Full text of Survey of Current Business : June 1969
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
JUNE 1969 / VOLUME 49 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
U.S. Department of Commerce
THE BUSINESS SITUATION
Summary
1
National Income and Product Tables
7
Plant and Equipment Expenditure
Programs in 1969
11
Manufacturers' Inventory and Sales
Expectations, Second and Third Quarters 1969
15
Office of Business Economics
ARTICLES
Foreign Earnings From U.S. Travelers in 1968
Decline Slightly to $3.9 Billion
Maurice H. Stans / Secretary
Rocco C. Siciliano / Under Secretary
William H. Chartener / Assistant Secretary
for Economic Affairs
George Jaszi / Director
Morris R. Goldman / Associate Director
Murray F. Foss / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
17
The U.S. Balance of Payments:
First Quarter 1969
21
A Fiscal Policy Model of the United States
Business Review and Features:
Francis L. Hirt
Donald A. King
Marie P. Hertzberg
Genevieve B. Wimsatt
45
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
Albuquerque, N. Mex. 87101
U.S. Courthouse Ph. 247-0311.
Anchorage, Alaska 99501
306 Loussac-Sogn Bldg. 272-6331.
Atlanta, Ga. 30303
75 Forayth St. NW. 526-6000.
Baltimore, Md. 21202
305 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th St. Ph. 325-3327.
Boston, Mass. 02203
JFK Federal Bldg. 223-2312.
Buffalo, N.Y. 14203
117 Eilicott St. Ph. 842-3208.
Charleston, S.C. 29403
334 Meeting St.
Ph. 577-4171.
Charleston, W. Va. 25301
500 Quarrier St. Ph. 343-6196.
Cheyenne, Wyo. 82001
6022 U.S. Federal Bldg.
Ph. 634-5920.
Chicago, 111. 60604
1486 New Federal Bldg.
Ph. 353-4400.
Cincinnati, Ohio 45202
550 Main St. Ph. 684-2944.
Cleveland. Ohio 44114
666 Euclid Ave.
Ph. 522-4750.
Dallas, Tex. 75202
1114 Commerce St.
749-3287.
Denver, Colo. 80202
16419 Fed. Bldg., 20th & Stout Sts.
Ph. 297-3246.
Des Moines, Iowa 50309
609 Federal Bldg.
Ph. 284-4222.
Detroit, Mich. 48226
445 Federal Bldg. Ph. 226-6088.
Greensboro, N.C. 27402
258 Federal Bidg.
Ph. 275-9111.
Hartford, Conn. 06103
18 Asylum St. Ph. 244-3530.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
Ph. 588-977.
Houston, Tex. 77002
515 Rusk Ave. Ph. 228-0611.
Jacksonville, Fla. 32202
400 W. Bay St. Ph. 791-2796.
Kansas City, Mo. 64106
911 Walnut St. 374-3141.
Los Angeles, Calif. 90015
1031 S. Broadway Ph. 688-2833.
Articles:
Etienne H. Miller
Walther Lederer
Evelyn M. Parrish
Lester C. Thurow
Subscription prices, including weekly statistical supplements, are $9 a year for domestic and $12.75 for
foreign mailing. Single issue $1.00.
Make checks payMe to the Superintendent^ of Documents and send to U.S. Government Printing Office,
Washington, D.C. 20402, or to any U.S. Department of
Commerce Field Office.
Memphis, Term 38103
147 Jefferson Ave.
Ph. 534-3214.
Miami, Fla. 33130
25 West Flagler St. Ph. 350-5267.
Milwaukee, Wis, 53203
238 W. Wisconsin Ave. 272-8600.
Minneapolis, Minn. 55401
306 Federal Bldg. Ph. 334-2133.
New Orleans, La. 70130
610 South St. Ph. 527-6546.
New York, N.Y. 10007
26 Federal Plaza 264-0634.
Philadelphia, Pa. 19107
1015 Chestnut St. Ph. 597-2850.
Phoenix, Ariz. 85025
230 N. First Ave. Ph. 261-3285.
Pittsburgh, Pa. 15222
1000 Liberty Are. Ph. 644-2850.
Portland, Oreg. 97204
217 Old U.S. Courthouse Bldg.
Ph. 226-3361.
Reno, Nev. 89502
300 Booth St. Ph. 784-5203.
Richmond, Va. 23240
2105 Federal Bldg. Ph. 649-3611.
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah 84111
125 South State St. Ph. 524-5116.
San Francisco, Calif. 94102
450 Golden Gate Ave.
Ph. 556-5864.
San Juan, Puerto Rico 00902
100 P.O. Bldg. Ph. 723-4640.
Savannah, Ga. 31402
235 U.S. Courthouse and P.O.
Bldg. Ph 232-4321.
Seattle, Wash. 98104
809 Federal Office Bldg.
Ph. 583-5615.
the BUSINESS SITUATION
|
On the basis of partial data through
| May, it appears that GNP has recorded
3 another sizable gain in the second
quarter. The physical volume of output
has increased moderately and the
rapid increase in prices has continued.
Changes in activity during the quarter
have been mixed. The employment
and related data have risen less rapidly
this spring than last fall and winter.
However, industrial production registered a good-sized gain in May in
spite of strikes.
A O judge from information that is
quite incomplete, GNP has posted
another sizable advance in the second
quarter, reflecting a moderate rise in
the physical volume of production and
a continued rapid increase in overall
prices. Evidence regarding changes in
activity so far within the quarter has
been mixed. On the one hand, employment and related series, such as manhours, payrolls, and personal income,
have clearly shown a less rapid rate of
expansion this spring than last fall
and winter. On the other hand, industrial production recorded a goodsized increase in May. The rise would
have been larger if not for the effect of
strikes in the automobile industry.
Investment boom continues
The chief stimulus to demand at the
present time comes from business
investment in new plant and equipment. After raising expenditures by
$3 billion in the first quarter, businessmen are planning an increase of comparable size in the current quarter;
this would be followed by a tapering
in the rate of expansion in the second
half, according to the OBE-SEC survey
conducted in late April and May. So
far there is little evidence that credit
restraint has braked the boom in
capital goods in the first half; it is too
early to expect such effects given the
record backlog of investment projects
already underway. Similarly, current
investment has not been affected by
the President's recommendation of
April 21 that the investment tax
credit be repealed. Indeed, the immediate impact of that request was a
sharp spurt in new orders placed with
equipment producers as businessmen
attempted to obtain the maximum
benefits possible under the existing
legislation.
Housing continues to feel the effects
of the credit tightening. New starts
edged down again in May—for the
fourth straight monthly decrease—and
permits also declined. However, residential investment is not likely to fall
this quarter because of the rise in
starts from the fourth to the first
quarter and the lag of expenditures
behind starts.
With the dockstrike over, net exports
have shown some pickup over the
abnormally low first quarter, but the
improvement is quite modest. Federal
purchases are adding little to the rise
in demand this quarter, but State and
local outlays are continuing upward.
Personal consumption expenditures
should register another substantial
advance in the current quarter although
a large part of the rise appears to be
higher prices. A noteworthy gain in
physical volume this spring is the
increase in unit sales of new cars,
which weakened late in the first quarter
and which are now running only
slightly below the peak rate achieved
last summer.
As usual, inventory investment is
especially difficult to project. A number
of crosscurrents seem to be at work.
For example, inventories of auto dealers
are likely to decrease this quarter
following a rise in the first. On the
other hand, manufacturers are planning
a step-up in their rate of accumulation,
according to the latest OBE survey.
In April, the only month for which
data are available, the book value of
manufacturers' stocks rose somewhat
Plant and Equipment Expenditures
* Full year 1969 now 121/2 percent above 1968 a slight downward revision since March survey
* Outlays expected to rise throughout the year,
with tapering in the second half
30 -
20 -
10 -
1965
66
67
68
69 '
1968
'
69
Seasonally Adjusted at
Annual Rates
U.S. Department of Commerce, Office of Business Economics
69-6-1
SURVEY OF CURRENT BUSINESS
more than the average monthly increase ^since the Ford work stoppage of late
from January through March.
1967. For the 2 months combined,
strike losses have totaled about 150,000
Industrial production higher
passenger cars.
Paced by increases in business equipWith output reduced and with sales
ment and industrial materials, which at a high rate, the inventory condition
were partly offset by the effect of of auto dealers has undergone a constrikes in the automobile industry, siderable change in the past 2 months.
industrial production rose 0.6 percent From the record high of 1.63 million
from April to May. This was about units in March, new car stocks dedouble the April rise and roughly the clined 34,000 during April and more
same as the average monthly increase than 100,000 in May on a seasonally
in the first quarter.
adjusted basis. In relative terms, May
Continued strength in overall steel inventories represented 2.12 months of
demand, notably from the capital deliveries as compared with 2.53 months
goods industries, raised output in the in March and 2.07 in May 1968.
iron and steel industry by 2% percent
for the eighth straight monthly advance. Employment up
May output was only slightly below
Employment gains since March of
the very high level that prevailed in
the spring and early summer of 1968, this year have been much less rapid
when demand and production were in- than they were in the late months of
flated by the steel stock-piling prior to 1968 and early 1969. In May, seasonally adjusted nonfarm payroll employthe signing of a new labor contract.
This year's production increases in ment increased by 90,000; this rise,
steel have been in response to rising although well above the very small
consumption of steel users rather than gain of 31,000 in April, fell short of the
to inventory building. In manufactur- 197,000 increase in March and the aving, stocks of steel held by users erage monthly gain of 325,000 from
changed relatively little since January, October through February of this year.
according to Census data. Moreover, The May advance would have been
in relation to consumption, stocks greater except for a net loss of 60,000
are if anything rather lean: The stock- workers because of strikes, chiefly in
consumption ratio at the end of April the construction and manufacturing
(the latest month available) was close industries.
Earlier this spring, the slowdown in
to the ratios of mid-1967, which were
employment growth was accompanied
the lowest figures recorded since the
Census data became available in early by a small rise in unemployment. The
unemployment rate rose from an ex1962.
tremely low 3.3 percent from December
Autos hurt by strikes
through February to 3.4 percent in
In the auto industry, continuing March and 3.5 percent in April. In
strikes in a number of assembly plants May, however, the rate remained
again held down assemblies in May. unchanged. The slower employment
Fewer than 715,000 passenger cars were growth has not had a counterpart in
produced last month, a reduction of increased unemployment because the
80,000 units from planned schedules. labor force has declined. Following
May production, after seasonal ad- extraordinary increases from last Ocjustment, was about unchanged from tober through February, the labor
the strike-reduced April level, which in force approximately stabilized in March
turn was the lowest monthly volume and April and fell sharply in May.
Errata—Debt Tables
The figures shown on page 12 in the May 1969 SURVEY for gross debt at the end
of 1967 were in error. The correct figures are as follows: Total gross public and private
debt, $1,626.5 billion; gross private debt, $1,130.7 billion; gross corporate debt,
$649.3 billion; and gross long-term corporate debt, $311.5 billion.
June 1969
Personal income higher
Monthly changes in personal income
this year have mirrored the changes in
employment. Total personal income
rose $3.8 billion in May to a seasonally
adjusted annual rate of $735 billion;
this was a little more than the April
increase but about $1 billion below the
average monthly gain in the first
quarter.
Wages and salaries accounted for
$2.6 billion of the May rise, with
higher rates of pay responsible for
most of this advance. The modest rise
in employment was partly offset by a
slight reduction in hours, which centered in nonmanufacturing industries.
Among the industries, the steady rise
in government payrolls continued. In
the private sector, the gain in manufacturing payrolls showed a step-up
over the low April figure, while nonmanufacturing wages and salaries rose
at about the April rate.
Retail sales at peak level
Consumer buying continued strong
in May as retail sales were maintained
at the peak April rate, according to
advance estimates. For the 2 months
combined, average store sales were 1
percent above the first quarter rate.
Despite increased competition from
foreign-make cars, dealers' sales of new
domestic-type cars have moved higher
in the current quarter. Deliveries in
May were at a seasonally adjusted
annual rate of 8.5 million units, up
slightly from April and the first quarter;
sales in early June rose above the
May rate.
Sales of foreign-built passenger cars
in May were maintained at the high
April rate of 1.2 million units. During
the first quarter, when the dock-strike
held down deliveries, foreign-car sales
averaged 1 million units.
Wholesale prices higher
Prices in wholesale markets rose
considerably in May; the 0.8 percent
advance brought the rise to 1.5 percent
over the past 3 months and to 4
percent over the past year. The May
increase reflected primarily higher quotations for farm products and processed
(continued on page 11)
SURVEY OF CURRENT BUSINESS
Jane 1969
CHART 2
• Nonfarm payroll employment increased more in May than in April. Rise fell short of rapid gains of last fall and winter
• Unemployment in May unchanged from April rate of 3.5 percent—slightly above first quarter average
• Wholesale prices up again in May due mainly to sharp increases in farm products and processed foods
THE LABOR MARKET
TOTAL PRODUCTION
Billion $
Percent
Million Persons
950
PRICES
81
IMPLICIT PRICE DEFLATOR FOR GNP**
(Change From Previous Quarter)
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
900
-
850
-
800
-
77
73
750
Quarterly (1)
Monthly (May)
Quarterly (I)
1957-59=100
Percent
Billion $
130
UNEMPLOYMENT RATE*
125
-
Total
20 -
Married Men
10 -
115
•NX'
110
Monthly (May)
Quarterly (I)
Billion $
Million Persons
800
Monthly (Apr.)
BLS
76
Billions
120
WHOLESALE PRICES
NONFARM ESTABLISHMENTS
(Employees)
CONSTANT DOLLAR (195S) SNP**
72
750
115
Employment*
(left scale)
Total
\
700
1957-59=100
-
Final Sales
Industrial Commodities
140 110
64
105
60
650
100 I M M M M I I I I M I M I I I M I I M I M I I M I I
Inventory Change
Quarterly (1)
Monthly (May)
QBE
Percent
Hours
12
45.0
1957-59 = 100
3.20
130
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
CONSTANT DOLLAR (1S58) GNP*
(Change From Previous Quarter)
42.5
.Illllll
BLS
3.00
120
2.80
110
2.60
100
35.0 I ' i M i.hl i i i l.l.j i M i I M i M I i i i i i I i i M i I 2.40
90
WHOLESALE PRICES
Processed Foods
and Feeds
Average Hourly Earnings
(right scale)
40.0
Average Weekly Hours*
(left scale)
37.5
^/
X/-si
\
f'\
-
*
' ,-^"sS "^
Farm Products
-4 I
I
I
1
I
9
I
6
7
* Seasonally Adjusted
I
1
I
9
I
6
I
8
1
I
9
I
6
I
9
Quarterly (I)
QBE
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
1967
1968
Monthly (May)
BLS
M M 1 1 1 I M 1
M 1 1 1 1M 1 M
1967
1969
M M M] M J M
1968
1969
Monthly (May)
BLS
SURVEY OF CURRENT BUSINESS
June 1969
• Personal income increased $3 3/4 billion in May, about the same as the April rise but below February and March advances
• May retail sales continued at the peak rate reached in April
* Housing starts edged down again in May— average for April-May was 10 percent below first quarter rate
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billion $
800
650
100
PERSONAL CONSUMPTION
EXPENDITURES*
PERSONAL INCOME**
750
700
FIXED INVESTMENT
Billion $
Billion $
,
_
/
S
_
^s
650
/
1 1 1 1 1 M
_
550
J
500
_
_
_
50
^^S
_
Producers' Durable Equipment**
75
,_.V,-
1 11
t 1 I ii1 1 I i ii
1 M 1 1 Ij | 1 1J
Monthly (May)
^^*s ^^
i
450
i
i
I
QBE
l
_.
l
Quarterly
^-- ._
Nonresident!al Structures**
25
\
^^
^^
600
600
I
I
I
(I)
Residential Structures**
i i i
i
i i
0
QBE
Quarterly
Billion $
Billion $
35
1
1
QBE
Billion $
550
1
(1)
80
RETAIL STORE SALES*
WAGES AND SALARIES**
500
450
^/
^^^
— 200
\s~^
Manufacturing
s®"
—
—
_ _ — *-
.--
150
70
/
-
/
20
"\ 1 -
15
65
Monthly (May)
^ //
f\-
A
1 1 1 1 i 1 1 1 1 1 i . . . . , 1 . . 1 1 1 1 1 ii id , i . i
_
/
Excluding Automotive Group
1 1 1 M i 1 1 1 M i i i . i 1 i i i i i 100
Monthly (May)
QBE
11 1 1 11
-
-~.*» ^^^
\m — — *
L 1 1 M
25
75
^*~~^S*^
\ s**^
^^S~*J± '
(right scale)
400
350
30
Total
s/
(left scale)
^S\
\^/^
PLANT AND EQUIPMENT
EXPENDITURES
Total
7"><
60
Census
0
I 1 I
Anticipated
i
i
Quarterly (IV)
Billion $
Million Units
Billion $
700
12
i
OBE-SEC
8
NEW CAR SALES**
DISPOSABLE PERSONAL INCOME**
650
600
_
_
^
-
10
8
/ ^^
550
Domestic
(left scale)
\_/^V,A
pV TV
\ A* t\
Imports
\T
v
Tr
^
^
^
- ^^^
6
7
^
-
\
500
\
1
\
\
L
\
1
4
1
Quarterly (1)
1 1 1 1 1 I 1 1 1 1 1
Dollars
2,700
-
6
-
X* »X^
2
.„./
7^
1
5 ---•*"
-
Shipments
0
,1 1 1 1 1 1 1 1 1 1
4
1 1 1 1 1 1f 1 1 1i 1 1 1 1 1 1 1 11 1i
Monthly (Apr.)
Trade Sources & QBE
Percent
Census
Million Units
12
2.5
PERSONAL SAVING RATE*
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,600 - (In 1958 Dollars)
j\
OA jfl—1 i
-.^v J ^
1 1 1 1 ii i M ii . M , Mi i 1 1 .
Monthly (May)
QBE
:
New Orders
(right scale)
/
/
***^
MACHINERY AND EQUIPMENT*
(Manufacturing Firms)
_
10
PRIVATE NONFARM HOUSING**
-
-
2.0
-
-
Starts
\
2,500 -
1
/
2,400
2,300
^^
^^
r
^^
\
1
1967
L
-
1
1
1968
Quarterly (1)
1
1
1
1
U.S. Department of Commerce, Office of Business Economics
6
4
1969
* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates
-
8
A/^^V*
\
XX^SL
-
1.0
i
i
1967
QBE
SSX
i
l
i
t
1968
Quarterly (1)
i i i
.5
1969
C7"
1 11 1 1 11 1 M 1
1967
QBE
A
V
Ji
1.5
/
N
"~\'
-
Permits
1 M 1 1 | | I | 1 | •i i I I i 1 I i i i i
1968
Monthly (May)
1969
Census
SURVEY OF CURRENT BUSINESS
June 1969
® Manufacturing and trade inventories (book value) increased $0.8 billion in April, close to average monthly increase in first quarter
* Merchandise trade registered a small surplus in April for second straight month
% First quarter balance of payments showed $1.7 billion deficit, following fourth quarter surplus (liquidity basis)
INVENTORIES
FOREIGN TRANSACTIONS
GOVERNMENT
Billion $
Billion $
Billion $
40
12
140
NET EXPORTS*'
CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
30
—
-
8
20
-
-
4
FEDERAL PURCHASES OF
GOODS AND SERVICES**
-
li I
.l
i
4
Quarterly (1)
^V
^^^"""^^^
Of)
l
i
Quarterly
t
I
I
I
(1)
3.0
\/
>s
-
1 11 1 1 i 1 1 1 1 1
130
i i t | I IjjLLLJL 1 1 1 1 1 1 1 1 1 1 1
Monthly (Apr.)
l
l
i
l
l
Quarterly (1)
QBE
2.0
1.5
1 M 1 I 1 1 11 t t
DEFENSE PRODUCTS*
/
A
Exports
:W~V^
\... ., /
-
—/I
140
i
4
y
2.5
Defense
l
Billion $
MERCHANDISE TRADE*
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
To
'"
l
QBE
3.5
160
i
60
Billion $
170
r
'N.^-~"NON.
-•*
i i
QBE
Billion $
150
\^
mr-^
Merchandise
II
I
0
-
100
.^^^^
\ \ ^^ niir"^
^
/ ^
M
t
-
Total
_^^/
k.
in
120
Goods and Services
/
V
3
ntfMI
vf 11
imports
'
/\£^M5
\i \ 1
2
17
5
Shipments
1
i 11 1 11 1 1111 i 11 111 1 1 1 11
Monthly (Apr.)
Census & QBE
New Orders
0
M 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 111 11 111 1 1 11 1 1 11
Census
Monthly ^Apr.)
Billion $
Billion $
Billion $
120
4
Census
225
_
100
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
_
Jixr^—'
2
_
NET FLOW OF PRIVATE U.S. AND FOREIGN CAPITAL
(Other than Liquid Funds)*
_
200
FEDERAL BUDGET**
(NIA Basis)
__
_
Manufacturing
\
/
-*•——
80
0
.<
60
•¥*...' . . . . . — "
....«
•
40
1 1
1 1 1 1 1 1
1 1
"' \
Trade
1 1111111111
Expenditures
Inflow
/""-</^
.^Outflow A(
^S
^^^S
v--^1/^
-2
1 i t M 1! 1 1 i 1
Monthly (Apr.)
4
150
l
i
i
I
I
I
l
l
|
Quarterly (1)
Census & QBE
s'"*/^
175
— iJeficit^ \
~-—'—
Receipts
125
t
i
t
i
QBE
i
i
i
i
i
Quarterly (I)
Ratio
Billion $
Billion $
2.0
4
QBE
150
BALANCE OF PAYMENTS*
INVENTORY/SALES RATIOS*
Manufacturing
1.8
>~s~
STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**
Official Reserve Transactions Basis
2
125
o
16
100
^-^/ \
s^.
^
^ Total
Manufacturing and Trade
1.4
i 11 1 ih il M
1 1 n 1 1 in 1 1
1967
1.2
1968
1 1M 1 i 1 M t 1
Monthly (Apr.)
* Seasonally Adjusted
f\
^
Liquidity Basis
-2
1969
Census & QBE
4
i
i
1967
i
i
i
i
1968
Quarterly (I)
\~^
75
i
l
l
50
1969
QBE
l
t
i
1967
l
i
t
i
i
i
1968 1969
Quarterly (1)
QBE
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
69-6-4
SURVEY OF CURRENT BUSINESS
6
June 1969
|
CHART 5
* In May— Industrial production continued to advance despite strikes in the auto industry
•
—Bank credit and money supply changed little after sizable gains in April
• Corporate internal funds increased $1.3 billion in first quarter—up $6 billion over the year
INDUSTRIAL PRODUCTION
Index
MONEY, CREDIT, AND SECURITIES MARKETS
240
460
190
-
420
220
380
^
340
1 1 1i%f"Ki
150
MM
1 1M 1i 1 M I 1
*•
_
j>^r~^
200
80
180
Money Supply
(right scale)
Nondural ile Manufactures
******
1 M M 11 1M 1
Monthly (May)
300
t III 1 1 M 1 1 1
1 1 M
1 1 M
M
1 1 1 1 1 1 1 1 1 1 M
Monthly (May)
FRB
Before Tax and Including IVA
100
1
160
1
—T"""
60
40
-
^T\
\
160
Bank Credit
(left scale)
f**
; \
CORPORATE PROFITS**
'
-
Durable Ma nufactures
170
1 20
BANK CREDIT AND MONEY SUPPLY*
INDUSTRIAL PRODUCTION*
180
PROFITS AND COSTS
Billion $
Billion $
1957-59=100
i
r
i
i
i
i
i
i
t
Quarterly (1)
FRB
Index, 1957-59=100
Bill on $
Billion $
200
2
QBE
120
Autos
175
,
/
* \
/us\
^v
*"\
\
125
100
II 1 I 1 1 t 1 f I 1
1 1 Ii t 1 M ( M
_
1 M 1 111 M 11
Monthly (May)
1
-
0
-
V
150
CORPORATE INTERNAL FUNDS AND PROFITS**
FREE RESERVES
INDUSTRIAL PRODUCTION*
J+
-
M M 1 1M M 1
80
t t 1M 1M 111
M 1 M 1M M 1
Monthly (May)
Perc ent
1 i
i
i
QBE
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY*
- (Change From Previous Quarter)
Output
~^~^£C-
6
4
80
I
i
Quarterly (I)
4
^^" "
I
i
i
-
Corporate Yields, Moody's Aaa
\^
i i i
i
6
8
75
i
40
INTEREST RATES AND BOND YIELDS
Manufacturing
-V
t
Profits After Taxes
Per cent
10
85
__/^-~r
FRB
Perc ent
95
90
-
60
FRB
RATIO, OUTPUT TO CAPACITY*
Internal Funds
*\*x
-1
-2
100
1
1
1
Quarterly (1)
1
2
-V
1 1 1 1 1 1 M
««
1 1 t
2
X\-\ ..*•'
•-" 3-month Treasury Bills
A"
1 M M 1M 1 M
0
i M M 1 t M 1 1
-2
njljijii MI
i i t
Monthly (May)
FRB
Compensation
.1. . i i
jl
I
I
I
.
Quarterly (1)
Billic>n $
1941 43=10
Per cent
36
140
BLS
6
STOCK PRICES
DURABLE GOODS MANUFACTURERS*
120
32
UNIT LABOR COSTS, PRIVATE ECONOMY*
(Change From Previous Quarter)
w^
New Order
28
-
V
100
^xX^
Shiprnents
24 «»»»«<yr
80
1 M M 1 1 1 1 11
M 1 M 1M 11I
1 IM 1 1 M 1 M
1967
20
1968
1969
Monthly (Apr.)
^~r
1 1 1 1 1 11 11 11
1967
Census
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
60
4
Standard and Poor's (500)
2
"
1 M I1 1 1 M M
1968
Monthly (May)
1 1M 1 1 1 11 1 I
1969
0
-2
1. in.ill
i
l
1967
l
i
i
i
1
1968
Quarterly
1
1
1969
(I)
BLS
SUEVEY OF CUEEENT BUSINESS
June 1969
NATIONAL INCOME AND PRODUCT TABLES
1967
1967
1968
1968
II
IV
1967
III
IV
1968
II
IV
1967
Seasonally adjusted at annual rates
III
IV
Seasonally adjusted at annual rates
Billions of 1958 dollars
Billions of current dollars
Table 1.— Gross National Product in Current and Constant Dollars (1.1, 1.2)
789.7
860.6
811.0
831.2
852.9
871.0
887.4
903.3
673.1
706.7
681.8
692.7
703.4
712.3
718.4
723.5
492.2
533.8
502 2
519 4 527.9
541.1
546.8
557.4
430.5
450.9
434.1
444.9
447.5
455.7
455.4
460.1
72.6
215.8
203.8
82.5
230.3
221.0
74 2
218.4
209.6
79.0
226.5
213.9
81.0
228.2
218.7
85 1 85.1
232.7 233.7
223.4 228.0
86.8
238.1
232.5
72.4
191.1
167.0
80.1
197.1
173.7
73.0
191.6
169.5
77.3
196.5
171.0
78.9
196.1
172.6
82.5
198.5
174.8
81.7
197.3
176.4
82.9
199.4
177.8
114.3
127.7
121.8
119.7
127.3
127.1
136.6
139.0
99.5
106.9
104.7
101.5
107.3
105.8
113.1
113.1
108.2
119.9
113.5
117.6
116.5
119 6
126.0
132.1
93.6
99.8
96.7
99.5
97.4
99.0
103.5
107.0
83.6
27.9
55 7
90.0
29.2
60.8
85 0
27.7
57 3
88 6
29.6
59 0
87.0
28.5
58 5
90 1
28.8
61 3
94.3
29.9
64.5
99.6
32.2
67.4
73.7
22.6
51.1
76.8
22.5
54.3
74.0
22.1
52.0
76.5
23.4
53.0
74.5
22.1
52.4
76.6
21.9
54.7
79.6
22.6
57.0
83.0
23.7
59.4
24.6
24 0
6
29.9
29 3
6
28.5
27 9
6
29.1
28 5
g
29.5
28.9
6
29.5
28.9
g
31.6
31 0
6
32.5
31.8
.6
19.9
19.5
5
23.1
22.6
.5
22.7
22.2
.5
23.0
22.6
.5
22.9
22.5
.5
22.4
21.9
.5
23.9
23.4
.5
23.9
23.5
.5
Change in business inventories
Nonfarm „.
_ _
Farm
6.1
5.6
5
7.7
7.3
5
83
7.1
12
2.1
1.6
10.8
10.4
4
75
7.3
1
10.6
9.7
6.9
6.2
g
5.9
5.3
g
7.1
6.6
5
8.0
6.7
13
2.0
1.6
4
9.9
9.6
.4
6.8
6.6
.1
9.6
8.8
.9
6.1
5.4
.7
Net exports of goods and services
4 8
2.0
34
15
2.0
3.3
1.0
.0
24
— .3
1.0
—.1
—.6
.7
44.7
45.4
47.6
46.9
44.9
46.2
41.2
43.5
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
Exports
Imports
_.
50.1
49 1
46.6
46.6
41.8
39 3
45.3
45.6
41.9
40.9
195 7
199 6
203 0
206.9
140 7
149.2
142.0
146.5
149.2
150.1
151.2
152.5
100 0
79 0
21 0
101 2
79 6
21 5
101 7
80.0
21 7
102 4
80.2
22 2
74 8
79 3
75.6
78.1
80.1
79.5
79.3
79.3
95 6
98 4
101 2
104.5
65.9
70.0
66.4
68.4
69.1
70.6
71.8
73.2
46.0
42 6
47.5
46 0
49.9
47 9
178 4
197.2
183 5
190 5
90 6
72 4
18 2
100 0
78.9
21 1
93 5
74 6
19 0
97 1
76 8
20 3
87.8
Government purchases of goods and services
"Federal
National defense.
Other
State and local... _
_ _
-2.3
52.6
49 4
50.0
48 1
97 2
90 0
93 4
45.8
41 0
-1.3
44.0
44.1
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
789 7
_
..
Goodsoutput
Final sales
Change in business inventories
831 2
852.9
871 0
887 4
903.3
673.1
706.7
681.8
692.7
703.4
712.3
718.4
723.5
802 7
8.3
829 1
2.1
842.1
10.8
863 5
75
876 8
10 6
896.3
6.9
667 2
5.9
699.6
7.1
673.8
8.0
690.7
2.0
693.5
9.9
705.5
6.8
708.7
9.6
717.3
6.1
430.8
404 8
414 9
428 4
436 9
443.0
448.8
361 0
380.3
364.4
370.4
379.2
384.7
386.8
389.2
396 5 412 8
2l
83
417.6
10 8
429 5
75
432 4
10 6
441.9
69
355 1
59
373.2 356.4
80
71
368.4
20
369.3
9.9
378.0
6.8
377.2
9.6
383.1
6.1
159 3
156 4
3.0
164 1
159 9
42
168 2 175 3
166 7 169 1
6.2
15
180 0
175 1
49
183 3
177 8
56
187 6
183 6
3.9
150 3
147 6
27
162 1
158 0
41
152 8
149.0
3.8
155 9
154.5
1.4
161.2
155.6
5.6
164.9
160.5
4.4
166.5
161.5
5.0
169.4
166.0
3.4
237 6
234 5
31
254 1
250 9
32
240 7
236 6
41
246 7
246 1
6
253 1
248 5
46
256 9
254 4
25
259 7
254 6
5o
261 2
258 3
30
210 7
207 5
32
218 2
215 2
30
211.6
207 5
41
214.5
213 9
.6
218.0
213 7
4.3
219.8
217.4
2.4
220.3
215.7
4.7
219.8
217.0
2.8
342 7
324 7
330 4
339 2
347 6
353 7
359 6
249 6
260 0
253 2
255 i
258 7
262 3
263.7
265.1
77 9
_
176 7
172.2
4.6
314 8
Nondurable goods
Final sales
.
Change in business inventories
Services
811 0
852.9
7.7
390.8 423.1
77
61
Durable goods
Final sales
Change in business inventories
Structures
860.6
783.6
6.1
396.9
Gross national product
Final sales
Change in business inventories
87 1
81 5
85 8
85 4
86 4
90 7
94 8
62 5
66 4
64 2
67 2
65 5
65.2
67.
69.2
723.5
Table 3.—Cross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private
Business
Nonfarm
Farm
Households and institutions. ._
789 7
860 6
811 0
831 2
852 9
871 0
887 4
903 3
673 1
706 7
681 8
692 7
703 4
712.3
718.4
704 8
766 3
722 3
740 3
759 9
775 0
700 o
804 1
614 0
644 7
621 7
631 8
641 6
649 7
655 5
660.0
677 9
653 7
24 2
737 3
712 3
25 o
694 1
669 4
24 8
712 4
688 1
24 3
730 8
706 1
24 7
745 6
720 2
25 5
7fift *
735 0
25 5
774 7
749 2
25 5
594 0
569 9
24 1
623 7
599 8
23 9
600 8
576 3
24 5
611 4
587 8
23 g
620 5
596 2
24 3
628 5
604 5
24 0
634 4
610 5
24 0
639 2
615.5
23.7
16.0
22 3
24 0
22 9
23 5
24 2
24 2
24 2
24 5
15 5
16 1
15 7
16 1
16.3
16.2
16.0
Rest of the world
46
49
53
4 4
4 9
5 2
5 2
4 8
4 5
48
52
4 3
48
51
5i
4.8
General government
84 8
94 3
CO fi
on e
qo A
%n
47 A
99 1
en n
62 0
60 1
60 9
61 8
62 6
62 9
63.5
SURVEY OF CURRENT BUSINESS
8
1967
1968
IV
I
II
1967
1969
1968
1967
June 1969
III
IV
1967
I
1968
National income
789.7 860.6 811.0 831.2 852.9 871.0 887.4 903.3
Equals * Net national product
71.1
72.3
73.7
74.9
76.2
77.5
720.5 786.3 739.8 758.8 779.1 796.1 811.2 825.8
Less: Indirect business tax and nontax
69.6 75.8 71.2 72.8 74.8 76.7 79.0 81.2
liability
3.1 3.3 3.2 3.2 3.3 3.3 3.3 3.3
Business transfer payments
—3.5 -4.8 -4.2 -4.7 -3.6 -5.3 -5.5 -6.9
Statistical discrepancy
Plus: Subsidies less current surplus of
government enterprises .
Equals* National income
Less: Corporate profits and inventory
valuation adjustment
Contributions for social insurance
Wage accruals less disbursements
Plus: Government transfer payments
to persons
Interest paid by government
(net) and by consumers.
Dividends _ _
Business transfer payments
Equals: Personal income
1.6
.7
1.3
.5
.7
IV
I
Table 6.—National Income by Type of Income (1.10)
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
74.3
III
Billions of dollars
Billions of dollars
Less: Capital consumption allowances. 69.2
II
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross national product
I
IV
1969
1968
1.0
.6
.9
652.9 712.8 670.9 688.1 705.4 722.5 735.1 749.2
80.4
89.1
82.3
83.8
89.2
91.6
91.8
90.6
41.9
46.9
43.0
45.8
46.5
47.4
47.8
51.8
.0
.0
.0
.0
.0
.0
.0
.0
48.6
55.3
49.7
52.5
55.0
56.3
57.5
59.0
23.6 25.9
22.9 24.6
3.1 3.3
24.2
22.5
3.2
24.9
23.6
3.2
25.7
24.4
3.3
26.2
25.2
3.3
26.7
25.4
3.3
27.2
25.4
3.3
628.8 685.8 645.2 662.7 678.1 694.3 708.2 721.7
Compensation of employees
Wages and salaries
Private
Military
Government civilian _ .
423.4 463.5 436.4 448.3 457.6 469.0 479.0 490.8
337.1 367.2 346.0 355.7 362.8 370.9 379.2 389.4
16.3 18.3 17.1 17.5 17.8 18.9 18.8 18.8
70.0 78.1 73.3 75.2 77.0 79.1 81.1 82.6
Supplements to wages and salaries. .. 44.8 50.1
Employer contributions for social
21.5 23.9
insurance
46.2
48.4
49.4
50.7
51.7
54.4
22.1
23.5
23.7
24.2
24.4
26.3
26.1
24.2
25.0
25.7
26.5
27.3
28.0
Other labor income
Employer contributions to private pension and welfare funds
Other
23.3
19.5
3.8
60.7
62.9
61.1
61.8
62.6
63.4
63.7
63.6
Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
46.3
47.8
46.8
47.2
47.8
48.0
48.2
48.3
46.6
—.3
48.4
-.6
Farm
14.4
15.1
14.3
14.6
14.8
15.4
15.5
15.2
20.3
21.0
20.5
20.7
20.9
21.0
21.2
21.4
Proprietors' income
Rental income of persons
Corporate profits and inventory valuation adjustment
Profits before tax
Profits tax liability
Profits after tax
Dividends..
Undistributed profits
Inventory valuation adjustment
Net interest
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
652.9 712.8 670.9 688.1 705.4 722.5 735.1 749.2
468.2 513.6 482.7 496.8 507.1 519.7 530.7 545.2
80.4
89.1
82.3
83.8
89.2
91.6
91.8
90.6
81.6
92.3
85.4
88.9
91.8
92.7
95.7
96.5
33.5
48.1
22.9
25.2
41.3
51.0
24.6
26.3
35.1
50.3
22.5
27.9
39.8
49.1
23.6
25.5
41.1
50.7
24.4
26.3
41.5
51.2
25.2
26.0
42.8
52.8
25.4
27.5
43.2
53.3
25.4
27.9
-1.2 -3.1 -3.1 -5.1 -2.7 -1.0
23.3
26.3
24.3
25.0
25.8
26.7
-3.8 -5.9
27.6
28.4
Table 7.—National Income by Industry Division (1.11)
Billions of current dollars
All industries, total
Gross auto product l
35.7
31.3
33.7
36.1 36.1
36.9
36.7
Personal consumption expenditures. 24.9 30.1
5.3
4.4
Producers' durable equipment
.8
Change in dealers' auto inventories. . -.5
25.3
4.5
1.4
28.4
5.0
.6
29.0
5.1
2.3
31.6
5.6
-.6
31.3
5.5
.9
30.5
5.4
1.0
Net exports.
Exports _
Imports
29.0
-.2
1.8
2.0
-.6
1.6
2.2
-.5
2.3
2.9
-.7 -1.0
2.1
2.4
3.1 3.1
-.3
2.2
2.5
Transportation
.. _ 26.1 28.0
Communication
....
13.1 14.2
12.9 13.9
Electric, gas, and sanitary services
96.8 105.5
Wholesale and retail trade .
25.9
2.9
32.2
4.3
28.0
3.4
30.0
4.0
32.8
4.2
33.1
4.0
32.4
4.8
Finance, insurance, and real estate
Services
Government and government enterprises
.
.
.
Rest of the world
33.1
4.9
34.8
30.7
33.0
35.4
35.2
35.7
35.4
Personal consumption expenditures . 24.8 29.2
Producers' durable equipment _ _
5.2
4.4
Change in dealers' auto inventories.. -.5
.8
24.8
4.4
1.4
27.7
5.0
.6
28.3
5.1
2.3
30.7
5.5
-.6
30.1
5.4
.8
29.2
5.2
1.0
Net exports.
Exports
Imports
29.0
0.0
1.7
1.7
-.6
2.1
2.7
-.1
1.8
1.9
-.5
1.6
2.1
-.4
2.3
2.8
-.6
2.4
3.0
-.9
2.0
2.9
-.3
2.2
2.4
26.4
2.9
32.0
4.1
27.9
3.3
29.9
3.9
32.7
4.1
32.8
3.9
32.5
4.7
31.8
4.6
Addenda:
New cars, domestic 2 _ .
New cars, foreign
1. The gross auto product total includes government purchases, which amount to $0.2 billion
annually for the periods shown.
2. Differs from the gross auto product total by the markup on both used cars and foreign cars.
21.4 22.5 21.4 21.9 22.2 22.9 23.1 23.0
39.7 42.8 40.3 41.3 42.6 42.9 44.3 46.1
196.6 215.9 201.0 207.7 214.4 218.2 223.1 225.9
75.8 82.9 77.6 80.1 82.1 84.2 85.2 86.0
120.8 133.0 123.4 127.7 132.3 134.0 138.0 139.8
-.7
2.1
2.8
Billions of 1958 dollars
Gross auto product 1
652.9 712.8 670.9 688.1 705.4 722.5 735.1 749.2
—.1
1.6
1.7
Addenda:
New cars, domestic a .
New cars, foreign
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing ..
Nondurable goods
Durable goods
70.9
77.0
77.3
83.3
93.6 104.5
4.6
4.9
26.5 27.3 27.9 28.2 28.4 29.0
13.3 13.7 13.7 14.6 14.8 15.4
13.2 13.5 13.6 14.4 14.2 14.5
99.7 101.8 104.5 107.2 108.4 110.8
73.0
79.2
74.5
81.3
76.2
82.6
78.6
84.0
80.0
85.3
82.3
87.4
98.0 100.5 102.8 106.3 108.2 110.0
5.3 4.4 4.9
5.2
4.8
5.2
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
All industries, total
Financial institutions
Mutual
Stock . .
Non financial corporations
Manufacturing
Nondurable goods
Durable goods
Transportation, communication,
and public utilities _
All other industries
80.4
89.1
82.3
83.8
89.2
91.6
91.8
90.6
10.3
11.5
10.6
11.0
11.2
11.9
11.8
12,3
1.9
8.4
70.1
77.6
71.7
72.9
77.9
79.7
80.0
78.3
39.2
18.0
21.2
44.5
19.8
24.7
39.9
18.0
21.9
41.3
19.0
22.3
44.9
19.7
25.2
45.3
20.3
25.0
46.5
20.2
26.3
45.1
20.1
25.0
11.8
19.0
12.6
20.6
11.9
20.0
12.5
19.0
12.5
20.6
13.0
21.4
12.3
21.3
12.5
20.7
SURVEY OF CURRENT BUSINESS
June 1969
1967
1967
1968
IV
I
II
1967
1969
1968
III
IV
I
1967 1968
Seasonally adjusted at annual rates
453.1 496.1 464.6 477.7
491.1 503.0 512.5 523.3
47.1
44.9
45.7
46.7
47.6 48.5
49.3
40.6
44.4
41.6
42.6
43.7
45.0 46.4
47.7
Income originating in corporate busi369.0 404.5 378.1 389.4
ness
400.7 410.4 417.7 426.3
Compensation of employees.
Wages and salaries
Supplements
293.3 320.2 300.9 309.9
260.8 283.9 267.5 274.9
32.4 36.3 33.4 35.1
316.3 323.7 330.8 340.5
280.4 286.9 293.3 300.9
35.8 36.8 37.5 39.6
Net interest
-1.0
Corporate profits and inventory
valuation adjustment
_
Profits before tax
Profits tax liability
Profits after tax
_
Dividends _
Undistributed profits. __
Inventory valuation adjustment..
76.8 85.2
78.0 88.3
33.5 41.3
44.5 47.0
21.3 22.9
23.1 24.1
-1.2 -3.1
Cash flow gross of dividends
Cash flow, net of dividends.
Gross product originating in
financial institutions... .
-.9
-.8
78.1 80.3
81.2 85.4
35.1 39.8
46.1 45.6
20.6 22.0
25.5 23.6
-3.1 -5.1
Compensation of employees. _
Wages and salaries
Supplements
Net interest
Corporate profits and inventory
valuation adjustment.
Profits before tax
Profits tax liability
Profits after tax
Dividends _.
Undistributed profits ..
Inventory valuation adjustment- __
Cash flow, gross of dividends
Cash flow, net of dividends
-.8 -.8
—.8
85.2 87.5 87.7 86.7
87.9 88.6 91.5 92.6
41.1 41.5 42.8 43.2
46.8 47.1 48.7 49.4
22.8 23.4 23.6 23.7
24.0 23.7 25.1 25.7
-2.7 -1.0 -3.8 —5.9
Other labor income
._
25.0
25.7
26.5 27.3
28.0
61.8
47.2
14.6
62.6
47.8
14.8
63.4 63.7
48.0 48.2
15.4 15.5
63.6
48.3
15.2
Rental income of persons
Dividends
Personal interest income
20.3
22.9
46.8
21.0
24.6
52.1
20.5
22.5
48.5
20.7
23.6
49.8
20.9
24.4
51.4
21.0 21.2
25.2 25.4
52.9 51.3
21.4
25.4
55.6
51.7
58.6
52.9
55.7
58.3
59.5 60.8
62.3
25.7
30.3
26.4
28.2
30.5
30.9 31.6
32.3
2.1
6.6
17.3
2.1
7.2
19.1
2.0
6.8
17.7
2.2
7.0
18.4
1.9
7.1
18.8
2.1 2.0
7.2 7.3
19.3 19.8
2.2
7.7
20.2
20.4
22.9
20.9
22.3
22.8
23.2 23.4
25.5
82.5
96.9
85.6
88.3
91.9 101.6 105.8 112.5
20.9
21.7
22.5
23.9 24.3
25.6
Less: Personal contributions
social insurance
44.4
45.4
46.3 47.1
48.0
39.7
40.7
41.8
43.0 44.3
45.6
8.5
9.2
66.4 73.7
67.6 76.8
28.8 35.7
38.8 41.1
20.1 21.6
18.8 19.5
-1.2 -3.1
81.1
61.0
86.9
65.3
8.9
9.0
67.5 69.3
70.6 74.4
30.2 34.5
40.4 39.9
19.4 20.7
21.0 19.2
-3.1 -5.1
84.0
64.6
84.3
63.6
381.4 389.8 396.7 404.2
298.3 304.9 311.4 320.2
264.9 270.7 276.6 283.5
33.4 34.2 34.8 36.7
9.1
9.3
74.0 75.6
76.6 76.6
35.6 35.7
41.0 41.0
21.4 22.0
19.6 18.9
-2.7 -1.0
86.5
65.0
9.4
9.5
75.9 74.5
79.7 80.4
37.1 37.3
42.6 43.1
22.2 22.3
20.4 20.8
-3.8 —5.9
87.2 89.7
65.2 67.5
91.1
68.7
Gross product originating in
nonfinancial corporations
392.3 416.3 397.2 405.9
Corporate profits and inventory valuation adjustment..
.169
Profits tax liability. .
.073
Profits after tax plus inventory valuation adjustment- . .096
Less: Personal tax and nontax payments
Equals : Disposable personal income ... 546.3 589.0 559.6 574.4 586.3 592.7 602.4 609.2
Less: Personal outlays..
_ 506.2 548.2 516.1 533.5
Personal consumption expenditures- 492.2 533.8 502.2 519.4
Interest paid by consumers
13.1 13.7 13.3 13.4
Personal transfer payments to for.7
eigners
.8
.7
.7
Equals: Personal saving..
_
40.2
Addenda:
Disposable personal i ncome :
Total, billions of 1958 dollars
Per capita, current dollars..
Per capita, 1958 dollars
Personal saving rate,3 percent
7.4
.110
.110 .111
.112
.101
.721
.022
.102 .104
.725 .733
.022 .022
.106
.745
.022
.177
.086
.170
.076
.171
.085
.179
.086
.180 .179
.085 .087
.173
.087
.091
.094
.086
.093
.095 .091
.087
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
43.4
40.8
6.9
7.8
7.1
542.3 555.6 561.6 572.3
527.9 541.1 546.8 557.4
13.6 13.8 14.0 14.2
.8
44.0
.7
.7
37.1 40.9
36.9
.7
497.1 499.2 501.7 502.8
2,918 2,942 2,982 3,009
2,474 2,478 2,483 2,483
7.5
6.8
6.3
6.1
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expenditures
492.2 533.8 502.2 519.4 527.9 541.1546.8 557.4
72.6
82.5
74.2 79.0
Automobiles and parts ______ ........ 30.4 36.6 31.4 34.6
Furniture and household equipment. 31.4 34.3 31.8 33.3
Other_______________________________10.9 11.7 11.1
11.1
215.8 230.3 218.4 226.5
Food and beverages_________________109.4
Clothing and shoes__________________42.1
Gasoline and oil_____________________18.1
Other_______________________________46.2
1.133 1.138 1.148 1.157
40.7
478.0 497.5 483.7 491.8
2,744 2,928 2,798 2,866
2,401 2,473 2,418 2,454
Nondurable goods ______
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating Jin nonfinancial
corporations
1.104 1.136 1.117 1.123
Capital consumption allowances
.108 .110 .110 .109
Indirect business taxes plus transfer
payments less subsidies
.099 .102 .100 .100
Compensation of employees.
.706 .725 .715 .721
Net interest.022 .022 .022 .022
for
Durable goods ........ ____
413.5 420.8 425.3 430.1
490.8
191.0
152.8
116.0
82.5
101.4
24.2
23.1
43.7
469.0 479.0
181.6 186.4
146.7 149.9
111.1 112.9
78.2 79.9
98.1 99.8
61.1
46.8
14.3
20.0
42.5
457.6
178.6
143.?
108.0
76.2
94.8
62.9
47.8
15.1
98.8
75-1
45.8
448.3
175.6
141.2
105.6
74.5
92.6
26.1
94.7 97.2
71.3 73.6
42.2
436.4
170.5
137.1
103.1
72.4
90.4
60.7
46.3
14.4
93.5
70.8
38.8
463.5
180.6
145.4
109.4
77.2
96.3
23.3
91.3
69.3
468.6 479.0 488.2 497.8
678.1 694.3 708.2 721.7
423.4
166.6
134.1
100.5
70.0
86.3
Proprietors' income ._
Business and professional
Farm
91.0
70.4
Billions of 1958 dollars
http://fraser.stlouisfed.org/
351-484 0 - 6 9 - 2
Federal Reserve Bank of St. Louis
Wage and salary disbursements
Commodity-producing industries ._
Manufacturing.
Distributive industries
Service industries ..
Government.
94.1
71.2
277.0 301.8 283.9 292.5
246.8 268.0 252.8 259.8
30.2 33.8 31.1 32.7
I
628.8 685.8 645.2 662.7
Personal income
87.9
66.6
Income originating in nonfinancial
corporations.. _
351.9 384.7 360.3 370.8
IV
Seasonally adjusted at annual rates
Transfer payments.
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits .
Veterans benefits __
Other
Gross product originating in
nonfinancial corporations
433.0 472.9 443.7 455.9
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
-.8
III
Table 10.—Personal Income and Its Disposition (2.1)
43.4
-.8
II
1969
Billions of dollars
Table 9.— Gross Corporate Product 1 (1.14)
Gross corporate product
I
IV
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
1968
Services ----
116.6
45.8
19.8
48.1
110.8
, 42.3
18.6
46.7
113.6
44.6
19.7
48.5
81.0 85.1 85.1
35.4
33.9
11.7
38.1 38.2
35.4 34.5
11.5 12.4
38.2
35.4
13.2
228.2 232.7,233.7 238.1
116. 41
44.8
19.4
47.6
117.7' 118. 6 120.8
47.2 46.7 47.3
20.0 20.0 20.9
47.8 48.5 49.2
203.8 221.0 209.6 213.9 218.7 223.4228.0 232.5
Housing
----------------------------70.9
Household operation________________29.0
Transportation __________ ..... _______ 15.0
Other......._________________________88.9
76.2
31.2
16.6
97.0
72.2
29.9
15.5
92.0
74.0
30.3
16.2
93.3
75.4
31.0
16.3
95.9
76.9 78.6 80.3
31.5 31.9 32.5
16.8 17.1 17.5
98.2,100.4 102.1
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
45 8
Exports of goods and services-
45.8
Payments to foreigners
Net foreign investment .
46.0
47 5
49.9
52.6 50.1
50.0
46.0
47.5
49.9
52.6 50.1
46.6
46.6
45.8
...
50.0
46.0
47.5
49.9
52.6 50.1
46.6
41.0
Imports of goods and services
Transfers to foreigners
Personal
Government
50.0
48.1
42.6
46.0
47.9
49.4 49.1
46.6
2.6
.7
1.9
2.8
.8
2.1
2.8
.7
2.1
2.4
.7
1.7
.8 -1.1
-.8
3.1
.8
2.2
2.7
.7
2.0
1.7
— .8
2.6
.7
1.9
2.8
.7
2.1
.5 -1.8
—2.4
SUKVEY OF CURRENT BUSINESS
10
1968
1967
1967
1968
IV
I
II
June 1969
1967
1969
III
IV
1967
I
1968
1968
IV
I
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
151.2
156.4
166.6
171.8182.1
197.1
Gross national product
117.3 121.8
118.9
69.7
32.4
72.0
37.0
74.9 83.7
38.2 38.6
86.8
39.8
92.4
40.1
Personal consumption expenditures
114.3 118.4
115.7 116.8
17.6
41.5
16.4
17.0
40.5
17.5 17.8
41.2 42.0
18.1
42.4
18.3
46.3
168.6
187.0
175.1
181.9184.9
186.9 189.7
Purchases of goods and services
National defense
Other
90.6 100.0
72.4 78.9
18.2 21.1
93.5
74.6
19.0
97.1
76.8
20.3
100.0 101.2
79.0
21.0 21.5
101.7 102.4
80.0 80.2
21.7 22.2
Transfer payments...
To persons
To foreigners (net).
42.3
40.1
2.2
47.8
45.7
2.0
42.7
40.8
45.1
43.2
1.9
47.7 48.7
45.6 46.6
2.1 2.1
49.5
47.4
2.1
50.5
48.8
1.7
Qrants-in-aid to State and local governments
15.7
18.4
17.0
17.7
18.3 18.5
19.2
19.8
Net interest paid
10.3
11.9
10.7
11.3
11.8 12.1
12.3
12.6
Federal Government expenditures
Subsidies less current surplus of government enterprises
163.6
182.2
100.4 103.1 101.7 102.2
112.9 116.8 114.0 115.2
122.1 127.2 123.7 125.1
Durable goods
Nondurable goods
Services
4.8
4.1
4.4
4.1
4.4
-12.2 -8.6 -10.2 -2.8
.2
7.4
4.6
3.9
4.1
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
91.9 102.4
Personal tax and nontax receipts
15.2
Corporate profits tax accruals
2.6
Indirect business tax and nontax
53.4
accruals
Contributions for social insurance. _. 5.1
Federal grants-in-aid _
15.7
Purchases of goods and services
Transfer payments to persons
Net interest paid
Less: Current surplus of government
enterprises
17.6
2.9
95.5
97.8
100.8 103.6
15.8
2.7
16.3
2.8
17.0 17.9
2.9 2.9
58.2
5.3
18.4
54.7
5.1
17.0
119.6 120.8 121.8 123.5
113.5 117.2
114.9 115.8
116.7 117.6 118.5 120.0
123.6 129.7 125.5 126.3
Structures
Producers' durable equipment.. 109.1 112.0 110.3 111.2
128.8 131.3 132.4 136.1
111.7 112.1 113.1 113.6
123.1 129.9 125.6 126.3
123.1 129.9 125.7 126.3
122.6 128.2 124.6 125.4
128.9 131.7 132.5 135.6
128.9 131.8 132.6 135.7
128.4 129.3 129.9 131.8
109.5 110.5 109.7 107.9
104.2 105.4 104.1 104.3
111.6 110.6 111.6 113.1
105.6 105.2 106.3 107.1
Nonresidential
Residential structures
Nonfarm
Farm
Change in business inventories
Exports
Imports.
Government purchases of goods and
services
126.8
93.3 103.6
87.8
8.5
.2
3.3
107.6
19.0
3.0
111.3
20.1
3.1
62.8
5.5
19.8
132.1 129.2
130.1
121.2 126.2 123.7 124.4
133.3 138.9 135.5 136.6
131.1 133.0
134.3 135.6
124.9 127.2 128.2 129.1
138.4 139.4 140.9 142.6
Table 17. — Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
Gross national product
117.3 121.8 118.9 120.0
Goods output
121.2 122.3 123.5 124.9
110.0 113.3 111.1 112.0
113.0 113.6 114.5 115.3
106.0 109.0 107.4 107.9
112.8 116.5 113.8 115.0
Durable goods
Nondurable goods
108.7 109.2 110.1 110.8
116.1 116.9 117.8 118.8
57.3 58.9
5.3 5.4
18.3 18.5
Services
126.1 131.8 128.2 129.5
131.1 132.5 134.1 135.7
95.8
99.5
101.9 104.9
108.2 111.6
Structures _
124.6 131.1 127.0 127.7
130.2 132.6 133.8 137.1
97.2
9.6
.3
90.0
9.0
.2
93.4
9.2
.2
95.6 98.4
9.4 9.6
.3
.3
101.2 104.5
10.0 10.3
.4
.4
Addendum:
100.0
102.0 102.3 103.4 103.8
3.4
3.3
3.4
-.4 -1.7
60.8
5.5
19.2
3.4
3.5
-1.1 -1.3
-.6
-.3
Gross auto product. .
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
Business
Nonfarm
Farm
Table 15.—Sources and Uses of Gross Saving (5.1)
133.3 138.2
40.2 40.7
25.2 26.3
-1.2 -3.1
139.4
43.4
27.9
133.6
40.8
25.5
102.5 101.9 102.1
3. 5
3.4
Gross national product
141.4137.0
44.0 37.1
26.3 26.0
140.7
40.9
27.5
-3.1 -5.1 -2.7 -1.0
136.4
36.9
27.9
117.3 121.8 118.9 120.0
Households and institutions
General government
.
121.2 122.3 123.5 124.9
114.8 118.9 116.2 117.2
118.4 119.3 120.5 121.8
114.1 118.2 115.5 116.5
114.7 118.8 116.2 117.1
100.7 104.5 101.1 103.2
117.8 118.6 119.9 121.2
118.4 119.1 120.4 121.7
101.9 106.3 106.5 107.7
143.7 148.9
143.7 152.1 147.6
149.1
150.5 153.4 155.1 156.2
-5.9
43.4 47.1
44.9
45.7
46.7 47.6
48.5
49.3
25.7 27.2
.0
.0
26.3
.0
26.6
.0
27.0 27.3
.0 .0
27.7
28.1
.0
Government surplus or deficit (—),
national income and product
accounts
-13.8 -6.5 -12.5 -10.3 -11.3 -4.1
Federal
-12.4 -5.4 -12.2 -8.6 -10.2 -2.8
State and local..
-1.4 -1.2
-.4 -1.7 -1.1 -1.3
Gross investment..
116. 0 126. 9 122.6 118.7 126.5127.5
Gross private domestic investment.. 114. 3 127.' 121.8 119.7 127. 3127.
'.7
Net foreign investment-.
1.7
.8 -1.1 -.8
Statistical discrepancy.
-3.5 -4.8 -4.2 -4.7 -3.6 -5.3
102.7 103.1 104.1 104.6
116.4 117.2 118.5 119.4
126.7 127.8 129.3 130.8
115.6 120.1 117.4 118.3
Fixed investment
Private
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Corporate capital consumption
allowances
Noncorporate capital consumption
allowances
Wage accruals less disbursements
124.9
118.0 118.7 120.1 121.2
55.8
5.2
17.7
Surplus or deficit (—), national
income and product accounts
-1.4 -1.2
Gross private saving.
121.2 122.3 123.5
Gross private domestic investment
Federal
State and local
State and local government expenditures .
120.0
Net exports of goods and services
Surplus or deficit (—), national
income and product accounts
-12.4 -5.4
State and local government receipts
I
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
79.3
38.4
176.9
IV
Index numbers, 1958=100
Billions of dollars
67.3
Personal tax and nontax receipts
30.9
Corporate profits tax accruals..
Indirect business tax and nontax
16.2
accruals
Contributions for social insurance...
III
Seasonally adjusted
Seasonally adjusted at annual rates
Federal Government receipts.
II
1969
-.4
7.2
.2
-.6
7.4
-.3
134.8 136.7
136.6 139.0
-1.8 -2.4
-5.5
-6.9
HISTORICAL DATA
Historical national income and product data are available
from the following sources:
1964-67: July 1968 SURVEY OF CURRENT BUSINESS.
1929-63: The National Income and Product Accounts of the
United States, 1929-65, Statistical Tables (available from any
U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402, price $1.00 per copy).
SURVEY OF CURRENT BUSINESS
11
foods, especially for livestock, meat, rate on Federal funds rose from 7.48
and fresh fruits and vegetables. On an percent to 9.13 percent while the Lonoverall basis, farm prices in May were don rate on 3-rnonth Euro-dollars
at their highest level since 1952.
jumped from 8.44 to 11.06 percent.
Industrial prices rose only 0.1 perIn capital markets, bond yields were
cent, with higher prices for most durable also rising, particularly the yields on
goods groups mainly offset by sharply State and local obligations. The market
lower prices for lumber and small re- for these securities has been very badly
ductions in textiles and rubber. Last depressed this year because commercial
month's increase, which was the same banks, the most important buyers of
as the April rise, compared with an these instruments, have responded to
average monthly gain of more than one- credit tightening by sharply curtailing
half of 1 percent in the first quarter of
this year. The first quarter gains—more their participation in this market. From
than 6 percent at an annual rate—were the end of April to mid-June, yields on
clearly exceptional and were not likely the highest grade State and local securito be sustained. Among other things, ties soared from 4.95 to 5.60 percent.
In other financial developments durthey included extraordinary price increases for lumber, which have since ing May, the money supply (currency
given way to decreases. An allowance and private demand deposits) declined
for the swing in lumber prices would
reduce the difference between the two
quarters but would not eliminate it.
Even though wholesale industrial prices
have increased less rapidly than last
winter, the price rises of the past 2
months have been sizable, especially
for manufactured goods. Moreover, in
According to the survey conducted in
early June, a number of increases were
late April and May, businessmen have
announced for key commodities such
projected a 12% percent increase in
as structural steel shapes and plates,
plant and equipment expenditures from
1968 to 1969. This is a slight downward
lead, and industrial chemicals.
$% billion on a seasonally adjusted basis
while time deposits fell nearly $% billion. At the large commercial banks,
liquidation of certificates of deposit
continued; a decline of some $600 million brought this year's attrition in such
deposits to $6.5 billion.
Bank credit recorded a small seasonally adjusted gain of about $1 billion
last month, all of which was attributable to a $2.7 billion rise in the loan component. Business loans, which have
been rising strongly all year, were by far
the most important contributor to this
advance. Banks satisfied a large part of
this loan demand by reducing their
investments in securities. These investments declined about $1.8 billion in
May, most of which represented net
sales of U.S. Government securities.
June 1969
Plant and Equipment Expenditure Programs in 1969
Credit shortages
intensify
During May and early June, a highly
restrictive monetary policy and strong
loan demand, especially from the business community, resulted in a further
buildup of pressures in financial markets. Intensified credit shortages were
reflected in a sharp rise in financing
costs that was particularly evident in
short-term markets. From the end of
April to the end of May, interest rate
increases of one-half of 1 percent were
commonplace in most money markets.
On June 9, the short-term structure of
interest rates was jolted upward by a
full 1 percent increase in the prime rate.
This change followed increases of onefourth and one-half a percentage point
earlier this year and brought the prime
rate to an alltime high of 8% percent.
Developments in other short-term markets, which are generally considered
very sensitive to credit restraint, have
been unusually dramatic: for example,
from the end of April to mid-June, the
revision from the 14 percent rise projected three months early. Expenditures
are expected to rise through the year,
with a tapering in the rate of expansion
in the second half.
report, while nonrail transportation
and commercial firms held to earlier
investment plans.
Quarterly movement
The latest survey points to rising
expenditures through the year, exTable 1.—Annual Percent Changes in Plant
and Equipment Expenditures, 1967—69
Actual 1968 to
anticipated 1969
Actual as reported in:
1967-68
BUSINESS investment in new plant
and equipment this year is expected to
total $72.2 billion, 12% percent above
the 1968 amount, according to the
latest quarterly survey of spending
intentions conducted in late April and
May. The rise currently projected for
1969, although substantially greater
than last year's 4 percent increase, is
somewhat below the 14 percent advance
anticipated in February.
The downward revision in spending
plans since the last survey was attributable to nondurable goods manufacturing, public utilities, railroads,
and mining. Durable goods manufacturers as well as communications
firms increased their spending programs
moderately over those of the preceding
Feb.
All industries !
Manufacturing * _
May
3.9
13.9
-.9
15.9
13.4
12.6
Durable goods 1
Primary metals _ _
Machinery
Transportation equipment
Stone, clay, and glass
-1.4
1.9
-3.7
14.6
-3.3
13.7
15.5
-4.4
14.8
-10.3
-1.7
21.5
40.9
23.8
56.4
Nondurable goods l
Food and beverage
Textile Paper
Chemical
Petroleum
Rubber
-.5
.4
-15.3
-10.6
-6.5
4.9
27.4
17.3
15.9
34.8
34.8
16.8
13.1
13.5
11.2
8.0
13.4
31.0
13.2
8.1
5.9
Nonmanufacturing _ . _ _ . 7.6
-.6
Mining
-13.0
Railroad
Transportation, other than
11.3
rail
16.7
Public utilities
7.6
Communication
- Commerical and other _ _ _..
2.7
12.4
12.9
29.7
12.1
11.3
15.5
12.0
14.1
16.9
7.0
12.1
13.5
19.4
6.9
1. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
12
SURVEY OF CURRENT BUSINESS
June 1969
Table 2.—Plant and Equipment Expenditures, 1968 and Anticipated 1969
tending the pattern of increasing in(Billions of dollars, seasonally adjusted annual rates)
vestment evident since mid-1968.
Expenditures for new plant and equip1968
1969
ment declined during the second quarter
of last year, but rose $% billion (annual
I
II
III
IV
I
III
IIIi
IVi
rate) in the third quarter and $2.7
64 75
62 60
63 20
74 fift
65 90
68 90
72 00
billion in the fourth. The present All industries
Manufacturing
...
26.35
25.80
26.65
26 85
28 20
30 30
30 75
30 45
survey finds that the rate of increase
1 e en
12.80
Durable goods
13.65
13 65
13 90
15 00
15 85
16 00
12.70
13.00
Nondurables
13 05
12 95
id on
13 20
14 45
14 75
accelerated to $3 billion, or 4% percent,
Nonmanufacturing
39 00
38.40 36.80
36 50
40 70
41 70
42 70
43 55
in the first quarter. A further $3
billion rise is anticipated for the
1. Anticipated.
second quarter, raising outlays to $72
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
billion at a seasonally adjusted annual
rate. The increase is expected to also points to a substantial rise in the
Manufacturing Outlays Up
slow down to $1% billion in the third second quarter followed by a tapering
Sharply
quarter and $% billion in the fourth in the third; however, a small decline
Manufacturers are now planning inso that outlays in the last 3 months is projected for the fourth. In nonof the year would be $74 billion. In manufacturing, a steady rise through- creases in expenditures that would
bring total outlays for the year to $30
manufacturing, the quarterly pattern out 1969 is expected.
Within 1969, the downward revision billion, a rise of 13% percent. Durable
in programs relative to last February's goods programs are up 15% percent
CHART 6
survey occurs in the first quarter and from 1968 and nondurable goods comthe second half. Business had antici- panies, 11 percent.
New Plant and Equipment Expenditures
Among the former, stone, clay, and
pated an unusually large 9 percent
* All major industries have projected higher
glass and motor vehicle producers have
advance in investment in the first
spending in 1969
quarter, actual outlays rose by one-half programed the largest relative gains
* Public utilities and durable goods manufacturers
that rate. The reduction may well have from 1968 to 1969—more than one-half
account for slowing in overall rise in second half
been mainly involuntary, stemming and one-fourth, respectively. Most of
from the inability of firms to secure these increases are scheduled for the
Billion $ (ratio scale)
100
equipment deliveries or maintain con- first half of this year. Programs of each
struction progress on schedule. Part of of the other major heavy goods industhe shortfall has apparently spilled tries, except primary metals, also indiover into second quarter programs, cate larger increases in planned outlays
which have been raised by more than in the first half than in the second. Iron
and steel producers are scheduling
$1 billion at an annual rate.
reductions in expenditures in both the
first and second halves, while nonferrous
The capital goods situation
metals companies are scheduling a cutBusinessmen still appearfirmlycom- back for the first half to be followed by
mitted to a sizable advance in capital a moderate pickup in the second.
investment this year, notwithstanding
The nondurable goods industries as
such deterrents as the recommendations a group expect to raise their investment
of the Administration to repeal the about 6 percent from the second half of
investment tax credit and continue the 1968 to the first half of 1969 and to
tax surcharge, higher interest charges, maintain that rate of increase in the
tight credit conditions, and rising cap- second half of this year. The sharply
ital goods costs. Although these factors rising spending programs of the paper
are undoubtedly tending to restrain new industry account for much of the
capital commitments, they have thus strength in nondurables; this industry
far not been strong enough to counter- has projected a rise of 30 percent from
1968 to 1969. Other soft goods industries
act the effects of steadily rising sales
are planning moderate to substantial
and production, rising cash flow, higher gains in capital spending for 1969, but
profits, the desire to improve productive patterns within the year are diverse.
efficiency and to reduce the advance in For example, both textile and chemical
labor costs, shortrun inflationary ex- companies are now scheduling their
1965
1966
1967
1968
1969
Seasonally Adjusted at Annual Rates
pectations, and general optimism on largest rates of increase in the first half,
o Anticipated
Data: OBE-SEC
while petroleum companies, after holdthe longer range business outlook.
U.S. Department of Commerce, Office of Business Economics
69-6-6
70
AK
June 1969
ing first half 1969 outlays at the second
half 1968 rate, are planning a pickup in
spending in the second half of 1969.
SURVEY OF CURRENT BUSINESS
13
Table 3.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and
Public Utilities
[Billions of dollars]
Carryover 2
Starts i
Investment starts rise
The data on starts are a useful
adjunct to the expenditure anticipations because starts lead expenditures.
The uptrend in starts of manufacturers'
investment projects that began in the
fourth quarter of 1967 was resumed
in the first quarter of 1969 after a dip
in the closing months of 1968. New
investment projects started during the
first 3 months of 1969 rose to a new
peak of $7.9 billion, seasonally adjusted,
up 10 percent from the preceding
quarter. The first quarter advance in
starts was somewhat stronger for nondurables than for durables—12 percent
as against 8 percent. It is of interest
to note that first quarter starts were
20 percent higher than they were a
year earlier; this is much larger than
the 7 percent gain in expenditures
over the same period.
The value of new projects started
exceeded manufacturers outlays during
the first quarter of this year so that
expenditures yet to be made on projects
already underway rose $0.8 billion
during the first quarter, after seasonal
adjustment. Carryover at the end of
March totaled $20.6 billion, $2% billion
higher than a year earlier. The March
carryover represented about 2.9 quarters
of spending at the first quarter rate, a
ratio that has been, maintained since
mid-1968. At the end of March 1968,
the ratio was 2.7 quarters.
Pressures on capital are steady
Manufacturers reported a slight increase in pressure on industrial capacity
from December to March. Companies
owning 48 percent of total fixed assets
in manufacturing considered their
March 31 productive facilities "inadequate" for prospective sales in the
ensuing 12 months. The corresponding
figure was 47 percent at the end of
December. A low of 40 percent was
recorded on March 31, 1968, after
which the proportion rose steadily.
The peak in this proportion was
reached in early 1966.
Both the durable and the nondurable
goods groups reported little change in
Annual
1966
Manufacturing
1967
1969
1968
1968
I
II
IV
III
1968
1969
I
Mar. June Sept. Dec.
Mar.
18.38 18.72 18.75
20.28
28.79 25.49 27.68
6.51
6.64
6.97
7.56
7.74
Durable goods 3
_.
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment
Stone, clay, and glass _ _
16.17 12.69 13.99
3.98 2.65 3.15
1.50 1.24 1.35
3.10 3.02 2.68
3.22 2.24 2.90
.83 .58 .96
3.26
.84
.30
.63
.67
.18
3.39
.64
.41
.59
.70
.31
3.40
.90
.24
.60
.78
.22
3.94
.77
.40
.86
.76
.24
3.86 10.72 10.89 10.92 10.90
.68 4.08 3.96 4.02 3.81
.42 1.00 1.10 1.04 1.06
.95 1.01
.87 1.05 1.00
.73 2.72 2.82 2.95 3.04
.32
.32
.45 .50 .52
11.50
3.78
1.19
1.20
3.15
.61
Nondurable goods 3
Food and beverage
Textile
Paper
Chemical
Petroleum
12.62 12.80 13.69
1.29 1.46 1.48
.78
1.11
.86
1.33 1.61 1.78
3.37 2.46 2.85
3.91 4.92 4.97
3.25
.32
.14
.65
.68
1.05
3.25
.46
.19
.46
.74
1.02
3.56
.36
.26
.26
.65
1.60
3.62
.34
.27
.40
.78
1.31
3.88
.42
.20
.52
.78
1.50
7.49
.85
.37
1.18
1.95
2.48
8.78
.89
.53
1.25
2.15
3.21
13.92
4.62
3.41
2.23
4.38
5.89
Public utilities
10.68
14.63
18.24
7.52
.77
.37
1.11
1.92
2.64
7.80 7.85
.83 .82
.44 .51
1.09 1.09
1.95 2.01
2.84 2.75
16.34 17.44
16.62 17.07
20.67
Seasonally adjusted
Manufacturing .
6.58
Public utilities
7.80
7.16
7.89
19.79
20.63
3.44
3.15
4.00
3.80
3.66
3.50
3.96 10.70 10.93 11.52 11.70
3.93 7.38 7.29 7.83 8.09
11.91
8.71
3.26
.
6.59
3.27
3.31
Durable goods _
Nondurable goods
3.92
3.04
4.48
4.22
16.43 16.75 18.23
19.19
18.08
15.43
18.22 19.35
1. Starts are estimated by adding changes in carryover to expenditures during the given period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects already underway at end of period.
3. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
Table 4.—Manufacturers' Evaluation of Their Capacity
[Percentage distribution of gross capital assets]1
1965
Dec.
31
1966
1967
1969
1968
Mar. June Sept. Dec. Mar. June Sept. Dec.
31
31
30
31
31
30
30
30
Mar. June Sept. Dec. Mar.
31
30
31
31
30
More plant and equipment
needed :
All manufacturing 2
Durable goods
Primary metals
Metal fabricators 3.
Nondurable goods 2
Food and
beverage
Chemical - Petroleum
48
50
53
51
46
51
52
61
51
49
50
51
50
51
56
52
49
58
52
49
46
83
23
47
81
31
45
47
44
33
47
50
45
42
25
47
48
45
42
30
46
48
28
47
48
44
16
73
46
18
67
47
5
6
14
2
4
4
6
14
2
3
5
7
4
6
14
2
3
14
1
3
10
1
4
7
1
2
8
7
1
2
83
30
47
49
54
51
44
45
45
47
45
88
22
46
43
46
87
30
45
44
46
45
43
38
40
39
42
49
46
43
49
47
31
43
49
35
47
40
42
40
45
42
48
44
32
46
52
50
48
50
49
49
48
52
55
47
H
76
50
48
48
45
80
27
76
37
75
37
78
39
41
41
47
45
41
49
49
48
46
41
49
49
49
54
58
40
46
72
39
45
44
41
44
41
44
46
45
38
41
55
53
53
50
67
27
65
29
71
32
About adequate:
All manufacturing 2
Durable goods
Primary metals. .
Metal fabricators s_
Nondurable goods 2
Food and
beverage
Chemical
Petroleum -
16
68
12
69
38
49
51
19
71
43
48
51
54
22
62
42
48
51
50
23
62
53
54
49
53
20
60 •
50
49
58
57
31
72
50
48
44
51
56
41
50
52
48
48
45
48
48
47
47
44
48
48
53
45
41
40
59
49
25
60
5
7
14
3
3
5
7
15
3
3
5
2
1
5
3
1
33
70
27
67
Existing plant and equipment
exceeds needs:
All manufacturing 2
Durable goods
Primary metals
Metal fabricators 3_
Nondurable goods 2
Food and
beverage
Chemical
Petroleum..-
1
1
5
7
14
3
4
8
1
2
5
7
5
7
5
7
5
7
5
8
6
9
5
8
14
3
4
15
3
3
15
3
2
16
3
2
15
4
2
15
5
3
15
4
3
8
6
5
5
5
6
6
2
1
2
1
2
1
2
1
2
1
2
1
1
2
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account
their current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals industries.
Sources: U.S. Department of Commerce, Office of Business Economics and the Securities and Exchange Commission.
SURVEY OF CURRENT BUSINESS
14
the proportion of assets considered
"inadequate" during the first quarter
of 1969. The only significant shifts
among the component industries was
a decline for food and beverage companies and a sharp increase for chemical
companies.
Facilities regarded as " adequate"
represented 47 percent of manufacturing assets at the end of the first
quarter of this year—little different
from the 48 percent recorded at the
end of December but well below the
55 percent of a year ago.
The proportion of assets held by
firms reporting facilities in excess of
prospective needs was 5 percent on
March 31, the same as both one quarter
earlier and a year earlier. This category
has shown little fluctuation since the
beginning of the capacity evaluation
inquiry in late 1965.
Nonmanufacturing
Programs
Nonmanufacturing firms as a group
are planning outlays of $42 billion in
1969, a 12 percent expansion over 1968;
actual outlays increased 8 percent from
1967 to 1968. Investment programs are
generally strong. Projected increases
range from 7 percent in the commercial
sector to almost one-fifth for communications companies, with other major
groups planning advances of 11 to 15
percent.
Public utilities are planning to spend
$13.1 billion in 1969 as against $11.5
billion last year. Electric companies,
whose annual investment program is up
14 percent from 1968, expect to hold
expenditures relatively steady for the
remainder of 1969 following a sizable
increase in the opening quarter. Gas
companies, on the other hand, report a
rise in the first half to be followed by a
reduction in the second.
New projects started by public utility
companies during the first quarter of
1969 totaled $4.2 billion, 6 percent less
than the record posted in the fourth
quarter of last year but more than onefourth larger than new starts in the first
quarter of 1968. Despite the first quar-
June 1969
ter dip in starts, they exceeded first
quarter expenditures by $1 billion.
Nonetheless, with spending up even
more sharply than carryover in the
first quarter, the ratio of carryover to
expenditures declined for the second
quarter in a row.
Both rail and nonrail transportation
firms are planning substantial capital
expenditures this year. The 15% percent
rise in expenditures by nonrail transportation companies is traceable to the
programs of trucking and water transportation companies; airlines, which
account for more than half of the capital
outlays of the nonrail transportation
group, are programing more moderate
advances in, 1969 outlays.
The expected rise of 7 percent in
spending by commercial firms consists
of a large increase in wholesale trade,
about average gains in services, construction, and finance, and a rather
small increase in retail trade. All components of the commercial group are
programing
rising
expenditures
throughout the year.
Table 5.—Expenditures for New Plant and Equipment Expenditures of U.S. Business,* 1967-69
[Billions of dollars]
Annual
Quarterly, seasonally adjusted annual rates
Quarterly, unadjusted
1967
1967 1968 19692
I
II
1968
III
IV
I
II
1967
1969
III
IV
I
112 IIP
I
II
III
1969
1968
IV
I
II
III
IV
I
112
III 2
All Industries
_
Manufacturing industries
Durable goods Industries
Primary iron and steel
Primary nonf errous metal
Electrical machinery and equipment
Machinery, except electrical
Motor vehicles and parts
Transportation equipment, excluding
motor vehicles
Stone, clay, and glass
Other durable goods 3 ___
Nondurable goods industries
Food and beverage
Textile
Paper
Chemical
Petroleum..- _
Rubber
Other nondurable goods <
61.66 64.08 72.17 13.59 15.61 15.40 17.05 14.25 15.86 16.02 17.95 15.21 18.21 18.49 61.65 61.50 60.90 62.70 64.75 62.60 63.20 65.90 68.90 72.00 73.45
26.69 26.44 29.99 6.10 6.81 6.48 7.30 5.79 6.50 6.63 7.52 6.21 7.60 7.63 27.85 27.00 26.15 26.00 26.35 25.80 26.65 26.85 28.20 30.30 30.75
Nonmanufacturing industries
Mining
Railroad
Transportation, other than rail
Public utilities
Communication
Commercial and other &
34.97 37.64 42.18 7.49 8.80 8.92 9.75 8.46 9.36 9.39 10.43
9.00 10.60 10.86
1.42 1.42
1.53 1.34
3.88 4.31
9.88 11.54
5.91 6.36
12.34 12.67
.36 .43 .39 1.40
.32 .38 .40 1.80
1.06 1.24 1.24 3.05
2.66 3.40 3.50 9.20
1.68
/ 5.75
2.91 J5.17 5.33 \12. 55
13.70
2.31
.90
1.24
2.95
1.66
13.51
2.36
.90
1.27
2.76
1.46
15.61 3.08 3.46 3.33 3.82 2.96 3.22 3.37 3.95 3.26 3.96 3.95 14.20 13.75 13.50
2.19 .48 .58 .56 .69 .49 .55 .62 .71 .50 ,52 .55 2.35 2.35 2.25
.93 .20 .23 .23 .24 .20 .21 .23 .27 .21 .23 .23
.90 .90 .95
1.39 .27 .30 .30 .37 .27 .31 .31 .38 .28 .34 .35 1.25 1.20 1.25
3.24 .70 .78 .71 .76 .66 .64 .65 .80 .67 .86 .82 3.15 3.15 3.00
1.87 .38 .45 .41 .42 .34 .36 .38 .38 .37 .49 .54 1.80 1.70 1.55
1.09 1.01 1.18
.73 .71 1.12
2.83 3.03 3.69
13.00
1.41
.89
1.64
2.88
4.65
.49
1.04
12.93
1.41
.75
1.47
2.69
4.87
.62
1.11
.24
.20
.61
.26
.18
.68
.27
.16
.69
.32
.18
.85
.21
.14
.66
.26
.18
.75
.29
.22
.91
.24
.23
.75
.28
.29
.94
.31
.27
.89
1.58 .32 .34 .37
1.54 .41 .41 .35
4.83 .70 1.12 .98
13.09 1.84 2.46 2.66
7.60 1.35 1.49 1.46
13.54 2.87 2.99 3.09
.39 .36 .36 .34
.36 .37 .36 .30
1.07 .98 1.04 1.12
2.92 2.33 2.97 2.96
1.62 1.48 1.51 1.50
3.39 2.93 3.11 3.18
.35
.30
1.18
3.28
1.86
3.46
13.65
2.35
.90
1.25
2.95
1.60
12.80
2.25
.85
1.30
2.60
1.35
13.65
2.45
.95
1.25
2.75
1.45
13.90 15.00 15.85 16.00
2.35 2.45 2.10 2.20
.90 .95
.95 .95
1.30 1.35 1.40 1.45
2.75 3.00 3.45 3.45
1.45 1.70 1.90 2.10
1.10 1.05 1.10 1.15 1.00 .95 1.05 1.00 1.15
.90 .70 .65 .65 .60 .70 .70 .80 1.05
2.70 2.65 2.80 3.15 2.95 2.85 3.00 3.25 3.40
14.38 3.02 3.34 3.15 3.48 2.82 3.28 3.25 3.57 2.95 3.65 3.68 13.70
1.52 .33 .39 .35 .34 .30 .38 .38 .35 .35 .41 .38 1.45
.85 .21 .23 .22 .23 .17 .19 .19 .20 .18 .23 .23
.95
1.92 .40 .42 .42 .40 .32 .39 .35 .40 .35 .47 .49 1.90
3.05 .70 .76 .69 .72 .61 .72 .64 .72 .64 .81 .76 3.20
5.27 1.02 1.17 1.11 1.35 1.07 1.17 1.24 1.40 1.05 1.27 1.36 4.65
.66 .11 .13 .12 .14 .12 .15 .17 .19 .15 .16 .17
.50
1.10 .24 .25 .26 .30 .24 .28 .28 .31 .22 .30 .28 1.05
1. Data exclude expenditures of agricultural business and outlays charged to current accounts.
2. Estimates are based on anticipated capital expenditures reported by business in late April
and May 1969. The estimates for the second and third quarter of 1969 have been adjusted when
necessary for systematic tendencies in anticipatory data. The adjustment for each industry
and time period is based on the median ratio of actual to anticipated expenditures for the past 5
years. However, no adjustment is made unless the anticipations have shown a bias in the same
direction in at least 4 of the last 5 years and in at least two-thirds of the last 9 years.
3. Includes fabricated metal, lumber, furniture, instrument, ordnance, and miscellaneous
industries.
.24
.18
.72
13.50
2.30
.85
1.25
2.60
1.60
13.25
1.45
.90
1.70
3.00
4.70
.50
1.00
12.65 12.55
1.40 1.35
.85 .85
1.65 1.40
2.85 2.55
4.45 4.75
.45 .50
1.05 1.10
12.70 13.00
1.30 1.40
.80 .75
1.45 1.55
2.75 2.85
4.85 4.70
.55 .60
1.05 1.10
13.05
1.50
.75
1.35
2.65
4.95
.65
1.10
12.95
1.40
.75
1.50
2.60
4.95
.70
1.10
1.15 1.20
1.15 1.10
3.75 3.60
13.20 14.45 14.75
1.55 1.55 1.50
.90 .95
.85
1.60 1.85 1.95
2.90 3.15 3.15
4.70 5.20 5.45
.65 .65
.65
1.00 1.20 1.10
33.80 34.50 34.70 36.70 38.43 36.80 36.50 39.00 40.70 41.70 42.70
1.30
1.55
3.90
9.70
5.80
12.25
1.45 1.50 1.55 1.40 1.35 1.35 1.55 1.70 1.55
1.40 1.40 1.65 1.40 1.20 1.15 1.35 1.45 1.70
4.10 4.45 4.35 3.65 4.60 4.80 .4.80 4.35 5.10
9.80 10.65 11.60 11.65 10.90 12.00 13.05 13.30 13.15
6.05 6.05 6.35 5.90 6.15 6.95 7.25 J20. 95 21.25
11.95 12.65 12.85 12.80 12.35 12.75 12.75
4. Includes apparel, tobacco, leather, and printing-publishing.
5. Includes trade, service, finance, and construction.
NOTE.—Details may not add to total because of rounding. Data for earlier years were published in the June 1956, March 1958, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967, and 1968
issues of the SURVEY.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
June 1969
SURVEY OF CURRENT BUSINESS
15
Inventory Imbalance
Manufacturers' Inventory and Sales Expectations,
Second and Third Quarters, 1969
Manufacturers expect sales increases
in the second and third quarters to be
accompanied by large increases in
inventories. The expected inventory
additions of $2^ billion and $2% billion
compare with an average rise of about
$1% billion in recent quarters. The
proportion of March 31 stocks judged
high in relation to sales and unfilled
orders was slightly higher than the
December 31 figure.
ACCORDING to the survey conducted
in May by the Office of Business Economics, manufacturers expect further
sales advances this quarter and next.
Although they reported a slight worsening in their inventory condition during
the opening 3 months of the year, producers anticipate relatively large inventory additions through September.
Manufacturers expect sales to rise 1.2
percent in the current quarter and 2.6
percent in the next. These projections
compare with an actual gain of 1.6 perceiit in the first quarter of 1969
and an average quarterly gain of 2.7
percent last year.
Inventory accumulation would be
stepped up to $2% billion during the
period from March 31 to June 30 and
to $2}£ billion from June to September 30. Recent inventory increases have
held close to $1% billion per quarter.
The projections, if realized, would set
records—$95 billion for inventories on
September 30 and $165 billion for sales
in the third quarter. Inventories at the
end of June and September as well
would be the equivalent of 1.73 months
of sales, up from 1.70 months on
December 31, 1968, and on March 31,
1969.
Manufacturers holding 20 percent of
producers' stocks judged their March 31
inventories to be "high" relative to
sales and unfilled orders. This was 2
points more than on December 31,1968.
In the same period, the "about right"
Inventory
excess
InvenNet excess
tory
deficiency Amount Percent
of total
inven(Billions of dollars)
tories
group fell 2 points from 80 percent to
78 percent, while the "low" remained
negligible at 2 percent.
All manufacturers
Dec. 31, 1968
Mar. 31, 1969
1. 73
1.87
0. 25
! 16
1. 48
1. 71
1. 7
1. 9
Durable goods
Dec. 31, 1968
Mar. 31, 1969
1.19
1.31
.20
.12
.99
1.19
1.7
2.0
.64
.56
.05
.04
.49
.52
1.6
1.6
Nondurable goods
Dec. 31, 1968
Mar. 31, 1969
Sales projections
Durable goods producers expect sales
to rise 1.3 percent this quarter but are
more optimistic about the third, for
which they are projecting a 3 percent
rise. These projections compare with
gains of about 3 percent in the two
preceding quarters. Durable goods producers have raised their sights regarding
second quarter sales since the last
survey, when they expected a quarterly
gain of about one-half of 1 percent.
Following a 1 percent sales decline
in the first quarter, nondurable goods
producers expect a 1.2 percent rise in
the current quarter and a step up to 2
percent in the third. The second quarter
projection has changed little from that
made last survey.
CHART 7
Manufacturers' Sales and Inventory Expectations
• Higher sales accompanied by substantial inventory additions through third quarter
« Slightly higher stock-sales ratio for durables, little change for nondurables
DURABLE GOODS MANUFACTURERS
NONDURABLE GOODS MANUFACTURERS
Billion $
100
(Ratio scale)
90
80
70
60
50
40
30
20 I ...
I ...
. . . I . . . I . . . I i i i I . . . I ...
I .. . I i . i I . .. I .. i I . i . I i i . I
I .. . I . i . I . . . I
20
Ratio
2.0
25
'
STOCK-SALES RATIO
STOCK-SALES RATIO
1.5
2.0
1.5 I ... I ... I .. .1 ... I .. . 1 ... I ... I ... I .. . 1
1962
63
64
65
66
67
68
69
I .. .1 ... I .. . 1 ... I . . . » ... I ... I .. .1 ..
1962 63
64
65
66
67
68
69
Seasonally Adjusted
0
Expectations
U.S. Department of Commerce, Office of Business Economics
1.0
SURVEY OF CURRENT BUSINESS
16
Forecasts of larger-than-average sales
advances were made by machinery and
transportation equipment producers
among the durables and by textile,
petroleum, and chemical companies
among the nondurables.
Inventory expectations
Durable goods producers expect to
add $1% billion to stocks from March 31
to June 30 and almost $2 billion in the
following 3 months. These projections
Table 1. —Manufacturers' Inventories and Sales: Actual and Anticipated
[Billions of dollars]
1969
19 68
19 57
I
II
I
II
All manufacturing
80.7
81.3
81.0
Durables
Nondurables
51.6
29.0
52.3
29.0
52.3
28.8
82.6
84.3
85.8
53.2
29.3
54.6
29.7
55.8
30.0
80 1
81.1
51 3
28.8
52.0
29.1
81.7
82 8
83.8
52.6
29.1
53 5
29.3
54.3
29.5
134 8
139.7
133.6
140.4
III
IV
III 2
IV
I
86.4
88.2
90.9
93.0
94.3
56.1
30.3
57.0
31.2
59.3
31.6
61.0
32.0
62.2
32.1
85.6
87.1
88.6
90.3
92.8
95.1
55.4
30.1
56.5
30.7
57.4
31.2
59,0
31.3
60.7
32.1
62.6
32.5
144.9
153.8
148.3
156.7
158.6
165.9
80.5
64.4
78.7
69.6
86.0
70.7
88.7
70.0
93.9
72.0
87.7
72.6
112
Unadjusted:
Seasonally adjusted:
Durables
Nondurables
Sales, total for quarter :
Unadjusted:
All manufacturing
Durables
Nondurables .
73 7
61.1
77 3
62.4
71.6
62.0
77.1
63.4
All manufacturing
135.0
135.6
137.4
140.7
145.2
149.5
152.7
156.6
159.2
161.2
165.3
Durables
Nondurables .
73.6
61.4
73.8
61.8
75.3
62.0
77.0
63.7
80.5
64.8
82.0
67.5
83.0
69.7
85.5
71.1
88.8
70.4
89.9
71.3
92.6
72.7
Seasonally adjusted:
1. All actual data have been adjusted to conform with the recent revision by the Bureau of the Census (Report M3-1.1).
2. Anticipations reported by manufacturers in May 1969. Inventories have been corrected for systematic tendencies in
anticipatory data.
Sources: U.S.Department of Commerce. Anticipations, Office of Business Economics; actuals, Bureau of the Census.
Table 2.—Manufacturers' Evaluation of the Condition of Their Inventories
[Percentage distribution]
About
right
High
Low
About
right
1
Nondurables
Durables
Total
High
Low
High
About
right
Low
March 31, 1963
June 30, 1963
September 30, 1963
December 31, 1963. .
15
15
17
13
82
83
81
85
3
2
2
2
17
18
19
14
81
80
80
84
2
2
1
2
12
10
14
10
85
88
83
87
3
2
3
3
March 31, 1964
June 30, 1964
September 30, 1964
December 31, 1964.
16
13
14
13
82
84
82
84
2
3
4
3
17
16
15
15
81
81
81
82
2
3
4
3
14
9
11
9
84
88
84
87
2
3
5
4
16
16
16
15
81
80
81
82
3
4
3
3
20
20
22
19
77
77
76
78
3
3
2
3
9
10
8
8
87
85
88
88
4
5
4
4
March 31, 1966
June 30, 1966
September 30, 1966. . .
December 31, 1966
15
18
22
28
81
78
75
70
4
4
3
2
18
21
27
33
79
75
70
65
3
4
3
2
10
13
14
18
85
83
83
79
5
4
3
3
March 31, 1967
June 30, 1967 ..
September 30, 1967.
December 31, 1967.
31
31
27
25
68
67
69
72
1
2
4
3
37
36
34
31
62
63
63
67
1
1
3
2
20
20
15
15
78
76
81
81
2
4
4
4
March 31, 1968 .
June 30, 1968
September 30, 1968
December 31, 1968
25
25
24
18
72
72
73
80
3
3
3
2
31
31
28
19
66
67
70
79
3
2
2
2
15
16
16
16
82
80
79
82
3
4
5
2
March 31, 1969
20
78
2
21
77
2
17
82
1
March 31, 1965
June 30, 1965
September 30, 1965..
December 31, 1965
.
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies. Percentage distribution of inventory book values according to companies' classifications of their inventory condition.
NOTE.—Because of change in survey questionnaire, data starting December 31, 1968, are not strictly comparable to prior
data.
Source: U.S. Department of Commerce, Office of Business Economics.
would exceed the actual rate of accumulation for any quarter in the past
2 years. Additions in the first quarter
of this year were also rather large—$1%
billion.
Nondurable goods producers expect
to increase their stocks $800 million by
June 30 and an additional $350 million
by September 30. In 1968, a year of
relatively large inventory accumulation, nondurable goods producers added
from $200 million to $700 million per
quarter to their holdings, and in the
first quarter of 1969 they added $200
million.
If these sales and inventory expectations are fulfilled, the stock-sales ratio
at the end of September would rise
slightly from the end of 1968 to 2.03
for durables and 1.34 for nondurables.
The projected ratios differ very little
from those of a year earlier.
160.3
85.7
68.1
III
Inventories, end of quarter:
All manufacturing
June 1969
Inventory condition, March 31
More durable goods producers viewed
their March 31 inventories as excessive—relative to sales and unfilled
orders—than at the end of 1968. The
proportion of stocks considered "high"
rose from 19 percent to 21 percent
during the opening quarter of 1969.
For nondurables, the increase was
smaller—16 percent to 17 percent.
From December 31 to March 31 the
"about right" category fell slightly—to
77 percent for durables and 82 percent
for nondurables.
For primary metals producers, the
"high" proportion was 8 percent on
March 31, unchanged from December
31; here, a decline among steel companies offset a rise for nonferrous
metals. Metal fabricators holding 22
percent of this group's stocks categorized their inventories as "high"—up 2
points from yearend.
Because of recent changes in the survey questionnaire, the data are not
completely comparable with the percentages prior to December 1968. It
does appear, however, that the "high"
proportion fell substantially for the durable goods group after June 1968 but
changed little for the nondurables.
(continued on p. 57)
By ETIENNE H. MILLER
Foreign Earnings From U.S. Travelers in 1968
Ik-dine Slightly to $8.9 Billion
A small dip—the first in over two
decades—brought foreign earnings from
American travelers last year to $3.9
billion. Total receipts from foreign
visitors to the United States were more
than $2 billion, an 8 percent rise over
1967. As a result of these changes, the
excess of our travel payments over
receipts fell to less than $1.9 billion
from $2.1 billion in 1967.
J? O REIGN countries earned $3.9 billion from international travel by U.S.
residents last year. That amount—the
portion of U.S. travelers' outlays entering the U.S. balance of payments—was
$100 million below the 1967 figure and
marked the first interruption of successive annual increases in more than 20
years. About $3 billion of the total was
spent within foreign countries, while
the remainder, $0.9 billion was paid to
foreign transocean sea and air carriers.
An additional $0.8 billion paid to
U.S.-flag sea and air carriers for transocean transportation (which does not
figure directly in our balance of payments) brought total U.S. spending for
travel abroad to $4.7 billion, about the
same level as a year earlier (table 1).
The major factor in the decline in
travel payments was the absence of
Expo 67; last year, Americans spent
$250 million less in Canada than in
1967. The extent and pattern of U.S.
travel abroad were strongly influenced
by other factors, including a Presidential call for restriction of nonessential travel outside the Western
Hemisphere.
Americans traveling to Europe spent
less than in 1967, and the expenditures
of those traveling to other Eastern
Hemisphere areas increased only moderately. Outlays rose sharply in those
351-484
http://fraser.stlouisfed.org/ 0 - 6 9 - 3
Federal Reserve Bank of St. Louis
areas exempted from the Presidential
request and travel tax proposals: Mexico, the Caribbean area, and South
America.
Total travel expenditures in oversea
areas
(excluding
transportation)
amounted to $1.5 billion, not appreciably higher than in the year before,
although the number of travelers rose
13 percent to nearly 3.9 million. In
Canada, Americans spent $820 million
as compared with $1,070 million in
1967, while in Mexico expenditures
rose 7 percent to a record $630 million.
Over 96 percent of all travelers to
noncontiguous foreign countries, some
3,700,000, chose air transportation;
last year's 15 percent rise brought the
increase since 1964 to 92 percent.
Travel by sea declined by 12 percent to
about 147,000, but cruise travel increased from 350,000 in 1967 to 380,000
last year. Much of the cruise traffic
involved relatively short voyages to
nearby Bahamas and Caribbean locations. Foreign-flag vessels carried 90
percent of all U.S. cruise passengers
last year, the same proportion as in
1967.
Outlays by foreign visitors in the
United States and for fares to U.S.-flag
sea and air carriers resulted in total
U.S. travel receipts of over $2 billion
in 1968, an 8 percent rise over 1967.
Visitors from overseas arrived in record
numbers and spent $0.9 billion, including $260 million paid to U.S. transocean
carriers. Eeceipts from Mexican and
Canadian visitors recovered from a
1967 decline to total $1.1 billion, a 10
percent increase.
The excess of payments over receipts
from international travel, including
fare payments, receded from the record
1967 high of more than $2.1 billion to
less than $1.9 billion.
The balance just cited measures the
difference between U.S. outlays for
travel abroad (including U.S. fare payments to foreign carriers) and U.S.
receipts from foreign visitors (including
receipts by U.S. carriers of fares paid
by foreign visitors). It should be noted,
however, that this balance excludes
• • • • • • •
• • • • • • •
CHART 8
U.S. Payments and Receipts
for International Travel
Billion $ (ratio scale)
4.0
OVERSEA AREAS
3.0
Payments to Foreigners
2.0
^ +»,- •*
1.0
Excluding Payments
to Foreign Carriers
.8
f
s"
\
S
s
\^S
/
2.0
Excluding Receipts
of .S. Carriers
CANADA AND MEXICO
Payments
i.o
...•-**
.8
I960
62
X/
Receipts
64
66
68
U.S. Department of Commerce, Office of Business Economics
17
18
SURVEY OF CURRENT BUSINESS
certain transactions that on a net basis spent less per person, and France's
partially offset the excess of payments. dollar receipts from U.S. travel deExamples are the expenses of foreign clined nearly one-quarter to about $90
carriers in the United States, and the million. Repercussions from the disexpenses of U.S. carriers abroad. For- location of transportation and itineign carriers also make large purchases eraries caused by the French disorders
of U.S. aircraft.
may have contributed to reductions in
U.S. travel spending in Italy and Greece.
Europe Earns Fewer Travel About 630,000 U.S. travelers visited
Dollars
Italy, 2 percent below the 1967 total,
U.S. travelers spent about $925 mil- and they spent $140 million, or 5 perlion for expenses connected with travel cent less. Greece was visited by 120,000
in Western Europe, 2 percent below Americans, one-third fewer than a year
the 1967 total of $944 million. The de- earlier, while travel outlays declined 20
cline in travel expenditures in Europe percent to $28 million.
was apparently the result of several
Countries in the north of Europe
factors, among them the Presidential fared somewhat better than France
call for restraint in travel outlays at and countries in the south. Nearly 9
the start of 1968 and the effects of civil percent more Americans spent about
disturbances abroad in the first half of $200 million in the United Kingdom in
last year. These developments seem to 1968, a 4 percent increase over 1967.
have caused widespread cancellations Average expenditures fell 5 percent,
or postponements of planned trips, reflecting in part relatively lower prices,
some of which could not be rescheduled in dollar terms, attributable to the defor later in the year.
valuation of the pound in late 1967.
Over 700,000 U.S. visitors spent $111
Country patterns
Most directly affected by civil dis- million in Germany, gains of 13 percent
orders was France, which had 20 per- and 7 percent, respectively, over 1967.
cent fewer U.S. visitors than a year ago. In Norway, the number of Americans
The 580,000 Americans who included and their expenditures rose about 20
percent, with total spending reaching
France in their European trips also
$23 million. Sweden received 4 percent
Table 1.—Expenditures for Foreign Travel more American visitors, but lower
by U.S. Residents
average outlays reduced dollar receipts
[Millions of dollars]
to $18 million, about $4 million less
than in 1967. Higher per capita outlays
Payments to foreign
countries
brought U.S. travel expenditures in
Fares
paid to
the Netherlands to $40 million, a 14
Expendi- Fares U.S.
Total
Total tures in
to
carriers
percent rise, although the number of
foreign foreign
countries carriers
U.S. visitors was unchanged from the
preceding year.
164
41
688
483
647
1929
Celebrations last year marking the
470
27
348
95
443
1937
20th anniversary of the founding of
88
716
628
573
55
1947
Israel and the disruption of travel in
1,612
201
258
1,153
1,354
1955
301
1,814
1,513
238
1,275
1956
1967 by the Middle East war were prob322
1,372
1,633
1,955
261
1957
360
2,140
1,780
1,460
320
1958
ably instrumental in a 20 percent rise,
390
380
1,990
2,380
1,610
1959
to about 133,000, in the number of U.S.
1,750
*360
*513
I960 .
2,263
2,623
2,650
2,292
358
1,785
507
visitors to Israel last year. Many of
1961
2,514
415
1962
1,939
575
2,929
490
2,729
3,219
2,114
615
these, perhaps 40,000, visited only
1963
2,211
520
2,856
645
1964 .3,376
Israel. Earnings of Israel from all U.S.
610
720
2,438
3,158
1965
. . . 3,768
3,412
635
2, 657
755
travelers reached $36 million, as com4,047
1966
830
4,740
715
3,195
4,025
1967
3,022
4,722
815
885
pared with $33 million a year ago.
1968 .
3,907
*Begins new series.
NOTE.—Excludes travel by military personnel and other
Government employees stationed abroad and by their
dependents and U.S. citizens residing abroad; includes
shore expenditures of cruise travelers; passenger fares exclude
fares paid by emigrant aliens.
Source: U.S. Department of Commerce, Office of Business
Economics.
Visits to Europe cost less
U.S. travelers to Europe in 1968 spent
an average of $965 per trip, including
transocean transportation and all out-
June 1969
lays on the continent. This was 5 percent below the average trip cost of
$1,022 in 1967, mainly because of a
reduction in the length of stay.
Transatlantic passenger fares averaged slightly lower last year, $455 as
compared with about $460 in 1967.
Average air fares were essentially unchanged at about $440, but sea passengers to Europe paid about 14 percent
less than a year earlier.
The average U.S. traveler spent $512
for expenses in Europe and the Mediterranean area in 1968. This reflected a
visit of 30 days and an average outlay
of $17 per day (tables 5 and 6). The
Table 2.—Expenditures for Foreign Travel
by U.S. Residents, by Area
[Millions of dollars]
1964
Total
1965
1966
1967
1968
3 376 3 768 4 047 4 740 4 722
Transportation
1 165 1 330 1 390 1 545 1 700
Foreign-flag carriers
U.S. -flag carriers.
Expenditures abroad
Canada
Mexico
Persons visiting
Mexican border
only
720
610
830
715
885
815
2,211 2,438 2,657 3,195
3,022
645
520
755
635
550
600
678 1 070
400
540
575
590
325
355
365
820
630
Western Europe
372
390
1,171 1 298 1,404 1,535
Oversea areas
1,572
925
743
795
846
944
130
127
142
125
190
119
148
56
152
53
167
116
153
60
148
67
140
74
79
29
23
14
79
27
23
14
86
36
26
13
104
41
32
22
111
40
30
18
15
22
16
24
14
26
19
35
23
40
11
47
13
51
13
53
17
58
16
56
20
26
17
20
31
19
24
34
21
28
35
20
32
28
West Indies and
Central America. Bermuda . _
Bahamas
Jamaica
190
33
220
35
259
41
295
45
325
50
55
45
62
52
73
60
88
66
105
78
Other British West
Indies
Netherlands West
Indies
20
22
24
30
38
14
12
14
19
87
United Kingdom....
France
Italy
Switzerland
Germany
Austria.
Denmark
Sweden
..
._. .
Norway
Netherlands
BelgiumLuxembourg
Spain...
Portugal- _ .
Ireland
Greece. .
na
12
198
91
57
68
65
70
Other oversea areas
181
215
234
226
235
Israel
Japan
Hong Kong
Australia- New
ZealandOther
25
36
South America
31
35
33
54
25
60
28
62
30
58
28
60
26
14
63
15
81
18
89
18
89
20
93
n.a. Not available.
NOTE.—For coverage, see table 1.
Source: U.S. Department of Commerce, Office of Business
Economics.
SURVEY OF CURRENT BUSINESS
June 1969
land portion of last year's average
European trip was 10 percent less expensive than in 1967; per diem costs
were unchanged, but the visit was 3
days shorter. The number of countries
visited, between three and four, was
fractionally less than in 1967.
Reduced rate air fares for visits of
14 to 21 days duration continue to exert
strong influences on the length of the
average European visit and thus on
average expenditure per trip. Visits
ranging from 15 to 21 days were reported by one-third of all air travelers
in 1968, who may be assumed to have
taken advantage of the excursion air
rates (table 6A). The proportion of air
travelers remaining three weeks or less
increased only slightly, from 60 percent
in 1967 to 62 percent last year.
Table
3.—U.S.
Travelers
to
Oversea
Countries by Means of Transportation
and by Area
[Thousands of travelers]
Total
Sea
Air
Europe and
Mediterranean
Western Europe
1965
1966
Average Expenditures of U.S. Residents
Traveling in Europe and the Mediterranean Area, by Country
Number
Total
Average
of
expendi- expenditravelers
tures
tures
(thou- (millions (dollars)
sands) of dollars)
Europe and Mediterranean:
1 937
1 800
993
512
563
88
118
806
858
1 828
1,668
Sea:
1968 .
1967.
1 018
109
132
1968
1967
905
900
495
540
Air:
1968 .
1967.
Western Europe: 1
1967
1968
1 880
925
492
United Kingdom:
1968 .
1967
944
868
198
190
209
219
France:
1968
1967 .
580
717
91
119
157
166
Italy:
1968 .
1967
632
645
140
148
218
226
Switzerland:
1968
1967
554
520
74
67
133
129
Germany:
1968
1967 _
712
631
111
104
157
165
Austria:
1968 _.
1967
382
379
40
41
103
107
274
250
30
32
110
129
160
154
18
22
109
144
140
115
23
19
165
170
B elgium-Luxembourg :
1968
1967
216
227
16
17
74
75
Netherlands:
1968
1967
397
398
40
35
102
89
Spain:
1968
1967 ..
277
292
56
58
202
198
Portugal:
1968
1967
Travel Outside of Europe
Increased outlays of U.S. visitors and
shore expenditures of U.S. cruise travelers brought dollar earnings of countries
in the West Indies and Central America
to $325 million last year, a 10 percent
increase over 1967. The number of
visitors rose 20 percent to 1% million.
Much of the rise occurred in locations
where the length of stay is relatively
short and per capita expenditures relatively low. It should be noted that
although the dollar estimates cited
above include spending ashore by cruise
travelers, their number is not included
in the count of visitors. Most of the
1964
Table 4.—Number, Total Expenditures, and
157
163
20
21
128
130
1968
Denmark:
1968.
1967
-.
Sweden:
1968
1967 _.
Norway:
1968
1967
..
2,220 2,623 2,975 3,425
3,885
Ireland:
1968..
1967
180
154
32
28
177
185
237
220
167
1,943 2,386 2,755 3,258
147
3,738
Greece:
1968 ..
1967
119
158
28
35
233
221
1,250 1,405 1,570 1,800
n.a.
n.a.
n.a.
n.a.
1,937
1,880
Israel: 2
1968
1967 .
133
111
36
33
19
outlays of cruise passengers are in the
form of passenger fares to steamship
lines.
Americans visiting the Bahamas
spent over $100 million there, close to
20 percent more than a year ago. The
increase in Jamaica was 18 percent, to
$78 million, and visitors to other British
West Indies areas spent $38 million, a
26 percent rise from the 1967 total. An
increase of 10 percent brought
Bermuda's earnings from U.S. visitors
to $50 million;
U.S. travel payments in South
America rose from $70 million in 1967
to $87 million last year, a 24 percent
gain. The number of U.S. travelers
visiting the area increased 27 percent
to reach 233,000.
Travel spending in "other areas",
primarily the Pacific and Far East,
recovered somewhat from the decline
in 1967; a 4 percent increase brought
expenditures to $235 million.
Foreign Visitors Spend
$2 Billion Here
U.S. receipts from foreign visitors
reached a record $2 billion in 1968,
including $260 million paid to U.S.
sea and air carriers for transportation
to and from the United States (table
7). After a decline in 1967, Canadian
outlays here rose 10 percent to a new
peak of $638 million in 1968. Visitors
from Mexico spent 8 percent more
here than in 1967, for a total of nearly
$500 million.
Visitors from oversea countries, who
numbered 1,800,000, spent $640 million
272
296
277
West Indies and Central
America
701
891 1,050 1 220
South America
107
127
Other
162
200
130
225
175
230
1 461
223
264
n.a.—Not available.
NOTE.—For coverage, see table 1; also excluded cruise
travelers, who numbered about 295,000 in 1964, 333,000 in
1965, 337,000 in 1966, 350,000 in 1967 and 380,000 in 1968.
Source: U.S. Department of Commerce, Office of Business
Economics, based on data of U.S. Department of Justice,
Immigration and Naturalization Service.
1. Comparable data for 1967 are not available.
2. Data for Israel are included in Europe and Mediterranean totals but not Western Europe totals.
NOTE.—For coverage see table 1; includes expenditures
of cruise travelers, but not their numbers or their average
expenditures.
Source: T~ ~ "Department of Commerce, Office of Business
Economics
- basis of data of U.S. Department of
Justice, In.
-»d Naturalization Service.
Table 5.—Average Daily Expenditures of
U.S. Residents Traveling in Europe and
the Mediterranean Area, by Kind of Travel
1964
U.S. residents:
Total
Sea
Air
1965
1966
1967
1968
$15. 54 $15. 67 $15. 75 $17. 06 $17.00
12.79 12.50 11.63 13.41 13.82
16.36 16.79 16.78 17.42 17.30
Native-born, total
16.87
18.27
18.41
18.94
19.40
Foreign-born, total
9.22
9.22
9.91
11.16
11.21
NOTE.—For coverage, see table 1; also excludes cruise travelers and fare payments for transocean transportation.
Source: U.S. Department of Commerce, Office of Business
Economics.
SURVEY OF CURRENT BUSINESS
20
for travel expenses in this country
(table 8). Both of these figures represent
increases of 4 percent over year-earlier
totals; in fact, however, the number of
oversea visitors grew faster than their
outlays here. During 1967, some visitors
were counted as entering this country
twice, because of visits to Expo 67,
and this understates the real increase
in numbers in 1968. However, the dollar
estimates for 1967 and 1968 are
comparable.
Exchange restrictions and currency
devaluation by several European countries restrained travel by Europeans
Table 6.—Average Length of Stay of
U.S. Travelers in Europe and the
Mediterranean Area, by Nativity and
Means of Transportation
[Days]
1963 1964 1965 1966 1967 1968
All travelers, total
Sea
Air
45
67
38
41
67
36
39
70
34
37
70
33
33
64
31
30
58
29
U.S.-born travelers, total.
Sea
Air.. .
44
55
36
39
59
35
36
63
32
34
60
32
32
60
30
28
56
27
Foreign-born travelers,
total
Sea
Air
55
88
42
49
80
41
49
84
42
46
85
38
38
74
34
to the United States last year, and
limited U.S. receipts from their travels
to about $233 million, only 3 percent
more than in 1967. The number of
travelers from Europe totaled 826,000
about 12,000 fewer than the number
recorded a year previously.
The United Kingdom was an exception to this development. Despite
continued exchange restrictions and
devaluation of the pound, which made
visits to this country more expensive,
3 percent more visitors from the United
Kingdom traveled in the United States.
Their expenditures here rose from $43
million in 1967 to $49 million in 1968.
Residents of the West Indies and
Central and South America spent about
$260 million here last year. This was
little different from the 1967 total
despite an 8 percent rise in the number
of visitors, which advanced to 654,000.
Another 318,000 visitors from all other
areas made trips to this country,
spending about $145 million. These
represented increases of 12 and 16
percent, respectively, over 1967.
36
72
34
NOTE.—For coverage, see table 1; also excludes cruise
travelers.
Source: U.S. Department of Commerce, Office of Business
Economics.
Table 6A.—Percent Distribution of U.S.
Travelers in Europe and the Mediterranean Area, by Means of Transportation
and Length of Stay, 1968
1-14
15-21
All
Air
Sea
travelers travelers travelers
29 9
31 4
30 7
32 6
16 1
11 2
22-35.
36-49
11 8
57
11 4
53
18 5
12 5
50-63
64 and over
75
13 3
71
12 5
14 7
26 6
.
[Millions of dollars]
1964
Total U.S. receipts from
foreign visitors _
1965
1966
1967
1,357 1,545 1,785 1,881
165 195 235
Fares to U.S. carriers i _ _ 160
Spent by visitors in the
United States _._ 1,207 1,380 1,590 1,646
448
490 586 575
Canada ._
390 458 457
342
Mexico
Total oversea countries .
Western Europe
United Kingdom..
France
Germany
Italy
Netherlands _
Sweden _
Switzerland
1968
2,030
260
1,770
638
493
n.a.
n.a.
n.a.
n.a.
n.a.
500
200
71
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
546
210
68
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
614
227
43
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
639
233
49
30
44
22
12
12
14
West Indies, Central and South
161
America
South America — n.a.
200
n.a.
226
n.a.
263
n.a.
262
140
100
27
110
31
124
42
144
51
Other oversea
countries _
Japan. __
417
165
58
n.a.
91
26
n.a.—not available.
1. Includes fares paid as part of a visit to and from the
United States only.
NOTE.—Includes expenditures of travelers for business
and pleasure, foreigners in transit through the United
States, and students; excludes expenditures by foreign
government personnel and foreign businessmen employed in
the United States.
Source: U.S.Department of Commerce, Office of Business
Economics.
[Thousands of travelers]
Table 6B.—Average Length of Stay and
Average Daily Expenditure of U.S.
Travelers in Ten European Countries,
1968
Country
Total Busi- Pleas- Tran- Stusit dent
ness ure
Oversea countries total :
1968
1967
Europe:
1968
1967
1,798
1,729
256 1,308
227 1,258
174
196
60
48
826
838
155
136
577
604
86
91
8
7
West Indies and Central America:
1968
1967
394
357
15
16
342
296
24
33
13
12
.
14
10
12
West Germany
Switzerland
Spain
... .
.
Belgium-Luxembourg
$15. 25
16.02
18.63
14
United Kingdom
France
Italy
Netherlands
Austria. _
Denmark
Average
daily
expenditure
(dollars)
Average
length
of stay
(days)
7
10
11.21
20.15
19.42
South America:
1968
1967
260
250
16
14
213
202
20
26
11
8
5
6
6
18.88
16.34
18.96
Other oversea areas:
1968
1967
318
284
70
61
176
156
44
46
28
21
5
15.74
NOTE.—For coverage, see table 1; also excludes cruise
travelers.
NOTE.—For coverage, see table 1; also excludes cruise
Source: U.S. Department of Commerce, Office of Business
Economics.
Source: U.S. Department of Commerce, Office of Business
Economics.
Table 7.—U.S. Receipts From Foreign
Visitors for Travel in the United States
and Payments to U.S. Transocean Carriers
Table 8.—Foreign Visitors to the United
States From Oversea Countries, by Area
and Type of Visa
[Percent distribution]
Length of stay (days)
June 1969
NOTE.—Excludes visitors from Canada and Mexico;
excludes foreign government personnel and foreign businessmen employed in the United States. Data are not adjusted
for double entries on the same trip.
Source: U.S. Department of Justice, Immigration and
Naturalization Service.
By WALTHER LEDERER and EVELYN M. PARRISH
The U.S. Balance of Payments:
First Quarter, 1969
From the fourth quarter of 1968 to
the first quarter of 1969, the liquidity
balance shifted from surplus to a large
deficit, while the official reserve transactions balance showed an improvement
to a larger surplus. The wide difference
between the two balances in the first
quarter reflects the very substantial
increases in liquid liabilities to foreign
commercial banks (including foreign
branches of U.S. banks). These liabilities
enter the calculation of the former but
not the latter balance.
The deterioration in the liquidity
balance from the preceding quarter
resulted from a decline in net credits
from special financial transactions and
from private capital transactions. Also
important in this deterioration was an
exceptionally large rise in net debits on
unreported transactions (errors and
omissions). The latter rise may have
resulted from payments for imports that
were delayed by the dockworkers' strike
and from large unreported capital outflows that were attracted by high
Euro-dollar rates.
Ui
J NUSUAL conditions severely distorted the first quarter balance of
payments, measured on either the
liquidity or the official reserve transactions basis. Consequently, without
major qualification, neither balance
can be used to evaluate either the most
recent changes or the longer run trends
in the international financial position
of the United States.
The first quarter balance of payments
measured on the liquidity basis was
adverse by $1,316 million before seasonal adjustment and about $1,700
million after adjustment. There was a
seasonally adjusted favorable balance
of about $870 million in the fourth
quarter of last year (table 3, lines 1
and 3).
In contrast to the large deterioration
in the liquidity balance, the first
quarter seasonally adjusted balance
computed on the basis of official reserve
transactions improved by about $780
million from the preceding quarter and
showed a surplus of about $1,150
million. Before seasonal adjustment,
that surplus was $1,711 million (table
3, lines 13 and 15).
Composition of balances
The calculation of both the liquidity
and the official reserve transactions
balance includes changes in U.S. official
reserve assets, which increased $48
million in the first quarter (table 3,
line 4). This was much smaller than
the $1,076 million rise in the fourth
quarter of last year and the $571
million increase in the third. The
large additions to reserve assets in the
second half of last year reflected the
weakness of several foreign currencies.
The $48 million rise in the first
quarter consisted of a $73 million
addition to official holdings of convertible foreign currencies, a $31 million
increase in the U.S. gold tranche
position in the International Monetary
Fund (i.e., the virtually automatic
right to draw foreign currencies from
the IMF), and a $56 million decline in
gold holdings. The net decrease of $25
million in gold holdings and the gold
tranche combined followed an increase
of about $500 million in the preceding
quarter.
In addition to the changes in official
reserve assets, the computation of the
liquidity balance takes into consideration the changes in liquid liabilities of
the United States to all foreign residents
and international organizations—other
than the IMF (table 3, line 8). In the
first quarter, these liabilities (not seasonally adjusted) increased $1,364 mil-
lion. This change consisted mainly of a
$3,181 million increase in liabilities to
the accounts of foreign banks and a
$1,706 million decline in liabilities to
the accounts of foreign official agencies.
(There was also a $111 million decline
in liquid liabilities to foreign residents
other than banks and to international
organizations.)
The balance on the official reserve
transactions basis is measured by
adding (as favorable changes) the $48
million increase in official reserve assets
and the $1,706 million decline in liquid
liabilities to foreign official agencies,
and deducting (as an unfavorable
change) the $43 million increase in
nonliquid liabilities to foreign official
agencies.
Large rise in liabilities to private
foreign banks
The large difference between the
$1,700 million adverse liquidity balance
and the $1,150 million surplus in the
official reserve transactions balance
comes about mainly from the treatment
of the very large rise in liquid liabilities
to foreign banks, including foreign
branches of U.S. banks. These liabilities
enter into the calculation of the former
balance but not of the latter. Several
factors must be considered in evaluating
this difference.
Before seasonal adjustment, the increase in liquid liabilities to foreign
banks as a whole was about $3.2
billion (table 3, line 10). The increase in
these liabilities reflected the rising
stringency in domestic credit markets
since late 1968. The tightening in
credit intensified the competition among
U.S. banks for funds needed to
strengthen individual reserve positions
in the Federal Reserve Banks and thus
their lending capabilities. As a result of
this competition, the rates paid by
21
SURVEY OF CURRENT BUSINESS
22
U.S. banks on funds obtained by their
foreign branches and on direct loans
from independent foreign banks advanced in the first quarter about 2
percentage points above the maximum
rates domestic banks were permitted
to pay on deposits within the United
States. The major part—$2.3 billion—
of the funds obtained by the foreign
branches was added to their deposits
with their U.S. parent banks, and is
reflected in the parent bank's liabilities
to their branches (table 7, line 15b).
Funds attracted by U.S. banks through
loans directly from foreign banks are
included in table 7, line 18, which shows
an $870 million increase in liabilities in
the first quarter, substantially more
than in any previous quarter.
The funds that were attracted from
foreign banks
(including foreign
branches of U.S. banks) may be
attributed principally to two sources:
the sale of dollar assets that had been
held by foreign official agencies at the
beginning of the quarter and the new
acquisition of dollars by foreign residents
through their transactions with the
United States during the quarter.
About $1.7 billion of the $3.2 billion
increase in liquid liabilities to foreign
banks had a counterpart in the decline
in liquid liabilities to foreign official
agencies (table 3, line 17). (The $43
million net use of foreign official dollar
funds to purchase nonliquid assets in
the United States—table 3, line 18—
was approximately offset by a $48
million increase in foreign official dollar
holdings resulting from U.S. purchases
of reserve assets—table 3, line 16.)
Most of the $1.7 billion decline in
foreign official dollar holdings and the
equivalent increase in dollar holdings by
foreign private banks occurred in January. This included a seasonal shift
of about $200 million from official to
private bank holdings. To a large
extent, the decline in liquid liabilities
to foreign official agencies was recorded
for countries that had a relatively
June 1969
strong balance of payments. It reflected
these countries' policies to encourage
their banks to purchase dollars from
their official reserves for investment in
the Euro-dollar market in order to
reduce the liquidity of their banking
systems and thus to dampen inflationary tendencies. The decline in
liquid liabilities to foreign official
agencies diminished after January as
the dollar reserves of these countries
dropped close to the minimum they
wanted to retain.
Foreign banks also obtained, in
addition to the transfers of dollars from
the reserves of foreign official agencies
held by them at the beginning of the
quarter, about $1.5 billion from other
sources. This was close to the balance
of payments deficit of $1.3 billion (or
$1.7 billion after seasonal adjustment)
measured on the liquidity basis. In
other words, foreign banks acquired the
equivalent of the entire net amount of
dollars received by foreign residents
during the first quarter through their
CHART 9
U.S. Balance of International Payments- Cumulative Quarterly Data
Billion $
2.0
Billion $
2.0
BALANCE ON LIQUIDITY BASIS
1.5
CHANGE IN U.S. OFFICIAL RESERVE ASSETS
(Gold, Convertible Currencies, and IMF Gold
Tranche) (decrease-)
BALANCE ON OFFICIAL RESERVE
TRANSACTIONS BASIS
CHANGE IN U.S. GOLD HOLDINGS
(decrease-)
1.5
1.0
1.0
1969
\V 1969
\
\
\
\
• V
V
\
1968
"-"71967
-.5
t
\^ —1.0
~~*
""
"/
1968
-1.5
-2.0
-2.5
-3.0
-3.5
-4.0
Mar.
June
Sept.
Seasonally Adjusted
U.S. Department of Commerce, Office of Business Economics
Mar.
June
Sept.
Seasonally Adjusted
Dec.
Mar.
June
Sept.
Mor.
Jijne
Se pt.
-4.0
Dec.
June 1969
transactions with the United States.
In evaluating the large rise in dollar
liabilities to foreign banks, it is important to note that both the relatively
high rates of interest offered by U.S.
banks to foreign dollar holders and the
large sales of dollar holdings by foreign
official agencies have been associated
with policy measures adopted here and
abroad that are in large part designed
to meet comparatively short-term economic problems. The sensitivity of the
flow of dollars between foreign official
agencies and foreign banks to potential
changes in such policies should be
considered in evaluating the large
surplus in the official reserve transactions balance and in assessing the
differences between this balance and
the liquidity balance.
SURVEY OF CURRENT BUSINESS
23
Table A1.—Balances of Major Transactions
[Millions of dollars]
1969
1968
Lines in tables 1 and 2 in which transLine
act ions are included are indicated
in( )
1967
1968
I
II
III
IV
Change
I
IV1967-68 1968—
1-1969
(Seasonally adjusted)
1 Balance on goods and services, excluding transfers under military grants
(24)
5,178 12,581
2
Balance on nonmilitary merchandise trade (3, 15)
3,860
626
3
Balance on travel (7, 18)
-1,549 -1,252
4
Balance on military transactions
(4,16)
-3, 138 -3, 103
5
Balance on investment income (11,
12,13,21,22).
4,511 U,831
6
Private remittances, net, and U.S.
Government pensions and other
transfers (27, 30)
-1,196 -1, 159
7
Private U.S. and foreign capital other
than liquid liabilities, net (32, 51-55) i. -3,548
Corporate capital (assets and
liabilities)
-2, 592
U.S. corporate capital (assets
and liabilities) (table D l ) _ _ _ _ -2,850
Foreign direct investment in
the United States (51)
258
Security transactions (assets and
liabilities) (34-36, 52) 1
-422
Claims and liabilities reported by
U.S. banks (37, 38, 53) »
-500
Claims and liabilities reported by
-34
brokerage concerns (40, 55)
8
9
10
11
12
13
471
841
909
1366
124
-323
264
-308
313
-342
-75
-279
365 i-2,597
i-l
-3,234
297
-28
-4
-103
-283
-797
-763
-737
-805
-782
35
23
1,100
1,231
1,270
11,233
1,181
1320
1-52
-276
-274
-325
-285
-283
37
2
942
555
126
-555
815
267
4,490
-548
-401
228
-589
-576
536
-307
2,191
-843
-720
-23
-594
-599
495
—520
2,130 -1,015
319
251
5
23
41
213
61
968
22
480
114
351
476
1,390
125
262
236
238
-83
-129
65
762
194
172
-24
147
33
-10
57
-3
113
69
Unusual errors and omissions
14 Government grants and capital, net
After seasonal adjustment, the first
46
135
-791
-745
(29, 42, 44, 56, 57) »
-3,974 -3,839 -1,075
-918 -1,055
15
Grants (excluding military) and
quarter transactions for which data are
150
-120
-5,227 -5, 347 -1, 426 -1,365 -1,301 -1,254 -1,104
additions to assets (29, 42, 43)
16
192
-1
322
321
Loan repayments (44, 45) 1 . .
1,003
307
278
1,195
287
now available, or can be estimated,
17
Liabilities other than marketable
141
-103
63
38
-32
250
64
140
313
or convertible securities (56, 57) »_
resulted in net payments to foreigners
18 Errors and omissions (60)
291 -1, 346
-52 -1,398
-410
-540
286
-1,008
-717
of about $300 million. The remaining
19 Special financial transactions (table
net payments of $1.4 billion cannot be
-724
1,281
93
817
A2) i
1,004
172
579
2,285
717
explained and are recorded as "errors
20 Total of above transactions equals
3,637 -2,574
870 -1,704
-564
balance measured on liquidity basis. . -3,544
-51 -162
93
and omissions."
1. Balances of major transactions exclude special financial transactions, which are listed separately in table A2.
Some transactions usually escape
NOTE.—Details may not add to totals because of rounding.
statistical recording or cannot be estimated. However, the first quarter
"errors and omissions" are far higher
than those in previous quarters. In Table A2.—Changes in Near-Liquid Liabilities, Nonscheduled Repayments by Foreign
the 9-year period 1960-68, the seaGovernments of U.S. Credits, and Other Special Financial Transactions by U.S. and
Foreign Official and International Agencies
sonally adjusted balance on errors and
omissions fluctuated between net pay[Millions of dollars]
ments of $625 million, recorded in the
1969
1968
second quarter of 1967 and net receipts Line Lines hi tables 1, 2, and 8 in which transactions are included 1967 1968
are indicated in ( )
I
IV
I
II
of $285 million, recorded in the third
III
quarter of 1968 (table 2, line 60).
Total:
Since the $50 million debit balance in
1 Effect on balance measured on liquidity basis 1
93
817
579
172
717
1,004 2,285
-15
19
104
56
2 Effect on balance measured on official reserve transactions basis a _ -394
6
185
the fourth quarter of 1968 was someInvestment in long-term time deposits or certificates of deposit
what below the average in recent years,
in U.S. banks (53):
-45
138
3
131
By foreign official agencies .
894
116
150
535
some increase in the debit balance could
-2
111
—19
4
B y international and regional organizations
. 183
62
-60
30
have been expected in the first quarter
Investment in certain nonmarketable, medium-term U.S. Government securities (57):
of this year. However, the increase was
200
5
By Canadian official agencies. _.
250
200 1,050
100
500
-30
230
6
B y other official agencies
22
48
35
335
exceptionally large, suggesting that de7
By foreign commercial banks
125
125
8 Investment in U.S. agency bonds by international and regional
velopments other than those that
185
119
organizations (52). _
—41
121
78
-38
118
9 Special deposits in accounts with U.S. Treasury by foreign
usually affect changes in "errors and
official agencies (56)
49
49
10 Nonscheduled repayments by foreign governments of U.S.
omissions" were responsible for the
Government credits (including sales of foreign obligations to
169
foreigners) (45)
3
42
55
269
large payments to foreign residents and
11 Other special financial transactions with Canada (34, 35, 36)
-15
-13
—72
-36
59 -121
12 Liquidation of U.S. securities other than Treasury issues by
the corresponding increase in foreign
United Kingdom (Government and private) (52)
—453
13 Deferral of service on United KingdonTloan (13,* 44)
-137
—137
holdings of liquid dollar funds.
Several developments could have
1. Includes all special financial transactions.
2. Includes only special financial transactions in lines 7, 9-13.
contributed to the large debit balance.
NOTE.—Details may not add to totals because of rounding.
24
SURVEY OF CURRENT BUSINESS
The dockworkers' strike resulted in a
delay in the unloading of ships and
probably in shipments to this country
as well. All told, the total delay in
imports (excluding shipments that were
canceled) could have been as large as
$900 million. During the first quarter,
payments may have been made for
some of these imports that were delayed. This would have resulted in a
rise in foreign dollar holdings (a credit
item), but the corresponding imports
(a debit item) would not have been
included in the import statistics. It is
less likely that offsetting discrepancies
arose between exports and reductions
in foreign dollar holdings, since exports
are usually not payable until the goods
actually leave the country. Errors and
omissions arising from the effects of
the dockworkers' strike should be
reversed in the second quarter.
Aside from the possible effects of
strikes that impede the movements of
goods, large sudden changes in international transactions are generally more
characteristic of capital transactions
than of transactions in goods and services. This suggests that the large
increase in net payments through unrecorded transactions may at least
partly reflect capital outflows.
A sudden large net capital outflow
in the first quarter, however, seems
inconsistent with the tightening and
rising cost of credit in domestic markets
relative to major foreign markets.
Under such conditions, loan capital,
at least, should be expected to move
into this country, rather than out.
(This does not necessarily apply to
capital seeking investment in equity
shares, which may be invested abroad
if the rise in domestic interest rates
results in a decline in the prices of
domestic equity shares.) However, the
fact that interest rates paid in the
Euro-dollar market are higher than
those paid on comparable investments
in the United States may have induced
U.S. residents to transfer funds into
dollar time deposits in foreign banks,
including foreign branches of U.S.
banks. These funds, after being passed
on to U.S. banks, may have contributed
to the large increase in liabilities to
foreign banks that was reported by
U.S. banks in the first quarter.
The transfer of short-term funds to
Europe by U.S. corporations that usually report their capital transactions
approximately equaled the amounts
that had been obtained through new
security issues on foreign markets but
had not yet been used to finance direct
investments abroad. Holdings of other
liquid funds by these corporations in
Europe are limited under the program
to restrain capital outflows. (However,
investments of short-term funds were
reported for Canada, where they are
not restricted.) Transfers of dollars to
the Euro-dollar market by other U.S.
residents, who do not ordinarily engage
in reportable international transactions,
who are not aware of reporting requirements, or who engage in transactions
that are below the minimum that must
be reported, would be reflected in
"errors and omissions."
Table C.—Government Grants and Transactions Increasing Government Assets
[Millions of dollars]
1968
1967
Total
Total (table 1, lines 29, 42, and 43 with sign reversed)
I
1969
II
III
IV
IP
5,227
5,347
1,433
1,505
1,172
1,236
1,113
726
641
136
205
123
177
165
4,501
4,705
1,296
1,300
1,050
1,059
949
1,287
Under farm product disposal programs.
Under Foreign Assistance Acts and related programs . ... 1,872
1.259
Under Export-Import Bank Act
Other
82
1,231
1,739
1,517
400
437
370
90
408
461
382
49
175
445
394
36
248
396
371
44
178
401
337
33
Less: Estimated dollar payments to foreign countries and international and regional organizations (table 5, line A .34) L
Equals: Estimated transactions involving no direct dollar outflow from the United States (table 5, line A. 26)
v
219
Preliminary.
1. The identification of transactions involving direct dollar outflow from the United States is made by the operating
agency. Data for third and fourth quarters 1968 and first quarter 1969 are based on extrapolations by OBE.
NOTE.—Details may not add to totals because of rounding.
June 1969
Distortion of liquidity balance
If the transfer of dollar funds by
U.S. residents from U.S. banks to
foreign banks (whether properly reported or not) and by the latter back
to U.S. banks is induced by conditions
in domestic U.S. capital markets, including the regulations affecting it, it
does not reflect the usual types of
international capital movements that
are induced by intercountry differences
in relative earning opportunities or by
the desire to spread investment risks.
In these circular movements of U.S.
funds, the role of the foreign banks
(including the U.S. branch banks
abroad) is merely that of a transit
channel. Therefore, one may question
whether the outflow and return flow
of funds should be considered international transactions in substance as
well as in form.
The liquidity balance measures net
transfers of liquid funds between residents of the United States and those of
other countries only if it is not affected
by transactions that are basically domestic but that are detoured via foreign
residents because of barriers affecting
transactions among domestic residents.
If these tiansactions were considered
domestic rather than international, the
liquidity balance would have been
substantially less adverse than the $1.7
billion recorded for the first quarter.
Figures to make these adjustments are
not available. However, the size of the
"errors and omissions" suggests that
several hundred million dollars may
have been involved in such circular
capital flows in the first quarter.
Major Transactions
The seasonally adjusted liquidity
balance deteriorated by about $2,570
million from the preceding quarter
(table Al, line 20). The increase in net
debits on "errors and omissions" contributed about $1,350 million to this
deterioration, and the reduction in net
credits from special financial transactions contributed about $720 million.
The deterioration of the balance on all
other transactions was about $500
million, which is accounted for almost
June 1969
completely by a decline in the net
inflow of capital through private transactions. The balance on goods and services remained nearly unchanged from
the preceding quarter—with the omission of the temporary suspension in the
fourth quarter of interest payments by
the British Government on the 1946
loan, which is included among the
special financial transactions.
SURVEY OF CUEEENT BUSINESS
fense Department exports and imports
and after other adjustments of the
reported Census trade data required in
balance of payments compilations) was
in deficit by $100 million in the first
quarter of 1969 as compared with a
deficit of $75 million in the fourth
quarter of 1968 and a surplus of over
$300 million in the third.
These figures differ from those
25
published earlier because of major
adjustments. Exports to Canada were
increased to include freight to the
Canadian border, and imports of automobiles from Canada were reduced to
reflect actual charges rather than
customs valuations. (See technical note
at the end of this article.)
Both exports and imports were
(Text continued on page 87)
Special financial transactions
Net receipts from special financial
transactions of U.S. and foreign official
agencies declined from $817 million in
the last quarter of 1968 to $93 million
in the first quarter of this year (table
A2). In 1968, receipts from such transactions amounted to nearly $2.3 billion
and were a major factor in the improvement in the liquidity balance. The
decline in special financial transactions
reflected principally the complete absence of new sales of nonmarketable
medium-term Government securities, at
the same time that some of these
securities sold in earlier periods were
being redeemed. (The special financial
transactions do not include the sales of
securities to Germany under the current
agreement to reduce the balance of payments impact on U.S. military expenditures there.) Also, sales of time deposits
or time deposit certificates with a
maturity of 1 year or more to foreign
official agencies were more than offset
by liquidations. Eeceipts from special
financial transactions in the first quarter
included only sales of Government
agency securities to international organizations as a temporary investment of
proceeds from new bond issues.
Table Dl.—Foreign Assets and Liabilities of U.S. Corporations (Excluding Banking and
Brokerage Claims and Liabilities)
[Millions of dollars]
1968
Credits (+); debits (-)
Line
[Lines in tables 1, 2, and 8 in which transactions are
included are indicated in ( ) unless otherwise noted]
1967
1968
I
Total
1
2 Direct investments (33)
3
4
5
6
7
-2,850
-720
-3,154 -3,025
IV
I
Other corporate claims:
Long-term (39)l
Short-term (40)
Excluding funds obtained from new issues of
securities 2
Corporate liabilities other than new issues of securities 2:
Long-tarm (54) l
Short-term (55)
2
8 New issues of securities (52)
Use of funds obtained abroad through new issues of
securities:
Additions to, and refinancing of, direct investment
9
(included in line % above)
Short-term claims (included in line 4 above)
10
Reductions in corporate liabilities to foreign resi11
dents (included in lines 6 and 7 above)
Transfers of funds to U.S. residents (59) 3.
12
-23
-594
-599
-472 -1,009 -1,262
495
-283
-520
-776
34
-322
-32
-469
-57
-98
-119
137
-85
-181
221
52
41
96
32
85
363
673
429
154
3
165
166
10
222
344
38
103
18
446
2,129
580
585
586
378
401
-978
-96
-785
-97S
-158
-374
-75
-610
-931
-194
-S&l
105
-173
-78
-48
-*4
-2
-S69
-48
-161
-2
-160
-160
-174
-752
-281
-309
-213
-103
1. Excludes brokerage claims and liabilities.
2. New issues of securities sold abroad by U.S. corporations exclude securities issued by subsidiaries incorporated abroad
and also exclude funds obtained abroad by U.S. corporations through bank loans and other credits. However, securities issued
by subsidiaries incorporated in the Netherlands Antilles are treated as if they had been issued by U.'S. corporations if the
proceeds of such issues are transferred to U.S. parent companies. Proceeds from sales of new issues are shown in line 8 above
Uses of proceeds are shown in lines 9^12 above.
3. A (—) reflects a decline in foreign deposits and money market paper held in the United States.
NOTE.—Details may not add to totals because of rounding.
Table D2.—Transactions in U.S. Securities Otber Than Treasury Issues
[Millions of dollars]
1968
1967
1968
I
Goods and services
351-484 O - 69 - 4
III
Seasonally adjusted
Increase in foreign assets (+)
Line [Transactions are included in tables 1, 2, and 8, in line 52]
The balance on goods and services,
which in the fourth quarter had dropped
to the lowest point since 1959, did not
change significantly in the first. A deterioration in the balance on merchandise
trade and on investment incomes was
offset by an improvement in the
balances on military and various services transactions.
Merchandise trade (excluding De-
II
1969
1
Total
1 016 2 4 360
New issues of securities sold abroad by U.S. corporations l
IV
I
839
1 116
1 115
1 290
1 372
580
585
586
378
401
118
121
—453
903
88
815
III
2 129
446
Investment by international and regional organizations in nonguaranteed U.S. Government agency
bonds
4 Liquidation of U.S. securities other than Treasury
issues by United Kingdom (Government and private)
5 Other transactions
.
6
Bonds. .
-.
..
7
Stocks .
2
2
II
1969
—38
—41
78
119
185
572
42
530
451
—8
459
793
786
53
733
3
2
2
2, 113
2
2, 084
2
29
297
—12
309
786
1 Proceeds from securities issued by subsidiaries incorporated in the Netherlands Antilles that are transferred to the U.S.
parent companies are treated as if they had been issued by U.S. corporations.
2 Excludes purchase of $210 million by a foreign company of stocks issued by the U.S. subsidiary. This purchase is treated
as a foreign direct investment in the United States.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CUKKENT BUSINESS
26
June 1969
Table 1.—U.S. Inter
[Millions of dollars]
Line
(Credits +; debits-)
1949
1948
1947
1946
1953
1952
1951
1950
1 Exports of goods and services
,,„,..
2
Excluding transfers under military grants
14,861
14 792
19,916
19 819
17,309
16 861
16,045
15 834
14,413
13,893
20,303
18,864
20,704
18,122
21,254
17,078
3
4
5
6
Merp.handisft, arljnstprl, excluding military »
Transfers under military sales contracts
Transfers under military grants, net.
Transportation-
11,764
n s s.
69
1 383
16,097
n ss
97
1 738
13,265
n.s.s.
448
1 317
12, 213
n.s.s.
211
1 238
10,203
n.s.s.
520
1 033
14,243
n.s.s.
1,439
1 556
13,449
n.s.s.
2,582
1,488
12, 412
192
4, 176
1,198
7
g
9
10
Travel
-. _
Fees and royalties from direct investments
Other private services
Other U.S. Government services
271
64
407
131
364
77
371
70
334
83
422
100
392
100
364
132
419
126
387
132
473
129
429
152
550
130
471
206
574
128
491
173
11
12
13
Income on U.S. investments abroad:
Direct investments 2
Other private assets.
_
U.S. Government assets
589
162
21
869
167
66
1,064
174
102
1,112
185
98
1,294
190
109
1,492
192
198
1,419
205
204
1,442
216
252
14
—6 985
18
19
20
—10 343
—9,616
—12,001
—15,047
-15,766
—16,546
-5, 973
—455
-583
—7, 557
—799
-646
-6, 874
-621
-700
-9,081
—576
-818
-11, 176
—1,270
-974
-10,838
-2,054
-1,115
-10, 975
—2, 615
—1,081
—462
—190
—102
—573
-195
—178
-631
—219
—211
-700
—153
-235
-754
-153
—250
—757
-202
-254
-840
-221
-277
—929
-245
-240
—197
—15
7 876
7,807
Merchandise, adjusted, excluding military 1
Military expenditures
Transportation
_
—8 202
—5,067
—493
—459
Imports of goods and services
15
16
17
—229
-16
11,714
11,617
—263
—17
6,966
6,518
-308
—25
6,429
6,218
—338
-31
2,412
1,892
—367
—47
5,256
3,817
-357
-64
4,938
2,356
-375
-86
4,708
532
Travel
_
.
Private payments for other services
U.S. Government payments for other services
21
22
23
24
Income on foreign investments in the United States:
Private payments *
_
U,8. Government payments „
^ __-_„_ ^
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers, net; transfers to foreigners (— )
Excluding military grants
—2,991
—2,922
—2,722
-2,625
—4,973
-4,525
-5,849
-5,638
-4,537
-4,017
—4,954
-3,515
-5,113
-2,531
-6,657
-2,481
27
28
29
30
Private remittances
Military grants of goods and services
Other U.§. Government grants 1
U.S. Government pensions and other transfers
—673
—69
—2 274
25
-682
—97
-1,897
-46
-697
-448
-3, 894
66
—532
-211
-4,997
—109
-454
—520
-3,484
-79
-409
-1, 439
-3,035
-71
-443
-2,582
-1,960
-128
-503
-4, 176
-1, 837
-141
4,885
8,992
1,993
580
-2,125
302
-175
-1,949
-413
-987
-906
-553
-1,265
-1,048
-1,160
-230
—85
308
—131
—749
-396
295
137
-721
—150
62
—7
-660
-118
103
42
-621
—254
301
-322
-508
-491
113
25
-852
-286
66
133
-735
—270
138
223
35
-314
—87
-124
39
-135
-29
182
-177
—112
-14
-75
-36
-87
115
146
n a.
4
2
-65
-13
19
-78
5
-43
-37
—70
-28
-91
-7
-21
21
—3 019
—4,224
—1,024
—652
—156
—156
-420
-218
-3,343
238
-4, 405
-113
-1,555
88
-684
-173
-414
-37
-458
-3
-847
-2
-716
11
86
-623
294
-3,315
443
-1,736
205
-266
295
1,758
305
-33
429
-415
1,256
—623
—2, 162
—1,530
—164
1,743
-53
-379
1,161
-1,153
-206
-102
15
20
-36
-1,327
558
174
-4
—338
(*)
10
—100
4
34
-192
-4
-5
1
-12
6
-10
-24
__
31
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and
32
Transactions in U.S. private assets, net; increase in assets ( — ) _ _ _
33
34
35
36
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
37
38
Claims reported by U.S. banks: »
Long-term
Short-term
39
40
Claims reported by U.S. residents other than banks: 1
Long-term
Short-term
_ _
41
42
43
__
Transactions in U.S. Government assets, excluding official reserve assets, net;
increase in assets ( — )
Loans and other long-term assets 1
Foreign currencies and other assets *_-
-
__
Repayments on credits:
Scheduled _
44
45
Nonscheduled (including sales of foreign obligations to foreigners)
46 Transactions in U.S. official reserve assets, net; increase in assets (— )
47
48
49
50
1
}
Gold 4
Convertible currencies _
Gold tranche position in IMF 4
Transactions in foreign assets in the United States, net; increase in foreign
assets (U.S. liabilities) (+).
-985
51
52
53
Direct investments 2
.
_
U.S. securities other than Treasury issues
Long-term liabilities reported by U.S. banks
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term.
_ _ __
_
Short-term
56
57
Nonmarketable liabilities of U.S. Government, including medium-term
securities payable prior to maturity only under special conditions: *
Associated with specific transactions
Other medium-term securities
-
-269
-340
58
59
U.S. Treasury marketable or convertible bonds and notes l 1
Deposits and money market paper held in the United States
n.a.
-370
n.a.
-895
155
861
60
Errors and omissions, net--
* Preliminary.
N.s.s. Not shown separately.
* Less than $500,000(±).
1. Details for lines 3 and 15 are given in table 4; for lines 29, 42, 43, 56, and 57, in table 5;
for lines 37 through 40, in table 6; and for lines 58 and 59, in table 7.
2. Excludes undistributed profits of subsidiaries.
-383
(*)
56
74
581
1,912
(*)
80
—7
(*)
90
126
-11
-33
-5
36
-11
35
-42
77
300
n.a.
919
n.a.
130
941
790
1,115
717
-165
-124
1,673
95
1,074
132
37
1
(*)
-4
44
(*)
-14
158
70
-158
-68
-659
700
302
1,319
-82
1,010
354
497
220
3. Numerically equal to net foreign investment in U.S. national income and product
accounts.
4. Reflects $259 million payment of gold portion of increased U.S. subscription to the IMF
in the second quarter of 1965.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CUKRENT BUSINESS
June 1909
27
national Transactions
[Millions of dollars]
1965
1966
1967
Line
1954
1955
1956
1957
1958
21,251
17,889
22,536
19,948
26,339
23,772
29,071
26,653
25,503
23,217
25,626
23,652
29,253
27,488
30,235
28,770
32,045
30,506
34,163
32,601
38,611
37,271
41,027
39,399
44,362
43,360
47,093
46,188
51,432
50,594
2
12,929
182
3,362
1,171
14,424
200
2,588
1,406
17,556
161
2,567
1,617
19, 562
375
2,418
1,967
16,414
300
2,286
1,638
16,458
302
1,974
1,646
19,650
335
1,765
1,782
20, 107
402
1,465
1,803
20,779
656
1,539
1,955
22, 252
657
1,562
2,103
25, 478
747
1,340
2,317
26,447
830
1,628
2,414
29,389
829
1,002
2,608
30, 681
1,240
905
2,775
33,598
1,427
838
2,924
3
4
5
6
595
136
499
150
654
158
539
123
705
229
720
122
785
238
772
137
825
246
808
141
902
348
810
143
919
403
898
153
947
463
941
164
957
580
964
195
1,015
660
1,029
236
1,207
756
1,114
265
1,380
924
1,227
285
1,590
1,030
1,337
326
1,646
1,136
1,502
335
1,770
1,279
1,546
352
7
8
9
10
1,725
230
272
1,912
258
274
2,171
297
194
2,249
363
205
2,121
417
307
2,228
466
349
2,355
646
348
2,768
793
381
3,044
904
471
3,129
1,022
498
3,674
1,256
456
3,963
1,421
509
4,045
1,614
593
4,517
1,717
638
4,985
1,949
765
11
12
13
1959
1964
1963
1962
1961
1960
1968
1
-15,930
-17,795
-19,627
-20,752
-20,861
-23,342
-23,355
-23,148
-25,357
-26,617
-28,691
-32,278
-38,081
-41,011
-48,078
14
-10, 353
-2,642
-1,026
-11, 527
-2,901
-1,204
-12,803
-2,949
-1,408
-13, 291
-3, 216
-1, 569
-12,952
-3, 435
-1,636
-15,310
-3, 107
-1,759
-14,744
-3,087
-1,915
-14, 519
-2,998
-1,943
-16, 218
-3, 105
-2,128
-17, Oil
-2,961
-2,316
-18, 647
-2,880
-2,462
-21, 496
-2,952
-2, 675
-25,463
-3,764
-2, 922
-26,821
-4, 378
-2,990
-32, 972
-4,530
-3,248
15
16
17
-1,009
-258
-222
-1,153
-304
-217
-1,275
-389
-235
-1,372
-384
-281
-1,460
-427
-282
-1, 610
-427
-301
-1,750
-482
-313
-1,785
-490
-406
-1,939
-460
-398
-2, 114
-445
-447
-2, 211
-500
-535
-2,438
-439
-550
-2, 657
-491
-642
-3,195
-579
-687
-3,022
-625
-749
18
19
20
-361
-59
5,321
1,959
-395
-94
4,741
2,153
-414
-154
6,712
4,145
-438
-201
8,319
5,901
-530
-139
4,642
2,356
-547
-281
2,284
310
-731
-332
5,898
4,133
-729
-278
7,087
5,622
-771
-339
6,688
5,149
-924
-401
7,546
5,984
-1,003
-453
9,920
8,580
-1,241
-488
8,749
7,121
-1,593
-549
6,281
5,279
-1,764
-598
6,082
5,177
-2,231
-702
3,354
2,516
21
22
23
24
-5,642
-2,280
-5,086
-2,498
-4,990
-2,423
-4,763
-2,345
-4,647
-2,361
-4,422
-2,448
-4,025
-2,260
-3,951
-2,486
-4, 152
-2,613
-4,277
-2,715
-4,037
-2,697
-4,386
-2,758
-3,835
-2,833
-3,903
-2,998
-3,703
-2,865
25
26
-504
-3,362
-1,647
-129
-456
-2,588
-1,901
-141
-555
-2, 567
-1,733
-135
-570
-2,418
-1, 616
-159
-563
-2,286
-1, 616
-182
-599
-1,974
-1,633
-216
-382
-1,765
-1,664
-214
-397
-1,465
-1,853
-235
-450
-1,539
-1,919
-245
-536
-1, 562
-1,917
-262
-530
-1,340
-1,888
-279
-581
-1,628
-1,808
-369
-556
-1,002
-1,910
-367
-755
-905
-1,802
-441
-753
-838
-1,706
-406
27
28
29
30
31
-321
-345
1,722
3,556
-5
-2,138
1,873
3,136
2,536
3,269
5,883
4,364
2,446
2,179
-349
-1,622
-1,255
-3,071
-3,577
-2,936
-2,375
-3,878
-4,180
-3,426
-4,459
-6,578
-3,794
-4,310
-5,655
-5,157
32
-667
-309
124
-21
-823
-128
190
-42
-1, 951
-453
174
-142
-2,442
-597
179
-52
-1, 181
-955
85
-380
-1, 372
-624
95
-139
-1,674
-554
201
-309
-1, 598
-523
148
-387
-1,654
-1, 076
203
-96
-1,976
-1, 250
195
-50
-2,328
-1,063
192
194
-3,468
-1,206
222
225
-3,639
-1, 210
406
323
-3,154
-1, 619
469
-116
-3, 025
-1, 659
495
-102
33
34
35
36
-102
-488
-226
-162
-166
-386
-349
-256
-152
-351
-181
-57
-153
-995
-136
-1, 125
-126
-324
-755
-781
-941
-1, 524
-232
325
337
-84
255
-730
358
-89
37
38
-12
-147
-35
-29
-16
-131
-40
-20
-42
40
-77
-20
-40
-354
-127
-431
-132
-222
162
-4
-485
-623
-88
428
-112
-331
-281
-479
-174
-960
39
40
-353
-1,104
-926
-1,094
-1,661
-1,676
-1,598
-1,534
-2,421
-2,249
41
-1,051
-356
-1, 213
-528
-1,939
-261
-2,129
-245
-2,201
-447
-2, 375
-19
-2,454
-16
-2,501
-265
-3,634
209
-3, 713
72
42
43
f
544 I
2,292
620
434
1,035
583
54
2,145
579
695
606
599
680
1,533
661
326
377
594
123
171
651
221
1,222
803
429
568
997
6
52
1,123
269
-880
44
45
46
93
-310
-629
-958
-971
-306
-108
-383
-343
-545
-563
-993
-624
-1, 176
-339
507
480
416
182
479
-869
659
-1,165
298
41
-306
-798
2,275
1,075
1,703
182
141
-563
-367
17
-40
442
857
-116
-135
890
17
626
461
—113
29
125
—220
266
1,665
-349
-94
571
-540
537
1,170
-1,024
-94
1,173
-1,183
-870
47
48
49
1,310
1,357
2,457
1,132
1,259
3,571
2,120
2,467
1,697
2,983
3,318
383
3,320
6,852
9,352
50
124
141
1
197
181
()
*
232
323
-2
155
237
9
98
-8
238
449
-1
141
282
6
73
324
-5
132
134
5
-5
282
62
-5
-84
237
57
-357
203
86
909
981
258
1,016
1,052
319
4,360
590
51
52
53
8
-25
12
-79
40
62
-2
94
-17
106
23
12
1
-91
50
176
3
-112
-13
-23
-38
113
29
149
180
296
85
499
673
750
54
55
-14
-40
52
7
15
26
85
614
251
443
—56
489
—23
197
129
—49
-19
469
-138
2,010
56
57
8
1,053
529
531
-135
1,977
-52
639
31
1,042
686
2,149
126
1,630
512
1,253
-728
1,399
1,374
919
39
2,590
46
67
-1,561
2,350
412
3,080
-500
1,287
58
59
60
371
390
1,012
361
260
-1,156
-1,103
-1,246
-509
-1,118
-576
-489
-1,007
-717
60
()
*
()
<
SURVEY OF CURRENT BUSINESS
28
June 1969
Table 1.—U.S. International Transactions—Continued
[Millions of dollars]
Line
It)67
It966
(Credits +; debits-)
19 68
1969
I
II
III
IV
I
II
III
IV
I
II
III
IV
1 Exports of goods and services
2
Excluding transfers under military grants
10 588
10,312
11 315
10 954
10 633
10 439
11 826
11 655
11 596
11 252
12 042
11 793
11 150
10 996
12 306
12 148
11 988
11,751
13 227
13 003
12 836
13 382
13,230
11 837
11 672
Merchandise, adjusted, excluding military 1
Transfers under military sales contracts
Transfers under military grants, net
Transportation
.
7,121
193
276
586
7,419
257
361
658
7,011
172
194
701
7,838
207
171
663
7,642
328
344
637
7,971
377
249
721
7,197
206
154
746
7,871
328
158
671
7,942
299
237
662
8,643
419
223
749
8,293
350
226
810
8,720
360
152
704
7,456
406
165
589
321
235
334
73
432
238
334
86
492
256
328
77
345
301
341
90
358
257
378
81
427
274
380
90
502
288
370
80
359
318
376
84
378
279
383
89
462
306
385
95
543
326
388
83
387
368
391
84
436
296
389
85
3
4
5
6
7
8
9
10
11
12
13
14
Travel
Fees and royalties from direct investments
Other private services
Other U.S. Government services
Income on U.S. investments abroad:
Direct investments 2
Other private assets
U.S. Government assets
Imports of goods and services
964
372
112
—8,581 —9
__
1,253
1,325
1,473
982
1 446
1 156
965
1 103
890
1 209 1 034
1 073
491
512
449
453
494
507
435
411
394
418
415
436
232
202
183
154
168
119
246
164
139
117
226
119
428 —10,201 —9 870 —9,722 —10,197 —10,505 —10,588 —10,982 —11,942 —12,839 —12,315 —10,948
15
16
17
Merchandise, adjusted, excluding military *
Military expenditures
_*__
Transportation
18
19
20
Travel
Private payments for other services
U.S. Government payments for other services
-424
—116
—144
—701
—119
—138
—1,037
—129
—197
—495
—128
—163
21
22
Income on foreign investments in the United States:
Private payments2
U.S. Government payments
-346
—133
-346
—134
—401
—138
2,007
1,730
1,887
1,526
432
238
Balance on goods and services (lines l and 14)
_
Excluding transfers under military grants (lines 2 and 14).
25
Unilateral transfers, net; transfers to foreigners (— ) _
Excluding military grants
26
27
28
29
30
31
32
Private remittances
Military grants of goods and services _
Other U.S. Government grants 1
U.S. Government pensions and other transfers
Balance on goods, services, and unilateral transfers (lines
23 and 25, or 24 and 26) 3
Transactions in U.S. private assets, net; increase in assets
Direct investments 2
_
Foreign securities newly issued in the United States
Redemptions
_ _
_ _ _
O ther transactions in foreign securities
37
38
Claims reported by U.S. banks: 1
TjOng-t6rm
Short-term
._
_
39
40
41
42
43
—8,459
—8,635
-1,169
—760
-7,340
-1, 143
—901
—1,237
—529
—156
—153
—751
—156
—141
—157
—202
—156
-252
-529
—157
-152
-486
—174
—498
—523
—584
—174
-184
—156
-625
—188
-714
—180
645
491
1,718
1,560
1,005
769
1,284
1,061
1,067
915
889
-229
-1,134
—886
-936
—781
—776
—618
—894
—657
-980
—934
—709
-895
—742
-796
—631
—135
—344
-485
-92
—280
—249
—510
-96
—179
—154
-446
-156
—161
-158
-362
-96
—173
-237
-392
—196
-223
-470
—197
—187
-152
-453
-102
-172
—165
-360
-91
-390
-122
902
767
-919 -1,274
—393 1,170
817
-472 -1,646 -1,193
711
-948
—290
-1,265
942
-2,249
-874
304
-1,546
—938
-1,348
173
-1,390
93
-1,143
-643 -1,075
-466
-305
118
123
122
-9
-694 -1,227
-241
-198
75
89
155
55
-913
-349
100
-10
-418
-407
130
39
-710
-473
137
-73
-1,112
-390
102
-72
-622
-392
-964
-373
224
16
—1, 012
-324
-428
-570
-806
-507
100
-55
49
143
165
-79
4
-372
133
66
—57
—88
-1,105 -1,120
—828
—759
—129
—276
-618
-81
34
35
36
33
—8,199
—1, 116
—5 909 —6 265
—877
—925
—633
—801
24
23
—149
-361
-530
-80
_ _
Claims reported by U.S. residents other than banks: *
Long-term
Short-term
Transactions in U.S. Government assets, excluding official
reserve assets, net; increase in assets (-).
Loans and other long-term assets l
Foreign currencies and other assets *
—500
—144
—445
—138
-416
—148
-417
—138
1.956
1,785
1,874
1,530
1,845
1,597
-825
—631
-786 —1,057
—615
—713
—134
—194
-376
-121
—144
—171
-386
-85
-92
112
—757
—4
—226
91
-43
80
-21
—677
724
-99
130
15
140
219
—17
-174
-304
—51
—30
-593
—28
—70
-300
—16
-57
-337
—68
-88
-646
—164
75
-640
36
—22
-510
—85
—444
-626
34
-32
—119
-298
-742
-609
-716
35
-85
-89
-519
-272
-465
—692
—90
—583
—128
—645 —1,280
—138
441
—781
— 127
—733
40
—839
— 144
— 1. 171
131
—936
-99
—788
6
-818
34
—996
243
182
7
185
226
358
256
317
207
342
246
_ _ _ _ _ _ _ _
Transactions in foreign assets in the United States, net;
increase in foreign assets (U S. liabilities) (+ )
—70
1,120
52
173
60
38
520
439
29
39
12
66
8
-53
-10
-26
-548
171
-33
-
51
52
53
Direct investments *
U S securities other than Treasury issues
Long-term liabilities reported by U.S. banks
54
55
Other liabilities reported by U.S. private residents other
than banks:
Txvng-terrn
Short-term
_ _
_
56
57
Nonmarketable liabilities of U.S. Government, including
medium-term securities payable prior to maturity
only under special conditions: *
Associated with specific transactions
Other medium-term securities
_ __
U.S. Treasury marketable or convertible bonds and
notes J
_
Deposits and money market paper held in the United
States i
—505
(*)
-248
68
See footnotes on pp. 26-27.
—543
—150
—183
—77
-82
209
-163
22
Errors and omissions, net
—1, 325
—150
—208
179
-382
68
222
134
60
-863
—141
—146
-1, 198
153
-18
424
58
—464
—138
—151
—872
107
-399
Transactions in U.S. official reserve assets, net; increase in
assets (— )
_
59
—7, 679
—1, 102
—715
102
229
46
50
—7 245
—1, 112
—694
1
-59
184
3
Gold*
Convertible currencies
Gold tranche position in IMF *
—6 398
—1,106
—763
127
145
Repayments on credits:
Scheduled
Nonscheduled (including sales of foreign obligations to
foreigners).
47
48
49
—6 573
—1,075
—836
—6 522 —6 767 —6 605
—975
—987 — 1 085
—802
—686
—696
—582
91
_
45
44
12,610
IP
253
192
194
(*)
268
C)
178
6
82
-6
1,027
-419
-375
-181
173
-426
335
121
-173
46
51
1,007
—31
15
-424
—10
92
-462
—5
1 012
—1, 145
954
1,316
91
1,816
2 424
—113
107
100
110
109
382
64
133
371
70
329
616
12
520
—141
61
134
78
57
125
94
-24
90
—19
183
76
-23
56
53
93
(*)
105
(*)
-57
335
-295
-527
-191
-14
104
376
1,140
663
-775
526
-88
129
-498
-96
-520
111
1,480
15
C)
42
3
55
169
44
904
-137
-571
-1,076
—48
1,362
-401
22
267
-74
-137
—57
-474
-426
—23
—575
—364
56
—73
-31
2,521
932
2,550
2,871
2,999
2,980
112
34
206
251
839
56
5
23
41
213
1,116
1,115
3
132
154
43
-48
-160
135
1,290
1,372
119
240
—53
165
269
10
236
344
202
103
-44
-47
273
-44
772
-43
409
-4
556
-70
95
175
1
211
-212
-22
-152
1,849
-425
114
1,154
444
1,363
-407
-332
-455
505
-434
-1,418
-114
SUEVEY OF CUEEENT BUSINESS
June 1969
29
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
19 60
I
19(52
19 61
1964
1963
Line
I
II
III
IV
I
II
III
IV
I
II
III
IV
7,766
7,415
7,717
7,327
8,415
7,789
7,949
7,731
7,965
7,660
8,043
7,596
8,841
8,163
8,414
8,220
8,866
8,622
9,484
9,177
9,598
9,074
9,627
9,412
9,902
9,608
1
2
5,035
111
247
443
5,170
94
351
468
5,074
110
390
486
5,339
189
626
480
5,330
154
218
486
5,036
204
305
503
5,054
187
447
488
5,597
195
678
533
5,664
127
194
542
5,937
148
244
539
6,228
207
307
582
6,201
151
524
565
6,415
192
215
582
6,634
198
294
587
3
4
5
6
240
120
232
41
242
127
239
43
247
127
238
44
250
152
240
48
231
154
242
52
229
148
244
52
245
161
250
56
253
161
253
59
253
161
258
58
264
179
268
62
292
183
269
60
297
183
282
65
303
189
279
67
315
201
284
73
7
8
9
10
650
715
715
192
211
203
102
81
106
-5,605 -5,930 -6,069
11
12
13
14
-3,390
-786
-468
-3,433
-781
-493
-3,804
-705
-493
933
919
828
920
798
743
760
901
894
678
736
736
318
337
296
306
262
273
232
236
251
221
232
218
127
123
124
60
135
147
121
118
102
118
137
114
-6,194 -6,336 -6,367 -6,463 -6,409 -6,591 -6,791 -6,828 -6,910 -7,091 -7,225 -7,467
-3,892 -3,959 -4,074 -4,109 -4, 076 -4, 050 -4, 214 -4,365 -4,382 -4,404 -4, 591 -4, 736 -4,916
-697
-699
-726 -725 -747 -737
-748
-727
-770 -763
-761 -810 -763
-598
-619 -622 -623
-562 -589 -600
-566
-514 -536 -509
-568
-490
15
16
17
-431
-124
-79
-440
-120
-101
-437
-122
-93
-442
-123
-109
-466
-126
-103
-466
-122
-93
-483
-113
-91
-488
-114
-105
-502
-112
^110
-503
-110
-107
-525
-112
-111
-545
-112
-118
-541
-111
-111
-531
-122
-151
-544
-125
-117
-555
-125
-127
-581
-129
-141
18
19
20
-187
-77
-180
-68
-174
-69
-181
-65
-186
-68
-189
-76
-190
-80
-192
-84
-195
-86
-195
-90
-219
-91
-224
-95
-232
-104
-248
-110
-246
-111
-248
-110
-252
-109
-257
-123
21
22
1,441
819
1,471
1,189
1,946
1,528
1,966
1,642
1,883
1,340
1,538
1,291
1,697
1,346
1,523
1,133
2,079
1,453
1,582
1,364
1,502
1,197
1,634
1,187
2,250
1,572
1,623
1,429
2,038
1,794
2,574
2,267
2,507
1,983
2,402
2,187
2,435
2,141
23
24
-953
-510
-1,173
-551
-890
-608
-1,011
-593
-953
-629
-1,169
-626
-856
-609
-974
-623
-1,089 -1,246
-699
-620
-859
-641
-959 -1,083 -1,343
-654 -636
-665
-903
-709
-950
-706
-962 -1,208
-655 -684
-892
-677
-977
-683
25
26
-86
-443
-368
-99
-622
-402
-97
-282
-458
—53
-101
-418
-436
-100
-324
-466
-97
-101
-543
-247
-469
-452
CO
fin — oo
— ou
-99
-351
-467
C7
-107
-390
-524
-118
—626
-443
-113
-218
-470
-112
-305
-483
-138
-447
-429
-130
-678
-469
-136
-194
-510
-132
-244
-510
-135
-307
-453
-124
-524
-494
-131
-215
-474
-141
-294
-467
27
28
29
30
31
32
I
II
III
IV
7,020
6,577
7,460
6,838
7,308
7,026
7,468
7,050
4
447
4,920
89
622
443
5,029
88
282
451
224
89
222
36
227
95
222
36
237
103
228
43
II
III
IV
7,514
7,190
7,488
6,945
7,468
7,221
5,019
86
418
440
5,092
86
324
441
4,810
112
543
451
231
116
227
39
228
107
229
40
237
109
241
41
571
151
84
-5,979
592
569
623
152
166
178
112
62
91
-6,019 -5,837 -5,522
687
188
92
-5,548
-3,811
-781
-480
-3,854
-769
-479
-3,646
-801
-487
-3,433
-737
-470
-435
-117
-74
-447
-117
-82
-437
-124
-78
-180
-101
-185
-86
1,041
598
'1?
443
c«
— ou
QQ
gg
A3
—DO
— O/
88
-624
268
-690
581
-1,260
935
-1,304
1,013
-997
714
-930
682
-1,024
723
-1,229
434
-1,036
833
-576
723
-945
907
551
543
-869 -1,095 -1,616
720
-748
1,088 1,612 1,299 1,510 1,458
-999 -1,367 -1,474 -1,670 -2,066
-343
-264
53
-23
-262
-76
55
-110
-434
-108
47
-105
-635
-106
46
-71
-496
-87
41
-69
-284
-140
29
-88
-483
-154
40
-73
-336
-142
38
-157
-272
-165
66
-91
-429
-242
37
-33
-498
-228
45
C)
-455
-441
56
28
-620
-486
43
-79
-492
-438
50
-72
-334
-275
52
15
-530
-51
50
87
-462
-126
54
94
-613
-220
38
40
-664
-169
38
35
-588
-548
63
24
33
34
35
36
12
-97
-66
-131
-27
-582
-72
-185
82
-351
-34
-249
-15
-190
-169
-335
-119
-259
-36
83
5
-77
24
-71
27
58
-178
-461
-116
-114
-488
-264
-248
-453
-72
-558
-239
-102
-382
-411
37
38
-2
40
-213
-12
-88
-345
-2
-49
-137
-24
-257
-410
-31
-86
-374
-3
-161
463
-44
-105
-464
-49
-79
-551
-66
-130
-396
-23
67
-392
-40
-152
24
-3
-7
-330
-47
9
-470
50
-75
-660
1
23
-76
158
39
-455
-27
-199
-276
-57
-32
-391
-271
-298
-407
-130
-94
-602
39
40
41
} -390
-465
-344
-542
-504
-372
-570
-754
-552
-615
-583
-624
-646
-838
-501
-663
-497
-568
-619
-710
f 42
I 43
160
17
115
5
183
24
125
7
125
5
201
634
100
6
152
51
155
1
165
58
131
476
149
145
150
26
144
34
184
241
183
25
169
52
144
33
181
31
101
7
44
45
159
17*
740
1,071
371
-320
-213
768
427
-164
881
389
32
123
227
-5
-51
303
70
-151
46
50
94
638
921
109
81
102
150
371
—25
25
-170
—161
11
146
124
-483
510
—54
312
304
—114
237
116
—324
44
446
104
331
24
351
14
111
—33
-46
116
g
1
196
—28
59
38
—58
15
47
—228
131
-73
258
118
-20
—45
135
172
—205
-118
47
48
49
809
874
389
49
341
527
987
614
662
569
-225
692
1,129
1,366
279
210
388
451
827
1,653
50
40
170
1
59
118
1
53
5
1
-11
-11
3
20
104
1
32
152
-1
-5
3
-4
26
66
-1
41
145
()
*
77
7
-1
6
-23
4
8
6
2
-5
14
3
47
114
33
40
52
12
-87
103
14
17
-42
36
29
14
52
-27
-30
14
-24
-26
135
51
52
53
4
-5
3
-53
-5
-6
-1
-27
-3
76
-8
80
26
-12
35
32
8
-22
-15
-49
3
13
7
-54
-6
-30
4
65
-6
17
-5
-75
-5
5
()
*
19
-28
65
-5
24
54
55
-61
104
49
-66
-1
24
62
0
139
84
203
187
251
69
5
72
—10
116
—50
186
-1
141
-50
24
-1
222
102
29
56
57
660
642
292
162
144
248
917
456
351
466
-431
285
1,079
1,041
98
75
286
314
611
1,418
8
I 859
I
-219
-282
-313
-341
-355
-454
32
-326
-91
-270
-459
-426
-148
-120
-402
161
-307
-189
-331
-293
60
1
SUKVEY OF CTJKBENT BUSINESS
30
June 1969
Table 2.—International Transactions—Seasonally Adjusted—Continued
[Millions of dollars]
19C>5
IS 68
1967
1966
1969
Line
I
II
III
I
1
2
3
4
5
6
9,216
8,844
5,674
207
372
550
10,913
10,248
6,936
188
665
621
10,398
10,127
6,860
229
271
598
10,502
10,182
6,977
206
320
646
10,838
10,562
7,218
198
276
636
11,028
10,667
7,194
219
361
641
11,130
10,936
7,413
202
194
662
11,367
11,196
7,564
210
171
669
11,805
11,461
7,688
333
344
689
7
8
9
10
319
219
299
69
337
224
301
72
347
234
312
74
377
247
314
70
379
249
325
75
389
254
331
82
411
261
335
79
411
266
346
90
11
12
13
1,020
347
140
1,066
357
146
968
357
148
908
362
75
958
377
147
1,013
398
146
1,015
412
146
IV
II
III
I
II
I
III
IV
I*
12,891
12,668
8,395
353
223
731
13,570
13,344
8,879
406
226
757
12,805
12,653
8,383
364
152
720
12,055
11,890
7,474
416
165
637
440
297
372
91
424
322
381
89
450
330
396
86
456
330
398
85
508
315
378
87
1,270
439
170
1,102
460
209
1,293
475
205
1,313
515
212
1,277
500
140
1,326
515
234
-11,463
III
IV
11,733
11,484
7,723
335
249
704
11,731
11,577
7,669
239
154
700
11,825
11,667
7,601
332
158
682
12,171
11,934
7,941
305
237
717
416
273
367
83
391
289
377
85
416
291
378
83
423
284
382
84
1,059
426
155
1,032
424
156
999
421
160
1,216
433
152
IV
II
14
-7,246
-8,170
-8,236
-8,627
-9,004
-9,269
-9,836
-9,973
-10,100
-10,033
-10,173
-10,706
-11,827
-12,435
-12,352
-11,525
15
16
17
-4,680
-676
-642
-5,482
-719
-688
-5,564
-763
-628
-5, 770
-794
-717
-6,027
-877
-701
-6, 165
-925
-720
-6, 595
-975
-746
-6, 676
-987
-755
-6,660
-1,085
-765
-6,465
-1, 075
-750
-6,542
-1, 106
-711
-7,154
-1,112
-763
-7, 817
-1, 102
-785
-8, 131
-1,116
-786
-8, 566
-1, 143
-841
-8,458
-1,169
-836
-7, 577
-1, 198
-742
18
19
20
-600
-116
-132
-603
-108
-140
-610
-107
-134
-625
-108
-144
-644
-118
-158
-676
-121
-159
-666
-124
-161
-671
-129
-164
-701
-139
-166
-841
-143
-168
-914
-146
-174
-739
-151
-180
-763
-157
-168
-732
-157
-163
-792
-153
-170
-735
-158
-247
-791
-157
-166
21
22
-278
-122
-312
-118
-312
-118
-338
-131
-348
-131
-367
-136
-425
-144
-453
-138
-447
-137
-441
-150
-435
-145
-441
-166
-499
-172
-556
-186
-605
-165
-570
-179
-715
-179
23
24
1,970
1,598
2,743
2,078
2,162
1,891
1,875
1,555
1,834
1,558
1,759
1,398
1,294
1,100
1,394
1,223
1,705
1,361
1,700
1,451
1,558
1,404
1,119
961
708
471
1,064
841
1,135
909
453
301
530
365
25
26
-1,002
-630
-1,418
-753
-966
-695
-999
-679
-1,086
-810
-1,062
-701
-876
-682
-811
-640
-1,035
-691
-1,072
-823
-990
-836
-806
-648
-872
-635
-913
-690
-992
-766
-926
-774
-772
-607
27
28
29
30
-139
-372
-417
-74
-147
-665
-471
-135
-146
-271
-467
-82
-149
-320
-453
-77
-138
-276
-591
-81
-141
-361
-480
-80
-138
-194
-423
-121
-139
-171
-416
-85
-144
-344
-455
-92
-270
-249
-457
-96
-184
-154
-496
-156
-157
-158
-395
-96
-184
-237
-359
-92
-183
-223
-416
-91
-203
-226
-441
-122
-183
-152
-489
-102
-184
-165
-324
-99
31
968
1,325
1,196
876
748
697
418
583
670
628
568
313
-164
151
143
473
-242
32
-1,660
-424
-932
-776
-1,060
-1,085
-974
-1,192
-1,068
-1,014
-1,775
-1,797
-806
-1,537
-1,868
-947
-1,201
33
34
35
36
-1,245
-301
55
82
-879
-280
52
77
-635
-387
42
46
-709
-238
74
21
-728
-465
118
25
-934
-271
123
68
-917
-311
75
149
-1,060
-163
89
81
-717
-349
100
26
-533
-381
130
-15
-947
-534
137
-79
-956
-355
102
-48
-472
-392
100
-19
-1,009
-350
224
-38
-1, 262
-380
91
-48
-283
-537
80
2
-776
-507
130
52
37
38
-461
-53
201
182
-41
75
69
121
127
45
1
-29
107
-151
153
-132
179
-340
-77
-258
()
*
0
140
96
49
194
165
-255
4
-124
133
-62
39
40
6
257
-6
229
-20
-12
-68
-46
-17
-165
-51
8
102
. 51
-28
-95
-16
-79
-68
-81
-164
110
36
-53
-85
-455
34
-293
-32
-575
-57
-122
-119
30
-85
-86
41
-366
-536
-253
-443
-318
-504
-334
-379
-654
-542
-546
-677
-738
-639
-527
-346
-459
42
43
-548
-722
-635
-564
-524
-706
-773
-764
-868
-826
-764
-965
-1,067
-949
-860
-765
-780
44
45
172
10
180
6
200
182
98
23
203
3
195
7
213
226
193
192
284
()
*
-419
212
6
287
42
307
3
278
55
250
169
277
44
46
842
68
41
271
424
68
82
-6
214
()
*
1,027
-375
288
()
*
-181
904
-137
-571
-1,076
-48
47
48
49
832
-58
68
590
-56
-466
124
-413
330
119
178
-26
68
222
134
209
-163
22
173
-426
335
121
-173
46
51
1,007
-31
15
-424
-10
92
-462
-5
1,012
-1, 145
-48
1,362
-401
-57
22
267
-426
-74
-474
-23
-137
-575
-364
56
-73
-31
50
159
-339
478
84
456
1,041
722
1,104
335
1,970
2,198
2,350
1,215
2,705
2,538
2,894
3,351
51
52
53
85
57
152
-95
-242
43
44
-227
-51
22
55
59
52
173
60
38
520
439
-113
107
100
110
109
382
64
133
371
70
329
616
12
520
-141
112
34
206
251
839
56
5
1,116
175
23
1,115
119
41
1,290
240
213
1,372
-53
54
55
8
-5
-5
68
10
39
16
47
29
39
12
66
61
134
78
57
125
94
-24
90
-19
183
3
132
154
43
165
269
10
236
344
202
103
-44
56
57
22
168
—2
-22
29
—6
-20
—53
36
—26
112
—23
2
53
80
()
*
140
()
*
-98
335
-141
135
-61
273
15
772
-107
409
15
556
-87
95
-160
-274
685
-138
176
-44
344
313
-532
749
1,406
1,869
-340
188
733
206
1,752
58
-94
-529
-11
-250
-216
86
-110
-308
-624
-69
-6
-410
-540
286
-52
-1,398
58 •
59
60
See footnotes on pp. 26-27.
SURVEY OF CURRENT BUSINESS
June 1968
31
Table 3.—U.S. Balance of Payments and Reserve Position
[Millions of dollars]
Line
1964
1965
1966
1967
I
II
1969
1968
1967
1968
III
IV
I
II
III
Amounts
out-
I»
March
31,1969
IV
Balance on liquidity basis—measured by increase
in U.S. official reserve assets and decrease in
liquid liabilities to all foreigners :
1
Seasonally adjusted; decrease in net assets (— ).
—495
—330 —1 031 —1,688
—564
—51
—162
2
Less seasonal adjustment
—257
—119
191
—297
—96
269
3
Before seasonal adjustment (lines 4 and 8 , with
sign reversed)
—2,800 —1,335 —1,357 —3 544
93
U.S. official reserve assets (table 1, line 46);
increase (— ) _
171 1 222
52
568
—880
Goldi
125
1 665
571
1 170
1 173
C onvertible currencies
—220
—540 —1 024 —1 183
—349
IMF gold tranche position *
266
—94
537
—870
94
—238
—211 — 1 216 —1 879
—267
45
—431
1 027
—419
—375
—181
904
—137
—571 —1,076
—48
15,758
92
1 012
—462 —1 145
—5
—48
1 362
—401
—31
15
—424
—10
22
267
—426
—74
—474
—23
—137
—575
—364
56
—73
—31
10,836
3,601
1,321
—789
—80
—753
630
540
156
92
2 060
—637
1 300 —1 358 —2,190
2,266
638
578
1,002
1,364
330
486 -1,706
—430
3,181
35,066
11,806
17, 716
4
5
6
7
Liquid liabilities to all foreigners (table 1, lines
58 and 59); decrease (— )
To official agencies 2
To commercial banks
To other8 foreign residents and unallocated
To international and regional organizations
8
9
10
11
12
2,629
1,075
1,454
789
113
—18 — 1, 595
2 697
116
51
1 007
787
3 492
2 020 —3 100
1 272 3 450
185
1 591
260
1 291
—57
—38
976
870 —1,704
124
—388
746 —1,316
343
306
212
414
374
80
12
95
227
4
102
45
223
-23
4,885
—243
—291
—525
—214
63
—36
—78
—55
—45
79
—86
19
51
-88
649
-1,711
-719
—71
—917
—379
1,553
97
368
1,151
-560
Balance on official reserve transactions basismeasured by increase in U.S. official reserve
assets and decrease in liquid and certain nonliquid liabilities to foreign official agencies:
13
Seasonally adjusted ; decrease in net assets ( — )
14
Less seasonal adjustment
15
Before seasonal adjustment (lines 16 through
18, with sign reversed)
-1,564 —1,289
—432
135
290
793
894
535
304
596
-196
-32
452
1,806
28
—7
331
169
123
^Preliminary.
1. Reflects $259 million payment of gold portion of increased U.S. subscription to the IMF
in the second quarter of 1965.
2. Includes deposits of foreign branches of U.S. banks and of foreign commercial banks,
1,300 -1,358 -2,190
-38
363
777
537
664
43
5,107
190
116
150
131
138
-45
2,297
100
247
627
406
526
88
2,810
Balance measured on
Official reserve
transactions basis 1
Period
1962.
I
II
III
IV
1963.
I
II
III
IV
1964-
I
II
III
-291
-610
-1,033
-1, 469
IV.
1965.
I
II
III
IV
1966. .
-772
668
-542
-701
N.a. Not available.
1. Excludes changes in Treasury liabilities to certain foreign military agencies during
1960-62, which are included in balance on liquidity basis.
Official reserve
transactions basis *
Liquidity basis
Seasonally
adjusted
(line 13)
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-515
72
-704
-1, 224
—181
associated with their U.S. -dollar denominated liabilities to foreign official agencies. Includes
liabilities payable in foreign currencies to foreigners other than official agencies.
3. May include U.S. Government bonds and notes held by foreign commercial banks.
Balance measured on
II
Ill
IV...
11,806
589
-38
I
486 -1,706
332
149
1961
15,758
2.341
Liabilities reported by U.S. Government (table 1, portions of lines 66
and 57)
II
Ill
IV
-48
1,346
568
—18 -1,595
-3,403
-19
-677
-1,156
-1, 551
-1,347
-423
615
-714
-825
-571 -1,076
260
20
-819
-817
-1,032
-1,233
-137
540
761
-3, 901
-705
-838
-1,189
-1, 169
-2, 371
-334
74
-911
-1,200
904
-80
85
I
1,711
2,020 -3,100
318
1960
-74
—375
Liabilities reported by U.S. private
residents (table 1, portion of line
63)
993
4,210
817
136
—3,489
-8
-1,206
-2, 184
-1,541
— 1. 242
-973
578
-3, 365
-3, 870
72
-419
19
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1,550
1,027
1,075
Not
adjusted
(line 15)
91
—880
Certain nonliquid liabilities to foreign
official agencies; decrease (— )
Seasonally
adjusted
(linel)
—20 —1,409
52
18
Not
adjusted
(line 3)
25
—710
Liquid liabilities to foreign official agencies
(line 9); decrease (—)
Period
3
—1,279
17
Liquidity basis
—470
1,639
U.S. official reserve assets (line 4); increase (— )
1,222
492
—51
266 —3 418
16
171
—9
442
I
II
III
IV
Not
adjusted
(Iine3)
Seasonally
adjusted
(line 1)
-2,204
-476
-320
-693
-715
-2, 670
-705
-1, 189
-598
-178
-2,800
224
-632
-1, 021
-1, 371
-1,335
-182
188
-1,006
-335
-1,357
-47
-149
-695
-466
-778
-302
-450
-674
-1, 111
-1, 164
-325
-70
-235
-617
-681
-1, 267
-682
206
-726
-133
-666"
-24
-426
-307
Not
adjusted
(line 15)
-2, 702
110
-412
-1,265
-1, 135
-2, Oil
-371
-1,042
-453
-145
—1,564
479
-553
-676
-814
-1,289
40
69
-277
-1, 121
266
394
-369
426
-185
Seasonally
adjusted
(line 13)
-376
-316
-1,076
-934
-980
-907
-260
136
-192
-400
-466
-506
-660
236
-163
-702
-344
-110
481
239
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
1967
1964
Line
1965
1966
1967
1968
I
II
1968
III
IV
I
II
1969
III
IV
I*
Seasonally adjusted*
EXPORTS
1
2
Merchandise exports, Census basis 1, including reexports and
military grant shiprnentg
26,649 27,530 30,430 31,622 34,660
Excluding military grant shipments
25,831 26,751 29,490 31,030 34,087
256
45
457
420
37
-
243
45
&
14
3 Additions "regular" to Census exports.
3a
Exports of the Virgin Islands
3b
Gold exports, nonmonetary
3c
Inland freight valuation adjustment
3d
Other "regular" additions 2
3e
7,921
7,914
7,951
7,913
8,175
8,580
9,189
8,746
7,726
7,779
7,783
7,772
7,773
8,028
8,468
9,033
8,588
7,586
84
17
4
1
60
2
79
16
4
1
51
7
77
27
7
2
53
-12
90
17
8
3
53
9
81
17
4
3
59
-2
86
16
11
1
55
3
82
25
8
1
61
-13
104
17
8
*
60
19
164
157
7
214
206
8
280
272
8
256
248
8
40
319
76
18
4
216
5
339
75
31
8
228
-3
79
16
3
*
52
8
644
621
23
403
379
24
668
639
29
828
797
31
150
143
7
125
118
163
156
7
230
222
8
170
162
8
84
37
-20
-19
-19
-19
-7
10
-26
-7
-20
4 Deductions "regular" from Census exports
DOD military export sales
4a
Other "regular" deductions *
_
4b
2
205
4
265
44
3
1
215
2
-19
-19
-19
-7
-8
-8
-7
7,688
7,723
7,669
7,601
7,941
8,395
8,879
8,383
7,474
5
5a
Special and miscellaneous adjustments (net) *.
Of which: quarterly allocation of annual seasonal adjust-
6
Equals: Merchandise exports* adjusted to balance of pay25,478 26,447 29,389 30,681 33,598
ments basts (table 1, line 3)
-139
IMPORTS
Merchandise imports, Census basis l (general imports)
18,749
21,428
25,618
26,889
33,252
6,718
6,525
6,605
7,157
7,867
8,151
8,550
8,549
7,654
8 Additions "regular" to Census imports
Imports of the Virgin Islands
8a
8b
Other "regular" additions •
8c
137
27
100
10
182
44
130
8
206
43
155
8
252
68
176
8
327
108
211
8
55
18
35
2
59
21
36
2
57
12
43
2
81
17
62
2
97
29
66
2
89
27
60
2
70
31
37
2
71
21
48
2
107
57
48
2
9 Deductions "regular", from Census imports
DOD military import purchases
9a
Automotive valuation adjustment
9b
Other "regular" deductions 1
9c
248
241
7
206
186
17
3
296
217
75
4
369
201
162
6
572
268
300
4
88
52
35
1
90
45
43
2
91
49
41
1
100
55
43
2
130
65
64
1
142
66
75
1
138
66
71
1
160
71
88
1
154
76
77
1
9
92
-65
49
-35
7
10
lOa
-
-
Special and miscellaneous adjustments (net) *
_
Of which: quarterly allocation of annual seasonal adjustment discrepancy '
-25
-29
29
16
17
33
84
-2
-29
-29
-29
-29
33
33
34
33
6,660
6,465
6,542
7,154
8,131
8,566
8,458
7,577
-68
-30
11
Equals: Merchandise imports, adjusted to balance of payments basis (table 1, line 15)
18,647
21,4%
25,463
26,821
32,972
12
Balance on merchandise trade, Census basis, excluding
military grant shipments (line 2 less line 7)
7,082
5,323
3,872
4,141
835
1,061
1,258
1,167
616
161
317
483
39
13
Balance on merchandise trade, adjusted to balance of payments basis (line 6 less line 11)
6,831
4,951
3,926
3,860
626
1,028
1,258
1,127
447
124
264
313
-75
-103
Merchandise exports, Census basis, including military grant
26,649 27,530 30,430 31,622 34,660
shipments (line 1) * .
__ -6,412
Agricultural products
6,448
6,300
6,955
6,301
20,237 21,230 23,475 25,174 28,359
Nonagricultural products
_Excluding military grant shipments
19, 419 20,451 22,535 24,582 27,786
7,921
1,633
6,288
6,146
7,914
1,647
6,267
6,136
7,951
1,606
6,345
6,166
7,913
1,578
6,335
6,195
8,175
1,659
6,516
6,369
8,580
1,542
7,038
6,926
9,189
1,605
7,584
7,428
8,746
1,495
7,251
7,093
7,726
958
6,768
6,628
7,817
TRADE BY END-USE CATEGORIES
14
Ha
14b
14c
15
16
17
18
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods feeds and beverages
4,849
2,876
567
1,406
4,928
2,901
650
1,377
5,488
3,503
760
1,225
4,998
2,996
772
1,230
4,813
2,821
810
1,182
1,250
732
200
318
1,239
716
197
326
1,256
759
203
294
1,257
784
180
293
1,289
819
198
272
1,150
679
178
293
1,191
667
217
307
1,184
660
216
308
782
365
143
274
19
20
Industrial supplies and materials l
Fuels and lubricants
9,185
946
8,917
948
9,613
977
9,971
1,106
11,013
1,058
2,560
262
2,585
269
2,437
309
2,420
264
2,531
259
2,781
267
3,008
271
2,701
260
2,172
243
21
22
23
24
25
26
Paper and paper base stocks
Textile supplies and materials..
Raw cotton, including linters
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals, wood,
rubber, tires, etc.)
597
1,343
690
413
1,990
593
1,070
495
383
1,950
666
1,034
440
482
2,200
722
1,032
470
498
2,313
828
1,022
466
524
2,766
177
285
136
127
567
183
272
133
153
587
176
248
110
112
568
188
231.
93
118
596
182
267
138
135
624
205
285
140
137
693
232
281
125
143
760
207
193
67
115
684
167
145
23
67
538
1,717
1,867
2,070
2,073
2,268
517
527
513
521
524
562
623
560
481
27
28
29
Steelmafring materials
Iron and steel products
Other metals, primary and advanced, including
advanced steel *
333
781
282
759
270
699
324
702
275
740
87
205
85
178
80
169
72
155
73
158
58
173
66
202
81
207
54
186
30
31
32
33
34
35
36
37
38
39
40
41
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction machinery and nonfarm tractors and parts
Textile and other specialized-industry machinery and parts _
__
Other industrial machinery and parts, n.e.s.
Agricultural machinery and farm tractors
and parts.. __
_
Business and office machines, computers,
etc., and parts
Scientific, professional, and service-industry
equipment
_•__
Civilian aircraft, engines, parts
Other transportation equipment
1,065
1,065
1,215
1,201
1,532
333
331
262
275
309
401
430
394
291
7,462
6,399
8,041
6,796
8,892
7,527
9,913
8,115
11,082
8,648
2,437
2,029
2,477
2,052
2,514
2,041
2,508
1,998
2,595
2,020
2,767
2,157
2,960
2,322
2,781
2,165
2,734
2,106
1,179
5,220
1,145
5,651
1,279
6,248
1,426
6,689
1,557
7,091
349
1,680
359
1,693
361
1,680
359
1,639
362
1,658
390
1,767
416
1,906
392
1,773
399
1,707
1,254
1,309
1,335
1,396
1,527
369
352
359
319
329
379
423
398
325
628
2,148
634
2,374
677
2,693
673
2,886
710
3,065
165
719
173
724
171
722
163
726
172
731
178
783
187
810
174
742
171
742
348
433
446
448
412
121
120
102
99
105
96
107
108
91
467
542
660
841
902
201
212
211
219
207
212
254
232
254
375
911
152
359
1,077
168
437
1,224
141
445
1,614
184
475
2,331
103
105
346
62
112
372
53
115
426
47
113
484
26
114
546
29
119
581
29
125
615
23
119
593
23
124
597
31
1,929
867
1,062
403
335
1,191
2,354
1,270
1,084
575
367
1,412
2,784
1,755
1,029
824
413
1,547
3,452
2,378
1,074
982
43-2
2,038
677
400
277
190
109
378
688
435
253
219
106
363
731
473
258
215
106
410
701
456
245
207
92
402
780
517
263
261
99
420
885
608
277
248
104
533
879
612
267
246
106
527
904
637
267
228
125
551
911
661
250
258
113
540
42
Automotive vehicles and parts (including engines and
parts)
1,729
To Canada
637
1,092
To all other areas
Passenger cars, new and used
357
357
Trucks, buses, and special viehicles
Parts and accessories, including engines and parts... 1,015
43
44
45
46
47
Table 4.—U.S. Merchandise Trade-Continued
[Millions of dollars]
Line
1964
1965
1966
1967
1968
I
II
1969
1968
1967
III
IV
I
III
II
IV
IP
Seasonally adjusted*
48
49
50
51
Consumer goods (nonfood) , except automotive
Consumer durables;, manufactured
_
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem stones,
precious and nonprecious) _
52
Special category (military-type goods)
53
54
55
Exports, n.e.c., and reexports
Domestic (low-value, miscellaneous)
Foreign (reexports)
56
Merchandise imports, Census basis (line?)1
57
58
59
60
61
Fopjds, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
Cane sugar
Other foods, feeds, and beverages
62
63
Industrial supplies and materials l
Fuels and lubricants ..
1,751
706
998
1,799
698
1,054
2,035
810
1,162
2,111
825
1,222
2,334
890
*,345
543
215
311
521
204
302
527
201
309
524
206
302
528
206
303
593
223
345
641
238
374
575
225
322
566
222
312
_ _
__
47
63
64
99
17
15
17
16
19
25
29
28
32
1,237
1,252
1,103
1,123
269
222
294
318
256
204
294
369
343
722
370
352
679
337
342
796
363
433
742
359
383
843
414
429
185
87
98
182
89
93
192
92
100
185
91
94
196
96
100
200
100
100
216
106
110
232
112
120
218
98
120
18,749 821,520
_
47
951
25,618
26,889
33,252
6,718
6,525
6,605
7,157
7,867
8,151
8,550
8,549
7,654
3,915
1,786
1,197
458
2,129
3,946
1,625
1,062
443
2,321
4,499
1,691
1,067
501
2,808
4,586
1,698
962
589
2,888
5,271
1,915
1,139
641
3,356
1,184
457
242
166
727
1,115
416
244
145
699
1,125
412
243
145
713
1,183
423
240
143
760
1,222
446
267
152
776
1,320
502
283
174
818
1,430
512
325
150
918
1,275
450
260
159
825
1,049
300
145
159
749
9,563
2,015
11,023
2,212
12, 162
2,247
11,849
2,232
14, 159
2,510
3,022
566
2,881
579
2,820
507
3,177
585
3,527
599
3,488
593
3,561
642
3,519
665
3,121
653
378
64
Paper and paper base stocks
1,226
1,300
1,440
1,386
1,431
359
348
341
343
352
370
337
364
65
M aterials associated with nondurable
goods output, n.e.s.
Textile supplies and materials
Tobacco, unmanufactured
Chemicals, excluding medicinals _
Other (hides, copra, materials for making photos,
drugs, dyes)
2,084
2,368
2,644
2,371
2,755
615
558
578
634
660
663
734
703
555
1,009
142
363
1,162
122
445
1,243
137
573
1,015
162
584
1,182
149
693
263
40
154
240
34
145
248
38
143
268
56
146
281
43
172
291
20
162
312
47
181
294
50
177
239
16
149
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
Building materials, except metals
Materials associated with durable goods output,
n.e.s.1
Steelmaking materials. -. _ ..
Iron and steel products
Other metals, primary and advanced, including
advanced steel *_
Nonmetals (gums, oils, resins, minerals, rubber,
tires, etc.)
Capital goods, except automotive
Machinery, except consumer-type
..
Electrical and electronic, and parts and attachmentsNonelectrical, and parts and attachments
Construction, textile and other specializedindustry machinery and nonfarm tractors
and parts
Other industrial machinery and parts,
n.e.s
Agricultural machinery and farm tractors
and parts
Business and office machines, computers,
etc., and parts
Scientific, professional and service-industry
equipment and parts; and miscellaneous
transportation equipment
Civilian aircraft, engines, parts
Automotive vehicles and parts (including engines and
parts) .
From Canada
From Canada, transactions value _
From all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Parts and accessories (including engines and parts) . _
93
94
95
96
Consumer goods (nonfood), except automotive
Consumer durables, manufactured. .^
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems, nursery
stock).
97
Imports, n.e.s. flow value, goods returned, military aircraft, Government purchased uranium, movies,
exhibits)
570
639
691
610
731
158
139
149
164
164
190
194
182
151
705
722
784
754
1,073
182
179
191
203
241
238
264
327
318
3,533
603
825
4,421
679
1,273
5,047
757
1,312
5,106
681
1,422
6,390
667
2,123
1,300
199
350
1,217
167
335
1,203
154
337
1,412
175
405
1,675
167
473
1,624
176
525
1,584
173
565
1,460
147
539
1,217
133
324
1,463
1,808
2,229
2,259
2,733
564
539
528
633
831
719
611
553
541
642
661
749
744
867
187
176
184
199
204
204
235
221
219
1,039
1,020
1,458
1,357
2,135
1,923
2,382
2,252
2,831
2,644
605
569
581
554
601
569
602
567
692
647
672
626
724
685
752
695
681
635
203
817
301
1,056
477
1,446
535
1,717
699
1,945
138
431
128
426
134
435
137
430
159
488
168
458
181
504
191
504
191
444
190
247
341
378
461
97
94
95
93
113
105
119
126
89
244
336
486
650
737
155
160
168
170
180
189
183
187
177
191
247
329
352
338
91
90
88
82
100
67
93
82
73
84
110
151
183
231
49
45
46
45
51
53
64
63
62
108
19
116
101
139
212
154
130
178
187
39
36
37
27
38
32
40
35
44
45
44
46
45
39
46
57
43
46
767
102
102
665
593
23
151
939
246
229
693
670
44
225
1,910
916
841
994
1,244
174
492
2,634
1,599
1,437
1,035
1,701
302
631
4,295
2,619
2,S19
1,676
2,795
480
1,020
587
335
SOO
252
382
64
141
626
392
395
82
149
689
446
405
243
425
88
176
752
445
402
307
508
73
171
898
559
405
339
563
101
234
1,034
614
6S9
420
690
103
241
1,117
646
675
471
754
122
241
1,245
782
694
463
800
147
298
1,060
757
680
303
636
145
279
2,694
1,379
991
3,305
1,732
1,192
3,912
2,108
1,349
4,213
2,190
1,556
2, oia
5,332
2,752
1,042
549
380
1,022
532
376
1,050
539
388
1,114
575
418
1,208
609
471
1,304
654
497
1,378
730
508
1,394
729
523
1,406
716
537
324
381
455
467
567
113
114
123
121
128
153
140
142
153
771
849
1,000
1,225
1,364
278
300
320
329
320
333
340
364
337
p Preliminary.
«• Note, —see technical note at the end of this article.
* Corresponding data, not seasonally adjusted, are available upon request.
1. Beginning with 1969 data, exports and imports as published by the Census Bureau
include trade in silver ore and bullion. To achieve comparability, all pre-1969 periods shown
in this table have been adjusted for the similar inclusion of silver.
2. Mainly includes net additions or liquidations of U.S.-owned grains into or out of storage
in Canada; and exports of electrical energy.
3. Mainly includes exports of exposed motion picture film for rental rather than sale; and
exports to Panama Canal Zone.
4. Reflects irregular and occasional special adjustments: valuation adjustments for goods
considered to be underpriced or overpriced in Census data; timing adjustments for goods
recorded in Census data in one period but found to have been shipped in another; and coverage
adjustments for special situations in which shipments were omitted from Census data.
5. To correct total exports (and total imports) for discrepancy between seasonally adjusted
sum of four quarters and recorded, unadjusted annual figures.
6. Mainly imports of electrical energy.
7. Consists mainly of foreign charges for repair of U.S. vessels abroad, which are included
in tables 1, 2, and 8, line 17 (Transportation); imports from Panama Canal Zone; and imports
of domestically owned grains returned from storage in Canada.
8. Imports shown here for 1965 total $92 million higher than imports as recorded by the
Census Bureau in its official trade statistics; that amount represents adjustments (see line 10)
estimated by the Office of Business Economics to correct for distortions in the figures originally
reported for the July-December period.
Source: U.S. Department of Commerce, Office of Business Economics.
This issue presents for the first time historical data back to 1964, annually, for U.S.
exports by OBE's revised end-use commodity categories. This supplements the end-use
export data covering 1967 and 1968 presented in the March 1969 and December 1968
issues of the SUEVEY, and permits comparison with U.S. imports by OBE's end-use
commodity categories back to 1964.
SURVEY OF CURRENT BUSINESS
34
June 1969
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
Line
1964
1965
1966
1968
1967
1969
Total
A. 1
la
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
U.S. Government grants (excluding military) and transactions increasing Government
assets, total (table 1, lines 29, 42, and 43, with sign reversed)
Seasonally adjusted
I
II
III
IV
4,281
4,277
4,676
5,227
5,347
1,433
1,426
1,505
1,365
1,172
1,S01
1,236
1,864
1,113
1,104
1,888
885
49
1,808
739
50
1,910
354
265
1,802
776
-198
1,706
558
-71
392
388
-134
470
78
66
390
32
10
453
60
-14
360
295
-243
1,312
168
88
7
23
981
183
91
2
53
844
181
119
1
17
741
171
173
2
20
558
196
135
3
32
261
49
37
1
6
170
47
31
1
10
61
47
33
2
12
66
53
34
.
36
47
24
1
2
530
648
23
349
112
1,378
-30
336
573
12
340
387
232
7
270
-101
2,248
(*)
218
679
7
401
194
2,665
-12
225
465
5
300
127
3,029
-1
54
368
2
63
38
745
3
52
53
1
86
45
814
33
50
16
1
79
17
739
-16
69
28
1
72
28
731
-21
35
254
1
63
22
680
0
1,316
2,280
1,259
194
221
364
401
-27
21
1,260
2,145
1,517
127
232
362
300
-5
9
405
516
370
38
74
92
63
-1
2
419
572
382
45
64
88
86
-1
24
181
538
394
17
36
93
79
-1
-6
255
519
371
28
58
90
72
-1
-11
180
503
337
22
62
73
63
(*)
<*)
4,705
3,331
855
554
148
116
1,296
947
219
115
37
46
1,300
897
235
175
32
33
1,050
753
199
130
34
19
1,059
734
202
133
45
19
949
624
190
162
24
11
By category
Grants net
Credits repayable in foreign currencies
- _
Other foreign currency assets (excluding administrative cash holdings), net
Receipts from—
Sales of agricultural commodities
_
._
Interest
-Repayments of principal
Reverse grants
Other sources
Less disbursements for—Grants in the recipient's currency
Credits in the recipient's currency _
_
Other grants and credits
Other U S Government expenditures
Capital subscriptions to international and regional organizations, excluding IMF.
Credits repayable in U S dollars
Other assets (including changes in administrative cash holdings), net_-
If
_
1,715
-34
w
By program
17
18
19
20
21
22
23
24
25
Under farm product disposal programs
Under Foreign Assistance Acts and related programs
Under Export-Import Bank Act
Capital subscriptions to international and regional organizations, excluding IM F. _
Other assistance programs
Other foreign currency assets acquired (lines A. 6, A. 7, and A. 9) _
_ __
Less foreign currencies used by U.S. Government other than for grants or credits (line A.13)._
Advances under Exchange Stabilization Fund agreements, net
Other (including changes in administrative cash holdings), net
26
27
28
29
30
31
32
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U S merchandise
Expenditures on U S services 2
Military sales contracts flianced by U S Government credits 3 - 4 (line B.4)
U S Government credits 3 repay prior U S. Government credits 2
to
U S Government credits to repay prior U.S. private credits
Increase in claims on U.S. Government associated with Government grants and transactions increasing Government assets (including changes in retained accounts) (line
B 7)
Less foreign currencies used by U.S. Government other than for grants or credits (line
A 13)
Estimated dollar payments to foreign countries and international and regional organizations
through U S Government grants and transactions increasing Government assets
1,765
2,027
337
112
149
279
349
-30
-9
1,484
2,157
533
153
327
340
-18
-19
1,396
2,274
909
-101
158
316
270
-8
2
3,599
3,032
690
16
151
3,524
2,952
748
90
154
5
3,942
3,152
798
291
162
14
4,501
3,523
767
390
201
104
-205
By disposition *
33
34
B.
1
la
2
2a
3
4
5
6
7
7a
8
9
10
11
12
13
13a
14
15
16
C.
1
2
3
-86
-84
2
-5
15
•-6
-2
340
270
401
300
63
86
79
72
63
691
753
734
726
641
136
205
123
177
165
489
197
129
-19
-138
-47
-61
-44
15
-43
-107
-4
15
-70
-87
233
306
346
64
-137
-22
-28
-60
6
-85
-141
31
#7
-70
-79
987
16
24
747
1,080
90
34
830
927
291
43
829
1,023
390
110
1,240
974
554
238
1,427
185
115
24
299
282
175
99
419
142
130
8
350
365
133
107
360
240
162
66
406
49
-86
-205
-84
2
-5
-6
15
15
-6
-6
-2
-2
-79
-14
10
-2
-75
-150
-41
61
(*)
-25
(*)
(*)
15
25
30
-15
-7
2
-5
(*)
15
-6
(*)
-2
(*)
(*)
(*)
207
-24
-12
1
-3
-19
-27
1
-6
-30
-4
22
-30
12
20
-30
46
-19
-3
-17
1
51
-2
-33
-10
-30
-3
(*)
-30
6
49
41
204
3
U.S. Government liabilities associated with specific transactions (table 1, line 56); net increase (+)
-
49
349
-23
-3
-20
-7
-7
(*)
-49
-3
-46
469
19
450
2,010
47
1,963
273
48
225
772
(*)
773
409
Seasonally adjusted
Associated with military sales contracts 5
Seasonally adjusted
U.S. Government receipts from foreign governments (including principal repayments
on credits financing military sales contracts) , net of refunds
Plus military sales contracts financed by U.S. Government credits 6 (line A. 29)
Less U.S. Government receipts from principal repayments
Less transfers of goods and services (including transfers financed by credits) (table 1, line 4) .
Associated with U.S. Government grants and transactions increasing Government assets
(lineA.32)
. .
Seasonally adjusted
Non-interest-bearing securities issued to IDB
Foreign funds retained in U.S. Government accounts for purchases in the United States.
Other
Associated with other specific transactions
Seasonally adjusted
Purchase of Columbia River downstream power rights
U.S. Government nonmilitary sales and miscellaneous operations
Nonmarketable U S Government obligations to be liquidated against U S claims
Foreign holdings of nonmarketable medium-term U.S. Government securities, payable
before maturity only under special conditions, not associated with specific transactions
(table 1, line 57); net increase (+)
Export-Import Bank Portfolio Certificates of Participation
U.S. Treasury securities not included elsewhere 7 _. ...
p Preliminary.
*Less than $500,000 (+).
1. The identification of transactions involving direct dollar outflow from the United States
is made by the operating agency. Data for third and fourth quarters 1968 and first quarter
1969 are based on extrapolations by OBE.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency as principal, as recorded in lines A.6 and A.7.
3. Includes some short-term U.S. Government claims, net of collections.
4. Consists of transfers of military goods and services financed by U.S. Government credit
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
5. Transactions under military sales contracts are those in which the Defense Department
-17
-43
1
(*)
409
556
(*)
556
(*)
-8
2
-2
95
-10
105
sells and transfers military goods and services to a foreign purchaser, on a cash or credit
basis. The entries for the several categories of transactions related to military sales contracts
in this and the other tables are partially estimated from incomplete data.
6. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.6) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by
credits to foreigners by U.S. Government agencies.
7. Includes securities payable in U.S. dollars and in convertible foreign currencies.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CUEKENT BUSINESS
June 1969
35
Table 6.—Claims on Foreigners Reported by U.S. Banks and U.S. Private Residents Other Than Banks
[Millions of dollars]
1964
Line
1967
1968
I
II
-153
-179
77
-4
—1
-48
-32
-39
-29
20
-28
-72
-65
-92
58
36
11
-10
-10
-24
74
III
IV
I
(*)
49
4
-110
-82
9
130
II
III
-140
-49
-165
-12
-2
-38
-12
-8
-68
2
11
-21
-48
-20
27
IP
IV
Amounts
outstanding
March
31,1969
Claims reported by U.S. banks:
A.
1
2
3
4
5
6
7
Long-term (table 1, line 37, with sign reversed)
Canada
United Kingdom
European Economic Community
Other Western Europe
Japan
Other countries. ..
8
U.S.-dollar acceptance credits-Canada
United Kingdom
European Economic Community - .
Other Western Europe
Japan
Other countries
23
24
25
26
27
28
29
U.S.-dollar collections outstanding
Canada
__ _
United Kingdom
European Economic Community
Other Western Europe
Japan
Other countries
_ _
30
31
32
33
34
35
36
Other claims in U.S. dollars
Canada
United Kingdom
European Economic Community
Other Western Europe
Japan
Other countries
37
38
39
40
41
42
43
._
U.S. -dollar loans.
_
Canada
United Kingdom
European Economic Community. ..
Other Western Europe
Japan
Other countries
16
17
18
19
20
21
22
941
Foreign currency deposits and other claims. _.
Canada
United Kingdom
„_ ...
European Economic Community
Other Western Europe
Japan
_.. _
_.__
Other countries
-337
-255
-358
-33
31
—17
_1
—16
39
f-216
} 550 —119 1—154
15 -119
136
201
233
306
101
—14
-240
-189
—146
233
1
12
-121
-121
—58
—71
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
Claims reported by U.S. private residents other than banks:
Long-term (table 1, line 39, with sign reversed)
Canada
United Kingdom
European Economic Community
...
Other Western Europe
Japan .
Other countries
Short-term (table 1, line 40, with sign reversed)
Reported by brokerage concerns
Reported by others. _
Canada
_
United Kingdom...
European Economic Community. .
Other Western Europe
Japan
Other countries
1
6
-49
-46
-16
-61
-4
-133
10
-3
-13
-15
-14
31
-28
1
4
-6
-8
-96
3,434
400
69
123
335
114
2,393
84
730
89
18
382
82
248
-219
-143
79
372
-66
8,629
-4
8
10
-43
-74
-75
170
13
—33
59
-44
-79
-11
121
-117
18
1
-38
-48
-50
(*)
-115
-14
44
-8
-33
-101
-3
124
-12
4
6
24
82
20
104
16
-39
-3
-17
-6
153
-119
-20
29
-61
-37
(*)
-30
10
-17
(*)
28
-15
-42
56
156
17
15
26
-7
43
62
-34
-13
15
-37
-20
-12
33
45
3
-10
12
26
69
-55
3,207
169
109
154
185
565
2,025
386 -120
-58
4
—7
19
8
—4
12
1
25
| 20 { 38
35
—84 —219
189
97
162
—87
473
5
13
-32
-21
438
70
-159
19
6
-15
-15
-109
-45
87
13
(*)
-?9
-3
59
47
400
10
8
(*)
11
336
35
-98
-7
-7
-1
-8
-105
30
84
-11
12
-2
-21
148
-42
-22
9
4
-14
-5
7
-23
-195
1
-3
1
-15
-88
-91
-51
3
3
-11
-8
-111
73
109
6
2
9
13
83
-4
-77
4
-1
4
-25
-103
44
2,777
73
42
28
141
1,617
876
95
(*)
3
—4 / 19
I
6
29
78
38
57
222
-1
-3
-10
-4
184
56
181
6
13
11
5
71
75
68
-1
(*)
5
-1
22
43
73
1
-2
-11
-3
72
16
22
2
2
-12
-3
48
-15
59
-3
-3
8
3
42
12
78
6
3
-3
-7
48
31
-15
-1
1
4
-2
-34
17
6
-3
5
1
5
-5
3
112
4
4
9
9
62
24
-103
6
-3
-5
-6
-21
-74
1,630
24
27
99
68
744
668
-'
74
2
-50
—381
—242
-87
12
—84
19
-18 f
I
7
-12
—20
11
—17
34
-16
28
—4
1
20
5
42
-30
23
—5
-11
8
57
-23
-19
-2
-10
3
7
—2
47
21
-1
-5
2
18
12
12
-17
30
-2
-9
16
-6
-2
-1
1
13
5
-21
1
-57
-18
-19
-24
-7
7
4
57
2
26
9
-1
-2
23
-52
-24
-16
-1
(*)
-12
1
94
10
32
11
-3
15
29
75
94
30
-17
2
-3
-31
584
246
121
15
11
91
100
58
9
—24
1 60
—2
15
-72
-150
14
—113
—14
—25
—23 / -2
I —11
-31
—4
-28
15
5
-10
3
-7
(*)
9
10
12
-36
-27
31
12
(*)
32
3
—8
24
-19
(*)
1
5
-23
-49
9
17
-2
3
-1
22
11
-13
15
5
-2
6
3
36
-17
-20
-3
7
(*)
-99
-61
-20
-20
(*)
-3
5
(*)
-19
2
5
-1
(*)
13
20
8
-5
(*)
5
3
9
91
36
-4
46
8
(*)
5
-6
42
-3
-38
-4
(*)
-3
431
160
32
82
29
39
89
485
294
36
\
0«
} 26
—1
130
112
88
33
44
—4
—26
f
12
—4 { 71
9
—3
3
65
281
39
17
34
25
33
133
174
61
99
3
47
(*)
—36
68
10
5
27
7
13
6
164
21
-4
31
-6
2
120
—36
5
12
-46
1
—1
—7
85
3
4
22
23
19
14
-34
9
-2
-4
6
-1
—42
32
15
-9
(*)
24
2
(*)
57
31
10
5
20
-3
-6
119
6
100
2
'85
-3
21
-11
54
(*)
24
i 2,083
634
163
78
277
128
803
1,524
737
36
23
} *b
\
0*
174
418
1
175
1
10
1 32
J
46
86
}
-325
OA
168
22
77
_
623
-17
640
335
92
1 ™
) 62
20
131
Of which: Deposits and money market assets .
194
U.S.-dollar claims reported by major U.S. corporations
.
181
Foreign currency claims
13
Canada
.
148
United Kingdom
36
European Economic Community .
1 -16
)
Other Western Europe
Japan.
..
20
Other countries . _
6
Memorandum items:
U.S.-dollar deposits in Canadian banks:
As reported by major U.S. corporations other than
banks (included in line B. 18) . . .
27
As reported in Canadian banking statistics
232
194
169
—61
31
—2
—15
f -21
69 { 99
—29
-33
217
108
Short-term (table 1, line 38, with sign re versed) -
9
10
11
12
13
14
15
B.
1966
1969
19(>8
19 57
1965
132
2
—1
q
2
12
331
479
960
88
-75
22
444
298
609
88
-35
89
4,347
9
28
322
—456
—441 — 111
253
— 18
22 / 81
I 31
2
—9
66
—10
170
309
55
102
6
37
49
60
208
752
-7
431
135
10
23
160
30
58
—7
64
11
5
—1
— 14
31
-106
12
-71
—58
— 12
16
7
54
-32
-34
-37
4
14
16
5
55
389
84
146
49
30
18
62
-29
327
-45
319
49
16
-6
—6
106
503
58
430
32
— 18
-3
4
24
64
-58
-76
74
43
20
61
107
-142
38
-242
-20
-31
12
101
-95
184
169
60
-42
21
-12
-12
411
3,936
708
1,255
533
257
195
988
-532
122
497
53
-60
-52
181
280
409
32
203
—22
265
15
402
7
-153
185
—428
155
18
105
— 14
5
10
-2
-19
367
109
12
— 10
38
28
25
-6
71
—6
—1
—2
-3
-108
48
—502
—88
225
— 12
33
—4 f
I
2
— 11
—30
-3
13
-90
-238
-23
51
-43
-258
-18
—1
-9
14
—412
—120
180
—25
96
26
821
176
—1
—67
— 13
(*)
20
1
-27
—25
-26
—43
7
5
3
2
51
144
-2
1
— 11
-2
-29
246
45
g
(*)
10
46
359
(*)
—1
— 10
15
-73
— 18
81
35
2
5
-20
-80
24
118
-22
-74
27
26
-59
-118
-224
186
1,920
-193
-31
129
57
1,436
484
37
-220
-17
—30
-2
8
158
68
-39
8
—5
-4
468
1,072
156
44
64
116
11
-92
57
126
219
545
26
p Preliminary.
"Less than $500,000 (±).
1. Lines B.1-B.25 are based on partial data.
97
224
-333
-606
SURVEY OF CUEEENT BUSINESS
36
June 1969
Table 7.—U.S. Liquid Liabilities to Foreigners
[Millions of dollars]
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
15a
15b
16
17
18
19
20
Liquid liabilities to all foreigners (table 1, lines 58
and 59; table 3, lines 8 through 12)
Central banks and governments
Demand deposits
Time deposits 1
Other private obligations, mainly
money market paper 1
U.S. Treasury obligations:
Short-term securities and other
obligations
Payable in U.S. dollars
Payable in foreign-currencies..
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible
Payable in U.S. dollars
Payable in foreign currencies.
Demand deposits
.
Time deposits 1 _ . _
Other private obligations, including
loans and money market paper l
U.S. Treasury short-term securities
To other foreign residents and unallocated...
Demand deposits. . _
Time deposits *
._
Other private obligations, including
money market paper 1
24
25
U.S. Treasury obligations:
Short-term securities
Bonds and notes
II
III
IV
I
2,060
-637
III
IV
I*
630
1,591
92
1,002
1,364
35, 056
-80
540
260
1,300 -1,358 -2,190
-38
486 -1,706
11, 806
1,075
189
369
-52 -1, 772
-56
144
-250
46
1,998 -3,097
375
95
-206
-559
-97
-389
-188
535
134
47
260
173
79
1,300 -1, 366 -2, 179
-2
457
51
-184
-144
-333
-38
-106
25
486 -1,707
152
-137
—67
-23
10, 775
2,011
1,876
—56
118
260
—190
1,305 —2,188
1,670 -2, 499
-365
311
285
367
-72
—4
12
-16
—125
945
1,097
-152
5
52
-6
-3
223
-24
6
—30
113
224
-368
-368
789
—123
—353
-870
517
21
787
-379
-789
79
204
-167
59
35
—884 -2, 036
-33
330
-117
-174
-949
-2, 036
-36
187
581 -1,345
522 -1, 269
59
—76
-359
8
-26
-2
-3
65
151
1,147
4,606
4,218
388
-58
-20
-245
48
376
122
455
-10
72
46
125
212
100
(*)
-49
-61
-25
676
876
122
-945
-125
-820
455
-10
72
46
125
212
100
(*)
-49
-61
-25
661
34
177
22
—3
17
5
g
-11
(*)
1
1,031
116
2 697
1 272
3,450
—753
156
259
578
638
976
3,181
3,001
17 716
n.a.
n.a.
2,800
339
2,556
-614
903
-86
-67
1,854
349
1,297
-102
2,685
133
348
74
298
—29
470
24
84
—7
343
306
212
31
291
43
323
-61
225
129
33
including
-171
15
96
(*)
459
25
1,291
1,047
902
457
2,266
2,358
724
—430
-89
-21
841
133
557
1,736
549
-286
2,271
8,947
—518
278
-87
982
84
555
91
536
24
1,829
94
722
73
-402
-58
2,100
195
12, 548
1,470
732
—100
-50
5
-40
5
242
— 17
-68
(*)
156
—78
343
(*)
176
5
57
—27
873
13
3,656
42
414
374
80
12
95
227
4
102
45
223
-23
4,885
180
233
103
144
43
34
60
-9
-37
93
114
115
-108
-2
109
-5
-53
68
155
83
-45
-38
1,751
2,160
—3
-27
70
5
-37
18
-13
47
3
27
-7
12
374
-5
56
2
30
6
51
-4
2
-10
8
7
14
5
6
21
46
-14
9
-10
13
9
-17
18
30
105
495
-190
—525
—214
63
—36
-78
—55
—45
79
-86
19
51
-88
649
-5
-177
-24
-6
15
-62
11
-15
1
—1
-2
—4
(*)
-20
15
12
-2
-3
15
22
-3
-24
—1
12
-10
— 11
1
-22
69
98
176
-48
-93
-55
9
-21
5
-42
3
9
-25
23
2
117
233
16
-253
-61
-152
42
-427
-34
-121
216
-162
84
-93
-61
-2
-18
-22
-3f,
-4
32
1
5
-39
75
-90
104
-34
-183
-1
211
38
-243
-291
f Preliminary.
N.a. Not available.
*Less than $500,000 (±).
1. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included with money market paper.
2. Includes liabilities of U.S. monetary authorities for gold despsited by and held for IMF.
Excludes dollar holdings of IMF except holdings acquired through gold sales to the United
II
2,020 -3,100
-47
35
To international and regional organizations
not included above
30
31
I
Amounts
outstanding
March 31,
1969
-936
To foreign branches of U.S. banks 3
U.S. Treasury obligations:
Short-term securities
Bonds and notes
3,492
1968
1,454
To foreign commercial banks
Seasonally adjusted
Demand deposits
Time deposits * _ _ _
Other private obligations,
money market paper l _
1967
-18 —1,595
International Monetary Fund 2
27
28
29
1966
1,075
To foreign official agencies
21
22
23
26
2,629
1965
1969
19 68
19 67
1964
Line
States with the option to reverse the transactions. These reversible transactions amounted to
$200 million in 1956, $300 million in 1959, and $300 million in 1960.
3. These data are based on the accounts of the foreign branches, and are not strictly comparable to those shown on line 15 which are based on the accounts of U.S. banks.
June 1969
SURVEY OF CUKEENT BUSINESS
affected by the dockworkers' strike on
the Atlantic and Gulf Coasts, which
was originally anticipated to begin in
early October but was postponed until
December 20. Most of the affected
ports were closed until the middle of
February, but in some, the strike
continued through March. Imports
were less affected than exports because
some of the major import shipments—
particularly petroleum and certain raw
materials—do not depend on dockworkers for unloading and because the
ports that were closed longer are more
important for exports than for imports.
Trade data will probably show the
effects of the strike through most of
the second quarter of 1969 as backlogs
of delayed shipments are worked off.
Exports declined $910 million from
the fourth quarter to about $7,470
million, and imports dropped $880
million to about $7,580 million. The
shortfall in shipments because of the
dockworkers' strike probably affected
the trade balance somewhat more than
the first quarter decline would suggest,
since the fourth quarter trade balance
was itself reduced by a speedup in
September of about $300 million in
exports and $150 million in imports to
avoid expected delays in the following
months. After adjustment for the
September speedup and the corresponding October shortfall, trade was
in surplus by $160 million in the third
quarter and by $75 million in the
fourth.
In the first quarter, exports that
may have been affected by the strike
fell about $1.5 billion from the adjusted
fourth quarter figures; the corresponding decline in imports was about $1.1
billion. Most of these shortfalls will
presumably be made up in the second
quarter, but there may be permanent
losses, particularly in exports.
million decline in net capital inflows
included an adverse change of more
than $1 billion in the movement of
U.S. corporate capital (including both
assets and liabilities) that was partially offset by favorable changes in
foreign direct investment in the United
States and in banking and securities
transactions.
Private Capital Transactions
Net capital movements through private transactions, excluding changes in
liquid liabilities and special financial
transactions, resulted in net capital
inflows of about $265 million after
seasonal adjustment (table Al). In the
fourth quarter of last year, inflows
totaled about $815 million. The $550
-908
17.S. corporate capital
The $520 million net outflow of U.S.
corporate capital (including assets and
liabilities) was a reversal of the exceptional and temporary net inflow of $500
million in the fourth quarter that had
been induced by the 1968 ceilings imposed by the regulation of direct investment capital outflows. The ceiling
applied to capital outflows for the year
as a whole so that corporations that
had exceeded the ceiling earlier in the
year had to repatriate capital by yearend. Some corporations, however, repatriated more than was necessary because the size of their transactions
subject to the regulations could not be
determined before their accounts were
closed for the year. Part of the funds
that had been repatriated from foreign
affiliates at the end of last year were
returned in the first quarter of 1969.
The large swing in the U.S. corporate
capital flows was concentrated in
Western Europe as the following figures
indicate:
Millions of dollars
Credits +; debits -
1967
1968
Year
IV
1969 Change,
IV1968—
I
1-1969
Changes in foreign
assets and liabilities of U.S. corporations:
Total, seasonally
adjusted
495 -520
Total, not seasonally adjusted
-2,860 -720
355 -553
In Western
95
Europe. . .. -930
1,509 1,019
In other areas -- -1,920 -2,229 -664 -648
-1,015
-924
+16
37
in the first. The principal reason for the
continued inflows, which started in the
first quarter of 1968, was the large
increase in funds obtained through
security issues in European markets
and through loans from foreign banks
and other sources. The decline in capital
transfers to European affiliates in 1968
was a relatively smaller factor.
In the first quarter of 1969, funds
obtained by U.S. corporations from
security issues abroad amounted to
about $400 million, roughly the same as
in the fourth quarter of last year but
less than the $580 million average for
the first three quarters of 1968. The
$400 million obtained in the first
quarter includes $250 million raised by
financing subsidiaries organized in the
United States. The other $150 million
represents the proceeds from the sale
of newly issued securities by affiliates
incorporated in the Netherlands Antilles
that were transferred to U.S. parent
companies partly to finance domestic
investments. (New issues by the
Netherlands Antilles affiliates were
larger, but some of the funds obtained
were temporarily invested in foreign
bank deposits. The funds obtained and
reinvested abroad by these affiliates
are not considered U.S. transactions
and are therefore not included in the
U.S. balance of payments compilations.) Funds transferred to foreign
affiliates obtained from these and prior
security sales in the first quarter
amounted to about $175 million, and
the total of still unutilized funds that
are kept in foreign banks increased
about $80 million to $1.5 billion.
U.S. corporate net capital outflows to
areas other than Western Europe were
about $650 million in the first quarter
of 1969, about the same as in the
preceding quarter, but higher than a
year earlier, mainly because of transactions with Canada.
Foreign direct investments in the
United States
The return to European affiliates of
some of the funds obtained from them
in the preceding quarter reduced the
net inflow of capital through corporate
transactions from over $1 billion in the
fourth quarter to about $100 million
Foreign direct investments in the
United States were over $200 million
and thus a major factor contributing to
the capital inflow. More than half of
these investments were made by Cana(Text continued on page 44)
SUKVEY OF CURRENT BUSINESS
38
June 1969
Table 8.—U.S. Internatio
[Millions
European Economic
Community
United Kingdom
(Credits +; debits -)
Line
Other Western Europe
Eastern Europe
1966
1966
1 Exports of goods and services
2
Excluding transfers under military grants
1968
1966
1967
1968
1966
1967
1978
2,870
2,870
__
1967
3,329
3,328
3,519
3,519
7,268
7,268
7,534
7,534
8,165
8,167
3,892
3,539
3,985
3,574
4,237
3,865
235
235
229
229
254
254
2,417
64
352
421
2,304
115
412
475
2,516
124
371
495
200
200
222
1967
1968
3
4
5
6
Merchandise, adjusted, excluding military
Transfers under military sales contracts
Transfers under military grants, net .__
Transportation __
1,756
78
(*)
219
1,867
328
(*)
267
1,959
322
(*)
278
5,404
407
5,499
428
402
454
6,068
363
-2
479
9
3
3
7
8
9
10
Travel
Fees and royalties from direct investments
Other private services
Other U.S. Government services
68
151
131
20
43
164
141
20
49
176
147
19
89
224
224
24
120
235
235
22
115
281
237
27
53
68
144
46
64
74
116
48
69
78
119
47
15
1
14
2
15
2
11
12
13
Income on U.S. investments abroad:
Direct investments 2
Other private assets
._
U.S. Government assets
251
92
106
274
102
123
281
159
130
321
132
41
398
118
26
439
113
45
158
122
77
178
119
82
196
112
110
3
8
3
8
-2,994 -3,134 -3,686 -6,781 -7,302 -8,840 -3,376 -3,613 -4,035
-208
-208
-234
-1, 780 -1,705 -2,053 -4,108 -4,484 -5.918 -1, 775 -1,900 -2, 216
-279
-287
-210
-251
-146
-172 -1,138 -1,119 -1,082
-617
-675
-559
-434
-627
-393
-606
-536
-467
-179
-1
-7
-180
-1
-3
-206
-1
-3
-15
(*)
-8
Imports of goods and services
14
3
9
15
16
17
Merchandise, adjusted, excluding military. _
Military expenditures
Transportation
18
19
20
Travel
Private payments for <*ther services
U.S. Government payments for other services
-167
-132
-14
-190
-175
-15
-198
-198
-14
-392
-64
-59
-422
-73
-59
-400
-79
-67
-287
-35
-52
-332
-44
-57
-327
-43
-43
-12
(*)
-8
-14
21
22
Income on foreign investments in the United States:
Private payments 2
U.S. Government payments..
-310
-52
-348
-57
-534
-49
-222
-192
-293
-225
-355
-265
-367
-73
-351
-83
-413
-98
-1
(*)
o
-123
-124
194
194
-167
-166
487
487
232
232
-675
-673
515
163
372
-39
201
-170
27
27
21
21
20
20
-55
-55
-54
-54
-60
-61
-45
-45
-61
-61
-84
-86
-647
-295
-693
-281
-667
-295
-18
-18
-20
-20
-30
-30
-36
(*)
-37
(*)
(*)
-43
(*)
(*)
-17
41
26
-158
-352
-38
-99
-160
-412
-35
-87
-169
-371
-35
-91
-10
-9
-1
-87
8
2
-1
-93
-9
-4
-81
-5
-5
-6
-5
-15
-6
140
-227
442
171
-759
-132
-321
-465
9
1
-10
-892
-567
-399
-353
-68
-74
9
-16
-375 -1, 146
-852
-425
-286
-275
-195
»
5
34
5
20
-20
-7
15
-7
-3
(t)
-6
<*>!
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers, net; transfers to foreigners (— )
Excluding military grants
27
28
29
30
Private remittances .
Military grants of goods and services
Other U.S. Government grants . .
U,St Government pensions and other transfers
31
_
-18
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and
26).
Transactions in U.S. private assets, net; increase in assets (— )
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
Claims reported by U.S. banks:
37
Long-term
38
Short-term
-178
32
-628
-591 -1,087
33
34
35
36
-381
—15
-353
-7
-71
16
-95
19
151
16
6
14
-51
-12
-74
4
-252
-17
-113
-99
-448
39
40
41
42
43
44
45
46
47
48
49
50
Claims reported by U.S. residents other than banks:
Long-term
Short-term
_.
Transactions in U.S. Government assets, excluding official reserve assets,
net; increase in assets (— )
Loans and other long-term assets
_
Foreign currencies and other assets
Repayments on credits:
Scheduled
_
Nonscheduled (including sales of foreign obligations to foreigners)
Transactions in U.S. official reserve assets, net * increase in assets ( ~)
Gold
_
Convertible currencies
Gold tranche position in IMF
«
n
-30
23
41
216
-40
240
96
121
22
154
-139
189
98
121
88
-12
-80
-34
-25
-178
-71
-34
-25
-94
-47
-42
(*)
-1
(*)
-2
-3
-59
-136
—174
403
-67
72
-200
-172
-117
19
19
10
-141
-240
-9
-255
11
-73
-12
-89
-101
-351
50
-330
41
-249
4
3
-11
14
-20
12
80
114
70
80
408
30
40
139
99
1
112
t
128
1
17
16
18
-381
-19
-126
653
64
-755
-151
-94
367
-80
-301
879
-898
835
-961
661
-8
85
-21
-315
-440
78
-229
16
-110
149
218
772
2,580
1,196
2,300
1,272
50
1,140
1,854
12
5
3
23
-101
32
65
-453
-74
114
528
-16
63
329
<*)
112
44(
212
1,28]
4
97
5
72
336
—J
-29
1,617
(')
88
69
40
120
294
117
72
81
33
124
271
356
32
43
-9
109
108
174
(*)
104
—1
9
-42
136
(*)
120
250
-119
758
15
-47
—]
29
20
(*)
(*)
(*)
„
-205
1,125
32
1,034
52
1,533
-553
1,069
-115
339
884 -1,375
-263
164
122
521
50
-115
(*)
(*)
(
Errors and omissions, and transfers of funds between foreign areas, net;
receipts by foreign areas (-).
113
-167
-966
Transactions in foreign assets in the United States, net; increase in foreign
assets (U.S. liabilities) (+).
2
51
52
53
Direct investments
U.S. securities other than Treasury issues
Long-term liabilities reported by U.S. banks
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term..
Short-term
56
57
Nonmarketable liabilities of U.S. Government, including medium-term
securities payable prior to maturity only under special conditions:
Associated with specific transactions __
Other medium- term securities
58
59
U.S. Treasury marketable or convertible bonds and notes
Deposits and money market paper held in the United States
60
n
3
See page 40 for footnotes.
_. _
1,133
-1,802 -1,901
570
786
-486 -1,565
("*)
-48
1
(*)
-8
*}2
-1
SURVEY OF CURRENT BUSINESS
June 1969
39
nal Transactions, by Area
of dollars]
Latin American
Republics and other
Western Hemisphere
Canada
Other countries in
Asia and Africa
Australia, New
Zealand, and South
Africa
Japan
International
organizations land
unallocated
Line
1960
1961
1962
1963
1964
1965
1966
1967
1968
1966
1967
1968
1966
1967
1968
1966
1967
1968
1966
1967
1968
1966
1967
1968
5,279
5,279
5,400
5,391
5,577
5,577
5,802
5,802
6,906
6,906
7,823
7,823
9,217
9,217
9,865
9,865
10,910
10,910
7,946
7,874
8,086
8,022
8,952
8,887
3,013
3,013
3,429
3,429
3,789
3,789
1,654
1,654
1,881
1,881
2,099
2,099
7,820
7,243
8,304
7,875
9,049
8,645
447
447
451
451
459
459
1
2
3,931
35
4,066
26
4,286
18
4,967
34
5,665
60
6,766
40
7,302
52
8,141
39
1,384
179
152
170
164
161
193
208
2,959
31
(*)
227
1,278
132
143
5,275
63
65
451
1,141
67
131
4,669
27
64
419
2,672
38
123
4,720
22
72
414
2,340
24
98
3,877
38
9
110
80
83
91
4,645
128
577
449
4,890
120
429
484
5,074
306
404
511
252
220
231
3
4
5
6
469
95
59
6
449
11
1
68
2
392
127
71
3
372
134
72
4
448
162
114
6
491
185
129
7
586
215
164
7
575
243
169
7
638
268
166
8
684
176
235
71
720
192
250
73
755
228
267
74
31
26
111
10
42
33
142
10
51
41
148
11
31
66
83
1
32
72
90
1
40
81
96
1
48
94
154
146
50
114
235
154
53
113
236
164
11
107
9
111
13
116
362
225
464
271
476
292
(*)
455
330
634
398
703
431
756
515
(*)
789
562
1
849
634
7
1,114
317
120
1,190
356
126
1,232
406
137
43
206 •
30
46
206
33
60
227
36
137
47
1
137
51
6
160
49
18
1,238
131
210
1,449
148
233
1,730
185
273
28
49
1
57
53
1
38
61
1
11
12
13
7
8
1
-4,027 -4,231 -4,694 -4,993 -5,512 -6,156 -7,494 -8,851 -10,510 -6,436 -6,533 -7,206 -3,895 -3,985 -5,156
-992
-966 -1,103 -5,104 -5,627 -6,565 -801 -792
-744
14
-2,907 -3,087 -3,500 -3,715 -4, 191 -4,800 -5,965 -6,854 -8,594 -4,682 -4,651 -5, 155 -2,974 -3,017 -4,071
-387 -357 -326 -296 -258 -177 -205 -232
-285 -159 -182 -188 -484 -538 -581
-109 -120 -120 -135
-145 -145 -204 -200
-208 -236 -255 -276 -192 -186 -210
-805
-59
-65
-804
-29
-67
-923 -3,055 -3,064 -3,784 -140 -162
-33 -1,323 -1,779 -1,910
-74 -239 -237 -254 -445 -423
-52
-464
15
16
17
(*)
-99 ""-108
18
19
20
-62
-11
-14
-58
-15
-15
-60
-18
-16
-21
-2
-23
-22
-2
-23
-25
-2
-25
-138
-7
-204
-132
-14
-228
-135
-17
-241 "-105
-234
-17
-130
-29
-128
-29
-164
-37
-10
-6
-12
-8
-13
-7
-105
-33
-129
-43
-164
-61
-36
-72
-41
-80
21
22
1,552
1,488
1,746
1,681
-882
-882
-556 -1,368
-556 -1,367
662
662
915
915
996
996
2,717
2,139
2,677
2,248
2,484 -354 -341
2,080 -354 -341
-285
-285
23
24
-490
-418
-473
-409
-494
-429
-32
-32
-124
-124
25
26
-129
-64
-248
-32
-149
-65
-245
-35
-1
(<)
(
-123
27
28
29
30
1,079
1,253
-915
W
-588 -1,403
-
-456
-409
31
-380
-26
-4
-425
-33
-4
-479
-50
-5
-522
-58
-11
-550
-85
-15
-600
-101
-14
-678 -1,070
-113 -129
-21 -30
-820
-136
-66
-900
-126
-142
-955 -1,042
-127 -132
-153 -163
-184
-31
-178
-28
-179
-35
-199
-57
-203
-65
-248
-71
-235
-74
-272
-65
-313
-89
-177
-13
-194
-16
1,253
1,253
1,168
1,159
883
883
809
809
1,394
1,394
1,667
1,667
1,723
1,723
1,014
1,014
400
400
1,509
1,437
65
65
57
66
62
62
66
66
58
58
43
43
15
15
19
19
-11
-11
97
93
-9
85
90
84
72
46
53
27
-32
-31
-34
-37
-121
-72
-265
-32
1,033
389
1,019
-32
-32
-36
-36
-16
-16
-20
-20
-20 -2,476 -2,453 -2,178
-20 -1,899 -2,024 -1,773
-71 -115
-71 -115
-23
-28
(*)
-12
-17
-17
-67 -111
-1 (*)
-4
-4
-280 -456 -371
-577 -429 -404
-1,530 -1,402 -1,287
-89 -167 -116
-3
646
895
976
7
-311
-272
-184
-373
-866
-888
70 -314
-346
32
-77
-3
6
6
-168
-364
-168
24
-5
18
-2
12
-9
-238
-121
23
24
-434
-212
25
-23
-462
-176
22
-2
71 -150
-80 -246
68
28
13
51
-158
-390
176
26
33
34
35
36
58
41
-127
-17
58
11
34
-21
-17
-27
-72
-66
223
4
-22
-2
10
-23
-9
-8
-10
-27
-57
2
101
-49
-146
-168 -1,239 -1,347 -1,272
-109
-4
-133
-12
-65
(*)
-175
(*)
-224 -1,088 -1,780 -1,681
128
-2 -341
46 (*)
146
100
16
30
-23
-9 *U
-28
-23
-24
-27
-29
1,225
945
874
1,452
1,710
-837 -1,064
-711
-917 -1,594
-642 -1,558 -1,397 -1,365
-641 -1,003
-820
365
-302
-237
55
-88
-314
-458
83
79
-365
-693
107
36
-298
-700
87
17
-962 -1,152 -403
-709 -922 -1,007
109
269
226
11
147
91
-594
-946
190
35
-308
-68
19
2
-291
-140
56
-13
-572
-144
30
-85
-32
-4
6
10
-34
-14
4
-5
28
-149
2
-133
-30
30
14
-112
17
-87
-31
410
33
49
-101
14
-1
74
-50
-197
-212
-253
181
-176
119
266
146
-576
2
-64
9
-370
—7
-94
-12
106
-294
-336
-44
438
33
108
-39
-98
-61
-62
1 -104
-46
-39
75
-129
3
-3
-33
-50
7
•
— _«
-1
-33
24
-365
-429
-678
-48
-1
-31
(
—4
-3
-672
35
-748
50
-992
22
-112
-1
31
254
18
269
(*)
28
65
115
(<)
-562
-451
-221
112
-94
1,318
7
?
1
(*)
(*)
(*)
-*
-193
(*)
1,738
-35
-77
(
241
224
307 -424
-144 "("*)""
-40
-16
-70
188
1
58
(*)
-3
305
1
-4
_______
(*)
(*)
39
40
(*)
(*)
(*)
37
38
5 -114
337
26
-48
41
-119
-53
42
43
5
5
44
45
5
-3
(*)
(*)
(*)
-202
-145
-50
44
65
56
2
49
200
432
500
46
-815
46
-20(
(*)
—190
-150
(
-50
(*)
44
65
56
2
49
200
432
-37
140
55
99
796
1,221
1
683
821
-150
170
1,005
60
2
214
— i.
195
316
63!
107
263
-334
18
-16
-2!
43
31
44
14
26
38
43
48
-1
-1
53
-15
28
19
-32
10
1
21
-9
-26
-5
224
(*)
537
17
312
(*)
-26
473
1
17
67
191
-3
115
351
-10
186
95
-24
4
195
-2
2
246
-13
54
j
87
—7
21
3
27
18
5
7
57
-5
37
-22
(*)
-12
-1
-51
200
-35
1,050
-126
-24
-27
4
-5
,
-870
99
50
24
964
933
362
-86
1
212
50
»
—1
15
31
8
17
1
19
416
-1
122
439
-2
129
271
251
124
128
64
130
11
51
52
53
n
-2
41
-5
37
(<)
-9
-2
-13
-13
(
34
26
2
12 (*)
87
-7
20
28 -116
183
-42
-81
-67
-139
210
58
59
837
1,406
60
213
(*)
-37
241
13
319
-69
591
422
-361
3
-5
-14
-410
-110
-65
24
204
-343
87
(*)
-179
-41
263
-18
531
(*)
-323
-108
-683
-475
-680
-64
-123
-731
-76
-254
-219
-58
-332
-641
691
976
n
-94
47
48
49
1 (*)
707
290
-386
(*)
28
(*)
-21
-1
456
17
317
12 -429
-272
85
-528
-650
358
856
1,059
(*)
-65
(*)
(•)
54
55
56
57
SURVEY OF CURRENT BUSINESS
40
June 1969
Table 8.—U.S. International
[Millions
United Kingdom
Line
(Credits +; debits -)
1968
I
1 Exports of goods and services
Excluding transfers under military grants. Merchasdise, adjusted, exluding military
3
Transfers under military sales contracts
4
Transfers nndfir military grants, Tiet
5
Transportation
6
Income on U.S. investments abroad:
Direct investments 2
. __ _ _
Other private assets
U.S. Government assets
14
492
66
I*
II
I
1968
1969
III
IV
II
I
I »
1969
III
rv
IP
941
941
823
823
1,779
1,779
2,164
2,165
2,057 2,165
2,058 2,165
1,817
1,817
1,022
905
1,056
954
1,101
1,017
1,059
990
1,022
937
514
87
394
103
1,371
64
1,554
141
1,562
,1325
112
623
24
102
128
680
40
84
138
612
35
69
119
584
40
85
100
59
71
498
100
(*)
86
62
60
(<)
1M
140
1,581
117
(*)
113
104
601
25
117
109
-
9
39
35
5
12
46
35
5
18
43
38
5
10
47
39
5
10
43
35
4
16
60
61
6
31
67
61
6
41
69
58
9
27
85
58
6
19
64
61
6
11
16
30
12
19
18
30
12
19
16
29
12
20
27
30
11
12
17
30
14
... .
_
68
31
23
71
41
36
55
44
22
.86
44
48
101
42
31
61
27
9
144
28
10
98
.28
12
135
30
14
87
29
12
46
28
26
42
29
29
31
28
24
76
28
32
82
27
32
Imports of goods and services
(*)
123
(*)
_
18
19
20
Travel
---Private payments for other services
U.S. Government payments for other services -
21
22
-803
-947 -1,027
-909
-832 -2,034 -2,231 -2,375 -2,200 -1,711
-959 -1,001 -1,089
-987
-830
_
-461
-48
-97
-523
-39
-137
-564
-40
-130
-505
-45
-103
-385 -1,407 -1,487 -1,524 -1,500 -1,030
-61 -262 -269 -269 -281 -291
-97 -139 -189 -201 -146 -138
-569
-79
-129
-539
-66
-177
-539
-72
-175
-569
-62
-136
-426
-68
-123
-16
-50
-3
-60
-50
-90
-49
-3
-32
-49
-4
-17
-51
-3
-50
-20
-14
-94
-19
-15
-200
-20
-19
-56
-20
-ie
-52
-19
-17
-42
-12
-10
-84
-10
-9
-150
-10
-10
-51
-11
-14
-43
-12
-13
-114
-14
Merchandise, adjusted, excluding military.Military expenditures
Transportation
-122
-12
-140
-12
-159
-11
-205
-12
-73
-69
-80
-78
-93
-49
-109
-69
-115
-50
-93
-26
-95
-23
-108
-24
-117
-26
-121
-26
-8
-8
-73
-73
-119
-118
33
33
-9
-9
-255
-255
-67
-66
-318
-317
-35
-35
106
106
63
-54
54
-48
12
-72
72
3
192
107
-14
-14
-15
-15
-16
-16
-15
-16
-14
-14
-18
-18
-19
-19
-26
-26
-22
-22
-17
-17
-187
-70
-184
-82
-165
-81
-131
-62
-152
-67
-10
<*)
-11
-11
(*)
(*)
-11
(*)
-10
1
2
C
7
-46
-102
-18
-18
-40
-84
4
-37
-38
-69
g
-19
-44
-85
4
-19
-130
-153
-59
41
34
-23
Income on foreign investments in the United States:
Private payments 2
U.S. Government payments
_>
_
23
24
Balance on goods and services (lines 1 and 14)
_ __ .
Excluding transfers under military grants (lines 2 and 14) . .
25
26
Unilateral transfers, net; transfers to foreigners (—)
Excluding military grants
__ __ _
Private remittances
Military grants of goods and services
Other U.S. Government grants.- __ _ . .
U.S. Government pensions and other transfers.
_
-- -
-23
-23
-46
-117
-8
-17
-344
-57
90
-124
-240
-129
-12
-25
15
-20
-103
-181
-81
2
-218
-46
-62
-87
5
29
7
4
4
-3
7
11
5
70
6
-6
7
-3
2
-2
5
-10
5
5
-1
-13
38
122
21
-47
49
-15
13
-38
-4
44
12
56
48
34
46
5
15
-7
6
7
(*)
Balance on goods, services, and unilateral transfers (lines 23 and
25, or 24 and 26).
32
Transactions in U.S. private assets, net; increase in assets (-)
Direct investments *
Foreign securities newly issued in the United States. . . .
Redemptions
Other transactions in foreign securities
-4
-4
—4
-4
-19
-21
-22
-88
-135
17
-23
-273
-85
-364
-486
-360
124
-237
-18
-12
-22
-406
64
-122
-166
5
-47
4
4
-13
3
-36
5
-32
2
3
31
33
34
35
36
908
909
455
70
15
16
17
27
28
29
30
IV
III
875
875
(*)
Travel
-Fees and royalties from direct investments .
Other private services
Other U.S. Government services
11
12
13
1968
1969
795
795
2
7
8
9
10
II
Other Western Europe
European Economic Community
-11
-26
-6
-2
3
-49
(*)
(*) l
2
(*)
37
38
Claims reported by U.S. banks:
Long-term
. .
Short- term
39
40
Claims reported by U.S. residents other than banks:
T/ong-tenrx
Short-term..
2
-318
9
-441
-10
72
-100
239
-21
-53
4
-50
-45
-5
-78
-2
-5
11
67
-6
-1
-24
-21
-20
-47
3
27
-54
6
41 Transactions in U.S. Government assets, excluding official reserve
-46
-47
-81
1
-44
29
-24
-7
74
-19
-60
-5
-34
-18
-24
-56
10
-70
-3
-83
1
-45
2
-86
-1
-22
(*)
-31
-7
-36
-14
-12
14
-25
-1
-84
(*)
-50
10
-60
(*)
-55
-6
-49
-7
25
1
44
43
13
38
15
6
36
7
66
23
1
35
26
44
32
(*)
assets, net; increase in assets (-).
42
43
Loans and other long-term assets
Foreign currencies and other assets
44
45
Repayments on credits:
Scheduled
Nonscheduled (including sales of foreign obligations to
foreigners).
46
47
48
49
50
Transactions in U.S. official reserve assets, net; increase in assets
(_)
Gold .
Convertible currencies
Gold tranche position hi IMF
_ __ _
Transactions in foreign assets in the United States, net; increase
in foreign assets (U.S. liabilities) (+)
372
380
-358
-520
84
302
-290
-587
-180
-75
371
-107
131
-28
-32
900
-528
-50
430
-358
-15
-505
84
258
44
-193
-97
-240
-347
-140
-40
26
-101
38
333
80
-187
27
104
4
-32
26
-58
1,111
1,894
286
-711
2,988
-156
-725
630
1,522 -1,165
39
335
911
570
291
2
447
1
6
548
-10
51
52
53
Direct investments *
U.S. securities other than Treasury issues ..
Long-term liabilities reported by U.S. Banks
60
138
-16
26
235
(*)
54
55
Other liabilities reported by U.S. private residents other than
banks:
K'.iOTjg-term
Short-term
-.
41
-49
56
57
Nonmarketable liabilities of U.S. Government, including
medium-term securities payable prior to maturity only
under special conditions:
Associated with specific transactions
Other mediinn-tftnn securities
58
59
U.S. treasury marketable or convertible bonds and notes.
Deposits and money market paper held in the United States. .
60
(*)
14
54
251
381
1 (*)
44
413
(*)
5
323
(*)
18
362
5
-38
376
-6
-11
432
(*)
55
141
-10
47
139
106
50
29
24
21
-3
61
22
43
65
49
52
-74
-122
263
-15
124
52
246
-54
125
28
10
10
-18
10
9
-18
-20
-1
-3
-730 -1,367
-50
138
-51
-61
584 -1,592
86
-506
8
-83
-41
474
—J
(*)
31
-224
-241
-73
-752
-499
-264
35
69
-7
85
(*)
41
103
(*)
100
241
-4
122
21
-1
132
132
13
-6
31
87
62
-21
36
-44
-13
-20
-34
125
43
915
9
1,444
17
78
-17
-904
2,820
Errors and omissions, and transfers of funds between foreign
areas, net; receipts by foreign areas (— )
-1,051 -1,652
648
(*)
" Preliminary.
*Less than $500,000(±).
transactions with shipping companies operating under the flags of Honduras,
1. Includes
19
1,089 -2,769
116
1,364
437 -1,347
1,194
Liberia, and Panama.
2. Excludes undistributed profits of subsidiaries.
SURVEY OF CURRENT BUSINESS
June 1969
41
Transactions, by Area—Continued
of dollars]
Eastern Europe
1968
I
1968
1969
II
III
IV
I
IP
II
1968
1969
IP
IV
III
Japan
Latin American Republics and Other
Western Hemisphere
Canada
I
II
1968
1969
IV
III
I
IP
IV
III
II
Line
1969
IP
62
6
5
5
62
62
72
72
47
47
2,533
2,533
2,833
2,833
2,574
2,574
2,970
2,970
2,915
2,915
2,070
2,038
2,292
2,283
2,275
2,262
2,316
2,305
1,923
1,913
930
930
924
924
936
936
1,000
1,000
896
896
1
2
5
50
51
65
40
1,904
12
2,154
1,827
13
2,256
2,24!
44
42
33
1,376
16
13
123
1,377
12
11
110
1,065
8
10
89
715
8
(*)
59
728
8
(*)
61
784
8
(*)
54
69(
40
1,343
17
9
114
732
35
1,179
17
32
104
49
3
4
5
6
145
58
160
57
42
223
83
4
110
70
4]
186
62
42
170
47
63
21
205
59
66
20
194
57
69
16
186
66
69
18
178
48
65
17
12
9
3j
12
12
37
3
15
9
3*
12
37
14
10
37
3
7
8
9
10
199
16'
188
15
181
160
316
93
28
316
103
40
284
100
28
317
110
41
309
102
33
12
57
10
14
56
9
8
58
9
26
56
8
22
58
8
11
12
13
14
4;
(*)
(*)
19
14
0
-2,62
-2,758
2
-2,03
—6
-463
-3<
-67
-5
-6
-4
-4
-63
(*)
-48
(*)
-50
(*)
-4
(*)
-4
(*)
-1,94
-67
-4
-9
(*r
(*)>
(*
<*)"
-6
-3
-188
-3;
(*)
(*)
-74
-19
-78
-24
(*)
(*)
285
285
212
212
(*)"
(*)
(*)
(*)
(*)
(*)
(*)
23
23
(*)
(*)
-2,24
—4
-13
-13
- i1
8
8
-9
-1,746
-1,842
-1,753
-1,743 -1,071 -1,245 -1,430 -1,411 -1,189
- -1J
-1,242
-46
-1,307
-48
73
-1,274
-41
70
-1, 187
-48
-68
-823
-135
-49
-107
-35
-55
-74
-36
-287
-31
An
-259
-35
-269
-35
44
-227
-31
44
-293
-31
-12
_4
-79
-23
-96
-27
-55
-55
-5
-62
-62
-70
-6
-37
87
87
279
279
«
205
173
546
537
433
420
563
552
180
170
-141
-141
-140
-131
-107
-94
-110
-99
-98
-88
-8
-8
-8
-8
-37
-9
—85
-8
-36
-13
-50
-9
-40
-11
—50
-9
-38
-10
-39
-11
-6
(*)
(*)
-2
-6
(*)
(*)
1
-2
-7
(*)
326
453
83
-148
-329
-504
-422
-176
1
1
i
13
-137
-105
OK
-10
-10
-37
-32
-60
-9
88
282
68
406
10
293
206
-197
-71
16
-5
-528
-374
-393
-718
100
-203
-330
-232
-215
50
(*)
-82
-246
35
46
-134
-329
35
-33
-32
-36
5
-24
-165
-36
8
-11
-176
-5
10
-25
41
-387
-286
-238
50
9
-4
8
-24;
55
-20
-:
-1,865
-1,332
-53
-184
-184
-10
i:
-2,636
2
3
-10
53
-2,284
-76
-2,883
-13
-13
17
—i
-81
-24
(*)
—i
—]
-11
268
174
(*)
(*)
-977 -1, 156 -1,115
-141
-145
-160
-54
-51
-56
-908
-152
-46
15
16
17
-16
-4
-16
-t
-16
—1
-12
-5
•j
18
19
20
-40
—7
-44
-9
-44
-14
-42
-20
21
22
-494
-494
<l
-9
-412
-411
-321
-321
-293
-293
23
24
-8
-8
25
26
-6
—2
27
28
29
30
-301
31
-11
-11
(*)
_r
-2
55
-47
173
57
47
32
-199
-67
7
-24
-50
-16
9
-30
-5
-27
-32
-30
1
1
-13
-3
1
1
3
-1
1
5
-2
33
34
35
36
(*)
(*)
«
(*)
8
58
37
38
13
39
40
12
84
(*)
—i
34
-1
—1
-10
-43
28
-149
114
12
6
-10
52
-130
9
-48
39
95
8
-59
20
166
16
82
14
-148
-9
47
(*)
j
n
~~£i
-15
-80
-31
57
-6
-86
3
-139
54
7
1
4
12
-68
8
-72
1
7
1
6
-2
3
3
-19
-2
-13
23
(*)
10
1
-9
—4
-170
-157
-184
-167
-98
15
-26
12
100
29
41
1
1
-4
—5
j
—1
-238
3
-241
—4
-248
9
-264
14
-164
-4
-32
-6
-46
—7
-29
1
-26
(*)
-29
10
42
43
82
71
54
27
40
25
100
49
44
45
—/
(*)
11
-300
50
-250
64
2
8
23
121
127
6
4
(*)
(*)
1
(*)
(*)
(*)
(*)
(*)
(
(*)
(*)
-12
6
*>3
26
3
-16
5 """-12
-14
5
17
8
7
46
17
8
7
47
48
49
270
470
-56
255
75
547
145
25
45
364
571
251
50
-76
100
-1
130
122
1
3
7
-9
80
47
-8
9
-52
5
94
93
4
56
-18
2
1
75
2
1
51
-18
1
47
75
24
51
52
53
-1
-14
(*)
12
12
12
100
1
692
-31
161
1
-4
15
-2
-5
1
500
-338
82
44
(*)
28
28
247
11
-12
(*)
2
127
1
100
5
(*)
2
121
69
112
-12
2
2
55
87
(*)
(*)
25
1
47
4
11
-7
27
1
19
9
(*)
-8
250
-29
200
1
-18
2
-6
-5
(*)
-1
51
-6
-95
2
49
4
259
1
-65
1
113
5
107
-25
376
-501
195
42
-32
30
NOTE.-—Details may not add to totals because of rounding.
(*)
(*)
-313
96
-454
10
w
u
-3
1
93
-193
4
(*)
(
*>12
w
«
« 0
(*)
(
*}5
54
55
1
-3
-1
56
57
-61
1
-14
(*)
321
461
(*)
222
58
59
155
138
70
-73
-25
60
SOURCE: U.S. Department of Commerce, Office of Business Economics.
June 1969
SURVEY OF CUEKENT BUSINESS
42
Table 8.—U.S. International Transactions, by Area—Continued
Line
(Credits +; debits -)
1968
II
I
7
8
9
10
I
I*
IV
III
II
I*
IP
IV
III
II
I
487
487
523
523
507
507
417
417
2,203
2,115
2,337
2,225
2,271
2,142
2,237
2,164
1,833
1,763
108
108
107
107
129
129
115
115
143
143
368
74
355
35
323
36
251
39
20
Merchandise, adj usted, excluding military
Transfers under military sales contracts
Transfers under military grants, net
Transportation
581
581
338
35
1 Exports of goods and services 2
Excluding transfers under military grants. _
3
4
5
6
IV
1969
1968
1969
1968
1969
III
International organizations
and unallocated l
Other countries in Asia and Africa
Australia, New Zealand and
South Africa
25
25
21
18
1,306
69
88
124
1,344
80
113
132
1,216
97
130
132
1,208
61
73
123
866
93
70
94
54
57
61
59
43
13
32
60
39
10
30
60
39
2
29
29
5
29
3
29
2
30
503
47
80
455
54
63
2
20
1
8
11
11
23
17
8
43
24
1
6
19
25
(*)
Income on U.S. investments abroad:
Direct investments 2
Other private assets
U.S. Government assets.
14 Imports of goods and services.. _ .
11
12
13
10
18
24
(*)
15
17
24
(*)
9
27
24
<*>
7
20
25
(*)
9
28
59
42
13
26
58
47
34
11
1
Travel
Fees and royalties from direct investments
Other private services
Other U.S. Government services
18
27
59
36
42
14
7
40
11
1
45
14
9
45
11
1
370
45
63
416
42
66
442
51
64
-259
-142
-1,471 -1,666 -1,758 -1,670 -1,573 -206 -144 -200 -194
-888 -52
-961
-974 -1,033
-816
-215 -189
-492
-490
-498
-470
-452
-9 -10
-47 -115 -113 -120 -116 -98
-63
-69
-63
-59
-18 -18
-27
-33
-36
-40
-26
-6 -10
-4
-4
-4
-4
-4
-1 -1
-5
-1 -52 -46
-9
_7
-59
-60
-59
-61
-62
-6
-245
-286 -298 -260
15
16
17
Merchandise, adjusted, excluding military
Military expenditures
Transportation
18
19
20
Travel
Private payments for other services
U.S. Government payments for other services
-9
-1
-7
-6
—1
-6
-4
-1
-6
21
22
Income on foreign investments in the United States:
Private payments 2
U.S. Government payments
-3
-2
-4
-2
-3
-2
-3
-2
-8
-2
-39
-14
-39
-15
-44
-15
-42
-17
-43
-13
-10
-20
-11
-20
-10
-18
-10
-22
-14
-25
_.
-212 -241 -255
-8
-8
-8
-18 -19 -19
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14) .
228
228
296
296
226
226
247
247
172
172
732
644
672
559
513
383
568
494
259
189
-98
-98
-37
-37
-72
-72
-79
-79
1
1
25
26
Unilateral transfers, net ; transfers to foreigners ( — )
Excluding military grants.. .
-5
-5
-6
-6
-5
-5
-5
-5
-5
-5
-517
-429
-550
-437
-563
-433
-548
-474
-469
-399
-12
-12
-39
-39
-26
-26
-46
-46
-33
-33
27
28
29
30
Private remittances
Military grants of goods and services
Other U.S. Government grants
U.S. Government pensions and other transfers
-4
-4
-4
-4
-87
-88
-312
—30
-93
-113
-319
—25
-97
—130
-310
-95
—73
-346
(*)
(*)
(*)
(*)
-3
-12
-39
-26
-46
-31
q/i
-86
-70
-287
-27
215
122
-50
20
-210 -110
-76
-98 -125
-32
-25 -304
-67
31
32
33
34
35
36
37
38
39
40
Balance on goods, services, and unilateral transfers (lines 23 and 25, or
24 and 26)
Transactions in U.S. private assets, net; increase in assets (— )
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
Claims reported by U.S. Banks:
Short-term
.
_
__ _. .
-1
-1
-1
-1
223
290
221
242
-15
-87
-22
-60
167
17
-370
-234
-68
3
—4
f.
22
-9
1
Claims reported by U.S. residents other than banks:
Long-term
Short-term
51
52
53
54
55
56
57
58
59
60
U.S. Treasury marketable or convertible bonds and notes
Deposits and money market paper held in the United States
Errors and omissions, and transfers of funds between foreign areas, net ;
receipts by foreign areas (— )
.-.
See footnotes on p. 40.
-10
-368
15
-583
241
-29
-2
-12
96
80
3
U
18
-67
6
-25
-8
1
-12
-53
-26
10
11
-25
-6
-10
-14
-45
-449
-383
-186
-254
-643
120
-396
-94
-275
5
72
105
65
160
122
160
122
6
-211
-47
11
17
6
-39
-85
15
11
42
3 (*)
-25
10
-3
-16
54
22
3
19
166
138
(*)
(*)
(*)
(*)
(*)
4'
3
3
1
(*)
(*)
-11
1
-3
3
-1
(*) .....
2
-13 -41
-3
44
-23 -364
-1
1
OfM
-12* -20
-20
-11
-28
46c
1?
48
-10
6
23
75
-37
-49
-3
3
7
-1
12
4
187
-1
(*)
(*)
-202
2.
-63
(*)
(*)
1
2
11
1
-1
\
1
1
-22
-17
(>)
9
—(
__ t
-9
9
8
-1
-110
-4
47
87
23
53
7
55
64
(
8
31
(*)
-34
4
14
-32
1
(*)
(t)
233
-1
(*)
X')
(*)
(*)
—57
.
Nonmarketable liabilities of U.S. Government, including mediumterm securities payable prior to maturity only under special
conditions:
Associated with specific transactions
Other medium-term securities
>.
-25
13
-11
Other liabilities reported by U.S. private residents other than
banks:
Short-term
-26
11
-82
4
—7
Gold
Convertible currencies
Gold tranche position in IMF
Direct investments 2
U.S. securities other than Treasury issues
Long-term liabilities reported by U. S. banks
-262
-6
-41
5
?
Transactions in U.S. official reserve assets, net; increase in assets (— )
Transactions in foreign assets in the United States, net; increase in
foreign assets (U.S. liabilities) (+)
(*)
-170
-29
8
i
(*)
50
(*)
-296
-25
5
i
(*)
81
(*)
-16
t
(*)
—6
—8
-12 (*)
—4
-98
-68
13
10
-48
-4
8
-10
-201
22 -143 -28
-63 -174 -115
56
Ij
1(
20
144
-19
Transactions in U.S. Government assets, excluding official reserve assets,
-37
net; increase in assets ( — )
-60 -61 -51
42
Loans and other long-term assets
-62 -73 -53 -3( -40
Foreign currencies and other assets.
___
43
(*)
(*)
(*)
Repayments on credits:
42
13
44
Scheduled
45
Nonscheduled (including sales of foreign obligations to
47
48
49
-212
144
-32
41
46
-71
17
SURVEY OF CUERENT BUSINESS
June 1969
43
Table 9.—Changes in Reported Foreign Gold Reserves and Liquid Dollar Holdings Through Known Transactions With the United States
and Through Other Transactions, by Area 1
[Millions of dollars]
1960
Line
1961
1962
1963
1964
1965
1966
1967
196 8
1968
I
II
1969
III
IV
I v
—566
—746
180
1 461
1 317
144
All areas:
1
2
3
Total increase
Through known transactions with the United States
Through other transactions
4 246
3,866
380
2 951
2 333
618
2 559
2 146
413
3 500
2 601
899
3 077
919
2,158
2 569
-761
3,330
522
-959
1,481
2 023 2 441
' 77
498
1 946 1,943
1 052
719
42
-133
-369
268
—250
-36
333
175
-637
11
14
—3
-6
6
—12
129
-479
608
3 510
2 711
799
1 550 1 312 1 959
1 215 1 215 3 382
335
97 — 1, 423
—788 — 1 093
—144
215
-644 -1, 308
225
—45
270
646
431
215
Western Europe, including United Kingdom:
4
5
6
Total increase
Through known transaction with the United States
Through other transactions _
....
1 165
219
946
849
553
296
1 192 — 1 352
330 -2, 446
862
1,094
—720
-325
-395
560
-368
928
—65 — 1 127
138 -l',887
—201
760
969
-847
1 816
—91
-37
702
666
294
651
—481
880
807
493
632
279
1 864
181
—251 — 1 438
385
-352
NA
155
-214
-54
36
-357
-1,361
314
353
1,683
-636 -1, 086
N.A.
(*)
18
—18
4
-26
30
-4
-213
209
13
-1
14
13
-36
49
4
-4
g
2
1
1
-12
13
-25
6
9
—3
3
-13
16
5
-9
14
—12
-6
—6
393
-143
536
281
-350
631
170
-3
173
207
-302
-126 -1, 159
333
857
-282
-452
170
202
-171
373
-408
-525
117
-545
-512
-33
121
-331
452
-37
222
-259
53
95
—42
265
233
32
-302
465
-767
225
557
-332
-97
404
-501
595
472
123
380
496
-116
339
67
272
-247
-191
-56
250
-109
359
543
-63
606
-59
-7
-52
127
-186
313
122
224
-102
353
-94
447
98
-91
189
605
618
-13
-257
325
-582
526
598
-72
289
803
—514
249
573
-324
275
396
-121
-322
424
-746
-99
870
—969
726
999
-273
-58
94
-152
1
124
-123
321
392
-71
462
387
75
223
197
26
-79
-384
305
82
-166
248
289
-88
377
187
-291
478
-32
-612
580
-65
-585
520
218
-380
598
-18
-500
482
665
-668
1 333
134
-139
273
225
-159
384
119
-178
297
187
-194
381
203
-206
409
Total increase
-190
Through known transactions with the United States. .. 1,092
Through other transactions
-1 282
169
1,043
-874
119
567
-448
220
629
-409
409
532
-123
459
1,391
-932
377
861
-484
640
229
1,230
1,390
-750 -1,001
100
490
-390
210
384
-174
118
99
19
-199
257
-456
-150
700
-850
-224
367
-591
919
709
210
12
429
-417
-140
443
-583
-334
311
-645
706
-50
756
-212 — 1. 193
572
610
-784 -1,803
67 -1, 025
23
268
-201 -1, 048
65
54
11
-300
265
-565
-135
-77
-58
United Kingdom :
7
8
Total increase
Through known transactions with the United
States.
Through other transactions
9
Eastern Europe:
10
11
12
Total increase
.
Through known transactions with the United States. ._
Through other transactions
Canada:
13
14
15
Total increase .
.
Through known transactions with the United States. ..
Through other transactions
Latin American Republics and other Western Hemisphere :
16
17
18
Total increase
Through known transactions with the United States...
Through other transactions.
Japan:
19
20
21
Total increase . .
.
Through known transactions with the United States...
Through other transactions
Australia, New Zealand, and South Africa:
22
23
24
Total increase
Through known transactions with the United States...
Through other transactions
Other countries in Asia and Africa:
25
26
27
International organizations and unallocated :
28
29
30
Total increase
..
.
Through known transactions with the United States 2 _
Through other transactions
995
467
528
p
r Preliminary.
N.A. Not available.
1. Total increase represents changes in reported gold reserves of foreign central banks and
governments (including international organizations but excluding the countries of the Soviet
bloc) net of convertible currencies included in U.S. official reserve assets (table 1, line 48) plus
foreign liquid claims on the United States (table 1, lines 58 and 59) plus net changes in foreign
IMF positions through U.S. dollar transactions (table 1, line 49).
Changes through known transactions with the United States represents for each of the separate
areas shown the sum (with sign reversed) of table 8, lines 23, 25, 32, 41, and 51-57. For "All
areas" line 60 is added, and for "All areas" and "International organizations and unallocated"
line 23 is adjusted to exclude net sales or net purchases (—) of gold by U.S. private residents to
the U.S. monetary gold stock. These were (in millions of dollars): 1960, year, -34; 1961, year,
-37; 1962, year, -57; 1963, year, -69; 1964, year, -89; 1965, year, -118; 1966, year, -140; 1967, year,
-162; 1968,1,-52.
Changes through other transactions equals "Total increase" less "Changes through known
transactions with the United States." For "All areas" this difference represents known
acquisitions (+) of sales (—) of gold by foreign central banks and governments outside the
United States. The net acquisitions of gold equal the excess of new gold production abroad
plus sales by the Soviet bloc less net gold purchases by others. For each of the separate areas
shown the difference reflects net gold and dollar receipts (+) or payments (—) resulting from
their transactions with countries other than the United States, net of changes in their convertible currencies included in U.S. official reserve assets resulting from U.S. transactions with
other areas, and from unrecorded transactions with the United States.
2. Includes transactions with shipping companies operating under the flag of Honduras,
Liberia, and Panama.
NOTE.—Detail may not add to totals due to rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
44
SURVEY OF CURRENT BUSINESS
June 1969
Merchandise exports (tables 1,2, and
dian corporations. Investments by JapInternational and regional organizaanese corporations in the United States tions bought about $185 million in 8, line 3) have been adjusted upwards
were less than in the last quarter of U.S. Government agency securities in back to 1946 by adding inland freight
1968, but for the two quarters together the first quarter, about $65 million more charges on shipments to Canada. The
amounted to about $100 million. There than in the fourth. These investments, Foreign Trade Statistics Regulations
were also large investments by British which are temporary in nature, are of the Census Bureau stipulate that
corporations, but relatively little was included among the special financial inland freight and insurance charges
should be included in the value of the
invested by continental European enter- transactions.
merchandise reported on the Shipper's
prises.
Export Declaration. A recent sample
Banking transactions
Transactions in securities
study of export shipments to Canada
Claims on foreigners reported by made by the Census Bureau revealed
Net U.S. purchases of foreign and
U.S. banks for themselves and for that for most of such shipments these
international securities in the first
quarter were $325 million after seasonal their domestic customers fell $70 mil- charges were not properly reflected in
adjustment. This was about $130 mil- lion, seasonally adjusted. The shift the export values shown on the declaralion less than in the fourth quarter of from a net increase of $120 million in tions. On the basis of information
1968. Purchases of newly issued securi- the fourth quarter improved the balance obtained from this study and from other
ties—mostly bonds—were about $500 by about $190 million. Liquidations of sources, a factor was derived by which
million, slightly less than in the fourth long-term claims were increased nearly the reported values on exports to
quarter. Of this total, purchases of $130 million, and the expansion in Canada were revised upward.
Merchandise imports (tables 1, 2,
newly issued international agency bonds short-term claims was about $60 million
smaller than in the preceding quarter. and 8, line 15) have been revised downamounted to $115 million, as compared
ward back to 1965 to correct for an
with $240 million in the preceding
overvaluation of assembled vehicles
quarter. However, the decline was
imported from Canada under the pronearly offset by an increase in purchases U.S. Government Grants and
visions of the U.S.-Canadian Autoof newly issued foreign bonds, mainly
Capital Transactions
motive Products Trade Act of 1965.
Canadian. Redemptions of foreign seU.S. Government grants and capital Although the values of such vehicles
curities increased about $50 million,
and U.S. transactions in outstanding transfers to foreign countries dropped imported from Canada are recorded in
foreign securities resulted in net sales about $150 million from the fourth the Census Bureau trade statistics in
of about $50 million as compared with quarter (after seasonal adjustment), accordance with statutory requirements
a balance of nearly zefro in the fourth mainly because of the reduction in of the Bureau of Customs—-that is, at
quarter.
shipments that was caused by the dock- the Canadian wholesale (dealer's)
Purchases of U.S. securities by foreign workers' strike. Another favorable de- price—these values overstate the actual
residents rose about $80 million to velopment was the receipt of a non- transactions prices charged by the
$1,370 million in the first quarter scheduled debt repayment of $43 Canadian subsidiaries (the exporters)
(table D2). This total includes the million from the United Kingdom. to their U.S. parent organizations (the
proceeds of over $400 million obtained This was a repayment of that portion importers). On the basis of data supby U.S. corporations from, new bond of an Export-Import Bank loan used plied by the U.S. automobile comissues in foreign markets, already to finance progress payments on mili- panies, this overstatement has ranged
mentioned. Net foreign purchases of tary sales contracts that were subse- between 14 and 18 percent during the
outstanding U.S. private securities were quently canceled. However, net receipts period from 1965 to the present.
For the year 1968, the upward corabout $785 million, almost as much as of capital from foreign governments
in the preceding quarter; a $50 million (other than those included among the rection to exports for the understatedecline in foreign purchases of stocks special financial transactions) decreased ment of inland freight amounted to
was offset by an equal increase in about $100 million. Most important in $228 million, and the downward adjustforeign purchases of bonds. Although this decline was the drop in net receipts ment to imports for the overvaluation
foreign purchases of stocks were still of advances on military sales contracts. of automotive vehicles was $300 million.
Estimates of private remittances
over $730 million and close to the fourth
quarter peak, they fell during the quarbeginning with the first quarter of 1960
were adjusted by incorporating data
ter from a high of about $360 million
Technical Notes
obtained from Canadian balance of
in January to about $100 million in
March. The strong growth in these
The balance of payments tables payments statistics.
Seasonal adjustments were revised
purchases since mid-1967 has been a published in this issue have been revised
very important favorable factor in to correct previous data and to incor- by extending to 1968 the period used
the U.S. balance of payments.
for deriving adjustment factors.
porate new information.
By LESTER C. THUROW
A Fiscal Policy Model of the United States
This article is a progress report on an
econometric model designed to provide
long-range projections of the U.S.
economy and to aid in the formulation
of fiscal policies. The model, developed
by Professor Thurow while at Harvard
University, is still in its formative
stages; OBE is planning to use the
model in its analytical work and to
improve and develop it further.
Most longrun models are supply
oriented, while shortrun models are
demand oriented. A distinctive feature
of this model is its inclusion of both a
supply side and a demand side, linked
by a set of income flows. In addition to
describing the overall design of the
model, the article uses its equations to
simulate the economy for the 20-year
period 1948-67 under actual unemployment conditions and under an assumed
path of steady full employment. Another set of simulations examines the
sensitivity of the economy to changes
in the various fiscal policy instruments
found throughout the model.
T^HIS is a progress report on an
-*• econometric model designed to provide long-term projections of the U.S.
economy and to aid in formulating
economic policies that will achieve
given unemployment or growth targets.1
The model concentrates on fiscal policies. It includes interest rates among
the policy tools available to the Government, but otherwise does not permit
an analysis of nonfiscal economic poli1. The work on this model was financed by the Interagency Growth Study through a research contract with the
Office of Business Economics, U.S. Department of Commerce. The author benefited from the comments of many
individuals within and outside the Government.
If this is the first econometric model the reader has encountered, an earlier report on a short-term forecasting model
developed by the Office of Business Economics provides an
excellent introduction to the subject. See Maurice Liebenberg, Albert A. Hirsch, and Joel Popkin, "A Quarterly
Econometric Model of the United States: A Progress Report," SURVEY OF CURRENT BUSINESS, May 1966. The
description of the simplified model at the beginning of the report is especially useful.
NOTE.—Dr. Thurow is Associate Professor of Economics
and Management at Massachusetts Institute of Technology.
cies. The model is in its formative stage;
it is not yet a reliable policy tool.
Summary Description of Model
The economic process can be thought
of as a complex, systematic interaction
of numerous economic forces. An econometric model is an attempt to express
this process in terms of mathematical
equations. No mathematical model
can hope to duplicate reality, because
a finite number of equations must be
used to represent an infinity of economic
relationships. Hence, a model must
focus on the relationships that are
quantitatively important. Statistical
techniques are used to isolate these
relationships and to express them
numerically.
In designing an econometric model,
there is wide latitude as to the number
of economic interrelationships that can
be taken into account. This model
consists of about 30 equations. It has
been kept small so as to make it easier
to understand and to manipulate. At
a later date, the model may be enlarged
in directions suggested by its practical
use. Since it is a fiscal policy model,
an attempt has been made to show
explicitly as many of the major fiscal
policy variables as possible. The model
has also been designed to facilitate the
elimination of specific equations and
the substitution for them of other
equations or estimates. Such flexibility
is a distinct advantage, given the
serious limitations in our ability to
select by objective, scientific processes
the equations that best reflect the
underlying economic relationships.
Not all economic variables are determined within the model. Some are
"exogenous," i.e., introduced from the
outside. In the present model, these include population, exports, prices, and
variables that are directly responsive to
Government policy decisions (e.g., tax
rates, Government expenditures, and
interest rates). Other variables are
"endogenous," i.e., determined within
the model. If values for the exogenous
variables are inserted into the model, it
produces estimates of the endogenous
variables. In the present model, endog-
CHART 10
Simplified Flow Diagram of Model
Supply Equations
t
Supply GNP Estimate
(in constant $)
t
Exogenous GNP Deflator
t
Supply GNP Estimate
(in current $)
Income Equations
Income Estimates
(in current $)
t
t
Exogenous Income Deflators
Income Estimates
(in constant $)
Demand Equations
Demand GNP Estimate
(in constant $)
In equilibrium: Demand GNP (in constant $)= Supply GNP (in constant $)
U.S. Department of Commerce, Office of Business Economics
45
46
SURVEY OF CURRENT BUSINESS
enous variables include personal consumption, investment, personal income, and corporate profits. Depending
on what targets are specified, some
variables may be endogenous or exogenous. If an unemployment target is
exogenously set, GNP is endogenously
determined within the model. If a
growth target is exogenously set, unemployment is endogenously determined within the model.2
June 1969
tion among persons, corporations, and rates or by lowering Federal expendigovernment. The income equations of tures. If the supply-side estimate
the model estimate the various com- exceeds the demand-side estimate,
ponents of aggregate income; they are aggregate demand must be increased.
used to derive the distribution of in- Many different combinations of policies
come that is consistent with the supply will bring the economy into equilibrium.
estimate of the GNP.
The feasible combinations are deterGiven the income flows estimated mined by the model, but the particular
from the income equations, the demand set of instruments actually used will
equations estimate personal consump- depend on the preferences of the
tion, private domestic investment, im- policy maker. Value judgments are an
ports, and State and local government important ingredient in choosing the
Supply, demand^ and income
purchases. Federal purchases and ex- mix of policy instruments as well as in
equations
ports are left as exogenous variables.
setting economic targets.
Summing the elements of demand
The following sections provide a
Traditionally, long-term econometric provides the demand-side estimate of
models have been primarily supply GNP, which need not equal the supply- somewhat more detailed description of
oriented and short-term models have side estimate. If the two are not the supply, income, and demand sides
been largely demand oriented. Limita- equal, the unemployment target cannot of the model.
tions on supply have determined out- be achieved with existing policies.
put in long-term models; aggregate
The model provides estimates of the The supply side
demand has determined output in shortThe supply equations are used to
term models. Our model contains both a alternative combinations of policies
that could be used to achieve the estimate the GNP necessary to achieve
demand and a supply side. The two
may not be in balance. A major objec- desired unemployment target. If the the unemployment target. The size of
tive of the model is to determine what demand-side estimate of GNP exceeds the labor force, its division between
combinations of Government policies the supply-side estimate, the aggregate public and private employment, the
can achieve a balance between supply demand for goods and services must be size of the capital stock, and the level
and demand at unemployment or reduced by raising taxes and interest of productivity all influence the supply
growth targets that are satisfactory to
Table 1.—Derivation of Disposable Personal Income From GNP
the policymaker.
The supply and demand sides of the
Actual
Derivation of model
1965
model are linked by incomes (chart 10).
estimates
values,
billion $
Production creates incomes and incomes create demand. The supply and
684.9 Equation (13)*
demand sides are estimated in constant Total GNP
59.8
Less: Capital consumption allowances .
dollars while incomes are estimated in
36.4 Equation (7)*
Corporate
23.4 Equation (14)*
Noncorporate . current dollars. Exogenous price defla62.5
tors are used to move from one section Less: Indirect business taxes Federal _
16.5 Equation (16)
State and local _
45.9 Equation (15)
of the model to another. The model pro76.1 Equation (9) (plus
vides no aid in estimating these defla- Less: Corporate profits and IVA .
exogenous IVA)
tors. This is a major weakness, but un- Plus: Dividends
...
19.8 Equation (24)
fortunately too little is known about Less: Contributions for social insurance
29.6
Federal:
long-term price behavior to quantify
OASDHI.
17.8 Equation (18)
3.7 Equation (19)
Unemployment
it in terms of mathematical equations.
Other
3.7 Exogenous
State and local
4.5 Equation (17)
The supply equations estimate the
Plus: Interest,
20.5
GNP that could be produced with dif8.7 Equation (23)
Paid by Federal Government
.5 Exogenous
Paid by State and local government
ferent quantities of capital and labor.
Paid by consumers
11.3 Equation (22)
They are used to derive the GNP Plus: Government transfers
37.2
Federal..,
30.3 Exogenous
necessary to achieve the unemployState and local . .
6.9 Exogenous
ment target.
1.3
Plus : Subsidies less current surplus of government enterprises
Federal
4.3 Exogenous
A set of incomes is associated with
State and local
-3.0 Exogenous
every GNP that is calculated from the Less: Statistical discrepancy
_.
-3.1 Assumed to be zero
supply side. The total of these incomes Less: Personal taxes
65.7
__
Federal
53.8 Equation (28)
necessarily equals the supply side GNP,
State and local .
11.8 Equation (27)
but fiscal policies influence its distribu- Equals: Disposable personal income
473.2 Residual
2. In the rest of this article, the model is explained in terms
of setting unemployment rather than growth targets.
*Converted to current dollars.
Source: U.S. Department of Commerce, Office of Business Economics.
June 1969
estimate of GNP. Government policies
affect many of these items.
The first step in estimating the
supply-side GNP is the calculation of
the labor force consistent with the
unemployment target. Given exogenous
estimates of population by age and sex,
participation functions are used to
determine the proportions of the population that will enter the labor force.
Since decisions to enter the labor force
are dependent on the probability of
finding work, the size of the labor force
will in part depend on the unemployment target. The lower the target, the
larger the labor force that must be
employed.
Next come the estimations of Federal
employment and State and local
government employment. Government
employment is estimated separately
for two reasons. First, Federal employment is one of the major policy instruments of the Federal Government.
Second, gross product originating in
the government is measured according
to national economic accounting conventions, which makes it necessary to
distinguish government employment in
the estimating process.3
Subtracting the target unemployment and government employment
from the labor force yields private
employment. Because labor input is a
function of hours worked as well as of
the number of employees, an equation
is introduced to translate private employment into private man-hours.
Since capital inputs as well as labor
inputs are necessary to estimate GNP,
the second major step in estimating
GNP is to calculate the gross capital
stock, which is taken as the measure of
capital inputs. Given the capital stock
of the previous year, investment and
discards must be estimated to determine
the current capital stock. Discards are
determined exogenously, but investment depends, among other things, on
the level of private GNP and the
3. Gross government product is measured in terms of the
value of labor input only; the contribution of capital used
by the government is not taken into account. Also, it is
assumed that the productivity of government employees is
constant over time; productivity increases are not allowed
for. These procedures cause gross product per government
employee to differ from gross product per private employee.
As a result, the distribution of employment between the
private and public sector affects the size of the supply-side
estimate of GNP and must be taken into account.
SURVEY OF CURRENT BUSINESS
flow of corporate internal funds. For
this reason, the supply side of the model
contains equations not only for investment demand but also for corporate
profits, capital consumption allowances,
and taxes, the income flows that
determine the level of internal funds.
Government policies can influence the
size of the capital stock, via internal
funds, by alterations in the corporate
tax rate and depreciation guidelines.
The equations for investment, private GNP, and corporate funds are
interrelated. Investment depends on
internal funds, which depend upon the
level of private GNP, which in turn
depends upon the size of the current
capital stock. Consequently, these equations must be solved simultaneously.
The third step in calculating GNP
is to translate man-hours and the
capital stock into estimates of private
GNP. A production function is used
for this purpose. In addition to estimating increases in GNP that would
result from increases in capital and
labor, this function takes into account
the impact of technical progress. To
allow for technical progress, the production function provides for improvements in the skill and training of the
labor force (embodied technical progress
in labor), greater efficiency of the capital
stock (embodied technical progress in
investment), and more efficient organization of men and machines (disembodied technical progress). Over time,
technical progress increases the amount
of output per unit of input.
In the long run, the growth of
productivity can be influenced by
private and public policies in education,
manpower training, and research and
development. However, the connection
between such policies and the rate of
technical progress must be determined
outside of the model.
Since, according to the existing conventions, government output is equal
to the labor input of government
employees, a government production
function is not necessary. Estimates of
government employment are valued at
base period rates of compensation to
provide the measure of the government
contribution to GNP. Government
GNP plus private GNP equals the
supply-side estimate of total GNP.
47
The income equations
The various income equations, together with exogenous estimates of
transfer payments, subsidies, and
grants-in-aid, permit one to determine
the distribution of income that is
consistent with the supply-side estimate of GNP. There are separate
equations for noncorporate capital consumption allowances, indirect business
taxes, social insurance contributions,
government and consumer interest payments, dividends, and personal tax
payments. (Corporate profits, taxes,
and capital consumption allowances
have already been determined from
equations on the supply-side of the
model.)
When the appropriate income elements, both exogenous and endogenous,
are added and subtracted from the
supply-side estimate of GNP, disposable personal income is derived as a
residual (table 1). Incomes of the other
sectors are also estimated by combining appropriate flows derived from
the income equations and exogenous
estimates. The sum of the disposable
incomes of the various sectors necessarily equals the supply-side estimate
of GNP.
Variables under the control of the
Federal Government are found throughout the various income equations.
These consist of corporate and personal
income tax rates, social insurance tax
bases and rates, Government interest
rates, and indirect business tax rates.
Changes in any of these variables can
affect the distribution of incomes among
the various sectors of the economy.
The demand side
The demand equations estimate personal consumption expenditures, residential investment,, inventory change,
imports, and State and local government purchases (other than compensation of employees). Investment in
nonresidential structures and equipment and the compensation of State
and local government employees are
estimated in equations on the supply
side. The remaining elements of final
demand—exports and Federal Government purchases—are left as exogenous
variables. Exports are estimated exog-
48
SUEVEY OF CUEEENT BUSINESS
enously because they depend primarily of GNP as shown by this model is not
on foreign economic conditions. Federal the familiar gap calculated in recent
Government purchases are a major reports of the Council of Economic
policy variable operating directly on Advisers. The CEA gap is bweteen the
demand.
"potential" GNP—i.e., the GNP conMost other policy variables have sistent with full employment—and
their principal impact on aggregate actual GNP. The gap in this model is
demand indirectly through their effects between potential GNP and the GNP
on incomes. Personal, social insurance, that would be demanded at the
and indirect business taxes and transfer incomes generated by an economy
payments affect disposable personal achieving this potential.
income and hence personal consumption
To isolate the crucial difference beexpenditures, residential investment, tween these two kinds of gaps, assume
and imports. Corporate tax and depre- that the potential GNP estimated by
ciation policies affect corporate incomes the CEA is based on the same unemand hence investment in nonresidential ployment rate as the one assumed in
structures and equipment, but they the supply estimate of this model, so
also influence personal consumption that the two GNP estimates are the
through their effects on dividends and same. Suppose now that the model
personal income.
shows a positive gap (the supply-side
Grants-in-aid influence State and estimate exceeding the demand-side
local purchases, and interest rates estimate of GNP), because the demand
influence residential investment.
generated by the incomes consistent
with the supply-side estimate of GNP
Balancing supply and demand
falls short of the supply of GNP. In
Summation of the component this situation, the gap as defined by
demands for goods and services—ex- the CEA would be larger: Actual GNP
ogenous and endogenous—yields the would be smaller than the demand-side
demand-side estimate of GNP. The estimate of GNP produced by the
demand- and supply-side estimates of model because of the downward adGNP may not agree. Although the sum justment set in motion by the initial
of disposable sector incomes neces- imbalance. The lower demand-side
sarily equals the supply-side estimate of GNP would call forth a smaller supplythe GNP, demand for GNP will fall side GNP, which in turn would result in
short of or exceed the supply of GNP lower incomes, which in turn would
unless the total purchases of the various generate lower demand GNP. The
sectors happen to equal their combined process would continue until supply and
demand were in balance.
disposable incomes.
The gap between the supply- and
demand-side estimates depends in part
The Equations
on the Government policies incorporated in the model. If there is a gap, the
This section describes the equations;
target unemployment rate cannot be the actual equations appear with their
achieved unless Government policies statistical properties in the appendix.
are altered. The Government may Eeaders not interested in the details of
change its own demand for goods and the model may omit this section.
services or alter grants-in-aid, corporate or personal income taxes, indirect Supply equations
business taxes, social insurance taxes,
Labor force participation (equation 1)
transfer payments, or interest rates so is estimated separately for males and
as to change private or State and local females. It depends on the probability
demand. Many combinations of these of finding employment and a time trend.
policies are possible. The choice among However, this usual type of participathem must be made on the basis of tion function is modified in two ways.
considerations that are outside the First, because of the limited number of
model.
potential male workers outside of the
It should be noted that the gap be- labor force, male participation rates
tween the supply and demand estimates respond to employment opportunities
June 1969
nonlinearly. The number of males attracted into the labor force for each
successive percentage point decline in
the unemployment rate falls as the employment rate rises. Since the pool of
potential female workers is much larger
than that of males, this nonlinearity
does not appear in the participation
function for females. Second, participation rates for both males and females
depend on changes in employment as
well as on the employment rate. Hence,
the equilibrium participation rates will
differ from the participation rates during years of changing employment.
State and local government employment per capita (equation 2) depends
upon per capita private output (lagged
1 year), school enrollment, and grantsin-aid. Per capita private GNP represents the influence of income on the
demand for public goods; per capita
school enrollment is a direct measure of
the demand for State and local educational services, and per capita grantsin-aid primarily reflect the financial
capability to purchase the services of
government employees.
Average annual hours per private employee (equation 3) depend upon the
unemployment rate and a time trend.
The unemployment rate reflects the
cyclical responsiveness of annual hours
worked. The time trend reflects the
long-run tendency toward a shorter
workweek and longer vacations with
more paid holidays. The time trend is
modified beginning with 1957. By 1957,
the movement to a standard 40-hour
workweek had been accomplished, and
the annual decline in hours worked was
markedly reduced.
Fixed nonresidential investment is determined in two equations, one for
producers' durable equipment (equation
4) and one for structures (equation 5).
Equipment investment depends on
private GNP, the internal flow of funds
available for investment (deflated by
the investment deflator), the existing
stock of equipment, and the interaction
between capacity utilization and profitability as measured by the previous
year's ratio of internal funds to the
capital stock. To permit timelags in the
investment response, equipment investment from the preceding period is
included as an explanatory variable.
SURVEY OF CURRENT BUSINESS
June 1969
An interaction term is necessary to
capture the reinforcing effects of high
profitability and high utilization. The
two conditions together lead to higher
investment than is produced by the
sum of their separate effects. Investment in nonresidential structures depends on the previous year's rate of
return on the capital stock, private
GNP, and investment from the previous period. The long service life of
nonresidential structures makes the
existing capital stock unimportant in
determining this investment. Since external rather than internal funds are an
important source of financing investment in structures, internal funds did
not prove to be a significant variable in
this equation.
Corporate
internal junds
are
determined by three equations. Equation 6 estimates the gross flow of
corporate funds—corporate capital consumption allowances plus book profits
before taxes. Equation 7 estimates
corporate capital consumption allowances, and equation 8 estimates Federal
corporate profits taxes. The gross flow
of funds depends on private GNP, the
utilization of capacity (measured by
the unemployment rate), and relative
movements in the private GNP deflator,
and the cost of labor per unit of output.
Changes in the relationship between
labor costs and prices are an important
determinant of profits. A 1 percent
increase in the price of private GNP
relative to the change in unit labor
costs raises the flow of corporate funds
by $1.4 billion.
Corporate capital consumption allowances depend upon the stock of
capital. They are affected by the 1954
change in the tax law and the introduction in 1962 of new IRS guidelines
for depreciation practices. Federal corporate profits taxes are explained by
the corporate tax rate and corporate
profits. State and local corporate profits
taxes are exogenous. Equations 9 and 10
give the identities for corporate profits
and internal funds.
The production junction (equation 11),
which determines private GNP, has
terms for capacity utilization, measured by the unemployment rate, labor
49
input, capital stock, disembodied technical progress, and embodied technical
progress in both capital and labor. The
capacity utilization variable is nonlinear; as employment increases, output
per man-hour also increases but by
diminishing amounts. One percent per
year was chosen as the rate of embodiment in labor; 4 percent per year as the
rate of embodiment in gross investment.
Functions with these specifications enjoy a slight statistical superiority, but
the choice must ultimately be based on
external evidence.4
A production function specified in
the foregoing manner yields an annual
rate of growth of disembodied technical
progress of 1.17 percent, an elasticity
of output with respect to labor of 0.83,
and an elasticity of output with respect
to capital of 0.17. When this production
function is used to estimate GNP for
the period from 1929 to 1965, the
differences between the actual and esti4. For a detailed discussion of the choice of production
function, see Lester C. Thurow and L. D. Taylor, "The
Interaction Between the Actual and the Potential Rates of
Growth," The Review of Economics and Statistics, November
1966.
CHART 11
Private GNP-Actual and Estimated From Production Function, 1929-65
Billions of 1958 $ (Ratio scale)
650
600
550
500
450
400
Estimated
350
300
250
200
150
I
100
1929
I
I
31
I
I
33
I
35
U.S. Department of Commerce, Office of Business Economics
I
I
37
I
I
39
I
41
43
I
I
45
I
I
47
I
I
I
I
51
I
I
53
I
55
I
I
57
I
I
59
I
I
61
I
I
63
I
I
65
SUEVEY OF CUERENT BUSINESS
50
June 1969
Table 2.—Estimated and Actual Values: Selected GNP Components and Related Items, 1948-67
Index of total private man-hours
Gross national product
l
Gross stock of equipment & structures
Estimated
Actual
Difference
(D-(2)
(3) 4- (2)
Estimated
Actual
Difference
(5) -(6)
(7) + (6)
Estimated
Actual 2
(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(1929=100)
(Percent)
(Billions of 1958 $)
(Percent)
Difference
(ID -(10)
(9) -(10)
(Percent)
(Billions of 1958 $)
Estimated
Actual
(13)
(12)
(11)
Disposable personal income
(14)
Difference
(15) 4- (14)
(13) -(14)
(15)
(16)
(Percent)
(Billions of current $)
19481949_.
336.1
335.8
323.7
324.1
12.4
11.7
3.8
3.6
104.5
100.8
103.9
101.3
0.6
-.5
0.6
-.5
389.4
406.7
388.7
404.0
0.7
2.7
0.2
.7
193.4
191.7
189.1
188.6
4.3
3.1
2.3
1.6
1950
1951
1952
1953
1954
350.7
376.9
391.4
406.3
399.0
355.3
383.4
395.1
412.8
407.0
-4.6
-6.5
-3.7
-6.5
-8.0
-1.3
-1.7
-.9
-1.6
-2.0
102.0
103.8
103.8
105.0
100.3
102.3
104.0
103.5
103.9
99.8
-.3
-.2
.3
1.1
.5
-.3
-.2
.3
1.1
.5
423.5
441.1
457.6
473.1
485.5
421.5
440.1
455.9
472.5
487.7
2.0
1.0
1.7
.6
-2.2
.5
.2
.4
.1
-.5
207.9
224.8
237.4
251.8
254.8
206.9
226.6
238.3
252.6
257.4
1.0
-1.8
-.9
-2! 6
.5
-.8
-.4
-.3
-1.0
419.9
438.4
455.0
445.6
472.2
438.0
446.1
452.5
447.3
475.9
-18.1
-7.7
2.5
-1.7
-3.7
-4.1
-1.7
.6
-.4
-.8
103.0
104.9
105.8
100.6
103.6
103.8
105.9
104.6
101.0
103.8
-.8
-1.0
1.2
-.4
-.2
-.8
-.9
1.1
-.4
-.2
499.1
513.9
529.4
542.2
557.5
506.0
526.9
546.5
559.3
574.4
-6.9
-13.0
-17.1
-17.1
-16.9
-1.4
-2.5
-3.1
-3.1
-2.9
268.2
292.4
312.1
317.0
335.3
275.3
293.2
308.5
318.8
337.3
-7.1
-.8
3.6
-1.8
-2.0
-2.6
-.3
1.2
-.6
-.6
1960
1961
1962
1963
1964
491.5
498.4
528.7
548.3
577.7
487.7
497.2
529.8
551.0
581.1
3.8
1.2
-1.1
-2.7
-3.4
.8
.2
-.2
-.5
-.6
105.1
103.5
106.3
107.0
109.5
105.2
104.4
105.9
106. 7
108.9
-.1
-.9
.4
.3
.6
-.1
-.9
.4
.3
.6
575.3
593.1
614.5
638.1
666.1
592.5
607.9
626.6
646.2
670.7
-17.2
-14.8
-12.1
-8.1
-4.6
-2.9
-2.4
-1.9
-1.3
-.7
353.2
365.9
386.2
403.6
431.5
350.0
364.4
385.3
404.6
438.1
3.2
1.5
.9
-1.0
-6.6
.9
.4
.2
-.2
-1.5
1965
1966-..
1967
612.5
650.3
683.8
617.8
657.1
673.1
-5.3
-6.8
10.7
-.9
-1.0
1.6
112.7
115.3
117.2
112.3
114.4
114.6
.4
.9
2.6
.4
.8
2.3
696.7
733.0
773.8
702.8
740.5
776.8
-6.1
-7.5
-3.0
-.9
-1.0
-.4
465.8
499.2
545.3
473.2
511.6
546.3
-7.4
-12.4
-1.0
-1.6
-2.4
<>
6.1
1.4
.7
.6
7.8
1.4
3.2
1.0
1955
1956.
1957
1958
1959
.
Annual average*.. . -.
Corporate internal funds
Estima-
ted s
Actual *
(17)
Differ(19) 4- (18)
ence
(17) -(18)
(18)
(20)
(19)
(Billions of current $)
State and local government receipts
Federal Government receipts
(Percent)
Estimated s
Actual
(21)
(22)
Differ(23)4- (22)
ence
(21) -(22)
(24)
(23)
(Billions of current $)
(Percent)
Estimated s
Actual
(25)
(26)
Differ(27)-H26)
ence
(25) -(26)
(27)
(28)
(Percent)
(Billions of current $)
0
Personal consumption expenditures
Estimated
(29)
Actual
(30)
Differ(3D-K30)
ence
(29) -(30)
(31)
(32)
(Percent)
(Billions of 1958 $)
1948
1949
28.2
30.8
27.5
28.3
0.7
2.5
2.5
8.8
45.5
44.1
43.3
38.9
2.2
5.2
5.1
13.4
17.8
17.9
17.6
19.3
0.2
-1.4
1.1
-7.3
217.2
219.3
210.8
216.5
6.4
2.8
3.0
1.3
1950
1951
1952
1953.
1954.
26.8
32.2
34.7
33.3
33.3
28.6
30.6
32.1
32.5
35.2
-1.8
1.6
2.6
.8
-1.9
-6.3
5.2
8.1
2.5
-5.4
49.4
61.3
64.4
66.5
64.3
49.9
64.0
67.2
70.0
63.8
-.5
-2.7
-2.8
-3.5
.5
-1.0
-4.2
-4.2
-5.0
.8
19.9
23.9
25.9
28.1
28.5
21.1
23.3
25.2
27.2
28.8
-1.2
.6
.7
.9
-.3
-5.7
2.6
2.8
3.3
-1.0
230.9
235.6
243.0
253.2
256.5
230.5
232.8
239.4
250.8
255.7
.4
2.8
3. 6
2. 4
'.S
.2
1.2
1.5
1.0
.3
1955
1956
1957.
19581959
38.3
38.7
44.2
45.1
49.8
42.7
43.4
45.3
44.1
51.4
-4.4
-4.7
-1.1
1.0
-1.6
-10.3
-10.8
-2.4
2.3
-3.1
69.6
74.2
80.5
80.7
89.2
72.1
77.6
81.6
78.7
89.7
-2.5
-3.4
-1.1
2.0
-3.5
-4.4
-1.4
2.5
-.6
31.5
35.0
39.3
41.4
46.6
31.4
34.7
38.2
41.6
46.0
.1
.3
1.1
-.2
.6
.3
.9
2.9
-.5
1.3
266.9
282.2
293.6
295.4
305.9
274.2
281.4
288.2
290.1
307.3
-7.3
.8
5.4
5.3
-1.4
-2.7
.3
1.9
1.8
-.5
19601961
1962
19631964. .
52.9
54.1
62.2
64.9
71.3
51.8
53.2
61.7
64.4
71.9
1.1
.9
.5
.5
-.6
2.1
1.7
.8
.8
-.8
95.4
99.0
106.4
113.2
117.4
96.5
98.3
106.5
114.5
115.0
-1.1
.7
-.1
-1.3
2.4
-1.1
.7
-.1
-1.1
2.1
49.7
52.5
57.5
62.4
68.7
49.9
53.6
58.6
63.4
69.5
-.2
-1.1
-1.1
-1.0
-.8
-.4
-2.1
-1.9
-1.6
-1.2
316.6
325.4
338.7
350.3
367.9
316.1
322.5
338.4
353.3
373.7
.5
2.9
.3
-3.0
-5.8
.2
.9
.1
-.9
-1.6
78.7
87.1
93.0
81.1
89.0
90.3
-2.4
—1.9
2.7
-3.0
-2.1
3.0
124.4
143.4
154.0
124.7
143.0
151.2
0
.'4
2.8
-.2
.3
1.9
75.4
85.9
93.9
75.5
84.6
91.9
-.1
1.3
2.0
-.1
1.5
2.2
390.2
408.9
433.8
397.7
417.8
430.5
-7.5
-8.9
3.3
-1.9
-2.1
.8
1.8
4.1
1.8
2.7
.8
2.0
3.6
1.2
1965. .
1966
1967
-.
..
Annual average*.
mated values of private GNP are small
(chart 11). The largest errors appear
during the postwar readjustment from
1947 to 1949.
The equations for investment, internal funds, and private GNP (equations 4-11) are interdependent in the
sense that the solution to one equation
depends on the solution to the others.
Iterative techniques produce quick solu
tions for the set of equations. Starting
from an initial estimate of private GNP
and using the error produced by the
initial estimate to refine the second
estimate, one can find the correct solutions in two or three iterations.
Gross government product (equation
12) is determined from a set of identities
that multiplies government employment
by average compensation per employee
in 1958.
The supply-side estimate of GNP
(equation 13) is the sum of private and
government GNP.
Income equations
Noncorporate capital consumption allowances (equation 14) depend upon the
housing stock as the principal explanatory variable. The housing stock multiplied by a time trend is used as an
additional explanatory variable.
June 1969
51
SURVEY OF CUERENT BUSINESS
Table 2.—Estimated and Actual Values: Selected GNP Components tend Related Items, 1948-67—Continued
Fixed nonresidential investment
State and local government purchases
Residential investment
Estimated
Actual
Difference
(33) -(34)
(35)-K34)
Estimated
Actual
Difference
(37) -(38)
(39) -5- (38)
Estimated
Actual
Difference
(41) -(42)
(43) -5- (42)
(33)
(34)
(35)
(36)
(37)
(38)
(39)
(40)
(41)
(42)
(43)
(44)
(Billions of 1958 $)
(Percent)
(Percent)
(Billions of 1958 $)
(Billions of 1958 $)
(Percent)
1948
1949
38.6
36.6
38.0
34.5
0.6
2.1
1.6
6.1
17.0
18.3
17.9
17.4
-0.9
.9
-5.0
5.2
24.7
26.0
22.7
25.7
2.0
.3
8.8
1.2
1950
1951
1952 _ .
1953. . .
1954
36.8
38.6
39.0
39.6
36.9
37.5
39.6
38.3
40.7
39.6
-.7
-1.0
.7
-1.1
-2.7
-1.9
-2.5
1.8
-2.7
-6.8
20.1
19.9
18.9
19.1
20.1
23.5
19.5
18.9
19.6
21.7
-3.4
.4
0
-.5
-1.6
-14.5
2.1
0
-2.6
-7.4
26.4
27.8
28.5
30.5
32.2
27.5
27.9
28.4
29.7
32.1
-1 1
-1
1
8
1
-4.0
-.4
.4
2. 7
.'3
39.2
41.2
431
41.8
44.1
43.9
47.3
47.4
41.6
44.1
-4.7
-6.1
-4.3
.2
0
-10.7
-12.9
-9.1
0.5
0
24.7
23.1
21.2
19.3
23.9
25.1
22.2
20.2
20.8
24.7
-.4
.9
1.0
-1.5
-.8
-1.6
4.1
5.0
-7.2
-3.2
33.3
35.5
38.1
4.1
43.0
34.4
35.6
37.6
40.6
42.2
-1 1
-1
5
5
8
-3.2
-.3
1.3
1.2
1.9
46.7
47.9
52.3
56.1
60.8
47.1
45.5
49.7
51.9
57.8
-.4
2.4
2.6
4.2
3.0
-.9
5.3
5.2
8.1
5.2
18.9
21.2
24.6
25.5
26.1
21.9
21.6
23.8
24.8
24.2
-3.0
-.4
.8
.7
1.9
-13.7
-1.9
3.4
2.8
7.9
44.6
46.8
48.0
51.0
53.5
43.5
45.9
47.5
50.1
53.2
11
9
5
9
3
2.5
2.0
1.1
1.8
.6
66.6
72.8
77.2
66.3
73.8
73.7
.3
-1.0
3.5
.5
-1.4
4.8
26.5
27.2
24.5
23.8
21.1
19.9
2.7
6.1
4.6
11.3
28.9
23.1
56.4
61.0
63.5
56.8
61.3
65.9
-4
-3
-2.4
-3! 6
2.1
4.4
1.6
7.5
.7
1.9
1955..
1956
1957
1958
1959
I960
1961
1962
1963
1964.
...
.
. .
1965
1966
1967
Annual
average*
*Without regard to signs.
1. Labor force concept.
2. As published in the February 1967 SURVEY. This series has undergone extensive re vision.
The latest data on fixed business capital stock are available in the February 1969 SURVEY.
However, the earlier series was used in the various estimating equations.
3. Estimated from equation (6) minus equation (8) minus exogenous State and local corporate profit taxes plus exogenous inventory valuation adjustment.
c
4. Corporate profits after taxes plus inventory valuation adjustment and corporate capital
consumption allowances.
5. The sum of the estimates from equation (8), (16), (18), (19), and (28), plus exogenous contributions for other Federal social insurance programs.
6. The sum of the estimates from equations (15), (16), and (27), plus exogenous Federal
grants-in-aid.
Source: U.S. Department of Commerce, Office of Business Economics.
Indirect business taxes are determined grams (mainly pension contributions for
by two equations, one for State and Federal employees and veterans' life inlocal (equation 15) and one for Federal surance contributions). There are sepGovernment (equation 16). Because arate equations for the first three items.
individual tax rates (except for the The fourth is exogenous since it is remotor fuel tax) are not shown sep- lated to Federal Government employarately, the effects of changes in ment, which is also exogenous.
individual excise tax rates cannot be
In the equation for contributions for
determined within the model. State
State and local social insurance proand local indirect business taxes are
grams, the compensation of State and
a simple function of private GNP.
State and local indirect business tax local government employees (net of employers' contributions for social insurrates have been rising, but their tax
ance) is the major explanatory variable
bases do not expand as fast as GNP.
since this category refers mainly to penConsequently, the net effect has been
sion plans for State and local governto keep State and local indirect busiment employees. The other explanatory
ness taxes a constant percentage of
GNP. Federal indirect business taxes variable is lagged State and local social
insurance contributions. The OASDHI
are a function of private GNP, motor
equation depends on the combined tax
fuel usage, the tax rate on motor fuels,
rate for employers and employees, the
and a dummy variable to reflect changes
percentage of total employees covered,
in indirect business taxes during the
the size of the tax base as compared
Korean war period.
with median family income, and the
Contributions for social insurance are compensation of employees (net of emsplit into four types, State and local pro- ployers' contributions for social insurgrams (equation 17), old age, survivors, ance) . Compensation of employees (net)
and disability insurance (OASDHI, and the employers' tax rates determine
equation 18), unemployment insurance unemployment insurance contributions.
(equation 19), and other Federal pro- Compensation of employees is deter
-.7
mined by equation 20 and employer
contributions for social insurance by
equation 21.
Consumer interest payments (equation
22) are adequately explained by personal income. This implies that consumers adjust their borrowing plans in
order to limit interest payments to some
constant fraction of their personal income. Effective rates of interest on time
payments are so far above market rates
of interest that changes in Government
monetary policies do not seem to have
any impact on consumer borrowing and
interest payments.
Federal interest payments (equation
23) are a function of interest rates, the
publicly held Federal debt, and lagged
interest payments. State and local government interest payments are left as
an exogenous variable since they are
minute and stable.
Dividends (equation 24) are estimated
from an equation that is a modification
of one developed by Lintner.5 Internal
5. John Lintner, "Distribution of Incomes of Corporations
Among Dividends, Retained Earnings, and Taxes," American Economic Review, May 1956.
SUEVEY OF CURRENT BUSINESS
52
funds net of investment and lagged
dividends are the explanatory variables.
Business policies to stabilize dividends
are reflected in a coefficient for the previous year's dividends that is close to
unity. However, in determining dividends, firms look not only at past dividend levels and present earnings but
also at investment. Higher investment
leads to smaller increases in dividends
since the funds are needed for investment.
Personal income is determined by
equation 25 in the manner outlined in
table 1.
Median family income (equation 26)
is a function of the employment rate,
GNP per worker, and the share of GNP
going to personal income.
The equations for social insurance
contributions, compensation of employees, median family income, consumer interest payments, and personal
income are interdependent in that the
solution to one equation depends upon
the solutions to the others. They are
solved by iterative techniques. The
Table 3.—Residual and Actual Values of
Federal Government Purchases, 1948-67
Federal Government purchases of goods
and services (except compensation)
Residual i
Actual
Difference
(D-(2)
(3) -5- (2)
(1)
(2)
(3)
(4)
(Billions of 1958 dollars)
(Percent)
1948. .
1949
8.6
20.2
9.4
12.6
-0.8
7.6
-8.5
60.3
1950
1951
1952
1953
1954
11.0
16.8
31.8
38.6
31.0
9.7
24.5
38.3
45.4
33.7
1.3
-7.7
-6.5
-6.8
-2.7
13.4
-31.4
-17.0
-15.0
-8.0
25.3
26.5
32.3
28.0
29.6
28.6
28.0
30.2
33.0
32.3
-3.3
-1.5
2.1
-5.0
-2.7
-11.5
-5.4
7.0
-15.2
-8.4
1961
1962
1963
1964
37.6
31.7
33.9
33.7
36.5
31.0
34.0
38.2
37.9
36.5
6.6
-2.3
-4.3
-4.2
0
21.3
-6.8
-11.3
-11.1
0
1965
1966
1967
37.2
37.1
50.2
36.1
41.2
49.0
1.1
-4.1
1.2
3.0
-10.0
2.4
3.6
13.4
1955
1956
1957.
.
1958__ .
1959
I960. .
Annual
average*
*Without regard to signs.
1. Derived by subtracting from the supply-side estimate of
GNP the sum of the model estimates of personal consumption
expen litures, fixed investment, imports, State and local
government purchases of goods and services, and the
actual values for exports, Federal Government compensation, and inventory change.
Source: U.S. Department of Commerce, Office of Business
Economics.
June 1969
iteration is begun by assuming initial rates are a powerful variable in this
estimates of social insurance contribu- equation. A 1 percentage point change
tions and consumer interest payments in interest rates results in a $4.6 billion
that then permit an initial estimate of change in constant dollar residential
personal income. Successive iterations investment. However, interest rate
correct for differences between the variables are not included prior to 1951.
derived estimates of social insurance In the depression and in the immediate
contributions and consumer interest postwar period, as well as in some
payments and the initial assumptions recent years, changes in the availability
of funds were more important than
as to their magnitudes.
State and local personal taxes (equa- variations in interest rates in detertion 27) depend on personal income and mining the level of residential investlagged taxes. As incomes rose, the ment.
The equation for change in business
effective tax rate fell as a percentage
of personal income since incomes sub- inventories (equation 31) does not atject to State and local income taxes did tempt to capture shortrun fluctuations
not keep pace with the growth of in inventories, which are dominated by
personal income during the period unexpected variations in both demand
covered. Consequently, the time trend and supply. The model attempts to
estimate desired inventory changes,
in the equation is negative.
Federal personal taxes (equation 28) which are determined by an inventory
also depend on personal income. Given stock adjustment model, modified to
the progressive structure of the Federal allow for a time trend and a nonlinear
tax, the average effective tax rate capacity utilization variable. The latter
rises with income. To build progression variable helps to separate the cyclical
into the equation, the nominal tax rate component from the longrun growth
for the median family income is included. component.
Imports oj goods and services (equation
Thus, the tax rate in the equation rises
32) are based on another equation
as median family income rises even if
the tax structure remains unchanged. developed by Houthakker and Taylor
except that lagged disposable personal
Demand equations
income and change in disposable perPersonal consumption expenditures sonal income are substituted for GNP
(equation 29) are estimated by an as the variables reflecting aggregate
equation developed by Houthakker demand. Disposable personal income
and Taylor.6 Consumption expenditures seems to be a more effective explanatory
depend on the change in disposable variable than GNP during periods of
personal income, the lagged value of rapid growth. The shortrun income
disposable personal income, and the effects are larger than the longrun
lagged value of personal consumption effects. The longrun import propensity
expenditures. With the equation con- is 7.9 percent of disposable personal
taining both the change in disposable income while the shortrun propensity
income and the previous level of is 9.7 percent. Relative prices play an
disposable income, the shortrun and important part in this equation.
State and local government purchases
longrun consumption propensities may
oj goods and services (except compensation
differ. The shortrun consumption propensity is 66 percent; the longrun of employees) per capita (equation 33)
consumption propensity is 96 percent. are a function of lagged per capita
In a growing economy, the actual private GNP, per capita grants-in-aid,
consumption propensity is a mixture and school enrollment as a proportion
of the total population.
of these two propensities.
The demand-side estimate oj GNP is
Investment in residential structures
(equation 30) depends on the number obtained from equation 34.
of households, per capita disposable
income, and interest rates. Interest
Simulation With the Model
6. H. S. Houthakker and Lester D. Taylor, Consumer
Demand in the United States, 1929-1970, Harvard University
Press, 1966.
Three sets of simulations are undertaken to facilitate an understanding of
June 1969
how the model functions, its problems
and limitations, and its implications for
economic policy.
First, tests are made to evaluate the
accuracy of the model, as a tool for
both projecting the income and product
accounts and formulating fiscal policies.
To perform these tests, the economy is
simulated for the period 1948-67 by
inserting into the various equations of
the model the actual values of all the
necessary exogenous variables.
Second, the model is used to determine the differential impact on the
economy of changes in each of the
major fiscal policy variables. This is
done by undertaking simulations in
which one policy variable is altered at
a time, and all others are held constant.
Third, an investigation is made of the
effects on GNP of eliminating business
cycles. Specifically, a constant 4 percent
unemployment rate is assumed for
1948-67.
These simulations are described in
detail below.
Testing the model
In order to test the accuracy of the
model in projecting the GNP accounts,
the unemployment rate and all other
necessary exogenous variables are inserted into the equations at their actual
values from 1948 to 1967. As a result,
the model generates the annual time
path of all the endogenous variables—
both lagged and current—on the supply,
income, and demand sides of the model.
These estimates of the endogenous variables are compared with actual values
in order to evaluate the accuracy of the
model.7
The actual and estimated values of
the most important variables are presented in table 2. In judging the errors
of the model, the reader should keep in
mind that the model is being subjected
to a particularly severe test. It is run out
over a 20-year period during which,
because of the presence of numerous
lagged endogenous variables, errors
made in 1 year will affect the results
for the next, and may very well lead to
cumulative errors over the subsequent
years. This test is much more stringent
7. Because planning horizons are longer than 1 year,
perhaps averages for subperiods rather than annual data
should be used to judge the model. However, subperiod
averages can easily be derived from the annual data.
SUEVEY OF CURRENT BUSINESS
than the tests by which short-term forecasting models are typically judged. In
these tests, actual values are substituted
for the estimated values of lagged variables at intervals that usually do not
exceed 1 or 2 years. Seen in this perspective, the results generated by the model
both inside (1948-65) and outside
(1966-67) the period of statistical estimation seem reasonably good to the
author.8
A comparison of the actual and estimated values for constant dollar GNP
provides an excellent means of evaluating the supply side of the model as a
whole. The average difference between
predicted and actual GNP is $6.1 billion
(1.4 percent of actual GNP). The maximum error of $18.1 billion (4.1 percent)
occurs in 1955, with the years 1948 and
1949 also showing relatively large percentage errors.
Differences between estimated and
actual labor inputs (total private manhours) are quite small. The average
error in the man-hour estimate is about
one-half of 1 percent. The only sizable
error occurs in 1967 when labor input
is overestimated by 2.3 percent. This
overestimate stems from the fact that
females did not enter the labor force at
the expected rate and that average
annual hours dropped more than
expected.
8. Since the equations were fitted to 1985, the comparisons
for the years 1966 and 1967 provide a more stringent test of
the accuracy of the model than those for the earlier years.
53
Errors in estimating capital inputs,
although larger than those for labor
inputs, are also fairly small, averaging
1.4 percent per year. The largest
errors—underestimates of about 3 percent—occur during the period 1957-60.
They result from underestimates of
business investment during the 1955-57
investment boom.
The sizable excess of estimated over
actual GNP in 1948—$12.4 billion or
3.8 percent—can to a small extent be
attributed to overestimates of both
labor and capital inputs for that year.
However, the bulk of the error is due to
an overestimate of productivity. The
postwar readjustment to a civilian
economy was not yet complete in 1948,
and disruptions attending the transition
reduced actual productivity below its
expected level. The $11.7 billion, or
3.6 percent, overestimate of GNP for
1949 cannot be attributed to an overestimate of factor inputs. Capital stock
was overestimated by 0.7 percent, but
labor input was underestimated by 0.5
percent. The model error for that year
again reflects shortcomings of the production function.
The 4.1 percent error in the GNP
estimate for 1955 can in part be explained by underestimates of both
capital and labor inputs, but the bulk
of it is due to the inability of the production function to reflect shifts in the
share of durable goods in final demand.
Table 4.—First Year Effects on Supply, Income, and Demand Resulting From Changes in
Government Expenditures and Receipts Necessary to Eliminate a $1 Billion Excess of
Supply Estimate of GNP Over Demand Estimate*
Change
in government
expenditures
and
receipts
Federal Government purchases
(except compensation) __
Supply
effects
Change
in
Demand effects
Income effects
Net
Change Change Change
Change Change
in govin
in
in
in dischange
posable corporate in gov- personall corporate ernment
2
personal internal ernment demand demand purchases
funds
receipts
income
$1.0
0
0
0
0
0
0
$1.0
-1.8
Indirect business taxes-
0
$1.6
0
-$1.6
$1.0
0
0
-3.0
$0.2
.4
-2.9
.3
$0.9
0
Personal income taxes
-1.6
0
1.6
0
-1.6
1.0
0
0
Social insurance contributions
-1.8
0
1.6
0
-1.6
1.0
0
0
Corporate profits taxes
.
Federal employee compensation
.9
-.3
Transfer payment to persons .
1.8
0
1.6
.8
-.5
-.2
Grants-in-aid
- .
0
$2.09
-.1
0
-.1
-.2
0
-.2
.2
1.0
0
.6
-.1
-.2
.9
0
.8
* These data reflect the relative prices and tax structure of the year 1967.
1. Consists of all demand elements that are dependent upon disposable personal income, i.e., personal consumption expenditures, investment in residential structures, and imports.
2. Consists of private investment in nonresidential structures, producers' durable equipment, and change in business
inventories.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURKENT BUSINESS
54
discussed.) This is not the case for 1957
and 1967. In both these years, the model
overestimates the modest increase in
actual GNP since it overestimates the
increase in labor input.
Errors in estimating supply GNP are
reflected in estimates of many of the
income components, since GNP is an
important explanatory variable in their
estimating equations. The average errors
in the income estimates are somewhat
larger than those in GNP for government and corporations and somewhat
smaller for persons.
The errors in estimating disposable
personal income average 1.0 percent
per year, with the largest errors occurring in 1948, 1955, and 1966. The direction of the errors is generally the same
as for GNP. In only 3 of the 20 years—
1950, 1962, and 1967—is the error
in the opposite direction. The difference in
direction is most marked in 1967 when
disposable personal income is underestimated by $1 billion, despite a $12.4
billion overestimate of current dollar
GNP. In that year, the model overestimated indirect business taxes, capital consumption allowances, and corporate profits, which are all deducted
Inasmuch as the production of durable
goods is characterized by high output
per man-hour, the pronounced shift
toward durable goods that occurred in
1955 raised output in that year above
the level estimated by the model. Because of this shortcoming of the production function, it might have been
expected that the model would overestimate GNP in 1958, a year in which
the share of durable goods in total
GNP declined sharply. However, the
GNP estimated by the model is quite
accurate for that y6ar, because of compensating underestimates of both capital and labor inputs.
Not only does the model provide
fairly accurate estimates of the level of
GNP in most years, but it also reproduces the year-by-year movements in
actual GNP quite closely (chart 12).
Sizable errors in estimating the year-toyear changes in GNP are confined to
the years 1950, 1955, 1956, 1957, and
1967. The 1950, 1955, and 1956 errors
in estimating changes in GNP are associated with the model's failure to
estimate properly the actual level of
GNP in the preceding year. (The
reasons for these failures have just been
GNP-Actual and Estimated From Supply Equations, 1948-67
Billions of 1958 $ (Ratio scale)
750
700
650
600
550
500
450
400
350
300
1
>
1948
I
I
50
52
U.S. Department of Commerce, Office of Business Economics
I
54
I
I
56
I
I
58
I
I
60
I
I
62
I
I
64
I
I
66
I
68
June 1969
from GNP in deriving personal income.
The average error in estimating corporate internal funds (defined here as
after-tax profits plus IVA and capital
consumption allowances) is $1.8 billion
or 4.1 percent, with maximum errors of
— 10.3 percent in 1955 and —10.8 percent in 1956. These large errors are due
only partly to supply-side errors in
estimating GNP. To some extent, they
also reflect errors in the other variables
in the estimating equations.
Errors in estimating Federal Government receipts averaged 2.7 percent per
year, with a maximum error of 13.4 percent in 1949. The 1949 error is considerably larger than the average because in
that year all the errors in estimating
the various tax components were in the
same direction. In other years, there
was some tendency for the errors to offset one another. In recessions, Federal
receipts decline slightly faster than estimated, but this seems to be the only
systematic error. Errors in estimating
State and local government receipts
average 2.0 percent per year, with a
maximum of —7.3 percent in 1949.
Estimation errors on both the supply
and income sides of the model are
reflected on the demand side. Investment in equipment and nonresidential
structures depends upon the estimates
of both corporate incomes and GNP.
State and local government purchases
depend, among other things, upon the
estimate of GNP. Disposable personal
income is an important variable in
determining the demands for personal
consumption expenditures, imports, and
residential investment.
The errors in estimating personal
consumption are generally quite small,
averaging 1.2 percent per year. The
largest error—an overestimate of 3.0
percent—occurs in 1948. This error is
associated with an overestimate of
2.3 percent in disposable personal
income. In 1955, the model underestimated both personal consumption
expenditures and disposable personal
income by about 2.7 percent. The
only other sizable error occurs in 1966
when a 2.4 percent underestimate of
disposable personal income is associated
with a 2.1 percent underestimate of
consumption.
The average error in estimating
fixed nonresidential investment is 4.4
June 1969
SURVEY OF CURRENT BUSINESS
percent, with maximum errors of over which are then compared to actual
twice this amount in 1955, 1956, and Federal purchases for these years.9 The
1957. The model adequately reproduces residual estimates are derived by subthe Korean war and the 1965-66 tracting from the supply-side estimate
investment booms, but it underesti- of GNP, the sum of the model estimates
mates the boom of 1955-57. The of personal consumption expenditures,
sizable underestimates of 10.7 percent fixed investment, imports, State and
and 12.9 percent in 1955 and 1956 local government purchases, and the
can be explained by underestimates of actual values for exports, Federal Govboth GNP and internal funds. In ernment compensation, and inventory
1957, the model underestimates in- change.10
vestment by $4.3 billion (9.1 percent) The residual estimates of Federal
despite the fact that GNP is slightly purchases are those which, according
overestimated in that year and that to the model, would have been required
the underestimate of corporate income to achieve the unemployment rates
is quite modest. From 1956 to 1957, that actually prevailed in each year. If
actual output grew slowly, yet invest- these residual purchases differ from
ment in plant and equipment con- actual purchases, the model signals
tinued at very high levels. Expectation that there is a gap between demand and
of future growth is often used to supply and that the specified unemployexplain this phenomenon. The model ment rate cannot be achieved without
does not contain expectational vari- altering existing Government policies.
ables; it depends on rising capacity Since in actuality there was no such
utilization, profitability, and a high level gap, the specified unemployment rates
of GNP to induce investment booms. having been achieved, this difference
Since in combination these factors were reflects errors in the model as a tool for
not particularly strong in 1957, the planning fiscal policies.
investment boom is underestimated.
The differences between the residual
The errors in residential investment and actual values also measure the
are larger than those in any of the errors in the estimate of the Federal
other major final demand components, purchases required to achieve given
averaging 7.5 percent per year. Errors unemployment rates. As will be seen in
are particularly large in 1966 and 1967. the next section, however, this numerKesidential investment is overestimated ical equality holds only for Federal
in these years because the model purchases, since this is the only case
does not capture the effects of credit where the size of the required change in
rationing.
Government receipts or expenditures is
State and local government purchases equal to the size of the gap.
are generally well predicted, with
As table 3 shows, the errors in Govannual errors averaging 2.1 percent. ernment purchases are reasonably small
The maximum error occurs in 1948 averaging $3.6 billion in 1958 dollars,
when these purchases are overestimated but frequently large in relation to the
by 9.3 percent. This can be attributed level of Federal purchases of goods and
to the large overestimate of the previous
year's GNP, which is an important
9. It would also have been possible to test the accuracy of
variable in the equation for State and the model estimates of various other policy instruments.
This could have been done by reversing the usual testing
local government purchases.
procedures. Instead of forecasting endogenous variables
While the simulations that have been given exogenous policy variables, endogenous variables
set at their actual values and exogenous policy
discussed so far provide an appropriate would be would be forecast. Differences between the prevariables
test for evaluating the accuracy of the dicted and actual values of the policy variables would provide measure of their
model as a tool for forecasting, they are have athe disadvantageaccuracy. However, such a test would
of providing no combined measure
not sufficient for testing the accuracy of the impact on GNP of the errors in the various individual
Therefore, it was
of the model as a tool for the planning policy instruments. that does providedecided to forecast the
one policy variable
this overall measure,
of fiscal policies. They can, however, be Federal Government purchases (other than compensation
expanded to provide such a test. This of employee).
10. As noted earlier, the equation for change in inventories
expansion is achieved by developing
is not designed to reflect changes associated with rapid
"residual" estimates of Federal Gov- movements in economic activity. Therefore, for this simulaernment purchases (other than com- tion, which does reflect marked annual variations in ecoactivity,
pensation of employees) for 1948-67, nomic was used. actual rather than estimated inventory
change
55
services (except compensation of employees). After one allows for the
multiplier effects, the errors in Government purchases indicate that if the
model had actually been used in planning fiscal policies in the period under
consideration, the unemployment targets would have been missed by small
amounts in many years but by substantial amounts in 1949, 1951, 1952,
1953, and 1960.
In evaluating these errors, it should
be kept in mind that, because the
economy is subject to exogenous shocks,
no model, even if it perfectly represents
the structure of the economy, can
perfectly reproduce its year-to-year
movements. However, many of the
observed errors in the present model are
undoubtedly due to the fact that it is
in the developmental stage and needs
further improvement. But since all
techniques of fiscal policy planning are
subject to substantial errors, we feel
that the present model is useful as an
additional planning tool and as a
check on alternative techniques.
The impact of different
policies
economic
As was indicated earlier, a central
purpose of this model is to aid in the
formulation of policies to achieve desired unemployment targets. With this
in mind, simulations were undertaken
to determine the magnitude of the
changes in Government fiscal policies
that \vould be required to eliminate a
Table 5.—Change in Government Expenditures and Receipts Necessary To Eliminate
a $1 Billion Excess of Supply Estimate of
GNP Over Demand Estimate
Government expenditures
and receipts
Federal Government purchases (except
compensation)
1st
3d
2d
year year year
$1.0
$1.0
$1.0
Indirect business taxes
1.8
1.6
1.4
Corporate profits taxes
3.0
1.8
1.6
Personal income taxes
1.6
1.3
1.2
Social insurance contributions.
1.8
1.5
1.3
.9
.8
.8
1.8
1.5
1.3
.8
.8
.8
Federal employee compensation.
Transfer payments to persons
Grants-in-aid...
. ...
NOTE.—Entries in the second and third columns indicate
the change in government expenditures and receipts required
in the given year, provided that the changes made for the previous years are those indicated in the previous columns. The
data in these columns reflect the relative prices and tax structure of the year 1967.
Source: U.S. Department of Commerce, Office of Business
Economics.
SURVEY OF CURRENT BUSINESS
56
$1 billion gap between the supply
estimates of GNP consistent with the
unemployment target, and the demands
that would be generated by this GNP.
In these simulations, each policy
instrument is altered separately to
provide quantitative estimates of its
impact. Knowing the different impacts,
one can easily find combinations that
will close a given gap. Table 4 presents
the first-year effects of simulations in
which each policy instrument is altered
separately until it is capable of closing
a $1 billion gap.11 The various policy
instruments chosen work through either
Government expenditures or receipts.
There is a wide range in the effectiveness of these instruments. Only a $0.8
billion change in Government grantsin-aid would be required to fill a gap
of $1 billion between supply and
demand, but a $3.0 billion change in
corporate profits taxes would be required to accomplish the same
objective.
Since Federal purchases of goods and
services are a direct component of
aggregate demand, a $1 billion change
in Federal purchases results in a $1
11. These simulations were undertaken for 1967, and thus
reflect the relative prices and tax structure prevailing in that
year.
billion change in aggregate demand.
Thus, the change in Federal purchases
necessary to close a gap between the
supply and demand estimates of GNP
is given by the size of the gap. However,
this is not the case for the other policy
instruments since they may affect
supply as well as demand and since
their impact on demand works indirectly via incomes. Table 4 shows how
alternative policy instruments generate different impacts through their
effects on the various elements of supply,
income, and demand.
For instance, a cut of $3.0 billion in
corporate profits taxes increases corporate incomes by $2.9 billion. This
causes an increase of $0.9 billion in
corporate investment. The investment
increase raises the capital stock and
thus increases the supply estimate of
GNP by $0.2 billion. With a larger
GNP and with higher dividends because of the tax cut, disposable personal
income rises $0.4 billion, leading to a
rise in personal demand of $0.3 billion.
Thus, a $3.0 billion corporate profits
tax cut results in a $1.2 billion increase
in aggregate demand and a $0.2 billion
increase in aggregate supply, eliminating a gap of $1 billion between supply
and demand GNP.
Table 6.—Comparison of the Model Estimates of Potential and Actual GNP, 1948-67
Actual
unemployment
rate
(1)
Gross national product
Gross stock of equipment
and structures
Index of total private
man-hours *
4 percent
unemployment
Actual
unemployment
Difference
(2)-(3)
4 percent
unemployment
Actual
unemployment
Difference
(5)-(6)
4 percent
unemployment
Actual
unemployment
Difference
(8)-(9)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(1929=100)
(Billions of 1958 $)
(Billions of 1958 $)
1948
1949
3.8
5.9
332.9
345.1
336.1
335.8
-3.2
9.3
389.3
410.0
389.4
406.7
-0.1
3.3
103.2
103.2
104.5
100.8
-1.3
2.4
1950
1951
1952.
1953
1954
5.3
3.3
3.1
2.9
5.6
357.5
368.0
379.5
394.0
406.7
350.7
376.9
391.4
406.3
399.0
6.8
-8.9
-11.9
-12.3
7.7
430.3
447.5
461.9
475.3
489.7
423.5
441.1
457.6
473.1
485.5
6.8
6.4
4.3
2.2
4.2
103.4
100.4
99.8
101.1
101.9
102.0
103.8
103.8
105.0
100.3
1.4
-3.4
-4.0
-3.9
1.6
1955
1956
1957.
1958... .
1959
4.4
4.2
4.3
6.8
5.5
420.1
434.5
452.1
469.7
487.9
419.9
438.4
455.0
445.6
472.2
.2
-3.9
-2.9
24.1
15.7
505.4
522.6
540.9
560.1
581.6
499.1
513.9
529.4
542.2
557.5
6.3
8.7
11.5
17.9
24.1
102.5
103.1
104.3
105.3
106.1
103.0
104.9
105.8
100.6
103.6
-.5
-1.8
-1.5
4.7
2.5
1960
1961
1962
1963.
1964
5.6
6.7
5.6
5.7
5.2
509.4
533.0
556.5
580.9
606.0
491.5
498.4
528.7
548.3
577.7
17.9
34.6
27.8
32.6
28.3
605.5
631.2
659.3
689.1
721.7
575.3
593.1
614.5
638.1
666.1
30.2
38.1
44.8
51.0
55.6
107.9
109.7
110.9
112.4
113.8
105.1
103.5
106.3
107.0
109.5
2.8
6.2
4.6
5.4
4.3
4.6
3.9
3.8
632.8
656.9
684.3
612.5
650.3
683.8
20.3
6.6
.5
754.9
790.3
828.3
696.7
733.0
773.8
58.2
57.3
54.5
115.3
115.0
115.8
112.7
115.3
117.2
2.6
-.3
-1.4
1965.
1966
1967
.
1. Labor force concept.
Source: U.S. Department of Commerce, Office of Business Economics.
June 1969
An increase of $0.8 billion in grantsin-aid to State and local governments
decreases potential GNP by $0.5 billion.
This occurs for two reasons. First, an
increase in grants-in-aid causes an
increase in State and local government
employment. The increase in the number of government employees is exactly
offset by a decrease in the number of
private employees, since the total of
private and government employment
is fixed by our estimates of the labor
force and our target unemployment
rate. Since the GNP per private
employee is higher than that per
government employee, the net effect of
this shift in the composition of employment is to decrease the supply potential
GNP. Second, the decrease in private
GNP causes a decrease in corporate
incomes, which reduces investment and
capital stock and thus further contributes to the reduction in the supply
estimate of GNP. The net impact that
the various income changes induced
by the increase in grants-in-aid have
on demand is a net increase of $0.5
billion, with the $0.8 billion increase
in State and local government purchases
offset by small declines in personal and
corporate demand. Thus, a $0.8 billion
increase in grants-in-aid results in a
$0.5 billion decrease in aggregate supply and a $0.5 billion increase in
aggregate demand, eliminating a gap
of $1 billion.
Alternative policy combinations that
will eliminate a billion dollar gap can
be calculated by using table 4. For
example, the combination of a personal
tax cut of $0.8 billion (one-half of
$1.6 billion) with an increase in transfer
payments of $0.9 billion (one-half of
$1.8 billion) would eliminate a gap of
$1 billion between supply and demand
GNP as would a combined corporate
tax cut of $1.5 billion and a personal
tax cut of $0.8 billion.
Because of lags in economic reactions,
the impact of fiscal policies depends on
the time period under consideration.
To close annual gaps of equal size over a
number of successive years, policies
must vary over time. The necessary
variations can be seen in table 5. For
example, if because of a cut in personal
taxes, disposable personal income is
increased $1.6 billion in year one,
June 1969
consumption will increase $1.0 billion
in that year.12 However, because both
lagged disposable personal income and
lagged consumption are explanatory
variables in the estimating equation for
personal consumption expenditures, the
tax changes made in year one will have
an effect on consumption of $0.2
billion in year two. The gap that remains to be closed in year two, therefore, is $0.8 billion, rather than the
original $1.0 billion, and the tax cut in
year two necessary to close this gap is
not $1.6 billion, but 80 percent of
this amount, or $1.3 billion. In year
three, the tax cut made in year one
continues to have a small effect on
consumption through the influence of
the lagged consumption variable. In
addition, the $1.3 billion tax cut made
in year two affects consumption in
year three, through the lagged income
and consumption terms. The combined
effect on consumption in year three of
tax cuts in years one and two is $0.27.
Accordingly, we need to fill a gap of
only $0.73 billion in year three, and
this is accomplished by a personal tax
cut of $1.2 billion.
Since not all policy instruments affect
the same set of variables, the various
fiscal measures differ in their impact
over time. For instance in the case of
corporate profits taxes, the successive
tax cuts required to fill a gap of $1
billion in each of 3 consecutive years
are $3.0 billion in year one, followed
by $1.8 billion in year two, and $1.6
billion in year three.
Potential output
What would be the course of GNP if
economic fluctuations were eliminated
and full employment were steadily
maintained? It is apparent from the
preceding explanation that the model
can provide an answer to this question
which differs from other answers
because it systematically allows for the
fact that the supply of the factors of
production depends on the unemployment rate and the level of economic
activity. These variables affect the
12. Actually the impact on personal demand is not solely
on consumption. There are also minor impacts on imports
and residential investment. For the sake of simplicity, the
effects of the import and residential investment equations
have been ignored in this explanation.
SUKVEY OF CURRENT BUSINESS
size of the labor force and (through
investment) the size of the capital stock.
The model also shows that the size of
the GNP that corresponds to full
employment depends on the composition of full employment demand.
Demand for GNP that stems from fixed
business investment or from government outlays for employee compensation influences the size of the GNP
which can be supplied, while demand
for GNP that stems from personal
consumption, residential investment,
exports, and government purchases of
business output does not.
In the simulation undertaken in this
section, we estimate GNP on the assumption that unemployment was
maintained at 4 percent throughout
1948-67 by fiscal policy measures that
do not influence potential supply.13
These include all taxes, except the corporate profits tax, and all expenditures
other than for Federal employee compensation and grants-in-aid. The results
of the simulation are shown in table 6.
In order to minimize model errors, the
effects of maintaining full employment
are isolated by comparing the estimated full employment GNP, not with
actual GNP, but with the GNP that
the model estimated would have materialized if actual unemployment rates
had prevailed.
As can be seen from the table, maintenance of a 4 percent unemployment
rate would not have greatly changed
the broad contours of GNP.14 The
reason for this is that economic activity
was at high levels in most of the postwar
years, and that serious and prolonged
periods of underemployment did not
occur.
Had unemployment been maintained
at 4 percent throughout, GNP would
have grown at 3.9 percent per year, 0.1
percent faster than the model estimate
of GNP growth at actual levels of unemployment. The improved growth
13. All other exogenous variables needed for this simulation
are inserted in the model at their actual 1948-67 values, except
for price inflators which are subject to marked cyclical variations. In the absence of specific information bearing on this
point, prices are assumed to increase at the actual average
annual rate for this period—2.3 percent per year.
14. It should be noted that this simulation may not adequately reflect the changes in GNP resulting from maintaining full employment because it does not allow for changes in
the rates of technical progress induced by the elimination of
economic fluctuations.
57
performance would have been due
entirely to a faster growth in the stock
of capital; the long-term increase in
labor input is not changed by the
maintenance of a 4 percent unemployment rate.
Over the period as a whole, GNP
would have been $189 billion higher in
1958 dollars. This would have been a
gain over actual output of 2 percent.
As can be seen from the table, GNP
would actually have been lower in the
first half of the period because employment as measured by the 4 percent
unemployment yardstick was overfull.
Shortfalls of actual from full employment GNP are concentrated in the
second postwar decade with the maximum loss of GNP of $35 billion—or
about 7 percent—occurring in 1961.
(Continued from page 16)
Amount of inventory imbalance
In both this and the preceding survey, manufacturers who classified their
stocks as "high" or "low" were asked to
estimate the amount by which their
inventories were out of balance.
As noted above, manufacturers holding 22 percent of producers' stocks
designated their March 31 inventories as
either "high" or "low." The net excess
on March 31 reported by these manufacturers was quite modest—$1.7 billion, or less than 2 percent of total book
value of manufacturers' stocks. This
was not significantly different from the
$1.5 billion excess reported at the end of
1968 (see text table p. 15).
Inventory imbalances were reported
primarily by durable goods producers.
Their excess rose from $1 billion on
December 31 last year to $1.2 billion,
or 2 percent of book value, on March
31. Excess inventories held by nondurable goods producers continued to be
estimated at $% billion, or 1.6 percent
of stocks.
A tabulation of all companies reporting imbalances indicates that the average (mean) amount of imbalance was 11
percent of the book value of their inventories. About 30 percent of the companies reported imbalances of 5 percent
or less, while 12 percent had imbalances
of more than 20 percent.
APPENDIX—EQUATIONS, LIST OF VARIABLES, AND
STATISTICAL TERMS
Supply Equations and Identities
(1) Labor force participation, 1947-65
Males
^<=-239.58 + 854.08 §^ t- 570.7 v
(^ fY-15.770 InTf- 0.1710 %A#« 5
(91.81) (219.83) ^m
(139.1) ^ ' (3.266)
(0.0474)
'
OLS.
Fm
Females
^t=- 60.527 - 25.63 4^4-15.209 InTf- 0.0744 %&EC 5
*r
(14.695) (11.98) ^'
(3.930)
(0.0368)
'
OLS.
(2) State and local government employment per capita, 1947-65 3
~t= 0.002389+ 0.003241 ^^t-l+ 0.1761 ^~^t+ 0.06568^*;
F
(0.00163) (0.001492) ^
(0.0310) ^
(0.0172)^
S2-0.99 D.W=1.35 d/. = 15 ^=0.005
T3LS.
(3) Average annual hours per private employee, 1948-65
MBrt=2301.5— 11.229 t7^-15.980 T,46+11.552
(10.3) (1.925)
(0.898)
(1.475)
./. = 14 #,=8.11
OLS.
(4) Investment in producers' durable equipment, 1948-65 (constant dollars)
/.,= - 6.19+0.0451 GNPP- 0.0455 K,..+ 0.312 /^,
(1.51) (0.0199)
(0.0227)
(0.061)
+ 116.22 / 1 t
\(IF, A+0.3369
(42.70) \UR )\K t~l) (0.0850)
TSLS.
(5) Investment in nonresidential structures, 1947-65 (constant dollars)
Is =—2.79+0.0194 GWFL+32.153 IF. , +0.5146 /,. ,.
(3.08) (0.0052)
(23.776) ~Kt~~l (0.1735)
£2=0.90 Z>.TF.-1.29 d . = 15 #=0.83 TSLS.
1. Where the dependent variable is in current (constant) dollars, all independent variables (expressed in value terms)
are also measure in current (constant) dollars. Equations 9, 10, 24, and 25 are exceptions.
2. These equations were originally estimated in a reduced form with unemployment over population as the dependent
variable rather than labor force over population. Error terms are available only for the reduced form equations.
3. Private GNP in this equation is measured in 1958 prices.
58
SURVEY OF CUEEENT BUSINESS
June 19e9
59
(6) Gross flow of corporate funds, 1948-65 (current dollars)
OPCCA, =— 3.6723 -1.5649 [7#,+0.2045 ONPV.
(3.7943) (0.6638)
(0.0090)
+ 1.3852 ^[D^-ULtY,
(0.3997) »'=°
K2=0.98 D.W.=1.71 dj.=U
Se=2.96
TSLS.
(7) Corporate capital consumption allowances,4 1947-65 (constant dollars)
CCAC. =-10.993 + 0.0569 JfiT,_1+0.0045 #A+
(1.450) (0.0036)
(0.0010)
(0.0006)
E2=0.99 D.W.=1.75
d.f.=15
'
Se=Q.4&
OLS.
(8) Federal corporate profit taxes, 1947-65 (current dollars)
OPTf = 2.1276 + 0.7381 [(TRC} (CP)}t.
(0.6479) (0.0263)
B2=0.98 Z?.W.=1.64 d.y.=17 Se=0.74
TSLS.
(9) Corporate profits (book value) before taxes (current dollars)
CPt=CPCCAc-(CCACt) (DFit}_
(10) Corporate internal funds (constant dollars)
IFt=(CPCCAc-CPTf-CPTs
t)/DFit.
(11) Production function, 1929-65 (constant dollars)
In the estimating form:
-^ t= 0.6048 - 0.000269(C7R()2+ 0.01167Tf+ 0.8304 ln[(MH)(Ep)]01
(0.0159) (0.000030)
(0.00122)
(0.0262)
Ku
04
52=0.99 DW.=1M
(f./.=33 Se=0.022
(12) Gross government product (constant dollars)
6r<?P/1=3.997£'m(+5.913£'/(;
GGPt =GGPS(+GGPft.
(13) Supply-side estimate of GNP (constant dollars)
GNP°t=GGPt+GNPPt.
4. This was converted to constant dollars by use of the OBE deflator for nonresidential investment (DF»).
TSLS.
60
SURVEY OF CURRENT BUSINESS
June 1969
INCOME EQUATIONS AND IDENTITIES1
(14) Noncorporate capital consumption allowances,5 1947-65 (constant dollars)
OCAn= -32.575 + 0.1051 HSt-i- 0.00145
(7.333) (0.0182)
(0.00040)
52=0.98 DW.=OM
d.f.=l&
Se=OA6 OLS.
(15) State and local indirect business taxes, 1947-65 (current dollars)
IBT, =-10.507 + 0.09198 GNPP(;
(1.027) (0.00254)
#2=0.99 ZW.=0.86 d.j.=l7
St=1.25
TSLS.
(16) Federal indirect business taxes, 1947-65 (current dollars)
IBTft= 3.079 + 0.01873 ONPP(+ 0.00793 [(TRe) (MF)]t+ 0.5592 Dk-,
(0.355) (0.00176)
(0.00247)
(0.1770)
52=0.99 D.W.=2.09
d./.=15 Sf«=0.26
TSLS.
(17) Contributions for State and local social insurance, 1948-65 (current dollars)
SIOSt= 0.0074 + 0.0294 [cEs-^ (SICe)~\ + 0.8251810,^;
Jl
(0.0479) (0.0151) L
(0.120)
B2=0.99 D.W.=2AO dj.=15
S6=0.034 TSLS.
(18) Social insurance contributions for OASDHI, 1947-65 (current dollars)
SIG.t=- 0.4052 + 1.0101 L
[(IB.) (C.) (%££) (CE-SICe)~\ 5
(0.1927) (0.0199)
W^/
J«
52=0.99 D.W.=0.82 dj.=l7
Se=OA5
TSLS.
(19) Unemployment insurance contributions, 1947-65 (current dollars)
SICat= 0.5158 + 0.4208 [(IB.) (CE—SICe)]t;
(0.1416) (0.0313)
S2=0.90 D.W.=1.95 d.j.=\l
&=0.29 TSLS.
(20) Compensation of employees, 1947-65 (current dollars)
CEt=-29.07 + 0.9261 (PI-D-IP-TP)t;
(1.34) (0.0044)
]?2=0.99 D.W.=2.8l
d./.=16 St=l.57
5. This was converted to constant dollars by use of the OBE deflator for residential investment (DFri).
TSLS.
SURVEY OF CURRENT BUSINESS
June 19e9
61
(21) Employer contributions for social insurance, 1947-65 (current dollars)
SICet= 0.5081 + 0.4834 SICt+ 0.00293 [(SIC) (Ta)},;
(0.3626) (0.0570)
(0.00258)
12=0.99 ZW.=0.99 d./.=16 Se=0.23 TSLS.
(22) Consumer interest payments, 1947-65 (current dollars)
IPet=- 4.5581 + 0.02927 PI,;
(0.1539) (0.00044)
B2=0.99 D.W.=1.22 dj.=l7
&=0.19 TSLS.
(23) Federal interest payments, 1947-65 (current dollars)
IPft= 0.4612 + 0.001889 [(i3) (Df)],+ 0.8047 IPJt_j
(0.2927) (0.000801)
(0.0005)
322=0.97 D.W.=2M
</./.= 16 £.=0.23 OLS.
(24) Dividends, 1946-65 (current dollars)
Z>,= 0.5320 + 0.9550 A-I+ 0.1690 [(IF-I.-I,) (DF,)]t;
(0.2954) (0.0347)
(0.0417)
52=0.99 Z>.TF.=2.40 d.f.=17
Se=QAQ
TSLS.
(25) Personal income (current dollars)
PIt=(GNPQ(DFvt,)-CCAl-IBTl+SEt-
(CP,+IVAt)-SICt+ TPt+IP,+Dt.
(26) Median family income, 1947-65 (current dollars)
lnMFIt= 3.1738 + 0.7895 In ER,+ 1.0936 l n - t + 1.3498 l
(0.0585) (0.3163)
(0.0171) *
(0.1987)
F=0.99 Z?.W.=2.40 rf./.=15 5e=0.013 TSLS.
(27) State and local personal taxes, 1947-65 (current dollars)
PTSt=- 0.9543 + 0.006239 PI,- 0.06514 Tf + 1.0093 Pr,^:
(0.5805) (0.003612)
(0.03559)
(0.0964)
B2=0.99 I>.W.=2.65 d.f.= 15 ^=0.18 TSLS.
(28) Federal personal taxes, 1947-65 (current dollars)
PTf=- 3.534 + 0.07289 PI,+ 0.1854
(1.303) (0.00972)
(0.0413)
S2=0.98 I>.W.=2.03 rf./.=16 £.=1.60
TSLS.
62
SURVEY OF CURRENT BUSINESS
June 1909
DEMAND EQUATIONS AND IDENTITIES
(29) Personal consumption expenditures, 1929-40, 1946-65 (constant dollars)
PCEt= 1.5229 + 0.4953 DPI^^ 0.6600 AZ?P/,+ 0.4676 PCEl.l\
(2.7222) (0.1859)
(0.2949)
(0.2105)
S2=0.99 DW.=2.1S dj.=27
Se=3.87
TSLS.
(30) Investment in residential structures, 1929-40, 1946-65 (constant dollars)
DP 7
Ir ,=-24.237 - 4.6328 £3-5,+ 7.052^=^*+ 0.9437 Ht
(4.6342) (0.718)
(4.23)
(0.2300)
- 2.6284 Dk- 8.3270 Ao-soJ
(1.3635)
(2.1936)
£2=0.96 D.W.=1.24 dj.=25
S.=1M
TSLS.
(31) Change in business inventories, 1947-65 (constant dollars)
A/F,= -29.943+0.1321 GWP^-0.9930 /F,_1+40.644 ^£+1.7183 T?;
(6.990) (0.0337)
(0.1227)
(10.470) U
(0.6945)
S2=0.85 DW.=2A± d.J.=U
&=1.44 TSLS.
(32) Imports of goods and services, 1947-65 (constant dollars)
M,=-10.201-5.9931 APJ2<+0.09661 Z?P/,_1+0.0791 &DPIt]
(1.409) (4.3317)
(0.0058)
(0.0472)
2.66 d./.=15 Se=0.87
TSLS.
(33) State and local government purchases of goods an I services per capita
(excluding compensation), 1947-65 (constant dollars)
^t=- 0.10494 + 0.02601 ^t-l+ 0.5367
(0.018578) (0.01703)
(0.1967)
t+ 0.3543
(0.3970)
~-
B2=0.95 D.W. = 1.Q1 d./. = 15 ^.=0.05 TSLS.
(34) Demand-side estimate of GNP (constant dollars)
June 1969
SURVEY OF CURRENT BUSINESS
List of Variables
*C0
CCAC
CCAn
CE
= Ratio of total number of employees with OASDHI coverage to total
number of paid employees (including self-employed starting 1951).
= Corporate capital consumption allowances.
= Noncorporate capital consumption allowances.
= Compensation of employees—total.
NOTE.—Unless otherwise specified all variables are measured in billions of dollars. Exogenous variables are indicated by *.
All other variables are determined from equations or identities. Simple identities are included in the list of variables rather
than shown in the sections on equations and identities.
CEf
= Compensation of Federal employees (GGPfDFf).
CEP
= Compensation of employees—private (CE—CEf—CEs).
CES
= Compensation of State and local employees (GGPS •DF8).
CP
= Corporate profits (book value) before taxes.
CPCCAC=Corporate profits (book value) plus corporate capital consumption
allowances.
CPTf
— Federal corporate profits taxes.
*CPTS =State and local corporate profits taxes.
D
=Net corporate dividend payments.
*Df
= Publicly held Federal debt.
*Dk
= Dummy variable for Korean war.
*Z?3o-5o = Dummy variable for 1930-50.
*DPt
=Percent change in private business GNP deflator (1958=100).
*DFf
=Deflator for compensation of Federal employees (1958=100).
*DFgHP =Deflator for total GNP (1958=100).
*DFt
=Deflator for nonresidential fixed investment (1958=100).
*DFri =Deflator for residential structures (1958=100).
*DFS
=Deflator for compensation of State and local employees (1958=100).
DPI
= Disposable personal income (PI—PTf—PTs).
E
= Total number of employees (Ec+Em) (millions).
Ec
= Total number of civilian employees (Le • ER) (millions).
*Ef
=• Average number of full-time and part-time Federal civilian employees
(millions).
*Em
= Number of military employees (millions).
EP
= Number of private civilian employees (Ec—Ef—Es) (millions).
Es
= Average number of full-time and part-time State and local employees
(millions).
EF
= Number of females employed (millions).
EM
= Number of males employed (millions).
ER
=Employment rate (100.0- UK) (percent).
*EX
=Exports of goods and services.
*Gf
= Federal Government purchases of goods and services excluding compensation of employees.
Gs
= State and local government purchases of goods and services excluding
compensation of employees.
*GAC = Federal Government grants-in-aid to State and local government
deflated by OBE deflator for State and local government purchases.
GGP
= Gross government product—total.
GGPf
= Gross government product—Federal.
GGPS = Gross government product—State and local.
GNPd = Gross national product.
GNP
= Demand estimate of gross national product.
GNP8 = Supply estimate of gross national product.
GNPp = Private gross national product.
*H
= Number of households (millions).
*HS
= Stock of nonfarm residential structures (1958 prices).
*i3
= Yield on 3-month government bills (percent).
*i3_5
= Yield on 3-5 year taxable government issues, starting in 1951 (percent).
Ie
= Private purchases of producers' durable equipment.
Ir
= Private purchases of residential structures.
Is
= Private purchases of nonresidential structures.
IB Tf
= Federal Government indirect business taxes and nontaxes.
IBTs
= State and local government indirect business taxes and nontaxes.
IF
= Internal funds.
IP
= Total interest payments.
63
SURVEY OF CUKBENT BUSINESS
64
IP*
*IPS
*IV
*IVA
*K
*Ke
L
Le
L,
Lm
M
*MF
MFI
MH
*OM
*P
r
*Pm
PCE
PI
*PR
PTf
PT,
*S
*SE
SIC
SICe
*SIC,
SIC0
SIC,
SICU
* JW7
TH
*TP
*TRe
*TRg
*TRmf(
*TR0
*TRU
*UL
*UR
*WB0
June 1969
by
= Interest paidpaidconsumers. Government.
Net interest
by Federal
= Net interest paid by State and local government.
Stock of business inventories.
=
Inventory valuation adjustment.
Total stocks of capital: OBE gross stocks of equipment and structures,
constant cost 2 estimates, as published in the February 1967 SURVEY.
Total capital stocks starting in 1954.
Total capital stocks starting in 1962.
Gross stocks of equipment.
Total capital stocks adjusted for 4 percent rate of embodied technical
progress and adjusted by the employment rate.
Labor force (millions).
Civilian labor force (L—Em) (millions).
Female labor force (millions).
Male labor force (millions).
Imports of goods and services.
Mo tor fuel usage (billions of gallons).
Median family income (dollars).
Average annual hours worked per employee in private economy (labor
force concept).
Index of output per man-hour (1957-59=100) (labor force basis).
Total population (millions).
— Female population, 14 years of age and over (millions).
Male population, 14 years of age and over (millions).
Personal consumption expenditures.
Personal income.
Import deflator/PCE deflator.
Federal personal taxes.
State and local personal taxes.
School enrollment (millions).
Subsidies less current surplus of government enterprises.
Total contributions for social insurance (SIC/+SIC0+SICS+SICM).
Employer contributions for social insurance.
Contributions for other Federal social insurance programs.
Employer, employee and self-employed contributions for old-age and
survivors insurance (OASDHI).
Total contributions for State and local social insurance programs.
Social insurance contributions for unemployment insurance.
Time trend (1928=0).
Time trend (1945=0).
Time trend (1946=0).
Time trend (1956=0).
Index of total man-hours in private sector (MH»E P ) (1929=100).
Government transfer payments to persons.
Federal corporate profits tax rate (ratio).
Federal tax rate on gasoline (cents per gallon).
Federal tax rate for the median family income (ratio).
Employee-employer combined contribution rate for OASDHI (ratio).
Average employer contribution rate for unemployment insurance
(ratio).
(
C*E
\
%A7jvf7 — %AOM V
Unemployment rate (percent).
Maximum earnings taxable and creditable (wage base) for OASDHI
(dollars).
Rate of embodied technical progress in capital (percent).
Rate of embodied technical progress in labor (percent).
List of Statistical Terms
OLS
TSLS
D.W.
R*
dj.
Se
In
= Ordinary least-squares estimate.
= Two-stage least-squares estimate.
=Durbin-Watson statistic: Test for serial correlation of residuals.
= Adjusted coefficient of determination.
= Degrees of freedom.
= Standard error of estimate.
= Natural logarithm.
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1967 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.50) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1963 through 1966 (1956-66 for major quarterly series), annually, 1939-66; for selected series,
monthly or quarterly, 1947-66 (where available). Series added or significantly revised after the 1967 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (f), respectively; certain revisions for 1966 issued too late for inclusion in the 1967 volume appear in the monthly
SURVEY beginning with the September 1967 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through
the courtesy of the compilers, and are subject to their copyrights.
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
| 1967
1968
II
III
IV
II
I
1969
1968
1967
1966
I
III
IV
I
III
II
IV
I
Annual total
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
bil. $__
747.6
789.7
860.6
728.4
740.4
753.3
768.2
772.2
780.2
795.3
811.0
831.2
852.9
871.0
887.4
903.3
do
465.5
492.2
533.8
457.8
461.1
469.3
473.7
480.9
490.3
495.5
502.2
519.4
527.9
541.1
546.8
557.4
70 5
30.4
29.8
72 6
30.4
31.4
82 5
36 6
34.3
71 6
31 8
29.3
68 2
28 9
29.0
71 0
30.3
30.4
71 1
30 5
30.4
69 8
28 1
31.1
73 4
31.2
31.2
73 1
31 0
31.4
74 2
31.4
31.8
79 0
34 6
33.3
81.0
35.4
33.9
85.1
38.1
35.4
85.1
38.2
34.5
86.8
38.2
35.4
206.7
39 8
106.4
16 6
215.8
42 1
109.4
18 1
230.3
45 8
116.6
19 8
202.8
39 2
105.1
16 0
206.3
39 4
106.8
16 4
208.3
40 5
107.0
16 7
209.3
40 3
106.9
17 1
212.9
40 9
108.7
17 7
215.3
42 4
108.9
17 8
216.4
42 8
109.1
18 3
218.4
42 3
110.8
18 6
226.5
44 6
113.6
19 7
228.2
44.8
116.4
19 4
232.7
47.2
117.7
20.0
233.7
46.7
118.6
20 0
238.1
47.3
120.8
20.9
do
do
do
do
188 3
27.1
67.3
13 6
203 8
29 0
70.9
15 0
221 0
31 2
76.2
16 6
183 4
26 2
66.0
13 3
186 7
26 9
66.8
13 6
190 0
27 5
67.6
13 6
193 3
27 8
68 8
13 8
198 2
28 1
69.7
14 7
201 6
28 7
70.4
14 8
205 9
29 2
71.2
15 1
209 6
29 9
72.2
15 5
213 9
30 3
74.0
16 2
218 7
31.0
75.4
16 3
223.4
31.5
76.9
16.8
228 0
31.9
78.6
17 1
232.5
32.5
80.3
17.5
do
120.8
114.3
127.7
116.8
121.0
119.9
125.7
113.0
107.6
114.7
121.8
119.7
127.3
127.1
136.6
139.0
Fixed investment
do
Nonresident ial
_ _
do
Structures
do
Producers' durable equipment
_ _ do
Residential structures
__do
Nonfarm
do
Change in business inventories... . . _ _ do
Nonfarm
do
106 1
81 3
28 5
52 8
24.8
24 3
14 7
14 9
108 2
83 6
27 9
55 7
24.6
24 0
61
5 6
119 9
90 0
29 2
60 8
29 9
29 3
7 7
7 3
105 9
78 6
28 6
50 0
27.3
26 8
10 9
10 7
105 6
79 8
28 1
51 7
25 8
25 2
15 4
15 4
107 0
82 6
28 9
53 7
24.4
23 9
12 8
13 3
105 9
84 2
28 2
55 9
21 7
21 1
19 8
20 2
104 6
83 5
29 o
54 5
21 1
20 5
8*4
8 3
105 4
82 7
27 2
55 5
22.7
22 1
2 3
2 2
109 3
83 3
27 7
55 6
26 0
25 4
53
4 8
113 5
85 0
27 7
57 3
28 5
27 9
83
7 1
117 6
88*6
29 6
59 0
29 1
28 5
21
16
116 5
87.0
28 5
58.5
29.5
28 9
10.8
10 4
119.6
90.1
28 8
61.3
29.5
28 9
75
7 3
126 0
94 3
29 9
64 5
31 6
31 0
10 6
9 7
132.1
99.6
32.2
67.4
32.5
31.8
6.9
6. 2
do
do
do
5.1
43 1
38 1
4.8
45 8
41 0
2.0
50 0
48 1
6.0
42 1
36 1
5.2
42 6
37 3
4.5
43 6
39 1
4.5
44 2
39 7
5.2
45 5
40 3
5.1
45 5
40 4
5.4
46 1
40 6
3.4
46 0
42 6
1.5
47 5
46 0
2.0
49.9
47 9
3.3
52 6
49 4
1.0
50 1
49 1
.0
46.6
46 6
Govt. purchases of goods and services, total. _do
Federal
.
do
National defense
_ _
do
State and local
do
156.2
77 4
60 6
78 8
178.4
90 6
72 4
87 8
197.2
100 0
78 9
97 2
147.8
72 5
55 3
75 3
153.1
75 6
58 6
77 4
159.5
79 9
63 0
79 7
164.3
81 5
65 4
82 7
173.1
87 4
70 0
85 8
177.3
90 0
72 1
87 2
179.6
91 3
72 9
88 4
183.5
93 5
74 6
90 0
190.5
97 1
76 8
93 4
195.7
100 0
79 0
95 6
199.6
101 2
79 6
98 4
203.0
101 7
80 0
101 2
206.9
102 4
80 2
104 5
By major type of product: f
Final sales, total
Goods, total
.
Durable goods _ _ _
Nondurable goods
Services... _
. ___
Structures
732
367
145
221
288
77
8
5
7
8
0
3
783 6
390 8
156 4
234 5
314 8
77 9
852
423
172
250
342
87
9
1
2
9
7
1
717 5
360 5
143 3
217 3
277 5
79 5
725
362
142
220
284
77
740
371
147
223
292
77
748
375
150
225
298
74
4
3
2
1
1
g
763 8
381 5
151 1
230 4
306 3
76 1
778 0
391 8
157 1
234 7
310 9
75 3
789 9
393*6
157 3
236 2
317 5
78 8
802
396
159
236
324
81
7
5
9
6
7
5
829 1
412 8
166 7
246 1
330 4
85 8
842 1
417 6
169 1
248 5
339 2
85 4
863 5
429 5
175 1
254 4
347 6
86 4
876 8
432 4
177 8
Qft 7
896 3
441 9
183 6
258 3
359 6
94 8
14.7
10.2
4 5
6.1
3.0
31
7.7
4.6
32
10.9
7.6
19.8
13.6
6 3
8.4
3.3
50
2.3
.6
17
5.3
3.8
16
8.3
4.2
4 i
2.1
1.5
6
10.8
6.2
4 6
7.5
4.9
2 5
10.6
5.6
50
6.9
3.9
30
Gross national product, total t
Personal consumption expenditures, total
Durable goods total 9
do
Automobiles and parts
do
Furniture and household equipment.. . do
Nondurable goods, total?
Clothing and shoes
Food a n d beverages
Gasoline and oil
__do _
do
_ _ _ _ _ _ do
do
Services total 9
Household operation. _ _ _ .
Housing
Transportation
_
Gross private domestic investment, total
Net exports of goods and services
Exports _ _ _
...
Imports
_ _
do
do
do
do
do
do
Change in business inventories
Durable goods
Nondurable goods
do
do
do
0
0
6
2
4
7
7
15.4
9.9
55
0
4
0
3
7
3
2
12.8
10.5
2 4
OK4. A
353 7
GNP in constant (1958) dollars
Gross national product, total f
bil. $._
Durable goods
..
Nondurable goods
Services. _
.
Gross private domestic investment, total.. _
Fixed investment
Nonresidential
Residential structures...
Change in business inventories...
Net exports of goods and services.
.
657.1
673.1
706.7
648.6
653.3
659.5
687.1
665.7
669.2
675.6
681.8
692.7
703.4
712.3
718.4
723.5
do
417.8
430.5
450.9
415.7
414.8
420.0
420.6
424.8
431.2
431.8
434.1
444.9
447.5
455.7
455.4
460.1
do
do
do
Personal consumption expenditures, total
71 3
186 9
159 5
72 4
191 1
167 0
80 1
197 1
173 7
72 9
185 5
157 3
69 2
186 9
158 7
71 8
187 8
160 4
71 4
187 5
161 7
70 1
190 3
164 4
73 7
191 6
165 9
72 6
191 1
168 1
73 0
191 6
169 5
77 3
196 5
171 0
78 9
196 1
172 6
82 5
198 5
m
81 7
o
82 9
199 4
177 8
do
108 8
99 5
106 9
106 1
109 5
107 4
112 3
99 8
94 2
99 3
104 7
101 5
107 3
105 8
I -I 0
-I
do
do
do
do
94
73
21
13
99
76
23
7
95
72
23
10
94
72
22
14
95 5
74 §
20 7
12 0
93
75
18
18
91
74
17
8
92
73
18
2
94
73
20
5
96
74
22
8
99
76
23
2
97
74
22
9
99
76
22
6
do
Govt. purchases of goods and services, total.. do.
Federal
_
do
State and local
do
9
8
1
9
4 o
126.5
65 2
61.3
93
73
19
5
6
7
9
9
8
8
1
1
2 4
__ 3
140.7
74 8
65.9
149.2
79 3
7o!o
8
2
6
3
5 3
4 3
121.5
61 8
59.6
124.7
64 0
60.7
••Revised.
v Preliminary.
f Revised series. Estimates of national income and product
and personal income have been revised back to 1965 (see p. 19 ff. of the July 1968 SURVEY for
351-484 O - (
7
7
0
7
7
4
2
6
8
2
6
0
o
3
7
3
0
2
8
2
36
2 9
30
2 8
31
128.5
66 9
6L6
131.3
67 9
63.4
138.1
72 7
65*4
141.0
75 1
66.0
141.4
75 6
65.8
7
0
7
0
5
5
0
0
4
5
9
9
1 74 ft
0
6
4
8
10
1
6
146.5
78 1
68.4
149.2
80 1
69.1
150.1
79 5
7n fi
9
(>
7
142.0
75 6
66.4
1f\q K
7Q fi
113 1
107
83
23
6
0
0
9
1
9 ^
151.2
71 ft
152.5
79 3
73.2
data beginning 1965); revisions prior to May 1967 for personal income appear on p. 28 ff. of the
July 1968 SURVEY.
9 Includes data not shown separately.
s-1
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1966
1967
III
1968
1967
1966
196S
Annual total
June 1969
IV
I
II
III
IV
I
II
1969
III
I
IV
II
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
638.6
645.1
656.9
670.9
688. 1
705.4
722.5
735.1 ' 749. 2
441.4
449.7
456.7
461.8
471.5
482.7
496. 8
507.1
519.7
530.7
545.2
463.5
367.2
18.3
78.1
50.1
399.8
320.8
14.9
64.1
41.5
407.2
326.0
15.5
65.7
42.5
413.3
330.2
15.8
67.2
43.4
417.6
332.8
15.9
68.8
44.2
426.3
339.4
16.1
70.8
45.2
436.4
346.0
17.1
73.3
46.2
448.3
355. 7
17.5
75.2
48.4
457.6
362.8
17.8
77.0
49.4
469.0
370.9
18.9
79.1
50.7
479.0
379.2
18.8
81.1
51.7
490.8
389.4
18.8
82.6
54.4
60.7
46.3
14.4
20.3
62.9
47.8
15.1
21.0
60.2
44.7
15.5
19.9
60.2
45.2
15.1
20.0
60.1
45.7
14.4
20.1
60.5
46.1
14.4
20.2
61.2
46.6
14.6
20.4
61.1
46.8
14.3
20.5
61.8
47.2
14.6
20.7
62.6
47.8
14.8
20.9
63.4
48.0
15.4
21.0
63.7
48.2
15.5
21.2
63.6
48.3
15.2
21.4
83.9
80.4
89.1
84.2
85.3
79.5
79.6
80.2
82.3
83.8
89.2
91.6
91.8
'90.6
10.2
73.7
42.8
18.8
24.1
10.3
70.1
39.2
18.0
21.2
11.5
77.6
44.5
19.8
24.7
10.4
73.8
42.7
19.0
23.6
10.4
74.9
43.3
18.8
24.5
10.3
69.2
39.3
18.3
21.0
10.2
69.5
39.1
17.9
21.2
10.3
69.9
38.5
17.9
20.6
10.6
71.7
39.9
18.0
21.9
11.0
72.9
41.3
19.0
22.3
11.2
77.9
44.9
19.7
25.2
11.9
79.7
45.3
20.3
25.0
11.8
80.0
46.5
20.2
26.3
12.3
'78.3
45.1
20.1
25.0
12.0
18.8
11.8
19.0
12.6
20.6
12.1
19.0
12.0
19.6
11.7
18.1
11.8
18.6
12.0
19.4
11.9
20.0
12.5
19.0
12.5
20.6
13.0
21.4
12.3
21.3
12.5
20.7
85.6
34.6
51.0
21.7
29.3
-1.7
20.8
81.6
33.5
48.1
22.9
25.2
-1.2
23.3
92.3
41.3
51.0
24.6
26.3
-3.1
26.3
86.7
35.0
51.6
21.9
29.7
-2.5
21.1
85.0
34.4
50.7
21.6
29.1
.3
22.0
79.9
32.8
47.1
22.5
24.6
^i
22.2
80.3
33.0
47.3
23.2
24.1
-.7
22.9
80.8
33.2
47.6
23.5
24.1
-.6
23.6
85.4
35.1
50.3
22.5
27.9
-3.1
24.3
88.9
39.8
49.1
23.6
25.5
-5.1
25.0
91.8
41.1
50.7
24.4
26.3
-2.7
25.8
92.7
41.5
51.2
25.2
26.0
-1.0
26.7
95.7
42.8
52.8
25.4
27.5
-3.8
27.6
'96.5
'43.2
'53.3
25.4
'27.9
-5.9
28.4
bil $
do
do
do
do
586.8
75.3
511.6
478.6
32 9
628.8
82.5
546.3
506.2
40.2
685.8
96.9
589.0
548.2
40.7
592.1
76.8
515.4
482.5
32.9
604.5
79.2
525.4
487.3
38.1
614.8
80.5
534.2
494.6
39.7
621.6
80.1
541.5
504.5
37.0
633.7
83.6
550.0
509.5
40.5
645.2
85.6
559.6
516.1
43.4
662.7
88.3
574.4
533.5
40.8
678.1
91,9
586.3
542.3
44.0
694.3
101.6
592.7
555.6
37.1
708.2
105.8
602.4
561.6
40.9
721.7
112.5
609.2
572.3
36.9
bil. $
do
do
do
60.63
26.99
13.99
13.00
61.66
26.69
13.70
13.00
64.08
26.44
13.51
12.93
15.57
6.84
3.54
3.30
17.00
7.75
4.07
3.68
13.59
6.10
3.08
3.02
15.61
6.81
3.46
3.34
15.40
6.48
3.33
3.15
17.05
7.30
3.82
3.48
14.25
5.79
2.96
2.82
15.86
6.50
3.22
3.28
16.02
6.63
3.37
3.25
17.95 ' 15. 21 i 18. 21 2 18. 49
7.52 '6.21 '7.60
7.63
3.95
'3.26 '3.96
3.95
3.57 '2.95 '3.65
3.68
1.47
1.98
3.44
8.41
5.62
12.74
1.42
1.53
3.88
9.88
5.91
12.34
1.42
1.34
4.31
11.54
6.36
12.67
.37
.48
.82
2.36
1.36
3.33
.38
.55
.86
2.36
1.58
3.52
.32
.41
.70
1.84
1.35
2.87
.34
.41
1.12
2.46
1.49
2.99
.37
.35
.98
2.66
1.46
3.09
.39
.36
1.07
2.92
1.62
3.39
.36
.37
.98
2.33
1.48
2.93
.36
.36
1.04
2.97
1.51
3.11
.34
.30
1.12
2.96
1.50
3.18
.35
.30
1.18
3.28
1.86
3.46
'.36
.39
' .43
'.32
.40
'.38
1.24
'1.06 '1.24
'2.66 '3.40
3.50
1.68
'2.91 ' 3 5. 17 35.33
61.25
27.55
14.35
13.20
62.80
27.75
14.50
13.25
61.65
27.85
14.20
13.70
61.50
27.00
13.75
13.25
60.90
26.15
13.50
12.65
62.70
26.00
13.50
12.55
64.75
26.35
13.65
12.70
62.60
25.80
12.80
13.00
63.20
26.65
13.65
13.05
65.90
26.85
13.90
12.95
'68.90 i 72. 00 2 73. 45
' 28. 20 ' 30. 30 30.75
' 15.00 ' 15. 85 16.00
' 13. 20 ' 14. 45 14.75
1.45
1.85
3.40
8.55
5.60
12.85
1.45
2.35
3.50
8.50
5.95
13.30
1.40
1.80
3.05
9.20
5.75
12.55
1.30
1.55
3.90
9.70
5.80
12.25
1.45
1.40
4.10
9.80
6.05
11.95
1.50
1.40
4.45
10.65
6.05
12.65
1.55
1.65
4.35
11.60
6.35
12.85
1.40
1.40
3.65
11.65
5.90
12.80
1.35
1.20
4.60
10.90
6.15
12.35
'1.55 '1.70
1.55
1.35
' 1.35 ' 1.45
1.70
1.15
5.10
'4.35
4.80 '4.80
13.15
12.00 ' 13. 05 ' 13. 30
6.95
7.25
12.75 ' 12. 75 '320. 95 3 21. 25
620.8
652.9
do
435.6
468.2
do
do
do
do
_do
394.6
316.9
14.6
63.1
41.1
423.4
337.1
16.3
70.0
44.8
do
do
do
do
60.7
44.8
15.9
19.8
Compensation of employees, total
Wages and salaries total
Private
Military .
Government civilian
Supplements to wages and salaries
637.3
bil. $
National income, totalf
Proprietors' income, total 9
Business and professional 9
Farm
Rental income of persons -
Corporate profits and inventory valuation adjustment, total
_.bil. $._
By broad industry groups:
Financial institutions
do
Nonfinancial corporations total
do
Manufacturing, total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilitiesbil. $
All other industries
do
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits -_ _
Inventory valuation adjustment
Net interest
do
_._do
do
do
do
do
do
712.8
513.6
626.7
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
Less.* Personal tax and nontax payments
Equals: Disposable personal income
Less: Personal outlays©
Equals' Personal savings
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
_..
Manufacturing
Durable goods industries!
Nondurable goods industries^ . ._
Mining
_ __
__
do
Railroad
do
Transportation, other than rail
_do
Public utilities
do
Communication
do
Commercial and other
. _ _ do
Seas. adj. qtrly. totals at annual rates:
All industries
_
do
Manufacturing
do
Durable goods industries^.-do___
Nondurable goods industries^. . __
do
Mining
Railroad
Transportation, other than rail
Public utilities
Communication
_
_
Commercial and other
. do
do
do
do .
do
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTSc?
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise adjusted excl military
do
Transfers under military sales contracts
do
Income on U S investments abroad
do
Other services
do
' 43, 361 ' 46, 189 ' 50, 599' 10, 936 ' 11, 196
r 29, 389 ' 30, 681 ' 33, 598 ' 7, 413 '7,564
1,239 '1,428
'205 '210
829
6,252 ' 6, 872 ' 7, 701 ' 1, 573' 1, 640
' 6, 891 ' 7, 397 ' 7, 872 ' 1, 748' 1, 782
'11,461
'7,688
'333
'1,612
'1,828
' 11, 484 ' 11, 577
' 7, 723 ' 7, 669
'239
'335
' 1,580 ' 1, 801
' 1, 846 '1,868
' 11,667 '11,934 '
' 7, 601 ' 7, 941 '
'332
'305
' 1, 879 ' 1, 771 '
' 1, 855 ' 1,917 '
12, 668
8, 395
'353
1, 973
1, 947
' 13, 344
' 8, 879
'406
'2,040
' 2, 019
' 12, 653
' 8, 383
'364
' 1,917
' 1, 989
11,890
7,474
v 416
2,075
1,925
r
r -38, 082 r -41, 012 -48,077 ' -9, 836 ' -9, 973 '-10,100 * -10,033 -10,173 '-10,706 '-11,463 '-11,827 '-12,435 '-12,352 -11,525
Imports of goods and services
do
!'-8,458 -7,577
'-7,154 '-7,817 '-8,131 ' -8, 566
'-6,660 ' -6, 465 ' -6, 542
'
»•- 25, 463 '-26,821 -32,972 ' -6, 595 -6, 676
Merchandise adjusted excl military
do
r
Military expenditures
do
' -3, 764f' -4, 378 -4, 530 ' -975 ' -987 '-1,085 '-1,075 '-1,106 -1,112 '-1,102 '-1,116 '-1,143 '-1,169 -1, 198
' -2, 142 T -2,362 -2,932 ' -569 ' -591 ' -584 '-591 ' -580 ' -607 ' -671 ' -742 ' -770 '-749 p-894
Income on foreign investments in the U.S-_do
Other services
do
' -6, 713 -7,451 -7,643 '-1,697 '-1,719 '-1,771 '-1,902 '-1,945 '-1,833 '-1,873 '-1,838 '-1,956 '-1,976 p- 1,856
Unilateral transfers, net (excl. military grants);
transfers to foreigners (— )
mil. $__ ' -2,833 r -2,998 '-2,865 ' -682 ' -640 ' -691 ' -823 ' -836 ' -648 ' -635 ' -690 ' -766 ' -774 p-607
r
Revised.
v Preliminary.
e Corrected.
0Pe>rsonal o utlays c()mprise personal cons u m rUion exj.enditure s, intere it paid by con1
surner s, and pe rsonal tr ansfer pa yments t o foreign ers.
Estimates for Apr.-June 1969 based on anticipated capital expenditu res of bu siness.
§Pei sonal sa^ring is ex cess of di sposable income (>ver pers onal outl ays.
2 Estimates for July-Sept. 1969 based on anticip ated capital expen ditures of busin ess.
HDa ta for in dividual durable arid non durable £;oods hid ustries componen ts appear in the
Anticipated expenditures for the year 1969 are as f<allows (in bil. $): 1Ul Indus tries, 72 .17;
Mar., i une, Se] )t., and IDec. issu<is of the SURVEY.
manufacturing, total, 29.99; durable goods industri es, 15.61; nondural )le goods industr ics,
cfM ore comp lete deta Is are giv en in the quarterl y reviews in the M tar., Jun<}, Sept., and Dec.
14.38; mining, 1.58; railroad, 1.54; transportation, 4.83 public u tilities, 13.09; com rnunicati on,
3
issues of the SiJRVEY. IRevised c ata back to 1960 appear o n p. 32 fl . of the June 1968 issue.
7.60; commercial and other, 13.54.
Includes com]municatio n.
fSee corresponding note on p. S-l.
9 Includes iiiventory valuation adjustme jnt.
SURVEY OF CURRENT BUSINESS
June 1 6
99
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1966
1968
1967
Annual total
1967
IV
III
S-3
I
II
1968
III
IV
I
1969
II
III
IV
I
II
III
Apr.
May?
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Transactions in U.S. private assets, net; increase
(— )
mil $ '
Transactions in U.S. Govt. assets, excl. official
reserve assets* increase ( — )
mil. $
Transactions in U.S. official reserve assets, net;
increase ( — )
mil $
Transactions in foreign assets in the U.S., net (U.S.
liabilities) increase (+)
mil. $
Liquid assets
_
_ __ _ do
Other assets
do
Errors and omissions net
do
Balance on liquidity basis—increase in U.S. official
reserve assets and decrease in liquid liabilities to
all foreigners* decrease ( — )
mil $
Balance on official reserve transactions basis—increase in U.S official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
official agencies; decrease ( — )
mil. $
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
—4,311
r
_5f 654 '—5, 158
52
' -974 '-1, 192 '—1,068 '-1,014 '-1,775 '-1,797
' -806 '-1, 537 '-1,868
' -334 ' -379 ' -654 ' -542 ' -546
-1,535 ' -2, 419
'-677
'-738
-181
904
-880
82
3,323 ' 6, 853 ' 9, 352
789 r 3, 492
••787
2,534 ' 3, 361 ' 8, 565
••-490 '- 1,007 '-716
1,027
-419
r 722
'344
568
-1,357 '-3,544
'93
266 ••-3,418
r 1,639
1967
-6
-375
'1,104
'335 ' 1, 970 ' 2, 198
'749 ' 1, 406
'313 ' -532
'867 ' 1, 221 '792
'791
-•378
'86 ' -110 '-308 '-624 '-69
' -426 '-307
'481
' -346
p-459
p-48
'2,350 ' 1, 215 ' 2, 705 '2,538 ' 2, 894 p3, 351
' 1, 869 ' -340
'188
'733
'206 Pl, 752
'481 ' 1, 555 ' 2, 517 ' 1, 805 '2,688 pi, 599
' -52P- 1,398
'286
'-6 ' -410 ' -540
'-495 ' -330 '-1,031 '-1,688
'239 '-1,711 ' -719
-137
' -947 p- 1,201
-571 -1,076
' -639 '-527
' -564
'-71 ' -917 ' -379
' -51 ' -162
' 1, 553
'97
'870 p- 1,704
'368
1969
1968
1968
Apr.
Annual
May
June
July
Aug.
Pl, 151
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Beasonally adjusted, at annual rates: t
Total personal income
628 8
685 8
672.6
678.2
683.7
689 2
694 1
699.7
703 2
708 0
713.5
716.1
721.2
727.7
' 731. 2
735.0
423.4
166.6
134.1
100.5
463.5
180.6
145 4
109.4
453.2
176.7
141.6
106.9
457.5
179.3
144.3
107.4
462.2
179.9
145.6
109.7
465.4
180.6
146.0
109.9
468.7
181.1
146.3
111.2
472.8
183.3
147.8
112.1
474.9
184.7
148.8
112.1
478.9
186.1
149.7
113.3
483.3
188.5
151.1
113.2
486.5
189.2
151.9
114.8
490.4
190.4
151.8
116.0
495.7
193.3
154.6
117.1
' 498. 0
' 194. 3
' 155. 1
'117.8
500.6
195.4
156.1
118.3
do
do
do
70.0
86 3
23.3
77.2
Q6 3
26 1
75.5
94 2
25.5
76.1
94 7
25.7
77.0
95.5
26.0
77.5
97 4
26 3
78.2
98 2
26.5
78.8
98.6
26.8
79.1
99.0
27.0
79.8
9Q 6
27.3
80.7
100.9
27.6
81.6
100.8
27.8
82.6
101.4
28.0
83.3
102.0
28.3
'83.3
' 102. 7
28.5
83.7
103.3
28.7
do
do
46.3
14 4
47.8
15 1
47.6
14 8
47.8
14 8
47.9
14 8
48.0
15 1
48.0
15 4
48.0
15 7
48.1
15 6
48.2
15 5
48.3
15 5
48.4
15.4
48.4
15 2
48.3
15 1
48.4
15.1
48.5
15.2
20.3
22 9
46 8
51 7
21
24
52
58
20.8
24 3
50.8
58 1
20.9
24 7
51.3
58 2
20.9
24 3
51.9
58 5
21
25
52
59
0
0
4
1
21.0
25 2
52 9
59 6
21.1
25 3
53.4
59 9
21.2
25.3
54.0
60 4
21
25
54
60
2
4
3
8
21.3
25.5
54.7
61 0
21.3
25.3
55.1
61.7
21.4
25 4
55.5
62 4
21.5
25.5
56.1
62 9
21.5
25.6
56.5
63.4
21.6
25.7
56.9
63.8
20.4
22 9
22.6
22.8
22.9
23.1
23.2
23.3
23.4
23.5
23.5
25.4
25.5
25.6
'25.8
25.9
665 4
652.4
658.0
663.4
668 7
714.0
bil $
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
Service industries
Government. _
Other labor income
Proprietors' income:
Business and professional
Farm
_
Rental income of persons
do
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $..
Total nonagricultural income
do
609.3
0
6
1
6
673.3
678.6
682.2
687 0
692.5
695.1
700.3
707.0
'710.3
FARM INCOME AND MARKETINGS J
Cash receipts from farming, including Government
payments, total t
mil $
Farm marketings and CCC loans total
do
Crops
do
Livestock and products, total 9
do
Dairy products
_
do
Meat animals
do
Poultry and eggs.
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted: t
All commodities
1957-59 — 100
Crops
_
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted: £
All commodities ._
1957-59—100
Crops
do
Livestock and products
do
45 867
47 550
2 964
3 015
3 166
3 767
4 774
5 235
5 654
4 994
4 146
3 754
3 160
3 403
3,255
42 788
18 383
24, 405
5 770
14 630
3,640
44 065
18 424
25 641
5 981
15 499
3 828
2 846
2 981
3 613
1 522
2 091
3 676
1 488
2,188
4 070
1 744
2^326
5 258
2 725
2,533
4 957
2 745
2 212
4 097
1 953
2,144
3 696
1 466
2,230
3 105
1 287
1 110
1 255
323
1 333
'355
1 455
'377
1 641
1 351
3 033
1 004
2 029
'485
1 202
3 180
2 146
3 148
1 189
1 959
132
133
132
137
134
139
106
71
132
111
73
139
117
104
127
135
133
136
137
130
142
151
152
151
124
124
124
126
128
125
91
53
120
97
54
128
109
100
116
126
135
120
129
131
127
137
142
132
812
2,034
512
1 218
268
835
541
282
523
299
494
483
477
499
485
516
1 233
338
898
2,207
513
1,347
310
113
88
132
118
87
142
116
78
143
127
132
123
98
81
111
100
75
118
94
61
119
'170.5
524
1 326
358
364
196
238
164
184
240
144
153
171
139
138
128
145
182
228
148
173
233
129
144
172
122
376
340
302
999
2,181
516
1 294
INDUSTRIAL PRODUCTION d"
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) d" -.1957-59 =100
By industry groupings:
Manufacturing, total—.
do
Durable manufactures
do
Nondurable manufactures
do
Mining
_
do
Utilities
do"""
By market groupings:
Final products, total.
Consumer goods
_
Automotive and home goods
Apparel and staples
Equipment, including defense
Materials
Durable goods materials
Nondurable materials
do
do
do
do
do
do
do _.
do
158.1
165.3
163.2
165.2
169.4
160.3
163.3
169.5
170.7
169.1
166.3
166.5
'173.1 ' 172.7
173.2
159.7
163.7
154.6
123 8
184 9
166.8
169.8
163.0
126 4
202 1
165.1
169.4
159.8
127 3
167.4
172.1
161.6
128 6
171 6
175.4
167.0
128 9
160 4
164.1
155.7
127 1
163 0
160.5
166.3
130 7
170 7
170.6
170.8
128 6
173 4
173.5
173.3
122 8
171 4
174.2
168.0
126 8
167 5
172.6
161.2
126 3
167.0 ' 172 1 ' 175 2 ' 174 .9
171.4 ' 175 .3 '178.5 ' 178 .2
161.4 ' 168 .0 ' 170.9 ' 170.8
129 1
124 1
124 2 r 125 1
175.2
178.9
170.6
132 2
158 3
148 5
159.0
145 1
179.4
164 9
156 6
175.0
150 8
182.6
160.8
151 7
175.1
144 2
180.4
162 6
153 7
178.5
145 9
181.6
168 8
161 2
184.5
153 8
185.1
159 1
149 6
153.5
148 3
179.6
162 0
154 2
141.5
158 3
178.6
171 9
165 9
178.5
161 9
184.6
172 6
167 5
192.7
159 5
183.6
169 2
161 7
191.2
152 3
185.4
165 6
155 8
181.5
147 6
186.6
166.6
169 3 r 171 g
158 9 ' 161 8 r 163 9
183.9 ' 186 .0 ' 189.1
155 9
150 9 r 154 1
183.1 ' 185 .4 ' 189 .0
157 8
151.9
163.9
165 4
167 6
165 7
169 9
158.8
162.4
157.8
164.8
172.2
173.7
173.0
175.1
' Revised.
p Preliminary.
§ See note marked "d"" on p. S-2.
t See corresponding
note on p. S-l.
t Series revised beginning 1960 (annual data for 1960-68 and monthly data
for 1965-68, for dollar figures only, now include Alaska and Hawaii); monthly data back to 1965
appear on p. 39 of the Jan. 1969 issue of the SURVEY.
161 3
100.1
155.1
167.6 '
164 5
167 5
169 0
153.1
157.4
loo.i
io<.i
loo.y
158.9
176.3 177.9
177.9 179.3
176.3
166 9
169 5
ioy. o
100.2
158.2
159.6
179.6 176.0
179.6
166 4
157.0
io<.u
176.2
169.7
' 169 .3
' 160 3 160.1
183
'184.1
' 188 .6
190.2
r 174 3 ' 175 8 175.9
r
169
167 .5
' 162 .8 r' 165 .9 '' iu< .u
10^.0 ioo.y
.iuw
184
'180.6 '183.0
' 180.6 ' 183 .0 '184.3 184
r 171 5
d" Revisions for 1966 appear on p. 20 of the Nov. 1967 SURVEY; those for Jan.-Aug. 1967 w:
be shown later.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
June 1968
1969
1968
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
Mayp
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PROD UCTIONrf1— Continued
Federal Reserve Index of Quantity Output— Con.
Seas, adj., total index (incl. utilities) cf. 1957-59 = 100.
By industry groupings:
Manufacturing, total...
.
do
158.1
165.3
162.5
164.2
165.8
166.0
164.6
165.1
166.0
167.5
168.7
169.1 ' 170. 1 ' 171. 3 ' 171. 8
' 171. 8
174.2
' 175. 8 ' 176. 0
' 146. 3 147.8
' 139. 0 141.7
180.5
' 187. 4
' 178. 6 ' 178. 9
175.8 ' 174. 4
177.0
149
145
180
173
' 194. 5 ' 194. 6
' 190. 2 ' 190. 6
'200.1 '200.0
' 174. 1
172.5
167.6
161.4
178.7
176.0
196
193
201
172
157
181
159.7
166.8
165.8
167.3
167.4
165.7
166.4
167.8
169.1
170.2
170.2
Durable manufactures 9
Primary metals
_
Iron and steel
Nonferrous metals and products
Fabricated metal products
__
Structural metal parts
do
do
do
do
do
do
163.7
132.5
126.8
153.2
161.9
158.1
169.8
137.1
130.8
159.9
167.9
162.2
167.2
143.3
143.1
154.5
161.4
156.9
169.8
148.5
146.4
161.2
165.0
159.8
171.0
148.6
148.4
150.4
166.1
161.8
170.8
145.8
146.6
153.6
166.2
159.7
167.8
122.8
112.9
153.9
166.3
159.1
168.7
120.6
107.3
166.2
167.6
161.1
169.3
123.1
108.1
174.0
172.2
165.1
171.3
129.3
115.8
173.8
173.5
168.3
172.4
135.4
124.6
180.7
175.6
170.3
173.0 ' 174. 5
139.5 ' 143. 6
126.8 ' 133. 7
179.6 ' 183. 4
176.4 ' 177. 6
174.5
170.1
Machinery
Nonelectrical machinery
Electrical machinery
_.
Transportation equipment 9
Motor vehicles and parts
Aircraft and other equipment
do
do
do
do
do
do
183.4
183.4
183.3
165.7
146.5
182.1
184.3
181.0
188.5
179.5
171.4
185.0
179.4
176.9
182.8
175.3
164.8
183.5
179.9
176.6
184.2
180.4
173.6
185.4
181.7
178.8
185.5
182.6
174.2
188.6
182.7
179.8
186.5
183.2
174.3
189.3
183.8
179.1
190.1
181.7
175.4
185.7
186.4
182.6
191.4
180.5
173.5
184.7
186.1
183.7
189.3
180.4
177.0
181.0
187.4
184.4
191.4
180.2
177.7
179.6
188.6
185.3
193.0
176.4
172.3
177.0
191.8
188.3
196.4
171.2
167.3
170.9
192.7
189.6
196.9
173.1
167.7
174.1
Instruments and related products
Clay, glass, and stone products
Lumber and products
Furniture and
fixtures
Miscellaneous manufactures
do
do
do
do
do
184.8
138.7
116.9
167.7
157.3
184.2
146.2
122.1
178.3
161.4
181.4
146.1
123.9
174.1
158.8
181.2
146.4
122.7
178.9
160.6
181.3
145.1
123.4
178.0
160.9
179.2
145.2
120.6
177.8
161.1
182.6
147.5
114.7
178.6
161.4
184.3
150.0
119.4
179.7
162.0
185.8
151.8
119.4
180.4
162.1
188.5
150.4
126.1
181.7
162.5
189.7
151.2
132.3
182.9
165.3
191.6
156.2
122.5
186.8
166.2
190.4
' 156. 5
126.7
186.5
164.7
do
do
do
do
do
154.6
142.0
147.6
106.3
153.6
163.0
151.3
149.9
111.3
163.8
159.5
146.3
148.9
114.6
159.5
160.8
147.2
149.6
118.0
161.1
162.7
148.8
151.4
115.8
162.9
163.0
150.9
150.4
107.0
164.1
163.0
151.4
149.0
109.5
164.1
163.6
152.0
149.9
109.3
166.1
165.9
153.3
152.1
113.0
166.7
166.3
155.1
152.5
111. 7
170.1
167.4
153.5
149.2
109.2
169.9
166.7 ' 168. 3 ' 169. 5 '169.8
152.0 ' 152. 5 153.0
152.9
148.1 ' 147. 9 150.0
105.0 '101.3
105.6
171.1 ' 173. 9 ' 174. 5 172.9
do
do
do
do
do
146.8
134.2
203.8
236.0
133.4
149.5
136.1
221.6
261.7
139.6
145.8
130.8
215.2
256.2
137.3
149.8
134.4
216.6
255.5
139.9
149.6
134.7
219.3
258.0
140.6
149.5
134.7
222.4
264.4
139.5
151.1
137.7
221.0
262.7
140.7
150.0
140.9
222.4
263.2
141.9
151.2
138.4
227.8
268.2
142.2
152. 3
140. 8
228. 7
268.0
141.4
152.3
139.5
231.8
275.0
141.2
152.4
141.2
231.3
273.4
131.0
. do
do
. do
do
do
193.5
132.6
130.1
146.0
120.3
220.0
135.8
132.7
152.6
120.9
209.4
135.3
131.9
153.3
112.1
214.3
134.0
131.9
145.0
120.0
218.0
135.5
132.2
153.1
122.8
222.4
135.1
132.7
147.9
123.4
223.1
135.3
131.5
155.7
123.1
223.4
135.4
131.5
156.0
124.0
225.8
137.3
133.3
158.6
120.8
227. 5
136. 1
132.8
153.7
119.9
234.6
138.8
134.6
161.6
113.6
230.8
139.4
136.1
157.4
119.5
232.8
140.9
137.2
160.9
121.2
do
do
__do
do
do
do
123.8
120.4
123.1
126.3
120.3
135.4
126.4
117.8
126.5
130.5
126.3
137.8
127.1
124.4
124.8
128.7
139.9
137.1
126.9
120.4
126.6
131.2
131.4
135.0
129.2
126.7
128.4
132.4
130.8
136.9
130.0
126.6
129.2
134.0
134.1
137.1
129.4
121.3
129.3
134.8
134.5
137.5
127.0
120.8
126.8
131.2
127.7
136.5
120.7
86.6
125.5
129.1
125.1
132.2
126.4
115.9
126.3
128.6
135.1
135.5
127.4
118.3
125.4
126.4
137.6
147.0
125.8
115.3
123.9
124.0
140.2
143.5
' 124. 8
112.4
121.8
124.0
' 142. 7
149.2
do
do
do
184.9
191.8
163.0
202.1
211.3
196.5
204.9
170.0
196.1
205.0
168.4
197.9
207.0
169.2
199.3
208.2
171.3
202.1
211.5
172.6
204.8
214.7
208.9
219.3
206. 9
216. 0
210.1
219.9
215.1
226.1
214.9
225.5
do
do
_ _ . do _
158.3
148.5
159.0
164.9
156.6
175.0
161.7
153.5
169.5
163.0
154.6
173.6
165.2
156.8
176.4
164.7
156.4
175.2
164.8
156.8
175.6
165.7
157.3
175.8
167.0
159.6
177.6
167.9
159.2
179.5
168.1
160.1
179.1
do
do
do
do
do
do
149.1
145.7
153.6
166.0
159.6
159.6
174.3
174.8
173.8
175.4
168.5
173.7
168.7
166.8
171.2
170.1
156.8
170.1
178.1
182.3
172.6
170.4
156.7
174.6
180.7
183.5
177.1
173.4
161.6
174.8
180.4
183.7
176.1
171.5
161.8
174.5
177.1
182.4
170.2
174.6
168.0
174.0
175.6
177.4
173.2
175.9
170.4
175.5
178.9
180.3
177.0
176.7
171.8
174.2
181.2
180.6
182.1
178.3
171.9
177.0
Apparel and staples
do
Apparel, incl. knit goods and shoes__do
Consumer staples
do
Processed foods ...
do
145.1
136.2
147.6
130.0
150.8
139.5
154.0
132.6
148.3
139.9
150.7
131.2
148.6
139.5
151.2
131.0
150.6
140.8
153.4
132.2
150.4
139.4
153.5
132.9
150.7
139.8
153.9
132.5
151.5
139.6
154.9
132.5
153.9
142.3
157.1
133.2
Beverages and tobacco.. ...
do
Drugs, soap, and toiletries
do
Newspapers, magazines, books.. .do
Consumer fuel and lighting
do
137.4
182.7
140.1
168.9
141.9
193.4
143.3
182.9
139.4
186.1
142.1
177.3
136.6
190.0
145. 3
177.0
142.9
192.0
143.6
180.8
139.6
192.6
144.2
180.8
144.7
190.6
143.6
182.6
145.2
193.6
140.7
186.0
E quipment , including defense 9
do
Business equipment.
do
Industrial equipment
do
Commercial equipment
do
Freight and passenger equipment. .do
Farm equipment
_.
do
179.4
182.8
170.2
200.9
215.4
158.7
182.6
184.7
168.1
205.2
234.3
179.4
180.9
165.9
204.4
220.8
140.3
181.1
182.5
165.8
203.6
231.5
145.1
183.2
184.3
168.0
204.6
234.0
144.2
182.6
183.4
167.5
202.4
234.3
139.6
181.9
182.4
164.7
204.6
233.2
145.8
do
do
do.
do
do
157.8
151.9
143.9
184.5
139.6
165.7
157.8
164.2
185.1
145.8
163.1
157.1
154.6
181.9
144.4
165.2
159.4
163.0
183.6
145.3
166.7
160.4
166.2
184.8
145.6
167.4
159.8
167.7
185.8
143.7
do
do
do
do
163.9
152.9
148.5
155.1
173.7
157.4
156.7
157.7
169.3
152.0
150.9
152.6
171.2
154.5
155.6
154.0
173.9
159.0
158.9
159.0
175.3
157.9
156.0
158.8
144.3
129.2
183.3
151.5
132.7
150.2
132.6
194.6
151.7
133.7
197.0
153.2
136.4
196.7
154.1
136.9
198.2
Nondurable manufactures
Textile mill products...
Apparel products
Leather and products
Paper and products
Printing and publishing
Newspapers
.
Chemicals and products
Industrial chemicals.
Petroleum products
,
Rubber and plastics products
Foods and beverages _ . _
Food manufactures.
Beverages.. .
Tobacco products. __
Mining
.
Coal
Crude oil and natural gas
Crude oil
. ...
Metal mining
Stone and earth minerals
Utilities
Electric
Gas
.
By market groupings:
Final products, total d"
Consumergoods
Automotive and home goods
Automotive products _
Autos
..
Auto parts and allied products
Home goods 9_
Appliances, TV, and radios
Furniture and rugs
Materialsd1
..
Durable goods materials 9
Consumer durable
Equipment
.
Construction
.
Nondurable materials 9
Business supplies
Containers
General business supplies
Business fuel and power 9
do
Mineral fuels
_ _
do
Nonresidential utilities
do
' Revised.
p Preliminary.
d* See correspondin g
note on p. S-3.
172.8
' 173. 0 ' 173. 2
163.7
'
'
'
'
'
192. 8
195.4
152. 4 ' 155. 7
130. 8
127.6
187. 0 ' 188. 9
165. 7 167.6
152.1 ' 152. 9 ' 152. 5
141.7
141.3
137.1
' 234. 4 ' 235. 7 237.6
' 276. 7 278.7
140.2 ' 142. 7 142.6
235.0
' 141. 5
' 136. 7
167.2
118.7
195
157
190
168
170.6
154
140.8
136.6
126.5
128.9
114.2
120.2
123. 2 127.0
127. 0 ' 130. 8
148. 5 146.8
150. 5 141.4
130.5
124
130
133
' 215. 3 ' 214. 6
225.7
215.0
168.2
161.0
181.0
' 169. 3 ' 170. 8 ' 170. 0
' 161. 7 ' 162. 8
161.7
' 179. 6 ' 182. 1 ' 176. 4
170.6
161.8
177
177.8
174.5
182.2
180.0
173.2
180.2
176.2
170.6
183.5
184.3
177.7
184.3
' 174. 7
165.0
' 187. 6
' 183. 0
179.1
'181.2
165
149
152. 8
142. 0
155. 8
132.0
154.1
138.7
158.4
134.7
154.7
140.8
158.6
134.8
'
'
'
'
145.9
199.8
145.8
188.7
142. 3
200.4
146. 0
186. 1
145.4
201.4
147.1
190.2
144.6
203.7
146.3
190.0
147.5
203.7
145.7
192.0
183.6
185.2
167.8
205.9
235.6
152.9
183.0
186.8
170.2
207.3
234.3
155.3
186. 5
191.2
174.0
208. 7
247. 4
152. 4
185.3
190.0
174.9
205.3
247.2
134.0
183.5
191.4
175.9
209.9
245.5
136.1
' 185. 5
'191.9
' 175. 7
214.3
244.4
133.0
' 187. 8 '188.4
' 192. 9 ' 193. 8
' 176. 7
178.1
' 217. 3 220.1
' 242. 3 239.7
190.2
196
164.2
153.3
153.5
185.3
143.3
165.1
153.3
166.1
185.1
145.5
165.7
155.4
166.5
184.7
146.3
167. 6
157.6
169.6
187.7
148.3
169.3
159.7
161.0
187.5
152.2
169.6
161.2
162.2
187.4
153.5
' 170. 8 ' 172. 1 ' 173. 4
r 162. 6
'164.0 ' 165. 8
167.7 ' 163. 2
159.5
189.3 ' 190. 7 190.7
' 154. 2 ' 154. 5
154.7
174.3
167
175.5
158.4
154.2
160.5
177.2
161.1
163.4
160.0
176.4
162.3
167.4
159.8
177.9
161.7
161.5
161.8
179.2
163.2
164.8
162.4
178.3
164.2
167.4
162.6
' 179. 2
'164.4
168.1
' 162. 5
182
151.8
127.8
211.5
152.3
127.7
212.5
153.3
154.3
149.3
151.9
152.5
134.1
136.6
126.0
130.0
131.4
202.8
200.3
206.3
206.7
205.7
91m;ludes da ta for ite ms not s lown sep>arately.
'
'
'
'
' 176. 3 166.3
165.0 ' 149. 6
188.2
' 191. 1
' 186. 1 186.8
' 182. 6 182.6
' 182. 0 184.1
156. 0 156.7
141. 4
142.8
160. 2 ' 160. 6 ' 160. 2
136. 7 ' 136. 3
135.6
150.9
' 205. 0
' 143. 3
193.2
207.8
145.9
' 180. 5 ' 181. 2
' 166. 0 164.3
166.3
' 169. 3
163.3
'164.3
' 153. 8
' 129. 9
212.6
161
157.3
134.3
159
137
June 1969
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1969
1968
Apr.
Annual
S-5
May
June i July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS— Continued
BUSINESS SALES AND INVENTORIES §
Mfg. and trade sales (unadj.), totald"
mil. $
Mfg. and trade sales (seas, adj.), totals
Manufacturing, totald"
Durable goods industries
Nondurable goods industries
Retail trade, totaled
Durable goods stores
Nondurable goods stores
11,067,539 11,163,371 95, 757
98,459
100,011
94,408
96, 310
98,605
103,413 101,513 103,200
93, 265
do
11,067,539 11,163,371 94, 552
96,069
97, 423
98,368
97, 083
99, 135
99,675
100,142 98, 671
100,137 101, 390 '101,510 102, 118
95, 674 ••102,367 103, 181
do
1548, 542 1603,718
do._. 299,680 330, 951
do
248, 862 272,767
_
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
48, 755
26,888
21, 867
50, 014
27,509
22, 505
50, 729
27, 633
23,096
51, 425
28, 211
23, 214
49, 825
26,837
22, 988
51,441
27, 985
23, 456
52, 560
28,960
23,600
52,548- 51, 494
28, 786 27, 742
23,762 23,752
52,801
29, 325
23, 476
53, 302 ••53,078 53,257
29, 914 ••29,530 '29,600
23, 388 ••23,548 23, 555
do
do
do
1313,809 1339,710
100, 173 110, 245
213, 636 229, 465
27, 791
8,975
18, 816
28, 158
9,132
19, 026
28, 320
9,197
19, 123
28, 674
9,313
19, 361
28, 760
9,377
19, 383
28,902
9,687
19, 215
28, 697
9,342
19, 355
28,806
9,314
19, 492
28, 347
9,238
19, 109
28,989
9,446
19, 543
29,289 ••28,916
9,597 ' 9, 377
19, 692 ••19,539
29, 370
9,547
19, 823
do
do
do
i 205,188 1219,943
90, 447 100, 012
114, 741 119, 930
18, 006
8,163
9,843
17,897
8,058
9,839
18, 374
8,152
10, 222
18, 269
8,309
9,960
18,498
8,301
10, 197
18, 792
8,554
10,238
18, 418
8,536
9,882
18, 788
8,764
10, 024
18,830
8,734
10, 096
18, 347
8,555
9,792
18, 799 ••19,516
8,938 ••9,071
9,861 ••10,445
19,491
9,106
10, 385
Mfg. and trade inventories, book value, end of year
or month (unadj.), totald"
mil. $
142, 213
152, 188
148,157 149,140 148,890 148,138 148,320 149,122 152,201 153,987 152,188
153,360 155, 583 ••157,840 159, 131
Mfg. and trade inventories, book value, end of year
or month (seas, adj.) , total d"
mil $
143, 772
153,860
146,487
147,808
148,522
149,063 149,923
150,725
152,122
152,936 153,860
154,180 155, 432 ••156,492 157, 260
82,819
53,540
29, 279
39, 318
17, 403
21, 915
21,635
12, 543
9,092
88, 579
57, 422
31, 157
42, 657
19, 461
23, 196
22, 624
13,454
9,170
84,382
54,724
29,658
40,242
18, 113
22, 129
21,863
12, 777
9,086
85,278
55, 234
30,044
40,606
18,248
22, 358
21,924
12,664
9,260
85,582
55, 442
30, 140
40,842
18, 440
22, 402
22, 098
12, 775
9,323
85,829
55, 461
30, 368
41, 065
18, 475
22, 590
22, 169
12, 923
9,246
86, 713
56,069
30,644
41, 010
18, 501
22, 509
22,200
13, 166
9,034
87,109
56,458
30, 651
41, 424
18, 622
22, 802
22, 192
13, 064
9,128
87, 566
56, 657
30,909
42, 220
19, 165
23, 055
22, 336
13, 218
9,118
87, 947
56,953
30, 994
42, 488
19, 361
23, 127
22, 501
13, 332
9,169
1.58
1.53
1.55
1.54
1.52
1.52
1.54
1.52
1.53
1.53
1.77
2.08
.62
.94
.52
1.40
.55
.21
.64
1.47
2.03
1.21
1.22
1.61
.91
1.70
2.01
.59
.92
.50
1.33
.50
.20
.62
1.44
2.00
1.18
1.20
1.54
.92
1.73
2.04
.60
.94
.50
1.36
.51
.21
.64
1.45
2.02
1.18
1.21
1.57
.92
1.71
2.01
.60
.92
.49
1.33
.50
.20
.63
1.44
2.00
1.18
1.23
1.57
.94
1.69
2.01
.60
.92
.49
1.30
.49
.20
.61
1.44
2.01
1.17
1.20
1.57
.91
1.67
1.97
.59
.89
.48
1.31
.49
.20
.62
1.43
1.98
1.17
1.21
1.56
.93
1.74
2.09
.63
.95
.51
1.33
.50
.21
.63
1.43
1.97
1.16
1.20
1.59
.89
1.69
2.02
.60
.92
.50
1.31
.49
.20
.62
1.43
1.92
1.19
1.18
1.53
.89
1.67
1.96
.58
.89
.49
1.31
.49
.20
.62
1.47
2.05
1.19
1.21
1.55
.92
1.67
1.98
.58
.91
.49
1.30
.48
.20
.62
1.47
2.08
1.19
1.20
1.52
.91
12, 853
14, 944
1,203
1,184
1,268
1,223
1,256
1,222
1,180
1,314
1,152
1,261
1,275
1,293
1,370
1,356
2 29, 600
Manufacturing, totald* - _
Durable goods industries...
Nondurable goods industries
Retail trade, total 1
Durable goods stores
N on durable goo ds st ores
Merchant wholesalers, total
.
Durable goods establishments
Nondurable goods establishments
Inventory-sales ratios:
Manufacturing and trade, totald"--
do
do
do
do
do
do
do
do
do
__ .ratio. _
Manufacturing, total d1
___
do
Durable goods industries...
do
Materials and supplies
do
Work in process
do
Finished goods
do
Nondurable goods industries. _
do
Materials and supplies
do
Work in process
do
Finished goods
do
Retail trade, totaled- -do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers, total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total..
mil $
Seasonally adj., total*.
do
Shipments (not seas, adj.), totald*
••90,317
'58,978
••31,339
43,004
19,542
23,462
••23,171
' 13, 681
••9,490
91, 014
59,401
31, 613
43, 118
19,567
23, 551
23,128
13,653
9,475
1.53
1.54
1.54
1.68
1.95
.56
.90
.49
1.34
.49
.21
.63
1.47
2.03
1.19
1.22
1.51
.95
••1.70
2.00
'.58
'.92
.50
1.33
.49
.21
'.63
'1.49
2.08
1.20
'1.19
'1.51
'.91
1.71
2.00
.57
.93
.51
1.34
.50
.21
.63
1.47
2.05
1.19
1.19
1.50
.91
1,256
1,299
' 1, 452
' 1, 353
1,463
1,443
88,905
57, 879
31, 026
42, 740
19, 622
23, 118
22, 535
13, 373
9,162
89, 556
58,282
31, 274
43, 014
19, 487
23, 527
22, 862
13, 532
9,330
1.56
1.54
1.72
2.07
.60
.95
.52
1.31
.49
.20
.62
1.50
2.11
1.21
1.20
1.54
.91
1.68
1.97
.57
.91
.50
1.32
.49
.21
.62
1.47
2.08
1.18
1.23
1.56
.94
1,399
1,378
1,396
1,265
1,134
1,204
88,579
57, 422
31, 157
42, 657
19, 461
23, 196
22, 624
13, 454
9,170
do
548,542
603, 718
50,068
50,596
53,163
47,378
47, 967
52,950
54,016
52, 495
50, 197
49, 452
53, 933 ' 55, 254 54,647
Durable goods industries, total 9 . .
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products.
Machinery, except electrical .
Electrical machinery.
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
do
do
do
do
do
do
do
__do
do
299,680
14, 479
45, 867
22, 846
31, 443
52,066
41,443
74, 863
43,096
9,500
330, 951
15, 754
50, 457
24, 901
34, 180
58,047
42, 353
84, 163
47, 638
11, 370
27, 834
1,348
4,584
2,416
2,865
4,930
3,403
6,993
3,976
880
28, 283
1,373
4,663
2,457
2,900
4,808
3,361
7,410
4,423
909
29,606
1,402
4,852
2,617
3,015
5,165
3,717
7,466
4,395
994
25, 612
1,297
4,352
2,554
2,703
4,376
3,151
6,086
3,096
860
24, 692
1,403
3,536
1,497
2,896
4,519
3,389
4,976
2,126
955
28,404
1,449
3,912
1,579
2,965
5,029
3,754
7,067
4,018
1,062
29,541
1,496
4,125
1,754
3,079
5,094
3,681
7,835
4,749
1,025
28, 831
1,325
4,051
1,698
2,852
4,968
3,692
7,932
4,665
1,043
27, 651
1,215
3,910
1,707
2,685
5,113
3,593
7,302
3,935
1,041
27, 331
1,198
4,329
1,997
2,657
4,745
3,362
7,192
4,236
967
30, 287
1,295
4,741
2,153
3,009
5,513
3,728
7,741
4,393
1,056
' 31, 054 30, 700 2 30, 400
' 1, 387
1,423
' 4, 884 ' 4, 900 24,900
' 2, 305
2,305
' 2, 994
3,105
' 5, 720
5,590
' 3, 867
3,690
' 7, 814 ' 7, 700 2 7, 700
' 4, 446 4,329
' 1, 101
1,066
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
C hemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do
do
do
do
do
248, 862
83, 017
4,768
19, 241
21, 120
42, 347
21,211
12, 597
272, 767
90, 157
4,922
21, 458
24,208
46, 465
22, 267
14, 265
22, 234
7,014
387
1,736
1,981
4,019
1,787
1,232
22, 313
7,233
421
1,765
2,014
3,969
1,811
1,245
23, 557
7,680
437
1,892
2,123
4,127
1,955
1,252
21, 766
7,455
419
1,585
1,901
3,588
1,837
1,099
23, 275
7,729
438
1,819
2,041
3,940
1,884
1,160
24,546
8,251
423
1,981
2,186
4,204
1,897
1,221
24,475
8,115
412
1,956
2,174
4,109
1,905
1,321
23, 664
7,997
420
1,863
2,077
3,923
1,910
1,239
22, 546
7,732
414
1,702
2,020
3,634
1,912
1,240
22, 121
7,327
376
1,626
2,070
3,749
1,855
1,227
23,646
7,644
399
1,752
2,219
3, 995
1,949
1,344
24, 200 23,929
' 7, 825
7,593
'404
413
1,830
1,745
' 2, 259
2,236
' 4, 106
4,267
' 1, 930
1,971
' 1, 387 1,429
Shipments (seas, adj.), totald"
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products.
Machinery, except electrical....
Electrical machinery.
Transportation equipment
Motor vehicles and parts...
Instruments and related products
do
48,755
50,014
50,729
51, 425
49, 825
51, 441
52,560
52, 548
51, 494
52, 801
53,302 ' 53, 078 53, 257
do
do
do
do
do
do
do
do
do
do
26,888
1,330
4,263
2,194
2,814
4,685
3,473
6,689
3,701
892
27, 509
1,329
4,423
2,288
2,841
4,657
3,475
7,020
4,092
923
27, 633
1,263
4,603
2,504
2,811
4,749
3,601
6,801
3,879
944
28, 211
1,280
4,741
2,720
2,898
4,740
3,503
7,148
3,874
926
26,837
1,295
3,662
1,516
2,799
4,853
3,503
6,906
3,966
969
27, 985
1,347
3,963
1,626
2,859
5,075
3,545
7,227
4,188
999
28,960
1,390
4,220
1,835
3,005
5,194
3,529
7,555
4,329
989
28, 786
1,334
4,180
1,807
2,896
5,185
3,586
7,568
4,238
1,028
27, 742
1,352
4,152
1,894
2,793
5,009
3,511
6,845
3,722
984
29, 325
1,414
4,508
2,089
2,961
5,222
3,620
7,284
4,117
1,089
29, 914
1,454
4,585
2,096
3,031
5,352
3,685
7,463
4,212
1,083
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mi 11 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
21, 867 22, 505 23,096
7,095
7,499
7,267
394
421
399
1,741
1,804
1,804
1,952
2,045
2,023
3,697
3,811
3,966
1,803
1,911
1,824
1,161
1,204
1,182
D
• ,3
' Revised.
i Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments for Apr. 1969 do not reflect revisions for selected components.
§ The term "business here includes only manufacturing and trade; business inventories as shown on p.
S-l cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll
and S-12. d"Series
revised to reflect benchmarking manufacturing data to 1961-66 annual
surveys of manufactures, and to reflect revision of the retail sales sample. Complete details
23, 214
7,754
408
1,867
2,056
3,881
1,824
1,210
22,988
7,721
418
1,746
2,016
4,014
1,869
1,197
23, 456
7,812
411
1,848
2,117
4,061
1,884
1,221
23,600
7,869
421
1,805
2,112
4,061
1,890
1,276
23, 762
8,003
418
1,788
2,089
4,139
1,919
1,279
23, 752
7,930
420
1,804
2,109
4,065
' 1,925
1,286
23, 476
7,669
414
1,790
2,172
3,935
1,894
1,301
23,388
7,624
415
1,740
2,201
3,980
1,949
1,328
' 29, 530
' 1, 441
' 4, 578
' 2, 115
' 2, 940
' 5, 319
' 3, 725
' 7, 273
' 4, 042
' 1, 078
29, 600
1,407
' 4, 600
2,096
3,056
5,307
3,741
' 7, 300
4,042
1,082
2 29, 600
2 4, 600
2 7, 300
' 23, 548 23, 555
' 7, 778 7,686
411
421
1,784
1,748
' 2, 186
2,206
' 3, 892
3,936
1,971
1,988
' 1, 327 1,348
for manufacturing appear in the Census report Manufacturers' Shipments, Inventories, and
Orders: 1961-68—Series M3-1.1. See note marked "J" for p. S-ll regarding new retail sales
sample. Revised unadj. data for mfg. and trade sales back to 1961, and unadj. and seas. adj.
inventories back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY; seas. adj. mfg. and trade
sales and retail sales for 1961-67 and inventory-sales ratios for 1961-67 appear on p 51 ff of the
May 1969 SURVEY.
^Revised series; see corresponding note on p. S-12.
*New series.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Annual
June 1969
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
4,715 ' 4, 703
9,841 r 9, 927
8,828 '8,738
4,764 ' 4, 572
4,637 ' 4, 517
20, 517 ••20,621
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERScf— Continued
Shipments (seas, adj.)— Continued
By market category:
Home goods and apparel
mil. $
Consumer staples _
-do _.
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do __
Supplementary market categories :
Consumer durables
.
do
Defense products (old series)
do
Defense products*
do
Machinery and equipment
do.
Inventories, end of year or month:
Book value (unadjusted), total cf
Durable goods industries, total...
Nondurable goods industries, total
4,565
9,149
7,763
4,209
3,988
19, 081
4,825
9,346
7,743
4,622
3,966
19, 512
4,908
9,549
7,803
4,401
3,972
20,096
4,865
9,862
8,277
4,430
4,052
19, 939
4,519
9,831
8,015
4,559
3,998
18,903
4,551
9,905
8,234
4,771
4,248
19, 732
4,559
10, 126
8,483
4,919
4,304
20, 169
4,407
10, 257
8,609
4, 821
4,221
20, 233
4,569
10,228
8,182
4,275
4,218
20, 022
4,849
9,945
8,764
4,642
4,444
20, 157
24, 031
46, 201
23, 917
68, 757
2,001
3,719
1,928
5,633
2,035
3,763
1,948
5,578
2,023
3,788
1,905
5,657
2,049
4,126
2,217
5,589
1,939
3,742
1,823
5,682
1,990
3,839
1,884
5,921
2,032
4,060
2,070
5,926
1,927
4,078
2,042
6,140
2,033
3,830
2,080
5,959
2,153
3,971
1,875
6,102
151,206 i 55, 126
1106,412 i 115, 551
184,149 i 96, 115
148,769 154,048
142,916 i 48, 587
1215,090 1234,291
123,461
139,279
163,709
i
i
i
i
2,165
4,009
1,851
6,263
4,730
9,956
8,927
4,574
4,472
20, 598
r 2, 126
r 4, 001
r 1, 875
r 6, 212
2,170
4,119
2,017
6,207
do
do
do
82, 561
53, 217
29, 344
88, 239
57, 034
31, 205
85, 069
55, 208
29,861
85, 828
55,731
30, 097
85, 775
55, 756
30, 019
85,314
55, 128
30, 186
86,247
55,897
30,350
86,409
56, 141
30,268
86,887
56, 265
30, 622
87, 382
56, 497
30, 885
88,239
57, 034
31, 205
89, 179
57, 789
31, 390
90, 158 '90,885
58, 568 '59,293
31, 590 '31,592
91, 759
59, 946
31,813
Book value (seasonally adjusted), totaled ...do
By industry group:
Durable goods industries total 9
do
Stone clay and glass products
do
Primary metals
do
Blast furnaces, steel mills
_
do
Fabricated metal products. . _ do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment.
do
Motor vehicles and parts
do
Instruments and related products-- do
By stage of fabrication :d*
Materials and supplies?
... .-do
82, 819
88, 579
84, 382
85, 278
85, 582
85, 829
86,713
87,109
87, 566
87, 947
88, 579
88, 905
89, 556 '90,317
91, 014
53, 540
1,952
7,644
4,319
5,465
10, 905
8,157
12, 679
3,827
2,013
57, 422
2,219
7,552
4, 039
6,287
11,310
8,560
13, 939
4,257
2,183
54,724
1,927
7,724
4,341
5,691
10, 954
8,291
13, 263
4,139
2,033
55, 234
1,940
7,657
4,302
5,823
11,061
8,400
13, 430
4,118
2,025
55, 442
1,957
7,506
4,109
5,963
11,107
8,352
13, 603
4, 172
2,042
55, 461
1,997
7,255
3,831
6,077
11,132
8,463
13, 494
4,280
2,056
56,069
2,003
7,433
3,994
6,102
11,174
8,448
13,761
4,411
2,061
56,458
2,029
7,502
4,065
6,121
11,213
8,502
13,889
4,248
2,067
56, 657
2,064
7,426
3,985
6,229
11, 147
8,524
13, 891
4,257
2,105
56., 953
2,153
7, 504
4,010
6, 229
11,222
8,528
13, 844
4,221
2,122
57, 422
2,219
7,552
4,039
6,287
11,310
8,560
13, 939
4,257
2,183
57, 879
2,289
7,528
4,019
6,289
11,528
8,551
14, 076
4,308
2,240
58, 282
2,372
7,554
4,042
6,129
11, 738
8,592
14, 186
4,226
2,275
15, 592
2 815
4,785
2,968
24, 675
2,671
9,021
8,527
13, 273
2,158
5,256
1,184
16, 637
2,787
4,821
3,402
26, 357
2,547
9, 472
9, 162
14, 428
2,218
5,577
1,375
16, 071
2,821
4,800
3,260
25,214
2,621
9,210
8,801
13, 439
2,282
5,235
1,202
16,379
2,872
4,903
3,295
25, 392
2,570
9,243
8,941
13, 463
2,215
5,315
1,194
16, 498
2,832
4,876
3,379
25, 490
2,505
9,260
9,044
13, 454
2,169
5,323
1,180
16, 753
2,833
4,907
3,450
25, 237
2,387
9,273
8,845
13, 471
2,035
5,415
1,199
16,781
2,853
4,867
3,496
25,544
2,469
9, 311
8,981
13,744
2,111
5,444
1,284
16,704
2,876
4,850
3,436
25, 772
2,486
9,305
9,128
13, 982
2,140
5,560
1,325
16, 763
2,850
4,816
3,403
25, 825
2,451
9,319
9,146
14, 069
2,125
5,536
1,342
16, 676
2,783
4,830
3,366
26, 085
2,536
9,391
9,139
14, 192
2,185
5, 529
1,339
16, 637
2,787
4,821
3,402
26, 357
2,547
9,472
9,162
14, 428
2,218
5,577
1,375
16, 706
2,800
4, 862
3,348
26, 631
2,506
9,611
9,289
14, 542
2,222
5,606
1,439
16, 613 '16,980
2,765 ' 2, 824
4,935 ' 5, 003
3,301 ' 3, 388
26, 961 '27,264
2,535 ' 2, 573
9,769 ' 9, 879
9,561
9,436
14, 708 '14,734
2,254 ' 2, 230
5,626 ' 5, 690
1,449 ' 1, 401
29, 279
7,094
2,269
3,232
2,190
5,600
1,971
1,601
31, 157
7,370
2,261
3,539
2,384
5, 937
2, 118
1,801
29, 658
7,081
2,251
3,393
2,261
5,651
1,955
1,668
30, 044
7,226
2,261
3,406
2,284
5,698
1,981
1,674
30, 140
7,262
2,278
3,440
2,326
5,664
2,021
1,693
30, 368
7,376
2, 276
3,392
2,338
5,708
2,047
1,704
30,644
7,434
2, 259
3,474
2,327
5,751
2,066
1,748
30, 651
7,423
2,219
3,477
2,331
5,793
2,083
1,733
30, 909
7,491
2,211
3,470
2,359
5,871
2,114
1,731
30, 994
7, 417
2,231
3, 425
2, 351
5, 882
2, 136
1,833
31,157
7,370
2,261
3,539
2,384
5,937
2,118
1,801
31, 026
7,264
2,219
3,507
2,403
5,977
2,068
1,811
31, 274 '31,339 31,613
7,248 ' 7, 215 7,313
2,203 r 2, 226
2,203
3,534 ' 3, 548 3,577
2,419 ' 2, 420
2,442
6,088 ' 6, 177
6,276
2,076 ' 2, 069 2,065
1,831
1,796
1,799
11, 247
4,496
13, 536
11, 598
4,855
14, 704
11, 228
4,522
13, 909
11,312
4,604
14, 128
11,333
4,619
14, 188
11,366
4,682
14, 320
11,508
4,729
14,407
11,511
4,679
14, 461
11, 609
4,724
14, 576
11,512
4,752
14, 730
11, 598
4,855
14, 704
11,497
4,991
14, 538
11, 554 '11,519
5,014 ' 4, 943
14,706 '14,877
8,589
11, 297
20, 955
4,640
6,445
30, 893
9,469
11,786
22, 191
5,199
7,410
32, 524
8,838
11, 360
21, 250
4,996
6,609
31,329
8,927
11,514
21, 595
4,997
6,686
31,559
8,853
11,532
21, 769
5,042
6,754
31,632
8,932
11, 675
21, 604
5,167
6,887
31, 564
9,043
11,714
21,774
5,306
6,944
31,932
9,206
11,709
21, 988
5,172
6,969
32, 065
9,327
11, 789
21, 943
5,195
7,129
32, 183
9, 460
11, 758
22, 018
5, 134
7, 236
32, 341
9,469
11, 786
22, 191
5,199
7,410
32, 524
9,360
11, 696
22, 475
5,281
7,538
32, 555
9,490
11, 807
22, 753
5,235
7,540
32, 731
do
do
do
do
4,333
10, 307
13, 689
4,645
11,513
7,126
14, 038
4,359
10, 612
6,862
13, 759
4,386
10, 872
7,025
13, 873
4,344
10, 945
7,105
14, 000
4,446
10, 958
6,987
13,851
4,498
11,146
7,138
13, 846
4,643
11,404
7,287
13, 873
4,671
11,410
7,233
13, 851
4, 727
11,458
7, 251
13, 881
4,645
11,513
7,126
14, 038
4,579
11,571
7,227
14, 308
4,717 ' 4, 821
4,868
11,675 '11,741 11,810
7,324 ' 7, 327 7,376
14, 494 ' 14, 702 14, 837
New orders net (not seas adi ) total <~P
Durable goods industries, total
Nondurable goods industries total
do
do
do
551, 138
302, 265
248, 873
607, 161
334, 422
272, 739
50, 453
28, 172
22, 281
49,511
27, 179
22, 332
52, 469
28, 866
23, 603
46, 738
24, 951
21, 787
48,449
25,316
23,133
53, 605
29, 052
24, 553
55, 022
30, 536
24, 486
52, 136
28, 471
23, 665
51, 134
28, 650
22, 484
50, 638
28, 531
22, 107
54, 850 '55,696 55, 913
31, 125 '31,449 ' 31, 900 2 30, 200
23, 725 '24,247 23, 985
Mew orders, net (seas adj ) tot aid*
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces steel mills
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Aircraft missile^ and parts
do
1551,138 1607,161
49, 237
49, 650
49, 850
50, 181
50, 201
51, 877
53, 931
53, 100
53, 101
53, 119
53, 901 '53,283
29, 325
4, 475
2, 120
3, 225
5, 134
3, 505
7, 589
2, 654
29, 380
4,345
1,941
3,195
5,210
3,656
7,578
2,755
29, 684
4,675
2,124
2,755
5,350
3,581
7,487
2,690
30, 482 '29,697 '30,900
4,666 ' 4, 614 ' 4, 800
2,071 ' 2, 110
2,304
2,841 ' 2, 980
3,137
5,626 ' 5, 538 5,644
3,767 ' 3, 746 3,949
7,842 ' 7, 107 '7,700
3,031 ' 2, 492 2,575
Machinery (elec. and nonelec.) ..do
Transportation equipment
do
Work in process 9 ..do
Primary metals
do_ ._
Machinery (elec and nonelec ) do
Transportation equipment
do
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec. )__.do
Transportation equipment
do
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
By market category:
Home goods and apparel
_ do
Consumer staples.
_.
do
Equip, and defense prod., excl. auto
do
Construction materials and supplies
Other materials and supplies
Supplementary market categories:
Consumer durables
._
Defense products (old series)
Defense products*.
_
_.
Machinery and equipment .
do
do
'58,978 59, 401
' 2, 361
2,412
' 7, 627 7,676
' 4, 074
4,117
6,274
' 6, 220
'11,837 11, 926
' 8, 735
8,764
' 14, 350 14, 448
T 4, 289
4,263
' 2, 319
2, 344
16, 873
2,790
5,000
3,313
27, 495
2, 619
9,969
9,660
15,033
2,267
5,721
1,475
11,697
4,995
14, 921
9,735
' 9, 667
'11,830 11, 872
'22,970 23, 068
' 5, 332
5,303
' 7, 640 7,735
'32,878 33, 301
54, 539
26, 701
3,867
1,755
2,824
4,810
3,725
6,259
1,616
26, 925
3,859
1,791
2,755
4,923
3,476
6,749
2,396
27, 329
3,491
1,400
2,917
4,766
3,501
7,479
2,492
28, 381
4,092
1,682
3,103
5,184
3,668
6,996
2,098
30, 280
4,397
1,990
3,271
5,403
3,751
7,764
2,749
Nondurable goods industries total
do
248, 873 272, 739 21,864 22, 478 23, 149
6,041
6,134
Industries with unfilled orders©
do
74, 348
6,271
66, 285
Industries without unfilled ordersf
do
182, 588 198, 391 15, 823 16, 344 16, 878
By market category:
4,512
4,737
5,089
Home goods and apparel
.do . 1 50, 966 i 55, 173
Consumer staples. _ ___ _
do
9,351
1106,416 1115,594
9,151
9,568
1
Equip, and defense prod., excl. auto
do
7,909
7,579
186,057 1 98, 601 8,284
Automotive equipment
do
4,241
4,554
148,306
54, 554
4,408
Construction materials and supplies
do
4,090
4,080
144,019 i 49, 522
3,989
Other materials and supplies
_ _ d o __ 1215,374 1233,717 19, 060 19, 009 19, 126
Supplementary market categories:
Consumer durables
do
1,944
1,962
2,207
123,257 i 24, 120
Defense products (old series)
do
4,428
4,011
142,473 1 47, 409
2,963
Defense products*
._
do
1,466
2,268
2,059
Machinery and equipment
_._
do . 162,999 169,650
5,492
5,447
5,968
T
2
Revised.
1 Based on data not seasonally adju sted.
Advance estimateS total m frs.
new orders for Apr. 1969 do not reflect revisions f or selected compon ents.
cfSee co rrespending note on p. S-5.
*New series; see corre spording note on i3. S-7.
9 Inclu des
data for items not shown separately.
© Includes te xtile mill products, leather a nd produ cts,
paper and allied products, and printing and publis ling industries; urrlilled ord ers for o her
23, 256
6,304
16, 952
22,872
5,953
16,919
23, 496
6,434
17, 062
23, 651
6,518
17, 133
23, 775
6,447
17,328
23, 721
6,451
17, 270
23, 435
6,494
16, 941
4,838
9,874
7,888
4,431
3,956
19, 194
4,460
9, 827
8,142
4,849
4,135
18,988
4,601
9,931
8,495
4,984
4,480
19, 386
4,575
10, 126
9,527
4,694
4,500
20, 509
4, 425
10, 256
8,370
4,864
4,510
20, 675
4,595
10, 220
8,649
4,639
4,508
20, 490
4,816
9,945
9,043
4,710
4,333
20, 272
4,764
9,845
9,520
4,743
4,507
20, 522
2,034
3,666
1,914
5,714
1,884
3, 913
2,355
6,027
2,033
3,554
1,919
5,916
2,033
4,407
2,384
6,550
1,973
3,895
1,953
6,089
2,084
4, 198
2,314
6,237
2,128
4,025
1,844
6,204
2 30, 000
2 4, 700
23, 419 '23,586 23, 572
6.504 ' 6, 568 6,573
16,915 '17,018 16, 999
do ._ 302, 265
do
45, 393
do
23, 037
do
32, 557
do
51,714
do
41, 749
do
76, 849
do
28, 620
334, 422
49, 790
24, 380
35, 276
58, 286
42, 330
86, 790
31,514
27, 373
4,244
2,396
2,819
4,658
3,366
7,326
3,173
27, 172
3,900
2,014
2,941
4,665
3,313
7,343
2,903
' 4, 801
' 9, 920
' 8, 719
' 4, 581
' 4, 493
' 20, 769
2,235 ' 2, 204
4,392 ' 3, 806
2,313 ' 2, 152
6,511 ' 6, 414
2 7, 300
4,744
9,944
9,331
4,654
4,571
21, 295
'
'
'
'
2, 200
4, 000
2, 100
7, 100
2 2, 000
23,900
2 1,900
2 6, 300
nondtirable go ods indu stries are zero,
UFo r these i ndustrie 3 (food a id kindr ed produ cts, toba ceo prod ucts, ap[Darel and related
produ cts, petrc)leum an d coal pnxlucts, cllemicals and alliec1 products, and ru bber and plastics
produ cts) sales are cons idered ecjual to n ew order 3.
S-7
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
Annual
1969
1968
1968
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Mar.
May
Apr.
Dec.
Jan.
Feb.
85, 938
82, 946
2 992
87,126
84,150
2 976
88,041 r 88, 480 89, 742
84, 988 '85,380 ' 86,600 i 86,300
3 155
3 053 r 3 100
88,064 '88,267
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSJ— Continued
Unfilled orders, end of year or month (unadjusted),
total^
mil $
Durable goods industries, total
do
Unfilled orders, end of year or month (seasonally
adjusted) total^
mil $
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Blast furnaces, steel mills
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do. _
Transportation equipment. _
do
Aircraft missile*1 and parts
do
82,499
79, 480
3 01Q
85, 938
82, QQO
946
cy
^Huip. <*1^" ucitHiatJ v^rou., inc . duio
QO
84, 555
81, 446
31 no
83, 861 83, 220
80, 706 80, 044
3 1 t t 3 17fi
83,700
80,667
O flqq
84, 358
81,318
q
(\Af\
85, 003
81, 951
3 052
85, 357
82, 307
q ne A
83 686
87 152
85 291
84 927
84 048
82 806
83 184
83 617
84, 991
85, 539
87, 152
87,469
80, 578
7,019
3,644
8,976
14, 551
13, 235
31, 031
25 682
84, 071
6,327
3,100
10, 114
14, 790
13, 210
33, 670
26 858
82, 239
7,845
4,598
8,782
14, 156
12, 867
32, 986
27 697
81, 902
7,322
4,324
8,882
14, 164
12, 705
33, 309
28 140
80,970
6,586
3,575
8,895
14, 225
12, 829
32, 767
27 288
79,684
5,704
2,645
8,752
14, 408
12, 803
32, 368
26 922
80, 177
5,533
2,529
8,870
14, 321
12, 801
32, 941
27 012
80, 572
5,662
2,585
9,115
14, 430
12, 923
32,709
26 604
81, 894
5,840
2,740
9,381
14,637
13, 148
32, 918
26 670
82,429
6,133
3,053
9, 711
14, 58P
13, 065
32, 936
26 599
84,071
6,327
3,100
10, 114
14, 790
13, 210
33, 670
26, 858
r\A r
o AQ7
110
q r»81
3 /yjo
2,165
45 843
2,182
46 662
2, 199
46 468
2,220
47 300
2,186
47 649
89,550
84,431 84,994
6,494 6,575
3,109
3,134
9,908 9,716
14,919 15, 193
13,170 13, 251
33,873 34, 251
26,953 27, 345
3
By market category:
Home goods, apparel, consumer staples. .. do
85, 640
82, 550
3 f)QO
2,125
44 304
3 nfi7
fiC1
2,220
47 300
2,053
45 657
1,970
45 755
2,170
45 538
2,154
45 151
2,091
45 368
9 97O
3
3
9 7 on
Ifi'lfiQ
97 4fi^
'85,159 ' 86,500 i 86,800
r6,611 ' 6, 800 i 7,000
3,312
r 3, 104
9,839
r 9, 756
15, 746
r 15, 410
r 13, 272 13, 481
'34,086 ' 34,400 i 34,400
'27,173 27,005
3 124
3 070 r 3 log
2,238
48, 317
10 038
27 471
'2,328
'48,310
'10 013
r 27 616
2,329
48, 796
10 113
28, 312
9fi A.E\*\
9fi i OA
9fi 4.4.7
9fi 889
1 n 97Q
97 qeq
21, 243
1,790
33, 108
21, 818
22, 141
1,609
33, 728
20, 622
20, 643
1,536
33, 976
20, 941
20, 512
1,720
33, 151
21, 095
20, 823
1,705
32, 690
20, 792
20, 951
1,650
32,860
21, 324
21, 295
1,692
32, 577
21, 358
21, 287
1,693
32, 925
21, 672
21,912
1, 738
32, 740
21,584
21, 862
1,790
33, 108
21,818
22, 141
1,834 '1,911 1,908
1,765
33,163 33, 546 '33,350 33, 266
21,786 22, 249 '22,526 22, 579
22,242 22, 489 '22,691 23, 608
206, 569
233, 635
19, 641
18 659
19 940
18 796
18, 670
19 197
19, 733
19 530
19, 052
20, Oil
19, 015
20, 986
21, 636
21, 394
17, 770
21, 155
20, 310
20, 292
24, 327
20, 578
20 811
22 199
23,089
21, 353
24 700
23 467
INDUSTRIAL AND COMMERCIAL
FAILURES cf
Failures, total _ _
number
Commercial service
do
Construction
do
Manufacturing and mining
do _
Retail trade..
_
do
Wholesale trade
. .do
12, 364
1,329
2,261
1,832
5,696
1,246
9,636
1,106
1,670
1,513
4,366
981
1,003
133
152
153
454
111
909
92
168
150
393
106
751
92
140
128
317
74
810
88
134
119
380
89
734
87
129
105
344
69
705
68
112
126
320
79
768
92
151
111
347
67
696
87
115
97
341
56
563
73
93
90
256
51
689
65
101
121
325
77
731
79
127
112
353
60
868
111
144
126
407
80
823
109
148
142
363
61
812
105
157
122
360
68
Liabilities (current), total
..
thous. $
Commercial service
_ __
do
Construction
do
Manufacturing and mining
do
Retail trade...
_ _
do
Wholesale trade
do
1,265,227
144, 965
323, 680
325, 869
334, 279
136, 434
940, 996
87, 289
212, 459
291, 700
220, 223
129, 325
80, 107
7,971
10,483
22, 662
23, 277
15, 714
91,411
4,618
17, 397
33, 120
23, 345
12, 931
74, 657
6,885
25, 378
15, 368
14, 415
12, 611
90,269
9,942
31, 275
20, 589
19, 740
8,723
65, 766
6,525
14, 595
22, 113
14, 098
8,435
58, 651
5,857
15, 703
15, 951
13, 721
7,419
65, 384
6,631
18, 001
13, 512
17, 594
9,646
58, 651
7,949
8,157
20, 482
16, 908
5,155
83, 414
5,862
11, 394
48, 285
12, 252
5,621
75, 027
5,674
10, 068
27, 256
23, 406
8,623
89, 993
12, 323
15, 411
30, 951
20, 494
10, 814
84, 121 118, 761
9,176
9,068
15, 206 18 679
21, 698 57, 845
23, 827 17, 471
14, 214 15, 698
92, 605
7,917
20 543
33, 043
20, 455
10,647
249.0
238.6
43.5
36.5
40.3
37.5
35.7
29.9
32.0
35.6
38.0
36.4
97 VA
Supplementary market categories:
Consumer durables
.
_
Defense products (old series)
Defense products*
Machinery and equipment
_do
do
do
do
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted. _ _ _ _
number
Seasonally adjusted
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns. .
1,698
31, 888
40.9
36.9
41.0
9
QQA
36.9
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
'261
260
253
'260
Prices received, all farm products}: 1910-14 = 1 0 .
0.
260
'234
231
Crops?
do
'226
'229
'236
Commercial vegetables
do
'283
'353
287
'313
'307
Cotton
do
'192
'171
191
' 183 179
164
174
Feed grains and hay
I.IIIIIIIdo
163
159
166
Food grains
_ _
do
177
167
156
160
167
Fruit
" ~do~
'242
'314
316
'303
'321
Tobacco
do.
555
563
567
563
563
Livestock and products 9
do
282
277
288
286
281
Dairy products
do
305
'306
318
299
305
Meat animals
"."do
336
346
'349
' 349 355
Poultry and eggs
IHIIdoIIII
132
135
124
'142
'128
Prices paid:
All commodities and services
do
302
309
'311
311
310
Family living items
_
do]""
321
333
335
335
335
Production items
I.Idol.I."
292
287
292
293
293
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
342
353
354
354
354
Parity ratio §
do.
74
'74
73
74
73
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted indexes:
All items
1957-59 = 100..
116.3
119.9
120.9
121.2
120.3
Special group indexes:
All items less shelter
do. _
115.9
120.4
119.6
120.0
120.6
All items less food
L.doII.I
116.8
121.6
121. 9
120.6
121.0
All items less medical care
do. ..I
115.0
119.5
119.7
118.5
118.9
Commodities.
do
111.2
115.1
114.3
115.3
114.7
Nondurables
I..do II
114.0
118.2
117.3
118.4
117.8
Nondurables less food
do "
113.1
117.5
117.7
116.4
117.0
Durables9
do. .
104.3
107.4
106.9
106.9
107.5
Commodities less food
do
109.2
113.2
113.0
112.2
112.5
Services
__do
127.7
134.3
133.0
133.9
132.5
Services less rent
do
131.1
138.1
138.6
136.6
137.1
' Revised.
1 Advance estimate; total mfrs. unfilled orders for Apr. 1969 do not reflect
revisions for selected components.
2 Based on unadjusted data.
1f See note marked
cf on p. S-5.
© See corresponding note on p. S-6.
9 Includes data for items not
shown separately.
*New series. Based on separate reports on defense work filed by large
aelense contractors in ordnance, communications, complete aircraft, aircraft parts, and shipbuilding industries. It differs from the old series in that it includes defense activity in shipbuilding and excludes nondefense work in ordnance, communications, complete aircraft, and
'223
'280
' 182
157
150
'277
'567
294
307
364
' 143
261
'225
'271
'220
147
149
'310
'574
'292
'317
353
' 145
'268
'231
'283
222
151
150
'352
577
'300
'328
352
'166
228
'284
224
148
155
' 332
'562
291
'337
'338
'149
'264
'231
'353
204
156
159
'285
'577
292
340
337
154
262
'223
'344
182
159
155
'250
584
296
'336
343
162
263
220
'323
163
162
155
'259
'579
299
'333
349
166
267
'226
'336
166
165
156
'272
583
302
'329
362
156
'271
'228
'324
173
164
156
'285
583
308
323
375
160
'271
'227
'326
174
167
156
'259
'585
309
' 318
385
150
282
237
406
170
173
157
269
585
321
314
419
134
311
336
293
310
337
291
311
338
292
312
339
292
314
341
294
315
341
296
315
342
296
318
344
299
321
347
302
322
349
303
325
351
306
355
' 74
354
74
355
75
358
73
360
73
360
73
363
72
73
'73
372
73
374
75
121.9
122.2
122.9
123.4
123.7
124.1
124.6
121.5
126.4
125.4
124.4
125.0
121.2
122.2
122.5
122.7
123.1
120.8
123.5
121.5
127.5
127.9
126.8
122.1
122.6
124.4
124.9
124.7
123.8
125.6
123.0
125.2
124.7
124.0
121.9
122.2
120.5
122.5
123.0
120.1
121.5
120.8
119.6
119.3
118.7
117.2
117.4
115.9
115.5
116.8
117.1
117.8
116.1
123.0
122.5
121.8
119.2
120.3
120.7
118.7
120.2
121.0
121.1
119.6
122.4
121.9
121.4
120.2
117.6
120.5
119.7
120.3
120.1
118.1
118.9
111.3
111.4
111.1
109.3
108.7
107.6
107.7
108.5
108.6
109.7
107.6
117.2
117.5
116.8
115.3
113.2
115.2
115.7
113.5
115.0
113.9
114.7
142.7
142.0
140.9
137.4
139.7
135.5
134.9
136.0
136.6
139.0
138.1
147.4
148.1
146.1
140.0
142.0
144.6
139.3
140. 5 141.2
142.9
143.9
aircraft parts. Further details appear in the Aug. 1968 issue of the Census Bureau Current
Industrial Report, Series: M3-1.
cf Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
tRevisions for Jan. 1964-Mar. 1969 (back to Jan. 1959 for all farm products, all crops,
commercial vegetables, and fruit) are available from the Dept. of Agriculture, Statistical
Reporting Service.
§ Raiio of prices received to prices paid (parity index).
June 1969
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Mar.
Apr
May P
Jan.
Feb.
121.2
114.4
122.6
126.4
122.3
127.6
116.7
132.0
111.5
116.2
110.0
115.1
124.3
120.2
117.5
102.7
118.7
144.3
132 8
149 1
123.4
128 2
122.0
115.6
122.7
127.0
122.7
128.2
116.9
132.7
111.7
116.7
110.2
115.2
123.4
120.7
117.9
102.3
115.5
144.8
133.3
150.2
123.7
128.4
121.9
116.2
122.8
124.7
123.3
128.9
117.2
133.6
111.8
116.9
110.2
115.8
123.9
122.0
119. 3
102.3
122.6
145.5
133.7
151.3
124.1
128.4
122.4
116.5
123.0
127.6
124.4
130.5
117.5
135.7
112.2
117.2
110.6
116.4
124. 9
124.3
121.6
102.4
130.5
147.5
134.3
152.5
124.8
128 7
123.2
118.4
122.9
127.9
125.3
131.6
117.8
137.1
112.6
117 4
111. 2
116.9
125.6
124 6
121.9
101.9
131 2
148. 0
135 1
153 6
125 5
129 6
123.'
119. <
123. (
130. (
125. i
132 <
118.
138. (
112.
117.
111.
117.
126.
124.
121.
101.
126.
148.
135.
154.
125.
130.
121.6
123 7
120 6
122.2
124 1
r 122. 0
r 120 6
r 122 4
122 8
125 3
124 7
123 6
125 7
124 6
124
126
124.
100.8
97.1
103.4
103.0
98.5
106.3
104.1
100 2
106 9
105.6
100 5
109 3
107.
103.
110.
COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes— Continued)
Unadjusted indexes— Continued
115.2
Food 9—
1957-59=100..
111.2
Meats, poultry, and fish _ _ . _ _ d o
116.7
Dairy products
_ _
do
117.5
Fruits and vegetables
_ do
114.3
Housing
- - - do
117.9
Shelter9
_
do. __
112.4
Kent
do
120.2
Homeownership
_
_ _ do
109.0
Fuel and utilities 9
do_ __
111.6
Fuel oil and coal
do
108.5
Gas and electricity
- do
108.2
Household furnishings and operation... do
114.0
Apparel and upkeep
do
115.9
Transportation
_ do
Private
.
do_ _ 113.9
98.1
New cars.-do
121.5
Used cars
do
132.1
Public
-_do
123.8
Health and recreation 9
do
136.7
Medical care
do
115.5
Personal care. __
.
- __do
120.1
Reading and recreation
do
Seasonally adjusted indexes:
Food
_ _ _ _ _
_ _ _ _ _ _ _ _ do__ _
Apparel and upkeep
do
Transportation
do
WHOLESALE PRICESd*
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
198.1
22 Commodities
1957-59=100..
194.7
9 Foodstuffs
_
do .
13 Raw industrials
do ___ i 100. 4
195.7
192.8
197.8
96.0
92.8
98.3
94.8
92.9
96.1
94.2
92 2
95 6
93.5
92 3
94 4
93.7
92.2
94.9
106.1
108.7
108.3
108.5
108 7
109 1
102.6
107.9
111.9
110.7
115.2
All commodities __
do
By stage of processing:
Crude materials for further processing
do
Intermediate materials, supplies, etc
do
Finished goodsO.-_ __ ___ _ _ __do _
Consumer finished goods
do
Producerfinishedgoods
.
do
By durability of product:
Durable goods
do
Nondurable goods
do
Total manufactures ._
_
do
Durable manufactures
_do _
Nondurable manufactures
do
Farm prod., processed foods and feeds
_do _ _
119.3
113.7
120.6
126.8
119.1
123.6
115.1
127.0
110.4
115.1
109.5
113.0
120.1
119.6
117.3
100.8
138.3
130.0
145.0
120.3
125.7
r
118.7
118.5
119. 0
r
119.1
113.2
120.9
130.0
118.7
122.9
114.9
126.1
110.3
115 4
109.4
112.9
119.9
119 7
117.4
100.1
120.0
114.0
121.0
132.2
119.5
124.2
115.1
127.8
110.6
115.7
109.5
113.1
119.7
119 8
117.6
99.8
120.5
115.3
121.5
128.2
120.1
125.0
115.4
128.8
110.7
115.7
109.7
113.3
120.3
120.0
117.7
99.1
138.4
129 7
144 4
120 1
125 6
138.5
130 2
145 1
120 4
125 9
138.6
130.5
145.5
120.9
126.3
119. 3 r 119 l
119 3 r 119 g
119.2
119 8
r
119 2
r 120 4
119 6
T
120.9
115.4
122.3
123.4
120.9
126.0
116 0
130.0
110.4
115 9
109 1
114.2
123.3
120 6
118 4
102.8
120.5
114.6
122.6
123.8
121.7
126.9
116.3
131.1
111.3
115.9
109.9
114.8
124.0
121.2
118.9
103.8
138.7
131 9
147 4
122 1
127 5
139.4
132.4
148.2
122.8
128.0
120 8
120 4
121.0
123 1
120 7
94.5
92.2
96.1
95.2
92 0
97 5
98.1
95.1
100.3
98.8
96 1
100 7
108.7
109.1
109 1
109.6
109 8
110 7
111.1
111 7
111 9
112.
100.8
107.9
111.4
110. 0
115.4
100.9
108.3
112.0
110.7
115.7
100.2
108.5
112.0
110.6
116.4
101.5
108.6
112.5
111. 0
116.9
101.3
109.2
112.6
111. 1
117.1
102.8
110.1
113.2
111.8
117.6
103.8
110.7
113.3
111.7
117.8
105.2
111.4
113.7
112.2
118.0
105.7
111.4
113.8
112.3
118.1
109.
111.
114.
113.
118.
114.6
107.8
111.3
114.8
107. 7
115.4
108.0
111.7
115.6
108.0
116.1
108.6
112.2
116.3
108.3
116.0
108.8
112.4
116.2
108.9
116.
110.
112.
116.
109.
120.4
115.5
121.6
122.9
120.4
125.3
115.7
129.1
110.5
115.8
109.3
113.9
122.2
119 5
117.2
98.4
126 7
138.7
131 1
146 4
121.5
126 7
119 5 120 0
121 0 r 122 0
120.0 r H9 9
r
r 122 6
r
124 5
99.6
105.6
108.2
107.0
111.6
101.1
108.0
111.3
109.9
115.3
101.4
107.9
110.5
109.0
114.8
102.0
107.7
110.9
109.5
114.9
101.4
107.8
111.3
110.0
115.1
108.1
104.7
106.7
108.3
105.3
111.8
106.5
109.4
112.0
106.9
111.5
106.0
109.1
111.8
106.4
111.2
106.5
109.1
111.5
106.7
111.3
106.7
109.4
111.6
107.2
111.3
107.4
109.7
111.7
107.7
111.6
106.6
109.5
111.9
107.2
112.0
107.0
109.9
112.3
107.4
112.8
106.5
110.0
113.1
107.0
113.1
107.0
110.3
113.4
107.2
113.6
107.1
110.5
113.9
107.2
108.0
109.4
107.7
108.6
107.4
108.3
108.4
109.8
110.0
110.7
110.9
114.
101.4
97.4
75.1
87.8
106.2
102.8
97.6
76.5
84.8
106.0
101.2
99.8
78.7
79.3
104.1
103.1
109.4
82.0
87.6
103.9
103.3
109.3
80.4
82.9
104.2
104.9
112.0
82.5
90.5
106.1
105.0
108.7
82.0
94.3
109.2
106.5
112.1
81.6
95.5
112.5
105.6
106.8
83.1
87.0
113.8
110.
126.
86.
90.
123.
105.2
Farm products 9 _
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry- -- -do. _ _
Livestock do
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products..
Dairy products
Fruits and vegetables, processed
Meats, poultry, and
fish
111.7
106.5
117.1
121.9
107.2
105.0
107.6
106.8
107.9
r
102.2
108.2
81.9
84.9
104.8
99.7
101.6
92.2
81.9
101.1
do
do
do
do
do _
do
118.8
113.0
120.2
130.7
117.8
121.6
114.6
124.3
110.3
115.3
109.5
112.5
119.5
119.1
116.8
100.3
126.7
137.3
129.2
144.0
119.6
125.3
118.3
112.7
118.8
128.3
117.5
121.3
114.4
124.0
110.0
114.0
109.5
112.2
118.4
119.0
116.8
100.3
126.3
137.2
128.8
143.5
119.0
124.9
102.1
112.0
84.7
81.1
105.2
103.6
123.6
86.4
85.4
105.4
102.5
106.4
82.0
89.6
106.2
103.9
108.2
80.0
93.8
109.5
114.1
109.6
118.2
127. 7
114.1
108.3
112.8
109.5
117.3
125.9
114.6
105.8
113.6
109.4
117.1
128.9
114.6
107.0
114.6
109.4
117.0
128.7
114.8
109.8
115.9
109.5
118.4
128.8
114.7
113.6
114.9
109.8
119.3
128.8
113.6
109. 7
115.3
110.0
119.0
129.1
113.6
111.2
114.4
110.5
119.4
130.1
114.0
106.9
114.7
110.6
119.3
130.0
114.1
107.7
114.7
110.6
119.3
130.4
113.3
107.3
116.0
110.8
119.3
130.1
113.6
111. 1
116.3
111.1
119.3
130.2
114.5
111.4
116.4
111.3
119.3
130.4
115.1
112.2
117.3
111.4
119.3
131.4
115.4
114.0
119.
111.
119.
132.
115.
121.
r
T
106.3
109.0
108.8
108.6
108.8
108.8
108.9
109.2
109.7
109.9
110.2
110.9
111.4
112.0
112.1
112.
- _ do___
do___
do. _
do
do..
do
98.4
103.6
97.4
94.0
81.3
109.3
98.2
99.7
98.4
93.3
73.9
114.6
98.8
101.6
98.8
93.4
80.9
114.4
98.7
101.6
99.0
93.4
78.4
114.4
98.5
101.3
98.6
93.5
72.8
114.4
98.2
101.3
98.2
93.4
69.1
114.4
98.1
99.4
98.4
97.9
98. 7
97.9
93.0
68.5
115. 2
97.8
98.1
98.0
93. 3
69.9
115. 2
97.8
96.7
97.9
93.5
73.4
115.9
97.7
96.4
97.9
93.6
69.8
115.9
97.6
92.9
98.1
93.4
72.2
118.2
97.8
92.2
98.1
93.4
73.6
118.2
98.0
92.3
97.9
93.6
80.4
118.7
97.9
92.1
96.7
93.7
83.7
118.7
98.
92.
96.
93.
83.
118.
Fuels and related prod., and power 9
do...
Coal
do
Electric power
Jan. 1958=100
Gas fuels... _
do
Petroleum products, refined
1957-59=100-
103.6
103.3
100.7
133.7
102.2
102.4
106.7
101.5
123.8
100.3
102.4
105.4
101.3
125.0
100.3
102.4
105.2
101.3
123.6
100.5
103.7
105.3
101.3
123.3
103.1
103.3
105.4
101.2
120.8
102.8
102.6
105.5
101.8
120. 6
101. 0
102.5
105.8
101.8
120.8
100.9
101.9
108.3
101.9
120.4
99.3
102.0
111.0
102.0
120.4
99.2
102.2
112.7
102.1
120.9
99.0
102.4
112.7
102.0
124.4
98.9
102.7
112.7
102.2
124.0
99.5
104.2
112.7
102.3
124.6
101.7
104.5
112.8
102.3
121.8
102.5
104.
113.
102.
121.
102.
Furniture and household durables 9
Appliances, household _
_.
Furniture, household
Home electronic equipment
__
do—
_do.__
do___
do
101.1
90.2
112.9
82.6
104.0
92.2
117.2
81.0
103.8
92.2
116.2
81.8
104.0
92.2
116.9
81.8
103.9
92.0
117.0
81.3
104.1
92.4
117.2
80.7
104.2
92.5
117. 5
80.7
104.4
92.6
117.8
80.7
104.5
92.7
118. 5
80.2
104.7
92.7
118.9
80.2
105.0
92.9
119.2
79.8
105.3
92.6
120.7
78.7
105.4
92.5
121.0
78.7
105.7
92.8
121.3
78.6
105.8
93.0
121. 5
78.5
105.
93.
121.
78.
do.__
do
do
do
___do___
do
115.8
122.1
94.2
110.3
105.4
108.4
119.5
128. 0
99.6
112.6
119.3
127.2
118.3
126.6
95.6
111.5
115.8
123.6
118.8
127.0
98.2
112.5
117.0
125.3
118.7
127.1
95.1
112.8
117.2
125.0
119.5
127.3
101.5
113.8
119.2
127.7
119.5
127.2
102.8
113.6
120. 5
129.8
120.7
128.8
106.6
114.1
122. 6
131. 5
122.3
131.3
105.6
115. 1
124. 9
133. 4
122.4
131.7
107.0
113.8
126.8
136.2
122.8
131.7
106.8
115.8
133.5
142.2
123.5
132.1
109.2
116.8
137.8
147.9
123.4
132.2
106.3
116.5
144.5
155.8
123.4
131.5
109.1
116.4
149.5
164.7
126.0
131.9
125.8
122. 3
143. 3
164. 9
126.
132.
122.
121.
138.
115.4
115.2
127. 0
126.8
129. 0
129.2
102.9
102.7
129.1
129.3
commodities.
115.8
127.7
130. 3
103.1
129.7
116.1
127. 8
131. 5
103.2
130.0
116.6
129.3
132.1
103.6
130.4
117.3
117.0
116.7
131.6
131.2
130.1
133.6
133.5
132.7
103.5
103.5
103.5
131.1
131.0
130.5
OGoods to users, incl. raw foods and fuels.
117.8
131.7
134.0
104.2
131.4
118.0
131. 8
134. 1
104.3
131. 8
118.
131.
134.
104.
132.
Industrial commodities
_ _ __do
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial ...
__
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint.—
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products. _.
Lumber
r
115.0
115.2
114.8
115.0
Machinery and equipment 9
do
111.8
126.5
126.2
122.4
126.3
127.1
Agricultural machinery and equip _ _ do
129.4
129.6
128.9
129.4
123.2
Construction machinery and equip
do
102.7
103.0
103.0
102.9
Electrical machinery and equip .
do
101.8
128.2
128.6
128.0
127.6
Metalworking machinery and equip
do
123.8
T
l
Revised.
*> Preliminary.
Computed by OBE.
9 Includes data for items not
shown separately.
cfFor actual wholesale prices of individual commodities, see respective
71.2
SURVEY OF CUKKENT BUSINESS
June 1969
1968
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
Annual
S-9
1969
1968
Apr.
May
June
July
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
112.5
95.6
106.7
121.9
Sept.
112.4
95.8
106.0
122.4
112.8
96.0
106.1
123.5
114.4
96.1
107.5
127.2
115.2
96.3
108.0
128.9
115.8
96.6
108.8
129.9
116.5
96.8
108.9
132.4
117.5
97.0
109.9
134.2
Apr.
May
COMMODITY PRICES—Continued
WHOLESALE PRICES^— Continued
(U.S. Department of Labor Indexes— Continued]
All commodities— Continued
Industrial commodities — Continued
Metals and metal products 9
1957-59=100..
Heating equipment
do
Iron and steel
_.
__do
Nonferrous metals
do
103.6
120.9
109.6
92.7
112.4
94.9
105.5
125.3
113.3
94.5
105.0
131.0
111.7
94.7
104.9
124.1
111.7
95.3
104.8
123.6
111.4
95.3
104.8
122.3
111.3
95.4
104.8
121.7
Nonmetallic mineral products 9
do
Clay prod., structural, excl. refractories
do
Concrete products
do
Gypsum products ._
do
Pulp, paper, and allied products
do
Paper
do
Rubber and products
do
Tires and tubes
do
104.3
108.1
107.4
107.8
108.3
108.4
108.7
108.7
108.9
109.2
109.3
110.6
111.2
111.9
112.3
112.6
112.5
108.1
105.0
104.9
113.0
100.7
100.9
113.7
108.5
106.6
104.9
113.0
100.6
99.5
113.7
108.6
106.6
105.1
113.1
100.7
99.5
114.2
109.1
106.2
105.2
113.1
101.0
99.5
115.2
109.2
106.2
105.2
113.4
101.1
99.5
115.4
109.5
106.2
105.2
113.4
101.1
99.5
115.8
110.7
106.2
106.2
115.0
100.0
96.3
115.9
110.8
106.2
106.8
115.7
100.5
96.3
116.0
111.2
106.2
107.4
116.1
100.9
96.3
116.7
111.3
106.2
108.0
116.4
101.2
96.3
116.8
111.6
108.7
108.1
116.7
101.1
96.3
Textile products and apparel 9 - Apparel
Cotton products
Manmade fiber textile products
Silk yarns
Wool products.
102.0
106 8
100 7
86.5
172 0
103 3
112.2
95.5
106.7
121.5
113.1
108 1
105.5
105.2
112 7
100.3
99 2
112.1
107.5
105.1
105.2
112.1
99.7
98 7
112.5
107.6
105.1
105.5
113.5
99.8
98.7
112.3
108.2
105.1
104.7
112.7
99.9
98.7
105.7
110.3
105 1
90.8
183 0
103 7
104.7
109 3
105 2
89.3
189 7
103 0
104.8
109.4
104.9
89.7
183 8
103.5
105.2
110.1
104.7
89.9
184.0
103.8
105.8
110.7
105.2
90.4
182.5
103.9
106.0
110.9
105.3
90.7
175.1
104.1
106.5
111.0
105.4
92.5
177.5
104.1
107.0
111.7
105.3
92.7
175.5
104.7
107.2
111.8
105.4
93.0
172.0
104.6
107.1
111.9
105.1
92.9
165.2
104.6
107.4
112.7
104.8
92.8
160.8
104.7
107.2
112.7
104.8
92.3
156.4
104.4
107.1
112.8
104.6
92.1
155.0
104.2
107.1
113.0
104.5
92.4
155.4
104.3
106.9
112.9
104.6
92.6
157.9
104.3
102.2
109.3
105. 8
112.9
104.9
111.8
108.3
115 2
104.3
111.8
108.1
114 9
104.2
111.8
108.2
114.9
104.5
111.8
108.2
114.9
104.2
111.5
108.7
114.9
104.4
111.6
108.9
114.9
104.1
111.9
109.0
114.9
106.5
112.0
109.1
115.0
106.6
112.5
109.2
116.5
100 0
106.6
112.5
109.3
116.5
100.1
106.5
112.5
110.2
116.6
100.1
106.4
112.5
110.1
116.7
100.0
106.3
112.5
110.5
116.7
100.1
106.4
112.7
110.8
116.9
100.2
106.5
112.8
110.7
117.0
$0.943
.860
$0 920
825
$0 923
.834
$0. 922
.831
$0. 920
.827
$0. 917
.823
$0. 920
.820
$0. 917
.818
$0. 917
.814
$0 .912
.810
$0. 911
.808
$0. 903
.806
$0.900
.803
$0. 895
.796
$0. 894
.791
$0. 888
.789
110.4
105.4
102.8
103.8
110.0
96.9
96.0
do
do
do
do
do
do
Transportation equipment 9 Dec 1968—100
Motor vehicles and equip
1957-59 = 100. .
Miscellaneous products 9 ._. .
.do
Toys, sporting goods, etc
do
Tobacco products
_
do
r
T
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices. __
1957-59-$! 00
do
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE %
New construction (unadjusted), total
mil. $__
76, 160
84, 692
6,786
7,341
7,519
7,714
7,963
8,082
7,893
7,792
6,822
6,199
'5,864 '6,343
7,262
4,323 '4,008 ' 4, 373
2,131 r 1, 920 ' 2, 145
1,723 ' 1, 562 ' 1, 728
4,819
2,457
1,902
1,519
463
678
1,588
466
696
Private, total 9
do
Residential (nonfarm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
mil $
Industrial
do
Commercial
do
Farm construction
do
Public utilities:
Telephone and telegraph
do
50,587
23, 736
17,885
56,996
28,823
22, 423
4,513
2,262
1,710
4,843
2,518
1,891
4,963
2,628
2,015
5,102
2,721
2,075
5,338
2,790
2,123
5,364
2,780
2,139
5,406
2,678
2,130
5,225
2,593
2,102
4,855
2,454
1,996
18, 106
6,131
6,982
1 324
18,800
5,594
8,333
1,538
441
676
1,562
448
684
1,523
429
689
1,535
417
721
1,690
485
782
1,716
508
793
1,808
538
844
1,752
543
798
1,583
529
692
1,638
1,704
119
132
141
156
148
147
172
161
164
128
Public, total 9
25, 573
27, 696
2,273
2,498
2,556
2,612
2,625
2,718
2,487
2,567
1,967
1,876
9,974
706
406
721
8,538
10, 447
746
517
824
9,295
893
78
45
53
755
955
83
49
64
886
910
63
49
60
953
885
54
35
57
1,051
888
57
43
79
1,014
949
63
41
81
946
904
64
37
96
837
904
65
53
83
922
814
86
43
92
511
799
81
44
68
510
85.3
85.7
82.0
81.7
83.7
86.0
85.9
89.1
85.9
57.4
57.3
55.0
55.0
56.7
57.4
59.3
59.0
58.9
29.3
29.6
28.2
27.8
28.3
29.4
29.8
30.2
19.1
5.5
8.5
18.5
5.3
8.1
17.7
4.9
8.1
17.6
4.8
8.3
19.0
5.6
8.6
18.6
5.5
8.5
19.7
6.1
8.9
19.2
6.3
8.3
do
Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial
do
Military facilities
do
Highways and streets
do
New construction (seasonally adjusted at annual
rates), total
bil $
Private, total 9
do
Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9
Index (mo. data seas, adj.)
162
2,443
'861
'98
37
62
'442
913
127
40
72
519
46
80
91.7
'91.0
'91.0
90.8
62.7
'62.2
'61.9
61.4
30.9
30.9
'31.0
'31.5
31.9
18.4
5.9
8.0
21.9
6.8
10.0
21.5
6.3
9.9
'20.6
6.0
'9.8
19.7
5.8
8.8
1.5
54, 514 i 261, 732
3
1957-59=100..
1
153
3173
1.5
1.9
1.7
1.8
2.0
1.8
1.8
2.0
1.8
1.9
27.1
26.7
27.1
28.5
26.7
30.1
27.0
29.0
28.8
29.1
29.4
10.8
1.0
.5
.7
9.8
1
1.6
28.4
11.0
1.0
.5
.8
9.9
10.0
.7
.5
.7
9.2
9.7
.6
.5
.7
9.1
9.9
.6
.6
.8
9.2
10.6
.7
.5
.8
9.0
10.3
.7
.4
1.0
8.3
10.9
.7
.7
.9
10.7
10.4
1.1
.6
1.1
8.4
10.8
1.1
.5
1.0
10.2
.5
1.0
.5
1.0
.5
1.1
4,878
6,170
5,589
5,956
6,318
5,170
6,171
4,863
4,543
4,766
4,802
5,003
5,895
146
172
160
187
192
183
200
183
179
191
205
177
183
Public ownership
mil. $__ 19, 039 i 19, 597
1,860
1,554
2,036
Private ownership
do
4,135
3,730
135,475 i 42, 135 3,324
By type of building:
2,030
1,522
Nonresidential
do
2,227
i 20, 139 i 22, 513
2,243
2,312
2,543
Residential T
do
i 21, 155 12 24, 838
1,316
Non-building construction. . .
do
1,044
1,400
i 13, 220 i 14, 382
New construction planning
(Engineering News-Record) §
do
2.835 4,663
3.267
59. 944
52. 419
'2 Revised.
» Preliminary. 3» Annual total reflects revisions not distributed to months.
See note "11" for this page.
Computed from cumulative valuation total.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
tRevisions for 1965-May 1967 are shown in Bu. of Census report C30-68-6.
351-484 O - 69
http://fraser.stlouisfed.org/ - 6
Federal Reserve Bank of St. Louis
132
'1,856 ' 1, 970
27.9
do
Buildings (excluding military) 9
do
Housing and redevelopment .
do
Industrial
do
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total 1
mil $
1,453 ' 1, 519
437
'466
'685
647
2,256
3,700
1,924
4,394
1,549
3,621
1,728
4,443
1,558
3,305
1,278
3,265
1,546
3,220
1,572
3,230
1,632
3,371
1,791
4,104
2,414
2,287
1,255
2,128
2,295
1,895
1,815
2,125
1,230
2,370
2,408
1,393
1,992
2,043
828
1,849
1,743
951
2,145
1,746
875
1,885
1,820
1,097
1,772
1,957
1,274
2,136
2,546
1,213
4,572
3,738
4,690
3,617
4,895 3,001 6,387
2.800
6.649 5,461 4,405
^Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new
compilation methods raises the level of residential data by 8 percent and the total valuation
by 3 percent.
§Data for May, Aug., and Oct. 1968 and Jan. and May 1969 are for 5
weeks, other months, 4 weeks.
June 1969
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
Annual
1969
1968
1968
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
CONSTRUCTION AND REAL ESTATE—Continued
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total, incl. farm (private and public).__thous_. 1, 321. 9
One- family structures
do
844.9
1, 291. 6
Privately owned.
do
Total nonfarm (private and public)
In metropolitan areas
Privately owned
do
do
do
Seasonally adjusted at annual rates:
Total, including farm (private only)
Total nonfarm (private only)
1, 547. 7
900.7
1, 507. 7
165.2
98 0
162.0
145.1
87.0
140.9
142.9
81.6
137.9
142.5
86 5
139.8
141.0
82 6
136.6
139.8
80.3
134.3
143.3
85 6
140.8
129.5
65 1
127 1
99.8
53.9
96.4
105.8
51.3
101.5
94.8
48.0
90.1
' 135. 6 ' 159. 1
83.7
71.6
' 131. 9 ' 158. 3
157.4
1, 523. 6
1, 117. 6
1, 483. 6
162.2
118 4
159.1
143.3
101 2
139.0
141.1
103 6
136.0
140.0
100 6
137.3
138.9
101 0
134.5
138.0
103 0
132.4
140.6
100 8
138.1
127.5
96 8
125.1
98.9
75 1
95.5
104.5
80 9
100.2
93.9
73 3
89.2
' 134. 4
' 157. 5
r 101 6
116.3
' 130. 6 r 156. 7
155.8
1,591
1 562
1,364
1,345
1,365
1,348
1,531
1 507
1,518
1,496
1,592
1,570
1,570
1 541
1,733
1,705
1, 507
1 492
1,878
1,845
1,686
1,664
' 1, 556
f 1, 541
1,509
1,495
1 340
1,280
1,281
1 289
1 290
1,393
706
1 463
1 403
1,477
673
1 378
1 425
663
671
685
132
133
134
1S6
138
139
140
140
1,026
1 138
1,113
1,047
1,032
1,151
1,117
1,057
990
996
1,040
1,148
1,109
1,048
978
1,034
1,154
1,116
1,047
1,001
do
do
New private housing units authorized by building
permits (13,000 permit-issuing places) :t
Seasonally adjusted at annual rates:
Total
thous
One-family structures
do
1, 298. 8
919 7
1, 268. 4
1 141
1,330
651
684
125
131
675
659
129
130
641
694
729
135
135
736
T
'1,584
1 567
T
155.2
153.6
1,370
1 421 r 1,502
'659
670
637
CONSTRUCTION COST INDEXES
Dept. of Commerce composite!
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco..
St. Louis
1957-59 ~ 100
1913=100..
do
do
do
do
Associated General Contractors of America, Inc.,
The (building only)
1957-59—100
909
992
1 008
970
1,072
1,070
910
903
966
953
958
1 064
1 052
945
1 053
1 048
944
927
948
962
132
973
1 065
1 056
958
964
979
1 075
1,087
986
1 081
1 090
968
964
979
967
992
1 087
1,092
994
1 110
1 092
980
969
980
969
997
1 110
1,093
1,001
969
1,007
1 111
1 099
1,013
971
1,015
1 125
1 105
1,035
997
132
139
135
136
138
140
141
142
142
143
143
145
146
146
147
148
E. H. Boeckh and Associates, Inc.: 1
Average, 20 cities:
All t vpes combined
1957-59 =100
Apartments, hotels, office buildings
do
Commercial and factory buildings
do
Residences
do
129 8
130.7
130.2
127 4
139.9
139.1
136 7
135.3
136.2
135.5
133 3
137.3
138.4
137.5
135 2
139.6
140.8
139.8
137 4
140.6
141.8
140.6
138 5
142.5
141.7
139 2
142.1
143.1
142.2
140 1
142.2
143.3
142.4
140 3
142.3
143.4
142.4
140.3
144.1
143.1
141 1
146.3
144.5
143 2
146.2
148.0
145.7
144.9
147.5
149.2
146.9
146.4
146.9
148.4
146.2
146 3
147.3
149.0
146.5
146.7
Engineering News-Record: t
Building..
Construction
do
. do
127 4
140 8
136.8
151.9
132 9
147.6
134.8
150.2
136 2
151.9
136 7
152.4
138.3
154. 1
1*0.7
156.0
141.6
156.6
141.7
156.7
143.1
158.0
145 0
160.0
146.0
161.7
147.9
162.9
149.9
164.3
Bu. of Public Roads— Highway construction:
Composite (avg. for year or qtr )
1957-59—100
117 6
121 6
153 2
165.8
176 8
173.8
183.0
170.6
175 8
164.4
181.6
189. 7
171.8
155.7
169.9
162.7
182.8
161.1
154.0 ' 143. 1 ••144.6 ' 147. 4
161.3 r 167. 1 ' 155. 0 r 167. 7
163 0
149 6
186 6
171.1
168.1
198.1
192 7
175.6
205 9
203.1
179.0
223.7
201 2
161.6
221 1
210 1
166.7
249 8
151.9
175.1
263 8
159.1
173.0
238.4
159.6
188.8
272.6
145.2
163.4
185.2
139.5
157.8
136.1
143.0
162.7
114.2
' 148. 8
160.3
120.2
178.7
178.1
156.2
167.2
168.9
131. 7
14.7
144
12 4
15.7
161
11.0
13.7
157
10.4
13.2
146
12 5
15.1
167
11.5
14.0
168
10.4
13.6
211
11.4
127
13.2
189
10.1
14.7
180
125
17.1
198
12.7
12.3
187
124 3
148
9.9
132
17.3
174
12 2
CONSTRUCTION
.
119.5
121 2
1
150. 1
i 165. 6
123.4
132 3
MATERIALS
Output index:
Composite, unadjusted 9
Seasonally adjusted
.1947-49=100
.. do
Iron and steel products, unadjusted
Lumber and wood products, unadj
Portland cement, unadjusted.. .
. do
..do
do
167.9
174.6
REAL ESTATE
Mortgage applications for new home construction:
Applications for FHA commitments
thous. units..
Seasonally adjusted annual ratesj
do
Requests for V A appraisals
_ . do
Seasonally adjusted annual ratest
do...
126
Elome mortgages insured or guaranteed byFed. Hous. Adm.: Face amount
mil. $.. 5, 884. 64 6, 495. 94
Vet. Adm.: Face amount§
do
3 404 87 3 773 88
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $_.
New mortgage loans of all savings and loan associations, estimated totalt-.
mil $
By purpose of loan:t
Home construction
do
Home purchase
.
do
All other purposes ....
do
Nonfarm foreclosures
Fire losses (on bldgs., contents, etc.)
number
mil $
4,386
5,259
110
470. 58
265 30
495. 28
280. 15
493. 61
240 95
572. 97
326 86
595. 13
340. 69
588. 18
322. 30
4,545
4,719
4,889
4,988
4,997
5,026
120
135
172
9.0
136
707. 37
359 54
598. 76
376. 98
525. 34
365. 50
608. 38
369.83
494. 00
295. 68
5,035
5,040
5,259
5,357
16.8
182
11.5
124
122
541. 21
301 30
519. 67
5,331
5,298
147
18.2
179
12 2
5,764
5,971
1, 870
' 2 073
136
491.60
329 04
r
20 122
21 983
1 973
2 106
1 983
1 859
1,995
1,840
1,949
1,724
1,886
1,592
1,580
4 243
9 604
6* 275
4 916
11 215
5 852
480
945
548
512
430
400
414
1 050
1 075
478
1 038
1 156
544
425
396
984
460
466
995
488
392
868
464
407
869
610
348
783
461
364
767
449
'440
r
896
'534
110 541
r 90 941
8 040
8 577
7 630
7 850
6 870
6 969
1,706 72 1 829 92
197 25
152. 05
157. 72
154. 71
159. 14
131. 69
179. 47
149. 12
173. 91
421
r
r
r
485
1 023
r
565
2 150
482
1 117
551
T 7 271 '6 807 '6 564
134. 80
134. 21
156. 08
169. 91
DOMESTIC TRADE
ADVERTISING
Marketing/Communications advertising index, seasonally adjusted:©
Combined index
. 1957-59-100
Business papers
do
Magazines
do
Newspapers
do
Outdoor
_ _
do
Radio (network). .
do
Television (network)
do
154
155
150
155
131
128
132
137
r 162
162
' 163
124
' 121 ' 121 ' 115
r 93
106
' 102
r 139
' 11Q
118
130
' 125
206
213
'208
'219
'203
' Revised.
i Index as of June 1,1969: Building, 151.5; construction, 169.1.
+Revisions for Jan.-Aug. 1967 for new private housing units authorized; for 1965-May 1967.
for Dept. of Commerce composite; for July-Dec. 1966 for E N R building and construction
cost indexes; for 1960-66 (seas, adj.) for FHA applications and VA appraisals; and for Jan. 1961Dec. 1967 for new mortgage loans will be shown later.
149
128
157
117
162
152
161
162
146
164
159
163
154
122
' 125
130
129
125
128
128
139
128
164
' 142
169
175
172
163
163
162
' 170
132
'122
127
'132
134
125
125
135
133
125
111
' 92
117
79
113
' 104
110
118
117
146
142
' 169
133
' 123
116
99
139
'200
224
226
227
207
195
233
'225
231
^Copyrighted data; see last paragraph of headnote, p. S-l.
9 Includes data for items not shown separately.
§ Data include guaranteed direct loans sold.
© Formerly Printer's Ink advertising index.
::::::::
SURVEY OF CUREENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
S-ll
1968
Annual
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Television advertising:
Network (major national networks) :
Net time costs, total.Automotive incl accessories
Drugs and toiletries
_
Foods, soft drinks, confectionery
Soap*? cleansers, etc
.
Smoking materials _
Allother
. ..
mil. $.. 1, 499. 9
115.8
do
429.0
do_ _
306.8
do
134.3
do
183.1
do
331.0
do
Magazine advertising (general and natl. farm magazines) :
Cost total
nul. $
Apparel and accessories
_
do
Automotive incl accessories
do
Building materials
- _ - do
Drugs and toiletries
do
Foods soft drinks, confectionery
do
1, 548. 1
125.8
435.1
293.3
144.9
156.8
392.3
331.3
23.0
89.2
63.2
33.7
33.1
89.1
498.4
48.7
134.7
88.0
36.9
49.1
141.0
301.0
18.1
88.6
57.4
32.9
28.4
75.6
436.5
35 6
131 9
87 2
41 8
47 2
92 8
1, 161, 6
60.7
103.7
31.0
148.4
116.1
1, 196. 1
63.5
112.6
32.3
144.4
106.3
119.2
8.6
12.7
4.8
11.9
9.9
116.0
5.6
11.9
4.1
14.5
8.5
99.9
2.6
9.3
3.7
14.3
9.6
69.9
1.1
4.8
2.2
10.3
9.1
67.7
6.2
3.4
1.6
10.5
5.7
106.8
10.6
6.8
3.1
11.6
7.1
127.2
7.1
17.3
2.9
13.5
9.5
134.7
6.6
13.9
2.2
15.1
11.6
100.6
4.0
7.4
1.6
12.0
9.1
67.2
2.0
6.8
1.4
8.7
5.8
88.6
3.7
8.7
2.2
11.8
8.9
108.6
7.0
11.3
2.9
12.1
9.3
122.2
7.9
11.3
3.7
13.8
9.7
125.7
5.3
11.2
4.1
15.4
8.8
89 2
70.7
62.7
22.9
39.9
416.3
95.6
75.7
56.7
22.2
43.2
443.6
7.8
9.6
4.7
2.5
3.8
43.1
8.1
9.7
5.9
1.9
4.0
42.1
7.9
6.2
5.5
1.5
4.2
35.1
6.3
4.1
3.3
1.9
2.9
23.9
4.6
2.5
3.7
1.5
3.2
24.8
7.1
7.5
5.8
1.9
3.6
41.6
10.4
9.4
5.3
2.8
4.1
44.9
13.0
9.8
5.4
1.8
4.4
50.9
15.6
5.4
4.2
1.1
4.3
36.0
3.2
2.8
3.7
1.1
3.2
28.5
4.6
3.1
3.3
1.4
3.5
37.2
7.3
6.9
4.8
1.7
3.6
41.6
8.5
8.4
4.6
2.2
4.3
47.6
9.5
10.5
7.3
1.7
4.1
47.8
3, 297. 8
878.1
2 419. 6
158.5
66.9
297.1
1, 897. 1
3, 381. 1
923.7
2, 457. 3
171.0
72.8
296.1
1, 917. 4
277.5
76.0
201.4
16.6
6.6
26.1
152.2
306.5
82.5
224.0
17.3
5.5
29.0
172.2
279.2
79.0
200.2
16.6
5.8
23.4
154.3
249.9
75.2
174.8
13.6
6.9
18.6
135.7
277.9
83.8
194.1
13.3
4.1
18.1
158.6
292.8
83.3
209.5
15.9
5.7
27.1
160.9
315.7
84.1
231.5
16.0
7.2
31.7
176.7
315.9
79.0
236.8
13.1
6.2
32.5
185.0
316.0
67.9
248.1
9 3
7.1
24.2
207.5
256.0
77.1
178.9
11.6
8.6
20.9
137.9
250.5
75.6
174.8
13.5
5.3
23.6
132.5
304.7
89.7
215.0
15.0
7.0
27.3
165.7
299.7
87.7
212.0
16.1
7.8
26.6
161.4
205, 188
90, 447
114,741
219, 943
100, 012
119, 930
18,087
8,397
9,690
18, 578
8,482
10, 095
17, 961
8,241
9,720
18,488
8,515
9,973
18,933
8,629
10,304
18, 640
8,590
10, 050
19, 979
9,220
10, 759
18, 906
8,578
10, 329
18,917
8,428
10, 489
17, 576
8,017
9,560
16, 897 ' 19, 158
7,962 ' 8, 878
8,935 r 10, 280
19, 788
9,459
10, 328
21, 607
12, 308
9,299
22, 603
13, 245
9,358
21,841
12,881
8,960
21, 816
12, 851
8,965
21, 952
13, 020
S, 932
21, 908
13, 030
8,878
22,094
13,183
8,910
22, 170
13, 065
9, 105
22, 631
13, 162
9,470
22, 790
13, 202
9,588
22, 603
13, 245
9,358
22, 637
13, 180
9,457
22, 828 '23,211
13, 404 r 13, 723
9,423 r 9, 488
23, 135
13, 822
9,313
mil $
313, 809
do
100, 173
do
58, 273
do
53, 966
do
4,307
do_ _. 15, 267
do
do
12, 675
do
do
9, 781
2,894
do
213, 636
do
do_ __ 18, 123
do
do
do
339, 710
27, 602
29, 285
29,410
27, 015
29, 418
30, 112
34, 086
26, 237
229, 465
19, 265
4,516
7,429
3,196
9,134
5,549
5,171
378
1,217
783
363
1,190
926
264
18, 468
1,627
364
617
312
9,917
6,112
5,706
406
1,314
871
376
1,269
986
283
19, 368
1,538
367
600
259
28,887
9,828
5,974
5,543
431
1,353
875
414
1,290
1,010
280
19,059
1,522
375
577
259
28,542
110, 245
65, 261
60, 660
4,601
16, 540
10, 227
5,235
9,696
5,773
5,354
419
1,393
861
440
1,338
1,055
283
18,846
1,421
325
548
236
9,383
5,365
4,951
414
1,479
905
476
1,355
1,077
278
20, 027
1,633
342
618
295
8,703
4,814
4,457
357
1,412
850
460
1,257
997
260
18, 312
1,557
332
608
284
10, 039
5,992
5,595
397
1,450
907
456
1,339
1,063
276
19, 379
1,654
373
656
265
9,554
5,623
5,196
427
1,489
933
464
1,198
907
291
20, 558
1,810
437
701
277
9,675
5,049
4,604
445
1,770
1,025
613
1,186
817
369
24, 411
2,641
689
990
343
8,335
5,137
4,806
331
1,267
786
401
938
111
211
17, 902
1,403
370
530
215
24, 844 r 27, 955 '28,746 130,886
8,245 r 9, 222 ' 9, 714 1 10, 415
5,058 r 5, 707 ' 5, 910 i 6, 262
5,484
4,743 r 5, 339
426
'368
315
1,216 r 1, 291 ' 1, 252 i 1, 326
834
r842
768
351
r372
374
1,265
'968 r 1, 098
980
766
'866
285
'232
202
16, 599 r 18, 733 '19,032 120,471
1,214 ' 1, 528 r 1, 655 i 1,711
373
'330
289
621
'600
479
285
'265
190
22, 739
11, 458
25, 285
73, 267
68, 311
24, 526
906
2,034
5,838
5,420
2,012
953
2,189
6,310
5,883
2,097
938
2,245
6,252
5,825
2,150
938
2,287
6,196
5,766
2,197
962
2,413
6,596
6, 166
2,202
912
2,175
5,860
5,448
2,017
941
2,161
6,108
5,685
2,064
924
2,045
6,425
6,009
2,055
1,295
2,041
6,375
5,945
2,079
942
1,918
6,246
5,868
1,992
884
1,817
5,758
5,401
1,836
'
'
'
r
49, 820
54, 493
4,218
4,342
4,296
4,222
4,671
4,266
4,697
5, 488
7,807
3,587
3,410
' 4, 247 ' 4, 438 14,713
49, 295
33, 323
3,256
6,152
6,969
3,813
2,538
248
497
516
3,911
2,628
239
496
581
4,243
2,844
273
526
600
28, 760
9,377
5,561
5,173
388
9,687
5,899
5,516
383
4,997
3,402
417
578
647
28, 806
9,314
5,521
5,124
397
3,198
2,203
202
375
580
28, 902
4,209
2,843
316
498
584
28, 697
9,342
5,556
5,171
385
7,286
5,092
434
980
825
28, 158
9,132
5,408
5,027
381
3,800
2,538
233
474
583
28, 674
9,313
5,523
5,138
385
3,831
2,602
256
451
548
27, 791
8,975
5,227
4,851
376
3,890
2,641
218
487
560
28, 320
9,197
5,489
5,104
385
28, 347
9,238
5,445
5,082
363
28, 989
9,446
5,574
5,157
417
3,040 ' 3, 838 ' 4, 015 i 4, 268
2,041 ' 2, 632 ' 2, 745 i 2, 944
267
'282
223
509
'464
390
562
'550
514
29, 289 ' 28, 916 ' 29, 370 1 29, 434
9,597 ' 9, 377 ' 9, 547 i 9, 618
5,607 ' 5, 518 ' 5, 559
5,130
5,172 '5,099
429
'419
435
1,356
1,370
1,386
1,406
858
439
1,184
904
280
19,361
1,655
373
650
276
1,433
856
475
1,190
919
271
19, 383
1,659
372
651
286
1,395
859
443
1,196
926
270
19,215
1,619
369
642
275
1,372
846
439
1,204
933
271
19,355
1,640
375
639
277
1,360
853
428
1,191
911
280
19, 492
1,652
387
642
272
1,357
852
429
1,204
937
267
19, 109
1,571
371
589
263
1,402
876
446
1,219
958
261
19, 543
1,640
406
622
249
1,434 ' 1, 409 1,400
899
' 922
920
411
'400
431
1,330 ' 1, 261 1,255
974
'992
1,049
281
'269
281
19, 692 '19,539 ' 19, 823 1 19, 816
1,702 ' 1, 613 1,762
'393
420
416
644
'615
645
'245
269
261
Beer wine liouors
do
Household'equip., supplies, furnish ings., do
Industrial materials
do
Soaps cleansers etc
do
Smoking materials
. do
Allother
do
Newspaper advertising linage (52 cities) :
Total
mil. lines..
Classified
do
Display, total
- do
Automotive
do
Financial
do
General
do
Retail
do
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total, mil. $._
Durable goods establishments
do
Nondurable goods establishments
. _.do__ _
Merchant wholesalers inventories, book
end of year or month (unadj.), total
Durable goods establishments
_
Nondurable goods establishments
RETAIL TRADE J
All retail stores: Jc
Estimated sale (unadj ) total J
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire battery accessory dealers
Furniture and appliance group 9
Furniture honiefurnishings stores
Household appliance TV radio
Lumber, building, hardware group
Lumber, bldg. materials dealerscf
Hardware stores
Nondurable goods stores 9
Apparel group
-Mien's and boys' wear stores
Women's apparel accessory stores
Shoe stores
value,
mil. $__
.do . .
do_ -
Drug and proprietary stores
_.
do
Eating and drinking places
do
Food group
- - do. . _
Grocery stores
do
Gasoline service stations
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
- .mil. $
Department stores
- _.
do.. .
Mail order houses (dept. store mdse)-do
Variety stores
do
Liouor stores
do
Estimated sales (seas, adj.), total f
do
Durable goods stores 9
do
Passenger car, other auto, dealers
Tire battery accessory dealers
do
do
10, 721
23, 473
69, 113
29, 589
6,409
10, 984
875
876
836
Furniture, honiefurnishings stores
do...
421
434
426
Household appliance, TV, radio
do
1,152
1,172
1,173
Lumber, building, hardware group
do
891
908
916
Lumber, bldg. materials dealerscf
do
264
261
257
Hardware stores
do
j
18,816 19,026 19, 123
Nondurable goods stores 9
do
1,575
1,595
1,558
Apparel group
do
381
368
377
Men's and boys' wear stores
do
604
628
588
Women's apparel, accessory stores.. .do
247
261
256
Shoe stores
do
l
' Revised.
Advance estimate.
{Series revised to reflect a new sample of retailers.
The most important difference between this and the old sample is accounted for by the
general merchandise group which now includes all non-stores, i.e., mail order houses, merchandising machine operators, and direct selling establishments. Formerly, many non-store
establishments were classified outside of the general merchandise group, particularly in the
food and eating and drinking place groups. Revisions for total retail sales, durable and non-
r 932
2, 000
6, 195
5, 801
2, 053
'
'
'
'
'915
2, 053
6, 035
5, 640
2, 084
i
i
i
i
1966
2, 227
6, 717
6, 292
2, 176
durable totals, and selected lines of trade for 1961-67, unadj., appear on p. 22 ff. of the Nov. 1968
SURVEY; those for seas. adj. data appear on p. 52 of the May 1969 SURVEY.
Further details
appear in the Census Bureau Monthly Retail Trade Report, Aug. 1968.
9 Includes data
for items not shown separately.
tfComprises lumber yards, building materials dealers, and paint, plumbing, and electrical
c
stores.
§ Except department stores mail order.
Corrected.
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
June 1969
SURVEY OF CUEKENT BUSINESS
S-12
1967
1968
1968
Annual
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Mar.
Dec.
Jan.
Feb.
Apr.
944
128
235
817
064
969
2 062
6,139
5 744
2 052
979
2,094
6,315
5 909
2,097
959
2 123
6,346
5 955
2,091
r 2, 132
946
2,112
6,263
5,857
2,120
' 4 637
May
4,853
DOMESTIC TRADE—Continued
RETAIL TRADEJ— Continued
All retail storest— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores— Continued
Drug and proprietary stores
mil. $
Eating and drinking places
do
Food group
.
do _
Grocery stores
do
Gasoline service stations
do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 9 §
mil. $
Department stores
do
Mail order houses (dept. store mdse.)do
Variety stores
._
-do
Liquor stores
do
Estimated inventories, end of year or month :1
Book value (unadjusted), total
mil. $
Durable goods stores 9
do
Automotive group
do
Furniture and appliance group
do
Lumber building, hardware group do
Nondurable goods stores 9
do
Apparel group _ _
.
. _ _ ..do _
Food group
do
General merchandise group with nonstores
mil. $
Department stores
do
Book value (seas, adj.), total ..
do
Durable goods stores 9
do __
Automotive group
do
Furniture and appliance group . _ do
Lumber, building, hardware group_..do
Nondurable goods stores 9
do._ _
Apparel group
do
Food group
._
do
General merchandise group with nonstores
mil. $
Department stores
do
Firms with 11 or more stores:}:
Estimated sales (unadj.), total 9
do .
Apparel group 9
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do _
Shoe stores
do
Drug and proprietary stores
do
Eating and drinking places
.
_
do
Furniture and appliance group
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mail order sales ...do
Variety stores
do
Grocery stores
do
Tire, battery, accessory dealers. .
do
Estimated sales (seas, adj.), total 9
_ do
Apparel group 9
. do
Men's and boys' wear stores
_ do
Women's apparel, accessory stores. _ _ do
Shoe stores
do
Drug and proprietary stores
.
do
Eating and drinking places
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl mail order sales
do
Variety stores. .
_.
do
Grocery stores
do
Tire, battery, accessory dealers
do
All retail stores, accounts receivable, end of yr. or mo.: t
Total (unadjusted) t
mil $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
.
do
Total (seasonally adjusted) t
do
Durable goods stores
do
Nondurable goods stores
do
Charge accounts. _
..
do
Installment accounts
do
r
957
2 114
6, 117
5 702
2 038
953
2 114
6, 172
5 753
2 050
2
6
5
2
967
068
148
727
05''
973
*> 139
6 188
5 774
0
063
2
6
5
2
4 401
4 452
4 488
4 730
4 626
4 520
4 640
4 729
4 577
4 601
4 694
3, 995
2,682
264
498
564
4,035
2 700
254
519
584
4,075
2 728
270
514
577
4,290
2 896
275
526
596
4,191
0
828
277
520
591
4,061
2 743
271
492
593
4, 154
9
810
282
520
602
4,259
2 925
293
522
601
4,168
2 877
275
505
565
4,176
2 861
273
535
634
4,273 ' 4, 211 4,423
2 924 ' 2 895 3 043
293
*• 296
298
555
'517
534
618
603
' 601
932
2 099
6,063
5 637
2 036
971
149
155
735
049
2
6
5
2
967
146
149
731
050
2
6
5
2
960
' 2, 107
'6,284
r 5, 883
7 284
2*825
2 575
21 213
4 178
4 290
41, 346
18, 846
8,758
3,029
2,797
22, 500
4,536
4,511
41,247
18, 989
8,799
3,034
2,809
22, 258
4,456
4,360
41,496
19, 278
9,069
3,039
2,794
22, 218
4,388
4,371
41,163
19, 174
8,987
3,027
2,764
21, 989
4,317
4,334
40,916
18, 895
8,794
3,035
2,801
22, 021
4,431
4,291
39,979
17 536
7,348
3 032
2,764
22, 443
4,670
4,311
40, 543
17, 244
7,130
3,059
2,788
23, 299
4,953
4,382
42, 683
18, 246
7,898
3,140
2,806
24, 437
5,116
4,552
43, 815
18, 866
8,437
3, 158
2,790
24, 949
5,145
4,651
41 346
18 846
8 758
3 029
2 797
22 500
4,536
4 511
41, 544
19 581
9 387
3 014
2 841
21 963
4,402
4 536
42, 597
19 884
9,575
3 010
2,926
22, 713
4,695
4,503
43, 744
20 326
9,774
3 105
3 005
23, 418
4,899
4 578
44, 237
20, 548
9,938
3 127
3,046
23, 689
4,925
4,575
8 304
4 717
39 318
17 403
7 425
2 927
2,666
21,915
4 384
4 273
9,237
5,286
42, 657
19, 461
8,919
3,139
2,898
23, 196
4,760
4,493
9,137
5,170
40, 242
18, 113
8,043
3,010
2,735
22, 129
4,443
4,338
9,146
5,168
40, 606
18, 248
8,192
3,006
2,713
22, 358
4,450
4,384
9,105
5,102
40, 842
18, 440
8,352
3,006
2,712
22, 402
4,506
4,351
9,189
5,148
41, 065
18, 475
8,407
3,038
2,807
22, 590
4,630
4,356
9 305
5,189
41,010
18, 501
8,417
3,035
2,781
22, 509
4,574
4,381
9,733
5,375
41, 424
18, 622
8, 590
3,008
2,799
22, 802
4,668
4,408
10 505
5,884
42, 220
19, 165
8 945
3,046
2,820
23, 055
4,720
4,450
10, 810
6,116
42, 488
19, 361
9,121
3,019
2,798
23, 127
4,694
4,555
9 237
5 286
42, 657
19, 461
8 919
3,139
2,898
23, 196
4 760
4 493
8 925
5 105
42 740
19, 622
9 105
3 136
2,908
23, 118
4 811
4 554
9 403
5,384
43, 014
19, 487
8,974
3,113
2,974
23, 527
4,880
4,548
9 783
5 615
43 004
19, 542
9 008
3 146
2,955
23, 462
4 909
4, 569
10 013
5,752
43, 118
19, 567
9,084
3,102
2,966
23, 551
4,910
4,552
8 900
5 018
9,806
5,576
9,107
5,160
9,266
5,252
9,366
5,298
9,448
5,329
9,351
5,231
9,360
5,153
9,525
5,254
9,624
5,337
9 806
5,576
9 653
5 598
9,924
5,746
9 859
5,683
9,975
5,735
94, 580
5,186
767
1,837
1,335
3,373
2,122
1,303
7,479
460
60
157
134
265
177
98
7,828
414
62
145
110
283
176
104
7,689
421
66
143
113
275
178
103
7,532
368
53
132
93
275
180
111
8,279
440
54
159
118
283
186
130
7,454
426
54
153
119
266
192
120
8,068
454
71
163
111
272
189
112
9,015
492
85
176
116
275
184
117
11,179
721
119
266
151
433
175
135
7,282
351
59
123
85
273
177
86
6,776
307
46
113
76
253
167
87
' 7, 918
'441
'57
r
158
' 117
'279
' 194
'89
8,126
491
65
166
128
275
214
95
38, 395
2,969
3,033
3,013
2,959
3,300
2,979
3,303
3,920
5 692
2 522
2,397
T
3 028
3,195
35, 708
26, 184
4,821
34, 681
1,736
2,763
2,003
393
2,738
146
7,706
419
60
146
110
275
178
2,811
2,066
384
2,971
159
7,768
416
64
142
106
291
170
2,801
2,083
377
2,882
161
7,777
430
64
149
112
277
168
2,745
2,023
364
2,837
156
8,030
454
68
159
115
288
172
3,080
2,263
407
3,122
159
8,003
446
64
161
118
290
178
2,750
2,038
347
2,694
130
7,931
443
63
160
114
289
189
3,055
2,234
391
2, 890
153
8,031
444
67
158
117
287
188
3,661
2,676
468
3,181
161
8,143
442
69
158
115
275
190
5 400
3,972
792
3 088
177
8,080
419
63
153
103
281
177
2 338
1,732
294
3 110
124
8,295
454
68
168
104
301
188
2,213
1,607
307
2,861
113
8,413
457
67
167
108
291
187
' 2 823
f 2, 074
T
373
' 3 080
T
135
' 8, 340
'443
' 65
' 159
' 106
'291
' 194
2,980
2,179
412
2,954
162
8,582
512
72
175
121
289
216
3,097
3,111
3,098
3,297
3,248
3,130
3,261
3,332
3,364
3 302
3 393 ' 3 330 3,504
2,887
2,115
386
2,849
142
2,893
2,106
404
2,854
147
2,884
2, 113
396
2,908
144
3,080
2, 276
409
2,919
147
3,033
2 234
404
2,915
153
2,892
2,121
380
2,928
142
3,027
2,218
404
2,943
153
3, 088
•> 26^
416
2,992
153
3,126
2 320
405
2,975
137
3,092
2 264
430
3 061
156
3,177
2 339
430
3 127
154
18, 483
6,846
11 637
7,941
10, 542
18, 672
6,690
11,982
7, 939
10 733
18,641
6,892
11 749
8,071
10, 570
18, 841
6,777
12,064
8,123
10, 718
19, 022
7,117
11 905
8,368
10, 654
19, 198
7,004
12, 194
8,334
10,864
19,285
7,020
12,265
8,296
10,989
19,186
6,958
12,228
8,150
11,036
20, 630
7,140
13 490
8,677
11, 953
19, 378
6,941
12, 437
8,317
11,061
19 746
6,790
12 956
8,173
11,573
19, 381
6,907
12, 474
8,274
11,107
19, 353
6,730
12, 623
7, 950
11, 403
19, 741
7,068
12, 673
8,389
11, 352
' 19,274
' 6, 732
' 12 542
' 8, 102
' 11,172
' 19,709
' 7,040
' 12,669
' 8, 432
' 11,277
19,500
6,863
12, 637
8,319
11, 181
19, 821
7,095
12, 726
8,431
11, 390
38 045
16 832
20, 630
7,140
13 490
8,677
11, 953
19, 378
6 941
12, 437
8,317
11 061
' 3 109 3,284
' 2 297 2 405
444
'412
'3 095 3 067
159
' 152
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas..
mil
1 199. 11
i 201. 15
200. 65
200.81
200. 98
201. 15
201. 35
201. 55
201. 74
201. 93
202. 10
202. 25
202. 40
202.55
202. 71
202. 88
LABOR FORCE
Labor force, total, 16 years of age and over
thous.. 80, 793
Civilian labor force
_ _.
do
77, 347
Employed, total
do
74 372
Nonagricultural employment
do
70, 528
Agricultural employment
. .do
3,844
Unemployed (all civilian workers)
do
2,975
82, 272
78, 737
75, 920
72, 103
3,817
2,817
81, 141
77, 634
75, 143
71,292
3,851
2,491
81, 770
78, 234
75, 931
71, 935
3,996
2,303
84, 454
80, 887
77 273
72, 757
4,516
3,614
84, 550
80, 964
77, 746
73, 270
4,476
3,217
83, 792
80, 203
77, 432
73, 325
4,107
2, 772
82, 137
78,546
75, 939
72, 103
3,836
2,606
82, 477
78, 874
76, 364
72, 596
3,767
2,511
82, 702
79, 185
76, 609
73, 001
3,607
2,577
82, 618
79, 118
76,700
73, 421
3,279
2, 419
81, 711
78, 234
75, 358
72, 192
3,165
2,876
82, 579
79, 104
76, 181
72, 896
3,285
2,923
82, 770
79, 266
76, 520
73, 193
3,327
2,746
83, 137
79, 621
77 079
73,471
3,607
2,542
83, 085
79, 563
77,264
73, 370
3,894
2,299
r
Revised.
1 As of July 1.
t See corresponding note on p. S-ll (beginning Aug. 1968,
accounts receivable data reflect introduction of the new sample; no comparable data are
available for earlier periods).
9Includes data not shown separately.
§ Except depart
ment stores mail order.
\ Series revised to reflect benchmarking to the levels of the 1966
and 1967 Annual Retail Trade Reports and to conform to the definitions of the new retail
sales sample; revised data back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY.
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
| 1968
1968
Apr.
Annual
S-13
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted
Civilian labor force J
Employed, total
Nonagricultural employment
Agricultural employment
Unemployed (all civilian workers)
_ do_
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in that group) :J
All civilian workers
Men 20 years and over
_ __
Women, 20 years and over
Both sexes 16-19 years
Married men*
Nonwhite workers*
White workers*
__ _
_ _
Occupation: White-collar workers*
Blue-collar workers*
Industry (nonagricultural) :
Private wage and salary workers*
Construction*
Manufacturing*
Durable goods*
_
EMPLOYMENT
Employees on payrolls of nonagricultural estab.rfK
Total, not adjusted for seasonal variation, .thous..
Seasonally Adjusted
78, 427
75, 653
71, 737
3,916
- thous _
do
do
do. _
78, 742
75, 932
72, 027
3,905
78, 919
76, 005
72, 156
3,849
78, 917
76, 020
72, 195
3,825
78, 749
75, 973
72, 222
3,751
78, 847
76, 000
72, 349
3,651
78, 800
76, 002
72, 477
3,525
79,042
76,388
72, 682
3,706
79,368
76, 765
72, 923
3,842
79, 874
77, 229
73, 477
3,752
80, 356
77, 729
73,848
3,881
80, 495
77, 767
74, 035
3,732
80, 450
77,605
73, 941
3,664
80, 071
77, 265
73, 460
3,805
449
412
2,774
402
2,810
418
2,914
423
2,897
470
2,776
400
2,847
373
2,798
381
2,654
348
2,603
322
2,645
316
2,627
346
2,728
355
2,845
393
2,806
409
3.8
2.3
4.2
12.9
3.6
2.2
3.8
12.7
3.5
2.1
3.7
12.4
3.6
2.1
3.7
12.6
3.7
2.3
3.7
13.3
3.7
2.2
3.8
13.3
3.5
2.1
3.7
12.3
3.6
2.2
3.9
12.5
3.6
2.2
3.7
12.3
3.4
2.0
3.5
12.2
3.3
1.8
3.5
12.7
3.3
2.0
3.5
11.7
3.3
1.9
3.5
11.7
3.4
1.9
3.5
12.7
3.5
2.0
3.8
12.8
3.5
2.0
3.7
12.5
1.8
7.4
3.4
1.6
6.7
3.2
1.6
6.8
3.1
1.6
6.5
3.2
1.7
7.1
3.3
1.6
6.8
3.3
1.6
6.4
3.2
1.6
6.6
3.2
1.6
7.3
3.1
1.6
6.5
3.0
1.4
6.0
3.0
1.4
6.0
3.0
1.4
5.7
2.9
1.4
6.0
3.1
1.5
6.9
3.1
1.5
6.5
3.1
2.2
4.4
2.0
4.1
1.9
4.0
1.9
3.8
2.0
4.1
2.1
4.3
2.0
4.2
2.0
4.1
2.0
4.0
2.0
3.9
1.9
3. 6
1.9
3.8
1.9
3.6
2.0
3.7
1.8
4.1
1.9
3.8
3.9
7.3
3.7
3.4
3.6
6.9
3.3
3.0
3.5
5.6
3.3
2.9
3.4
6.7
3.2
2.9
3.8
7.7
3.2
2.8
3.8
7.0
3.2
2.8
3.6
6.9
3.3
3.0
3.6
5.7
3.3
3.1
3.6
6.0
3.4
3.2
3.4
6.5
3.2
3.1
3.3
5.4
2.8
2.6
3.4
5.5
3.2
2.7
3.3
5.5
2.9
2.4
3.4
6.2
3.1
2.7
3.6
6.2
3.2
3.0
3.5
5.5
3.1
2.9
66, 030
68, 146
67, 422
67, 724
68,724
68, 327
68, 508
68,923
69, 292
69, 585
70, 123
68,525
68, 735 '69,225 '69,802
70, 222
r
68, 146
625
3,259
19, 740
11,578
67, 755
632
3,313
19, 657
11, 533
67, 792
631
3,245
19, 693
11,545
68,039
632
3,174
19, 777
11,571
68,170
638
3,189
19, 776
11,619
68, 314
638
3,195
19, 748
11, 563
68, 382
639
3,252
19, 755
11,577
68, 701
591
3,285
19, 807
11,603
68, 955
637
3,279
19,871
11,661
69, 310
638
3,387
19, 974
11, 724
69, 620
644
3,380
20, 005
11, 803
317
598
455
629
,318
,361
,967
342
602
474
638
1,301
1,389
1,958
337
599
468
641
1,320
1,373
1,949
338
594
471
640
1,322
1,376
1,949
344
592
474
642
1,310
1,386
1,951
349
597
471
642
1,314
1,385
1,944
350
597
476
644
1,291
1,385
1,953
348
598
476
643
1,279
1,391
1,957
334
603
478
649
1,272
1,410
1,962
348
603
484
653
1,284
1,416
1,985
352
615
488
662
1,302
1,426
1,968
349
620
491
665
1,308
1,437
1,986
346
623
495
668
1,316
1,442
1,999
'343
'347
'619
'608
'493
495
'667
662
1,319 ' 1, 316
' 1, 448 ' 1, 445
' 1, 996 ' 2, 004
,953
,947
448
429
8,012
1,785
87
957
1,400
681
1,048
1,002
183
516
351
1,963
2,026
451
436
8,162
1,780
86
985
1,417
698
1,063
1,032
187
558
357
1,955
2,015
448
428
8,124
1,783
81
979
1,417
692
1,058
1,020
185
550
359
1,963
2,013
447
432
8,148
1,778
87
982
1,422
696
1,061
1,023
186
552
361
1,960
2,031
448
433
8,206
1,797
87
990
1,433
699
1,062
1,030
188
559
361
1,962
2,070
446
439
8,157
1,777
87
987
1,416
697
1,064
1,033
188
559
349
1,963
2,013
452
439
8,185
1,778
90
990
1,412
702
1,067
1,036
187
566
357
1,964
2,035
451
435
8,178
1,773
87
987
1,422
700
1,063
1,037
186
566
357
1,957
2,046
454
438
8,204
1,778
84
988
1,426
704
1,068
1,041
187
570
358
1,971
2,020
455
442
8,210
1,777
82
992
1,419
708
1,073
1,046
188
568
357
1,980
2,025
457
449
8,250
1,792
84
994
1,425
713
1,074
1,050
189
574
355
1,996
2,044
457
450
8,202
1,791
86
995
1,432
715
1,076
1,049
127
575
356
2,011
2,021
459
443
8,244
1,800
84
993
1,417
719
1,078
1,053
169
580
351
' 2, 020 ' 2, 024 2,041
' 2, 040 ' 2, 021 2,014
462
461
'462
447
444
'445
' 8, 267 ' 8, 269 8,266
' 1, 795 ' 1, 792 1,792
84
82
'83
982
'991
987
1,427 ' 1, 440 1,442
718
' 719 '714
' 1, 080 ' 1, 080 1,080
1,047
' 1, 053 '1,049
187
186
'189
585
582
'584
351
350
' 351
4,271
13, 613
3,538
10, 074
4,348
14,111
3,669
10, 442
4,331
14, 009
3,641
10, 368
4,281
14, 049
3,655
10, 394
4,336
14, 086
3,679
10, 407
4,346
14, 117
3,680
10, 437
4,358
14, 181
3, 683
10, 498
4,365
14, 222
3,695
10, 527
4,374
14, 298
3,708
10, 590
4,392
14, 326
3,722
10, 604
4,400
14, 271
3,725
10, 546
4,390
14, 442
3,746
10, 696
4,420 ' 4, 447 ' 4, 481 4,481
14, 475 ' 14, 540 '14,574 14, 604
3,767 ' 3, 783 ' 3, 789 3,803
10, 708 '10,757 '10,785 10,801
3,217
10, 060
11, 616
2,719
8,897
3,357
10, 504
12, 202
2,737
9, 465
3,323
10, 402
12, 088
2,717
9,371
3,334
10, 425
12, 134
2,721
9,413
3,335
10, 467
12, 232
2,795
9,437
3,350
10, 498
12, 256
2,788
9,468
3,376
10, 548
12, 270
2,751
9,519
3,387
10, 545
12,217
2,716
9,501
3,411
10, 610
12, 325
2,705
9,620
3,426
10, 702
12, 322
2,696
9, 626
3,442
10, 755
12, 443
2, 715
9,728
3,462
10, 792
12, 505
a 2, 760
a 9, 745
3,510
3,474 ' 3, 486
3,501
10, 852 '10,913 ' 10, 900 10, 926
12, 548 '12,561 '12,574 12, 618
2,756 ' 2, 753 2,765
2,764
9,853
9,784 ' 9, 805 ' 9, 821
14, 300
14, 485
14, 303
14, 352
14, 622
14,415
14, 561
14, 739
14, 718
14, 725
14,687
14, 499
14, 573 '14,631 ' 14, 600 14, 636
Totalf...
thous
14, 300
14, 485 14, 439 14, 449 14, 523
Durable goods
._
do
8,354
8,424
8,406
8,401
8,427
Ordnance and accessories
do
192
193
176
195
198
Lumber and wood products
do
520
514
520
522
516
Furniture and fixtures
do
387
392
375
392
389
Stone, clay, and glass products
do
514
500
517
517
511
Primary metal industries
do
1,054
1,057
1,054
1,042
1,035
Fabricated metal products
do
1,059
1,052
1,072
1,060
1,070
Machinery, except electrical
do _
1,332
1,367
1,337
1,334
1,331
Electrical equipment and supplies. _ do
1,318
1,312
1,310
1,312
1,305
Transportation equipment
do
1,432
1,371
1,425
1,419
1,438
Instruments and related products
do
280
278
275
275
275
Miscellaneous manufacturing ind
do
342
338
335
338
339
Nondurable goods
do
5,946
6,058
6,033
6,048
6,099
Food and kindred products ... ..
do
1,186
1,188
1,191
1,185
1,204
Tobacco manufactures
do
75
73
68
73
73
Textile mill products
do
849
873
868
871
877
Apparel and other textile products
do
1,240
1,251
1,250
1,265
1,256
T
Revised.
v Preliminary.
* New series. Morithly data for earlie r years a •e availa' Jle.
I Effective with the Mar. 1969 SURVEY, labor fore 3 data reflect new s easonal f actors; c<3mparable data for earlier months appear in the Feb. a nd Mar. 1 issues of Empl oyment imd
J69
Earnings and Monthly Report on the Labor Force ( BLS).
jEffective with the Sept. 1967 SURVEY, additiona series (ui icmployn lent rate 5, seasonsilly
adjusted production workers, hours, man-hours and man-hou r indexes private sector dtita,
and spendable earnings) are shown; these are not in the 1967 e dition of BUSINESS STATIST ICS.
14, 512
8,458
200
517
389
516
1,044
1,068
1,322
1,308
1,478
272
344
6,054
1,185
74
876
1,249
14, 474
8,399
200
518
393
518
1,023
1,066
1,331
1,313
1,415
278
344
6,075
1,187
77
878
1,245
14, 476
8,410
198
517
393
515
1,012
1,073
1,332
1,313
1,439
277
341
6,066
1,183
74
875
1,254
14, 524
8,432
186
520
396
520
,009
,092
,337
,302
,446
280
344
6,092
1,191
71
873
1,259
14, 568
8,475
199
521
400
525
1,020
1,093
1,357
1,311
1,423
280
346
6,093
1,188
69
877
1,252
14, 663
8,535
198
533
405
534
1,038
1,102
1,341
1,322
1,427
282
353
6,128
1,205
71
880
1,255
14, 692
8,604
200
540
407
535
1,042
1,111
1,360
1,333
1,439
283
354
6,088
1,203
73
880
1,258
14, 740 '14,774 ' 14, 740
8,620 ' 8, 646 ' 8, 612
'195
199
197
'538
539
'526
412
412
411
532
539
536
1,053 ' 1, 052
1,048
1,115 ' 1, 120 '1,115
' 1, 365 ' 1, 373
1,370
1,344 ' 1, 354 ' 1, 357
1,426 ' 1, 433 ' 1,415
'286
283
r286
'349
347
r 351
6,128 ' 6, 128
6,120
r 1, 204
1,215 ' 1, 206
r 69
71
71
875
'871
878
1,254 ' 1, 265
1,247
Total
Mining
Contract construction
Manufacturing
Durable goods
.
._.
Ordnance and accessories
Lumber and wood products
Furniture and fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical.
thous. . 66, 030
- do
616
- - _ - do .
3,203
do
19, 434
do
11, 422
do
do.
do
... .do
. do.
do
do
Electrical equip, and supplies
do
Transportation equipment
do.
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods.
do..
Food and kindred products
do
Tobacco m anuf actures . ... - do _
Textile mill products
do
Apparel and other textile pro ducts. .. do
Paper and allied products. . ...
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nec..-do
Leather and leather products. .
do.
Transportation, communication, electric, gas,
and sanitary services
thous
Wholesale and retail trade _. . .
..do
Wholesale trade
do
Retail trade.
.. . .
do
Finance, insurance, and real estate
do
Services .
do
Government..
do
Federal
do
State and local
do
Production workers on manufacturing payrolls:
Total, not seasonally adjusted fl
thous ..
69, 983 70, 159 '70,190
646
645
r 645
3,501 ' 3, 443 ' 3, 421
20, 067 r 20, 124 '20,094
11,823 ••11,857 '11,825
70, 282
642
3,389
20, 112
11, 846
344
606
493
662
1,320
1,449
2,011
Seasonally Adjusted
14, 734
8,614
196
524
409
532
1,053
1,117
1,378
1,367
1,404
287
347
6,120
1,200
68
867
1,269
1
UBeginning in the J une 1968 SURVE1f, payro 1 emplo yment aiid earniiigs data (except
inan-1" ours, beginning Aug. 196 3 SURVE r) reflect revised benchm£irks and seasonal factors;
compsirable ea rlier datei, except man-hoiirs and rnan-hour indexes appear in BLS Bulletin
1312-6 , EMPLOYMENT ALND EAR NINGS FC)R THE UNITED STATES, 1909-68, $5.75, a vailable
° Beginning jFan. 1969 federal amployfrom t he Gov' t Printiri g Off., \^fash., D. C. 20402
ment ncludes about 39 ,000 civil lan techrlicians of the Nat ional Gu ard who were tra nsferred
from £state to f ederal st*itus.
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Apr.
Annual
June 1969
June
May
July
1969
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May p
LABOR FORCE, EMPLOYMENT, AND EARNINGS— Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on manufacturing payrolls—
Continued
Nondurable goods industries— Continued
Paper and allied products
thous..
Printing and publishing
do
Chemicals and allied products _ .
._do
Petroleum and coal products. do
Rubber and plastics products, nee
do
Leather and leather products _ _
do
528
662
592
115
397
304
541
665
611
118
432
308
536
663
602
117
426
311
538
665
603
118
427
312
542
664
609
118
435
312
542
665
610
119
433
301
545
666
614
118
438
307
541
663
614
118
438
306
546
667
617
119
441
308
550
669
620
119
440
309
554
671
623
119
444
306
556
673
621
73
445
306
559
672
625
101
450
302
••558
'674
'623
••115
451
301
'554
'675
618
'117
'453
'302
555
673
616
116
454
302
42.6
37.7
40.6
42.7
37.4
40.7
3.6
41.4
3.8
41.5
40.5
40.6
41.8
41.6
41.7
42.1
40.3
42.2
40.5
39.4
42.6
37.2
40.9
40.9
3.7
41.5
3.8
41.5
40.3
41.2
41.8
42.0
41.7
41.9
40.2
42.9
40.5
39.7
42.9
37.6
41.1
40.9
3.6
41.7
3.8
41.6
40.7
41.1
42.0
42.1
41.9
42.0
40.6
42.5
40.6
39.7
43.4
37.3
40.7
40.9
3.6
41.5
3.8
41.3
40.7
40.7
41.9
41.9
41.7
42. 0
40.3
42.6
40.5
39.2
42.8
37.5
40.7
40.7
3.5
41.1
3.7
41.6
40.7
40.6
41.9
40.2
41.7
41.9
40.5
41.9
40.5
39.2
43.1
37.9
41.2
41.1
3.7
41.7
3.9
42.0
41.1
40.8
42.2
41.3
42.1
42.4
40.9
42.6
40.6
39.7
41.3
37.5
41.1
41.0
3.7
41.6
4.0
42.0
40.8
40.8
42.2
41.4
42.2
42.3
40.5
42.6
40.6
39.5
43.2
36.0
40.9
40.8
3.8
41.7
4.1
41.5
40.4
40.4
41.7
41.4
42.3
42.3
40.6
42.5
40.6
39.3
43.4
37.8
41.1
40.7
3.7
41.2
3.8
41.3
41.2
40.4
42.0
41.5
41.6
42.3
40.2
41.6
40.6
38.8
43.2
37.7
40.4
40.6
3.8
41.2
3.9
40.1
40.0
40.7
41.9
41.7
41.9
42.4
40.4
41.4
40.7
39.1
43.3
38.3
40.0
40.2
3.5
41.0
3.9
40.3
40.8
40.2
42.1
41.6
41.2
42.3
39.8
41.5
39.7
37.7
42.8
37.8
40.7
40.8
3.7
41.5
3.9
'40.7
'40.9
'40.8
'42.3
'41.9
41.8
42.8
40.7
41.6
'40.8
'39.0
'43.9
'38.1
'40.5
'40.8
3.4
41.2
3.5
41.7
40.2
40.4
41.6
41.1
41.5
42.6
40.2
41.4
41.3
39.4
42.8
37.8
39.8
40.1
3.0
40.7
3.1
40.9
40.1
40.0
41.7
42.3
40.4
41.0
39.5
41.1
39.6
38.5
43.2
37.6
40.8
40.8
3.7
41.5
3.8
41.1
40.2
41.1
42.0
42.1
41.6
42.7
40.9
41.6
40.6
39.4
39.7
3.1
40.9
38.6
40.9
36.0
39.8
3.3
40.8
37.7
41.2
36.1
39.2
2.8
40.4
34.1
40.6
35.0
39.8
3.3
40.7
38.0
41.2
36.3
40.0
3.4
41.1
38.5
41.3
36.4
39.9
3.4
40.8
38.1
41.5
36.1
39.9
3.3
41.1
38.9
41.1
36.0
40.1
3.5
40.9
38.5
41.6
36.5
39.9
3.3
40.8
37.6
41.1
36.4
39.7
3.4
40.6
37.6
41.0
35.9
39.9
3.4
40.9
36.3
41.4
36.2
39.7
3.6
40.7
36.9
40.8
36.2
39.2
3.2
40.7
38.3
40.1
35.2
'39.7
3.4
40.9
'36.4
'41.2
35.9
42.8
38.4
41.6
42.7
41.4
38.1
42.9
38.3
41.8
42.5
41.5
38.3
42.0
37.8
41.4
42.7
40.3
38.1
43.0
38.1
41.6
42.5
41.7
38.8
43.0
38.2
41.7
42.3
41.7
38.7
43.1
38.3
41.7
42.8
41.8
38.1
42.9
38.4
41.7
42.1
41.4
37.8
43.2
38.4
42.0
42. 5
41.6
38.4
43.1
38.6
41.9
42.6
41.7
38.7
42.9
38.4
41.9
42.6
41.5
37.9
43.3
38.4
42.0
42.4
41.3
37.6
43.3
38.2
41.9
41.8
41.4
37.4
42.5
37.9
41.7
42.5
40.7
35.5
43.3
38.3
'41.8
'43.1
'41.4
'37.6
r43.3
r38.3
r41.5
r42.7
r4l.4
37.7
43.2
38.3
41.5
43.0
41.2
37.7
36.3
40.3
34.9
37.0
36.1
40.2
34.7
37.1
35.9
40.1
34.5
37.0
35.8
40.0
34.5
36.9
35.7
39.9
34.3
37.0
35.8
40.0
34.3
37.2
35.6
40.1
34.2
37.1
'35.7
40.1
' 34. 2
'37.1
'35.6
'40.1
'34.1
'37.1
35.5
39.9
34.2
37.1
137. 58 '139.12 ' 139. 10
139. 50
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production worker
on payrolls of nonagricultural estab.: ft
Mining
..
hours
Contract construction
do
Manufacturing: Not seasonally adjusted
do
Seasonally adjusted
do
Overtime hours
do
Durable goods
.
do
Overtime hours
. do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods __ _ . . _
_ do
Overtime hours
...
do
Food and kindred products.
. .do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products
do
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
r 3. 6
'41.4
'3.7
'40.9
'40.0
40.9
'41.9
'42.0
'41.6
'42.7
'40.7
'41.6
40.7
39.4
39.8
,3.4
39.6
3.3
40.7
38.1
40.8
35.9
r41.0
r35.5
r41.0
35.9
36.5
40.3
35.3
37.0
36.0
40.0
34.7
37.0
36.1
39.9
34.8
36.9
35.9
39.8
34.6
37.1
36.3
40.3
34.9
37.1
36.2
40.1
34.9
37.0
Seasonally Adjusted
Man-hours in nonfarm estab., all employees,
seasonally adjusted, annual ratefl
bil. man-hours -.
131. 85
135. 21
134.01
134.68
135. 46
135. 89
136. 26
136. 30
136. 40
136.47
136. 75
137. 69
Man-hour indexes (aggregate weekly), industrial
and construction industries, totalfl
1957-59=100..
Mining
do
Contract construction
. ..
do
Manufacturing
do
Durable goods
.
.. do
Ordnance and accessories
do
Lumber and wood products
do...
Furniture and
fixtures.
do
Stone, clay, and glass products
do
113.7
79.9
110.9
115.8
121.4
206.3
93.3
121.7
106.4
115.4
80.8
112.2
117.7
123.0
227. 4
94.4
128. 0
109. 4
114.0
82.1
115.7
115.4
120.7
221.0
93.0
124.5
110.3
115.3
81.9
110.9
117.7
123.1
225.4
92.8
128.9
109.9
115.8
82.3
109.3
118.7
123.7
231.8
93.3
129.6
111.1
115.5
83.9
109.1
118.3
123.8
232.4
93.9
127.4
110.6
114.8
82.9
109.7
117.3
122.0
234.1
94.1
128.4
111.0
116.3
83.7
113.0
118.5
123.7
234. 0
94.8
129.0
111.2
116.0
73.0
113.2
118.7
123.8
219.8
94.7
130.0
112.2
115.6
83.5
108.4
118.6
124.2
232.4
93.9
130.0
112.0
117.6
84.3
118.0
119.1
124.3
230.1
98.0
131.6
114.7
117.5
84.4
117.2
119.2
125.3
225.7
96.4
133.3
114.7
118.0
85.1
124. 2
118.5
124.8
223.4
98.1
133.2
116.1
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
110.0
123.7
137.3
142.5
114. 1
126.5
109.0
109.1
126.5
132.7
142.3
121. 6
123.4
110.0
113.0
121.2
128.8
139.2
117.9
119.3
105.3
112.2
125.2
131.6
141.9
122.5
122.1
109.6
111.1
127.0
132.2
142.5
123.0
122. 4
109.9
110.8
126.2
131.0
141.8
126.7
120. 7
110.1
104.2
125.9
131.6
143.0
119.3
123.4
110.1
105.9
128.0
133. 2
144. 4
123.4
123. 2
110.6
105.8
130.5
133.4
141.8
124.0
124.6
111.0
107.0
131.0
135.4
143.2
121.7
124.6
111.1
109.1
129.9
133.8
142.9
119. 5
125.5
111.9
110.1
131.9
136.0
144.8
119.9
126.2
113.0
110.5 '111.8
130.1 ' 132. 6
136.7 ' 137. 8
143. 9 ' 148. 2
119. 1 ' 120. 0
123.1 ' 127. 9
106.8 '111.8
112. 3
'111.9
131.6
' 131.4
138.8
138.3
' 148. 5 150.4
117.5
'118.4
' 127. 6 127.7
'112.3 111.7
108.6
96.0
87.7
102.5
117.1
110.8
96.0
84.0
106.1
118.3
108.5
95.3
70.7
104.1
114.8
110.8
95.5
84.6
106.0
119.6
112.1
98.0
85.7
107.0
120. 8
111.0
95.7
85. 9
107. 4
118.2
111.2
96.6
91.3
106.6
117.5
111.7
95.8 !
86. 9
107.5
120.0
111.9
96.2
81.4
106.0
120.2
111.3
95.5
79.1
106.2
117.9
112.4
97.6
78.6
107.6
119.1
111.2
97.0
82.1
106.0
119.4
112.1
110.3
97.9 '97.7
'78.8
82.9
104.0 ' 106. 5
118.1
115. 1
111. 6
'112.0
96.7
'97.7
79.0
'74.7
' 105. 5 104.5
' 119. 1 119.5
115.3
116.7
118.6
80.8
144.3
94.9
118.6
116.9
122. 9
82.9
157.4
96.4
114.9
115.2
120.0
82. 5
151.0
97.0
118.1
116.4
120.8
82.8
156.6
99.1
118.9
116.6
122.3
82.4
159.5
98.8
119.2
117.0
122. 5
84.1
159.2
93.8
119.3
117.5
123.3
82.0
159.5
95.0
119.3
117.0
124.2
82.8
160.2
96.1
120. 1
118. 3
124.5
83.7
161.7
97.5
120.4
118.1
125. 1
83.7
160.6
95.8
122.4
118.4
126.0
83.3
161.3
94.1
122.9
118.1
125.3
50.4
162.0
93.6
121.3 ' 123. 3
117.0 '118.6
125.5 ' 125. 4
'81.9
70.9
161.1 r 164. 2
87.7 '92.6
' 122. 4
' 118. 8
' 123. 5i
'82.5
' 164. 9
'93.2 i
Wholesale and retail trade..
Wholesale trade
Retail trade _
Finance, insurance, and real estate
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
. do
do
do
do
do
do
do .
do
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products .
do
Petroleum and coal products
do
Rubber and plastics products, nee ...do
Leather and leather products.
do
!
!
|
1
' 134. 9 r 135. 6
' 116. 0 ' 114.0
122.4
118.5
123. 1
82.4
164.5
93. 2
i
Not Seasonally Adjusted
r 98. 2
118.0
84.2
117.3
119.9
126. 2
226.7
94.0
135.2
114.3
' 118. 5
'85.9
120.3
'119.9
' 125. 9
' 224. 4
'93.9
|
WEEKLY AND HOURLY EARNINGS
Average weekly gross earnings per production
worker on payrolls of nonagricultural estab. :f1
Mining
dollars
Contract construction
.. .
do_.
Manufacturing establishments.. .
do. . .
r
Revised.
* Preliminary.
fSee corresponding note, bottom of p. S-13.
' 118. 8
83.8
120.1
' 120. 4
' 126. 7
' 227. 9
135. 89
154. 95
114. 90
142. 62
163. 81
122. 51
140. 25
159. 27
118.21
141. 24
162. 43
122. 29
144. 09
164. 74
123. 30
145.52
167.52
122. 10
fT
144. 52 146. 35
169. 94 172. 99
121. 69 125, 66
See corr ^spondin g
138. 78 148. 43 151. 03
172. 80 158. 20 168.06
125. 77 125.97 127. 82
note, b ottom 01 p. S-13.
149. 72
166. 90
126. 05
149.53 148. 47 154. 43 i 154.07
166. 16 171.12 ' 173. 71! 177.84
124.80 ! 127.39 ' 127. 58 129. 34
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
S-15
1969
1968
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May »
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WEEKLY AND HOURLY EARNINGS— Con.
Not Seasonally Adjusted—Continued
Avg. weekly gross earnings per prod, worker on
manufacturing payrolls— Continued tl
Durable goods
dollars.Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
123. 60
132. 19
94.87
94 13
117. 31
132. 07
135 29
103 68
100 28
125.40
127. 58
130. 33
100. 90
95 26
123. 85
132. 29
133.63
102. 97
99 88
126. 30
132. 92
134. 37
106. 30
101 52
127. 62
131. 02
131 61
105 01
99 14
126.72
130. 29
134 05
107 12
101 76
128. 05
135. 01
137 76
109 03
104 33
130. 36
135. 85
139 68
107 68
104 58
130 36
136. 78
138. 86
105. 32
103 22
127. 91
138. 03
141 20
107 16
105 32
128. 63
136. 04
135. 34
102. 56
101. 20
125. 77
135. 05 r 137. 45 ' 137.61
135. 54 136.49 r 138.45
104.00 ' 107.59 ' 105.06
r
100. 84 103.42 ' 103.46
126. 48 ' 130.10 ' 131.99
139. 36
140. 15
108. 00
105. 30
134. 09
Primary metal industries
Fabricated metal products
Machinery, except electrical. .
Electrical equip, and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
do
do
do
do
do
do
do
137. 27
123. 67
135. 89
111.35
142. 42
117. 71
92.59
147. 68
132. 19
141. 88
118. 08
155 72
121 10
98.50
150. 52
124. 62
135. 71
112. 61
146. 16
115. 44
95.12
148. 54
131. 99
141. 46
116. 58
157 38
119 88
98. 75
150. 10
132. 62
141. 37
118. 15
155. 55
120. 88
99.25
148 75
130. 41
140.11
116.51
152 52
119.39
96 36
142. 36
132. 09
139 44
118. 37
150 70
121.20
97.71
148. 68
136. 85
143 82
121 06
160 07
123 62
99 50
147
136.
145
121
162
123
100
24
95
51
29
92
62
15
149. 56
137. 80
146. 36
122. 81
165 02
124. 85
100. 04
152. 67
136. 92
148 60
124. 03
164 86
125 97
100. 88
154. 66
135. 38
148. 40
122. 51
160. 19
125. 15
100. 62
153. 55 ' 155.82 ' 157.88
133. 82 136. 86 ' 137.03
149. 25 151. 79 ' 152.01
121.39 123. 42 r 123.32
157. 03 157. 38 ' 157.82
123. 07 ' 126.58 ' 126.36
98.40 ' 102.05 ' 102.44
158. 63
139. 19
153. 15
125. 56
160. 55
127. 08
103. 10
Nondurable goods
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
do
do
do
do
do
102. 03
107. 98
87.62
84.25
73.08
109 05
114.24
93 87
91 05
79.78
104 76
110. 09
87.30
86 22
76.08
108 26
113. 68
98 14
89 40
79.50
109 47
115.36
102. 31
90 69
80.30
110 00
115.92
99 53
89 19
79^06
110 55
114. 96
95 55
92 51
81.40
112 03
116. 48
94 33
94 02
82.26
111 88
115.21
92 43
94 21
82.63
112 12
116.69
94.13
93 98
81.36
113 08
118.37
96 14
95 08
81.36
111.50
117. 27
92.78
92 34
81.40
110. 48 ' 112.86 113. 08
116. 40 118. 08 ' 118.19
95.21 ' 94. 70 ' 95. 50
90.80 ' 93. 89 ' 93. 15
83.13 ' 81. 98
79.90
114. 05
120. 18
103. 30
94.25
82.57
do
do
do
do
do
do
122. 84
125. 95
128. 96
152. 87
113. 85
78.87
130. 85
133 28
136. 27
159. 38
121. 18
85.41
123. 97
128. 22
134. 60
162. 54
113. 32
81.92
129. 13
131 45
135 01
159. 64
120 22
85.47
130. 59
132. 94
136. 27
158. 90
121. 64
87.36
132. 32
132 94
136 45
163. 18
121 42
85.31
133. 06
135 49
136. 45
157. 78
122 30
85.41
135. 60
137 39
138 60
162. 49
125 46
85.28
134. 97
137 03
138 69
160. 98
125 16
86.56
134. 78
136. 70
139. 86
161.88
124. 68
86.03
136. 90
139 65
141. 46
159. 56
125. 82
88.32
135. 14
136. 44
140. 19
152. 40
124. 73
87.46
132. 62 r 135. 45 ' 135.99
136. 10 139.03 ' 138.68
139. 86 ' 141.28 r 142.46
161.38 r 168.67 ' 173.29
121.30 r 123.30 ' 123.82
83.18 ' 87. 28 ' 85. 78
137. 06
140. 56
142. 61
172. 77
124. 53
87.89
do
do
do
do
82.13
116 06
70.95
95.46
86
129
74
102
40
00
95
12
84.85
119. 89
73.49
100. 00
85.32
120. 99
73.40
101.01
87
122
75
102
88
129
77
102
88
123
77
109
80
22
33
77
88 08
1 24* 6°
75 99
103 60
87
123
75
104
87
124
75
104
87
126
76
105
96
23
47
36
88 40
125 29
76 16
107. 14
88.96 r 89. 21 r 88. 96
126 48 127. 20 ' 127.28
76 39 ' 76. 61 ' 76. 73
107. 96 ' 107.96 ' 107.22
89.66
127. 68
77.63
107. 30
3.19
4.11
2.83
2.72
3.00
2.88
3.17
2.36
2.33
2.82
3 34
4 38
3 01
2 88
3. 19
3 06
3.26
2.56
2 47
3.00
3.30
4.27
2.97
2.86
3.15
3.03
3.21
2.51
2.43
2.97
3.30
4.32
2.99
2.87
3.18
3.04
3.22
2.53
2.46
3.00
3 32
4 29
3 00
2 87
3.18
3 04
3.23
2.58
2 47
3.01
3 33
4 34
3 00
2 88
3 18
3 05 i
3.21
2.58
9 46
3.01
3 33
4 38
2 99
2 86
3 17
3 03
3,23
2.60
2 47
3.02
3 38
4' 47
3 05
9 QO
3 23
3 08
3^28
2.64
9 52
3.06
3 32
4 50
3 06
2 92
3 25
3 09
3.31
2.62
2 52
3.06
3 46
4.52
3 08
2 94
3.28
3 12
3.33
2.62
2 53
3.06
3 48
4 53
3 11
2 97
3 31
3 15
3.37
2.62
2 55
3.07
3 49
4 56
3 12
2 99
3 31
3 17
3.35
2.59
2 53
3.06
3.51
4.54
3 12
3 00
3.31
3 18
3.38
2.60
2 54
3.07
3.51
'4. 60
3 13
3.00
3.32
3.18
'3.37
'2. 65
' 2.56
"3.12
3.55
'4.62
' 3.15
3.02
'3.34
'3.20
'3.41
'2.62
'2.58
'3.15
3.55
4.68
3.17
3.03
3.35
3.21
3.41
2.66
2.60
3.17
do
do
do
do
do
do
do
3.34
2.98
3.19
2.77
3.44
2.85
2.35
3 55
3.17
3.37
2.93
3.69
2.99
2.50
3.55
3.10
3.31
2.88
3.60
2.93
2.49
3.52
3.15
3.36
2.90
3.66
2.96
2.50
3 54
3.15
3.35
2.91
3.66
2.97
2.50
3 55
3 15
3 36
2.92
3.64
2 97 i
2.49 !
3 55
3 16
3. 36
2.93
3.64
3.00
2.48
3 60
3 29
3 40
2.96
3.74
3 03 i
2.50
3 60
3 23
3 44
2.98
3.78
3 03
2.51
3 63
3.25
3.46
3.01
3.82
3.06
2.52
3 67
3 26
3.48
3.04
3.87
3.08
2.58
3 70
3.27
3.50
3.04
3.86
3.09
2.60
3 70
3.28
3.52
3.05
3.83
3.10
2.61
3.71
3.29
3.53
3.04
3.82
'3.11
2.61
'3.75
'3.31
'3.56
'3.06
'3.84
'3.12
' 2. 62
3.75
3.33
3.57
3.07
3.85
3.13
2.63
do
do
do
do
do
do
do
do
do.
do
do
do
do
do
do
.do
2.57
2.47
2.64
2.27
2.06
2.03
2.87
3.28
3.10
3.58
2.75
2.07
2.25
2.88
2.01
2.58
9 74
2.63
2.80
2 49
2 21
2.21
3 05
3.48
3.26
3.75
2.92
2 23
2 40
3 05
9 16
2 76
2.70
2.61
2.78
2.56 !
2.15
2.18
2.98
3.41
3.22
3.78
2.84
9 22
2.37
3.02
2.13
2.71
2.72
2.62
2.80
2.61
2.17
2.19
3.01
3.45
3.23
3.73
2.89
2.22
2.39
3.04
2.14
2.73
2.73
2.62
2.80
2.63
2 18
2.20
3.03
3.48
3.26
3.73
2.91
2.24
2.40
3 05
2 16
2 76
9
2 75
2.64
2. 77
2 45
2 79
2 67
2.81
2 37
2 27
2.27
3 11
3.55
3.31
3.77
2.98
2 26 i
2 45 i
3 09
2 20
2 81
2 81
2.69
2.86
2 51
2 83
2.72
2.91
2 57
2 28
2.28
3 15
3.60
3.37
3.69
3.02
2.32
2 49
3 14 i
2 24 '
2 88
2 84
2.73
2.91
2 63
9 27
2.27
3 15
3.61
3.37
3.87
3.01
2 33
2 52
3 17
2 26
9 91
2.85
2.74
2.93
2.66
2 29
2.29
3.15
'3.63
3.38
'3.95
3.00
2.34
2 83
2 82
2.71
2.88
2 55
9 28
2.26
3 14
3.59
3.36
3.79
3.01
2 30
2 45
3 14
9 21
2 84
2.87
2.76
' 2.94
2.69
2.30
'2.29
'3.17
3.64
'3.40
'4.03
'3.02
' 2.35
2.52
3. 19
2 27
2.89
2.88
2.77
2.96
2.74
2.31
2.30
3.18
3.67
3.42
3.99
3.03
2. 35
2.54
3.20
2.29
2.90
4 317
6 134
1 41
3 501
4 321
6 150
4 343
6 173
4 43
6 212
4 422
6 228
4 435
6 261
1 59
4.495
6.315
3 561 i
3 552
109 06
109 29
88 51
Paper and allied products
Printing and publishing-. . . .
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee.,
Leather and leather products
Wholesale and retail trade. .
Wholesale trade
Retail trade
.
Finance, insurance, and real estate
Average hourly gross earnings per production
worker on payrolls of nonagricultural estab.rl
Mining
dollars
Contract construction
. .
do
Manufacturing.. ...
do
Excluding overtime
.
do
Durable good^
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
Fabricated metal products ...
Machinery, except electrical
Electrical equip, and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
...
Excluding overtime
Food and kindred products
Tobacco manufactures
Textile mill products .
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Wholesale and retail trade _
Wholesale trade
Retail trade
Finance, insurance, and real estate
Miscellaneous hourly wages:
Construction wages, 20 cities (ENR):^
Common labor
$ per hr
4.162
3.887
4.076
4 203
Skilled labor
.
do ""
5.865
5.527
5.761
5 956
Farm, without board or rm., 1st of mo .. do
1.44
1.33
1.44
Railroad wages (average, class I)...
do
3.349
i 3. 293 p 3.428
3.357
Spendable Weekly Earnings f 1
Spendable average weekly earnings per worker (with
three dependents) in manufacturing industries:
Current dollars
..
101 15
103 23 106. 38
106 75
Constant dollars
1957-59 dollars
88 43
86 98
88 08 2 86 10
PRIVATE SECTOR SERIESfl
Not Seasonally Adjusted
Excludes government employees:^
Employees, total, nonagricultural estab
thous. . 54, 414
55, 944 55, 208 55, 497
Production or nonsupervisory workers
do
45, 130
46, 372 45, 742 45, 988
Hrs. (gross), av. weekly: Unadjusted. .hours..
37.7
38.0
37.3
37.8
Seasonally adj .do
37.8
37.6
Weekly earnings (gross), average
dollars
101. 84
107. 73 104. 44 106. 69
Hourly earnings (gross), average
do....
2.83
2.80
2.68
2.85
r
Revised.
v Preliminary.
i Includes adjustments not distributed by months.
2
Effective Apr. 1968, data reflect income tax surcharge imposed by the Revenue and
Expenditure Control Act
36
92
82
12
56
8?
33
77
75 i
2 63
2.80 ;
9
64 '
9 17
2. 19
3 07
3.48 i
3.28
3.76
2.94
9 91
9
40 ;
3 04
16
9
2.23
3 08
3.51
3.28
3.73
2. 94
9 93
9
40
3 05
9 IQ
2 77
9
78
:
2 66 '••
2.80 i
2 37 i
9 26 i
2. 26
3 11 '
3.55 !
3.30
3. 77
2.98
2 95
2 44 !
3 10
9
19
2 80
4 307
6 109
3.254
4 934
4 287
5 989
6 073
1 45
3.464 ! 3 496
107 16
88 64
106 23 105 91
87 43 ' 86 88
108 98
89 18
56, 444
46, 852
38.1
37 9
108. 59
2.85
56,479
46,816
38.2
37 9
109.25
2.86
4 224
5 974
3 534
l
47
91
46
25
oo 74.
33
80
36
43
2.26 \
3 12
3.56 1
3.33
3.80
2.99 '
9
27
2 46
3 12
9 21
110 65
89 45
4 379
6 209
1 57
2.52
3 18
2 26
2.91
108 78 ' 107 82 i 109 81 ' 109 95 111 30
OG CO
87 43 ' 86 99 87 78
87 66
57, 507
56,065 ' 56,516 57, 097
47, 628
46,342 i ' 46,736 r 47,260
37.6
37.5
37.2
37. 0
37 8
37 7
37 8
37 5 113.55
112.05 ' 112.50
110.48
3. 02
2.98
'3.00
2. 97
fSee corresponding note, bottom of p. S-13.
«| See corresponding note, bottom of p. S-13.
c^Wages as of June 1, 1969: Common, $4.657; skilled, $6.519.
56, 746
47, 053
38.3
37 9
109. 54
2.86
56,793 56, 853
47, 127 47, 186
38.1
37.8
37 7
38 0
110.87 ; 110.38
2.91
2.92
57, 063 57, 480
47,396 47,782
37.5
37.7
37 5
37 5
109. 88 110.46
2.93 I
2. 93
55, 967
46, 279
37.4
37 7
110.33
2.95
June 1969
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Apr.
Annual
May
June
July
Sept.
Aug.
Nov.
Oct.
Jan.
Dec.
Feb.
Mar.
Apr.
May
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index
1957-59=100..
182
200
4 4
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation: A
Accession rate, total
mo rate per 100 employees
New hires
do
Separation rate total
do
Quit
do
Layoff
do
Seasonally adjusted: A
4 g
188
187
189
4 3
4 6
35
4 3
5
4
4
2
3.3
3.5
3.2
4 6
2 3
4 6
2 5
4 1
2 2
1.4
1.2
1.0
24
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
number
\Vorkers involved
thous
In effect during month:
Work stoppages
number
Workers involved _
_ _
thous
Man-days idle during period
do
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
thous
Unemployment insurance programs:
Insured unemployment all programs©
do
State programs:
Initial claims
do
Insured unemployment weekly avg
do
Percent of covered employment:^
Unadjusted
Seasonally adjusted _ _ _ _ _ _
Benefits paid
mil $
Federal employees, insured unemployment,
weekly average
thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment weekly avg
do
Beneficiaries weekly average
do
Benefits paid
mil $
Railroad program:
Applications
thous
Benefits paid
mil $
219
213
222
226
221
5 0
38
••230
232
r227
39
4.4
3.4
4.4
2.4
1.0
p4.4
*3.4
4.3
4.5
4.0
5 0
2 3
6 0
3 7
6 3
4 1
11
4 9
2.8
1.2
2.9
4.1
2.1
1.2
3.0
2.2
3.8
1.6
1.4
4 6
3.7
3.3
4.5
2.3
1.2
3.0
4.0
2.1
1.0
4 6
3.5
4.5
2.6
1.1
3.8
4.0
2.5
1.0
3.9
4.6
2.7
1.1
3.7
4.8
2.8
1.2
3.9
4.9
2.8
1.1
270
112
200
107
320
182
330
137
420
112
*217
*4.8
P3.8
J>4.9
P2.7
pl.O
570
253
4 9
5 7
1.2
5 7
1.7
3.4
5.0
2.6
1.3
3.5
4.7
2 4
12
3.7
4.6
2.6
1.1
420
140
400
151
480
267
4 g
3.5
4.5
2.3
1.1
do
do
do
do
198
.9
10
4 7
New hires
Separation rate, total
Quit
Layoff
9
7
1
3
185
3.4
4.7
2.5
1.3
3.3
4.5
2.4
1. 1
3.5
4.7
2.4
1.2
600
252
500
167
370
163
4 6
M.5
P2.6
p. 9
4 595
2 870
4 950
2 630
490
438
690
545
810
580
750
331
630
316
690
290
670
268
720
379
500
224
410
170
480
255
500
266
42 100
47 300
4 910
5 650
4 260
3,810
3,660
*> 820
3,570
2,210
1,650
3,380
2,590
5 817
5 733
482
496
538
542
531
561
540
426
360
392
373
397
454
1 270
1 187
1 214
1 025
942
1 057
1,023
867
861
984
1,252
1,584
1,551
1,385
1,163
11 760
1 205
10 463
1 111
822
696
964
642
883
1,080
778
955
604
802
701
794
788
913
1,161
1,172
1,240
1 491
890
709
1 142
1 459
1,300
2 5
2 2
2 3
18
2 0
16
1 017
2 092 3
936
2 031 9
1 060
195 1
23
23
20
222
23
21
2.2
794
159 1
129 1
20
69 2
19
2.9
2.1
2.6
2.1
170.3
1 290
234.2
1 190
226.5
92
24
24
23
20
29
38
34
7.2
32
44
41
9.0
27
43
42
8.0
24
40
39
7.8
22
35
35
7.4
11
19
2.2
687
1.6
2.1
644
1.8
2.1
680
2.3
2.0
885
145.6
150.0
121 8
126.0
122.5
19
20
21
0
20
2.2
2.0
3.0
2.1
2.3
804
9
756
1,090
1 206
246.1
2.3
770
1 9
770
303
2,740
1,022
200.1
20
25
25
4.5
17
25
23
4.7
18
29
26
4.9
289
32
29
46 3
2 0
2.2
844
2.1
991
600
261
2,080
28
30
25
5.3
26
32
29
5.9
22
28
26
5.2
26
27
24
5.2
26
32
26
5.3
19
16
2.3
10
16
3.1
18
3.1
9
20
4.0
6
18
3.4
12
24
4.8
6
23
4.3
5
21
3.4
18
3. 6
4,420
22, 865
8,342
14, 523
4,464
23, 681
9,003
14, 678
4,510
24, 390
10, 076
14, 314
241
20
139
20
8
20
4
16
13
14
40 6
40 4
33
2 6
2. 1
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Commercial and finance co paper total
do
Placed through dealers
do
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
_ mil. $
Farm mortgage loans:
Federal land banks
do
Loans t o cooperatives _ _ _ _ _ _
do
Other loans and discounts
do
4
16
4
11
317
635
901
634
4
17
5
11
430
509
930
579
4
18
5
12
359
417
761
656
4
18
5
12
286
798
822
976
4 330
19 746
6,270
13 476
4 418
20 734
7,091
13,643
4,327
20 264
7,737
12, 527
4 420
20 839
7,592
13 247
4,389
22 220
7,758
14, 462
4,428
20, 497
7,201
13, 296
4,370
21,813
7,873
13, 940
11,907 111,946
11, 748
11, 488
11, 598
11, 730
11,830
11,809
11,722
11, 734
11, 677
11, 748
5 609
1 506
3,733
6 126
1,577
4,044
5,853
1,549
4,085
5,923
1,482
4,193
5,973
1,454
4,302
6,004
1,454
4,372
6,033
1,450
4,326
6,064
1,479
4,179
6,094
1,551
4,090
6,107
1,583
3,987
6,126
1,577
4,044
do _. 3, 740. 3
d o _ _ . _ 1,471.8
do
2, 268. 5
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
428
497
201
296
10 848
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil $
6 661 5
New York SMSA
d o _ _ _ _ 2, 921. 2
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's!
226 other SMSA's
4
20
7
13
75 330
6,226
1,680
1
4, 040
12, 324 1 12, 344 i 12, 514
6,317
1,663
4,344
6,412
1,648
i 4, 284
6,484
1,614
i 4, 416
8 002 2 7,500 7 7, 614. 0 7, 948. 5 8, 163. 0 8,521.8 8, 368. 4 8, 599. 8 8, 540. 1 8, 752. 9 8, 733. 3 8, 832. 8 8, 723. 3 8, 883. 9 9,147.6
3, 635. 2 3,285.5 3,370.6 3, 595. 0 3, 726. 1 4, 079. 6 3, 857. 8 3, 953. 7 3, 925. 9 4, 076. 8 3, 896. 7 3, 929. 8 3, 882. 8 3, 902. 0 4, 097. 6
4, 367. 0 4,215.2 4, 243. 4 4, 353. 5 4, 436. 9 4, 442. 2 4, 510. 6 4, 646. 1 4, 614. 2 4, 676. 1 4, 836. 6 4, 903. 0 4, 840. 5 4,981.9 5, 050. 0
1, 765. 5 1, 673. 5 1, 722. 0 1, 771. 0 1, 807. 9 1,825.2 1, 840. 2 1,904.9 1, 904. 1 1, 902. 4 2, 007. 7 2, 047. 4 1, 974. 3 2, 028. 9 2, 083. 2
2, 601. 5 2,541.7 2, 521. 4 2, 582. 5 2, 629. 0 2,617.0 2, 670. 4 2, 741. 2 2, 710. 1 2, 773. 7 2, 828. 9 2, 855. 6 2, 866. 2 2,953.0 2, 966. 8
78 972
74 393
74 736
75, 510
76, 296
75, 592
77, 388
77, 215
78, 977
78, 972
77, 635
77,849
78, 772
82, 213
80, 685
56, 614
188
52, 937
55, 892
862
52, 127
55, 857
744
52, 275
55,419
1,148
52, 405
58, 108
2,532
53, 113
58,811
1,831
53, 759
10, 026
10, 025
10, 025
10, 025
10, 023
10, 022
82,213
80,685
Reserve bank credit outstanding, total 9 _.do
Discounts and advances
_
do
U.S. Government securities
do....
51, 948
141
49, 112
56, 614
188
52, 937
52, 612
741
50, 507
53, 436
1,026
50. 625
54, 610
305
52, 230
54, 880
736
52, 397
55, 461
529
53, 044
54, 707
390
53, 279
55, 919
179
53, 329
55, 697
471
53, 350
Gold certificate account
11, 481
10, 026
10, 128
10, 026
10, 025
10, 025
10, 026
10, 026
10, 026
10, 026
do
6,169
1,630
4,108
do
75 330
78 972
74 393
74 736
75, 510
76, 296
75, 592
77, 388
77,215
78, 977
78, 972
77, 635
77, 849
78, 772
Deposits, total
Member-bank reserve balances
do
do
22 920
20, 999
23 473
21, 807
22 885
21, 221
23 217
21, 334
23, 196
21,462
23, 496
21, 702
23, 314
21,808
22, 949
21,233
23, 935
22, 316
23, 667
22, 533
23, 473
21,807
24, 295
23, 124
23, 909
22, 801
23, 289 ' 25, 882
21, 588 24, 344
25, 337
23, 637
Federal Reserve notes in circulation
do
42, 369
45, 510
41,811
42, 137
42, 534
42, 857
43, 179
43, 273
43, 472
44, 481
45,510
44, 170
43, 992
44, 232
44, 196
44,811
Liabilities, total 9
r
Revised.
» Preliminary.
1 Beginning Feb. 1969, data for indicated month exclude
loans by Federal Intermediate Credit Banks outside the Farm Credit Adm. system now
reported quarterly only.
AAdjusted to new benchmarks and seasonal factors; see note "V p. S-13.
©Excludes persons under extended duration provisions.
d"Insured unemployment as % of averasre covered employment in a 12-month period.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CUREENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
End of year
S-17
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
mil. $ i 25, 260 i 27, 221 25,546 25, 505 25, 713 26,001 26,069 26, 077 26,653 26,785 27,221 28,063 27, 291 26, 754
i 24, 915 i 26, 766 25, 276 25, 085 25, 362 25,702 25,694 25. 694 26,393 26,461 26, 766 27,846 27,063 26, 537
Required
_ _ _ _
do
U55
260
228
383
324
455
217
Excess
do
1345
270
351
299
375
217
420
1752
824
515
752
918
683
692
525
565
427
569
697
Borrowings from Federal Reserve banks. __do
1238
746
-596
-701
-132
Free reserves
__
do
-413
-226
-190
-167
-245
-480
1 107 1-297
-341
-297
-326
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted cf
mil. $_. 81,848 88, 930 78,384 76,132 76,163 78,839 76, 793 78,029 79,134 78, 963 88,930 81, 120 79, 826 81, 891
Demand, total 9
do
127,277 144, 295 121,317 115,107 123,430 122, 373 117,004 127,364 123,574 125, 007 144,295 127,002 124, 747 128, 683
In di viduals , partnerships , and corp
do
92, 380 102, 818 86, 147 83,859 87, 998 87,330 84,929 88,412 88,655 91, 495 102,818 90,113 89, 131 93, 164
7,121
6,257
State and local governments
do
7,675
6,272
6,202
6,247
5,946
6,366
6,175
7,675
5,516
6,318
6,231
6,175
3,437
3,882
2,003
U.S. Government. _
do
5,208
3,107
3,774
3,990
1,429
3,818
2,793
3,055
5,485
3,437
5,434
Domestic commercial banks _ , _ _
do
19,064 13, 394 13, 135 15,838 14, 582 13, 635 16, 216 14, 896 15, 596 19,064 14, 596 14, 915 16,259
15,752
Time, total 9 _ . . . .
do
Individuals, partnerships, and corp.:
Savings
. . .
do
Other time
do
Loans (adjusted), totalc?
_. .
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
_ _ _ _ _ _
do
do
do
do
do
do
Investments, total _ _
_ _ _
do
U.S. Government securities, total
do
Notes and bonds
do
Other securities.. _ _ _
_ _
do
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas. adj.:J
Total loans and investments©
bil. $__
LoansO
.
do
U.S. Government securities
do
Other securities. _
do
Money and interest rates: §
Bank rates on short-term business loans: t
In 35 centers
percent per annum
New York City
do
7 other northeast centers
do
8 north central centers
do
7 southeast centers
do
8 southwest centers..
__
do
4 west coast centers
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent-Federal intermediate credit bank loans
do
Federal land bank loans
do
Home mortgage rates (conventional 1st mortgages) :t
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)
do. .
Commercial paper (prime, 4-6 months)_.do
Finance Co. paper placed directly, 3-6 mo. do
Stock Exchange call loans, going rate
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent _.
3-5 year issues
do
102, 921
112, 103 104, 080
48, 864
38, 273
49, 161
45, 013
143, 951
66, 201
8.340
10,415
29, 126
37,702
161, 824
73, 988
9,533
11, 866
32, 051
40,882
61, 818
28, 371
22,322
33,447
346. 5
225.4
59.7
61.4
48, 386
39, 113
48, 470
39, 295
48, 597
39, 993
48,274
41, 972
48, 512
44,023
48, 522
45,106
48, 672
45, 926
144,838 143,633 148,694 149,812 148, 615 153,411 151, 926
67,625 66,902 69,041 68,996 68,008 69, 553 69,702
6,938
6,736
8,839
8,751 10,245
7,689
8,296
10,540
9,616 10, 557 10,340
9,789 10, 587 10,240
29,675 29, 982 30, 364 30, 575 30, 866 31, 197 31,469
36, 982 37, 777 39, 038 38, 284 38,670 40, 137 39,482
154,023
71, 178
7,697
10, 287
31, 773
40, 453
68, 347
29, 354
24,040
38, 993
60,885
26,005
23,210
34, 914
61,136
26, 476
23, 942
34, 694
60, 083
25, 275
23, 382
34,808
62, 131
27, 070
23, 253
35,060
64,129
27, 781
24, 401
36, 348
66, 239
28, 602
24, 701
37,637
68, 051
30,099
24, 770
37, 952
66, 525
28,231
24, 480
38,294
' 384. 6
' 251. 6
'61.5
'71.5
355.2
231.4
60.3
63.4
357.3
232.6
61.0
63.6
357.8
233.5
60.4
63.9
365.9
238.4
63.1
64.4
370.4
241.1
63.9
65.5
' 374. 6
' 243. 6
64.0
67.0
' 379. 4
' 246. 7
64.2
68.5
381.6
250.4
61.0
70.2
2
2
2
2
2
2
4.50
25.88
26.02
2
2
2 5 99
25.72
6 34
2 5 96
2
5. 96
2
6. 06
26.09
104,171 104,105 106, 411 108,259 109, 359 110, 771 111, 937 112, 103 110, 030
6. 68
6. 45
7 01
6. 72
6. 50
26.66
2
6. 64
6.84
6.60
7 19
6.89
6.61
6.87
6.76
48,269
43,042
49, 161
45, 013
48,340
44,416
79, 374 77,040
134, 765 127, 254
92,700 89,414
6,270
7,005
4,112
6,946
16, 315 16,239
109, 211 108,387 106, 949 106, 188
48,335
44, 201
48, 650
43, 419
47, 737
42, 908
47, 691
42,511
161, 824 156,682 157, 587 159, 640 162, 397 161,977
73, 988 72, 896 73,727 75, 269 76,688 76, 636
7,233
7,025
9,533
7,390
7,234
6,927
11,866 10,401 10, 535 10,709 11, 349 10,806
32, 051 32, 220 32, 472 32, 627 32,877 33,022
40, 882 42,745 42, 727 42, 949 42, 058 42,920
68,347
29, 354
24,040
38, 993
65, 861
27, 656
23, 649
38,205
63, 193
25, 146
22, 851
38,047
64, 066
26, 073
22, 552
37, 993
' 384. 6 ' 385. 9 ' 387. 9 ' 386. 8
' 251. 6 ' 253. 7 ' 258. 4 ' 257. 5
••61.5 '60.8
'58.1 '57.4
••71.5 '71.4 '71.5 '71.9
63, 169
24, 791
22,500
38, 378
60, 758
23, 077
21,803
37,681
389.9
260.6
57.6
71.7
390.8
263.3
56.0
71.5
7.32
7.13
7 59
7 41
7.01
7.25
7.34
6.61
6.40
6.95
6.69
6.44
6.48
6.62
6.89
6.67
7 16
6.96
6.74
6.86
6.86
'27,079 27,876
'26,927 27,606
'152
270
1,403
996
'-844 -1, 133
5.50
6. 41
6. 85
5.50
6.30
6.71
5.50
6.37
6.75
5.50
6.47
6.92
5.50
6.57
6.96
5.25
6.61
6.96
5.25
6.61
6.96
5.25
6.59
6.96
5.25
6.54
6.96
5.50
6.53
6.97
5.50
6.54
6.98
5.50
'6.64
5.50
'6.70
6.00
'6.72
6.00
6.84
26.33
26.40
2
6. 83
26.90
6.57
6.64
6.69
6.81
6.88
6.97
7.04
7.10
7.10
7.12
7.10
7.11
7.09
7.09
7.07
7.07
7.09
7.09
7.16
7.18
7.26
7.28
7.32
7.35
'7.47
7.46
7.50
7.54
34.75
3
5.10
34.89
35.66
35.75
35.90
35.69
6.33
5.75
5.81
5.60
6.18
6.04
6.18
5.99
6.50
5.96
6.25
6.04
6.50
5.85
6.19
6.02
6.50
5.66
5.88
5.74
6.50
5.63
5.82
5.61
6.50
5.79
5.80
5.59
6.50
5.97
5.92
5.75
6.25
6.20
6.17
5.86
6.50
6.46
6.53
6.14
6.97
6.47
6.62
6.33
7.00
6.66
6.82
6.38
7.26
6.86
7.04
6.38
7.50
7.38
7.35
6.54
7.50
34.321
35.07
3 5. 339
35.59
5.365
5.69
5.621
5.95
5.544
5.71
5.382
5.44
5.095
5.32
5.202
5.30
5.334
5.42
5.492
5.47
5.916
5.99
6.177
6.04
6.156
6.16
6.080
6.33
6.150
6.15
6.077
6.33
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month t... mil. $.. 102, 132
113, 191
102,257 103,411 104,620 105,680 107,090 107,636 108,643 110, 035 113, 191 112, 117 111, 569 111, 950 113,231
Installment credit , total
do
89, 890 81, 328 82, 312 83,433
80, 926
Automobile paper _
do
34, 130 31,331 31, 818 32,364
30, 724
Other consumer goods paper
do
24,899 21, 841 22, Oil 22, 248
22, 395
3,769
3,746
Repair and modernization loans
do
3,925
3,697
3,789
Personal loans
do
26, 936 24, 459 24, 737 25, 052
24, 018
By type of holder:
Financial institutions, total
do
77, 457 70,600 71, 560 72, 610
69, 490
Commercial banks
do
36, 952 33, 562 34, 079 34, 585
32,700
Sales finance companies..
.do
18, 219 16,868 17, 010 17, 239
16, 838
Credit unions
do
9,461
9,271
9,109
10, 178
8,972
8,302
Consumer finance companies
do...
8,144
8,175
8,913
8,103
Other. _
do
3,023
3,195
3,025
2,917
2,877
Retail outlets, total
_
...do
12, 433 10, 728 10, 752 10, 823
11, 436
Automobile dealers
do
298
303
293
320
285
Noninstallment credit, total _ _
do
21, 206
23, 301 20, 929 21,099 21, 187
8,674
Single-payment loans, total
_
do
8,636
8,663
9,138
8,428
Commercial banks
do
7,546
7,975
7,526
7,526
7,340
Other financial institutions
do
1,128
1,163
1,110
1,137
1,088
Charge accounts, total
do
6,276
6,368
7,755
6,026
6,968
Credit cards
_
do
1,021
1,022
1,090
1,305
1,029
Service credit
do
6,160
6,408
6,145
5.810
6.267
' Revised.
1
2
Average for Dec.
Average for year.
3 Daily average.
cfFor demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial interbank and U.S. Government, less cash items in process of collection; for
loans, exclusive of loans to domestic commercial banks and after deduction of valuation
reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
351-484 O - (
84, 448
32, 874
22, 452
3,808
25, 314
85, 684
33, 325
22, 777
3,857
25, 725
86, 184
33, 336
22, 988
3,881
25, 979
87, 058
33, 698
23, 248
3,910
26, 202
87,953
33, 925
23,668
3,931
26, 429
89, 890
34, 130
24, 899
3,925
26, 936
89,492
34, 013
24, 682
3,886
26, 911
89, 380
34, 053
24, 404
3,875
27,048
89, 672
34, 262
24,306
3,874
27, 230
90, 663
34, 733
24, 399
3,903
27, 628
73, 573
35, 103
17,448
9,574
8,397
3,051
10, 875
308
21, 232
8,695
7,565
1,130
6,457
1,160
6,080
74, 690
35, 672
17, 670
9,739
8,490
3,119
10,994
313
21, 406
8,774
7,627
1,147
6,574
1,245
6,058
75, 114
35, 923
17,680
9,851
8,530
3,130
11,070
313
21, 452
8,868
7,719
1,149
6,550
1,267
6.034
75, 871
36, 352
17,823
9,962
8,588
3,146
11, 187
317
21, 585
8,943
7,794
1,149
6,692
1,268
5.950
76, 446
36, 560
17, 960
10,049
8,685
3,192
11,507
319
22, 082
9,024
7,857
1,167
6,964
1,294
6.094
77, 457
36, 952
18, 219
10, 178
8,913
3,195
12, 433
320
23,301
9,138
7,975
1,163
7,755
1,305
6.408
77, 360
37,005
18, 175
10, 101
8,879
3,200
12, 132
319
22, 625
9,038
7,878
1,160
7,097
1,334
6.490
77, 577
37, 056
18, 219
10, 153
8,896
3,253
11,803
319
22, 189
9,050
7,877
1,173
6,403
1,316
6.736
78, 006
37,257
18, 253
10, 294
8,927
3,275
11, 666
320
22, 278
9,139
7,961
1,178
6,340
1,303
6.799
79,062
37, 854
18, 418
10,508
9,008
3,274
11. 601
325
22, 568
9,216
8,040
1,176
6,557
1,320
6.795
9Includes data not shown separately.
{Revised monthly data for commercial bank credit
for 1948-June 1967 appear on p. 44 of the Sept. 1968 SURVEY; those for consumer credit for
1956-67 appear in the Dec. 1968 Federal Reserve Bulletin; and those for 1965-66 for home mortgage rates will be shown later.
©Adjusted to exclude interbank loans.
§For bond yields,
see p. S-20.
fBeginning Feb. 1967, series revised to cover 35 centers and exclude rates for
certain loans formerly included (see May 1967 Federal Reserve Bulletin).
SURVEY OF CURRENT BUSINESS
S-18
1968
1968
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
Apr.
Annual
June 1969
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
CONSUMER CREDIT^— Continued
installment credit extended and repaid:
Unadjusted:
Extended total
mil. $
Automobile paper
do
Other consumer goods paper
_ _ _do_ _
All other
do
84,693
26, 667
26, 952
31, 074
97,053
31, 424
30, 593
35, 036
8,219
2,764
2,533
2,922
8,377
2,853
2,520
3,004
8,115
2,735
2,441
2,939
8,738
2,974
2,631
3,133
8,502
2,774
2,531
3,197
7,682
2,354
2,462
2,866
8,687
2,917
2,752
3,018
8,166
2,546
2,739
2,881
9,568
2,489
3,608
3,471
7,557
2,369
2,449
3,739
6,971
2,344
1,985
2,642
8,132
2,750
2,423
2,959
9,024
3,023
2,668
3,333
81, 306
26,499
25,535
29, 272
88,089
28, 018
28, 089
31, 982
7,365
2,375
2,336
2,654
7,393
2,366
2,350
2,677
6,994
2,189
2,204
2,601
7,723
2,464
2,427
2,832
7,266
2,323
2,206
2,737
7,182
2,343
2,251
2,588
7,813
2,555
2,492
2,766
7,271
2,319
2,319
2,633
7,631
2,284
2,377
2,970
7,955
2,486
2,666
2,803
7,083
2,304
2,263
2,516
7,840
2,541
2,521
2,778
8,033
2,552
2,575
2,906
do
do
do
do
7,863
2,509
2,597
2,757
8,033
2,590
2,535
2,908
8,003
2,570
2,536
2,897
8,247
2,673
2,622
2,952
8,187
2,684
2,483
3,020
8,416
2,783
2,560
3,073
8,533
2,782
2,645
3,106
8,288
2,681
2,640
2,967
8,277
2,592
2,656
3,029
8,371
2,661
2,654
3,056
8,414
2,716
2,598
3,100
8,381
2,730
2,625
3,026
8,720
2,772
2,763
3,185
Repaid total
do
Automobile paper
do
Other consumer goods paper _ _ _ _ __do
All other
do
7,222
2 297
2,340
2,585
7,301
2 327
2,312
2,662
7,287
2 289
2,324
2,674
7,390
2.352
2,374
2,664
7,253
2 327
2,209
2,717
7,701
2 482
2,428
2,791
7,586
2 391
2,451
2,744
7,454
2,363
2,388
2,703
7,502
2,357
2,422
2,723
7,730
2,467
2,442
2,821
7,616
2,468
2,352
2,796
7,735
2,501
2,461
2,773
7,960
2,519
2,569
2,872
1149 562 i 153,676 ' 19, 050 '11,736 ' 19, 566 11,651 13,203
i
U53 299 1 172 806 15, 199 '14,949 '14,880 13,903 16, 165
— 3 736 —19,130 ' 3, 851 '-3,214 '4,687 -2,254 -2,963
18, 753 10, 716 12, 737
16, 029 16, 553 15, 070
2,726 -5,837 -2,332
15, 820
14,465
1,355
15, 845
15, 798
47
14,590 13, 727
14, 361 15, 637
230 -1,910
23,596
15, 922
7,674
-189
-479 '-848 '-1,112 -313
-6,057
—25,187 ' 3, 371 '-4,062 ' 3, 575 -2,566 -3,152
-207
-286
-55
2,518 -6, 122 -2, 387
71
1,427
37
84
-2
-1,912
—50
7,625
Repaid, total
Automobile paper
Other consumer goods paper
All other
.
Seasonally adjusted:
Extended total
Automobile paper
Other consumer goods paper
All other
do_ __
do
do
do
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: 1
Expenditure account:
Receipts (net)
mil. $
Expenditure (excl. net lending)
do
Expend, acct. surplus or deficit (— ) .do
Loan account:
Net lending
do
Budget surplus or deficit (— )
. do
Budget financing: ^
\
Borrowing from the public. _ _'
do
Reduction in cash balances
do
Total, budget
financing.
do ...
Gross amount of debt outstanding^
do
Held by the public
do
Budget receipts by source and outlays by agency :H
Receipts (net), total
mil. $
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil $
Other
do
Expenditures and net lending, total 9
do
Agriculture Department
do
Defense Department military
do
Health, Education, and Welfare Department
mil. $
Treasury Department
do
National Aeronautics and Space Adm
do
Veterans Administration
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts total
bil $
Personal tax and nontax receipts
do
Indirect business tax and nontax accruals do
Contributions for social insurance
do
Federal Government expenditures total do
Purchases of goods and services
do
National defense
do
Transfer payments
do
Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil $
Surplus or deficit (—•)
do
l
!— 5 053
i _g 790
1
1
1
2,839 -4, 528
3,125
-686
2, 838 i 23, 100 -1,630 ' 2, 785 '-3,742 4,059
313
2,010
2,997
3,073
5 952 i 2, 087 -1,741 ' 1, 277 '167 -1,493
3,152 -2, 518
6,122
2,387
8, 790 i 25, 187 -3,371 ' 4, 062 '-3,575 2,566
341,348 369,768 367,741 '373,175 369, 768 373,355 378,017 372,615 375,365 375, 120
267 531 290,631 291,588 '294,373 290, 631 294,690 297,529 293,001 296,126 295, 441
149 562
i 61 526
33 971
1
' 3, 454 ' 5, 177
' 1, 964 ' 2, 105
15, 678 '15,798
'567
'785
' 6, 839 ' 6, 894
' 2, 792
' 1, 883
'15,991
197
'7,268
1
34 608 i 40,576 ' 3, 409 ' 3, 458 ' 4, 571
1 13, 059 i 1 14,655 ' 1, 343 ' 1, 343 1,396
450
377
425
4,721
i 5 423
1
610
'575
634
6, 845 i 6,858
-3, 586
1,626 -1,887
418 -2,456
1,494 —5, 169
2,159 -1,710 2,031
-84
-1,427
1,912 -7, 625
144
371, 267 373, 618 '373, 165 '373,854 372, 216
291, 855 293, 481 291, 595 292, 012 289 557
13, 203
6,360
538
18, 753
9,199
5,000
10, 716
5,299
1,278
12, 737
6,483
559
15, 820
6,397
5,159
15, 845
10, 222
1,603
14, 590
7,287
682
13,727
3,999
4,965
23,596
12,106
5,323
2,411
2,052
14,217
626
5,461
4,449
1,856
16,355
1,286
6,440
2,651
1,904
16, 235
1,685
6,408
2,256
1,883
16,839
1,267
6,768
3,659
2,035
15, 124
781
6,336
2,118
2,147
14,394
675
6,702
2,176
1,844
15, 761
808
6,568
4,880
1,742
14, 734
395
6,227
2,865
1,898
15,639
447
6,543
3 881
2,286
15, 972
610
6,682
3,527
1,345
277
590
3,771
1,360
434
599
3,764
1,351
342
622
3,790
1,254
393
597
3,830
1,441
334
617
3,776
1,416
353
623
3,830
1,373
347
632
3,849
1,422
335
649
4,007
1,511
385
712
4,169
1,506
353
692
153,676 '19,050 '11,736 '19,566 11, 651
5,013
68, 726 r 9, 385 ' 3, 814 ' 7, 584
'639 ' 7, 307 2,175
28 665 r 4, 247
1
1
i 33 347 i 34 620
i 20 718 i 21, 666
158 352 i 178,862
1
5, 841 1i 7,308
1
77,373
67 453
-373
-144
151 2
67 3
30 9
16 2
36.8
176.9
79.3
38 4
17.6
41.5
171.8
74.9
38 2
17.5
41.2
182.1
83.7
38.6
17.8
42.0
187.0
86.8
39.8
18.1
42.4
'197. 1
92.4
'40 1
18.3
46.3
163 6
90 6
72 4
42 3
15 7
10.3
182.2
100.0
78.9
47.8
18.4
11.9
181.9
100.0
79.0
47.7
18.3
11.8
184.9
101.2
79.6
48.7
18.5
12.1
186 9
101.7
80.0
49.5
19.2
12.3
189 7
102.4
80.2
50.5
19.8
12.6
4.1
4.4
41
4.4
-10.2
-2.8
.2
'7.4
48
—12 4
4.1
-5.4
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance companies t
bil $ 2 177. 36 2 187. 70
2 75. 42 2 79. 18
Bonds (book value) total
do
2 10. 79 213.00
Stocks (book value), total
do
2
2 69. 75
67 52
Mortgage loans total
do
Nonfarm _
_
do _
2 61. 95 263.90
25.60
Real estate.
_ _ _
do_ __ 2 25.19
10 06 2 11. 30
Policy loans and premium notes
do
21.60
21.56
Cash
do
2
27.28
Other assets
do
6. 83
180. 41
77.15
9.43
68.12
62.45
5.30
10.47
1.19
8.74
181. 23
77.42
9.59
68.34
62.63
5.34
10.60
1.17
8.78
182. 11
77.59
9.75
68.51
62.78
5.37
10.73
1.24
8.92
183.09
78.14
9.94
68.71
62.97
5.42
10.81
1.40
8.68
183.84
78.34
10.04
68.91
63.15
5.47
10.92
1.35
8.79
184. 75
78.51
10.17
69.02
63.25
5.50
11.03
1.45
9.07
185. 70
78.98
10.34
69.21
63.43
5.51
11.12
1.46
9.08
186. 89
79.32
10.51
69.41
63.63
5.54
11.20
1.45
9.47
187. 70
79.06
10.83
70.07
64.27
5.57
11.28
1.67
9.21
188 97
79.95
11.07
70 20
64.44
5.62
11.40
1.42
9.31
189. 92
80.51
11.28
70.36
64.58
5.64
11.52
1.42
9.20
190.83
80.74
11.48
70.48
64.69
5.67
11.70
1.38
9.38
191 36
80.72
11.62
70 66
64.86
5.65
11 90
1.35
9.45
Payments to policyholders and beneficiaries in
U.S., total
mil $ 13, 293. 6 14, 385. 0 •1,154.6 1, 177. 9 1, 127. 2 1,120.5 1,198.8 1,162.3 1, 247. 2 1, 087. 3 1, 506. 9 1, 293. 9 1,206.8 1, 363. 7 1, 270. 5
498. 6
476.4
499.2
507.3
616.3
525.8
547.8 466.1 541.2
508.7
589.0 562.2
5, 665. 3 6, 209. 3
560.7
Death benefits _
do
75.0
76.7
74.9
75.4
79.2
80.1
967.2
84.1
75.5
84.6
89.5
83.8
87.5
83.9
1, 017. 1
Matured endowments
do
15.6
18.6
15.4
16.2
15.9
15.5
15.0
15.5
16.8
17.0
195.6
18.5
174 6
18.7
16 6
Disability payments
do
113.2
117.2
118.7
117.3
117.0
112.2
112.1
122.8
123.8
110.8
151.4
127.8
127 6
1, 261. 3 1, 401. 0
Annuity payments
do
194.4
218.5
201.4
200.5
206.4
204.7
218.6
186.5
215.7
2, 243. 1 2, 456. 4
208.1
221.8
238.7
232.2
Surrender values
do
259.4
212. 3 282.4
257.5 226.8 543.0 225.7 219.3
2.932.2 3, 155. 5 ' 226. 3 216.1 242.4
272.7
Policy dividends.
do
249.5
T
1
Revised.
Data shown in 1967 and 1968 annual columns are for fiscal years ending June 30 of the
2
respective years; revised monthly data for July 1967-Mar. 1968 will be shown later.
Annual
statement values.
d" See note "J" on p. S-17.
^Tables showing cash transactions and administrative budget receipts and expenditures
have been discontinued. Data shown in the indicated sections are from the monthly U.J
Treasury Statement and are on the basis of budget concepts adopted Jan. 1968.
9 Includes data for items not shown separately.
t Revisions for Apr. 1966-Mar. 1968 will be shown later.
SURVEY OF CURRENT BUSINESS
June 1989
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
1968
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
13,546 U5,695
8,882
9,831
3,162 i 6, 278
535
553
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
16,276
9,859
5,853
564
10,586
8,094
1,992
500
11, 149
8,439
2,191
519
13,360
9,798
2,971
591
May
13,947
9,632
3,770
545
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association^
Insurance written (new paid-for insurance) :
Value, estimated total
.
mil. $_. i 140,868 1150,743
94,694 104, 524
Ordinary (incl. mass-marketed ord.)t do
i 39, 118 i 39, 591
Groupt
do
7,056
6,628
Industrial.
do.
Premiums collected:
18, 052
Total life insurance premiums
do
17, 017
13, 510
Ordinary (incl. mass-marketed ord.)t--do
12,822
3,201
2,843
Groupf
--do
1,341
1,352
Industrial.
do
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period) ...mil. $.. 11,982
Net release from earmark §
do
-86
Exports
thous. $.. 1,005,199
32, 547
Imports
do
Production world total
mil $ 2*1,410 0
South Africa
do
1,068. 7
Canada
do
103.7
United States. ._
__do
53.4
Silver:
100, 710
Exports
thous $
Imports
do
80, 178
Price at New York
_ _ dol. per fine oz
1.550
Production:
Canada
thous. fine oz._ 37, 206
Mexico
do
3 37, 939
30, 354
United States
do
Currency in circulation (end of period)
_bil. $..
47.2
Money supply and related data (avg. of daily fig.) : t
Unadjusted for seasonal variation:
Total money supply
bil $
176.4
Currency outside banks
do
39.4
Demand deposits _ ._
do
137.0
Time deposits adjusted!
do
173.3
5.1
U.S. Government demand deposits
do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks__
_ . do
Demand deposits
do
Time deposits adjusted^
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMSA's) O . .ratio of debits to deposits. . 56.7
New York SMSA
...
. do
120.8
Total 232 SMSA's (except N.Y.).
....do
40.1
6 other leading SMSA'srf"
do...
53.4
226 other SMSA's...
do
34.5
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products
do
Lumber and wood products (except furniture)
mil. $__
Paper and allied products
.do
Chemicals and allied products
do
Petroleum refining
do
Stone, clay, and glass products
do
Primary nonferrous metal
. do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil. $_.
Machinery (except electrical)
do
Elec. machinery, equip., and supplies
do
Transportation equipment (except motor
vehicles, etc.)
_.
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate
Common stock
Preferred stock
By type of issuer:
Corporate, total 9
Manufacturing.
Extractive (mining)
Public utility
Railroad ..
Communication.
Financial and rAal AstatA
r
mil $
11, 651
8,870
2,220
561
12, 342
9,214
2,521
607
11,282
8,395
2,333
554
11, 325
8,409
2,387
529
12, 189
8,448
3,217
524
11, 126
8,138
2,457
531
1,459
1,095
266
98
1,512
1,146
266
100
1,431
1,083
252
96
1,510
1,119
291
101
1,514
1,129
285
100
1,429
1,072
258
99
1,567
1,192
276
99
1,425
1,084
246
95
1,833
1,243
340
249
1,519
1,165
252
102
1,493
1,137
263
93
1,560
1,181
283
96
1,555
1,170
289
95
10, 384 10,367
413
-31
254 300,630
19, 153 16, 094
10, 367
-49
9,199
59,648
10,367
-76
458
13, 361
10, 367
170
11, 732
18,365
10,367
36
11, 484
20, 770
10,367
92
370
16, 128
10,367
-7
478
15, 824
10,367
-66
0
14,292
10,367
-28
202
15,005
10, 367
-16
192
22, 837
«»
10, 367
187
839, 160
226, 262
10, 484
-148
1,302
29, 283
1, 088. 0
94.1
91.8
8.2
93.1
8.4
91.5
7.5
90.5
7.4
91.5
7.7
93.7
8.3
92.4
7.7
87.9
7.5
83.5
7.7
83.4
7.8
86.7
7.1
89.1
7.6
89.3
' 250,511 ' 19,227
' 141,954 ' 7, 649
2.145
2.203
18,953
14,306
2.377
41, 149
13, 019
2.464
35, 673
16,543
2.314
17,207
10,844
2.195
18,806
13,421
2.208
20,990
14, 182
1.973
11,884
11, 547
2.018
21, 529
10,496
1.959
8,653
6,719
1.979
17,648
8,244
1.840
10, 417
9,086
1.825
12,424
9,450
1.778
4,536
2,379
3,282
48.0
4,564
3,300
4,196
48.4
3,372
4,175
4,092
48.3
4,616
2,869
4,327
48.7
3,596
3,289
4,368
50.0
3,251
3,807
4,762
51.0
3,176
3,211
5,529
49.0
4,723
49.0
5,233
49.5
49.6
45, 390
41,200
37,168
51.0
3,435
4,894
2,017
46.6
3,807
2,826
2,841
47.2
187.6
42.0
145.5
192.2
5.6
185.6
41.1
144.5
187.9
4.2
182.5
41.3
141.1
188.4
6.4
185.6
41.9
143.6
188.6
5.4
187.2
42.4
144.8
190.8
5.7
186.9
42.7
144.2
104.4
5.5
188.6
42.7
145.8
196.2
5.9
190.6
42.9
147.7
199.1
6.1
193.4
43.7
149.7
200.7
4.2
199.2
44.3
154.9
202.5
4.8
199.5
43.5
155.9
202.1
4.7
192.4
43.4
149.0
201.6
6.6
192.6
43.8
148.8
202.0
4.5
'196.7
43.9
'152. 8
201.6
5.1
191.7
44.2
147.4
200.9
8.8
184.3
41.4
143.0
187.1
186.1
41.6
144.5
187.6
187.4
42.0
145.4
188.2
189.4
42.2
147.2
190.4
190.3
42.6
147.6
193.8
189.5
42.7
146.7
196.6
190.2
42.8
147.4
199.5
191.9
43.2
148.7
201.9
193.1
43.4
149.6
204.3
193.7
43.6
150.1
202.5
193.8
43.9
149.9
201.0
194.0
44.2
149.8
201.0
' 195. 7
'44.2
151.5
200.8
195.3
44.5
150.8
200.1
59.7
126.7
42.3
57.4
36.2
61.0
129.5
43.0
58.8
36.1
62.4
131.4
43.4
59.5
36.6
64.3
140.3
43.7
59.9
37.0
65.2
147.7
43.7
60.8
36.5
64.7
144.7
43.8
61.3
36.7
66.3
143.1
45.6
64.4
37.7
66.5
144.6
44.9
63.0
37.4
65.9
147.7
44.5
61.1
37.5
64.9
137.0
46.1
66.3
37.7
67.8
145.4
47.4
67.8
39.1
65.8
143.1
46.1
64.5
38.9
65.9
138.2
46,8
66,1
39,2
68.7
146.6
48.0
67.3
39.7
62.9
136.5
43.4
59.7
36.6
29, 008
2,130
540
32,069
2,209
654
8,286
521
167
7,635
590
180
8,718
597
178
7,929
506
138
333
796
3,261
5,497
672
1,061
1,165
635
889
3,525
5,794
769
1,149
1,186
173
239
904
1,400
240
306
413
179
211
852
1 442
254
269
177
170
246
891
1 461
196
349
262
201
225
886
1,468
107
321
293
1,316
2,893
2,297
1,320
2,947
2,518
356
796
581
349
745
605
347
765
760
310
697
625
809
2,356
3,884
13, 262
1,025
3,222
4,229
14, 189
285
957
949
3, 538
237
396
1,150
3,262
265
1 007
1,224
4,064
274
855
1,019
3,606
2,911
3,002
641
764
733
68,514
65, 562
3,423
7,702
7,402
1,566
249
51
4,598
2,025
361
24
4,541
1,771
286
86
9,363
1,037
303
93
3,421
1,159
397
1
5,587
1,604
499
25
1.866
563
18
557
0
104
34»
2,411
767
35
507
28
239
2,143
843
27
239
20
239
9m
1,432
362
21
446
11
95
1,557
453
70
475
5
156
2,129
640
66
674
39
115
do
do
do
do
65,670
21,954
1,959
885
60,979
17,383
3,946
637
do
_ . do
do
do
do
do
24, 798
11,058
587
4,935
286
1,979
21, 966
6,979
594
5,281
246
1,766
9 »9n
1,428
373
38
180
14
192
9 433
147
4,984
Revised.
v Preliminary.
i Includes coverage on Federal employees of $8.3 bil. in
Dec. 1967 and $3.4 bil. in Nov. 1968.
2 Estimated; excludes U.S.S.R., other Eastern Euro3
pean countries, China Mainland, and North Korea.
Includes revisions not distributed
to the months.
t Revisions for Jan. 1966-Mar. 1968 for insurance written and for Jan.-July 1967 for premiums collected will be shown later; those for money supply for 1963-Apr. 1967 are in the June
1968 Federal Reserve Bulletin.
f Beginning Oct. 1968 SURVEY, mass-marketed ordinary,
1.761
3,559
4,419
4,233
47.6
3,152
1,157
221
49
dn
10,367
613
24,956
339
4,913
9,759
1Q7
3,819
119
6,111
934
3,812
4,284
4,087
3,514
5,736
2,828
1,301
425
41
3,330
1,572
464
19
3,825
1,616
393
67
3,278
1,237
736
72
2,759
1,344
657
98
4,931
1,902
737
68
1,767
421
74
443
50
163
2,055
651
104
319
9
41
2,075
403
150
627
13
186
2,045
513
260
315
26
56
9.79
2,098
491
168
404
44
232
974
2,707
515
110
739
21
44
555
3,294
94Q
A99
939
formerly combined with group, is included under ordinary insurance; monthly data available
on new basis beginning Jan. 1966.
§ Or increase in earmarked gold (-).
If Time deposits at all commercial banks other than those due to domestic commercial banks and the
U.S. Govt.
O Total SMSA's include some cities and counties not designated as SMSA s.
cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-20
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
| 1968
Annual
June 1969
1968
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
3,982
1,527
1 758
May
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission—Continued
Estimated gross proceeds— Continued
By type of issuer— Continued
Noncorporate, total 9
mil. $
TT 8. fJovftrnTn£Tit
do
State and municipal
do New corporate security issues:
Estimated net proceeds total
Proposed uses of proceeds:
New money, total..
Plant and equipment
Working capital
Retirement of securities
Other purposes.
43, 716
19, 431
14, 288
43, 596
18, 025
16, 374
5,836
3,805
1,134
2,573
417
1,360
1,422
8,326
5 850
1,666
2,262
383
1,277
1,995
405
2,770
2 209
2,041
1,416
3,029
361
430
379
1,423
377
427
2,260
1 037
1 138
1 244
443
974
520
1,627
974
837
520
783
do
State and municipal Issues (Bond Buyer):
Long-term
Short-term
24,409
1,397
1,829
2,367
2,097
1,397
1,513
do
do
_ dodo
do
22,230
16, 154
6,076
1,210
1,647
1,102
1,944
1,263
1,985
1,143
1,074
1,281
546
4
177
681
33
389
841
6
106
744
330
3
320
912
370
15
216
do_
do
14, 288
8,025
1,277
1,134
1,360
1,422
1,666
1,423
2,260
1,037
1,138
1,244
669
972
422
673
835
459
856
975
576
640
1 002
9,790
3,717
1 054
9 107
3 597
r
73 0
88.5
r 72 5
88.0
412
897
313
12
175
312
1,867
16, 374
8,659
' 1, 627 1,063
1 292
900
T
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks
Customers' debit balances (net)
Customers' free credit balances (net)
mil $
do
do_ _
1
791
7, 948
2, 763
i 1, 002
1
9, 790
i 3, 717
834
850
868
977
885
964
7,701
2,979
8 268
3,064
8 728
3,293
8,861
3,269
8,489
2,984
8,723
3,126
1 024
8 859
3,407
1 064
9,029
3,419
81.8
100.5
76.4
93.4
76.2
94.7
75 3
92.7
75 6
92.8
76 1
95.2
78 1
95.9
78.4
93.9
77 0
92.7
75.7
91.2
76.55
1
1
72.33
72.06
70.89
72.58
73.99
74.48
73.95
72.44
71.27
68.47
67.61
66.55
5, 669. 52 523. 16
5, 458. 55 499. 30
549. 78
520 63
445. 94
429 15
388. 82
375 37
364. 07
343. 50
397. 77
397. 81
522. 32
533. 78
501. 27
474. 36
586. 72
555. 81
498 22
517 50
'4, 401. 94 383. 18
4, 447. 68 386. 64
394. 65
404. 34
336. 37
335 50
313. 26
317. 38
286. 17
277. 57
304. 64
323. 61
406. 30
430. 97
395. 10
383. 79
448. 22
456. 37
351. 55
346. 53
276. 51
269. 07
252. 18
305. 18
363. 54
343. 20
r
1 056
9 148
3, 648
r
1,063
8, 318
3,294
965
8,044
3,077
Bonds
Prices:
Standard & Poor's Corporation:
Industrial, utility, and railroad (AA A issues) :
Composite cf
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. $ 6, 087. 43
Face value
do
5, 393. 60
New York Stock Exchange:
Market value
do._ _ 5, 428. 00
4, 862. 48
Face value.
do
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 3, 955. 54 3, 814. 24
Yields:
Domestic corporate (Moody 's)
percent _ _
By rating:
Aaa
_
do
Aa _
do
A
do
Baa
do
By group:
Industrials
___ ..
_ do
Public utilities
do
Railroads
_
do
Domestic municipal:
Bond Buyer (20 bonds)
do
Standard & Poor's Corp. (15 bonds)
do
U.S. Treasury bonds, taxable©
do
2
r
72 1
86.4
' 71 0
83.7
70 1
84.2
70 2
82.3
64.90
67.73
66.68
399. 88
409. 00
388. 20
426. 23
406.63
446 13
389. 95
409 21
303. 99
319. 45
306. 40
345. 57
320. 97
360 38
387. 20
344 56
289. 19
280. 23
325. 13
289. 74
5.82
6.51
6.53
6.60
6.63
6.57
6.37
6.35
6.43
6.56
6.80
6.89
6.93
7.11
7.17
7.10
2 5.51
5.66
5.86
6.23
6.18
6.38
6.54
6.94
6.21
6 38
6.57
6 97
6.27
6 48
6.62
7 03
6.28
6 50
6.65
7 07
6.24
6 45
6.60
6 98
6.02
6.25
6.38
6.82
5.97
6.23
6.39
6.79
6.09
6.32
6.47
6 84
6.19
6.45
6.59
7.01
6.45
6.66
6.85
7 23
6
6
6
7
59
73
93
32
6.66
6 77
6.97
7 30
6.85
6.95
7.13
7.51
6.89
7.02
7.21
7 54
6.79
6.96
7.12
7.52
5.74
5.81
5.89
6.41
6.49
6.77
6.42
6 54
6.79
6.49
6 60
6 87
6.54
6 60
6.88
6.50
6 53
6.82
6.26
6.30
6.72
6.24
6.27
6.70
6.34
6.39
6.72
6.47
6.58
6.78
6.72
6.85
6.97
6 78
7 02
6 98
6.82
7 05
6.98
7.02
7.23
7.16
7.07
7 26
7.25
6.99
7.15
7.27
3.96
3.98
4.47
4.51
4 44
4.41
4 64
4.56
4 48
4.56
4. 11
4.36
4.38
4.31
4.36
4.47
4.56
4.56
4.64
4.68
4.85
4.91
4 91
4.95
5 04
5.10
5.25
5.34
5 10
5.29
5. 60
5.47
4.85
5.25
5.28
5.40
5.23
5.09
5.04
5.09
5.24
5.36
5.65
5.74
5.86
6.05
5.84
5.85
8.26
9.03
4.34
4.62
5.35
7.82
8.53
9 24
4.50
4.55
5.82
8.62
8.46
9 18
4 48
4 52
5 78
8 08
8.47
9 18
4 48
4 52
5 78
8.08
8.47
9 18
4.48
4.55
5.78
8.08
8.49
9 20
4.50
4 55
5.78
8.08
8.52
9.23
4.50
4.55
5.78
9.00
8.52
9.23
4.55
4.55
5.89
9.00
8.56
9.25
4.55
4.55
5.89
9.24
8.78
9.55
4.56
4.62
6.09
9.86
8.78
9.57
4.58
4.62
6.14
9.86
8.86
9 67
4.58
4 62
6.14
9.86
8.90
9 72
4 58
4.62
6.14
9.86
8.91
9.73
4.59
4.62
6.23
9.86
8.93
9 77
4.59
4.62
6.23
9.86
8.95
9.78
4.61
4.63
6.37
9.86
246.54
290. 05
101. 87
95.91
261. 92
315. 86
98.37
101. 00
262 85
319. 20
92 93
94 62
262 95
318. 40
92 08
102. 23
268. 14
320. 51
100. 10
105. 57
264. 13
314. 45
99.76
100.77
266. 57
317. 73
99.25
101.90
267. 62
328.32
98.50
109.77
269. 92
329. 50
98.83
109. 53
281. 46
343. 13
107. 33
115. 18
268.18
326. 90
104. 04
111.24
266. 05
321. 13
106. 49
114.38
254.46
309. 17
101.51
106. 17
263. 90
324. 26
99.88
104.88
277. 63
330. 61
99.64
102. 33
277. 23
330. 32
99.81
100. 84
3.35
3.11
4.26
4.82
3.87
3.47
3.26
2.93
4.58
4.55
3.43
3.21
3.22
2 88
4.82
4 78
3 66
3.94
3.22
2.88
4.87
4 42
3.63
3.38
3.16
2.86
4.48
4.31
3.30
2.71
3.21
2.93
4.51
4.52
3.17
2.85
3.20
2.90
4.53
4.47
3.24
3.00
3.18
2.81
4.62
4.15
3.28
2.66
3.17
2.81
4.60
4.15
3.01
2.69
3.12
2.78
4.25
4.01
3.07
2.83
3.27
2.93
4.40
4.15
3.43
2.76
3.33
3.01
4.30
4.04
3.21
2.85
3.50
3.14
4.51
4.35
3.54
3.02
3.38
3.00
4.60
4.41
3.42
3.25
3.22
2.96
4.61
4.51
3.49
3.27
3.23
2.96
4.62
4.59
3.70
3.18
2
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's) :
Dividends per share, annual rate, composite
dollars _ _
Industrials
do
Public utilities.
do
Railroads .
do
N.Y. banks..
do
Fire insurance companies
_
do
Price per share, end of mo., composite
Industrials
Public utilities.
Railroads
. . _
Yields, composite
Industrials
.
Public utilities
Railroads ._ _
N.Y. banks
_ _
Fire insurance companies
do
do. _
do
do
percent-do
do
do
do
. __do _
Earnings per share (indust., qtrly. at arm. rate;
pub. util. and RR., for 12 mo. ending each qtr.) :
Industrials
dollars
Public utilities
do
Railroads
_
do ..
r
15 76
6 67
6.74
r
17 62
6.70
7.51
18 33
6 67
6.88
2
Revised.
1 End of year.
Beginning Dec. 18,1967, Aaa railroad bonds not included.
9 Includes data not shown separately.
cfNumber of bonds represented fluctuates; the change in the number does not affect the
15.78
6.73
7.17
20.17
'6. 0
7.51
17.50
6.74
continuity of the series.
1 Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
SURVEY OF CURRENT BUSINESS
June 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
Annual
S-21
1969
1968
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
SECURITY MARKETS-Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent--
Standard & Poor's Corporation:^
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43=10.-
5.34
5.78
5.86
5.92
5.90
5.74
5.59
5.63
5.76
5.82
5.93
5.93
5.94
6.09
6.14
6.20
314. 79
879. 12
132. 65
242. 38
Prices:
Dow- Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Railroad (20 stocks)
322. 19
906.00
130. 02
250. 09
309. 31
893. 37
123. 59
230.63
318. 17
905. 22
122. 72
246.85
327. 12
906. 82
127. 66
262. 95
327. 41
905. 32
133. 11
259. 95
318. 15
883.72
131. 15
249 52
329. 15
922. 80
130. 80
258. 53
340. 25
955. 47
130. 40
270. 41
344.39
964.12
137. 57
270. 51
347. 57
968. 39
138. 26
275. 36
337.64
934 99
135. 62
268 78
337. 85
931 29
136. 89
269 75
322. 11
916. 52
130. 90
245. 26
320. 24
927. 38
129. 14
238. 01
325.88
954.86
130.83
238. 15
91.93
98.70
95.67
97.87
100. 53
100.30
98.11
101. 34
103. 76
105. 40
106. 48
102.04
101. 46
99.30
101. 26
104.62
99.18
96.96
79.18
68.10
46.72
107. 49
105. 77
86.33
66.42
48.84
104.42
104.08
84.79
63.66
44.79
107. 02
106. 86
87.75
62.92
48.00
109. 73
110. 65
89.04
65.21
51.72
109. 16
108. 12
88.38
67.55
51.01
106. 77
104. 92
85.73
66.60
48.80
110. 53
107. 57
88.46
66.77
51.11
113. 29
108. 48
91.36
66.93
54.26
114. 77
109.75
92.04
70.59
53.74
116. 01
111.44
91.91
70.54
55.19
110. 97
106 56
87.69
68.65
54.11
110. 15
105 47
87.93
69.24
54.78
108. 20
103. 76
86.69
66.07
50.46
110. 68
105 54
88.21
65.63
49.53
114. 53
108. 66
91.57
66.91
49.97
36.40
66.46
44.69
81.71
40.35
73.18
42.19
76.43
43.72
79.66
48. 58
85.91
47.38
84.74
46.99
84.59
49.65
89.83
52.46
98.15
50.99
99.19
49.49
92.57
49.52
94.50
46.10
90.89
47.04
93.39
46.69
92.78
62.29
73.64
53.61
59.23
72.52
78.11
78.11
82.97
96.19
95.35
98.30
95.51
96.80
88.29
86.47
86.04
50.77
51.97
53.51
45.43
49.82
55.37
58.00
50.58
44.19
65.85
53.23
56 03
46 85
42 46
57 56
54.85
58.04
49.92
42.07
60.43
56.64
59.83
52.86
43.30
64.60
56.41
59.12
51.59
44.69
68.90
55.04
57.59
49.01
44.09
68.19
56.80
59 57
51.94
44.53
71.77
58.32
61.07
55.24
45.22
77.50
59.44
61 97
55 96
47.18
79 55
60.32
63 21
57 30
46.73
79 00
57.82
60 32
56.35
45.64
75.58
57.33
59 61
56 18
45.98
75 26
55.69
58.30
51.52
44.06
70.60
56.61
59 41
50.88
44.34
72.38
58.50
61.50
50.46
45.75
75.10
161, 746
4,504
196 358
5 312
17 571
453
20 012
568
18, 582
510
16, 529
444
14, 038
376
13,735
38S
18,560
479
16 165
412
18 864
*508
17 957
515
15 085
407
13, 128
366
13 810
379
125, 329
2,886
144 978
3,299
13 310
298
14 341
333
13,548
305
12, 373
283
10, 493
244
9 868
231
13 727
305
11 979
261
13 844
314
13 056
305
11 007
'247
9,755
237
10, 094
239
2,530
2,932
296
292
257
243
194
228
272
252
268
267
210
199
237
257
Shares listed, N.Y. Stock Exchange, end of period:
605. 82
Market value, all listed shares .
__ bil. $
Number of shares listed
millions. . 11, 622
692. 34
13, 196
619. 04
11,936
631. 82
12, 158
641. 04
12, 330
628. 88
12, 440
640.17
12,626
668.36
12, 714
676. 18
12, 891
716. 40
13,042
692. 34
13, 196
689.24
13, 326
654.51
13, 448
672. 59
13, 657
691. 07
13, 806
693. 14
14, 050
Industrial, total (425 stocks) 9
Capital goods (130 stocks)
Consumers' goods (181 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks) . .
Outside New York City (16 stocks)
...do
do
do
do
do.
. do.
do
Fire and casualty insurance (16 stocks)., _ do
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
do
Utility
do.
Finance.
do
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold
•
millions
On New York Stock Exchange:
Market value
mil $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected) _ _
millions
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
Exports (mdse.), incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
_
Asia..
Australia and Oceania
Europe
do
do
2,986.2 2,833.8
2,734.9
2,857.2
3,002.7
2,783.6
3,195.8
3,096.6 12,111.3 2, 179. 1 3, 418. 0 3, 565. 9
30, 934. 4 134, 087. 4 2,961.2 2,962.4 2,784.1 2,675.8 2,803.5 2,959.5 2,735.1 3,135.9 3,047.5 12,056.7 2, 144. 7 3, 366. 7 3, 506. 9
2,855.8 2,741.6 2,870.6 2,859.0 2,949.3 3,224.7 2,634.1 2,974.5 2,979.2 12,093.3 2,296.7 3, 196. 0 3,354.7
145.8
126.4
48.7
804.4
718.5
400.4
122.7
93.2
36.8
702.8 1, 182. 3 1, 179. 7
do
do
do
do
Northern North America
Southern North America
South America
.
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
mil. $.. 31, 526. 2 134, 660. 5 3,000.4
_
_
Europe:
France
East Germany
West Germany..
Italy
_
Union of Soviet Socialist Republics
United Kingdom
1, 182. 3
7, 146. 3
1, 017. 4
10, 297. 7
1, 269. 5
7, 579. 6
1, 025. 9
11,151.3
127.5
669.8
93.1
938.8
117.7
600.9
96.0
961.0
108.2
618.8
74.0
863.3
100.1
110.3 115.8
586.4
609.8
628.1
73.3
92.5
98.6
880.6 1, 000. 3 1,011.6
94.2
109.6
543.4
690.0
80.8
78.5
879.9 1, 016. 0
94.6
702.8
77.2
996.5
do
do
do
7, 165. 9
2, 362. 7
2, 354. 0
8,059.8
2,585.0
2, 742. 2
695.0
222.6
236.7
735.9
224.4
232.2
637.4
220.5
209.0
594.1
214.7
250.3
565.9
212.6
249.1
661.2
213.0
256.4
769.5
211.7
184.0
791.5
221.3
277.4
702.3 i 687. 6
236.1 1 158. 9
265.5 1 101. 8
687.3
179.2
123.8
788.9
243.0
265.7
794.3
243.9
275.1
do
do
66.0
426.4
48.4
455.2
1.4
47.0
6.9
44.5
6.9
34.2
3.4
36.5
2.2
43.3
3.3
36.3
11.1
36.3
3.1
43.1
3.9
32.9
11.4
119.9
1.0
24.0
3.5
49.1
8.3
52.7
do
do
do
do
895.4
955.4
347.3
49.2
874.9
717.6
301.9
53.6
83.3
74.1
23.9
4.7
83.0
50.9
17.6
3.8
67.9
51.3
25.0
3.8
59.6
43.7
18.6
4.3
81.8
52.1
24.2
4.5
79.3
40.6
29.1
3.9
67.3
33.9
28.5
3.7
66.9
51.0
33.2
3.8
66.4
62.7
28.6
4.2
147.2
U8.7
18.6
11.8
29.9
11.7
3.8
1.9
86.5
48.9
19.4
4.1
107.6
57.5
17.9
6.1
do
do
do
68.4
430.4
2, 695. 0
169.2
436.3
2, 949. 8
21.5
38.5
250.4
15.4
49.0
235.0
11.8
38.4
228.3
8.5
34.0
230.3
9.9
36.6
247.4
12.5
40.5
249.9
12.6
24.3
223.7
23.3
32.3
276.7
23.5
28.8
274.9
18.7
120.6
1 193. 2
4.6
22.9
211.7
10.0
45.6
285.7
16.8
41.7
300.0
do
do
do
1, 024. 5
26.3
<1, 705. 7
1, 077. 7
29.2
1,711.8
98.2
3.2
161.6
100.6
2.4
150.6
79.2
1.6
137.1
81.7
.5
134.4
82.2
3.7
162.2
84.7
2.9
158.5
79.6
1.3
133.1
102.2
3.4
142.3
95.7
4.0
160.0
158.5
1.2
191.2
76.7
1.2
101.5
123.9
2.5
178.5
124.6
2.1
182.2
do
do
do
972.8
60.3
1, 959. 6
1, 119. 6
57.5
2, 179. 7
87.5
5.4
166.6
94.0
3.8
183.2
103.3
4.3
170.8
103.3
4.6
162.9
99.3
6.9
182.5
88.2
2.2
201.3
86.6
2.4
204.9
93.4
6.9
223.6
100.6 158.0
14.1
6.0
186.0 1 162. 3
78.3
5.5
125.3
114.1
10.0
229.3
103.7
8.4
208.8
North and South America:
Canada
mil. $
637.3
735.9
7,164.7 8,058.3
695.0
' Revised.
1 Beginning Jan. 1969, data cover shipmeri ts of silv er ore, t>ase bull ion
(incl. sweepings, waste, and scrap) , and refined bullio n, former y exclude d.Thel 968 annu als,
and monthly data beginning Jan. 1968, for total export s and imports only lave beeri restatecI to
142.2
i 410. 9
152.3
i 657. 7
565.9
794.3
594.1
788.8
661.2
702.3 i 687. 6
687.3
769.4
791.5
reflect the revi sed coverage,
cfNumb er of sto cks repre sents number cu rrently u sed; the
chang e in nuniber doe s not afiect cont nuity of the series.
9 Includes data not shown
c
separa tely.
Correcl,ed.
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated, statistics through 1%6
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
| 1968
Apr.
Annual
June 1969
May
June
July
Aug.
1969
Sept. 1 Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries—Continued
North and South America— Continued
Latin American Republics, total 9 _ _ .mil. S.- 4, 123. 5
230.1
Argentina
do
547.2
Bra7.il
. _
do.
Chile
do
248.1
217.9
Colombia
_ do
1, 221. 6
Mexico
do
587.2
Venezuela
do
Exports of U.S. merchandise, total
Excluding military grant -aid
Agricultural products, total
Nonagricultural products, total
.
do
__do-_
do
_ do
By commodity groups and principal commodities:
Food and live animals 9
mil. $
Meats and preparations (incl. poultry) -.do
Grains and cereal preparations
do
Beverages and tobacco.
_
do
4, 689. 2
281.4
708.6
307.1
319.1
1, 364. 6
655.0
402.3
19.7
61.2
18.1
26.2
111.4
59.4
405. 9
22.3
55 0
22.8
29.9
123.6
53.5
378.4
16.7
53.7
23.1
28.9
121.9
48.5
410.7
25.5
64.7
38.3
28.2
111.4
55.4
404.5
21.8
74.6
29.0
26.8
105.7
54.3
410.5
30.7
65.0
32.4
22.8
97.9
63.5
345.4
18.6
40.3
17.7
26.8
118.3
53.5
436.8
41.3
87.0
24.7
29.7
112.5
60.7
447.8 i 222. 9
35.7 Ul. 8
71.0 122.6
19.3
29.4
25.3 UO.O
127.9 1 101. 8
63.9 136.2
256.7
17.8
26.5
8.8
10.8
102.5
39.1
440.5
'40.1
66.3
32.9
23.0
120.7
62.0
450.7
34.1
67.8
28.1
33.3
117.8
68.7
31, 142. 1 134,227.4 2,964.4 2,948.9 2,799.8 2,699.6 2,819.2 2,968.7 2,737.9 3,161.9 3,056.0 12,071 5 2, 146. 8 3,372.8 3, 516. 6
30,550.2 133,654.3 2,925.2 2,925.1 2,750.1 2,640.5 2,765.4 2,925.5 2,689.3 3,102.0 3,007.0 12,016 8 2,112.4 3, 321. 5 3, 457. 6
6, 379. 8 6, 228. 0
523.9 497.6 461.4
177.7
601.9
465.8 489.2
516.9
239.6
469.7 463.9
609.5
610.8
24,762.3 '27,753.7 2, 423. 5 2,433.3 2, 235. 8 2,198.6 2,313.4 2, 481. 1 2, 253. 9 2, 541. 0 2, 423. 8 11,893.8 1,907.2 2, 855. 9 2, 914. 7
4, 060. 9
151.3
2, 677. 9
3, 889. 6
161.6
2, 463. 1
334.7
11.5
225.4
313.9
10.6
183.3
287.7
10.0
176.5
297.0
10.3
183.4
326.0
15.3
197.9
289.5
16.6
167.0
278.2
15.4
150.4
336.3
21.6
200.4
366.3
16.9
237.8
129.5
10.8
53.0
76.1
168.2
12.2
81.1
322.9
18.3
174.8
350.4
17.3
204.7
648.7
702.5
46.5
52.6
55.2
48.5
73.0
88.1
45.6
82.5
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste _ _
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
do
3, 279. 7
-do
463.8
do. _.
771.6
do
519.5
3, 494. 6
459.4
810.0
i 539. 2
313.0
45.8
61.3
57.9
302.9
45.1
57.1
50.5
245.3
33.9
52.5
33.5
271.6
43.4
47.5
36.0
264.7
24.4
47.8
44.5
266.0
30.5
38.4
51.2
280.8
17.9
88.2
39.4
348.6
22.2
132.3
50.6
Mineral fuels, lubricants, etc. 9
Coal and related products. ._
Petroleum and products
do
do
do
1, 104. 1
501.4
538.6
1, 055. 6
523.9
460.0
89.6
45.9
38.1
92.8
48.9
39.1
87.0
42.5
38.1
90.4
42.3
41.4
102.4
58.3
39.4
106.5
54.3
46.8
78.2
38.4
34.4
92.4
46.8
39.7
do
337.9
274.5
23.1
20.9
29.3
20.2
20.3
25.0
21.2
20.1
28.5
14.0
15.3
22.2
31.5
287.5
260.2
278.8
304.3
334.9
249.3
272.8
276.5
166.6
181.8
300.5
331.0
307.2
40.8
45.0
57.1
298.6
40.1
46.5
56.4
320.6
44.9
47.8
57.8
379.2
51.1
63.3
72.0
313.9
39.1
55.7
55.1
351.2
46.0
65.1
62.4
332.8 i 214. 9
24.0
42.4
34.7
66.9
54.6 134.8
243.9
30.5
38.1
36.6
409.4
60.0
78.3
58.8
406.2
54.3
78.4
63.6
_
Animal and vegetable oils, fats, waxes
Chemicals
._.
_.
_do
2, 801. 6
3, 288. 9
292.5
do
do
do
do
3,391.1
530.9
561.9
516.8
3, 738. 6
522.3
610.2
1
600. 8
318.6
47.9
47.3
40.2
326.0
46.9
46.8
54.0
Machinery and transport equipment, total
mil. $_. 12, 574. 1 14, 462. 0 1,273.2
1,272.4
Manufactured goods 9. . . _
Textiles
Iron and steel
Nonferrous base metals
13.5
12.6
52.2
45.5
317.1 1 139. 1
7.2
33.2
2.9
101.9
125.6
38.5
176.8
6.5
31.3
30.3
298.7
14.8
100.0
40.8
384.4
64.1
94.0
61.0
73.8
42.4
25.5
61.3
34.0
23.4
76.1
33.5
33.7
95.0
49.1
40.3
90.7
46.5
40.1
1,237.1 1, 118. 6 1, 123. 0 1, 199. 4 1, 179. 4 1, 384. 4 1, 276. 9 1, 095. 6 1, 071. 2 1, 539. 6 1, 572. 9
Machinery, total 9
Agricultural
Metalworking- _
Construction, excav. and mining
Electrical
do
do
do
do
do
8, 050. 6
614.7
338.9
1, 038. 1
2, 098. 2
8, 606. 4
626.7
333.8
1, 099. 1
2, 286. 0
785.3
56.8
35.5
99.4
200.7
769.8
58.0
39.1
99.7
197.3
711.8
51.5
26.9
95.2
193.3
692.6
54.0
28.9
96.6
180.8
705.9
45.2
28.6
94.6
190.3
734.3
51.8
23.6
98.2
196.5
703.8
49.8
22.0
83.8
199.5
761.8
54.3
24.0
97.2
199.0
718.5
55.3
21.8
94.2
194.4
554.4
35.7
16.3
57.2
165.2
590.3
45.0
16.2
67.6
168.7
943.1
63.6
38.3
110.9
249.2
931.2
70.7
28.7
120.6
238.8
Transport equipment, total
Motor vehicles and parts.
do
do
4, 523. 5
2, 733. 9
5, 855. 6
3, 372. 3
488.4
290.3
502.7
299.2
525.4
257.6
426.0
214.9
417.1
198.0
465.2
284.7
475.6
307.1
622.6
353.0
558.4
318.8
541.2
284.7
481.0
264.1
596.5
351.4
641.6
345.9
Miscellaneous manufactured articles
do
1, 985. 4
2, 146. 3
188.2
190.2
168.9
170.2
190.5
181.8
183.5
192.9
174.1
149.5
159.6
241.2
224.0
Commodities not classified
do
958.8
929.2
65.8
71.2
81.0
70.8
78.0
80.5
87.8
69.3
95.6
75.0
56.1
110.0
General imports, total.
Seasonally adjusted. __
By geographic regions:
Africa
Asia__ _
Australia and Oceania
Europe
_
__
Northern North America.
Southern North America
South America __
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India... ___
Pakistan
_
Malaysia
Indonesia
Philippines
Japan
Europe:
France...
...
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
_
Latin American Republics, total 9 _
Argentina
Brazil
_
Chile
Colombia
Mexico
Venezuela
r
Revised.
i See note 1, page S-21.
2 Includes data not shown separately.
do
do
26, 812. 3 133,251.8 2,754.3 2,840.7 2,661.0 2,827.1 2,749.6 2,882.4 2,938.0 2,806.5
2,603.9 2,754.8 2,791.9 2,725.5 2,870.8 2,953.5 2,738.4 2,885.8
757
3,028.0 12,025.9 2, 401. 4 2, 993. 0 3,334.3
2,924.8 12,018.1 2, 655. 3 2, 980. 7 3, 177. 2
do
do
do.
do
906.1 1, 120. 9
5, 347. 9 6, 913. 5
581.5
693.5
8, 227. 5 10, 331. 6
119.2
548.6
48.2
880.0
100.7
594.2
56.3
902.1
83.4
566.4
62.5
786.1
90.0
636.6
61.2
883.0
80.9
652.7
75.9
892.0
98.8
653.1
67.1
884.9
76.4
630.4
72.3
836.7
83.1
604.1
65.9
863.1
93.8 139.7
616.6 i 405. 8
35.6 128.9
917.3 i 443. 4
74.0
532.4
29.9
603.2
107.3
100.4
770.0
675.7
80.6
83.2
833.2 1, 020. 6
do
do
do
7,112.3
1, 967. 8
2, 661. 1
8, 929. 3
2, 234. 7
2, 880. 2
720.5
190.5
246.5
749.9
205.7
205.1
766.4
170.7
212.7
703.2
187.9
249.2
615.7
179.0
242.3
728.6
175.0
260.7
905.8
172.2
229.4
791.4
171.3
215.2
870.3 i 776. 7
201.8 '1192.1
280.4 '1138.1
776.0
191.0
193.5
844.4
226.7
227.9
882.0
235.2
236.6
14.9
225.9
32.8
253.1
2.0
31.5
2.4
23.2
1.9
20.2
3.8
17.9
4.6
17.8
3.3
16.0
2.7
17.6
2.7
17.6
2.8
14.3
4.4
25.9
4.5
19.8
411.8
293.7
54.8
195.6
181.9
380.2
2, 998. 7
492.0
312.2
63.9
240.1
174.5
435.1
4, 056. 6
31.0
26.9
5.0
16.9
13.1
39.4
320.1
40.6
22.7
4.2
15.7
16.2
55.5
339.7
44.8
27.3
5.8
18.0
14.4
49.0
315.0
42.2
24.2
6.4
17.4
18.6
43.0
366.6
56.3
26.2
4.5
18.5
12.4
45.2
402.9
42.3
31.1
7.6
30.0
18.5
22.3
379.8
50.2
25.5
4.5
21.0
12.8
30.5
384.2
52.9
27.0
4.9
22.3
14.9
30.5
363.5
24.7 122.5
25.2 i l l . O
7.4
12.0
22.5 117.3
16.5 U0.6
40.2 115.8
366.1 i 244. 0
24.4
22.7
4.6
28.3
16.0
29.5
294.8
59.5
46.2
11.4
27.0
16.3
37.5
367.0
46.4
36.8
6.8
31.6
20.4
54.2
450.9
690.2
842.2
5.6
5.9
1,955.4 2,720.2
855.6 1, 102. 0
41.0
58.0
1, 709. 8 2, 047. 9
76.8
.3
223.9
91.6
4.7
177.0
72.2
.6
246.8
102.3
5.6
178.1
42.7
.3
218 5
87.4
4.3
163.9
81.6
.5
224.8
92.7
4.3
183.1
82.9
.6
242.8
102.8
3.3
188.7
69.6
.6
226.4
86.7
2.3
191.3
61.6
.6
230.3
94.2
7.4
176.9
65.6
.5
231.3
95.4
1.8
157.8
82.5 136.5
.7
1.5
229.1 1 105. 8
98.8 153.7
3.5
14.6
177.4 1 108. 6
47.9
.4
142.2
71.5
2.5
140.1
64.2
1.0
207.2
85.4
4.6
149.0
86.6
.7
263.0
125.8
5.6
192.1
do
do__.
do
do
do
do
do
do
do
do
do
do
do
do
do
do
3.4
22.2
12.5
110.8
7, 106. 6
8, 925. 2
720.4
749.9
766.0
702.2
615.3
727.8
905.5
791.3
869.9 i 776. 6
775.9
844.1
881.9
do
3, 851. 0
do
140.0
do
559.0
do175.2
do
240.4
do
748.9
do .
979.6
4, 266. 2
206.7
669.6
203.1
264.0
893.4
949.6
376.9
15.9
62.7
33.8
19.5
83.8
71.0
331.0
17.0
45.8
12.9
18.2
87.6
66.3
312.5
14.5
43.5
13.2
19.4
63.1
68.2
368.7
17.2
65.5
12.6
21.0
73.8
86.3
351.9
9.7
63. 3
19.3
30.6
71.8
60.8
367.1
18.3
72.3
22.2
22.0
67.8
76.3
333.0
13.9
52.9
12.8
19.6
65.5
81.8
326.0
14.9
53.0
11.7
23.2
73.5
70.0
401.6 i 247. 1
38.5
16.1
54.5 114.8
14.3
12.4
25.8
18.6
79.3 180.7
89.2 184.3
309.3
10.9
38.6
20.3
14.5
81.4
75.1
371.8
14.3
56.9
11.2
20.1
94.2
70.7
387.5
16.8
55.0
13.2
24.4
93.5
74.8
May
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1968
1967
Annual
S-23
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
General imports— Continued
By commodity groups and principal commodities:
4, 471. 7 5 057 2
438.2
Agricultural products total
mil. $
433 2
22, 343. 6 28, 056. 8 2, 317. 0 2 381.4
Nonagri cultural products, total
_ do.
4, 577. 4
136.0
1, 139. 7
746.5
640.1
Mineral fuels lubricants etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
-
Machinery and transport eQuipment
Machinery total 9
Metalworking
Electrical
786.3
3, 297. 4
958.4
454.8
338.4
191.8
393.8
15.4
107.6
55.8
55.6
61.5
260.3
65.8
39.5
33.1
13.6
396 1
16.6
87 2
52 7
67.2
55.1
296.3
102 2
39.3
31.0
14.2
353.8
13.0
73.6
66.2
58.6
47.6
281.4
88.2
40.4
25.7
11.9
403.3
10.5
111 7
67 2
62.6
54.4
287.0
88 1
36.8
28.1
17 9
403.1
8.8
110 0
68.7
70.7
80.8
288.9
90.3
36.8
24.1
16.3
408.9
7.5
103.1
83.1
55.8
80.1
302.0
99.4
34.2
28.5
23.4
368.2
6.6
74 5
69.5
60.4
67.2
292.1
85.9
40.4
22.2
14 0
396.8
6.3
95 7
72.5
43.7
61.8
264.3
75.6
37.4
25.2
16.5
169.8
396 6
1.4
12.2
87 4
16.1
29.2
49 3
56.9
6.3
77.5
24.6
287.7 1 202. 0
75 9 *57. 8
36.7
43.1
25.9
9.0
10.7
19.9
287.1
15.3
49.0
45.4
34.7
28.6
232.3
51.1
40.7
12.2
20.7
439 0
20 5
89 1
96 4
50 9
63 8
307.4
63 0
39 8
28 8
25 4
438 4
10 4
95 8
74 7
66 2
68 1
337 5
81 7
44 7
36 0
23 2
do
do
do
do
Food and live animals 9
Cocoa or cacao beans
Coffee
Meats and preparations
Sugar
Beverages and tobacco
_
Crude materials inedible, exc. fuels 9
IVTetJil ores
Paper base stocks
Textile
fibers
..
Rubber
Manufactured goods 9
Iron and steel
Newsprint
_
Nonferrous metals
Textiles
4, 003. 2
do
147.2
do
962.7
do
645.0
do
588.4
do
698.1
do
2, 964. 4
- do
974.3
do
418.3
do
305.6
do__ _
174.5
do
455.0
422.3 439 5
172.1 312.1
386.2 437 5
434 5
492 6
385 7
499 0
2,262.6 2 374 5 2 304.6 2, 414. 3 2 538.4 2, 372. 8 2 577 9 1, 853. 8 2, 089. 3 2 500 4 2 835 3
2, 247. 8 2, 528. 6
2, 086. 1 2, 345. 1
122.0
158.2
958.0 1, 134. 7
193.9
176.3
11.3
102.5
178 0
162 1
13.4
103.9
202.8
188.2
15.4
81.6
228 5
214 9
17.4
94.7
187.1
174.4
8.5
101.3
220.7
205.8
14.8
95.2
226 6
212.0
12.7
88.6
195.0
179.1
10.3
94.0
234 0
220.7
16.6
102.7
249.1
235.2
6.1
70.3
231.5
209.0
12.5
81.8
226.4
208.6
11.7
111.3
240.7
224.1
11.2
124.9
do
do_
do
do
- do__
6, 384. 3 8, 073. 2
1, 373. 1 2, 046. 4
864.7
862.8
1, 562. 5 1, 933. 2
808.0
962.6
760.1
168.1
79.0
244.5
85.7
718.9
193.2
77.5
162.3
81.6
647.0
176.8
72.9
147.0
74.1
654.1
172.4
72.0
123.4
82.0
708.7
235.3
67.2
126.3
83.5
666.5
189.2
60.5
134.2
90.1
648.5
170.1
75.7
120.9
81.9
629.3
177.7
69.0
110.7
77.4
662.4 i 398. 6
165.9
64.6
67.7
84.8
121.0 179.5
45.3
75.8
533.1
72.8
71.0
137.6
69.2
653.1
119.2
74.4
135.9
112.9
784.2
187.3
78.5
159.0
107.0
5, 793. 4
do
3, 024. 4
do
203.4
do
do . 1, 135. 5
7, 991. 1
3, 692. 6
203.9
1, 494. 9
609.6
305.6
20.0
118.9
699.4
301.7
16.2
113.8
664.9
283.6
22.0
111.3
630.6
308.7
14.7
133.2
547.6
309.4
18.3
136.1
663.3
322.9
17.6
140.9
788 4
351.8
17.0
160.4
744.3
325.0
11.3
145.5
808.2
356.7
17.4
151.4
612.3
255.5
8.4
118.6
655.9
291.8
10.2
127.4
766.1
351.2
17.4
137.2
872.0
407.1
18.7
159.1
2, 769. 1
2, 266. 1
2 576.2
1, 065. 1
4, 298. 5
3,711.6
3 346.7
1, 220. 5
312.2
255.6
246.6
107.1
384.4
338.9
262.7
103.5
381.4
327.1
261.1
93.0
321.9
276.8
332 5
109.4
238.2
191.1
315.5
97.7
340.3
302.6
312.2
105.7
436.6
370.9
325 3
106.4
419.4
384.4
291.7
107.4
451.4
397.9
301.6
130.2
356.8
307.0
204.4
88.7
364.1
315.0
252.1
86.4
414.9
358.7
316.1
98.2
464.9
408.4
348.3
109.2
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Quantity
1957-59—100
Value
do
Unit value
do
General imports:
Quantity
do
Value
do
Unit value
do
Shipping Weight and Value
Waterborne trade:
Exports (Incl. reexports):
Shipping weight
thous sh tons
Value
mil. $
General imports:
Shipping weight
thous sh tons
Value
mil. $
5
160
5178
5
111
5
8
5
173
195
112
173
196
113
170
192
113
179
203
113
v 150
P 173
P 115
M84
190
103
5226
5235
8
104
224
234
104
231
240
104
237
249
105
* 200
P 211
P106
5
5
187, 426
18, 636
256 814
17, 434
r
194, 487 '16,369
19, 358
1,747
16, 602
1,684
15. 223
1,520
15,864
1,550
18, 504
1,703
17,531
1,790
15,454
1,405
17,764
1,762
18, 116
1,666
9,964
580
9,440
739
14,081
1,787
17, 422
2,000
19 966
1,756
23 980
1,823
24 363
1,686
24 946
1,845
23 932
1,918
26 304
1,915
26 042
1,726
21 554
1,719
25 373
1,817
20 680
869
19 909
1,242
20 826
1,793
24, 724
2,075
132.4
136.2
61.7
9.9
7.6
132.4
130.9
46.6
9.3
7.0
119.4
119.2
43.1
8.3
6.0
281 331
21, 121
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total):
Operating revenues, total 9
mil $
4,470
4,431
Transport, total 9 _
...
do
Passenger
do
3,936
Property
do
277
104
U.S. mail (excl. subsidy)
do
4,057
Operating expenses (incl. depreciation).. _ do
Net income (after taxes)
do
234
Operating results:
Miles flown (revenue)
mil.. 1, 274. 5
Express and freight ton-miles flown do
1, 285. 9
Mail ton-miles
flown
do
392.5
Passengers originated (revenue)
do
99.3
Passenger-miles flown (revenue)
biL.
71.3
Express Operations (qtrly.)
Transportation revenues
mil. $
423.1
Express privilege payments
do..."
104.0
Local Transit Lines
Fares, average cash rate
„
Passengers carried (revenue) .
cents
mil
22.7
6,616
1,287
1,275
1,139
80
31
1,163
61
1, 501. 7
1, 540. 1
544.0
111.2
82.0
120.4
122.0
43.6
9.3
6.7
124.3
136. 0
44.5
8.8
6.3
23.4
567
23.4
582
23.7
516
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
2
Number of reporting carriers
1,271
1, 203
Operating revenues, total
mil $
2,369
8,117
Expenses, total
_
do
2,229
7,813
Freight carried (revenue).
mil tons
131
473
r
Revised.
p Preliminary.
1 See note 1, p. S--21.
2 >lumber of carriers filing co mplete reports for the year.
3 AS compiled by the Air Trarisport Association of Amer ica
from carrier reports to the CAB.
< Excludes exce.3S baggage revenues.
130.6
124.7
40.8
9.9
7.6
133.7
136.3
43.7
11.1
8.6
93.4
20.2
381.5
86.2
23.8
6,491
124.7
126.1
41.8
10.2
7.8
1,359
1,346
1,205
84
30
1 232
60
127.5
134.8
41.1
8.9
6.6
132.1
154.3
48.4
9.2
6.5
125.0
143.5
50.6
8.5
6.0
93.8
21 4
23.8
507
23.9
507
24.3
520
84.1
20.9
98.5
22.5
24.4
574
24.4
534
24.6
527
24.8
538
24.8
498
24.9
553
25.1
564
5
Revised to include trade in silver ore and bullion formerly reported separately; quarterly
data do not reflect this change.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
June 1969
1969
1968
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
163.0
166.7
Apr.
May
164.9
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity) — Continued
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly )
average same period, 1957-59=100
Common carriers of general freight, seas. adj.
1957-59=100..
Carriers of passengers, class I (qtrly.) :
Number of reporting carriers
. __
._
Operating revenues total
mil. $
Expenses total
do
Passengers carried (revenue)
__mil..
160.2
175.2
152.8
165.7
172 6
163.4
165.4
174.3
165.1
166.4
171.7
164.3
166.6
169.5
165.3
166.4
165
172 7
150.9
55.4
163
210.3
166.4
60.1
10,855
9,750
444
8,579
1,596
680
5
568
2 757
2,' 482
112
2,131
418
207
174
2,707
2,419
122
2,173
394
140
108
2,781
2,500
106
2,196
401
183
174
5
5
194.3
191.5
1.296
3,311
187.0
183.6
1.317
3,696
192.4
188.0
1.330
3,006
253.1
187.4
256.1 2 3 72. 2
i 161
663.9
586.0
223.6
Class I Railroads
Financial operations (qtrly.):
Operatin^ revenues total 9
mil. $
Freight
do__ _
Passenger
do
Operating expenses
do
Tax accruals and rents
do
Net railway operating income
do
Net income (after taxes) ... _ _ _ _
.do.
Opera ting results:
Ton -miles of freight (net), revenue and nonrevenue (qtrly.)
bil
Revenue ton-miles
do
Revenue per ton-mile (qtrly. avg.)
cents_.
Passengers (revenue) carried 1 mile (qtrly. ). .mil __
10,377
9,141
485
8,211
1,488
678
4319
731 6
5 719 4
1.269
15, 201
Travel
Hotels:
Average sale per occupied room
dollars
10.59
Rooms occupied
_
% of total
61
Restaurant sales index. ..same mo. 1951 = 100. _
115
Foreign travel:
U.S. citizens. Arrivals _ _ _
_ _ _ _ _ thous
4,387
4,334
Departures
do
Aliens: Arrivals _
do
2,773
Departures
_.do
2,358
1,686
Passports issued and renewed
do
39, 538
National parks visits
do
Pullman Co. (qtrly.):
1,434
Passenger-miles (revenue)
mil__
24.57
Passenger revenues
mil. $._
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil. $._
Station revenues
..
do
Tolls, message
.
do
Operating expenses (excluding taxes).
do
Net operating income (after taxes)
do
Phones in service, end of period
mil__
Telegraph carriers:
Domestic:
Operating revenues
mil. $._
Operating expenses
do
Net operating revenues (before income taxes)
mil.$__
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before income taxes)
mil. $..
759. 1
744. 5
1.310
13, 120
11.35
61
118
11.64
63
117
11.14
63
134
11.94
63
125
10.63
58
117
11.90
63
116
11.85
63
122
12.31
72
118
12.03
57
110
10.70
47
113
11.80
56
106
11.80
62
119
11.32
63
128
5,021
4,820
3,084
2,613
1,748
42,392
371
374
230
185
213
2,112
383
391
244
206
235
2,881
439
559
269
238
214
6,388
533
627
327
260
191
9,273
809
528
357
311
132
9,240
485
367
352
264
693
4,176
371
310
272
250
83
2,725
314
294
218
200
67
1,412
339
354
236
238
75
904
391
354
251
179
104
788
353
363
203
157
122
858
426
424
252
198
167
1,277
1,002
16.91
244
4.08
279
4. 62
15, 068
7,578
5,693
9,020
2,553
95.1
3,700
1,872
1,390
2,191
584
92.2
3,796
1,895
1,447
2,275
643
93.6
3,938
1,960
1,499
2,397
664
95.1
358.2
309.5
90.7
77.3
89 3
79.7
91.9
77.6
29.6
7 5
5.4
10 6
9.7
132.3
101.4
153.4
116.1
37 o
27 6
39 0
29.1
41.7
32.3
41.3
30.4
26.2
30.6
79
8.2
74
229
93.5
78.2
24.2
229
4,022
1,993
1,538
2,404
674
96.4
335.0
291.9
12.80
64
122
207
3.57
13,847
7,090
5,170
8,319
2,488
90.2
257.8 2 3 75. 6
9.0
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylene
mil cu ft
Carbon dioxide liquid, gas, and solid
do
Chlorine, gas (100% Cla)
do
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOa)
' do
Oxygen (high purity)
mil cu ft
Phosphoric acid (100% PjOs)
thous sh tons
Sodium carbonate (soda ash), "synthetic '(58%
Na2O)
thous sh tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate anhydrous
thous sh tons
Sodium sulfate anhydrous
thous sh tons
Sulfuric acid (100% H^SO*)
do
14,877
1 219
14 269
1 276 1 271 1 156
12 200 2 12 093 0 1 082 6 1 163 7 1 028 5 1 031 3
107.2
88.0
1 085 3 1,047.8
73 1
89 5
692.4
701.8
708.4
7, 679. 9 58,428.4 ' 688 2
141.7
138.7
1 625 1 1,735.3
144 8
137 8
470.4
434.9
595 3
517 8
6 264 6 6, 134. 9
243 401 248 250 21 930 21 661 21 265 21 077
381 9
326 2
453 8
5 188 9 4 926 2
435 9
4 848 9 4 552 6
145 1
135 3
7 923 7 8 799.4
632 2
612 6
1 364 0 51 471 7
28 815 2 828,382 5 2
1,174
949 0
92.5
701.2
149.9
488.6
18,297
406 9
1 275
951 2
88.8
735.4
157.9
496.1
19,345
415 7
1,208
942 0
91.7
722.5
156. 2
487.0
20, 291
403 1
383 2
402 1
363.6
383 7
397 6
399 5
380 0
390 2
12 4
12.0
12.4
12 1
11 7
12 2
11 3
12 7
755.4
727.1 729 1 725.0
736.4
777.2
766.7
723 9
42 8
47 8
62 2
63 8
46 0
57 1
47 4
59 1
121 7
129 0
120.7
121.2
121 4
145 2
115 0
130 5
447 7 2 541.2 2,278.1 2 161 8 2,2822 22946 2,365 0 2,357.0 2
r
Revised.
* Preluninary.
1 Number of carriers filing complete reports for the year.
3
Preliminary estimate by Association of American Railroads.
Data cover 5 weeks;
4
other months, 4 weeks.
Reflects adjustment for extraordinary items.
2
1,224
932 1
105.5
702.6
149.0
463.3
18 960
388 2
1 263
986 3
85.2
766.1
150.3
550.2
21 316
410 9
396
13
792
61
125
524
1,272
887 0
80.0
731.8
149.4
500.9
21,667
394 0
' 1, 151
991 2
••76.6
711.3
«• 147. 7
r 503. 6
' 20, 827
r 380 5
r
1,158
••1,249
1 050 2 1 083 4
89.9
••86.5
751.7
768.7
r
156.7
163.8
552.8
' 572. 8
'T 23, 030 22, 747
453.2
420. 1
370.2
333 1
385. 1
335 5
6
13.3
11 3
11. 1 r 13.1
7
795.4
760 2 ' 721. 9 770. 8
6
62.7
46 3 T 56.6
46 6
2
133.0
3
130 2 ' 117 8 134. 1
4 2317 0 *2 238.9 r2,405.8 2,511.9
5
Annual total reflects revisions not distributed to the monthly or quarterly data,
live Aug. 26,1968, passports are issued for 5 years; no renewals are made.
• Eflec-
SURVEY OF CURRENT BUSINESS
June 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1969
1968
1968
Annual
S-25
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
140.4
3.1
8.8
145.2
3.4
8.9
147.9
3.5
10.3
13.0 '10.5
8.9
18.9
'323. 2 •• 356. 1
12.4
11.0
349.9
May
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :o"
Acetic anhydride
Acetylsalicylic acid (aspirin)
Creosote oil
mil Ib
do
mil gal
1, 556. 4
30.5
1
108.8
1, 651. 6
31.2
111.4
123.7
2.7
9.6
103.0
2.2
0 0
107.6
2.4
10.7
141.2
2.3
9.0
142.3
2.1
8.0
142.5
2.6
9.3
137.1
3.1
10.5
139.0
3.0
8.8
152.9
2.8
10.6
141.7
3.5
10.7
DDT
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
mil Ib
do
do
102.8
138.9
3, 686. 2
i 138. 0
i 162. 0
4, 099. 6
10.8
9.5
343.6
11.7
13.6
350.5
12.3
12.8
356.3
12.2
13.0
337.3
12.3
13.3
340.6
10.7
14.5
332.4
18.8
364.6
11.8
330.8
16.0
350.5
13.1
12.3
321.1
353.8
32.6
Phthalic anhydride
mil Ib
715.3
347.0
29.5
580 2
i 748. 3
28.8
37.5
49 9
60.8
27.3
32.1
47 5
66.6
26.3
29.3
46 5
65.5
27 5
29.2
48 6
57 1
30.2
28.7
46 1
63.9
28.7
28.4
47 5
59.1
27.0
28.1
50 5
66.2
26.8
26.8
49 4
62 5
30.1
29.5
55 6
67.9
28.4
30.4
51 4
59.8
31.0
31.8
46.5
56.9
mil tax gal
do
do
do
685 1
218 4
556 1
79 0
708 1
189.2
564 4
80 7
6
7
2
5
58 2
216.6
48 8
6.9
54 6
215.7
44 7
6.4
7
4
1
5
56.5
207.5
49 8
6.6
60.0
201.4
47.0
7.7
70.8
199.5
51.7
9.1
60 3
187.8
47.1
7.6
66.2
189.2
50.6
5.4
67.5
195.5
57.1
6.7
64.4
196.8
52.7
6.0
65.3
192.4
57.8
7.6
300 1
298 6
4 9
303 5
305 6
27
25 9
25 8
4 0
26 3
27 2
31
24 0
23 8
34
oc o
25 8
2 9
26 7
26 2
33
25 2
25 7
2.7
27 6
27 0
3.4
25 3
26 0
2.6
27 2
27.2
2.7
30 7
30.3
3.1
28 3
27.7
3.7
31 0
30.2
4.5
15, 294
18, 956
1 629 2 607
11,025
13, 584
1,119
1 303
1,584
229
1 132
115
1,610
174
1,207
110
1,466
147
1,091
89
1 617
215
1 195
75
1 533
180
1 143
99
1,658
242
1,134
153
1,902
347
1,332
160
1,544
317
1,100
77
1,883
296
1,291
129
961
27
783
107
979
56
771
92
1,304
142
955
69
1,718
162
1,334
109
13
5
260
14
6
275
12
13
254
2
20
15
261
32
19
9
236
0
20
10
268
11
24
24
354
13
45
30
433
19
do
do
i 520 2
••27.8
'34.4
' 50 3
'64.2
29.4
31.9
51.3
70.6
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks end of period
TJsed for denaturation
Taxable withdrawals
Denatured alcohol :
Consumption (withdrawals)
Stocks end of period
do
do
57
220
48
7
59
217
47
6
FERTILIZERS
Exports total 9
Nitrogenous materials
Phosphate materials
Potash materials
thous sh tons
do
do
do
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
1
177
168
2,711
218
227
131
3 557
205
46
11
498
16
21
3
223
19
11
1
205
30
11
1
152
25
15
6
111
25
4,034
4,170
598
354
281
117
213
329
372
273
280
336
353
560
4 695
726
4 149
535
378
500
379
497
311
529
257
567
308
578
351
524
358
525
331
516
340
535
360
572
r 351
381
502
Explosives (industrial), shipments, quarterly:
Black blasting powder
mil Ib
High explosives
do
.4
1, 708. 5
4
1 581.7
Paints, varnish, and lacquer, factory shipments:
Total shipments .
_
mil. $
Trade products
do
Industrial finishes _
do
2, 348. 2
1 329.5
1, 018. 7
2, 587. 1
1 427.5
1, 159. 6
229 2
135 8
93 3
241.7
141 4
100.3
239.0
139 9
99.2
231 6
140 5
91 1
238.6
141.9
96.6
229.5
127.6
101.9
234.7
119 5
115.3
196 9
92 7
104 2
175.7
83.0
92.7
189.8
86.2
103.6
207.1
106.1
101.0
229.9
118.8
111.1
Sulfur, native (Frasch) and recovered:
Production
thous Ig tons
Stocks (producers') end of period
do
i 8, 284
1 954
8 766
2 790
690
2 027
715
2 028
763
2 142
776
2 293
771
2 466
744
2 619
756
2 690
759
2 775
767
2,790
820
2,940
722
3 006
799
3,129
54.0
54 3
83 7
58 3
55.3
51 9
92 3
59 6
51 1
50 6
86 2
55 2
52
46
72
54
54.5
47.7
85 2
65 5
51.4
48.9
91 4
68 2
58.5
51 2
101 5
71 9
48.6
49 4
90 6
69 2
46.7
47.8
82.6
70.8
51.4
50.1
87.8
60.3
50.3
52.0
88 9
62 5
52.7
58.8
96.5
70.6
i 186 2
14 2
14 3
14 2
13 3
15 7
16.3
16 6
i~332. 6
12 719 3
129448
1 4 539 i
31 0
224 2
237 1
351 6
24 2
228 1
245 3
381 4
25.0
235 7
254.8
383 7
do
do
do
do
Potash deliveries (K 2 O)
do
Superphosphate and other phosphatic fertilizers
(100%P205):
Production
thous sh tons
Stocks, end of period _
do
(2)
(2)
r 590
403
372
MISCELLANEOUS PRODUCTS
.i
417.5
.1
428.8
.1
404.6
.1
426.6
245.2
131.9
113.3
PLASTICS AND RESIN MATERIALS
Production:
Therm osetting resins:
Alkyd resins
- .
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
mil. Ib
do
do
do
1
585. 9 i 624. 7
489 7 i 576 4
i 953 7 1 1 038 4
1
645 4 i 741 4
Thermoplastic resins:
1
Cellulose plastic materials
do
171 9
Coumarone-indene and petroleum polymer
1
resins ... . .
mil. Ib
289 9
Styrene-type materials (polystyrene)
do
12 365 4
Vinyl resins (resin content basis)
do
12,599 4
Polyethylene
do
3 761 9
30 9
235 6
250 3
370 0
21 7
229 3
246 7
363 5
28
212
231
362
6
2
0
1
6
3
7
4
30
247
261
399
0
2
5
7
17 5
15.1
18.4
17.2
17.2
26 1
243 9
261.0
414 3
32.4
249.7
251.3
422.7
25.5
239.3
254.0
392.8
21.1
247 8
246.6
412 2
28.8
272.8
281.5
433.4
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr__ 1,317,301 1,433,001 109, 234 114, 607 119,340 127, 472 131, 905 115,832 119, 354
Electric utilities, total
By fuels
By waterpower
_
_
do
. do
do
Privately and municipally owned util___ do
Other producers (publicly owned)
do
Industrial establishments, total
By fuels
_.
By waterpower
r
1
2
do
do
do
109,167 118, 961 122, 463 109, 110 116, 679 107, 974
91, 254 98, 669 101, 050 88, 023 95, 159 85, 863
17, 913 20, 292 21, 413 21,087 21, 519 22,111
986, 227 1,082,382 80, 976
228, 138 244,550 19,364
102, 936
99, 505
3,430
106,069
102,690
C
3,380
8,895
8,578
317
Revised.
= Corrected.
Revised annual total; revisions are not distributed to the monthly data.
Less than 500 short tons.
118,073 128,063 131, 591 117,665 126, 035 117,115
1,214,365 1,326,932 100, 340 105, 522 110, 645 118,870 123, 001 107, 154 110,288
992, 847 1,104,694 81,341 85, 998 91, 708 99, 841 104, 856 91, 428 93, 636
221, 518 222,238 18, 999 19, 524 18, 936 19, 029 18, 146 15, 726 16, 652
85, 251
20, 271
90, 318
20,326
9,084
8,758
327
8,695
8,378
317
97, 308 101, 215
21, 562 21, 786
87, 884
19, 270
91, 092
19, 196
89, 477
19, 690
96, 672
22,289
99, 163
23,300
87,944
21, 166
94, 008
22, 670
87, 372
20,602
8,904
8,657
246
8,677
8,457
220
9,066
8,818
248
8,906
8,644
262
9,102
8,836
266
9,128
8,860
267
8,554
8,290
265
9,356
9,063
293
9,141
8,842
300
8,603
8,338
265
cf Data are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-26
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1968
Apr.
Annual
June 1969
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers total (EEI) mil.kw.-hr 1,107,023 1,202,321
Commercial and industrial:
242, 492 1265,151
Small light and power§
do
486, 043 1518,834
Large light and power §
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do
_ do
do
do
do
_
-
-
4,572
331, 525
9,863
29, 426
3,102
14, 540
1367,692
110, 302
132, 162
13, 640
94, 620
94, 367
97, 169 102, 330 107, 416 106, 260 100, 515
20, 029
42, 488
20, 621
43, 488
22, 064
43, 354
358
28, 118
815
2,527
284
351
26, 239
775
2,586
307
336
27, 676
750
2,685
304
24, 174
43, 055
342
30, 995
746
2,693
324
98, 673 103, 027 109, 412 105, 894 105, 614
25, 433
44, 195
24, 832
44, 166
22. 762
44, 678
21, 510
44, 115
338
351
32,967
842
2,772
331
361
28,687
903
2,787
337
371
28,704
941
2,696
335
33, 570
796
2,769
315
21, 743
44, 146
22, 533
44, 410
436
431
32, 608
37, 778
22, 009
43, 557
998
2,830
268
995
2,953
312
21, 852
44, 988
401
421
35, 650
34, 244
925
3,048
303
905
2,891
314
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $ 17, 222. 7 18, 579. 9 1, 454. 6 1, 450. 8 1, 514. 6 1, 601. 6 1, 670. 7 1, 656. 3 1, 559. 8 1, 524. 0 1, 580. 1 1, 664. 1 1, 624. 1 1, 605. 0
GAS
Manufactured and mixed gas:
Customers end of period total 9
Residential
Industrial and commercial
thous
do
do
666
624
41
580
543
36
650
608
40
574
539
35
580
543
36
mil therms
1 437
1,461
T rl sjtrinl ind fommprrial
do
829
589
822
615
323
174
144
163
63
98
362
196
159
do
131 4
84 5
45 3
128.8
81.2
45.7
29.3
18.1
10.8
14.8
Residential
7.7
7.0
30.7
19.0
11.2
thous
do
39 034
35* 836
3 152
39, 894
36, 619
3,227
38, 835
35, 692
3,097
38, 962
35, 834
3,082
39, 894
36, 619
3,227
mil therms
do
do
133 424
42 811
85*321
144, 258
44, 546
93, 350
33, 077
8,960
22, 594
26, 950
3,821
21, 519
38, 586
11,111
23, 864
8 124 4 8, 623. 6
4 294 9 r 4, 450. 3
3 637 9 3 949 3
1,911.7
940.4
920.0
1, 339. 9
502.2
787.5
2, 207. 7
1,126.8
1,021.2
Sales to consumers total 9
Natural gas:
Customers end of period total 9
Residential
Sales to consumers total 9
Residential
Industrial and commercial
Revenue from sales to consumers total 9
Residential
Industrial and commercial
mil $
do
do
r
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil. bbl
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total) :
Production
mil. tax gal
Consumption, apparent, for beverage purposes
mil. wine gal
Taxable withdrawals
mil tax gal
Stocks end of period
do
Imports
mil. proof gal
Whisky:
Production
mil. tax gal
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil proof gal
Rectified spirits and wines, production, total
mil proof gal
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks end of period
do
Imports.
do
Still wines:
Production
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
122. 41
112. 41
11.56
10.84
9.45
12.88
11.48
10.19
13.17
211.77
238. 33
21.23
25.19
19.32
18.24
14.72
324. 81
148 20
904 58
68.17
345. 49
147. 64
956. 44
75.45
26.62
13.95
920. 50
6.20
29.37
12.59
929. 92
6.00
26.48
12.13
934. 29
5.16
25.96
10.53
939. 76
4.92
27.47
12.53
938. 82
6.17
153. 78 r 178. 05
95.27
97.02
904. 35
856 66
66.50
59.70
16.30
8.62
873. 77
5.35
20.55
7.88
883. 24
5.34
14.15
6.97
888. 11
4.50
13.85
6.28
893. 66
4.31
9.60
7.63
892. 77
5.37
108. 26
67 31
110. 54
66.71
10.30
6.30
9.37
5.77
8.90
5.32
8.30
4.92
8.66
4.99
10 19
8.75
4 30
1.92
12. 17
10.29
5.25
2.23
1.17
116. 55
106. 97
10.77
.63
5.82
.15
11.37
10.30
13.31
.87
.74
.60
.55
5.90
5.86
.88
.78
5.85
.20
12.30
11.58
13.02
.17
.13
11.37
10.76
12.64
1.06
.77
6.08
.24
10.10
9.28
12.48
8.46
8.26
11.92
8.90
8.48
11.56
8.99
7.88
11.91
19.36
24.32
22.26
21.24
21.06
19.69
21.97
27.35
14.29
940. 45
6.80
30.94
15.75
944. 52
9.23
34.14
12.85
950. 02
7.90
41.14
11.47
956. 44
8.14
24.31
11.31
962. 90
5.59
24.25
10 87
968. 43
4.67
28.77
13.98
973. 27
6.02
13.28
9.45
893. 39
5.92
17.66
11.07
895. 98
8.13
16.41
8.76
899. 65
7.00
15.24
7.31
904. 35
7.29
17.01
7.39
911.26
4.87
16.10
7 44
917 26
4 16
17.10
9.22
921. 92
5.37
10.43
6.37
12.85
8.26
10.40
6.73
8.53
4.87
8.67
4.84
8 26
5 17
10.39
6. 17
.95
1.07
1.28
5.54
1.16
1.26
5.38
1.26
1.27
5.25
1.13
1 12
5.60
6 10
1 23
1. 05
6 23
. 13
6 51
2 93
15 28
242 63
2 92
15.87
211.75
1.91
2.16
9.86
9.11
12.54
1.06
5.85
.18
.26
.27
.22
.70
.18
8.82
7.66
12.33
10.98
9.40
13.00
56
10
11.43
10 06
13.37
6.48
"
"
5.51
1 17
.77
.18
217 46
175. 27
272. 02
i 17 46
221 54
2.94
13.49
181. 18
268. 30 ••214.41
1.68
19.98
3.01
14.05
203. 34
1.93
2.40
14.41
187. 63
1.41
2.21
11.22
175. 28
1.55
8.88
14.76
166.67
2.24
72.54
14.76
221. 09
2. 22
93.68
18.01
290. 02
1.78
20.75
16.44
286. 82
1.54
5.51
16.00
268. 30
1.68
3.63
14.95
255. 91
84
3 75
20.06
224. 83
1. 19
362. 71
366. 48
3.99
3.52
3.22
4.66
35.96
125. 32
126.37
28.99
16.92
7.15
4 11
4.69
mil. Ib
do
$ per Ib
1,222. 6
168.6
.675
1,171.7
117.4
.678
113.9
180.1
.673
124.4
199.3
.673
116. 5
225.0
.672
100.1
241.7
.674
81.5
224.6
.677
70.2
196.5
.691
77.7
161.9
.686
77.8
137.4
.680
92.4
117.4
.690
106.3
104.5
.674
95 6
115 1
673
105.4
121.4
.673
mil. Ib
do
1 913 0
1,276 4
1, 946. 5
1, 281. 6
179.9
120.9
199.6
139.6
197.1
140. 1
175.7
123.1
161.3
109.6
146.6
94.4
147.1
90.4
137.0
81.1
146.2
87.3
147.3
91.6
138 0
88 0
159 0
101.9
171 1
113. 2
390.3
344 0
i 151 8
381.0
318.7
168.2
363.4
315.0
9.5
393.7
341.6
14.8
420.8
370.1
12.9
444.5
389. 2
20.9
451.3
390.5
23.5
447.3
376.0
20.2
415.5
346.4
10.7
398.0
334. 5
11.6
381.0
318.7
17.1
357.7
296.4
4 5
328.5
271 1
5 9
317.8
263 0
10 7
'315. 7
r 259. 5
12 9
338.4
281.0
.521
.548
.550
.553
.549
.549
.550
.551
.562
.565
.570
.572
.572
.587
.595
.594
Distilling materials produced at wineries
do _
.75
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
Stocks, cold storage, end of period
.__ do
American, whole milk
.
do
Imports
_ _
do
Price, wholesale, American, single daisies (Chicago)
$perlb._
r
Revised.
i Annual total reflects revisions not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one classi-
fication to another.
Includes data not shown separately.
r
r
109.5
134. 5
.683
.684
162.0
SURVEY OF CURRENT BUSINESS
June 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1968
Annual
S-27
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production, case goods:
Condensed (sweetened)
mil. Ib
64 4
Evaporated (unsweetened)
do
1, 493. 2
Stocks, manufacturers', case good's, end of period:
5.8
Condensed (sweetened)
mil. Ib
190.2
Evaporated (unsweetened)
do
Exports:
28.6
Condensed (sweetened)
do .
33.8
Evaporated (unsweetened)
. _ do.
Price, manufacturers' average selling:
7.05
Evaporated (unsweetened). .
$ per case
Fluid milk:
118,769
Production on farms
mil. Ib
Utilization in mfd. dairy products
. . do _
58, 587
Price, wholesale, U.S. average
$ per 1001b._
5.01
Dry milk:
Production:
74.3
Dry whole milk
mil. Ib
Nonfat dry milk (human food)
_ . do_ _
1,674.8
Stocks, manufacturers', end of period:
61
Dry whole milk
do
98.7
Nonfat dry milk (human food)
do
Exports:
12.8
Dry whole milk
do
140.9
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.199
milk (human food)
$ per Ib
87 2
1, 360. 7
8.0
125 4
6 7
146 7
93
138 4
86
138 0
81
134 5
69
107.5
83
101 5
6.9
91.0
5.0
109.5
35
95 4
4.8
97.6
61
109.1
78
135.1
2. 1
99.1
6.4
58.6
2.6
106.2
4 7
149 1
4 0
178 9
30
192 8
57
189 0
30
160 6
2.6
124.4
2.1
99.1
26
56 9
3.9
39.3
3.5
53.7
2.9
83.5
42.4
33.7
4.7
3.9
1.3
2.5
2 4
1.7
65
3.2
60
17
2 7
2.8
6.1
3.1
1.5
2.7
6.0
3.1
9
3.7
.9
2.9
3.5
4.0
4.5
2.2
7.42
7.26
7.22
7 29
7.33
7.35
7 36
7.36
7.36
7.36
7.36
7.40
7.45
7.50
117, 281
57, 625
5.26
10,457
5,464
5.03
11,227
6,029
'5.01
10 840
5,921
4.90
10201
5,452
5.06
9 567
4 827
5.24
9 035
4,043
5.46
9 120
4,032
5.62
8 721
3,735
5.68
9,191
4,110
5.60
9,407
4,604
5.53
8,795
9,983
4,381 '5,008
5.45
5.35
10 261
5,360
••5.23
76.3
1, 610. 4
7.1
169.8
9.6
189.2
10.0
188.2
52
152.1
4 6
120 3
4.9
91.0
6.1
91.0
5.1
90.9
5.1
115.6
5.2
120.9
4.3
114.8
5.1
133.1
76
78.9
76
89.6
91
118 0
11 5
145 9
11 1
139 9
128 4
107 4
90 1
76 0
78.9
82
72 6
75
68.5
6 2
63.9
3.8
149.3
4 9
75.2
18 6
151.0
1.1
4.3
13
26 4
7
12 3
17
10 2
14
20 8
1i
22 8
66
8.1
1i
13.7
.4
15.3
g
3.5
1.3
8.9
1.6
13.9
2.3
19.4
.224
.227
231
231
231
232
234
235
.233
.234
235
.234
.235
235
1, 245. 4
1 267 4
109.6
86 2
92 2
99 1
114 4
83 2
84 8
108 3
127.2
18 4
33.4
91.9
95.6
1372.9
303.2
184.6
118.5
40.2
i 418. 2
17 8
.8
.7
2 5
.5
1
.i
277.1
177.7
99.4
.7
2.4
1.30
1.29
1.18
1.18
1.24
1.23
1.19
1.18
1.17
1 15
1.14
1.14
1.18
1.19
1.17
1.18
1.16
1.17
1.16
1.17
4, 760
i 4, 375
38.6
1.20
1.21
11, 046
5.16
GRAIN AND GRAIN PRODUCTS
Exports (barley corn oats rye, wheat)
mil bu
Barley:
Production (crop estimate)
___ __do
Stocks (domestic), end of period. .
do
On farms
do
Off farms
do
Exports, including malt§
do
Prices, wholesale (Minneapolis):
No. 2, malting
. $ per bu
No. 3, straight_
do
Corn:
Production (crop estimate, grain only)
mil. bu
1
2
g
137. 7
271 5
66. 1
5
11
18
442 7
291 6
151 1
4
1.24
1.25
1.19
1.18
1.06
1 07
1.04
1 05
1.19
1 20
46.7
60.7
2 1, 162
2782
2
380
50 2
40.8
54.1
59.9
3.1
16.5
3,011
2,194
817
49.8
1. 10
1.10
1.06
1.06
1.06
1.03
1.06
1.08
1.13
1.14
1.14
1.13
1.18
1.16
1.16
1.15
1.15
1.15
2
4,257
3,391
866
515.3
594.0
41.9
42.1
2 177
1 646
531
42 7
1.27
1.25
1. 11
1.11
1.13
1.11
1.17
1.14
1.13
1.15
Oats:
Production (crop estimate)
mil. bu
Stocks (domestic), end of period, total
do
On farms.
.
_ _ _ _
do
Off farms .
_ _ . . do
1789
653
549
104
i 930
Exports, including oatmeal
_ _ do
Price, wholesale, No. 2, white (Chicago)
$ per bu
3.75
Stocks (domestic), end of period, total .mil. bu
On farms
do
Off farms.
. _
do
Exports, including meal and
flour
_ do_ _
Prices, wholesale:
No. 3, yellow (Chicago)
_
$ per bu
Weighted avg., 5 markets, all grades
do
Rice:
Production (crop estimate)
mil. 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
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. Ib
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period.
mil. Ib
Exports
do
Price, wholesale, Nato, No. 2 (N.O.)
$ per Ib
Rye:
Production (crop estimate)
.mil. bu.
Stocks (domestic), end of period.
_ do
Price, wholesale, No. 2 ( Minneapolis).. $ per bu._
Wheat:
Production (crop estimate), total..
Spring wheat
Winter wheat
Distribution
.mil. bu.
do
do
do
9.4
11.6
3
.72
2273
2206
2
67
do
do
do
1.30
1.28
547
437
110
928
773
155
1.4
1.0
.5
.2
1.6
2.0
.7
.81
.82
.74
.67
.60
63
1.0
.4
.5
.4
.8
.9
.71
.58
.74
.75
.68
.69
189.4
2,020
1,376
206
188
122
119
83
63
91
80
54
28
170
76
371
69
115
58
215
170
221
179
272
289
286
214
225
235
254
312
142
106
88
69
79
110
286
315
312
298
229
245
197
6,675
4,544
7,086
4,774
141
434
62
410
88
299
126
248
1,182
305
1,732
372
1 584
481
749
519
339
347
139
212
146
188
153
214
313
423
1,875
4 066
.085
2,013
4 163
.087
988
469
.090
644
406
.090
417
300
090
272
235
.090
784
169
.087
1,547
342
.081
2 122
209
083
2 119
336
.083
2 013
361
.085
1,903
135
.085
1,812
263
.085
1,713
245
.085
1 509
492
124.2
27.8
1.19
i 23.2
1.13
1.14
18 0
1.12
1.10
1.09
31 7
1.12
1.17
1.17
1.20
1.20
1.21
19 9
1.23
1.23
U,522
1316
1 1, 207
1,365
i 1, 570
1342
i 1, 229
.69
i 105. 3
1,913
1,403
1.14
2
299
2
1,212
539
508
2230
704
2309
r
Revised.
i Crop estimate for the year.
2 Old'crop only; new crop not reported until
beginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).
3 Average
for 11 months.
Stocks (domestic), end of period, total
On farms. _
Off farms .
1.19
1.19
446
1,678
732
947
§ Excludes pearl barley.
1,112
462
650
9 Bags of 100 Ibs.
1.24
SURVEY OF CUEEENT BUSINESS
S-28
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Apr.
Annual
June 1969
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS-Con.
Wheat— Continued
Exports, total, including
Wheat only
flour
mil. bu
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu._
No. 2, hd. and dk. hd. winter (Kans. City). do
Weighted avg., 6 markets, all grades
do
675.6
637.1
642.1
587.8
64.8
58.0
42.2
39.1
48.3
45.6
51.1
48.0
50.2
46.5
30.4
25.2
42.6
37.9
50.7
44.0
66.3
60.3
14.7
13.9
16.5
15.1
40.7
37.4
53.3
48.8
1.92
1.68
1.88
1.79
1.52
1.77
1.84
1.57
1.83
1.81
1.55
1.78
1.77
1.48
1.70
1.74
1.42
1.62
1.68
1.41
1.62
1.72
1.42
1.73
1.79
1.49
1.83
1.79
1.54
1.83
1.72
1.50
1.78
1.78
1.52
1.82
1.81
1.48
1.83
1.79
1.52
1.81
1.77
1.53
1.78
254, 185
4,510
569, 649
20,025
355
44,492
19,985
351
44,374
19,687
352
44, 119
20,422
369
45,852
21,873
391
48,950
21, 533
379
48,042
23, 506
411
53, 606
22, 080
386
49, 523
21, 279
374
47, 667
20, 342
362
45, 888
4,638
23, 264
2,930
1,300
4,262
1,144
1,304
1,551
4,517
2,229
2,020
2,903
4,638
2,570
371
609
4,489
1,433
5.927
5.449
6.210
5. 938
5.888
5.350
5.775
5.267
5.775
5.350
5.788
5.288
5.913
5.375
5.925
5.463
5.950
5.513
5.925
5.463
5.888
5.400
5.838
5.375
5.863
5.350
332
2,286
883
384
302
2,541
740
386
257
2,367
794
291
288
2,609
1,015
468
311
2,648
957
708
323
2,540
1,123
1,153
373
2,813
1,381
1,488
344
2,416
1,077
1,259
364
337
2,380
2,676
921 2 1, 057
685
342
317
2,356
905
352
2,423
1,019
312
2,414
1,022
961
27.38
26.43
35.50
27.02
26.80
34.00
26.83
26.51
33.50
27.56
26.54
32.00
27.92
25.84
32.00
28.24
25.33
32.00
28.22
25.33
31.50
28.38
26.01
32.50
28.83
26.39
35.00
29.10
26.60
37.50
28.97
27.22
40.50
30.20
28.69
40. 50
30.98
30.28
33.76
32.40
6,483
1,431
6,407
1,355
5,125
1,130
5,454
1,221
5,942
1,186
6,348
1,319
7,410
1,612
6,571
1,388
6,619
1,410
6,814
2 1, 460
6,245
1,278
6,816
1,363
6,852
1,429
1,307
18.56
18.37
19.58
20.50
19.35
19.49
18.19
17.56
17.87
18.94
19.68
20.41
20.23
22.71
'19.5
18.0
18.3
17.5
18.7
839
183
192
32.25
Wheat flour:
Production:
245, 240
Flour
-_
thous sacks (100 Ib )
Offal
. __thous. sh. tons
4,423
Orindings of wheat
thous. bu
549, 801
Stocks held by mills, end of period
4,372
thous. sacks (lOOlb.)..
Exports
do
16, 535
Prices, wholesale:
Spring, standard patent (Minneapolis)
6.124
SperlOOlb..
Winter, hard, 95% patent (Kans. City) .-do
5.631
18, 974 ' 20,625
335
'364
42, 038 ' 46,121
1.78
1.48
1.73
20, 077
352
45, 014
2,096
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals. _
4,002
3,876
Cattle _ _do
29,592
27, 780
Receipts at 28 public markets
do
12, 659 i 11,699
Shipments, feeder, to 8 corn-belt States.
do
7,852
8, 219
Prices, wholesale:
Beef steers (Chicago)
$ per 100 Ib
25.97
27.65
Steers, stocker and feeder (Kansas City), .do
24.73
25.90
Calves, vealers (Natl. Stockyards, Ill.)__do
33.83
32.38
Hogs:
Slaughter (federally inspected). .^thous. animals.. 70, 915
74, 789
Receipts at 28 public markets
do
1 16,196 i 15, 932
Prices:
Wholesale, average, all grades (Chicago)
SperlOOlb..
18.88
18.79
Hog- corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
16.3
18.0
Sheep and lambs:
Slaughter (federally inspected).., thous. animals.. 11,516
10, 888
Receipts at 28 public markets
do
»3,603 i 2, 934
Shipments, feeder, to 8 corn-belt States
do
1,449
1,399
Price, wholesale, lambs, average (Chicago)
SperlOOlb.23.48
26.02
17.5
'16.8
"18.1
20.0
19.3
18.6
865
200
61
920
241
114
856
245
83
928
266
74
930
233
122
973
300
181
1,063
376
301
835
243
134
832
210
79
1,007
2214
70
768
179
815
176
26.50
29.50
29.00
26.25
25.25
25.25
25.62
26.12
25.00
26.50
27.50
29.25
30.75
16.8
17.0
17.2
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil. Ib
Stocks (excluding lard), cold storage, end of
period
mil. lbExports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, inspected slaughter. _ _.
do
Stocks, cold storage, end of period
do
Exports
do
Imports
.
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (New York)
$ per Ib..
Lamb and mutton:
Production, inspected slaughter. . ... mil. Ib
Stocks, cold storage, end of period
do
Pork (including lard), production, inspected
slaughter
mil ib
Pork (excluding lard) :
Production, inspected slaughter.
do
Stocks, cold storage, end of period
do
Exports
do
Imports. __
_.
do
Prices, wholesale:
Hams, smoked, composite
$perlb..
Fresh loins, 8-12 Ib. average (New York) do
Lard:
Production, inspected slaughter
mil. lb_.
Stocks, dry and cold storage, end of period. .do
Exports
do
Price, wholesale, refined (Chicago)
$ per ib-_
32, 718
* 2, 689
2,855
2,482
2,661
2,738
2,738
3,132
2,770
2,760
2,965
2,628
2,765
2,788
644
484
1,397
625
508
1,594
662
37
123
673
34
109
615
32
150
548
34
151
506
45
148
517
55
171
572
48
147
614
62
144
625
54
97
597
29
65
601
35
88
617
57
198
'678
54
149
17, 252
286
34
!967
18, 274
304
29
1,129
' 1,433
224
2
84
1,587
203
3
69
1,464
207
2
105
1, 592
222
2
113
1,608
239
3
113
1,536
249
2
129
1,714
273
2
111
1,489
304
3
107
1,475
304
2
63
1,658
288
2
51
1,461
278
2
59
1,490
283
3
140
1,492
'275
2
99
252
.451
.473
.469
.475
.472
.477
.477
.477
.466
.471
.484
.492
.484
.496
.514
.556
574
15
545
14
44
12
46
12
41
12
45
12
45
11
47
12
53
13
42
15
43
14
52
10
40
9
43
12
43
'17
16
13, 280
13, 898
1,211
1,222
977
1,024
1,084
1,154
1,365
1,239
1,242
1,254
1,127
1,233
1,253
10, 750
286
56
307
11,330
256
92
324
985
355
3
28
986
387
3
29
786
326
3
29
830
245
4
27
881
196
11
24
943
197
11
30
1,114
222
14
24
1,014
237
18
25
1,022
256
15
26
1,033
251
14
10
938
264
16
21
1,026
270
12
39
1,042
'324
10
33
.544
.515
.537
.509
.517
.472
.516
.475
.522
.550
.544
.569
.545
.515
.543
.539
.546
.484
.567
.481
.595
.484
.547
.531
.517
.507
.559
.476
.495
1,835
151
189
.126
1,862
94
172
.112
164
132
16
.115
172
139
8
.110
140
130
12
.104
140
121
10
.108
146
105
16
.105
154
94
16
.105
182
89
14
.114
164
78
20
.123
160
94
12
.116
160
92
12
.130
138
97
14
.133
149
'92
29
.144
152
92
11
620
694
671
805
880
858
984
803
764
726
567
631
661
351
225
312
194
296
185
332
226
413
305
492
386
607
504
486
386
417
317
394
294
351
255
287
201
'239
155
.135
.135
.140
31, 106
POULTRY AND EGGS
Poultry:
Slaughter (commercial production) _. mil. Ib
9,218
8,915
Stocks, cold storage (frozen), end of period, total
mil. lb..
540
417
m
Turkeys
do
367
317
Price, in Georgia producing area, live broilers
$ perlb..
.122
.132
T
Revised.
1
Annual total reflects revisions not distributed to 1 montl ily data.
,he
630
300
.572
209
126
.145
.135
.145
,140
.135
.115
.125
.130
.120
.135
2 Be ginning Jran. 1969 data are for 38 ]markets; compara ble Dec. 1968 rect;ipts: Ca ttle and
calves 1,085; h()gs 1,461; sheep arid lambs 213.
.145
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1957
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Apr.
Annual
S-29
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
mil. casesO..
Stocks ,cold storage, end of period:
Shell
thous cases O
Frozen
_
mil Ib
Price, wholesale, extras, large (delivered; Chicago)
$per doz._
194.9
192.6
16.6
••16.9
15.9
16.1
15.7
15.1
15.8
15.4
15.9
15.9
14.7
16.6
16.3
16.9
86
89
59
72
102
86
191
95
287
108
262
110
229
109
150
102
172
92
91
82
59
72
56
61
71
56
52
52
'173
'50
233
53
.298
1.372
.303
.287
.332
.369
.390
.501
.399
.437
.480
.485
.413
.445
.404
.334
282.6
.288
228.2
.344
25.7
.313
27.9
.296
21.8
.289
18.6
.291
15.3
.300
12.9
.363
10.8
.394
10.0
.465
17.4
.505
2.0
.433
23.4
•-.436
27.2
.460
14.3
.455
.443
2,311
21,291
5,076
21, 165
21,312
6,069
.384
1,645
25, 377
8,318
.376
1,703
2,398
766
.375
126
1,956
559
.380
113
1,641
567
.378
107
2,481
726
.378
97
2,397
773
.378
127
2,322
839
.375
194
1.687
552
.378
188
2,132
740
.378
172
1,945
699
.375
139
363
135
.375
146
1,111
345
.375
156
2,015
654
.383
151
2,195
643
...mil. lb_.
253
285
176
181
188
235
258
275
288
287
285
248
219
rl93
'188
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
4,106
6,391
1,958
4,396
6,663
1,696
115
154
152
105
218
199
65
418
170
72
714
184
90
788
184
158
532
92
793
570
215
1,066
439
128
1,008
252
76
690
2,034
35
381
46
46
70
98
99
174
145
do
do
do
10, 516
10,245
2,873
11, 098
10, 932
2,954
834
821
2,523
943
931
2,323
952
940
2,092
1,028
1,008
1,817
1,117
1,102
1,533
1,029
1,013
1,249
932
921
1,723
821
809
2,467
1,087
1,077
2,954
704
692
3,151
..sh. tons..
1,468
1,320
120
89
65
94
165
120
62
118
66
94
102
76
163
4,584
2 1, 134
97
4,879
1,075
117
440
109
3
494
174
26
457
253
8
475
104
2
541
161
4
444
9
2
452
33
1
290
32
48
431
96
13
45
0
1
264
96
(3)
371
91
22
486
140
1
.073
.075
.074
.075
.076
.076
.076
.076
.077
.076
.076
.077
.077
.078
.078
.638
.102
.630
.103
.628
.103
.630
.103
.631
.103
.629
14, 825
16, 785
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons..
Price, wholesale, Accra (New York)
$ per lb._
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
.
thous. bagsd"-Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)~$ per lb._
Confectionery, manufacturers' sales..
mil. $..
Fish:
Stocks, cold storage, end of period
Deliveries, total 9
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Haw sugar, total 9
From the Philippines
Refined sugar total
_
thous sh tons
do
do
Prices (New York):
Raw, wholesale
-.$perlb_.
Refined:
Retail (incl. N.E. New Jersey) ...-$ per 5 lb._
Wholesale (excl. excise tax)
.$ per lb._
Tea, imports
3,249
5,370
5,076
5,603
5, 205
4,921
3 286
4 954
133
191
919
620
903
611
3,146 ••2,737 ' 2, 722
.620
.099
.624
.101
.614
.099
.615
.099
.622
.102
.624
.103
.635
.102
.635
.102
.636
.102
thous. lb_. 142, 583
155, 335
13, 121
15, 800
13, 734
11, 440
16,354
14, 766
7,677
12, 279
15,633
1,859
4,046
3,225.7
139.2
3, 311. 9
142.7
258.4
130.7
273.6
133.8
258.4
130.3
238.9
124.3
297.7
136.2
292.4
125.4
317.0
134.7
296.6
119.2
275.3
142.7
286.4
127.3
2,922.1
79.5
2, 995. 9
79.4
239.1
76.0
271.2
79.7
291.5
83.1
230.1
69.6
245.0
73.2
239.4
64.9
261.5
69.7
230.8
74.8
234.6
79.4
241.5
84.8
215.9
76.4
' 248. 9
2, 114. 1 2, 140. 9
59.9
49.1
170.8
62.3
161.5
58.0
160.9
62.2
162.3
52.6
168.0
52.8
168.0
50.1
199.7
56.3
179.6
45.8
196.6
49.1
214.9
51.2
175.3
60.2
' 181. 0
.077
272.3 ' 291. 3 268.0
133.4 ' 132. 7 142.7
Baking or frying fats (incl. shortening) :
Production
mil Ib
Stocks, end of period©
do
Salad or cooking oils:
Production
do
Stocks end of period©
do
Margarine:
Production
do
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
large retailer* delivered)
$ per Ib
4
'80.0
56.1
259.6
75.5
169.8
59.5
.257
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
577.8
525.1
73.2
539.1
517.3
49.6
41.0
42.8
76.0
49.5
42.5
72.5
44.4
40.6
69.8
41.8
40.5
59.6
44.9
53.2
47.5
44.5
47.2
39.3
48.1
45.1
40.9
45.5
46.3
42.7
40.6
34.6
49.6
46.2
39.7
50.1
45.8
43.3
54.0
'44.0
49.0
••44.2
do
do...
do
4, 753. 0
2,402.4
424.6
4, 745. 2
2, 478. 0
358.5
379.4
198.7
428.1
426.1
225.3
440.1
398.1
214.1
407.1
398.5
205.0
420.3
397.5
210.1
400.0
390.2
211.7
376.9
431.9
223.0
386.7
377.1
193.8
376.0
362.0
192.0
358.5
409.1
217.6
421.6
378.2 ' 380. 1 386.2
205.0 ' 215. 7 227.3
425.1 ' 419. 1 335.4
do...
do.._
do
118.4
73.0
146.3
170.8
69.9
155.8
4.0
6.3
113.1
10.8
6.5
119.7
21.0
5.7
145.8
36.2
6.5
163.0
30.9
5.5
177.8
26.3
5.8
188.3
20.4
5.2
178.8
12.1
5.5
159.2
6.5
4.6
155.8
.9
4.9
155.4
.9
6.4
122.5
30.9
41.9
54.2
145.2
40.5
34.9
51.4
61.1
152.8
16.1
34.0
44.1
57.2
130.2
30.7
27.5
48.1
65.6
132.9
41.0
41.7
44.9
61.5
172.0
17.5
32.4
34.2
54.1
197.1
14.6
31.3
45.2
58.6
187.6
152.3
31.4
38.8
45.6
46.1
63.8
59.9
179.1 ' 184. 9
10.3
40.1
FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats:A
Tallow, edible:
Consumption in end products
Stocks, end of period f
Tallow and grease (except wool), inedible:
Production (Quantities rendered)
Consumption in end products
___
Stocks, end of period 1
Fish and marine mammal oils:
Production
Consumption in end products
Stocks end of period 1
do
do
Vegetable oils and related products:
Coconut oil:
37.7
392.1
39.9
41.1
2 350. 5
Production* Crude
mil Ib
46.0
44.3
565.1
48.2
548.7
Refined
do
67.9
57.8
730.7
766.1
68.9
Consumption in end products
do.._
129.0
133.6
197.1
95.9
108.8
Stocks, crude and ref., end of period 1f
do...
35.7
34.2
2 523. 0
442.8
16.9
Imports
do
Corn oil:
38.8
39.0
40.7
452.8
444.0
Production* Crude
do
37.8
34.3
429.6
35.2
418.1
Refined
do...
36.5
35.6
37.3
439.6
420.6
Consumption in end products
do...
49.2
40.5
50.1
37.7
44.9
Stocks, crude and ref., end of period H
do.-.
' Revised.
*> Preliminary.
1
Beginning January 1968, data are not comparable with those for earlier periods; prices are
based on minimum 80 percent A quality (instead of 60-79.9 percent as formerly). 2 Annual
3
total reflects revisions not distributed to the monthly data.
Less than 500 short tons.
4
Beginning July 1967, prices based on 1967 benchmark; 1967 average is for July-Dec, period.
July 1967 price on old basis, $0.631.
.6
6.9
rill.2
41.4
42.5
46.2
5.4
6.8
93.3
30.5
51.4
64.0
153.3
19.2
40.0
38.0
36.1 ••39.5
34.4
39.5
33.4
41.4
37.8
36.6
33.4
38.8
33.8
31.9
36.3
31.8
38.8
33.6
38.3
35.2
33.7
34.1
31.3 ••36.6
33.5
40.2
39.5
36.2
37.4
40.9
66.8
41.1
49.8 '54.7
39.0
40.5
43.3
51.2
39.7
43.5
OCases of 30 dozen.
c^Bags of 132.276 Ib.
§ Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
! 1968
1968
Apr.
Annual
June 1969
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
Production
thous. sh. tons..
Stocks (at oil mills) , end of period
do
Cottonseed oil:
Production: Crude
mil. lb_.
Refined
do
Consumption in end products
._
do _ _ _
Stocks, crude and refined (factory and warehouse), end of period
__mil. Ib
Exports (crude and refined)
do
Price wholesale (drums' N Y )
$ per Ib
1, 564. 7
146.7
1, 574. 8
135.1
107.8
192.4
73.8
200.5
47.8
188.9
39.1
158.0
33.5
127.4
54.5
107.6
231.5
130.7
240.3
145.4
246.7
135.1
255.3
141.2
215.9
167.5
1,108.3
1, 050. 8
1, 010. 5
1, 115. 1
1,001.5,
909.6
76.1
77.7
81.0
52.6
71.4
91.0
35.5
50.3
87.1
27.4
34.4
62.4
22.9
29.4
63.0
39.6
30.0
59.2
162.6
99.3
76.9
167.7
124.8
68.9
173.7
125.4
70.3
186.2
144.3
70.3
155.8
130.4
66.1
252.1
!72. 1
2
.154
272.7
61.7
.163
311.7
262.9
201.4
118.7
98.7
153.2
213.5
12.0
272.7
.185
5.4
183
158.3
.160
140
9.5
140
370.6
209.8
306.6
195.6
23.4
17.3
24.3
17.9
23.2
18.3
17.2
213.3
.129
157.2
.127
216.2
.132
205.0
.132
200.9
.132
179.2
.132
1,028.9 1, 128. 2
150.8
123.8
1,098 9
151.6
Linseed oil:
Production, crude (raw)
mil. lb__
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. Ib
Price, wholesale (Minneapolis) . _ _ $ per Ib
Soybean cake and meal:
Production
thous sh tons
Stocks (at oil mills), end of period
do
Soybean oil:
Production: Crude
-_
mil Ib
Refined ~_
do .__
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
_mil. lb-_
Exports (crude and refined)
do
Price, wholesale (refined; N.Y.)
$ per Ib
TOBACCO
Leaf:
Production (crop estimate)
mil. Ib
Stocks, dealers' and manufacturers' end of period
mil Ib
Exports, incl scrap and stems
thous. Ib
Imports incl scrap and stems
do
Manufactured:
C onsum pt ion (with drawals) :
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) , taxable
Exports, cigarettes
__
millions
do
do
do
13,359.2 13, 468. 4
149.2
199.8
8.4
.8
7.4
184
3.3
.175
3.9
134
22.0
17.3
31.6
16.8
35.4
17.3
29.9
14.1
163.6
.126
162.2
.119
164 7
.119
168 6
.119
1,102.1 1 022.7
136.0
100.5
893 4
95.4
9.9
.8
193
' 201. 0 ' 174. 9
163.5 ' 192. 5
' 145. 6
119. 8
66.0
T
126.7
110.2
74.9
' 345. 5 r 377. 2 ' 430. 0 480.6
2.6
19.5
9.5
20 7
140
140
25.0
11.9
30.4
13.3
26.4
15.1
157 2
.119
152.8
. 119
140
24.8
16.9
26.5
17 0
158 1 ' 164. 2
.119
.119
156.4
r
1 2573 1 281 4 1 207 1 1 139.9 1 033 1»1 260 4 rl 163.4 1,244.0
161.3
149 2
174.4
111.5
112 5
170 5 r 150. 7 r 151. 6
6,149. 9
5, 072. 8
5, 202. 7
6, 149. 6
5, 227. 9
5, 401. 6
472.8
424.2
428.0
520.5
447.1
448. 1
507.5
425.2
457 0
507.6
392.6
413.3
477.6
427. 1
444 9
408.6
444.4
457 0
578.8
446.7
496 0
584 1
439.5
442 1
544 6
462.4
467 8
524.2
460.1
489 0
474 6
448.3
429 3
r
r
578 5
506. 4
478 8
537.1
480.5
464.4
663.2
912. 3
.120
588.6
823.4
.103
747.0
41.4
.106
745.6
48.0
.107
705.0
119 2
.098
743.2
46.2
.092
695. 7
29.7
.092
539.9
124 2
.093
541.4
67.2
.092
562.6
56 4
.099
588.6
111.5
.099
525.8
58 9
517.7
19 i
-•611.0
18.6
.106
598.1
71.3
106
36, 934
22, 830
43, 727
16, 680
4 858
45 614
17 824
43, 696
18 427
63, 939
18 335
4 937
73, 366
16 656
38 781
18 990
71 322
13 874
5 179
63 643
15 215
8 144
20 490
4 224
12 776
5 005
42, 410
16 870
39, 586
17 092
3,954
40,015
4 923
47, 305
4 659
43,407
4 788
44,093
5 243
48, 947
5 470
44, 159
4 478
50 083
4 350
40 654
4 312
35 161
3 122
45 580
3 009
41 538
3 820
40 138
3 590
40. 221
1 579
2 089
2 589
484
705
1 525
2 136
701,7
8 852
11 220
13, 616
1 044
1 300
6 300
1 195
11 200
5 951
1
3
1, 968
3
106
r
1, 716
5,486
571, 559
1 197, 109
5,179
5Q8, 916
217 708
48, 971
527, 800
6,846
23, 652
53 846
523 007
6, 759
26 510
569
2,298
641
2,244
535
2 455
532
1,810
616
558
3,088
3 329
682
602
400
498
536
552
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9._
thous. $
Calf and kip skins
thous skins
Cattle hides
thous hides
Imports:
Value total 9
Sheep and lamb skins
Goat and kid skins
thous $
thous pieces
do
Prices, wholesale, f.o.b. shipping point:
Calfskins packer, heavy 9H/15 Ib
Hides steer, heavy native over 53 Ib
$ per Ib
do
127, 893
2 626
11 987
128 679
2 212
12 636
9 644
61 300
36 044
7 109
78 400
30 912
5 203
460
120
555
112
LEATHER
Production:
Calf and whole kip
thous skins
Cattle hide and side kip
thous hides and kips
Goat and kid
thous skins
Sheep and lamb
_ _ _
do
4 008
4 247
23 394 r 24 033
8 456
6 764
28, 375
3l'413
Exports:
Upper and lining leather
71 769
thous sq ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index 1957-59 — 100
Upper, chrome calf, B and C grades
index, 1957-59-100
__
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt. ..index, 1957-59=100
Women's oxfords, elk side upper, Goodyear
welt
index 1957-59—100
Wompn's pumps, low-medium quality do
238
9 281
212
11 724
10 937
13 737
13 456
10 721
8 983
1 302
1 180
1 235
1 185
1 153
79
975
100
897
7 200
3 469
5 900
2 214
5 200
1 475
2 000
4 200
330
915
369
3 300
295
6 300
2 359
3 700
352
550
108
575
110
625
114
625
118
8 753
1 022
1 018
190
816
8 200
3 349
8 700
3 659
7 300
3 034
480
113
500
123
550
113
572
398
2 073
547
419
436
2 181
536
483
392
2 002
466
359
111
390
130
344
306
163
320
158
124
658
274
693
73
617
178
625
121
625
123
650
128
550
122
325
299
1 616
2 094
1 895
2 201
1 911 T 1 910
442
496
573
700
678
571
226
763
228
683
650
135
312
2 004
356
293
r 1 g82
527
1 955
1 986
584
322
450
500
2,910
2,554
2,225
2,821
2,560
2,651
2 443
2,325
2,335
2,183
2 189
2,330
77 266
8 746
6 733
5 619
4 249
5 777
5 220
6 078
7 853
5 158
3 623
3 090
8 239
7 330
97 7
95 1
90 5
98 0
98 0
95 0
95 0
96 5
96 5
96 5
104 0
104 0
104 0
104 0
92 4
91 7
88.8
88 4
88 8
94 2
94.2
95 9
95 9
95 9
94 5
98.2
94 9
94.2
645 942
56 075
56 299
49 924
48 136
57, 460
51 228
59 385
49490
47 564
53 224
48 651
52 847
529,461
106 902
7 524
2 055
45,664
9 535
45, 601
9 875
40, 281
8 809
40,504
7 07?
46, 710
9,933
41,387
9 057
47, 459
11 057
39,356
9 316
39,935
6 859
45, 033 '40 086
7 428 r 7 846
43, 441
8 559
2,217
2 884
232
185
122.9
129.7
128.7
113 1
125 9
118 7
134 4
120 0
133.2
' Revised.
1 Annual total reflects revisions not distributed to the monthly data.
2
3
Average for 11 months.
Crop estimate for the year.
10 152
2,807
LEATHER MANUFACTURES
Shoes and slippers:
Production, total t
thous pairs
599, 964
Shoes, sandals, and play shoes, except athletic \
495, 380
thous pairs
SlippersJ
do
95 620
Athletic t
do
6,949
2,015
Other footwear t
do
Exports
289
902
683
193
428
132
641
176
165
156
193
128.7
128.7
128.7
120 0
132.9
120 0
133.1
120 0
133.0
619
204
641
193
697
172
663
155
737
213
195
128.7
131.3
134.2
120.0
132.9
120.0
135.5
120.0
138.0
626
158
152.7
219.3
642
128
r
636
127
r 576
r 143
691
156
242
143
132
232
135.4
135.4
135.4
135.4
131.2
120.0
138.0
120 0
138.0
121. 5
137.9
124.4
138. 0
124 4
138.1
9 Includes data for items not shown separately.
t Revisions for Jan. 1965-July 1967 will be shown later.
217
SURVEY OF CUERENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1969
1968
Apr.
Annual
S-31
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES
National Forest Products Association:
Production total
mil bd ft
Hardwoods
do
Softwoods
do
Shipments, total
Hardwoods __
Softwoods
do
. _ do
do
_
Stocks (gross), mill, end of period, total
do
Hardwoods
_
do
Softwoods
_
__ do_ _
Exports, total sawmill products.
Imports, total sawmill products
___
do
do
35, 275
7,401
27,874
'37, 094
r
6, 960
30, 134
3,278
602
2,676
3,281
596
2,685
3,108
630
2,478
3,140
592
2,548
'3, 221
'621
2,600
'3, 193
'592
2,601
'3,381
••622
2,759
'2, 981
'625
2,356
'2,818
'514
2,304
2,937
581
2,356
2,993
586
2,407
3,314
622
2,692
3,415
612
2,803
35, 777
7,603
28, 174
'38, 052
'7, 762
30,290
3,414
686
2,728
3,426
666
2,760
3,196
654
2,542
3,253
608
2,645
'3, 322
'631
2,691
'3, 205
'648
2,557
'3, 454
'657
2,797
'3, 056
'702
2,354
'2, 794
'582
2,212
2,976
694
2,282
3,051
719
2,332
3,343
766
2,577
3,331
674
2,657
5,744
1,377
4,367
5,086
914
4,172
5,504
1,115
4,389
5,380
1,051
4,329
5,322
1,041
4,281
5,279
1,038
4,241
5,194
1,034
4,160
5,196
995
4,201
5,094
975
4,119
5, 030
934
4,096
5,086
914
4,172
5,113
879
4,234
5,118
824
4,294
5,162
748
4,414
5,246
703
4,543
1,112
4,987
1,143
6,087
110
476
104
439
81
517
100
610
94
560
81
526
90
685
82
519
84
524
72
353
73
490
73
724
103
664
8,222
579
9,047
822
758
727
724
651
858
734
795
752
666
645
790
742
726
662
674
657
755
822
755
898
530
809
668
818
696
704
8,046
8,129
957
8,802
8,804
955
801
786
1,059
799
800
1,058
747
775
1,030
716
777
969
723
773
919
721
693
947
774
806
915
671
679
907
638
590
955
663
679
956
664
619
1,001
775
659
1,118
846
810
1,147
388
113
275
403
102
301
43
10
33
34
9
25
31
7
24
36
10
26
32
8
24
29
6
23
31
7
24
27
6
21
33
6
27
24
8
16
32
8
24
22
4
18
31
10
21
SOFTWOODS
Douglas fir:
Orders new
Orders, unfilled, end of period
mil bd ft
do
Production
Shipments
Stocks (gross), mill, end of period
do
do
do
Exports, total sawmill products
Sawed timber. _
.
_
Boards, planks, scantlings, etc
do
do
do _
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$per M bd. ft__
Flooring, C and better, F. G., 1" x 4", R. L.
$perM bd. ft_.
Southern pine:
Orders, new
Orders, unfilled, end of period
mil. bd ft
do
Production..
do
Shipments
_ _
do
Stocks (gross), mill and concentration yards, end
of period
_ _
mil. bd. ft
85.54
107. 85
103. 56
103. 84
104. 66
108. 46
111.01
112. 36
113. 06
113. 06
123. 98
130. 11
137. 49
147. 11
169. 99
166. 36
164. 71
163. 31
163. 31
163.31
163. 31
165. 94
169. 33
169. 33
175. 42
179. 83
195. 55
208. 29
6,381
307
7,145
422
620
388
598
356
562
368
596
375
596
367
621
390
647
369
629
391
589
422
648
408
724
487
722
505
579
415
6,415
6,348
6,870
7,030
575
590
591
630
548
550
590
589
579
604
559
598
645
668
596
607
579
558
681
662
634
645
670
704
701
669
1,297
1,137
1,254
1,215
1,213
1,214
1,189
1,150
1,127
1,116
1,137
1,156
1,145
1,111
1,143
M bd. ft._
87, 436
90,477
6,716
9,658
6,529
7,649
7,538
7,790
5,536
5,222
10, 772
621
1,524
9,367
7,699
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1957-59=100..
Flooring, B and better, F. G., I" x 4", S. L.
1957-59=100.-
103.5
119.0
116.0
117.7
118.6
119.5
120.8
121.8
123.5
126.3
129.5
134.0
139.9
148.4
106.0
113.0
111.6
112.7
112.7
113.7
114.5
114.7
114.8
115.5
116.6
121.0
125.6
128.9
10, 531
557
10,881
539
1,040
666
920
582
939
624
994
640
946
608
985
616
1,006
615
789
600
757
539
748
616
731
564
864
530
769
452
10, 180
10, 401
10, 851
10,900
968
1,016
983
1,004
888
897
955
978
988
978
1,015
977
1,003
1,008
804
804
812
818
702
671
807
783
922
899
908
847
1,445
1,396
1,412
1,391
1,382
1,359
1,369
1,407
1,402
1,402
1,396
1,426
1,450
1,473
1,534
71.95
87.72
87.26
92.16
88.72
87.67
89.03
89.99
94.11
98.64
106. 49
115. 76
129. 86
145. 12
547.0
20.1
496.5
23.9
39.2
25.8
41.2
21.4
34.4
18.9
39.2
19.1
45.1
20.7
47.0
25.6
45.3
26.1
36.2
25.7
32.1
23.9
38.6
25.8
34.1
24.6
31.2
21.8
27.4
17.5
551.2
552.2
57.9
459.3
485.1
23.5
41.6
40.5
52.4
43.4
44.3
51.0
38.2
37.2
49.2
33.4
38.2
44.0
38.3
43.0
38.5
34.6
40.5
30.5
41.4
44.8
27.1
34.4
36.1
25.3
31.4
33.0
23.5
38.6
36.7
25.4
32.6
33.3
25.4
33.9
34.0
25.3
35.4
32.9
27.8
Exports, total sawmill products
Western pine:
Orders, new
_.
Orders, unfilled, end of period
Production
Shipments
mil. bd. ft
_do
_ _ _ _ _ _
do
do
Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd ft
HARDWOOD FLOORING
Oak:
Orders, new.
Orders, unfilled, end of period
mil bd ft
do
Production
_
Shipments
Stocks (gross), mill, end of period
do
do
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
_ _ thous. sh. tons
Scrap .
do
Pig iron
...
do
Imports:
Steel mill products
Scrap
Pig iron
1,685
7,635
7
2,170
6,572
11
137
420
1
132
502
1
120
501
1
142
479
1
176
624
1
269
764
1
207
539
1
306
801
2
327
576
1
132
282
1
173
233
0)
441
529
1
349
754
2
11,455
286
2631
17, 960
327
799
1,480
30
31
1,770
36
63
1,507
31
71
1,505
30
81
2,138
16
92
1,698
17
124
1,485
24
99
1,550
19
72
1.425
38
73
510
24
8
568
25
6
876
31
22
1,505
40
22
thous. sh. tons._ 52, 312
do
2 32, 654
do
85, 361
do
7,793
2 53, 284
2
39, 228
2
86, 766
7,868
5,009
3,568
8,024
7, 889
5,259
3,746
8,342
8,113
4.785
3,411
7,577
8,225
4,730
3,022
7,128
8,385
3,830
2,560
5,934
8,414
3,506
2,641
5,787
8,340
3,905
3,105
6,610
8,288
3,823
3,044
6,723
7,987
3,998
3,248
6,892
7,868
25.06
27.10
26.30
28.50
24.48
26.00
22.85
24.00
22.59
24.00
22.40
24.00
23.01
25.00
22.74
25.00
24.00
25.00
23.79
26.00
25.83
29.00
27.35
29.00
26.38
28.00
do
do
do
_
Iron and Steel Scrap
Production
Receipts
Consumption
_ _
Stocks, consumers', end of period
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton
Pittsburgh district
do
3 27. 51
27.00
2
' Revised.
" Preliminary.
1 Less than 500 tons.
Annual total reflects revisions
3
not distributed to the monthly data.
For Feb.-Dec. 1967.
May
SURVEY OF CUKRENT BUSINESS
S-32
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1969
1968
| 1968
Annual
June 1969
Apr.
May
June
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
do
do
1 84, 179
1 83,016
i 44, 627
85, 860
83, 411
43, 941
6,697
6,881
2,859
9,492
11,210
5,243
9,582
11, 075
4,650
9,459
11,737
4,591
9,098
10,411
4,555
8,514
8,760
5,082
6,918
8,418
4,742
5,255
5,929
3,114
4,898
2,836
2,958
5,230
2220
1,402
4,967
2,043
1,673
5,884
2,456
1, 521
2,856
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
119, 435
118, 982
5,944
118, 581
120, 449
8,787
11,457
625
15, 437
11, 770
570
15, 189
11, 152
458
15, 325
11,012
500
13, 915
8,519
493
12,904
7,343
593
12,200
7,798
698
7,737
8,358
522
5,799
9,483
426
3,380
10, 145
306
3,291
9,881
328
4,602
11,144
162
7,281
11, 013
436
71,649 '54, 352
22, 586
30, 159
2,797
1,607
56, 113
20, 866
33, 798
1,449
58, 708
19, 374
37,880
1,454
61, 054
17,095
42, 195
1,764
65, 413
15, 782
47, 591
2,040
71, 113
15, 536
53, 153
2,424
74, 491
14, 230
57, 554
2,707
73, 296
13, 556
56, 934
2,806
71, 649
15, 620
53, 232
2,797
67,838
18,801
46, 534
2,503
63, 694
21, 725
39, 950
2,019
60, 000
25, 153
33,416
1,431
29,683
977
953
82
72
68
61
92
103
28
52
83
92
40
60
126
88, 780
89, 890
8,443
8,568
8,706
8,650
8,244
8,220
8,021
7,957
6,333
6,376
5,481
5,666
5,916
6,039
6,218
6,288
7,020
7,042
7,296
7,225
8,196
8,150
8,414
2,340
2,439
2,514
2,549
2,641
2,644
2,584
2,456
2,386
2,340
62.70
63.00
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
62 70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
923
15, 071
8,747
1,026
1,352
802
1,031
1,455
835
986
1,291
774
965
1,144
703
909
1,184
723
899
1,223
747
886
1,307
768
875
1,187
675
923
1,099
607
1,021 ' 1, 019 1,039
1,255 ' 1, 288 1,418
780
676
'718
137
1,102
588
117
94
50
112
102
55
113
91
48
120
79
44
122
79
46
131
88
49
116
102
56
130
93
46
137
107
51
138
111
56
142
118
64
181
145
77
12,450
155.9
12,700
153. 9
11,906
149.1
11, 452
138.8
8,956
108.6
8,086
101.3
9,006
109.2
9,590
120.1
10, 421
126.3
11, 083
134.3
10, 915
146.5
12,400
150.3
12, 143
152.1
12,356
149.8
300
153
125
283
155
125
262
144
118
280
129
109
279
129
109
289
135
116
331
141
119
347
132
112
371
143
123
392
153
132
'432
'163
'138
433
172
145
9,035
9,718
9,492
10, 368
5,263
5,215
6,316
6,007
6,320
7,280
7,092
8,199
8,269
514
532
709
165
494
533
734
156
1,216
776
263
167
1,017
286
576
3,185
968
1,419
1,304
795
320
178
930
303
553
3,263
1,034
1,448
Shipments from mines
Imports
Stocks total end of period
At mines
At furnace yards
At U.S. docks
_
Manganese (mn. content), general imports
do
do
do
do
71,238
13, 130
do
5,937
1,086
55, 121
2,987
15, 620
53, 232
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons__ 1 86,984
Consumption
do
87,371
Stocks (consumers' and suppliers'), end of period
thous. sh. tons__
2,842
Prices:
Composite
$ per Ig. ton-62.70
Basic (furnace)
do
63.00
Foundry No 2 Northern
do
63.50
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons^913
Shipments total
do
14, 329
For sale
do
8,128
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons, .
120
Shipments total
do
1,041
For sale
do
614
3 63. 50
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh tons 1127,213 1131,462
Index
daily average 1957-59=100__
i 135. 0
131.0
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons__
371
293
Shipments total
do
1,731
1,857
For sale total
do
1,437
1,556
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons_.
By product:
Semifinished products
do
Structural shapes (heavy) steel piling
do
Plates
do
Rails and accessories
do
1
Rail transportation
Machinery, industrial equip., tools
Containers packaging ship materials
Other
do
do
do
do
do
do
do
do
Steel mill products, inventories, end of period:
Consumers' (manufacturers only) _ _ mil. sh. tons_.
Receipts during period
do
Consumption during period
do
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars, pipe, etc.) .do
4,821
6,149
8,401
1,462
439
586
840
140
439
648
882
152
433
627
858
138
530
671
926
165
254
370
513
63
291
385
457
72
350
438
540
110
479
428
523
99
497
421
544
118
458
458
628
131
453
462
623
142
13, 053
7,961
13, 660
1,733
3,241
1,815
10, 078
1,303
842
279
173
1,175
345
654
3,552
986
1,667
1,443
919
333
181
1,113
358
842
3,842
1,093
1,778
1,348
875
288
177
1,077
343
882
3,786
1,089
1,726
1,521
963
376
173
1,113
361
960
4,121
1,264
1,830
887
477
279
123
666
205
320
1,984
616
787
818
444
251
116
520
210
544
1,919
530
789
965
551
267
137
600
252
770
2,293
685
943
937
559
239
131
626
239
334
2,343
723
985
904
547
221
126
657
222
310
2,649
941
1,054
1,096
699
222
166
749
249
504
3,006
897
1,379
1,052
678
213
152
732
239
497
2,892
914
1,294
4,061
6,133
7,948
1,434
Bars and tool steel, total
do
Bars* Hot rolled (incl light shapes)
do
Reinforcing
do
Cold
finished
do
Pipe and tubing
do
Wire and wire products
do
Tin mill products
do
Sheets and strip (incl. electrical), total.. _ do. _..
Sheets: Hot rolled
do
Cold rolled
do
By market (quarterly shipments) :
Service centers and distributors
Construction, incl maintenance
Contractors' products
Automotive
83, 897 i 91, 856
8,497
3,249
8,969
3,133
6,591
32, 574
9,312
14, 709
i 14, 863
i 111,375
1
4, 582
16, 488
1
3, 225
i 4, 994
i 7, 255
i 21,115
3,393
7,267
36, 624
10, 782
16, 336
16, 099
12, 195
4, 922
* 19, 269
4,811
3,849
1,570
6,108
3,748
3,030
1,171
3,962
3,283
2,279
953
3,642
4,021
2,720
1,142
4,828
21,564
2 1, 071
2414
2 1, 597
!3,048
898
1 730
2,594
6,685
593
1,174
1,949
7,168
707
1,028
1,493
5, 259
916
1,401
1,741
5,783
2346
2529
2619
2 2, 129
1
1
1
1
1
5, 469
7, 902
i 22, 952
11.4
6.7
5.8
12.2
7.2
6.4
9.1
62.5
63.5
10.5
70.1
68.7
5.6
6.3
6.0
5.8
12.5
9.6
9.9
9.0
11.5
10.1
10.6
10.0
13.1
6.9
6.0
15.0
7.0
5.1
5.7
5.9
9.1
7.0
6.3
5.9
'5.6
"5.6
9.9
9.0
10.1
9.2
10.1
9.5
10.3
9.5
.0872
.0928
.0928
10.5
4.8
5.3
6.1
9.8
7.7
Steel (carbon), finished, comnosite nricp $ ner 1h
. 0850
. 0873 . 0865
.0865
. 0865
. 0865 .0882
2
• Revised.
J> Preliminary.
> Annual total; monthly revisions are not available.
For month shown.
10.1
5.8
5.7
11.0
4.7
5.7
5.9
5.9
9.6
7.9
6.4
10.1
9.0
3
'10.1 "10.1
' 6. 1 P 6 . 2
P6.2
6.1
10.0
5.6
6.1
12.0
5.2
6.5
9.3
8.0
9.5
8.3
.0900
.0897
.0871
For eleven months.
13.3
4.3
5.7
14.7
5.0
5.3
plO.4
^9.5
SURVEY OF CURRENT BUSINESS
June 1 6
99
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
Annual
S-33
1968
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons . 3,269.3
i 820. 0
Recovery from scrap (aluminum content) do
3, 255. 0
873.0
280.3
78.0
289.0
81.0
218.5
68.0
226.0
61.0
246.5
72.0
269.0
68.0
293.4
78.0
291.6
72.0
300.1
72.0
313.6
77.0
286.1
77.0
317.2
77.0
450.5
56.3
209.0
685.2
61.8
180.3
69.6
5.4
15.5
58.4
5.3
15.4
74.4
4.7
13.4
61.2
5.9
11.9
40.3
7.1
13.1
52.5
4.6
20.4
49.7
5.3
16.7
38.4
5.5
18.1
51.8
4.7
16.4
30.5
1.4
11.6
45.1
4.8
7.9
49.2
5.7
12.1
57 9
7.0
31.8
218.9
.2498
70.9
.2557
113.4
.2500
97.4
.2500
109.3
.2585
114.2
.2600
91.2
.2600
93.9
.2600
99.2
.2600
99.4
.2600
70.9
.2600
64.6
.2655
52.9
.2700
54.6
.2700
.2700
8,836.9
6,350.6
2,868.1
1,534.7
9, 991. 7
7, 209. 8
3. 404. 6
1, 568. 3
956.3
687.7
347.9
132.7
1,069.3
797.4
414.3
138.8
695.1
488.7
209.2
121.6
696.3
516.1
227.5
101.2
750. 2
550.0
252.7
120.5
779.9
564.0
255.4
125. 4
839.8
625.7
284.8
145.8
807.0
583.7
268.4
135.0
853.2
575. 0
270.1
133.4
' 885. 0
' 642. 8
307.9
156.5
Copper:
Production:
Mine, recoverable copper
thous. sh. tons-- 954.1
1,133.0
Refinery, primary
do
846.6
From domestic ores
do
286.4
From foreign ores
do
Secondary, recovered as refined
_ - -do - - 394.5
1, 199. 3
1, 437. 4
1, 160. 9
276.5
400.9
110.9
96.0
124.6
150.5
121.4
29.1
38.1
123.5
158.4
129.8
28.6
33.5
127.8
168.8
136.9
31.9
31.4
120.5
153.4
128.6
24.8
32.0
127.8
181.0
151.0
30.0
32.6
122.9
165.2
139 4
25.9
33.7
123.9
162.0
131.5
30.5
34.7
120.9
154.0
131.4
22.6
37.5
118.6
131.2
115.4
15 8
32.0
r 132. 9
36.4
125.5
139.0
111.8
27.2
44.7
155.3
126.5
28.8
37.9
131.7
149.3
124.3
25.0
36.4
644.1
328.3
716.7
405.4
111.5
73.5
56.9
33.5
50.5
24.2
27.9
8.4
53.1
13.3
43.0
8.2
29.8
5.5
35.5
7.2
34.5
4.7
11.7
8.3
37.4
6.4
39.5
10.9
40.8
11.0
241.8
159.4
360.8
240.7
19.4
5.4
29.8
19.8
37.0
30.4
40.4
31.3
42.9
31.8
52.6
39.9
35.0
25.4
35.2
28.1
29.2
23.0
15.8
13.0
18.2
14.6
31.6
24.0
27.7
19 0
1,948.2
Consumption, refined (by mills, etc.)
do
169.5
Stocks, refined, end of period.
._
..do
114.1
Fabricators'
. _ . _ _ _ __ ... do
Price, electrolytic (wirebars), dom., deliveredt
$ per lb-. 2 . 3863
1,876.4
171.5
114.9
162.3
183.2
129.9
172.9
205.6
139.4
195.4
190.2
132.1
130.0
219.2
166.1
168.8
214.8
159.6
187.8
199.8
148.9
203.7
175.2
130.9
179.6
165.2
112.7
162.0
171.5
114.9
s . 4225
.4259
.4247
.4250
.4211
.4210
.4212
.4211
.4211
.4211
Imports (general):
Metal and alloys crude
Plates sheets etc
Exports, metal and alloys, crude
do
do
do
Stocks, primary (at reduction plants), end of
period
thous. sh. tonsPrice, primary ingot, 99.5% minimum. ..$ per lb..
Aluminum shipments:
Ingot and mill products (net)
IVIill products total
Plate and sheet (excluding foil)
Castings
_ _ _.
_ __
mil. lb_
do
do
do._ _
Imports (general):
Refined, unrefined, scrap (copper cont.).. do
Refined
do
Exports:
Refined and scrap
do__ Refined
_ _ _ _ _ _ do_ -
Copper-base mill and foundry products, shipments
(quarterly total) :
Copper mill (brass mill) products
mil Ib
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do
675
595
250
' 880. 5 ' 907. 3
' 637. 4 r 659. 0
r 322. 0 '317.7
' 144. 4
151.1
.2700
918.7
652 5
313 0
P179.6 ' P174.8 * 180. 3 p 187. 0
P 187. 6 P179. 1 p 165. 9 p 153. 8
p 118. 4 "105. 2 P 103. 5 p 106. 6
.4390
.4423
.4479
.4495
2,595
2,356
966
2,757
2,364
968
Lead: A
Production:
Mine, recoverable lead
thous. sh. tons _
Recovered from scrap (lead cont.)_._
do
316.9
»553.8
354.2
1550. 0
25.3
48.9
28.7
47.8
26.9
42.2
28.6
37.5
31.0
44.6
29.3
46.4
42.1
50.4
37.9
48.0
37.9
44.4
37.2
49.9
r35. 1
49.3
39 1
53.8
Imports (general), ore (lead cont.), metal... do
Consumption, total
__do
488.4
1,260.5
424.6
1,319.1
38.7
107.1
37.8
112.1
30.3
104.8
35.8
93.3
27.6
110.1
36.7
113.5
30.3
130.6
32.3
115.4
28.1
112.1
19.1
115.0
26.3
104.8
36.5
116.5
47 1
160.2
.4589
136.7
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons_Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons
Consumers' (lead content) cf
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons
Price, common grade (N.Y.)
$ perlb--
146.8
153.9
147.5
148.6
152.8
155.2
157.7
157.1
153.2
146.8
139.4
143.5
134.0
15.1
83.8
15.5
105.2
18.2
106.9
21.0
102.5
29.4
116.1
29.6
105.1
22.3
100 8
19.5
84.0
15.2
83.8
15.1
83 8
14.1
82 4
10.1
87.9
11 2
105 7
*58.0
.1400
54.5
.1321
56.8
.1400
50.6
.1304
50.9
.1300
55.5
.1270
53.1
.1250
50 9
.1250
50.1
.1279
48.1
.1300
54 5
.1300
55 4
.1341
54. 5
.1400
56 4
.1400
3,255
49, 924
22,667
1
417
4,928
2,015
225
7,285
5 115
0
3,667
2,315
280
7,685
5,295
702
5,088
2,040
235
7,090
5 085
458
3,561
1,765
235
6,305
4,540
771
3,868
1 770
255
6 270
4 290
o
6,847
2 060
250
6 660
4 650
0
4,359
2,165
245
7,510
5 070
0
6,302
1 930
255
6,495
4 555
85
4 226
1 765
235
6 485
4 470
2,396
1 965
225
6 920
4 810
o
o
3,176
80, 638
57, 848
3,266
57, 358
22, 816
2,976
81,961
58,859
6 524
1 875
225
6 330
4 585
5 218
1 970
255
6 755
4 890
2,509
do
do
18, 662
$ per lb_- 1. 5340
5,027
18, 534
1. 4811
888
197
18. 910 18, 480
1. 4521 1.4330
247
16, 520
1.4165
109
16, 945
1.4148
84
15, 680
1.4185
211
18, 145
1. 4804
460
18, 534
1. 6346
110
14,985
1. 6250
198
13,810
1. 6518
Zinc:A
Mine production, recoverable zinc
thous. sh. tons-.
Imports (general):
Ores (zinc content)
do
Metal (slab, blocks)....
do Consumption (recoverable zinc content):
Ores
_
Scrap, all types
do
do
Slab zinc:
Production (primary smelter), from domestic
and foreign ores.
thous. sh. tons
Secondary (redistilled) production
do
Consumption, fabricators'
_ _ do
Exports
do
Stocks, end of period:
Producers', at smelter (AZI)O
do __
Consumers'
_
do
Price, Prime Western (East St. Louis). $ per Ib. .
4
1
805
564
16, 360 16, 270
1. 5107 1. 6214
r
o
.1440
.1450
0
6,590
7,250
5,145
137
244
!5, 515 15, 635
1. 5552 1. 5681
r
549.4
526.4
43.7
45.3
44.7
43.0
46.9
44.4
44.2
43.9
43.8
41.9
'42. 6
221 A
546 4
305.5
30.2
31.1
43.5
24.0
45.0
17.2
50.8
20.2
53.9
22.9
51 1
14 9
41.1
24.4
54 9
23.6
44 1
31 2
48 8
16 7
43 6
22 7
43 1
28 4
1 114. 3
1240 9
118.7
236.2
8.8
19.8
10.1
19 7
9.8
20.5
9.2
19.7
9.5
19 4
10 9
19 9
10.7
19 8
11 4
19 9
10 5
19 3
10 8
19 0
9 3
18 8
10 1
19 7
1938.8
173.5
1,236.8
16.8
1, 009. 3
74.0
1, 338. 6
33 0
85.0
6.0
110.7
11.6
95.5
6.4
120.7
2.5
92.4
5.5
115.2
1.0
87.1
5.8
104.7
.1
87.8
6.1
104.7
(3)
86 7
7.0
108.8
2 3
89.5
6.3
123.7
1.6
91 9
6.5
116.7
91 4
6 0
108 9
13
94 0
6 1
119 1
86 6
5 3
113 8
81.9
102.5
.1384
67.4
96.3
.1350
64.8
93.3
.1350
65.4
88.0
.1350
70.4
84.7
.1350
78.8
89.1
.1350
84.4
85 2
.1350
82.2
78 9
.1350
70.3
74 0
.1350
67 6
73 9
.1350
1.5667
45 0
534.1
T
Revised.
» Preliminary.
1 Annual total; monthly revisions are not available.
2
Jan.-Aug. average.
3 Less than 50 tons.
* Reported yearend stocks.
See BUSINESS STATISTICS note.
« Average for Apr.-Dec.
AData reflect sales from the Government stockpile.
770
630
239
23.4
«105. 8
Tin:A
Imports (for consumption) :
Ore (tin content).
Ig. tons
Bars, pigs, etc
_
_ _ _ .do
Recovery from scrap, total (tin cont.)
do
A s metal. _ _ _ _ _ _ - _ .
__
_do
Consumption, pig, total
do
Primary
do
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
688
559
222
(3)
(3)
(3\
94
6
126
4
5
1
8
9
37 6
29 8
1
42.9
42 7
48 8
50 9
rQ9 3
97 5
94 6
.1450
.1400
.1400
.1384
.1400
t Re vised. Beginning in the June 1969 SURVEY, averages are delivered prices; differential
between delivered and former refinery price is 0.400 cents per Ib.
^Consumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap.
O Producers' stocks elsewhere, end of May 1969,10,600 tons.
67 4
96 3
.1350
SURVEY OF CUKRENT BUSINESS
S-34
1967
Unless otherwise stated, statistics through 1966
and descriotive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1968
Annual
June 1969
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Cast-iron
mil sq ft radiation
Nonferrous
do
Oil burners:
Shipments
thous
Stocks end of period
do
Ranges, gas, domestic cooking (incl. free -standing,
set-in, high-oven ranges, and built-in oven
broilers) shipments
thous
Top burner sections (4-burnerequiv.),ship _ do
Stoves domestic heating shipments total
do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
shipments total
thous
Gas
do
Water heaters gas shipments
do
1
98
81.8
6.4
279.2
.4
5.5
.3
5.5
.4
6.5
.4
4.9
.5
8.6
.8
* 3513. 2
53.9
677.7
29.5
51.3
33.2
43.0
36.4
55.8
34.2
43.3
35.3
63.7
35.1
12,084. 5
194.3
2, 273. 2
206.1
175.9
17.2
188 5
18.8
192 5
19 7
153 7
14.8
1,346 8 1, 362. 9
1920.0
968.5
85.8
53.7
100 5
73.2
98 6
77 0
1
1,448. 7 1, 727. 1
1 1,145. 7 1, 372. 0
2 602 3 '2, 706. 2
122.0
102.0
241.5
114 0
94.2
216 8
1
11.2
.5
7.7
.4
6.4
.5
7.7
.6
6.4
.6
6.3
73.7
28.4
82.6
27.3
68.3
27.0
55.3
29.5
59.8
24.5
' 50.1
' 28.2
50.3
27.4
191.5
17.8
211 2
19.5
217 0
18 4
201.0
16.7
202.8
16.6
179.7
14.7
191.7
16.6
129.4
102.1
139.4
105.4
174.9
125.1
197 7
144 4
143 7
108.7
76 7
52.3
73.3
42.6
127 2
102 8
209 5
139.9
114.1
193.2
149.6
113.3
218 1
183.1
137.2
209 4
230 4
177.3
282 7
174.2
134.6
230 0
144.7
115.2
207 6
147.9
122.6
246 3
.7
r
r
r
61 4
32.1
85 7
53.8
136 6
112. 5
231 9
143 0
116.3
244 7
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
mo. avg. shipments 1957-59=100
Furnaces (industrial) and evens, etc., new orders
(domestic), net
mil $
Electric processing
do
Fuel-fired (exc for hot rolling steel)
do
Material handling equipment (industrial):
Orders (new), index, seas, adjcf
1957-59=100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines), shipments
number
Machine tools:
Metal cutting type tools:t
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
Metal forming type tools :t
Orders, new (net), total
Domestic
Shipments total
Domestic
Order backlog end of period
mil. $
do
do
do
do
do
do
do
do
do
Other machinery and equip., qtrly. shipments:
Tractors used in construction:
Tracklaying total
mil $
Wheel (contractors' off-highway)
do
Tractor shovel loaders (integral units only),
wheel and tracklaying types
mil $
Tractors, wheel (excl. garden and contractors'
off-highway types)
mil $
Farm machines and equipment (selected types),
excl tractors
mil $
300.5
270.3
210.4
196.2
197 3
406.6
247.8
177.4
219.1
307.0
355.6
503.2
325.1
328.0
628.5
140.7
1
12. 3
»71.6
i 121.2
i 12 1
1
64.6
9.3
.9
5.6
10.4
8.5
8
9.7
.7
2.8
8.2
8
4.3
13.1
1.0
9.0
9.2
1.7
4.0
8.0
12.4
1. 1
17.0
4.6
6.9
8
3.9
12.0
4 0
7.7
.9
3.9
197.9
220.4
237.3
230.4
182.0
270.2
200.6
219.2
218.2
231.0
233.8
254.9
275.4
216.0
11, 133
12, 174
10, 753
12, 243
819
1 000
1 019
845
891
1,007
1,055
1,089
939
1,139
907
807
845
1,016
869
980
1,028
1,027
1 116
1,026
1 081
1,046
1 248
1,267
1,221
1,284
41, 996
42,601
3,559
3,279
3 824
3,770
3,093
3,600
4,123
3,473
3,349
4,183
3,850
4 257
3,958
1, 134. 95 1, 079. 35
1, 024. 65
959.90
1, 353. 20 1, 358. 30
1 211 05 1 238 30
809.6
1,088.5
90.10
78.40
105. 90
89.35
970.6
93.30
86.15
121.30
109. 60
942.6
97.75
81 85
127.60
114 90
912 8
105. 65
94.95
100.05
91.35
918.4
79.75
74.95
88.95
82.40
909.2
71.05
62.30
115.55
109.15
864.7
78.55
70.45
107. 75
100. 90
835.5
97.60
88.60
103. 55
96.50
829.6
110. 15
98.55
130. 15
122. 65
809.6
91.20
76.00
86.45
82.80
814.3
93.15 ' 115. 90 181. 75
83.15 r 100 85 172. 80
97.70 r 105. 30 102. 05
90.60 r 94 70
92.70
900.1
809.8 r 820 4
394.75
360 55
368.60
324. 45
254.5
19.70
17.05
28.15
24.90
195.3
22.50
18.15
29.10
25.50
188.7
28.80
25 70
34 30
28.55
183 2
29.75
27.30
26.95
23.50
186.0
26.75
23.40
32.90
30.40
179.9
22.75
20.90
26.90
24.95
175.7
56.35
54.10
32.90
29.15
199.2
80.20
76.70
26. 50
23.05
252. 9
39.55
33.90
37.95
33.75
254.5
36.30
32 75
28.30
25.85
262.5
45.70
43 10
32.80
28.70
275.4
109 6
16.5
4 45 i
4
45 3
4
56 8
4
4
70. 2
4
79 3
286. 65
248 15
452 75
406.90
228 3
.9
4.6
i 377 g r i 453 4
68 4
7 92 8
10
146 2
21 1
120 3
19.3
i 501 8
133 6
125.3
266 3
178.6
220.8
341 7
' 266. 4
1.9
9.8
6.7
T
r
r
45. 75
40 70
33 55
' 30. 85
r
287 6
89.30
86.30
28.70
25. 35
348.2
128.9
1986 2 * l 938 4
.5
3.8
228.5
17
407 0
1 203 5
r
1 213 0
73.0
ELECTRICAL EQUIPMENT
Batteries (auto replacement) shipments
thous
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
. _ _ thous
Refrigerators and home freezers, output
1957 59 — 100
Vacuum cleaners, sales billed
thous
Washers, sales (dom. and export)}:
do
Driers (gas and electric), sales (domestic and
export)
thous._
Radio sets, production©
do
Television sets (incl. combination), prod.O -do
Electron tubes and semiconductors (excl. receiving,
power and spec purpose tubes) sales
mil $
Motors and generators:
New orders index qtrly
1947-49—100
New orders (gross) :
Polyphase induction motors 1— 200 hp
mil $
D.C. motors and generators, 1-200 hp
do
32 061
r 34 960
r 9 2 020
1, 909. 7
2, 309. 8
145 8
5, 677. 4
4, 376. 0
165 6
6 653.1
4, 517. 9
2, 642. 3
r
T
2, 346
r 4 029
T 2 329
2 077
201.7
194.1
194.0
196.7
208.0
212.9
194.2
166.3
563.4
344.8
159 7
699.7
298.7
188.0
560.7
355.5
205 1
551.6
362.3
210 2
666.4
377.5
219.7
602.5
332.8
332.9
375.7
289.2
257.6
274 .4
247.7
237.2
173.3
146.1
5 2, 415
5 1, 237
1,950
1,156
1,982
1,063
8 2, 449
8 1, 150
1,769
960
1,714
1,002
s 2, 085
U,235
1,532
865
1,537
59 5
60.4
55.8
59.0
56 5
60.2
68 0
64.1
6
68.9
'68.7
68.9
196.3
187.5
189.1
180.9
170.5
232.5
177 6
471.8
324.5
156 1
464.6
330.2
188 6
490.9
412.0
165.6
515.2
374.3
114.1
551.1
431.3
182 2
642.6
445.1
191.3
682.1
455.9
2, 861. 8
155.8
142.8
176.0
194.8
275.5
318.7
21, 698
10,881
22 566
11,794
1,549
818
1,682
905
2, 009
s 1, 105
1,272
651
1,875
876
712 0
690 1
57 8
59 4
57 0
47 5
57.3
6 8.1
88 7
6
67 9
68.1
205
97 6
47.5
96 6
49.5
4.6
4.4
7 9
3.5
205
208
203
206
6
4.7
4.0
r
2 680
183.6
6
3, 722
3 768
T 2 083
5
r
3 673
' 3 000 r 3 567
1 790
6
8. 9
4.4
8
9.0
4.8
7. 2
3.7
3.9
847
209
6
8.0
3.6
6
9. 9
r 4.2
4.8
4.2
1,038
39
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
thous. sh. tons_. 12, 256
1,164
918
926
11,631
Exports
do
39
33
68
595
518
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton_. 12. 892
13. 813 13. 867 13. 125 13. 125
Bituminous:
Production
thous. sh. tons.. 552, 626 539, 815 47, 730 48,830 40, 690
r
2
Revised.
i Revised total; monthly revisions are not available.
Total for 11 months.
s Reported year-end stocks. See BUSINESS STATISTICS.
« For month shown.
» Data cover
5 weeks; other periods, 4 weeks.
6 Excludes orders for motors 1-20 hp.; domestic sales of
7
this class in 1968 totaled $108.6 mil.; Apr. 1969, $10.5 mil.
Effective 1st quarter 1967,
tractor shovel loaders include types not previously covered and off-highway wheel tractors
8
9
exclude types previously covered.
Data cover 6 weeks.
Revisions for Jan.-Mar. 1968
(thous.): 3,839; 2,716; 2,175.
853
49
1,016
47
1,021
75
1,000
48
960
53
988
37
917
17
900
14
1,014
18
13.475
13. 475
13. 825
14. 175
14. 175
14. 955
14, 955
15. 002
15, 002
926
42,300 49, 540 47, 300 37, 540 44, 380 44, 985 45, 905 39, 990 42, 425 46, 870 48, 705
cf Effective with Apr. 1969 SURVEY, data revised back to Jan. 1966.
fRevised series. Monthly data for 1956-66 are on p. 35 ff. of the Mar. 1968 SURVEY.
j Revised to include combination washer-driers.
ORadio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.
SURVEY OF CURRENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
S-35
1968
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
B itumin ous— C ontinued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons 1480,416
271, 784
Electric power utilities
do
1191,066
M f°" and mining industries total
do
i 92, 272
Coke plants (oven and beehive)
do
499, 172
294, 739
188, 792
91, 107
38, 734
21, 929
15, 989
8,004
39, 275
22, 574
16, 173
8,257
38,858
23,209
15, 125
7,960
40, 519
25, 126
14,882
7,941
41, 517
26, 530
14, 245
7,354
37, 541
22, 850
13, 694
6,716
39, 736
23, 764
14, 567
6,700
41, 464
24, 781
15, 303
6,817
46, 473
27, 869
16, 760
7,303
48, 558
29,041
16, 919
7,452
42, 268
24, 771
15, 490
6,971
44, 410
26, 304
16, 594
7,665
17,099
15, 224
773
471
475
465
681
943
1,357
1,339
1,830
2,597
2,007
1,509
93, 128
69, 737
23, 212
10, 940
85, 525
64,168
21, 169
9,537
87,773
64, 121
23, 552
11,882
92, 171
68, 213
23, 833
11, 994
93,487
69, 131
24, 183
11, 633
89,404
66,417
22, 801
10,321
91, 492
67, 529
23, 754
10, 545
96,220
70,633
25, 372
11, 209
91, 966
68, 880
22, 885
9,540
90, 518
68, 613
21, 725
9,554
85, 525
64, 168
21, 169
9,537
78, 152
58, 713
19, 291
8,650
76, 056
57, 018
18, 913
8,222
72, 416
54,762
17, 569
7,422
Retail deliveries to other consumers
do
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons
Electric power utilities
_
_
do_
Mfg. and mining industries, total __ _ _do
Oven-coke plants
do
179
188
100
125
173
186
209
215
201
180
188
148
125
85
49, 510
50, 636
4,512
4,826
4,224
4,147
5,868
5,406
3,783
4,534
4,249
3,654
2,939
2, 680
5.217
6.795
5.397
6.944
5.326
6.643
5.336
6.643
5.336
6. 671
5.336
6.671
5.336
6.727
5,336
6.810
5.467
7.021
5.607
7.421
5.804
7.488
5.804
7.456
5.804
7.456
5.804
7.456
806
63, 775
18, 187
774
62, 878
19, 038
81
5,529
1,484
82
5,692
1,572
72
5,468
1,561
64
5,453
1,636
60
5,045
1,692
51
4,633
1,627
46
4,613
1,622
48
4,669
1,577
48
5,137
1,651
43
5,177
1,481
42
4,873
1,482
52
5,297
1,675
60
5,312
5,467
4,961
506
1,364
710
5,985
5,637
348
1,239
792
4,740
4,240
501
1,218
47
4,525
4,152
373
1,219
54
4,336
3,992
344
1, 259
63
4,312
3,953
359
1,260
42
4,738
4,329
409
1,281
54
5,393
4,969
424
1,319
58
5,759
5,364
395
1,233
68
5,929
5,590
338
1,240
82
5,985
5,637
348
1,239
99
5,865
5,542
323
1,298
105
5,565
5,278
286
1,299
77
5,019
4,796
223
1,261
157
4,507
4,310
197
number.. 15, 367
14, 426
$ per bbl__
3.06
3.02
mil. bbl._ 3, 582. 6 < 3, 774. 4
% of capacity
92
93
1,379
3.05
299.5
88
986
3.05
324.1
92
1,205
3.05
310.2
91
1,320
3.06
328.1
93
1,162
3.06
328.5
93
1, 350
3.06
312.4
92
1,185
3.06
319.5
91
1,159
3.06
304.8
90
1,877
3.06
324.7
92
1,156
3.06
303.8
86
799
3.06
299.3
94
1,344
3.18
325.7
92
Retail dealers
do
Exports
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
Spersh. ton__
Domestic, large sizes, f.o.b. mine _
do
COKE
Production:
Beehive
Oven (byproduct)
_
Petroleum coke§._
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports
c
thous. sh. tons__
do
_ do _
do
do
do
do
do
_ _
4,503
148
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio
All oils, supply, demand, and stocks:
New supply, total cf
Production:
Crude petroleum
_
Natural-gas plont liquids
Imports:
Crude and unfinished oils
Refined products
mil bbl
4, 656. 3
4,921.0
395.4
408.3
402.2
420.7
409.7
398.6
414.3
399.9
427.0
427.7
388.9
436.5
do
do
3, 215. 7
514.5
3, 328. 9
550.3
273.7
45.2
285.4
47.0
274.4
44.5
283.9
46.1
283.0
45.7
268.0
44.6
276.4
46.7
269.3
46.5
276.1
48.3
275.0
48.5
249.4
45 2
280.1
49 ?
do
do
411.6
514.3
474.7
563.7
32.5
43.7
37.5
38.1
40.2
42.9
45.7
44.7
43.2
37.5
42.5
43.1
45.9
45.1
40.8
43.1
52.1
50.0
37.6
66.4
40.1
53.9
48.4
58.5
Change in stocks, all oils (decrease — )
do
63.0
55.5
16.9
31.6
29.7
31.1
19.6
21.9
9.1
-5.8
-36.1
Demand, total
Exports:
Crude petroleum..
Refined products
Domestic demand, total 9
Gasoline
Kerosene . . _ _
do
4, 593. 3
4, 872. 8
378.1
378.6
372.0
389.8
393.9
375.8
406.8
406.8
463.3
490.4
do
do
do
do
do
26.5
85.5
4,481.2
1, 842. 7
100.1
1.8
83.4
4, 787. 6
1,955.8
103.1
.1
6.9
371.1
162.7
5.6
.1
7.8
370.8
168.8
5.9
.2
7.5
364.2
166.4
4.8
7.0
382.8
180.5
4.3
.1
6.8
386.9
179.3
6.2
.1
7.4
368.3
159.8
6.6
.1
6.5
400.2
170.1
7.8
.4
6.6
399.8
158.4
10.5
.1
7.2
456.0
161.7
13.4
Distillate fuel oil
Residual fuel oil
Jet fuel
do
do
do
818.2
651.9
300.8
862.7
679.9
348.3
60.1
51.5
29.2
56.1
44.5
28.0
47.9
48.2
29.2
46.0
46.0
29.2
49.5
44.1
31.1
53.8
48.3
29.7
62.4
50.9
32.9
76.4
57.6
28.6
Lubricants
_ Asphalt.,
Liquefied gases
do
do
do
44.1
131.1
344.5
48.2
141.1
385.7
4.3
9.3
25.8
4.4
13.1
27.5
3.7
16.2
25.4
4.3
19.9
28.1
4.1
20.0
27.8
4.0
17.5
27.1
4.4
17.0
32.9
Stocks, end of period, total f._
do
Crude petroleum _ do
Unfinished oils, natural gasoline, etc-., .do
Finished products
do
2944.1
249.0
296.0
2 599. 2
999.6
272.2
98.9
628.5
898.6
262.1
100.7
535.8
930. 2
262.0
106.8
561.4
1, 845. 8
4.9
208.0
1, 940. 0
2.3
211. 5
147.0
.3
209.5
160.7
.3
203.1
Refined petroleum products:
Gasoline (incl. aviation):
Production
_ _
Exports
Stocks, end of period
do
do_ do
-32.6
-2.0
438.3
0
5.8
484.6
158.7
15.5
421.7
2
6.1
415.3
145.2
11.9
106.7
71.4
29.4
116.0
85.4
28.9
94.9
69.5
26.2
88.0
71 2
30.6
3.8
9.0
36.4
3.9
5.5
42.7
3.7
4.0
52.1
3.6
5.1
39.1
4.0
5.7
38.2
959.9
264.9
104.2
590.8
991.0 1, 010. 5 1, 032. 5 1, 041. 5 1, 035. 7
265. 8
266.4
262.8
266.3
271.6
104.2
102.7
98.4
101.5
99.9
621. 0
641.5
671.2
673.7
664.2
999.6
272.2
98.9
628.5
938.3
279.5
96.0
562.8
905.7
265.3
99.4
541.1
904.7
954 2
94.4
546.1
162.3
.1
201.0
170.3
.2
193.1
170.3
.1
186.1
159.2
.1
214.5
151.6
.1
222.6
229. 2
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3 ) _ _ _ $ per gal
.113
.120
.108
.115
.117
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal-.230
.232
.226
.230
.231
Aviation gasoline:
Production
mil. bbl..
2.4
31.6
2.8
37.1
2.5
Exports
do
.2
2.1
.2
.1
4.0
Stocks, end of period.
do
6.7
7.0
6.6
6.4
7.9
Kerosene:
Production
do
7.8
8.2
100.4
101.6
6.9
Stocks, end of period.
do
23.5
18.6
25.4
23.0
20.9
Price, wholesale, bulk lots (N.Y. Harbor)
$per gaL.
.113
.112
.110
.115
.115
r
Revised.
« Corrected,
2
i Annual total reflects revisions not distributed to t he month ly data,
See n ote "V for
this page.
3 Less than 50 thousand barrels,
cr" Includes small amounts of "other hydrocarbo ns and h ydrogen i efinery nput," ilot
shown separately.
1f Beginning 1967, data reflect change in reporting? to show all stock s of unfinished oils,
natural gasoline, plant condensate. and isopentane &5 one item , and stocks of "firdshed pr od-
-61.2
167.2
.2
195.1
166.6
% 2
193! 2
162.4
.1
198. 9
172.9
.1
211.5
2
69
431.2
159.8
10.2
163.9
.115
.115
.115
.110
.110
.110
.115
.113
.123
.230
.234
.234
.228
.226
.235
.235
.233
.244
3.1
.2
6.4
2.7
.1
6.3
3.0
2
3.0
.2
6.7
2.4
.1
7.0
2.3
.1
7.0
1.5
2.7
6.5
1.7
.1
6.5
7.0
2 ,7
7.6
27.2
7.5
28.0
8.7
28.7
8.7
27.1
9.9
23.5
11.3
19.4
11.0
18.6
10.4
18.9
.242
6.6
.115
.115
.111
.111
.111
.111
.111
.111
.111
ucts" as anoth sr (both items incJude sto eks at re fineries, ilatural g as proce^ sing plants, terminah , and bu Ik statio ns). Also , as a res ult of incireasei cc)verage i n certain bulk terminals
stocks of distill ate and residual fuels are on a ne w basis. Dec. 1966 data ori new basis (mil
bbl.): Total sto cks, 881. L; distilla te, 158.1; residual , 63.9.
9 In eludes df ita not si lown sep arately.
§ Inchides noni narketal le cataly st coke.
SURVEY OF CURRENT BUSINESS
S-36
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
June 1969
1969
1968
1968
May
Apr.
Annual
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Mar.
Feb.
69.4
4.2
.1
130.6
Dec.
66.4
4.6
.1
106.6
Apr.
May
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil. bbl
Imports
do
Exports
do
Stocks end of period
do
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal
Residual fuel oil:
Production
mil. bbl
Imports
do
Exports
do
Stocks end of period
do
Price wholesale (Okla No 6)
$ per bbl
804 8
18.5
4 3
1
159 7
74.0
4.0
.1
96.6
66 1
2.6
4
206.0
66 0
2.2
1
211 8
105
105
101
101
101
101
101
.101
.101
19 4
31.3
1.3
75 8
1 35
20 4
32 6
1.3
76 9
1 35
23.7
31.8
1.0
74.0
1 35
27.6
38.3
1.5
67.4
1 35
27.9
54.5
1.7
63.0
1 60
25.1
42.6
1.7
59.9
1 60
25.3
44.4
1.7
57.2
1.45
65 1
28
2
101 2
68 8
20
2
115 8
69 1
2.5
1
139 5
71 7
2.9
1
168 1
103
100
71.2
4.7
.1
173.2
70.5
2.2
1
191.4
840 7
36.6
18
173.2
102
105
105
66.1
2.5
.1
204.0
276 0
395.9
21.9
!65 6
1 47
275 8
421 6
20.0
67 4
1 40
22 8
32 7
21
62 8
1 45
22 7
27*8
22
66 9
1 45
19 7
30 9
22
67 6
1 45
21 2
30 4
1.2
72 4
1 35
21 4
24 7
1.9
74 3
1 35
273 2
22 2
314 3
24 3
26 5
23 1
27 5
25 2
24 §
23 6
26 9
24*8
27 5
24 4
27 4
25 1
29 3
24 8
25 8
24 8
25.9
24.3
24.5
22.9
25.4
24.9
26.8
25.6
64 9
18 7
14.8
65 7
18 2
14 0
55
15
14 7
57
16
14 4
53
16
14 4
55
19
13 6
57
15
13.8
56
1.8
13.5
58
13
13 7
5.5
1.7
13.8
5.4
1.3
14.0
4.7
1.9
13.9
4.4
.8
13.8
5.6
1.4
14.0
270
270
270
270
270
270
.270
.270
270
.270
.270
.270
.270
.270
mil bbl
do
127 8
19.9
135 5
20 1
98
27 6
13 0
27 8
14 2
26 9
15 3
23 0
15 7
19.1
14.8
17.2
14 0
15.0
10.9
17.4
7.8
20.1
5.5
21.9
6.2
' 24.4
8.5
27.3
Liquefied gases (inch ethane and ethylene): §
Production total
mil bbl
At gas processing plants (L P G )
do
At refineries (L R G )
do
Stocks (at plants and refineries)
do
438 1
326 6
111 5
64 2
469 3
351 3
118 1
76 2
38
28
9
59
5
8
7
7
40 8
29 8
11 0
68*4
37
27
10
75
5
5
0
4
39 1
29 0
10 1
81 1
39 1
28 6
10 5
86.6
38.4
28 6
9.8
91.9
39.3
30 0
93
90.8
39.2
30 3
8.9
85.5
41.6
31.8
9.8
76.2
40.9
31.8
9.1
58.4
38.9
29.8
9.1
52.5
43.0
32.5
10.5
51.7
Asphalt and tar products, shipments:
Asphalt roofing total
thous souares
Roll roofing and cap sheet
do
Shingles all types
do
76 500
30 509
45 991
77 984
31 032
46 952
5 901
2 316
3 585
7 061
2*577
4' 484
8 212
2 957
5 255
8 020
3 000
5,020
8 086
3, 169
4,917
8 343
3,346
4,997
8 497
3,375
5,122
6,110
2,549
3,562
4 538
1,972
2,567
4 612
2 001
2,611
5,022
2,160
2,862
2,189
r 2, 970
6,111
2,469
3,642
468
445
876
422
411
886
30
36
71
29
44
78
36
45
81
31
43
77
41
46
81
44
42
82
55
53
89
48
28
70
29
19
62
32
10
64
24
13
70
22
23
68
25
34
72
Jet fuel (military grade only):
Production
Stocks end of period
mil bbl
do
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midcontinent,
f o b Tulsa)
$ per gal
Asphalt:
Production
Stocks end of period
Asphalt siding
Insulated siding
Saturated felts
do
do
thous sh tons
' 5, 159
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulp wood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
2
57
2
219
55 773
6 825
57 155
58 358
5,031
3 865
4 200
4,249
4 795
5 060
4 776
4 823
4 932
4,766
4 973
4 755
5,017
5 047
5 021
5,008
4 933
4 733
5 274
5 337
5 235
5,398
4 804
5 099
5,127
4,566
4,738
5,031
4 860
5,153
4,671
4,666
4,829
4,458
5,057
5,387
4,254
4.845
5,050
4,092
thous sh tons
do
2 9 ggg
826
10 292
586
859
518
899
518
870
493
761
535
885
510
850
513
929
548
858
544
798
586
'882
'584
••827
'580
'931
'570
906
583
thous sh tons
do
do
do
2
36 660
2
1 448
2
23 925
2
3 180
131
2,053
216
3 277
164
2 076
217
3 207
132
2 078
213
2 997
131
1 913
191
3 290
150
2, 113
209
3 053
133
1 953
197
3 360
151
2 180
214
3,190
166
2,074
204
2,898
142
1,803
191
3,249
157
2,110
188
3,049
131
1,979
189
3,418
156
2,251
206
3,433
124
2,344
189
thous cords (128 cu ft )
do
do
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulfite . _
2 563
37 903
1,725
24 308
2,508
Groundwood
Defibrated or exploded
Soda semichem screenings etc
Stocks, end of period:
Total, all mills
Pulp mills _
Paper and board mills
Nonpaper mills _ _
do
do
do
3, 879
2 1 460
2 3 385
4,237
540
3 584
348
136
296
368
133
319
359
128
297
340
131
291
363
137
318
344
128
298
363
136
316
355
104
287
345
130
286
361
131
303
333
128
288
364
134
308
347
129
298
do
do
do
do
863
365
418
80
741
278
376
86
783
345
362
76
795
339
382
73
838
369
397
73
797
323
404
71
801
344
383
74
746
315
364
67
787
346
371
70
775
339
367
68
741
278
376
86
771
322
374
75
'807
331
396
79
'815
313
'422
80
864
336
444
84
Exports, all grades, total
Dissolving and special alpha
All other
do
do
do
1 710
607
1 102
1,902
671
1 231
153
63
90
172
66
106
127
39
87
179
49
130
176
72
103
163
66
97
128
32
96
165
65
99
191
64
128
113
31
82
125
37
88
169
67
102
178
74
104
Imports, all grades, total
Dissolving and special alpha
All other
do
do
do
3 162
265
2 898
3 540
302
3 238
315
29
286
305
23
283
311
20
290
292
23
270
283
23
261
258
26
232
304
27
277
299
19
280
346
38
308
289
22
267
324
18
305
313
26
288
354
27
328
893
703
22 346
2 146
2 3 697
49 444
22 122
22 821
142
4 358
4,144
1,847
1 913
13
370
4 220
1 905
1 923
13
379
4 159
1,849
1 938
13
360
3,873
1,733
1 774
10
355
4,197
1,834
1,966
11
386
4,017
1,810
1 808
12
386
4,436
1,975
2 044
12
406
4,108
1,843
1,889
10
366
4,100 ' 4, 433 '
1,995 '
1,829
1.926 ' 2, 093 '
'12
10
333
334
46 074
50 027
4,248
4 227
4 252
3,940
4,269
4,074
4,534
4,158
3,838
101 9
117 6
95 0
91.9
101
119
92
Q2
101.9
117.8
91.7
92.1
101 9
119 4
91 7
92.3
101 9
119.4
90.6
92.3
100.6
102.7
100.6
102.7
101 9
100 6
100 6
121.0
120.5
121.0
121.0
120.5
121.0
121.0
121.0
91.4
90.6
92.2
92.6
90.6
90.9
91.0
91.0
94.8
92.3
92.3
93.5
93.7
93.8
97.3
98.2
§Data have been restated to include production and stocks for
excluded).
2
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census) :
All grades, total, unadjusted thous sh tons
Paper..
do
Paperboard
do
Wet-machine board
do
Construction paper and board
do
New orders (American Paper Institute) :
All grades, paper and board
do
Wholesale price indexes:
Printing paper
1957-59—100
Book paper, A grade
do
Paperboard.
do
Building naner and board
do
2
46
2
20
2
'1 Revised.
* Preliminary.
See note "f" for p. S-35.
2
Reported annual total; revisions not allocated to the months.
4
6
2
8
r
4, 521
4, 212 p 4, 676 p 4, 501
1, 874 P 2, 051 P 1, 950
2, 025 P 2, 236 P 2, 155
P 12
Pl2
'12
^384
"377
'301
4,153 P 4, 650
102.7
121.0
93.6
99.6
chemical use (formerly
SURVEY OF CURRENT BUSINESS
June 1969
Annual
1969
1968
1968
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
S-37
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API) :
Fine paper:
Orders new
thous. sh tons _
Orders unfilled end of period
do
T
'271
240
248
234
*278
*>245
••261
»-262
237
237
*>265
P264
533
502
r
592
496
562
547
P628
P527
557
557
r
590
590
556
556
P625
?625
M64
»• 273
415
275
M32
T 413
r 444
r 445
419
412
v 425
702
761
262
683
742
203
710
644
268
681
615
334
743
726
351
690
684
358
748
794
311
257
259
248
255
233
249
275
265
252
251
279
274
265
262
277
269
50
43
27
38
38
44
47
55
599
645
652
630
564
541
638
616
661
704
659
660
628
633
644
655
673
662
678
505
451
568
514
636
489
510
532
567
141 40
141 40
141 40
141 40
141 40
141 40
146 10
146 10
146 10
433
847
513
877
470
895
536
921
511
966
454
869
467
894
530
943
523
1 042
509
534
2,645
157
2,876
216
269
213
255
208
243
223
232
217
226
208
229
226
243
223
237
226
210
216
do
do...
2,659
2,658
2,861
2,834
250
247
249
248
242
240
221
224
233
225
226
225
260
253
239
223
'235
do
do
6,335
449
r
6, 865
T
502
579
537
586
504
577
539
554
546
564
506
560
528
635
541
541
495
r
do
do
6,332
6,332
r
6 737
r
568
568
580
580
572
572
526
526
566
566
557
557
615
615
552
552
r
6, 737
do
do
4,678
214
•• 5 012
r 264
396
218
441
231
418
262
380
236
425
251
437
299
441
275
421
282
do
do
4,753
4,685
' 4 992
r 4 931
404
396
432
427
410
396
379
380
409
414
419
421
425
424
430
422
do
do
do__.
8,051
7,968
268
8 031
8 096
674
682
388
711
756
343
689
705
327
693
617
402
639
634
408
576
622
362
719
760
320
2,620
2,602
39
2 935
2 946
27
234
253
265
267
256
254
240
244
253
247
240
240
49
47
49
46
51
52
Consumption by publishers^
do
Stocks at and in transit to publishers, end of
period
thous. sh. tons..
6,907
7,025
586
622
579
509
559
630
633
605
626
623
681
Imports _ _ -_.
_
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh ton
6,599
6 462
594
581
544
542
139 95
141 40
141. 40
141 40
141. 40
444
618
439
87
454
869
497
767
480
90
488
778
489
91
510
826
489
421
173.834
14,353
15,249
14,184
138.0
135.9
139.0
130.6
Production
Shipments
_
Printing paper:
Orders new
Orders unfilled, end of period
Production
Shipments
Coarse paper:
Orders, new
Orders unfilled end of period
Production
Shipments
.
Newsprint:
Canada:
Production
.
Shipments from mills _
Stocks at mills, end of period.
United States:
Production
Shipments from mills.
Stocks at mills, end of period
_
do
do
do
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons__
Orders, unfilled §
do
Production .total (weekly avg.)
do
Percent of activity (based on 6.5-day week) _
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area.. 162.596
Folding paper boxes, shipments, index of physical
volume
1947-49=100..
134.1
203
480
235
r
r
••392
r 264
r 412
r
r
?270
M32
534
1,032
518
509
512
556
1 009
'528
15,123
13,861
14, 884
14, 141
15, 474
15, 796
16, 056
136.1
142.2
132.4
131.2
" 134. 8
p 136. 7
z-141.9
54 57
104 69
36 24
48 97
99 79
43 69
46 79
107 76
49 58
50 41
98 00
21 81
r 46 40
49 00
50 01
104 71
59 78
49 58
107 10
54 39
.201
.215
.228
.228
.221
.231
.259
.270
178 63 172 89
154 23 158 66
374 65 361 12
178 43
178 96
347 40
180 62
161 76
347 01
183 03 181 63
154 71 169 39
369 98 379 54
174 97
163 32
388 14
193 14
173 90
392 56
186 22
162 95
400 97
497
469
512
13,569
15,390
15,348
17,156
130.4
144.9
141.8
161.2
502
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
_._
thous Ig tons
Stocks, end of period
do
Imports, incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)._$ per lb._
Synthetlc rubber:
Production
Consumption
Stocks, end of period
...
thous Ig tons
do
do
Exports (Bu. of Census)
Reclaimed rubber:
Production.
Consumption
_
Stocks, end of period.
488 85
111 66
452 80
581 86
107 76
540 17
48 53
94 42
42 17
50 23
92 64
42 72
46 83
92 07
36 73
41 42
99 57
51 26
.199
.198
.179
.186
.213
.208
1 911 87 2 131 10 177 88
1,' 628. 26 1 894 38 155 70
369 94
369 98 357 83
184 77
162 52
354 33
173 42
153 30
364 32
171 50
135 69
375 64
46 83
49 70
103 02 107 19
63 30
46 06
.210
r 99 15
do
299. 80
291 03
24 86
27 39
21 23
23 67
30 71
37 76
13 86
18 28
18 77
4 50
7 03
13 55
25 03
do
do
do
243 65
239 27
28 40
257 22
250. 43
29 58
22 17
22 07
29 07
22 84
21 86
28 95
21 28
20.70
29 00
17 72
15 90
29 46
19 75
19 10
30 26
20 33
20 19
29 87
29 66
22 42
29 78
20 19
19 86
29 64
19 88
19 15
29 58
2i 71
21 32
29 76
r 20 22
r 21 02
r 30 49
22 12
21 90
30 43
21 69
20 76
31 72
thous
163 192
203 052
17 212
17 930
16 683
14 429
15 694
16 506
1 8 fiQfi
16 831
I C -I 0£
-10 OQ-I
1 7 170
1 o nan
17 283
do
do
do
do
172 939
47 733
123, 085
2 121
199 337
58 365
137,779
3 193
18 876
5 176
13, 500
200
19 059
5 603
13, 025
431
18 427
5 265
12, 782
381
15 78?
2 ggQ
12, 561
235
15 235
2 542
12, 399
294
18 226
5 305
12, 514
407
19 623
15 450
5 899
9, 372
1 752
13 832
15 223
4 ' CQQ
8,743
5 flfi9
10,074
14 160
4 551
9, 497
17 095
5 212
20 046
4 966
14, 860
219
do
do
34 782
1 450
42 127
2 518
42 369
126
41 817
280
40 689
'416
39 485
185
39 969
254
38 719
397
37 930 39 698
' 245
157
42 127
Ax 1 94.
48 469
144
53
86
50 365 48 131
191
' 203
do
do
do
do
39 775
41 691
11 005
849
43 791
43 957
11 828
1,390
3 598
3 532
11 605
197
3 770
3 675
11 744
120
3 492
3 574
11 917
83
3 093
3 440
11 518
92
3 491
3 595
12 437
115
3 428
3 658
12 442
266
4 094
4*230
ll' 146
132
3 277
11 828
3 899
4 720
11 203
3 584
3 466
11 190
3 756
3* 602
11 546
87
73
51
118
.260
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment.
Replacement equipment
Export.. ...
Stocks , end of period
Exports (Bu. of Census) _ _
Inner tubes, automotive:
Production..
Shipments.
Stocks, end of period
Exports (Bu. of Census)
T
Revised.
* Preliminary.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
r' f>7Q
13, 681
9A4
3 474
3 900
11 489
109
3*031
no
11*645
900
3 562
3 600
11 586
115
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of tha
month; annual data are as of Dec. 31.
SURVEY OF CURRENT BUSINESS
S-38
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
June 1969
1968
Annual
Apr.
June
May
July
1969
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
34 646
May
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments finished cement
thous bbl
34, 426
37, 389
36 876
41, 763
44 106
39 855
45 358
30,954
22 760
19 088
20,096
26,106
7, 534. 0
192.5
1, 705. 5
710.5
14,6
160.0
734.9
15.8
159.7
687.1
16.8
154.2
727 2
16.9
165. 7
708 1
18 2
168.5
672 0
18.3
169.6
741 0
17.1
170.3
603.3
15.3
128.7
489.3
16.5
110.4
430.7
16.6
96.0
' 467. 2
••18.9
108.5
599.7
22.9
134.3
220.6
22.4
18.8
17.4
19 0
17 8
18.8
21.0
18.2
20.2
17.2
14.9
17.3
274.5
23.9
25.2
24.3
22 4
24 5
23 9
24 5
21.2
20.2
23.0
21.7
24.8
117.1
115.8
116.1
116.5
116.8
117 6
117.6
118.1
119.6
120.2
120.4
120.5
120.5
374,017 i 397, 343
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick
7, 117. 4
Structural tile, except facing
thous. sh. tons
234.5
Sewer pipe and fittings, vitrified
do
1, 572. 2
Facing tile (hollow) , glazed and unglazed
240.1
mil. brick equivalent
Floor and wall tile and accessories, glazed and un257.5
glazed
mil. sq. ft
Price index, brick (common), f.o.b. plant or
N.Y. dock
1957-59=100._
113.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments _
thous. $
Sheet (window) glass, shipments
Plate and other flat glass, shipments .
Glass containers:
Production
do
do
r
332 037 r387 628
90,523
98, 192
108, 935
117, 772
'131, 567 r 139, 558
200 500 248 070
29,684
60,839
35, 843
62, 349
39, 706
69,229
39, 560
78, 212
20 068
20 992
21, 757
21 909
23 054
21 368
22 870
21 120
19 921
22 370
19 362
r
23 205
21 046
17, 154
18, 666
20, 017
21 322
23 576
20,034
20 902
18, 705
20, 795
18, 627
17, 851
T
20, 801
20 962
(6)
1,591
1,930
1,886
2 365
3 473
2 681
2 252
1,575
1,698
1 858
1 737
2,174
1 876
57 852
(6)
3,693
4 066
4,524
4 864
5 826
4 763
5 591
4,983
5 017
4 703
4 311
4,546
4 588
do
do
do
38 185
44 501
19 459
(6)
(6)
(6)
3,755
3,798
1, 312
3 980
4,331
1,323
4,519
4,577
1,465
4 684
4 983
1 349
4 387
4 781
1 591
3 609
4 081
1,637
4 190
3 373
1,802
3 882
3,268
1,586
5 113
3,506
1,673
3 454
3 617
1,557
3 386
3 406
1,513
4 226
4,328
1,818
4 665
4 586
1 736
do
do
do
38 516
5,664
958
(6)
(6)
(6)
2,657
284
64
2,638
356
42
2,649
339
58
2 696
324
57
3 065
'387
66
2 810
390
63
3 189
440
65
2,934
417
60
3,237
483
68
2 996
380
62
3 064
386
48
»• 3, 220
'434
55
3 083
383
45
do
22 546
23 518
16,304
18 407
19 936
20 324
19 594
20 709
22 463
24 626
23 518
27 146
28 512 ' 30, 798
30 692
4 722
9 393
5,454
'10 018
do
7 879
r 8 844
do
do
4 511
293
' 4 935
r
301
thous gross
Shipments, domestic, total.
do
General-use food:
Narrow-neck food _
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous gross
Beverage _
Beer bottles
Liquor and wine
_
Medicinal and toilet
Chemical, household and industrial. _
Dairy products
Stocks, end of period
225 579
(6)
228, 766
(6)
23 631
r
r
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports.
Production
_ _
__
thous. sh. tons
do
Calcined, production, total
Gypsum products sold or used, total:
Uncalcined uses..
Industrial uses
_
Building uses:
Plasters:
Base-coat
All other (incl. Keene's cement)
Lath
_
Wallboard
Allother.__
do
do _
mil. sq. ft
do
do
_
r
561
813
94Q
7,089
243
r
1,402
2 538
1,379
2 566
1,022
2 189
r
2 172
2 208
r
1, r257
74
692
78
r
121
!86
119
165
235
2, 017
64
222
2,025
67
1,604
••2 720
r
'2 248
r
2 420
' 1, 469
78
' 1, 352
r
76
r
T
536
778
T
999
S 283
r
269
r
139
196
145
'213
251
2,097
73
r
r
r
r
287
2,r365
80
r
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:
Production total 9
mil linear yd
Cotton _
do
Manmade fiber _.
do
11 983
8 263
3 493
11 652
7 452
3 978
2 i 136
2 738
2
373
939
604
315
932
592
320
2 558
2 311
907
573
317
911
576
320
2 i 130
2 709
2 403
914
570
329
805
511
280
21 115
2
689
2405
2 ggg
r 915
' 581
317
582
Stocks, total, end of period 9 d"
Cotton
_
Manmade
fiber
_
do
do
do
1 317
837
465
1 201
705
482
1 223
769
437
1 225
775
435
1 250
778
457
1 228
*748
466
1 235
756
466
1 225
749
463
1 192
715
464
1 177
711
452
1 201
705
482
1 171
683
475
1,128
646
468
639
Orders, unfilled, total, end of period 9 f
Cotton __
Manmade
fiber
do
do
do
3 190
2 060
1 045
2 878
1*635
1 162
2 836
1 670
1 069
2 892
1 651
1 142
2 948
1 608
1 241
2 974
1 640
1*236
2 909
1 596
1 224
2 768
1 500
1 180
2 864
1 575
1 212
2 889
1 616
2 878
1 635
1 162
2 790
1 596
I'llO
2,798
1 572
1 130
1,628
7 439
10 917
7
374
1,416
5,955
9 164
7 458
9 215
10 948
8 568
670
665
643
2 813
658
577
2806
6,448
6,402
300
4,277
1,825
46
16, 575
16, 517
11,085
3,777
1,655
58
15, 720
15, 665
10, 339
3,819
1,507
55
14,636
14, 575
6,268
6,890
1,419
59
13, 796
13, 746
3,360
8,839
1,475
56
12, 964
12,912
1,534
9,807
1,571
52
12,011
11, 963
930
9,312
1,721
48
l'l93
COTTON
Cotton (exclusive of linters) :
Production:
GinningsA
thous. running bales
Crop estimate, equivalent 500-lb. bales
thous. bales
Consumption
_
do
Stocks in the United States, total, end of period
thous. bales..
Domestic cotton, total
. _ do
On farms and in transit
do
Public storage and compresses
do
Consuming establishments
do
Foreign cotton, total
do
2839
692
682
9,660
7,633
8,588
14, 563
12,964
9,594
8,529
7,580
14, 472
12, 912
660
616
1,509
628
1,534
6,810
5,813
5,037
11, 369
9,807
2, 125
1,594
1,927
2,087
1,571
54
66
59
91
52
r
2
Revised.
1 Reported annual total; revisions not allocated to the months.
Data
3
4
cover 5 weeks; other months, 4 weeks.
Ginnings to Dec. 13.
Ginnings to Jan. 16.
5 Crop for the year 1968
t
J
6 Data not
available owing to lack of complete reports from
the industry.
9 Includes data not shown separately.
2
3
10 030
4
510,917
10, 833
647
510,948
r
664
11,492 '10,713
11, 446 ' 10, 672
979
866
8,626 '7,934
1,823 * 1,872
41
45
' 2 792
-9, 571
'9, 531
931
-6, 762
'1, 838
40
661
8,205
8,171
429
5,920
1,822
34
c?Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
1[Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
SURVEY OF CURKENT BUSINESS
June 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
S-39
1968
Apr.
May
June
July
Aug.
1969
Sept.
Oct.
Nov.
Dec.
Jan.
Mar.
Feb.
Apr.
May
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (exclusive of llnters)— Continued
Exports
thous. bales
Imports
do
Price (farm), American upland, cents per Ib
Price middling 1" avg 12 markets 1
do
Cotton linters:
Consumption
thous. bales
Production
do
Stocks end of period
do
383
3
21.6
24 9
277
2
21 1
24 8
108
62
'550
90
41
492
92
27
436
20.0
13.1
128.0
.493
85.9
20.1
13.8
212.5
.501
2
8. 5
20.1
13.7
10.3
.516
7.0
20.1
13.6
10.3
.513
6.8
.942
1.049
1.065
1.040
1.040
8,278
7,466
15.4
13.8
12.7
12.3
5.2
5.3
5.2
.35
.40
268.1
527.0
37.75
75.60
7 61. 45
3,973
169
i 25. 4
124 8
1,080
977
617
1,107
998
405
mil-do
biLdo
do
20.0
14.4
126.2
.486
94.4
Cotton yarn, price, 36/2, combed, knit
$ per l b _ _
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (qtrly.) .
mil. lin. yd
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod-Inventories, end of period, as compared with
avg. weekly production -.No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period, seasonally adjusted
406
3
20.2
25 1
3,870
95
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
_
Consuming 100 percent cotton
Exports, raw cotton equiv.*_ .
thous. bales
Imports, raw cotton equiv.*
do
Mill margins:*
Carded yarn cloth average
cents per Ib
Combed yarn cloth average
do
Blends (65% polyester-35% cotton)
do
Prices, wholesale:
Print cloth, 39 inch, 68 x 72.-. cents rer yard-Sheeting, class B, 40-inch, 48 x 44-48
do
4
18.4
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59=100
Wool broadwoven goods, exc. felts:
Production (qtrlv.)
mil. lin. yd
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1957-59=100..
114
160
308
93
156
359
80
166
405
20.2
13.3
12.5
.502
2
8. 3
20.0
13.1
9.9
.495
6.5
20.0
13.1
8.6
.431
5.6
1.032
1.032
1.032
11.6
12 .4
12.4
5.4
5.3
5. 1
5.0
.40
.42
.44
.41
17.9
38.0
20.5
53.6
29.8
54.3
37.73
38 00
94.40 3 90. 13
62.84
63.69
37.85
90.58
64.04
17.5
18.4
95
20
364
77
20
300
92
42
255
20.2
13.6
10. 5
.419
26.8
20.2
13.5
10.1
.504
6.6
20.2
13.3
9.9
.495
6.5
1.040
1.039
1.037
12.1
16.8
12.4
5.2
5.3
6.8
.41
.42
.42
256.0
555.4
24.1
48.3
22.7
40.0
17.6
42.8
37.73
893.25
64.40
36.77
91.98
63.25
37.30
92.91
63.85
17.3
18.6
17.0
18.9
17.0
18.9
5
Exports: Yarns and monofilaments. _. .thous. Ib
88, 831 96 390
Staple, tow, and tops
do
78,293 108, 253
Imports: Yarns and monofilaments
do
28,194 5 59, 303
Staple, tow, and tops.
do
s 149, 672 217, 707
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb_.
51.7
59.4
Staple, incl. tow (rayon)
do
43.8
59 0
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
do
138.7
194 3
Staple, incl. tow
do
142.4
210.9
Textile glass
fiber
__.do
40.4
'47.3
WOOL
Wool consumption, mill (clean basis):
Apparel class
_. mil. Ib
Carpet class
do
Wool imports, clean yield
do
Duty-free (carpet class)
do
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
$ perlb..
Graded fleece, % blood
do
Australian, 64s, 70s, good topmaking
do
276
1
21 6
22 7
262
44
26 2
25 0
2
2
17.3
18.4
130
3
20 5
22 1
568
5
20 6
22 0
20 1
21 9
110
170
460
97
142
498
r 129
91
2
115
113
r 525
90
98
506
19.9
13.0
12.2
.488
2
7.9
20.0
13.1
9.8
.490
6.4
19.9
13.1
'10.1
.505
'6.6
1.032
1.032
1.032
13.8
13.2
12.4
12.6
13.2
5.3
5.6
5.2
5.0
5.1
.40
.40
.43
.43
.41
39
17.5
48.6
25.5
43.8
21.5
35.6
8.0
15.9
15.4
29.2
35.3
60.2
29.6
71.2
38 10
91.72
62.24
39 03
93 31
60.31
40.80
95.20
60.51
42 02
42 53
98.55 3109.27
60.68
58.60
43 08
109. 24
55.01
42 92
107. 86
55.15
42 71
108. 08
58.70
17.5
18.4
17.5
18 4
17.8
18.4
18.8
18 4
18.5
18.4
2
2
8 516
9,381
5,584
15, 165
8, 509
8,583
5,485
17, 480
8 396
9,185
6,124
18 376
19 2
22 5
2
2
T
539
17.8
18.4
17.8
18 4
1,393.5
218.9
198 7
422.5
391 5
101.8
8,011
9,134
5,650
14, 474
(6)
442.4
421 1
112. 4
5 573
6 200
4,026
16 599
8,812
10,040
3,614
15, 804
42 73
108. 30
60.94
440.5
419.9
108.7
T
8 486
11, 798
4,937
19 925
5
5
2
4
231
497
416
go4
4
6
2
5
237
807
900
767
9 048
12, 366
3,548
13 929
49.1
52 4
59.4
59.0
168 3
183.4
44.4
194.3
210.9
'47.3
9 801
13 132
3 017
18 863
67.0
59 3
154.6
158.8
41.5
.61
.84
1.43
'.486
'28.0
19.9
13.1
10.1
.505
6.7
1 362.9
203.4
190.4
33.9
47.2
.61
.84
1.42
'19.9
'13.0
212.1
1,792
1 300.9
204.7
180 4
409.7
359.6
99.6
8,156
12, 338
5,921
16, 848
55
55
1
19 6
22 2
1,228.9
183.3
176 7
7,910
9,100
4,579
20, 250
152
2
26 5
24 3
1 712
17.0
18.4
232 9
215 8
49.1
.61
.87
1.43
.66
.81
1.52
.61
.85
1.42
4, 239. 3
1,620.4
754.0
s 324. 2
1 989.0
5, 254. 4
1,845.8
786.8
361.1
2, 730. 6
1,310.5
460.1
203.1
88.0
677.7
1,281.1
445.5
178.8
89.9
672.2
1 378. 1
474.8
194 5
96 7
731 1
680.2
600.2
1 184.8 1 734. 0
173.5
430.6
158.6
432.3
170 1
462 3
117.8
106.5
114.4
.61
.85
1.43
412.5
451.4
228.7
83.9
187 3
78.2
238 3
91 4
249 4
119.6
2
24. 9
8. 8
22.8
10.0
19.3
72
21 2
8.2
19.8
7 2
19 0
10.3
1.215
910
1.153
1.207
840
1.180
1.190
.825
1.175
1.208
820
1.175
92.6
91.0
90.2
90.7
238.6
245.1
2
2
.61
.88
1.43
19.0
7.2
19 2
9.7
17 8
71
20 6
12.5
1.220
820
1.175
1.220
820
1.175
1.220
850
1.175
90.7
91.0
91.7
68.8
.61
.88
1.42
.61
.87
1.43
19.9
27 4
25 3
14.0
100.5
100.5
101.7
100.9
100.8
2
3
'Revised.
' Season average.
For 5 weeks, other months, 4 weeks.
Beginning
J uly 1968, average omits one cloth (July 1968 margins comparable with earlier data, 95.52
cents per pound); beginning Jan. 1969, the average omits two cloths previously included
5
(Dec. 1968 margins comparable with new data, 107.87 cents).
<For 10 months.
Revised total; revisions not distributed by months.
e Less than 500 bales.
? Avg. for 5
months, Aug.-Dec.
« Avg. for 6 months, July-Dec.
IFor the period Sept. 1967-Feb. 1968, 14 markets; beginning Mar. 1968, 12 markets.
2
1,930
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. Ib
3, 980. 6 '5 134.5
Filament varn (rayon and acetate)
do _
734.7
805.2
Staple, incl. tow (ravon)
__ _ _
do
603.4
739 1
Noncellulosic, except textile glass:
Yarn and monofilaments
_.do ._ 1, 213. 9 1, 649. 5
Staple, incl. tow
do
1, 119. 8 1 538 0
Textile glass
fiber.
do ..
308.8
••402.7
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
_$ per Ib—
Yarn: Rayon (viscose), 150 denier..
do
Acrylic (spun), knitting, 2/20,3-6 D* do
Manmade fiber and silk broad woven fabrics:
Production (qtrly.). total 9
--.mil. lin. yd
Filament yarn (100%) fabrics?
do
Chiefly rayon and/or acetate fabrics
do...
Chiefly nylon fabrics
do
Spun yarn (100%) fab . , exc. blanketing 9 do
Rayon and/or acetate fabrics and blends
do___
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd...
185
1
24 2
23 3
213
20
26 0
25 0
357
2
21 5
24 9
2
.61
.88
1.42
.61
.88
1.41
.61
.90
1.42
2
.61
.90
1.42
22
9
10
3
17
7
9
2
9
6
Q
1
22 5
88
17 7
9.2
17 0
71
16 4
9.0
16 3
67
18 1
7 6
1.210
840
1.175
1.215
864
1.191
1.245
880
1.195
1.245
880
1.195
L245
880
1.195
91.8
92.4
93.4
93.4
93.1
56.7
2
2
.61
.90
1.42
T is
6
19
9
2
9
9
9
2 223 6
89
22 0
11 3
1.239
880
1.195
1.220
858
1.195
1.220
850
1.195
92.9
92.9
1
5
2
7
1.220
850
1.195
57.6
101.1
101.1
101.1
101.1
102.1
101.1
102.1
102.1 102.1
*New series. Beginning Aug. 1966, mill margins refer to weighted averages of about 70 types of
unfinished carded yarn cloths and to simple averages of 5 to 8 combed yarn cloths and of 3
polyester-cotton blends; no comparable data prior to Aug. 1966 are available.
Exports and
imports of cotton cloth (U.S. Dept. Agriculture) available beginning July 1959; spun yarn
price (BLS), beginning Jan. 1965.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-40
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1969
1968
Apr.
Annual
June 1969
May
June
July
Aug.
Oct.
Sept.
Nov.
Feb.
Jan.
Dec.
Mar.
Apr.
20, 316
18, 360
May
TEXTILE PRODUCTS—Continued
APPAREL
Hosierv shipments
Men's apparel, cuttings:
Tailored garments:
Suits
Overcoats and topcoats
223482 r225 565
Women's, misses', juniors' outerwear, cuttings:
Coats
thous. units
Dresses
do
Suits
do
Blouses, waists, and shirts
Skirts
thous doz
do
18 022
19 828
18 331
19 858
19 536
21 632
20 631
16,587
18,170
18, 514
21 710
4,141
1 854
1 810
2 352
1,620
2,193
318
408
420
395
1 869
363
1 856
1 836
426
1 783
1 272
365
304
244
' 2, 091 2,295
286
••218
13 726
14 036
138, 571 6 158, 353
1 263
13, 799
1 256
14, 841
1 172
13 828
12 079
1 208
14 418
1 074
13,417
1 367
14, 594
1 292
13 214
1,028
10, 350
24 038
2 118
2 109
2 061
1 716
1 992
1 858
2 312
1 982
1,601
1,974
1, 989
1,996
7 464
4 042
6 945
3 310
514
295
555
268
660
265
416
214
544
259
676
268
629
340
691
287
632
228
628
293
r 588
315
677
290
22, 414
279 864
7 983
21 370
270 257
8 152
1,209
28 394
1 588
24 049
1 749
21 034
1 865
19 136
2 108
21 334
2 051
19 892
1,362
17 261
r
1 708
'23 017
1,435
26 035
514
492
1,765
20, 976
659
532
1 899
19 371
646
2,222
22 984
592
536
321
14 064
8 548
15 095
7 845
1 410
1 201
1 148
1 389
1 205
1,210
773
1 180 r 1 240
r
674
713
1 274
645
915
385
19 719
4,770
thous units
do
Coats (separate) , dress and sport
do
Trousers (separate) , dress and sport
do
Shirts (woven fabrics) , dress and sport
thous doz
Work clothing:
Dungarees and waistband overalls
do
Shirts
do
17 107
22 835
thous doz pairs
6
622
714
793
526
643
1 455
1 271
1 142
742
854
649
788
622
545
290
6
1,354
13, 367
648
r
1, 240
'13,635
r
r
1,302
14, 427
1,259
25, 337
841
772
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $
U.S. Government
do
Prime contract
do
Sales (net), receipts, or billings, qtrly. total .-do. .
U.S. Government
_
do
26,900
18, 538
24, 423
23, 444
16 334
i 27, 341
1
16 584
1
24, 606
25, 579
16 600
Backlog of orders, end of period 9
do
U.S. Government
do
Aircraft (complete) and parts .
do
Engines (aircraft) and parts.do
Missiles, space vehicle systems, engines, propulsion units, and parts
mil $
Other related operations (conversions, modifications), products, services
mil. $
30 936
17, 950
16 401
4 252
i 30 934
i 16 352
i 16 779
i 3 958
Aircraft (complete):
Shipments ©
Airframe weight ©
Exports.
do
thous. Ib
mil $
7,149
5,577
6,509
6,257
3 991
6,217
3,486
5,238
6,780
4,464
589
768
938
916
31 497
17 330
17 389
3 824
30 934
16, 352
16 779
3 958
6,731
3 881
6 226
6,221
3 989
30
15
17
3
5 704
i 5 084
4 007
5 164
5 084
2,810
1
2 827
2 917
2 839
2, 839
391 4
6 931
130 2
339 5
5 831
125 8
406.8
6,931
117 6
340 3
6 005
121 7
311 6
5 668
94 1
414 9
6 859
160 7
390 0
6 264
132 4
338.4
5,858
133.4
352 2
5 598
153 8
'367 4
T
6 524
139 8
339.4
5,978
116.5
941.7 1, 103. 5
895.8 1 051 6
782.7
916 9
747.8
876 2
159.0
186.6
147.9
175 4
990.1
945.8
813 7
781.6
176.4
164 3
773.1
744.8
624.6
605.4
148.5
139.4
292.1
274.7
193.1
182.6
99.0
92.1
816.9 1,125.2 1, 040. 7
984.3
769 4 1,065.2
935.2
876.6
656 4
889.5
831.0
620 0
164.1
160 5
190.0
153.3
175.8
149 4
881.9
832.2
73 > 1
693.7
149.8
138 5
976.5
933.3
815.4
782.1
161.1
151.2
864.7
825.0
707.4
677.4
157.3
147.7
932.3
878 4
763 3
721 7
169 0
156 7
876.8
825.8
714.3
677.3
162.5
148.5
330 46
286 78
92.03
29.90
25 65
8.40
30 19
27 62
7.82
26.12
23 22
6.84
15.35
13 63
6.07
8.29
6 86
5.41
27 71
23 60
8.84
30.32
26 24
7.83
36.28
30.79
10.03
30.96
26 00
9.67
25.73
24.75
«5.72
23.56
20 77
6.59
34.64
29 46
10.97
28.50
24 10
11.82
1,620.45
3 500 65
3
114 65
117. 33
34 32
6.20
157. 10
49 07
6 93
139. 11
50 91
9.93
139. 32
32 25
8.70
97.25
13 68
3.58
126. 02
42 57
10.50
143. 10
54 54
13.60
154.81
55.67
13.95
164.36
51 65
11.99
106.32
50.21
12.84
121. 48
48 17
8.23
137. 47
46 36
13.12
182. 77
51 70
12.96
96, 539 P113, 928
59, 147
75, 148
9,814
5,899
10,918
7 188
8,942
5,676
8,891
5,529
9,526
6,439
9,544
6,475
9,980
7,036
9,701
6,774
9,685
6,616
9,890
6,739
'11,055
r 7, 405
12,760
8,581
12, 578
7,842
27 497
33 761
2 165
1 956
2 532
2 392
2 308
3 703
3,769
3,966
4,534
1,605
r
3 025
3 079
2,200
3 8 357 4 9,403 9
3 779 2 3 985 8
3
1 518 4 1,775 6
859.4
800 6
a 78 0
161.6
824 3
o 78 4
149 6
145 9
872.0
°79 5
161.9
744.4
"81.7
150.9
705.3
94.7
148.5
880.3
103.8
170.3
757.0
84.2
140.3
4
ra 84 2
977. 3
97. 6
185. 5
657.6
63.4
133.2
°a607. 5
53.4
« 124. 5
681.2
58 1
144.0
« 876. 0
« 98.3
« 174. 6
r 4, 566 ' 4, 452 5,205
' 3, 736 ' 3, 823 4,439
5,312
4,516
6,571
5,353
1,218
373.4
4 355 1
6,858
76 202
1 403 1 115.4
2 981.5
56, 739
786 5
337 7
5,782
53 5
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
__
Domestic
thous..
do
do
do
do
do
8, 976. 2 10, 718. 2
8, 484. 6 10, 172 2
7, 436. 8 8 822 2
7, 070. 2 8 407 1
1, 539. 5 1,896 1
1, 414. 4 1 765 1
Exports:
Passenger cars (new), assembled.
To Canada*
Trucks and buses (new), assembled
do
do
do
280.58
236 64
82.24
Imports:
Passenger cars (new) , complete units
From Canada*
Trucks and buses, complete units
do
do
do
1, 020. 62
323 55
75 07
Shipments, truck trailers:
Complete trailers and chassis
. number
Vans
do
Trailer bodies and chassis (detachable), sold
separately _ .
number
Registrations (new vehicles) : O
Passenger cars
.
Foreign cars
Trucks (commercial cars)
thous
do
do
3
4
4
2 860. 7
2
712 8
2
147. 9
RAILROAD EQUIPMENT
Freight cars (ARCI):
Shipments
Equipment manufacturers, total
Railroad shops, domestic
number
do
do
83 095
64 775
18, 320
r
T
56 262
38 991
17, 271
5,774
3,395
2,379
4,994
2,906
2,088
4,408
2,728
1,680
3,499
2,476
1,023
3,760
2,488
1,272
4,448
3,062
1,386
4,533
3,319
1,214
4,097
2,670
1,427
9,630
7,830
1,800
9,356
7,039
2,317
830
629
r
7, 753
3,641
' 4, 325 3,136
3,428
505
New orders
Equipment manufacturers, total
Railroad shops, domestic. ..
do
do
do
53 703
38 468
15, 235
3 63 561
3
49, 391
14, 170
3,294
2,502
792
4,057
2,686
1,371
3,233
3,197
36
2,789
2,586
203
3,155
3,032
4,321
4,221
123
100
9,793
6,775
3,018
Unfilled orders, end of period
Equipment manufacturers, total
Railroad shops, domestic
do
do
do
24, 917
14, 276
10,641
31, 740
24, 540
7,200
20, 364
10, 862
9,502
19, 281
10, 496
8,785
17,810
10, 969
6,841
16,948
10,977
5,971
16, 261
11, 439
4,822
16, 229
12, 693
3,536
21, 400
16, 060
5,340
26, 939
21, 226
5,713
31, 740
24, 540
7,200
34, 994
24, 995
9,999
1 482
1 458
1,476
1,473
1,473
1,470
1,467
1,466
1,463
1,461
5.2
1,4,58
5.2
1,456
93.84
64.23
93.82
64.34
93.91
64.50
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
Held for repairs, % of total owned
Capacity (carrying), aggregate, end of period
mil. tons-.
Average per car
tons
5.1
5.2
5.2
5.2
5.2
93.57
93.62
93.80
93.82
63.40
63.55
63.66
64.34
l
»• Revised.
Beginning 1st quarter 1968, value of new orders and backlog refers to orders
on a funded order basis for Government contracts and on binding legal documents (or equivalent) for commercial business. Revised 4th quarter 1967 figures, comparable with funded
data beginning 1st quarter 1968 (mil. dol.): Total net new orders 7,428; total backlog, 29,339.
'Preliminary estimate of production. 3 Annual total includes revisions not distributed
4
by months.
Includes delayed registrations for seven States.
s Beginning Jan. 1969,
data exclude vehicles on runners and skis.
» Data for 1967-68 are understated by from 3
93.15
62.85
5.2
93.72
63.75
5.4
93.68
63.84
5.4
93.66
63.90
5.2
93.83
64.12 1
766
5.2
796
5,957
5,157
800
19, 721
19, 329
33, 439
23, 701
9,738
34, 073
24, 331
9,742
47, 208
38, 292
8,916
1, 455
1,452
1 449
5.2
93.88
64.54
5.3
93.91
64.68
392
5.1
93.94
64.82
» Omits data
to 5 percent and are not strictly comparable with figures beginning 1969.
for 1 State.
9 Total includes backlog for nonrelated products and services and basic research.
© Data include military-type planes shipped to foreign governments.
*New series;
source, Bureau of the Census.
O Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
10-12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
12-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34,36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
10,11,16
Aerospace vehicles
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts
4,6,7,40
Alcohol, denatured and ethyl
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt and tar products
35,36
Automobiles, etc
1,3-9,11,12,19,22,23,40
Balance of international payments
2,3
Banking
16,17
Barley
27
Battery shipments
34
Beef and veal
28
Beverages
4,8,11,22,23.26
Blast furnaces, steel works, etc
5-7
Bonds, outstanding, issued, prices, sales, yields.... 18-20
Brass and bronze
33
Brick
38
Broker's balances
20
Building and construction materials
7-8,
10,31,36,38
Building costs
10
Building permits
10
Business incorporations (new), failures
7
Business sales and inventories
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores...
12
Cheese
26
Chemicals
4-^,8,13-15,19,22-25
Cigarettes and cigars
30
day products
9,38
Coal.
4,8,22,34,35
Cocoa.
23,29
Coffee
23,29
Coke
35
Communication
2,19,24
Confectionery, sales
,
29
Construction:
Contracts
9
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
New construction put in place
9
Consumer credit
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
7,8
Copper
33
Corn
27
Cost of living (see Consumer price index)
7,8
Cotton, raw and manufactures
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,28,30,38
Crude oil and natural gas
4,35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S Government
Department stores
Deposits, bank
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8,26,27
16
18
11,12
16,17,19
16
26
2,3,18-21
11,12
Earnings, weekly and hourly
...................
14, 15
Eating and drinking places
....................
11, 12
Eggs and poultry
.........................
3, 7, 28, 29
Electric power
...........................
4,8, 25,26
Electrical machinery and equipment
............
4-8,
13-15,19,22,23,34
Employment estimates
........................
12-15
Employment Service activities
.................
16
Expenditures, U.S Government
................
18
Explosives
...................................
25
Exports (see also individual commodities). . . . 1, 2, 21-23
Express operations
............................
23
Failures, industrial and commercial
.............
7
Farm income, marketings, and prices .......... 2, 3, 7, 8
Farm wages
..................................
15
Fats and oils
.........................
8,22,23,29,30
Federal Government
finance
..................
.
18
Federal Reserve banks, condition of
.............
16
Federal Reserve member banks
.................
17
Fertilizers
...................................
8, 25
Fire losses
...................................
10
Fish oils and
fish
.............................
29
Flooring, hardwood
...........................
31
Flour, wheat
.................................
28,29
Food products
..........
1, 4-8, 11-15, 19, 22, 23, 26-30
Foreclosures, real estate
..................
. ---- 10
Foreign trade (see also individual commod.) ..... 21-23
Foundry equipment
...........................
34
Freight cars (equipment)
......................
4, 40
Fruits and vegetables
.........................
7,8
Fuel oil
.....................................
35,36
Fuels
.............................
4,8,22,23,34-36
Furnaces
...........................
.........
34
Furniture. .
..............................
4,8,11-15
Gas, output, prices, sales, revenues
............
4, 8, 26
Gasoline ............ .
........................
1,35
Glass and products
...........................
38
Glycerin
.....................................
25
Gold
........................................
19
Grains and products
...................
7,8, 22, 27, 28
Grocery stores
...............................
11, 12
Gross national product
........................
1
Gross private domestic investment
..............
1
Gypsum and products
.........................
9, 38
Hardware stores
..............................
11
Heating equipment
...........................
9, 34
Hides and skins
..............................
8, 30
Highways and roads
..........................
9, 10
Hogs
........................................
28
Home electronic equipment
....................
8
Home Loan banks, outstanding advances
........
10
Home mortgages
.............................
10
Hosiery
.....................................
40
Hotels
......................................
24
Hours of work per week
.......................
14
Housefurnishings
.......................
1,4,8, 11, 12
Household appliances, radios, and television sets .
4,
8,11,34
Housing starts and permits
....................
10
Imports (see also individual commodities) ..... 1, 22, 23
Income, personal ........... . .
................
2, 3
Income and employment tax receipts
............
18
Industrial production indexes:
By industry
................................
3, 4
By market grouping
........................
3, 4
Installment credit
.........................
12, 17, 18
Instruments and related products
..........
4-6, 13-15
Insurance, life
................................
18, 19
Interest and money rates
......................
17
Inventories, manufacturers* and trade .......... 5, 6, 12
Inventory-sales ratios
.........................
5
Iron and steel
............
4, 5-7,9, 10, 19,22, 23,31, 32
Labor advertising index, strikes, turnover
16
Labor force
12, 13
Lamb and mutton
28
Lard
28
33
Lead
Leather and products
..................
4, 8, 13-15, 30
Life insurance
..........................
. ..... 18, 19
Linseed oil
...................................
30
Livestock
.................................
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
..........
10, 16, 17, 18, 20
Lubricants
...................................
35, 36
Lumber and products
...............
4,8,10-15,19,31
Machine tools
................................
34
Machinery
.................
4,5-8,13-15,19,22,23,34
Mail order houses, sales
.......................
11
Man-hours, aggregate, and indexes
.............
14
Manmade fibers and manufactures
..............
9, 39
Manufacturers* sales (or shipments), inventories,
orders. . .;
.................................
4-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings. . . 13-15
Manufacturing production indexes
..............
3, 4
Margarine
...................................
29
Meat animals and meats
.............
3,7,8,22,23,28
Medical and personal care
.....................
7
Metals
.......................
4-7,9,19,22,23,31-33
Milk
........................................
27
Mining and minerals
.................
2-4,9,13-15,19
Monetary statistics
...........................
19
Money supply
................................
19
Mortgage applications, loans, rates ....... 10, 16, 17, 18
Motor carriers
...............................
23,24
Motor vehicles
..............
1,4-7,9,11,19,22,23,40
Motors and generators
........................
34
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint.
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
4,9,19,22,23,33
Noninstallment credit
17
Oats
27
Oil burners
34
Oils and fats
8,22,23,29,30
Orders, new and unfilled, manufactures*
6,7
Ordnance
13-15
Paint and paint materials
Paper and products and pulp
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passports issued
24
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11,13-15,19,22,23,35,36
Pig iron
32
Plant and equipment expenditures
2,20
Plastics and resin materials
25
Population
12
Pork
28
Poultry and eggs
3,7,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Profits, corporate
2,19
Public utilities
2-4,8,9,13,19-21
Pullman Company
24
Pulp and pnlpwood
36
Purchasing power of the dollar
9
Radiators and convectors
34
Radio and television
4,10.11,34
Railroads
2,15,16,19,20,21,24,40
Railways (local) and bus lines
23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators and home freezers
34
Rent (housing)
7
Retail trade
5,8,11-15,17,18
Rice
27
Roofing and siding, asphalt
36
Rubber and products (inch plastics)
^ •: i •: i 4-6,
9,13-15,
Saving, personal
Savings deposits
Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver.
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock prices, earnings, sales, etc
Stone, clay, glass products
Stoves and ranges.
Sugar
Sulfur
Sulfuric acid
Superphosphate
2
17
19,20
20,21
1,7,13
28
8,11,12,30
19
30
39
31,32
31
20,21
4-6,8,13-15,19,38
34
23,29
25
24
25
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,10,11,34
Textiles and products.... 4-6,8,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-6,9,11,13-15,30
Trlde (retail' and wholesale).' .*!.'.'!!!.'.'!.'.'.'!.'!" 5,11,12
Transit lines, local
23
Transportation
1,2,8,13,23,24
Transportation equipment
4-7,13-15,19,40
Travel
23,24
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
12,13,16
16-18,20
finance
18
2-4,9,13,19-21,25,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
Wages and salaries
Washers and driers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
J4
11,12
29,30
,* i5
16,18
flour
2,3,14,15
34
34
28
i'^'-Si ,,:?
5,7,11,13-15
36
9,39
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
D I V I S I O N OF PUBLIC DOCUMENTS
WASHINGTON, D.C.
20402
OFFICIAL BUSINESS
Volume 49
Survey of Current Business
Number 6
1969 Index of Special Articles and Features
SPECIAL ARTICLES
The Economy in 1968
Production and Income in 1968
Labor Markets and Prices
Financial Developments in 1968
The Balance of Payments in 1968
Personal Income Higher in All Regions in
Third Quarter of 1968
Federal Programs for Fiscal 1970
1969 Business Investment Programs and
Sales—Strong Advances Expected
The U.S. Balance of Payments—Fourth
Quarter and Year 1968
Alternative Measures of Price Change for
GNP
No.
I
I
I
I
I
1
2
Page
I
7
24
30
33
37
13
17
23
47
No.
Personal Income, 1968, and Disposable Income, 1928-68, by States and Regions
Monetary Restraint in 1969 (Part I)
Metropolitan Area Income in 1967 (Part I ) . .
U.S. Exports to Foreign Affiliates of U.S.
Firms (Part I)
*
Some Major Issues in Productivity Analysis
(Part II)
Foreign Earnings From U.S. Travelers in
1968 Decline Slightly to $3.9 Billion
The U.S. Balance of Payments: First Quarter
1969
A Fiscal Policy Model of the United States..
Page
4
5
5
16
13
19
34
17
6
6
21
45
No.
4
Page
13
FEATURES
Recovery in Steel
Manufacturers' Inventory and Sales Expectations—First Half 1969
Plant and Equipment Expenditures by
Foreign Affiliates of U.S. Corporations—
Revised Estimates for 196H and 1969
Auto Production and Sales Decline
No.
2
Page
2
11
3
4
13
4
1968 GNP by Major Industry
Plant and Equipment Expenditure Programs
in 1969
Manufacturers' Inventory and Sales Expectations, Second and Third Quarters
1969
LATEST SUPPLEMENT—Business Statistics—1967 Biennial Edition: Price $2.50
Orders may be placed with the Superintendent of Documents, U.S. Government Printing
Office, Washington, D.C. 20402, or the nearest U.S. Department of Commerce Field Office.
Check or money order should be sent with orders.
11
15
@FedFRASER