Full text of Survey of Current Business : July 1975

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

JULY 1975 / VOLUME 55 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS
U.S. Department of Commerce
THE BUSINESS SITUATION
Rogers C. B. Morton / Secretary
Public and Private Debt*1965-74

9

National Income and Product Tables

11

Capital Expenditures by Business for Air, Water, and
Solid Waste Pollution Abatement, 1974 and Planned 1975

15

Improved Deflation of Producers' Durable Equipment

20

International Travel and Passenger Fares in the
U.S. Balance of Payments: 1974

24

Errata: Chart 8, June 1975 SURVEY

28

Sources and Uses of Funds for a Sample of Majority-Owned
Foreign Affiliates of U.S. Companies, 1966-72

29

CURRENT BUSINESS STATISTICS
General

S1-S24

Industry

S24-S40

Subject Index (Inside Back Cover)

James L. Pate / Assistant Secretary
for Economic Affairs

Bureau of Economic Analysis
George Jaszi / Director
Morris R. Goldman / Deputy Director
SURVEY OF CURRENT BUSINESS
Editorial Board: Jack J. Bame, Donald A. King,
Martin L. Marimont, Stephen K. McNees, Beatrice
N. Vaccara, Charles A. Waite, Allan H. Young
Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Staff Contributors to This Issue: Carol S. Carson,
Loren E. Casement, John E. Cremeans, Gerald
F. Donahoe, Rafael I. Font, John A. Gorman,
Jeanette Honsa, Ida May Mantel, Etienne H.
Miller, Gary L. Rutledge, Frank W. Segel
Annual subscription, including -weekly statistical supplement: $48.30 domestic, $60.40 foreign. Single copy $3.00.
Order from Superintendent of Documents, U.S. Government
Printing Office, Washington, B.C. 20402, or any Commerce
Field Office. Make check payable to Superintendent of
Documents.
Annual subscription in microfiche, excluding weekly
supplement: $30 domestic, $38 foreign. Single copy $2.25.
Order from National Technical Information Service, Springfield, Va. 22151.
Address change: Send to Superintendent of Documents
or NTIS, with copy of mailing label. For exchange or official
subscriptions, send to BEA.
Editorial correspondence: Send to Bureau of Economic
Analysis, U.S. Department of Commerce, Washington, D.C.
20230.

The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for
printing this periodical has been approved by the Director of the Office of Management and Budget through September 1,1975.

U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
Albuquerque, N. Mex. 87101
316 U.S. Courthouse 766-2386.

Cheyenne, Wyo. 820O1
2120 Capitol Ave. 778-2220.

Greensboro, N.C. 274O2

Anchorage, Alaska 99501
632 Sixth Ave. 265-5307.

Chicago, III. 60603
Room 1406 Mid-Continental Plaza
Bidg. 353-4450.

Hartford, Conn. 06103
45u Main St. 244-3530.

Cincinnati, Ohio 452O2
550 Main St. 684-2944.

Honolulu, Hawaii 96813
286 A l e x a n d e r Young Bidg.
546-8694.

Cleveland, Ohio 44114
666 Euclid Ave. 522-4750.

Houston, Tex. 77O02
1017 Old Federal Bidg. 226-4231.

Columbia, S.C.

Indianapolis, I n d . 462O4

Atlanta, Ca. 3O309
1401 Peachtree St. NE. 526-6000.
Baltimore, Md. 21202
415 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th St. 25-1-1331.
Boston, Mass. O2116
441 Stuart St. 223-2312.
Buffalo N.Y. 14202
111 W. Huron St. 842-3208,


Charleston, W. Va. 253O1
http://fraser.stlouisfed.org/
500 Quarrier St. 343-6181.
Federal Reserve Bank of St. Louis

29204

2611 Forest Dr. 765-5345.

203 Federal Bidg. 275-9111.

-16 East Ohio St.

Minneapolis, Minn. 55401
306 Federal Bidg. 725-2133.
Newark, N.J. 071O2
4th Floor Gateway Bidg.
645-6214.
New Orleans, La. 7O13O
432 International Trade Mart.
58Q-6546.

209-6214.

Dallas, Tex. 75202
1100 Commerce St. 749-1515,

Kansas City, Mo.
601 East 12th St.

Denver, Colo. 802O2
19th & Stout Sts. 837-3246.

Los Angeles, Calif. 9OO24
11000 Wilshire Blvd. 824-7591.

Des Moines, Iowa

609 Federal Bidg. 284-4222.
Detroit, Mich. 4822<»
445 Federal Bidg. 226-3650.

50309

Milwaukee, Wis. 53203
238 W. Wisconsin Ave. 224-3473.

641O6
374-3142.

New York, N.Y. 100O7
26 Federal Plaza 264-0634.

Portland, Oreg. 97205
921 S.W. Washington St.
221-3001.
Reno, Nev. 895O2
300 Booth St. 784-5203.
Richmond, Va. 23240
8010 Federal Bidg. 782-2246.
St. Louis, Mo. 63105
120 S. Central A v e . 425-3302-4.
Salt Lake City, Utah. 84138
125 South State St. 524-5116.
San Francisco, Calif. 94102
450 Golden Gate Ave. 556-5860.

Philadelphia, Pa. 191O6
600 Arch St. 597-2850.

San Juan, Puerto Rico 00902
100 P.O. Bidg. 723-4640.

Memphis, Tenn. 381O3
147 Jefferson Ave, 534-3213.

Phoenix, Ariz. 85OO4
112 N. Central 261-3285.

Savannah, Ca. 31402
235 U.S.'Courthouse and P.O.
Bidg. 232-4321.

Miami. Fla. 3313O
25 West Flagler St. 350-5267.

Pittsburgh, Pa. 15222
1000 Libertv A v e . 644-2850.

Seattle, Wash,

9810'*

706 Lake Union Bidg, 442-5615.

the BUSINESS SITUATION
CHART 1

Prices and Real Product:
Changes From Preceding Quarter

LEAL GNP stabilized in the second
R,
quarter after five consecutive quarters

implicit price deflator for GNP again
decelerated. As in the first quarter, the
deceleration in the deflator was larger
than in the chain price index; the latter
is a better measure of pure price change
because, unlike the deflator, it is not
affected by shifts in the composition of
GNP from one quarter to the next.
Labor markets.—The stabilization in
production was reflected in labor market
conditions. Employment as measured
in the household survey increased 0.2
million after a drop of 2.2 million from
the third quarter of last year to the
first of this year. In contrast to the
two previous quarters when there had
been persistent monthly declines, employment held steady or moved up
each month during the second quarter
(chart 2).
The unemployment rate rose to 8.9
percent in the second quarter from 8.3
percent in the first. The Bureau of
Labor Statistics (BLS) encountered
problems in deriving monthly season-

of decline, the largest of which—at an
lll/2 percent annual rate—occurred in
the first quarter of 1975 (table and chart
1). Final sales of GNP had stabilized
in the first quarter and increased 3%
percent in the second. The first-quarter
decline in real GNP had been due to a
large swing in inventory investment
from accumulation in the fourth quarter
of 1974 to liquidation in the first
quarter of this year. In the second
quarter, inventory liquidation accelerated, but the swing was smaller and
was offset in its effect on total GNP
by the increase in final sales. Personal
consumption expenditures strengthened
and fixed investment declined at a
slower rate, as the slide flattened out
in residential construction and slowed
in business fixed investment. Net exports changed little in the second
quarter after increasing in the first.
Price increases as measured by the

Percent
20 Implicit Price Deflator for
Gross National Product

llllllllll
Billions of 1958$

Table 1.—Gross National Product in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars

Constant (1958) dollars
Percent change
from preceding
quarter (annual
rate)

Billions of dollars

1974
III

Gross national product
Final sales .
Change in business inventories
Change in dealers' auto inventories
1973

1974

1975

Less: Rest-of-the-world product

Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis




Equals: Gross domestic product
75-7-1

1974

1975

I

II

IV

III

IV

823.1

804.0

780.0

779.4

1, 407. 6 1 413. 1 1,435.8 1,467.1 818.1 793.1

791.8

798.2 -11.7

IV

I

II

1,416 3 1 430 9 1,416 6 1,433.4
87

5 0

—6 3

10

— 3

4 5

—5 2

.8

7.2

6.6

3.3

4.0

2.3

2.1

1,405.2 1,418.9 1,409.4 1,426.8

819.8

800.0

777.7

777.3

19 2

3

5 4

11.1

12.0

I

-9.0 -11.4

II

-0.3

-.7

3.3

108.4 -88.7

-27.4

-10.7

-.2

10 9 —11 7 —18 8

—33 7

17 8

1975

1974-

1975

-9.3

SURVEY OF CURRENT BUSINESS
ally adjusted unemployment rates in
the second quarter. BLS uses a multiplicative method of seasonal adjustment; multiplicative methods assume
that seasonal changes are proportional
to the level of the series that is being
adjusted. Multiplicative methods work
in most cases and BLS studies have
shown that under most circumstances
they are best for unemployment. However, there are exceptions. One of
CHART 2

Unemployment Rate, Employment,
and Man-Hours
Percent
10
UNEMPLOYMENT RATE

Thousands of Persons, Change From Preceding Month
800

EMPLOYMENT
(Household Survey)

600

Average of Monthly
Changes

400

200

' i

-200

-400

-600
-800
Billions, Change From Preceding Month
1.60 -

-.80 -

-1.60 -

-2.40 i i|
1973

1974

1975

Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Bureau of Economic Analysis




75-7-2

these is the seasonal adjustment, at
times when the level of total unemployment is unusually high or low,
for the June increase in unemployment
that is due to the influx of students
and graduates. The seasonal increase is
calculated as a proportion of total
unemployment, whereas it is more
closely related to the size of the influx,
which does not vary substantially from
year to year. Accordingly, when unemployment is very high, as at the
present time, the method overstates
the seasonal component of unemployment, and the seasonally adjusted
unemployment rate is understated.
Because seasonal adjustments made
for one month imply adjustments in
the opposite direction in other months,
seasonally adjusted unemployment is
overstated by the method in some
months other than June. It is likely
that May was one of those months.
Accordingly, BLS suggests that the
average of May and June—8.9 percent—provides a better estimate than
the individual estimates of 9.2 percent
in May and 8.6 percent in June.
On the basis of the establishment
survey, nonfarm employment was lower
in the second quarter than in the first.
Employment in contract construction
and durable goods manufacturing continued to decline during the quarter.
Employment in nondurable goods manufacturing, services, and trade picked up.
Increases in State and local government
employment continued; Federal employment remained flat.
Average weekly hours of production
and nonsupervisory workers on private
nonfarm payrolls remained steady from
the first to the second quarter and also
during the second quarter. Consequently, aggregate man-hours of nonfarm workers, derived principally from
establishment data on employment and
average weekly hours, declined slightly
from the first to the second quarter—
only 2.0 percent at an annual rate, compared with 10.0 percent in the first
quarter. However, as shown in the
chart, man-hours increased through
May from the low in March, but slipped
in June.
Output-compensation relationships.—
Output in the nonfarm business econ-

July 1975
Table 2.—Output and Compensation Per
Man-hour, and Unit Labor Cost in the
Nonfarm Business Economy
[Percent change from preceding quarter, seasonally adjusted
at annual rates]

1974
IV
Output per man-hour
Compensation per man-hour
Unit labor cost ,

-2.8
9.9
13 1

1975
I
—0 9
10.1
11 1

II
40
77
36

NOTE.—These estimates differ from similar BLS series for-,
definitional reasons explained in the January SURVEY and
for 1974: IV and 1975: I because fourth-quarter BLS manhours have been adjusted to make them comparable to the
timing of the BEA compensation series.

omy stabilized and man-hours declined
about 3% percent at an annual rate.
Output per man-hour increased 4 percent after eight consecutive quarters of
decline (table 2). Such an improvement
is typical of the late phases of a cyclical
decline, as management tightens up by
closing less efficient plants and laying
off surplus workers.
The increase in compensation per
man-hour decelerated in the second
quarter from about 10 percent in the
first quarter to about 7% percent.
Improved productivity and the lower
rate of increase in compensation per
man-hour were reflected in the sharp
deceleration in the rate of increase in
unit labor cost from 11 percent in the
first quarter to 3% percent in the second.
The second-quarter rate was the lowest
rate of increase since 1972.
Wage rates.—As a measure of wage
rates, compensation per man-hour has
several drawbacks, mainly related to
coverage and to the treatment of
changes in overtime hours and industry
mix. As to coverage, compensation per
man-hour includes wage imputations
for the self-employed and salaries of
groups—for example, business managers—that are not determined in the
bargaining process in which ordinary*
business employees engage. It includes
supplements to wages and salaries,
many of which—for example, employer
contributions for social insurance—are
outside the bargaining process. The
BLS series on gross average hourly
earnings of production and nonsupervisory workers, because it does not
have these drawbacks, comes closer to

July 1975
Table 3.—Wage-Rate Measures

SURVEY OF CURRENT BUSINESS
quarter of 1974. In the second quarter,
the increase was 6.6 at an annual rate,
and the slowing it represented was
spread widely across major industry
groups. Over the period as a whole, the
slowing is confirmed by the series on
effective wage-rate changes in large
collective bargaining settlements. This
series records wage changes effective
in a specified time period, regardless
of when the changes were negotiated.
The changes consist of those due to
current and prior settlements and to
escalator provisions. In the second
quarter, the total effective change was
1.9 percent (quarterly rate, not seasonally adjusted), about two-thirds of
what it was in mid-1974. This compares
with a 1.6 percent increase in the first
quarter. The acceleration was in prior
settlements; more workers received
deferred increases in the second quarter
than in the first. The effective wage-rate
series is subject to such irregular
fluctuations, and its second-quarter
upturn has no apparent cyclical
significance.

quarter was attributable to dealers'
auto inventories. The swing in these
inventories had pulled down GNP
1974
1975
about $9% billion in the first quarter
I
II III IV
I
II
and lifted it about $6 billion in the
second.
Se?isonally adjusted at annual
rates
Recent changes in GNP have been
dominated
by swings in inventory inAverage hourly earnings. 5.4 8.8 11.0 9.0 4.7 4.9
vestment,
and
inventory investment
Less: Adjustments
Overtime in manuwill
remain
the
dominant
factor in the
facturing
-.3 -.1 .3 -.9 -.9 n.a.
Industry mix
-.6 -.8 -.1 .2 -2.6 n.a.
immediate period ahead. Unfortunately,
Equals: Hourly Earnit is very difficult to assess the inings Index !
6.3 9.7 10.8 9.7 8.2 6.6
ventory situation and outlook. InvenQuarterly rates
tory data are deficient in coverage, the
techniques used to convert book values
E f f e c t i v e2 wage-rate
changes
1.3 3.0 3.4 1.6 1.6 1.9
into consistently valued series are
subject to large errors, and the conn.a. Not available.
1. Production or nonsupervisory workers on private nonverted
series are not available in
farm payrolls.
2. Production or nonsupervisory workers in collective
sufficient
detail. Other difficulties are
bargaining units covering 1000 or more workers.
encountered
in adjusting inventories
Source: Bureau of Labor Statistics.
for seasonal variation and changes in
inventory float. In the past, these
measuring changes in wage rates. (A
statistical difficulties have led to large
detailed reconciliation of these two
revisions in the estimates of inventory
series for the second quarter will be
investment. It appears that recent
published on the usual schedule in the
quarters will be no exception. The DeAugust SURVEY.)
partment of Agriculture has revised the
However, gross average hourly
1974 change in farm inventories downearnings, like compensation per manward by $4 billion. The new estimate is
Change
in
business
inventories
hour, is affected by changes in the mix
published in the Department's Agribetween employment in high- and lowInventory liquidation, already heavy cultural Outlook for July. Normally, it
wage-paying industries and regular and in the first quarter, increased further in would be incorporated in BEA's July
and overtime hours. The BLS Hourly the second. In real terms, inventories revision of GNP. This year, it will be
Earnings Index (HEI) is the result of were liquidated at an annual rate of $19 incorporated into the upcoming benchadjustments to gross average hourly billion, as compared with $11% billion mark revision of the national income
earnings that serve to exclude these in the first quarter. The drag on GNP— and product accounts. In addition,
changes. In recent quarters, these that is, swing toward smaller accumula- information from BEA's recent surveys
adjustments were large (table 3). In tion or larger liquidation—was far less of inventory practices will be inthe fourth quarter of last year and first than in the first quarter, about $7 corporated in the revised nonfarm
quarter of this year, the increases billion compared with $22% billion. inventory estimates. Preliminary rein average hourly earnings and com- The smaller net drag in the second sults from these surveys indicate that
pensation per man-hour were 0.9 percentage points lower than in the HEI,
Table 4.—Change in Business Inventories in Constant (1958) Dollars
due to declines in premiums paid for
[Billions of dollars, seasonally adjusted at annual rates]
overtime hours. In the second quarter,
because average overtime hours did
1975
19 74
19 73
not decline, this factor probably will
II
I
II
I
I
IV
IV
III
III
II
not operate. In the first quarter and
probably in the second, average hourly Total
-18.8
10.9 -11.7
5.0
20 0
73
7 8
8 0
10 6
8 2
earnings and compensation per man-7.9
5.2
-1.1
3.2
3.7
Manufacturing.. _ . . ... ..
3.5
3.4
6.6
3.9
7.7
-2.7
.8
3.6
1.8
3.7
.9
Durable goods
_.
3.2
5.7
5.8
5.0
hour grew more slowly than the HEI
-5.2
-1.9
1.9
1.6
—.5
2.5
15
Nondurable goods
.3
—1 7
1.9
due to shifts in industry mix. In those
-10.2
-9.4
5.0
2.4
2.4
-.6
Trade...
..
1.8
9.7
1.8
1.7
quarters, employment declined dis-4.2
-8.9
7.2
1.0
5.2
-2.7
1.0
2.6
1.1
.3
Durable goods
-5.2
.8
.7
4.5
-.3
-5.1
.4
-.7
-2.7
3.8
Autos
proportionately in the high-wage dur-5.0
-3.7
2.7
1.3
0
1.4
5.4
1.9
1.8
Other durable goods
.6
able goods manufacturing and con-6.0
-2.2
-.5
-1.6
5.1
1.4
4.5
-.2
.7
.8
Nondurable goods
... .. ..
struction industries.
-.5
.4
-.5
.7
.5
.5
.4
.4
.5
.5
Other nonfarm
The increase in the HEI has slowed
o
.2
-.8
1.8
1.1
1.9
2.1
1.5
Farm...
1.8
1.9
each quarter since its high in the third
[Percent change from preceding quarter]




SUEVEY OF CURRENT BUSINESS
the revised estimates will show less
accumulation in the fourth quarter of
1974, and a more even distribution of
the liquidation between the first two
quarters of 1975, than the published
estimates show.
It should be recognized that the
quality of the statistics is not the only
problem. Even if information on inventory investment were satisfactory,
the inadequacy of theories explaining
inventory investment and the difficulty
of testing the validity of alternative
theories would preclude reliable forecasts of inventory developments.
Table 4 shows constant-dollar
changes in business inventories. It
begins with the first quarter of 1973 in
order to cover the buildup that is being
liquidated; except for autos, the estimates for the second quarter of 1975
are based on 2 months of data. Of the
major groups shown, the following discussion deals only with manufacturing
and trade inventories. Changes in other
nonfarm inventories have been small,
and current information about them is
fragmentary. Estimates of the quarterly
changes in farm inventories are based
to a considerable extent on interpolations and extrapolations of annual data.
In addition, the volume of crop inventories held by the Federal government
has changed during the period under
review; these holdings are not included
in business inventories.
For durable goods manufacturing as
a whole, sustained large increases in
inventories have resulted in a massive
buildup. Liquidation began only toward
the end of the first quarter of this year,
and, through May, has been relatively
small. Shipments of durable goods have
dropped sharply, mainly because of the
weakness in autos, producers' durable
equipment, and construction; most
production schedules have not been adjusted correspondingly. Obviously, the
overall pattern does not fit all the component industries, but the information
required to undertake a detailed industry analysis is not available. Steel
producers' inventories appear to be the
most significant exception to the overall
pattern. During 1973 and 1974, these
inventories were reduced. In the first
quarter of 1975, producers managed to
build up inventories; however, faced




July 1975

with a drop in demand, by May, they nondurable goods sales were relatively
considered their holdings excessive.
well maintained.
Inventories of other durable goods
In summary, through May, the
and of nondurable goods are shown com- liquidation of nondurable goods inbined for wholesale and retail trade in ventories appears to have progressed
the table. Shifts of inventories often further than that of durable goods
occur between wholesale trade and inventories, and the liquidation of trade
manufacturing and between wholesale inventories further than that of manutrade and retail trade. Examination of facturing inventories. Inventory liquithe trade data suggests that the latter dation in durable goods manufacturing
kind of shift was important in the was least advanced. Continued subperiod under review. Inasmuch as it is stantial liquidation of these inventories
impossible to trace these shifts, whole- seems probable. In the unlikely event
sale and retail trade inventories were of a rapid pickup in the demand for
combined to produce a clearer pattern. autos, producers' durable equipment,
The accumulation of durable goods and construction, the liquidation will
inventories was larger than that of be due to a slower increase in producnondurable goods; it was sustained over tion; if the pickup in demand is slow,
a longer period, and, relative to the the liquidation will be due to a further
accumulation, the subsequent liquida- cut in production. In spite of further
tion was smaller. The drop in durable substantial liquidation of durable goods
goods sales was sharp, although they manufacturing inventories, it appears
appear to have strengthened recently; likely that total inventory liquidation
CHART 3

Inventory Stocks, Actual and Potential GNP Final Sales,
and Stock-Sales Ratios
240

.295

.290

.285

.280

.270
.265
.260

235 -

255

230 -

.250

c 225 ->

.245

220 -

215 -

210 -j
NOTE.-Blue lines represent ratios of inventory
stocks to GNP final sales.

205
760

780

800

820

840

860

880

900

920

GNP Final Sales, Billions of 1958$
NOTE.--Endof-quarter inventories; GNP final sales at annual rates.
U.S. Department of Commerce, Bureau of Economic Analysis

75-7-3

SURVEY OF CURRENT BUSINESS

July 1975

Table 5.—Personal Consumption Expenditures in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Constant (1958) dollars

Current dollars

Percent change from
preceding quarter
(annual rate)

Billions of dollars
1974

Personal consumption expenditures
Durables _ . . . .
Autos and parts! -_- .
Other durables
Nondurables
Food .2 ...
Energy
O ther non durables

. ..

Services
Energy 3
Other services

..'...

1974

1975

1974

1975

III

IV

I

II

III

IV

I

II

IV

1975
I

II

901.3

895.8

913.2

938.1

547.2

528.2

531.5

539.6 -13.2

2.5

6.2

136.1

120.7

124.9

130. 0

107.8

92.8

95.2

97.5 -45.1

11.0

9.9

52.8
83.3

41.4
79.3

44.5
80.4

46.6
83.4

42.4
65.4

32.0
60.7

34.8
60.5

35.4 -67.4
62.1 -25.5

38.4
-1.7

7.7
11.2

389. 0

391.7

398. 8

408.5

225.8

221.4

222.5

225.9

-7.6

4.7

6.2

191.3
50.1
147.6

196.0
49.8
145. 9

201.4
49,1
148.3

203.6
50.9
154. 0

107.3
25.5
93.0

105.5
26.0
89.8

106.8
25.5
90.3

107.1 -6.3
25.6
8.3
93.1 -13.0

4.9
-8.1
1.9

376.2

383.5

389.5

399.6

213.7

214.1

213.7

216.2

.8

-.6

4.7

23.8
352.5

24.5
358.9

25.1
364.4

27.2
372.5

15.1
198.6

15.1
199.0

14.7
199.0

15.6
200.6

-.5
.9

-8.9
.1

25.2
3.2

1.3
29
13! 3

1. Excluding mobile homes.
2. Gasoline and oil, arid fuel and ice.
3. Electricity and gas.

of inventory behavior. One view would
be that inventory behavior is guided
by ratios of inventory stocks to actual
sales, and another that inventory behavior is guided by the ratio of inventory stocks to potential sales. Because
some recovery of sales toward their
potential is expected, the former view
probably results in an appraisal of the
prospects for a resumption of inventory
investment that is too pessimistic.
Personal consumption expenditures

Real personal consumption expenditures strengthened further in the second
quarter. They increased at a 6 percent
annual rate, compared with 2% percent
in the first quarter (table 5). The
increase was larger than any in the
past 2 years.
CHART 4

will diminish in the period immediately
ahead and that, accordingly, inventories will not be a drag on GNP.
Additional perspective on inventory
developments is provided by chart 3.
In that chart, constant-dollar inventory stocks are shown on the vertical
axis and constant-dollar final sales of
GNP on the horizontal. (Quarterly
changes, for instance those shown in
table 4, are expressed at annual rates
and must be divided by 4 to make
them comparable to the vertical scale
of the chart.) Inventory stocks and
GNP final sales for a given quarter
determine a point on the chart. Points
are linked together to form two time
paths: on the left side, labeled "actual
GNP,' 7 the time path of inventory
stocks and actual GNP final sales, and
on the right side, labeled "potential
GNP," the time path of inventory
stocks and potential GNP final sales.
(The series for potential GNP final
sales was derived by subtracting from
potential GNP, which is prepared by
the Council of Economic Advisers, a
synthetic change in business inventories
series. This series was obtained by calculating the percentage that the change
in business inventories was of GNP in
past quarters when actual GNP was
close to potential GNP, and multiplying potential GNP for each quarter by




that percentage.) The blue diagonal
lines are ratios of inventory stocks to
final sales. For example, on the actual
GNP time path, the point at the lower
left represents the first quarter of 1972
when inventory stocks were $207 billion, actual GNP final sales were $767
billion, and the ratio of the two was
0.270. The corresponding point on the
potential GNP time path is located
farther to the right in the same vertical
position.
The potential GNP time path shows
that in spite of the large inventory
accumulation that occurred in 1973
and 1974, there was little increase in the
ratio of inventory stocks to what final
sales of GNP would have been at full
utilization of the Nation's productive
capacity. Although it is not shown in
the chart, the 1973-74 ratios were low
by historical standards. As a result of
the inventory liquidation, the ratio
has dropped even further. The actual
GNP time path—the time path that
curls back to the left—shows that it
was the slowing and decline of actual
GNP final sales that put inventories
out of line, as indicated by the sharp
rise in the ratio of inventory stocks to
actual GNP final sales.
Which of the two ratios is more
relevant to the outlook for inventory
investment depends on one's theory

Disposable Personal Income and
Personal Consumption Expenditures
Billions of 1958$
660
DISPOSABLE PERSONAL INCOME AND
PERSONAL CONSUMPTION EXPENDITURES
620

580

540

280

PERSONAL CONSUMPTION EXPENDITURES

Nondurables

240

/

200

Services

801

Other Durables

40

I

Autos and Parts
I

_L
1974

'

1975

Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis

75-7-4

SURVEY OF CURRENT BUSINESS

6

Table 6.—Fixed Investment in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Constant (1958) dollars

Current dollars

Percent change
from preceding
quarter (annual
rate)

Billions of dollars

1975

1974

Fixed investment
Nonresidential
Structures _

.- -

Producers' durable equipment
Autos trucks, and buses
Other
Residential structures

1974
II

1975

III

IV

I

II

III

IV

I

197.1

191.6

182.2

181.0

117.7

109.6

101.0

98.4 -24. 8 -27.8

-10.0

150.9
51.0

151.2
53.7

146.9
52.8

144.6
50.2

94.1
25.4

89.2
26.1

83.8
25.2

81.0 -19.4 -22.1
23.7
10.1 -12.8

-12.7
-21.1

99.9
25.3
74.6

97.5
19.9
77.6

94.2
18.2
75.9

94.4
18.8
75.6

68.7
19.4
49.2

63.1
14.5
48.6

58.6
13.1
45.5

57.2 -28.6 -25.7
13.3 -69.0 -33.3
43.9 -5.0 -23.3

-8.9
5.6
-12.8

46.2

40.4

35.3

36.4

23.6

20.4

17.3

17.4 -43.6 -49.0

4.2

Auto purchases increased slightly
compared with the first quarter when
the price rebates had their major impact. On a monthly basis, purchases
improved during the quarter. New
domestic passenger cars were purchased
at annual rates of 5.8 million units in
April, 6.2 million in May, and 6.9 million in June. Purchases of imported
cars were steady during the quarter at
a 1.6 million rate. Imports were down
from the February peak of 1.9 million
that reflected a price advantage of
foreign cars due to the fact that the
higher priced 1975 models had not
been introduced. As in the recent past,
concern about prices and fuel economy
is likely to be a major factor influencing
consumer choice among various models
of domestic and foreign cars. Thirdquarter purchases also will be affected
by information that becomes available
about prices, fuel consumption, and
safety and environmental features of
the 1976 models.
Real expenditures on goods and services in each major consumption category were up in the second quarter. An
increase in furniture and household
equipment expenditures contributed to
an 11 percent increase in the other
durables group. In nondurables, expenditures on food and energy held
steady. Strengthening in clothing and
shoe expenditures was a major factor
in a 13% percent increase in expenditures on other nondurables. Weakness
in clothing and shoe expenditures had
been pronounced; it had appeared early




1975

1974

IV

I

II

in 1973 and continued through 1974
with a severe drop in the fourth quarter.
Expenditures on services were up, and
included increases in both the energy
and other services categories.
The top panel of chart 4 contrasts the
movement of a specially prepared series
on monthly real personal consumption
expenditures with quarterly real disposable personal income. Disposable
income increased dramatically in the
second quarter, temporarily recouping
almost all of the ground lost since the
last quarter of 1973. The 21% percent

July 1975

annual rate increase stemmed from
higher personal income, lower personal
taxes, and a lower rate of price increase.
The Tax Reduction Act of 1975 affected
both taxes i nd personal income. Rebates on 1974 income tax liabilities and
lower withho ding rates reduced secondquarter personal tax payments about
$40 billion at an annual rate, and a
special one-time $50 payment to recipients of social security, railroad retirement, and supplemental security income
raised personal income about $6K
billion. Rebate checks were mailed in
May and June, lower withholding
schedules were not effective until early
May, and checks for the special payment were not mailed until late June.
Therefore, the increase in disposable
income was concentrated in the second
half of the quarter. The low points of
most major consumption expenditure
categories were reached at or near
yearend, and with the exception of
autos, steady increases have occurred
since then. There is nothing obvious in
this pattern that suggests that consumer expenditures have as yet been
stimulated by the Act.
Most of the increase in disposable
personal income was saved in the

CHART 5

Housing Starts
Millions of units
3

1972

1973

1974

1975

Seasonally Adjusted at Annual Rates
Data: Census
U.S. Department of Commerce, Bureau of Economic Analysis

75-7-5

SURVEY OF CURRENT BUSINESS

July 1975

Table 7.—Net Exports of Goods and Services in Current and Constant Dollars
[Seasonally adjusted at annual rates]
Current dollars

Constant (1958) dollars
Percent change
from preceding
quarter (annual rate)

Billions of dollars
1974
III

1975
IV

I

1974
II

III

1975
IV

1974

I

II

IV

1975
I

II

-3.1

1.9

8.8

9.2

7.3

9.1

11.6

10.9

Exports
Merchandise

143.6
98.3

147.5
104.2

142.2
106.7

130.9
97.0

70.9
48.5

69.9
48.9

66.5
48.7

61.7
44.7

-5.4 -18.5
3.1 -1.2

-25.9
-29.2

Imports
Merchandise

146.7
108.3

145.7
110.1

133.4
101.0

121.7
90.0

63.6
44.5

60.9
44.0

54.9
39.8

50.7 -16.0 -34.0
36.0 -5.0 -33.0

-26.9
-32.8

Net exports of goods and services

second quarter. The saving rate—personal saving as a percentage of disposable personal income—jumped to
10/-2 percent, compared with 7% percent
in the first quarter. This rate can be
expected to fall back when consumers
begin to spend their suddenly enlarged
resources.
Fixed investment

Real nonresidential fixed investment
declined 12% percent at an annual rate,
compared with 22 percent in the first
quarter (table 6). The rate of decline
in producers' durable equipment was
only one-third of that in the first
quarter, as vehicle purchases—both
autos and trucks—held steady and the
rate of decline in other equipment
slowed. After adjustment for differences
in definition, the Federal Reserve
Board's measure of gross output of
business equipment declined about
twice as much in the second quarter as
producers' durable equipment; however
the cumulative four-quarter change in
the adjusted FRB measure is substantially less than the PDE measures.
Real investment in structures
dropped 21 percent at an annual rate,
after having held up comparatively
well until the first quarter when it
dropped 13 percent. The decline has
been particularly sharp in commercial
construction.
The outlook for business fixed investment is not bright. The BEA Plant
and Equipment Expenditures Survey
shows that business expects to increase
current-dollar capital spending about 1
percent at an annual rate from the




first to the second half of the year.
If capital goods prices are assumed to
continue to decelerate moderately,
about a 5 percent real decline is
indicated.
Residential construction flattened
out in the second quarter. Real expenditures in the first and second
quarters were at half the rate of their
previous peak in the first quarter of
1973.
Housing starts, which are reflected
in expenditures with a lag, appear to
have picked up, although the June
annual rate was down slightly from May.
Second-quarter starts averaged 1.1 million units, compared with 1.0 million
units at their low point in the prior two
quarters (chart 5). The pickup was in
starts of single-family houses. Multifamily starts have been more severely
affected by the housing slump. They
had been just above 20 percent of their
1-million unit 1972 rate and dropped
further in the second quarter.
A major factor in the continuing low
level of multifamily starts is the poor
outlook for the profitability of new
rental units. Costs of land, land development, and construction have risen
substantially, as have mortgage carrying charges. Construction costs in May
were 30 percent higher than in early
1972 (chart 6). Mortgage carrying
charges are indicated by the percent
constant—the annual payment on principal and interest per $100 of debt—on
income properties, a major share of
which is apartment buildings. It climbed
sharply from mid-1973 to a record level
in January 1975, and, although it
declined subsequently, it is still very

high. Returns to owners of apartment
buildings are squeezed because the
rental market situation does not permit
them to recover fully high and rising
costs by raising rents. This squeeze is
aggravated by the lag with which rents
on older units rise because they may be
subject to rent control or fixed-rent
leases. This depressed situation for new
rental units exists even though the
higher per unit land, fuel, and commuting costs associated with single-family
houses, and the financial risk involved
in large purchases during periods of
economic uncertainty, recently weighed
increasingly in favor of renting rather
than purchasing. Also, both apartment
buildings and condominiums—the other
CHART 6

Mortgage Percents Constant and
Construction Costs
Percent
13
PERCENTS CONSTANT*
12

11

Income Property
Mortgages

10

Index, 1967=100
200
CONSTRUCTION COSTS**

190

180

170

160

150

140
1an 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1
1972
1973
1974 1975
* Annual level payment toward principal and interest per $100 of debt.
For income properties, based on commitments on multifamily and nonfarm
nonresidential mortgages.
* *Boeckh index for apartments, hotels, and office buildings.
Data: FRB, FHLBB, American Life Insurance
Assn. and American Appraisal Co.
U.S. Department of Commerce, Bureau of Economic Analysis

75-7-6

SURVEY OF CURRENT BUSINESS

8

Table 9.—Implicit Price Deflators

major form of multifamily housing—
continue to be especially hard hit by
land usage regulations and the financial
difficulties of real estate investment
trusts.
The pickup in single-family construction has in large part reflected the
easing in the mortgage market that
has taken place this year. Mortgage
money is more readily available, and
the percent constant on conventional
new home mortgages is down 0.3
percentage points from its peak of 10
percent at the turn of the year. This
fall is about one-quarter of its rise since
the peak in construction activity early
in 1973, although the level is still high
by historical standards.
Recent legislation is another element
in the improved prospects for units
purchased for owner occupancy, which
include not only single-family houses
but also condominiums and mobile
homes. The Tax Reduction Act of 1975
allowed a credit of 5 percent (up to a
maximum of $2,000) of the purchase
price of a new housing unit that was in
the inventory of unsold units as defined
by the Act. The rationale of the Act was
that it was necessary to reduce the
stocks of unsold units before construction could recover. The stock of singlefamily houses had reached a record
high in February, which at the rate of
sales in the month was equal to 12.0
months of sales, and had started down
before the Act could have had an
effect. By May, the stock was down to
8.0 months of sales. The stock of
unsold condominiums has been estimated at from 200,000 to 250,000 units.
Table 8.—Government

[Seasonally adjusted]
Index numbers (1958 = 100)

1974

Gross national product

-.

Less: Exports

Percent change from preceding
quarter (annual rate)

1975

1974

I

II

III

IV

I

II

163.61

167.31

172. 07

177. 97

181. 62

183. 90

179.0

188.7

202.5

210.9

213.9

212.2

11

1975

III

IV

I

II

9.4

11.9

14.4

8.4

5.1

23.6

32.5

17.7

5.9

-3.1
-5.2

194.0

214.9

230.8

239.3

243.2

239.9

50.8

32.8

15.6

6.6

Equals: GNP less exports plus imports.

164.5

169.2

174.0

179.8

183.2

185.3

11.8

11.9

13.9

7.9

4.7

Personal consumption expendituresFood
Energy l
Other personal consumption expenditures .
-

155.8
172.2
165.2

160.2
175.0
178.5

164.7
178.3
182.2

169.6
185.7
181.1

171.8
188.6
184.6

173.9
190.1
189.5

11.8
6.9
36.3

11.9 12.4
7.7 17.7
8.5 -2.3

5.3
6.4
8.0

4.8
3.0
11.0

150.5

154.4

159.3

163.9

165.8

167.8

10.8

13.1

12.1

4.7

4.8

Other 2
Nonresidential structures
Producers' durable equipment
Residential structures . .
G o vernment purchases
-

182.3
192.2
134.8
183.8
202.9

187.6
196.2
139.2
190.0
208.8

193.3
200.6
145.5
195.9
214.1

201.4
206.0
154.5
197.9
221.4

206.6
209.7
160.7
204.3
224.6

209.9
211.5
164.9
208.8
226.9

12.1
8.6
13.5
14.3
12.1

12.7
9.3
19.5
13.0
10.5

17.9
11.1
27.3
4.2
14.3

10.7
7.4
16.9
13.5
6.0

6.4
3.5
11.0
9.1
4.3

Plus: Imports.

-

1. Gasoline and oil, fuel and ice, electricity, and gas.
2. The change in business inventories has been excluded because the implicit price deflator for the change in business
inventories is subject to large erratic movements that reflect shifts in the composition among items that have shown large
differences in their price rise as compared with the 1958 base period. The size of these erratic movements precludes the use of
these deflators in price analysis.

Condominiums are concentrated in the merchandise exports were down subSouth, where their overbuilding is stantially; they had increased modersevere.
ately in the first quarter. Declines in
Legislation signed in July, which agricultural exports, especially grains
extends existing housing programs, and soybeans, were the major factor;
makes available $10 billion for the volume was down sharply and prices
purchase of housing mortgages by the eased. A continuing decline in imports
Government National Mortgage As- was related to the recession and was
sociation at a subsidized interest rate spread across a wide range of comof 7.5 percent and expands the eligi- modities. In petroleum, the major
bility for purchase to include mort- changes were within the quarter. As
in the first quarter, imports initially
gages on condominiums.
increased in anticipation of changes in
Net exports
the petroleum import fee situation and
declined
thereafter.
Net exports changed little in the
Based
on fragmentary evidence, net
second quarter after increasing markinvestment
income, an important part
edly in the first (table 7). On the basis
of
the
nonmerchandise
balance, was
of 2 months of data, current-dollar
essentially unchanged from the first
quarter. In contrast, net investment
Purchases of Goods and Services in Current and Constant Dollars
income had declined in the first
quarter, reflecting primarily reduced
[Seasonally adjusted at annual rates]
income from international operations
Constant (1958) dollars
Current dollars
of petroleum companies. The reduction
had
been due to a decline in world dePercent change
from preceding
Billions of dollars
mand
for petroleum and higher payquarter (annual rate)
ments to producing countries.
1974

III
Government purchases of goods and
services... .

IV

I

1975

1974

1975

II

III

IV

I

1975

1974

II

IV

I

II

312.3

323.8

331.6

338.8

145.9

146.3

147.7

149.3

1.1

3.8

4.5

Federal
National defense
Other

117.2
78.4
38 8

124.5
84.0
40 6

126.5
84.7
41 8

128.6
85.4
43 2

56.5

57.0

57.4

58.5

3.8

2.7

7.5

State and local

195.1

199.3

205.1

210.2

89.4

89.3

90.2

90.9

-.6

4.5

2.7




July 1975

Government purchases

Federal and State and local purchases
of goods and services increased $2 billion and $5 billion respectively (table
8). These increases were of about the
same magnitude as those that had
occurred in the first quarter, and their

SUEVEY OF CURRENT BUSINESS

July 1975

9

Table 10.—Implicit Price Deflators and Chain Price Indexes
Implicit price deflators
Percent change from
preceding quarter 1

1975: I
Gross national product

- -- -

GNP less exports plus imports

-.

Personal consumption expenditures
Nonresidential structures
Producers' durable equipment. Residential structures
Government purchases

1975: II

at a 5 percent annual rate in the
second quarter, compared with 8%
percent in the first. The secondquarter deceleration in the GNP deflator was greater than that in the
GNP chain price index—39 percent
compared with 25 percent (table 10).
A shift in the relative importance
of the change in business inventories
in total GNP was the major factor in
the greater deceleration of the GNP
deflator. Specifically, inventory investment in autos and other retail durables
decreased sharply as a percentage of
GNP in the first quarter and increased
(Continued on page 23}

Chain price indexes

Percent
deceleration 2

Percent change from
preceding quarter 1

1975: I

Percent
deceleration 2

1975: II

8.4

5.1

-39

7.8

5.8

-25

7.9

4.7

-41

7.4

5.8

-23

5.3
7.4
16.9
13.5
6.0

4.8
3.5
11.0
9.1
4.3

-10
-53
-35
-33
-28

6.1
9.5
18.4
13.5
7.2

5.1
6.1
11.4
9.0
6.1

-17
-35
-38
-33
-14

1. Seasonally adjusted at annual rates.
2. / 1975: II column \ 0
\
1975: I column /
NOTE.—See table 9, footnote 2.

composition was also similar. Both
defense and Federal nondefense purchases continued to increase; purchases
of the Commodity Credit Corporation
again accounted for a large part of the
latter increase. Real Federal purchases
rose significantly, as the rate of increase
of prices of a wide range of goods purchased by the Government decelerated.
The increase in State and local purchases in both current and constant
dollars was due to a further increase in
disbursements for public service jobs
and medicaid.
Federal expenditures other than
purchases were up $14% billion, of
which $11% billion was an increase
in transfer payments. The one-time
special payment under the Tax Reduction Act ($6% billion) and higher
unemployment benefit payments (up
$3% billion) were the major factors.
Grants-in-aid were up because of
larger disbursements for public service
jobs and public assistance.
The major change in Federal receipts
was in personal taxes, which fell $37
billion. The tax rebate and lower withholding rates reduced receipts about
$40 billion at an annual rate, $3
billion of which was offset by increased
receipts due to higher wages. With
expenditures up about $17 billion, the
second-quarter deficit increased more
than $50 billion from the $54 billion
first-quarter deficit.
Prices

Table 9 shows changes in the GNP
implicit price deflator and its components. The GNP deflator increased
588-182

O - 75 - 2




CHART 7

GNP Adjusted and the Index of Industrial Production: Percent Change
From Preceding Quarter
Percent
20

10

-10

-20

GNP Adjusted: goods output less gross farm product plus 40%of structures plus PCE gas and electricity

-30

Index of Industrial Production: value added weights, 1967=100 (FRB)-

-40

1972

I

1973

'

1974

'

1975

Note.-Source data are seasonally adjusted. GNP adjusted is at annual rates. Quarterly changes are annualized by multiplying by 4.
U.S. Department of Commerce, Bureau of Economic Analysis

75-7-7

Public and Private Debt, 1965-74
AT yearend 1974, net public and private debt
totaled $2% trillion, or over $230 billion more
than at yearend 1973. The rate of increase
in total net debt slowed to 9 percent from 11%
percent in 1973. A drop in the rate of increase
in net private debt, to 9% percent from 13
percent in 1973, accounted for the slowdown.

This was the smallest rate of increase in the
private sector since 1970. The slowdown
involved both debt of corporations and individuals, including those owning unincorporated enterprises. Public debt in 1974 increased 7% percent, compared with 7 percent
in 1973.

SURVEY OF CURRENT BUSINESS

10
Private debt, as a percentage of total net
debt, continued the rising trend that it has
followed without interruption since the end of
World War II. In recent years, private debt
has accounted for over three-fourths of total
debt. Table 1 shows the percentage of public
and private debt for selected years since 1940.
Table 1.—Net Public and Private Debt

[Percent]
Total
1940 _
1945_
1950
1955
1960.
1965
1970
1971
1972
1973
1974

...

100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

Public

Private
67.8
34.5
50.7
58.9
64.8
70.0
74.1
74.2
75.5
76.5
76.9

32.2
65.5
49.3
41.1
35.2
30.0
25 9
25.8
24.5
23.5
23 1

Corporate debt, the largest component of
private debt, amounted to over $1,250 billion
at yearend 1974. As corporations endeavored
to improve their liquidity positions, they increased their short-term debt at a slower

pace, and long-term debt at a faster pace,
than in 1973. Individuals, including owners
of unincorporated enterprises, restricted their
debt accumulation in 1974 to $58)4 billion—
considerably below the $87% billion in 1973.
This was the smallest increase in their debt
since 1970. Individual and noncorporate debt
was buoyed by farm debt, which increased
13% percent in 1974, moderately below the
percentage increase in 1973. Commercial and
financial debt actually decreased in 1974.
Multifamily residential and commercial mortgage debt rose $13% billion, compared with
$18% billion in the previous year. Individuals7
indebtedness related to one-to-four family
mortgages and to consumer credit rose $26
billion and $9% billion, respectively; in both
cases, the increase was considerably smaller
than in 1973.
At yearend 1974, total net public debt
amounted to $643 billion, an increase of
$44% billion from yearend 1973. This increase
resulted from increases in each of the three
categories of net public debt—Federal and
State and local government and Federal
financial agencies. Although debt of the
former two increased at a faster rate than in

July 1975
the previous year, that of the latter increased
at a slower rate than in 1973. Even so, the
1974 rate of increase in agency debt, 28
percent, was larger than that of any other
category of debt.
Table 2 updates the debt estimates that
appeared in the June 1974 SURVEY. In addition to the regular updating, estimates of
gross Federal debt have been revised to reflect the change in the definition of public
debt (as defined in the Budget of the United
States Government, Fiscal Year 1976) to exclude special noninterest-bearing Federal debt
issued to the International Monetary Fund
and other international agencies. Net Federal debt is unaffected because it previously
had excluded these debt issues.
Estimates of public and private debt for
1955 through 1964 are in the May 1970
SURVEY; and estimates for earlier years are
in the May 1969 SURVEY. Revised estimates
of gross Federal debt, gross public debt,
and total gross debt for years before 1965,
may be obtained on request from the National Income and Wealth Division, Bureau
of Economic Analysis, U.S. Department of
Commerce, Washington, D.C. 20230.

Table 2.—Net and Gross Public and Private Debt, End of Calendar Year, 1965-74

[Billions of dollars]
Public

Private
Corporate 4

End of year

Total
Total

Federal i

Federal
finan- State
cial
and
agen-2 local 3
cies

Individual and unincorporated enterprise
Farm 5

Short-term
Total

Long- Notes
term and accounts Other
payable

Total

Total

Nonfarm
mortgage

Multifamily
Produc- Mort- 1- to 4- residention
gage family tial and
commercial

Other nonfarm

Commercial

FinanConcial 6 sumer

Net Public and Private Debt
1965
1966. . 1967
1968
1969
1970. .. ..
1971
1972. , .
1973
1974

1, 243. 6
1, 338. 6
1, 438. 1
1,581.3
1, 736. 0
1, 868. 5
2,045.4
2, 283. 1
2, 546. 2
2, 777. 3

373.6
387.8
408.1
436.0
453.2
484.7
528.6
559.5
598.4
642.9

266.4
271.8
286.4
291.9
289.3
301.1
325.9
341.2
349.1
360.8

8.9
11.2
9.0
21.5
30.6
38.8
39.9
41.4
59.8
76.4

98.3
104.7
112.8
122.7
133.3
144.8
162.8
176.9
189.5
205.6

870.0
950.8
1, 030. 0
1, 145. 3
1, 282. 8
1, 383. 8
1,516.8
1, 723. 6
1, 947. 8
2, 134. 4

454.3
506.6
553.6
631.5
734.2
797.6
869.2
989.4
1, 125. 9
1, 254. 2

209.4
231.3
255.6
283.6
323.5
360.2
400.0
449.4
493.4
548.7

138.6
155.5
166.6
190.1
221.9
232.0
241.6
276.6
314.5
336. 5

106.3
119.8
131.5
157. 8
188.8
205.4
227.7
263.4
317.9
369.0

415.7
444.2
476.3
513.8
548.6
586. 2
647.6
734.3
821.9
880.1

18.1
19.1
22.8
24.3
26.0
27.5
30.3
32.4
37.7
42.9

21.2
23.3
25.5
27.5
29.5
31.2
32.9
35.4
39.3
44.3

208.7
219.6
232.0
246.5
261.5
278.9
304.6
340.6
377.2
403.3

28.1
32.0
34.9
38.4
42.4
53.2
68 2
85^3
103.6
116.9

27.0
29.4
31.2
33.3
35.8
34.9
37.1
40.4
42.9
42.4

22.7
24.5
29.1
33.0
32.3
33.3
36.2
42.5
40.7
40.2

89.9
96.2
100.8
110.8
121.1
127.2
138.4
157.6
180.5
190.1

18.1
19.1
22.8
24.3
26.0
27.5
30.3
32.4
37.7
42.9

21. 2
23^3
25.5
27.5
29.5
31.2
32.9
35.4
39.3
44.3

208.7
219.6
232.0
246.5
261.5
278.9
304.6
340.6
377.2
403.3

28.1
32.0
34.9
38.4
42.4
53.2
68.2
85.3
103.6
116.9

27.0
29.4
31.2
33.3
35.8
34.9
37.1
40.4
42.9
42.4

22.7
24.5
29.1
33.0
32.3
33.3
36.2
42.5
40.7
40.2

89.9
96.2
100.8
110.8
121.1
127.2
138.4
157.6
180.5
190.1

Gross Public and Private Debt
1965
1966
1967
1968...
1969
1970
1971
1972...
1973
1974

1, 397. 6
1,510.6
1, 628. 3
1,791.3
1, 980. 4
2, 133. 9
2,333.7
2, 606. 5
2, 909. 9
3, 177. 7

438.9
460.2
488.1
519.9
549.7
588.8
641.3
682.9
734.0
789.7

326.9
339.6
361.9
371.3
381.2
400.8
434.4
460.2
480.7
504.0

8.9
11.2
9.0
21.5
30.6
38.8
39. 9
41.4
59.8
76.4

103.1
109.3
117.3
127.2
137.9
149.2
167.0
181.2
193.5
209.3

958.7
1, 050. 4
1, 140. 2
1,271.4
1, 430. 7
1, 545. 1
1,692.4
1, 923. 6
2, 175. 9
2, 387. 9

543.0
606.2
663.9
757.6
882.1
958.9
1,044.8
1, 189. 4
1,354.0
1, 507. 8

1. Federal Government and agency debt is the outstanding debt as denned in the Budget
of the United States Government, Fiscal Year 1976. Gross Federal debt consists of total Treasury
debt, less special noninterest-bearing notes issued to the International Monetary Fund and
other international agencies, plus obligations of Federal agencies in which the Federal Government has a proprietary interest. Net Federal debt consists of only such debt held by the
public.
2. Federal financial agency debt is debt of federally sponsored agencies in which there is
no longer any Federal proprietary interest. At the present time, this consists of the debt of
banks for cooperatives, Federal home loan banks, Federal intermediate credit banks, Federal
land banks, and the Federal National Mortgage Association.
3. State and local net debt is that owed to all economic entities except State and local
governments. State and local gross debt is the total owed to all holders.




253.1
279.6
309.1
343.3
392.1
436.7
485.0
545. 1
598.5
665.5

166.3
186.5
199.9
228.1
266.3
278.4
289.9
331.9
377.4
403.8

123.6
140.0
154.9
186.2
223.8
243.8
270.0
312.4
378.1
438.5

415. 7
444.2
476.3
513.8
548.6
586.2
647.6
734.3
821.9
880.1

4. Corporate net debt is that owed to all entities except affiliated corporations. Corporate
gross debt is total corporate indebtedness, even that owed to affiliates. Long-term debt has
a maturity of 1 year or more; short-term debt has a maturity of less than 1 year.
5. Farm debt consists of mortgages and production loans. Farmers' financial and consumer
debt is included in the nonfarm categories.
6. Financial debt is the debt owed to banks for purchasing or carrying securities, customers'
debt owed to brokers, and policyholders' debt owed to life insurance companies.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, based on data
from various Federal agencies and other sources.

SURVEY OF CURRENT BUSINESS

July 1975

11

NATIONAL INCOME AND PRODUCT TABLES
1974
1973

1974

I

II

1975
III

IV

1974
HP

I

1973

1974

I

II

Seasonally adjusted at annual rates

1975

III

IV

I

HP

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)
1 294.9 1, 397. 4 1, 358. 8 1, 383. 8 1 416.3 1, 430. 9 1,416.6 1, 433. 4

Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services

--

Gross private domestic investment

. . ..

Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures.
Nonfarm
Farm

.

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

.

..

Exports
Imports _
Government purchases of goods and services
Federal
National defense
Other
State and local

839.2

821.2

830 5

827 1

823 1

804.0

780 0

779.4

805.2

876.7

840.6

869 1

901 3

895.8

913 2

938.1

552 1

539 5

539 7

542 7

547 2

528 2

531 5

539 6

130.3
338.0
336.9

127.5
380.2
369.0

123.9
364.4
352.4

129.5
375.8
363.8

136.1
389.0
376.2

120.7
391.7
383.5

124.9
398.8
389.5

130.0
408.5
399.6

113.6
228.6
209.9

103.1
223.7
212.6

105.2
223 9
210.6

106.8
223 6
212 2

107.8
225 8
213.7

92.8
221.4
214.1

95.2
222.5
213.7

97.5
225.9
216.2

209.4

209.4

210.5

211.8

205.8

209.4

163.1

147.3

138.1

126.7

133.3

130 3

122.7

120.5

89.3

79.6

194.0

195.2

193.6

198 3

197.1

191.6

182.2

181.0

127.3

118.0

122 7

122 2

117.7

109.6

101.0

98.4

136.8
47.0
89.8
57.2
56.7
.5

149.2
52.0
97.1
46.0
45.2
.7

145.2
51.3
93 9
48.4
47.8
.7

149 4
52.2
97 2
48.8
48.0
8

150.9
51.0
99.9
46.2
45.4
.8

151.2
53.7
97.5
40.4
39.7
.7

146.9
52.8
94.2
35.3
34.8
.5

144.6
50.2
94.4
36.4
35.7
.8

94 4
25.4
69 0
32.9
32.6
.3

94.0
26.2
67.8
24.0
23.6
.4

96 3
26.7
69 7
26.4
26.0
.4

96 5
26.6
69 9
25 7
25.3
4

94.1
25.4
68 7
23.6
23.1
.4

89.2
26.1
63.1
20.4
20.1
.4

83.8
25.2
58.6
17.3
17.0
.2

81.0
23.7
57 2
17.4
17.1
.4

15.4
11.4
4.0

14.2
11.9
2.3

16.9
13.1
3.8

13 5
10.4
3.1

8.7
6.6
2.1

17.8
17.5
.3

—19.2
-17.8
-1.4

-33.7
-33.4
-.3

10.8
8.9
1.8

8.7
7.4
1.2

10 6
8.7
1.8

82
6 4
1.8

5.0
3.9
1.1

10.9
10.7
.2

—11.7
—10.9
—.8

—18 8
—18.6
-.2

3.9

2.1

11.3

-1.5

-3.1

1.9

8.8

9.2

4.6

9.0

11.5

8.2

7.3

9.1

11.6

10.9

100.4
96.4

140.2
138.1

131.2
119.9

138.5
140.0

143.6
146.7

147.5
145.7

142.2
133.4

130.9
121.7

66.6
62.0

71.9
62.9

73.3
61.8

73.4
65.1

70.9
63.6

69.9
60.9

66.5
54.9

61.7
50.7

276.4

309.2

296.3

304.4

312.3

323.8

331.6

338.8

144.4

146.0

146.0

145.8

145.9

146.3

147.7

149.3

106.6
74.4
32.2
169.8

116.9
78.7
38.2
192.3

111.5
75.8
35 7
184.8

114 3
76.6
37 7
190 1

117.2
78.4
38.8
195.1

124.5
84.0
40.6
199.3

126.5
84.7
41 8
205.1

128.6
85.4
43.2
210.2

57.3

56.5

56.3

56.3

56.5

57.0

57.4

58.5

87.0

89.5

89.7

89.5

89.4

89.3

90.2

90.9

Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
839 2

821.2

830.5

827.1

823.1

804.0

780.0

779.4

1 279.6 1 383 2 1 341 9 1 370 3 1 407 6 1 413 1 1 435 8 1 467 1 828 4
14.2
15.4
8.7
16.9
17.8 —19.2 -33.7
10.8
13 5

812.5
8.7

819 9
10.6

818 9
8.2

818.1
5.0

793.1
10.9

791.8
-11.7

798.2
-18.8

1,294.9 1, 397. 4 1,358 8 1 383 8 1,416.3 1, 430. 9 1 416.6 1,433.4

Gross national product
Final sales
Change in business inventories.

622.7

670.3

651.9

664 9

681.7

682.6

667 0

671.3

459.1

442.8

449.1

448 9

446.0

427.1

408.3

406.7

Final sales
Change in business inventories

607.3
15.4

656.1
14.2

635 0
16.9

651 3
13 5

673 0
8.7

664.8
17.8

686 1
—19.2

705.0
-33.7

448.3
10.8

434.1
8.7

438.5
10.6

440 8
8.2

441.0
5.0

416.3
10.9

420.1
-11.7

425.5
-18.8

Durable goods
Final sales
Change in business inventories

250.3
240 9
9.4

256.9
249.2
7.7

251.0
242 3
87

246.6
248 5
—1 8

265.5
259 8
5.7

264.5
246.2
18.3

239 5
252 9
—13 4

246.2
259 4
—13 2

206.0
198 5
7.5

195.9
191.0
4.9

200.2
194 3
5.8

195.4
196 6
—1.2

200.2
196.6
3.6

188.0
176.7
11.3

167.5
176 1
-8.6

169.5
176.9
-7.3

Nondurable goods
Final sales
Change in business inventories

372.4
366 5
6.0

413.4
406.9
6.5

401 0
392 g
82

418 2
402 9
15 4

416.2
413 2
3.0

418.1
418.6
—.5

427 5
433 2
—5 7

425 0
445 6
—20 5

253 1
249 9
33

246.9
243.1
3.8

248.9
244 2
4 7

253 6
244 2
94

245.8
244 4
1.4

239.2
239.6
-.4

240.8
244 0
—3.2

237.2
248.6
—11.4

Services.

534 4

590.3

569 7

579 2

597 8

614 5

620 9

635 6

304 5

310.9

310 7

308 3

310.7

313.7

312 2

315.1

Structures

137 8

136 8

137 1

139 7

136 7

133 9

128 8

126 5

75 5

67 5

70 7

69 8

66.4

63.2

59 5

57.6

779.4

Goods output

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product..
Gross domestic product
Business
Nonfarm.
Farm
Households and institutions.
General governmentFederal
State and local
Rest of the world
Addendum: Gross private product.

1,294.9 1,397.4 1,358.8

383.8

416.6 1,433.4

839.2

821.2

830.5

827.1

823.1

804.0

780.0

1,286.5 1,385.6 1,344.0

374.1 1,405.2

,418.9

409.4 1,426.8

833.9

816.9

823.5

824.1

819.8

800.0

777.7

777.3

1,096.8 1,177.8 1,143.1
1,040.3 1,124.1 1,082. 6
56.5
60.5
53.8

168.8 1,195.7
117.8 1,144. 4
51.3
51.1

,203.6
,151.5
52.1

189.2 1,201.9
142. 9 1,154.0
47.9
46.3

753.1
725.8
27.4

733.8
706.3
27.5

740.9
713.9
27.0

741.4
712.7
28.7

736.6
708.0
28.6

716.5
690.8
25.7

693.5
666.0
27.5

692.6
666.2
26.4

1,416.31,430.9

41.3

47.0

44.6

46.5

48.0

48.8

50.0

51.2

18.5

18.9

19.1

18.8

18.9

18.8

18.9

19.1

148.5
52.8
95.7

160.8
55.7
105.1

156.3
54.8
101.5

158.8
55.0
103.9

161.6
55.3
106.3

166.5
57.9
108.7

170.2
58.1
112.2

173.7
58.2
115.6

62.3
21.3
41.0

64.1
21.1
43.0

63.5
21.1
42.3

63.9
21.1
42.8

64.2
21.0
43.2

64.8
21.0
43.7

65.2
21.0
44.3

65.5
20.9
44.7

8.4

11.9

14.7

9.7

11.1

12.0

7.2

6.6

5.2

4.3

7.0

3.0

3.3

4.0

2.3

2.1

,225.0 1,254.7

,264.4

,246.4 1,259.7

776.9

757.1

767.0

763.2

758.8

739.2

714.8

713.9

i, 146.5 1,236.6 1,202.5

Preliminary.

POSTPONEMENT OF JULY REVISION OF GNP
A benchmark revision of the national income and product accounts that will incorporate the 1963 and 1967 economic
censuses and information from other sources is in preparation. All entries in the accounts will be revised back to 1958 and
some will be revised for earlier years. The current schedule calls for completing the benchmark revision in October oj this year.
The revision of 1972 to 1975 that would customarily be published this July will be postponed and combined with the
benchmark revision.



SUEVEY OF CURRENT BUSINESS

12

1975

1974
1973

1974

I

III

II

July 1975

IV

I

1974

HP

1973

1974

Seasonally adjusted at annual rates

1,294.9 1,397.4 1,358.8 1,383.8 1,416.3 1,430.9 1,416.6 1,433.4
Gross national product
Less: Capital consumption
110.8 119.5 115.8 118.6 120.7 122.9 125.2 127.4
allowances
Equals: Net national product.. 1,184.1 1,278.0 1,243.0 1,265.2 1,295.6 1,308.1 1,291.5 1,305.9

Equals : National i ncome

.6

126.9
5.2
.4

-2.9

122.6
5.1
-6.3

-2.7

125.9
5.2
.3

-3.7

129.5
5.3
3.0

-2.4

129.8
5.3
4.8

-2.7

132.2
5.4
1.6

135. 2
5.5

-1.6

—1.9

1,065.6 1,142.5 1,118.8 1, 130. 2 1,155.5 1,165.4 1,150.7
105.6

107.7

105.6

105.8

103.4

91.2
Wage accruals less disburse-.1
ments
Plus: Government transfer
113.0
payments to persons
Interest paid by government
38.3
(net) and by consumers
29.6
Dividends
4.9
Business transfer payments. .

101.5

99.1

100.8

103.0

103.2

104.6

-.5

.0

-.6

-1.5

.0

.0

Equals : Personal income

I

HP

Table 7.—National Income by Type of Income (1.10)
1,065.6 1,142.5 1,118.8 1,130.2 1,155.5 1,165.4 1,150.7
Compensation of employees
Wages and salaries
Private....
Military
Government civilian
Supplements to wages and
salaries
Employer contributions for
social insurance
Other labor income _
Proprietors' income... .

94.3

105.1

Less: Corporate profits & IVA.
Contributions for social in-

IV

Billions of dollars

Table 4.—-Relation of Gross National Product, National Income,

119.2
4.9
-5.0

III

II

Seasonally adjusted at annual rates

Billions of dollars

Less: Indirect business tax and
nontax liability
Business transfer payments..
Statistical discrepancy
Plus: Subsidies less current
surplus of government enterprises

I

1975

105.4
.0

134.6

123.1

130.6

138.7

145.8

158.7

171. 2

42.3
32.7
5.2

40.8
31.6
5.1

41.9
32.5
5.2

42.7
33.2
5.3

43.6
33.3
5.3

43.7
33.8
5.4

45.0
33 9

1,055.0 1,150.5 1,112.5 1,134.6 1,168.2 1,186.9 1,193.4 1 220 8
'

Table 5.— Gross Auto Product (1.15, 1.16)

Business and professional
Farm
Rental income of persons
Corporate profits and inventory
valuation ad justment
Profits before tax
Profits tax liability
Profits after tax
Dividends

786.0

855.8

828.8

848.3 868.2

877.7 875.6

691.6

750.7

727.6

744.6 761.5

769.2 765.1

773.1

545.1
20.6
126.0

592.4
21.2
137.1

573.8
21.0
132.8

588.3 602.5
20.9 20.8
135.4 138.2

605.1 597.4
22.0 22.0
142.1 145.7

602.0
21.9
149.2

94.4

105.1

101.2

103.7 106.7

108.6 110.5

112.4

48.4
46.0

53.6
51.4

52.3
48.9

53.2
50.5

54.5
52.3

96.1

93.0

98.4

89.9

92.1

91.6

84.9

86.0

57.6
38.5

61.2
31.8

59.3
39.1

60.7
29.1

62.3
29.8

62.5
29.1

62.7
22.2

63.3
22.7

26.1

26.5

26.4

26.3

26.6

26.8

27.0

27.1

105.1

105.6

107.7

105.6 105.8

103.4

94.3

122.7

140.7

135.4

139.0 157.0

131.5 101.2

49.8
72.9
29.6
43.3

55.7
85.0
32.7
52.4

52.2
83.2
31.6
51.6

55.9
83.1
32.5
50.5

62.7
94.3
33.2
61.1

54.6
54.0

52.0
79.5
33.3
46.2

55.2
55.3

39.0
62.3
33.8
28.5

885.5

55.7
56.7

33.9

Inventory valuation adjust-

17.6 -35.1 -27.7 -33.4 -51.2 -28.1 -7.0
Gross auto product *
Personal consumption expenditures.
Producers' durable equipment.
Change in dealers' auto Inventories
Net exports. ...
Exports.
Imports
Addenda:
New cars, domestic '..
New cars, foreign .

43.7

49.9

40.8

33.5

38.6

48.3

42.8

34.1

43.4
7.7

37.5
6.6

35.8
6.3

38.0
6.7

43.6
7.7

32.6
5.7

35.3
6.2

1.1
-2.7
3.8
6.5

-.9
-2.9
4.7
7.6

-5.6
-3.5
4.1
7.6

-2.9
-3.6
4.2
7.7

-.3
-3.2
5.0
8.2

5.4
-1.4
5.4
6.8

-6.3
-1.6
4.7
6.3

1.0
-1.4
5.1
6.5

43.1
10.0

35.3
9.9

28.1
10.2

34.9
8.3

41.6
11.3

36.7
9.8

27.6
10.0

36.0
10.9

Personal consumption expend"
itures.
_.
Producers' durable equipment.
Change indealers' auto inventories
Net exports
Exports
Imports
Addenda:
New cars, domestic *
New cars, foreign. .

44.2

33.6

29.2

32.6

38.9

33.6

26.7

33.6

38.3
6.8

31.0
5.5

31.3
5.6

32.1
5.7

35.2
6.3

25.4
4.5

27.8
4.9

28.4
5.1

1.1
-2.4
3.4
5.7

-.9
-2.5
3.9
6.3

-5.1
-3.1
3.6
6.6

-2.7
-3.0
3.6
6.6

-.3
-2.6
4.1
6.7

4.5
-1.1
4.2
5.3

-5.2
-1.2
3.7
4.9

.8
-1.1
3.9
5.0

39.3
9.2

30.3
8.6

25.4
9.3

30.7
7.4

34.9
9.6

29.9
8.1

22.4
8.3

28.7
8.8

Table 6.—Inventories and Final Sales of the Business Sector in
Constant Dollars
Billions of 1958 dollars
Inventories 3. .
Farm
Nonfarm
M anuf acturing .
Durable goods..
Nondurable goods .
Wholesale trade

Durable goods
Nondurable goods
Retail trade. .
Durable goods
Nondurable goods
Allother. .

Final sales, total
Nonfarm
Inventory-final sales ratios, total.
Nonfarm... .
Preliminary.




217.4
29.5
187.9
96.4
59.5
36.8
29.8
14.3
15.5
45.2
19.6
25.6
16.5

228.1
31.2
196.9
101.5
63.6
37.9
31.5
15.3
16.2
47.0
20.2
26.8
17.0

226.4
30.9
195.5
100.6
63.3
37.3
31.3
15.2
16.1
46.7
20.3
26.5
16.9

228.4 229.7
31.3 31.6
197.1 198.1
101.5 102.4
63.5 64.0
38.0 38.4
31.8 31.8
15.2 15.4
16.6 16.3
46.9 46.7
19.6 19.6
27.2 27.1
17.0 17.2

232.4
31.6
200.7
103.7
64.9
38.8
32.1
15.9
16.2
47.6
20.9
26.6
17.3

229.4
31.4
198.0
103.4
65.1
38.3
31.5
15.7
15.8
45.9
18.9
27.0
17.2

224.8
31.4
193.4
101.5
64.4
37.0
30.0
15.1
14.9
44.8
18.5
26.3
17.1

742.4
716.8

725.2
698.9

730.3
705.2

733.2 731.6
706.3 704.1

705.6
680.1

705.3
676.9

711.4
684.8

.293
.262

.315
.282

.310
.277

.314
.281

.329
.295

.325
.293

.316
.282

.312
.279

52.3

61.6

57.5

60.1

62.8

65.9

68.9

71.9

Table 8.— National Income by Industry Division (1.11)

Billions of 1958 dollars
Gross auto product *

Net interest- ..

All industries, total
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods. ..
Transportation
C ommunication ...
Electric, gas, and sanitary services
Wholesale and retail trade
Finance, insurance, and real estate
Services
_ ..
Government and government
enterprises
Rest of the world—

1,065.6 1,142.5 1,118.8 1,130.2 1,155.5 1,165.4 1,150.7

50.6
66.5

45.6
72.0

52.5
70.6

287.2
108.9
178.3

306.1
124.0
182.1

296.8
118.6
178.2

40.4
21.1

43.4
22.6

42.2
21.9

19.1
155.9

19.4
166.2

18.5
161.3

19.1 19.7
167.0 167.6

20.3 22.0
168.9 172.8

117.8
134.6

127.3
150.1

123.9
143.6

125.8 128.3
148.4 152.7

131.0 133.5
155.6 159.5

164.1
8.4

177.9
11.9

172.7
14.7

175.5 178.9
9.7 11.1

184.4 188.6
12.0
7.2

42.7
72.1

43.7
73.2

304.2 313.2
123.1 129.0
181.1 184.2

43.6
22.2

44.4
22.6

43.7
72.2

37.6
70.3

310.2 294.2
125.2 120.3
184.9 173.9

43.3
23.8

41.8
23.0

Table 9.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
All industries, total

105.1

105.6

107.7

103.4

94.3

Financial institutions
Federal Reserve Banks
Other financial institutions _.

19 6
4.5
15.1

20 8
5.7
15.0

20.8
5.3
15.5

20.7
5.7
15.0

20.7
6.0
14.7

20.9
6.0
14.9

20 7
5.7
15.0

Nonfinancial corporations
Manufacturing
Nondurable goods
Durable goods
Transportation, communication, and public utilities
All other industries—

85.5
47.6
21.5
26.1

84.9
47.0
30.0
17.0

87.0
46.2
26.9
19.3

84.9
46.8
29.7
17.1

85.1
48.6
33.3
15.3

82.5
46.3
30.1
16.2

73.6
41.1
27.3
13.8

9.2
28.7

7.8
30.1

7.1
33.7

8.0
30.1

8.6
28.0

7.5
28.7

6.8
25.7

105.6 105.8

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.
3. Quarterly inventories are end of quarter; annual inventories are average of fourth quarter
of prior year and four quarters of current year.

SUKVEY OF CURRENT BUSINESS

July 1975

1975

1974
1973

1974

I

Ill

II

13

IV

I

1974

HP

1973

1974

Seasonally adjusted at annual rate?

Gross corporate product
Capital consumption allowancps
Indirect business taxes plus transfer
payments less subsidies
Income originating in corporate business
Compensation of employees
Wages and salaries
Supplements
Net interest

l

(1.14)

Gross product originating in
non financial corporations
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Income originating in nonfinancial
corporations
Compensation of employees. . .
Wages and salaries .
Supplements
Net interest

Personal income

75.7

77.6 79.3

81.2 83.0

66.5 70.5

68.3

69.8

71.9 71.8

73 4 76.0

583.1 623.0 605.1 621.1 633.3 632.4

620.3

482. 5 524.1 507.5 520.2 533.1 535.4
416.6 451. 0 437.2 448.0 458.8 460.0
65.9 73.1 70.3 72.2 74.3 75.4

527.3 531.3

3.1

3.2

3. 2

3.3

Corporate profits and inventory
valuation adjustment.
97.8 95.8 94.5 97.7 97.1 93.8
Profits before tax
115.4 130.8 122.2 131.0 148.2 121.8
Profits tax liability
49.8 55.7 52.2 55.9 62.7 52.0
Profits after tax _
65.6 75.1 70.0 75.1 85.5 69.9
Dividends
25.9 33.4 29.9 35.2 36.1 32.3
Undistributed profits
39.6 41.8 40.1 39.9 49.4 37.6
Inventory valuation adjustment... -17.6 -35.1 -27.7 -33.4 -51.2 -28.1
Cash flow , gross of dividends ..
136.8 151.8 144.1 150.9 163.0 149.2
Cash flow, net of dividends
.
110.8 118.4 114.2 115.6 126.9 116.9
Gross product originating in
financial institutions

774.8

74.1

3.2

36.5

39.0

38.3

38.7

39.2

39.7

451. 0 453. 9
76.3 77.4
3.3

3.4

89.7
96.6
39.0
57.6
31.2
26.5
—7.0 -7.9
138.8
107.6

40.1

684.3 731.1 709.3 727.9 743.5 743.9 734.8
68.1

73.2

70.7

72.3

74.0

75. 7

77.5 79. 3

6b 4

67.1

65.1

66.5

68.5

68.4

69.9 72.5

552.8 590.8 573.4 589.1 601.0 599.8 587.3
454.1 492.9 477.6 489.5 501.5 503.2 494.1 497.7
392.6 424.7 411.9 422.0 432.2 432.8 423.2 425.8
61.5 68.2 65.7 67.4 69.3 70.3 70.9 71.9

20.5

22.9

22.1

22.6

23.1

23.7

24.3 24.8

Corporate profits and inventory
valuation adjustment
78.2 75.0 73.8 77.0 76.4 72.9 69.0
Profits before tax
95.8 110.1 101.5 110.4 127.5 101.0 75.9
Profits tax liability
40.7 45.6 42.3 45.8 52.5 41.6 28.8
Profits after tax
.
55.0 64.5 59.2 64.5 75.1 59.4 47.1
Dividends
23.7 30.7 27.3 32.5 33.2 29.7 28.5
Undistributed profits
31.3 33.9 31.8 32.0 41.9 29.7 18.6
Inventory valuation adjustment... -17.6 -35.1 -27.7 -33.4 -51.2 -28.1 —7.0 -7.9
Cash flow, gross of dividends
123.1 137.7 129.9 136.8 149.1 135.0 124.6
Cash flow, net of dividends
99.4 107.0 102.6 104.3 115.9 105.3 96.1

516.4 503.7 509.7 507.9 505.2 491.8 473.8
Dollars

Current dollar cost per unit of
195S dollar gross product
originating 3in non financial!
corporations
1.325 1.452 1.391 1.433 1.472
Capital consumption allowances
.132 .145 .139 .142 .146
Indirect business taxes plus transfer
payments less subsidies
.123 .133 .128 .131 .136
Compensation of employees. .
.879 .979 .937 .964 .993
Net interest
.040 .045 .043 .045 .046
Corporate profits and inventory valuation adjustment. .
Profits tax liability
Profits after tax plus inventory valuation adjustment...

1.512 1.551

.154

.164

.139 .148
1.023 1.043
.048 .051

.151
.079

.149
.090

.145
.083

.152 .151
.090 .104

.148
.085

.146
.061

.073

.058

.062

.061 .047

.064

.085

gross
i' Su?ludes
Product originating in the rest of the world.
• "£*ls S^1to tne deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
4. On February 18, 1974, the U.S. Government granted to India $2,015 million (quarterly
rate) in rupees under provisions of the Agricultural Trade Development and Adjustment
Act. Tentatively, this transaction is being treated as capital grants paid to foreigners in the
national income and product accounts but as current unilateral transfers in the balance
of payments accounts. Accordingly, this transaction is excluded from Federal Government
transfers to foreigners and related totals shown in tables 13, 14, and 16, and is included in
the first quarter of 1974 as -$8.1 billion (annual rate) in capital grants received by the U.S.
shown in tables 13 and 16.
5. Title has been changed to include a new temporary Federal program of unemployed
who are not insured under existing programs.
» Preliminary.




II>

Wage and salary disbursements .
Commodity-producing industries
Manufacturing
Distributive industries
Service industries
Government

1, 055. 0 1,150.5 1,112.5 1, 134. 6 1,168.2 1, 186. 9 1,193.4 1,220.8

691.7

751.2

727.6

745.2

763.0

769.2

765.1

773.1

251.9
196.6
165.1
128. 2
146.6

270.9
211. 3
178.9
142.6
158.8

264.0
204.8
172.9
136.9
153.8

270.0
210.1
177.4
140.9
156.9

276.0
215.8
181.6
144.9
160.5

273.7
214.4
183.9
147.5
164.1

262.5
204.1
183.7
151.2
167.7

262.6
204.9
185.9
153.5
171.1

Other labor income -

46.0

51.4

48.9

50.5

52.3

54.0

55.3

56.7

Proprietors' income
Business and professional .
Farm

96.1
57.6
38.5

93.0
61.2
31.8

98.4
59.3
39.1

89.9
60.7
29.1

92.1
62.3
29.8

91.6
62.5
29.1

84.9
62.7
22.2

86.0
63.3
22.7

Rental income of persons
Dividends
Personal interest income

2G. 1
29.6
90.6

26.5
32.7
103.8

26.4
31.6
98.2

26.3
32.5
102.0

26.6
33.2
105.5

26.8
33.3
109.5

27.0
33.8
112.6

27.1
33.9
116.9

117.8

139.8

128.2

135.8

144.0

151.1

164.1

176.7

60.4

69.8

03. 6

68.7

72.5

74.5

76.2

77.7

4.2
13.9
39.3

7.1
16.1
46.9

5.4
15.0
44.1

6.3
15.2
45.7

7.3
16.6
47.7

9.4
17.4
49.9

15.9
18.0
53.9

19.4
18.1
61.4

Less: Personal contributions for nocial insurance

*?. a

47.9

46.8

47.6

48.5

48.6

49.3

49.7

Lens: Personal tax and nontax
payments

151.3

170.8

161.9

168.2

175.1

178 J

178.0

142.0

Equals: Disposable personal
income.. _ .

903.7

979.7

950.6

966.5

993.1 1,008.8 1,015.5 1,078.8

829.4

902.7

8b6.2

894.9

927.6

922.3

939.5

964.1

805.2
22.9

876.7
25.0

840.6
24.4

869.1
24.8

901.3
25.3

895.8
25.5

913.2
25.4

938.1
25.1

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

Less: Personal outlays
Personal consumption expenditures
Interest paid by consumersPersonal transfer payments
to foreigners

1.3

1.0

1.2

1.0

.9

.9

.9

.9

74.4

77.0

84.4

71.5

65.5

86.5

75.9

114.6

Addenda:
Disposable personal income:
Total, billions of 1958 dollars. 619.6
Per capita, current dollars.. . 4,295
2,945
Per capita, 1958 dollars
8.2
Personal saving rate,8 percent .

602.8
4,623
2,845
7.9

610.3
4,497
2,887
8.9

603.5
4,565
2,850
7.4

602.9
4, 681
2,842
6.6

594.8
4,745
2,798
8.6

591.0
4,768
2,775
7.5

620.5
5,056
2,908
10.6

Equals: Personal saving. .

Table 12.—Personal Consumption Expenditures by Major Type (2.3)

Billions of 1958 dollars
Grow product originating in
non financial corporations

I

Table 11.—Personal Income and its Disposition (2.1)

76.7

2.8

IV

III

Billions of dollars

720.8 770.1 747.5 766.6 782.7 783.5

71.2

II

Seasonally adjusted at annual rates

Billions of dollars
Table 10.—Gross Corporate Product

I

1975

Personal consumption
expenditures
Durable goods
Automobiles and parts
Mobile homes
Furniture and household
equipment
Other
Nondurable goods
Food and beverages
Clothing and shoes
Gasoline and oil Other
Services . . .
Housing
Household operation
Transportation.
Other

805.2

876.7

840.6

130.3
57.5
4.4

127.5
49.7
3.5

123.9
48.0
4.0

869.1
129.5
50.6
4.1

901.3
136.1
56.2
3.5

895.8
120.7
43.7
2.3

913.2
124.9
46.8
2.3

938.
130.
49.
9

57.9
20.2

60.
20.

398.8

408.
203.
78.
39.
87.
399.
136.
59.
28.
174.

55.0
17.8

58.8
19.1

57.5
18.3

59.5
19.4

60.4
19.4

338.0

380.2

364.4

375.8

389.0

165.1
70.2
28.3
74.4

187.7
74.1
35.9
82.4

180.1
72.8
31.5
80.0

183.5
74.4
36.8
81.1

191.3
75.7
37.9
84.2

57.8
19.2
391.7
196.0
73.7
37.5
84.5

336.9

369.0

352.4

363.8

376.2

383.5

389.5

116.4
47.3
23.4
149.9

126.4
52.9
26.1
163.6

122.2
49.2
25.0
156.0

124.9
51.7
25.6
161.6

127.7
54.6
26.5
167.5

130.9
56.0
27.1
169.4

134.1
57.0
28.1
170.3

201.4
76.2
37.8
83.5

Table 13.—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 (net) 4
Payments to foreigners
Imports of goods and services..
Transfers to foreigners
Personal
.
Government
Net foreign investment

100.4
100.4

138.2
140.2

123.2
131.2

138.5
138.5

143.6
143.6

147.5
147.5

142.2
142.2

130.9
130.9

.0
100.4
96.4
3.9

-2.0
138.2
138.1
3.6

-8.1
123.2
119.9
3.7

.0
138.5
140.0
3.7

.0
143.6
146.7
3.3

.0
147.5
145.7
3.6

.0
142.2
133.4
3.6

.0
130.9
121.7
3.6

1.3
2.6
.1

1.0
2.6

1.2
2.5
-.4

1.0
2.7

.9
2.4

-5.2

-6.5

-1.8

-3.5

.9
2.7

.9
2.7
5.2

.9

2. 7

5.5

SURVEY OF CURRENT BUSINESS

14

1975

1974
1973

1974

I

IT

July 1975

IV

III

1974

II v

I

1973

1974

I

Seasonally adjusted Et annual rates

258.5 291.1 278.1 288.6 302.8 294.7 284.1
114.1 131.3 124.1 129.4 134.8 136.8 136.2
43.7 49.1 45.9 49.2 55.4 45.7 34.1

22.0
88.7

21.5
86.7

21.9
88.1

22.5
90.0

22. 2
90.0

22.9
90.9

Gross national product.
99. 2

23.8
91.3

Federal Government expenditures

264.2 299.1 281.0 291.6 304.7 319.3 338.5 355.3

Purchases of goods and services
National defense - Other

106.6 116.9 111.5 114.3 117.2 124.5 126.5 128.6
74.4 78.7 75.8 76.6 78.4 84.0 84.7 85.4
32.2 38.2 35.7 37.7 38.8 40.6 41.8 43.2

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

95.5 117.0 106.5 113.6 120.8 127.2 138.5 150.1
92.9 114.4 104.0 110.8 118.4 124.5 135.8 147.4
2.7
2.4
2.7
2.7
2.5
2.7
2.6
2.6

Grants-in-aid to State and local governments.

40.5

43.8

42.9

43.2

43.4

45.5

50.2

52.2

19.1

19.7

19.7

91 2

Net interest paid.. . .
Subsidies less current surplus of government enterprises _
Subsidies
Current surplus

16.3

18.8

17.9

18.7

5.3
4.2
—1.1

2.1
2.0
— .1

2.2
1.8
-.4

1.3
1.5
.2

Less: Wage accnnls less disbursements

.0

-.5

.0

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

3.2
2.3
3.5
2.7
2.2
2.0
2.5
2.4
-. 1 -.3 -1.0 -1.1

-.6 -1.5

-5.6 -8.1 -2.8 -3.0

t n

.0

.0

.0

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance. ..
Federal grants-in-aid..
State and local government expenditures
Purchases of goods and services
Transfer payments to persons
Net interest paid..
Subsidies less current suiplus of government enterprises
Subsidies
Current surplus

193.5 207.7 200.6 205.3 210.9 213.9 219.8

37.2
6.1

39.5
67

37.8
6.3

38.8
67

40.3
73

41.2
62

41.8
4.9

42. 9

98.0 104.9 101.2 104 0 107.0 107.6 109.2 111.4
11.7 12.8 12.4 12.7 13.0 13.3 13.7 14.1
40.5 43.8 42.9 43 2 43.4 45.5 50.2 52.2
184.4 205.9 197.4 203 3 208.8 214.0 221 5 227.6
169.8 192.3 184.8 190.1 195. 1 199.3 205.1 210. 2
20.1 20.2 19.1 19.8 20.4 21.3 22.9 23.8
-.8 — 1 6 -1.5 — 1.6 — 1 6 — 1.5 — 1 4 -1.2

—4.7 —5 0
.1
.1
4.8
5.1

4.9 —5 0 —5 0 —5 0 —5 1 -5.1
.1
.1
.1
1
.1
1
5.3
5.0
5.1
5.2
5.2
5.1

Less: Wage accruals less disbursements
.

.0

.0

.0

0

0

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

9.2

1.8

3.2

2.0

2.1

Addenda:
Surplus, social insurance funds
Surplus or deficit (-) all other
State and local funds

9.1

9.7

9.6

9.7

9.8

.0

.0

0

-.1 -1.6
9.8

9.9

10.1

210.9 213.8 224.1 207.3 196.2 227.5 222.6
Personal saving
74.4 77.0 84.4 71.5 65.5 86.5 75.9 114.6
Undistributed corporate profits
43.3 52.4 51.6 50.5 61.1 46.2 28.5
Corporate inventory valuation adjustment.
— 17.6 — 35.1 —27.7 — 33. 4 —51.2 — 28.1 —7.0 -7.9
—7.9
Corporate capital consumption
allowances
71 2 76.7 74. 1 75.7 77.6 79.3 81. 2 83.0
Noncorporate capital consumption
allowances
39.6 42 8 41.7 42.8 43.2 43.6 44.0 44.4
Wage accruals less disbursements
.0
.0
.0
.0
.0
.0
.0
..00

Capital grants received by the United
States (net)<
Gross investment

3.5 -6.3

4 -1.0

.2 -24.6 -56.0

-5.6 -8.1 -2.8 -3.0 -1.9 -24.5 -54.4 - - - 9.2
1.8
3.2
2. 1 -.1 -1.6 — 2.0
.0 —2.0 —8.1

.0

.0

.0

.0

•.00

209.4 205.9 210.1 206.6 199.3 207.7 168.2 1
152.8
52. 8

Gross private domestic investment.. 209.4 209.4 210.5 211.8 205. 8 209.4 163.1 147.
147.33
. l —3.5 —.4 — 5.2 —6.5 — 1.8
Net foreign investment.
5.2
5.55
5.
Statistical discrepancy
-5.0
.4 -6.3
4.8
.3
3.0
1.6
' Preliminary.




145.9
114.7
147.9
160.5

162.5
123.7
170.0
173.5

155.8
117.8
162.7
167.3

160.2
121.3
168.0
171.4

164.7
126.3
172.3
176.1

169.6
130.1
176.9
179.2

171.8
131.2
179.2
182.2

173.9
133.4
180.8
184.8

Gross private domestic investment... .
Fixed investment
Nonresidential
Structures
Producers' durable equipment...
Residential structures.
Nonfarm
Farm
Change in business inventories

152.4
144.9
185.4
130.0
174.0
174.0
168.0

165.3
158.7
198.7
143.2
191.4
191.6
183.5

157.8
150.7
192.2
134.8
183.8
183.9
175.4

162.3
154.9
196.2
139.2
190.0
190.2
181.5

167.5
160.4
200.6
145.5
195.9
196.1
187.5

174.9
169.6
206.0
154.5
197.9
198.1
189.4

180.4
175.4
209.7
160.7
204.3
204.4
195.4

183.9
178.6
211.5
164. 9
208.8
209.0
199.7

Net exports of goods and services
Exports.
Imports...

150.6 195.0 179.0 188.7 202.5 210.9 213.9 212.2
155.6 219.7 194.0 214.9 230.8 239.3 243.2 239. 9

Government purchases of goods and
services
Federal
State and local.

191.5 211.8 202.9 208.8 214.1 221.4 224.6 226.9
185.9 206.8 198.0 203.0 207.4 218.4 220.3 220.1
195.1 215.0 206.0 212.4 218.3 223.2 227.3 231.4

Table 18. — Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Gross national product

154. 31 170.18 163.61 167. 31 172.07 177. 97 181.62 183.90

Final sales

154.5 170.2 163.7 167.3 172.1 178.1 181.3 183.8

Goods output
Durable goods . . .
Nondurable goods.

135. 6 151.4 145.2 148.1 152.9 159.8 163.3 165.0
121.5 131.1 125.4 126.2 132.6 140.7 143.0 145. 2
147.1 167.5 161.1 165.0 169.3 174.8 177.5 179.2

Services
Structures

175.5 189.9 183.4 187.9 192.4 195.9 198.9 201.7
182.4 202.6 193.9 200.0 206.0 211.8 216.6 219.5

Addendum: Gross auto product

112.9 121.5 114.7 118.7 124.0 127.2 127.6 130.2

Table 19.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
154. 31 170. 18 163. 61 167. 31 172. 07 177. 97 181. 62 183.90

Gross national product

154.27 169. 62 163.20 166.75 171.41 177. 36 181. 23 183. 55

Gross domestic product

145.6
143.3
206.1

160.5 154.3 157.7
159.1 151.6 156.8
195.4 224.1 177.8

Households and institutions

222.7

248.3

General government
Federal
State and local

238.5
248.3
233.4

250.9 246.2 248.5
264.5 259.1 260.7
244.2 239.8 242.5

Business
Nonfarm
Farm

.

. .

.

Addendum: Gross private product

Gross private saving

Federal
State and local

154. 31 170.18 163.61 167. 31 172. 07 177. 97 181. 62 183. 90

Personal consumption expenditures
Durable goods
Nondurable goods...
Services.

162.3 168.0 171.5 173.5
161.6 166.7 171.6 173.2
179.1 203.1 168.3 181.4
251.5 257.1 260.9 265.0
263.0 275.0 277.1 278.4
245.9 248.5 253.3 258.8

Rest of the world

.1 — 7.9 -6.4 —7.7 -7.7 -9.9 -11.5

Table 16.—Sources and Uses of Gross Saving (5.1)

Government surplus or deficit (— ),
national income and product
accounts

HP

-24.5 -54.4

Table 15.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
State a nd local government receipts

I

Table 17.—Implicit Price Deflators for Gross National Product (8.1)

(3.1, 3.2)

21.2
79.5

IV

Index numbers, 1958 = 100

Table 14.—Federal Government Receipts and Expenditures

Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance

III

Seasonally adjusted

Billions of dollars

Federal Government receipts

II

1975

147. 56 163. 34 156. 77 160.51 165.35 171. 04 174.38 176. 45

Table 20.—Change from Preceding Period for
Selected Aggregates (7.7)
Percent
Gross national product :
Current dollars
Constant dollars
Implicit price deflator.
. .
Chain price index
Fixed-weighted price index
Gross domestic product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
_ _Fixed-weighted price index

. ..

Gross pri vate prod uct :
Current dollars
Constant dollars
....
Implicit price deflator
Chain price index
Fixed-weighted price index

Percent at annual rate

4.2 -3.9
9.7
4.5
7.6
11.8
7.9
5.9 -2.1 -7.0 -1.6 -1.9 -9.0 -11.4
8.4
9.4 11.9 14.4
5.6 10.3 12.3
7.8
9.8 12.7 11.7
6.0 10.0 11.6
7.5
6.3 10.7 12.7 11.1 12.7 12.5

4.8
-.3
5.1
5.8
6.0

4.0 -2.6
9.4
9.3
.3 -2.1 -9.3 -10.7
9.0
9.0 11.7 14.6
7.8
9.2 12.5 11.8
7.5
10.6 12.5 12.5

5.0
-.2
5.2
5.9
6.1

4.0
7.7 10.1 3.1 -5.6
12.2
7.9
6.2 -2.6 -7.8 -2.0 -2.3 -9.9 -12.6
8.0
9.9 12.6 14.5
5.7 10.7 12.9
8.0
5.9 10.6 12.6 10.6 13.8 12.0
7.7
6.3 11.4 14.1 12.3 13.8 12.6

4.3
-.5
4.8
5.7
6.0

7.7
2.7
11.7
5.9 -2.0 —7.9
10.0
11.5
5.5
9.7 10.9
5.9
6.2 10.4 11.9

By JOHN E. CREMEANS, FRANK W. SEGEL, and GARY L. RUTLEDGE

Capital Expenditures by Business for
Air, Water, and Solid Waste Pollution
Abatement, 1974 and Planned 1975
i

N 1974, nonfarm business spent $5.6
billion for new plant and equipment
to abate air and water pollution and to
dispose of solid waste; it plans to spend
$6.3 billion in 1975, according to the
survey conducted by BEA in November
and December of 1974.1 Spending for
air, water, and solid waste abatement
was about 5 percent of total new plant
1. Agricultural business, real estate operators, medical,
legal, educational, and cultural services, and nonprofit
organizations are excluded from these estimates.

and equipment spending in 1974; it is
expected to increase to about 5% percent in 1975 (table 1). Air, water, and
solid waste abatement accounted for
60 percent, 33 percent, and 7 percent,
respectively, in 1974; the proportions
are expected to remain about the same
in 1975.
Business plans to increase abatement
spending about 12 percent in 1975.
However, in the same survey, business
also reported that it expects capital
goods prices to increase 13 percent in

1975. Thus, if similar price expectations
were incorporated in plans for abatement spending, a small decrease in real
spending would be indicated.
Five industries accounted for $3.8
billion, or 68 percent, of total 1974
abatement spending: electric utilities
($1.6 billion), petroleum ($0.8 billion),
nonferrous metals ($0.5 billion), paper
($0.5
billion), and chemicals ($0.5
billion). Four industries spent more
than 10 percent of their total plant and
equipment budgets for abatement: non-

Table 1.—New Plant and Equipment Expenditures by U.S. Business for the Abatement of Air, Water, and Solid Waste Pollution*, 1973-75
[Millions of dollars]
1973

Total '

All industries
Manufacturing

. .
.

Durable goods
Primary metals 3
.....
Blast furnaces, steel works
Nonferrous metals .
Electrical machinery
Machinery, except electrical
Transportation equipment 3 _
Motor vehicles
.
Aircraft
Stone, clay, and
glass..
.. ...
Other durables3 .

.. ..

Nondurable goods
Food including beverage
Textiles. .
Paper
.
Chemicals
Petroleum.
.
Rubber. .
Other nondurables3..
Nonmanufacturing.. .
Mining
Railroad
. .
Air transportation.
Other transportation. _
Public utilities
Electric
Gas and other
Communication, commercial, and other 4

Pollution abatement
Total

Air

Water

100,076

4,938

3,176

1,762

38,003

3,153

2,050

19,389
3,481
1,407
1,679
2,895
3,478
3,063
2,244
531
1,503
4,969

1,579
814
230
523
129
80
170
143
20
144
243

1,207
712
163
492
44
52
96
81
11
123
180

18,614
3,048

1,567
1,586

1,574
152
29
355
416
555
48
19

62,073
2,759

787
1,893

4,324
5,409

1,939
2,413
1,605
19, 087

16,250
2,837

34, 270

Pollution abatement

Total 2

Total

Air

Water

116,578

6,294

3,745

2,155

394

252

49,917

4,167

2,352

1,590

225

95
35
15
19
11
13
24
23
1
3
9

23,083
5,495
2,554

687
1,363
5,215

1,794
871
293
497
193
100
147
119
25
202
281

1,162
648
197
375
70
45
66
55
11
175
157

544
196
92
100
111
40
68
52
14
23
107

88
28
4
23
12
15
13
12
1
4
17

814
85
15
158
246
296
11
4

157
10
3
25
30
84
2
3

26,834

2,372

1,378
1,427

177
33
475
573
1,016
71
28

1,190
66
8
262
215
580
44
16

1,046
102
23
196
306
385
24
9

137
9
2
17
51
51
3
4

1,190

624

147

66,661

2,128

1,393

566

169

24
12
4
11
1,031
1,011
20
108

25
14
2
28
499
477
22
56

9
2
1
6
92
90
2
37

3,672

47
37
11
64
1,735
1,683
52
235

21
15
7
18
1,210
1,177
33
122

21
21
3
36
408
391
18
76

4
1
1
11
117
115
2
36

Air

Water

Solid
waste

111,451

5,617

3,343

1,876

398

1,103

45,795

3,656

2,153

1,251

372
101
67
31
85
28
74
62
10
22
63

22,669
4,805
2,030
2,292
3,060
4,264
3,826

2,812
766
1,483
5,231

1,648
798
245
500
207
77
140
115
22
191
235

1,115
620
160
409
68
37
67
55
10
174
150

437
143
70
71
128
27
50
38
11
14
76

843
68
9
174
203
352
26
12

731
84
20
181
213
203
23
7

23, 126

2,008

2,546
5,628
7,868
1,475
1,554

150
28
491
469
796
47
28

1,037
56
10
308
192
416
33
21

1,785

1,126

659

65,656

1,961

91
16
15
11
1,451
1,409
42
201

41
5
12
6
921
906
15
142

50
11
4
5
530
503
27
58

3,097
2,484

57
29
7
46
1,622
1,578
44
201

3,206
849

1,970

2,034
20,597
17,649
2,948
35,474

Pollution abatement

Total 2

Total

» Preliminary. Estimates are as of survey date to allow comparisons with pollution abatement estimates. The 1973 BEA survey did not cover solid waste disposal.
1. Excludes agricultural business; real estate operators; medical, legal, educational, and
cultural services; and nonprofit organizations. Excludes outlays charged to current account.
2. Estimates are based on expected capital expenditures reported in late November and
December 1974. Estimates for 1975 were adjusted when necessary for systematic biases in
expectational data.




Planned 1975

1974

2,414

2,877
4,624
3,509
2,574

3,196
704

2,904

7,157

10,068

3,172
1,781

2,337
21,462

17, 869

3,595
34,237

3. Includes industries not shown separately.
4. Includes trade, service, construction, finance, and insurance.
NOTE.—Details may not add to totals because of rounding.

15

Solid
waste

SURVEY OF CURRENT BUSINESS

16
ferrous metals (22 percent), paper (19
percent), stone, clay, and glass (13
percent), and iron and steel (12 percent).
In a similar survey conducted a year
earlier, business reported its spending
for air and water pollution abatement,
but was not asked about solid waste
disposal. Thus, comparisons with yearearlier spending may be made for air
and water, but not for solid waste. Air
and water spending increased 5% percent
in 1974; total new plant and equipment
spending increased 12 percent (table
2). These increases are not adjusted
for price change. The prices of capital
goods, as measured by the implicit
price deflator for fixed nonresidential
investment, rose 9% percent in 1974.
If prices of pollution abatement goods
rose similarly, real business capital
spending for pollution abatement actually decreased in 1974. BEA conducted its first survey of capital
pollution abatement expenditures
(PAE) in 1973; however, data from
other sources indicate that real capital
Table 2.— New Plant and Equipment Expenditures by U.S. Business for the
Abatement of Air and Water Pollution,1
1973-75
[Millions of dollars]

1973

All industries

.

1974

Planned
1975

4,938

5,219

5,900

3,153

3,404

3,942

Durable goods
..
1 579
Primary metals 2
.
814
Blast furnaces, steel works... _
230
Nonferrous metals
523
Electrical machinery. _ ...
129
Machinery, except electrical2
80
Transportation equipment
170
Motor vehicles
143
Aircraft
20
Stone, clay, and2 glass
144
Other durables
243

1,553
763
230
481
196
64
116
93
21
188
226

1,706

Nondurable goods
_ ... 1,574
Food including beverage
152
Textiles
29
Paper.. _ _ .
355
C hemicals
416
Petroleum
.
555
Rubber
48
Other nondurables 2...
19

1,851
140
25
466
439
712
44
25

2,236
168
31
458
522
965
68
25

1,785

1,815

1,959

Mining .
91
Railroad
_ _
16
Air transportation.
._. .
15
11
Other transportation
Public utilities.
1,451
Electric
1 409
Gas and other
42
Communication,
commercial,
and other 3 ... _
. ..
201

48
27
6
40
1,530
1,488
42

43
36
10
53

Manufacturing

Nonmanufacturing

164

843
289
474

182

85
134
107

24
198
265

1,618
1 568

51

199

1. Excludes agricultural business; real estate operators'
medical, legal, educational, and cultural services; and nonprofit organizations. Excludes outlays charged to current
account.
2. Includes industries not shown separately.
3. Includes trade, service, construction, finance, and
insurance.
NOTE.—Details may not add to totals because of rounding.




July 1975

PAE increased significantly in each
year since 1968.
Expectations had been for a 33
percent increase in spending in 1974,
according to the earlier survey.2 Downward revisions of more than the average
rate were made by mining (52 percent),
motor vehicles (48 percent), machinery
except electrical (46 percent), textiles
(42 percent), iron and steel (40 percent),
food including beverage (39 percent),
and communication, commercial, and
other (36 percent). Some of the difference between planned spending and
that actually realized may have been
due to shortages and delays; however,
a significant portion seems to have
been due to actual downward revisions
in planned installations of antipollution devices. This slowdown in spending is reflected in current plans. Business
expects to spend $5.9 billion in 1975,
compared with $6.5 billion reported in
the 1973 survey as expected expenditure in 1974.
Much of business pollution abatement
capital spending either is voluntary or
is made in anticipation of legal requirements and in advance of deadlines for
compliance. A part of the spending is
therefore deferrable. Plans for pollution
abatement projects may have been
canceled or delayed in the second half
of 1974, when business conditions
worsened, capital goods prices rose
dramatically, and additional cash was
needed to finance regular capital projects. The expectation that pollution
abatement regulations would be relaxed as a result of the energy crisis
may also have played a part.

metals had the largest expenditures—
$798 million. Transportation equipment spent $140 million, including
$115 million by motor vehicles. In
nondurables, petroleum and paper had
the largest expenditures—$796 million
and $491 million, respectively. Electric
utilities spent more for pollution abatement than any other industry—$1,578
million—and accounted for 81 percent
of the nonmanufacturing total.
Industry spending patterns in 1975
are expected to be similar, except for
slight changes in levels. Manufacturing
is expected to spend $4,167 million;
this is 66 percent of all industry spending and compares with 65 percent in
1974. Within manufacturing, durables
and nondurables plan to spend $1,794
million and $2,372 million, respectively.
Nonmanufacturing expects to spend
$2,128 million.
In 1974, business spent significantly
more for air (60 percent) than for
water (33 percent) or solid waste (7
percent) (chart 8). Four industries
spent 70 percent or more for air: stone,
clay, and glass (91 percent), nonferrous
metals (82 percent), other durables
(75 percent), and rubber (70 percent).
Four spent more for water than air and
solid waste combined: electrical machinery (62 percent), other transportation (61 percent), food including
beverage (57 percent), and chemicals
(53 percent). Several industries spent
more than 10 percent for solid waste:
motor vehicles (20 percent), communication, commercial, and other (18
percent), machinery, except electrical
(17 percent), mining (16 percent),
textiles (11 percent), other nondurables
Industry spending patterns
(11 percent), and petroleum (11
percent).
Business capital PAE in 1973, 1974, The predominance of air pollution
and planned 1975 is shown in table I.3 abatement spending in business capital
Manufacturing accounted for the PAE is expected to continue in 1975.
largest share of capital PAE (air, This predominance does not hold for the
water, and solid waste) in 1974; it
spent $3,656 million. Durable goods
3. The concepts, definitions, and questionnaire are disspent slightly less than nondurable cussed in " Capital Expenditures by Business for Air and
Pollution Abatement, 1973 and Planned 1974,"
goods, $1,648 million compared with Water
SURVEY OF CURRENT BUSINESS, July 1974; "National
$2,008 million. In durables, primary Expenditures for Pollution Abatement and Control, 1972,"
2. Expectations were adjusted for systematic bias based on
experience in the regular plant and equipment expenditures
survey (P. & E.). It is possible that business is more optimistic about PAE than it is about regular capital spending
plans. Many more years of data are required before adjustment factors for PAE can be developed.

SURVEY OF CURRENT BUSINESS, February 1975; and in "A
Conceptual Basis for the Collection of Pollution Abatement
Expenditures and Costs," a discussion paper that is available
on request.
The estimating techniques used in this article are based on
procedures applied in BEA's annual P. & E. survey and
reported in the January 1970 SURVEY OF CURRENT BUSINESS,
pp. 25-40.

SURVEY OF CURRENT BUSINESS

July 1975

17

treatments to abate air and water
pollutants. (Spending for solid waste
disposal is not divided between EOL
and CIPP). EOL methods involve the
separation, treatment, or reuse of
pollutants after they are generated, but
before they are emitted from the firm's
property. CIPP methods involve the
modification of existing processes or the
substitution of new production processes to reduce or eliminate the pollutants generated or emitted.
Abatement spending for CIPP was 21
percent of capital PAE in 1974 and is
expected to be 17 percent in 1975; in
1973, CIPP spending was 24 percent
(table 3). The decline in the proportion
of CIPP spending is contrary to the
expectation that pollution abatement
features would be built into newly designed equipment and processes. Indeed, the decline in the all industry total
is due to a reduction in manufacturing
CIPP spending from 23 percent in
1973 to 16 percent in 1974. Nonmanufacturing CIPP spending rose from 26
percent to 31 percent, largely due to a

CHART 8

Pollution Abatement Expenditures for New Plant and Equipment Distributed by
Air, Water, and Solid Waste for Selected Industries, 1974
Percent
20

60

40

100

80

All Industries
Electric Utilities
Petroleum
Nonferrous Metals
Paper
Chemicals
Blast Furnaces, Steel Works
Other Durables
Electrical Machinery
Communication, Commercial
& Other
Stone, Clay & Glass
Food Including Beverage
Motor Vehicles

U.S. Department of Commerce, Bureau of Economic Analysis

national totals, which include public
expenditures for sewage treatment
plants and most residential solid waste
collection equipment.
Twelve industries each spent more
than $100 million for air, water, and
solid waste abatement in 1974; together
they spent more than 92 percent of total
capital PAE. In chart 9 these industries
are ranked by the magnitude of their
1974 spending. The left-hand panel
shows capital PAE by industry; the
right-hand panel shows the percentage
that each industry's capital PAE is of
its total capital expenditures for all
purposes.4 The ranking of these 12
industries varies little in 1973, 1974, and
planned 1975. Chart 10 contrasts the
percentage changes in spending for air
and water with the percentage changes
in total plant and equipment spending.
Respondents were asked to distinguish between end-of-line (EOL) and
changes-in-production-process (CIPP)
4. In addition to capital spending, a description of business
abatement activity or effort should include supplementary
data on abatement capital stock, operating and maintenance
expenses, type of pollutants involved, and availability of
specific treatment technologies.

588-182 O - 75 = 3




Table 3.—New Plant and Equipment Expenditures by U.S. Business for the Abatement of
Air and Water Pollution Through Changes-In-Production-Process 1, 1973-75
[Millions of dollars]

Total

Air

Planned 1975

1974

1973
Water

Total

Air

Water

Total

Air

Water

1,169

724

444

1,094

656

439

1,008

616

393

712

446

266

540

359

180

634

416

219

Durable goods
Primary metals 2
Blast furnaces, steel works.
Nonferrous metals
. - - - -E lectrical machinery
Machinery except electrical2
Transportation equipment
Motor vehicles
Aircraft
- Stone clay and2 glass
Other durables
-

321
112
75
29
35
36
37
35
0
50
52

220
82
56
19
14
24
20
19
0
42
37

101
29
19
9
21
12
17
16
0
8
15

335
137
36
95
83
14
17
10
7
44
41

233
116
31
74
30
9
9
7
2
41
28

102
21
0
21
53
6
8
3
5
3
12

296
133
19
98
63
13
17
9
7
30
41

201
99
19
65
31
10
11
7
4
26
26

95
34
0
33
33
3
6
3
3
4
16

Nondurable goods
Food including beverage
Textiles
Paper
Chemicals
Petroleum
Rubber
... Other nondurables2

391
49
11
14
149
151
12
5

226
25
3
7
88
94
6
4

165
24
8
7
61
57
6
1

205
18
3
7
67
102
6
2

126
8
2
6
32
74
3
2

78
10
1
2
35
28
2
0

339
24
2
7
109
188
7
3

215
11
1
5
54
138
5
2

124
13
1
1
55
50
2
1

457

278

179

555

296

258

374

200

174

6
3
0
4
225
212
13
19

14
7
1
10
295
283
12
47

5
6
1
5
152
147
5
31

9
1
0
5
143
135
7
16

All industries
Manufacturing

- -

- -

-

Nonruanufacturing
Mining
-Railroad
Air transportation
-- O ther transportation
Public utilities
Electric
- -Gas and other
Communication, commercial, and other 3...

20
5
2
4
386
372
14
41

15
3
2
3
226
223
3
31

5
2
0
1
160
149
11
10

11
6
2
8
485
469
16
43

4
3
1
5
260
257
3
24

1. The complement of changes-in-production-process expenditures (end-of-line expenditures) can be derive! by subtracting estimates in this table from those in table 1.
2. Includes industries not shown separately.
3. Includes trade, service, construction, finance, and insurance.
NOTE.—Details may not add to totals because of rounding.

SURVEY OF CURRENT BUSINESS

18
sharp increase in CIPP spending for
water abatement by electric and gas

public utilities. Thus, CIPP spending
may increase over the long run.

July 1975
Table 4.—Facilities Closed Where Pollution Abatement Requirements Were a
Contributing Factor
[Sample of actual 1974 and planned 1975 closings ']
All
Manu- Nonmanindus- factur- ufacturtries ing in- ing industries dustries

The Closing of Production Facilities Due to Pollution Regulations
About one-half of 1 percent of companies responding reported that they
had closed one or more production
facilities in 1974 because of problems
related to pollution regulations; a
slightly smaller percentage said that
they planned closings in 1975.5 The
5. This was in response to a new question, "Has your
company closed a facility in 1974 or does it plan to close a
facility in 1975 where pollution abatement requirements are
a contributing factor in the closing?"




facilities closed consisted of permanent
and temporary shutdowns of establishments and of production facilities
within establishments.
Although estimates of the national
totals of the establishments closed, the
cost, and the number of employees
involved would be very useful, the data
will not permit such estimates. The
P. & E. questionnaires are sent to
company headquarters, and estimates

Sample closings, actual 1974
Permanent closings
Establishments
Production facilities. _
Temporary closings

41
33

24
19

17
14

Sample closings, planned 1975 _ .
Permanent closings .Establishments
Production facilities
Temporary closings .

31
28

18
16

13
12

1.5

Billion $
1.0

10

Electric Utilities

Petroleum

Nonferrous Metals

Paper

Chemicals
Blast Furnaces, Steel Works

Other Durables

Electrical Machinery
Communication,
Commercial & Other
Stone, Clay & Glass

Food Including Beverage

Motor Vehicles

U.S. Department of Commerce, Bureau of Economic Analysis

10
4
3

2

6
6
1

42

30

13
3

are based on company-level information. The closings reported are of

POLLUTION ABATEMENT EXPENDITURES
AS A PERCENTAGE OF NEW PLANT
AND EQUIPMENT EXPENDITURES

.5

16
3
5

1. Sample of 41 closings in 1974 and 31 closings planned for
1975. See text for further details.

Pollution Abatement Expenditures for New Plant and Equipment by
Selected Industries, 1974 and Planned 1975

2.0

19
9
3

72

Total

CHART 9

POLLUTION ABATEMENT
EXPENDITURES

26
7
8

Percent
15

20

25

SURVEY OF CURRENT BUSINESS

July 1975

establishments and facilities within
establishments; therefore, they do not
relate to the available benchmark.
National totals cannot be estimated,
but the data do permit an examination
of the characteristics of facilities closed
where pollution abatement requirements were a factor. Of the respondents
reporting closings, 85 percent participated in a telephone survey and
provided data on the number and type
of facilities closed, the approximate
employment, the location, the other
factors involved, and the type of abatement problems (table 4). Since per
annum rates are not estimated, actual
1974 and planned 1975 closings have
been combined in one sample. It is not
necessarily representative of all closings,

but it provides some information where
virtually none has been available before.
The sample facility closings varied
widely in size, in employment, and in
location; no single industry predominated. About 63 percent were permanent
establishment closings, and about 22
percent were permanent production
facility closings; the remaining 15
percent were temporary closings of
both types. Durables and nondurables
each accounted for 29 percent and
nonmanufacturing 42 percent of the
closings. Most closings were in three
regions: Southeast (25 percent), Great
Lakes (19 percent), and Plains (18
percent).
Pollution abatement requirements
were the sole cause mentioned in only
CHART 10

Changes in New Plant and Equipment Spending by
Selected Industries, 1973-74
TOTAL NEW PLANT AND
EQUIPMENT

AIR AND WATER POLLUTION
ABATEMENT
-40

-20

Percent Change
0
20

40

60

-20

J

L

n r~

All Industries

Electric Utilities

Petroleum

Nonferrous Metals

Paper

Chemicals

Blast Furnaces, Steel Works

Other Durables

Electrical Machinery
Communication, Commercial
& Other

Stone, Clay & Glass

Food Including Beverage

Motor Vehicles

U.S. Department of Commerce, Bureau of Economic Analysis




Percent Change
0
20
40

60

19
Table 5.—Percentage of Facilities Closed,
by Contributing Factor
[Sample of actual 1974 and planned 1975 closings ']
Permanent
closings
Causal factor

2

All
closings Establishments

Temporary
closings

ProProduc- Estab- duction
lishtion
facili- ments facilities
ties

Pollution abatement
requirements:

Air
Water
Solid waste.

82
38
3

82
49
4

69
31

57

71

56

35
17

42
16

6
6

100

100

50
50

43
29

Other contributing
factors:
Age and obsolescenceIncreasing operating costs
Declining sales

1. Sample consists of: 45 permanent and 4 temporary
establishment closings and 16 permanent and 7 temporary
production facilities closings.
2. Pollution abatement requirements were a factor in 100
percent of the closings; one additional factor was reported in
30 percent, two reported in 36 percent, and three reported in
8 percent.

22 percent of establishment closings
and in 26 percent of all closings. At
least one other factor was present in 78
percent of the establishment closings,
and at least two other factors were
present in 57 percent. At least one other
factor was present in 74 percent of all
closings, and at least two other factors
were present in 44 percent. Age and
obsolescence of the facility, increasing
operating costs, and declining sales
were contributing factors in, respectively, 57 percent, 35 percent, and 17
percent of all closings (table 5).
Nineteen percent of all closings were
due to a combination of air and water
pollution regulations. Respondents cited
only air regulations in 58 percent of the
cases and only water regulations in 18
percent. Solid waste, noise, and other
pollution problems accounted for the
remainder.
Respondents cited operating and
maintenance expenses required to satisfy pollution regulations as factors in
60 percent of all sample closings.
Ninety-three percent of the respondents
cited capital expenditures for pollution abatement as burdensome while
contributing no return. So, although
most respondents did not think that
pollution abatement regulations alone
would have closed their facilities, they
did think that the costs of compliance
were substantial.

By IRVING ROTTENBERG AND GERALD DONAHOE

Improved Deflation of Producers' Durable Equipment
THIS article describes the improved
procedure for deflating expenditures for
producers' durable equipment (PDE)
in the national income and product accounts that has been adopted by the
Bureau of Economic Analysis (BEA).
Expenditures for PDE are recorded on
a delivery basis and the new procedure
shifts the timing of the price indexes
used in the deflation to a delivery
basis. The improvement was introduced
initially with the estimates for the first
quarter of 1974 and was carried back
to 1971 in tables 5.5 and 8.8 of the July
1974 SURVEY OF CURRENT BUSINESS.
The Wholesale Price Index (WPI)
compiled by the Bureau of Labor
Statistics (BLS) is the major statistical
source for price indexes used to deflate
PDE. The WPI prices of capital goods
for a given month are generally those
at which orders are taken in that month
rather than the prices for deliveries in
that month. The prior procedure to a
large extent had deflated deliveries of
a given month by the price index of
orders taken in that month. It was
satisfactory when the rate of inflation
was low.
For example, a food manufacturer
orders a canning machine in January at
a specified price for delivery in May.
The value of the machine will be included in producers' durable equipment
for May at the price quoted in January.
Under the improved procedure the
value of the canning machine is deflated by a price index which represents
the January price. Under the previous
procedure, the value of the machine
was deflated with the order price
quoted in May.
The price lag and its distribution

The first requisite for the new
procedure was an estimate of the average lag between order and delivery
NOTE.—Mr. Rottenberg is a former staff member of the
Bureau cf Economic Analysis.
20




for each of the types of equipment
included in PDE. Information on shipments and end-of-month unfilled orders
by industry is available from the
Bureau of the Census monthly report
on Manufacturers1 Shipments, Inventories, and Orders. Ratios of the stock
of unfilled orders to shipments were
averaged over the period 1968-72
for each PDE type (column 1 of table
1) to provide the first approximations
to the desired order-delivery lags.
The shipments and orders of each
industry producing the PDE goods
include not only transactions with
business where the purchase is on
capital account but also those where
the purchase is on current account.
The shipments and orders also include
transactions with foreigners and with
government and consumers. The ratios
shown in column 1 of table 1 relate to
all these transactions, but the PDE
deflation requires ratios relating exclusively to goods purchased by business firms on capital account. It was
assumed that transactions with foreigners, government, and consumers do
not distort the ratios. Consumer purchases from these industries are
negligible and foreigners and governments purchase the same types of goods
as business.
However, it is necessary to correct
the ratios for goods purchased by
business on current account. Goods
purchased on current account tend to
be shelf items available for immediate
delivery from inventory, and thus have
a short order-delivery lag. In contrast,
capital account purchases tend to be
build-to-order items with longer lags,
which give rise to unfilled orders.
The initial ratios were recomputed
based on shipments excluding an allowance for shelf items. The allowance
1. "The Input-Output Structure of the U.S. Economy:
1967," SURVEY OF CURRENT BUSINESS, February 1974.

was based on BEA's 1967 input-output
study 1 which shows the amount of
each industry's output used in intermediate demand; i.e., consumed in
further production within the accounting period. For each industry producing
PDE goods, shelf items in 1967 were
assumed to amount to one-half of the
intermediate demand for that industry's
output. An estimate of shelf items was
obtained by multiplying shipments by
the 1967 ratio of shelf items to total
output. This estimate of shelf items
was deducted from shipments, and
corrected ratios of unfilled orders to
shipments were calculated. The resulting order-delivery lags were rounded
Table 1.—Estimated Order-Delivery Lag
in Months for Producers' Durable Equipment by Type

Household furniture
Other furniture . . _ - . - - Fabricated metal products. _ Steam engine
Internal combustion engines . Farm tractors,.
- - -.
Construction tractors
Agricultural machinery (except
tractors)
Construction, mining, and oilfield
machinery
Metal working machinery
Special industry machinery
General industrial, including materials handling equipment- _ .
Office, computing and accounting
machinery
-- -- - - Service industry machinery
Electrical transmission, distribution
and industrial apparatus _
Communication equipment
Other electrical equipment
.
Trucks, buses and truck trailers
Passenger cars
Aircraft
Ships and boats
- Railroad equipment
Scientific and engineering instruments
-- - Photographic equipment
Miscellaneous equipment
Sale of equipment scrap
n.a. Not available.
1. Special treatment, see text.

Unfilled
orders/
shipment
ratio
(1968-72
average)

PDE
orderdelivery
lag

0)

(2)

0.64
1.04
3.39
16.48
2.91

1

1
6
10
4

.35
11A

n.a.
.35

3

2.87
2 87
3.20

4
4

3.02

4

2.14
1.50

3
2

4.89
4.13

5

n.a.
n.a.

1
2

.71

7.18
7.34

0)

0)

7.34

8

2.91
.50
.54
n.a.

4

0)

i^
i^

July 1975

SURVEY OF (TRRKNT BUSINESS

21

Wholesale Price Indexes for Deflating Producers' Durable
to whole months, or in the case of very Table 2.—Weights AssignedEquipment
Delivered in Month t
short lags, to one-half month (column
Wholesale Price Indexes for month:
2, table 1).
Order-delivery
Total
lag
(months)
In addition, it was recognized that
M2
MO
t-Q
t-2
«-9
t-7
t-A
M
Ml
t-5
<-3
*-8
t
each of the PDE types consists of
different commodities requiring differ- 0
1.000
1.000
0.500 0.500
1.000
ent time periods to manufacture. For y12 .. _ _
0.313
.374
.313
1.000
example, office, computing, and ac- 2
0.172 0.207
.242
.207
.172
1.000
3
0. 149
.179
.209
.179
.149
.135
1.000
counting machines include large com- 4
0.133
.160
.187
.160
.133
.120
.107
1.000
puters with an order-delivery lag of 5
0.122
.146
.122
.171
.146
.110
.098
.085
1.000
0.114
.159
.136
.114
.102
.136
.091
.080
.068
1.000
perhaps 6 months and typewriters 67 0.108
.129
.129
.075
.150
.108
.097
.086
.064
.054
1.000
with very short or no lags. Thus, a 8
.124
.062
.144
.082
.072
.052
0.103
.124
.103
.093
. . .
.041
1.000
.120
.140
.120
.090
.080
.070
.050
0.100
. 100
.060
.040
.030
1.000
distribution around the average order- 910
.137
.118
.078
.069
.059
.039
.098
.088
.049
0.098
.029
.020
1.000
.118
delivery lag is required for each PDE
type. But there is no information
However, there are two factors which lagging the price to deflate the May
available to suggest what the distrisuggest that the average period over delivery would be less than the orderbution should be.
It was decided initially to use a sym- which prices are shifted should be some- delivery lag of 4 months. Given these
metrical distribution with a moderate what shorter than the order-delivery factors, it was decided to use an average
peak at the average order-delivery lag lag: (1) the price obtained by BLS may price lag shorter than the order-delivery
as a first approximation. The upper in some instances be the delivery price; lag. It was assumed that the effect of
figure in chart 11 shows the order- and (2) some contracts provide for up- these factors on short order-delivery
delivery lag distribution for PDE goods dating of the initial order price. Up- lags is negligible, and, therefore, no adwith an average lag of 9 months (Z-9). dating occurs if a contract includes justment was made for order-delivery
The distribution provides for a maxi- escalator clauses or if modifications to lags of 2 months or less.
The adjustment is made by extending
mum lag of 11 months (£-11) and a specifications result in the introduction
minimum lag of 7 months (t-7). The of updated prices. For instance, if in the right-hand side of the initial distridistribution shows the percent of the the canning machine example above, bution to include all of the months
total value of the PDE goods delivered the price quoted in January were re- through the month of delivery. This is
in month t which had been ordered in vised in March or April due to escalator illustrated by the lower figure of chart
each of the months £-11 through t-7.
clauses, the appropriate period for 11. The distribution has been extended
on the right from month t-7 through
month £. The price lag distribution
CHART 1 1
shows the percent of the total value of
the goods delivered in month t which
Order-Delivery and Price Lag Distributions: Average Order-Delivery Lag of 9 Months are valued at the prices of each of the
Percent
months £-11 through t. These per301
centages are used as weights to average
the price indexes for month t-ll through
Order-Delivery Lag Distribution
month
t to obtain a deflator for deliv25
-Average (t-9)
eries in month t. It will be noted that
the percentages in the price lag distribution
for months t-ll through t-7 are
20
lower than in the order-delivery lag
distribution. This is so because the
values
for some of the PDE goods
Price Lag Distribution
15
ordered in months t-ll through t-7
should be deflated by price indexes for
months £-6 through t (chart 11).
Average (t-6%)
10
The final distribution of weights to
be used in calculating the deflator for
each order-delivery lag is shown in
table 2. The first line of the table shows
that for an order-delivery lag of zero,
the delivery in month t is deflated by
the price index for that month. As the
t-ll
t-3
t-7
t-5
order-delivery lag increases, the deMonth
flator is the weighted average of the
U.S. Department of Commerce, Bureau of Economic Analysis




SURVEY OF CURRENT BUSINESS

22
price indexes for the delivery month
and the specified preceding months.
The line in table 2 for an order-delivery
lag of 9 months is shown as the lower
figure of chart 11.
The way in which these weights are
used in the new procedure may be
observed from the following illustration
for metalworking machinery for the
fourth quarter of 1974. Metalworking
machinery has an order-delivery lag of
4 months, and the deflator for deliveries
in October (month t) is a weighted
average of the price indexes for April
(month /-6) through October (month t).
Similarly, the deflator for November
deliveries is a weighted average of the
price indexes for May through November and for December deliveries for
June through December. The quarterly
deflator is an average of the 3 monthly
deflators.
Month of price
quotation

Monthly weights Composite WPI's
from table 2
for metalworking
machinery*

July 1975
CHART 12

Producers' Durable Equipment: Percent Change From
Preceding Quarter

-10
1971

'

1972

1973

1974

Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis

Deflator for October deliveries
April
May
June
July
August
September
October

.133
.160
.187
.160
.133
.120
.107

Average

166.5
170.8
174.5
180.4
185.5
189.7
194.6
179.2

Deflator for November deliveries
May
_ .
June
July
August- - . - _
September
October
November

Average

.133
.160
.187
.160
.133
.120
.107

-.

170.8
174.5
180.4
185.5
189.7
194.6
197.1
183.7

order-delivery lag for steam engines is
22 months. Because of the length of the
lag, it was thought that price renegotiations and escalation clauses would be
very important for this product. Consequently, the order-delivery lag was
shortened to 10 months. The distribution of weights used in calculating the
deflator is shown in table 2. (2) The
census data do not provide information

Table 3.—Comparison of Previous and Revised Measures for Producers' Durable Equipment and Gross National Product

Deflator for December deliveries
June
July
August
September
October
November
December

133
160
187
160
133
120
107

Average

PDE types
merit

requiring special

treat-

Gross national product

Producers' durable equipment
Constant (1958) dollars
Previous

187.9

For a number of PDE types special
treatment is required. (1) The calculated




[Percent change from preceding quarter, seasonaly adjusted at annual rates]

174.5
180.4
185.5
189.7
194.6
197.1
198.5

*This is not the published WPI for metalworking machinery and equipment, but an index prepared by BE A
from WPI components to represent the prices of the types of
metalworking machinery included in PDE.
NOTE.—Deflator for quarter (average of deflator for October, November, and December): (179.2+183.7+187.9)/3 =
183.6.

separately for farm tractors; they are
included in farm machinery. Therefore,
the lag for farm machinery is used for
these tractors. (3) The quarterly deflator for new passenger cars is based on
the average delivery price rather than
an order price; hence, no adjustment is
needed. (4) Monthly price indexes for
aircraft and ships are not available. It
is necessary to estimate them from price

1971: I
II
Ill

.

IV

1972: I
II

III
IV

1973: I
II. .
Ill
IV
1974: I

.

Revised

Implicit price deflator
Previous

Revised

Constant (1958) dollars
Previous

Revised

Implicit price deflator
Previous

Revised

12.7
11.7
-1.8
25.3

15.0
9.1
-2.5
21.6

3.6
1.6
.3
-4.1

1.6
3.9
1.0
-1.3

10.0
3.0
2.9
6.8

10.1
2.8
2.8
6.5

4.8
4.7
2.5
1.6

4.7
4.8
2.6
1.9

10.2
6.6
15.0
21.4

13.3
7.2
13.4
21.3

5.3
2.9
2.9
-1.6

2.6
2.3
4.5
-1.6

6.2
8.3
6.1
8.3

6.4
8.4
6.0
8.3

5.7
2.0
3.2
4.0

5.5
1.9
3.3
4.1

28.8
8.4
4.5
1.2

29.0
10.9
1.8
2.6

1.6
8.1
3.1
5.3

1.6
5.4
6.0
3.7

9.5
2.0
1.9
2.2

9.5
2.2
1.6
2.3

5.5
7.5
8.1
8.8

5.5
7.3
8.3
8.6

-5.1

-1.6

11.7

7.8

-7.3

-7.0

12.6

8.8

NOTE.—The effect of the new deflation procedure was estimated by deflating the current-dollar PDE estimates as currently
published by deflators on the previous and revised basis.

July 1975

indexes of the inputs used in producing
the equipment. For aircraft, the deflator is obtained as a simple average of
the monthly input price indexes for the
month of delivery and the 6 preceding
months. For ships, the monthly price
index for the month of delivery is taken
as the deflator—in this case, the delivery represents the value of production in that month, because shipbuilding
is measured on a value put-in-place
basis. (5) Trade margins on the transfer
of used equipment, net business purchases of used equipment from government, and the exports of used equipment are deflated with the new equipment deflator for the corresponding
equipment type. The sale of equipment
scrap by business is deflated by the
previous procedure, since the scrap
deflator is based on actual transaction
prices.
Results
Table 3 summarizes the effect of the
new deflation procedure on the quarterly movements of the implicit price
deflators and constant-dollar estimates
of PDE and gross national product. The
effect of the new procedure on PDE is
also shown in chart 12.
The revised PDE deflator shows a
smaller change in the fourth quarter of
1971 because the price increases that
had been negotiated before the 90-day
price freeze which began on August 15
of that year are distributed forward
over a number of months. A similar
shift in timing related to the 60-day
price freeze which began on June 13,
1973, results in smaller swings in the
deflator for the third and fourth
quarters of that year. The pattern of
quarterly changes in deflated PDE from
1971 to 1974 remains the same as shown
by the previous series. This results
from the fact that the quarterly changes
in current-dollar PDE are so marked
that they largely override the effect of
the revisions in the deflators.

SURVEY OF CURRENT BUSINESS
(Continued from page 9)

in the second. Because these inventories
have had a relatively small price
increase since the 1958 valuation base
period, they raised the deflator relative
to the chain price index in the first
quarter and lowered it in the second.
The effects on the GNP deflator of
shifts in the relative importance of
the other major components of GNP
were much smaller and offsetting.
Chain price indexes, as already noted,
are preferable as measures of pure price
change. In terms of those indexes, the
largest decelerations in the rates of
price increase occurred in the several
components of fixed investment; they
averaged more than one-third. Decelerations in the rates of increase of prices
paid by persons and government were
about one-sixth.
GNP by sector
Viewing the pattern of the economy's
strengths and weaknesses in terms of
real product by sector is an alternative
to viewing it in terms of the conventional demand components. One of
the advantages of this approach is
that it makes it possible to focus on
the business economy, particularly the
nonfarm business economy (table 11).
Residential construction flattened
out, as mentioned earlier. Inventory
movements had a major impact on
the two other subsectors. The very
large increase in auto product was
almost all due to the $6 billion swing
in inventories; sales to all demand
sectors were up only slightly. The

The new procedure for deflating PDE
represents a substantial improvement
but is defective in that it uses fixed
lags between order and delivery. Variations in the lags could be caused by a
(Continued on page 28)




"other" category declined 4% percent,
substantially less than in the first
quarter. The swing toward greater
inventory liquidation more than accounted for the second-quarter decline;
sales increased 4% percent at an annual
rate.
The Federal Reserve Index of Industrial Production (IIP) is an alternative to the measure of real nonfarm
business product shown in table 11.
The two measures differ in coverage,
however, so that exact correspondence
should not be expected. For example,
the IIP omits the value added in
construction, and there are similar
differences in the distributive and
service industries. For statistical reasons, both measures may be subject to
greater than usual margins of error
under present circumstances. Only one
of these errors—that traceable to the
seasonal adjustment of autos—can be
allowed for in making comparisons.
It is not possible to strip down GNP
to make it exactly comparable with the
IIP. However, on the basis of partial
adjustments, the IIP declined 6% percent in the second quarter, as compared
with a fractional decline in GNP
(chart 7). The larger decline in the IIP
producers' durable component, which
was mentioned earlier, was a major
source of the second-quarter difference.
Differences between the two measures
have been large also in other quarters
of this recession. They have been
offsetting, however, so that both measures have declined by about 13 percent
since their peak in the fourth quarter of
1973.

Table 11.—Gross National Product by Sector of Origin in Constant (1958) Dollars
[Seasonally adjusted at annual rates]
Percent change from
preceding quarter
(annual rate)

Billions of dollars

1974

Gross national product

Limitations

23

- -

Less: Households and institutions, rest of the
world, and general government
Equals* Business product
Less: Farm

- - - - - -

Equals* Nonfarm business product
Auto
- _ - . - - - _ - _
Residential structures
Other

, -

- .

1975

1975

1974

III

IV

I

II

IV

823.1

804.0

780.0

779.4

-9.0

I

-11.4

II

-0.3

86.5

87.6

86.5

86.8

5.1

-4.8

1.5

736.6

716.5

693.5

692.6

-10.5

-12.2

-.5

32.1

-15.0

28.6

25.7

27.5

26.4

-35.4

708.0

690.8

666.0

666.2

-9.4

-13.6

.1

38.9
23.6
645.5

33.6
20.4
636.7

26.7
17.3
622.0

33.6
17.4
615.2

-44.3
-43.6
-5.3

-60.1
-49.0
-8.9

149.4
4.2
-4.3

By ETIENNE MILLER AND RAFAEL I. FONT

International Travel and Passenger Fares
in the U.S. Balance of Payments: 1974

u.

I .S. payments to foreign countries
for travel and passenger fares were a
record $8.0 billion in 1974, compared
with $7.3 billion in 1973 (line A 1,
table 1). Most of the 9 percent rise
was accounted for by increased expenditures for transoceanic passenger fares
and for travel services in areas near
to the United States; spending in
oversea areas rose only slightly. Payments to foreigners consisted of $6.0
billion spent in foreign countries, and

CHART 13

U.S. Oversea Travelers
Millions (Ratio scale)
101

Total

\

Other Areas

South America

.1 I

I

I

I

67

1965

I

I

69

I

I

71

U.S. Department of Commerce, Bureau of Economic Analysis

24




I

I

73

I

75
75-7-13

$2.0 billion for transoceanic passenger
fares paid to foreign-flag sea and air
carriers. U.S. travelers also paid U.S.flag carriers $1.2 billion for transoceanic tranportation (line B 3, table 1).
Foreign visitors spent $4.0 billion
in the United States and paid about
$0.8 billion to U.S. transoceanic carriers
for passenger fares to and from the
United States. The $4.8 billion total
was 17 percent above 1973 (line A 6,
table 1).
Net travel and passenger fare payments totaled $3.1 billion, about the
same as in 1973 and $0.2 billion under
the record net payments in 1972 (line
A 7, table 1). A decline in net travel
payments was offset by a 12 percent
increase in net passenger fare payments.
Contributing to that increase were
substantially higher air fare rates and
an increase in the proportion of U.S.
oversea travelers carried by foreign
airlines, from 40 percent in 1973 to
43 percent last year.
U.S. international travel payments
were affected by several factors, with
diverse effects. Worldwide inflation
exerted upward pressure on travel
outlays, as did the depreciation of the
dollar against a number of leading
foreign currencies. The rise in transoceanic air fares may have caused some
travelers to visit nearby destinations
rather than Europe and other more
distant regions. An increase in business
travel to oversea destinations (including
trips combining business and pleasure)
may have been associated with the
slowdown in U.S. business activity,
as firms with excess productive capacity
sought out foreign markets more agressively. Last year, business travelers
accounted for 24 percent of all U.S.

travelers to Europe, compared with 14
percent in 1973; business travel to
South America rose to 33 percent from
26 percent (table 4). Travel to the
Caribbean and Central America remained predominantly for pleasure;
in other areas, mainly the Far East,
business travel increased slightly. Increases in foreign business travel to the
United States were much smaller (table
8). A lower proportion of business
travelers from "other oversea" areas
reflected a substantial increase in pleasure travelers from Japan rather than
a decrease in the number of business
visitors.
CHART 14

Foreign Visitors to the United States
From Oversea Areas
Millions (Ratio scale)
5
4

Total

South America

i

.1
1965

i

i

67

i

i

69

i

i

71

U.S. Department of Commerce, Bureau of Economic Analysis

i

i

73

75
75-7-14

SURVEY OF CURRENT BUSINESS

July 1975

Table 1.—International Travel and Passenger Fares Transactions, 1970-74
[Millions of dollars'!
1970

1972

1971

1973

1974

A. Transactions included in U.S. balance of payments:
1
2.
3.

Total travel and passenger fare payments
Travel: Payments by U.S. visitors in foreign countries
(line 18)
Passenger fares: U. S. payments to foreign carriers (line 19) __.

5,195

5,663

6,638

7,316

7,98

3,980
1,215

4 373
1,290

5 042
1,596

5 526
1,790

5 97
2,01

2,959
2,534

3,311
2,817

4,130
3,412

4,84
4,03

4.
5.
6.

Total travel and passenger fare receipts. _
Travel: Receipts from foreign visitors in the U.S. (line 4)..
Passenger fares: Receipts of U.S. carriers for transportation
of foreign visitors to and from the United
States (part of line 5)» .
. . . .

2,708
2,331
377

425

494

718

81

7.

Net travel and passenger fare payments

2,487

2,704

3,327

3,186

3,14

3,980
1,215

4,373
1,290

5,042
1,596

5,526
1,790

5,97
2,01

B. Total expenses of U.S. travelers abroad:
1.

Travel payments of U.S. visitors in foreign countries (line
18).
U.S. passenger fare payments to foreign carriers (line 19)
U.S. passenger fare payments to U.S. carriers (not included
in balance of payments) _ -

2.
3.
4.

Total expenses of U.S. travelers abroad

985

1,065

1,264

1,156

1,25

6,180

6,728

7,902

8,472

9,23

1. Excludes fares paid by foreigners to U.S. carriers for transportation between two foreign points.
NOTE.—References in parentheses to line 4, 5,18 and 19 indicate where these estimates may be found in tables 2 and 3 of
the regular balance of payments presentations.

25
Average expenditures increased, partly
because of a rise in prices for lodging
and other tourist services, as well as
for gasoline, and partly because of the
larger proportion of air travel. (The
average per capita expenses of air
travelers include passenger fares paid
to Canadian air carriers, and thus are
much higher than those of auto travelers.) Travel to Canada by bus and
boat also increased, but at a slower
rate than air travel. Rail travel increased sharply, but remained relatively insignificant.
U.S. expenditures in Mexico rose 17
percent, to $1.5 billion. Expenditures
Table 2.—Travel Payments of U.S. Travelers
in Foreign Countries, by Area, 1970-74
[Millions of dollars]
1970

This review of developments in international travel discusses total spending
by U.S. residents traveling abroad and
spending by foreign residents in the
United States. It includes the travel
accounts and part of the passenger fare
accounts that appear in the U.S.
balance of payments. Not included are
U.S. carriers' receipts for transporting
foreign residents between foreign points;
these receipts do not involve travel to
and from the United States but they
are included in the passenger fare
account in the balance of payments
(line 5 of tables 2, 3 and 9 of the
quarterly balance of payments presentation). On the other hand, information
is included on passenger fares paid by
U.S. travelers to U.S. transoceanic
carriers, which do not enter into the
balance of payments, but represent an

important part of total spending by
U.S. travelers (see line B 3, table 1).
Travel payments include spending
in foreign countries by U.S. residents
for food, lodging, entertainment, transportation purchased abroad, and other
expenses incidental to a foreign visit.
Excluded are expenditures by U.S.
military and other Government personnel stationed abroad, by their dependents, and by U.S. citizens residing
abroad. Shore expenditures of cruise
passengers are included in travel payments; shipboard expenditures are included in passenger fares. Travel receipts include expenditures in the
United States, for services similar to
those indicated above for U.S. travelers,
by foreign residents visiting for purposes of business, pleasure, study, and
also those in transit.

588-182

O - 75 - 4




Total outlays of U.S. visitors to
Canada rose 16 percent to $1.3 billion,
although the number of U.S. travelers
declined 5 percent. Higher prices and
shortages of gasoline contributed to a
7 percent decline in automotive travel,
which comprises 85 percent of total
U.S. travel to Canada. However, there
was a 14 percent rise in air travel.

1973

1974

3,980 4,373 5,042 5,526

5,973
1,352
1 476
904

Oversea Areas

3 146

2,184 2,335 2 870 3 104

Europe and Mediterranean area l
1,425 1 540 1 853 1 993
Western Europe

1,310 1,373 1,645 1,800

1 802

1,600

United Kingdom.
France..
_._
Italy
Switzerland-

293
160
172
108

324
169
178
99

342
200
215
119

354
237
218
135

368
198
188
117

Germany
Austria .
Denmark _ _
Sweden

148
54
39
24

126
52
38
22

163
64
46
32

170
77
42
27

153
61
43
32

31
44

25
44

39
57

33
63

31
47

22
85

22
105

31
152

25
201

31
138

29
42
40

31
52
63

37
36
84

58
45
88

36
47
84

19

23

28

27

26

115

167

208

193

202

62
53

110
57

124
84

100
93

95
107

390

408

504

570

685

63
127
95

62
120
90

69
144
105

80
136
109

110
151
122

. .

Norway
Netherlands
Belgium-Luxembourg.
Spain
Portugal
Ireland
Greece _
Other Western
Europe
Other Europe and
Mediterranean
area
Israel
Other

Bermuda
Bahamas
Jamaica

U.S. travelers spent $2.8 billion in
Canada and Mexico in 1974 (see table
2). This represented 47 percent of
total foreign travel expenditures, up
from 44 percent in 1973. Part of the
rise may have resulted from the substitution of visits to Canada and
Mexico for more distant destinations,
as previously mentioned.

1972

Canada _
1,018 1,079 1,037 1,158
Mexico
959 1 135 1 264
778
Mexican border zone- 463 589
715
626

Total travel payments

Caribbean area and
Central America

Travel to Canada and Mexico

1971

_

Other British West
Indies
Netherlands West
Indies
Other West Indies
and Central
America
South America . __ .
Other areas
Japan
Hong Kong
Australia -New
Zealand
Other

44

56

60

95

87

18

28

40

55

60

43

52

86

95

155

90

92

113

132

209

279

295

400

409

450

97
53

88
50

121
70

123
65

102
75

34
95

47
110

50
159

48
173

55
218

1. Includes all European countries and Algeria, Cyprus,
Egypt, Israel, Lebanon, Libya, Malta, Morocco, Syria.
Tunisia, and Turkey.
NOTE.—Includes shore expenditures of cruise travelers

July 1975

SURVEY OF CURRENT BUSINESS

26
in the United States-Mexican border
zone rose 26 percent, largely because of
price increases for tourist services; the
Mexican cost-of-living index rose 23
percent from 1973 to 1974. (See Tech-

nical note regarding revisions in estimates for United States-Mexican border
zone travel.) Expenditures in Mexico
beyond the border zone rose only 4
percent.

Table 5.—Average Length of Stay of U.S.
Travelers in Selected Regions, 1970-74
[Days]

1970
Europe and
nean, area

Mediterra-

Bermuda _
Bahamas

Travel to Oversea Areas
U.S. travelers spent $3.1 billion in oversea countries last year, about the same
as in 1973. A 7 percent decline to 6.5
million in the number of travelers offset a rise in average spending (table 3).
About 57 percent, or $1.8 billion, of the
total was spent in Europe and the Mediterranean area (see footnote 1, table 2),
compared with 64 percent, or $2.0
billion, in 1973. Spending in the Caribbean area and Central America, and in
South America rose substantially, with
both average expenditures and the
number of travelers well above 1973
levels. A small decline in the number of
travelers visiting other oversea areas
(primarily the Pacific and Far Eastern
countries) was more than offset by a
sharp rise in average outlays.

higher in every country. Declines in
the number of travelers ranged from 8
percent in the United Kingdom to 46
percent in Portugal. In a few cases,
notably the United Kingdom, the lower
volume was more than offset by higher
outlays per visitor.
The average cost of a U.S. traveler's
visit to Europe and the Mediterranean

1971

1972

1973

27

26

27

24

24

7

7
5

6
6

6
5

6
6

5

1974

Other Caribbean area and
Central America

11

10

11

10

10

South America. _ . . . - _
Other oversea areas. _

22
28

20
27

21
30

14
28

18
22

NOTE.—Excludes cruise travelers.

The
Caribbean
area,
Central
America, and South America

Nearly one of every three Americans
who traveled overseas in 1974 visited
the Caribbean area and Central America. Spending in the area reached $0.7
billion, 20 percent more than in 1973.
Most of the increase represented higher
Table 4.—Purpose of Visit of U.S. Travelers
average expenditures and reflected subto Oversea Countries, 1973-74
stantial increases in prices of tourist
[Percent]
services. Spending in Bermuda rose 38
Busi- Business Pleaspercent, and 12 percent in Jamaica.
and
ness
ure
Other
pleasure
Sharply higher average outlays of
visitors
to the Bahamas raised spending
Europe and Mediterranean area:
there
to
$150 million, up 11 percent,
1974
13.6
10 1 58 4
17 9
1973. .
7.1
69 5
7 0
16 3
although the number of visitors was
Caribbean area and Cen10 percent lower than in 1973. Expendtral America:
1974
6.7
76.2
9.0
81
itures
in other British West Indies and
Europe and the Mediterranean area
1973...
79.4
8.8
7.0
48
in
the
Netherlands West Indies were
The number of U.S. travelers to South1974America:
.
25.6
7.1 53.9
13 3
little
changed;
in Central America and
1973
7.2
19.0
60.9
13 0
Europe and the Mediterranean area
in
other
West
Indian
islands they rose
dropped 15 percent last year (see table Other1974 areas:
25.7
8.8
48.3
17 2
to
$155
million,
$60
million
more than
1973
7.9
49.4
25.8
16.8
6). Total outlays in most countries
in 1973.
were sharply reduced, even though
NOTE.—Excludes cruise travelers.
Over 400,000 U.S. residents, 10 peraverage spending per traveler was
cent more than in 1973, spent $0.2 bilarea, including transoceanic transpor- lion for travel in South America. The
Table 3.—Number of U.S. Travelers to
tation and travel expenses, rose 18 per- 58 percent rise in expenditures largely
Oversea Countries, by Means of Transcent to $1,035. The average outlay for reflected increased average spending
portation and by Area, 1970-74
transoceanic transportation rose 33 per U.S. visitor.
[Thousands]
percent, to $495. Expenses in Europe
1970
1971 1972 1973 1974
and other countries bordering the Medi- Other oversea areas
terranean averaged $542 per person, up
Total U.S. travel outlays in other
Total
5,260 5,667 6 790 6 933 6 467
nearly 7 percent. The duration of the oversea areas (primarily the Pacific
Sea
95
120
57
73
47
average trip was 24 days, unchanged and Far East) rose 10 percent to $450
Air
5,140 5 572 6 717 6 876 6 420
from 1973 (table 5). The length of million, despite a slight reduction in the
Europe and Mediterranean area
2,898 3 202 3 843 3 915 3 325
stay may have remained the same be- number of visitors. Fewer Americans
Western Europe
2,783 3,030 3 666 3 720 3 118
cause the passenger fare rate for trips visited Japan, where outlays dropped
Caribbean area and Central America
1,663 1,736 1 992 2 032 2 147
of 14 to 21 days exceeded that for trips to $100 million, $20 million less than in
South America
249
254
423
338
383
of 22 to 45 days, in many cases, by 1973.
Outlays in Hong Kong and
Other areas
450
475
617
603
572
approximately the cost of a week's Australia-New Zealand each rose about
stay abroad. The total cost of a 22-day 15 percent, to $75 million and $55 milNOTE.—Excludes cruise travelers; they numbered 557,000
in 1970, 629,000 in 1971, 657,000 in 1972, 750,000 in 1973, and
stay in Europe thus could be only lion, respectively; outlays in other
701,000 in 1974.
marginally different from that of a 14- countries increased 26 percent to nearly
Source: U.S. Department of Commerce, Bureau of Economic Analysis, based on data of U.S. Department of Jusday visit.
tice, Immigration and Naturalization Service.
$220 million.




SURVEY OF CURRENT BUSINESS

July 1975

27
Table 7.—U.S. Receipts from Foreign
Visitors in the United States, 1970-74

Foreign Visitors to the United States

[Millions of dollars]

1970

RESIDENTS of foreign countries spent
over $4.0 billion for travel in the United
States, up 18 percent from 1973; in
addition, visitors from overseas paid
$0.8 billion to U.S. transoceanic air
carriers for passage to and from the
United States.

increased 44 percent, and expenditures
for travel to U.S. interior destinations
rose 22 percent.

1971

1972

1973

Total U.S. travel receipts.. 2,331 2,534 2,817 3,412

Visitors from overseas

Sharp and widespread price inflation
abroad, a worldwide business slowdown,
and increased transoceanic passenger
Canadian and Mexican visitors
fare rates slowed the growth in travel to
Visitors from Canada spent $1.2 bil- the United States from oversea counlion in the United States, 14 percent tries. Although visitors from overseas
more than in 1973, although they reached a record 3.7 million, the indecreased 2 percent in number (see crease from 1973 was only 4 percent,
table 7). Shortages and increased prices well below the average rise of 15 percent
of fuel, which also affected U.S. travel since 1970.
to Canada, contributed to a reduction
There was a 5 percent drop—to
in the number of Canadians traveling 1,544,000—in the number of visitors
by automobile and to an increase in from Europe, which accounts for over
Canadian use of air transportation. 40 percent of the oversea total. Average
Average expenditures were higher, due expenses were higher, and U.S. receipts
to price increases and to the increased from European visitors were $570
proportion of air travelers, whose trans- million, about the same as in 1973. Over
portation fares are included with travel 30 percent of the European visitors were
expenses.
United Kingdom residents, who spent
Total receipts from Mexican visitors $142 million or 13 percent more than in
rose 37 percent to more than $1.1 bil- 1973, although their number was down
lion. Mexican expenditures in U.S. 4 percent. The number of West German
areas adjacent to the U.S.-Mexican and French visitors each declined by
border—three-fourths of the total— more than 10 percent. Their total out-

Canada
Mexico
United States border
zone

859

1974

4,032

888

681

928 1 072 1 225
720
830 1,142

520

516

525

Total oversea countries..

889

965 1,169 1,510

1,665

Western Europe
United Kingdom.
France
Germany
Italy
Netherlands
Sweden
Switzerland. ...
Other

318
51
39

367
67
48

559
126
76

93
40
23
18
21
98

137
46
27
19
23
105

570
142
63

Caribbean area and Central America

583

67
29
19
14
15
84

79
33
22
13
16
89

452
96
63

598

858

126
43
28
22
27
119

170

163

169

205

216

South America

164

162

174

198

237

Other countries
Japan

237
101

273
134

374
205

548
334

642
402

lays fell to $125 million (down 8 percent) and $65 million (down 17 percent), respectively. U.S. receipts from
other European countries were little
changed.
About 400,000 South American visitors spent nearly $240 million in the
United States, 20 percent more than
in 1973. Average outlays were up, so
that total expenditures rose proportionately more than the number of
visitors. About 500,000 visitors from
the Caribbean area and Central Amer-

Table 6.—Number of U.S. Travelers and Their Average and Total Travel Payments in Europe and the Mediterranean Area, 1973-74
1974

1973
Number of
travelers
(thouands)

Europe and Mediterranean area

Percent
of total
travelers

Average
spending
per
traveler
(dollars)

Total
spent
(millions
of dollars)

Percent
of total
spending

Number of
travelers
(thouands)

Percent
of total
travelers

Percent Change 1973-74

Average
spending
per
traveler
(dollars)

Total
spent
(millions
of dollars)

Percent
of total
spending

Number of
travelers

Average
spending
per
traveler

Total
spent

3,915

100.0

509

1,993

100.0

3,325

100.0

542

1,802

100.0

-15.1

6.5

-9.6

3,720

95.0

484

1,800

90.3

3,118

93.8

513

1,600

88.9

-16.2

6.0

-11.1

1,334
1,106
897
772

34.1
28.3
22.9
19.7

265
215
243
175

354
237
218
135

17.8
11.9
10.9
6.8

1,227
824
657
544

36.9
24.8
19.8
16.4

300
240
286
214

368
198
188
117

20.4
11.0
10.4
6.5

-8.0
-25.5
-26.8
-29.5

13.2
11.6
17.7
22.3

4.0
-16.5
-13.8
-13.3

915
516
274
184

23.4
13.2
7.0
4.7

186
149
153
145

170
77
42
27

8.5
3.9
2.1
1.4

712
335
239
164

21.4
10.1
7.2
4.9

216
182
179
197

153
61
43
32

8.5
3.4
2.4
1.8

-22.2
-35.1
-12.8
-10.9

16.1
22.1
17.0
35.9

-10.0
-20.8
2.4
18.5

Norway.
- ..
Netherlands
Belgium-Luxembourg.
Spain

170
572
342
784

4.3
14.6
8.7
20.0

194
111
72
257

33
63
25
201

1.7
3.2
1.3
10.1

134
352
246
468

4.0
10.6
7.4
14.1

229
133
127
296

31
47
31
138

1.7
2.6
1.7
7.7

-21.2
-38.5
-28.1
-40.3

18.0
19.8
76.4
15.2

-6.1
-25.4
24.0
-31.3

Portugal.
Ireland
Greece
.Other Western
Europe

332
210
315

8.5
5.4
8.0

173
214
280

58
45
88

2.9
2.3
4.4

179
175
226

5.4
5.3
6.8

202
270
371

36
47
84

2.0
2.6
4.7

-46.1
-16.7
-28.3

16.8
26.2
32.5

-37.9
4.4
-4.5

Western Europe
United Kingdom
France
Italy
Switzerland
Germany
Austria
Denmark
Sweden. _

«,

_.

Israel
Other

260

6.6

261
496

6.7
12.7

n.a.
383
188

27

1.4

131

3.9

n.a.

26

1.4

-49.6

n.a.

-3.7

100
93

5.0
4.7

231
430

6.9
12.9

412
249

95
107

5.3
5.9

-11.5
-13.3

7.6
32.4

-5.0
15.1

NOTE.—Data on average spending exclude shore expenses of cruise travelers.




Source: U.S. Department of Commerce, Bureau of Economic Analysis; number of travelers
based on data of Department of Justice, Immigration and Naturalization Service.

SUEVEY OF CUKEENT BUSINESS

28
ica spent $215 million, 5 percent more
than a year ago.
The United States received over $400
million from 764,000 Japanese visitors
last year. Eeceipts and travel volume
each increased about 20 percent. Almost
85 percent of Japanese travelers came
for pleasure visits, compared with 81
percent in 1973. The proportion of
business travelers slipped from 17
percent to 13 percent last year, and
their total number declined 3 percent.

Table 8.—Foreign Visitors to the United
States From Oversea Countries, by Area
and Type of Visa, 1973-74

Table A.—Derivation of U.S. Travel Receipts
from Mexican Visitors in U.S. Border
Zone, 1974

[Thousands]

[Millions of dollars]

Total
Oversea countries,
total:
1974
1973-

Europe:
1974
1973

Carribean area and
Central America:
1974
1973

South America:
1974
1973 .. .

Technical Note

Other areas:

1974 .. ..
1973

EEVISIONS were made for 1971
through 1974 in the travel account
based on an updating of information
used to estimate U.S. payments and
receipts arising from U.S. and Mexican
travel in the border zone (see tables 2
and 7). Both receipts and payments
were increased about $0.1 billion in
1971, 1972, and 1973, and $0.2 billion
in 1974. The travel account revisions
were based on (1) information obtained
from a 1974 survey of United StatesMexican border zone transactions, (2)
improved response to questionnaires
distributed at the border one week
each quarter to U.S. citizens on their
return from Mexico, and (3) consultations with staff members of the Bank
of Mexico.
Approximately 150 million border
crossings are made annually along the
United States-Mexican border by U.S.
and Mexican residents. Some Mexican
residents cross daily to work in the
United States; their wages, net of
expenditures for goods and services
consumed in the United States, are
included in the private miscellaneous
services accounts. (Purchases of U.S.
goods and cash taken to Mexico are
recorded as service payments; the
goods portion is offset with an entry
in service receipts and the cash portion
is offset in the capital accounts.)
Other Mexican residents come to the
United States to purchase goods and
services, visit friends and families,
and for recreation, and their purchases
are included in travel receipts. U.S.
residents cross into Mexico for similar
reasons; their purchases in the Mexican




July 1975

Japan:
1974
1973

Busi- Pleas- Tran- Stuness
ure
sit
dent

3,700
3,554

499
471

2 889

2,772

224
224

88
87

1 544
1,623

253
242

1 169
1 261

111
109

11
11

508
497

34
31

431
424

27
26

16
16

401
358

37
31

333
293

21
23

10
11

1,247
1,076

175
167

956
794

65
66

51
49

764
639

102
106

646
517

8
10

g
6

NOTE.—Data are not adjusted for multiple entries on a
single trip.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, based on data of U.S. Department of
Justice, Immigration and Naturalization Service.

1. Total dollars received at Mexican border banks
(Bank of Mexico data)
1,404
2.

U.S. travelers' expenditures in Mexican border
zone (estimated by BEA) »

3.

Mexican workers' wages returned to Mexico in
cash (estimated by BEA)
114

4.

Dollars circulating in Mexico (line 1 minus lines 2
and 3)
_

904

386

5. Total dollars sold by Mexican border banks (Bank
of Mexico data)

849

6.

Dollars circulating in Mexico (line 4)

386

7.

Dollars purchased by Mexican visitors to the
United States from Mexican border banks (to
pay for goods and services purchased in border
area) (lines 5 minus 6)
463

8. Pesos received at U.S. border banks (Federal
Reserve System data)
395
9. Total U.S. receipts from Mexican visitors in the
U.S. border zone (lines 7 plus 8) *
858
1 See table 2, fourth line.
2 See table 7, fourth line.

(Continued from page 23)

change in mix or size of the orders
border zone are included in travel
backlog. BEA is studying methods of
payments.
varying the lags and it will incorporate
U.S. payments for travel in the further improvements into the PDE
Mexican border zone (table A, line 2) deflation as they are developed. The
are estimated from the number of improved procedure is also weak in that
crossings by U.S. citizens, reported the distribution around the average
by the U.S. Immigration and Natural- lag is based on arbitrary assumptions
ization Service, and average expendi- about the relationship of orders to
tures, which are calculated by the deliver rather than on actual data.
Balance of Payments Division from Finally, both the previous and the
information obtained from question- improved procedures are based on innaires. The estimates are prepared for adequate price data, most notably with
each port along the border. In 1974, respect to corrections for changes in
an improved response to the travel product quality and the use of list
questionnaire was obtained by in- prices rather than transaction prices.3
creasing distribution to include all
U.S. citizens crossing at all border
3. See "Deflating Quarterly GNP" by Martin L. Marimont
ports one week each quarter. The in Quarterly QNP Estimates Revisited in a Double-Digit InflaEconomy, BEA Staff Paper No. 25, October 1974.
1974 sample data indicated that average tionary
Available for $4.25 from National Technical Information
expenditures by U.S. travelers in the Service, 5285 Port Royal Road, Springfield, Virginia 22151.
Please mention report number BEA-SP74-025 and include
Mexican border zone were higher than remittance
payable to National Technical Information
previous estimates. This finding was Service.
supported by information obtained
from the 1974 border survey.
U.S. receipts from Mexican visitors
ERRATA:
in the U.S. border zone (table A, line 9)
The data presented in chart 8,
are estimated from information on
Indexes of Foreign Currency
currency movements in the border
Prices of U.S. Dollar, on page 21
zone, as shown in table A. These
of the June 1975 SURVEY are
estimates were revised on the basis
incorrect. A revised version will
of updated information obtained from
be presented in the September
1975 SURVEY.
the 1974 border survey and from the
Bank of Mexico.

BY IDA MAY MANTEL

Sources and Uses of Funds for a Sample of Majority-Owned
Foreign Affiliates of U.S. Companies, 1966-72
J_ HIS article presents sources and
uses of funds data for 1966-72 for a
sample of majority-owned foreign affiliates of U.S. companies.1 The sample
consists of both incorporated and unincorporated affiliates and accounts for
a substantial portion of majority-owned
affiliates' operations.
Sources and uses of funds for 1966-72
are presented in tables 8A-G and
summarized in table 1. Sources of funds
consists of internal funds generated by
affiliates' operations, external funds
loaned to or invested in the affiliates,
and "other" funds; "other" funds consists of unallocated sources of funds,
the net book value of fixed assets sold,
and adjustment items. In tables 9A-G,
total external funds is broken down by
source. U.S. sources are U.S. parents
and other U.S. residents; foreign sources
are foreign affiliates of U.S. parents
and other non-U.S. residents, including
foreign financial institutions.
Uses of funds consists of investment
in physical and other assets. Physical
asset investment consists of gross spending for property, plant, and equipment
and the change in inventories. Financial asset investment consists of the
change in current receivables, cash, and
other short-term assets, and a substantial portion of the "other" uses
category. The latter consists of the
change in long-term financial assets,
together with changes - in intangible
assets and adjustment items.2
The major findings of this article are:
(1) The relative shares of internal
and external funds were generally
1. All affiliates in the sample are at least 50 percent owned—
directly or indirectly—by the U.S. parent. See the technical
appendix for an explanation of direct and indirect ownership. The technical appendix also provides information
about sample selection and coverage.
2. Items in table 1 are further denned in the technical
appendix.




stable throughout the 1966-72 period. The second deals with affiliates' uses
Within external funds, there were of funds and shows the composition of
large shifts between funds from U.S. changes in affiliates' assets. The third
and foreign sources.
discusses borrowing from foreign non(2) Foreign funds, the major source MNC sources. A technical appendix
of external funds during the period, follows these three sections.
came primarily from sources outside
Sources of Funds
the multinational company (MNC).
(The MNC consists of the U.S. parent Average composition
and its foreign affiliates.)
(3) In 1968, when mandatory con- During 1966-72, internal funds avertrols on U.S. direct investment abroad aged 50 percent of total sources. Inwere established, the relative share of ternal funds came primarily from
external funds from U.S. sources de- depreciation and similar charges; unclined markedly, and that of external distributed profits averaged 16 percent
funds from foreign sources increased. of total sources (table 2 and chart 15).
Debt financing from outside the MNC External funds averaged 45 percent of
accounted for most of the increase in total sources and came largely from
foreign sources. External funds from
the latter.
U.S. sources, which includes financing
(4) For manufacturing affiliates, from U.S. parents, was about 13 percent
changes in the ratio of physical asset of total sources. Funds that could not
investment to sources of funds con- be allocated to specified sources avertrolled by the MNC generally were aged 5 percent.
associated with changes in borrowing
Manufacturing affiliates, which acfrom foreign non-MNC sources. But counted for almost half of the values of
there were exceptions that were trace- the total sample, in terms of physical
able to the establishment of the manda- asset investment, obtained more than
tory controls and to tighter credit con- half of their total funds from internal
ditions abroad than in the United sources; depreciation accounted for 38
States.
percent and undistributed profits for
(5) For petroleum affiliates, there was 19 percent. Most of their external funds
little relationship between changes in came from foreign sources.
the ratio just mentioned and changes in
Petroleum affiliates obtained 44 perborrowing from foreign non-MNC cent of total funds from internal
sources. The large increase in the latter sources; depreciation accounted for 35
in 1971 was probably related to changes percent, and undistributed profits for
in the value of major currencies against only 9 percent of the total. Undisthe dollar.
tributed profits were small due to net
This article consists of three sections. losses of petroleum affiliates in Europe.
The first discusses the relative impor- External funds averaged 51 percent of
tance of internal and external sources total sources, and more than half of
of funds during the 1966-72 period, and these ware from foreign sources.
the effects of U.S. capital control pro- NOTE.—Shirley J. Davis supervised the preparation o*
data. Ronald E. Reed was responsible for computer programs on affiliates' sources of financing. graming.
29

SURVEY OF CURRENT BUSINESS

30

July 1975

Table 1A.—Summary of Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies, 1966-72, by
Industry and Area
[Millions of dollars]
Sources 1

All industries, all areas:
1966
1967
1968.
1969
1970
1971.
1972

Internal funds

Total
sources
equals
total
uses

Total

(1)

(2)

External funds

Undis- Depreciation
tributed and similar
charges
profits

(3)

Usesi

(4)

Physical asset investment

Total

From
U.S.
sources

From
foreign
sources 2

Other

(5)

(6)

(7)

(8)

Total

Property,
plant and
equipment
expenditures

Change in
inventories

(9)

(10)

(11)

Change in
current
receivables

Change in
cash and
other shortterm assets

Other

(12)

(13)

(14)

7,487
6,828
8,329
9,941
11,403
13, 748
13,319

3,484
3,880
4,668
4,798
5,078
6,281
7,066

901
1,138
1,487
1,512
1,429
2,138
2,372

2,583
2,742
3,181
3,266
3,649
4,143
4,694

3,639
2,595
3,480
4,761
5,697
6,800
5,473

1,650
1,013
472
949
1,651
2,234
1,538

1,989
1,582
3,008
3,811
4,046
4,566
3,935

364
353
181
403
727
667
779

5,622
5,323
5,980
7,250
9,184
9,907
9,071

4,860
5,272
5,255
6,012
7,305
8,573
8,534

762
51
725
1,238
1,879
1,334
537

1,055
607
1,200
1,543
1,431
1,406
1,765

269
681
775
926
72
1,544
1,770

541
218
374
221
716
890
712

2,574
3,123
3,272
3,177
3,908
5,476
4,849

1,226
1,309
1,526
1,245
1,721
2,577
2,123

136
243
236
27
339
1,041
456

1,090
1,066
1,290
1,218
1,382
1,536
1,667

1,095
1,561
1,730
1,797
1,971
2,780
2,462

502
806
664
851
1,319
1,034
856

594
755
1,067
947
652
1,746
1,606

253
252
16
135
217
119
264

1,956
2,310
2,640
2,607
3,152
3,770
3,595

1,839
2,194
2,450
2,567
2,695
3,414
3,475

117
116
190
40
457
356
120

307
312
263
400
430
728
501

91
467
251
207
75
602
384

220
34
117
-37
252
376
369

Manufacturing:
1966
1967.
1968
1969.
1970.
1971
1972.

3,676
2,869
3,665
5,119
5,208
5,454
6,257

1,602
1,875
2,387
2,834
2,452
2,996
4,019

407
517
844
1,174
647
863
1,574

1,195
1,358
1,543
1,660
1,805
2,133
2,445

1,997
918
1,206
2,096
2,511
2,172
1,916

905
309
3
82
360
638
466

1,092
608
1,202
2,015
2,151
1,534
1,450

76
77
73
189
244
285
322

2,902
2,349
2,472
3,514
4,493
4,213
3,820

2,349
2,427
2,087
2,499
3,298
3,517
3,527

553
-78
385
1,015
1,195
696
293

534
231
742
941
727
457
961

101
230
342
563
-175
588
1,262

138
59
108
102
162
196
215

Other industries:
1966. .
1967
1968.
1969
1970
1971.
1972.
. .

1,237
836
1,392
1,644
2,287
2,818
2,214

656
695
755
699
905
708
925

358
378
407
311
443
234
342

298
317
348
388
462
473
583

547
117
544
867
1,215
1,848
1,095

243
-102
-195
17
-27
562
216

303
219
739
850
1,242
1,286
879

35
24
93
79
166
262
194

764
663
867
1,130
1,539
1,924
1,657

672
651
717
946
1,312
1,624
1,532

92
13
150
183
227
282
124

214
64
194
203
274
222
304

76
-16
182
156
172
354
125

183
125
149
156
302
318
129

Canada:
1966
1967
1968
1969
1970
1971.
1972

1,968
1,548
1,596
1,576
1,808
1,943
2,253

731
974
1,090
1,208
1,176
1,385
1,527

219
383
443
542
391
572
682

512
591
647
666
785
813
845

1,015
433
457
247
436
376
558

575
6
-54
-84
197
73
132

440
427
511
331
239
302
426

221
140
49
121
196
182
168

1,539
1,317
1,263
1,436
1,621
1,577
1,805

1,329
1,234
1,147
1,236
1,430
1,463
1,558

210
83
116
200
191
114
247

182
108
202
119
147
180
317

31
44
69
87
-18
198
281

216
79
62
-67
58
-13
-149

Europe:
1966
1967.
1968
1969
1970
1971
1972

3,323
2,703
3,547
4,855
5,366
5,860
5,634

1,225
1,333
1,816
1,981
1,957
2,281
3,177

143
182
402
539
378
448
991

1,082
1,151
1,414
1,442
1,579
1,833
2,186

2,019
1,270
1,637
2,666
3,151
3,297
2,171

920
673
323
395
882
1,683
488

1,099
597
1,314
2,271
2,269
1,614
1,682

78
100
94
207
259
281
287

2,548
2,202
2,446
3,078
4,370
4,340
3,685

2,118
2,359
2,097
2,367
3,149
3,720
3,458

430
-157
349
711
1,221
620
227

530
193
644
900
794
478
744

162
295
321
711
-188
640
825

82
12
136
165
390
402
380

Other developed countries:
1966
1967
1968
1969
1970
1971.
1972

620
781
858
1,120
1,600
1,904
1,528

304
352
409
498
588
648
807

75
106
137
204
271
245
349

229
246
272
294
317
403
458

310
397
440
617
953
1,238
608

84
133
210
136
261
346
194

227
264
229
481
692
892
415

7
32
9
4
59
19
113

421
566
638
772
1,100
1,520
953

407
460
531
671
841
1,170
985

14
106
107
101
259
350
-32

117
141
119
207
261
253
234

39
49
80
130
174
54
253

44
24
21
11
64
78
90

Latin America:
1966
1967
1968.
1969
1970
1971
1972.

776
619
1,230
1,376
1,509
1,517
1,815

660
647
759
650
632
800
688

218
204
265
149
86
179
35

442
443
494
501
546
621
653

109
-28
450
681
836
633
1,063

4
-54
-99
185
19
81
466

105
27
549
496
816
552
596

41
84
64

521
497
813
1,052
1,091
1,088
1,048

402
540
706
876
954
973
1,011

119
-43
107
176
137
115
37

92
31
198
154
264
76
300

52
36
128
81
21
258
335

112
54
91
90
134
95
130

Other developing countries, international,
and unallocated:
1966
1967.
1968.
1969
1970
1971.
1972

800
1,177
1,098
1,015
1,120
2,524
2,088

563
574
594
440
726
1,166
867

245
264
240
78
303
694
315

318
310
354
362
423
472
552

185
522
496
549
321
1,256
1,073

67
255
91
316
292
51
257

119
267
405
233
29
1,205
815

50
81
8
26
73
102
148

593
740
819
910
1,003
1,383
1,581

604
679
773
860
931
1,248
1,522

-11
61
46
50
72
135
59

133
134
37
164
-34
417
170

-14
256
179
-83
83
394
76

88
47
63
22
69
329
261

By industry:
Petroleum:
1966
1967
1968.
1969
1970
1971.
1972

..

By area:

*Less than $500,000 (±).
1. Summary of tables 8A-8G and 9A-9G.




(

\45

2. Foreign sources are outside the United States.
NOTE.—Details may not add to totals because of rounding.

SURVEY OF CURRENT BUSINESS

July 1975

31

Table IB.—Percent Distribution of Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies, 196672, by Indsutry and Area
Sources
External funds

Internal funds

Total
sources
equals
total
uses

Total

(1)

(2)

Undis- Depreciation
tributed and similar
charges
profits

(4)

(3)

Uses
Physical asset investment

Total

From
U.S.
sources

From
foreign
sources1

(5)

(6)

(7)

Other

Property,
Total plant, and
equipment
expenditures
(9)

(8)

(10)

Change in
inventories

Change in
current
receivables

(12)

(11)

Change in
cash and
Other
other shortterm assets

(13)

(14)

All industries, all areas:
5
5
2
4
5
5
6

75

78
72
73
81
72
68

65
77
63
60
64
62
64

10
1
9
12
16
10
4

14
9
14
16
13
10
13

4
10
9
9
1
11
13

7
3
4
2
6
6
5

10
8

\6
2
5

76
74
81
82
81
69
74

71
70
75
81
69
62
72

5
4
6
1
12
7
2

12
10
8
13
11
13
10

4
15
8
7
2
11
8

9
1
4
-1
6
7
8

*>2
7
12
7

30
21
33
39
41
28
23

2
3
2
4
5
5
5

79
82
68
69
86
77
61

64
85
57
49
63
64
56

15
-3
11
20
23
13
5

15
8
20
18
14
8
15

3
8
9
11
-3
11
20

4
2
3
2
3
4
3

20
-12
-14
1
-1
20
10

24
26
53
52
54
46
40

3
3
7
5
7
9
9

62
79
62
69
67
68
75

54
78
52
58
57
58
69

7
2
11
11
10
10
6

17
8
14
12
12
8
14

6
-2
13
9
8
13
6

15
15
11
9
13
11
6

29
-5
11
4
6

22
28
32
21
13
16
19

11
9
3
8
11
9
7

78
85
79
91
90
81
80

68
80
72
78
79
75
69

11
5
7
13
11
6
11

9
7
13
8
8
9
14

2
3
4
6
-1
10
12

11
5
4
-4
3
-1
-7

61
47
46
55
59
56
39

28
25
9
8
16
29
9

33
22
37
47
42
28
30

2
4
3
4
5
5
5

77
81
69
63
81
74
65

64
87
59
49
59
63
61

13
-6
10
15
23
11
4

16
7
18
19
15
8
13

5
11
9
15
—4
11
15

37
31
32
26
20
21
30

50
51
51
55
60
65
40

14
17
24
12
16
18
13

37
34
27
43
43
47
27

1
4
1
1
7

68
72
74
69
69
80
62

66
59
62
60
53
61
64

2
14
12
9
16
18
-2

19
18
14
18
16
13
15

6
6
9
12
11
3
17

7
3
2
1
4
4
6

28
33
22
11
6
12
2

57
72
40
36
36
41
36

14
-5
37
49
55
42
59

1
-9
-8
13
1
5
26

14
4
45
36
54
36
33

1
0
2
3
3
6
4

67
80
66
76
72
72
58

52
87
57
64
63
64
56

15
-7
9
13
9
8
2

12
5
16
11
17
5
17

7
6
10
6
1
17
18

14
9
7
7
9
6
7

31
22
22
8
27
27
15

40
26
32
36
38
19
26

23
44
45
54
29
50
51

8
22
8
31
26
2
12

15
23
37
23
3
48
39

6
7
1
3
7
4
7

74
63
75
90
90
55
76

76
58
70
85
83
49
73

-1
5
4
5
6
5
3

17
11
3
16
-3
17
8

-2
22
16
-8
7
16
4

11
4
6
2
6
13
13

100
100
100
100
100
100
100

47
57
56
48
45
46
53

12
17
18
15
13
16
18

34
40
38
33
32
30
35

49
38
42
48
50
49
41

22
15
6
10
14
16
12

27
23
36
38
35
33
30

Petroleum:
1966
1967
1968
1969
1970
1971
1972

100
100
100
100
100
100
100

48
42
47
39
44
47
44

5
8
7
1
9
19
9

42
34
39
38
35
28
34

43
50
53
57
50
51
51

20
26
20
27
34
19
18

23
24
33
30
17
32
33

Manufacturing:
1966
1967
1968
1969
1970
1971
1972

100
100
100
100
100
100
100

44
65
65
55
47
55
64

11
18
23
23
12
16
25

33
47
42
32
35
39
39

54
32
33
41
48
40
31

25
11

Other industries:
1966
1967
1968
1969
1970
1971
1972

100
100
100
100
100
100
100

53
83
54
43
40
25
42

29
45
29
19
19
8
15

24
38
25
24
20
17
26

44
14
39
53
53
66
49

Canada:
1966
1967 .
1968
1969
1970
1971 .
1972

100
100
100
100
100
100
100

37
63
68
77
65
71
68

11
25
28
34
22
29
30

26
38
41
42
43
42
38

52
28
29
16
24
19
25

Europe:
1966
1967
1968
1969
1970
1971
1972

100
100
100
100
100
100
100

37
49
51
41
36
39
56

4
7
11
11
7
8
18

33
43
40
30
29
31
39

Other developed countries:
1966
1967
1968
1969
1970
1971
1972..

100
100
100
100
100
100
100

49
45
48
44
37
34
53

12
14
16
18
17
13
23

Latin America:
1966
1967
1968
1969
_
1970
1971
1972

100
100
100
100
100
100
100

85
105
62
47
42
53
38

100
100
100
100
100
100
100

70
49
54
43
65
46
42

1966
1967
1968
1969
1970
1971
1972.
By industry:

(

(

By area:

-

-. .-

Other developing countries,
international,
and unallocated:
1966
1967
1968
1969
1970
1971
1972
*Less than 0.5 percent (±).

1. Foreign sources are outside the United States.




(*)

(*)

NOTE.—Details may not add to totals because of rounding.

2
(*)
3
7
7
7

SUKVEY OF CURRENT BUSINESS

32

July 1975

manufacturing and petroleum affiliates, curred within sources of external funds
these affiliates relied less on financing in 1968, when the relative share of U.S.
from depreciation because fixed assets funds declined markedly and that of
account for only a small proportion of foreign funds increased. The shift was
total assets in many of the industries in related to the imposition of more
which these affiliates are included.
stringent U.S. capital controls.
For affiliates in all industries combined, internal and external funds re- U.S. capital controls
mained relatively stable proportions of
During the period covered by these
total sources during 1966-72 (table 1). data, three U.S. capital control proThe largest shift in composition oc- grams were in force: (1) the Interest
Equalization Tax (IET), established
CHART 15
in 1963, which was levied on foreign
securities sold by foreigners to U.S.
Distribution of Sources and Uses of Funds for a Sample of Majority-Owned
residents; (2) the Voluntary Foreign
Foreign Affiliates of U.S. Companies: 1966-72 Average
Credit Restraint Program (VFCR),
established
in 1965, which set ceilings
USES
SOURCES
on U.S. bank lending to foreign residents; and (3) the voluntary program
for direct investment from 1965-67,
followed by the mandatory Foreign
Direct Investment Program (FDIP),
established in 1968, which regulated
U.S.-parent financing of foreign affiliates. These programs were intended to
restrain the outflow of capital from the
United States in order to improve the
Cast), Other
ShorWeroi Assets.
U.S. balance of payments. Controls on
8%
/ Current
Receivables
capital outflows were most stringent in
13%
1968 and were relaxed gradually until
they were terminated in 1974.
Two of the programs, the IET and
VFCR, had only a small impact on
affiliates' funds, because the major
U.S. Department of Commerce, Bureau of Economic Analysis

For "other industry" affiliates, external funds from foreign sources were
particularly large—44 percent of total
sources. (Affiliates in "other industries"
are those not classified in manufacturing or petroleum, including affiliates in
trade, finance, mining and smelting,
transportation, and other service industries.) Internal funds from undistributed profits and from depreciation
were nearly equal. Compared with

Table 2.—Percent Distribution of Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies,
1966—72 Average, by Industry and Area
Sources >
Total
sources
equals
total
uses

Total

(2)

(1)
All industries, all areas

Internal funds

External funds

Undis- Depreciation
tributed and similar
profits
charges

(3)

Uses'

(4)

Physical asset investment

Total

From
U.S.
sources

From
foreign
sources 2

Other

(5)

(6)

(7)

(8)

Total

Property,
plant, and
equipment
expenditures

Change in
inventories

(9)

(10)

(11)

Change in
current
receivables

Change in
cash and
other shortterm assets

Other

(12)

(13)

(14)

100

50

16

34

45

13

32

5

74

65

9

13

8

5

100
100
100

44
56
43

9
19
20

35
38
23

51
40
50

23
9
6

28
31
44

5
4
7

76
74
69

71
61
60

5
13
9

11
14
12

8
9
8

5
3
11

100
100

64
44

25
10

38
34

28
52

7
17

21
35

8
4

83
72

74
62

9
11

10
14

5
9

1
5

100
100

43
55

16
13

26
42

54
42

16
7

38
36

3
3

71
69

60
62

11
7

16
13

9
10

4
8

100

50

22

28

45

14

31

5

72

67

4

10

9

9

By industry:
Petroleum
M anuf acturing.
O ther industries
By area:
Canada
Europe..
Other developed countries
Latin America.
Other developing countries, international,
and unallocated

1. Computed by summing the data for each component for all years and dividing by the
sum of total sources (uses) for all years.




2. Foreign sources are outside the United States.
NOTE.—Details may not add to totals because of rounding.

SURVEY OF CURRENT BUSINESS

July 1975

U.S. source of funds to affiliates was sources" were subject to control under
financing from their U.S. parents, which either the FDIP, IET, or VFCR. In
addition, while total undistributed prowas subject to FDIP control.
Affiliates' sources of funds that were fits consists of shares of all owners, not
subject to U.S. capital controls are only U.S. parents, U.S. parents probincluded in two items shown in table 1: ably had substantial influence over the
(1) debt and equity funds subject to undistributed profits of other owners
the FDIP (from U.S. parents) and since all affiliates were at least 50
subject to the IET and VFCR (from percent owned by their U.S. parents.
Foreign affiliates could obtain funds
other U.S. residents) are included
in "external funds from U.S. sources" abroad from uncontrolled sources to
and (2) U.S. parents' stiares in their substitute for sources of funds from
affiliates' undistributed profits are in- U.S. residents that were subject to
cluded in total "undistributed profits." 3 control. Thus, any change in the comBoth "external funds from U.S. position of affiliates' sources of funds
sources" and "undistributed profits" that was influenced by U.S. capital
can be viewed as controlled sources. controls should be evident from a comNearly all "external funds from U.S. parison of controlled sources of funds—
external funds from U.S. sources and
3. U.S. parents' shares in the undistributed profits of
internal funds from undistributed profunincorporated affiliates are recorded in the U.S. balance of
payments accounts and were subject to FDIP control. U.S.
parents* shares in undistributed profits of incorporated
affiliates are not recorded in the U.S. balance of payments
accounts, but were sub ect to FDIP control because they
could be substituted for recorded capital outflows from U.S.
parents to their incorporated foreign affiliates, thereby reducing inflows from these affiliates in the form of dividends
to U.S. parents.

4. "External funds from foreign sources" includes debt
financing of one foreign affiliate by another foreign affiliate
of the same U.S. parent, which was subject to FDIP limits.
In general, such financing was not a significant source of
funds to affiliates, and its inclusion in external funds from
foreign sources does not materially affect the comparison of
this item with controlled sources of funds.

33

its—with external funds from foreign
sources shown in the table.4
In 1968, controlled sources of funds
declined sharply as a proportion of total
sources of funds, and the proportion of
external funds from foreign sources
increased. The decline in the proportion
of controlled sources was largely in
external funds from U.S. parents,
although under the FDIP U.S. parents
were permitted to supply funds to
foreign affiliates in excess of program
ceilings by borrowing abroad and using
the proceeds to offset their excess financing. The decline in external funds from
U.S. sources in 1968 probably reflected
U.S. parents' uncertainty concerning
the complex FDIP regulations and
their ability to finance affiliates within
program limits. After 1968, controlled
sources began a 4-year rise, primarily
due to the rise in external funds from
U.S. sources, particularly U.S. parents.
The 1968 decline in controlled sources
occurred during a period of expansion
in affiliates' physical asset investment

Table 3.—Sources of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies in the European Economic
Community (6),21966-72, by Industry!
[Millions of dollars or percent]

External funds

Internal funds
Total sources
of funds

Undistributed
profits

Total

Amount Percent Amount Percent Amount
(1)

All industries:
1966
1967
1968
1969 . .
1970
1971.1972
Average, 1966-72..

1,778
1,782
1,884
2,712
3,126
3,727
4,108
2,731

Petroleum:
1966
1967
1968 .
1969
1970 .
1971 .
1972
Average, 1966-72..

478
636
494
633
863
814
975
699

Manufacturing :
1966
1967
1968
1969..
1970
1971
1972 .
Average, 1966-72..
Other industries:
1966
1967
1968
1969 .
1970
1971
1972
Average, 1966-72..

(2)

(4)

(3)

(5)

Depreciation and
similar charges

From foreign
sources l

From U.S.
sources

Other

Percent Amount Percent Amount Percent Amount Percent Amount Percent Amount Percent
(6)

(8)

(7)

(9)

(10)

(11)

(12)

(13)

(14)

(16)

(15)

100
100
100
100
100
100
100
100

696
782
976
1,237
1,176
1,366
1,906
1,163

39
44
52
46
38
37
46
43

46
97
159
351
195
216
488
222

3
5
8
13
6
6
12
8

650
685
817
886
981
1,150
1,418
941

37
38
43
33
31
31
35
34

1,060
943
864
1,398
1,821
2,224
2,063
1,482

60
53
46
52
58
60
50
54

494
284
87
249
414
1,035
590
450

28
16
5
9
13
28
14
16

567
659
777
1,149
1,407
1,189
1,472
1,031

32
37
41
42
45
32
36
38

22
58
43
77
130
138
140
87

1
3
2
3
4
4
3
3

100
100

21
18
33
5
21
19
16
19

-52
-37
-45
-150
-28
-81
-93
-69

-11
-6
-9
-24
-3
-10
-10
-10

154
153
208
184
212
235
253
200

32
24
42
29
25
29
26
29

364
490
326
595
654
654
811
556

76
77
66
94
76
80
83
80

163
153
56
307
231
589
373
267

34
24
11
48
27
72
38
38

201
337
270
288
423
65
438
289

42
53
55
45
49
8
45
41

12
30
5
3
26
6
4
12

3
5

* 100
100
100
100
100

102
116
163
34
184
154
160
130

1,189
1,064
1,249
1,906
2,005
2,504
2,721
1,805

100
100
100
100
100
100
100
100

552
633
771
1,150
929
1,138
1,676
978

46
59
62
60
46
45
62
54

84
119
186
483
202
275
571
274

7
11
15
25
10
11
21
15

468
514
585
667
727
863
1,105
704

39
48
47
35
36
34
41
39

629
417
453
696
1,000
1,277
947
774

53
39
36
37
50
51
35
43

281
111
19
-73
110
350
112
130

24
10
2
-4
5
14
4
7

347
306
434
768
891
927
835
644

29
29
35
40
44
37
31
36

9
13
25
60
76
90
97
53

1
1
2
3
4
4
4
3

110
82
140
173
257
409
412
226

100
100
100
100
100
100
100
100

38
38
30
30
25
18
17
23

14
14
18
17
21
22
9
16

13
17
13
10
8
5
2
7

28
17
24
35
42
52
61
37

25
21
17
20
16
13
15
16

68
36
85
107
166
293
304
15

62
44
61
62
65
72
74
67

50
20
12
15
73
96
106
53

45
24
9
9
28
23
26
23

18
16
73
92
93
197
198
98

16
20
52
53
36
48
48
43

1
14
13
14
28
42
38
21

1
17
9
8
11
10
9
9

. 100

42
31
42*
52
63
74
70
53

*Less than 0.5 percent (±).
1. Foreign sources are outside the United States.
2. The "European Economic Community (6)" consists of Belgium, France, Germany,
Italy, Luxembourg, and the Netherlands.




Total

NOTE.—Details may not add to totals because of rounding.

(<>
(*)

!
2

SURVEY OF CURRENT BUSINESS

34

July 1975

To finance this expansion, affiliates ates increased and, from 1968 on, ac- uses, property, plant, and equipment
supplemented funds from controlled counted for a higher proportion of total expenditures were 61 percent, the change
sources and from depreciation with ex- sources. For petroleum affiliates, foreign in inventories 13 percent, and other
ternal funds from foreign sources, par- external funds were significant in most investment, primarily in financial asticularly from 1968 to 1970. Those years, even before 1968.
sets, 26 percent.
U.S. parents who did not want to borInvestment in physical assets was a
row abroad to finance affiliates under
slightly
larger proportion for petroleum
Uses of Funds
the FDIP encouraged their affiliates
than for manufacturing affiliates. Petroto borrow in foreign capital markets.
The resources available to affiliates leum affiliates' property, plant, and
The impact of the FDIP was partic- during 1966-72 were used largely to equipment expenditures averaged 71
ularly strong on the six countries then finance physical asset investment, which percent, the change in inventories 5
in the European Economic Community averaged 74 percent of total uses (table percent, and other investment, pri(EEC), which were included among de- 2 and chart 15). The major component marily in financial assets, 24 percent.
veloped countries in Schedule C.5 The of physical asset investment was gross
Investment in physical assets by
effects of U.S. controls on EEC affiliates expenditures for property, plant, and affiliates in "other industries" was 69
can be seen in table 3. Controlled equipment; the change in inventories percent of total uses; other investment,
sources of funds for EEC affiliates in was small. The change in current re- primarily in financial assets, was 31
all industry groups declined in 1968. At ceivables, cash, and other short-term percent. Investment in financial assets
the same time, external funds from assets averaged 21 percent of total uses, by "other industry" affiliates was proforeign sources for nonpetroleum affili- and the change in "other" uses, which portionately larger than that for manuconsists of long-term financial assets, facturing and petroleum affiliates and
5. Under the FDIP, foreign countries—excluding Canintangible assets, and adjustment items, reflected the inclusion in the "other
ada—fell within one of three scheduled areas: Schedule A,
for most developing countries; Schedule B, for a few indusindustries" group of holding, trading,
averaged 5 percent.
trialized countries and certain oil-producing countries; and
Nearly three-fourths of investment and finance companies whose assets are
Schedule C, for all developed countries not included in
Schedule B. FDIP limits on financing of foreign affiliates
by manufacturing affiliates was in largely financial.
were most stringent for Schedule C and least stringent for
physical assets. As proportions of total
During 1966-72, affiliates' allocation
Schedule A countries.
Table 4.—-External Funds From MNC and Non-MNC Sources for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies,
1966-72, by Industry
[Millions of dollars or percent]
From MNC 1 sources
Total external funds

Amount

Percent

(1)

(2)

From non-MNC sources

Foreign affiliates2 8of
U.S. parent

U.S. parent

Foreign debt2
financing

Foreign equity
financing2 8

U.S. debt and
equity financing

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

Amount

Percent

(3)

(4)

(5)

(6)

(7)

(8)

(9)

(10)

(11)

(12)

All industries:
1966
1967
1968.
1969
1970
19711972
Average, 1966-72

3,639
2,595
3,480
4,761
5,697
6,800
5,473
4,635

100
100
100
100
100
100
100
100

1,478
1,022
504
948
1,607
2,012
1,348
1,274

41
39
14
20
28
30
25
27

112
231
83
388
331
245
408
257

3
9
2
8
6
4
7
6

1,815
1,215
2,780
3,225
3,568
4,263
3,351
2,888

50
47
80
68
63
63
61
62

62
135
145
198
147
58
176
132

2
5
4
4
3
1
3
3

169
-9
-31
2
44
223
190
84

Petroleum:
1966
1967
1968
1969
1970
1971. .
1972
Average, 1966-72

,095
,561
,730
,797
,971
2,780
2,462
1,914

100
100
100
100
100
100
100
100

399
814
677
841
1,333
1,083
837
855

36
52
39
47
68
39
34
45

84
148
99
164
-45
163
56
96

8
9
6
9
-2
6
2
5

500
556
918
756
696
1,591
1,547
938

46
36
53
42
35
57
63
49

10

1
-7
2
19

1
3
3
2

100
-8
-13
10
-15
-49
19
6

Manufacturing:
1966
1967
1968
1969 .
1970
1971
1972
Average, 1966-72

1,997
918
1,206
2,096
2,511
2,172
1,916
1,831

100
100
100
100
100
100
100
100

818
284
4
88
309
429
367
328

41
31

2
15
1
8
9
8
3
7

994
407
1,112
1,765
1,810
1,330
1,269
1,241

50
44
92
84
72
61
66
68

54
62
77
76
106
36
118
76

3

12
20
19
18

44
139
14
173
236
168
63
120

6
4
4
2
6
4

87
25
-1
-7
51
209
99
66

Other industries:
1966
1967.
.
1968
1969
1970
1971
1972
Average, 1966-72.

547
117
544
867
1,215
1,848
1,095
890

100
100
100
100
100
100
100
100

261
-77
-177
18
-35
500
143
90

48
-66
-33
2
-3
27
13
10

-16
-55
-30
51
140
-86
289
42

-3
-47
-6
6
12
-5
26
5

322
252
750
705
1,062
1,342
535
710

59
216
138
81
87
73
49
80

-3
22
19
94
40
29
56
37

-1
19
3
11
3
2
5
4

-18
-26
-17
-2
8
63
72
11

(*)

*Less than 0.5 percent (±).
1. The MNC consists of the U.S. parent and foreign affiliates of the U.S. parent.
2. Foreign sources are outside the United States.




S
27

8
(>)

i

5
(•)
(*)
3
3
2
9
-1
-1
1
-1
-2
1
(*)
4
3
(*)
(<)

2
10
5
4
-3
-22

°~!3
1

3. Equity funds provided by foreign affiliates of U.S. parent are included in foreign equity
financing from non-MNC sources.
NOTE.—Details may not add to totals because of rounding.

SURVEY OF CURRENT BUSINESS

July 1975

35

of resources between physical and sources and examines the factors that investment; since use of the ratio as a
financial asset investment was relatively motivated such borrowing. Use is made determinant of borrowing from foreign
stable. In 1970, however, the relative of a ratio similar to the ratio of invest- non-MNC sources assumes that physshare of physical asset investment in- ment in physical assets to internal ical asset investment is the form of
creased, and there was no investment in sources of funds that is frequently used investment that is the most important
"cash and other short-term assets/' as an explanatory variable for external to affiliates' operations, its use is not
Manufacturing affiliates in developed financing in domestic financial analysis. appropriate for these industries. In
areas reduced their cash holdings, pos- In the ratio used here, external funds manufacturing, the pattern of borrowsibly to finance their physical asset from MNC sources, as well as internal ing from foreign non-MNC sources
investment or to distribute profits; funds, are placed in the denominator largely reflects that of the developed
distributed profits of these affiliates, since both sources are controlled ulti- areas (table 5). Accordingly, the followparticularly in the EEC, increased mately by the U.S. parent through ing discussion focuses on manufacturing
sharply in 1970.
its majority ownership in the affiliate affiliates in these areas. Most petroleum
(table 5). The ratio is expressed as a MNC's have highly integrated operaBorrowing From Foreign Non- percentage—i.e., multiplied by 100. tions encompassing all stages of proAccordingly, a ratio of 100 indicates duction and distribution—exploration,
MNC Sources
that MNC-controlled sources were just extraction, refining, transportation, and
Both U.S. and foreign sources of sufficient to finance physical asset marketing. As a result, there is conexternal funds consist of MNC and investment by the affiliates; a ratio siderable mobility of resources among
non-MNC sources. MNC sources are above 100 indicates that these sources petroleum affiliates of the same U.S.
the U.S. parent and other foreign affili- were insufficient, and a ratio below 100, parent. Since petroleum MNC's genates of the U.S. parent. Table 4 and that they were more than sufficient. erally operate in both developed and
chart 16 show affiliates' external funds Changes in the ratio are then compared developing areas, the following discusfrom MNC and non-MNC sources, and with changes in borrowing from foreign sion of petroleum affiliates focuses on
the U.S. and foreign components of non-MNC sources. To the extent that all areas combined.
each. During 1966-72, U.S. parents correlation is lacking between the two,
provided most external funds from factors other than physical asset invest- Manufacturing
MNC sources;6 borrowing from foreign ment must have motivated the borrowPhysical asset investment began to
residents provided most external funds ing. Suggestions regarding the nature rise in 1968, due mainly to inventory
from non-MNC sources.
investment. The rise continued in 1969
of these factors are made.
The remainder of this section focuses
The discussion is confined to manu- and 1970 as both inventory investment
on borrowing from foreign non-MNC facturing and petroleum affiliates. Affili- and spending for property, plant, and
ates making up the "other industry" equipment increased. In 1971, physical
CHART 16
group are heavily weighted by affiliates asset investment turned down, due to
in industries in which physical asset a decline in inventory investment; in
Distribution of External Sources of Funds
investment is swamped by financial 1972, both components declined. These
From MNC and Non-MNC Sources for a
changes in physical asset investment
Sample of Majority-Owned Foreign
6. For a given affiliate, equity capital provided by other
appear to have been cyclical and related
foreign affiliates of the U.S. parent is included in external
Affiliates of U.S. Companies: 1966-72
to
changes in foreign business confunds from non-MNC sources since it was not reported
separately. From the standpoint of the analysis in this secditions.
In 1969 and 1970, MNC-conAverage
tion, it would have been preferable to include it instead in
trolled
sources
grew more slowly than
external funds from MNC sources. However, the amounts
involved are small. This is suggested by the fact that equity
physical
asset
investment;
in 1971 and
capital from all foreign sources averaged only 3 percent of
1972,
these
sources
increased
while
affiliates' total external sources.
Table 5.—Ratio of Physical Asset Investment to Internal Funds and External Funds From
MNC Sources, for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies,
1966-72 !, Petroleum and Manufacturing by Area
[Percent]

Petroleum , all areas
Developed countries _
Developing countries, international, and unallocated
Foreign Equity
3%
U.S. Debt & Equity

Manufacturing, all areas
Developed countries
Developing countries, international, and unallocated
D

* MNC sources are U.S. parents and foreign affiliates of U.S. parents.
U.S. Department of Commerce, Bureau of Economic Analysis




1966

1967

1968

1969

1970

1971

1972

Average
1966-72

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

115

102

115

116

137

125

124

121

(D)
(D)

105

99

119

109

104

114

116
100

84

75

104

110

92

126

118

102

103

114

150

117

86

112

117

100

100

116

155

115

82

111

128

118

126

100

111

142

110

117

Suppressed to avoid disclosure of data for individual reporters.
1. Percent ratio for each year equals table 8 columns 8+ 9/(table 8 columns 2+5 and table 9 columns 3+7). Average ratio is
computed by dividing the sum of physical asset investment for all years by the sum of internal and MNC-source funds for all
years.

SURVEY OF CURRENT BUSINESS

36

physical asset investment declined (table 6). Since the changes in MNCcontrolled sources (the denominator of
the ratio) were smaller than—or in the
opposite direction from—changes in
physical asset investment (the numerator), the ratio generally moved in
the same direction as physical asset
investment.
Increases (decreases) in the ratio of
physical asset investment to MNCcontrolled sources were generally associated with increases (decreases) in borrowing from foreign non-MNC sources.
The major exception was in 1968, when
the ratio was unchanged but borrowing
registered the sharpest increase of the
period (table 7). This increase was probably due to anticipation of physical

asset investment in 1969-70, as well as
to the uncertainty of obtaining financing from U.S. parents under FDIP
control, mentioned above.
In 1970, the ratio registered its largest
increase. In contrast, the increase in
borrowing from foreign non-MNC
sources was very small. Affiliates apparently reduced liquid assets financed
by their heavy borrowing in 1968 and
1969 to finance physical asset investment in 1970. Tighter credit conditions
abroad than in the United States may
also have been a factor in the deceleration of borrowing.
Petroleum

For petroleum affiliates, the ratio
generally moved in the opposite direc-

July 1975

tion from physical asset investment.
For example, the sharpest increases in
physical asset investment occurred in
1967, 1970, and 1971; however, MNCcontrolled sources rose even more, so
that the ratio declined in those years.
Changes in the ratio show little association with changes in borrowing from
foreign non-MNC sources. The large
increase in such borrowing that occurred
in 1968 is probably traceable to the
imposition of FDIP control in that year.
In 1971, borrowing from foreign nonMNC sources may have been in
response to the foreign exchange crises
that followed the floating and revaluation of several leading currencies against
the dollar, the suspension of dollar convertibility in August, and the sub-

Table 6.—Components of the Ratio of Physical Asset Investment to Internal Funds and External Funds from MNC Sources, for a Sample
of Majority-Owned Foreign Affiliates of U.S. Companies, 1966-72, Petroleum and Manufacturing by Area
Millions of dollars
Physical asset investment

Total

Petroleum:
1966
1967
1968
1969
1970
1971
1972
Developed countries:
1966
1967
1968
1969
1970
1971
_
1972.
.

-

---

. . ._
_
_

_

---

.
---

_
--

Developing countries, international, and
unallocated:
1966. 1967
1968.
1969
1970.
1971. , .1972
Manufacturing:
1966
.1967
1968
1969
1970
1971
1972
Developed countries:
1966. . . .
1967
1968
19691970
19711972
Developing countries, international, and
unallocated:
1966
1967
1968
.
1969
1970
1971
.
1972

Property,
plant, and
equipment
expenditures

Funds ultimately controlled by
MNC

Change
in
inventories

Total

Internal
funds

Physical asset investment

Funds ultimately controlled by
MNC

Property,
plant, and
equipment
expenditures

Change
in
inventories

18
14
-1
21
20
-5

19
12
5
5
27
2

-1

64
-79
1,042
-22
-66

33

1
-2
34
27
-21

7
17
-18
38
50
-18

99
-19
30
28
-3
-28

14
3
-8
29
16
-11

17
1
-1
9
28
-8

-13
35
-70
682
-33
-36

25
4
-6
(D)
17
-19

6
28
-12
47
13
22

43
-13
1

99
349

28
36
8
10
24
4

25
31
13
1
25
15

85
2,050
-113
2,200
14
-127

44
-2
2
(D)
41
-24

7
9
-23
30
86
-41

3
-14
20
32
7

-114
594
164
18
-42
-58

-7
5
29
-3
20
24

17
27
19
-13
22
34

-51
-96
1,350
109
10
-28

External
funds from
MNC
sources

Total

Total

Internal
funds

External
funds from
MNC
sources

1,956
2,310
2,640
2,607
3,152
3,770
3,595

1,839
2,194
2,450
2,567
2,695
3,414
3,475

117
116
190
40
457
356
120

1,709
2,271
2,302
2,250
3,009
3,823
3,016

1,226
1,309
1,526
1,245
1,721
2,577
2,123

483
962
776
1,005
1,288
1,246
893

1,347
1,532
1,583
1,460
1,888
2,199
1,961

1,217
1,419
1,431
1,415
1,536
1,963
1,809

130
113
152
45
352
236
152

986
1,228
1,282
1,208
(D)
2,111
1,716

487
516
661
580
855
963
1,172

499
712
621
628

608
778
1,059
1,147
1,263
1,571
1,634

621
776
1,020
1,152
1,158
1,451
1,666

-13
-2
39
-5
105
120
-32

724
1,043
1,020
1,042
(D)
1,712
1,299

739
794
865
665
866
1,613
950

2,902
2,349
2,472
3,514
4,493
4,213
3,820

2,349
2,427
2,087
2,499
3,298
3,517
3,527

453
-78
385
1,015
1,195
696
293

2,464
2,298
2,405
3,095
2,997
3,593
4,449

1,602
1,875
2,387
2,834
2,452
2,996
4,019

862
423
18
261
545
597
430

-19
5
42
28
-6
-9

2,571
2,060
2,103
3,016
4,116
3,761
3,210

2,118
2,142
1,805
2,210
2,972
3,140
3,024

453
-82
298
806
1,144
621
186

2,204
2,051
2,111
2,598
2,654
3,273
3,895

1,390
1,705
2,146
2,553
2,223
2,736
3,646

814
346
-35
45
431
537
249

-20
2
43
36
-9
-15

1
-16
22
34
6
-4

118
463
170
42
-46
-70

-7
3
23
2
23
19

23
26
19
-13
23
33

-57
-110
229
958
25
-54

333
289
370
498
378
452
608

232
285
283
289
326
377
502

101
4
87
209
52
75
106

260
246
293
497
342
319
554

212
170
240
281
229
260
373

48
76
53
216
113
59
181

-13
28
35
-24
20
35

23
-1
2
13
16
33

-96
2,075
140
-75
44
41

-5
19
70
-31
-7
74

-20
41
17
-19
14
43

58
-30
308
-48
-48
207

"Less
than 0.5 percent. (±).
D
Suppressed to avoid disclosure of data for individual reporters.




Percent change from preceding year

(D)
1,148
544

(D)

-15
249
155
377

(*)

NOTE.—Details may not add to totals because of rounding.

(D)

(D)

22
-53

1,760
-38
143
-71
253

SURVEY OF CUEEENT BUSINESS

July 1975

Table 7.—External Funds Borrowed Abroad From MNC and Non-MNC Sources by a Sample
of Majority-Owned Foreign Affiliates of U.S. Companies, 1966-72
[Millions of dollars]
1966

1967

1968

1969

1970

(1)

(2)

(3)

(4)

(5)

1 928

1 147

3 889

4 5og

331

245

1,215

2 863
' 83
2 780

3 614

1,815

3,225
1,277

3,568
1,860

759

4,263
1,860
1,613

247

1,870

1,948

1,101
1,708

318
384
-66

2,403

3,033

1,601

1,587

1,354

2,022

2,452

1971

(6)

1972

(7)

All industries:
Total cxtern&l funds borrowed abro&d
From MNC sources ^ ^ 3
From non-MNC sources
Financial institutions
.

112

231

962
439
523
853
205
649

Other
Short-term

782
445
337
433
131
302

910
582
328
269

388

472
805

354

361

381

3 760

408

3,351

582

Petroleum:
Total exteriml funds borrowed nbro&d
From MNC sources * ' 3
From non-MNC sources
Financial institutions
-Long-term
_
Short-term .
Other _
Long-term
Short-term

.

-

584
84
500
168
70
98
332
23
309

703
148
556
406
171
234
150
30
121

1 017

919
164
756
326
106
220
430
38
392

651
—45
696
286
136
150
410
66
345

1 753

1 604

99
918
183
168
15
735
135
600

1,591

1,547

298
252
46

377
230
147

1,293

1,170

1,142

207
963

1,038

44
994
739
336
403
255
85
170

547
139
407
211
188
23
196
60
137

1,126

1,938

2,045

1,498

1.332

236

168

63

1,112

1,765

1,810

1,330

1,269
-193

306
-16
322
55
33
22
267
97
170

197
—55
252
166
86
80
86
42
44

720
—30
750
530
360
170
220
12
208

- --

-

163

151

56

Manufacturing:
Total external funds borrowed abroad
From MNC sources * ' 3 . From non-MNC sources
Financial institutions
Long-term
.
Short-term.
..
Other
Long-term
_
Short-term

--

-

-- - _ _
_.

14

197
54
143
915
121
794

173
639
81
558

877
86
792
933
146
786

1,126

269
856

473
453
20
857
167
691

114

-307
1,462

240

1,222

Other industries:
Total external funds borrowed
abroad
From MNC sources * 2
From non-MNC sources 3
Financial institutions
Long-term
Short-term
Other ...
Long-term
Short-term

_. . _

._

_

756
51
705
312
284
28
393
54
339

1,202

824
289
535
134
40
94
401
134
267

1,256

140

-86

1,342
1,088

1,062

697
537
159
365
142
223

907
181
254
64
190

1. The MNC consists of the U.S. parent and other foreign affiliates of the U.S. parent.
2. See table 4, column 5, and table 9, column 7.
3. See table 4, column 7, and table 9, columns 8, and 11.
NOTE.—Details may not add to totals because of rounding.
Table A.—Comparison of Number of Affiliates and Value of U.S. Direct Investment Abroad
in All Foreign Affiliates and in a Sample of Majority-Owned Foreign Affiliates of U.S.
Companies, 1966, by Industry and Area
[Millions of dollars, number, or percent]
Number of affiliates

Universe Sample

All industries, all areas. _

Value of U.S. direct investment abroad *
Universe 2

Sample

Percent:
Sample/
Universe

Value

Percent
distribution

Value

(3)

(4)

(5)

(6)

Percent
Sample/
Percent Universe
distribution

(1)

(2)

23,123

3,273

14

51, 792

100

25, 640

100

50

1,868
11, 955

9,300

705
1,690
878

38
18
7

13,893
20,740
17, 159

27
40
33

10,666
10,064
4,910

42
39
19

77
49
29

4,354
8,648
2,086
5,337

583
1,246
411
673

13
14
20
13

15, 713
16, 390
3,187
9,752

30
32
6
19

6,362
9,619
1,835
4,355

25
38
7
17

41
59
58
45

2,698

360-

13

6,749

13

3,469

14

51

(7)

(8)

37

sequent realignment of currencies in
December 1971. Affiliates may have
used the proceeds of such borrowing to
increase liquid assets held in foreign
currencies to protect themselves against
the devaluation of dollar-denominated
assets, such as receivables.
Technical Appendix
The data

The data shown here are for a sample
of majority-owned foreign affiliates of
U.S. companies. Data for 1966 were
obtained from the mandatory benchmark Survey of American Business
Investments in Foreign Countries and,
for 1967-72, from the annual voluntary
survey, Sources and Uses of Funds of
U.S. Direct Investments Abroad. Reports
for each affiliate were linked year to
year and corrected for inconsistencies
in item reporting or in the affiliate's
classification by country or industry.
(For affiliates reported in the 1966
benchmark survey, country and industry classifications from that survey
were maintained for all later years.
Affiliates that did not exist in 1966
were classified by country and industry
from information given the first time
they were reported in the annual
surveys.)
The 1966-72 data in this article are
not comparable with data on foreign
affiliates' sources and uses of funds previously published in the SURVEY OF
CURRENT BUSINESS. Previous articles
presented universe or sample data for
majority and minority-owned foreign
affiliates, excluding those indirectly
owned by U.S. parents and including
only those in 7mining, petroleum, and
manufacturing. This Article presents
sample data for majority-owned affiliates only, both directly and indirectly
owned, in all industries except banking
and insurance. In addition, the sample
data in this article exclude, but in
previous articles included, affiliates that
were reported sporadically. Finally, the
1966-72 sample data have not been
expanded to universe estimates.

By industry:
Petroleum
Manufacturing
Other industries
By area:
Canada
Europe ..
Other developed countries
Latin AmericaOther developing countries,
international, and unallocated

1. The value on the books of foreign affiliates for net outstanding debt and equity investment between affiliates and their
U.S. parents, plus equity investment in affiliates held by other U.S. owners.
2. Data for the universe of all (majority and minority-owned) foreign affiliates have been published in Table A-3.—
Value of U.S. Direct Investment Position Abroad, Major Industry by Country, in U.S. Direct Investment Abroad, 1966:
Final Data. Copies of this supplement to the SURVEY OF CURRENT BUSINESS can be purchased from the Superintendent of
Documents, U.S. Government Printing Office, Washington, D.C. 20402. The price is $5.15. The catalog number is C56.109/4:
NOTE.—Details may not add to totals because of rounding.




The sample

Only majority-owned foreign affiliates
were selected for the sample. Majorityowned affiliates are owned at least 50
percent, directly or indirectly, by the
U.S. parent. An indirectly owned affiliate is one that is directly owned by
another foreign affiliate of the U.S.
parent rather than by the U.S. parent
itself. Indirect ownership in a given
affiliate is calculated by multiplying the
7. For example, see the November 1970 SURVEY for sample
data for 1963-65,1967, and 1968, or the January 1967 SURVEY
for universe estimates for 1963-65.

more. Most of these publicly held Definition of items front table 1
companies were Canadian.
Internal junds is the sum of unOf about 23,100 foreign affiliates
reported in the 1966 benchmark survey, distributed profits and charges to net
about 20,500 were majority-owned. income for depreciation, depletion, and
The sample for 1966 includes about amortization of assets.
Undistributed profits equals net in3,300, or 16 percent of these majoritycome
after foreign income taxes less
owned affiliates. However, it accounts
for 56 percent of the $8.7 billion in distributed profits of both incorporated
property, plant, and equipment ex- and unincorporated foreign affiliates.
penditures of all majority-owned The amount reported as net income
for a foreign affiliate generally did not
affiliates in 1966 (table B).
By industry, 1966 property, plant, include unrealized gains or losses from
and equipment spending in the sample the translation into U.S. dollars of
is weighted more heavily by petroleum affiliates' accounts expressed in a foreign
affiliates than it is in the universe of currency. When translation gains or
majority-owned affiliates. This reflects losses were known to be included, they
the fact that petroleum affiliates are were deducted from net income and
owned by a few U.S. companies, most added to "other" sources of funds.
Other (sources) consists of unalof which reported in the voluntary
1967-72 surveys. The proportion of located sources of funds, such as
total expenditures accounted for by capital contributions of foreign owners
manufacturing affiliates is about the or debt financing that could not be
same for the 1966 sample and universe attributed to U.S. or foreign sources,
of majority-owned affiliates. The pro- and adjustment items; for 1967-72,
portion accounted for by affiliates in the net book value of fixed assets sold
"other industries" is smaller for the by affiliates is also included.
Physical asset investment consists of
sample. The geographic distribution of
gross
expenditures for fixed assets—
spending in the sample is similar to
that in the universe of majority-owned property, plant, and equipment—and
affiliates, although the sample is the change in inventories. Affiliates'
is slightly biased toward spending by sales of fixed assets, at net book value,
could not be netted against gross exaffiliates in developed countries.
There is considerable continuity in penditures because such sales were not
the sample from 1966 to 1972 (table reported separately. For 1966, sales of
C). Affiliates that remained in the fixed assets are included with depreciasample for the entire period accounted tion and similar charges, and for
for 98 percent in 1966, and 86 percent 1967-72, with "other" sources of funds.
in 1972, of property, plant, and equip- The change in inventories has not been
ment spending by the total sample in adjusted for differences in valuation.
Change in current receivables is the
1966 and 1972, respectively. The largest
change
in affiliates' current receivables
affiliates deleted were several mining,
due
from
all foreign residents. (Current
communications, and petroleum affilireceivables
due from U.S. parents or
ates in Latin America that were liquiother
U.S.
residents are included in
dated or became minority-owned.
external funds from U.S. sources.)
Other (uses) consists of changes in
long-term financial assets due from all
Table B.—Comparison of Property, Plant, and Equipment Expenditures by all MajorityOwned Foreign Affiliates and by a Sample of Majority-Owned Foreign Affiliates of U.S.
foreign residents, intangible assets such
Companies, 1966, by Industry and Area
as patents, trademarks, or copyrights,
and adjustment items. (Long-term fi[Millions of dollars or percent]
nancial assets due from U.S. parents
Majority -owned foreign affiliates
or other U.S. residents are included in
external funds from U.S. sources.)

percentage ownership interest of the
U.S. parent in a directly-owned affiliate
by that affiliate's direct ownership in a
second foreign affiliate, by the second
affiliate's direct ownership, if any, in a
third affiliate, and so on through the
ownership chain until the given affiliate
is reached. For example, if the U.S.
parent owns 80 percent of affiliate A,
and affiliate A owns 70 percent of
affiliate B, the U.S. parent indirectly
owns 56 percent of affiliate B.
Majority-owned affiliates that were
newly established or acquired after
1966,
and affiliates that became
majority-owned after 1966, were added
to the sample in the year they became
majority-owned. Affiliates were dropped
from the sample in the year that they
were liquidated, sold, or became
minority-owned. If a majority-owned
affiliate failed to report sources and uses
of funds data for any year during the
period, it was excluded from the sample
for all years.
A relatively small number of affiliates
accounts for a very large portion of the
value of U.S. direct investment abroad.
This is reflected in the sample; it contains relatively few affiliates, but covers
a significant portion of the value of
direct investment of the universe. Table
A compares the value of U.S. direct
investment abroad of the sample with
the universe in 1966. The geographic
distribution of the value of direct
investment for the sample parallels
closely that for the universe, but gives
somewhat mora weight to direct investments in developed countries other than
Canada. Canada's weight is lower in
part because the sample excludes all
foreign companies in which U.S. ownership exceeded 50 percent and in which
no one U.S. person owned 10 percent or

Sample

Universe *

AH industries, all areas

Expenditures

Percent
distribution

Expenditures

Percent
distribution

(1)

(2)

(3)

(4)

Percent:
sample/
universe

Table C.—Proportion of 1966 and 1972
Property, Plant, and Equipment Expenditures by the Sample of MajorityOwned Foreign Affiliates, Accounted for
by Affiliates in the Sample for All Years
1966-72, by Industry and Area

(5)

8,724

100

4,860

100

56

2,442
4,396
1,885

28
50
22

1,839
2,349
672

38
48
14

75
63
36

[Percent]

By industry:
Petroleum
Manufacturing
Other industries

...
By area:

Canada
...
Europe
Other developed countries
Latin America. . _. .-.
. . _ ..
Other developing countries, international and
unallocated

All industries, all areas

-

1972

98

86

98
99
96

90
84
83

99
99
99
90

92
87
97
83

98

73

By industry:
2,480
3,473
733
1,034

28
40
8
12

1,329
2,118
407
402

27
44
8
8

54
61
56
39

1,004

12

604

12

60

1. Data for the universe of majority-owned foreign affiliates have been published in Table M-9.—Uses of Funds of MajorityOwned Foreign Affiliates, Major Industry by Country; Item: Expenditures on Property, Plant, and Equipment, in U.S.
Direct Investment Abroad, 1966: Final Data. Copies of this supplement to the SURVEY OF CURRENT BUSINESS can be purchased from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. The price is
$5.15. The catalog number is C56.109/4:IN 8/966.
NOTE.—Details may not add to totals because of rounding.




1966

Petroleum
M anuf acturing
Other industries

.

By area:
Canada
Europe
Other developed countries
Latin America
Other developing countries, international,
and unallocated
---

SURVEY OF CURRENT BUSINESS

July 1975

39

Table 8A.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1966, Industry by Area
[Millions of dollars; increase -f, decrease — J
Sources
Total
sources UndistribDisequals uted profits
Net
trib(equals net
total
income less income uted
uses
profits
distributed
profits)

Industry by area

(2)

(1)
All industries, all areas
Developed countries -

-

Canada.
_
Europe .
United Kingdom
European Economic Community
(6)2
Other Europe
Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa 3
Middle East
Other Asia and Pacific

- ---

International and unallocated
Petroleum, all areas
Developed countries
Canada
Europe
United Kingdom .
.
European Economic Community
(6) 2
_.
Other Europe
Japan
- Australia, New Zealand, and South
Africa
Developing countries

__ _ .

(3)

(4)

Uses

Depreciation
Exand similar ternal
funds *
charges

(5)

(6)

Other

(7)

Property,
plant, and
Change in
equipment Change in
current
expendi- inventories receivables
tures

(8)

(9)

(10)

Change in short-term
assets
Other
Total

Cash

Other

(11)

(12)

(13)

(14)

7,487

901

3,538

2,638

2,583

3,639

364

4,860

762

1,055

269

42

226

541

5,911

438

1,293

855

1,822

3,345

306

3,854

654

830

231

11

220

341

1,968
3,323
992

219
143
24

522
614
224

303
471
200

512
1,082
316

1,015
2,019
624

221
78
28

1,329
2,118
558

210
430
157

182
530
196

31
162
47

-4
-8
7

34
170
40

216
82
34

1,778
553
264

46
74
13

248
142
19

202
68
6

650
116
63

1,060
335
183

22
29
5

1,282
278
117

224
50
25

210
125
86

47
67
28

-21
6
22

68
62
6

15
33
7

10

356

62

137

76

166

127

2

290

-11

31

11

1

1,423

399

2,158

1,759

701

268

55

922

107

181

29

29

776
294
243
110

218
44
122
15

811
220
1,045
82

593
175
924
67

442

109
124
-5
40

7

402
234
183
103

119
5
-3
-14

92
50
21
18

52
-2
-18
-3

55
-4
-15
-8

153

64

88

24

59

26

3

84

1

44

9

3

6

15

2,574

136

1,847

1,710

1,090

1,095

253

1,839

117

307

91

33

58

220

1,740

-40

105

145

527

1,053

200

1,217

130

199

107

52

55

87

634
908
254

91
-136
-70

184
-98
(D)

93
38
(D)

266
70

166
764
251

(D)
14
3

513
575
135

11
99
30

28
128
49

12
97
29

6
47
14

6
51
15

69
8
11

478
176
98

-52
-14
8

-34
(D)
(D)

(D)
(D)

154
41
26

364
150
60

12
(*)

348
92
50

53
17
9

48
31
(D)

37
32
(D)

19
14
3

18
18
(D)

-7
4
1

100

-3

(D)

(D)

79

10

(D)

(D)

(D)
(D)

(D)

18

56

62

(D)

(D)
(D)

(D)

-3

37
185

(*)
-3
3
-4
5

112
7
60
6

9

(D)

720

151

1,699

1,548

507

9

53

553

-13

75

-20

-16

-4

124

206
240
222
52

-12
44
109
11

393
214
1,030
61

406
170
921
50

267

3
(D)
(D)
(D)

153
182
166
53

6
(*)

43

-52
(D)
-9
(D)

-7
50
17
15

3
-2
-16
-5

7
-3
-12
-8

-4
2
-3
3

52
10
59
4

114

25

43

18

56

34

(*)

68

(*)

Manufacturing all areas

3,676

407

1,023

616

1,195

1,997

Developed countries

3,246

301

856

556

1,089

1,775

879
2,074
671

41
204
75

239
510
204

198
306
130

1,189
213
153

84
46
5

249
56
9

166
10
4

140

50

99

49

Latin America
Other Africa
Middle East 3
Other Asia and Pacific
International and unallocated

Canada
- Europe
United Kingdom
European Economic Community
(6) 2
Other Europe
- -Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America
._. .
Other Africa 3
Middle East
-.
Other Asia and Pacific

(D)
(D)

D

( )

-15

33

4

-3

7

9

76

2,349

553

534

101

-6

108

138

82

2,118

453

482

80

-26

106

113

27
28
19

15
-60
-3

12
87
22

47
43
17

-59
3
19

49
16
-1

18
9
5

D

738
231

579
1,084
341

( )
49
24

547
1,385
389

158
306
109

100
313
138

468
38
37

629
114
110

9
15
1

884
112
67

165
31
14

133
42
48

-10
19
18

119

-25

21

7

2

(D)

(D)

7

17

21

19

2

25

18

19
-2
1
(*)

-1
1
(*)

(*)

430

106

167

60

106

222

-5

232

101

51

324

148

130

95
3
1
2

47

3

-4
(*)
0
(D)

139

3
15

45
1
2
12

95

( )
53

103
-1
1
3

« i3

1,237

358

669

311

298

547

35

672

92

214

76

16

60

183

925

177

331

154

207

517

24

519

71

149

45

-15

59

141

455
340
67

87
75
19

99
202
D
( )

12
128
D
( )

94
79
15

270
171
32

4
16
1

269
158
35

41
26
17

54
89
9

-8
36
(*)

-24
5
-4

16
32
4

99
31
6

110
163
14

14
42
1

32
(D)
D
( )

19
(D)
D
( )

28
36

68
71
12

1
14
1

50
73
1

6
2
1

29
51
( )

20
16
( )

19
-11
(*)

1
27
(D)

116

14

(D)

(D)

34

64

4

91

3

(D)

(D)

(D
)
D

(<)

(D
)
(D)

(D>

10

(D)

(D
)
(D)
(D)

w

.2

(D)
(*)
(D)

25

International and unallocated
Other industries, all areas
Developed countries
Canada
Europe
.
United Kingdom
European
Economic Community
2
(6)
Other Europe
Japan
Australia, New Zealand, and South
Africa
.
. __. .
Developing countries
Latin America
Other Africa .
Middle East 3
Other Asia and Pacific
International and unallocated

273

142

292

247
(D)
(D)
4

127
1
12
2

270
5
12
6

38

39

45

151
142
4

(t

\
6

* Less than $500,000 (db).
D
Suppressed to avoid disclosure of data for individual reporters.
1. Equals external funds in table 9.
2. Consists of Belgium, France, Germany, Italy, Luxembourg, and the Netherlands.




(*)

88
(D)
(D)

37

7

2

31
5
1
(*)

8
-1
(*)
(*)

4

-8

3

80

137
(D
)
(D)
D
( )

110

16

D

20
19
2
1
-2
1

(

*>

D

5

5
20
(*)
11

(D)

54

27

25

2

35

52
3

30
1
-4
1

28
1
-4
(*)

2

35

4

5

-1

11

(*)
(*)
-1

(D)
(D)

6

3. Consists of Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Muscat, Oman,
Qatar, Saudi Arabia, Syria, Trucial States, and Yemen.
NOTE.—Details may not add to totals because of rounding.

SUEVEY OF CURRENT BUSINESS

40

July 1975

Table 8B.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies
for 1967, Industry by Area
[Millions of dollars; increase +, decrease —]
Sources

Uses

Total
sources Undistribequals uted profits
Dis- Depreciation
Ex(equals net
total
Net
and similar ternall
tribincome less income uted
uses
charges
funds
distributed
profits
profits)

Industry by area

(1)

(2)

(3)

(4)

(5)

(6)

Other

Property,
plant, and
Change in
equipment Change in
current
expendi- inventories receivables
tures

Total

Cash

Other

(9)

(11)

(12)

(13)

(8)

(7)

(10)

Change in short-term
assets

Other

(14)

All industries, all areas

6,828

1,138

3,945

2,807

2,742

2,595

353

5,272

51

607

681

229

451

218

Developed countries

5,032

671

1,489

818

1,988

2,101

273

4,053

32

442

389

152

237

116

1,548
2,703
462

383
182
37

606
679
202

223
497
165

591
1,151
342

433
1,270
55

140
100
28

1,234
2,359
641

83
-157
-189

108
193
-26

44
295
77

-14
117
12

58
178
65

79
12
-41

1,782
459
318

97
48
41

339
138
49

242
90
8

685
125
67

943
272
196

58
15
14

1,404
314
159

28
4
26

167
51
95

144
75
29

97
8
24

47
66
5

38
15
8

-4

16

Canada
Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe
.Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America. _ _
Other Africa
Middle East 3
Other Asia and Pacific

..

International and unallocated

..

Petroleum, all areas
Developed countries
Canada
Europe
United Kingdom
European
Economic Community
2
(6)
Other Europe
- Japan
._
Australia, New Zealand, and South
Africa

463

65

155

90

179

201

18

301

80

46

20

1,433

330

2,265

1,935

686

374

43

1,139

18

72

105

(D)

(D)

98

619
358
192
264

204
35
54
38

796
236
1,105
128

592
202
1,051
90

443
93
93
56

-28
196
42
163

(*)
34
3
6

540
271
172
156

-43
20
2
38

31
-16
20
37

36
89
-34
15

27
43
(D)
11

9
46
(D)
4

54
-5
31
18

363

137

190

53

68

121

38

80

1

93

186

(D)

(D)

3,123

243

2,102

1,859

1,066

1,561

252

2, 194

116

312

467

1,957

-13

134

148

529

1,278

162

1,419

113

228

208

561
1,085
214

19
(D)
14

2
28
13

17
(D)

28

28

(*)

82
57
(D)

459
795
233

20
67
-20

-37

-17
-23
(D)

19
(D)
4

153
45
25

490
211
119

30
(DD)
( )

426
135
90

62
24
6

(D)

20

52

87

76

20

(D)

(D)

(D)

7
-28
(D)

118
35

202
870
169

(D)

-13

(D)
105
(D)

180
273
74

D

167

1,832

1,665

473

147

53

699

5

-5

96

49

47

195
339
165
141

78
35
43
12

444
(D)
1,073
(D)

366
(D)
1,030
(D)

258
88
87
40

-157
186
32
86

17
30
2
4

198
249
163
88

-24
14
3
12

-29
(DD)
( )
22

40
82
-28
2

23
39
-12
-1

17
43
-16
3

326

90

135

46

64

136

37

77

-3

89

162

(D)

(D)

Manufacturing, all areas

2,869

517

1,100

584

1,358

918

77

2,427

-78

231

230

Developed countries

2,490

470

977

507

1,235

689

96

2,142

-82

175

683
1,469
230

157
231
84

259
573
199

102
342
115

295
807
250

180
392
-128

50
39
23

554
1,400
377

32
-178
-156

43
68
14

119
27

322
52
(D)

203
25
4

514
42
42

417
103
76

(D)

13
2

904
119
68

-30
7
20

(D)

39
16

(D)

59

92

41

(D)

120

44

(D)

Latin America
Other Africa
Middle East 3
Other Asia and Pacific

—
-

International and unallocated

Canada .
.. __
Europe
United Kingdom
European Economic Community
(6)2
Other Europe
Japan
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa
Middle East 3
Other Asia and Pacific

1,064
175
151

(D)

187

(D)

1

218

81

137

38

35
164
4

-41
110
20

76
54
-16

20
15
-9

131
30
15

101
-11
10

30
40
4

(D)

4

1

3

(D)

47

123

77

123

228

-19

285

4

56

12

12

(*)

90
1
2
30

62
2
(*)
13

106
3
1
13

151
(D)
2
(D)

-20
1
(*)
(*)

211

-13
6
(*)
12

48
2
3
3

(<)

2
3

4
1

-3
2
(*)

(D)

17

59

28

2

11

(DD)
( )

137

265
(D)

(D)

45

93

379
(*)

10

(DD)
( )
(D)

840

Developing countries

34

(D)

( )
32
2

100
24
(D)

145

(D)

3

329

29
137
(D)

196
-90
-49

(DD)
( )

138

45
114
-39

96
-114
(D)

636
234
166

24

(*)

21
18

84

(D)4

17

836

378

743

365

317

117

24

651

13

64

-16

586

214

378

164

224

133

15

492

1

39

-37

(D)

(D)

305
150
18

130
65

151
195
51

21
130
D
( )

116
72
17

52
8
14

8
5

221
165
30

31
-46
-13

20
10

-20
-6
(D)

(D)
-25
-10

(D)
19
(D)

(D)

14

34
110
1

20
( )

17
37

36
-42
(*)

14
( )
(*)

74
61
1

-4
-28
(*)

11
-1

-7
(D)
(*)

-6
-9
(*)

(*)
(D)
(*)

(D)
(*)

30

11

36

74

2

105

16

9

-12

( )
(*)

8

20
3

International and unallocated
Other industries, all areas . _ _ _
Developed countries
Canada
Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe
Japan.
..
__
Australia, New Zealand, and South
Africa .
..
Developing countries
Latin America
Other Africa.
Middle East 3
Other Asia and Pacific

..

International and unallocated . . .
See footnotes p. 39.




82
50
1

D

( )
D

( )
(*)

131

19

D

(*)

D

( )
D

(*)
(*)

213

116

310

193

90

-2

9

155

8

21

-3

159
(D)
23
(D)

98

164
(D)
21
(D)

79
2
5
4

-21
(D)
8
(D)

3
3

(D)

132

-5

13

10
9

262
(D)
31
(D)

2

(D)

11

-6
4
-6
5

47

55

8

4

-15

4

25

37

(*)

(*)

1

(*)
15
3

3

(DD)
( )

-1

-5

-7
D

D

D

-15

( )

125
91
52
26
8

13
32

5

-6
1
( )
(*)

26
(DD)
( )
-3

26

-1

2

( )

3

D

SURVEY OF CURRENT BUSINESS

July 1975

41

Table 8C.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies
for 1968, Industry by Area
[Millions of dollars; increase +» decrease —]
Sources
Total
sources
equals
total
uses

Industry by area

(1)

All industries, all areas
Developed countries

_

Canada
- Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe
Japan
Australia, New Zealand, and South
Africa
. Developing countries
Latin America
Other Africa
Middle East 3
Other Asia and Pacific
International and unallocated
Petroleum, all areas
Developed countries. -

_ —

_

Canada
Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe
Japan
Australia, New Zealand, and South
Africa

Uses

UndistribDis- Depreciation
uted profits
Ex(equals net
Net
triband similar ternal
income less income uted
charges
funds *
distributed
profits
profits)
(2)

(3)

(4)

(5)

(6)

Other

Property,
plant, and
Change in
equipment Change in
current
expendi- inventories receivables
tures

(8)

(7)

(10)

(9)

Change in short-term
assets
Total

Cash

Other

(11)

(12)

(13)

Other

(14)

8,329

1,487

4,686

3,199

3,181

3,480

181

5,255

725

1,200

775

609

166

374

6,001

981

1,792

811

2,333

2,534

152

3,775

573

965

469

415

53

220

1,596
3,547
1,121

443
402
187

685
873
334

242
471
147

647
1,414
430

457
1,637
480

49
94
24

1,147
2,097
616

116
349
181

202
644
205

69
321
89

20
334
67

48
-14
22

62
136
31

1,884
541
340

159
55
46

398
141
60

239
85
14

817
167
72

864
293
221

43
27
1

1,177
304
176

104
64
51

332
107
67

208
24
41

236
32
37

-28
-8
4

63
43
5

518

91

174

83

200

219

8

355

56

52

39

24

15

16

2,055

366

2,715

2,349

774

886

29

1,338

146

234

180

76

104

157

1,230
388
126
311

265
150
-79
30

925
410
1,230
150

660
260
1,309
120

494
115
99
66

450
126
101
209

21
-3
5
6

706
325
143
164

107
8

198
7
-18
47

128
5
-5
52

44
5
-5
32

84
-1
(*)
20

91
42
6
18

273

139

179

40

74

60

3,272
1,956

236
-20

2,423
133

2,186
154

1,290
681

1,730
1,270

559
1,043
357

88
-117
-38

191
-96
-38

103
21
0

198
391
123

258
758
274

-45
-34

-28
-30
(D)

(D)

17
4

208
59
30

326
158
165

(D)

(D)

(D)

62

90

(D)

494
192
202

(D)

152

(D)

(*)

31

141

7

1

127

118

9

-3

16
25

2,450
1,431

190
152

263
215

251
91

146
10

105
82

117
67

15
11
-4

476
720
264

21
84
17

78
91
30

-10
87
(D)

-11
13
-8

2
74
(D)

(D)

5
9

333
123
117

44
23
34

50
10
27

40
(DD)
( )

23
-1
12

17
(DD)
( )

(DD)
( )

117

12

19

(D)

(D)

(D)

(*)

-5

-6
60
27

1,083

156

2,171

2,015

540

392

-5

879

36

55

41

27

14

.

426
339
113
205

93
144
-87
6

474
399
1,197
100

381
255
1,284
95

292
107
93
49

45
97
106
145

-3
-9
2
6

318
311
133
116

15
10
-2
13

52
22

35
-24
-1
31

32
-22
-2
18

3
-2
(*)
13

International and unallocated ._

233

100

118

18

69

68

-4

141

3

-7

119

109

10

-22

3,665

844

1,411

567

1,543

1,206

73

2,087

385

742

342

349

-7

108

739

1,215

477

1,407

871

69

1,805

298

604

297

349

-52

82

218
407

321
728
301

103
321
( )

329
937
288

75
701
158

10
53
D
( )

407
1,213
321

37
207
139

82
454
168

68
184
31

43
262
45

26
-78
-14

37
41
10

186

390
37
( )

204
(DD)
( )

585
64
42

453
91
54

25
( DD )
( )

778
114
58

39
29
13

232
54
43

174
-21
21

206
11
25

-32
-32
-4

26
5

(D)

(D)

100

40

(D)

127

41

24

23

19

4

4

Developing countries
Latin America
Other Africa
.
Middle East 3
Other Asia and Pacific

Manufacturing, all areas _ _ .
Developed countries

3,086

Canada
Europe .
.
United Kingdom
European 2 Economic Community (6)
- Other Europe
Japan
._
Australia, New Zealand, and South
Africa
Developing countries

__

_ _ _ _

___

Latin America
Other Africa _
Middle East 3
Other Asia and Pacific.

632
2,099
669

( )

1,249
180
136

(DD)
( )

219

(D)

D

D

D

(DD)
( )

73
D
(D
)
( )

7
23

(*)

580

105

195

90

135

335

4

283

87

139

45

1

45

26

510
2
1
67

86
4

68
1
2
20

116
5
1
13

305
-9
(*)
39

2
3

241
3
1
37

74
-1
1
13

130
(*)
(*)
9

33
(*)

15

154
5
2
35

13

-7
(*)
-1
8

40
-1
1
5

32
(*)
(*)
-6

1,392

407

853

446

348

544

93

717

150

194

182

114

68

149

959

263

443

181

245

393

58

539

122

146

81

57

24

71

405
405
96

173
240
70

37
129
(D)

120
86
19

125
178
48

24
31
(D)

263
164
31

57
58
24

43
99
6

10
49
(D)

-11
59
30

21
-10
(D)

(D)

32
36

(D)

136
111

140
169
2

(D)
(*)

18

36
134
1

18
(D)

24
43

85
45
2

13
(D)
(*)

66
67
1

21
13
4

50
43
-3

-6
(D)
(D)

7
22
-1

-13
(DD)
( )

(DD)
( )

89

3

111

3

8

(D)

(D)

(*)

(*)
(*)

International and unallocated
Other industries, all areas
Developed countries
Canada .
Europe
United Kingdom
European 2 Economic Community (6)
Other Europe
Japan
...
Australia, New Zealand, and South
Africa
Developing countries

_ _.

Latin America
Other Africa .
Middle East 3 . ..
O ther Asia and Pacific
International and unallocated
See footnotes p. 39.




....

(*)

(D)

10

147

16

29

14

39

392

105

349

244

99

158

30

177

23

40

93

49

45

294
46
12
39

86
2
8
10

296
6
31
15

211
4
23
5

86
3
6
4

100
38
-4
25

23
4
3
(*)

148
10
8
11

18
-1
1
4

17
16

60
29
-3
7

19
27
-2
5

40
2
-1
3

40

39

61

22

4

-7

5

8

8

8

(*)

5

(D)
(D)

(*)

10

59
(D)
(D)
(*)

52

19

SUEVEY OF CURRENT BUSINESS

42

July 1975

Table 8D.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1969, Industry by Area
[Millions of dollars; increase +, decrease — ]
Sources

Industry by area

(1)

All industries, all areas

- - - - - - - -

Developed countries Canada
Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe. . . .
Japan. . . .
. ...
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa
Middle East 3
Other Asia and Pacific .
International and unallocated
Petroleum, all areas
Developed countries Canada
...
Europe
United Kingdom
European
Economic Community
(6) 2
Other Europe.
Japan.
...
_ _.
Australia, New Zealand, and South
Africa
Developing countries

(2)

Latin America
Other Africa
Middle East 3
Other Asia and Pacific
International and unallocated




4,761

403

6,012

1,238

1,543

926

650

276

(7)

221

926

2,403

3,530

332

4,275

1,012

1,226

928

473

455

109

666
1,442
367

247
2,666
870

121
207
100

1,236
2,367
662

200
711
229

119
900
241

87
711
239

96
263
73

-8
448
166

-67
165
10

2,712
761
405

351
144
61

596
283
78

245
139
16

886
190
93

1,398
398
240

77
30
10

1,419
286
207

396
87
23

510
149
131

294
179
43

118
72
50

176
107
-7

94
61
1

715

143

262

119

201

377

-6

464

78

76

87

2,170

313

2,858

2,545

801

994

62

1,513

231

307

21

1,376
361
101
332

149
210
-70
25

863
475
1,356
164

714
265
1,426
140

501
119
103
78

681
30
60
223

45
2
8
7

876
308
142
186

176
13
17
25

154
21
48
84

81
20
-102
23

221

-87

186

273

62

236

9

224

-5

11

-24
207

3,177

27

1,943

-56

434
1,174
325

103
-186

633
216
189

(D)

-150
(D)

6

64

98

(D)

55
64
4
(D)

25
-44
-106
(D)

(D)

(D)

152

10

23

(D)

90
-2
-4
14
14
-37

2,480

2,453

1,218

1,797

135

2,567

40

400

(D)

(D)

636

1,278

86

1,415

45

232

(D)

(D)

(D)

(D)

201
-158
-51

98
28
(D)

201
344
91

89
957
244

41
59
(D)

437
673
210

28
20
18

40
146
-5

(D)

15
10
(D)

(D)
255

(D)

184
69

595
117
138

3
(D)
(D)

359
104
121

15
-14
2

135
16
55

81
81
12

94

(D)

-130
23
9

20
(D)

3

(D)

265
103

9
(D)
(D)

55

(D)

70
-2

72
(D)
(D)

43
29
-1

147

21

(D)

(D)

184

-4

-8

-24

-22

950

92

2,260

2,168

524

281

52

929

-4

120

-76

71

-148

-19

-33
193
-73
4

369
(D)
1,324
(D)

402
(D)
1,397
(D)

263
111
95
55

40
47
61
134

39
(*)
8
6

370
302
128
129

-28
10
17
-2

4
14
51
51

-9
25
-104
11

-8
69
-3
14

-1
-44
-101
-2

-28
1
-1
9

(D)

(D)

57

238

-3

223

-1

48

(D)

1,660

2,096

189

2,499

1,015

941

563

425

138

102

805

513

387

126

62

106
204
58

-44
160
20

7
59
13

107
39
32

102
38
-3

38
9
2

1,068

1,810
1,588

(D)

636
520

1,485

1,654

188

806

2,210

-3

(D)

(D)

(*)

(D)

738
3,137
926

316
613
92

399
976
237

83
363
145

336
992
257

35
1,409
527

50
123
50

486
1,493
411

123
599
199

59
621
224

62
364
78

1,906
304
200

483
38
55

677
62
67

194
25
12

667
68

60
12

(D)

696
186
88

(D)

983
99
85

349
51
17

328
68
67

209
77
29

321

84

146

62

(D)

123

(D)

146

66

58

58

45

13

-7

209

135

50

38

12

40

188
4

120

36
5
(*)
9

25
4
(*)
8

11
(*)
(*)

723
630
13
3
78

_

(14)

3,266

(6)

208
582
198

4,396

Developing countries

(13)

3,743

(5)

750
1,121
242

1,174

Canada
Europe
. .
_
United Kingdom
European Economic Community (6) 2
Other Europe.
_
Japan
Australia, New Zealand, and South
Africa

(12)

(4)

2,211

5,119

Developed countries

(11)

(3)

542
539
44

-8

Other industries, all areas

Other

1,286

284

Latin America
Other Africa .
Middle East 3
Other Asia and Pacific

Cash

1,576
4,855
1,381

_ -

Developing countries

Other

Total

7,550

International and unallocated

Canada
Europe
United Kingdom
_.
European Economic Community (6) 2 .
Other Europe
Japan.
Australia, New Zealand, and South
Africa

(10)

(9)

(8)

Change in short-term
assets

5,255

.. .

Developed countries

Property,
plant, and
Change in
current
equipment Change in
expendi- inventories receivables
tures

1,512

309
351
91
199

Manufacturing, all areas _ _

Other

9,941

Latin America
Other Africa
_
.
Middle East 3
Other Asia and Pacific

See footnotes p.39.

Uses

Total
sources Undistribequals uted profits
Dis- Depreciation
Extotal
and similar ternall
(equals net
Net
tribincome less income uted
uses
charges
funds
distributed
profits
profits)

106
86
6
(*)

14

1,644

311

1,211

274

404
544
130

(D)

173
241
16

(D)
(*)

222
181
7
2
33

966
(D)

116

175

95
1
2
19

150
6
1
18

655

442

1

289

394
1
1
46

-1
(*)
(*)

248
3
2
36

(*)

16

(

*'u

156

867

79

946

183

203

281

598

58

650

161

188

(D)

(D)

(D)

(D)

(D)

-25
48
(D)

(D)
34
(D)

(D)

82
58

W
(D)

27
191
(D)

129
106
19

123
300
99

29
26
(D)

314
201
41

49
92
11

20
133
22

17

49
197
2

32
(D)
2

35
52

107
95
15

14
(D)
1

77
83
1

33
49
4

46
66
9

4
21
2

(*)
45

161

3

134

16

26

53

376

261

102

270

10

295

26

52

48

313

247
-18
-2
43

7
2
1

258
4
12
21

16
-1
(*) '
11

31
6
-3
18

54
-10
2
2

-2

12

1

-4

-37

(D)

(D)

497

115

438
-4
8
55

96
10
3
6

(D)

216
(D)

(D)

(D)

88
2
7
6

-64

-79

(D)

(D)

5

30

156

388

150
303
57

39

2

(D)

123
112

247

83

73

38
(*)
(*)

27

(*)

(D)

2

41

36
-1

13
23

2
(D)
(D)

(*)
17

12

(D)

(D)

39
-10
6
(D)

15
(*)
-5
(D)

-31

(D)

77
81
-3
-3
3
(D)

SURVEY OF CURRENT BUSINESS

July 1975

43

Table 8E.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1970, Industry by Area
[Millions of dollars; increase -f, decrease — ]
Sources
Total
sources
equals
total
uses

Industry by area

(1)

Undistributed profits
DisNet
(equals net
tribincome less income uted
distributed
profits
profits)

(2)

(3)

(4)

Uses

Depreciation
Exand similar ternal
charges
funds i

(5)

(6)

Other

(7)

Property,
plant, and
Change in
equipment Change in
current
expendi- inventories receivables
tures

(8)

(9)

(10)

Change in short-term
assets
Other
Total

Cash

Other

(11)

(12)

(13)

(14)

All industries, all areas

11,403

1,429

5,785

4,356

3,649

5,697

627

7,305

1,879

1,431

72

-296

368

716

Developed countries

8,774

1,040

2,485

1,445

2,681

4,540

513

5,420

1,671

1,202

-32

-234

202

513

1,808
5,366
1,504

391
378
79

718
1,307
262

326
929
183

785
1,579
392

436
3,151
967

196
259
67

1,430
3,149
794

191
1,221
371

147
794
177

-18
-188
68

-14
-333
42

-4
145
26

58
390
94

3,126
736
670

195
104
96

796
249
113

601
145
17

981
206
87

1,821
363
464

130
62
23

1,991
364
301

682
169
63

458
159
156

-235
-22
137

-336
-40
123

101
18
14

229
67
12

Canada
- - Europe
United Kingdom _. _
European Economic Community
(6)2
Other Europe
Japan
_
Australia, New Zealand, and South
Africa
Developing countries
Latin America
Other Africa
Middle East 3
Other Asia and Pacific

..

International and unallocated
Petroleum, all areas
Developed countries
Canada
- .
Europe
.United Kingdom
European Economic Community
(6)2
Other Europe
Japan
Australia, New Zealand, and South
Africa
Developing countries

..

..

Latin America
Other Africa
Middle East 3
Other Asia and Pacific

930

175

347

172

230

489

36

540

196

105

37

-10

46

52

2,400

173

2,862

2,689

906

1,242

79

1,739

211

247

-7

-82

75

210

1,509
332
132
428

86
145
-41
-17

713
468
1,498
183

627
323
1,539
200

546
166
102
92

836
17
47
342

41
4
24
10

954
318
144
323

137
15
-10
70

264
6
-24
2

21
-3
-18
-7

-23
-29
-9
-21

44
27
-10
14

134
-5
41
40

228

216

438

222

63

-85

35

146

-3

-18

111

20

91

-7

3,908

339

3,039

2,700

1,382

1,971

217

2,695

457

430

75

-20

95

252

2,555

121

(D)

(D)

734

1,551

150

1,536

352

444

15

47

-32

208

680
1,408
358

146
-97
-45

292
361
90

196
1,066
287

46
78
26

504
746
213

40
274
67

107
233
(D)

41
-49
-19

35
-3
23

6
-46
-42

-11
204
(D)

863
187
291

-28
-23
23

212
59

654
126
225

26
25
(D)

422
111
151

163
44

161
(D)

(D)

85

-10
-20
(D)

-18
-9
(D)

7
-11
6

128
(D)
(D)

135

(D)

19

(D)

251
(D)
(D)

105
(D)
(D)

-18
-16
28

10
7
4

(D)
(D)

175

48

69

20

1,184

32

2,386

2,353

590

506

56

1,019

105

-5

5

(D)

(D)

60

521
315
105
243

-14

344
453
1,469
119

357
(D)
1,518

273
158
94
66

246
-6
43
223

16

391
296
130
203

80
8
-12
29

19
11
-26
-9

6

-14

25

(D)
(D)
-5

20
(D)
(D)
9

-9

55

(D)
-48
(D)

(D)

63

(D)

(D)

16
(D)

3

(D)

(D)

-14

(D)

(D)
(D)
25

169

186

(D)

(D)

58

-86

11

139

(D)

(D)

-16

Manufacturing, all areas

5,208

647

1,759

1,112

1,805

2,511

244

3,298

1,195

727

-175

-412

237

162

Developed countries

4,605

607

1,585

977

1,616

2,156

226

2,972

1,144

558

-221

-417

196

152

634
3,290
1,016

120
337
118

292
1,050
247

172
712
130

351
1,094
283

86
1,721
588

77
138
28

545
2,115
522

101
874
306

21
399
121

-65
-187
48

-69
-351
-4

4
164
52

32
90
19

2,005
269
294

202
17
75

758
45
86

555
27
11

(D)

727
84

1,000
133
153

76
34
(D)

1,456
137
148

469
99
36

244
33
69

-228
n
40

-312
-35
37

83
28
3

66
6
1

387

75

157

83

(D)

165

133

70

-8

-34

26

28

602

40

175

135

189

355

18

326

52

169

46

5

41

10

493
22
3
84

8
4
1
27

124
4
2
45

116
1
1
17

164
6
1
18

303
13
1
39

18
(*)
(*)
(*)

256
11
2
57

21
6

*>23

161
3
1
3

48
2
-1
-4

13
1
(*)
-9

36
1
(*)
5

2,287

443

987

544

462

1,215

166

1,312

227

274

172

136

36

302

1,614

312

D

( )

D

( )

331

834

137

912

175

200

174

137

37

153

494
668
131

125
137
6

174
(D
)
D
( )

49
(D)
D
( )

142
124
20

154
363
92

73
43
13

381
288
59

50
74
-3

(D)

18
162

7
49
40

20
21
23

-14
28
17

(D)

257
280
85

21
110
-2

57
220
(*)

35
111
2

42
63
1

166
105
86

28
3
(*)

114
115
2

51
26

(D)

-6
4

( )

10
1
6

(D)
(D)

367

52

121

69

65

230

21

241

(D)

17

(D)

5

394

International and unallocated

Canada
Europe
United Kingdom
_
_. _
European
Economic Community
(6) 2
OtherEurope
Japan
Australia, New Zealand, and South
Africa . .
_. _
Developing countries
Latin America
Other Africa .
Middle East 3
Other Asia and Pacific

196

(D)

(*)

(

6
8

4

International and unallocated
Other industries, all areas
Developed countries
Canada.
Europe
.__ .
United Kingdom
European
Economic
Community
(6) 2
.
. ..
Other Europe
Japan
Australia, New Zealand, and South
Africa .
Developing countries
Latin America.
.
Other Africa
Middle East 3
Other Asia and Pacific
International and unallocated . . . .
See footnotes p. 39.




613
495
-6
24
100
59

101
(D)
(D)

91
6
30

302
246
10
26
19
D

( )

201
154
(D)
20
(D)
D

( )

127
110
3
7
8
4

381
287
10
3
80
1

(D)
(D)

7
8

24

307
11
13
63
7

D

53

a

(D)

4
5

(D)

(D)

16

(D)

55

83

-58

( )

(D)

35
1
1
17

83
-8

-33
(D
)
(D)
2

-21
(D)
-9
1

-11
(D
)
(D)
(*)

-3

(*)
-9

56

D

D

( )

D

( )

37
96
35

140
102
(D)
(D)

11
9

SUEVEY OF CURKENT BUSINESS

44

July 1975

Table 8F.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies
for 1971, Industry by Area
[Millions of dollars; increase +, decrease —]
Sources

Uses

Total
sources UndistribDis- Depreciation
Exequals uted profits
(equals net
Net
and similar ternal
tribtotal
income less income uted
charges
uses
funds i
distributed
profits
profits)

Industry by area

(1)

(2)

(3)

(4)

(5)

(6)

Other

(7)

Property,
plant, and
Change in
equipment Change in
current
expendi- inventories receivables
tures

(8)

(10)

(9)

Change in short-term
assets

Other

Total

Cash

Other

(11)

(12)

(13)

(14)

AH industries, all areas

13,748

2,138

6,821

4,683

4,143

6,800

667

8,573

1,334

1,406

1,544

629

915

Developed countries

9,707

1,265

2,704

1,440

3,049

4,911

482

6,353

1,084

912

892

420

472

466

1,943
5,860
1,270
3,727
863
874

572
448
150
216
82
61

921
1,350
350
745
255
97

349
902
200
529
173
36

813
1,833
445
1,150
239
155

376
3,297
582
2,224
491
689

182
281
93
138
51
-30

1,463
3,720
879
2,395
446
529

114
620
205
291
125
116

180
478
-104
460
121
153

198
640
138
427
76
43

139
321
66
182
74
13

60
319
72
245
2
29

-13
402
151
155
95
34

1,030

184

336

153

248

549

49

641

234

100

11

-53

64

44

3,263

851

3,570

2,719

1,014

1,250

148

1,953

246

398

442

182

260

225

1,517
297
540
909

179
265
463
-56

765
445
2,133
226

586
180
1,671
282

621
151
126
116

633
-138
-82
837

84
19
34
12

973
276
293
411

115
18
25
88

76
48
49
224

258
-49
162
70

173
-46
-3
58

85
-4
166
13

95
4
11
115

Canada .
Europe
United Kingdom
European Economic Community (6) 2.
Other Europe.
Japan
Australia, New Zealand, and South
Africa
Developing countries

. -_

Latin America
Other Africa
Middle East 3
Other Asia and Pacific
International and unallocated
Petroleum, all areas
Developed countries _
Canada
Europe
United Kingdom
European Economic Community (6) 2.
Other Europe
Japan.
_
Australia, New Zealand, and South
Africa
Developing countries
Latin America.
Other Africa
Middle East 3
Other Asia and Pacific

._
_

International and unallocated.
Manufacturing, all areas. . _

778

22

547

524

79

639

37

268

4

96

211

27

184

199

5,476

1,041

4,000

2,960

1,536

2,780

119

3,414

356

728

603

139

463

376

(D)

(D)

782

1,766

52

1,963

236

300

186

(D)

(D)

312
-17
D
(D )
( )
-36
(D)

122
48
D
( )

136
1,048
239
654
154
572

44
40
21
6
13
(D)

517
1,010
299
560
151
316

( )

59
145
21
75

(*)
102
32
95
-25
(D)

17
22
2
20
-1
(D)

-17
80
30
74
-24
(D)

(D)

(°)

276
401
96
235
70
39

(°)

66

10

119

(*)

21

(D)

(D)

5

(D)

2,781

181

647
1,424
415
814
194
578

(D)

190
-65
58
-81
-43

133

(D)

87

Canada .
Europe
United Kingdom
European Economic Community
(6) 2
Other Europe
Japan
Australia, New Zealand, and South
Africa

(D)

7

(D)

715

3,115

2,399

679

404

31

591
241
431
564

84
264
448
-82

413
(D)
2,094
(D)

329
(D)
1,645
(D)

341
140
115
83

148
-176
-133
565

19
13
1
-2

(D)

866

144

(D)

(D)

75

611

37

(D)

863

1,837

973

2,133

2,172

D

(D)

D

1,829

5,454

Developed countries .

890

( )
466
220
264

285

3,517

121
65
45
10

(DD)
( )

116

D

( )

43
9
21
44

(D)

4

(D)

2
25
184

(D)
(D)
(D)

46
37

182

-10

192

84

72
-67
158
19

39
-60
1
10

33
-7
158
9

9
15
7
53

234
457

696

97

588

(D)

(D)

195

295

293

196
247

4,964

800

1,656

856

1,936

1,988

239

3,140

621

406

550

291

259

726
3,459
649

293
381
78

429
1,002
221

136
621
142

424
1,279
321

-50
1,654
211

58
146
39

423
2,341
505

34
375
97

60
223
-113

189
324
84

115
190
84

75
134
(*)

19
197
76

2,504
306
340

275
28
64

722
59
84

447
32
20

863
96
115

1,277
166
158

90
17
3

1,693
143
211

202
76
19

283
53
69

216
24
28

100
6
14

116
18
14

110
10
12

438

62

142

79

118

226

32

165

192

54

8

-28

36

20

33

-51

29
1
1
3

-48
-5
3
-1

160

318

490

63

180

117

197

184

46

377

75

52

38

4

354
22
19
95

47
° 4
12

138
3
5
34

91
3
2
21

171
6
2
18

96
16
12
60

40
(*)
5

309
20
6
42

36
6
3
31

27
1
5
19

30
1
2
4

1
1
1
2

. . 2,818

234

750

473

1,848

262

1,642

282

222

354

_ - . - 1,962

283

(D)

(D)

331

1,157

191

1,250

228

206

155

(D)

571
977
205

89
133
13

180
365
(D)

90
233
(D)

113
153
28

289
596
132

79
95
32

523
369
76

62
111

8
214
21

7
109
-21

2
105
42

409
363
-44

( )
232
(D)

(D)
134
(D)

52
73
1

293
171
-41

42
21
D
( )

142
152
2

48
8

116
77
(D)

61
69
(D)

55
8
(D)

(D)

(D)

22
97

458

(D)

65

313

26

(D)

(D)

23

(D)

945

73

275

202

138

662

71

Latin AmericaOther Africa
..
Middle East 3
Other Asia and Pacific.

572
34
90
249

48

213
(D)
34
(D)

165
(D)
24
(D)

109
5
9
15

389
23
40
211

25
5
32
9

International and unallocated .

-89

(D)

(D)

4

29

Developing countries
Latin America
Other Africa
Middle East 3
Other Asia and Pacific. International and unallocated
Other industries, all areas
Developed countries

.

-

Canada. _
Europe
_..
.
United Kingdom
..
. . ..
European
Economic Community
2
(6) ...
Other Europe .
Japan
Australia, New Zealand, and South
Africa
Developing countries

See footnotes p. 39.




<*>

984

D

108

!0
14

-122

(D)

(D)

(*)

(D)

(D)

(D)

55

( )

(D)

(D)

43
38
42

357
D

(D)

124
43

199

36
4
1
13

66
105
(*)

D

( )
(D)
(D)

47
20
21

194

(D)

122
(D)
159
(D)
(D)

48

222

188

34

192

156
16
2
47

134
14
—o
46

23
3
7
1

133
-6
1
63

-23

(D)

(D)

4

SUKVEY OF CURRENT BUSINESS

July 1975

45

Table 8G.—Sources and Uses of Funds for a Sample of Majority-Owned Foreign Affilitates of U.S. Companies
for 1972, Industry by Area
[Millions of dollars; increase +, decrease —]
Sources

Uses

Total
sources Undistribequals uted profits
Dis- Depreciation Extotal
(equals net
Net
triband similar terma
income less income uted
charges
funds i
uses
distributed
profits
profits)

Industry by area

(2)

(1)

(3)

(4)

(5)

(6)

Property,
plant, and
Change in
current
equipment Change in
expendi- inventories receivables
tures

Other

(7)

(8)

(10)

(9)

Change in short-term
assets

Other

Total

Cash

Other

(11)

(12)

(13)

(14)

All industries, ail areas.

3,319

2,372

8,304

5,933

4,694

5,473

779

8,534

537

1,765

1,770

1,128

642

Developed countries

9,416

2,021

3,736

1,715

3,489

3,337

568

6,001

441

1,294

1,358

1,072

286

321

2,253
5,634
795

682
991
384

1,116
2,091
577

434
1,100
193

845
2,186
498

558
2,171
-151

168
287
65

1,558
3,458
776

247
227
-133

317
744
6

281
825
114

171
703
129

110
123
-15

-149
380
32

4,108
731
709

488
119
114

1,128
386
156

640
266
42

1,418
269
172

2,063
259
370

140
83
53

2,180
502
403

291
68
23

616
121
151

720
-8
113

578
-5
91

142
-4
22

300
48
20

Canada
Europe.
United Kingdom.
European Economic Community
(6) 2
_
_
Other Europe
_
Japan
Australia, New Zealand, and South
Africa.. .
Developing countries
Latin America
Other Africa 3
Middle East
Other Asia and Pacific
International and unallocted
Petroleum, all areas
Developed countries
Canada
Europe .
United Kingdom
European
Economic Community
(6) 2
Other Europe.
._
..
Japan
Australia, New Zealand, and South
Africa
..
Developing countries
Latin America
Other Africa
Middle East 3. . .
Other Asia and Pacific. ._

_ _

International and unallocated .
Manufacturing, all areas. .
Developed countries
Canada
Europe.
United Kingdom
.
European Economic Community
(6) 2_

Other Europe
.. . .
Japan
Australia, New Zealand, and South
Africa
_ ...
Developing countries
Latin America
Other Africa... . . .
Middle East 3
Other Asia and Pacific

712

819

235

374

139

286

238

60

582

-55

83

139

108

32

70

3,477

422

4,140

3,719

1,138

1,815

101

2,314

95

465

421

183

239

180

1,815
299
758
605

35
282
198
-94

679
430
2,687
344

644
148
2,490
438

653
191
166
128

1,063
-180
368
564

64
6
26
6

1,011
234
613
456

37
14
39
5

300
22
52
90

335
10
96
-20

220
-16
12
-34

115
26
84
14

130
19
-42
74

426

-71

428

499

67

321

110

219

1

6

-10

117

210

4,849

456

4,458

4,003

1,667

2,462

264

3,475

120

501

384

19

365

369

2,667

316

539

223

856

1,367

128

1,809

152

305

232

131

101

169

631
1,460
253

236
-27
106

368
12
108

131
39
2

307
441
112

51
1,001
15

36
45
20

521
970
294

12
93
-43

68
108
18

37
117
-12

18
63
13

19
54
-25

172
-4

975
231
376

-93
-40
27

-68
-29
(D)

25
12

253
76
38

811
174
269

4
21
42

482
194
173

127
9
39

84
7
99

121
7
58

43
7
44

(

(D)

-127

n

*L

162
14
7

79

200

79

(D)

(D)

70

46

5

146

8

29

20

6

14

-3

1,733

185

3,540

3,356

747

772

28

1,450

-33

187

134

-14

148

-6

498
280
622
333

-168
277
181
-106

192
(D)
2,637
(D)

360
(D)
2,456
(D)

338
177
145
86

316
-177
286
347

11
2
10
5

428
208
541
272

-54
11
31
-21

69
26
20
72

41
24
73
-4

-6
(*)
(*)
-8

47
24
73
4

14
10
-44
14

449

-45

379

424

63

323

107

216

1

8

17

-98

115

206

6,257

1,574

2,785

1,211

2,445

1,916

322

3,527

293

961

1,262

1,069

193

215

5,184

1,433

2,498

1,065

2,213

1,221

317

3,024

186

747

1,054

917

137

173

1,166
3,423
392

334
914
248

584
1,647
380

250
733
132

402
1,558
358

345
767
-257

85
183
43

603
2,025
411

174
97
-77

209
468
-42

175
711
91

119
672
76

57
39
15

5
122
10

2,721
310
324

571
95
90

1,123
144
124

552
49
33

1,105
95
133

947
77
88

97
42
12

1,489
125
228

135
39
-13

447
62
40

552
68
56

519
77
44

33
-9
12

98
15
13

272

95

143

49

121

20

36

1

168

-71

31

112

82

29

33

1,073

141

287

146

232

695

5 |

502

106

214

208

152

56

42

917
39
23
94

109
6
6
20

224
7
8
48

115
1
2
28

197
7
4
23

609
25
14
48

81
4
2
19

195
g
4
10

195
4
3
6

148
1

47

3

413
19
12
58

33
7
2
1

2,214

342

1,061

719

583

1,095

194

1,532

124

304

1,565

272

699

427

420

750

123

1,168

103

242

456
752
150

112
103
29

165
431
88

53
328
59

137
187
28

162
403
91

46
59
1

434
464
71

62
37
-13

412
190
9

9
65

73
270
( )

63
206
( )

61
98
1

304
8
12

38
20
-1

210
1&

347

60

(D)

(D)

95

671

96

313

399
-19
113
178

94
1]
-8

263
(D)
43
(D)

-22

-26

49

(*)
r>

2

I
4

125

40

85

129

72

24

48

-20

40
167
31

69
-3
34

35
-32
40

34
30
-6

-147
87
27

30
20
c

85
52
12

47
-83
—£

17
-8£
L

30
(

41
19
-1

(*)

International and unallocated
Other industries, all areas - - . Developed countries _ _
Canada
Europe. . __
United Kingdom . . .
European
Economic Community
(6) 2
Other Europe .
Japan.
Australia, New Zealand, and South
Africa
Developing countries
Latin America. .
Other Africa _3 Middle East
Other Asia and Pacific
International and unallocated .
See footnotes p. 39.




D

D

172

19

268

8

23

19

-12

41

217

159

347

68

362

22

64

79

45

34

144

169

117

137
-28
69
169

51
<
1(

170

11

60
126

36
—9
28
8

100
-18
20
-22

78
-y-

(

12
-28

22
]
8(

-27

-29

(D)

32

(D)

75

17
18
4

(*)

(t)

83
2

59
5

SURVEY OF CURRENT BUSINESS

46

July 1975

Table 9A.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1966, Industry by Area
[Millions of dollars; increase +, decrease —]
Foreign sources 2

U.S. sources
External
funds 1

Industry by area

(1)

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing)

From
U.S.
parent

(2)

(3)

From
other
U.S.
residents

Net funds
from abroad
(debt and
equity
financing)

(4)

(5)

From foreign financial
From foreign
institutions
Total
affiliates
of U.S.
parent
Total Long- Shortterm
term
(6)

(7)

(8)

From other foriegn
residents

(10)

(9)

Total

Longterm

Shortterm

(11)

(12)

(13)

Foreign
equity
financing

(14)

AH industries, all areas

3,639

1,650

1,478

169

1,989

1,928

112

962

439

523

853

205

649

62

Developed countries

3,345

1,579

1,458

118

1,766

1,716

95

961

443

518

660

202

459

50

1,015
Canada
- 2,019
Europe .
624
United Kingdom
- 3
European Economic Community (6)
1,060
335
Other Europe
Japan
183
127
Australia, New Zealand, and South Africa.. .

575
920
228
494
198
22
62

51
56
(D)

440
1,099
396
567
136
161
66

159
690
285
356
48
100
12

83
316
55
250
11
35
9

76
373
230
106
37
65
3

235
367
68
213
87
41
18

127
74
49
19
6
-4
5

107
294
19
193
81
45
13

10

434
1,076
395
543
137
D
( D)
( )
246

40
19
42
-25
2

268

524
863
(D)
495
(DD)
( )
(D)
-43

(D)
18
1
-1
D
( )

199

-2

200

(DD)

(D)
23
-3

6

(DD)

5
-4
(*)

66
96
-13
50

Developing countries
Latin America
Other Africa
Middle East 4. _.
Other Asia and Pacific

- _.

..

International and unallocated
Petroleum, all areas

- - --

Developed countries

-

Latin America .
Other Africa 4
Middle East
Other Asia and Pacific

w

584

26

61

63

-2

-34

1,095

502

399

100

594

1,053

519

99

534

529

( )
-4
0
0
(*)

57
389
123
201
65
58
29

(D)
392
123
202
67
(D)
29

417
(DD)
( D)

(D)

8

D

D

( )
84

-82

-85

2

91

87

- .

-52
(D)
-9
(D)

-31

-32

6

1
-2
(*)
3

-21
92
-16
35

-21
92
-16
31

(D)
(D)

-

Canada
- -. .
Europe.
United Kingdom
3
European Economic Community (,6)
Other Europe
Japan
Australia, New Zealand, and South Africa..-

. ...

(D)

6

( )
167
84
3
31

(D)
(D)

(°)

(D
)
(D)
D

4
-1

(D)

9

Manufacturing, all areas

.

( )
97
-15
D
( )
-34

_..

- --

Developing countries
Latin America .
Other Africa
..
.
Middle East <
Other Asia and Pacific. _

i

105
97
-13
69

( )

(D)

D

109
375
128
163
84
3
33

International and unallocated
Developed countries.. ..

( )
8
-31

258

(D)
(D)

166
764
251
364
150
60
62

Canada
Europe
United Kingdom _ .. ..
European economic community (6)3
Other Europe
- Japan _ _ _ _ .
.-_Australia, New Zealand, and South Africa...
Developing countries __

4
27
9
-30

109
124
-5
40

(DD)
( )
(D)
53

(D>

(D)
(D)

( )
168

122

233

32

201

80
50
15
15

45
146
40
68
39
27
14

(D)
34
(D)
10
(DD)
( )
-3

(D)
113

100

-10

110

4

0
(DD)

-29
-3
(*)
8
i

-8
94
-15
29

(D)
93
(D)
D
( )

0
0
0
4

336

403

255

85

327

377

175

63
234
48
171
15
32
-3

66
272
206
49
18
36
2

-11
176
6
139
31
13
—4

9

26

80

9

29
(*)
(*)
-2

59
(*)
21

(D)
16
(*)

(D)
-29
-1
(*)
D
( )

1,997

905

818

87

1,092

1,038

44

(D)
739

1,775

822

786

36

953

907

28

704

23

181
652
249
324
78
(D)
(D)

63
-31
-11
-35
15

131

130
506
254
220
32
68
(*)
35

222

83
28

130
(D)
3
(D)

3

(D)
(D)
-2

32

51

139

(D)
(D)

(D)
21

(D)

3

102
1
2
34

(D)
(D)
0

-2

(D)

(D)

(D)

(D)

(D)
(D)
16

38
(*)

(D)
1

(D)

10

(D)
97
(DD)
( )
20
(DD)
( )
-24

-31

92
279

0

309

92

-31

375

23

D

(D)
68

-2

(D)

332

"
i
( )

214

67

398
407
91
281
34
16
1

-6

98

( )
-10

(D)

(D)
166
33
119
14
(DD)
( )

65

579
1,084
341
629
114
110
2

( )
70

-1

74
95

(DD)

82

34

182
677
250
347
79
93
1

D

-8
1
( DD)
( )
4

7
24
1
23
-1
(DD)
( )
12

(

87
( 7

° 4

(°)

W

l

()

(*)

*!2 (*7

(*)
(D)

(D)

!

8

-1

(D)

5
(D>

-2

(*)

57
(D)

°-2

%

(D)

o

-2

0

170

54

65

109

47

19
37
24
8
6
(D)
(D)

-31
140
-18
132
26
(D)
(D)

19

61

1

(D)
(*)
(*)
(D)

(D)

(*)

25
1
23
1

(D)
(D)
8
(D)
0
1

(

'\
(D)

(D)

International and unallocated
Other industries, all areas

-

.-

Developing countries _
Canada..
_. .
Europe.
..
United Kingdom
_
European Economic Community (6) 3
Other Europe
Japan
.. .. _. _.
Australia, New Zealand, and South Africa. Developing countries _
Latin America
Other Africa _.
Middle East *_ .
Other Asia and Pacific .
International and unallocated.

._

547

243

261

-18

303

306

-16

55

33

22

267

97

170

-3

517

238

256

-18

279

281

-15

44

25

19

253

105

148

-2

270
171
32
68
71
12
64

69
138
9
50
80
3
28

(D)
138
9
49
80
3

(D)
(*)

(D)
32
23
17
-8
9

-30
3
-5
-27

(D)
18
-2
17
3

(D)
14
(D)
(D)

(D)

(D)
(D)

(D)

(D)

201
33
23
18
-8
9
35

37

9

9

(*)

28

28

o

13

9

31
5
1
(*)

7
2
1

7
2
1

(*)

24
3

-5
3

-4

14
-1
(*)
(*)
-1

8

(*)
-4

24
3
(*)
(*)
-3

(*)

-8

* Less than $500,000 (±).
Suppressed to avoid disclosure of data for individual reporters.
1. Equals external funds in table 8.
2. Foreign sources are outside the United States.
D




0

(*)
(*)
(*)

°o
(*)
-1

(*)
(*)
-3

(D)

(D)

(D)
(D)

(*)
(*)
2

3
8

(*)
(*)
-1

(D)
4
(D)
(D)
(*)
(D)
(D)

3

<£
0

200
44
22
6
16
1
7
18
16
1
(*)
-4

(D>

3

(D)

(D)
41
(D)

(D)

(D)

(*)

(D) 1

(D)

-11

29

(*)

-11
(*)
(*)
(*)

27
2
(*)
(*)
-8

(D)
(*)
(D)

4

!
0

1

0

80

(*)

0

3. Consists of Belgium, France, Germany, Italy, Luxembourg, and the Netherlands.
4. Consists of Bahrain, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Muscat, Oman, Qatar,
Saudi Arabia, Syria, Trucial States, and Yemen.
NOTE.—Details may not add to totals because of rounding.

SURVEY OF CURRENT BUSINESS

July 1975

47

Table 9B.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies
for 1967, Industry by Area
[Millions of dollars; increase +, decrease —]
U.S. sources
External
funds !

Industry by area

AH industries, all areas.
Developed countries __

.

Canada
Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan _
_
Australia, New Zealand, and South Africa...
Developing countries
Latin America
Other Africa
Middle East *
Other Asia and Pacific

-,_

International and unallocated _
Petroleum, all areas
Developed countries
Canada
Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
- ..
Australia, New Zealand, and South Africa. ._
Developing countries.
..

International and unallocated
Manufacturing, all areas
-

Developing countries
Latin America
Other Africa .
Middle East »
Other Asia and Pacific

-

-

Net funds
from abroad
(debt and
equity
financing)

(6)

(5)

(4)

Total

Foreign
equity
financing

From other foreign
residents

From foreign financial
institutions

From foreign
affiliates
of U.S.
parent

Total

Longterm

Shortterm

Total

(7)

(8)

(9)

(10)

(11)

Longterm
(12)

Shortterm

(13)

(14)

1,013

1,022

-9

1,582

1,447

231

782

445

337

433

131

302

135

2,101

812

844

-32

1,288

1,178

198

645

388

257

335

96

240

110

433
1,270
55
943
272
196
201

6
673
199
284
190
2
131

( )
680
(D
)
(D)
189
D
( )
115

D

1
(D)
16

427
597
-144
659
81
194
70

364
558
-163
647
75
(D)
D
( )

-13
168
89
132
-53

216
328
-119
365
82
129
-29

163
163
52
80
32
54
8

53
165
-170
285
50
75
-36

161
63
-133
150
46
45
67

88
-1
-3
-7
9
3
6

74
64
-130
158
36
42
61

(D)
(D)

63
39
19
13
7

374

160

132

28

214

-3

(D)

(D)

(D)

(°)

-83
113
-2
103

29
2
7
-10

27
80
37
70

13
(D)
37
(D)

-29
-1
3
(D)

3
73
-33
(D)

(D)
(*)
(°)

(D)

(D)

(D)

(p)

-28
196
42
163

-54
116
5
93

D

( )
(D)
D

( )

121

41

46

-5

80

1,561
1,278

806
620

814
619

-8
1

755
658

539
202
153
185

(D)
539
201
153
185
D
( )
63

202
870
169
490
211
119
87

(D)

(D)

64
143

-157
186
32
86

-23
123
-4
47

136
689

Canada
-- Europe
United Kingdom
3
European Economic Community (6)
-Other Europe
Japan
Australia, New Zealand, and South Africa.

From
other
U.S.
residents

2,595

918

-

From
U.S.
parent

(3)

147

Latin America
Other Africa
.
Middle East *
Other Asia and Pacific

Developed countries..

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing)

(2)

(D

Foreign sources 2

149
D

(*)
(*)

0

(D)

23

(*)

4

-6

(D)
%

-134
63
37
39

43

46

-3

93

309

284

25

216

215

32
118
-29
111
36
26
40

32
125
D
(D
)
( )
35
(D)
(°)

228

94

68

151

60

2

<*> 32i

39
(*)

(D)

1

331
-33
337
26

( )
121
(D)
61

180
392
-128
417
103
76
41

(D)

(D)

(*)

2

608
474

(*)

(D)
(D)

(D)

-67
-18
64
18
37

703
609

148
93

D
(D
)
( D)
(D )
( )
26
(D)
23

(D
)
(D
)
(D)
D
( )

(D)

(D)

-8
25

(D)

-135
(D)
37
(D)

(D)

(D)

(D)

(D)

-60
-19
64

-1

427

131

57
76
20
29
28
(D
)
(D)

(*)
193
-54
228
19
(D
)
(D)

56
1
-61
74
-13
33
19

-2

(D)

-5
(D
)
(D)
(D)
-1

-1
(D)

211
153
115
32
-86
101
18
43
-37

188
163
67
75
30
41
4
D
(D
)
( )

25

135

120

8

58

90

79
(D)

8

29

22
0
0
3

28
D
(D
)
( D)
( )

-77

-26

219

197

-55

166

86

9

-33

157

142

-26

84

51

44
26
2
7
18
(D)
(D)

39
12
2
10
(*)
(D)
(D)

(D)
(D)

(D)

(D)

(D)

(D)
(D)
(D)

D
(D
)
( D)
( )

164
141
-3

73

57
269
-34
257
46
(DD)
( )

( )
243
(D)
306
(D)
50
(D)

( )

(D)

-26
72
-30
8

150
108

148
275
-99
306
67
51
1

(*)
(D~)
(D)

24

72
4
D
( D)
( )

234
234

(D)

D

(D)

171
174

28

139

35
D
(D
)
( )
-3

406
408

(D)

547

D

58

107
(D)
3
(D)

25
(D
)
(D
)
(D)
(*)

30
1

-10
-13
3
2
(D)

-30

(D)

(D)

(*)
(D)
(D)

-73
82
-33
-5

-35
-1
2
D
( )

-38
83
-36
D
( )

(D)

72

(D)

(D)

3

23
-10

196
143

51
49

121
107
(D)
21
-50
87
-16
31
(D)

O,

60

137

53

90

13

D
(D
)
( D)
( )

36

(D)

(D)
(*)
(D
(D)
(D)

0

o

0

62
47
D

48
-43
-117
60
14
(D
)
(D)

48
47
-61
64
44
10
38

26
23
9
8
7
1
2

22
24
-69
56
37
9
35

33

53

7

47

15

43
-1
1
10

5
( }
* 1
1

38
-1
(*)
9

11
0
°4

80

86

42

44

22

32

84

41

43

5
15
(*)
-3
17
1
12

57
16
-12
13
15
2
10

(D)
-4
-t
-2
-1
(*)
(D)

(D)
20
-11
15
15
2
(D)

(D)

1

1

1

8

(D)
(D)
(*)
(D)

4
-9
2
4

1
(*)
(*)
(*)

3
-9
2
4

2
0
0
5

(*)

1

0

(D
)
(D)
(*)
(D)

( )
(D)
(*)
(D)
(*)
(D)

32

International and unallocated
Mher industries, all areas

117

Developed countries
Canada
.- Europe. .. . .
-.
United Kingdom .
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa..Developing countries . _
Latin America
Other Africa .
Middle East*....
Other Asia and Pacific
International and unallocated
Bee footnotes, p. 46




-102

133

.

52
8
14
36
-42
(*)
74

-23
(D)

(D)

27

(D)
16
26
20
-30
D
(D
)
( )
-86

16
26
20
-30

-2

-77

-21
(D)
8
(D)

-92
-7
9
13

-15

-2

(D)

(D)

8
80

(D)

(D)

( )

( )

D

D

( )
13
(*)

( )

0

-2

75

67

(D)

71

69
(D)

46

D

0

46

(D
)
(D
)
(D
)
(D
)
(D
)
(D)
(D)

-8
-13
16
-12

9

D

(D)

(D)
(D
)
D
(D
)
( )

_!

(D)
(D)

(D)

(°)

-13

-13

(D
)
(D)
(D)
D

( )

(D)
-16

35

80
(D>

(D)

3

(D
)
(D
)
D
( )
(D)
0

(D)

(*)

15
(D)
(D
)
(D
)
(D)
(D)

(*)

o

SURVEY OF CURRENT BUSINESS

48

July 1975

Table 9C.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1968, Industry by Area
[Millions of dollars; increase -f, decrease —]
Foreign sources 2

U.S. sources

External
funds 1

Industry by area

- -

Developed countries

-

Canada
Europe
-United" Kingdom
European Economic Community (6) 3 _..
Other Europe
Japan
Australia, New Zealand, and South Africa
Developing countries
Latin America
Other Africa
Middle East*
Other Asia and Pacific

-

-

International and unallocated

..

..

Petroleum, all areas
Developed countries

-

-

Canada
Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
- Australia, New Zealand, and South Africa. ..
Developing countries
Latin America
Other Africa
Middle East <
O ther Asia and Pacific

-

International and unallocated
^Manufacturing all areas
Developed countries

_

Canada
.- Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa. _.
Developing countries
Latin America
Other Africa
Middle East *
Other Asia and Pacific ..

Canada
_
Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa. _

International and unallocated
See footnotes p. 46.




_ _
- -

(6)

(5)

Foreign
equity

From other foreign
residents

Total

Longterm

Shortterm

Total

Longterm

Shortterm

(7)

(8)

(9)

(10)

(11)

(12)

(13)

financ-

ing

(14)

472

504

-31

3,008

2,863

83

910

582

328

1,870

269

1,601

145

480

501

-21

2,054

1,940

33

445

297

148

1,462

212

1,250

114

457
1,637
480
864
293
221
219

-54
323
236
87

(D)
344
(D)
87
(DD)
( )
165

(D)
-21

473
1,251
(D)
729
(D)
168
49

-7
91

12

511
1,314
244
777
293
173
56

124
239
41
51
147
64
18

115
101
20
18
63
36
46

9
138
20
33
84
29
-28

357
921
286
532
103
98
86

105
95
18
76
1
18
-7

252
826
268
456
102
80
93

(*)

47
163

$
( )
D

(

886

-36

-35

-1

921

890

450
126
101
209

-99
-72
50
85

-102
-79
53
93

3
7
-2
-8

549
197
51
124

527
197
51
115

(D>

H,

<D)

5
-55

(D)
6
25

D

( )

13

D

D

( )
(D)

38
63
47
6
7

(D)

(D)

(D)

401

60

341

32

406
2
D
( )
27

245
-15
D
( )
20

161
17
D
( )

115
171
41
75

4
48
-1
9

111
123
41
66

22
0

7

-3

10

D

D

D

(*)

60

28

37

-10

33

33

1,730

664

677

-13

1,067

1,017

99

183

168

15

735

135

600

1,270

552

555

-3

718

671

66

134

137

-3

471

89

382

327
201
56
70

(D)
329
201
56
73
D
( )
130

0
-3
(*)
(*)
-3
(*)
(*)

431
74
270
88
-40

188
412
74
256
82
111
-40

1
125
-1
65
62
4
-64

81
13
22
-15
6
33
7

(D)
-47
(DD)
( )
-19
(D)
-29

107
273
53
206
15
73
18

75
22
(D)
32
(DD)
(D)
( )

32
251
(D)
175
(DD)
( D)
( )

(D)

(D)

316

314

(D)

258

49

210

20
162
70
64

20
162
70
62

(DD)
( )

( DD)
( D)
( )

7
161
37
54

-1
(DD)
( )
8

8

(*)

32

33

(D)

(*)

258
758
274
326
158
165
90

(D)

(D)

130

(D)

(D)

( )

( )

(D)

(D)

( )

( )

(D)
(D)

59

(D)
25
(D)

35

9

(*)
49
48
(D)

(D)

19
0
14
5
0

392

77

45
97
106
145

24
-64
36
81

68

35

6

-3

8

1,206

3

4

-1

1,202

1,126

14

197

54

143

915

121

794

77

871

-41

-39

-2

912

859

4

30

-9

39

825

108

717

53

75
701
158
453
91
54
40

-42
2
-26
19
10

-52
(D)
(D)
19
9
D
( D)
( )

10
(DD)
( )
(*)
(*)
( DD)
( )

117
699
184
434
81

116
653
184
404
65
58
32

-14
17
-34
63
-12
4
-3

-46
56
-8
41
23
30
-10

7
-19

-53
75

5

64
18
( DD)
( )

176
580
226
300
53
24
45

28
65
18
39
7
(DD)
( )

148
515
208
261
46
( DD)
( )

1
46
1
30
16

103

90

13

77

79
-1

12
(*)
(*)

67
-1
-1
11

(DD)

( )

22
(D)
37
88

(D)
-1
-7

(D)

(D)

2

( DD )

( )

2

<D)

11

(DD)
( )
(D)

335

44

43

1

291

267

10

167

305
-9
(*)
39

48

53
(D)
(*)
(D)

-5
(D)
0
(D)

257

237

13

145

-177

125
178
48
85
45
2
89
158

Developing countries

(4)

Total

From foreign financial
institutions

From foreign
affiliates
of U.S.
parent

2,534

(D)
(*)
(D)

-195
-31

393

Developed countries

Latin America
Other Africa
Middle East <
Other Asia and Pacific

(3)

Net funds
from abroad
(debt and
equity
financing)

From
other
U.S.
residents

3,480

544

Other industries, all areas

From
U.S.
parent

(2)

(1)

All industries, all areas

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing)

(D)

D

-6
62
12
-80
4

( )

-156

100
38
-4
25

-172
(D)
15
(D)

-7

-8

(D)
(*)
(D)

$
( )
D

(D)
(*)
(D)

821

(°)

-15
(D)
(*)

(D)

(D)

e?M
<DD )

( )
63
(D)
(D)

0
1

Q

(D)
(*)
(*)
(D)

(

\

(DD)
( )
46

2
0
0
2

(DD)
( )

24
20
0
(*)

4

-17

739

720

-30

530

360

170

220

12

208

-15

-16

424

410

-37

282

170

112

166

14

152

-42
(D)
62
12
D
( )
4
(D)

(DD)

184
-14
73
124
-2

169
186
D
( )
69
(D)
-2
57

6
-51

(D)
61
( DD)
( )
33
(*)
D
( )

(D)
109
(DD)
( )
84
1
D
( )

74
68
8
25
35
(*)
24

2
9

71
59
(D)
20
(D)

(D)

-3
11

89
170
27
26
118
1
22

(t)

(D)

315

309

8

248

190

58

53

-1

55

5

272

270
(D)
-19
(D)

-9

250
(DD)
( )

ftD
( )

29
11
5
9

-7
(DD)
( )
1

36
(DD )
( )
9

2
0
0
3

(*)

1

-1

2

0

D

( )

( )

(D)

D

( )
0
0

0
(DD)

D

( )

()

-177
(D)
16
(D)

5
0
-1
(D)

(D)

(D)

(D)

(*)

(D)

-19

(*)

(D)
(D)

(DD)
( D)
( )

18

-1

(*)

D

D

( )
(DD)
( )

0

0

( )

(D)
(D)
(>)

6

3

20

19
13

-a

(D)
(D)

SUEVEY OF CUKKENT BUSINESS

July 1975

49

Table 9D.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies for 1969, Industry by Area
[Millions of dollars; increase +, decrease—1
Foreign sources 2

U.S. sources

External
funds i

Industry by area

(D

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing;

(2)

From
U.S.
parent

(3)

From
other
U.S.
residents

(4)

Net funds
from abroad
(debt and
equity
financing)

(5)

Total

(6)

From foreign financial
From foreign
institutions
afiiliates
of U.S.
parent
Total Long- Shortterm
term
(7)

(8)

(9)

Foreign
equity

From other foreign
residents

financ-

(10)

Total

Longterm

Shortterm

(11)

(12)

(13)

ing

(14)

4,761

949

948

2

3,811

3,614

388

1,277

472

805

1,948

361

1,587

198

3,530

447

485

-38

3,083

2,928

317

1,019

267

751

1,592

381

1,211

156

247
2,666
870
1,398
398
240
377

-84
395
38
249
108
41
95

-75
434
D
(D
)
( )
109
37
89

-9
-39
(DD)
( )

(D)
2,187
831
1,097
258
199
(D)

(D)

4
6

331
2,271
832
1,149
290
199
282

364
133
131
100
-11

144
653
316
336
(*)
146
77

74
118
34
46
39
70
4

70
534
283
290
-39
75
72

167
1,171
382
631
158
65
190

106
272
85
159
28
-6
9

61
899
297
472
130
70
181

994

368

323

45

626

584

(D)

(D)

193

(D)

362

-19

381

42

Latin America
Other Africa
Middle East *
Other Asia and Pacific ..

681
30
60
223

185
36
17
129

139
37
11
135

46

°.
-6

496
-6
43
93

462
-7
43
86

(D)

240
-11
-5
(D)

200
-5
-3
1

39
-6
-2
(D)

186
68
34
74

-30
6
9
-4

216
62
25
77

34
1
0
7

International and unallocated

236

134

140

-6

103

103

(D)

-6

-1

-5

1,797

851

841

10

947

919

164

326

106

220

430

38

392

1,278

545

529

17

733

705

99

295

99

196

311

81

230

89
957
244
595
117
138
94

48
413
-2
307
108
51
33

(DD)
( )
(D)
307
108
51
33

(DD)
( )
246
(D)
9
88
61

(D)
158
(D)
99
(D)
55
(D)

114
151
51
89
11
-9
55

(D)
30

0
1

41
543
246
288
9
88
61

(D)
121
(D)
67
(D)
12
(D)

-3

112

111

28
3
42
39

28
3
42
39

(D)
( )

-4

102

102

(D)

-7

2,015

1,938

173

639

81

-21

1,793

1,736

163

586

6

84
1,480
528
768
184
101
127

83
1,431
527
(D)
(D)
100
121

32
121
34

All industries all areas
Developed countries

-. -

- -

Canada
Europe
United Kingdom
European Economic Community (6)3
Other Europe
- - .-.
Japan
.
Australia, New Zealand, and South Africa. ..
Developing countries

Petroleum, all areas
Developed countries

_

. --

Canada
Europe
- United Kingdom
European Economic Community (6)3
Other Europe .. Japan .
Australia, New Zealand, and South Africa. ..
Developing countries
Latin America.
_
Other Africa
Middle East*
Other Asia and Pacific

_.
-

-

International and unallocated

. ..
-

281

169

173

40
47
61
134

12
43
19
95

(D)
43
14
D
( )

238

136

140

Manufacturing, all areas

2,096

Developed countries

1,654

Canada
- Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa. ..
Developing countries
Latin America
Other Africa
Middle East <
Other Asia and Pacific

-139

88

-118

(D)
(*)
D

6

( )

35
1,409
527
696
186
88
123

-49
-71
-1
-73
2
-13
-5

-55
(D)
(*)

442

221

206

14

222

203

207
-3

192
-2
(*)
16

15
(*)
0
(*)

187
4
1
29

173
4
1
25

394
1
1
46

. _ -.-

82

(DD)
(D)
( )
(*)
(*)

(<)

i.

(D>

3
-17
(D)

(D)

(<

i4

(D)

(D)

(DD)
( )
(D)
(DD)

36
-65
14

(D)

94
26

( )
D

D
(D
)
( D)
( D)
( )

3
158
101
86
-28
D
( D)
( )

D

-13
(DD)
( D)
( )

9

(D)

D

( )

( )
36

ft
( )
D

D

( )

D

11

( )
7

2

<%
(D
-k
(D)

<D>

84
1

(D)

51
32
1

(*)
27
27
(DD)
( )
(*)
(D)

"o

(*)

1

128

-42

170

-50
4
11
-6

33
58
23
56

(*)
(*)

( )

(D)
-4
(D)

(D)
-3
(D)

-17
62
34
49

(D)

(D)

(D)

-9

-1

-8

558

1,126

269

856

76

69

517

986

253

734

58

76
441
195
205
41
(DD)
( )

-21
84
30
46
7
(DD)
( )

96
358
165
159
34
17
46

-24
869
299
496
74
66
76

16
223
68
137
18
12
1

-40
645
231
358
56
54
75

2
50
1

10

54

13

41

139

17

122

19

6

43
2
1
8

11
(D)
(*)
(D)

32

123
1
(*)
14

108

!

15
0
0
4

14

(D)
D

(*)
" 3

(D)
(°)

15
(*)

°2

0
(*)

(D)
(D)

6

(

\

International and unallocated
Other industries, all areas.

- ..

-

Developed countries
Canada
- - Europe
United Kingdom
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa. ..
Developing countries
Latin America
Other Africa
Middle East *
Other Asia and Pacific
International and unallocated
See footnotes p. 46.




-

.

_ __

.-

867

17

18

-2

850

756

51

312

284

28

393

54

339

598

41

74

-34

557

487

54

138

100

38

295

48

247

123
300
99
107
95
15
161

-83
53
40
15
-2
4
66

D

205
247
58
92
96
11
94

(DD)
( )
58
(DD)
( )
11
(D)

66
53
21
45
-13
(DD)
( )

(D)
35
(D)
13
(DD)
(D)
( )

(D)
18
(D)
32
(D)
3
(D)

77
151
32
46
73
7
59

(D)
18
(D)

(D)
133
(D)
47
(D)
4
(D)

270

-22

292

269

(D)

(D)

95

6

89

23

247
-18
-2
43

-34
-4
—2
18

281
-14

261
-14
(*)
22

80
5
(*)
10

5
2
-2
1

75
3
2
9

20
0
0
3

-2

-2

3

0

m

«40

15
-2
4
(D)

( )

0
0
0
0
D 0

()

34

-56
D

(D

14
-2
( )
D

(*)

( )

0

D 0

()

-2

<*>
(*)

25

(*)

(D)
<D)

5

(°)
(°)
(°)

19

174

(*)
(D)
(*)
(D)

-7

187
(D)
D

( )
-3

1

183
0

(D)

5

8 8
(D)

(D)

3

( T

" 4

(°)

(*)

94
71
(D
)
(D)

0
(D)
(D)
D o

()

SUKVEY OF CUREENT BUSINESS

50

July 1975

Table 9E.—Sources of External Funds for a Sample of Majority-Owned Foreign Affilitiates of U.S. Companies
for 1970, Industry by Area
[Millions of dollars; increase +, decrease —]
Foreign sources 2

U.S. sources

External
funds 1

Industry by area

Developed countries --

- -

Canada
- - - Europe
.. .
United Kingdom
European Economic Community (6) 3
Other Europe
._ _
Japan
Australia, New Zealand, and South Africa.-.
Developing countries
Latin America _ . .
Other Africa
Middle East *
Other Asia and Pacific

_.

International and unallocated

..

Petroleum, all areas
Developed countries

-

Canada
- Europe
United Kingdom
European Economic Community (6) '
Other Europe ._ Japan
Australia, New Zealand, and South Africa. ..
Developing countries -

-

Latin America
Other Africa . .
Middle East *
Other Asia and Pacific

-

-

International and unallocated
_

Developed countries
Canada
Europe
United Kingdom
.
. . __
European economic community (6) 3
Other Europe
Japan
_ __ .
Australia, New Zealand, and South Africa. __
Developing countries

.

Latin America
._
Other Africa
Middle East *
Other Asia and Pacific

(3)

Net funds
from abroad
(debt and
equity
financing)

(4)

(5)

Total

(6)

From foreign financial
institutions

Foreign
equity

From other foreign
residents

From foreign
affiliates
of U.S.
parent

Total

Longterm

Shortterm

Total

Longterm

Shortterm

(7)

(8)

(9)

(10)

(11)

(12)

(13)

financ-

ing

(14)

5,697

1,651

1,607

44

4,046

3,899

331

1,860

759

1,101

1,708

354

1,354

147

4,540

1,340

1,324

16

3,200

3,090

297

1,317

320

997

1,477

286

1,191

110

436
3,151
967
1,821
363
464
489

197
882
415
414
53

233
835
415
368
53
(DD)
( )

-36
47
(*)
46
(*)
4
2

239
2,269
552
1,407
310
(DD)
( )

234
2,186
(D)
1,367
(DD)
( D)
( )

68
157

(DD)
( D)
( )

25
1,097
396
632
69
97
97

1
219
154
61
5
40
60

24
878
242
571
65
57
37

141
932
164
636
132
198
206

115
142
29
76
37
8
21

26
790
135
560
95
190
185

1,242

436

(D)

(D)

806

769

(D)

(D)

437

204

67

138

836
17
47
342

19
143
75
199

(D)
143
75
178

(D)

816
-126
-28
143

783
-126
-28
140

(D)
-126
34

512
(D)
-2
76

411
-1
-1
28

(D

215
-140
100
30

47
8
-5
16

167
-147
104
13

(*)

40

40

(D)

(D)

1

(D)

27

2

25

(*)

410

66

345

323

71

253

93
130
-10
130
10
86
14

(D)
19
-3
16
6
D
(D)
( )

(D)
111
-7
114
4
(DD )
( )

(*)
(*)
(*)
(*)
(

61

-7

68

(*)

8
-5
D
( )

(D)
-157
104
(D)

(*)
(*)
(*)
(*)

26

2

24

(*)

(DD)

( )

(*)
21

(D)

99

56

(D)

-85

-125

(D)

(D)

1,971

1,319

1,333

-15

652

651

1,551

938

938

(*)

613

612

(D)

(D)

196
1,066
287
654
126
225
63

95
661
349
231
81

95
661
349
231
81
D
( )
(D)

102
405
-63
423
45

101
405
-63
422
45
D
( D)
( )

(D)

(D)
296
(D)
232
(D)

(D)
81
(D)
26
(D)

W

(D

(DD)

( )

506

508

(D)

246
-6
43
223

135
138
72
163

131
138
72
(D)

-86

Manufacturing, all areas.

From
other
U.S.
residents

From
U.S.
parent

(2)

0)

All industries, all areas

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing)

(D)

-128

0
(*)

0

(*) 0

(*)
(D)
(*)
(D)
(D)

0

(DD)

( )
3
0

-2

-2

111
-145
-29
61

111
-145
-29
61

41

41

-45

(D)
(D
)
(DD)
( )

-21
61

286

136
96

7

150
(D)

13

(*)

38

38

-7
12
-126
19

17
-8
-2
31

28
(*)

(D)

l!
47

(D)
215
3
206
6
(D)
10

-101

(D)

101

11
1

-11
-8
-1
20
(D)

101
-149
99
10

(D)

(D)

5
82

(D)

40
13
9
37
33

°3

1
1

*'o
0

2,511

360

309

51

2,151

2,045

236

877

86

792

933

146

786

106

2,156

282

240

42

1,874

1,783

191

755

57

698

837

140

696

91

86
1,721
588
1,000
133
153
196

73
170
65
110
-5
2
37

(D)
123
65
64
-5
-1
(D)

(D)
46
(*)
46
(*)

13
1,552
523
8£1
138
151
159

8
1,482
(D)
859
(D)
138
154

45
115

32

-8
702
327
375
(*)
32
27

-43
78
86
12
-21
14
8

35
625
241
363
21
18
19

-29
665
140
472
53
106
95

31
102
29
53
20
1
6

-61
563
111
418
33
105
89

355

78

69

9

277

263

44

123

29

94

96

6

90

15

303
13
1
39

67
6

9
1
0
-1

235
6
1
35

221
6
1
35

24
2
1
18

108
(*)
(*)
15

27
-1
(*)
3

81
1
(*)
13

89
5

6

82
5

15
0

4

58
6
(*)
5

1,215

-27

-35

8

1,242

1,202

697

537

834

120

145

-25

713

695

( )

154
363
92
166
105
86
230

29
51
1
73
-23
6
34

(D)
51
1
72
-23
6
(D)

(D)

125
312
91
93
128
81
195

124
300
90
86
124
80
191

(D)

508

D

0

(D)

(D)
(D)

12

(

\

(*)
(*)
-1

°3

(D)
(D)

4
69
32
13
5

(*)
(*)

International and unallocated
Other industries, all areas
Developed countries
Canada
Europe
United Kingdom
_ _
European economic community (6) 3
Other Europe
.
_
Japan
Australia, New Zealand, and South Africa. _
Developing countries..
Latin America
Other Africa
Middle East*
Other Asia and Pacific

. _ _.
.

International a n d unallocated.
See footnotes p. 46.




______

D

-150

( )

287
10
3
80

-183
-2
2
32

m

1

2

381

-22

(D)

3

0
1
0

(*)
(D)
(D)
(D) 0

531

0

470
12
1
48

451
12
1
44

-1

-2

-2

(D)

140

(D)

D

D

( )
(DD)
( )

64
27
31

(D)

( )
(D)
C)

(D)
99
(D)
25
(DD)
( )
63

39

387
(D)

-2

29

-3

(*)

167
(D)
61
(D)
22
(D)
(D)
55
371
356
(*)
(*)
14
0

365

142

223

40

(D)

317

75

242

18

(D)
38
-1
3
37
(D)
8

77
137
34
34
69
6
97

(D)
21
3
6
11
(DD)
( )

(D)
116
31
28
58
(DD)
( )

67

-20

159

(D)
31
(D)
15
(*)

47
25
4
(*)
18
1

D

( )

(*7
(°)
(*)

(*)

13
2
7
3
1
4
22

D

19

( )

(*)
(*)

(*)
(D)
1

0

SUKVEY OF CURRENT BUSINESS

July 1975

51

Table 9F.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Companies
for 1971, Industry by Area
[Millions of dollars; increase +, decrease —]
Foreign sources 2

U.S. sources

Foreign debt financing
External
funds 1

Industry by area

Net funds
from U.S.
(debt and
equity
financing)

(4)

(3)

(2)

(1)

From
U.S.
parent

From
other
U.S.
residents

Net funds
from abroad
(debt and
equity
financing)

(5)

Total

(6)

From foreign financial
institutions

Foreign
equity

From other foreign
residents

From foreign
affiliates
of U.S.
parent

Total

Longterm

Shortterm

Total

Longterm

Shortterm

(7)

(8)

(9)

(10)

(11)

(12)

(13)

financ-

ing

(14)

All industries, all areas.

6,800

2,234

2,012

223

4,566

4,508

245

1,860

1,613

247

2,403

381

2,022

58

Developed countries

4,911

2,102

1,917

185

2,809

2,727

305

848

870

-22

1,574

261

1,313

82

376
3,297
582
2,224
491
689
549

73
1,683
599
1,035
48
163
183

-15
1,627
(DD)
( )
49
(DD)
( )

89
56
(DD)
( )
(*)
(DD)
( )

302
1,614
-17
1,189
443
526
366

289
1,550
-21
1,134
437
523
365

-20
163
-29
177
14
38
124

56
371
-93
257
208
283
137

110
462
252
208
2
185
114

-53
-91
-346
48
206
98
24

252
1,016
101
700
214
203
104

-126
349
55
181
113
20
19

378
667
46
519
101
183
85

13
65
3
55
6
3
1

1,250

-180

-217

37

1,430

1,454

(D)

(D)

(D)

(D)

697

115

582

-24

633
-138
-82
837

81
—9
-663
411

47
-6
(DD)
( )

34
-3
(DD)
( )

552
-129
581
426

584
-131
581
421

-173
-11
(D)
14

668
7
(D)
202

558
-1
(D)
125

109
8
(D)
77

89
-128
530
205

25
8
51
29

64
-136
479
175

-32
3
(<)

639

312

312

327

327

(D)

(D)

(D)

(D)

133

5

128

0

2,780

1,034

1,083

-49

1,746

1,753

163

151

1,142

-7

1,766

1,068

1,082

-14

698

694

136
1,048
239
654
154
572
10

52
855
271
589
-6
128
33

(DD)
( )
(D)
589
-6
128
34

(DD)
( )
(D)
(*)

84
193
-32
65
160
444
-23

81
192
-32
65
160
444
-23

Canada

-

United Kingdom
European Economic Community (6)3
Other Europe
Japan
Australia, New Zealand, and South Africa —
Developing countries
Latin America
Other Africa
Middle East 4
Other Asia and Pacific

- --

International and unallocated
Petroleum* all areas
Developed countries
Canada
Europe
- - United Kingd'om
European Economic Community (6)3
Other Europe
Japan
Australia, New Zealand, and South Africa
Developing countries _
Latin America
Other Africa
Middle East 4
Other Asia and Pacific

.

.. - .

International and unallocated
Manufacturing, all areas.

--

Developed countries
Canada _
Europe
United Kingdom- ...
...
European Economic Community (6) 3
Other Europe
Japan
Australia, New Zealand, and South Africa...
Developing countries
Latin America
Other Africa
Middle East *
Other Asia and Pacific

W

(*)

o

404

-333

-298

-35

737

747

148
-176
-133
565

89
-24
-656
257

92
-25
(DD)
( )

-3
1
D
(D
)
( )

58
-152
522
308

68
-152
522
308

611

299

299

2,172

638

429

1,988

532

-50
1,654
211
1,277
166
158
226

-131
597
209
350
39
28
38

184

351

(D)

40

298

252

46

1,293

66

25

153

-128

603

105

498

3

14
32
34
-17
15

25
-223
-143
-132
52
(DD)
( )

(D)
-226
(DD)
( )
53
(D)
-15

42
384
77
214
93
178
-1

(*)
94
(DD)
( )
34
(D)
-< D )

43
289
(DD)
( )
59
(D)
(D)

3

558

41

517

-10

37
-135
(D)
(°)

-10
0
0

D

D

( )
9
(D)

4*
10

3

(°)
(

D

)

(*)

120
(D)

D

D

(*)

0

(*)
(*)

0
0

( )

( )

( )

23
(D)

-16
(D)
0
71

38
(D)

w

37
-129
479
171

(D)

(D)

131

5

126

0

20

857

167

691

36

(

?38

D

()

(D>

«

W

7

8

(*)

312

312

209

1,534

1,498

181

1,456

1,400

186

367

396

-28

846

159

688

55

81
1,056
2
927
127
130
188

79
1,007
-1
(DD)
( )
127
187

-45
170
13

-133
324
-27
326
24
108
69

-27
335
152
187
-4
64
24

-105
-11
-179
140
28
44
45

256
513
13
417
83
(D
)
(D)

-55
198
15
145
38
(DD)
( )

311
316
-2
273
45
11
49

2
49
3

-19

106

58

48

11

8

3

-25

43
(DD)
( )

27
(D)

%

-3
-1
-1
17

7

4

70
(D)
(D)
18

-10
-1
-1
16

(*)

(D
)
(D)

(DD)
(D)
( )

(DD)
( )

a

<D

I!

(°)

168

(D)
(DD)
( D)
( )

473

453

(D)

(D)

3

38

^

105

78

28

79

98

81
7
17

47
11
(*)
20

34
-4
0
-2

16
9
12
43

42
6
11
39

1,848

562

500

63

1,286

1,256

-86

1,088

907

181

254

64

190

29

1,157

501

483

18

655

632

52

455

322

133

125

-2

127

23

289
596
132
293
171
-41
313

152
230
119
96
15
7
112

(D)
230
119
96
15
7
D
( )

137
365
12
197
156
-48
201

129
350
12
v°)

11
-39
-76

%
&126
(D
16

-46
119
12
68
38
D
(D
)
( )

-71
57
(D
)
(D)
40
(*)
12

8
15

80

(D)
124
(DD)
( )
6
1
D
( )

24
62
(D)

201
^

165
271
76
62
132
(DD)
( )

662

48

3

45

615

609

-151

633

584

49

127

66

62

6

389
23
40
211

-89
8
-7
136

-92
8
-7
94

3

478
15
47
75

474
15
47
74

-157
11
-5
(*)

575
2
-1
56

531

44
2

19
2
D
(D)
( )

37

\

56
2
53
17

5
0
0
1

29

13

13

15

15

13

-1

2

96
16
12
60

.

(*)

(*)

(D)

(D)
(D)

(*)
(*)

1

-20
-26
3
(<)

4

International and unallocated
Other industries, all areas
Developed countries
Canada
Europe
.
United Kingdom
European Economic Community (6) 3
Other Europe
Japan .
...
Australia, New Zealand, and South Africa...
Developing countries -

.

..

Latin America
Other Africa.
Middle East <
Other Asia and Pacific
International and unallocated
See footnotes p. 46.




..

_

..

(D)

8
(*)
(*)

8
(*)
0
42
(*)

(D)

(D)

i

(*)

il
2

(

(')

(D
ls
(DD)

()

8
()
D

2

(*)
(D)
(D)

o

0

0

52

SURVEY OF CURRENT BUSINESS

July 1975

Table 9G.—Sources of External Funds for a Sample of Majority-Owned Foreign Affiliates of U.S. Compa
for 1972, Industry by Area
[Millions of dollars; increase +, decrease —]
U.S. sources
External
funds 1

Industry by area

All industries, all areas
Developed countries

_. --

Canada
Europe
- United Kingdom
European Economic Community (6)*
OtherEurope
.
Japan
Australia, New Zealand, and South Africa...
Developing countries

.

Latin America
Other Africa
Middle East 4— .
Other Asia and Pacific

-

International and unallocated

Foreign debt financing
Net funds
from U.S.
(debt and
equity
financing)

(2)

(1)

Foreign sources *

From
U.S.
parent

(3)

From
other
U.S.
residents

Net funds
from abroad
(debt and
equity
financing)

(4)

From foreign financial

From foreign
institutions
affiliates
of U.S.
parent
Long- ShortTotal
term
term

Total

(5)

(6)

(7)

(8)

(10)

(9)

Foreign
equity
financing

From other foreign
residents
Total

Longterm

Shortterm

(11)

(12)

(13)

(14)

5,473

1,538

1,348

190

3,935

3,760

408

318

384

-66

3,033

582

2,452

176

3,337

814

772

42

2,523

2,377

195

208

337

-129

1,974

506

1,468

146

558
2,171
-151
2,063
259
370
238

132
488
-87
590
-15
96
98

77
511
D
( )
592
(D)
96
88

55
-23
D
( )
-2
(D)
(*)
10

426
1,682
-64
1,472
274
274
141

400
1,588
-68
1,408
247
(D)
D
( )

44
267
-1
147
122

87
-113
-276
307
-144
181
53

101
123
-176
299
(*)
69
44

-14
-236
-101
8
-144
112
9

268
1,434
210
954
270
116
156

48
363
120
173
70
17
79

220
1,071
90
781
200
99
78

27
95
3
64
27

1,815

663

514

149

1,151

1,121

53

120

(D)

(D)

948

76

871

1,063
-180
368
564

466
29
-260
428

596
-209
628
135

572
-209
629
129

81
-136
74
34

62
15
13
29

6
4
13
(D)

56
11
(•)
(D)

429
-89
543
65

50
7
10
10

379
-96
533
55

(D)

(D)

369
25
-256
376

97
4
-4
52

(D)
(D)

(D)
(D)

30

w

24

-i7

321

60

61

-1

261

261

160

-10

111

-1

113

0

2,462

856

837

19

1,606

1,604

56

377

230

147

1,170

207

963

2

1,367

560

564

-4

807

801

-20

369

199

169

452

177

275

51
1,001
15
811
174
269
46

-56
519
23
373
123
67
30

(D)
519
23
373
123
67
(D)

107
482
-8
438
51
202
16

(D)
484
-8
(DD)
( )
(D)
16

44
276
71
137
69
68
64

17
142
D
( )
41
(D
)
(D
)
(D)

28
134
D
( )
96
(D
)
(D)
(D)

772

231

206

24

541

608

31

577

-4

Latin America
..
Other Africa 4
Middle East
Other Asia and Pacific,..

316
-177
286
347

219
25
-293
280

219
( )
-289
(D)

(*)
(D)
-4
(D)

149
-91
522
28

18
7
9
-3

131
-98
513
30

0
-4
0
0

International and unallocated

323

65

67

1,916

466

367

1,221

206

205

1

345
767
-257
947
77
88
20

149
50
-44
112
-18
19
-11

125
72
(D)
113
(D)
19
-11

24
-22
(D)
-2
(D)
(*)

196
717
-213
835
95
70
31

-

695

259

162

97

Latin America.
Other Africa
Middle East 4
Other Asia and Pacific

609
25
14
48

235
3
3
18

1,095

216

Petroleum, all areas

.

Canada
Europe
United Kingdom
European Economic Community (6)'
Other Europe
Japan
.
Australia, New Zealand, and South Africa...
Developing countries

Manufacturing, all areas

--

Developed countries

-

Canada
- - Europe
United" Kingdom
European Economic Community (6) *
Other Europe
.Japan
.
Australia, New Zealand, and South Africa. ..
Developing countries

International and unallocated

. . - ..

Canada
Europe
- United Kingdom
European Economic Community (6) »
Other Europe
Japan .
.
Australia, New Zealand, and South Africa. .
Developing countries
Latin America
Other Africa
Middle East 4
Other Asia and Pacific.
International and unallocated

(D)

(D)

6

(D)

-41

48
170
12
201
-43
157
-7

545

-83

20

98
-202
579
67

98
-198
579
67

-45
-111
53
19

-7
4
3
20

-2

258

258

159

-12

110

-1

111

0

99

1,450

1,332

63

-193

114

-307

1,462

240

1,222

118

919

44

-330

21

-352

1,205

216

989

95

192
644
-216
792
68
69
14

36
55
5
33
17
-3
-44

18
-375
-330
4
-49
24
3

25
-24
-137
132
-19
4
16

-7
-351
-193
-128
-31
20
-13

139
963
108
755
100
48
55

9
176
41
120
15
(D)
D
( )

130
786
67
635
84
(D
)
(D)

4
74
3
44
27

436

413

19

138

93

45

257

25

233

23

359
18
12
25

4
2

0
5

374
22
11
30

114
13
D
(D
)
( )

82
2
9
(*)

32
11
(D
)
D
( )

241
4
1
11

22
(*)

219
3
1
9

15
4
-1
5

143

72

879

824

289

134

40

94

401

134

267

56

44

702

657

170

170

117

54

317

114

203

45

123
483
157
198
128
2
93

(D)
460
156
(D)
(D)

21
91
41
102
-52
1
57

(D)
53
5
41
7
(*)
(D)

38
36
61
-59
1
(D)

84
195
31
63
102
-1
38

22
45
D
( )
12
(D)
(')
47

62
151
( )
50
(D)

174

163

118

-37

-78

41

83

20

62

8u

115
-28
39
37

122
-26

-44
-1
(D)
D
( )

-88

°!
9

43
-1
(D)
(D)

38
-1
19
26

10

(D)°

125
-28
39
39

10

28
-1
18
16

9
0
0
2

1

3

3

1

2

2

-i

2

0

D

(D)
(D)

3
13

8
80
D

( )

(D
)
(D)

1,014

(D
)
D

38
-91

( )
(D)

(D
)
(D)

*

-44
126
11
65
D
( )

(D)

77
56
75
-54
92
(°)
D

D

( )

( )

12
2
3
(D)

-19
2
(')
(D)

(D)

(D)

(

\

-20

(D)
(D)
0

(

*>18

. ..

Other industries, all areas
Developed countries

(D)

750

48

3

162
403
91
304
8
12
172

39
-80
-66
106
-120
10
79

(D)
-80
-66
106
-120
10
(D)

347

173

146

137
-28
69
169
-2

(D)
(*)
° 30 30
130
(D)
13

-5

-6

(D)
(*)
(*)
0
(*)
(*)
(D)
27
(D)
(*)

(D)

(D)
m84
(D)
(D>

2

(°)

(D
)
(D)

(D)

(•)

1

8

D

-9

(D)

23

(*)

8

See footnotes p. 46.




U. S. GOVERNMENT

PRINTING OFFICE : 1975 O - 588-182

CURRENT BUSINESS STATISTICS

J.HE STATISTICS here update series published in the 1973 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $5.15) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1969 through 1972 (1962-72 for major quarterly
series), annually, 1947-72; for selected series, monthly or quarterly, 1947-72 (where available). Series added or significantly revised after the 1973
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1972 issued too late for
inclusion in the 1973 volume appear in the monthly SURVEY beginning with the August 1973 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 1973 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.
1972

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS

1973

1974

1972
II

III

IV

Annual total

I

II

1975

1974

1973
III

IV

I

II

III

IV

I

)

I!*-

Seasonally adjusted quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
1,158.0

1,294.9

1, 397. 4

1,143.0

1,169.3

1,204.7

1,248.9

1,277.9

1,308.9

1,344.0

729.0

805.2

876.7

720.6

736.8

757.2

781.7

799.0

816.3

823.9

118.4
53.1
48.7

130.3
57.5
55.0

127.5
49.7
58.8

116.2
51.5
47.9

121.2
55.3
49.3

124.3
56.4
50.7

132.4
60.4
54.3

132.1
59.2
54.9

132.4
59.3
55.5

299.7
63.0
143.7
25.0

338.0
70.2
165.1
28.3

380.2
74.1
187.7
35.9

297.4
62.5
142.4
24.5

302.0
63.7
144.7
25.1

310.9
66.0
148.5
25.8

323.3
69.1
155.9
26.8

332.7
70.1
160.9
28.0

310.9
43.3
107.9
21.8

336.9
47.3
116.4
23.4

369.0
52.9
126. 4
26.1

307.0
42.6
106.9
21.6

313.6
43.9
108.9
21.9

322.0
45.5
110.7
22.3

325.9
45.6
113.1
22.8

179.3

209.4

209.4

175.5

182.1

190.2

170.8
116.8
41.1
75.7
54.0
53.4
8.5
7.8

194.0
136.8
47.0
89.8
57.2
56.7
15.4
11.4

195.2
149.2
52.0
97.1
46.0
45.2
14.2
11.9

167.6
114.7
41.0
73.7
52.9
52.3
8.0
7.0

171.9
117.5
40.6
76.8
54.5
53.9
10.2
9.6

179.2
122.5
42.2
80.3
56.7
56.2
11.0
10.4

do...
do
.. do

-6.0
72.4
78.4

3.9
100.4
96.4

2.1
140.2
138.1

-6.9
68.8
75.7

-4.8
73.3
78.1

Govt. purchases of goods and services, total -do
Federal
do .
National defense
do
State and local
do

255.7
104.9
74.8
150.8

276.4
106.6
74.4
169.8

309.2
116.9
78.7
192.3

253.8
105.9
75.9
147.9

1,149.5
535. 2
214.3
321.0
488.1
126.1

1,279.6
607.3
240.9
366.5
534.4
137.8

1, 383. 2
656.1
249.2
406.9
590.3
136.8

8.5
7.1
1.4

15.4
9.4
6.0

792.5

839.2

Gross national product, total f

bil.$

Personal consumption expenditures, total., do
Durable goods, total?
Automobiles and parts
Furniture and household equipment
Nondurable goods total 9
Clothing and shoes
__
Food and beverages
Gasoline and oil
_

_

.do .
do
do
do
..do
do
do

Services, total?
Household operation
Housing
Transportation

do
do
do
do .

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

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

do
.do
do
do
do
...do
do
do

do
do
do
do
do...
do

Change in business inventories
Durable goods
Nondurable goods

do
do
do _

1,430.9 1,416.6 1, 433. 4

1,358.8 1,383.8

1,416.3

840.6

869.1

901.3

895.8

913.2

938. 1

124.3
51.2
55.4

123.9
48.0
57.5

129.5
50.6
59.5

136.1
56.2
60.4

120.7
43.7
57.8

124.9
46.8
57.9

130.0
49.0
60.6

343.8
70.6
169.1
28.7

352.1
70.9
174.5
29.8

364. 4
72.8
180.1
31.5

375.8
74.4
183.5
36.8

389.0
75.7
191.3
37.9

391.7
73.7
196.0
37.5

398.8
76.2
201.4
37.8

408.5
78.6
203.6
39.2

334.2
46.6
115.6
23.1

340.1
48.3
117.0
23.6

347.4
48.7
119.7
24.1

352.4
49.2
122.2
25.0

363.8
51.7
124.9
25.6

376.2
54.6
127.7
26.5

383.5
56.0
130.9
2/ . 1

389.5
57.0
134.1
28.1

399. 6
59.8
136. 5
28.8

199.0

205.1

209.0

224.5

210.5

211.8

205.8

209.4

163.1

147.3

189.0
130.5
44.6
85.9
58.5
58.0
10.0
6.5

194.4
135.6
46.2
89.4
58.7
58.4
10.7
7.7

197.1
139.0
47.9
91.1
58.1
57.6
11.8
7.4

195.5
141.9
49.3
92.6
53.6
53.0
28.9
24.0

193.6
145. 2
51.3
93.9
48.4
47.8
16.9
13.1

198.3
149.4
52.2
97.2
48.8
48.0
13.5
10.4

197.1
150. 9
51.0
99.9
46.2
45.4
8.7
6.6

191.6
151. 2
53.7
97.5
40.4
39.7
17.8
17.5

182.2
146.9
52.8
94.2
35.3
34.8
-19.2
17.8

181. 0
144. 6
50.2
94. 4
36.4
35.7
33.7
33.4

-5.3
78.5
83.8

-.8
88.8
89.5

.5
95.4
94.9

6.7
103.7
96.9

9.3
113.6
104.3

11.3
131.2
119.9

-1.5
138.5
140.0

-3.1
143.6
146.7

1.9
147.5
145.7

8.8
142.2
133.4

9.2
130. 9
121.7

255.1
102.7
72.6
152.4

262.6
105.2
74.7
157.4

269.0
106.4
75.0
162.6

273.3
106.2
74.0
167.1

276.9
105.3
73.3
171.6

286.4
108.4
75.3
177.9

296.3
111.5
75.8
184.8

304.4
114.3
76.6
190.1

312.3
117.2
78.4
195.1

323.8
124. 5
84.0
199. 3

331.6
126.5
84.7
205.1

338.8
128.6
85.4
210.2

1,135.1
529.4
210.6
318.9
481.5
124.1

1,159.1
541.0
218.3
322. 7
492.4
125.6

1,193.7
556.2
223.6
332.6
506.5
130.9

1,297.0 1,315.1 1,341.9 1,370.3
651.3
635.0
618.0 624.7
248.5
242.3
243.9
240.6
402.9
384.1 392.8
374.2
579.2
569.7
553.2
540.2
137.2
137.1
139.7
138.8

1,407.6
673.0
259.8
413.2
597.8
136.7

14.2
7.7
6.5

8.0
5.8
2.2

10.2
6.8
3.4

11.0
13.2
-2.2

10.0
6.1
3.9

10.7
7.7
3.0

11.8
9.0
2.9

28.9
14.8
14.1

16.9
8.7
8.2

13.5
-1.8
15.4

8.7
5.7
3.0

17.8
18.3
c

-19.2
-13.4
-5.7

-33.7
-13. 2
—20. 5

821,2

786.6

798.1

814.2

832.8

837.4

840.8

845.7

830.5

827. 1

823.1

804.0

780.0

779.4

528.2

531.5

539. 6

1,238.9 1,267.2
585.8
600.9
237. 8 241.2
347.9
359.7
516.0 528.3
137.1 138.0

1,413.1 1,435. 8 1,467.1
705.0
686.1
664. 8
259. 4
246.2
252.9
445. 6
433.2
418.6
635. 6
614.5
620. 9
126.5
128.8
133. 9

GNP in constant (1958) dollarsf
Gross national product, totalf

bil.$.

527.3

552.1

539.5

523.2

531.2

542.2

552.9

553.7

555.4

546.3

539.7

542.7

547.2

do
do
do

104.9
220.2
202.2

113.6
228.6
209.9

103.1
223.7
212.6

103.0
219.8
200.4

106.8
221.3
203.0

110.1
225.4
206.6

117.2
228.7
207.1

115.7
228.3
209.7

114.3
230.0
211.2

107.2
227.4
211.7

105. 2
223.9
210.6

106.8
223.6
212.2

107.8
225.8
213.7

92.8
221.4
214.1

95.2
222. 5
213.7

97. 5
225. 9
216.2

Gross private domestic investment, total. ..do

125.0

138.1

126.7

123.2

126.6

130.9

134.4

136. 3

135.8

145.8

133.3

130.3

122.7

120.5

89.3

79.6

do
do
do
do..

118.0
83.7
34.3
7.0

127.3
94.4
32.9
10.8

118.0
94.0
24.0
8.7

116.6
82.4
34.2
6.6

118.1
83.8
34.3
8.5

122.0
87.2
34.8
8.8

127.1
92.2
35.0
7.3

128. 4
94.3
34.1
7.8

127.7
95.1
32 6
8.0

125.8
96.0
29.8
20.0

122.7
96.3
26.4
10.6

122.2
96.5
25.7
8.2

117.7
94.1
23.6
5.0

109.6
89.2
20.4
10.9

101.0
83.8
17.3
-11.7

98.4
81.0
17.4
-18.8

do

-3.0

4.6

9.0

-3.6

-1.4

-1.9

1.4

3.5

5.8

7.9

11.5

8.2

7.3

9.1

11.6

10.9

Personal consumption expenditures, total, .do
Durable goods
Nondurable goods
Services

.

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

Govt. purchases of goods and services, total .do
Federal
do
State and local
do

143.1
61.0
82.1

144.4
141.8
146.0
143.8
62.5
59.5
57.3
56.5
82.4
87.0
81.3
89.5
Re
••Revised.
v Preliminary.
f vised series. I ,stimates Df nation al income, and prod UCt
and personal income have been revised back tc 1971 (see p. 1 1 ff. of tlle July 19 74 SURVlSY);
revisions prior to May 1973 for personal income appe ar on pp. 22-23 of the July 1 J74 SUR\ EY.




144.1
143.0
59.2
58.9
85.2
83.8
Revi sed data
in Ju ly issues
1975 SURVEY.

149. 3
147.7
146.3
145.9
145.8
145.7
146.0
143.7
143.9
58.5
57.4
57.0
56.5
56.4
56.3
56.3
56.2
57.7
90.9
90.2
89.3
89.4
89.5
89.3
87.5
89.7
86.2
for nati onal inco me and product and pers onal inco ne custo narily p ublished
of the S URVEY \V ill be po stponed until late r; see box note on p. 11 of t ho July
9 Iricludes d ata not s tiown se Darately.

S-l

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS

1972

| 1973

III

Annual total

1973

1972

1974

July 1975

IV

I

II

1974
III

IV

I

1»75

II

III

IV

I

UP

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
Implicit price deflators :f
Gross national product
Index, 1958=100
Personal consumption expenditures
do
Gross private domestic investment:
Fixed investment
do
Nonresidential
_ _- -do
Residential structures . _
do...
Govt. purchases of goods and services
do

146. 12
138.2

154. 31
145.9

170. 18
162.5

146. 50
138.7

147. 96
139.7

149. 95
141.4

152. 61
144.3

155. 67
147.0

158. 93
150.8

163. 61
155.8

167.31
160.2

172. 07
164.7

177.97
169.6

181.62
171.8

183. 90
173.9

144.8
139.6
157.4
178.6

152.4
144.9
174.0
191.5

165.3
158.7
191.4
211.8

145.6
140.2
158.9
179.9

146.9
140.5
162.8
183.6

148.7
141.7
167.1
186.7

151.4
143.9
172.1
189. 9

154.3
146.1
178.1
192.6

155.4
147.9
179.7
196.5

157.8
150.7
183.8
202.9

162.3
154.9
190.0
208.8

167.5
160.4
195.9
214.1

174.9
169.6
197.9
221.4

180.4
175.4
204.3
224.6

183.9
178.6
208.8
226.9

bil. $

946.5

1,065.6

1,142.5

954.3

987.0

1,027.6

1,051.2 1,077.3 1,106.3

1,118.8

do

707.1

786.0

855.8

712.6

732.9

759.1

776.7

793.3

814.8

828.8

848.3

868.2

877.7

875.6

885.5

do ..
do
do
do
do

626.8
491.4
20.5
114.8
80.3

691.6
545.1
20.6
126.0
94.4

750.7
592.4
21.2
137.1
105.1

631.2
495.3
19.9
116.0
81.4

649.6
508.7
21.2
119.7
83.4

667.6
525.0
20.8
121.9
91.5

683.6
538.7
20.3
124.5
93.1

698.2
550.8
20.2
127.2
95.1

717.0
565.8
21.0
130.2
97.7

727.6
573.8
21.0
132.8
101.2

744.6
588.3
20.9
135.4
103.7

761.5
602.5
20.8
138.2
106.7

769.2
605. 1
22.0
142.1
108.6

765.1
597.4
22.0
145.7
110.5

773.1
602.0
21.9
149. 2
112.4

75.9
54.9
21.0
25.9

96.1
57.6
38.5
26.1

93.0
61.2
31.8
26.5

75.8
55.5
20.3
26.8

80.1
56.1
24.0
26.7

89.1
57.0
32.1
26.3

92.8
57.1
35.6
25.7

99.3
57.7
41.5
26.2

103.2
58.4
44.9
26.4

98.4
59.3
39.1
26.4

89.9
60.7
29.1
26.3

92.1
62.3
29.8
26.6

91.6
62.5
29.1
26.8

84.9
62.7
22.2
27.0

86.0
63.3
22.7
27.1

92 2

105.1

105.6

92.9

99.8

103.9

105.0

105.2

106.4

107.7

105.6

105.8

103.4

94.3

17.6
74.5
40.8
19.0
21.8

19.6
85.5
47.6
21.5
26.1

20.8
84.9
47.0
30.0
17.0

17.8
75.1
40.8
19.4
21.4

18.3
81.5
45.1
20.0
25.1

18.7
85.2
48.6
20.9
27.6

19.4
85.6
48.4
21.5
26.9

19.8
85.4
47.1
21.4
25.7

20.4
86.0
46.4
22.1
24.3

20.8
87.0
46.2
26.9
19.3

20.7
84.9
46.8
29.7
17.1

20.7
85.1
48.6
33.3
15.3

20.9
82.5
46.3
30.1
16.2

20.7
73.6
41.1
27.3
13.8

9.2
24.6

9.2
28.7

7.8
30.1

9.5
24.8

9.9
26.6

9.4
27.2

8.8
28.4

9.5
28.8

9.2
30.3

7.1
33.7

8.0
30.1

8.6
28.0

7.5
28.7

6.8
25.7

do
do
do
do
do

99.2
41.5
57.7
27.3
30.3

122.7
49.8
72.9
29.6
43.3

140.7
55.7
85.0
32.7
52.4

100.2
41.8
58.4
27.8
30.6

108.2
45.2
63.1
28.2
34.9

120.4
48.9
71.5
28.7
42.8

124.9
50.9
74.0
29.1
44.9

122.7
49.9
72.9
29.8
43.1

122.7
49.5
73.2
30.7
42.5

135.4
52.2
83.2
31.6
51.6

139.0
55.9
83.1
32.5
50.5

157.0
62.7
94.3
33.2
61.1

131.5
52.0
79.5
33.3
46.2

101.2
39.0
62.3
33.8
28.5

do _.
do

-7.0
45.6

-17.6
52.3

-35. 1
61.6

-7.3
46.2

-8.4
47.5

-16.5
49.2

-20.0
61.1

-17.5
53.2

-16.3
55.5

-27.7
57.5

-33.4
60.1

-51.2
62.8

-28.1
65.9

-7.0
68.9

bil. $.
do
do
do
do

944.9
142.4
802.5
749.9
52.6

1,055.0 1,150.5
170.8
151.3
979.7
903.7
829.4
902.7
77.0
74.4

950.3
143.1
807.2
757.9
49.3

985.0 1,013.6 1,039.2 1,068.0 1,099.3 1,112.5 1,134.6
147.2
168.2
147.0
154.2
144.1
159.9
161.9
892.1
939.4
869.5
913.9
838.1
966.5
950.6
822.5
779.2
804.2
840.7
850.1
894.9
866.2
69.6
73.2
58.9
65.3
89.3
71.5
84.4

Unadjusted quarterly or annual totals:
All industries..
.
.
bil. $
Manufacturing
_. . do
Durable goods industries 1
do
Nondurable goods industries ^
do

88.44
31.35
15.64
15.72

99.74
38.01
19.25
18.76

112. 40
46.01
22.62
23.39

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

28.48
11.43
5.84
5.59

24.10
9.49
4.74
4.75

28.16
11.27
5.59
5.69

28.23
11.62
5.65
5.96

31.92
13.63
6.64
6.99

25.82
10.84
5.10
5.74

57.09

61.73

66.39

14.12

15.83

13.69

15.57

16.42

17.05

14.61

16.89

16.61

18.29

14.98

16.76

16.10

.63
.47
.63
.40

.63
.46
.52
.32

.71
.46
.72
.43

.69
.48
.67
.44

.71
.56
.60
.47

.68
.50
.47
.34

.78
.64
.61
.49

.80
.64
.43
.58

.91
.78
.48
.71

.91
.59
.44
.62

.94
.81
.54
.63

.94
.67
.49
.64

5.13
4.38
.75

5.21
4.36
.85

2 8.72

28.16

National Income totalf
Compensation of employees, total
Wages and salaries total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' Income total9
Business and professional 9
Farm
Rental Income of persons

-

do
do
do
-do

-

Corporate profits and Inventory valuation adjustment total
bil. $By broad industry groups:
Financial Institutions
do
Nonfinancial corporations, total..
do
Manufacturing total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilities
bil. $
All other Industries
do
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net Interest

.

1,130.2 1,155.5

1,165.4 1,150.7

33.9
-7.9
71.9

DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
Less: Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals: Personal saving§

1,168.2 1,186.9
175.1
178.1
993.1 1,008.8
927.6
922. 3
65.5
86.5

1,193.4 1,220.8
178.0
142.0
1,015.5 1,078.8
939.5 964. 1
75.9
114.6

NEW PLANT AND EQUIPMENT
EXPENDITURES

Nonmanufacturing
Mining
Railroad
_
Air transportation
Other transportation

do

.

Public utilities .
.
Electric
Gas and other
Communication
.
Commercial and other

Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries ^
Nondurable goods industries *f
Nonmanufacturing
Mining
Railroad
Air transportation

2.42
1.80
2.46
1.46

2.74
1.96
2.41
1.66

3.18
2.54
2.00
2.12

.59
.38
.61
.35

17.00
14.48
2.52
11.89
20.07

18.71
15.94
2.76
12. 85
21.40

20.55
17.63
2.92
13.96
22.05

4.39
3.67
.72
2.84
4.97

4.74
4.01
.73
3.39
5.57

3.95
3.45
.50
2.87
4.94

4.59
3.91
.68
3.27
6.40

4.82
4.04
.77
3.19
6.24

5.36
4.54
.82
3.53
5.83

4.38
3.85
.52
3.19
5.05

5.30
4.56
.75
3.60
5.46

5.20
4.42
.78
3.39
5.57

5.67
4.80
.87
3.78
5.97

4.42
3.84
.58
3.11
4.88

do
do
do
do

87.67
30.98
15.67
15.31

91.94
33.64
16.86
16.78

96.19
35.51
17.88
17.63

97.76
36.58
18.64
17.94

100. 90
38.81
19.73
19.08

103.74
40.61
20.48
20.13

107. 27
42.96
21.43
21.53

111.40
45.32
22.50
22.82

113.99
47.04
23.08
23.96

116.22
48.08
23.28
24.80

114.57
49. 05
22.86
26.20

do

56.70

58.30

60.68

61.18

62.09

63.12

64.31

66.08

66.94

68.14

65.52

65.74

65.10

do
do
do

2.40
1.50
2.67
1.41

2.46
1.71
2.33
1.42

2.59
2.11
2.21
1.53

2.77
1.75
2.72
1.62

2.82
1.95
2.49
1.79

2.76
2.05
2.20
1.73

2.80
2.10
2.13
1.63

3.07
2.42
2.21
1.84

3.27
2.68
1.84
2.16

3.56
3.05
1.81
2.71

3.76
2.39
2 09
2.82

3.66
3.04
1.83
2.44

3.82
2.97
2.09
2.51

do
do
... ... do...
.
do
..

do
do
do...
do...
do...

17.01
17.53
Public utilities
do
14.62
14.67
Electric
do
2.86
2.38
Gas and other
...do...
11.56
12.63
Communication
do. . .
20.21
20.16
Commercial and other
do...
r
Revised.
*> Preliminary.
1 Estimates (corrected for systematic biases) for Apr.June and July-Sept. 1975 based on expected capital expenditures of business. Expected
2
expenditures for the year 1975 appear on p. 17 of the June 1975 SURVEY.
Includes
communication.
t See corresponding note on p. S-l.
9 Includes inventory valuation




i 28.63 i 28. 12
12.02
11.87
5.36
5.42
6.66
6.46

U13.39 i 113.87
48.77
47.64
21.81
21.85
26.96
25.80

20.37
20.27
20.93 20.28
20.16
20.97
18.38
18.08
19.80
20.12
18.58
17.36
17.34
17.76
17.03
18.10
17.47
15.40
15.55
16.72
16.00
17.12
3.01
2.93
3.17
3.25
2.68
2.87
2.52
2.98
3.00
3.08
2.58
14.04
13.36
13.94
14.01
12.34
12.70
13.12
13.24
13.83
2
33.
34
22.04
20.82 234. 50
22.84
21.63
21.55
21.53
21.69
21.36
21.35
adjustment.
© Personal outlays comprise personal consumption expenditures, interest
paid by consumers, and personal transfer payments to foreigners.
§ Personal saving is ex-cess of disposable income over personal outlays.
If Data for individual durable and nondurable goods industries components appear in tne
Mar., June, Sept., and Dec. issues of the SURVEY.

SURVEY OF CURRENT BUSINESS

July 1975
1972

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes arc as shown in
the 1973 edition of BUSINESS STATISTICS

1 1973

S-3

1972

1974
I

Annual total

II

1973
IV

III

I

II

1974
III

IV

1975 P

I

II

III

IV

1

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd*
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $
Merchandise adjusted excl. military
_ do. _
Transfers under U.S. military agency sales _ contracts
mil. $
Receipts of income on U.S. investments
abroad
..mil. $__
Other services
do

102, 051
71,379

144, 407
98, 268

17, 247
11,798

17, 275
11,699

18, 349
12, 496

19, 729
13, 395

22, 329
15, 423

24, 144
16, 958

26, 282
18,451

29, 298
20, 547

33, 324
22, 451

35,498
24, 206

37, 179
25, 026

38, 405
26, 585

1,163

2,342

2,944

332

281

255

295

347

455

531

1,009

663

678

766

837

948

10, 161
11,888

13, 998
14,333

26, 068
17, 126

2,274
2,843

2,387
2,908

2,595
3,003

2,905
3,134

3,123
3,436

3,304
3,427

3,576
3,724

3,995
3,747

6,129
4,081

6,447
4,167

7,054
4,333

6,438
4,545

4,346
4,645

37, 161

27, 222

-78,531 -97,875 -140,833 -19,033 -18,932 -19,594 -20,972 —22,690 -23,978 -24,729 -26,478 -30, 409 -35,498 -37, 440 -37,486 -33,817
-55,797 -70,424 -103,796 -13,489 -13,296 -14,027 -14,985 -16,334 -17,189 -17,737 -19,164 -22, 651 -25,743 -27,367 -28,035 -25, 381
-4,784 -4,658 -5, 103 — 1,222 -1,272 -1,105 -1,185 -1,174 -1,236 -1,072 -1,177 -1,166 -1,324 -1,279 -1,335 -1,295
-5,841 -8,819 -15,946 -1,364 -1,403 -1,462 -1,612 -1,799 -2, 096 -2,413 -2,511 -2,884 -4, 483 -4, 700 -3,879 -3,021
-12, 109 -13,973 -15,988 -2, 958 -2, 961 -3, 000 -3, 190 -3, 383 -3, 457 -3, 507 -3, 626 -3, 708 -3, 948 -4, 094 -4,237 -4, 120
-361
3,574 -1,786 -1,657 -1,245 -1,243
166
1,553
'-5,930 4,177
2,820
2,915
-261
919
3,344
0)
714
-6,409
-911
-231
955 -5,528 -1,691 -1,597 -1,531 -1,590
1,383
-200 -1,537 -2,341 -1,450
1,841

Imports of goods and services^
do
Merchandise, adjusted, excl. military
do
Direct defense expenditures If
- -do
Payments of income of foreign investments in the
US
mil. $
Other services
do
Balance on goods and services total
Merchandise adjusted excl military

72, 600
49, 388

-do
do

Unilateral transactions (excl. military grants), net
mil. $_.
Balance on current account
do
Long-term capital, net:
U S Government
do
Private
-_do
Balance on current account and long-term capital
mil. $..
Non-liquid short-term private capital flows, net
mil. $__
Allocation of special drawing rights (SDR). ..do
Errors and omissions net
-do -

-3,779
-9,710

-3, 841
335

-953
-888
-755 -1,015
-7, 182
-951
-987
-3, 608 -2, 773 -2,608 -2, 198 -2,131 -1,116
-849

-1,335
-69

-1,490
177

1,119
-8,437

-11,113
-1,542
710
-1,884

-977

-299
-881

-521
797

-377
-391

-334
57

54
-290

-10,927 -3,953 -2,338 -2,966 -1,855 -1,393 -1,085

-4,238 -12,949
-2,436

-135
405

-423
178
738

4,834

301
-420 -1,000 -1,543 -1,497
177
178
177
-428 -1,361
-833 -3, 875
863

-900 -1,173 -2,966 -1,865 -1,265 -1,088
653
1,647
-51 -1,865 -1,526
-169

-1,196
2,148

-442
-769
1,706 -1,297

1,411
264

-497
-2, 126

1,917

1,624 -2,380 -3, 600 -6,573

-419

484
81
-860
-999 -2, 157 -5, 544

59 -1,257 -3,908 -5, 248 -1,462 -2,331

-150

726

1,085

1,416

-475
1,702

1,179

1,844

1,826
-13,829 -7, 651 -19,043 -3, 460 -2,287 -4,570 -3,511 -6,811 -1,719
-950 -1,199 -6,212 -3, 909 -7,725
Net liquidity balance
-do
-111
2,026 -3,818 2,270
492
10, 669
1,663
2, 343
-103
3,399
1,751
2,020
4,028
2,870
Liquid private capital flows, net. _
. dl_. _ 3,475
-10,354
-8,374
-624
-4,681
-10,629
551
2,318
-5,308
-3,
563
-1,485
2,449
552 -4,192
••119 -4, 855
Official reserve transactions balance
do
Changes in liabilities to foreign official agencies:
4,624
830
1,646
9,250
-994 -1,864 -1,933
4,456
8,481
2,633
-63 3,924
750
3,872
Liquid
..mil. $.. 9, 734
221
34
1,202
11
672
27
-354
117
399
1,118
259
-277
183
135
631
Other readily marketable
do
78
-452
-2
-2
-1
655
280
-167
-43
-147
167
443
215
189
-475
Nonliquid
do —231
-55
220
-111
-210
32
-15
-358 -1,003
429
17
-13
137
209 -1,434
Changes in U.S. official reserve assets, net
do
-15,786 -9, 602 -25, 156 -4, 237 -2, 309 -5, 329 -3, 910 -8, 569
1,306 -1,507 -3, 819 -7, 509 -4, 137 -9,693
-835
Gross liquidity balances, excluding SDR
do

3,071
-6,294
-3, 223

1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS

Annual

June

May

July

Aug.

2,753
800
-4
-326
-1,681

1975

1974

1974

1,153

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

May

Apr.

June v

GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCEf
Seasonally adjusted, at annual rates:!
Total personal income

bil. $

1 055 0 1 150 5 1 135 2 1 143 5 1 159 5 1 167 2 1 178 0 1,185.0

1 184.5

Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do _ .
Service industries

do

Government

do

Other labor income
Proprietors' income:
Business and professional
Farm
-

.do
-

do.. .
do

Rental income of persons
- .
do
Dividends
do_.
Personal interest income
do
Transfer payments
do _
Less personal contributions for social insurance
bil. $..
1
Total nonagricultural income
do

1,191.0 1,191.1 1,193.4

1,195.7 '1,203.1 '1,214.3 1, 244. 9

691.7
251.9
196.6
165 1

751.2
270.9
211.3
178.9

745.3
270.0
210.1
177.8

753.2
272.6
212.5
179.1

759.7
273.3
214.0
180.8

761.6
276.5
215. 5
180.7

767.7
278.3
217. 8
183.1

773.0
279.5
219. 4
183.8

767.8
272.3
214.2
183. 9

766.6
269. 3
209.7
183.8

765.7
266.4
206.4
183.2

763.6
260.7
202.9
184.0

766.0
260.5
203.1
183.8

768.0
261.2
203.8
184.3

128 2
146 6
46.0

142.6
158.8
51.4

141.1
156.3
50.5

142.6
158.9
51.1

143.5
162.1
51.7

144.9
159. 5
52.3

146.4
159. 9

146.9
162.8
53.5

147.4
164.2
54.0

148.3
165.2
54.5

149.8
166.2
54.9

151.2
167.6
55.3

152.6
169. 2
55.7

152.4
153.5
170.3 '171.1
56.2
56.7

57.6
38.5

61.2
31.8

60.8
29.1

61.2
25.7

61.9
28.1

62.5
30.6

62. 5

30.7

62.5
29.2

62.5
29.1

62.5
29.0

62.7
26.0

62.8
22 2

62.5
18.4

26.1
29.6
90 6
117 8

26.5
32.7
103 8
139.8

26.7
32.5
102.0
135.8

26.7
33.0
103.5
137 .0

26.6
33.1
104.4
142.5

26 6
33.2
105.3
143.6

26.6
33.4
106. 9
146.0

26.7
33.5
108.0
147.6

26.8
33.6
109.5
149.8

26.9
32.7
111.1
156.1

27.0
33.9
111.9
158.6

27.0
33.8
112.5
165.5

27.0
33.7
113.3
168.3

48.5
47.9
1,106.8 1,121.7

48.4
1,126.8

48.6
1,137.4

48.9
1,145.7

6, 072 ' 7, 419 ' 7, 479 ' 8, 103

r 11,876

47.6
47.9
42.8
008 0 1 109 0 1,096.6

52.9

48.4
48.5
1,145.2 1,151.4

63.0
'20.6

'
'
'
'

772. 9 778.3
262. 2 264.4
204. 5
206.3
186. 1
187.2
154.8
171. 9
57.2

'63.4
'23.0

63.6
24.5

27.1
27.1
34.0
33.9
114.8 ' 116.9
168. 9 ' 169. 9

27.2
33.8
119.0
191.3

49.4 ' 49. 7 50.0
49.5
49.2
49.3
1,154.3 1,160.1 1,166.2 1,171.1 '1,179.7 1, 208. 7

FARM INCOME AND MARKETING}:
Cash receipts from farming, including Government
payments total!
mil $
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
-.
Meat animals
Poultry and eggs

do
do
do
do
do
do

Indexes of cash receipts from marketings and CCC
loans, unadjusted:^
All commodities
.1967 = 100..
Crops
do
Livestock and products
do

T

89 482

r

94 051 ' 5, 838

r

86, 875
41,051
45, 824
8,080
30, 403
6 824

93, 521
52 097
41, 424
9, 399
25, 257
6,285

5,830
2,340
3, 490
883
2,077
476

6,056
3,172
2,884
788
1,614
436

7, 395
4,168
3,227
748
1, 941
496

••203
••223
T 188

'218

••163
••152
••172

170
'206

'207

••283
'170

r 142

••271
••159

Indexes of volume of farm marketings, unadjusted:!
r 110
'93
98
All commodities
. . .. ..1967 = 100.. ' 112 Mil
' 121
68
94
'122
••125
Crops
do
101
'104
'109
' 104
'99
Livestock and products
. . . _do
' Revised.
» Preliminary.
f See corresponding note on p. S-l.
\ Series revised
beginning 1959; revisions for periods prior to May 1974 are available from the U.S. Dept. of
Apr., Economic Research Service.
d" More complete details, as well as revisions back to
1960, appear on p. 26 ff of the June 1975 issue of the S URVE Y.
If Annual data in the 1973




' 10,128 '8,100 ' 8, 958 ' 5, 958 ' 5, 855 ' 5, 628 ' 5, 734

7,444
4,020
3,424
723
2, 139
526

8,043
4, 792
3, 251
704
1, 979
534

11,767
8,048
3, 719
735
2,367
582

10, 044
6,838
3,206
719
1, 916
540

7,975
4,850
3, 125
745
1,785
559

8,818
5, 479
3, 339
755
2,025
523

5,808
2, 797
3,011
719
1, 789
469

5, 759
2,602
3,157
811
1,822
493

5, 571
2,135
3,436
807
2,130
461

5, 702
2,008
3, 694
845
2, 300
510

••209
••262
169

'225
'312

'330
'524
'183

'281
'445
'158

'224
'316
'154

'247
'357
'164

'163
' 182
'148

'161
'169
'155

' 156
' 139
' 169

'160
' 131
' 182

'160

5, 900
2,400
3, 500
800
2 200
500

166
156
173

'90
91
'91
'130
'95
'93
'116
'159
'137
'119
'108
r 77
' 68
' 159
'89
'137
'182
'217
r 144
'115
'
107
' 107
'103
'99
'102
'110
r 119
'105
'102
'103
BUSINESS STATISTICS should read as follows (mil. dol.) 1956 total imports of goods and services,
-19,627; 1953-59 direct defense expenditures, -2,615; -2,642; -2,901; -2,949; -3,216; -3,435;
—3107.
9 Includes data for items not shown separately.
1 Less than $500,000.

SURVEY OF CUREENT BUSINESS

S-4
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS

1973

1974 P

1974

May

Annual

July 1975

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Mar.

Feb.

Apr.

May

June t

GENERAL BUSINESS INDICATORS— Continued
INDUSTRIAL PRODUCTION^
Federal Reserve Board Index of Quantity Output
Not seasonally adjusted:
Total index cf
By market groupings:
Products total
Final products
Consumer goods
Automotive products
_
Home goods and clothing
Equipment

125.6

124.8

126.5

129.7

122.3

126.2

130.1

128.0

121.6

113.9

100.7

111.4

do
do
do
do
do
do

123.4
121.3
131.7
136.6
129.1
106.7

123.1
121.7
128.8
110.0
124.6
111.7

123.2
121 2
127.7
119.8
125.1
112.0

127.9
126.1
134.3
126.1
131.5
114.6

121.8
120.1
126.9
98.9
116.0
110.6

125.7
123.7
133.6
94.6
128.2
109.8

130.2
129.2
138.8
120.6
132.8
115.8

127. 3
126.3
134.1
128.1
126.8
115.5

121.4
120.4
125.2
106.8
118.6
113.8

114.1
113.1
116.1
74.1
106.0
109.0

111.9
112.5
116.7
79.4
102.3
106.5

112.8 r 112. 3 '112.4
112.9 r 112. 2 ' 112. 0
117.9 '117.4 '118.6
80.3
90.3 ' 101.4
106.7 ' 103. 8 ' 105. 4
106.0 r 104. 9 ' 102. 9

do
do

131.0
129.3

128.3
127.4

130.8
131.9

134.2
132.7

128.2
123.0

133.5
127.0

133.9
129. 9

130.6
129. 3

124.8
121.9

117.8
113.4

109.6
108.6

112.5
109.0

do
do
do

125.1
122.0
129.7

124.4
120.7
129.7

127.0
123.9
131.3

129.7
126.3
134.8

121.1
117.5
126.4

125.1
119.0
134.0

129.4
124.7
136. 2

128.2
124.0
134.2

121.6
118.3
126.4

112.4
109.5
116. 5

108.6
105. 9
112.6

do ..

129.0

127.3

123.8

127.5

131.9

134.1

133.8

127.5

122.4

125. 7

do

125.6

124.8

125.7

125.8

125.5

125.2

125.6

124.8

121.7

do
.do .
do .

123.4
121.3
131.7

123.1
121.7
128.8

123.8
122.4
129.6

124.1
122.5
130.3

124.0
122.8
130.0

123.5
122.1
129.8

123.6
122.6
128.8

122.9
122.3
128.2

121.4
120.9
126.3

.do
do
do
do

138.9
136.6
125.4
158.2

127.9
110.0
94.9
139.0

132.8
116.1
100.3
146.5

133.5
117.3
99.6
151.3

131.7
113.5
101.5
136.9

131.8
114.9
103.1
137.6

129.1
111.6
99.6
134.5

126.5
114.7
108.4
126. 9

Home goods 9
do
Appliances, TV, home audio...do
Carpeting and furniture
do

140.1
144.6
149.8

138.0
132.0
153.5

142.4
137.7
157.4

142.7
141.2
157.2

141.8
139.3
155.3

141.2
139.1
157.1

139.0
133.2
155.4

do ..
do
do
do
do

129.0
116.2
132.4
122.1
143.2

129.2
109.0
134.5
125.4
144.0

128.5
107.0
' 134. 3
124.7
144.3

129.0
108.9
134.3
124.7
144.4

129.4
108.6
134.9
125.5
144.7

129.1
106.4
135.1
124.4
146.5

Equipment
._
do
Business equipment
do
Industrial equipment 9 _
do
Building and mining equipment-do. _ - Manufacturing equipment
do .

106.7
122 6
120.1
120.4
113.0

111.7
129.4
128.7
136.0
121.7

112.2
130.3
129.6
135.0
124.1

112.0
130.2
129.0
137.4
121.9

113.0
131.3
130.3
136.2
124.9

do
do
do

125. 5
135.0
109.7

130.3
141.1
109.6

130.9
141.5
110.2

131.5
142.7
110.4

132.5
143.5
111.4

do

80.4

82.3

82.2

81.7

82.6

82.7

83.1

84.1

83.7

83.4

83.8

82.4

131.0
133.8
128.7

128.3
129.6
127.3

129.2
130.8
128.0

128.9
129.6
128.4

127.8
128.2
127.5

127.6
128.0
129.2

127.6
127.4
127.8

125.3
123.8
126.8

123.0
121.3
124. 2

120.5
118.3
122.5

117.6
115.7
119.2

'115.1

112.7

do
do
do
do
do
do
do

129.3
130.0
127.6
119.3
129.2
139.9
124.2

127.4
127.3
112.1
123.8
128.5
139.8
122.6

129.1
128.3
114.7
122.5
130.9
143.3
124.7

128.8
127.6
114.1
122.1
131.3
143.6
126.3

128.0
125.8
117.2
120.6
131.1
143.6
128.0

128.5
128.1
117.5
125.8
130.4
143.2
123.5

129.3
129.2
117.2
125.0
129.3
142.2
129.0

128.1
129.3
115. 2
124.0
126.8
138.1
126.4

122.1
123.5
104.1
122.2
122.1
131.1
112.7

114.8
114.2
91.7
118.3
116.2
122.9
113.0

110.5
110.3
83.7
116.9
109.2
112. 9
117.8

107.4
107.0
82.1
112.0
105.7
108.5
118. 1

r 105. 9

By industry groupings:
Manufacturing, total
do
Durable manufactures
do
Primary and fabricated metals... ""do
Primary metals
.
do
Iron and steel ... .
do
Nonferrous metals
do
Fabricated metal products
do

125.2
122.0
128.7
127.0
121.7
136.5
130.5

124.4
120.7
127.5
124.1
119.9
131.2
131.4

126.7
122.1
128.1
124.6
118.0
136.0
131.9

125.6
122.1
128.4
124.7
118.5
135.0
132.5

125.2
121.6
126.9
123.2
119.9
128.3
131.1

125.2
121.6
126. 5
121.9
120.7
123.4
131.6

125. 5
122.1
127. 2
123.0
119.1
129.2
132.0

124.6
121.6
127.6
126.0
123. 9
132.4
129. 6

120.9
117.9
124.4
121.0
117.7
129.4
128.2

116.1
112.2
116.0
108.6
107.9
108.2
124.1

111.8
108.2
112.4
107.2
110.6
100.9
118.2

' 109. 3
104.8
107.7
102.1
105.0
97.4
113.7

117.3
125.8
125.0
126.8

116.3
128.1
133.8
125.2

117.5
129.7
131.9
127.4

117.8
130.4
131.7
129.0

117.4
129.9
135.8
128.4

117.8
130.5
136.4
123.8

118.8
132.5
137. 8
126.4

118.4
131.1
137.4
124.0

114.9
128.9
135.1
121.7

109.6
124.8
132.5
116.3

105.4
119.6
126.7
111.5

102.4
115.6
123.6
1C6.6

109.1
138.1
81.2
138.3

96.9
113.2
81.1
143. 9

100.6
119.6
82.4
146.1

99.4
116.9
82.6
147.5

98.7
117.3
80.9
146.7

99.9
117.8
82.6
146.7

100.4
118.6
82.8
144.9

102.1
123. 0
81.9
142.0

93.7
107.1
80.9
142.3

83.6
86.4
80.9
139.5

78.9
78.2
79.5
139.1

77.1
77.6
76.6
134.2

do
do
do

129.1
127.9
129.8

123.6
120.1
125.7

128.0
126.8
128.7

126.4
125.6
126.9

125.5
121.6
127.7

123.4
121.5
124.6

120.6
116.6
1?3. 0

117.8
109.3
122.9

113.7
105.2
118.8

111.0
101.3
116.9

109.6
99.9
115.3

do
"""do
do

135. 1
126.1
143.2

136.1
126.9
144.4

138.9
129.7
147.3

138.5
131.1
145.3

139.7
131.6
147.1

140.1
130.5
148.8

138.8
129.4
147.5

136.7
125.5
146. 9

129.0
120.5
136.9

128.4
120.4
135. 7

Nondurable manufactures
do
Textiles, apparel, and leather
do
Textile mill products .
""
do""""
Apparel products
""do
Leather products
]]]]do]]]]

129.7
115.0
127.3
113.2
83.7

129.7
108.9
122.7
105.4
77.3

130.9
109.8
124.0
105.0
83.9

130.7
108.5
125.1
102.1
81.6

130.8
108.1
125.3
102.7
75.7

130.4
107.4
124.3
102.5
73.4

130.5
106.5
121.9
102.5
73.4

128.9
105.1
119.1
102.8
70.6

125.4
101.9
112.8
100.1
74.7

Paper and printing _
do
Paper and products
do
Printing and publishing... ]]]]]] ]]do]]]]

122 2
135.4
113.2

121.0
134.0
112.3

122.3
136.7
112.7

122.4
136.1
113.4

121.0
132.2
113.4

122.7
135. 3
114.4

120.8
133.9
111.9

115.7
124.3
110.0

1967=100

Intermediate products
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures

.

.

Mining and utilities
Seasonally adjusted:
Total index
By market groupings:
Products, total
Final products
Consumer goods

_

Durable consumer goods
Automotive products
Autos
Auto parts and allied goods

Nondurable consumer goods..
Clothing
Consumer staples _Consumer foods and tobacco
Nonfood staples.

Commercial transit, farm eq9
Commercial equipment .
Transit equipment..
Defense and space equipment
Intermediate products.
Construction products
Misc. intermediate products..

do
"do"
..do

Materials
Durable goods materials 9
Consumer durable parts
Equipment parts
Nondurable goods materials 9 _
Textile, paper and chem. materials.,
Fuel and power, industrial-

Machinery and allied goods 9
Machinery
Nonelectrical machinery.
Electrical machinery

'

Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments...
Lumber , clay , and glass
Lumber and products
Clay, glass, arid stone products
Furniture and miscellaneous..
Furniture and fixtures
Miscellaneous manufactures.

'Revised.

* Preliminary.




do
do
do
do
do
".do".".".]
do
do

121.3
135.1
111.9
^Monthly revisic ns for 197 2 are avail able upo n

reques t.

r 110. 6

' 110. 3 ' 110. 4

113.3

112.6
'112.3
' 119. 4
' 103. 2
' 106. 3
' 102. 3

116.5
116.4
125.4
109.2
110.9
103.9

r 107. 8

' 114. 0 ' 113. 5
' 106. 8 ' 106. 9

116.7
108. 1

109.8
106.4
114.8

r 108. 5
r
105. 7
r 112. 6

' 107. 5 '109.7
' 102. 8 ' 105. 6
' 114. 3 ' 115. 6

111.1
104.9
120.0

128.7

126.8

r 126. 1

' 124. 3 ' 123. 5

127.3

117.4

113.7

111.2

r

110. 0

' 109. 9 ' 109. 6

110.0

118. V
118.2
123.4

115.4
114.9
120.1

113.7 r 112.4
113.3
112.2
' 118. 9 r 118. 2

' 113.0 ' 112.9
' 112.7 ' 113. 1
' 119. 3 ' 120. 7

113.1
113.2
121.7

119.7
102.1
91.0
123.6

110.1
87.5
69.8
121.5

104.0 . 101.0
78.2
80.3
58.9
62.6
115.5
114.4

103.1 ' 107. 8 ' 109.9
86.8 ' 93. 6 ' 97. 2
82.4
73.1
86.3
113. 2 ' 115. 1 ' 118. 1

111.8
102.6
93.2
120.8

133.2
120. 9
151. 8

129.7
115.3
144.7

123.0
102.5
143.8

117.5
94.4
135.1

112.3 ' 115. 9 '117.3
85.0
96. 4
100.5
127. 9 ' 127. 8 128.3

117.0

128.7
106.0
134.8
124.4
145.7

128.9
104.5
135. 4
125.2
146.1

128.8
103.1
135.6
126.2
145.3

128.5
102.0
135.4
125.3
146.1

126.3 ' 125. 6 r 124. 1
95.0
94.5 '90.9
134.5
133.6
132.7
123.3
123.2
120.7
146.4
144.5
145.3

111.4
128.8
129.6
136.5
123.1

113.8
132.3
132.0
139.8
124.4

114.0
132.0
130.9
141.2
122.5

113.2
131.0
129.3
140.1
119.4

110.7
127.1
126.7
137.4
116.5

107.8
122.3
122. 9
138.4
111.8

105.3
119.3
120.4
137.0
109. 4

127.6
134.0
109.3

132.8
143. 3
111.8

133.2
144.1
111.2

132.9
143.1
109.8

127.6
139.3
102.9

121.6
135. 2
91.8

118.0
130.4
91.5

112.5

114.0
89.0
132.3

r

' 123. 7
89.2
' 132. 7
' 122. 2
' 143. 5

' 124. 8

125.4

' 133. 2
' 122. 2
' 144. 7

133.4
121. 4
146.2

103. 9 ' 103. 3
117.0 '115.8
118.8 ' 116. 4
137.7 ' 132. 3
106.6 ' 105. 5

' 102. 4
'114.6
' 114. 6
' 131.8
' 103. 2

101.4
113.6
112. 9
126.8
102. 3

r 115. 1

127.8
88.8

' 115. 1 ' 114. 7
' 124. 3 ' 121. 7
' 92. 9 ' 97. 9

'82.4

114.5
120.2
100.6

' 82. 1

81.3

' 113. 9 ' 112.4
110.4
107.0
112.1 ' 109.1
'
116. 8 116.7
'
115.
6
118.4

112.5
106.5

' 105. 1
' 104. 7 ' 101. 5
'85.7
'84.7
'r 108. 7 ' 104. 6
105. 3 ' 107. 9
' 106. 2 ' 110. 3
r 118. 0 ' 117. 3

104.4
'99.4
86.7
' 102. 2
' 109. 2
' 112. 5
' 117. 5

105.1
98.8
90.2
99.0
111.8
116.1
119.1

' 107. 7 ' 107. 4
' 103. 5 ' 103. 1 ' 102. 0
' 105. 1 ' 103. 2 ' 99. 7
'98.1 '95.0 '89.4
99.4
103.1
'89.6
' 89. 6 89.0
'89.7
r
112. 9
112. 3
111.3

107.8
101.7
98.1
86.1
85.0

82.1

r 107. 7

111.3

'101.4
' 109.1
' 114. 0
' 103. 6

101.4
107.5
111.1
103.4

' 81.0 '84.8 ' 87.0
85.4 '93.4 '94.8
76.7
' 76.6 ' 79. 5
130.6 ' 131. 1 ' 130. 0

89.7
100.6
79.2
129.8

104.6
99.6
107.8

' 102. 6 ' 103. 4 ' 103. 9
' 99. 8 ' 102. 0 106.9
' 104. 2 ' 104. 2 102.1

103.8

120.0
110.6
128.9

119.6
110.6
128.0

' 118. 7 ' 117. 7 '117.9
105. 9
106.7
106.3
' 129. 7 ' 128. 5 128.5

118.0

121.9
96.3
102.9
98.0
69.7

117.2
88.9
95.6
94.0
66.1

115.6
89.6
93.3
92.6
66.7

'113.7 ' 114.3 '115.3
87.5 '90.2
'93.9
104.1
'96.8 '100.1
88.1
86.4
'68.0
69.4
'63.5

116.6
96.1

112.3
116.1
109.8

108.2
114.3
104.1

106.6 ' 104. 2 ' 102. 4 ' 102. 9
105.6
105.3
104.5
109.5
104.7 ' 104. 0 ' 100. 2 ' 101. 4

91ncludes c .ata for i terns not shown s eparately

101. 5
112. 2
119. 3
104. 3

'
'
'
'

' 101. 6
' 110. 3
' 116.0
'104.0

r

103.6
101.9

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS

1973

1974 9

Annual

S-5

1974

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June *>

r
r

' 131. 6
134. 5
119 2
131 7

132.8
135 4
121 5

r 121.0

122.0

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted— Continued
By industry groupings— Continued
Manufacturing, total— Continued
Nondurable manufactures — Continued
Chemicals, petroleum, and rubber 1967 = 100
Chemicals and products
do
Petroleum products
do
Rubber and plastics products
do
Foods and tobacco
Foods
Tobacco products

do...
do
do

.

Mining and utilities
Mining
. ..
Metal mining
Stone and earth minerals
Coal, oil and gas _ . . _
Coal
Oil and gas extraction
Crude oil

do
do
do
. ...do. _
do
do
do.
do

Utilities
Electric
Gas
_-._..

do
do
do

149. 3
150.2
127.4
163.8

151.7
154.3
124.0
164.4

153.0
156 2
126 1
163 7

153.8
156.9
126 2
164 5

153.9
155.8
127.9
167.2

154.4
156
7
195 8
169 0

154.7
158 3
1°1 9
168 6

152.4
155 9
125 4
161 8

146.5
148 3
127 0
155 7

141.6
143 1
125 8
148 9

136.5
139.0
126 8
135 4

132.4
134.6
123.7
132.0

121.9
122.7
110.7

124.8
126 2
106.4

126.5
1°7 8
109 4

125.3
127 1
102 9

124.8
126 6
101.5

124.8
126 3
104 2

124.3
195 7
106 0

123.7
194 8
110 3

123.8
195 4
103 8

123.5
125 7
96 2

120.0
121 2
104.7

121.3 r 120. 0
122 3 r 191 3
108.4
102 6

r 130.
r

2

r 129,

9

133 6 »•r 133. 0
118 0

r 120 1
r 126 8

129.0
110.3
130.8
109.5
108.3
104.4
108.9
104.4

127.3
1C9. 3
129.2
109.1
107.3
105.1
107.7
99.8

128 0
111 0
198 1
111.0
109.2
112 4
108.8
100.2

128 1
110 2
121 1
106.4
109 7
118 3
108.4
99 8

128.9
110.2
120 3
108.8
109.4
115 6
108.4
100.4

127 4
107 3
110 0
109.9
106 7
99 4
107. 9
99 5

198 7
109 2
130 5
105.0
107 7
II 9 1
107.1
98 8

128 5
110 5
141 4
107.5
107.8
110 3
107.4
97.5

195 9
105 0
136 8
1C9 8
101 2
67 6
106 4
7 g

125 7
104 4
134 7
106 4
101 1
85 3
103 6
95 3

127 4
107 0
133 8
109. 0
103.9
111 3
102. 9
95.3

127. 3
108. 6
131. 1
106.1
106.8
117.5
106.0
97.7

152 6
161.1
124.2

149.9
159.5
117.9

149 1
159.0

150 6
160 3

152.4
162.7

152 7
162 8

153 1
162 4

151 2
161.2

159 3
162 9

152 6
163 0

153 0
163.7

150.9 r 154 o
161.1 r 165 4

r 128.

0

r 122. 1
r 129 6

T 121 5

r
r

127 1
107. 7
117 2
r 104. 7
101. 9
105
1
r
r
107. 4 rr 107. 6
107 7
r H7 4
119 6
»•
112
2
r
106 1 r r106.7 ' 105. 7
95. 3
95.8
r 95 9
r 198 8
r 108 9
r 195 4

129 (j

115. 9
r 128 2
r 108. 5
r

125 8

r

153 0
164. 0

r

151 7

127 9
107 4
108 7
128 4
105.7
153 9

BUSINESS SALES §
Mfg. and trade sales (unadj.), total d* ©__
Mfg. and trade sales (seas, adj.) , totaled©

mil. $
do

Manufacturing, total c^
Durable goods industriescf _.
Nondurable goods industries

do
do
do

Retail trade, total
Durable goods stores
Nondurable goods stores

do
do
do

Merchant wholesalers, total O
do
Durable goods establishments _ _
do
Nondurable goods establishments __ _ do

1,724,898 1,966,586 168, 319 169 056 162, 075 171,197 170, 735 176, 582 168 959 164 866 150 959 153, 736 161 057 '163,758
1,724,898 1,966,586 162, 924 163 052 168, 824 171,644 170 862 171 647 168 335 161 809 161 754 162, 814 158 544 162,041
856, 778 1980,677 81,117 81 166 84,019 85 760 85 937 88 093 86 15° 79 487 79 124 78, 875 77 0°8 r 80, 101
464,686 511,614 42,538 42,785 44,122 44 825 45 016 46, 548 44 759 40 549 40 137 39, 653 38 643 40, 619
392, 092 469, 063 38,579 38,381 39,897 40,935 40,921 41, 545 41,400 38,938 38,987 39, 222 38,385 39, 482
503 317 1 537, 782 44,894 44 593 46,356 47 056 46 177 45 803 44 469 44 821 45 955 46, 819 45 996 46 712
170, 275 167,313 14,289 14,049 14,963 15,381 14,419 13| 645 12, 975 13,266 14,075 14, 569 13,353 14, 064
333, 042 370, 469 30,605 30,544 31,393 31,675 31,758 32, 1{>8 31,494 31,555 31,880 32, 250 32,573 32, 648
364,803 1 448,127 36,913 37 293 38, 449 38 828 38 748 37 751 37 714 37 501 36 675 37, 120 35 590 35, 228
168,074 202, 341 16, 921 17 '045 17,434 17,502 17 691 17 245 16 600 16 400 16 020 16, 025 14 992 15, 007
196,729 245, 786 19, 992 20, 248 21,015 21,326 21,057 20, 506 91 105 21 101 20655 21, 095 9Q 598 20, 221

167, 740
162, 626
79, 283
40, 005
39, 278
47, 951
14, 582
33, 369
35, 392
15, 025
20, 367

BUSINESS INVENTORIES}
Mfg. and trade inventories, book value, end of year
or month (unadj.), total t © _ .
mil $
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total t©
mil. $
Manufacturing, total ..
Durable goods industries
Nondurable goods industries.

221,888

269, 208 241, 417 244, 338 247, 525 249, 882 255, 868 264 621 270 280

269 208 270 231 270,814

271 038 270,477 267, 042

224,004

271,840 239, 217 243, 831 248, 775 253, 308 258, 622 264, 612 267, 947 271,840 271,845 270,862
150,404 30, 936 133 541 136,731 139 727 142 975 145 062 147 135 150 404 151 624 151,993
97, 967 85,715 87'366 89,286 91 004 93 184 94 680 95 787 97 967 99 124 100,082
52, 437 45, 221 46,175 47.445 48,723 49,791 50, 382 51, 348 52,437 52,500 51,911
74, 872 67,078 67 943 68,873 69,877 71 147 73 908 74 836 74 872 74 024 72, 918
34, 605 29, 708 30, 002 30, 069 30, 806 31,354 33 o90 34, 376 34 605 34 192 32, 790
40, 267 37, 370 37 941 38, 804 39 071 39 793 40 518 40 460 40 267 39 832 40, 128
46, 564 41,203 42,347 43, 171 43,704 44,500 45, 642 45, 976 46,564 46,197 45, 951
27, 779 23, 899 24, 494 24, 754 25,306 26, 087 26, 709 27, 293 27,779 28,386 28, 315
18, 785 17, 304 17, 853 18,417 18,398 18,413 18, 933 18, 683 18,785 17,811 17, 636

268,994 267,490 264, 524

do
do
do

120, 870
79, 441
41,429

_

do
do
do

64, 832
29, 646
35, 186

Merchant wholesalers, total O
Durable goods establishments
Nondurable goods establishments

do
do
do

38, 302
21, 892
16, 410

Retail trade, totalf.. .. .
Durable goods stores
Nondurable goods stores

151 194 150,184 148, 740
9Q 879 99, 803 99, 272
51,315 50, 381 49, 468
72 273
32 315
39 958

72, 003
32, 291
39,712

71, 374
32, 016
39, 358

45,527
28,134
17,393

45, 303
28, 019
17, 284

44, 410
27, 496
16, 914

BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total d"©
Manufacturing, total d"
Durable goods Industries d"
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

1.45

1.50

1.47

1.50

1.47

1.48

1.51

1.54

1.59

1.68

1.68

1.66

1.70

1.65

1.63

do
do
do
do
do

1.58
1.91
.56
.87
.48

1.65
2.06
.67
.91
.48

1.61
2.02
.65
.90
.46

1.65
2.04
.67
.91
.47

1.63
2.02
.67
.89
.46

1.63
2.03
.68
.89
.46

1.66
2.07
.69
90
.48

1 65
2.03
68
88
47

1.71
2.14
.72
.92
.50

1.89
2 42
.82
1 02
.57

1.92
2.47
.85
1 03
.59

1.93
2.52
.87
1.05
.60

1.96
2.58
.89
] 07
.62

1.87
-2.45
.83
1.03
- .59

1.88
2.48
.83
1.05
.60

1.34
.53
19
62

- 1.28
.50
.19
.59

1.26
.50
.19
.58

r

-2.30
1.22

1.49
2.20
1.18

-1.29
-1.87
.85

1.25
1.83
.83

4 333 r 4 277
4 068 r 4 9Q3

4 359
4 193

do
do
do
do

1.20
.45
.19
.55

1.19
.47
.19
.53

1.17
.47
.18
.52

1.20
.48
.19
.53

1.19
.48
.19
.52

1.19
.48
.19
.52

1.22
.49
19
53

1.21
49
19
54

1.24
.49
.19
.56

1.35
.53
21
61

1.35
.53
20
62

1.32
.52
.20
.61

do
do
do

1.44
1.95
1.18

1.54
2.22
1.23

1.49
2.08
1.22

1.52
2.14
1.24

1.49
2.01
1.24

1.48
2.00
1.23

1.54
2 17
1.25

1.61
2 45
1.26

1.68
2.65
1.28

1.67
2.61
1.28

1.61
2 43
1.25

1.56
2.25
1.24

1.57
2.42
1.23

1.16
1.47
.90

1.13
1.45
.87

1.12
1.41
.87

1.14
1.44
.88

1.12
1.42
.88

1.13
1.45
.86

1.15
1.47
.87

1.21
1.55
.92

1.22
1.64
.89

1.24
1.69
.89

1.26
1.77
.86

1.24
1.77
.84

1.28
1 88
84

31, 623

43, 123

3,616
3,495

3,818
3,718

3,239
3,655

3,268
3,609

3,720
3 767

4,277
4,235

4,035
3,968

3,949
3 739

3 408
3 625

3 838
3 965

856,778

980, 677

82,391

86, 527

77,487

83,347

Merchant wholesalers, total O
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.), totalcf ...

do

Durable goods industries, total 9 cT
do
464,686 511,614 44,000 46, 661 39,682
Stone, clay, and glass products.
do
2,205
26, 690
2,263 2,415
24 936
Primary metals..
do
8 475 7 483
72 027
8 052
92 365
Blast furnaces, steel mills
do
4,
079
3,871
35, 260
46,116 3,888
Nonferrous metals
do-_
26, 539
3,219
33, 248
3,040
2,653
'Revised.
» Preliminary.
1 Based on data not seasonally adjusted.
'Advance
estimate; total mfrs. shipments for May 1975 do not reflect revisions for selected components.
d" See corresponding note on p. S-6.
§ The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown below on
PP. S-6 and S-7; those for wholesale and retail trade on pp. S-ll and S-12.




1.54

88,949 89, 892 85,144 75, 406 73,923 80, 103 80 184 81 730 80 369
42,282 46,329 47, 165 43,893 38, 158 37,259 40, 467 40, 802 42,015 41,261 43, 414
9 949
2,470
2,581
2 501
2 214
1 830 1 857
1 913 1 997 r 2 9179
8 039
8 251 8 467
8 031 6 690
7 096
6 972
6 580
6 58 r « -^g-j^ 2 £ 197
4,204
4,216
4, 398
4, 209
3,531 3, 915
3,795 3,518 - 3, 448 3,182
2,853 2,807
2,735
2. 585
2.156
1.962
1.922 - 1. 964
2.056
1.990
t See note marked "t" on p. S-12; revisions for inventory-sales ratios for retail trade, total,
durable, and nondurable appear on p. 7 of the March 1974 SURVEY and p. 44 ff. of the Dec.
1974 SURVEY.
9 Includes data for items not shown separately.
t See note marked
" d*" on p. S-4.
© Revisions for this item for periods prior to Aug. 1973 appear on p. 44 ff. of the Dec. 1974
SURVEY.
O See note marked "t" on p. S-ll.

SURVEY OF CURRENT BUSINESS

S-6
Unless otherwise stated In footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

| 1974

Annual

July 1975

1974

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (not seas, adj.)— Continued
Durable goods Industries— Continued
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipmento"--. _
Motor vehicles and parts
Instruments and related products

- mil. $_.
do
do
do
do
do

Nondurable goods industries total 9
Food and kindred products
Tobacco products
Textile mill products

do
do
do
do

53 707
73, 380
63 497
113,317
77, 278
14 334

61, 271
86, 572
66, 741
109, 521
72, 120
16, 053

5,233
7,186
5,731
9, 591
6,229
1,316

5,440
8,011
6,024
10, 040
6,485
1,419

4,937
6,598
5,081
8,032
5,169
1,242

5,448
6,854
5,416
8,080
5,236
1,366

5,652
7,612
6,005
10, 199
6,921
1,456

5,721
7,675
5,802
10, 871
7,703
1,483

5,195
7,227
5,514
10,089
6,985
1,493

4,712
7,443
5,117
7,379
4,490
1,344

4,579
6,927
4,674
7,550
4,906
1,215

4,830
7,758
5,241
8,560
5,344
1,290

392
134
6
30

092
947
201
531

469 063
156, 744
6,926
33, 097

38,391
12,281

39, 866
12, 527

37805
12358

41,065
13,469

42,620
14,287

42, 727
14, 430

41,251
14,247

37, 248
13, 372

36, 664
12, 846

39,636
13,629

2,884

3,085

2 432

2,859

32 417
67, 034
35 815
20 488

39, 812
81, 377
56, 852
23, 416

3,291
6,987
4,725
1,967

3,476
7,158
4,983
2,082

3,252
6,580
5 068
1,876

3,562
7,026
5,104
2,028

81, 166

84 019

588

601

597

4,783 r 5, 183
5,053
7,900 r 7, 789
7,522
5,211 ' 5, 299
5,240
9,062
9,381 ' 9, 492
5,727 ' 6, 166 6,258
1,358 r 1, 373
1,339

39, 382
13, 548

637

577

2,941

2,891

2,664

2,262

2,060

2,287

39,715
13,535
'585
2,543 ' 2, 446

3,577
7, 556
5,056
2,124

3,582
7,201
5,042
2,195

3,474
6,791
5,116
1,987

3,097
6,118
4,970
1,715

3,104
6,292
4,847
1,816

3,293
7,019
4,985
1,923

3,164 r 3, 185
7,011 ' 7, 183
4,875 r 4, 982
1,914 ' 1, 998

85,760

85,937

88, 093

86,152

79, 487

79, 124

78,875

77, 028

45,016
2,338
8,415
4,448
2,808

46, 548
2,428
9,022
4,980
2,824

44,752
2,242
8,572
4,635
2,657

40, 549
2,070
7,379
3,954
2,338

40, 137
2,144
7,241
4,024
2,063

39, 653
2,072
6,852
3,699
2,004

38, 643 40, 619 '39,940 239 793
2,000 ' 2, 181 2,162
6,143
5,968 '5,711 2 5, 599
3,252 r 3, 038
2,836
1,813 r 1, 822
1,869

624

583

600

568

586

591

39, 046
13, 306

603

2,489

3,145
7,030
4,993
1,945

Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products

do
do
do
do

Shipments (seas, adj.), totalcf
By industry group:
Durable goods industries total 9 cf
Stone clay, and glass products
Primary metals
Blast furnaces steel mills
Nonferrous metals

do

81,117

do
do
do
do
do

42,538
2,175
7,421
3,466
2,854

42, 785
2,205
7,665
3,600
2,975

44 122
2 239
8,136
4 100
2 991

44,825
2,311
8,474
4,420
2,891

Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment d"
Motor vehicles and parts
Instruments and related products

do
do
do
do
do
do

5,213
7,010
5,948
8,857
5,691
1,320

5,072
7,279
5,683
8,976
5,666
1,332

5 283
7,234
5 572
10045
7,037
1 327

5,358
7,326
5,554
10,112
7,141
1,361

5,277
7,356
5,644
10, 324
7,078
1,337

5,528
7, 787
5,545
10, 494
7,302
1,422

5,256
7,795
5,350
9,810
6,725
1,464

4,940
7,740
5,076
7,874
5,066
1,357

5,062
7,385
5,114
7,935
4,860
1,351

4,902
7,415
5,197
7,984
4,799
1,328

4,690 r 5, 113
7,291 r 7, 471
5,066 '5,448
8,295
8,900
5,119 ' 5, 720
1,358 r 1,402

5,033
7,341
5 415
' 8, 790
5,716
1,342

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

do
do
do
do
do
do
do
do

38,579
12,449

38, 381
12, 186

39 897
12*869

40,935
13,578

40,921
13,497

41, 545
13,924

41,400
14,048

38, 938
13, 494

38, 987
13,690

39.222
13,656

38, 385 ' 39,482
13, 313 ' 13,844

39 278
13, 484

By market category:
Home goods and apparel. .
..do
Consumer staples .
do ._
Equipment and defense prod. , excl. auto dMo ._
Automotive equipment
do
Construction materials and supplies
do _
Other materials and supplies
do _
Supplementary series:
Household durables ..
do Capital goods Industries d* ..
. do
Nondefense cf
do
Defense cf
do
Inventories, end of year or month:
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries, total

582

557

584

603

563

639

573

615

603

616

606

r 80,101

r

605
r 2, 484
' 3, 165
r 6, 637

79, 283

2,902
3,322
6,731
4,875
1,946

2 824
3,453
7,163
5 108
2,033

2,801
3,521
7,235
5,112
2,028

2,796
3,484
7,346
5,036
2,078

2,656
3,512
7,286
5,105
2,121

2,628
3,532
7,153
5,161
2,062

2,342
3,287
6,866
4,915
1,898

2,241
3,215
6,775
4,835
1,957

2,309
3,230
6,863
4,854
1,899

i 80, 572 1 87, 844
i 166,933 i 188, 087
i 111,622 11128, 361
i 91,945 1 87, 053
i 72, 361 1 77, 174
i 333,345 412, 158

7,875
15,157
10,496
6,990
6,631
33,968

7,521
14, 896
10, 919
6,941
6,538
34, 351

7,121
15,628
10,533
8,342
6,492
35,903

7,327
16,105
10,601
8,406
6,591
36,730

7,429
16,072
10,991
8,299
6,503
36,643

7, 591
16, 644
11, 445
8,573
6,672
37, 168

7,327
16,650
11,364
7,873
6,301
36,637

6,525
16, 185
11,315
6,067
5,955
33, 440

6,481
16, 283
11, 086
5,907
5,898
33, 469

6,546
16,400
11,363
5,801
5,769
32,996

6,554 r 7, 075
16,211 ' 16,717
11, 094 r 11,349
6,100 ' 6, 813
5,545 ' 5, 972
31, 524 ' 32,175

i 36, 451 138,873
1131,725 1 147, 601
U12,913 i 1128, 725
18, 876
i 18,812

3,603
12,200
10,606
1,694

3,281
12,629
11,033
1,696

3,192
12,106
10,675
1,431

3,200
12,205
10,708
1,497

3,287
12, 648
11,010
1,638

3,345
12, 950
11, 287
1,663

3,185
12, 749
11,213
1,536

2,963
12, 547
10, 962
1,585

2,914
12, 434
10, 790
1,644

2,898
12, 729
10, 976
1,753

2,918
12, 484
10, 770
1,714

144,120
93, 968
50, 152

146,371 149,762 151,943
95,132 97, 198 99,005
51,239 52, 564 52,938

152,692
100,403
52,289

151,930 ••151,351 149, 897
100,482 '100,729 100, 164
51, 448 r 50,622 49, 733

do .
do
do

120, 312
78, 835
41,477

149, 762
97, 198
52, 564

132,092
86,563
45,529

133,794 136, 178
87,556
89,067
46, 238 47,111

139,223 141,638
90900 92,512
48,323 49,126

2,391
3,037
6,711
4,901 ' 5, 014
1,821 ' 1, 889

2 552
3,166
6,635
5 069
1,885

7,129
16, 383
11,138
6,783
6,081
31, 769

3,169 ' 3, 228 2 3, 139
12, 698 '12,372 H2,455
10, 956 ' 10, 704 2 10, 886
1,742 ' 1, 668 2 1, 569

do

120, 870

150, 404

130,936

133,541 136, 731

139,727

142,975 145,062

147,135 150,404

151,624

151,993 151,194 '150,184 148, 740

79, 441
2,813
9,356
4,672
3,449

97, 967
3,721
11,861
5,747
4,369

85,715
3,100
9,947
4,574
3,952

87,366
3,210
10, 195
4,709
4,012

89 286
3,317
10,550
4,855
4,133

91 004
3,458
10,703
4,908
4,178

93,184
3,552
10,940
5,073
4,211

94, 680
3,649
11,141
5,172
4,266

95,787
3,695
11,290
5,233
4,308

97, 967
3,721
11,861
5,747
4,369

99, 124
3,760
12, 446
6,241
4,403

100,082
3,741
13,015
6,620
4,588

99, 879
3,781
13, 381
6,920
4,661

' 99,803
r 3, 773
' 13,770
r 7, 234
r 4, 764

99, 272
3,723
14,104
7,539
4,817

Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products do

8,997
16, 703
12, 559
18, 233
5,646
3,268

11, 793
21, 552
14, 684
21, 000
6,697
4,329

9,736
18,528
13,496
18,782
6,623
3,803

9,878
18, 937
13, 662
19,113
5,833
3,918

10,138
19,271
13889
19,349
5,870
4,057

10,409
19,774
14,189
19,541
5,674
4,021

10,705
20,237
14,299
20,189
6,263
4,177

10, 934
20, 627
14, 526
20, 425
6,350
4,192

11,347
21,132
14,639
20,418
6,278
4,209

11,793
21,552
14, 684
21, 000
6,697
4,329

11, 825
21, 907
14,801
21, 245
6,560
4,292

12,045
22,168
14,758
21,392
6,428
4,223

12,090 ' 11,885
22, 400 ' 22,478
14, 347 T 14,088
21, 120 ' 21,335
6,266 r 6, 296
4,132 '4,045

11, 670
22,307
13 889
21,246
6,201
3,997

By stage of fabrication:
Materials and supplies 9
Primary metals
Machinery (elec. and nonelec )
Transportation equipment

do
do
do
do

24, 423
3,586
8,359
3,888

33,393
5,408
11,277
4,866

27,739
4,350
9,586
3,826

28,471
4,482
9,809
4,059

29,439
4,696
10,123
4,168

30,416
4,900
10,376
4,363

31,102
4,899
10,691
4,555

31, 846
5,018
11,0-15
4, 479

32,164
5,127
11,038
4,423

33, 393
5,408
11, 277
4,866

34, 103
5,862
11, 505
4,838

34,561
6,193
11,561
4,918

34, 304
6,238
11, 553
4,797

' 33,738
' 6, 357
' 11,323
'4,714

33, 147
6,443
11, 146
4,655

Work in process 9
Primary metals
Machinery (elec. and" nonelec.)
Transportation equipment

do
do
do
do

36, 078
3,450
13, 407
12, 761

41, 506
3,728
15, 887
14, 247

38,335
3,490
14,718
13,340

38,870
3,564
14, 930
13,498

39,341
3,646
15,111
13,579

39,913
3,614
15,516
13,580

40,488
3,665
15,482
13,986

40, 848
3,648
15, 603
14, 244

41,121
3,654
15,794
14,243

41,506
3,728
15, 887
14, 247

41, 454
3,669
15, 817
14, 549

41,632
3,794
15,761
14,594

41,513 ' 41,939
4,043 '4,206
15, 523 ' 15,556
14, 420 ' 14,697

41, 961
4,407
15, 398
14,643

Finished goods 9
Primary metals
Machinery (elec. and nonelec )
Transportation equipment

do
do
do
do

18, 940
2,320
7,496
1,584

23,068
2,725
9,072
1,887

19,641
2,107
7,720
1,616

20,025
2,149
7,860
1,556

20,506
2,208
7,926
1,602

20,675
2,189
8,071
1,598

21,594
2,376
8,363
1,648

21, 986
2,475
8,505
1,702

22,502
2,509
8,939
1,752

23, 068
2,725
9,072
1,887

23, 567
2,915
9,386
1,858

23,889
3,028
9,604
1,880

24, 062
3,100
9,671
1,903

' 24,126
' 3, 207
' 9, 687
' 1, 924

24,164
3,254
9,652
1 948

41, 429
10, 584
2,460
4,589
3,267
7,268
2,626
2,627

52, 437
12, 425
2,950
4,812
4,737
10, 605
3,925
3,267

45, 221
11,057
2,555
4,789
3,778
8,140
3,555
2,875

46, 175
11,094
2,577
4,863
3,843
8,462
3,711
2,941

47,445
11,428
2,606
5,006
3,987
8,789
3,676
3,020

48,723
11,738
2,709
5,074
4,189
9,011
3,820
3,039

49,791
11,812
2,726
5,131
4, 350
9,444
3,924
3,141

50, 382
11,745
2,772
5,037
4,521
9,896
3,869
3,187

51,348
12,151
2,822
5,006
4,668
10,205
3,892
3,265

52, 437
12,425
2,950
4,812
4,737
10, 605
3,925
3,267

52,500
12, 145
3,069
4,694
4,871
10, 924
4,061
3,298

51,911
11,930
3,095
4,543
4,877
10,875
4,210
3,227

51,315
11, 752
3,069
4,380
4,856
10, 887
4,203
3,173

' 50,381
' 11,480
3,037
' 4, 267
' 4, 738
' 10,931
' 4, 157
' 3,069

49, 468
11,013
3,062
4,213
4,681
10,863
4,054
3 043

15,818
6,597
19. 014

20, 727
8,044
23, 666

18,046
7,056
20.119

18,506
7,307
20. 362

19,111
7,503
20.831

19,623
7,681
21,419

20,226
7,748
21.817

20, 273
7,823
22. 286

20,353
7,917
23,078

20, 727
8,044
23, 666

20, 715
7,750
24. 035

20,436
7,664
23,811

20, 181 ' 19,734
7,463 ' 7, 481
23. 671 ' 23.166

19, 531
7 278
22.650

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

r
2
Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for May 1975 do not reflect revisions for selected components.
cfAs a result of
corrections in the aircraft, missiles, and parts industry data for this component have been
revised by the Bureau of the Census back to 1968. Revised data prior to May 1973 appear in




2 8 992

597

2,956
3,310
6,529
4,792
1,907

do
do
do
do
do

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

10, 052

two Census Bureau publications, "Change Sheets" to Mfrs'. Shipments, Inventories, and
Orders: 1967-73 (Series: M3-1.5), issued June and July 1974.
9 Includes data for items not
shown separately.

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1975

1974

1974

Annual

S-7

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Inventories, end of year or month— Continued
Book value (seasonally adjusted)— Continued
By market category:
Home goods and apparel .
mil. $
Consumer staples
. _ . ._ ._ do
Equip, and defense prod., excl. auto
do
Automotive equipment
do
Construction materials and supplies ...doOther materials and supplies
do...
Supplementary series:
Household durables
. _ do. _
Capital goods industries
.do..Nondefense
do
Defense
.
.
. . do
New orders, net (not seas, adj.), totaled
Durable goods Industries, total d*
Nondurable goods Industries, total

do
_ _ do
do

New orders net (seas adj ) total d"
By industry group:
Durable goods industries, total 9 d*
Primary metals __
. __
Blast furnaces steel mills
Nonferrous metals

do

Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipmentd"1
A-ircraft missiles and partscT

13, 231
16, 024
31, 140
7,305
10, 220
42, 950

14,900
19, 530
37, 967
8,475
13, 195
56, 337

13, 675
16, 973
33, 728
7,392
11, 354
47, 814

13,910
17,147
34,237
7,676
11,685
48,886

14, 260
17, 602
34, 801
7,739
12, 055
50, 274

14, 628
18, 098
35, 717
7,549
12, 453
51, 282

14, 839
18,380
36, 234
8,171
12, 754
52, 597

14, 929
18, 598
36, 919
8,247
12, 762
53, 607

14,904
18,979
37,472
8,167
12,906
54,707

14,900
19,530
37,967
8,475
13,195
56,337

14, 558
19,666
38, 634
8,338
13,019
57,409

14,085
19,657
39,093
8,178
12,990
57,990

13,582
19, 538
39, 226
7,967
12, 996
57, 885

'13,071
'19,232
'39,369
r 7, 934
' 12, 915
'57,663

12,773
18, 896
39, 126
7, 802
12, 904
57, 239

6,263
35, 103
29, 488
5,615

7,522
42, 482
35, 939
6,543

6,721
38, 010
31,891
6,119

6,827
38,567
32,366
6,201

6,967
39, 154
32, 851
6,303

7,217
40, 189
33, 758
6,431

7,368
40, 675
34, 298
6,377

7,514
41, 368
34, 905
6,463

7,528
42,031
35,554
6,477

7,522
42,482
35,939
6,543

7,473
43, 282
36, 779
6,503

7,318
43,816
37,102
6 714

7,070
43,713
36, 846
6,867

' 6, 807
'43,945
'36,967
' 6, 978

6,661
43,730
36, 619
7,111

886, 029
493, 171
392, 858

999, 568
531, 462
468, 106

84, 865
46, 504
38, 361

88,834
49, 061
39,773

81, 628
43, 928
37,700

87, 306
46, 332
40, 974

89, 802
47, 429
42, 373

87, 914
45, 418
42, 496

83,368
42,402
40,966

72,894
36, 024
36,870

72, 026
35, 434
36, 592

78,444
38, 811
39,633

77, 538 '79,345 78 029
38, 107 39, 479 ' 38,800 i 41,928
39, 431 '39,866 39, 166

2 886,029 2 999,568

85, 264

85,176

87,517

90, 393

87, 147

86, 369

84,282

76,454

74, 958

76,139

73, 882 '78,368

493, 171
do
. _ do_ _ 78, 642
39, 913
do
27, 436
do
57, 881
do
80, 432
do
67, 473
do
118,572
do
24, 499
do

531, 462
94, 667
46, 467
33,855

46, 730
9,002
4,653
3,142

46, 848
9,293
4,922
3,115

47, 709
8,724
4,655
2,780

49, 463
10, 010
5,777
2,918

46, 402
8,611
4,414
2,960

45, 084
8,378
4,366
2,691

43,182
7,863
3, 974
2,615

37, 842
6,297
2,982
2,230

36,062
5,071
2,228
1,830

37, 023
5,378
2,721
1,707

35,492 38,751 ' 39,185 i 39,542
5,395 ' 5, 863 i 5, 982
4,961
3,051
2,344 ' 2, 707
1,957
1,683 ' 1, 734

65, 824
94, 070
67, 646
113, 431
27, 322

6,694
8,087
6,548
9,095
2,064

5,923
8,021
5,920
9,329
1,896

6,119
8,612
5,615
10, 729
1,758

5,784
8,232
5,547
11,766
3,509

5,871
8,120
5,149
10, 623
2,729

5,555
8,001
5,192
10, 012
2,280

5,226
7,559
4,926
9,775
2,463

4,387
7,426
4,439
8,050
2,462

4,720
6,837
4,919
7,253
1,584

4,784
6,805
4,931
8,030
2,650

4,806
4,449 ' 4, 813
7,140
6,759 ' 6, 946
4,662 ' 5, 316 5, 209
'
8, 525 i 8, 649
7,705
8,506
2,020
1, 846
'1,736

392, 858
99, 484
293, 374

468, 106
110, 046
358, 060

38,634
9,362
29, 172

38,328
9,219
29,109

39, 808
9,447
30, 361

40, 930
9,592
31, 338

40,745
9,437
31, 308

41, 285
9,335
31,950

41,100
9,223
31,877

38,612
8,351
30,261

38,896
8,537
30,359

39,116
8,641
30,475

38, 390 '39,617
8,484 '8,911
29, 906 30, 706

39, 379
8, 976
30, 403

7,928
15, 147
11, 926
7,221
7,087
35, 955

7,480
14,902
11,863
7,299
7,054
36,578

7,120
15, 620
12, 126
8,297
7,077
37, 277

7,250
16, 101
13, 066
8,507
6,960
38, 509

7,263
16, 085
12, 025
8,230
6,952
36, 592

7,534
16,641
11, 425
8,058
6,625
36, 086

7,163
16,651
11,308
7,348
6,350
35,462

6,338
16,185
10,921
5,853
5,623
31,534

6,345
16, 301
10, 650
5,511
5,795
30, 356

6,501
16,389
10,504
5,683
5,561
31,501

6,474
16, 197
10, 228
5,997
5, 339
29, 647

' 7, 148
' 16, 716
' 10, 967
' 6, 698
' 5, 664
'31,175

7,150
16, 375
10,930
6,716
5,875
31, 582

3,574
13, 883
11,804
2,079

3,247
13, 763
12,011
1,752

3,184
14, 177
12, 800
1,377

3,133
15, 034
11, 805
3,229

3,128
13,510
11,832
1,678

3,294
12, 784
11, 383
1,401

3,057
12,974
10,623
2,351

2,810
12, 127
10, 459
1,668

2,781
11,712
10, 077
1,635

2,842
12, 117
9,970
2,147

2,830
11, 224
9, 522
1,702

Nondurable goods Industries, total..
do
Industries with unfilled orders©
do
Industries without unfilled orders! do_._

By market category:
Home goods and apparel
do... 3 80, 983 2 87, 313
22 166, 960 2 188,082
Consumer staples
do
Equip, and defense prod., excl. auto.a"-— do,.. 121,984 22139,226
2 93, 479
Automotive equipment. _
do
86, 755
Construction materials and supplies
do... 2 76, 200 2 80, 740
Other materials and supplies
do_ . 2346,423 2 417,452
Supplementary series:
Household durables
_
do _ 22 36, 761 2 38, 411
Capital goods industriesd"
do... 144,072 2 160,802
2123,723 2 137,933
Nondefensed"1
do
2 20, 349 2 22, 869
Defensed*
do

r

78, 628

3,228 ' 3,218 i 3, 170
11,948 ' 11,961 i 11,978
10, 309 ' 10,302 i 10,303
1, 639 ' 1, 659 i 1, 675

Unfilled orders, end of year or month (unadjusted),
total d" mil $
Durable goods Industries, totald"... .
do
Nondur. goods ind. with unfilled orders©.... do...

113, 452
108, 715
4,737

132, 345
128, 563
3,782

127,350 129,656 133,800 137,762 138 614 136,636 134,861 132,345 130,452 128,797 126,151 '123 761 121,425
122,137 124, 536 128, 786 132,837 133,935 132, 191 130,701 128, 563 126,741 125, 089 122, 392 119,852 '117,397 i 115,915
5,213
5,120
4,925
5,014
4,445
4,679
3,782
3,711 3,708
4,160
4, 029
3,759 ' 3, 909

Unfilled orders, end 1of year or month (seasonally
adjusted), total cf ..
mil $
By Industry group:
Durable goods Industries, total 9 d"
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous metals
do

114, 694

133, 832

127,114 131,129 134,623 139,256 140,467 138,738 136,869 133,832 129,671 126,939 123,798 '122,066 121,413

109, 862
14, 844
9,884
2,787

129, 944 122,016 126, 082
17, 202 15, 688 17,316
9,302 10,624
10,255
3,725
3,411 3,586

129,667 134,305 135,695 134, 224
17, 904 19, 438 19, 636 18, 993
11, 178 12, 535 12, 501 11, 887
3,541 3,694
3,515
3,561

132,656 129, 944 125, 873 123, 246 120, 099 118, 231 '117,476 1117,226
18,286 17, 202 15, 033 13, 560 12, 379 11,807 '11 960 i 12,344
7,481
8,459
11,227 10,255
6,458
6,574 ' 6, 244
2,882
3,178
3,520
2, 752
2,752 ' 2, 664
3,411

19, 669
29, 169
22, 489
34, 421
19, 875
4,951

20, 264
29, 933
21, 993
34, 721
20, 422
4,772

20, 292
30, 142
21, 640
34, 234
20, 623
4,514

20,262
29,907
21,212
34,201
20,970
4,213

19,710
29,592
20,575
34, 375
21,487
3,888

19, 369
29,046
20, 378
33, 694
21,052
3,798

19,253
28,438
20,113
33, 742
21,446
3,693

19, 013
27, 905
19, 709
33, 153
21, 109
3,699

'18,712 18, 484
'27,381 27, 180
' 19, 577 19, 370
32, 759 ' 32,495 L 32,151
'20,755 20, 736
' 3, 835 3,935

15, 122
22,002
19, 718
30, 355
18, 397
4,832

19,710
29, 592
20, 575
34, 375
21, 487
3,888

17, 560
26, 137
22, 218
31, 730
18, 603
6,098

18,411
26,882
22,453
32, 082
18,349
6,047

19, 244
28, 261
22, 497
32, 764
18, 220
4,956

2,881
65, 295
14, 165
42,353

2,317
65, 981
17, 773
47, 761

3,004
61,328
16, 182
46, 600

2,970
62,630
16,699
48,830

2,958
64, 179
17, 282
50, 204

2,878
66, 747
17, 650
51, 981

2,722
67, 712
18, 101
51, 932

2,667
67, 170
18, 054
50, 847

2,502
66,590
18,105
49,672

2,317
65,981
17,773
47,761

2,197
65, 153
17, 670
44, 651

2,143
64,176
17,461
43,159

2,053
63, 206
17, 255
41, 284

' 2, 125
'62,711
' 16, 947
'40,283

2,136
62, 439
16, 741
40, 097

2,254
61, 580
40, 840
20, 740

1,769
74, 930
50, 318
24, 612

2,371
68, 402
46, 295
22, 107

2,337
69, 535
47, 274
22, 261

2,328
71, 607
49, 399
22, 208

2,261
74, 439
50, 498
23, 941

2,100
75, 302
51, 323
23, 979

2,052
75, 128
51,413
23, 715

1,922
75,352
50,822
24,530

1,769
74, 930
50, 318
24, 612

1,636
74, 208
49, 605
24, 603

1,580
73, 598
48,600
24, 998

1,495
72, 339
47, 353
24, 986

1,554
71, 592
46, 709
24, 883

' 1, 546
71,179
46,304
24,875

New Incorporations (60 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted!
do

329,368

319, 149

30, 297
27, 562

26, 012
25, 785

29, 168
27, 790

24, 992
26,495

23,895
26, 313

25, 615
25,404

22,109
25, 555

23, 888
25,003

26, 473
24, 406

22,755
24,298

26, 677
24, 923

28, 440
26, 506

INDUSTRIAL AND COMMERCIAL
FAILURESG
Failures, total
number
Commercial service
do
Construction
do
Manufacturing and mining. ._
do
Retail trade...
do
Wholesale trade.
do
Liabilities (current), total
thous. $__
Commercial service
do
Construction
<j0
Manufacturing and mining
do
Retail trade
do ""
Wholesale trade
_
do""""
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns

9,345
1,182
1,419
1,463
4,341
940
,298,606
244, 958
309, 075
797, 490
672, 831
274, 252

9,915
1,320
1,840
1,557
4,234
964
,053,137
348, 166
526, 598
833, 824
,069,656
274, 893

925
123
169
147
397
89
75, 693
18, 349
28, 437
67, 789
33, 803
27,315

782
789
709
90
103
94
152
142
117
124
112
119
365
318
328
61
85
70
15, 504 153,403 32, 681
14, 169 20, 950 12, 060
42, 814 30, 412 17, 826
45, 826 27,312 78, 931
87, 269 47, 816 09, 839
25, 426 26, 913 14, 025

839
140
164
141
325
69
17, 014
IS, 787
29, 914
75, 331
75, 481
17, 501

993
785
128
112
223
154
156
105
389
323
97
91
06, 827 J44, 659
31, 140 36, 480
87, 360 10, 070
93, 160 GO, 310
81, 075 22, 616
14, 092 15, 183

1,080
963
728
128
136
92
221
192
139
191
130
126
414
445
297
91
95
74
42, 594 91,141 23, 449
21, 191 20, 546 43, 335
28, 918 33, 223 73, 476
99, 739 90, 470 23, 242
73, 721 09,345 87, 142
19, 025 37, 557 96, 254

1,145
158
230
164
491
102
43, 348
31, 569
43, 890
97, 441
40, 881
29, 567

1,202
164
258
170
494
116
72,076
17 559
58, 581
07, 746
59, 483
28, 707

Fabricated metal products
do.
Machinery, except electrical
do
Electrical machinery
do
1
Transportation equipmentd
do._.
Aircraft, missiles, and partsd"
do
Nondur. goods ind. with unfilled orderse.-do.
By market category:
Home goods, apparel, consumer staples. ..do
Equip, and defense prod., incl. auto. d1
do
Construction materials and supplies.."."."dolir
Other materials and supplies
do
Supplementary series:
""
Household durables..
do
1
Capital goods industrlesd .do
Nondefensed*
do
Defensed1
do

1

1,575
70,700
45,721
24,979

BUSINESS INCORPORATIONSG

236.4
39 7
37.0
37.7
238.4
fnr TU~ " * io^k A ' Vc"uullBry• l Advance estimate; totals for mfrs. new and unfilled orders
JsStL0
not reflect revisions for selected components.
» Based on unadjusted data.
corresponding note on p. S-6.
9 Includes data for items not shown separately,
udes textile mill products, leather and products, paper and allied products, and
ana publishing industries, unfilled orders for other nondurable goods are zero.




33.4
45.2
47.0
44.9
36.3
46.3
49.1
37.0
46.8
H For these industries (food and kindred products, tobacco manufactures, apparel and other
textile products, petroleum and coal products, chemicals and allied products, and rubber
and plastics products) sales are considered equal to new orders.
O Compiled by Dun &
Bradstreet, Inc. (failures data for 48 States and Dist. of Col.).
t Revised back to Mar.
1971 to reflect new seas, factors; revisions prior to Feb. 1973 will be shown later.

SURVEY OF CURRENT BUSINESS

S-8
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS

1973

1974

Annual

July 1975

1974
May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

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 9
.do
Dairy products
do
Meat animals
_.
do
Poultry and eggs
do
Prices paid:
All commodities and services
do
Family living items
do
Production items
_ _ _ _ _ _
_ do.
All commodities and services, interest, taxes, and
wage rates (parity index) _ 1910-14=100
Parity ratio §
-.
-. __ do.
CONSUMER PRICES
(17. S. Department of Labor Indexes)
Not Seasonally Adjusted
All itemsU
1967=100 _
Special group indexes:
All Items less shelter^
do
All items less foodU
do
All items less medical careHdo
Commodities^
do
Nondurables
do
Nondurables less food
do
Durables^!
__ _ _ _
d o _.
Commodities less food^f
do.. .
Services
.
do
Services less rent
do_.
Food 9
.
d
o
Meats, poultry, and flsh _
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 If
.
do
Public...
do
Health and recreation 9 . _
do
Medical care
do
Personal care... . . .
do
Reading and recreation
.do
Seasonally Adjusted!
Food
.
do
Food at home
do
Fuels and utilities.
do
Fuel oil and coal
.
do
Apparel and upkeep..
do .
Transportation^
.
do
Private^
. .
do
New cars
do
Commodities^
. . .
do
Commodities less foodlf
do

438
370
382
274
283
379
332
718
497
428
666
232

••467
'483
409
'433
420
530
349
821
453
489
555
214

442
453
420
'415
365
450
344
780
433
486
534
179

430
444
420

505
519
494

496
88

370
458
377
765
393
452
477
168

447
' 465
405
428
406
505
347
762
'431
448
548
181

470
498
411
452
468
481
380
856
446
454
570
196

460
496
415
465
467
490
373
892
429
473
512
220

473
520
448
435
490
545
391
896
431
488
509
221

463
508
448
425
485
552
337
912
424
497
486
228

451
483
437
370
475
526
311
928
424
484
489
234

438
455
460
312
450
471
330
903
423
490
487
232

427
435
484
275
419
458
321
922
419
487
483
225

420
419
458
286
393
427
341
922
420
479
491
222

431
425
477
272
402
430
343
924
435
474
535
202

452
428
462
307
407
407
375
923
473
471
611
208

463
435
539
311
396
353
392
922
487
468
640
209

493
514
477

'496
'515
482

501
' 518
489

518
527
512

528
535
522

530
537
525

537
552
526

540
557
528

537
557
523

535
562
516

532
557
515

541
557
530

548
565
536

554
568
545

578
81

564
'79

'567
74

574
78

591
80

599
77

606
78

613
76

616
73

617
71

615
70

612
69

621
69

627
72

633
73

133.1

147.7

145.5

146.9

148.0

149.9

151.7

153.0

154.3

155.4

156.1

157.2

157.8

158.6

159.3

160.6

131.1
130.7
132.9
129.9
132.8
124.8
121. 9
123.5
139.1
141. 8
141. 4
160.4
127.9
142.5

145.6
143. 6
147.7
145.5
151.0
140.9
130.6
136.6
152.1
156.0
161.7
163.9
151.9
165.8
150.6
154.4
130.6
163.2
150.2
214.6
145.8
140.5
136.2
137.7
136.6
117.5
122.6
148.0
140.3
J50.5
137.3
133.8

144.0
141.3
' 145. 5
143.4
149.3
139.5
127.5
134.5
' 149. 5
153.1
159.7
158.6
154.6
177.7
147.6
151. 4
129.6
159. 4
148.6
211.0
143.9
137.0
135. 0
136.3
135.3
114.6
114.4
146.3
137.7
147. 2
134.9
132.0

143. 0
142.9
146.8
144.8
150.4
141.0
129.7
136.2
150.9
154.7
160.3
155.1
153.8
183.1
149.2
152.9
130.2
161.2
149.4
214.2
144.5
139. 2
135.7
138.8
137.7
116.4
122.2
148.6
139.4
149.4
136.5
133.5

146.4
144.4
147.9
145.6
150.9
141.8
131.5
137.5
152.6
156.6
160.5
154, 6
151.6
178.7
150. 9
154.5
130.6
163.2
150.9
218.5
146.2
141.4
135.3
140.6
139.7
118. 0
127.9
148.6
141.0
151. 4
137.8
134.6

148.3
146.1
149.7
147.6
153.0
143.7
133.2
139.3
154. 2
158.4
162.8
162.1
150.7
168.2
152.9
156. 2
131.2
165.4
152.6
220.9
148.5
143.9
138.1
141.3
140.5
118.1
132.0
148.7
142.6
153.7
139.3
135.2

150.0
147.8
151.5
149.4
154.8
145.3
134.8
140.9
156.0
160.3
165.0
166.3
151.1
162.9
154. 9
158. 2
131.8
167.9
154.0
222.7
150.2
146.6
139.9
142. 2
141.4
118.4
135. 9
148.8
144.0
155.2
141.2
137.0

151.2
149.1
152.8
150.7
155.8
146.1
136.8
142.2
157.3
161.9
166.1
163.7
151.7
162.4
156.7
160. 0
132.5
170.1
155.2
225.5
151.5
149.0
141.1
142.9
142.3
123.7
139. 4
148.8
145.2
156.3
143.0
137.8

152.5
150.4
154.2
152.0
157.2
147. 2
138.0
143.3
158.7
163.3
167.8
164.0
152. 7
16*. 3
158,3
161.3
133. 1
171.7
157.1
229. 2
154. 0
151.0
142.4
143.4
142.7
124.5
141.6
149.5
146.3
157.5
144. 2
138.8

153. 5
151.3
155. 3
153. 0
158.3
147.7
138.8
143. 9
160.1
164.8
169.7
163. 5
155.3
161.3
159.9
163.1
133.7
174.0
158.4
228.8
Io6.7
152.3
141.9
143.5
142.5
124. 9
138.4
152.0
147.5
159.0
145. 3
139.8

154.1
151.9
156.0
153.4
158.7
147.2
139. 3
143. 9
161.3
166. 2
170. 9
163.5
155. 2
163.5
161.3
164.4
134.5
175.6
160.5
228. 9
160.2
153.2
139. 4
143. 2
142.2
123.4
134. 9
152.2
148.9
161.0
146.5
141.0

155.0
153.0
156.9
154.4
159.6
148.2
140.3
144.9
162.6
167.5
171.6
162.7
155.6
166.7
162.8
165.9
135.1
177.3
162.2
229.5
162.7
154.7
140.2
143.5
142.5
124.5
133.5
152.3
150. 2
163.0
147.8
141.8

155.6
153.9
157. 5
155.0
159.7
148.8
142.1
146.0
163.2
168.3
171.3
161.8
155.4
167.4
163.6
166.6
135. 5
178.2
163.0
228.3
164.0
155.6
140.9
144.8
144.0
127.3
135. 3
152. 3
151.1
164.6
148.9
142. 0

156.3
154.9
158.2
155.7
160.1
149.8
143.6
147.2
164.1
169.2
171.2
161.8
154.8
167.8
164.7
167.6
135. 9
179.4
164.6
229.0
166.3
156.8
141.3
146.2
145.5
127.5
138.1
152.4
152.1
165.8
149.5
143.5

157.0
155.6
158. 9
156.5
160.8
150,5
144.8
148.1
164.5
169.6
171.8
168. 2
153.6
169.0
165.3
168.2
136.4
180.1
165.5
230. 2
167. 3
157.4
141.8
147.4
146.8
126.8
142.2
152.5
152.6
166.8
149.9
143.8

158.4
156.6
160.3
157. 9
162.4
151. 2
145.8
148.9
165.7
170.9
174. 4
177.2
153.3
177. 4
166.4
169. 4
136. 9
181.4
166.9
230.6
169. 4
158.1
141.4
149. 8
149. 3
127,0
147. 5
154.1
153. 2
168. 1
150.3
144. 1

159.7
160.4
148.2
210.6
134.5
135.9
134.8
114.6
143.3
134.2

160.3
160.9
149.7
215.1
135.6
137.8
136.7
116.6
144.5
135. 8

159.4
159.2
151.4
220.7
136.5
139.6
138.6
118.5
145. 5
137.5

162.2
162.4
153. 2
222, 2
139.5
140.7
139.9
119.3
147.5
139.3

164.8
165.3
154. 6
224.0
139.3
142. 8
142.1
121. 2
149.1
140.8

166.9
167.7
156.1
226.6
139.8
142.8
142. 2
123.2
150.5
141.8

168.8
169.7
157.6
228.7
140.7
143.5
142.7
123.8
152.0
142.9

170.4
171.7
158.4
229.7
140.8
143.9
143.1
124.3
153.2
143.8

171.9
172.6
160.2
228.2
140.8
143.5
142.5
121.8
154.0
144.5

171.4
171.5
161.2
227.9
141.2
144.4
143.5
123.4
154.7
145.6

170.3
169.9
162.0
224.9
141. 3
145.4
144.7
126.9
154.8
146. 4

170.9
170.5
163.8
227 2
141.3
146.5
145.8
127.5
155.7
147.5

171.8
171.6
165.0
229.7
141.2
147.0
146.2
126.8
156.3
147.8

174.4
174.9
167.2
231.5
141.3
148.8
148.3
127.3
157.6
148. 5

240.8
266.9
224.2
167.4

230.5
255.2
214.7
167.2

231.5
276.9
204.4
170.2

227.8
282.0
196.4
171.9

213.1
264.4
183.4
171.5

205. 1
247.2
180.1
171.8

201.9
236.1
181.1
171.3

198.6
224.5
182.3
170.4

201.2
224.6
186.4
172.1

194.5
210.3
184.2
173.2

187.2
209.4
173.2
173.7

203.5
174.0
150.6
152.1
145.2

196.8
173.8
152.1
153.2
148.0

200.3
176.8
155.2
156.0
151.9

198.2
178.6
157.7
158.6
154.1

193.9
178.4
158.0
158. 7
155.3

189.3
179.1
159.3
159. 8
157.4

185.8
178.8
159.3
159.4
158.3

182.4
178.1
158. 9
158.5
159.7

189.4
179.0
160.0
159.7
160.7

196.7
178.4
161.2
161.1
161.2

197.1
178.4
162.5
162.6
161.7

135. 0
140.7
124.3
146.7
126.9
136.0
126.4
124.9
126.8
123.8
121.5
111.1
117.6
144.8
130.2
137.7
125.2
125.9

422
450
430
r 434

WHOLESALE PRICES^
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
22 Commodities.
1967-100
» 173. 8 i 227. 9
221.6
224.4
236.9
9 Foodstuffs...
do
i 175. 2 i 243. 2
215. 1
250.0
219.7
13 Raw industrials
do
i 173. 1 1219.0
226.2
227.5
228.2
All commodities
do
134.7
160.1
155.0
155.7
161.7
By stage of processing:
Crude materials for further processing
do
173.9
196.1
178.5
186.5
194.5
Intermediate materials, supplies, etc
do
162.9
131.6
160.9
157.6
166. 3
Finished goodsO...do
147.5
144.0
127.9
143.8
148.1
Consumer finished goods
do
129.2
149.3
145.4
146.0
149. 9
Producer finished goods
do
123.5
141.0
138.7
135. 9
141.5
By durability of product:
Durable goods.
do
150.1
127.9
150.0
147.3
153.5
Nondurable goods
do
167.6
139.9
160.1
160.8
168.0
Total manufactures
do
129.2
154.1
151.5
149.3
156.4
Durable manufactures
do
148.6
127.4
148.4
145.6
151.7
Nondurable manufactures
do___~
159.5
154.5
131.0
153.1
161.1
r
Revised.
r> Preliminary.
i Computed by I*EA.
9 Includes data fc r items not
shown separately.
§ Ratio of prices received, to pr ices paid ( parity ind ex).
cf For actual
wholesale prices of individual commodities see respec,tive connnodities.
O Goods to us 2rs,
mcl. raw foods and fuels




165. 2
165.3
164.8
163.6
164.1
162.4
160.7
160.8
158.0
159.8
180.2
179.1
177.6
175. 2
177.1
180.4
179.5
179. 0
174.1
178.1
170.1
169.5
168.7
168.2
168.0
166.2
166.9
167.8
162.4
165. 2
165.1
164. 9
164.4
163.2
163.7
160.3
162.0
159.6
156.6
158.6
175.1
174.1
173.1
173.4
171.9
172. 9
172.8
174.4
168.2
171.8
t E f fcctive J me 1975 SURVEY indexes have be 3n restat 3d to ref ect new seasonal factors,
1 Effect!ve with
data f Dr period 5 prior to April 1974 on the new bas is will bej shown atcr.
the D cccmber 1974 SUR VEY, ind exes hav e been re vised ba ck to Ap ril 1974 t o reflect the correctio i in the Lised car c omponeiit.

156.4
175.6
161.8
154.8
168.8

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptiye notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1974

1974

May

Annual

S-9

June

July

Aug.

1975
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

COMMODITY PRICES—Continued
WHOLESALE PRICES^— Continued
(U.S. Department of Labor Indexes)— Continued
All commodities — Continued
Farm prod., processed foods and feeds. 1967 =100. .

159.1

177.4

167.4

161.7

172.7

183.4

179.1

185.1

189.0

186.5

183.8

179.5

174.9

178.8

181.2

182.3

Farm products 9 — . -__
-- do_ __
Fruits and vegetables, fresh and dried-do
Grains
_
__
. __do_ _
Live poultry
do
Livestock
_
_ do.

176.3
168.1
183.6
179.5
190.4

187.7
192.3
257.9
157.4
170.6

180.8
236.8
210.4
146.9
159.1

168.6
204.4
224.3
132.8
137.8

180.8
186.9
247.1
148 1
173 6

189.2
162.6
277.7
149.8
184.6

182 7
163.2
259 3
173 4
168 6

187.5
166.2
291 2
157 0
164 9

187.8
186.9
283 5
178 8
156 4

183 7
163.7
276 0
167 3
159 5

179 7
174.9
255 4
173 6
156 0

174.6
169.0
242.8
176 7
152.0

171.1
163.8
223.5
170 1
155 4

177 7
183.4
218 5
168 3
173 5

184 5
183.1
213 o
177 6
197 9

186 2
206.7
203 3
190 6

Foods and foods, processed 9
Beverages and beverage materials
Cereal and bakery products.
Dairy products
Fruits and vegetables, processed
Meats , poultry, and fish _

do
do
do_
do
do
do

148.1
121.7
134.4
131.1
129.6
167.5

170.9
140.7
171.2
146.4
154.6
163.5

158.9
134.5
167.1
146.9
145.2
153.4

157.4
138.4
166.0
142.9
148.3
141.8

167.6
143.6
168.9
141.7
157.7
167.2

179.7
146.2
169.3
142.4
162.7
169.7

176 8
147 8
169 7
144 8
165 6
165 5

183 5
152 6
176 2
146 4
170 0
163.0

189 7
154 2
179 7
146 8
171 1
166 5

188 92
158
181 9
146 7
170 1
160 6

186 4
162 6
182 3
148 3
171 2
165 6

182 6
162.2
183.6
148 5
170 9
164.6

177 3
162.2
181.9
148 6
169.5
163.7

179 4
161 7
179 1
148 9
170 8
174 4

179 0
161 0
176 2
149 6
171 0
190 7

179 7
160 4
174 4
150 5
170 9
199 6

._ .do. __

125.9

153.8

150.5

153.6

157.8

161.6

162 9

164 8

165 8

166 1

167 5

168 4

168.9

169 7

170 3

170 7

Chemicals and allied products 9
do
Agric. chemicals and chem. prod. . do. .
Chemicals, industrial _ .
_. _._ .do. _.
Drugs and Pharmaceuticals
-do
Fats and oils, inedible _
do
Prepared paint
- do

110.0
96.6
103.4
104.3
228.3
122.2

146.8
137.7
151.7
112.7
338.2
145.7

137.0
118.3
138.2
109.1
359.3
136.0

142.8
120.2
146.9
111.3
361.3
146.5

148.4
131.0
155.5
112.7
347.3
149.7

158.5
142.0
167.8
115.3
380.2
152.3

161 7
145 3
174 4
117 0
325 3
154 8

168 5
170 4
181.9
119.1
328 3
157 6

172 9
181 1
190 1
121 0
301 3
161 8

174 0
182 2
194 8
121 8
264 3
161 8

176 0
190 1
196 8
123 8
235 3
163 7

178 1
192 9
202 1
124.1
231 6
164 0

181 8
211.6
207.5
124.5
218.2
164 7

182 4
212 5
207.4
125.9
261 5
164 7

182 1
212 1
208 8
125 9
250 5
ififi i

181 2
211 0
207 0
126 4
246 7
165 9

Fuels and related prod., and power 9lf.--do
Coal
do
Electric power f
..
do . .
Gas fuels If.
do
Petroleum products, reflnedH
do

134.3
218.1
129.3
126.7
128.7

208.3
332.4
163.1
162.2
223.4

204.3
307.7
159.7
150.0
224.4

210.5
321.5
164.7
151.4
232.2

221.7
344.0
167.6
187.4
239.4

226.0
357.7
170.6
189.9
243.9

225.0
371 8
173 8
166 6
243.0

228.5
394 3
178 3
167.2
244.3

227.4
398.0
179.7
175.5
238.2

229.0
428 4
180 3
177 2
238.5

232. 2
428 8
183 3
181 0
242.3

232.3
409 9
186 5
188 5
240.7

233.0
388 3
191.1
188.1
242.3

236.5
387 3
194 6
206 9
243.6

238.8
389 3
192 9
219.1
246.1

243.0
385.9
190.6
220.0
252.2

Furniture and household durables 9
Appliances, household
Furniture, household _ _ _
Home electronic equipment

do
do
do. ..
do

115.2
108.5
123.0
91.9

127.9
117.9
136.6
93.1

124.5
114.0
134.9
92.5

126.1
115.4
135.5
93.1

128.2
116.7
136.7
93.6

129.8
118.3
137.9
93.6

132.8
120 9
139 9
94 1

135.5
125 1
142.8
94 1

136.9
126.9
144.5
94.5

137.7
198 7
144 6
94 7

138.8
130 1
145 4
95 4

139.1
130 6
145 5
95 6

138.5
130.1
145.3
95.4

138.5
130 6
145 4
91 9

138.6
131 0
145 3
91 Q

139.0
132.2
145.3
93.0

Hides, skins, and leather products 9
Footwear
.
Hides and skins
Leather
Lumber and wood products
Lumber

do
do
do. _ _
do
do
do

143.1
130.5
253.9
160 1
177.2
205 2

145.1
140.0
195.9
154.3
183.6
207.1

146.3
138.7
218.6
159.3
198.0
227.3

146.0
139.5
207.2
156.6
192.2
220.2

146.6
139.8
215.5
155.3
188.6
214.2

146.2
140.7
204.3
154. 4
183.7
206.7

148 1
144 1
194 9
155 3
180 4
199 6

145.2
144 3
161.2
151 5
169.4
183 6

144.5
144.8
156.5
147.4
165.8
178. 1

143
144
136
145
165
177

2
8
7
3
4
2

142 1
145 4
124 7
141 1
164 7
176 5

141 7
145 9
122 3
138 8
169 3
181 3

143.2
146.0
138.5
141 6
169.6
182 3

147.5
146 8
173.9
151 5
174 9
189 3

147 7
146 9
170 6
153 3
183 0
200 7

148.7
146.9
182.5
153.2
181.0
199.7

Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip..
Metalworking machinery and equip

_do
do
do
do
do

121.7
125.9
130.7
112.4
125.5

139.4
143.8
152.3
125.0
146.9

134.1
137.8
145.1
120.6
140.9

137.2
141.1
148.9
123.4
144.6

140 3
143 9
151.4
126 3
149.3

144.3
147.9
161.3
128.5
152.7

146 8
152 0
163.4
130 4
156.1

150.0
155 0
167.0
132.4
159.9

152.7
159.7
169.0
135.4
161.9

154 0
160 3
170. 0
136 5
163.0

156 6
163 6
177.6
138 1
164.9

157 7
164 4
180.4
138 7
167.1

158.8
166.0
182.0
139.1
168.8

159.7
166 7
183.8
139.5
169.6

160 4
167 5
184.0
140 1
170.2

161.0
187.8
184.4
140.4
171.9

do
do
do.
do

132 8
120.4
136.2
135 0

171.9
135.0
178.6
187.1

168.7
130.0
169.1
200.4

174.0
132.7
177.9
200.5

180 3
137 1
190 4
198 4

185.6
140.0
195.7
200 4

187 1
141 4
198 1
197 0

186 9
145.0
199.0
190 8

186.7
147.0
199.7
187.2

184 6
148 5
196 7
181 8

185 5
148 3
199 4
178 8

186 3
149. 0
200.5
176 1

186.1
149.5
200.6
173.9

185 7
149.8
201.1
172.2

185.1
150.2
200.6
171.1

184.5
150.5
199.4
169.1

Nonmetallic mineral products 9
do.
Clay prod., structural, excl. refractories
do
Concrete products
. do
Gypsum products _
do
Pulp, paper, and allied products
do
Paper .
do
Kubber and plastics products
do
Tires and tubes
_
do

130.2

153.2

150.7

152.3

156.4

157.6

159 8

162.2

163.4

164 3

168 5

170.3

170.8

173.0

173.1

173.3

123.3
131.7
120 9
122.1
121 4
112.4
111.4

135.2
151.7
137.6
151.7
148.6
136.2
133.4

132.7
147.7
133.3
146.6
141.9
133.7
129.9

134.2
149.9
137.6
147.5
143.0
135.6
131.0

135.2
155.2
138.8
153.3
149.9
139.5
136.9

137.3
156.4
142.9
162.9
160 3
143.4
138.2

139.2
157 1
145 7
164 2
162 1
145 6
140 3

141.2
159.5
144.6
166.0
165.4
147.5
141.3

141.2
160.4
143.8
166.9
166.4
148.5
142.7

143.2
161 8
144 3
167 2
167 5
149 4
143.4

145.4
167 1
143 7
169 8
173 3
149 6
143 7

146.8
168.1
143 7
169.8
173 4
150.0
145.1

146.8
169.0
145.6
170.0
173.3
149.7
145.1

148.7
169.9
144.0
169.7
173.1
149.4
145.1

149.2
170.0
143.5
169.8
172.6
148.9
145.4

151.0
170.3
143.4
169.8
172.5
148. 6
145.4

Textile products and apparel 9 .
Apparel
_.
__
Cotton products
Synthetic products
Textile housefurnishings
Wool products.

do
do. .
do
do
do. ..
do

123.8
119.0
143 6
121.8
113.3
128.2

139.1
129.5
175.4
135.8
143.1
119.0

139.1
128.0
174.9
138.1
143.6
121.1

141.7
129.7
181.8
140.7
145.6
119.6

142.1
130.5
184.7
140.3
147.1
119.2

142.3
132.4
180.9
138.9
147.4
117.7

142 1
133.0
179 3
137 7
148.5
116 5

140.5
133.1
173.4
135.1
149.2
112.3

139.8
133.6
170.8
134.2
149.0
107.3

138.4
133.7
165 7
132 3
148.4
107.3

137 5
133.8
162 0
130 7
150.1
103 8

136.5
133.6
158.0
129 3
150.9
103.8

134.3
133.3
156.0
121.7
150.9
102.0

134.4
133.0
158.1
121.7
151.7
103.5

135.2
132.2
162.6
123.0
151.7
107.0

135. 9
132.5
164.3
124.6
151. 7
107.5

Transportation equipment 9. ..Dec. 1968=100..
Motor vehicles ana equip
1967=100..

115.1
119.2

125.5
129.2

121.4
124.9

122.8
126.1

125.1
128.5

126.7
130.1

127.7
130.6

134.2
138.1

135.1
138.9

137.0
140.7

137.1
140.2

138.2
141.5

139.5
143.0

139.9
143.0

139.9
142.9

140.1
143.1

185.2
156.7

174.5
160.6

193.7
165.6

201.3
173.5

199.0
173.1

203.1
177.5

204.5
179.3

198.3
179.5

188.9
179.8

181.3
179.3

179.9
177.9

190.7
178.8

195.3
177.3

192.7
178.0

146.1
162.9
135.7
123.6
144.0
135.9

145.3
156.7
138.2
125.0
147.1
138.7

149.6
164.3
140.7
126.8
150.0
141.5

151.6
167.2
142.6
127.6
152.5
145.1

153.2
168 5
144 5
129.6
154 2
148 0

156.9
173.3
147.1
133.5
156.0
152.1

160.2
180.5
147.6
133.9
156.8
154.4

158.9
176.6
148.6
134.9
157.8
155.3

159.5
175.6
149.5
135.2
158 5
157.2

158.6
174.1
149.7
135.8
159.0
158.1

157.7
170.6
150.0
136.9
158.9
159.7

159.7
175.1
150.3
136.9
159.3
160.7

161.3
178.2
150.8
136.9
160.1
161.2

162.4
179.9
151. 5
137.3
161.0
161.7

148 9
145.2
180.8
160 0

151 2
148 1
164.5
156 0

155.6
151.2
180.8
166 9

161.3
154.3
186.8
177 9

161 9
156 6
184 4
177 0

165.9
158.9
193.1
185.0

167.0
160.4
194.0
193.8

167.7
161.3
186.1
188 2

168.7
162.5
177.9
185 3

168.0
163.2
170.2
180 3

167.5
163.4
168.1
175.7

168.9
163.7
179.3
181.9

169.0
164.4
184.5
180.3

169.8
164.8
181.7
178.1

$0. 645
687

$0.642
681

$0. 618
676

$0. 597
667

$0.598
659

$0. 588
654

$0. 582
648

$0. 583
.643

$0. 582
641

$0. 584
636

$0. 587
634

$0. 581
631

$0. 577
628

$0. 576
.623

Industrial commodities _ _ _

Metals and metal products 9
Heating equipment
Iron and steel
._
Nonferrous metals

.

_

9Q2 4

Seasonally Adjusted J
By stage of processing:
Crude materials for further processing.
do
Intermediate materials, supplies, etc .. do
Finished goods:
Consumer finished goods
do
Food...
.
do
Finished goods, exc. foods
do
Durable...
._
do
Nondurable
do
Producer finished goods
do
By durability of product:
Total manufactures
..
Durable manufactures
Farm products
Processed foods and feeds

do
do
do
do

PURCHASING POWER OF THE DOLLAR
As measured by —
Wholesale prices
Consumer prices

1967=$1.00._
do

$0.744
.752

$0. 627
678

cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
•[Beginning June 1974 SURVEY, data are restated to reflect changes in pricing by BLS.
Because of delay in obtaining data the prices lag the current index as follows: electric power,
one month (i.e., July index reflects June prices); gas fuels, except LPG, two months (July
8-182 O - 75 - S-2




index reflects May prices); refined petroleum products (gasoline, distillates, residual), one
month (July index reflects June prices). The restated indexes are comparable with those for
earlier periods.
^Beginning in the May 1975 SURVEY, date reflect new seasonal factors.
Previously published data, back to 1970 will be revised.

SUKVEY OF CUEKENT BUSINESS

S-10
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

July 1975
1975

1974

1974

May

Annual

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
New construction (unadjusted), total

134,815

11,879

12,222

12,384

12,444

12,141

12,046

11,373

10,544

9,142

8,592 '9,056 ' 9, 761

10, 623

102 894
57, 623
47,841

96, 389
46, 769
36, 982

8,365
4,140
3,315

8,710
4,399
3,524

8,811
4,513
3,581

8,753
4,470
3,488

8,538
4,211
3,285

8,549
3,952
3,045

8,122
3,639
2,772

7,444
3,218
2,431

6,331
2,635
2,013

5,805 ' 6, 113 ' 6, 747
2,315 ' 2, 610 ' 2, 984
1,762 ' 1, 868 '2,065

7,273
3,324
2,314

27,584
6,243
15, 453

29, 726
7,745
16,030

2,535
648
1,384

2,592
674
1,407

2,545
645
1,397

2,524
666
1,361

2,590
661
1,425

2,758
734
1,498

2,624
752
1,371

2,482
750
1,256

2,206
634
1,128

2,110
612
1,069

2,024 ' 2, 134
'624
606
994
1,040

2,218
719
1,055

mil. $_. 135,456

Private total 9
Residential (including farm)
New housing units

do
do
do

Nonresidential buildings, except farm and public utilities, total 9
mil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph...
..do
Public total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets

3,967

4,281

382

382

380

386

362

404

361

349

281

do

32,562

38, 426

3,514

3,512

3,573

3,691

3,603

3,462

3,251

3,100

2,811

2,787 ' 2, 923 ' 3, 014

do
do
do
do
do

12, 994
941
605
1,170
10, 559

14, 990
1,007
763
1,188
12, 105

1,447
77
71
98
1,088

1,309
79
71
104
1,144

1,293
97
52
95
1,299

1,359
100
53
96
1,280

1,279
120
53
106
1,362

1,197
170
67
95
1,219

1,215
85
65
96
975

1,297
87
81
99
795

1,233
91
74
99
682

1,149
79
76
99
670

138.2

136.9

137.9

134. 4

133.0

134.0

131.1

132.8

130.3

127.0 ' 124. 4 ' 121. 0

97.9

98.4

98.0

96.2

94.7

95.2

93.5

90.9

88.5

86.7

'85.0

'83.4

84.0

48.0
39.7

48.3
39.5

48.9
38.9

48.2
37.5

46.0
35.5

44.3
33.7

42.3
31.8

40.0
29.8

37.7
27.9

36.3
26.8

'37.3
'26.4

'36.7
'26.5

37.4
27.6

29.9
7.6
16.4

30.5
8.0
16.4

29.0
7.2
16.0

28.4
7.6
15.1

29.1
7.7
15.7

30.4
8.3
16.3

30.6
8.7
16.0

29.9
8.8
15.4

29.4
8.5
15.1

29.8
8.7
15.2

'26.7
'8.0
'13.3

25.7
'7.4
'12.6

26.2
8.4
12.5

New construction (seasonally adjusted at annual
rates) total
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
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets

283

'306

326

3,350

85
111

122.4

4.4

4.1

4.5

4.3

4.3

4.5

4.1

3.9

4.5

4.1

3.6

4.0

do

40.3

38.5

40.0

38.2

38.3

38.9

37.6

41.9

41.8

40.3

'39.3

'37.6

38.5

do
do
do
do
do

16.8
1.0
.8
1.2
12.3

15.4
.9
.7
1.2
11.5

15.8
1.2
.7
1.1
12.5

15.2
1.3
.6
1.0
12.0

14.6
1.5
.7
1.2
13.3

14.3
1.8
.8
1.1
12.6

14.3
.9
.8
1.1
10.8

15.7
.9
1.0
1.1
12.2

16.0
1.1
.9
1.3
12.8

15.6
1.2
1.1
1.4
12.1

'16.7
' 1.2
1.1
'1.5
'10.9

14.7
1.1
.8
'1.4
11.4

1.0
1.2

10,004

8,480

9,295

8,416

8,359

7,227

6,179

7,304

5,100

4,955

6,574

9,598

9,143

188

166

177

170

187

148

154

176

135

135

153

189

182

mil. $.. 26,597 T 32, 375 r 3, 010
do
72,693 ' 61, 168 ' 6, 994

2,968
5,512

3,242
6,053

3,311
5,105

3,273
5,086

2,720
4,508

2,391
3,788

2,496
4,809

2,254
2,846

2,031
2,924

2,182
4,393

2,768
6,830

2,875
6,268

do
do
do

31,678 ' 32, 994 r 3, 072
45, 804 ' 34, 263 'r 3, 796
3, 136
21,880 ' 26, 286

2,989
3,546
1,945

3,698
3,350
2,247

2,110
3,060
3,246

3,320
2,503
2,536

2,710
2,457
2,061

2,618
1,931
1,630

2,451
1,715
3,139

2,233
1,562
1,305

2,199
1,583
1,172

2,402
2,316
1,856

2,987
3,029
3,582

2,877
3,073
3,193

do

86, 743

97, 102

7,609

7,646

6,505

6,432

7,059

8,918

10,336

6,424

7,806

7,425

6,824

6,298

2,057. 5
1,501.7
2, 045. 3
1,132.0

1,352.5
932.2
1,337.7
888.1

149.9
106.4
149.0
96.3

149.5
101.9
147.6
99.3

127.2
81.8
126.6
90.7

114.0
79.3
111.1
79.8

99.6
63.0
98.3
73.4

97.2
62.2
96.7
69.5

75.6
48.3
75.1
57.9

55.4
38.6
55.1
41.0

56.9
37.4
56.1
39.8

56.2
'38.2
54.7
40.0

81.1
'53.5
80.2
62.5

'98.4
66.3
'97.9
'77.8

1,467
925

1,533
1,000

1,314
920

1,156
826

1,157
845

1,106
792

1,017
802

880
682

999
739

1,000
733

985
775

••837

CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
mil $
Index (mo data seas adj )

1967 — 100

Public ownership
Private ownership
By type of building:
NonresidentialU
Residential
Non-building construction^
New construction planning
(Engineering News:Record) O

99,450 ' 92, 544
J

180

U69

r

HOUSING STARTS AND PERMITS!
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned
One-family structures

thous. .
do
do
do. .

.

Seasonally adjusted at annual rates:
Total privately owned
One-family structures

do
do .

New private housing units authorized by building
permits (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 .

' 116. 8

108.8

' 115. 8
'92.7

108.2
87.9

'980
'762

' 1, 129
886

1,070
862

926
661

1,820
882

«• 1, 074
'644

' 1, 159
••685

' I, 115

' 1,040
••638

r 928

674

••626

••853
••588

••811
'550

'770
••534

r514

'689
'508

'701
'515

677
503

837
603

'912
'658

566.9

329.3

37.1
395

35.6
383

31.0
343

29.2
316

24.1
258

20.7
227

15.3
204

11.8
195

11.7
185

14.7
219

16.3
194

19.2
194

20.3
224

CONSTRUCTION COST INDEXES
Dept. of Commerce composite

1967= 100..

152.1

' 173. 1

170.7

172.8

175.0

176.9

179.0

180.4

American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St Louis

.1913=100..
do
do
do
do

1,515
1,749
1,590
1,469
1,434

1,608
1,821
1,711
1,552
1,536

1,599
1,824
1,686
1,536
1,514

1,606
1,828
1,695
1,534
1,531

,621
,855
,715
,533
,522

1,626
1,850
1,712
1,529
1,597

1,645
1,836
1,757
1,585
1,587

1,648
1,814
1,751
1,578
1,584

Boeckh Indexes:
Average, 20 cities:
170.2
168.4
165.8
Apartments, hotels, office buildings
1967=100. . 154.0
174.3
171.1
167.7
Commercial and factory buildings
do
154.4
175.0
Residences
do
172.0
168.6
159.2
f
1
Revised.
» Preliminary.
Computed from cumulative valuation total.
J Data for new construction have been revised back to 1958; those for housing starts and,
permits, back to 1959. The revised data are available from the Bureau of the Census, Washington, D.C. 20233.
f Data for Aug. 1973 for nonresidential building and nonbuilding construction appearing in




175 3
179.6
177.1

' 181. 2 ' 182. 9 '184.1 '185.0

,640
,800
,746
,614
,574

177.4
182.4
177.9

1,639
1,797
1,743
1,609
1,571

1,647
1,832
1,775
1,612
1,576

178.3
182.8
178.0

1,801
1,848
1,780
1,617
1,579

' 186. 8 ' 186. 9

1,807
1,855
1,785
1,633
1,591

182.6
185.8
180.6

189.2

1,814
1,861
1,793
1,657
1,601

184.5
187.8
182.4

-

the Oct.r1974 SURVEY were transposed; they should have read (mil. $): Nonresidential
building, 3,167; non-building construction,' 2,453.
O Data for May, Aug., and Oct. 1974 and Jan. 1975 are for 5 weeks; other months, 4 weeks.
9 Includes data for items not shown separately.

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1975

1974

1974

Annual

S-ll

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

183.8
195.8

187.2
198.1

187.3
198.1

187.8
198.8

190.5
201.4

1
1

CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
Engineering News-Record:
Building
- 1967 = 100
Construction
do
Federal Highway Adm.— Highway construction:
Composite (avg. for year or qtr.)
1967= 100. _ _

168.4
176.5

178.3
188.0

152.4

201.8

194.1

177.5

206.8
190 0

189.9
176 3

183.5
190 7

191.7
175 2

179. 2
174 8

181.6
164 1

148.8
155 9

127.2
144 9

135.7 ' 133. 5
143 9 r 151 1

146.6
151 9

193.1
194.6
235.4

181 8
171.6
215.3

203.7
200.2
257.4

188.6
177.7
258.4

173.6
172.3
256.0

186 5
182.9
270.5

178 3
167.7
248.3

189 4
161.0
271.9

170.1
130.9
183.8

155 2
114.5
138.7

152 7
133 5
114.8

r 138 5
r
139. 7

105.0

143 2
154.9
130.3

83.2

87.1

161 9

161 1

8.3
89
14 3
159

7.9
90
15 8
180

8.8
103
15 1
160

7.5
85
16 8
185

8.2
95
13 5
169

11.1
133
16 3
185

7.9
111
12 0
157

5.8
79
84
132

5.1
72
89
126

4.8
64
10 6
144

6.7
72
11 3
128

7.8
86
12 7
131

12.6
14 2
18 5
216

305 50
906 77

366 47
634 10

335 88
834 91

340 28
704 78

392 74
712 42

352 57
727 35

374 25
557 83

557. 54
544 98

398 53
494 27

514 78
574 36

539 14
607 94

680 97

17, 642

18, 582

19, 653

20, 772

21,409

21,502

21, 804

20, 728

19,461

18, 164

17, 527

17, 145

174.2
182.6

177.5
185.6

182.4
189.9

183.6
193.2

183.1
194.5

184.5
195.5

183.4
195.0

209.7

201.4

183.8
195.3

193. 4
205. 3

207.3

209.9

CONSTRUCTION MATERIALS
Output Index:
Composite, unadjusted?
Seasonally adjusted..

1947-49=100.do

Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted

do
do
do

REAL ESTATE U
Mortgage applications for new home construction:
FHA net applications.
thous. units..
Seasonally adjusted annual rates
do
Requests for V A appraisals
do. ..
Seasonally adjusted annual rates
do

Home mortgages Insured or guaranteed byFed. Hous. Adm.: Face amount
mil. $.. 4 473 30 3 933 70 334 10
Vet. Adm.: Face amount}
do. _. 7 467 53 7 909 go 716 12
Federal Home Loan Banks, outstanding advances
to mem her Institutions, end of period
mil. $.. 15, 147 21,804 16,803
New mortgage loans of all savings and loan associations, estimated total
mil. $__
By purpose of loan:
Home construction
.do
Home purchase
_do
All other purposes
,_do
Foreclosures

_

Fire losses (on bldgs., contents, etc.)

16, 803

49, 412

38, 959

4,909

4,244

3,810

3,588

2,676

2,399

1,961

2,212

2,004

2,277

3,110

4,173

5,362

10 215
29 566
9 631

7 566
23 560
7 833

1 007
2 952
950

838
9 615
791

691
2 451
668

612
2 387
589

488
1 705
483

456
1 498
445

391
1 198
372

400
1 255
557

378
1 142
484

430
1 285
562

644
1 675

799
2 314
1 060

1 003
3 OS4
1 275

number. - 135 820 140 469

12 389

11 358

11 867

11 684

11 095

12 606

11 185

12 749

12 815

11 545

12 636

273

297

256

264

254

274

262

298

307

287

341

335

312

147
155
174

146
156
164
115
152

142
157
158
117
136

141
157
152
H7
134

146
175
154
109
142

95 7
30
5.6
13
12 1
84

119 0
50
10.1
18
11 3
78

119 3
52
8.7
2 3
12 5
78

121 0
37
9.7
25
12 4
74

105 6
18
9.8
2 i
13 1
6 4

48
2.4
24
15
10 8
43 5

78
4.5
2 9
21
12 6
53 1

76
6.2
29
15
11 9
62 7

84
6.8
35
12
12 1
53 2

90
4.3
2 9
1i
12 8
42 4

mil. $..

2,639

3,190

7Q1

DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index d" ...
Network TV....
Spot TV.
Magazines
Newspapers

advertising Index,
1967=100
do
do
do
do

Magazine advertising (general and natl. farm magazines) :
Cost, total
mil $
Apparel and accessories
do
Automotive, Incl. accessories
do.
Bulldlng materials
. .
do
Drugs and toiletries
do
Foods, soft drinks, confectionery
do
Beer, wine, liquors
do
Household equip., supplies, furnishings.. do.. _
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials
do
Allother
_
do
Newspaper advertising expenditures (64 cities) : ©
Total
mil $
Automotive
do
Classified
do
Financial
do
General
.
do
Retail
do

130
135
139
116
131

141
150
153
121
141

141
153
149
118
138

141
154
149
118
152

141
152
154
121
143

141
153
152
123
139

144
151
157
122
152

147
151
165
125
140

146
154
164
133
130

148
159
160
123
152

1 316 0 1 366 3 127 1
52 9
50 3
40
120.4
9.7
104.5
26 7
24 7
31
140 6
142 3
14 1
96.2
92 3
68

110 5
22
8.1
26
13 0
82

85 7
20
7.6
14
99
66

84 1
39
5.1
1i
10 2
57

125 9
70
7.' 5
2 7
11 7
64

141 8
6 3
12^5
2 8
13 5
9 8

157 0
51
12.3
19
14 5
12 5

117 6
34
6.8
14
12 1
88

14 5
10.2
39
2 0
12 7
67 3

16 7
4.9
31

100

135

Of)

0

9 ft

4.3
91
44
4 f»
2.8

87 0
86.4
28 4
18 6
110 5
548 3

102 9
79.5
35 4
17 6
136 3
580 4

84
10.9
36
14
10 9
54 3

86
7.0
36
12
11 5
44 5

65
3.9
24
12
10 8
33 5

46
3.6
29
13
10 7
34 9

79
7.9
31
15
12 2
57 9

10 5
10.1
30
16
12 5
59 2

3 786 1 3
99 8
1 024 2
138 9
479 2
2 044 1 2

767 2
104 2
966 7
126 0
491 5
078 8

337 3
93
87 4
9 5
46 5
184 6

338 8
89
93 4
12 1
46 2
178 2

281 1
76
83 9
11 6
30 4
147 7

296 8
77
88 1
64
29 5
165 0

319 5
98
83 6
9 4
44 8
171 9

335 0
9 3
78 2
13 1
46 9
187 5

330
9
70
9
46
194

8
9
3
4
8
5

303 5
76
76 0
14 5
39 6
165 7

302 3
84
75 6
81
44 0
166 2

359 g
81
86 4
10 8
50 3
197 3

3
3
7
5
6
2

0^4. o

4 8
57 i
11 1
36 8
2C6 1

364,803 448, 127
168 074 202, 341
196, 729 245, 786

38,895
18 294
20 671

36,920
17 491
19 429

38,554
17 851
20 703

39,405
18 029
21 377

37, 986
17 569
20 417

39, 932
18 288
21 644

37, 457
16 112
21 345

37 207
15 382
21 825

35,721
15 021
20700

33,831
14 168
19 663

35,936 r 36,132
15 041 r 15 828
20 895 r 20 304

36,356
15 729
20 627

12
12 6

4fi fi
O1 t Q

0 fi

1
9

Aft

A

7
A

337
7
79
12
47
190

9
84
9
50
200

"

4
6
4
7
2

WHOLESALE TRADEf
Merchant wholesalers sales (unadj.), total, mil. $
Durable goods establishments
do
Nondurable goods establishments
do

Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $
38,558 46, 695 41 048 41 922 42 711
Durable goods establishments
do
21,648 27, 529 24 188 24 711 25 135
Nondurable goods establishments
do
16. 910 19. 166 16. 860 17. 211 17. 576
' Revised.
i Index as of July 1, 1975: Building, 195.0; construction, 209.2.
<?Beginning Jan. 1973 data reflect new reference base, 1967 = 100.
9Includes data for items not
shown separately.
§Data include guaranteed direct loans sold.
HHome mortgage
rates (conventional 1st mortgages) are under money and interest rates on p. S-18.




42785 43 622 45 598 46 452 46 695 46 582 46 119 45 939 rr 45 581 44 429
25 292 25 888 26 448 27 044 27 529 28006 28002 28 210 28 315 27 799
17.493 17. 734 19. 150 19. 408 19.166 18.57R 18.117 17.729 r 17.^66 16. 630
©Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
tSeries revised back to Jan. 1964 to reflect kind of business classifications of establishments
selected for a new sample in terms of the 1967 Census of Business; revisions for earlier periods
appear on p. 44 S. of the December 1974 issue of the SURVEY.

SURVEY OF CURRENT BUSINESS

S-12
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1974

July 1975

1974

Annual

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

Juno

DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores:
Estimated sale* (unadj ), total

mil. $.. 503,317

537, 782

47,033

45,609

46,034

48,444

43,800

46,758

46,351

52, 253

41,315

39,802

44,937 ' 45,896 ' 51,015 i 48,555

170, 275
do
100, 661
do
92, 768
do
7,895
. do_ __

167, 313
93, 089
84, 773
8,316

15,457
8,787
8,030
757

15,150
8,649
7,902
747

15,477
8,980
8,214
766

15,614
8,969
8,221
748

13,858
7,591
6,909
682

14,501
7,978
7,250
728

13,085
6,965
6,241
724

13, 353
6,239
5,508
731

12,051
6,732
6,148
584

12,279
7,258
6,693
565

13,270 ' 14,588 ' 15,905 i 16,064
7,641 r 8, 422 ' 9, 185 1 9, 438
6,954 f 7, 663
8,359
687
'759
826

Furniture, home furn., and equip. 9 ---do
Furniture homefurnishings stores
do
Household appliance, TV, radio
do

24, 030
14, 290
7,904

25, 544
15,364
8,006

2,175
1,362
649

2,122
1,314
648

2,178
1,333
691

2,244
1,367
699

2,116
1,258
664

2,175
1,331
647

2,159
1,314
643

2,533
1,368
855

1,931
1,149
610

1,793
1,079
554

1,971
1,176
605

Building materials and hardware 1
do
Lumber bldg. materials dealers c? -- do_ __
Hardware stores
_
do

22, 766
18, 049
4,717

23, 491
18, 328
5,163

2,210
1,720
490

2,193
1,699
494

2,266
1,796
470

2,209
1,765
444

2,057
1,628
429

2,161
1,699
462

1,897
1,453
444

1,760
1,241
519

1,498
1,152
346

1,439
1,092
347

1,631 '1,879
1,237 ' 1,418
394
'461

do
do
do
do
do

333, 042
24, 062
5,609
9,119
4,229

370, 469
24,864
5,668
9,551
3,979

31,576
2,044
481
784
331

30,459
1,978
461
749
322

30,557
1,879
415
747
301

32,830
2,125
466
796
358

29,942
1,997
429
784
341

32,257
2,096
461
844
325

33,266
2, 191
506
853
325

38,900
3,358
832
1,285
411

29,264
1,770
428
687
272

27,523
1,606
375
626
247

31,667 '31,308 ' 35,110 1 32,491
2,077 ' 1, 949 ' 2, 245 i 2, 016
454
'436
515
795
'749
862
349
'311
360

do
do
do
do
do

15, 474
37, 925
105, 731
98, 392
34, 432

16, 785
41, 840
119, 763
111,347
39, 910

1,393
3,606
10,217
9,510
3,408

1,364
3,702
9,942
9,227
3,537

1,364
3,734
10,085
9,359
3,695

1,429
3,942
11,014
10, 250
3,738

1,330
3,583
9,841
9,116
3,426

1,399
3,685
10,304
9,562
3,546

1,378
3,592
10,705
10,013
3,400

1,914
3,621
10, 678
9,898
3,406

1,379
3,443
10,568
9,895
3,278

1,332
3,288
9,678
9,032
3,053

1,430 ' 1, 407 '1,518 1 1, 463
3,668 ' 3, 773 ' 4, 148 1 4, 152
10,706 ' 10,178 ' 11,640 i 10,616
9,967 ' 9, 452 ' 10,848 1 9, 872
3,424 ' 3, 468 ' 3, 699 13,667

83, 301

89, 286

7,439

7,070

6,893

7,625

7,034

7,711

8,751

12, 036

5,588

5,524

7,039

' 7, 059 '8,049

1

82, 535
55, 871
5,839
8,714
10, 285

6,870
4,677
450
727
837

6,563
4,490
390
689
831

6,376
4,281
439
664
893

7,059
4,749
494
759
919

6,460
4,386
473
662
818

7,059
4, 726
609
727
867

8,089
5,427
705
817
923

11,416
7,991
602
1,285
1,207

5,108
3,418
346
524
801

5,036
3,334
385
542
745

6,489
4,367
458
706
837

' 6, 503 ' 7, 488
' 4, 449 ' 5, 175
434
'458
795
'660
921
'806

i1 7, 001
4, 839

do

44,894

44,593

46,356

47,056

46, 177

45,803

44,469

44, 821

45,955

46, 819

45,926 ' 46,712 ' 47,951 i 48,285

do
do
do

14,289
7,854
7,157
697

14,049
7,830
7,145
685

14,963
8,563
7,845
718

15, 381
9,043
8,355
688

14,419
8,193
7,477
716

13,645
7,514
6,814
700

12,975
6,919
6,254
665

13, 266
7,358
6,668
690

14,075
7,696
6,971
725

14, 569
8,325
7,580
745

13,353 ' 14,064 ' 14,582 i 15,105
7,336 '7,800
8,218
6,598 ' 7, 063
7,470
738
'737
748

do

2,215
1,342
687

2,137
1,302
647

2,237
1,346
716

2,212
1,325
691

2,198
1,335
676

2,111
1,282
638

2,067
1,240
629

2,004
1,193
617

2,040
1,237
625

2,051
1,235
633

2,046
1,199
660

' 2, 132
' 1, 244
'686

2,128
1,212
713

do

2,040
1,606
434

1,996
1,572
424

2,028
1,598
430

1,924
1,509
415

1,958
1,514
444

1,957
1,517
440

1,892
1,465
427

1,843
1,412
431

1,895
1,424
471

1,892
1,415
477

1,819
1,355
464

' 1, 883
'1,415
'468

1,972
1,509
463

Durable goods stores 9
Automotive dealers
Passenger car, other auto, dealers
Tire battery accessory dealers

Nondurable goods stores 9
_ _
Apparel and accessory stores
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores -_
Drug and proprietary stores
Eating and drinking places
Food stores
Grocery stores
,.
Gasoline service stations

_

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_. .
Llouor stores
do
Estimated sales (seas adj ) total
Automotive dealers
Passenger car other auto dealers
Tire battery accessory dealers
Furniture, homefurnishings stores
Building materials and hardware
TT

H

'

76, 938
52, 292
5,384
8,212
9,602

' 2, 010 ' 2, 113
' 1, 207 1,256
••620
676

i 2, 135

2,159
1,619
540

7, 518

t

do

Nondurable goods stores 9
Apparel and accessory stores
Men's and boys' wear stores

do
do
do

30,605
2,075
482
794
333

30,544
2,069
458
793
338

31,393
2,148
484
840
350

31,675
2,129
507
810
332

31,758
2,122
495
824
318

32,158
2,087
477
817
321

31,494
1,982
450
766
307

31, 555
2,032
444
800
303

31, 880
2,118
473
844
323

32, 250
2,189
518
828
344

32,573 ' 32,648 ' 33,369 i 33,180
2,099 ' 2, 179
2,230
506
505
'506
820
847
'819
310
'337
363

Drug and proprietary stores
Eating and drinking places
Food stores
Grocery stores
Gasoline service stations

do
do
do
do
do

1,389
3,402
9,795
9,109
3,312

1,402
3,441
9,782
9,082
3,421

1,421
3,473
10,090
9,387
3,453

1,408
3,498
10, 261
9,553
3,480

1,415
3,530
10, 363
9,626
3,503

1,429
3,623
10,431
9,698
3,507

1,402
3,715
10,455
9,740
3,397

1,461
3,721
10, 330
9,610
3,399

1,436
3,784
10,672
9,945
3,465

1,449
3,828
10, 643
9,925
3,465

1,488
3,821
10,805
10,058
3,497

' 1, 455
' 3, 898
' 10,598
' 9, 846
r
3, 532

1,488
3,902
10, 831
10,063
3,550

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 J
mil. $_Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber building hardware group do

7,558

7,454

7,541

7,527

7,578

7,533

7,409

7,371

7,261

7,533

7,599

'7,638

7,983

7,004
4,763
487
733
832

6,905
4,663
492
728
831

6,986
4,710
513
740
864

6,959
4,740
492
746
887

7,006
4,737
514
745
888

6,960
4,712
513
753
891

6,865
4,627
499
732
884

6,758
4,608
415
684
886

6,704
4,497
485
720
871

7,000
4,743
489
746
882

7,058 '7,068
4,852 ' 4, 825
'456
'476
'739
'746
'903
••884

7,429
5,099
481
785
896

63, 018
28, 914
14, 503
4,623
4,128

72, 751
33, 704
17,662
5,090
4,374

68, 277
31 , 084
15, 359
4,915
4,598

68, 622
31, 308
15, 449
4,937
4,665

68, 636
30, 508
14, 728
4,988
4,527

67, 874
28, 952
13, 030
5,065
4,528

70, 608
30, 028
14, 023
5,145
4,498

74, 903
32, 121
15, 769
5,273
4,349

77, 457
33,845
17, 301
5,335
4,371

72,751
33, 704
17, 662
5,090
4,374

71, 706
33, 668
17, 634
4,871
4,425

72,003
33, 108
16, 755
4,753
4,538

73, 169
33, 423
17,113
4,643
4,622

73, 545
33, 784
17, 434
4, 599
4,677

72, 716
33, 534
17,211
4,572
4,714

34, 104
Nondurable goods stores 9
do
Apparel group
do
5,098
Food group _
do
6,885
General merchandise group with nonstores
mil. $. . 14, 146
Department stores
do
8,247

39, 047
5,164
8,068

37, 193
5,221
7,236

37,314
5,130
7,204

38, 128
5,184
7,391

38, 922
5,424
7,295

40, 580
5,701
7,414

42, 782
5,912
7,737

43,612
5,956
8,097

39,047
5,164
8,068

38,038
4, 991
7,737

38, 895
5,213
7,779

39, 746
5, 393
7,839

39, 761
5, 394
7,821

39, 182
5,363
7,802

16, 427
9,529

16, 543
9,779

16, 762
9,794

17, 168
9,873

17, 645
10, 200

18, 492
10,768

19, 786
11,725

19,900
12, 035

16,427
9,529

15, 860
9,055

16, 198
9,190

16, 975
9,794

17, 088
9, 923

16, 766
9,830

64, 832
29, 646
14, 921
4,689
4,260

74, 872
34, 605
18,214
5,161
4,516

67,078
29, 708
14, 254
4,857
4,434

67,943
30, 002
14, 265
4,927
4,578

68,873
30, 069
14, 219
5,018
4,504

69,877
30,806
14, 785
5,101
4,578

71,147
31,354
15, 264
5,140
4,594

73, 908
33, 390
17, 097
5,174
4,437

74,836
34,376
18,107
5,150
4,474

74, 872
34, 605
18,214
5,161
4,516

74, 024
34, 192
17, 827
5,026
4,504

72, 918
32, 790
16, 273
4,861
4,520

72, 273
32,315
16,093
4,659
4,516

72,003
32, 291
16, 189
4,545
4, 525

71, 374
32, 016
15, 973
4,520
4,545

Nondurable goods stores 9
do
40, 267 37, 370 37, 941 38, 804
35, 186
Apparel group
do
5,317
5,316
5,409
5,333
5,338
Food group
do
7,248
7,965
7,451
6,797
7,243
General merchandise group with nonstores
mil. $
17, 566 16, 601 17, 025 17, 455
15, 131
Department stores
do
9,994 10, 116
9,789
8,802
10, 166
r
Revised.
1 Advance estimate.
9 Includes data not s hown sep arately.
d" Comprises lumber yards, building materials dealers, and paint, p] umbing, iind elect rical stor es.
§ Except department stores mall order.
| Ser
es revised beglnnln g Jan. 1972 to refl ect

39, 071
5,339
7,406

39,793
5,394
7,466

40,518
5,478
7,602

40, 460
5,404
7,774

40, 267
5,409
7,965

39, 832
5,417
7,867

40, 128
5,463
7,935

39,958
5,416
7,848

39, 712
5,402
7,818

39,358
5,461
7,811

Book value (seas, adj.), total J
do
Durable goods stores 9
_
--do ..
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group do




17, 655 17, 924 18, 223 17, 946 17, 566 17, 064 16, 997 17, 144 17, 089 16, 820
9,835
9,790
9,717
9, 871
9,900
10, 262 10, 454 10, 716 10, 729 10, 166
benctimark da ta from t he 1972 and 1973 1Annual Iiletail Tr<ide Repc rts and rlew seas, factors;
revisi ons for Jjm.-Dec. 1972 app(ear on p. 7 of the Itfar. 1974 SURVEY ; those for Jan.-Se pt. 1973
appesir on p. 44 ff . of th e Dec. 1 J74 SURV EY.

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973 *

S-13
1975

1974

1974 *

Annual

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

14,342 ' 13, 917 15, 883

Apr.

May

June

DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Firms with 11 or more stores:
Estimated sales (unadj.), total?.

mil. $

Apparel and accessory stores 9
-.
Women's apparel, accessory stores
Shoe stores _
. _ _ _ __
Drug and proprietary stores
.

do. _.
do
do_ _
do

General merchandise group with nonstores 9
mil $
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mall order sales
do
Variety stores
_ _ do
Grocery stores..
.
Tire, battery accessory dealers
Estimated sales (seas, adj.), total 9 .
Apparel and accessory stores 9
Women's apparel accessory stores
Shoe stores
Drug and proprietary stores

do _
do

154,546

169, 434

14, 393

13,715

13, 546

14,896

13,499

14, 597

15,745

19,080

12,693

12,047

6,569
2,393
1,908
5,857

6,428
2,390
1,737
6,451

519
196
141
529

517
194
139
523

451
174
119
515

561
210
155
549

531
197
156
498

545
207
142
532

563
209
143
529

887
339
197
810

415
155
117
489

380
143
107
484

65, 569

70, 597

5,882

5,579

5,434

6,051

5,557

6,132

6,956

9,633

4,308

62, 471
46,380
6,627

67, 289
49, 802
6,988

5,599
4,171
583

5,329
4,009
556

5,192
3,837
531

5,772
4,259
603

5,275
3,914
531

5,789
4, 215
587

6,627
4,831
666

9,362
7,086
1,025

4,098
3,051
406

55, 165
2,210

62, 614
2,168

5,355
203

5,096
203

5,139
198

5,683
192

5,034
177

5,351
187

5,760
179

5,587
183

14, 091

13,984

14, 263

14,374

14,524

14, 579

14,305

524
196
143
522

540
206
146
540

537
206
141
536

561
212
146
539

548
204
141
538

531
201
145
547

493
182
129
538

6,021

5,867

5,955

5,969

6,014

5,999

5,749
4,260
597

5,594
4,120
585

5,692
4,207
597

5,684
4,204
600

5,740
4,227
597

5,721
4,202
608

5,071
187

5,111
181

5,249
189

5,257
178

5,472
188

. .. do_ _
do
do
do
do

General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery accessory dealers

do
do

All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted)
mil $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
Installment accounts
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts

••502
r
185
••138
••531

582
221
154
589

4,298

5,559 ' 5, 574

6,366

4,055
2,976
427

5,278 «• 5, 305
3,900 ' 3, 983
••532
564

6,087
4,613
641

5,646
151

5,116
145

5,702 ' 5, 268
••198
175

6,079
212

14,166

14,390

14, 661

14,882 '14,624

15, 171

536
200
143
548

548
217
149
535

567
210
154
561

••545
••203
••152
••558

583
216
157
574

5,909

5,712

5,722

5,941

6,038 ' 6, 012

6,319

5,638
4,161
589

5,440
4,096
533

6,459
4,030
581

5,670
4,221
597

5,768 ' 5, 730
4,333 r 4, 297
595
••598

6,048
4,545
635

5,483
177

5,449
169

5,440
167

5,574
190

5,555
197

5,668
189

r 5, 510

5,577
212

563
209
162
548

540
203
141
586

••198

27, 031
8,513
18, 518

28, 916
8,578
20, 338

26, 775
8,794
17, 981

26, 730
8,881
17, 849

26,596
8,917
17,679

26,920
9,013
17,907

27,099
8,995
18,114

27, 406
8,917
18, 489

27,267
8,616
18, 951

28,916
8,578
20,338

27, 666
8,331
19, 335

26, 932
8,163
18, 769

26,694
8,114
18,580

26, 966
8,275
IS, 691

do
do

10, 445
16, 586

10,806
18, 110

11,012
15, 763

10, 943
15, 787

10,766
15,830

10,800
16,120

10,804
16,295

11,029
16, 377

10,760
16,807

10,806
18,110

10, 326
17, 340

10, 120
16, 812

10,214
16,480

10, 601
16, 365

do
do
do

25, 368
8,344
17, 024

27, 035
8,434
18, 601

26, 832
8,842
17,990

26, 819
8,721
18, 098

27,223
8,878
18,345

27,484
8,893
18,591

27,339
8,738
18,601

27, 458
8,641
18,817

27, 340
8,542
18,798

27,035
8,434
18,601

27, 208
8,574
18, 634

27, 246
8,518
18, 728

27,129
8,418
18,711

27,309
8,484
18, 825

do
do

9,991
15, 377

10,374
16, 661

10, 784
16, 048

10, 720
16, 099

10,894
16,329

10,944
16,540

10,772
16,567

10, 840
16,618

10,596
16,744

10,374
16,661

10, 590
16, 618

10, 562
16,684

10,510
16,619

10, 711
16, 598

LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, Incl. armed forces overseas^

mil..

1

210.41

»211.89

211. 63

211. 76

211. 89

212.04

212. 20

212. 37

212. 52

212. 65

212. 80

212. 91

213. 02

213. 14

213. 26

213. 47

91,040
88 714
84 409
3 452
80, 957
4 304

93, 240
91 Oil
85 936
3 492
82, 443
6 076

92, 158
89 929
85 785
3 604
82, 181
4 144

94, 758
92 546
87 167
3 895
83, 272
5 380

95,496
93 276
88 015
4 024
83, 991
6 260

94, 679
92 459
87 575
3 851
83, 724
4 885

93,661
91 444
86 242
3 563
82, 679
5 202

94, 105
91 891
86 847
3 536
83,312
5 044

93, 822
91 609
85 924
3 294
82, 700
5 685

93, 538
91 W7
85, 220
2 959
82, 261
6 106

93, 342
91, 149
82, 969
2,888
80, 082
8,180

93, 111
90, 913
82,604
2,890
79, 714
8,309

93, 593
91, 395
83, 036
2,988
80,048
8,359

93, 564
91, 369
83, 549
3,171
80, 377
7,820

93, 949
91, 768
84, 146
3,622
80, 524
7,623

96, 191
94, 013
85, 444
3,869
81, 575
8,569

90 753
86 062
3,497
82, 565

90, 857
86 088
3,3b3
82, 755

91, 283
86 403
3,433
82, 970

91 199
86 274
3 451
82, 823

91 705
86 402
3 489
82 913

91 844
86 304
3 440
82, 864

91 708
85 689
3 375
82, 314

91 803
85 202
3,339
81, 863

92, 091
84, 562
3,383
81,179

91,511
84, 027
3,326
80, 701

91,829
83, 849
3,265
80, 584

92, 262
84, 086
3,238
80, 848

92, 940
84, 402
3,512
80, 890

92, 340
84, 444
3,304
81, 140

4 691

877

4,769
934

4,880
927

4 925

5 303
'989

5 540
1,016

6 019
1 117

6 601
1,319

7,529
1,537

7,484
1,822

7,980
1,991

8,176
2,403

8,538
2,643

7,896
2,887

5.2
3.4
5.1

5.2
3.5
5.1

3. 6

6.0

6.6
4 6

6.6

7.2
5.3
7.2

8.2
6.0
8.1

8.2
6.2
8.1

8.7
6.8
8.5

8.9
7.0
8.6

9.2
7.3
8.6

8.6
7.0
8.1

17 4

18. 1

LABOR FORCE of
Not Seasonally Adjusted
Labor force, persons 16 years of age and over, thous
Civilian labor force
do
Employed, total. ..
do
Agriculture
do
Nonagrlcultural industries
do
Unemployed
do "
Seasonally Adjusted cf
Civilian labor force. .
do
Employed, total
do
Agriculture
do
Nonagrlcultural industries
do
Unemployed
do
Long-term, 15 weeks and over. .
do
Rates (unemployed in each group as percent
of total in the group):
All civilian workers
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
White
Negro and other races ._
Married men, wife present
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural)":
Private wage and salary workers
Construction
__
Manufacturing
Durable goods

812
4.9

32

4.8

14.5

4 3

8.9
2.3

937
5
3
5
16

6
8
5
0

5 0
9 9
2 7

15.6

4.7
9.3
2.2

15.8

4.8
9.0
2.6

5.3
5.2
16.2

4.8
9.4
2.7




5.4
38

5.3
15 3
4 9

9.4
2.7

5.8
39

4 3

16 7

17 1

5.7

5 3
9 9
2 8

5.6

55
10 9
30

5 9
11 6
33

2.9
5.3

3.3
6.7

3.2
5.8

3.2
6.2

3.3
6.2

3.2
6.6

3.5
7.0

3.3
7.4

4.8
8.8
4.3
3.9

5.7

6 2
9 (j
4 7

5 4
10 4
51

5.5

6 0
12 0
6 0

6.8

10 7
5 2

56
11 3
55

6.2

10 6
5 7

12 0
6 4

13 5

5.4
4.4
4.8
4.6
Revised.
v Preliminary.
1 As of July 1.
9 Includes data not shown separately.
§ Except department stores mail order.
?5l!lOI£ back to 197° a PP earin p~25, No. 645, "Population Estimates and Projections"
(J
(May 1975), Bureau of the Census.
f

940

3.8

8 3

6 4
12.5

3.8
4.1
9.3
7.7
14.9

20.8

7.5
13.4

4.5

19.9

20.6

20.4

21.8

7.4

8.0

8.1

8.5

13.5

4.7

4.6

4.5

11.0

10.9

8.7

8.8

15.0

15.9

14.7

14.2

14.6

5.2

5.6

5.8

4.6

4.7

5.4

12.5

9.3
18.1

19.2

7.9
13.7

5.7

4.8

13.0

13.0

12.6

9.8

10.1
21.8

21.0

19.3

9.6

12.0
12.3
12.2
11.4
10.5
11.0
8.9
7.4
12.9
12.7
12.8
11.3
10.5
10.9
8.7
4.9
5.3
6.1
7.0
cf Beginning in the Feb. 1975 SURVEY, data reflect new seasonal factors; comparable
monthly data back to 1968 appear in EMPLOYMENT AND EARNINGS (Feb. W™); us^ij
BLS. Seasonally adjusted data through 1967 as shown in the 1973 BUSINESS STATISTICS are
comparable.

July 1975

SUEVEY OF CUERENT BUSINESS

S-14
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS

1973

Annual

1975

1974

1974
May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Mayp

June?

76, 134
61, 054

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT J
Employees on payrolls of nonagriculttiral estab.:
Total, not adjusted for seasonal variation.. .thous..
Private sector (excl. government)
do

76, 833
63, 091

78, 334
64 050

78,545
64 152

79,287
64 965

78,322
64 629

78,561
64 946

79,097
64 930

79,429
64 819

79,125
64 354

78, 441
§3 634

76, 185 75, 753
61, 482 60, 753

75,755
60,689

76, 654
61, 533

77, 291
62, 245

Total employees, nonagricultural payrollst-.do
Private sector (excl. government)
do
Nonmanufacturing industries
do.. Goods-producing
do
Mining
do
Contract construction
do

76, 833
63, 091
43, 038
24, 720
638
4,028

78, 334
64, 050
44, 034
24, 673
672
3,985

78,357
64, 170
44, 019
24, 885
668
4,066

78,421
64, 220
44, 036
24 847
669
3,994

78,479
64, 237
44, 068
24 764
675
3,920

78,661
64, 335
44, 223
24 753
676
3,965

78,844
64, 401
44, 289
24 733
682
3,939

78,865
64,334
44,352
24 585
692
3,911

78,404
63 836
44 203
24 187
693
3 861

77, 690
63 102
43, 956
23 606
662
3,798

77, 227 76, 708
62, 597 61, 923
43, 879 43, 626
23, 207 22, 595
702
700
3,596
3,789

76,368 76, 349 76, 439
61,560 61, 490 61,536
43,414 43,400 43, 423
22, 338 * 22, 268 22, 291
706
'703
'709
3,486 ' 3, 475 ' 3, 469

76, 464
61, 544
43, 445
22, 229
713
3,417

Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products . . d o
Machinery, except electrical
do
Electrical equipment and supplies, .do
Transportation equipment.. ..
do. .
Instruments and related products, .do
Miscellaneous manufacturing .
do.. .

20, 054
11,814
184
640
539
691
1,321
1,494
2,086
2,017
1,891
499
451

20, 016
11,837
182
635
528
689
1,335
1,486
2,200
2,020
1,786
529
448

20151
11,908
179
658
540
699
1,326
1,495
2,184
2,050
1,791
529
457

20,184
11,959
180
650
538
692
1,334
1,504
2,203
2,052
1,813
536
457

20,169
11, 959
182
647
531
696
1,332
1,513
2,197
2,057
1,814
535
455

20 112
11, 899
183
637
533
694
1 339
1,504
2,217
2,004
1,803
534
451

20,112
11,906
183
628
529
686
1,349
1,496
2,228
2,016
1,809
534
448

19982
11,841
184
610
518
678
1,353
1,479
2,239
2,000
1,807
532
441

19 633
11 611
182
586
497
667
1,336
1,452
2,227
1,939
1,769
526
430

19, 146
11,291
182
575
483
652
1,304
1,403
2,199
1,876
1,683
520
414

18, 718 18, 297
11, 010 10,722
182
182
544
556
449
463
618
632
1,235
1,277
1,331
1,352
2,129
2,165
1,771
1,835
1,556
1,626
505
514
402
408

18,146
10,635
182
545
442
609
1,206
1,312
2,102
1,754
1,587
498
398

' 18, 090
' 10, 554
182
••544
••445

18, 099
10,496
179
565
446
602
1,159
1,295
2,018
1,707
1,632
492
401

Nondurable goods
do
Food and kindred products .
do
Tobacco manufactures
do. ..
Textile mill products
do
Apparel and other textile products, .do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee .do
Leather and leather products
do

8 240
1,721
78
1,030
1,402
703
1,105
1,036
193
678
293

8,179
1,721
78
1,002
1,339
707
1,111
1,060
195
681
285

8 243
1,732
79
1 019
1,362
714
1 113
1,056
196
682
290

8 225
1,712
79
1 019
1,354
712
1 114
1,061
196
690
288

8,210
1,702
79
1,008
1,357
712
1,114
1,063
196
690
289

8 213
1,713
77
1 Oil
1,341
710
1 115
1,069
195
696
286

8,206
1,724
75
1,004
1,336
711
1,113
1,073
194
693
283

8,141
1,719
77
978
1,320
701
1,112
1,071
195
690
278

8, 022
1,705
75
954
1,291
691
1,104
1,065
196
664
277

7,855
1,692
76
919
1,236
678
1,101
1,050
195
638
270

7,708
1,671
79
881
1,204
666
1,098
1,038
190
619
262

7,575
1,664
78
860
1,178
650
1,089
1,027
187
586
256

52,113
4,646
16 665
4,118
V> 547
4,075
12 986
13 742
2*663
11 079

53, 664
4,699
17, Oil
4,259
12, 751
4,161
13 506
14,
285
9
724
11 560

53472
4,701
16 994
4,258
12 736
4,161
13 429
14 187
2 711
11 476

53 574
4,698
17 031
4,261
12 770
4,156
13 488
14 201
2 715
11 486

53,715
4,693
17 107
4,261
12 846
4,157
13 516
14 242
2 735
11 507

53908
4,701
17 140
4,272
12 868
4,168
13 573
14 326
2 740
11*586

54,111
4,679
17 166
4,275
12 891
4,176
13 647
14 443
2 747
11 696

54 280
4,699
17 160
4,287
12 873
4,185
13 705
14 531
2 748
11 783

54 217
4,697
17 048
4,283
12 765
4,183
13 721
14 568
2 745
11 82°

54,084
4,668
16, 912
4,267
12, 645
4,182
13, 734
14, 588
2,738
11, 850

54, 020
4,607
16,863
4,242
12, 621
4,173
13, 747
14, 630
2,733
11, 897

54,113
4,561
16, 832
4,222
12,610
4,164
13,771
14, 785
2,733
12, 052

54,030
4,512
16,799
4,211
12,588
4,157
13,754
14,808
2,732
12,076

Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted
thous. . 52,280
Manufacturing
do
14 752

52, 888
14 607

53,026
14 665

53,750
14 903

53,373
14 605

53,672
14 826

53, 674
14 913

53,562
14 702

53,101
14 351

52, 427
13, 814

50, 365
13, 225

49, 663
12, 851

49,616 ••49,970 '50,439
12,747 ' 12, 722 '12,796

53,037 53, 059 53,050 53, 109 53, 171
18 374 18 575 18 529 18 436 18 427 18 409
510
512
512
'517
509
508
3 257
3 221
3 188 3 240
3 328 3 259
14 607 14 739 14 761 14 736 14 675 14 671
8 606 8 682 8 714
8 702 8 640 8 651
86
84
84
' 86
83
85
532
539
549
541
553
561
433
433
438
437
443
444
552
548
557
557
555
561
1,067
1 059 1 067 1 063 1 069 1 082
1,144
1,136
1,152
1,160
1,151
1,145
1 483 1 475 1 486 1 476 1 490 1 500
1,368
1,372
1,400
1,353
1,398
M99
1,260
1 264 1 286 1 284 1 269 1,277
331
333
333
328
'334
330
350
355
358
350
358
359

53,091
18 268
'525
3 195
14 548
8*593
86
514
421
541
1 084
1,128
1,508
1,354
1,285
329
343

52,591 51, 851
17 894 17, 345
492
526
3,077
3 146
14 229 13, 776
8,086
8 380
86
85
481
491
390
404
516
531
1 068 1,035
1,059
1,103
1,467
1 494
1,242
1,299
1,176
1 249
318
324
316
332

51, 445
17,004
534
3,078
13 392
7 838
85
463
371
499
1,011
1,011
1,440
1,208
1,126
314
310

50, 768
16,414
534
2,884
12, 996
7,567
85
449
360
486
969
992
1,404
1,152
1,060
305
305

50,434
16, 176
536
2,774
12,866
7,499
85
452
354
478
940
976
1,380
1,135
1,100
298
301

5 554
1,132
66
760
1,032
504
654
589
117
477
223

5,429
1,125
65
740
1,009
489
645
580
114
446
216

Seasonally Adjusted |

Service-producing
Trans., comm., electric, gas, etc...
Wholesale and retail trade . .
Wholesale trade
Retail trade ...
Finance, insurance, and real estate
Services
Government
.
.
Federal
State and local. ..

do
.do
do
do
do
do
do
do
do
do

18, 113
10,521
'182
560
447
'608
'608
' 1, 177 ' 1, 155
1,310 ' 1,302
' 2, 073 '2,042
' 1, 730 '1,720
' 1, 594 '1,615
'495
'491
'399
••396

7,511
7,536 ' 7, 592
1,666
1,669 ' 1, 681
76
75
'75
857
'896
'877
1,165 ' 1, 181 ' 1, 193
639
'637
'633
1,083
1,078 ' 1, 072
1,014
1,007 ' 1, 009
190
189
' 190
570
'583
••575
251
252
'256

7,603
1,673
76
900
1,210
634
1,067
1,010
189
587
257

'54,081 '54,148 54, 235
4,511 ' 4, 497 4,495
'16,794 '16,813 16, 858
' 4, 213 ' 4, 207 4,196
' 12, 581 '12,606 12, 662
4,164
4,160
'4,163
' 13, 754 ' 13, 775 13, 798
'14,859 ' 14, 903 14, 920
2,716
2,729 ' 2, 730
' 12, 130 '12,173 12,204

51, 093
12, 996

Seasonally Adjusted*
Production or nonsupervisory workers on private
nonagricultural payrolls t
thous
Goods-producing
do
Mining
do
Contract construction .
do
Manufacturing
do
Durable goods
.
do
Ordnance and accessories.
do.. .
Lumber and wood products.
...do
Furniture and
fixtures..
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies. __do
Transportation equipment
do
Instruments and related products
do ..
Miscellaneous manufacturing
do

52,280
18 560
'483
3 325
14 752
8 673
' 92
550
445
553
062
il51
412
,387
359
308
353

CO ooo
OQQ
O^,

Nondurable goods
do
Food and kindred products...
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products. .. do. ."
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products.
do
Petroleum and coal products ..
do
Rubber and plastics products, nee... do
Leather and leather products
do. .

6 080
1,166
65
905
1,218
545
669
603
122
535
251

6 000
1,174
65
875
1,156
545
668
616
124
535
244

6 057
1,184
65
892
1,176
552
669
612
124
536
247

6 047
1,165
65
891
1,170
550
673
617
124
545
247

6 034
1,157
65
881
1,173
551
673
620
124
543
247

6 035
1,170
64
883
1,157
548
673
624
123
548
245

6 020
1,180
61
876
1,152
547
669
626
123
544
242

5 955
1,174
64
850
1,136
536
667
625
124
542
237

5 842
1,160
62
827
1,112
528
658
617
124
517
237

5,690
1,150
63
797
1,059
516
656
602
123
493
231

33 720
4,019
14, 790
3,442
11,348
3,170
11 741

34 515
4, 058
15, 059
3, 556
11 503
3,195
12 203

34,462
4,066
15, 045
3,555
11 490
3,200
12 151

34,530
4,056
15, 087
3,559
11,528
3,199
12 188

34,614
4,055
15,151
3,559
11,592
3,193
12,215

34,682
4,058
15, 173
3,565
11,608
3,196
12, 255

34,762
4,034
15, 205
3,568
11,637
3,203
12, 320

34,823
4,055
15,193
3,574
11,619
3,207
12,368

34, 697
4, 050
15, 084
3,567
11,517
3,187
12,376

34, 506
4,016
14,917
3,553
11,364
3,188
12, 385

Service-producing
Transportation, comm., elec., gas, etc
W holesale and retail trade.
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services

do
do
do
do
do
do
do

' Revised.
* Preliminary.
{Effective with the Dec. 1974 SURVEY, all establishment (payroll) employment, hours,
earnings, and labor turnover reflect the periodic adjustment of these data to more recent
benchmarks (Mar. 1973) and to revised seasonal factors. Previously published data, back to
Jan. 1968, are subject to revision. The Dec. 1974 issue of EMPLOYMENT AND EARNINGS (USDL,
ULb) contains summary tables providing monthly data back to 1968 for many of the series
shown in this volume.




34, 441 34, 354
3, 961 3, 916
14, 894 14, 853
3,508
3,530
11,364 11,345
3,182 3,174
12,404 12,411

'50,357
'16,122
531
'2,765
' 12, 826
' 7, 426
85
'450
357
477
'914
'975
' 1, 354
' 1,118
'1,099
'297
'300

'50,445 50,455
'16,177 16,144
540
'537
' 2, 772 2,728
' 12, 868 12,876
' 7, 407 7,396
83
85
468
'466
359
'361
474
'478
903
'895
965
'970
1,304
'1,323
' 1,111 1,102
' 1, 121 1,137
295
'294
306
'303

5,367
5,400 ' 5, 461
1,125
1,130 ' 1, 143
62
63
62
737
'776
'756
995 ' 1,012 ' 1, 022
478
478
'474
'631
639
635
'567
568
'563
'120
119
'118
'444
'436
431
'218
'214
212

5,480
1,138
62
781
1,041
476
627
568
118
449
220

'34,268
'3,853
' 14, 828
' 3, 486
' 11, 342
' 3, 165
'12,422

34, 311
3,854
14, 873
3,474
11, 399
3,169
12,415

34,258
3,868
14,823
3,492
11,331
3,163
12,404

'34,235
'3,865
'14,814
' 3, 491
'11,323
' 3, 162
'12,394

O N O T E F O R P . S-16: In accordance with the 1975 Tax Reduction Act (effective May 1,
1975), new formulas have been constructed for the period May-Dec. 1975 for calculating spendable earnings. Therefore, the entire reduction in 1975 taxes is accounted for in the period
May-Dec. 1975. The 4.7% increase from Apr. to May 1975 in real spendable earnings reflects a
.1% increase in real weekly earnings plus a 4.67o decrease in the average tax effect (the change
in avg. soc. security/federal income tax rates for worker with 3 dependents who earned the
aver, weekly earnings).

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

Annual

1975

1974

1974

|

S-15

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Feb.

Jan.

Mar.

Apr.

May v June v

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Wg. weekly hours per worker on private nonagrlc.
payrolls:tH Seasonally adjusted.
hours..
Not seasonally adjusted
do
Mining
-do
Contract construction
do. .
Manufacturing: Not seasonally adjusted do
Seasonally adjusted
do...
Overtime hours
do .

36 7
37 0
43 3
36 9
40.4
40.1
34

36 7
37 1
43 0
36 9
40.0
40 2
3 4

36 7
37 1
42 9
36 4
40.1
40 2
3 4

36 7
36 8
43 4
36 5
40.3
40 0
33

36 6
36 6
43 4
37 2
40.1
40 1
32

36 2

42 4
37 1
38.7
39 2
2 3

36.0
35 7
42 5
36.6
38.5
38.8
2.3

35 9
35 7
41 8
34 9
38.7
38.8
2 3

••36.0
••35.7
••41.2
'36.7
'38.9
••39.1
2.3

36.0
35.9
' 42. 4
'36.9
39.0
39.0
2.3

36.0
36.3
42.1
35.6
39.4
39.1
2.3

38

3°

36 7
36 6
43 3
36 7
40.3
40.3
3 4

Durable goods _
O vertime 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

41 5
4 1
41.8
40 7
39 9
42.1
42.4
41.6
42 6
40.4
41.9
40.8
38.9

40 7
3.4
41.7
39.7
39.0
41.4
41.7
40.8
42 2
39.7
40.1
40.2
38.5

40 9
35
42.3
40 3
39 4
41.5
41.6
41.0
42 3
39.9
40.5
40.2
38.8

40 8
34
42.0
40 3
39 5
41.5
41.7
41.0
42 4
40.1
39.7
40.5
39.0

40 7
35
41.7
39 9
39 4
41.4
41.6
40.8
42 2
39.9
40.1
40.1
38.9

40 9
36
41.3
39 9
38' 9
41.3
41.8
41.0
42 7
39.6
40.7
40.4
38.7

40 8
35
41.5
39 2
38 8
41.3
42.1
41.2
42 7
39.8
40.2
40.1
38.6

40 7
34
41.4
38 9
38 6
41.4
42.2
41.0
42 4
39.7
40.6
39.9
38.4

40 2
30
41.9
38 5
37 7
41.2
41.7 '
40.4
42 3
39.4
39.5
39.9
38.0

40 2
2 g
4L8
38 1
37 3
41.0
41.1
40.6
42 1
39.5
39.5
39.8
38.1

40 0
2 5
42.1
37 9
36 4
40.9
40.5
40.4
41 8
39.4
39.5
39.5
38.1

39 6
2.4
41.2
38 6
36.3
40.2
40.2
39.7
41.2
39.0
39.1
38.9
37.6

39 4
2 3
41.2
37 8
36 5
39.6
39.9
39.8
40 8
39.2
39.0
39.0
37.7

'39.7
2.4
Ml. 3
••38.8
••37.2
40.3
••39.6
39.7
'40.9
'39.4
MO. 4
'39.1
38.2

39.4
2.2
'41.0
'38.9
' 37. 5
'40.2
'39.2
39.5
'40.5
39.1
39.4
'39.1
'38.3

39.6
2.3
41.4
39.2
37.8
40.2
39.6
39.6
40.3
39.4
39.5
39.4
38.6

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 6
34
40 4
38 5
40 9
35.8

39.1
3.0
40.4
38.0
39.4
35.1

39 4
3 2
40 5
38 8
40 3
35.6

39 3
33
40 6
37.3
40 2
34.7

39 2
3 2
40 5
37 0
40 2
35.3

39 2
31
40 4
37 6
39 5
35.3

39 0
30
40 3
38 5
39 2
35.3

39 0
2 9
40 3
37 0
38 3
35.4

38 4
2 5
40 0
37 4
37 6
34.4

38 2
2 5
40 0
37 7
36 6
34.2

38 0
2 2
39 9
37 3
36 0
34.0

37.7
2.1
39.9
37.6
36.1
33.6

37.9
2.2
40.3
39.1
36 8
33.7

38.0
2.2
39.9
'38.4
37.8
34.3

'38.3
'2.4
'39.9
36.9
38.9
34.4

38.6
2.4
39.9
37.9
39.1
35.0

Paper and allied products
Printing and publishing
Chemicals and allied products .
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products

do
do
..do
do
do
do

42.7
37.9
42 0
42.3
41.1
37.9

42.1
37.6
41.6
42.4
40.4
37.2

42.4
37.7
41 8
42.4
40.4
37.6

42.4
37.6
41.8
42.6
40.6
37.6

42.2
37.5
41 8
42.2
40.4
37.0

42.1
37.8
41 8
41 9
40.7
37.2

41.9
37.6
41 5
42 2
40.5
36.7

41.7
37.7
41 4
42.6
40.8
37.0

41.3
37.4
41 °
42 2
39.8
36.6

41.2
37.3
41 0
42 3
39.5
36.1

41.1
37.5
40 6
42.0
39.5
35.7

40.5
37.2
40.5
41.9
38.7
35.3

40.4
36.9
40.4
41.8
38.6
35.1

'40.4
36.8
'40.3
' 40. 9
'39.1
'36.5

'40.9
36.7
'40.7
'41.3
'39.5
36.7

41.5
36.8
40.7
40.4
39.5
37.1

Trans., comm., elec., gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate.. .
Services

do
do
do
do
do
do

40.7
34.7
39.5
33.3
36.9
34.0

40.4
34.2
38.9
32.7
36.8
34.0

40.6
34.3
39.0
32.9
36.7
34.0

40.3
34.2
39.0
32.7
36.8
34.2

40.7
34.1
39.0
32.6
36.7
34.0

40.5
34.1
38.7
32.6
36.8
34.1

40.4
34.1
38.9
32 5
36 9
34.1

40.4
33.9
38.7
32.4
36.7
33.9

39.9
33 9
38 6
39 4
36 7
34 0

40.1
34.0
38.6
32.4
36.9
34.0

40.2
33.8
38.7
32.3
37.1
34.2

= 39.9
33.9
38.6
32.3
36.9
34.1

39.9
33.9
38.5
32.4
36.6
34.0

'39.9
33.7
38.6
32.2
'36.2
33.9

'39.7
33.9
38.6
32.5
36.4
'34.1

39.6
33.9
38.6
32.4
36.5
34.1

^fan-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate tAbil. man-hours. . 149. 64
Total private sector
do
122. 06
Mining
do
1.41
Contract construction
do
7.74
Manufacturing
. do
42.10
9.82
Transportation, comm., elec., gas.
do...
Wholesale and retail trade ._
do
30.18
Finance, insurance, and real estate.
do
7.82
Services
do
22.98
Government
do
27.58

151. 32
122. 65
1.48
7.65
41.51
9.87
30.30
7.96
23.88
28.67

151.97
123. 27
1.50
7.76
41.98
9.92
30.42
7.94
23.74
28.70

151.86
123. 28
1.51
7.66
41.97
9.84
30.36
7.95
23.99
28.58

151.66
123. 08
1.51
7.52
41.86
9.93
30.42
7.93
23.90
28.59

152.03
123. 20
1.51
7.50
41.83
9.90
30.41
7.98
24.07
28.83

152.43
123. 22
1.54
7.48
41.73
9.83
30.43
8.01
24.20
29.22

152.80
122.87
1.56
7.56
41.41
9.87
30.32
7.99
24.16
29.92

150.30
121 14
1.31
7 45
40 28
9.74
30 10
7.98
24.26
29.16

108.7
116.0
113.5
117.0
123.0
122.7

112.8
103 4
108 2
117 8
100 7
101.6
99.3
119.4
109.1
116 2
115 3
116.5
123.6
127.3

113.6
105.0
110.1
119.7
102.2
103.0
101.1
119.6
109.8
116.7
115.7
117.1
123.5
126.8

113.5
104.6
110.3
117.8
102.1
103.2
100.5
119.7
108.7
116.5
115.8
116.8
123.8
128.0

113.3
104.0
110.2
115.3
101.8
102.8
100.3
119.8
109.7
116.7
115.8
117.1
123.2
127. 5

113.4
103.8
109.9
115.6
101.6
102.5
100.2
120.0
109.3
116.7
115.2
117.2
123.7
128.3

113.4
103.7
112.3
115.2
101.3
102.5
99.5
120.2
108.4
116.8
115.8
117.2
124.3
129.0

113.0
103.0
114.0
116.5
100.3
101.7
98.2
119.9
108.9
116.3
115.4
116.6
123.8
128.7

111.2
99.4
95.8
114.4
96.9
98.1
95.0
119.4
107.5
115.4
114.9
115.6
123.0
129.2

109.7
96.5
100.9
113.1
93.4
94.4
92.0
118.9
107.1
114.2
114.5
114.1
123.7
129.3

108.7
94.1
113.3
111.9
90.3
91.0
89.3
118.9
105.9
113.8
114.0
113.7
124.2
130.2

106.7
90.0
113.5
103.4
86.9
86.9
86.8
118.2
103.9
113.4
113.0
113.5
123.2
129.9

105.5
88.0
112.1
94.9
85.9
85.8
86.1
117.7
102.6
113.3
112.2
113.7
121.8
129.5

3.92
4.72
6.38
4.07
3.89
4.33
4.13
4.35
3.62
3.26
4.21
5.04
4.26
4.56
3.88
5.06
3.90
3.27

4 22
5.20
6.76
4 40
4.23
4.68
4.49
4.72
3.91
3.49
4.52
5.60
4.59
4.92
4.15
5.47
4.19
3.50

4.17
5.14
6.60
4.33
4.16
4.61
4.42
4.68
3.85
3.47
4.48
5.55
4.53
4.85
4.09
5.36
4.12
3.47

4.21
5.18
6.65
4.38
4.20
4.66
4.46
4.68
3.95
3.50
4.53
5.61
4.57
4.89
4.15
5.41
4.14
3.49

4.22
5.22
6.68
4.42
4.24
4.68
4.49
4.70
3.96
3.49
4.55
5.65
4.59
4.89
4.17
5.43
4.20
3.49

4.26
5.27
6.86
4.44
4.26
4.72
4.52
4.73
4.01
3.53
4.60
5.72
4.66
4.95
4.16
5.47
4.23
3.52

4.35
5.37
7.01
4.53
4.33
4.82
4.61
4.82
4.03
3.59
4.65
5.80
4.75
5.05
4.25
5.63
4.27
3.56

4.37
5.37
6.99
4.56
4.38
4.86
4.66
4.83
4.01
3.59
4.66
5.81
4.77
5.09
4.30
5.77
4.29
3.54

4.36
5.22
7.00
4.58
4.42
4.88
4.70
4.88
4.02
3.59
4.65
5.88
4.76
5.12
4.32
5.72
4.32
3.59

4.38
5.42
7.05
4.65
4.49
4.95
4.78
4.95
4.02
3.63
4.68
5.92
4.82
5.20
4.41
5.81
4.40
3.67

4.39
5.68
7.07
4.65
4.52
4.94
4.80
4.99
4.04
3.63
4.67
5.92
4.78
5.17
4.41
5.75
4.41
3.74

4.41
5.73
6.99
4.67
4.54
4.96
4.82
5.05
4.10
3.65
4.68
5.98
4.83
5.19
4.43
5.73
4.44
3.73

4.43
5.74
7.14
4.71
4.58
5.01
4.87
5.10
4.14
3.68
4.71
6.01
4.90
5.22
4.47
5.81
4.48
3.73

37 i

36 6
42 4
36.9
40.0

42 5
37 0
40.7

36 4
37 1
39.7
39 5
2 8

36 4
36 5
41 0
37 5
39.9
39 4
2 7

qc o

36 2
qc o

MAN-HOURS
Seasonally Adjusted

Indexes of man-hours (aggregate weekly) :flf
Private nonagric. payrolls, total
1967 = 100..
Goods-producing
do
Mining
do
Contract construction
do
Manufacturing
. do
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

112.9
102.6
120.5
103.4
104.5
102.0

f

149.23 ' 147.98 146.16 ' 145.28
119.95 118. 92 117.02 115. 86
1.55
1.54
1.54
1.41
6.84
6.33
7.31
7.41
37.10
38.21
36.77
39.22
9.46
9.36
9.63
9.73
29.65
29.64
29.74
29.87
7.99
7.91
8.02
8.05
24.42
24.32
24.28 r 24.45
29. 06 r 29. 14 ' 29. 42
29.28

' 145.50 ' 145.81
' 115.90 ' 116.36
1.51
1.56
'6.63 '6.66
' 36. 80 ' 36. 81
9.36 '9.28
' 29. 52 ' 29. 75
7.87
'7.84
'24.24 '24.43
' 29. 59 ' 29. 45

145. 46
116. 21
1.56
6.33
36.94
9.26
29.76
7.90
24.47
29.25

' 105. 6
106.1
'89.2
88.9
' 109. 5 ' 113. 9
'99.4 '100.2
86.3 '86.4
84.8
85.7
87.1 '88.7
'117.2
117.9
101.7
' 102. 5
113.7
112. 8
112.3
112.5
114.2
' 112. 9
' 120. 4 121. 2
130.1
129.0

106.0
88.8
113.7
95.2
86.8
85.0
89.5
117.9
101.5
113.7
111. 9
114.4
121.7
130.0

HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker :J1f
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

' Revised.
v Preliminary.
% See note "$", p.S-14.
T Production and nonsupervlsory workers.




c

Corrected.

4.44
'5.72
'7.12
4.71
4.58
5.02
4.88
5.12
4.12
3.70
'4.77
6.01
4.93
5.24
4.49
5.83
4.47
3.75

4.47
'5.80
' 7. 09
4.73
4.60
5.04
'4.91
5.16
'4.18
'3.70
'4.81
'6.03
'4.97
5.27
4.51
'5.85
4.49
'3.74

4.49
5.86
7.16
4.76
4.62
5.08
4.94
5.18
4.24
3.70
4.84
6.10
5.03
5.29
4.57
5.93
4.52
3.78

A Effective with Jan. 1975, data reflect slight change in method. Previously all data had
been adjusted by a factor (derived from the Current Population Survey). As shown hero, the
elimination of this adjustment only affects the government division and the total for all
industries.

SURVEY OF CURRENT BUSINESS

S-16
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

July 1975

1974

1974

Annual

May

June

July

Aug.

1975
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May »

June *

LABOR FORCE, EMPLOYMENT, AND EARNINGS— Continued
HOURLY AND WEEKLY EARNINGS— Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas, adj.} 11— Continued
M anuf acturing— C ontinued
Nondurable goods
dollars
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
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, eeas. adj.: 0 1f$
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): d"
Common labor
$ per hr_.
Skilled labor
. do ...
Farm (U.S.) wage rates, hired workers, by
method of pay:*
All workers including piece-rate
$ per hr
All workers other than piece-rate
do
Workers receiving cash wages only
do
Workers paid per hour cash wages only do
Railroad wages (average class 1)8
do
Avg. weekly earnings per worker, f private nonfarm:t
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Spendable earnings (worker with 3 dependents):©
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:!
Private nonfarm, total
dollars
Mining
do
Contract construction
do
Manufacturing
.
do . .
Durable goods
do -..
Nondurable goods
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade..
do ..Finance, insurance, and real estate
do
Services
do
HELP-WANTED ADVERTISING
Seasonally adjusted index ...
1967=100

3.68
3.53
3.82
3.76
2.95
2.78
4.19
4.68
4.48
5.21
3.80
2.81
5.03
3.20
4.12
2.87
3.57
3.46

3.98
3.83
4.15
4.13
3,18
2.99
4.50
4.96
4.85
5.63
4.03
3.01
5.40
3.47
4.49
3.10
3.81
3.74

3.91
3.76
4.12
4.27
3.12
2.96
4.40
4.91
4.74
5.47
3.93
3.01
5.29
3.44
4.42
3.08
3.75
3.72

3.97
3.81
4.14
4.28
3.24
2.98
4.47
4.95
4.79
5.57
3.99
3.00
5.34
3.47
4.47
3.10
3.81
3 74

4.02
3.86
4.18
4.37
3.25
3.01
4.53
4.97
4.89
5.66
4.06
3.00
5.40
3.48
4.49
3.11
3.80
3.72

4.04
3.88
4.17
4.13
3.27
3.05
4.58
5.01
4.91
5.72
4.09
3.04
5.42
3.50
4.53
3.12
3.82
3.73

4.08
3.92
4.21
4.11
3.28
3.10
4.63
5.06
4.97
5.80
4.12
3.07
5.55
3.56
4.62
3.16
3.91
3 83

4.10
3.95
4.24
4.12
3.26
3.11
4.65
5.08
5.00
5.80
4.14
3.07
5.59
3.57
4.62
3.18
3.90
3.83

4.13
4.00
4.29
4.25
3.27
3.10
4.69
5.10
5.05
5.80
4.16
3.11
5.59
3.58
4.67
3.18
3.92
3 86

4 19
4.06
4 35
4 31
3.27
3 11
4 73
5 15
5 10
5.84
4.21
3 11
5.62
3 58
4 70
3 18
3 97
3 90

4 22
4.11
4 40
4 38
Zo
3. 90
3 14
4 74
5 15
5 14
5 90
4.23
3 15
5.64
3 65
4 73
3 24
3 98
3 91

4.24
4.13
4.43
4.52
3.29
3.13
4.75
5.18
5.15
6.14
4.22
3.18
5.68
3.68
4.78
3.27
4.05
3.96

4.27
4.15
4 46
4.71
3.31
3 16
4 77
5 22
5.17
6.30
4.23
3.21
5.69
3 69
4.79
3 27
4 09
3 97

4.27
4.15
4.48
4.79
3.31
3.16
'4.80
'5.24
'5.21
'6.34
4.25
3.21
'5.73
'3.70
'4.80
'3.29
"•4.08
r
3 96

4.28
4.16
4.50
'4.79
3.33
3.14
' 4 85
'5 29
'5.26
'6.35
'4.29
'3.20
5.75
3 71
'4.83
T
3 31
' 4 09
r 3 99

4.30
4.17
4.52
4.83
3.34
3.16
4 91
5.33
5.32
6.32
4.32
3.21
5.78
3.73
4.86
3 32
4.14
3 99

3.92
4.72
6.38
4.07
5.03
3.20
3.57
3.46

4 92
5 20
6 76
4 40
5.40
3.47
3 81
3 74

4.17
5.14
6.62
4.33
5.31
3.44
3.74
3.72

4.21
5.20
6 74
4.38
5.37
3.47
3.83
3 76

4.23
5.26
6.75
4.43
5.39
3.49
3.80
3.74

4.27
5.32
6.89
4.48
5.41
3.52
3.84
3.76

4.32
5.36
6.94
4.53
5.51
3.55
3.92
3.80

4.35
5.40
6.90
4.57
5.58
3.57
3.91
3.82

4.36
5.20
6.95
4.58
5.58
3.59
3.93
3.86

4 39
5 38
7 02
4 62
5.62
3.61
3 97
3 89

4 39
5 61
7 03
4 62
5.63
3.63
3.96
3 90

4.42
5.71
6.97
4.67
5.68
3.67
4.02
3.95

4 44
5.76
7 18
4 71
5.72
3.68
4.08
3 96

4.45
••5.69
'7. 16
4.71
'5.74
'3.69
'4.07
'3.96

4.47
'5.80
' 7 11
4 73
5.77
3.71
' 4.08
' 3 99

4.49
5.88
7 25
4.76
5.81
3.73
4.16
4 01

146.6
110.1
147.5
154.5
143.6
155.5
143.0138.4
150.1

158.4
107.2
162.8
163.3
156.0
166.9
155.0
148.4
162.3

156.1
107.3
160.5
160.4
153.5
164.1
153.3
145.5
161.6

158.2
107 8
162 6
162 9
155.5
166.0
155.1
148.8
163.5

158.7
107.2
163.8
163.4
156.6
166.9
155.8
148.0
162.3

160.2
107.0
165.7
166.8
158.0
167.1
157.2
149.8
163.4

163.1 T 164. 0
161.9
106.7
106 9
106 3
167.8
167 3
167.2
167.2 r 168.3
167.8
159.6 ' 161. 6 162. 6
170.2 ' 172. 5 ' 172. 5
159.7
160.3
158.7
152.8
153.4
152.9
165.4
164.4
166.8

165 1
106 2
172 5
170.1
163.5
173.2
161.0
155.0
168.3

166 0
106 0
174 9
170 2
164 6
173.8
162.6
155.0
169 1

167.2
106.3
177.9
168.9
165.9
175.2
164.0
157.2
171.0

168 8
107 0
178 6
173 6
167.6
176.5
164.6
159.6
171 8

168.8
106 3
178.2
173.0
168.0
176.5
164.6
158.4
171.7

169 8
106 6
180 4
172 4
169.1
178.0
166.2
159.4
172 8

171.6
106 9
182.7
175.4
170.8
179.1
167.2
162.3
174.2

7.07
9.58

7.55
10.18

7.31
9.91

7.41
10.05

7.56
10.27

7.73
10.39

7.78
10.40

7.86
10.50

7.90
10.58

7.94
10 62

7.96
10.66

7.96
10.67

7.99
10.70

8.06
10.76

8.23
10.93

2 29

7.88
10.55

2.57
2.47
2.78
2.51

2.13
2.12
2.27
2.26

2
2
2
2

2.45
2.40
2.60
2.43

47
42
70
49

5.427

5 707

145. 43
109. 26

154.45
104.57

153. 04
105.20

154. 51
105. 24

155. 24
104. 86

156. 71
104.65

158. 54
104.65

159. 21
104.16

157. 83
102. 31

159. 80
102. 78

15892
101. 56

159. 12
101. 13

159. 40 r 160. 20
101. 03 '100.94

160. 92
101.04

161.64
100.71

127.41
95.73

134. 37
90.97

133.28
91.62

134. 41
91.55

134. 98
91.18

136. 11
90.90

137. 52
90.78

138.04
90.31

136. 98
88.79

138. 50
89.08

137 82
88.08

137. 97
87.69

79
138. 19 '138.80 &145.
87.59 ' 87. 46 6 91. 54

146. 35
91.18

145. 43
200.60
236. 06
165. 65
179. 70
145. 73
204. 72
111. 04
162. 74
95.57
131. 73
117. 64

154.45
220. 48
249. 44
176.00
190. 48
155.62
218. 16
118. 67
174. 66
101.37
140. 21
127. 16

152. 62
222. 56
242. 22
174. 50
189. 01
153. 66
214. 25
116. 96
171. 94
100. 10
137. 25
125. 36

155. 77
226. 37
250. 04
176. 95
191. 53
156. 42
216. 80
119.72
174. 78
102. 61
140. 21
128. 28

156. 56
225. 50
253. 17
176. 80
189. 07
157. 99
221. 94
121. 80
176. 01
104. 81
139. 84
128. 71

158. 05
227. 14
257. 94
178. 04
191. 63
159. 18
221. 14
122. 15
176. 22
104. 83
140. 96
129. 06

160. 08
233. 60
262. 88
182. 56
197. 62
160. 34
225. 33
121. 40
179. 72
103. 02
143. 89
130. 60

159. 94
235. 21
264. 92
182. 86
198. 29
159.90
226. 40
120. 31
178. 79
102. 40
143. 13
129. 45

157. 83
190. 53
255. 50
181. 83
197. 15
159. 42
223. 60
120. 65
180. 26
102. 08
143. 86
130. 47

159. 87
224. 93
259. 44
185. 54
201. 96
161.32
225. 36
122. 44
183. 30
103. 99
146. 49
132. 60

157.16
23856
25028
179. 96
195. 13
158. 67
224. 47
121. 55
182. 11
103. 03
147. 26
132 55

157. 44
240. 66
246. 75
179. 80
195. 42
158. 58
224. 93
122. 91
183. 07
103. 99
149. 45
134. 24

158. 15
237.06
247.76
182. 28
197.39
160. 98
224.76
123.62
183. 94
104.31
149.69
134. 19

162. 99
249. 05
259. 91
187. 54
202. 69
166. 41
230. 62
127. 57
188. 08
108. 90
151. 11
136. 46

122

106

115

116

119

115

103

94

86

79

73

71

70

71

71

4 8
39
4.6
27
9

4.2
3.2
4.8
2.3
1.5

51
39
4l 4
2.6
8

54
4 3
4.2
2.5
g

48
37
4.9
2.5
14

5.5
4.2
6.2
4.0
1.1

49
39
5.5
3.2
1.2

38
2.9
5.1
2.2
1.8

2 4
17
5.0
1.4
2.8

18
10
5.2
.9
36

30
13
6.2
1.1
41

27
12
4.5
.9
29

32
13
4.2
1.0
25

3.7
1.6
'4.0
1.1
2.1

p 3. 9
p13
J>1.8

47
35
4.6
2.6
1i

44
33
45
2.6
1 I

44
34
4.5
2.5
10

4 3
3.3
4.6
2.5
1.2

41
31
4.5
2.1
1.3

36
2.6
4.9
2.0
1.9

31
2.2
5.6
1.8
2.6

3o
1.8
6.1
1.5
2.6

31
15
6.1
1.3
3.5

33
1.5
5.4
1.2
3.4

35
15
4.8
1.2
28

3.9
1.7
'4.4
1.2
2.5

^3.7
p 1.8
M.1
pl.3

540
1,070

440
800

350
650

390
620

250
460

350
520

300
530

370
570

517
741

619
919

5 711

5 698

'158.51
'233.38
' 258. 46
' 183. 22
'198.79
161. 41
'226.34
'123.58
'183.84
' 104. 95
'147.70
'133.45

160. 47
'245.92
'261.62
184. 47
199. 08
' 163. 50
'227.70
124.66
' 185. 96
'106.25
'148.47
' 134. 86

79

LABOR TURNOVER:
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:
New hires
Separation rate, total
Quit.Layoff

do
do
do
do

WORK STOPPAGES
Industrial disputes:
Number of stoppages:
o 640
730
5 353
Beginning in month or year
number
740
5 900
In effect during month
do
1 060 • 1, 050 1,130
Workers involved in stoppages:
« 474
2 700
Beginning in month or year
thous
2 251
364
391
In effect during month
do
"790
769
638
Man-days idle during month or year
do. _
7.881
27. 948
48.000
6.267 « 7. 345
' Revised.
v Preliminary.
% See corresponding note, p. S-14.
H Production and
nonsupervisory workers.
0 The indexes exclude effects of changes in the proportion of
workers in high-wage and low-wage industries, and the manufacturing index also excludes
effects of fluctuations in overtime premiums.
§ For line-haul roads only.
A Earnings
in 1967 dollars reflect changes in purchasing power since 1967 by dividing by Consumer
Price Index. Effective May 1975 SURVEY, data (back to 1970) reflect revised seasonal factors
for the CPI.




277
101
225
104
90
151
87
260
415
195
157
516
284
385
183
171
4.536
2.770
1.608
1.770
2.918
1.737
5.926
2.900
a
O See "O" note, bottom of p. S-14.
Omits effects of two
6
See "O," bottom of p. S-14.
c? Wages as of July 1, 1975: Common, $8.44; skilled, $11.08.
* New series. USDA Quarterly Agricultural Labor Survey.
for the week containing the 12th day of the quarter month and
workers, machinery operators, packing-house, maintenance, etc.,
comparable data prior to 1974 are available.

p4. 0

242
130
412
221
4,930
2,517
energy-related stoppages.

Data beginning 1974 are
cover field and livestock
agricultural workers; no

SURVEY OF CURRENT BUSINESS

July 1975
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1974

| 1974

Annual

S-17

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment Insurance programs:
Insured unemployment, all programs, average
1,783
2,568
weekly §9
thous..
State programs:
12,820 18, 880
Initial claims
_
do
1,632
Insured unemployment^ avg. weekly... do
2,260
Percent of covered employment: A
3.5
Unadjusted
._
_ __
2.7
Seasonally adjusted
_
_
1,874
Beneficiaries, average weekly
thous..
1,371
Beneflts paid §
mil. $_. 40076 5, 974. 9
Federal employees, ins ired 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. $

2,278

2 161

2,290

2,153

2,081

2,247

2,825

3,910

5,213

5,751

5,886

5 647

1,084
1,934

1 078
1,834

1,594
1,989

1 221
1,874

1,171
1,783

1 608
1,947

2 017
2,499

3,192
3,550

3 616
4,752

2 464
5,108

2,195
5,091

4 775

3.9
3.2
1,732
486.4

2.9
3.2
1,573
383.4

3.1
3.2
1,625
459.1

2.9
3.2
1,617
444.9

2.7
3.4
1,455
381 0

30
3.7
1,520
441 8

3.8
4.2
1,814
485.0

5.4
7.2
7.7
7.8
4.9
6.4
5.5
6.0
2,593 3,735
4,346
4,307
745.9 1 128 2 1 1643 1 216.9

7 2
6.8

38

40

33

34

40

39

38

38

42

43

46

47

47

43

360
62
60
209.4

377
71
65
249.2

28
59
58
17.8

29
59
59
15 9

37
66
61
19 3

32
67
67
20.5

33
65
63
18 5

36
67
63
20 3

33
75
70
20 7

39
85
82
25 3

36
93
98
30 9

30
95
100
28 2

29
96
99
29 3

94

93
12
30 6

69
10
22.2

2
7
1.6

6
6
12

11
7
12

7
9
14

7
9
15

4
g
16

••5
13
16

10
15
28

15
25
38

16
26
4 9

9
27
51

6
23
55

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers 'acceptances
mil. $
Commercial and financial co. paper, total, do
Financial companies
.
do
Dealer placed...
._
do
Directly placed
do
Nonfinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
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.)
do, .
6 other leading SMSA 'si
do
226 other SMSA's
do

Reserve bank credit outstanding, total 9 ..do
Time loans
do
U.S. Government securities.
do
Gold certificate account
do
Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation

27, 204
8,382

18, 484
49, 070
36, 376
4,611
31, 765
12, 694

11,727
46, 171
36, 125
5,699
30, 420
10, 046

13, 174
44,846
34, 878
4,970
29, 908
9,968

15,686
45, 561
34, 999
4,655
30, 344
10, 562

16, 167
47,967
37,082
5,308
31,774
10,885

16,035
49, 087
36, 428
5,333
31, 095
12, 659

16,882
51, 754
37, 751
5,242
32, 509
14,003

17,553
51, 883
37, 351
4,860
32, 491
14, 532

18, 484
49, 070
36, 376
4,611
31, 765
12, 694

18,602
51,528
36, 880
5,029
31,851
14, 648

18, 579
52,325
37, 593
5,167
32, 426
14, 732

18, 730
50, 745
36, 481
5,342
31, 139
14, 264

21, 840

27, 152

24, 041

24,606

25, 364

25,754

26, 161

26,796

26, 897

27, 152

27, 964

28,304

28,808

29, 214

29, 574

11,071
2,577
8,193

13,643
3,575
9,933

12, 142 " 12,400
2,694
2,733
9,205 9,473

12,684
3,008
9,672

12,941
3,026
9,788

13, 185
3,092
9,884

13, 418
3,598
9,779

13, 643
3,573
9,681

13,643
3,575
9,933

14, 086
3,910
9,968

14,326
3,821
10, 157

14, 641
3,741
10,426

14,917
3,650
10, 646

15, 180
3, 499
10, 895

20,564.7 20,457.3 20,899.6 21,481.7 22,017.5 22,348.8 22,918.7 22, 192.4
8, 970. 1 9,065.7 9, 140. 4 9, 240. 8 9, 970. 8 10,271.1 10,538.9 9,931.8
11,594.6 11,391.6 11,759.2 12,241,0 12,046.7 12,077.6 12,379.8 12,260.6
4, 820. 8 4, 768. 0 4, 892. 1 5, 173. 0 5, 092. 1 5, 084. 7 5, 160. 2 5, 152.7
6,773.8 6, 623. 6 6,867.1 7, 068. 0 6, 954. 7 6, 993. 0 7, 219. 6 7, 107.9

Federal Reserve banks, condition, end of period:
Assets, total 9
mil $

Liabilities, total 9

8,892
41, 073
32, 691
5,487

do

106,464

113, 611

84,680
1,258
78,516
11, 460

89,013
299
80, 501
11,635

106, 464

do
do ..
do

31,486
27,060
65,470

111,075 110, 906 110,269 111,915 111,208 110,632 113,134 113,611
90, 254
3,298
81,395
11,460

89,423
3,210
80, 484
11,460

88,034
3,589
78, 103
11, 460

91, 070
4,320
81, 131
11,460

89,930
2,920
81, 035
11,460

87,037
1,122
79,351
11,460

90, 110
1, 225
80,998
11,460

89, 013
299
80, 501
11, 652

r
21,856.3 22,952.7 22, 182. 9 22 696 7 22 748 5
10, 157. 8 10,918.0 10, 241. 1 10,810.3 10, 826. 1
11,698.4 12,034.7 11,941.8 r11,886.5 11,922.4
4, 868. 4 4, 992. 8 4, 899. 9 4, 770. 6 4, 858. 9
6, 830. 1 7,041.9 7,041.9 '7,115.9 7, 063. 5

112,562 112, 633
88,669
103
81,344
11,635

88,856
77
81, 086
11,621

110,269 111,915 111,208 110,632 113,134 113,611 112,562 112,633
34,151 32,697 34, 576 33,616 31,916 32, 780 30,649 33,631 32,838
30,086 27,376 30, 247 29,266 29, 895 29,860 25, 843 28,839 28, 644
66, 475 67, 131 67, 706 67,775 68, 520 70, 137 72, 259 69, 945 70, 679

113,611 111,075 110,906
30, 649
25,843
72,259

All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
. _
mil $ 1135,068 i 36, 941
Requireddo
34, 806 i 36, 602
Excess
.
<jo
*262
1339
1
Borrowings from Federal Reserve banks... do
1,298
i 703
1
Free reserves
_
do
-1,069 1 -333
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjustedc?..
mll.$._ ' 112, 534 109,981

35,241
31,012
65,802

36,519 36,390
36, 325 36,259
194
131
2,580 3,000
-2, 284 -2,739

96,754

37,338 37, 029 37,076 36,796 36,837
37,161 36, 851 36,885 36, 705 36, 579
191
178
177
91
258
3,287
1,285
3,308 3,351
1,793
-960
-2,982 -3,008 -2,957 -1,585

36,941
36, 602
339
703
-333

37,492
37,556
-64
390
-441

35,565
35,333
232
147
96

111,291 122,628 116,755 pl!5,326
89,465
60
81, 418
11, 620

98, 583 ' 93,780 92, 568
560
'24
1,539
87, 846 85, 622 84, 749
11,620 11, 620 11, 620

111,291 122,802 116,755 ^115,326
32, 525
27,139
70,871

41,234 ' 35,002 32, 462
32, 028 •• 26,445 25, 615
71,167 72, 280 73, 627

34,779
34, 513
266
106
153

35, 134 ' 34,492 P35, 004
35, 014 ' 34,493 *>34, 422
r _1
P582
120
P275
60
110
17 ' -52 P318

98,406 101,655 100,293 101,460 101,052 100,674 109,981 101,930 101, 220 104,863 102,619 101 ,759

Demand, total 9
Individuals, partnerships, and corp
State and local governments...
U.S. Government.
Domestic commercial banks

do
do
do
do
do

184,565
' 128, 210
7,352
'7,161
25, 286

185,215 161, 068 164,144 161,763 153, 287 160, 987 159,896 165, 295 185,215 152,838 153, 243 162, 031 164, 368
129,449 112, 819 114,626 115, 119 111, 840 115, 075 115, 026 118, 647 129,449 110, 564 112, 434 117, 808 115, 788
6,272
6,046
5,999
6,042
5,586
6,164
6,106
6,043 6,418 6,714
6,409
7,039
7,039
1,281 4,905
1,852
1,732
2,007
1, 155
1,471
1,440
1,825
3,195
3,591
5,501
1,471
31, 807 25, 044 23, 426 23, 091 21, 251 22,460 23, 832 24, 901 31,807 20,630 20, 674 22, 434 '23,328

Time, total 9
Individuals, partnerships, and corp.:
Savings..
Other time...

do

r

Loans (adjusted), totaled
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
..
Investments, total
U.S. Government securities, total
Notes and bonds
Other securities
.

189, 643

228,045 209,557 211,529 216,232 219, 453 221,496 219,890 218, 965 228,045 226, 719 224, 440 226, 136 223, 520 '225,929

do
do

57,087
r
95, 393

58, 485 57,841 58,114 57,602 57, 079 57, 220 57, 408 57, 809 58,485 58,740 59, 694 62, 238 62, 396 '64,644
122,201 111,057 112,242 115,673 118,853 119, 472 118,238 117,626 122,201 120, 966 118,810 119,469 113,639 113,594

do
do
do.]""
do
do
do

' 270,545
' r110,047
9, 433
28, 052
•• 55, 359
' 88, 770

304,318 283,987 292,796 297,160 298, 619 298,866 296,656 298,518 304,318 292,477 290, 393 288, 473 '285,524 '283,098
131,875 120,913 125, 614 125,143 126, 771 128, 827 128,328 129,798 131,875 126,850 125, 957 125, 960 125,349 122,801
5,597 ' 6, 350
6,816
7,415
6,819
6,087
9,212
8,788
7,335 7,408
7,713
7,713
7,927
4,818
' 29, 409
33, 076 29,695 31,358 31,863 31,746 32, 286 31, 408 31,874 33,076 30, 757 30, 180 29,904 '29,549
r
59,
385 '59 273
59,474
60, 442 57,616 58,411 59,008 59,510 59,840 60,056 60,116 60,442 60,095 59, 739
90, 388 85,001 88,030 85,276 87,529 88,003 85,674 86,982 90,388 85,009 84, 298 86, 254 '81,851 '82,124

do
do
do
do

86,982
86, 825 83,753 83,624 83,279
23, 931 21, 850 20,874 20, 914
••25,461
19,932
19,412 19, 730 19, 125 18,867
62. 894 61.903 62. 750 62. 365
••61.523
' Revised.
p Preliminary.
1 Average for Dec. § Insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are excluded from State benefits paid data.
AInsured
unemployment as % of average covered employment in a 12-month period.
9 Includes
data not shown separately.
d"For demand deposits, the term "adjusted" denotes demand
deposits other than domestic commercial bank and U.S. Government, less cash items in
588-182 O - 75 - S-3



161 170
117,375
' 5, 970
' 1,425
'22,513

82,898 81, 921 82, 107 83,705 86,825 84,052 85, 200 88,743 '88,861 '89,863
21, 130 19, 766 20, 522 21, 951 23,931 23,011 24, 095 27,855 28, 524 '30,163
18, 802 18, 542 18, 348 19, 197 19,412 19, 619 20,004 23, Oil 23, 525 '24,367
61. 768 62. 155 61. 585 61.754 62.804 61.041 61. 105 60. 888 '60,337 '59,700
process of collection; for loans, exclusive of loans to and Federal funds transactions with
domestic commercial banks and after deduction of valuation reserves (individual loan items
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
some cities and counties not designated as SMSA's.
H Includes Boston, Philadelphia,
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.

SUEVEY OF CURRENT BUSINESS

S-18
Unless otherwise stated In footnotes below, data
through 1972 and descriptire notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1975

1974

1974

May

Annual

July 1975

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

687.0
498.2
48.7
140 1

689.3
500.7
48.8
139.8

691.0
497.6
53.3
140.1

Mar.

Apr.

May

June

FINANCE—Continued
BANKING— Continued
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas. adj.:f
Total loans and Investments©
bll. $
LoansO do
U.S. Government securities
do
Other securities . _
do
Money and Interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum
New York City
do
7 other northeast centers
do
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
Federal Intermediate credit bank loans

do

687.5 5 693. 9
494.8 « 501. 5
55.3
55.9
136.8
137.1

694.7
496.4
58.7
139.6

696.1
492.4
64.4
139.3

698.3
489.6
68.8
139.9

630.3
447.3
52.8
130.2

687.0
498.2
48.7
140.1

673.4
481.4
57.2
134 8

1
1

8.30
8.06
!8.65

11.28
11.12
11.83

11 15
11 08
11.65

12.40
12.38
13.17

11.64
11.35
12.22

9.94
9.61
10.31

8.16
7.88
8.37

1
1

11.27
11.01
11.07
11 15

11 09
10 88
10.82
11 19

12.36
11.85
11.95
12.15

11.66
11 52
11.56
11 48

9.87
10.24
10.01
9.99

8.00
8.70
8.34
8.33

7.75

8 00

8.29
8 34
* 8.30
i g 20

»7.1fl

689.9
500.2
52.3
137.4

690.8
502.0
49.8
139.0

692.5
503.8
49.1
139.6

698.8
484.5
73.0
141.3

8.00

8.00

8.00

8.00

8.00

8.00

7.75

7.25

6.75

6.25

6.25

6.00

8 68

8.68

8.77

8.92

9.02

9.18

9.22

9 29

9.26

9.14

8.84

8.48

8.25

18.92
»9.02

8.74
8.67

8.85
8.84

8.96
9.00

9.09
9.13

9.19
9.33

9.17
9.51

9.27
9.58

9.37
9.60

9.33
9.53

9.12
9.40

9.06
9.28

8.96
9.11

8.90
'9.04

P8.96
P9.05

7.50

Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)
percent. . i 837.95
Existing home purchase (U.S. avg.)
do
i 8. 01

* 677. 5
484.5
56.4
* 136.6

1

8.82

6.00

Open market rates, New York City:
Bankers' acceptances (prime, 60 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

'8.08
»8.15
>7.40
'8.25

29.89
29.84
28.60
2 10. 98

10.68
10.62
8.94
11.48

10.79
10.96
9.00
11.78

11.88
11.72
9.00
12.22

12.08
11.65
9.31
12.25

11.06
11.23
9.41
12. 25

9.34
9.36
9.03
11.80

9.03
8.81
8.50
10.81

9.19
8.98
8.50
10.50

7.54
7.30
7.31
10.11

6.35
6.33
6.24
9.02

6.22
6.06
6.00
8.09

6.15
6.15
5.97
7.66

5.76
5.82
5.74
7.42

5.70
5.79
5.53
7.15

Yield on U.S. Government securities (taxable):
3-month bills (rate on new Issue)
percent ..
3-5 year Issues
do

»7.041
* 6 92

2 7. 873
27.81

8.430
8 24

8.145
8.14

7.752
8.39

8.744
8.64

8.363
8.38

7.244
7.98

7.585
7.65

7.179
7 22

6.493
7.29

5.683
6.85

5.544
7.00

5.694
7.76

5.315
7.49

5.193
7.26

CONSUMER CREDIT
(Short- and Intermediate-term)
mil $

180 486

190 121 181 680 183 425 184. 805 187 369 187 906 188 023 188 084 190 121 187, 080 185 381 184, 253 184, 344 185, 010

do

147 437

156 124 148 852 150 615 152, 142 154 472 155 139 155 328 155 166 156 124 153, 952 152 712 151, 477 151,271 151,610

Automobile paper .
Other consumer goods paper
Repair and modernization loans
Personal loans

do
do
do
do

51 130
47 530

By type of holder:
Financial Institutions total
Commercial banks .
Finance companies

do
do
do

129 305
69 495
37 243

Credit unions..
Miscellaneous lenders

do
do

19 609
2 958

22, 116
3 100

20 053
3 150

20 501
3 129

20, 825
3,143

21 402
3 275

21, 792
3,293

21,893
3,311

21, 975
3,220

22, 116
3 100

21,966
3,066

22,089
3,124

22,3-27
V

<3, 2>9

22, 415
3,208

22, 674
3,243

do
do

18 132

19 473

17 177

17 211

17, 311

17 550

17, 678

17, 851

18, 272

18, 804

292

19 473

18, 154

280

17,878
276

17, 768
275

17, 852

296

do
. do
do

33 049
13 241
11 753

33, 997
12, 979
11,500
1 479

do
do
do
do

9 829
7 783
2 046
9*979

10, 134
8,012
2,122
10, 884

do
do
do

165 083
46 453
66,859
51, 771
144
39
59
46

Total outstanding end of year or month
Installment credit, total

Retail outlets, total
Automobile dealers
Nonlnstallment credit, total
Single-payment loans, total
Commercial banks

.

Charge accounts, total
Retail outlets.
Credit cards
Service credit .
Installment credit extended and repaid:
Unadjusted:
Extended, total.
Automobile paper
Other consumer goods paper _.
A 11 r>fhor

An

Repaid, total
Automobile paper
Other consumer goods paper
All other . .

do
do
do
do

Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other

do
do
do
do

7

O CO

41 425

299

978
452
409
117

51,689
52 009
8 162
44 264

51
47
7
42

076
588
78fi

402

51
48
7
42

641
099
930
945

52, 082
48, 592
8 068
43,400

o' 914

44 164

52, 848
49 664
8 252
44 375

52, 736
49 986
8 287
44 319

136 651 131 675 133 404 134, 831 136 922 137 461 137 477
72,510 70 721 71 615 72,384 73*302 73, 455 73, 372
38 925 37 751 38* 159 38, 479 38 943 38 921 38 901

296

297

32 828
13, 331

32 810
13,311

11 806

11 802
KAQ

32, 663
13, 192
11, 694
1 498

32 897
13,202
11,680
1 522

32, 767
13, 131
11,641
1 490

32, 695
13,003
11,515
1 488

8 947
6,948
1 999
10, 650

9 106
7 002
2 104
10, 393

9,140
6,936
2,204
10, 331

9 265
6,983
2 282
10, 430

9,153
6,876
2,277
10, 483

166, 478
42, 766
71,077

15, 605
4,200
6,319

14 641
4 027
6,888

15,486
4,200
6,232
5 054

15,209
4, 137
6,145

157 791
42, 197
66 598
48 996

13,800
3,730
5 748
4 322

12
3
5
4

878
462
377
039

13, 959
3,759
5,739
4,461

14, 669
3,769
6,156
4,744

14, 387
3,731
6 043
4 613

14,635
3,812
6,164
4,659

286

294

I K or

1

Repaid, total
do
13 407 13 301 13 310
Automobile paper
do
3,601
3 563
3 577
Other consumer goods paper
do
5,607
5 610
5 615
All other
do
4,199
4.137
4.109
r
Revised.
* Preliminary.
»Average for year.
> Daily average.
> Beginning Jan. 1973, data reflect changes in
sample and weighting.
< Beginning June 30,1974, data revised to include one large mutual
savings bank that merged with a nonmember commercial bank. Total loans and investments
were increased by about $600 million of which $500 million were in loans and $100 million in
other securities."
« Beginning Aug. 28,1974, loans sold outright to banks' affiliates reflect




52 772
49 322

52, 325
50 401
8 260
44 180

51
52
8
44

689
009
162
264

50, 947
51,142
8 048
43, 815

60, 884
50 136
7 966
43 726

50, 452
49, 391
7 925
43, 709

50, 360
49,247
7,880
43, 784

50, 465
49, 329
7,908
43, 908

136 894 136 651 135 148 134 658 133, 599 133,503 133 758
72, 896 72 510 71,776 71, 161 70,183 70, 134 70, 130
38 803 38 925 38, 340 38 194 37, 910 37, 746 37 711

286

282

32, 918
12, 950
14, 464
1 486

33, 997
12, 979
11,500
1 479

33, 128
12, 675
11,210
1 465

32, 669
12, 660
11, 078
1 482

32, 776
12, 542
11,018
1 524

33, 073
1 505

33,400
12, 443
10, 936
1 507

9,183
7,027
2,156
10, 509

9,318
7,174
2,144
10,650

10, 134
8,012
2,122
10, 884

9,315
7,162
2,153
11,138

8,642
6,468
2,074
11, 567

8,485
6,452
2,033
11, 749

8,797
6,735
2,062
11,750

9,341
7,268
2,037
11,616

4 Q97

13, 294
3,569
5,647
4 078

13, 837
3,544
6,013
4 98O

12, 431
2,903
5,763
3 765

14, 271
2,807
7,454
4 010

11,561
2,807
5,196
3 538

11,031
3,281
4,339
3 411

12,411
3,515
5,144
3 752

13,603
3,718
5,640
4 245

13, 799
3,797
5,824
4 178

12, 879
3,447
5 415
4,017

12, 627
3,493
5,305
3,829

13, 648
3,656
5,691
4,301

12, 593
3,314
5,348
3,931

13, 313
3,443
5,846
4,024

13, 733
3,549
6,063
4,121

12, 271
3,344
5,345
3,582

13,646
3,947
5,889
3,810

13,809
3,810
5,784
4,215

13, 460
3,692
5,742
4, 026

14,394
3,887
5,993
4,514

14, 089
3,835
5,935
4,319

13, 626
3,369
5,948
4,309

12,609
3,062
5,700
3,847

12,702
3,205
5,798
3,699

12,859
3,348
5,430
4,081

13,465
3,856
5,561
4,048

12,797
3,419
5,535
3,843

13, 181
3,454
5,584
4,143

13, 149
3,467
5,757
3,925

299

298

12, 526

11,021

275

13, 234 13, 423 13, 274
3,625
3,772
3,719
5,694
5,632
5,708
3,955
4,072
3,754
a new definition of the group of affiliates included, and a somewhat different group of reporting
banks; total loans were $500 million less than they would have been on the old basis. O Adjusted to exclude interbank loans.
§ For bond yields, see p. S-21.
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.

12 882- 13 412
3 604
3 443
5 700
5 444
4.108
3.995

13 224
3 470
5 499
4.255

13 009
3 423
5 561
4.025

13 516
3 668
6 037
3,811

13 260
3 534
5,549
4,177

13 228
3 605
5,632
3,991

S-19

SURVEY OF CURRENT BUSINESS

July 1975
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

May

Annual

1975

1974

1974

June

July

Aug.

Oct.

Sept.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)

mil. $._. 232,225 i 264,932 19, 243
246,526 1 268,392 23, 981
do
-14,301 i -3,460 -4, 739

Budget surplus or deficit (— )
Budget financing, total
Reduction In cash balances

do

3,914
3,667
247

7,852 -1, 850
6,225
7,485
4,535 11, 249
9,335
1,690 -3,397

19,243
5,641
1,100

31,259
14,231
9,033

20,938
10, 806
1,485

23, 620
10, 485
828

28, 377
13, 947
5,647

19, 633
10, 590
1,206

22, 292
10, 832
797

24,946
10, 799
6,268

25, 020
15, 487
1,188

19, 975
7,747
778

20, 134
4,134
6,579

31, 451
16, 065
5,093

10, 036
2,466

5,386
2,611

5,781
2,867

9,544
2,763

6,120
2,675

5,142
2,696

7,748
2,916

5,441
2,438

5,674
2,672

8,979
2,471

6,870
2,552

8,126
2,186

i 246,526
110,028
i 73, 297

268,392
i 9, 767
i 77, 625

23, 981
792
7,170

24,172
484
7,095

24,411
384
6,313

25, 408
346
7,062

24, 712
616
6,745

26, 460
763
7,246

24, 965
489
7,389

27, 442
905
7,258

28, 934
1,545
7,231

26,200
768
7,044

27, 986
829
7,300

29, 601
1,029
6,989

182,042
130,959
13,311
i 11,968

i 93, 375
i 35, 993
i 3, 252
113,337

8,665
2,663
278
1,177

8,871
2,539
447
1,014

8,690
4,267
216
1,256

8,808
2,552
247
1,234

8,845
2,907
267
1,145

9,040
4,177
281
1,217

9,132
2,852
297
1,338

9,437
2,678
288
1,633

9,789
3,244
298
1,397

9,217
2,739
283
1,581

9,728
2,921
315
1,402

10, 130
4,459
287
1,509

258.5

do

Indirect business tax and nontax accruals-do
Federal Government expenditures, total. ..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 $

291.1

288 6

302.8

294 7

284.1

114.1
43.7
2L2
79.5

131.3
49.1
22.0
88.7

129.4
49 2
21.9
88 1

134.8

136.2
34.1
22.9
90.9

J-99.2

22.5
90.0

136.8
45 7
22.2
90 0

264.2

299.1

291 6

3fU 7

319 3

338.5

p 355.3

106.6
74.4

116.9
78.7

114.3
76.6

117.2
78.4

124.5
84.0

126.5

* 128.6
z-85.4

95.5
40.5
16.3

117.0
43.8
18.8

113.6
43 2
18.7

120.8
43 4
19.1

127.2
45.5
19.7

138.5
50.2
19.7

*• 150.1
*52.2
P21. 2

5.3

2.1

13

2.7

2.3

3.5

-1.5

o

.0

—24.5

-54.4

.0
Surplus or deficit ( )

2,496
6,827
2,673
5,077
721
4,500
6,206 -1,827 -2,581

468,426 »' 486,247 485, 834 486, 247 487,239 493, 622 493, 130 491, 646 496, 768 504, 031 505, 482 510, 747 520, 701 527, 744
i 343,045 1 346,053 349, 939 346, 053 347,706 349, 980 350, 549 351, 270 355, 770 360, 847 364, 514 369, 049 380, 298 387, 783

Receipts and expenditures (national Income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total.,
bll. $..

Purchases of goods and services
National defense

1,787 -3, 666
569
2,283
-496 -4, 235

do

Outlays, total 9
do
Agriculture Department
do ..
Defense Department, military
do
Health, Education, and Welfare Department
mil. $..
Treasury Department
do

Personal tax and nontax receipts

3,472
1,644
1,828

31, 451
29, 601
1,850

do
do

Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $.. i 232,225 i 264,932
1103,246 1 118,952
i 36, 153 138,620
Corporation income taxes (net)
. .do
Social insurance taxes and contributions
(net)
mil. $.. 164,542 i 76, 780
Other
do. . i 28, 286 i 30, 582

Veterans Administration

4,739 -7, 087
8 3,886
3,201
4,731

28, 377 19, 633 22, 292 24, 946 25, 020 19, 975 20, 134
24, 712 26, 460 24, 965 27,442 28, 934 26,200 27, 986
3,666 -6, 827 -2, 673 -2, 496 -3,914 -6, 225 -7, 852

i 14,301
i 19, 275
-4,974

do

Gross amount of debt outstanding
Held by the public

i 3, 460
13,009
1451

31,259 20,938 23, 620
24,172 24 411 25, 408
7,087 -3,472 -1,787

—5 6

do

-.5

KK

— 6

—8 1

A

-3.0

P23.8
P91.3

.0

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

bll. $..
. .do. . ~ .
do
do
do
do
do
do
_.do

Life Insurance Agency Management Association:
Insurance written (new pald-for Insurance):
Value, estimated total
mil $
Ordinary (Incl. mass-marketed ord.)- do
Group
do
Industrial
do

266. 82
12.06
121. 99
86.53
80.23

269. 72
12.16
124. 16
86.93
80.54

272. 14
12.34
125. 51
87.19
80.77

273. 53
12.37
126. 26
87.64
81.13

275. 82
12.46
127. 85
87.88
81.34

'8.33
' 22. 86
'2.00
' 13. 39

8.31
23.06
1.59
13.29

8.40
23.22
1.51
13.33

8.58
23.39
1.69
13.44

8.78
23.46
1.48
13.53

8.84
23.57
1.50
13.71

19, 470
12, 969
5,996
505

19, 710
13, 292
5,852
566

23, 562
14, 851
8,113
598

23, 113
15, 893
6,628
592

24,002
15, 387
7,932
683

11, 567 11, 635
1
27
11,476 120, 138
36, 702 219,648

11,621
19
66. 157
17, 798

11, 620
0
36,518
3, 975

11, 620
0
67, 117
27, 714

11,620
0
20, 753
16, 562

9,965
26, 122
4.370

23, 644
36, 172
4.332

11, 173
28, 586
4.209

11, 954
31, 440
4.538 "1489"

252. 44 ' 263. 35 ' 257.30 ' 258.03 ' 258.71 ' 258.51 ' 258.12 ' 261.18 ' 262.25 ' 263.35
11.40 ' 11. 96 ' 11. 64 ' 11. 64 '11.72 '11.79 '11.76 ' 11. 80 ' 11. 87 '11.96
117.72 ' 118. 57 ' 120.18 ' 119.91 ' 119.66 ' 118.32 ' 116.88 ' 119.22 ' 119.25 ' 118.57
81.37 ' 86. 23 ' 82. 73 ' 83. 22 ' 83. 66 ' 84. 08 ' 84. 83 ' 85. 02 ' 85. 48 ' 86. 23
75.35 ' 79. 91 ' 76. 66 ' 77. 10 ' 77. 47 ' 77. 86 ' 78. 18 ' 78. 74 ' 79. 19 ' 79. 91
7.69
20.20
2.07
11.99

'8.33 '7.86
' 22. 86 ' 21. 06
'2.00 '1.49
' 13. 39 ' 12. 36

'7.90 '7.96 '8.04 '8.10 '8.14 '8.21
' 21. 30 ' 21. 56 ' 21. 87 ' 22. 18 ' 22. 47 ' 22. 68
'1.45 ' 1.44 '1.40 '1.50 '1.44 ' 1.38
' 12. 60 ' 12. 71 ' 13. 02 ' 13. 26 ' 13. 09 ' 13. 39

'234, 191
'162, 506
r 64, 461
' 7, 224

298, 203
182, 287
108, 900
7,016

22,172
16, 162
5,322
688

21,582
15, 247
5,741
594

21,385 249,662
15, 055 15, 175
5,816 2 33,945
542
514

21,416
14, 561
6,308
547

23,283
16, 294
6,370
619

22,842 3 35,571
15, 109 16, 953
7,170 3 18,111
563
507

Gold and silver:
Gold:
11,567
Monetary stock, U.S. (end of period)... mil. $
-1,538
Net release from earmark §
.
do
Exports
thous. $.. 145,965
Imports..
do
356, 150

11, 567
230
228, 480
396, 679

11,567
5
6,793
32, 381

11, 567
7
7,467
33, 978

11, 567
50
29, 211
24, 247

11,567
47
68, 424
32, 816

11,567
25
25, 853
36, 500

11, 567
17
14,759
35,839

11, 567
10
8,568
28, 542

MONETARY STATISTICS

Production:^
South Africa
Canada

mil $
do

1,073.6
75.0

1, 038. 3

85.3
6.1

86.1
5.9

87.4
5.3

86.6
5.0

89.1
5.4

87.4

84.9

73.9

951.8

thous. $
do
dol per fine oz

27,637
268, 644
2.558

81,651
501,521
4.708

13,165
39, 103
5.432

14, 403
47, 343
4.896

5,831
69,085
4.415

8,714
30,481
4.431

1,570
31, 260
4.049.

5,268
37, 861
4.830

8,177
43, 846
4.694

7,676
42, 601
4.391

4, 654
22, 058
4.192

3,490
.thous, fine oz... 43,566
52, 583 5,874
4,459
' Revised.
* Preliminary.
i Data shown in 1 973 and 1974 annu al colunms are 1 or
fiscal years ending June 30 of the respective years; th ey includ e revision 3 not dis tributed to
months.
a Includes $28,500 mil. SGLI.
s includ es $907 mi1. Vets group life in s.
91n-

3,645

Silver:
Exports
Imports..
Price at New York
Production:
United States




2,523
3,132
2,912
3,834
3,135
5,600
5,481
3,540
4,096
IfValued
eludes data fo r items n ot shown separately. § Or i ncrease i n earmar ked gold (-)•
at $3*S per fine ounce fr om Jan. 1L972-Sep1,. 1973, at $42.22 tllereafter.

SURVEY OF CURRENT BUSINESS

S-20
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1974

July 1975

1974

May

Annual

June

July

1975

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FINANCE—Continued
MONETARY STATISTICS— Continued
Currency In circulation (end of period)

Adjusted for seasonal variation:
Total money supply
Currency outside banks
Demand deposits
Time deposits adjusted^

79.7

73.2

73.8

74 4

' 278. 7 272.9
64.1
64.9
' 213. 8 208.8
' 397. 0 393.9
5.6
7.6

278.2
64.8
213.5
397.7
6.1

r 914 7

402.0
5.4

277.3
278.9
65.7
65.8
211 6 ' 213 1'
408.2
410. 1
4.0
5.5

277.6
64.3
213 3
392.5

280.0
64.6
215 4
398.4

280 4
64.8
915 6
402 8

280 5
65.5
215 0
405 2

117 1
275.3
81.1
122 3
65 4

116 9
279.9
79.8
120 0
64.3

119 8
282.1
82.8
123 5
67 0

123 4
286 4
86.3
132 0
68 9

72.5

bll $

Money supply and related data (avg. of daily flg.) :©
Unadjusted for seasonal variation:
Total money supply
bil $
Currency outside banks
do
Demand deposits
do
Time deposits adjustedl!
do
U.S. Government demand deposits^
do

263.8
59.3
204.4
345.3
7.1

do
do
do
do

r

Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's)O ratio of debits to deposits
New York SMS A
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA'sd"
do
226 other SMSA's
do

280.0
65.3

74 9

r

75.9

74 9

79.8

77.8

79.7

76.3

285.1
67.9

289.3
67.8
221.5
424.1
4.0

283.3
280.4
68.9
67.9
212 6 ' 214. 4
430.6
426.6
3.9
3.4

288.7 r 284. 9
70.1
69.2
219.5 "•214.8
434.7
432.0
'4.2
4.2
287.1 ' 289. 7
70.3
69.6
217.5 r 219. 4
433.1
431.7

76 8

78.1

281.2
66.4
214 7 r
413.3
3.7

411.7
3.4

292.3
69.0
223.3
416.8
4.9

280 7
65.9
214 8
407.5

281 6
66.5
215 2
412 1

283 6
67.4
216 2
413 6

284.4
67.9
216.5
419.4

282.2
68.2
214.0
426.0

283.5
68.8
214 7
428.9

286.1
69.5
216.6
430.0

125 1
310 5
83.8
127 5
66 9

127 0
316 8
84. 1
127 3
67 5

131 8
324 6
87.5
131 5
70 6

128.0
312.8
86.6
131.8
69.3

127.3
321.8
83.4
125.9
67.3

133 3
343.2
85.8
127 4
69 6

125.0
318.3
82.2
118.2
67.8

111 3

78.4

r

127. 6
328.2
'•82.0
r
115 5
'68.7

129.3
333.9
83.1
121.5
68.2

2,263
3,094

'2,532
'3,801

PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade Comm.):
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

r

248,259 ' 58 747
2 3,2 723 r 4,r 601
831
780
2

1, 427
2 5, 670

297

r 9 9g7
r

r 7, 175

r

2 s 7, 759 ' 14, 483
Petroleum and coal products
do
2 1, 266 ' 1,204
Stone, clay and glass products
do
2
9
1, 343
035
Primary nonferrous metal
do
2 1, 695 r 3, 149
Primary iron and steel
do
Fabricated metal products (except ordnance,
2 2, 207 r 9 837
machinery and transport equip )
mil $
2 4, 936
2 3, 883

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

2

do

r
643
2, 072

3, 354
' 410

r

1 1°7
' 1 955
8, 524

r

1, 891

r

4, 087

r

1, 000

' 511
' 1,513

1,487

T

490

17, 734

r

19, 467

32 954

4

40 009

3 166

3 068

3 366

2 610

1 767

20 280 r 31 080

T 2 957

r 2 455

r 2 706

r 2 341

r 1 205

4, 034
2 954

142
65

413
113

327
228

218
107

289
126

3 166

2 968

3 142
1*017

2 610

464
142

T

4 891

r

170

4 792

265
732

1,417
537

r 195
9

1,859
— 11

604

r 9(55
r

374

' 1,r 330
562

782

'1,345
r 685

r
371
r
707
2, 487

9,285
920
-66

'•3,714
186
290
'815

535

r

865

' 1, 623
' 885

r

r

' 13, 433
' 1,271

82

' 437

'845
r<

!5
5°7
r
1 313
' 162
r 659

673

' 5, 648
r 2, 940

2 933
2 4, 122
2 7, 079

r

16 270
' 1, 038

r
217
r
556
1,781

1,168

5 282

4,904

28
—96

SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
By type of security:
Bonds and notes Corporate
Common stock
Preferred stock
By type of issuer:
Corporate total 9
Manufacturing
Extractive (mining)
Public utility _
Transportation
Communication
Financial and real estate
Noncorporate total 9
U.S. Government
State and municipal
State and municipal Issues (Bond Buyer) :
Long-term
Short-term

mil $
do

r

do
do

7,648
3,375

mil $
do
do
do

31 871
4 837
1 061
10, 271

37 842
10* 026
12 831

875
70
912

do
do
do

1 066
4 902
8 096

1 014
3*934
6 850

do
do
do

67 184
19 057
22 760

do
do

22, 953
24, 667

594
48

1 617
' 189

1 147

92
602

1 053

39
679

44
657
278

9
1
353
528

59
293
830

14
364
488

22, 824
29, 041

2,177
2,797

1,942
3,804

1,381
2 059

i g 382
5 251
1, 131

4 836
3 980

6 381
5 361
1 020

6 297
5 260
1,037

5 948
4,925
1 023

i 454
U.700

411

395

395

1. 424

1,420

1,360

980

3 483

5 523

T 3 778 T 3 353 r 3 052

r 4 752

4 713

r

635

196

4 538
' 693

3 932

317
93
3 734
1*683

r

r

4 957

5 571

* 3 852

4 501

'449
173

644
253

4 474
1 675
r
59
1, 937

5 396
2 472

23

301

355
235

3 409
1 633

5 214
l' 848

r
r

1 269

r

152

r

72

2 086

40
962

23
624

55
342
263

301
471
866

336
87
433

14
175
838

23
932
914

r 571

38
312
727

1,056
1,497

1,626
3,526

2,318
2,365

2,245
2,540

1,407
2,536

2,159
2,266

2,329
2,270

2,038
2,832

5 625
4 672

5 097
4,173

4 994
4 103

4 836
3,980

4 934
4,086

5 099
4,269

5 245
' 4, 400

924

4 996
4 080

953

848

830

845

431

410

411

410

478

514

15

188

' 124

1,507

2 883
2,695

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
T

1
1

2

856

Revised.
p Preliminary.
1 End of year.
Beginning fourth quarter 1973, because of changes in method of consolidation (to minimize the effect of foreign operations of
multinational enterprises), data are not comparable with those for earlier periods. The effect
of the change can be assessed by comparing the data as originally
published for the fourth
3
quarter 1973 (June 1974 Survey) with the revised data.
Prior to fourth quarter 1973,
for
petroleum
refining
only;
data
are
not
comparable
with
those
for earlier periods.
4
Beginning Jan. 1974, does not include noncorporate bonds and notes formerly included.
©Effective February 1974 SUVREY, data revised to reflect: Annual review of seasonal




402

1,391

427

437

916

891

856

500

1,790
1,604
1,764
1,424
1,447
1,446
1.419
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 1971 are in the Feb. 1974 Federal Reserve Bulletin.
liAt all commercial banks.
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.

1,382

1,354

SUKVEY OF CUKRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1975

1974

1974

Annual

S-21

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FINANCE—Continued
SECURITY MARKETS— Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited1
-- -- -- 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. $
New York Stock Exchange:
Market value
. .
Face value

63.6
85.4

58.8
76.1

59.7
77.3

59.5
73.2

58.5
71.9

57.6
71.6

56.2
71.0

55.8
72.6

56.3
72.6

56.1
68.6

56.4
70.9

56.6
74.1

56.2
70.9

55.8
69.4

56.6
69.6

56.7
69.8

62.80

57.47

56.81

57.11

55.97

54.95

55.13

55.69

57.80

58.96

59.70

60.27

59.33

57.05

57.40

58.33

8,294.99 '6,456.77 562. 00
9,420.76 T 8,120. 18 681. 91

501. 82
610. 61

471. 31 T'411.94
632. 60 548. 70

444. 80
646. 77

670.29
878. 54

601. 54
742. 60

524. 28
712. 46

755. 15 841. 10
932. 49 1,013.36

728. 19
875. 22

790. 03
891. 57

do .. 7,865.38 6, 193. 81
do
8,736.82 7, 740. 56

536. 18
645.94

485. 02
584. 12

450. 30
597. 55

398. 24
526. 09

428. 39
620. 47

651.20
845. 57

584. 71
715. 25

510. 59
687.44

731.01
892. 61

813.00
967.30

706.78
840. 85

768. 72
858. 08

New York Stock Exchange, exclusive of some
stopped sales, face value, total.
mil. $ 4, 424. 67 4, 052. 12

336.83

296. 22

350. 49

307.80

316. 34

416. 54

369. 31

389. 16

490. 14

482. 88

454.22

473. 81

449. 34

487. 41

_.

Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
_
A
Baa__

percent..

7.80

8.98

8.68

8.85

9.10

9.36

9.67

9.80

9.60

9.56

9.55

9.33

9.28

9.49

9.55

9.45

do
do
do
do

7.44
7.66
7.84
8.24

8.57
8.67
9.16
9.50

8.37
8.42
8.85
9.10

8.47
8.55
9.05
9.34

8.72
8.76
9.35
9.55

9.00
9.05
9.61
9.77

9.24
9.35
9.90
10.12

9.27
9.40
10.10
10.41

8.89
9.13
9.87
10.50

8.89
9.03
9.75
10.55

8.83
8.99
9.75
10.62

8.62
8.81
9.47
10.43

8.67
8.80
9.33
10.29

8.95
9.02
9.63
10.34

8.90
9.04
9.79
10.46

8.77
8.94
9.67
10.40

do
do
do

7.60
7.83
8.12

8.78
9.27
8.98

8.55
8.86
8.73

8.69
9.08
8.89

8.95
9.35
9.08

9.16
9.70
9.30

9.44
10.11
9.46

9.53
10.31
9.64

9.27
10.12
9.58

9.23
10.02
9.59

9.19
10.10
9.52

9.01
9.83
9.32

9.05
9.67
9.25

9.30
9.88
9.39

9.37
9.93
9.49

9.29
9.81
9.40

do
do

5.22
5.18

6.26
6.09

6.08
5.96

6.33
6.08

6.70
6.54

6.91
6.58

6.68
6.65

6.65
6.46

6.71
6.47

7.08
6.93

6.54
6.66

6.55
6.30

6.93
6.61

6.95
6.83

7.09
6.81

6.96
6.76

..do

6.30

6.98

7.07

7.03

7.18

7.33

7.30

7.22

6.93

6.78

6.68

6.61

6.73

7.03

6.99

6.86

9.58
10.46
5.01
4.03
7.53
12.13

10.63
11.82
4.83
4.27
8.09
13.25

10.41
11.64
4.57
4.09
8.13
13.22

10.51
11.80
4.57
4.11
8.13
13.22

10.72
12.05
4.82
4.34
8.13
13.22

10.93
12.15
4.82
4.40
8.13
13.22

10.93
12.15
4.82
4.40
8.13
13.22

11.01
12.27
4.83
4.47
8.13
13.50

10.72
11.82
4.83
4.47
8.14
13.51

10.74
11.84
4.83
4.58
8.30
13.51

10.82
11.93
4.96
4.58
8.30
13.51

10.52
11.47
4.96
4.58
8.30
13.56

10.52
11.48
4.96
4.58
8.50
13.56

10.49
11.43
4.96
4.58
8.50
13.56

10.42
11.34
4.96
4.46
8.50
13.56

10.49
11.52
4.96
4.42
8.50
13.56

285. 44
356. 26
71.21
79.72

220. 35
270. 42
48.26
77.16

235. 56
293. 23
47.49
73.58

232. 79
291. 23
43.43
74.71

214. 84
267. 87
44.90
74.85

196. 82
243. 55
39.93
68.49

173. 29
210. 45
39.01
62.50

200. 62
243. 12
42.91
76.17

188. 45
226. 96
41.67
74.09

185. 68
222. 71
41.17
73.78

208. 42
250. 16
49.60
79.95

220. 27
267. 46
49.13
81.64

224. 15
275. 47
47.80
79.22

234. 59
290. 62
46.99
82.55

244. 75
304. 66
49.62
80.80

251. 22
312. 67
55.06
82.96

Yields, composite
percent..
Industrials
_
do
Public utilities
.
do
Railroads
do
N.Y. banks... _ _
do
Property and casualty insurance cos
do

3.36
2.94
7.04
5.06
3.05
3.45

4.82
4.37
10.01
5.53
4.01
5.14

4.42
3.97
9.62
5.56
3.76
5.13

4.51
4.05
10.52
5.50
4.31
5.44

4.99
4.50
10.74
5.80
4.45
6.42

5.55
4.99
12.07
6.42
5.01
7.33

6.31
5.77
12.36
7.04
5.47
7.35

5.49
5.05
11.26
5.87
4.39
5.63

5.69
5.21
11.59
6.03
4.46
5.47

5.78
5.32
11.73
6.21
4.86
5.32

5.19
4.77
10.00
5.73
3.95
5.32

4.78
4.29
10.10
5.61
4.15
5.20

4.69
4.17
10.38
5.78
4.34
5.03

4.47
3.93
10.56
5.55
3.99
4.94

4.26
3.72
10.00
5.52
3.96
4.35

4.18
3.68
9.01
5.33
3.67
4.20

Earnings per share (indust., qtrly. at ann. rate;
pub. utll. and RR., for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do
Railroads
do

26.00
7.55
7.60

27.69
7.63
9.81

Dividend yields, preferred stocks, 10 high-grade
(Standard <fe Poor's Corp.)
percent--

7.23

8.24

8.11

8.25

8.40

8.61

8.93

8.78

8.60

8.78

8.33

8.07

8.04

8.27

8.51

8.34

286. 73
923. 88
103. 39
180. 55

237. 33
759. 37
75.84
164. 05

251.83
829. 84
76.03
167. 57

251. 00
831. 43
71.81
169. 77

236. 19
783. 00
68.47
158. 36

223. 13
729. 30
66.23
151. 68

199. 29
651. 28
60.80
134. 60

202. 89
638. 62
66.58
143. 43

206. 86
642. 10
68.54
149. 92

194. 39
596. 50
67.05
141. 10

215. 31
659. 09
77.46
153. 06

231.85
724. 89
81.02
159. 91

240. 18
765. 06
78.90
162. 28

244. 32
790. 93
75.77
166. 35

254. 71
836. 56
77.29
169. 69

259. 00
845. 70
83.87
168. 40

By group:
Industrials
Public utilities
Railroads

.
._

Domestic municipal:
Bond Buyer (20 bonds^. _
Standard & Poor's Corp. (15 bonds)..
U.S. Treasury bonds, taxable©
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

Prices:
Dow- Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)

...

do
do
do
do

Standard <fe Poor's Corporation:^
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10.. 107. 43
120. 44
Industrial, total (425 stocks) 9 ...
do
118. 57
Capital goods (110 stocks)
do
c
107. 14
Consumers' goods (184 stocks)
do-._
53.47
Public utility (60 stocks)
do
38.01
Railroad (15 stocks)
do
Banks:
64.44
New York City (9 stocks)
do. ..
Outside New York City (16 stocks).... do. ... 104.34

30.32
7.22
9.12

27.98
7.53
10 81




P 18.84

•24.00

• 8.80

« 7.45

82.84

89.67

89.79

82.82

76.03

68.12

69.44

71.74

67.07

72.56

80.10

83.78

84.72

90.10

92.40

92.91
92.84
78.08
38.91
' 37. 29

101. 17
100. 69
87.34
39.35
37.04

101. 62
100. 10
90.07
37.46
37.31

93.54
93.64
80.34
35.37
35.63

85.51
86.99
70.14
34.00
35.06

76.54
76.03
63.51
30.93
31.55

77.57
77.49
62.79
33.80
33.70

80.17
79.35
65.84
34.45
35.95

74.80
74.06
62.51
32.85
34.81

80.50
77.10
67.91
38.19
37.31

89.29
88.50
75.06
40.37
37.80

93.90
92. 78
80.42
39.55
38.35

95.27
96.76
80.75
38.19
38.55

101. 56
101. 96
85.15
39.69
38.90

103. 68
101. 15
85.98
43.67
38.94

54.16
83.89

59.92
93.23

56. 70
86.06

49.12
72.43

46.27
65.97

42.00
58.99

44.15
65.48

47.51
70.52

44.43
65.05

50.58
73. 52

53.46
76.33

52.58
76.76

54.75
79.64

57.17
83.76

57.77
87.19

84.76
94.63
81.06
81.68
86.29
66.22
77.71
84.98
60.47
64.31
O For bonds iue or ca liable in 10 years c>r more.
assum 3d 3 perc 3nt 20-ye ar bond,
9 In eludes da ta not silown sep arately.

96.72

Property-liability insurance (16 stocks)_.do
119.00
84.15
85.91
82.88
70.28
c
Revised.
*> Preliminary.
« Estimate
C orrected.
c? Number of issues represents number currently used; the) change n numb er does ilot
affect continuity of the series.
If Prices are derhred from average yields on basis of an
r

28.31
7 70
9 81

r

S-22

July 1975

SURVEY OF CUEEENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

| 1974

Annual

1974

Juno

May

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Prices— Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50-.
Industrial . __ _ _ __ __ _
do _
Transportation
do
Utility
.
_ - do
Finance
do

57.42
63.08
37.74
37.69
70. 12

Sales:
Total on all registered eichanges (SEC):
177,878
^Market value
mil $
5,723
Shares sold
millions
On New York Stock Exchange:
146, 451
Market value
mil. $
4,337
Shares sold (cleared or settled)
millions. New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
4,053
(sales effected).
.millions. Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $.. 721. 01
Number of shares listed
.
millions. . 20, 967

r

43.84
48.08
31.89
29.79
49.67

47.35
52.53
33. 62
30.25
52.85

47.14
52.63
33.76
29.20
51.20

43.27
48.35
31.01
27.50
44. 23

39.86
44.19
29.41
26.72
40. 11

35.69
39. 29
25. 86
24.94
36.42

36.62
39.81
27.26
26.76
39.28

37.98
41.24
28.40
27.60
41.89

35.41
38. 32
26.02
26.18
39.27

38.56
41.29
28.12
29.55
44.85

42.48
46.00
30.21
31.31
47.59

44.35
48. 63
31. 62
31.04
47.83

44. 91
49.74
31.70
30.01
47.35

118,252
4,839

10, 090
392

8,895
336

8,874
367

8,973
'363

7,981
388

10, 034
'465

9,445
448

7,904
406

9,801
488

14, 148
609

13,810
585

14, 498
563

99, 178
3,822

8,439
311

7,471
264

7,477
291

7,597
290

6,754
308

8,510
377

7,973
366

6,693
321

8,170
388

12, 185
501

11,767
473

12, 423
461

3,518

275

245

274

280

280

377

287

315

433

424

454

447

511. 06
21, 737

645. 56
21,337

628. 48
21,397

582. 96
21, 440

545. 45
21, 471

472. 62
21, 550

549. 68
21, 584

524. 52
21, 605

511.06
21, 737

579. 31
21, 773

610. 01
21,795

626. 61
21,822

654. 66
21, 899

47.76
53.22
32.28
31.02
50.06

49.22
54.61
32.38
32. 79
52.20

458

447

687. 94 723. 00
21,938 22, 016

FOREIGN TRADE OF THE UNITED STATES
VALUE OF EXPORTS
mil. $.. 71,338.8 '98,506.3 8,489.4 8,384.3 7,695.2 7,998.0 7,669.1 8, 994. 1 9, 397. 5 8,743.5 9, 202. 8 8, 545. 5 9, 466. 5 9, 074. 4 8, 952. 8

Exports (mdse.), incl. reexports, totald"
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe

8,428.3 8,327.4 7,655.4 7,928.9 7,607.9 8, 926. 2 9, 343. 3 8, 702. 8 9, 123. 9 8, 499. 8 9, 437. 6 9, 012. 7 8,901.8
7,652,4 8,316.6 8,307.5 8,379.7 8,396.3 8,672.9 8,973.6 8,862.3 9, 411. 9 8, 789. 0 8, 715. 9 8, 569. 6 8, 145. 4

do
do

70, 823. 2 97, 907. 2

do
do
do
do

449.5
368.4
396.6
2, 305. 8 3, 659. 4
286.6 342.3 313.2
370.1
470.7
396.6
360.2 343.5
309.1
269.0
18, 418. 7 25, 784. 4 2, 063. 4 2, 024. 3 2, 080. 7 2,207.9 2,131.4 2, 172. 0 2,431.7 2, 292. 2 2, 596. 2 2, 182. 7 2, 378. 5 2, 260. 6 2, 317. 9
194.4
175.6
211.3
1,743.9 2, 696. 8
198.4
240.9
182.9
301.0
231. 5
163. 2
205.5
279.0
183.3
227.5
23, 160. 6 30, 070. 1 2, 672. 4 2, 625. 4 2, 266. 8 2,266.1 2, 074. 6 2, 596. 3 2, 925. 6 2, 595. 0 3, 063. 6 2, 857. 1 3, 092. 5 2, 685. 7 2, 573. 7
15,118.0 19, 937. 7 1,789.1 1,732.4 1,477.9
5, 057. 4 7, 949. 0
682. 9
656.7
669.0
4, 857. 6 7, 857. 3
691. 6
733.9
655.2

1,537.4 1, 658. 9 2, 030. 8 1,849.6 1 688.7 1, 586. 8 1, 623. 6 1,819.2 1,979.5 1, 968. 0
725. 5
720.7
633.5
707.4
742.8
671.3
713.7
691.1
768.9
647.8
674.0
789.3
685.6
835.1
725.1
799. 0
731.7
664.4
705. 2
662.1

Northern North America
Southern North America
South America

do
do
do

By leading countries:
Africa:
Egypt
Republic of South Africa

do
do

225.4
746.3

455.2
1, 159. 9

35.8
85.5

28.6
109.9

32.1
98.4

25.8
109.0

15.0
107.6

34.5
107.7

55.4
104.2

66.6
99.5

59.2
100.9

64.8
92.9

78.9
126. 9

52.5
95.7

82.0
104.8

do
do
do
do

1,449.1
526.7
238.9
157.4

2, 172. 5
759.8
397.6
377.2

174.0
39.6
20.7
30.7

164.0
51.1
39.0
31.4

146.8
107. 5
24.2
35.9

243.8
102.6
34.4
40.5

187.9
74.1
24.8
39.0

228.2
99.4
44.6
35.8

184.3
77.2
18.9
30.1

173.3
96.6
25.2
29.3

128. 4
143. 8
50.5
28.4

137.0
91.7
25.9
26.7

143.6
81.0
16.6
25.5

143.6
86.9
49.9
29.1

175. 4
97. 5
29 5
27.0

do
do
do

442.1
530.5
495. 4
746.7
8, 313. 1 10, 678. 6

33.8
69.4
887.8

41.7
77.0
765.1

34.5
81.7
771.7

49.5
54.0
850.0

48.3
64.1
892.5

69.0
41.7
57.2
64.7
881.9 1,093.7

47.1
51.9
899.5

66.7
70.3
956.9

37.8
64. 5
833.6

76.2
72,6
827.4

77.8
57.5
757.5

92.7
64. 5
785.8

_ do
do
do

2, 262. 9
28.0
3, 755. 7

2, 941. 5
20.9
4, 985. 6

257.2
3.6
407.7

245.6
.6
442.6

214.8
.4
363.5

217.4
.8
364.6

260.9
.3
329.3

245.5
3.7
435.8

270.3
1.7
507.7

263.8
2
409^7

257.7
1.5
518. 8

280.8
.3
411.7

315.8
.3
494.9

274.2
1.1
429.8

259.1
1.2
410. 4

do
do
do

2,118.6
1,194.1
3, 563. 6

2, 751. 6
608.8
4, 573. 5

278.3
56.7
434.6

207.8
55.7
375.8

230.6
39.7
341.8

205.6
27.2
369.2

154. 4
32.2
335.4

215.8
45.2
437.0

260.5
46.9
481.7

249.1
105.6
373.5

236.0
95.3
472.2

291.2
93.8
429. 4

284.1
87.0
462. 5

230.6
77.9
368. 5

257. 8
92.7
357. 2

Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France _ _ _
East Germany
West Germany

_ _

.

Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil
_
Chile
Colombia
Mexico
Venezuela

.do
do
do
do
do
do
do
do

Exports of U.S. merchandise, totaled _ _ _ . .do
Excluding military grant-aid
do
Agricultural products, total
do
Nonagricultural products, total
do

15,104.0 19, 932. 0 1,788.3 1,731.8 1, 477. 8 1,537.2 1, 658. 7
8, 921. 3 14, 503. 5 1,265.0 1, 285. 1 1,222.3 1,242.8 1, 205. 4
451.3
596.6
50.6
42.9
40.7
60.9
50.9
1,916.2 3, 088. 8
290. 5 316.3
285.1
286.9
262. 5
248.4
452.2
28.5
42.0
17.4
40.9
40.9
436.5
659.4
56.4
59.4
49.9
59.7
62.2
2, 937. 4 4, 855. 3
429. 9
425.2
395.6
398.7
389.2
1, 032. 5 1, 768. 0
144.5
125. 0
176.6
134.2
146.2
70, 246. 0 97, 143. 5 8, 358. 3 8, 268. 4 7, 593. 0 7, 869. 9 7, 564. 7
69, 730. 4 96, 544. 4 8, 2! 17. 2 8,211.4 7, 553. 2 7, 800. 8 7, 503. 6
17, 680. 6 21, 996. 1 1,795.3 1, 704. 9 1,631.9 J, 452.3 1, 379. 9
52, 565. 4 75, 147. 4 6, 561. 6 6, 563. 6 5,961.7 6,418.4 6, 188. 6

By commodity groups and principal commodities:
Food and live animals 9
rnil $ 11,930.2 13, 983. 4
444.2
380.7
Meats and preparations (incl. poultry) _ _ d o
8, 495. 8 10, 330. 9
Grains and cereal preparation^
do
Beverages and tobacco

do

1, 008. 1

1, 247. 4

1,346.6 1,359.8 1, 432. 2 1, 264. 9 1, 201. 5 1, 382. 7 1.382.4 1,277.3
41.2
66.4
76.1
80.7
75.3
69. 8
62.1
55.5
999 ()
264. G
197. G
265. 5
234.5
283.1
205. 2
249. 1
~4L8
60,3
49.1
78.3
56. 4
43. 9
57.7
40.9
60.4
60.9
50.5
54.5
45.2
50.5
54.0
60.3
448. 5
455. 2
442.0
400.3
380. 2
464.0
482.2
433.8
175.
0
183.1
209. 3
181. 9
172. 4
193. 3
169.6
188.9
8, 817. 8
8, 780. 0
1.711.9
7, 135. 9

9, 278. 5
9 224.3
2, 352. 5
6, 926. 0

8, 633. 0
8, 592. 3
2,119.5
6, 513. 5

9, 027. 5
8, 948. 7
2, 459. 1
6, 568. 4

8,414.0
8, 3f>8. 9
1,920.3
6, 494. 3

9, 324. 1
9, 295. 2
1,911.1
7, 413. 1

8, 945. 9
8, 884. 1
1, 757. 6
7, 188. 2

8, 837. 3
8, 786. 3

1,496.4

7, 340. 9

1,084.6 1,074.2 1,081.5 1, 020. 7 1, 000. 1 1, 170. 6 1, 444. 1 1, 324. 8 1, 643. 7 1, 338. 2 1, 276. 6 1,219.6 1, 028. 4
41.7
32.7
33.0
28.9
34.9
26.5
27.2
32.6
26.5
31.3
43.3
32.6
39.3
711.0
976. 6
884.2
824.2 1, 103. 9 1, 041. 1 1, 333. 9 1, 047. 5
805.7 776.0 816. 1 743.1 738.4
111.3

106.9

90.0

768.4
911.5
Crude materials, Inedible, exc. fuels 9
do
8, 380. 2 10, 934. 2 1,014.1
112.7
141.3
124.9
929. 0 1,334.7
Cotton, raw, excl. linters and waste
do
171.4
275.
1
221.9
Soybeans, exc. canned or prepared
do
2, 762. 2 3, 537. 4
121.2
144.4
162.6
Metal ores, concentrates, and scrap
do
1, 080. 8 1.475.0
Revised.
d" Data.may not equal the sum of the geographic regions, or commodity groups and principal
commodities, because of revisions to the totals not reflected in the component items; these
revisions will be shown later in biennial editions of BUSINESS STATISTICS. Also, beginning
1973, the totals reflect relatively small amounts of trade with unidentified countries, not shown
separately.
9 Includes data not shown separately.




2, 030. 0 1,849.4 1, 688. 5 1, 585. 9 1, 623. 4 1, 819. 0 1, 979. 4 1 , 964. 7

97.6

83.7

124.1

141.1

140.7

122.9

86.6

120.1

101.6

98.1

765. 8
810.7
839. 0
892.3
924. 2 1,026.0
777.8
647.3 787.3 1, 084. 7
85. 9
88.2
120. 2
100.4
90.8
69.7
34.2
104.7
34.7
80.3
155 6
236. 0
504. 8
246. 5
273.7
151. 3
257.4
320.9
378. 4
171.3
142. 2
122.4
107.4
130.2
113.5
123.5
123.5
151.1
119.1
116.3
NOTE FOR PAGE S-25: *New scries. Source: U.S. Dept. of Labor, BLS. The index
measures changes in prices of shipping goods by rail in the U.S. (shipments priced were
selected from ICC railroad waybill sample) and is not alYected by changes in quantity, shipping terms, types of service, etc. Data'back to 1969 (and detail for if commodity groups),
concepts, methods, uses, and limitations appear in MONTHLY LABOR REVIEW (BLS), June
1975.

July 1975

S-23

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

1974

Annual

1975

1974

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS— Continued
Exports of U.S. merchandise— Continued
By commodity groups and principal commodities — C ontinued
Mineral fuels, lubricants, etc. 9
mil. $
Coal and related products
_
do
Petroleum and products
do
Animal and vegetable oils, fats, waxes.. .do._
Chemlcals
_

Machinery and transport

3, 442. 4
2, 487. 2
791.7

281.0
194.7
72.8

310.4
227.5
67.8

306.7
216.4
78.4

338.0
252.8
75.8

332.2
257.6
60.1

449.4
364.3
72.5

464.4
385.1
66.1

251.9
169.6
67.4

357.1
265.2
72.4

337.4
256.5
67.2

399.6
295.6
73.9

391.4
298.7
68.4

436.5
339.2
84.7

684.0

1, 423. 3

131.7

138.2

164.0

110. 6

86.9

112.2

118.5

166.3

140.9

104.5

120.8

73.7

88.9

5,749.4

8, 822. 0

711.7

775.9

797.3

811.9

725.3

728.7

729.4

774.2

820.0

669.9

786.8

737.2

707.3

do
7,161.6 11,165.9 1, 036. 3
do .__ 1,224.8 1, 795. 4
165.4
do
1, 300. 8 2, 560. 3
239.9
do .
950.3 1, 300. 4
141.3

983.3
161.0
233.2
114.2

936.1
139.6
258.1
97.9

999.1
152.4
237.5
101.5

885. 2 1,017.9
149.2
144.3
232.7
196.7
105.9
88.5

935.7
135.2
198.2
104.7

934.2
124.8
274.3
99.1

911.2
122.0
230.3
98.1

847.4
110.1
214.6
92.2

949.6
134.2
243.0
86.1

949.3
139.6
219.5
104.0

954 2
136.0
230.1
98.0

do

Manufactured goods 9 TI _
Textiles
Iron and steel
Nonferrous base metals

1,670.5
1,052.0
518.0

equipment, total
mil. $_. 27,869.2 38, 188. 5 3,268.5

Miscellaneous manufactured articles

do.

Commodities not classified

do

3,267.1 2, 809. 9 3, 019. 6 3, 139. 5 3, 768. 3 3, 652. 4 3, 459. 9 3,312.5 3,536.6 4, 051. 8 3, 905. 1 3, 990. 3
17.130.9 23, 687. 8 2, 009. 6 1, 953. 9 1, 903. 7 2, 066. 6 1, 956. 4 2, 272. 4 2, 238. 5 2, 083. 1 2, 228. 3 2, 113. 7 2, 452. 7 2, 494. 9 2 479 9
987.1 1, 398. 4
129.4
124.7
114.3
117.5
174.7
132.9
135. 0
139.3
130.1
152.4
109.9
206.1 200.3
488.8
636.5
60.0
53.1
53.9
52.9
60.6
73.6
85.4
67.4
59.8
73.3
78.2
48.7
74.8
2,094. 7 3,112.6
260.9
288.1
265.0
383.8
256.9
315.6
296.4
325.3
419.8
319.3
256.5
343.9
413.1
5, 032. 3 7, 019. 2
590.8
6?5. 7
635.4
593.1
569.1
669.4
650.0
558.1
615.7
640.8
597.7
648.8
567.9
10, 738. 3 14, 500. 7 1,259.0 1,313.3
953.1 1, 183. 1 1, 495. 9 1,413.9 1, 376. 8 1 084 2 1,422.9 1, 599. 1 1,410.2 1,510.4
906.2
6,030. 0 7, 878. 1
674.7
544.1
552.0
627.3
791.7
843.9
697.3
890.8
849.8
658.3
677.0
684.9
854.5
3, 950. 7 5, 349. 8
500.6
474.1
417.1 461.6
468.6
488.6
482.3 483.5
409.0
454.6
473.3
426.4
439.9
1,842.0 2, 586. 6
218.5 226.7
233.1 224.6
222.0
239.6
237.8
247.7
238.6
274.9
284.2
216.0
228.5

do
do

69,475.7 100,218.1 8,834.7 8,498.0 8,961.7 9,091.5 8,362.4
8,264.5 8,573.4 8,918.0 9,261.9 8,698.1

do
do
do
do

2,582. 9
18,156.9
1,561.5
19,812.3

623.5
6, 617. 6
559.2
741.1
582.4
768.9
580.5
624.9
579.9
586.0
907.0
567.2
760.1 687.4
27,344.9 2, 331. 4 2, 403. 7 2, 775. 6 2, 770. 0 2, 531. 3 2, 585. 0 2, 417. 8 2, 544. 1 2, 808. 3 1, 995. 9 2, 010. 1 2, 156. 7 1, 860. 0
114.6
1, 503. 9
138.2
107.4
93.2
153.5
169.7
129.2
108. 3
102.3
91.1
118.2
147.0
104.3
24,411.8 2, 178. 2 2, 096. 2 2, 069. 3 2, 138. 3 1,815.8 2, 172. 1 2, 124. 8 2, 108. 8 2, 340. 5 1, 670. 2 1, 949. 6 1, 721. 9 1, 627. 3

do
do
do

17,724.8
5,084.8
4,512.4

21,929.1 2,052.7
9, 433. 1
814.3
8, 962. 4
717.7

Machinery, total 9
Agricultural
Metalworking
, _
.
Construction, excav. and mining
Electrical
.
Transport equipment, total
Motor vehicles and parts -

do.. _
do
do
do
do
do
do

VALUE OF IMPORTS O
General imports, total d1Seasonally adjusted.

.

__

By geographic regions:
Africa... _ __ _
Asia___
._
Australia and Oceania
Europe _ .
_
Northern North America.
Southern North America
South America

.

By leading countries:
Africa:
Egypt..
Republic of South Africa

do
do .

25.9
376.9

69.7
608.8

1,834.1
838.0
660.2

1,807.8
796.9
673.2

1,718.3
855.3
700.8

15.0
42.3

12.2
76.2

7.2
44.2

12.1
68.9

Asia; Australia and Oceania:
Australia, including New Guinea
India _
Pakistan
Malaysia
Indonesia
Philippines.
Japan

do
do
do
do
do
do
do

1,092.4
437.0
39.5
439.6
505. 1
670.3
9,676. 2

1, 082. 7
72.4
559.5
48.7
60.7
5.4
769.7
60.0
1, 688. 1
161.8
1, 083. 9
94.0
12,337.6 1,030.4

72.4
49.6
4.5
52.9
110.4
88.4
975.8

Europe:
France
East Germany
:-._
West Germany
Italy
_ _.
Union of Soviet Socialist Republics.
United Kingdom

do
do
do
do
do
do

1,731.8
10.5
5,344. 5
2,001 8
219.9
3, 656. 5

2, 257. 4
14.1
6, 323. 9
2, 585. 0
349.7
4, 061, 3

199.1
2.8
584.3
194.2
24.7
376.6

North and South America:
Canada

188.1
1.2
587.7
223.3
30.9
357.6

61.8
97.6
51.2
50.7
4.7
5.8
71.2
72.5
188.9
164.8
150.8
126.8
1,175.8 1,157.0
205.4
1.8
498.1
219.6
33.5
358.7

222.0
1.1
543.9
226.9
23.3
366.1

9,090.0
8,769.1

8,876.8 9,132.4 9,822.5 7, 162. 7 7,455.9 8, 181. 1 7,358.0
8,964.7 9,249.9 9,622.4 7,872.0 7, 335. 6 8, 012. 8 7, 093. 4

1,816.1 2,106.9
733.4
736.1
754.5
728.5

1,993.6
784.6
804.9

1,977.9
782.3
913.1

1,793.3
926.6
898.9

1,605.8
679.3
539.1

.7
62.4

4.9
57.9

2.6
64.0

.3
79.1

.5
50.1

6.9
62.0

127.5
134.6
73.5
108.1
103.0
51.1
59.7
39.3
37.8
43.7
5.8
7.0
3.4
3.4
5.9
78.4
71.3
86.7
79.1
101.2
119.5
145.8
138.6
171.6
228.4
102.3
82.7
81.0
44.1
113.8
1,127.6 1,181.5 1,124.2 1,198.8 1,190.9
183.1
.7
438.2
206.3
20.0
351.8

213.0
.7
542.7
194.8
22.2
355.0

214.4
.9
535.7
203.9
32.9
338.5

220.4
1.1
552.9
209.6
30.7
340.2

209.7
1.2
633.1
241.3
45.6
426.3

.2
61.6

.4
86.7

.4
52.2

77.0
87.3
28.5
33.6
2.5
3.2
59.0
50.7
93.2
133.5
84.3
72.7
916.3 1,006.4

92.0
31.2
4.4
51.7
214.4
92.1
929.1

70.3
30.7
3.3
55.0
148.7
47.9
808.3

191.9
.7
508. 5
242.7
14.3
323.2

175.7
.6
439.2
185.3
18.0
304.3

177.7
.8
403.2
162.3
16.5
290.0

1,703.4 1,915.4

, 827. 3

872.4 1,114.7
9.7
12.6
108.4
110.4
16.4
10.9
50.3
32.8
253.5
245.7
443.6
251.8

979.0
10.4
96.1
10.3
40.4
274.2
304. 5

787.3
786.3
6,669.5 7, 393. 8

701.9
, 656. 1

684.5
28.2
102.2
75.7
200.3

611.0
24.6
95.7
67.7
145. 2

181.9
.9
416.9
174.3
19.4
314.3

do
17,715.3 21,924.4 2,052.6 1,833.2 1,807.3 1,717.8 1,816.1 2,106.6 1,993.4 1,977.8 1,793.3 1,605.8
Latin American Republics, total 9
do
7,827. 1 13,666.9 1,137.2 1,062.0 1,088.2 1,124.8 1,073.7 1,117.1 1,191.2 1,315.3 1,213.1
876.9
Argentina
.
do
385.8
29.8
27.8
24.7
278. 3
30.9
31.0
29.9
36.1 r 47.5
14.1
17.9
Brazil
do
1,699.9
100.8
93.6
100.3
1,189.2
148.4
160.1
134.6
155.3
262.
7
110.4
144.3
Chile
do
310.3
40.1
20.2
102.2
25.0
18.9
20.0
24.9
19.9
13.7
7.8
11.1
Colombia _
do
511.0
50.8
58.2
408.6
41.3
33.3
30.4
35.5
34.2
31.3
43.6
59.3
Mexico
do
282.3
2,305. 8 3, 390. 4
260.9
272.4
303.7
284.0
265.0
305.5
221.2
294.3
203.6
Venezuela... __
do
363.0
331.1 366.9
1,787.2 4, 671. 1
369.2
419.6
421.0
446.1 552.1
361.8
263.5
By commodity groups and principal commodities:
Agricultural products, total
mil $
920.7
8,491.6 0, 387. 4
857.5
914.4
736.1
860.9
749.4
847.9
717.0
965.9
826.1
Nonagricultural products, total
do
60,984.1 0, 584. 9 7,912.8 7,642.8 8,044.0 8,230.6 7,613.0 8,353.9 8,028.9 8,166.4 8,996.4 6,445.7
Food and live animals 9 ..
do
827.4
8, 014. 5 9, 386. 2
769.5
774.1
766.2
656.6
789.2
647.8
888.3
626.8
713.8
Cocoa or cacao beans
do
316.6
42.4
212.0
20.2
35.8
12.4
16.3
8.3
19.0
32.3
29.8
32.8
Coffee ..
do
1,570.1 1,504.8
149.7
123.9
120.8
92.6
66.2
56.2
115.1
123.0
83.9
138.5
Meats and preparations
do
1,671.2 1,352.6
110.6
103.0
82.0
ICO.
9
81.5
88.8
92.6
99.7
114.6
82.9
Sugar
do
924. 7 2, 247. 4
154.5
158.4
201.1
231.8
261.2
212.0
287.2
134.2
336.7
123.8
Beverages and tobacco
_
do
1, 220. 9 1, 322. 3
116.5
127.5
126.6
112.7
113.3
107.2
106.4
111.7
102.7
112.3
Crude materials, inedible, exc. fuels 9
do
5, 013. 8 6, 059. 1
571.2
576. 9
544.1 544.7
508.0
514.3 475.0
390.6
497.5
477.9
Metal ores
~d 0
1,304.5 1, 848. 1
158. 3
189.0
172.6
161.4
182.2
155.6
184.0
199.4
185.8
132.7
Paper base stocks
do
678.7 1,164.9
100.1
92 2
97.5
101.1
111.7
95.8
97.3
120.3
84.6
89.6
Textile
fibers
do "
236.6
225.2
18.2
21.2
17.9
24.0
17.0
16.4
15.0
10.0
10.5
16.6
Rubber
do
345.4
515.6
59.1
46.0
42.1
58.0
47.9
24.4
34.2
28.9
36.1
23.8
Mineral fuels, lubricants, etc
do
8, 173. 5 5, 427. 3 2, 290. 8 2, 090. 2 , 417. 2 , 504. 0 , 125. 3 , 273. 8 , 207. 3 , 490. 8 , 414. 9 , 937. 4
Petroleum and products
I"do
7, 614. 2 4,269.5 2, 203. 3 2, 005. 7 ,331.9 , 403. 9 , 035. 1 , 158. 2 , 092. 8 , 352. 6 , 249. 6 , 772. 4
Animal and vegetable oils and fats
do
258.6
42.2
544.3
70.1
26.6
44.6
54.2
79.5
44.7
49.9
53.3
48.5
Chemicals
" "do
2, 463. 0 4, 017. 7
339.9
332.4
349.8
380.5
387.5
306.2
431.8
397.1
437.2
385.7
Manufactured goods 9 If
do
3, 244. 1 7,716.3' , 467. 0 , 485. 7 , 507. 3 , 670. 4 , 549. 8 , 839. 9 , 767. 7 , 728. 5 , 749. 5 , 259. 0
Iron and steel.
do
3 017. 0 5, 148. 9
329.9
389.7
395.8
526.4
462.3
698.2
491.4
703.7
735.5
746.3
Newsprint.
do
1,185.9 1, 503. 2
121.8
121.7
124.3
129.5
126.0
140.2
116.7
139.4
152.8
139.8
Nonferrous metals .
do
2 464 9 3,921.0
329.4
343.6
351.7
354.8
360.0
190.5
367.9
343.8
297.3
309.3
Textiles
do """ 1,579.7 1,614.7
147.0
139.2
142.7
140.2
137.2
144.4
147.8
88.5
119.9
114.7
r
Revised.
9 Includes data not shown separat ely.
rf See corre spending note on p. S-22.
K M a imfacture d goods--classifie d chiefly by mat erial.
data beginning 1974 are based on f.a.s. (free alongside s hip) valu 3 basis rat her than customs value bas is as fornlerly sho wn.
c Correcte d.




1,704.1 1,916.5 1, 828. 6
602.0
778.6 715 2
506.9
727.8 547.2

657.5
34.1
110.1
87.2
154.2
143.7

119.1

116.9

456.3
150.4
105.5
8.5
27.4

468.4
161.4
87.8
14.9
27.6

451.2
160.1
86.8
12.3
18.7

, 477. 6
, 343. 3

, 438. 4
,310.4

, 937. 5
, 828. 0

55.1
340.8

40.7
351.9

51.9
285.6

, 313. 3 , 243. 9 , 144. 7
355.8
485.5 422.5
131.0
134.6
138.1
169. 4
194.5
195.7
85.4
89.3
87.4
O Effect ive June 1975 Si R V E Y '

SUEVEY OF CURRENT BUSINESS

S-24
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

July 1975

1974

1974

Annual

May

July

June

Aug.

1975

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

June

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTSO— Continued
General imports— Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $__ 21, 076. 1 24, 062. 7 2, 240. 3 2, 108. 6 2, 094. 1 1, 946. 8 1, 940. 3 2, 061. 5 2,035.7 2, Oil. 6 1, 894. 7 1, 688. 8 2, 138. 4 1, 899. 2 1, 934. 5
9, 966. 1 11,612.0 1,011.6 1,000.2 1,055.4 1,027.8
989.2
898.4 1, 029. 3
Machinery, total 9
_
do
992.6 1,043.1 1,006.4
868 5
944 9
938.1
Metalworking
do
25.1
26.0
299.7
22.4
29.2
28.7
41.0
188.9
22.8
29.1
39.3
30.1
32.6
25.6
36.8
469.2
420.4
376.4
284 4
424.7
4, 498. 6 5, 339. 1 471 2
477.6
503.8
483 1 473 6
Electrical
do
456 4
353.0
357 0
do
do

11 109 9 12 450.7
9, 252. 3 10,263.9

Miscellaneous manufactured articles

do

8 217.4

9 426 3

Commodities not classified

do

1 7940 2 255 7

137 4
165.6
227 5

1 029.4 1 022.5 1,026.2
770.2
824.9
851 8

790.4
619.1

1,109.0
922.0

961.1
788.7

989 6
851.3

755 6

621.9

687 8

703.8

626 8

218 0

181.0

185 4

231.2

198 5

193 9
173.6
336.4

197 7
177.2
350.4

196.2
167.1
327.7

197 7
180.9
357.7

194 3
179.1
347.9

193 8
177.5
344.0

239.7
167.1
400.5

247.8
165.6
410.4

255.6
172.1
439.9

243.9
129.0
314.5

245.7
135.2
382.3

254.7
143.2
364.8

247.6
132.5
328.1

23, 256
4,877

24, 267
5,487

19, 428
5,096

23, 072
5,690

19, 732
4,785

39, 691
6,016

38 781
5,912

41 934
6,173

53 836
7,122

30 390
4,727

12.64
48.4
1,697

11.01
47.8
1,520

13.30
52.4
1,820

12.19
p 50.3
1,689

10.06
198
57

8.94
190
52

10.95 p 10.07
p 224
225
p 57
58

2.58
144
34

2.07
147
31

2.35
172
35

p 2.12
P 152
p 37

495

459

528

488

475

125.2

123.0

1 228 6 1,108.4
1 046 9 905.4

1,038.7
836.1

919 0
710.4

947 7
750.8

1,018.5
823.1

766 0

797 0

883 5

933 3

836 3

903.9

824 0

751 8

173 4

183 6

194 9

188 3

201 5

215 3

228 2

217 7

174 5
180.5
315.0

166 9
194.7
324 8

172 1
186.8
321.5

173 0
170.9
295.8

182 8
167.1
305.5

184 2
159.6
294.0

186.1
184.7
343.8

193 3
186.8
361.2

148.5
174.0
258.4

223.3
168.1
375.5

218.5
181.7
397.1

223.6
170.8
381.8

228.9
175.5
401.8

235.5
173.7
409.1

237.7
158.5
376.7

239.0
171.5
409.9

thous sh tons
mil $

274 257
39 642

264 807
55, 490

23 701
4,708

24, 725
4,574

22, 765
4,552

21, 216
4,614

20 308
4,150

thous sh tons
mil $

441 624
42 742

446 558
67,160

39 004
5,889

38 652
5,765

41 929
6,217

42 671
6,405

35 971
5,637

Transport equipment
Automobiles and parts

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
Value
General imports:
Shipping weight
Value

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
_..bil__
Passenger-load factor?
percent
Ton-miles (revenue) total^
mil
Operating re venues 9 O
Passenger revenues
Freight and express revenues
Mail revenues
Operating expensesO
Net income after taxesO
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
Operating revenuesO
Operating expensesO
Net income after taxesO
International operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
Operating revenuesO
Operating expensesO
Net income after taxesO

13.57
55.0
1,910

15.12
58.6
2,034

15.55
57.1
2,047

12.68
51.2
1 , 766

161.96
52.1
22,242

162.92
54.9
22, 425

mil $
do
do
do
do
do

12,419
10,274
1,075
303
11,834
227

>> 14, 703
11,879
1,248
309
* 13, 978
322

bil
mil
do

126. 32
2,922
687

129. 73
2,888
692

mil $
do
do

9,694
9,200
179

> 11, 545
6 10, 760
381

bil
mil
do

35.64
1,916
522

33.19
2,083
471

mil $
do
do

2,725
2,633
48

>3,157
«• 3, 218
-60

35,294

«5,625

'481

448

100
8,963

100
9,803

• 99
• 2, 276

94
2,413

94
2,409

100
2,530

89

49

52

45

44

50

142

137

124

16.73
61.6
2,195

12.00
252
54

12.07
237
52

13.18
256
56

3.12
176
40

9.86
237
52

3.48
166
37

3.55
172
38

2.82
174
35

10.19
263
60

9.05
227
60

10.76
209
74
2 832
2 809
-6

2.46
191
39

2.13
186
44

927
862
46

798
793
2

13.27
51.1
1,818

3,603
2,856
325
98
3 644
63

3,115
2,802
160

2,983
2,650
178

2.90
187
41

11.18
46.3
1,634

4,041
3,283
321
69
3,664
206

3,781
3,089
321
71
3,443
180

10.67
267
58

12.65
51.1
1,818

2.51
156
51
771
835
56

Local Transit Lines
Passengers carried (revenue)

mil..

Motor Carriers
Carriers of property, large, class I:*
Number of reporting carriers
Operating revenues, total —
mil. $..
Net income, after extraordinary and prior period
charges and credits
mil. $
Tonnage hauled (revenue), common and contract
carrier service
mil tons
Freight carried— volume indexes, class I and II
intercity truck tonnage (ATA) :
Common and contract carriers of property
(qtrly.)cf
average same period, 1967=100.
Common carriers of general freight, seas. adj.
1967=100.
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total, excl. Amtrak© 9 mil. $.

250

248

203

196

142

135

163.4

«47

2 155. 6 2 157. 6

2 158. 5

436

2 154. 8

4,292
14, 821
16, 945 • 3, 836
3,994
15,784 • 3, 680
13,818
72
«74
259
290
Passenger, excl. Amtrak
do...
3,256
11, 595
13, 123 •3,010
Operating expenses ©
do...
750
2,841 <* «680
2,371
Tax accruals and rents
.
do
286
855
981 « « 146
Net railway operating income _ ._ .
do .
1
252
1552
1747 • i 106
Net Income (after taies) ©
do...
T
2
Revised.
p Preliminary.
1 Before extraordinary and prior period items.
Comparison with year-ago data may be affected by the change in reporting actual tonnage3 carried
instead of billed tonnage, per the ICC Uniform System of Accounts (1/1/74).
Annual
total; monthly data not revised.
O See corresponding note on p. S. 23.
9 Includes data
not shown separately.
<I Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of available seat-miles in revenue service reflects proportion of seating capacity actually sold and utilized.
O Total revenues, expenses, and income for all




437

2 149. 8

443

2 153. 2

508

2 152. 1

428

2 144. 6

468

2 135. 4

99

38

127.3

128.9

122.2

3,743
4,322
4,392
3,588
4,026
4 107
70
72
72
3,207
3,446
3,322
"630
675
762
201
308
i- 151
U49
1242
groups of carriers also reflect nonscheduled service,
* New series. Source: ICC (no comparable data prior to 1972). tf Indexes are comparable for the identical quarter of each
year (and from year to year); see 2.
© Natl. Railroad Pass. Corp. (Amtrak), not included
in AAR data above, operations for 1973 and 1974 (mil. dol.): Operating revenues, 202; 257;
operating expenses/328;
463; net inconie,-159; -273 (ICC).
« See corresponding note,
b
bottom of p. S-25.
See corresponding note, bottom of p. S-25.
* * or 1st qtr. 1974.

SUEVEY OF CUKRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

May

Annual

1975

1974

1974

1973

S-25

June

Sept.

Aug.

July

Nov.

Oct.

Feb.

Jan.

Dec.

Apr.

Mar.

May

June

TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Class I Railroads— Continued
Traffic:
Ton-miles of freight (net) , total
bil
Revenue ton-miles, qtrly. (AAR)
do
Revenue per ton-mile
cents
Price index for railroad freight*
1969 = 100-Passengers (revenue) carried 1 mile.
__ mil

2

878 4
i 851. 8
1 620
129.3
9 298

880 7
i 853. 9
1 848
149.7
10 333

454 4
223.8
2 i 734
144.3 2 144.8
5 256

111
22 39
64
18 29
68

117
p 24 49
P 62
P 19 4.4.
P 66

129
24 78
67
19 42
69

9 911
8 758
5 750
4 905
2,729
55, 406

8 540
8 306
5 936
5 067
2,415
52, 857

mil $
do
do
do
do
mil

26 030
12 430
10' 371
16 535
4' 710
123 3

mil $
do
do
do
do

-

-

210.8

2 426. 3
204. 2
2 1. 971
158.0
158.3
2 5, 076

' 186. 9 158.3
158.3

158.3

158.3

111
24 22
47
19 59
46

103
27.34
55
19 90
57

110
27.17
59
20.29
59

120
27.61
57
21.93
61

114
27.57
61
21.69
65

518
608
468
417
111
1,660

627
558
505
411
165
1,757

531
515
431
328
179
1,635

553
687
503
399
223
2,497

261
2,735

457
l'l98
943
1 571
450

2 469
1,196
958
1,705
398
127.9

2 500
1,201
989
1 665
421

2,451
1,211
914
c
1 590
427

2,564
1 224
1,017
1,658
459
128.6

41 4
33.2
6 3

39 3
31.7
48

41.7
33.6
59

39 6
32.0
51

38.7
31.2
4 9

40.9
32.0
6 4

42.0
32.9
6.6

26.5
17.3
78

24 2
16 9
59

25.8
18.2
6 2

25.9
18.0
6.6

24.6
17.1
6.0

25.0
16.8
6.7

26.7
19.3
5.9

70
r 692
r

154
42

89
671
157
40

230
708
55
' 107

238
686
53
107

157.5

157.8

158.0

158.0

124
25 01
67
19 36
72

128
23 84
60
19 81
71

121
23 71
63
19 48
76

116
25 80
62
19 34
67

126
26 17
72
19 86
70

115
25 88
62
19 83
60

706
737
433
401
298
4,146

724
862
476
426
280
6,777

906
959
624
510
261
9,832

1 054
807
694
589
194
10, 384

753
701
585
483
144
5,660

599
522
435
394
127
4,419

571
539
417

29 0139
13 93
11 456
18 468
5 310
127 9

2 446
1 155
990
1 530
460
125 5

2 394
1 155
934
1 477
458
126 0

2 445
l' 157
986
1 533
463
126 4

2 474
1 169
998
1 584
453
126.5

2 427
1 178
937
1 552
448
127.2

2 514
1 202
1 002
1 633
451

454 7
372.9
53 8

P 484 0
p 384. 7
P 69 3

41 2
32.4
61

41 3
31.7
70

41 2
32.1
6 4

42 0
33.7
56

39 4
32.3
52

261 6
182 9
64 9

P 997 o
p 203 1

25 2
16 5
71

23 5
16 6
5 7

25 5
17 6
6 5

24 8
17 1
6 3

24 6
16 5
6 6

p 196. 4

165.8

165.9

263
4,437

286
7,948

Travel
Hotels and motor-hotels :f
Restaurant sales index
same month 1967 — 100
Hotels' Average room salet
dollars
Rooms occupied
% of total
Motor-hotels* Average room saleU
dollars
Rooms occupied
% of total
Foreign travel:
U S citizens' Arrivals
thous
Departures
do
Aliens* Arrivals
do
Departures
do
Passports issued..
._
do
National parks, visits _ . .
do

411
115

2,381

COMMUNICATION
Telephone carriers:
Operating revenues 9
Station revenues
Tolls message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service end of period
Telegraph carriers:
Domestic:
Operating revenues
Operating expenses
International:
Operating revenues
Operating expenses
Net operating revenues (before taxes)

0

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AhOaU
Chlorine gas (100% Clj)t
do
Hydrochloric acid (100% HCl)t
do
Phosphorus elemental^
do
Sodium carbonate (soda ash), synthetic (58%
Na:O)t
thous sh tons
Sodium hydroxide (100% NaOH)i
do
Sodium silicate anhydrous!
do
Sodium trypolyphosphate (100% NasPsOioU
do
Sulfur, native (Frasch) and recovered:
St IT ,
*
,\ ~A~~t
"~Ji fj\

tonb__

1 252
10 402
2 516

1 160
10 619
2 404

526

5?4

106
897
202
38

88
866
205
45

107
904
203
44

109
893
210
43

88
865
199
44

106
914
199
44

91
917
210
45

92
912
196
46

81
844
177
42

80
730
163
39

3 813
10 719
1 305

3 502
10 865
i 772
1 376

332
918
71
135

255
888
63
106

305
918
67
109

295
915
61
113

255
879
60
118

304
929
69
115

284
935
67
122

319
940
65
117

269
886
59
131

247
742
45
125

961
785

937
788

69
74

79
71

78
66

83
68

84
64

87
59

87
61

55

73
48

67
44

66
37

64
44

i IQ 533
3 957

879

893

845

883

884

869

809

3 707

916

919

3 764

941

3' 927

3 769

3 788

3 785

3 858

3 934

3 957

4 014

4 054

904
' 4, 220

908
4,308

15 093

15 699

1 374

1 319

1 254

1 330

1 243

1 332

1 250

1 330

723

1 1Q Q21

T

Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydroust

651
' ri
604
589
7 157
7 547
178
161
169
Ammonium sulfate 1
do
2 054
2 054
709
654
639
Nitric acid (100% HNO3)J
do
8 441
8 193
221
195
180
Nitrogen solutions (100% N)t
do
1 947
2 211
611
579
587
Phosphoric acid (100% PjOsU
do
6,848
7 130
2,857
2,669 2,735
Sulfuric acid (100% H 2 SO 4 )i
do
32, 434
31, 723
Superphosphate and other phosphatic fertilizers
(100% P2O 6 ):
474
453
448
Production
thous sh tons
5 578
5 368
377
205
260
332
Stocks end of period
do
348
394
587
5,902
333
Potash, deliveries (K 2 0)
do
6,334
1,237
1, 877
1,781
Exports total 9
do
20 128 i 20 143
62
70
102
Nitrogenous materials
do
1 044
* 914
1 520
985
1 285
Phosphate materials
do
14 895
15 348
93
135
Potash materials
do
87
1 579
1 415
Imports:
18
20
48
369
Ammonium nitrate
do
338
17
20
28
Ammonium sulfate
do
299
258
466
351
816
Potassium chloride
do
7 146
5 899
19
10
20
Sodium nitrate
do
69
150
r
c
Revised.
*
Preliminary.
Corrected.
1
3
Annual total; revisions not distributed
to the monthly or quarterly data.
For six
3
months ending in month shown.
For month shown.
*See note "*•" p. S-22.
fEffective May 1975 SURVEY, series restated to shift index to the 1967 base month and to
show separately operations for hotels and for motor-hotels; comparable data back to May
1971 are available.
1 Refers to average daily rent per occupied room, not to scheduled rates.
9Includes data not shown separately.
I Monthly revisions back to 1971 are available upon request.
cfln the footnote of the 1973 BUSINESS STATISTICS a distinction is made between "gross
weight" and "sulfur content." However, because the difference is so minute, the Bureau of
Mines no longer makes this distinction.
Ammonium n i t r n f p original ^ n l n t i n n t




584
160
649
174
609
2,654

435
368

2,661

683
141
683
185
629
2,884

617
156
603
145
558
2,530

1,202

656
153
674
208
645
2,746

1 206

677
179
699
198
649
2,827

' 1, 369
'641
161
603
-215
'658
'2,711

1,345
644
161
618
235
644
2,743

1,430
577
133
598
206
615
2,463

417
368

450
370

433
393

455
431

'485
'459
592
1,566
121
1,155
103

519
479
485
1,336
75
993
47

494
613
'324
1,575
149
1,179
81

607
160
646
168
596

398
1 641

465
1,862

1 248

1,288

71

117

196
154

444
377

421
414

558
1 751

534
1,529

514
1,866

537
2,001

1 335

1,156

1,449

1,466

81

119

70

138

69

88

87
136

593
162
566
174
595
2,546

536
1,466

65
985
140

P247

25
26
27
64
18
19
28
23
34
16
40
32
12
12
10
20
40
8
30
13
728
595
388
607
587
583
629
410
519
629
42
17
18
19
10
20
31
21
0
0
NOTES FOR P.S-24—° Beginning 1975 (and restated year-ago period), data reflect changes
in accounting to include provision for deferred taxes and other changes. For general comparison
under former accounting method, net railway operating income for 1st qtr. 1975 is about $18
mil. lower (and for 1st qtr. 1974, about $38 mil. lower); for motor carriers, net income
for 1st
b
qtr. 1975 is about $3.2 mil. lower (and for 1st qtr. 1974, about $1.8 mil. lower).
Effective
1974, comparison of operating revenues and expenses with prior periods is affected by revised
reporting regulations. Beginning 1974, other transport-related revenues and expenses are
reported gross in operating revenues and in expenses rather than as net in operating revenues.
For the year 1974, for total certificated route carriers, this reporting change had the effect of
increasing operating revenues by 2.5% and expenses by 2.7%.

SURVEY OF CURRENT BUSINESS

S-26
1973
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

| 1974

July 1975

1974

May

Annual

June

July

Aug.

1975
Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

June

CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Industrial Gases t
Production:
Acetylene
mil. cu. ft..
Carbon dioxide, liquid, gas, and solid
thous. sh. tons..
Hydrogen (high and low purity)
mil. cu. ft..
Nitrogen (high and low purity) _ _
.. .do
Oxygon (high and low purity)
do
Organic Chemicals d"
Production:
Acetylsalicy lie acid (aspirin).
^ _ mil. lb_.
Creosoteoil©
mil. gal. .
Ethyl acetate (85%)
mil. Ib
Formaldehyde (37% HCHO)
do ...
Glycerin refined all grades
do
Methanol synthetic
mil. gal
Phthalic anhydride
- mil. Ib.
ALCOHOL*
Ethyl alcohol and spirits:
Production
mil. tax gal
Used for denaturatlon
do
Taxable withdrawals
do
Stocks end of period
do
Denatured alcohol:
Production
mil wine gal
Consumption (withdrawals)
do
Stocks end of period
do

8,278

7,470

646

615

571

594

613

667

637

604

483

1,568
65,355
228,099
392,231

1,455
71,692
236, 990
387, 896

135

129

127

131

6,233
19,819
31,810

5,981
20, 182
31, 632

126

107

113

6,004
20,071
33,144

5,960
19,550
31,467

131
5,980
20, 305
32, 595

6,578
20,702
34,085

6,059
18, 949
32, 359

5,641
19, 857
31, 958

99

132.9
32.2
187.7 i 124. 2
i
170. 2
221.5
16,424.1 15,845.8
348.7
359.1
11,063.9 i 1,033.9
11,022.6 i 978.6

12.0
533.7
31.2
89.7
87.7

10.2
12.3
539.7
25.4
82.6
89.7

11.3
13.6
502.3
23.7
98.0
87.2

11.2
12.1
463.3
27.8
76.7
82.9

11.8
13.7
477.9
26.1
81.2
89.1

13.6
456.3
30.5
66.5
80.4

12.5
370.2
31.3
85.5
71.1

12.8
351.3
••30.0
82.4
56.2

24.1
11.8
261.2
26.3
66.1
39.2

40.8
34.9

45.3
37.4

52.4
38.6

59.5
34.1

61.0
39.0

48.6
37.3

54.8
36.3

52.0
35.4

1

2.8
9.9

2.8

2.4

2.6

2.6

2.8
9.8

2.7
9.7

2.6
8.6

692.1
470.8
72.7
100.9

r

615.8
459.0
74.5
100.6

52.8
44.4

90.7

82.2

81.1

86.2

82.4

74.8

79.3

100.6

253.5
253.7

255.0
255.3

24.6
24.6

19.5
19.6

20.3
20.2

21.0
20.8

19.9
20.1

21.9
22.2

20.2
20.0

20.1
20.2

2.8

6.0

2.4

6.4

2.4

5.8

2.4

6.1

2.6

5.9

2.5

7.1

6.3

2.3

2.7

125.5
752. 9
211.5
422.1
407.4

98.1
724.9
207.1
335.1
401.1

343.2
172.4
170.8

280.4
133.4
147.0

6.2

2.8

4,981
19, 785
32, 095

2.5

••422

499

* 106
4,416 r 4, 859
18, 282 19, 364
30, 763 32, 199

4, 750
19, 130
28 138

'477
r

95

2.1

2.2

13.3

••8.4
10.1
256.3 f 351. 5
24.1
22.6
28.3
30.1
41.5
43.7

9.0

107

2.1
9.0
6 1
380.3
19 8
52.0
50.6

40.4
30.2

44.5
25.6

41.4
29.3

107.1

110.1

123.1

120.9

19.7
19.6

16.3
16.6

14.0
14.2

15.9
15.6
2 7

67.5
635.0
124.2
226.1
254.2

61.5
477.6
101.2
232.3
198.4

265.0
123.0
141.9

267.5 r 302. 2
135.9 r 156. 5
131.6 r 145. 8

6.3

2.9

5.0

5.9

2.4

2.6

1.9
7.8
7.0
352.7
18 9
58.7
54.7

6.1

PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
Polyethylene and copolymers
Polypropylene
- _ ..
Polystyrene and copolymers
Polyvlnyl chloride and copolymers

mil Ib
do
do
do
do

11,647.9
18,581.8
12,164.6
15,156.0
1 4,594.3

i 1 512.2
1 8,820.8
12,257.7
14,967.6
14,821.2

2,083.7

2, 152. 6

143.5
727.5
165.8
453.1
401.4

140.3
713.3
191.0
459.9
395.3

127.7
741.0
184.6
427.5
405.1

125.9
748.7
201.6
445.4
401.5

127.4
738.4
203.1
446.2
411.8

83.3
734.7
156.1
250.6
356.8

r

97.8
483.2
119.6
r 260. 3
r 247. 7

105.0
454.1
133.3
312.3
281.8

100.3
506.6
144.8
367.0
270.4

334.1
175 8
158.3

363.8
198.0
165.8

MISCELLANEOUS PRODUCTS
Explosives (Industrial), shipments, quarterly
mil. lb-_
Paints, varnish, and lacquer, factory shipments:
Total shipments f
mil $
Industrial finishes t

do

3,133.1 3, 672. 3
1 659 0 1 870 5
1 473.9 1 801.7

559.1

538.8
342.3
180.3
162.0

349.5
185 0
164.5

345.5
189.7
155.8

363.8
192.9
170.9

338.8
173.1
165.6

534.9

565.5
223.3
104 5
118.8

ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and Industrial), total

1 947 079 1 941 095 161 170 156 404 183 343 182 358 160 064 160 300 157 865 167 242 170 919 153 341

13 y waterpower

do

1 848 539 1 841 960 153 076 148 119 175 057 174 021 151 963 151 768 149 507 158 867 163, 348 146, 338
1 576 770 1 546 519 124 968 121 680 149 408 150 615 130 663 130 806 128 328 135 873 138 478 122, 493
271 768 995 449 28 108 26 439 25 650 23 406 21 301 20 962 21 179 22 994 24, 870 23, 845

Privately and municipally owned util
Other producers (publicly owned)

do
do

1 522 995 1 496 751 123 181 118 911 131 375 143 351 124 032 124 908 124 074 132 002 134 110 119, 772
325 543 345 999 29 895 29 208 43 682 30 670 27* 931 26* 861 25 434 26, 865 29, 238 26, 566

Electric utilities total

do

Industrial establishments total
By fuels

do
do

98 540
94 978
3 562

99 135
95 650
3' 485

8 094
7*764

330

8 285
7 985

300

8 286
8 008

277

8 338
8 073

264

8 101
7' 849

252

8 531
8 284

247

8 358
8 102

256

8 374
8,070

304

7 571
7,271

301

7,004
6,723

281

Sales to ultimate customers, total (Edison Electric
Institute)
mil kw -hr 1 703 203 1 700 769 133, 383 140, 785 148 165 154, 740 152, 701 141,745 137, 202 141, 302 146, 950 142, 881 139, 872 136, 294
Commercial and industrial:
396 903 392 716 30, 534 33,373 35 819 36, 998 36, 644 33,271 31,947 32, 698 33, 603 33, 146 32, 704 32, 114
Small light and power§
do
Large light and power§
do
687 235 689 435 57 297 58, 292 58 004 60,152 60, 731 59, 958 57, 666 54, 332 54, 557 53, 480 53, 169 52, 851
Railways and railroads
Residential or domestic

do
do

4 186
554 171

4 258
554 960

Street and highway lighting

do

12 836
42 340
5 532

13 314
40 721
5 366

Interdepartmental

do

334
40 333
1 015
3 367

503

338

388

379

392

374

52 161

50, 002

375

49 042

43, 212

42 209

48, 803

53, 289

50, 716

48, 596

46, 035

985

997

3 416
'422

3 542

1 051
3 606
'436

1,084
3 458

1,163
3 342
'441

1 220
3 364

1,239
3 420

1,261
3 438

1,219
3 522
'405

1,165
3 459
'391

1,096
3 428

339
43 958

344

417

Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 31 662 9 39 126 8 3,011.6 3, 264. 9 3 523 4

336

444

358

422

418

428

393

390

3,712.9 3,753.8 3, 484. 1 3, 388. 9 3, 550. 5 3, 745. 5 3, 728. 8 3,683.5 3, 601. 9

GAS

Total utility gas, quarterly
(American Gas Association):
Customers end of period total
Residential
Commercial
Industrial
Other
Sales to customers total
Residential
Commercial
Industrial
Other
Revenue from sales to customers total
Residential
Commercial
Industrial
Other
r

thous
do
do .
do
do
tril Btu
do
do
do
do
mil $
do
do
do
do...

44 905
4o' 555
3,388
215
48

44 727
41 037
3,428
212
49

44 014
40, 418
3,343
211
42

44 043
40, 480
3,314
197
52

44 727
41,037
3,428
212
49

44, 953
44, 225
3, 434
204
90

16
4
2
8

16 013
4*931
2 321
8 132

3 818
1,035

3,125

475
287

3, 934
1,285

4,947
2,236

491

2, 169

2,176

1,881

1,546

188

164

168

3 443
1 524

2 625

4 266
1,967

6,328
3, 348
1,278
1,454

12
6
2
4

484
994
283
373

835

990
248
174
198
'371

629

15 368
6 993
2 565
5 347
'464

122

547
1 278

93

l
Revised.
Reported annual total; revisions are not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
d"Data are reported on the basis of 100 percent content of the
specified material unless otherwise indicated.
J Monthly revisions back to 1971 are avail-




831
323
1 370

100

604

731

1 470

99

997

249

able upon request.
0In the 1973 BUSINESS STATISTICS the unit reads "millions of
gallons"; it should read "thousands of gallons."
t Monthly revisions for 1973 will be shown
later.

SURVEY OF CURRENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1974

1974

May

Annual

S-27

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

12.54
11.12
13.21

11.18
9.84
13.54

12.40
11.57
13.76

14.50
13.01
14.26

May

June

FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Produ ctton
i axaoi e wiinurawaib

mil bbl

148. 60
138. 47
12.76

156. 18
145. 46
12.58

Distilled' spirits (total):
162. 55
183. 07
Production
mil tax gal
Consumption, apparent, for beverage purposes
mil. wine gal._ i 407. 02 '1417.C8
220. 58
Taxable withdrawals
mil. tax gal__ 210. 04
875. 75
939. 70
Stocks end of period
do
110. 98
107.
28
Import's
mil. proof gal..
Whisky:
75.15
108. 39
Produc (ion
mil tax gal
137. 03
133.63
Taxabl e withdrawals
do
822.
11
893.00
Stocks, end of period
do
93. 92
92.30
Imports
mil proof gal
Rectified spirits and wines, production, total
mil. proof gaLWhisky
do_ __
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
UAUUlt \

15.04
13.86
14.47

15.73
14.73
14.33

14.61
13.89
14.04

12.67
12.09
13.72

12.28
11.59
13.53

10.71
10.42
13.04

11.11
10.74
12.58

16.92

15.85

10.05

8.42

11.37

15.30

12.69

12.23

11.26

10.19

10.56

11.79

33.77
19.61
925. 96
8.09

34.10
18. 50
924. 01
9.33

32.16
16.63
915. 98
9.11

31.32
17.06
909. 90
7.09

31. 22
18.33
898. 20
9.32

36.95
23.64
888. 75
11.53

39.80
19. 70
880. 48
10.06

49.45
16.71
875. 75
11. 29

31.43
19. 36
891.54
7.11

26.84
14.55
862. 94
7.67

32.57
15.75
857. 25
7.92

20. 19
852. 07
9.93

9. 89

9.51
11.67
878. 43
6.69

8.00
10.94
875. 74
7.77

2.90
10.18
867. 2S
7.84

3.11
10.45
862. 42
5.74

4.38
11. 39
849.66
7.88

5.57
16.00
838. 55
9. 89

3.95
12. 32
828. 47
8.51

3.80
9.69
822.11
9.58

3.35
10.66
814.68
5.74

3.79
9. 49
808. 00
6.34

4.41
9.81
802. 16
6.57

5.47
12. 97
794. 26
8.39

8.32

114.93 '118.61
53.38
53.35

9.09
3.71

9.62
4.46

9.52
4.20

9.27
4.04

8.80
3.80

12.00
5.81

12.02
6.38

9.18
3.40

9.24
3.56

7.98
3.59

8.13
3.22

10.79
5.25

18.83
18.03
8.12
1.80

1.58
1.34
9.80
.12

1.32
1.53
9.47
.18

1.33
.90
9. 85
.12

2.35
1.41
10.68
.19

1.69
1. 22
1L50
.16

1.58
2.42
10.13
.17

1.53
2.23
9.33
.16

1.30
2.43
8.12
. 22

1.75
1.20
8.61
.12

1.11
.94
8.73
.12

1.53
1.18
9.00
.11

1.57
.97
9.51
.14

-

- do_ __

20. 50
18 97
8.48
2.02

- - --

- do_ _
do
do
do

437.54
273. 07
422.37
53.15

401. 42
279. 98
451.
59
3
49. 58

7.08
23.16
330. 02
4.37

10.88
23.90
306. 55
4.41

8.61
19. 62
293. 39
4.67

16.83
22.08
280. 88
4. 59

86.10
20.68
335. 17
4.10

167. 55
26.81
463. 52
4.16

45.06
23.11
473. 14
4.27

18.44
27. 19
451. 59
3. 59

9.93
23.88
432. 10
3.92

8.14
22.48
413. 00
2.78

8.27
26.88
387. 40
3.34

do

378. 68

354. 30

7.80

4.85

4.81

26.54

106. 66

130. 20

40.08

17.46

9.61

3.49

7.11

6.01

mil Ib
do
$ per lb_.

* 918. 6
46.4
3.689

' 961. 7 ' 102. 2
97.4
49.2
.621
.674

95. 2
117.5
.618

'80.8
130.5
.621

'70.4
122.0
.689

'63.9
105.6
.694

'70.7
83.1
.706

'67.3
58.0
.705

89.6
49. 2
.673

97.4
54.5
.677

90.4
61.3
.693

96.3
60.5
.692

100.9
66.5
.704

101.6
' 85.2
.705

216.3
130.6

203.9
122.1

238.0
144.1

243.4
152.9

264.2
168.4

I 1

Imports
Still wines:
Production
Taxable withdrawals
Stocks, end of period
Imports

14.71
13.76
14.31

Distillintr materials produced at wineries

.12

7,14
24.30
366. 37
4.00 ""§." 65"

DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks cold storage end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory) total
American whole milk

mil. Ib
_ do_ _

r

4 2,685.4 '2,930.2 f' 282. 0 ' 277. 8 ' 251. 6 ' 232. 3 ' 213. 9 '218.6 ' 205. 8 ' 218. 7
4 1,672.5 ' 1,858. 6 191. 5 r 188. 3 ' 165. 2 ' 144. 2 ' 125. 0 ' 125. 5 «• 116. 6 ' 124. 9
566.0
570.7
502.2
552.4
533.4
494.0
512.1
494. 0
539.1
357.8
488.1
430.2
486.5
479. 0
454.8
463.0
420.8
440.6
420.8
290.3
17.6
19.0
12.6
15.3
17.4
31.7
315.6
15.8
18.8
» 232.0

99.0
.706

482. 2 458.1
447.5
441.0 ' 454. 8 478.3
Stocks cold storage end of period
do
413. 5 393.1
379.8 ' 392. 6 417.0
385.6
American, whole milk _ . _ _
do
14.4
8.4
9.4
9.6
9.0
Imports
do
Price, wholesale, American, single daisies (Chi.892
.888
.962
.898
.946
.979
.936
.973
.945
.965
.946
.952
.968
1.006
.843
.987
cago)
$ per Ib
Condensed and evaporated1 milk:
'
102.
7
'
102.
7
'60.8
'84.8
73.9
'
108.
6
'78.1
'65.2
'1,035.2
'60.9
70.2
75.0
*
1,102.2
77.9
96.6
Production case goodsc?
mil. Ib
Stocks, manufacturers', case goods, end of month
156.5
127.4
101.0
167.6
79.2
110.0
68.1
79.2
153.5
124.1
61.8
54.3
69.2
60.3
84.2
or yearcf
mil. Ib
Exports:
.1
.2
.3
.2
.1
.1
1.6
.3
.1
.2
.4
.2
.1
.1
1.0
Condensed (sweetened)
do
5.2
3.4
2.2
4.1
3.2
2.4
3.3
40.7
3.4
4.0
2^9
3.9
41.4
4.5
4.0
Evaporated (unsweetened)
do
Fluid milk:
4
8,669
9, 690
9,087
9, 301
9,125
8,775 10, 023 10, 121 10, 789 10, 460
9,140
115,385 115,416 10,841 10,563 10,139
Production on farms
-do
5,510
5,289
'*57,920 ' 60, 821 ' 6, 187 ' 6, 130 ' 5, 688 ' 5, 124 ' 4, 422 ' 4, 355 ' 3, 985 ' 4, 546 4.844 4,657
6,006
Utilization in mfd dairy products
do
8.44
7.67
7.60
7.76
8.27
8.22
8.33
8.31
8.28
8.28
8.13
7.14
8.03
8.09 '7.98 P 7. 94
Price, wholesale, U.S. average
$ per 100 lb_.
Dry milk:
Production:
'7.0
'4.0
'2.8
'5.7
4.8
'4.7
*78.0
3.4
'67.7 r '8.4
'3.1
'3.7
3.9
3.4
7.4
Dry whole milk
mil Ib
83.5
125. 7 ' 138. 1 ' 118. 7 r 99. 1 '68.9 '54.6 '51.5 -83.3
81.6
111.5
131.4
r 4 916.6 '1,019.9
95.8
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
5.4
13.1
13.4
12.6
6.4
7.0
11.0
6.4
5.4
7.4
6.0
5.3
7.6
10.8
9.7
Dry whole milk
do
192.2
130.1
123.0
134.6
141.9
199.8
190.3
74.5
134.6
115.0
114.9
108.9
116.2
144.1
167.3
Nonfat dry milk (human food)
do
Exports:
4.1
4.6
3.7
5. 1
3.2
45.2
2.1
49.7
3.2
4.4
3.2
2.6
2.3
4.6
2.8
Dry whole milk
do
.4
.3
.3
.3
.7
2.5
13.5
6.7
10.4
.4
14.5
.3
48.9
.3
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.575
.572
.621
.570
.569
.586
.588
.568
.464
.600
.607
.602
.577
.603
.574
milk (human food)
$ per lb_.
GRAIN AND GRAIN PRODUCTS
201.0
188.2
188.5
164.6
211.6
245.9 199.7
197.1
186.2
194.7
139. 2
159.3
Exports (barley, corn, oats, rye, wheat),. .mil. bu_- 32,896.2 2, 220. 3
148.7
Barley:
5
308.
1
5
421.
5
Production (crop estimate)
do
7 395. 1
6
308.5
119. 3
320. 9
229.8
229.8
133.5
Stocks (domestic) end of period
do
182. 3
6 55.4
127.1
207.3
127.1
61 6
On farms
do
663.9
126. 2
102 7
102.7
113.6
71 9
Off farms
do
2.5
3.0
2.5
8.3
6.3
2.7
5.8
94.6
6.1
56.7
Exports, including malt§ _.
do
1.5
3. 6
2.8
2.0
3.4
Prices, wholesale (Minneapolis):
3.88
4.64
2.77
3.09
3.37
4.39
4.43
2.02
3.53
3.63
No. 2, malting
$ per bu_4.33
4.10
3.63
3.92
4.20
4.09
3.80
3.03
3.27
4.51
2.76
3.50
4.06
4.20
3.40
2.00
3.82
3.86
4.02
3.99
3.38
No. 3, straight
do
3.64
Corn:
55 647 5 4 651
Production (crop estimate grain only) mil bu
7 6, 046
1,442
6483
4,473
3,613
3,613
2,209
Stocks (domestic) end of period total
do
1,061
6288
3, 357
2,533
2,533
1,504
On farms
do
6195
381
1.080
1,080
Off farms
do
1,116
705
66.4
58.2
124.3 116.4
97.7
129.6
102.3
122.7
103.3
1,312.3 1, 180. 8
125.2
Exports, including meal andflour..-.
do
64.1
103.2
74.1
Prices, wholesale:
2.96
3.16
3.67
3.50
2.73
3.54
3.16
3.22
3.67
2.19
3.12
No. 3. yellow (Chicago) _
_ $ per bu
3.02
2.82
2.91
3.75
2.83
Weighted avg., selected markets, all grades
2.61
2.80
3.27
3.46
3.14
3.12
3.46
3.42
2.12
3.53
2.90
2.86
do
2. 90
2.88
2.95
3.69
Oats:
5621
Production (crop estimate)
mil bu
5667
'731
6
254
652
511
637
5ll
Stocks (domestic) end of period total
do
327
6 151
475
388
496
On farms
do
388
239
123
6
104
162
156
Off farms
do
123
88
.3
1.9
.5
9.0
Exports, including oatmeal
_ __do
8.0
1.6
.1
1.6
.5
30.0
54.3
1.7
.3
2. 8
Price, wholesale, No. 2, white (Minneapolis) f
1.76
1.71
1.66
1.68
1.96
1.63
1.39
1.47
1.74
1.82
1.08
1.89
1.84
1.72
$ per bu_.
1.81
1.55
r
v
l
Revised.
Preliminary.
Includes Hawaii ; no mont hly data '<.ivailable for Haw aii.
for 1975 crop,
cTCoiKlensed m ilk inclu ded with evapora ted to a\roid disc osing op ^rations
2
Average for Jan., Feb., Apr.-July, Oct. -Dec.
3 Annu il total njflects re visions ilot
of ind ividual f irms.
§Exclud es pearl barley,
9 Scat tered in Mithly n} visions >ack to
distributed to the months.
* Revised monthly data bac k to 1971 are ava liable u] xm
1971 will be sho wn later,
tEffe ctive Ma rch 1975 SURVEY, data are restated ;o cover ( ifferent
request.
5 Crop estimate for the year.
» Previ ous year's crop; ne w crop
marke
t.
Data
f
or
earlier
n
ot
repor
ted
periods
^
own
late
r.
will
be
sr
7
until beginning of new crop year (July for barley ancI oats; Oct for corn)
July 1 estim ate




SURVEY OF CURRENT BUSINESS

S-28

1974

1974

1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

Annual

July 1975

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Rice:
Production (crop estimate)
roll
bags $
California mills:
Receipts domestic rough
mil. Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
mil. Ib

*92 8

Wheat:
Production (crop estimate) total
Spring wheat
Winter wheat
Distribution

1 925
1 359

172
149

164
111

184
137

85
102

29
45

294
133

192
135

147
90

230
138

228
186

186
136

186
174

237
196

281
241

109

135

70

80

83

42

18

133

123

135

169

163

166

124

102

67

6, 021
4,226

7 047
4 816

73
237

115
345

109
286

561
273

1,517
502

2,177
614

895
525

640
539

804
599

702
585

389
546

253
491

136
427

1 816
3,583

1 788
3 801

824
233

570
312

361
305

455
174

978
329

1,805
350

1,884
332

1,788
442

1,727
545

1,646
564

1,387
556

1,065
464

739
437

.180

252

300

.250

.250

.230

.200

.185

.200

.208

.205

.210

.205

.205

.185

26.3
21.4
1.82

i 19 3
11 9
2.99

2.12

2 11 0
2.66

3.10

3.04

20.4
3.11

3.22

3.21

11.9
3.07

3.02

2.80

8.4
2.48

2.74

2.68

do
do
do

Exports total including
wheat only

do
do

flour

1

Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per b u _ _
No. 2. hd. and dk. hd. winter (Kans. City). do
Weighted avg., selected markets, all grades
$ per bu..

.195
5

1

1 705 i i 793
i 432
i 402
i 1 273 i i 391
2,178
1 694

mil bu
do
do
do

Stocks (domestic) end of period total
On farms
On* farms

114. 1

2,151
1,591

Southern States mills (Ark., La., Tenn., Tex.):
Receipts rough from producers
mil Ib
Shipments from mills milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis) end of period
mil Ib
Exports
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$ per Ib

Rye:
Production (crop estimate)
mil bu
Stocks (domestic) end of period
do
Price, wholesale, No. 2 (Minneapolis).. $ per bu._

1

303

492

449

464

2 249
2 91
2 153

1 550
'668
gg9

1,101
440
661

638
250
388

18. 8

2.47
6 2, 187
6551
51 637

927
363
564

1 101
440
661

1 403 5
3 i 372 1

944 0
919 4

57 2
55 0

58 9
56 9

84 6
82 8

93 5
91 6

87 6
86 0

93.2
91.3

100 5
98.3

84 8
82.3

110 4
108.4

72 9
71.3

66.5
65.2

78.2
77.0

69.4
65.3

3.43
3.58

5.24
4.74

4.29
3.67

5.02
4.30

5.42
4.46

5.06
4.36

5.14
4.47

5.64
4.92

5.64
4.99

5. 38
4.81

4.81
4.42

4.47
4.02

4.48
3.78

4.57
3.76

4.41
3.45

4.25
3.40

3.64

5.53

4.59

5.14

5.48

5.21

5.62

5.88

5.84

5.64

5.22

5.00

4.78

4.94

4.96

4.39

249 157
4 393
542 904

18 925
339
49 217

18 610
329
41 634

18 735
337
42 246

20 269
367
45 647

°0 837
377
47 039

22 817
415
51,512

20 853
384
47 012

19 658
359
44,272

19 466
354
43, 927

17 653
321
39,746

19054 r 20 599
349
'378
42,833 ' 46,375

20, 506
374
46 167

4 499
10 563

957

3 748
858

784

797

3 885
699

816

929

4,499
1 058

820

715

4,755
577

516

1,718

11. 887
11.059

9.838
9.188

10. 963
9.688

12. 013
10. 725

11.513
10. 150

11.425
10. 325

12. 600
11.363

12. 938
11.775

12. 175
11.200

11.488
10. 438

11. 025
9.938

10. 388
9.125

10. 363
8. 975

9.863
8.550

3

Wheat flour:
Production:
249 265
Flour
thous sacks (100 Ib )
Offal
thous sh tons
4 303
Grlndings of wheat _
thous. bu
555 269
Stocks held by mills, end of period
thous sacks (100 Ib )
5 505
Exports
do
13 456
Prices, wholesale:
Spring, standard patent (Minneapolis)
$per 100 l b _ . 8.734
Winter, hard, 95% patent (Kans. City). .do
8.454

9,550
8.088

LIVESTOCK
Cattle and calves:
Slaughter (federally Inspected):
Calves _
thous. animals
Cattle
do
Prices, wholesale:
Beef steers (Omaha) ...
$ per 100 Ib
Steers, stocker and feeder (Kansas C i t y ) _ _ d o
Calves, vealors (Natl. Stockyards, 111'.) _ -do
Hogs:
Slaughter (federally inspected) thous animals
Prices:
Wholesale, average, all grades (Sioux City)
$per lOOlb..
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 1001b_,

1 808
30 521

OO O1 Q

2 355

167
2 793

137
2 621

164
2 821

20°
2 876

212
9 787

279
3 230

251
2 929

254
2 909

284
3 152

250
2 778

276
2 826

284
2 889

270
2 851

43 52
49.13
57.19

41 20
36.49
46.19

39 49
37.24
51.00

36 62
33.16
45.00

42 81
34.44
41.80

46 14
33.26
36.00

40 64
29. 80
36.00

39 21
29.80
36.00

37 45
27.97
36.00

36 46
28.05
36. 00

35 59
26.79
36.50

34 12
26.80
36.50

35. 36
27.86
38.00

42.24
30.73
37.00

48.72
34.87
37.00

72 264

77 071

7 077

5 894

5 722

6 363

6 523

7 023

6 402

6 243

6 350

5 540

5 751

6 361

5,376

40.10

' 34. 75

25.43

26.51

34.23

35.58

34.41

37.91

37.45

38.96

38.23

39.23

39.22

40.32

45.78

50.28

10 7

9 4

11 8

10 7

10 2

10 8

11 1

11 7

19 4

13 4

14 3

14.7

17.0

17.6

e 21 7

6

12 2

9 234

Q r CR

670

581

713

777

842

851

612

595

662

570

648

627

615

36.69

r 39. 76

47.25

46.25

41.25

r 39. 00

36.12

35.88

37.50

38.50

37.50

40.50

45.12

48.88

50.75

33, 525

36, 329

3,227

2,888

2,939

3,056

2,993

3,360

3,048

2,971

3,169

2,762

2,845

2,966

2,751

QOA

Cf)Q

759
1, 972

714
1,634

794
65

720
79
111

(7)
33.52
31.50

46.12

MEATS
Total meats:
Production (carcass weight, leaf lard In) , inspected
slaughter t - mil Ib
Stocks (excluding lard), cold storage, end of
period
mil. lb_.
Exports (meat and meat preparations)
do
Imports (meat and meat preparations) _ do
Beef and veal:
Production, Inspected slaughter t
do
Stocks, cold storage, end of period
do
Exports
.
do
Imports
_ _ _.
do . .
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (East Coast)
$ per Ib ,
Lamb and mutton:
Production, inspected slaughter

mil. l b _ _

1 Oil
51

914
54
124

796
68

725
64

692
58
130

715
77
114

754
64

803
54

815
57

798
67

783
75

1 Ot

415
53
1,191

475
4
89

1 717
453
3
94

i one

459
81
1,471

411
3
71

1 817
387
2
118

1 725
358
3
98

1 991
362
3
79

1 803
373
3
97

1 776
415
4
110

1 948
429
3
141

1 714
405
4
102

1 769
396
3
110

1 762
'359
4
91

1 728
318
3
80

<.696

.691

.666

.637

.730

.755

.686

.663

.635

.623

.599

.603

.611

.826

.821

qc

98

ox

15

14

17

16

16

07
15

42
14

43
15

31
14

31
14

34
12

30
11

34
9

32
10

30
9

91 999

1

899

Pork (Including lard), production, inspected
1,370
1,143
1,100
14, 668
slaughter!
mil. Ib_. 13, 535
r
Revised.
i Crop estimate for the year. J Previous year's crop; new crop not reported
until July (beginning of new crop year).
« Annual total reflects
revisions not distributed
5
to the months.
* Average for Jan.-July and Sept.-Dec.
July 1 estimate of 1975 crop.




-I AC

.880

992
1,172
1,049
1,164
1,187
1,326
1,214
1,018
1,202
1,226
« Effective 7 with June 1975 SURVEY, average is restated to represent "market" year (Dec.Nov.).
Series discontinued.
9 Bags of 100 Ibs.
I Scattered monthly revisions
back to 1971 are available upon request.

SUEVEY OF CURRENT BUSINESS

July 1975

1974

1974

1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

S-29

Annual

June

May

July

1975

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS— Continued
Pork (excluding lard):
Production, inspected slaughter
mil Ib
Stocks, cold storage, end of period
do
Exports
do
Imports __ _ _.
do
Prices, wholesale:
Hams, smoked composite
,
$perlb
Fresh loins, 8-14 Ib. average (New York) _ _ d o

r

r

1 093

412
6
30

992
355
9
23

958
292
8
25

1 044
258
13
19

1,073

307
104
362
.678
.786

.834
.706

«.476
.692

.597
.851

684
.834

.634
.816

728

773

.805

.764

10, 649

10, 706

944

920

1,002

1,023

898

1,015

800

431
281

456
275

403
227

449
266

522
336

621
432

718
529

744
555

555
372

7

. 211

.195

.185

.200

.205

.225

.225

.245

.215

183 5

15. 9

15 1

15 3

15 1

14 5

15 0

14 7

15 3

34
43

36
54

86
50

89
56

95
59

78
63

70
66

73
65

52
60

.610

.598

.445

.446

.505

.575

.646

.632

Cocoa (cacao) beans:
Imports (inch shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per Ib..

248.0
.636

221.1
.982

28.0
1.168

23.7
1.015

12.8
1.070

10.4
1.070

4 8
1.018

81
1.193

Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagscf 1 -Roastings (green weight)
_ _
do

4,146
19,415

3,003
18, 569

Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.) $ per Ib
Confectionery, manufacturers' sales,
mil. $

21 799
4,606
.676
2,141

19 943
2 725
.702
2,771

1 868

1 529

1 499

.765

.740

mil. Ib

459

432

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

4,931
6,551
1,217

POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. Ib.
Stocks, cold storage (frozen), end of period, total
mil. lb_.
Turkeys
___ .
do
Price, in Georgia producing area, live broilers
$ per lb-_
Eggs:
Production on farms
mil casesO
Stocks ,cold storage, end of period:
Shell
thous. casesO-Frozen
mil Ib
Price, wholesale, large (delivered; Chicago)f
$ per doz._

11,879
286
169
398
1

2

.810
.819

7
7

12 856

.239

185 0

7

1, 195

1 062

1 154

249
15
28

270
16
30

303
10
31

307
g
33

1 049

295
9
34

900
301
11
25

922
299
24
31

1 043
r
343

10
29

876
324
13
26

852

728

747

.774

.823

.815

768

781

676

736

825

831

456
275

439
267

410
240

370
207

339
178

'315
r
160

342
188

.230

.250

.240

.235

.250

.280

15 4

13 9

15 3

14 6

15 0

36
54

35
54

48
59

32
47

25
44

'68
AZ

82
49

.630

.688

.637

.574

.607

.516

.513

.517

11 1
1.115

18 7
.840

20 5
.895

17 3
.888

21 7
.848

17 9
.755

17 4
.595

.625

1 535

1 448

277

1 365
244
206

716

743

.816

.798

787
.948

801
.994

MISCELLANEOUS FOOD PRODUCTS

Fish:
Stocks, cold storage, end of period

Deliveries, total 9
. _
For domestic consumption.. _ .
Stocks, raw and ref., end of period.Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines...
Refined sugar, total

Teaf imports

4,072
3,840

891
43

180

.720
172

1 152
83
.630
251

.600

424

410

410

420

4, 620
6, 895
r 1, 150

209
665
103

139
727
105

65
569
161

990
988

166

29

193

r
r

2,699
4 702

3 003
4 997

740
61

309

1 159

1 550

1 852

1 656

.690

.700

.675

.680

246

250

221

'207

395

360

335

P 307

615

297

183

191

2, 800

514
511
3,067

552
549
2,970

693
684
2,836

r 2, 521

*2, 284

4 394

2 777

2 307

9 516

9

1 325

17 648

494
112

148
(*}
1

199
54
4

992
9

300
54
4

993

300

9

195

148

.640

457

309

265

417

416

426

432

72
725
182

106
604
154

694
583
123

972
510
94

r 974
'409
r

1,135
1,132
1,200

1 003

998
950

1 045
1 042
1,202

879
876

r 469
r

1, 822

3 123

5 299

8 763

13 672

593
207

437
53
(4)

360
81
O

479
68

220

82

359

253

331

(6)
(8)

do
do
_ do

11,538
11,482
2,583

11, 273
11,237
r
2, 800

1,040
1,038
2,034

1,949

1 060
1 058
1,613

sh tons

3,946

62, 734

9,933

1,407

1,334

5 200
1 566
9

3 5 774
1 414

512
180
0

505
114

600
199
0

$ per Ib

103

289

.228

.270

.275

.315

335

370

580

430

375

388

$ per 5 lb._
$per Ib_.

.775
.133

1.680
.320

1.253
.248

1.426
.285

1.642
.319

1.753
.338

1.901
.395

2.170
.408

2. 520
.549

3.546
.592

3.121
.518

2.858
.479

173,314

178, 326

18, 122

17, 489

21, 788

16, 432

13, 954

10, 460

7,735

11 844

14, 297

12,200

15, 486

13, 648

14, 694

304 3
122.8

r 306 4
123.1

r 998 5
111.3

r 350 9
119. 7

r 315 9
122.7

272 2
134 1

r 999 7

129.2

T 278 7
119.5

280 4
117.0

r 307 9
r
121.1

988 1
113.1

393 i

330 1
84 7

310 6
81.8

319 9
93 9

r 399 9

96 5

97. 6

315 7
95.9

r

181.7
r 75 8

180.7
64 1

.544

.502

46.8
68. 9
25 7

41.9
55.6
23.6

thous sh tons
do
do

Prices (New York):
Raw, wholesale
..
Refined:
Retail (incl. N.E. New Jersey)
Wholesale (excl. excise tax)

5,108
4,628

thous. lb.

3

9

(4)

(4)

(4)

463

r

o

/4\

832
809

6
5

82

2.679
.410 "~.~361~

3
148

."319" "".'259

FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (Incl. shortening):
Production}
mil ib
3 635 8
Stocks, end of period®
do__
114.6
Salad or cooking oils:
Productiont-..
do
3893 4
Stocks, end of period®
do
74.1
Margarine:
Productiont
do
2, 359. 0
Stocks, end of period®
.
do
61 2
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per lb..
.340
Animal and fl?h fats:
Tallow, edible:
Production (quantities rendered) J
mil lb
Consumption in end productst
do
Stocks, end of period 1
do
Tallow and grease (except wool), inedible:
Production (quantities rendered) t
do
Consumption in end productst
do
Stocks, end of period if
_ do _

* 474. 6
558.0
40.4

3 702 8
134. 1

r

286. 2
130.6

r

280 7
133.5

r

349 0
107. 6

'114.7

353 4
'88.8

333 2
83.5

293 9
78. 1

r

357 3
93. 3

330 5
99 2

2, 397. 7
64 3

202. 9
80 3

174.4
77 8

192.0
70 8

163.2
69 0

182.2
71 8

229.5
74 1

203.9
70 0

187 6
64 3

211.0
65 6

201.2
72 5

198.7
65 8

.512

.462

.462

.470

.567

.574

.626

.613

.617

.619

.619

.576

' 575. 8
665.0
33.4

49.6
51.4
32.5

45.7
48.4
32.5

47.0
55.6
36.8

46.1
51.9
36.6

46.9
58. 1
31 9

59.1
67.5
29 8

52 2
63.9
32 9

'55 2
58.3
33 4

56 1
62.7
38 6

52.7
62.6
40.0

54.2
69.1
32 1

4 110 6
' 96. 5

r

336 5

482.2
5, 237. 1 5, 526. 6
492.0
460.1
3,032.2 3, 029. 2 * 269. 7 ' 241. 7 r 237. 8
355.6
430.1
456.3
380.3
363.2
2
' Revised.
v Preliminary.
1 Average for Jan.-Sept., and Nov.
Average for JuneDec.
3 Reflects revisions not available by months.
* Less than 500 sh. tons."
5 Effective June 1974, specification changed from'less than carlot, 10-14 Ibs. to carlot, 14-17
IDS.;
7
prices are not comparable with those for earlier periods.
6 Series discontinued.
Effective with June 1975 SURVEY, average is restated to represent "market" year (Dec.-Nov.).




r

T

r

r

r

433 0 r 405 2
234.8 r 238 0
327.6 ' 318. 0

.494

370 2
235. 6
288.4
O Cases of 30 dozen.
cfBags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
9Includes data not shown separately: see also note "§".
©Producers' and warehouse stocks.
IFactory and warehouse stocks.
fBeginning June 1974
SURVEY, prices are for cartoned, white, shell eggs to volume buyers, delivered to store door,
Chicago metropolitan area, and are not comparable with those shown previously. Comparable
data back to 1969 are available.
tMonthly revisions back to 1972 will be shown later.

452.6
' 255. 8
478.1

T

432 2
245 7
450.7

r

477 1
271 4
430. 5

437 5
32 3
400.5

r 9

' 432 5 450 3
254 4
380.3
379.5

r 920 1

399.2
231.8
361.7

SURVEY OF CURRENT BUSINESS

S-30

1974

1974

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

Annual

July 1975

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS— Continued
Vegetable oils and related products:
Coconut oil:
Production, refinedt
- mil. Ib
Consumption in end products! _ . do _
Stocks refined end of period ^§
do
Imports
_
do

649.4
901.0

•• 540. 1
726. 0
26.6

r

21 1
716.9

Corn oil:
Production: Crude _ .
do _ _ .
Refined
do
Consumption in end products!
._ do_ .
Stocks, crude and ref., end of period^ .. do

542.3

518. 3
' 500. 7

529. 2

c

529.5

473.0

508. 7
44.9

52.6

Cottonseed oil:
1 541 5
Production' Crude
do
1, 330. 2
Refined . ,
--do
906.4
Consumption in end products!
. .do ..
157.9
Stocks, crude and ref., end of period U
do
545.0
Exports (crude and refined)
. -do
Price, wholesale (N.Y.)
_ $ p e r l b _ . ».157
Soybean cake and meal:
Production
_
thous. sh. tons
Stocks (at oil mills), end of period
do

1,512.7
1, 262. 7

832.4

177.4
606.1
.410

37.3
54.1
23 6
26.5

42.7
50.7
28 7
93.2

38.3
51.7
24.8
24.7

52.4
59.6
25 2
55.0

61.0
67.4
32.7
78.4

45.5
66. 3
28 1
44.8

'48.5
56.4
26.6
41.7

53.2
67.6
30.0
47.0

43.1
58.2
26 1
40.5

49.9
68.1
22 6
70.0

46.8
40.3
40.2
82.6

43.8
36.6
35.7
93. 9

40.5
35.2
31.0
88.0

44.0
37.1
32.5
74.3

43.0
44.7
38.7
67.8

41.2
46.7
48.9
52.3

40.1
45.6
41.8
53.2

40.1
42.1
40.6
52.6

37.0
41.0
45.1
54.6

34.6
34.1
34.6
56.2

38.6
43.0
38.1
63 8

90. 1
105.9
83.2
90.2
61.8
74.5
' 175. 2 ' 135. 3
52.2
49. 5
.420
.395

78.0
88.5
57.2
121.4
36.7
.490

66.9
63.5
52.5
109.8
24.2
.415

122.8
81.8
58.3
123.2
24.1
.485

139.1
117.2
61.5
177.4
75. 1
.405

147.6
124.4
60.5
197.7
78.4
.400

137.5
125.5
57.9
210.2
67.3
.355

143 4
117.0
58.1
188.1
96.6
.315

1,376.3

1,429.4

140 0
117.4
77.8
190.4
94.2
.400

16,223.5 18, 543. 2 1,636.4
496. 7
245.6
391.9

Soybean oil:
7, 540. 2
Production: Crude
mil. Ib
6, 508. 9
Refined!
do
6, 830. 7
Consumption In end products!
do
690. 5
Stocks, crude and ref. end of period H-.do
874.3
Exports (crude and refined) - do
»
.206
Price, wholesale (refined; N.Y.)
$ per l b _ _

T

8. 704. 9

6,811. 5

7, 039. 0

673.6

1. 606. 7
.366

TOBACCO
Leaf:
U 742
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers', end of period
4 409
mil Ib
Exports, Incl scrap and stems
thous Ib 2 612,980

4,466
651,415
9

Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable
Exports cigarettes

59
576
5
46

1

55
590
5
41

902
342
554
543

777.8

r

138.2
113.0
62.1
' 166. 9
33.8
.495

1,576.3 1,655.5 1,603.3 1,244.4 1,418.1 1,406.8
475.5 529.8
480.3 447.2 504.2 481.3
756.7

581. 8
585. 0
765.1
96.9
.312

542. 4
571.3

57, 684
20 421

62, 774
34 506

5, 777
52, 760
403

5,513
46, 158
379
3,761

708.6

226. 6
.309

788.3
560.5
597. 0

702.7

239. 0
.396

759.0
r

592.3

510.8
583. 9
524. 4
569. 2
777. 1 r 793. 6
83.2
84.1
.397
.496

672.9
585.0
621. 8

734.7

85.9
.428

496. 7

627.5

513.0

53.4
70.7
53.4

56.0
£7.7
'7 4
90.8

'37.6
' 38. 9
'35.4
'71.0

40.1
38.0
34.8
87. 7

T

r 33 9

r
r

107 1
111 6
102.4
109. 0
' 56. 0 66.5
' 207. 9 173.7
92.6
56.8
.265
.305

.265

1,232.3 1,379.5 ••1, 313.9 1,225.7
508.3
408.5
524.9 ' 438. 4

621.4
511. 4 ' 482. 1
516.4
552. 1
673. 6
681.5
193. 0
111.1
.370
.439

651. 3
515.0
553. 4
689. 6
129. 0
.356

555.9
468.6

57, 141
33 650

33, 510
25 300

521 2

633.7
71.6
.327

632.4 'r 600. 9

566.4
468.4
523.6

497. 1

497. 0

116.1
.301

57.6
.296

602. 8
72. 9
.248

4,315
52, 483
33 694

46, 669
26 144

44, 172
27 805

528.2 r 540. 3
647.4 r 662. 2

.243

1 989

°68 585 -' 99 946

millions
do
do
do

36.9
55.8
22 8
35.3

272
173
008
901

3,762

5,044

45,156
93 860

47,572
19 463

4,913

5,420

399

50, 894
464

43,780
4,205

4,468

64, 063
27 l'?2

72, 950
22, 445

4,461
68, 264
24 481

4.511

5,300

443

55, 643
533

4,182
44, 054
416
3,157

38, 504
314

4,129
39, 990
29 623

48,114
3,700

4,247

4,473
4,273

5,092

4,793

47, 887
351

46, 963
354

4,547
51,838

3,645

4 942
43, 968
372
5, 155

394
3,313

3,623

3,468

LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $ _ 376, 999
1 886
Calf and kip skins
thous skins
16 867
Cattle hides
thous hides

339,
062
0
163
18 428

31,910
231
1,554

22, 521
189
1,123

29, 965
114
1,615

26, 699
101
1,529

24, 551
126
1,423

27, 871
136
1,619

25,475
140
1,708

26, 440
21)9
1,905

22, 674
280
1,663

22, 796
161
1,810

24, 519
236
1,989

25, 093
174
2,045

24, 553
230
1,834

84, 000
1° 835
1 600

77, 500
15 73°
583

8,500
1 839

11,000
2 375
74

6,500
1 ^32
11

7,700
1 728
91

7,000
1 449

6,100
1,077
24

5,800
1,167
96

3,200
533
25

4,800
1,161
64

5,600
1,515
85

5,800
1,615
119

6,100
1,603
62

5,100
1,162
46

$ per Ib
do_.

500
.343

644
.231

850
.263

850
.233

850
.258

750
.253

600
.245

550
.173

450
.175

350
.143

300
.118

.285
.125

.285
.163

.285
.275

500
.253

thous skins
thous hides and kips
thous skins
do

1 %2
17 768

16 824

1 494

1 400

1 122

1 405

1 419

1,536

1 430

1,315

1,350

14 504

13 889

1 286

1 252

1 161

1 240

1,081

1,260

1,093

992

1,033

120 104

148 565

16 191

14, 674

12,800

11,699

14, 108

12, 831

11,032

12, 759

14, 748

12,427

13, 574

14, 624

16, 735

* 184. 6

158.8

165.4

158.2

158.2

158.2

156. 8

148.1

139.5

130.9

128.0

125.1

130.9

142.4

146.7

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 9^6/lfi Ib
Hides, steer, heavy, native, over /53 Ib

.260

LEATHER

Production:
Calf and whole kip
Cattle hide and side kip
Goat and k i d
Sheep and lamb

Exports:
Upper and lining leather

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

2

146.7

5 119 5

LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs.. 2 490,033
Shoes, sandals, and play shoos, except athletic
thous pairs 2 335 636
2 91 166
Slippers
do
22 9 656
Athletic
do
Other footwear
do
2 575
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

444,261

42,411

39,262

32, 226

36,652

34,225

344
86
9
2

950
831
534
946

32, 941
8, 379
840
251

30, 381
7, 779
814
288

25, 805
5,426
746
249

27,511
8,013
821
307

9

3,599

3, 993

290

401

349

273

140.7

155.1

153.9

155.2

155.2

134.3
« 122. 1

144.0
127. 8

143.0
126.7

143.0
126.7

143.0
126.7

f
Revised.
i Crop estimate for the year.
> Annual total reflects revisions not distributed
to the monthly data.
3 Average for Jan.-June
and Oct.-Dec.
4
6
Average for Jan.-July and Sept.-Dec.
Jan.-Apr. average.
« Apr.-Dec. average.




36,301

32,548

29,377

32,511

30, 852 ' 30, 799 31,937

5 512 26, 137
7 726 9,068
890
776
206
211

24 346
7,131
774
297

23 395
5 091
700
191

26,301
5,081
925
204

24, 514 '"''4,517
4, 956 f 5, 048
r 904
876
310
306

314

362

410

316

316

156.0

160.0

160.0

160.0

160.0

160.0

144.3
126.7

150.5
132.3

150. 5
132.3

150.5
132.3

150.5
132.3

150.5
132.3

301

25, 219
5,447
974
297
442

402

464

162.1

162.1

164.6

164.6

164.6

150.5
132.3

150.5

150.5

150.5

150.5

Q Includes data for items not shown separately.
If Factory and warehouse stocks.
§ Effective Oct. 1974 SURVEY, data are restated to exclude stocks of crude coconut oil; comparable data prior to Aug. 73 will be shown later.
c
I Monthly revisions back to 1972 will be shown later.
Corrected.

SURVEY OF CURRENT BUSINESS

July 1975

1974

1974

1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

S-31

May

Annual

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production total
mil bd ft
Hardwoods
do
Softwoods
_ do _ _ _

1

i 34, 996
6, 955
28, 041

3,302
561
2,741

3,006
560
2,446

2,895
548
2,347

3,024
601
2,423

2,736
523
2,213

2,691
540
2,151

2,194
465
1,729

1,930
424
1,506

2,072
381
1,691

2,148
336
1,812

2,480
395
2,085

2,779
428
2,351

1

1

34, 373
6,634
27, 739

3,310
537
2,773

2,949
527
2,422

2,736
502
2,234

2,888
546
2,342

2,584
481
2,103

2,658
480
2,178

2,265
428
1,837

1,978
375
1,603

2, 047
340
1,707

2,164
322
1,842

2,507
389
2,118

2,843
443
2,400

38,658
7,008
31, 650

38,353
7,130
31, 223

Shipments total
Hardwoods
Softwoods

do
do
do

Stocks (cro^s) mill end of period total
Hardwoods
Softwoods

do
do _
do

4,457
459
3,998

5,080
780
4,300

4,627
490
4,137

4,683
522
4,161

4,904
568
4,336

5,042
625
4,417

5,196
669
4,527

5,229
729
4,500

5,160
768
4,392

5,112
817
4,295

5,137
858
4,279

5,123
874
4,249

5,064
842
4,222

5,000
827
4,173

do
do

1,959
9,537

1,668
7,249

206
815

135
765

115
653

143
541

100
569

139
530

98
414

87
361

86
337

112
377

233
536

130
571

113
589

8,936
679

' 7, 367
316

'693
598

'660
581

531
553

'605
465

502
389

577
393

537
352

476
316

657
497

508
443

728
543

635
567

598
462

761
r
783
1, 005

666
'594
623
'540
578
693
'677
578
573
559
578
'693
'994 ' 1,013 ' 1,013 ' 1, 058 ' 1, 079 ' 1, 041

534
550
'453
608
562
476
512
628
'982 ' 1, 040 ' 1, 028 ' 1, 008

599
611
'996

684
703
977

45
11
34

52
14
38

32
8
24

146. 90 147. 29

156. 60

169. 67

Exports total sawmill products
Imports, total sawmill products
SOFTWOODS
Douglas flr:
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 ._

9,074
8,874
935

Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$ per M bd. ft..
Southern pine:
Orders, new
... ... ...
Orders, unfilled, end of period
Production
Shipments

_ . mil. bd. ft
do
_ _ _ _ _

do
do

Exports, total sawmill products

M bd ft

Prices, wholesale, (indexes):
Boards, No. 2 and better, I" x 6", R. L.
1967 = 100..
Flooring, C and better, F. G., 1" x 4", S. L.c?
1967 = 100..
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments

Stocks (gross) , mill, end of period

598
158
440

182
15
167

113
13
100

41
9
32

49
26
24

31
5
26

60
12
47

19
4
15

33
8
25

24
7
17

181.86

158.84

179. 03

167. 63

162. 47

152. 62

146. 22

135. 85

139. 09

133. 21

138. 40

30
5
25

i 7, 745
405

1

6, 899
344

605
462

573
441

542
406

543
397

473
369

549
365

413
322

401
344

546
373

511
383

599
431

629
427

1

1
1

7, 121
6, 960

671
630

619
594

589
557

567
552

505
501

577
553

443
456

350
379

466
517

460
501

549
551

615
633

1,148

1,309

1,271

1,296

1,308

1 323

1,327

1,351

1,338

1,309

1,258

1,217

1,215

1,197

94, 346

76, 276

7,390

5,686

4,248

6 346

7,610

5,199

2,689

7,626

4,220

3,509

3,115

7,593

161. 54

5 244

198.2

188.3

207.8

195.4

192.4

180.7

174.9

160.6

158.2

152.0

144.7

147.9

150.8

160.5

169.8

174.7

186.2

229.1

231.8

232.9

236.2

236.2

236.2

236.2

228.5

228.5

228.5

228.5

230.7

230.7

231.8

230.7

10, 456
556

' 8, 788
392

'851
507

'746
483

'776
497

'690
449

'672
408

'777
460

'551
424

'489
392

587
471

507
441

663
496

791
523

720
470

do
do

10, 564
10 455

r

' 8, 973
8 952

'917
r
958

'780
'770

r 845

' 799
' 738

'767
'713

'636
'725

'528
'587

'498

465
508

505
537

612
608

753
764

794
773

do

1,323

_ mil. bd. ft
do

_ _ _ _

r

637
176
462

7, 895
i 7, 775

Stocks (gross), mill and concentration yards, end
of period .
_
mil bd. ft

' 7, 777
7, 730
••982

r

Price, wholesale, Ponderosa, boards, No. 3,1" x
12", R. L. (6' and over)
$ per M bd. ft

r

1,344

r

' 76?

r 521

1, 307 '1,317 ' 1 400' 1 461' 1,515 ' 1, 426 ' 1, 367 ' 1 344' 1, 301 ' 1, 269 ' 1, 273 ' 1, 262 ' 1 283

179. 62

151.38

231. 32

200. 60

174 35

138 40

121. 26

100. 46

99.66

120 06

126. 78

132. 83

150. 35

154. 31

173. 62

178 3
5.1

108 3
2.5

8.5
2.2

9.2
2.5

9.9
2.6

9.4
2.8

7.1
2.5

7 7
2.3

6.9
2.2

64
25

85
2 8

99
4 6

8.6
4.9

91
4 5

80
38

188 0
184 6
8.2

123 9
108 5
19.2

12.8
8.8
20.8

8.9
84
20.7

8.2
9.3
19.6

8.2
89
18.9

7.7
72
19.4

84
7 g
20.0

7.0
7 2
19.8

6 8
6 3
19.2

7 6
7 9
19.0

66
81
17.4

71
8 2
16.3

89
94
15 4

8 5
8 3
15. 7

170. 71

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.
thotis sh tons
Scrap
do
Pig iron
_ do

i 4 052
11 256
15

5 833
8 696
101

627
826
18

633
922
3

647
572
6

488
819
3

346
562
6

387
630
7

296
593
4

470
628
4

289
720
2

257
685

289
779
10

270
871
13

968
1 065
6

Imports:
Steel mill products.
Scrap
Pig iron
_ _ __

15 150
'391
459

15 970
'246
355

1 142
18
60

1 292
18
13

1 293
18
g

1 607
20
45

1 260
26
45

2 021
24
28

1 925
19
41

1 909
23
56

1 801
22
62

1 192
16
26

1 153
20
35

959
27
92

856
27
47

57, 801
44 711
103,589
1
7 092

53 794
48 025
100 587
8*181

4,673
4 440
8,821
7 491

4,467
3 958
8,382
7 565

4,338
3,719
7,906
7 741

4,448
3 939
«, 294
7 862

4,441
4 341
8*527
8 129

4,804
4 430
9*138
8 190

4,436
4 023
8 338
8 290

4 097
3 661
7 767
8 181

4 087 M 385
4 337
3 595 r 3 344 p3 651
8 36? '7 785 P g' 179
7 g^g ' 7 597p 1 450

55.95
94.22 107. 67 124. 48
106. 22
57.40
85.00 105. 50 122. 50
104.20
' Revised.
»Preliminary.
» Annual data; monthly revisions are not available.
9 Totals include data for types of lumber not shown separately.
d" Through March
1971 data are for flooring, B and better, F.G., I" x 4", S.L., beginning April 1971, they are
for flooring, C and better, F.G., 1" x 4", S.L.

111.84
111.00

__

do
do
do

Iron and Steel Scraplf
Production
Receipts, net
Consumption
Stocks, end of period

thous. sh. tons
do
do
do

Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$perlg. ton
Pittsburgh district
do




1
1
1

111.39 112. 37 104. 44
83.33 76.99
80.47
82.06
82.35
81.13
116. 00 119. 00 101. 00
72.00
83.50
84.50
81. 50
82.50
81.00
1T Effective Jan. 1975, direct comparison of data with previous periods is affected
panded sample and exclusion (because of disclosure) of data for direct reduced and
duced iron; 1st qtr. 1975 consumption of such iron totaled 156,000 tons.

68.61
69.00
by exprere-

SURVEY OF CUREENT BUSINESS

S-32
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1973

1974

Annual

July 1975

1974

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

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

i 87, 669 i 84, 676
190,863 i 85, 707
43,331 48,029

8,800
9,672
4,536

8,036
10, 619
5,057

8,654
10,474
5,590

7,286
8,337
4,579

8,516
8,823
4,230

8,646
9,005
4,912

6,417
7,463
4,611

5,832
7,427
4,760

5,635
4,134
4,245

5,319
2,421
2,712

5,823
2,437
2,975

4,019

4,027

132, 905
137,073
2,747

128,306
129, 078
2,323

14,326
11,338
229

14, 418
11, 130
242

14, 723
11, 221
388

13, 141
10, 687
168

12, 157
10,340
21

13, 147
11,005
335

11. 449
9,766
265

12,328
9,177
356

6,988
9,771
98

5,205
9,539
9

5,684
10,672
95

8,944
9,781
152

12, 989
9,182
297

do
do
do
do

i 59, 905
i 10, 876
45,990
3,039

57, 662
9, 143
45, 247
3,272

46, 410
17, 919
27, 035
1,456

47, 530
15, 331
30, 349
1,850

50,036
13,820
33,965
2,251

51,479
12, 669
36, 417
2,393

53, 567
12,363
38,264
2,940

55, 714
12,001
40,406
3,307

56, 625
10, 711
42, 089
3,825

57, 662
9,143
45, 247
3,272

56, 622
10, 536
42,789
3,297

54, 949
13, 422
38,468
3,059

52, 877
16,809
33,480
2,588

32,644
2,211

36, 450
2,286

do

916

851

57

76

61

50

94

92

103

112

79

40

108

138

116

Pig Iron:
Production (excluding production of ferroalloys)
thous. sh. tons_. 100,837 i 95, 909
Consumptlon
do
i 199, 816 i 96, 226
1722
Stocks, end of period
do
1, 215

8,387
8,435
950

8,185
8,166
936

8,337
8,294
981

7,872
7,924
940

7,713
7,808
918

8,187
8,319
860

7,250
7,369
787

6,731
6,715
722

7,350
7,372
709

7,116
8,071
7,248 P 8, 050
P 770
656

7,432

6,990

179. 88

182.38

182.38

182.38

1,380 '1,393
997 r 1, 084
••567
535

1,232
1,140
571

9,864
91.3

8,744
83.6

Stocks total end of period
At mines
At furnace yards
At U.S. docks

_

Manganese (mn. con tent), general Imports
Pig Iron and Iron Products

Price, basic furnace f

$ per sh. ton.

Castings, gray Iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do
For sale
do
Castings, malleable Iron:
Orders, unfilled, for sale, end of period
thous. sh.tons__
Shipments, total
do
For sale
do

75.24

122. 61

96.00

133.80

133. 80

149. 88

149.88

150.63

155. 75

169. 40

179. 88

1,666
17, 047
9,008

1,416
15, 691
8,764

1,639
1,439
816

1,695
1,346
758

1,691
1,194
681

1,662
1,266
725

1,616
1,352
730

1,434
1,476
781

1,343
1,224
653

1,416
969
528

1,464
1,078
576

147
1,031
616

133
913
555

144
84
53

159
76
46

167
66
43

175
75
47

168
76
46

153
85
51

135
77
42

133
59
33

116
66
37

112
59
33

103
'55
34

91
64
38

12,752
118.0

12,185
116.5

12, 155
112.5

11,837
109.6

11,849
113.3

12, 617
116.8

11, 614
111.1

10, 960
101.4

11,584
107.2

10, 862
111.3

11, 980
110.9

10, 667
102.0

1,240
190
157

1,308
179
149

1,384
141
113

1,449
157
132

1,581
173
149

1,518
192
165

1,569
169
144

1,527
170
147

1,428
182
157

1,424 •• 1, 295
r!81
160
146
134

1,234
183
147

10,047

9,298

8,843

9,084

8,601

9,374

8,431

7,353

8,324

6,978

7,204

6,955

6,394

330
566
904
184

319
446
859
184

179. 88

Steel, Raw and Semi finished
Steel (raw):
Production
-thous. sh. tons.. i 160,799 i 145,720
Index
_
dally average 1967=100
118.5 i 114.5
Steel castings:
Orders, unfilled, for sale, end of period
929
thous. sh. tons__
1,527
Shipments, total
do
1,894
2,090
For sale total
do
1,566
1,740
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons_. »111,430 i 109,472
By product:
Semifinished products
do
i 5, 749
5,509
Structural shapes (heavy), steel piling do
7,210
7,081
Plates
do
10,919
9,678
Rails and accessories
do
1,785
1,689

532
664
968
167

517
608
933
144

463
604
873
138

430
606
953
115

432
560
882
132

402
611
919
170

405
537
857
152

343
489
791
140

373
608
843
165

334
515
855
160

374
594
939
175

118,170 118,514
11,061
UO, 763
i 5, 135 15,089
i 2, 161
2,251

1,694
993
475
215

1,582
926
454
191

1,490
886
415
180

1,507
899
416
183

1,484
881
412
182

1,645
1,007
421
208

1,447
884
381
174

1,309
838
324
139

1,440
931
300
201

1, 257
800
295
156

1,278
801
321
149

1,197
737
309
145

1,089
648
310
126

Bars and tool steel total
Bars -Hot rolled (Incl light shapes)
Reinforcing
Cold
finished

do
do
do
do

Pipe and tubing
Wire and wire products
Tin mill products

do
do
do

9,133
3,245
7,316

9,844
3,171
7,528

910
296
720

817
272
640

755
223
687

814
266
608

792
251
561

889
298
614

794
251
549

758
192
442

877
213
664

771
182
512

820
187
506

790
187
422

740
171
364

Sheets and strip (Incl electrical) total
Sheets: Hot rolled
'
Cold rolled

do
do
do

49, 370
16, 886
20,377

i 44, 991
15, 774
18,275

4,096
1,458
1,609

3,786
1,320
1,515

3,612
1,259
1,492

3,785
1,325
1,567

3,506
1, 196
1,444

3,828
1,286
1,607

3,438
1,175
1,416

2,890
1,107
1,114

3,140
1,194
1,196

2,390
939
886

2,330
994
823

2,375
897
1,006

2, 221
835
948

do
do
do
do

22, 705 i 23, 179
11, 405 i 12, 270
6,459 i 6, 249
23,217
18,928

6 206
3,333
1,685
4,502

5,534
3,147
1,447
4,886

5,314
2,821
1,310
4,854

4, 873 2 1,329 2
2,635
2913
2355
1,149
3,045 2 1, 210 2

1, 208
2780
2304
1, 262

3,228
3,417
6,351
6,440
7,811
8,218
i 30, 254 i 30, 771

876
1,704
2,175
8,562

787
1,502
1,990
7,236

851
1,494
1,822
6,692

969
1,649
1,814
6,479

2294
2514
2438
21,901 2

2268
2452
2386
1, 733

By market (quarterly shipments):
Service centers and distributors
Construction incl maintenance
Contractors' products
Automotive

Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials... do _
Other
do
Steel mill products, inventories, end of period:
Consumers' (manufacturers only)__mil. sh. tons..
Receipts during period
_
do
Consumption during period
do

11.2
83.6
81.2

13.7
81.5
79.0

11.6
6.9
7.1

11.8
7.0
6.8

12.2
6.5
6.1

12.4
6.7
6.5

12.6
6.9
6.7

12.5
7.3
7.4

12.9
6.9
6.5

13.7
6.0
5.2

13.8
6.0
5.9

13.9
5.1
5.0

13.8
5.1
5.2

13.3
••5.0
'5.5

do

6.6

7.4

5.9

5.9

5.9

5.8

6.1

6.4

7.0

7.4

7.6

7.9

'8.2

8.3

Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.). do

9.7
7.4

7.7
5.6

8.2
5.4

8.2
5.1

8.5
4.9

8.2
4.8

8.2
4.8

8.2
4.7

7.7
5.1

7.7
5.6

7.7
5.3

8.1
5.6

9.4
6.0

9.9
6.3

Service centers (warehouses) f

f
Revised.
» Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
2 For month shown.
U Effective May 1973 SURVEY, prices are in terms of dollars per short ton.
f Revised series. Beginning in the Nov. 1974 SURVEY, steel mill inventories at service centers




12.7
4.5
5.1

10.2
6.4

reflect (beginning 1967) new sample panel for the Census "Wholesale Trade Report and (beginning 1962), revised unit prices for converting value of merchant wholesalers iron, steel,
etc., inventories to tonnage equivalent. Monthly revisions for 1962-72 are on p. S-32, June
1975 SURVEY.

SURVEY OF CURRENT BUSINESS

July 1975
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1974

| 1974

Annual

S-33

May

Juno

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Mar.

Feb.

A.pr.

May

June

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons.
Recovery from scrap (aluminum content) .. do-._
Imports (general):
Metal and alloys, crude A
Plates sheets etc
Exports:
Metal and alloys, crude ._
Plates, sheets, bars, etc

.

4,529
1, 147

4,903
1,089

422
97

405
110

416
85

411
90

401
93

417
103

405
89

416
76

395
89

325
82

348
97

326
100

»327

do
do

507.6
57.3

509.0
45.3

44.1
4.0

38.2
3.3

36.6
3.2

51.0
3.9

41.5
3.3

53.1
3.5

47.4
5.8

42.3
4.3

41.9
5.1

37.4
3.1

30.7
3.3

31.5
3.6

25.5
4.1

do
do

229.6
215.1

207.8
234.9

17.7
26.4

13.6
19.7

15.0
16.5

14.4
18.6

12.3
15.2

16.7
19.7

9.2
20.0

12.8
17.9

4.8
19.4

4.9
14.7

3.6
12.7

4.5
18.0

13.4
15.2

.2533

.3406

.3150

.3340

.3350

.3594

.3870

.3900

.3900

.3900

.3900

.3900

.3900

.3900

.3900

1,226.1
980.0
525.0
165.9

1,197.2
910.0
494.8
150.3

1,067.4 1, 086. 1
874.9
857.5
472.6
456.6
143.2
126.9

989.8
827.8
447.0
145.7

1 ,075.5
834.6
443.7
160.9

858.0
692.2
362.6
127.9

755.4
615.1
342.6
100.5

716.6
640.8
343.0
121.2

701.1 r 643. 5
569.2 r 522 4
303.8 '261.3
107.6 r 107. 3

712.1
580.5
296.9
115.2

5,156

4,291

4,329

4,428

4, 533

4, 559

4,650

4,869

5,156

5,535

5,589

1, 593. 6
1, 654. 7
1,420.9
i 233. 8
482.0

151.0
150.9
130.3
20.6
50.0

141.6
147.5
130.2
17.3
46.0

99.1
99.7
82.0
17.7
34.0

102.2
75.6
59.5
16.1
35.0

132.2
121.3
100.7
20.6
37.0

144.3
165.6
136.5
29.1
41.0

135. 4
148.6
127.2
21.4
33.0

134.7
139.7
119. 8
19.9
33.0

131.1
148.6
131.5
17.0
30.0

425.6
199.9

607.7
313.6

54.6
26.2

54.7
22.9

42.0
20.5

43.8
30.9

60.3
35.2

56.6
31.5

51.4
28.3

44.5
15.1

342.0
189.4

309.9
126.5

37.5
19.8

27.8
12.4

22.6
6.9

23.2
7.0

18.7
6.9

21.8
8.2

29.5
13.3

2, 444
157
108

2,162
374
179

204
173
112

215
162
122

155
200
157

155
190
135

187
189
128

174
225
136

.5948

.7727

. 8146

.8624

.8660

.8660

.8366

.7843

3,317
3,031
780

2,813
2,646
667

1

Price, primary Ingot, 99.5% minimum.. .$ per lb_.
Aluminum products-.
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total
Sheet and plate
Castings
----------

mil. Ib
do
do
.do

14,568 ' 1U3f 529
10,900 « W, 466
i 5, 626
5,741
1,760
2, 026

Inventories, total (Ingot, mill prod., and scrap),
4,366
end of period.. -- . . .. mil. Ib
Copper:
Production:
Mine, recoverable copper
thous. sh. tons_- 1,717.9
1,868. 5
Refinery, primary
do
1,698.3
From domestic ores
do
170.2
From foreign ores
do
444.0
Secondary, recovered as refined
..do
Imports (general):
Refined, unrefined, scrap (copper cont.)..do
Refined A
do
Exports:
Refined and scrap A
do
Refined
do
Consumption, refined (by mills etc.)
do
Stocks, refined, end of period. _
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered
$ per lb_CoppPF-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

Lead:
Production:
Mine, recoverable lead
thous. sh tons
Recovered from scrap (lead cont.)_
do

i 603. 0
i 653. 2

Imports (general), ore (lead cont.), metal.. .do
Consumption, total _
.
do

280. 5
1,541.2

Stocks, end of period:
Producers', ore, base bullion, and in process
157.5
(lead content), ABMS
thous. sh. tons..
Refiners' (primary), refined and antimonial
26.1
(lead content)
thous. sh. tons-124.1
Consumers' (lead content) cf do
Scrap (lead-base, purchased), all smelters
78.6
(gross weight) _
._ _ _ thous. sh. tons
.1628
Price, common grade, delivered
$ per lb._
Tin:
Imports (for consumption) :
4,480
Ore (tin content)
lg tons
45, 845
Metal, unwrought, unalloyed
_do
i
20,
477
Recovery from scrap, total (tin cont.)
do
i 2,012
As metal.
do
i 74, 640
Consumption, total
_
. do
i 58, 142
Primary
. . .
do
Exports, Incl. reexports (metal) t
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content) ...
Metal (slab, blocks)

do
do ._..
$ per Ib

3,407
9,964
2. 2748

thous. sh. tons..

478.8

Consumption .'recoverable zinc content):
Ores
Scrap, all types

1

831
759
183

r

5, 866

5,957

117.6
129.0
112.4
16.6
28.0

117.4
128.4
114.4
14.0
27.0

123.0
125.7
115.1
10.5
29.0

24.9
14.9

24.2
11.3

20.0
3.8

21.0
2.6

16.2
2.8

32.8
11.3

41.5
19.7

41.7
20.8

32.0
14.3

43.1
24.9

35.1
21.3

142
297
161

108
374
179

109
431
188

99
451
192

104
494
196

118
513
192

.7625

.7357

.6903

.6418

.6418

.6418

.6378

605
620
150

.6314

513
522
144

663. 9
631.5

53.8
53.7

55.3
46.4

55.2
47.0

59.2
49.2

50.2
54.3

65.3
58.4

53.5
56.4

54.4
56.8

55.5
47.3

52.6
43.6

58.4
50.0

'55.9
46.3

53.2

213.6
1, 533. 1

15.3
136.0

15.0
119.4

15.0
109.3

16.5
136.7

15.4
136.4

15.4
148.4

15.3
136.0

20.0
111.3

19.0
100.6

14.4
95.5

20.8
95.5

14.8
100.7

7.7

187.1

176.0

182.4

193.5

180.3

181.1

192.0

193.3

187.1

177.1

179.2

161.8

193.8

37.3
154.5

20.3
139.6

18.0
146.9

17.6
162.9

19.9
169.9

21.1
177.7

20.1
170.8

24.6
167.8

37.2
154.5

54.9
160.0

73.0
144.1

96.1
136.0

101.1
120.7

102.9

85.3
. 2253

84.0
.2150

88.8
.2290

90.3
.2450

111.4
.2450

108.0
.2450

107.8
.2450

101.3
,2450

85.3
.2450

83.2
.2450

81.5
.2450

92.2
.2450

89.5
.2450

.2334

5,877
39, 602
17, 126
1,935
67, 240
52, 800

596
2,791
1,612
145
6,285
5,115

1,128
2,752
1,603
160
5,965
4,660

533
3,752
1, 415
170
4,615
3,730

0
4,040
1,750
135
5,345
4,330

903
5,083
1,245
140
5,525
4,280

152
2,964
1,085
175
6,050
4,780

578
3,739
895
145
4,100
3,390

466
4,302
1,130
230
4,215
3,000

76
7,807
1,090
225
3,810
3,225

572
2,386
1,040
180
4,770
3,525

1,019
3,360
1,065
240
4,765
3,920

521
5,777

522
2,342

4,975
3, 790

8,415
10, 255
3. 9575

1,234
10, G60
4. 5688

907
9, 825
4. 6281

256
9,160
4. 2661

426
10,500
4. 2299

230
9, 645
4. 1592

100
9,840
3. 6533

57
10, 205
3. 7096

301
10, 255
3 5187

1,536
11,685
3. 6376

92
12, 910
3. 7203

596
10, 170
3. 6604

96
10,812
3. 5410

3. 4254

1

.3900

.1900

|

253

499. 9

40.7

42.4

41.2

41.0

39.3

42.9

41.5

41.1

42.3

39.4

Ml. 8

40.5

40.5

do
do

199.1
588.7

240.0
539.5

20.4
39.0

15.2
30.9

12.8
38.1

23.4
39.9

21.5
42.6

15.3
67.6

31.5
46.4

22.0
40.7

22. 1
40.1

10.5
18.4

13.5
21.0

12.1
16.2

14.4
14.9

do
do

i 129. 7
i 298. 3

146.4
304.6

14.3
26.0

12.9
26.2

12.9
25.6

13.0
27.0

13.1
25.2

12 2
25.0

9.9
23.4

6.6
20.8

5.8
23.0

6.0
21.8

6.3
21.2

5.1
21.2

3.4243

Slab zinc: §
Production (primary smelter), from domestic
43.4
43.9
39.4
45.4
47.0
and foreign ores
thous. sh. tons_. i 583. 5 i 555. 2
41.1
43.8
45.4
45.8
38.3
38.6
39.6
183.2
4.9
5.3
178.5
6.1
Secondary (redistilled) production
do
5.3
6.1
4.5
4.5
5.1
6.3
6.7
4.2
5.5
115.8
1, 503.9 1, 293. 9
105.0
Consumption, fabricators.
do
108.6
120.3
108.6
90.5
76.3
111.7
68.4
78.9
67.3
70.6
14.6
1.2
.8
1.0
Exports
__ .
do
19.1
1.1
.2
.8
.2
.7
2.2
1.1
.9
1.6
.7
Stocks, end of period:
19.1
' 20.8
i 22.9
19.6
17.6
18.1
Producers', at smelter (ZI)O
do
20.3
42.9
22.3
30.9
86.0
64.4
108.0
115.7
108.6
116.0
134.1
Consumers'
do _. U14.3 i 195. 8 117.7
148.8
159. 6
164.2
176.5
196.4
183.3
178.8
192.3
147.2
161. 4
Price, Prime Western
$perlb-.2066
.3594 .3478 -3495 .3640 .3762 .3926 .3933 .3923 .3924 .3915 .3911 . 3895 .3893 . 3894
. 3894
r
Revised.
v Preliminary.
1 Annual data; monthly revisions are not available.
c f l n c ludes sec ondary s melters' ead stoc ks in refiiiery sha] DCS and i i copper-base scrap,
A Effective Jan. 1974 includes items not covered in earlier periods: Aluminum— pipes,
t Eriective wil h the Ailg. 1974 iSURVEY, data rev ised to o mit exp DltS Of V nrought tin and
tubes, blanks, etc.; copper— imports of alloyed refined, and exports of ores, concentrates,
tin alloj'S.
blister, etc.
§ All data (except annual
production figures) reflect GSA remelted zinc and
OPrc ducers' s tocks els swhere, e nd of Ju ae 1975, 19,600 she rt tons.
e
zinc purchased for direct shipment.
Corrected.




SURVEY OF CURRENT BUSINESS

S-34
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1974

1 1974

Annual

July 1975

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

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 9
mil. $
Fuel-fired processing heating equip

Metal forming type tools:
Orders new (net) total
Domestic
Shipments total
Domestic
Order backlog, end of period

construction types), ship., qtrly _ .

148.1

198.6

186.0

194.2

183.0

214.0

202.2

234.1

168.5

133.6

107.8

108.2

119.4

117.2

106 2

21,387
21, 917

22, 661
26,048

1,974
2,395

2,064
2,316

1,582
1,944

1,705
1,953

1,987
2,067

2,190
2,685

1,955
2,482

2,155
2,542

1,626
2,195

1,690
2,233

1,549
2,148

1,431
1,946

1,199
1,762

52, 014

55, 124

5,122

4,540

4,001

4,722

4,357

5,368

4,247

4,062

3,756

3,509

3,551

3,224

3,250

149.7

176.5

179.3

181.7

187.8

190.4

187.5

181.2

165.7

151.5

147.1

150.1

141.9

131.6

132.2

139.6
126.9

167.8
146.6

164.4
140.1

163.5
144.2

168.5
147.9

179.8
152.8

177.4
155.9

185.2
160.7

185. 5
161.5

167.2
162.9

172.5
165.0

170.8
166.9

161.8
167.8

164.6
168.4

165.2
168.7

90 o

, 017. 05
, 715. 65
, 445. 85
, 241. 35
2, 025. 2

787. 20
717.20
427. 25
388. 05
620.6

485. 20
405. 85
584. 70
521. 80
521.2

1

49.9
6.1
34.0

90.4

1, 825. 45
1, 550. 40
1, 073. 75
935. 05
1, 453. 7

do
do
do
do
do

Tractors used in construction, shipments, qtrly:
Tracklaying total
units
mil $
Wheel (contractors' off-highway)
units
mil $
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units
mil $

151.6

190.3

Industrial supplies, machinery and equipment:
New orders^index, seas, ad justed.. .1967-69 =100..
Industrial suppliers distribution:
Sales index, seas, adjusted!
-- .1967=100..
Price index, not seas, adj.*
do. _

mil $
do
- -do
do
do

158.6

153.5

Material handling equipment (industrial):
Orders (new) index seas adj 11
1967—100

Machine tools:
Metal cutting type tools:
Orders new (net) total
Domestic
Shipments, total
Domestic
Order backlog, end of period

142.1

163.3

do

Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number

214.5

110.3
128.6
19.9
75.8

45.55
37.85
61.45
56.65
636.6

56.60
48.90
47.10
42.40
646.1

32.55
25.20
40.25
35.10
638.4

49.60
44.45
45.10
40.30
642.9

114.4

36.7
4.2
23.3

233. 80 198.65 190.80 130. 10 144. 10 127.75
205. 85 168. 60 163.30 112. 60 118. 20
99.55
119.90 125. 75 105.00
89.35 151. 35 129.05
88.00
104.50 111. 15
75.45 127. 55 108.45
, 977. 1 2, 050. 0 2,135.8 2,176.6 2, 169. 4 2,168.1
55.35
45.95
52.70
44.75
652.5

218.6

34.8
6.6
17.6

42.65
33.50
62.80
57.05
622.8

36.6
9 9
17 7

46.65
90.95
59. 30
61.85
67.75
40.90
74.55
45.15 55.75
51.05
128.90 164. 30 123.35 151. 90 178.55
110.05 138. 20 103.55 124. 60 147.25
2,130.2 2, 025. 2 1,969. 6 1, 864. 4 1,747. 7
-11.30
-14.50
51.60
48.35
559.9

18.15
12.85
56.85
49. 45
521.2

15.55
8.90
52.80
44.75
484.0

' 76. 80 P 81. 60
' 67. 35 p 73. 60
177. 10 P171. 20
150. 20 pl39. 15
1,647.4 pi, 557.8

17.35 r 19. 25 P 19. 35
13.05 ' 14. 20 p 12. 50
65.00 r 43. 10 p45. 15
52.80 •• 36. 95 p 39. 50
387.6 •• 363. 8 p 338.0

15.95
10.45
64.65
53.60
435.3

24, 872 i 123,623
835. 1
i 690 6
22 6 273 2 5 600
244 8 2 255.6

6,378
210. 5
2 21, 593
66. 7

5,122
189.4
2 1, 432
267.0

6,487
280.6
2 1, 228
265.0

53, 608
i 939 5

551,173
5 1,135.1

'513,301
»• 5283. 7

••512,104
' 5275. 1

5 13,131
5 327.5

10, 173
279.6

.. -units i 212,072
mil. $.. 1, 322. 8

s 233, 842
51,785.3

« 65,553
5 482. 5

s 52,825
5 407. 4

5 57, 987
5 501. 9

61,971 3 24,281
r 582. 2 3 232. 2

162.2
169.4

P 77. 55
*>54.85
p 181.05
p 154.95
?1,454.3
P 36.25
p 27.35
p 40.05
P 35.00
P 334.2

5,611 3 1, 740
276.5
3 95 8
1 219
73.6

ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments

thous

Radio sets, production, total market d"
thous.
Tele vision sets (incl. combination models), produc
tion total market cf
thous
Household major appliances (electrical), factory shipments (domestic and export)* 9
thous.
Air conditioners (room).
do
Dishwashers
do
Disposers (food waste)
do
Ranges
. do .
Refrigerators
do
Freezers *
do
Washers
do
Dryers (incl. gas)..
do
Vacuum cleaners
do

43, 453

44, 408

3,143

3,244

2,987

3,754

4,524

4,760

3,960

3,811

2,868

2,504

2,550

2,570

2,487

50, 198

43, 993

3,321 * 4, 268

3,276

4,003 * 5, 128

4,020

4,058

e 3, 940

2,514

2,143

* 2, 653

3,034

2,380

4 3, 072

17, 367

15, 279

1,188

975

1,201 « 1, 474

1,263

1,297

« 1,029

779

729

<762

769

751

« 943

35,046
5,346
3,702
2,974
3,430
6,774
2.415
5 504
4,256
i 9 124

31, 680 83,236 8 2, 989
655.7 r 503.6
4,564
296.5
293. 8
3,316
224.7 r 227. 0
2,555
269.5
274.5
2,925
542.7
556.1
5,982
270.9
283.8
3,220
479. 2 ' 440. 3
4 952
319. 2 r 306. 8
3,580
673.3
8 470 667.5

1,970
337.4
186.8
160.8
150.0
339.1
207.2
315.6
215.6

2,060
378.8
211.8
164.2
160.2
338.9
216.9
319.8
208.4
9
2 549.4

2,174
446.5
207.8
141.6
154.6
390.0
212.8
354.4
198.2

2,367
343.5
229.0
183.7
186.2
486.4
234.9
384.2
234. n

* 1, 588

2,739
293.7
245.0
208.0
251.8
612.1
312.0
465.5
310.0
588.2

2,479
126.2
294.4
234.9
251.1
534.1
227.6
474.6
327.9
741.6

2,546
134.8
297.7
206.0
231.1
542.8
304.1
474.7
350.8
830.4

2,556
140.4
302.3
207.3
232.9
524.5
339.1
454.9
352.8
726.0

1,896
140.9
248.9
187.4
190.8
339.9
302.4
249.6
221.8
589.1

1,823
264.7
225.1
181.4
201.8
343.5
262. 8
185. 8
151.9
453.7

8 1, 664
259.6
192.7
147.6
145.4
228.2
223.0
248.2
185.6

1,754
264.1
176.1
138.4
137.1
271.5
210.6
300.7
210.0

115 0
134 8
222.6

110 1
160 4
222.4

139 1
184.9
156.0

149 7
165 7
190.8

11 12
136.3
178.5

92 5
139. 6
178.3

86 5
95.8
215.1

78 4
114.2
204.5

GAS EQUIPMENT (RESIDENTIAL)
Furnaces gravity and forced-air shipments thous
Ranges total sales
do
Water heaters (storage) automatic sales
do

1 720
2 481
3 080

1 476
1 950
2 569

119 5
181 9
227 9

125 3
194 5
239 7

T

82 7
141.4
233.8

r
79 3
134. 0
' 268. 1

r

78 8
125.7
220.6

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production!
thous. sh. tons
'490
425
565
i 6,750 r 6, 355
Exports
do
105
717
43
48
735
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton.. 20.044
29. 972 26. 031 26. 031 29. 951
Bituminous:
Production J
thous. sh. tons.. 591,738 601,000 ' 57,450 47,884 49,206
f
Revised.
* Preliminary.
» Annual data; monthly or quarterly revisions not avail.
2
Excludes figures for rubber-tired
dozers.
3 For month shown.
< Data cover 5 weeks;
5
other periods, 4 weeks.
Beginning 1st qtr. 1974, tractor shovel-loader class excludesshipments of tractor shovel-loader/backhoes (front engine mount); of this type, data for the
tractor chassis only are now
included in the wheel tractor
class (year 1974 data, 22,235 units
6
7
valued at $153.1 mil.).
Data are for 6 weeks.
Reflects unusually large cancellations
for Nov. 1974, mostly in the automotive industry.
8 Effective Jan. 1975 (and for corresponding restated year-ago month), the total includes shipments of trash compactors, data for compactors are not included in annual totals or in figures for other months of 1974.
» Jan.-Apr.
tEffective June 1973 SURVEY, index revised back to 1970.




595
59

495
37

615
78

585
104

600
89

520
39

445
44

540
32

270
68

••470
15

31. 421

34. 116

35.464

41.711

41.711

41.711

41. 711

41.711

41.711

46. 428

535
46. 42;

51,604 52,472 60,293 33,524 39,980 54, 885 ' 51,135 '51,910 ' 52,945 58, 150 55,885
^Revised monthly data for Jan. 1971-Apr. 1973 are in the Jan. 1975 SURVEY.
^Effective Jan. 1973, data reflect total market as follows: Sets produced in the United States,
imports by U.S. manufacturers for sale under their brand name and, beginning 1973, sets imported directly for resale.
* Price index (Natl. and Southern Industrial Distributors Associations), based on US
Dept. Labor prices of 10 industrial supply/equipment prod, groups weighted according to
survey of Assn. members' distributors sales (series avail, back to 1967). Appliances (Assn.
of Home Appliance Manufacturers).
9 Includes data not shown separately.
J Monthly revisions back to 1972 will be shown later.

SURVEY OF CURRENT BUSINESS

July 1975
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

S-35
1975

1974

1974

May

Annual

June

July

Sept.

Aug.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued t
Industrial consumption and retail deliveries,
total 9
thous. sh. tons

44, 612 44 , 461
31, 200 31,728
12,984 12, 337
7,682
7,904

48, 187
35, 550
12, 250
7,770

48,647
35, 525
12, 573
7,689

44, 371
30, 810
12,792
7,507

45,670
31,734
13,118
7,683

44, 589
31, 993
11,761
6,581

47, 436
34, 876
11, 605
6,135

49, 669
35, 547
13, 001
7,295

45, 725
31, 982
13, 052
7,031

47, 396
32, 833
13, 860
7,880

43, 761
30, 333
13, 029
7,435

420

390

380

540

760

810

820

950

1,121

690

703

396

95, 572
82, 675
12,617
6,037

07, 668
92, 320
14, 928
7,508

08, 765
94, 460
13, 915
7, 395

106,491
90, 380
15,701
6,506

05, 810
88, 800
16, 560
6,720

09, 205
91,560
17,125
7,115

116,514
97,266
18, 738
8,348

08, 710
92, 790
15, 576
7,246

95, 572
82, 675
12, 617
6,037

95, 158
81, 693
13, 252
7,140

97, 164
80, 026
16, 813
8,010

280

420

390

410

450

520

510

344

280

213

325

279

260

5,307
351.9

5,088
366. 2

4,893
379.1

7,342
402.6

6,744
402.5

2,587
435.4

4,254
435.9

4,470
415.4

5,653
391.8

6,159
390.8

7,011
389.6

69

vVf
H i 'nfr Inrlnstrips total
Coke Dlants (oven and beehive)

do
do

556, 022
386,879
160, 827
93, 634

551, 943
388, 884
154, 139
89, 665

Retail deliveries to other consumers

do

8,200

8,840

103,022
85, 512
17,220
6,875

290

Stocks, industrial and retail dealers', end of period,
total
- thous. sh. tons
Electric power utilities
do
M f g and mining industries total
do
Oven-coke plants
do
Retail dealers

do

97, 904 102,745
80, 859 85, 692
16, 766 16, 793
8,665
8, 980

do
Index, 1967= 100__

52, 870
222.5

59, 926
339. 5

6,032
315.8

6,369
330.7

thous. sh. tons..
do

2 829
63, 496
26,458

792

68
5,369
2,146

5,218
2,091

5,251
2,172

5,219
2,169

5, 056
2,038

5,214
2,066

64
4,427
1,975

62
4,067
2,192

65

2 60, 737
24, 749

4,924
2,178

68
4,750
1, 965

67
5,324
2,104

67
5,030

63
5,052

1,184
1,113

935
910
25

1,238
1,193

1,243
1,205

1,146
1,116

1,197
1,167

1,321
1,293

1,298
1,269

1,064
1,033

1,262
1,219

1,442
1,372

1,733
1,634

2,261
2,131

1,995

1,084

1,491

1,380

1,314

1,306

1,294

935
910
25

1, 054
1,025

1,271

31
1,243

1,084

1,077

1,090

1,142

1,395

1,278

135

179

134

109

44

99

107

65

105

127

109

132

133

Crude petroleum:
O i l wells completed
_ . - _ _ . . - n n m b e r _ - 2 9, 902
126. 0
Price wholesale*
Index, 1967 = 100..
4, 537. 3
Runs to stills O
mil bbl
91
Refinery operating ratio
% of capacity

12,718
211.8
4, 631. 6

957,
201.7^
400.4
89

1,238
201.7
398.8

1,008
224. 4
414.1

1,210
225. 2
409.1

1,299
223. 1
395.8
85

1,097
228.6
353.9
'85

1,341
230.2
384.3
83

1,100
234.2

1,246
256. 2

91

1,088
231.0
386.0
87

1,339
223. 0
404.9

91

1.131
226. 2
398.3
87

1,181
232 2

90

1,200
225. 4
380.0

Exports
Price wholesale*

386.0

COKE
Production:
Beehive
Oven (byproduct)
Stocks, end of period:
Oven-coke plants, total
At furnn.ce plants
At merchant plants
Petroleum coke
Exports

-_ _do _
do
do
do
- - --do

71

46

66

37

61

30

63

31

66

28

29

29

43

70

99

131

PETROLEUM AND PRODUCTS

All oils, supply, demand, and stocks:
New supply totalcf't
Production:
Cnido petroleum^

mil bbl

387

86

88

6, 289. 5

6, 050. 7

530.7

507.6

525.1

519.7

489.4

509.4

509.6

517.8

525.1

460.0

492.6

3, 199. 3
629.2

276.0
53.6

263.3
51.7

271.4
52.6

269.1
53.4

5 252. 9
50.1

5 267. 1
53.2

5 257. 1
51.8

e 263. 9
52.7

261.6
51.5

240.1
46.9

262.8
52.2

121.4
71.2

130.6
70.5

125.4
71.6

115.4
65.3

120.4
70.3

120.7
79.1

122.2
84.0

125.8
86.2

108.5
64.4

114.7
63.0

do

3, 360. 9
645.1

Imports:
Crude and unfinished oils
Refined products!

do
do

1,234.2
1,049.3

1,313.4
908.8

127.7
73.4

Chanpe In stocks a!' oils (decrease — )

do

49.3

65.3

47.4

30.2

27.2

13.5

12.9

-8.2

-2.3

-29.7

do

6,401.7

6, 150. 0

495.0

492.4

513.2

520.6

484.9

534.6

522 0

565.1

564.5

do
do

83.7

79.4

1.1

2
7.4

7.1

0
7.8

0
7.7

0
5.1

0
6.8

0
5.6

0
7.2

.8
6.2

do
do
do

6,317.3
2, 452. 7
78.9

6, 069. 5
2, 402. 4
64.4

487.3
210.4
2.2

485. 3
209.1

505.3
217.1
3.9

512.9
220.7

3.4

4.4

479.8
193.0
4.1

527.8
209.7
6.0

516.4
197.6

5.9

557.9
204.3
7.6

557.5
193.4
6.8

' 478. 4
171.7

Distillate fuel oilj
Residual fuel oilj
Jet fuel|

do
do
do

1,128.7
1,030.2
386.6

1,072.8
957.8
362.6

76.1
69.8
32.6

71.6
73.6
28.6

71.4
75.4
31.9

71.2
78.7
32.0

71.3
73.6
33.3

88.8
80.9
31.3

94.4
84.6
31.0

119.5
91.9
32.3

122.5
100.5
32.3

' 106. 5
79.8
30.1

Lubricants^
Asphalt
Liquefied gasesf

do
do
do

59.2
182.6
528.8

56.7
168.7
512.8

5.2

4.1

5.0

16.9
35.9

18.1
37.1

20.1
36.1

do
do
do
do

1, 008. 3
242.5
107.0
658.8

41,121.1 1, 030. 0 1,060.2 1, 087. 4 1,101.0 1,113.8 1,105.7 1, 103. 3
269.5
268.8
264.8
268.7
269.4
265.0
266.7
271.1
127.8
122.2
125.3
125.6
118.6
117.2
118.4
113.6
4
663.6
728.5
693.2
713.9
742. 5
635.3
715.0
717.8

do
do
do

2, 401. 9

2, 337. 5

197.7

201.4

212.2

213.0

195.6

197.8

190.1

213.4

* 228. 3

221.9

220.5

0)

0)
222.2

222.1

230.7

224.1

221.9

< 228. 3

203.0
(l)
245.9

255 4

252.1

109.9

178.4

177.3

188.5

196.6

196.1

197.4

196.2

186.7

184.9

187.0

189.1

191.1

193.3

199.0

203.8

.269

.404

.417

.435

.436

.437

.430

.409

.407

.412

.423

.422

.425

.428

.438

.452

16.4

15.9

1.5
0)
3.2

1.4

1.7
.1
3.1

1.9
1

1.0

1.1

.9

3.6

1.3
(l
q) q

1.3

3.1

1.6
(i)
3.3

.9
C1)
3.3

Demand total©t
Exports:
Crude petroleum
Refined productst
Domestic product demand total 9 ©t
QasollneJ
Tverosene

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

Prices (excl. aviation):
Wholesale, regular*
Index, 2/73=100-Retail (regular grade, excl. taxes), 55 cities
(mid-month) If
_
__ $ per gal _
Aviation gasoline:
Production
mil bbl
Exports!
do
Stocks end of period
do
Kerosene:
Production
do
Stocks end of period
do
Price, wholesale (light distillate)"*
Index, 1967=100r

.7

1.7

1.0

.1

(l)

0)

0)

.2

4.9

19.2
40.2

0)

C)

.2
3.9

43.5

80.1
21.0

56.9
* 16.9

3.9

4.0

3.7

4.1

4.1

16.6

17.3

17.2

17.1

17.1

128.0

226.7

217.6

233.2

241.7

3
Revised.
i Less than 50 thousand barrels.
Reflects revisions not available by
months.
' Beginning Jan. 1974, data may reflect input of lease condensate, natural gas plant
liquids, unfinished oils, and other hydrocarbons which are processed through the
crude oil
4
distillation facilities. No comparable data for earlier periods are available.
Beginning
Dec. 1974, stocks reflect data from approximately 100 additional bulk terminals and are not
comparable
with those for earlier periods. No earlier data are available for these terminals.
5
Adjustments
to supply and demand data will be available from Bureau of Mines at a later
6
date.
Not comparable with earlier periods; See note 4 for this page.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.




4.5

20.4
37.2

5.0

19.4
45.7

(l)

4.4
12.1
47.4

0)

0)

4.4
6.7

52.0

6_22 0 '-12.9

4.5
5.6

52.5

' 485. 3

.9
6.0

7.1

3.2
5.3
41.9

-9.9
512.4

.3
6.3
505. 8
197. 1

5.2

102.1
82.7
30.4

3.2
6.1
43.0

41,121.1 < 1,099.1 '1,086.2 1, 076. 4
265.0
270.5
280.0
276 8
113.6
105.3
110.5
106 8
* 742. 5
723.4 ' 702. 7 685. 9

200.1

2

0)

3.5

43.5

5.8

5,4

6.0

17.0

16.7

4 16.9

176.7

.3

0)

(i)

3.6

35

6. 1
16.5

15 3

5.7

189.2

C1)

4.9
15.2

284.6
280.6
273.6
257.9
261.4
256.8
254.7
274.9
253.7
267.2
d" Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
f Monthly revisions back to 1972 will be shown later.
© Beginning March 1974 SURVEY, data are restated to account for processing gain and
crude losses not previously included; comparable data for earlier periods will be shown later.
©Effective with Jan. 1974 data, series known as "Gross input to crude oil distillation units";
see note 3 for this page.
*New Series. The source has discontinued prices for the former
specification. Comparable indexes for earlier periods will be shown later. For gasoline and
kerosene see also similar note on p. S-36.
^Beginning June 1975 SURVEY, the prices for all
months have been transferred forward (i.e., Dec. price moved c into Jan. period) since they are
for "mid-month" instead of "1st of month" as formerly.
Corrected.
250.2

SURVEY OF CURRENT BUSINESS

S-36
1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS

1974 P

1974

May

Annual

July 1975

June

July

Aug.

1975

Sept.

Oct.

Nov.

Jan.

Dec.

Feb.

Mar.

Apr.

May

Juno

PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
1, 030. 2
Production
mil. bbl
143.1
Imports!
do -3.2
Exports
do
196.5
Stocks end of period
do
Price, wholesale (middle distillate)*
139.7
Index, 1967=100...
Residual fuel oil:
354.6
Production
mil bbl
676.2
Importst
_
_.
__ _ do -8.5
Exportst
do
53.5
Stocks, end of period
do
190.4
Price wholesale*
Index, 1967=100
Jet fuel:
Production
Stocks, end of period

mil. bbl
do

Lubricants:
Production
Exports}:
Stocks, end of period

do
do
do

Asphalt:
Production
Stocks end of period

mil bbl
do

974.0
102.5
.9
4 223. 8

83.9
8.4
(2)
141.8

83.5
6.9
(2)
160.7

86.6
6.6
.1
182.5

83.9
3.5
(2)
198.7

76.6
4.3
(2)
208.3

272.0

269.2

279.7

288.9

294.8

298.8

390.5
573.8
5.0
474.9
485.4

30.8
42.0
.4
54.4
561.8

30.8
46.5
.4
57.9
497.6

32.7
44.4
.2
59.8
476.2

33.1
47.4
.9
61.0
533.8

313.7
28.5

305.1
*29.8

26.9
32.3

24.3
32.2

24.9
31.7

68.7
12.7
12.2

70.7
11.9
416.1

6.1
1.2
12.7

6.1
1.0
14.0

167 9
15.0

164 2
421.6

14.7
25.8

583.9
447.0
136.8
98.6

571.3
447.9
123.3
* 112. 5

48.6
38.1
10.5
109.4

83.7
6.6
209.9

84.0
90.7
13.3
16.0
.1
.1
212.9 * 223. 8

199.8

297. 9

296.0

300.1

31.0
42.0
.5
60.3
449.4

34.1
45.4
.5
58.7
519.5

36.9
49.1
.2
60.4
506.6

25.0
31.0

26.0
30.2

26.9
30.6

6.0
1.3
13.8

6.0
1.0
14.4

5.8
.8
14.7

16.1
24.5

17.6
22 7

17.3
20.2

47.2
36.2
11.0
116.6

47.9
36.6
11.3
124.4

48.2
37.0
11.2
130.7

88.4
10.0

75.0
8.5
1
176. 7

161 1

299.1

297.5

294.6

294.9

296.1

301.3

41.4
50.0
.5
474.9
514.8

43.9
51.0
.5
69.2
604.4

37 9
39.3
.5
66.5
515.8

40.3
40.1
.3
64.1
528.2

534. 6

491 3

489 3

25.9
29.6

26.7
429.8

25.8
30.3

23.4
29.1

27.8
30.5

5.9
.9
14.9

5.8
1.0
15.4

5.8
.8
* 16. 1

4.9
.8
15.7

3.7
.8
15.5

4.6
.6
16.5

15.6
17.3

16.8
15.4

13.3
17.0

10.8
421.6

8 2
24.4

7 5
26.9

9 2
30.2

45.9
35.5
10.4
131.3

48.6
38.4
10.2
128.9

47.4
46.5
38.6
37.5
8.9
9.0
122.4 4112.5

47.6
38.0
9.5
102.8

43.0
34.7
8.3
98.5

47.4
38.7
8.7
97.1

5,056
5 527
7 477

(2)

(2)

r

78.5
7.9
(2)

Liquefied Rases (incl. ethane and ethylene) :
Production total
At gas processing plants (L P O )
At refineries (L R Q )
Stocks (at plants and refineries)

mil bbl
do
do
do

PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts .
Consumption..
Stocks, end of period.
Waste paper:
Consumption
Stocks, end of period

73, 180
73, 282
4,611

78, 073
75, 030
7,995

6, 648
6,498
5,478

6,780
6,525
6 525
5,840

6,
6, 556
6,187
6 187
6,129
6, 129

6,750
6,306
6,565

6, 428
6,033
6,975

7,175
6 591
7,629

6,234
6 019
7 521

5,945
5 505
7 995

5,809
5,868
7,994

5,384
5 325
7,702

thous. sh. tons..
do

12, 374
516

11, 973
848

1,112
716

1 077
1,077
729
722

1,005
1 005
768

1,068
795

958
821

998
879

844
877

649
848

740
787

693
826

WOODPULP
Production:
Total, all grades
thous. sh. tons..
Dissolving and special alpha... _. .
doSulfate
do
Snlfite
do

47, 937
1,637
32, 838
2,230

48, 218
1,772
32, 322
2,304

4,256
164
2,824
198

4,117
158
2,749
192

3,931
3 931
128
2,665
2 665
188

4,116
144
2,797
195

3,867
148
2 565
191

4 334
161
2 920
199

3 918
152
2 699
198

3 372
125
2 286
192

3,727
138
2, 568
203

3,401
126
2,305
170

Groundwood--.
do
Deflbrated or exploded, screenings, etc_..do
Soda and semic hemical
do

4,637
2,595
4,000

4,492
3,379
3,929

403
309
358

392
296
330

337
267
347

356
254
370

340
282
343

369
333
353

370
210
288

347
198
225

365
203
250

339
211
250

759
265
413
81

797
174
524
100

744
333
337
75

764
329
347
347
87

793
356
363
74

792
346
371
76

749
299
380
71

654
152
415
88

697
441
94

797
174
524
100

964
351
526
86

do
do
do

2,344
736
1,607

i 2, 802
788
1
2, 015

307
64
243

233
71
162

206
49
157

°67
64
203

221
59
162

216
67
149

215
69
146

259
66
193

260
74
185

do
do
do

3,993
177
3,816

i 4, 123
221
t 3, 902

361
15
346

351
20
331

330
18
312

367
16
351

308
17
290

384
35
349

297
9
288

312
16
296

5 341
9 261
9 599
10
470

4 779

4 749
2 189
2 156
10
394

4 713
2 204
2 177
g
305

152 1
166.4
125.1

152 8

159 6
166.3
123.9

159 6
166.4
120.9

thous. cords (128 cu. ft.)
do
..
do

Stocks, end of period:
Total, all mills
Pulp mills.
Paper and board mills
Nonpaper mills
Exports, all grades, total.Dissolving and special alpha
All other

do
do
do
do

.
. . .

Imports, all grades, total __
Dissolving and special alpha
All other

169

3

3

»• 699
' 795
5

3 221
117
2 289
176
362

5

737
766

3, 076
95
2,240
148

330
(5)

(5)

277

262
11 745
655
444
75

261
69
192

11 786
630
470
78
955
75
180

184
47
137

205
66
140

267
9
258

938
9
229

296
17
278

248
9
243

245
10
235

3 938
1 993
1 67^
7
260

4 200
2 096
l'835
8
261

3 937
1 778
1 848
7
304

4 Oil
1 787
r 365

4,069
1 784
1 885
8
391

159 6
170.3
121.3

170.7
124.1

170.7
124.4

170. 7
123.6

170.4
123.4

r

934
423
434
78

PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census):
5,
5 150
150
60,180
5,507
5 017
5,017
All grades, total, unadjusted thous. sh. tons.. 61,684
2 150
2,355
2,196
2 196 2,150
Paper
do
26, 536
26, 485
9 477 2,409
2.477
2,641
2 409
29, 460
Paperboard .
do
28, 429
13
14
12
135
149
Wet-machine board
do
464
5,132
498
446
5,539
Construction paper and board
do-. Wholesale price indexes:
112.4
134.2
135.
146 3
135 6
146.3
140. 9
Book paper, A grade
1967=100..
158.0
115.1
152.2
148.0
148.9
Paperboard
do
124.4
125.4
124.9
112.8
123.5
Building paper and board
... . do .
r
Revised.
* Preliminary.
1
J
Reported annual total; revisions not allocated to the months.
Less than 50 thousand
barrels.
3 Beginning with January 1975, data for soda combined with those for sulphate;
not comparable
with
data
for
earlier
periods.
*
See
note
4
for
p.
S-35.
5
Beginning March 1975, data for defibrated or exploded, screenings etc., not available;
not comparable with those for earlier periods.
tMonthly revisions back to 1971 will be shown later.
*New series. The Bureau of Labor Statistics has revised its pricing program and discon-




2 101
o 937

10
431

165. 3
125.1

r
r

r I 852

8

169.9
125.7

169.9
126.2

SURVEY OF CURRENT BUSINESS

July 1975

1974

1974

1973

Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

Annual

S-37

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (APT):
Groundwood paper, uncoated:
Orders new
thous sh
Orders unfilled end of period
Shipments
Coated paper:
Orders new
...
Orders unfilled end of period
Shipments
Uncoated free sheet papers: J
Orders new
Shipments
- - Unbleached kraft packaging and industrial
verting papers:

tons
do
do

r 1, 240

' 153
r 1, 208

r

1,251
154
1, 246

123
195
126

128
194
128

133
209
119

125
195
130

115
199
110

140
209
129

86
156
101

90
154
98

••96
' 149
'93

'88
'157
'76

92
160
86

80
165
88

do
do
do

3,729
410
3,824

3,662
317
3,830

342
445
344

308
417
328

288
409
301

306
386
334

278
362
309

303
349
323

268
324
294

250
317
279

266
'282
285

'222
254
'259

232
221
259

222
199
248

do
do
con-

6,701
6,854

6,384
6,958

552
612

555
579

571
584

538
604

559
563

533
624

432
548

333
433

'356
'432

'317
'358

353
384

395
396

do
do
do

3,987
193
4,019
4,039

4,135
135
4,187
4,077

347
211
350
352

340
219
339
340

324
209
337
331

328
201
339
350

341
207
337
331

352
183
378
358

368
144
367
349

328
135
337
321

332
129
339
341

269
111
287
315

223
109
225
333

238
111
236
333

NewsprintCanada:
Production
Shipments from mills
Stocks at mills end of period

do
do
do

9,140
9,199
193

9, 548
9,597
143

794
820
218

800
775
243

802
830
215

825
813
227

763
764
226

816
849
193

767
760
200

773
830
143

823
751
216

760
711
265

824
791
298

771
748
321

801
806
317

United States:
Production
Shipments from mills
Stocks at mills end of period

do
do
do

' 3, 678
-• 3, 682
24

3 3, 481
3, 480
'323

300
300
24

290
284
30

286
287
28

278
282
'24

257
258
'23

311
311
••23

314
310
'26

281
284
'23

326
324
'23

291
285
'29

321
314
'36

272
270
'38

260
261
36

7, 022

638

594

536

559

579

618

597

578

503

477

548

540

569

3

720

706

756

777

744

763

774

827

891

954

1,016

1,035

1,014

Orders unfilled end of period
Shipments
Tissue paper production

7,658

Consumption by publishers^
do
Stocks at and in transit to publishers, end of
period
thous sh tons

603

3

3

827

Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
thous. sh. ton--

7,410

7,399

622

622

579

615

589

637

537

630

656

575

553

565

536

* 122. 2

U51.2

147.2

148.6

148.6

160.8

164.4

164.4

164.4

164.4

181.8

181.8

181.8

184.7

184.7

184.7

Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons..
Orders, unfilled §
do
Production, total (weekly avg.)
do

518
1,603
569

342
876
556

596
1,741
601

587
1,789
596

550
1,621
546

539
1,507
586

516
1,444
531

547
1,374
562

469
1,174
525

342
876
395

447
943
432

450
888
471

406
841
427

445
883
448

479
871
474

473
856
482

1228,052 1216,072

19, 664

17, 797

17,798

18,666

17, 066

18, 432

15,461

12, 493

14,474

13,571

14, 571

15. 379

15, 986

14, 887

2,560.0
1 700.0

220.7
143.1

212.2
139.9

201.3
135.0

223.7
155.0

211.6
149.4

227.8
163.2

190.8
139.1

Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil sq ft surf area
Folding paper boxes

2,614.0
1,460.0

thous. sh. tons
mil $

193.7 ' 190. 8
142.3 ' 141. 1

177.0 ' 182. 3 ' 192. 5
131.6 ' 135. 7 ' 142. 4

190.1
139.9

RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period
do
Imports, incl. latex and guayule
do

2

49.18 5 57. 68
135.37 5 125. 55
59.85
68.17

50.84
126. 88
41.26

51.46

52.34

32.65

.290

.295

.293

'.293

.285

153.83 5 153. 99
149.04 5164.84
609.80 5 596. 02

134. 24
154. 44
592. 24
15.06

17.17

15.69

13, 184

12, 107

15, 222

11 725
2*743
8 484
497

15,316
3,577
11,147
591

19 404
4 231
14 642
531

685 44
2 122 44
2 642. 91

707 72
135 37
681. 32

59.85
128. 93
65.31

59 35
130 48
53.24

50.61
152. 91
73.52

58 98
152 75
55.03

59. 31
140. 78
68.28

68.56
127. 82
35.09

57.24
122. 52
45.16

.351

.398

.438

.420

.343

.348

.320

.320

.275

thous Ig tons
do
do

2 585 49
2 400 84
2 520 99

'" -176 8
2 351 2
5509 8

223 60
200 88
490 64

210 66
196 22
492 17

204 22
174. 60
552 13

209.43
203. 46
568 81

206 43
196. 82
558 12

203. 35
213. 40
551 39

184. 48
174. 65
576 78

Exports (Bu. of Census)

. . _ _ do

2 275. 84

267. 12

26.01

21.06

21.08

25.78

21.05

18.00

19.13

16.80

14.52

17.05

Reclaimed rubber:
Production
Consumption
_ _
Stocks, end of period

do
do
do

2 201 02
2 163.71
2 20 96

150 85
142 29
15 23

14 23
13 07
15 55

14 42
12 24
15 65

12 12
10.88
15 46

13 37
12.04
16.27

11 50
10.50
17 45

13 94
12.39
17.39

10.90
8.71
16.62

9.33 59.21
8.06 S9. 18
15.23 5 15. 66

7.74
7.63
14.61

thous

223 418

211 390

18 379

17, 830

14 484

17 454

17, 426

19 737

15, 245

12, 294

14 753

18 994 20 732
4 916
5*452
I9' 575 14 920
895
*967

17 800
4 243
12 985
572

17 643
3 765
13 119
759

19 285 20 552
5 073 5 571
13 288 13 952
924
1 029

13 836
4,332
8 689
815

10 736
2 644
7 500
591

11 823
2 984
8 310
529

Price, wholesale, smoked sheets (N.Y.)__$ per lb._
Bynthetlc rubber:
Production
Consumption
Stocks end of period

.315

.290

TIRES AND TUBES
Pneumatic casings, automotive:
Production ._
Shipments, total
Original equipment
Replacement equipment
Exports. .

do
do
do
do

238 883
69 600
165 183
4 100

209 418
55 245
145 449
8*724

Stocks , end of period
Exports (Bu. of Census)

do
do

50? 275
4 393

55 242
9 299

58 995
1 042

56 322
986

53 469
632

53 260
747

51 645
828

50 851
l'038

53 ? 321
916

55 242
646

5« 758
487

60 970
498

57, 721
601

54 082
577

Inner tubes, automotive:
Production..
...
Shipments
Stocks, end of period
,
Exports (Bu. of Census)..

do
do
do
do

38 701
44 710
8 556
1 290

41 415
46 227
8 755
3 608

3 615
4' 057
9 109
349

3 561
4 108
8 907
500

2 895
3 679
8 548
329

3 312
3 826
8 159
391

3 417
3 899
8 212
294

3 902
4' 387
7 250
418

3 409
3 467
8 558
421

2 853
2 989
8 755
303

3 449
3 302
9 360
442

2 884
2 599
9 782
321

2,335
2 644
(
J 658
253

2,798
2 830
9 838
425

_

'J Revised.
v Preliminary.
1 Reported annual total; revisions not allocated to months.
Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning Jan. 1973 are from the Rubber
Manufacturers Association and are not strictly comparable with earlier data.
3 Beginning
January 1974, data reflect reduction in basis weight of newsprint from 32 to 30 Ibs. for 500
sheets measuring 24" x 36"; data for January 1974 on 32-lb. basis (thous. short tons): Canadaproduction, 840; shipments, 815; stocks, 222; United States—production, 289; shipments, 285;
mill stocks, 29; consumption by publishers, 586, stocks at and in transit, 676.
«Beginning




574

351
5

Feb. 1975, data reflect indexes in lieu of dollar amounts formerly shown.
Metric tons
(thous.) beginning Jan. 1975.
t Represents the sum of uncoated book paper and writing and related papers (including thin
paper) formerly shown separately; data for new orders no longer available for the individual
items.
6" 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.

SUEVEY OF CUEEENT BUSINESS

S-38
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1974

1974

1973

May

Annual

July 1975

June

July

Aug.

1975
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

21 787

23 771

34 101

June

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement

„_

thous. bbl

'459,569

1

431, 968

43, 372

42,734

45 229

41 580

45 457

30 739

23 181

19 191

17 553

679.7

•• 617. 2

' 658. 9

610.6

540.4

9.6

321.2

292.6

139.1

136.8

131.3

595.1
10.4
133.3

346.4

' 132. 4

7.8

444.2

147.3

79.7

85.5

65.8

43 133

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 8,674.1 '6,673.0
94.2
Structural tile, except facing
thous. sh. tons..
99.7
Sewer pipe and fittings, vitrified
do
1, 647. 0 r 1,454.1
Facing tile (hollow) , glazed and unglazed
mil. brick equivalent.. 122.3
96.9
Floor and wall tile and accessories, glazed and un273.2
glazed
- _
mil. sq.ft. . 300.6
Price Index, brick (common), f.o.b. plant or
N.Y. dock.. _
.
1967 = 100
130.8
143.5

8.6

9.1

8.7

9.6
98.6

8.6

7.4

r

9.4

8.6

8.2

7.9

7.9

8.0

6.4

7.2

5.9

58

25.8

23.5

24.1

23.7

22.4

23.1

19.7

17 0

19.6

17 3

141.8

142.2

142 2

146 7

147.8

149.1

149 1

151.0

151 0

154 2

479.5

352. 8

8.1

8.9

T

8.2

82.5
r

98.9

63

6.5

20 3

22 1

155 0

155 4

156 6

r

159 9

GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments

thous. $.. 697, 645

Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
Shipments, domestic total
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine

do
do
thous. gross

543,382

149,454

135,255

112 619

81, 634

152,242
445, 403

132,541
410,841

35, 806
113,648

31,842
103, 513

24369
88,250

15 522
66, 112

279,027

280, 397

23, 095

25, 342

25 036

25, 995

22, 831

21 141

19 367

19 148

24 160

17853

25 670

21 641

17 080

22 645

21 369

22 822

r

22 984

23 029

21 268

r

22 603

23 797

2,183
5 896
6 654
1 964

do

274,295

273 709

19, 843

22, 163

24 575

27, 704

22, 117

do
do
..do
do

23, 634
71,000
61,659
22, 729

24, 491
65, 631
66, 605
22 568

1,617
5,347
5,289
1,450

1,901
5,861
5,983
1,800

1,975
6 527
6 980
1 606

2,704
6,287
6,909
2 060

2,361
5,222
5,396
1,560

1,662
4 592
5,241
1 958

1,574
4 665
4,558
1 773

1,425
5 051
4,881
1 792

2,010
5 299
5,661
2 194

1,717
3 557
5,119
1 528

1,848 T 1, 983
5 196 r 5 127
5,794
6 606
1 805 r 2 020

Wide-mouth containers:
Food (Incl. packer's tumblers, Jelly glasses,
and fruit Jars)
thous. gross
Dairy products. .
do

59, 129

59, 709

3,530

4,098

4 949

6,574

4,776

5 050

4 561

4 080

6 060

3,791

4,452

r

4 345

4,713

Narrow -neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do

31, 526
4,421

30 231
4 326

2 317

2 222

2 752

2 249

1 903

1 661

1,867

r 2 227
"•288

2 066

320

246

2 479

1 872

376

35, 925

37 500

31 712

37 951

39 892

37 500

35,551

38 716

40,718 T 40 817

39, 684

13, 806
12 689

12,355
10 854

3,275
2,833

3,170
2,757

2,691
2 320

2,190
2,006

do ...

7,661

7,424

1,877

2,233

1,695

1,189

do

5 525

5 262

1,532

1,504

945

723

do

349

322

83

80

77

66

293
484

215
416

58
108

12 852

45
94

42
89

15, 151

3,336

54
109

260
359
237

54
93
72

11 130
2 700
212

9 408
2 421

2,435

,

Stocks, end of period

do

197

148

12

281

9

2,175

336

35, 536

9

12

9

2,452

307

406

341

35 231

33 155

33,695

13

13

12

14

443

9

9

297

260

7

7

314

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, total
Lath
Veneer base
Gypsum sheathing
Regular gypsum board
Typp X gypsum board
Predecoraled v/allboard

do
do
mil. sq. ft
do
do
do
do
do
do

369
399
341

2,739

2,333

2,433

2,023

1,737

58
98
54

630
52

168

3,296

40
59
37

46
75
39

611
43

433
26

525
30

TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb__ 2, 070. 8
Knitting machines active last working day *_.. thous ..
54.7
Woven fabric (gray goods), weaving mills: J
Production, total 9
mil linear yd
Cotton
do
Manmade
fiber
do
Stocks, total, end of period 9 cf
do
Cotton
do
Manmade
fiber
do
Orders, unfilled, total, end of periods 1 f _ _ _ _ d o
Cotton
do
^lanmade
fiber
do
COTTON
Cotton (excluding llnters):
Production:

11,755
5,421
6,214
718
285
428
3, 502
1,559
1,905

5 538. 4
554.2

526.4
54.5

11, 054
4,987
5,977
1,290
560
725
1,797
713
1,071

946
427
512
889
377
508
3,235
1,426
1,783

926
418
502
957
398
555
3,056
1,375
1,659

»873
2386
M80
1,017
439
574
2,875
1,255
1,600

860
388
466
1,071
458
609
2,576
1,063
1,496

837
379
452
1,127
472
651
2,386
1,021
1,351

145

••543

563

546

'582

515

5,680
5,668
722
3,405
1,541

4,709
4,695
579
2,608
1,508

3,743
3,732
200
2,101
1,431

15, 784
15, 773
12, 552
1,919
1,302

312,611 * 11,328
Crop estimate
thous. net weight bales 0_. 3 12, 974 Ul,537
7,279
6,617
Consumption
thous. running bales.Stocks in the United States, total, end of period 9
11, 486
thous. running bales. . 12, 595
12, 586
11,476
Domestic cotton total
do
2,788
2,037
On farms and in transit
do
8,761

8,413

1,026
1,037
Consuming establishments
do
r
J
Revised.
Annual total; revisions not
allocated to the months or4 quarters.
» Data
3
cover 5 weeks; other months, 4 weeks.
Crop for the year 1973.
Crop for the year
1974.
« For 1st quarter 1974. (DBales of 480 Ibs.
*New series. Source: BuCensus. Data cover warp and weft knit-yard goods and knit
garment lengths, trimmings, and collars; no quarterly data prior to 1974 are available.
^Monthly revisions (1970-72) appear in "Woven Fabrics: Production, Stocks, and Unfilled
Orders," M22A—Supplement 3 (Aug. 1973), Bureau of the Census.
9 Includes data not
ihown separately.




493.7
52 2

1, 972. 9
47.3

414 4
47 3
2 1,044
2480
2 556
1,219
516
698
2,155
887
1,255

753
346
400
1,252
543
704
1,992
768
1,211

827

' 4, 944

8,291 '10,598 ••11,195

489

2575

432

599
273
320
1,290
560
725
1,797
713
1,071

343

2846
2406
2433
1,335
580
751
1,647
671
964

2469

657
312
339
1,292
572
715
1,578
621
944

'639
286
•-346
' 1,261
548
-707
1,700
718
••969

4

395

411,328
11,537
400

2837
2375
2 453
1,218
519
693
1,900
805
1,080

' 2 525

456

7,321
7,313
560
5,562
' 1, 199 1,191
d"Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
^Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ACumulative ginnings to end of month indicated.
14,740
14,728
11,787
1,775
1,166

13,461
13,451
8,204
4,259
988

12, 544
12, 535
4,852
6,696
987

11, 486
11,476
2,037
8,413
1,026

10,690
10,680
1,180
8,418
1,082

9,839
9,831
762
7,917
1,152

9,100
9,092
681
7,212
1,199

r 8, 210
«• 8, 202
659
•• 6, 344

SURVEY OF CUREENT BUSINESS

July 1975
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

1974

1974

Annual

S-39

May

June

July

Aug.

1975

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports
.- -.
thous. running bales..
Imports
.thous. net-weight ® bales..
Price (farm), American upland. ....cents per lb_.
Price, Strict Low Middling, Grade 41, staple 34
(1M«")> average 10 markets*
cents per Ib
COTTON MANUFACTURES
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton
do
Spindle hours operated, all fibers, total
bll.
Average per working day
do
Consuming 100 percent cotton
_. __do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
._ _ mil. lin. yd-Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
fivg weekly production No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports raw cotton equiv thous. net-weight 0 bales
Imports raw cotton equiv
do

5,495
33
144.4

5 170
46
M2.8

561
3
'49.2

l

§7.1

541.2

56.2

55.2

18.0
9.8
116.2
.447
63.1

17.3
88
106 2
408
55 5

17.9
9.4
9.1
.457
4.8

17.9
9 3
8.9
444
4.6

2

5,086

4,699

18.4

11.6

14.3

2.9

6.9

.16
459.4
686.3

.59
531.5
568.4

496
426
3
5
' 51. 5 '49.4

261
6
53.6

54.9

o

120
1
51.4

272
1
50.4

350
3
43.8

409
7
37.0

380
1
32.6

346
1
33.9

371
4
32.2

364
5
36.3

36.9

55.3

350 4

47.6

44.6

40.0

36 9

36 1

36 4

37.8

40 4

41 7

42 8

17.9
9 2
9 3
371
24 9

17.9
9 2
83
416
43

17.8
9 2
7 8
391
4 0

17.6
9 0
29 5
378
24 8

17.5
90
68
341
35

17.3
88
54
272
28

17.1
86
73
293
23 7

17.0
86
58
291
30

16.7
86
5.7
2S7
29

r 27 9
r 314

16.8
86

j4 0

16.9
86
6 9
346
35

14.4

17.7

12.0

11.8

10.0

9.9

11.6

9.3

9.1

11.5

12.2

10.6

3.1

3.1

4.6

3.8

4.0

4.4

5.3

6.9

6.1

6.7

6.9

6.4

5.6

.22
51.5
68.1

.22
51.2
54.2

.26
44.2
47.8

.32
36.7
38 4

.34
39.3
45 1

.44
41.4
37.1

.53
39.4
28 7

59
36.2
26 2

.66
36.9
29 1

.73
36.0
24 6

.60
43.8
25.0

.53
43.8
27.6

53
45.6
22 9

1,271

MANMADE FIBERS AND MANUFACTURES
8, 329. 4 8, 088. 1 2,083.2 2 156 o
Fiber production, qtrly. total
mil. Ib
635.3
Filament yarn (rayon and acetate)
do
533.4
146 5
696.7
Staple, incl. tow (rayon)
.. __ do
645.4
182 4
Noncellulosic, except textile glass:
3, 339. 6 3, 443. 0 i 860. 6
Yam and monofllaments
do
909 9
2, 969. 8 2, 783. 4
Staple, incl. tow
do
748 1
688.0
682.9
Textile glass
fiber
do
169 1
Fiber stocks, producers', end of period:
46.3
57.5
Filament yarn (rayon and acetate)
mil Ib
38 1
34.0
73.9
Staple, Incl. tow (rayon)
do
18 1
Noncellulosic fiber, except textile glass:
232.2
392.3 7 224. 0
Yarn and monofllaments
do
208 9
186.5
324 1
Staple incl tow
do
185 4
72.6
98.1
Textile glass
fiber
do
63 8
Prices, manmade fibers, f.o.b. producing plant:
.61
«.6l
.61
.61
Staple: Polyester, 1.6 denier
$ per lb__
1.15
1.04
1.18
1.15
Yarn' Rayon (viscose) 1*50 denier
do
1.38
1.30
1.32
1.36
Acrylic (spun), knitting, 2/20, 3-6D_.do
Manmade fiber broadwoven gray goods ratio:
Manmade fiber and silk broadwoven fabrics:
Production (qtrly ) total 9mil lin vd
Filament yarn' (100%) fabrics?
do
e y ay a n/o aceiai aor cs
no
R

nnno/^ t h
PR
PI

t

(M
hi

H

hi

f t f h f
ifh
ft

v~tT
hi
'

o"~^
rt A
" A

Filament and spun yarn fabrics (combinations

.12

.35

.15

6,108.7 5,928. 1
1, 895. 0 r 1,962.8
473.1
431 6
365.8 r 346 0
3,526.8 3 308 7
435.4 r 294. 6
2,513.9 r 2,381. 1
474 8

Manmade fiber manufactures:

r 334 5

125

873

985

2 229 1
139.7
174 6

1 619.8
101.8
107 2

1, 225. 7
64.3
52.9

956 4
782 7
175 7

716 1
526 9
167 8

561.0
425.6
121 9

45.4
39.0

57 5
73.9

45.4
61.3

276.2
259 7
60 3

392 3
324 1
98 1

332.5
301 8
110.7

.61
1.19
1.35

.61
1 19
1.31

.61
1.25
1.31

.61
1.25
1.31

.61
1.27
1.29

.61
1.27
1.22

.61

.61

.61

.61

.58

.56

1.22

1.22

1.22

1.24

1.24

1.27

17

21

24

27

30

35

41

42

43

38

17

1,612.2
514.2
117 0
90 4
914 9
85 6
654.7

1,398. 8
473.8
101 5
84 0
771 5
67 9
552 2

97 9

62 1

390 83
224. 20
150 43
166. 63
371. 28
76.22
55.71
295. 06
252. 01

37 03
20.54
13 10
16.49
31.12
6.30
4.60
24.82
21.00

37 22
19.41
13 65
17.81
33.45
5.93
3.81
27.52
24.06

30 46
16.90
11 05
13.56
38.37
6.82
4.64
31.55
27.39
19. 11

30 88
16.33
11 66
14.55
36.53
6.31
5.05
30.22
26.23
18.39

30 17
16.60
12 46
13.57
31.53
6.17
4.47
25.37
21.85

109 9
41.4
57.9
39.9

74 9
18.6
26.9
15.2

6 6
1.8
3.1
1.8

6 5
1.3
3.2
2.2

255
2 1.2
2.4
1.4

61
1.3
2.9
2.0

56
1.1
1.8
1.0

2.500
1.594
3.035

1.760
1.192
2.169

1.740
1.260
2.370

1.788
1.250
2.332

1.665
1.175
2.111

1.612
1.125
1.962

1.625
1.125
1.945

101.1

83 4

• 288 23
Yarn, tops, thread, cloth
do_. 6162.74
o 117 35
Manufactured prods'., apparel, furnishings._do.. 125. 49
Tmports, manmade fiber equivalent*... .. . do « 465. 32
Yarn, tops, thread, cloth
do . 109.70
Cloth , woven
do . . 67.91
Manufactured prods., apparel, furnishings., do. _ 6 355. 62
286. 87
Apparel, total..
... - - - - - - - - - - do
Knit apparel
do. -

r

1,127

2

1,111.8
402.2
73 7
71 3
605.9
38 7
452.7

'1,284.2
' 445. 1
T 90 6
r 79 o
' r704 6
44 8
' 527. 7
r 59 9
30 66
17.83
12 52
12! 82
35.88
6.63
5.08
29.25
25.40

28 05
17.00
12 93
11.06
31.03
6.77
5.11
24.26
20.34

23 50
14.58
11 20
8.92
28. 49
6.70
5.38
21.79
18.07

1.7
.6

55
1.1
1.0
.5

4 6
1.1
1.3
.2

1.565
1.065
1.769

1.412
.912
1.805

1.308
.842
1.768

49 7
20 83
12.51
9 52
8.32
24.38
4.78
3.93
19.60
17.16

24 50
14.80
11 37
9.70
28.76
5.04
3.90
23.72
20.11

31 56
18.41
I 9 50
13. 14
27.85
5.76
4.44
22.09
18.42

27 85
14.88
11 89
12.97
30.03
5.30
3. 98
24.73
21.17
14 44

5 g
1.4
1.4
.6

r 6 5
'1.2

r 28 4

2.2
1.1

1.7
1.2

21.7
2.1
1.4

8.1
1.2
2.2
1.3

1.162
.788
1.732

1.125
.775
1.788

1.138
.775
1.835

1.340
.835
1.857

1.506
.875
1.941

22 84
14.34
10 72
8.50
28.77
7.31
5.69
21.46
17.80

WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Carpet class.
do
Wo ol imports clean yield
do
Duty-free (carpet class)
do. «
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory, fine __
_$ per Ib
Graded fleece ^6 blood
do
Australian, 64s, warp and half-warp . _ __do
Wool broadwoven goods, exc. felts:
Production (otrlv )
mil lin yd

22.7

17.6

2

69

21.4

17.1

2

65

21.4

1.550
.860
1.835

17.4

FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), ship
260.4
1.025.4
939.1
ments. nuarterlv*
. mil. so. vds
r
2
s
Revised.
1 Season average.
For 5 weeks:
other
months,
4
weeks.
As
of Aug. 1,
1974, Atlanta, Ga., deleted from average. 6 4 Price not directly comparable with earlier
data.
«
Average
price
to
Apr.
1,
1975.
Annual
total
calculated
independently.
7
Revised 1st quarter 1974.
*New series. Cotton market price (U.S. Dept. of Agriculture) available monthly back
to 1947. Manmade fiber gray goods (owned by weaving mills) ratio from Amer. Textile
Manufacturers Institute, based on BuCensus data; manmade fiber manufactures exports




175.9
199.6
236.3
and imports from U.S. Dept. of Agriculture (ERS), based on BuCensus data—available
back to 1960. Exports and imports, originally reported in varying units, are converted into
approximate quantities of manmade fiber consumed in their manufacture (including an
adjustment for waste). Not included are raw (unmanufactured) fibers and imports of certain
textured yarns. Carpet shipments (BuCensus) revised quarterly data back to 1968 are
available.
9 Includes data not shown separately.
QNet-weight (480-lb.) bales.

SURVEY OF CUREENT BUSINESS

S-40
Unless otherwise stated in footnotes below, data
through 1972 and descriptire notes are as shown
in the 1973 edition of BUSINESS STATISTICS

1973

July 1975

1974

| 1974

Annual

May

June

July

Aug.

1975

Sept.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

20, 806

17, 699

12, 680

14, 029

15,346

18, 488

18, 258

17, 022

1 848
1,661
10 236
1 179
3,169

1 549
1,237
8 233
1 047
2,790

1,202
935
5 145
1,023
2,059

1 385
1 119
8 715
849
2,363

«• 1,213
' 1, 025
r
7 137
1,267
' 2, 040

1,083
1,161
7 360
1,119
2,308

Oct.

June

TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
thous. doz. pairs.Men's apparel cuttings:
Suits}:
thous. units
Coats (separate), dress and sport}
do
Trousers (separate), dress and sport J
do
Slacks (jeans-cut), casual* J
thous. doz
Shirts, dress, sport, exc. knit outerwear t _ _ . do

217,905

17, 699

20, 988

18,815

20, 638

17, 950

i 16, 637
17, 259
1
21, 505 17, 635
1
174 482 119 117
i 12, 239
13, 131
i 20, 180
32, 107

1,505
1,801
10 726
1,082
2,842

1,165
1,378
10 486
1,214
2,646

1, 105
1,298
8 404
918
2, 127

1,609
1,679
10 219
1, 235
2, 694

1 376
1,448
8 967
1,098
2, 659

228, 269

1,257
1,058
7,370
1, 021
2,295

TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
r
r

b
6
b
6
6

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

27, 044
15, 804
24, 377
24, 305
14, 431

Backlog of orders, end of period 9
do
U.S. Government.
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts.
do
Missiles, space vehicle systems, engines, propulsion units, and pnrts._
.
mil. $
Other related operations (conversions, modifications), products, services
mil $

29, 661 r 35, 516 6b30, 560
16, 695 ' 20, 889 !7, 328
13,544
15 489 H3 879
2,821 ' 3, 902 b 3, 097

Aircraft (complete):
Shipments...
_
Alrframe weight
Exports, commercial .

32 704
19,390
'r 30, 239
26,
849
r
15, 196

6,556
2, 772
5, 998
7, 192
3,874

7 117
4, 098
6, 485
6, 218
3, 467
r
f

8 799
5 475
8,221
7,098
4 063

6,517
3,880
5, 995
6,877
3,814

35 516
20 889
15 489
r 3 902

35, 156
20, 955
14 893
3,926

«•r 10 232
7,045
r 9, 535
' 6, 341
r 3 792
r
r

29 924
16,224
13 086

r
r

33 815
19 477
14
177
r
3 644

r 3, 271

5,670

r

6, 643

6

5, 241 ' 4, 466

r

2 897

r

3, 591

b

3 139

r

r

3 513

6, 454

r

6, 643

6,554

3 584

r 3 591

3 565

4 598
64 370
2 311

4,976
65 573
3 360

467 0
6 239
270 4

559 2
6 891
385 6

310.2
4 373
131.5

225.9
3 471
146 9

317 6
4 708
214 7

348 8
5 518
306 5

519 8
6 595
329 0

388 8
4 869
404 9

301 5

12, 637
11 866
9 658
9 079
2 980
9 787

10, 059
9 191
7,331
6 721
2,727
2 470

992.3
910 9
736 9
679 0
255
4
9
31 9

909.5
834 5
669 6
618 2
239 9
9
16 3

777.6
731.6
542.1
515 2
235. 5
216 4

606.7
565 2
444. 1
415 8
162 6
149 4

872.4
8039 1
66 2
608 8
°10 92
194

1,100.7
1 008 3
832 0
76° 6
9
68 7
245 7

736.8
671 2
548 0
499 6
188 9
171 6

639.
556
447
394
199
169

« 537. 5 a 577. 3
a 495 2 « 501 1
°391 4 °410 5
a 369 8
°357 3
a
0
166 8
146 2
a 139 4 a 143 9

11 439
9, 676
1 763

8,871
7,454
1,417

882
767
115
9 4
8 2
1.3

812
698
114
9 0
7.8
1.2

812
691
121
9 7
8.4
1.4

811
668
143
11 0
9.5
15

726
591
134
10 1
8 4
18

757
628
129
7 8
6 3
1.5

604
506
98
6 8
5.5
1.3

508
430
79
6 7
5 6
1i

578
463
115
8 0
6 5
15

1,600
1,765

1,672
1,704

1,655
1,461

1,638
1,420

1,496
1,400

1,294
1,388

1,385
1 385

1,595
1 610

1,733
1,740

1,672
1 704

2.0

2.5

2.1

2.2

2.0

1.8

2.0

3.1

3.8

thous
do
do

509 19
452. 37
151 65

600.90
516. 59
214. 44

59 78
51.84
19 74

51 68
47.91
16.94

34 71
29.91
19.05

9

27 4
25.46
11 55

53 71
48.21
15 12

59 40
50.57
99 49

do
do
do

9 437 3
871 6
499 8

2, 572. 6
817.6
660.1

284 62
87 05
59. 78

224 08
64. 05
59. 54

209 84
49.37
66.15

169 98
46 12
49. 57

168 26
559 48
6 40

Truck trailers and chassis, complete (excludes
detachables), shipments ©
number
Vans..
do
Trailer bodies (detachable), sold separately do
Trailer chassis (detachable) sold separately do

164 641
108 940
18 626
12 790

191, 262
128,
493
1
14, 313
12 933

15,905
10 278
1,850
934

16,339
10901

14,856
10 041

17,538
16 521
I 9 491 11 II 9

994

1 010

1 413

1 187

1 021

Registrations (new vehicles):©
Passenger cars
Imports incl domestically sponsored
Trucks.....

4i\ 351
4 i 720
* 3 029

14

»730 3

«232 3

»800 9
j J07 9
S
260 6

»842 6
3 123 o
»267 1

» 814 0
3 124 9
3
253 9

4 709 1
4 194 9
4 216 8

< 741 0
4 130 9
4
196. 2

199
098
276
216
009

r 5 636
5 413
7 200
7,200
r
89, 680
83, 628

5 711
5 591
6 302
6 102
89, 320
83, 489

5 240
4 724
11 388
4,388
93,410
81, 095

6 557
6 110
6 933
6 933
93,786
81, 918

6 080
5 788
7 692
7 365
95 030
83, 127

6 036
5 750
4,951
4,201
93, 563
81, 196

5 964
4 967
3 079
2,979
90, 724
78, 554

1 375
6.4
98 39
71 49

1,393
6.3
98 73
70 87

1,392
6.1
98 81
70 98

1,387
6.4
98 6°
71 08

1,382
6.4
98 969
71 I

1,379
6.5
98 91
71 91

1,381
6.3
98 50
71 30

1,374
6.4
98 16
71 45

.

do
thous Ib
mil $

r
r

442. 2
5 381
215. 3

491.5
6,141
319.5

652.4
571 3
492 6
436 8
159 8
134 6

772 2
691. 5
586.2
599 9
186.0
161 6

807.3
721.5
612.6
555.2
194.6
166.3

2 631. 1

684
536
148
91
7.2
1.9

669
524
146
7 8
6 2
1.6

660
518
142
7.4
5.8
1.6

741
603
138
7.8
6.2
1.5

770
619
152
8.5
6.9
1.7

1,654
1 541

1,500
1,314

1,482
1,290

1,568
1,359

1,584
1,373

1,602
1,381

3. 6

2.8

2.2

2.5

2.8

2.6

2.4

55 48
46.04
16.35

48 87
39. 72
15 21

9

37 7
29 11
14 28

41 69
35.52
16 57

60 57
52.11
19.53

56 85
49.11
20.83

58.20
52.23
22.44

172 49
71 19
55.31

159 79
85.22
59. 34

167 93
57 70
61.18

160 31
41 14
43.65

128 66
40.21
34.13

204. 91
92.55
39.41

166. 17
70.80
33.93

178. 88
72. 05
37.14

17, 216
11 981

15, 950
11,319
302
1 460

14 006
9 649
305
1 569

6 581
3 984

5,727
3,297

r
5,871
T

870

805

6,226
3,081
422
163

4 586 1 3 570 4
4 94 3 3 IQO 7
4 isi 3 3 163 0

«590 0
5 115 9
5 141. 6

3 635. 4
3 149 o
3 177. 6

6 162
5 749
8 639
9,189
90,216
79, 009

5 910
5 736
3 502
3,502
86, 943
75, 910

5 699
5 538
2,031
2,031
83 028
72, 156

1,375
6.4
98 39
71 49

1,369
6.7
98 O9
71 59

1,367
6.7
97 94
71 66

109 5

521.9
5 955
412 5

f 539 2
r 6 595
460 6

MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestlc
Passenger cars, total..
Domestic
Trucks and buses, total
Domestic

thous.do
do
do
do
do

Retail sales, new passenger cars:
Total, not seasonally adjusted
.. thous
DomesticsA
. . .
do
ImportsA
. do
Total, seasonally adjusted at annual rates mil
DomesticsA
.
do
Imports A
do
Retail inventories, new cars (domestics), end of
period: A
Not seasonally adjusted.
thous..
Soasonally adjusted
.
do
Inventory-sales ratio, new cars (domestics)A
ratio. Exports (Bureau of the Census):
Passenger cars (new), assembled
To Canada
.
Trucks and buses (new), assembled
Imports (Bureau of the Census):
Passenger cars (new) complete units
From Canada, total
Trucks and buses If _

thous
do
do

8, 701
i 4 i 369
2, 657

14

3 ]QO 1

4

609. 5
4 101 4
4
174. 6

6
6
5
0
2
6

r
r

5, 737
2, 896
r

3, 144
487
r
134

226

3 581. 3
126 4
176. 8

4
4
4

6 947
6,794
4,021
4,021
78, 191
67, 472

5,836
5,332
1,485
1,485
73, 389
63, 174

5,975
5, 434
1,813
1,813
68, 007
58, 333

1,368
7.0
98 21
71 78

1,363
7. 2
98 04
71 92

1,366
7.5
98 36
72 02

3
3

2 837. 8

2 206. 7

656. 8
130 8
197. 2

RAILROAD EQUIPMENT
Freight cars (new), for domestic use— all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number
58 259
Equipment manufacturers
do
54 814
New orders .
do
1105 765
Equipment manufacturers
do
UO9 136
Unfilled orders, end of period
do
67 199
Equipment manufacturers
do
65 380
Freight cars (revenue), class 1 railroads (AAR):§
N u m h e r o w n e end of period
thous
Held for repairs, % of total owned
Capacity (carrying) total end of mo mil tons
Average per car
tons

1 395
6 3
98 19
70 38

r 66 769

63
98
85
90
79

r
2
Revised.
i Annual total includes
revisions not distributed
by months.
Estimate
3
4
5
of production,
not factory sales.
Excludes 2 States.
Excludes 1 State.
Omits 3
6
Spates.
Reflects cancellation of 3,535 cars previously ordered.
J Annual figures
("Apparel 1973" MA-23A73) reflect review of respondents: Survey was expanded and classifications changed. The 1973 totals are not comparable with figures for other periods; revised
monthly data will be available.
* New series. Data cover all types of men's jeans, but
exclude dungarees, overalls, and work pants.
& Revised 1st :jtr. 1974.




6

AD
cover foreign-type cars and captive impuns, mm eA^iuuo u^m^.^^ ^^^^.^^^

imports

.iada.

lEffective Sept. 1973 SURVEY, data include imports of separate chassis and bodies.
©Effective Feb. 1974 SURVEY, excludes shipments of dollies and converter gear.
O Courtesy of R. L. Polk & Co.; republicaticn prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
° For one manufacturer, Jan. and Feb. sales are included in the Feb. data.

INDEX TO CURRENT B U S I N E S S SI \ HSTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade

1-7
8, 9
10,11
11-13

Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication

13-17
17-22
22-24
24-25

Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products

25, 26
26
27-30
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

Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
5,9,26
Electrical machinery and equipment
4,6,
7,9,14,15,20,23,24,34
Employment estimates
14
Expenditures, U.S. Government
13,19
Explosives
26
Exports (see also individual commodities)
1, 3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23, 34-36
Furnaces
34
Furniture
4,9,12-15

INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4,6, 8,9,11,12,20,23,24,40

Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products

3
Balance of international payments
17,18
Banking
27
Barley
34
Battery shipments
28
Beef and veal
Beverages
9,11, 22, 23,27
5-7
Blast furnaces, steel mills
20,21
Bonds, outstanding, issued, prices, sales, yields
33
Brass and bronze
38
Brick
4,6,
Building and construction materials... .
7,11 31,38
10,11
Building costs
10
Building permits
7
Business incorporations (new), failures.
5
Business sales and inventories
27
Butter

12
Hardware stores
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
10,11
28
Hogs.,
Home electronic equipment
9
11
Home Loan banks, outstanding advances
11
Home mortgages
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefurnishings
1,4,8, 11,12
Household appliances, radios, and television sets.
4,
8,9, 12,34
Housing starts and permits
10

Cattle and calves
28
Cement and concrete products
9,11,38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores. . .
13
Cheese
27
Chemicals
5,6,9,14-16,20,23,25,26
Cigarettes and cigars
30
Clay products
9,38
Coal
5,9,23,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings. . 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil.
5,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales




3, 8,9,27
17
19
2
12,13
17,20
34
16
27
2,3, 20,21
12,13

5,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38

Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4, 5
By market grouping
4
Installment credit
13,18
Instruments and related products
4,6,14,15
Insurance, life
19
Interest and money rates
18
Inventories, manufacturers* and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
4,9,11, 20, 23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
11,17,18,20
Lubricants
35,36
Lumber and products
4,9,11,12,14,15, 20,31
Machine tools
34
Machinery
4,6, 7, 9,14,15,20,23,24,34
Mail order houses, sales
12
Man-hours, aggregate, and indexes
15
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings. . . 14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22, 23,28, 29
Medical and personal care
9
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,5,9,14-16, 20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17,18,19
Motor carriers
24
Motor vehicles
1,4,6,8,9,11,20,23,40
Motors and generators
34

National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
4,6, 7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance

27
9,23,29,30
7
14,15

Paint and paint materials
Paper and products and pulp

9,26
4-6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4,6,8,9,11,12,20,23, 24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2, 5,10,20,21, 26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2, 16, 17, 21, 24, 25, 40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
V
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
5,6,
9,14-16,23,37
Saving, personal
2
Savings deposits
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12,30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31, 32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
4-6,9,14,15,20,38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20, 23,38-40
Tin
33
Tires and inner tubes
9,12,13, 37
Tobacco and manufactures
5,6,8,14,15, 30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, local
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
4,6, 7,14,15, 20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat flour
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.

13,17
17-21
finance
19
2,5,8,10,21,22,26
34
, . 12,13
23,29,30
8,9
1«
2,3,

15,16
34

34
28
8,9
•
5,7,11 ,14-16
36
9,39
33

UNITED
GOVERNMENT P
W A S H I N G T O N , D.C. 2O4C
OFFICIAL BUSINE




WHAT'S AHEAD FOR BUSINESS?
170160-

Find Out From

150-

Leading Indicators
Index

BUSINESS
CONDITIONS
DIGEST

140130120110160-

Coincident Indicators
Index

150140130120110-

'
Will business go up, down, or sideways? BCD presents 300 data series
in easy-to-follow charts to help you to decide.

From THE WALL STREET JOURNAL about the BCD
"...there is a single barometer the regular observance of which will just about let you be your own
economist as far as the big swings are concerned. This is an index prepared by the Commerce
Department based on the movement of 12 'leading' business indicators." June 5, 1972
Published monthly by the Bureau of Economic Analysis of the U.S. Department of Commerce, the
120-page magazine presents data on:

• National Income and Product
• Cyclical Indicators

• Prices, Wages, Productivity, Balance of Payments
• Composite and Diffusion Indexes

• Anticipations and Intentions

• International Comparisons

Special appendixes provide historical data, series descriptions, seasonal adjustment factors, measures of
variability, and business cycle chronology.
C56.111
Subscriptions for BDC may be ordered from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402.
Annual subscription $55.25 domestic, $69.10 foreign. Subscribers receive an advance summary of recent data and current changes for principal indicators.