Full text of Survey of Current Business : January 1974
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JANUARY 1974
/ VOLUME 54 NUMBER
*%rtsoX*
U.S. Department of Commerce
,
-7"
11
Business Capital Spending Plans
THE U.S. ECONOMY IN 1973
Financial Developments
Income and Consumption
Investment
Exports and Imports
Government
Labor Force and Employment
12
15
19
20
23
24
26
RECENT DEVELOPMENTS IN REGIONAL AND STATE
INCOME
28
Frederick B. Dent / Secretary
Sidney L. Jones / Assistant Secretary
for Economic Affairs
Edward D. Failor / Administrator, SESA
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
Barbara L. Miles
Charles A. Waite
John T. Woodward
NONFARM ^ '
SIZE AND
COMPOSITION OF PERSONAL SAVING
31
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
^t!^^
fig*
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20230.
business reared by law of this Depart;ment. Use of funds for
DISTRICT OFFICES
Albuquerque, N, Mex. 8
316 US. Coijr&ou*e •*•'"
Anchorage, Alaska
632 Sixth Ave*
Atlanta, Ga. w«»v7
1401 Peachtree St. NE. 52^6000.
Baltimore, Md. 21202
415 U.S, Customhouse 962-r|§60.
^nrfnrfwn*, AI*. . 35205 -I
9081 20th St' 325*3327.
Bofton, Mats.
441 Si\**n St. 223-2312.
Charlei ton. S.C. 29403
334M<H»tH>rSt. 577-4171.
T M
'12^'i.'*'**^!?^** * * * 92OO1
2120 Capitol Ave. 77&V2220.
Chicago, 111. 60603
Room 1406 Mid-Continental Plaz
353-4450.
Cincinnati* Ohio 45202
550 Main St. 684-2944,
44114
522-4750.
Dallas, Tex. 75202
1100 C<?tiwai«r<?e St.
749-3287.
Denver, Colo. 80202
19th & Stbut St«. 837-3246.
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Reno, Nev. 89502
300 Booth SV 784-52J!;*./
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Minneapolis, Minn, 55401
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Richmond, Va. 23240
8010 Federal Bldg. 782-2246.
Houston, Tex. 770Q2
1017 Old Federal Bldg. 226-4231.
Jacksonville, Fla. 32207
4080 Woodcock Dr. 791-2796.
Kansas City, Mo. 64106
601 East 12th St. 374-r3141.
Newark, N J. 07102
24 Commerce St. 645-6214
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610 South St. $27-6546.
New York, N.1T, 1OO07
26 Federal Plaza 264-0634.
Philadelphia, Pa. 191O7
1015 Chestnut St. 597-2850,
Des Moines, Iowa 50309
60?*^erW»M* 284-42552.
Lo« Angeles, Calif. 90024
11000 Wilsaire Blvd. 824-7591.
Phoenix, Ariz. 85004
112 N. Central 261-3285.
Detroit, Mich. 48226
445 Federal Bldg. 22>-H5088.
Memphis, Tenn. 38103
147 Jefferson Ave. 534-3214.
Pittsburgh, Pa. 1522?
1000 Liberty Ave. 644-2850.
Portland, Ore*.
97205
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah, 841 1 1
125 South State St. 524-^116,
San Francisco, Calif.
.
450 Golden Gate Ave. 556-f
San Juan, Puerto Rico OO902
100 P.O. Bldg. 723-4640.
Savannah, Ga. 31402
235 U.S Courthouse and P.O.
Bldg. 232-4321.
the BUSINESS SITUATION
J_ HE Arab oil boycott and the steep
rise in world petroleum prices were
having some effects on production and
GNP up $29J/2 billion in fourth quarter employment in the United States in the
fourth quarter. However, the effects
Billion $
are hard to isolate. Production of large
60
cars was cut in reaction to a sharp sales
decline that was certainly related to
40 worry over the cost and availability of
gasoline, although auto sales were
20 weakening in any event. Employment
data suggest that there may have been
some impacts outside auto manufacturFINAL SALES rose $18V4 billion
ing late in the quarter, but these were
not large enough to be easily identified.
There was some impact on prices in the
fourth quarter, but the diffusion of the
higher price for petroleum—and for
20 energy more generally—through the
economy's cost-price structure will take
time.
The preliminary estimate puts gross
INVENTORY INVESTMENT increased $11^ billion
20
national product in the fourth quarter
at $1,334.0 billion in current prices, up
$29.5 billion from the third quarter, or
9.4 percent at an annual rate. Most of
-20the rise was caused by higher pi ices.
The
implicit price deflator for GNP
REAL OUTPUT grew 1% percent
10 ~
increased at an annual rate of 7.9 percent and real output grew at a rate of
only 1.3 percent. For 1973 as a whole,
5 GNP increased 11.5 percent, real outIk put 5.9 percent, and the GNP price
deflator 5.3 percent. A detailed review
of the economy in 1973 begins on page
-5 _
12 of this issue.
GNP DEFLATOR increased 8 percent
The acceleration of the rise in the
10 '
implicit price deflator, from an annual
rate of 7.0 percent in the third quarter
to 7.9 percent in the fourth, partly
reflected
a pay increase for Federal
oi
1969
1970
1971
1972
1973
military and civilian personnel which
became effective in October; such
Change From Previous Quarter
Seasonally Adjusted at Annual Rates
raises increase the price of government
product. The rise in the deflator for
gross private product accelerated less,
U.S. Department of Commerce, Bureau of Economic Analysis
CHART 1
from 7.3 percent in the third quarter to
7.7 percent in the fourth. The implicit
deflator is based on shifting weights that
reflect changes in the composition of
GNP, and shifts in the weights can
have an impact on the change in the
deflator. An alternative measure that is
not affected by changes between
quarters in the composition of output
is the chain price index, which uses the
weights of the prior quarter in the
calculation of each quarter's price
change. The chain index for gross
private product rose 7.4 percent (annual
rate) in the fourth quarter as compared
with 7.1 percent in the third.
The fourth quarter GNP estimates
show a sharp acceleration of inventory
accumulation. Part of this acceleration
was in auto inventories, but a substantial part was in other goods. The
expansion of final demand slowed in
the fourth quarter. Final sales of autos
dropped sharply, as did residential
investment; business fixed investment
and consumer spending other than for
autos increased somewhat less than in
the third quarter and net exports increased much less, with only "government purchases showing a larger increase in the fourth quarter than in
the third.
Gross auto product declined $3.9
billion (annual rate) in the fourth
quarter (table 1). Demand dropped
much more steeply than production,
resulting in the sharp buildup of inventories. Excluding auto product, the
rise in the market value of output of
all other goods and services was about
the same in the fourth quarter as in the
third, with growth of final sales slowing
and inventory investment accelerating.
In terms of constant prices, national
output excluding auto product increased at an annual rate of 2.9 percent
l
SUEVEY OF CURRENT BUSINESS
Table 1.—Change in Gross National Product and Gross Auto Product
1973
1971
1972
II
I
III
IV»
Dollar change, in current prices
[Billions of dollars, quarterly data at seasonally adjusted annual rate]
GNP
.
.
.
.
Final sales
Change in inventories
78.4
99.7
43.3
29.5
32.5
29.5
76.8
1.6
99. 7
— .1
46.8
-3.6
29.7
-.1
32.3
.2
18.3
11.2
10.2
2.7
5.9
-.3
— 1.6
-3.9
-..
7.9
2.3
4.6
—1.9
4.6
1.3
-.6
.3
.1
— 1.7
-8.9
5.0
All other GNP_
68.2
97.0
37.4
29.8
34.1
33.4
Final sales
Change in inventories.
._ .
68.9
-.7
95.1
1.8
42.2
-4.9
30.3
-.4
32.2
1.9
27.2
6.2
Gross auto product
Final sales - ~
-..
Change in inventories
...
. _._ _
..
Percent change in constant prices
[Quarterly data at seasonally adjusted annual rate]
GNP
Final sales
. . . .
GNP excluding auto product
F inal sales excluding auto product
..
...
3.2
6.1
8.7
2.4
3.4
1.3
3.0
6.2
10.3
2.4
3.6
-2.4
2.2
6.0
6.4
3.0
4.6
2.9
2.3
5.9
8.7
3.2
4.0
1.2
» Preliminary.
in the fourth quarter, compared with
4.6 percent in the third.
Exports and imports both increased
sharply in the fourth quarter, in large
part because of price increases. The
net export balance is estimated to have
increased only $0.4 billion (annual
rate), in contrast to the large gains
earlier in 1973 when exports were rising
much faster than imports. Fourth
quarter exports included about $625
million—$2.5 billion at an annual
rate—of larger-than-usual arms shipments to Israel. The shipments were
sales from Government stocks, and thus
did not represent new production and
did not affect the size of GNP; they
were netted against Federal purchases,
so that the defense purchases figure
shown for the fourth quarter is that
much smaller than it otherwise would
have been. The October pay raise
added $1.3 billion (annual rate) to
defense purchases and other defense
purchases rose $1.0 billion before deduction of the $2.5 billion of arms shipments. Federal non-defense purchases
increased $1.1 billion, of which $0.4
billion was attributable to the pay
raise.
particularly in December. This reflected the general slowing in economic
activity which has been evident in
recent months, and it also appeared to
reflect an adverse impact of the gasoline shortage. Employment on nonfarm
payrolls showed only a slight gain in
December, after rising about 300,000
per month since midsummer. The slowdown was largely in retail trade and
services, where there were layoffs at
auto dealers and service stations and in
the recreation and travel industries—
hotels, motels, resorts, etc. The goodsproducing industries—manufacturing
(other than auto), mining, and construction—all continued to show significant employment gains, both in
December and in the fourth quarter as
a whole.
The average workweek showed little
net change in recent months. It continued to increase in industries producing goods in tight supply, but
declined in major consumer goods
industries. In mining, which includes
coal and petroleum extraction, the
workweek has been on a strong uptrend
since early 1973, and in December
reached a 4-year high. In manufacturing, the workweek declined a little in
Labor markets
spring, but has held virtually unThere was a perceptible easing in changed since midyear. The workweek
labor demand in the fourth quarter, increased sharply after midyear in
January 1974
petroleum refining, primary metals,
and instruments, but these gains have
been offset by declines in major consumer goods lines—motor vehicles,
furniture, textiles, and leather.
Some easing in labor demand was
also evident in data from the household
survey. From the year's low of 4.5
percent in October, the unemployment
rate moved up to 4.9 percent in
December. The largest increases in
December were in the sales and service
occupations, while the rate for bluecollar workers showed little change.
Similarly, the rise was concentrated
among adult women and teenagers who
are heavily employed in trade and
service jobs. For adult men, the rate
was unchanged.
Price developments
Prices continued to rise about as
sharply in the fourth quarter as in the
third. The wholesale price index increased an average 1.2 percent per
month, seasonally adjusted, with the
rise concentrated in industrial commodities, especially petroleum products.
Prices for farm products actually declined during the quarter, and prices for
processed foods and feeds showed little
net change as declines in October and
November were offset by a rise in
December. The consumer price index
rose 0.8 percent per month, seasonally
adjusted in October and November (the
latest month for which data are available), led by increases for petroleum
products and for some foods.
Prices of nonfood commodities moved
sharply higher in the fourth quarter.
The industrial wholesale price index
rose an average 2.3 percent per month
with increases widespread among the
commodity groups. Metal prices were
up an average 2.1 percent per month
(seasonally adjusted), largely because
of increases for iron and steel scrap and
nonferrous metals. These products are
in short supply, and order backlogs continued to rise in the closing months of
last year. There were also large increases
for paper, chemicals, and textiles. The
sharpest increases, however, were in fuel
and power prices, which had been on a
steep uptrend all year, but whose rise
(Continued on page 30)
SURVEY OF CURRENT BUSINESS
January 1974
3
CHART 2
« In fourth quarter, current dollar GNP rose $29Vz billion; real GNP grew about VA percent
• In December: The jobless rate rose to 4.9 percent
•
The wholesale price index increased 2% percent
THE LABOR MARKET
TOTAL PRODUCTION
PRICES
Percent
16
Million Persons
Billion $
96
1,500
CIVILIAN LABOR FORCE AND EMPLOYMENT*
CURRENT DOLLAR GNP**
1,400
92
1,300
88
1,200
84
IMPLICIT PRICE DEFLATOR FOR GNP
(Change From Previous Quarter) * *
12
Labor Force
I
1,100
I
I
I
i
Employment
i 11 11 i i 11 i
80
BEA
Quarterly (IV)
ii
Monthly (Dec.)
Percent
Percent
Billion $
80
CHAIN PRICE INDEX FOR GNP
(Change From Previous Quarter)
CURRENT DOLLAR GNP
(Change From Previous Quarter) **
60
6
=L
40
4
-
20
2
-
Totai
Quarterly (IV)
BLS
Final Sales
Quarterly (IV)
BEA
Billion $
1,050
CONSTANT DOLLAR (1958) GNP**
950
850
750
650 I
I
I
I
I
I
I
I
I
I
I
Quarterly (IV)
I
BEA
Percent
15
10
Hours
44.0
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
CONSTANT DOLLAR (1958) GNP
(Change From Previous Quarter)**
Total ^ 5
*h— Final Sales
42.0
-
40.0
-
38.0
-
36.0
1972
1973
1974
BEA
Quarterly (IV)
* Seasonally Adjusted
** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
1972
1973
Monthly (Dec.)
1974
BLS
1972
1973
Monthly (Dec.)
1974
4
SURVEY OF CURRENT BUSINESS
•
•
Personal income advanced $10V4 billion in December
In fourth quarter: Consumer spending increased $13 billion
•
Business fixed investment rose $3 billion; residential outlays declined $5 billion
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billion $
1,000
PERSONAL INCOME**
—
—
^s^
^^
~
900
_
Personal Consumption
Expenditures
(left scale) \
800
~
—
s^
700
- ^^^
* '-. —.""/
iii ti
i tit t t r i t i
t ii t i 1 i i i i i 1 t i i ii
Monthly (Dec.)
i
600
i
i
Billion $
900
300
i
i
i
i
i
i
2
50
"'
""^^^
i
25
^
2>V*y
30
,'°
,/
100
•••••***"**
/
90
\
..•""•*'**"
100
20
i 111i 1111 11
1
1
1 1 1
1 1 1
! 1 M 1 1 1 1 |
Monthly (Dec.)
BEA
Billion $
Million Units
1,100
14
1 |
j
1
|
1
80
|
800
i
700
i
A A/V
-^•v
i
i
t
i
i
Quarterly (IV)
i
6
M 1 1 1 i 1 1 1 II
Billion $
3,050
3.2
2,850
2,750
•>A«n
_
/
.8
1
1
BEA
/" \/
10
V*°^\
~
* -''*' * 1
/ /**
1 1 I 1 1 1 1 I1 I 1 I 1 1 1 1 1 1 1 M 1 I
2
8
0
6
^Jr*^^
X^
1 1 1 It
1 1 1 1 1 1
Trade Sources & BEA
~
\
Shipments
1 1 1 1 1
1 1
1
1 1 1 t
1 1
! 1
1 1 1 1 1 1 1
Monthly (Nov.)
Census
3.0
PRIVATE HOUSING**
-
-
1.6
§
1
Million Units
"*A/^
A/ V
*r
1
\^ /"^x\x*X
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
-/r~
//
New Orders
Imports i
(right scale) 1
Monthly (Dec.)
2.4
i
12
:........-s.^- ••""•^'K./
Dollars
2,950
ATJ ^r
BEA
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 Dollars)
1
CAPITAL GOODS MANUFACTURERS*
(NONDEFENSE)
Domestic
(left scale)
10
8
1
14
J^\
^^
S\
^
-^
I
Billion $
/
^^/^
° Expected
Quarterly
Million Units
12
—
1
Census
NEW CAR SALES**
DISPOSABLE PERSONAL INCOME**
i
i , nnn
\j\j\j
s*"^
—'
Excluding Automotive Group
t iTi i M T i . i 1 i » t i i 1 i i i i »
i
x°
*
"""" \"
/
Manufacturing
i
BEA
110
-
^0 —
i
Quarterly (IV)
PUNT AND EQUIPMENT EXPENDITURES**
/^^^^
Monthly (Dec.)
900
Nonresidential Structures**
l l
i i i i
BEA
-
^^^^
l 1.1 i \
Residential Structures**
6
i
_
75
Billion $
\^^*^
tliit
10
TotaU
700
500
-X-— •*""*"-
120
Total
(left scale)
*"
Producers' Durable Equipment **
\
60
50
•*"""*
-
RETAIL STORE SALES*
-
^—
100
Billion $
WAGES AND SALARIES**
AAA
OUU
_ 14
^^
Quarterly (IV)
BEA
Billion $
800
125
r
Personal Saving Rate
(right scale)!
800
18
X-x^
y^\
900
Billion $
PERSONAL CONSUMPTION EXPENDITURES**
AND PERSONAL SAVING RATE*
^S
^f
1,000
FIXED INVESTMENT
Percent
Billion $
1,200
1,100
January 1974
vV
^ *
TV
2.5
-
2.0
-
1.5
\rJ^\k^
: v
" '
\M
/*\ \
/ \^A
Permits \ \
\
i
i
1972
t Ji
i
1973
Quarterly (IV)
* Seasonally Adjusted
i
i
i
0
1974
1 1111 1111 11
1972
BEA
** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
i
i 1 i i I 1 I M M 1 l l1 1 1 M 1 1 ii
1973
Monthly (Nov.)
1974
1.0
1 1 1 1 1 1 1 1 1 1 1
1972
FRB
1 M
1 1 1 1 t 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1973
1974
Monthly (Dec.)
Census
5
SUEVEY OF CURRENT BUSINESS
anuary 1974
I
•
In fourth quarter: Inventory investment increased $11 V4 billion
Net exports were up about $Vz billion as exports rose more than imports
*
•
Federal Government purchases rose $1 billion, State and local spending $5 % billion
INVENTORIES
Billion $
30
30
0
—
-
_
.ill
20
10
~
_
—
_
Goods and Services
•I
I
I
i
-10
Quarterly (IV)
Billion $
\s
^A/^
160
i
«'*y
i
8
6
1 1 1 1 1 1 1 1 1 1 1 i > 1 1 1 1 MI ii
1 11 111 i11 1i
i
i
Manufacturing
-
50
imports
\
,.../
^/ /
S^d^*^^^
—
\,.
250
t I I 1 |[iM||
~~"^
i
Total Manufacturing
and Trade
fl
\
Manufacturing
—
***<*+„, N
8
Q
\
i
i
i
'"- ^ ******->
^ '**•«,.••** *»••""*••«•
—
-8
1 1 1 1 1 1 1 1 1 1 i i 1 1 i 1 1 1 1 1 1 1 1 1 1 > 1 1 1 1 1 11
-16
1974
Monthly (Nov.)
Census & BCA
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
i
1
t
1
BEA
0 VI
i
i
i
i
i
i
-50
Quarterly (III)
BEA
BEA
DEFENSE PRODUCTS MANUFACTURERS *
-
H
3
Official Reserve
Transactions Balance
\,.^
»*
i
1972
i
•
*
\/
^
i
New Orders
i
1973
Quarterly (III)
i
i
i
i
1974
1
0
1 1111 1 1 11» i
1972
BEA
:1
ji
4^HJ>A^
v
*-
/
i
_
1
»1/^
" Net liquidity
Balance
—
9'
/ vvy
i
I
-25
Billion $
4
*^~\&L
<
i
"
BAUNCE OF PAYMENTS *
_
i
i
• •• •
I I
Hi |
Quarterly (III)
INVENTORY/SALES RATIOS*
_
i
s
_-!—^
Billion $
16
i
FEDERAL BUDGET POSITION**
(NIA Basis)
^^^\
Current Account and
Long-Term Capital
-16
__
Quarterly (IV)
25
Census & BEA
Ratio
2.6
-***"*
0
-8
U.S. Department of Commerce, Bureau of Economic Analysis
BEA
Billion $
"
..— ^"*"
.•»«.«.««••***** ,.»
1973
f
50
Current Account
80
1972
I
^^^
%
150
\
^"^
I
-
Census
0
Monthly (Nov.)
i
.-••;*"* '-./^X \
Receipts
Monthly (Nov.)
8
^^*
1 Mi i 1 i I I i I
!
-
BAUNCE OF PAYMENTS*
Trade
. 1 . , > i . ,. , ,
i
Quarterly (IV)
FEDERAL BUDGET**
(NIA Basis)
2
_____
^\
-i — "'"•"'^
J
Trade
Defense
.:!....
i t i
BEA
Billion $
16
100
1.0
i
300
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
1.4
i
-
Census & BEA
140
i
—^ \
onn
Billion $
2.2
Merchandise
i i i
—.
-*~~~^~]
Federal Total
Expenditures
jr
Monthly (Nov.)
60
-*"-*^
150
Billion $
350
— -""
120
—
MERCHANDISE TRADE*
-
s
^
Total
\
—
"
Billion $
10
200
200
i on
Quarterly (IV)
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
180
i
BEA
240
-
GOVERNMENT PURCHASES OF
GOODS AND SERVICES**
s-—
_/f,xx
-10
220
250
State and Local
I
_
Billion $
NET EXPORTS **
CHANGE IN BUSINESS INVENTORIES**
(GNP Basts)
10
GOVERNMENT
FOREIGN TRANSACTIONS
Billion $
20
f""HAPT A
\
/.
^''v* \ * /*
??sUv\l^x
\ *
Shipments
1 1 1 . t 1 1 t . ! t
1973
Monthly (Nov.)
—
i iii i 1 i iiii
1974
Census
3
SURVEY OF CCURRENT BUSINESS
•
•
•
In December: Industrial production declined about one-half of 1 percent
Bank credit and money supply continued to grow
Short-term interest rates declined, bond yields unchanged
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
1967=100
Billion $
160
720
Nondurable
Manufactures \
^ ,*.••*•'••***""'**"
t
140
Total
640
380
560
Durable
Manufactures
s^''
*'"
Billion $
150
480
CORPORATE PROFITS AND IVA, BEFORE TAXES**
_
_
Bank Credit
(left scale)
>*'*"V^x^t ,-^C
100
PROFITS AND COSTS
Billion $
BANK CREDIT AND MONEY SUPPLY*
INDUSTRIAL PRODUCTION*
120
January 1974
—
340
125 k
Total
/^
300
./ Money Supply
(right scale)
^^
^•—••***"
^
100
L
\
^^
~
260
75
'\
,./"
Nonfinancial
Corporations
l i t
s~^
1 1111 11 1 1 11 1 1 < 11 111 11 1 1 11 * 11 11 i 1 11
80
Monthly (Dec.)
400
Monthly (Dec.)
1967=100
Billion $
160
6
__
\/
-
i*~>
,"»/
_
100
4
\ ,&.
*^—V7\
11 \
i:
2
\
«.-...
«,..."
t 1 1 t i 1 1 t t 1 t
80
l-_-
0 2f
J
-S
Monthly (Dec.)
-2
i t i t Mi i i i i
Percent
Percent
100
16
35
100
^
/
30
75
25
50
Net Free Reserves
(left scale)
/
\
8
1
1
i
i
i
i
t
t
Quarterly (III)
i
J
.A-U.
0
1 i 1 1 ! i . I1 1 1
i i111111111111i 11 i11 1 11
,
.«•
120
100
20
t t i i i i 1 1 1 11
1972
1 1 ! 1 1 i 1 t 1 I1 i 1 t 1 1 1 i t 11 . I
1973
Monthly (Nov.)
1974
s*~\
—
vN
w\
^\
Standards and Poor's 500
Census
BEA
llki
-ft
16
BLS
i ii i 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 1 i i i i i
1973
Monthly (Dec.)
—
UNIT LABOR COSTS PRIVATE ECONOMY
(Change From Previous Quarter) **
_
8
\
Q
1972
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
60
t
, .
Quarterly (III)
on
OP
i
24
/
H
t
Percent
—
/***-•*'
\\s\^~>/^
S^S
\
Shipments
36
-1 Output
STOCK PRICES
DURABLE GOODS MANUFACTURERS *
—
i i i
COMPENSATION AND REAL OUTPUT PER MAN-HOUR
PRIVATE ECONOMY
- (Change From Previous Quarter) **
Compensation
Monthly (Dec.)
1941-43=10
140
52
New Orders
8
\ 3-Month
Treasury Bills
FRB
Billion $
44
V"-.
.' '•-...
.«**-* "'
z-/— '
1
-
Quarterly (ill)
16
Commercial Paper
x^"^
M
Profits After Tax
\
>
.•••*
»—f***""T"" 1
FRB
w-uay
Corporate Aaa (Moody's)
7ft
_
24
12
^—
Cash Flow After
Dividends
Percent
Manufacturing
80
BEA
ViX"~
^
^^
/""
i . . V'.Trf 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
AA IY_..
-
~
^
INTEREST RATES AND BOND YIELD
RATIO OUTPUT TO CAPACITY*
90
l
150
125
—
Monthly (Dec.)
FRB
l
f***^
\
t > 111 1 1111 11111111 1 1 1 11
i
Billion $
- 40
Total Reserves*
(right scale)
•~*r^ —'\*
;
V
1
CORPORATE CASH FLOW AND PROFITS**
-
*-
1
Quarterly (III)
Billion $
^s*\
Steel
'"/
1
50
BANK RESERVES
140
120
220
FRB
45
INDUSTRIAL PRODUCTION*
Autos
i 111 11 ii i| i| i11 11i
i M i i 1 ii i ii
FRB
~
^
1974
1 ..ill
-8
1972
1973
Quarterly (III)
1974 BLS
SUEVEY OF CURRENT BUSINESS
January 1974
NATIONAL INCOME AND PRODUCT TABLES
1972
1972
1973 p
III
1972
1973
IV
I
III
II
IV P
1972
1973 *
III
1973
IV
Seasonally adjusted at annual rates
I
II
IV P
III
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
1, 155. 2 1,288.2 1,166.5 1, 199. 2 1, 242. 5 1, 272. 0 1,304.5 1,334.0
Personal consumption expenditures
Durable goods
Nondurable goods
Services
_ _ _ _ _ _ _
Gross private domestic investment _ __
Fixed investment
Nonresidential
Structures
_
Producers' durable equipment
Residential structures _
N on farm
Farm
__
_
_ _
Exports
Imports
_
_
_ _
Government purchases of goods and services. _
796.7
812.3
829.3
834.3
841.3
844.1
805.0
734 1
752 6
779.4
795.6
816 0
829. 0
526.8
554.7
531.0
540.5
552. 7
553.3
558.1
554.5
117.4
299.9
309.2
131.1
336.3
337.6
120 2
302.3
311.6
122.9
310.7
319.0
132.2
322.2
325.0
132.8
330.3
332.6
132 8
341.6
341.6
126 8
351.1
351.2
104.0
220.9
201.8
114.6
229.2
210.9
105.8
222.2
202.9
109.2
225.8
205.4
117.0
228.8
207.0
116.2
228.0
209.1
115.4
230.2
212.5
109. 7
229.6
215.2
178.3
201.5
181.5
189 4
194.5
198.2
202 0
211.2
122.9
131.7
124.8
129.1
130.2
130.2
130.8
135.7
172 3
194 0
172 9
181 2
189 9
193 7
197 3
195 3
118 3
126 6
118.2
122.8
126.9
126.9
127.7
124.7
118 2
41. 7
76.5
136 0
48 3
87.7
118 3
41 3
77.0
124 3
43 0
81.2
130 Q
45 3
85.5
134 1
47 2
86.9
138 0
49 5
88.6
141 1
51 1
90.0
83 7
23 0
60 8
92 5
24 8
67.7
83 4
22.7
60.7
87 5
23.1
64.3
91.2
23.8
67.4
91 5
24.4
67.2
93 2
25.2
68.0
94.1
26.0
68.2
54 0
53 5
58 0
57 4
54 5
53 9
56 9
56 4
59 0
58 4
59 6
59 1
59 2
58 6
54 2
53 6
34 6
34 2
34 0
33 7
34.7
34 3
35.3
35 0
35.6
35 3
35.3
35 0
34.5
34 2
30.6
30 2
6 0
5 6
7 4
6 7
8 7
8 4
8 2
7 9
4 6
4 4
4 5
4 4
15 9
14 9
10
4 6
4 5
5 2
4 8
6 6
6.2
1
3.3
1
30
o
3.3
3.2
1
34
6.6
6 3
1
4 7
3 2
15
10.9
10.4
—4 6
4 6
—3 8
35
o
2 g
7 g
8 0
2 0
6 0
— 9
— 8
2 0
56
7 4
9 2
73.5
78 1
101 3
96 7
74 0
77 7
79 7
83 2
89 7
89 7
97 2
94 4
104 5
97 0
113.5
105 6
56 4
58 4
67.3
61 3
56.6
57 5
59.6
60 3
65.3
63 3
66.6
61 1
67.4
60 0
69.8
60 6
255.0
277.2
254 7
260 7
268 6
275 3
279 0
285.8
143 0
144.8
141.8
143.5
144.4
145.2
145.0
144.8
57.2
55.6
87 8
89.2
4
Net exports of goods and services
837.3
726 5
6
Change in business inventories.
N on farm
Farm
790.7
6
7
6
3
5
3
6
2
5
6
7
4
1
4
4
%
4
.3
.4
.3
Federal. .
National defense
Other
104.4
74.4
30.1
106 9
74.2
32.7
102 3
71 9
30.4
102 7
72 4
30.3
105 5
74 3
31 2
107 3
74 2
33.1
106 8
74 2
32.7
107 8
74 0
33.8
60 8
57 3
58 8
58 6
58 2
58.2
State and local
150 5
170 3
152 4
158 0
163 0
168 0
172 2
178 0
82 2
87 5
83 0
85 0
86 2
87 0
.4
.4
2.3
7
5
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
__ _
Change in business inventories
1,155 2 1 288.2 1 166 5 1 199 2 1 242 5 1 272 0 1 304 5 1 334 0
790 7
837 3
796 7
812 3
829.3
834.3
841.3
844.
1 149. 1 1 280 8 1 157 8 1 191 0 1 237 8 1 267 5 1 299 8 1 318 1
6.0
7.4
15 9
8 2
4 6
45
8 7
4 7
786 1
4 6
832 1
5 2
790 0
806 0
831.0
838.3
833.
6.6
6.3
826.0
3.0
10.
3.3
3.4
541 4
614 3
548 6
563 6
589 6
604 2
622 3
641 0
423 9
455 9
428 4
438 4
452 1
453 9
456 8
460.
535.4
606 8
7 4
539 9
8 7
555 4
8 2
585 0
4 6
599 6
4 5
617 6
4 7
625 1
15 9
419 3
4 6
450 7
5 2
421 7
432.1
449.
6.3
3.3
3.4
453.7
6.6
448.7
450.5
6.0
3.0
10.
Durable goods
Final sales
Change in business inventories
219. 1
214 i
4 9
249 2
242 1
7 0
922 6
216 8
5 8
233 2
222 8
10 4
242 5
238 1
4 4
249 7
242 4
7 3
254 3
184 1
180 2
3 9
205 6
200 5
51
186 2
181 8
4 4
196 3
188 0
203.4
200 3
207. 1
201 8
208.1
202 4
203.
197.
80
250 2
241 8
8 4
5.7
6.
Nondurable goods
Final sales
Change in business inventories.
322 3
321 2
1. 1
365 1
364 7
326 0
323 1
347 2
346 9
.3
354 5
357 3
—2 8
368 0
371 4
—3 4
390 8
383 4
7 5
239 8
239 1
.7
250 3
250 2
.1
242 2
240 0
2.2
242 1
244 1
—1.9
248.7
248 5
.2
246.7
248 7
-2.0
248.7
251 3
-2.6
257.
252.
2*9
330 3
332 5
—2.2
487 3
126 5
534 3
139 6
491 8
126 2
503 9
131 7
514 8
138 1
527 7
140 1
540 8
141 4
554 1
138 9
292 6
74 2
305 9
75 5
294 5
73*8
298 8
75 1
300.6
76.7
304.1
76.3
308.6
76.0
310.
Goods output
Final sales
Change in business inventories.
Services.
Structures
_
. .
.4
946 9
82
3.2
5.4
4.
73.
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private.
Business
_
Nonfarm..
Farm
_
Households and institutions. _
Rest of the world...
._
General government
Federal
_
State and local
__.
1 155 2 1 288 2 1 166 5 1 199 2 1 242 5 1 272 0 1 304 5 1 334 0
790 7
837 3
796 7
812 3
829.3
834.3
841.3
844.
1 019 7 1 140 7 1 030 0 1 060 0 1 098 9 1 126 2 1 156 3 1 181 5
729 5
774 8
735 3
750.3
767.1
772.0
778.8
781.
706 6
682 0
24 6
750 9
727 7
23 2
719 3
688 7
23 6
726 8
702.5
24 2
742.9
718. 1
24.8
748.3
725.9
22.4
754.7
733.6
21.2
757.
733.
975 4 1 090 3
941 0 1 042 7
34 4
47 6
984 9 1 013 6 1 050 5 1 076 8 1 105 2 1 128 8
951 0
976 9 1 008 9 1 033 5 1 056 2 1 072 2
33 9
36 7
41 6
43 3
49 0
56 6
41 1
9 3
37 5
7 6
37 8
8 7
39 3
9 1
40 5
89
41 8
9 3
43 0
9 7
17 4
5 5
18 3
5 6
17.5
55
17.4
6 2
18.0
18.2
18.5
5.4
18.
5.
135 4
50.3
85 1
147 5
52 8
94 g
136 5
50 2
86 4
139 2
50 5
88 7
143 5
52 5
91 1
145 8
52 2
93 6
148 2
52 3
96 0
152 5
54 1
98 4
61 1
21 8
39 3
62 5
21 3
41 1
61 3
21.7
39 7
62.0
21.7
40 3
62.2
21.6
40.6
62.4
21.4
41.0
62.5
21.2
41.3
62.
21.
41.
6.3
5.5
HISTORICAL STATISTICS
THE 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 District Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and fully revised data for the preceding 2. The July 1973
issue has data for 1969-72. Prior July issues have fully revised data as follows: 1968-69, July 1972; 1967-68, July 1971; 1966-67, July 1970;
1965-66, July 1969; 1964-65, July 1968. BEA will provide on request a reprint of the fully revised data for the years 1964-69.
* Preliminary.
24.
36 8
7 5
SURVEY OF CURRENT BUSINESS
8
1972
1972
1973 p
1973
I
IV
III
January 1974
II
1972
III
IV P
1972 1973?
Seasonally adjusted at annual rates
1,155.21,288.21, 166.5 1, 199. 2 1,242.5 1,272.0 1,304.5 1,334.0
consumption
102. 4
109. 6
102.3
105.1
106.9
109.0
110.5
112. 1
Equals: Net national product.. 1,052.81,178.6 1 064.2 1,094.1 1,135.5 1, 163. 0 1,194.0 1,221.9
Less: Indirect business tax
and nontax liability.-.
Business transfer payments
Statistical discrepancy..
Plus: Subsidies less current
surplus 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 persons..
Interest paid by government (net) and by
consumers.,
Dividends
Business transfer payments
Equals: Personal income..
109.5
4.6
-1.5
4.9
2.3
1.7
110.5
112.8
115.6
117.2
118.5
120.2
4.7
1.6
4.7
.2
4.8
1.1
4.9
3.2
5.0
3.7
5.1
1.8
941.81,054.2
949.2
2.2
I
II
III
IV P
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Gross national product
IV
Seasonally adjusted at annual rates
Billions of dollars
Less: Capital
allowances
III
1973
.4
.9
Table 6.—National Income by Type of Income (1.10)
National income
Wages and salaries _ .
Private...
Military
Government civilian
.9
. ..
.. ..
Proprietors' income
Business and professional
Farm
978.6 1,015.0 1, 038. 2 1, 067. 4
..
Rental income of persons
91.1
109.2
91.5
98.8
104.3
107.9
73.7
92.1
74.5
75.8
89.3
90.9
-.5
-. 1
-.2
.0
.0
o
.0
.0
112.0
93.0
95.0
98.3
112.5
96.4
107.3
108.8
110.8
113.7
116.8
32.7
26.0
37.1
27.8
32.9
26.2
33.7
26.4
34.7
26.9
36.1
27.3
38.0
28.1
39.6
29.0
4.6
4.9
4.7
4.7
4.8
4.9
5.0
5.1
939. 2 1I, 035. 5
943.7
976.1
707.1 785.3 713.1 731.2 757.4 774.9 794.0
627.3 691.5 632.5 648.7 666.7 682.3 699.3
493.3 546.1 497.5 510.9 525.1 538.7 553.2
20.3 20.8 20.0 20.1 20.9 20.5 20.4
113.8 124.6 115.1 117.7 120.7 123.1 125.7
Supplements to wages and salaries. _ 79.7
Employer contributions for social
insurance
39.0
Other labor income
.6
941.8 1054. 2 949.2 978.6 1015.0 1038.2 1067.4
Compensation of employees
..
Corporate profits and inventory valuation adjustment
Profits before tax
.
Profits tax liability
Profits after tax _
Dividends
....
Undistributed profits
Inventory valuation adjustment
Net interest
.
..
815.0
717.6
567.2
21.3
129.1
93.9
80.5
82.5
90.8
92.6
94.7
97.5
49.0
39.3
40.2
47.4
48.3
49.4
50.8
40.7
44.9
41.3
42.3
43.3
44.2
45.3
46.7
74.2
84.3
74.1
77.1
80.6
81.5
85.0
90.0
54.0
20.2
57.5
26.8
54.3
19.8
55.3
21.8
56.3
24.3
57.1
24.4
57.9
27.1
58.7
31.3
24.1
25.1
24.9
24.9
24.7
24.6
25.3
25.7
91.1 109.2
91.5
98.8 104.3 107. 9 112.0
98.0 126.5
98.4 106.1 119.6 128.9 129.0
42.7
55.4
26.0
29.3
56.2
70.2
27.8
42.4
42.9
55.6
26.2
29.4
45.9
60.3
26.4
33.9
52.7
66.9
26.9
40.0
57.4
71.6
27.3
44.2
57.6
71.5
28.1
43.4
29.0
-6.9 -17.3 -6.9 -7.3 -15.4 -21.1 -17.0 -15.6
45.2
50.4
45.7
46.6
47.9
49.4
51.1
53.0
996.6 1,019.0 1, 047. 1 1, 079. 2
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 product 1..
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto inventories
Net exports
Exports
Imports
.
.
43.6
49.5
46,5
45.6
51.5
51.2
49.6
45.7
39.4
42.9
41.8
41.2
45.1
44.6
44.5
37.4
7.0
7.6
7.4
7.3
8.0
7.9
7.8
6.6
1.5
-.8
-.4
.9
1.2
-.5
4.5
—2 9 —2.3
3.6
3.2
6.6
5.4
-2.9
3.3
6.2
-2.8
3.6
6.4
-2.9
3.6
6.5
—2. 7
3.8
6.5
-3.3
3.5
6.8
39.5
9.4
44.0
10.6
44.8
9.8
43.5
9.5
39.4
10.1
43.6
40.6
—2. 7
3.0
5.7
All industries, total
941.8 1054. 2 949.2 978.6 1015.0 1038. 2 1067.4
Agriculture, forestry, and fisheries
Mining and construction
1VI anuf acturing
Nondurable goods
Durable goods
30.4
59.9
252.6
99.9
152.7
37.8 29.9 32.2 34.7
67.2 60.4 61.8 64.0
292.2 253.9 266.5 280.8
111.6 100.8 104.6 107.3
180.5 153.1 161.9 173.5
35.1 38.2
65.5 68.8
290.4 295.0
109.9 112.6
180.5 182.4
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade
36.0
20.0
18.2
139.7
39.3
21.7
19.8
151.6
36.2 37.3 38.2
20.4 20.8 20.9
18.5 18.6 19.1
140.5 143.2 146.9
38.5 39.7
21.0 22.5
19.4 20.6
149.7 153.4
118.8 109.2 111.6 114.2
133.6 121.8 123.9 128.4
117.3 120.8
131.4 135.4
162.9 150.7 153.9 158.6
9.3 7.6
8.7
9.1
160.9 163.7
8.9
9.3
107.9
Finance, insurance , and real estate
120.1
Services
Government and government enter149.5
prises
7.5
Rest of the world
Addenda:
New cars, domestic
New cars, foreign
2
37.9
8.6
42.9
10.0
40.3
8.8
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
Billions of 1958 dollars
All industries, total
Gross auto product
1
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto inventories
Net exports
Exports
Imports..
39.0
44.0
41.0
35.2
38.0
6.3
6.8
-.4
1.4
-2.6 -1.9
2.7
3.2
4.7
5.7
-2.4
2.6
5.0
41.4
46.4
45.5
37.3
40.4
39.6
6.5
6.7
7.2
7.0
7.0
5.9
-.7
-.3
.8
1.0
-.4
4.0
-2.6
3.0
5.5
-2.4
3.2
5.6
-2.5
3.1
5.6
-2.4
3.3
5.7
-2.9
3.1
6.0
36.7
8.8
40.6
9.9
40.7
9.0
39.3
8.7
36.0
9.3
36.7
39.1
33.1
Addenda:
New cars, domestic 2.
New cars, foreign
34.6
7.9
39.2
9.2
36.2
8.0
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.
p
Preliminary.
Financial institutions
Federal Reserve banks Other financial institutions
Nonfi nancial corporations
IVI anuf acturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
All other industries
-
98.8 104.3
107.9 112.0
91.1
109.2 91.5
17.5
21.5 17.6
18.6
19.8
21.4
22.3
3.4
14.1
4.5 3.4
17.0 14.2
3.4
15.2
3.9
16.0
4.4
17.0
4.8
17.5
73.6
87.7 73.9
80.2
84.5
86.5
89.7
40.1
20.0
20.2
51.7 39.9
24.8 20.4
26.9 19.5
44.7
22.4
22.3
49.7
22.8
26.9
52.4
23.9
28.5
51.9
25.3
26.6
9.3
24.2
9.3 9.8
26.6 24.1
9.9
25.7
9.2
25.6
8.5
25.6
10.3
27.5
SURVEY OF CURRENT BUSINESS
January 1974
1972
1972 1973 »
III
1973
IV
I
II
1972
III
IV
1972 1973 P
Seasonally adjusted at annual rates
Table 9.—Gross Corporate Product
Gross corporate product
.
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
--
644.3 721.4 648.6 670.1 695.4
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment. .
Cash flow gross of dividends
Cash flow net of dividends
71.0
66.0
68.0
69.3
70.5
71.7
72. 7
60.8
65.7
61.2
62.5
64.3
65.2
66.2
67. 1
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
3.8
3.8
84.9 101.5 85.2
91.8 118.7 92.2
42.7 56.2 42.9
49.1 62.5 49.3
23.3 24.6 23.5
25.8 38.0 25.9
-6.9 -17.3 -6.9
115.0 133.6 115.4
91.7 109.0 91.9
Gross product originating in
financial institutions
. ^ . 35.4
.
Gross product originating in
nonfinancial corporations
Personal income
713.0 731.1
65.9
3.8
40.9
35.7
3.7
3.7
577.3 593.2
473.4 485.2 497. 4
408.7 419.1 429.4
64.6 66.1 68. 0
3.7
3.8
3. 9
91.2 96.6 100.2 104.2
98.6 111.9 121.3 121.2
45.9 52.7
57.4 57.6
52.7 59.2
63.9 63.7
23.0 23.6
24.1 24.8
29.7 35.6
39.8 38.9
-7.3 -15.4 -21.1 -17.0 —15.6
120.7 128.5 134.4 135. 4
97.7 104.9 110.3 110.6 - - - -
36.8
38.7
40.5
-
- -
608.9 680.5 612.9 633.2 656.7 672.5 689.3
63.2 68.0 63.3 65.2 66.3 67.5 68.6
58.0 62.6 58.4 59.6 61.3 62.2 63.1
17.4
18.8
17.5
17.9
18.2
18.6
19.0
Cashflow,gross of dividends . . -. - 102.5 118.4 102.7 107.3 114.1 119. 2 119.8
Cash flow, net of dividends
81.3 96.0 81.4 86.4 92.7 97.3 97.3
475.5 512.8 477.8 489.8 503.4 509.6 517.2
Capital consumption allowances . .
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
Corporate profits and inventory valuation adjustment..
. Profits tax liability
tory valuation adjustment ..
1.281 1.327 1.283 1.293 1.305 1.320 1.333
.133
.133
.132
.133
.132
.132
.133
.122
.847
.037
.122
.880
.037
.122
.850
.037
.122
.853
.037
.122
.862
.036
.122
.874
.037
.122
.883
.037
.142
.074
.156
.091
.142
.074
.148
.077
.152
.088
.155
.095
.158
.092
.068
.064
.068
.071
.064
.060
.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, wi
decimal point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
p Preliminary.
682.6
248.6
194.8
163.3
126.9
143.7
699.3
255.3
199.1
167.0
130.9
146.1
717.6
262.3
204.3
170.7
134.2
150.3
44.9 41.3
42.3
43.3
44.2
45.3
46.7
74.2
54.0
20.2
84.3 74.1
57.5 54.3
26.8 19.8
77.1 80.6
55.3 56.3
21.8 24.3
81.5
57.1
24.4
85.0
57.9
27.1
90.0
58.7
31.3
Rental income of persons
Dividends
Personal interest income
24.1
26.0
78.0
25.1 24.9
27.8 26.2
87.5 78.6
24.9
26.4
80.3
24.6
27.3
85.6
25.3
28.1
89.1
25.7
29.0
92.6
Transfer payments
103.0
Old-age survivors disability and
health insurance benefits
49.6
State unemployment insurance
benefits
5.5
12.7
Other
35.1
34.7
24.7
26.9
82.7
117.5 101.1 112.0 113.6
115.7 118.7 121.9
60.9 48.0
56.4
58.3
60.0
61.8
63.4
4.2 5.3
13.6 12.6
38.8 35.2
4.7
14.1
36.8
4.1
13.3
37.8
4.1
13.4
38.2
4.1
13.8
39.0
4.4
13.9
40.2
43.1 35.2
35.7
41.9
42.6
43.6
44.2
152.9 142.8 147.4 145.1
149.3 156.0 161.2
69. 6
Equals : Disposable personal income. . .797.0
882.6 800.9 828.7 851.5
869.7 891.1 918.0
64.0
Less: Personal outlays
. - 747.2
Personal consumption expenditures- 726.5
19.7
Interest paid by consumers
Personal transfer payments to foreigners
1.0
828.7 755.1 774.3 801.5
805.0 734.1 752.6 779.4
22.5 20.0 20.7 21.2
818.7 8'40. 1 854.6
795.6 816.0 829.0
22.0 23.0 23.8
19 4
Equals: Personal saving
49.7
Addenda:
Disposable personal income:
Total, billions of 1958 dollars
Per capita, current dollars _
Per capita 1958 dollars
577.9
3,816
2,767
Personal saving rate ^ percent
6.2
1.2
1.0
1.1
.9
1.0
1.1
1.8
53.8 45.8
54.4
50.0
51.0
51.1
63.3
608.1 579.3 595.1 603.9
4,195 3,831 3,955 4,057
2,890 2,771 2,841 2,878
6.1
5.7
6.6
5.9
604.8 609.5 613.9
4,137 4,231 4,350
2,877 2,894 2,909
5.9
5.7
6.9
Table 11. —Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi726.5
tures
805.0 734.1 752.6 779.4
795.6 816.0 829.0
117.4
131.1 120.2 122.9 132.2
132.8 132.8 126.8
--
Automobiles and parts
_ 52.8
4.1
Mobile homes
Furniture and household equipment- 48.1
16.5
Other..
Food and beverages
Clothing and shoes
Gasoline and oil
Other
299.9
145.3
62.3
25.5
- 66.8
.
309.2
Services
105.5
43.8
21.8
-- 138.0
Housing
.
Household operation.
Transportation
Other
57.9 55.0
4.6 3.7
54.7 48.6
18.5 16.6
55.7
4.4
50.0
17.3
60.5
5.0
53.7
18.0
59.7
5.0
54.4
18.6
59.2
4.2
55.0
18.6
52.1
4.2
55.8
18.9
336.3 302.3 310.7 322.2
330.3 341.6 351.1
146.5 149.1 154.7
62.9 65.1 68.3
25.8 26.6 27.5
67.2 70.0 71.7
158.1 164.3 169.0
69.3 70.3 71.2
28.8 29.4 30.2
74.2 77.5 80.6
337.6 311.6 319.0 325.0
332.6 341.6 351.2
106.3 107.9 110.6
44.5 45.7 46.5
21.8 22.2 22.8
138.9 143.1 145.1
113.3 115.8 118.4
47.1 48.7 49.7
23.2 23.7 24.2
149.0 153.4 158.9
161.5
69.8
29.0
76.0
114.5
48.0
23.4
151.6
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
Transfers to foreigners
Personal
Government
Net foreign investment
529-782 O - 74 - 2
666.7
241.6
189.1
159.5
123.9
141.6
40.7
Imports of goods and services
648.7
234.8
183.7
156.0
120.1
137.8
Other labor income
Nondurable goods
Dollars
691.5 632.7
252.0 227.3
196.8 177.0
165.1 152.5
129.0 117.9
145.4 135.0
Proprietors' income
Business and professional
Farm
Durable goods -
Billions of 1958 dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
IV P
Less: Personal tax and nontax pay142.2
ments
Corporate profits and inventory
valuation adjustment
67.3 79.9 67.7 72.7 76.8 78.8 81.8
Profits before tax
.. .- 74.3 97.2 74.6 80.0 92.1 99.9 98.9 -- -Profits tax liability
35.0 46.9 35.2 37.8 44.3 48.2 47.7
Profits after tax
39.2 50.3 39.4 42.2 47.8 51.7 51.2
Dividends
21.2 22.3 21.4 20.9 21.4 21.9 22.5
18.1 28.0 18.1 21.2 26.4 29.8 28.6
Undistributed profits
Inventory valuation adjustment-- -6.9 -17.3 -6.9 -7.3 -15.4 -21.1 -17.0 -15. 6
Gross product originating in
nonfinancial corporations
III
939.2 1035. 5 943.7 976.1 996. 6 1019. 0 1047. 1 1079. 2
Wage and salary disbursements
627.8
Commodity-producing industries .. 226.0
Manufacturing
175.9
Distributive industries
151. 5
Service industries.- . ._ _
116.1
Government
134.2
Less: Personal contributions for
social insurance
41.8
Income originating in nonfinancial
corporations
... . - 487.7 549.8 491.3 508.4 529.1 542.8 557.5
Compensation of employees
403.0 451.1 406.1 417.8 434.1 445.4 456.7 468.3
Wages and salaries
-----351.5 389.8 354.1 364.6 375.0 384.9 394. * 404.6
51.5 61.3 51.9 53.2 59.2 60.5 61.8 63.7
Supplements
Net interest
II
Table 10.-*-Personal Income and its Disposition (2.1)
Compensation of employees
428.9 479.4 432.4 444.6 461.6
Wages and salaries - - - - - - - - - 373.8 413.9 376.7 387.6 398.3
Supplements
- 55.1 65.5 55.6 56.9 63.3
.. - -
I
Billions of dollars
(1.14)
Income originating in corporate business.
517.6 584.6 521.4 539.5 561.9
Net interest
IV
Seasonally adjusted at annual rates
Billions of dollars
l
III
1973
-
74.2
101.3 74.7
80.4
89.7
97.2 104.5 113.5
73.5
101.3 74.0
79.7
89.7
97.2 104.5 113.5
.7
.7
.0
74.2
101.3 74.7
80.4
89.7
97.2 104.5 113.5
78.1
96.7 77.7
83.2
89.7
94.4
3.8
1.0
2.8
3.5
1.1
2.5
3.0
.9
2.1
3.3
1.0
2.3
3.5
1.1
2.5
4.4
1.8
2.6
1.0 -6.9 -6.3 -3.0
-.5
4.0
3.5
.7
3.7
1.0
2.7
-7.6
.0
3.6
1.2
2.4
.0
.0
.0
97.0 105.6
SUEVEY OF CUEEENT BUSINESS
10
1972
1972 1973 P
III
January 1974
1973
IV
II
I
1972
IV *>
III
1972 1973P
III
Seasonally adjusted at annual rates
1973
IV
I
II
III
IV P
Seasonally adjusted
Billions of dollars
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Federal Government receipts .
Gross national product
146. 10 153.86 146. 42 147.63 149.81 152. 46 155.06 158.04
Personal consumption expenditures. __ 137.9 145.1 138.2 139.2 141.0 143.8 146.2 149.5
Durable goods
112.8 114.5 113.5 112.5 113.0 114.3 115.1 115.6
Nondurable goods .
135.7 146.8 136.0 137.6 140.8 144.8 148.4 152.9
Services
.
.. - . .. 153.2 160.0 153.5 155.3 157.0 159.0 160.7 163.2
228.7 265 4 229.6 236.9 253.6 262.4
269 5
Personal tax and nontax receipts
107.9 114.5 108.1 111.3 108.5 111.4
Corporate profits tax accruals- _
37.8 49 8 38 0 40.7 46.6 50 8
Indirect business tax and nontax
accruals
19.9 21 0 19 9 20 3 20 7 21 2
Contributions for social insurance _ _ _ 63.0 80.1 63.6 64.6 77.8 79.1
116.9 121.1
51 0
244.6 264.7 237.0 260.3 258.6 262.4
265.6 272.4
104.4 106 9 102 3 102 7 105 5 107 3
Purchases of goods and services
74.4 74 2 71 9 72 4 74 3 74 2
National defense
Other _
_ .
.... . 30.1 32 7 30.4 30.3 31.2 33.1
106 8 107 8
74 2 74 0
32 7 33 8
Federal Government expenditures
82.9
80.1
2 7
Transfer payments
To persons ._ . . _ _
To foreigners (net)
95 4
93.1
2 4
80 8
78.0
28
91 0
88.5
2 5
91 8
89.7
2 1
93 8
91.5
23
20 8
80.8
96 6
94 2
25
21 5
82.6
99 5
96 9
2 6
Grants-in-aid to State and local governments
37.7 41 2 34 4 46 1 41 1 40 5
40 5 42 5
Net interest paid . .
13.5 15 9 13 4 13 7 14 7 15 6
16 2 16 9
Subsidies less current surplus of government enterprises
61 5 4
6 2
6 7
55 51
53 5 7
Subsidies .
5.5
4 1 6 1 6 1 4.6
39
38
39
Current surplus
-.6 -1.3 — . 1 -.6 —.9 —1.2 —1 5 —1.8
Less: Wage accruals less disburse0
ments.-- . .. . _._
.0
.0
.0
.0
.0 — . 1
.0
Surplus or deficit (— ), national
income and product accounts
-15.9
.6 -7.4 -23.4 -5.0
.0
Gross private domestic investment
Fixed investment
145.7 153.3 146.3 147.6 149.7 152.7 154.4 156.6
Nonresidential
141.3 147.0 141.8 142.1 143.5 146.5 148.1 149.9
..
Structures
181.7 194.4 182.2 186.0 190.7 193.9 195.9 196.8
Producers' durable equipment. . 126.0 129.6 126.8 126.3 126.8 129.3 130.3 132.0
Residential structures
Nonfarm
Farm
.
156.3 170.5 157. 0 161.2 165.6 168.6 171.6 177.1
156.4 170.5 157.1 161.3 165.6 168.6 171.7 177.2
150.8 164.9 151.5 156.0 159.2 162.7 165.7 170.9
Change in business inventories
Net exports of goods and services
Exports
Imports-
130.2 150.5 130.7 133.7 137.4 145.9 155.0 162.6
133.6 157.8 135.2 137.8 141.8 154.5 161.7 174.1
Government purchases of goods and
services
4.0
Table 14.-—State and Local Government Receipts and Expenditures
Federal.
State and local
178.3 191.4 179.6 181.6 186.0 189.6 192.5 197.4
171.7 186.5 173.9 175.5 181.2 184.4 186.8 194.1
183.2 194.5 183.7 185.9 189.2 193.1 196.1 199.5
. . .
(3.3, 3.4)
State and local government receipts
177.2 194.8 175.3 191.2 190.2
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
..
Contributions for social insurance
Federal graats-in-aid
34.3
4.9
38.4
6.4
89.6
10.7
37.7
96.8
12.0
41.2
34.6
4.9
90.6
10.9
34 4
36.1
52
36.6
61
37.9
6.6
39.1
66
40.1
92.5
11.3
46 1
94.9
11.6
41 1
96.0
11.8
40 5
97.7
12.1
40.5
98 6
12.5
42 5
State and local government expenditures
164.0 183 8 165 9 171 6 176 4 181 2
Purchases of goods and services
150.5 170.3 152.4 158.0 163.0 168.0
Transfer payments to persons
18.2 19 5 18.5 18.8 19.1 19.4
Net interest paid
— 4
1 3 _ 5 — 6 —1 2 — 1 6
Subsidies less current surplus of
government enterprises
—4 4
4 6 —4 7
4 7 —4 5 —4 6
1
Subsidies
.0
.0
.0
.0
.0
Current surplus
4.5
45
46
4 7
4 8
4 7
Less: Wage accruals less disburse—.1
ments
.0
.0
.0
.0 —.1
Surplus or deficit (— ), national
income and product accounts
13.1
11.0
9.5
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
192.8 196.0
19.6
13.9
11.5
185.7 191 9
172.2 178.0
19.5 19 9
-1.3 — 1 1
4 7 —4 8
1
.l
4 9
4 8
.0
.0
10.4
_ 174.2 188.6 170.3 186.0 181.5 183.0
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Corporate capital consumption
allowances .
Noncorporate capital consumption
allowances
Wage accruals less disbursements
49.7
29.3
53 8
42.4
45 8
29.4
54 4
33.9
69
17 3
69
73
65.9
71 0
66 0
68 0
69 3
36 5
-.3
38 6
.0
36 3
-.2
37 1
.0
Capital grants received by the United
States
Gross investment
51 0
44.2
188.0
63 3
17 0
15 6
70 5
71 7
72 7
37 7
.0
38 6
-.1
38 8
.0
39 3
.0
8.9
11.6
14.3
-15.9
.6 -7.4 -23.4 -5.0
13.1 11 0
9 5 19 6 13 9
.0
11 5
4.0
10 4
o
o
.0
.7
15 4
21 1
.0
2.0 -3.8
7
.7
.0
Gross private domestic investment- . 178.3 201.5 181.5 189.4 194.5 198.2
Net foreign investment
-7.6
1 0 —6 9 —6.3 —3 0 — 5
202.0 211.2
40
35
Preliminary.
166.5 174.7 167.0 168.6 171.3 173.5 175.3 178.5
Structures..
170.6 185.0 170.9 175.4
Addendum:
Gross auto product.
111.7 112.5 113.4 110.1 111.1 112.6 113.7 112.6
183.6 186.2 190.4
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
146. 10 153.86 146.42 147.63 149. 81 152. 46 155. 06 158.04
-
139.78 147. 23
138.0 145.2
138.0 143.3
139.5 205.6
145. 88
143.9
142.4
193.0
148.47
146.4
144.0
231.6
151.24
149.0
146.2
233.3
212.1 224.8
Households and institutions
General government
140. 07 141.27 143.25
138.3 139.5 141.4
138.1 139.1 140.5
143.6 151.3 167.6
- - 221.5 236.1 222.6 224.6 230.8 233.9 237.1 242.6
230.5 247.3 231.4 232.6 243.2 244.3 246.2 255.4
216.5 230.3 217.8 220.2 224.2 228.4 232. 4 236.1
.
Federal
State and local
Table 19.—Gross National Product: Change from Preceding Period
23
16
2
11
32
37
Percent at annual rate
Percent
206 0 214 7
—15
Services....
(7.7)
11.6
170.6 202 5 174 7 183 1 191 5 197 7
Statistical discrepancy
119.0 121.2 119 5 118.8 119.2 120.5 122. 2 122.8
143.7 148.0 152.1
1314 145.9 134.6 136.4
Durable goods
Nondurable goods-.
Private
Business
Nonfarm
Farm
51 1
43.4
Government surplus or deficit (— ),
national income and product accounts -2.8
Federal
State and local
50 0
40.0
127.7 134.8 128.1 128.6 130.4 133.1 136.2 139.1
Goods output..
Gross national product
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving.
146.10 153.86 146.42 147.63 149.81 152.46 155. 06 158.04
146,2 153.9 146.6 147.8 149.9 152.5 155.1 158.2
Gross national product.
Final sales
Gross national product;
Current dollars
Implicit price deflator
Chain price index
Gross private product;
Current dollars
Constant dollars
Implicit price deflator
Chain price index
-
9.4
6.1
3.2
3.6
11.5
5.9
5.3
5.8
8.7
5.8
2.8
3.2
11.7
8.1
3.3
3.9
15.2
8.7
6.1
7.1
9.9
2.4
7.3
7.0
10.6
3.4
7.0
7.0
9.4
1.3
7.9
7.7
9.6
6.5
2.9
3.1
11.9
6.2
5.3
5.6
8.7
5.8
2.7
3.2
12.2
8.4
3.5
3.9
15.5
9.3
5.7
6.5
10.3
2.5
7.6
7.2
11.1
3.6
7.3
7.1
9.0
1.3
7.7
7.4
January 1974
SUKVEY OF CURRENT BUSINESS
11
1974 Business Capital Spending Plans
BUSINESSMEN expect a 12 percent advance
in capital expenditures in 1974, according to
the annual survey conducted by BEA in late
November and December of 1973. Outlays in
1974 are expected to total $112.1 billion,
compared with $100.1 billion now estimated
for 1973 and $88.4 billion in 1972.1 The
increase in 1973 is now estimated at 13.2
percent.
Survey responses were received after the
announcements of the Arab oil embargo, but
the extent to which capital budgets had been
adjusted because of the embargo is not known.
The quarterly survey conducted by BEA
in late October and November—reported in
the December SURVEY—revealed that businessmen expect outlays to rise sharply in the
first half of 1974. Although that survey is not
directly comparable with the survey of fullyear expectations reported here, the two
together suggest that capital outlays will
continue to-rise in the second half of 1974 but
at a slower rate than in the first half.
The expected increase this year, like last
year's increase, reflects greater strength in
manufacturing than in the nonmanufacturing
sector. However, the projected 1974 increase in
manufacturers' outlays—17 percent—is somewhat smaller than the gain of 21 percent in
1973. Nonmanufacturing outlays are expected
to increase about 9 percent this year, slightly
more than last year's increase.
The continued strength in manufacturers'
outlays this year appears to be primarily in
the basic materials industries. Estimates of
capacity utilization indicate that such industries continued to operate at or near full
capacity during 1973: the Federal Reserve
series on capacity utilization in the major
materials industries shows a rate of 95 percent
1. The 1972 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 and subsequent
March, June, September, and December issues.
The 1973 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 1974 expectations data reported here have been adjusted for systematic biases when necessary. Before adjustment, expenditures were expected to be $46.2 billion for
manufacturing and $65.8 billion for nonmanufacturing; the
net effect of the adjustments was to lower the manufacturing
total by $1.8 billion and to raise the nonmanufacturing total
by a similar amount. The bias adjustments, which are
computed separately for each major industry, were applied
only when expected spending deviated from actual spending
in the same direction for 5 of the 7 years 1967-1973, the only
years for which such actual data are available. When this
criterion was met, the adjustment used was the median
deviation between actual and expected spending in the last
5 years. These bias adjustments for this early survey of fullyear spending expectations are based on less comprehensive
data than the adjustments which will be used in calculating
expected 1974 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 entire postwar period.
in the fourth quarter of 1973, up from 92^
percent in the fourth quarter of 1972.
Sharp advances are planned by producers
of paper (31 percent), petroleum (27 percent),
chemicals (21 percent), and primary metals
(25 pejcent). Increases ranging between 14
and 20 percent are planned by the motor vehicle, "other durable goods," and nonelectrical
machinery industries. Outlays by the rubber
industry are little changed from the exceptionally high level of last year, which was 45 percent above 1972.
Among the nonmanufacturing industries,
the strongest increases are expected by gas
utility firms (18 percent) and railroads (17
percent). Electric utilities expect a 16 percent
increase. Smaller gains are expected by mining
Table 1.—Expenditures for New Plant and
Equipment by U.S. Business,1 1972-74
1972 1973 * 19742
(Billions of
dollars)
All industries
Manuf actur i ng
Durable goods 3- 3
Primary metals
Blast furnace, steel
works
Nonferrous
Electrical machinery
Machinery, except electrical .
Transportation equipment
M otor vehicles
Aircraft
Si.one, clay and glass.. _
Other durables 3
Percent
change
1973
1974
88.44 100. 08 112. 11 13.2
12.0
31.35 38.00 44.40 21.2
16.8
15.64 19.39 22.61 24.0
2.75 3.48 4.34 26.6
16.6
24.6
1.24
1.18
2.39
1.41
1.68
2.90
1.71 13.1
2.16 41.7
3.18 21.3
21.7
28.4
9.8
2.90
3.48
3.98 20.1
14.3
2.53
1.83
.43
1.20
3.87
3.06
2.24
.53
1.50
4.97
3.57
2.68
.58
1.68
5.87
16.6
19.5
9.2
12.0
18.1
21.1
22.8
23.2
24.9
28.4
Nondurable goods 3
15.72 18.61 21.79 18.4 17.1
Food including beverage
7.5
2.55 3.05 3.28 19.4
Textile
.73
.79
.77 8.1 -1.8
Paper
1.38 1.89 2.48 37.0 31.2
Chemical -3.45 4.32 5.25 25.4 21.4
Petroleum
5.25 5.41 6.89 3.0 27.3
Rubber
.8
1.08 1.57 1.58 44.7
Other nondurables 3
1.27 1.59 1.54 24.7 —2.7
Nonmanufacturing
Mining
Railroad- .
Air transportation
Other transportation
Public utilities
Electric
Gas and other _
Communication, commerical and other *
57.09 62.07 67.71
8.7
9.1
2.42 2.76 3.14 14.2 13.9
1.80 1.94 2.27 7.8 17.2
2.46 2.41 2.16 —1.9 —10.5
1.46 1.60 1.62 10.2
.7
17.00 19.09 22.16 12.3 16.1
14.48 16.25 18.81 12.2 15.7
2.52 2.84 3.36 12.6 18.3
31.96 34.27 36.36
7.2
6.1
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 1973.
The estimates for 1974 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.
(14 percent) and communications and commercial firms (6 percent). Airlines expect a
further decline in investment this year—
about 10 percent compared with a 2 percent
decline in 1973.
Sales expectations
Manufacturers expect their sales to increase
8l/2 percent in 1974. (The sales expectations
shown here are as reported by the survey respondents, and have not been adjusted for
bias.) A year ago, manufacturers expected a
9l/2 percent increase in sales for 1973, compared
with a 16 percent actual rise now estimated for
1973. Retailers expect a 9J^ percent increase
in sales this year compared with an estimated
13 percent increase in 1973. Wholesalers look
for a 7 percent increase compared with a 21
percent advance last year. A year ago, retail
firms expected a 10 percent sales increase in
1973 and wholesalers expected a 7 percent
increase. Public utilities expect a 12% percent
rise in revenues for 1974 compared with an
11% percent rise estimated for 1973; a year ago,
these firms expected a 9 percent rise. The largerthan-expected 1973 sales increases for most
industries undoubtedly were due in good part
to larger-than-expected price rises.
Table 2.—Percent Changes in Business Sales,
1973 and 1974
1974
1973
Expected as
reported in:
Dec.
1972
Manufacturing 2
Durable goods 2
Primary metals
Electrical machinery
Machinery except electrical
-.
Transportation
equipment --Stone, clay, and glass
2
Nondurable goods
Food including beverageTextile
Paper
.
Chemical
- Petroleum
Trade
Wholesale
Retail
Public utilities
.
-. - --
Feb.
1973
Expected as
Ac- 1 reported
tual
in Dec.
1973
9.6
9.4
15.9
8.5
11.3
9.8
11.4
10.8
9.6
9.6
17.2
24.8
13.9
7.5
7.4
9.6
12.6
12.6
20.1
11.9
12.0
7.5
11.6
6.2
18.7
12.2
2.7
6.6
7.5
6.7
8.0
8.1
7.8
7.7
7.8
6.2
9.8
8.1
8.9
6.2
14.3
17.9
14.6
14.2
16.8
17.9
9.7
9.3
10.0
9.8
10.0
11.1
8.8
7.4
16.2
8.6
7.0
10.1
7.6
7.2
20.9
13.0
7.1
9.6
9.2
9.5
11.4
12.8
1. Sources: Manufacturing data are from Bureau of Census,
Current Industrial Reports, Series M-3, for first 11 months
of 1973, and BEA estimates for December 1973. Trade data
are from Bureau of Census, Current Business Reports,
Monthly Wholesale Trade and Monthly Retail Trade, and
BEA estimates for December 1973. Public utility figure is
estimate by BEA on basis of data collected in the annual
business investment surveys.
2. Includes industries not shown separately.
The U.S. Economy in 1978
I
NFLATION was severe in 1973 but
on other counts the record of the U.S.
economy for the year as a whole was
favorable. There was a large increase
in real output, an exceptionally large
rise in employment that was reflected
in a substantial decline in the unemployment rate, and sizable advances in
profits and personal income. During
the year, however, the growth of production and employment was slowing.
Some of the deceleration, especially in
the spring and summer, was due to
capacity constraints and shortages of
key materials, but toward yearend it
seemed clear that a general economic
slowdown was underway, and the consensus of forecasts looked to much
weaker expansion in 1974 than in 1973.
In the year's final months, employment
growth stopped, the unemployment
rate moved up, consumer demand was
flat, and aggregate output increased
very little. The boycott by Arab oil
producers, and the steep rise in world
petroleum prices—including prices set
by non-Arab producers—introduced
new uncertainties as 1973 drew to a
close. The boycott probably intensified
the drop in auto sales in the fourth
quarter, but the impact on the U.S.
economy of the boycott and higher
prices was still largely in the future
when the year ended.
Inflation was the most serious problem facing economic policymakers last
year. The wholesale price index rose
almost 14 percent from 1972 to 1973
and the consumer index 6 percent, the
steepest increases since World War II.
Higher prices for food and petroleum
products were major contributors to
the inflation. The increase in agricultural prices mainly reflected the shortness of supplies caused by poor harvests
abroad, augmented by thev more or
12
less coincident timing of booms in
major world economies. Petroluem
prices were already rising steeply before
the actions by Arab and other producers
late in the year, reflecting strong world
demand and increasingly serious supply
problems. The worldwide economic
boom, which affected petroleum demand, was also important in boosting
prices of industrial materials such as
x
metals and lumber.
The stance of fiscal and monetary
policy was in general restrictive in
1973. The Federal budget (on the na-
tional income accounts basis) swung
from a deficit of $16 billion in 1972 to
a small surplus in 1973. On the "full
employment" basis that is more appropriate for isolating the impact of the
budget on the economy, the budget
position shifted somewhat less sharply,
from a'deficit of $6 billion in 1972 to
a surplus of $8% billion in 1973. The
"full employment" budget position
moved from deficit in late 1972 to surplus in the first half of 1973, and the
surplus increased in the second half.
Monetary policy turned rather clearly
CHART 6
Output, Employment, and PricesPercent Change From Previous Year
-
IMPLICIT PRICE DEFLATOR
Excluding Gross ~
Farm Product
\
pnl
"m 1
—
-
4
HI
16
WHOLESALE PRICE INDEX
12
Excluding Nonindustrial
Commodities ^
CIVILIAN EMPLOYMENT
1967
68
69
* Excluding Food
CONSUMER PRICE INDEX*
70
71
72
*1973 figure based on Jan.-Nov. average for 1972 and 1973.
U.S. Department of Commerce, Bureau of Economic Analysis
73
1967
68
69
70
71
72
73*
January 1974
SURVEY OF CURRENT BUSINESS
13
restrictive late in 1972, and in 1973 made goods—both in U.S. markets and Output and prices
all the major monetary policy tools abroad—probably dampened capacity
The Nation's total output of goods
were used in an effort to moderate expansion in some U.S. industries sevthe growth of credit and thus of aggre- eral years age. Market distortions aris- and services in 1973 had a value in
gate demand. The monetary authori- ing from the imposition cf price controls current prices of $1,288.2 billion, up
ties permitted steep increases in interest may also have dampened investment $133.0 billion or 11% percent from 1972
rates to restrain the demand for credit in recent years. The Federal Reserve (table 1). Price inflation accounted for
and allocate credit among prospective measure of capacity utilization in major about half of the rise in the nominal
borrowers. This contrasted with other materials industries (which was pub- value of output: GNP in constant
periods of credit restraint in recent licly released for the first time last prices increased about 6 percent from
years, when the authorities did not summer) showed a 96 percent utiliza- 1972 to 1973, while the implicit price
allow interest rates to rise so much and tion rate in the third quarter of 1973. deflator for GNP increased 5% percent
operated more through directly cur- That was the highest rate in the history (chart 6). Residential investment weaktailing the ability of banks and other of the series, which goes back to 1948. ened through the year and showed little
intermediaries to lend.
Limits on the expansion of these in- gain from 1972 to 1973 even in current
The Government's economic stabili- dustries' production had ramifications prices; in constant prices it declined.
zation program, which had its origin in throughout the economy, particularly Similarly, Federal Government spending increased only modestly and in real
the temporary wage-price-rent freeze in the second half of the year.
of August 1971, underwent several Taking into account the strong terms declined. Inventory investment
shifts in 1973. In mid-January, "Phase demand for labor in 1973 and the sharp was very low—below the 1972 pace—
III" was introduced. It greatly reduced rise in prices, labor relations were through most of 1973 but seems (on
the requirements for reporting and prior relatively tranquil. Close to 5 million the basis of partial data) to have moved
approval of wage and price changes, workers were affected by union con- to a much faster rate in the year's
and was intended as a major step tracts that expired or were subject to closing months. Other majcr demand
toward removal of the, controls program. reopening, making 1973 a relatively sectors recorded sizable increases in
During the first half of 1973, however, heavy bargaining year. However, there 1973. By far7 the strongest increase was
various factors—led by developments were no major strikes, and the per- in foreigners demand for U.S. output.
in world markets for agricultural prod- centage of potential working time lost Business capital investment and spenducts and industrial materials—caused in work stoppages was apparently ing by State and local governments
prices to rise sharply, and this engen- lower than in 1972, which was a lighter also rose sharply. The increase in condered considerable sentiment for some bargaining year. Wage increases nego- sumer spending was larger than in 1972
sort of Government action on prices. As tiated in major contracts in 1973 were but this reflected inflation; in real terms,
a consequence, a price freeze was im- lower than those negotiated in each of growth of consumer demand, although
posed in mid-June, intended to allow the preceding 3 years. First-year in- large, was slower than in 1972.
A substantial part of last year's
time for development of a new system creases in straight time hourly earnings
of controls which ultimately came into averaged 6 percent in contracts settled price acceleration can be traced to farm
being as "Phase IV." This system in the first 9 months of last year, and prices. The implicit deflator for gross
marked a return to a rather extensive increases over the life of the contract farm product rose 47 percent, compared
control mechanism with considerable averaged 5% percent. Those figures with 19 percent in 1972; thus, the rise
requirements for reporting and clear- were, respectively, 1% percentage points
ance. As the year progressed, however, and 1 percentage point below the averTable 1.—Percent Change in Major
the administration was moving quite age settlements in 1972. However,
Components of GNP
rapidly to remove the controls on an many workers receive wage increases
industry-by-industry basis.
1971 1972 1973
under cost-of-living clauses tied to the
Pressures on productive capacity, consumer price index, in addition to the
GNP
8.0
9.4
11.5
especially in manufacturing, were un- increases specified exactly in the con7.9
9.5
11.5
Final demand
usually widespread last year. The tracts. The number of workers covered
Personal consumption expenditures
8.0
8.9
10.8
reasons are numerous. The more or by such clauses has risen sharply, to
26.4 11.3
Autos
8 6
13.1
Other durable goods.. . .
7.7 14.4
less coincident timing of booms in somewhat more than 4 million last year
5.1 6.4
Food
11.1
G a s a n d oil_ _ _ _ _ _ _
. . _ _ _ 5.9
8.5
13.7
major world economies was a factor, compared with 2.8 million in 1970 and
6.3 8.9
Other nondurable goods
12.9
8.5
9.2
Services
8.5
as was the stimulus to demand for 2 million in the mid-1960's. The rapid
15.1
Business fixed investment
3.8 13.2
U.S. output engendered by the dollar rise in the consumer price index last Residential investment _ _
7.4
_ _ _ 36.9 26.5
devaluations and the revaluations of year, plus the fact that some contract Exports of goods and services
5.4 10.9
37.8
10.5 19.2
23.8
other major currencies over the past settlements liberalized the cost-of-living Imports of goods and services
-4.0
3.9
National defense purchases
several years. Moreover, prior to those formulas, suggests that wage increases Other Federal purchases.-. _ _ _ _ _ _ _ 22.7 13.6 -.3
8.6
exchange rate adjustments the dollar resulting from escalator clauses were State and local government purchases. . 10.5 10.5 13.2
had been appreciably overvalued, and considerably larger last year than in
1. GNP less inventory accumulation.
2. Gross imports are subtracted from the sum of other
the resulting competition from foreign- 1972.
demand components in the calculation of GNP.
1
2
14
in the nonfarm deflator accelerated less
than the rise in the overall deflator
(chart 6). Excluding not only farm
product but also general government
output, the implicit deflator for the
private nonfarm economy rose 4.0
percent in 1973, compared with 2.3
percent in 1972 and 4.4 percent in 1971.
Food prices in the consumer price
index averaged 14 percent higher in
1973 than in 1972, compared with a
rise of less than 4% percent from 1971
to 1972. Excluding food, the consumer
price index rose 3% percent last year
compared with 3 percent in 1972
(chart 6). Rising fuel prices did not
have a marked direct influence on the
consumer index last year, because their
weight in the index is low.
The wholesale price index rose nearly
14 percent in 1973, compared with 4%
percent in 1972. The index for farm
products and processed foods and feeds
rose at an extraordinary rate through
midsummer, then declined; for the year
as a whole, it was up 30 percent, compared with 7% percent in 1972. The
index for fuels and related products
recorded its steepest advance in the
closing months of the year but had al?o
shown substantial increases before then.
It was up 22% percent last year, compared with 4 percent in 1972. Excluding farm and food prices, the wholesale index rose 7% percent in 1973,
compared with 3% percent in 1972
(chart 6). Excluding not only these
products but also fuels, the wholesale
index rose 5 percent last year and 3%
percent in 1972.
SUEVEY OF CURRENT BUSINESS
zation rose to high levels, and the
typical cyclical pattern in which business is slow to adjust man-hours when
economic activity begins to slow down.
In both the overall private economy
and its nonfarm sector, the rise in
compensation per man-hour accelerated
from just under 7 percent in 1972 to
7K percent in 1973. Consequently,
unit labor cost increased much more
last year than in either of the preceding
2 years. Unit labor cost moved up
about 4% percent in the private economy as a whole and about 4X percent
in the nonfarm sector. Part of last
year's acceleration of both compensation per man-hour and unit labor cost
reflected the increase in contributions
for social insurance effective last January. One-half of the social security tax
is paid by the employer, and this payment is counted in the measure of
employee compensation; in January,
the maximum amount of earnings subject to the tax was raised from $9,000
to $10,000 and the combined employeremployee tax rate from 10.4 percent
to 11.7 percent.
are counted in the overall national
income measure of profits, as an income
to U.S. owners of capital invested
abroad. Total pretax profits, on the
national income basis, are preliminarily
estimated for the year at $109% billion,
up $18 billion or 20 percent from 1972.
The rise from 1971 to 1972 was 13%
percent.
The book profits of corporations
were sharply inflated in 1973 by inCHART 7
Corporate Profits Before Taxes
Billion $ (Ratio scale
Corporate profits
Despite the faster increase in labor
cost per unit of output nonfinancial
corporations' profit per unit rose considerably more last year than in 1972.
On the basis of preliminary data, profit
per unit of output was up about 10
percent last year, compared with 6
percent in 1972. With the corporations'
total output—i.e., value added—rising
slightly faster last year, the increase
in their total profits was much larger
Productivity and unit costs
than in 1972. Pretax profits from
Output per man-hour in the private domestic operations, as measured in
economy increased only about 2% per- national income, i.e., excluding invencent last year, down from about 4 tory profits, increased about 18% perpercent in 1972 and 1971. The slow- cent, compared with 13% percent in
down was about the same excluding 1972. The profits expansion last year
the relatively small, but often volatile, was almost entirely in manufacturing
part of total output produced by the (chart 7). Pretax profits of manufacfarm sector: output per man-hour in turers were up 29 percent but other
the private nonfarm economy increased domestic nonfinancial industries showed
about 3 percent last year, down from little if any profit gain. However, profits
about 4 percent in 1972 and 1971. The of financial corporations increased
slowing of productivity growth during sharply (chart 7) as did profits remitted
the course of last year reflected both the from abroad (which are included in
employment of less efficient labor and the "other industries" category on the
equipment resources, as capacity utili- chart). Profits remitted from abroad
January 1974
Transportation, Communication,
and Public Utilities
1964
65
66
67
68
69
70
71
72
73
Seasonally Adjusted at Annual Rates
Note.—All data except total book profits are on national income
basis, ie., including inventory valuation adjustment where applicable.
U.S.
Department of Commerce, Bureau of Economic Analysis
74
January 1974
ventory profits arising from differences
between the replacement cost of goods
taken out of inventory and the cost
at which they are charged to production. Such profits arise when prices
aie increasing, and they must in effect
be used for inventory restocking if
the physical volume of inventories
is not to decline. Because such profits
are not generated by current production activity, they are excluded from
the profits component of national
income. BEA estimates that the inventory profits of nonfinancial corporations—represented by the inventory
valuation adjustment in the national
income accounts—were $17% billion
in 1973 compared with $7 billion in
1972. Book profits before taxes, including the inventory profits, were
$126% billion last year, up from $98
billion in 1972 (chart 7).
International accounts
U.S. international transactions in
trade and services showed a surplus of
$4% billion last year, a steep turnaround
from the $4% billion deficit into which
the trade and services accounts had
plunged in 1972. There was also a
dramatic shift in long-term capital
flows. (The trade and services estimates
for the fourth quarter are tentative,
and for other international flows no
fourth quarter estimates are yet available). As a result, the "basic balance"—the balance on current account
and long-term capital—was in surplus
by $1.3 billion (seasonally adjusted annual rate) in the first three quarters of
1973 and it is likely that the account
for the year as a whole will show a
surplus. In 1972, the basic balance was
in deficit by $9.8 billion.
The improvement in trade and services reflected strong world demand,
especially for agricultural commodities,
industrial materials, and capital goods,
as well as the price effects of fastei
inflation abroad than in the United
States and of the dollar's depreciation
against major currencies in the past
2 years. The dollar was devalued in
December 1971 and February 1973,
and many other currencies were
formally revalued or permitted to rise
against the dollar in the system of
SURVEY OF CURRENT BUSINESS
15
floating exchange rates adopted early
in 1973.
Some outflows of long-term U.S.
capital early last year, especially
through transactions between U.S. parent firms and their direct investment
affiliates abroad, were stimulated by
expectations of further depreciation of
the dollar. For the first three quarters,
direct investment capital outflows were
up substantially from 1972. This was
more than offset, however, by an increased inflow of foreign capital for
direct investment and for the purchase
of U.S. securities. Also, the outflow of
U.S. capital for the purchase of foreign
securities was much smaller in 1973
than in 1972. In total, long-term capital
transactions showed a net inflow for the
first three quarters of 1973 of almost
$1 billion (seasonally adjusted annual
rate), a contrast to the more usual net
outflow; the outflow for the year 1972
was $1.5 billion.
Recorded and unrecorded outflows of
short-term capital increased from 1972
to 1973. The increase was concentrated
in last year's first quarter, when heavy
outflows were stimulated by exchange
market uncertainties (which culminated
in the February devaluation of the
dollar and the floating of several leading
currencies against the dollar). Despite
renewed exchange market pressure in
the summer, short-term capital flows
improved on balance after the first
quarter. Nevertheless, the year's first
three quarters showed an outflow that
was very much larger than in 1972.
This offset most of the shift in the basic
balance, so that the official reserve
transactions balance for the first three
quarters was still in heavy deficit—
although it moved into surplus on a
quarterly basis as the year progressed.
The official transactions deficit through
September was $8.1 billion—$10.7 billion at an annual rate—compared with
$10.3 billion for the full year 1972.
The adoption of floating exchange
rates for the dollar and other leading
currencies early last year affects the
interpretation of the official balance.
Under fixed rates, exchange market
pressures against the dollar were
reflected mainly in increases in U.S.
liabilities to foreign official agencies and
thus a deficit on the official reserve
basis, for the foreign agencies would
intervene via purchases of dollars to
maintain their exchange rate^ within
prescribed limits. Under floating rates,
exchange market pressures should be
mainly reflected in changes in exchange
rates, and in the absence of intervention
the official balance should approach
zero.
Financial Developments
THE monetary authorities set a restrictive policy course in 1973, in an
effort to curb very strong credit demands and to restrain inflationar}^
pressures. The move toward tighter
credit was gradual in the early months
of the year, as the authorities apparently sought to slow the growth of
the monetary aggregates (the money
stock, reserves, etc.) without sharp
increases in interest rates. However, a
slowing of the growth of the aggregates
early in the year, which was due in
part to transitory factors, was followed
by acceleration, and the emphasis of
policy shifted in the second quarter
toward much more aggressive restraint.
Very tight conditions prevailed in
money and credit markets from midspring through the summer; shortterm interest rates reached levels well
above the record highs of 1969 and
early 1970 (chart 8) and the growth of
the monetary aggregates slowed (table
2). Indeed, the money stock (currency
in circulation and private demand
deposits) actually declined slightly in
both August and September, after
having increased at a 5.9 percent
seasonally adjusted annual rate in the
first 7 months of last year. Credit
policy was somewhat less restrictive
in the closing months of the year,
and short-term interest rates declined
Table 2.—Change in Money Aggregates l
[Percent, seasonally adjusted at annual rate]
1972
Money stock (Mi)
January 1974
SUKVEY OF CURRENT BUSINESS
16
?-
1973
I
II
III
IV
I
II
III
9.2
6.1
8.2
8.6
1.7
10.3
0.3
7.9
IV
Money stock plus time deposits at commercial banks other than large
CD's (M2)
12.7
8.5
10.3
10.2
5.7
9.5
5.1
10.3
M2 plus deposits at nonbank thrift institutions (Ms)
14.9
10.7
12.4
11.5
8.6
9.4
4.4
9.3
, 1. Changes calculated between end-of-quarter months.
Source: Federal Reserve Board.
from banks to direct investment in open
market instruments. Because Regulation Q controls prevented banks from
effectively competing in money markets
for loanable funds, their role as interMonetary policy
mediaries in the credit flow process
The Federal Reserve System used all contracted.
The fact that commercial banks last
of its major credit policy tools last year.
Open-market operations were employed year could aggressively compete in
to restrict the growth of bank reserves, money markets for loanable funds
and thus of money and credit. The through sales of CD's added considerreserve requirement on demand de- ably to the rise in money market interest
posits in excess of $2 million was raised rates. However, although funds were
one-half of 1 percent, and the reserve progressively costlier and harder to get
requirement on further expansion of through the first 9 months of the year,
large negotiable certificates of deposit they were available to borrowers and
(CD's) was twice raised, in May and the role of commercial banks in the
in September, by 3 percent each time. credit process was not severely con(The second increase was rescinded in strained as it had been in 1969 and
December.) Also, the discount rate was 1966. The commercial banking system
raised from 4% percent to 7% percent, accounted for 38 percent of total funds
in seven steps. Some of the increases advanced in credit markets in the first
were described by the Federal Reserve three quarters of last year, about the
as actions taken to simply close the same as in 1972 when monetary policy
differential between the discount rate was accommodative or only mildly
and rising market interest rate&, while restrictive. This is in sharp contrast
some were explicity described a> in- with the situation in 1969; in that year,
tended to curb excessive expansion in banks accounted for only 15 percent of
money and credit.
total funds advanced in credit markets,
Credit restraint in 1973 differed in a as compared with 34 percent in 1968.
significant way from that of 1966 and Thus, a major effect of suspending
1969. Last year the Federal Reserve Regulation Q ceilings on large CD's was
System relied almost exclusively on its to permit banks to maintain their
general tools of credit control to affect position in the credit process and allow
the cost and availability of credit and interest rates to function much more
did not rely on Regulation Q ceilings, freely as the allocator of credit.
which govern the rates commercial
banks can pay on time and savings Interest rates
Restrictive monetary policy and very
deposits. Rate ceilings on short-maturity CD's were suspended in 1970 and on strong short-term credit demands relonger term CD's in May of last year. sulted in a sharp escalation of money
In both 1969 and 1966, market interest market interest rates through the first
rates rose far above Regulation Q three quarters of last year. The federal
ceilings and depositors shifted funds funds rate—the price at which banks
buy and sell excess reserves, and a
barometer of Federal Reserve Policy—
increased nearly 5% percentage points
to 10% percent during the first 9 months
of 1973. The rate on prime commercial
paper increased nearly 5 percentage
points to 10% percent, and the prime
commercial loan rate was raised from 6
percent to 10 percent in 16 steps. Most
of the increase in the prime rate occurred after May; earlier in the year, it
lagged after other money market rates
as the Government's Committee on
Interest and Dividends tried to induce
appreciably from their summer highs
while several of the major monetary
aggregates were again expanding
briskly.
•^•••••••••••H
CHART 8
Short- and Long-Term Interest Rates
Percent
2 .....I.
I..... .....I
I
10
FHA New Home
*N ./Mortgage Yields
\\
XT
Corporate (Moody's Aaa) .*
U.S. Treasury
/\
State and Local
(Bond Buyer)
1969
1970
1971
1972
1973
Data: FRB, HUD, Moody's, Bond Buyer & Treasury
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-8
January 1974
the banking system to slow the increase
in the cost of credit, and focused its
attention on the very visible prime rate.
In September, business loan demand
began to weaken and expectations developed in the financial community
that monetary policy would be relaxed.
As a result, money market rates declined sharply, then moved erratically
during the fourth quarter. At year end,
most market rates were 1 to 1% percentage points below their September
highs.
Despite the escalation of short-term
rates, long-term rates moved little until
the summer and even then the increase
was moderate. After September, most
long-term rates showed little change or
declined. An exception was mortgage
market rates, which began to move upward early in the year and which rose
sharply in the summer months as deposit drains at the thrift institutions
further threatened the availability of
mortgage funds. Mortgage rates eased a
little after September, but at yearend
were about 1 percentage point above
midyear levels. Yields on U.S. Government long-term bonds also rose sharply
in the summer reflecting an early August
sale of a 20^ear bond. Yields on Government bonds declined after August
and at yearend were about at their midyear level.
Demands for credit
Borrowing by the nonfmancial sectors
of the economy was substantially
greater last year than in 1972. Total
funds raised in credit markets by these
sectors amounted to $186 billion at a
seasonally adjusted annual rate in the
first three quarters of the year (data
are not available for the fourth quarter),
compared to the previous record of
$166 billion in 1972 (table 3). The increase reflected heavier borrowing by
business, households, and foreigners
which more than offset a reduction in
borrowing by the Federal and State
and local governments.
Borrowing by corporate and noncorporate business accelerated in 1973.
Although corporations continued to
generate a large volume of internal
funds, they remained heavily dependent on external sources to finance larger
capital investment programs and a sub-
SURVEY OF CURRENT BUSINESS
17
Table 3.—Total Funds Raised in Credit Markets by Nonfinancial Sectors
[Billions of dollars]
1968
Total
...
Nonfinancial business
Corporate business
Short-term debt
Bonds
Mortgages
Stocks
Noncorporate business
Short-term debt
Mortgages
Households
Consumer credit
Other loans
Mortgages
U.S. Government
__
. ._
1970
1972
1971
1973 i
94 6
91 4
97 5
146 7
166 1
186 1
38 8
49 4
47 4
60 1
69 4
90 7
38
9
19
5
4
47
5
18
11
11
54
16
12
15
10
2
4
2
6
0
69 5
35 1
89
18 7
68
30
13
12
5
—1
- _
1969
4
2
9
7
4
38
18
12
4
3
7
7
0
6
4
9
0
8
2
9
3
4
8
4
7
83
2.7
56
10 5
4 8
57
85
18
6 7
12 7
2 7
10 0
15 2
34
11 8
21 1
52
15 9
99 g
10 0
39
15.7
32 3
10 4
4 5
17.4
22 9
61
31
13 9
38 3
11 2
18
25 3
63 3
19 1
43
39 8
73 7
23 8
82
41.7
8 2
13.4
—3.6
12 8
25 5
17 3
State and local government
98
10 7
11 4
17 0
12 3
66
Foreign
29
29
30
57
38
68
NOTE.—Components may not add to total because of rounding.
1. First three quarters at a seasonally adjusted annual rate.
Source: Federal Reserve Flow of Funds Accounts.
stantial increase in liquid asset acquisition. The great bulk of corporate
borrowing was in short-term markets,
where the volume of funds raised by
them was more than double that in
1972. Because of a general expectation
of lower long-term interest rates in the
future, many corporations were reluctant to issue long-term debt, and the
volume of funds raised through bond
sales was the lowest in recent years.
Moreover, because of the depressed
prices in equity markets in 1973, stock
sales were a relatively unattractive
vehicle for raising funds, and the volume
of new stock issues was below that of
either 1972 or 1971.
Households substantially increased
their borrowing in 1973. Here too the
increase in borrowing was mainly concentrated in short-term markets,
although mortgage debt expansion also
continued to be very rapid. Foreigners
also borrowed more in U.S. credit
markets in 1973 than in 1972. That
borrowing mainly took the form of bank
loans and was concentrated early in the
year. At that time, expectations of a
further depreciation of the dollar relative to major currencies stimulated
demand for dollar loans by borrowers
who wanted to switch into currencies
expected to appreciate, or who wanted
to invest dollars in the Eurodollar
market where currency turmoil had
contributed to a sharp rise in interest
rates.
The Federal Government borrowed
only half as much in 1973 as in 1972, as
the Federal budget (measured on the
NIA basis) moved toward surplus
following a $16 billion deficit for the
year 1972. The volume of State and
local government borrowing was a little
more than half as much as in 1972. The
reduction of credit demands reflected
the substantial improvement in the
fiscal position of many of these govern-
Table 4.—Change in Loans and Investments at Commercial Banks
[Billions of dollars, seasonally adjusted]
1973
19 72
I
Total loans and investments.
Loans
B usiness
Other___ _
_ _ _ _
Investments
U.S. Government
Other
...
Source: Federal Reserve Board.
..
II
III
IV
I
II
III
IV
19.1
13.4
2.5
10.9
14.6
11.0
2.9
8.1
16.9
15.3
2.8
12.5
21.0
17.8
5.6
12.2
27.2
28.0
12.1
15.9
18.4
14.5
6.4
8.1
16.2
17.8
5.8
12.0
7.2
6.4
2.3
4.1
5.7
1.8
3.9
3.6
1.3
2.3
1.6
-1.7
3.3
3.2
.4
2.8
-.8
-1.5
.7
3.9
1.2
2.7
-1.6
-5.3
3.7
.8
-3.1
3.9
18
SURVEY OF CURRENT BUSINESS
ments resulting both from revenue
sharing and from higher tax receipts
associated with strong income growth.
preceding year (table 4). The large increase in a year of restrictive credit
policy reflects the Federal Reserve's
decision to permit banks to compete
freely for loanable funds and thus to
maintain their position in the credit
process.
The net increase in credit was strongest in the first quarter of the year and
slowed steadily thereafter. The great
bulk of the increase ($66% billion) was
in loans, as liquidation of U.S. Government securities largely offset acquisitions of other investments, mainly State
and local government securities.
Within the loan component of bank
credit, the strongest increase was in
business loans, which increased much
faster than in 1972. Business loan
growth was exceptionally fast early in
the year reflecting both the rapid expansion of economic activity and the
policy of the Committee on Interest
and Dividends which forced the banks
to hold back the prime lending rate.
That policy made it more attractive
to businesses to borrow from commercial banks than from alternative
sources, such as the sale of commercial
paper. Among other major loan components, real estate, consumer, and
nonbank financial loans all rose rapidly
last year, but security loans declined,
reflecting in part weakness in equities
markets and an increase in margin
requirements that became effective in
late 1972.
Commercial bank credit
Loans and investments at commercial
banks increased $69 billion from the
end of 1972 to the end of 1973, only a
little less than the expansion in the
CHART 9
Savings and Loan Associations
Billion $
12
SAVINGS DEPOSITS
ADVANCES FROM FEDERAL HOME
LOAN BANKS*
MORTGAGE COMMITMENTS
Savings and loan associations
12
MORTGAGES
1968
69
70
71
72
73
74
Change from end of quarter to end of
quarter, seasonally adjusted.
• Sept. to Nov. at a quarterly rate.
*Not seasonally adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
pata: FHLBB
74-1-9
Rising market interest rates led
savers to divert funds from the thrift
institutions. Savings flows to the S&L's
were strong in the first quarter, but
weakened sharply in the second and
third quarters, then recovered in the
fourth when market interest rates
declined (chart 9).
With savings flows shrinking, the
S&L's cut new lending commitments.
Commitments outstanding rose very
steeply for 3 years and reached a
record $21% billion (seasonally adjusted) in February of last year;
January 1974
from February to November, they
declined roughly 30 percent to $15%
billion—which is still a large volume.
In order to meet the high volume of
outstanding loan commitments and
increase the availability of mortgage
funds, these institutions greatly increased their borrowing from the Federal Home Loan Banks. Outstanding
FHLB advances amounted to $14%
billion in November, about $7 billion
above the level at the start of the year.
Mortgage lending by the S&L's
continued to expand rapidly in the
first half of the year, but growth slowed
moderately in the third quarter and
sharply in the fourth. Mortgage debt
holdings increased $26% billion, which
was less than the $32 billion increase
in 1972 but the second largest volume
of lending on record. Lending would
probably have been even stronger if
it had not been for the fact that mortgage interest rates rose above the
ceilings permissible under usury laws
in some States.
In addition to the support provided by the Federal Home Loan
Banks, other federally sponsored credit
agencies (such as the Federal National
Mortgage Corporation, the Government National Mortgage Association,
and the Federal Home Loan Mortgage
Corporation) were actively engaged
in channeling funds to mortgage markets. In the first three quarters of last
year (the latest for which data are
available), total support of mortgage
markets (including advances by the
Home Loan Banks) amounted to $21.2
billion, about 36 percent of residential
mortgage debt expansion. In providing
this support, these agencies sharply
stepped up their demands on credit
markets, the total volume of funds
raised in credit markets by these
agencies amounted to nearly $22 billion
(seasonally adjusted annual rate) in
the first three quarters of last year.
(These agencies are included in the
financial sector of the flow of funds
accounts and their borrowing is therefore not included in the figures on
government borrowing in table 3.)
SUEVEY OF CURRENT BUSINESS
January 1974
19
at about the same rate in the second
half as in the first, and the acceleration
was in other components of income.
The rise in wages in the cyclicallysensitive manufacturing
industries
slowed appreciably afte? midyear, mirVirtually all major components of roring the slowdown in employment
personal income increased somewhat and output growth, but this was offset
faster in 1973 than in 1972 (table 5). by a faster rate of increase in GovernThe speedup in the growth of wage and ment, where a civilian and military pay
salary income largely reflected un- raise became effective in October, and
usually rapid growth of payrolls in in the service industries. Transfer paythe commodity-producing industries, ments accounted for the largest part of
particularly in the first half of the year. the acceleration of personal income afThe big gain in these industries was ter midyear, for it was in that period
due to very strong employment expan- that the extension of medicare coverage
sion, as hourly earnings increased at became effective and the bulk of the
about the same rate as in 1972 and the increase in Federal pension payments
workweek leveled off after having risen occurred. However, growth of the other
sharply in 1972. Wage and salary nonwage components—proprietors' ingrowth in government and in the come, rent, interest, and dividends—also
service industries was about the same speeded up in the second half.
in 1973 as in 1972, and in the distribDisposable personal income increased
utive industries a little slower. The 10.7 percent in 1973, compared with 6.8
rise in both business and professional percent in 1972. The difference between
and farm proprietors' income accel- disposable income growth in the 2 years
erated last year, particularly the latter, is due largely to the different impact of
where income was boosted by the steep income tax overwithholding. In 1972,
rise in prices of farm products. The new withholding schedules were intro1973 acceleration in the growth of duced that resulted in some $8 to $10
transfer payments reflected the 20 billion of overwithholding; thus the
percent increase in social security rise in personal income from 1971 to
benefits late in 1972, the extension of 1972 was held down by that amount.
medicare coverage to disabled persons
Overwithholding continued at about
under 65, and a big increase in Federal
pensions that reflected cost-of-living the same rate in 1973 as in 1972, but
increases plus a surge in the number of there were also unusually large refunds
resulting from the 1972 overwithholdretirees.
Personal income growth was stronger ing; thus the rise in disposable income
in second half of 1973 than in first from 1972 to 1973 was boosted above
(table 5). Wages and salaries increased what it "normally" would have been.
Income and Consumption
PERSONAL income increased 10.3
percent in 1973 to an average for the
year of $1,035 billion, a strong advance
and one considerably faster than the
8.8 percent gain in 1972. The 1973
increase would have been even larger
had there not been a sharp increase
in personal contributions for social
insurance (deducted in the calculation
of personal income). Before deduction
of contributions for social insurance,
income increased 10.8 percent in 1973
as compared to 8.9 percent in 1972.
CHART 10
Personal Income
Billion $ (Ratio scale)
1,500
600
Nonmanufacturing
Wages and Salaries
500
400 -
300
Manufacturing
Wages and Salaries
200
Table 5.—Percent Change in Personal Income
1969
Personal income
Personal income plus social insurance contributions
100
Wages and salaries, total
M anuf acturing
Construction and mining
Distributive industries
Service industries
Government
Other labor income..
90
\
80
70
Transfers
60
'
Proprietors' income
Farm
Business and professional
50
1969
1970
1971
1972
Seasonally Adjusted at Annual Rates
*Rent, interest, and other labor income.
U.S. Department of Commerce, Bureau of Economic Analysis
1973
Rental income
Dividends
Interest
Transfer payments
....
1970
1971
1972
1973
Isti
half
1973
2nd i
half
1973
12.0
90
76
6.8
8.8
10.3
8.6
9.2
7.6
6.9
8.9
10.8
9.6
11.8
9 6
8.0
12.1
9.8
12 2
8.8
11.8
6 3
.4
6.8
7.8
9.7
10.5
13.4
58
1.4
7.5
7.0
8.3
7.7
13.7
9 5
9.6
9.4
9.5
10.9
8.3
11.3
10 1
11.9
10.2
9.0
11.1
8.3
10.3
10 2
12.0
13.3
9.1
10.3
8.1
8.3
10 1
8.7
15.6
8.7
12.4
9.4
11.4
4.7
13.6
2.0
-.4
12
-1.0
2.7
1.0
3.7
8.0
20.2
4.0
13.6
32.7
6.5
10.1
20.3
6.0
21.9
56.4
5.5
6.6
3.0
12 1
10.4
58
1.4
13 9
20.3
2.3
1.9
82
17.8
—1.6
3.6
6.8
10.5
4.1
6.9
12.2
14.1
0.1
6.7
13.0
6.0
6.3
17.0
16.1
11.3
1. Average monthly change expressed at seasonally adjusted annual rate.
SURVEY OF CUREENT BUSINESS
20
It appears that overwithholding will
continue indefinitely, as taxpayers have
not acted to bring their withholdings
into line with their liabilities. Henceforth, however, the flow of overwithholding will be offset by associated
refunds.
The rise in consumer outlays matched
the rise in disposable personal income
in 1973, so that the saving rate (personal saving as a percentage of disposable personal income) was about
unchanged from 1972. At 6 percent in
the past 2 years, the rate has been
CHART 1 1
Consumption and Saving
CHANGE IN CONSUMPTION SPENDING
i
i
1
1
1
1
January 1974
running some 2 percentage points less
than the high level maintained in 1970
and 1971. For most of 1973, the saving
rate was just under 6 percent, but in
the fourth quarter it rose as consumer
spending for durable goods declined.
gram was introduced in January, fears
of price increases apparently led to
some buying of items that otherwise
would have been bought later in 1973.
In addition, many people evidently
believed that the mandatory antipollution and safety features scheduled
Personal consumption
for the upcoming 1974 model cars would
Personal consumption expenditures make them both more expensive and
increased nearly 11 percent in 1973, less convenient, and there was unexpectcompared with 9 percent in 1972. Ex- edly strong demand for 1973 models.
penditures for services increased slightly Also, the ongoing housing boom was
faster in 1973 than in 1972, but most of still generating increased needs for
the acceleration in consumer outlays household equipment. On the income
was in spending for nondurables, which side, the substantial rise in social
rose 12 percent as compared with 1% security benefits in October 1972 was
percent in 1972. The speedup in non- available for spending, and the excepdurables spending was mainly in outlays tionally large income tax refunds caused
for food and petroleum products, where by the overwithholding in 1972 were
price increases were severe, and in real beginning to be paid. These refunds
terms the rise in nondurables consump- represented in many cases an unextion was in fact slower in 1973 than in pected increase in current income, avail1972. The rise in durable goods pur- able not only for cash purchases but
chases in 1973 was 11% percent, a large also as downpayments on big-ticket
advance but not as large as the 13% items bought on credit.
percent increase in 1972; in real terms
After the first quarter, however, there
the slowdown was somewhat sharper. were a number of developments that
Growth of outlays for automobiles and probably had an unfavorable impact on
for furniture and household equipment consumer's attitudes and hence propenwas slower in 1973 than in 1972, but sity to spend. The balance of the year
there was a small acceleration in the saw accelerating price increases and pogrowth of aggregate spending for other litical uncertainties, the outbreak of war
durables.
in the Middle East, the Arab oil boyThere was a phenomenal surge of
cott, and growing expectations of a
consumer buying, especially of durables,
slowdown
in the economy and rise in
in the first quarter of 1973, followed by
unemployment.
Moreover, spending
much smaller gains for the rest of the
was
held
down
in
some cases by short*
year (chart 11). There were a number
of influences that probably contributed ages on the supply side. This was true
to the first-quarter surge. After Phase of autos and furniture in the spring and
III of the economic stabilization pro- summer.
Investment
1969
1970
1971
1972
1973
Change From Previous Quarter
Seasonally Adjusted at Annual Rates
Capital investment
SAVING RATE
Percent
12
1969
1970
1971
1972
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis
1973
Business fixed investment in capital
goods and structures increased almost
$18 billion, or 15 percent, in 1973.
This was somewhat sharper than the
rise in 1972, and one of the largest in
the postwar period. In real terms, the
increase was 10% percent, also somewhat sharper than in 1972. Last year's
acceleration in capital spending re-
flected the sharp increase in corporate
cash flow, the pressures on capacity in
many industries, and the need to meet
requirements for pollution control and
safety.
The acceleration of spending growth
was centered in investment in structures, which recorded its first substantial increase in real terms since 1966.
The rise in spending for producers'
January 1974
SURVEY OF CURRENT BUSINESS
durable equipment, although large, was
smaller in real terms than in 1972.
This sort of pattern—accelerating
spending for structures and a slowing
in the rise of spending for equipment—
has been seen also in the advanced
stages of past capital investment booms.
It may in part reflect the longer leadtime needed in planning and beginning
major projects involving structures,
and in part a tendency for investment
expansions to concentrate first on improving equipment and only later to
add new buildings.
Increased spending for industrial
structures—a category that is mainly
comprised of factory buildings—was
responsible for the acceleration of the
rise in aggregate investment in structures. Spending for industrial buildings
increased by about one-fourth in 1973
after 3 years of decline; despite this
CHART 12
Plant and Equipment Expenditures
Billion $ (Ratio scale)
50
40
Manufacturing
30
20
Mining
1964
66
68
70
72
74
Seasonally Adjusted at Annual Rates
• Expected
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-12
upsurge, and despite the rise in construction costs, the dollar volume in
1973 was still well short of the levels
in 1969 and 1970. The relatively low
level of industrial building in recent
years undoubtedly accounts for some
of the pressure on capacity experienced
in 1973. Commercial building—stores
and offices—has been expanding
strongly since 1970; the gain in 1973
was 16 percent, about the same as in
1972.
Industry detail on capital spending
is provided in the BE A quarterly
survey of business expenditures for new
plant and equipment, which has a
narrower coverage than business fixed
investment in the national income accounts and is also estimated differently.
These data show a spending increase
in 1973 of 13 percent, compared with
9 percent in 1972. The acceleration of
the rise in 1973 was entirely in the
manufacturing sector, where outlays
rose 21 percent compared with only
4% percent in 1972 and a decline in
1971. All major manufacturing industries showed considerably larger gains
in 1973 than in 1972 except textiles
and stone-clay-glass: in these industries,
the gains had been very sharp in 1972.
Acceleration was marked in both durable and nondurable goods manufacturing with durables up 24 percent in
1973 after a 10}£ percent rise in 1972,
and nondurables up 18% percent in
1973 after 2 years of small reductions.
Aggregate capital outlays in nonmanufacturing industries rose 8% percent
in 1973, compared with 11% percent in
1972. The slowdown occurred mainly
because of a smaller rise in spending
by commercial firms.
Many manufacturing firms, especially in the basic materials industries,
felt a need for more capacity in 1973.
Firms holding 51 percent of the gross
capital assets in manufacturing reported a need for additional capacity as
of September 30, a proportion as high as
at the peak in 1966; this proportion
has risen steadily from 31 percent in
early 1972. By industry, the highest
percentages last September were 70
percent in petroleum and 53 percent in
chemicals. The rate of capacity utilization in major materials industries,
as estimated by the Federal Reserve
21
Board, has also been rising steadily,
from 84 percent in the third quarter of
1971 to 96 percent in the third quarter
of 1973, somewhat above the previous
peak set in the Korean war period.
At the end of 1973 the available data
pointed to continued strong growth
in capital outlays. Through the third
quarter, the volume of new projects
started by manufacturing and public
utilities firms remained well above
the level of current expenditures so
that the carryover of unfinished projects
was rising sharply. Similarly, both
current capital appropriations by manufacturers and the backlog of unspent
appropriations continued to rise in
the third quarter, but at a somewhat
slower rate than earlier. For 1974, the
latest BEA survey shows a planned
increase in business outlays for new
plant and equipment of 12 percent,
against 13 percent in 1973. The gain
in aggregate manufacturing outlays is
scheduled to slow from 21 percent in
1973 to 17 percent in 1974.
CHART 13
Manufacturers' Evaluation of
Existing Capacity *
Percent of Capital Assets Held by Respondents Reporting—
60
MORE CAPACITY NEEDED
50
40
30
20
70
CAPACITY ADEQUATE
60
50
40
20
CAPACITY EXCEEDS NEEDS
10
1965
66
67
68
69
70
71
72
73
*Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-13
SURVEY OF CURRENT BUSINESS
22
Inventories
While business capital investment
was booming last year, business investment in inventories was exceptionally
slow. It held at an annual rate of about
$4}£ billion in the first three quarters of
the year, only about half the pace in
the second half of 1972. This low rate
appeared to be in good part the result
of heavy demand pressures that diverted goods from inventory. Evidence of the difficulties of purchasing
goods for inventory is provided in
private surveys which show that the
CHART 14
Residential Construction and
Mobile Homes
Million units (Ratio scale)
PRIVATE HOUSING STARTS
Total
V
_ Single
V
>v,
V
V
*.
/
/
v
*^
\
/
X A
I
*
/
Multifamily
ki.tttUnmlit.
2 ii i i I i i i I i i . t . . . i . . . t . . « I i . « t t .. . I i . . I
MOBILE HOME SHIPMENTS
• Oct.—Nov. average
... I. . ,i. . . i . . . 1 , . .1 .. , 1 . . . I. ,, I. . .1 .
65 66 67 68 69 70 71 72 73
1964
Seasonally Adjusted at Annual Rates
ta: Census
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-14
proportion of companies reporting slower
deliveries from suppliers and reporting
buying commitments for production
materials of 60 days or longer both
reached the highest levels on record
since World War II. The overall ratio
of stocks to sales in manufacturing and
trade held at around 1.42 months of
sales throughout 1973, the lowest ratio
for an extended period in over 20 years.
In manufacturing, the ratio of finished
goods inventories to sales continued to
move slowly downward throughout the
year in response to the demand for
goods, but the ratio of materials and
supplies to sales edged upward, suggesting some easing in supply. In retail
trade, the ratio also increased slowly
during the year from the extremely low
level reached in the sales boom in the
first quarter.
In the fourth quarter, inventory
accumulation increased sharply to an
annual rate of $16 billion. The sharp
step-up probably reflected two opposing factors—an unintended buildup
as a result of the sharp drop in consumer buying, especially of larger
automobiles and recreation vehicles,
and a buildup of desired stocks as
materials and supplies became increasingly available because of the slowdown of final demand. The evidence
on the latter point is still tenuous,
however.
January 1974
Mobile homes are an important source
of low cost housing but are currently
treated in the GNP accounts as durable
goods consumption rather than as
residential investment. Shipments of
mobile homes totaled about 595,000
units in 1973, a bit more than in 1972.
Regionally, the 1973 drop in housing
starts were severest in the West, where
starts declined some 19 percent. Starts
were off about 15 percent in the
South, and about 16 percent in the
Northeast. In the North Central region,
there was a sharp increase in starts
early in the year followed by steady
decline and the total for the year was
about the same as in 1972.
Investment in residential construction was $58 billion in 1973, up about
$4 billion, or 7 percent, from 1972.
The increase occurred entirely in the
first half of the year, and was far
less than the increases of 26 percent
and 37 percent in 1972 and 1971,
respectively. In the second half of
1973, residential investment actually
declined for the first time since 1970.
Developments within 1973
There were several important factors
involved in the homebuilding decline
in 1973. Some adjustment had been
expected because of signs developing
already in late 1972 that the housing
market was lagging in absorbing the
large number of new units coming onto
Residential investment
the market; as 1973 progressed, the
Some decline in homebuilding activ- slowing of absorption became more
ity in 1973 had been generally antic- pronounced. The sales rate of new
ipated as an adjustment following single-family homes had leveled off
the record pace of building in 1971 late in 1972 and, in the face of rising
and 1972. The decline was intensified home prices and financing costs, was
in late summer by sharply rising already declining in the first quarter of
mortgage interest rates and reduced 1973. The stock of homes for sale
availability of mortgage financing. By continued to grow as it had throughout
the fourth quarter, starts had fallen the 1971-72 building boom, and rep35 percent from the 2.4 million unit resented an average 7% months of
rate reached in the first quarter, a sales at the average sales rate in the
very sharp decline; in the 1966 down- first half of 1973. With tightening
turn, starts dropped 40 percent over mortgage credit, the sales rate for new
homes dropped drastically but the
five quarters (chart 14).
For the full year 1973, private stock of unsold homes continued to
housing starts totaled 2.0 million units, rise and represented an average 9%
down about 13 percent from the 2.4 months of sales at the third quarter
million in 1972. Starts were down rate, well above previous high of 6%
about 13 percent in both single family months recorded in both 1966 and 1969.
In the rental market, indications of
homes and multiunit structures, to 1.0
lagging
absorption were much less
million and 916,000 units, respectively.
January 1974
pronounced. The national vacancy rate,
which had inched up slowly throughout
1972, was very little higher in 1973,
aver aging about 5% percent. Vacancy
rates did rise noticeably in the Northeast and the West, but declined in the
North Central region. Vacancy rates
are expected to continue rising in 1974
because of the very large number of
units in multiunit structures which
were started some time ago but which
are being completed only now. The
slowness of the rise in vacancy rates
last year may reflect the fact that
many large apartment buildings were
cooperatives or condominiums and
thus never entered the rental market.
It has been estimated that in the
larger multiunit buildings—those with
5 or more units—10 to 12 percent may
have been cooperatives or condominiums.
In addition to the expected adjustments in the wake of the homebuilding
boom, there were several important
developments in 1973. In January, new
commitments under the Federal homebuilding subsidy program were suspended indefinitely. This action resulted in a 45 percent drop from 1972 to
1973 in the number of starts with
government subsidy, from 340,000 to
about 190,000 units. In addition, there
were many new State and local restrictions on homebuilding, including sewer
moratoria, environmental impact statement requirements, and so-called "nogrowth" policies in some localities. The
growing awareness of possible fuel
shortages late in the year probably had
some effect although the impact in 1973
could not have been large.
Probably the most important single
factor in the homebuilding decline in
1973 was the tightening of mortgage
credit. Rising short term interest rates
led in the summer to a diversion of
savers' funds from thrift institutions to
market instruments. This resulted in an
acceleration of the rise in mortgage interest rates and a sharp reduction in the
availability of mortgage funds. In late
spring and early summer, mortgage
interest rates rose above 8 percent, a
crucial level because the usury laws in
some 17 States limit interest rates to 8
percent or less. In efforts last summer
SURVEY OF CURRENT BUSINESS
to bring the contract rate for Government-backed home mortgages more
closely into line with the increased
yields in mortgage markets, the ceiling
on FHA-VA mortgages was raised in
two steps from 7 to 8% percent. Also,
in an attempt to moderate the rise in
mortgage rates, the Government National Mortgage Association (GNMA)
reinstated the Tandem Plan in September. Under this plan, whenever market
23
interest rates rise above the ceiling on
FHA-insured mortgages, GNMA buys
insured mortgages from mortgage lenders at above their market value, thus
increasing their attractiveness to lenders
and holding down the interest charges
to home buyers. Mortgage rates peaked
in September, and by November (the
latest month for which data are available) had declined between % and %
percentage point.
Exports and Imports
SPENDING by foreigners for U.S.
There were several major factors
goods and services increased sharply behind the swing last year to a surplus
in 1973, and foreign demand took an in merchandise and service transacappreciably larger share of U.S. out- tions. The more or less coincident timing
put than it had in previous years. A of booms in major world economies
good part of the spending increase stimulated demand for U.S. output,
reflected higher prices for U.S. output, especially for machinery and for mabut the real gain was nonetheless very terials such as lumber and metals. Poor
big. There was sharp expansion not harvests abroad were a major stimulus
only in U.S. merchandise exports but to demand for agricultural commodities.
also in receipts for services. The in- Another factor, but one whose quanticrease in U.S. spending for foreign tative importance is not clear, was the
goods and services last year was also incentive to export that was provided
large, but here, too, higher prices ac- in some cases by the domestic price
counted for much of the increase and control program, as exports were not
in real terms the gain was well below subject to control. Changes in relative
that in 1972. The preliminary GNP prices—reflected in faster rising import
estimates show goods and services ex- than export prices—served to reduce
ports in 1973 of $101.3 billion, up the attractiveness of foreign output to
almost $28 billion or 38 percent, com- U.S. buyers and to increase the attracpared with an 11 percent rise in 1972; tiveness of U.S. output to both
imports are estimated at $96.7 billion, domestic and foreign buyers. These
up $18% billion or 24 percent, compared changes in relative prices reflected the
with a 19 percent rise in 1972. The effects of the dollar devaluations in
estimated balance on goods and serv- December 1971 and February 1973,
ices—the net export component of augmented until the autumn of 1973
GNP—was in surplus by $4.6 billion by further exchange market deprecialast year, compared with a deficit of tion of the dollar relative to leading
$4.6 billion in 1972. The surplus was currencies. In addition, price inflation
the largest since 1967.
was generally faster abroad than in the
The balance on goods and services United States. Indeed, given the steep
improved quarter by quarter through rise in the dollar prices of foreign goods
the year, although the preliminary esti- and services, it is rather surprising that
mate for the fourth quarter shows only the total dollar value of imports did
a modest advance, reflecting an appar- not rise more than it did last year; to
ent slowdown in the improvement of put it another way, the growth in the
the merchandise trade balance. Toward real volume of imports slowed to a
yearend, rising prices of petroleum im- surprising degree.
ports were inflating the value of merchandise imports, even though the Merchandise trade
Detail on merchandise trade is availvolume of petroleum imports was being
dampened as a result of the oil boycott. able only for the first three quarters of
24
SUEVEY OF CURRENT BUSINESS
January 1974
1973. In that period, exports were up Table 6.—Exports as Share of U.S. Production, Imports as Share of U.S. Domestic Demand
[Percent]
41 percent from the comparable 1972
period and imports were up 25 percent;
Average
the increases in 1972 over 1971 were
1970
1971
1972
1973*
1960196514 percent and 22 percent, respectively.
64
69
Agricultural exports increased 86 perExports
cent last year, with about half of that
Goods and services
...
5.5
5.8
6.4
6.3
6.4
7.6
rise due to higher prices and half to 2.1. Goods
7.6
7.8
8.9
8.6
9.0
11.1
real volume. The bulk of the increase
Imports)
went to traditional markets, with ship- 3. Goods and services
.. ... . _
. . ._
4.6
5.3
6.1
6.2
6.7
7.4
4.8
5.9
7.0
7.4
8.2
9.1
ments to China and the U.S.S.R. 4. Goods
2.1
5.9
11.4
11.7
12.3
12.1
accounting for only about 15 percent of 5.6. Autos
Nonautoinotive capital goods
3.0
5.6
7.4
8.2
10.1
11.9
4.2
4.3
4.7
4.7
5.0
5.5
the advance. Nonagricultural exports 8.7. Food
Nonfood, nonauto consumer goods
2.4
3.5
4.6
6.0
4.9
5.9
. ..
2.6
2.6
2.7
2.8
3.0
3.5
increased 31 percent, with most of the 9. Industrial supplies and materials
advance reflecting real growth rather
*First 3 quarters.
than higher prices. There were especially
NOTE.—Export and import data used in lines 1-4 of this table are as published by BEA in lines 1, 2, 15, 16 of table 2 of
regular balance of payments tables. The imports used to calculate lines 5-9 of this table are, respectively, those shown on
sharp gains in exports of industrial the
lines 94, 80, 61, 97 and 66 of balance of payments table 4. The denominators of the ratios shown here are, by line number:
supplies and materials—notably metals,
chemicals, logs, and lumber—reflecting gasoline; (9) goods and structures components of GNP less net merchandise exports.
strong economic expansion abroad and
probably some diversion to avoid domestic price controls. Other export income in many foreign currencies was import share in 1973. All evidence
categories—capital goods, autos, other worth more in dollars in 1973 than indicates that the rise in import prices
nonfood consumer goods—also increased previously). The rise in receipts was was much faster last year than the
large enough to boost the U.S. net rise in the average price of all goods
substantially.
Among major import categories, the surplus on investment income even and services purchased in the United
largest percentage rise last year was in though U.S. payments of investment States. Thus, in real terms the share
of imports in U.S. domestic demand
capital goods. The value of petroleum income rose rapidly.
probably did not rise at all last year,
imports increased substantially, reflect- Export and import shares
and may have fallen.
ing higher volume as well as higher
When the balance on goods and
prices. Imports of other supplies and
materials also rose quite rapidly. The services was deteriorating in the 1960's,
substantial rise in food imports was in the share of imported goods and services
good part attributable to higher prices. in U.S. domestic demand increased GOVERNMENT purchases of goods
substantially but there was only a slow and services amounted to $277 billion
rise in the share of U.S. output exported. in 1973, a gain of $22 billion from 1972.
Services
The improvement of the balance in
The nonmerchandise accounts also 1973 occurred as the import share in Federal purchases increased $2% bilimproved sharply in 1973. Foreigners' domestic demand increased further but lion and State-local purchases were up
purchases in nonmerchandise—"serv- the share of output exported rose about $20 billion.
Other Federal expenditures, mainly
ices"—transactions increased 28 per- sharply, especially the share of goods
transfer
payments, increased nearly $18
cent from the first three quarters of output exported. Table 6 shows these
billion.
Federal
receipts increased al1972 to the same period last year, com- share figures, with some detail on the
most
$37
billion,
and the Federal fiscal
pared with a 5 percent increase in 1972. relation of imports to domestic demand.
U.S. imports of services increased 17 The table shows stabilization of the position on the national income acpercent in 1973, compared with 12 import share in domestic spending for counts basis shifted from a $16 billion
percent in 1972. The balance in each autos and other nonfood consumer deficit in 1972 to a small surplus in 1973.
major service account improved last goods, but a continued rise in other Since part of this swing resulted from
an expansion in economic activity, the
3^ear. The military transactions deficit- categories.
shift
toward restraint in the "full-emshrank as defense spending abroad
There is little reliable information
ployment"
budget was somewhat less.
edged down while U.S. military aircraft
about international trade in constant Unofficial estimates indicate that the
sales increased substantially. The deficit
prices, and the shares in table 6 are "full-employment" budget (NIA basis)
on travel and transportation also fell,
for the first time in 4 years. U.S. re- calculated from current-price data. The swung from a $6 billion deficit in 1972
ceipts of income from investment abroad trends over past years woufcl probably to an $8% billion surplus last year.
were spurred by strong economic growth be quite similar if calculated in con- (In this calculation, overwithholding
abroad and by the dollar's depreciation stant prices (i.e., in real terms), but and the associated refunds were nof
(which meant that a given amount of this was undoubtedly not true of the considered to be the result of
Government
January 1974
tax law changes, and thus had no
effect on changes in "full-employment"
revenues.)
The large swing in the actual fiscal
position largely reflected the impact of
CHART 15
Federal Budget (NIA Basis)
Transfer payments advance, defense
purchases level off
Billion $ (Ratio scale)
250
EXPENDITURES
200
150
Transfer Payments
and Other
100
80
60
Defense Purchases
40
Nondefense Purchases
30
20
• Receipts, boosted by inflation and economic
expansion, register large gain
150
RECEIPTS
Personal Taxe<
100
80
60
\
40
Contributions for Social Insurance
30
• The fiscal position shifts from deficit to surplus
20
SURPLUS
0
Tlflf
-20
DEFICIT
-40
1967
68
69
70
Half Years
71
72
73*
Seasonally Adjusted at Annual Rates
*Data for second half are preliminary
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-15
SURVEY OF CURRENT BUSINESS
25
inflation and a booming economy on
corporate and personal income taxes,
as well as increases in the rates and the
earnings base for social insurance contributions. Federal expenditures grew
at about an 8 percent rate, about the
same as in 1971 but below the 10%
percent recorded in 1972.
Defense purchases in 1973 were down
slightly from the previous year, despite
a $1.6 billion increase in payroll costs
that was due largely to pay raises for
military and civilian personnel effective
in January and October. The aggregate
of other defense purchases declined
about $2 billion, mainly in procurement of military hard goods. Heavy
arms sales to Israel in the fourth
quarter, which are netted against gross
defense purchases, accounted for nearly
$0.6 billion of that decline.
Nondefense purchases increased $2.6
billion, much less than the increases
of $4.9 and $3.6 billion in 1971 and
1972, respectively. Net interest payments to foreigners were a major factor
in last year's increase, rising $1.3 billion.
(Government interest payments to
foreigners are treated in the GNP
accounts as a Government purchase,
but also as an import of services, and
thus their amount has no effect on the
size of GNP.) The remaining advance
was only $1.3 billion because of a
sharp decline in net purchases by the
Commodity Credit Corporation, associated with the surge in agricultural
commodity prices, and because of a
somewhat smaller-than-normal increase
in purchases by other agencies.
Among the spending categories other
than purchases of goods and services,
transfer payments to persons again
registered an exceptionally large increase—$13 billion. Social security and
medicare benefits, boosted by recent
legislation, accounted for nearly $11%
billion of that advance: social security
benefits were raised 20 percent acrossthe-board in October 1972, and medicare benefits were extended to disabled
persons tader 65 in July 1973. A
larger-than-usual increase in the number
of recipients, plus cost-of-living adjustments, resulted in large increases in
retirement benefits in a number of
other transfer programs affecting retired Federal civilian and military
personnel and retired railroad workers.
Rising interest rates were the major
factor in the $2.4 billion advance in net
interest paid (other than to foreigners).
Grants-in-aid increased $3.5 billionsubsidies declined $0.7 billion.
Large advance in contributions
The exceptionally large increase in
Federal receipts last year—$37 billion—was paced by a $17 billion
advance in social insurance contributions, including $15 billion in OASDHI
contributions and $1.5 billion in employer contributions to the unemployment insurance program. Over $10
billion of the OASDHI advance is
attributable to the January 1, 1973
increase in the combined employeremployee tax rate from 10.4 percent to
11.7 percent, and the boost in the
earnings base from $9,000 to $10,800.
(The base was increased again—to
$13,200—on January 1, 1974.)
Corporate taxes advanced nearly
$12 billion, reflecting the $28.5 billion
increase in corporate profits before
taxes. Indirect business taxes increased
about $1 billion. Despite the sizable
increase in personal income last year,
personal income taxes rose only $6.6
billion. This was because of large
income tax refunds attributable to
heavy overwithholding in 1972: increases in withheld taxes ($13 billion)
and nonwithheld taxes ($1.5 billion)
last year were significantly offset by
an $8 billion increase in refunds. There
were no indications in 1973 that individuals were lowering withholding payments to match liabilities. Thus, heavy
overwithholding continued last year
and will apparently persist, with the
result that future refunds will remain
at, or above, their 1973 levels.
Higher State-local payrolls
Higher payroll costs accounted for
about half of the $20 billion increase
in State and local purchases last year.
Approximately one-fifth of the increase
was accounted for by capital purchases—for structures and equipment—
which advanced more rapidly than in
recent years. Spending for structures
increased about $2 billion, following no
growth in 1972 and increases of only
26
SURVEY OF CURRENT BUSINESS
$1.2 billion in 1971 and $0.2 billion in
1970. There were especially large gains
last year in spending for public transit
and waste treatment facilities. The
acceleration in equipment purchases is
probably due to the manner^ in which
revenue-sharing funds have become
available. To many governments, the
first distributions, in late 1972 and
early 1973, appeared as unexpected
revenue and resulted in much larger
than normal "one-time" purchases, especially of equipment. Later revenuesharing distributions were more generally considered in the normal budget
process, and are not expected to have
the same impact.
The rate of increase in State-local
transfer payments continued to decelerate last year. For transfers taken
as a whole, the 1973 increase was
three-quarters of the previous year's
advance. Almost all of this slowdown
was in welfare payments, where growth
was small during 1973.
The largest component of welfare
payments,' aid to families with dependent children (AFDC) grew by only
about 4 percent in 1973, following an
average annual growth rate of over 18
percent in the period 1960-71 and a
more modest rate of growth of about
12 percent in 1972. The earlier increases
were for the most part generated by a
rising level of benefits and by a growing
awareness on the part of potential
recipients of their eligibility for public
assistance payments. As the pool of
potential recipients declined, so did the
rate of growth of expenditures for
welfare. Another factor in the recent
slowdown was the imposition of more
stringent welfare regulations in several
large states.
receipts from their own sources slowed, source" revenue is largely due to the
and Federal grants other than general relative absence of tax increases in
revenue sharing actually declined 1973; higher tax rates and the imposislightly. Federal budget stringency, tion of new taxes have been a major
particularly for the first three quarters, factor in State-local revenue growth
held down these grants. However, the for many years. In addition, special
growth in general revenue sharing, one-time factors, associated with adwhich began only in late 1972, more than vance payments in 1972, temporarily
exceeded the decline in other grants. reduced the 1973 level of public asThe slowdown in the growth of "own sistance grants.
Labor Force and Employment
EMPLOYMENT growth in 1973 was
even stronger than in 1972, when the
gain was one of the largest since World
War II. For the full year 1973, civilian
employment (as measured by the
monthly survey of households) increased 2.7 million, or 3.3 percent, compared with 2.3 million, or 2.9 percent,
in 1972. The civilian labor force rose
2.2 million in 1973, compared to 2.1
million in 1972, and the unemployment
rate fell substantially. The rate
averaged 4.9 percent in 1973, down
from 5.6 percent in 1972 (table 8). In
the closing months of the year, however, employment growth stopped and
the unemployment rate rose. This was
a reflection of the general slowing of
the economy's growth, but the oil boycott may also have been having some
impact at yearend.
The employment expansion in 1973
was especially strong in manufacturing,
particularly in durable goods industries
such as primary metals and machinery.
The rate of unemployment among
workers whose last industry attachment
was to durables manufacturing dropped
from an average 5.4 percent in 1972 to
3.9 percent in 1973, the lowest rate
Slower growth in receipts
Table 7.—State and Local Government
Receipts, Change From Previous Year
[Billions of dollars]
1972
1973
24.8
17.6
Receipts from own sources
16.3
General revenue sharing
.
2.6
Federal grants-in-aid, except general revenue
sharing
5.9
14.2
4.4
since 1969. Among occupational groups,
the unemployment rate fell sharply for
the blue-collar workers, especially
operatives, for the second year in a row;
the blue-collar rate was 5.3 percent for
1973, down from 6.5 percent in 1972
and 7.4 percent in 1971. For whitecollar workers, unemployment declined
in 1973 to 2.9 percent after holding
around 3.5 percent in 1972 and 1971.
Unemployment also fell for the major
age-sex groups. The drop in the unemployment rate for adult men presumably reflects the expansion in
industries which are heavy employers
of men. The drop in the unemployment
rate for teenagers was much greater in
1973 than in 1972, when the supply of
unemployed workers with experience
was greater.
Evidence of the strength of demand
for labor in 1973 is provided by the
rise in labor force participation. The
rise was concentrated among adult
women, whose participation tends to be
quite sensitive to labor market conditions. Women's participation in the
labor force has been rising over the
long term at a substantial rate, but
that trend was interrupted by very
Table 8.—Unemployment Rates
Despite the booming economy, total
State-local receipts increased at a slower
pace than in 1972 (table 7). Growth in
Total receipts
January 1974
[Percent; half-years seasonally adjusted]
1969
Total
Adult men
Adult women
Teenagers
Selected industries:41
Durables manufacturing
__ _
Nondurables manufacturing _
Construction
Transportation and public utilities
Trade
.
Finance and services
Government
-1.0
*Wage and salary workers only.
.
1970
1971
1972
1973
1st half
1973
2dhalf
1973
3.5
2.1
3.7
12.2
4.9
3.5
4.8
15.3
5.9
4.4
5.7
16.9
5.6
4.0
5.4
16.2
4.9
3.2
4.8
14.5
5.0
3.4
4.9
14.8
4.7
3.0
4.8
14.4
3.0
3.7
6.0
2.2
4.1
3.3
1.9
5.7
5.4
9.7
3.2
5.3
4.2
2.2
7.0
6.5
10.4
3.8
6.4
5.1
2.9
5.4
5.7
10.3
3.5
6.4
4.8
2.9
3.9
4.9
8.8
3.0
5.6
4.3
2.7
4.2
5.1
8.8
3.0
5.6
4.4
2.7
3.6
4.7
9.1
3.0
5.8
4.2
2.8
SURVEY OF CURRENT BUSINESS
January 1974
small increases in 1971 and 1972. In
1973, however, as labor market conditions became much tighter, women's
participation increased sharply. Nevertheless, the rise in employment of
women was enough to lower their unemployment rate appreciably. The labor
force participation rate for men continued its slow secular decline last year.
27
Table 9.—Percent Change in Nonagricultural Employment by Industry
1969
1970
1971
1972
1973
197 31
1st half
Total
.
Durables manufacturing
Nondurables manufacturing
. _
Contract construction
. . . ..
Mining _
Transportation and public utilities
Trade .
Finance
Services
-- Government
-
3.5
2.3
1.4
4.6
2.1
2.8
3.9
5.4
5.7
3.0
0.4
—5 9
-1.4
-1.6
.6
1.4
1.9
3.5
3.4
2.7
0.1
— 5.6
-2.3
.9
-3.4
-1.1
1.5
2.9
2.2
2.6
3.0
30
1.1
3.2
.8
1.2
3.6
35
3.7
3.4
3.9
69
17
3.6
3.0
2.6
3.9
3.2
4.5
2.7
4 1
67
17
11.1
7.2
1.7
3.9
29
4.5
2.3
2nd half
3.0
37
10
5.4
5.4
1.6
2.4
25
4.7
2.8
Nonfarm payroll employment
The number of employees on the
payrolls of nonfarm establishments, as
measured by the monthly payroll survey which provides detail on employment by industry, increased 2.8 milCHART 16
Employment and Unemployment
Million Persons
4 .„,„'"*»,•'
Percent
UNEMPLOYMENT RATE
1969
1970
1971
1972
1973
Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Bureau of Economic Analysis
74-1-16
1. Average of monthly change expressed at seasonally adjusted annual rate.
lion, or 3.9 percent, between 1972 and
1973. The larger part of that increase
came in the first half of the year, as
slower employment gains in the second
half of the year reflected the general
slowdown of growth in the economy.
The gain from 1971 to 1972 was 2.1
million, or 3 percent. Employment in
durable goods manufacturing, which
constitutes about 15 percent of total
payroll employment, accounted for 26
percent of the 1973 increase. The overall rise in durables employment was
about 7 percent (table 9), with the
sharpest advances occurring in nonelectrical machinery (over 9 percent)
electrical equipment (9 percent), and
instruments (8% percent), reflecting
stiong demands for capital goods. Employment in the transportation equipment industry, which was up about 6%
percent for 1973 as a whole, rose
strongly in the first half of the year but
then declined, reflecting the early
strength and later easing of demand for
automobiles. Employment growth in
primary metals, on the other hand,
accelerated in the second half of the
year as producers attempted to work
down a large backlog of orders; the
gain for the full year was about 6}£
percent. Employment in nondurable
goods industries increased only a little
in 1973; the exception to the pattern
was in rubber and plastics, where
employment increased close to 9 percent.
The manufacturing workweek averaged 40.7 hours in 1973, about the same
as in 1972. The workweek lengthened
early in the year, reflecting an increase
in hours in the transportation equipment industry. After the spring, the
average manufacturing workweek declined somewhat and then leveled off,
as a shortening of hours in transportation equipment was offset by a lengthening of the workweek in other durable
goods industries. Toward yearend, there
were substantial increases in the workweek in the primary metals and petroleum industries, reflecting heavy demand for their output.
Tightness in the supply of factory
labor in 1973—especially in the first
half of the year—is indicated by job
vacancies and labor turnover. Vacancies
for the full year averaged nearly 50
percent higher than in 1972, although
they stopped rising after midyear. The
layoff rate declined in the early months
of 1973 and then stabilized at the
lowest point since World War II, and
the quits rate—which is sensitive to
worker expectations about the chance
of finding a better job—increased to
the same high level as in 1969.
In other goods-producing industries,
employment in mining rose only slightly
but construction employment rose at
about the same strong rate as in 1972.
Most of the increase in construction
employment was in the first half of
the year; the slower growth of employment in the second half reflected principally the decline in residential
construction.
Employment in the service-producing sector increased at a fairly steady
pace in 1973, rising 1.7 million, or 3}£
percent for the year, about the same
as in 1972. Employment in wholesale
and retail trade, which accounts for
about one-third of all service employment, rose about 4 percent, a bit faster
than in 1972. The rise in State and
local government employment slowed
from about 4% percent in 1972 to about
3% percent in 1973, mainly because of
reductions in school employment.
By ROBERT B. BRETZFELDER
Recent Developments in Regional and State Personal Income
JL ERSONAL income rose from the
second to the third quarter of 1973
in all eight regions and in all 50 States
(although the advances in Rhode Island
and North Carolina were very small).
In seven of the eight regions and in 43
States, the gain in total income exceeded the national increase of 1%
percent in consumer prices as measured
by the implicit price deflator for personal consumption expenditures.
CHART 17
Regional Personal Income
Income advanced sharply in all regions in
the year ending with third quarter 1973
Percent Change, 111-1972—111-1973
0
5
10
UNITED STATES AVERAGE
• Regions with gains above the national average
Rocky Mountain
Plains
Southwest
• Regions with gains close to the national average
Great Lakes
New England
Far West
• Regions with gains below the national average
Southeast
Mideast
U.S. Department of Commerce, Bureau of Economic Analysis
28
15
The national increase in personal
income was 2% percent. Among the
regions, gains well above the national
average were registered in the Plains
and Rocky Mountain regions (about
4% percent each) and in the Southeast (3% percent). The gains were
near the national average in the Mideast, Southwest, and New England,
somewhat below average in the Great
Lakes (2% percent), and well below
average in the Far West (1% percent).
In the Plains and Rocky Mountain
regions, large gains in farm income
directly accounted for most of the
above-national-average increase in total
personal income. In the Southeast,
there were exceptionally large increases
in income from construction, durable
goods manufacturing, and mining, and
from a variety of service-related industries. The small income gain in the
Great Lakes reflected mainly weakness
in government payrolls, especially Federal, and in farm income. In the Far
West, income from most major nonfarm industries rose less rapidly than
in the Nation.
The States with the largest income
gains, ranging from 5 percent to 12
percent, were North Dakota, Montana,
South Dakota, Kansas, Nebraska, Arkansas, Mississippi, and Georgia. Large
gains in farm income—well above the
national average of 10 percent—were
the key factor in each of these eight
States.
At the other end of the scale, total
personal income was up just a little
(less than the gain of 1% percent in
consumer prices) in Rhode Island,
North Carolina, Iowa, Maine, California, Tennessee, and Oregon. Farm
income was weak in all except Oregon.
Construction and manufacturing payrolls were also weak in most of these
Table A.—Percent Change in Total Personal Income and in Income Excluding
Agriculture III 1972—III 1973
Total
Total
personal nonfarm
income personal
income
Rank
United States
11.1
10.5
23 8
17.6
16.3
16 0
15.7
15.2
14 9
99
11 1
12.6
12 2
99
15.5
12 2
14.5
14 4
14.4
14.4
14.1
13.8
13.6
13 0
12.7
12 7
12 3
12 0
11 9
11.9
11 8
11.7
11 6
11 3
11 2
11 2
11 0
11 0
11 0
10 9
10.7
10 6
10.5
10 4
10 3
10 3
10 2
10 2
10.2
10 0
10.0
10.8
99
14.2
12 1
12 9
12.4
8.7
13 1
11.0
92
10.9
11 6
10 8
12.0
11 6
11 4
12 1
11 3
11 5
11 1
10 9
12*8
12 0
10 6
99
10 5
10 5
10 4
96
10 2
10 4
98
98
10 1
87
9.4
9 3
91
9.1
91
8.9
8.7
8.3
76
9.2
10 3
91
83
91
10.1
87
10.0
73
States
1 North Dakota
2 Kansas
3 Idaho
4 South Dakota
5 Nebraska
6 Nevada
7 Minnesota
g
9
10
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
36
37
38
39
40
41
42
Montana
Colorado . .
Arizona..
Arkansas
New Mexico
.
Wyoming.
Iowa
Michigan
.
Texas
Oklahoma
Indiana.
Utah
Washington
New Hampshire. _
Hawaii
Oregon
Kentucky
Connecticut. ..
South Carolina
Ohio
Alaska.
Florida
Vermont . .
Maryland.
Alabama..
Wisconsin. . .
Massachusetts
Virginia
Illinois
New Jersey
California
. .
Georgia
Pennsylvania
Tennessee «
Maine...
43
44
Louisiana
Missouri
._
District of Columbia
Delaware
New York..
North Carolina
Rhode Island
Mississippi
West Virginia .
45
46
47
48
49
50
...
..
.
Regions
1
2
3
4
5
6
Rocky Mountain.. . .
Plains
South West
Great Lakes
New England
Far West
14.2
13.9
13.0
11.4
10.7
10.6
10.8
10.7
11 3
11.0
10.6
10.6
7
8
Southeast
Mideast
10.3
9.8
10.7
9.6
NOTE.—Percentages are based on seasonally adjusted
unrounded data.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
January 1974
29
Table B.—-Total Personal Income, by States and Regions
[Millions of dollars, seasonally adjusted at annual rates]
1973
State and region
II
III
IV
II
Percent change
III
III 1972III 1973
II 1973III 1973
United States
906,704
922,373
939,937
972,386
993,063
1,015,640
1,043,816
11.1
2.8
New England
55,809
56,822
57,681
59,866
60,578
62,208
63,827
10.7
2.6
3.594
3,148
1,637
27,239
4,214
15,977
3,670
3,212
1,680
27,654
4,332
16, 274
3,738
3,296
1,724
28,066
4,354
16,504
3,857
3,424
1,771
29,426
4,458
16, 931
3,832
3,423
1,793
29, 231
4,633
17,665
4,078
3,540
1,849
30,153
4,722
17,866
4,112
3,689
1,912
31,009
4,731
18.374
10.0
11.9
11.0
10.5
8.7
11.3
4.2
3.4
2.8
.2
2.8
210,560
211,724
216,831
222,857
228,452
231,399
238,008
9.8
2.9
94,695
37,271
51,806
2,821
19,348
4,618
94,896
38,127
51,735
2,893
19,471
4,603
96,484
38,825
53,832
2,973
20,015
4,702
99,048
39,950
55,622
3,039
20,376
4,822
101,682
40,658
56,711
3,161
21,231
5,008
102,844
41,408
57,711
3,164
21,329
4,943
105,299
42,829
59,314
3,244
22,192
5,129
9.1
10.3
10.2
9.1
10.9
9.1
2.4
3.4
2.8
2.5
4.0
3.8
186,446
190,717
194,124
202,214
203,931
211,378
216,340
11.4
2.3
42,458
47,382
22,241
55,866
18,498
43,669
48,228
22,668
57,088
19,064
44,594
49,082
23,215
57,904
19,330
46, 579
50,860
24,282
60,456
20,038
46,986
51.942
24,748
59.943
20,312
48,834
53,516
25, 590
62,432
21,006
50,395
54,591
26,076
63,892
21,386
13.0
11.2
12.3
10.3
10.6
3.2
2.0
1.9
2.3
1.8
68,070
70,204
71,342
74,855
76,558
77,762
81,237
13.9
4.5
16,097
11,845
19,597
2,292
2,386
6,340
9,512
16, 517
12,234
20,361
2,125
2,487
6, 522
9,959
16,770
12,230
20, 555
2,426
2,500
6,672
10,188
17, 598
13,274
21,098
2,606
2,674
7,031
10,574
18,090
13, 726
21,458
2,634
2,624
7,124
10,901
18,473
13,804
21,766
2,682
2,679
7,236
11,123
19,276
13,888
22,470
3,002
2,902
7,717
11,981
14.9
13.6
9.3
23.8
16.0
15.7
17.6
4.4
.6
3.2
11.9
8.3
6.6
7.7
165,670
169,017
173,454
179,169
179,931
185,302
191,362
10.3
3.3
19,850
6,245
11,421
14,208
19,351
8,977
17,846
30,146
11,710
6,874
12,597
6,446
20,014
6,272
11, 747
14,614
19, 526
9,051
18, 058
31,249
11,782
6,965
13,063
6,675
20, 760
6,465
11, 988
14,917
19, 851
9,394
18,656
32,251
12,069
7,140
13,332
6,631
21,289
6,625
12,465
15,446
20,508
9,647
19, 243
33,473
12,454
7,418
13, 726
6,873
21, 746
6,715
13,040
15,639
20,298
9,806
32,436
12,741,
7,562
13,886
7,065
22,020
6,796
13, 095
16,174
21, 554
10,200
19,547
34, 511
12,934
7,330
13,962
7,180
22,925
6,953
13.375
16,404
21,623
10,446
20, 559
35,809
13,364
7,734
14,581
7,589
10.4
7.6
11.6
10.0
8.9
11.2
10.2
11.0
10.7
8.3
9.4
14.4
4.1
2.3
2.1
1.4
.3
2.4
5.2
3.8
3.3
5.5
4.4
5.7
67,106
67,754
68,610
70,801
74,115
75,473
77,521
13.0
2.7
9,700
45,732
3,685
7,990
9,895
46, 031
3,730
10,112
46,255
3,826
8,417
10,274
47,926
3,940
8,661
10,476
50,314
4,292
9,032
11,058
50,949
4,239
9,228
11,400
52,128
4,368
9,626
12.7
12.7
14.1
14.4
3.1
2.3
3.0
4.3
21,065
21,905
22,313
23,538
23,568
24,410
25,480
14.2
4.4
2,736
2,714
1,453
10,085
4,077
2,892
2,836
1,462
10,586
4,128
2,861
2,891
1,494
10,848
4,220
3,011
1,566
11,607
4,364
3,022
3,064
1,699
11,189
4,594
2,997
3,216
1,639
11,991
4,567
3,276
3,361
1,700
12,415
4,728
14.5
16.3
13.8
14.4
12.0
9.3
4.5
3.7
3.5
3.5
126,418
128,596
129,884
133,215
139,617
141,497
143,686
10.6
1.5
14,922
9,030
2,594
99,873
15,332
9,250
2,660
101,355
15,381
9,393
2,667
102,443
15, 959
9,742
2,785
104,730
16, 504
10, 362
2,903
109, 847
16, 783
10,334
2,966
111, 414
17, 216
10,494
3,072
112, 904
11.9
11.7
15.2
10.2
2.6
1.5
3.6
1.3
1,635
3,925
1,630
4,003
1,691
4,007
1,727
4,144
1,933
4,382
1,839
4,372
1,876
4,479
11.0
11.8
2.0
2.5
63,827
207,442
216,340
81,237
148,880
50,877
10.7
9.7
11.4
13.9
10.2
10.3
12.3
14.3
10.6
2.6
2.7
2.3
4.5
3.3
2.7
3.1
4.2
1.5
Maine...
New Hampshire.
Vermont
Massachusetts
Rhode Island
Connecticut
Mideast
New York.
New Jersey.
PennsyIvania
Delaware
Maryland
District of Columbia
Great Lakes
Michigan
Ohio
Indiana
Illinois
Wisconsin
.
Plains
Minnesota.
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Southeast
Virginia
West Virginia
Kentucky....
Tennessee
North Carolina
South Carolina
Georgia
Florida
Alabama
Mississippi
Louisiana
Arkansas
_
_
Southwest
Oklahoma
Texas
New Mexico...
Arizona
Rocky Mountain
Montana..
Idaho
Wyoming
Colorado
Utah
Far West
Washington
Oregon
Nevada
California
Alaska
Hawaii
_
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
55,809
183,772
186,446
68,070
129,202
44,213
74,475
35,334
129,385
56,822
184, 758
190, 717
70,204
131,137
.45,108
75,664
36,392
131, 570
57,681
189,141
194,125
71, 342
135,067
46,114
76, 330
37, 224
132, 915
NOTE.—Detail may not add to totals because of rounding. Percentages are based on the
seasonally adjusted unrounded data. Quarterly totals for the State personal income series
will not agree with the personal income measure carried in the national income and product
59, 866
194, 620
202,214
74,855
139,022
47,783
78, 799
38, 922
136,302
60,578
199, 051
203, 931
76, 558
139,397
48, 982
81, 741
39,795
143,028
62,208
201, 963
211,378
77, 762
144,064
49, 533
83,149
40,843
144, 742
42,546
146, 969
accounts because the latter includes income disbursed to Government personnel stationed
abroad.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
30
SURVEY OF CURRENT BUSINESS
January 1974
income gains from the summer of 1972 large gains in farm income played
to the summer of 1973 were in the the key role in the income advance.
Mideast and Southeast regions. In In Nevada strong gains were registered
the Mideast, there was only a moderate in nearly all major nonfarm income
Regional and State income changes
advance in most major components components. Particularly important
over the year
of personal income; gains were well were increases in mining and conIncome changes from the third quar- under the national average in all struction, and in most recreationter of 1972 to the third quarter of 1973 major industries except farming, which related service industries.
provide somewhat greater perspective is not a major income source in the
At the low end, income rose only 1%
on regional and State patterns. Use of Mideast. In contrast, all of the income percent to 9% percent in eight States—
the longer period eliminates much of the shortfall in the Southeast is directly West Virginia, Mississippi, Rhode Isshort-term direct income effect of the traceable to farming; the fact that land, North Carolina, New York,
floods involving the Mississippi River farm income was little changed over Delaware, Missouri, and Louisiana—
and its major tributaries in the second the year is due in large part to the and the District of Columbia. Farm
quarter of 1973, and also the effect of late harvesting resulting from a wet income was relatively weak in five of
the termination early in 1973 of Govern- spring. Nonfarm income in the South- these eight States, but played a key role
ment aid programs to the 1972 flood east advanced about as much as it in holding down income growth in
victims of Tropical Storm Agnes.
did in the Nation.
only three—Mississippi, North Carolina
Over this four-quarter span, total
In 15 States and the District of and Missouri. Manufacturing payrolls
personal income rose in all regions and Columbia, the income gain over the increased less than the national average
in all States. Nationally, the increase four quarters differed substantially from in each of the eight States, and conwas 11 percent; the gain was at least the national average (see table A). struction payrolls were weak in all but
9% percent in each of the regions and The States with the largest gains, two. In West Virginia, mining payrolls
at least 7% percent in each of the States ranging from 15 to 24 percent, were expanded slowly, and in the District
(see table A). With consumer prices North Dakota, Kansas, Idaho, South of Columbia, payrolls in most serviceover the year up 5% percent (as Dakota, Nebraska, Nevada, and Min- related industries advanced at a pace
measured by the implicit price deflator nesota. In all except Nevada, very well below national average.
for personal consumption expenditures),
there was an apparent gain in real
income in each of the regions and
(Continued from page 2)
States.
As chart 17 shows, the largest income accelerated to an extraordinary rate in
Food prices comprise about onegains over the four quarters occurred the wake of the Arab oil boycott. The quarter of both the wholesale and
in the Rocky Mountain, Plains, and wholesale index for fuels and power rose consumer price indexes. Wholesale food
Southwest regions. Farm income was an average 11.8 percent per month in prices were down an average 1.1 perup at least 50 percent in each of these the closing quarter, mainly because of cent per month in the fourth quarter,
regions, compared with a national increases for refined petroleum products a contrast to the sharp advance earlier
average gain of about one-third. The such as gasoline and heating oil.
in the year. The decline was concenlarge gains in all three regions primarily
The consumer price index for nonfood trated in prices of raw farm products,
reflected sharply higher prices for commodities rose 0.6 percent per month particularly livestock and poultry. The
livestock and crops; the gain in the (seasonally adjusted) in October and rise in the consumer food price index
Plains also reflected an increased vol- November. The rise was in nondurable was somewhat slower in October and
ume of production of corn, soybeans, goods, as durables prices fell, chiefly November than in the third quarter,
and wheat. Agriculture is a major because of declines in prices of new and but even so it averaged 1.0 percent
income source in each of these regions. used automobiles. The ncndurables per month. Prices for meats declined
Thus, the big advances in farm income price rise was due to higher prices for probably reflecting an adjustment in
were largely responsible for inducing gasoline and motor oil, and fuel oil the wake of the very steep increases
the well-above-national-average gains and coal. Fuel has only a small weight in of last summer. Prices for cereal and
in each of the three regions in construc- the consumer price index and, has as bakery products accelerated sharply in
tion and in most service-type industries. yet had only a minor direct effect on the the fourth quarter, partly because of
higher prices for flour.
The chart shows that the smallest overall index.
States and changes in many service-type
industries were weaker than the national
average.
Sources and Uses of Funds of Nonfarm Nonfinancial Corporations; Size and
Composition of Personal Saving
REVISED estimates of the sources
and uses of funds of nonfarm nonfinancial corporations are shown in table A
below, and revised data on the volume
and composition of personal saving in
table B. The source of these statistics
is the Flow of Funds accounts prepared
by the Board of Governors of the Federal Reserve System. The tables here
show the data only from 1969 onward.
While revisions have been made by the
Federal Reserve for years prior to 1969,
space considerations preclude their pub-
lication at this time. Tables are available upon request from the Flow of
Funds Section of the Board of Governors of the Federal Reserve System,
Washington, B.C. 20551.
Tables A and B bring the estimates
of internal sources, personal saving,
and physical asset purchases into line
with the revised 1970-72 national
income and product data published by
BEA in the July 1973 SURVEY.
Data in the format of table B were
formerly prepared by the Securities
and Exchange Commission, and BEA
used to publish these data in table 5.7
of the national income and product
accounts in the July SURVEY each year.
The preparation of such data is now
done by the Federal Reserve in conjunction with the Flow of Funds
accounts. BEA intends to publish each
year in the SURVEY an updating of the
data in table B to incorporate the
annual revisions of the income and
product accounts.
Table A.—Sources and Uses of Funds, Nonfarm Nonfinancial Corporate Business, 1969-73
[Billions of dollars]
1969
1970
1971
1970
1969
1972
I
II
III
IV
I
II
1972
1971
III
IV
I
II
III
IV
I
II
1973
III
IV
I
II
Seasonally adjusted at annual rates
Sources, total
Undistributed profits
Corporate inventory valuation adjustment
Capital consumption allowances
External sources
Stocks -.
Honds 2 _>
Mortgages
Bank loans, n.e.c
Other loans .
Trade debt.
Profits tax liability ...
Other liabilities
95.6
99.8 116.2 120.0 131.3 123.2 129.7 135.2 144.3 176.2 173.6 183.9
59.3
60.9
59.5
65.6
69.0
69.9
74.9
73.1
76.2
77.6
82.9
81.4
80.3
11.0
11.2
8.0
14.3
16.9
17.9
19.3
19.3
19.8
21.6
25.5
30.8
34.3
115.5 100.7 122.7 146.3 119.9 112.7 122.0 107.5 105.2 102.2
Internal sources1
60.7
59.4
69.9
77.5
60.7
61.7
16.0
10.6
17.1
21.6
18.7
17.6
58.1
14.4
13.5
12.3
-5.1 -4.8 -4.9 -6.9 -5.9 -5.1 -2.4 -7.1 -6.2 -4.8 -4.4 -3.8 -5.0 -5.0 -6.1 -3.6 -6.6 -6.7 -6.9 -7.3 -15.4 -21.1
49.8 53.6 57.7 62.8 47.9 49.3 50.5 51.5 52.0 53.1 54.1 55.3 56.2 57.1 58.2 59.2 60.5 63.1 62.9 64.8 65.9 67.1
54.8
_
62.5
57.9
52.8
68.9
59.2
2.9
4.8 11.7
12.0 19.8 18.8
4.6
5.2 11.4
5.7
11.6
4.8
7.1 3.2
5.2
19.0
3! 6
2.0
-3.3 -3.7
g
10
^
112.1 95.0 109.7
10.4
12.2
15.6
13.9
2.5
13.5
.6
2
-.9
4.5
7.1
1.1
14.8 11.3 10.8 10.9
5.1
4.8 4.5 4.1
9.7
14.1 11.5 11.2
6.5
4.0
8.6
9.4
13.6
19.7 20.2 22.4
1.7 -7.0 -3.4 -4.6
7
6
11
10
41.3
50.9
59.5
49.6
47.1 43.0
34.7
40.4
7.3
2.4
4.7
4.9
13.5 20.9 21.5 23.2
3.6
4.7
6.2
7.4
10.8
3.3 -1.0
9.8
5.2
3.5
.7
3.5
1.6
11.3
5.8 2.0
-5.1 -5.9 -1.5 -2.3
4
g
20
10
50.7
51.0
61.4
7.1 13.9 15.2
23.2
19.3 14.5
9.5 11.1 13.4
1.3 3.3 13.7
4.3 -2.9
2.0
2.6 -1.0
4.8
2.2
7.3 -.5
5
.0 —1 7
59.0
66.7
93.3
10.5
8.6 12.8
18.3 12.4 12.9
11.8 13.0 15.0
.8
7.6
7.2
-.9
1.3
4.6
8.0 13.6
9.4
1.6 -3.7
-.9
7 —1.4
.7
10.2
12.4
16.8
11.8
1.6
11.8
1.4
.7
10.0
9.6
8.8
11.1 7.8 11.0
17.7 15.0 19.6
28.7 54.8 27.0
2.4 -10.1 2.4
19.6
6.2 27.7
3.2
7.8
5.3
1.0
.6
1.9
48.3
56.6
92.3 103.6
95.5
93.5
90.7 105.2 107.2 116.8 109.8 127.3 120.6 131.8 146.0 163.9 167.7
81.4
83.6
87.9
83.3
84.4
88.6
84.9
89.1
93.9
98.0 103.3 107.4 107.4 109.8
77.2
3.5
7.2
72.8
4.0
6.5
74.8
4.5
5.1
76.2
5.2
7.1
76.8
5.2
2.8
79.4
4.8
4.8
85.9
5.7
2.4
86.7
5.3
6.0
87.9
5.3
10.1
92.3
6.4
8.7
98.3 100.7
6.2
6.2
2.9
3.9
5.6
7.3
20.8
18.6
32.0
20.7
33.4
22.7
28.5
38.6
56.5
6.2
1.0
5.1 11.8 -1.3
Liquid assets.
_
. .
1.3 -2.4 -1.3 -1.9 -2.2
2.3 -1.1 10.6
8.5
2.3
.0
2.6
1.2 -.4
Demand deposits and currency
4.7 -.2
2.5
.7
.4
3.3
1.9
2.4 -3.9
6.5
3.6
3.1 -1.8 -4.0 -1.4 -2.5 -1.2 -3.9
7.1 4.7
Time deposits _
.
. _ . . -2.4
1.7
4.3
6.5
5.4
2.6 -5.1 -2.4
U.S. Government securities
-2.3
.3 2.0 -2.4
-.4 -.7 -4.8 -3.1 -1.7
1.0
1.0 -.7 -1.2 -1.0 -1.0 -.5
State and local obligations _ . . . -1.0 -.6
1.5 -4.5
1.0
1.0
1.0
C ommercial paper
1.2 -1.4
4.2
4.0
.5
2.4
1.7
4.9
2.9
1.6 -4.9
4.5
2.5 -.7
-5.2
1.6
.6
Security repurchase agreements
6.8 -4.2
3.7 -.8
.8 -10.2
1.4 -3.4
.8
4.3
.6
Consumer credit
.7
1.6
.2
.3
.4
.4
.4
1.1
.4
.3
.0
.3
Trade credit
2.1
4.0
22.7
7.1 5.6 19.7 20.6 23.3 25.7 21.3 14.2
8.4
6.1
3.8
2
4.2
6.2
Other financial assets
3.0
4.3
4.3
3.3
5.7
2.7
3.2
6.0
3.9
.7
5.4
8.0
18.7
1.4
3.7
.9
1.0
6.6
5.0
.6
6.3
6.3
7.6 20.5 21.6
1.0
6.2
8.9
5.7
2.5
3.4 -3.9
-.8
-.7 -1.1 -1.2
1.2 22.8
8.4
1.8
4.8
-.2
4.7
3.6 -1.0 -2.1 5.1
3.1 -7.7 -4.4
1.0
1.0
1.0
1.0
1.0
1.0
1.0
7.2
1.7 -2.6
2.7 -1.7
6.3 4.0
-2.7
-3.0
5.2
1.3
5.3
2.9
-.7
2.7
.9
1.9
1.3 3.4
.9 -.3
6.2 19.0 14.0 17.6 28.6 22.6 26.0
7.6
8.6 -.8 12.6
1.1
8.5
4.7
Uses, total .
....
Purchases of physical assets
Nonresidential fixed investment
Residential structures .. ..
C hange in business inventories
Increase in financial assets
131.4 117.0 110.0 117.7 103.8 100.4
84.0
86.7 100.7
80.5
83.3
74.0
2.9
6.7
75.1
3.3
5.7
76.8
4.9
5.0
88.2
5.7
6.8
71.7
3.0
5.8
72.9
3.0
7.3
75.7
2.6
8.9
75.8
3.1
4.8
74.7
3.2
3.5
75.6
2.6
5.4
28.4
11.0
23.0
30.7
36.5
26.7
30.5
20.0
19.0
11.9
83.7
87.2
83.8
ts
Discrepancy (uses less sources)
-3.4 -5.7 -13.0 -15.0 -2.9 -2.7
-4.3
-3.7
1. The figures shown here for "internal sources," "undistributed profits," and "capital
consumption allowances" differ from those shown for "cash flow, net of dividends," "undistributed profits," and "capital consumption allowances" in the gross corporate product
table (p. 9 of this issue of the SURVEY) for the following reasons: (1) these figures include, and
the statistics in the gross corporate product table exclude, branch profits remitted from
foreigners, net of corresponding U.S. remittances to foreigners; (2) these figures include and
cash flow in the gross corporate product table excludes the corporate inventory valuation
-4.8
-6.8
-2.1 -9.2 -11.0 -12.9 -14.5 -13.4
-2.3 -14.6 -12.5 -30.2
57.9
-9.7 -16.2
adjustment; and (3) these figures exclude and the gross corporate product figures include,
the internal funds of corporations whose major activity is farming,
2. Foreign investment excludes amounts financed by bond issues abroad, and bond issues
outside the U.S. are excluded from financial sources of funds above,
„
„•,,,-,
* *i_ T. j i -r*
^ *
Source: Board of Governors of the Federal Reserve System,
31
SURVEY OF CURRENT BUSINESS
32
January 1974
1
Table B.—Amount and Composition of Individuals' Saving, 1969-73
[Billions of dollars]
§
1969
1970
1971
1970
1969
1972
I
II
III
IV
I
II
1971
III
IV
I
II
1972
III
IV
I
II
1973
III
IV
I
II
Seasonally adjusted at annual rates
1
2
3
4
5
6
7
8
9
10
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
36
37
38
Increase in financial assets..
61.3
Demand deposits and currency. .. 1.6
6.0
Savings accounts
29.7
Securities
U.S. savings bonds
-.4
Other U.S. Treasury securities..
9.8
U.S. Government agency secu2.8
rities
State and local obligations
9.6
Corporate and foreign bonds
7.4
4.8
Commercial paper ..
Investment company shares
4.8
-9.0
O ther corporate stock
Private life insurance reserves
Private insured pension reserves..
Private noninsured pension reserves
Government insurance and pension reserves
Miscellaneous financial assets
79.6
99.9 124.9
9.6 11.0
44.4 70.5
-2.3 -14.7
.3
2.4
-10.7 -11.7
58.0
59.6
60.8
12.9 -7.4 16.7 -9.4
75.8 13.2 12.7 -8.7
5.1 30.4
5.5 54.9
3.3 -.1 -.5 -.6
1.5 18.9 -5.6 17.9
2.7 -3.5 -.5
3.0
1.4
-.5 -.9
1.3 11.3
6.9
10.1
8.2
4.9
1.6
8.3
-1.5 -3.9
.4 -4.2
9.9
2.6
1.2 -.6
4.7
8.3
-5.2 -6.6 -5.2 -13.6 -14.5
95.3
82.2
86.2 104.8 109.5
99.2 113.2 125.8 127.2 133.1 118.1 131.0
-1.3
-5.1
9.4
-2.6
-.5
-5.7
6.9 14.6
71.6 76.1
11.7
4.1
3.3 3.3
6.3 -5.8
10.2
9.0
70.6 87.1
18.9 -10.8
3.1 3.9
12.0 -7.7
11.2
64.5
16.7
3.6
9.0
1.9 -5.8 2.2
.7
.4
1.3
7.3 4.7
6.3 -3.1 1.5 -1.2
3.5
1.0
.6
1.3
10.7
4.8
7.2
1.8 3.9
6.5
.3 2.8
-.3 -4.8 -6.4
4.9 -1.8 5.0 -8.7
.6
.2 -1.8 -. 1 -.8 -2.3 -1.1
1.7
2.5
1.0 -5.6 -8.3 -3.8 2.0 -10.9 -4.6 -3.4
5.1
3.3
6.1
5.2
7.2
4.6
4.4
2.9
4.8
2.9
4.9
2.9
5.5
3.0
5.0
3.2
4.9
3.3
5.1
3.3
5.6
3.3
5.8
4.6
6.1
5.3
6.3
5.5
6.2
5.3
6.0
4.8
4.7
4.5
4.4
5.2
5.0
6.3
7.1
7.3
5.7
3.6
6.5
7.0
8.2
6.9
5.0
7.5
9.2
7.0
7.6
5.3
9.3
3.2
6.5
5.8
7.3
8.2
4.6
6.6
3.1
8.8
3.6
9.7
4.9
10.5
3.1
6.1
4.7
7.3
3.0
8.8
.3
4.3
4.5
7.1
4.0
11.8
2.5
8.1
4.7
8.0
3.3
10.0
7.0
9.9
1.6
10.9
4.6
8.2
6.4
6.4
2.7
14.2
2.8
10.6
3.5
10.8
3.3
9.2
2.5
16.4
4.9
Gross investment in tangible assets . 143.0 140.2 165.8 190.4 141.8 143.7 144.3 142.3 139.6 141.5 141.1 138.4 157.7 161.9 170.0 173.5 181.2 186.8 193.8 200.0 214.2 216.2
Nonfarm homes
Noncorporate business construction and equipment
C onsumer durables
Inventories
._
Capital consumption allowances
Nonfarm homes
Noncorporate business construction and equipment
.
Consumer durables
22.0
19.6
26.8
19.6
34.3
22.2
23.3
22.5
19.8
29.2 30.4 34.3 39.5
90.8 91.3 103. 5 117.4
1.1 -1.1
1.1 -.8
28.4
90.1
1.1
28.6
91.0
.8
29.5
90.6
1.7
30.4 30.6
91.4 90.9
.7 -1.4
19.7
18.5
20.7
22.5
25.4
28.2
31.3
32.3
34.3
35.2
35.4
38.1
40.7
29.5 30.3 31.1 33.0 34.2 35.0 35.1 38.1 37.8 39.9 42.2 42.1 42.1
92.9 93.4 88.0 100.3 101.7 105.3 106.6 111.5 115.1 120.2 122.9 132.2 132.8
6
.5
-.6 -1.2 -1.4
1.9
1.5
.4 -.7 —.5 —1.5 — 5
18
104.5 112.4 121.3 130.6 101.1 103.6 105.7 107.6 109.2 111.1 113.4 115.8 118.1 120.0 122.3 124.6 126.6 130.4 131.1 134.5 137.5 140.6
8.7
9.0
9.4
10.2
8.6
8.7
8.7
8.8
8.8
8.9
9.1
9.2
9.4
9.3
9.4
9.6
9.7
10.9
10. 0
10.1
10.2
21.3
74.6
22.6
80.7
24.4
87.5
26.7
93.8
20.6
71.9
21.1
73.9
21.5
75.5
21.9
76.9
22.0
78.4
22.3
79.9
22.9
81.5
23.4
83.2
23.8
85.0
24.0
86.7
24.6
88.3
25.2
89.9
25.6
91.2
27.0
92.5
26.7
94.4
27.4
97.0
27.8 28.5
99.4 101.7
38.5
27.8
44.5
59.8
40.7
40.1
38.6
34.8
30.5
30.4
27.7
22.6
39.5
41.8
47.7
48.8
54.6
56.4
62.7
65.6
76.8
75.6
13.3
10.6
17.4
24.1
13.6
14.7
13i8
11.0
10.7
10.7
9.5
11.6
13.1
16.1
18.8
21.7
22.6
23.4
25.2
25.2
27.9
30.3
7.9
7.7
16.2 10.6
1. 1 — 1. 1
9.9
16.0
1. 1
12.8
23.6
— 8
7.8
18.2
1i
7.5
17.1
g
8.0
15.1
17
8.5
8.6
14.5 12.5
.7 — 1 4
7.2
7.4
7.7
4.8
13.0 11.9
—.6 —1 2 — 1 4
9.2
15.3
19
10.2
15.0
5
10.5
17.0
15
9.9
16.8
4
12.5
20.2
_ 7
10.8 13,1
22.6 25.8
— 5 —1 5
14.9
25.9
5
14.3 13.5
32.8 31.1
6
18
30.6
54.6
84.9
40.4
43.5
35.2
39.9
28.8
24.5
39.5
30.1
38.3
52.4
62.3
65.4
75.3
83.3
85.1
97.3
89.6
89.4
Mortgage debt on nonfarm homes. 16.1 12.5
Noncorporate business mortgage
7.0
8.0
debt
10.4
Consumer credit
6.0
Security credit .. .
. .. -3.4 -1.8
2.6
2.3
Policy loans
3.6
Other debt.. . ...
7.1
24.1
38.4
17.2
16.5
15.5
15.1
12.4
11.6
12.7
13.2
14.7
21.9
27.9
32.0
32.7
36.7
40.8
43.5
38.3
43.0
11.2
11.2
2.6
1.0
4.4
7.5
6.7
13.2
7.6
19.2 12.7 13.0
8.2
-6.4
4.7 -4.8 -3.1
2.6
3.4
.9
1.8
8.5
7.8
7.1
6.0
6.2
7.0
6.3
7.7
6.4
5.6
.7 -5.3 -3.9
2.6
2.7
3.0
2.2
7.7
5.4
9.0
8.2
1.1
2.0
6.4
9.9
3.8
1.0
1.6
.5
10.2
7.6
.0
.9
4.9
11.1
10.2
3.6
.9
4.6
12.0
13.2
2.6
1.1
5.4
11.5
14.0
4.2
1.0
2.6
11.2
13.3
8.3
.6
9.1
13.2
18.3
6.7
1.3
7.2
13.9
18.9
2.5
1.0
8.0
14.6 14.9 18.9
26.2 25.3
1.2 -3.9 -5^3
.9
1.2
1.5
11.0 13.8
7.2
89.8
99.8
83.5
74.8
87.4
94.2
94.9
82.7
92.6
98.8 104.8 101.4 105.3 117.1
Net investment in tangible assets
Nonfarm homes
...
Noncorporate business construction and equipment
Consumer durables.
..
Inventories
Increase in debt
39.8
60.1
40
Less:
Government insurance and
pension reserves
Net investment in consumer
durables .
Capital gains dividends from
investment companies. _ . ..
Net saving by farm corporations-
6.6
8.8
9.7
10.5
6.1
7.3
8.8
16.2
10.6
16.0
23.6
18.2
17.1
15.1
2.5
.0
.9
-. 1
.8
.0
1.4
.0
4.7
.0
1.6
.0
2.0
.0
44
Equals personal saving, flow of
funds account basis
34.7
56.6
63.3
64.3
29.2
30.0
45
Personal saving, national income
and product account basis
38.2
56.2
60.2
49.7
32.4
46
Difference (45-44)
-.4 -3.2 -14.6
3.2
43
78.1
4.9
2.9
Individual saving (1+27—32).
42
62.8
7.5 13.8 17.5
7.5 19.7
5.3
6.6 -8.1 19.2 19.6
6.8
3.3 47.5 65.6 61.3 100.8 60.9 51.0 69.1 85.0
28.0 41.5 -16.1 -18.5 -16.0 -62.8 -4.0 20.7 -12.9 -14.4
1.2
2.2
2.6
2.6
.7
2.3
3.5
-.4 -.5 -.3
8.0
8.1 -25.5 -9.8 -15.5 -33.2 -.9 -2.1 -10.6 -6.4
.9 -2.1 -15.2
8.5
3.5
1.3
5.5
10.2 10.1 4.2 -1.2
3.1 -8.3 -1.5
5.3 10.3 15.0
10.2
9.4
9.7
7.8
13.0
.3 17.1
5.7 -27.7 -1.2 -7.8
2.6
2.6
6.2
1.0
3.4
2.7 -1.0
-.5 -7.6 -4.5 -6.3 -2.3 -7.8 -16.1
39
41
66.8
3.5
76.8
58.3
56.1
64.5
83.9
4.3
7.1
11.8
8.1
8.0
10.0
9.9
10.9
8.2
6.4
14.2
10.6
10.8
9.2
16.4
14.5
12.5
13.0
11.9
4.8
15.3
15.0
17.0
16.8
20.2
22.6
25.8
25.9
32.8
31.1
1.8
— .1
1.7
—. 1
1.3i
1.0 -.3
— . 1 -. 1
.2
1.1
—. 1
1.2
.0
.7
.0
1.1
.0
1.2
.0
1.2
.0
2.1
_ l
1.0
2.0
38.4
41.1
43.2
58.0
62.6
68.4
65.9
57.0
64.9
60.9
67.2
62.6
62.3
67.6
33.3
42.6
44.6
46.2
57.2
60.8
60.2
57.8
52.9
45.9
45.8
54.4
50.0
51.0
3.2
4.3
3.5
3.0
1. Combined statement for households, farm, and nonfarm noncorporate business.
64.2
61.6
10.4
-.7 -1.8
62.5
62.0
60.6
59.2
-1.9 -2.8
63.5
-4.9
-5.7
.8 -12.0 -15.0 -21.4
Source: Board of Governors of the Federal Reserve System.
o
-8.2 -12.3 -16.7
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
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
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes areas shown in
the 1971 edition of BUSINESS STATISTICS
1972
1971
1970
IV
Annual total
1971
I
II
1972
III
IV
I
II
1973
| III
IV
I
III
II
IV P I
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Services total 9
Household operation
Housing
Transportation
.
1,166.5
1,199.2 1,242.5 1,272.0 1,304.5 1, 334, 0
726.5
628.3
650.0
662.2
673.0
683.4
700.2
719.2
734.1
752.6
779.4
795.6
816.0
829.0
91.3
37.3
39.6
103.6
46.6
42.1
117.4
52.8
48.1
88.1
33.1
40.3
100.3
44.7
41.3
101.9
45.5
41.6
105.4
48.3
41.9
106.7
47.8
43.6
111.5
49.4
46.6
115.1
51.2
47.3
120.2
55.0
48.6
122.9
55.7
50.0
132.2
60.5
53.7
132.8
59.7
54.4
132.8
59.2
55.0
126.8
52.1
55.8
do__ .
do
do _
263.8
52 8
130.0
22.2
278.7
57 0
136.6
23.5
299.9
62 3
145.3
25.5
271.1
54.5
133.3
22.7
273.5
55.7
134.1
22.9
278.0
57.0
136.2
23.1
279.8
57.4
137.6
23.6
283.5
58.1
138.4
24.5
288.8
59.4
141.0
24.7
297.9
61.7
144.7
25.0
302.3
62.9
146.5
25.8
310.7
65.1
149.1
26.6
322.2
68.3
154.7
27.5
330.3
69.3
158.1
28.8
341.6
70.3
164.3
29.4
351.1
71.2
169.0
30.2
do _
do
do
do
262.6
36 4
90.9
18.3
284.9
39 7
98.5
20.4
309.2
43 8
105.5
21.8
269.1
37.3
93.3
18.9
276.1
38.4
95.4
19.4
282.3
39 3
97.6
20.1
287.8
40.3
99.5
20.6
293.2
40.7
101.4
21.2
300.0
41.8
103.1
21.6
306.2
43.2
104.7
21.7
311.6
44.5
106.3
21.8
319.0
45.7
107.9
22.2
325.0
46.5
110.6
22.8
332.6
47.1
113.3
23.2
341.6
48.7
115.8
23.7
351.2
49.7
118.4
24.2
Durable goods total 9
_ ..do _
Automobiles and parts . ...
do__
Furniture and household equipment.. .do
-
1,046.9 1,063.5 1,084.2
1, 155. 2
667.2
bil.$
Personal consumption expenditures, total.. do
Nondurable goods total 9
Clothing and shoes
Food and beverages
977.1
1,055.5
Gross national product totalf -
617.6
991.8 1,027.2
1,112.5 1,142.4
do .
136 3
153.2
178.3
137.4
145.5
152.7
153.8
160.8
167.5
174.7
181.5
189.4
194.5
198.2
202.0
211.2
do
do ...
do
do
do
do
do
do
131.7
100 6
36.1
64.4
31 2
30.7
4.5
4.3
147.1
104.4
37.9
66.5
42.7
42.2
6.1
4.5
172.3
118.2
41.7
76.5
54.0
53.5
6.0
5.6
132.3
98.5
36.5
62.0
33.8
33.1
5.1
4.9
138.5
101.4
37.0
64.4
37.1
36.6
7.0
5.8
145.0
103.6
37.6
66.0
41.5
41.0
7.6
6.3
149.5
104.7
38.4
66.3
44.8
44.1
4.3
2.4
155.6
108.0
38.5
69.5
47.5
46.9
5.3
3.5
165.8
114.0
41.0
73.1
51.8
51.2
1.7
1.4
169.2
116.3
41.5
74.9
52.8
52.3
5.5
4.8
172.9
118.3
41.3
77.0
54.5
53.9
8.7
8.4
181.2
124.3
43.0
81.2
56.9
56.4
8.2
7.9
189.9
130.9
45.3
85.5
59.0
58.4
4.6
4.4
193.7
134.1
47.2
86.9
59.6
59.1
4.5
4.4
197.3
138.0
49.5
88.6
59.2
58.6
4.7
3.2
195.3
141.1
51.1
90.0
54.2
53.6
15.9
14.9
do
do.. _
do
36
62 9
59.3
8
66.3
65<5
—4.6
73.5
78.1
2.8
63.2
60.4
3.8
65.9
62.1
.5
67.1
66.6
1.1
69.1
68.0
-2.2
63.0
65.2
—5.5
70.3
75.8
—5.7
69.9
75.6
-3.8
74.0
77.7
-3.5
79.7
83.2
.0
89.7
89.7
2.8
97.2
94.4
7.6
1&4.5
97.0
8.0
113.5
105.6
Govt. purchases of goods and services, total .do
Federal
do
National defense
do. ._
State and local
- -do
219.5
96.2
74 6
123 3
234.3
98.1
71.6
136.2
255.0
104.4
74.4
150.5
223.3
94.8
72.6
128.5
227.9
96.1
72.3
131.8
231.5
96.7
71.3
134.8
235.5
98.2
70.3
137.3
242.2
101.2
72.4
141.0
250.3
106.0
76.5
144.3
254.2
106.7
76.6
147.5
254.7
102.3
71.9
152.4
260.7
102.7
72.4
158.0
268.6
105.5
74.3
163.0
275.3
107.3
74.2
168.0
279.0
106.8
74.2
172.2
285.8
107.8
74.0
178.0
By major type of product:!
Final sales total
Goods total
.
Durable goods
Nondurable goods
Services
. ._
.
Structures
do
do
do
.. do..
do
do.. _
972 6
466.7
182 5
284 1
410.3
95 6
1,049.4
491.1
191.1
299.9
447.4
110 9
1, 149. 1
535.4
214.1
321.2
487.3
126.5
Change in business inventories
Durable goods
Nondurable goods
do
do
do
45
1.2
33
6.1
2.0
4.1
6.0
4.9
1.1
Gross private domestic investment, total
Fixed investment .
.
Nonresidential
Structures
. .
Producers' durable equipment
Residential structures
Nonfarm
...
Change in business inventories
Nonfarm
Net exports of goods and services
Exports
Imports
.
986.7 1,020.2 1,039.2 1,059.2 1,078.9 1,110.8 1,136.9 1,157.8 1,191.0 1,237.8 1,267.5 1,299.8 1, 318. 1
625.1
617.6
585.0 599.6
495.2 501.1 515.2 531.0 539.9 555.4
465.9 482.1 485.9
246.2
241.8
222.8 238.1 242.4
216.8
196.2
205.5
211.4
175.0
187.4
188.1
192.8
383.4
346.9
357.3 371.4
304.9 309.7 319.6 323.1 332.5
297.8 302.4
290,9
294.7
554.1
540.8
527.7
503.9
514.8
491.8
481.5
460.9
471.8
444.0
421.0
433.9
450.8
138.9
141.4
126.2
140.1
131.7
138.1
124.4
123.8
113.2
117.0
104.1
109.3
99.8
15.9
4.7
8.2
4.5
4.6
8.7
5.5
1.7
7.6
7.0
4.3
5.3
5.1
8.4
8.0
4.4
10.4
7.3
3.2
5.8
4.2
-.9
.4
4.1
.7
-1.1
7.5
-3.4
-2.2
-2.8
.3
2.9
2.3
6.2
6.2
3.4
1.3
2.9
3.7
GNP in constant (1958) dollars f
Gross national product, total f
...
bil.$._
Personal consumption expenditures, total, .do
Durable goods
Nondurable goods
Services -
do
do
do
Net exports of goods and services
745.4
790.7
719.3
735.1
740.4
746.9
759.0
768.0
785.6
796.7
812.3
829.3
834.3
841.3
844.1
496.3
526.8
477.5
489.5
493.6
498.0
504.1
512.5
523.4
531.0
540.5
552.7
553.3
558.1
554.5
83.8
206.5
187.2
92.2
211.6
192.4
104.0
220.9
201.8
79.3
209.8
188.4
89.3
210.2
189.9
90.2
211.8
191.7
93.6
211.5
192.9
95.8
213.0
195.3
99.2
215.0
198.2
101.9
220.7
200.8
105.8
222.2
202.9
109.2
225. 8
205.4
117.0
228.8
207.0
116.2
228.0
209.1
115.4
230.2
212.5
109.7
229.6
215.2
103.4
110.3
122.9
102.1
106.6
110.3
109.5
114.8
116.5
121.0
124.8
129.1
130.2
130.2
130.8
135.7
do .
do
..do...
- do
99 5
77.2
22.2
39
105.0
76.1
29.0
5.3
118.3
83.7
34.6
4.6
97.6
73.5
24.1
4.5
100.7
74.8
25.9
5.8
103.8
75.5
28.3
6.5
105.5
75.6
29.9
4.0
110.1
78.4
31.7
4.7
115.4
81.5
34.0
1.1
116.7
82.5
34.2
4.3
118.2
83.4
34.7
6.6
122.8
87.5
35.3
6.3
126.9
91.2
35.6
3.3
126.9
91.5
35.3
3.4
127.7
93.2
34.5
3.0
124.7
94.1
30.6
10.9
do...
2.3
.4
-2.0
2.0
2.4
-.2
.8
-1.6
-3.7
-2.8
g
-.8
Gross private domestic investment, total.. .do...
Fixed investment
Nonresidential
...
_
Residential structures
_
Change in business inventories
722.5
477.5
.
137.8
136.7
138.4
143.0
Govt. purchases of goods and services, total -do...
139.3
60.1
61.8
60.8
60.9
Federal
.
do .. 64.3
76.6
82.2
76.0
77.5
75.0
State and local
do
r
Revised.
" Preliminary,
* Preliminary annual totals for 1973 for components
shown in this column appear on pp. 7-10 of this issue of the SURVEY.
t Revised series.
Estimates of national income and product and personal income have been revised back to
2.0
5.6
7.4
9.2
144.4
58.2
86.2
145.2
58.2
87.0
145.0
57.2
87.8
144.8
55.6
89.2
143.5
141.8
142.7
144.0
138.6
141.6
136.7
58.6
58.8
63.0
62.9
62.5
59.9
61.1
85.0
83.0
79.7
81.1
77.5
76.8
79.1
1969 (see p. 14 ff. of the July 1973 SURVEY) : revisions prior to May 1972 for personal income
appear on pp. 27-28 of the July 1973 SURVEY.
9 Includes data not shown separately.
S-l
529-782 O - 74 - S-l
SUEVEY OF CUEEENT BUSINESS
S-2
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
| 1972
I
Annual total
January 1974
1972
III
II
I
IV
II
1973
III
I
IV
1974
II
III
IV P 3
I
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME^AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
— bil. $..
Compensation of employees, totalf
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
_ _.
800.5
859.4
941.8
835.9
853.6
865.6
882.7
911.0
928.3
949.2
978.6
015.0
038.2
1,067.4
do
603.9
644.1
707.1
627.6
638.8
648.8
661.2
684.3
699.6
713.1
731.2
757.4
774.9
794.0
815.0
do
do
do
do
do
do
do
do
do
542 0
426.9
19.6
95 5
61.9
66 9
50 0
16.9
23.9
573.8
449.7
19.4
104.7
70.3
68.7
51.9
16.8
24.5
627.3
493.3
20.3
113.8
79.7
74.2
54.0
20.2
24.1
559.8
438.5
19.8
101.6
67.7
67.9
50.9
16.9
24.4
569.3
446.3
19.3
103.6
69.6
68.3
51.7
16.6
24.7
577.6
452.3
18.9
106.3
71.1
68.6
52.3
16.3
24.7
588.6
461.7
19.6
107.3
72.6
70.2
52.7
17.5
24.4
607.3
476.4
20.9
110.0
77.0
72.5
53.1
19.5
24.1
620.8
488.4
20.1
112.3
78.9
73.2
53.3
19.9
22.6
632.5
497.5
20.0
115.1
80.5
74.1
54.3
19.8
24.9
648.7
510.9
20.1
117.7
82.5
77.1
55.3
21.8
24.9
666.7
525.1
20.9
120.7
90.8
80 6
56 3
24.3
24.7
682.3
538.7
20.5
123.1
92.6
81 5
57.1
24.4
24.6
699.3
553.2
20.4
125.7
94.7
85.0
57.9
27.1
25.3
717 6
567.2
21.3
129 1
97.5
90 0
58 7
31.3
25.7
69.2
80.1
91.1
75.8
80.6
80.9
83.4
86.2
88.0
91.5
98.8
104.3
107.9
112.0
13.6
55.6
27 8
17 3
10.5
15.2
64.9
32.5
17.8
14.7
17.5
73.6
40.1
20.0
20.2
14.0
61.8
31.8
17.6
14.2
14.7
65.8
32.7
17.8
14.9
15.9
65.0
31.8
18.0
13.8
16.3
67.1
33.6
17.9
15.7
16.6
69.6
37.3
18.6
18.7
17.3
70.7
38.7
18.5
20.2
17.6
73.9
39.9
20.4
19.5
18.6
80.2
44.7
22.4
22.3
19 8
84.5
49 7
22 8
26 9
21.4
86.5
52.4
23.9
28.5
22.3
89.7
51.9
25.3
26.6
7 8
20.1
8.6
23.9
9.3
24.2
8.2
21.8
9.1
23.9
9.1
24.1
7.9
25.7
8.5
23.8
8.9
23.1
9.8
24.1
9.9
25.7
9 2
25.6
8.5
25.6
10.3
27.5
74.0
34.8
39 3
24 7
14.6
—4 8
36 5
85.1
37.4
47.6
25.1
22.5
-4.9
42.0
98.0
42.7
55.4
26.0
29.3
-6.9
45.2
80.8
37.0
43.8
25.3
18.5
-5.0
40.2
85.5
38.4
47.1
25.1
22.0
-5.0
41.4
87.0
38.0
49.0
25.2
23.7
-6.1
42.7
86.9
36.4
50.6
24.9
25.7
—3.6
43.5
92.8
40.6
52.2
25.7
26.5
-6.6
43.9
94.8
41.4
53.4
25.9
27.5
-6.7
44.8
98.4
42.9
55.6
26.2
29.4
-6.9
45.7
106.1
45.9
60.3
26.4
33.9
-7.3
46.6
119 6
52.7
66 9
26 9
40.0
—15 4
47 9
128.9
57.4
71.6
27.3
44.2
-21.1
49.4
129.0
57.6
71.5
28.1
43.4
—17.0
51. 1
808 3
116.6
691.7
635.5
66.2
863.5
117.5
746.0
685.8
60.2
939.2
142.2
797.0
747.2
49.7
840.0
112.6
727.4
668.3
59.2
859.5
115.5
744.0
680.6
63.5
870.2
118.1
752.0
691.8
60.2
884.4
124.0
760.4
702.6
67.8
910.8
138.0
772.8
720.0
52.9
926.1
140.7
785.4
739.5
45.9
943.7
142.8
800.9
755.1
45.8
976.1
147.4
828.7
774.3
54.4
996 6 1,019.0
149.3
145.1
869.7
851.5
818.7
801 5
51.0
60 0
79.71
31.95
15.80
16.15
81.21
29.99
14.15
15.84
88.44
31. 35
15.64
15.72
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
25.20
9.38
4.77
4.61
21.60
7.80
3.92
3.88
24.73
9.16
4.65
4.51
25.04
9.62
4.84
4.78
i 28. 81
11.42
5.97
5.45
i 24. 19
9.43
4.87
4.56
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10.77
18.05
57.09
2.42
1.80
2.46
1.46
17.00
14.48
2.52
11.89
20.07
10.99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94
13.06
.54
.47
.60
.36
3.83
3.20
.63
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
.60
.32
3.63
3. IS
.44
2.72
4.55
14.38
.61
.48
.73
.39
4.24
3.61
.62
2.95
4.98
14.12
.59
.38
.61
.35
4.39
3.67
.72
2.84
4.97
15.83
.63
.47
.63
.40
4.74
4.01
.73
3.3C
5.67
13.69
.63
.46
.'52
.32
3.95
3.45
.50
2.87
4.94
15.57
.71
.46
.72
.43
4.59
3.91
.68
3.27
5.40
15.42
.69
.48
.57
.44
4.82
4.04
.77
3.19
5.24
17.39
.73
.54
.60
.41
5.74
4.85
.89
14.76
.70
.54
.51
.38
4.65
4.14
.52
29.37
27.98
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
91.94
33.64
16.86
16.78
48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
51.50
2. OS
1.88
2. 28
1.40
14.91
12.61
2.30
51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
52.82
2.30
1.64
2.26
1.3^
15. 74
13.011
56. 75
2.38
1.8*
2.89
l.K
16.60
14.32
2.27
rn
56.70
2.40
1.5(
2.67
1.41
17.01
14.62
2.38
Ut\(\
17.39
17. 72
17.85
19.10
20.10
19.88
20.16
58.30
2.46
1.71
2.33
1.42
17.53
14.67
2.86
12 63
20.21
97.76
36.58
18.64
17.94
61.18
2.77
2 I-
56.70
2.42
2.10
1.96
1.48
16.92
14.27
2.65
96.19
35.51
17.88
17.63
60.68
2.69
2. 11
2. 21
1. 53
18.38
15. 40
2. 98
12.34
21.53
16,48
10,87
16,78
10,79
17,28
11,5?
15,73
9,58
17,58
11,65
17,46*
11,53
18,49
12,36
19,92
13,2
22,611
15,320
24,376 p 26,19
16,778 p 18,15
4
3
343
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
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 t
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 1
do. . .
Nondurable goods industries 1
do
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities . .
Electric
Gas and other
Communication
Commercial and other
-
do
do
do
do ..
do
do...
do
. . . .do ..
do
do
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Nondurable goods industries ^
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
do
do
do
do
do
do
do
do
do
do
do. . .
do ..
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd"
Quarterly Data Are Seasonally Adjusted
(Credits -f ; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $
Merchandise, adjusted, excl. military
do___
Transfers under U.S. military agency sales conReceipts of income on
abroad
Other services
U.S.
investments
mil. $.
do___
Merchandise, adjusted, excl. military
do._
Direct defense expenditures
.
. do...
Payments of Income on foreign investments in the
U.S
mil. $.
Other services
__do_._
62,91
41,96
66,28
42,76
73,46
48,76
1,47
1,91
1,16
8,05
59,28
-39,78
-4,85
-5,16
12,89
8,71
-65,48
-45,46
-4,82
-4,92
-10,25
13,92
9,60
49
2,1?
50
2,16
-78,07 -15,53 -16,65
-55,68 -10,74 -11,70
-4,72' -1,17 -1,214
-6,06
-11,60
-1,16
-2,45
-1,13
-2,5
13
95
80 -4,61
3,63
Balance on goods and services total
do
1
-9
-6,91
-2,69
2,17
Merchandise, adjusted, excl. military
do...
r
Revised.
p Preliminary.
* Estimates (corrected for systematic biases) for Oct.Dec. and Jan.-Mar. 1974 based on expected capital expenditures of business. Expected
expend2
itures for the year
1973 appear on p. 13 of the December 1973 SURVEY.
Includes com3
munication.
See note 1 on p. S-l.
t See corresponding note on p. S-l.
9 Includes
inventory valuation adjustment.
® Personal outlays comprise personal consumption
10 7*}
48
2,23
2,1
-17,00 -16,29
-11,90 -11,10
—1,20- -1,23
-1,2
-2,5
-1,3
-2,6
2,29
-18,9
-13,4
-1,2
-1,4
-2,8
U
18.08
12.70
21.55
2
0 O
2,3
2,3
2,5
-18,8
-13,3
-1,24
-19,4
-13,9
-1,1
-20,7
-14,9
—1,1
22,4
-16,2
-23,7
-17,0
-1,5
—2,8
-1,6
—3,0
-1,84
-2,2
-1,4
—2,8
100.90 i 104. 94 i 108. 16
42.92
38.81
40.54
22.21
19.73
20.94
20.71
19.08
19.60
65.24
62.09
64.40
2.90
2.82
2.85
1 Q"i
1 Qft
2 43
2 1 ft
1 74
1 7Q
I CO
21.57
18.58
21. 20
-10 (\n
n
4 31
2 ' s^
1 Q 40
3 OR
2 34. 43
P534
p 4 636
p 2*876
p-24,051
p— 17,439
T
0 0
QA
OK
13.12
21.36 2 34. 63
455
2
4 15
1,047.1 , 079. 2
156.0
161.2
918.0
891.1
840.1
854.6
51.1
63.3
3
q A
2
29.0
—15.6
53.0
1 1 1 rj
p-2,32 5
p 3 17 7
p 2, 148
67
2
15
-8
-9
-1,4
-5
-1,3
J>714
—24
-96
-1,7
-1,5
-1,8
-1,7
-1,5
-3
expenditures, interest paid by consumers, and personal transfer payments to foreigners.
§ Personal saving is excess of disposable income over personal outlays.
HData for individual durable and nondurable goods industries components appear in tfie
Mar., June, Sept., and Dec. issues of the SURVEY.
d"More complete details appear in tne
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
January 1974
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-3
1971
1972
I
Annual total
II
1972
III
IV
I
II
1973
III
IV
I
II
1974
I
IV
I
Nov.
Dec. f
1
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
Long-term capital, net:
U S Government
Private
Balance on current account and long-term
do
do
do
capital
mil $
Nonliquid short-term private capital flows, net
mil. $
Allocation of special drawing rights (SDR). ..do
Errors and omissions net
do
Net liquidity balance
do
Liquid private capital flows, net
do
Official reserve transactions balance
do
Changes in liabilities to foreign official agencies:
Liquid
mil. $
Other readily marketable
do
Nonliquid
do
Changes in U.S. official reserve assets, net _do
Gross liquidity balance excluding SDR
do
-3,214
416
-3,598 -3, 744
-2,790 -8,353
-803
151
-859
-728
-958
-678
-2, 018
-1,429
-2,359 -1,339
-152
-4,401
-642
-895
-575
-1, 691
-598
-2, 018
-3,031
-969
-938
-954
-881
-2,343 -2, 364 -1, 893 -1, 751
-742
-592
-544
201
-289
-1, 143
-9,550 -9, 843 -1,386 -2. 994 -3,294 -1,881
3 775
1 855 -2, 652
-1, 556
-535
178
944
310
-430
178
177
-940 -1,626
-982
177
-1, 490
-482
867
-1,205
-2,347 -1,637
710
717
-10, 784 -3, 112
-3, 851
-5, 988
-9, 839
-21, 965 -13,882
3,542
-7,788
-29, 753 -10,340
-517
180
-949
492
179
-2,391
1971 1 1972
Annual
-822
179
-5,511
-516
179
-1,933
-95
604
-366
-393
5,738
10,870
-17
-173
9
366
1,194
-187
10079 -4, 720
-931
1,217
-336
-16
75
-317
-363
1, 685
-944
-609
2,539
-1,822 -1,404
-3,891
234
425 -1,355
2,546
9,120
1,057
4,467
1,645
1,202
221
27
34
117
-43
280
-2
78
-167
220
429
-55
-111
-231
4 168 -2, 376 -5, 118 -4, 159 -8,623
1972
Nov.
-586
781
-1,041
-367
2,672
5,698 -9, 448 -4, 151 -3, 188 -2,307 -4 531 -3, 851 -6,657 -1,588
1,749
-2, 958
-647 -2, 434
-288
1,456
7
2,367 -3,842 1,923
-5,630 -6, 345 -11,882 -5, 900 -3, 476
-851 -4, 524
1 484 -10, 499
335
5,854
7,637
27, 615
9,720
5,157
-160
-810
-551
399
-201
Q
-8
535
341
189
32
682
659
2,477
2,348
-4,466 -23, 779 -15,826 -3, 183 -5 801
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
-978
-1, 538
1,418
690
2,108
-778 -1,654
259
11
167
-452
17
-13
-770
1,128
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Oct.
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates:
Total personal income
863.5
939.2
977.6
983.6
989.1
997.4
1,003.3
Wage and salary disbursements, total
do
Commodity-producing industries, totaLdo
Manufacturing
-_
do
Distributive industries
do
573.3
206.3
160.5
138.3
627.8
226.0
175.9
151.5
648.4
235.0
183.8
155.6
654.0
236.8
185.6
157.2
661.7
239.2
187.1
158.7
667.2
242.2
189.6
159.3
671.1
243.5
190.6
160.6
677.6
245.9
192 9
162 2
682.0
248.3
194.7
163 2
688.2
251.7
197.0
164 5
693 2
253.4
197 9
165 3
698 9
254.8
198 7
167 1
706.0
257.8
200.8
168.7
711.2
259.5
202.5
169.6
r
717.8
' 262. 5
' 204.6
' 170 8
723.7
264.8
205.7
171.8
Service industries..
Government
Other labor income
_ __
Proprietors' income:
Business and professional. _.
Farm
.
do
do
do
104.7
123.9
36.6
116.1
134.2
40.7
119.8
138.1
42.3
121.3
138.7
42.7
122.9
140.9
43.0
124.1
141.6
43.3
124.9
142.2
43.6
126.4
143.1
43.9
126.8
143.7
44.2
127.7
144.4
44.5
129.4
145.1
44.8
130.8
146.2
45.3
132.5
147.0
45.8
132.9
149.2
46.2
' 134. 1
150.4
46.7
135.8
151.3
47.1
do
__do
51.9
16.8
54.0
20.2
55.1
22.4
55.6
22.3
56.1
24.0
56.3
24.3
56.4
24.6
56.8
24.2
57.1
24.4
57.3
24.6
57.8
25.9
58.0
27.1
58.1
28.3
58.5
'29.9
58.7
'31.6
58.9
32.4
24.5
25.1
73.0
93.2
24.1
26.0
78.0
103.0
24.7
26.3
80.4
113.7
24.9
26.5
81.1
112.6
24.8
26.8
81.9
112.5
24.8
26.9
82.6
113.8
24.6
27.0
83.4
114.5
24.3
27.3
84.5
115.3
24.6
27.3
85.7
115.9
24.9
27.4
86.5
116.0
25.0
27.6
87.8
116.9
25.3
28.2
89.0
119.0
25.5
28.3
90.3
120.2
25.6
28.5
91.5
121.1
25.7
28.7
'92.6
121.9
25.7
29.8
93.7
122.7
43.4
43.6
43.9
44.0
'44.3
44.4
bil. $
__
Rental income of persons
do
Dividends
do
Personal interest income
_. _ _ _ do
Transfer payments
do
Less personal contributions for social insurance
1 Oil 6 1 0187 1 026. 6
1 035 6 1 047 3 1 058.5 ' 1,068. 5 1,079.4 1, 089 .6
30.9
34.7
35.7
35.9
41.7
41.9
42.0
42.4
42.5
42.8
839.8
911.5
947.7
953.6
957.4
965.3
970.9
979.5
986.4
994.2
Cash receipts from farming, Including Government
payments total t
mil. $
55, 950
64, 632
7,220
5,963
6,412
5,005
5,357
4 750
5,340
5 686
8 475
7 602
7,777
11,402
Farm marketings and CCC loans, total _ do
Crops
do
Livestock and products, total 9 _ _
do
Dairy products
_
__do _
Meat animals. . _ __
. __
__do .
Poultry and eggs
_
- do
52, 805
22, 245
30, 560
6,811
19, 524
3,958
60, 671
25,075
35, 596
7,157
23, 955
4,165
7,188
4,016
3,172
6,363
2,943
3,420
618
2,352
424
4,987
1,734
3,253
563
2,279
384
5,347
1,612
3,735
653
2,588
469
4,673
1 375
3,298
651
2,130
487
5,332
1,547
3,785
693
2,542
519
5,670
1 969
3,701
667
2,438
563
6,207
2 813
3,394
7,521
3,120
4,401
393
5,901
3,038
2,863
606
1,860
370
2,135
577
678
2,838
856
7,765
3,690
4,075
696
2,667
686
11,360 '10,307
6,616 ' 6, 320
4,744 ' 3, 987
702
'730
3,353 ' 2, 613
663
'619
ndexes of cash receipts from marketings and CCC
loans, unadjusted: J
All commodities
1967=100
Crops
_.
_. do_ _
Livestock and products
do
124
121
126
142
136
147
202
261
157
166
198
142
179
192
169
140
113
161
150
105
185
131
89
163
150
101
187
159
128
183
174
183
168
211
203
218
218
240
202
319
431
235
'290
'411
'197
236
313
177
[ndexes of volume of farm marketings, unadjusted: I
All commodities
1967=100
Crops
_
__ . do
Livestock and products
do
110
113
108
112
115
109
161
226
113
126
165
98
127
151
108
88
74
98
85
61
104
75
48
96
83
50
109
92
74
106
104
115
95
103
107
100
111
123
101
164
214
124
'159
'220
'110
130
167
100
106.8
115.2
120.4
117.3
118.9
123.6
124.6
124.5
125.6
128.9
122.4
126.7
' 131 .0 '130.6
'127.6
122.7
104.7
115 7
119 5
107.4
89 4
111.9
123.6
127.7
117.7
95.5
116.1
126.8
141.9
122.3
101.1
112.0
120.2
123.9
115.3
100.5
115.3
125.3
138.5
119.0
101.4
119.1
129.2
149.1
126.9
104.9
120.0
130.8
151.5
130.2
105.0
118.9
129.2
147.6
129.2
104.6
120.0
130.3
147.4
128. 6
105.5
125. 1
136.4
154.4
133.8
109.2
118.9
128.6
124.3
119.2
105.2
122.2 '128.6 ' 127.2
134.1 ' 141 .8 ' 139 .4
136.6 ' 146.1
100.5
132.5 ' 139.1 '138.2
110.3 ' 110.2
105.7
' 123 .1
' 133.1
' 140 .5
'132.0
' 109.2
116.4
122.0
104.8
119.3
108.6
107.4
117.4
123.5
122.5
122.8
128.6
129.2
129.9
130.9
131.4
123.7
129.2
' 132.9 ' 131 .7
129.1
do ... 105.2
do
99.4
do
113.5
114.0
108.4
122. 1
120.0
115.3
126.7
116.3
113.3
120.6
117.6
114.9
121.5
123.2
121.0
126.3
124.6
122.5
127.7
124.7
122.4
128.0
125. P
123.2
129.5
128.9
125.8
133.3
121.1
117.9
125.6
125.3 '130.2 '130.3 ' 127 .9
119.3 '125.9 ' 126.6 '124.8
132.2
133.9 ' 136 .4 ' 135 .8
128.6
125.2
Mining and utilities
.do
124.1
118.9
123.8
' Revised.
* Preliminary.
f See corresponding note on p. S-l.
tSeries revised
beginning 1969; monthly data prior to May 1972 appear in the Farm Income Situation, July
1973, available from the U.S. Dept. of Agriculture, Economic Research Service.
9 Includes data for items not shown separately.
127.5
125.0
122.7
123.6
128.2
133.0
137.2
bil. $-
Total nonagricultural Income
do
1 001.8 1 012.1 1,021.8
1,030.0 '1,039.0 1,048.2
FARM INCOME AND MARKETINGS J
579
2,178
651
10,324
8,388
8,386
4,815
3,571
786
2,176
565
INDUSTRIAL PRODUCTION rf 1
Federal Reserve Board Index of Quantity Output
Unadjusted, total index &
By market groupings:
Final products
Consumer goods
Automotive products
Home goods and clothing
Equipment
Materials
By industry groupings:
Manufacturing..
.
Durable manufactures
Nondurable manufactures
....1967=100..
do ..
do
do
.. ... do ...
do
do
131.8
r
137.1 '130.8
' 126 .3
122.6
120.6
125.7
124.4
cf Series revised back to 1970 to reflect new seasonal adjustment factors and production
levels. Monthly revisions are available upon request.
SURVEY OF CUREENT 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
1971
1972
1972
Nov.
Annual
January 1974
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. v
126.8
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted total indexj
By market groupings :J
Products total
Final products
Consumer goods
1967=100
Durable consumer goods
Automotive products.
Autos
Auto parts and allied goods
106.8
115.2
120.2
121.1
122.2
123.4
123.7
124.1
124.9
125.6
126.7
'126.4
127.0
' 127 .3
126.6
do
do
do. -_
106.4
104.7
115.7
113.8
111.9
123.6
118.6
116.3
127.4
119.1
116.8
127.7
120.7
118.6
129.8
121.5
119.3
130.2
121.7
119.6
130.8
122.1
120.0
130.9
122.9
120.8
131.7
123.7
121.3
131.9
124.2
122.1
132.9
123.7
121.4
131.2
124.3 ' 124 .4
' 122 4 122.8
'132.3 '132.8
'124.9
'123.2
133.2
123.9
122.0
130.7
do
do
do.
do
115.1
119.5
108.3
140.9
125.7
127.7
112.7
156.5
131.0
138.3
126.6
160.6
135.0
142.9
133.9
160.0
136.0
138.6
130.2
155.0
137.8
141.7
131.5
161.4
140.4
144.1
130.8
169.9
140.5
141.7
128.1
167.5
141.6
142.6
129.8
167.0
141.8
142.6
132.6
161.9
142.4
141.7
134.0
156.7
134.0
121.1
103.9
154.2
138.2 '138.2 '138.9
129.8 '130.9 '134.1
' 118. 4 122.5
124.8
151.8 '147.1 '152.0
134.4
122.9
106.2
154.5
112.6
111.5
117.2
124.5
124.6
132.6
126.9
121.7
137.6
130.5
133.3
139.0
134.5
140.7
142.1
135.8
137.8
145.0
138.3
143.0
145.7
139.8
149.7
146.7
140.9
148.1
147.8
141.3
147.2
148.9
142.9
147.8
155.4
141.1 ' 142 .9 ' 142 .3 ' 141 .5
146.3 ' 149 .4 ' 148 .4
144.3
154.2
153.3
153.4
153.9
141.0
do ._
115.9
do . . 101.4
do
119.8
do
113.6
do
126.3
122.8
109.7
126.2
117.5
135.3
126.0
114.8
128.9
119.9
138.3
125.0
112.2
128.4
119.1
138.1
127.4
115.1
130.7
121.1
140.9
127.3
115.2
130.5
121.5
140.0
127.1
115.4
130.3
120.9
140.1
127.1
114.5
130.6
120.9
140.8
128.0
114.2
131.7
120.9
143.1
128.1
116.0
131.4
119.6
143.7
129.0
116.5
132.5
121.3
144.1
130.2
117.0
133.6
121.9
145.8
130.1 '130.8 '130.9
118.0
116.4
'133.2 '134.6 '134.6
'122.2 '123.4 ' 125.5
144.8 '146.1 ' 144 .2
129.4
132.5
125.1
140.2
Home goods 9
do
Appliances, TV, home audio. _ .do
Carpeting and furniture
do ..
Nondurable consumer goods
Clothing
..
Consumer staples
Consumer foods and tobacco
Nonfood staples
Equipment
do
Business equipment. _ .
do
Industrial equipment 9 do .
Building and mining equipment. do
Manufacturing equipment. _ _ .do
89.4
96.8
92.9
92.9
82.6
95.5
106.1
102.5
104.8
92.7
100.7
113.4
110.4
108.7
102.6
101.5
114.4
111.5
112.3
102.5
102.9
116.9
113.0
113.0
104.7
104.1
118.2
114.5
115.1
106.1
104.1
118.6
115.6
116.0
107.5
104.7
119.6
117.4
118.1
109.4
105.7
121.3
119.1
118.8
112.0
106.6
122.5
119.8
119.1
113.1
107.3
123.0
120.5
119.6
113.9
107.6
124.6
122.5
123.0
115.1
'108.5
'125.8
'124.1
'123.7
117.3
'108.8 ' 109 .3
' 126.2 '127.1
'124.6 ' 124 .8
'124.7 ' 125.2
' 117 .3 ' 117 .4
109.9
127.6
125.6
125.6
118.1
Commercial transit, farm eq 9 . do
Commercial equipment
do
Transit equipment
.. do
101.2
110.0
89.4
110.3
118.4
96.8
116.6
125.5
101.9
117.6
126.5
101.7
121.4
128.8
110.0
122.4
129.9
111.8
121.9
130.6
110.2
122.2
131.3
107.5
123.7
131.6
109.8
125.4
134.1
109.7
125.8
135.9
109.0
127.0
137.0
108.4
'127.7
'138.2
109.6
' 127 .8 ' 129 .7
' 139 .5 '140.1
'109.9 ' 111.0
129.9
141.0
109.8
Defense and space equipment
do
77.1
77.9
79.6
80.1
79.8
80.6
80.1
80.0
79.7
80.1
81.1
79.7
79.8
'80.1
79.9
80.6
do
do
do
112.6
112.6
112.6
121.1
120.8
121.3
127.6
130.0
125.9
127.7
128.7
126.9
128.4
129.6
127.4
129.5
130.3
128. 9
129.4
130.7
128.3
129.3
132.2
127.0
130.5
132.2
129.2
132.1
135.9
128.9
132.5
134.6
132.7
132.1
135.3
129.6
131.0
134.9
128.1
'130.5
'134.3
' 127 .4
' 131. 2
135.0
128.1
131.0
135.0
Materials .
_.
do
Durable goods materials 9
do
Consumer durable parts
.
do
Equipment parts
do
Nondurable goods materials 9
do
Textile, paper and chem. materials... do
Fuel and power, industrial
do
107.4
101.7
104.2
87.1
114.1
116.6
116.3
117.4
113.5
113.8
99.3
122.5
129.2
120.9
122.8
121.4
120.5
109.7
124.6
132.9
122.6
124.4
123.5
123.6
112.0
126.4
136.0
119.5
124.5
124.1
123. 9
111.6
126.3
136.0
120. 6
126.7
126.6
125.4
113.0
127.7
136.5
122.7
127.0
127.6
125.9
114.6
127.1
136.3
122.6
127.7
127.9
129.0
113.8
128.5
138.8
122.1
128.3
128.6
125.7
118.0
128.9
139.4
122.9
129.0
129.2
128.8
118.2
129.4
140.2
125.3
130.9
131.6
126.9
124.5
130.4
142.2
126.9
131.3
130.9
131.8 ' 132 .3
129.9
128.6
122.1
122.3
130.6 ' 130.3
142.4 ' 141 .9
126.3 '128.3
' 131 .5
133.0
'128.4
' 122.7
' 129 .9
' 141 .5
'126.7
' 131 .3
' 133 .4
' 127 .9
' 125 .0
' 129.5
' 142.0
'123.8
131.0
133.6
123.4
127.0
129.7
142.0
118.7
105.2
99.4
104.0
100.9
96.6
108.7
107. 5
114.0
108.4
113.9
113.1
107.1
123.6
114.8
119.5
115.3
122.6
122.9
119.2
132.0
122.2
120.4
116.3
124.0
125.4
120.0
134.0
122.3
121.4
117.5
124.3
123.1
118.6
130.0
125.7
122.7
118.7
125.4
124.7
120.0
133.9
126.2
123.4
119.9
125.8
123.5
117.5
134.4
128.4
123.8
120.6
127.2
125.8
119.6
137.8
128.9
124.9
121.9
128.1
126.1
119.8
135.0
130.3
125.6
123.0
128.7
124.5
119.9
131.5
133.4
126.5
123.8
130.6
128.1
120.9
140.3
133.5
126.1
122.6
129.5
125.6
118.5
137.5
133.8
' 126 .3
' 123 .3
'129.5
'127.8
' 122.7
'136.5
131.5
'126.3
'123.6
'131.7
' 130 .8
' 123 .6
' 147 .8
'132.6
126.9
' 124.1
'131.3
'130.0
' 123.1
145.3
'132.9
127.1
124.0
132.2
130.4
123.3
do
do
do
do
94.9
96.2
94.3
98.3
103.5
107.5
105.7
109.6
110.1
115.7
115.3
116.1
111.2
116.8
114.4
119.6
112.5
118.4
116.3
120.8
113.7
119.1
117.3
121.2
115.1
121.4
119.0
123.9
115.7
122.6
121.5
123.8
117.3
124.7
124.0
125.4
118.8
126.9
126.1
127.8
119.4
127.6
127.1
128.1
117.7
128.5
128.9
128.2 '
118.9
130.0
130.0
129 .8
'118.6
'128.5
'128.4
'128.8
'119.4
' 130.5
'130.4
'130.9
118.5
131.0
131.3
130.5
Transportation equipment ._
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
...
do
do
do
do
92.9
114.1
72.5
108.5
99.0
123.1
75.8
120.2
105.0
132.3
78.7
125.1
106.6
135.9
78.3
126.6
107.6
139.3
77.1
130.1
110.0
141.5
79.7
131.9
110.3
141.0
80.8
133.8
110.0
140.1
81.1
134.7
111.0
140.9
82.2
138.9
112.2
143.3
82.2
140.2
112.1
144.1
81.3
140.8
105.7
131.0
81.3
140.9
107.3
133.9
81.7
141.5
' 108.9 '108.3
' 136 .5 '134.8
' 82.8
'82.3
' 141 .0 ' 141.8
103.3
121.8
85.5
143.5
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
do
do
do
111.5
113.9
110.0
120.0
122.4
118.6
124.5
126.8
123.1
123.7
122.7
124.3
126.4
125.8
126.8
127.3
128.5
126.6
129.1
129.5
128.9
129.9
129.1
130.4
130.3
127.5
132.0
129.2
126.6
130.5
129.8
125.4
132.3
129.2
128.4
129.6
128.8
128.9
128.8
' 129 .7
' 127 .4
' 131 .2
'130.7
132.6
129 .6
132.5
do
do
_do
111.7
102.1
120.5
122.7
113.5
131.1
126.6
118.5
134.0
127.7
120.3
134.5
130.3
119.1
140.5
132.8
122.3
142.4
133.4
122.8
143.0
133.1
123.8
141.6
136.0
126.5
144.5
135. 4
126.5
143.6
135.9
127.5
143.5
137.5
129.5
144.9
138.2
130.4
145.3
' 136 .1 ' 135 .4
128.4
'128.8
141.8
'142.9
137.3
Nondurable manufactures. . _
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
do
"do
do
do
do
113.6
100.7
108.6
97.8
87.4
122.1
108.1
117.4
105.7
88.9
125.6
113.0
125.7
110.1
85.9
126.2
113.2
124.2
111.1
87.4
127.0
113.4
125. 3
112.3
81.3
128.4
114.4
126.1
112.6
85.1
128.6
114.6
127.1
112.4
85.0
128.4
114.0
126.1
111.7
86.8
129.2
113.3
127.2
110.0
83.0
129.3
115.0
119.2
111.0
86.6
' 130. 6
114.5
128.9
112.1
79.2
130.9
115.4
129.0
113.6
81.0
Paper and printing. _
Paper and products
Printing and publishing
do
do
do
107.8
115.8
102.5
116.1
128.2
107.9
120.0
131.3
112.6
120.3
133.6
111.3
120.0
131.8
112.1
121.5
134.1
113.0
122.4
137.1
112.4
120.8
133.6
112.2
121.9
135.1
113.2
122.8
134.6
114.8
123.8
135.3
116.0
124.5
137.0
116.2
122.1
134.8
113.6
'121.3 '121.7
135 .3
' 135 .3
112.1 ' 112.7
Chemicals, petroleum, and rubber
Chemicals and products
Petroleum products .
Rubber and plastics products
do
do
do
do
124.8
126.4
115.7
126.0
137.8
139.6
120.6
145.5
142.0
143.2
124.4
151.5
143.8
144.7
125.5
154.7
145.5
146.4
127.3
157.1
146.3
147.2
124.1
160.4
146.3
146.8
123.5
163.4
147.9
147.8
126. 9
165.1
150.2
150.2
128.5
166.8
149.8
150.4
129.7
163.9
151.8
152.0
129.3
168.8
151.0
151.4
128.2
167.9
'150.9
'153.0
126.0
163.6
'151.1 '151.0
153.2 ' 152.4
129 .0
129.2
163.4
161.4
151.6
153.9
Foods and tobacco..
Foods
Tobacco products
do
So"
do
113.7
114.9
97.7
117.6
118.6
103.7
119.0
119.4
112.5
118.5
119.7
102.5
119.6
120.5
107.9
122.0
122.9
110.3
121.5
121.8
118.1
120.7
121.3
112.9
121.5
122.4
111.2
119.5
120.3
108.1
121.3
122.4
105.3
122.0
122.9
110.1
' 122.2
' 123.2
109.1
'121.9
122.5
113.7
'124.8
125.7
124.4
125.4
do
do"
do
do
...."..do
fiQ
do
do
118.9
107.0
121.4
93.2
107.6
99.8
108.9
108.3
124.1
108.8
120.9
98.1
109.2
104.2
110.0
107.3
126.7
109.7
124.7
104.4
109.0
102.6
110.0
107.0
126.1
103.2
128.1
104.0
108.8
98.6
108.2
108.4
127.3
108.5
130.3
108.9
108.5
99.1
107.7
105.5
128.0
110.2
131.9
107.8
108.4
103.9
109.1
108.7
127.3
109.5
127.8
103.4
107.6
105.7
107.9
103.7
126.6
109.0
128.5
103.8
107.1
99.9
103.3
103.6
127.0
109.1
127.0
108.8
107.3
100.9
103.4
104.6
128.2
109.5
121.6
105.2
108.9
108.0
109.1
104.6
130.4
111.0
128.4
109.1
109.5
109.0
109.5
105.4
130.7
111.5
131.4
113.1
109.2
104.0
110.0
104. 8
131.3
111.8
136.6
109.5
109 .6
109 .8
109 .7
103 .9
131.1
111.3
138.3
109 .2
108.9
103.0
109.8
102.8
129.5
110.4
138.2
111.7
107 .5
104.1
107 .9
100.1
124.6
108.9
133.9
138.1
119.8
143.4
149.4
123.4
148.2
155.2
124.3
148.5
155.6
124.9
151.0
159.1
150.5
158.3
149.6
157.4
148.7
156.2
149.5
156.8
151.5
159.7
154.8
163.9
154. 8
163.8
155.8
165.1
156 .2
165.3
153 .5
162.0
Intermediate products.
Construction products. _
Misc. intermediate products
By industry groupings:}:
Manufacturing, total
. .
Durable manufactures
Primary and fabricated metals
Primary metals.
Iron and steel. . _
Nonferrous metals _ _
Fabricated metal products..
Machinery and allied goods 9
Machinery
Nonelectrical machinery..
Electrical machinery
Furniture and miscellaneous
Furniture and
fixtures
Miscellaneous manufactures.
Mining and utilities
Mining
Metal mining
Stone and earth minerals
Coal, oil and gas
Ooal
Oil and gas extraction..
Crude oil
Utilities
Electric.
Gas
do
do
do .
do
do
do
do
do
—-
—
"do"
do.:.:
'Revised..
* Preliminary.
V includes data for items not shown separately.
e SerieS appear 0n pp 24 25 of the Oct 1972
Ppalso
»i notes
f marked
i ^ "t"
- on
~ pp. S-ll and
- S-l°
and
t Revised data for 1966-72 for the indiJuly 1973 issue of the SURVEY.
p- 7 of the
JSee note marked "d"" on p. S-3.
130.7 ' 130 .3
116.2
'117.5
' 130.2 129.3
114.3
115.4
83.1
86.4
'131.2
116.2
129.3
134.1
131.4
116.0
82.3
122.6
114.1
105.8
99 .7
105.7
144 .5
151.7
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-5
Nov.
1973
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.
mil. $._ 1,347,209 1,496,165 133,511 136,768 125,858 130,874 144,004 141,559
147,001 149,963 138,911 146,353 146,036 154,869 154, 750
Mfg and trade sales (seas, adj.), total t
- do .
1,347,209 1,496,165 131,918 133,483 136,863 138 910 141,010 141,274
142,682 142,311 146,458 146,068 146,231 150,257 152 981
do
do
do
671,002
359, 371
311,631
749,587
406, 707
342, 880
66, 993
36, 870
30, 123
67,104
36, 614
30, 490
68, 401
37, 773
30, 628
69, 245
38, 122
31, 123
69, 719
38,064
31, 655
70,468
38, 651
31,817
71,284
39,284
32,000
71,616
39,257
32, 359
73,248
40,779
32,469
73, 021
39, 633
33, 388
73,060
40,162
32,898
75, 269
41, 567
33, 702
77, 043
41, 915
35, 128
do
do
do
408,850
131,814
277, 036
448,379
149, 659
298, 720
38,713
13,173
25,540
39, 417
13,640
25, 777
40, 707
14, 234
26, 473
41,242
14,405
26,837
41, 979
14,612
27,367
41, 185 '41,723
14, 339 14,299
26, 846 r 27, 424
41, 167
13,731
27, 436
42, 767
14,409
28, 358
42, 355
14,481
27, 874
42,525
14,267
28,258
43, 070
14, 331
28, 739
43, 035
14, 157
28, 878
do
267, 357
do_ _. 122, 420
do
144, 937
298, 199
138, 446
159, 753
26, 212
12, 155
14, 057
26, 962
12, 546
14, 416
27, 755
12, 974
14, 781
28,423
13,181
15,242
29, 312
13, 720
15, 592
29, 621
13, 806
15, 815
29,675 29,528
13,964 13,781
15, 711 15,747
30,443
14,039
16,404
30, 692
13, 950
16, 742
30,646
13,968
16,678
31,918
14, 391
17, 527
32,903
14, 880
18, 023
Manufacturing, totalt
Durable goods industries
Nondurable goods industries
-
Retail trade total t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments _
Nondurable goods establishments
__
BUSINESS INVENTORIES $
Mfg. and trade inventories, book value, end of year
or month (unadj ) total f
mil. $
181,847
192,593 195,104 192,593 195,042 198,076 201,231 02, 919 204,647 205,517 205,725 205,934
208,455 213,036 217, 662
Mfg. and trade inventories, book value, end of year
or month (seas adj ) , total t
mil. $
183,622
194,151 192,921 194,151 196,295 198,172
107,719 106,974 107,719 108,187 109,082
70, 218 69, 613 70, 218 70, 590 71, 136
37, 501 37, 361 37, 501 37, 597 37, 946
54, 700 54,658 54,700 55, 526 66, 039
24, 442 24, 235 24, 442 24, 472 24, 638
30, 258 30,423 30, 258 31, 054 31,401
31, 732 31,289 31, 732 32, 582 33,051
18, 884 18, 628 18,884 19, 229 19,321
12, 848 12, 661 12,848 13, 353 13,730
210,354 212,417 215, 555
Manufacturing, totalt
Durable goods industries
Nondurable goods industries
Retail trade total t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
102,445
do
__ do_
66, 050
36, 395
do
52, 261
do
23, 808
_ do_
do
28,453
28, 916
do
17, 254
do
do _.. 11,662
199,525 200,787 202,896 205,252 206,813 208,668
110,174 110,577 111,625
71, 873 72, 213 72,867
38, 301 38, 364 38, 758
56, 106 56, 636 57,285
24, 538 24, 624 25, 094
31, 568 32, 012 32, 191
33, 245 33, 574 33,986
19, 457 19, 496 19, 929
13, 788 14, 078 14, 057
113,025 113,910 114,907 116,114 117,224
73,801 74,278 75,213 76,249 76, 951
39,224 39,632 39, 694 39,865 40, 273
58, 079 58, 250 58, 797 58, 974 59, 814
25, 454 25, 797 25, 850 25, 940 26, 467
32, 625 32, 453 32, 947 33, 034 '33,347
34,148 34,653 34, 964 35,266 '35,379
20,141 20,159 20, 089 20,257 ' 20, 331
14,007 14,494 14, 875 15,009 ' 15, 048
118, 344
77, 666
40, 678
60, 928
26, 978
33, 950
36, 283
20, 730
15, 553
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total t
Manufacturing, totalt
-Durable goods industries
Materials and supplies. ..
Work in process
Finished goods
..
-
Nondurable goods Industries . .
Materials and supplies
Work in process
Finished goods.—
..
._
Retail trade, total tDurable goods stores.
Nondurable goods stores
__ratio_-
1.60
1.61
1.46
1.45
1.43
1.43
1.41
1.42
1.42
1.44
1.41
1.43
1.44
1.41
1.41
do
do
do
do
do
1.82
2.22
.65
.99
.59
1.67
2.00
.57
.90
.53
1.60
1.89
.54
.86
.49
1.61
1.92
.55
.87
.50
1.58
1.87
.54
.85
.48
1.58
1.87
.54
.85
.48
1.58
1.89
.54
.87
.48
1.57
1.87
.54
.86
.47
1.57
1.85
.54
.85
.47
1.58
1.88
.55
.86
.47
1.56
1.82
.53
.83
.46
1.57
1.90
.56
.87
.47
1.59
1.90
.56
.87
.47
1.56
1.85
.55
.84
.45
1.54
1.85
.56
.85
.45
1.37
.51
.21
.65
1.29
.48
.20
.61
1.24
.46
.20
.59
1.23
.45
.20
.58
1.23
.46
.19
.58
1.22
.46
.19
.57
1.21
.46
.19
.56
1.21
.46
.19
.56
1.21
.46
.19
.66
1.21
.46
.19
.56
1.22
.47
.19
.56
1.19
.46
.19
.54
1.21
.47
.19
.55
'1.19
.47
.19
.54
1.16
.45
.18
.52
1.47
2.06
1.19
1.42
1.90
1.19
.41
.84
.19
1.39
1.79
1.17
1.36
1.72
1.17
1.36
1.71
1.17
1.34
1.68
1.15
1.38
1.72
1.19
1.37
1.75
1.17
1.41
1.85
1.19
1.36
1.79
1.14
1.39
1.79
1.18
'1.39
'1.82
1.17
1.39
'1.85
'1.16
.42
.91
.18
1.23
1.60
.92
1.21
1.55
.91
.19
.53
.90
1.18
1.51
.89
1.17
1.48
.90
1.16
1.47
.90
1.13
1.42
.88
1.13
1.41
.89
1.15
1.43
.89
1.16
1.46
.89
1.14
1.44
.88
1.14
1.44
.89
1.15
1.45
.90
1.11
'1.41
.86
.10
.39
.86
21, 683
25, 108
2,218
2,171
2,446
2,217
2,153
2,289
2,427
2,499
2,699
2,518
2,530
2,487
2,759
2,660
2,627
2,560
2,351
2,651
2,399
2,646
do_
-do
do
do. _.
._
do
do
do
Merchant wholesalers, total
do
Durable goods establishments
.do
Nondurable goods establishments.-do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total..
mil. $
Seasonally adj., total
do
Shipments (not seas, adj.) totalt
671,002
749,587
66,567
63,675
63,764
70,335
72,843
72,014
72, 591
76,273
67,354
70,827
75,281 ' 77,081
359, 371
18, 535
53, 067
25, 790
20, 170
406, 707
22, 344
57, 941
28, 109
21, 392
36, 503
1,987
5,025
2,479
1,811
34, 636
1,736
5,051
2,518
1,806
35, 061
1,752
5,242
2,679
1,815
38, 986
1,885
5,793
2,891
2,084
40, 328
2,081
6,030
3,012
2,153
39, 942
2,084
6,028
2,946
2,222
40, 707
2,182
6,195
3,034
2,253
42, 641
2,270
6,402
3,119
2,357
36, 640
2,045
5,536
2,760
1,991
37,291
2,229
5,846
2,882
2,177
40,945 42, 285 ' 41,356 2 38,601
2,189 '2,314
2,144
6,155
6,345 ' 6, 383 2 6, 035
2,986 ' 3, 054 3,063
2,320 ' 2, 355 2,437
do
do
do
_do
do
do
42, 026
55, 559
49, 169
90, 941
58, 138
12, 275
47, 098
61, 024
55, 950
105, 340
66, 762
13, 393
3,974
5,130
5,109
10, 208
6,670
1,232
3,866
5,326
4,959
9,134
5,520
1,175
3,860
5,316
4,644
9,784
6,710
1,047
4,372
5,903
5,178
10, 769
7,134
1,138
4,403
6,294
5,345
10, 854
7,097
1,182
4,426
6,216
5,192
10, 663
6,741
1,170
4,603
6,199
5,111
11,151
7,006
1,170
4,732
6,750
5,583
11,249
7,169
1,263
4,295
5,705
4,909
9,151
5,419
1,119
4,455
5,734
5,230
8,281
4,667
1,168
4,655
6,468
5,654
10, 134
6,227
1,299
do
do
do
do
311, 631
103, 632
5,528
24, 030
342, 880
114, 496
5,863
26, 726
30, 064
10, 126
515
2,368
29,039
10, 183
489
2,294
28, 703
9,687
475
2,215
31, 349
10, 380
478
2,451
32, 515
11, 032
486
2,687
32, 072
10, 683
483
2,501
31, 884
10, 740
526
2,549
33,632
11,383
555
2,725
30,714
10,806
517
2,200
33,536
11,750
560
2,602
34,336 ' 34, 796 35, 039
11,982 ' 12,187 12, 336
516
544
534
2,631 ' 2, 758 2,670
25, 459
51, 872
26, 936
17, 044
28, 278
57, 437
29,932
19, 185
2,406
4,845
2,618
1,604
2,288
4,740
2,685
1,490
2,432
4,885
2,649
1,560
2,566
5,579
2,723
1,709
2,652
5,741
2,675
1,766
2,628
5,910
2,723
1,796
2,699
5,784
2,781
1,716
2,833
5,962
2,953
1,794
2,562
5,152
2,919
1,580
2,798
5,536
3,017
1,702
do
Durable goods industries, total 9 1
do
Stone, clay, and glass products
do
Primary metals..
_ _ __ _ _ _ d o _ _ _
Blast furnaces, steel mills
do
Nonferrous metals
do
Fabricated metal products.
Machinery, except electrical
Electrical machinerj'
Transportation equipmentMotor vehicles and parts
Instruments and related products
Nondurable goods Industries total 9
Food and kindred products
Tobacco products
Textile mill products
2,684 ' 2, 841 2,979
2,722 ' 2, 815 2,920
2,815
5,769
3,121
1,743
'4,811
' 6, 237
' 5, 642
11,158
' 7, 314
' 1, 302
76, 412
4,666
6,081
5,559
r 10,911
6,940
1,260
2 9, 100
2,837
5,595
3,424
1,729
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do-__
Shipments (seas, adj.), totalt
By industry group:
Durable goods industries, total 9 1
Stone clay and glass products
Primary metals __
Blast furnaces, steel mills
Nonferrous metals
do
66, 993
67, 104
68, 401
69, 245
69, 719
70, 468
71, 284
71,616
73,248
73,021
73,060 ' 75,269
do
do
do
do
do
36, 870
2 013
5,349
2,730
1,859
36, 614
1,964
5,567
2,823
1,957
37, 773
2,025
5,449
2,751
1,909
38, 122
2,042
5,652
2,820
2,031
38, 064
2,068
5,634
2,784
2,033
38, 651
2,029
5,471
2,595
2,081
39, 284
2,096
5,710
2,704
2,115
39, 257
2,072
5,789
2,753
2,178
40, 779
2,075
6,023
2,924
2,245
39, 633
2,084
6, 165
3,030
2,301
40,162 41, 567 ' 41,896 2 40,646
2,046 ' 2, 178 2,170
6,730 ' 6, 792 2 6, 646
6,266
3,374
3,149 ' 3, 459
2,505
2,284 ' 2, 369
4,015
4,047
4,264
Fabricated metal products
do
5,684
5,488 5,534
Machinery, except electrical
do
4 901
4,937
5,085
Electrical machinery
do
9,915
9,601 10, 259
Transportation equipment- do
6,398 6,194
6,650
Motor vehicles and parts
do
Instruments and related products
do
1,206
1 181 1,163
2
' Revised.
1 Based on data not seasonally adjusted.
Advanceestimat e; total infrs.
shipments for Nov. 1973 do not reflect revisions for selected components. §The term " business" here includes only manufacturing and trade; business inventor!es as shown on p . S-l
cover data for all types of producers , both farm and nonfarm. Unadjuste d data fo r manufa ctur-
'
'
'
'
2, 863
5, 643
3, 135
1, 809
77, 043
4,606
4,345 ' 4, 648 4,713
4,362
4,385
4,449
4,330
4,411
4,487
6,240
6,159
6,117
6,243 ' 6, 353 6,512
5,635
5,975
5,818
6,047
5,372
5,141
5,288 ' 5, 372
5,215
5,350
5,393 5,296 5,265 5,405
9,765 10, 105 10, 317 10, 229 11, 173 10,281 10,697 10, 809 ' 10,624 2 9, 400
10, 018
6,679
7,055
6,254
6,692 ' 6, 932
6,407
6,342
6,524
6,395
6,250
1,233
1,196
1,192 ' 1, 245
1,194
1,170
1,181
1,186
1,163
1,171
3p. S-ll imd S-12.
ing ai•e shown below arid on p. 3-6; thos 3 for wholesale an d retail t rade on \
JSee
tSee corres])onding Qcte on p. S-4 aiid note marked ' 't" on p p. S-ll imd S-12
corressponding note on p. S-7.
9 Includes dat a for iterus not srlown sep arately .
SURVEY OF CUEEENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
I 1972
Annual
January 1974
1972
Nov. Dec.
1973
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS!— Continued
Shipments (seas. adj. )J— 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
Chem4cals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By market category:!
165,346 171,555
Home goods and apparel
do
1133,517 1146,257
Consumer staples
do
191,798 U03.198
Equipment and defense prod., excl. auto.do
1 68, 594 179,835
Automotive equipment
do
156,389 1 63, 500
Construction materials and supplies
do
Other materials and supplies. ..
_ do. __ 1255,358 1285,242
Supplementary series:!
127,210 131,354
Household durables
_
._
do
1109,058 1121,611
Capital goods industriesd"
do
1 89, 567 1103,294
Nondefense
do
1 19, 491 118,317
Defense
- ..do
Inventories, end of year or month:!
Book value (unadjusted) total
Durable goods industries, total
Nondurable goods industries total
30, 123
10, 008
511
2,331
2,446
5,072
2,640
1,662
30, 490
10, 284
501
2,381
2,433
5,314
2,668
1,648
30, 628
10, 303
505
2,420
2,522
5,245
2,667
1,681
31, 123
10, 454
503
2,477
2,520
5,464
2,674
1,687
31, 655
10, 866
498
2,532
2,548
5,488
2,702
1,679
31,817
10, 926
499
2,541
2,609
5,409
2,745
1,698
32, 000
10, 872
520
2,611
2,715
5,387
2,819
1,663
32,359
11,071
515
2,566
2,708
5,593
2,883
1,677
32, 469
11, 222
506
2,550
2,722
5,641
2,936
1,712
33,388
11,827
540
2,550
2,767
5,694
3,017
1,700
32, 898 ' 33,702
11,348 ' 11,739
498
536
2,499 ' 2, 532
2,739 ' 2, 807
5,575 '5,687
3,100 ' 3, 170
1,706 r 1, 748
35, 128
12, 183
540
2,632
2,884
5,877
3,455
1,794
6,543
12, 741
9,241
7,567
5,580
25, 321
6,354
12, 936
9,172
7,334
5,547
25, 761
6,473
12, 961
9,638
7,703
5,715
25, 911
6,554
13, 148
9,496
7,558
5,979
26, 510
6,639
13, 532
9,467
7,518
5,943
26, 620
6,761
13, 559
10, 025
7,482
5,939
26, 702
6,682
13, 570
10, 192
7,560
6,079
27, 201
6,681
13, 734
10, 279
7,436
6,021
27, 465
6,541
13, 837
10, 480
8,344
6,098
27, 948
6,616
14,472
9,954
7,807
5,928
28, 244
6,683 ' 6, 878
13,929 ' 14,479
10, 433 ' 10,222
7,898 ' 8, 306
5,928 ' 6, 112
28, 189 ' 29,272
7,145
14, 957
10, 652
8,044
6,315
29, 930
2,922
10, 737
9,165
1,572
2,825
10, 681
9, 121
1,560
2,835
11, 295
9,597
1,698
2,929
11,161
9,531
1,630
2,968
11, 155
9,490
1,665
3,011
11, 695
10, 055
1,640
2,993
11, 844
10, 098
1,746
2,975
11, 964
10, 381
1,583
3,095
12, 138
10, 465
1,673
3,084
11,687
10, 135
1,552
3,042
12, 032
10,425
1,607
108,572 109,737 110,837
70, 625 71, 453 72, 390
37, 947 38, 284 38, 447
111,469
72, 884
38, 585
112,604
73, 562
39, 042
113,175 113,367 114,465 115,045 •116,496 117, 746
73, 911 74, 051 75,117 75, 707 ' 76,399 77, 175
39, 264 39, 316 39,348 39,338 ' 40,097 40, 571
3,152 ' 3, 260 2 3, 219
12,096 ' 12,320 2 12,575
10, 386 ' 10,713 2 10,979
1,710 ' 1, 607 2 1, 596
do
do
do
102, 130
65, 620
36, 510
107, 415
69, 803
37, 612
106,623 107.415
69, 334 69, 803
37, 289 37, 612
do
102, 445
107, 719
106,974 107,719 108,187
do
do
do
do
do
66, 050
2,362
9,219
4,913
3,393
70, 218
2,463
9,658
5,268
3,354
69, 613
2,454
9,670
5,356
3,325
70, 218
2,463
9,658
5,268
3,354
70, 590
2,468
9,575
5,161
3,364
71, 136
2,446
9,483
5,043
3,384
71, 873
2,495
9,365
4,915
3,391
72, 213
2,477
9,425
4,925
3,421
72, 867
2,524
9,425
4,940
3,403
73, «01
2,593
9,391
4,830
3,472
74, 278
2,669
9,452
4,869
3,475
75,213
2,679
9,346
4,820
3,388
76, 249 r 76,951
2,702 ' 2, 720
9,323 ' 9, 222
4,791
4,677
3,358 '3,375
77, 666
2,736
9,203
4,612
3,388
7,539
13, 735
9,756
14, 836
4,202
2,546
7,832
14, 386
10, 381
16, 150
4,589
2,717
7,762
14, 175
10, 279
15, 979
4,603
2,719
7,832
14, 386
10, 381
16, 150
4,589
2,717
7,887
14, 482
10,654
16,217
4,530
2,659
8,062
14, 652
10, 768
16,320
4,553
2,627
8,203
14, 843
10, 954
16, 492
4,644
2,698
8,113
14, 975
11, 030
16,604
4,732
2,713
8,189
15, 172
11,211
16, 634
4,799
2,744
8,230
15, 386
11,369
16, 977
5,074
2,823
8,238
15, 504
11,514
17, 029
5,102
2,879
8,378
15,681
11,742
17,328
5,107
2,978
8,519 ' 8, 513
15,952 ' 16,164
11, 834 ' 12,102
17,690 ' 17,766
5,436 ' 5, 391
3,031 '3,083
8,817
16, 348
12, 260
17,748
5,386
3,122
19, 270
3,315
6,121
3,253
20, 010
3,283
6,516
3,022
19, 902
3,280
6,411
3,071
20, 010
3,283
6,516
3,022
20, 252
3,309
6,640
3,035
20, 463
3,302
6,744
3,034
20, 659
3,267
6,857
3,081
20, 887
3,328
7,017
3,139
21, 198
3,348
7,157
3,195
21, 424
3,326
7, 245
3,433
21, 721
3,389
7,411
3,413
22,080
3,377
7,602
3,407
22, 621 ' 23,064 23, 451
3,355 ' 3, 376
3,478
7,769 ' 7, 932
8,056
3,667 ' 3, 624 3,575
Work in process 9
. _ do
Primary metals
do
Machinery (elec. and nonelec.) _.do_.
Transpor t ation equipment
do
29, 142
3,175
10, 492
10, 038
32, 074
3,485
11, 250
11, 774
31, 639
3,451
11, 077
11, 539
32, 074
3,485
11, 250
11, 774
32, 286
3,474
11,414
11, 860
32, 559
3,488
11,526
11, 952
33, 005
3,466
11, 741
12, 036
33, 114
3,509
11,801
12, 064
33, 318
3,544
11, 964
11, 999
33, 735
3,493
12, 237
12, 100
33, 944
3,514
12, 358
12, 133
34,461
3,477
12,539
12,384
34, 742 ' 35,082
3,496
3,455
12, 675 ' 12,983
12,439 ' 12,576
35, 557
3,398
13, 215
12, 594
Finished goods 9
do
Primary metals _
do
Machinery (elec. and nonelec.)__.do
Transportation equipment
do
17, 638
2,729
6,878
1,545
18, 134
2,890
7,001
1,354
18, 072
2,939
6,966
1,369
18, 134
2,890
7,001
1,354
18, 052
2,792
7,082
1,322
18, 114
2,693
7,150
1,334
18, 209
2,632
7,199
1, 375
18, 212
2,588
7,187
1,401
18,351
2,533
7,262
1,440
18, 642
2,572
7,273
1,444
18, 613
2,549
7,249
1,483
18, 672
2,492
7,282
1,537
18, 886 ' 18,805
2,472 ' 2, 391
7,342 ' 7, 351
1,584 r 1, 566
18, 658
2,327
7,337
1,579
Nondurable goods industries, total 9 -.do
Food and kindred products
do
Tobacco products.
_
do _
Textile mill products
do
Paper and allied products
do
Chemicals and allied products.. _-do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:!
Materials and supplies
do
Work in process
do
Finished goods
_
do ..
36, 395
9,298
2,157
3,806
2,846
6,877
2,367
2,202
37, 501
9,421
2,369
4,044
2,875
7,018
2,300
2,383
37, 361
9,434
2,319
4,034
2,871
7,019
2,345
2,345
37, 501
9,421
2,369
4,044
2,875
7,018
2,300
2,383
37, 597
9,595
2,338
4,060
2,882
7,002
2,262
2,380
37, 946
9,723
2,343
4,106
2,885
6,992
2,280
2,391
38, 301
9,830
2,326
4,192
2,912
6,955
2,268
2,397
38,364
9,760
2,333
4,255
2,915
6,998
2,345
2,389
38, 758
9,864
2,352
4,295
2,948
7,036
2,321
2,457
39, 224 39, 632
10, 042 10, 135
2,331
2,343
4,349
4,317
2,992
3,006
7, 046 - 7,136
2,412
2,335
2,532
2,484
39,694
10,011
2,399
4,379
3,032
7,140
2,388
2,539
39, 865 ' 40,273
10, 027 ' 10,172
2,398 ' 2, 425
4,436 ' 4, 407
3,070 '3,089
7,175 ' 7, 185
2,391 ' 2, 474
2,551 ' 2, 578
40, 678
10, 314
2, 451
4,503
3,173
7,215
2,576
2,569
13, 578
5,647
17, 170
13, 865
5,968
17, 668
13, 808
5,927
17, 626
13, 865
5,968
17, 668
13, 965
5,960
17, 672
14, 251
6,006
17, 689
14, 406
6,048
17, 848
14, 531
6,093
17, 740
14, 660
6,134
17, 964
15, 010
6,151
18,063
15, 350
6,177
18, 105
15,514
6,250
17,930
15, 554 ' 15,772
6,298 ' 6, 323
18, 013 18, 178
15, 845
6,405
18, 428
10, 891
14, 020
25, 659
5,547
8,432
37, 896
11, 852
14, 373
27, 251
6,081
8,931
39, 231
11, 703
14,314
26, 917
6,113
8,801
39, 126
11, 852
14, 373
27, 251
6,081
8,931
39, 231
11, 929
14, 374
27, 452
6,097
8,942
39, 393
12, 208
14, 474
27, 656
6,152
8,950
39,642
12, 404
14, 575
27, 931
6,264
9,062
39, 938
12, 299
14, 613
28, 237
6,323
9,044
40, 061
12,426
14, 849
28,338
6,432
9,235
40, 345
12, 586
14, 976
28, 680
6,753
9,378
40, 652
12, 707
15, 254
28, 912
6,708
9,446
40,883
12,842
15,345
29,464
6,749
9,590
40,917
12,929
15,417
29,820
7,084
9,760
41,104
5,054
29, 030
24, 445
4,585
5,562
30, 771
25, 684
5,087
5,498
30, 300
25, 312
4,988
5,562
30, 771
25, 684
5,087
5,613
31, 087
25, 877
5,210
5,746
31, 345
26, 097
5,248
5,779
31, 677
26,411
5,266
5,758
31, 931
26, 547
5,384
5,870
32, 101
26, 717
5,384
5,904
32, 490
27, 013
5,477
5,936
32, 740
27,306
5,434
5,998
33,351
27,796
5,555
6,065 ' 6, 210
33, 691 ' 34,200
28,163 ' 28,669
5,528 ' 5, 531
1668,784
357, 010
311, 774
1762, 170
418, 400
343, 770
67, 075
36, 827
30, 248
65, 814
36, 730
29, 084
66, 527
37,657
28, 870
73, 046
41, 467
31, 579
76, 638
43, 926
32, 712
74, 476
42, 241
32, 235
74, 318
42, 341
31, 977
78, 486
44, 914
33, 572
70,068
39, 411
30, 657
73,233
39, 737
33,496
76, 978 ' 79,349 79, 024
42, 703 ' 44,517 ' 43,845 2 40,235
34, 275 ' 34,832 35, 073
Book value (seasonally adjusted), total!
By industry group:
Durable goods industries, total 9
Stone clay and glass products
Primary metals _
Blast furnaces, steel mills
Nonferrous metals
Fabricated metal product^
do.- Machinery, except electrical,
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products-_do
By stage of fabrication:!
Materials and supplies 9
Primary metals
Machinery (elec. and nonelec.)
Transportation equipment
do
do
do
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 industries d*.do
Nondefense
.
do
Defense
do
109,082 110,174 110,577 111,625
113,025 113,910 114,907
116,114 ••117,224 118, 344
' 13,146 13, 202
' 15,638 15, 716
' 30,302 30, 507
7,037
' 7, 021
' 9, 764 10,066
' 41,353 41,816
6,273
34, 445
28, 946
5,499
New orders, net (not seas, adj.) total!
Durable goods industries, total
Nondurable goods industries total
do
do
do
New orders, net (seas, adj.), total!
By industry group:
Durable goods industries, total 9
Primary metals _
Blast furnaces steel mills
Nonferrous metals
do
668,784
762,170
67, 726
68, 908
70, 016
71, 022
72, 806
73, 325
74, 635
75, 361
75, 145
76,113
75,129 ' 77,758
do
do
do
do
357, 010
52, 048
25, 220
19, 760
418, 400
60,143
29, 813
21, 670
37, 462
5,449
2,757
1,916
38, 325
5,557
2,767
1,970
39, 218
5,694
2,819
2,047
39, 765
6,015
3,061
2,138
41, 021
6,500
3,459
2,146
41, 341
6,656
3,604
2,147
42,449
7,042
3,729
2,316
43, 016
7,015
3,817
2,232
42, 697
6,658
3,493
2,219
42, 689
7,150
3,912
2,296
42, 259
6,325
3,068
2,338
Fabricated metal products
Atachinery except electrical
Electrical machinery
Transportation equipment
Aircraft missiles and parts
do
do
do
do
do
41, 576
55, 014
49, 769
89, 841
21, 869
48, 075
63, 779
57, 171
109, 377
29, 615
3,983
5,886
5,152
9,813
2,369
4,393
6,101
5,010
10, 226
2,960
4,449
6,116
5,320
10,657
2,889
4,635
6,093
5,496
10,203
2,727
4,556
6,443
5,727
10, 281
2,674
4,488
6,411
5,710
10, 503
2,678
4,861
6,544
5,696
10, 739
3,068
4,672
6,719
5,682
11,329
3,269
5,008
6,902
5,676
10, 980
2,698
4,903
6,647
5,701
10, 948
2,867
5,007
4,982 ' 5, 135
7,253
6,922 ' 7, 174
5,786
5,537 ' 5, 816
10, 978 ' 11,368 ' 11,573 2 9, 383
2,904
3,063 ' 3, 156
Nondurable goods industries total
Industries with unfilled orders©
do
.do
311, 774
80, 456
343, 770
89, 291
954 479
30, 264
7,815
99, 449
30, 583
7,739
92. 844
30, 798
7,919
22. 879
31, 257
8,009
23. 248
31,785
8,081
23 704
31, 984
8,301
23 R83
32, 086 32, 345
8,417
8,186
93 fifiQ 9d IfiQ
32, 448
8,242
94 90fi
95 054
33,424
8,370
32, 870 ' 33,721
8,260 ' 8, 465
24 fiin r 2S.256
TnrlllQtHAc \jntVirmt- nnfillorl orr?oro€
r\n
931 318
2
' Revised.
» Based on data not seasonally adjusted.
Advance estimate; total mfrs.
new orders for Nov. 1973 do not reflect revisions for selected components.
!See corresponding note on p. S-7.
9 Includes data for items not shown separately.
cfCapital goods
industries series is comparable to the previous producers' capital goods and defense products
79,561
44,037 ' 44,315 2 41,655
'6,868 '6,730 2 6, 422
3,164
'3,309
2,594
' 2, 516
35, 131
8,678
26.453
(old series) categories.
©See corresponding note on p. S-7.
If For these industries (food and kindred products, tobacco manufactures, apparel ana
other textile products, petroleum and coal products, chemicals and allied products, ana
rubber and plastics products) sales are considered equal to new orders.
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-7
Nov.
1973
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, ad j.)J— 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
mil. $ 2 65, 383 271,896
133,569 2146,254
do
do_ __ 2291,469 2108,318
68, 773 280,395
do
do_ _ 2255,786 2264,323
253,804 290,984
do
6,493
12, 742
9,810
7,605
5,565
25, 511
6,315
12, 941
9,864
7,449
5,909
26, 430
6,393
12,964
10, 205
7,913
5,895
26,646
6,694
13, 146
10,100
7,655
6,118
27, 309
6,707
13, 533
10, 724
7,577
6,190
28, 075
6,858
13,565
10, 903
7,523
6,017
28, 459
6,695
13, 561
11, 097
7,746
6,423
29, 013
6,778
13, 738
11,520
7,708
6,240
29, 377
6,642
13,846
10,753
8,322
6,406
29,176
6,491
14, 480
10, 939
8,060
6,417
29,726
6,732 r 6, 948
13,926 r 14, 488
11, 107 '11,203
8,105 'r 8, 307
6,458
6,630
28, 801 r 30, 182
227,200 231,645
2128,461
2107,755
2
88,069 2107,790
219,686 220,671
2,860
11, 124
9,699
1,425
2,785
11,815
9,991
1,824
2,751
12, 037
10, 277
1,760
3,061
11, 830
10, 105
1,725
3,033
12, 461
10, 572
1,889
3,077
12, 571
10, 619
1,952
3,007
12, 768
10, 919
1,849
3,078
13, 590
11,415
2,175
3,154
12, 603
11,404
1,199
2,996
12, 887
11, 032
1, 855
3,055
12, 832
11, 267
1,565
85, 314
81, 345
3,969
83, 175
79, 251
3,924
85, 314
81, 345
3,969
88, 077
83, 941
4,136
90, 788
86, 422
4,366
94, 583
90, 020
4,563
97, 044
92, 316
4,728
98, 772
93, 950
4,822
100,983 103,699 106,104 107,800 '110,076 112, 688
96, 222 98, 995 101, 441 103,198 '105,436 '107,921
4,602 ' 4, 640 4,675
4,761
4,704 4,663
do
do
do
do
7,270
14, 955
12, 192
8,085
6,593
30, 466
3,220 r 3, 358 1 3, 117
13, 488 ' 14,124 1i 13,430
11, 595 ' 11,970 112,176
1,893 r 2, 154
1, 254
Unfilled orders, end of year or month (unadjusted),
totalt
- rnil. $
Durable goods industries, total __ _
_ do
Nondur goods ind with unfilled orders©
do
72, 731
69, 652
3,079
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
73, 282
86, 020
84, 216
86, 020
87, 635
89, 412
92, 499
95, 354
98, 602
102,355 104,246 107,344 109,410 '111,897 114 417
70, 152
5,657
3,216
1,571
81, 986
7,964
5,008
1,861
80, 275
7,974
5,064
1,848
81, 986
7,964
5,008
1,861
83, 431
8,209
5,076
1,999
85, 074
8,572
5,317
2,106
88, 031
9,438
5,992
2,219
90, 719
10, 623
7,000
2,305
93, 882
11, 954
8,025
2,506
97, 647
13, 181
9,089
2,560
99,560 102, 621 104,716 '107,185 '109 606 U10,619
13, 815 14, 798 14, 857 '14,996 ' 14 934 i 14,710
9,658 10, 540 10, 459 ' 10, 309 10 100
2,528 2,582 ' 2, 730 2 819
2,534
9,943
12, 150
14,511
22, 098
15, 400
10, 926
14, 917
15, 748
26, 107
18, 010
10, 580
14, 350
15, 639
25, 482
17, 468
10, 926
14, 917
15, 748
26, 107
18, 010
11,111
15, 349
15, 983
26, 505
18, 198
11, 297
15 807
16, 338
26, 690
18 330
11, 523
16, 432
16, 850
27, 206
18, 617
11, 650
16, 866
17, 166
27, 604
18, 497
12, 024
17, 365
17, 566
28, 025
18, 663
12, 285
17, 926
17, 984
29, 126
19, 009
12,686
18,587
18,256
28, 932
18,748
13,206
19, 118
18, 610
29,598
19,003
13, 842
19, 798
18, 857
29, 878
19, 148
3,130
4,034
3,941
4,034
4,204
4 338
4,468
4,635
4,720
4,708
4,686
4, 723
4,694
do
do_
do
do
2,083
38, 696
9,433
23, 070
2,432
44, 365
10, 270
28, 953
2,466
43, 558
9,908
28, 284
2,432
44, 365
10, 270
28 953
2,355
45, 142
10, 450
29, 688
2 493
45, 843
10 589
30 487
2,562
47, 159
10, 836
31, 942
2,663
48, 076
10, 915
33,700
2,668
49, 165
11, 258
35, 511
2,770
50,683
11,477
37 426
2,877
50,932
11,785
38 652
2, 761
52, 173
12, 274
40 136
2,806 ' 2 885 3 005
53, 052 '54 035 55 615
12 805 '13 323 13 602
40 747 '41 654 d9 1Q^
do.
dcdo
do
1,637
43, 298
26, 079
17, 219
1,933
50, 165
30, 612
19, 553
1,973
49, 031
29, 742
19, 289
1,933
50, 165
30,612
19, 553
1,849
50, 907
31, 292
19, 615
1,981
51, 576
31, 866
19, 710
2,046
52, 882
32, 948
19, 934
2,112
53, 755
33, 509
20, 246
2,127
54, 679
34, 329
20, 350
2,230
56, 308
35, 364
20,944
2,288
56, 773
36,303
20, 470
2, 201
67, 974
37, 202
20,772
2,213
58, 771
38,042
20, 729
New incorporations (50 States and Dist. Col.):
Unadjusted©
number.. 287, 577
Seasonally adjusted© do
316, 601
23, 991
26, 387
26, 059
27 614
30, 114
27, 173
26, 821
28 640
31, 967
29, 914
29, 304
28, 693
30, 476
28, 422
29,003
27, 859
27, 797 '27,190 '23,165 p26 705
27, 832 ••27,374 ' 25, 941 p°6 215
9,566
1,252
1,375
1,576
4,398
965
799
91
127
121
393
67
708
98
. 118
108
308
76
772
90
105
125
376
76
753
85
94
126
378
70
874
117
115
137
411
94
796
94
119
112
396
75
838
97
149
106
390
96
840
94
124
126
411
86
Fabricated metal products _
Machinery except electrical
Electrical machinery
Transportation equipment
Aircraft missiles, and parts
dodo
do
do
do
Nondur goods ind with unfilled orders© do
By market category:}
Home goods apparel consumer staples
Equip, and defense prod., incl. auto _
Construction materials and supplies
Other materials and supplies
Supplementary series :J
Household durables
Capital goods Industries^. .
..
Nondefense
Defense
_
^09,555
' 14, 329 14 625
' 20, 621 21 362
' 19, 300 19 713
'30,437 ' 31,385 i 31,368
' 19, 648 19 743
' 4, 712
4 714
2 281 r 2 379 i 2, 278
60 165 ' 61 968i 62,824
39 253 r 4Q 511 * 41,706
20' 912 r 21*457 121,118
BUSINESS INCORPORATIONS^
INDUSTRIAL AND COMMERCIAL
FAILURESd"
Failures, total
number
Commercial service _ _
_ _ _
do
Construction
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade... _
_ _ _ _ _
do
Liabilities (current), total..
Commercial service
Construction _
Manufacturing and mining
Retail trade
_
Wholesale trade
_
_ thous. $
do
do
.do
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns. _
10, 326
1,464
1,545
1,932
4,428
957
1,916,929 2,000,244 208, 583
356, 923 231, 813 17, 502
222, 357 193, 530 22, 044
712,611 766, 991 52,284
444, 086 558, 270 105, 445
180, 952 249, 640 11, 308
2
41. 7
238.3
38.5
714
89
120
120
316
69
837
114
112
130
396
85
717
105
121
130
301
60
772
109
139
117
334
73
86, 786 205, 837 137, 162 252, 349 119, 343 167, 949 180, 209 206 186 190, 147 189 473 185 660
16, 089 17, 526
5,407 37, 085
8,071
9,822 37, 197 17, 188 21, 054 30 201
9,290
13,728 20, 282 18, 490 21, 120 19, 202 37, 962 16 928 33 800 21, 225 44 024 34 791
19, 266 115, 440 73, 929 84, 669 38, 588 57, 965 89, 959 55, 995 55, 207 54, 935 60 400
22, 401 37, 826 30, 184 73, 237 33, 528 33, 665 36 923 42 572 68,438 46 552 41 487
9,152 36, 258 19, 954 29, 067 26, 577 36, 622 28,089 22, 908 18 781
15, 302 14, 763
37.4
34.9
36.0
35.9
35.2
36.3
38.2
35.7
39.1
38.6
37.0
486
414
325
377
325
528
325
729
548
456
731
282
468
411
318
370
331
501
35,1
724
518
482
670
254
459
408
337
350
330
518
314
735
503
505
635
240
468
437
328
406
351
570
298
757
494
517
605
250
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14 = 100. _
Crops?
do
Commercial vegetables
do
Cotton .__
do
Feed grains and hay
do
Food grains
do
Fruit
.
do
Tobacco
do
Livestock and products?
do
Dairy products,
_
do
Meat animals
do
Poultry and eggs _ _
_ __
do
285
242
322
206
185
167
261
619
321
354
402
133
320
261
327
243
183
192
280
685
371
366
494
137
332
272
354
229
192
239
277
704
383
391
497
151
349
287
336
216
221
283
265
704
402
391
527
168
365
295
402
187
223
283
282
707
424
391
560
192
379
299
395
199
216
243
301
704
447
392
612
179
405
316
411
222
218
251
331
704
481
388
669
204
400
324
463
229
220
262
316
707
466
381
638
211
413
348
434
255
243
262
316
707
469
378
650
204
437
385
444
249
281
291
345
706
480
378
664
221
438
371
430
267
288
294
336
703
495
386
687
228
527
440
360
310
363
506
322
709
602
411
849
310
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
352
382
331
371
401
350
381
408
361
386
410
369
394
414
379
401
421
386
409
426
396
413
433
399
421
438
409
434
443
428
433
443
426
451
453
451
447
456
441
447
458
439
452
470
439
458
471
449
410
432
443
449
458
465
473
480
488
500
499
516
512
514
518
524
Parity ratios
do.
69
74
75
78
80
r
Revised.
* Preliminary.
* Advance estimate; 2 total mfrs. unfilled orders for Nov.
1973 do not reflect revisions for selected components.
Based on unadjusted data.
\ Revised back to 1966 to reflect benchmarking to Annual Surveys of Manufactures (1966-71)
and calculation of new seasonal factors. Revisions and further details available from the
Census Bureau as follows: 1966—Mfrs. Shipments, Inventories, and Orders: 1966-72 M3-1.4,
Revised; 1967-Mar. 1973—Mfrs. Shipments, Inventories, and Orders: 1967-73, M3-1.5.
IJSee
note marked "d"" on p. S-6.
89
89
82
86
83
85
87
88
102
95
91
(B Includes textile mill products, leather and products, paper and allied products, and
printing and publishing industries, unfilled orders for other nondurable goods are zero.
9 Includes data for items not shown separately.
cf Compiled by Dun & Bradstreet,
Inc. (failures data for 48 States and Dist. of Col.).
0 Revisions for Jan.-Dec. 1970 (unadj.)
and Mar. 1970-Dec. 1971 (seas, adj.) will be shown later.
§ Ratio of prices received to prices
paid (parity index).
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
1972
Nov.
Dec.
January 1974
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care. - _
121.3
125.3
126.9
127.3
127.7
128.6
129.8
130.7
131.5
132.4
132.7
135.1
135.5
136.6
137.6
138.5
119.3
122.1
120.9
122.9
125.8
124.9
124.6
127.4
126.6
124.8
127.6
126.9
125.3
127.5
127.3
126.4
127.9
128.2
127.8
128.4
129.5
128.9
129.1
130.5
129.7
129.7
131.3
130.6
130.3
132.2
131.0
130.4
132.5
133.5
130.9
135.0
133.6
131.8
135.4
134.5
133.1
136.4
135.6
134.0
137.5
136.5
134 7
138.4
do
do. __
do
-- do __
do
-- do
do
117.4
117.7
117.0
116.5
116.8
128.4
130.8
120.9
121.7
119.8
118.9
119.4
133.3
135.9
122.7
123.5
121.7
120.3
121.0
134.9
137.6
122.9
123.8
121.7
120.3
121.1
135.4
138.0
123.4
124.7
120.9
119.9
120.5
135.7
138.3
124.5
126.2
121.6
119.9
120.9
136.2
138.7
126.1
128.3
122.4
120.2
121.5
136.6
139.2
127.4
129.7
123.3
121.0
122.3
137.1
139.6
128.3
130.7
124.0
121.8
123.0
137.6
140.1
129.4
132.0
124.7
122.3
123.7
138.1
140.7
129.7
132.4
124.4
122.4
123.5
138.4
141.0
132.8
136.6
124.7
122.6
123.8
139.3
141.9
132.8
136.5
125.5
122.6
124.3
140.6
143.4
133.5
137.4
127.0
123.2
125.4
142.2
145.2
134.7
138.9
128.5
123.3
126.3
143.0
146.1
135.7
140.3
130.0
123.2
127.1
143.8
146 9
Food 9
.
. -do
Meats poultry and
fish
do
Dairy products
_
do
Fruits and vegetables
do
Housing
do
Shelter 9
_ _
do
Rent
- do
Homeownership
_
_
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
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
123.5
128.0
117.1
125.0
129.2
134.5
119.2
140.1
120.1
118.5
120.5
121.0
122.3
119.9
117.5
111.0
110.5
143.4
126.1
132. 5
119.8
122.8
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
126.0
131.2
118.3
127.3
131.2
136.8
121.0
142.6
121.9
119. 4
122.5
122.3
125.0
121.3
118.9
110.6
115.0
144.5
127.5
134.4
121.5
124.0
128.6
136.1
119.1
130.5
131.5
137.0
121.8
142.6
122.8
120.7
124.1
122.2
123.0
121.0
118.5
111.1
112.8
144.3
127.8
134.9
121.8
124.1
131.1
142.8
121.0
133.3
132.0
137.4
122.3
142.9
124.1
127.2
124.5
122.6
123.6
121.1
118.7
111 0
112.4
144 3
128 1
135 3
122 4
124 3
134.5
152.7
121.5
136.8
132.4
137.7
122.8
143.2
124.6
127.8
125.0
123.0
124.8
121.5
119.1
110.8
113.7
144.5
128.6
135.8
123.1
124.5
136.5
155.4
121.8
141.8
132.8
138.1
123.2
143.6
125.1
128.3
125.5
123.6
125.8
122.6
120.3
111.1
117.3
143.9
129.2
136.2
123.8
125.2
137.9
155.6
123.2
144.6
133.3
138.7
123.7
144.2
125.4
129.3
125.7
123.9
126.7
123.5
121.3
111.1
120.6
143 9
129.6
136.6
124 4
125.6
139.8
156.5
124.1
151.7
133.9
139.4
124.0
145.0
125.6
131.6
125.4
124.7
126.8
124.6
122.4
111.0
122.3
144.9
130.0
137.0
124.9
125.9
140.9
157.8
124.1
153.7
134.2
139.7
124.4
145.2
125.7
131.7
125.5
125.0
125.8
124.8
122.6
110.9
122.7
144.9
130.3
137.3
125.3
126.2
149.4
184.0
126.6
152.6
135.2
141.1
125.0
147.0
126.3
132.8
125.8
125.3
126.5
124.5
122.3
110.6
121.3
144.9
130.5
137.6
125.7
126.1
148.3
180.2
130.3
137.3
136.6
142.9
125.4
149.2
126.8
133.6
126.5
126.1
128.3
123.9
121.6
109.1
120.3
145.5
131.1
138.3
126.3
126.8
148.4
170.7
137.3
138.8
138.1
144.7
125.9
151.5
128.6
141.1
127.4
126.7
129.6
125.0
122.9
111.9
118.5
145.2
132.1
140.6
127.3
127.2
150.0
167.4
141.2
143.7
139.4
145.6
126.3
152.6
132.1
155.6
129.8
127.5
130.5
125.8
123.8
112.2
116.1
144.6
132.6
140.9
128.1
127.5
151.3
165.8
144.9
145.3
140.5
146.4
126.9
153.6
135 8
172.8
131.0
128.0
130.5
126 7
124.6
112 0
112.6
146 5
133 0
141.4
129 2
127.6
U08.0 11 120. 0
i 109. 3
115. 0
1 107. 1 i 123. 0
126.2
118 7
131.6
130.8
125.0
134.8
134.4
127.5
139.3
143 0
136 6
147.5
149.9
142.3
155.3
152.9
145.4
158.2
161.1
158.6
162. 9
171.2
172.8
170.1
181.9
187.2
178.1
207.8
236.6
189.8
194.9
208.0
186.3
192.0
197.7
188.1
192.1
191.5
192.4
204.3
197.7
208.9
1967=100..
Commodities
Nondurables
Nondurables less food-.
Durables 9
Commodities less food
Services
S ervices less rent
_ do
do
do
WHOLESALE PRICEScf
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities. ._
.1967=100 .
9 Foodstuffs
do
13 Raw industrials
_do
113.9
119.1
120 7
122.9
124.5
126 9
129.7
130.7
133 5
136.7
134 9
142.7
140.2
139.5
141.8
145.3
By stage of processing:
Crude materials for further processing
do
Intermediate materials, supplies, etc . do
Finished goodsO—- - _ _ .
do. _.
Consumer finished goods
do
Producer finished goods _
do
115.0
114.0
113.5
112.7
116.6
127.6
118.7
117.2
116.6
119.5
130.4
120.6
118.3
117 9
119.9
138.3
122.3
119.5
119.3
120.3
143.3
123.1
121.0
121.2
120.6
151.3
125 1
122.5
122 9
121.2
159.0
127.4
124.6
125. 5
121.7
158.8
128.5
125.6
126.6
122.3
167.7
131.5
126.8
127.9
123.1
177.5
134.3
128.7
130.2
123.4
170.9
131.8
128.8
130.4
123.5
207.5
136.1
132.9
135.4
123.9
197.1
133.9
132.2
134.5
124.2
185.7
134.6
132.8
135.0
125.1
182.7
136.4
136.8
139.9
125.7
186.4
139.6
140.7
144.7
126.7
By durability of product:
Durable goods
Nondurable goods. _
Total manufactures
Durable manufactures
Nondurable manufactures
do
_ do
do
do
do
117.0
111.7
113.8
117.0
110.5
121.1
117.6
117.9
121. 1
114.7
121 8
120.0
119 2
121.8
116.5
122.1
123.5
120.7
122. 1
119.2
122.7
125.9
121.6
122.6
120.6
123 9
129.2
123 6
123.7
123.4
125.6
132.9
125. 7
125.4
125.9
127.0
133.5
126.7
126.7
126.6
128.0
137.7
128.7
127.7
129.7
128.2
143.1
130.9
127.8
134.0
128.0
140.1
129.8
127.6
132.0
128.5
153.3
134.0
128.0
140.1
128.9
148.7
132.5
128.3
136.6
129.7
146.9
133.0
129.0
136.9
131.1
149.8
135.8
130.1
141.6
132.7
154.9
139.4
131.6
147.3
-do
All commodities
do
113.8
122.4
125 3
132.6
137.0
142 4
149.0
147.9
154.9
163.6
156.9
184.5
173.5
166.8
164.4
168.0
Farm products 9 ___ _
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry
_. _
do._ .
Livestock
do
112.9
120.1
100.9
100.3
118.3
125.0
127.6
102.9
104.0
142.5
128.8
141.8
113 6
102.8
139 5
137.5
134.6
137.6
103.6
152.6
144.2
151.2
135.6
127.9
159.4
150.9
146.9
128 2
137.0
177 8
160.9
158.5
126. 1
164.8
194.4
160.6
176.0
130.9
185.8
184.1
170.4
186.0
149 9
180.3
188.7
182.3
197.5
178.6
184.5
193.8
173.3
187.8
157.2
189.5
199.3
213.3
162.2
266.4
269.7
243.3
200.4
149.0
231.5
226.5
207.4
188.4
162.1
229.0
189.2
185.5
184.0
168.2
220.8
154.4
180.0
187.2
171.6
248.7
144.5
171.0
Foods and feeds, processed 9 _ __
Beverages and beverage materials
Cereal and bakery products
Dairy products .. .
Fruits and vegetables, processed.
Meats, poultry, and fish .
114.3
115.8
111.4
115.4
114.3
116.0
120.8
118.0
114.7
118.6
119.7
130.0
123.1
119 4
118.3
121.8
123.8
127.9
129.4
119.7
120.1
123.0
124.7
136.3
132.4
119.8
121.0
123.8
125.3
145.2
137.0
120 0
120.8
124.0
125.9
153.1
141.4
120.8
121.3
126.8
126.2
165.1
139.8
121.4
123.7
127.2
126.6
163.2
145.0
121.9
124.3
126.5
127.2
162.5
151.8
121.4
125.9
127.5
127.9
164.9
146.5
121. 1
125.5
127.1
127.7
169.7
166.2
121.2
136.2
131.3
129.3
198.3
156.3
121.6
147.7
137.2
130.0
187.3
153.1
123.0
150.5
139.6
135.0
170.2
151.9
123.8
156.2
139.9
136.3
165.0
155.7
124.4
160.1
142.3
137.8
164.9
Farm prod., processed foods and feeds
. do
. do
. - do
.do
do
do
do
114.0
117.9
119 1
119 4
120.0
121.3
190 7
124 4
125 8
126.9
126.9
127.4
128 1
129.6
133.5
137.1
... do
do
do
do
do
do
104.2
92.2
102.0
102.4
133.5
115.6
104.2
91.7
101.2
103.0
115.8
118.0
104.7
92.4
100.9
103.6
123.2
118 2
104.8
92.5
101.0
103.7
128.2
118 2
105.1
93.0
101.4
103.5
130.3
119.4
105.6
93.1
101.8
103.6
139.1
119.4
106.7
93.6
101.9
103.8
173.9
119 9
107.7
94.5
102.6
103.8
184.0
120 3
109.3
94.7
102.7
104.0
232 0
120 8
110.4
95.0
103.0
104.4
263.6
121 0
110.8
96.7
103.4
104.4
263.2
121 0
111.0
95.9
103.5
104.3
273.2
121.0
111.5
95.9
104.3
104.7
279.5
121 2
112.7
95.9
105.3
104.7
273.0
126.0
113.5
104.9
105.4
104.9
241.8
128.1
115.6
106.1
105. 9
105.1
286.0
128.6
do
do
do
do
..do
114.2
181.8
113.6
108.0
106.8
118.6
193.8
121.5
114.1
108.9
121.3
201 2
123.0
119 0
111.5
121.9
205 5
122.9
119 2
112.0
122.2
205.5
123.8
118.4
112.3
126.0
206.9
125.9
118.6
118.7
126.7
207.4
126.8
118 9
119. 4
131.8
213 8
127.6
120 1
127 9
135.5
214 2
128 2
121 4
133 9
142.8
215 1
128.4
128 0
146 6
142.8
214.0
129.0
128.7
146. 1
142.9
214.4
129.1
130.4
145.9
144.8
222.6
130.9
132 2
146.1
150.5
224.1
132.1
133.4
156.6
179.2
239.0
133.5
133.1
210.9
201.3
240.7
135.9
137.6
252.0
109.9
111.4
112.6
112.4
Furniture and household durables 9
do
112.3
107.6
107.2
107.8
Appliances, household
do
107.9
108.0
119.1
117.3
114.8
118.5
Furniture, household _ _
.
...do...
118.1
92.7
92.4
93.8
92.3
Home electronic equipment
do...
92.5
1
Computed by BEA.
9 Includes data for items not shown separately, d"For actual.
wholesale prices of individual commodities, see respective commodities.
113.1
108.2
119.4
92.4
113.5
108.4
120.0
92.2
115.2
115.2
107.7
107.4
123.2
123.3
91.6
91.6
and fuels.
115.9
109.0
123.6
92.0
116.0
109.0
124.4
91.5
116.6
109.1
125.2
91.5
117.2
109.5
126.6
91.5
117.5
109.8
127.1
91.1
Industrial commodities
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial .
Drugs and Pharmaceuticals
Fats and oils, Inedible
Prepared paint
Fuels and related prod., and power 9
Coal.
Electric power
.
Gas fuels
Petroleum products, refined
115.1
114.1
108 0
108 3
122. 3
121.8
92.2
92.2
O Goods to users, inch raw foods
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-9
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
COMMODITY PRICES—Continued
WHOLESALE PRICESd"— Continued
(U.S. Department of Labor Indexes— Continued)
All commodities— Continued
Industrial commodities— Continued
Hides, skins, and leather products 9
1967=100..
Footwear
_
_
do _ _
Hides and skins
do
Leather
_ _
do.. _
Lumber and wood products
do
Lumber
- do _ -
114.0
116.8
115.1
112.5
127.0
135.5
131.3
124.5
213.7
140.3
144.3
159.4
144.0
128.5
287.0
162.6
149.4
166.8
142.2
128.7
255.2
162.2
149.8
167.9
143.9
129.0
274.0
162.8
151.0
169.0
144.9
130.9
272.7
162.9
161.0
182.3
143.5
131.1
246.4
164.5
173.2
195.8
145.0
131.5
270.2
161.1
182.0
207.2
142.2
129.3
253.5
159.7
186.9
215.4
140.9
129.3
241.6
156.4
183.1
214.8
141.4
129.5
246.3
156.8
177.8
209.6
143.0
129.7
261.6
157.5
178.8
210.8
143.8
130.3
257.3
162.8
181.9
216.9
143.8
131.0
256.3
160.7
180.3
214.5
143.0
131.9
239.8
160.4
184.7
211.1
141.9
132.5
227 3
156.1
186 1
214.8
115.5
117.2
121.4
109.5
117.3
117.9
122.3
125.7
110.4
120.2
118.5
122.9
126.3
110.6
121.3
118.6
122.9
126.3
110.6
121.3
118.9
123.6
126.6
110.9
121.8
119.4
124.4
127.4
111.0
122.5
120.0
124.7
128.6
111.3
123.4
120.8
124.7
130.4
111.7
124.5
121.5
125.0
130.9
112.3
125.2
121.9
125.4
131.3
112.7
125.6
122.0
125.5
130.9
112.7
125.8
122.3
125.5
131.4
112.7
125.8
122.6
125.6
131.4
112.8
126.6
123.1
127.5
132.5
113.0
127.5
123.8
128.9
132.7
113.3
128.0
124.6
129.4
134.1
114.0
128.9
119 0
115.5
121.8
116.0
123.5
118.2
128.4
116.9
124.1
119.2
129.0
117.2
124.4
119.2
129.5
117.4
125.6
118.8
131.9
117.9
126.9
119.2
133.0
121.0
129.2
119.5
133.3
128.3
130.5
120.5
134.0
131.4
131.7
120.2
135.3
133.2
132.5
120.7
135.9
135.0
132.8
120.9
135.9
135.9
133 7
120.7
136.0
137 9
134 4
120.7
136.5
138.5
135.9
120.8
138.6
140.7
138.5
121.1
141.6
144.9
141.8
121.6
142.4
155.6
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
122.4
126.1
127.3
127.4
128.2
128.4
129.0
130.0
130.5
131.1
130.0
130 0
129 9
130.9
131.5
132.6
114.2
120.6
106 8
110.1
114.1
109.2
109.2
117.3
125.6
114.7
113.4
116.3
109.3
109.2
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
120.3
128. 5
117.4
115.8
117.8
110.0
109.7
121.5
128.9
115.8
116.5
118.5
110.1
109.3
122.2
129.6
118.1
118.3
119.2
110.3
109.3
123.0
130.8
119.6
119.8
120.2
110.6
109.4
123.6
131.5
120.4
120.7
120.8
111.5
110.0
123.8
132.3
124.1
122.0
122.5
112.6
110.4
123.8
132.3
122.9
122.3
121.8
112.9
110.4
123.9
132 3
122 5
123 3
121.5
113.1
110 4
123.9
132.5
122 0
124.4
121.7
112.8
110.4
124.6
133.6
122 4
125.8
122.3
114.0
115.1
124.6
134.1
122.0
127.6
124.7
114.8
116.3
124.8
134.5
123.3
128.7
125.2
116.5
116.3
Textile products and apparel 9 .
Apparel
_ __ _
Cotton products
Manmade fiber textile products
Wool products
do._.
_ __do. ..
do
do. _
do
108.6
112.9
110.6
100.8
93.5
113.6
114.8
121.8
108.0
99.4
115.1
115.9
124.2
109.5
107.1
115.6
116.0
124.8
110.3
108.8
116.6
116.5
126.0
111.4
114.5
117.4
116.8
128.2
111.8
119.2
119.0
117.0
130.0
115.2
127.7
120.8
117.7
133.3
118.7
129.8
122. 3
118.4
137.4
121.5
127.5
123.7
118.8
141.3
122.9
131.3
124.2
118.8
144.6
123.1
132.1
125 2
119.3
147 3
123 7
134 9
126.8
119.5
153. 1
126.7
133 7
128.5
121.5
155.5
127.7
130 2
130.0
121.9
161.2
128.6
128.9
131.4
122.2
165.2
129.7
128.7
Transportation equipment 9 ---Dec. 1968=100-.
Motor vehicles and equip
1967=100..
110.3
114.7
113.7
118.0
113.0
117.0
114.2
118.4
114.1
118.2
114.2
118.2
114.5
118. 6
114.9
119.0
115.1
119.1
115.0
118.9
115.0
119.0
115.1
119.0
114.5
118.3
115.9
120.0
116.1
120.1
117.3
121.4
Mlscellaneous products 9
Toys, sporting goods, etc
Tobacco products
112.8
112.6
116.7
114.6
114.4
117.5
115.0
115.0
117.5
115.1
115.1
117.5
115.8
116.2
117.5
117.1
116.5
121.0
117.9
117.1
121.8
118.6
117.2
122.0
119.5
117.3
122 3
120.2
117.5
122.5
120.9
117.6
122.5
121 0
117.8
122 5
121.1
118.3
122 5
121.0
119.2
122.7
121.3
119.9
122.8
121.6
120.0
123.0
$0. 878
.824
$0. 840
.798
$0.829
.788
$0. 814
.786
$0. 803
.783
$0. 788
.778
$0. 771
.770
$0. 765
.765
$0. 749
.760
$0. 732
.755
$0. 741
.754
$0. 701
.740
$0. 713
.738
$0. 717
.732
$0 .705
.727
$0.688
.722
10, 725 ' 11, 748 ' 12, 060 ' 12, 275 ' 12, 660 ' 12, 527 ' 12, 173
11, 685
Machinery and equipment?
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip Metalworking machinery and equip
do
do
do
do
do
Metals and metal products 9
Heating equipment
Iron and steel
_ __ _ _ __
Nonferrous metals
--
--
do
do _
_do__ _
do
do
do
do
PURCHASING POWER OF THE DOLLAR
As measured by—
Wholesale prices
Consumer prices
1967—$! 00
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE 1
New construction (unadjusted) total ^
Private total 9
Residential (including farm)
New housing units
mil $
do
do
do
Nonresidential buildings, except farm and public utilities total 9
mil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
109,238
123, 836
11,048
10, 502
'9 588 '9 216 r 10, 030
r
79, 367
43, 268
35, 066
93, 640
54, 186
44, 736
8,506
4,946
4,181
8,114
4,677
3,954
22 479
24, 036
4,676
13, 462
2,121
399
1,187
2,051
420
1,137
1,929
391
1,088
1,862
360
1,051
314
223
5,423
11 619
7, 357 '7,008
' 4, 265 r 4, 023
3,328
3,553
' 7, 608 ' 8, 145 '8,631
' 4, 317 ' 4, 633 ' 4, 919
3,559
3,822
4,096
2,194
437
1,235
2,302
446
1,322
2,428
510
1,372
245
300
299
336
2,580
1,131
74
52
85
727
3 005
3,283
307
do
30, 196
2,542
2,388
2,231
2,208
2,422
Buildings (excluding military) 9
do
Industrial
Military facilities
Highways and streets
do
do
do
11,397
1 136
'572
901
10, 658
11,500
875
534
1,080
10,448
958
71
43
108
914
1,012
77
51
103
717
1,051
66
56
94
579
1,001
57
45
96
598
1,075
83
48
94
643
126.8
131.6
' 135 .7
97.5
98.4
57.2
47.8
57.5
48.0
24.5
4.6
13.6
24.8
4.8
13.9
3.5
New construction (seasonally adjusted at annual
rates) total 1
bil $
Private total 9
do
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities total 9
bil $
Industrial
do
Commercial
_
do
Public utilities:
Telephone and telegraph
do
Public total 9
do
529-782 O - 74 - S-2
136 .4
' 137 .5 ' 133 .8
r
' 2,563
'600
' 1,442
2,450
589
1,355
3,093
' 2,879
2,805
1,083
83
48
90
1,171
1,050
73
53
'96
50
93
2,483
545
1,384
2,550
587
1,422
2,487
560
1,408
356
348
379
346
2,847
2,899
2,849
3,060
1,162
75
52
106
888
1,066
81
57
107
1,015
1,020
83
43
101
1,082
1,061
75
42
103
1,144
' 134.1 ' 133 .8 ' 136 .9
' 136 .9
' 102 .0 ' 104 .1 ' 103 .8 ' 101 .2 ' 101 .8
' 136 .9
' 134 .9
134.0
' 102 .8 ' 105 .4 ' 105 .8 ' 103 .7
102.7
101.8
59.4
48.1
'61.5
49.4
'60.7
49.6
'58.0
48.9
'57.5
49.2
'58.2
49 5
'59.4
49.5
'59.8
49.3
'59.0
48.2
'56.3
'46.0
54.6
44.0
26.3
5.3
15.0
26.2
5.2
14.9
26.7
5.5
15.1
27.0
5.3
15.5
27.7
5.3
16.1
28 0
59
15.7
28.9
6.3
16.1
28.6
6.7
15.8
27.2
6.3
15.1
'28.0
'6.6
15.6
28.3
6.8
15.6
35
36
3.6
36
3.6
4.0
39
4.1
4.3
4.0
29.3
33.1
33.7
32.3
33.6
32.6
32.3
31 0
31.5
31.1
32.9
'32.2
32.3
11.1
.7
.5
1.2
10.6
12 9
9
.6
1.2
11.0
14.2
g
.7
1.2
10.9
12.7
7
.6
1.4
11.0
14.0
10
.6
1.3
10.5
13.7
9
.6
1. 2
9 9
13.4
9
.5
1.3
9.6
12 1
9
.6
1.2
10.1
12.1
1.0
.7
1 .3
10.8
11.7
1.0
.5
1.0
10.4
12.5
'1.1
.6
12.6
.8
.6
1 .6
f\
11.2
10.7
Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial
_
do
Military facilities
do
Hiehwavs and streets
do
'Revised.
»Preliminary.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
If Beginning Jan. 1969, data have been revised to reflect the incorporation )f new basic
r
' 9, 161 ' 9, 426 ' 9, 600 ' 9, 405 ' 9, 294 8,880
' 5, 274 ' 5, 478 ' 5, 528 ' 5, 369 ' 5, 055 ' 4, 713
3,840
4,544 ' 4, 558 4,411 ' 4, 144
4,411
2,063
418
1,154
29, 871
Public total 9
r
data and the introduction of new seasonal factors based upon data through 1972; monthly
data are available upon request.
SURVEY OF CURKENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
January 1974
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts In 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
. -mil. $.
Index (mo data seas, adj.) .
80, 188 ' 91, 103 ' 7, 126
6,464
6,795
6,839
8,644
8,814
9,428
9,910
9,228
10,303
8,151
8,983
177
163
181
191
193
177
173
183
175
206
182
191
194
mil. $
do
23,927 ' 24, 029 ' 1, 783
56, 261 ' 67, 036 '5,343
1,660
4,814
1,918
4,877
1,717
5,122
2,046
6,599
2,071
6,743
2,359
7,069
2,995
6,916
2,681
6,647
2,968
7,335
2,328
5,822
2,055
6,928
2,140
5,765
-do
do .
do
25, 590 ' 27, 078 ' 2, 146
34, 714 r 45, 025 ' 3, 580
19, 883 ' 18, 999 '1,400
2,212
3,120
1,132
2,420
3,195
1,180
2,229
3,277
1,333
2,707
4,643
1,294
2,634
4,512
1,668
2,629
4,754
2,045
2,976
4,612
2,323
2,991
4,224
2,013
3,241
4,233
2,828
2,719
3,638
1,794
2,758
3,673
2,552
2,655
3,299
1,951
7,416
8,518
10, 669
1967=100
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) 0
do
i 145
165
65,578
68, 001
8,032
7,679
6,102
6,014
7, 600
5,710
6,602
4,026
5,070
8,373
2,084.5
1,518.6
2, 062. 2
1,161.0
2, 378.5
1, 732.7
2, 356.6
1,309.2
187.1
137.1
185.7
97.4
152.7
116.2
150.5
73.2
147.3
113.0
146.6
77.1
139.5
106.1
138.0
73.6
201.1
152.7
200.0
105.1
205.4
154.5
205.0
120.5
234.2
171.7
234.0
131.6
203.4
147. 5
202.6
114.8
203.2
141.9
202.6
114.7
199.9
147.2
197.2
106.8
2,395
1,324
2,369
1,207
2,497
1,450
2,456
1,372
2,260
1,245
2,123
1,202
2,413
1,271
2,128
1,124
2,191
1,247
2,094
1,126
1,804
982
7,905
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:f
Total privately owned
One-family structures
do
do
New private housing units authorized by building
permits (14,000 permit-issuing places) :
Monthly data are seas. adj. at annual rates:
Total
.
thous. _
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates
do
do
148.9 ' 149. 5 ' 132. 9
' 104. 1 '101.4
91.1
148.4 ' 147. 1 ' 131. 6
84.5 '86.0 '69.9
' 1, 646 ' 1, 696
'956
'936
1,952
928
2,219
1,033
2,226
1,013
2,399
1,001
2,233
1,062
2,209
1,079
2,129
1,022
1,939
945
1,838
954
2,030
934
1,780
904
1,750
805
1,596
778
1,316
654
' 1, 314
'647
496.6
575.9
50.7
670
38.0
610
40.7
648
42.9
642
57.0
737
61.6
680
57.3
661
57.3
616
50.3
569
53.7
546
44.8
473
46.0
444
39.9
530
156
88.6
88.5
46.7
1,355
762
1,231
617
CONSTRUCTION COST INDEXES
Dept of Commerce composite
1967 — 100
130
139
143
144
144
145
147
149
150
151
'153
'154
'155
'156
American Appraisal Co., The:
Average 30 cities
Atlanta
New York
San Francisco
St Louts
1913—100
do
do
do
do
1,258
1,411
1,359
1,174
1,219
1,369
1,563
1,436
1,285
1,286
1,405
1,590
1,443
1,319
1,320
1,407
1,592
1,443
1,319
1,320
1,426
1,670
1,456
1,349
1,335
,464
,696
,513
,406
,372
1,496
1,728
1,569
1,434
1,413
1,512
1,752
1,584
1,437
1,430
1,517
1,752
1,581
1,440
1,441
,622
,753
,582
,497
,441
1,523
1,752
1,580
1,499
1,471
,639
,762
,591
,522
,464
1,547
1,757
1,659
1,518
1,461
1,547
1,756
1,659
1,517
1,461
135.0
133.9
132. 8
145.4
144.8
145.8
148.3
147.9
149.5
140.6
146.7
155.2
163.0
160.1
168.3
131.7
138.2
175.7
189.7
185.4
193.7
157.8
180.3
170.5
180.9
169.5
193.0
199.7
207.0
193.8
189.5
209.0
192.0
204.2 193.1
189.6 '201.8
163.8
182.7
209.0
175.0
193.9
219.3
175.8
192.0
198.6
156.7
163.4
144.2
168.1
190.6
143.3
168.5
186.9
148.5
206.2
213.0
201.0
192.4
202.8
217.1
208.2
210.1
277.9
209.4 '200.3
204.1
197.0
180.8
209.7
282.7 285.0 ' 319. 3
366.8
225.2
217.9
209.2
12.6
162
16.4
207
9.7
131
12.0
194
9.4
124
15.5
222
8.2
100
15.3
217
9.2
93
18.4
201
6.3
68
15.9
169
8.4
89
15.1
161
9.1
103
14.9
166
7.4
93
12.4
135
Home mortgages insured or guaranteed byFed. Hous. Adm.: Face amount
mil. $.. 10,374.54 8, 067. 06
Vet. Adm.: Face amount §
do
6, 066. 83 8, 419. 86
592.11
791. 77
435. 11
731. 77
577. 47
687. 68
396. 44 462. 88
630.43 599. 05
374. 25
618. 02
385. 90
655.67
381. 62
650. 60
Associated General Contractors
of America, Inc.,
The (buildinc onlv) r?1
1967 100
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings
1967=100. .
T? sirl n P<?
Hn" ~
Engineering News-Record:
Building
._
1967 = 100 .
Construction
do
Federal Highway Adm.— Highway construction :
Composite (avg. for year or qtr.) _ _ . 1967=100.
148.6
148.3
149.8
161.4
169.0
163.2
171.1
151 6
152.6
156.3
164.9
172.2
144.4
167.3
173.7
154.5
155.3
160.7
153.7
155.1
160.1
168.0
174.4
168.9
175.0
137.8
168.5
176.5
168.3
177.0
157.8
157.7
163.9
169.4
178.8
145.9
170.4
179.7
157.8
157.7
164.4
172.3
180.0
171.2 2 171. 8
180.3 2 180. 8
155.1
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
Seasonally adjusted _
1947-49=100
do
Iron and steel products, unadjusted _ __ do .
Lumber and wood products, unadj
do
Portland cement, unadjusted
do
211.7
193.3
189.3
184.6
192.2
187.4
259.4
300.4
6.6
70
13.6
143
7.5
94
10.6
133
3.6
42
12.3
141
10.7
136
393. 06
665. 86
295. 11
560. 30
266. 34
561.04
647. 95
720. 58
REAL ESTATE T
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
Federal Home Loan Banks, outstanding advances
to member Institutions, end o/period
mil. $._
7,936
7,979
7,245
7,979
7,831
7,944
8,420
9,429
10, 156
11, 142
12,365
13, 511
14, 298
14, 799
14, 866
39,485
61,408
4,393
4,591
3,702
3,710
4,990
4,989
5,477
6,738
5,059
4,791
3,177
2,788
2,372
6,835
18,810
13,840
8,553
26, 615
16, 240
714
2,307
1,372
667
2,167
1,757
590
1,970
1,142
614
2,019
1,077
887
2,685
1,418
886
2,762
1,341
931
3,141
1,405
903
3,469
1,366
851
3,079
1,129
801
3,059
1,111
572
1,838
767
532
1,548
708
446
1,367
559
number
116,704
132, 335
10, 857
10, 382
11, 755
18, 458
12, 222
11,718
12, 719
11, 509
11, 070
11, 239
10,014
mil $
2,316
2,304
164
194
218
213
218
229
224
223
218
221
222
200
211
New mortgage loans of all savings and loan associations, estimated total
.
mill
By purpose of loan:
Home construction
do
Home purchase
do
All other purposes
do
Foreclosures
Fire losses (on bldgs , contents etc ) f
r
Revised.
* Preliminary.
1 Computed from cumulative valuation total.
2 Index
as of Jan. 1,1974: Building, 171.6; construction, 180.9. OData for Nov. 1972 and Mar., May,
Aug. and Nov. 1973 are for 5 weeks; other months, 4 weeks.
9 Includes data for items not
shown separately.
§Data include guaranteed direct loans sold.
cfNew base; com-
parable data for earlier periods will be shown later.
HHome mortgage rates (conventional
1st mortgages) are under money and interest rates on p. S-17.
fBeginning Jan. 1970, data
include estimates for uninsured fire losses and are not comparable with those for earlier
periods. Revised monthly data back to 1970 are available upon request.
SUEVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-ll
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national advertising index,
seasonally adjusted :f
Combined indexf
1957-59—100..
Television (network)
do
Spot TV
.. do
Magazines
do
Newspapers
..do
199
233
302
175
141
219
262
'341
186
'153
233
272
377
195
162
242
287
410
192
163
238
275
418
187
164
219
281
339
175
144
224
289
367
179
137
233
300
365
184
155
232
287
380
191
146
231
277
384
192
149
233
282
344
187
176
230
284
343
189
163
230
305
343
190
146
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
1,251.4
47.0
111.3
19.2
158.6
108.1
1, 297. 7
44.4
119.8
23.2
148.2
115.2
138.5
4.1
11.7
2.1
13.6
13.7
111.2
3.5
6.8
1.0
11.5
9.7
72.5
1.7
6.9
1.0
9.3
5.0
89.6
2.2
8.8
1.7
11.7
8.6
109.8
4.9
11.3
2.8
12.1
8.0
126.7
5.7
13.6
3.4
11.6
9.5
126.7
3.6
13.3
3.6
13.0
8.3
109.8
2.0
11.0
2.5
12.6
9.3
81.3
1.5
7.8
1.2
10.1
8.4
77.2
3.7
6.0
1.3
10.6
5.3
117.1
6.2
7.9
2.7
11.2
6.8
141.7
5.9
13.5
2.8
13.2
8.7
140.1
5.1
12.5
1.7
12.8
9.7
Beer, wine, liquors
do
Household equip., supplies, furnishings. _ do
Industrial materials
do .
Soaps, cleansers, etc
.. _
do
Smoking materials
do _
Allother
... _ _
do
88.2
64.0
33.1
17.8
118.2
486.0
91.0
76.7
29.7
20.6
116.2
512.7
11.4
9.5
3.0
1.9
11.4
56.0
14.8
4.9
1.9
1.3
11.3
44.6
3.4
2.9
1.9
.9
7.2
33.4
3.7
3.8
1.6
1.4
8.1
38.0
5.1
6.5
2.5
2.0
8.3
46.2
6.9
9.6
2.7
2.0
9.3
52.5
8.0
9.4
3.9
2.0
8.7
53.1
7.4
7.3
3.4
1.3
8.6
44.4
5.6
3.9
2.6
1.1
8.4
30.6
3.9
3.5
2.6
1.1
8.1
31.0
6.4
6.7
4.2
1.7
9.2
54.1
10.7
9.4
4.4
2.2
11.1
59.9
11.0
9.2
3.5
2.1
11.2
61.3
Newspaper advertising expenditures (64 cities) : ©
3, 208. 2 3,648.6
Total*
mil. $
102.5
100.8
Automotive
---.do
914.9
751.7
Classified
do
122.1
103.1
Financial
do.. 504.4
445.4
General
do
1, 807. 3 2,004.7
Retail
do
339.1
8.8
72.8
9.4
50.5
197.6
306.4
5.9
64.4
9.8
35.4
190.9
279.6
6.9
79.8
13.6
36.4
143.0
274.1
7.8
76.9
8.3
37.3
143.9
315.5
8.7
87.4
11.4
43.7
164.4
340.7
9.7
92.2
15.2
46.9
176.8
338.5
9.7
91.2
10.4
44.5
182.8
316.3
8.8
90.2
11.6
40.8
164.9
298.8
8.8
91.8
17.8
30.4
150.0
302.8
9.2
91.8
8.7
29.4
163.8
316.9
8.8
88.6
9.6
41.6
168.3
331.6
7.9
85.7
12.7
46.1
179.2
349.1
8.6
80.7
10.3
45.8
203.8
298, 199
138,446
159, 753
27,154
12,301
14,853
26, 089
11, 557
14, 632
26,326
11,856
14,470
25,562
11,699
13, 863
29,852
13,831
16,021
28,859
13,841
15,018
31,232
14, 828
16, 404
30, 104
14, 567
15, 537
29,892
14,073
15,819
32,391
14,958
17, 433
29,849 '34,067
13,739 '15,463
16,110 '18,604
33.700
14, 856
18, 844
28, 828
16, 987
11,841
31, 895
18, 672
13, 223
31,665
18,471
13,194
31, 895
18, 672
13, 223
32,866
18,970
13,895
33,171
19,139
14, 032
33,493
19,525
13, 968
33,614
19,714
13,900
33, 820
20, 062
13, 758
33,921
20, 329
13, 592
34,295
20,390
13,905
34, 317
20,188
14, 129
34,728 '35, 667
20,168 '20,278
14,560 '15,389
36, 814
20, 599
16, 215
408, 850
131,814
78, 916
72, 538
6,378
448,379
149, 659
88,612
81, 521
7,091
39,790
13,229
7,775
7,136
639
47,004
13, 725
7,274
6,624
650
35, 768
12, 154
7,504
7,019
485
34, 977
12, 284
7,612
7,143
469
41,309
14,853
9,374
8,761
614
40,686 '43,178 ••43,586 '41,665 '43, 135
14,535 15, 465 15,410 14,518 14,654
8,989
9,428
9,242
8,707
8,519
8,347
8,744
8, 522
7,809
8,016
642
684
720
691
710
40,906
13,718
7, 843
7,188
656
'43,721 '44,638 150,430
'15,171 '14,173 i 13, 360
' 8, 982 '8,117 i 6, 284
' 8, 258 7,350
'724
767
Furniture and appliance group 9 _. do
Furniture, honiefurnishings stores do
Household appliance, TV, radio . _ do
18, 560
11,004
6,221
21,315
12,550
7,029
1,959
1,166
623
2,330
1,235
854
1,789
1,044
595
1,754
1,058
563
1,927
1,158
610
1,856
1,137
578
2,047
1,229
680
1,972
1,142
678
' 2, 049 ' 2, 192 i 2,600
'1,238
1,314
'660
715
Lumber, building, hardware group
do
Lumber, bldg. materials dealersd"
do
Hardware stores
_.
_ do
Nondurable goods stores 9
do
Apparel group _
do
Men's and boys' wear stores. _ _ do.
Women's apparel, accessory stores
do
Shoe stores
.do
17, 378
13, 733
3,645
277, 036
20, 804
4,727
8,193
3,532
20, 064
15, 973
4,091
298, 720
21, 993
5,198
8,386
3,774
1,759
1,398
361
26,561
2,055
504
777
351
1,664
1,212
452
33, 279
3,177
827
1,197
480
1,458
1,188
270
23,614
1,608
424
595
283
1,470
1,198
272
22,693
1,460
339
585
247
1,746
1,417
329
26,456
1,829
399
712
342
1,861
2,185
2,098
2,080 2,180
1,487
1,656
1,704
1,770
1,668
374
442
410
481
412
26, 151 '27 713 '28,176 '27,147 '28,481
2,007 ' 1, 908 ' 1, 975 ' 1, 740 ' 1, 931
440
411
472
397
448
743
698
738
756
677
408
378
324
345
299
1,937
1,536
401
27,188
1,974
412
747
401
' 2, 068
1,924
' 1, 645 1,490
'423
434
'28,550 '30,465 137,070
' 2, 030 ' 2, 212 i 3, 313
'448
518
'783
839
'365
370
13, 736
31, 131
89, 239
82, 793
29, 163
14, 523
33, 891
95, 020
88,340
31, 044
1,201
2,782
7,991
7,441
2,668
1,668
2,910
8,948
8,321
2,724
1,205
2,715
7,995
7,468
2,589
1,151
2,623
7,646
7,106
2,474
1,222
2,975
8,792
8,202
2,773
1,219
2,950
8,171
7,579
2,808
1,281
3,238
8,745
8,139
2,947
1,300
3,353
9,135
8,512
3,008
1,240
3,359
8,976
8,345
3,088
1,303
3,556
9,344
8,687
3,023
1,226
3,339
8,859
8,242
2,827
68, 134
74, 903
7,487
10, 755
4,999
4,933
6,307
6,467
6,713
6,771
6,269
6,915
6,594 ' 7, 172 ' 8, 508 1 12, 190
62, 242
42, 027
4,301
6,972
8,773
68, 936
46, 560
4,722
7,498
9,215
6,887
4,642
620
678
779
38,713
13,173
7,825
7, 215
610
10, 243
7,144
528
1,258
1,069
39, 417
13, 640
8,300
7,729
571
4,572
3,091
300
477
692
40,707
14,234
8,507
7,904
603
4,469
2,976
340
481
667
41, 242
14, 405
8,575
7,945
630
5,776
3,868
473
601
740
41,979
14, 612
8,769
8,127
642
1,846
1,093
591
1,808
1,048
601
1,962
1,145
640
2,021
1,215
659
2,014
1,184
659
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), totaL.mil. $.. 267,357
122,420
Durable goods establishments
do
144,937
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
RETAIL TRADE t
All retail stores:*
Estimated sales (unadj.), total J
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire, battery, accessory dealers
Drug and proprietary stores _ ..
Eating and drinking places
Food group
_
Grocery stores
Gasoline service stations
mil. $
do
_do
do
do
_ _ do.. .
do
. do..
do
do
General merchandise group with nonstores 9
-.
. mil. $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores _ .
do
Estimated sales (seas, adj.), total J
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, honiefurnishings stores
Household appliance, TV, radio
do
do
do
1,711
Lumber, building, hardware group. . do__
1,915
1,747
1,379
1,545
Lumber, bldg. materials dealersd"
do
1,390
332
Hardware stores
do
370
357
r
Revised.
1
Advance estimate. ©Source: Media Records, Inc. 64-City Newspaper Advertisi ng
Trend Chart.
*New series. Beginning Jan. 1971 the series was revisecI to reflect trends m
newspaper advertising expenditures in 64 cities instead of linage in 52 cit ies as for merly piiblished.
^Revised to reflect new sample design, improved techniques, £ind new nformati on
from the 1967 Census of Business; revisions for periods prior to Oct. 197 3 appear on p. 55 ff.
of the Dec. 1971 SURVEY (complete details appear in the Census Bur eau Mon thly Ret ail
1,953
1,214
602
2,032
1,228
670
1,940
1,179
634
6,391
5,975
6,194
5,799
6,284
4,286
4,055
4,229
4,308 3,910
453
425
419
401
370
677
645
648
603
669
819
718
789
826
825
41,185 '41,723 '41, 167 ' 42,767 '42,355
14,339 14, 299 13, 731 14,409 14, 481
8,555
8,503 7,943 8,654
8, 645
7,927
7,870
7,992
7,328
7,968
628
633
662
615
677
2,024
1,208
658
1,995
1,203
635
2,006
1,181
675
2,000
1,217
637
2,025
1,189
685
6,072
4,142
414
630
759
42,525
14,267
8,457
7,771
686
'1,300
' 3, 341
' 8, 929
' 8, 302
' 2, 981
'
'
'
'
'
1, 305
3, 228
9, 247
8, 634
2, 987
' 6, 555 ' 7, 853
' 4, 396 ' 5, 281
'556
711
'665
780
831
'784
'43,035
'43, 070
'14,331 '14,157
8,215
' 8, 482
' 7, 769 7, 500
'713
715
2,063 ' 2, 005
1,214 ' 1, 195
'661
686
i
i
i
i
i
1, 829
3, 268
9, 899
9, 215
2, 894
1 11, 598
i 8, 098
142,463
1 13, 224
2,078
1,223
687
1,902
1,836 ' 1, 867
1,936
1,894. 1,894
1,896
1,939
1,946
1,937
1,477
1,547
1,515
1,503
1,428 ' 1, 460
1,520
1,508
1,546
1,556
425
'407
391
408
426
379
389
393
381
388
Trade Report, Aug. 197 1 issue). 9 Inch]ides data for item s not sh Dwn sepa rately.
fFor merly A: arketing /Commu nication 5 advert sing ind ex. Serie s revisaci in Juiie 1971;
compa rable 197 3 mo nth 1 y data ai e in the SURVEY 'or that i no nth (n o compa rable ear lier data
are av£lilable).
cfCc>mprises lumber y ards, bu ilding mf iterials d ealers, ai id paint, plumbirig, arid electrical
stores.
§Exc 3pt depai tment st ores mail order.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
| 1972
Nov.
Annual
January 1974
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sapt.
Oct.
Nov.
D3C.
28,878
2,005
458
758
348
29,239
DOMESTIC TRADE—Continued
RETAIL TRADEf— Continued
All 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
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do
_ __do
do
__do
do
General merchandise group with nonstores 9
mil. $..
General merchandise group without nonstores 9 §.
. ._ . mil. $..
Department stores
do __
Mail order houses (dept. store mdse.)~do. . .
Variety stores
do
Liquor stores
_
_
do
Estimated 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, do _.
26,846 ' 27,424 27,436 28,358 27,874
1,878 ' 1, 962 ' 1, 997 ' 2, 028 ' 1, 967
444
456
463
469
450
706
780
753
788
730
339
335
338
349
352
25,540
1,891
445
710
344
25, 777
1,899
438
730
347
26, 473
1,949
476
741
349
26, 837
2,012
471
788
348
27, 367
2,175
506
825
397
1,250
2,913
8,134
7,570
2,681
1,236
2,957
8,071
7,503
2,713
1,246
3,057
8,476
7,894
2,714
1,254
3,057
8,409
7,800
2,821
1,241
3,089
8,431
7,834
2,821
1,280
3,060
8,616
8,012
2,868
1,291
3,096
8,665
8,074
2,884
1,314
3,085
8,598
8,000
2,843
1,305
3,122
9,128
8,507
2,908
1,298
3,158
8,964
8,345
2,836
1,278
3,261
8,992
8,376
2,876
' 1, 332
' 3, 308
' 9, 194
'8,568
' 3, 051
1,341
3,356
9,175
8,549
2,923
28,258 ' 28,739
2,042 ' 2, 019
462
'462
764
'751
371
'371
6,354
6,362
6,590
6,753
7,137
6,696
6,917
6,939
7,051
6,923
6,989
'6,995
7,184
5,833
3,954
415
624
763
5,884
4,034
366
647
740
6,095
4,121
412
681
759
6,223
4,233
429
661
795
6,621
4,461
489
715
779
6,166
4,189
452
635
783
6,386
4,346
453
667
799
6,430
4,352
450
686
807
6,538
4,423
486
684
817
6,402
4,351
442
682
810
6,486
4,406
468
689
807
' 6, 461
' 4, 357
'482
'696
'811
6,634
4, 472
471
717
801
60, 889
23, 152
11,384
3,557
3,219
53, 283
23, 782
10, 950
3,746
3,631
56, 816
23, 908
10, 707
3,923
3,646
53, 283
23, 782
10, 950
3,746
3,631
53, 605
24, 078
11,222
3,754
3,692
55, 168
24, 839
11, 845
3,766
3,809
56, 901
25, 574
12, 346
3,816
3,910
57, 836
25, 976
12, 613
3,932
4,006
58, 223
26, 335
12, 823
4,008
4,061
58, 421
26, 538
13, 085
3,996
4,031
58, 063
26, 195
12, 909
3,959
4,037
57, 152 ' 58,682 60, 873
24,320 ' 24,894 ' 25 506
10, 977 ' 11,428 ' 11,854
3,988 ' 4, 023 ' 4, 112
3,967 ' 3, 987 ' 4, 060
63, 102
26, 446
12, 619
4,198
4, 039
Nondurable goods stores 9
__do_ _.
Apparel group
do
Food group _
. _do_ _
General merchandise group with nonstores,
mil. $
Department stores . __ _ _.
do
27, 737
4,397
5,507
29, 501
4,556
5,859
32, 908
5,302
6,030
29, 501
4,556
5,859
29,527
4,354
5,728
30,329
4,616
5,731
31, 327
4,834
5,892
31, 860
4,886
6,012
31, 888
4,819
6, 020
31,883
4,804
6,137
31, 868
4,823
6,046
32, 832 ' 33,788 ' 35,367
5,061 ' 5, 214 5, 443
6,154 ' 6, 298 ' 6, 527
36, 656
5,606
6,751
11, 062
6,613
11, 784
7,075
14, 132
8,759
11,784
7,075
12,097
7,200
12, 628
7,470
13, 203
7,859
13, 482
7,994
13, 541
7,993
13,533
7,899
13, 692
8,022
14, 154 ' 14,691 ' 15,683
8,359 ' 8, 708 ' 9, 368
16, 043
9,476
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
62, 261
23, 808
11, 772
3,604
3,312
54, 700
24, 442
11,324
3,791
3,732
54, 658
24, 235
11,247
3,761
3,705
54,700
24, 442
11,324
3,791
3,732
55, 526
24, 472
11,335
3,886
3,764
56,039
24, 638
11,522
3,851
3,824
56, 106
24, 538
11,435
3,835
3,826
56, 636
24, 624
11, 508
3,885
3,886
57, 285
25,094
11,786
3,972
3,931
58, 079
25, 454
12, 027
4,004
3,964
58, 250
25, 797
12, 424
3,995
4,029
58,797 ' 58, 974 ' 59,814 60, 928
25,850 ' 25,940 ' 26,467 26, 978
12,431 ' 12,395 ' 12,843 13, 382
4,016
' 4,015 ' 4, 027 4,037
4,105
' 4,052 ' 4, 139
4,015
N endurable goods s tores 9
do
Apparel group
do
Food group
do _
General merchandise group with nonstores
mil $
Department stores . _ .
do__ _
28, 453
4,580
5,442
30, 258
4,746
5,790
30, 423
4,860
5,815
30, 258
4,746
5,790
31, 054
4,722
5,815
31, 401
4,818
5,806
31, 568
4,858
5,892
32, 012
4,920
6,012
32, 191
4,902
6,026
32, 625
4,983
6,168
32, 453
4,962
6,089
32,947 ' 33,034 ' 33,347
4,972 ••4,947
5,063
6,260 ' 6, 368 ' 6, 418
33, 950
5,101
6,485
11,753
7,035
12, 521
7,527
12, 590
7,710
12, 521
7,527
13,095
7,818
13, 356
7,955
13, 427
7,963
13, 696
8,124
13, 664
8,049
13, 921
8,201
13, 938
8,228
14, 161 ' 14,088 ' 14,288
8,401 ' 8,357 ' 8, 478
14, 403
8,356
125, 607
137, 650
12,814
16, 906
10,482
10, 162
12, 377
12,119 ' 12,653 ' 12,945
5,741
750
2,123
1,498
4,693
2,735
1,600
6,055
782
2,194
1,694
5, 246
2,887
1,902
584
75
213
168
442
222
168
910
126
335
234
695
240
221
405
53
141
123
420
228
160
383
40
152
112
407
222
154
520
56
193
147
440
263
178
Firms with 11 or more stores: t
Estimated sales (unadj.), total 9
do
Apparel group 9
do
Men's and boys' wear stores
.. _ __do
Women's apparel, accessory stores
do
Shoe stores
_
do_ _
Drug and proprietary stores _ _
do _
Eating and drinking places
do
Furniture and appliance group
do
r
12,214 ' 13,098
610
64
215
191
445
263
167
'524
63
200
144
479
277
159
'544
66
200
162
498
286
178
'451
45
172
139
471
286
166
12,437 ' 13,181
'529
49
186
168
494
305
169
555
54
192
185
465
279
174
'545
63
'193
' 157
'493
'265
'169
14, 640
599
77
219
159
49U
256
184
General meichandlse group with nonstores 9
mil. $
General merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
52,092
58, 113
5,904
8,630
3,878
3,830
4,964
5,075
5,268
5,322
4,930
5,426
5,158
'5,634
6,705
49, 008
36,544
6,398
55, 100
41, 053
5,933
5,593
4,102
548
8,386
6,286
1,029
3,680
2,736
376
3,609
2,644
378
4,686
3,451
476
4,836
3,601
518
5,005
3, 745
518
5,077
3,831
543
4,696
3,482
487
5,172
3,819
542
4,907
3,670
509
' 5, 313
'3,900
'542
6,380
4, 659
644
Grocery stores
Tire, battery, accessory dealers
45, 235
1,955
49,206
2,094
4,232
188
4,727
198
4,243
141
4,032
134
4,719
180
4,235
192
4,524
189
4,723
202
4,586
197
4,762
200
4,547
176
' 4, 665
'204
4,937
196
11,944
11,830
12, 477
12, 503
12, 814
13, 013 ' 13,332
13, 324
Estimated sales (seas, adj ), total 9©
Apparel group 9
Men's and boys' wear stores
Women's apparel accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
do
do
do
do
do
do
do
do
do
12,524 ' 12,730 ' 12,634
r
13,161 ' 12,812
536
65
195
147
508
279
531
63
194
159
460
240
528
62
188
157
451
243
544
64
197
166
461
252
574
59
226
168
472
260
616
72
224
173
454
270
548
63
202
157
483
258
'538
64
203
148
480
262
'544
62
201
154
507
263
'554
59
210
173
495
255
'522
57
185
154
487
274
5,008
5,023
5,242
5,331
5,565
5,252
5,426
5,450
5,490
5,454
5,471
' 5, 573
5,637
5,234
3,875
561
' 5, 309
' 3, 939
'566
5,370
3, 982
592
556
60
198
165
499
282
'538
63
' 182
'162
'511
'280
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 5
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
4,748
3,536
499
4,798
3,580
521
4,986
3,692
546
5,076
3,772
525
5,303
3, 922
557
4,991
3,720
518
5, 158
3,841
518
5,198
3,850
560
5,236
3,865
558
5,196
3,846
553
Grocery stores.
Tire, battery, accessory d'ealers
4,288
177
4,139
166
4,480
185
4,335
184
4.369
190
4,525
184
4,533
174
4,406
172
4,848
191
4,592
189
4,712
190
' 4, 870
'204
4,747
184
do
do
All retail stores, accts. receivable, end of yr. or mo.: c?1
Total (unadjusted)
mil. $..
Durable goods stores _
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
do
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
do
do
do
do"""
do
23, 514
7,753
15, 761
9,385
14, 129
25, 068
8,115
16, 953
10, 090
14, 978
23, 563
7,942
15, 621
9,653
13, 910
25, 068
8, 115
16, 953
10, 090
14, 978
24, 143
7,845
16,298
9,417
14, 726
23, 703
7,822
15,881
9,333
14, 370
23, 655
7,910
15,745
9,441
14,214
23,957
8,065
15,892
9, 705
14,252
24, 547
8,367
16, 180
10, 195
14,352
24,712
8,541
16,171
10,205
14,507
24,353
8,452
15,901
9,823
14,530
24,582
8,592
15,990
9,948
14,634
24, 762
8,601
16, 161
10,047
14, 715
'25,272
8,674
'16,598
' 10, 260
'15,012
25, 822
8,530
17,292
10, 366
15, 456
22, 046
7,580
14, 466
8,986
13, 060
23, 518
7,940
15, 578
9,671
13, 847
23, 364
7,847
15, 517
9,524
13, 840
23, 518
7,940
15, 578
9,671
13, 847
23, 669
8, 053
15, 616
9, 567
14, 102
23, 983
8,123
15, 860
9,749
14, 234
24,106
8,205
15,901
9,800
14,306
24,232
8,276
15,956
9,785
14,447
24, 665
8,467
16, 198
10, 040
14, 625
24,790
8,383
16,407
9,995
14,795
24,869
8,394
16,475
9,897
14,972
25,064
8,482
16,582
10,037
15,027
24, 943 25, 341
8,352 ' 8, 397
16,591 '16,944
9, 988 '10,090
14, 955 ' 15, 251
25, 519
8,430
17, 089
10,211
15, 308
f
Devised. , ! Advance estimate.
fSee note marked "t" on p. S-ll.
JSeries 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
and revised data appear on p. 55 ff. of the Dec. 1971 SURVEY (1968-69) and pp. 24-25 of the
Oct. 1972 SURVEY (1970-71).
9 Includes data not shown separately.
§ Except department
stores mail order.
cfSee note marked "t" on p. S-ll; data prior to Feb. 1971 will be shown
later.
0Revised data (seas, adj.) back to Jan. 1971 appear in the Census Bureau Monthly
Retail Trade Report, Dec. 1972 issue.
SURVEY OF CURRENT BUSINESS
January 1974
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edilion of BUSINESS STATISTICS
| 1972
Annual
S-13
1972
Nov.
1973
Jan.
Dec.
Feb. 1 Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total incl. armed forces overseas!
-- --
mil
1
1
208 84
209 44
209 58
209 72
209. 83
209 92
210 04
210 16
210 28
210 40
210 54
210 69
210 84
210 98
211 10
86, 929
88, 991
84, 113 2 86 542
79 120 2 81 702
3,472
3,387
75, 732 2 278 230
4 840
4 993
89,400
86 969
82 703
3,363
79 340
4 266
89, 437
86, 997
82 881
3.16S
79, 719
4 116
88, 122
85 718
81 043
2 955
78 088
4 675
89,075 389,686
86 683 2 87 325
81 838 2 82 814
2, 956
3 131
78 882 79 683
4 845
4 512
89,823
87 473
83 299
3,295
80 004
4 174
89, 891
87 557
83 758
3,467
80 291
3 799
92,729
90 414
85 667
4 053
81 614
4 847
93, 227
90 917
86 367
4,165
82 201
4 650
92, 436
90 129
85 921
3 826
82 095
4 208
91, 298
89 006
84 841
3 436
81 406
4 165
92, 046
89 757
85 994
3 525
82 469
3 763
92, 168
89 884
85 828
3 419
82 409
4 056
91, 983
89 701
85 643
3 202
82 441
4 058
87, 023
82, 525
3,556
78, 969
4,498
1 068
87, 267
82, 780
3,650
79, 130
4,487
1,001
86, 921
82, 555
3 501
79, 054
4,366
87, 569 2 88, 268
83, 127 283,889
3,424
3 480
79, 703 80 409
4,442
4,379
88, 350
83, 917
3,311
80, 606
4.433
88, 405
84, 024
3 275
80, 749
4,381
88, 932
84 674
3 403
81 271
4 258
88, 810
84, 614
3,516
81, 098
4,196
89, 403
85 127
3 370
81 757
4,276
778
89,764
85,695
3 471
82,224
4,069
776
89, 952
85,688
3 636
82 052
4,264
775
750
88, 651
84, 434
3 443
80 991
4 217
90, 021
85, 586
3 728
81, 858
4,435
760
51
5 0
207 04
LABOR FORCE §
Labor force, persons 16 years of age and over__thous__
Civilian labor force
do
Employed total
do
Agriculture .
do
Non agricultural industries
do
Unemployed
do
Seasonally Adjusted
Civilian labor force.. __
do
Employed, total.
do
Agriculture
- do
Nonagricultural industries
..do...
Unemployed . _
__do
Long-term , 15 week^ and over
do
Rates (unemployed in each group as percent
of total in the group) :
Men, 20 vears and over
Both sexes, 16-19 years
.
._ _.
White
Negro and other race^
Married men
Occupation: White-collar workers
. _
Blue-collar workers
Industry of last job (noragricultural):
Construction
Manufacturing
Durable goods
_
1,181
1 158
59
4.4
4.0
3.5
3.4
16.2
15.6
5.0
4.6
10.0
10.1
5 7
16.9
5.4
9.9
3.2
3.5
7.4
6 2
10.4
6.8
7.0
5 6
2.8
3.4
6.5
57
10.3
5.6
5.4
5 2
2.5
3.1
5.8
53
10.5
919
895
51
3.3
3.4
15.7
14.3
15.8
4.6
9.6
2.4
3.3
5.6
4.6
8.9
2.4
3.2
5 6
4.6
9.0
2.4
3.0
5.7
5 2
51
51
4.6
4.2
9.8
4.4
3.9
9.0
5.0
4.6
8.7
4.5
4.3
859
6 0
3.4
763
802
855
3.4
3.4
3.0
3.1
3.1
2.9
4 7
3.2
3.0
4 9
3.1
13 3
4 3
8 5
23
28
53
14.4
14 3
14.4
13.9
14.6
4.1
9.3
2.1
2.9
5.3
4.2
4.2
9.4
2.1
2.9
5.1
4.1
8.3
2.1
2.7
5.1
4.2
9.1
2.2
2.7
6.5
14.7
4.4
8.7
2.2
3.2
5.2
9.6
3.8
3.3
8 2
50
50
14
4
9
2
2
5
2
4
0
5
9
4
15.4
15.4
4.6
9.1
2.4
3.1
6.4
4.4
4
8
4
4
q
4 9
4 9
9 4
2.3
2.8
5 4
6
5
9.4
4.3
3.8
9^0
4.5
4. 1
79
44
37
5
796
87
2 1
3.0
5 2
4.1
36
4 5
9.9
4.2
4.1
9.1
3.7
3.6
9^6
4.2
3.5
4 9
51
8.4
4.3
3.8
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 payrolls}._do
Private sector (excl. government)
do
Nonmanufacturing industries*
do
Goods-producing*.
_
do.
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
.
do..
Ordnance and raccessories
do
Lumber and w ood products ... ..do
Furniture and
fixtures
do
Stone clay, and glass products
do
Primary metal industries
.do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies, .do
Transportation equipment
do
Instruments and related products. .do
Miscellaneous manufacturing
do
Nondurable goods
do
Food and kindred products .. .. do..
Tobacco manufactures
do
Textile mill products
do
A pparel and other textile products, .do
Paper and allied products .
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee .do
Leather and leather products .. ..do
Service-producing*
do.
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 arid local
do
Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted t _ _ _ t h o u s . Manufacturing .
do
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
70, 645
57, 790
72, 764
59, 475
74, 449
60, 804
74, 778
61, 071
73, 343
69, 772
73,724
59, 993
74,256
60, 459
74,861
61,068
75, 404
61, 589
76, 308
6°, 565
75, 368
62, 317
75,686
62,715
76,238 ' 76,914 ' 77,284
62,819 ' 63,059 ' 63,272
77, 449
63,383
70, 645
57, 790
39, 262
22, 542
72, 764
59 475
40, 541
23 061
73, 835
60, 382
41, 070
23, 444
74, 914
61, 340
41, 697
23, 857
75, 526
61 867
42,011
24 139
75, 478
61, 883
42, 079
24, 115
610
3,604
75,105
61,491
41,764
23,906
608
3,571
75, 321
61, 679
41, 897
24, 010
3 521
74, 252
60, 774
41,311
23, 571
610
3,498
74, 715
61, 182
41, 596
23, 792
3,411
608
3,624
74, 002
60, 500
41, 098
23, 468
3 654
631
3,680
75,747
62,110
42,249
24,171
634
3,676
75,961
62,305
42,423
24,215
633
3,700
r 76,363
' 62,617
' 42,601
r 24,349
639
' 3, 694
76, 677
62, 827
42, 714
24, 512
646
3,753
18, 529
10, 565
18 933
10 884
19,312
11, 194
19,727
11,534
195
631
520
687
1,288
1,448
2,006
1,970
1,869
481
439
8,193
1,746
76
1,023
1,357
712
1,096
1,021
183
680
299
51,199
4,591
16,217
4 044
12,173
4,031
12,746
13 614
2 628
10986
19 856
11 654
19, 804
11,646
19861
11,692
1,286
1,407
1,950
1,908
1,814
472
433
8,132
1,744
19,643
11,463
197
630
517
687
1,280
1,436
1,990
1,957
1 846
484
439
8 180
1,748
76
1,023
1,350
715
1,094
1,018
186
674
296
51, 057
4 580
16, 163
4 029
12 134
4,024
12 716
13 574
2 631
10 943
19, 782
11, 602
,235
,371
19, 586
11,421
198
628
614
682
1,286
1,432
1,973
1,945
1,845
481
437
8,165
1,751
73
1,023
1,349
711
1,092
1,014
185
672
295
50, 923
4,580
16, 114
4 022
12, 092
4,014
12, 682
13 533
2 628
10, 905
1,299
1,456
2,021
1,984
1,877
490
438
8,180
1,736
1 308
1,457
2 040
2,008
1 871
494
436
8 202
1,729
1,022
1,351
719
1,095
1,025
182
676
298
51,311
4,593
16, 256
4 046
12, 210
4,044
12, 776
13, 642
2 641
11,001
1,024
1,351
719
1,100
1.030
186
687
300
51,387
4,597
16, 262
4 072
12, 190
4,049
12, 820
13 659
2 613
11,046
1,308
1,459
2,040
2,009
1,858
494
438
8,158
1,720
76
1,021
1,319
716
1,101
1,034
186
690
295
51, 363
4,598
16, 294
4,071
12, 223
4,048
12, 828
13, 595
2,588
11,007
1,323
1,459
2,065
2,006
1,859
500
436
8,169
1,706
72
1,026
1,337
721
1,100
1,031
189
691
296
51,576
4,617
16,352
4,099
12,253
4,064
12,906
13,637
2,599
11,038
19,882
11,708
190
631
525
696
1,339
1,456
2,073
2,010
1,850
503
435
8,174
1,719
70
1,025
1,337
719
1,097
1,038
190
683
296
51, 746
4,629
16,388
4,111
12,277
4,078
12,995
13,656
2,613
11,043
' 20,016 ' 20,087
' 11,802 ' 11,854
191
' 186
'634
'635
'528
'528
••701
703
r 1, 353
' 1, 357
1,466 ' 1, 469
' 2, 086 ' 2, 124
2,039 ' 2, 048
' 1, 858 ' 1, 855
507
'512
'439
'437
'8,214 ' 8, 233
' 1, 735 ' 1, 744
72
'75
' 1, 027
1,028
1,340 '1,333
725
'726
'1,098 ' 1, 103
r
1, 043 ' 1, 043
190
' 190
687
'694
'297
'297
' 52,014 ' 52,205
' 4, 671 ' 4, 651
' 16,465 ' 16,529
4,137 ' 4, 169
' 12,328 ' 12,360
' 4, 088 ' 4, 093
' 13,044 ' 13,122
' 13,746 ' 13,810
2,626 '2,638
' 11,120 ' 11,172
602
607
607
3, 459
19, 402
11, 270
608
3,620
629
1,227
1,328
1,805
1,768
1,724
437
410
7,964
1,758
,833
747
456
425
8 049
1,751
1,278
1,400
1,932
1,888
1,800
470
431
8 118
1,743
1,336
684
1,071
1,008
191
581
302
48, 103
4,442
15, 142
3,809
11, 333
3,796
11,869
12,856
2,664
10, 191
1,335
697
1,080
1,002
190
627
304
49, 704
4,495
15, 683
3 918
11.765
3,927
12,309
13,290
2, 650
10,640
1,008
1,347
706
1,088
1,013
189
652
302
50, 391
4,549
15,911
3 963
11 948
3,981
12 497
13 453
2 644
10 809
1,015
1,345
707
1,090
1,014
189
657
299
50, 534
4,558
15, 946
3 970
11 976
3,991
12 537
13 502
2 650
10 852
19, 463
11,326
197
624
611
674
1,284
1,419
1,965
1,925
1,817
477
433
8,137
1,749
72
1,014
1,337
708
1,093
1,016
189
664
295
50, 681
4,574
16, 013
4 001
12 012
3,995
12 621
13 478
2 634
10 844
47, 732
13, 434
49, 223
13,838
50, 442
14 281
50, 689
14 282
49, 365
14 130
49, 562
14 258
49, 994
14 345
50,554
14 394
61, 025
14, 457
51,899
14, 739
51,616
14, 458
51.976
14,727
52,063 ' 52,286 ' 52,472
14,841 ' 14,866 '14,879
47, 732
16,717
49 223
17 205
50, 021
17 539
50, 105
17 555
50, 316
17, 624
50, 708
17, 827
60, 830
17, 890
50,947
17,920
461
2,938
14,521
8,483
101
51, 090
17, 996
51,241
18,111
477
3,020
14,614
8,573
98
51, 247
18, 093
51,442
18,135
483
3,041
14,611
8,597
97
51, 592 ' 51,856 ' 52,032
18.155 r 18,257 ' 18,314
192
581
458
634
76
957
451
2 832
13, 434
7 598
96
188
612
493
660
864
72
991
459
2 908
13 838
7 919
' 94
196
621
605
673
70
459
2 905
14 175
8 200
102
196
623
508
673
72
458
2 841
14 256
8 266
'l02
462
2 867
14 295
8 307
'l02
'Revised. v Preliminary.
»As of July 1. 2 See note § below.
tSeenote"t,"p. S-14.
^Effective Jan. 1972, data are adjusted to the 1970 Census and are not directly comparable
with earlier data. On unadjusted basis, 330,000 were added to civilian labor force and 301,000
to civilian employment. Effective Mar. 1973, subsequent adjustments added 60,000 to the
labor force and to total employment. Beginning in the Feb. 1973 SURVEY, data reflect new
seasonal factors; comparable earlier figures appear in EMPLOYMENT & EARNINGS (Feb. 1973).
USDL, BLS.
612
3,594
' 76,642
' 62,832
r 42,745
' 24,437
'643
' 3, 707
464
2,961
14, 402
8 386
462
2 977
14, 451
8 425
193
629
523
692
76
461
2,984
14, 551
8,528
192
628
527
693
76
193
628
522
697
479
3,048
14, 566
8,562
192
631
527
694
483
3,063
14,609
8,599
96
488
r
' 3, 049
14,720
r
8, 674
20, 113
11, 870
187
638
523
707
1,361
1,462
2,126
2,054
1,858
508
446
8,243
1,751
74
1,029
1,330
725
1,110
1,043
190
693
298
52, 165
4,633
16, 456
4,175
12, 281
4,099
13, 127
13, 850
2,623
11,227
52, 579
14, 826
52,009
18, 396
494
'491
3,103
3, 056
' 14,767 14, 799
' 8, 708 8,717
94
93
r
'97
99
99
102
103
*New series; see also note "t".
.
tEffective Oct. 1972 SURVEY, employment, hours, earnings, etc., reflect revised benchmarks and seasonal factors, and are not comparable with figures in earlier SURVEYS and in
BUSINESS STATISTICS. Unadjusted data through June 1972 and seasonally adjusted data
through Dec. 1967 appear in BLS Bulletin 1312-9, EMPLOYMENT & EARNINGS, 1909-72. Effective June 1973 SURVEY, all seasonally adjusted data again reflect new factors; comparable
data, 1968-73, appear in EMPLOYMENT & EARNINGS (June 1973), BLS.
SURVEY OF CURRENT BUSINESS
S-14
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1972
1972
Nov.
Annual
January 1974
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production or nonsupervlsory 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 ...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, nec__.do
Leather and leather products
..do
Service-producing*
do
Transportation, comm., elec., gas, etc*
do
Wholesale and retail trade*
.do
Wholesale trade*
do
Retail trade* .
do
Finance, insurance, and real estate*
do
Services* .
do
600
377
503
968
1,010
1,178
1,171
1,218
261
316
6,836
1,186
63
839
1,168
623
664
680
117
448
258
31,015
3,844
13, 439
3,181
10, 258
2,984
10, 748
527
408
527
984
1,049
1,236
1,238
1,248
276
331
5,919
1,180
59
871
1,165
637
657
681
117
489
261
32,018
3,883
13, 923
3,278
10, 645
3,072
11, 140
535
419
639
1, 025
1,075
1,298
1,288
1,294
287
338
6,975
1,171
67
887
1,176
646
659
589
119
613
258
32,482
3,930
14, 137
3,319
10, 818
3,106
11,309
638
421
638
1,033
1,082
1,314
1,306
1,305
289
338
6,990
1,176
69
894
1,172
547
660
590
119
617
257
32,550
3,937
14, 157
3,324
10,833
3,111
11,345
639
424
639
1,031
1,091
1,324
1,316
1,310
292
339
6,988
1,181
69
893
1,161
648
662
590
119
622
253
32,692
3,947
14,211
3,350
10, 861
3,111
11,423
643
426
647
1,033
1,104
1,328
1,337
1,327
295
343
6,016
1,184
61
902
1,173
662
661
587
116
529
252
32,881
3,949
14, 320
3,363
10, 957
3,127
11,485
643
428
550
1,027
1,108
1,343
1,349
1,334
298
343
6,026
1,181
63
900
1,174
654
661
692
117
531
263
32,940
3, 946
14,362
3,372
10, 990
3,134
11,499
544
430
560
1,033
1,118
1,366
1,361
1,361
296
343
6,038
1,178
63
900
1,182
552
663
593
115
536
256
33,027
3,952
14,404
3,381
11,023
3,139
11,532
542
428
665
1,044
1,123
1,366
1,370
1,364
304
343
6,023
1,170
63
900
1,174
557
661
596
115
531
256
33, 094
3,957
14, 435
3,385
11,050
3,143
11, 559
542
436
555
1,052
,126
,380
,389
,348
306
341
6,041
1,165
63
900
1,175
557
664
599
117
544
257
33,130
3,960
14,421
3,406
11,015
3,144
11,605
541
431
557
1,050
1,127
1,379
1,392
1,338
306
342
6,004
1,160
64
899
1,140
556
663
605
118
546
253
33, 154
3,952
14,449
3,404
11,045
3,142
11,611
544
434
554
1,066
1,129
1,399
1,384
1,339
311
340
6,014
1,144
60
902
1,161
561
662
603
120
547
254
33,307
3,969
14,489
3,423
11,066
3,153
11,696
544
434
554
1,082
1,123
1,398
1,386
1,332
311
339
6,010
1,157
57
899
1,160
558
661
606
120
538
254
33,437
3,972
14,527
3,432
11,095
3,162
11,776
Avg. weekly hours per worker on private nonagric.
payrolls: t1T Seasonally adjusted
hours..
~"~37.~6~
Not seasonally adjusted
do
Mining..
do .
42.3
Contract construction
do
37.3
39.9
M anufacturing : Not seasonally adjusted ... do
Seasonally adjusted
do .
2.9
Overtime hours .
do
~~37~2
42.6
37.0
40.6
37.0
37.2
41.8
35.8
41.2
40.7
3.8
36.9
36.6
41.5
36.1
40.0
40.3
3.7
37.2
36.8
42.0
36.2
40.6
41.0
3.9
37.1
36.9
41.9
37.0
40.8
40.9
3.9
37.2
36.9
41.7
37.0
40.7
40.9
4.1
37.2
37.0
42.5
37.5
40.7
40.7
3.9
37.1
37.4
42.5
37.4
40.9
40.6
3.8
37.2
37.6
42.4
37.5
40.5
40.7
3.8
37.0
37.5
42.6
37.1
40.5
40.5
3.7
37.2
37.3
42.9
36.7
41.0
40.8
3.8
37.0
37.0
42. 5
36.9
40.7
40.6
3.7
'37.1
'37.0
'42.8
'38.5
'40.9
'40.7
'3.8
37.0
37.2
43.3
37.1
41.2
40.7
3.7
'546
'546
434
434
••562
'563
'1,093 '1,095
' 1, 131 ' 1,134
'1,411 '1,443
'1,412 '1,417
'1,331 ' 1, 324
'318
314
'341
'343
'6,046 '6,059
' 1, 171 ' 1, 179
59
'62
'903
902
' 1, 161 ' 1, 155
'563
563
664
'662
'608
'610
'120
120
'550
'543
255
'255
' 33,599 ' 33,718
' 4, 019 ' 3, 997
' 14,596 '14,663
' 3, 456 ' 3, 488
' 11,140 ' 11,175
' 3, 165 ' 3, 166
' 11,819 ' 11,892
549
430
567
1,099
1,127
1,445
1,422
1,320
317
347
6,082
1,191
62
908
1,152
563
671
608
121
550
256
33, 613
3,980
14, 580
3,492
11, 088
3,167
11, 886
AVERAGE HOURS PER WEEK
Seasonally Adjusted
3.5
37.2
37.1
42.4
36.9
41.0
40.8
3.7
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
40.4
2.8
41.7
40.3
39.8
41.6
40.4
40.4
40.6
39.9
40.7
39.8
38.9
41.3
3.6
42.2
41.0
40.5
41.9
41.6
41.2
42.0
40.6
41.8
40.6
39.3
41.7
3.9
42.3
41.0
40.3
41.8
42.7
41.6
42.6
40.8
42.2
40.6
39.3
41.5
4.0
42.6
39.8
40.0
41.6
42.4
41.6
42.6
40.5
42.4
40.6
39.1
41.3
4.1
42.6
39.9
39.0
41.1
42.4
41.4
42.4
40.4
42.3
40.4
38.7
42.0
4.4
42.7
40.7
40.6
42.2
42.4
41.9
42.9
41.1
43.2
40.8
39.4
41.6
4.1
42.4
41.0
40.6
42.3
42.1
41.7
42.6
40.6
42.0
40.7
39.3
41.8
4.4
42.0
41.1
40.4
42.3
42.2
41.8
42.5
40.6
43.5
40.8
39.0
41.6
4.2
41.9
40.7
40.1
42.3
41.9
41.6
42.6
40.6
42.1
40.7
39.1
41.4
4.0
41.9
40.9
40.1
42.2
41.9
41.5
42.5
40.1
41.9
40.5
38.9
41.4
4.1
42.7
40.5
39.8
42.1
42.2
41.6
42.2
40.2
42.3
40.6
38.9
41.1
3.9
41.5
40.7
39.7
42.0
41.8
41.3
42.4
40.1
41.0
40.4
38.7
41.4
4.0
42.5
40.7
39.7
42.2
42.7
41.5
43.0
40.4
41.1
40.9
39.1
41.3
'3.9
42.4
40.3
'39.4
41.9
'42.7
41.5
'42.6
40.0
'41.5
40.8
38.6
'41.4
'4.0
'42.1
'40.5
'39.5
42.2
'43.3
41.7
'42.4
'40.3
'41.0
40.9
'39.0
41.4
4.0
42.7
41.8
39.5
42.6
43.4
41.4
42.6
40.0
40.7
40.9
38.9
Nondurable goods..
Overtime hours
Food and kindred products
Tobacco manufactures!-.
Textile mill products.. . _
Apparel and other textile products
do
do
do
_do _.
do
do
39.3
3.0
40.3
37.8
40.6
36.6
39.7
3.3
40.4
37.4
41.3
36.0
39.8
3.5
40.3
38.0
41.3
36.1
39.6
3.4
40.4
37.9
41.2
35.7
39.1
3.4
40.1
36.6
39.6
34.6
39.7
3.4
40.2
38.4
41.2
36.0
39.8
3.5
40. 2
38.8
41.3
36.2
39.8
3.6
40.1
39.2
41.6
36.1
39.6
3.4
40.4
37.9
40.9
36.0
39.6
3.3
40.1
37.8
40.8
36.0
39.6
3.4
40.2
36.0
40.8
35.9
39.5
3.3
40.4
38.5
40.8
35.7
39.8
3.4
40.6
37.9
40.9
35.9
39.7
3.3
'40.6
'39.2
40.5
35.8
'39.8
3.4
'40.9
'40.9
'40.5
'35.8
39.7
3.2
41.0
38.5
40.7
36.1
do
do
.do
..do
do .
-do
42.1
37.6
41.6
42.4
40.3
37.7
42.8
37.9
41.8
42.2
41.2
38.3
43.1
38.2
41.9
42.4
41.6
37.8
42.9
37.7
41.9
42.2
41.3
36.5
42.5
37.8
41.6
41.9
41.0
37.2
43.0
38.0
42.0
41.9
41.6
37.8
43.1
38.0
42.0
42.0
41.5
37.9
42.8
38.0
41.9
41.9
41.5
38.2
42.8
38.0
42.0
42.1
40.8
37.9
42.7
37.8
42.0
41.7
40.7
38.1
42.7
37.7
42.1
42.4
40.8
37.8
42.4
37.7
42.1
42.1
40.5
38.1
42.8
38.0
42.0
42.5
41.0
38.4
42.6
'37.9
41.9
'42.2
'40.8
38.0
'42.7
38.0
'42.0
'43.1
41.2
'37.9
42.8
37.8
41.9
42.6
40.4
37.5
do
do
do
do
do
do
40.2
36.1
39.8
33.7
37.0
34.2
40.4
35.1
39.8
33.6
37.2
34.1
40.4
35.0
39.8
33.5
37.0
34.1
40.5
35.1
39.7
33.6
37.1
34.0
40.6
34.9
39.7
33.4
37.0
34.1
40.4
35.0
39.7
33.5
37.1
34.1
40.4
34.8
39.7
33.4
37.0
34.0
40.7
34.8
39.5
33.4
37.2
34.1
41.0
34.8
39.7
33.4
37.0
34.2
40.7
34.9
39.5
33.5
37.1
34.4
40.7
34.7
39.5
33.2
37.2
34.2
40.9
34.5
39.4
33.0
37.0
34.2
40.6
34.6
39.5
33.2
37.2
34.1
'40.8
34.5
39.3
33.0
'36.9
34.0
'40.7
34.6
' 39. 4
33.0
'37.0
34.0
40.7
34.6
39.4
33.0
37.1
34.0
137. 72
111.72
1.32
6.62
38.34
9.29
27.74
7.30
21.11
26.00
142.46
115.37
1.34
6.78
39.68
9.47
28.68
7.59
21.83
27.09
144. 60
117. 20
1.34
6.78
40.69
9.58
29.01
7.67
22.14
27.40
144. 52
117. 10
1.32
6.46
40.74
9.62
29.11
7.71
22. 15
27.43
145. 15
117. 67
1.32
6.57
40.94
9.66
29.12
7.69
22.38
27.47
146. 28
118. 69
1.34
6.76
41.37
9.62
29.37
7.74
22.49
27.59
146.38
118. 85
1.33
6.93
41.35
9.62
29.39
7.74
22.48
27.53
146.98
119.37
1.32
6.87
41.62
9.72
29.45
7.80
22.60
27.61
147. 50
119.84
1.34
7.06
41.58
9.79
29.56
7.78
22.72
27.67
147. 92
120. 22
1.39
7.11
41.65
9.73
29.60
7.81
22.93
27.70
147.69
119.95
1.39
7.18
41.54
9.73
29.46
7.83
22.81
27.74
147. 73
120. 01
1.40
7.09
41.50
9.82
29.42
7.82
22.95
27.73
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
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate t-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) : } If
Private nonagric. payrolls, total*
1967 = 100
Goods-producing*....
do
Mining*
do
Contract construction*
do
108.2
106.6
108.4
102.8
108.4
98.1
94.0
100.5
99.8
99.5
97.5
97.4
95.6
95.8
95.9
103.5
105.5
105.0
99.7
101.4
% See note "J," p. S-13.
H Production
'Revised.
"Preliminary.
* New series.
and nonsupervisory workers.
§ Revised beginning June 1971 to correct errors of estimation; revisions are shown at the
bottom of p. S-14, Oct. 1973 SURVEY.
148.42 ' 148.92 ' 149.51
120.58 ' 120.90 ' 121.72
1.41 '1.43
1.41
7.06 '7.09 '7.42
41.77 ' 41. 98 ' 42. 20
9.77 ' 9. 91 ' 9. 84
29.64 ' 29. 61 ' 29. 75
7.89 '7.84 r '7.88
20
23.04 ' 23. 06 r 23.
27.84 ' 28. 02 07 ~()
149. 77
121. 47
1.46
7.24
42.22
9.80
29. 63
7.91
23.21
28.30
112.2
111.4 ' 111.7 r 112..")
110.9
110.8
111.1
110.9
110.4
109.9
109.8
105.2
103.7 ' 104.0 ' 105. 4
103.4
102.1
103.4
103.1
103.1
102.4
102.9
102.9
103.7 ' 103. 8 ' 105. 1 107.0
98.0
101.6
96.2
101.4
96.9
97.5
'
115.3
112.8
110.2 '110.3
110.6
112.0
106.5
109.7
110.7
107. 9
105.0
NOTE FOR S-13: t Revisions (back to 1960), to adjust to the 1970 Census, appear in''Estimates of the Population of the United States and Components of Change: 1972," P-25,
No. 499 (May 1973), Bureau of the Census.
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
| 1972
Nov.
S-15
Dec.
Jan.
Mar.
Feb.
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.t, Ifseas. adjusted— Con.
Manufacturing
1967=100..
Durable goods
do
Nondurable goods
do
Service-producing* .
...
do
Transportation, comm., elec., gas*.
do
Wholesale and retail trade*
do
Wholesale trade*
do
Retail trade*
do
Finance, insurance, and real estate*
do
Services*
._ .
do
92.3
89.1
97 1
108.9
102.7
106.7
105.5
107.1
116.1
112.8
96.8
94.9
99 5
112 5
104.4
110.4
109 0
110.9
120.1
116 8
99.8
99 2
100 7
113 8
105 6
111.7
110 3
112.3
120.9
118.4
99.9
99 6
100 4
114 1
106.0
112.0
110.1
112.8
121.4
118.4
99.3
99 6
98 8
114 5
106.6
112.0
111.0
112.4
121.1
119.6
101.7
102.1
101 2
115.2
106.1
113.1
111.4
113.7
122.0
120.2
101.6
101.7
101 6
115.1
106.0
113.2
111.7
113.7
122.0
120.0
102.6
103.0
101.7
116.7
107.0
113.4
111.6
114.1
122.8
120.7
102.1
102.8
101.1
116.1
107.9
113.7
112.2
114.3
122.3
121.4
102.2
102.9
101.2
116.5
107.2
113.8
112.3
114.3
122.7
122.6
102.0
102.9
100.6
116.0
107.0
113. 2
112.2
113.6
122. 9
121.9
101.8
102.6
100.7
116.3
107.9
113.0
112.6
113.1
122.7
122.8
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:1ft
Not seasonally adjusted:
Private nonagric. payrolls
dollars-Mining
do
Contract construction...
do
Manufacturing.
_
do
Excluding overtime. _
do
Durable goods
.
do
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies .do
Transportation equipment
. do
Instruments and related products. .do
Miscellaneous manufacturing ind...do
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
Rubber and plastics products, nee .do
Leather and leather products
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Wholesale trade
..
do
Retail trade
do
Finance, insurance, and real estate
do
Services
do
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
3.26
3.14
3.38
3.15
2.57
2.49
3.67
4.20
3.94
4.67
3.40
2.60
4.20
2.87
3.67
2.57
3.28
3.01
3.65
4 38
6.06
3.81
3.65
4.05
3.88
4.09
3.31
3.06
3.91
4.66
3.99
4.27
3.67
4.73
3.72
3.11
3.47
3.33
3.60
3.43
2.73
2.61
3.94
4.48
4.20
4.95
3.60
2.71
4.64
3.02
3.88
2.70
3.45
3.18
3.74
4 47
6.23
3.89
3.72
4.14
3.95
4.13
3.40
3.13
4.00
4.80
4.07
4.38
3.74
4.87
3.74
3.15
3.53
3.38
3.66
3.49
2.78
2.68
4.03
4.56
4.29
5.02
3.68
2.72
4.82
3.07
3.94
2.75
3.49
3.25
3.74
4.55
6.32
3.95
3.78
4.21
4.01
4.18
3.38
3.15
4.02
4.81
4.13
4.44
3.79
5.01
3.83
3.19
3.58
3.43
3.72
3.49
2.83
2.69
4.06
4.59
4.33
5.03
3.72
2.74
4.86
3.07
3.99
2.75
3.52
3.27
3.77
4 60
6 42
3.98
3.81
4 23
4.04
4.18
3.45
3.15
4.03
4 87
4.13
4.44
3.80
5.00
3.82
3.24
3.61
3.47
3.75
3.56
2.87
2.72
4.06
4.56
4 36
5.09
3.74
2.77
3.78
4.55
6.31
3.97
3.80
4.23
4.03
4.15
3.47
3.17
4.04
4.86
4.16
4.45
3.78
5.00
3.82
3.22
3.69
3.45
3.75
3.65
2.88
2.72
4.07
4.68
4.35
5.09
3.73
2.78
3.80
4 55
6.28
3.98
3.81
4.23
4.03
4.17
3.47
3.19
4.07
4.88
4,15
4.46
3.79
4.96
3.82
3.23
3.61
3.46
3.77
3.70
2.88
2.73
4.08
4.60
4.36
5.15
3.73
2.80
3.83
4.60
6.31
4.01
3.83
4.26
4.06
4.18
3.51
3.21
4.11
4.92
4.19
4.49
3.81
6.00
3.81
3.22
3.63
3.48
3.78
3.81
2.90
2.74
4.11
4.63
4.40
5.22
3.76
2.79
3.85
4.61
6.34
4.02
3.86
4.28
4.08
4.23
3.54
3.24
4.14
4.95
4.21
4.50
3.81
6.00
3.86
3.26
3.64
3.50
3.82
3.84
2.90
2.74
4.12
4.67
4.42
6.22
3.71
2.80
3.87
4.67
6.35
4.04
3.86
4.30
4.09
4.22
3.61
3.25
4.17
4.96
4.24
4.50
3.83
5.05
3.84
3.27
3.66
3.51
3.82
3.91
2.90
2.75
4.16
4.68
4.46
5.24
3.75
2.80
3.13
4.02
2.80
3.56
3.28
3.14
4.03
2.81
3.55
3.30
3.16
4.07
2.83
3.59
3.32
3.17
4.09
2.84
3.67
3.32
3.19
4.10
2.86
3.58
3.34
3.91
4 69
6.46
4.06
3.88
4.31
4.11
4.29
3.62
3.28
4.21
5.10
4.24
4.53
3.88
5.02
3.87
3.26
3.70
3.54
3.83
3.73
2.92
2.79
4.24
4.70
4.50
5.24
3.81
2.80
5.12
3.21
4.13
2.87
3.60
3.34
3.99
4.78
6.64
4.13
3.93
4.39
4.17
4.37
3.68
3.33
4.26
5.16
4.30
4.61
3.91
5.10
3.93
3.31
3.75
3.58
3.85
3.68
3.02
2.84
4.26
4.76
4.53
5.29
3.86
2.84
3.11
3.99
2.78
3.54
3.27
3.90
4.70
6.40
4.06
3.89
4.31
4.12
4.28
3.59
3.25
4.20
5.00
4.24
4.51
3.86
5.06
3.87
3.26
3.70
3.55
3.82
3.97
2.89
2.74
4.23
4.70
4.49
5.26
3.82
2.79
5.04
3.20
4.12
2.86
3.61
3.36
3.43
4.06
6.69
3.56
4.20
2.87
3.28
3.01
3.65
4.38
6.06
3 81
4.64
3.02
3.45
3.18
70
4 44
6.19
3 89
4.81
3.07
3.49
3 24
3.75
4.53
6.29
3 93
4.85
3.09
3.53
3.27
3.77
4 58
6.37
3 97
4.86
3.09
3.53
3.26
3.78
4.52
6.29
3.96
4.90
3.11
3.53
3.27
3.81
4.54
6.31
3.98
4.92
3.13
3.54
3.30
3.84
4.59
6.35
4.01
4.97
3.15
3.58
3.32
3.86
4.62
6.34
4.02
4.97
3.16
3.56
3.32
3.87
4.70
6.43
4.04
5.01
3.19
3.59
3.36
3.91
4.74
6.46
4,07
5.03
3.21
3.61
3.38
129.7
106.9
127.2
138.1
127.6
130.0
128.3
126.8
131.1
137.9
110.1
136.7
146.9
135.4
143.7
135.0
133.4
138.4
140 7
110 8
138.4
149 6
138.0
148.7
137 4
135.2
141 0
141 9
111.5
140.9
151.8
138.8
150.1
138.4
136.5
142.0
142 3
111.3
142.4
154.0
139.5
150.4
138.7
136.8
142.2
142.5
110.7
141.5
151.6
139.7
151.5
139.2
137.0
142.3
143.3
110.4
142.5
152.6
140.4
152.1
140.2
136.9
143.6
144.4
110.5
144.0
153.4
141.1
154.6
141.2
139.1
144.7
144.7
110.1
144.8
153.7
141.8
153.5
141.7
138.5
144.7
146.0
110.4
146.2
155.4
142.7
155.0
142.9
139.5
146.3
6.010
8.340
1 73
14.416
6.642
9. 146
1 84
«4. 923
6.836
9.378
6.841
9. 396
6.896
9.410
1 98
6.896
9.410
6.897
9.414
6.910
9.490
1.97
6.93
9.48
7.04
9.52
126.91
104. 62
135. 78
108. 36
138. 76
109. 28
138. 75
109. 05
139. 11
108. 79
140. 62
109.22
141. 35
108. 83
142.85
109. 30
143. 22
108. 94
112. 12
92.43
120. 79
96.40
123. 14
96.98
123. 14
96.78
122. 51
95.81
123. 70
96.08
124. 26
95.67
125.42
95.96
125. 70
95.61
Seasonally adjusted:*
Private nonagricultural payrolls . . do
Mining
do
Contract construction ..
do
Manufacturing
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Indexes of avg. hourly earnings, seas, adj.: (D*H
Private nonfarm economy:
Current dollars
1967=100
1967 dollarsA .
do
Mining
_
..
do
Contract construction
do
Manufacturing
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services.. _
do
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E NR): cf
Common labor
$ per hr
Skilled labor..
do .
Farm, without board or rm. 1st of mo
do
Railroad wages (average, class I)
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
O
« 5. 199
Current dollars, not seasonally adjusted:?
135.78 138.75 139. 13 137. 98
Private nonfarm, total
dollars.. 126.91
Mining
do
171.74
186. 15 189.98 191. 10 189.98
212. 24
Contract construction...
do
224. 22 224. 28 222. 46 223.42
Manufacturing
.do
142. 04
154.69 159. 49 162. 74 159. 20
153. 12
Durable goods ...
do
167. 27 173. 05 177.24 173. 43
128.12
137. 76 141.20 142.84 139. 71
Nondurable goods ...
do
Transportation, comm., elec., gas
do
187. 46 195.21 197. 80 195.77
168. 84
106. 00 106. 53 108. 37 107. 30
Wholesale and retail trade
do ... 100.74
Wholesale trade
do
146. 07
154. 42 156.81 160.00 157.61
Retail trade
do
90.72 91.30 93.23 91.46
86.61
128. 34 129.13 130. 59 130.98
Finance, insurance, and real estate. . ..do
121.36
Services
do
102. 94
108. 44 110.50 111.18 110. 85
' Revised.
P Preliminary.
i Includes adjustments not distributed by months.
JSee corresponding
note, p. S-13.
^Production and nonsupervisory workers.
*New
a
c
series.
Line-haul roads; omits wages in switching and terminal companies.
Corrected.
(DSource: USDL, Bureau of Labor Statistics; the indexes exclude effects of changes in the
proportion of workers in high-Wage and low-wage industries, and the total and manufacturing
103.6
104.7
102.1
117.4
108.2
114.4
114.7
114.2
123.2
124.1
103.8
104.8
102.3
117.1
107.7
113.8
114.8
113.3
123.6
124.1
3.99
4.76
'6.66
.4.14
3.95
4.39
'4.19
4.38
'3.67
3.34
4.27
'5.14
4.32
'4.63
3.91
' 5.14
3.93
3.31
3.76
3.60
3.89
'3.73
3.03
'2.85
'4.27
'4.75
'4.54
5.26
'3.86
'2.85
4.00
'4.84
'6.68
'4.16
'3.97
'4.42
'4.21
'4.46
'3.63
'3.34
'4.29
'5.22
4.34
'4.65
'3.03
'5.16
'3.96
'3.33
'3.78
'3.62
'3.91
'3.83
3.05
'2.86
'4.29
'4.77
'4.56
'5.29
'3.90
'2.87
r IQ
3.26
4.19
2.92
3.66
3.44
3.27
'4.18
2.93
'3.64
3.44
'3.28
'4.20
'2.94
3.66
3.45
4.01
4.91
6.71
4.22
4.03
4.49
4.28
4.49
3.69
3.36
4.29
5.31
4.36
4.73
3.98
5.33
4.00
3.35
3.80
3.65
3.95
3.91
3.06
2.87
4.31
4.79
4.59
5.28
3.89
2.87
5 21
3.28
4.25
2.93
3.70
3.48
3.92
4.73
6.50
4.09
5.11
3.23
3.61
3.37
3.96
4.78
6.59
4.13
5.15
3.26
3.67
3.42
3.98
4.76
'6.59
4.16
'5.17
3.27
'3.65
3.43
3.99
'4.81
'6.64
'4.16
'5.18
'3.28
3.66
3.44
4.02
4.89
6.68
4.19
5.21
3.31
3.71
3.48
146.9
110.9
147.9
156.3
143.7
155.6
143.6
140.9
147.3
147.6
109.3
147.5
157.2
144.5
157.7
144.4
140 9
146.9
149.0 ' 149. 6 '150.2
110.0 ' 109. 5 ' 109. 1
149.5 ' 148. 4 ' 149. 6
159.1 ' 159. 2 ' 160. 4
146.5 r' 147. 0
145.4
158.5 ' 159. 8 160. 3
'
146. 2 ' 146. 8
145.7
143.4 ' 142. 7 ' 143. 2
'
149. 1 ' 149. 8
148.8
7.09
9.55
2.02
7.18
9.66
7.22
9.72
143. 58
108. 60
145. 45
109.77
145 .04
107 .39
147.31
108.72
74
147. 26 '148.03 148.
107. 80 ' 107. 52 1 fi7 4^
125.98
95.29
127. 42
96.16
127.11
94.11
128. 86
95.11
96
128. 82 ' 129. 42 129.
QO QQ
94.30
°5.452
103.0
102.6
103.5 ••104.0
101.2 '101.4
116.8 ' 117. 0
107.2 '109.0
113.8 '113.7
113.4
113.1
114.1 '113.9
'
122. 8
123.7
123.3 '123.4
r
7.22
9.76
1.97
7.25
9.80
151.4
109.4
151. 8
148. 2
147.8
144. 9
7.27
&2.17
'148.00 149. 17
139. 10 140. 22 141.33 142.45 144. 74 146.64 146.63 148.83 ' 147.63
207.64 213. 59
188.37 188. 37 191.82 195. 46 200.34 200.22 200.73 205.54 r 204.20 T' 250.50
94.4. Q9
251.08
251.66
232.21
237. 75 241. 94 245.76 247.42
220.22 229. 85
m Q(\
161. 18 162. 38 163.21 163. 61 165. 24 164.43 164.43 169. 33 168.50 ' 183.43 188. 58
181.75
183.06
r
175.97 175. 97 177. 22 178. 05 179. 31 177.14 176.28
i n9 no
141. 09 142. 96 143. 39 143. 78 145. 67 146.89 147.26 150.00 r 149. 27 151.20 213 09
197.47 196. 58 199.39 201.87 204.09 207. 14 210.43 211.75 211.86
114 14
107. 99 108. 33 108.70 109. 37 112.29 113.92 113.63 113.12 r 112. 16
169 15
qy gy
158.79 159. 59 159.95 161.56 162. 36 163.56 163.55 165.51 164.27
96. 10 r
96.94
97.87
93.39
93.72
98.10
96.67
92.12
92.45
97
132.08 131. 35 133.55 131. 73 132. 82 134.65 133.56 135.79 " 134.68 135.42 m
118 32
111.19 111.87 112.88 112.55 114.90 116.93 115.90 117.30 116. 62
indexes also exclude, for the manufacturing sector only, effects of 1
premiums. See also note "t," p. S-13. cfWages as of Jan. 1,1974: Common $
$9.89.
AEarnings expressed in 1967 dollars are adjusted for changes in purchasing power
since the base period. 1967, by dividing by the Consumer Price Index for the respective period.
b
As of Jan. 1, 1974.
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
1971
1972
Annual
January 1974
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
:
I ' '- '—'•—r—"^
HELP-WANTED ADVERTISING
Seasonally adjusted indexf
1967=100..
LABOR TURNOVERt
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires..
do
Separation rate, total
do
Quit
do
Layoff
do
Seasonally adjusted:
Accession rate, total.
_
do
New hires...
do
Quit
Layoff
_
-
_
82
101
109
117
122
119
121
121
122
123
131
126
121
r!23
•120
3.9
2.5
4.2
1.8
1.6
4.4
3.3
4.2
2.2
1.1
3.6
2.9
3.7
1.9
1.0
2.7
2.0
3.6
1.6
1.3
4.6
3.5
4.2
2.2
1.0
4.0
3.1
3.7
2.1
.8
4.4
3.5
4.2
2.5
.8
4.5
3.6
4.1
2.4
.7
5.3
4.4
4.3
2.7
.6
5.9
5.0
4.4
2.8
.6
5.1
4.1
5.1
2.8
1.4
6.2
5.0
6.5
4.5
.8
5.7
4.7
5.7
3.9
.7
5.2
4.3
4.9
3.0
.8
»3.8
*>3.1
"4.2
P2.3
"1.1
3.6
3.5
4.0
3.9
4.0
4.9
3.9
5.1
4.3
4.5
3.6
4.8
3.9
4.7
3.8
4.7
3.7
2.4
.9
2.5
1.0
2.6
.9
2.7
.9
2.9
.9
2.6
.8
2.8
.8
2.9
.8
2.8
1.0
3.0
.9
2.4
.7
5.0
3.9
4.6
2.8
.8
"4.8
"3.9
"4.7
J>2.9
»1.0
327
595
158
411
310
480
380
590
410
670
470
710
580
860
520
840
500
830
530
890
500
850
420
740
85
202
1,351
35
162
1,018
118
145
1,433
141
200
1.281
110
156
1,330
146
167
1,890
155
253
2,483
238
299
2,173
253
377
2,510
167
341
2,698
259
360
2,696
164
261
2,421
1,692
1,993
2,333
2,250
2,075
1,828
1,610
1,523
1,640
1,572
1,440
1,451
* 1, 665
1,119
1,507
1,347
1,801
1,539
2,124
1,000
2,062
916
1,898
920
1,669
887
1,465
865
1,383
1,231
1,505
954
1,436
762
1,299
1,298
p'l, 501
2.7
3.2
1,203
307.2
3.7
3.8
3.3
2.8
2.7
3.0
1,803
1,758
1,350
342.0 i 465. 3 i 415.0
2.1
2.8
92. 4
P2.8
A
—do
-—do
INDUSTRIAL DISPUTES
Work stoppages:
Number of stoppages:
6,138
5,010
Beginning in month or year
number
In effect during month
do
Workers involved in stoppages:
1,714
3,280
Beginning in month or year
thous.
In effect during month
do
47, 689
27,066
Man-days idle during month or year
do
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
2,186
2,593
weekly §9
-thous..
State programs:
13, 580
15, 337
Initial claims
do
1,848
2,150
Insured unemployment, avg weekly do
Percent of covered employment:^
3.5
4.1
Unadjusted
_
Seasonally adjusted
1,814
Beneficiaries, average weekly.
___ thous .
Benefits paid
mil. $.. • 4, 957. 0 i 4, 471. 0
Federal employees, Insured unemployment,
average weekly
thous..
Veterans' program (UCX):
Initial claims
do
Insured unemployment, avg weekly do
Beneficiaries, average weekly
.do
Benefits paid
mil. $._
Railroad program:
Applications
thous..
Insured unemployment, avg weekly do
Benefits paid
mil $
34
36
1
39
2.5
2.8
3.4
2.7
2.7
2.8
1,299
1,504
1,752
i 440. 9 i 363. 6 i 339. 2
2.4
2.5
2.4
2.1
2.7
2.6
2.7
2.8
1,210
1,202
1,229
1,115
i 286. 6 i 296. 3 i 316. 3 i 251. 2
39
39
37
34
31
28
28
39
42
42
44
"47
35
76
73
17.8
33
72
74
20.0
26
64
65
17.0
27
58
58
16.7
28
56
54
14.3
32
59
55
15.3
31
59
59
17.4
26
63
53
13.6
51
"54
3
18
3.8
26
15
3.7
9
13
2.9
3
10
2.3
7
9
1.7
13
9
1.5
7
9
1.8
6
10
1.6
4
9
1.9
4
10
1.9
622
131
115
356.0
523
106
102
361.8
30
67
66
18.0
35
70
64
16.9
39
76
74
20.9
609
26
75.7
105
20
51.5
12
20
3.5
11
16
3.8
7
21
5.9
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers'acceptances
mil. $.. 2 7,889
Commercial and finance co. paper, total
do
32,126
Placed through dealers
do
11,418
Placed directly (finance paper)
do
2 20,708
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
6,864
34,721 35,775
12,172 13, 221
22, 649 22,554
6,898
34,721
12,172
22,549
6,564
35,727
12, 552
23,175
6,734
35,196
10, 924
24, 272
6,859
34,052
9,359
24, 693
6,713
34,404
9,334
25, 070
6,888
35, 672
9,436
26,236
7,237
35, 786
9, 489
26, 297
7,693
35,463
9,161
26,302
7,734
37,149
9,026
28,123
8,170
37,641
10,198
27,443
8,237
41,602
13,046
28, 556
42, 945
14,141
28,804
16,347
18, 294
18,046
18,294
18, 925
19, 313
19, 733
20,075
20,319
20, 641
20,856
21, 206
21,346
21,454
21, 505
7,917
2,076
6,354
9,107
2,993
8,972
2,313
6,761
9,107
2,298
9,251
2,
9,387
2,936
7, 020
9,591
2,895
7,246
9,767
2,859
7,449
9,953
2,765
7,601
10,118
2,725
7, 798
10, 256
2,811
7,789
10, 441
2,865
7,899
10,592
2,738
8,016
10, 781
2,711
7,961
10, 926
2,662
7,917
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: ©
Total (233 SMSA's)O
bil. $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's f.-- _
226 other SMSA's
do..
do
do
Federal Reserve banks, condition, end of period:
Assets, total?
._.
mil. $..
Reserve bank credit outstanding, total 9 -do
Discounts and advances
do
U.S. Government securities
do
Gold certificate account
15,444.5 16,069.5 15,954.5 15,966.3 16,447.0 16,634.4 17,218.8 17,885.3 17,914.5
6,844.8 6,927.5 7,177.0 7,224.6 7,381.4 7,744.6 8,025.3
6,855.4
8,175. 3 8,178. 9 8,589.1 8,842.4 9,109.7 9,038.8 9,270.1 9,409.8 9,837.4 10,140.6 9,889.1
3,411.9 3, 495. 4 3,631.7 3,804.8 3,868.7 3,852.6 3,913.4 4,046.6 4,277.8 4,315.3 4,192.1
4,763. 5 1, 683. 5 4,957.3 5,037.6 5,241.0 5,186.2 5,356.7 5,363.3 5,55.95 5,825.3 5,697.1
15,154.7
6, 979. 3
do
99,523
97, 675
93,635
97, 675
75,821
70, 218
77, 291
1,981
69, 908
73,476
501
69,501
77, 291
1,981
69,906
9,875
10,303
10,303
10,303
39
18,388.6 19,091.1
8,137. 2 8, 437. 9
10,251.3 10,653.2
4,413. 5 4, 550. 7
5,837. 8 6,102. 5
101,944 107, 422 • 103,656 '106,403
99,492
99,325 100,010 100, 010 100,509 104, 439 101,577
77, 228
1,310
72,022
78, 539
1,564
72,620
79, 717
2,048
74,276
79,832
1,716
75, 495
79,392
1,224
74,128
80,355
1,770
75, 022
83,349
2,245
77,098
82,489
2,842
76,093
81,123
1,558
76,165
85, 454
2,198
78,491
' 83,217 84, 619
1,257
'1,915
77,129 78,516
10,303
10,303
10,303
10,303
10,303
10,303
10, 303
10,303
10,303
11,460
11,460
100,010 100,509 104,439
11,460
do___.
99,523
97, 675
93,635
97,675
99,061
99,492
99,325 100, 010
101,577
101,944 107,422 • 103,656 P106,403
Deposits, total
Member-bank reserve balances
do
do
31,475
27,780
28, 667
25, 647
25.666
23.667
28,667
25,647
30, 458
26, 727
30,814
27,653
31,626
27,713
30, 968
25, 700
29,123
24,892
29,920
24,818
32.461
28,195
30,822
28,955
30,919
28,240
34,886
31,787
r 31,145 31,425
' 28,108 26,999
Federal Reserve notes in circulation
do
54,954
59, 914
58, 419
59,914
58,402
58,466
58,676
59,414
60,223
60, 847
61,362
61,640
61, 628
62,120
63,292
Liabilities, total 9
f
2
Revised.
9 Preliminary.
» See note "§", this page.
Beginning Dec. 1971, data
on new basis reflect inclusion of paper issued directly by real estate investment trusts and
several additional finance companies. § Insured unemployment (all programs) data include
claims filed under extended duration provisions of regular State laws; amounts paid under
these programs are excluded from the annual figure and, beginning Jan. 1973, from
the monthly data.
e Estimate.
t Revised (back to 1951) to reflect new seasonals and other modifications.
65,470
d*Insured unemployment as % of average covered employment in a 12-month period.
0Series revised to reflect recalculation of seasonal factors and trading-day adjustment;
revisions back to 1964 are shown in the July 1972 Federal Reserve Bulletin, p. 634.
?»ee
note "t", p. S-13.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
| 1972
End of year
Nov.
S-17
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
BANKING- Continued
All member banks of Federal Reserve System,
averages of dally figures:
Reserves held, total®
mil. $
131,329 131,353 4 31,774 31, 353
Required
- do
i 31, 164 i 31, 134 31, 460 31, 134
Excess©
do
U65
i 219
«314
219
Borrowings from Federal Reserve banks.. .do
U07 11,049
6C6
1,049
Free reserves©
.
..
. __do
168 i -830 « -292 -830
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits: J
Demand, adjustedcf
mil. $
Demand, total 9
- _
Individuals, partnerships, and corp
State and local go vernments_ _ _ __
TJ S Government
Domestic commercial banks _ _
do
do
do
do
do _
Time, total 9
do
Individuals, partnerships, and corp.:
Savings
do
Other time
. ..do
91,683
106,219
97,444
32, 962 31,742
32, 620 31, 537
342
206
1,165
1,593
-823 -1,388
106,219 97,765
95,489
31,973 32,277 32,393 32, 028 33, 524
31,678 32, 125 32,275 31, 969 33, 202
322
296
118
59
162
1,858
1,786
2,051
1,789
1,721
-1,663 -1, 560 -1,638 -1,653 -1,605
96,237
97,246
95,932
97,944 100, 189
33,785 34,019
33, 539 33,782
237
246
1,861
2,143
1,734 -1,477
34, 912 ••34,727 34,984
34, 712 '34,523 34, 791
200
193
'204
1,467
1,399 1,291
-1,141 ' -1,111 -1,064
96,481
' 99, 610 ' 100,178 112, 561
97,578
152, 699
106, 885
6,563
7,571
20, 880
169, 768 152,024 169, 768 156, 909 157, 135 149,421 156,704 150, 507 149, 950 157, 605 143, 547 156, 014 " 162,119 ' 156,083 184, 486
121,308 108, 876 121,308 110,248 109,337 105,786 109,067 109, 212 107,431 111,528 105, 789 110,371 r 112,865 ' 111,459 128, 187
7,221
6,901
6,483 7,221 7,180
6,697
6,417
7,504 6,561 6,836
6,968 6,582
' 7, 159 ' 6, 173 7,346
6,469
5,512
4,824 6,469
6,289
2,891
1,816
7,258
5,646 3,010
7,230
7,447
' 3, 480 r 2, 148 7,149
22, 412 20, 620 22, 412 21,992 22,531 19, 059 21,021 20, 342 19, 362 22, 749 19,072 21,246 ' 24, 603 ' 22, 406 25, 252
140,932
160, 661 158, 858 160,661 162,936 168,212 174,302 176, 383 180,341 179, 961 185, 434 190, 776 189,784 «• 188,703 •• 186,481 189, 654
54,542
61,274
58,572
72,334
58, 184
73, 103
58,572
72,334
58,186
74,310
58,091
78, 195
58,591
82,599
58,093
83,266
58, 219
86,317
226,042 217,337 226, 042 225,628 232,731 238,308 242,960 246,091
91,442 88,642 91,442 92,314 96, 250 99,872 102,487 102, 794
12,535 11,868 12,535 12,007 11,457 10, 671 10,054 10, 119
20, 524 18,249 20, 524 19,850 20,938 22, 246 23,107 23,651
45,992 45,630 45,992 46,473 46,955 47, 501 48,193 49,060
72,063 66,363 72,063 68,619 72,218 72, 812 74,540 74,849
58, 250
87, 207
67, 345
92, 791
66,289
97,901
56, 162
96,590
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
192, 238
83,770
8,835
14,504
38,400
57, 183
Investments, totalj
U.S. Government securities, total..
Notesand bonds
_
Other securities. _
do
do
__.do...
do
81,033
28,944
24, 605
52, 089
85,146
29, 133
22, 552
56, 013
83,394
27,925
22,357
55,469
85,146
29, 133
22, 552
56,013
84,343
28,926
22, 426
55,417
80, 868
25,663
21,066
55, 205
80, 653
25,373
20,473
65, 280
79,618
24,495
19,973
55,123
79, 498
23, 991
19, 770
55, 507
79, 388
23, 839
19,800
55, 549
78,333
22, 301
19, 447
55,970
78,466
22,100
18,594
56,366
80,235
22,523
19, 202
57,712
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates), seas. adj.:f
Total loans and investments©
bil. $
LoansO
do
U.S. Government securities
__
do
Other securities. _
do
484.8
320.3
60.1
104.4
556.4
377.8
61.9
116.7
549.9
372.9
60.9
116.1
556.4
377.8
61.9
116.7
564.7
385.8
61.8
117.1
575.4
397.2
60.6
117.6
583.6
405.8
60.4
117.4
589.6
411.1
61.0
117.5
597.7
417.4
61.0
119.3
602.0
420.3
61.6
120.1
608.2
427.3
59.6
121.3
616.0
435.3
57.7
123.0
618.2
438.1
56.3
123.8
'6.32
«6.01
6. 56
'5.82
'5.57
'6.07
6.33
6.09
6.61
6.52
6.22
6.89
7 36
7 04
7 71
9 24
9 08
9 49
36.30
'6.62
'6.46
'6.38
'5.74
'6.07
'6.02
'5.80
6.27
6.56
6.36
6.41
6.45
6.76
6.63
6.60
7.44
7 37
7 33
7 25
9
9
9
9
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers...
percent per annum
New York City....
do....
7 oth er northeast centers _
do
8 north central centers.
7 southeast centers
8 southwest centers ._
4 west coast centers
_
do
do ..
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
8
' 56, 135 r 56, 278 57, 047
' 95, 432 r 94, 014 95, 412
250, 625 256, 139 256,849 259, 742 r 259,315 ' 260,267 270, 458
104,997 107, 657 106, 897 108,362 r 106,699 ' 107,428 110, 826
9,130
9,629
9,301
9,705
' 9, 508 ' 9, 194 9,439
24, 879 26, 496 25,762 26, 299 ' 25, 610 •• 25, 329 28, 072
50,003 51, 006 51,933 53,083 r 53, 877 ' 54, 509 55, 178
75, 226 76,612 77,969 79,276 r 80, 443 ' 80, 456 88,965
r 82, 292 ' 82, 850 86, 977
r 23, 195 'r 24, 257 25, 464
r 19, 256 19, 823 19, 936
' 59, 097 ' 58, 593 61,513
621.7
440.0
54.9
126.8
624.6
443.6
54.5
126.5
625.4
444.5
53.2
127.7
7.50
24
25
16
25
4.50
4.50
4.50
4.50
6. CO
5.50
6.50
5.60
6.00
6.50
7.00
7.50
7.50
7.60
7.50
'6.37
'6.00
6.05
6.20
6.32
6.40
6.60
6.71
6.34
7.08
7.21
7.38
7.42
8.05
8.18
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent-Existing home purchase (U.S. avg.)
do
'7.59
'7.54
'7.45
'7.38
7.50
7.44
7.61
7.45
»7.68
»7.68
7.70
7.72
7.68
7.69
7.71
7.70
7.71
7.77
7.79
7.79
7.87
7.84
7.94
8.01
8.17
8.26
8.31
8.50
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do
Commercial paper (prime, 4-6 months)__do__.
Finance Co. paper placed directly , 3-6 mo.do
Stock Exchange call loans, going rate
do
34.85
35.11
34.91
«5.73
3 4. 47
34.69
34.52
35.16
5.01
5.25
5.13
5.75
5.16
5.45
5.24
5.75
6.60
5.78
5.56
6.01
6.14
6.22
5.97
6.29
6-82
6.89
6.44
6.80
6.97
7.14
6.76
7.00
7.15
7.27
6.85
7.18
7.98
7.99
7.41
7.83
9.19
9.18
8.09
8.41
10.18
10.21
8.90
9.41
10.19
10.23
8.90
10.04
9.07
8.92
7.84
10.02
8.73
8.94
7.94
10.00
8.94
9.08
8.14
10.00
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent. 3 4. 348
3-5 year issues
do
35.77
3 4. 071
35.85
4.774
6.03
5.081
6.07
5.307
6.29
5.558
6.61
6.064
6.85
6.289
6.74
6.348
6.78
7.188
6.76
8.015
7.49
8.672
7.75
8.478
7.16
7.156
6.81
7.866
6.96
7.364
6.80
157, 564 152, 968 157, 564 157, 227 157, 582 169, 320 161, 491 164, 277 167, 083 169, 148 171, 978 173,035 174, 840
176, 969
127, 332 124, 325 127, 332 127, 368 127, 959 129, 376 131, 022 133, 631 136, 018 138, 212 140, 810 142, 093 143, 610
145,400
Federal Intermediate credit bank loans
do
'8.39
'8.58
8.46
8.60
CONSUMER CREDIT f
(Short- and Intermediate-term)
Total outstanding , end of year or month
Installment credit , total
mil. $_ 138,394
_
do
111,295
Automobile paper
Other consumer goods paper. .
Repair and modernization loans
Personal loans
do
do
do
do
38, 664
34,353
5,413
32, 865
. do
do
do
97, 144
51, 240
28, 883
do
do
14, 770
2,251
By type of holder:
Financial institutions, total
Commercial banks.. _
Finance companies
Credit unions... _ _ _ _ _
Miscellaneous lenders
51, 371
45, 592
7,321
41,116
111,382 109, 673 111,382 111, 690 112, 630 114, 190 115,727 118, 165 120, 450 122, 479 124,823 126, 040 127,307
59, 783 58, 878 59, 783 60,148 60, 582 61,388 62, 459 63, 707 64,999 66, 065 67, 381 67, 918 68, 627
32,088 31, 427 32, 088 32, 177 32, 431 32, 750 33,078 33,859 34, 367 35, 020 35,634 35, 993 36,365
128, 553
69, 161
36, 887
19, 339
2,976
19, 517
2,988
16, 913
2,698
43, 674
38, 064
6,174
36. 413
16, 742
2,626
44,129
40, 080
6,201
36, 922
16,913
2,598
44,353
39, 952
6,193
36, 870
16, 847
2,518
Retail outlets, total
.
do
14, 151
15, 950 14, 652 15, 950 15, 678
Automobile dealers
do
226
259
261
263
261
r
Revised. J> Preliminary.
i Average for Dec. 'Average for year.
3 Daily average.
« See note "©" for this
page.
* Beginning Jan. 1973, data reflect changes in sample and weighting.
©Beginning Nov. 1972, 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 November.
cf For demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial bank and U.S. Government, less cash items in process of collection; for loans,
exclusive of loans to and Federal funds transactions with domestic commercial banks and
529-782 O - 74 - S-3
44, 817
39, 795
6,239
37, 108
51, 092
44, 632
7,235
40, 651
44, 129
40,080
6,201
36, 922
16,973
2,644
45,610
39, 951
6,328
37,486
17,239
2,813
46, 478
40, 441
6,408
37, 695
17,455
2,735
47, 518
41, 096
6,541
38, 376
17,832
2,767
48, 549
41, 853
6,688
38, 928
18,269
2,815
49, 352
42, 575
6,845
39, 440
18, 517
2,877
50,232
43, 505
7,009
40, 084
18, 961
2,847
60,557
44,019
7,120
40, 397
19, 207
2,922
15, 329 15, 185 15,295 15, 366 15, 568 15, 733 15,987 16,053 16,303
16, 847
266
297
272
284
302
300
278
289
293
296
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 leans.
§ For
bond yields, see p. S-20.
If 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.
fBeginning Jan. 1959, monthly data have been revised to reflect
new seasonal factors and adjustment to benchmarks for the latest call date (June 30, 1973).
Revisions are in the Nov. 1973 Federal Reserve Bulletin.
January 1974
SURVEY OF CURRENT BUSINESS
S-18
Unlesa otherwise stated in footnote7 below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1971
1973
1972
Nov.
Annual
Jan.
Dec.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
CONSUMER CREDIT 1f— 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
_
Installment credit extended and repaid:
Unadjusted :
Extended, total
Automobile paper
Other consumer goods paper
All other
Repaid, total
27,099
10, 685
9,316
1,269
30, 232
12, 256
10, 857
1,399
28. 643
11,917
10, 527
1,390
30, 232
12, 256
10, 857
1,399
29, 859
12,204
10,825
1,379
29.623
12, 409
10,989
1,420
29,945
12, 540
11, 074
1,466
30, 469
12,686
11,237
1,449
30,746
12,817
11,359
1,458
31,065
12,990
11,520
1,470
30,936
12, 968
11, 491
1,477
81,168
13,111
11,655
1,466
30, 942
13, 088
11, 608
1,480
31, 230
13, 145
11, 654
1,491
31, 569
13, 161
11, 669
1,492
do
do
_.do
do
8,350
8,397
1.953
8,164
9,002
7,055
1,947
8,974
8,010
6,081
1,929
8,716
9,002
7,055
1,947
8,974
8,357
6,402
1,955
9,298
7,646
5,735
1,911
9,568
7,702
5,825
1,877
9,703
8,036
6,129
1,907
9,747
8,319
6,387
1,932
9,610
8,555
6,544
2,011
9,620
8,479
6,424
2,055
9,489
8,605
6,475
2,130
9,462
8,335
6,229
2,106
9,519
8,590
6,554
2,036
9,495
8,785
6,761
2,024
9,623
do
do
do
do
124,281
34,873
47.821
41,587
142, 951
40, 194
55, 599
47, 111
12, 806
3,505
5,202
4,052
13,643
3,195
6,171
4,277
11,923
3,393
4,949
3,581
11,214
3,407
4,252
3,655
13,681
4,164
5,169
4,348
13,661
4,101
5,378
4,182
14, 792
4,409
5,698
4,685
14,608
4,313
6,678
4,617
14, 812
4,177
5,753
4,882
15,099
4,252
6,066
4,782
12, 624
3,476
5,217
3,931
14, 454
4,196
5,894
4,364
14, 098
3,693
5, 980
4,425
do
116,050
31,393
44,933
38,724
126, 914
34, 729
49, 872
42, 313
10, 986
2,993
4,354
3,639
10, 636
2,740
4,155
3,741
11, 887
3,169
5,077
3,641
10, 623
2,943
4,409
3,284
12,265
3,371
5,013
3,881
12, 014
3,233
4,888
3,893
12, 283
3,369
5,043
3,871
12,121
3,282
4,921
3,918
12, 618
3,374
5,031
4,213
12,601
3,372
5,135
3,994
11, 341
3,151
4,703
3,487
12, 937
3,661
5,281
3,995
12, 308
3,414
5,020
3,874
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
do
do
do
do
do
do
12, 846
3.620
5,118
4,108
12, 627
3,763
4,876
3,988
13,304
4,006
5,282
4,016
13, 434
3,972
6,245
4,217
13, 852
4,001
5,349
4,502
13,465
3,822
5,563
4,080
18, 932
3,989
5,504
4,439
13,646
3,762
5,605
4,379
14,542
3,930
6,943
4,639
14,294
3,968
5,961
4,365
13, 691
3,939
5,537
4,216
14, 149
3,912
5,911
4,326
14, 275
3,819
5,978
4,478
Repaid, total.
.
Automobile paper
Other consumer goods paper
All other
do
do
do
do
11, 128
3,023
4,444
3,661
10,964
2 977
4,341
3,646
11,355
3,097
4,649
3,609
11,437
3,145
4,627
3,665
11, 808
3,225
4,755
3,828
12,061
3,218
4,963
3,880
11, 941
3,261
4,917
3,763
12,034
3,253
4,955
3,826
12.644
3,334
6,141
4,069
12,399
3,293
5,168
3,938
12, 332
3,406
6,072
3,864
12, 449
3,427
5,149
3,873
12, 549
3,471
5,154
3,924
16,748
21, 165
18, 972
19, 721
21, 130
23, 631
18, 067
20, 227
15, 987
20, 806
25, 860
22,306
16, 584
20, 157
28,637
20, 814
18, 121
22, 607
21, 291
22, 139
25, 007
20, 736
17,637
23,092
20, 208
22, 099
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
do
do
do
do
288,392
211,425
208, 649
231, 876
—750 -2.501 -2, 160 -4, 820
3,554 -3, 573
-23,033 -23,227 -4, 418
4,820 -3,554
750
3,673
4,418
2,501
2,160
* 23, 033 i 23, 227
3,005 -2, 159 - 1, 970
4,197
1,619
5,298
3,863
» 19, 448 i 19, 442
1,815 -1,395
5,543
-880 —3, 447
982 -1,703
* 3, 794 i 3, 785
7,723 -4, 486
-7,723 4,486
-2,369
-713
-5,354
5,199
4,271 -5, 455 -1,891
-847
1,891
847 -4, 271
5,455
2,202
564
-663
1,395
-311
1,410 -4, 835
4,060
409, 468
304, 328
437, 329 455, 285 460,243
323, 770 336, 958 341, 155
138,392
i 86, 230
^26,785
208, 649
i 94, 737
i 32, 166
16,748
8,613
559
18, 972
8,206
5, 632
21. 130
12, 897
1,382
18, 067
8,067
672
15,987
3,409
4,867
25, 860
11, 687
5,657
16. 584
3,825
923
28, 537
12, 306
8,796
18, 121
8,814
1,350
21, 291
9,279
695
25, 007
11, 707
5,247
17,637
9,230
1,053
20, 208
10, 106
652
i 48, 578
i 26, 798
i1 63, 914
27, 832
4,969
2,606
2,975
2,160
4,486
2.366
7,029
2,298
5,340
2,371
6,359
2,258
9,380
2,456
5,081
2,354
5,336
2,621
8,778
2,539
5,409
2,644
4,712
2,641
6,724
2,827
1 211, 425
i 8, 660
» 74, 546
231, 876
i 10, 943
i 75, 150
21, 165
680
6,250
19, 721
205
6,965
23,631
1,366
6,332
20, 227
770
6,075
20,806
328
6,633
22,306
643
6,207
20, 157
62
6,238
20, 814
273
7,473
22, 607
2,326
5,033
22, 139
847
6,662
20, 736
249
6,032
23,092
799
6,523
22, 099
1,161
6,647
1 61, 866
> 20, 990
i 3, 381
i 9, 756
i 71, 779
i 22, 124
3,422
i 10, 710
7,037
2,098
272
1,276
6,972
4,518
284
986
7,121
4,210
271
1,154
7,051
2,148
241
1,043
6,554
2,475
301
1,061
7,125
3,760
265
1,111
7,683
2,214
255
1,014
7,815
2,124
301
862
6,902
3,863
278
1,097
7,203
2,284
262
1,050
7,396
2,551
246
968
7,415
3,763
249
1,056
7,463
2,566
246
1,191
198.9
228.7
236.9
253.6
262 4
269.5
107.9
37.8
19.9
63.0
111 3
40. 7
20.3
64 6
108.5
46.6
20.7
77.8
111 4
50 8
21 2
79 1
116.9
51.0
20.8
P80.8
P 121.1
Indirect business tax and nontax accruals. do
Contributions for social insurance
do
89.9
33.3
20.4
65.2
Federal Government expenditures, total... do
221.0
244.6
260.3
258.6
262.4
265.6
v 272. 4
98.1
71.6
104.4
74.4
102.7
72.4
105.5
74.3
107.3
74.2
106.8
P 107. 8
J>74.0
74.9
29.1
13.6
82.9
37.7
13.5
91.0
46 1
13.7
91.8
41 1
14.7
93.8
40.5
15.6
96.6
"40.5
P16.2
P99.5
P 42. 5
P16.9
6.3
6.1
6.7
5.5
5.1
5.3
P5.7
o
o
o
.0
4.0
Gross amount of debt outstanding
do....
Held by the public
do ..
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $..
Individual income taxes (net)
...do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil..$_.
Other
do
Outlays, total 9
do
Agriculture Department
do
Defense Department, military
do
Health, Education, and Welfare Department
mil. $..
Treasury Department..
do
National Aeronautics and Space Adm do
Veterans Administration
do
Receipts and expenditures (national Income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $..
Personal tax and nontax receipts
Purchases of goods and services
National defense
do
do
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...
61, 030 465, 792 469,587 467, 322 467, 555 468, 426 469, 296 472, 438 472, 073 473. 139 474, 973
42, 674 346, 637 349,542 347,383 345, 414 343, 045 342,332 341 769 342, 333 343, 727 345, 930
-23.4
-5.0
P21.5
P82.6
-22.2
-15.9
222. 10
11.00
99.80
75.50
69.90
239.73
11.37
112. 98
76.95
71.27
238.34
11.62
113.18
75.90
70.27
239. 73
11.37
112. 98
76.95
71.27
241.02
11.19
114.53
77.48
71.86
242. 07
11.14
115. 39
77.51
71.89
243.08
11.15
115. 97
77.59
71.95
242.56
11.46
115. 18
77.26
71.61
243. 59
11.43
115. 90
77.40
71.72
244.53
11.36
116. 15
77.91
72.19
247. 08
11.43
118.06
78.24
72.47
247. M
11.42
117.84
78.66
72.84
250.20
11.40
119.20
79.04
73.18
251. 59
11.40
119. 71
79.52
73.62
251.06
11.46
118.02
80.19
74.26
6.90
17.06
1.76
10.07
7.30
18.00
1.98
11.15
7.26
17.93
1.43
11.02
7.30
18.00
1.98
11.15
7.37
18.08
1.60
10.78
7.43
18.17
1.57
10.86
7.45
18.29
1.55
11.08
7.52
18.42
1.66
11.07
7.54
18.53
1.69
11.09
7.55
18.67
1.78
11.10
7.58
18.84
1.80
11.13
7.63
19.18
1.73
11.20
7.68
19.51
1.81
11.56
7.76
19.77
1.83
11.59
7.84
19.93
1.81
11.81
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
'1 Revised.
» Preliminary.
Data shown in 1971 and 1972 annual columns are for fiscal years ending June 30 of the
respective years; they Include revisions not distributed to months.
KSee similar note on p. S-17.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
1972
Annual
S-19
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. $.. 17,177.2 18,574.1
7,423 3 8,007.0
Death benefits
do
990.2 1,000.4
Matured endowments
do
271.2
256.8
Disability payments
do
Annuity payments
Policy dividends
do
-
. d o
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):!
Value estimated total
-mil. $
Ordinary (Incl mass-marketed ord ) do
Group
do
Industrial
do
1, 944. 4
2, 881. 6
3, 680. 9
2,213.2
3, 027. 4
4,054.9
189,484
132, 803
49, 407
7,274
208,497
146, 116
55,054
7,327
23, 626
13,838
9,181
607
15,285
11,316
3,443
526
16, 265
12, 048
3,691
526
20, 604
14,905
5,077
622
18, 793
13, 733
4,458
602
19, 244
14, 362
4,274
608
19,680
13, 858
5,242
580
18, 861
13, 115
5,204
542
18, 984
13, 555
4,851
578
17. 093
12,497
4,020
576
19, 820
14, 662
4,614
544
19, 794
14, 221
5,042
531
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)... mil. $-. 10, 132 10, 410 10, 410 10. 410
-889
-1,715
0
1
Net release from earmark§
do
51,249
63, 053
3,322
983
Exports
thous $
283,
948
357,
689
42,
212
44,535
Imports
do
10, 410
4
2,786
19, 745
10, 410
4
2,015
32, 487
10, 410
3
2,405
27,526
10,410
6
2,899
41, 127
10,410
2
3, 056
33,070
10, 410
25
21,503
34, 990
10, 410
22
24,958
27,134
10, 410
9
4,012
17, 061
10,410 11, 567
18 -1,685
4,973 23, 586
36, 162 33, 770
11, 567
18
15, 970
30,'4H
Production:
South Africa
Canada
United States
Silver:
Exports
Imports
Price at New York
Production:
17, 531
12, 856
4,116
560
11, 567
1, 098. 7
77.3
1,109.8
77.2
91.5
6.0
84.3
6.3
88.2
6.2
86.5
6.1
88.5
6.3
86.6
6.2
86.0
6.8
87.6
6.4
88.3
6.6
90.2
5.7
88.2
5.7
7.0
19, 499
thous $
49, 507
do
dol. perfineoz._ 1.546
31, 592
59,357
1.685
1.640
5, 73-5
1.832
2,331
4,765
1.976
616
8,287
2.017
436
6,993
2.236
1,960
8,664
2.309
856
6,838
2.207
1,718
7,490
2.401
876
15, 231
2.621
5,627
32, 9S8
2. 700
4,563
27,569
2.636
3,277
30,764
2.675
1,871
22,200
2.886
1,593
66, 379
2.860
3.137
39, 727
2,420
3,212
3,275
3,629
2, 953
4,615
4,118
3,036
2,089
3,385
3,003
5,314
3,803
4,345
67.8
68.2
68.4
68.2
69.0
70.3
mil $
do
do
Mexico
United States
do
do
41, 030
_bil. $.-
61.1
66.6
65.1
66.5
64.3
64.7
65.2
66.1
67.2
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
_
.
bll. $
Currency outsi de banks
do__.
Demand deposits ._
do
Time deposits adjusted^
_
do .
U.S. Government demand deposits^
do
231.2
51.1
180.1
254.0
6.5
246.2
54.6
191.6
293.4
7.3
254.3
56.7
197.7
307.7
6.2
262.9
57.8
205.0
311.7
7.3
262.6
56.7
205.9
316.6
8.0
254.0
56.7
197.3
322.5
9.6
254.1
57.3
196.7
331.4
10.1
259.5
58.2
201.3
336.1
8.2
256.0
58.7
197.3
340.9
8.4
261.2
59.4
201.8
342.7
6.9
263.2
59.9
203.2
345.8
6.3
260.7
60.0
200.8
354.7
4.0
261.9
60.1
201.8
357.2
5.1
264.0
60.3
203.6
358.2
5.8
'268.4 P276.3
'61.3
62.5
' 207. 1
213.8
356.7
359.7
4.2
6.0
252.7
56.2
196.5
308.4
255.5
56.8
198.7
312.8
255.4
57.0
198 4
' 316. 9
256.7
57.5
199.3
322.6
256.6
57.9
198.7
330.9
258.2
58.7
199.5
336.7
260.5
59.0
201.6
341.8
263.2
59.4
203.9
344.1
264.3
59.5
204.9
347.7
263.9
59.7
204.2
353.6
263.4
60.1
203.3
355.6
264.4
60.3
204.0
356.1
' 266. 6 P 268. 6
60.8
61.4
' 205. 8
207.2
356.8
360.5
93.6
229.2
62.1
93.9
60.0
90.7
215.7
61.8
95.6
48.9
93.8
224.0
64.1
97.9
51.2
97.9
238.0
66.1
103.1
52.0
97.1
228.3
67.8
104.4
53.9
95.7
228.9
66.2
101.8
52.5
97.8
235.1
67.3
103.6
53.6
99.9
245.0
68.7
107.5
54.0
102.6
247.5
71.3
111.5
55.8
106.1
252.5
73.6
113.5
58.4
107.4
266.4
72.4
111.5
57.5
' 109.5
265.3
'74.7
116.3
'58.8
Currency in circulation (end of period)
Adjusted for seasonal variation:
Total money supply
Currency outside banks
Time deposits adjusted^
do
do
do
Turnover of demand deposits except Interbank and
U.S. Govt., annual rates, seas, adjusted: t
Total (233 SM S A 's) O ratio of debits to deposits
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA'stf1
do
226 other 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)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
31, 038
2,754
558
36,467
3,021
659
10,125
807
196
10, 506
766
190
12,972
897
256
11 649
996
199
603
601
3,780
1,012
941
4,499
234
279
1 157
370
291
1 337
574
402
1,473
443
370
1,441
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. $..
5,829
853
621
748
5,151
1,060
687
1,022
1 478
252
168
327
1 406
168
252
336
1,690
376
363
458
1,998
407
290
411
1,070
1,569
374
465
608
564
Machinery (except electrical)
do. _ _ .
Elec. machinery, equip., and supplies, do
Transportation equipment (except motor
vehicles etc )
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
2,489
2,663
3,481
2,999
877
956
1,091
851
1,340
994
1,237
974
685
3,097
4,990
15, 252
780
3,639
6,944
16, 110
175
1 115
1 730
4 553
223
1 393
1,369
4,122
288
1,461
1,811
4,268
191
467
1,692
4,126
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
mil $
6,523
8,210
106,430
96, 481 10, 987
By type of security:
Bonds and notes, total
...do...
5,472
7,440
9,953
92, 289
83, 420
Corporate
do
1,276
2,343
2,625
31, 883
28, 896
Common stock
do
880
498
913
10, 459
9,694
Preferred stock
.
do
272
137
154
3.683
3.367
'Revised. » Preliminary.
1 Beginning Jan. 1972 valued $38 per fine ounce.
§Or increase in earmarked gold (—) .©Effective February 1973 SURVEY, data revised to reflect:
Annual review of seasonal factors; regular benchmark adjustment; effect of changes in check
collection procedures (Regulation J); and adjustments to include new figures from internationally oriented banking institutions. Monthly revisions back to 1959 are in the Feb. 1973
Federal Reserve Bulletin.
7,325
9,030
6,567
11,219
7,943
7,643
' 8, 036
6,320
957
832
172
7,213
2,117
984
833
5,809
1,739
558
200
10,403
1,722
627
187
7,122
2,757
606
216
6,882
1,870
536
226
T
' 8, 089
7, 610 '
' 1, 396 '
330
'96 '
7, 541
1, 365
••430
"118
113.4
274.9
77.4
119.5
61.3
8,816
7,779
2,281
682
355
IfAt all commercial banks. JSeries revised to reflect recalculation of seasonal factors; revisions
back to 1964 are shown in the July 1972 Federal Reserve Bulletin, p. 634. OTotal SMSA's
include some cities and counties not designated as SMSA's. cf Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
SURVEY OF CURRENT BUSINESS
S-20
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
January 1974
1973
1972
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate, total 9 mil. $
Manufacturing
. _.
do
Extractive (mining)
do
Public utility..
do .
Transportation §
.
Communication
Financial and real estate
-
State and municipal issues (Bond Buyer):
Long-term
__
_
Short-term
r
41, 957
6,629
2,010
11, 357
3,377
426
338
794
3 396
589
176
861
2,327
176
90
900
1,962
213
68
596
3,933
490
91
931
2,497
282
141
519
2,537
399
109
765
3,578
728
50
1,596
2,631
533
102
920
2,411
5,818
8,662
3,048
4,817
10,580
69
658
730
238
50
1 165
121
33
903
100
174
751
108
1,008
1,222
92
258
971
245
374
581
183
332
517
260
303
374
r
325
r
357
142
••243
r
349
98
676
901
do .
do
do
60, 406
17, 325
24, 370
64, 623
17, 080
23, 028
7,610
3 590
1,817
4,814
2 553
1 760
4,196
1 199
1 889
5,363
1 603
1,445
5,096
606
2,304
4,070
564
1,688
8,681
3,353
1,870
4,365
559
2,046
5,012
490
1,992
6,214
3 097
1,474
' 6, 176
2,432
' 1,630
2,206
do
do
24, 370
26, 281
22, 941
25, 222
1,814
2 764
1,801
1 640
1 887
1 622
1,445
1 130
2,297
1,638
1,688
2,062
1,870
2,492
2,031
2,517
1,992
1,924
1,474
1,744
1,630
2,750
' 2, 232
' 2, 501
2,224
1 765
1,966
2 500
i 6,535
i 5,700
1835
i 1,298
^.CUS
i 8, 180
i 865
i 1 628
9,068
8,166
902
1,396
9,045
8 180
865
1 628
8 840
7 975
865
1 484
8 620
7 753
867
1 508
8,344
7,465
879
1,566
8,165
7,293
872
1,482
7,650
6,784
866
1,502
7,287
6,416
871
6,243
6,056
5,949
*414
1,957
390
1 828
414
1 957
413
1 883
431
1 770
442
1,719
389
1,636
413
1,564
396
1,472
379
1,542
348
1,462
379
1,623
65 0
80.0
65 9
84.4
65 9
87.1
66 0
87.1
66 0
86.9
65 5
86.1
65 2
84.1
64 9
85.7
64 7
86.1
64 4
85.8
63 8
83.2
61 0
82.2
61 2
86.2
62.1
86.9
62 1
85.6
62 Q
86.1
67.73
68.71
69.87
68.68
65.89
64.09
63.59
64.39
63.43
62.61
60.87
58.71
61.81
63.13
62.71
8,803.91 9 515 67 935. 61
10,167.90 10 077 35 989 33
807 45
866 54
841 21
952 20
734 02
790 10
783 47
869 21
781.70
923 66
645 90
738 69
615 35
725 34
604.89
701 33
766 20
852 43
622. 72
664.91
741. 95
823 72
628 28
708 70
do
do
do
Noncorporate, total 9
U.S. Government -State and municipal
r
46, 025
11.645
1,261
11, 752
1, 822
••275
141
r
513
'86
1,
913
r
348
59
585
r
3,318
500
57
944
5,498
485
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
1
1387
1, 837
1
Bonds
Prices:
Standard <t Poor's Corporation:
High prade corporate:
CompositecT
dol per $100 bond
Domestic municipal (15 bonds)
do
U.S. Treasury bonds, taxable!
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value...
mil. $
Face value
do
New York Stock Exchange:
Market value
Face value
.
__
do
do. _
62.37
8,009.67 8 717 24
9,080.68 9 168 52
886 17
928 53
740 76
790 08
786 18
837 91
692 06
738 43
740 12
828 62
747 12
810. 76
606 45
684.98
585 14
679 35
579 43
663 75
744 67
807 02
697. 88
632. 78
691. 10
759. 22
597 92
672 62
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $.. 6,563.82 5,444.12
463. 55
417. 92
448. 44
362.93
392. 08
351. 32
379.95
335. 55
354.44
351. 15
356. 69
399. 62
344. 40
7 52
7 47
7 49
7 67
7 62
7 62
7 62
7 69
7 80
8 04
8 06
7.96
8 02
8 05
7
7
7
8
7
7
7
8
46
64
86
24
7 68
7 84
8 11
Q cq
7
7
8
8
63
86
11
63
7.60
7 84
7.98
8 41
7
7
8
8
7
7
8
8
_
_
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa _
A
Baa...
349. 19
percent
7.94
do
do
do
do
7.39
7 78
8.03
8 56
7
7
7
8
do
do
do
7 67
8 13
8.38
7 35
7 74
7 98
7 28
7 55
7 96
7 22
7 48
7 91
7 27
7 51
7 87
7 34
7 61
7 92
7 43
7 64
7 94
7 43
7 64
7 98
7 41
7 63
8 01
7 49
7 69
8 07
7 59
7 81
8* 17
7 91
8 06
8 32
7 89
8 09
8 37
7.76
8.04
8.24
7 81
8 11
8 28
7 84
8 17
8 28
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do
do
6.46
6.70
6 25
6 27
4 99
6 03
6 11
5 03
5 16
5 05
5 22
5 12
5 26
6 30
5 10
5.16
5 22
5 12
5 25
5 15
5 59
5 39
5 34
5 47
5 00
6.11
6.17
6.05
5 15
5 17
5 16
5 12
U.S. Treasury bonds, taxable©
do
5.74
5.63
6.50
6.63
5.94
6.14
6.20
6.11
6.22
6.32
6.53
6.81
6.42
6.26
6.31
6.35
8.81
9.60
4.77
3.78
7.28
10.62
8.92
9 61
4 87
3 73
9.21
9 97
4 90
3 83
9.22
9 97
4 92
3 92
7 39
11 10
9.29
10 06
4 95
3 95
9.32
10 09
4 98
3 96
7 39
11 53
9.34
10 10
4 99
3 96
7 64
11 53
9.38
10 17
4 99
4 00
7 54
11.53
9.39
10 18
4 99
4 00
7 54
11 64
9.41
10 19
5 00
3 97
7 54
12 89
9.53
10 45
5 01
3 97
7 54
13 20
9.59
10 53
5 n9
4 06
7 c^
13 23
9.62
10 58
5 03
4 06
7 54
11.88
9.73
10.76
5.03
4.09
7.56
11.88
10.16
11 22
5 03
4 09
7 65
11 90
10.19
11 23
5 04
4 19
7 66
12 91
298.30
374 61
75' 20
84 58
286.63
358 35
74 73
77 95
281.78
352 21
74 69
71 60
280. 68
351 31
72 89
71 40
289.38
363 50
69 70
74 55
279. 26
86 38
298. 69
373 23
77 54
81 39
qcn qo
K7 87
71 dA
287.
357
72
77
99
90
38
35
282.50
361. 44
68.21
80.73
258. 72
320 11
60 95
83 85
263. 71
323 48
60 87
95 43
0 QQ
q 10
2 59
6 23
4 C7
3 (17
3 09
2 70
6 42
4 87
3
2
6
4
3 A<H
3 01
7 40
5o CO
oq
3
2
6
5
34
96
95
25
0
7K
3 20
3 69
3 20
3.37
2.97
7.37
5.07
2 70
3.28
3
3
8
4
3 30
3 29
2 87
7 19
5 33
2 91
3 60
3
3
8
4
2
3
By group:
Industrials
Public utilities
Ral Iroads
7 63
21
48
66
16
7
7
7
7
12
39
68
99
7
7
7
7
08
36
50
93
7
7
7
7
15
37
53
90
7
7
7
7
22
47
60
97
7
7
7
8
29
49
66
03
26
49
64
09
29
49
64
06
7
7
7
8
37
55
71
13
7
7
7
8
67
90
07
42
68
92
11
48
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars .
Industrials
do
Public utilities
.
do
Railroads
do
N.Y. banks
.
do
Property and casualty Insurance cos.
do
Price per share, end of mo., composite
Industrials
Public utilities. .
Railroads
.
do
do
do
do
Yields, composite.. _
percent
Industrials
_
do
Public utilities
. do
Railroads
_
do
N.Y. banks .
do
Property and casualty insurance cos . . . .do
261.43
318. 75
84.16
85.12
3.37
2.98
5.67
4.44
4.14
3.25
7 ^9
7 11
10 99
11 02
290.65
362 44
309. 50
383 21
Of)
r\f\
Oft
Oft
Q1 Art
qq qq
q fl7
i) no
2 §5
6*07
4 in
0 OK
2 92
313.
389
83
91
81
48
61
26
2 fin
2 94
2 56
5 88
3 17
2 52
3 (\a
2 67
5 64
4 in
A qn
7 1Q
11 38
311. 61
388 63
70 iq
Earnings per share (indust., qtrly. at ann. rate;
pub. utll. and RR., for 12 mo. ending each qtr.):
24.42
17 55
20 28
Industrials
dollars
7.14
7.73
7.73 ""
Public utilities
do
Railroads
__
do
6.71
3.93
6.71
r
l
Revised.
* Preliminary.
End of year.
*New series; more detailed information
appears in the February 1972 Federal Reserve Bulletin.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data restated to include "other transportation" in addition to railroad data forir.erly shown.
q OR
13
70
64
68
q' qr\
3 27
2 84
6 68
5 13
3 49
3 56
3
qq
2 89
6 68
5 RQ
3 A.R
3
71
3
2
6
5
3
3
35
90
86
56
9n
82
93
51
25
88
q no
3 38
86
47
28
39
91
70
P 23. 75
p?.60
P7.ll
d" Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
0 For bonds due or callable in 10 years or more.
23.95
7.78
7.17
27.15
7.63
7.10
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-21
1972
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Ju y
Aug.
Sept.
Oct.
Nov.
Dec.
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
. percentPrices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks).
6.75
298. 12
884. 76
117.22
217. 20
Standard & Poor's Corporation :<f
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43 = 10.
6.89
6.91
7.03
7.11
7.13
7.25
7.35
7.43
7.38
7.18
7.40
7.76
319. 36 322. 19 332. 15 325. 94
950.71 1,001.19 1 020.32 1 026.82
112. 83 121.33 121. 47 118.06
241.44 227. 89 232. 74 216.58
308.40
974 04
113.08
202. 04
300. 94
957 35
109.52
194. 60
297. 65
944 10
108. 02
194. 22
286. 34
922 41
107. 38
175. 53
274. 32
893. 90
105. 34
159. 79
275. 35
903 61
101. 38
162. 70
267. 36
883 73
95.72
157. 72
277. 54
909 98
99.96
166. 82
295. 03
967 62
101. 67
182. 75
272 .02
878 .98
93.18
175 .93
259. 84
824. 08
87.42
177. 96
6.93
6.92
6.87
98.29
109. 20
115.05
117.50
118.42
114. 16
112.42
110. 27
107. 22
104. 75
105. 83
103. 80
105. 61
109.84
102.03
94.78
do
do.._
do
. do
do
108. 35
102. 80
99.78
59.33
41.94
121. 79
119.39
113.90
56.89
44.11
128. 29
122. 11
119.51
61.16
42.41
131. 08
124. 57
122. 26
61.73
44.62
132. 55
127. 04
122. 57
60.01
42.87
127. 87
125. 56
117. 54
57.52
40.61
126. 05
124. 53
116.41
55.94
39.29
123. 56
120. 38
111.24
55.34
35.88
119. 95
116. 48
107. 44
55.43
36.14
117. 20
114.75
104. 83
54.37
34.35
118. 65
116. 31
105. 94
53.31
35.22
116. 75
115. 98
104.35
50.14
33.76
118. 52
116. 60
105. 16
52.31
35.49
123. 42
122. 30
106.58
53.22
38.24
114 .64
115.48
96.97
48.30
39.74
106.16
107. 44
86.57
45.73
41.48
Banks:
New York City (9 stocks)
do...
Outside New York City (16 stocks) -.-do. _
46.31
87.06
57.37
105. 81
63.45
117.74
62.48
114. 24
65.03
113. 88
59.30
103. 73
61.21
105. 59
59.50
100.49
59.79
97.72
58.28
97.45
66.05
102. 23
66.62
102. 43
71.08
107. 24
73.43
113. 30
69.63
107 .01
65.33
101. 09
Property-liability insurance (16 stocks)__do
115.04
132. 58
149. 68
144. 16
134. 69
124. 23
124. 67
119. 77
109. 50
113.36
122. 09
114.02
115. 33
119. 88
117.72
111. 89
New York Stock Exchange common stock indexes:
Composite
12/31/65=50
Industrial
do
Transportation ..
do
Utility
do
Finance
- _
do
54.22
57.92
44.35
39.44
70.38
60.29
65.73
50.17
38.48
78.35
62.99
68.29
47.50
41.81
84.57
64.26
69.96
48.44
42.28
83.45
64.38
70.55
45.14
41.72
81.62
61.52
67 67
42.34
39 95
74 47
60.15
66 20
40.92
39 13
72. 32
58.67
64.41
40.57
38 97
69.42
56.74
62 22
36.66
39 01
65.33
55.14
60 52
33.72
37 95
63.52
56.12
61.53
34.22
37.68
68.95
55.33
31 09
33.48
35 40
68.26
56.71
62.25
35.82
36.79
72.23
59.26
65 .29
39.03
37.47
74.98
54.59
60.15
36.31
34.73
67.85
185, 027
5 916
204 032
6 299
18, 540
556
17 856
547
18, 926
565
15 062
446
16 486
519
12, 878
408
14 931
475
12 085
409
11,927
399
12 659
424
12,r 623
408
18,726
587
17, 501
560
147,098
4,265
159 700
4 496
15,047
414
14 473
398
15, 407
414
12 323
330
13, 449
382
10, 591
301
12 343
357
9,852
308
9,717
306
10, 342
330
10, 395
309
15, 644
457
14, 528
435
3,891
4,138
406
345
394
318
342
278
337
269
308
271
329
423
400
385
741. 83
17, 500
871.54
19, 159
863. 52
19, 063
871. 54
19, 159
854. 13
19, 323
816. 96
19, 403
809. 76
19, 525
775. 81
19, 686
758. 59
20, 066
752.58
20, 327
792.06
20, 466
765. 77
20, 521
807. 24
20,548
808. 69
20, 607
709. 54
20, 694
721.01
20, 967
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Puhlic utility (6,5 stocks)
Railroad (20 stocks)
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
. _bil. $
Number of shares listed
millions
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse ) incl reexports total
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
_
Asia
Australia and Oceania
Europe
4,722.7 4, 789. 1 4, 900. 6 5, 975. 7 5, 595. 8 6, 064. 0 5, 896. 9 5, 387. 7 5, 810. 4 6,015.6 6, 783 .5 7,127.7
mil $
44, 129. 9
49,788.2
4,613.5
do
do
43, 548. 6
49,218.6
4,582.9 4,690.6 4, 747. 2 4, 864. 0 5, 922. 8 5, 560. 5 6, 023. 0 5, 858. 4 5, 321. 6 5, 778. 5 5,959.0 6, 749 .3 7,091.1
4,472.9 4,558.0 4, 977. 1 5,064.6 5, 379. 5 5, 487. 0 5, 602. 8 5, 778. 1 5, 868. 5 6, 004. 3 6,448.4 6,431.6 6,819.0
171.3
199.2
172.2
142.3
154.8
200.4
217.4
188.4
167.4
232.0
149.1
1,130.6 1, 161. 1 1,216.8 1, 536. 9 1,417.7 1,444.2 1, 444. 2 1, 466. 3 1, 574. 0 1,692.6 1,714.0
142.4
125.5
158.1
150. 5
135.2
82.8
134.0
128.5
96.0
109.3
107.2
1,629.6 1, 649. 5 1, 705. 5 2, 132. 3 1, 827. 4 2, 022. 5 1, 899. 0 1, 729. 6 1,825.8 1,772.4 2,081.3
do
do
do
do
1,694.3 1,572.0
160.9
9, 855. 3 11, 275. 7 1,072.5
1, 168. 4 1, 034. 9
93.9
14,562.3 16,098.4 1,535.8
Northern North America
Southern North America
South America
do
do
do
10,367.4 12,419.0 1,138.6 1,060.0 1,080.3 1, 090. 4 1,283.3 1, 314. 1 1,422.1 1, 334. 3 1, 049. 3 1, 080. 9 1, 190. 9 1, 516 .4
509.2
427.4
308.9
449. 2
415.9
410. 5
453.3
3, 154. 5 3, 564. 2
327.0
383.8
363.1
325.6
324.2
552.8
357.3
3, 327. 7 3,711.4
303.9
375.2
353.0
352.2
353.6
442.9
447.5
296.1
356.8
307.5
By leading countries:
Africa:
Egypt
Republic of South Africa
do
do
62.9
622.3
76.1
597.1
8.8
50.9
2.9
53.9
7.4
61.3
12.5
55.1
29.9
52.5
12.7
57.6
26.2
56.5
34.4
60.3
20.7
59.8
13.2
60.8
33.4
66.9
6.0
77.5
do
do
do
do
1,018.3
648.1
211.4
71.5
857.0
350.0
183.0
128.0
76.1
25.3
8.9
8.5
67.5
27.6
14.2
9.1
86.7
23.8
15.7
8.1
89.2
28.7
21.0
11.7
80.3
39.4
10.3
11.2
90.5
35.1
16.6
8.6
130.2
31.4
16.0
12.8
108.6
35.5
15.7
10.4
107.6
37.3
24.9
12.3
135.2
49.7
9.0
14.3
106.7
82.1
19.0
15.2
116.5
61.8
22.6
19.7
do
do
do
263.0
340.2
4,054.8
307.6
365.6
4,941.2
24.0
29.4
488.5
44.0
32.0
511.6
46.3
25.3
547.8
34.1
29.1
565.3
21.8
32.4
771.7
27.2
41.4
657.5
30.6
39.0
697.9
35.7
44.6
706.2
34.4
45.6
621.9
30.2
41.4
747.8
41.5
41.3
704.1
42.8
44.7
757.4
do
do
do
1,373.2
25.4
2, 831. 1
1,609.6
14.9
2, 811. 2
151.2
.3
262.9
160.9
3.0
272.0
187.4
.3
246.5
180.2
2.4
259.1
240.6
.8
314.0
191.4
2.0
306.9
200.1
1.2
293.6
160.5
.6
322.1
154.0
.8
280.9
165.2
11.0
308.4
167.2
.3
298.5
200.8
.5
355.3
do
do
do
1,313.9
160.9
2,369.2
1,425.2
546.7
2,658.2
129.4
56.1
275.3
138.9
101.4
241.0
129.6
98.3
249.7
143.3
99.8
238.0
183.5
111.6
310.4
188.7
103.1
248.9
172.6
137.7
340.5
225.3
142.9
282.5
182.3
103.8
272.5
166.9
97.3
267.9
152.8
77.1
289.0
169.8
76.8
346.4
Asia; Australia and Oceania:
Australia including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
do
10,365.4 12,415.4 1,138.5 1,060.0 1,080.1 1, 090. 1 1,283.2 1, 313. 5 1, 422. 0 1, 334. 1 1, 049. 1 1, 080. 8 1,190.7 1, 516 .3
Revised,
9 Ineludes d£ita not si lown sep arately.
rf Number of stocks represents number currently used; th e change in numt er doe ilot
affect continuity of the series.
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
1971
! 1972
Annual
January 1974
1972
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— Continued
Exports (mdse.), inch reexports— Continued
By leading countries— Continued
North and South America— Continued
Latin American Republics, total 9 .. -mil. $ _ 5, 666. 5
390.9
Argentina
- -- do
966. 3
Bra/il
do._223.7
Chile
- -do
377.5
Colombia
- do
1, 620. 0
Mexico
- - - do
787.1
Vene?uela
do.
Exports of U.S. merchandise, totaL__
Excluding military grant-aid
Agricultural products total
Nonagricultural products, total
do
do
- do
do
6, 471. 2
400.1
1,242.9
187.0
317.3
1, 982. 2
923.7
548.7
26.8
104.2
9.6
26.4
184.4
76.2
604.9
27.1
119.7
14.4
32.9
188.9
96.6
547.4
28.0
113.7
14.0
23.6
180.2
74.4
554.4
20.8
101.4
14.1
30.3
180.6
92.5
648.7
27.3
123.0
15.4
34.9
215.6
81.0
644.4
34.9
118.4
15.6
32.1
214.8
94.9
688.1
30.6
139.3
11.2
27.0
240.4
77.9
705.7
29.4
149.0
19.4
39.0
235.8
71.4
706.3
25.2
151.3
10.2
33.2
253.0
81.9
812.9
57.9
160.8
15.2
47.3
268.1
84.8
809.2
53.5
183.2
14.8
44.2
271.7
82.0
974.4
59.1
231.0
38.6
41.1
318.1
99.2
43, 491. 8 48,978.6 4,527.2
42, 910. 5 48,419.1 4,496.6
7, 698. 0 9, 409. 6 1,079.9
35,793.7 39, 466. 6 3,447.2
4,649.2
4,617.1
1.110.8
3,540.9
4, 719. 5
4, 677. 7
1, 136. 1
3, 583. 5
4, 831. 1
4, 794. 5
1,179.4
3. 651. 7
5, 878. 7
5, 825. 8
1,407.7
4,471.0
5, 491. 8
5, 456. 4
1, 264. 1
4, 227. 7
5, 967. 7
5, 926. 7
1,364.9
4, 602. 8
5, 793. 4
5, 754. 9
1,376.0
4, 417. 4
5, 305. 9
5, 239. 8
1,218.1
4, 087. 8
5, 706. 5
5, 674. 6
1, 469. 5
4, 236. 9
5, 936. 5
5, 879. 9
1,448.7
4, 487. 8
6, 668. 1
6, 633. 9
1,, 733. 7
4, 934. 4
658.0
23.1
441.4
688.6
21.7
476.7
669.4
26.2
455.5
802.3
48.4
531.1
767.9
45.6
510.0
834.7
45.1
565.1
949.6
38.5
660.3
By commodity groups and principal commodities:
Food and live animals 9
mil. $ _ 4, 366. 6
192.0
Meats and preparations (incl. poultry) .-do
2, 449. 1
Grains and cereal preparations
__do
5,660.8
252.0
3, 505. 0
615.7
23.9
384.8
901.9 1, 207. 5 1,191.0 1,216.0 1, 385. 2
28.7
27.5
32.4
44.7
921.1
920.2
660.5
847.3
Beverages and tobacco
do
709.2
908.5
94.8
90.5
62.9
74.5
78.4
74.8
68.4
73.3
72.1
77.3
92.9
110.6
128.7
Crude materials, inedible, exc. fuels?
Cotton, raw, excl. linters and waste
Soybeans exc canned or prepared
Metal ores, concentrates, and scrap
do
do
do
do
4, 328. 6
583.2
1,324.8
486.7
5,030.5
502.8
1, 507. 7
507.9
566.0
55.9
214.8
44.2
566.4
85.7
185.5
61.6
586.4
103.2
185.9
55.8
663.1
82.0
251.6
59.3
840.7
104.7
304.4
90.8
718.0
92.5
248.1
67.5
779.7
69.8
290.4
101.3
676.6
81.5
187.0
93.3
562.7
58.6
112.0
129.0
558.9
52.1
93.4
129.4
506.3
47.5
50.1
106.0
749.8
50.2
278.0
90.7
892.2
1, 497. 4
Mineral fuels, lubricants, etc. 9
do
950.7
Coal and related products
do ..
478.9
Petroleum and products
__do
615.2
Animal and vegetable oils, fats, waxes
do
3, 836. 0
Chemicals
- -- -do
4, 413. 4
Manufactured goods 9
o"o
632.1
Textiles
do
791.6
595.6
Nonferrous base metals
do
1,552.5
1,019.1
445.0
508.0
4,132.9
4,904.1
778.8
825.9
566.8
146.9
95.3
41.8
47.8
331.9
426.4
72.0
66.2
47.1
127.4
67.5
41.4
35.9
386.0
440.6
75.5
71.2
51.2
105.3
62.0
36.2
44.0
403.8
478.2
78.3
85.5
57.8
106.7
55.5
36.3
44.8
384.7
457.6
71.6
75.2
54.1
121.2
71.4
38.2
61.0
441.8
534.0
85.9
98.0
59.7
142.0
95.1
40.2
38.0
443.6
564.9
91.8
98.6
69.0
141.0
95.9
40.7
54.4
460.0
578.4
94.2
109.7
64.3
137.8
91.1
39.8
58.9
475.8
587.0
96.4
102.2
71.2
132.3
81.3
44.2
59.9
468.0
556.6
89.0
103.2
78.7
153.6
102.8
41.8
60.2
516.6
607.1
94.9
107.3
87.1
121.6
65.7
48.0
66.2
505.6
648.8
120.1
106.8
95.8
177.1
119.6
49.9
59.1
553.1
709.2
127.0
127.4
103.8
156.2
Machinery and transport equipment, total
mil. $_.
Machinery total 9
do
Agricultural
do
Metalworking
do
Construction, oxcav. and mining
do
Electrical
do
Transport fiouipment total
do
19,459.8 21,532.7 1,904.1 1,937.2 1,956.4 2, 026. 9 2, 527. 8 2, 250. 0 2, 569. 7 2, 317. 7 2, 050. 3 2, 067. 6 2, 319. 4 2, 551. 0 2, 564. 0
11,560.9 13, 244. 4 1,185.2 1,199.0 1, 222. 6 1,223.0 1,444.5 1,360.9 1,474.2 1, 428. 8 1,383.2 1, 402. 1 1, 433. 6 1,631.9
75.5
596. 7
749.6
86.5
64.3
105.0
59.3
61.8
92.6
97.0
69.0
78.3
86.6
79.0
44.2
404.5
410.0
44.4
42.1
32.5
37.2
50.6
30.6
31.4
37.0
39.2
35.8
38.7
1,404.2 1, 601. 1
181.0
135. 0
130.4
180.7
191.7
148.1
176.3
179.8
178.2
151.0
182.9
169.1
429.9
3, 066. 7
369.7
3,697.8
337.5
409.7
389.6
489.1
341.3
352.4
414.1
439.5
413.8
397.9
919.0
885.8
7, 899. 0
8,296.6
738.2
733.8
721.8
889.1 1,095.5
665.4
803.9 1,083.4
889.0
667.1
620.7
468.9
4, 157. 1 4,796.4
448.5
426.7
527.8
455.8
551.0
543.6
389.5
477.6
521.7
407.7
373.3
378.5
336.9
2, 734. 1
3,189.7
275.1
325.7
264.9
276.3
324.3
270.8
334.7
331.0
345.4
308.9
178.6
163.8
147.7
1, 531. 4
1,559.4
128.7
131.0
145.7
168.4
118.9
132.6
126.8
146.7
171.1
193.2
Mi ell n
m
f tP ed rti le
d
Commodities not classified
do
Value of Imports
45,562.7
General imports, total
do
Seasonally adjusted
do
By geographic regions:
1, 236. 3
Africa.^.
._
_.do
Asia -.
. _.
_ -_-do_.- 11,779.5
394. 9
Australia and Oceania
do
T> 881.1
Europe
do
1?
695.4
Northern North America__
do
3 000 5
Southern Morth America
do
3, 033. 7
South America
..do_By leading countries:
Africa:
Egypt
do
19.1
286.5
Republic of South Africa
do
Asia; Australia and Oceania:
636.1
Australia, including New Guinea
do. __
India.
__do
329.1
Pakistan
.do
77.1
Malaysia
_
_
_.do
269.0
Indonesia
_.
do
207.2
Philippines.
_do
495. 6
Japan...
do
7 958. 8
Europe:
France
do
1,087.7
East Germany
do
10.1
\Vest Germany
do
3, 650. 5
Italy
do
1, 405. 7
Union of Soviet Socialist Republics
do
57.2
United Kingdom
do
2, 498. 5
North and South America:
Canada
do
12,691.5
Latin American Republics total 9
do
4, 881. 0
Argentina
do
175.8
Brazil
do
761.7
Chile
do
90.9
Colombia
do
239.2
Mexico
do
1,261.6
Vene/nela
do
1,215.9
By commodity groups and principal commodities:
Agricultural products total
mil $
5, 765. 5
Nonagricultural products, total
do
39,797.3
'Revised.
9 Includes data not shown separat ely.
61.4
655.0
731.3
55, 582. 8 5,201.4 4,795.7 5, 423. 0 4, 944. 6 5, 595. 6 5, 347. 3 6, 032. 0 5, 900. 8 5,651 8 5, 997. 4 5, 288. 3 6, 373. 3 6, 787. 2
5,147.9 5,002.3 5, 280. 9 5, 540. 8 5, 432. 1 5, 290. 7 5, 760. 7 5, 793. 6 5, 762. 4 6, 020. 9 5, 575. 1 5, 904. 5 6, 733. 3
244.9
232.8
1, 595. 2
182.5
155.4
216.4
184.2
141.4
164.7
226.3
245.9
187.5
201.2
15,111.5 1,404.1 1, 247. 6 1, 364. 3 1,245.0 1,413.3 1, 352. 4 1,515.7 1, 549. 1 1, 567. 0 1, 789. 0 1,502.8 1, 656. 9
165.1
116.5
90.1
1, 145. 4
101.2
101.0
83.4
90.1
108.5
120.3
175.0
123.0
124.0
15,740.3 1,491.7 1,366.4 1, 555. 3 1,405.2 1,587.9 1, 529. 7 1, 723. 2 1, 628. 9 1, 668. 8 1, 769. 1 1,402.9 1, 804. 8
14,915.3 1,456.8 1, 302. 4 1,477.9 1,337.8 1,546.9 1,443.4 1,667.1 1,673.7 1,395.7 1, 177. 7 1, 329. 3 1, 648. 3
435.7
357.9
,?77. 7
3, 536. 3
368.4
411.6
428.3
305.6
310.9
419.2
450.8
418.4
364.5
416.3
3,460.0
301.8 324.3
297.4
283.9
393.4
314.3
356.4
388.1 343.1
316.0
325.5
16.9
324.7
1.6
26.5
1.6
23.1
3.7
25.2
.5
37.2
1.2
30.1
2.6
32.3
1.4
31.7
2.2
28.4
1.0
38.5
4.9
27.0
2.5
33.6
3.7
31.9
819.9
426.6
40.2
301.2
277.8
483.5
9, 064. 3
79.9
34.0
2.3
24.9
24.2
41.5
863.9
61.9
29.1
2.6
21.8
26.1
56.0
724.6
72.3
35.2
3.3
23.3
29.4
35.0
800.8
62.3
29.0
3.3
23.6
25.0
31.3
708.7
61.9
38.4
3.6
30.9
34.2
50.3
792.2
70.7
29.7
2.5
25.4
30.1
44.6
779.9
76.9
35.9
2.3
40.7
43.8
56.1
812.6
82.5
39.2
1.7
40.0
48.4
55.0
810.9
84.0
33.1
3.4
38.5
32.5
80.9
821.1
123.8
40.8
4.2
38.0
51.4
75.6
944.1
80.3
42.2
3.8
39.5
48.7
71.3
753.4
114.5
41.6
3.1
41.8
44.5
42.3
823.6
1, 368. 5
10.3
4, 248. 7
1, 755. 8
95.4
2, 985. 9
127.1
1.0
380.9
156.2
11.1
319.0
121.6
.8
357.5
147.9
12.8
264.7
138.1
.9
421.2
170. 2
18.4
296.4
123.1
.5
379.7
162.6
12.5
266.6
128.3
.7
436.8
167.0
15.5
292.6
140.9
.6
415.3
138.9
17.8
288.6
153.3
1.1
482.8
156.6
10.9
317.0
145.7
1.2
460.1
166.8
11.4
298.5
162.3
1.1
470.9
166.7
12.5
300.1
168.7
.9
482.1
208.2
18.7
343.0
121.3
1.0
341.8
141.2
19.1
259.1
131.9
.9
530.4
155.2
22.8
317.9
14, 908. 9 1,456.5 1,301.8 1, 477. 8 1, 337. 8 1,546.1 1, 443. 4 1,666.4 1, 672. 8 1, 394. 5 1, 176. 1 1,327.4 1,647.5
700.8
570.8
644.4
671.8
569.8
604.1
604.9
615.8
608.9
486.1
562.5
5, 772. 1
521.1
21.2
26.4
18.6
22.4
24.9
24.4
15.5
23.6
17.9
201.4
16.9
16.3
21.3
108.9
89.9
102.7
77.2
99.0
94.5
131.2
74.2
80.5
85.3
78.9
70.6
941.6
12.1
3.8
4.9
1.5
1.0
13.3
5.4
6.5
2.9
82.9
12.4
6.8
5.3
35.7
29.4
38.7
21.9
32.8
34.7
35.1
30.1
33.6
23.2
27.9
284.1
24.9
164.2
207.9
189.5
198.0
161.7
193.2
206.6
170.8
170.5
196.8
1,631.6
146.6
149.4
147.2
159.1
128.5
169.8
126.8
107.8
121.9
130.6
109.2
130.8
1, 297. 5
134.4
108.8
644.5
715.6
725 A
787.8
659.7
709.4
666.0
670.1
641.8
554.1
618.1
6, 504. 9
564.3
49. 050. 4 4, 635. 7 4, 230. 7 4, 763. 3 4, 326. 5 4, 929. 6 4, 637. 8 5, 244. 2 5, 230. 7 5, 010. 0 5,272.0 4, 641. 8 5, 657. 7
Dec.
January 1974
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
1971
1973
1972
1972
Annual
S-23
Nov.
Jan.
Dec.
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 commodities:
Food and live animals?
__..mll. $__
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
Petroleum and products
do..
do
5, 528. 6
181.3
1 166 6
1 050.1
763 6
875 5
3, 382. 0
1 043.9
502.3
158.4
216 0
545.1
6, 369. 9
150 7
68
1 181 7
103 5
1 222 8 111 9
824 1
62 4
1 009 4
117 3
383 1
3, 859. 8
1 021 6
112 5
509.9
49 0
195 9
16 9
196 2
17 6
539.4
23 6
83 7
89 6
62 7
QQ ^
324 9
88 5
38 5
14 9
3, 714. 8
3 323.3
4 798.9
4 299 6
417 0
374 4
568 4
24 1
121 5
99 7
48 9
76 3
341 2
62 6
48 1
21 0
18 0
630.1
20 1
141 1
96 6
72 1
83 5
383 8
69 8
52 2
21 8
23 3
658 3
21 6
145 2
119 8
80 3
98 9
398 3
92 7
50 0
19 2
20 0
732.7
24 o
180 1
135 9
85 5
102 5
444 3
103 6
57 5
23 2
27 0
627.1
15 5
126 1
120 8
69 3
97 3
453 1
121 9
51 9
21 0
29 2
598 9
14 4
117 0
125 7
1R ^
616 7
25 7
132 9
108 8
71 9
109 2
388 5
84 4
56 7
21 9
19 5
99 3.
00 Q
475 7
431 1
532 7
488 1
494 9
452 4
595 1
553 7
502 2
463 2
609 4
565 2
604 3
566 7
554 9
515 5
776 4
728 8
7tr c
Q4. 4.
431
128
55
22
3
4
3
1
696 9
10 1
1 97 R
175 1
Iflfl K
Q1 9
408 7
128 5
45 0
20 6
615.7
63
102 2
143 8
79 9
01 0
386 8
99 9
51 8
15 9
39 1
707.0
32
124 8
200 1
39 2
128 0
490 7
148 8
70 1
17 4
42 6
694 9
648 5
794 7
740 9
809.0
127 0
478.7
908.3
Animal and vegetable oils and fats
do .
171.6
179 6
10 1
21 7
88
16 8
14 7
13 6
15 8
19 8
18 9
23 6
21 2
25 5
37.4
Chemicals
do
1 612 3
2 014 8
177 4
•I CC A
189 1
190 2
9Q2 7
221 9
213 1
208 7
1 QC Q
9ftfi 9
189 2
206 1
216 2
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
do
do
do
do
do
9 545 8
2 725. 2
988.5
1 551 6
1,391.2
11 421 5 1 072 5
2 926 4 *303 8
1 053 9 96 4
179 8
1 933 2
141 5
1 528 4
Qfift 4.
9ftfi fi
Machinery and transport equipment
Machinery, total 9
Metalworking
Electrical
do
do
do
do
13,873.2
5, 967. 8
106.8
2 555. 1
17 420 1 1 713 6 1 492 3 1
737 5
7 786 9
647 4
19 R
17 4
140 4
f)OA p.
332 0
3 375 4
do
do
7 905 5 9 613 2
6 776. 4 7 945 9
965 2
797 7
do
5 372 9
6 910 6
621 4
1, 475. 6
1 598 0
143 9
114 4
122.4
140 0
117 6
134 3
158 0
122 8
143 3
176 1
14.4. fi
o
117 4
144 5
169 6
126 1
163 8
206 6
130 4
177 5
231 6
1 "VI 7.
1fi4. ^
204 132
22* 610
230 176
O1 QiQ
9ft 79ft
313 167
26 993
350 845
33* 617
09 rqi
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967 ~ 100
Quantity
do
Value
do
General imports:
Unit value
do
Quantity
do
Value
do
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 $
3
ft7fi
1 107 8
240 7
110 6
e
224 7
144 2
114 4
87 9
m
QAA K
983 8 1 078 2
220 1
232 0
107 3
90 6
199 5
178 °
143 5
124 1
675 9 1 560 0 1 813 0 1 710 1 1
698 4
702 0 ' 812 3 806 8
14 4
13 3
10 9
11 8
363 8
344 4
275 0
317 0
776 5
608 3
748 2 1 009 0
602 «
867 2
643 2
609 8
649 7
697 1
720 4
820 0
866 2
781 3
772.2
151 3
141 4
131 6
160 9
153 8
155 7
144.9
160.2
143.4
rco n
631 5
584 ^
144 6
162 8
128 7
1 9fl 8
214 0
9 ft^^
m
f
954 3 1 918 2 1 700 7 1 683 7 1 507 6 1 943 9 2, 055. 2
759 4 '934 9
865 0
855 3 ' 907 2
853 8
14 5
15 6
17 3
16 5
14 5
19 1
358 1
466 3
377 4
391 2
387 0
421 6
845 4
706 7
858 0 1 000 6
716 8 ' 841 0
m
968 9 1 136 0 1 239 6
220 9 ' 25s' 9
93 i
83 6
188 4
209 5
116 5
132 0
903 3 1 100 5 1 053 2
896 2
748 3
941 7
977 5
805 0
AQ7 °.
992 8 1 17897 1 114 0 1 192 7 1 136 2
243 5
204 4
296
279 5 ' 273 4
100 5
104 8
97 4
109 4
80 9
159 1
178 9
188 8
211 2
186 2
128 3
133 5
137 8
128 9
136 6
148 0
187 7
127 2
179 3
228 0
128 4
166 3
213 6
132 4
175 3
232 1
134 5
167 5
225 3
1 37 A
147 5
182 1
149 1
205 2
142 9
155 5
222 2
141 6
162 5
230 2
147 1
176 6
259 8
149.2
183.7
274.1
133 3
181 5
242 0
134 3
164 3
220 7
137 5
181 6
249 7
145 1
164 5
238 6
146 9
183 3
269* 2
147 8
178 2
263 3
150 3
167 8
252 2
153 5
174 4
267 6
152 3
154.9
235.9
159 6
178 2
284.4
165.0
183.6
302.9
19 814
2 Ann
18 865
2 RQQ
22 218
3 144
22 741
2 946
24 391
3 177
24 509
3 1 89
°2 524
qq 41 1
3 907
29 981
o Q^Q
34 408
3 319
31 522
3 171
OQ OKQ
07 rjoo
0 CQft
3 538
33 479
3 512
14.95
55.0
2,008
16.00
54.9
2,088
o ncf)
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
_
_
bil._ 135. 66
Passenger-load factor §
percent. .
48.5
Ton-miles (revenue), totalt
mil.. 18, 685
Operating revenues? O
Passenger revenues
Freight and express revenues
Operating expenses©
Net income after taxesO
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles.
Operating revenues©
Operating expenses©
Net income after taxes©
International operations:^
Passenger-miles (revenue)
Express and freight ton-miles
Operating revenues©
Operating expenses©
Net income after taxes©
mil. $..
do
do
152. 41
53.0
20,746
10, 046
8,220
826
288
9,717
30
11, 163
9,271
938
271
10, 579
222
...bll..
mil..
106. 44
2,278
708
118. 14
2,567
686
mil. $..
do
do
7,753
7,496
31
8,652
8,158
196
bll..
mil..
29.22
1,518
617
34.27
1,738
515
mil.$__
do
do
2,292
2,221
-1
2,512
2,420
26
do
do
11.52
50.0
1,687
13.08
53.1
1,842
12.50
49.1
1,696
9.25
253
57
10.42
237
75
9.80
208
56
8.80
203
52
2.66
155
68
13.24
51.8
1,796
13.16
50.3
1,822
10.26
246
61
10.44
226
55
10.11
255
58
2.69
136
46
2.24
133
42
600
613
-18
2.68
166
47
16.98 p 13. 15 p 12. 88 p 11. 99
P47.8 P55.5
57.5 P48.5
2,230 p 1,843 p 1, 848 p 1, 736
3,111
2,599
260
p 3, 431
P 2, 859
P282
2,923
88
p 3, 089
P171
11.55
258
55
12.00
235
51
P 12. 96
P269
p56
2.80
148
43
3.05
150
43
3.39
157
43
4.00
162
40
P9.86 p 10. 13
P277
P256
p57
p53
P9.77
p257
P58
P4.02
pl64
p43
P3.29
pl80
P39
P2.75
P187
p39
P2.22
P175
p47
P834
P714
p75
678
656
11
579
602
-17
::::::::
p 2, 597
p 2, 375
P95
2,433
2,267
77
2,207
2,206
—29
2,212
2,093
52
2.27
169
55
12.94
50.2
1,814
2,785
2,322
241
66
2,808
-46
2,812
2,308
268
76
2,705
34
Local Transit Lines
Fares, average cash rate
cents. .
26.6
27.8
27.8
27.8
27.4
r444
Passengers carried (revenue) _ _ _
mil..
424
438
5,497
r 5, 269
r
Revised.
* Preliminary.
9 Includes data not shown separately.
lIApplies to passengers, baggage, cargo, and mail ctirried.
§ Passenger-miles as a percent of available seat-mile3 in reven ue service ; reflects proportl on
11.05
47.9
1,534
27.7
27.7
27.7
27.7
448
462
408
413
©Tot al reveni.les, expeiises, and income
of se ating caiDacity ac tually sc Id and ijtilized.
d" Effective July 197 3, carrier
for a 11 groups of carrie rs also r eflect no nschedul ed servic e.
grou a referredL to as "I nternatic nal;" no change in compar ability o f data.
27.8
424
27.8
512
27.8
465
27.8
448
27.8
420
27.8
391
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1972
1971
Annual
January 1974
Nov.
1973
Dec.
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity)
Carriers of property, class I: A
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 arid contract carriers of property
(qtrly )cf
average same period. 1967=100.Common carriers of general freight, seas. adj.
1967=100..
Carriers of passengers, class I:
Number of reporting carriers
Operating revenues, total
_
mil. $..
Expenses, total
_
_.do
Passengers carried (revenue)
_.mil -
i 1,475
12, 693
11,907
596
i 1,475
14, 270
13, 434
642
119.0
128.0
124.5
136.4
172
759.9
665.4
166.7
172
768.1
682.5
156.8
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total 9
..mil. $ 7 12, 697
11,793
Freight
_
do
7294
Passenger ©
do
Operating expenses ©
do
10, 058
1,939
Tax accruals and rents _
do.-_
Net railway operating income
do
700
Net Income (after taxes) ©
do
« 351
Traffic:
Ton-miles of freight (net), revenue and nonrev752.2
enue
_- . _
. . bil .
Revenue ton-miles, qtrly. (AAR)._.
do
739.7
1.594
Revenue per ton-mile
cents
Passengers (revenue) carried 1 mile
mil-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
do
Departures
do
Passports issued .
. . ..
do
National parks, visits^
do
7
1,475
7, 194
8 6,8 766
321
94
11 1,720
10 11 47
11
39
94
2,007
i«51
44
124.0
140.0
154.8
160.1
166.0
8
150.2
153.1
94
2,109
1064
47
94
« 1,824
losgg
5
42
94
12 1, 895
10 12 64
1243
94
2,151
10 51
46
159.3
162.6
145 0
162.5
162.2
163.4
159.6
167 7
71
71 8
366. 8
353 7
is 331 9 8 8346. 7
is 77 i
73 5
13
7
13,411
12,7 571
257
10, 550
2,026
835
«500
7
3 475
3,255
7
60
2 716
509
250
1
184
7
3, 523
3,305
759
2,761
562
200
•119
2 925
592
211
' 203. 6
'200.3
3 633
2 898
572
163
6
83
6151
8
800.8
' 776. 7
1.616
8,560
7
3, 727
3,484
435. 9
214.0
211.2
r 218. 0
18.74
60
114
19.21
62
123
' 21. 38
'61
111
18.88
48
122
19.52
57
105
19.85
60
118
20.32
65
143
20 06
67
129
20 53
69
153
20.39
68
143
20.25
65
130
20.93
70
128
20.71
66
135
21.09
73
132
21.04
63
123
7 591
7 059
4 325
3' 567
2,399
48, 863
< 9 068
4 g 312
4 5 193
4 4 310
2 728
54 087
664
542
368
324
132
2 055
543
606
407
382
119
1 716
663
548
452
342
183
1 656
589
583
346
272
230
1 848
713
686
426
343
322
2,252
780
746
451
359
345
3 356
775
787
427
376
335
4 826
790
941
474
418
306
7 618
993
1,020
615
480
255
10, 030
1,172
870
663
628
213
10, 296
761
741
512
470
152
5,616
148
4, 159
132
2,256
20, 410
9,970
7,945
13 253
3 487
111 6
23 079
11 261
8 984
14 869
4 032
117 3
35 297
3 2, 593
3 2 032
3 3 504
3906
3 in 6
6 033
2,923
2 371
3 867
1 088
117 3
9 6, 214
92,985
9 2, 467
93 928
91,108
396.8
337 0
31 7
'431 8
r 349 g
55 1
108 1
81 3
18 5
110.8
90 4
12 0
113.7
93.4
15.7
206 0
150.8
44 3
226 0
163 7
49 4
58 5
44 1
11 0
61 2
43.5
14 3
63.8
44.2
16.2
108
COMMUNICATION (QTRLY.)
Telephone carriers (63 carriers except as noted):
Operating revenues 9
mil $
Station revenues
do
Tolls, message
do
Operating expenses (excluding toxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil $
Operating expenses
do
Net operating revenues (before taxes) do
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before taxes)
do
9 119 1
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
AcetyleneJ
mil cu ft
12, 349
Ammonia, synthetic anhydrousj.thous. sh. tons_. 14, 538
Carbon dioxide liquid gos and solidj
do
1,344
9,352
Chlorine gas (100% Cl 2 )t '
do
Hydrochloric acid (100% HCl)t
do
2,099
Nitric acid (100% HNOi)J
do
7,638
Oxygen (high and low purity)©
mil. cu. ft
319,171
Phosphoric acid (100% PjO s )J
thous. sh. tons..
5,970
Sodium carbonate (soda ash), synthetic (58%
NajO)J
thous sh tons
4,298
Sodium bichromate and chromatej
do
138
Sodium hydroxide (100% NaOH)J
do
9,667
Sodium silicate, anhydroust
do
636
Sodium sulfate anhvdroust
do
1,356
Sulfuric acid 000% H 3 SO4)J
dol.l" 29,035
11, 568
993
983
15, 193 '1,227 ' 1, 212
119
106
1,481
852
842
9,873
2,302
201
202
7,981
'669
••666
353,190 30,992 32,065
'589
6,531
'531
4,310
147
10, 217
661
1,327
31,300
376
13
869
71
111
2,669
366
13
889
59
112
2,713
965
1,197
102
849
198
582
31, 084
469
855
1,135
98
779
180
608
29,286
524
717
1,319
108
862
211
616
32, 945
567
661
1,316
102
848
202
644
31,627
567
659
1,353
112
886
209
661
32,203
586
633
1,324
120
838
196
622
31,273
525
627
1,254
126
875
191
611
32, 328
531
650
1,254
136
866
210
608
31, 667
540
622
'1,333
118
835
189
'587
31, 998
'536
333
12
879
42
103
2,501
328
11
808
53
110
2,518
350
13
895
65
141
2,672
330
12
882
64
138
2,634
337
12
928
72
120
2,840
297
12
870
60
110
2,573
304
13
904
60
122
2,559
338
15
895
58
<112
2,753
261
11
868
60
108
' 2, 514
'Revised.
. * Preliminary.
1 Number of carriers filing complete reports for the year.
3
For month shown.
s For 4th qtr. 1971.
* Annual total reflects revisions not distributed to the monthly or7 quarterly data.
5 For 2d qtr. 1972.
» Before extraordinary
and
8
prior period items.
Reporting roads only; excludes AMTRAK operations.
For six
months ending in month shown.
• For 66 carriers.
w Beginning 1973, data refer to
net income after extraordinary and prior period charges and credits and not to expenses.
11 For 1st qtr. 1972.
12 For 3d qtr. 1972.
is For 1st half of 1972. * Corrected.
A Quarterly data beginning 1973 (and restated 1972 figures) are for large class I motor carriers and include operations of most of those with annual revenues of $30 mil. in 1972. Tonnage
1,377
623
550
2,547
hauled refers to common and contract services.
d"Indexes are comparable for the identical quarter of each year (and from year to year).
©Natl. Railroad Pass. Corp. (AMTRAK), not included in AAR data above, for 1972 and
1st 6 months 1973 (mil. dol.): Pass, revenues, 138; 74; net income, -148: -79 (ICC).
9 Includes data not shown separately.
J Revised monthly data back to 1969 will be shown later.
ONot comparable with data in 1971 BUSINESS STATISTICS.
§Eflective Jan. 1972, data reflect an expanded sample that includes many motor-hotels.
UData include visits, effective Jan. 1972, to Arches and Capitol Reef National Parks, and
effective July 1973 to Voyageurs Natl. Park.
SUKVEY OF CURRENT BUSINESS
January 1974
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition ot BUSINESS STATISTICS
1972
1972
Annual
S-25
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Oreanlc chemicals, production:^©
Acetic anhydride
Acetvlsalicylic acid (aspirin)
Creosote oil
mil. l b - _ i 1,612.9
31.7
_ do —
mil. gaL- i 115.7
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glvcerin, refined, all grades:
Production
Stocks, end of period
_
Methanol, synthetic
Phthalic anhydride -_ _ _ _
1, 560.6
134.6
119.1
130.1
2.5
8.9
2.3
8.7
3.0
7.8
1159.3 i 217. 2
mil. lb..
1 4,521.6 15,600.0
do
18.4
4f>8. 5
20.3
450.0
(2)
2.8
3.0
11.4
10.7
2.4
8.9
2.4
9.1
3.0
87
2 5
85
2 4
91
2 4
8 4
30
88
2 8
85
18-1
479.6
14.7
465.7
23.8
£19.2
24. 5
527. 7
17.1
611.3
18 7
524 5
15 0
506 9
2i 3
525 1
18 5
503 2
15 6
543 8
13 1
516 7
29
18
85
80
31
15
94
92
27
16
90
85
29 9
30 2
do
do
mil. gal._
mil. lb._
339.8
28.2
i 745.5
i 794.4
353.0
26.6
i 897. 0
1
936. 0
25.7
24.3
87.6
71.2
30.9
25.6
84.4
77.7
31.5
24.7
83.6
75.6
28.1
23.8
79.4
71.4
30.8
21.6
93.1
89.8
29.5
22 6
88.7
81 9
29.8
17.1
79.7
91.6
30
15
94
87
.mil. tax gal..
do
do
do
652 9
132.8
432.7
88.0
621.3
76.9
463.0
82.6
61.6
96.2
37.3
53.4
76.9
35.3
57.1
95.9
41.3
62.5
90.7
37.5
57.1
87.8
41.3
68.4
97.6
36.7
58.1
87.7
38.8
65.9
89.6
37.8
mil. wine gal..
do
do
234.1
234. 6
245.9
246.6
20.1
19.9
0
0
3
3
9
2
6
1
5
6
5
2
6
7
8
2
r 16 2
83 9
Q1 O
17 R
95 3
DO
9
ALCOHOL
Ethyl alcohol and spirits:!
Production
_.
Stocks, end of period
Used for denaturation
Taxable withdrawals
Denatured alcohol :t
Production
Consumption (withdrawals)
Stocks, end of period
2.9
2.0
7.0
2.8
6.8
19.1
19.5
2.0
6.1
4.9
6.2
22.2
21.8
20.2
20.4
22.2
22.5
2.6
2.5
2.7
2.8
5.7
19.8
19.6
6.6
6.4
21.6
21.5
2.8
20.3
20.2
2 9
54 2
94.3
34 3
57.4
90.9
39 8
59.9
81.1
38 0
18 9
19 1
2 8
22 1
22.1
2 7
20 3
20.3
2 8
6.6
6.2
5.8
FERTILIZERS
1
19, 612
1,123
14,953
1,363
1,358
1,699
1,666
1,451
1,830
1,770
1,518
1 640
1 785
1 899
1 639
1 764
1 678
1,013
1,103
1,259
1,054
1,438
1,391
1,141
1 109
1 295
1 376
1 115
184
125
192
1 362
1 233
120
130
378
264
4,855
203
111
20
22
303
9
6,026
4,913
4 966
6 482
389
433
Explosives (Industrial), shipments, quarterly §
mil. lb
2, 120. 0
2 108 7
Paints, vnrnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
do
Industrial
finishes
do
2 830 9
1 562 8
1 268 2
3 009 2
1 659 3
1 349 8
224 7
113 8
110 8
Sulfur, native (Frasch) and recovered:
Production
thous Ig tons
Stocks (producers') end of period
do
4 8 620
4 120
4 Q 91ft
3 7QA
ftOfi
709
QOC
807
R4.8
839
851
3 956
3 844
3 817
3 791
3 774
3 763
3 805
799
4 003
3 756
3 801
3 820
3,903
156 9
165 4
216 7
162 9
182 6
159 1
172 6
169.4
149. 5
147.1
161.3
' 165. 7
143.0
406 9
377 i
669 0
413 0
396 7
689 8
421 6
384 2
679 6
403 1
363 2
638 5
443 6
395 0
721 0
407 3
385 9
693 8
418 4
388 8
705 8
420 5
358 7
682 2
411 6
354 1
699 7
410 0
349.8
696 9
395 8
3r55. 9
686.1
362.8
374.9
' 784. 6
370.9
367.9
710.4
Exports, total 9 ._
Nitrogenous materials
Phosphate materials
Potash materials
Imports :
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
. thous. sh. tons_.
do
do
do
.. .
_ _ __
do
do
do
do
_
1
17, 106
1, 050
13,431
1,033
1
Potash deliveries (KjO)
do
Superphosphate and other phosphatlc fertilizers
(100% PjOs) :
Production i
thous sh tons
Stocks end of period
do
374
229
4, 649
88
75
107
81
62
91
129
109
68
88
95
92
69
100
95
136
17
14
274
5
27
26
442
16
28
23
431
3
39
46
761
1
74
46
713
0
37
22
547
3
25
12
305
9
15
11
261
11
12
295
o
16
23
385
5
24
29
669
16
27
23
601
3
246
330
384
611
782
706
681
308
220
335
415
Am
r t^QH
477
418
469
433
491
455
477
437
491
333
494
233
495
233
446
298
444
349
430
363
r 431
467
305
111
83
110
114
146
o
340
r, AQQ
MISCELLANEOUS PRODUCTS
776
190 0
95 0
96 0
225 6
114 5
111 0
70 K
235 0
124 7
110 3
264 0
140 1
123 9
651.2
528.5
476.0
479 1
270.0
147.4
122 6
294 4
161 6
132 8
297 5
166 3
131 2
279 4
163 6
115 8
301 7
171 3
130 4
r 272 5
r 140 3
T 132 2
829
274.5
137.4
137.1
892
PLASTICS AND RESIN MATERIALS
Production:
Thermosettlng 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-tvpe materials (polystyrene)
Vinyl resins (resin content basis)^
Polyethylene
mil. lb
do
do
do
do. .
polymer
mil lb
do
do
do
(i)
1
(2)
i 706 7
1 180 9 i i 680 1
1
'(2)'
769. 8
(2)
(2)
1 3 990 4 1 4 602 0
1 4 102 8 1 4 288 9
i e 331 3 1 7 629 5
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil kw -hr
Electric utilities, total
By fuels
By waterpower
.
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
By waterpower
.
r
_
1 717 520 1 853 390 152 625 163 329 168 386
do
do
do
1 613 936 1 747 393 143 867 154 350 159 320
1 347 616 1 474 589 122 473 129 587 133* 398
266 320 272 734 21 394 24 763 25 921
do
do
1 322 540 1 435 599 118 426 126 636 130 009
291 396 301 724 25 443 27 714 29 311
do
do
do
103, 585
100 325
3,260
106,067
102 678
3,389
8,768
8 460
298
8,979
8 669
310
9,066
8 736
Revised.
» Preliminary.
i Reported annual total reflecting revisions not distributed to the monthly data. * Series
discontinued.
3 Less than 500 short tons.
* Annual total reflects sulfur content, whereas
monthly data are gross weight.
H Beginning Jan. 1972, data exclude polyvinyl acetate,
polyvlnyl alcohol, and other vinyl resins.
330
©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.
9 Includes data not shown separately.
§Data exclude black blasting powder.
J Revised monthly data for 1970 will be shown later.
SURVEY OF CURRENT BUSINESS
S-26
1972
1972
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
Nov.
Annual
January 1974
1973
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__ 1,466,441 1, £77,714 131,021 134,957 143, 115 139, 596 135, 747 131, 897 131, 814 139, 014 149,064 154. 594 154,877 145, 715
Commercial and industrial:
333,752 361, 859 29,781 30 021 31, 665 31, 124 30, 646 29, 848 30, 838 33, 745 36, 733 37,704 37, 452 34, 146
Small licht and power§
do
«• 592,700 639, 467 55, 404 54, 111 55, 111 54, 619 55, 627 55, 753 56, 784 57, 542 67,091 59, 023 59, 514 60,779
Railways and railroads
Residential or domestic
Street and hiuhway lighting
Other public authorities
__do
do
4,537
479,080
4,440
511, 423
do
do
11,673
39, 819
4,880
12, 193
43, 190
5,142
395
358
40, 253 " 45,136
1.124
'3,686
415
1,165
3,705
424
390
50, 700
379
48,428
397
45, 126
325
41, 142
322
39, 102
330
42, 451
324
49, 781
335
52, 341
328
52, 308
339
45, 285
1,187
3,641
422
1,092
3,534
420
1,078
3,447
426
1,021
3,381
426
978
3,316
473
951
3, 501
494
966
3,687
482
1,002
3,712
477
1,047
3,735
495
1,119
3,567
480
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $. 24, 725. 2 27,921.1 2, 333. 4 2, 402. 1 2, 540. 6 2, 511. 3 2,472.6 2, 403. 4 2,423.5 2, 592. 6 2, 800. 9 2,891.1 2, 944. 0 2, 758. 7
GASf
Total utility gas, Quarterly
(American Gas Association):
Residential
CommercialIndustrial
Other
-
-
do
do
do
do....
"RociHpntinl
do
Industrial
do
OtVipr
do
Revenue from sales to customers, total
Residential
T /i t
Other
1
"
mil. $..
do
do
do
43,451
39,902
3,290
n-i ft
49
43, 826
40, 171
3,366
208
81
4,302
1,395
623
2,064
220
5,286
2,256
966
1,850
213
3,930
1,088
508
2,128
205
3,289
1,663
564
989
94
4 563
2,552
892
1,005
3 039
1,415
491
1,017
115
42, 660
39, 189
3,218
206
47
43,370
39,776
3,330
216
49
43, 370
39, 776
3,330
16, 680
5,040
2,156
8,643
841
17, 110
5,148
2,280
8,798
883
11,355
5,635
1,829
3,568
323
12, 488
6,105
2,066
3, 955
362
46
114
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil. bbl
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total):
Production
mil tax gal
Consumption, apparent, for beverage purposes
mil wine gal
Taxable withdrawals
mil. tax gal
Stocks end of period
do
Imports
mil proof gal
Whisky:
Production
mil. tax gal
Taxable withdrawals
do
Stocks end of period
do
Imports
mil. proof gal
137. 36 ' 141.34
127. 40
131. 81
12.23
12.44
183.28
9.59
9.27
12.44
10.98
9.67
13.07
10.72
9.43
13.70
13.14
12.01
14.00
12.86
11.65
14.42
13.83
12.87
14.48
13.09
12.55
14.20
13.76
12.77
14.30
14.17
13. 68
13.81
12.12
11.50
13.58
12.38
11.54
13.52
183. 73
16.33
15.52
15.25
15.75
18.44
16 14
18.31
17.49
9.66
11.77
13.20
2 382. 35 *- 393. 37
182. 07
200.43
48.34
16.46
971. 70
12.65
28.22
15. 14
970. 43
7.77
26.73
13.87
971. 96
6.78
33.80
17.98
972. 74
8.37
30.44
16.00
971. 86
7.58
33.64
19.36
970. 31
9.30
33.65
17.39
971. 05
8.17
29.64
14.22
965.20
7.12
32.29
18.04
959. 75
7.73
29.48
17.03
954. 16
8.20
11.36
13.69
9.75
11.98
Rectified spirits and wines, production, total
mil proof gal
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks end of period
do
Imports
do
Still wines:
Production _
_
do
Taxable withdrawals
do
Stocks, end of period
do
Imports. .
_ _ _ _ _
do_
Distilling materials produced at wineries
9.92
9.92
12.77
do
996. 62
102. 14
971. 70
100.16
39.52
20.75
972 30
11.64
119. 38
116 84
945. 80
»89.29
116. 56
130 09
924. 41
87.69
10.52
14 29
924. 70
10.29
9.94
10.22
924. 41
11.33
10.47
9.64
924. 02
6.68
11.00
8.90
926.03
5.70
11.89
11.33
926. 32
7.21
11.18
10.23
926. 58
6.55
11.93
11.96
925. 34
7.95
10.78
10.44
926. 11
6.98
5.34
8.86
922. 29
6.07
6.61
10.62
917. 57
6.68
6.95
10.05
912. 87
7.08
115.18
61.91
120.30
62.60
12.29
6.35
9 21
4 14
9.24
3.86
7.51
3.53
9.77
4.40
9.11
4.42
10.78
5.27
9.70
4.62
7.60
3.48
9.74
4.49
9.47
4.43
24.60
22.10
8.57
1.88
21 13
20.36
8 09
1.98
1.98
2.80
8.71
.24
2 30
2.74
8 09
.31
1 41
1.11
8 19
. 18
1 42
1.10
8.44
.15
1.93
1.24
9.07
.18
1.91
1.06
9.88
.14
1.72
1.54
10.00
.15
.85
1.58
9.17
.14
1 26
.90
9 45
.14
1 73
1. 15
9 95
.12
1.99
1.56
10.29
.10
2.36
2.81
9.76
.20
.27
357. 36
246. 97
366. 31
i 34. 28
301. 16
r
269.58
350 88
45.07
42.62
25.09
366 39
4.94
19.87
25 39
350 88
4.66
12.26
22 13
331 79
4 38
10.28
20.90
314 70
3.52
12.19
26.26
294.31
4.30
10.54
22.87
277. 34
4.42
10.01
24.54
257. 93
5.10
8.83
22.60
236. 95
4.93
8.42
18.19
221 03
4.86
18.80
21 80
214 87
4 26
89.49
20.00
275. 43
3.97
146. 64
26.66
386. 66
4.35
4.90
402. 38
261 10
6 96
7 84
1 97
3 05
4.25
1 10
3.41
4.18
1 32
30 24
136 45
138. 23
1, 143. 7
96.8
.693
1 101.9
107.5
696
73 5
132.5
703
81 6
107.5
715
96 1
108 7
687
84.4
109.5
687
90.6
116.6
93.7
125.8
.624
100.3
140.8
.620
87.6
149.4
619
69.1
143.4
.639
58.4
114.3
51.3
93.5
62.7
••67.4
60.4
51.7
.770
2, 380. 4 r 2 610 8
1,511 5 1 644 3
r 186 2
107 9
204 7
119 5
202 9
123 5
193 7
120 1
226 5
142.7
238.8
151.3
261 5
171.7
261 6
172.4
238.1
154.7
218.3
137.6
186 5
110.3
194 3
119.6
200 5
120.9
321 1
260 1
11 4
30? 4
244 9
14 9
303.4
247.3
12.2
330 6
271 1
16 1
376 3
309 6
20 2
393.3
320.6
31.2
396.4
321.5
14 5
382 5
310.7
13 0
371. 5
r 301. 6
28 9
353 0
285.8
29 2
.746
.765
.783
.792
.802
.801
.847
.898
.944
.971
DAIRY PRODUCTS
Butter, creamery:
Production (factory) J
mil. Ib
Stocks, cold storage, end of period... _
do
Price, wholesale, 92-score (N.Y.)
$ per Ib
Cheese:
Production (factory), total J
mil Ib
American, whole rnilkt
do
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
__
$ ner Ib
1
304.3
238.9
95 5
331 4
269 4
179 4
353 6
291 7
20 3
331 4
269 4
19 9
322 1
260 4
15 2
.671
.714
736
.744
.745
' Revised. 1 Reported annual total; revisions are not distributed to the monthly data.
2 Includes Hawaii; no monthly data available for Hawaii.
§Data are not wholly comparable on a year to year basis because of changes from one
r
classification to another.
tData 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.
^Revised data for months prior to May 1971 will be shown later.
SURVEY OF CURRENT BUSINESS
January 1974
1972
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
Annual
S-27
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production case Koodso1
'72.2
80.8
76.8
73.5
92.4
97.4
114.2
114.6
101.0
99.4
83.9
80.6
69 8
74.7
104.1
74.7
60.2
55.2
35.6
56.2
85.4
114.1
133.6
67.1
95.6
89.4
75.2
35.1
32.7
14.4
40.5
.2
4.4
.3
3.2
.2
3.8
.1
3.5
.2
4.8
0)
4.0
.1
3.1
.2
3.0
.1
3.0
.1
4.6
.1
1.9
(l)
3.8
(i)
2.5
118, 532
do
•60,369
do
5.87
$ per 100 lb__
120,
278
8
60, 930
6.07
8,987
3,962
6.52
9,401
4,284
6.54
9,630
4,713
6.55
9, 055
4,475
6.56
10, 321
5,176
6.52
10, 488
5,386
6.40
11,078
5,960
6.37
10,706
5,923
6.37
10, 105
5, 261
6.52
9,598
4,779
7.17
9,044
3,994
7.81
9,015
4,109
8.29
8,662
3,892
'8.63
7
77. 8
1,417.6
'78.3
1,223. 5
'6.0
67.2
6.1
72.1
6.7
85.2
6.9
79.9
6.9
95.1
8.6
97.3
9.3
121.6
9.3
119.0
6.4
87.1
5.9
64.0
5.6
51.1
5.2
48.7
4.6
45.1
4.0
«77. 0
3.4
37.9
4.7
34.9
3.4
37.9
4.4
34.5
4.1
36.9
3.4
38.3
6.2
66.8
6.1
75.4
9.0
96.6
9.6
91.0
8.2
89.0
7.3
84.7
7.6
78.5
7.0
63.5
25.0
7124.2
38.3
164.1
2.4
7.9
2.0
3.7
3.7
3.6
4.3
.4
4.1
1.4
4.6
1.0
5.2
.2
6.2
1.5
3.8
.2
3.7
.2
5.9
.7
1.5
.2
4.3
.5
.307
.331
.359
.376
.394
.398
.422
.440
.445
.448
.458
.484
.500
.518
.520
1,789.3
181.2
202.1
211.2
192 2
216 2
217.4
243.0
282 7
257.8
301.0
267.6
237.0
251.5
2.7
6.4
263.7
166.4
97.3
7.7
7.5
5.8
9.3
1.67
1.56
1.54
1.53
1.60
1.69
1.62
1.61
2 60
2 60
2.52
2 49
1,268. 1 '1,172.8
mil. Ib
Stocks, manufacturers', case goods, end of month
or yearcf
. .
mil. lb._
88.6
Exports:
Condensed ( sweetened)
Evaporated (unsweetened)
Fluid milk:
Production on farms
Utilization in mfd dairy products
Price, wholesale, U.S. average
do
do
Dry milk:
Production:
Dry whole milk
_
mil. Ib
Nonfat dry milk (human food)
_do
Stocks, manufacturers', end of period:
Dry whole milk
_
_ _ do
Nonfat dry milk (human food)
do
Exports:
Dry whole milk
do
Nonfat dry milk (human food) .
do
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per Ib
P8.78
GRAIN AND GRAIN PRODUCTS
Exports (barley corn, oats rye, wheat)
Barley:
Production (crop estimate)
Shocks (domestic) end of period
On farms
Off farms
Exports, including malt§
Prices, wholesale (Minneapolis):
No. 2, malting
_
No. 3, straight
mil. bu
7
1,204. 6
7
2463.6
392.4
255.5
136.9
7
53. 2
2 423. 5
361 8
246.2
115 6
60.6
2.1
361 8
246.2
115 6
7.3
1.21
1.20
1.23
1.23
1.32
1.32
1.43
1.42
5, 5f 3
4,815
3,674
1,141
886.2
91.0
4,815
3,674
1,141
84.2
102.6
92.0
3,330
2,375
955
104.6
1.39
<1.36
1.30
1.26
1.31
1.30
1.63
1.54
1.65
1.67
1.57
1.57
1.57
1.58
mil. bu
do
do
do
2881
943
693
251
2692
780
559
220
Exports, including oatmeal
do
Price, wholesale, No. 2, white (Chicago)
$ per bu
7.1
_
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
Offfnrms-do
Exports, including meal and
flour
do
Prices, wholesale:
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
Rice:
Production (crop estimate) .
mil bags 9
California mills:
Receipts, domestic, rough. _
mil. Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
ofperiod... _.
.. _
mil. Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil Ib
Shipments from mills, milled rice.. _ _ do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
Exports _
do
Price, wholesale, Nato, No. 2 (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
Stocks (domestic), end of period, total
On farms
.
Off farms..
mil. bu
do_.
do
do
do
do
do
25,641
4,700
3,551
1,149
7
511. 7
8.75
2
25 2
"424 5
10.4
162 5
3 88 8
73 8
7.6
9.8
8.8
425 0
287.4
137 5
11.9
1.64
1.64
1.72
1 69
1.79
1 80
2.47
2.44
2.62
2.60
92.0
92.2
1,931
1 366
564
136.6
124.3
138.1
304
112.4
92.3
112.5
1.63
1.65
2.01
2.02
2.43
2.30
2.59
2.33
2.98
2.70
2.39
2.40
2.34
2.35
2.53
2.39
10
586
380
207
780
559
220
.7
fl
.7
6
.6
.9
1.00
.85
3 707
7.0
.95
1.03
69
5 678
58
5.7
6.2
2.67
2.58
11 664
845
645
200
3 412
3 231
3 igl
40
2.51
2 00
3
403
3
91
56
1.52
«85. 8
285 4
2,004
1,446
1 774
1 266
102
71
120
112
186
97
215
182
252
141
272
311
151
123
120
83
93
47
78
80
18
48
274
112
241
115
98
86
114
86
135
120
174
80
62
61
77
52
8
144
194
5,667
4,206
7,472
6,133
645
603
270
453
252
438
124
384
90
367
57
313
67
234
41
227
37
259
645
233
1,294
346
2 263
476
809
545
1,737
3,252
1,967
4,447
2,217
444
1 967
407
1 713
329
1 429
299
1 138
478
876
423
672
271
499
159
240
204
435
132
951
215
1 922
253
1 925
402
.087
«.098
.125
.125
.129
.129
.129
.153
.153
.153
.153
.163
.185
.213
.295
249.3
54.6
1.06
329.2
54.1
1.07
1.15
54.1
1.18
1.17
1.20
48.9
1.12
1.18
1.27
333.3
1.35
1.52
2.23
36.2
2.92
2.70
2 1,618
2474
2 1,144
1,482
2 1, 545
2360
2
1 185
1,697
11 92. 8
470
1,547
1,396
1,396
694
507
507
853
889
889
'Revised. * Preliminary. » Less than 50 thousand pounds. 2 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, June-Oct., and Dec.
• Average for JulySept., and Dec.
' Annual total reflects revisions not distributed to the months.
3
470
498
3
682
.300
11 26. 4
2.46
2.69
11 1 711
11 442
i 1, 270
1,475
927
430
636
316
3 125
839
611
3305
» Revised monthly data for Jan. 1970-June 1972l will be shown later.
» Effective Mav 1972,
price is for No. 2 (Southwest Louisiana).
° Nov. 1 estimate of 1973 crop.
n Dec. 1
estimate of 1973 crop.
d"Condensed milk included with evaporated to avoid disclosing operations of individual
firms.
§Excludes pearl barley.
9 Bags of 100 Ibs.
January 1974
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
Annual
1973
1972
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dee.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total including flour __ .. mil. bu..
Whest only
do
627.1
588.3
i 817. 0
i 778. 5
87.4
83.5
109.7
107.3
105.5
101.9
94.3
92.9
101.9
98.1
111.4
108.8
130.6
128.3
128.4
126.1
113.2
110.1
143.6
139.9
135.3
131.6
123.2
122.1
121.9
120.5
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....
1.77
1.60
21.72
1.86
1.86
21.87
2.23
2.29
2.20
2.42
2.60
2.42
2.42
2.67
2.46
2.28
2.48
2.36
2.32
2.50
2.40
2.39
2.55
2.45
2.61
2.64
2.62
2.75
2.79
2.77
3.06
2.84
3.22
4.49
4.71
4.92
4.84
5.09
5.34
4.50
4.72
1.87
4.50
4.78
4.91
250,441
4,303
557, 801
21,072
361
46, 822
20,799
358
46,380
21, 346
375
47,529
20, 023
346
44, 475
21, 051
358
46, 777
19,310
327
42, 792
20,603
354
45, 808
19, 771
342
43, 765
20,068
348
44,681
21, 893
380
48, 889
21, 589
373
48, 111
21, 982
385
49, 258
4,746
16, 549
1,665
4,746
1,049
1,553
611
5 581
1,626
1,134
977
5,393
993
1,352
1,596
4,174
1,607
483
612
6.534
5.867
6,938
6.500
7.625
7.500
7.613
7.375
7.138
6.813
7.263
6.875
7.325
7.163
7.313
7.038
7. 875
7.738
7.738
7.538
10. 280
9.388
10.600
10. 463
9.913
9.863
10. 225
10. 113
2,421
32, 266
209
2,705
202
2,615
203
2,807
169
2,422
188
2,618
139
2,167
131
2,692
117
2,560
118
2,441
115
2,363
128
2,360
168
2,863
171
2,685
35.49
38.89
46.88
33.38
40.66
49.00
36.58
42.61
49.00
40.25
44.25
49.00
42.76
48 06
54.00
44.98
50.90
56.00
44.61
50.67
57.80
45.83
50.79
57.50
46.66
49.38
61.40
47.77
53.23
59.30
53.13
56.40
67.50
45.05
49.73
56.40
41.33
49.84
53.40
39.56
47.63
57.50
86, 667
78,759
6,988
6,197
6,641
5,712
6,652
5,992
6,637
5,711
4,996
5,569
5,348
6,613
6, 530
18.41
26.58
26.91
29.33
31.28
35.47
37.62
35.12
35.82
37.66
45.69
55.28
42.96
41.28
39.89
38.37
14.5
22.2
22.3
20.8
22.3
25.3
28.0
24.7
21.9
18.7
20.2
21.1
20.4
18.8
18.5
16.0
Wheat flour:
Production:
249, 810
Flour
thous. sacks (100 Ib.)
4,279
Offal
..thous. sh. tons.
Grinding1' of wheat
thous. bu _ 555,092
Stocks held by mills, end of period
4,362
thous. sacks (100 lb.)..
16, 637
Exports
do
Prices, wholesale:
Spring, standard patent (Minneapolis)
6.145
$per lOOlb.5.446
Winter, hard, 95% patent (Kans. City) _ do
4.98
5.23
5.38
11.525
11. 075
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals .
2,807
Cattle
do
31,419
Prices, wholesale:
Beef steers (Omaha)
$ per 100 lb.. 32.03
Steers, stockerand feeder (Kansas City)._do
32.09
Calves, vealers (Natl. Stockyards, Ill.)._do
38.58
Hogs:
Slaughter (federally inspected)., thous. animals..
Prices:
Wholesale, average, all grades (Sioux City)
$per 1001b._
Hog-corn price ratio (bu. of corn equal in value
to 100 Ib. live hog) -_.
Sheep and lambs:
Slaughter (federally inspected)., thous. animals..
Price, wholesale, lambs, average (Omaha)
$per 100 lb._
10, 256
9,905
828
751
835
700
710
690
858
727
807
789
915
747
27.43
30.13
27.00
29.25
33.62
39.25
40.75
34.50
36.25
38.00
39.25
41.50
33.38
31.75
34.75
36, 209
35,632
3,130
2,893
3,077
2,658
2,911
2,511
2,992
2,747
2,561
2,567
2,549
3,140
3,004
675
66
143
590
49
153
508
57
209
527
53
159
'647
72
207
729
62
184
1,482
264
6
167
1,615
253
5
123
1. 850
'327
8
161
1,740
370
10
139
.713
.671
.648
40
13
47
'16
39
14
994
1,243
1,225
1,074
271
8
36
844
38.63
44.42
56.50
37.50
MEATS AND LARD
Total meatsProduction (carcass weight, leaf lard in), inspected
slaughter
mil Ib
Stocks (excluding lard), cold storage, end of
period
mil. lb._
Exports (meat and meat preparations)
do
Beef and veal:
Production , inspected slaughter
Stocks, cold storage, end of period
do
do ...
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs ) (New York)
$ per Ib
Lamb and mutton:
Production, inspected slaughter
Stocks cold storage end of period
mil. lb._
do
Pork (including lard), production, inspected
slaughter
mil Ib
796
1547
i 1, 789
670
614
2,012
702
57
174
670
57
138
680
48
165
661
52
148
687
81
133
706
75
149
700
74
166
19 697
375
i 1, 265
20,522
380
54
1,461
1,761
363
7
131
1,693
380
6
101
1,801
393
5
121
1,552
383
4
108
1,645
369
6
94
1,363
374
5
104
1,696
349
7
119
1,624
333
8
102
1,566
309
6
116
.547
3.577
.533
.590
.645
.690
.712
.719
.710
.728
.749
522
19
515
16
44
17
40
16
45
13
38
11
39
11
38
13
47
15
38
16
42
14
15, 989
14,594
1,325
1,160
1,232
1,068
1,227
1,110
1,250
12,551
214
105
395
1,144
242
7
35
1,015
214
7
31
1,077
207
6
34
938
204
12
30
1,074
242
33
29
976
248
31
37
1,079
259
29
37
940
253
14
35
839
202
6
30
924
130
4
34
882
198
6
30
1.094
'224
14
37
.625
.645
.703
.644
.752
.720
.730
.768
.705
.799
.798
.756
.764
.737
.722
.737
.745
.730
.794
.883
1.045
1.167
.839
.866
.784
.™
.818
1,830
100
282
.147
1,465
51
164
.148
130
58
32
.164
103
51
4
.157
111
52
19
.156
92
44
5
.178
109
50
7
.205
95
49
11
.203
122
50
5
.215
105
40
17
.238
83
34
4
.240
82
32
7
.425
80
28
3
.245
106
35
14
.320
108
40
15
.265
.290
10, 357
10,883
977
833
855
721
781
725
886
949
920
1,070
910
1,120
999
357
262
465
354
'583
'458
470
330
.420
.305
.230
.185
Pork (excluding lard):
Production, inspected slaughter
do
i 13, 452
Stocks cold storage end of period
do
330
Exports
._ _
.do
72
Imports..
___
do
357
Prices, wholesale:
Hams, smoked composite
Sperlb..
.534
Fresh loins, 8-14 Ib. average (New York) ..do
.498
Lard:
Production inspected slaughter
mil Ib
Stocks, dry and cold storage, end of period.. do
Exports
do
Price, wholesale, refined (Chicago)..
$ per Ib..
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
$perlb__
378
223
324
208
413
297
324
208
294
187
.128
.133
.130
.130
.155
'1 Revised.
Annual total reflects revisions not distributed to the months.
1,086
953
251
153
204
116
179
90
174
88
229
138
292
200
.190
.235
.255
.220
.240
.260
42
13
1,040
.670
.957
» Effective May 1971, data are for 5 markets; beginning April 1972, for 4 markets.
» Beginning Jan. 1972, price for East Coast (New York and Philadelphia average).
.180
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
1972
Annual
S-29
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO— Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
mil. casesO
Stocks , cold storage, end of period:
Shell
thous casesO
Frozen.
_
_ _ _ mil. Ib
Price, wholesale, large (delivered; Chicago)
$ per doz__
194.9
193.1
15.3
15.9
15.8
14.4
16.1
15.7
16.0
15.1
15.2
15.0
14.6
15.3
15.0
60
74
41
68
85
76
41
68
116
58
87
53
97
49
37
46
41
45
72
46
51
49
65
50
90
52
'72
'54
96
51
.332
.338
.402
.498
.526
.431
.499
.500
.486
562
.650
.756
.688
.632
.664
Cocoa (cacao) beans:
Imports (incl. shells) _ ._ .
thous. Ig. tons
Price, wholesale, Accra (New York)
$ per Ib..
315.8
.268
282.2
.322
10.0
.376
36.1
.384
38.1
.369
34.2
.389
27.7
.414
29.0
.525
29.3
.614
17.0
.674
15.8
.870
9.9
.790
5.4
.758
2.8
.805
11.1
.770
.651
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagso*-Roastings (green weight)
do
4,000
19,607
3,663
20,075
Imports, total
_
do
From Brazil
._ _ _
- .
do
Price, wholesale, Santos, No. 4 (N.Y.)--$ per lb._
Confectionery, manufacturers' sales
mil. $..
21, 669
5,991
2.461
1,974
20, 757
6,152
3.544
1, 976
1,643
430
.560
199
1,288
319
.570
172
1,996
696
.570
184
1,844
250
.620
172
2,101
266
.655
182
2,040
321
.650
154
2,494
475
.650
143
1,710
424
.670
135
1,573
211
.700
114
1,731
411
.700
183
1,399
348
.725
233
1,624
489
.723
224
1,624
420
.730
.720
302
415
416
415
382
344
298
263
270
291
324
336
364
'411
4,585
6,601
1,230
4,938
6,700
1,262
1,028
391
30
OQ6
396
43
650
547
55
397
379
49
305
536
90
281
617
120
212
592
137
168
648
140
112
707
103
77
408
92
135
587
138
663
597
127
11,439
11,288
2,687
11,531
11,420
2,757
855
849
2,217
1, 043
1,035
2, 757
787
780
2,941
743
738
3,038
1,058
1,049
2,777
892
886
2,831
988
984
2,604
1,063
1,058
2,291
1.027
1,025
2,040
1,203
1,197
1,454
1,026
1,022
979
481
778
61
104
35
1,454
64
134
137
313
239
286
196
299
439
5,262
1, 544
48
5, 154
1,246
76
317
117
2
381
143
5
435
104
1
288
47
5
441
127
3
475
139
2
-P06
168
1
418
153
(0
448
262
5
566
215
5
393
285
1
220
24
0
550
82
6
.085
.091
.090
.092
.094
.092
.094
.097
.100
.103
.102
.108
.109
.112
.111
.112
.695
.117
.704
.123
.711
.122
.713
.122
.713
.122
.725
.132
.734
.132
.736
.133
.751
.127
.767
.127
.775
.132
.779
.137
.803
.137
.821
.141
.150
.128
175, 432
151,495
11,460
10, 731
15,481
14, 295
15,399
14, 107
17, 423
12, 425
13, 660
12.614
12, 527
16, 878
16,506
3 ,515. 0
127.6
3, 532. 5
127.3
316.1
127.8
288.5
127.3
295.5
140.5
275.5
128.8
317.6
125.1
275.3
136.8
291.6
120.6
262.5
137.3
240.4
120.4
294.7
86.2
261.9
95.2
' 338. 2
'97.6
301.1
112.2
3,500.0
76.1
3, 904. 8
85.6
307.5
92.0
317.0
85.6
320.6
92.9
314.1
88.8
367.9
88.8
306.2
92.6
354.3
90.9
352.3
112.2
287.1
72.3
330.4
52.2
288.3 ' 327. 8
'62.2
63.8
347.5
66.5
2 ,290. 0
57.1
2, 361. 2
69.3
215.8
67.7
228.4
69.3
232.5
80.6
191.5
80.2
198.4
70.1
184.3
66.6
200.1
68.2
168.3
69.7
151.7
57.4
187.7
47.1
185.7
58.4
' 224. 1
••60.2
219.6
58.8
.308
.313
.313
.313
.313
.313
.313
.317
.324
.327
.327
.348
.367
.373
.381
541.6
598.6
41.3
544.8
633.6
45.3
51.5
53.9
38.3
48.1
47.3
45.3
44.4
54.1
50.8
34.2
54.3
43.9
40.5
61.8
31.8
32.4
44.9
28.3
39.5
44.3
26.9
39.6
41.7
22.8
34 9
36.2
22.2
27.1
36.7
20.8
35.8
35.8
18.7
'50.9
-•50.4
52.7
43.2
38.2
4, 967. 7
2, 622. 7
379.7
4, 834. 3
2, 761. 6
346.1
424.9
222.5
323.5
404.2
204.6
346.1
408.1
232.6
343.0
341.1
205.7
392.0
365.5
234.7
363.7
312.3
205.3
336.3
375.9
231.1
313.4
352.0
206.8
326.2
345.5
191.4
370.3
335.3
199.6
363.5
57.1
41.9
3.3
3.2
3.7
2.0
1.8
1.8
2.1
2.1
2.4
3.1
(')
553.3
740.4
191.1
628.6
CO
593.0
824.9
229.1
677.0
00
48.0
70.9
186.1
37.3
00
44.9
66.5
229.1
50.4
00
58.7
80.5
232.5
69.8
(«)
50.1
69.4
240.4
112.5
(")
56.5
79.4
218.8
70.9
00
54.2
71.0
181.0
36.7
(<0
62.5
82.1
183.4
61.3
(«)
54.0
78.2
166.6
43.7
00
44.2
64.7
148.4
41.9
00
47.5
68.2
140.4
64.1
485.1
440.3
446.3
*7 n
507.2
464.5
463.7
40.3
42.8
41.6
40.1
38.1
41.1
7« a
42.6
45.3
41.6
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
mil. Ib
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous sh tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do
Deliveries, total 9 —
For domestic consumption
Stocks, raw and ref., end of period..
Exports, raw and refined -
do
do
do
sh. tons
Imports:
Raw sugar, total 9
thous sh. tons
From the Philippines
do
Refined sugar, total . - . _ . - _
do
Prices (New York):
Raw, wholesale
$ per Ib
Refined-.
Retail (Incl. N.E. New Jersey)... $ pe,r 5 l b _ _
Wholesale (excl. excise tax). _".
$per lb._
Tea .Imports
thous Ib
1
3,663
5 127
4,325
4 784
3 920
5 203
4,597
4,333
581
81
942
938
' 1, 251 P 1,786
FATS. OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
_
mil Ib
Stocks, end of period©
do
Salad or cooking oils:
Production
do
Stocks, end of period©
do
Margarine:
Production.
do
Stocks, end of period©,
_
do
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb..
Animal and fish fats:A
Tallow, edible:
Production (Quantities rendered)
mil Ib
Consumption in end products
_
do
Stocks, end of period 5
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do
Consumption in end products
do
Stocks, end of period f
do
Fish and marine mammal oils:
Consumption in end products
do
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil. lb..
Refined
do
Consumption in end products
do
Stocks, crude and ref., end of period H
do
Imports
do
Corn oil:
Production: Crude
do
Refined
...do
Consumption in end products
do
Stocks. cnid« and r«f
«nrl r»f narfnrif
f\n
7fi fi
70 7
d
' Revised.
P Preliminary.
Data withheld to avoid disclosure of operations of individual
firms. i Reflects revisions not available
by months.
* Average for Jan.-Nov.
3
4
Average for Apr.-June and Aug.-Dec.
Less than 500 sh. tons.
«Q 7
'25.7
320.2 ' 404. 3
197.0 ' 229. 9
328.4 r 389. 1
393.3
207.3
365.7
1.8
'1.8
2.2
(*)
46.6
73.8
114.3
29.8
00
51.4
'83.3
'79.0
46.7
34.3
65.2
99.8
64.8
.381
(«n
42.3
44.7
44.0
fit Q
fifi 7
7Q *L
ft« A.
Q1 9
09 1
71 Q
54.1
0Casesof30dozen.
d*Bags of 132.276 Ib.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately: see also note " §".
A For data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
41.7
34.7
39.7
46.3
51.2
45.5
40.6
40.4
40.2
46.2
41.0
39.5
45.9
44.1
41.7
45.8
44.1
37.4
44.3
41.9
45.4
43.8
42.6
42.6
5fi fi
'45.2
50.7
'49.8
r 54. 4
SURVEY OF CURRENT BUSINESS
S-30
1972
1971 | 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
Annual
Nov.
January 1974
1973
Jan.
Dec.
Mar.
Feb.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS. OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
Production
thous sh tons
Stocks (at oil mills), end of period
do
Cottonseed oil:
Production* Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period _
mil. Ib
Exports (crude and refined)
do
Price wholesale (N Y )
$ per Ib
1, 720. 6
93.1
1, 923. 8
60.0
242.4
44.5
228.4
50.0
238.7
48.7
218.0
61.7
236.8
73.2
208.9
100.6
195.7
114.8
158.8
122.1
131.0
108.9
125.6
81.9
83.1 ' 168. 6
••59.5
55.0
232.1
68.4
1, 209. 4
985.7
728.5
1,355.2
1,133.5
712.0
165.6
121.9
68.7
157.3
140.1
63.5
163.3
124.9
61.2
152.0
135.0
65.4
163.4
140.7
88.4
172.0
128.9
73.7
136.3
126.0
88.1
108.4
99.1
80.5
92.9
76.8
69.5
87.8
102.7
66.1
56.2 '120.6
'89.0
66.6
52.3 '70.2
163.6
116.7
76.1
188.3
3400.7
.190
187.4
475.4
.159
161.5
70.6
.139
187.4
32.2
.141
215.4
57.9
.141
239.1
56.6
.166
212.7
78.7
.185
220.6
40.7
.190
232.6
63.7
.210
215.8
55.3
190.0
39.0
181.6
23.8
' 124. 5
22.6
154.2
24.9
.220
412.2
213.6
439.7
243.7
35.0
18.5
28.2
17.1
31.3
15.8
25.1
14.5
26.5
18.7
28.5
17.3
30.2
20.2
39.9
21.1
29.6
19.8
33.4
20.2
39.1
17.0
40.7
'17.5
28.2
14.5
224.8
.089
253.7
.092
246.3
.095
253.7
.095
225.3
.095
224.1
.095
177.3
.095
163.4
.095
127.1
.095
113.0
.140
86.4
.150
71.6
.150
90.3
.150
'85.8
.150
86.2
.135
1,461.6
167.1
1,324.3
169 4
1,406.2 1 189 1 1009 0
156.5
166.0
158.5
1 ,078.3
168.1
948.7 '1,424.9 1,633.5
208.9
141.8 ' 195. 7
680.8
575.2
589 0
618.3
611 8
621 2
655.8
538.9
681 8
553.1
514.2
534 3
470.1
428 9
464 2
510.5
538.8
569.3
439.8 ' 676. 8 756.6
590.3
502.3 ' 575. 5
618.2
522 7 ' 616. 4
920.5
132.3
.166
1 004.8
49.3
900.1
111.8
.189
822.7
90.3
.226
748.7
81.5
620.1
39.7
515.5 ' 531. 5
12.9
45.2
.309
40 122
19 069
Linseed oil:
Production, crude (raw)
mil. Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period
mil. Ib
Price, wholesale (Minneapolis)
._$ per lb._
Soybean cake and meal:
17,104.2 16, 993. 1 1 612.0 1 671 5 1 611 9 1,479.7
Production
thous sh tons
180.5
119.8
133.7
162 3
Stocks (at oil mills), end o/ period
do
177.8
180 5
Soybean oil:
8,081.5 8, 083. 7
742.4
676.8
Production: Crude
_
mil. Ib
716.6
723.5
6 ,298. 0 6, 464. 0
570.1
553 9
519.4
558. 0
Refined
do
6 322 9 6,748 7
538 9
684 7
Consumption in end products
do
688 1
589 2
Stocks, crude and refined (factory and ware802.2
896.5
839.1
966.5
house), end of period
mil Ib
896 6
948 6
21,611.7 1,148.7
Exports (crude and refined)
do
60.7
109.7
52.7
120.9
.131
.151
Price wholesale (refined; N Y )
$ per Ib
.117
124
.150
117
174
223
114.4
43.2
602.9
31.7
.219
.300
.350
.302
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers' end of period
mil Ib
Exports, incl scrap and stems
thous Ib
Imports incl scrap and stems
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars ("large1* , taxable
Exports cigarettes
millions
do
do
do
1
1, 705
» 1, 749
4,828
2
474,209
>248 529
4,700
606, 176
240 509
49 206
528, 858
6,506
31 802
47 172
551 016
5,895
34 602
61,788
63 105
17 123
4 700
56 151
19 637
43 050
21 516
45 276
24 416
4 136
46 937
4 079
36 762
520
344
4 070
48 230
4 917
45 576
3 476
3 089
2 343
3 546
464
402
40 593
•>l 650
4,196
54, 580
21,665
70, 213
26, 113
4 46(<
43 525
4 913
56 821
4 857
46 122
5,005
53, 502
3 133
4 391
3,544
3,814
4,194
33 474 25 441 23 731 24 077
135
117
' 209
' 113
1 155 1 100
1 411
1 266
25 636
30 958
29 359
1 229
1 463
1 412
8 600
1 598
6 900
1 157
4 600
*540
4 400
113
65
684
27
1 587
83
.610
363
.610
.383
.610
.355
.610
.363
.610
.328
4,459
45 597
20 052
43 573
20 904
46 140
25 603
4 039
45 321
19 045
5 219
49* 346
'463
3 534
4 821
44 693
'485
4 226
3 988
52 042
4 237
50 757
2 917
507
2 642
483
506
403
442
576
81, 891
23, 216
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value total 9
thous $
Calf and kip skins
thous skins
Cattle hides
thous hides
155 821
2 222
16 962
292 023
2*064
17 589
40 816
37 255
44 199
OA QftQ
1 837
200
131
1 624
35 887
*223
1 461
45 483
1 733
1 802
1 340
52 100
19 283
1,956
65 200
16 852
3)355
4 200
3 800
7 000
7 600
1 437
9 700
1 0QO
9 400
1 KA7
8 700
1 219
7 900
237
272
52
.294
.145
.663
.296
.650
430
.610
383
.610
363
.610
338
LEATHER
Production :
Calf and whole kip
thous. skins
Cattle hidf and side kip
thous hides and kips
Goat and kid
thous. skins
Sheep and lamb
_
do
1 621
20 477
3 148
21,385
1 603
20 084
3 522
20* 191
1 546
1 727
1 514
1 312
1 268
1 422
Exports:
Upper and lining leather.
82 944
117 556
10 323
8 223
8 746
7 872
9 254
114.4
' 157. 6
194 2
194 2
194 2
194 2
81.8
106 7
117 9
117 9
117 9
117 9
635, 777
525 665
41 056
38 547
42 674
41 555
46 495
41 678
425 875
98, 147
8,440
3 315
417 604
98 272
8 726
2 053
30 663
q 305
31 298
6 364
34 301
7 249
33 265
7 343
36 761
8 701
32 684
8 059
2 106
» 2 253
231
117.5
128.6
120 1
121.2
125 7
* 127.0
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 Ib
$ per lb_.
Hides, steer, heavy, native, over 63 lb_
do .
thous. sq. ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100..
Upper, chrome calf, B and C grades
index, 1967=100
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
-thous pairs
Shoes, sandals, and play shoes, except athletic
thous pairs
Slippers
do
Athletic
do
Other footwear
do
Exports
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
.index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt ..
index 1967—100
Women's pumps, low-medium quality
do
3
' Revised.
i Crop estimate for the year.
»3 Annual total reflects revisions not distributed to the monthly data.
Average for Jan.-July and Oct.-Dec.
156
326
159
143
291
861
227
172
406
165
.660
320
106
1 387
330
910
256
.660
340
114
1 504
278
177
253
.660
335
88
1 446
215
861
163
802
145
220
190
226
135.0
135.0
135.0
138.9
129 2
19Q
129 2
m
705
ISO
O
4
o
152
.660
283
99
77
117
R04
124
991
1,134
10 873
8 154
10 353
9 919
10,184
6,459
166 8
166 8
187.0
179.8
179.8
41 669
41 513
31 939
43 971
39 187
45 228
31 395
9 094
'943
32 301
8 169
25 536
5 745
33 079
9 724
29 252
8 886
33 589
10, 415
12 618
194 2
194 2
194 2
117 9
124 2
884
149
254
860
175
257
237
264
284
138.9
140.1
mo
iqe c
140.1
1 qe c
121.1
130.4
248
1 141
' 141
.610
.282
105
1 087
q-i -I
U
103
968
1 380
1 374
122
81
98
1 546
1 418
246
C1 P
Or I
158
1 413
1 582
1
138
1 463
1 627
1 (W7
139
179.8
842
201
335
569
89
924
244
312
357
320
406
140.1
140.1
140.1
140.1
142.6
146.1
146.1
1 15 5
121.1
IQC c
135 5
121.1
135 5
121.1
135.5
121.1
121.1
Jan .-Aug. average.
s Nov. 1 estimate of 1973 crop.
9 Includes data for items not shown separately.
135 5
121.1
867
182
135 5
121.1
944
280
370
January 1974
SUEVEY OF CURRENT BUSINESS
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
| 1972
Annual
S-31
1972
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft_
Hardwoods . .
do
Softwoods
do _
i 36, 693
6,949
29,744
i 38,867
7,244
31, 622
3,193
615
2,578
2,664
430
2,234
3 012
535
2 477
3 074
545
2 529
3 456
567
2 890
3 272
510
2 763
3 290
491
2 799
3 207
549
2 658
3 038
580
2 458
3 456
631
2 825
3,250
631
2,618
3,453
682
2,771
1
37, 769
7,455
30, 314
* 40,070
7,731
32, 339
3,203
615
2 588
2,776
479
2,297
3 153
678
2 475
3 102
606
2 496
3 474
642
2 832
3 386
620
2 766
3 351
563
2 788
3 264
544
2 720
3 044
534
2 511
3 402
582
2 820
3 096
578
2 518
3,312
628
2,683
Shipments, total
Hardwoods _
Softwoods
do
do
do
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
._
do
do.
do
5,288
999
4,289
4,086
512
3,574
4,094
438
3,656
4,086
512
3,574
3,954
369
3 586
3,926
307
3,619
3,802
224
3,677
3,896
222
3,674
3,835
150
3,686
3,765
152
3,613
3,758
198
3,561
3,813
248
3,565
3,967
301
3,666
4,108
355
3,753
do. _
do
1,081
7,599
1,390
9,428
104
886
103
689
125
935
130
760
176
883
194
837
201
931
174
899
152
823
181
623
204
1,453
192
'764
8 507
566
9 242
617
638
577
636
617
759
666
720
695
864
752
783
731
692
643
813
636
803
726
736
622
715
670
682
632
8 283
8 398
943
8,983
9 191
735
742
747
779
552
596
735
743
710
768
736
691
813
877
807
883
814
804
893
769
780
882
792
820
854
682
713
823
814
840
797
722
667
852
769
720
<*01
329
88
240
405
111
294
35
4
31
25
4
21
46
16
31
45
14
31
53
5
47
76
27
49
79
39
40
53
13
40
47
10
37
56
16
40
68
24
44
63
13
50
37
11
26
Prices, wholesale:
Dimension, construction, dried, 2" \ 4", R. L.
$ p e r M bd. ft.. 2117.68
144. 27
151. 28
151. 28
152.46
168. 46
193.96
197.22
209.91
192. 13
180. 93
180.19
190.27
176. 11
170. 43
8, 539
435
706
494
634
435
677
472
703
536
763
561
644
525
726
556
656
546
609
528
690
550
564
497
576
412
*1 8, 337
8 525
710
716
697
693
659
640
640
639
731
738
643
680
705
695
649
666
628
627
689
668
644
617
684
661
Exports, total sawmill products _
Imports, total sawmill products..
141
780
SOFTWOODS
Douglas fir:
Orders new
Orders, unfilled, end of period
mil. bd ft
do
Production.
Shipments
Stocks (gross), mill, end of period
_.do
do
do.. _
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
. do. _
Southern pine:
Orders, new
__. _
Orders unfilled, end of period
mil. bd. ft_.
do .
Production..
Shipments
do
do. _
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft
1
7, 942
421
1
7, 734
i 7 894
1
170. 26
1 216
1,028
1,024
1,028
1 047
1 048
1,041
1,004
1 014
997
998
1,019
64,923
64,456
4,429
6,618
4 877
4 715
6,508
10, 020
8 803
9,580
7 946
9 696
11, 037
8,826
133.7
154.7
159.9
159.9
160.4
168.5
176.5
188.4
195.0
204.9
201.4
214.1
217.6
217.7
218.8
215.6
132.8
140.8
143.4
143.4
143.4
150.3
162.7
169.9
178.6
200.1
185.9
192.4
211.0
211.0
214.3
214.3
mil. bd. ft
do. .
10 299
362
10, 756
555
731
494
803
555
820
569
877
616
950
629
877
602
901
552
885
551
949
631
957
627
872
592
918
584
Production
Shipments
do_ .
do
10.019
10 271
10, 395
10 563
812
792
723
742
745
806
818
830
933
937
934
904
971
951
882
886
857
869
970
961
924
907
937
926
Stocks (gross) , mill, end of period
do
1 382
1 214
1 233
1 214
1 153
1 141
1 137
1 167
1,187
1 183
1 171
1 180
96.44
130. 91
138. 05
136. 37
139. 85
154. 21
183.12
212. 59
243.95
228.13
197. 73
160.65
155. 33
154.98
155.90
168. 99
323.3
81
268.2
11.6
17.3
12.2
14.6
11.6
18 4
9 2
14.8
79
16.3
73
13.3
5.0
15.1
4 0
16.2
6.0
13.2
63
17.4
55
14.9
55
15.7
4.8
13.7
5.5
306 6
320 9
22 0
244.8
261.1
66
19.3
20.0
68
15.4
14.8
66
16 8
18 6
57
14 9
15 8
51
16 3
17 1
46
15.1
15.9
3s
15 8
16.6
37
14.6
15.3
32
12 6
11.6
36
18 9
18.1
4 4
15.4
15.0
45
18.5
16.4
61
15.4
13.4
7.7
324
1,234
1
281
1,025
3
374
757
1
388
600
1
1,075
20
41
1,235
33
24
1,313
21
55
Exports, total sawmill products
M bd. ft
Prices, wholesale, (Indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.tf
1967=100..
Western pine:
Orders, new
Orders, unfilled, end of period
Price, wholesale, Ponderosa, boards, No. 3,1" x
12", R. L. (6' and over)
$ per M bd. ft.
1 046 1,069
6,365
1 197 1,208
HARDWOOD FLOORING
Oak:
Orders, new.
Orders, unfilled, end of period
mil. bd. ft..
do
Production
Shipments
Stocks (gross) mill end of period
do
do
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous sh tons
Scrap
- - _
do
Pig iron
_
do
Imports:
Steel mill products
Scrap
Pig iron .
...
_ _ _
do
do
do
2 827
6,256
34
2 873
7,383
15
207
695
2
245
895
3
i ig 304
325
320
17 681
373
653
1 824
32
49
1 609
35
116
r
49 194 i 51 184
rl
34,208 i 42, 599
ri 82 817 i 94 300
8 169
8 494
4 342
3 351
7 877
8 390
4 408
3 187
7 848
8 134
221
836
1
323
1 090
1
340
771
2
372
1 217
1
323
1 057
2
343
1,130
1
1 381
36
27
1 306
25
7
1 170
31
11
1,051
33
59
1 604
46
71
1 229
51
53
1 380 1 316
36
39
36
45
4 731
3 459
8 381
7 878
4 465
3,328
7 866
7 918
5 071
3,899
8 915
7 973
5 013
3 693
8 846
7 843
5 099
3 856
9 039
7 792
4 810
3,668
8 495
7 789
4 539
3,356
7 832
7 878
288
900
(3)
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks end of period
_.
thous sh tons
do
do
do
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton..
37.09 39.08
33.19
34.65
43.53
Pittsbunrh district
do..,.
36.80
38.00 40.50 43.00 48.50
r
Revised.
* Preliminary.
Annual data; monthly revisions are not available.
2
Beginning Jan. 1971, data 3reflect changes in size specifications, and are not comparable with
t hose for earlier periods.
Less than 500 tons.
4 725 r'4 570 4 943
3^433 r 3, 357 3,888
8,910
8 107 8, 288
7 912 '7 460 7,318
77.53 80.48
65.89
52.95 56.28
52.95
48.27 46.37
49.65 52.92
44.57
64.50 80.50 77.00
48.00 48.00
44.50
52.50 55.50 55.50 56.00 58.50
9 Totals include data for types of lumber not shown separately.
d" Through March
1971 data are for flooring, B and better, F.G., 1" x 4", S.L., beginning April 1971, they are
for flooring, C and better, F.G., 1" x 4", S.L.
January 1974
SURVEY OF CURRENT BUSINESS
S-32
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1972
Annual
1972
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations In all U.S. districts):
Mine production
thous. Ig. tons
Shipments from mines ..
do
Imports
do
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
..do-.
Consumption at iron and steel plants
do
Exports
_
do
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
_
_
do..
do
do
do
Manganese (mn. content), general imports., do
1
80, 762
i 77 692
40 124
75, 285
78 201
35 761
5 569
7 677
4 501
6 553
6 883
2 757
114,051
108 966
3 061
112,303
119, 937
2 095
11 094
10 205
9 037
10 729
78, 815
17 653
57 738
3 424
66,962
14, 289
50 061
2 612
1 019
949
74
88,952
89, 140
1,660
5 260
2 492
5 931
2 367
1 ^9Q
5 987
6 635
2 QCO
9 046
10 414
KRU
8 940
10 404
4 577
8 617
11 066
4 353
8 911
10 868
5 071
8 496
10 342
4 233
8 197
9 631
5 577
4 705
4 018
11 156
4 561
10 423
9 058
11 404
14 419
11 771
15 657
11 636
*371
14, 240
11 672
12 151
11 491
164
14 363
11*408
'331
14 940
11 645
46
4 334
11 542
14 194
11 077
84
63
17
42
2
232
973
923
336
59 565
20 626
37 061
1 878
65 267 52 347
24 174 23 537
09 g53 27 682
l' 240 1 228
53 409
22 096
30 230
1 173
55 301
20 642
33* 204
1 455
57 006
18 1%
37 231
1 579
58 415
16 125
40 524
1 766
60
14
43
2
61
12
46
2
60
106
72
52
101
99
58
85
72
7,475
7 438
1 711
7,960
7 682
1 656
8,199
8 242
1 655
7,756
7 778
1 542
8 627
8 762
1 460
8 490
8 526
1 415
8 809
8 931
1 358
8 468
8 571
1 295
80.33
71.38
81.70
72 21
81.70
72 21
74.33
71 99
74 33
71 99
76 89
77 90
75 89
77 90
75 89
77 90
13 839
7 606
1,140
15, 320
8,293
1,102
1 319
1 140
1 206
1,245
1 425
1 237
1 362
1 297
1 642
781
1 339
1 437
*746
88
882
506
96
960
578
88
87
64
96
75
47
98
88
52
110
87
52
115
95
57
133,241
104 5
11,398
109 0
11,878
109 9
12, 373
114 5
11,626
119 1
318
1 609
1 321
311
135
111
318
144
120
338
148
123
i 91, 805
8,044
8,127
4 917
5 656
7 553
1 601
469
619
671
124
466
689
816
148
14 156 i 15 518
8 179
9 299
4 521
4 454
1*378
1 675
7 574
7 609
2 791
2 952
6 811
6 135
35, 674 i 39, 862
11 760
14 036
14 898
16 123
1,347
1 362
91
69
14
61
2
063
893
751
419
213
66
14
50
2
962
289
061
612
6 551
2 035
l' 783
1
q 077
310
215
609
949
209
451
46 869
2 44°
51
127
41
8,516
8 506
1 372
8,087
8,282
8 290 r 7 941
1 335 r l' 285
8,588
8 465
1 254
8,402
75 89
77 90
75 89
75 89
75 89
75 89
75 89
1 383
1 550
1 447
1 500
1 521
1 360
1 569
1 373
815
815
1 493
1 312
*727
116
88
51
118
96
57
124
88
52
131
77
49
138
82
50
140
80
47
13,088
mi
12, 789
199 q
13, 174
121 9
12,488
12,290
113 8
12,181
12,229
117 0
364
150
124
407
168
140
444
157
131
471
162
136
535
164
140
602
122
102
r jfjQ
126
714
146
123
9,111
8,665
9 861
9 163
10 023
9 657
8,703
9 422
8,905
9,892
9,445
463
500
702
146
460
452
679
138
529
562
821
460
604
785
640
672
847
477
619
806
140
424
596
786
125
479
622
863
493
584
801
126
475
671
879
145
510
618
851
148
1 412
1 374
1 667
1 033
*434
1 578
1 419
1 631
1 470
1 649
1 545
A9A
864
422
176
729
266
565
4 128
1 394
1 679
3 871
1 290
1 606
4 307
1 489
1 730
4,120
1 440
1 683
65
216
400
425
291
383
641
267
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons__ 81,299
Consumption..^
^__
_ _
_ _ d o .. t 81, 215
Stocks, end of period
do.. - 1 1, 779
Prices:
Composite
_
$ perlg. ton
Basic (furnace) f
$ per sh. ton
Foundry, No. 2, Northernlf
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
_ _
do
Forsale
do_
Castings, malleable Iron:
Orders, unfilled, for sale, end of period
thous. sh.tons .
Shipments, total
do_Forsale
_
do
76.03
67 70
68.76
835
1
3
692
641
(4)
709
690
800
75 89
77 90
752
Steel. Raw and Semifinished
Bteel (raw) :
Production
thous. sh. tons.. M20.443
Index
daily average 1967 — 100
94 7
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
281
Shipments, total
_.
do
1,689
For sale, total
do
1 296
m
A
1197
r
689
12,876 ' 12,587 p 12,723
119 2 r 120 4 p 117 8
Steel Mill Products
Bteel products, net shipments:
Total (all grades)
thous. sh. tons.. i 87, 038
By product:
Semifinished products
do
4 962
Structural shapes (heavy), steel piling .. do
6 666
7 939
Plates
do
Rails and accessories
do
1 564
Bars and tool steel, total
do
Bars: Hot rolled (Incl. light shapes) ..do
Reinforcing
do
Coldfinished..
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
Rail transportation
Machinery, industrial equip., tools .
Containers, packaging, ship, materials.,
Other
825
367
147
621
243
445
3,606
1 318
1,423
873
338
143
732
235
436
3,342
1 250
1,312
do
do
do
do
i 16, 184
19,641
i 4,946
1
17, 483
U8,598
9,299
5,055
18, 217
5,140
2,396
1,346
4,819
do
do
do
do
3,004
4,903
7,212
i 23 765
2,730
5,396
6,616
125 893
1,514
1,511
6,960
10 0
67.6
67 0
88
68 0
69 2
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
880
350
173
653
275
772
4,188
1 458
1 761
1 332
1 605
728
89
6 0
60
88
5 4
55
14ft
1 522
318
486
937
396
179
707
293
483
4 535
1 568
1 883
4 134
I qCfi
1 744
190
77A
6 322
2 556
1 459 ..
6 129
89
7 0
8Q
9 0
6 7
66
IKfi
1 660
977
481
192
818
292
586
4 453
1 449
1 908
952
434
184
7QC
286
629
4 334
1 439
l' 801
771
842
1 628
1 870
7 806
Q Q
9 A
6 7
A A
3 812
1 320
1 521
890
445
187
7Q1
273
9 C
75
7 A
Q 7
72
7 A
9
A
a e
A 9
775
2293
2556
2663
2 2 666
2 285
2550
2611
2 2 614
A Q
10 7
7 1
6 4
10 7
7 4
7 4
p 11 0
p7 2
P6 9
95
73
p9 3
p7.0
10 fl
70
8.6
7 8
86
81
76
8Q
85
84
80
84
86
85
11 3
10 2
11 2
10 1
11 3
10 2
11 0
10 0
10 8
10 5
10 2
9 0
10 0
90
10 0
80
in f|
10 0
76
9 9
97
92
902
447
187
822
252
578
1,507
1,903
7 087
7.4
8.8
939
496
205
864
292
609
5 580 2 2 055 2 1,993
2962
2,917 21,053
2 504
2 546
1 651
5 611 2 2 001 2 1,884
5 842
2 980
1 721
6 153
...
1 607
2 186
7 613
71
7 9
829
418
164
7ft8
240
594
10 6
Steel (carbon), finished, composite price.. .$ per lb_.
.1089
.1189
.1191
.1191
(4)
* Revised.
* Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
» For month shown.
« Average for 11 months.
« Series discontinued.
845
359
161
646
251
845
3,820
1fi7
79
7*5
^Effective May 1973 SURVEY, prices are In terms of dollars per short ton.
January 1974
S-33
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
1971
1972
Annual
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Kecovery from scrap (aluminum content). .do
Imports (general):
Metal and alloys crude
Plates sheets etc
Exports:
Metal and alloys crude
Plates sheets bars etc *
3,925
1943
4,122
1,041
357
83
364
88
372
87
*
351
88
389
99
371
90
380
99
373
90
382
81
374
87
372
82
do
do
560.4
71.0
646.4
80.9
53.3
5.9
54.5
6.0
58.2
6.5
38.8
6.2
50.9
6.4
43.1
4.6
44.7
5.6
50.7
4.8
34.6
4.3
36.0
4.9
33.0
3.8
46.0
3.6
35.1
3.5
do
do
112.3
149.0
108.3
154.0
10.0
14.8
14.0
13.7
12.4
18.5
11.5
13.1
10.6
18.5
12.4
19.4
11.1
17.0
10.3
17.3
14.1
15.1
16.4
15.7
29.8
18.7
31.2
20.5
47.0
20.8
.2900
.2645
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2500
.2540
.2625
11,860.8 1,040.0 1,024.0 1,157.0
'9,246.2 '774.9 ' 765 2 826.3
' 4,767.9 '388.4 '403.1 424.2
' 1,858.6 171.6
186.3
154.3
, 101. 8
818.8
430.5
178.6
Price, primary Ingot, 99.5% minimum.. .$ per lb..
Alumlnum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products total
Sheet and plate
Castings
mil. lb-.
do
do
do
10,266.0
r
7,838.8
'3,976.1
1,577.2
Inventories, total (ingot, mill prod., and scrap),
'5,026
end of period
mil Ib
Copper:
Production:
Mine, recoverable copper
thous. sh. tons-. 1,622.2
1,591.8
Re finery primary
do
1,410.5
From domestic ores
do
181.3
From foreign ores
do
371.0
Secondary, recovered as refined
_do
Imports (general):
Refined, unrefined, scrap (copper cont.), .do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
$ per lb_.
Copper-base mill and foundry products, shipments
(quarterly total) :
Brass mill products
mil Ib
Copper wire mill products (copper cont.)---do
Brass and bronze foundry products.
__do
1, 257. 1 1,182.4 1,266.8
910.2
973.4
951.3
517.7
502.0 479.1
180.0
191.9
172.7
1,242.7 1,117.6 1,203.4 1,185.4 1,375.1
886.3 918.1 ' 880. 1 976.2
954.9
480.8 ' 462. 6 506.9
498.2 467.5
155.0
162.6
138.3
173.2
' 4, 861 '4,856 '4,861
4,840
4,764
4,696
4,622
4,561
4,547
4,574
4,544 '4,504
4,420
1, 664. 8
1, 809. 1
1, 616. 2
192.8
383.0
135.3
157.6
134.9
22.7
137.4
143.8
132.7
11.1
<94
137.3
157.4
141.1
16.4
135.7
143.8
128.8
15.0
151.9
166.7
145.6
21.0
4 log
150.4
158.1
143.1
15.0
152.1
168.7
153.7
15.0
147.5
163.4
147.3
16.1
4
118
130.5
145.0
132.8
12.2
142.6
137.2
127.5
9.8
' 140. 9
135.1
121.3
13.8
153.4
154.1
141.4
12.7
365.8
162.1
423.6
189.8
47.6
23.3
22.8
11.6
40.8
21.3
39.9
18.2
44.6
21.5
27.9
12.7
31.5
16.2
21.5
10.4
36.4
12.2
21.1
8.0
26.5
10.2
42.3
17.1
57.4
30.3
283.0
187.7
267.7
182.7
15.8
10.7
19.9
14.7
22.1
15.9
24.4
15.6
23.6
12.8
28.8
17.7
23.4
13.5
31.1
18.3
48.9
19.7
36.3
18.4
28.5
16.2
26.0
15.9
24.7
13.6
2,014
277
174
2,230
271
114
2
. 5201
.5124
.6016
2,711
2,354
705
3,016
2,647
767
.5061
.5061
<650
180
98
<634
229
103
<601
271
114
.5239
.5457
786
699
187
.5978
.6008
.6008
.6008
.6008
.6008
.6008
.6008
1596.8
678.6
618.9
595.1
46.1
51.6
45.0
45.4
53.5
55.3
49.5
56.2
44.8
56.4
39.3
56.8
56.1
59.1
43.4
56.3
51.4
45.7
55.7
52.9
'51.3
47.3
53.7
51.4
Imports (general), ore (lead cont.), metal.. .do
Consumption total
do
261.7
1,431.5
344.6
1,485.3
27.2
126.8
23.6
116.0
45.1
128.8
27.6
124.1
17.7
134.4
16.5
121.7
22.1
123.7
21.3
124.0
36.6
99.7
28.4
123.1
13.3
122.2
11.9
136.3
154.7
168.0
173.0
168.0
165.9
151.9
141.7
127.4
126.3
134.3
154.2
144.7
147.2
154.3
52.1
125.6
64.5
113.2
64.2
117.2
64.5
113.2
57.3
115.1
51.6
109.8
39.7
115.6
32.9
117.1
34.7
118.7
33.1
120.3
21.8
131.0
25.2
128.7
27.7
119.3
23.5
108.4
76.2
.1380
60.2
.1503
53.7
.1450
60.2
.1450
59.3
.1482
59.9
.1526
63.0
.1600
64.9
.1602
68.8
.1648
64.3
.1650
64.2
.1650
64.2
.1650
70.7
.1650
71.5
.1650
.1650
3,060
4,216
i 46, 940
52, 451
1 20, 096 i 20, 180
12,324 i 2, 199
i 69, 950 169,033
151,980 153,506
91
4,723
1,820
180
5,365
4,115
496
4,135
1,470
135
5,525
4,180
604
5,103
1,670
175
5,870
4,735
709
2,967
1,710
145
5,945
4,625
452
5,221
1,955
150
6,370
5,025
16
3,547
1,755
155
6,310
5,040
564
5,474
1,726
190
6,465
5,185
489
4,083
1,705
160
6,230
4,850
0
4,858
1,290
150
5,210
4,255
0
3,622
1,900
165
5,630
4,460
190
3,193
1,285
160
5,820
4,580
496
2,615
41
1,430
51
8,155
2.0911
158
9,030
2. 1227
291
8,895
2.3755
249
10,795
2. 4345
113
9,645
2.4023
306
8,860
2. 4591
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
Price, common grade A
$perlb-_
Tin:
Imports (for consumption) :
Ore (tin content)
Metal» unwrought» unalloyed
Recovery from scrap total (tin cont )
As metal
Consumption total
Primary
Ig. tons..
do
do
do
do
do
Exports incl reexports (metal)
Stocks, pig (Industrial) end of period
Price, pig, Straits (N.Y.), prompt
do
do
$ per ib._
Zlnc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content)
Metal (slab, blocks)
Consumption (recoverable zinc content):
Ores
Scrap all types
2,306
9,804
1. 6734
1,466
11, 766
1. 7747
81
12,180
1. 7721
226
11,766
1. 7625
126
10,270
1.7904
311
8,880
1. 9197
130
9,610
2.0509
95
9,270
2.0244
502.5
i 478. 3
38.9
33.9
40.8
36.5
39.3
36.9
40.1
36.8
40.0
40.9
42.8
42.8
342.6
319.6
254.9
522.6
14.4
60.4
11.8
37.8
22.0
69.8
19.8
46.2
20.4
52.1
18.0
38.8
20.6
40.7
19.0
50.3
12.1
53.4
16.2
49.8
9.8
40.7
15.7
51.5
do
do
i 119.3
1277.3
1 118. 3
i 292. 1
13.2
22.8
13.3
21.9
13.7
22.0
12.7
22.1
13.9
22.8
15.1
22.3
14.9
25.6
12.5
24.8
11.6
23.0
11.7
24.6
12.7
25.2
12.7
26.4
50.7
5.3
123.7
.1
56.8
6.4
134.7
.3
54.1
6.4
128.3
.4
53.2
6.4
134.0
.4
47.3
5.3
122.3
.6
49.8
5.3
111.4
1.0
48.6
6.8
124.1
1.5
50.7
6.2
121.9
1.2
51.1
5.9
135.2
1.3
Slab zinc:
Production (primary smelter), from domestic
56.6
51.8
56.0
and foreign ores
thous. sh. tons.. 1766.4 P i 639. 4
6.4
5.3
i 80.9
67.5
Secondary (redistilled) production
do
5.8
112.8
129.6
Consumption, fabricators.
do
11,254.1 11,418.3 123.6
.2
Exports
_
do _
4.3
13.3
(3)
(3)
Stocks, end of period:
32.3
32.7
121.2
31.8
Producers', at smelter (ZI)O
do
141.3
123.9
Consumers'
do
i 104.3 i 126. 1 143.9
138.8
.1800
.1775
.1866
Price, Prime Western
$perlb.
.1811
.1613
r
Revised.
* Preliminary. 8 i Annual data; monthly revisions are not available.
8
Average for 11 months.
Less than 50 tons.
* For quarter ending in month shown.
* New series.
20.5
.1772
6,255
5,145
do
do
thous. sh. tons..
.6637
878
791
200
Lead:
Production:
Inline recoverable lead
thous sh tons
Recovered from scrap (lead cont )
do
Stocks, end of period:
Producers', ore, base bullion, and In process
(lead content) ABMS
thous sh tons
Refiners' (primary), refined and antimonial
.2725
512
2. 6244
3.0099
11.8
48.2
3.3
29.3
29.7
31.6
32.3
27.4
25.1
22.2
30.4
24.6
31.3
28.1
106.7
117.8
116.1
116.3
110.9
120.9
127.4
114.0
121.1
.2736
.2035
.2037
.2031
.2034
.2034
.1985
.2031
.2032
.2039
.1928
AEffective Dec. 1971, nationwide delivered price substituted *°r N.Y.-basis' P™*'
cf Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
©Producers' stocks elsewhere, end of Dec. 1973, 4,500 short tons.
January 1974
SURVEY OF CURRENT BUSINESS
S-34
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1972
Annual
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo avg shipments 1967 ~* 100
Heating, combustion, atmosphere equipment, new
orders (domestic), net qtrly
mil. $
Electric processing heating equip
do
Fuel-fired processing heating equip
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
Tractors used in construction:
Tracklaying, total
units..
mil. $..
Wheel (contractors' off-highway)
. . units.
mil. $..
Tractor shovel loaders (integral units only), wheel
and tracklaying types..
_.
units..
mil. $..
Tractors, wheel (excl. garden and contractors' offhighway types)
units..
mil. $
1
84.2
75 4
63.7
7.6
30.3
79 3
12.8
41 3
58 2
101 1
74 6
83 9
113 6
108 7
166 5
84 6
27 o
5 7
13 0
21 1
34
11 4
119 7
97 2
84.0
133 3
33.8
4.1
23.2
32 8
5 2
18 9
99 6
128 4
155 0
149 4
157 4
164 1
180 6
186 7
174 0
168 0
186 5
209 6
207.4
217 0
12 644
14, 621
15, 482
16, 902
1 416
1 518
1 476
1 701
1 544
1 525
1 696
1,626
1 849
1 978
1 740
1 860
2 001
2 055
2 155
1 947
1 621
1 361
1 765
1,737
1,890
1,876
1,775
1,745
36 645
40 698
3 9^5
4 000
3 828
3 797
4 809
4 260
4 654
4 865
3 568
3 869
4 484
4 652
99 1
116.3
127 8
129 5
130 4
134 6
139 1
144 2
147 7
148 0
154 o
156 8
153.7
156.6
164.6
104.7
120.3
123.5
121.5
130.5
129.4
129.9
135.4
140.0
143.4
144.8
154.4
146.8
144.2
149.9
608.75 1 008 95
524 10
877 25
672. 30
714 45
654 20
627 15
407.5
702 0
112.70
10345
66.20
58 80
676 1
118 30
104 20
92 40
83 45
702 0
124. 80
103 25
66 15
58 60
760 6
130 40
117 80
74 40
67 40
816 6
170 80
149 10
98 80
83 95
888 6
159. 95
145 90
76 30
68 80
972 2
252 40
223 20
325 60
285 60
161 8
403 05
368 20
304 25
267 20
260 5
53 20
48 90
30 65
26 05
248 8
37 65
34 10
25 95
21 45
260 5
56 85
49 55
27 15
25 70
290 2
72 45
66° 40
76 70
72 05
35 35
33 65
375 4
80 95
74 45
30 60
28 60
425 8
18 520
i 479. 6
14 334
i 166. 9
21 225
1
546. 0
i 5 056
i 198. 5
4 591
120 1
2 940
2
35 1
6 405
190.9
1 430
55 0
46 052
801. 7
11 798
205.8
13 831
' 252. 3
196 988
1 141 o
50 466
321 5
55 087
345 6
i 27 146
i 640. 9
1 165, 343
i 891 9
1
no 7f»
25 85
154. 85 133 20
139 55 110 00
100. 60 102 90
84 55
90 40
1 026.4 [ 056 7
r
131.30 127. 35 168.70 ' 184. 05 P155. 20
108. 20 111 45 138 .80 ' 165. 35 "132. 60
95.75 ' 98. 45 P 85. 75
72.65
76.90
79.45 ' 85. 65 P 75. 90
63.15
64 85
1 115.4 1 165 9 1,238.9 '1,324.5 pl,394.0
61.55
53.50
36.40
32.40
567.1
'71.40
' 64. 45
'38. 80
r 32. 45
»• 599. 7
6 467
192 8
2 i 747
2 67 7
5 719
174 7
2 1 415
2 55 4
3 1, 871
357.0
14 627
' 259. 2
12 514
221.9
61 111
382 6
46 304 ' 18,461
304 9 3 123. 0
78 20
74 15
42 05
39 85
494 6
70 95
66 50
38 25
35 30
458 5
142.9
52 90
48.40
30 05
27 45
517 4
58 30
52 50
33 85
29 35
541 9
p 56. 45
p 49. 75
p 41. 05
P38.00
p 615. 1
ELECTRICAL EQUIPMENT
Batteries (auto, replacement) shipments
thous
Electronic components, factory salasic?1
Semiconductors:
Discrete devices
mil. $
Integrated circuits
do
Tubes, selected power, spec, purpose, qtrly.-do
Microwave
do
Electro-optical
do
High vacuum, gas, and vapor
do
Capacitors
do
Motors and generators:
New orders, index, qtrly
1967=100
39 144
.40 rytyn
4 607
4 473
4 226
3 108
2 837
2 503
2 631
44 5
«92. 1
42 0
27 8
22.2
50 8
50 3
52 6
2 807
2 915
4 120
53 3
45 9
53 6
A
ROC
4 830
4,741
1621
534
300
124
i go
»76
435
323
150
92
82
438
87.1
99 3
105 0
Radio sets, total, production d"
thous. . 18, 679
Television sets (incl. combination), prod cf— do
11 197
20, 086
13 507
1,658 < 2, 132
1 200 < 1 353
« 4, 025
* 1 252
5,209
1,425
< 5, 211
4 1, 681
2,916
1,189
3,860
1,341
« 3, 990
4 1 778
3,067
1,018
3,935
1,424
'6,303
4
1 778
3,870
1,535
3,952
1,453
3,860
1,494
299.8
325.4
244.4
264.3
470.8
420.8
362.1 >
871.8
348.5
279.1
233.8
231.2
423.7
316.9
288. 7
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
1
37 9
7 166
7 79
7 47
7
39
39
6
4
2
9
7
5 43 2
122.0
53 5
127 2
134 2
2*292
o 714
5*691
4 608
3 377
7 973
4,508
3 199
2 771
3 232
6 315
5 107
3*925
g' 337
157.2
308 9
r 234 3
297 0
602 2
439 0
384 0
7fvi O
293.1
267 7
232 8
258 9
409 5
381 9
335 7
625 4
486.8
284 9
215 4
285 2
472 3
457 2
379 3
727 9
448.9
252 3
224.5
240 0
452.8
417.2
318.2
775 3
782.4
322 7
254.0
293 8
579.8
464.8
331.9
795 9
686.4
296.9
245.6
286.4
554.1
428.5
305.4
710 5
722.4
325 2
260 6
311 9
623 8
476 0
309.3
677 6
771.6
304 1
268 2
292 6
618 5
463 4
330 3
671 7
306.2
272 4
236 0
304 0
703 2
432 5
319 2
632 5
146.0
318 2
252.5
295 2
707.8
543 3
422.3
755 2
128.7
392 1
266 9
294 o
578 6
502 3
419 2
857 9
204.0
379.3
280.5
331.3
596.2
580.0
470.6
929.5
1,795
2 549
3,088
2 066
2 661
3,163
178.2
224 1
249.8
157 2
218 2
254.1
163 9
174 8
278.2
133 0
205 9
278.9
161 8
260 9
280.3
148 8
206 3
275.0
145.5
230 6
281.8
136.6
238 7
263.1
143.1
166 8
225. 4
146.0
210 7
251.7
149.5
232 1
228.3
r 201 5
5,438
2 477
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments* thous
Ranges, total, sales*
do
Water heaters (storage), automatic, sales*
do
154.8 P 124.8
P 193 2
278.9 P 224. 0
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
r
8 g 727 r 1 7 106
Production..
thous sh tons
r OOO
*\*»f»
650
516
Exports
'do
121
'671
780
40
41
Price, wholesale, chestnut, f.o.b. car at mine
$ persh. ton__ 17.673 18. 228 19. 110 19. 110 19. 110
Bituminous:
Production
.thous. sh. tons.. « 552,192 '« 595,386 '50,297 r 44,904 48,740
T
Revised.
p Preliminary.
i Annual data; re visions ar 3 not ava lable.
2 Exclu des
figures for rubber-tired dozers.
a For month shown.""™ Data'cover 5 weeks; other period^
e no
6 Mon
TS?
«
?u
^
<*""•
thly
revisions
are
available
upon
request.
7
For 6 months ending in month shown.
GTTSe-Jisions for Ja^' 197°-Feb- 1972, comparable with indexes shown effective May 1973
SURVEY, appear at bottom of p. S-34, Sept. 1973 SURVEY.
fSee "H", p. S-35.
deflective Jan. 1973, data reflect total market: Those produced in the United States, imports by U.b. manufacturers for sale under their brand name and, beginning 1973, also those
imported directly for resale.
fEffective Mar. 1973 SURVEY, index revised back to 1968.
T
560
19. 110
«qq
OOO
qq
yo
19. 110
«qq
OOO
fini
DUl
4.9Q
t£i\)
OOU
91
72
33
95
525
37
606
97
r 575
47
v 425
KQ
oo
19.600
19.600
19.600
19.845
20. 458
20. 703
20.703
21 .070
21, 621
574
KQfJ
44,960 49,640 40, 620 51, 020 46, 010 43,675 55,005 r> 48,785 P54,800 P50, 550 p 45,125
*Ne w series. Industrie il hardwa re supvl es and machinery (markete d throug h distrib utors) —
orders index (Amer. Supply & Mach. Mfrs. Assn.) and sales index (Natl. & Southern Ind.
Distributors Assns.) are based on 2-month moving average of selected members' operations
and are adjusted for no. of working days. Effective June 1973 SURVEY, sales index revised
back to 1970. 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.
SUEVEY OF CURRENT BUSINESS
January 1974
Unlem otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1971
S-35
1972
| 1972
Annual
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bltumln otis— Continued
Industrial consumption and retail deliveries,
total 9
. . thous. sh. tons. . 494,862 ' 519, 776 '44,438
326,280 ••348,612 '29,720
Electric power utilities
do
Mfg and mining industries, total __ __do_ _ 157,024 159,253 13,394
87,272
7,165
Coke plants (oven and beehive)..do — 82,809
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
Retail dealers
do
11,361
11,748
1,305
48,077
32, 286
14,328
7,630
51,208
34,175
15,486
7,804
45,993
30,425
14,322
7,182
45,905
30,533
14, 450
7,950
43, 673
28,868
14,262
7,727
44,600
29,655
14, 448
8,048
45,846
31,824
13,497
7,772
48, 577
34,620
13, 364
7,964
49, 666
35,933
13, 119
7,894
46, 229
32,735
12, 732
7,602
1,455
1,563
1,246
920
530
480
510
580
600
750
89,985 '< 114, 351 ''118,526 '<114,351 108,590 106,422 109,065 110,861 114,551 107,616 105, 027 104,488 103,501
76,987
98,450 101,953 98,450 92, 279 89,516 92, 246 92,971 97,470 90,747 90, 818 90, 055 88,886
12, 778
16, 673 16,958 16,573 15,996 16,601 16,499 17,550 16, 681 16,594 13, 949 14, 123 14, 340
7,199
8,439
8,544
6,039
6,493
6,515
8,500 8,821
8,973 9,418 8,973 8,498
8,381
220
290
300
290
315
305
320
340
360
275
260
310
275
56,633
55,960
5,380
3,392
2,964
2,669
3,377
5,063
5,140
4,969
4,188
5,133
3,424
5,882
5,214
9.696
11.209
10.378
11.367
10.933
11. 990
11.209
12.240
11.209
12.240
11.311
12. 240
11. 160
11. 267
11. 641
11. 267
11. 570
11. 283
11.616
11.551
11.551
12. 040
12.129
13.010
772
56,664
21, 823
654
59,853
23,953
62
4,914
2,148
70
5,183
2,254
53
5,364
2,282
62
4,891
2,012
(3)
5,366
2,227
64
5,262
2,175
66
5,454
2,229
60
5,325
2,315
64
5,307
2,351
71
5,383
2,309
67
5, 153
2,067
68
5,358
3,610
3,376
134
1,489
1,609
2,941
2,590
351
1,563
1,232
3,011
2,662
349
1,485
80
2,941
2,590
351
1,663
179
2, 824
2,497
326
1,720
76
2,660
2,269
291
1,795
34
2,291
2,039
252
1,948
114
2,035
1,829
206
1,895
61
1,796
1,638
159
1,922
227
1,712
1,572
139
1,965
108
1,514
1,367
148
2,057
119
1,520
1,370
150
2,087
111
1,501
1,375
126
2,027
211
1,435
1,339
96
109
88
_ number _ 211,858 ••211,306
860
3.41
$ per bbl
3.45
3.51
mil. bbl
4,087.8 ••4,280.9 ' 355. 5
% of capacity
88
86
89
985
3.61
375.6
91
758
3.51
377.9
91
777
3.51
341.2
90
953
3.56
378.2
90
699
3.77
366.2
90
749
3.77
380.7
90
767
4.13
385.9
94
912
4.11
395.2
94
724
4.11
391.7
93
854
4.12
376.8
92
790
4.12
395.5
822
4.32
mil. bbl.. 5, 510. 7 '5,839.0 '485.2 '520.5
517.6
490.7
543.0
497.8
523.6
505.3
631.2
540.8
516.7
542.0
284.6
52.9
262.5
49.8
284.4
54.8
277.0
53.2
288.4
64.9
276.3
52.6
285.0
54.8
284.0
55.1
272.3
53.1
284.3
55.3
87.4
'89.4
88.0
92.2
82.9
95.5
102.2
101.6
96.2
71.4
103.7
76.7
101.3
75.1
113.0
78.3
115.9
85.8
108.7
82.5
149.5
82.8
Exports
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$per sh. ton_.
Domestlc, large sizes, f.o.b. mine...
do
COKE
Production:
Beehive
_
__ thous. sh. tons..
Oven (byproduct)
do
Petroleum coke§
do
Stocks, end of period:
Oven-coke plants, total.
do
At furnace plants
do
At merchant plants
do
Petroleum coke
do
Exports
__
._ . _
..do
13. 103
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, totald*}
Production:
Crude petroleum}:
Natural-gas plant liquids} _
Imports:
Crude and unfinished oils
Refined products}
do
do. .
do
do
3,453.9 '3,455.4 '282.8 '289.4
623.9 '648.3 '53.9 '54.2
658.6
774.3
856.8
' 878. 5
72.8
'75.7
Change In stocks, all oils (decrease,—)
do
-38.8
20.5
25.9
20.4
24.3
28.3
10.7
18.7
21.8
do
26.1
-85.0 -36.7 -54.9
6,499.4 '5,934.2 '524.1 ' 574. 8
-53.3
Demand, total}
Exports:
Crude petroleum
Refined products}
Domestic product demand, total 9 }
Gasoline}
Kerosene
.
571.4
526.6
527.9
475.1
605.9
486.2
r 500.6
r 532. 4
492.5
521.2
do
do
do
do
do
.6
.2
0
0
81.3
'81.2
'7.4
7.4
6,417.6 '5,852.8 ' 516. 6 ' 667. 3
2, 213. 2 2,350.7
198.8
195.5
90.9
85.9
11.4
8.6
0
6.5
564.9
190.9
12.6
0
7.3
519.2
181.5
10.8
0
6.9
520.9
203.2
6.2
0
8.3
466.9
197.5
4.9
.1
7.2
498.6
215.7
4.1
0
6.4
479.7
210.3
3.6
.2
7.2
493. 2
218.9
4.6
0
6.7
r
r 525.7
.2
7.1
485.2
198.7
5.5
0
6.9
514.3
208.6
5.6
Distillate fuel oil}
Residua] fuel oil
Jet fuel
do
_ do
do
Lubricants
.
Asphalt..
Liquefied gases}
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
_
971.3 '1,066.1
838.0
925.6
368.7
382.5
101.5
85.3
31.5
131.2
'97.7
31.9
128.2
101.1
34.4
118.8
92.5
30.5
102.7
95.2
30.8
79.0
74.2
30.4
82.2
78.1
34.5
72.4
78.0
30.2
72.2
79.2
r74.7
,83.4
32.4
32.5
79.8
80.0
31.9
90.4
78.5
33.1
do
do
do
49.3
158.5
456.8
4.6
'11.3
'53.0
3.9
'6.6
'60.3
4.6
5.6
61.8
4.6
5.4
52.0
4.9
8.1
43.6
4.4
11.3
38.9
6.1
16.1
39.3
4.6
20.1
34.5
5.4
23.4
34.2
5.3
26.1
'39.3
4.6
21.1
38.7
5.7
20.9
46.0
do
do
do
do
1,043.9
259.6
106.8
677.5
959.0 1, 013. 9
246.4
251.3
100.8
107.6
611.7
655.1
959.0
246.4
100.8
611.7
905.7
237.5
94.0
574.3
866.9
235.4
93.7
637.8
887.4
244.1
103.6
539.7
913.3
248.8
111.6
552.9
933.7
257.9
112.7
663.1
958.0
248.9
111.0
598.2
986.3
243.7
109.5
633.1
997.0 1,015.6 1,037.4
246.3
241.3
248.3
110.3
109.4
106.4
680.9
665.0
642.2
do
do
do
2, 202. 6
1.6
223.8
200.7
0)
217.1
197.9
0)
226.0
173.0
.2
220.0
192.2
.1
211.1
192.9
.1
208.2
209.8
.2
206.3
211.3
(l)
211.6
218.3
.1
215.0
215.4
.1
208.6
200.2
0)
213.9
62.8
163.8
' 519. 8
2,320.0
'.6
217.1
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal..
.120
.119
Retail (regular grade, excl. taxes), 65 cities
(1st of following mo.)
$ per gal
.252
.245
Aviation gasoline:
Production.
mil bbl
18.5
17.0
Exports}..
do
1.2
'.2
Stocks, end of period
_
do
4.4
4.3
Kerosene:
Production
__ ..
do
87.5
80.1
Stocks, end of period
do
24.4
19.1
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal. .
.126
.127
' Revised.
'Less than 50 thousand barrels. a Reflects revisions
inih!' *u ! Withheld to avoid disclosing individual company data.
<
not distributed to the components.
9 Includes data not shown separately.
226.6
4.5
194.9
(0
213.2
,
i
.3
218.2
.120
.120
.120
.125
.130
.130
.133
.145
.145
.145
.145
.155
.178
.252
.253
.248
.259
.263
.265
.268
.268
.268
.267
.277
.286
.303
1.5
0)
4.1
1.2
0)
4.3
1.0
(0
4.0
.8
(0
3.6
1.2
.1
3.3
(
1.4
0)
3.3
'i.
1.3
(l)
3.1
1.6
0)
3.4
1.9
0)
3.4
0)
3.5
7.8
21.4
9.0
19.1
9.5
16.0
9.4
14.6
8.0
16.4
6.6
18.1
6.2
19.1
4.5
20.2
4.9
20.5
5.4
21.6
5.9
22.1
.127
.127
.127
not available by
Reflects revisions
5 Includes nonmarketable catalyst coke.
1.2
1.4
.198
(
l«
23.5
.174
.166
.146
.138
.138
.138
.138
.138
.138
.138
.138
rf1 Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
} Monthly revisions for 1972 are available upon requests.
NOTE FOR P. S-34—Industrial trucks and tractors:
1 Revisions for 1971 appear in July 1973 SURVEY, p. S-35.
January 1974
SURVEY OF CURRENT BUSINESS
S-36
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1972
Annual
1972
Nov.
1973
Dec.
Jan.
Mar.
Feb.
May
Apr.
June
July
Sept.
Aug.
Nov.
Oct.
Dec.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil bbl
Imports
do
Exports _ _
do
Stocks end of period
do
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$per gaL.
Resldual fuel oil:
Production
mil. bbl
Imports
do
Exports
do
Stocks, end of period
do
Price, wholesale (Okla., No. 6)
__$ per bbL.
912 1
65.8
963 6
66.4
190.6
154 3
2.8
1.2
81 7
68
91 2
11 8
94 0
11 2
82 3
18 8
OO Q
75 4
7 2
78 9
77
84 8
6 5
85 4
18 0
3
99
.1
182 6
154 3
131 0
113 3
111 3
114 7
119 1
137 9
(2)
2
3
1
I
2
1
86 9
89
84 4
8 9
13.5
160 9
177 3
190 2
203.0
3
.8
.7
.116
.117
.117
.117
.117
.128
.128
.128
.128
.138
.138
.128
.128
.137
274 7
577 7
13.2
69.7
2.37
292 5
637 4
12 1
55.2
2.35
26.7
53 1
34 5
61 3
10
49 2
2.35
29 1
68 0
29.6
67 7
27 4
52 7
26 3
55 2
48.2
7
55.0
43 1
2.35
49 2
2.60
51 8
2.60
27 4
49 5
1i
53.4
2.60
26 4
57 3
44.7
2.35
26.3
51 1
12
47.0
2.60
29 4
51 7
57.7
2.35
34 9
61 0
10
55 2
2.35
53.6
2.60
55.1
2.60
3.00
mil. bbl
do
304 7
27.7
310 0
25.5
24.0
26.6
25 1
25 5
26 8
24 8
25 2
25 4
28 4
27.6
26 6
27 9
26 0
25 8
25.1
25.4
25 6
25.7
26 2
24.9
25 4
25.1
25.6
Lubricants:
Production. ...
do
Exports
do
Stocks, end of period
do
Price, wholesale, bright stock (mldconttnent,
f o.b., Tulsa).
$ per pal
65.5
16.8
15.0
65.3
15 0
13.3
5.4
1.4
5.5
57
12
13 4
54
11
13 3
5.9
12.9
55
12
13 4
58
12
12 9
12.8
Jet fuel:
Production
Stocks, end of perl od
Asphalt:
Production.
Stocks, end of period.
mil. bbl
do
Liquefied pases (Incl. ethane and ethylene):
Production, total
mil bbl
At gas processing plants (L. P. G.)
_.do . .
At refineries (L.R.O.)
do
Stocks (at plants and refineries) . _ __.do
Asphalt and tar products, shipments:
Asphalt roofing, total..
thous. squares
Roll roofing and cap sheet. __
do
Shingles, all types
do
Asphalt siding
Insulated siding
Saturated felts
do
do
. thous. sh. tons
_
4
.270
.9
14
13 3
g
.8
12
13 3
12
2
5.4
1.2
5.8
10
12.2
'9
5.6
10
11.8
3.25
4.25
5.5
8
10
11.8
11.6
2.60
.270
155.3
21.6
11.4
18.4
91
21.6
79
24.3
27.6
8.3
10 1
30 0
12 1
31 0
14 7
30.2
16.8
27.3
17.7
22.9
18.9
16.8
18 1
14.9
12.5
647.9
417.6
130.2
94.7
575.1
444.7
130.4
85.7
47.7
37.6
10.1
103.2
49 0
38.2
10.8
85.7
48 6
37.4
11 2
69.2
45 5
35.4
10.1
59.9
50 4
38.7
11 7
63 8
48
37
11
70
51 5
38.4
13 0
80.0
48.4
36.8
11.6
90.0
49 2
36.5
12.7
101.0
48 7
36.6
12.1
106.8
47 1
36.0
11.1
111.3
111 3
93,246
35,307
57, 939
3
97, 696
3
35, 466
3 62, 230
3
3
3
.164
.6
157.0
21.2
186
376
916
.159
9
7
2
4
136
367
895
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulp wood:
Receipts
thous. cords (128 cu. ft )
Consumption
.__
do
Stocks, end of period. _
do
Waste paper:
Consumption
thous. sh tons
Stocks, end of period
_.
do
T
r
66 918
67, 157
r 6 246
r H 000
r 696
T
r
70, 273
71, 538
4 784
r
T i\ 703
626
5,597
5,852
5,453
5 294
5,609
6 165
5 458
5,905
4 701
5 693
5 707
4 734
5 994
6 044
4 636
5 603
5 897
4 343
6 027
6 133
4 291
6 234
6 074
4 330
5 998
5 845
4 421
6 347
6 097
4 515
5 956
5,746
4 890
6 505
6 185
5 184
971
604
898
626
1 008
950
575
1 078
1 012
1 059
1 032
926
492
r 977
472
1 047
608
171
433
1 095
3,876
3 662
4 054
3 743
2,600
2,468
2 748
2 636
4 217
'l55
2 845
546
509
495
471
WOODPULP
Production:
Total, all grades
thous. sh
Dissolving and special alpha.
Sulfate
Sulflte
Groundwood
Deflbrated or exploded- _
Soda, semlchem., screenings, etc..
tons
do
do
do
43 933 T r46 767
1 666
1 671
29 551 T 31 826
2 101 r 2 173
143
178
129
165
145
129
186
173
206
3 983
4 189
4 058
3 928
4 181
3 849
4 185
2 715
2 838
2 714
2 663
185
2 619
2 764
198
2 803
125
186
141
197
148
118
144
205
113
185
165
197
do
do
do
4 462
2 405
3 743
r 4 639
T 2 502
r 3 971
376
255
325
355
229
317
375
255
343
351
249
305
390
271
351
365
257
335
409
264
339
412
253
333
393
253
317
421
258
351
350
253
329
421
289
349
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills..
do
do
do
do
r 1 045
r 576
r 848
r 298
T 464
839
371
390
78
803
323
393
86
797
357
370
69
791
350
376
65
788
341
381
66
777
330
377
70
782
324
379
78
807
343
385
79
736
318
339
79
736
327
341
68
r 683
398
71
707
324
Exports, all grades, total
Dissolving and special alpha
All other
do
do
do
i 2 175
i 2 253
i i gg5
i i 460
229
73
155
150
51
99
174
70
104
187
61
126
198
74
124
214
65
149
184
68
116
210
60
181
62
119
196
47
149
198
53
144
63
211
62
149
211
60
151
do
do
do
i 3 515
i 3 728
i 3 202
i 3 504
224
346
17
363
278
8
271
394
18
376
338
11
327
359
6
353
329
13
316
365
22
343
333
17
315
324
17
307
250
3
247
279
10
270
356
17
339
378
23
355
55 032
23 817
r 59 445
r 5 080
r 4 624
r 2 048
5 149
2 226
4 856
2 076
9 33ft
5 416
2 312
5 171
2* 191
5 505
2 qco
2 000
5 196
2 213
4 919
2 123
5 380 r 4 813
2 280 r 2 050
5 493
2 347
9 'iftQ
9 339
9 R^9
10
454
11
482
12
462
r 9 30^
12
497
9 RQ4.
11
495
447
12
481
111 7
110 ft
109.3
111 7
114 6
110.8
112 4
116 7
111.7
112 4
116 7
112.2
112 4
116 7
112.8
112 4
116 7
115.9
115 3
118 0
117.7
Imports, all grades, total
Dissolving and special alpha
All other
.
.
.
790
313
86
793
1C A
294
r 328
oon
62
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted thous. sh tons
Paper
<jo
Paperboard.._
do
Wet-machine board
do
Construction paper and board
do
Wholesale price Indexes:
Book paper, A grade
1967-100
Paper board
<jo
Building paper and board...
...do
9fi -I AO
137
T 9ci 4.9fi
r 9ft fi39
r 147
4 975
r 5 341
r 442
110 6
102 4
103.0
109 0
105 5
106.4
109 6
106 8
107.2
••Revised.
1
Reported annual total; revisions not allocated to the months.
r 2 187
T 9 4.3Q
r 12
r o IftO
9 4.5W
9 fiftA
r 403
12
425
432
11
488
109 6
107 1
107.2
109 6
108 2
107.1
109 6
109 7
108.1
111 0
1 in 7
108.5
T
11
11
9 AS7
11
J
Less than 50 thousand barrels.
• Monthly data no longer furnished.
* Average for May and June.
115.3
119 7
118.8
115.3
120.7
120.1
SURVEY OF CURRENT BUSINESS
January 1974
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1972
Annual
S-37
1972
Nov.
1973
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 (APT):
Groundwood paper, uncoated:
Orders, new
thous.sh. tons..
Orders, unfilled, end of period
do
Shipments
do
Coated paper:
Orders, new
do
Orders, unfilled, end of period.
do
Shipments
- do
Uncoated book and writing and related papers1. J
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
1,216
80
1,229
1,405
164
1,317
134
154
115
118
164
107
126
174
115
102
188
99
134
181
121
132
205
106
112
192
124
125
195
122
130
207
109
136
211
132
112
219
120
126
201
130
3,255
287
3,251
3 630
393
3 522
310
372
314
298
393
291
332
379
316
348
445
304
354
448
348
329
457
319
344
462
342
318
462
331
292
420
312
316
435
326
293
419
302
312
422
339
6 089
6,023
536
628
508
503
566
661
554
517
647
583
586
541
616
592
598
564
522
642
572
688
588
536
599
605
3,868
156
3,755
3,750
4,039
241
3 916
3,978
342
218
339
333
324
241
326
314
303
213
322
349
316
212
317
320
366
219
347
353
331
219
327
339
355
214
354
349
319
192
340
334
323
190
314
314
352
196
346
336
325
188
322
308
349
180
352
340
do
do
do
8 297
8 210
323
8 661
8,740
244
750
796
313
735
804
244
767
729
283
722
730
274
811
788
297
773
801
270
813
825
258
803
799
267
763
770
260
672
646
286
684
655
214
704
710
209
784
814
179
do
do
do
3 296
3 288
41
3 422
3,437
27
293
300
35
278
286
27
297
293
31
275
271
35
312
310
36
292
290
38
309
313
34
282
281
35
278
278
35
288
292
30
258
262
27
291
292
25
289
288
26
7 057
7 569
698
661
610
585
671
682
702
642
620
610
608
652
652
705
544
539
544
573
601
637
637
642
671
670
628
606
590
606
Consumption by publishersc?
do
Stocks at and in transit to publishers, end of
period
thous sh tons
6,881
7,101
640
650
710
578
679
634
656
678
606
586
511
567
656
157.00
163.20
163. 70
163. 70
163 70
166. 70
167 75
168 58
168 58
168.58
169. 42
169. 42
170. 25
170. 25
179. 67
474
917
601
578
1,446
549
568
1,481
573
741
1 446
537
526
1 599
495
611
1 664
576
629
1 792
592
611
1 905
584
694
1 899
588
596
1 860
583
541
1,874
518
595
1,903
587
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area.. 191,832
211, 926
18, 643
17, 158
17 990
17 530
20 434
18 192
19 758
19, 591
2 445 0 2 525 0
1 250 0 1 330 0
208 7
111 5
219 1
118 2
210 0
113 4
194 2
105 6
221 6
120 7
207 1
112 9
212 1
116 4
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons ....
Orders, unfilled §
do
Production, total (weekly avg.)
. __do
Folding paper boxes
thous. sh tons
mil $
182. 34
518
579
573
575
1,909 1, 816. 6 1, 722. 7 1,603.2
574
590
585
548
21, 744
19,410
r 129 1
213. 4 •• 239. 4
' 124 2 r 137 5
212.1
117.5
16, 762
20, 239
18, 267
210 4 r 188 5
117 3 r 104 4
«• 227 9
r
16. 934
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous IK tons
Stocks, end of period
do
Imports, Incl latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)_.$ per lb..
Synthetic rubber:
Production
Consumption
Stocks, end of period
thous Ig tons
do
do
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
_
677 81
133] 32
612 72
pg40 40
r>ll&. 72
602 16
62 57
112 30
55 32
.180
.181
.205
.210
2 241 00 j>2 424 7
2 104 87 f l 291 5
*>495. 7
488. 17
201 65
193 96
495 66
199 14
193 45
495 68
62 88 a 58 08
116 72 2 122 84
57 67
56 04
56 83
116 77
48 09
CO -1C
KQ .iq
120 47
59 44
117 54
4°. 9fi
57 34
116 17
55 48
111 08
53 44
48 97
111 49
40 71
56 40
111 04
66 26
56 30
121. 68
63 69
63 41
114.92
60.17
57 12
116. 30
56.32
.228
.255
.286
.308
.310
.368
.413
.413
.364
.336
.395
35
51
471 86
209 17
199 80
473 14
218 54
220 64
454 83
223 63
199 03
461 63
222 59
197 72
469 41
199 86
196 06
469 93
210 04
180 33
499 28
220 38
209.48
505. 91
210 67 227. 49
209. 08 r 219.68
517. 18 •• 500.88
212. 61
196. 86
494. 73
2
217
2
206
2
H4 4fi
do
269 82
257 10
21 92
23 99
23 65
22 20
22 99
99 ^fi
24 18
23 58
20 86
18.96
29.34
25.01
21.60
do
do
do
199 19
200 47
22 67
i>194 45
»>187. 58
»19 91
14 87
14 45
19 29
15 20
14 71
19 91
j 19 08
2 15 92
2 19 33
20 52
16 30
19 49
22 29
17 40
19 42
1Q °.Q
19 02
13 42
22 40
18 46
13 81
23 16
16 79
11 38
25 04
15 30
11.89
23 87
11.71
11.27
22. 18
13.04
14.52
21.43
11.31
11.17
14 35
9n HH
.540
TIRES AND TUBES
Pneumatic casings, automotive:
Production
_ _
thous
216 361
229 611
18 721
19 387
21 001
19 993
22 229
19 193
18 693
17 752
14 287
17, 325
17, 727
19, 841
Shipments, total
Original equipment
_
Replacement equipment
Exports
do
do
do
do
214 539
58 941
153 646
1 953
227
63
161
2
965
870
766
328
17 647
5 922
11 564
15 677
5 178
10 263
236
17 769
6 513
11 005
17 780
6 054
11 521
99 °Ji9
7 114
91 fid.fi
14 Q07
qqft
23 429
6 211
16 950
268
6 360
14 969
' °,17
21 994
6 562
15 099
332
19 433
4 671
14 462
300
19 658
4 473
14 892
293
20 765
5 424
14 920
421
22, 582
6,555
15, 523
504
Stocks, end of period
Exports (Bu. of Census)
do
do
54 982
1*589
60 255
2 127
re qin
fin 9^
214
cq fu«
fifi 41 Q
oqfi
131
fifi 7fi8
qm
62 872
295
fin 48^
404
56 834
440
52 341
'349
50 392
*245
47 775
429
45 636
548
517
Inner tubes, automotive:
Production.. _
Shipments
Stocks, end of period
,
Exports (Bu. of Census)..
do
do
do
do
35 562
40 476
8* 271
38 705
41 774
9 391
766
3 166
2 Q5o
3 425
3 Of)A
o K&A
fi1fi
q aqc
A ftR*?
CQA
in IM
fifi
71
3 364
3 Q1 9
in i7*»
149
3 233 r 2 350
3 919 3 348
9*633
10 366 10 203
149
67
' 121
2 950
3 688
9 311
110
3 209
3 736
9 234
82
3,592
4 273
8,999
143
141
_
979
1 Rfl
q qno
9 1 fift
An
f\ 077
9 391
fift
OKI
Q firtH
' Revised.
v Preliminary.
i Reported annual total; revisions not allocated to months.
2 Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dee. 1972 report (Series M30A). Data beginning Jan. 1973 are from the Rubber
Manufacturers Association and are not strictly comparable with earlier data
61
9H4.
3
9
3 438
q ceo
t Represents the sum of book paper, uncoated and writing and related papers formerly
shown separately; data for new orders no longer available for the individual items.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
S-38
January 1974
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
1971
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1972
Annual
Nov.
1973
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
43, 367
50, 213
'704.5
10.0
148. 6
803.9
10.5
148.4
Nov.
Dec.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl__ 1420,238
'433,149 33, 197
24,112
23 915
24 824
33 606
36 106
46 452
47 181
47, 633
63,138
569 8
52
101 3
616 8
51
99 5
610 2
58
96 1
782 4
73
136 3
783 6
6 4
138 5
861 7
7 2
151 8
862 1
83
161 9
832 9
9 2
160 6
868.0
10.5
174 2
99
11 7
12 1
n
o
13 0
' 10.2
11.1
26 4
27 3
26 0
25 2
27 5
••23 0
26 7
iqn o
iqn Q
131 5
131 5
132 1
38,612
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 7,569.7
Structural tile, except facing
thous. sh. tons..
167.0
Sewer pipe and fittings, vitrified
do
1. 720. 6
Facing tile (hollow) , glazed and unglazed
roll, brick equivalent..
155.4
Floor and wall tile and accessories, glazed and unglazed
mil. sq. ft..
276.1
Price Index, brick (common), f.o.b. plant or
N.Y. dock..
.
1967 = 100
117 4
8,402.2
100.5
1,718 0
699 6
6.1
136 9
133 3
11 6
84
82
'84
8
307 9
24 3
21 3
24 4
22 2
122 1
124 1
124 6
127 4
19(i i
26 8
iqn 1
10 1
8
m
o
m
q
r
132 1
132 5
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $.. 464, 674
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production. _
do
do
thous. gross
Shipments, domestic, total
Narrow -neck containers:
Food
Beverage
Beer
Liquor and wine
550292
148 539
142 251
147 118
148 724
157,187
393 105
37,704
110835
37 519
104 73°
38680
108 438
37, 396
111,328
263, 780
267347
21 014
18 622
22 253
22 320
25 089
23 076
24 772
24 476
22 922
24 270
22 116
24 604
do
255 261
264 869
20 754
20 058
21 281
19 537
90 KfVT
21 881
26 458
23 813
21 684
26 206
22 543
23 303
do
do
do
do
24 310
67, 652
63 189
21 146
24
71
54
22
333
053
404
425
1 645
5 201
3 903
2 052
1 476
5 558
4 013
1 837
1 876
5 236
4 217
1 865
1 983
4 756
3 902
1 652
9 9Qft
5 880
5 OQQ
2 296
7 030
9 1fU.
1 987
5 506
5 104
1 861
1 856
7 094
5 359
1 886
1 482
6 590
5 408
1 439
2 240
6*816
5 805
1 899
2 565
5 739
4 995
1 630
1 875
5 389
5 114
2 168
67, 208
58 241
4 892
4 359
5,006
4 378
A 740
5 692
4 654
' 13
12
6 301
' 21
5,343
25
4 300
16
4 483
4 933
14
14
16
2 496
2 856
2 636
2 925
2 582
436
369
2 156
2 739
385
2 330
*337
3 014
388
41 006
38 727
39 107
39 936
37 681
36 587
37 419
Wide-mouth containers:
Food (Incl. packer's tumblers, Jelly glasses,
and fruit Jars)
thous. gross..
Dairy products . . .
do
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do
Stocks, end of period
150,344
314, 330
do
305
238
21
21
2 492
27 645
3 906
29 892
4 283
2 692
348
303
35 652
35 842
37 424
35 842
20
2 694
367
356
36 705
39 208
qoq
Afl
000
16
K' cqc
2 218
297
384
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
thous. sh. tons..
do
Imports, crude gypsum
Sales of gypsum products:
Uncalclned
Calcined:
Industrial plasters
.
Building plasters:
Regular basecoat
_
All other (incl. Keene's cement)
Board products, totalO
Lath
Veneer base
Gypsum sheathing
1
10,418
19 526
12,368
11 984
3 270
3 020
2 924
3 081
3 473
3 182
3,777
3 259
do.
1
6,094
7 718
1 995
1 572
1 904
2 079
4 719
1 202
862
1 580
1 554
do
U 305
do
268
309
80
86
91
79
do
do
mil. sq. ft..
do
do
do
382
330
71
76
79
72
Type X gypsum board
Predecorated wallboard
do
do
534
11,939
477
292
272
9m A
1,766
117
513
14,372
451
357
343
in 75ft
2,279
204
124
3,657
102
92
82
123
3,661
110
97
80
128
3,812
93
102
96
687
60
603
52
678
60
O 750.
118
3,899
82
101
88
2e7n
701
56
TEXTILE PRODUCTS
WOVEN FABRICS*
Woven fabrics (gray goods), weaving mills:
Production, total 9
mil linear yd
Cotton
do
Manmade
fiber
do
10 913
6 148
4 657
Stocks, total, end of period 9 cf
Cotton _.
Manmade fiber ..
do
do
do
1 089
Orders, unfilled, total, end of period 9 f
Cotton
_.
Manmsde
fiber
do
do
do
2 657
1 494
l' 138
472
608
11 098 * 1 1 21
a 549
5 666
3 563
5 336
QR<>
408
567
4 164
2 111
9 ftlft
832
399
425
3 i J7g
nqq
3 56i
3 604
429
494
QQQ
QCO
SJOQ
408
567
407
545
367
524
3 986
2 100
1 854
4 164
4 193
2 140
2 000
4 334
2 192
9 fllfl
9,308
11, 603
12, 269
973
416
550
0111
9 flfi7
900
404
489
2 i 130
2 506
2 615
r 444
315
739
304
432
720
295
423
4 251 r 3 894
1 799
2 078
2 133 r 2 057
3 821
1 640
2 143
3 640
1 541
2 061
135
496
966 3 i 168
3*556
453
2
599
501
071
Q0f\
342
352
513
483
948
445
492
942
444
488
2 934
2 430
2 495
r 902
78Q
Rftft
310
484
792
311
477
r 763
321
462
4 840
2 432
2 35g
4 666
2 280
2 337
4 489
2 174
2 272
4 673
2 338
9 9R°i
414
r 479
COTTON
Cotton (excluding llnters):
Production:
OinnlngsA
thous. running bales • 10, 229 4 13, 267
Crop estimate, 480-pound bales, net weight
thous. bales.. »10, 477 * 13, 702
Consumption
.
do
8,128
7,777
Stocks in the United States, total- end of period
Domestic cotton, total
On farms and in transit
Consuming establishments
Foreign cotton, total
do
do
do
do
10, 035
2,389
1 97fl
19
3739
544
3747
12, 333
12, 319
3,346
7,947
13, 696
13,680
5,739
6, 992
12,319
3,346
10, 874
2,420
14
16
14
16
Revised.
» Reported annual total; revisions8 not allocated to the months
or quarter.
3
4
Data cover 5 weeks; other months, 4 weeks.
Crop for the 6year 1971.
Crop for the
year 1972.
« Excludes unglazed and salt glazed facing title.
Jan. 1 estimate of 1973 crop,
epata for total board products are available back to 1947.
{Monthly revisions (1968-72),
reflecting recent benchmark adjustments, appear in "Woven Fabrics: Production, Stocks,
a
?7u J?116*1 Orders'" M22A—Supplement (Dec. 1972) and Supplement 3 (Aug. 1973), Bureau
of the Census.
9 Includes data not shown separately.
4
4
3
13, 267
5,012
9,202
11,603
6 12,961
13, 702
597
601
9,883
9,866
2,041
6, 627
8,781
8,766
1,895
5,463
1,408
15
2719
579
575
2573
1 *i
7,336
1,376
6,191
1,065
5,187
878
3,916
350
567
543
Qft^i
i e 917
15, 975
13, 160
1 AQA
qo i
15,206
12,836
1 9AQ
••2706
J>565
14 444
14,434
9,031
r 4 374
r i 029
13 475
13, 464
5,015
7 450
r
999
1 121
I
10
10
11
10
12
13
17
15
13
d"Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
towelinp, and blanketing, and billed and held stocks of denims.
IIUnfilled 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.
A Cumulative ginnings to end of month indicated.
SURVEY OF CURRENT BUSINESS
January 1974
Unless otherwise stated in footnotes below, data
through 1970 and descriptire notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-39
1973
1972
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding llnters)— Continued
Exports
thous. bales. . • 4, 128
Imports
do
38
3,089
75
352
2
534
(')
654
4
528
3
677
3
607
2
437
4
500
2
381
2
329
(s)
266
6
259
3
257
3
Price (farm), American nplandO— cents per lb... 128.1
Price, SLM (41) staple 34, 12 markets* O— . do.... 133.0
'27.2
135.6
27.4
27.2
25.2
29.3
22.4
32.3
22.8
33.2
26.2
35.0
27.1
40.2
30.2
45.2
29.5
46.0
30.4
52.1
36.7
66.9
44.6
80.5
43.6
75.3
41.2
10 66. 7
18.4
10.5
211.6
18.4
10.4
18.1
10.0
9.3
.464
5.1
18.1
10.0
211.6
18.1
9.9
9.2
.458
5.0
18.1
9.9
9.1
.456
5.0
17.8
9.9
29.3
.372
25.0
18.0
9.9
9.0
.452
4.9
18.1
9.8
8.9
.444
4.8
211.6
.463
>6.4
18.1
10.2
9.3
.464
5.2
1.107
1.127
1.147
1.174
1.225 < 1. 235
1.225
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
Consuming 100 percent cotton
.
Spindle hours operated, all fibers, total
Average per working day__
Consuming 100 percent cotton
mil-do
bil_do
do
18.4
11.4
113.8
.438
70.3
18.3
10.4
115.9
.445
67.7
211.5
.460
26.4
18.3
10.4
8.3
.416
4.7
Cotton yarn, price, 36/2, combed, knit
$ per lb..
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (qtrly.)
mil. lin. yd--
1.061
* 1. 105
1.103
1.105
6,149
6,666
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
flvg weekly production No weeks* prod
Ratio of stocks to unfilled orders (at cotton
mills), end of period f
Exports, raw cotton equiv
Imports, raw cotton equiv
thous bales
do
16.9
Noncellulosic fiber, except textile glass:
Yarn and monofllaments
Staple, incl. tow
Textile glass
fiber
4.1
3.8
3.6
24.0
22.5
21.4
19.3
17.6
16.5
16.4
3.2
3.2
3.0
2.8
3.6
2.9
2.6
2.7
2.8
.14
.13
.13
.14
.15
.15
.16
37,9
56.2
35.4
54.2
33.9
58.1
42.5
49.4
43.8
60.4
62.51
62.63
48.85
36.37
.18
409.2
735.5
34.0
63.6
36.0
46.0
32.3
68.0
30.7
46.4
38.3
59.4
38.0
56.0
38.8
59.2
52.12
60.62
59.10
56.91
57.27
59.28
59.78
58.39
18.1
25.0
«18.3
«25.0
18.3
25.0
18.3
25.5
19.5
28.0
19.6
28.6
33.0
8
.18
.17
.18
7,293.6
653.1
713.2
1,920.5
155.0
174 3
2,773.3
2,582.4
571.6
765.4
673.3
152.5
.16
.14
2,023.4
158.0
168.6
"
26.2
23.2
.17
8 51. 88 9 75. 18
33.0
~~
813 1
720.3
163 4
2,099.2
164.6
168.2
2,085.8
153.7
172.6
827.8
765.9
172.7
843.2
745.9
170.4
10, 054
17, 810
13, 463
22, 212
14, 122
23, 831
14, 205
27, 654
18, 196
25,082
20,794 19, 451
27,438 28, 661
21, 773
24,730
19, 802
25,523
17, 099
21, 196
27, 451
29, 190
25, 270
29,687
27, 213
25,025
249,819
176,306
249,948
157,857
28,804
13,527
20, 452
13, 575
26,738
12, 604
22,097
14, 929
22,692
14,504
19,277
10,329
14, 695
16,276
11,281
18,172
10, 611
13,033
6,877
11, 032
8,242
14,487
6,986
13, 266
mil. lb._
65.2
40.7
61.6
61.5
61.6
61.5
60.3
50.9
48.6
47.8
do
do
do .
297.6
252.9
89.7
293.7
298.1
84.0
293.7
298.1
84 0
279.9
259.3
75.4
250.0
228.6
70.2
255.6
205.9
69.4
.61
.62
1.03
1.22
.61
1.05
1.32
.61
1.05
1.32
do
do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.). total 9.
mil lin yd
Filament yarn (100%) fabrics 9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. blanketing 9 ..do
Rayon and/or acetate fabrics and blends
do.._.
Polyester blends with cotton
___do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd...
WOOL
Wool consumption, mill (clean basis):
Apparel class
Carpet class
Wool imports, clean yield
Duty-free (carpet class)
mil. lb
.do
do
do
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
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
1.26
.62
1.05
1.22
4,885.6 5,530.9
1, 433. 1 1,723.0
521.1
506.2
296.1
377.0
2,773.9 3, Ob2. 6
381.8
428.2
1, 998. 5 2, 190. 1
450.5
515.4
.62
1.05
1.25
«.61
1.05
1.25
.61
1.02
1.26
.61
1.02
1.28
.61
1.03
1.30
16,876
16, 759
.61
1.05
1.31
.61
1.05
1.31
.61
1.05
1.31
.61
1.05
1.32
.61
1.05
1.32
1,555.4
480.0
126.2
•1,551.4
' 477. 2
122.2
r
94 1
r
895. 7
112.5
602.6
115.5
641.0
' 115. 0
'639.3
105.1
544.0
120.0
123.6
119.6
119.7
------
116.2
74.8
126.6
83.9
142.2
76.4
96.6
71.8
212.5
26.5
6.7
4.2
9.2
4.5
6.7
4.2
212.6
25.9
7.7
4.3
9.9
5.1
7.2
4.7
9.6
4.2
5.7
3.1
210.9
25.0
5.6
3.6
10.1
3.7
6.4
4.3
9.7
3.5
6.8
5.3
28.7
22.9
5.6
4.7
8.6
2.9
4.7
3.5
'8.1
2.3
2.8
2.1
210.5
22.8
2.9
2.2
.664
.656
.802
1.157
.925
1.321
1.635
1.310
1.771
1.650
1.325
1.975
1.880
1.545
2.523
2.325
1.819
3.118
3.025
2.075
3.968
2.338
1.462
2.955
2.335
1.375
3.093
2.575
1.600
3.242
2.600
1.650
3.215
2.750
1.700
3.210
2.750
1.512
2.942
2.630
1.420
2.741
94.4
106.3
119.9
126.4
135.7
143.1
176.6
157.1
147.8
149.7
154.3
29.7
'30.8
.61
1.05
1.32
1,412.2
439.9
109.1
87.6
799.2
1, 468. 1
452.9
124 5
98 2
839 4
101.8
26 6
113.3
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mlll.._
.1967=100
a
' Revised.
i Season average.
For 5 weeks; other months, 4 weeks.
* Less than 500
bales.
* Price not directly comparable with earlier data.
* Revised total; revisions not
distributed by months.
e Beginning
Aug.
1971,
net
weight
basis;
1971
average
is for Aug.8
9
Dec.
7 Avg. for Oct.-Dec.
Avg. for Nov.-Dec.
Number of cloths included in
average bas declined in 1973: For July-Sept., from 47 to 39; for Oct., 24; Nov., 22.
10 Effective
Nov. 1, 1973, Little Rock, Ark., was removed from spot market list.
•New series. Effective with Aug. 1973 SURVEY, market price refers to Strict low middling
(grade 41) staple cotton, 1M«"; monthly prices back to 1947 are available.
O Beginning
22.6
117,405
205,485
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ perlb..
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do
Wool broadwoven goods, exc. felts:
22.0
.463
6. 2
2
130,611
181, 612
thous. lb
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
3.8
22.7
312.6
569.5
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb 6, 126. 4
Filament vara (ravon and acetate)
do
762.7
Staple, incl. tow (rayon)
.
do
611.7
Noncellulosic, except textile glass:
Yarn and monofilaments _ _
do
2, 187. 9
Staple, incl tow
do
2, 104. 9
Textile glass
fiber
do
468.2
Imports: Yarns and monofllaments
Staple tow and tops
4.1
20.5
18.1
9.8
1,188
'1,343
1 396
1 384
.27
Mill margins:
Carded yarn cloth average
cents per lb-_ • 45. 10
P rices, wholesale:
Print cloth, 38^$-inch, 64 x 64cfcents per yard. . 15.8
22.2
Sheeting, class B, 40-inch, 48 x 44-48cf-do
Exports: Yarns and monofllaments
Staple tow and tops
22.7
4.5
.462
26.3
47.9
76.6
2.419
1.475
2.596
2.375
1.500
2.825
24.9
Aug. 1971, prices are on 480-lb. net-weight bale basis (for earlier months, on 500-lb. grossweight bale basis); to compute comparable prices for earlier months, multiply farm price by
1.04167.
t Effective with the Oct. 1972 SURVEY, series restated on an unadjusted basis.
SURVEY OF CURRENT BUSINESS
S-40
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are «• s shown
in the 1971 e Hiion of BUSINESS STATISTICS
January 1974
1973
1972
1972
Annual
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
17 805
17 875
22 267
19 851
23 066
19 982
22 077
18 079
1 649
1 697
13 339
1 342
2 768
1 372
1 665
15 233
1 317
2 920
1 278
1 533
13 262
1 316
3 001
862
1 125
9,529
1 206
2 113
1 480
1 689
13, 706
1 010
2 942
1 401 1 597
1 541 1,917
11,052 13, 312
1 115 1 121
2 739
3 Oi2
Dec.
TFXTILE PRODUCTS—Continued
APPARELJ
Hosiery, shipments..
thous. doz. pairs
210, 872
Men's apparel cuttings: d*
16, 477
Suits
thous. units
14,403
Coats (separate), dress and sport
do
Trousers (separate), dress and sport
- d o . _. 183, 738
Slacks (jean's-cut), casual*
thous. doz
20, 795
Shirts, dress and oport .
-do
228,723
20, 223
14,420
15 747
18, 174
18, 202
182, 034
1 663 1 278
1,639
1,304
15, 130 11, 903
1,383
1 542
1 630
12 548
974
2 898
1 326
1 396
13 049
867
2 624
Women's misses', juniors' apparel, cuttings:}:
Coats
.thous. units
Dresses
__ _
do _
Blouses and shirts
thous. doz
Skirts
do
20 877
221, 546
13 824
5,319
1 425
2 066
17, 188 13, 747
1 053 1 004
330
270
1 392
17 089
1 485
756
1 332 1 492 1 571 1 751
18 744 20 864 20 648 16 614
1 589 1 722 1 677 1 753
737
680
740
858
20, 690
233, 926
12 639
5,927
20, 914
1 820
16 237
20 354
1 589
1*830
14 566
1 097
2 925
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (not), qtrly. total
mil. $
U.S. Government
.do
Prime contract..
do
Sales (net), receipts, or billings, qtrly. total .-do
U.S. Government—
do
21, 553
15, 229
19, 028
21, 679
14, 114
23, 842
14, 817
21, 274
21, 499
13, 492
5,965
3,554
5,254
5,674
3,445
7 115
3 568
6 381
5 637
3 403
Backlog of order** end of period 9
do
U.S. Government. _ __
do
Aircraft (complete) and parts
.do
Engines (aircraft) and parts.
do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications), products, services _
mil $
24 579
13, 997
11, 999
2,281
26 922
15, 322
13, 060
2,572
26 922
15, 322
13, 060
2 572
98 400
4,780
5,272
5 272
15 487
13*736
2 650
5 553
3,274
2 990
2 990
2 923
Aircraft (complete):
Shipments
Airframe welirht
Exports, commercial
do
thous Ib
mil $
334 g
4 555
85 7
297 i
4 076
120 5
2 973 9 3 231 8
48 818
47 694
l 906 8 1 608 7
l
277 1
7
Q19
114 7
390 6
5 435
182 5
7ftl fi
nne
0
T
r
6,897
4,449
6 244
5,633
3 599
6 099
3 709
5 567
6 532
3 723
r
r 27 967
r
!5 473
13 507
2 763
r
435 8
7 121
OAC 0
599 6
7 698
314 2
29 231
16, 323
13,764
2,757
5 255
6 009
2 785
2 902
436 9
6
77A
145 2
332 2
4 630
89 0
252 4
4 196
125 0
297 9
4 252
210 9
949.1
898 3
714 0
677.5
235.1
220 8
640.1
603.6
440.3
415.7
199.7
187.8
943.4 1,231.9 1, 139. 8 2 714. 3
878.0 1, 143. 7 1, 062. 3
887.8 2 518. 4
955.5
716.9
827.1
887.2
666.1
252.0 2 195. 9
276.4
226.5
235.1
256.5
211.9
254.5
88.7
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic Passenger cars, total
Domestic
_.
Trucks and buses, total
Domestic
thous.,
do
do
do
.do
do
Retail sales, new passenger cars :
Total, not seasonally adjusted
thous..
Domestics A
do
ImportsA
do
Total, seasonally adjusted at annual rates mil
DomesticsA
do
ImportsA
do
Retail Inventories, new cars (domestics), end of
period: A
Not seasonally adjusted.
thous..
Seasonally adjusted .
do
10,637.7
10 036 0
8,584 6
8, 121. 7
2, 053. 1
1,914.3
10,250
8,681
1,568
1,447
1,590
907.6 1,164.3 1, 108. 2 1,220.0 1, 096. 5 1,219.8 1,186.3
852 6 1 107 3 1 053 1 1 I J O |1 021 5 1 140 4 1 122 5
706 0 ' 900 5 855 1 on 9 ' 844 0 940 9 ' 921 3
QQO Q
666 2
815.5
880 1
786 6
859 8
873 3
253.2
201 6
252 5
263 8
278 9
265 0
278 7
237 7
186 3
9fio 7
260 3
247 5
234 8
249 2
11,270.7 1,111.0
10 646 8 1 048 9
873 4
8 823 9
8 352. 5 827 4
2, 446. 8
237.5
221 5
2 294. 4
10,949
9 327
1,622
1,311
1 454
Inventory-sales ratio, new cars (domestics) A
2.0
ratio ..
2.1
Exports (Bureau of the Census):
Passenger cars (new) assembled
thous
386 64
410 25
To Canada. . . .
"
do
376 23
348 40
Trucks and buses (new) assembled
do
100 04
120 62
Im ports ( Bureau of the C ensus) :
9 KR7 <lft 2 485 90
Passenger cars (new) complete units
do
From Canada, total
do
842.30
802 28
Trucks and buses f
do
203 10 429 41
i n7 7ft4. 141 143
Truck trailers (complete) shipments
number
Vans...
"
do
95, 281
65 785
Trailer bodies and chassis (detachable), sold
1 ft KftQ
separately
number
33 564
Registrations (new vehicles):©
Passenger cars
thous. » « 9,830.6 i*10, 487.8
4
1
Imports, incl. domestically sponsored... do
« 1,487.6 i 1,529.4
i 4 1 993 2 1 * 2 514 0
Trucks
do
20
1,145
972
173
12 5
10 7
18
1,086
909
177
11 6
9 7
19
960
808
152
11.9
10.0
1.8
838
686
152
11.6
9.9
1.7
875
754
121
11.6
10.2
1.5
1,649
1 563
1,652
1 493
1,654
1 480
1,648
1 452
1,708
1 523
1,612
1 592
1,387
1,553
1,360
1,478
1.8
1.6
1.7
1.6
1.9
1.9
1.9
1.7
2.4
2.6
40.33
37.55
9.14
54.46
47.32
14.08
43.18
34.80
11.22
137. 95 203.04
85.62
58.98
39.58 r 48.86
r
12, 915 15, 585
' 8, 441 '10,384
222. 18
84.03
46.80
14, 416
10, 139
848
719
128
11.1
9 2
1.9
876
736
140
12.1
10.2
1.9
920
775
146
12 3
10 3
2.0
1,143
964
179
13 0
1,313
1,473
1,311
1 454
1,528
1 535
1.8
1.9
1.8
38.06
34.04
12.70
39 10
34.40
11 91
36 76
31.47
13 13
34 93
31 18
12 76
229.71
86.87
44.44
11,140
7,476
204 92
67.92
33 70
12 220
8 228
219 15
74 65
31 75
13 6°2
8 612
3,205
3 550
235 42
87.36
44.65
11 633
7,524
3 385
4
4
4
946. 9
135. 1
238. 4
4
4
4
912
778
134
10.1
8.4
1.8
1,024
863
162
12 4
10 5
19
1,032
891
141
11 6
9 8
18
U
n
48 59
46 94
H 8A
45
81
•10 tn
38 24
9<ifi *>7
ono AQ
911 9Q
979 77
89 82
38 89
64 37
37 36
98 25
51C7Q
39
91 01
48 41
1 7 AGfi
9 599
8 950
9 222
9 000
H
3 748
989. 1 4 828. 6 4 842. 9
136. 8 ni9.i <127. 8
253 8 * 207. 1 4 214 7
4
4
998. 4 4<968.7
147. 6
162. 4
4 260 1 4 262 7
4
l,061.2
4
170. 6
4 264 7
4
1,068.9
4
163. 7
4 279 2
30 27
26 08
12 67
20 95
18.68
9.18
189 15
56.34
37 68
12 906
8,792
149. 32
28.86
39.79
12 997
8,690
3 013
1 975
4
979. 6
«1,
103.1
4
167. 3 3 151. 1
4
281. 1 3 275. 0
979
858
121
9.8
8.4
1.3
1,479
1,664
1,967
1 897
4
4
4
815. 9
132. 6
240. 8
1,628
1,812
4
4
4
919. 5
116. 5
252. 2
*694
574
J>119
P9.5
7.7
»1.8
1,600
1,765
2.7
2,314
4
4
4
888. 6
119. 6
243. 4
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
155 331
Shipments
number
Equipment manufacturers.
do
I 43 014
New orders ...
do
i 52 482
i 45 913
Equipment manufacturers
do
Unfilled orders, end of period
do
22 221
Equipment manufacturers
do
18 753
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
1 422
Held for repairs, % of total owned
*5 6
Capacity (carrying), aggregate, end of period
mil tons
97 14
Average per car
.
ton*" 68.29
3 969
460
971 3 557
922 r 5 403
323 r 5 003
244 21 114
666 17 314
4 Q69
3 830
4 725
4 7Q8
21 244
17 666
4 7g2
4 536
5 425
5 084
22 283
18 610
1 413
60
1 411
58
1 409
59
1 409
59
Q8 OS
98 09
98 10
69.61
69.44
69.53
69.53
' Revised.
i Annual total includes revisions not distributed
by months.
2 Estimate
4
of production, not factory sales.
3 Excludes 2 States.
Excludes 1 State.
J Revisions
appear in Census reports, Men's and Women's Selected Monthly Apparel Cuttings, 1970-72,
Revised and 1971-72 (MA-23A Supplements), Feb. and Sept. 1973.
cfEffective 1973, data
reflect new benchmarks and revised sampling;
.g; shirts include knits (from knitting mills) not
included in data prior to 1973.
*New series; data not available prior to 1973.
no i r
47
41
47
42
21
17
1 411
5g
QO no
4
4
9
8
26
23
475
191
811
661
134
545
4 001
5 157
4 912
3 766
5 484 13 994
5 433 13 894
26 535 36 527
24 140 34 267
1 408
57
1 407
57
4
4
6
6
38
35
677
390
551
121
027
624
1 403
58
647
414
664
964
469
600
3 727
3 466
5 582
5 282
46 097
43 189
4,464
4,215
5 461
5 461
47, 067
44, 408
4 797
4,505
8 142
7 442
50 781
47,714
6 373
6,016
13 535
13 410
57 313
55, 078
5 929
5 606
9 736
9 436
60, 799
58,606
1 402
58
1 401
6 0
1,396
6.1
1,395
6.2
1,393
6.2
1,395
6.3
4
4
11
10
44
41
97 95
98 19
97 89
97 94
98 12
98 41
98 12
98 07
98 20
70.39
70.20
70.31
70.12
70.06
69.97
69.83
69.93
69.74
69.64
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.
^Effective Sept. 1973 SURVEY, data include imports of separate chassis and bodies; comparable data for Jan.-June 1972 appear in the Sept. 1973 SURVEY.
©Courtesy of R. L. Polk & Co.; republicaticn prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators.
Commodity pric
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
.................
11, 16
Advertising.
Aerospace vehicles
..... ,
...........
4,40
.................
16
Agricultural loans.
.
................
23
Air carrier operations...
...................
34
Air conditioners (room).
Aircraft and parts. . . . .
......................
6, 7,40
Alcohol, denatured and ethyl
...................
25
Alcoholic beverages
.................
. ......... 11,26
AppareL?! '.'.'. '.'.'.'/.'. '.'.*.'. '. !.'.'.' '. I * 'l,*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 bronze ....... .
.....................
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
Bousing 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 m circulation
........................
19
Dairy products
.........................
3,7,8,26,27
Debits, bank
.................................
16
Debt, U.S. Government
.......................
18
Department stores.
......................
. ____ 11, 12
. . . . . . . . . .
Disputes, industrial .............. . . . . .
........
16
Distilled spirits.. .......... ,
..................
26
Dividend payments, rates, and yields ....... 2, 3, 19-21
Drug stores, sales
.................
. ..... . . ____ 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
34
Foundry equipn
40
Freight cars (eq
Fruits and vegetables. . I
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
Grams 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
Beating 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
Housefurnishings
1,4,8,11,12
Household appliances, radios, and television sets.
4,
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
3,4
By market grouping
3,4
Installment credit
12,17,18
Instruments and related products
4-6,13-15
Insurance,
fife
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
Labor force.
13
Lamb and mutton
28
Lard.
28
Lead
33
Leather and products.
4,9,13-15,30
Life insurance
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers'
(see also Consumer credit)
10,16,17,18,20
Lubricants
35,36
Lumber and products
4,9,10-15,19,31
Machine tools
34
Machinery.
• • 4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14,15
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
1,4-45,8,9,11,19,22,23,40
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
........................................
27
Oils and fats
.........................
8,22, 23,29,30
Orders, new and unfitted, manufactures'
.........
6, 7
Ordnance
....................................
13-15
Paint and paint materials ...... .
...............
8,25
Paper and products and pulp
...............
. . . 4-6,
9,13-15,19,23,36,37
Parity ratio
..................................
7
Passenger cars
..............
1,3-6,0,9,11,12,19,22,23,40
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
......................
......
. . . . . . . . . 3ll 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
R efrigerators
.....................................
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, day, glass products ......... 4-6, 9, 13-15, 19, 38
Sulfurfc acid
Superphosphate
24
25
Tea imports.
.......................
. . . . . ---- 29
Telephone and telegraph carriers . . ---- . . ---- . . .
24
Tel eviskra and radio . . .
....................
. 4, 1 1, 34
Textiles and products. . . . 4-6,9, 13-15, 19,22, 23,38-40
Tin ........... .
............................
33
Tires and inner tubes ........ .
...........
9, 1 1, 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 ........... . ...... . ...... .
......
40
Trucks (industrial and other) ........ . . . . . . . . . . 34,40
Unemployment and insurance
.................
.
U.S. Government bonds
....................
16-18,20
U.S. Government finance .............. •"•«•*,* «f if
Utilities
.........................
2-4,9, 19-21,25,26
Vacuum cleaners
.............................
, „ }f
Variety stores ......... .
....................
- - 11,12
Vegetable oils
.............................
23, 29, 30
Vegetables and fruits
................
.
.........
7,8
Veterans* benefits ....... .
.....................
«»
Wages and salaries
...........................
2, 3, 15
Washers and dryers
.................
.
........
f*
Water heaters
................................
fj
Wheat and wheat
flour
........................
27, 28
Wholesale price indexes
.................
• • • • - • *\*
Wholesale trade. ...... ........ . . . . . . . . 5,7,11,13-15
Wood pulp
..............
.
...................
0 £g
Wool and wool manufactures ......... • ......... '* "
Zinc.
33
UNITED STATES
WASHINGTON, D.C. 2O4O2
Now Available
BUSINESS
STATISTICS
1973 Biennial Edition
THE NINETEENTH VOLUME in a series of statistical supplements to the monthly
SURVEY OF CURRENT BUSINESS, the new edition provides, for the past twenty-five
years, historical data for approximately 2,500 series.
For most series, annual data are presented back to 1947. Quarterly statistics back
to 1962 are shown for those series ordinarily published on a quarterly basis, and monthly
data back to 1969 are given for monthly series. Also included in the volume is an
appendix providing monthly or quarterly data back to 1947 for about 400 of the more
important economic series. Color keyed explanatory notes to the time series define
terms, give sources of data, and describe the methods of compilation used.
Price, $5-15. Orders may be placed with the
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