8
• 353.1
• 290. 6
20.3
328.3
267.2
.707
.727
.719
.702
.702
.707
.709
.709
.718
.736
.744
Distilling materials produced at wineries.._do
.24
4.94
DAIRY P R O D U C T S
Butter, creamery:
Production (factory)}
Stocks, cold storage, end of period.
Price, wholesale, 92-score ( N . Y . ) . _ .
Cheese:
Production (factory), total!
American, whole milkj
Stocks, cold storage, end of period
do.
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb__
324.5
254.0
161.3
304.3
238.9
95.5
316.7
250.9
3.4
304.3
238.9
9.7
296.2
232.1
13.8
.649
.671
.669
.676
.684
1
' Revised.
v Preliminary.
Reported annual total revisions are not distributed to the
monthly data.
2
Includes Hawaii; no monthly data available.
§ Data are not wholly comparable on a year to year basis because of changes from one
101.7
.715
classification to another.
t Data restated to represent the total gas utility industry, 99
percent of which is natural gas; also, sales are expressed in B.t.u. instead of therms.
t Revised data for months prior to May 1971 will be shown later.
January 1973
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
S-27
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
Production, case goodsc?
'81.5
92.0
84 0
85.0
104 5
105.5
124.4
130.8
109.4
109.5
85.7
83.8
69.6
115.7
88.6
111.7
88.6
73.9
63.8
61.3
77.0
107.3
123.7
144.3
138.8
143.6
138.8
103.9
16.4
33.3
35.1
32.7
2.9
2.8
24
1 1
3.5
1.0
2.9
5.0
2.9
3.4
3.2
2.8
2.9
.1
3.2
.3
3.1
.1
5.0
0)
3.3
3.6
.1
2.9
.2
4.4
118,640
60,363
5.87
8,950
4,109
6.18
9,423
4,467
6.17
9,635
4,991
6.13
9,346
5,050
6.10
10,440
5,787
6.01
10,655
5,901
5.84
11,307
6,554
5.76
11,021
6,673
5.76
10,503
5,887
5.78
10,065
5,405
'6.01
9,494
4,646
6.23
9,525
4,544
6.42
9,004
4,156
'6.55
mil. lb._ 8 68.8
7 77.8
do
1,444.4 81,417.6
'4.7
78.5
4.7
93.1
7.0
98.5
6.5
100.0
8.2
118.0
8.1
128.9
8.5
153.0
7.3
160.0
4.3
127 A
4.8
99.4
5.4
77.0
6.8
69.6
6.3
61.6
5.4
64.5
4.8
4.2
47.9
35.1
3.0
Stocks, manufacturers',
case goods, end of month
or yearc?1
mil. lb
Exports:
Condensed (sweetened) .
Evaporated (unsweetened)
Fluid milk:
Production on farms
Utilization in mfd. dairy products
Price, wholesale, U.S. average
do .
. _ __do
1 268.3
-do.. 8117,149
58,961
do
$ per 100 lb__
5.71
Dry milk:
Production:
Dry whole milk
_
Nonfat dry milk (human food)
Stocks, manufacturers', end of period:
Dry whole milk . . .
. . .
Nonfat dry milk (human food)
r
1,249.7
mil. lb
do
do
8
4.7
»98.5
5.3
8 87.3
4.0
'85.1
87.3
13.8
212.3
25.0
7 124.2
3.3
1.6
18.4
11.5
.263
.307
.321
Exports (barley, corn, oats rye, wheat),..mil. bu._ 1,337.5 71,204.5
Dry whole milk
_ _ _ _ __do
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
milk (human food)___
_.$ per lb..
4.0
4.6
4.0
4.3
5.2
5.6
7.6
7.2
6.0
73.6
93.4
106.0
107.1
89.7
76.3
68.7
62.2
3.5
3.3
7.1
2.3
3.4
2.8
10.7
15.4
10.7
24.4
26.5
17.4
12.5
4.5
17.0
10.8
2.4
7.9
.319
.318
.320
.319
.322
.317
.318
.319
.322
.330
.342
.361
110.9
122.3
106.2
109.6
110.5
117.7
147.7
152.8
137.4
173.5
181.5
168.8
181.2
2.3
391.3
254 4
136 9
55
17.7
3174.3
33 106.5
67.8
11.6
8.9
2.2
451.1
320 0
131.0
1.2
3.4
2.1
1.18
1 18
1.20
1.21
1 18
1 17
1.18
1.18
1.25
1 25
1.32
1.32
1.32
1 32
63.9
97.1
3 1,119
3
745
3 375
108.7
1 22
1.30
1.21
3.9
4.9
2.2
9,406
GRAIN AND GRAIN PRODUCTS
Barley:
Production (crop estimate)
Stocks (domestic), end of period
On farms
Off farms
Exports, including malt§
Prices, wholesale (Minneapolis):
No. 2, malting. .__
No. 3, straight
do
..do
do
do
do
$ per bu
do
Corn:
Production (crop estimate, grain only)..mil. bu
Stocks (domestic), end of period, total
do
On farms
. . . . .
do
Off farms
do
Exports, including meal and
flour
do
No. 3, yellow (Chicago)
$ per bu
Weighted avg., 5 markets, all grades. _ _ do
Oats:
Production (crop estimate)
Stocks (domestic), end of period, total
On farms..
Off farms
mil. bu_
do
do
do
Exports, including oatmeal
do
Price, wholesale, No. 2, white (Chicago)
$ per bu
Kice:
Production (crop estimate)
mil. bags 9
California mills:
Receipts, domestic, rough
mil. lb
Shipments from mills, milled rice
do ..
Stocks, rough and cleaned (cleaned basis), end
of period
mil. lb_.
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb._
Shipments from mills, milled rice. . do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. lb._
Exports
_
do
Price, wholesale, Nato, No. 2 (New Orleans)
$perlb__
Rye:
Production (crop estimate)
mil. bu
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis) ._$ per bu..
Wheat:
Production (crop estimate), total
Spring wheat
.
Winter wheat.. _
Distribution
.
mil. bu__
do
do
do
2 416.1
380.7
238.5
142.2
55.1
2 463.6
391.3
254.4
136.9
7 53.2
1.14
1.13
1.21
1.20
' 2 4,152 ' 2 5,641
3,736
4,642
2,723
3,493
1.013
1,148
572.0 7 511.7
1.35
1.33
1.39
<1.36
2 917
913
702
2 881
937
687
211
2
7.1
5.72
6.75
2 83.8
' 2 85.8
1,755
1,393
2,004
1,446
82
.2
2.6
1.16
1.16
3.1
1.16
1.16
1 16
1 16
66.7
4,642
3,493
1 148
65.8
63.9
58.6
48.7
62.0
63.0
65.2
1.07
1.09
1 21
1.20
1.22
1.22
1.21
1.21
1.23
1.21
1.26
1.23
1.29
1.23
1.27
1.20
1.19
1 18
1.18
1 18
937
687
3 1
897
610
731
502
3 547
26
1.7
66
215
3.5
1.9
34
78
1.36
1.28
2 5,474
79.8
91.0
1.31
1.28
1.31
1.30
249
26
.4
4
80
.79
82
328
259
82
112
174
46
102
71
104
46
117
114
6
7
1 00
2 85.2
91
61
85
66
107
40
106
65
119
68
164
83
98
129
82
98
97
86
115
120
130
165
297
282
116
6,497
4,438
5,567
4,206
397
294
439
509
570
610
298
375
279
311
285
430
197
466
51
396
208
245
1,128
332
1,814
456
1,728
528
645
503
1,748
3,828
1,737
3,252
1,869
160
1,737
232
1,566
276
1,428
535
1,290
219
1,078
242
803
338
491
528
395
541
858
360
1,643
242
2,275
313
2,217
444
.085
.087
.087
.089
.089
.089
.089
,089
.091
.091
.091
.091
.100
.105
.125
2 49.3
54.9
1.06
21,352
2 260
2 1,092
1,492
2 1,618
r 2 474
21,144
1,502
1.53
1.54
2 695
117
88
93
2 36.8
41.6
1.15
423 5
1.43
1 42
967
718
3
333
3
229
251
2
2,178
1,568
3,344
2,447
9
.125
2
54.9
.92
.93
1.06
1.08
49.3
1.05
1.06
1.09
3 45.5
1.02
1.01
1.00
63.0
1.02
1.08
1.15
29 5
1.18
21,545
2
328
Stocks (domestic), end of period, total
do..
1,415
1,554
1,554
531
On farms
_
do
700
700
Off farms
.
do
884
853
853 •
2
'Revised,
v Preliminary. 1 Less than 50 thousand pounds.
Crop estimate for the year.
3
Previous years' crop; new crop not reported until beginning of new crop year (July for
barley, oats, rye, and wheat; Oct. for corn).
< Effective May 1971, weighted average, 4
markets, all grades.
«Average
for Jan., April-Sept., and Dec.
« Average for Jan.-April
7
June-Oct., and Dec.
Annual total reflects revisions not distributed to the months.
.3
1.15
1 16
251
21.3
283.0
165 1
118.0
341
1,213
349
2
359
1 186
545
3 865
1 879
3 357
' 739
1,139
3 508
9
« Monthly revisions for 1970 and 1971 will be shown later.
Effective May 1972, price is
for No. 2 (Southwest Louisiana).
^Condensed milk included with evaporated to avoid disclosing operations of individual
firms.
§Excludes pearl barley.
9Bags of 100 lbs.
528
685
SURVEY OF UUKJKEJNJ
S-28
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1970
1972
1971
1971
Annual
J anuar:y l\)T6
51JN.E
Nov.
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, including
Wheat only
. . mil. bu..
do
689.1
638 7
627.1
588.3
41.6
39.5
47.7
45.2
39.5
36.5
49.0
45.6
52.5
49.8
49.1
47.3
65.0
59.6
72.5
66.7
62.1
58.8
73.8
71.7
71.2
69.0
85.0
82.6
87.4
83.5
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
1.91
1.54
1.79
1.77
1.60
2 1.72
1.71
1.60
1.68
1.70
1.60
1.68
1.72
1.62
1.70
1.63
1.61
1.66
1.63
1.61
1.67
1.66
1.63
2 1.69
1.69
1.64
1.71
1.61
1.53
1.66
1.69
1.61
1.69
1.91
1.86
1.88
2.03
2.10
2.05
2.12
2.18
2.12
2.23
2.29
2.20
19,994
21,058
361
21,347 '22,493
369
384
47,634 50,090
21,092
342
flour
Wheat flour:
Production:
253,094
Flour
. . .
_ . thous. sacks (100 lb.)
Offal
.thous. sh. tons..
4,409
Grindings of wheat
thous. bu
563, 714
Stocks held by mills, end of period
thous. sacks (100 lb.V
4,329
Exports
_
do
21,596
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 lb_.
6.179
Winter, hard, 95% patent (Kans. City).-do
5.569
19,654
338
43,772
21,083
359
363
343
369
44, 464 46,882
46,897
47,174
44,155
47,459
1,472
4,542
1,169
757
2,300
4,379
2,494
1,381
930
4,886
965
1,049
1,665
5.988
5.338
5.913
5.313
5.913
5.338
5.925
5.338
5.950
5.338
6.025
5.463
6.525
6.163
6.888
6.363
6.850
6.413
6,938
6.500
217
255
166
164
208
197
2,698
185
2,471
179
2,457
2,807
2,833
2,488
2,923
2,789
211
2,909
2,705
35.74
36.92
44.00
34.73
36.95
46.00
34.20
36.93
46.90
35.29
37.72
46.50
37.48
38.37
47.00
37.65
38.81
47.00
35.18
38.20
48.10
34.69
41.29
49.00
34.68
40.87
49.00
33.38
40.66
49.00
6,395
6,280
7,794
6,733
6,787
6,312
5,273
6,510
6,420
7,048
6,988
19.94
24.02
25.10
23.19
22.62
24.76
25.71
27.24
27.87
28.41
27.37
26.91
29.33
18.2
20.8
23.6
21.2
19.9
21.7
22.5
24.1
24.3
23.0
23.1
22.3
20.8
20,704
21,133
19,811
21,293
249,810
4,279
555,092
351
356
44,492
46, 265
45,942
4,362
16,637
908
4,362
1,060
1,318
6.145
5.446
6.013
5.338
6.000
5.350
6.000
5.338
3,024
30,793
2,807
31,419
226
2,564
2,528
2,556
29.02
30.15
38.17
32.03
32.09
38.58
33.30
34.23
38.00
33.92
35.11
41.00
35.35
36.61
41.00
Hogs:
Slaughter (federally inspected)., thous. animals..
78,187
86,667
7,566
7,547
Wholesale, average, all grades (Sioux City)
$per 1001b__
Hog-corn price ratio (bu. of corn equal in value
to 100 lb. live hog) - . .
21.86
18.41
18.59
18.1
14.5
19.3
Sheep and lambs:
Slaughter (federally inspected)., thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 1001b..
10,009
10,256
818
846
847
801
903
786
803
808
735
840
866
937
828
27.43
27.43
24.75
25.75
27.88
28.38
29.38
31.00
33.75
34.00
32.88
31.25
30.00
26.75
27.00
34, 574
36,207
3,072
3,062
2,860
2,747
3,190
2,850
3,096
2,996
2,577
3,080
2,966
3,228
3,130
633
48
166
596
49
216
597
47
206
644
67
202
'702
57
174
20,090
338
2.42
2.60
2.42
20,961
362
46,867
7.625
7.500
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals
Cattle. . . .
.
do
Prices, wholesale:
Beef steers (Omaha)
$ per 100 l b . .
Steers, stockerand feeder (Kansas City)..do
Calves, vealers (Natl. Stockyards, Ill.)__do
233
238
209
36.58
42.61
49.00
29.25
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in), inspected
slaughter
mil. lb_.
Stocks (excluding lard), cold storage, end of
period
mil. lb_.
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 lbs.) (New York)
$perlb._
Lamb and mutton:
Production, inspected slaughter
.
Stocks, cold storage, end of period
Pork (including
slaughter
lard),
production,
759
518
1,844
796
1547
i 1,789
756
43
102
796
69
188
774
40
161
708
37
94
742
44
138
818
45
159
799
64
162
710
58
152
19, 489
19,696
1,612
1,607
1,634
1,562
1,706
1,566
1,783
1,762
1,561
1,847
1,760
1,876
347
375
335
375
363
316
297
291
284
262
267
291
312
340
1,761
r
363
32
1,319
.490
44
i 1,265
5
70
89
.559
3
103
3.593
95
.547
4
143
.579
.598
514
19
522
19
42
19
44
19
45
17
14,570
15,993
1,418
1,412
12,114
336
67
113,440
330
72
1,197
325
13
mil. lb
do.
inspected
mil. lb._
Pork (excluding lard):
Production, inspected slaughter.
do . . .
Stocks, cold storage, end of period
. . do
Exports.
_
do
Imports
do
Prices, wholesale:
Hams, smoked composite
_ $perlb_.
Fresh loins, 8-14 lb. 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_.
691
386
111
115
119
168
169
156
131
.570
5
106
.557
.585
.612
.610
.568
.553
.548
.533
.590
43
13
49
12
42
16
42
20
40
20
36
21
42
21
43
19
49
19
44
••17
17
1,181
1,143
1,434
1,242
1,270
1,193
980
1,192
1,163
1,304
1,325
1,199
330
10
1,008
308
3
995
1,060
395
10
839
254
6
1,023
204
5
35
39
34
25
32
29
35
1,144
'243
357
226
49
1,011
192
248
1,132
208
17
38
1,079
381
19
28
1,012
319
14
25
1,227
331
4
287
4
347
357
.542
.569
.534
.498
.567
.494
.639
.501
.604
.607
.584
.638
.644
.570
.617
.548
.588
.614
.604
.694
.605
.699
.581
.654
.594
.668
.641
.682
.703
.644
.752
.720
1,776
82
366
.160
i 1,842
100
282
.147
159
82
38
.149
153
100
4
.143
123
78
19
.144
105
66
18
.144
149
64
15
.144
132
81
8
.144
139
90
12
.144
131
83
13
.144
102
64
13
.144
121
52
5
.147
108
44
14
.149
123
44
12
.153
130
58
32
.164
.157
10,242
10,357
935
870
825
758
826
759
893
975
935
1,055
1,006
1,114
988
521
407
593
476
'414
297
328
210
.145
.135
.120
.130
4
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb._
Stocks, cold storage (frozen), end of period, total
mil. lb._
Turkeys _
do
Price, in Georgia producing area, live broilers
$ per lb_.
391
219
378
223
467
309
378
223
359
211
322
180
266
146
237
121
216
111
249
142
322
214
421
313
.123
.128
.110
.105
.120
.135
.135
.120
.125
.135
.150
.140
'1 Revised.
Annual total reflects revisions not distributed to the months.
2 Effective May 1971, data are for 5 markets; beginning April 1972, for 4 markets.
s Beginning Jan. 1972, price for East Coast (New York and Philadelphia average).
4
Average for Mar .-Dec.
S-29
SURVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1970
Annual
1972
1971
1971
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
June
May
Aug.
July
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS—Continued
Eggs:
Production on farms._
_
mil. cases©
Stocks, cold storage, end of period:
Shell
_
thous cases©
Frozen.
_
mil. lb
Price, wholesale, large (delivered; Chicago)
$per doz..
195.1
199.3
16.5
17.2
17.3
16.2
17.5
16.7
16.9
16.1
16.4
16.2
15.5
16.0
15.6
51
50
60
74
94
60
74
52
71
49
70
80
70
96
80
73
154
81
217
85
234
88
201
88
258
84
173
80
'85
76
25
68
.425
.332
.335
.370
.300
.288
.328
.295
.280
294
.330
.327
.373
.344
.402
.498
Cocoa (cacao) beans:
Imports (incl. shells) .
thous. Ig tons
Price, wholesale, Accra (New York).... $ per lb..
279.2
.341
315.8
.268
10 9
.241
50 3
.234
39.8
.259
39.3
.256
27.6
.285
28.8
.285
24.4
.304
25.6
.315
17.5
.320
13.4
.341
6.8
.360
13.1
.385
10.0
.376
.384
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscfRoastings (green weight)
do
2,593
19,960
4,000
19,607
Imports, total
.
do
From Brazil
_.
do
Price, wholesale, Santos, No. 4 (N.Y.) $ per lb
Confectionery, manufacturers' sales
.mil. $._
19,727
4,712
.557
1,910
» 21,669
5 991
2.461
2,002
2,149
2,057
1,643
969
454
430
.590
.580
.560
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
mil. lb__
Exports, raw and refined
Imports:
Raw sugar, total 9.__
From the Philippines
Refined sugar, total
Prices (New York):
Raw, wholesale
_
157
314
302
441
132
1,285
41
823
647
2,172
877
1,137
212
167
168
274
687
437
.480
163
133
137
245
224
212
395
224
462
153
147
612
92
727
1 058
1,049
2,898
50
4 588
6^601
1,230
1 073
333
122
fin
do
do
11 459
11,310
2,792
11 444
11,291
2,683
888
2,134
1 001
990
2,683
812
3,008
715
3,059
sh. tons.
7,892
481
4
55
31
137
5,262
1,544
281
141
464
242
903
.thous. sh. tons..
_ do
do
5,217
1,522
35
48
1
$perlb__
.081
.085
.086
1
1,784
286
4 712
6,675
1,497
929
1,146
.463
302
113
34
1,452
443
1,434
333
.485
1,947
383
.625
177
221
240
251
290
352
398
419
v 406
147
740
131
488
122
130
188
574
187
617
90
542
160
783
481
179
391
30
811
802
2,874
978
968
2,672
1 096
1,088
2,343
1,001
992
2,032
1,167
1,155
1,532
1,106
1,099
1,204
63
27
46
38
55
100
67
61
401
187
352
45
317
117
3
35
17
.094
.094
.090
.092
.711
.122
.122
90
121
498
54
436
53
411
54
579
217
3
6
308
24
5
627
160
3
408
135
11
302
58
10
2
4
1
.088
.092
.090
.092
.090
.088
.088
.091
.094
195
193
865
853
'1,638 P 2,189
.707
.118
.704
.118
.707
.122
709
.122
.711
.124
.709
.124
.692
.124
.692
.124
.695
.124
.699
.124
3,828
11,862
12,914
16, 907
10,276
10,165
12,885
16,563
10,835
11,581
12,830
14,348
11,460
3,515. 0
127.6
306.5
118 8
290.1
127.6
279.4
124.9
289.1
122.2
301.2
130.0
278.1
136.0
291.4
130.6
290.5
137.7
258.5
120.8
314.9
114.2
295.6 ' 329.2
120.8
118.7
3 500.0
76.1
265.4
74.5
308.3
76.1
314.2
85.9
301.0
80.2
348.7
92.3
321.3
145.8
359.9
106.1
355.0
99.6
307.1
89.9
344.7
88.2
307.8 ' 320. 2
78.2
84.5
313.5
127.9
307.4
91.7
2,290.0
57.1
210 1
60.7
219.4
57.1
207.6
68.9
194.7
71.4
201.7
69.1
181.3
82.6
186.3
83.9
186.1
67.1
164.2
68.4
194.5
71.0
197.1 ' 203.5
68.9
69.8
215.8
67.7
.308
.310
.312
.312
.315
.313
.313
.313
.313
.313
.313
.313
.313
.313
558.2
569.7
46.7
541.6
598.6
41.3
43.5
53.5
36.7
45.2
47.7
41.3
42.2
46.9
41.6
40.3
58.5
38.0
46.2
54.7
38.7
41.4
53.0
36.4
46.3
51.8
43.7
44.7
50.7
44.1
40.2
46.0
43.1
47.6
57.8
36.7
46.2
53.9
35.7
'52.9
59.1
' 37. 2
52.3
53.9
38.4
4,876.8
2,553.5
396.1
4,967. 7
2,622.7
379.7
406.4
207.0
397.4
438.5
219.8
379.7
397.2
221. 7
411.8
376.0
229.5
392.7
432.1
242.8
379.3
390.3
227. 7
366.6
425.8
241.5
350.5
414.2
251.6
355.4
360.4
201.0
339.1
408.2
241.8
318.5
394.0 ' 423.6
236.7 ' 240.3
329.1 ' 316. 7
425.2
225.8
304.6
206 9
69.6
103.5
257 0
57.1
134.9
4.5
4.4
3.4
3.8
3.5
3.0
3.1
2.9
4.3
4.6
3.3
147.2
134.9
96.7
*56.0
55.8
54.2
53.5
53.2
52.8
51.7
51.2
'3.5
51.0
50.3
44.0
63.0
174.5
144.6
56.8
66.4
187.1
67.9
51.2
69.7
162.9
27.3
53.9
76.5
179.3
58.2
CO
41.1
65.3
169.4
53.1
48.3
75.1
127.8
47.0
.695
.117
.704
.118
__thous. lb.. 135,202
175,432
.570
134
110
.704
.124
.674
.112
Retail (Incl. N.E. New Jersey)... $ per 5 lb__
Wholesale (excl. excise tax)..
$perlb._
Teat imports
1 818
306
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
DeUvprfps total Q
For domestic consumption
Stocks, raw and ref., end of period
2,560
1,009
875
144
440
195
3,914
4,671
3,506
4,972
4,254
5,316
4,000
5,299
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
mil. lb
3,587.6
Stocks, end of period© „.
do
132 9
Salad or cooking oils:
Production
do
3,389 1
Stocks, end of period© _.
do
75.6
Margarine:
Production
_
_
do
2,230.5
Stocks, end of period©
do.
45.6
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb,.
.289
Tallow, edible:
Production (quantities rendered)
mil. lb
Consumption in end products
do
Stocks, end of period!
do
Tallow and grease (except wool), inedible:
Production (quantities rendered). . _ d o . . .
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 ^
do
60
16
14
Vegetable oils and related products:
Coconut oil:
3
Production: Crude
mil. lb
247.1
00
544.0
553.3
46.8
39.2
45.0
Refined
do
57.4
750.2
59.2
740.4
62.3
Consumption in end products
do
191.5
202.8
166.9
191.1
Stocks, crude and ref., end of periods
do
191.1
22.0
584.2
Imports
do
28 2
16.1
628.6
Corn oil:
33.4
38.7
485.1
40.7
Production: Crude
.
- d o
474.0
440.9
440.3
35.7
40.0
35.9
Refined
do . .
37.9
446.3
40.7
44.8
Consumption in end products
do
449.6
59.0
57.0
Stocks, crude and ref., end of period If
do
57.0
69.7
43.3
r
d
Revised.
*>l Preliminary.
Data withheld to avoid disclosure
of operations of in2
dividual
firms.
Reflects revisions not available by months.
Average for Jan.-Nov.
3
Monthly data not available.
* Effective Feb. 1972, data exclude fish oil stock.
oo
55.0
73.0
174.6
70.4
(*)
50.6 '54.2
69.7
71.4
126.5 ' 182.1
67.0
31.7
.313
3.3
(d)
48.0
70.9
186.0
37.3
40.2
43.2 '44.1
43.5
43.3
45.7
46.1
40.0
38.7
43.5
40.8
36.7
34.6
36.4
43.6
34.0
38.2
42.8
40.4
43.0
39.6
41.3
38.0
41.2
36.6
35.4
38.7
40.0
32.3
41.6
67.2
74.6
69.8 '73.3
81.4
81.1
55.4
59.1
72.1
71.8
O Cases of 30 dozen.
<? Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
1 Factory and warehouse
stocks.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1971
1970 | 1971
Nov.
Annual
January 1973
Dec.
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:
1,726.3
Production
thous. sh. tons
85.8
Stocks (at oil mills), end of period
do._
Cottonseed oil:
1,211.5
Production: Crude
mil. lb
Refined _
_ _.. .__ do-.. 1,019.2
931.9
Consumption in end products
do..
Stocks, crude and refined (factory and ware184.3
house), end of period
.
mil. lb
369.8
Exports (crude and refined)
do... .
Price, wholesale (N.Y.)
$perlb..
.175
Linseed oil:
Production, crude (raw) . . _ . mil. lb
Consumption in end products
do_. Stocks, crude and refined (factory and warehouse), end of period _ .
_- mil. lb.
Price, wholesale (Minneapolis)
.__$ per lb_.
Soybean cake and meal:
Production
thous. sh. tons
Stocks (at oil mills), end of period
do_. .
Soybean oil:
Production: Crude
.- mil. lb
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. lb
Exports (crude and refined). _.
do...
Price, wholesale (refined; N.Y.)
$ per lb._
1,720.6
93.1
208.9
99.5
219.8
93.1
212.7
103.6
191.1
107.7
216.5
126.9
155.9
145.8
132.4
159.4
101.8
137.5
76.6
102.6
87.2
67.7
78.4 '200.4
32.9 '37.5
246.3
45.6
1,209.4
985.7
728.5
149.0
102.9
57.4
154.0
113.3
60.5
151.1
104.0
53.2
134.9
90.8
49.7
154.4
118.2
66.7
110.2
98.3
48.9
97.7
98.2
63.5
75.8
88.8
63.2
54.4
61.3
55.5
61.2
74.6
71.9
5*^.4
41.8
53.7
' 139.3
95.4
69.1
166.1
117.6
75.4
188.3
2 400.7
.190
159.5
36.3
.177
188.3
58.5
.174
239.4
23.1
.168
277.3
47.4
.168
295.0
50.4
.168
294.8
47.8
.168
266.0
30.6
.168
239.7
49.7
.168
203.9
33.5
.168
137.9
58.3
.150
114.2 ' 142.5
13.0
18.9
.147
.150
156.9
70.6
.139
314.5
191.4
412.2
213.6
32.3
15.3
33.3
16.0
38.2
17.3
36.5
17.6
44.8
19.0
36.1
19.7
33.2
22.5
39.0
24.3
33.2
21.9
40.4
26.2
41.1
20.9
34.0
21.7
35.0
18.5
148.5
.110
224.8
.089
210.8
.088
224.8
.088
236.7
.088
245.3
.088
263.5
.088
280.9
.088
275.3
.088
276.6
.095
263.8
.095
25^.3
.095
259.2
.095
258.4
.095
246.3
.095
.095
1,338.9 l,39.r» 4 1,198 5 '1,519.2 1,610. 9
205.9
174.6
150.6 ' 148.3
132.3
17,379.5
112.2
17,104.2 1,366. 5 1,471.3 1,463. 3 1,387.3
119.8
167.2
119.8
131.3
115.6
8,085.9
6,276.3
6,322.3
8,081.5
6,298.0
6,322.9
644.2
504.2
522.2
690.6
534.1
554.8
689.9
525.5
549.5
658.9
523.4
527.6
706.4
559.1
582.6
646.7
534.4
545.4
698.8
556.6
580.6
635.4
534.4
565.8
648.6
479.1
497.1
645.7
550.4
571.6
581.0 ' 713. 3
528.1 r 561.1
560.6 595.1
744.1
555.3
584.1
802.2
755.6
1,372.4 21,611.7
.142
.151
808.6
43.5
.157
802.2
153.8
.139
782.8
157.8
.135
847.1
71.3
.139
881.2
59.3
.141
952.7
69.3
.143
945.0
89.0
.138
829.7
263.3
.136
854.1
94.1
.126
841.6
57.5
.128
785.2
68.3
.125
850.1
109.7
.117
17,849
17,510
42,665
21,908
4 186
33,348 39,164
18,281 17,112
40,455
23,934
4,405
48, 264
21,040
54,114
20,924
63,105
17,123
2,745
42,581
457
1,959
3,826
48,376
592
2,246
4,608
49,127
473
2,770
3,170
38, 468
442
2,886
4,676
53, 566
563
2,923
4,172
45,038
485
2,921
2,907
51,321
561
3,544
3,476
1,471.9 1,346. 5 1,439.8 1,308.8
136.8
198.9
162.6
158.1
.141
'806.2
58.4
.120
.124
TOBACCO
Leaf:
Production (crop estimate)
mil lb ' i 1,906 ' ! 1,708
Stocks, dealers' and manufacturers' end of period
4,828
5,006
4,828
mil. lb_.
Exports, incl. scrap and stems
thous. lb. 510,325 2 474,209 2,375 59, 622
14,829
Imports, incl. scrap and stems
do
235,428 2 248,529 16, 265
95,447
19,363
86,990
22,128
4 531
28,581
22,549
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports, cigarettes
4 755 4 365
43,295 45,633
452
459
3,642
2,568
3,732
49,913
540
2,577
__
millions
do
do
do
51,166
532,764
6,705
29,147
49 206
528,858
6,504
31,802
2 688
46,061
616
1,246
2 939
39,634
418
2,048
31, 749
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $_
Calf and kip skins
thous. skins.
Cattle hides
thous. hides.
145,200
1,316
15,222
155,821
2,222
15,962
16,198
117
1,696
17,201
220
1,656
13,489
193
1,272
12,917
128
1,153
19,226
124
1,686
15,866
226
1,210
19,078
158
1,437
19,256
126
1,317
32,641
117
2,152
23,993
180
1,324
24,376
153
1,290
36,113
163
1,893
40, 816
156
1,733
51,300
18,701
3,028
52,100
19,283
1,956
800
196
19
3,900
1,314
342
4,100
1,021
289
5,800
2,160
314
6,600
2,119
285
5,800
2,139
275
7,500
2,641
356
5,900
1,245
415
5,800
1,627
198
5,700
1,393
4,400
1,075
206
5,700
704
425
4,200
326
159
$ per lb.
do__.
.331
.129
.294
.145
.280
.168
.320
.163
.330
.178
.450
.190
.450
.233
.575
.255
.575
.280
.560
.293
.560
.293
.650
.340
.650
.335
.650
.405
.650
.430
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.._
2,717
20,353
3,979
23,598
1,621
20,477
3,148
21,385
163
1,780
335
1,827
150
1,677
344
1,790
117
1,635
285
1,502
126
1,740
216
1,773
142
1,833
245
1,741
147
1,784
242
1,708
173
1,881
340
1,876
153
1,810
419
1,867
97
1,216
219
1,389
148
1,799
334
1,869
118
• 1,694
292
1,545
120
1,708
309
1,663
Exports:
Upper and lining leather
thous. sq. ft.
79,365
82,944
5,976
9,198
7,727
8,379
9,816
9,485
11,487
10,360
8,406
10, 935
11,781
11.413
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100.
Upper, chrome calf, B and C grades
index, 1967=100.
114.0
114.4
114.1
119.5
121.8
124.1
136.4
152.5
152.5
152.5
152.5
194.2
194.2
84.3
81.8
77.2
79.6
86.8
86.8
100.1
104.6
106.4
106.4
109.0
111.7
115.3
117.9
117.9
Imports:
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 lb
Hides, steer, heavy, native, over 53 lb
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs.
Shoes, sandals, and play shoes, except athletic
thous. pairs.
Slippers
do...
Athletic
do__.
Other footwear
_..do
10,323
562,318
535,777
40,701
42,913
44,525
44,310
48, 706
44,142
45,169
46,224
46, 246
44,243
46,093
451,816
96,181
8,955
5,366
425,875
98,147
8,440
3,315
31,904
7,893
697
207
35,721
6,334
696
162
36,766
6,939
680
140
36,206
7,230
722
152
38, 208
8,469
853
176
35,982
7,292
726
142
35,631
8,656
723
159
36,823
8,463
736
202
30,117
5,450
409
113
36,546
9,760
729
211
33,749
9,526
772
196
34,422
10, 716
800
155
do.._
2,154
2,106
156
167
161
151
203
148
142
195
161
222
206
218
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100.
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100.
Women's pumps, low-medium quality.._do
113.3
117.5
118.3
118.3
120.1
121.3
122.6
125.5
128.3
130.1
131.4
131.4
131.4
131.4
135.0
116.2
117.1
120.1
121.2
120.2
121.2
120.2
121.2
120.2
121.2
121.5
121.2
121.5
124.3
124.1
127.4
125.3
130.4
125.3
130.4
127.9
130.4
127.9
130.4
127.9
127.9
129.2
Exports
r
Revised.
i Crop estimate for the year.
'Annual total reflects revisions not distributed to the monthly data.
3 Jan. 1 estimate of 1972 crop.
9 Includes data for items not shown separately.
231
SUKVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
| 1971
S-31
1971
Annual
Nov.
1972
Dec.
Jan.
Mar.
Feb.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ftHardwoods
do..Softwoods
do—
Shipments, total
Hardwoods
Softwoods
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
34,462
7,023
27,439
36, 617
6,334
30,283
3,028
536
2,492
2,924
481
2,443
2,832
450
2,382
3,0"6
467
2,609
3,383
506
2,877
3,272
562
2,710
3,420
555
2,865
3,301
550
2,752
3,102
542
2,561
3,417
600
2,817
3,303
595
2,708
3,528
627
2,901
3,193
615
2,578
..do.
do.
do..
33,490
6,195
27,295
37, 677
6,828
30, 849
3,067
554
2,513
3,015
531
2,484
2,942
542
2,400
3,186
610
2,576
3,566
583
2,983
3,422
622
2,800
3,628
606
3,022
3,429
567
2,862
3,236
588
2,648
3,468
609
2,859
3,387
630
2,757
3,520
627
2,893
3,203
615
2,588
do_.
do_
do.
6,326
1,478
4,848
5,266
984
4,282
5,358
1,035
4,323
5,266
984
4,282
5,155
891
4,264
5,040
743
4,297
4,857
666
4,191
4,704
603
4,101
3,944
553
3,944
4,368
535
3,834
4,236
489
3,747
4,184
479
3,705
4,097
441
3,656
4,149
441
3,708
4,094
438
3,656
do.
do.
1,266
6,095
1,081
7,599
131
582
95
679
92
757
101
703
152
120
745
126
889
127
761
170
888
132
129
820
139
815
104
7,398
457
8,471
566
775
740
668
566
657
644
763
700
731
752
929
111
563
844
645
781
700
810
914
825
722
762
785
735
622
738
758
765
739
597
764
735
994
915
689
826
870
950
759
764
760
673
678
755
773
704
776
769
752
6^6
597
735
743
744
13
3
10
49
15
34
36
10
26
44
14
30
40
9
31
30
6
24
35
12
24
37
9
28
34
17
18
35
4
31
130. 23 134. 97 135. 33 135. 70 137.42
141.64
143. 55
149.32
149. 72 150. 30 150.70
151.28
706
494
710
716
mil. bd f t . .
do
Production
Shipments
Stocks (gross), mill, end of period
do.
do.
do..
7,475
7,427
1,058
8,247
8,362
943
713
739
949
702
943
819
722
685
663
965
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do..
do..
do_.
380
87
292
329
88
240
58
21
37
21
3
19
25
8
17
117.68
127.45
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$per M bd. ft..
Flooring, C and better, F. G., 1" x 4", R. L.
$perM bd. ft..
Southern pine:
Orders, new
Orders, unfilled, end of period
92.22
226. 76
151. 28
227. 78 226. 28 225. 35
mil. bd. ft_.
do
7,316
373
8,640
421
693
406
696
421
819
519
740
525
517
793
515
767
494
821
499
788
510
824
508
510
794
504
Production
do—
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft.
7,295
7,267
8,432
8, 592
694
672
688
681
691
721
730
734
782
816
770
795
803
816
770
796
815
800
1,216
1,209
1,216
1,186
1,182
1,148
1,123
1,098
744
777
1,065
802
826
1,376
776
788
1,111
1,041
1,015
1,030
1,024
4,058
5,883
4,521
7,366
5,285
3,912
4,760
5,044
4,852
7,728
4,429
M bd. ft..
78,418
64,923
1,338
7,050
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. G . 1 " x 4", S. L.
1967=100..
107.9
133.7
143.0
143.4
144.2
146.0
149.1
153.4
154.5
155.5
156.2
158.5
159.6
159.9
159.
159.9
122.9
132.8
136.0
136.0
136.9
138.1
138.7
141.8
141.8
140.7
140.7
140.7
141.5
141.8
143.4
143.4
9,341
334
10,458
362
786
341
847
362
778
433
782
407
968
424
919
436
956
412
964
426
874
465
1,025
500
918
453
9,378
9,371
10,175
10,430
806
819
794
826
705
707
820
808
1,392
940
951
882
907
953
980
1,329
910
950
818
835
933
460
933
974
985
960
965
723
384
815
1,289
1,272
1,256
1,251
134. 59
135.18
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft
do
Production
do..
Shipments
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__
1,634
83.79
1,382
96.44
1,414
105.14
1.382
1,380
108. 28 113. 20 117.69
1,381
1,356
121. 77 127.01
130. 52
938
792
1,267
138.78
139. 34
mil. bd. ft.
do...
do.
do.
do.
304.4
9.1
315.2
306.7
33.3
323.3
8.1
306.6
320.9
22.0
24.0
7.4
22.7
24.4
21.4
24.7
8.1
23.4
23.8
22.0
136. 37
138.44
138. 05
H A R D W O O D FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
1,274
24.9
10.1
23.7
11.4
13.7
22.8
15.2
26.9
16.6
24.5
15.8
18.5
15.8
26.1
14.6
21.6
14.0
20.2
13.4
17.3
12.
21.8
22.5
21.3
20.5
22.6
18.8
21.5
24.2
16.1
19.4
20.7
14.7
21.6
23.7
13.1
22.3
25.4
11.1
17.1
18.5
9.7
25.1
25.7
20.5
22.1
7.2
20.4
20.8
6.8
19.3
20.0
6.8
245
614
1
211
653
220
760
2
301
595
)
811
252
653
2
207
695
2
1,603
48
62
1,599
27
71
1,531
34
78
1,787
24
1,570
31
1,910
26
1,824
32
49
4,545
3,477
8,062
8,230
4,342
3,301
7,509
8,373
3,905
2,659
6,374
8,642
4,334
3,087
7,279
8,792
' 4, 3S6
' 3,142
' 7, 591
'8,644
H, 543
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. t o n s . .
Scrap
do...
Pig iron
do
7,062
10,365
310
2,827
6,256
34
248
284
Imports:
Steel mill products
Scrap
Pig iron
13,364
346
266
18, 304
325
320
1,472
27
24
thous. sh. tons.. < 52,575 4 49,169
4
do
34,148 4 33, 987
do
4 85,559 !44 82. 567
do
7,668
8,494
3,420
2,490
5,822
8,357
do..
do..
do..
397
494
3
208
332
1
221
519
2
261
588
1
1,093
29
7
1,129
31
54
1,095
30
5
3,795
2,926
6' 950
8,251
6,913
8,219
4,383
3,637
7,967
8,310
199
469
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks, end of period
3,557
2,391
6,023
8,298
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. ton.. 40.72
28.93
31.03
29.70
33.10
Pittsburgh district
do
42.00
36.00
33.00
34.00
36.80
' Revised.
p Preliminary.
i Beginning Jan. 1971, data reflect changes in size specifications, and are not comparable with those for earlier periods.
2 Series discontinued.
4,480
3,415
7,942
8,293
p •, 477
PS, 146
PS, 594
39.08
32.84
36.62
33.66
32.74 33.68 33.36 34.24
35. 68
35.76
37. 09
43.00
38.00 36.00
35.50
38.50
37.00 36.00 38.50
40.50
40.50
40. 50
3
4
9 Totals
Less than 500 tons.
Annual data: monthly revisions are not available,
include data for types of lumber not shown separately.
SURVEY OF CURRENT BUSINESS
S-32
1971
1971
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive note? are as shown
in the 1971 edition of BUSINESS STATISTICS
Annual
Nov.
January 1973
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
7,101
9,442
3,336
7,886
10,535
4,141
Sept.
Oct.
Nov.
METALS AND MANUFACTURES—Continued
1
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. Ig. tons.
Shipments from mines
do-_
Imports
do-__
89,760
88,011
44, 876
i 80, 762
i 77,692
40,124
5,507
5,089
3,220
5,360
3, 891
2,101
4,585
2,037
1,317
4,586
1,649
1,701
5,051
1, 749
1,732
TJ.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do .._
Consumption at iron and steel plants
do ._
Exports
do--.
125,107
123,261
5,494
114,051
108,966
3,061
8,355
7,130
119
5,879
8,006
163
3,479
8,668
20
3,190
9,001
14
4,188
10,505
149
i 71,500
i 15, 316
52, 781
3,403
78, 714
17,552
57, 738
3,424
990
1,019
41
102
104
92
87
65
52
72
78
97
81, 299
81,178
i 1, 779
5,350
5,384
1,801
5,930
5, 901
1,777
6,617
6,584
1,783
6,598
6,379
1,742
7,708
7,599
1,732
7,726
7,629
1,666
8,012
7,965
1,676
7,427
7,374
1,688
7,321
7,153
1,827
7,385
7,362
1,841
7,116
'7,175
'1,787
69.33
69.26
70.33
76.03
75.83
77.00
77.70
78.33
79.50
77.70
78.33
79.50
77.70
78.33
79. 50
77.70
78.33
79.50
77.70
78.33
79.50
77.70
78.33
79.50
81.70
80.88
83.25
81.70
80.88
83.25
81.70
80.88
81.70
80.88
83.25
81.70
888
13,945
8,173
835
13,839
7,606
817
1,098
595
835
1,014
548
843
1,205
595
879
1,209
610
951
1,329
691
965
1,331
725
984
1,392
762
995
1,363
764
1,019
1,027
629
1,030
1,242
715
• 1,070
• 1, 292
707
1,080
1,407
764
78
852
521
88
882
506
11,588 11,937
110.8
110.5
10,980
105.0
10,341
95.7
10,842
100.4
10, 913
104.4
11, 657
107. 9
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
do..._
do.—
do__
do--
Manganese (mn. content), general imports
do
5,933
2,972
1,775
7,677
9,302
3,357
7,448
9,240
4,191
5,069 12,069
10, 482 10,802
94
56
79,130 78, 714 75, 822 72, 723 68, 719 65,554 65,138
15, 942 17, 552 20,130 23,156 26, 481 29,414 27,790
59, 865 57,738 52,550 46,730 40, 412 34, 999 36,247
3,424 3,142
3,323
1,826
1,141
2,837
1,101
7,985
9,277
3,257
6,536
9,062
3,695
4,501
12,676
9,901
239
12, 205 13, 581 12, 541
9,785 9,933 9,632
325
329
13,176
10,294
275
11,094
10,205
91
66,298
25,952
39,022
1,324
66,697 67,669 69, 656
23,645 21,022 19,731
41, 424 45, 071 47, 980
1,945
1,628
1,576
70,159
17,019
50, 862
2,278
51,751
2,419
90
74
7,606
7,475
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons
Consumption
do
Stocks, end of period
do
Prices:
Composite
$ per lg. 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
91, 435
!90, 797
2,082
1
p 1,745
81.70
81.70
83.25
49
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.. U31,514
Index
daily average 1967 = 100-.
103.4
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons
321
Shipments, total
do
1,724
For sale, total
do
1,416
1
120, 443
94.7
8,053
77.0
8,784
81.3
10,001
92.6
9,980
98.7
11,588
107.3
281
1,589
1, 295
261
114
92
281
129
104
300
121
99
304
132
109
317
149
123
132
106
267
137
111
291
151
124
271
102
85
295
119
97
'310
'134
'108
322
152
125
i 87, 038
5,791
6,104
6,588
6,649
7,927
7,622
8,121
7,971
6,875
7,805
7,929
8,243
8,044
322
378
547
140
417
491
641
158
387
462
618
153
412
479
645
155
430
456
615
137
357
451
541
106
395
488
609
108
455
481
646
115
483
509
664
129
469
519
671
124
1,113
689
294
123
526
214
462
2, 946
1,030
1,188
1,393
850
387
148
709
257
533
3.327
1,161
1,324
1,296
770
381
138
652
254
521
3,280
1,142
1,331
1,405
826
423
148
699
261
600
3,463
1,183
1,437
1,345
791
399
147
671
289
642
3,387
1,166
1,361
1,132
654
352
120
582
210
526
2,971
1,095
1, 142
1,339
775
419
139
664
258
577
3,367
1, 209
1,306
1,335
791
395
142
649
263
491
3,493
1,277
1,365
1,381
819
400
153
645
264
494
3,674
1,311
1,474
1,347
825
367
147
621
243
445
3,606
1,318
1,423
2 1, 495
2 761
2 420
2 1, 257
11,398
' 109.0
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons_. i 90,798
By product:
Semifinished products
do
7,387
Structural shapes (heavy), steel piling
do
6,060
Plates
do _...
8,065
Rails and accessories
do...
1,590
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.
dododo_
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
4,962
5, 666
7, 939
1,564
387
352
430
100
385
384
492
135
323
347
538
131
14,577
8,107
4,891
1,490
7,778
2,998
7,243
35,101
12,319
14,250
14,156
8,179
4,521
1,378
7,574
2, 791
6,811
35,574
11,760
14, 898
903
505
296
95
470
198
576
2,375
825
945
940
552
287
95
489
195
476
2,609
920
1,034
1,091
642
272
170
450
202
410
3,096
978
1,454
117,678
110,565
i 4,440
114,475
i 16,184
i 9,541
i 4,946
117,483
3,098
i 5,169
i 7, 775
127,598 i
3,004
4,903
7,212
23,765
, 3,392
I 1,710
952
2,940
4,022
2,062
1,101
4,481
4,807
2,443
1,298
4,641
567
885
1,427
730
1,202
1,533
6,031
682
1,377
1,876
6,589 2
5,205
9.4
67.1
67.5
10.0
67.6
67.0
10.6
4.3
5.3
7.2
7.5
7.2
12.8
10.5
10.7
9.0
10.9
9.0
10.0
4.9
10.0
5.3
5.3
7.1
6.9
10.7
9.0
11.3
9.2
11.2
9.6
.1180
43
.1014
.1089
Steel (carbon), finished, composite price.._$ p e r l b . .
.1129
.1134
r
Revised.
v Preliminary.
1 Annual data; monthly or quarterly revisions are not
available.
2 For month shown.
9.5
5.1
5.6
9.1
5.7
6.1
9.0
5.8
5.9
11.2
9.7
. 1191
11.5
10.0
.1191
!
2
1,623
1,577 2 1, 565 21,638
2
820
2 847
2 801
2 869
2
2 459
2 471
450
2447
1, 502 2 1, 590 2 1,717 21,640
2
179
470
613
2,145
2
2
;
5.8
5.8
9.2
4.9
4.6
11.8
10.0
.1191
.1191
.1191
7.3
11.9
10.1
2 153
2 380
2 563
1,847
!
2
2 225
2
480
2 525
2,266
9.1
5.6
5.7
9.0
5.9
6.0
7.4
7.8
'7.5
11.9
10.2
11.9
10.0
11.6
10.0
2
2 225
2 508
2 542
2, 295
2
2 227
2
521
2 502
2,284
6.5
6.6
8.9
6.0
6.0
11.4
10.2
11.3
10.3
.1191
.1191
Dec.
SURVEY OF CUK.KENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
S-33
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons
Recovery from scrap (aluminum content)..do
Imports (general):
Metal and alloys, crude
.._
_
do. _
Plates, sheets, etc
do
Exports:
Metal and alloys, crude
do
Plates sheets bars etc *
do
Price, primary ingot, 99.5% minimum_..$ per lb_Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
mil. lb _.
Mill products, total
.
do ..
Sheet and plate
do
Castings^
do
Inventories, total (ingot, mill prod., and scrap),
end of period
mil. lb._
3,976
940
3,925
852
314
72
325
75
326
77
314
85
336
87
331
92
346
94
340
91
348
78
349
87
'347
89
362
90
350.2
78.7
560.4
71.0
24.0
3.1
48.5
5.5
46.8
10.7
43.9
5.3
70.0
9.0
55.0
6.1
73.4
6.4
66.3
7.7
44.8
5.9
39.2
7.5
52.2
5 0
47.0
5 4
53.3
5 9
408.5
146.0
112.3
149.0
7.7
12.6
6.9
15.1
13.4
14.4
3.5
12.1
6.7
13.5
6.4
12.3
7.5
12.0
8.4
13.7
7.7
11.6
7.3
9.7
9 1
11.9
14 2
14.4
10 0
14.8
.2872
. 2900
.2900
.2900
.2900
.2900
. 2900
.2900
.2636
.2500
.2500
.2500
.2500
.2500
.2500
9,952. 5
7,358. 0
3,688. 6
1,506.5
10, 258.2
7,846. 2
3, 976.4
1, 577. 2
786.7
618.1
303.5
138.1
843.3
629.1
320.1
135.5
863.3
670.3
354.1
149.3
913.1
713.7
369. 9
152.6
1,017.4
796.9
410.3
162.3
1,047.5
840.8
440.0
160.3
881.6
726.0
388.1
117.8
998.8
797.1
407.3
147.7
r
4,387
5,029
4,992
5,029
5,053
5,038
5,004
4,980
4,915
4,871
4,919
4,877
r
5, 361
5 101
1,522.2
1,591.8
1,410.5
181.3
371.0
136.8
145.9
130.6
15.3
35.9
134.9
149.7
137.5
12.2
31.4
130.2
141.2
127.1
14.1
139.0
146.3
133.5
12.9
147.4
173.7
152.3
21.4
4 100
140.7
153.5
139.5
14.0
144.8
164.4
149. 4
15.0
137.7
159.4
143.5
15.9
4 96
115.2
128.2
114.1
14.1
136.8
142.0
129. 4
12.6
r
138. 3
149.9
128.7
21.2
139.2
149.2
131 2
18 0
365.8
162.1
18.2
13.4
49.2
17.8
29.0
12.6
26.2
8.6
38.9
16.1
29.9
10.5
33.5
13.6
35.9
25.1
44.7
14.1
35.6
18.5
36.3
14.0
43.0
21.7
47.6
23.3
283.0
187.7
15.6
9.4
29.4
20.8
18.8
10.5
34.8
26.6
33.1
22.8
26 7
20.2
20 8
14.4
19.2
12.9
17 9
11.0
18.3
11.1
20.8
12.8
20 3
13.7
15 8
10.7
i 348. 0
1
187. 0
2,014
277.4
174.4
167.2
260.7
154.0
155.1
277.4
174.4
2.583
2.5201
.5224
.5032
.5063
.5061
.5061
.5061
.5061
2,513
2,329
751
2,711
2,354
751
571.8
i 597.4
578.6
572.7
49.3
50.6
56.1
46.0
48.8
45.3
53.3
41.8
55.7
54.2
52.2
51.9
54.2
55.0
51.2
50.4
52.5
48 9
56.9
49.6
50.6
51.4
51.2
49.5
357.1
1,360.6
261.7
1,431.5
20.7
121.1
23.5
117.3
26.6
115.5
18.9
116.7
42.5
125.5
22. 5
116.5
30.5
124.6
51.8
122.9
17.1
91 0
22.9
123.4
38.4
122.2
22.6
127 6
179.4
154.7
153.3
154.7
141.0
145.4
151.1
155. 9
153.2
158.6
159.1
161.4
165.3
169.4
97.9
i133.5
51.8
118.7
48.2
116.9
51.8
118. 7
57.9
122.7
50.2
121.5
37.8
133.5
29.0
133.4
35.9
132.1
40.3
135.3
55.3
142 6
67.5
128.6
69.1
125. 8
63.7
119 4
173.3
.1562
72.1
.1380
64.6
.1388
72.1
.1402
74.2
.1400
74.8
.1460
71.1
.1550
69.2
.1557
64.2
.1560
66.6
.1550
62.8
.1550
65.2
.1541
62.9
.1500
63.3
.1467
.1450
1,072
2, 842
1,410
220
5, 260
4,130
0
3,406
1,690
220
529
2,105
1,815
195
599
6,532
91
4,723
4,335
4,210
5, 700
4,345
145
10,080
1.8199
34
11 370
1. 8040
Copper:
Production:
Mine, recoverable copper
thous. sh. tons_. 1,719.7
Refinery, primary
_do___ 1,765.1
1,521. 2
From domestic ores
__
_ _ .do
From foreign ores
. _
___ _ _do_ _. 243.9
475.0
Secondary, recovered as refined
do
Imports (general):
394.2
Refined, unrefined, scrap (copper cont.)..do
132.1
Refined
do
Exports:
348.9
Refined and scrap
do
222.0
Refined
_ ..
do
Consumption, refined (by mills, etc.)
.do. __ i 2, 042
S t o c k s , r e f i n e d , e n d of p e r i o d . _ __
. d o
Fabricators'
__ ___ .do__
Price, electrolytic (wirebars), dom., delivered
$ per lb.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
Lead:
Production:
Mine, recoverable lead
thous. sh. tons
Recovered from scrap (lead cont.)
__.do
Imports (general), ore (lead cont.), metal...do
Consumption, total
__ _
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons__
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons__
Consumers'
(lead purchased),
content) & all
__ smeltersdo
Scrap (lead-base,
(gross weight)
thous. sh. tons..
Price, common grade A
$ perlb__
Tin:
Imports (for consumption):
Ore (tin content)
lg tons
Metal, unwrought, unalloyed
do
Recovery from scrap, total (tin cont.)
do
As metal
do
Consumption total
do
Primary.,. _
__
_ _ _ do
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
.do
do
$ perlb_.
.5032
.5061
669
584
171
.5257
T
r
r
983.1 1, 005.1
778. 6
792 4
403. 6
396 5
150. 7
164.6
4 602
272
143
4 523
289
165
. 5257
.5257
.5257
. 5061
816
678
212
705
642
196
4,667
50, 554
i 20, 001
1
2,574
1
73 837
i52,957
3,060
1 46, 940
120, 096
1 2,324
1 69 950
151,980
0
3,180
1,595
265
5 800
4,155
0
5,414
1,485
260
5 610
3,920
197
4, 971
1,665
205
5 370
4,125
469
5, 975
1, 710
250
5 470
4,100
441
3,019
1,815
225
6 190
4,605
0
3,793
1,650
275
5 750
4,410
322
6,248
1,655
270
6,150
4,690
0
4,701
1,770
245
5 985
4,660
4,966
11,318
1. 7414
2,306
9,804
1. 6734
9
8,520
1.7539
23
9,804
1. 7436
51
12,005
1.7131
86
12,670
1. 7200
118
11, 247
1. 7981
191
10,630
1.8198
235
12,535
1. 7792
42
11,240
1. 7503
162
11 235
1. 7661
95
12,195
1.7912
39.8
45.6
41.5
43.7
41.8
37.3
41.3
••38.8
40.6
31.0
31.3
23.4
53.5
29.9
24.7
24.6
39.0
24.9
59.8
14.7
44.9
8.9
40.6
16.2
56.5
21.8
46.9
11.6
21.1
12.8
21.1
13.1
20.9
11.8
22.1
12.2
22.3
11.2
21.3
8.5
22.2
9.3
21.7
12.1
22.0
56.2
5.6
113.4
.6
60.7
5.9
126.0
1.5
57.2
5.7
122.1
1.3
63.1
5.7
128.3
0
64.3
4.9
121.7
59.5
3.8
97.9
0
56.3
5.8
125.4
53.1
5.4
121.8
57.1
7.0
129 0
0
37.8
92. 0
.1700
29.4
97.6
.1730
23.4
93. 2
.1774
21.2
96.9
.1787
21.3
111.4
.1800
26.7
125.0
.1800
23.5
138.4
.1800
Zlnc:
Mine prod., recoverable zinc
thous. sh. tons._ i 534.1 1 502. 5
40.8
37.8
39.3
Imports (general):
525.8
342.6
20.3
33.2
27.7
Ores (zinc content)__.
do
270.4
319.6
25.5
27.3
Metal (slab, blocks)
do
43.4
Consumption (recoverable zinc content):
Ores.__ ___ _ .
do
1124.8
1 119.3
10.1
11.2
11.3
1
1
277.4
259.9
21. 0
20.5
20.5
Scrap, all types —
_.
. . . ..do _
Slab zinc:
Production (primary smelter), from domestic
and foreign ores
thous sh tons
1877.8
1 772.9
64.5
61.4
62.0
177.2
74.5
5.9
5.9
Secondary (redistilled) production
do
6.0
1,187. 0 11,254.1
100.5
105.8
Consumption, fabricators. .
do
106.6
.3
13.3
.7
Exports...
do
Stocks, end of period:
Producers', at smelter (ZI) O..
do
198.3
1 41.3
52.9
50.6
50.5
189.6
1 104.3
97.1
98.4
95.0
Consumers'
do
.1613
.1700
.1700
Price, Prime Western
$ per lb. - . 1532
.1700
r
Revised.
p Preliminary. 3 * Annual data; monthly
revisions are not available.
2
Average for 11 months.
Less than 50 tons. 4 For quarter ending in month shown.
* New series.
945.9 1,064.5
732.4
818.1
416.8
376.4
165.8
157.5
.2500
c aac\
r
31.2
28.0
140.6
144.3
.1800 1 .1800
27.2
. 1450
81
1. 7721
1. 7625
14.4
60.4
32.3
31.8
.1800
.1811
AEffective Dec. 1971, nationwide delivered price substituted for N.Y.-basis price,
concludes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
O Producers' stocks elsewhere, end of Dec. 1972, 12,800 short tons.
OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1970
Annual
January 1973
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
MACHINERY AND E Q U I P M E N T
Foundry equipment (new), new orders, net
155.6
mo. avg. shipments 1967 = 100..
Heating, combustion, atmosphere equipment, new
1
orders (domestic) net qtrly
mil $
88.5
)
Electric processing heating equip
do
} * 50. 9 (
\
Fuel-fired Drocessinc heatincr eouio
do
)
Material handling equipment (industrial):
Orders (new), index, seas, adjt
1967-100—
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
.
do
Industrial trucks and tractors (internal combustion
engines), shipments
number
Industrial supplies, machinery and equipment:
New orders index, seas, adjusted*. .1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted*
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $ .
Domestic ._
do
Shipments, total
do
Domestic _
do
Order backlog, end of period
do
Metal forming type tools:
Orders, new (net), total
Domestic _
Shipments, total
Domestic
Order backlog, end of period
do
do
do
do .
do
84.2
69.1
117.6
72.9
70.5
90.8
14.4
63.7
7.5
30.3
78.0
62.1
16.2
2.5
7.4
2.2
5.9
67.0
54.6
58.4
90.0
23.8
18.3
4.0
2.9
9.7
12 8
101.1
58.2
103.3
99.6
111.7
108.4
111.6
116.0
114.9
107.6
112.6
125.9
129.8
158.8
139.9
122.1
13,816
14,811
12,644
14,621
953
1,229
1,198
1,451
1,004
1,128
1,093
1,205
1,297
1,404
1,253
1,279
1,250
1,314
1,283
1,685
1,102
1,282
1,312
1,385
1,619
1,544
1,377
1,457
1,416
1,518
41,194
49,289
3,900
4,771
2,764
3,022
3,282
3,281
3,265
3,940
2,788
2,940
3,832
3,589
3,995
101.0
102.6
104.3
106.7
107.2
105.8
108.0
112.8
117.5
120.1
119.9
123.5
127.3
128.8
133.1
105.9
104.7
112.0
117.2
108.0
114.2
119.4
112.8
120.9
119.5
112.6
127.2
121.5
124.2
134.6
651. 30
506. 75
992. 90
827.35
470.7
608. 75
524.10
672.30
554. 20
407.5
55.45
50.80
41.70
35.45
407.3
70.80
62.75
70.65
62.60
407.5
51.15
47.95
39.60
33.65
419.0
60.80
55.25
46.40
40.10
433.4
95.70
77.35
56.75
48.15
472.4
66.70
57.20
49.55
44.40
489.6
80.45
69.90
57.15
48.25
512.9
75.00
66.70
70 05
63.00
517.8
78 60
64.65
47 80
42.25
548.6
77 60
69.45
48 45
44.05
577.8
97.50
76.80
76.25
65.00
599.0
94.45 P110. 80
84.35 P101. 55
63.85 p 66. 55
56.05 p 59.05
629.6 p 673. 8
261. 25
226. 60
450.15
411. 60
234.8
252.40
223. 20
325.60
285.60
161.8
22.60
18.45
26.40
20.00
175.8
20.75
19.95
34.80
32.40
161.8
19.60
17.95
16.35
13.70
165.0
24.95
21.80
22.70
19.30
167.3
23.40
21.75
33.50
28.85
157.2
27.65
26.50
26.35
21.95
158.5
29.75
26.00
23 65
21.50
164.6
40 10
38.45
33 85
30.45
170.8
25 80
22.90
24 60
22. 65
172.0
31 35
29.70
19 30
17.25
184.0
42 25
38.05
19 95
18.10
206.3
47.35
42.10
27.40
25.95
226.2
Tractors used in construction:
Tracklaying, total..
. u n i t s . . i 19,436 1 18,520
mil. $
i 464.6 1 479.6
Wheel (contractors' off-highway).. .
units
15 099
1 4,334
mil. $.. t 170.5 1166.9
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units
1 24,622 127,145
mil. $
1 581.1 1 640 9
Tractors, wheel (excl. garden and contractors' offhighway types)
units 1175,309 1165,343
mil. $ . . 1 847.0 1 891. 9
4,155
99.0
2
687
2
25. 9
2
5,795
157.9
1,021
2
32.1
5,682
153.2
' 1,713
69.2
6,498
139 9
11,938
202.5
'12,040
214 1
43 482
246.2
52,993
313.1
52, 571
310.5
129.4
p 52. 90
p 48. 65
p 30.10
p 25. 70
p 249.0
5,157 31, 545 3 1,650
135 7 3 41.5 3 42.1
1,230
49.4
10, 276
184 3
3
40,845 3 20,898 14,361
254.8 3129. 4 3 93.7
ELECTRICAL EQUIPMENT
39,144
4,264
4,160
3,804
3,654
2,826
2,249
2,558
2,794
3,178
4,270
1621
51.7
47.5
56.7
51.7
71.0
32 0
18 3
20.7
39.5
53.8
47.9
54.4
52.7
60.7
56.9
60 3
57 3
33.5
33.4
63.7
57.9
77.0
34.6
22 0
20.4
38.9
35.5
34 8
67.5
60.3
79.6
35.8
22 5
21.3
37.7
32.3
34.7
p 4,422
Batteries (auto, replacement), shipments
thous.
Electronic components, factory sales:
Semiconductors:
Discrete devices
mil. $
Integrated circuits
__
do
Tubes, selected power and spec, purpose, do
Microwave
do
Electro-optical
do
High vacuum, gas, and vapor
do
Capacitors
__
do
Motors and generators:
New orders, index, qtrly. _
1967=100
37, 863
483
435
98.3
87.0
86.5
Radio sets, total, production.
Television sets (incl. combination), prod
thous..
do
16,406
9,483
18, 579
11,197
1,535 « 1, 928
941 4 1,184
1,276
1,002
1,336 i 1,857
956 * 1, 286
1,616
1,012
1,420
995
* 1,954
U,312
1,314
793
1,543 * 2,194
963
1,786
1,184
1,658
1,200
Household electrical appliances, factory sales:
Air conditioners (room)
thous..
Dishwashers*
do
Disposers (food waste)*
do
Ranges
do
Refrigerators
do
Washers
do
Dryers (incl. gas)
do
Vacuum cleaners.
.
do
5,886
2 116
1,976
2 362
5,286
4 093
2 981
7,382
5,438
2 477
2,291
2 714
5,691
4 608
3 377
7,973
258.6
266.5
224.2
260.8
477.5
420.2
364 7
712.7
320.8
200.4
199.8
232.2
406.5
366.3
315 8
623.8
476.3
206.4
201.6
244.1
428.8
412.8
347 4
748.8
541.9
227.9
212.2
238.3
446.2
381.5
304.6
884.7
611.9
242.6
259.3
245.2
471.9
425 0
304 3
743.1
704.2
263.2
210.7
274.3
515.5
373.7
248.8
634.1
681.2
268 8
210.9
273 5
583.6
408.8
263 1
599.7
407.5
262.9
243.8
243.0
563.0
408.7
255 1
583.5
280.6
236.1
210.7
269.3
637.4
406.9
272 2
498.1
129.7
293.8
250.3
297.4
629.2
£05.1
375 1
689. 5
82.1
288 8
267.2
278 5
521.5
466.7
392 2
727.7
137.4
333 1
243.7
312.7
606.5
496.5
442.4
838.1
157.2
308 9
236.4
297 0
502.2
439 0
384 0
764.0
1,471
2 362
2,785
1,795
2 549
3,088
158.3
213 7
230.2
147.5
215 0
224.5
161.7
181 9
267.4
159.8
210.9
293.8
170.6
261.6
304.2
169.8
211 2
278.0
153.4
221 2
251.0
165.5
238 5
244.1
156.3
169 4
240.8
184.1
238 7
248.5
193.6
253 1
239.7
216.3
229 8
291. 8
493
445
31
585
141
653
89
GAS EQUIPMENT
1 769
524
534
1 300
144
1
91
124
1 go
176
34.5
85.8
103.9
4,538
'4,553
39 2
40 3
P104
7
*4 2,132
1,353
(RESIDENTIAL)
Furnaces, gravity and forced-air, shipments* thous..
Ranges, total, sales*...
do
Water heaters (storage), automatic, sales*
do...
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
685
'656
18,727
Production
thous. sh. tons.. 9,729
66
671
36
789
Exports
do
Price, wholesale, chestnut, f.o.b. car at mine
16. 565
17. 673 17.346 17.316
$persh. ton..
Bituminous:
Production
thous. sh. tons.. 602,932 '1552,192 26,325 '56,032
558
29
17. 738
47,520
' Revised. 2 v Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
Excludes figures for rubber-tired dozers (included for other periods).
3 For
month shown.
4 Data cover 5 weeks; other periods, 4 weeks.
tEffective with the Apr. 1972 SURVEY, index reflects new seasonal factors. Revisions for
1969-71 appear at bottcm of p. S-34 of the Apr. 1972 SURVEY.
*New series. Industrial supplies (maiketed through distributors)—orders index (American
518
64
596
26
467
25
676
77
87
659
49
'623
121
17.738 17. 738 17. 738 17. 738
17. 738 18. 130 19.110 19. 110 19.110
17. 738
46,325 51,040 49,840 53,020
40,210 51, 265 48,435 SO, 775 -•49,410 *>44,110
49,565
Supply & Machinery Mfrs. Assn.), based on 2-month moving average of selected members
new orders, is also adjusted for number of working days. Sales index (National and Southern
Industrial Distributors Assns.) is based on selected panel of members' operations which cover
national sales for maintenance, repair, and operations for all types of industries. Dishwashers
and disposers (Assn. of Home Appliance Mfrs.) and gas equipment (Gas Appliance Mfrs.
Assn.) reflect total industry sales. Monthly data prior to 1971 are available upon request.
SURVEY OF CURRENT BUSINESS
January 1973
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
S-35
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons. 517,158
^320,460
Electric power utilities
do
4184,328
Mfg. and mining industries, total
do
4 96,009
Coke plants (oven and beehive)
do
Retail deliveries to other consumers
do
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons.
Electric power utilities
do
Mfg. and mining industries, total
do
Oven-coke plants
do
92,275
71, 295
(3)
8,924
40,832
28, 294
11,087
6,152
44,399
30,074
12.572
6,872
43,558
28,732
13,490
6,775
44,224
28,261
14,967
7,458
40,796
25.908
14,337
7,423
1,315
1,443
1,753
1,336
995
540
94,021
()
76,987 74,946
16. 759
(3)
7,199
5,381
94,021
76,987
16,759
7,199
92,908
75,788
16,730
7,850
93,356
75,813
17,168
8,118
390
494,873 36,417
22 326,280 25,944
157,035 9,150
2 82,820 4,679
2 11,351
97,855 103,702 110,597 114,493 109,733
78.980 83,689 90,493 95,330 92, 574
18,545 19,703 19,764 18,873 16,839
8,560 9,343 10,014 10,138 8,259
310
340
290
320
4,915
5,416
4,882
3,627
6,337
4,923
5,173
5,380
10. 266 10.266 10.266
11. 388 11.446 11. 446 11.446
10.146
11.120
10.146
11.120
10.146
11.120
10.146
11.120
10,146
11.120
10.426
11.120
10.443
11.120
10.933
11.990
51
5,076
1,912
55
5,091
1,770
51
5,236
1,813
53
4,976
1,821
49
5,024
1,884
54
5,088
2,239
53
5,026
3,323
3,139
184
1,601
77
3,111
2,900
211
1,549
95
3,022
2,795
227
1,537
151
2,907
2,643
107
3,089
2,748
340
1,661
76
3,185
2,831
355
1,613
74
54
4,822
2,112
3,202
2,818
384
1,548
130
965
3.41
329.4
85
1,210
3.41
351.8
85
923
3.41
335.6
84
920
3.41
355.9
86
1,042
3.41
355.3
833
3.41
368.5
946
3.51
369.4
483.3
461.2
498.0
468.2
487.9
474.0
484.5
282.6
52.9
269.9
50.8
294.3
55.2
285.7
53.4
298.4
54.1
287.6
52.4
294.1
54.1
68.9
'78.9
64.5
'76.0
67.3
63.7
'65.4
69.5
'65.9
65.6
'68.4
71.0
'65.4
9.696
11.209
9.719
10.940
10.131
4 871
thous. sh. tons..
4 65,654
do
4 21,574
do
2 730
56,664
21,823
32
3,220
1,783
56
4,200
1,853
49
4,763
1,898
53
4,651
1,883
3,510
3,385
125
1,489
1,509
3,596
3,483
113
1,584
36
3,510
3,385
125
1,489
42
3,585
3,446
139
1,610
3,611
3,466
146
1,760
number.. 2 13,020 •211,858
3.41
3.23
$ per b b l . .
mil. bbl._ 3, 967.5 4,087.8
4 90
% of capacity..
967
3.41
333.6
85
1,330
3.41
351.5
807
3.41
353.1
85
'453.8
r 497.8
'274.2
'3,453.9
2
623.9
51.2
' 282.1
56.1
71.3
4,113
4,018
95
1.059
2,514
470
320
7.641
9.647
do
do
do
do
do
356
4,624
4,204
Exports
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$per sh. ton_.
Domestic, large sizes, f.o.b. mine
do
430
30,088
12,823
7,363
375
275
56, 633
do
40,995 40.599
26,648 27.600
13, S97 12,620
7,639 7,210
3,631
275
70,908
Retail dealers.,
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
6tocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports
4 12,072
2
11.209
12. 240
3,089
2,729
360
1,570
132
80
1,065
3.51
363.4
91
792
3.51
3.51
985
3.51
487.5
478.3
508.8
294.9
54.5
284.3
52.8
294.3
55.3
69.1
'69.1
74.9
82.2
76.9
.120
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
All oils, supply, demand, and stocks:
New supply, totalcf
Production:
Crude petroleum
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products
mil. bbl.. 4 5,377.7 '5,510.7
do
..do
4 3,517.4
612.2
do
do
522.6
4 725. 5
658.6
' 774.3
63.4
'64.9
'88.2
Change in stocks, all oils (decrease,—)
do
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total?
Gasoline
Kerosene
do..
4 5,332.2
do..
do..
do..
do..
do..
0
.5
5.0
81.3
'89.5
8.1
4 5,237.7 '5,417. 6 ' 468.3
2,131.3 2, 213.2
184.6
90.9
96.0
8.5
37.7
26.1
-22.2
'81.2
-30.0
-49.8
512.5
512.8
0
5.2
507.3
173.2
11.8
115.4
87.3
31.6
0
4.7
508.1
166.9
10.7
120.8
92.0
33.1
0
9.0
510.9
200.4
8.8
107.8
83.2
31.2
3.8
5.7
53.7
4.1
6.1
50.4
-31.3
'5,499. 4
476.3
' 527. 5
0
6.6
r 520. 9
189.3
11.3
85.4
U3.6
77.2
'87.4
30.5
'34.4
3.8
3.9
12.2
6.4
44.2
51.8
4.3
37.8
7.2
31.8
1.9
20.9
4.4
462.2
454.2
464.6
454.8
487.6
459.3
503.8
.2
7.2
454.9
190.0
5.3
0
6.2
448.1
201.2
4.4
0
6.3
458.3
206.1
3.5
0
6.4
448.4
208.3
2.9
0
7.2
480.4
216.6
5.3
0
6.9
452.4
194.9
5.9
0
7.3
496.5
198.5
7.4
83.3
73.3
29.6
65.4
31.0
65.8
65.9
34.9
54.8
65.4
31.0
64.0
70.1
29.3
66.2
67.1
31.0
85.5
73.2
36.6
4.6
7.5
43.5
4.6
10.1
35.0
4.5
15.7
30.5
4.3
19.2
33.1
4.8
20.0
34.4
4.7
24.2
38.2
4.3
19.7
37.0
4.5
17.6
46.9
-21.8
519.9
Distillate fuel oil
Residual fuel oil
Jet fuel
do..
do..
do..
927.2
804.3
4 353.0
971.3
'838.0
' 368. 7
Lubricants
Asphalt
Liquefied gases
do..
do..
do..
49.7
153.5
4 446.8
49.3
158.5
456.8
do
do
do
do
1,017. 9
276.4
106.0
635.5
1,043.9 1,075.2 1,043.9 1,013.9
265.6
259.6
251.0
259.6
110.3
106.8
109.2
106.8
699.4
653.8
677.5
677.5
964.1
252.9
105.6
605.5
942.3
258.9
109.8
573.6
946.6
266.6
113.6
566.4
984.4
279.5
116.3
588.6
991.6 1,023.4 1,025.3 1,046. 2 1,050.6
250.8
258.0
271.4
265.8
253.7
113.1
111.9
110.2
120.4
116.0
682.3
655.4
686.6
599.8
641.6
do..
do..
do..
2,105.3
1.4
214.3
2, 202.6
1.6
223.8
192.6
.1
244.6
175.2
.1
254.8
184.9
.1
241.2
176.8
.1
229.5
188.6
.1
219.2
189.1
.1
204.3
.118
.118
.115
.115
.120
.120
.120
.120
.251
.255
.233
.238
.228
.236
.240
.235
1.1
.1
4.4
1.2
(l)
4.6
1.2
.1
4.0
1.5
0)
24 4
1.6
.1
4.7
8.7
21.3
1.4
.1
3.9
5.0
18.6
1.3
.1
3.7
5.7
21.5
.127
.127
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
183.1
.1
213.6
196.9
.1
223.8
206.7
.1
204.7
206.2
199.8
.1
203.7
.2
211.7
.120
.120
.120
.120
.261
.254
.250
.252
0)
196.8
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$pergal._
.119
.120
.118
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal..
.246
.252
.257
Aviation gasoline:
Production
mil. b b l .
19.7
18.5
1.5
Exports
do...
.9
1.2
.1
Stocks, end of period
do
5.1
4.4
4.6
Kerosene:
Production
do
95.7
87.5
7.1
Stocks, end of period
do
27.8
24.4
26 S
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal..
.118
.126
.127
' Revised.
1
2
Less than 50 thousand barrels.
Reflects revisions not available by months.
3 Not available.
* Corresponding monthly revisions will be shown later.
1.4
4.0
C1)
1.6
0)
3.8
1.4
C1)
0)
3.8
3.8
4.1
6.8
7.1
5.9
5.9
6.7
5.2
17.4
22.1
16.4
15.7
22.9
22.0
17.1
.127
.127
.127
.127
.127
.127
.127
.127
.127
.127
.127
d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
SURVEY OF CURRENT BUSINESS
S-36
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
January 1973
1971
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
P E T R O L E U M AND
PRODUCTS—Continued
Refined petroleum products—Continued
Distillate fuel oil:
Production
mil. bhl
do
Imports
do
Exports
do
Stocks end of period
Price, wholesale (N.Y. Harbor, No 2 fuel)
$ per gal..
Residual fuel oil:
mil. bbl
Production
do
Imports
do
Exports
do
Stocks end of period
..$perbbLPrice, wholesale (Okla., No. 6)
Jet fuel:
Production
Stocks, end of period
mil. bbl
do
Lubricants:
do
Production
do
Exports
do
Stocks end of period
Price, wholesale, bright stock (mi dcontinent,
f o b Tulsa)
_.$pergal..
Asphalt:
Production
Stocks end of period
mil. bbl
897.1
53.8
.9
195.3
912.1
55.8
2.8
190.6
72.2
5.1
2
214.8
78.4
11.0
.1
190.6
78.8
6.1
1
160.1
77.0
5.9
1
122.2
79.6
7.8
.1
101.8
74.4
5.7
.2
98.3
80.3
4.1
.1
112.9
78.8
2.9
1
128.8
78.5
3.1
.1
155.6
6.3
(2)
.116
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
22.3
47.1
1.2
59.9
2.35
27.6
59.7
.5
59.7
2.35
28.6
58.7
.5
59.4
2.35
27.9
55.8
.5
50.9
2.35
25.7
59.7
1.8
51.6
2.35
22.2
50.3
1.5
49.4
2.35
20.6
48.8
.6
53.0
2.35
19.8
49.5
.6
56.1
2.35
20.9
49.4
1.1
60.2
2.35
20.9
51.2
1.2
61.4
2.35
21.3
48.7
.9
63.7
"2.35
51.3
1.5
63.8
«2.35
'2.35
2.35
301.9
27.6
304.7
27.7
26.1
27.9
25.8
27.7
24.3
25.9
26.1
25.2
28.1
27.1
26.3
27.6
27.5
28.9
25.8
28.4
27.1
29.4
26.0
31.6
24.3
30.6
28.6
66.2
16.1
14.7
65 5
15.8
15.0
5 1
1.3
14.9
5 2
1.2
15.0
5.5
1.4
15.3
4.9
1.0
15.1
6.4
1.5
14.4
5.2
1.3
13.7
5.7
1.1
13.7
5.6
1.1
13.9
5.4
1.1
13.4
5.8
1.2
13.3
5.3
1.1
13.3
1.2
13.2
.270
.270
.270
.270
.270
.270
11.4
31.0
14.9
31.0
16.0
28.6
17.1
26.4
17.5
20.7
16.6
18.8
17.2
47.4
36.5
10.8
79.9
48.1
36.8
11.3
92.7
46.1
35.2
10.8
101.2
48.0
36.4
11.5
109.8
48.0
36.6
11.4
114.9
46.4
35.6
10.8
119.3
115.5
12
17.68
9 8
21.2
8.2
24.1
8.1
26.6
Liquefied gases (incl. ethane and ethylene):
Production, total
mil. bbl
At gas processing plants (L.P.G.)
do
At refineries (L R 0 )
do
Stocks (at plants and refineries)
do
525.6
399.6
126.0
67.0
547.9
417.6
130 2
94.7
45 0
35.1
10 0
103.6
50.0
38.8
11 1
94.7
47.2
36.7
10.5
82.4
45.7
35.3
10.4
71.9
49.0
37.9
11.2
72.7
Asphalt and tar products, shipments:
Asphalt roofing, total
thoiis. squares.
Roll roofing and cap sheet
do
Shingles all types
do
83,179
34,756
48,423
93,365
35,684
57,682
7,672
2,986
4,686
6,766
2,772
3,994
(3)
(3)
(3)
260
334
848
189
374
899
13
33
71
15
29
73
(3)
«
thous. sh. tons .
195.6
274.7
577.7
13.2
69.7
2.37
157.0
21.2
do
An
174.7
78.8
3.0
.1
190.3
.108
146.7
15.8
Asphalt siding
Insulated siding
Saturated felts
(2)
257.5
557.8
19.8
54.0
2.25
10.0
29.2
Ho
80.2
2.9
38.0
(3)
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
thous. cords (128 cu. ft.).
do...
do...
68,863
67,562
6,594
67,220
67,501
6,215
5,238
5,434
5,207
5,229
5,084
6,215
5,254
5,663
4,909
5,296
5,422
4,819
5,815
5,790
4,797
5,449
5,655
4,578
5,457
5,732
4,305
6,042
6,079
5,504
5,706
5,742
5,481
6,031
5,927
5,651
5, 795
5,615
5,779
5,944
6,084
5,697
thous. sh. tons.
do...
10,594
571
10,997
861
828
696
874
522
901
498
974
506
914
504
526
967
538
840
547
1,000
566
'931
'564
1,003
578
thous. sh. tons
do..
.
do
do...
43,546
1,705
29,472
2,344
43,933
1,671
29,551
2,101
140
2,446
173
3,499
138
2,219
159
3,866
149
2,544
162
3,765
140
2,494
164
3,778
151
2,695
189
3,893
147
2,594
181
4,013
135
2,688
189
3,942
142
2,665
182
3,766
126
2,569
152
3,991
138
2,685
183
3,668
133
2,468
185
4,123
144
2,788
200
do...
do__.
do...
4,404
2,105
3,515
4,462
2,405
3,743
467
236
346
423
240
320
440
270
302
419
242
306
398
(3)
345
379
254
339
393
256
350
380
241
332
359
236
325
390
256
337
346
216
320
380
266
345
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
do__
do._.
do__
do_.
917
378
470
69
1,124
573
479
71
1,154
697
381
76
1,124
573
479
71
1,077
632
379
65
1,026
589
374
63
1,003
544
393
67
984
548
362
75
954
492
385
78
943
477
392
74
907
432
402
73
914
430
411
73
392
402
871
399
397
76
Exports, all grades, total
Dissolving and special alpha
All other
do. .
do__.
do...
3,755
869
2,886
i 2,175
790
1
1,385
142
52
89
235
185
73
112
171
61
110
171
59
113
184
66
119
217
68
150
176
62
114
186
69
116
175
67
108
196
72
125
195
72
123
229
73
155
Imports, all grades, total
Dissolving and special alpha
All other
do__.
do...
do._.
13,538
273
i 3,265
i 3,515
313
1 3,202
307
15
322
25
274
309
15
294
300
30
270
340
24
316
325
26
300
290
24
309
16
293
271
6
265
310
21
331
319
22
342
334
16
319
346
17
363
53,329
23,409
25,465
139
4,316
55,092
23,838
26,120
138
4,995
4,632
2,016
2,190
10
417
4,358
1,922
2,026
10
401
4,769
2,087
2,288
10
384
4,751
2,051
2,280
11
409
5,222
2,230
2,519
12
460
4,828
2,055
2,320
11
442
5,203
2,194
2,548
12
449
5,023
2,127
2,436
12
448
4,613
1,926
2,255
11
421
5,232
2,205
2,532
12
483
' 4,734
•2,003
• 2, 285
12
'434
5,259
2,239
2,557
12
452
109.5
101.1
101.2
110.6
102.4
103.0
109.2
102.9
104.7
109.2
102.7
104.6
109.2
102.7
104.7
109. 2
103.5
104.7
109.2
103.6
105.6
108.5
105. 6
106.1
108.5
105.8
106.5
108.5
106.0
106.6
108.8
106.0
106.8
108.8
106.0
107.2
108.8
106.5
107.3
109.6
106.8
107.3
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulfite
Groundwood
Defibrated or exploded
Soda, semichem., screenings, etc
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..
Wholesale price indexes:
Book paper, A grade
1967 = 100
Paperboard
do__
Building paper and board
do_.
r
Revised.
'Reported annual total; revisions not allocated to the months.
2
Less than 50 thousand barrels.
c
a Series discontinued.
Corrected.
109.6
106.8
107.2
109.6
107.1
107.2
SURVEY OF CURRENT BUSINESS
January 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S STATISTICS
1970
1972
1971
1971
Annual
S-37
Nov.
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):
Groundwood paper, uncoated:
Orders, new
thous. sh. tons.
Orders, unfilled, end of period
do
Shipments
do—
Coated paper:
Orders, new
do—
Orders, unfilled, end of period
do
Shipments
do—
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
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
1,245
90
1,240
1,216
80
1,220
113
100
80
114
109
'84
100
103
81
102
3,163
183
3,260
3,255
287
3,250
275
279
285
257
287
277
'290
'250
'280
2,396
2,476
2,643
2,550
210
212
208
2,869
2,873
2,936
2,945
210
235
3,714
111
3,755
3,671
3,868,
156
3,755
3,765
do
do
do
8,607
8,592
236
-do
do
do
108
99
'106
125
108
117
121
117
'112
133
131
119
'287
'322
'269
'316
'345
'317
'325
'365
'302
335
374
322
'223
'215
'254
'234
'237
'230
262
243
269
271
223
247
247
283
282
275
292
294
356
179
335
339
189
326
'321
301
164
309
'292
346
176
'333
'330
318
189
303
314
207
342
343
723
727
498
735
725
508
733
753
488
711
475
775
407
784
832
359
750
796
313
283
275
76
305
74
283
287
70
275
273
72
294
298
260
277
51
293
303
41
300
35
613
583
605
625
701
664
647
617
610
618
627
617
583
504
550
590
611
625
553
562
615
159.70
161.70
163. 70
163. 70
163.70
163.70
163.70
163.70
163.70
163.70
521
976
504
560
1,010
539
583
1,087
559
574
1,199
552
596
1,280
573
590
1,332
562
519
1,399
520
556
1,397
563
543
1,420
633
589
1,505
575
568
1,481
573
741
1,446
537
17,676
18,939
15,427
15,858
21,482
19,721
18,643
17,158
210. 9
109. 7
' 213. 9
112.1
182.0
95.1
221.2
117.0
215.9
114.8
' 230. 5
' 123. 4
209.8
110.4
40.86 55.25
54.08
102. 86 112. 25 109.47
38.67 50.65
63.61
118.83
54.73
55.32
.180
.194
.205
191. 01 195. 51 202. 74 200.44
198. 24 152.67 192.47 195. 26
485. 05 519. 24 512.64 515.46
210.99
209.71
501.95
114
92
106
90
101
'242
r277
'310
'264
'307
'278
'255
'279
'221
'222
217
211
'262
'242
'233
'229
238
236
250
251
254
247
290
280
256
257
287
276
171
336
327
307
156
327
308
348
168
326
327
323
171
322
315
357
175
346
341
317
157
314
330
8,297
8,210
323
758
762
409
784
323
725
604
445
663
619
489
685
673
501
3,310
3,303
33
3,296
3,288
41
285
302
76
257
292
41
277
53
278
266
290
288
7,130
7,057
643
629
570
571
642
749
705
704
705
711
699
Imports
do
6,635
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton.. 150.50
6,881
610
635
591
157.00
158.10
158.10
474
917
501
532
1,003
517
474
917
461
191,832
16,653
15,866
204.9
105.0
216.1
109.5
Consumption by publishers d"
do
Stocks at and in transit to publishers, end of
period
thous. sh. tons_.
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons_.
Orders, unfilled §
do
Production, total (weekly avg.)
do
349
742
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area.. 185,864
Folding paper boxes
thous. sh. tons.. 2,490.0
1,225.0
il$
2,445. 0
1, 250. 0
r
15,453
16,302
18,358
204. 2
105.6
' 193. 9
' 100.9
' 217.6
' 113.3
126
106
113
276
16,579
r
201. 6
' 104. 7
108
96
112
r
r
734
721
539
640
163.70 163.700
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. lg. tons
Stocks, end of period
do__.
Imports, incl. latex and guayule
do__
559.32
102. 60
549.92
577. 81
133.32
612. 72
47.71
126. 36
42.07
47.99
133. 32
56.40
55.31
128.01
57.89
52.66
128. 03
51.72
59.12
133. 22
63.95
51.91
129.71
47.62
54.06
117.04
49.79
53.23
109.09
36.43
Price, wholesale, smoked sheets (N.Y.)__$ per lb.
.218
.180
.173
.171
.180
.178
.170
.165
.169
.173
thous. lg. tons. 2.197.00 2,241.00
do__. 1,917.85 2,104.87
514. 78
do__.
488.17
194. 90
173. 34
480.28
196.14
178. 65
488.17
199.99
182.77
487.44
192. 96
187.33
478. 73
210.13 208. 74
201. 96 190.30
480.11 492.71
210.74
197.53
491.34
Synthetic rubber:
Production
Consumption
Stocks, end of period
Exports (Bu. of Census)
Reclaimed rubber:
Production
C onsumption
Stocks, end of period
.175
.175
do...
290. 06
269. 82
9.76
15.61
26.84
26.72
20.02
16.75
19.99
18.14
20.06
22.10
16.47
24.04
do_..
do.
do..
200. 56
199. 57
27.58
199.19
200. 47
22.67
15.81
15.28
22.60
15.88
16.02
22.67
15.76
16.42
21.00
17.02
16.91
21.38
19.24
17.96
21.98
17.78
16.04
22.60
18.54
16.49
26.25
16.99
15.87
23.13
11.28
11.81
21.72
15.87
15.12
20.74
15.48
15.35
19.87
15.86
16.41
19.14
thous
190,403
213,110
17,134
17,589
19,074
19,143
20,597
19,009
19, 725 20, 270 14,765
18, 608
19,352
20,999
do...
do_.
do._
do..
194,541
46,135
146,508
1,898
211,217
55, 860
153, 405
1,952
16,392
4,936
11,345
111
13,814
4,318
9,315
180
15,091
5,038
9,849
203
16,062
5,245
10,644
173
20,317 21,668
6, 019 5,601
14,130 15,905
167
162
21, 215 21, 277 16, 209 19,628
5,957 5,349
2,946 4,685
15,092 15, 685 13,073 14,781
243
166
191
162
21,339
5,793
15,308
21,840
6,201
15,415
224
do_.
do__
50,175
1,531
54,992
1,589
50,824
92
54,992
113
59,394
129
62, 705 63,255
136
160
do...
do__.
do-_.
do...
35,687
41, 005
9,718
1,002
35, 562
40,476
8,271
979
2,847
3,092
8,110
79
2,863
3,035
8,271
99
3,390
3,607
8,627
101
.210
21.92
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks, end of period
Exports (Bu. of Census)
Inner tubes, automotive:
Production
Shipments
Stocks, end of period
Exports (Bu. of Census)
' Revised.
» Preliminary.
c?As reported by publishers accounting for about 75 percent of total newsprint consumption.
3,477
3,532
8,877
79
3,749
4,041
9,056
74
60, 918 59, 753 58,836
150
167
215
3,339
3,507
9,262
82
3,496
3,544
9,494
61
3,367
3,697
9,813
57,836
180
56,894
225
54,965
161
55,483
211
180
2,441
2,986
9,481
36
3,282
3,615
9,482
65
3,227
3,498
9,363
28
3,323
3,878
9,144
63
40
§ 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.
VEY
S-38
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
January 1973
CUKJtCENT BU
1972
1971
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
July
Aug.
Sept.
Oct.
42,234
45,043
42,335
50,447
44,436
46,048
10.6
160.4
784.6
11.0
162.4
727.5
8.4
835.9
8.1
'724.8
"•7.0
749.9
7.3
158.2
13.2
152.3
177.6
r
12.0
11.0
13.1
12.2
24.4
29.0
'25.9
122.1
122.1
122.1
May
Nov.
Dec.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
...thous. bbl. 1390,461 1420,239
Shipments, finished cement
35,954
26,212
22, 399
23,910
651.6
11.1
143.0
561.3
9.9
113.9
507.2
9.2
545.4
10.3
742.1
9.4
701.3
8.0
12.2
11.1
109.9
109.1
144.1
144.0
32,229 34, 612
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick. 6,496.0
Structural tile, except facing
thous. sh. tons..
181.0
Sewer pipe and fittings, vitrified
do
Facing tile (hollow), glazed and unglazed
1,622.3
mil. brick equivalent..
Floor and wall tile and accessories, glazed and un173.0
glazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or
250.4
N.Y. dock
1967=100_.
112.2
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $.
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
do.._
__do.__
7,569.7
157.0
1,720.6
155.4
276.1
23.8
22.2
118.4
118.4
117.4
9.2
8.9
10.8
10.5
22.7
23.6
28.1
25.0
118.3
121.2
121.4
122.0
27.7
28.4
122.1
122.1
162.0
464,674
129,930
131,969
131,685
138,099
131, 551 150,344
253,239 314,330
41, 036
88,894
40,821
91,148
40,235
91,450
38,427
99, 672
384,790
12.8
27.5
123.7
124.1
18,359
20,731
21,533
23, 239
21,903
23,350
24,704
23,082
24,968
21,356
24,509
21,148
1266,031
255,261
19,186
20,633
19,160
20,185
26, 081
19,288
23,650
24,420
21,518
25,233
22,145
22,119
20,855
i 24, 878
169,854
52,626
i 21,142
24,310
67,552
53,189
21,146
1,605
5,130
3,455
1,856
1,572
6,074
3,918
1,896
1,869
4,789
3,433
1,748
2,150
5,238
3,522
1,664
2,469
7,178
4,923
2,111
1,837
5,119
4,551
1,679
2,091
6,999
5,016
1,961
2,021
6,904
5,731
2,021
1,850
6,294
5,070
1,460
2,638
6,859
5,266
1,870
2,510
5,557
4,540
1,806
' 1,766
5,257
4,436
2,132
1,665
5,223
3,936
2,058
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars)
thous. gross.
Dairy products._
__
do
58,632
379
57,208
305
4,476
30
4,704
24
4,600
23
4,668
17
5, 873
22
3,799
12
4,803
21
4,870
19
5,505
23
4,877
22
5,426
26
4,911
21
Narrow-neck and Wide-mouth containers:
Medicinal and toilet...
do.
Household and industrial
do.
34,252
i 4,268
27,645
3,906
2,324
310
2,169
276
2,391
307
3, 066
439
1,982
309
2,419
340
2,492
362
1,963
301
2,680
392
2,485
348
2,683
393
2,693
348
37,091
35,652
38,403
35,652
36,229
2,547
379
37,593
34,666
37,141
36,487
36,377
37,406
36,604
35, 470 ' 37,474
37,247
9,462
8,654
10,437
10,224
2,788
2,723
2,719
2,854
3,149
2,996
3,229
3,115
6,128
6,262
1,565
1,639
1,905
2,179
4,219
14,305
1,101
863
1,301
1,353
265
268
70
86
73
408
588
9,742
382
535
11,939
477
292
272
9,014
1,766
117
122
3,349
118
79
77
2,512
525
39
91
126
3,584
114
90
93
2,668
571
48
82
140
3,782
118
thous. gross. 1268,959
Shipments, domestic, total
Narrow-neck containers:
Food
Beverage
_
Beer
Liquor and wine
.do...
do...
do___
do
...do...
Stocks, end of period
do...
263,780
124.5
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
Imports, crude gypsum
..thous. sh. tons.
do...
...do.
Sales of gypsum products:
Uncalcined
,
_
do...
Calcined:
Industrial plasters.
do...
Building plasters:
Regular basecoat
do._.
All other (incl. Keene's cement)
do...
Board products, totalG
mil. sq. ft.
Lath
do._.
Veneer base
do...
Gypsum sheathing
do...
Regular gypsum board
do...
Type X gypsum board
do__.
Predecorated wallboard
do...
128
3,190
118
76
70
2,415
478
33
2,824
596
57
TEXTILE PRODUCTS
WOVEN FABRICS %
Woven fabrics (gray goods), weaving mills:
Production, total9..
mil. linear yd._
Cotton
do
Manmade
fiber
do
Stocks, total, end of period 9 d"
Cotton
Manmade
fiber
.._ do
do..
do_.
Orders, unfilled, total, end of period9 H___do.
Cotton
do..
Manmade
fiber
do..
11,212
6,242
4,804
10,911
6,156
4,647
'1,421 ' 1,089
472
577
831
' 2,361
1,488
• 2,657
1,494
1,138
484
378
r
'2995
2 554
2 433
'857
461
390
1,074 ' 1, 089 '1,088
470
472
481
593
597
• 2,505
1,416
1,064
' 2,657 '2,823
1,494
1,575
1,224
1,138
'872 •21,090
464
2 586
400
2 495
'887 •21,098
466
2 578
412
2 511
'845 2 1,040
424
'2 528
'2 504
'414
867
431
429
'1,094 ' 1,074 • 1,044 ' 1,034 ' 1,054 • 1,056 ' 1,051 ' 1,021
456
475
454
486
470
464
'453
'424
589
571
581
598
563
'590
'590
588
978
418
553
'860
460
393
•3,002 ' 3,107 • 3,181 • 3,371 ' 3,396
1,725
1,778
1,902
1,924
1,760
1,254
1,467
1,303
1,396
1,419
'697
340
350
1,848
1,504
• 3,371 ' 3,460
1,837
1,844
• 1,497 '1,580
3,656
1,944
1,686
COTTON
Cotton (excluding linters):
Production:
GinningsA
thous. running bales.. 10,112 10,229
7,895 ' 8,186 * 9, 723
Crop estimate, 480-pound bales, net weight
thous. bales.. 10,192 10,473
Consumption
do
642
632
2 727
7,878
8,128
Stocks in the United States, total, end of period
thous. bales.. 11,900 10,054 10,797 10,054
8,961
Domestic cotton, total
do
8,937
11,886 10,035 10,783 10,035
On farms and in transit
do
2,389
1,390
2,389 '3,408
1,482
Public storage and compresses
do
6,416
6,188
6,416
6,352
9,257
1,230
1,350
1,230
Consuming establishments
do
1,023
1,147
19
24
19
Foreign cotton, total
do
14
'14
'2 Revised.
1 Reported annual total; revisions3 not allocated to the months
or
quarter.
Data cover 5 weeks; other months, 4 6weeks.
Ginnings to Dec. 13. 4 Ginnings to
Jan. 16.
s Crop for the year 1971.
Dec. 1 estimate of 1972 crop.
©Data for total
board products are available back to 1947.
% Monthly revisions (1968-71), reflecting recent
benchmark adjustments, appear in "Woven Fabrics: Production, Stocks, and Unfilled
Orders," M22A—Supplement (Dec. 1972), Bureau of the Census.
9 Includes data not shown separately.
510, 229
40
6,850
521
9,310
649
11,610
«13,469
510,473
620
627
2 772
493
587
2 715
593
2 740
7,642 6,475 5,555 4,597
3,304 16,050 15,364 14,997 13,554
3,808
7,614 6,449 5,526 4,573
3,785
3,280 16,030 15,345 14,979 13,539
878
5,739
602
377
161
119
150 13,338 12,333 8,490
5,140 4,047 3,253 2,572
6,843
5,601
1,472 2,018
1, 997 1,607
1,596
1,800
1,896
957
888
1,840
1,669
1,220
994
1,523
28
29
15
18
24
23
20
19
24
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
If Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
January 1973
OF CURRENT BUSINESS
SUR\
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Annual
S-39
Nov.
1972
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept. 1 Oct. Nov.
Dec.
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (excluding linters)—Continued
Exports
- --thous. bales
Imports
do
2,982
37
* 4 128
38
272
(3)
417
4
337
15
402
16
Price (farm), American upland©..cents per l b . . . 121.9
l
23.6
Price, middling 1", avg. 12 markets©
do
128.1
1
31 5
28.7
28 0
29.1
30 1
30.2
32 9
30.3
33 4
AOJ
en
97K
a
163
27.8
33 8
31.3
32.3
35 6
32.0
34 3
31.0
33 0
31.0
31 1
18.3
11.0
2 11.5
18.3
10.9
9.2
18.3
10.9
9.3
AKQ
AB/R
18.3
10.8
7.4
460
6 9
p. c
55
18.4
10.9
2 11.5
460
2
6 8
43
18.2
10.7
8.9
111
51
1.115
1.121
1.123
1.123
1.121
g
OK
9
14.7
Q
110
g
191
qe9
24.4
26 8
25.6
24 9
27.2
26 0
18.2
10.5
211.0
438
2
6 3
18.2
10.5
9-1
5 2
18.2
10.4
2 11.4
455
2
6 4
1.117 71.107
1.103
1.105
59.10
89
2
2
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total
bil._
Average per working day
- _ ..do
Consuming 100 percent cotton
do
18.6
11.6
113.0
.435
70.4
18.4
11.4
113.8
438
70.3
18.4
11.4
9.0
450
5.5
18.4
11.4
2 10.2
407
2
6 2
18.3
11.2
9.1
453
55
18.2
11.1
9.1
Cotton yarn, price, 36/2, combed, knit
1.008
1.061
1.082
1.088
1.096
1.107
6,246
6,147
15.4
16.9
14.3
16.9
16.1
16.3
17.1
17.8
17.7
18.0
24.8
18.6
18.8
19.3
5.5
4.5
4.2
4.5
4.3
4.2
4.1
41
3.9
3.9
5.6
4.0
3.8
3.8
.36
.27
.30
.27
26
26
24
23
22
22
23
22
20
20
312.6
569.5
23.7
21.2
45.3
85.7
33.9
75.0
31.6
59.1
37.7
58.5
32.3
69.1
33.8
55.5
35.8
71.4
29.7
53.1
34.2
67.9
31.3
51.7
39.0
64.6
45.10
44.81
44.89
44.90
45.62
46.26
50.10
52.12
53.81
58.64
61.65
60.52
16 4
22.0
17 5
23.0
17 5
23.3
17 8
24.0
18 ft
24.0
45.38
ia n
24 0
47.29
15 8
22.2
1 8 <l
18 3
18 3
18 3
18 3
*25.0
$ per l b . .
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. yd-.
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
avg. weekly production -No. weeks* prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period f
Exports, raw cotton equlv
Imports, raw cotton equiv
thous. bales..
do
274.3
543.3
Mill margins:
Carded yarn cloth average
cents per l b . .
43.57
Print cloth 381^-inch 64x64 cents Der vard
Sheeting, class B , 40-inch, 48 x 44-48. _ . d o . . . _
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil.lb_- 5,391.7
730.8
Filament yarn (rayon and acetate)..
do
607.4
Staple, incl. tow (rayon)
do
Noncellulosic, except textile glass:
Yarn and monofilaments
. . d o . __ 1,793.4
Staple, incl. tow
_
do
1,792.8
467.3
Textile glass
fiber
_
do
Exports: Yarns and monofllaments
Staple, tow, and tops
Imports: Yarns and monofilaments
Staple, tow, and t o p s . . .
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
Noncellulosic fiber, except textile glass:
Yarn and monofllaments
Staple, incl. tow
Textile glass
fiber
thous. lb-_ 148,843
152,871
do
do
__do
mil. lb._
137,054
140,075
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb_.
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do
1,527
1.107
1,511
1,637.4
178.8
168.2
1713 3
179.1
179.0
2,187.9
2,104.9
468.2
609.2
553.8
127.4
612 3
608 3
134 6
—
130,511
181,612
249,819
175,306
1o q
18 ^
1,263
24 0
1 829 5
170.1
185.1
1,821 8
147 1
174.8
679 6
653 9
140 8
713 7
642 5
143 7
5,490
7,505
9,186
12,446
9,851
14,441
9,971
16,080
9,500
20, 279
9 311
13,177
9,558
17,506
8,501
17,312
8,194
17,351
10,533
15,713
8,429
14,625
10,034
18,979
10,054
17,810
8,878
4,048
22,329
9,399
20,302
8,738
15,508
13,808
20,387
10, 985
13,172
11,980
17,173
13,952
18,358
13,577
21,484
13,114
26,279
16,771
23,089
13,307
24,938
14,622
28,804
13,527
Aft 7
61.5
33.0
288.3
242.6
103.8
297.6
252.9
89.7
297.6
252.9
89.7
280.1
267.6
86.2
.61
.61
.62
1.26
1.21
4 93
1.39
071
1,475
6,125.4
752.7
611.7
65.2
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd-- 5,028. 2
Filamentyam (100%) fabrics9-do
1,461. 4
Chiefly rayon and/or acetate fabrics
do
639.7
Chiefly nylon fabrics...
do
271.4
Spun yarn (100%) fab., exc. blanketing 9 --do
2,871.6
Rayon and/or acetate fabrics and blends
do—.
444.8
Polyester blends with cotton
do
1,962.8
Filament and spun yarn fabrics (combinations
472.6
and mixtures)
mil. lin. y d . . .
4,885.6
1,433.1
521.1
296.1
2,773.9
.62
1 03
1.19
.62
.62
.62
.62
.62
1.18
1.01
1.20
1.03
1.22
i ft^i
1.19
1.18
.62
1 (\n
1.24
.62
1.03
1.24
.62
1.24
.62
.62
.62
1 (\A.
1 flA
1.24
1.24
1 05
1.22
1,343.0
421.3
139.9
86.9
723.7
1,384.2
438.4
126.2
97.2
758.4
1,320.5
408.8
114.9
94.5
728.3
381.8
1,998.5
103.3
508.0
106.7
544 0
103.0
523.5
450.5
126.5
137.2
127 6
129.5
mil. lb
do
do.
do
163.7
76.6
153.1
73.3
116.2
74.8
126.6
83.9
7.7
6.4
1.0
.8
2 9.8
2 7.2
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory*
fine,.
Graded fleece, H blood..
Australian, 64s, warp and half-warp
$ perlb
do
do
1.024
.872
.941
.664
.656
.802
.605
.593
.805
.615
.525
.839
10.7
9.9
18 ^
25.0
63.7
51.9
297.4
303.7
81.7
64.7
36.4
270.8
279.9
78.7
1,275.2
388.3
130.8
73.4
701.7
88.7
511.8
WOOL
Wool consumption, mill (clean basis):
Apparel class
Carpet class. _
Wool imports, clean yield
Duty-free (carpet class)
.62
1 05
1.25
9.5
7.6
7.1
10.4
7.2
10.5
9.0
2 14.6
2 7.6
11.8
6.1
11.8
8.1
12.6
6.3
8.6
2 15.5
2
7.3
6.3
4.3
9.0
4.2
9.9
12.6
5.8
10.7
2 13.6
2 7.3
6.2
•"10.9
'6.0
5.8
2 13.0
2 6.5
7.2
5.4
.625
.525
.890
.640
.550
1.030
.708
.577
1.001
.944
.696
1.095
1.130
.895
1.133
1.200
.962
1.270
1.270
1.025
1.230
1.275
1.025
1.289
1.350
1.043
1.500
1.455
1.165
1.672
1.635
1.310
1.771
1.650
1.325
1.975
89.2
90.2
92.6
105.0
107.8
108.2
111.5
113.4
122.7
119.9
126.4
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
91.1
101.4
94.4
system, wholesale price
1967=100..
88.3
89.2
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. y d . . 178 6
113 3
21.1
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. m i l l . . .
1967=100..
101.3
r
2
3
Revised.
* Season average.
p o r 5 weeks; other months, 4 weeks.
Less than 500
bales.
« Average for 4 months, Sept.-Dec.
« Revised total; revisions not distributed
by
months.
e
Beginning
Aug.
1971,
net
weight
basis;
1971
average
is
for
Aug.-Dec.
7
Price not directly comparable with earlier data. O Beginning Aug. 1971, prices are on*
480-lb. net-weight bale basis (for earlier months, on 500-lb. gross-weight bale basis); to com-
2
65.2
40 7
75.0
7fi ft
do
.do
do
6
AKJ
55
25.6
27 7
25.6
27.7
6.7
22.9
pute comparable prices for earlier months, multiply farm price by 1.04167 and market price
by 1.0438.
t Effective with the Oct. 1972 SURVEY, series restated on an unadjusted basis.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-40
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of B U S I N E S S STATISTICS
January 1973
1971
1971
Annual
1972
Dec.
Nov.
Jan.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
18, 594
17,764
20,964
19, 730 21,908
20,482
21,424
19, 849
1 575
1 413
1 513
1,581
303
1,223
14
440
14, 580
1 592
1,576
r 1,631
1,335
13,945
1,556
1, 660
1, 313
14, 297
1, 673
Mar.
Dec.
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
thous. doz. pairs..
Men's apparel, cuttings:J
Tailored garments:
Suits
thous. units..
Coats (separate), dress and sport
do
Trousers (separate), dress and sport
do
Shirts (woven), dress and sport
-thous. doz...
Women's, misses', juniors' apparel, cuttings:J
Coats
thous. units,.
Dresses
.
do
Blouses and shirts
thous. doz__
Skirts
do....
231,795
16, 790 14, 834 15,172
210, 872
17,694 1 16,477
11,750 i 13,972
173, 599 i 183,738
20,792 i 20,795
1,389
1,076
15,087
1,722
1
1
13
1
21,769 I i 20,690
251,540 1234,153
12639
3; 250 i 12/639
6,927
' 6,985
1,717
19,323
16, 327
981
421
786
402
356
067
430
603
1 289
15, 932 19,325
1,607
1,558
1,088
1,198
15, 503 14, 889
1,770
1,713
1,703
1,279
17,030
1,820
1,578
1,206
15,200
1,674
1,683
1,326
15,050
1,717
1,344
18,386
1,106
1,146
23,981
1,355
943
23,650
1,315
1,289
19,729
1,237
509
1,245
23,872
1,196
599
590
516
783
710
14, 781 11,986
1 833
1,133
1 553
22 684
1 397
451
447
1,382
15,863
1,313
489
1,738
22,929
1,604
534
1, 591 r 1, 821
1, 634
19,938 '20,463 19, 588
1, 469
1, 308
1,602
518
517
386
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
mil. $
Orders, new (net), qtrly. total
do
U S Government
do
Prime contract
Sales (net) receipts or billings qtrly. total do
do
U S Government
Backlog of orders, end of period 9
do
do
U.S. Government
An
Aircraft (complete) and parts
Engines (aircraft) and parts
dn
Missiles, space vehicle systems, engines , propulsion units, and parts
mil $
Other related operations (conversions, modifications) products services
mil $
Aircraft (complete):
Shipments
do
Airframe weight
Jious lb
Exports commercial
mil $
21,161
15,116
19, 010
24,752
16,407
21,553
15, 229
19,028
21,679
14,114
5,429
3,782
4,549
5,246
3,305
4,658
3,051
4,192
4,913
3,022
24,705
12,882
13 264
2,449
24,579
13,997
11,999
2,281
24,579
13, 997
11,999
2,281
24,324
14,026
11,818
2,273
4 522
4,780
4,780
4,730
r
2,791
3,274
3,274
2,906
T
2,972. 9
48,818
1,906.8
247.8
3,822
112.4
258.1
4,687
195.9
214.9
3,303
144.8
235.1
3,781
142.7
8,239. 3 10,637.7
7 753. 0 10,036.0
6 546 8 8,584.6
6 187.3 8,121.7
1 692.4 2,053.1
1 565 7 1,914.3
963.3
917.0
773.5
736.6
189.8
180.4
786.1
745.0
623 4
593.2
162.7
151.8
889.1
847. 2
698.0
666.0
191.1
181.2
954.3 1,038.3
910.0
983.4
806.5
748.3
765.2
716.1
231.8
206.1
218.3
193.9
8,405
7,119
1 285
10,252
8,681
1,570
962
848
114
10.9
9.4
1.5
741
649
92
9.3
8.0
1.3
721
610
111
10.3
8.8
1.5
813
698
115
10.4
8.9
1.5
913
772
141
10.3
8.7
1.6
1,220
1,294
1,447
1,590
1,446
1,595
1,447
1,590
1,588
1,521
1,684
1,566
2.4
2.1
2.0
2.4
2.1
2.1
3 605 0
59, 436
1,527.2
1
7 042
4,343
6 464
5 405
3 698
' 6,124
' 3,874
r
5,357
r
5 402
r
3 285
r
r
344.5
4,930
189.4
25
14
12
2
046
615
404
422
26
15
I1?
2
683
260
734
599
4 869
5 310
2 771
2,995
289.7
4,316
128.2
223.7
3,175
85.6
226.9
3,485
111.2
993.9 1,078. 3 1, 024.8
968.4
939.7 1,019. 5
804.2
842.9
779 1
798.0
761.6
736.9
235.3
220.6
214.8
221.5
206.8
202 8
531.7
504 5
411 9
393.6
119.7
110 8
551.9
516.0
398.5
371 0
153.4
145 0
899
774
125
10.6
9.1
1.5
1,030
888
143
11.0
9.5
1.5
1,025
877
149
10.4
8.9
1.6
904
769
135
11 4
9 8
1.6
812
656
156
11.1
9.3
1.7
878
741
138
11.8
10.2
1.6
1,069
932
137
11.2
9.6
1.6
1,032
891
141
11 6
9 8
1.8
847
719
128
11.1
9.2
1.9
1,741
1,578
1,782
1,628
1,781
1,606
1,751
1,540
1,393
1,373
1,263
1,488
1,300
1,288
1,492
1,313
1,473
1,311
1,434
2.2
2.2
2.0
2.1
1.7
1.9
1.9
1.8
1.9
382.7
6,188
298.1
219.5
3,285
131.7
192 9
2,815
76.3
r 270. 0
r 3,785
102.5
169 0
4,082
120.5
MOTOR VEHICLES
Factory sales (from plants in U.S.), total- ---thous..
Domestic .
do
do
Passenger cars, total
do
Domestic
do
Trucks and buses, total
do
Domestic
Retail sales, new passenger cars :
Total, not seasonally adjusted
.. -thous..
Domestics A
- -do
rln
Imports A
Total seasonally adjusted at annual rates "mil
do
Domestics A
ImportsA
Retail inventories, new cars (domestics), end of
period: A
Not seasonally adjusted
...thous-Seasonally adjusted
do
Inventory-sales ratio, new cars (domestics) A
2
876.1
2
682. 6
2
193. 5
1,485
ratio. .
Exports (Bureau of the Census):
Passenger cars (new), assembled
thons
do
To Canada
An
Trucks and buses (new) assembled
Imports (Bureau of the Census):
Passenger cars (new), complete units
do
From Canada, totaldo
Trucks and buses, complete units
do
Truck trailers (complete), shipments
number..
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number
Registrations (new vehicles):©
thous
Passenger cars
Imports, incl. domestically sponsored
do
Trucks
do
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
number
Shipments
Equipment manufacturers.
. do ...
Ho
New orders
Equipment manufacturers
.-do
Unfilled orders, end of period
do
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thons..
Held for repairs % of total owned
Capacity (carrying), aggregate, end of period
mil. tons..
Average per car
tons..
1.7
386.64
348.40
100.04
32.04
29.39
7.53
26. 62
22.44
8.50
2,013. 42 2,587.48
802. 28
692. 78
160.87
i 115. 82
105, 709 103,784
65,
785
71, 274
215. 30
77.81
21.33
9,652
6,483
229. 09
67.78
25. 66
10, 721
7, 260
18, 509
1,833
1,878
285 04
245 62
93.87
26,138
4
s 8 388 2 1 4 9,729.1
«1,231.0 1 1,465.7
i«1 790 2 14 1,981.3
i
i
i
i
66,185 1 55,307
52,411 1 47,990
50 293 1 52 482
42, 530 1 46,913
22, 221
27,552
22,320
18, 753
4
4
4
934. 7
103. 7
193.9
34.56
31.59
10.16
36.74
33.89
9.81
41.34
38.76
11.00
35.85
34.11
9.99
19.51
18.39
8.35
19.50
18.04
8.24
43.40
45.89
8.93
46.36
42.49
11.58
38.06
34.04
12.70
215.64 226. 78 258. 77
81.44
59. 30
75.75
20.14 « 21. 95 21.73
9, 947 11,309 13,078
7, 039
9,035
7,770
216.15
82.59
19.29
12,100
8,078
258.70
83.25
25.14
12,874
8,538
209. 70
89.72
26.34
11,745
7,362
153.95
47.36
13.06
10,132
6,746
170. 35
35. 23
22.09
11,580
8,175
142. 98
58.41
14.64
r
11,835
r
8,134
198. 80
74.99
14.72
13,383
8,900
229. 71
86.87
22.84
11,184
7,478
2,207
2,763
2,782
2,069
2,322
2,895
3,442
3,444
3,432
25.11
22.13
7.37
2,147
28.22
25.00
9.99
4
885. 0 4 685.1 4 680. 0
4
98.2
91.4
4 97.1
4
165.7
4 206.8 4 165.0
4
2,835
4
4
4
828.1
122. 5
203.1
4
865. 8 3 916.7 3 812.6 3 864.8
817.2 3
3
121.3 3 126.4 3 116.1 3 1-14.1
4 117.0
4 201.9 3 220.1 3 229.8 3 203.3 3 201.3
7
7
7
743. 4
128. 9
177. 0
7
838.5
116.5
181. 4
7
7
7
7
7
869.1
122. 0
222. 6
4,159
4,046
3,518
3,418
25, 213
21, 789
4,807
4,551
3,933
3,633
22, 221
187, 53
4,211
3, 965
3,780
2,320
21,865
17,183
3,567
3,327
2,125
2,025
19, 490
14, 948
4,580
4,351
3,662
3,462
18,592
14,079
4,417
4,135
2,712
2,062
16,847
11,966
4,731
3,903
3,183
2,955
15,344
11,063
4,351
3,705
5,923
4,543
16,936
11,921
2,846
2,297
2,932
2,711
17, 027
12,340
3,389
2,822
5,112
4,975
18, 750
14, 493
3,199
2,619
5,095
4,516
20,642
16,386
4,131
3,487
3,316
3,116
19,822
16,010
3,969
3,557
5,357
4,957
21,114
17,314
1,423
5.7
1,422
5.6
1,426
5.7
1,422
5.6
1,422
5.8
1,441
5.7
1,439
5.8
1,433
5.8
1,431
5.9
1,426
5.9
1,426
6.0
1,424
6.2
1,424
5.9
1,412
5.9
1,413
6.0
95.64
67.19
97.14
68.29
97.22
68.19
97.14
68.29
97.33
68.44
98.82
68.56
98.82
68.68
98.56
68.78
99.07
69.24
98.38
68.97
98.49
69.09
98.56
69.19
98.64
69.27
97.95
69.35
98.10
69.44
r
2
Revised.
1 Annual total includes revisions not distributed by months.
Estimate
4
of production, not factory sales.
3 Omits6 data for three States.
Omits data for two
States.
s Omits data for one State.
Effective Feb. 1972, imports include trucks
valued less than $1,000 each.
? Omits data for 4 States.
JMonthly revisions (1970) appear in Census report, Apparel Survey, 1970, MA-23A(70)-l.
1,049.7 1,135.0 21,119.
986. 7 1,065.4
895.7 2 874 0
859 3
841.7
808.8
239.3 2 245 0
190.4
223.7
177. 9
9 Total includes backlog for nonrelated products and services and basic research.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
©Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
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
4,40
Agricultural loans
16
Air carrier operations
23
Air conditioners (room)
34
Aircraft and parts
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
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
8,11, 22,23.26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields.... 19,20
Brass and bronre.
33
Brick.....
38
Building and construction materials
4-7,
9,10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores. ..
12
Cheese
26
Chemicals
4-6,8,13-15,19.22-25
Cigarettes and cigars
30
Clay products
9,38
Coal
4,8,22,34,35
Cocoa
23,29
Coffee
23,29
Coke
:
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,24
Confectionery, sales
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures..,
1
Consumer goods output, index
3,4
Consumer price index
8
Copper
33
Corn
27
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.
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
34
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
Electronic components
34
Employment estimates
13,14
Expenditures, U.S. Government
18
Explosives
25
Exports (see also individual commodities).... 1,2,21-23
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
Fertilisers
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)
40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
Hardware stores
11
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels, and motor-hotels
24
Hours, average weekly
14
Housefuraishmgs
1,4,8,11,12
Household appliances, radios, and television sets.
4,
8,11,34
Housing starts and permits
10
Imports (see also individual commodities)... 1,2,22,23
Income, personal
2,3
Income and employment tax receipts
18
Industrial production indexes:
By industry
V
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
Inventory-sales ratios
5
Iron and steel
4-7,9,10,19,22,23,31,32
Labor advertising index, stoppages, turnover.. ..
16
13
Labor force
28
Lamb and mutton
28
Lard.
33
Lead.
Leather and products
4,9,13-15,30
life insurance
18,19
Unseed 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
14,15
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
Nonferrous metals
4,9,19,22,23,33
Noninstalhnent credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
8,22,23,29,30
6,7
13-15
Paint and paint materials
Paper and products and pulp
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passenger cars
1,3-6,8,9,11,12,19,22,23,40
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, hours, 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
Radio and television
4,11,34
Railroads
2,15,16,20,21,24,40
Ranges
34
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators
34
Registration (new vehicles)
40
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
2
Savings deposits
17
Securities issued
19,20
Security markets
20,21
Services
1,8,13-15
Sheep and lambs
28
Shoes and other
footwear
9,11,12.30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
22,23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
20,21
Stone, clay, glass products
4-6,9,13-15,19,38
Sugar
23,29
Sulfur
25
Sulfuric acid
24
Superphosphate
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
3*
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
t 40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
finance
Utilities
13,16
16-18, 20
• . •.
JJ
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
i !!• 15
23, 29,30
«•l oJ
2
flour
,3,15
34
•*£
on
•••••• _ . 5 \t
5,7,11,13-15
\l
*• a *
33
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