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JUNE 1971 / VOLUME 51 NUMBER
6
SURVEY OF
CURRENT BUSINESS
JUNE 1971 / VOLUME 51 NUMBER
SURVEY OP CURRENT BUSINESS
***T OF
CONTENTS
THE BUSINESS SITUATION
Summary
1
Consumer Demand
2
Inventories
3
May Developments
4
National Income and Product Tables
9
1971 Plant and Equipment Expenditure Expectations
13
Manufacturers' Inventory and Sales
Expectations, Second and Third Quarters 1971
U.S. Department of Commerce
Maurice H. Stans / Secretary
James T. Lynn / Under Secretary
Harold C. Passer / Assistant Secretary
for Economic Affairs
17
Office of Business Economics
George Jaszi / Director
Morris R. Goldman / Associate Director
Lora S. Collins / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
ARTICLES:
International Travel, Passenger Fares, and Other
Transportation in the U.S. Balance of Payments: 1970
The U.S. Balance of Payments: Revised Presentation
19
24
The U.S. Balance of Payments: First Quarter 1971
Jack J, Bame
Lora S. Collins
David T. Devlin
Marie P. Hertzberg
Alfred I. Jacobs
Donald A. King
Mordechai E. Lando
Etienne H. Miller
Gordon P. Smith
58
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index {Inside Back Cover)
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U.S. DEPARTMENT OF COMMERCE FIELD OFFICES
Albuquerque, N. Mex. 87101
U.S. Courthouse Pb. 843-2386.
Anchorage, Alaska 99501
632 Sixth Ave. 272-6531.
Atlanta, Ga. 30303
75 Forsyth St. NW. 526-6000.
Baltimore, Md. 21202
305 U.S. Customhouse 962-3560.
Birmingham, Ala. 3520$
908 S. 20th St. Ph. 325-3327.
Boston, Mass. 02203
JFK Federal Bldg. 223-2312.
Buffalo, N.Y. 14203
117 EHicott St. Ph. 842-3208.
Charleston, S.C. 29403
334 Meeting St.
Ph. 577-4171.
Charleston, W. Va. 2S301
500 Quarrier
St. Ph. 343-4181.
Cheyenne, Wyo. 82001
2120 Capitol Ave.
Ph. 778-2220.
Chicago, III. 60604
1486 New Federal Bldg.
Ph. 353-4400.
Cincinnati, Ohio 45202
550 Main St. Pb. 684-2944.
Cleveland. Ohio 44114
666 Euclid Ave,
Ph. 522-4750.
Dallas, Tex. 75202
1114 Commerce St. 749-3287.
Denver, Colo. 80202
New Customhouse, 19th & Stout
Sts.
Ph. 837-3246.
DCS Moinea, 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
450 Main St. Ph. 244-3530.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
Ph. 546-5977.
Houston, Tex. 77002
1017 Old Federal Bldg.
Ph. 226-4231.
Jacksonville, Fla. 32202
400 W. Bay St. Ph. 791-2796.
Kansas City, Mo. 64106
601 East 12th St. Ph. 374-3141.
Los Angeles, Calif. 90024
11000 Wilshire Blvd. 824-7591.
Memphis, Tenn. 38103
147 Jefferson Ave.
Ph. 534-3214.
Miami, Fla. 33130
25 West Flagler St. Ph. 350-5267.
Milwaukee, Wis. 5320?
238 W. Wisconsin Ave.
Ph. 224-3473.
Minneapolis, Minn. 55401
306 Federal Bldg. Ph. 725-2133.
New Orleans. La. 70130
610 South St. Ph. 527-6546.
New York, N.Y. 10007
26 Federal Plaza Ph. 264-0634.
Philadelphia, Pa. 19107
1015 Chestnut St. Ph, 597-2850.
Phoenix, Ariz. 85025
230 N. First Ave. Pb. 261-3285.
Pittsburgh, Pa. 15222
1000 Liberty Ave. 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. 782-2246
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^*640.
Savannah, Ga. 31402
235 U.S. Courthouse and P.C
Bldg. Ph. 232-4321.
Seattle, Wash. 98104
8021 Federal Office Bldg.
Ph. 442-5615.
the BUSINESS SITUATION
It is clear at midyear that the pace of
economic activity continues to strengthen.
The recovery to date has been fairly
mild, and there is still a good deal of
slack in the utilization of productive
resources.
The strength of consumer demand is
the key to the strength of the economy's
expansion in the months ahead. Consumers' propensity to save remains
high, but there has been evidence in recent months of some strengthening in
consumer demand. Investment in inventories has recently been somewhat
stronger than in the first quarter, but
remains cautious. Stocks seem to be in
fairly good balance with sales except in
durable goods manufacturing and wholesaling, where steel stockpiling has
augmented the overhang.
i
T is clear at midyear that the
pace of economic activity continues to
strengthen. The recovery to date has
been fairly mild, however, apart from
the surge in production and incomes
following settlement of the auto strike.
There is still a good deal of slack in the
utilization of productive resources, and
the unemployment rate hovers at a
level somewhat above 6 percent. Consumers' propensity to save remains
high, but there has been some evidence
in recent months of strengthening in
consumer demand. In the immediate
future, spending should get a thrust
from the income boosts resulting from
the increase in social security benefits
(being paid in June retroactive to
January) and a pending raise in military
pay.
The boom in residential construction
has been the strongest single element in
the recovery. When credit conditions
began to ease last year, the response of
homebuilding was immediate and dra-
matic. The underlying demand for new
housing was, and still is, very strong,
and starts soared from an annual rate
averaging barely over 1.25 million units
in the first half of 1970 to 1.81 million
in this year's first quarter (chart 1). In
both April and May, the rate was a very
high 1.9 million units. Outlays for homebuilding continue to increase, but the
rate of spending growth is slowing. The
first quarter increase of $3% billion
(seasonally adjusted annual rate) very
likely marked the peak rate of spending
growth in the current homebuilding
recovery.
Attention was focused in the May
SURVEY on the rather abrupt reversal
of interest rates this spring. Kates in
the money and bond markets have continued to rise during the past month
and at mid-June some commercial
banks boosted the prime lending rate in
reaction to both the rising cost to banks
of attracting loanable funds and some
strengthening in loan demand. The
rate had been 5.5 percent; as this issue
of the SURVEY went to press, some
banks had posted 5.75 percent, some
6 percent, and some held at 5.5 percent.
The major mortgage lenders have been
flooded with savings in recent months
and this has served to make mortgage
credit easily available and to hold rates
down—to levels, in fact, below the rates
available on corporate bonds. While the
supply of funds for mortgage credit
apparently continues to be sizable, the
general increase in market interest rates
has become a clear source of upward
pressure on mortgage rates. Some large
lenders on the West Coast have in fact
raised their rates, and the increasing
likelihood of a general firming in mortgage market conditions is a tempering
factor in the outlook for residential
construction.
In sharp contrast to homebuilding,
business capital investment is contributing little if anything to demand
growth this year Outlays appear to
have risen in the quarter just ending,
but businessmen's expectations point
to stability for the rest of the year.
CHART 1
Residential Construction and
Mobile Homes
Million Units
(Ratio scale)
2.5
PRIVATE HOUSING STARTS
2.0
1.5
1.0
.8
_ MOBILE HOME SHIPMENTS
i ii
1963
65
67
69
71
Seasonally Adjusted at Annual Rates
• April-May average.
U.S. Department of Commerce, Office of Business Economics
Data: Census
71-6-1
SUEVEY OF CURRENT BUSINESS
(Findings of the latest OBE-SEC survey are reported on pages 13-16.) Investment in inventories has recently been
somewhat stronger than in the first
quarter, but remains cautious. Stocks
seem to be in fairly good balance with
sales except in durable goods manufacturing and wholesaling—where stockpiles held against a possible steel strike
have augmented the overhang. It is
entirely possible that a clear strengthening of final demands will set
off a substantial run of inventory
accumulation.
Federal spending on goods and services has also been a weak demand element. Spending on goods and services
for nondefense purposes has been growing at a relatively very slow pace while
CHART 2
Retail Sales
Billion $ (Ratio scale)
1968
1969
1970
1971
Seasonally Adjusted
"Includes nonstore retailers
U.S. Department of Commerce, Office of Business Economics
Data: Census
71-6-2
defense purchases have been shrinking
for the past year. In the immediate
future, however, defense purchases will
be swelled by a large increase in military pay rates expected to take effect
this summer as part of the shift toward
a "volunteer army." Not only are other
raises likely over the relatively near
term (for civilian as well as military
personnel), but the various advance indicators suggest that defense-related
production will shortly level out following a downtrend stretching over the
past two years or so. Thus, the decline
in defense purchases has probably run
its course.
It is impossible to isolate with any
precision the effects on the economy of
the auto strike last winter. However, it
is likely that even in the absence of the
strike-related distortions the economy
in the first quarter would have been on
a visable recovery course, but at only a
very modest rate of real growth. It is
relevant to note in this connection that
the National Bureau of Economic Research recently designated November
1970 as the trough in economic activity,
culminating a year-long contraction
from a peak in November 1969.
June 1971
The available evidence on retail
sales indicates that spending on nondurable goods has been fairly strong
this spring, following a period of slack
early this year, but that spending for
durables other than autos is sluggish,
at least in the aggregate. Purchases of
services apparently continue to grow
smoothly. Abstracting from the distortions related to the auto strike, the
growth of overall consumer spending
is probably now a bit more rapid than
has been typical in the past year or
two, but as yet there has been no strong
resurgence of demand.
Retail volume
Retail sales scored a fifth consecutive
increase in April (chart 2). Weekly
data suggest that there was a decline
in May, mainly because of a drop in
auto dealers' sales. The effects of the
auto strike have had a major impact
on recent sales movements. Excluding
the auto group (primarily new and
used car dealers and tire and accessory
stores), the growth of sales volume this
year has been much less dramatic.
The auto group accounts for well
over half of total sales at outlets
specializing in durable goods. Aggregate sales in other durable goods lines
Consumer Demand
have been just about stable for the
The strength of consumer demand is past year. Within that aggregate, the
the key to the strength of the economy's two large lines of trade for which sales
expansion in the months ahead. Con- estimates are available are furniture
sumers have for some time been and appliance stores (whose sales curevidencing marked caution toward rently run about $1.4 billion per
spending, saving quite heavily and month) and dealers in lumber, building
eschewing debt. The findings of recent materials, and hardware (about $1.3
consumer surveys indicate that there billion per month).
has been some improvement in
Furniture-appliance stores' sales were
"attitudes" and buying plans, but no drifting down throughout 1970 but
dramatic shift: While consumers in the picked up sharply in the early months
aggregate are apparently in relatively of 1971. April saw a decline, however,
comfortable condition with respect to and available evidence suggests a
liquidity and debt burdens, they remain further drop in May. Even so, the sales
cautious.
gain since last winter has almost
Incomes are getting a big boost this certainly been strong enough to reflect
month from an increase in social a measurable gain in real volume.
security benefits. The increase is being
Sales at stores in the lumber-hardpaid in June but is retroactive to
January, and beneficiaries will therefore ware group fell throughout 1969 and
receive a large lump sum payment for then held roughly stable until quite
the retroactive portion. It is likely that recently. They showed strong growth
most beneficiaries increase spending for a few months around the turn of
quite promptly when benefits are in- the year, dropped sharply in February,
creased, and save little of the increase. but since then have apparently been
SURVEY OF CURRENT BUSINESS
June 1971
on the uptrend once again. Broadly
speaking, the trend of lumber-hardware
sales over the past year has about
offset the trend of furniture-appliance
sales, while sales at other durables
outlets have been little changed in the
aggregate.
Nondurable goods
The only really marked, definite
strengthening of retail sales has been in
the so-called general merchandise group.
Department stores are the largest component of the group, which also includes
variety stores and nonstore retailers
such as mail order houses and vending
machine operators. The group's sales
volume picked up strength last summer
and has grown more or less steadily
since then (chart 2).
Sales of the general merchandise
group run about $5.7 billion per month,
or about 25 percent of total volume at
outlets specializing in nondurables. The
largest single component line of trade
in the nondurables sector is food
retailing, which now runs about $7
billion per month and accounts for
one-third of the nondurables total.
Food group sales have been growing
relatively strongly in the past few
months (chart 2). However, that period
has also seen an acceleration in the
food-at-home component of the consumer price index, following a year or
more in which prices rose very slowly.
This suggests that the real volume of
food buying has not grown much in
recent months.
Sales in the other lines of nondurables
trade have been generally sluggish
during the past half year or so, after
having strengthened somewhat during
1970. The weakest showing has been in
the largest category, eating and drinking places; dollar volume here has actually been running lower in 1971 than in
1970, suggesting a very substantial drop
in real volume.
ity, it has also exerted thus far in 1971
a drag on the recovery of activity.
In terms of book value, inventory accumulation by manufacturing and trade
firms declined from a rate of $3K billion
(seasonally adjusted) in the summer of
1969 to $1% billion in the first quarter
of 1971. Even so, the first quarter figures were inflated by a buildup of steel
stocks against a strike this summer, and
by the post-strike rebuilding of auto
inventories.
The accumulation rate of manufacturing firms showed a generally modest
decline during 1970, but in the first
quarter of 1971 stocks were reduced
$200 million—the first quarterly liquidation since early 1961. In trade, the accumulation rate was more erratic in
1970; it fell sharply in the first half, reCHART 3
Inventories: Book Value
The rate of inventory accumulation has been
declining and is now quite low
Billion $
fttaMtiriiri
wcf traiie, fetal
-2 I i r i I i i r I r r i I i I i I i i t I r. I
2
_
Table 1.—Inventory Cycles: Change in
Accumulation
[Millions Of dollars]
Dec.
1953
Apr.
1958
Feb.
1961
July
1967
May
1970
Total manufacturing
and trade:
12 months before. . -950
430
12 months after.-.
-801 -1,553 -1,316
566
940
1,258
Durables:
12 months before., -845
12 months after. . . 334
2 -*
-819 -1,402
842
1, 051
-786
182
-480
'381
-151
98
-530
384
-172
1112
Nondurables:
12 months before.. -105
96
12 months after. _ -
Inventories
The rate of business inventory accumulation has declined substantially
since the summer of 1969. This cutback
was not only an important factor in the
1969-70 contraction of economic activ-
covered in the summer, and fell off
sharply in the closing quarter of last
year. The post-strike recovery in auto
production swelled retail inventories in
the first quarter of this year, but accumulation was off fairly sharply at the
wholesale level. On the basis of preliminary data, accumulation strengthened somewhat in April; nonmanufacturing inventories rose about $600
million, seasonally adjusted, and manufacturing inventories about $100 million.
Although the inventory correction
has had a substantial impact on the
pattern of economic activity in the past
year and a half, the adjustment has
been orderly and relatively moderate.
Measured from one year before to one
year after the trough in accumulation,
the recent swing is noticeably milder—
both in the correction and in the rebuilding—than other postwar cycles
(table 1). The relatively moderate
character of the recent adjustment
reflects the fact that the correction in
total manufacturing and trade inventories has been limited to a reduction in
the accumulation rate; the liquidation
typically associated with past inventory
cycles has not occurred. Businessmen
had ample warning in 1969 of the coming slowdown in economic activity and
likely were more than usually sensitive
to emerging weakness in sales. In addition, high interest rates, credit scarcity,
declining profits, and general concern
over problems of liquidity were all im-
-2
1966
67
68
69
70
71
Quarterly Change, Seasonally Adjusted
• April preliminary
U.S. Department of Commerce, Office of Business Economics
Data: Census
71-6-3
+18
207
-652
1
269
1. Eleven months only.
NOTE.—Changes are measured from one year before and
one year after the trough in aggregate inventory accumulation. The accumulation rates are calculated as 3-month
averages centered on the last month; data are book values,
seasonally adjusted.
Source- U.S. Department of Commerce, Bureau of the
Census and Office of Business Economics.
SUKVEY OF CURRENT BUSINESS
portant factors providing strong incentive for restraining inventory investment. Though the pressure of these
constraints has abated considerably in
the past year, the persistence of cautious
attitudes on the part of the business
community and the absence of strength
in final demands have resulted in continuation of tight inventory control
thus far in 1971.
It should be borne in mind that the
rise in durable goods accumulation this
year has been inflated by the rebuilding
of auto stocks and the stockpiling of
steel; had it not been for these influences
the recovery from the trough in May
1970 would have been considerably
weaker. In the case of nondurables, the
ongoing general weakness of inventory
investment is reflected in the fact that
accumulation has continued to decline
well after the trough in aggregate
accumulation.
Inventory condition
The inventory correction of the past
year and a half seems to have achieved
a fairly good alignment of stocks to
sales. After rising in 1970 and bulging
toward year end, inventory-sales ratios
generally seem to be back to their
normal ranges. These ratios suggest that
nondurables inventories in both manufacturing and trade have kept in good
balance with sales throughout the
period of correction. It thus seems
reasonable to expect that a strengthening in nondurables sales would be
promptly reflected in an acceleration of
inventory accumulation.
Durable goods inventories also seem
to be in fairly good balance at the retail
level for both the auto group and others,
but some overhang seems to persist in
wholesaling and manufacturing. For
durables manufacturers, an inventory
imbalance persists despite sizable and
widespread liquidation of stocks in the
first quarter. During that period, stocks
were reduced by all major industry
groups except metals producers and
fabricators, whose inventories were
being built up in anticipation of a strike
this summer. Metals aside, inventorysales ratios have come down noticeably
from their highs of last year but for
most lines of business, they appear to
Table 2.—Inventory/Sales Ratios
19<38
19(59
19 70
1971
4
1st 2d 1st 2d 1st 2d
half half half half half half mos.
Manufacturing:
Durable.
Nondurable
2.02 2.01 1.99 2.00 2.13 2, 16
1.34 1.32 1.32 1.30 1.30 1.32
2.08
1.29
1.66 1.55 1.52 1.55 1.59 1.64
.92 .90 .91 .88 .91 .94
1.64
.92
Wholesale:
Durable
Nondurable
Retail:
Durable
Auto group.
Other
Nondurable
1.99
1.50
2.70
1.17
1.99
1.56
2.62
1.17
2.00
1.59
2.58
1.18
2.12
1.70
2.75
1.21
2.11
1.72
2.66
1.18
2.15 1.99
1.81 1.58
2.58 2.59
1.19 1.19
NOTE.—Average of monthly ratios.
be above their levels of 1968 and most
of 1969.
Another indication that inventories
may still be a little troublesome for
durable goods producers is the fact that
the accumulation rate of finished goods
inventories has not declined. Most of
the recent correction in durables stocks
occurred in work-in-process inventories,
which declined nearly $200 million in
the fourth quarter and $900 million in
the first four months of this year.
Although it appears that some inventory excess persists for durables
producers, OBE's latest quarterly survey (see pages 17-18) found both durable
and nondurable manufacturers reporting continued improvement in inventory conditions and expecting to add to
inventories in the months ahead. On
March 31, companies holding 22 percent of durable stocks judged their
inventories "high" relative to sales
and unfilled orders backlogs. This was
down 1 percentage point from yearend,
5 percentage points from March 31,
1970, and was the lowest proportion of
durables stocks characterized "high"
since June 30, 1969. The recent survey
also found manufacturers expecting
sizable sales gains and moderate additions to inventories during the second
and third quarters of this year. These
expectations suggest the continuation of
tight inventory control and further
declines in inventory-sales ratios.
May Developments
Industrial output recorded a fairly
sizable increase in May. The Federal
June 1971
Reserve index rose 0.7 percent, to 167.3
percent of the 1957-59 average,
following a 0.4 percent rise in April and
approximate stability in February and
March. Aside from the rebound
following the auto strike, the May
increase was the strongest gain in output since the index turned down in
mid-summer 1969. Nevertheless, the
index was still a little below its level
of last summer, before the auto strike,
and 4% percent below its 1969 peak.
Increased output was evident in
all the major market categories. Consumer goods production was higher,
in part because of increased auto output. Auto assemblies, which had peaked
in February and March, fell sharply in
April and then rose 5 percent in May to
a seasonally adjusted annual rate of
8% million units. Production schedules
indicate little change in the assembly
rate in June. This strength in auto
production is occurring in the face of
some weakening in new car sales.
Sales of domestic-type models fell
from a high seasonally adjusted annual
rate of 8.5 million units in February and
March to 8.3 million in April and 8.2
million in May. Consequently, inventories have continued to rise and
in May were approaching their highs
of late summer and fall of 1969.
Materials output was up further in
May. The steel buildup has of course
been contributing importantly to
strength in this area, but output of
other materials has also been rising and
continued to move higher in May. The
production of equipment also edged up
last month. Defense equipment output,
which has been in a steep and virtually
uninterrupted decline over the past two
years, was unchanged while production
of business equipment, which has been
showing small and mixed changes in
recent months, rose a little.
Employment and income
Nonfarm payroll employment rose
130,000 (seasonally adjusted) in May.
This was the largest increase since
(Continued on page 13)
June 1971
SURVEY OF CURRENT BUSINESS
, '1
In May: The unemployment rate high at 6.2 percent
*
Nonfarm payroll employment increased 130,000
f
Wholesale prices up 0.4 percent; farm products and processed food prices up sharply
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
Percent
85
1,050
16
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
^
|
CURRENT DOLLAR GNP**
1,000
/
-
-
jjR
83
Labor Force
81
x
(^
^ r/
V,r
.X^^
nventory Change
12
8
Employment
*•»•*•• \
V--x —- \.S
79
~" Final Sates
-
-
f^
Total
-1
950
900
PRICES
Million Persons
4
,"••""'
i
850
i
i
i
i
i
j
|__J
Quarterly (1)
77
QBE
Billion $
40
Monthly (May)
-
X **S*
120
110
'^^^
100
1 11 1 i 1 1 1111
Total
1 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1 1 1 11 11
QBE
1 i 1 1 i 111 11 1
Monthly (May)
Billions
Billions
72
_
m
"***
Emptoynienf (teft scale)
^-Vx
s^~
Total
68
700
i
650
i
i
i i
•-•*•••-.
*%^"*"%«-...
^g»
*ZZZ^*>j""r'
Inventory
Final Sales
Change
64
i
i i
Quarterly (I)
i
60
115
-
1 1 1J 1 11 1 1 1 1
i 11 1 111 1 11i
Total
140
— 130
105
1 1 1 1 1 1 1 1 1 1 1 120
inn
43.0
Dollars
-
-
_
4
0
HI
42.5
40.0
1 J?
7
I 1
1969
1970
Quarterly (l)
'
Digitized U.S. Department of Commerce, Office of Business Economics
for FRASER
35.0
1971 OB£
BLS
120
"
'
- <X
Average Hourly Earnings „„.>[
(right scate)
y
Average 1
Weekly Hours*
/ (teftscate)
****-**>.^
• \*-**
^.»»*
WHOLESALE PRICES
3.40
3.20
110
1 11 1 11 11 111 1 111 1 1 11111
1969
1970
Monthly (May)
,4-\fi\.ji
1 HA
1 (\>\
2.80
1971 BLS
100
1 1 1 1 111 1111
Processed Foods
and feeds
115
t
^
•l
-4
i 1 1 i i 1 i i i i i i i i i l i i i l i i i i t i 1 1 i i i ii
1967=100
\X
B1
Industrial
Commodities
Monthly (May)
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
CONSTANT DOLLAR (1958) GNP**
(Change From Previous Quarter)
8
jS~*^'
^+" —
BLS
Hours
^^
J^f^
110
'••—••
Monthly (May)
Percent
.
„
. " •
Man-Hours*
(right scate)
QBE
12
BLS
WHOLESALE PRICES
f
750
1 1i 1 1 1 1 1 1 1 1
1 967 = 1 00
NONFARM ESTABLISHMENTS
-
1 111 I 11 1i 11
120
CONSTANT DOLLAR (1958) GNP**
-
Food-
Monthly (Apr.)
76
800
^^gzZZZ „,-•'
BLS
Million Persons
850
—
/
......••""••*-•*""••-**
0
QBE
130
/^
'Married Men
\
2
Quarterly (1)
iililnll
CONSUMER PRICES
6
4
III. il
l
^
Quarterly (I)
UNEMPLOYMENT RATE*
-
-
1967=100
140
Total
0
BLS
8
20
10
0
Percent
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
30
i 1 1 1 1 11 1111
.1 1 II l 1 1 1 1 II
IMPLICIT PRICE DEFLATOR FOR GNP**
(Change From Previous Quarter)
H.
.
'
- CU>
J/
../ f
~^S
\M/
A|
Farm
Products
1 1 11 1 i 11 1 1 1 i 1 1 1 1 1 1 1 1 1 1 1 1 M 1 1 1 1 1 1 1
1969
1970
Monthly (May)
1971
BLS
SURVEY OF CURRENT BUSINESS
6
June 1971
In May: Personal income rose $6 billion with the1 bulk of the increase in wages and salaries
Domestic car sales off for the second consecutive month, sales of imports also declined
Plant and equipment outlays expected to rise only 2% percent in 1971, about half the 1970 increase
•
•
•
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billior $
FIXED INVESTMENT
Billio n $
Billion $
700
900
PERSONAL INCO
100
PERSONAL CONSUMPTION EXPENDITURES**
/
Producers1 OuraWe Equipment**
650
800
\
75
600
850
50
-
Nonresidential Structures**
\
750
* -•• S-\ S ?
f fg ;>;; x£,£
~ J*1| i
700
25
550
Residentia 1 Structures**
i t 1 1 it tiTii 1 1'Vi fii rfi r t tVi'i'ti't it i
Monthly (May)
i
500
r
t
f'
\
\
\
\
Quarterly (I)
OBE
t
WASESA»BS*U«ES**
550
(teftseale)
\s**
's~"
35
^
-
500
200
30
" •». , "
-_—^^-~^f
90
Manufacturing
(right scale)
400
t"i'i i i 1 t r t i i
\ \\\. t j . t . t T i t
i f f f f i It i i t
Monthly (May)
100
25
""
Monthly (Apr.)
',41*^
-
•
\
\
\
r
t
\
Quarterly (l)
t
2
v
/*~~***VX
>:
f
i
r t
1970
Quarterly (l)
* Seasonally Adjusted
1
I I
1971
4
1.5
• ' S~~^>
Census
. '/, '
7
'*? A /
^|A/! )wh'"
;'->,''^t
-
1.0
i V-'"'"t'
1969
OBI
"
1 1 111 1 1 1 111
Monthly (Apr.)
2.0
8
* * Seasonally Adjusted, at Annual Rates
U.S. Department of Commerce, Office of Business Economics
M 1 |1 1 1 1 1 1 1
PRIVATE HOOSI1«•*•:•'•.'
~
"
I
rV
MMon Units
2.5
6
1969
5
Trade Sources & OBI
PERSONAL SAVING RATE*
2,500
\
'J^k
New Orders
0
Monthly (May)
10
2,600 -
6
Shipments
w 1
Per sent
2,700
1
OBE-SEC
-
\ ****»•'•****
**
4
mLmm^^m
2,400
"
**
OBE
Dollars
I
4
\ I
\ I
mtmk)
\
550
t
CAPITAL GOODS MANUFACTURERS*
7
*»<<*»*<****t***
|
"'
Billion $
9
8
_
'f* '
Quarterly (IV)
8
6
600
I
- i ' ''r
60
Bomeslie
. (teft scale)
'
i'lft vi
i - i
Census
10
'. '" ' " - -
J
:
mi m SALES**
700
650
-«*''''*
70
.* .*...-******/***
~
Excluding Automotive Group
20 1 1 1 1 iiii in 1 1 1 r t rv f i i i i i j 1 1 1 1 ! i 1 1
DISPOSABLE PERSONAL INCOME**
= *
OBE
^j/r*"*"
Million Units
12
750 ' *
t
—
80
*.+
OBE
Billior
I I
^
"*
^M
150
i i
PIMT AND EQPWIOT; EXPENDITURES**
«**««*«**
450
j
i
Billio 1$
100
RETAIL STORE SALES*
^
• *ir-
t
Quarterly (l)
Bill! o n $
40
Billio n $
600
t
0
OBE
i
f •* ' i
1970
Quarterly (l)
i
|' f '
.5
1 1 1 1 1 1 1 1 1 1 1 i 1 1 ! 1 1 \ 1 I 1 1 11 1 1 M 1 1 i 1 1 1
1969
1971
OBi
1970
Monthly (May)
1971
Census
SURVEY OF CUR-RENT BUSINESS
June 1971
7
• In April: Manufacturing and trade firms added $710 million to their stocks
•
The stock-sales ratio for manufacturing and trade steady
•
Net exports of merchandise shifted to deficit-the first in over 2 years
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
40
m8Si m
CTO^ $$ SEI^IS**
, ^
*~
.-,
,,
„ <•*
'.
"•***,
8
N-
—
jS"~^*» .^\ ^ -\ • . .
—^^
/*
MefctidiKiiSfi **** «•*
******
UMW^AMffiAA
;
' ' ' ' • ' „ ;
'• '''-*""
'"J ' > * " ; - '^ NMH.a
^ ^ 1
" " ^
" ^ ^
Defense
•- "
**»
80
0
till -.1.
•
.wf J;-/';- ^ •:
100
" " " "^
" " " '
10
120 v~
Goods and Services
4
U
o
FEDEML fUl^HASIS OF ', ?
METEXPCITS**
—
20
Billion $
140
12
«YE?rae**
(GNP Basis)
30
GOVERNMENT
Billion $
•- - .--
« i i i
-4
Quarterly (l)
t
OBE
i
\
i
i
i
Quarterly (l)
t
60
i
t
i i t
OBE
r
t
».-....
Quarterly (l)
Billion $
Billion $
Billion $
190
6.0
OBE
4
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, EntifjflMj)
:
180
170
' . '. - : "
Total J^f^
-
5.0
150
3.0
S
t i i t i I i t t t t i i i i t l t i i i t f i t t ill it l i
Monthly (Apr.)
;
—
3
-
•-
'V
4.0
sT
—
90
Census & OBE
-.' ' % ^./
'
-Exports
a
- - •-
•
•
.;
2
1
"
-
'
r
-\:1 *
,:>
W^f uf«6J5 '
if*^ 160
MraSfPWKHra"
HWWW&lSEmADE*
i
. - ' • ' « • ' "
A .,
1.*
-
-j^
*$-,'••
x
""
"
. , ""
' '
"
£)^fr|^§fe^V
••' ••-
\/">*/V>* '*
^<*J
ij^Bfte
••
1 —
. .-
V. ' /: ,,-.;,:.-.' V - • - ' ' - , ; , ,
1
-,; .
-{
".-- ' -,
-" •;-" - "
t l I i tI I ti Il
l i tt Ii t 1 t) t
Monthly (Apr.)
t
t it * V 4 i i"t i i
i iM i 1 ii i i t
0
- *."•• * - '
- ' ' ,"'
Census
lit 1 1 1 •{ 1 1 1
Monthly (Apr.)
Billion $
Billion $
B«l'on $
140
8
Census
250
MLWttEWP*W«aiK«
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, lad of Month)
120
—
-
4
' '
Current
tatnrt
., ^.A
Manufacturing
inn
-
f«®&8l^**
(NWB^)
. ' -,,, - -' -'•• • - ? \ - . * ";-*.•-"•'•• •
225
.
^
60
— •
Ti 1 1 1 1 1 1 in
Monthly (Apr.)
i
-ft
i
t
i
t
I
I
1
Quarterly (1)
1.8
,
"
-
-
—
Census 4 OBE
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business
Economics
-
»~-
\^ p-^X s
-4
""
-ft
Official Reserve
Transactions Balance
r
*
1969
i
i
1 i
.-." !'
:
'
v "'
""
-* v
i- r t
i
***»
i
1970
Quarterly (l)
• •-•"•
150
125
.
1971
Monthly (Apr.)
* SMSonally Adjusted
:
r/'li-V'.'-V
'-•'• -, ? ^;;-
1
J
1
Quarterly (I)
"'"^'tv ' '' ' ~ ' v ''
i i 1 1 1 i 1 1 i 1 1 i j i 1 1i 1 1 1 11
1970
V
0
^^sj^ iw^4»|^ i'V!
*'
1969
8tt Uquidi^ Bate
\
i
;
OBE
SWHflPW«J^»»
;
-
«..^
^A^/V
i t t i 11 i t i i *
«P^W*M^ ,- :>
Billion $
175
4 _
Manufacturing
— • - - • '*'i\ ,:-^;' fitfjiites^ /**S ; ' "
**%*«
^^-I^J^-X
-
150
muwcEOFPAYnans.
INVENTORY/SALES RATIOS*
2.0
175
OBE
Billion $
8
2.2
1.4
i
Census & OBE
Ratio
1.6
""
•*'•« ;!'
t \ l l 1 1 t t l.i f i_ilJLLl i LliL
::; v - ^^ : , -.
-g^^;
-•"•""^:*^
Current Account and
Um|-Term C^ptaf
-4
Tradt
w....L-«— ••*-*-"*
*"
^^••^M, • . : ***y" ;
/
OrtA
—-——~-*— -~
80
:
''
:
x
. ' • *.
- - -'.'.
- , •;-. , ;:, : ^./ ^-'^^Ai^,
«**«**^^:^.. '••^^W^'
\ I t
-
-• ~
I
100 T -
7/>
1971
1969
OBE
' ,: ^ .*' : - ,''</
•"-,-.
,;
j :
f
,
. •
-., ,.;/^ :^iv. > . - ' !
1970
•-.
I I
1971
Quarterly (I)
OBE
8
SURVEY OF CURRENT BUSINESS
Jane 1971
*
• In May: Industrial production rose 0.7 percent
•
Money supply continued to advance sharply
•
Interest rates up further
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
1957-59=100
190
PROFITS AND COSTS
Billion $
500
2OU
^Durable Manufactures
x-
x
240
460
160
Nondurable
Manufactures
,.«|
420
^*s
V
^\^%/
\\/
\w
.*
\
\ /
W
i i 1 1 1 1 1 1 1 1 1 i 1 1 1 1 1' 1 1 i ft i t 1 1 1 1 i 1 i
Bank Credit
(left scale)
-
380
1 t
run
^•'
200
60
180
AQ
*
Monthly (May)
2
INDUSTRIAL PRODUCTION*
175
;A
•*«n • %
150
125
_
O+flp|
«V
j
r
'/
_
U--Nov. 78.1
-1
NV
xr-~\/
_
\_rjr^"^
\j
^
—
Y
60
—
1 1 11 11 1 1 111 1 11 11 11111 i 1 111111 1111
Monthly (May)
i
40
-
i i
70
i
i
i
i
i
i
l
i
i ^^"^
1
1
Quarterly (1)
i
QBE
Percent
. 4
1
10
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY**
16 - (Change From Previous Quarter)
-
/
8
£
-
Compensation
Corporate Yields, Moody's Aaa
ri
_
Profits After Taxes
i \
FRB
Percent
Manufacturing
/O
^
x
-2
INTEREST RATES AND BOND YIELDS
\V
-
1
. __
RATIO, OUTPUT TO CAPACITY*
fC
QBE
Cash Flow
12
Percent
—
i i
-
80
FRB
90
80
i
I
-
-i-T
Monthly (May)!
^N.
I
CORPORATE CASH ROW AND PROFITS**
0
j i i i i 1 i ia i i
85
I
A
/
\ i 1 1 j 11 1 1 1 1 11
1 1 11 111 1111
l
Quarterly (1)
100
: ^f
100
l
Billion $
120
1 -
n
/ i
\ /
\
\/
\
^/*\~*&
I
FREE RESERVES
Autos
-
-
FRB
Billion $
200
\
^s. * — "X/ /
80
1 1 1 1 111 1 11 1 1 1111 11 1 11 i 1 11 1 11 1 1111
1957-59=100
Before Taxes
"X.
220
Money Supply
(right scale)
FRB
Monthly (May)
_
S\
•
S^ ^
_\s-^^£**
_ ^^ ~
—»***** /
pmm*
150
-
S*
^VTotal
^X^L£3*^^.
'*
100 _
CORPORATE PROFITS ANDIVA**
h-
,.••
170
I^U
BANK CREDIT AND MONEY SUPPLY*
INDUSTRIAL PRODUCTION*
180
Billion $
"^f^V "
^.
8
Output
t
'
3-month Treasury Bills \
i i
Quarterly (1)
4
i t 1 I1 1 J II 1 1
FRB
I 1I 1 1 1 1 1 1 1 1
Monthly (May)
V I 1 L«l 1 1 1 1 1 1
I
-8
*v/
BLS
Quarterly (1)
Billion $
1941-43=10
Percent
40
I4U
24
DURABLE GOODS MANUFACTURERS*
36
32
~
hipments^^
^/S•~x/
28
24
STOCK PRICES
120
J^/
P
"
1969
,1 lili , 1 1 1 1
i i i i i 1 i i i ii
1970
1971
Monthly (Apr.)
* Seasonally Adjusted
"
100 ^v/\ Standard and Poor's 500
fin
DU
New Orders
1 1 1 1 111 1 111
UNIT LABOR COSTS, PRIVATE ECONOMY* *
(Change From Previous Quarter)
16
60
8
\_^
1 1 1 1 Ij 1 i 1 I I
1 1 i i1 1 I 1 1i 1
1 6
9 9
Census
y"»
1 1 1I 1 1 1 t 1 1 1
1 7
9 0
Monthly (May)
1971
"
"
I I Ll
I!
I
-n
1969
1 7
9 0
Quarterly (1)
1971
BLS
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
71-6-7
SURVEY OF CURRENT BUSINESS
June 1971
9
NATIONAL INCOME AND PRODUCT TABLES
1970
1969
1969
1970
IV
II
1971
III
1970
IV
1970
IV
Seasonally adjusted at annual rates
II
1971
m
iv
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
931.4
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm .
Farm
.
. .-
Change in business inventories
Nonfarm
Farm
724.1
729.2
723 8
724 9
727 4
720 3
732 7
646.4
467.7
477.1
471 7
474 0
478 1
479 6
476 6
486 6
89.4
264.7
262.6
90.8
252.0
249.8
89.1
258.8
255.2
91.9
262.6
259.9
91.2
265.8
265.1
85.3
271.5
270.2
97.5
272.8
276.1
84.9
201.2
181.6
82.0
207.9
187.2
84.9
202.4
184.4
82.7
205 6
185.8
84.9
206 6
186.6
83.6
208.2
187.8
76 9
211 1
188 6
86.6
210 5
189.5
135.7
140.2
133.2
134.3
138.3
137.1
142.4
111.3
102.8
110.0
102.9
103.1
104.1
101.3
103 7
132.3
133.0
131.6
131.2
132.7
133.5
141.0
104.1
99.8
103.9
101.5
100.1
99.6
98.1
102.5
102.6
35.2
67.4
102.6
35.1
67.5
102.6
35.7
66.9
10!?. 8
35.3
67.5
103.6
35.0
68.6
101.3
34.7
66.6
105.1
36.1
69.0
80.8
24.0
56.9
79.2
23.1
56.1
82.1
24.3
57.8
80.9
24.4
56 5
80.2
23.5
56 7
79.6
22.6
56.9
76 3
21.8
54 5
78.4
22.3
56 1
29.7
29.1
.6
30.4
29.8
.6
29.1
28.4
.6
28.4
27.8
.6
29.2
28.6
.6
32.2
31.6
.6
35.8
35.2
.6
23.3
22.8
.4
20.6
20.2
.4
21.8
21.4
.4
20.7
20.2
.4
20.0
19.5
.4
20.0
19.6
.4
21 9
21.5
4
24.1
23.7
.4
3.5
2.9
.6
7.2
6.5
.7
1.6
.9
.7
3.1
2.6
.5
5.5
5.0
.5
3.6
3.0
.6
1.4
1.2
.2
7.2
6.8
4
3.0
2.5
5
61
5.4
g
13
.8
6
29
2.5
4
4.6
4.1
4
31
26
5
12
1.0
2
1.9
.
2.6
3.5
4.1
4.2
2.6
3.3
.2
2.4
.9
1.9
2.4
3.1
20
2.3
62.2
58.6
58.8
56.2
61.1
57.6
62.8
58.7
62.8
58.6
62.0
59.3
64.6
61.3
48.5
48.2
52.1
49.7
50.0
49.1
52.0
50.1
52.9
50.5
52.0
48.9
51.4
49.3
52.3
50.1
220.5
216.3
219.6
218.4
221.0
223.2
228.7
99.7
76.6
23.1
120.9
102.1
78.8
23.3
114.2
102.3
79.3
23.0
117.4
99.7
76.8
22.9
118.7
98.6
75.8
22.9
122.4
98.2
74.6
23.5
125.0
98.4
74.0
24.5
130.2
. . 212.2
Government purchases of goods and services .
Federal
National defense
Other
State and local .
3.6
55.5
53.6
Net exports of goods and services
Exports
Imports
727.1
627.0
32.0
31.5
.6
.
989.9 1020.7
622.1
8.5
8.0
.4
.
985.5
614.4
99.3
33.8
65.5
Gross private domestic investment .
971.1
603.1
139. 8
-
959.5
592.6
131.4
Durable goods
Nondurable goods
Services
951.7
616.7
90.0
245.8
241.6
..-.
976.5
577.5
Gross national product
Personal consumption expenditures
. ..
101.3
78.8
22.6
110.8
1
141.8
146.6
145.0
141.3
140.6
140.3
140.2
75.7
67.7
73.8
71.1
67.8
66.2
65.5
63.4
72.1
74.1
72.9
73.8
73.5
74.4
74.8
76.8
147.8
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3,1.5)
Gross national product
Final sales
Change in business inventories
931.4
922.9
8.5
976.5 951.7
973.1 944.5
7.2
3.5
959.5
957.9
1.6
971.1
968.1
3.1
985.5
980.0
5.5
989.9 1020.7
986.3 1019. 3
1.4
3.6
727.1
719.9
7.2
724.1
721.1
3.0
729.2 723.8
723.0 722.4
6.1
1.3
724.9
721.9
2.9
727.4
722.8
4.6
720.3 732.7
717.1 731.5
1.2
3.1
Goods output
Final sales.
Change in business inventories
460.0
451.6
8.5
474.4
470.9
3.5
468.9
461.7
7.2
467.1
465.5
1.6
474.9
471.8
3.1
479.8
474.2
5.5
475.6
472.0
3.6
488.8
487.5
1.4
392.2
385.0
7.2
388.7
385.7
3.0
393.5 387.3 391.1
387.4 386.0 388.2
2.9
6.1
1.3'
392.1
387.5
4.6
384.5 392.1
381.3 391.0
1.2
3.1
Durable goods
Final sales
Change in business inventories
190.2
183.9
6.4
185.1
185.3
-.2
192.7
187.4
5.3
185.3
185.5
-.3
186.6
188.5
-1.9
193.5
188.3
5.2
175.1
178.8
-3.7
196.0
193.3
2.7
170.1
164.7
5.3
160.3
160.5
-.2
170.3
165.9
4.4
162.3
162.6
— 3
162.9
164.4
-1.5
167.1
162.7
4.3
148.9
152.1
-3.2
165.4
163.1
2.4
Nondurable
Final sales
Change in business inventories
269.8
267.7
2.1
289.2
285.6
3.6
276.2
274.3
1.9
281.8
280.0
1.9
288.3 286.3
283.3 286.0
5.0
.3
300.5
293.3
7.2
292.8
294.2
-1.4
222.1
220.3
1.8
228.5
225.3
3.2
223.3
221.5
1.8
225.1
223.4
1.6
228.3
223.8
4.5
225.0
224.7
.2
235.6
229.2
6.4
226.7
227.9
-1.2
377.6
93.8
409.6
92.6
390.3
92.5
400.1
92.3
405.8
90.4
419.4
94.9
429.4 268.2
102.4
66.6
273.9
61.4
271.3
64.4
273.1
63.4
272.8
60.9
274.8
60.5
275.0
60.8
275.8
64.7
Services
Structures. . . .
413.2
92.6
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Households and institutions
Rest of the world
General government..
. . .
976.5
951.7
959.5
971.1
985.5 989.9 1020.7
727.1
724.1
729.2
723.8
724.9
727.4
720.3
732.7
863.2
844.0
848.5
858.4
871.7
874.3
901.0
666.4
663.4
668.1
663.1
664.2
666.8
659.4
671.6
795.4
767.9
27.5
Business. .
Nonfarm
Farm...
931.4
827.8
Gross national product . _
Private.
828.3
800.1
28.1
810.8
783.0
27.8
814.3
785.5
28.8
824.5
796.0
28.5
836.5 837.8
808.5 810.6
28.0 27.2
863.0
835.7
27.3
646.0
622.5
23.6
642.4
619.3
23.2
647.6
624.7
22.8
642.1
619.5
22.6
644.0
621.0
23.0
645.9
622.9
22.9
637.8
613.7
24.1
649.1
625.7
23.4
28.1
4.3
30.3
4.6
29.0
4.2
29.6
4.5
30.0
3.9
30.5
4.7
31.1
5.4
32.1
5.9
16.4
4.0
16.6
4.3
16.6
4.0
16.7
4.3
16.5
3.6
16.5
4.4
16.5
5.1
16.9
5.6
113.3
107.7
111.0
112.8
113.9
115.5
119.7
60.7
60.7
61.1
60.7
60.7
60.6
60.8
61.1
103.6
HISTORICAL STATISTICS
National income and product statistics for earlier periods are available as follows:
Data for 1966-69, July 1970 SURVEY OF CURRENT BUSINESS; 1964-65, July 1968 SURVEY;
1929-63, The National Income and Product Accounts of the United States (available from
U.S. Department of Commerce Field Offices or from the Superintendent of Documents,
U.S. Government Printing Office, Washington, D.C. 20402, price $1.00 per copy).
426-593 O - 71 - 2
SURVEY OF CURRENT BUSINESS
10
1969
1969
1970
1970
I
IV
II
June 1971
1969
1971
III
IV
I*
1969
1970
Seasonally adjusted at annual rates
Equals: Net national product
82.1 83.6
86.5
88.4
852 5 892 2 871 0 877 4 887 5 900 5 903 3
932 3
80.7
85.0
Less: Indirect business tax and nontax
liability
85 2 92.1 87 7 89 3 91 1 93 3
Business transfer payments
35 36 36
36
35 36
Statistical discrepancy
—4.7 -1.8 -4.3 -5 4 —3.1 -1.1
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...
94 5
37
2.4
97 9
3.7
-.6
2.1
2 0
769 5 800.1 785 2 791 5 797.4 806.6 804.8
833 3
1.0
1.8
1.2
1.6
1.5
III
IV
I*
Table 6.—National Income by Type of Income (1.10)
National income
931.4 976.5 951.7 959.5 971.1 985.5 989.9 1020.7
84.3
II
Billions of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption allowances- 78.9
I
1971
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
IV
1970
1.8
85 8
76.5
82.0
76.7
77 5
78 4
73 3
82 8
53.6
57.1
55.1
56.0
56.7
57.6
58.1
63.2
.0
.0
.0
2.5 -2.1
—.4
.0
0
,.
564.2 599.8 582.1 592.2 596.4 603.8 606.7 625 2
Wages and salaries
Private
Military
Government civilian
509.0 540.1 525 3 534 4 537.4 543.4 545.2 560 6
404.9 426.1 417.2 422.6 424.0 428.9 429.1 440 7
19.0 19.3 19.6 20.1 19.5 19.1 18.6 19 2
85.1 94.6 88 5 91 7 93.9 95.4 97.5 100 6
59.7
56.8
57.9
59.0
60.4
61.4
64.6
29.3
30.4
28.3
28.5
28.6
29.3
29.0
30.0
29.6
30.8
29.9
31.5
32 5
32 1
66.8
67.6
67.2
67.6
67.8
67.8
67.4
67 0
50.5
16.4
51.4
16.2
50.6
16 6
50.6
17.0
51.2
16.5
51.7
16.1
52.0
15.3
52.2
14 7
Rental income of persons
22.0
22.7
22.3
22.5
22.6
22.7
23.0
23.1
Corporate profits and inventory valuation adjustment
85.8
76.5
82.0
76.7
77.5
78.4
73.3
82 8
91.2
81.3
88.5
82.6
82.0
84.4
76.3
86 5
42.7
48.5
24.7
23.9
37.5
43.8
25.2
18.6
41.4
47.1
25.2
21.9
38.0
44.6
25.2
19.4
38.1
43.9
25.1
18.8
38.9
45.4
25.4
20.0
34.8
41.4
25.1
16.3
39 1
47 5
25 8
21 7
Supplements to wages and salaries _ _ 55.1
Employer contributions for social
27.5
insurance
Other labor income
27.6
Proprietors' income
Business and professional
Farm
Profits before tax
61.6
73.9
63.4
66.3
75.8
75.1
78.5
82.3
29.0
24.7
3.5
31 8
25.2
3.6
30.2
25.2
3.5
31.0
25.2
3.6
31.4
25.1
3.6
32.2
25.4
3.6
32 5
25.1
32 5
25 8
3.7
748.9 801.0 770.5 782.3 801.3 807.2 813 3 831 5
769.5 800.1 785.2 791.5 797.4 806.6 804.8 333 3
Compensation of employees
Profits tax liability
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment
Net interest
-5.4
30.7
-4.8
33.5
-6.5 -5.8 -4.5 -5.9 -3.0
31.7
32.4
33.1
33.8
34.5
-3.7
35.2
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product l
36.6 30.9
35.8
31.1
35.4
Personal consumption expenditures- 31.8 28.3 32.5 28.9 30.4
Producers' durable equipment
5.6 5.0 5.7 5.1 5.4
Change in dealers' auto inventories.1 -1.0 -1.1 -1.7
.8
Net exports
Exports
Imports
Addenda:
New cars, domestic 2
New cars, foreign
34.7
Table 7.—National Income by Industry Division (1.11)
22.4
42.0
29.9 24.0
4.2
5.3
.7 -3.7
34.2
6.0
3.7
26.4
6.2
30.7
6.5
26.4
6.2
30.7
6.7
30.8
5.3
17.6
6.5
36.7
7.8
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade
29.2 30.3 30.1 29.9 29.4 30.9 31,1 32.6
15.9 16.3 16.1 15.9 16.2 16.4 16.7 16.8
14.2 14.7 14.2 14.2 14.3 14.9 15.2 15.5
115.2 121.7 117.2 118.9 121.5 122.6 123.9 126.7
83.5 88.3 85.3 86.5 87.4 89.1 90.1 91.7
Finance, insurance, and real estate
95.3 104.4 98.4 101.2 103.4 105.4 107.6 110.4
Services
Government and government enter114.1 125.2 118.6 122.5 124.6 126.0 127.9 132.1
prises
. - . - . . _ 5.4
5.9
3.9
4.7
4.6
4.5
4.2
4.3
Rest of the world
Billions of 1958 dollars
Gross auto product 1
35.0
28.6
33.9
29.2
33.2
32.1
19.9
36.6
Personal consumption expenditures. 30.3 26.2 30.8 27.1
Producers' durable equipment
5.4
5.5
4.7
4.9
Change in dealers' auto inventories.
.1 -.9 -1.1 -1.6
28.5
5.1
.8
27.6 21.4
5.0
3.8
.7 -3.4
29.7
5.4
3.4
Net exports.
Exports
Imports
769.5 800.1 785.2 791.5 797.4 806.6' 804.8 833.3
24.3 24.6 24.8 25.2 24.8 24.5 23.8 23.4
47.4 49.6 48.9 49.1 49.1 49.5 50.7 50.8
226.2 220.4 227.3 223.6 222.9 222.7 212.3 227.4
87.0 89.1 88.5 88.8 88.7 89.6 89.5 91.8
139.3 131.2 138.9 134.8 134.2 133.0 122.8 135.6
-1.1 -1.7 -1.6 -1.5 -1.4 -1.4 -2.3 -2.2
2.2 2.1 2.0 2.0 2.6 2.3 1.4
2.6
3.4 3.7 3.6 3.4 4.0 3.7 3.7
4.8
32.2
5.6
All industries, total
Agriculture, forestry, and fisheries
Mining and construction
M anuf acturing
Nondurable goods
Durable goods
-1.1 -1.6 -1.5 -1.4 -1.4 -1.4 -2.2 -2.0
2.2
2.0
2.0
1.9
2.2
1.3
2.5
2.3
3.3 3.6
3.5 3.4
4.4
3.9
3.6
3.5
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
82.8
76.5
82.0
76.7
77.5
78.4
73.3
12.0
12.5
12.2
12.0
12.3
12.9
12.6
12.8
73.8
64.0
69.8
64.7
65.2
65.5
60.7
70,0
41.8
19.3
22.4
33. 5
18.1
15.4
39.1
19.0
20.0
35.2
18.3
16.9
35.5
18.2
17.2
34.7
18.3
16.3
28.6
17.7
11.0
37.7
18.6
19.1
10.7
21.4
9.1
21.4
10.3
20.4
9.1
20.4
8.6
21.1
9.1
21.7
9.6
22.5
9.3
23.0
All industries, total
31.4
5.5
25.1
5.9
29.8
6.3
25.3
6.0
29.5
6.4
29.3
5.1
16.2
6.0
32.8
6.9
1. The gross auto product total includes government purchases
2. Differs from the gross auto product total by the markup on both used cars and foreign
cais.
*Estimates of capital consumption allowances, corporate profits, proprietors' income, and
corporate profits taxes do not reflect the liberalized depreciation rules which are expected
to be issued in final form retroactive to the beginning of 1971.
85.8
Financial institutions
Nonfinancial corporations
Addenda:
New cars, domestic J
New cars, foreign
Manufacturing
....
Nondurable goods
Durable goods
Transportation, communication, and
public utilities
All other industries
..
SURVEY OF CURRENT BUSINESS
June 1971
1969
1969
1970
1970
I
IV
II
11
1971
III
IV
1969
I*
1969 1970
Seasonally adjusted at annual rates
531.2 544.9 539.7 539.7 544.0 550.7 545.3
569.0
53.5
51.0
52.0
53.0
54.0
55.0
56.2
48.6
52.1
49.9
50.7
51.7
52.9
53.1
55.0
Income originating in corporate busi432.9 439.3 438.8 437.1 439.3 443.8 437.2
ness
Compensation of employees
349.7 365.6 359.5 363.2 363.8 368.1 367.1
310.8 324.0 319.6 322.6 322.8 326.1 324.7
Wages and salaries
38.9 41.5 39.9 40.6 41.0 42.0 42.4
Supplements
457.9
378.3
333.5
44.8
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability .
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment. .
2.5
2.1
2.3
2.4
2.5
2.6
2.6
81.3 71.3 77.3 71.6 73.0 73.2 67.6
86.8 76.2 83.8 77.4 77.5 79.1 70.6
42.7 37.5 41.4 38.0 38.1 38.9 34.8
44.1 38.7 42.4 39.4 39.5 40.2 35.7
23.0 23.3 23.5 23.3 23.4 23.5 23.0
21.0 15.4 18.9 16.2 16.0 16.8 12.7
-5.4 -4.8 -6.5 -5.8 -4.5 -5.9 —3.0
77.0
80.7
39.1
41.6
23.6
18.0
—3.7
1.9
93.8
70.8
92.2
68.9
93.4
69.9
91.4
68.2
92.5
69.0
94.2
70.7
90.8
67.7
97.8
74.2
24.7
26.0
25.1
25.3
25.6
26.5
26.6
27.4
Gross product originating in
506.5 518.9 514.6 514.4 518.4 524.2 518.7
nonfi nancial corporations
541.6
Cash flow gross of dividends
Cash flow, net of dividends
Gross product originating in
financial institutions
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
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 _ .
748 9 801 0 770 5 782 3 801 3 807 2 813 3 831 5
Wage and salary disbursements
509.0
Commodity-producing industries _ 197.5
Manufacturing
. 157.5
Distributive industries
119.8
Service industries
87 7
Government.
104 1
540.1
201.2
158.9
128.4
96 6
114.0
525.3
202.5
160.8
123.8
90 9
108 1
531.9
202.7
160.7
125.9
93 9
109 3
539.5
201.5
159 6
127.0
95 5
115 5
543.8
201.9
159 7
129.7
97 3
114 9
545.2
198.6
155 6
130 8
99 7
116 1
560.6
203.3
160 3
134 3
103 1
119 9
Other labor income
27 6
30.4
28 5
29 3
30 0
30 8
31 5
32 1
Proprietor's income
Business and professional
Farm
66.8
50.5
16 4
67.6
51.4
16 2
67.2
50.6
16 6
67.6
50.6
17 0
67.8
51.2
16 5
67.8
51.7
16 1
67.4
52.0
15 3
67 0
52 2
14 7
Rental income of persons
Dividends _
Personal interest income
22.0
24 7
59 7
22.7
25.2
65 2
22.3
25 2
61.9
22.5
25 2
63 4
22.6
25 1
64 5
22.7
25 4
66 0
23.0 23.1
25 1 25 8
67.1 67 7
Transfer payments
Old age, survivors, disability, and
health insurance benefits .
State unemployment insurance
benefits
Veterans benefits
Other
65 1
77 6
67 0
69 8
79 4
78 7
82 2
86 0
33 0
38.5
33 5
34.2
41.5
39 0
39.5
40.6
21
83
21.6
39
9.5
25.6
23
87
22.4
29
90
23.8
36
95
24.9
4 3
9 7
25.8
48
10 1
27.8
5.0
11.0
29.4
26.0
27.8
26.8
27.4
27.7
28 0
28.2
30.7
Less: Personal contributions for
social insurance
Less: Personal tax and nontax payments
117 3 116 3 119.9 117.0 117 7 114.2 116.1 116.4
51.9
49.5
50.4
51.4
52.3
53.4
54.5
47.7
48.4
49.4
50.6
50.8
52.6
Equals: Disposable personal income... 631.6 684.8 650.6 665.3 683.6 693.0 697.2 715.1
434.6
355.6
314.0
41.6
Less : Personal outlays
593.9 634 6 609.6 620.5 632.1 640.2 645.5 665.3
Personal consumption expenditures. 577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
Interest paid by consumers
15.7 17.0 16.1 16.4 16.8 17.2 17.5 17.9
Personal transfer payments to for1.0
.9
.9
eigners
1.0
.8
1.0
.8
.9
12.6
14.1
13.3
13.6
13.9
14.2
14.5
14.8
69.4 58.9 65.1 59.6 60.7 60.3 54.9
74.8 63.7 71.6 65.4 65.2 66.2 58.0
36.1 30.3 34.6 31.1 31.0 31.5 27.6
38.7 33.4 37.0 34.3 34.2 34.7 30.4
21.6 21.8 22.0 21.8 22.0 21.8 21.5
17.1 11.7 15.1 12.5 12.3 12.9
8.9
-5.4 —4.8 -6.5 -5.8 -4.5 -5.9 —3.0
64.2
67.9
32.0
35.9
22.0
13.8
-3.7
87.0
65.3
85.3
63.5
86.5
64.5
84.7
62.9
85.6
63.7
87.1
65.3
83.7
62.3
90.4
68.3
Equals: Personal saving
37.6
Addenda:
Disposable personal income:
Total, billions of 1958 dollars
Per capita, current dollars
Per capita, 1958 dollars
50.2
41.1
44.8
51.5
52.7
51.8
49.8
511.5 529.8 517.8 522.9 532.0 534.2 530.0 538.3
3 117 3 344 3,197 3,261 3,342 3,378 3,389 3,467
2,525 2,587 2,544 2,563 2,601 2,604 2,576 2,610
Personal saving rate,3 percent
6.0
7.3
6.3
6.7
7.5
7.6
7.4
7.0
Table 11.—-Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expenditures..
577.5 616.7 592.6 603.1 614.4 622.1 627.0 646.4
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
1.171 1.221 1.188 1.201 1.212 1.226 1.245
corporations .
90.0
89.4
90.8
89.1
91.9
91.2
85.3
97.5
40.3
Automobiles and parts
Furniture and household equipment. 36.7
Other . .
13.1
430.7
Dollars
37.4
38.4
13.6
41.1
36.9
12.7
37.7
38.3
13.1
39.4
38.9
13.6
39.2
38.1
13.9
33.2
38.2
13.9
44.4
40.0
13.1
Durable goods
245.8 264.7 252.0 258.8 262.6 265.8 271.5 272.8
Nondurable goods
1.258
.112
.122
.114
.118
.120
.122
.128
.126
.107
.763
.029
.117
.810
.033
.110
.783
.031
.113
.799
.032
.116
.802
.033
.118
.811
.033
.122
.828
.035
.122
.826
.034
.160
.083
.139
.071
.150
.080
.139
.073
.142
.072
.141
.074
.132
.066
.149
.074
.077
.067
.070
.067
.069
.067
.066
.075
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.
*See footnote on page 10.
Personal income
49.8
Gross product originating in
432.5 425.0 433.0 428.4 427.7 427.7 416.7
nonfinancial corporations
Corporate profits and inventory valuation adjustment
Profits tax liabilityProfits after tax plus inventory valuation adjustment
1*
46.5
Billions of 1958 dollars
Capital consumption allowances
.Indirect business taxes plus transfer
payments less subsidies ...
Compensation of employees
Net interest
.
IV
48.3
Income originating in nonfinancial
411.8 417.2 417.4 415.5 417.5 421.3 414.6
corporations _
329.9 344.3 339.1 342.3 342.9 346.8 345. 2
Compensation of employees
293.5 305.6 301.8 304.4 304.6 307.6 305.7
Wages and salaries
36.3 38.7 37.3 37.9 38.3 39.2 39.5
Supplements
Net interest
III
Table 10.—Personal Income and Its Disposition (2.1)
49.8
Net interest
II
Billions of dollars
Table 9.—Gross Corporate Productl (1.14)
Gross corporate product
I
1971
Seasonally adjusted at annual rates
Billions of dollars
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies . .
IV
1970
Food and beverages
Clothing and shoes
Gasoline and oil
Other
.
121.7 131.6 124.6 128.8 131.2 132.3 134.1 135.3
49.9 52.3 50.9 51.3 51.8 52.3 53.8 54.6
21.1 22.9 21.7 22.4 22.7 23.0 23.5 23.6
53.2 57.9 54.9 56.3 56.9 58.3 60.2 59.3
.
241.6 262.6 249.8 255.2 259.9 265.1 270.2 276.1
Services
Housing
Household operation
Transportation
Other
.
84.0 91.9 87.0 89.0 90.8 92.6 95.1 97.5
33.9 36.3 34.8 35.2 35.9 36.9 37.3 37.8
16.7 18.1 17.1 17.7 17.9 18.2 18.5 18.7
107.1 116.4 110.9 113.3 115.4 117.4 119.4 122.1
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners
Exports of goods and services
Capital grants received by the United
States
55.5
55.5
63.1
62.2
Payments to foreigners.
Imports of goods and services
Transfers to foreigners
Personal
...
Government
Net foreign investment
55.5
53.6
2.8
.8
2.1
-.9
63.1
58.6
2.9
.9
2.0
1.6
63.7
62.8
62.9
62.0
65.3
64.6
58.8
58.8
62.0
61.1
.9
.9
.9
.9
.7
58.8
56.2
2.9
.8
2.1
-.3
62.0
57.6
2.8
.9
1.9
1.6
63.7
58.7
3.0
1.0
2.0
2.0
63.7
58.6
2.9
1.0
1.9
2.1
62.9
59.3
2.9
.9
2.0
.6
65.3
61.3
3.1
1.0
2.1
1.0
.9
63.7
62.8
SURVEY OF CURRENT BUSINESS
12
1969
1969
1970
IV
1970
I
1971
III
II
June 1971
IV
I*
1969
1970
Billions of dollars
200.6 194.8 202.0 195.9 196.7 194.9
Federal Government expenditures
Purchases of goods and services
National defense
Other
Transfer payments...
To persons
To foreigners (net).
Grants-in-aid to State and local governments
Net interest paid
Subsidies less current surplus of government enterprises
Less: Wage accruals less disbursements
Surplus or deficit (-), national
income and product accounts—
I
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
128.11 134.87 130.52 132.57 133.98 135.50 137. 44 139.31
123.5 129.3 125.6 127.2 128.5 129.7 131. 3 132.8
93.4
34.8
93.5
34.9
89.4
35.7
90.3 89.8
32.0 35.7
19.1
46.5
19.6
49.3
19.3
47.7
19.3
48.4
19.4
48.9
20.1
49.7
19.5 20.6
49.9 54.9
191.3 206.3 195.9 197.7 210.9 206.7
209.9214.2
99.7 102.1 102.3
76.6 78.8 79.3
23.1 23.3 23.0
99.7
76.8
22.9
98.6
75.8
22.9
98.2 98.4
74.6 74.0
23.5 24.5
52.1
50.0
2.1
62.0
60.0
2.0
53.3
51.2
2.1
55.3
53.4
1.9
64.4
62.4
2.0
62.9
61.0
1.9
65.4 68.4
63.4 66.3
2.0 2.1
20.2
13.1
24.5
14.5
21.8
13.9
23.0
14.3
25.1
14.3
24.4
14.8
25.6 27.1
14.7 14.2
4.6
5.6
4.9
5.3
5.3
5.6
6.0
6.0
.0
.0
.0
2.5 -2.1
-.4
.0
.0
-1.7
IV
Gross national product
96.9
38.1
6.1
III
Personal consumption expenditures
91.6
34.3
9.3 -11.5
II
191.7201.0
95.9
39.2
101.3
78.8
22.6
I
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance...
IV
1971
Seasonally adjusted
Seasonally adjusted at annual rates
Federal Government receipts.
1970
1969
-14.2 -11.8 -18.1 -13.2
106.0 109.0 107.0 107.8 108.2 109.2 110.8 112.5
122.2 127.3 124.5 125.9 127.1 127.7 128.6 129.6
133.1 140.3 135.5 137.3 139.3 141.1 143.3 145.7
Durable goods
Nondurable goods
Services
Gross private domestic investment
126.2 132.5 128.0 129.6 131.0 133.3 136.0 137.5
Fixed investment
122.8 129.5 125.1 126.8 128.2 130.2 132.8 134.2
Nonresidential
141.1 152.4 144.7 146.4 150.0 154.8 159.1 162.1
Structures
Producers' durable equipment _. 115.1 120.0 116.8 118.4 119.2 120.4 122.3 123.1
137.7 144.0 139.3 140.6 142.4 145.7 147.1 148.4
137.8 144.1 139.4 140.7 142.5 145.8 147.2 148.4
132.3 139.5 135.1 136.7 137.9 141.5 142.8 144.2
Residential structures
Nonfarm
Farm
Change in business inventories
Net exports of goods and services
114.6 119.4 117.7 117.5 118.8 120.8 120.7 123.3
111.1 117.8 114.5 114.9 116.2 119.9 120.3 122.3
Exports .
Imports
Government purchases of goods and
143.5 155.6 147.5 151.5 154.6 157.2 159.0 163.1
services
133.9 147.3 138.4 143.8 147.0 149.1 149.8 155.3
153.7 163.1 156.7 158.9 161.5 164.5 167.2 169.6
Federal
State and local
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
State and local government receipts.... 118.3 132.6 123.9 127.3 132.0 133.7
Personal tax and nontax receipts
21.4
Corporate profits tax accruals
3.5
Indirect business tax and nontax
accruals
66.1
Contributions for social insurance. . . 7.1
Federal grants-in-aid
20.2
24.6
3.1
23.0
3.3
23.6
3.2
24.2
3.2
24.9
3.3
25.8
2.9
72.5
7.8
24.5
68.4
7.4
21.8
70.0
7.5
23.0
71.7
7.7
25.1
73.2
7.9
24.4
75.0 77 3
8.1 8 4
25.6 97 i
State and local government expenditures..
_
118.9 131.2 122.9 126.8 128.7 133.0
Transfer payments to persons
Net interest paid
Less: Current surplus of government
enterprises
Surplus or deficit (-), national
income and product accounts
137.4 142'8
110.8 120.9 114.2 117.4 118.7 122.4
11.5 13.9 12.2 12.9 13.5 14.1
.1
.3
.2
.2
.3
.3
136.5 142.6
125.0 i^n o
15.1
'3
.3
3.6
3.8
3.7
3.7
3.8
3.8
3.9
-.6
1.3
1.0
.5
3.4
.7
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
128.11 134.87 130.52 132.57 133.98 135.50 137.44 139.31
128.2 134.9 130.6 132.6 134.1 135.6 137.5 139.3
Gross national product
Final sales
117.3 122.0 119.2 120.6 121.4 122.4 123.7 124.7
111.9 115.5 113 2 114.2 114.6 115.8 117.6 118.5
121.4 126.6 123.7 125.2 126.3 127.3 127.6 129.2
Goods output
Durable goods....
Nondurable goods
_ .
Services
Structures
.
Addendum :
Gross auto product
140.8 149.5 143.9 146.5 148.7 150.3 152.5 155.7
140.8 150.8 143.7 145.7 148.5 153.1 156.0 158.2
104.7 108.1 105.6 106.6 106.5 108.2 112.7 114.7
a Q
.9
Table 18.—Implicit Price D<eflators for Gross National Product by
Sector (8.4)
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving . .
Personal saving
Undistributed corporate profits.
Corporate inventory valuation adjustment
Corporate capital consumption
allowancesNoncorporate capital consumption
allowances .
Wage accruals less disbursements....
Government surplus or deficit (-) ,
national income and product
accounts
Federal
State and local
Capital grants received by the United
States
135.0 148.3 137.1 140.5 149.4 151.8
37.6
23.9
50.2
18.6
41.1
21.9
44.8
19.4
51.5
18.8
52.7
20.0
-5.4 -4.8 -6.5 -5.8 -4.5 -5.9
*See footnote on page 10.
o 7
53.5
51.0
52.0
53.0
54.0
29.1
.0
30.8
.0
29.7
.0
30.2
.0
30.6
.0
31.1
.0
124.22 130. 13 126.32 127.96 129.24 130.73 132. 60 134.16
170.8 186.6 176.5 182.9 185.9 187.9 189.9 195.9
- - -- -
123.1
123.4
116.9
171.9
128.9 125.2 126.8 128.0 129.5 131.4 132.9
129.2 125.3 126.8 128.2 129.8 132.1 133.6
121.5 121.6 127.5 124.0 121.9 112.9 116.3
183.1
55.0
31.5 32.2
.0
.0
Table 19.—Gross National Product: Change From Preceding Period
8.7 -10.1
9.3 -11.5
-.6
1.3
.9
7.1 -1.2 -10.9 -11.2 -17.3 -13.0
6.1 -1.7 -14.2 -11.8 -18.1 -13.2
.9
1.0
.5 3.4
.1
.7
.9
.9
.9
Gross investment138.9 137.3 139.9 134.8 136.3 140.4
Gross private domestic investment- . 139.8 135.7 140.2 133.2 134.3 138.3
Net foreign investment
-.9
1.6 -.3 1.6
2.0
2.1
Statistical discrepancy
-3.0
49.8
Private
„ f
Business
.
Nonfarm
Farm
Households and institutions
General government
151.6 156.2
51.8 49 g
16.3 21*7
-4.7 -1.8
-4.3 -5.4 -3.1
-1.1
.9
7
137.6 143 3
137.1 142. 4
.6 1.0
2.4 —.6
Percent
Percent at annual rate
Gross national product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
7.7
2.8
4.7
4.8
4.8
-.4
5.3
5.2
3.9 3.3
-.9 -2.9
6.4
4.9
5.9
4.9
4.9
.6
4.3
5.0
6.1 1.8
1.4 -3.9
5.9
4.6
5.0
4.4
13.1
7.1
5.6
6.0
Gross private product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
7.5
2.9
4.5
4.5
4.3
-.5
4.8
4.7
3.6 2.1
1.0 -3.0
4.6
5.3
4.7 4.7
4.7
.7
4.1
4.8
1.2
6.4
1.6 -4.3
4.7
5.8
5.1
4.4
12.8
7.6
4.8
5.1
June 1971
(Continued from page 4)
January and raised payroll employment
to 70.8 million, its highest level since
May 1970. Most of last month's increase in employment was in the service
producing industries, particularly in
trade, but there was a gain of 30,000
in manufacturing payrolls, almost all
in durable goods manufacturing.
Though small, the employment increase
in durable goods manufacturing was
the first this year and, except for the
post-strike rebound last December, virtually the first since the beginning of
the big shake-out in factory employment in late 1969. Last month's rise in
manufacturing employment was accompanied by an increase in the workweek
of 0.2 hour, to 39.9 hours. This returned
the workweek to its March level, which
was the highest since last summer.
The civilian labor force continued to
expand last month, increasing 400,000
(seasonally adjusted) to a record 84.2
million. Employment also registered a
sizable gain, but the rise fell short of
the labor force growth and unemployment increased 130,000 to 5.2 million.
The unemployment rate edged up to
6.2 percent, equaling the 9-year peak
previously set in December.
Personal income recorded a fairly
strong showing in May, rising $6
billion to a seasonally adjusted annual
rate of $847% billion. Payrolls accounted for about $4K billion of last
month's increase with gains recorded
in all the major industry divisions. In
manufacturing, wages and salaries were
up $1JJ billion; this advance was
concentrated in durable goods industries and reflected increases in employment, hourly earnings, and weekly
hours of work.
Among the nonwage components of
personal income, transfer payments
rose about $1 billion with further gains
in social security payments and unemployment insurance; small increases
were recorded among the other nonwage components of income. (In June,
the start of higher social security
benefits will result in a permanent
increase of about $3% billion (annual
rate) in transfers; the lump sum retroactive payment will swell income in
June, but only in that month, by about
$13% billion.)
SURVEY OF CURRENT BUSINESS
13
1971 Plant and Equipment Expenditure Expectations
Business capital spending programs
for 1971 have been revised downward.
The expected rise from 1970 is now 2.7
percent as against 4.3 percent projected
in February. Spending rose $0.7 billion
in the first quarter and expectations are
for a $3 billion rise this quarter, with
little further change in the third and
fourth quarters.
BUSINESSMEN plan to spend $81.8
billion l on new plant and equipment
during 1971, according to the survey
conducted in late April and May by
the Office of Business Economics and
the Securities and Exchange Commission. The projected 2.7 percent rise in
1971 compares with actual increases of
1. The expectations figures have been adjusted for systematic biases (footnote 2, table 5). Before adjustment, 1971
expenditures were expected to be $80.6 billion tor all industries, $30.9 billion for manufacturing and $19.7 billion for
nonmanufacturing. The adjustments were applied separately
to each major industry; their net effect was to decrease the
manufacturing total by $0.3 billion and to raise the nonmanufacturing total by $1.5 billion.
5.5 percent in 1970 and 11.5 percent in
1969.
Actual capital outlays in the first
quarter of 1971 were at a seasonally
adjusted annual rate of $79.3 billion,
up $0.7 billion or 0.9 percent from the
final quarter of 1970. Outlays in the
second quarter are projected to rise $3
billion or 3.9 percent to $82.4 billion
(annual rate), with sizable increases
expected by various nonmanufacturing
industries. For the third and fourth
quarters, expenditures are expected to
be $82.8 billion and $82.7 billion, respectively, little changed from the second
quarter.
The latest survey indicates a downward revision from the 1971 investment
programs reported 3 months earlier.
The current projection for the year is
CHART 8
Changes in Business Investment
Percent Change
-40
Table 1.—Plant and Equipment Expenditures, Annual Percent Change 1970-71
Actual
1970
May
5.5
Durable goods 1
Primary metals
Electrical machinery
Machinery except
electrical
Transportation equipment __
Stone, clay, and glass
4.3
.8
Manufacturing 1 _
-20
-10
0
10
20
30
ALL INDUSTRIES
Expected 1971
as reported in:
Feb.
All industries 1
-30
-.3
2.7
-1.0
.3
11.6
-2.5
-10.5
1.2
-7.1
-8.1
-5.9
Public Utilities
Communication
-4.2
-1.0
-10.7
-12.2
-7.6
-3.8
4.7
-10.0
-5.2
Nondurable goods1
2.8
9.6
Food including beverage. .
-11.3
Textile
4.4
Paper
11.0
Chemical . _
.
-.2
Petroleum. _
-13.7
Rubber
1.9
4.0
-4.8
-14.7
5.3
5.9
-16.5
-1.4
-6.5
-2.7
-16.1
-2.1
7.0
-19.4
8.8
7.4
7.3
1.4
Mining
-4.6
Railroad
20.7
Air transportation . _ . . _ _
-27.2
Other transportation
13.2
Public utilities
21.6
Communication
-.
3.4
Commercial and other
.5
2.6
-22.4
13.4
17.5
10.3
3.8
5.2
-2.6
-40.0
18.3
16.5
11.2
6.8
Commercial and Other
Nonmanufacturing
.
1.0
1. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business
Economics and the Securities and Exchange Commission.
Transportation Excl. Air
Mining
Nondurable Goods
Manufacturing
Durable Goods
Manufacturing
Air
Transportation
Data: OBE-SEC
U.S. Department of Commerce, Office of Business Economics
71-6-8
SURVEY OF CURRENT BUSINESS
14
June 1971
industry group in manufacturing have reported in the February survey, but
been revised down since the February there are offsetting movements within
survey, the exceptions being the the group. Railroads and airlines report
primary metal, textile, and petroleum large downward revisions while exindustries. The sharpest cutbacks are panded programs are reported by
by producers of aircraft, food and mining, other transportation, and combeverage, stone, clay, and glass, and mercial industries.
nonelectrical machinery. The aggregate
spending expectation of nonmanufac- Annual investment programs
turing industries is about the same as
Nonmanufacturing industries, taken
together, project a 7.3 percent rise in
spending from 1970 to 1971, while a
Table 2.—Plant and Equipment Expenditures, 1970-71
decline of 4.2 percent is expected by
[Billions of dollars, seasonally adjusted annual rates]
manufacturers. In nonmanufacturing,
1971
1970
the strongest expected increases are 21
percent for electric utility firms and
IV
I
IV i
II
III
III
1.8 percent for transportation companies
other than railroads and airlines. In the
82.83
81.88
79.32
82.38
82.74
All industries
78.63
latter group, pipelines and water trans30.74
Manufacturing
..
..
. . ___
30.98
30.54
32.15
30. 46
30.68
15.74
14.92
14.89
14.21
14.66
14.89
Durable goods ...--.
..
.
port firms are projecting sharp increases
16.05
16.25
15.79
15.84
16.40
15.88
Nondurable goods
in expenditures over 1970 levels. Com49.73
47.66
51.84
Nonmanufacturing
. ...
.. .
48.86
52.15
52.00
munications companies project an in1. Expected.
crease of 11 percent, with smaller inSources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
creases expected by mining and commercial firms. Airlines, which increased
spending 21 percent in 1970, expect a
Table 3.—Starts and Carryover of plant and Equipment Projects, Manufacturing and
Public Utilities, 1968-71
decrease of 40 percent this year as a
[Billions of dollars]
result of reductions and postponements
in jumbo jet acquisitions. Railroads and
Starts i
Carryover
gas companies expect 1971 outlays to be
1970
1970
Annual
1971
1971
about 3 percent below last year's.
Manufacturers of durable goods exI
II
IV
I
III
Mar. June Sept. Dec. Mar.
1968 1969 1970
pect a 7 percent decline in capital
outlays this year and nondurable goods
Manufacturing ..
29.64 34.07 29.18 8.64 6.92 6.54 7.09 6.91 23.75 22.51 21.06 19.49 19.70
producers a 1% percent decline. ProDurable goods _
14.59 16.85 14.04 4.42 3.37 3.13 3.12 3.49 12.27 11.56 10.82 9.67 10.05
Primary metals
. _
3.21 2.96 2.55
.54
.93 .42
.65
3.14
.78 3.67 3.43 3.54 3.02
ducers of iron and steel, aircraft,
Electrical machinery
.59
.82
.41 .36
.53 2.36 2 21 2.02 1.93
1.81 2.80 2.18
2.04
Machinery except electrical
2.70 3.60 3.29
.84
.94
.91
.57 1.17 i!io
.97
.68
.86
.89
nonelectrical machinery, paper, and
.34
.35
2.90 2.66 2.04
.65 2.78 2.68 2.43 2.21
Transportation equipment
.58
2.39
.78
Stone, clay, and glass
.22
.15
.70
.82
.32
.25
.55
.13
.56
1.06 1.08
.45
.50
rubber products expect to reduce investNondurable goods
15.05 17.22 15.14 4.21 3.54 3.41 3.97 3.42 11.48 10.95 10.24 9.81
9.66
ment by 10 percent or more. Declines
.60
Food including beverage
. . _ 2.32 2.97 2.50
.65
.50 1.53 1.44 1.32 1.19
.66
.58
1.08
Textile
.10
.60
.16
.15
.30
.27
.59
.49
.31
.21
.08
.18
.26
ranging between 4 percent and 8 percent
.45
Paper
1.42 1.59 1.54
.33
.21 1.29 1.19
.95
.97
.18
.58
.89
.70
Chemical _ _
.96
.71 .69
.87 3.10 2.92 2.74 2.51
2.60
2.98 3.62 3.06
are scheduled by the nonferrous metal,
Petroleum
3.75
5.57 6.19 5.64 1.39 1.23 1.34 1.67 1.26 4.04 3.90 3.80 3.80
electrical machinery, motor vehicle,
Public utilities
12.86 15.16 17.20 5.63 4.16 2.83 4.58 7.13 22.39 23.26 22.51 23.35 27.36
stone, clay, and glass, and food-bevAdjusted for seasonal variation
erage industries. The petroleum and
"other nondurable goods" industries,
Manufacturing .._
8.56 6.76 7.26 6.92 6.71 24.17 22.82 22.04 21.22 20.32
moving counter to the general trend in
Durable goods
4.33 3.39 3.52 2.91 3.35 12.90 12.21 11.80 10.98 10.78
Primary metals
.60 1.04
.39
.72 3.87 3.68 3.92 3.48
3.43
.61
manufacturing, expect to increase exElectrical machinery.
.40
.42
.55
1.97
.78
.48 2.30 2.15 1.98 1.97
.71
.82
Machinery except electrical
.99
1.47
.56 1.60 1.66 1.60 1.63
.81
penditures in 1971 by 7 percent and
Transportation equipment
.84
.36
.36
.65 2.81 2.59 2.38 2.23
.45
2.35
Stone, clay, and glass
.32
.22
.60
.62
.12
.53
.54
.16
.23
.76
9% percent, respectively.
about \% percent below the $83.1
billion estimated in February. The
downward revision amounts to 1%
percent for the first quarter and slightly
more than 2 percent for the second half
of the year; expected second quarter
spending is about unchanged. The
revision of expectations for the year
1971 centers in manufacturing; the
expectations of almost every major
1
1
2
3
3
4
3
3
3
4
Nondurable goods 3
Food including beverage
Textile
Paper . _ _
Chemical
_ _
Petroleum ..
Public utilities
4.23
.71
.21
.49
.94
1.42
3.37
.59
.14
.29
.55
1.28
3.74
.63
.10
.20
.81
1.51
4.01
.59
.07
.64
.85
1.42
3.36
.54
.20
. 16
.78
1.26
11.27 10.61 10.25 10.25
1.61 1.50 1.44 1.33
.33
.33
.29
.23
1.20 1.08
.85 1.10
3.13 2.81 2.70 2.73
3.99 3.85 3.93 3.89
9.55
1.18
.29
.92
2.65
3.63
3.95
4.84
3.65
4.91
5.10
21.12 22.77 22.96 24.45
25.89
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 data not shown separately.
4. Includes guided missiles and space vehicles.
NOTE.—Details may not add to totals because of rounding.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
Investment determinants are mixed
Factors believed to be influential
determinants of near-term investment
show a mixed pattern during the early
months of 1971. Thus far this year,
economic activity has increased and
profits and cash flow have improved—
SUKVEY OF CURRENT BUSINESS
15
ducers had a small increase in the first
quarter; they project a small decline in
the second quarter followed by essential
stability through yearend.
Spending by the nonmanufacturing
industries as a group increased 2%
percent in the first quarter; it is
expected to rise 6 percent in the second
quarter and then to hold about unchanged in the second half. All component industries except mining and
gas utilities are contributing to the
unusually sharp expected rise in the
second quarter.
The electric utilities and the communications industry constitute strong
spots in the current investment picture.
The $12.9 billion expenditure expected
by electric utilities in 1971 represents a
Quarterly patterns
21 percent increase over 1970; the
Spending by manufacturers as a
communications industry expects an
group is expected to show relatively
11 percent increase to $11.2 billion.
little change for the rest of 1971,
Spending by both industries rose about
following a 1% percent decrease in the
one-fifth from 1969 to 1970.
first quarter. Spending by durable
goods producers fell 5 percent in the
first quarter but is expected to rise Manufacturers' capacity evaluation
Manufacturers' evaluations of the
3 percent in the second and 1^ percent
in the third. Nondurable goods pro- adequacy of their March 31 plant and
equipment, taking into account prospective sales over the next 12 months,
indicate a sharp reduction from December 31 to March 31 in the need for more
facilities. Companies owning 33 percent
of total fixed assets in manufacturing
June 1971
factors which would tend to support
rising capital expenditures. In addition,
interest rates were reduced from their
mid-1970 level, although part of this
decline has more recently been erased.
The major factors on the negative side
are the continued inflation in the cost
of equipment and construction, and the
unusually low rate of capacity utilization in manufacturing. Reflecting the
latter factor, the latest OBE-SEC survey indicates a sharp decline in the
proportion of manufacturers' facilities
considered inadequate to meet production requirements over the next 12
months.
CHART 9
Plant and Equipment Expenditures
Billion $ (Ratio scale)
100 -M1WW1STWB
50
} { I I t M I I 1 1 1 I I r I t I i \ I t t ( I .1
30
20
15
i. i i
10 101
t i i i
40
COMMUNICATION AND COMMERCIAL
30
Table 4.—Manufacturers' Evaluation of Their Capacity
[Percent distribution of gross capital assets] 1
20
1971
19 70
1969
19168
1967
15
Dec. Mar.
31
31
June Sept. Dec. Mar. June Sept. Dec. Mar. June Sept. Dec.
31
30
30
30
30
30
31
31
30
31
31
Mar.
31
25
More plant and equipment
needed:
All manufacturing
Durable goods 2
Primary metals
. ...
Metal fabricators 3
Nondurable goods 2
Food including beverage.
Chemical
. . _..
Petroleum
20
44
48
61
40
31
25
35
50
40
57
60
33
28
20
34
38
38
43
38
52
56
54
56
48
53
31
53
51
55
51
54
48
51
51
39
53
61
73
54
45
52
40
40
60
63
77
55
57
52
53
62
6
10
16
8
3
3
1
0
8
12
17
11
4
5
1
0
7
8
2
11
5
8
3
0
7
9
3
11
5
10
4
0
43
38
31
43
49
42
78
39
40
39
35
47
40
38
67
27
41
41
41
44
41
41
65
29
45
44
44
46
45
49
71
32
47
45
41
49
49
54
58
40
48
46
41
49
49
46
72
39
43
40
30
49
46
43
56
41
44
40
31
47
48
44
71
42
46
39
33
43
53
47
73
47
44
37
30
41
51
46
68
48
42
34
30
36
52
55
53
54
49
53
20
60
55
53
50
49
58
57
31
72
53
50
44
51
56
53
33
70
50
48
41
50
52
45
27
67
48
48
45
48
48
41
40
59
47
47
44
48
48
49
25
60
52
53
56
48
51
53
43
58
51
53
54
50
49
53
27
57
49
53
52
52
44
49
26
53
50
53
54
52
47
51
31
52
5
7
16
3
2
5
2
1
5
8
15
4
2
5
2
1
6
9
15
5
3
6
2
1
5
8
15
4
3
6
2
1
5
7
14
3
3
5
2
1
5
7
15
3
3
5
3
1
5
7
14
3
3
4
1
1
5
7
15
3
3
3
2
1
5
8
15
5
3
4
1
0
6
10
16
7
2
3
1
0
49
44
68
47
41
33
32
35
48
About adequate:
All manufacturing
Durable goods 2
Primary metals 3 .
Metal fabricators
Nondurable goods 2 ...
Food including beverage.
Chemical
Petroleum
Existing plant and equipment
exceeds needs:
All manufacturing2 _
Durable goods _ . ... ...
Primary metals
Metal fabricators 3
Nondurable goods 2
Food including beverage.
Chemical
..
Petroleum
...
.
,j
.
i i i i i i i i i i ill i i i i t ' l hi .1 i I 1 i I
1966
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.
67
68
69
70
71
72
Seasonally Adjusted at Annual Rates
• Expectations
U.S. Department of Commerce, Office of Business Economics
Data: OBE-SEC
71-6-9
SURVEY OF CURRENT BUSINESS
16
report that they need more facilities, as
against 40 percent in December 1970
and 44 percent in March 1970. An easing of pressures for additional facilities
is reported by all major manufacturing
groups, but the decline is particularly
sharp in the petroleum industry; here,
the share of assets reported as inadequate dropped from 60 percent at yearend to 38 percent on March 31. The
chemical industry also reports a sharp
decline, amounting to 14 percentage
points.
Companies reporting plant and equipment capacity in excess of current and
near-term needs accounted for 7 percent
of assets at the end of March, about the
same proportion as in December and
March 1970. The "excess" ratio for the
food industry has been rising and
reached 10 percent at March 31 while
the ratio for metal fabricators remained
at a high 11 percent. In the primary
metals industry, the "excess" ratio has
dropped steeply since Jast fall and is
June 1971
now only 3 percent. Facilities viewed as clined. Among the nondurables, declines
"about adequate" represented 60 per- in the paper, chemical, and petroleum
cent of manufacturers' fixed assets as of industries more than offset increases in
March 31, up from the 53 percent re- the textile and rubber industries.
ported 3 months earlier and the 50
The value of new projects started
percent reported 12 months earlier.
by manufacturers was smaller than
their capital expenditures in the first
quarter. Consequently, there was a
Starts and carryover
decline in carryover—the amounts
Investment projects started by manu- still to be spent on projects already
facturers during the first quarter of underway. Manufacturers' carryover
1971 totaled $6.7 billion, after seasonal was $20.3 billion (seasonally adjusted)
adjustment, down 3 percent from the at the end of March, down $900 million
preceding quarter and 22 percent from from December 31, 1970 and $3.8
a year earlier. Durable goods manufac- billion from March 31, 1970. Declines
turers reported a 15 percent increase in carryover in the first quarter were
from the fourth quarter to the first, widespread among the major industries.
but this was more than offset by a
Starts by public utilities totaled $5.1
reduction in starts by nondurable goods billion in the first quarter, up 4 percent
producers. There were substantial in- from the fourth quarter and 29 percent
creases in starts by iron and steel, from the first quarter of 1970. Carryover
nonferrous metals, motor vehicle, and by the utilities reached a record $25.9
stone, clay, and glass manufacturers; billion at the end of March, up $1.4
starts by both electrical and non- billion over the quarter and $4.8
electrical machinery manufacturers de- billion from a year earlier.
Table 5.—Expenditures for New Plant and Equipment by U.S. Business,1 1969-1971
[Billions of dollars]
Annual
Quarterly, unadjusted
1970
1969
1969 1970 19712
I
II
Quarterly, seasonally adjusted annual rates
III
IV
I
II
III
IV
I
112
1970
1969
1971
IIP
I
II
III
IV
I
II
III
1971
IV
I
IP
IIP
All industries
75.56 79.71 81.85 16.04 18.81 19.25 21.46 17.47 20.33 20.26 21.66 17.68 20.80 20.68 72.52 73.94 77.84 77.84 78.22 80.22 81.88 78.63 79.32 82.38 82.83
Manufacturing industries
31.68 31.95 30.60 6.58 7.82 8.16 9.12 7.14 8.15 7.99 8.66 6.69 7.66 7.69 29.99 31.16 33.05 32.39 32.44 32.43 32.15 30.98 30.46 30.54 30.68
Durable goods
Primary metals *
Blast furnace, steel works
Nonferrous
Electrical machinery
_. _ _
Machinery, except electrical
Transportation equipment 3 _ _
Motor vehicles
Aircraft*
Stone, clay and 5glass
_
Other durables
15.% 15.80 14.67 3.36 3.98 4.03 4.59 3.59 4.08 3.87 4.26 3.11 3.68 3.68 15.47 15.98 16.53 15.88 16.40 16.32 15.74 14.92 14.21 14.66 14.89
3.23 3.24 2.98 .71 .81 .81 .90 .69 .78 .81 .95 .65 .74 .74 3.37 3.31 3.20 3.09 3.28 3.15 3.21 3.31 3.08 3.00 2.91
1.83 1.68 1.47 .41 .47 .45 .50 .35 .43 .42 .47 .33 .37 .36 1.98 1.91 1.80 1.70 1.72 1.73 1.67 1.60 1.60 1.50 1.44
1.10 1.24 1.13 .23 .27 .28 .32 .27 .28 .31 .38 .24 .26 .28 1.04 1.12 1.11 1.12 1.25 1.12 1.21 1.35 1.08 1.10 1.12
2.03 2.27 2.13 .39 .50 .49 .65 .48 .56 .55 .68 .41 .55 .55 1.86 2.04 2.02 2.16 2.25 2.27 2.28 2.27 1.94 2.22 2.28
3.44 3.47 3.10 .72 .84 .86 1.01 .82 .93 .84 .88 .65 .78 .78 3.22 3.34 3.66 3.50 3.62 3.69 3.52 3.12 2.88 3.08 3.23
2.76 2.43 2.18 .59 .69 .77 .71 .60 .68 .60 .55 .47 .55 .58 2.76 2.73 3.00 2.60 2.74 2.71 2.29 2.04 2.16 2.16 2.18
1.65 1.59 1.52 .34 .40 .46 .44 .38 .47 .41 .34 .33 .40 .41 1.57 1.55 1.78 1.67 1.70 1.85 1.54 1.29 1.48 1.54 1.54
.40 .42
.83 .54
.42 .18 .22 .23 .19 .14 .14 .12 .13 .09 .10 .11 .88 .92 .92 .64 .67 .58 .48 .46 .44
.88 .97
1.07 .99
.94 .23 .28 .27 .30 .24 .27 .22 .26 .20 .23 .23 1.03 1.11 1.14 1.01 1.06 1.05 .94 .92 .87
3.44 3.41 3.34 .71 .86 .84 1.02 .76 .87 .84 .94 .72 .83 .81 3.24 3.45 3.50 3.52 3.45 3.46 3.50 3.27 3.29 3.32 3.32
Nondurable goods - Food including beverage
Textile
Paper
Chemical ..
Petroleum
Rubber
Other nondurables 8
15.72 16.15 15.93 3.22 3.84 4.12 4.53 3.56 4.07 4.12 4.40 3.58 3.98 4.01 14.52 15.18 16.52 16.50 16.05 16.11 16.40 16.05
2.59 2.84 2.66 .54 .64 .68 .73 .67 .74 .72 .71 .62 .68 .67 2.45 2.38 2.68 2.86 3.00 2.80 2.80 2.79
63 .69 .61 .58 .57 .55 .53
.63 .56
.54 .13 .16 .17 .16 .13 .15 .14 .14 .12 .14 .14 .59
1.58 1.65 1.39 .31 .40 .41 .46 .37 .43 .42 .43 .29 .36 .37 1.42 1.58 1.62 1.70 1.71 1.65 1.68 1.59
3.10 3.44 3.36 .67 .76 .76 .91 .76 .89 .87 .92 .78 .87 .81 3.00 2.95 3.19 3.22 3.32 3.44 3.67 3.32
5.63 5.62 6.01 1.12 1.32 1.49 1.68 1.14 1.38 1.44 1.66 1.31 1.43 1.52 5.04 5.41 5.98 5.98 5.15 5.68 5.70 5.86
1.09 .94
.76 .24 .28 .28 .28 .24 .25 .23 .22 .19 .20 .18 1.07 1.12 1.13 1.04 1.10 .98 .90 .80
1.10 1.11 1.21 .21 .27 .32 .30 .25 .25 .29 .31 .26 .30 .31 .94 1.11 1.24 1.09 1.18 1.00 1.10 1.15
Nonmanufacturing industries
Mining
Railroad
...
Air transportation
Other transportation _ . .
. _
_
16.25 15.88 15.79
2.76 2.64 2.58
.55
.55 .56
1.34 1.39 1.44
3.43 3.36 3.38
6.06 5.96 5.97
.86
.78 .72
1.26 1.20 1.14
43.88 47.76 51.25 9.45 10.99 11.10 12.34 10.32 12.18 12.27 12.99 10.99 13.15 12.99 42.53 42.78 44.80 45.46 45.78 47.79 19. 73 47.66 48.86 51.84 52.15
1.86
1.86
2.51
1.68
1.89
1.78
3.03
1.23
1.99
1.73
1.82
1.45
.42
.38
.68
.38
.48
.44
.66
.46
.47
.49
.53
.40
.49
.55
.64
.44
.45
.42
.73
.28
.47
.47
.80
.31
.46
.46
.74
.30
.50
.43
.76
.33
.49
.34
.34
.28
.52
.50
.61
.41
.49
.45
.36
.40
1.83
1.68
2.89
1.87
1.88
1.76
2.22
1.66
1.89
2.06
2.23
1.65
1.85
1.94
2.80
1.63
1.92
1.74
2.94
1.37
1.84
1.88
2.88
1.12
1.86
1.96
3.24
1.22
1.94
1.56
3.08
1.22
2.04
1.46
1.29
1.33
2.01
2.00
2.30
1.59
2.00
1.87
1.56
1.56
Public utilities
Electric- ._
Gas and other _
11.61 13.14 15.32 2.36 2.99 3.03 3.23 2.54 3.28 3.58 3.74 3.11 3.90 4.02 11.52 11.68 11.48 11.80 12.14 12.72 13.84 13.68 14.64 15.18 15.64
8.94 10.65 12.89 1.88 2.22 2.23 2.61 2.15 2.59 2.79 3.12 2.70 3.30 3.25 8.62 8.71 8.98 9.36 9.77 10.15 11.34 11.20 12.16 12.98 13.15
2.67 2.49 2.43 .48 .77 .80 .62 .39 .69 .78 .63 .41 .60 .77 2.90 2.97 2.50 2.44 2.37 2.57 2.50 2.48 2.48 2.20 2.49
Communication
__
Commercial and other 7
8.30 10.10 11.23 1.81 2.00 2.11 2.39 2.14 2.59 2.56 2.81 2.50
7.74 7.92 8.71 8.76 9.14 10.38 10.62 10.20 10.70 J28. 75 29.51
16.05 16.59 17.71 3.41 3.97 4.07 4.60 3.76 4.26 4.16 4.42 3.94 J7.21 7.26 15.00 15.67 16.78 16.67 16.52 16.98 17.00 15.97 17.39
1. Excludes agricultural business; real estate operators; medical, legal, educational, and
cultural service; and nonprofit organizations.
2. Estimates are based on expected capital expenditures reported by business in late April
and May 1971. The estimates for the full year 1971 and for the second quarter and third quarters
have been corrected for systematic biases. The adjustment procedures are described in the
February 1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments, 1971
expenditures were expected to be $80.63 billion for all industries, $30.92 billion for manufacturing, and $49.71 billion for nonmanufacturing.
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles.
5. Includes fabricated metal, lumber, furniture, instrument, ordnance and miscellaneous
except guided missiles and space vehicles.
6. Includes apparel, tobacco, leather and printing-publishing.
7. Includes trade, service, construction, finance and insurance.
NOTE.—Details may not add to totals because of rounding.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
June 1871
SURVEY OF CURRENT BUSINESS
Manufacturers' Inventory and Sales Expectations,
Second and Third Quarters 1971
MANUFACTURERS expect moderate inventory additions during the
second and third quarters; they also
look forward to sizable sales gains in
the same period. These expectations
imply that the recent decline in stocksales ratios will continue through September 30.
Manufacturers also reported inventories in better balance on March 31
than at any time since late 1968. Both
the percentage of producers' stocks held
by companies who judged their inventories "high" and the amount of
imbalance in the holdings of these
companies fell in the first quarter.
These are the results of the QBE
quarterly Inventory and Sales Expectations Survey conducted in May.
the average first quarter rate. The
ratio is projected at 2.05 on June 30
and 1.99 on September 30. The nondurables ratio was 1.30 on March 31
and is projected at 1.28 on June 30
and 1.26 on September 30.
Sales expectations
Manufacturers expect sales advances
of 2 percent in the second quarter and
3 percent in the third. These gains are
below the 5 percent rise of the first
quarter, when the economy was recovering from the auto strike, but exceed the
performance last year when sales fell
in the opening and closing quarters
and rose moderately in the other two.
Durable goods producers' sales rose
6% percent in the first quarter—more
than offsetting the fourth quarter
decline—with auto and steel sales
showing especially strong increases.
An increase of 2 percent is projected
for the second quarter and 4 percent
for the third. Steel producers expect
a sharp gain this quarter, followed by
a decline in the third. Auto producers'
sales are expected to decline this quarter, following the sharp post-strike
rise, and then to advance in the third.
Suppliers of construction materials expect sizable gains in both periods.
Nondurable goods producers' sales
rose 3 percent in the first quarter. They
are expected to rise 1% percent in the
CHART 10
Manufacturers' Sales and Inventory Expectations
• Sales growth in second and third quarters expected to exceed last year's pace;
inventories expected to rise moderately
• Stock-sales ratios to continue recent decline
DURABLE GOODS
NONDURABLE GOODS
Inventory additions
Manufacturers' inventories fell $200
million during the first 3 months this
year, the first quarterly decline in
about 10 years. Manufacturers now
expect additions of $600 million this
quarter and $900 million in the third.
Durable goods producers, who cut
inventories $200 million in the first
quarter, expect additions of $350 million in the March-June period and $600
million in June-September. Additions
averaged $500 million per quarter in
1970.
Nondurable goods producers' inventories showed little change in the opening quarter of 1971, after rising an
average of $400 million per quarter
last year. These producers expect to
add $200 million to stocks in the second
quarter and $300 million in the third.
Both durable and nondurable goods
producers reduced their stock-sales
ratios between December 31 and March
31. They project further decreases
through September 30. Durable goods
producers' stocks on March 31 were
equivalent to 2.09 months of sales at
17
Billion $
(Ratio scale)
Billion $
150
150
Sates
100
90
100
90
80
80
70
70
60
60
\
50
50
Inventories
40
30
30
20
20
Ratio
Ratio
2.0
2.5
STOCK-SALES RATIO
STOCK-SALES RATIO
1.5
2.0
I I I I I I I I I I I I I I I I I
1.5
1965
66
67
68
69
70
71
72
1965
Seasonally Adjusted
Expectations
U.S. Department of Commerce, Office of Business Economics
66
67
68
69
1.0
70
71
72
SURVEY OF CURRENT BUSINESS
18
second and 2% percent in the third. The
expected changes are a considerable
improvement over last year's experience.
Both paper and rubber producers are
projecting substantial advances this
quarter and next.
condition relative to prospective sales
and unfilled orders. Companies holding
19 percent of producers7 stocks judged
their March 31 inventories "high"—
a lower proportion than in any quarter
of 1969 or 1970.
Companies holding 22 percent of
durable goods stocks considered their
inventories "high"—down 1 percentage
point from December 31 and 5 points
Inventory condition., March 31
Manufacturers began last September
30 to report improvements in inventory
Table 1.—Manufacturers' Inventories and Sales: Actual and Expected
[Billions of dollars]
1968
I
II
1969
III
IV
I
II
1971
19 70
III
IV
I
II
III
IV
I
III
Unadjusted:
84.3
54 6
29.7
85.8
55 8
30.0
86.4
56 1
30.3
88.2
57 0
31.2
90.9
59 3
31.6
92.5
60 9
31.6
93.4
61 6
31.8
95.5
63 1
32.4
97.5
64 6
32.9
98.1
64 8
33.3
97.8
64 8
33.0
99.1
65 1
34.0
99.9 100.4
65 7 66 1
34.2 34.3
100.1
65 9
34.2
83,8
54.3
29.5
85.6
55 5
30.1
87.1
56.5
30.6
88.6
57 4
31.2
90.4
59 0
31.4
92.2
60 5
31.7
94.2
62 1
32.1
95.9
63 5
32.4
97.0
64 3
32.7
97.7
64 4
33.3
98.7
65 3
33.3
99.6
65 5
34.1
99.4 100.0
65 4 65 7
34.1 34.3
100.9
66 3
34.6
144.9 153.9 148.7 157.1 159.1 166.9 162.2 168.5 165.1 171.3 165.4 164.8 172.2 181.5
80.5 85 8 79 1 86 4 89 1 93 7 88 5 93 7 90 1 94 6 88 6 88 2 94 3 100 4
64.4 68.1 69.6 70.7 70.0 73.2 73.7 74.8 75.1 76.7 ' 76.8 76.6 77.9 81.1
176.7
94 7
82.0
145.4 149.6 152.6 156.6 159.6 162.3 167.4 168.1 165.9 166.6 170.2 164.8 172.9 176. 3
80.3 82.2 83.1 85.9 88 8 89 9 93 7 93 3 90 0 90 8 93 4 88.2 94.0 96. 1
65.1 67.4 69.5 70.7 70.8 72.5 73.7 74.8 75.9 75.9 76.7 76.6 78.9 80.2
Sales, total for quarter :
Unadjusted:
All manufacturing
Durables
Nondurables
Manufacturers reported that their
March 31 inventories were $2.1 billion
in excess of needs (netting excesses of
companies with "high" stocks against
deficiencies of companies with "low"
stocks). This excess is equivalent to 2.1
percent of all producers' stocks. Excesses
have been falling for the past year but
the first quarter decline was larger than
that of any 1970 quarter.
182.1
100.0
82.1
Seasonally adjusted:
All manufacturing
Durables
Nondurables
from last March 31, when the ratio was
close to its cyclical peak. Metal producers reported 17 percent of their
holdings in the "high" category at the
end of March; metal fabricators, 23
percent.
A "high" ratio of 13 percent was reported by nondurable goods producers—down 3 points from yearend and
6 points from March 1970.
The major proportion of stocks was
judged "about right"—77 percent for
durables and 85 percent for nondurables.
The "low" ratio remained insignificant
at 1 and 2 percent, respectively.
Inventory imbalance,, March 31
III i
Inventories, end of
quarter :
All manufacturing
Durables
Nondurables
June 1971
(Continued on page 23}
Table 3.—Inventory Imbalance
Seasonally adjusted:
All manufacturing
Durables
Nondurables
Net excess
Inventory
excess
1. Expectations reported by manufacturers in May 1971. Inventory expectations have been corrected for systematic
biases.
Sources: U.S. Department of Commerce. Expectations, Office of Business Economics; actuals, Bureau of the Census.
InvenPercent
tory
defi- Amount of total
invenciency
tories
(Billions of dollars )
Table 2.—Manufacturers' Evaluation of the Condition of their Inventories
l
AH manufacturers:
[Percentage distributionl
Total
High
June 30, 1966
September 30, 1966
December 31, 1966
About
right
Nondurables
Durables
Low
High
About
right
High
Low
About
right
18
22
28
78
75
70
4
3
2
21
27
33
75
70
65
4
3
2
13
14
18
83
83
79
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
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
20
21
23
23
78
77
76
76
2
2
1
1
21
22
26
25
77
76
73
73
2
2
1
2
17
18
17
18
82
80
82
81
March 31, 1970
June 30, 1970
September 30 1970
December 31, 1970
24
24
22
21
75
75
77
78
1
1
1
1
27
28
25
23
72
71
74
76
1
1
1
1
19
17
16
16
80
81
82
83
March 31, 1971
19
79
2
22
77
1
13
A
82
80
79
82
March 31, 1969
June 30, 1969
September 30 1969
December 31, 1969
Low
85
--- ---
.-
3
L
i
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies. Percent
distribution of inventory book values according to companies' classifications of their inventory condition.
NOTE.—Due to 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.
Dec. 31, 1968
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970
Dec. 31, 1970
Mar. 31, 1971
1.73
1.87
1.96
2.36
2.50
2.58
2.62
2.48
'2.44
2.26
0.25
.16
.24
.15
.16
.10
.15
.11
.13
.14
1.48
1.71
1.72
2.21
2.34
2.48
2.47
2.37
'2.31
2.13
1.7
1.9
1.9
2.4
2.5
2.5
2.5
2.4
2.3
2.1
1.19
1.31
1.35
1.75
1.91
1.97
2.00
1.94
'1.88
1.76
.20
.12
.18
.11
.13
.09
.10
.07
'.07
.07
.99
.19
.17
.64
.78
.88
.90
1.87
'1.81
1.70
1.7
2.0
1.9
2.7
2.8
2.9
2.9
2.9
'2.8
2.6
.54
.56
.61
.61
.59
.61
.62
.54
'.56
.50
.05
.04
.06
.04
.03
.01
.05
.04
'.06
.07
.49
.52
.55
.57
.56
.60
.57
.50
'.50
.43
.6
.6
.7
.8
.7
.8
.7
.5
' .5
.3
Durable goods:
Dec. 31, 1968
Mar. 31, 1969.....
June 30, 1969
Sept. 30, 1969.....
Dec. 31, 1969
Mar. 31, 1970....June30, 1970
Sept. 30, 1970
Dec. 31, 1970
Mar. 31, 1971
Nondurable goods:
Dec. 31, 1968
Mar. 31, 1969.....
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969
Mar. 31, 1970.....
June30, 1970
Sept. 30, 1970
Dec. 31, 1970
Mar. 31, 1971
' Revised.
Source: U.S. Department of Commerce, Office of Business
Economics.
by ETIENNE H. MILLER and GORDON P. SMITH
International Travel, Passenger Fares, and Other Transportation
in the IIS. Balance of Payments: 1970
i
INTERNATIONAL travel, passenger
fare, and other transportation transactions last year resulted in U.S.
payments to foreigners of nearly $8
billion, more than $1 billion or 15 percent higher than in 1959. U.S. receipts
from such transactions increased 16
percent or $800 million, and reached
$6 billion. The net U.S. payment was
almost $2 billion, compared with $1.8
billion in 1969. The net U.S. payment
for travel expenditures and passenger
fares was about $2.5 billion in 1970,
CHART 11
U.S. Payments and Receipts for
Travel and Transocean Passenger Fares
Billion $
Payments, Including
Fares to Foreign Carriers
while there was a modest $500 million
surplus in the other transportation
account.
This article reviews developments
affecting the travel, passenger fare, and
other transportation accounts that appear in the U.S. balance of international payments. Data on passenger
fares for transocean transportation are
cited in the discussion of total spending
by U.S. residents traveling abroad (and
spending by foreign visitors to the
United States), although the fares are
treated separately in the balance of
payments accounts. The article also
covers passenger fares of U.S. travelers
paid to U.S. transocean carriers, which
do not enter the balance of payments
accounts but do represent an important
part of total spending by U.S. travelers
(table 1, memorandum items). Freight
payments to U.S. and foreign air and
sea carriers and the carriers' port
expenditures are also reviewed in this
article, under the heading "other transportation" transactions.
U.S. Spending for Travel
Abroad
U.S. residents spent $6.2 billion on
foreign travel last year, 15 percent more
than in 1969. Dollar earnings of foreign
countries increased 16 percent to nearly
$5.2 billion, including more than $1.2
billion in passenger fares paid to foreign
sea and air carriers for transocean
transportation, and almost $4 billion in
expenditures for food, lodging, transportation within foreign areas, etc.
(table 1, lines 2 and 3). In addition, U.S.
travelers paid $985 million to U.S.
carriers for transocean transportation
(table 1, line 18), an amount which does
not figure in the U.S. balance of
payments.
The weakness of business activity and
the rise of unemployment in the United
Table 1.—International Travel, Passenger Fare, and Other Transportation Transactions
[Millions of dollars]
1966
8. Total travel, passenger fare, and other transportation receipts . . . . . .
9.
Travel: Receipts from foreign visitors in the U.S. (line 4)
10.
Passenger Fares: foreign payments to U.S. carriers (line 5)
11.
Other transportation (line 6)
12.
Freight receipts of U.S. carriers
13.
Port expenditures in the U.S. by foreign carriers
. . ...
14.
Other receipts
15. Net travel, passenger fare, and other transportation payments (— )
1968r
1969r
5,579
2,657
755
2,167
1,234
588
345
6,188
3,195
6,279
3,022
885
2,372
1,348
651
373
6,950
3,390
1,080
2,480
1,408
671
401
7,957
3,953
1,215
2,789
1,508
808
473
4,197
1,590
1. Total travel, passenger fare, and other transportation payments. . . .....
2.
Travel: Payments by U.S. visitors in foreign countries (line 18)
..
3.
Passenger Fares: U.S. Payments to foreign carriers (line 19)
4.
Other transportation (line 20)
5.
Freight payments to foreign carriers on U.S. imports _ . .
...
6.
Port expenditures abroad by U.S. carriers
7.
Other payments
.
..
. ..
1967
4,436
1,646
371
2, 419
800
1,493
126
4,721
1,775
5,170
2,058
2, 535
1, 581
1,731
137
144
1,752
1,558
1,780
1,979
3,195
830
715
4,740
3,022
885
815
4,722
3,390
1,080
895
5,365
3,953
1,215
985
6,153
1,590
1,646
1,775
2,058
2,319
195
235
303
1,785
1,881
260
2,035
377
2,696
1,388
123
1,382
16.
17.
18.
19
Receipts From
Visitors in the United States
Memorandum:
2,657
Travel payments of U.S. visitors in foreign countries (line 18) . - .
Plus: U.S. passenger fare payments to foreign carriers (line 19) _ _ . .
755
Plus: U.S. passenger fare payments to U.S. carriers
. .
635
4,047
Equals' Total expenses of U S. visitors
Memorandum:
Travel receipts from foreign visitors in the U.S. (line 4)
Plus: Foreign passenger fares to and from the U.S. paid to U.S.
carriers
Equals: Total U.S. receipts from foreign visitors
- -
22.
I
I960
I
I
62
I
i
64
I
I
66
U.S. Department of Commerce, Office of Business Economics
I
i
68
598
343
5,978
2,319
553
3,106
987
1,942
177
20.
21.
_x /
2,163
1,222
450
2,662
787
317
2,290
780
..
830
1970
411
817
2,361
\
70
71-6-1
NOTE.—References in parentheses to lines 4, 5, 6, 18, 19, and 20 indicate where these estimates may be found in tables
2 and 3 of the regular balance of payments presentations.
Source: U.S. Department of Commerce, Office of Business Economics.
19
SUEVEY OF CURRENT BUSINESS
20
States in 1970 appears to have had
little impact on U.S. travel outlays,
although there was some evidence that
certain nearby areas were marginally
affected. Travel payments (excluding
passenger fares) increased nearly 17 percent, compared with a 12 percent increase in 1969. Travelers' spending in
oversea areas rose a sharp 20 percent
to a record $2.2 billion but spending rose
only slightly in the Caribbean area
while outlays in South America appear
Table 2.—Travel Payments of U.S. Visitors
in Foreign Countries, by Area
[Millions of dollars]
1966
Total travel payments
Canada _ - - . - . Mexico. .
Persons visiting
Mexican border only..
Oversea areas
-
--
Europe and Mediterranean area
__ .
Western Europe
United Kingdom _
France
Italy
Switzerland
Germany
Austria
Denmark
Sweden
1967
1968
1969
2,657 3 195 3 022 3 390
1970
3 953
678 1 070
575 590
820
630
900
675
1 049
720
865
390
405
4X5
872
1 404 1 535 1 572 1 815 2 184
920 1 018
993 1 160
1 425
846
944
925 1,075
1,310
167
116
153
60
190
119
148
67
198
91
140
74
229
143
142
83
293
160
172
108
86
36
26
13
104
41
32
22
111
40
30
18
114
43
32
20
148
54
39
24
31
44
Norway
Netherlands
BelgiumLuxembourg _ _ . .
Spain
-
14
26
19
35
23
40
23
41
13
53
17
58
16
56
18
80
22
85
Portugal
Ireland
Greece
Other Western
Europe
19
24
34
2i
28
35
20
32
28
25
36
37
29
42
40
g
8
9
9
19
Other Europe and
Mediterranean
area
Israel
Other
74
35
39
74
33
41
68
36
32
85
44
41
115
62
53
West Indies and
Central America --
259
295
325
375
390
41
73
60
45
88
66
50
105
78
56
132
85
63
127
95
24
30
38
42
44
12
14
19
16
18
49
65
52
70
35
87
44
92
43
90
160
152
167
188
279
62
30
58
28
60
26
70
35
97
53
18
50
18
48
20
61
27
56
34
95
Bermuda
Bahamas
Jamaica
Other British West
Indies
Netherlands West
Indies
Other West Indies
and Central
America
South America
Other Oversea areas. __
Japan
Hong Kong
Australia-New
Zealand
Other
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, but not their transportation
fares or other passenger fares.
Source: U.S. Department of Commerce, Office of Business
Economics.
June 1971
to have declined fractionally (table 2).
Total spending in Mexico was up about
7 percent from 1969, but spending in
the areas adjacent to the border rose
only 5 percent. A substantial part of the
16 percent increase in travel spending
in Canada reflected higher exchange
rates for Canadian currency in terms
of U.S. dollars, in effect an increase
in prices to American visitors.
About 98 percent of the 5.3 million
Americans who went overseas traveled
by air (table 4). Only about 120,000
traveled by sea, 30,000 fewer than in
1969. However, cruise traffic increased
about 25,000 to nearly 560,000 last
year, almost all on foreign-flag vessels.
As a result of that increase, and the
virtual disappearance from the North
Atlantic of U.S. flag passenger ships,
foreign sea carriers received more from
Americans last year than in 1969. Cruise
passengers are not included in the count
of U.S. travelers because most of their
expenditures are in the form of passenger fares, and their shore expenses
are minimal.
from U.S. travelers rose 12 percent to
$160 million.
Switzerland and Germany each increased their earnings from U.S.
travelers by 30 percent, on the strength
of larger numbers of visitors and a slight
rise in average outlays. Germany received a total of $148 million from about
Table 3.—Number of U.S. Travelers and
Their Average Travel Payments in Europe
and the Mediterranean
Number of Average
travelers payment
(thousands) (dollars)
Europe and Mediterranean :
1970.
1969
2,898
2,363
490
490
- -
2,783
2,285
470
470
United Kingdom:
1970
1969
1,365
1,093
215
209
996
821
161
174
873
710
196
198
Switzerland:
1970
1969
794
632
136
131
Spending in Europe
Germany:
1970
1969
922
740
160
154
The introduction of the 747 jet
aircraft, with its greater carrying capacity and the public interest it generated,
combined with reduced air fares across
the Atlantic, contributed to a marked
rise last year in U.S. travel to Europe.
U.S. travel outlays in Western Europe
were $1.3 billion, up 22 percent from
1969, while the number of Americans
visiting the area reached nearly 2.8
million, also up 22 percent (tables 2
and 3).
Nearly 1.4 million U.S. travelers
visited the United Kingdom last year,
making it once again the leading oversea destination. Travelers' average
spending there increased slightly and
the total rose about 28 percent to $293
million. The number of U.S. visitors to
Italy showed a strong rise of 23 percent,
to 870,000, after 2 years of little change.
The average outlay fell slightly and
total spending in Italy rose 21 percent.
The average outlay was also lower in
France, but the number of Americans
traveling there rose 21 percent to
nearly 1 million and France's receipts
Austria:
1970
1969
538
425
101
102
317
292
124
109
Sweden:
1970
1969
177
167
135
119
Norway:
1970
1969
160
142
195
162
292
288
74
61
520
460
85
90
439
415
194
193
226
196
130
128
Ireland:
1970
1969
230
190
183
190
Greece:
1970
1969
203
185
193
199
198
157
315
280
Western Europe:
1970
1969
France:
1970
1969
Italy:
1970
1969
- -
.
Denmark:
1970
1969
.
B elgium-Luxembourg :
1970
1969
Netherlands:
1970
1969
.
Spain:
1970
1969
Portugal:
1970
1969
Israel: 1
1970
1969
-
..
-
- -
1. Data for Israel are included in Europe and Mediterranean totals but not in Western Europe totals.
NOTE.—For coverage see table 2; excludes all passenger
fares and shore expenditures of cruise travelers; excludes
transocean transportation.
Source- U.S. Department of Commerce, Office of Business
Economics, based on data of U.S. Department of Justice,
Immigration and Naturalization Service.
SURVEY OF CURRENT BUSINESS
June 1 7
91
900,000 Americans, Switzerland $108
million from 800,000 visitors. Substantial increases in U.S. travel expenditures were generally recorded in
the rest of Europe. In the Netherlands
and Greece, however, the gains were
modest, as average spending fell in both
countries.
Table
4.—U.S.
Travelers to
Oversea
Countries by Means of Transportation
and by Area
[Thousands of travelers]
1966
1967
1969
1970
2,975 3,425 3,885 4, 623
5,260
220
167
147
151
2,755 3,258 3,738 4,472
1,570 1,800 1,937 2,363
n.a. n.a. 1,880 2,285
2,898
2,783
West Indies and Central
America
1,050 1,220 1,461 1,700
1,663
The number of Americans visiting
the West Indies and Central America
(excluding cruise passengers) dropped
slightly last year from the record set
in 1969 but this was more than offset
by a rise in cruise travel, which is
important in the Caribbean area.
Nevertheless, the area's dollar earnings
grew only 4 percent to $390 million.
The rapid growth which has been
120
5,140
Europe and
M editerranean
Western Europe
Western Hemisphere and Pacific
Total
Sea__
Air
1968
130
Other
.
175
223
245
249
225
South America
230
264
315
450
n.a. Not available.
NOTE.—For coverage, see table 2; excludes cruise travelers,
who numbered about 337,000 in 1966, 350,000 in 1967, 380,000
in 1968, 530,000 in 1969, and 557,000 in 1970.
Source: U.S. Department of Commerce, Office of Business
Economics, based on data of U.S. Department of Justice,
Immigration and Naturalization Service.
Table 5.—Average Length of Stay of U.S.
Travelers in Selected Regions
[Days]
Region
Table 7.—Average Length of Stay and
Average Daily Expenditure of U.S.
Travelers in Selected European and
Mediterranean Countries, 1970
Average
length
of stay
(days )
Country
Europe and Mediterranean, total. .
27
18.15
12
8
11
17.58
19 50
17 64
. .
11
6
12
14.55
22.83
16 00
_. . .
5
6
7
15.60
16 50
17 86
5
12
22
13.80
15 67
14.45
United Kingdom
France
Italy
West Germany
Switzerland...
Spain
Netherlands
Austria
Denmark
Average
daily
expenditure
(dollars)
Belgium- Luxembourg .
Ireland
Israel
NOTE.—For coverage, see table 2; excludes all passenger
fares and shore expenditures of cruise passengers; excludes
transocean transportation.
Source: U.S. Department of Commerce, Office of Business
Economics.
1966
1967
1968
1969
Europe and Mediterranean
Caribbean area
37
na
33
na
30
na
29
na
27
11
Bermuda
Bahamas
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
7
5
[Millions of dollars]
South America
n.a.
Far East and other areas .. n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
22
28
1966
- --
-
1970
n.a. Not available.
NOTE.—For coverage, see table 2; excludes cruise travelers.
Source: U.S. Department of Commerce, Office of Business
Economics.
Table 6.—Percent Distribution of U.S. Air
Travelers in Europe and the Mediterranean Area, by Length of Stay
[Percent]
Length of stay (days )
1968
1969
1970
1-14
15-21
30.7
32.6
32 0
28 7
33 1
28 8
22-35
36-49
11 4
53
13 3
7 2
17 8
11 8
50-63
64 and over
7.1
12 5
81
10 5
4 4
4 1
NOTE.—For coverage, see table 2.
Source: U.S. Department of Commerce, Office of Business
Economics.
Table
8.—U.S. Receipts From Foreign
Visitors in the United States
1967
1968
1969
21
characteristic of the Bahamas tourist
industry was interrupted last year.
Earnings from U.S. visitors to the
islands declined 4 percent to $127
million. Jamaica's receipts from Americans rose 12 percent to $95 million,
while Bermuda's receipts also rose about
12 percent to $63 million.
The below average growth of travel
outlays in the West Indies last year
reflected, according to some authorities,
the weakness of the U.S. economy.
Price competition from Europe, sharpened by a lower Atlantic air fare
structure and abrupt rises in the prices
of Caribbean tourist services, is also
considered to have been a factor in the
dampening of the West Indies tourist
boom. Rising prices, as well as U.S.
economic conditions, may also have
been partially responsible for a slight
decline in U.S. travel spending in
South America, where business travel
makes up a large portion of the total.
There was little change in the number
of visitors to the area, about 250,000,
but their expenditures dropped from
$92 million in 1969 to $90 million last
year.
Japan's Expo 70 was a major factor
in the spectacular growth of travel in
"other areas", primarily the Pacific and
Far East. Total U.S. travel spending
in these areas was nearly $280 million,
Table 9.—Foreign Visitors to the United
States From Oversea Countries, by Area
and Type of Visa
1970
Total U.S. travel receipts. 1,590 1,646 1,775 2,058
[Thousands of travelers]
Total
2,319
586
458
575
457
650
493
815
530
885
545
546
614
632
713
889
Western Europe
210
United Kingdom
68
France .. . .
n.a.
Germany
. . _ . n.a.
n a.
Italy
n a.
Netherlands
Sweden
n a.
Switzerland
n a.
Other
n a.
227
43
n.a.
n.a.
n a.
n.a.
n.a.
n.a.
n a.
226
42
30
44
22
12
12
14
50
264
43
34
55
24
14
10
16
67
318
51
39
67
29
19
14
15
84
West Indies, Central
and South America. . . 226
South America
n.a.
263
n.a.
262
140
276
144
334
164
124
42
144
51
172
67
237
101
Busi- Pleas- Tran- Student
ure
sit
ness
Canada
Mexico
-
-
Total oversea countries
Other oversea countries
Japan
. ...
110
31
n.a. Not available.
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 (who are U.S. residents for balance of payments
purposes). Transocean passenger fares are also excluded.
Source: U.S. Department of Commerce, Office of Business
Economics.
Oversea countries
total:
2,288
2,010
306
282
1,706
1,472
202
185
74
71
Europe:
1970
1969
-
984
892
167
161
726
641
80
80
11
10
West Indies and
Central America:
1970
1969
484
461
17
17
420
397
30
31
17
16
South America:
1970
1969
318
281
19
17
255
223
32
29
12
12
Other oversea areas:
1970
. . ...
1969
502
376
103
87
305
211
60
45
34
28
1970 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 multiple entries on a single trip.
Source : U.S. Department of Justice, Immigration and
Naturalization Service.
22
SUKVEY OF CURRENT BUSINESS
compared with $190 million in 1969.
Several hundred thousand Americans
spent almost $100 million in Japan.
Hong Kong apparently benefitted from
Expo's attraction of travelers into the
area, and increased its dollar earnings
from U.S. visitors by 50 percent to $53
million. Travel to Australia and New
Zealand also rose sharply, with dollar
earnings up 26 percent to about $34
million. Other countries in the Pacific
area also recorded substantial gains.
Trip expenses
U.S. travelers to Europe and the
Mediterranean in 1970 spent an average
of about $870 per trip, about $40 less
than in 1969. Lower passenger fares,
averaging about $380, were a major
factor in the decline of the average trip
expense; average outlay in European
countries was unchanged at about $490.
With the average transatlantic passenger fare down $40, the cost of
crossing the Atlantic dropped from 46
percent of the average U.S. traveler's
trip expense in 1969 to 44 percent last
year. The average air fare was nearly
10 percent lower, about $370, with sea
fares somewhat higher than in 1969.
The average trip in Europe and the
Mediterranean involved visits to three
countries, about the same number as in
1969, but the average length of the trip
was 27 days, two days shorter (table 5).
Transatlantic air fares which offered
lower rates for visits of 28-49 days
apparently induced many travelers who
otherwise would have stayed beyond
49 days to limit their trips, thus reducing the average figure. Average daily
expenditure was $18, up $1 from 1969
(table 7).
Foreign Visitors to the United
States
Foreign visitors spent $2.3 billion in
the United States last year, and paid
about $375 million to U.S. sea and air
carriers for passenger fares to and from
this country. The total, a record $2.7
billion, was 14 percent more than in
1969. Travel receipts from Canadians
were $885 million, up about 8 percent,
while Mexicans' spending here rose less
than 3 percent to about $545 million
(table 8).
Visitors from oversea areas numbered
nearly 2.3 million in 1970, 14 percent
more than in 1969 (table 9). They
spent $890 million in the United States,
and paid the $375 million in passenger
fares to U.S. carriers noted above.
Three-fourths of the overseas visitors
were on pleasure visits, the remainder
on business, in transit to other destinations, or students.
The number of European visitors
rose 10 percent to 984,000. Their
average expenditure rose substantially
and their total spending here increased
20 percent to more than $300 million.
About 74 percent of all European visitors came on pleasure visits, a somewhat
higher proportion than in 1969.
Visitors from the United Kingdom
accounted for about 27 percent of all
travelers from Europe but their average
expenditure here was relatively low.
Their spending in the United States
was about $51 million, a 19 percent
increase over 1969. Receipts from
Germans increased 22 percent to $67
million. French visitors spent nearly
$40 million and Italian visitors about
$30 million, increases of 15 percent
and 16 percent respectively.
June 1971
U.S. residents paid more than $4
billion to foreigners in international
transportation transactions last year,
including $1.2 billion of U.S. travelers'
passenger fares. U.S. receipts from
passenger fares and other transportation
transactions were about $3.7 billion.
Our net payment for all international
transportation was $335 million, about
$100 million below the 1969 deficit of
$447 million (table 10).
CHART 12
U.S. Payments and Receipts for Passenger
Fares and Other Transportation
Billion $
4.5
4.0
Total Payments
3.5
Total Receipts
3.0
Receipts Excl.
Passenger Fares
2.5
2.0
Payments Excl. Passenger Fares
1.5
International Passenger Fare and
Other Transportation Transactions
The international transportation accounts cover a wide variety of transactions involving the transfer of funds
between U.S. and foreign residents. The
transactions include payments to sea
and air carriers for movements of goods
and travelers (passenger fares) between
the United States and oversea countries,
the port expenditures of foreign sea and
air carriers in U.S. ports and of U.S.
carriers in foreign ports, and charter
hire payments to foreign residents for
ocean cargo vessels chartered to and
operated by U.S. residents. Transactions with Canada and Mexico for
rail and pipeline operations, as well as
Great Lakes international shipping
activities, are also included.
1.0
OCEAN
2.0
Payments
1.5
1.0
OTHER
Payments
I
I960
62
64
I
66
I
I
68
{
70
NOTE.-Totals consist of passenger fares, freight transportation charges,
charter hire, and carriers' port expenditures.
U.S. Department of Commerce, Office of Business Economics
71-6-
June 1971
SURVEY OF CURRENT BUSINESS
Payments
U.S. air carriers7 port expenses
abroad, which are primarily associated
with transportation of passengers, rose
22 percent in 1970 to $500 million. The
rise reflected the larger volume of
international passenger travel during
the year.
Americans paid about $1,215 million
in transocean passenger fares to foreign
sea and air carriers. About $970 million
was for air travel, the remainder
largely on cruise ships. Sea carriers
earned about 14 percent more from U.S.
travelers than in 1969, as cruise business prospered while regular transocean Receipts
U.S. receipts from ocean transportaservice continued to decline.
Freight payments to foreign ship tion last year were nearly $2.3 billion,
operators moving U.S. imports rose 17 percent higher than in 1969. The
$100 million to about $1.4 billion in total included $800 million earned
1970. Higher freight rates, in part a carrying U.S. exports as well as freight
reflection of a strong charter hire between foreign countries, $1.4 billion
market, accounted for most of the rise. in port expenditures here, and $34
An added factor was a somewhat million from other sources, including
greater volume of U.S. import cargo about $3 million from ocean passenger
moved aboard foreign vessels than in fares. While trade tonnage carried on
1969, when a dock strike early in the U.S. ships has changed little in recent
year caused disruptions in service. years, higher average freight rates
Payments to foreign air carriers for received by U.S. ship operators, often
freight transportation were $122 mil- for handling choice, high-value cargoes,
lion, 4 percent under the record set yielded increased total freight receipts.
Rising handling charges have been
in 1969.
7
boosting U.S. receipts from foreign
U.S. ocean carriers port expenses
abroad rose to more than $300 million carriers' port expenditures here.
Foreigners paid almost $1.3 billion
in 1970, renewing the uptrend that had
to the United States for air transportabeen interrupted in 1969 by the effects
tion and related services in 1970.
of the dock strike.
Earnings from passenger fares, including $175 million for fares of foreigners
between foreign destinations, increased
Table 10.—International Passenger Fare
about 24 percent to a total of $550
and Other Transportation Transactions
million. Foreign airliners' port expenses
23
CHART 13
U.S. Payments and Receipts for
Carriers' Port Expenditures
Billion $
2.5
2.0
\
Receipts
1.5
1.0
Payments
o
l
i
I960
i
62
i
i
64
i
I
66
U.S. Department of Commerce, Office of Business Economics
I
i
68
I
70
71-6-13
in the United States, mostly connected
with passenger traffic, rose 12 percent
to $518 million. Air freight on U.S.
exports and on shipments between
foreign points earned $187 million for
U.S. airlines in 1970, continuing the
steady uptrend in this service.
Other transportation earnings, representing receipts from Canada and
Mexico for rail and pipeline transportation and Great Lakes shipping, totaled
$146 million in 1970.
[Millions of dollars]
Type of transportation
1966
1967
1968 r 1969 r 1970
2,922 2,993 3,257 3,560
4 004
Ocean passenger fares _ _ _ 200
190
195
215
Other ocean transportation _ _ _ 1,733 1,684 1,836 1,849
1,187 1,164 1,269 1,281
Import freight
Port expenditures
294
289
264
271
Charter hire
252
304
249
278
2,074
1,386
312
376
Total payments
Air passenger fares
Other air transportation.
Import freight
Port expenditures
635
385
58
327
695
441
78
363
865
534
127
407
93
Other
555
341
47
294
94
95
245
970
618
122
496
97
97
2,608 2,790 2,946 3,113
3,659
Ocean passenger fares. _.
10
7
8
8
Other ocean transportation
1,833 1 843 1,902 1 922
Freight
690 644
674
668
1,154 1,162 1,206 1,267
Port expenditures
11
11
Other
7
6
(Continued from page 18)
2 255
Total receipts
Air passenger fares
Other air transportationFreight. _ ___
Port expenditures
Other
Net payments
T
_
307
346
112
234
363
457
126
331
405
502
127
375
443
607
143
464
3
800
1,424
31
550
705
187
518
112
119
130
133
146
314
203
311
447
345
Revised.
Source: U.S. Department of Commerce, Office of Business
Economics.
On March 31, durable goods producers estimated their net inventory
excess at $1.70 billion, compared to
$1.81 billion at yearend and $1.88 billion a year earlier. The proportion of
the excess to total holdings fell from
2.9 percent on March 31, 1970, to 2.6
percent on March 31, 1971.
Nondurable goods producers' net excess at the end of March was $430 million, compared with $500 million on
December 31 and $600 million on
March 31 last year. The net excess on
March 31, 1971, equaled 1.3 percent of
all nondurable goods producers7 stocks,
down from 1.8 percent a year earlier.
By DAVID T. DEVLIN
The U.S. Balance of Payments: Revised Presentation
"ATA on U.S. balance of payments
developments are presented in a new
format beginning with this issue of the
SURVEY. Overall balance of payments
flows are summarized in a new, analytically oriented, table 1.
In an accounting sense, the credits
and debits resulting from transactions
between U.S. residents and foreigners
necessarily sum to zero, with the
"errors and omissions" entry representing the net difference between all known
credits and all known debits. These
transactions are listed in detail in tables
2 and 3 of the balance of payments
presentation. Various balances, such as
are presented in table 1, are computed
by taking the net sum resulting from
certain types of transactions (e.g., exports and imports of goods for the
balance on merchandise trade). The
sign of the net sum may be positive (a
surplus) or negative (a deficit).
The transactions summed to determine any particular balance are
generally referred to as being "above the
line" with respect to that balance; the
remaining transactions, which of necessity sum to the same dollar amount as
the balance but with the opposite sign,
are generally referred to as being "below
the line." The focus of some balances,
such as that on merchandise trade, is
on the transactions above the line. The
primary focus of other balances, such
as the official reserve transactions balance, is on the transactions below the
line, which are generally referred to as
the means of "financing" the balance.
The balances presented in table 1
include: the balance on goods and services,
which measures net exports of goods and
services from the United States and is a
component of the U.S. gross national
product; the balance on goods, services,
24
and remittances, which also takes into
account unilateral transfers other than
U.S. Government grants; the balance
on current account, which is the net
export of goods and services minus all
unilateral transfers to foreigners and
measures net foreign investment by the
United States as calculated in the national income and product accounts
(although allocations of SDR also must
be taken into account for a complete
calculation).
A new overall measure is then given,
the balance on current account and longterm capital. This is essentially the current account plus flows of U.S. and
foreign private long-term capital (i.e.,
changes in long-term assets of U.S.
private residents and foreign private
residents) and flows of U.S. and foreign
government capital other than changes
in U.S. official reserve holdings and
foreign official reserve holdings in the
United States. (Changes in U.S. Government foreign currencies and other
short-term assets, most of which are
only nominally short-term, are included.) This balance is intended as a
rough indicator of long-term trends in
the U.S. balance of payments.
The balance on current account and
long-term capital, plus flows of shortterm nonliquid private capital, allocations of SDR, and errors and omissions
sum to the net liquidity balance. This
balance is also new. It is similar to the
liquidity balance that has been used for
a number of years, but differs from it
in that changes in liquid claims and in
liquid liabilities are treated symmetrically. Both are below the line in the
calculation of the net liquidity balance
and considered to be part of the financing of that balance. Thus, an increase
in U.S. liquid claims on foreigners, with
a simultaneous increase in U.S. liquid
liabilities, does not affect the net liquidity balance. In the calculation of
the "gross" liquidity balance, however,
changes in liquid claims are above the
line and changes in liquid liabilities are
below, so that a simultaneous increase
in claims and liabilities increases the
deficit.
A second difference between the two
balances is the treatment of changes in
certain nonliquid liabilities to foreign
official agencies—the most significant
group of what have customarily been
called special financial transactions.
Shifts of such official funds from the
liquid to the nonliquid category have a
favorable impact on the liquidity balance ; however, this has been considered
a distortion of the liquidity balance
because such liabilities are close to
being liquid. In the calculation of the
net liquidity balance, increases in such
nonliquid liabilities are below the line
and considered to be part of the financing of that balance, and thus have no
favorable impact on the balance.
As a result of these two differences,
the net liquidity balance better serves
the purpose that the liquidity balance
was intended to serve: It is a broad
indicator of potential pressures on the
dollar resulting from changes in our
liquidity position.
The net liquidity balance plus the
flow of U.S. and foreign private liquid
capital sum to the official reserve transactions balance. The definition of this
balance is unchanged: It is measured by
changes in U.S. official reserve assets
plus changes in liquid and nonliquid
liabilities to foreign official agencies.
The balance is intended to indicate the
net exchange market pressure (either
favorable or adverse) on the dollar
during the reporting period resulting
from international transactions of the
June 1971
United States. (Exchange market pressure, in this sense, reflects the net influence of all transactions above the
line for the official reserve transactions
balance.) Of course, foreign central
banks themselves may wish to increase
or decrease their dollar holdings, and to
that extent a deficit or surplus does not
necessarily indicate disequilibrium in
the U.S. position.
The summary balance of payments
presentation in table 1 excludes certain
groups of transactions which result in
offsetting entries in the balance of
payments accounts. The amounts of
such exclusions are given as memorandum items in the table. Transfers under
military grant programs are excluded
both from exports of goods and services and from unilateral transfers.
Reinvested earnings of U.S. affiliates
incorporated abroad (and of foreign
affiliates incorporated in the United
States) are excluded from the income
accounts and from the direct investment capital accounts. (When quarterly
data on reinvested earnings are available, both entries will probably be
included in the body of table 1.)
Tables 2 and 3 in the new presentation (roughly comparable to tables 1
and 2 in the previous presentation)
give more detailed figures on balance of
payments transactions. These tables
are much less analytically oriented
than table 1. Goods and services are
grouped according to whether they are
exports or imports, and capital flows
according to whether the asset is
owned by U.S. residents (U.S. capital)
or by foreign residents (foreign capital).
There are a number of differences between the lines in tables 2 and 3 and
the lines in the old tables 1 and 2,
partly reflecting the need to make
tables 2 and 3 fit neatly with the new
table 1 and partly to emphasize items
of particular interest. Other tables in
the standard presentation have also
been revised to be compatible with the
new table 1. In addition, a new table
(number 6) gives detailed data on
direct investments and security transactions that were previously not easily
available.
25
SURVEY OF CURRENT BUSINESS
CHART 14
Balances on Major Transactions
Billion $
Billion $
3
12
2
Goods and Services
Goods, Services, and Remittances2
Merchandise Trade1
I
I
I
I
I
I
I
Current Account and
Long-Term Capital
-8 -
- -2
-12 -
- -3
-16
1960
70
Quarterly
(Seasonally Adjusted)
1. Excludes exports under military grants and U.S. military agency sales
contracts and imports of U.S. military agencies.
2. Excludes transfers under military grants.
3. Excludes allocations of SDR.
U.S. Department of Commerce, Office of Business Economics
26
SURVEY OF CURRENT BUSINESS
Problems in Presenting the
Balance of Payments
flows (mostly unrecorded) of U.S.
funds to the Eurodollar market accompanied by large inflows through thb
foreign branches of U.S. banks. The
increase in liquid liabilities to foreigners
enlarged the liquidity deficit. However, the increase in U.S. residents'
liquid claims on foreigners which resulted from the flow of U.S. funds
to the Eurodollar market is not treated
as an offsetting item in the liquidity
deficit as defined. The problem of
definition was compounded by the
fact that the outflows were largely
unrecorded.
While it was possible to do something
about most of these difficulties, it
is clear that no single balance can
adequately represent the underlying
balance of payments position of the
United States. It follows that equilibrium in the external position of the
United States cannot be equated with
zero in any one of the possible balances,
in either the short run or the long run.
Rather, it appears that presentation
of a spectrum of balances permits a
more accurate description of the evolving pressures on the dollar and of
developments in the U.S. payments
position, and that, for analytical purposes, the trends in the balances are
often more significant than their levels
(Because the reporting system for international transactions has numerous
deficiencies and inadequacies, it is
impossible, in any case, for the balances
to measure in all respects the concepts
they are intended to measure. Plans
are being formulated to improve the
data.)
It is clear also, that a complete analysis of external developments should
take into account our investment position as well as balance of payment flows.
The balance of payments records the
flows of goods, services, transfers, and
capital during a given period; the
investment position gives the net excess
of external assets over liabilities at the
end of the period, as well as the structure of assets and liabilities by type.
The investment position takes into
account not only flows of funds but also
reinvested earnings and valuation
This new presentation of the balance
of payments reflects the results of a
review begun last year by the Interagency Committee on Balance of Payments Statistics convened by the Office
of Management and Budget. There had
been growing dissatisfaction in Government, academic, and business circles
with the presentation and analysis
focusing on the liquidity balance and the
official reserve transactions balance.
The "official" balance is a rough
proxy for exchange market pressures on
the dollar. But the exchange market and
the balance are subject to large and
erratic shifts as interest rates change,
here and abroad, and as expectations
about currency rates shift. Thus, although this balance might be the most
important indicator of changes in our
external position over the longer run,
it is too volatile to be a quarterly indicator of underlying, more basic,
developments.
The liquidity balance, reflecting
changes in U.S. reserves and in liquid
liabilities to all foreigners, had served
for a number of years as a rough indicator of underlying developments. However, two developments reduced its
usefulness. For one thing, it was distorted by special financial transactions
and their reversal. The most important
group of these transactions shifted
funds—mostly of foreign
official
agencies—from liquid to nominally nonliquid categories, improving the recorded liquidity balance but having no
real impact on the underlying liquidity
position. When such transactions were
reversed in later years, the result was
a deterioration in the recorded liquidity
balance that was just as unreal.
A second development reducing the
usefulness of the liquidity balance
occurred in 1969. Tight monetary
policy in the United States, combined
with certain U.S. banking regulations,
resulted in heavy Eurodollar borrowing
by U.S. banks through their foreign
branches. This borrowing raised interest
rates in the Eurodollar market which, in
turn, attracted funds from the United
States. Thus there were large out
June 1971
changes. Data on the investment position are now available only annually
but OBE plans to develop quarterly
data; as soon as that is done, a quarterly
investment position will be presented
with the quarterly balance of payments
figures.
Structure of the Balances
There are three groups of balances in
the new presentation: (1) the balances
concerned with goods, services, and unilateral transfers; (2) the two central
balances—the balance on current account and long-term capital, and the
net liquidity balance; and (3) the official
reserve transactions balance.
Viewing the balances another way,
the balances on goods, services, and
transfers and the balance on current
account and long-term capital focus on
the known above-the-line transactions.
For instance, there is little analytic
interest in the group of items "financing" the trade balance which includes
services, unilateral transfers, capital
flows, and errors and omissions. On
the other hand, the net liquidity balance
and the official reserve transactions
balance primarily focus on the known
below-the-line items which finance these
balances. This distinction has become
more important in recent years because
of the sharp increase in the size of errors
and omissions. These unrecorded transactions are below the balance on current
account and long-term capital and
above the net liquidity balance. Thus,
these two central balances, each focusing on known transactions, bracket the
unknown transactions in errors and
omissions.
Special financial transactions
The treatment of special financial
transactions in the new presentation
was subject to careful review. Changes
in nonliquid liabilities to foreign official
agencies, the most important group of
special financial transactions in recent
years, are treated in the new presentation as financing items for all balances.
In the prior presentation, changes in
such nonliquid liabilities distorted the
liquidity balance because the liabilities
were close to being liquid.
Most of the rest of the special
financial transactions resulted in real
June 1971
SUEVEY OF CURRENT BUSINESS
changes in the liquidity of U.S. assets
or liabilities. In the new presentation,
the net liquidity balance and the
official reserve transactions balance are
intended to show only actual changes in
our liquidity position or in our reserve
position. No attempt is made to adjust
them to an underlying basis, i.e., to
show what they would have been if
these other types of special financial
transactions had not taken place. Thus,
nonscheduled payments of debt to
the United States (which were particularly large in the early 1960's) and a
number of other items that have been
considered special financial transactions
are permitted to have an effect on the
net liquidity balance and official reserve
transactions balance because they did
in fact change the liquidity position and
reserve position intended to be measured
by those balances.
The only remaining problem was how
to treat special financial transactions
other than changes in nonliquid liabilities to foreign official agencies in relation
to the balance on current account and
long-term capital. A review of such
specials indicated that some might
legitimately be allowed to affect this
balance. For others, such as nonscheduled repayments of U.S. Government credits and some nonliquid liabilities to foreign official nonreserve
agencies, the situation is more equivocal.
However, because of data inadequacies
and conceptual ambiguities, there is
no systematic way of organizing the
accounts to exclude the influence of
such specials. While such negotiated
intergovernmental transactions are
essentially long-term and in this sense
properly belong with the rest of the
long-term capital flows, they obscure
the "underlying" historic trend of the
balance. (See the accompanying article
"The U.S. Balance of Payments: First
Quarter" for further details.)
Balances
transfers
on goods,
services, and
The merchandise trade balance is
intended to measure transactions in
goods with foreigners. However, it is
based on Census Bureau figures which
are collected essentially for Customs
purposes and which may therefore
differ substantially in valuation, cover
age, and timing from the figures needed
for balance of payments purposes.
Adjustments in the Census figures are
made wherever possible (see table 4
and explanatory notes). However, not
all the necessary data are available and
the figures published here must therefore be considered only the best available estimates. The trade balance
given in table 1 excludes goods exported
under U.S. military agency sales contracts and goods imported in connection
with direct defense expenditures. (These
goods are included in line 4, "military
transactions, net.") In table 4, a trade
balance including military goods (as
well as balance of payments adjustments) is calculated based on military
goods identified in Census figures.
One reason why such goods are excluded from the trade balance in table 1
is that it is not yet possible to distinguish the military goods that might
be included in the trade balance from
the rest of the transactions reported in
the military lines in tables 1 and 2.
Work is underway to get data in order
to be able to split the military lines into
two parts: trade and other. It will then
be possible to consider whether such a
split is desirable and whether the merchandise trade balance calculated in
table 1 should exclude or include military goods.
It should be noted that the trade
balance is not intended to include all
goods. For instance, goods purchased
abroad by U.S. tourists and brought
back to the United States are considered part of the "travel" account,
not the trade account. Likewise, spending by U.S. servicemen and military
authorities on goods and services
abroad is included in direct defense
expenditures, not in trade in either
balance of payments or Census figures. Balance of payments figures, at
this time, essentially focus on goods that
physically move into and out of the
United States and their value at the
U.S. border for exports or the foreign
border for impoits. Freight payments,
to the extent that they are transactions
between domestic and foreign residents,
are entered in the transportation
accounts.
The balance on goods and services
is a measure of net exports to foreigners,
27
regardless of whether the goods and
services are paid for or are given away,
and regardless of whether they are
paid for immediately or are financed
by bank loans, by intercompany accounts between direct investor parent
companies and their affiliates, or by
U.S. Government grants, soft loans,
or Export-Import Bank loans repayable on commercial terms.
The net export figure is published
as a component of the GNP. Transfers
of goods and services under U.S.
military grant programs are excluded
from net exports; they are included
in GNP under U.S. Government purchases when the purchase is made.
The balance on goods, services, and
remittances takes into account net
transfers of remittances and pensions
by U.S. private residents and U.S.
Government pensions and similar transfers. This balance is often used as a
rough indicator of U.S. net receipts
available to offset Government aid and
other capital flows. However, the surplus on this line is somewhat inflated
because it includes exports associated
with U.S. Government economic grants
even though the grants themselves are
not included as debit entries above the
line.
The balance on current account is net
exports of goods and services minus net
unilateral transfers abroad, including
U.S. Government economic grants; it
is roughly equal to our net earnings on
goods and services transactions with
other countries as it takes into account
the amount of goods and services given
away. The current account plus the
allocation of SDR equals "net foreign
investment" in the national income and
product account, i.e., net lending of the
United States to the rest of the world.
Disregarding errors and omissions, this
sum equals the increase in U.S. foreign
assets net of the increase in liabilities to
foreigners as recorded in the capital accounts of the balance of payments.
One difficulty with the current account calculation is that the formal
distinction between U.S. Government
grants (above the line) and U.S.
Government capital flows (below the
line) does not always reflect a significant economic distinction. To the extent
that some of the capital flows—such as
28
SUKVEY OF CURRENT BUSINESS
very "soft" dollar loans and certain
foreign currency loans—have many of
the characteristics of grants, the grants
entry is understated and the surplus on
current account is overstated.
foreigners, have contributed to the size
of the errors and omissions outflow. If
such increases in claims could be identified, the deficit in the net liquidity
balance would be smaller.
The balance on current account and
long-term capital suffers from a number
of other deficiencies. Under the current
reporting system the distinction between short-term and long-term capital
is based on the initial maturity of the
security or investment involved: a flow
is long-term when the initial maturity
is more than one year. No data are
available on the actual maturity of
securities at the time when international transactions occur nor on the
remaining time to maturity of outstanding holdings. Thus, if a foreigner invests
in a corporate bond that had an initial
maturity of 20 years but only 6 months
to maturity when the purchase is made,
it nevertheless counts as a long-term
capital flow. Likewise, if a bond is
bought when it has a number of years
to maturity, no adjustment (to shortterm and long-term flows) is made when
its maturity becomes less than a year.
In addition, although all direct investment transactions are considered longterm, many movements in intercompany accounts included in direct
investment are, in fact, short-term
and volatile.
Besides such problems of definition,
U.S. stocks held by foreigners—considered a long-term item—are easily
marketable and transactions in stocks
can behave very much like short-term
flows.
Another qualification in interpreting
this balance as an indicator of longer
term trends is related to the inclusion
above the line of some of the items
classified as special financial transactions, as discussed earlier.
The net liquidity balance is subject to
a number of deficiencies related to
difficulties in distinguishing liquid from
nonliquid liabilities and claims. Ideally,
liquid liabilities and claims should include only those that can be easily
converted into cash without significant
risk of a loss in value. In practice, all
short-term liabilities to private foreigners reported by U.S. banks are considered to be liquid, and therefore below
the line, even though some of them are
very probably nonliquid. The bank-
The central balances
Both the balance on current account
and long-term capital and the net
liquidity balance attempt to focus on
underlying, longer term trends in the
external position of the United States.
Neither is quite successful. Both are
affected not only by the limitations of
the statistical reporting system but
also by the complications resulting
from the dollar's role as an international
currency. That role results in considerable ambiguity as to what measure, if
any, and what level of the measure,
would indicate fundamental long-term
equilibrium in the external accounts of
the United States. For instance, a
deficit on the net liquidity balance does
not necessarily imply disequilibrium in
the external position, for a net buildup
in liquid dollar holdings by private
foreigners may simply reflect the use of
the dollar as an international medium
of exchange. There was some question
as to whether either balance should be
calculated because of the difficulties
involved. Nevertheless, given the need
for indicators of underlying trends, it
appears that the two balances in combination, particularly when they move
together, are the best available, although neither is of a theoretical or
statistical quality sufficient to carry the
weight of being the balance of payments, nor is there a presumption that
either should be zero.
One of the major problems of these
balances is that errors and omissions, a
net negative item, has become quite
large in recent years. It does not affect
the size of the balance on current
account and long-term capital, but it
does affect the net liquidity balance in
the sense that it is above the line in the
calculation of that balance. However,
some of the unrecorded transactions are
exports or imports of goods and services, or movements of long-term capital,
and should thus affect the balance on
current account and long-term capital.
On the other hand, large outflows of
U.S. funds to the Eurodollar market,
which increase U.S. liquid claims on
June 1971
reported liabilities include not only the
liabilities of the banks themselves but
also the custody liabilities reported for
theircustomers. The latter are probably
nonliquid in good part. A separation of
these two types of liabilities is being
considered but is not feasible with the
data now available. Furthermore, not
all of the banks7 own liabilities can be
considered liquid, particularly since
some of them are compensating balances
held in connection with loans to
foreigners. All short-term liabilities
reported by nonbanking concerns are
considered nonliquid.
The figures given for liquid claims
are also more of an approximation than
is desirable. Short-term bank reported
claims denominated in dollars are
considered nonliquid if they are loans,
acceptances, or collections; other dollar
claims are considered liquid. If the
short-term claims are in foreign currencies, they are considered liquid if
they are deposits abroad or investments
in foreign government obligations or
commercial or finance paper; other
foreign currency claims are considered
nonliquid. More data are clearly needed
to refine these distinctions. The estimate
of liquid claims of nonbanking concerns
includes short-term claims in dollars
and foreign currencies identified as on
deposit abroad or invested in other
financial instruments by major corporations. However, as noted earlier, it is
believed that large increases in liquid
Eurodollar deposits by nonbanking
concerns were unrecorded in recent
years.
The official reserve transactions
balance
This balance is roughly adequate as
an indicator of immediate exchange
market pressure on the dollar during
the reporting period resulting from
transactions with the United States.
It is measured by changes in U.S.
reserves and changes in U.S. liquid
and nonliquid liabilities to foreign
official agencies. However, banks report
liabilities to foreign official agencies
without distinguishing between liabilities to official reserve agencies,
such as central banks, and to other
official foreigners, such as defense
agencies. To measure exchange market
pressures, one ideally wants only
changes in liabilities to reserve agencies.
June 1971
(It is possible to make this distinction
in the data on nonliquid U.S. Government liabilities, and only Government
liabilities to reserve agencies are considered to be financing of the official
reserve transactions balance.)
The "official" balance is subject to
distortions in certain cases where there
are shifts of foreign official funds
between direct holdings at banks in
the United States and Eurodollar
deposits. For instance, if official funds
are moved from a U.S. bank to a foreign
branch of the U.S. bank and the branch
redeposits the funds at the U.S.
parent, recorded U.S. liabilities to
foreign official agencies decline and
liabilities to private foreigners (the
branch) increase. Such shifts have a
favorable effect on the recorded official
reserve transactions balance (at least
temporarily), but in fact imply no
strengthening of the dollar in the exchange market nor any loss of dollars
by foreign central banks. Information
about such shifts is very fragmentary.
On the other hand, the official
reserve transactions balance is not
and should not be affected by certain
other types of Eurodollar transactions.
The balance is not intended to measure
all changes in dollar holdings of foreign
central banks, only those reflecting
transactions with U.S. residents. Consider the following series of transactions.
Funds of one central bank are shifted
from a U.S. bank to a bank in the
Eurodollar market, are then borrowed
from the Eurobank by a private
foreigner and converted into a foreign
currency with a second centra] bank
receiving the dollars and placing them
back in a U.S. bank. As a result, U.S.
bank reports of liabilities to official
foreigners would show a decrease in
liabilities to the first central bank and
an increase in liabilities to the second
central bank. The official reserve transactions balance would correctly show
no change, even though the first central
bank would show no decline in its
dollar holdings and the second would
show an increase; there would be no
deterioration in the U.S. position, because the dollar liability to the first
central bank would be a dollar liability
of the foreign Eurodollar bank, not of
the United States. However, the creation of dollar liabilities by the Euro
SURVEY OF CURRENT BUSINESS
dollar market in this fashion could
increase the pressure on the dollar in
the foreign exchange market, even
though the official reserve transactions
balance would properly show no change.
The emergence of an independent, extra ten itorial market in dollars clearly
complicates the relation between the
balance of payments of the United
States and exchange market pressures
on the dollar.
Recent Developments in the
Balances
Table 1 gives the magnitude of the
various balances and the flows relating
them. In 1970, for instance, the balance
on goods and services was in surplus
by $3.6 billion, reflecting a moderate
surplus on trade, large net receipts on
investment and a small surplus on
miscellaneous services, partly offset by
deficits on military transactions and on
travel and transportation. Taking into
account the outflow on remittances,
pensions, and other transfers produced
a surplus on goods, services, and remittances of $2.2 billion. Counting in
U.S. Government grants (excluding
military) produced a current account
surplus of only $0.4 billion.
Large net outflows of government
capital and long-term private capital
overwhelmed this small surplus, with
the result that the balance on current
account and long-term capital showed a
deficit of $3.0 billion. Outflows of nonliquid short-term private capital and a
large negative errors and omissions were
only partly offset by the $0.9 billion
allocation of SDR. Thus, the net
liquidity balance was in deficit by $3.9
billion, significantly more than the
deficit on current account and longterm capital. Taking into account also
the $5.9 billion outflow of liquid private capital, the official reserve transactions balance was in deficit by $9.8
billion. This deficit was largely financed
by an increase in liquid liabilities to
to foreign official agencies and a decline
in U.S. official holdings of convertible
currencies.
Chart 14 shows the course of the
various balances since 1960. The current account, after reaching a peak
surplus in 1964, deteriorated through
1969, and showed only a small recovery
in 1970. Changes in the trade balances
29
were the major influence on movements
in the current account. The balance on
current account and long-term capital,
which was near zero in 1964, showed a
similar deterioration through 1967,
when it reached a deficit of $3.2 billion.
However, it temporarily recovered in
1968 when there was a sharp improvement in long-term private capital flows
reflecting large purchases of U.S. stocks
and the impact of a number of programs
controlling capital flows. But as longterm capital flows again deteriorated,
the deficit increased to almost $3.0
billion in 1969 and remained at that
level in 1970.
The net liquidity balance has shown
a large deficit in most years since 1960.
Through 1966, the deficit was usually
below $3.0 billion but in 1967 it reached
$4.7 billion, reflecting the deterioration
in the balance on current account
and long-term capital and adverse
shifts in errors and omissions and shortterm nonliquid capital flows. In 1968 it
temporarily recovered along with the
balance on current account and longterm capital. In 1969, it showed an
abnormally large $6.1 billion deficit;
this partly reflected the parallel deterioration in the balance on current
and long-term capital, but was also
related to the sharp increase in
unrecorded outflows of funds to the
Eurodollar market. (If data were available on the resulting change in Eurodollar claims this deficit would probably
be reduced to more normal levels.) In
1970, when unrecorded flows returned
to more normal levels, the deficit
shrank to $3.8 billion.
The official reserve transactions
balance has been even more volatile
than the net liquidity balance, since it is
affected by (recorded) liquid private
capital flows, while the other balances
are not. In 1967 it showed a sharper deterioration than the other balances as
inflows of private liquid funds fell
sharply when U.S. monetary policy
eased. But in 1968, as monetary policy
tightened, there was a very large
inflow of private liquid funds and the
balance improved b}^ about $5 billion
to a surplus of $1.6 billion. The surplus
rose to $2.7 billion in 1969 as monetary
conditions tightened further, but then
shifted to a deficit of $9.8 billion in 1970
when U.S. monetary conditions eased.
SURVEY OF CURRENT BUSINESS
30
June 1971
Table 1.—U.S. Balance
[Seasonally adjusted,
j
Reference lines t
(Credits +; debits -)
Line
1
2
3
A4 erchandise trade balance 1
Exports
Imports
4
5
Military transactions net
Travel and transportation net
6
7
Old
(table 1)
Investment income net 2
TJ S direct investments abroad
8
9
10
11
12
IS
14
15
16
17
18
19
20
21
22
23
24
25
26
-- -
---- 3
15
-
_ . . , . 4,16
6,7,17,
.18.
- -
Other U.S. investments abroad
Foreign investments in the United States
Other services, net
-
Balance on goods and services
43
45
46
47
48
49
50
Balance on goods services and remittances
-
1965
1966
1967
7,130
5,300
-866
-1, 028
-980
7,734
6,102
174
5,615
5,150
5,987
-659
-712
-825
3,498
30
1968
1969
1970
4,956
4,438
5,162
4,320
365
344
497
588
5,220
2,489
2,011
3,592
-1,278 -1,168 -1,266 -1, 410
3,942
1,321
745
2,182
-1, 664 -1,853 -1, 919 -1,917 -1, 888 -1,808 -1,910 -1,802 -1, 707 -1, 644 -1, 739
1,834
3,102
2,519
3,245
5,846
4,295
2,410
2,139
-386
-899
444
42, 43, 44. 34,35,36. -1,158 -1,621 -1, 775 -1,987 -1, 800 -1,819 -1,963 -2, 428 -2, 538 -2, 106 -1,837
45
37
57p, 58p. 55
33
52
34,35,36.
53
37,54p...
39 55
54
215
695
25
680
203
326
511
123
328
221
66
429
65
6
—2
269
107
-87
263
244
-436
-50 -1,453
1,198
-2, 100 -2, 181 -2,607 -3,357 -4,470 -4, 577 -2, 555 -2, 912
39
-1,674 -1, 598 -1,654 -1,976 -2,328 -3, 468 -3,661 -3, 137 -3,209 -3,254 -4, 445
-5
832
132
969
57
86
258
319
48
141
73
-5
-677
-942
-969 -1,105
-482 -1,266 -1,226 -1,494
40
-762
-759
-663
-84
3,112
2,190
324
134
-357
1,016
49
282
4,389
282
909
9
-853
430
41,52....
413
477
-141
-121
525
199
-702
-147
-523
-196
495
277
576
44, 50 '.
-59
-77
-129
68
-39
149
-1,155
Balance on current account and long-term capital "
6
20
-979
6-638
6
-339
6-187
-112
- - 38p
40p
56
42
45
51
-1,384 6-1,177
6-930 e-982
6
-363 6-371
176
-91
62
- - 63
-
8,600
208
-628
- - - -
U.S. Government capita! flows excluding nonscheduled repayments, net. 5
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies.
Long-term private capital flows net
U S direct investments abroad
Foreign direct investments in the United States
Foreign securities
U.S. securities other than Treasury issues
Other, reported by U.S. banks
Other reported by U S nonbanking concerns
. ..
315
140
4,126
29
Balance on current account ^
333
46
96
- -
U.S. Government grants (excluding military)
63 - 64 . .
-1,116 -1, 070 -1,230
-1,262
28 -1,814 -1,614 -3, 196 -1,349 -2,879 -3, 038
e-826 -1,691
6
-809 -1,333
66
-471
113
-23
-485
-1, 080
-171
-200
-120
149
-102
-220
-178
296
-505
-645
-359
499
231
-44
-484
759
-507
-431
-985
-493
-602
-548
-658 -1,015
-363
-35
830
91
867
-2,603 -1, 132
e-3,665 6-2,229 6-2,845 6-2,571 -2,745 -2, 493 -2, 148 -4,685 -1,610 -6,084 -3,852
Net liquidity balance
Liquid private capital flows net
Liquid claims
Reported by U S. banks
Reported by U.S. nonbanking concerns
Liquid liabilities
To foreign commercial banks
To international and regional organizations
To other foreigners
- - - 43
- 38p
40p
46
59p, 60p. 56
-
6252
— 5£
6-65
6
69
308
-140
335
-167
6
880
6-203
6-143
6
-60
1,083
586
407
90
6195
6-20
615
6-35
215
-138
212
141
6637
6
17
6
28
6-11
620
470
-235
385
1,211
-343
-191
-152
1,554
1,454
-243
343
1,204
1,073
525
548
131
116
-291
306
-3,403 -1,348 -2,650 -1,934 -1,534 -1,289
Official reserve transactions balance
Financed by changes in:
Nonliquid liabilities to foreign official reserve agencies reported
by U.S. Government.
Nonliquid liabilities to foreign official agencies reported by
U.S. banks.
Liquid liabilities to foreign official agencies
U.S. official reserve assets, net
Gold
.
SDR
Convertible currencies
Gold tranche position in IMF
1964
-2,752 -2, 596 -2,449 -2, 304 -2, 133 -2, 122 -2, 935 -3, 138 -3, 140 -3,341 -3, 371
-964
-978 -1, 155 -1,312 -1, 149 -1,319 -1, 382 -1, 752 -1, 558 -1, 780 -1, 979
- . . 27,30.... 31,32.-..
Allocations of special drawing rights (SDR) *
Errors and omissions net
44
3,17 4, 5, 6,
18, 19,
20.
1963
5,241
4,942
4,906
4,561
6,831
3,927
3,859
624
660
5,588
2,110
19,650 20, 107 20, 779 22, 252 25,478 26, 438 29,390 30,680 33, 588 36, 490 41, 980
-14,744 -14,519 -16,218 -17,011 -18, 647 -21, 496 -25, 463 -26,821 -32, 964 -35, 830 -39, 870
.....
Remittances, pensions and other transfers
31
32
42
.
7,8,9,21,
--- 9p, 10,
19p,20.
22, 23.
3
NonliQuid short-term private capital flows net
Claims reported by U S. banks
Claims reported by U.S. nonbanking concerns
Liabilities reported by U.S. nonbanking concerns
34
35
36
37
38
39
40
41
2
16
1962
1961
5,294
5,375
6,220
5,975
3,554
4,052
4,153
4,875
5,888
6,242
2,841
5,162
5,374
5,956
7,340
10,11--..
6,519
2,945 3,430 3,844
4,019
4,687
7,906
8,11,
9p.
1,930
2,355
2,714
3,199
1,174
1,375
1,712
3,503
12,13---. 12,13.-.1,520
2,207
994
21,22..-- 24,25,26, -1, 098 -1,050 -1, 167 -1,388 -1,524 — 1, 798 -2,206 -2,423 -3, 013 -4, 564 -5, 167
27.
-
27
28
29
30
33
1960
New
(table 2)
...
-
-
...
199
OK
-120
1,472
1,272
-214
414
219 -3,418
3,251
-559
-61
-498
3,810
3,387
48
375
8,786 -5, 969
124
273
-119
-209
392
333
8,662 -6,242
9,166 -6, 507
-63
179
-441
86
1,641
2,702 -9,821
139
123
15
452
1,806
-162
149
-38
793
894
534
-836
2,020 -3, 101
-517
-125
53
59p, 60p. 57
1,258
742
918
1,673
1,075
46
47
48
49
50
2,145
1,703
606
857
1,533
890
377
461
171
125
1,222
1,665
58
59
60
61
62
1,267
-205
9
57p, 58p- 54
54p
2,367
-17
136
-153
2,384
2,697
-525
212
-18 -1, 595
568
571
52
1,170
-880 -1, 187
1,173
-967
442
-116
-135
17
626
-113
29
-220
266
-349
-94
814
-540 -1, 024 -1, 183
-870 -1,034
-94
537
1,765
1,465
1,539
1,562
1,340
1,628
1,002
1,266
1,054
1,198
1,507
1,431
1,542
174
238
214
327
358
535
-810
7,619
2,477
787
-851
2,152
389
Memoranda :
51
52
53
54
Transfers under military grant programs, (excluded from lines
2, 4, and 14.
Reinvested earnings of foreign incorporated affiliates of U.S.
firms (excluded from lines 7 and 20)
Reinvested earnings of U.S. incorporated affiliates of foreign
firms (excluded from lines 9 and 21)
..
LIQUIDITY BALANCE, excluding allocations of SDR
Not seasonally adjusted
55
56
57
58
59
60
56, 57, 58,
63.
236
613
905
804
756
1,739
1,598
2,175
2,532
n.a.
339
440
488
431
n.a.
-3, 711 -2, 432 -2, 666 -2, 670 -2,800 -1,335 -1,357 -3,544
172 -6, 958 -4, 721
Balance on goods and services
Balance on goods services and remittances
Balance on current account
Balance on current account and long-term capital **
Net liquidity balance
Official reserve transactions balance
p. Part of line.
n.e.s. Not elsewhere shown.
n.a. not available.
t Old table 1
refers to table published in balance of payments article in the March 1971 Survey.
*Less
than $500,000 (±). * Preliminary.
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports of U.S. military agencies.
2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States.
SURVEY OF CURRENT BUSINESS
June 1971
31
of Payments Summary
millions of dollars]
19 57
19 66
I
II
III
I
IV
III
II
19 39
If)68
I
IV
II
I
IV
III
II
19 70
III
IV
I
II
1971
IP
IV
III
Change:
1970 IV- Line
19711
-79
310
-63
324
126
251
513
887 1, 032 1,254 1,127
446
-76
491
751
142
704
272
1,196 1,026
818
7,223 7,191 7,413 7,563 7,693 7,719 7,669 7,599 7,947 8,385 8,878 8,378 7,510 9,490 9,602 9,888 10, 241 10, 582 10, 696 10, 461 11, 032
-6,027 -6, 165 -6, 595-6, 676-6, 661 -6,465 -6, 542 -7, 153 -7, 821 -8, 134 -8, 568 -8, 441 -7,589 -9,566 -9,278 -9, 397 -9, 728 -9, 831 -9, 992-10,319 -10,760
1
130
571
-441
2
3
-681
-339
-711
-365
-772
-346
-771
-331
-756
-364
-746
-496
-866
-516
-771
-376
-801
-393
-768
-364
-754
-433
-816
-368
-791
-459
-858
-410
-779
-437
-915
-473
-908
-448
-808
-500
-884
-553
-770
-478
-677
-484
93
-6
4
5
1,310
1,284
1,368
1,339
1,319
1,343
1,377
1,407
1, 365
1,386
1,350
1,369
1,562
1,566
1,609
1,635
1,430
1,458
1,629
1,690
1,623
1,676
1,539
1,696
1,542
1,728
1,507
1,805
1,474
1,893
1,452
1,913
1,577
2,039
1,469
1,905
1,571
1,973
1,626
1,988
1,727
1,984
101
-4
6
7
524
-498
544
-515
558
-582
581
-611
580
-601
581
-600
585
-589
609
-635
668
-696
683
-744
722
-775
643
-800
743
780
823
854
882
886
886
851
861
-929 -1,078 -1,242 -1,315 -1,348 -1,322 -1,284 -1,213 -1,118
10
95
8
9
77
83
75
81
98
99
90
79
111
104
102
25
1,563
1,401
1,094
1,243
1,375
1,461
1,397
987
473
852
848
-270
-279
-276
-234
-233
1,329
1,168
-588
-484
125
133
317
338
296
-291
-286
-318
114
147
133
157
150
213
63
10
708
669
881
1,045
995
670
1,051
381
11
-322
-341
-338
-362
-359
-351
-351
126
12
-236
-266
-387
-355
817
1,007
1,109
1,074
1,042
717
194
576
525
26
52
-22
386
328
543
683
636
319
700
381
13
-419
-419
-455
-462
-489
-397
-362
-422
-435
-488
-344
-521
-371
-408
-418
-391
-444
-485
-432
53
14
15
-277
-323
741
684
398
588
654
612
553
320
-168
154
90
-462
-292
-543
15
-80
125
292
192
-166
268
434
-317
-509
-566
-571
-642
-539
-561
-683
-748
-632
-625
-532
-455
-664
-537
-450
-511
-480
-396
-450
-603
-153
16
3
-100
7
22
226
81
192
62
()
*
60
(*)
157
6
—8
(*)
—211
42
—18
3
169
55
169
—44
44
—68
34
89
-154
— 13
-11
256
88
-30
114
—224
^
82
40
—263
4
— 8£
-36
175
17
18
-709
-728
52
-357
173
139
12
-317
-934
38
-60
520
158
-39
-787 -741
-917 -1,082
110
-113
-11
-54
107
109
114
114
33
62
-492
-707
64
-259
133
220
57
-345
-518
70
-237
329
199
-188
-829 -1,245
-947 -964
12
112
-409 -361
520
34
-22
16
-82
17
635
-456
251
-347
839
80
268
401
47
-843 -1,033
23
5
-259
-105
1,122
1,115
74
153
48
148
116
-876
41
-515
1,312
123
31
624
-926
246
-365
1,388
127
154
-935
-999
164
-499
365
40
-6
-381
-899
152
-506
396
259
217
-272
641
-969
-430 -1,358 -1,257
270
105
486
-210
-125
93
304
374
963
31
51
68
-222
345
-88
-220
-897
218
-488
720
44
183
-997
-934 -1,357
50
160
-362
-337
792
628
-114
56
270
158
-1,004
-423
-110
-25
-164
-170
-112
19
20
21
22
23
24
25
-382
-113
-648
-470
-420
-115
-839 -1,819
-257
95
-433
-754
-147 -2,019 -1,070
-69
-42
-66
39
-3
-13
-56
66
71
-30
-33
134
-101
-135
-23
57
-133
-131
-96
94
-196
-315
29
90
-132
-202
-113
183
-43
3
-178
132
-46
-63
-106
123
361
270
-162
253
-258
-297
-103
142
174
46
-113
241
-275
-244
156
-67
-339
-681
14
21
-321
-551
332
-727
-361
-420
-639
-892
-993
-958 -1,841
-624
-98
-357
-531 -1,234 -3,019 -1,996
281
2
68
-66
279
208
-38
109
217
62
37
25
155
444
-355
66
988
-9
47
-56
997
930
-24
91
880
-73
-16
-57
953
1,115
-108
-54
-881
14
-41
55
-895
-939
-36
80
320
125
53
72
195
261
-78
12
1,024
-75
-122
47
1,099
1,059
-55
95
803
-270
25
-295
1,073
891
-45
227
461
-77
89
-166
538
455
79
4
1,985
-331
43
-374
2,316
2,299
-86
103
684
-108
-61
-47
792
729
19
44
121
-43
-132
89
164
-96
36
224
2,571
-273
-141
-132
2,844
2,954
-88
-22
4,678
107
-37
144
4,571
4,634
82
-145
1,317
145
-28
173
1,172
1,306
9
-143
-446
-144
568
241 -1,773
-673
66 -1,038
-163
1,887
327
-410
1,337
1,659
-679
32
-19
16
240
619
399
548
81
-180
-125
48
282
150
131
-195
-390
88
-14
375
19
304
-13
596
323
-196
123
190
116
356 -1,297
-570
-340
-832 -1,416
-584
26
6
-57
76
—13
-372
-350
-87
65
-210
-228
-10
28
-27
-23
-15
11
-107
-162
-108
163
-164
-268
-47
151
-121
-189
-56
124
-156
-396
-152
392
-100
-85
-15
56
311
137
-392
27
28
29
30
47 -1,092
-628
-717
-166
217
-62
217
-430
217
-433
180
216
-207 -1,268
-36
-1,061
31
32
-945
-679
-977 -2,604
-1,627
33
-420
-344
7
-351
-76
-137
189
-128
34
35
36
37
38
39
40
41
384 -2,865 -1,402 -2,077 -3,476 -5,523
-2,047
42
43
137
-43
163 -1,250
221 -1,615
146
257
140
—5
149
117
75 -1,872
272 -1,863
142
-66
-131
-151
63
-266
-208
-154
-457 -1,398 -2, 499 -2,919
-232
112
-81
-15
-72
-127
-53
-79
-160
46
191
38
-376 -1,383 -2, 611 -2, 687
-441 -1,315 -2, 888 -3, 025
-124
82
268
-79
70
-150
189
198
735
-12
77
-8
-85
-235
-233
-188
-216
-28
44
5,065
2,302
45
-142
-313
21
-96
246
46
47
48
49
50
-58
-187
-754
-596
423
509
182
-985
1,880
-85
3,021
97
1,738
2,763
424
68
68
209
82
173
-6
121
1,027
51
-419
15
-375
92
-181
1,012
904
1,362
-137
22
-571 -1,076
-74
-137
-48
56
-299
-317
-686
-11
-154
-695
222
134
-163
22
-426
335
-173
46
1,007
-31
-424
-10
-462 -1,145
-5
-48
-401
-57
267
-426
-474
-23
-575
-364
-73
-31
246
-228
-442
-233
1,083
-542
264
-44
-270
831
-253
805
14
-254
818
227
584
395
-251
34
406
824
422
-76
469
c
682
109
-55
373
255
264
263
264
211
322
193
215
178
247
164
178
188
182
208
137
191
116
169
191
22
51
52
200
906 -1,097 -2, 519
190
-286
801 -1,327
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.
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.
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.
n.a.
n.a.
53
-645
-36
-325
-351
-555
-285
-906 -1, 798 -345
340
65
Ill -1, 469 -3,287 -2,366
-743 -1, 156 -1, 192 -3,240
-2, 048
54
1,070
-256
-584
781
311
-975
-57 -1, 554
-966
-206
72
1,550
514
724
918
-505
455
629
183
-835
176
82
-386 -1, 161
15 -2,202 -2,364
579
60 -1,017 -3, 492 -2,630
-72
1,712
1,204 -1,041
70
-291 1,349 1,419
83
-657 1,002 1,085
72
624
552
-1,050
706 -1,356 -2,072
-1, 535
-1, 456 -107 -1,921 -1, 814
-2, 612 -3, 174 -4, 686 -1, 512
55
56
57
58
59
60
1,735
1,516
898
-116
-73
340
1,533
243
-40
1,288
758 -416
-317 -1,252
-410 -866
-392
403
1,789 1,541
1,556 1,290
1,170
805
71 -464
-798 -525
-132 -1,279
757
502 1,569
1,608
495
141 1,302
1,208
102,
941
698 -305
-61 -1, 459 -1,212 -316
-824 -1,368 -1, 968 -497
92
-710
-20 -1,409
3. Equal to net exports of goods and services in national income and product accounts of
the United States.
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income
and product accounts of the United States.
Digitized forIncludes some short-term U.S. Government assets.
5. FRASER
6. Coverage of liquid
http://fraser.stlouisfed.org/ banking claims for 1960-63 and of liquid nonbanking claims for 1960-62
Federal Reserve Bank of St. Louis
164 -1,630
1,234
1,300
1.279
925
913
941
465
487
567
1,672 -1,310
-899
-505 -1, 783
1,056
827 -1,965 -2,069
is limited to foreign currency deposits only; other liquid items are not available separately
and are included with nonliquid claims.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
32
June 1971
Table 2.—U.S. International
[Millions
1960
(Credits +; debits-)
Line
1 Exports of goods and services 2
2
3
4
5
6
7
g
9
10
11
12
13
1965
1966
1967
1968
1969
1970
28,772
30, 507
32, 603
37,281
39, 407
43, 378
46,227
50 623
55 600
62 903
20, 107
402
947
183
1 620
244
500
164
20, 779
656
957
191
1,764
256
491
195
22, 252
657
1,015
205
1,898
273
529
236
25, 478
747
1,207
241
2,076
301
567
265
26, 438
830
1,380
271
2,143
335
633
285
29, 390
829
1,590
317
2,290
353
702
326
30, 680
1,240
1,646
371
2,419
407
818
335
33 588
1 395
1,775
411
2 535
461
872
353
36 490
1 515
2 058
450
2 662
523
985
378
41 980
1 480
2 319
553
3 106
- -
19, 650
335
919
175
1,607
247
466
153
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct 4 investment interest, dividends and branch earnings
Other private assets
.
--...U.S. Government assets .
-.
590
662
800
890
1,013
1,199
1,329
1,438
1 546
1 682
1 880
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
4,518
1,717
638
4,973
1,949
765
5,658
2,267
932
6 026
2 597
..
Transfers of goods and services under U.S. military grant
programs, net
15
Imports of goods and services .
'eoo
1 069
387
906
24
25
Payments of income on foreign investments in the United
States:
Direct investment fees and royalties
Direct 4 investment interest, dividends and branch earnings
Other private liabilities
.
U.S. Government liabilities
1,465
1,539
1,562
1,340
1,628
1,002
905
804
756
613
-23, 157
-25,357
-26,616
-28,681
-32,277
-38,078
-41,007
-48, 134
-53, 589
-59 311
-14,744
-3, 087
-1,750
-513
-1,402
-40
-417
-313
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
..
.
U.S. Government payments for miscellaneous services
1,765
-23,364
16
17
18
19
20
21
22
23
28
1964
1963
27, 490
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel. . .
.
Passenger fares - . - ... .
Other transportation
Fees and royalties from unafflliated foreigners
Other private services
U.S. Government miscellaneous services
14
26
27
1962
1961
-14,519
-2, 998
—1, 785
-506
-1,437
-46
-410
-406
-16,218
-3, 105
-1,939
-570
-1, 558
-44
-360
-398
-17,011
-2, 961
-2, 114
-615
-1,701
-51
-332
-447
-18, 647
-2, 880
-2,211
-645
-1,817
-60
-364
-535
-21,496
-2, 952
-2, 438
-720
-1,955
-67
-303
-550
-25,463
-3, 764
—2, 657
-755
-2, 167
-76
-348
-642
-26, 821
-4, 378
-3, 195
-830
-2, 163
-105
-403
-687
-32, 964
-4, 535
-3, 022
-885
-2, 372
-107
-477
-758
-35, 830
-4, 856
-3, 390
-1,080
-2, 480
-120
-554
-715
-39, 870
—4 851
-3 953
-1 215
-2 789
-119
-620
-729
-35
-43
-61
-68
-101
-64
-62
-80
-223
-701
-401
-202
-802
-453
-299
-942
-489
-372
-1,221
-549
-381
-1,382
-598
-388
-1,843
-702
-417
-3, 269
-777
-1,024
-1,539
-1,562
-1,340
-1,628
-1,002
-905
-804
-756
-613
-2,754
-2,835
-2,890
-3, 148
—57
-220
-511
-332
-194
-535
-278
-185
-586
-339
-1,465
-67
—111
-441
-3, 591
U.S. military grants of goods and services, net
-1,765
29
Unilateral transfers (excluding military grants) , net
-2,292
-2,513
-2,631
-2, 742
-3,081
-2,875
-2,910
30
31
32
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
-1,664
-214
-414
-1,853
-235
-424
-1,919
-245
-467
-1,917
-262
-563
-1,888
-279
-587
-1,808
-369
-659
-1,910
-367
-613
-1,802
-441
-837
-1,707
-406
-762
-1,644
-406
-860
-1,739
-1,104
-926
-1,094
-1,661
-1,676
-1,598
-1,534
-2,421
-2, 268
-2, 193
-1,593
-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, 714
62
-3, 477
89
-3,285
-27
583
54
579
695
599
680
661
326
594
123
651
221
803
429
997
6
1,114
269
1,282
-87
1,475
-3,878
-4, 180
-3,426
-4, 459
-6,578
-3, 794
-4, 333
-5, 638
-5, 383
-5,424
-6,886
-1,674
-663
-1,598
-762
-1,654
-969
-1,976
-1,105
-2,328
-677
-3, 468
-759
-3, 661
-482
-3, 137
-1,266
-3, 209
-1,226
-3, 254
-1,494
-4, 445
-942
-153
6-930
6-65
-136
6-982
6-143
-126
6-339
-755
6-809
628
-941
-1,333
-191
-232
-200
525
337
-220
136
255
-645
-85
358
-44
-61
317
-658
-209
183
-1,015
-40
6-363
-127
6-371
6-60
-132
6-187
6-35
162
6
-11
-485
-471
-152
-88
-120
548
-112
-178
-153
-281
-359
-120
-220
-484
-498
-424
-35
333
-577
-363
69
2,120
2,467
1,697
2,983
3,317
383
3,320
6,852
9,411
12,306
5,824
141
282
73
324
132
134
-5
282
-5
-84
57
-357
86
909
258
1,016
319
4,389
832
3,112
2,190
1
-91
6
50
176
-5
3
-13
-23
53
-38
113
88
29
149
241
180
296
188
85
499
158
715
759
72
701
91
160
9
149
-38
793
894
534
33
...
U.S. Government capital flows, net
34
35
Loans and other long-term assets.
.
Foreign currencies and other short-term assets
36
37
Repayments on credits:
Scheduled.. 5
Nonscheduled .
38
U.S. private capital flows, net
-.
39
40
Direct investments abroad 4 _. .
Foreign securities
.
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid.
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid-.
Short-term, liquid
47
..
.. ...
..
Foreign capital flows, net
48
49
Direct investments in the United States 4
U.S. securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns. ..
Long-term, reported by U.S. banks
Long-term liabilities to foreign official agencies reported by
U.S. banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
56
57
U.S. liquid liabilities:
To private foreigners __
To foreign official agencies
58
59
60
61
62
Transactions in U.S. official reserve assets, net
Gold...
SDR_—
Convertible currencies
Gold tranche position in IMF
63
Errors and omissions, net
-112
5
" Preliminary.
*Less than $500,000. (±)i.
244
-119
392
969
1,153
830
16
-836
-810
535
215
25
199
203
-125
511
139
328
123
66
15
65
452
-2
1,806
107
-162
263
-436
308
1,258
1,083
742
215
918
620
1,673
1,554
1,075
131
-18
2,384
-1,595
1,472
2,020
3,810
-3, 101
8,662
-517
-6,242
-880
-1,187
2,477
1,173
-967
2,145
606
1,533
377
171
1,222
568
52
1,703
857
890
461
125
1,665
571
1,170
442
—116
-135
17
626
-113
29
-220
266
—349
-94
-540
537
-1,024
-94
-1,183
-870
814
-1,034
7,619
787
-851
2,152
389
867
Allocations of special drawing rights (SDR)
64
615
-462
-948
-1,116
-1,070
+: Exports of goods and services; unilateral transfers to U.S.; capital inflows
1. Credits,
http://fraser.stlouisfed.org/ (increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Federal Reserve Bank of St. Louis
-1,230
-485
-1,080
-507
-431
-985
-493
-2,603
-1,132
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets) increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
SUEVEY OF CURRENT BUSINESS
June 1971
33
Transactions
of dollars]
19<36
1967
19 68
19 70
19 59
1971
Line
I
III
II
IV
II
I
III
IV
12, 157 11,758
I
I
II
III
IV
13,024
12,606
13,235
8,639
416
465
106
651
115
216
95
8,290
340
548
140
667
115
220
83
8,716
341
385
88
628
115
220
86
I
II
III
IV
11,750
14,674
13,866
15,310
7,462
390
437
82
506
131
245
86
9,872
381
558
113
732
131
246
109
8,960
405
631
163
733
131
247
91
10, 196
338
432
92
692
131
247
93
IP
II
III
IV
15,035
16,320
15,231
16,317
16, 153
1
10, 117
256
490
105
697
150
266
87
11, 027
488
617
145
800
150
267
87
10, 018 10,818
434
303
716
496
184
119
841
768
150
150
269
267
110
103
10,906
475
536
119
745
174
300
107
2
3
4
5
6
7
8
9
10,316
10,961
10,443
11,659
11,262
11,803
11,005
7,121
193
321
57
529
88
174
73
7,421
257
432
86
573
88
175
86
7,010
172
492
100
601
88
177
77
7,838
207
345
75
588
89
177
90
7,643
328
358
67
574
102
202
81
7,971
377
427
87
638
102
204
90
7,196
206
502
135
615
102
207
80
312
313
323
380
337
354
356
392
339
375
390
442
368
433
412
468
418
492
459
511
433
10
964
372
112
982
411
139
890
394
117
1,209
436
226
1,034
418
U9
965
435
154
1,073
415
119
1,446
449
246
1,098
453
164
1,253
491
203
1,151
494
168
1,472
512
231
1,351
509
184
1,308
563
229
1,330
569
194
1,669
626
326
1,613
639
197
1,344
662
241
1,363
648
180
1,706
649
289
1,542
640
176
11
12
13
276
361
194
171
344
249
154
158
237
223
198
146
196
226
145
189
147
222
90
154
7,870
328
359
83
592
102
206
84
7,943
299
377
78
589
115
216
89
210
14
-8,580 -9,428 -10,200 -9,870 -9,721 -10,195 -10,503 -10,588 -11,001 -11,954 -12,862 -12,317 -11,026 -14,160 -14,372 -14,031 -13,801 -15,020 -15,522 -14,968 -14,734
15
-5, 909 -6,265 -6, 522 -6, 767 -6,605 -6, 573 -6,398 -7, 245 -7,682 -8, 201 -8, 462 -8, 619 -7,334 -9, 741 -9, 166 -9, 589 -9, 458-10,024 -9,858 -10,530 -10,477
-925
-877
-987 -1, 085 -1,075 -1,106 -1,112 -1, 103 -1,112 -1,147 -1, 173 -1, 198 -1, 187 -1, 221 -1,251 -1, 182 -1, 255 -1,211 -1,203 -1,184
-975
-424
-495
-464
-701 -1,037
-682
-617 -1, 030 -1,624
-863 -1,325
-543
-751 -1,237
-549
-593
-673
-505
-529
-870 -1,378
-145
-254
-128
-282
-382
-245
-159
-141
-224
-211
-248
-187
-398
-228
-291
-282
-197
-159
-343
-153
-353
-488
-547
-684
-574
-558
-554
-695
-538
-755
-516
-555
-690
-562
-650
-708
-583
-620
-501
-639
-608
-631
-19
-19
-19
-27
-26
-19
-26
-26
-30
-31
-27
-30
-30
-30
-30
-30
-27
-27
-27
-30
-30
-80
-91
-94
-83
-94
-98
-105
-170
-106
-121
-141
-141
-137
-152
-157
-158
-117
-121
-136
-153
-118
-144
-138
-155
-163
-151
-151
-214
-197
-205
-208
-141
-159
-146
-183
-207
-156
-148
-210
-201
-257
-153
16
17
18
19
20
21
22
23
-16
-16
-15
-17
-16
-15
-15
-17
-22
-18
-19
-21
-28
-24
-22
-28
-23
-30
-28
-30
-20
24
-82
-264
-133
-67
-279
-134
-88
-313
-138
-135
-365
-144
-93
-352
-138
-83
-333
-148
-89
-328
-138
-116
-370
-174
-106
-393
-174
-84
-440
-184
-92
-492
-156
-107
-519
-188
-101
-611
-185
-99
-738
-192
-99
-924
-188
-117
-996
-212
-125
-995
-204
-97
-928
-243
-98
-876
-273
-120
-793
-304
-134
-647
-315
25
26
27
-276
-361
-194
-171
-344
-249
-154
-158
-237
-223
-198
-146
-196
-226
-145
-189
-147
-222
-90
-154
-210
28
-838
-775
-658
-619
-736
-909
-807
-628
-655
-759
-719
-742
-643
-900
-656
-712
-769
-813
-768
-798
-795
29
-618
-81
-139
-530
-80
-165
-376
-121
-161
-386
-85
-148
-485
-92
-159
-510
-96
-303
-446
-156
-205
-362
-96
-171
-393
-92
-171
-470
-91
-198
-391
-122
-207
-453
-102
-186
-374
-99
-170
-569
-102
-229
-328
-104
-225
-373
-102
-236
-447
-100
-221
-439
-118
-257
-402
-122
-244
-450
-122
-226
-461
-123
-211
30
31
32
-304
-593
-300
-337
-646
-640
-510
-626
-743
-727
-525
-274
-470
-715
-649
-360
-484
-439
-357
-314
-663
33
-784 -1,172
77
-46
34
35
429
4
3d
37
-582
91
-692
-90
-583
-128
184
3
182
7
185
226
-645 -1, 280
-138
441
253
192
194
()
*
-781
-127
-733
40
268
()
*
178
6
-936
-102
-789
1
-818
34
-992
230
-987
-98
-702
-59
-797
ib
-874
19
-920
-43
-707
43
308
3
208
55
341
169
249
44
336
34
267
-154
431
-11
283
88
411
114
306
£
-947 -1,506 -1,339 -1,592 -1,360 -2,357
-824
-883 -1,941 -2,214
-999 -1,732 -1,987
38
-541 -1,006 -1, 194
-365
-515
-499
-939
-506
-115 -1, 573 -1,662
93
-210
-125
-747
-488
-464 -1, 532
-362
-337
39
40
-839 -1, 171
-144
130
358
(*)
257
42
475
40
-919 -1,274
-472 -1,668 -1, 183
-932 -1,265 -2,257
-643
-357
-1, 075
-60
-694 -1, 249
-11
-M
-903
-259
-403
-237
127
41
104
1
-14
-45
102
110
119
107
-357
-42
153
-26
8
179
-344
-38
-77
-47
-35
()
*
-228
-20
140
70
149
49
200
-57
165
-118
39
4
-196
-192
133
118
-41
19
-543
-45
131
236
19
34
-469
-142
24
13
240
49
-461
-135
22
275
-6
88
-842
-218
35
90
28
41
42
43
-17
-9
-165
-51
-65
35
-28
-10
-61
-16
-94
37
-68
-35
-53
-164
14
61
36
-74
52
-85
-263
-181
34
-46
-281
-32
-178
-409
-57
-49
-32
-165
-211
224
-82
136
-254
-80
-105
90
-13
54
194
-249
-121
304
-381
-46
-8
-13
-66
-20
-129
11
63
-54
-262
357
-8
48
-286
44
45
46
-70
1,120
954
91
1,816
2,425
2,521
942
2,499
2,882
3,088
3,000
4,479
3,990
838
1,600
1,668
2,030
526
2,503
47
52
173
38
520
-113
107
110
109
64
133
70
329
12
520
112
34
251
839
1,122
23
1,115
41
1,312
246
1,388
164
365
152
396
270
963
486
304
105
374
218
720
160
792
50
628
48
49
29
39
12
12
66
157
61
134
12
78
57
7
125
94
67
-24
90
20
-19
183
55
3
132
16
154
53
-60
165
268
25
20
227
-12
376
211
119
156
-83
-6
59
80
21
145
113
128
341
-19
17
79
92
343
166
19
227
209
22
504
362
-32
86
-70
-149
50
51
52
48
282
88
375
304
596
-196
190
116
150
131
137
-43
-195
-390
-208
-154
-235
-233
-188
-216
53
40
-85
-12
-24
25
28
-38
146
28
65
—7
112
331
-53
100
-126
247
-21
627
105
406
-22
526
45
88
-62
-172
45
-118
-48
41
329
-259
-28
743
-255
-5
36
55
-188
-2
-75
54
55
475
-852
27
54
1,211
-598
671
-199
-709
-80
90
540
1,331
260
760
721
2,222
1,300 -1, 358 -2, 190
1,031
-38
-164
3,024
485 -1,708
4,651
-538
1,377
2,235
-390 -1,692
-506
2,764
-131 -1,213 -3,206 -2, 507
2,267 4,759
2,049
539
5b
57
-419
-375
-181
-299
-686
-154
-386
1,022
801
1,040
145
58
15
92
1,012
-11
-695
-44
-920
831
-253
14
-37
818
227
395
-34
34
406
422
140
469
9
109
-592
373
255
59
60
61
62
717
63
-122
-523
-416
-71 -1,340
64
1,316
424
68
82
-6
1,027
68
209
173
121
51
222
134
-163
22
-426
335
-173
46
1,007
-31
-424
-10
-28
-79
152
-475
-94
-523
-710 -1, 120
-361
-409
-462 -1,145
-48
-666
-347
904
1,362
-973 -1, 028
-259
-105
-137
22
-571 -1,076
-74
-401
-57
267
-426
-474
-23
-258
-440
528
-137
-48
56
-317
-73
-31
246
-228
-442
-233
1,083
-542
-323 -1,203
-722
-670
-8
-575
-364
867
30
-398
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, and imports of goods included under direct defense expenditures identified
Digitizedin Census import documents, and reflects various other balance-of-payments adjustments
for FRASER
http://fraser.stlouisfed.org/
(for valuation, coverage and timing) to Census statistics; see table 4
A T?™inHoc vomTTootort oflrnmcrs nf fnrAicm inpornorated affiliates of U.S. firms or of U.S.
Federal Reserve Bank of St. Louis
6. Coverage of liquid banking claims for 1960-63 and of liquid nonbanking claims for 1960-62
is limited to foreign currency deposits only; other liquid items are not available separately
and are included with nonliquid claims,
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
34
June 1971
Table 3.—U.S. International Transactions—
(Millions
19 66
(Credits+; debits-)1
Linp
I
1 Exports of goods and services 2
2
3
4
5
6
7
8
9
10
11
12
13
I
IV
III
II
IV
10, 667
10,931
11,208
11,482
11,487
11,560
11,699
7,223
196
374
73
562
88
174
75
7,191
7,413
7,563
7,693
7,719
7,669
7,599
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
Other private assets
U.S. Government assets
326
958
377
147
14
Transfers of goods and services under U.S. military grant programs, net
Imports of goods and services.
214
394
84
556
88
175
82
203
410
74
586
88
177
79
216
412
87
586
89
177
90
329
412
88
607
102
202
83
329
392
87
619
102
204
85
240
414
99
595
102
207
83
341
428
98
597
102
206
84
324
334
344
355
363
365
356
1,015
1,009
1,063
1,031
1,006
1,201
1,279
398
146
412
146
426
155
424
156
421
160
433
152
439
170
?A
25
26
?,7
322
193
200
190
-10,107
-10,026
-10,163
-10,712
-6, 165
-925
—676
-182
-541
-6, 595
-975
-666
-188
-562
-6, 676
-987
-671
-194
-551
-6, 542
-1,106
-914
-204
-506
-7, 153
-1,112
-739
-214
-546
-19
—84
-19
-89
-19
-92
-6, 661
-1,085
-701
-207
-563
-6, 465
-1,075
-841
-205
-548
-19
—83
-27
-96
-26
-98
-26
-26
-159
-161
-164
-166
-168
-102
-174
-107
-180
— 16
—85
-16
-78
—266
— 131
_ ...
211
-9, 965
—644
-191
-513
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private liabilities
. . . _
U.S. Government liabilities
_. _
264
—9,837
-6, 027
-877
_._
263
—9,266
— 158
23
264
-9,010
Merchandise, adjusted, excluding military 3
Direct defense expenditures. _
.
..
Travel _ ._ . .
Passenger fares
.. .
.
Other transportation
.
.
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
flfl
III
10, 573
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
... . _
Passenger fares
.. . ._.
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services _
U.S. Government miscellaneous services
, ... _ . .
15
16
17
18
19
20
21
II
19(37
-285
— 136
-15
-17
-101
-322
— 144
-108
-348
-138
-16
-94
-15
-95
-15
-97
-17
-95
-354
-137
-340
-150
-332
-145
-357
-166
28
U.S. military grants of goods and services, net -
—264
-263
-264
-211
-322
-193
-200
-190
29
Unilateral transfers (excluding military grants) , net
-822
-717
-696
-655
-721
-849
-844
-667
30
31
32
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers. _.
—588
-484
-419
-455
-462
-85
-92
-96
-151
-174
-291
-489
-156
-199
-174
-379
-642
-539
-555
-683
-1,157
-734
-887
301
-92
-855
77
-76
33
-153
—314
Loans and other long-term assets
.
Foreign currencies and other short-term assets. .
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
38
-502
-340
—81
U.S. Government capitalflows,net. .
34
35
-153
—419
-121
-156
U.S. private capital flows, net
-80
-685
-689
-64
-94
-75
203
3
195
7
213
226
193
192
214
(*)
287
(*)
217
6
280
(*)
— 1,081
-1,051
-926
-1,276
-1,094
-901
-1,787
-1,855
—728
-357
—934
-917
-1,082
-60
-11
-54
-707
-259
-518
-237
-947
-409
-135
.
-640
Direct investments abroad 4 _ _
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term
.
Short-term, nonliquid
.
Short-term, liquid
127
—42
68
1
-13
37
102
-30
47
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
—17
-66
—66
-51
-56
25
-28
-33
-56
506
1,046
629
52
173
38
520
-113
29
39
12
48
32
..
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks .
Long-term liabilities to foreign official agencies reported by U.S. banks
54
55
Nonliquid liabilities reported by U.S. government:
To foreign official reserve agencies _
To other official and private foreigners.
56
57
(*)
3
25
-16
-23
-57
-68
-96
55
-164
36
-85
29
72
-113
47
-178
-295
.
1,141
394
1,929
2,151
2,378
107
110
109
64
133
70
329
12
520
112
34
12
66
157
282
61
134
12
88
78
57
7
375
125
94
67
304
-24
90
20
596
-19
183
55
-196
3
132
16
190
-19
22
16
81
-14
62
19
60
-13
157
323
-8
-211
155
997
953
-895
1,073
-754
-596
195
509
1,099
-187
..
. . . ..
423
182
123
906
424
68
82
-6
1,027
-419
-375
-181
68
209
173
121
51
15
92
1,012
222
134
-163
-173
1,007
-275
-244
Transactions in U.S. official reserve assets, net. .
"
" "
"
Errors and omissions, net
22
-426
335
-424
-462
— 1, 145
46
-31
-10
-5
-48
-67
-339
-681
14
21
Allocations of special drawing rights (SDR)
63
-77
-202
-122
53
U.S. liquid liabilities:
To private foreigners
To foreign official agencies.
63
179
-315
-41
279
-58
50
51
52
53
Gold...
_
SDR
Convertible currencies
Gold tranche position in IMF
153
-131
-100
Direct investments in the United States 4 ..
U.S. securities other than Treasury issues
59
60
61
62
107
-964
-361
-16
Foreign capitalflows,net. .
48
49
58
-96
-32
-488
39
40
47
-397
» Preliminary.
* Less than $500,000(i-).
1. Credits, -f: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or. decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits,
156
— : Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
SURVEY OF CURRENT BUSINESS
June 1971
35
Seasonally Adjusted
of dollars)
1968
1969
1970
1971
Line
I
II
III
IV
I
11,956
12,686
13,284
12,701
11,995
7,947
302
433
101
624
115
216
92
8,385
344
431
105
630
115
216
87
8,878
393
451
102
640
115
220
87
8,378
357
460
104
641
115
220
87
7,510
407
498
108
536
131
245
89
361
1,097
462
206
383
1,307
477
206
398
1,278
512
210
404
1,292
499
144
215
178
247
164
II
III
IV
I
II
14, 222
14,574
14,811
15,374
15,806
15, 930
15,795
16,515
1
9,490
329
518
112
710
131
246
101
9,602
442
519
119
703
131
247
95
9,888
336
523
111
714
131
247
94
10, 241
274
556
136
736
150
266
90
10, 582
447
573
142
774
150
267
80
10, 696
327
589
134
803
150
269
107
10, 461
433
601
141
793
150
267
110
11, 032
507
607
154
785
174
300
111
2
3
4
5
6
7
8
9
394
1,334
517
226
438
1,367
550
230
420
1,473
582
241
429
1,484
618
236
449
1,590
648
238
496
1,409
648
238
466
1,507
660
222
468
1,520
642
209
465
1,519
648
213
10
11
12
13
178
188
182
208
137
191
116
169
191
14
-11,483 -11,834 -12,436 -12,384 -11,657 -13,926 -13,866 -14,142 -14,493 -14,761 -14,935 -15,125 -15,464
15
-7, 821
-1, 103
-755
-207
-589
-27
-117
-168
III
IV
IP
-8, 134 -8, 568 -8, 441 -7, 589 -9, 566 -9, 278 -9, 397 -9, 728 -9, 831 -9, 992 -10, 319 -10, 760
-1,112 -1,147 -1, 173 -1, 198 -1, 187 -1, 221 -1, 251 -1, 182 -1, 255 -1,211 -1, 203 -1, 184
-737
-787
-743
-820
-997
-997
-849
-864
-925 -1,010 -1, 021
-857
-230
-216
-232
-320
-319
-255
-264
-290
-318
-277
-284
-286
-609
-577
-697
-598
-693
-738
-526
-680
-661
-715
-637
-637
-30
-30
-27
-27
-30
-30
-27
-31
-30
-30
-30
-30
-120
-160
-118
-122
-153
-157
-150
-167
-135
-138
-139
-143
-182
-167
-175
-248
-187
-174
-175
-181
-177
-178
-185
-179
-22
-104
-395
-175
-18
-95
-449
-182
-19
-98
-493
-165
-21
-92
-507
-180
-28
-98
-615
-188
-24
-111
-752
-191
-22
-105
-919
-196
16
17
18
19
20
21
22
23
-28
-102
-983
-202
-23
-120
-998
-207
-30
-109
-942
-241
-28
-104
-86b
-286
-30
-107
-786
-290
-20
-128
-650
-320
24
25
26
27
-215
-178
-247
-164
-178
-188
-182
-208
-137
-191
-116
-169
-191
28
-641
-698
-758
-779
-630
-839
-693
-749
-756
-753
-803
-836
-783
29
-362
-92
-187
-422
-91
-185
-435
-122
-201
-488
-102
-189
-344
-99
-187
-521
-102
-216
-371
-104
-218
-408
-102
-239
-418
-100
-238
-391
-118
-244
-444
-122
-237
-485
-122
-229
-432
-123
-228
30
31
32
-706
-629
-570
-363
-411
-630
-691
-461
-423
-366
-394
-410
-599
33
-1, 032
-16
-892
-54
-923
38
-867
95
-845
83
-948
-42
-837
-31
-848
79
-723
-130
-881
16
-846
70
-835
17
-1,019
-72
34
35
300
42
314
3
260
55
240
169
307
44
326
34
331
-154
319
-11
342
88
385
114
380
2
368
40
488
4
36
37
-875
-1,154
-1,692
-1,662
-1,494
-1,889
-1,380
-662
-1,938
-1,524
-1,752
-1,673
-2,024
38
-456
-347
-843
-105
-1, 033
-259
-876
-515
-926
-365
-999
-499
-899
-506
-430
-125
-1,358
-210
-1, 257
93
-897
-488
-934
-337
-1, 357
-362
39
40
140
-63
89
49
270
43
165
-297
-61
4
46
-132
133
-57
-141
19
-350
-37
131
-228
-28
34
-23
-3
24
-162
140
49
-268
-127
22
-189
-53
88
-396
-79
35
-85
-72
41
42
43
34
-106
-166
-32
-162
-374
-57
-103
-47
-165
-113
89
-82
76
-132
-80
-87
144
-13
-10
173
-249
-15
149
-381
-108
117
-13
-47
46
-129
-5b
38
-54
-152
191
-8
-15
-160
44
45
46
1,166
2,320
2,409
3,515
3,338
3,989
3,458
1,523
1,818
1,004
1,588
1,414
2,761
47
251
839
5
1,122
23
1,115
41
1,312
246
1,388
164
365
152
396
270
963
486
304
105
374
218
720
160
792
50
628
48
49
234
123
-60
116
180
253
25
150
105
142
-12
131
196
241
119
137
236
-13
-6
-43
74
65
21
-195
230
28
128
-390
161
11
17
-208
159
163
7
-154
358
151
19
-235
312
124
22
-233
324
392
-32
-188
166
0
-149
-216
50
51
52
53
240
-18
619
169
399
0
548
-44
81
-68
-180
89
-125
-13
63
256
-266
-30
735
-224
-12
82
77
-263
-8
-88
54
55
538
2,316
-1, 097 -2, 019
792
-286
164
801
2,844
-1, 327
4,571
-985
1,172
1,880
75
-85
-1,872
3,021
-376
97
-1,383
1,738
-2,611
2,763
-2, 687
5,065
56
57
-571
-1,076
-48
-299
-686
-154
264
805
584
824
682
58
395
-251
34
406
422
-76
469
9
109
-55
373
255
59
60
61
62
904
-137
1,362
22
-74
-137
56
-317
-11
-695
-401
-57
267
-426
-474
-23
-575
-364
-73
-31
246
-228
-442
-233
1,083
-542
-44
-270
831
-253
217
217
217
216
180
63
-321
-551
332
47
-1,092
-628
-717
-166
-62
-430
-433
-207
-1,268
64
14
-254
818
227
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table. 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
36
June 1971
Table 4.—U.S. Merchandise
[Millions of
1960
Line
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
43,227
EXPORTS
1
Merchandise exports, Census basis,1 including reexports and military
grant shipments
20,600
21,036
21,713
23,387
26,649
27,521
30,430
31,622
34,636
38,006
2
1
Merchandise exports, Census basis, including reexports, excluding military grant shipments
19,651
20,226
20,986
22,467
25,831
26,742
29,490
31,030
34,063
37,332
42,662
3
3a
3b
3c
3d
3e
Regular additions to Census exports
Private gift parcel remittances
Virgin Islands exports to foreign countries
Gold exports nonmonetary
Inland freight (to Canada) valuation adjustment
Other regular additions 2
.
267
66
248
59
258
51
269
44
243
45
256
45
2
164
35
1
166
22
1
174
32
(*)
183
42
(*)
184
14
2
205
4
267
44
4
2
215
2
319
75
18
5
216
5
340
75
31
8
228
-2
367
71
26
2
257
11
356
76
17
(*)
265
-2
4
Regular deductions from Census exports 3
29
31
31
28
5
5a
Special adjustments net 4
Of which* 5quarterly allocation of annual seasonal adjustment discrepancy.
.
_.
. .. -
40
46
44
—95
36
-92
-46
37
-139
23
25
84
37
-6
19,882
20,339
21, 106
22,646
25,898
27,059
29,769
31,320
34,372
37,662
42, 990
Less: Merchandise exports transferred under U.S. military agency sales
contracts identified in Census documents. °
232
232
327
394
420
621
379
640
784
1,172
1,010
8
Equals: Merchandise exports, adjusted to balance of payments basis,
excluding "military" (table 2, line 2).
19,650
20, 107
20,779
22,252
25,478
26,438
29,390
30,680
33,588
36,490
41,980
9
Merchandise imports, Census basis * (general imports)
15, 072
14, 759
16,453
17, 205
18, 749
21,520
25,618
26,889
33,226
36,043
39, 963
85
13
56
16
89
12
67
10
108
21
80
7
108
22
79
7
137
27
100
10
182
44
130
8
206
43
155
8
252
68
176
8
327
108
211
8
396
168
216
12
407
242
152
13
5
6
9
8
7
20
17
3
79
75
4
168
162
6
305
300
5
349
346
3
350
346
4
-65
49
-34
-23
29
6
Equals: Total merchandise exports, adjusted to balance of payments basis -
IMPORTS
10
lOa
lOb
lOe
Regular additions to Census imports
Virgin Islands imports from foreign countries
Gold imports, nonmonetary .
Other regular additions 7 ..
.
11
lla
lib
Regular deductions from Census imports
Automotive valuation adjustment
Other regular deductions 8
12
12a
. . ..
..
5
6
9
8
7
Special adjustments net*
Of which * Quarterly allocation of annual seasonal adjustment discrepancy5
69
65
42
38
9
-~
13
Equals: Total merchandise imports, ad justed to balance of payments basis.
15,221
14,907
16,594
17,343
18,888
21,682
25,680
27,022
33,214
36, 067
40,049
14
Less: Merchandise imports of U.S. military agencies identified in Census
documents.9
477
388
376
332
241
186
217
201
250
237
179
15
Equals: Merchandise imports, adjusted to balance of payments basis,
excluding "military" (table 2, line 16).
14,744
14,519
16,218
17,011
18,647
21,496
25,463
26,821
32,964
35,830
39,870
16
Balance on total merchandise trade, adjusted to balance of payments basis
(line 6 less line 13) [export surplus, +].
4,661
5,432
4,512
5,303
7,010
5,377
4,089
4,298
1,158
1,595
2,941
17
Balance on merchandise trade, adjusted to balance of payments basis,
excluding "military" (line 8 less line 15) [export surplus, +].
4,906
5,588
4,561
5,241
6,831
4,942
3,927
3,859
624
660
2,110
20, 600
4,860
15, 740
14 791
21 036
5 073
15, 963
15 153
21, 713
5,078
16,635
15, 908
23,387
5,640
17, 747
16, 827
26, 649
6,412
20,237
19, 419
27,521
6,300
21, 221
20,442
30, 430
6,955
23, 475
22, 535
31,622
6,448
25, 174
24, 582
34,636
6,301
28,335
27,762
38,006
6,098
31, 908
31,234
43,227
7,353
35, 874
35,309
TRADE BY END-USE
18
18a
18b
18c
Merchandise exports, Census basis, including military grant shipments
(line 1) *
Agricultural products
Nonagricultural products
--Excluding military grant shipments
- - -
19
20
21
22
Foods, feeds, and beverages . - Grains and preparations
Soybeans
Other foods, feeds and beverage5?
23
24
Industrial supplies and materials
Fuels and lubricants
.
- -
--
10
- -
25
26
27
28
29
30
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.)...
31
32
33
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel 10
34
35
36
37
38
39
40
41
42
43
44
44a
45
Capital goods, except automotive
.
...
Machinery, except consumer-type..
.
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
..
Construction machinery and nonf arm tractors and parts
Textile and other specialized -industry machinery and parts
Other industrial machinery and parts n e e
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...
_
Civilian aircraft, complete— all types
Other transportation equipment
See footnotes at end of table.
3,170
1,821
336
1 013
3,418
2 063
343
1 012
3,829
2,288
407
1,133
4,282
2,570
471
1,240
4,849
2,876
567
1,406
4,928
2,901
650
1,376
5,489
3,504
760
1,225
4,998
2,997
772
1,230
4,813
2,822
810
1,182
4,688
2,516
822
1,350
5,826
3,058
1,216
1,552
7,924
841
7,705
794
7,132
826
7,822
975
9,185
946
8,917
948
9,613
977
9,971
1,106
11,004
1,052
11,779
1,132
13,795
1,596
419
1,540
988
379
1 406
1,388
453
1,429
884
391
1,437
1,375
457
1,099
537
373
1,517
1,358
506
1,150
587
403
1,639
1,478
597
1,343
690
413
1,990
1,716
594
1,070
495
383
1,949
1,868
666
1,034
440
482
2,200
2,070
722
1,032
470
498
2,313
2,073
828
1,022
466
524
2,764
2,267
906
923
286
540
2,741
2,409
1,137
1,051
378
488
3,059
2,656
305
717
929
427
541
858
220
561
721
255
629
786
333
781
1,065
283
759
1,065
271
699
1,215
324
702
1,201
275
741
1, 532
371
1,127
1,631
547
1.339
1,872
5,511
4,284
730
3,555
947
469
1,474
205
223
236
1,052
537
175
5,910
4,729
818
3,912
937
520
1,664
203
328
260
973
339
209
6,443
5,221
953
4,268
979
549
1,890
217
344
288
1,043
323
179
6,604
5,521
1,079
4,442
1,042
539
1,880
265
385
331
919
248
163
7,463
6,399
1,179
5,220
1,255
629
2,148
348
467
375
912
287
152
8,039
6,796
1,145
5,651
1,308
634
2,373
434
542
359
1,077
478
167
8,892
7,527
1,279
6,248
1,335
677
2,693
446
660
437
1,224
553
141
9,913
8,115
1,426
6,689
1,396
673
2,886
448
842
445
1,614
790
184
11,072
8,642
1,557
7,085
1,526
709
3,062
412
900
476
2,327
1,405
103
12,346
9,991
1,856
8,136
1,680
795
3,476
418
1,225
541
2,235
1,266
120
14,366
11,564
2,078
9,486
1,962
931
3,893
360
1,703
633
2,661
1,529
141
SURVEY OF CURRENT BUSINESS
June 1971
37
Trade
dollars]
Not seasonally adjusted
1970
1969
I
II
Seasonally adjusted
IV
III
1969
1971
I
II
III
IP
IV
I
1970
II
III
I
IV
Line
1971
II
III
IP
IV
7,726
10,332
9,440
10,508
10,342
11,356
10,272
11,257
11,247
7,755
9,946
10, 072
10, 190
10,476
10,935
10,967
10, 919
11,370
1
7,586
10,151
9,257
10,338
10, 195
11,221
10, 150
11, 096
11,117
7,615
9,765
9,889
10,020
10,329
10,800
10,845
10,758
11,240
2
98
12
8
1
59
18
84
17
4
1
68
-6
89
16
5
(*)
62
6
96
26
9
(*)
68
-7
91
16
2
(*)
63
10
92
17
4
(*)
70
1
90
18
6
()
*
65
1
83
25
5
()
*
67
-14
90
15
3
(*)
64
8
105
12
8
1
66
18
77
17
4
1
61
-6
90
16
5
95
26
9
97
16
2
86
17
4
(*)
64
1
91
18
6
82
25
5
()
*
66
-14
93
15
3
()
*
67
8
8
7
7
7
7
6
6
8
8
7
40
15
-61
63
6
()
*
67
-7
()
*
69
10
()
*
66
1
8
8
7
8
7
7
7
7
52
12
-35
35
(*)
26
11
-52
9
11
11
19
— lb
-18
—18
-18
—18
-53
—18
3
3a
3b
3c
3d
3e
4
5
5a
7,716
10,242
9,278
10,426
10,314
11,306
10,233
11,137
11,201
7,764
9,860
9,920
10,118
10,438
10,861
10,911
10,780
11,327
6
254
370
318
230
197
279
215
319
295
254
370
318
230
197
279
215
319
295
7
7,462
9,872
8,960
10, 196
10, 117
11,027
10,018
10,818
10,906
7,510
9,490
9,602
9,888
10,241
10,582
10,696
10,461
11,032
8
7,409
9,781
9,191
9,662
9,453
10,071
9,879
10,560
10,527
7,655
9,591
9,315
9,450
9,719
9,867
10, 029
10,333
10,809
108
57
48
3
112
49
60
3
81
29
49
3
95
33
59
3
108
69
36
3
102
63
36
3
83
43
36
4
114
67
44
3
111
63
45
3
108
57
48
3
112
49
60
3
81
29
49
3
95
33
59
3
108
69
36
3
102
63
36
3
83
43
36
4
114
67
44
3
111
63
45
3
10
lOa
lOb
lOc
80
79
1
89
89
(*)
68
67
1
112
111
1
87
86
1
99
98
1
65
65
()
*
99
97
2
114
113
1
79
78
1
88
87
1
100
99
1
86
85
1
92
91
1
85
85
()
*
87
85
2
113
112
1
11
lla
lib
—24
g
82
82
()
*
g
g
17
g
g
g
32
3
4
4
4
4
4
4
7,660
9,629
9,325
9,453
9,773
9,881
10,031
10,364
-32
7,405
9
9,804
9,213
29
9,645
9,503
10,074
9,897
10,575
12
12a
10,807
13
45
47
14
9,992
10,319
10,760
15
980
880
416
520
16
513
751
704
142
272
17
10,190
1,696
8,494
8,324
10,476
1,738
8,738
8,591
10,935
1,776
9,159
9,024
10,967
1,883
9,084
8,962
10,919
1,960
8,959
8,798
11,370
2,121
9,249
9,119
18
18a
18b
18c
1,227
694
191
342
1,322
696
253
373
1,327
670
279
378
1,419
720
331
368
1,543
774
364
405
1,529
867
272
390
1,563
795
340
428
19
20
21
22
3,152
300
3,164
276
3,240
309
3,465
355
3,523
392
3,387
394
3,442
454
3,367
432
23
24
170
139
24
73
537
483
242
300
122
163
748
633
239
258
85
133
729
650
252
234
61
147
721
640
263
268
97
129
803
644
285
277
103
121
790
662
300
226
57
108
738
668
290
278
118
130
738
686
286
341
163
181
726
678
25
26
27
28
29
30
73
238
396
54
187
295
85
266
415
110
310
459
112
359
466
129
379
495
151
405
440
132
348
473
134
261
471
94
241
388
31
32
33
3,957
2,955
521
2,434
484
230
1,017
85
448
171
961
626
41
2,742
2,123
405
1,718
331
171
745
90
257
124
589
371
30
3,072
2,543
463
2, 080
447
201
898
112
286
136
500
269
29
3,253
2,681
508
2,173
440
211
927
113
341
141
541
265
31
3,299
2,659
484
2,175
462
212
910
106
344
141
607
345
33
3,449
2,759
510
2,249
482
222
932
93
369
151
660
390
30
3,583
2,793
512
2,281
478
223
932
79
417
152
758
483
32
3,678
3,046
529
2,517
508
247
1,027
98
464
173
596
285
36
3,683
2,999
532
2,467
498
240
1,015
94
456
164
640
347
44
3,893
2,999
531
2,468
504
244
1,032
77
439
172
849
507
45
34
35
36
37
38
39
40
41
42
43
44
44a
45
10,524
71
63
47
56
45
50
39
45
47
71
63
47
56
45
50
39
7,334
9,741
9,166
9,589
9,458
10,024
9,858
10,530
10,477
7,589
9,566
9,278
9,397
9,728
9,831
311
438
65
781
811
1,232
336
562
677
104
231
595
665
665
128
131
-206
607
659
1,003
160
388
429
-79
-76
324
491
7,726
983
6,743
6,603
10,332
1,741
8,591
8,410
9,440
1,440
8,000
7,817
10,508
1,934
8,574
8,404
10,342
1,682
8,660
8,513
11,356
1,756
9,600
9,465
10,272
1,686
8,586
8,464
11,257
2,229
9,028
8,867
11,247
2,050
9,197
9,067
7,755
1,003
6,752
6,612
9,946
1,758
8,188
8,007
10,072
1,607
8,465
8,282
769
377
134
258
1,299
741
194
363
1,114
663
118
333
1,506
735
376
396
1,306
689
262
355
1,366
683
313
370
1,404
761
235
407
1,749
924
406
419
1,536
816
318
402
774
360
142
272
1,340
776
204
360
2,124
212
3,260
312
3,107
295
3,288
313
3,332
307
3,640
408
3,324
418
3,500
464
3,243
372
2,183
245
166
152
29
50
525
492
247
310
130
142
777
653
237
228
71
134
734
617
256
232
55
214
706
647
254
291
116
84
779
648
290
288
111
107
816
678
296
198
47
107
738
632
297
274
104
190
727
699
277
372
194
118
712
686
42
185
300
95
275
450
130
292
439
104
374
442
100
370
500
166
418
471
155
327
452
126
274
449
2,801
2,111
401
1,710
321
162
739
98
265
125
663
451
27
3,263
2,709
497
2,212
469
215
961
133
287
147
519
279
35
3,001
2,511
474
2,037
434
199
870
95
308
131
465
214
25
3,283
2,661
485
2,176
456
219
906
91
366
138
588
322
34
3,505
2,730
502
2,228
465
210
921
102
378
152
748
479
27
3,796
2,974
552
2,422
503
239
1,000
94
419
166
783
496
39
3,397
2,857
493
2,365
503
233
965
83
421
161
510
231
29
3,668
3,001
530
2,471
491
248
1,007
81
485
159
621
323
46
9
SURVEY OF CURRENT BUSINESS
38
June 1971
Table 4.—U.S. Merchandise
1960
Line
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
46
47
48
49
50
51
Automotive vehicles* parts, and engines
To Canada
To all other areas
Passenger cars, new and used...
,
.Trucks, buses, and special vehicles
.
Parts, bodies, and accessories, including engines and parts, n.e.c
1,266
400
866
243
391
632
1,188
371
817
236
321
632
1,301
469
832
272
265
764
1,468
529
939
295
310
864
1,729
637
1,092
357
358
1,015
1 929
867
1,062
403
336
1,191
2 354
1,270
1,084
576
367
1,412
2 784
1, 755
1,029
824
413
1,548
3 453
2,378
1,074
982
432
2,038
3 ggS
2 736
1 152
1,023
531
2,334
3 652
2 474
1 178
837
560
2,255
52
53
54
55
Consumer goods (nonfood), except automotiveConsumer durables, manufactured
.
..-..._.
Consumer nondurables, manufactured..- .
Unmanufactured consumer goods (gem stones, precious and nonprecious) .
1,396
562
826
8
1,441
579
847
15
1,455
570
866
19
1,558
603
914
41
1,751
706
998
47
1,799
698
1,054
47
2,035
809
1,162
63
2,111
825
1,222
65
2,334
890
1,344
99
2,573
1,017
1,429
128
2 717
1, 007
1,587
123
56
Special category (military -type goods)
840
826
971
1,025
951
1,229
1,249
1,103
1,110
1,644
1 369
57
58
59
Exports, n.e.c., and reexports
Domestic (low-value, miscellaneous) . . .. - . .._
Foreign (reexports)
493
293
200
549
305
245
583
314
269
629
344
285
723
370
352
680
337
343
798
363
436
743
359
384
851
414
437
1,087
543
544
1,502
869
633
15, 072
14, 759
16, 453
17, 205
18, 749
21,520
25,618
26,889
33, 226
36, 043
39, 963
3,286
1,657
1,002
512
1,629
3,331
1,581
961
460
1,750
3,573
1,621
986
503
1,952
3,753
1,701
955
611
2,053
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
963
588
2,888
5,271
1,916
1,140
640
3,355
5, 238
1,700
894
638
3,538
6 158
2,089
1,160
729
4,069
7,887
1,580
7,714
1,727
8,573
1,906
8,874
1,931
9 563
2,015
11,024
2,212
12, 162
2,247
11,856
2,233
14, 159
2,509
14, 159
2,777
15 117
3,063
1,098
1,728
847
117
278
486
1,093
1,718
817
134
304
463
1,144
1,923
973
107
329
513
1,130
2, 032
1,043
113
326
550
1,227
2,084
1,009
142
363
570
1,301
2,368
1,162
122
445
639
1,440
2,644
1,243
137
573
691
1,386
2,371
1,015
162
584
610
1,431
2,749
1,180
148
689
732
1,595
2,658
1,142
117
708
691
1,578
2,866
1, 209
111
836
710
60
Merchandise imports, Census basis (line 9) }
61
62
63
64
65
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee.
-.._
Cane sugar
Other foods feeds, and beverages
66
67
--
..
. . _ _.
Industrial supplies and materials 10
Fuels and lubricants
. ._-
..
_
68
69
70
71
72
73
Paper and paper base stocks _
._.
._.._.
Materials associated with nondurable goods and farm output n.e.s
Textile supplies and materials
Tobacco, unmanufactured
C hemicals, excluding medicinals
. .
Other (hides copra materials for making photos drugs, dyes)
74
Building materials, except metals
75
76
77
78
79
Materials associated with durable goods output, n.e.s. 10
Steelmaking materials
-.
Iron and steel products
_.
Other metals, primary and advanced, including advanced steel 10
Nonmetals (gums oils resins, minerals rubber, tires, etc.)
540
537
615
660
705
722
784
754
1,072
1,187
1,006
2,941
524
508
1,197
713
2,639
443
421
1,166
609
2,985
502
537
1,324
621
3,121
494
692
1,347
588
3,533
602
825
1,463
642
4,421
679
1,272
1,808
661
5,047
758
1,312
2,229
749
5,112
688
1,422
2,259
744
6,398
673
2,123
2,734
869
5,943
649
1,914
2,360
1,020
6,603
734
2,193
2, 647
1,030
562
535
123
413
693
572
136
436
758
681
168
512
823
798
181
618
1,039
1 020
203
817
1,458
1 357
301
1 056
2,135
1 923
477
1 446
2,382
2 252
535
1 718
2,825
2 637
700
1 938
3,218
3 040
817
2 223
3,782
3 591
1 017
2 574
83
114
135
58
98
126
115
73
120
144
152
62
133
177
179
77
190
244
191
84
247
336
247
110
341
486
329
151
378
650
352
183
460
738
337
225
502
823
347
339
566
939
359
471
89
89a
Capital goods, except automotive
Machinery except consumer-type
Electrical and electronic and parts and attachments
Nonelectrical and parts and attachments
Construction, textile and other specialized-industry 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
Civilian aircraft, complete — all types
22
27
2
24
121
74
33
78
40
52
25
1
108
20
2
116
102
67
139
212
153
154
129
59
178
188
109
212
177
110
239
191
48
90
91
92
93
94
95
96
Automotive vehicles, parts and engines
- . - _ - .
From Canada
- From Canada transactions value
From all other areas
Passengers cars, new and used
Trucks, buses, and special vehicles
Parts, bodies, and accessories, including engines and parts, n.e.s
633
11
11
622
544
30
60
383
8
8
375
318
13
52
521
9
9
512
433
17
71
586
29
29
557
467
23
96
767
102
102
665
593
24
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
301
631
4,295
2,618
2,318
1,677
2,796
479
1,020
5, 341
3,488
3,143
1,853
3,369
716
1,255
5,955
3,584
3,239
2,371
3,730
730
1,496
1,901
971
714
217
1,889
1,000
644
245
2,276
1,216
811
249
2,389
1,266
844
280
2,694
1,379
991
324
3,305
1,732
1,191
381
3,912
2,108
1,349
455
4,213
2,190
1,556
467
5,330
2,754
2,009
567
6,616
3,535
2,480
601
7,551
4,069
2,957
526
802
749
752
781
771
849
1,000
1,219
1,347
1,471
1,399
80
81
82
83
84
85
86
87
88
.
_
97
98
99
100
Consumer goods (nonfood) , except automotive
• Consumer durables manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems nursery stock)
101
Imports, n.e.s. (low value, goods returned, military aircraft, Government purchased uranium, movies exhibits)
- - -
» Preliminary.
1. The figures shown for exports and imports are the trade totals published by the Census
Bureau, with the following exceptions.
Exports and Imports: Beginning with 1968 data, exports and imports as published by the
Census Bureau include trade in silver ore and bullion. To achieve comparability over time,
all pre-1968 data shown in this table have been adjusted to include silver transactions.
Imports Only: (a) 1962 imports as shown do not include an upward revision of $10 million
which is in the revised 1962 import total published by the Census Bureau, because supporting
commodity detail was not available. This amount is included instead in the balance of payments adjustment shown in line 12, and is in total merchandise imports, balance of payments
basis, lines 13 and 15. (b) 1965 imports as shown here are $92 million higher than imports as
recorded in Census Bureau published statistics. The adjustment, which corrects for large
irregularities and some omissions in the monthly receipt of documents by Census during the
last 6 months of 1965, has been distributed in the accompanying commodity detail, lines
61-101.
2. Mainly net additions to or liquidations of U.S.-owned grains in storage in Canada, and
exports of electrical energy.
3. Mainly exports of exposed motion picture film for rental rather than sale, and exports to
Panama Canal Zone. Prior to 1966, also includes transfers of goods procured offshore under
nonmilitary aid programs.
4. Irregular and occasional adjustments; valuation adjustments for goods considered to be
SUKVEY OF CURRENT BUSINESS
June 1971
39
Trade—Continued
Not seasonally adjusted
1969
II
I
922
Seasonally adjusted
1970
III
I
IV
II
1969
1971
III
IV
I
II
II
1970
I
IV
III
II
Line
1971
III
IV
II
677
245
276
111
535
1,055
733
322
253
159
643
844
578
266
190
127
527
1,066
747
319
304
133
629
908
607
301
179
143
586
1,101
806
295
303
148
650
814
534
280
179
138
497
829
527
302
176
131
522
1,101
784
317
290
149
662
934
682
252
259
113
562
972
664
308
244
142
586
1,021
731
290
282
138
601
965
667
298
247
137
581
920
613
307
166
143
611
1,006
725
281
290
130
586
991
682
309
267
151
573
756
473
283
141
135
480
1,114
791
323
268
150
696
46
47
561
220
306
35
704
284
390
30
657
263
367
27
652
251
366
35
666
243
393
30
704
256
416
32
660
237
394
29
686
271
383
32
673
247
394
32
567
222
313
32
672
267
376
29
678
277
369
32
658
249
373
36
676
247
401
28
673
241
401
31
680
252
395
33
693
270
391
32
682
251
402
29
52
53
54
55
337
485
467
355
289
363
289
429
369
337
485
467
355
289
363
289
429
369
56
212
95
117
266
125
141
250
111
139
359
212
147
336
202
134
385
221
164
384
221
163
397
225
173
368
214
154
218
97
121
253
122
131
262
119
143
351
202
149
349
210
139
368
215
153
400
233
167
386
212
174
382
222
160
57
58
59
7,409
9,781
9,191
9,662
9,453
10,071
9,879
10,560
10,527
7,655
9,591
9,315
9,450
9,719
9,867
10,029
10,333
10,809
60
1,551
535
290
214
1,016
61
62
63
64
65
48
49
50
51
994
283
154
92
711
1,433
477
243
198
956
1,327
428
209
179
899
1,485
512
288
170
973
1,472
493
292
131
979
1,566
554
307
206
1,012
1,494
538
278
218
956
1,626
503
283
174
1,123
1,470
499
292
147
971
1,054
304
153
134
750
1,431
476
252
175
955
1,320
403
208
151
917
1,416
509
279
170
907
1,552
527
289
190
1,025
1,563
552
320
180
1,011
1,490
510
278
187
980
1,550
499
274
173
1,051
3,033
700
3,916
664
3,603
675
3,608
738
3,649
846
3,760
710
3,740
705
3,968
802
3,866
834
3,080
643
3,810
693
3,625
704
3,637
742
3,681
773
3,662
741
3,773
741
3,995
802
3,895
749
66
67
356
588
249
29
145
165
403
796
339
56
206
195
401
649
293
19
178
159
436
625
261
12
179
173
399
747
314
49
210
174
396
736
309
30
227
169
372
672
285
16
195
176
411
712
301
16
205
191
385
804
343
34
243
184
371
550
237
15
143
155
395
769
327
52
192
198
409
700
298
50
186
166
419
665
281
21
190
173
413
688
297
25
204
162
389
710
299
28
212
171
382
721
291
40
204
186
394
759
324
29
216
190
392
738
320
16
233
169
68
69
70
71
72
73
282
366
299
241
222
261
268
255
261
308
345
281
252
240
246
254
264
278
74
1,108
85
278
529
215
1,687
161
604
651
270
1,579
190
544
581
264
1,568
213
487
598
270
1,436
116
410
643
267
1,657
184
523
684
266
1,723
238
576
663
245
1,788
196
684
656
252
1,583
137
606
587
253
1,208
137
328
527
216
1,608
151
575
615
267
1,531
157
499
608
267
1, 559
192
481
615
271
1,567
187
481
632
267
1,576
172
498
645
261
1,675
198
531
697
249
1,776
176
671
676
253
1,738
218
706
565
249
75
76
77
78
79
658
612
179
433
899
857
218
639
830
786
208
578
831
785
213
573
923
881
235
645
979
927
256
671
925
883
260
623
9%
901
266
635
999
941
264
677
658
612
179
433
872
829
219
610
844
801
209
592
847
801
211
590
916
874
232
642
949
897
258
639
943
901
262
639
975
920
266
654
990
932
261
671
80
81
82
83
89
162
77
63
148
234
114
88
133
224
74
89
132
202
82
99
138
239
106
107
144
239
101
126
147
228
77
110
137
234
75
128
159
228
106
126
88
165
73
64
148
229
95
83
131
223
86
97
136
205
94
96
134
243
99
108
144
231
84
119
145
228
89
118
142
238
88
126
154
232
99
127
84
85
86
87
41
46
29
55
43
25
57
43
29
59
46
28
56
42
16
61
52
15
61
42
9
60
55
9
57
58
13
43
46
29
55
43
25
55
43
29
59
46
28
58
42
16
61
52
15
59
42
9
60
55
9
59
58
13
88
89
89a
1,145
800
721
345
698
153
294
1,453
885
796
568
980
158
315
1,174
711
644
463
730
159
285
1,569
1,093
982
476
962
246
361
1,449
885
799
564
955
162
332
1,614
1,021
923
593
1,066
167
381
1,260
715
650
545
729
177
355
1,632
963
866
669
980
223
428
1,919
1,119
1,006
800
1,253
172
494
1,104
787
709
317
661
156
287
1,362
814
732
548
887
169
306
1,445
927
840
518
929
187
329
1,449
963
864
486
913
201
335
1,399
876
791
523
909
165
325
1,505
938
847
567
957
179
369
1,555
942
857
613
935
209
411
1,505
833
748
672
928
181
396
1,856
1,111
999
745
1,196
175
485
90
91
92
93
94
95
96
1,267
648
475
144
1,704
897
645
163
1,874
996
737
141
1,772
995
624
153
1,651
872
647
132
1,809
979
705
125
2,084
1,106
852
126
2,007
1,112
753
142
1,891
1,000
761
131
1,412
737
523
152
1,746
921
659
166
1,702
919
641
142
1,730
938
650
142
1,829
984
707
138
1,850
1,005
718
127
1,897
1,023
746
128
1,962
1,047
783
132
2,092
1,127
828
137
97
98
99
100
313
376
383
399
308
343
376
372
382
347
370
379
371
342
338
371
346
425
101
under-priced 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. Correction for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted recorded annual totals.
6. Exports of military equipment under U.S. military agency sales contracts with foreign
governments to the extent such exports are identifiable from Census export documents. These
exports are included in table 2, line 3: "Transfers under U.S. military agency sales contracts."
7. Mainly imports of electrical energy.
8. Mainly foreign charges for repair of U.S. vessels abroad, which are included in tables 2,
3, and 9, line 20 (Other transportation); also imports from Panama Canal Zone, and imports,
of domestically-owned grains returned from storage in Canada.
9. Merchandise imported directly by the Department of Defense, as well as "defense"
imports of the Coast Guard and Atomic Energy Commission, to the extent such imports are
identifiable from Census import documents and verifiable from separate reports of the importing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense expenditures."
10. Includes exports and imports of silver ore and bullion for all years (see footnote 1 reference
to treatment of silver in Census statistics).
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CUKEENT BUSINESS
40
June 1971
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
1969
1968
Line
1969
I
A. 1
la
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
By. program
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 IMF
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
5
6
7
8
9
1971
II
III
IV
I
II
III
IV
U.S. Government grants (excluding military) and capital flows increasing Government assets, total
(table 2, lines 30, 34, and 35, with sign reversed) _ .
5.358 5.032 5.050 1,136 1,654 1,089 1,154 1,303 1,401 1,067 1,280
Seasonally adjusted
1,106 1,611 1,289 1, 177 1,271 1,266 1,220 1,303
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
2
3
4
1970
1970
1,707 1,644 1,739
374
559
432
200
295
-69 -120
-24 -234
I-*
1,557
1, 623
569
52
109
328
39
1
373
46
4
447
112
-42
439
34
49
402
20
-31
450
34
(*)
461
88
-86
101
45
45
85
54
48
39
47
33
63
50
35
39
37
37
288
196
162
1
10
36
52
32
1
3
180
51
37
(*)
59
49
36
1
2
58
49
37
2
2
1
2
4
1
224
180
146
465
313
149
6
12
8
301
334
343
184
127
234
3,028 2,861 2,786
30
116
36
254
1
66
22
676
3
36
32
2
90
55
880
-11
40
13
1
92
50
612
58
35
15
7
86
57
694
-20
49
98
(*)
89
66
696
24
31
22
1
85
50
837
-7
47
14
4
88
48
573
53
53
16
2
81
69
681
46
44
83
2
71
35
1,050
9
1,259 1,156 1,166
2,149 2,136 2,078
1,517 1,258 1,095
127
184
234
233
257
334
350
366
368
334
343
. 301
-5
(*)
14
25
119
200
493
337
22
63
86
66
(*)
510
649
366
55
85
89
90
182
483
272
50
52
87
92
264
510
284
57
58
88
86
328
510
303
66
66
93
89
349
553
339
50
102
104
85
209
510
175
48
78
82
88
280
506
278
69
89
89
81
211
715
484
35
101
75
71
-10
54
-21
26
-10
52
51
7
964 1,445
635 1,073
242
200
162
157
32
38
43
27
894
654
161
105
37
42
995 1,123 1,220
732
891
827
188
224
221
104
70
101
38
56
49
27
57
88
926 1,079
625
768
209
188
129
62
34
35
66
96
1,387
792
217
246
135
105
-7
90
-2
92
(*)
-3
88
(*)
71
558
198
133
3
34
333
200
142
2
8
By disposition 1
26
27
28
29
30
31
32
33
34
35
B. 1
la
2
2a
3
4
5
6
7
8
9
10
lOa
11
lla
12
13
14
15
16
17
17a
18
19
20
21
21a
22
23
24
25
4,732 4,298 4,348
Estimated transactions involving no direct dollar outflow from the United States
3,346 3,094 3,110
Expenditures on U.S. merchandise
- - 869
791
843
Expenditures on U.S. services 2
554
528
361
Military sales contracts financed by U.S. Government credits 3 4 (line B.14)
2
144
174
147
U.S. Government credits to repay prior U.S. Government credits
. . ..
140
135
308
U.S. Government credits 3 to repay prior U.S private credits
Increase in claims on U.S. Government associated with Government grants and capital flows
2 -14 -30
increasing Government assets (including changes in retained accounts) (line B.17)
301
334
343
Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)
Less dollar recoveries on short-term claims financing military sales contracts and U.S. Government
52
74
19
credits to repay private credits 3
Estimated dollar payments to foreign countries and international and regional organizations through
734
702
626
U.S. Government grants and capital flows increasing Government assets
Nonliquid liabilities reported by U.S. Government, including medium-term securities and long-term
obligations payable prior to maturity only under special conditions net increase (-}-)
Seasonally adjusted _
....
,..
To foreign official reserve agencies (table 2, line 54)
Seasonally adjusted
U.S. Treasury securities issued in connection with Columbia River downstream rights
U.S. Treasury securities issued in connection with prepayments for military purchases in the
United States (line B.13)
U.S. Treasury obligations to be liquidated against U S claims
U.S. Treasury securities not included elsewhere 5
Export-Import Bank obligations to be liquidated against U S claims
Export-Import Bank securities not included elsewhere
Other .
To other official and private foreigners (table 2, line 55)
Seasonally adjusted
.. .
Associated with military sales contracts 6
Seasonally adjusted
- .
U.S. Government receipts from foreign governments (including principal repayments on
credits financing military sales contracts) , net of refunds
-Less U.S. Treasury securities issued in connection with prepayments for military purchases in
the United States (line B. 4)
Plus military sales contracts financed by U S Government credits 3 7 (line A 29)
Less U.S. Government receipts from principal repayments 3
Less transfers of goods and services (including transfers financed by credits) (table 2, line 3). ..
Associated with U.S. Government grants and capital flows increasing Government assets 8
(line A. 32)
Seasonally adjusted
Non-interest-bearing securities issued to IDA to IDB or to U N for special programs
Foreign funds retained in U.S. Government accounts for purchases in the United States
Other.
.
Other.
Seasonally adjusted.
German Government 10-year loan to U S Government
Associated with U.S. Government nonmilitary sales and miscellaneous operations
U.S. Treasury securities not included elsewhere 5
Export-Import Bank securities not included elsewhere
» Preliminary.
*Less than $500,000 (±).
1. The identification of transactions involving direct dollar outflow from the United States
is made in reports by the operating agency. However, such data for third and fourth quarters 1970 and for first quarter 1971 are only extrapolated estimates by OBE, because of incomplete reports from one operating agency.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency collected as principal, as recorded in lines A.6 and A.7.
3. Lines A.29 and A.31 include some short-term U.S. Government claims, collections of
W ic
^ £ ??e recorded in Une A.34. Collections of those short-term claims recorded in lines A.29
and B.14 are included in line B.15.
4. Consists of transfers of military goods and services financed by U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
1,913
102
1,806 -162
100
535
-30
-30
-30
-11 -111
32
648
-46
4
4
1,838
19
47
-4
66
-9
89
-18
85
17
16
11
8
13
27
25
9
36
209
194
160
179
182
140
201
169
26 -127
IS -91
88 -172
81 -180
-167
-138
-118
-125
370
319
41
63
-30
-286
-296
-259
-266
488
511
743
735
31 -133
70 -186
55
-5
77
-12
-30
-77
-96
-2
-8
-4
-14
-89
32
-30
-5
-1
105 -126
o
-10
-45
107
263 -436
-75
177 -470
-62
-68
-58
-64
-1
-100
2
75 -242
-2
-15
(*)
45
89
17
61
-48
-13
-37
-2
329
256
255
182
800
-3
-2
-28
-SO
-3
-5
-188
-263
-217
-292
-75
-88
-71
-84
267
208
322
298
593
207
213
176
-5
157
66
390
-1
162
87
381
-1
105
35
405
-4
104
107
338
-14
70
38
256
-89
101
138
488
o
129
32
303
2
-14
-30
-4
-4
-7
-7
-2
-2
8
-9
-9
-18
-18
-3
2
(*)
180
-13
(*)
100
-30
(*)
65
-4
(*)
-2
(*)
-10
3
35 -10
-18
i?4
55
125
(*)
75
25
(*)
(*)
75
-10
(*)
(*)
1
(*)
-9
(*)
(*) (*)
74 . -15
74 -16
75
-1 -15
(*)
8
8
-10
(*)
-2
36
82
-27
19
236
35
90
-255
-224
-223
-192
863
1
-5
(*)
-30 -11 -111
361
554
528
325
296
229
1,395 1,515 1,480
966 1,449
(*)
81
171
(*)
-70
8b
-14
-14
-5
62 ""246
50
117
475
434
-3
(*)
(*)
ti
-4
1
66
66
75
-9
(*)
1
-1
29
29
(*)
(*)
29
-4
-4
(*)
6. Transactions under military sales contracts are those in which the Defense Department
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.
7. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.16) 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.
8. Excludes liabilities associated with military sales contracts financed by U.S. Government credits and included in line B.ll.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
June 1971
41
Table 6.—Direct Investments and Securities Transactions
[Millions of dollars]
(Credits+; debits -)
Line
1968
1969
1969
1970
I
1
2
3
4
5
6
7
8
9
10
11
12
13
U.S. direct investments abroad (table 2, line 39) _
-3, 209 -3,254 -4, 445 -1,006 -1,194
Transactions with foreign incorporated affiliates
Intercompany accounts: short-term..
: long-term
Capital stock and other equity, net
Increase l .
. _
Decrease 2
Miscellaneous 3
..
-2, 079 -2, 987 -3, 496
-690
-203
.
569
-853
-312
-573
— 1, 432 -2, 099 -2,311
-1,800 -2, 407 -2, 619
_
.
..
Transactions with U.S. incorporated affiliatesIntercompany accounts
Capital stock and other equity, net.
Increase •2
.. .
.
Decrease .. _
.
.
21
22
.
_ .
58
59
60
61
62
63
64
65
66
525
—128
—389
—868
—452 —1,060
63
—25
192
—18
na
n a.
na
na
na
na
na
na
—122
420
—195
—666
—113
25
-128
—303
-383
-192
-527
-335
-248
-84
-38
—226
-436
-239
174
122
-10
-110
—745
-409
-897
—268
—889
— 41
n. a.
na
na
n a.
308
308
119
-42
16
-18
159
-28
15
—79
38
-62
—401
-60
—408
-698
-407
—104
-177
—122
86
—251
832
969
246
164
152
270
486
105
218
160
50
319
1
318
426
794
273
521
538
-17
933
191
742
750
-8
242
110
132
133
-1
177
105
72
76
-4
109
72
37
49
-12
266
-14
280
280
(*)
490
53
437
442
-5
113
43
70
70
(*)
191
53
138
141
-3
139
42
97
97
(*)
58
22
36
37
-1
-108
(*)
38
36
4
-13
43
4
-4
-8
27
21
—8
567
611
153
142
88
189
196
101
199
15
14
Foreign securities, net U.S. purchases (-), balance of payments basis (table 2,
line 40, or lines 27 -f 38 below)
....
-1,226 -1,494
-942
-365
-499
-506
-125
-210
93
38
-67
-56
-9
-299
-105
-57
-22
87
—5
-20
9
-26
5
-S3
—130
-63
-3
—23
-82
-11
72
-15
-15
87
56
48
7
-24
35
-92
-130
-83
-71
35
27
-7
17
-2
38
30
5
o
5
-83
—5
-66
-10
-2
-71
29
-44
-52
-4
-259
-5
—1
-255
-318
-148
-94
-76
-309
-291
-460
-181
81
-18
-31
4
4
5
122
47
34
25
-1
-11
628
-
Of which' manufacturing affiliates *
-28
bonds, net, Treasury basis 5
less: recorded in line 1 as U.S. direct investments abroad
plus' other adjustments
Bonds, net, balance of payments basis
. .
Newly issued in the U.S
Canada..
Latin America
Other countries
International
Redemptions of U.S.-held foreign bonds 7
Other transactions in outstanding bonds 7- - . Canada
Western Europe 6
Japan
Other
54
55
56
57
— 1 532
—489
—259
.
35
36
37
38
3P
40
41
4?.
43
44
45
46
47
48
49
51
—464
-634
-232
12
-307
stocks, net, Treasury basis 5
...
_. _ .
less: recorded in line 1 as U.S. direct investments abroad
plus' exchange of stock associated with direct investments in the U.S
plus: other adjustments
Stocks, net, balance of payments basis
Newly issued in the United States
of which' Canada
Other foreign stocks -.
.Canada
Western Europe 6
Japan
Other
.
,
52
53
—747
-995
-232
-141
-561
-599
-949
..
?3
?4
25
26
27
28
29
30
31
3?,
33
34
50
IV
319
.
Branch accounts
—1 573 -1,662
-535 -1, 378
-817
321
-751
-289
—182
71
—55
—493
-899
-328
-344 -1,058
-508
IP
III
-267
Foreign direct investments in the U.S. (table 2, line 48)
?0
-115
II
-76
-388
—440
—1,281
—934 -1, 538
—1, 164 -1,360
—945
-598 -1,080 -1, 159
_
iq
—939
I
-184
-1, 130
15
16
17
18
-31
IV
-112
-363
14
-179
-464
-478
-935
-203
—282
-408
-527
-699
III
1971
14
-25
368
Branch accounts
By industry of foreign affiliate: *
Mining and smelting
Petroleum
Manufacturing
Other _ . .
..-
II
1970
—3
—1
-153
—84
-39
-69
—g
-32
-2
-27
-1,380
-295
12
-1,073
-1,628
-918
-144
-176
-390
546
9
44
-1
8
-41
..
.
-314
-165
-
U.S. securities other than Treasury issues, net foreign purchases (+), balance
of payments basis (table 2, line 49, or lines 54 -f- 61 below)
stocks, net, Treasury basis
5
-
Stocks, net, balance of payments basis
Canada
_. .
Western Europe e
Other.
._..
_
-69
-19
-178
-467
-156
-143
-311
-145
-21
10
-294
-6
-68
-15
77
108
-20
12
-23
-1,026
-988
-59
-17
—18
-874
-1,028
-1,512 -1,311
-760
-1, 127
-32
-117
-193
-189
-164
-241
434
478
3
6
-55
-61
80
47
2
19
-7
-15
4,389
- .
plus: exchange of stock associated with U.S. direct investments abroad.,
plus: other adjustments
-517
8
3,112
2,190
2 ,270
90
1,487
127
8 -48
1,565
623
—864
... 2,096
...
418
79
-5
—1
-48
-56
-56
8
32
4
-11
-17
-5
-294
-50
-50
-244
-104
-51
-98
9
20
-38
-91
-301
-243
-281
-418
-314
-11
183
28
4
30
-3
-3
-8
-47
-49
127
10
-10
16
3
1
58
-99
-58
(*)
-41
(*)
125
32
(*)
34
6
-8
-356
41
1
-396
-476
-241
-15
-28
-192
101
-21
-14
-6
6
-7
365
396
963
304
374
720
792
125
155
14
479
-97
60
12
-1
472
19
2
-77
-19
387
7
-8
386
8
326
52
-318
-505
-327
-205
-227
-161
-12
6
-4
-62
-115
130
57
-5
39
(*)
23
1,388
727
25
1
-34
-13
-13
-21
33
31
-89
4
-338
-223
-16
-47
-91
-37
-24
-54
18
26
-96
-2
-337
-88
8
-295
-3
-26
-33
—19
-488
85
-63
-31
-13
4
-23
28
-1
—480
-5
1
-414
-478
-397
-1
-32
-49
80
-16
-29
24
-11
-47
8 -47
-57
-133
4
-94
-362
-15
3
-6
-62
-211
73
e
-4
75
-16
52
39
1,362
1, 117
286
697
-8
554
151
1,964
bonds, net, Treasury basis 5
plus: proceeds obtained by U.S. parents from securities issued by
319
Netherlands Antilles finance subsidiaries
9
plus* other adjustments
1,195
945
462
186
174
374
308
208
225
202
3^8
292
59
468
82
22
5
213
152
95
50
3
227
218
114
84
70
27
471
258
187
71
77
5
390
163
127
188
72
468
267
238
114
-5
334
193
136
27
89
10
301
199
110
27
204
-43
104
61
-52
134
79
94
133
94
107
86
55
50
52
128
32
Bonds, net, balance of payments basis
New issues sold abroad by U.S. corporations 9
of which denominated in: Dollars
...
' German marks
Nonguaranteed U.S. Government agency bonds, investments by
International and Regional organizations
Other transactions in U.S. bonds
316
146
510
96
152
22
46
84
2,292
2,129
1,764
274
1,547
1,029
708
217
822
611
54
150
24
636
401
312
62
118
45
336
182
324
347
184
51
v Preliminary.
"Less than $500,000 (±). n.a. Not available.
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Total and partial sales and liquidations of capital stock and other equity holdings.
3. Includes security issues placed with interests in the United States other than the parent,
the amortization of these security issues, and verified transactions of non-reporters not classified by type of transaction.
4. Mining and smelting includes the exploration and development of mining properties,
the extraction of raw ores and the processing necessary for basic refined metals. Petroleum
includes the exploration, development, and production of crude oil and gas, and the transportation, refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing excludes petroleum refining and the smelting operations of mining companies.
"Other" industries includes all industries except those previously listed, the major ones
being agriculture, public utilities, transportation, trade, insurance, finance and services.
161
752
1,493
169
-12
171
10
492
6
390
96
-86
-93
-21
28
491
76
325
90
552
392
365
5. As published in Treasury Bulletin.
6. Includes United Kingdom, European Economic Community and other Western European countries.
7. Redemptions measure scheduled retirements and identifiable premature retirements of
U.S.-held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45,
this table.
8. Includes major transactions recorded in table 2, line 48, foreign direct investments in the
United States.
9. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
42
June 1971
Table 7.—Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns
[Millions of dollars]
Line
A.
19 ro
19 39
(Credits (+): increase in U.S. liabilities or decrease in U.S. assets.
Debits (— ): decrease in U.S. liabilities or increase in U.S. assets.)
1968
1970
1969
I
II
III
IV
I
II
Amounts
outstanding
March 31,
I»
1971
1971
in
IV
Claims reported by U.S. banks:
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
B.
Long-term (table 2, line 41) 99
358
Short-term, nonliquid (table 2, line 42)
Payable in dollars
Loans
Acceptance credits
Collections outstanding
Canada
Western Europe 1 _ _ _ Japan
Other
_ ...
... .
..
-44
-38
-16
159
-181
8
58
50
-154
. -
,.
Payable in foreign currencies
Of which Canada
-6
(*)
Short-term, liquid (table 2, line 43)
Payable in dollars
Of which Canada
183
133
19
131
34
24
49
22
88
35
3,032
-658 -1,015
-b52 -923
240
-116
-315 -764
-221 -399
-85
-51
3
-216
—243 -467
-108 -408
118
13ti
-41
78
99
-13
6
58
85
-543
-527
-119
-291
-117
-47
-105
-172
-203
236
217
232
94
-109
24
-19
53
159
-469
-478
-188
-196
-94
-49
-98
-182
-149
13
4
-12
158
-142
26
-50
142
-114
-461
-457
-26
-243
-188
-47
2
-221
-191
275
280
86
231
-37
24
2
179
75
-842
-750
192
-910
-32
-54
49
-567
-178
90
20
42
-60
38
-51
-252
403
-80
9,494
9,398
2,996
4,026
2,376
440
1,326
3,379
4,253
-92
-83
—18
-10
-16
-8
19
21
9
-3
9
1
-4
1
-5
—9
—92
—76
70
61
96
32
317
—6
(*>
-61
—42
30
-209
—149
—161
-119
-76
-36
-41
—59
-94
-45
42
44
19
-20
-1
-142
-112
-110
240
148
97
-135
-87
-67
-6
2
9
-218
—139
-75
28
11
39
1,189
721
321
-19
-49
30
26
-60
—16
-44
-40
-43
-40
-3
-87
18
69
-51
-32
-87
-67
-20
-47
39
-20
59
61
-30
2
-32
-22
92
52
40
50
-48
-14
-34
-50
-8
-51
43
-15
-79
-27
-52
-72
17
27
-10
17
468
365
103
224
...... -220
-424
-577
-82
-80
-13
-249
-381
-13
-129
-54
-8
3,172
-66
38
-104
-92
14
-15
-15
-11
-65
11
-21
32
-33
12
-40
22
-9
-18
-262
-76
-186
-178
-42
11
-24
-14
-109
48
-35
83
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
2,991
314
2,677
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
..
Payable in foreign currencies... . _. _ ..
.......
Deposits
Foreign government obligations and commerical and finance paper
Of which Canada ..
.
. ..
Claims reported by U.S. nonbanking concerns:
1
Long-term (table 2, line 44) . _
. .....
2
3
4
5
6
7
8
9
10
Short-term, nonliquid (table 2, line 45)
Reported by brokerage concerns
Reported by others
Of which Payable in dollars
Canada ...
United Kingdom
... .
European Economic Community
Japan
Other. . .
11
12
13
14
15
16
17
Short-term, liquid (table 2, line 46)
.. .. .
Payable in dollars
Deposits (of major U.S. corporations only)
Other claims (of major U.S. corporations only)... .
Canada
United Kingdom
Other
18
19
20
21
22
-484
. . . -210
-274
-252
-8
.. -73
-22
-32
^117
-363
i
-362
-455
-58
-66
-39
-74
-218
136
115
21
34
-5
11
20
8
-105
-4
-101
-107
-10
-27
-27
-15
-28
54
100
-46
-54
-14
-7
-14
-10
-9
-498
-321
-367
46
.. ..
43
-313
51
333
238
268
-30
-162
339
61
392
434
406
28
145
297
—8
-254
-192
-168
-24
-93
-108
9
90
118
131
-13
-30
116
32
194
148
124
24
81
37
30
304
164
181
-17
-120
294
—10
-8
-51
-26
-25
203
-206
—48
-20
21
10
11
-32
116
-63
63
143
152
-9
7
81
55
357
321
270
51
-33
306
48
-286
-255
-245
-10
58
-223
-90
1,326
1,006
864
142
220
565
221
-177
—165
-12
-24
-153
95
147
-52
-15
110
-42
13
-55
-39
-3
-62
10
-72
-90
28
-28
-71
43
61
-79
46
43
3
139
165
-26
15
124
43
25
18
16
27
-41
-15
-26
-29
-12
-80
-63
-17
-66
-14
36
66
-30
40
-4
-27
-4
-23
-12
-15
320
176
144
151
169
43
258
-136
-828
122
84
-67
-126
-20
-58
44
-103
-137
163
57
-30
38
31
-58
—48
47
40
44
158
661
72
79
160
112
16
-102
21
9
128
103
7
2
19
-44
22
15
-32
-75
-149
-156
852
631
715
... . .
-35
230
—265
—194
-26
-29
-57
-26
-56
701
1 153
156
59
145
341
79
343
227
504
86
3,604
759
325
434
398
—27
429
—4
91
-202
293
290
35
131
124
830
-85
915
932
—2
702
232
-83
-83
80
13
67
108
15
10
83
113
-99
212
214
27
169
18
-19
-33
14
-24
10
-39
5
93
-66
159
115
-10
130
-5
166
-34
200
164
2
88
74
209
-43
253
244
5
139
100
362
58
304
409
1
345
63
-70
162
-232
N.A.
N.A.
N.A.
N.A.
3,320
511
2,809
N.A.
N.A.
N.A.
N.A.
Payable in foreign currencies
. . . .
Deposits
Other claims (of major U.S. corporations only)
Canada..
. .
Other.
9
37
-121
-46
19
58
-139 -104
-67 -152
3
-42
-6
-22
-36
-22
-9
-40
-19 -26
Memorandum:
23
24
C.
U.S. -dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line B.
As reported in Canadian banking statistics
_
. _. -
Nonliquid liabilities to private foreigners reported by U.S. banks:
1
2
D.
Long-term (table 2, line 52)
.
. .
Of which International and regional organizations ... _.
...
-6
(*)
17
(*)
Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns :
1
Long-term (table 2, line 50)
2
3
4
5
6
7
8
Short-term (table 2, line 51)
Reported by brokerage concerns
Reported by others
Of which Payable in dollars
Canada. .. .
Western Europe L
Other
.
. . .
» Preliminary.
*Less than $500,000 (±).
N.A. Not available.
1. Includes United Kingdom, European Economic Community and other Western European countries, r.
-8
—17
—9
18
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
iSUKVEY OF CURRENT BUSINESS
June 1971
43
Table 8.—U.S. Liquid Liabilities to All Foreigners, Nonliquid Liabilities to Foreign Official Reserve Agencies, and U.S. Official Reserve
Assets, Net
[Millions of dollars]
19 ro
19 39
Line
(Credit (+)' increase in U.S. liabilities or demase in U.S. assets.
Debit (— ): decrease in U.S. liabilities or increase in U.S. assets.) 1968
1 Liquid liabilities to all foreigners (table 2, lines 56, 57)
2
3
3a
4
5
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
• 1
IV
in
II
IV
1,316
4,113
3,612
-896
1,072
3,024
4,651
1,377
-390
-1,692
9,166 -6, 507
3,134
4,714
1,511
-193 -1, 683
4,684
1 806
272 -1 ,868
—441 -1 ,815 — * ,888 -8 ,025
(
} 8,887 { 6,968 -6 ,848
-164
2,208
..
...
8,168
4,527
1 ,112 -1 ,889 -1 ,291
-892
8S9
1,646
-157 -1 ,528 -S ,872 -1 ,905
-89
—111
-940
878
4,813
9 ,969
6, 371 -4, 383
-665
715
-10
-6
2,090 -1, 463
2,020
195
12
907
3,835
183
-7
703
645
429
-10
447
-677 -1,779 -3, 914
-559
44
-446
10
-3
-9
-509 -1, 126
1,505
8,447
889
24
4,922
9
2,611
131
—99
744
-29
187
408
836
-939
2,252
45, 529
-131 -1,213 -3,206 -2, 507
20, 138
-196
14, 282
-1,145 -3, 483 -2, 845
-129 -2, 042
-40
-92
1
-5
33
398
115
-100
5
-216
-66
142
-124
82
79
268
1,110
-3
-11
-10
15
-4
20
4
8
73
164
31
115
110
242
140
491
-63
179
-88
82
1
-8
—11
-29
7
72
1
-21
6
-16
-14
11
-4
-3
24
48
216
-162
1
-150
11
116
-33
-25
158
-183
-1
116
3
10
79
10
1
1
20
1
-80
86
(*)
-16
-137
2
25
-15
-6
98
33
-21
51
375
-441
86
-22
-145
-143
-131
-151
189
-150
198
70
4,746
104
144
-88
—388
24
-94
-46
-37
38
-170
-13
-188
-67
7
57
-18b
2
76
-116
-54
81
70
-11
26
1,723
1,865
6
61
70
21
64
-50
24
110
22
18
30
13
1
-39
25
2
76
-20
(*)
-3
-68
-18
-53
49
32
60
19
-7
31
-4
17
72
-42
-2
34
23
129
673
356
Liquid liabilities to foreign official agencies (table 2, line 57) . .
-3,101
-517
7,619
-1,708
-538
2,235
-506
2,764
539
2,049
2,267
4,759
25,391
—3 098
-506
8,072 -1, 709
-535
2,244
-506
2,773
539
2,472
2,288
4,766
24,832
94
—559
-231
1,052
-291
-384
-137
-23
25
111
-44
132
-75
832
-471
461
-27
63
-53
-35
260
-873
-69
-321
1,560
2,246
9,456 -1, 344
9,510 -1 ,269
—5A
—75
-39
-3
-126
-25
-398
1,920 -2, 081
2,076 -2,051
—166
—30
-67
-9
-212
84
25
-212
109
1,097
161
2,145
8,146
3,121
3,213
8,121
3,213
4,767
4,515
262
5
(*)
18, 269
17,869
-3
-126
977
1,081
-54
17
(*)
-126
787
(*)
-491
48
Demand deposits .
Time deposits 2.
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 2 3
...
.. .
To other private foreign residents and unallocated
Demand deposits
. .
Time deposits 2
U.S. Treasury obligations:
Bills and certificates .
...
Bonds and notes
_
Other obligations 2 3
..
..
.
To central banks and governments
Demand deposits
_.
Time deposits 2.
U.S. Treasury obligations:
Bills and certificates
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
Other obligations 2 3
—2 188 -1,903
-2, 499 -1 ,642
—261
811
-79
-379
-163
-10
25
.
-10
-188
818
—56
To International Monetary Fund *
Nonliquid liabilities to foreign official reserve agencies (table 2,
lines 53 and 54)
Reported by U.S. banks 5 (table 2, line 53)
Reported by U.S. Government (table 2, line 54)
Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the
40
41
To Canada:
In connection with Columbia River power rights
Other
42
43
To Germany
To other countries
44
Export-Import Bank obligations
45
U.S. official reserve assets, net (table 2, line 58)
Gold (table 2, line 59)
SDR (table 2, line 60)
Convertible currencies (table 2, line 61)
Gold tranche position in IMF (table 2, line 62) _
(*)
-10
-10
-544
-25
—177
-263
-126
400
349
429
20
(*)
-73
(*)
(*)
-581
(*)
-239
(*)
384
1,979
-423
-21
-7
559
429
—11
—453
1
-3
—9
2 340
534
-998
-836
-275
-810
45
-43
-367
-195
-508
-390
-167
-208
-413
-154
508
-235
-238
-233
-133
-188
-218
-216
3,546
479
1 806
-162
535
88
-172
-118
41
-259
743
-5
55
-2
3,067
—30
—11
—111
—5
—1
—1
—4
-14
-89
-3
-5
25
—30
1 050
—30
—175
—30
1 190
-30
75
300
800
-30
90
24
2,265
601
187
249
120
—542
125
20
124
28
—74
—4
—12
—45
—250
-9
-880 -1, 187
1 173
-967
814
—1 183
-870 -1, 034
2,477
787
—851
2,152
389
542
167
—542
100
—17
(*)
-2
(*)
-2
-2
12
145
109
-592
373
255
14,342
10, 963
1,443
256
1,680
32
32
32
» Preliminary.
*Less than $500,000 (±).
1 Through April 1970 data for foreign branches of U.S. banks are estimates which were
derived from weekly and daily figures compiled by the Federal Reserve System. Beginning
in May 1970 these data are reported monthly by U.S. banks and include custody items held by
reporting banks on behalf of their own foreign branches. Included in the custody items are
$1.5 billion of special Export-Import Bank securities (nonguaranteed U.S. Government
agency securities with a maturity of 3 months) held for foreign branches ($1.0 billion beginning January 1971, plus $0.5 billion beginning March 1971).
2 With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included with "other obligations."
-398
—3
U.S. Treasury obligations to Germany to be liquidated
against U S claims
46
47
48
49
50
III
9,954
To foreign branches of U,S bankt 1
To others.
10
II
3,387
To international and regional organizations
16
1,377
Seasonally adjusted
Demand deposits.
Time deposits 2
U.S. Treasury bills2and certificates
Other obligations 1 3.
13
14
15
8,145
I
Amounts
outstanding
March 31,
1971
1971
I »
8,662 -6,242
709
.
6
7
8
9
11
12
1970
3,810
Liquid liabilities to private foreigners (table 2, line 66)
To foreign commercial banks
19o9
-48
56
-299
-317
-686
-11
-154
-695
-73
-31
246
-228
-442
-233
1,083
-542
-386
-44
-920
831
-253
1,022
14
-37
818
227
801
395
-34
34
406
1,040
422
140
469
9
3 Includes nonguaranteed U.S. Government agency securities with a maturity of 1 year
4 Includes liabilities of U.S. monetary authorities for gold deposited by and held for the
IMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the IM*
to the United States to acquire income-earning assets. Upon termination of investment, the
same quantity of gold can be reacquired by the IMF.
.
5 Includes, in addition to foreign official reserve agencies, other foreign official agencies.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
(SURVEY OF CURRENT BUSINESS
44
June 1971
Table 9.—U.S. International
[Millions
1968
1 Exports of goods and services
2
3
4
5
6
7
8
9
10
11
12
13
2
. _. _ .
..
15
Imports of goods and services.. . ~-
-.
.
Merchandise adjusted excluding military 3
Direct defense expenditures
Travel
Passenger fares
.
- -- ..
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U S Government payments for miscellaneous services
24
25
26
27
28
._. . .
__
-
-..
Repayments on credits:
Scheduled
Nonscheduled 5
Claims reported by U.S. banks:
Long-term
Short-term nonliQiiid
Short-term liquid
-
-
--
-
--
3,287
152
101
49
595
35
70
91
227
332
194
250
249
375
200
167
317
435
113
45
353
460
130
67
393
774
169
90
99
196
112
110
130
246
123
113
140
229
131
99
(*)
-1
-2
362
297
231
-4,556
-4,716
-8,853
-9,211
-10,607
-4,045
-4,374
-4,872
-2, 112
-208
-229
-260
-238
-41
-198
-14
-2, 216
-228
-293
-282
-272
-38
-215
-14
-5,916
-1,087
-400
-285
-393
-47
-41
-67
-5,828
-1, 172
-454
-349
-395
-52
-45
-69
-6, 651
-1,285
-542
-395
-446
-54
-51
-71
-2, 212
-277
-327
-188
-439
-12
-26
-44
-2, 272
-249
-392
-232
-462
-14
-25
-55
-2, 408
-261
-475
-265
-512
-13
-30
-57
-26
-159
-1,038
-34
-19
-164
-937
-37
(*)
-111
-244
-265
-2
-132
-450
-262
-2
-132
-585
-393
-9
-48
-364
-98
-13
-57
-507
-97
-21
-67
-647
-117
1
2
<*)
-49
-20
-5
-22
-28
-1
-93
74
(*)
-95
90
1
(*)
-17
-28
(*)
-52
-18
-34
(*)
-362
-297
-231
-21
-270
-249
-247
<?«*
87
-37
-91
-142
-35
-80
-135
-29
-91
-128
-174
13
131
70
-193
165
-117
-81
-94
-178
-29
-52
-11
-101
-8
-126
6
-67
15
-249
3
-232
-9
-262
-7
173
46
193
40
139
59
-131
118
99
128
1
156
4
173
3
-291
-489
-413
-518
-1,236
-73
-182
-244
-363
-79
-316
-164
-642
-175
-438
64
-660
254
-971
48
-200
-1
-233
54
-291
69
1
-58
-42
-4
13
16
121
52
-30
23
-128
11
-52
19
10
121
89
-1
38
-32
3
51
-35
-7
-104
-97
-367
-4
-83
374
6
-20
317
-5
-79
-98
-74
-19
75
-265
-37
12
-39
-32
-10
-53
-3
2,572
5,441
-3,845
114
528
86
82
319
120
Long-term liabilities to all foreigners reported by U.S banks
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
_ _ _ . . _ _ .-.-.,
- - -
Foreign capital flows, net
50
51
U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking
concerns:
Long-term.
..
Short-term
U.S. liquid liabilities to all foreigners
-
.
.
58
59
60
61
62
Transactions in U.S. official reserve assets, net
Gold
SDR
..
.
Convertible currencies
Gold tranche position in IMF
63
Errors and omissions, and transfers of funds between foreign areas, net
-»}
-527
-29
1,618
100
807
70
414
133
207
118
170
124
-68
113
-49
-1
127
(*)
-8
1
602
44
138
255
-621
-19
16
33
-25
-14
-4
-1
-5,749
-1,489
-1,077
7,753
-65
1,179
-1,071
1,847
-755
-315
-517
-749
535
179
367
149
-304
-220
-25
26
662
1,847
-440
232
356
218
-84
-51
-5,063
2,832
517
-358
-8,538
-1,577
-1,244
1,030
1,632
512
253
212
1,302
363
1,392
109
887
112
-36
773
487
271
363
411
152
-16
46
-9
-3
-120
-112
1,517
5,271
-126
835
662
-961
-903
1,861
Allocations of special drawing rights (SDR)
64
-.- - - -.
%
2,096
8,576
1,302
-11
Direct investments in the United States *
U.S. securities other than Treasury issues
56+57
4,979
2,750
175
83
45
505
36
66
68
-12
-75
1
- - -
48
49
54
55
4,338
2,513
124
69
37
457
30
60
47
-1,096
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
- - - Short-term liquid
52+53
3,854
8,369
270
166
95
485
168
118
27
70
--
- - - - -
44
45
46
11,125
6,873
395
138
83
410
140
97
23
-255
11
.-
41
42
43
47
. ..
.
Loans and other long-term assets
Foreign currencies and other short-term assets
Direct investments abroad *
Foreign securities -
9,170
6,066
363
115
73
401
116
79
27
-46
U S. Government grants (excluding military grants)
U S Government pensions and other transfers
Private remittances and other transfers
U.S. private capital flows, net
8,151
2,518
177
51
70
305
67
92
18
-21
-149
-385
-49
...
Unilateral transfers (excluding military grants), net
39
40
4,289
2,025
293
43
64
256
68
79
16
-2, 075
-173
-198
-222
-237
-35
-165
-14
. . ..
U.S. military grants of goods and services, net
29
38
1970
1969
-3,723
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4 _
Other private liabilities
. . . . _ . _ ... .
U S Government liabilities
36
37
1968
3,847
—1
..
16
17
18
19
20
21
22
23
U.S. Government capital flows, net.
1970
1969
213
275
159
130
.
Transfers of goods and services under U.S. military grant programs, net
33
1968
1,959
291
42
59
230
57
62
19
.-._
.
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties.
Direct investment interest, dividends and branch earnings *
Other private assets
U.S Government assets .. _.
...
34
35
1970
1969
Other Western Europe
3,495
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
- Passenger fares
Other transportation
_
_Fees and royalties from unaffiliated foreigners
Other private services
U S Government miscellaneous services
14
30
31
32
European Economic
Community
United Kingdom
(Credits +; debits -)
Line
-SURVEY OF CURRENT BUSINESS
June 1971
45
Transactions, by Area
of dollars]
Latin American Republics and Other
Western Hemisphere
Canada
Eastern Europe
Other countries In
Asia and Africa
International organizations and unallocated
1969
1970
1968
1969
1970
1968
1969
3,848
4,530
5,914
2,098
2,055
2,473
8,619
9,123
10, 136
2,959
31
51
34
215
134
27
11
3,503
18
67
37
250
158
33
26
4,648
25
101
70
303
201
36
23
1,384
179
40
37
60
21
31
1
1,354
103
36
36
51
23
36
1
1,581
168
41
47
61
24
36
1
5,056
306
53
29
464
19
199
165
5,006
457
69
34
508
20
207
165
5,671
612
95
56
572
24
179
151
321
1,081
553
164
64
60
227
36
73
70
264
32
87
94
297
29
118
160
49
18
128
214
50
24
145
293
53
25
141
1,730
185
272
147
1,997
232
280
165
2,034
266
310
25
-1
380
426
1970
1968
1969
1970
1968
10,953
12, 161
12,491
8,904
9,343
10,395
13
3
18
2
8,157
39
650
7
170
34
102
8
9,193
45
815
7
163
31
105
6
9,044
35
885
8
191
30
124
7
5,274
63
755
135
333
45
181
74
5,533
29
807
144
310
44
212
72
6,494
41
879
155
360
48
232
67
7
8
294
351
634
7
302
762
731
1
357
972
836
1
283
1,218
406
137
302
1,277
462
152
64
36
1968
1969
265
302
220
253
368
11
4
16
2
11
3
17
2
3
9
4
13
-240
-234
-259 -10,502 -12,041 -12,999 -7,204 -7,528 -8,407 -5,184 -6,266 -7,416 -1,101 -1,273 -1,367 -6,568 -7,281 -7,754
-205
-1
-15
-199
-1
-19
-218
-1
-24
-8,592
-285
-820
-9
(*)
(*)
-8
-6
(*)
(*)
-8
-6
(*)
-203
-4
-85
-66
-1
(*)
-1
(*)
-1
(*)
-47
-63
-249
-89
-56
-48
-355
-99
-62
-39
-378
-174
(*)
-234
-17
-64
-36
-25
1
-30
-21
-30
-19
-73
-88
-467
-462
-522
-38
-15
-6
-10
-3
-7
-11
-9
-8
-13
-37
19
-4i
-32
-53
-35
-254
-35
-179
-221
-40
-201
-262
-43
-217
10
32
6
24
-4
-7
-681
-554
-507
101
-20
12
-10
16
-48
20
-4
-3
-5
2
-10
(*)
-992
20
-876
3
-844
-6
-133
-12
18
26
34
31
316
343
2 . (*>
146
100
130
92
121
1970
419
-8
(*)
-3
-17
-12
(*)
(*)
-9, 992 -10,720 -5, 137 -5,215 -5,913 -4,069 -4, 893 -5,894
-296
-253
-187
-177
-169
-651
-580
-670
-900 -1, 049 -1,042 -1, 145 -1, 200
-60
-70
-97
-65
-54
-70
-45
-60
-70
-183
-201
-201
-236
-194
-244
-226
-271
-4
-4
-4
-4
-4
-4
-4
-4
-164
-134
-146
-16
-100
-110
-11
-19
-16
-169
-163
-171
-19
-21
-10
-10
(*)
2
289
3
-12
-375
-18
Line
358
1969
1968
Australia, New Zealand
and South Africa
Japan
-22
-446
-14
-3
-15
-149
-37
(*)
-8
-30
-4
-9
-225
-78
-4
-17
-261
-87
(*)
-924 -1,059 -1, 125 -3, 782 -4, 260 -4, 725
-42
-48 -1,913 -2,061 -1,936
-33
-40
-25
-28
-135
-153
-233
-41
-55
-44
-50
-29
-47
-30
-30
-34
-222
-213
-234
-1
(*)
(*)
(*)
(*)
(*)
-6
-3
-5
-13
-19
-24
-26
-25
-23
-245
-247
-249
(*)
-38
(*)
-9
-29
1970
1969
435
1970
731
684
1
2
3
4
5
6
7
8
9
192
197
3
221
116
133
163
17
48
61
1
20
301
79
1
23
174
85
15
-714
-825
-1
-163
-61
-2
-211
-74
<3»
-70
-426
10
11
12
13
14
-915
15
-52
-16
-418
-26
-508
-31
-578
-108
-98
-iio
16
17
18
19
20
21
22
23
-41
-80
-84
-108
-75
-121
24
25
26
27
-2
-1
-25
-10
-380
-43
1968
-358
(*)
-13
-7
(*)
-24
-8
-18
-22
-23 -1,845 -1,856 -1,971
-123
-134
-155
29
-123
-134
-3
-18
-1,277 -1,251 -1,283
-4
-116
-125
-115
-19
-452
-563
-491
-155
30
31
32
28
-10
-33
-3
-15
6
62
-168
-44
-56 -1,285 -1,325 -1,240
-48
-43
-53
33
-140
16
-161
9
-224
-2
-115
-3
-143 -1,681 -1,748 -1,640
1
42
-48
88
-53
-48
-58
34
35
58
74
86
328
26
430
19
5
5
5
36
37
(*)
343
-9
-1,416
-2,244
-1,591
-917
-416 -1,443
7
-618
-650
-185
-79
-273
-909
-694
-564
-379
-365
-385
38
-625
-692
-671
-1,122
-915
-475
-677
-186
-375
-72
-601
-135
-78
8
-89
-297
-132
31
-169
3
-160
23
-270
12
-468
-156
-430
-124
-397
-157
-191
-188
-320
-45
-226
-159
39
40
52
4
-7
(*)
(*)
(*)
41
42
43
(*)
(*)
(*)
-3
(*)
6
-12
(*)
1
-12
(*)
-1
8
56
20
-85
-201
96
-134
-123
181
-144
-38
47
67
17
12
-377
-11
58
50
-9
34
-244
16
-26
-466
8
34
-16
-5
53
-1
4
53
-27
-144
-5
-35
95
-165
-17
(*)
(*)
Hi
-1
-98
-84
20
-77
69
-177
-108
-15
83
79
-98
-34
-134
23
12
-177
-127
-27
(*)
-33
10
-13
-32
7
2
-74
7
-23
(*)
-9
-1
-9)
13)
-16
-20<
-30
-62
-9
-68
-1
16
8
12
1,239
1,286
1,413
832
831
-520
1,005
569
1,101
25
172
119
358
-112
-26
486
243
197
233
123
-10
186
11
165
39
66
60
2
-34
5
3
12
8
61
15
1
-14
2
129
1
72
2
102
-7
25
-7
-30
9
-29
14
55
40
2
84
106
(*)
25
11
46
18
1
-2
-12
3
18
13
32
2
12
7
8
10
71
2
95
-330
-114
214
-2
-269
17
-1
-8
270
-505
-458
28
125
-66 52+53
1,160
-11
-75
-27
520
12
931
-22
-679
-4
708
22
521
-2
1,338
-15
48
-21
46
29
-38
133
183
28
-263
-70
55
320
-230
89
55
-120
54
55
-370 56+57
65
65
44
44
131
131
119
119
2
2
1
1
11
11
432
432
-33
-33
165
165
3
(*)
1
-1
4
(*)
2
(*)
9
(
1,020
-5
-255
-205
7
1,082
-50
-50
(*)
1
4
(*)
4
-414
(*)
\
(*)
(*)
44
45
46
-15
} -4
213
130
(*)
384
379
-90
47
346
48
49
50
51
(*)
-815 -1,044
65
-10
-870 -1, 034
-306
156
-851
389
58
59
60
61
62
867
-5
-71
-135
-230
910
782
-533 -1,258
873
261
1,817
913
-652
-810
-887
1,197
2,179
1,643
1,431
1,295
63
355
64
SURVEY OF CURRENT BUSINESS
46
June 1971
Table 9.—-U.S. International Transactions,
[Millions of
United Kingdom
1970
(Credits +; debits -) 1
Line
I
1
2
3
4
5
6
7
8
9
European Economic Community
Exports of goods and services 2
II
1971
III
1970
1971
IV
IP
I
II
III
IV
IP
967
Merchandise, adjusted, excluding military __ . Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation . .
.
......
- .
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
-..-......
10
11
12
13
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets. _
U.S. Government assets
.
......
14
Imports of goods and services
978
1,239
1,023
2,653
2,924
2,738
2,810
2,870
681
49
13
18
82
17
23
4
586
16
20
27
85
17
23
5
667
81
9
13
70
17
23
4
691
9
10
14
70
17
26
4
1,989
41
28
16
105
42
30
8
2,247
118
47
24
129
42
30
6
1,991
43
50
36
137
42
30
8
2,142
68
41
19
113
42
30
6
2,061
177
34
18
115
51
35
9
.48
88
52
30
68
68
55
28
60
82
48
9
73
136
45
100
51
84
39
8
87
246
41
21
101
102
44
33
95
241
42
24
110
186
43
12
94
224
38
14
-1,230
-1, 198
-1,134
-1,038
-2,337
-2,690
-2,820
-2,760
-2,798
-607
-56
-46
-51
-69
-9
-54
-557
-62
-26
-52
-66
-10
-58
-3
-1,544
-288
-48
-71
-104
-14
-13
-17
-1,663
-328
-162
-119
-111
-14
-13
-19
-1,641
-330
-261
-145
-117
-14
-13
-18
-1,803
-340
-71
-60
-114
-14
-13
-17
-1, 835
-347
-54
-78
-116
-15
-14
-18
(*)
-35
-153
-51
-2
-29
-142
-89
(*)
-34
-143
-105
-1
-34
-146
-149
-1
-31
-141
-149
(*)
(*)
Transfers of goods and services under U.S. military grant programs, net.
15
1,106
584
31
9
12
68
17
23
5
-1,153
3
. . . -
-
(*)
(*)
(*)
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures
.
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
._ .
. .
U.S. Government payments for miscellaneous services
-541
-66
-23
-48
-63
-9
-54
-3
-553
-53
-98
-93
-68
-9
-54
-4
-515
-53
-126
-90
-73
-9
-54
A
Q
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
. .. .
.. .
Direct investment interest, dividends and branch earnings 4
Other private liabilities
U.S. Government liabilities
-6
-55
-277
-9
-6
-33
-251
-8
-4
-37
-223
-10
-3
-39
-185
-11
-2
-57
-122
-24
-9
-14
-13
-14
-12
4
-6
-9
-9
-3
-4
-4
-6
-8
-5
-8
-6
-7
-7
-6
(*)
-23
27
-27
22
(*)
-30
20
(*)
-27
18
-27
24
-14
62
-11
95
-43
2
125
45
-7
-8
-10
-5
-17
19
-18
7
7
-32
-38
-7
-22
5
-14
-15
16
-16
-6
-25
-4
134
3
19
40
99
44
16
22
28
U.S. military grants of goods and services, net
29
Unilateral transfers (excluding military grants), net
30
31
32
33
(*)
...... -
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers.. .
Private remittances and other transfers
U.S. Government capital flows, net
.
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
59
38
U.S. private capitalflows,net .
-567
-16
-144
237
-558
-680
-445
-274
163
-577
39
40
Direct investments abroad 4
Foreign securities
.
-352
-7
-150
-7
-102
-128
-38
-33
-279
-38
-476
51
-410
34
-262
-6
177
-31
-553
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
-1
-40
30
2
37
-22
2
13
5
-7
3
3
-40
-72
-5
-25
7
42
-4
-35
12
-5
-30
(*)
-18
77
-44
-23
-38
20
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
..
Short-term, nonliquid- . .
Short-term, liquid _ .
-7
8
-198
-2
10
117
4
-22
84
11
-16
314
1
99
-224
-283
11
j
-16
-14
-12
-6
22
13
40
-56
18
19
3
-1
224
-2,910
-665
823
1,612
2,979
3,163
2,783
48
49
Direct investments in the United States *
U.S. securities other than Treasury issues
326
128
-22
-95
166
119
42
101
-33
91
-21
78
89
247
11
242
30
320
64
216
50
51
U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
Long-term
.
Short-term
39
156
134
118
242
20
358
193
-39
-11
51
-5
136
7
-66
55
12
150
26
-99
1
1
1
-12
9
14
56
2
55
-7
-21
-47
18
-63
10
-556
-18
-57
-69
-3
53
-5
15
-147
-1,599
-280
-341
-3, 529
-692
1,280
1,202
2,685
2,586
2,730
1,459
296
-377
469
306
476
433
158
25
20
159
476
413
1
-1,995
-3,092
-3,518
47
52+53
54
55
56+57
58
59
60
61
62
Foreign capital flows, net
-970
Long-term liabilities to all foreigners reported by U.S. banks .
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
U.S. liquid liabilities to all foreigners....
.
.
Transactions in U.S. official reserve assets, net
Gold
.
SDR.
Convertible currencies _ .
Gold tranche position in IMF
63
Errors and omissions, and transfers of funds between foreign areas, net. .
1,459
296
288
-14
-377
469
306
2,018
988
-532
-532
25
(*)
Allocations of special drawing rights (SDR)
64
-190
541
67
-2,292
SURVEY OF CURRENT BUSINESS
June 1971
47
by area—Continued
dollars]
Eastern Europe
Other Western Europe
1971
1970
I
II
1971
1970
I
IP
IV
III
Canada
1,255
1,257
1,147
1,320
837
35
27
13
155
9
18
16
726
26
30
16
162
9
18
25
872
47
23
11
144
9
18
33
895
26
25
10
145
9
19
26
31
67
32
22
38
50
35
26
33
42
31
28
39
70
33
23
85
32
59
-1,287
-1,324
-1,159
-571
-71
-54
-40
-117
-3
-8
-11
-604
-64
-148
-101
-126
-3
-8
-14
-576
-66
-226
-82
-138
o
-2
-16
-177
-31
-55
III
I»
IV
101
99
114
129
3,065
3,369
3,035
3,022
3,274
1
89
83
103
116
3
1
5
3
1
5
1
4
1
5
3
1
5
1
3
1
5
1
2,256
6
190
2
42
8
31
1
2,529
13
236
2
46
8
31
2,100
10
315
3
52
8
31
3
2,159
7
144
2
52
8
31
2
2,459
18
210
2
46
8
36
1
2
3
4
5
6
7
8
9
82
254
195
84
204
215
96
211
207
95
303
219
1
87
194
214
10
11
12
13
93
-1,102
II
Line
105
29
116
31
24
55
I
IP
1971
93
1,354
852
44
21
9
134
9
18
17
IV
III
II
1970
(*)
()
*
2
1
2
1
2
5
2
1
2
2
-1,126
-64
-63
-67
-65
-646
-69
-60
-45
-107
-4
-9
-11
-59
(*)
-1
-52
(*)
-49
(*)
-14
-58
j
-2
-8
-16
-657
-60
-47
-42
-130
-3
-8
-16
o""1
-1
()
*
-2
-2
(*)
-2
(*)
-5
-17
-170
-27
-7
-15
-159
-30
-7
-19
-142
-28
-2
-14
-127
-32
(*)
()
*
(*)
()
*
-85
-32
-59
-93
()
*
()
*
()
*
-64
-2,941
-3,344
-3,399
-3,315
-3,255
15
-57
(*)
-1
-2,565
-61
-85
-2, 801
-72
-233
-2, 520
-60
-571
-2,834
-60
-160
-2, 860
-53
-100
-3
-42
-1
-27
o
-50
-1
-28
-3
-55
-1
-28
<2
-54
-1
-28
—2
-48
-1
-31
-3
16
17
18
19
20
21
22
23
-14
-11
-103
-30
-15
-8
-91
-43
-16
-3
-92
-50
-17
-17
-93
-50
-15
-20
-75
-50
24
25
26
27
29
30
31
32
14
-2
-1
(*)
-2
-2
(*)
(*)
()
*
(*)
()
*
(*)
(*)
28
-55
-64
-65
-63
-59
-6
-6
-8
-10
-7
-24
-33
-6
-24
-35
-8
-24
-32
-4
-24
-31
-1
-2
-4
-1
-2
-3
-3
-2
-3
-4
-2
-4
-1
-2
-2
-49
-35
13
-23
-16
3
-5
10
-2
-80
-6
-75
-7
-40
5
-67
1
-70
8
-10
5
-15
7
-13
7
-11
2
(*)
-19
7
37
44
3
48
44
47
8
3
16
7
-76
-103
-381
-10
2
2
-6
-22
-33
-22
-11
()
*
-4
-14
-8
-13
-20
-14
-7
-13
-5
1
-2
-2
-10
33
-3
-3
-5
6
-1
-1
-2
-9
-1
34
35
12
23
-11
-18
-5
-8
-19
-28
-88
-34
(*)
-28
16
-128
16
-17
2
-259
38
18
-17
2
-2
() ^
*
33
25
-9
2
-39
()
*
10
-141
-13
39
3
-2
-10
-30
-21
3
-20}
609
-392
-354
-390
171
29
24
14
109
11
170
17
110
25
138
-9
-27
67
-8
20
19
35
-33
30
-6
2
-1
8
(*)
(*)
(*)
(*)
(*)
(*)
-18
()
*
(*)
-10
*
()
*
(*)
-2
5
()
*
-1
-2
14
-19
-499
-2
()
*
-22
23
-573
-588
47
5
-4
1
7
22
46
-2
1
451
654
395
-70
-319
-743
-57
38
-105
-169
-317
-129
-116
-58
39
40
(*)
2
" 2
()
*
(*)
()
*
-5
(*)
15
-6
104
-130
-147
44
10
56
41
42
43
44
45
46
23
1
1
-40
45
-59
-49
-59
-16
7
-45
46
-30
697
424
321
-587
47
61
22
19
51
11
109
20
20
48
49
4
-9
1
4
1
7
-2
50
51
3
-2
1
300
-1
800
8
-14
60
-4
-5
54
55
-385
-192
365
137
-621
6+57
*>_2
-4
20
-16
-8
12
-61
2
-1
-15
-10
-46
-117
-11
-13
219
(
2
27
147
3
-31
()
*
-301
37
143
-58
-1
-9
2
(*)
67
-470
-494
()
*
1 52+53
60
-96
36
37
-192
-214
127
589
-100
(*)
()
*
2
-118
36
}
(*)
-16
22
20
-4
(*)
()
*
()
*
(*)
(*)
58
()
*
59
60
61
62
()
*
()
*
63
-13
-51
-21
-51
-56
-44
-205
293
738
653
64
SURVEY OF CURRENT BUSINESS
48
June 1971
Table 9.—U.S. International
[Millions of
Latin American Republics and Othtr Western
Hemisphere
(Credits +; debits -) 1
Line
1970
I
1
2
3
4
5
6
7
8
9
10
11
12
13
2,451
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
.
Other transportation
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
....
Imports of goods and services
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3 _. . . .. .
Direct defense expenditures
Travel
Passenger fares
.
Other transportation
.
Fees and royalties to unaffiliated foreigners
Private payments for other services. _
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties...
Direct investment interest, dividends and branch earnings 4-..
Other private liabilities
_.
U.S. Government liabilities
28
_ .
.
U.S. military grants of goods and services, net.
29
Unilateral transfers (excluding military grants) , net
Direct investments abroad
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term . . .
Short-term, nonliquid _
Short-term, liquid
44
45
46
.,
..
U.S. private capital flows, net
39
40
Claims reported by U.S. nonbanking concerns:
Long-term ....
Short- term, nonliquid
__
Short-term, liquid
4
79
197
144
51
1,422
1,441
1,490
1,561
1,467
1,595
9
200
31
85
13
64
17
1,106
6
21
li>
69
50
9
4
1,128
4
26
17
78
50
9
4
1,176
10
27
18
82
50
9
7
1,238
5
27
19
74
50
9
8
1,093
7
30
24
74
63
10
11
74
256
131
31
22
36
77
7
24
18
75
8
22
9
72
7
20
32
73
6
23
53
71
9
6
7
7
-2,029
-2, 044
-2, 180
-1,619
-1,806
-2,021
-1,970
-1,949
-1, 522
-38
-340
-21
-54
-1
-39
-41
-1,529
-46
-285
-18
-60
-1
-43
-36
-1,400
-43
-298
-16
-63
-1
-44
-45
-1,462
-43
-277
-15
-59
-1
-38
-47
-1, 523
-40
-360
-23
-66
-1
-44
-40
-1,268
-156
-14
-14
-63
-1
-5
-5
-1,408
-179
-32
-17
-66
-1
-5
-5
-1,630
-159
-36
-23
-71
-1
-5
—5
-1,588
-177
-15
-16
-71
-1
-5
-6
-1, 599
-159
-15
-15
-62
-1
-6
-5
-6
-109
-4
-6
-91
-4
-5
-74
-3
-1
-3
-64
-25
-1
-4
-65
-24
-1
-6
-121
-3
-67
-19
-1
-6
-66
-20
-10
-11
-11
-10
-9
-2
-8
-3
-9
-3
-9
-2
-8
-3
-7
-6
-132
-66
-11
-56
-6
-118
-7
-135
-59
-11
-49
-66
-11
-57
-7
-123
-57
-13
-53
(*)
A
(*)
-54
-27
(*)
-157
-100
-129
-74
53
-23
8
23
-32
-200
(*)
-245
-5
-172
(*)
-228
-1
-154
(*)
-54
1
-48
5
-23
2
-36
2
-81
3
93
(*)
72
100
76
4
25
81
21
29
18
40
47
199
254
-301
Direct investments in the United States 4
U.S. securities other than Treasury issues
50
51
U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
Long-term .
Short-term
. .
Long-term liabilities to all foreigners reported by U.S. banks
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies .
To other official and private foreigners _ .
31
61
-170
-95
1
-10
-36
10
-50
22
9
5
-55
-6
-38
-53
—7
-51
15
-4
-109
2
-17
-1
-1
40
-216
-27
58
37
-39
1
143
1
-5
-221
-3
-16
179
3
-6
-567
7
-10
403
5
-7
12
-63
-110
-41
23
-20
-58
36
4
72
-92
-16
-43
1
-8
-13
-1
22
-5
2
4
-13
5
-25
-13
-15
237
-936
80
-26
54
993
1,034
17
20
Foreign capital flows, net
-510
-128
-21
345
.
-297
-168
2
-40
-40
-23
...
-335
-135
-20
_.
48
49
58
78
254
135
32
2,504
IV
-121
.
38
59
60
61
62
1,761
8
221
35
89
12
57
17
III
78
U.S. Government capitalflows,net
36
37
56+57
2,672
1,594
12
227
47
97
12
59
16
II
6
-71
-11
-55
Repayments on credits:
Scheduled
Nonscheduled 5
54
55
2,565
IP
I
-2, 147
-6
Loans and other long-term assets
Foreign currencies and other short-term assets _
52+53
IP
III
1971
6
-137
U.S Government grants (excluding military grants)
U.S. Government pensions and other transfers
Private remittances and other transfers ..
34
35
47
IV
1970
-5
-125
-3
Transfers of goods and services under U.S. military grant programs, net-
15
33
89
329
142
45
1971
-2, 188
14
30
31
32
1,637
11
233
41
93
12
58
17
75
301
132
35
.....
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties ..
Direct investment interest, dividends and branch earnings 4 __ __
Other private assets
... ..
.
U.S. Government assets
2,707
1,502
10
198
33
80
12
57
16
Exports of goods and services 2
II
Japan
12
-36
10
16
1
67
1
21
-10
1
-47
2
-2
4
61
6
-30
2
-8
-6
32
19
37
79
37
51
20
-11
3
-18
2
22
13
8
4
6
-18
-91
37
-90
-19
-60
-98
-92
-42
-166
-294
_
U.S. liquid liabilities to all foreigners
Transactions in U.S. official reserve assets net
Gold
SDR
-279
-631
-125
-3
6
-5
-1
-1
122
87
131
998
1,178
-5
-9
363
263
7
9
4
111
(*)
119
7
9
4
111
(*)
119
912
199
-11
-916
3
-389
4
-301
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, and transfers of funds between foreign areas, net.. .
-56
'Preliminary.
*Less than $500,000 (±).
1. Credits,+: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits,—: Imports of goods and services; unilateral transfers to foreigners; capital
-181
136
13
704
282
-85
-764
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase in
U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
June 1971
SUKVEY OF CURRENT BUSINESS
49
Transactions, by Area—Continued
dollars]
Other countries in Asia and Africa
Australia, New Zealand and South Africa
1970
I
IP
IV
III
II
Line
1970
1971
I
II
International organizations and unallocated
1970
1971
III
IV
I
I P
573
588
684
629
595
2,408
2,701
2,352
2,675
391
22
11
15
15
6
9
(*)
433
89
14
14
17
6
9
C)
398
37
8
8
15
6
9
(*)
423
9
7
9
15
7
10
(*)
1,376
98
15
9
131
6
45
36
1,488
236
24
15
144
6
45
38
1,329
97
33
21
147
6
45
38
1,478
181
23
11
150
6
45
39
1,573
220
20
10
137
7
50
38
36
99
12
2
39
54
15
11
28
60
12
2
42
80
15
11
37
66
12
1
33
513
69
78
45
514
66
80
41
459
69
68
47
548
63
84
34
535
66
85
86
131
52
88
-317
-370
-341
-278
-1,858
-1,932
-2,014
-1,950
-1,858
-278
-13
-11
-13
-8
(*)
-2
-5
-257
-12
-10
-14
-9
(*J
-2
-6
-306
-12
-11
-16
-9
(*)
-2
-5
-284
-12
-8
-12
-8
-221
-9
-12
-14
-7
-1, 110
-491
-41
-8
-53
-1,157
-500
-55
-11
-59
-1, 237
-455
-56
-10
-62
11
-7
11
-5
-1,179
-444
-45
-9
-68
(*)
-60
-1, 221
-490
-81
-18
-60
(*)
-6
-64
-62
11
-2
-3
(*)
-6
-2
(*)
(*)
11
-3
(*)
-1
(*)
-6
-2
-70
-19
-64
-18
-56
-18
-1
(*)
-47
-16
-86
-131
-52
-5
-6
-5
-7
-5
-506
-499
-478
-488
-1
-6
-1
-4
-332
-28
-145
-311
-31
-157
-308
-33
-137
III
129
IV
144
IP
273
161
1
2
3
4
5
6
7
8
9
110
-338
137
2,775
359
20
8
9
14
6
9
(*)
II
1971
-1
-4
-1
-5
-1
-4
11
11
-61
1
51
1
54
1
58
1
57
1
55
41
41
41
41
47
5
10
29
1
6
5
13
9
7
4
30
4
6
155
13
4
15
38
1
-281
-229
-189
15
10
11
12
13
14
-201
-204
-9
-126
-9
-146
-8
-168
-5
-139
-10
-141
-63
-12
-1
-53
-44
-5
16
17
18
19
20
21
22
23
-34
-9
-20
-34
-18
-30
-18
-33
-18
-24
-15
-19
24
25
26
27
-507
-35
-54
-27
-40
-54
29
-332
-33
-124
-346
-33
-128
-35
-54
-27
-40
-54
30
31
32
3
-15
-11
33
-15
-13
34
35
3
36
37
11
-88
28
-110
-16
-71
21
-35
-308
-404
-252
-275
-434
-29
-12
-28
(*)
-74
(*)
-21
1
-37
-1
-446
21
-462
-66
-350
6
-382
-9
-725
74
-32
-12
3
38
4
42
3
111
6
113
11
90
2
217
3
-107
-148
26
-43
-118
-224
-513
127
45
-317
10
-10
-244
-141
-263
38
-128
4
-122
3
13
4
-34
2
-81
2
-176
-41
-397
-37
33
-23
142
-57
-134
-47
38
-28
-35
24
-77
-166
-152
10
-72
-191
39
40
31
-9
-4
13
-5
-2
-4
-6
3
13
-7
-2
-4
-15
-3
6
-38
7
59
-81
-5
27
81
-1
-40
42
-8
-2
-94
9
1
-1
1
-8
-27
-4
20
-4
-11
-8
-9
-14
32
-3
-49
7
3
-5
-29
-9
(
-39 {.
37
45
11
27
49
513
-107
-541
3
-1
-3
-7
-4
-2
-13
3
7
2
9
5
5
4
9
2
9
8
-6
-4
6
-4
-10
-7
4
-16
-19
19
37
}
10
-19
(*)
44
11
41
38
-
(t)
-279
116
-250
12
1
36
3
32
-1
22
1
1
38
5
41
4
-9
-194
-68
-69
-42
22
-148
-4
-100
41
42
43
(*)
(*)
44
45
46
208
-57
-249
8
267
47
145
48
49
6
15
-127
(*)
3
46
(*)
100
96
91
59
50
51
32
37
-135
-109 52+53
54
55
231 56+57
605
-12
-116
-388
-285
76
-153
-377
84
11
-23
4
42
142
17
-1,197
190
694
7
-330
58
11
-23
4
42
142
17
-24
-920
-37
322
-34
-142
140
7
-592
-253
227
406
9
59
60
61
62
-143
-171
-274
-298
-208
-3
922
330
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
393
573
240
255
717
867
18
-41
138
5. Includes sales of foreign obligations to foreigners.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
63
-299
64
SURVEY OF CURRENT BUSINESS
50
June 1971
Table 10.—-Summary of Known Current and Long-term Capital Transactions, by Area
1
lieis of dollars]
Line
I
1
2
3
4
5
AH areas, balances on :2
Merchandise trade
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
19 ro
19 59
1970
1969
1968
[Receipts by foreign areas (— )]
III
II
I
IV
II
1971*
III
IV
I
624
2,489
1,321
-386
—1 349
2,110
3,592
2,182
444
—3, 038
128
724
455
82
15
131
514
183
-386
-2,201
-206
-505
-835
-1, 161
-2, 365
607
1,279
941
567
1,672
659
1,234
913
465
—1, 311
1,003
1,300
925
487
—899
160
-291
-657
-1, 060
—1, 535
288
1,349
1,002
552
706
429
1 419
1 085
624
—1 366
-116
-228
—274
-274
-56
-- - -
660
2,011
745
-899
-2, 879
-87
-709
-761
-761
-1,071
302
-427
-476
-476
266
18
-8
-19
-19
-163
-80
-240
-256
-256
-439
-63
-343
-355
-355
-445
38
-119
-133
-133
-26
43
-186
-195
-195
-104
128
-124
—138
-138
-263
71
-220
-233
-233
77
60
105
91
91
557
134
-15
—27
—27
-397
6
7
g
g
10
United Kingdom, balances on:
Merchandise trade 2
-Goods and services _
Goods services and remittances
Current account
Current account and long-term capital 3
11
12
13
14
15
European Economic Community, balances on:
Merchandise trade 2
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
150
—702
-721
—722
919
1,045
-41
-46
—46
1 725
1,718
518
497
497
532
317
152
157
157
386
137
-144
-147
-147
-218
137
-231
-233
-233
-122
454
181
176
176
1,677
445
316
320
320
-321
584
234
228
228
360
350
-82
-91
-91
-85
339
50
41
41
579
226
72
69
69
—342
16
17
18
19
20
Other Western Europe,2 balances on :
Merchandise trade
Goods and services
Goods, services and remittances
-Current account
Current account and long-term capital 3
- - -
301
-191
-424
—461
1,043
478
-36
-251
—285
457
879
107
-112
-140
188
157
105
54
49
562
52
-113
-169
-192
-286
81
-155
-209
—212
—189
188
127
74
69
371
281
153
106
98
24
233
-30
-87
-94
85
150
-177
-236
-242
-95
215
161
105
98
175
249
228
173
169
138
21
22
23
24
25
Eastern Europe, balances on:
Merchandise trade 2
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
15
25
9
—5
5
54
68
50
47
85
150
160
139
130
136
-3
2
-2
-2
7
6
6
2
8
15
16
11
11
27
36
45
40
39
44
34
41
35
35
37
37
38
33
32
27
34
32
27
24
36
45
49
43
39
37
59
65
61
60
62
26
27
28
29
30
Canada, balances on: 2
Merchandise trade
- Goods and services
Goods services and remittances
Current account
.
Current account and long-term capital 3
-435
451
433
433
-512
-799
120
47
47
-1,367
-1, 676
—508
—596
—596
-1,651
-55
258
258
258
88
-165
105
87
87
-172
-196
—183
—206
-206
-774
-383
-60
-90
-90
-508
-309
124
113
113
-219
-272
25
3
3
-183
-420
-364
-397
-397
-656
-675
-293
-315
-315
-591
-401
19
1
1
-97
31
32
33
34
35
Latin American Republics and Other Western Hemisphere, balances on : 2
Merchandise trade
Goods and services
Goods services and remittances
Current account
- Current account and long-term capital 3
137
1,700
1 486
1,233
149
318
1,815
1 574
1 353
466
581
1,988
1 728
1,466
199
-135
120
64
17
—111
142
582
519
449
173
152
566
504
461
111
159
546
485
425
289
-20
263
197
126
-202
108
560
493
428
23
194
536
476
418
54
299
628
560
493
326
72
324
258
201
217
36
37
38
39
40
Japan, balances on: 2
Merchandise trade
Goods and services
Goods, services and remittances
.
Current account
Current account and long-term capital 3
—1,110
-1,336
-1,374
—1 374
—1 227
-1 390
-1, 736
-1,774
—1 774
—2 129
-1,246
-1, 502
-1, 545
—1 545
—1, 577
-206
-274
-283
-283
-282
-458
-537
-547
-547
-660
-477
-578
-588
—588
-713
-249
-346
-356
-356
-475
-162
-197
-207
-207
-207
-280
-365
-376
-376
-476
-454
-531
-542
-542
-515
-350
-409
-419
-419
-380
-506
-482
-491
-491
-674
41
42
43
44
45
Australia, New Zealand, and South Africa, balances
on:
Merchandise trade 2
Goods and services
...
Goods, services and remittances
Current account
3
Current account and long-term capital
460
997
979
979
710
295
782
760
760
756
456
1,106
1,083
1,083
768
52
170
164
164
136
80
201
196
196
212
41
155
149
149
93
122
255
249
249
315
81
235
230
230
118
134
271
265
265
160
127
314
309
309
231
114
288
281
281
260
202
317
312
312
200
46
47
48
49
50
Other countries in Asia2and Africa, balances on :
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
1,274
2 051
1,483
206
—1, 706
746
1 842
1,236
—14
—1 717
946
2,382
1,694
411
-1, 472
-17
206
69
—217
-651
417
678
521
104
-675
104
358
203
-67
-370
242
600
444
166
-23
266
550
377
44
-455
331
769
581
270
-635
108
338
168
-140
-312
241
725
568
237
-70
394
917
756
410
-161
51
52
53
54
55
International organizations and unallocated, balances
on:
Merchandise trade 2
Goods and services
Goods, services and remittances
- . ..Current account.. ..
. ..Current account and long-term capital 3
* -52
-279
-279
-402
—671
-94
-94
-228
-132
-231
-231
-386
—544
—9
-9
-44
47
-25
-25
-83
-160
-112
-112
-123
-8
52
52
22
-13
-64
-64
-99
14
-75
-75
-129
-56
-137
-137
-164
-276
44
44
4
-229
-28
-28
-82
-320
--
- -
-
- - --
p Preliminary.
1. Balances of payments by area on the net liquidity basis and the official reserve transactions basis lack validity because liquid dollar holdings of private and official foreigners may
be affected not only by their transactions with the United States but also by transactions
among themselves. The balances shown by area here have some shortcomings due to statistical
discrepancies including errors, omissions, and incorrect area attributions.
Balances are derived from data in table 2 (all areas) and table 9 (individual areas) as follows:
Lines in tables
2
Merchandise trade 2
. .
Goods and services
Goods, services and remittances ... . . . . . .
Current account
Current account and long-term capital 3
2 16 .
1 15
1 15,31,32..
1 15, 29
1 15,29,33,39-41,
44, 48-50, 52, 55.
9
Same.
Same.
Same.
Same.
Same, except only
part of line 52 is
included.
Balance with "all areas" includes long-term liabilities to all private foreigners reported by
U.S. banks, with "international organizations" includespnly liabilities to IBRD and affiliated
organizations, and with other areas includes only liabilities to regional organizations. The
long-term liabilities to other private foreigners included in the total, but not in the areas,
amounted to (millions of dollars): 1968, -7; 1969-1, -6, 1969-11, 12, 1969-III, 25, 1969-1V, 17,
1969 year, 48; 1970-1, 5, 1970-11, 63, 1970-III, 7, 1970-1V, 43, 1970 year, 118; 1971-1, 7.
2. Adjusted to balance of payments basis; excludes exports under U.S. military agency sales
contracts and imports under direct defense expenditures.
3. Includes some short-term U.S. Government assets; area data exclude long-term liabilities
reported by U.S. banks other than to international and regional organizations (see footnote 1).
4. Net purchases of gold by U.S. private residents from U.S. monetary gold stock.
NOTE: Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
June 1971
SURVEY OF CURRENT BUSINESS
EXPLANATORY NOTES FOR TABLES 2 AND 3
These notes are intended to provide
a brief explanation of the content and
sources of data for each account shown
in tables 2 and 3. These descriptions
are not comprehensive nor are they
intended to take the place of a precise
methodology of the balance of payments compilations.
Exports of goods and services
to foreigners by U.S. private firms.
Estimates are based primarily on Department of Defense reports.
Line 2.—Merchandise,
adjusted,
excluding military
This account measures, in concept,
all movable goods which are sold, given
away, or otherwise transferred from
United States to foreign ownership,
except (1) transfers of goods under
U.S. military grant programs (part of
line 14), (2) transfers of goods under
U.S. military agency sales contracts
(part of line 3) whether physically
exported from the United States or sold
from U.S. installations abroad, and (3)
transfers of goods by U.S. nonmilitary
agencies from U.S. installations abroad
(part of line 9).
In practice, reliance on Census Bureau trade statistics, which are based
on the physical movement of goods into
and out of the United States rather
than change of ownership, and which
in various other aspects are not oriented
to balance of payments concepts, leads
to some additional departures from the
conceptual definition stated above. Census Bureau export statistics are, in
general, valued f.a.s. (free alongside
ship) U.S. port of exit, and reflect
selling price, f.o.b. (free on board)
interior point of shipment—or cost if
,not sold—plus packaging costs, inland
freight, and insurance to place of export. Various adjustments to the Census
statistics are made for timing, coverage,
and valuation in order to bring them
into conformity with balance of payments concepts (see table 4).
Line 3.—Transfers under U.S. military
agency sales contracts
This account measures delivery of
goods and transfer of services by military agencies to foreign Governments
under sales contracts. Delivery of goods
refers to transfer of goods either from
the United States or from U.S. installations abroad to foreign Governments.
Also included, of relatively smaller
magnitudes, are sales of excess property
of military installations abroad, and
logistical support provided to U.S.
allies and to United Nations emergency
forces in various areas. Excluded, however, is military equipment sold directly
Line 4.—Travel
This account measures expenditures
in the United States by foreign travelers
(excluding foreign Government personnel and their dependents and foreign
citizens residing in the United States)
for lodging, food, transportation within
the United States, entertainment, personal purchases, gifts, and other outlays incidental to a trip to the United
States. Transocean passenger fares are
excluded. Included are passenger fares
received by U.S. carriers from Canadian
and Mexican travelers visiting the
United States. Travel receipts from
each major area of the world are estimated by multiplying the average
expenditures per traveler, derived from
sample surveys of OBE, by the corresponding number of travelers, derived
from statistics of U.S. Immigration and
Naturalization Service.
51
ments for goods and services purchased
in the United States by foreign operators and transportation companies;
and receipts of U.S. owners from foreign
operators for the charter of vessels and
the rental of freight cars. For the major
components—freight revenues and port
expenditure receipts—value estimates
are made by multiplying the average
rates, based on reports from a limited
number of shipping companies and airlines to OBE, by the corresponding
tonnage data, derived essentially from
statistics of the Census Bureau. For
the other components, estimates are
based on reports to OBE and on various
other sources of information.
Line 7.—Fees and royalties from unaffiliated foreigners
This account measures U.S. receipts
from foreign residents not affiliated
with the U.S. organizations to whom
payment is made for the use of intangible property or rights (patents, techniques, processes, formulae, designs,
trademarks, copyrights, franchises,
manufacturing rights, etc.). Estimates
are made on the basis of data obtained
from OBE questionnaires circularized
among U.S. individuals and firms
directly involved in such transactions.
Line 8.—Other private services
This account measures all receipts
by U.S. private residents from foreign
Line 5.—Passenger fares
residents who are not affiliated with
This account measures passenger the U.S. recipient and from foreign
fares received by U.S. ocean and air governments and international orgacarriers from foreign residents traveling nizations, for various miscellaneous
between the United States and foreign services rendered domestically or
countries and between two foreign abroad. Such services include interpoints. Excluded are passenger fares national reinsurance operations of U.S.
for travel between the United States insurance companies; international caand Canada, and between the United ble, radio, and telephone operations
States and Mexico (part of line 4). For provided by U.S. communications comeach major area of the world, an panies; and foreign contract operations
estimate is made by multiplying the of U.S. construction, engineering, conaverage round-trip fare derived from sulting and other technical services
travel questionnaires, by the corre- firms. Also included in this account
sponding number of travelers derived are expenditures in the United States
from data provided by the U.S. Im- by foreign embassies, consulates, and
migration and Naturalization Service. registered agents of foreign governments; administrative expenditures by
Line 6.—Other transportation
international organizations such as the
This account measures the following: International Monetary Fund (IMF),
freight revenues of U.S.-operated ocean, World Bank, United Nations, etc.; and
air, and other carriers (including rail, various other minor service receipts.
pipeline, and Great Lakes shipping) for Estimates are based on reports filed
the international transportation of U.S. with OBE by U.S. individuals and
exports; freight revenues of U.S.-oper- firms, statistics provided by U.S. and
ated carriers for the transportation of foreign government agencies, and other
foreign freight from one foreign point information obtained from various pubto another foreign point; port ex- lications of foreign governments and
penditure receipts, representing pay- international organizations.
52
SURVEY OF CURRENT BUSINESS
Line 9.—U.S. Government
miscellaneous services
This account measures receipts of
the nonmilitary agencies of the U.S.
Government for services provided to
foreigners and for deliveries of goods
to foreigners from U.S. installations
abroad. Also included are administrative expenses of AID in the United
States and abroad, and similar expenses
of other aid programs. Estimates are
based primarily on reports submitted
by nonmilitary agencies of the U.S.
Government.
Line 10.—Direct investment fees and
royalties
This account measures receipts by
U.S. parent organizations from their
foreign affiliates of fees and royalties
(after withheld foreign taxes, if any) for
the use of intangible property or
rights (patents, techniques, trademarks,
copyrights, manufacturing rights, etc.),
for rentals of tangible property, motion
picture films and TV tapes, and for the
use of professional, administrative and
management services. Receipts include
not only actual transfers but also
other amounts due in the reporting
period that are not actually transferred.
In the latter instances, the amounts are
offset by contra-entries in line 39. Data
are collected regularly by the OBE
from over 1,100 respondents with more
than 13,000 foreign affiliates. The
data are used to derive estimates for
total receipts on the basis of the relation
of the reporting sample to benchmark
data (based on periodic surveys of U.S.
direct investments abroad), with adjustments made for new investments and
liquidations. (See line 39 for definition
of direct investments.)
Line 11.—Direct investment interest,
dividends, and branch earnings
This account measures receipts by
U.S. parent organizations from their
foreign affiliates of interest and dividends (after withheld foreign taxes,
if any) and branch earnings (after
foreign income taxes). Receipts include
not only actual transfers but also other
amounts due in reporting period that
are not actually transferred. In the
latter instances, the amounts are offset
by contra-entries in line 39. Sources of
data and estimating procedures are the
same as for line 10. (See line 39 for
definition of direct investments.)
Line 12.—Income receipts on other
U.S. private assets abroad
This account measures (1) interest
received by U.S. residents on their
holdings of foreign debt securities, short
and long-term bank and commercial
loans, deposits and other claims, and
(2) dividends received by U.S. residents
on their holdings of foreign equities.
Excluded are income receipts from U.S.
direct investments abroad. Estimates
are based on applicable U.S. money
market rates and foreign dividend
yields applied to amounts outstanding
in the appropriate period, with lags
when relevant.
Line 13.—Income receipts on U.S.
Government assets abroad
This account measures primarily
interest realized on the long and shortterm credits outstanding to the U.S.
Government from the rest of the world.
Also included are interest earned on
U.S. Government disbursing officers'
deposits in commercial banks abroad;
interest received on the holdings of
official reserve assets by U.S. monetary
authorities; interest on advances under
other Exchange Stabilization Fund
agreements; collections of commitment
fees for foreign loans extended by U.S.
Government agencies; service charges
and other earnings from the U.S. investment in the International Monetary
Fund; and net income of U.S. monetary
authorities from day-to-day transactions in foreign currency exchanges.
Excluded are gains or losses on official
reserve assets when they result from
revision of par value exchange rates and
all gains or losses on foreign currency
balances held by disbursing officers.
With the exception of capitalized
interest, receipts are based on data
reported by the Government operating
agencies on a collection basis (in both
U.S. dollars and foreign currencies).
Transfers under U.S. military
grant programs, net
Line 14.—Transfers of goods and
services under U.S. military grant
programs9 net
This account measures net transfers
of goods delivered and services rendered by U.S. military services to
foreign countries under programs enacted by the Congress to authorize the
provision of military assistance for
which no repayment is expected or
for which repayment terms are
indeterminate.
Gross transfers include goods and
services purchased from dollar funds
appropriated, or foreign currencies
owned, by the U.S. Government whose
use has been authorized by legislation
(valued on the basis of the U.S.
Government financial records reflecting
the expenditure of authorized funds);
and transfers of goods under authorizations to deliver to foreign nations
June 1971
equipment and material, deemed excess
to U.S. requirements (valued according
to the legislative authorization under
which the transfer is made).
Transactions netted against the gross
transfers—reverse grants—include returns of equipment previously transferred; supplies and services provided
the U.S. Government as part of a
mutual assistance program (such as
reverse lend-lease); and foreign currency funds provided by foreign nations
as offsets for U.S. local expenditures
under international agreements to provide U.S. foreign assistance.
This account excludes military goods
and services provided on credit with
established repayment terms. Also excluded, in general, are transfers of
goods and services to foreign forces
operating in conjunction with U.S.
forces during periods of active hostilities
and certain transactions for which data
are not available due to security
reasons. For transactions which occurred prior to July 1964, the estimates
were made by OBE on the basis of
information furnished for this purpose
by the operating agencies, supplemented by other Government records;
subsequent estimates are based upon
incomplete reports from the operating
agencies.
An identical offsetting entry is made
in line 28.
Imports of goods and services
Line 16.—Merchandise,
excluding military
adjusted.,
This account measures, in concept,
all movable goods which are sold, given
away, or otherwise transferred from
foreign to U.S. ownership, except (1)
goods purchased abroad by U.S. defense agencies, whether used or stockpiled abroad or physically imported into
the United States directly by such
agencies (part of line 17) and (2) goods
purchased abroad by U.S. non-defense
agencies, whether used or stockpiled
abroad (part of line 23).
In practice, reliance on Census Bureau trade statistics, which are based on
the physical movement of goods into
and out of the United States rather than
change of ownership, and which in various other aspects are not oriented to
ideal balance of payments concepts,
leads to some additional departures
from the conceptual definition stated
above. Census Bureau import statistics
are, in general, valued at the wholesale
market price, f.o.b. foreign country of
export. This valuation, which is required under U.S. customs legislation,
excludes U.S. import duties and freight
and insurance charges from the foreign
June 1971
country to the U.S. port of entry. The
use of f .o.b. foreign country as the basis
for import valuation is in accord with
balance of payments concepts. However, the Customs requirement for a
general "market value at which the
goods are freely offered for sale" may
not necessarily coincide with the actual
purchase-sale contract price, f.o.b.
foreign country, agreed to between
buyer and seller—the transactions
value. In such cases, a valuation
adjustment is made to accord with the
transactions value, if appropriate information is available. Adjustments for
timing and coverage are also made to
Census import statistics to bring them
into conformity with balance of payments requirements (see table 4).
Line 17.—Direct defense expenditures
This account measures direct defense
expenditures for foreign goods and
services by the military agencies and
similar defense transactions of the
Atomic Energy Commission and the
Coast Guard which meet the NATO
definition of defense expenditures. Also
included are the personal expenditures
of U.S. military and civilian personnel
and their dependents abroad, together
with the foreign purchases of the
military exchanges and similar agencies
which sell to personnel (e.g., post exchanges, commissaries). Other disbursements include foreign expenditures of
U.S. contractors employed to construct
and operate U.S. foreign military installations and to furnish other services
abroad, expenditures for NATO infrastructure, the offshore procurement
of military equipment to be transferred
as aid to foreign countries, contributions
to international military headquarters
expenses, and other outlays abroad for
administration of military assistance
programs. Excluded are foreign products purchased in the United States by
U.S. military agencies. Estimates are
based primarily on Department of
Defense reports.
Line 18.—Travel
This account measures expenditures
in foreign countries by U.S. travelers
(excluding U.S. Government personnel
and their dependents and U.S. citizens
residing abroad) for lodging, food, transportation within foreign areas, entertainment, personal purchases, gifts, and
other outlays incidental to a trip
abroad. Transocean passenger fares are
excluded. Included are passenger fares
paid to Canadian and Mexican carriers
by U.S. residents visiting Canada and
Mexico. Travel payments to each major
area of the world are estimated by multiplying the average expenditure per
SURVEY OF CURRENT BUSINESS
traveler derived from sample surveys of
OBE, by the corresponding number of
travelers derived from statistics of
U.S. Immigration and Naturalization
Service.
Line 19.—Passenger fares
This account measures passenger
fares paid to foreign ocean and air carriers by U.S. residents for transocean
transportation. Excluded are passenger
fares for travel between the United
States and Canada, and between the
United States and Mexico (part of line
18). For each major area of the world,
an estimate is made by multiplying the
average round-trip fare derived from
travel questionnaires, by the correponding number of travelers derived
from data provided by the U.S. Immigration and Naturalization Service. The
estimate for total passenger fares is the
sum of estimates for all areas. Additional adjustments for inter-airline
transfers are made on the basis of official
reports of U.S. international air carriers.
Line 20.—Other transportation
This account measures the following:
freight payments to foreign-operated
ocean, air and other carriers (including
rail and Great Lakes shipping) for
the international transportation of U.S.
imports; port expenditure payments
representing purchases of goods and
services in foreign countries by U.S.
operators and transportation companies; and payments made to foreign
owners by U.S. operators for the
charter of vessels and the rental of
freight cars. For the major components—freight and port expenditure
payments—value estimates are made
by multiplying the average rates based
on reports of shipping companies and
airlines to OBE, by the corresponding
tonnage data derived essentially from
statistics of the Census Bureau. For
the other components, estimates are
made on the basis of reports to OBE
and various other sources of information.
Line 21.—Fees and royalties to
unaffiliated foreigners
This account measures payments
by U.S. residents to foreign residents
not affiliated with the U.S. payer for
the use of intangible property or rights
(patents, techniques, processes, formulae, designs, trademarks, copyrights,
franchises, manufacturing rights, etc.).
Estimates are made on the basis of
data obtained from OBE questionnaires
circularized among U.S. individuals
and firms directly involved in such
transactions.
53
Line 22.—Private payments for other
services
This account measures payments by
U.S. private residents to foreign residents not affiliated with the U.S. payer
and to foreign governments for various
miscellaneous services rendered domestically or abroad. Such outlays include
payments of international reinsurance
operations of U.S. insurance companies;
net payments for direct writing of insurance abroad; payments of U.S. communication companies for foreign cable,
radio, and telephone operations; net
earnings of Canadian commuters employed in the United States; payments
of consular fees for export privileges;
and various other minor service payments. Estimates are based on reports
filed with OBE by U.S. individuals and
firms, statistics provided by foreign
government agencies, and other information obtained from various domestic
publications.
Line 23.—U.S. Government payments
for miscellaneous services
This account measures expenditures
of the nonmilitary agencies of the U.S.
Government for foreign services and
for foreign goods which are purchased
abroad and used or stockpiled abroad.
Also included are net payments by such
nonmilitary agencies to U.S. nationals
employed abroad and their dependents,
and payments to international organizations for membership assessments. Estimates are based primarily on reports
submitted by nonmilitary agencies of
the U.S. Government.
Line 24.—Direct investment fees and
royalties
This account measures payments by
U.S. companies to their foreign parent
organizations of fees and royalties
(after withholding taxes) for the use
of intangible property or rights (patents, techniques, trademarks, copyrights, manufacturing rights, etc.) and
for professional, administrative and
management services. Payments include not only actual transfers but also
other amounts due in the reporting
period that are not actually transferred.
In the latter instances, the amounts are
offset by contra-entries in line 48. Data
are based on quarterly reports filed by
approximately 350 U.S. companies with
OBE. (See line 48 for definition of direct
investments.)
Line 25.—Direct investment interest,
dividends, and branch earnings
This account measures payments by
U.S. companies to their foreign parent
54
SURVEY OF CURRENT BUSINESS
organizations of interest and dividends
(after U.S. withholding taxes) and
branch earnings (after U.S. income
taxes). Payments include not only
actual transfers but also other amounts
due in the reporting period that are not
actually transferred. In the latter
instances, the amounts are offset by
contra-entries in line 48. Data are
collected by OBE from approximately
350 U.S. companies. The data are used
to derive estimates for total payments
on the basis of the relation of the
reporting sample to benchmark data
(based on the 1959 survey of foreign
direct investments in the United
States), with adjustments made for new
investments and liquidations. (See line
48 for definition of direct investments.)
Line 26.—Income payments on other
private liabilities
This account measures (1) interest
paid by U.S. residents to foreign holders
of U.S. debt obligations and to foreign
owners of U.S. bank deposits, and (2)
dividends paid by U.S. residents to
foreign holders of U.S. equities.
Excluded are income payments on
foreign direct investments in the United
States (recorded in line 25). Estimates
are based on applicable Eurodollar
rates, U.S. money market rates, and
U.S. dividend yields applied to amounts
outstanding in the appropriate period,
with lags when relevant.
Line 27.—Income payments on U.S.
Government liabilities
This account measures (1) interest
paid to foreign residents on their holdings of U.S. Government securities,
based on applicable rates, and (2) interest paid to foreign official agencies on
advance payments for military equipment and on other special deposits with
the Treasury Department.
Military grants
Line 28.—U.S. military
goods and services, net
grants of
This account measures transfers by
U.S. military services to foreign countries under programs enacted by the
Congress to provide foreign military
assistance for which no repayment is
expected or for which repayment terms
are indeterminate. Excluded are transfers of cash and of nonmilitary items,
even when under military aid legislation; and military assistance provided
on established credit repayment terms;
transfers of goods and services to foreign
forces operating in conjunction with
U.S. forces during periods of active
hostilities; and certain transactions for
which data are not available due to
security reasons.
An identical offsetting entry is made
in line 14. (For details of gross transfers,
transactions netted against gross transfers, and the basis of OBE estimates,
see note for line 14.)
June 1971
ports from operating agencies, estimates
are made by OBE.
Line 31.—U.S. Government pensions
and other transfers
This account measures (1) payments
of annuities and other benefits, to
Americans residing abroad or to foreigners entitled to such payments, under
Unilateral transfers (excluding social security and allied programs; (2)
similar payments under retirement and
military grants), net
compensation programs for former GovLine 30.—U.S. Government grants ernment employees, military personnel,
and veterans, including costs of pro(excluding military)
viding medical services abroad under
This account measures utilization of Veterans Administration programs; (3)
U.S. Government financing to transfer payments abroad under U.S. educaresources to foreign governments or tional and cultural exchange programs,
other foreign entities under programs primarily administered by the Departenacted by the Congress for the provi- ment of State; (4) payments of grants
sion of foreign assistance—other than supporting individual and institutional
the goods and services included as mili- research abroad; and (5) payments and
tary grants in line 28—for which no re- receipts of claims settled by interpayment is expected or for which re- governmental agreements, including
payment terms are indeterminate.
collections of funds for distribution to
Gross transfers represent the dollar private claimants as a result of naequivalent of goods delivered and tionalization of property by foreign
services rendered by the U.S. Govern- governments (when such claims involve
ment and disbursements by the U.S. receipts in installments over a period of
Government to or for the account of a years, the collections are not included in
foreign government or other foreign this entry but are recorded in line 36).
entity (including payments into acData are reported by U.S. Governcounts from which use may be re- ment operating agencies based upon
stricted by agreements). Some of these their financial records, generally of
transactions are financed with dollar checks issued and collections made.
funds established, or foreign currencies
owned, by the U.S. Government, whose
use has been authorized by legislation Line 32.—Private remittances, and
and whose value is based on U.S. other transfers
Government financial records reflecting
This account measures net private
the expenditure of authorized funds. unilateral transfers of goods, services,
Other transfers of goods, under authori- cash and other financial claims between
zations to deliver to foreign nations U.S. residents and residents or governagricultural commodities, are valued on ments of foreign countries. Receipts,
the basis of the export offering price for include transfers to U.S. private resisuch commodities at the time of de- dents through post office money orders,
livery.
German Government indemnification
Netted against the gross transfers payments; Canadian Government penare reverse grants. These include cash sion payments, inheritance and misettlements for previously provided grants transfers, and various other
grants; foreign currency funds provided inflows. Payments include personal reby foreign nations as offsets for U.S. mittances of U.S. private residents to
local expenditures under international foreign residents through banks, comagreements to provide U.S. foreign munication companies, and the Post
assistance; supplies, services, and foreign Office; private parcel post shipments;
currencies provided the U.S. Govern- cash and goods donated abroad by
ment as part of a mutual assistance pro- religious, charitable, educational, sciengram (such as reverse lend-lease); and tific, and similar nonprofit organization;
returns of equipment previously trans- and inheritance and migrants transfers.
ferred.
Estimates are made on the basis of
Data are compiled from reports data received directly from U.S. banks,
furnished by the operating agencies for nonprofit organizations and other priinclusion in this table, and from pub- vate agencies, from U.S. and foreign
lished statements and financial and government agencies, and on the basis
operating records of Government of other statistics obtained from various
agencies. Prior to the availability of re- publications of foreign governments.
June 1971
U.S. Government capital flows,
net
Line 34.—Loans and other long-term,
assets
This account measures utilization of
U.S. Government financing to transfer
resources under programs enacted by
the Congress for the provision of foreign assistance, or for credits to foreign
governments or foreign entities, under
agreements which give rise to specific
obligations to repay, over a period of
years, usually with interest. U.S. Government loans to U.S. private entities
specifically for projects abroad are
included as foreign credits, identified
with the country in which the project
is located.
Transfers of resources include cash
transfers from, or goods and services
purchased with, dollar funds established, or foreign currencies owned, by
the U.S. Government whose use has
been authorized by legislation. Such
transfers are valued on the basis of the
agreed obligation assumed by the
debtor under the contractual agreement for repayments. Also included
are capital investments in, or contributions to, the international financial
institutions; capital flows abroad reflecting the Government's direct investment in productive facilities and
installations; and equity holdings of
"public enterprise" accounts of Government agencies.
Data are compiled from reports
furnished by the operating agencies for
inclusion in this table, and from published statements and financial and
operating records of Government agencies. Prior to the availability of their
records, estimates are made by OBE,
particularly for preliminary data. Adjustments are also made to report
transactions at time of occurrence,
rather than at time of record on books
of the operating agencies.
Line 35.—Foreign currencies and
other short-term assets
This account measures, in significant
part, the financing of exports of U.S.
farm products in exchange for foreign
currencies under the Agricultural Trade
Development and Assistance Act (Public Law 83-480) less the Government's
disbursements of the currencies as
grants, credits, or for purchases.
Also included are changes in U.S.
Government deposits abroad from acquisition of foreign currency collected
as interest, principal, or reverse grants;
accounts receivable of Government
agencies that report their current transactions on an accrual basis; foreign
currencies held by U.S. disbursing offi
SURVEY OF CURRENT BUSINESS
cers; and advances of the Exchange
Stabilization Fund that are not part of
reserve assets.
Excluded are changes in official
reserve assets held by U.S. monetary
authorities and discernible gains or
losses on foreign currency balances.
Data sources are the same as for line
34.
Line 36.—Scheduled repayments on
credits
This account measures collections of
principal on the loans and other credits
recorded in line 34. Also included are
principal collections in liquidation of
outstanding indebtedness formalized by
intergovernmental agreement in settlement of assistance originally furnished
under indeterminate terms and reported
in line 30 and in settlement of claims of
the U.S. Government or its nationals,
when funds are collected by the Government for distribution to the claimants;
collections on World War I debts; and
recoveries of the Government's direct
investment in productive facilities and
installations abroad or on the equity
holding of "public enterprise" accounts
of Government agencies.
Excluded from this account are
principal charged off as uncollectible;
gains or losses on indebtedness denominated in foreign currency; sales of
Export-Import Bank Portfolio Participation Certificates; and extraordinary
amortizations that are included in
line 37.
Data sources are the same as for line
34.
Line 37.—Nonscheduled repayments
on credits
This account measures extraordinary
amortizations, which include principal
collections identified as occurring more
than 3 months ahead of amortization
schedule date stipulated in the repayment agreement and sales of the
promissory note (or other evidences of
indebtedness) to a third-party foreign
participant, either in the country of the
borrower or in a third country. Sales are
recorded at the book value of the indebtedness liquidated. In many
instances, Export-Import Bank has the
contingent liability to repurchase such
obligations previously sold. Beginning
with 1967, collections from promissory
notes sold to third countries are recorded in the geographical area of the
third country in table 9; for earlier
periods, such collections are recorded in
the geographical area of the debtor.
Excluded from this account are
accelerated collections of foreign
currency on credits repayable in foreign
currency and sales of Export-Import
Bank Portfolio Participation Certificates.
55
Data sources are the same as for line
34.
U.S. private capital flows, net
Line 39.—Direct investments abroad
This account measures capital transactions by U.S. residents with foreign
enterprises in which the U.S. residents
by themselves or in affiliation with
other U.S. residents own 10 percent or
more of the voting securities or of other
ownership interests. The account also
includes transactions of single or affiliated U.S. residents with foreign residents as the result of the acquisition of
at least 10 percent or any additional
ownership interest in foreign enterprises
or the sale, total or partial, of a direct
investment enterprise to a foreigner.
Included in capital transactions are
net increases in capital stocks (voting
and nonvoting) and capital contributions, in intercompany accounts, and in
owners' home office account of foreign
branches; excluded is the U.S. parents'
share of the reinvested earnings of
foreign incorporated affiliates. Funds
used for U.S. direct investments abroad
include, in addition to those originating
in the United States from U.S. parents
and their domestic subsidiaries, (1)
funds utilized for direct investments
that are borrowed abroad by U.S.
parents and their domestic subsidiaries,
(2) funds utilized for direct investment
that are obtained from security issues
sold abroad by Netherlands Antilles
finance subsidiaries that are initially
transferred to U.S. parents, and also (3)
funds obtained through long-term debt
issues placed by foreign affiliates with
public and nonbanking institutional
investors in the United States.
Data are based on reports (covering
approximately 13,000 foreign affiliates)
filed quarterly with OBE by over 1,100
U.S. respondents whose aggregate foreign direct investment (net worth and
intercompany account) is $2,000,000
or more. To these data are added
verified transactions of nonreporters.
Line 40.—Foreign securities
This account measures net transactions (sales less purchases) between
U.S. private residents and foreign residents in foreign equities and debt securities with no contractual maturity or
with maturities of more than one year
(net U.S. purchases are debit entries).
Data for foreign securities are based
on reports collected by the Federal Reserve System for the Treasury Department, with adjustments made for transactions that are included in other
balance of payments accounts. On the
basis of public market information and
other data, OBE prepares estimates for
56
two components of the total, sales of
new foreign issues in the U.S. market to
U.S. residents and redemptions of U.S.
holdings of foreign securities.
Line 41.—Long-term claims reported
by U.S. banks
This account measures changes in
loans and other long-term claims on
foreigners (with a contractual maturity
of more than one year) which are reported by U.S. banks, including both
the claims of the banks themselves and
the claims held in custody for their
domestic customers. Unutilized lines
of credit and permanent capital invested abroad are excluded. The data
are collected monthly by the Federal
Reserve System for the Treasury
Department.
Line
42.—Short-term,
nonliquid
claims reported by U.S. banks
'SURVEY OF CURRENT BUSINESS
U.S. nonbanking concerns on foreigners
other than their foreign affiliates, which
have a contractual maturity of more
than one year. Such claims originate
from long-term supplier's credits and
other loans extended to foreigners.
Data are obtained from quarterly reports collected by the Federal Reserve
System for the Treasury Department
on amounts outstanding at end of the
quarter.
Line 45.—Short-term, nonliquid
claims reported by U.S. nonbanking
concerns
This account measures changes in
claims of U.S. nonbanking concerns on
foreigners (other than claims on their
foreign affiliates) that have a contractual maturity of one year or less from
the date on which the obligation was
incurred but are not repayable on
demand nor readily marketable or
transferable. Such claims include credits
extended to foreigners by U.S. brokers
to finance security transactions, and by
U.S. corporations or other nonbanking
concerns to finance exports and other
transactions. Data are obtained from
quarterly reports collected by the
Federal Reserve System for the Treasury Department, on amounts outstanding at the end of the quarter.
June 1971
least 25 percent ownership interest in
U.S. enterprises or from total or partial
sales. Included are net increases in
capital stock (voting and npnvoting)
and capital contributions, in intercompany accounts, and in owners' home
office accounts of U.S. branches; excluded is the foreign parents' share of
the reinvested earnings of their U.S.
corporate affiliates.
Data are based on reports (covering
approximately 350 U.S. affiliates) filed
by U.S. companies in which the aggregate investment (net worth and intercompany account) by the foreign owner
is $2,000,000 or more. To these data are
added verified transactions of nonreporters.
Line 49.—U.S. securities other than
Treasury issues
This account measures net transactions (purchases less sales) between
This account measures changes in
U.S. and foreign residents in U.S.
nonliquid claims on foreigners (with a
equities and debt securities with no concontractual maturity of one year or
tractual maturity or with maturities of
less) which are reported by U.S. banks,
more than one year. Estimates for
including both the claims of the banks
transactions are based on data colthemselves and the claims held in
lected by the Treasury Department,
custody for their domestic customers.
with adjustments made for transacThe data are collected monthly by the
tions included in other balance of payFederal Reserve System for the Treasments accounts. Major components are
ury Department. The following cate(1) U.S. corporate placements of debt
gories on the monthly reporting form
securities in foreign markets, including
for short-term claims are considered to Line 46.—Short-term, liquid claims proceeds transferred to U.S. parents
be nonliquid: loans, collections out- reported
by
U.S.
nonbanking
from similar placements by their
standing (items in process of collection concerns
Netherland Antilles finance subsidiaries
from foreigners), and acceptance credThis account measures changes in (estimated on the basis of OBE reports
its (acceptances made for account of short-term liquid claims mainly of and other information); and
foreigners), all payable in dollars; plus major U.S. corporations on foreigners net trading in U.S. equities (2) foreign
and other
short-term claims other than deposits, other than their foreign affiliates. Shortforeign government obligations, and term liquid claims, denominated in long-term debt securities issued by
commercial and finance paper, payable dollars and in foreign currencies, con- corporations and local governments,
and in nonguaranteed U.S. Government
in foreign currencies.
sist of (1) demand and time deposits agency securities.
Line 43.—Short-term, liquid claims held abroad, and (2) negotiable and
other readily transferable foreign obli- Line 50.—U.S. long-term nonliquid
reported by U.S. banks
gations payable on demand or having a liabilities to private foreigners, reThis account measures changes in contractual matruity of not more than
liquid claims on foreigners (with a one year from the date on which the ported by U.S. nonbanking concerns
This account measures changes in
contractual maturity of one year or obligation was incurred by the foreigner,
liabilities of U.S. nonbanking concerns
less), which are reported by U.S. banks, including obligations of foreign governincluding both the claims of the banks ments. Loans which are repayable on to foreigners (excluding liabilities to
themselves and the claims held in demand are also included. Data are affiliated foreigners recorded as direct
custody for their domestic customers. obtained from reports collected by the investments) that have a contractual
The data are collected monthly by the Federal Reserve System for the Treas- maturity of more than one year after
Federal Reserve System for the Treas- ury Department, on amounts out- the date on which the obligation was
incurred. Included are direct borrowing
ury Department. The following cate- standing at the end of the period.
from foreign banks by U.S. companies
gories on the monthly reporting form
and other loans and advances, whether
for short-term claims are considered to
Foreign capital flows, net
payable in dollars or in foreign currenbe liquid: deposits, foreign government
obligations, and commercial and finance Line 48.—Direct investments in the cies. Estimates, based on reports collected by the Federal Reserve System
paper, all payable in foreign currencies; United States
This account measures capital trans- for the Treasury Department, repreplus short-term claims other than loans,
collections outstanding, and acceptance actions of U.S. enterprises with foreign sent the change in amounts outstanding
owners who control 25 percent or more between the beginning and end of the
credits, payable in dollars.
of the voting securities or other owner- period. Adjustments to Treasury DeLine 44.—Long-term claims reported ship interests. The account also includes partment data are made when necessary
by U.S. nonbanking concerns
transactions of single or affiliated for- to account for proceeds of foreign longThis account measures changes in eign residents with U.S. residents term bank loans obtained by U.S. parloans and other long-term claims of resulting from the acquisition of at ent companies through their Netherland
June 1971
SURVEY OF CURRENT BUSINESS
Antilles finance subsidiaries as reported by the Federal Reserve System for the
to QBE.
Treasury Department.
Line 51.—U.S. short-term nonliquid Line 54.—Nonliquid liabilities, reliabilities to private foreigners, re- ported by U.S. Government, to
ported by U.S. nonbanking concerns foreign official reserve agencies
This account measures changes in
This account measures net transliabilities of U.S. nonbanking concerns actions representing collections for, and
to foreigners—other than liabilities to repayments against, deposit and seaffiliated foreigners recorded as direct curity obligations of U.S. Government
investments—that become payable one agencies to foreign official reserve agenyear or less from the date the obligation cies, when such deposits or obligations,
was incurred. Such liabilities, payable bearing original maturities of more than
in dollars or in foreign currencies, are 1 year, are payable prior to maturity
(1) direct borrowing from foreign banks only under special conditions. Some of
by U.S. companies; (2) accounts, notes, the deposits represent funds placed
bills, and drafts payable to foreigners; in restricted accounts with the U.S.
and (3) advance payments received Government to be used only to liquifrom foreigners for future delivery of date U.S. claims as these claims reach
goods or services even if such trans- maturity. Also included are changes in
actions are not completed until after one the outstanding amount of nonmarketyear. Estimates, based on reports col- able Treasury securities which are islected by the Federal Reserve System sued subject to redemption prior to
for the Treasury Department, repre- maturity for the purpose of paying or
sent the change in amounts outstanding prepaying for military purchases in the
between the beginning and end of the United States, and the obligations to
period. Adjustments are made when the Government of Canada under the
necessary to account for proceeds of Columbia River basin agreements of
foreign short-term bank loans obtained 1964.
by U.S. parent companies through their
The bulk of the obligations entering
Netherland Antilles finance subsidiaries into this entry represents nonmarketas reported to OBE.
able securities issued by the Government through arrangements to improve
Line 52.—U.S. long-term liabilities the U.S. liquid liability position with
to private foreigners, reported by other countries or to obtain convertible
U.S. banks
currencies for inclusion in the U.S.
This account measures changes in official reserve assets.
obligations to private foreigners reTransactions may be in U.S. dollars
ported by U.S. banks, for their own or in foreign currencies. Repayments
account and for others' accounts under of obligations are recorded at book
their custody, with a contractual ma- value, with the exception that an estiturity of more than one year. Private mated book value is calculated by OBE
foreigners include official international to reflect any formal exchange rate
and regional organizations other than revaluation which may have affected
the International Monetary Fund (even the U.S. dollar equivalent value of an
if located in the United States), foreign obligation denominated and/or repaybranches of U.S. banks, other foreign able in foreign currencies. Data are
commercial banks, and other private compiled from reports furnished by
residents. The data are collected operating agencies and from published
monthly by the Federal Reserve statements and financial and operating
records of Government agencies.
System for the Treasury Department.
Line 53.—Long-term liabilities to Line 55.—Nonliquid liabilities^ reforeign official agencies, reported by ported by U.S. Government, to other
U.S. banks
official and private foreigners
This account measures changes in obThis account measures net transacligations to foreign official agencies of tions representing collections for, and
reporting U.S. banks, for their own "repayments" against, deposit and seaccount and for others' accounts under curity obligations of U.S. Government
their custody, with a contractual ma- agencies to other than foreign official returity of more than one year. Foreign serve agencies. "Repayments" include
official agencies include, in addition to deliveries of goods or rendering of servreserve agencies (treasuries or finance ices by U.S. Government agencies; the
ministries of central governments and bulk of the deposits is in prepayment
recognized central banks), diplomatic for such purchases (mainly of military
and consular establishments, and other equipment) by foreign governments.
agencies of national governments. SepLiabilities include deposits associated
arate data for reserve agencies are not with military sales contracts; deposit
available. The data are collected monthly and trust funds with the U.S. Govern
57
ment under prepayment sales operations of nonmilitary agencies; funds
provided as grants or loans under assistance programs, but held in a restricted
account with the U.S. Government
under arrangements to insure their expenditure for purchases from the United
States; accounts payable of Government agencies that report their current
transactions on an accrual basis; noninterest-bearing Treasury securities
which were issued as part of U.S. Government contributions to international
institutions, but are subject to redemption prior to maturity to obtain U.S.
dollars for the immediate operating
needs of the institutions; and nonmarketable securities issued by the Government to other than foreign official
reserve agencies through arrangements
to improve the U.S. liquid liability
position with other countries.
Transactions may be in U.S. dollars
or in foreign currencies. Repayments of
obligations are recorded at book value,
with the exception that an estimated
book value is calculated by OBE to reflect any formal exchange rate revaluation which may have affected the U.S.
dollar equivalent value of an obligation
denominated and/or repayable in foreign currencies.
Data are compiled from reports furnished by operating agencies, and from
published statements and financial and
operating records of Government
agencies. The entries for the several
categories of transactions related to
military sales contracts are partially
estimated by OBE from incomplete
data.
Line 56.—U.S. liquid liabilities to
private foreigners
This account measures changes in
short-term liabilities (with an original
maturity of one year or less) to private
foreigners reported by U.S. banks, for
their own account and for others7
accounts under their custody, and
changes in private foreign holdings of
U.S. Treasury marketable bonds and
notes. Liquid liabilities reported by U.S.
banks include mainly demand and time
deposits, U.S. Treasury bills and certificates, negotiable time certificates of
deposit, and nonguaranteed U.S. Government agency securities. Private foreigners include official international and
regional organizations other than IMF
even if located in the United States,
foreign branches of U.S. banks, other
foreign commercial banks, and other
private foreign residents. These data
are collected monthly by the Federal
Reserve System for the Treasury Department from banks and securities
brokers and dealers.
(Continued on page 64)
By JACK J. BAME
The U.S. Balance of Payments: First Quarter 1971
International interest rate disparities
and, in late March, uneasy foreign exchange markets led to substantial outward capital movements—recorded and
unrecorded—and a deterioration in U.S.
balance of payments measures for the
first quarter of 1971. The official reserve
transactions balance was most severely
affected, deteriorating $2.0 billion to a
record $5.5 billion deficit.
Ui
' NUSUALLY large unrecorded outflows of funds and substantial adverse
swings in both long-term and liquid
private capital flows dominated U.S.
balance of payments developments in
the first quarter of 1971 (see table A and
table 1 on p. 30). A good part of these
flows was accounted for by the wide
spread between money market rates in
the United States and abroad, reflecting
the contrast between the very accommodative stance of the U.S. monetary
authorities and the relatively restrictive
posture of foreign central banks. Eurodollar rates also declined in the first
quarter but to a much lesser degree than
short-term rates in the United States.
While banks here were returning funds
to the Eurodollar market, rates there
were propped by heavy borrowings on
the part of European and other companies, as a result of the high cost and,
in some cases, non-availability of credit
in those areas. Toward the end of the
quarter, growing foreign exchange market uncertainties and anticipations of
new capital controls may have given
further impetus to net outward capital
movements, much of which was probably unrecorded.
The official reserve transactions balance deteriorated by $2.0 billion, seasonally adjusted, in the first quarter to
58
a record deficit of $5.5 billion. The
Major Developments
adverse swings in errors and omissions
and in long-term private capital flows, The balance on goods and services,
as well as the shift in liquid private and the current account
capita] (mostly by U.S. nonbanking
Net exports of goods and services
concerns) largely accounted for the totaled $1,050 million (seasonally addeterioration in this balance. The net justed) in the first quarter, an increase
liquidity balance, which is not affected of $380 million. The merchandise trade
by recorded flows of private liquid balance (excluding military) improved
funds, was in deficit by $2.6 billion, an $130 million to a surplus of $270 million;
adverse shift of $1.6 billion.
however, that figure was only half as
The balance on current account and large as the average quarterly surplus
long-term capital, which is not affected in 1970. Exports rose $570 million,
by either errors and omissions or re- boosted by continued expansion of
corded flows of liquid funds, deteri- agricultural shipments and temporary
orated $0.6 billion to a deficit of $1.4 bulges in both aircraft deliveries and
billion. There was shift to a surplus on post-strike automotive product shipcurrent account but that was more than ments (the latter mainly a surge in
offset by the adverse swing in long-term shipments to Canada). Other nonagriprivate capital flows. A number of the cultural exports, however, declined for
latter items deteriorated. Outflows for the third consecutive quarter. The rise
direct investments abroad rose and in imports in the first quarter was $440
direct investment inflows fell; foreigners million but was narrowly based on inreduced their purchases of U.S. stocks; creased automotive deliveries following
and long-term liabilities of banks and, the strike and imports of other nonfood
to a greater extent, nonbanking con- consumer goods. Military transactions,
cerns moved adversely.
net investment income, and other servFlows of funds thus far in 1971 and ices all showed modest gains and toin a number of recent years have been gether contributed about $250 million
quite large and volatile in a number of to the first quarter improvement in the
accounts, such as direct investment, balance on goods and services.
other recorded corporate and banking
A dip of $50 million in U.S. Governtransactions and errors and omissions. ment grants (excluding military), comAs a result, it has become increasingly bined with the above developments,
difficult to identify seasonal patterns resulted in a $435 million favorable
and obtain reliable seasonal adjust- shift in the balance on current account.
ment factors. Nonetheless, revisions in
seasonal adjustments have been made Balance on current account and long"
to take into account the newly emerging term capital
An unfavorable swing in long-term
patterns, where practical.
private capital more than offset the curNOTE.—The revised presention of the balance rent account improvement so that there
of payments and the explanatory notes could
was a $585 million deterioration (seanot have been completed without the special
efforts of Evelyn Parrish and the entire sonally adjusted) in the balance on current account and long-term capital in
Balance cf Payments Division staff.
June 1971
SURVEY OF CURRENT BUSINESS
the first quarter. Almost every category
of long-term capital moved adversely.
U.S. direct investment outflows increased $425 million to $1,360 million
(see U.S. corporate capital section
below). Foreign direct investment in the
United States slid $110 million to only
$50 million, with no large acquisitions
reported.
Portfolio transactions resulted in an
unfavorable shift of $190 million (see
table 6). Net foreign purchases of U.S.
stocks fell $415 million to only $75
million. There were small net sales in
both February and March, even though
U.S. stock prices continued to climb.
Some profit taking, the rapid price rise
of previous months and the development of foreign exchange market uncertainties were probably contributing
factors to the decline in foreign purchases. On the other hand, foreign purchases of U.S. bonds (other than Treasury issues) rose $250 million in the first
quarter to $550 million. New issues
sold abroad by U.S. corporations rose to
their highest level since early 1969,
possibly reflecting expectations that
Eurobond rates had bottomed out.
The net effect of other changes in
long-term private clains and liabilities
was an adverse shift of $280 million in
the first quarter. This largely reflected
a reduction in long-term borrowing
abroad (other than through new issues)
by U.S. nonbanking concerns.
59
fourth quarter rise, declined markedly,
but the decline was partly offset by
increased bank-reported claims on other
countries, especially the United Kingdom and Switzerland,
Allocations of SDR, $180 million on
a seasonally adjusted basis, were down
slightly from last year's allocation.
Net liquidity balance
The unfavorable first quarter swing
of $1,627 million in the net liquidity
balance reflected all of the factors
affecting the balance on current account
and long-term capital plus the effect
of nonliquid short-term capital flows,
allocations of SDR, and errors and
omissions. Only the latter changed
significantly, deteriorating by $1,060
million. The substantial unrecorded
outflow of funds was probably associated with the wide interest rate gap
between Europe and the United
States—the difference between money
market yields here and Eurodollar
rates exceeded two percentage points
at times—and growing anticipations,
in the latter part of March, of new capital controls and exchange rate changes.
Nonliquid short-term private capital
flows showed a favorable swing of only
$55 million in the first quarter but this
reflected rather sizable offsetting shifts.
Such liabilities reported by U.S. nonbanking concerns shifted adversely by
$390 million as borrowing abroad fell
sharply. However, claims reported by
U.S. banks and nonbanking concerns
moved favorably by $445 million: bankreported nonliquid claims on Japan,
which had accounted for much of the
Official
reserve transactions balance
The official reserve transactions balance moved adversely by $2,042 million
in the first quarter to a record $5,523
million deficit. It is affected by all of
the items above the net liquidity balance plus the net recorded flows of
liquid private capital. These private
liquid flows showed a net adverse
swing of $420 million, to an outflow of
over $2.9 billion. Most of the shift was
in liquid claims reported by U.S. nonbanking concerns, which deteriorated
$350 million.
U.S. liquid liabilities to private foreigners declined $2,687 million in the
first quarter, an adverse shift of only
$75 million from the fourth quarter
despite the further easing in monetary
conditions in the United States. U.S.
banks7 liabilities to their foreign branches
showed a net decline of $1.9 billion (no
seasonal adjustment is available) in the
first quarter—compared with $3.4 billion in the fourth—and their liquid
liabilities to other foreign commercial
Table A.—Summary of U.S. International Transactions
(Millions of dollars, seasonally adjusted)
Line
' 1968
1969
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Balance on goods and services
_.
II
III
IV
624
1,866
Balance on goods, services, and remittances
2 110
1 480
—79
417
—76
372
324
384
2 Oil
3 592
338
296
1 168
... . .
Remittances, pensions and other transfers (31 32)
660
1 351
2,489
Merchandise trade balance (2, 16)
Services, net (3-13, 17-27)
1 266
1 410
286
Q1Q
708
669
881
341
338
362
1,051
381
—351
381
700
-432
53
125
292
192
-166
268
434
—205
—453
—590
-312
-673
-687
-14
641
—969
—272
-220
7
-997
-1,004
356
-1,297
-570
-340
-832
-1,416
—210
—27
—717
—166
—107
217
—62
—164
217
—430
-121
217
-433
-156
216
-207
-100
180
-1, 268
56
-36
-1,061
-1,627
-408
—386
—899
444
—292
—543
15
—80
—2 161
—1 930
—2 029
—479
—541
—704
1,198
—50
—1,453
624
—935
—381
-1,349
—2, 879
-3, 038
—147
—2,019
—1,070
—548
867
—1,132
6
—372
— 1 092
—628
543
-418
683
-584
Liquid private capital flows, net (43, 46, 56) .. ...
...
231
—602
—493
—2 603
-1,610
Net liquidity balance
670
—351
319
328
-371
» Preliminary.
995
—359
-485
386
-521
Official reserve transactions balance
130
251
636
52
-344
Nonliquid short-term private capital flows, net
(42, 45, 51)
Allocations of SDR (63)
Errors and omissions, net (64)
272
779
-444
2 182
-1, 739
Balance on current account and long-term capital
19711
-391
745
U.S. Government capital flows net, and nonliquid
liabilities to other than foreign official reserve
agencies (33, 55)
Long-term private capital flows, net (39-41, 44, 4850, 52)
I"
IV
142
528
704
291
1 045
329
III
751
294
-1, 644
...
II
513
368
1 321
—22
I
491
178
U.S. Government grants (excluding military) (30).. -1,707
Balance on current account
Change:
1970
IV-
1970
I
1
?,
1971
1970
19 69
Lines in tables 2,3, and 9 in which transactions
are included are indicated in ( )
-6, 084
-3,852
-1,234
-3,019
-1,996
163
-1,250
-945
-679
-977
-2,604
3,251
8,786
-5, 969
2, 571
4,678
1,317
221
-1,615
-457
-1, 398
-2, 499
-2,919
-420
1.641
2.702
-9.821
1.337
1.659
-679
384
-2.865
-1.402
-2.077
-3.476
-5,523
-2,047
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
60
June 1971
banks fell $0.9 billion (see table 8). Financing the "official" balance
However, the $1.9 billion net decline
The official reserve transactions balincluded a $1.5 billion increase in
ance deficit of $5.5 billion was financed
Export-Import Bank liabilities to these
by a rise of over $5.0 billion in liquid
branches—reported by U.S. banks as
liabilities to foreign official agencies, a
custody items for their branches—as
$0.7 billion decline in U.S. official rea result of the sale of short-term Exportserves and a $0.2 billion decrease in
Import Bank paper, at attractive yields
nonliquid liabilities to foreign official
above domestic levels, to the branches.
agencies. EEC countries (particularly
The impact of this effort to absorb
Germany) showed substantial foreign
funds, which otherwise would have been
exchange reserve gains, with Japan and
lent in the Eurodollar market, and
the United Kingdom also reflecting
thus slow the flow of dollars into foreign
considerable foreign exchange accumucentral banks may have been offset to
lations, probably mostly in dollars.
some extent, in that resultant firmer
Eurodollar rates might have attracted Highlights and Perspectives
more funds from the United States or
magnified the decline in U.S. banks' Merchandise trade
liabilities to other foreign commercial
The merchandise trade surplus, exbanks.
cluding "military"—the usual figure
used for balance of payments purposes
and shown in table 1—amounted to
$270 million in the first quarter, a gain
of $130 million. While representing a
recovery from the $560 million deterioration in the fourth quarter, the first
quarter gain put the surplus at an annual rate of only $1.1 billion, substantially below the $2.1 billion surplus for
the full year 1970. (Trade statistics
available for April reflect a renewed
deterioration.)
Exports ( n o n m i l i t a r y ) t o t a l e d
$11,030 million in the first quarter,
up 5K percent from the fourth quarter
total. Imports rose about 4 percent to
$10,760 million. The improvement in
the nonmilitary trade balance was
accounted for by transactions with the
developing countries, mainly those out-
Table Bl—U.S. Merchandise Trade, By Principal End-Use Categories—Reconciled to Balance of Payments Basis
[Millions of dollars, seasonally adjusted]
Line
[Numbers in parentheses ( ) refer to line numbers in table 4]
1968
1969
1969
1970
I
II
1970
III
1971
I
IV
II
III
IV
IP
Change:
1970 IV19711
EXPORTS
1 Total, adjusted to balance of payments basis, including "military" 1 (6) 34,372 37,662 42,990
2 Less: Exports under U.S. military sales contracts identified in Census
documents (7)
3
4
5
6
7
8
9
10
11
12
13
14
IB
16
17
Equals: Total, adjusted to balance of payments basis, excluding
"military" (8)
.
Agricultural goods
Nonagricultural goods
Foods, feeds and beverages (19)
Industrial supplies and materials (23)
Agricultural . .
Nonagricultural
.
Capital goods, except automotive (34)
Machinery, except consumer-type (35)
Civilian aircraft, complete — all types (44a)
Automotive vehicles, parts, and engines (46)
To Canada (47)
To all other areas (48).
_
Consumer goods (nonfood) , except automotive (52)
_
All other, including balance of payments adjustments not included
above .
7,764
9,860
9,920
10,118
10,438
10,861
10,911
10,780
11,327
547
784
1,172
1,010
254
370
318
230
197
279
215
319
295
-24
33,588
6,294
27,294
36,490
6,104
30,386
41,980
7,346
34,634
7,510
1,030
6,480
9,490
1,758
7,732
9,602
1,620
7,982
9,888
1,696
8,192
10,241
1,746
8,495
10,582
1,774
8,808
10,696
1,882
8,814
10,461
1,944
8,517
11,032
2,128
8,904
571
184
387
4,813
11,004
1,500
9,504
11,072
8,642
1,405
3,453
2,378
1,074
2,334
4,688
11, 779
1,452
10,327
12,346
9,991
1,266
3,888
2,736
1,152
2,573
5,826
13, 795
1,555
12,240
14,366
11,564
1,529
3.652
2,474
1,178
2,717
774
2,183
233
1,950
2,742
2,123
371
934
682
252
567
1,340
3,152
451
2,701
3,070
2,543
269
972
664
308
672
1,227
3,164
380
2,784
3,253
2,681
265
1,021
731
290
678
1,322
3,240
381
2,859
3,299
2,659
345
965
667
298
658
1,327
3,465
403
3,062
3,449
2,759
390
920
613
307
676
1,419
3,523
389
3,134
3,583
2,793
483
1,006
725
281
673
1,543
3,387
334
3,053
3,678
3,046
285
991
682
309
680
1,529
3,442
424
3,018
3,683
2,999
347
756
473
283
693
1,563
3,367
551
2,816
3,893
2,999
507
1,114
791
323
682
34
-75
127
-202
210
912
1,215
1,624
310
282
259
404
403
378
418
357
413
56
160
358'
318
40
-11
IMPORTS
18
Total, adjusted to balance of payments basis, including "military" 1
19
Less: Imports of U.S. military agencies identified in Census documents (14)
33,214
9,325
9,453
9,773
9,881
10,031
10,364
10,807
443
63
47
56
45
50
39
45
47
2
7,589
9,566
9,278
9,397
9,728
9,831
9,992
10,319
10,760
441
1,054
3,080
658
612
46
1,026
709
317
1,412
1,431
3,810
872
829
43
1,280
732
548
1,746
1,320
3,625
844
801
43
1,357
840
518
1,702
1,416
3,637
847
801
46
1,349
864
486
1,730
1,552
3,681
916
874
42
1,313
791
523
1,829
1,563
3,662
949
897
52
1,413
847
567
1,850
1,490
3,773
943
901
42
1,470
857
613
1,897
1,550
3,995
975
920
55
1,420
748
672
1,962
1,551
3,895
990
932
58
1,744
999
745
2,092
1
-100
15
12
3
324
251
73
130
359
427
429
418
437
393
419
417
488
71
880
416
520
104
704
142
272
130
36,067
40,049
7,660
250
237
179
71
20
Equals: Total, adjusted to balance of payments basis, excluding
"military" (15)
32,964
35,830
39,870
21
22
23
24
25
26
27
28
29
30
5,271
14, 159
2,825
2,637
188
3,995
2,318
1,677
5,330
5,238
14, 159
3,218
3,040
177
4,996
3,143
1,853
6,616
6,158
15, 117
3,782
3,591
191
5,609
3,239
2,371
7,551
1,384
1,603
1,652
Foods, feeds, and beverages (61)
Industrial supplies and materials (66)
Capital goods, except automotive (80) . .
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89)
Automotive vehicles, parts, and engines— adjusted
From Canada (adjusted to transactions value) (92)
From all other areas (93) . . . .
Consumer goods (nonfood), except automotive (97)
All other, including balance of payments adjustments not included
above
31 Balance on total merchandise trade, adjusted to balance of payments
basis (export surplus +) (16)
...
...
32
Balance on merchandise trade, adjusted to balance of payments basis,
excluding "military" (export surplus +) (17)
1,158
1,595
2,941
104
231
595
665
665
980
624
660
2,110
-79
-76
324
491
513
751
p Preliminary.
1. Includes goods physically exported from the United States under U.S. military agency
sales contracts and recorded in Census trade statistics; includes goods physically imported into
9,629
the United States directly by U.S. military agencies (and by the Atomic Energy Commission
and the Coast Guard) and recorded in Census trade statistics.
NOTE: Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SURVEY OF CURRENT BUSINESS
June 1971
side the Western Hemisphere (table
B2). There was a moderate deficit in
trade with the developed countries, as
a sharp worsening of the deficit with
Japan—reflecting expanded imports of
steel, autos, and other consumer
goods—more than offset improved balances with Canada, the United Kingdom and others.
Agricultural exports rose for the
sixth consecutive quarter, showing a
gain of about $185 million. The rest of
the first quarter export rise was for the
most part narrowly based, reflecting
special or temporary factors affecting
61
nonagricultural shipments. The near
$400 million rise in nonagricultural
exports, following a decline of over
$300 million a quarter earlier, was
attributable to a sharp rebound in
exports of automotive products (mainly
to Canada) following the end of the
GM strike, supplemented by exceptionally heavy deliveries of civilian
aircraft and parts. Exports in these two
major commodity groups rose $360
million and $210 million, respectively—
a pace not likely to be sustained. All
other nonagricultural exports, in the
aggregate, declined for the third suc-
cessive quarter as the growth of economic activity in the major industrialized countries abroad continued to
slow. Most of the first quarter drop
was in nonagricultural industrial supplies and materials, mainly steel, steel
scrap, and other metals, although fuels
and chemicals also weakened. The
decline in metals exports may have
been associated with lesser foreign
demand, on an improved foreign supply situation, and heightened domestic demand in anticipation of possible
work stoppages in late spring and summer. A slight dip in exports of nonfood
Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas1—Balance of Payments Basis, Excluding "Military"
[Millions of dollars, seasonally adjusted]
Line
1968
1969
1970
1969
1970
I
II
III
1971
I
IV
II
III
IV
IP
Change
1970 IV19711
EXPORTS
1 Total, all countries (line 2, tables 2, 3, 9)
2
3
4
5
6
7
8
9
10
11
12
.
Developed countries, total
Western E urope
United Kingdom
Other Western Europe (incl. EEC)
Canada
Japan
Australia, New Zealand, and South Africa
Developing countries, total
Latin American Republics and other Western
Hemisphere
Eastern Europe
Other countries in Asia and Africa
33,588
36,490
41,980
7,510
9,490
9,602
9,888
10,241
10,582
10,696
10,461
11,032
571
23,038
25,698
29,447
5,517
6,446
6,764
6,983
7,215
7,482
7,556
7,194
7,689
495
10,538
1,959
8,579
8,157
2,959
1,384
11,648
2,025
9,623
9,193
3,503
1,354
14, 174
2,518
11,656
9,044
4,648
1,581
2,328
407
1,921
2,254
682
253
2,994
517
247
2,222
877
353
3,075
523
2,552
2,386
945
358
3,241
572
2,669
2,354
1,000
388
3,477
607
2,870
2,276
1,095
367
3,607
662
2,945
2,333
1,153
389
3,564
616
2,948
2,344
1,219
429
3,525
630
2,895
2,094
1,182
393
3,710
722
2,988
2,465
1,079
435
185
92
93
371
-103
42
10,550
10,792
12,533
1,993
3,044
2,838
2,905
3,026
3,100
3,140
3,267
3,343
76
5,274
220
5,056
5,533
253
5,006
6,494
368
5,671
1,106
35
852
1,493
66
1,485
1,448
76
1,314
1,474
81
1,350
1,570
82
1,374
1,601
93
1,406
1,624
97
1,419
1,697
97
1,473
1,670
102
1,571
-27
5
98
IMPORTS
13
Total, all countries (line 16, tables 2, 3, 9)2
32,964
35,830
39,870
7,589
9,566
9,278
9,397
9,728
9,831
9,992
10,319
10,760
441
14
Developed countries, total
23,788
26, 156
29,014
5,491
7,013
6,793
6,837
7,084
7,125
7,270
7,528
8,053
525
10,203
2,075
8,128
8,592
4,069
924
10,212
2,112
8,100
9,992
4,893
1,059
11,275
2,216
9,059
10, 720
5,894
1,125
1,880
406
1,474
2,411
984
216
2,976
600
2,376
2,452
1,315
270
2,743
567
2,176
2,472
1,287
291
2,614
535
2,079
2,658
1,288
277
2,723
578
2,145
2,680
1,381
300
2,790
544
2,246
2,673
1,408
254
2,786
520
2,266
2,687
1,517
280
2,978
576
2,402
2,679
1,577
294
3,101
592
2,509
2,977
1,737
238
123
16
107
298
160
-56
9,176
9,674
10,856
2,098
2,553
2,485
2,560
2,644
2,706
2,722
2,791
2,707
-84
5,137
205
3,782
5,215
199
4,260
5,913
218
4,725
1,153
41
904
1,369
56
1,128
1,329
51
1,105
1,384
52
1,124
1,452
55
1,137
1,517
51
1,138
1,471
51
1,200
1,478
62
1,251
1,446
57
1,204
-32
-5
-47
15
16
17
18
19
20
21
22
23
24
Western Europe
United Kingdom
Other Western Europe (incl. EEC)
Canada
Japan
Australia, New Zealand, and South Africa
Developing countries, total. - .
Latin American Republics and other Western
Hemisphere
Eastern Europe
Other countries in Asia and Africa
-- -
BALANCE
25
Total, all countries 2
2624
26
Developed countries, total
-750
-458
335
-116
451
-435
-1,110
460
1,436
-87
1,523
-799
-1,390
295
27
28
29
30
31
32
33
34
35
36
Western Europe
United Kingdom
Other Western Europe (incl. EEC)
Canada
Japan
Australia, New Zealand, and South Africa
Developing countries, total
Latin American Republics and other Western
Hemisphere __
East Europe
Other countries in Asia and Africa. -
1,374
137
15
1,274
660
1,118
318
54
746
2,110
-79
433
26
2,899
302
2,597
-1,676
-1,246
456
448
1
447
-157
-302
37
1,677
581
150
946
'Preliminary.
1. Annual country and area data shown in this table correspond to the annual data in table
9, lines 2 and 16; seasonally adjusted quarterly data shown in this table are computed from
corresponding unadjusted quarterly data in table 9, lines 2 and 16.
-105
-47
-6
-52
324
491
513
151
704
-29
146
131
357
286
18
-83
101
-230
-438
83
332
-44
376
-86
-342
67
627
37
590
-304
-288
111
754
29
725
-404
-286
67
817
118
699
-340
-255
135
491
353
345
382
124
10
357
119
25
209
90
29
226
118
27
237
-76
-567
142
272
130
-334
-364
-30
778
96
682
-343
-298
149
547
54
493
-585
-395
99
609
130
479
-512
-658
197
62
76
-14
73
-263
98
394
418
476
636
160
84
42
268
153
46
219
219
35
222
224
45
367
5
10
145
2. Includes $52 million of net purchases of gold by U.S. private residents from U.S. monetary
gold stock not allocated by area.
NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SURVEY OF CURRENT BUSINESS
62
consumer goods (except automotive)
offset a similar rise in the fourth
quarter.
The first quarter rise in imports was
larger than the fourth quarter gain
($440 million vs. $325 million), but was
much more narrowly based. It was almost entirely confined to a sharp increase in automotive imports, and an
acceleration of the rise in imports of
other nonfood consumer goods. Most of
the rise in automotive products reflected
a post-strike rebound in imports from
Canada. However, imports of cars from
Europe and Japan also rose, as foreign
cars accounted for almost 15% percent
of total U.S. auto sales in the first
quarter, compared to less than 14 percent in the pre-strike quarters of 1970.
Imports of industrial materials fell
$100 million after rising $220 million in
the fourth quarter, while other major
import categories showed little or no
change. Petroleum imports, which had
risen $60 million in the fourth quarter
in a buildup against anticipated fuel
shortages, receded by nearly the same
amount in the first quarter, despite
liberalized quotas and higher unit
values (prices) for crude oil. A drop in
nonferrous metals imports may have
been a reaction to the accumulation of a
high level of domestic metal inven-
tories. Increases of steel and steel
making materials imports partially offset these declines; as there appeared to
be a continuing inventory buildup to
hedge against a possible steel strike this
summer. Also, a shift to foreign sources
of supply may have intensified as domestic steel prices continued to climb.
The newly calculated total merchandise trade surplus (see table Bl and
table 4), including "military" exports
and imports of the defense agencies,
rose to $520 million in the first quarter,
seasonally adjusted, up $105 million
from the fourth quarter. Exports rose
$545 million despite a $25 million dip in
recorded shipments under U.S. military
agency sales contracts; imports increased about $440 million, with "military" imports of the defense agencies
virtually unchanged.
U.S. corporate capital
The net outflow of U.S. corporate
capital increased from a negligible
amount in the fourth quarter to $1.1
billion, seasonally adjusted, in the first
(see table C). Both the outflow and the
swing exceeded those in the first quarter
of 1970. The adverse shift reflected an
increase in direct investment outflows
and marked swings in short-term foreign
June 1971
borrowing and liquid claims abroad.
These unfavorable movements were
only partially offset by a small net
increase in long-term foreign borrowing
(including new issues). All of these flows
are above the official reserve transactions balance and thus influence that
measure.
The deterioration probably reflected
a combination of continued high levels
of plant and equipment expenditures
abroad, a wide interest rate gap between
credit markets here and in Europe, and
perhaps, especially in March, anticipations of new capital controls as well as
exchange market uncertainties.
Long-term capital accounts in the
corporate sector include direct investment, new issues of securities sold
abroad by U.S. corporations, and other
long-term corporate claims and liabilities. All these capital flows are above
the balance on current account and
long-term capital and thus affect that
measure. Net flows resulting from these
transactions in the first quarter were
adverse by $810 million, a negative
swing of $340 million from the fourth
quarter. Direct investment outflows increased sharply. There was a minor
favorable swing in long-term borrowing,
as new bond issues sold abroad rose $195
million in the first quarter and totaled
Table C.—Net Change in U.S. Corporate Foreign Assets and Liabilities Related to Direct Investment Abroad 1
[Millions of dollars, seasonally adjusted]
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Credits (+); debits (— ) [lines in table 2 in which
transactions are included are indicated in ( )]
Direct investment (39)
of which: Short-term intercompany accounts with
incorporated affiliates, n.s. a. . -..
Branch accounts, n.s.a
Other long-term claims (44) _ _ .
New issues of securities sold abroad by U.S. corporations '49f)2
:
Other long term liabilities (50)
1967
Short-term claims, liquid (46)
Sum of capital flows above the official
balance
III
IV
IP
-1,358 -1,257
-897
-934
I
II
—926
—999
—899
-430
-1,357
-423
-690
-949
s -291
—31
-307
-82
-203
-259
-80
-289
-122
-13
321
420
-249
-751
-195
5-95
-232
-666
-13
-232
-113
-129
525
25
-54
n.a.
n.a.
-8
n.a.
n.a.
2,129
715
1,029
701
822
1,153
401
236
152
74
218
230
258
161
163
159
267
358
193
312
199
324
392
166
-158
446
85
-2,718
-120
Additions to, and refinancing of, direct investment (S9|)--Short-term claims reported by U.S. residents other than
banks (4fff)
Reductions in corporate liabilities to foreign residents
(50t, 51f)
Transfers of funds to U.S, residents (Jfff ) 4 -
IV
-203
-267
-424
reserve transactions
Uses of funds obtained through new issues of securities sold
abroad by U.S. corporations
III
Change
1970 IV19711
-229
569
—918 — 1,130
-219
-281
—3 137 — 3 209 -3,254 -4 ,445
-189
363
Sum of capital flows above net liquidity balance
II
1971
19 70
1969
1970
I
Sum of capital flows above current account and long-term
capital balance
—2,887
Short-term claims, nonliquid (45f)3
Short-term liabilities (51f)3
1969
1968
— 2 8S3
—584 — 1 ,948 -2 ,761
-274
434
-265
293
-362
916
—4%4 -1,920 -2,207
333
-498
392
—922 —1 ,587 —1 ,815
2,129
1 ,029
822
-785
-681
-878
-96 —1 ,124
-187
-84
o
-15
-196
-S60
446
-278
—48
—84
-218
" Preliminary. n.s.a. Not seasonally adjusted.
fPortionof line,
n.a. Not available.
1. Excludes claims and liabilities of U.S. banking and brokerage institutions but includes
other private transactions, a number of which are unrelated to direct investment and cannot
be disaggregated.
2. Excludes funds obtained abroad by U.S. corporations through bank loans and other
credits and also excludes securities issued by subsidiaries incorporated abroad. However,
securities issued by finance subsidiaries incorporated in the Netherlands Antilles are treated
as if they had been issued by U.S. corporations to the extent that the proceeds of such issues
are transferred to U.S. parent companies.
-871
-39
70
-340
-132
—472
401
-190
-70
-141
—863
—464
-83
52
-110
127
-884
144
-740
152
-151
-447
173
-274
—1 ,181
-34
44
-166
229
-250
-1,068
149
-101
117
-951
-645
-85
185
-545
46
-499
-465
-807
-842
-35
168
-76
334
20
-162
96
-496
-388
-207
-949
-742
-160
-351
-521
38
-850
191
-16 -1 ,109
-1 ,093
193
-15
-IS
258
163
267
193
199
392
-100
-99
-64
-68
-U7
-74
-181
218
-190
14
-15
-260
-21
-14
-35
-14
-27
-48
-90
-88
-189
46
193
78
-144
-130
-100
-100
-86
-74
3. Excludes brokerage transactions.
4. A (—) reflects a decline in foreign deposits and money market paper held in the United
States.
5. Excludes an increase in U.S. corporate long-term claims of $286 million that was associated with increased foreign direct investment in the United States.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
June 1 7
91
about $390 million. However, about
$285 million of the total was placed in
March, possibly reflecting feelings that
dollar bond rates had bottomed out and
that a renewed rise in yields was underway. Other long-term borrowing, including long- and medium-term bank
financing, totaled only $166 million,
representing an adverse shift of $160
million from the previous quarter. This
development may have reflected some
refinancing of foreign bank borrowings.
There was an adverse shift of $500
million, from the fourth quarter to the
first, in short-term corporate foreign
liabilities, which may also have been
influenced by interest rate differentials
and the shift to long-term bond financing. A favorable swing in short-term
nonliquid corporate claims of $100
million served as a partial offset. Movements of long-term and short-term
nonliquid U.S. corporate capital movements thus had a combined net adverse
influence of $950 million on the net
liquidity balance in the first quarter,
an adverse swing of $740 million from
the fourth quarter.
Corporate short-term liquid claims
increased to $160 million in the first
quarter, an adverse swing of $350
million. The change probably reflected,
in part, unused proceeds of increased
foreign bond placements left on deposit
abroad, but may also have been associated with interest rate incentives.
Special Financial Transactions
Special financial transactions, previously published in table A2, are presented in a revised format (see table D)
to show how they fit into the new
payments framework. The purpose of
table A2 was to convert the reported
liquidity balance and the official reserve
transactions balance to an "underlying" basis. The most important group
of specials, changes in certain nonliquid
liabilities to foreign official agencies,
will not affect any of the balances in
the new presentation, as these transactions are considered financing items
for the official reserve transactions
balance and all other balances. In
the previous presentation, they distorted the liquidity balance (but not
the official reserve transactions balance). Although such liabilities are
technically nonliquid, most are held
63
in foreign official reserves and can be
converted into liquid form under certain circumstances.
The second group, changes in nonliquid liabilities to international and
regional organizations (which also affected the liquidity balance but not the
' 'official" balance) will affect the balance
on current account and long-term capital and the net liquidity balance in the
new presentation. Review of the nature
of these transactions suggested that
they are sufficiently affected by market
considerations, at this time, to treat
them in the new presentation no differently from similar long-term liabilities
to other private foreigners. However,
thses nonliquid liabilities to international and regional organizations are
separately identified in table 6 (line 65,
nonguaranteed
U.S. Government
agency bonds, investments by international and regional organizations) and
in table 7 (line C2, nonliquid liabilities
reported by U.S. banks to "international and regional").
The third group of special financial
transactions affected both the liquidity
balance and the official reserve trans-
Table D.—Special Financial Transactions
[Millions of dollars]
Impact on balances in new
presentation
Line
(Credits+; debits—)
Current
account
and
long-term
capital
Net
liquidity
balance
No
No
No
No
Line
references
1971*
1966
1967
1968
1969
1970
-998
-162
-836
-275
535
-810
-224
-8
-216
448
336
112
222
324
-102
-28
128
-156
269
-87
244
4
175
67
67
50
Official
reserve
transactions
-8
75
-8
75
Table
1
Table
2
No
No
43
44
54
53
808
15
793
1,346
452
894
2,340
1,806
534
440
244
196
304
121
183
197
118
79
1
2
3
Items that previously affected only the liquidity balance and were financing items
for the official reserve transactions balance:
Certain nonliquid liabilities to foreign official reserve agencies
Nonliquid liabilities reported by U.S. Government.. ._
.
Nonliquid liabilities reported by U.S. banks
4
5
6
Items that previously affected only the liquidity balance:
Liabilities to international and regional organizations ..
Nonguaranteed U.S. Government agency bonds
Long-term liabilities reported by U.S. banks
... Yes
Yes
Yes
Yes
No
No........
23
24
49
52
7
8
Items that previously affected the liquidity balance and the official reserve transactions balance:
United Kingdom deferral of interest payment on loan by U.S. Government. Yes
United Kingdom deferral of principal payment on loan by U. S. Government. . Yes
Yes
Yes
Yes
Yes
8
16
13
36
Yes
Yes
17
37
9
10
..
Nonscheduled repayments of U.S. Government assets
Yes
Yes
11
12
13
U.S. Government nonliquid liabilities to other than foreign official reserve
agencies.
Special deposits in accounts with U S Treasury
German Government 10-year loan to U S. Government
Nonconvertible U.S. Treasury securities issued to German commercial
banks.
14
15
16
17
Foreign securities:
. ..
Canadian Government transactions with U.S. residents in IBRD bonds
Canadian Government newly issued securities
Postponement of sale of newly issued Canadian securities
Yes
18
U.S. securities other than Treasury issues liquidated by United Kingdom
Yes
Yes
Yes
23
49
19
Long-term liabilities to Germany reported by U.S. banks
Yes
Yes
Yes
24
52
p Preliminary.
Yes
Yes
18
—66
72
429
6
55
125
_ . Yes
k
.. Yes
Seasonally adjusted.
22
40
IP
18
23
145
150
59
19
40
-101
-121
-36
-85
-15
-453
-is
109
64
SURVEY OF CURRENT BUSINESS
actions balance in the old presentation. sufficiently detailed data are not availaThey mostly reflect intergovernmental ble at this time to show the reversal
negotiations (such as agreements to of nonscheduled repayments (i.e., when
offset U.S. military expenditures in they would have been due).
Germany) or large unusual official
Notes on revisions
transactions, such as the liquidation by
the United Kingdom of its portfolio
In addition to changes in presentation of
the
of
of U.S. securities. In the new presenta- this balance the payments tables published in
issue of
SURVEY, the data have been
tion, the net liquidity balance and the revised to incorporate corrections and new
official reserve transactions balance are information for the period 1960-70.
intended to focus on actual changes
in the liquidity position and reserve
(Continued from page 57)
position of the United States. As this
group of special financial transactions,
for the most part, actually changes Line 57.—U.S. liquid liabilities to
the liquidity position and reserve posi- foreign official agencies
This account measures changes in
tion, no special treatment is required.
short-term liabilities (with an original
All of this third group of specials also maturity of one year or less) to foreign
affect the balance on current account official agencies reported by U.S. banks
and long-term capital. For some of the for their own account and for others'
items, this appears to be appropriate. accounts under theii custody, changes
For others, the matter is more equiv- in foreign official agencies' holdings of
U.S. Treasury marketable and nonocal. However, there is no systematic marketable convertible bonds and notes
way of formally organizing the accounts and changes in liabilities to the IMF
so that the balance on current account arising from gold transactions. Shortand long-term capital will not be in- term liabilities reported by U.S. banks
fluenced by such transactions. (In the include mainly demand and time deposits, negotiable time certificates of
case of certain nonliquid liabilities to deposit, nonguaranteed U.S. Governforeign official agencies, it is easy to do ment agency securities, and U.S. Treasjust that.) This partly reflects the fact ury bills and certificates. Foreign offithat such specials show up as single or cial agencies include in addition to
irregular entries in a number of accounts reserve agencies (treasuries or finance
ministries of central governments and
that, for the most part, reflect other recognized central banks), diplomatic
long-term transactions. The only ex- and consular establishments, and other
ception is nonscheduled repayment of agencies of national governments. SepU.S. Government credits. But in this arate data for reserve agencies are not
case there are statistical and conceptual available. The liability data are collected primarily by the Federal Reobjections to putting the account below serve System for the Treasury Departthe line where it would not influence ment on a monthly basis.
the balance.
Payments are classified as non- Transactions in U.S. official
scheduled if they occur more than 3
reserve assets, net
months earlier than due. In the year
during which they occur, the balance is Line 59.—Gold
This account measures changes in the
favorably affected and this can be
considered a special factor. However, U.S. gold stock, including changes in
gold in the Exchange Stabilization
if the payment made in one year was Fund.
scheduled for the next year, the balance
This account also includes gold sold to
in the second year is adversely affected the United States by the International
by the nonpayment, and the special Monetary Fund (IMF) with the right
should be reversed. If the 2 years to repurchase, and gold deposited by
the IMF to mitigate the impact on the
together are thought of as the ap- U.S. gold stock of foreign purchases for
propriate period, the payment can be the purpose of making gold subscripconsidered to have been made during tions to the Fund under quota increases.
the period in which it was scheduled The corresponding changes in liabilities
and thus no special transaction oc- to the IMF arising from the gold transcurred. With most special financial actions are in line 57.
transactions it is possible to show both Line 60.—SDR
the initial impact and the reversal
This account measures net changes in
so that no such problem arises. However, U.S. holdings of special drawing rights
June 1971
in the Special Drawing Account in the
International Monetary Fund, reflecting allocations, acquisitions, and use.
Line 61.—Convertible currencies
This account measures changes in
Treasury and Federal Reserve System
holdings of convertible foreign currencies in U.S. dollar equivalents.
Line 62.—Gold tranche position in
IMF
This account measures changes in the
U.S. gold tranche position in the International Monetary Fund—the U.S.
quota in the IMF ($6.7 billion since
December 31, 1970) minus the Fund's
holdings of U.S. dollars—which is the
amount that the United States could
purchase in foreign currencies automatically if needed. Under appropriate
conditions, the United States could
purchase additional amounts equal to
the U.S. quota.
SDR allocations
Line 63.—Allocations of special
drawing rights (SDR)
This account measures the allocations of special drawing rights to the
United States by the International
Monetary Fund. The initial allocation
occurred January 1, 1970; the second
allocation occurred January 1, 1971.
Errors and omissions, net
Line 64.—Errors and omissions, net
This entry is a residual item in table
2. The sum of this entry and all other
accounts in table 2 equals zero. The
residual item includes errors and omissions that may have occurred in any of
the lines 1-63 due to such factors as
statistical errors, reporting deficiencies,
and differences in timing rn the recording of the two sides (debit and credit)
of a single transaction. It is entered to
fulfill the principle of double-entry
bookkeeping used in balance of payments accounting that credits and
debits should exactly balance. (See
also following note on seasonal
adjustments.)
Seasonal adjustments in table 3
All of the accounts which contain
discernible seasonal patterns are adjusted in table 3. Line 64, "Errors and
omissions, net" contains seasonal patterns and is therefore adjusted. Line 57,
"U.S. liquid liabilities to foreign official
agencies," a financing item for all major
balances, is not seasonally adjusted, but
the sum of the seasonal adjustments for
all the individual accounts that have
seasonally is applied—with reverse
sign—to line 57 so that the sum of all
seasonally adjusted accounts in table 3
equals zero.
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1969 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $3.00) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1965 through 1968 (1958-68 for major quarterly series), annually, 1939-68; for selected series,
monthly or quarterly, 1947-68 (where available). Series added or significantly revised after the 1969 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (t), respectively; certain revisions for 1968 issued too late for inclusion in the 1969 volume appear in the monthly
SURVEY beginning with the September 1969 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
The sources of the data are given in the 1969 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1968
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
1968
1970
I
Annual total
II
1970
1969
III
IV
i | n
III
IV
I
II
1971
III
| IV
I
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Personal consumption expenditures, total
Durable goods, total 9
Automobiles a n d parts
_ _ _ _ _
Furniture and household equipment
Nondurable goods, total 9 _
Clothing and shoes
_ _
Food and beverages
Gasoline and oil
Services, total 9
_._
Household operation
Housing
Transportation
976 5
834.9
858 1
875 8
891 4
907 6
923 7
942 6
951 7
959 5
971.1
985.5
989 9
1,020.7
616.7
519. 7
529.1
543.8
550.8
561.8
573.3
582.1
592.6
603.1
614.4
622.1
627.0
646.4
89.4
37.4
38.4
79.9
34.9
33.7
82.6
36.0
34.1
86.7
39.1
35.4
86.9
38.8
35.2
89.1
39.8
35.8
90.6
40.0
37.2
89.5
40.2
36.7
90.8
41.1
36.9
89.1
37.7
38.3
91.9
39.4
38.9
91.2
39.2
38.1
85 3
33.2
38.2
97.5
44.4
40.0
245.8
49.9
121.7
21.1
264.7
52.3
131 6
22 9
225.6
44.8
112.7
18.8
227.6
45.2
114.7
18.6
232.6
47.1
116.1
19.2
234.8
47.2
117.0
19.3
239.2
47.9
119.1
20.3
244.0
50.0
120.8
20.8
248.1
50.7
122.4
21.5
252.0
50.9
124.6
21.7
258.8
51.3
128.8
22.4
262. 6
51.8
131.2
22.7
265.8
52.3
132.3
23.0
271.5
53.8
134 1
23.5
272.8
54.6
135.3
23.6
221.6
31.2
77.4
15.6
241.6
33.9
84.0
16.7
262.6
36.3
91.9
18.1
214.2
30.4
75.2
15.2
218.9
30.8
76.6
15.3
224.5
31.5
77.9
15.6
229.0
32.1
79.8
16.1
233.5
32.7
81.4
16.2
238.7
33.3
83.0
16.5
244.5
34.5
84.7
16.8
249.8
34.8
87.0
17.1
255.2
35.2
89.0
17.7
259.9
35.9
90.8
17.9
265.1
36.9
92.6
18.2
270.2
37.3
95.1
18.5
276.1
37.8
97.5
18.7
bil.$
Gross national product total f
__ _
_. _
865 0
931 4
do
535.8
577.5
84.0
37.2
34.6
90.0
40.3
36.7
230.2
46.1
115.1
19.0
do
do
do_ __ do
do
do
do
do
do
-do
do_ _
Gross private domestic investment, total
do
126.5
139.8
135.7
119.8
127.3
126.5
132.6
136.0
139.3
143.8
140.2
133.2
134.3
138.3
137.1
142.4
Fixed investment
Nonresident ial
_
Structures
Producers' durable equipment
Residential structures
_ __
Nonfarm
_
Change in business inventories
Nonfarm
do
__do
- -do _
,do_ _.
do
do
- _do_ __
do
118.9
88.7
29.6
59.1
30.3
29.7
7.6
7.5
131.4
99.3
33.8
65.5
32.0
31.5
8.5
8.0
132.3
102.6
35.2
67.4
29.7
29.1
3.5
2.9
117.2
88.3
29.8
58.5
28.8
28.3
2.6
2.5
117.0
86.4
28.9
57.5
30.6
30.1
10.4
10.3
118.3
88.3
29.4
59.0
29.9
29.4
8.2
8.1
123.3
91.6
30.3
61.3
31.7
31.1
9.3
9.3
128.7
95.7
32.6
63.1
33.0
32.4
7.4
7.3
131.4
97.5
32.3
65.2
33.9
33.3
7.9
7.6
132.4
101.5
35.2
66.3
31.0
30.4
11.3
10.8
133.0
102.6
35.1
67.5
30.4
29.8
7.2
6.5
131.6
102.6
35.7
66.9
29.1
28.4
1.6
.9
131.2
102.8
35.3
67.5
28.4
27.8
3.1
2.6
132.7
103.6
35.0
68.6
29.2
28.6
5.5
5.0
133.5
101.3
34.7
66.6
32.2
31.6
3.6
3.0
141.0
105. 1
36.1
69.0
35.8
35.2
1.4
1.2
do
_do
do
2.5
50.6
48.1
1.9
55.5
53.6
3.6
62.2
58.6
1.8
47.7
45.9
3.4
50.7
47.3
3.4
53.2
49.8
1.4
50.9
49.5
1.3
47.8
46.5
1.3
57.2
55.9
2.6
58.3
55.6
2.6
58.8
56.2
3.5
61.1
57.6
4.1
62.8
58.7
4.2
62.8
58.6
2.6
62.0
59.3
3.3
64.6
61.3
Govt. purchases of goods and services, totaL.do
Federal
_ _ _
_
__do
National defense
do
State and local
_
_ -do. __
200.2
99.5
78.0
100.7
212.2
101.3
78.8
110.8
220. 5
99.7
76.6
120.9
193.6
96.4
76.3
97.2
198.3
98.9
77.8
99.4
202.1
100.7
78.6
101.4
206.7
101.9
79.2
104.7
208.5
100.9
78.6
107.5
209.9
99.8
77.9
110.1
214.1
102.5
79.8
111.6
216.3
102.1
78.8
114.2
219.6
102.3
79.3
117.4
218.4
99.7
76.8
118.7
221.0
98.6
75.8
122.4
223.2
98.2
74.6
125.0
228,7
98.4
74.0
130.2
By major type of product: f
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services...
Structures
857.4
422.9
170.4
252.5
347.1
87.4
922.9
451.6
183.9
267.7
377.6
93.8
973.1
470.9
185.3
285.6
409.6
92.6
832.3
411.6
165.2
246.4
334.7
86.0
847.8
417.8
168.0
249.8
343.1
86.8
867.6
429.0
173.1
255.9
352. 2
86.3
882.1
433.3
175.3
258.0
358.4
90.5
900.2
440.9
180.5
260.4
364.8
94.5
915.9
448.8
182.7
266.1
372.3
94.8
931.2
454.9
184.8
270.1
383.0
93.3
944.5
461.7
187.4
274.3
390.3
92.5
957.9
465.5
185.5
280.0
400.1
92.3
968.1
471.8
188.5
283.3
405.8
90.4
980.0
474.2
188.3
286.0
413. 2
92.6
986.3 1,019.3
472.0 487.5
193.3
178.8
293.3 294.2
429.4
419.4
102.4
94.9
7.6
5.7
2.0
8.5
6.4
2.1
3.5
-.2
3.6
2.6
2.5
.1
10.4
7.1
3.2
8.2
5.8
2.4
9.3
7.2
2.1
7.4
5.6
1.8
7.9
6.7
1.2
11.3
7.9
3.5
7.2
5.3
1.9
1.6
-.3
1.9
3.1
-1.9
5.0
5.5
5.2
.3
Net exports o/ goods and services
Exports
Imports.. _
- - _ - - - _ -
_
_ _
Change in business inventories .
Durable goods
_
Nondurable goods
_
_ do. _
do
do_ _
.do
do
do
do
__do
do. __
3.6
-3.7
7.2
1.4
2.7
-1.4
GNP in constant (1958) dollars
Gross national product, total t
-
-
_bil. $__ 707.2
727.1
724.1
693.5
705.4
712.6
717.5
722.1
726.1
730.9
729.2
723.8
724.9
727.4
720.3
732.7
452.3
467.7
477.1
445.0
448.4
457.7
458.1
463.3
467.1
468.7
471.7
474.0
478.1
479.6
476.6
486.6
do
__do .
do
81.4
196.5
174.4
84.9
201.2
181.6
82.0
207.9
187 2
78.1
195.5
171.3
80.2
194.9
173.2
83.9
197.9
175.9
83.2
197.6
177.4
84.9
199.7
178.7
85.7
200.9
180.5
84.1
201.9
182.7
84.9
202.4
184.4
82.7
205.6
185.8
84.9
206.6
186.6
83.6
208.2
187.8
76.9
211.1
188.6
86.6
210.5
189.5
do
105.7
111.3
102.8
101.3
107.1
105.1
109.5
109.7
111.5
114.1
110.0
102.9
103.1
104.1
101.3
103.7
98.8
75.5
23.3
6.9
104.1
80.8
23.3
7.2
99.8
79.2
20.6
3.0
98.9
76.1
22.9
2.4
97.6
73.8
23.8
9.5
97.7
74.9
22.8
7.4
101.0
77.1
23.9
8.5
103.6
79.3
24.3
6.1
104.8
80.2
24.7
6.6
104.2
81.9
22.3
9.9
103.9
82.1
21.8
6.1
101.5
80.9
20.7
1.3
100.1
80.2
20.0
2.9
99.6
79.6
20.0
4.6
98.1
76.3
21.9
3.1
102.5
78.4
24.1
1.2
.9
.2
2.4
.8
1.5
1.5
-.2
-.4
-.3
.8
.9
1.9
2.4
3.1
2.0
2.3
Personal consumption expenditures, total.. -do_ _
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
do
.do _
do
do
do
148.3
146.4
148.5
Govt. purchases of goods and services, total. _do
147.8
141.8
Federal
do
78.7
79.1
75.7
77.5
67 7
State and local
__
do__._
69.6
69.4
72.1
68.9
74.1
r
Revised.
v Preliminary.
t Revised series. Estimates of national income and product
and personal income have been revised back to 1967 (see p. 17 ff. of the July 1970 SURVEY);
140.2
140.6
145.0
140.3
147.3
146.6
141.3
148.3
150.0
147.9
149.5
63.4
66.2
65.5
71.1
79.4
75.2
73.8
78.9
78.0
67.8
75.8
76.8
74.4
74.8
72.1
72.9
73.8
73.5
69.4
70.6
72.1
71.5
revisions prior to May 1969 for personal income appear on p. 26 fl. of the July 1970 SURVEY.
9 Includes data not shown separately.
&-1
SUEVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1970
Annual total
1968
1
III
1 IV
i
June 1971
1969
I
II
1970
III
IV
I
'1971
II
III
IV
I
II
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income totalf
bil. $
712.7
769.5
800.1
722 2
735.2
749.3
764.0
779.5
785.2
791.5
797.4
806.6
804.8 ' 833. 3
Compensation of employees total
do
514.1
564.2
599.8
520.9
532.5
544.9
557.5
572.2
582.1
592.2
596.4
603.8
606.7
625.2
Wages and salaries, total
Private
Military
Government civilian
Supplements to wages and salaries
Proprietors' income, total 9
lousiness and professional 9
Farm
Rental income of persons
do
do
do
do
do
do
do
do
do
464.8
369.1
17.9
77.8
49.3
64.1
49.1
15.0
21.3
509.0
404.9
19.0
85.1
55.1
66.8
50.5
16.4
22.0
540.1
426.1
19.3
94.6
59.7
67.6
51.4
16.2
22.7
471.0
373.4
18.6
79.0
49.9
64.4
49.2
15.3
21.3
481.4
382.5
18.2
80.7
51.1
65.2
49.4
15.8
21.3
491.6
391.5
18.1
81.9
53.3
66.0
49.9
16.2
21.6
502.9
401.2
18.4
83.4
54.6
66.7
50.5
16.2
22.0
516.4
409.9
19.9
86.6
55.8
67.5
50.9
16.6
22.1
525.3
417.2
19.6
88.5
56.8
67.2
50.6
16.6
22.3
534.4
422.6
•20.1
"91.7
57.9
67.6
50.6
17.0
22.5
537.4
424.0
19.5
93.9
59.0
67.8
51.2
16.5
22.6
543.4
428.9
19.1
95.4
60.4
67.8
51.7
16.1
22.7
545.2
429.1
18.6
97.5
61.4
67.4
52.0
15.3
23.0
560.6
440.7
19.2
100.6
64.6
67.0
52.2
14.7
23.1
85.4
85.8
76.5
87.4
87.1
87.1
87.4
86.8
82.0
76.7
77.5
78.4
73.3
'82.8
11.0
74.4
42.4
19.1
23.3
12.0
73.8
41.8
19.3
22.4
12.5
64.0
33.5
18.1
15.4
11.5
75.9
42.9
19.4
23.6
11.2
75.9
43.7
19.2
24.4
11.5
75.5
43.4
19.4
24.0
11.9
75.4
42.9
19.9
23.0
12.2
74.6
41.8
19.1
22.7
12.2
69.8
39.1
19.0
20.0
12.0
64.7
35.2
18.3
16.9
12.3
65.2
35.5
18.2
17.2
12.9
65.5
34.7
18.3
16.3
12.6
60.7
28.6
17.7
11.0
'12.8
70.0
37.7
18.6
19.1
11.0
21.0
10.7
21.4
9.1
21.4
11.2
21.8
10.7
21.5
11.0
21.2
10.8
21.8
10.6
22.2
10.3
20.4
9.1
20.4
8.6
21.1
9.1
21.7
9.6
22.5
9.3
23.0
88.7
40.6
48.2
23.3
24.9
-3.3
27.8
91.2
42.7
48.5
24.7
23.9
-5.4
30.7
81.3
37.5
43.8
25.2
18.6
-4.8
33.5
88.4
40.4
48.0
23.8
24.2
-.9
28.2
91.3
41.7
49.6
24.1
25.5
-4.2
29.1
93.0
43.5
49.5
24.1
25.5
-5.9
29.7
93.4
43.8
49.7
24.4
25.2
-6.0
30.4
89.9
42.1
47.9
25.0
22.9
-3.2
31.0
88.5
41.4
47.1
25.2
21.9
-6.5
31.7
82.6
38.0
44.6
25.2
19.4
-5.8
32.4
82.0
38.1
43.9
25.1
18.8
-4.5
33.1
84.4
38.9
45.4
25.4
20.0
-5.9
33.8
76.3
34.8
41.4
25.1
16.3
-3.0
34.5
'86.5
'39.1
47.5
25.8
21.7
-3.7
35.2
688.7
97.5
591.2
550.8
40.4
748.9
117.3
631.6
593.9
37.6
801.0
116.3
684.8
634.6
50.2
697.6
102.1
595.6
559.1
36.5
712.5
106.5
606.0
566.4
39.6
725.8
113.8
612.0
577.7
34.3
741.1
118.1
623.0
589.7
33.3
758.1
117.5
640.6
598.7
42.0
770.5
119.9
650.6
609.6
41.1
782.3
117.0
665.3
620.5
44.8
801.3
117.7
683.6
632.1
51.5
807.2
114.2
693.0
640.2
52.7
813.3
116.1
697.2
645. 5
51.8
831.5
116.4
715.1
665.3
49.8
67.76
28.37
14.12
14.25
75.56
31.68
15.96
15.72
79.71
31.95
15.80
16.15
16.79
7.13
3.54
3.59
19.03
8.10
4.16
3.94
16.04
6.58
3.36
3.22
18.81
7.82
3.98
3.84
19.25
8.16
4.03
4.12
21.46
9.12
4.59
4.53
17.47
7.14
3.59
3.56
20.33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
21.66
8.66
4.26
4.40
39.40
1.63
1.45
2.56
1.59
10.20
7.66
2.54
6.83
15.14
43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
9.66
.39
.31
.64
.41
2.61
1.87
.74
1.61
3.69
10.93
.40
.38
.66
.47
2.90
2.16
.74
2.00
4.13
9.45
.42
.38
.68
.38
2.36
1.88
.48
1.81
3.41
10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97
11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07
12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60
10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16
12.99 ' 10. 99 ' 13. 15
12.99
.50
'.52
'.49
.49
.43
'.34
'.50
.45
'.61
.76
'.34
.36
'.41
.33
'.28
.40
3.74 '3.11 '3.90
4.02
3.12 '2.70 '3.30
3.25
.63
.41
'.60
.77
2.50
2.81
4.42 '3.94 ' 2 7. 21 27.26
do
do
do
do
67.77
28.86
14.47
14.40
69.05
28.70
14.39
14.31
72.52
29.99
15.47
14.52
73.94
31.16
15.98
15.18
77.84
33.05
16.53
16.52
77.84
32.39
15.88
16.50
78.22
32.44
16.40
16.05
80.22
32.43
16.32
16.11
81.88
32.15
15.74
16.40
78.63
30.98
14.92
16.05
' 79. 32 ' 182. 38 i 82. 83
' 30. 46 '30.54
30.68
' 14. 21 '14.66
14.89
' 16. 25 ' 15. 88 15.79
do
do
do
do
do
do
do
do
do
do
38.91
1.57
1.29
2.69
1.65
9.82
7.50
2.32
6.67
15.22
40.35
1.52
1.34
2.87
1.75
10.63
7.74
2.89
7.34
14.91
42.53
1.83
1.68
2.89
1.87
11.52
8.62
2.90
7.74
15.00
42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67
44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78
45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67
45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52
47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
' 48. 86 ' 51. 84
'2.04 '2.01
' 1.46 '2.00
'1.29 '2.30
'1.33 '1.59
' 14. 64 ' 15. 18
' 12. 16 r 12. 98
2.48 '2.20
10.70
' 17. 39 '228. 75
13, 284
8,878
12, 701
8,378
11, 995
7,510
14, 222
9,490
14, 574
9,602
14, 811
9,888
15, 374
10, 241
15, 806
10, 582
15, 930
10, 696
15, 795
10, 461
Corporate profits and inventory valuation adjustment total
bil $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations total
do
Manufacturing total
do
Nondurable goods industries
do
Durable goods industries
do
Transportation, communication, and public
utilities
bil. $
All other industries
do
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
do
Dividends
do
Undistributed profits
do
Inventory valuation adjustment
do
Net interest
do
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
bil $
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
do
Less* Personal outlays©
do
Equals: Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals :t
Allindustries...
bil. $
Manufacturing
. .
_ do
Durable goods industries 1
_. do. .
Nondurable goods industries ^
do. . .
Nonmanufacturing
Mining
...
Railroad
..
Air transportation
Other transportation
Public utilities
Electric.. _
Gas and other
.
Communication
Commercial and other
.
Seas. adj. qtrly. totals at annual rates:}
All industries
Manufacturing
Durable goods industries f
Nondurable goods industries f
Nonmanufacturing
Mining. __ ...
Railroad
Air transportation _
Other transportation
Public utilities
Electric. .. _
Gas and other
Communication
Commercial and other
do
do
do
. do .
do
do
do
do
do
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTScf
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil $
Merchandise, adjusted excl military
do
Transfers under U.S. military agency sales contracts
mil $
Receipts of income on U.S. investments
abroad
mil $
Other services
do
50, 623
33, 588
55, 600
36, 490
62, 903
41, 980
'6.69
'3.11
'3.58
'7.66
'3.68
' 3 98
i 20. 68
7.69
3.68
4.01
52.15
2.00
1.87
1.56
1.56
15.64
13.15
2.49
2 29. 51
16, 515
11, 032
1,395
1,515
1,480
393
357
407
329
442
336
274
447
327
433
507
9,233
6,407
10, 539
7,056
11,409
8,034
2,398
1,615
2,339
1,627
2,471
1,607
2,585
1,818
2,716
1,814
2,767
1,820
2,925
1,934
2,791
1,986
2,855
2,052
2,839
2,062
2,845
2,131
-48,134 -53, 589 -59,311 -12, 436 -12, 384
Imports of goods and services
do
-32,964 -35, 830 -39,870 -8,568 -8,441
Merchandise, adjusted, excl. military
do
Direct defense expenditures
do
-4,535 -4,856 -4,851 -1,147 -1,173
Payments of income on foreign investments in the
U.S
mil $
-800
-3,013 -4,564 -5,167
-775
-7,621 -8,339 -9,425 -1,946 -1,970
Other services
do
r
Revised.
» Preliminary.
1 Estimates (corr ected for systema tic biases ) for Ap r.June and July-Sept. 1971 based on expected capital expendil ures of b usiness. E xpected ex2 in
penditures for the year 1971 appear on p. 16 of theJune 197 1 SURVEY.
eludes cc mmunication.
fSee corresponding note on p. S-l.
9Incl udes inv entory viiluation adquarterl y data b< ick
justment.
J Revised series; explanation of revisio us and an nual and
to 1947 appear on pp. 25 ff. of the Jan. 1970 Sum7EY; see iilso pp. 19 ff. of tr e Feb. 1970
SURVEY.
©Personal outlays comprise persona 1 consumiption e spenditur es, inter est
r 17. 68 ' 120. 80
-11.657 -13, 926 13, 866 14, 142 -14, 493 -14, 761 -14, 935 15, 125 -15, 464
-7,589 -9,566 -9,278 —9, 397 -9,728 -9,831 -9,992 10 319 -10, 760
-1,198 -1,187 -1,221 —1, 251 -1,182 -1,255 -1,211 -1,203 -1,184
-929 -1,078 -1,242 —1, 315 -1,348 -1,322 -1,284 -1,213 -1,118
-1,941 -2,095 -2, 125 —2, 179 -2,235 -2,353 -2,448 -2,390 -2,402
§P ersonal saving is
paid Dy consiimers, aiid perso nal trans fer payrnents to foreignei •s.
excess of dispo sable inc ome ove <• persona 1 outlays
HD ata for in dividual durable and non durable goods ind ustries componerits appear in the
c("RevisecI; more complete details,
Mar., June, Sept., anc . Dec. issues of he SURAfEY.
as we 11 as revi ;ed quar erly dat i back to 1966, appear on i). 24 ff. o C this issv10 of the SURVEY.
e
Corre sted.
«In eludes tlle retroa 3tive pajr increase, for Federal persejnnel.
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1968
1969
1970
Annual total
1968
III
S-3
IV
I
II
1971
1970
1969
III
IV
I
III
IV
I
-803
-394
-836
-410
-783
-599
II
II
III
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transfers, excl. military grants, net
mil. $.. -2,875 -2,910
U.S. Government capitalflows,net. . . .do
-2,268 -2,193
-3, 148
-1,593
-758
-570
-779
-363
-630
-411
-839
-630
-693
-691
U.S. private capital flows, net
do
-5,383 -5,424
9,411 12, 306
Foreign capital flows, net
do
Transactions in U.S. official reserve assets, net
-880 -1,187
mil.$__
-6,886 -1,692 -1,662 -1,494 -1,889 -1,380
5,824
2,409 3,515
3,338 3,989 3,458
Allocation of special drawing rights (SDR)___do
Errors and omissions, net
do
-493 -2,603
Balance on goods and services
do
2,489 2,011
1,321
Balance on goods, services, and remittances. . .do
745
Balance on current account
.
. . do
-386
—899
Balance on current account and long-term capital
mil. $.. -1,349 -2,879
867
-1,132
3,592
2,182
444
-3,038
-433
-754
Net liquidity balance
Official reserve transactions balance
Liquidity balance, excluding SDR
-3,852
-9,821
-4,721
-357
327
65
-531 -1,234 -3,019 -1,996
-410
1,659
-679
1,337
111 -1,469 -3,287 -2,366
do
do
. _ do .
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes areas shown in
the 1969 edition of BUSINESS STATISTICS
-1,610 -6,084
1,641 2,702
172 -6,958
1969
2,477
-571
332
848
525
90
-1,076
-48
47 -1,092
317
338
26
52
-462
-292
-147
1970
-628
296
-22
-543
-686
-717
708
386
15
-2,019 -1,070
-756
-423
-753
-366
-662 -1,938 - 1, 524 -1,752 -1,673 -2,024
1,414
2,761
1,004
1,588
1,818
1,523
May
June
July
Aug.
682
-154
264
805
584
-166
669
328
-80
217
—62
881
543
125
217
-430
1,045
683
292
217
-433
995
636
192
216
180
-207 -1,268
670
1,051
319
700
-166
268
-570
-340
-832
356 -1,297
824
-1,416
-977 -2, 604
-945
-679
163 -1,250
384 -2,865 -1,402 -2,077 -3, 476 -5, 523
164 -1,630
-743 -1,156 -1,192 -3,240
1971
1970
Apr.
Annual
-299
-749
-461
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May P
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates: t
Total personal income
748.9
801 0
806.0
799 7
798 2
803 3
806 4
811 9
809 9
812 6
817 5
827 4
830.4
836.8 ' 841. 4
847.4
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
509.0
197.5
157 5
119.8
540.1
201.2
158 9
128 4
539.9
202.3
160 0
126 0
540.5
200.9
159 2
127 2
538.1
201.3
159 5
127 9
541.5
202.1
160 1
129 1
543.2
202.0
159 6
129 7
546 6
201.5
159 5
130 2
541.8
196.8
154 3
130 6
544.1
196.8
153 6
131 4
549.8
202.3
158 9
130 5
557.8
203.0
160 2
133 4
559.8
202.5
159 8
134.2
564.2 r 566. 9
204.5 ' 205. 0
160.8 r 160. 7
135 4 ' 136. 5
571.2
206.7
162.1
137.8
Service industries
Government
Other labor income
Proprietors' income:
Business and professional
Farm.. _ _ _
do
do
do
87.7
104.1
27.6
96.6
114.0
30.4
95.1
116.5
29.8
95.5
116.9
30.0
95.7
113.2
30.3
96.8
113.5
30.6
97.3
114.2
30.8
97.9
117.0
31.1
98.8
115.6
31.3
99.8
116.1
31.5
100.4
116.6
31.7
102.2
119.2
31.9
103.1
120.0
32.1
104.5
103.9
120.4 '120.9
32.5
32.3
105.4
121.3
32.7
do
do
50.5
16.4
51.4
16.2
51.0
16.9
51.3
16.5
51.5
16.2
51.6
16.2
51.7
16.1
51.8
16.0
51.9
15.7
52.0
15.3
52.1
15.0
52.2
14.9
52.1
14.7
52.3
14.7
52.4
'14.7
52.5
14.8
22.0
24.7
59.7
65.1
22.7
25.2
65.2
77.6
22.6
25.2
64.2
84.1
22.6
25 3
64 5
76 6
22.7
24 7
64 8
77 6
22.7
25.2
65.3
78.1
22.7
25.3
66.0
78.6
22.8
25.5
66.8
79.6
22.9
25.6
67.0
81.7
23.0
25.7
67.1
81.9
23.1
24.1
67.1
82.9
23.2
25.9
67.5
84.5
22.8
25.9
67.7
86.0
23.3
25.7
67.7
87.6
23.4
25.7
67.9
88.8
23.5
25.8
68.1
89.9
30.9
bil. $
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
26.0
27.8
27.7
27.7
27.6
27.8
28.0
28.2
28.0
28.1
28.4
30.6
30.7
'31.0
31.2
726.7
778.6
783.0
777 0
775 7
780.9
784.0
789.7
787.9
791.0
796.2
806.2
809.2
815.7 ' 820. 0
825.9
51, 023
52, 398
3,510
3,363
3,566
4,011
6,917
4,564
5,693
5,110
4,252
4,198
3,352
3,533
3,333
3,258
934
2,324
593
1,396
303
3,379
951
2,428
609
1,473
316
FARM INCOME AND MARKETINGS %
Cash receipts from farming, including Government
payments total J
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:©
All commodities O 1967=100
Crops
do
Livestock and products
do
Indexes of volume of farm marketings, unadjusted :J
All commodities O - 1967 = 100
Crops
_
do
Livestock and products
do
47, 229
18, 790
28, 439
6,172
17, 521
4,423
48, 678
19, 589
29, 089
6,470
17, 976
4,333
3,448
928
2,520
558
1,598
327
3,346
947
2,399
585
1,455
322
3,549
1,176
2,373
553
1,470
324
3,807
1,485
2,322
538
1,392
371
3,794
1,505
2,289
524
1,386
359
4,521
2,011
2,510
516
1,583
391
5,595
2,864
2,731
539
1,782
392
5,079
2,781
2,298
521
1,407
353
4,219
1,984
2,235
548
1,313
349
4,157
1,851
2,306
557
1,392
327
3,330
1,102
2,228
525
1,384
288
3,519
1,049
2,470
583
1,547
314
111
102
117
114
106
120
97
60
125
94
62
119
100
77
117
107
97
115
107
98
113
127
131
124
157
186
135
143
181
114
119
129
111
117
120
114
94
72
110
104
88
116
101
80
116
95
62
120
102
104
101
103
103
103
80
50
103
80
51
102
90
74
102
98
97
98
97
93
100
113
118
108
144
176
120
136
177
105
117
134
103
114
127
104
82
66
93
84
55
106
77
45
102
80
47
105
f 172. 8
* 168. 2
170.6
169.1
172.1
163.6
169.1
170.2
166.5
162.9
162.5
164.2
165.9
167.1 ' 166. 6
167.4
165. 0
159. 5
171.9
139. 8
166.0
160.6
172.9
139.9
162.4
165.3
184
INDUSTRIAL PRODUCTION rf
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) rf1.. 1957-59 =100..
By industry groupings:
Manufacturing, total
. ._ _ do
Durable manufactures
do
Nondurable manufactures .
do
Mining
_ _____
do
By market groupings:
Final products, total
Consumer goods
.
Automotive and home goods
Equipment, including defense
p 173. 9
v 176. 5
f 170. 6
p 130. 2
j, 991 9
do
do
do
p 170. 8
p 162. 5
f 179. 5
do
"188.6
» 1 K7 1
P 167. 0
P164.5
p 170. 2
P 136. 5
171.0
170.5
171.7
135.0
168.9
169.4
168.4
137.9
171.8
171.3
172.3
137.6
161.6
159.8
163.8
129.2
166.4
161.0
173.2
138.2
167.6
162.3
174.2
140.1
164.5
156.3
174.8
141.8
161.2
153.3
171.1
140.5
160.0
156.7
164.2
139.4
161.4
157.2
166.6
137.4
163.8
159.0
169.8
136.3
165.4 '
161.0 r
170.8
137.8 '
166.9
160.6
175.5
•I CC Q
165.8
160.3
176.0
I PC 0
169.9
165.7
181.2
164.7
164.0
161.3
177.7
179.0
167.1
165.3
150.4
170 0
170.9
168.8
168.1
163.2
180.3
161.8
157.6
153.5
158 9
170.9
160.2
158.0
156.9
158 4
164.8
160.0
157.0
161.8
155 5
166! 4
162.7
163.4
174.3
159 9
161.2
163.4
165.5
181.6
160 4
159.1
164.0 ' 161.7
166.5 r 164. 6
185.5 ' 182. 7
160 5
155.7
158.4
n 93Q 0
p 166. 1
p 161. 7
p 166. 1
v 1 fin •?
P 175. 4
m
o
P 174. 6 P 170. 2
174.3 172.1 174.1
Materials
_
do
162.0
160.4
159. 5
v 165. 5 P 155. 0
Durable goods materials
do
186.6
185.1
P 183. 9 p 185. 9
188.5
Nondurable materials
do
' Revised.
» Preliminary.
§See note "<?" on p. S-2.
flncrease in U.S. official
reserve assets and decrease in liquid liabilities to all foreigners.
©Increase in U.S. official
reserve assets and decrease in liquid and certain nonliquid liabilities to foreign official agencies. FRASER
|See corresponding note on p. S-l.
JSeries revised beginning 1967; monthly data
Digitized for
1 RQ fi
170, 4
m
q
166.1
156.3
171.9
171.2
170.2
168.6
164.7
165.2
165.3 170.9
168.5 165.4
171.5
156
153.4 ' 153. 6
150.5
146.6
153.2
147.1 143.6
146.9
156.0
154.9
189
187.6 ' 189. 4
187.3
182.9
184.4
186.2 188.6 1 190.5 188.0
177.8
prior to May 1969 are shown in the Farm Income Situation, July 1970, available from the
U.S. Dept. of Agriculture, Economic Research Service.
ONew reference base, 1967 = 100,
comparable data for earlier periods will be shown later.
cf Revisions for Jan.-Oct. 19b«
c
will be shown later.
9 Includes data for items not shown separately.
Corrected.
SURVEY OF CUEKENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969"
1970*
Annual
June 1971
1970
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May p
GENERAL BUSINESS INDICATORS— Continued
INDUSTRIAL PRODUCTIONcf-Continued
Federal Reserve Index of Quantity Output— Con.
172.8
168.2
170.2
169.0
168.8
169.2
168.8
165.8
162.3
161.5
164.4
165.6
165.2
165.5
' 166. 2
167.3
173.9
167.0
170.0
168.1
168.0
168.5
167.7
163.7
159.4
159.0
162.1
163.6
163.1
163.5
' 163. 9
165.1
do
do
do
do
176.5
149.1
140.3
181.1
164.5
140.1
131.1
173.2
168.4
138.9
133.0
175.4
167.6
142.6
136.7
174.4
167.3
142.7
138.8
169.2
167.4
145.2
136.8
172.6
166.7
145.6
134.1
169.7
160.4
142.6
129.5
172.1
153.5
133.9
121.5
161.5
151.4
129.3
117.2
162.9
156.1
135.4
122.3
177. 1
157.8
137.6
130.0
171.7
157.6
140.8
132.9
173.4
157.7 ' 157. 4
158.8
143.1 ' 144. 6 147
144
138.3 '141.9
169.7
174.9
Fabricated metal products
Structural metal parts
do
do
179.8
173.3
171.7
165.6
175.2
170.2
171.4
164.2
172.3
164.4
172.5
162.9
171.9
164.0
169.2
162.7
160.6
158.0
158.7
158.2
160.0
158.9
163.0
163.3
164.1
165.1
164.8
168.5
' 164. 8
' 165. 5
166
164
Machinery.
Nonelectrical machinery
Electrical machinery
do
do
do
195.7
194.6
197.2
189.5
185.9
194.3
194.9
191.7
199.1
191.0
187.1
196.3
190.6
185.2
197.7
191.2
185.2
199.1
190.3
183.0
199.9
186.2
180.0
194.5
182.9
176.1
191.9
179.0
172.7
187.4
176.7
170.4
185.1
174.7
166.2
185.9
173.0
165.5
182.9
173.4 ' 173. 3
165.0 ' 162. 4
184.5 ' 187. 7
175
164
189
Transportation equipment 9
Motor vehicles and parts
Aircraft and other equipment
do
do
do
174.6
166.9
177.8
148.2
140.9
151.3
153.1
148.0
154.1
157.3
158.5
153.0
159.9
164.4
153.3
158.1
164.8
149.7
156.7
164.7
147.1
139.0
127.3
145.7
122.0
95.4
141.1
121.9
96.9
139.5
142.5
142.0
139.3
148.6
158.8
136.1
148.8
166.5
129.5
146.6 ' 142. 8
164.8 ' 157. 9
126.1 r 124. 5
144
159
126
Instruments and related products
Clay, glass, and stone products
Lumber and products
Furniture and fixtures
Miscellaneous manufactures
do
do
do
do
do
194.4
156.0
119.1
186.9
166.4
187.1
151.9
113.1
176.3
162.8
195.4
154.6
115.5
179.5
167.4
191.3
152.6
116.1
174.4
163.6
187.9
149.4
107.6
173.8
162.6
187.0
148.8
110.6
172.5
162.0
183.3
150.1
114.2
172.9
159.1
181.8
148.7
108.2
171.7
157.7
181.3
149.4
110.1
173.9
156.3
181.7
148.5
107.0
174.7
158.5
180.5
152.6
105.8
174.5
157.5
181.4
151.3
117.0
174.5
158.0
179.5
150.9
116.9
173.9
159.1
176.2
152.3
116.3
175.0
161.2
' 178. 7
' 154. 5
180
157
' 177. 4
'161.5
180
163
do
do
do
do
do
170.6
154.2
149.2
101.9
175.6
170.2
148.8
141.7
96.4
172.7
171.9
151.3
140.8
100.2
176.3
168.7
147.8
137.7
104.5
174.5
168.9
145.9
139.0
99.3
170.8
170.0
145.3
140.9
95.6
172.0
169.0
146.1
140.7
93.6
172.9
167.7
145.7
139.3
94.6
166.2
166.9
146.7
138.7
97.2
168.0
168.6
145.1
135.5
93.1
171.7
169.7
143.9
141.7
94.2
169.5
170.9
149.1
140.3
94.7
170.0
169.9
151.7
138.0
82.2
170.0
170.7 ' 172. 0 173.0
155.7
153.5
139.5
82.3
170.6
169.3
do
do
156.3
142.7
154.8
138.7
156.9
139.3
154.8
136.9
155.2
137.5
154.6
140.0
154.3
138.7
151.5
137.4
150.2
134.5
152.4
137.2
152.7
136.6
152.6
134.9
152.6
139.3
152.5
135.5
' 152. 3
134.0
do
do
239.0
283.0
243.0
276.1
244.4
289.2
241.4
281.3
243.2
285.8
243.3
285.7
239.8
280.7
240.8
282.0
240.7
282.9
243.7
285.4
243.9
281.7
245.3
283.5
243.8
283.9
244.7
285.0
246.3
Beas. adj., total index (incl. utilities) cf- 1957-59 =100.
By industry groupings:
Manufacturing, total
do
Durable manufactures $
Primary metals
_. _
Iron and steel
Nonferrous metals and products
Nondurable manufactures
Textile mill products
Apparel products
Leather and products
Paper and products
Printing and publishing
Newspapers
.
.
Chemicals and products
Industrial chemicals
do
Rubber and plastics products
Foods and beverages
Food manufactures
Beverages .
143.8
148.4
147.9
146.5
147.8
145.5
147.5
150.3
150.1
154.2
156.0
152.7
152.1
153.0
155.2
do
do
do
do
Petroleum products
238.7
140.7
136.7
161.9
230.1
143.0
139.8
160.2
239.4
143.7
140.1
162.8
212.2
143.1
141.0
154.6
227.8
140.7
138.3
153.7
244.8
141.1
139.5
149.6
236.9
141.6
138.8
156.4
221 .4
142.4
138.7
162.2
219.1
139.6
135.7
160.3
218.9
142.7
139.4
160.7
222.3
144.4
140.1
167.6
224.3
146.7
140.9
178.1
219.8
146.5
141.0
175.9
223.8
147.0
141.0
179.3
155
146.8
141.4
do
117.3
121.6
125.1
117.8
120.7
126.6
121.8
122.9
124.1
121.6
121.7
121.9
125.7
126.1
Mining
__
Coal
--_
Crude oil and natural gas
Crude oil
Metal mining
Stone and earth minerals
do
do
do
do
do
do
130.2
117.7
129.3
132.0
142.0
144.7
136.5
125.7
135.7
138.2
154.4
144.0
133.9
123.0
131.3
135.2
162.6
146.1
134.8
134.2
131.9
135.8
151. 8
142.8
135.5
124.3
135.1
137.5
150.3
143.0
133.8
127.5
131.7
134.4
150.9
143.8
137.1
128.5
136.5
139.8
152.3
142.3
138.9
127.9
140.3
144.1
144.5
140. 5
139.9
128.1
141.5
145.1
145.1
142.0
139.4
127.3
139.1
143.8
160.1
142.7
138.8
130.1
137.4
141.0
159.7
145.2
137.9
136.3
134.6
137.3
160.3
146.7
136.3
129.5
1340
136.4
160.0
144.4
138.7
138. 1
135.2
138.6
160.1
147.8
Utilities
Electric
Gas...
do
do
do
221.2
233.0
174.1
238.0
251.1
233.8
247.1
234.9
248.4
235.4
248.7
236.3
249.5
235.8
248.6
242.8
257.1
244.8
259.6
238.7
251.5
240.0
253.0
241.5
254.6
245.2
259.1
242.2 ' 246. 0
254.9
248
do
do
do _
170.8
162.5
179.5
166.1
161.7
166.1
168.5
163.2
171.1
167.7
163.2
173.5
167.1
162.8
172.7
166.8
163.5
178.5
166.5
163.5
177.0
163.1
160.1
160.1
159.8
157.0
151.4
159.4
157.0
152.1
162. 9
162.4
162.5
163.4
164.5
172.4
163.0
164.6
175.3
163.4 ' 163. 4
166.2 ' 167. 1
178.4 ' 179. 0
164.3
168.3
182
173.2
162.8
186.8
184.0
180.2
180.3
148.6
128.2
175.6
178.2
180.3
168.0
158.4
136.1
187.8
180.0
178.9
170.6
166.4
156.0
180.1
178.4
182.6
165.5
170.3
163.0
179.9
177.7
178.8
164.9
172.8
163.8
184.7
182.5
192.3
165.2
167.5
163.3
173. 1
183.7
198.6
164.9
133.1
108.5
165.6
179.0
189.9
164.4
110.1
76.5
154.5
180.2
1943
166.5
112.2
78.1
157.0
180.0
188.1
169.3
145.9
131.9
164.3
174.0
169.1
170.5
166.3
155.1
181.1
176.6
173.9
171.4
174.4
168.1
182.8
175. 9
172.8
172.4
176.0 "171.2
167.3 r 153. 9
187.4
194.0
180.2
184.4
179.7
188.7
175.4
174.2
178
161
157.1
138.5
162.4
136.6
160.3
133.0
168.1
139.4
160.7
133.8
168.4
140.2
159. 9
131.4
168.0
141.1
159.0
132.4
166.6
137.9
158.8
132.4
166.3
138.7
159.2
133.2
166.6
139.4
160.1
131.7
168.1
139.3
158.9
131.6
166.7
135.2
158.6
125.2
168.0
138.3
162.3
131.3
171.1
141.0
162.1
130.0
171.2
141.4
161.2
129.0
170.3
138.4
162.3
130.7
171.2 ' 172. 8
141.0
140.3
Beverages and tobacco
do .
Drugs, soap, and toiletries
do
Newspapers , magazines , book s_ _ _ do
Consumer fuel and lighting .
do _
146.8
209.0
147.1
199.6
147.2
218.8
144.7
215.4
150.1
218.6
146.0
212.6
142.2
219.6
146.9
212.3
142.6
217.4
147.6
213.7
141.9
217.4
142.9
212.8
144.7
213.9
143.1
213.5
149.0
215.5
140.5
219.2
148.1
215.0
140.8
221.7
147.5
220.1
143.2
217. 2
152.1
226.8
144.7
218.0
155.1
222.2
145.5
218.1
159.0
220.7
1449
219.6
161.4
222.3
143.0
218.4
Equipment, including defense 9
do
Business equipment __. _
do
Industrial equipment
do_._
Commercial equipment
do
Freight and passenger equipment.. do
Farm equipment
do
188.6
195.6
179.1
220.0
246.7
136.8
175.4
187.6
175.8
216.1
213.9
130.9
179.9
193.0
182.1
223.4
215.4
130.4
177.3
188.7
175.8
220.4
216.8
127.4
176.3
188.0
175.2
220.4
213.8
128.6
173.7
186.1
174.6
218.3
207.3
126.0
173.0
185.9
173.3
214.2
214.3
133.2
169.6
182.3
170.5
210.5
206.5
133.6
165.9
178.9
169.7
207.0
193.7
128.0
164.5
177.8
167.9
205.7
194.6
130.8
164.2
177.9
166.8
204.3
202.3
127.0
161.3
174.3
164.4
200.7
203.6
96.7
159.4
173.0
162.3
199.3
196.4
121.9
157.3 ' 155. 6
170.5 ' 169. 5
159.3
160.3
197.6
198.3
191.1
188.9
115.3
156.0
170
. do
do__.
do
do
do
174.6
165.5
163.9
191.9
152.4
170.2
155.0
142.1
177.2
146.9
171.9
159.6
143.6
183.8
148.8
170.4
157.5
146.0
177.5
146.8
171.2
157.8
155.4
176.6
145.1
171.4
158.4
156.0
178.4
146.3
171.2
157.4
161.3
175.9
147.3
168.9
151.9
143.6
173.1
146.1
164.8
144.3
110.9
166.7
144.2
163.8
141.9
111.2
164.1
140.6
166.0
147.0
139.0
163.6
142.0
168.0
149.7
151.3
162.9
148.6
167.8
150.3
153.0
160.9
148.3
168.0 ' 169. 3
151.4 ' 152. 8
150.6
148.5
161.2
156.8
149.6
149.1
170.3
154
do
do
do
do
183.9
166.6
168.6
165.5
185.9
164.0
167.4
162.2
184.6
164.5
166.2
163.7
183.8
162.1
168.2
159.1
184.9
163.4
166.0
162.1
184.9
164.9
161.9
166.4
185.4
165.0
167.5
163.7
186.4
161.2
163.1
160.3
186.0
159.5
164.1
157.2
186.3
160.7
164.2
158.9
185.7
162.2
166.5
160.0
187.0
163.9
174.4
158.7
185.8
160.1
166. 2
157.1
185.2
155.2
153.1
156.3
187
Business fuel and power 9
do....
158.2
166.5
163.8
166.0
166.6
Mineral fuels. _
do
134.9
139.1
142.2
142.0
142.4
Nonresidcntial utilities. _
____do._-.
216.7
226.5
228.6
228.1
' Revised.
» Preliminary.
cfSee corresponding note on p. S-3.
9 Includes data for items not shown separately.
fRevised data back to 1961 for mfg. and trade invent., total, unadj. and seas, adj.; invent,
sales ratios for mfg. and trade, total and retail trade, total, durable, and nondurable, appear on
165.4
140.2
229.4
Tobacco products
.
..
.
By market groupings:
Final products, total d*
Consumer goods
Automotive and home goods _
Automotive products
do
Autos. _
do
Auto parts and allied products,.. do
Home goods 9
do
Appliances, TV, and radios
do
Furniture and rugs
do..
Apparel and staples
do
Apparel, incl. knit goods and shoes.. do
Consumer staples
do
Processed foods
do
Materialscf
Durable goods materials 9
Consumer durable..
Equipment
Construction
Nondurable materials 9
Business supplies
Containers...
General business supplies
' 138. 8
' 142. 5
' 134. 7
'139.9
159.2
146.7
137.1
138
135
140
173
w
228.0
144.4
186.3
158.2
157.1
158.8
167.5
171.8
172.5
170.1
169.4
169.3
199.1
171
170.8 ' 172. 2
144.4
147.5
148.0
146.6
145.0
143.5
141.8
144.9 ' 146. 8 146
227.9 235.1 236.7
231.1
232.6
234.3 239.3 236.8
pp. 38 ff. of the Oct. 1970 SURVEY. Revised data back to 1961 for mfg. and trade sales, total
seas, adj.; mfrs. sales and mfrs., invent., total, durable, and nondurable, seas, adj.; and invent.-sales ratios for mfg., total, durable, and nondurable are available upon request (see also
corresponding note on p. 8-7).
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
mi
1970
1970
Annual
S-5
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
mil. $._ 1,245,068 1,277,862 105, 633 107, 931 112, 046 104, 249 105,856
Mfg. and trade sales (unadj.), total f _ -
104,558 '114,377 114,484
1,245,058 1,277,862 105, 087 106, 847 107, 612 108, 393 108,175
108,074 106,224 104,917 107,019
108,996 ••110,734 '112,521 112, 909
do
do
do
Manufacturing , total f
Durable goods industries
Nondurable goods industries
Retail trade, total
Durable goods stores .
Nondurable goods stores
109,585 110,244 104,918 113,178 100,026
do
Mfg and trade sales (seas adj. ) > total f
1656,717 1666,648
364, 983 361, 527
291, 734 305,121
1351,633
do
112, 779
. d o
do... 238, 854
Merchant wholesalers, total ..
Durable goods establishments
Nondurable goods establishments
do _
do
do
54, 539
29, 633
24, 906
55, 661
30,488
25, 173
56,438
30, 638
25, 800
57, 025
31, 315
25, 710
56,696
31,270
25,426
56, 475
30, 863
25, 612
54,936
29,369
25,567
54, 068
28, 815
25, 253
55, 820
30, 024
25, 796
56,504
30, 545
25, 959
1 364, 571 30, 536
109, 694
9,340
254, 877 21, 196
30, 502
9,320
21, 182
30, 518
9,411
21, 107
30,729
9,487
21, 242
30, 781
9,503
21, 278
30, 885
9,556
21, 329
30,534
8,927
21,607
30, 208
8,380
21, 828
30, 481
8,659
21, 822
31,154 ' 31,597 ' 32,267 32, 605
9,480 r 9, 791 ' 10,18-1 10,334
21,674 ' 21,806 '22,086 22, 271
20,684
9,394
11, 290
20, 656
9,482
11, 174
20, 639
9,423
11,216
20,698
9,420
11,278
20, 714
9,435
11, 279
20,754
9,410
11,344
20, 641
9,273
11, 368
20, 718
9,226
11, 492
21, 338
9,430
11, 908
1236,708 1 246, 643
109, 578 111, 778
127, 130 134, 865
20, 012
9,034
10, 978
57,803 ' 58,578
31,352 '32,093
26,451 ' 26,485
21,334 ' 21,676
9,458 '9,736
11,876 '11,940
58, 463
31, 759
26, 704
21, 841
9,875
11, 966
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj ) total t
mil $
163, 375
169, 284 168, 961 168, 391 168, 014 167, 832
167,367
168,045 170,161
Mfg. and trade inventories, book value, end of year
or month (seas adj ) total f
mil $
164,917
171, 136 167, 059 166, 734 167, 375 168, 635
Manufacturing, total f
Durable goods industries
Nondurable goods industries
Retail trade total f
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
do
do
do
do
do
do
95, 931
63, 547
32, 384
44, 623
19, 980
24, 643
24,363
14, 579
9,784
172,095 169,284 170,188
171,754 ' 173,914 175, 212
169,364
170,038 170, 352 170,873 171,136 171,431 171,758 ' 172,620 173, 333
99, 614
65, 548
34,066
44, 918
19,040
25, 878
26,604
15,565
11, 039
97, 791
64, 689
33, 102
44, 326
19,426
24, 900
24, 942
14, 773
10, 169
97, 635
64, 447
33, 188
44, 109
19, 346
24, 763
24, 990
14, 763
10, 227
97, 706
64, 395
33, 311
44, 527
19, 552
24, 975
25, 142
14, 855
10, 287
98, 260
65, 079
33, 181
44, 965
19, 739
25, 226
25,410
15, 066
10, 344
98,488
65,290
33, 198
45, 453
20, 119
25, 334
25,423
15, 165
10,258
98, 658
65, 323
33, 335
45, 691
20, 270
25, 421
25, 689
15, 275
10, 414
99,466
65,628
33,838
44, 883
19, 291
25, 592
26,003
15,369
10,634
100,032 99, 614
65,920 65,548
34,112 34, 066
44, 507 44, 918
18, 542 19, 040
25, 965 25, 878
26,334 26, 604
15,451 15, 565
10,883 11, 039
99, 801
65, 610
34,191
44, 984
18, 987
25, 997
26, 646
15, 653
10, 993
99,520
65,347
34,173
45,432
19,480
25, 952
26,806
15,840
10,966
' 99,416
' 65,352
'34,064
46,416
20, 131
26,285
'26,788
' 15,786
' 11,008
99, 542
65,536
34,006
46, 728
20, 232
26, 496
27, 063
16, 026
11, 037
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total t
Manufacturing total t
Durable goods industries t
Materials and supplies
Work in process
Finished goods
Nondurable goods industries t
Materials and supplies
Work in process
Finished goods
Retail trade total J
Durable goods stores
Nondurable goods stores
1.53
1.58
1.59
1.56
1.56
1.56
1.57
1.57
1.60
1.63
1.60
1.57
1.55
'1.53
1.54
do
do
_do
do
do
1.69
1.99
.56
93
.50
1.76
2.15
.58
1.00
.56
1.79
2.18
.59
1.02
.57
1.75
2.11
.57
.99
.55
1.73
2.10
.57
.99
.54
1.72
2.08
.56
.98
.54
1.74
2.09
.56
.98
.55
1.75
2.12
.57
.99
.56
1.81
2.23
.60
1.04
.59
1.85
2.29
.62
1.06
.61
1.78
2.18
.60
1.00
.58
1.77
2.15
.59
.98
.58
1.72
2.08
.57
.95
.57
1.70
2.04
.56
.92
.56
1.70
2.06
.57
.93
.56
do
do
do
do
1.31
.48'
.21
.62
1.30
.47
.20
.64
1.33
.48
.20
.65
1.32
.47
.20
.65
1.29
.46
.19
.64
1.29
.46
.19
.64
1.31
.47
.19
.65
1.30
.46
.19
.65
1.32
.47
.19
.66
1.35
.49
.20
.67
1.32
.48
.19
.65
1.32
.47
.19
.65
1.29
.47
.19
.64
1.29
.46
.19
.64
1.27
.46
.18
.64
do
do
do
1.47
2.05
1.19
1.47
2.13
1.18
1.45
2.08
1.17
1.45
2.08
1.17
1.46
2.08
1.18
1.46
2.08
1.19
1.48
2.12
1.19
1.48
2.12
1.19
1.47
2.16
1.18
1.47
2.21
1.19
1.47
2.20
1.19
1.44
2.00
1.20
1.44
1.99
1.19
1.44
'1.98
1.19
1.43
1.96
1.19
1.19
1.53
.89
1.23
1.61
.92
1.25
1.64
.93
1.21
1.57
.91
1.22
1.57
.92
1.23
1.60
.92
1.23
1.61
.91
1.24
1.62
.92
1.25
1.63
.94
1.28
1.67
.96
1.28
1.69
.96
1.25
1.66
.92
1.26
1.67
.92
' 1.24
1.62
'.92
1.24
1.62
.92
17, 189
20, 122
1,739
1,717
1,779
1,722
1,829
1,774
1,583
1,776
1,517
1,676
1,750
1,770
1,675
1,668
1,529
1,523
1,785
1,621
1,550
1,644
1,838
1,894
' 2, 017
'1,898
1,701
1,672
656,717
666, 648
55, 646
56, 358
59, 340
52, 134
54,829
58, 436
56,638
53, 996
54, 154
52, 943
58, 523 '60,739
59, 737
28, 530
1,377
4,606
2,208
ratio..
Merchant wholesalers total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj., total
do
Shipments (not seas adj ) total t
do
Durable goods industries, total 9
do
Primary metals
Blast furnaces steel mills
do
do
364, 983
17,219
57, 137
26, 493
361, 527
17, 858
57, 022
25, 837
30, 499
1,471
4,724
1,960
31, 300
1,529
5,071
2,292
32, 845
1,643
5,205
2,386
27, 880
1,486
4,440
2,114
29, 091
1,579
4,701
2,205
31, 664
1,627
4,955
2,311
30,041
1,610
4,509
1,960
28, 668
1,422
4,266
1,844
29,485
1,421
4,269
1,958
Fabricated metal products
Machinery, except electrical
Electrical machinery..
Transportation equipment
Motor vehicles and parts
Instruments and related products
.do .
do
do
do
do
do _ _
37, 024
64, 551
46, 726
91, 480
50, 144
13, 563
38,837
65, 461
47, 143
86, 234
44, 142
13, 682
3,096
5,593
3,747
7,834
4,033
1,112
3,239
5,695
3,832
7,943
4,300
1,119
3,511
5,877
4,171
8,161
4,624
1,247
3,107
5,077
3,607
6,270
3,037
1,065
3,268
5,194
3,859
6,255
2,882
1,148
3,464
5,622
4,295
7,220
3,747
1,233
3,340
5,315
4,209
6,702
3,167
1,152
3,218
5,125
4,165
6,498
3,048
1,105
3,157
5,297
4,167
7,426
3,816
1,084
2,900
5,090
3,693
7,236
4,318
985
Nondurable goods industries, total?
Food and kindred products
Tobacco products.
Textile mill products.-
do
do _
do
do
291, 734
96, 717
5,121
21, 262
305, 121
103, 869
5,443
21, 080
25, 147
8,396
439
1,729
25, 058
8,428
456
1,709
26, 495
9,062
454
1,834
24, 254
8,225
473
1,511
25, 738
8,585
472
1,742
26, 772
9,294
480
1,879
26,597
9,181
467
1,910
25, 328
8,714
459
1,793
24, 669
8,673
492
1,724
24, 413
8,350
436
1,730
26, 951
48, 698
24, 555
16, 552
28, 282
49, 611
26, 028
17, 968
2,347
4,310
2,118
1,519
2,328
4,376
2,139
1,537
2,422
4,383
2,215
1,623
2,237
3,889
2,126
1,463
2,388
4,172
2,189
1,493
2,424
4,276
2,166
1,521
2,447
4,128
2,186
1,523
2,340
3,949
2,178
1,404
2, 294
3,696
2,292
1,306
2,328
3,907
2,237
1,373
do
54, 539
55, 661
56, 438
57, 025
56, 696
56,475
54,936
54, 068
55,820
do
do
do
do
29, 633
1,443
4,426
1,780
30, 488
1,475
4,786
2,099
30, 638
1,519
4,834
2,201
31,315
1,517
4,891
2,259
31, 270
1,470
4,935
2,287
30, 863
1,482
5,049
2,422
29,369
1,470
4,592
2,069
28, 815
1,454
4,452
2,009
Fabricated metal products.
do
3,032
3,265
3,178
5,350
Machinery, except electrical. .
do
5,596
5,418
Electrical machinery
.
_ do
3,835
3,993
3,962
Transportation equipment
do
7,484
7,549
7,562
Motor vehicles and parts
do
3,806
3,905
4,124
Instruments and related products
do
1,144
1,137
1,175
' Revised.
1 Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments for Apr. 1971 do not reflect revisions for selected components.
§The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l
cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur-
3,323
5,567
3,995
7,857
4,328
1,168
3,231
5,570
3,993
7,981
4,489
1,140
3,365
5,555
4,042
7,169
3,630
1,146
3,215
5,372
4,010
6,538
2,877
1,111
3,294
5,291
4,047
6,264
2,853
1,078
Paper and allied products.. _ . _.
Chemicals and allied products
Petroleum and coal products.
Rubber and plastics products
Shipments (seas, adj.), total t
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
do
do
do
do
31, 946
1,471
5,022
2,394
'33,790 ' 32,780
1,743
' 1, 625
'5,384 •• 5, 816
2,924
' 2, 585
3,182 ' 3, 284
5,717 '6,134
4,072 r 4, 122
8,414 ' 8, 961
4,991 r 5, 250
1,087 ' 1, 099
2 33,159
2 5, 899
3,229
5,775
3,950
' 7, 991 2 8, 386
4,707
1,094
26, 577 •-26,949
8,926 T 9, 101
463
448
1,890 r 2, 030
26, 969
8,881
462
1,868
r 2, 559
' 4, 374
'2,220
' 1, 606
2,483
4,743
2,245
1,647
56, 504
57, 803 '58,578
58, 463
30, 024
1,590
4,621
2,200
30, 545
1,613
4,746
2,253
31, 352 ' 32, 093 '31,771 2 32,241
1,708
1,614 '1,668
4,805 r 5, 049 ' 5, 425 2 5, 557
2,656
2,308 ' 2, 363
3,263
5,275
4,110
7,168
3,879
1,039
3,230
5,603
3,989
7,324
4,203
1,115
2,479
4,371
2,317
1,544
3,189
5,507
4,017
8,108
4, 762
1,115
' 3, 228 3,163
5,509
'5,680
4,062
'3,963
'8,351 ' 7, 675 2 7, 891
4,444
' 4, 789
1,128
' 1, 082
ing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12.
t See corresponding notes on pp. S-4and S-7.
t See corresponding note on p. S-12.
9 includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
June 1971
1971
1970
Apr.
May
Jane
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSf— Continued
Shipments (seas. adj. ) f — Continued
By industry group:
Nondurable goods industries total 9
mil $
Food and kindred products.
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By market category:
Home goods and apparel
Consumer staples
Equipment and defense prod excl auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables. ._
.
Defense products (old series). , -- Defense products (new series)
Producers' capital goods industries
Inventories, end of year or month :f
Book value (unadjusted) total
Durable goods industries total
Nondurable goods industries, total
do
do
do
do
do
do
do- -do
do
do
24, 906
8,587
454
1,736
2,326
4,000
2 139
1,441
1 57, 935
i 124, 395
1 108, 385
i 57, 175
1 54, 130
1254,697
126,951
1 50, 144
124,511
1 75, 694
25, 173
8,541
444
1,740
2,325
4,200
2 156
1,484
25, 800
8,837
417
1,751
2,316
4,168
2,127
1,536
25, 710
8,538
459
1,783
2,418
4,166
2,136
1,598
25, 426
8,547
445
1,691
2,366
4,184
2,165
1,541
25, 612
8,750
471
1,752
2,351
4,122
2,131
1,527
25, 567
8,822
478
1,744
2,382
4,043
2,179
1,454
25,253
8,653
454
1,718
2,363
4,070
2,166
1,431
25, 796
8,774
495
1,818
2,388
4,146
2,315
1,358
25, 959
8,787
483
1,910
2,433
4,128
2,320
1,474
26,451
8,960
471
1,919
2,453
4,372
2,317
1,531
26, 485
' 9, 141
479
' 1, 989
' 2, 481
' 4, 229
' 2, 261
' 1, 540
26, 704
9,081
478
1,884
2,461
4,401
2,267
1,564
4,424
10, 920
9,270
4,423
4,326
21, 176
4,585
10, 870
9,483
4,523
4,452
21, 748
4,889
11,222
9,079
4,789
4,554
21, 905
4,816
10, 918
9,345
4,966
4,643
22, 337
4,608
10, 922
9, 481
5,084
4,627
21, 974
4,759
11,143
9,393
4,247
4,716
22,217
4,716
11,220
9,373
3,453
4,595
21, 579
4,632
11,023
9,125
3,410
4,635
21,243
4,871
11,271
8,864
4,443
4,792
21,579
4,809
11,162
9,148
4; 764
4,762
21, 859
4,805
11,432
9,218
5,331
4,818
22, 199
' 4, 885
' 11, 586
r 9, 515
' 5, 350
' 4, 947
' 22, 295
4,997
11, 646
9,123
4,997
5,006
22, 694
24, 994
51, 038
24, 308
78, 137
2,061
4,515
2,010
6,252
2, 143
4,255
2,003
6,697
2,197
4,097
2,130
6,446
2,099
4,192
2,048
6,727
2,005
4,291
2,112
6,687
2,104
4,269
2,121
6,630
2,085
4,524
2,184
6,423
2,051
4,230
2,036
6,567
2,183
4,040
2,021
6,512
2,104
3,961
1,913
6,672
i 55, 645
1 132, 505
1111,011
i 51, 446
l 54, 728
1261,313
i
i
i
i
2,124 ' 2, 252
4,048 r 4, 224
1,898 «• 1, 887
6,700 ' 6, 785
' 2, 320
'3,912
' 1, 825
' 6, 559
2 2, 251
2 4, 099
21,966
2 6, 808
do
do
do
95, 475
63, 106
32, 369
99, 119
65,084
34, 035
98, 588
65, 285
33, 303
98, 625
65, 222
33, 403
98, 073
64, 779
33, 294
97, 921
64, 838
33, 083
98, 145
65, 141
33, 004
97,807
64,827
32,980
98, 542
65, 036
33, 506
99,252
65,355
33,897
99, 119
65, 084
34, 035
99, 902 100, 075 ' 99, 950 100, 335
65, 423 65,643 ' 65, 706 66, 123
34, 479 34, 432 ' 34, 244 34, 212
do
95, 931
99, 614
97, 791
97, 635
97, 706
98, 260
98, 488
98,658
99, 466
100,032
99,614
99, 801
99, 520 ' 99, 416 99, 542
do
do
do
do
63,547
2,472
8,033
4,300
65, 548
2,648
8,862
4,717
64, 689
2,574
8,544
4,571
64, 447
2,573
8,609
4,589
64, 395
2,558
8,598
4,608
65, 079
2,587
8,641
4,658
65, 290
2,626
8,738
4,726
65,323
2,658
8,734
4,669
65, 628
2,684
8,866
4,747
65,920
2,688
8,983
4,823
65, 548
2,648
8,862
4,717
65, 610
2,663
9,159
4,939
65, 347 ' 65, 352
2,653 ' 2, 652
9,210 ' 9, 234
4, 958
4,987
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
do
Alotor vehicles and parts
do
Instruments and related products- _do
6,598
13, 216
9 373
15, 584
4,173
2,460
6,928
14, 127
9,650
15,029
4,212
2,633
6,702
13, 572
9,587
15, 442
4, 115
2,637
6,648
13, 618
9,454
15, 309
4,040
2,681
6,633
13, 703
9, 521
15, 190
3,977
2,674
6,697
13, 876
9,690
15, 339
4,036
2,685
6,801
13, 861
9,676
15, 262
3,993
2,680
6,877
13,850
9,720
15,185
3,901
2,690
6,866
14, 004
9,780
15, 162
4,021
2,650
7,011
14,043
9,734
15,191
4,097
2,626
6,928
14, 127
9,650
15, 029
4,212
2,633
6,990
14, 013
9,468
14, 913
4,105
2,648
6,969
14,011
9, 431
14, 692
4,080
2,621
do
do_
do
do
17, 606
2 828
5,571
3,295
17, 900
3,108
5,698
3,199
17, 570
3,027
5,565
3,117
17,447
3,034
5,537
3,087
17, 438
3,046
5,608
3,029
17, 470
3,035
5, 592
3,081
17, 621
3,091
5,603
3,096
17,652
3,108
5,600
3,056
17, 708
3,162
5, 58 i
3,099
17,867
3,190
5,640
3,208
17, 900
3,108
5,698
3,199
17, 954
3,219
5,744
3,121
17, 877 r 17, 863 18, 175
3,230 ' 3, 225 3,266
5,774 ' 5, 765 5,745
3,045 ' 3, 001 3,143
do
do
do
do
29, 790
2 759
10, 733
10, 717
30, 125
3,003
10, 995
10, 337
30, 309
2,891
10, 946
10, 783
30, 308
2,939
10, 940
10, 709
30, 263
2,921
10, 984
10, 641
30, 605
2,939
11, 127
10, 717
30, 555
2,940
11,055
10, 649
30,539
2,955
11,042
10,669
30, 522
2,975
11, 139
10, 595
30,551
3,036
11,107
10,492
30, 125
3,003
10, 995
10, 337
30, 076
3,128
10, 732
10, 310
29, 747 ' 29, 645 29, 569
3,094 " 3, 036
2,961
10, 655 r 10, 632 10, 648
10, 163 ' 10, 168 10, 188
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.) --do
Transportation equipment
do
16, 151
2,446
6,285
1,572
17, 523
2,751
7,084
1,493
16, 810
2,626
6,648
1,542
16, 692
2,636
6,595
1,513
16, 694
2,631
6,632
1,520
17, 004
2,667
6,847
1,541
17, 114
2,707
6,879
1,517
17,132
2,671
6,928
1,460
17, 398
2,729
7,061
1,468
17,502
2,757
7,030
1,491
17, 523
2,751
7,084
1,493
17, 580
2,812
7,005
1,482
17, 723
2,886
7,013
1,484
32, 384
7,240
2 198
3,525
2,644
6,625
2,255
1,886
34,066
7,708
2,179
3,284
2,831
7,188
2,539
1,968
33, 102
7,579
2,165
3,427
2,713
6,704
2,374
1,948
33, 188
7,581
2,142
3,431
2,697
6,798
2,414
1,920
33,311
7,563
2,142
3,380
2,738
6,895
2,446
1,915
33, 181
7,457
2,145
3,383
2,754
6,921
2,380
1,930
33, 198
7,336
2,171
3,381
2,758
6,943
2,422
1,908
33,335
7,376
2,168
3,338
2,762
7,015
2,417
1,935
33, 838
7,632
2,185
3,397
2,756
7,069
2,461
1,949
34,112
7,743
2 223
3,330
2,784
7,154
2,555
1,959
34, 066
7,708
2,179
3,284
2,831
7,188
2,539
1,968
34, 191
7,863
2,187
3,245
2,821
7,147
2,529
1,940
34, 173 r 34, 064 34, 006
7,857 ' 7, 829
7,797
2,239 ' 2, 195
2,192
3,262 ' 3, 281 3,250
2,791
2,791
2,766
7,173 ' 7, 166
7,094
2,490 ' 2, 453
2,443
1,940 r 1, 957
1,954
11,821
5,072
15, 491
12, 402
4,917
16, 747
11, 950
4,993
16, 159
11,921
5,013
16, 254
11,910
5,002
16, 399
11,849
4,977
16, 355
11, 856
4,896
16, 446
11,877
4,887
16,571
12, 117
4,940
16, 781
12,260
4,973
16,879
12, 402
4,917
16, 747
12, 308
4,962
16, 921
12,311 r 12, 207 12, 186
4,949 ' 4, 912 4,852
16, 913 ' 16, 945 16, 968
do
do
do
do
do
do
9,924
12, 102
25, 862
5,299
7,980
34, 764
10, 123
12, 740
26, 321
5,344
8,273
36, 813
9,930
12, 565
26, 185
5,245
8,035
35, 831
9,847
12, 554
26, 119
5,161
8,016
35, 938
9,813
12, 587
26, 241
5,094
8,026
35, 945
9,892
12, 465
26, 613
5,181
8,086
36, 023
10, 037
12,415
26, 456
5,136
8,173
36, 271
10,040
12,497
26,472
5,045
8,246
36,358
10, 158
12, 679
26, 439
5,194
8,306
36, 690
10,142
12,783
26,404
5,244
8,447
37,012
10, 123
12, 740
26, 321
5,344
8,273
36,813
10, 065
12, 947
26, 268
5,224
8,328
36, 969
10, 044
12, 994
26, 086
5,188
8,355
36, 853
' 12, 952
' 25, 957
' 5, 195
' 8, 398
' 36, 837
10, 133
12, 972
26, 048
5,303
8,365
36, 721
do
do
do
do
5,097
13, 173
7,459
16, 353
5,179
12, 088
6,493
17,808
5,169
12, 941
7,359
16,911
5,050
12, 872
7,189
16, 898
5,018
12,816
7,104
17, 026
5,108
12, 906
7,143
17,285
5,159
12, 761
7,056
17, 337
5,159
12,710
6,986
17,418
5,195
12, 429
6,803
17, 659
5,185
12,341
6,675
17,719
5,179
12, 088
6,493
17, 808
5,061
12, 129
6,189
17, 652
5,052 r 5, 095
11, 998 ' 11, 879
6,020 r 6, 008
17, 598 ' 17, 577
5,145
11, 910
6,108
17, 699
New orders, net (not seas, adj.), total t
Durable goods industries, total
_
Nondurable goods industries total
do
do
do
659, 191
367, 482
291, 709
660, 104
354, 839
305, 265
54, 802
29, 594
25, 208
54, 909
29, 825
25, 084
58, 582
32, 147
26, 435
52, 422
28, 171
24, 251
53, 841
28, 152
25, 689
57,977
31,166
26,811
55, 632
28, 936
26, 696
53,611
28,245
25,366
54, 679
30, 003
24, 676
54, 508
30, 090
24,418
59, 630 r 60, 630
33, 027 '33,620
26, 603 r 27, 010
New orders, net (seas adj ) totalf
By industry group:
Durable goods industries, total 9
Primary metals
.
Blast furnaces, steel mills .
do
1659,191 1660,104
53, 374
55, 139
55, 778
57, 111
55, 968
55,523
54, 190
54,291
56, 431
57, 377
58, 288 r 58, 326
29,009
4,544
2,057
30, 602
4,962
2,586
31, 405
5,428
2,906
31, 218
31, 867 r 31, 773 ' 30,636
5,100 ' 5, 184 ' 5, 030 2 5, 046
2,543 r 2, 442
2,371
3,333
5,351
4,051
6,310
2,610
3,291
5,412
4,354
7,017
2,449
2,916
5,419
3,985
7,872
2,466
Book value (seasonally adjusted), totalf
By industry group:
Durable goods industries total 9
Stone clay and glass products
Primary metals
Blast furnaces steel mills
By stage of fabrication:
Materials and supplies 9
Primary metals
^Machinery (elec and nonelec )
Transportation equipment
Work in process 9
Primary metals
^Machinery (elec and nonelec )
Transportation equipment
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
Consumer staples
Equip, and defense prod excl auto
Automotive equipment
Construction materials and" supplies
Other materials and supplies
Supplementary series:
Household durables
Defense products (old series)
Defense products (new series)
Producers' capital goods industries
do
do
do .
367, 482
58, 491
27, 281
354, 839
56, 289
25, 793
28, 449
4,739
2,036
29, 977
4,874
2,234
30, 028
4,932
2,302
31, 399
4,894
2,387
30, 537
4,842
2,310
29,856
4,709
2,253
28,504
4,348
1,977
Fabricated metal products
. ._ . do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
. -do _
Aircraft, missiles, and parts
do
37, 736
66, 966
47, 030
89, 418
30, 952
39, 229
64, 130
46,887
82, 102
29, 931
2,943
5,287
3,705
6,386
2,048
3,391
5,468
4,052
6, 830
2,597
3,509
5,172
3,722
7,304
2,384
3,220
5,401
4,113
8,076
3,047
3,304
5,367
3,921
7,559
2,677
3,524
5,346
3,606
7,026
2,409
3,302
5, 253
3,954
6,062
2,255
do. _ 291, 709 305, 265 24, 925 25, 162 25, 750
6,810
6,925
6,869
83, 188
__do_ ._ 80, 276
do
211, 433 222, 077 18, 056 18, 352 18, 825
r
2
Revised.
i Based on data not seasonally adjusted.
Advance estimate; total mfrs.
new orders for Apr. 1971 do not reflect revisions for selected components.
|See corresponding note on p. S-7.
9 Includes data for items not shown separately.
©Includes textile
mill products, leather and products, paper and allied products, and printing and publishing
Nondurable goods industries, total
Industries with unfilled orders©
Industries without unfilled orders^
65, 536
2,649
9,135
4,942
7,036
r 7, 033
' 13, 968 13, 966
' 9, 487 9, 519
' 14, 629 14, 784
4,195
' 4, 095
' 2, 619 2,612
17, 844 17, 792
2,908
' 2, 973
7,092
r 7, 058
' 1, 460 1,453
r 10, 077
r
3,075 r 3, 231
5,462 '5,703
3,958 r 3, 945
8,599 r 7, 864
2,138 ' 2, 451
58, 698
31, 787 231,110
26, 955
57, 244
3,119
5,322
3,987
r 7, 218
2 7, 393
2,142
25, 712 25, 431 25,667 25, 686 25,282 25, 829 25, 972 26, 421 ' 26, 553 26, 653
7,112
6,902
7,154
7,175 ' 7, 360 7,280
7,053
6,952
6,861
7,129
18,715 18, 633 18,380 18, 717 18, 818 19, 246 r 19, 193 19, 373
18, 583 18, 570
industries; unfilled orders for other nondurable goods industries are zero.
f For these industries (food and kindred products, tobacco products, apparel and related
products, petroleum and coal products, chemicals and allied products, and rubber and plastics
products) sales are considered equal to new orders.
SURVEY OF CURRENT BUSINESS
June 19T1
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Apr.
Annual
S-7
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt— Continued
New orders, net (seas, ad j.)f— Continued
By market category:
Home goods and apparel _ __ _ _ .
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
_ __ _ _.
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables .
Defense products (old series)
Defense products (new series)
Producers' capital goods industries _ _
a 57, 779 2 55, 491
mil. $
do_ _ 2124,360 2 132, 528
2109,426 2 108, 339
do
2 57, 315 2 50, 696
do
2 54, 710 2 54, 991
do
2255,601 2 258, 060
do
4,397
10, 920
8,262
4,404
4,262
21, 129
4,553
10, 867
9,074
4,334
4,620
21, 691
4,843
11,215
8,438
4,748
4,657
21, 877
4,753
10, 915
9,804
4,980
4,498
22, 161
4,635
10, 936
8,966
4,981
4,743
21, 707
4,751
11,146
8,983
4,184
4,941
21,518
4,651
11, 238
9,180
3,422
4,753
20, 946
4,650
11,031
9,349
3,286
4,672
21, 303
4,908
11, 270
9,226
4,497
4,779
21, 751
4,804
11,159
9,742
4,782
4,420
22, 472
4,799
11, 436
9,850
5,353
4,685
22, 165
do _ 226,811 224,878
2 47, 317 2 47, 185
do
2 23, 118 2 23, 455
do
do . 2 78, 640 2 77, 149
2,026
3,425
1,381
5,984
2,124
4,083
1,893
6,302
2,163
3,511
1,850
6,281
2,041
4,773
3,067
6,411
2,030
4,056
1,846
6,299
2,107
3,482
2,005
6,759
2,015
3,954
2,125
6,552
2,074
4,077
2,016
6,873
2,222
4,181
2,051
6,554
2,107
3,988
2,170
6,990
2,113
3, 6.18
2, 357
7, 518
83, 902
80, 921
2,981
84, 182
81, 205
2,977
83, 200
80, 270
2,930
82, 747
79, 776
2,971
81,735
78, 664
3,071
81, 350
78, 243
3,107
81, 871
78, 755
3,116
83, 437
80, 316
3,121
84, 540 f 84, 435 83, 400
81, 394 '81,226 ' 80, 235 i 78, 182
3,146 ' 3, 209 3,192
' 4, 936
'11,597
' 9, 089
' 5, 375
r
4, 949
' 22, 380
5,013
11, 656
8,704
4,976
4,995
21, 900
'
'
'
'
'
'
'
2, 296
3, 724
1, 580
6, 767
2, 339
3, 640
1, 500
6, 225
1 2, 276
i 3, 538
1 1, 654
i 6, 663
Unfilled orders, end of year or month (unadjusted),
total
. - . -_ - mil. $
Durable goods industries, total.-.
do
Nondur. goods ind. with unfilled orders @.._. do
88, 412
85, 445
2,967
81,871
78, 755
3,116
86, 100
83, 086
3,014
84, 653
81,612
3,041
Unfilled orders, end of year or month (seasonally
adjusted), total f
mil $
By industry group:
Durable goods industries, total 9
do _
Primary metals
do
Blast furnaces, steel mills _
do
89, 221
82,626
85, 322
84, 797
84, 146
84, 229
83, 492
82, 544
81, 797
82, 014
82, 626
83, 511
83, 994 '83,748
86,206
7,657
3,896
79,462
6,914
3,851
82, 337
6,973
3,292
81, 824
7,061
3,427
81, 221
7,159
3,527
81, 301
7,162
3,656
80, 561
7,066
3,678
79, 559
6,726
3, 509
78, 693
6,481
3,417
78, 883
6,573
3,465
79, 462
6,914
3,851
80, 330
7,597
4,504
80, 843 '80,526 ' 79, 389 i 78, 368
7,894 ' 8, 028 ' 7, 633 i 7, 122
4,739
4,533
4,818
10, 684
17, 202
13, 406
31, 570
24, 293
11,088
15, 839
13, 148
27,432
20,306
10, 344
16, 714
13, 530
29, 273
22, 201
10, 556
16, 586
13, 587
28, 619
21, 943
10, 802
16, 344
13, 350
28, 359
21, 599
10, 699
16, 176
13, 468
28, 578
21, 850
10, 773
15, 972
13, 394
28, 154
21, 696
10, 931
15, 763
12, 960
28, 013
21, 302
11,019
15, 646
12, 900
27, 537
20, 567
11, 060
15, 702
12, 904
27, 583
20, 456
11, 088
15, 839
13, 148
27, 432
20,306
10, 774
15, 656
13, 144
27, 981
20, 336
10, 661
15, 610
13, 084
28, 471
19, 859
3,015
3,164
2,985
2,973
2,925
2,928
2,931
2,985
3,104
3,131
3,164
3,181
2,014
48, 253
10, 767
28, 187
1,879
44,804
11,028
24, 915
1,984
46, 412
10, 379
26,547
1,949
45, 812
10,546
26, 490
1,899
45, 133
10, 648
26,466
1,827
45, 607
10,504
26, 291
1,869
44, 987
10, 621
26, 015
1,864
44, 516
10, 845
25, 319
1,818
44, 291
11,003
24, 685
1,841
44, 388
11,041
24, 744
1,879
44,804
11, 028
24, 915
1,874
45, 418
10, 687
25, 532
1,870
46, 069
10, 555
25, 500
' 1, 935
' 45, 669
' 10, 557
'25,587
1,633
30, 246
20, 372
24, 993
1,516
26, 442
19,506
23,958
1,607
28, 228
19, 308
24, 613
1,589
28,054
19, 198
24, 221
1,557
27, 468
18, 917
24, 059
1,495
28,049
19, 936
23, 742
1,521
27, 814
19, 670
23, 351
1,525
27, 028
19, 554
23, 480
1,455
26, 456
19, 496
23, 611
1,476
26, 302
19, 475
23, 915
1,516
26, 442
19, 506
23, 958
1,522
26, 469
19, 769
24, 277
1,509
26, 039
20, 227
25, 093
' 1, 555 T 1, 574
' 25, 539 ' 25, 267
' 19, 920 ' 19, 595
'25,075 ' 24, 742
New incorporations (50 States and Dist. Col.):
Unadjusted
number.. 274, 267
Seasonally adjusted© .
do
266, 086
23, 706
21, 939
21, 952
22, 267
23, 422
22, 192
22, 831
22,106
20, 241
22, 055
21, 501
22, 372
21, 452
21, 625
19, 178
22, 383
22, 699
22, 085
23, 372
22, 338
19, 698
20, 923
25, 752
23, 220
10,748
1,392
1,687
2,035
4,650
984
992
137
174
167
419
95
891
109
164
145
388
85
912
143
132
157
396
84
916
126
123
191
398
78
910
131
160
157
382
80
906
111
118
199
391
87
941
114
149
185
419
74
939
126
133
174
414
92
869
114
112
176
372
95
905
134
140
167
380
84
860
107
141
170
361
81
1,042
156
154
196
444
92
Fabricated metal products
Machinery, except electrical
Electrical machinery..
Transportation equipment
Aircraft, missiles, and parts.
do
_ _ do _
do. __
do
do
Nondur. goods ind. with unfilled orders©_.do
By market category:
Home goods, apparel, consumer staples. ..do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series)
do
Defense products (new series)
do
Producers' capital goods industries _ _ do
82, 526
' 10, 664 10, 620
' 15, 633 15, 447
' 13, 067 12, 992 1
'27,985 ' 27, 527 27, 030
' 19, 467 19, 142
3,151 ' 3, 222
3,169
1,960
45, 229
10, 545
24, 792
i 1, 596
i 24, 707
i 19, 283
i 24, 602
BUSINESS INCORPORATIONS^
INDUSTRIAL AND COMMERCIAL
FAILURES^
Failures, total
number
Commercial service
do
Construction . _
do
Manufacturing and mining
do
Retail trade
do
Wholesale trade.. .
.
.
do
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
thous. $
do
do
do
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns. _
9,154
1,159
1,590
1,493
4,070
842
989
126
159
167
440
97
1,142,113 1,887,754 131, 898 147, 888 170, 498 251, 920 169, 587 232, 940 144, 773 119, 836 121, 723 168, 803 150, 903 224, 646 153, 796
126, 537 298, 736 21, 137
9,896 19, 963 26, 235 11,567 95, 547 19, 252
9,289 16, 680 29, 155 63, 931 55, 678 19, 950
171,717 231,533 17, 978 19, 306 21, 229 29, 049 15, 169 15, 044 14, 109 15, 390 13, 662 39, 145 13, 582 18, 128 23, 788
406, 450 817,841 39, 958 83, 118 93, 485 144, 516 44, 034 91, 431 67, 607 52, 624 45, 820 57, 073 76, 501 47, 949 53, 873
265, 122 360, 603 32, 972 23, 774 29, 232 30, 134 27, 434 54, 970 29,410 29, 809 25, 901 30, 785 30, 960 38, 132 41, 368
172, 287 179, 041 19, 853 12, 401 9,872 19, 066 19, 019 15, 817 13, 697 12, 117 16, 377 15, 565 18, 293 24, 890 15, 515
237.3
243.8
43.7
42.1
43.4
46,8
47.4
50.0
45.9
50.8
44.5
43.8
41.8
43.9
42.9
'280
'234
'291
274
270
'230
231
'280
'264
'224
'263
'270
'231
178
199
171
'217
'612
304
'360
357
'143
284
'237
'317
182
201
' 172
'234
'614
'324
'357
403
136
'282
'242
'353
178
201
170
'253
'614
317
'352
393
134
282
'244
'351
188
199
171
'257
'614
315
'345
393
134
286
251
351
192
199
174
284
614
316
339
401
129
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products!
1910-14 = 100..
Crops9
do
Commercial vegetables
do
Cotton
_
do
Feed grains and hay
do
Food grains. .
do
Fruit
.
do
Tobacco
do
Livestock and products?
do
Dairy products
.
do
Meat animals
.
do
Poultry and eggs
do
'274
'219
298
173
' 167
154
'242
594
'321
'326
400
162
280
'226
'294
' 183
177
162
'237
'604
326
'345
405
' 151
281
'219
'293
' 183
167
161
'202
603
334
'335
' 430
'146
Prices paid:
All commodities and services
_ . do
Family living items
do
Production items
_ _
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
324
351
304
336
366
314
334
364
313
373
390
389
Parity ratio §
do
'279
'227
'324
187
171
160
'280
'229
'298
' 187
r 224
'285
'232
'278
' 190
276
' 227
'264
173
153
174
151
'257
'274
'249
'610
319
'277
320
'256
'589
'312
'252
'606
'303
' 299
185
190
170
261
193
187
173
187
184
175
177
192
170
'209
610
r292
603
603
603
'323
'324
330
'328
' 419
'132
'325
'422
132
331
'424
'146
'338
137
'351
'390
'152
'363
'378
'133
'367
'351
'143
365
'342
' 147
334
365
312
335
366
313
335
366
313
335
367
312
339
369
317
340
369
319
340
371
319
341
372
320
343
372
322
346
376
325
348
376
328
349
377
329
351
381
330
388
390
389
389
392
394
395
396
400
403
404
407
410
74
72
r72
72
72
' Revised.
*» Preliminary.
» Advance estimate; 2 total mfrs. unfilled orders for Apr.
1971 do not reflect revisions for selected components.
Based on unadjusted data.
t Revised back to 1961 to reflect revisions in the mfrs.' sales and inventories series and the retail
inventories series. Data for mfrs.' sales, invent., and orders have been revised back to 1961
to reflect new seas, factors and the introduction of a small number of other corrections. Revised data back to 1961, new seas, factors, and other technical data appear in a special Census
191
176
161
403
610
70
69
70
70
68
Bureau report entitled Mfrs.' Shipments, Inventories, and Orders: 1961-1970, Series M3-1.2
(available from the U.S. Government Printing Office, Wash., D.C., 20402; price $1.00).
eSee corresponding note on p. S-6.
9 Includes data for items not shown separately.
^Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
O Revisions for Jan. 1969-Jan. 1970 will be shown later.
§Ratio of prices received to prices paid (parity index).
{Revisions back to Jan. 1966
are available from the Dept. of Agriculture, Statistical Reporting Service.
'73
71
'71
70
68
'66
SURVEY OF CURRENT BUSINESS
S-8
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1970
Annual
June 1971
1970
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted Indexes: t
All items
.
Special group indexes:
All items less shelter
All items less food
All items less medical care. _
1967=100..
109.8
116.3
115.2
115.7
116.3
116.7
116.9
117.5
118.1
118.5
119.1
119.2
119.4
119.8
120.2
120.8
do
__do_ _ _
do
109.0
110.1
109.7
114.4
116.7
116.1
113.5
115.4
115.0
114.0
116.0
115.6
114.4
116.5
116.0
114.8
117.0
116.4
114.9
117.2
116.7
115.4
118.0
117.2
116.0
118.9
117.9
116.3
119.6
118.3
116.8
120.2
118.8
117.0
120.3
118.9
117.4
120.4
119.1
118.0
120.6
119.4
118.6
120.9
119.8
119.2
121.6
120.4
_.do_ _
do
do —
- - - - ..do_ __
do
do
- ..do.. .
108.4
108.9
108.8
107.0
108.1
112.5
113.8
113.5
114.0
113.1
111.8
112.5
121.6
123.7
112.6
113.4
112.3
110.1
111.4
120.1
122.1
113.1
113.9
112.7
111.1
112.0
120.7
122.8
113.5
114.0
112.9
111.9
112.5
121.4
123.5
113.8
114.4
113.0
112.1
112.5
122.0
124.2
113.8
114.5
113.0
112.2
112.6
122.7
124.9
114.2
114.9
114.1
112.5
113.4
123.5
125.8
114.8
115.2
114.9
113.9
114.5
124.1
126.5
115.1
115.3
115.4
114.7
115,1
124.9
127.3
115.6
115.6
115.7
115.2
115.5
125.6
128.0
115.4
115.4
115.3
115.2
115.2
126.3
128.7
115.5
115 7
115.4
115.0
115.2
126.6
129.0
116.1
116.4
115.7
115.2
115.5
126.6
128.9
116.6
116.9
116.0
115.7
115.8
126.8
129.1
117.2
117.4
116.6
116.6
116.6
127.5
129.8
Food 9
do
Meats poultry, and
fish
do
Dairy products
do
Fruits and vegetables
do
Housing
do
Shelter 9
do
Rent
do
Homeownership
- do
Fuel and utilities 9
-do
Fuel oil and coal
__do____
Gas and electricity
do
Household furnishings and operation do_ ._
Apparel and upkeep
do
Transportation
do
Private
. - do.
New cars _ . _ . .
do.. .
Used cars
do
Public
do
Health and recreation 9
__ _ . . d o
Medical care
do
Personal care
do
Reading and recreation .
_ _ ..do. _
108.9
110.8
106.7
109.3
110.8
113.3
105.7
116.0
103.6
105.6
102.8
109.0
111.5
107 2
106.5
104.4
103.1
112 7
110 3
113 4
109 3
108 7
114.9
116.5
111.8
113.4
118.9
123.6
110.1
128. 5
107.6
110.1
107.3
113.4
116.1
112.7
111.1
107.6
104.3
128.5
116.2
120.6
113.2
113.4
114.6
117.7
111.0
114.6
117.6
121.9
109.1
126.5
106.7
108.3
106.6
112.8
115.0
111.2
109.7
106.3
99.7
125.5
114.9
119. 1
112.4
111.9
114.9
117.4
111.3
116.4
118.2
122.7
109.4
127.5
106.8
108.4
106.7
113.2
115.7
112.1
110.5
106.1
104.9
126.1
115.4
119.7
112.8
112.6
115.2
117.1
111.6
118.6
118.6
123.5
109.8
128.5
106.6
108.6
106.3
113. 5
116.0
112.7
111.2
105.8
108.6
127.0
116.1
120.5
112.7
113.3
115.8
117.6
111.9
117.0
119.2
124.0
110.1
129.0
107.5
109.6
106.6
113.7
115.3
113.4
111.7
105.7
108.5
129.3
116.6
121 3
113 1
113.7
115.9
117.8
112.1
114.9
119.9
124.9
110.5
130.0
108.0
110.1
107.3
113.9
115.4
112.7
111.0
105.5
106.3
129.4
117.2
122 0
113.7
114.2
115.7
117.0
112.5
111.5
120.6
125.9
110.9
131.3
108.4
111.4
107.6
114.2
117.2
113.0
111.2
105.1
104.9
131.2
117.7
122 6
114 0
114.7
115.5
116.1
113.1
110.0
121.2
126.5
111.4
131.9
109.2
112. 5
108.8
114.5
118.2
115.2
113.4
110.8
107.2
131.3
118.2
122 8
114 4
115.2
114.9
114.3
113.5
109.4
121.9
127.1
111.8
132.5
110.7
113.9
109.9
115.1
119.0
116.0
114.2
112.5
108.8
132.5
118.7
123 4
114.5
116.0
115.3
113,7
113.6
110.6
122.6
127.9
112.6
133.4
111.3
114.9
110.7
115.3
119.2
116.9
115.2
114.1
109.5
133.4
119.1
124 2
115 0
116.2
115.5
113.1
113.9
109.6
122.7
128.0
112.9
133.4
112.1
116.7
111.5
115.4
117.6
117.5
115.8
115.4
107.0
133.9
119 8
124 9
115 3
117 3
115.9
113.6
114.0
112.6
122.6
127.3
113 6
132.3
113 1
117.2
112 8
115.9
118.1
117 5
115 8
115.2
105.5
134 4
120 2
125 8
115 4
117 5
117.0
115.6
114.2
116.0
122.4
126.7
113.9
131.2
113.8
117.4
113.3
116.4
118.6
117 8
115 9
114.3
106.8
136 0
120 6
126 8
115 8
117 7
117.8
115.7
114.6
120.0
122.5
126.5
114 4
130.9
114.1
117.3
113 9
117.0
119.1
118 1
116 2
113 8
109.8
136 4
121 2
127 5
116 3
118 4
118.2
115.8
115.1
121.4
123.2
127. 2
114.7
131.6
114.4
117.2
114.4
118.1
120.2
118.8
117.0
113.9
112.8
136.4
121.6
128.1
116.5
118.9
110. 3
108. 9
111.4
i 113. 4
1
112. 6
116.3
113.5
118. 2
115.0
111. 3
117. 5
113.8
112. 1
114. 8
112.9
113.6
112. 4
112.9
115.3
111. 2
112.0
114.3
110. 5
110.9
113.0
109.5
109.2
109.7
108.8
107.2
108.3
106.4
107.1
108.9
105.9
109.9
113.7
107.2
109.3
111.6
107.8
109.7
109.0
110.2
108.8
109. 1
108.6
106.5
110.4
109.9
110.1
110.3
110.9
110.5
111.0
111.0
110.9
111.0
111.8
112.8
113.0
113.3
113.8
do
do
do
do
do
108.3
105.9
106 6
106.5
106.9
112.2
109.8
110.4
109.9
111.9
113.9
109.2
109.6
109.2
110.8
113.3
109.6
109.7
109.3
111.1
113.5
109.8
110.0
109.6
111.3
114.3
110.2
110.6
110.3
111.6
111.3
110.4
110.1
109.5
111.9
113.0
110.6
110.8
110.4
112.3
111.3
110.9
110.9
110.1
113.8
108.7
110.9
111.4
110.5
114.2
108.6
111.0
111.5
110.5
115.1
110.7
111 5
112 2
111.3
115 6
115.9
111.8
112 8
112.0
115.9
115.2
114 3
113 1
112 6
112 9 r 112 9
112.1 ' 112. 0
116 1
116 0
do
do
do
do
do
107.9
105.3
106.2
107.7
104.6
112.4
108.9
110.2
112.0
108.2
111.8
108.5
109.6
111.3
107.7
112.2
108.5
109.7
111.7
107.7
112.4
108.7
110.0
112.0
107.9
112.5
109.6
110.6
112.2
108.7
112.6
108.8
110.6
112.3
108.6
112.8
109.6
110.8
112.5
108.8
113.8
108.9
111.2
113.6
108.6
113.7
108.8
111.2
113.6
108.6
113.8
108.9
111.2
113.8
108.5
114 5
109.7
111.8
114 4
109.1
115.0
111.1
112.4
114.9
109.8
115 5
111.1
112 7
115 5
109 9
Commodities
Nondurables
Nondurables less food
Durables 9
Commodities less food
Services
Services less rent
_
WHOLESALE PRICESd1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities: t
22 Commodities _
1967=100
9 Foodstuffs
_
do
13 Raw industrials
do._
All commodities }
._ ...
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goodsO
Consumer finished goods
Producerfinishedgoods ....
By durability of product :
Durable goods
Nondurable goods
.
Total manufactures
_ _ _
Durable manufactures
Nondurable manufactures
_.
1
1
1
do.-
116 1
111.2
113.0
116 1
109.9
115.8
113.6
113.5
112.7
116.3
116.5
111.8
113.5
116.5
110.5
do
107.9
111.6
111.8
111.2
111.7
113.4
111.2
112.6
110.3
109.9
109.3
110.7
113.6
113.4
113.3
114.3
Farm products 9 ...
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry _
do
Livestock .
do
108.8
109.3
90 3
109.6
117 0
111.0
111.6
98 8
99.6
116 7
111.6
110.9
95.2
101.1
123.4
111.3
121.6
95.9
102. 2
120.9
111.6
120.3
96.7
95.1
121.7
113.4
110.8
96.7
100.0
124.8
108.5
98.0
96.7
94.6
117.3
112.1
111.6
109.0
99.8
113.6
107.8
100.8
104.1
93.4
110.6
107.0
107.7
104 2
95.2
101 2
107.1
111.3
108.0
80.5
99 5
108 9
115.7
111 0
96 3
102 2
113 9
118.3
111 7
100 0
118 9
113 0
125.3
108 4
100 1
114 9
113 0
120.8
106 8
99 5
116 9
114.0
127.6
107.2
101.3
119 0
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products .
Dairy products..
Fruits and vegetables, processed
Meats, poultry, and
fish
do
do
do
do
do
do
107.3
106.0
102.6
108.2
107.9
113.8
112.0
112.9
107.6
111 2
110.4
115.8
111.8
111.5
106.4
110.8
109.6
119.0
111.1
113.0
106.4
111.1
110.2
116.7
111.7
113.0
106.4
111.1
110.5
117.8
113.3
113.1
107.4
111.3
110.9
120.3
112.9
113.7
108.0
111.7
111.6
116.7
113.0
114.1
109.2
111.4
112.0
115.1
111.8
114.5
109.9
112.0
111.1
110.9
111.7
114.7
110.6
112.2
111.6
108.8
110.7
114.3
110.9
112.8
111.0
104.3
111.8
115.0
111.0
112 8
111.2
108 6
113.3
115.2
111 1
112 3
111.5
115 2
113 7
115.3
111 5
115 0
111.9
112 9
113 5
115.6
111 5
115 5
113.0
113 3
114.5
115.7
111.5
116 2
114.0
116.4
do
106.0
110.0
109.3
109.7
109.8
110.0
110.2
110.4
111.3
111.3
111.7
112 2
112 5
112 8
113 3
113 7
Chemicals and allied products 9 _ _ _
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint...
do
do
do
do
do
do
99.9
86.7
100.3
99.8
109.1
109.1
102.2
88.4
100.9
101.1
133.3
112 4
102.0
89.2
100.5
100.7
132.3
112.4
102.2
88.5
100.8
100.7
131.4
112.4
102.1
88.6
100.6
100.9
133.0
112.4
102.5
87.8
101.4
101.1
132.5
112.4
102.7
88.4
101.2
101.6
137.8
112.4
102.5
89.0
101.3
100.9
127.9
112.4
103.0
89.5
101.5
101.2
144.4
112.7
103.3
89.5
101.5
101.6
151.5
112.7
103.3
89.4
101.4
101.8
150.9
112.8
103 8
91.7
101 8
101.9
133.7
114 5
104 2
92.6
101 9
102 4
142 6
114 5
104 5
93.9
102 2
102 6
144 3
115 1
104 5
94.1
101 9
102 0
143 0
115 9
104.3
93.8
101 5
101.9
138.8
115 9
Fuels and related prod., and power 9
Coal
Electric power. _ ._
._
Gas fuels.. .
Petroleum products, refined
do
do
do
do
do
101.0
112.5
102.0
93.1
99.6
105.9
150 0
104.8
103 3
101.1
103.8
141.2
103.0
101.9
99.1
105.3
142.2
103.5
101.8
102.0
104.8
147.9
103.6
101.9
100.0
105.1
150.5
104.1
102.5
100.2
105.8
152. 8
104.8
102.6
100.9
107.1
160.0
105.4
106.9
101.6
108.7
175.2
107.2
107.0
101.6
109.7
175.8
108.2
106.5
103.1
112.8
175.8
108.7
107.5
107.5
113.5
176.0
109.8
109 3
107.9
113.0
176 0
110 2
108 1
106.9
112.8
176 0
111 1
109 4
105.9
113.0
184 0
112 3
105 9
105.3
114.2
182 8
112 6
106 9
107.4
107.1
107.1
107.4
Furniture and household durables 9 . do
104.9
107.5
105.2
105.1
105.2
Appliances, household
do
103.1
105.3
111.5
111.2
111.6
Furniture, household _
do
108.3
111.6
93.2
93.2
93.2
94.7
Home electronic equipment
.do .
93.6
/ Revised.
» Preliminary.
1 Computed by QBE.
9Includes data for items not
shown separately.
cfFor actual wholesale prices of individual commodities, see respective
107.6
105.2
111.9
93.5
107.7
105.4
112.1
93.5
107.8
105.3
112.0
93.5
108.0
105.9
112.1
93.7
108.4
106.1
112.4
94.2
108.7
106.4
112.7
94.2
109.3
107.0
112 9
94.4
109 6
107 0
114 0
93.7
periods
109 7
107 1
114 1
93. 7
will be
109 9
107.1
115 0
93.7
shown
Farm prod., processed foods and feeds
Industrial commodities .
.
109 7
107. 1
113 9
94.2
commodities.
JNew reference base; comparable data for earlier
later.
O Goods to users, incl. raw foods and fuels.
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-9
1971
1970
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
COMMODITY PRICES—Continued
WHOLESALE PRICEScf—Continued
(U.S. Department of Labor Indexes—Continued)
All commoditiesj—C9ntinued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967=100.
Footwear
do.__
Hides and skins
do.__
Leather
do...
Lumber and wood products
do___
I/umber
do___
108.6
109.1
124.1
108.7
125.2
131.5
110.1
113.0
104.4
107.7
113.7
113.7
111.0
113.3
113.2
109.2
113.9
113.9
110.4
112.9
108.1
109.2
114.8
114.7
109.9
112.9
99.6
108.6
114.0
113.5
109.8
112.9
96.4
108.6
113.5
112.4
109.8
112.9
98.5
107.8
114.0
113.5
109.9
113.7
99.6
105.9
114.2
114.5
110.4
113.8
103.2
107.1
113.1
113.8
110.9
113.8
109.2
107.3
111.9
112.2
110.4
113.9
101.9
107.3
111.1
111.1
111.7
116.0
98.9
108.2
112.2
113.0
112.4
116.3
105.3
108.7
117.5
120.3
112.5
116.5
105.5
108.6
123.4
129.0
114.0
116.6
121.1
111.0
124.6
131.5
114.4
116.7
121.4
113.0
124.9
132.8
Machinery and equipment?
Agrieultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
do.
do_.
do.
do.
do_
106.4
108.5
110.0
102.9
107.8
111.4
113.0
115.5
106.4
114.0
110.4
112.2
114.3
105.4
113.3
110.6
112.3
114.4
105. 6
114.1
111.0
112.0
114.4
106.3
114.5
111.5
112.3
114.6
106.7
114.9
111.6
112.4
114.9
106.9
114.3
112.1
113.1
115.4
107.5
114.3
112.7
114.0
117.7
107.6
114.6
113.1
115.2
118.9
107.9
114.7
113.8
116.3
119.6
108.2
115.1
114.2
116.3
120.2
108.8
115.2
114.6
116.8
120.5
109.3
116.0
114.9
116.5
120.8
109.7
116.0
115.0
116.7
120.9
109.5
116.6
115.3
116.6
121.1
109.4
117.4
Metals and metal products 9
Heating equipment
Iron and steel
..
Nonferrous metals
do.
do..
do.
do_
108.5
105.3
107.1
113.6
116.7
110.6
115.1
125.0
116.6
109.3
113.2
129.9
117.4
109.7
114.8
130.0
117.8
110.5
116.0
128.2
117.7
111.4
116.2
126.2
117.5
111.5
116.1
125.0
117.4
112.0
116.7
122.7
117.7
112.8
117.4
122.0
116.8
112.8
116.5
119.4
116.2
112.7
116.5
116.7
116.5
113.6
117.6
115.4
116.4
114.1
118.0
114.2
116.5
114.5
118.2
113.7
117.8
114.7
118.4
117.2
118.5
115.1
120.1
117.2
Nonmetallic mineral products 9
do.
Clay prod., structural, excl. refractories
do_
Concrete products
do.
Gypsum products
do.
Pulp, paper, and allied products
do.
Paper
do_.
Rubber and plastics products §
do..
Tires and tubes
do..
108.1
113.3
112.9
113.0
113.0
113.2
114.2
114.6
115.1
118.8
119.0
120.9
121.6
106.0
106.5
103.5
104.2
106.0
105.4
102.3
109.8
112.2
100.0
108.2
111.0
108.6
109.0
109.5
111.2
102.7
108.4
111.5
107.5
105.9
109.8
111.4
101.2
108.2
110.5
107.5
105.9
109.8
112.0
98.0
108.1
110.6
107.4
105.9
109.9
112.2
98.0
108.4
110.8
109.0
112.0
109.9
112.8
101.8
108.2
111.4
109.7
112.0
110.5
113.6
96.5
108.3
111.5
109.4
112.0
110.7
113.7
97.1
108.9
111.9
109.5
112.0
110.9
113.9
96.0
108.7
112.1
109.1
112.0
111.3
114.5
95.1
108.5
112.1
109.4
112.0
111.4
117.1
97.0
109.0
112.6
108.4
107.5
112.7
117.6
97.9
109.3
112.7
109.1
107.5
113.6
118.5
98.9
109.3
113.1
109.1
107.5
114.5
119.4
101.0
109.6
114.3
109.0
107.5
114.5
119.6
101.2
109.9
114.2
108.7
107.5
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Silk yarns
Wool products
105.9
107.2
104.5
106.6
98.7
101.3
107.2
111.0
105.6
102.1
114.3
99.4
107.2
110.4
105.1
103.9
117.0
100.7
107.2
110.5
105.1
103.5
119.1
100.5
107.2
110.9
105.2
102.9
116.0
99.5
107.1
110.9
105.1
102.2
116.9
99.3
107.4
111.4
105.6
101.7
116.9
99.1
107.5
112.0
105.7
100.7
112.3
98.7
107.3
112.3
106.0
99.1
112.4
97.7
107.1
112.4
106.2
98.0
110.5
97.7
106.7
111.9
106.9
97.5
111.2
96.8
106.9
112.3
107.1
97.2
0)
96.2
106.7
112.0
107.5
97.4
0)
95.4
106.9
112.2
107.8
97.6
0)
94.5
107.5
112.2
108.9
98.6
0)
94.4
107.8
112.2
109.6
99.7
0)
93.5
100.7
104.7
104.9
105.2
107.0
104.5
108.5
109.9
109.4
114.0
103.1
106.9
107.8
108.7
109.9
103.2
107.0
108.1
108.8
109.9
103.3
107.1
110.7
109.5
117.2
103.2
107.0
111.1
109.5
116.7
103.3
107.1
111.2
109.8
116.7
103.6
107.3
111.5
110.1
117.0
108.2
112.5
111.6
110.6
117.0
108.5
112.8
111.8
110.4
117.0
108.9
113.4
111.9
110.5
117.0
109.5
113.9
112.3
111.7
116.8
109.7
114.1
112.6
112.3
116.9
109.5
113.8
112.8
113.1
116.9
109.7
114.1
112.7
112.5
116.5
109.8
114.2
112.5
112.4
116.5
$0. 939
.911
$0. 906
$0.910
$0. 907
$0. 902
.857
$0.905
.855
$0. 901
.851
$0. 902
.844
$0. 901
.840
$0.894
.847
$0.887
.838
$0.885
.835
$0. 883
.832
$0. 879
.828
8 245
7 689
6 743
'6 590
do_
do.
do.
do_
do.,
do.
Transportation equipment 9 .--Dec. 1968=100.
Motor vehicles and equip
1967=100.
Miscellaneous products 9
do
Toys, sporting goods, etc
do
Tobacco products
do...
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices t
Consumer pricesj
1967=$!. 00.
..-do._.
.864
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
90 866
Private, total 9
Residential (nonfarm)
New housing units
do
do
do
Nonresidential buildings, except farm and public utilities total 9
mil $
Industrial .
do
Commercial
do
Public utilities:
Telephone and telegraph
do
91 266
7 125
7 710
8 202
8 307
8 584
8 507
8 397
r
7, 286
' 5, 117
'2,190 ' 2, 496
' 1, 725 ' 1, 994
62 806
30 603
23* 689
63 079
29 273
21 914
5 009
2 297
1 636
5 305
2 485
1 743
5 546
2 592
1 876
5 581
2 650
1 990
5 737
2 707
2 075
5 813
2 721
2 093
5 876
2 747
2 098
5 710
2 735
2 101
5 505
2 627
2 053
4,805
' 4, 578
22 033
22 292
1 824
1 891
1 948
1 898
1 983
2 010
1 998
1 881
1 840
1 637
1,574
10, 136
10 521
6,373
5,930
501
840
498
890
521
925
519
874
543
922
531
964
528
964
498
896
480
892
2 347
1,856
402
786
387
771
' 1, 706
'406
'865
8,271
5,792
2,928
2,334
1,898
472
940
2 172
2 952
234
235
271
275
266
276
281
285
282
187
207
267
do
28,060
28, 187
2,116
2,405
2,656
2,726
2,847
2 694
2,521
2,535
2,184
1,938
2,013
' 2, 169
2,479
Buildings (excluding military) 9
Housing and redevelopment
Industrial
do
do
do
11 226
1,047
10 657
1 105
877
82
45
887
89
48
953
104
47
893
87
24
984
86
42
926
93
47
814
46
45
988
106
36
900
141
50
831
88
44
859
92
37
843
98
42
51
Military facilities
Highways and streets
do
do
945
9,276
56
677
72
904
75
986
50
82
1 144
1,134
76
1 061
81
984
68
849
63
686
66
555
57
604
61
711
Public, total 9
. ___
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
512
496
791
9 989
' 102. 6 ' 102. 2
63
104.5
90.7
89.7
90.1
89. 1
90.0
91.0
92.3
92.9
98.0
101.8
63.6
62.7
61.7
60.7
61.5
62.7
64.5
64.5
66.9
69.9
70.8
'72.2
73.7
29 8
29 2
27 7
27 0
27 5
28 8
30.5
31 8
33.3
34.4
35.6
'36.9
38.1
22.7
22.4
59
10.6
22.7
5 9
10 9
21.9
22.4
21.8
6.2
21.5
10.2
10.4
23.5
59
11.6
'23.1
'5.2
'12.2
23.6
10.0
10.2
20.6
58
23.2
5.9
21.8
6.2
10.6
5.7
6.0
9.3
5.4
10.4
5.6
11.8
2.9
2.8
2.9
3.3
3.0
3.3
3.2
3.2
3.1
2.9
2.9
2.9
27.1
27.0
28.4
28.4
28.5
28.3
27.8
28.3
31.1
31.9
'31.7
'30.0
Buildings (excluding military) 9
do
10.7
Housing and redevelopment
do
1.4
Industrial ...
do
.5
7
Military facilities
do
Highways and streets
_..do
9.5
' Revised.
v Preliminary.
1 Series discontinued.
d*See corresponding note on p. S-8.
{See corresponding note on p. S-8.
data for items not shown separately.
10.5
10.5
10.4
10.5
10.5
10.4
10 5
11.4
11.7
12 0
10.4
1.2
.5
9
9.5
1.1
.5
g
9.9
5.9
11.8
Public, total 9
426-593 O - 71 - 2 (S-pages)
do
9 Includes
30.8
.8
1.3
1.5
.9
1.0
1.7
.9
.9
.5
.5
.5
.4
.6
.5
.5
.5
.6
7
7
9
.9
.9
.8
.8
.9
10
9.7
10.0
11.7
10.1
12.3
13.5
9.8
10.0
11.6
^Beginning Jan. 1970, retitled to read "rubber and plastics products" to cover the direct
pricing of plastic construction products; continuity of the group index is not affected.
1.0
.4
.6
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Apr.
Annual
June 1971
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
CONSTRUCTION AND REAL ESTATE— Continued
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
mil. $
67, 825
68, 421
6,553
6,178
6,230
5,398
5,453
5,145
4,974
4,383
4,993
6,386
U24
i 123
130
110
120
116
135
118
115
130
132
117
126
141
161
mil. $
do
22, 867
44, 958
23, 182
45, 058
1,796
4,845
1,695
3,722
2,815
3,738
2,313
3,865
2,078
4,151
1,869
3,529
2,023
3,430
1,937
3,208
1,688
3,286
1,464
2,919
1,578
3,415
1,722
4,664
2,074
5,669
do
do
do
26, 078
25, 589
16, 157
24, 795
24, 910
18, 715
1,854
2,413
1,854
1,750
2, 123
1,545
1,919
2,224
2, 410
2,469
2,347
1,361
2,331
2,349
1,549
1,944
2,176
1,278
1,863
2,302
1,289
1,701
1,947
1,497
1,693
2,045
1,235
1,711
1,631
1,041
1, 654
1,818
1,521
2,199
2,729
1,458
2,495
3,168
2,495
do
Index (mo. data seas. adj.)d"
57, 164
66, 937
5,857
6,457
4,916
5,248
4,829
4,303
7,555
7,013
6,023
4,682
5,481
5,245
4,580
5,502
1,499.6 1, 465. 4
thous
do . 1, 096. 5 1, 032. 0
1, 466. 8 1, 432. 1
do
810.6
812.2
do
130.2
91.3
128.4
73.8
127.3
88.4
125.0
74.8
141.6
92.4
135.2
83.0
143.4
103.4
140.8
75.5
131.6
93.4
128.7
77.3
133.4
89.2
130.9
76.0
143.4
99.7
140.9
79.4
128.3
91.0
129.6
67.4
123.9
89.5
121.4
69.0
114.8
85.9
110.6
54.9
104.6
77.5
102.2
58.3
169. 3
r 123. 6
r 167. 9
' 202. 2
' 146. 0
'199.7
'115.2
199.2
142. 1
194.2
112.9
1,224
697
1,242
728
1,393
835
1,603
827
1,425
838
1,509
881
1,583
890
1,693
934
2,054
1,240
1,725
946
1.754
985
r 1, 959
1967=100..
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O
' 6, 641 5,417
7,743
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's .
Privately owned
One-family structures
.
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
do
do
New private housing units authorized by building
permits (13,000 permit-issuing places) :t
Monthly data are seas. adj. at annual rates:
Total
thous
One-family structures
do
Manufacturers' shipments of mobile homes:*
Unadjusted
do Seasonally adjusted at annual rates
do
r
'91.6
r
1, 899
' 1, 048 '1,090
1,322
625
1,340
642
1,177
594
1,309
600
1,285
619
1,309
638
1,378
676
1,388
679
1,523
697
1,487
703
1,768
876
1,635
806
1,563
760
1,627
'796
' 1, 638
833
412.7
398.1
39.9
446
32.9
380
35.6
369
37.1
436
38.4
410
41.4
431
40.8
427
30.5
421
27.0
401
24.5
395
28.4
404
35.6
419
1,931
1,098
1,870
897
42.8
478
CONSTRUCTION COST INDEXES
Deot of Commerce composite
1957—59 — 100
142
152
146
148
151
153
155
156
156
157
158
158
'159
160
161
American Appraisal Co., The:
Average 30 cities
Atlanta
New York
San Francisco
St Louis
1913-100
do
do
do
do
1,050
1,158
1,116
1,054
1,021
1,132
1,254
1,202
1,088
1,116
1,097
1,231
1,178
1,062
1,072
1,117
1,231
1,178
1,062
1,138
1,127
1,231
1,177
1,058
1,137
1,150
1,261
1,226
1,106
1,138
1,158
1,263
1,229
1,110
1,140
1,158
1,268
1,229
1,110
1,140
1,167
1,268
1,229
1,111
1,140
1,177
1,323
1,233
1,126
1,147
1,185
1,323
1,233
1,128
1,147
1,190
1,323
1,291
1,138
1,153
1,194
1,364
1,291
1,142
1,153
1,211
1,393
1,305
1,163
1,16S
1,218
1.393
1,305
1,168
1,168
Associated General Contractors of America, Inc.,
The (building only)
1957-59=100..
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings— 1957-59=100. .
Commercial and factory buildings
do
Residences
do
Engineering News-Record:
Building
do
Construction
. do
150
166
157
159
164
168
171
172
176
179
181
183
184
184
186
151.8
149.1
148.0
162.7
160.3
155.9
158.3
155.7
152.6
159.4
157.7
153.3
159.8
157.9
153.6
163.8
161.9
157.5
164.1
162.1
157.8
167.7
165.2
159.3
168.1
165.3
159.6
169.2
166.5
160.6
169.9
167.2
160.7
170.9
167.8
161.0
171.2
167.9
161.3
172.5
169.6
163.6
174.2
169.8
165. 2
149.9
167.2
158.5
181.5
154.2
174.9
156.4
177.0
157.5
180.1
160.9
186.0
161.4
186.6
162.6
187.2
163.6
188.6
164. 3
190.2
164.2
190.2
165.9
192.8
166.4
193.0
167.7
193.9
173.5 2 176. 8
198.9 2 203. 0
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr.)cr---1967=100--_
111.8
125.6
121 3
130.2
134 0
188
124. 1
CONSTRUCTION MATERIALS
Output index: t
Composite unadjusted 9
Seasonally adjusted
1947-49—100
do
Iron and steel products, unadjusted
do
Portland cement unadjusted
do
166.2
176.8
184.0
162.9
159.8
174.7
158.9
172.9
166.0
173.0
153.0
146.8
154.2
167.8
164.5
204.2
166.4
161.8
194.3
162.7
169.8
196.9
180.7
163.8
217.6
190.9
162.6
239.0
183.7
165.1
253.4
175.8
167.2
249.1
168.0
170.3
228.2
166.3
176.7
234.1
141.5
152.7
178.6
152.5
153.0
158.2
145.5
156.1
103.4
143.6
184.9
299.1
138.2
143.7
27.7
281
12.8
135
24.4
271
12.2
133
27.3
291
11.5
126
26.2
297
12.7
126
27.3
327
13.2
152
28.9
337
12.0
139
27.6
326
14.3
168
23.4
345
11.1
157
33.4
474
10.4
149
24.1
371
12.0
190
27.3
350
12.5
174
36.6
336
17.9
183
35.1
347
19.9
210
561. 43
232. 58
527. 06
237. 52
696. 27
262. 66
705. 61
297. 73
751.81
306. 24
788. 61
325. 77
867. 76
340. 56
769. 79
318.97
751. 18
317. 70
771. 56
298. 85
734. 61
299. 69
849.48
307. 20
759. 52
351.49
10, 446 plO, 524
10, 539
10, 524
10, 615
10, 326
9, 926
9.690
116.1
REAL ESTATE
Mortgage applications for new home construction:
FHA net applications^
thous. units..
Seasonally adjusted annual ratest
do
Requests for VA appraisals
do _
Seasonally adjusted annual ratest
do
Home mortgages insured or guaranteed byFed Hous Adm * Face amount
mil $
Vet. Adm.: Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $..
New mortgage loans of all savings and loan associations, estimated total
mil. $_.
By purpose of loan:
Home construction
do
Home purchase
do
All other purposes
do
Foreclosures f _
Fire losses (on bldgs. , contents , etc.)
number..
7, 120. 63 8, 113. 73
4, 073. 86 3,442.90
9,289
* 10, 615
9,860
10,008
10, 236
10, 373
21, 847
21, 387
1,400
1,586
2,086
2,080
2,111
2,183
2,127
1,972
2,474
1,667
1,887
2,795
3,164
4,757
11, 244
5,836
4,150
10, 239
6,998
325
627
448
373
741
472
398
1,017
671
393
1,071
616
369
1,147
595
388
1,100
695
406
1,032
689
355
919
698
416
968
1,090
307
752
608
346
818
723
521
1,143
1,131
594
1,303
1,267
200. 66
202. 26
221. 54
194. 02
95, 856 Pl01,0l5
8,404
8,553
8,998
8,672
8,557
8,431
p 8, 770
P8,363
p 9, 043
mil. $. . 1,952.02 2, 263. 92
188.47
186. 94
177. 67
177. 85
200.93
176. 27
185. 67
158. 49
224. 02
' Revised.
* Preliminary.
1 Computed from cumulative valuation total. 2 index
as of June 1, 1971: Building, 179.2; construction, 207.2.
O Data for Jan., Apr., July, Oct.,
and Dec. 1970 are for 5 weeks; other months, 4 weeks.
*New series. Data from Mobile
Home Manufacturers' Association; seasonally adjusted annual rates calculated by Bu.
of the Census.
cfNew Base; comparable data for earlier periods will be shown later.
19.0
218
t Revisions for Jan. 1967-Oct. 1970 for permits, for 1961-68 for FHA applications, and for 1961Feb. 1969 for requests for VA appraisals (seas. adj. annual rates) will be shown later. Revisions for 1964-68 for construction materials output indexes appear in the Dec. 1969 issue of
Construction Review (BDSA).
t Revised series.
9 Includes data for items not shown separately. §Data include guaranteed direct loans sold.
SURVEY OF CURRENT BUSINESS
June 1 7
91
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
1970
Apr.
Annual
S-ll
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
DOMESTIC TRADE
ADVERTISING
Marketing/Communications
seasonally adjusted:!
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
'199
249
318
165
127
1957-59=100
do
do
__do _
do
' 197
247
306
163
129
'205
262
321
172
126
••208
293
323
161
121
'204
247
333
170
134
'202
250
330
165
129
' 190
230
313
163
117
' 199
245
319
163
133
'201
252
325
156
137
••197
229
335
165
128
188
213
284
172
132
190
217
286
177
130
190
221
290
170
131
Magazine advertising (general and natl. farm magazines):
1, 245. 3
Cost total
mil. $
60.6
Apparel and accessories
.
do_ _
114,4
Automotive, incl. accessories
do
26.5
Building materials
do
158.7
Drugs and toiletries
do
101.5
Foods, soft drinks, confectionery
do_ _.
1, 192. 7
50.8
96.5
21.0
156.6
99.5
112.1
6.5
9.9
2.6
14.3
8.5
121.2
4.1
11.1
3.1
15.1
9.7
101.0
2.0
9.0
1.7
15.2
8.4
70.7
1.1
5.9
.8
11.5
7.6
71.0
4.7
4.9
1.2
10.5
5.5
102.6
7.8
7.1
2.0
13.4
6.5
123.7
5.9
11.4
2.3
14.9
10.5
120.6
4.3
8.5
1.6
14.4
11.2
95.9
2.8
5.1
1.0
12.3
9.2
69.8
1.9
6.4
.6
9.4
4.3
92.8
3.2
9.3
1.1
12.9
9.0
109.7
4.7
11.6
1.7
14.0
9.1
101.8
76.5
60.0
15.7
48.2
481.4
98.1
71.2
43.9
16.3
64.7
474.0
8.1
7.2
4.4
1.7
5.2
43.8
9.1
9.7
5.1
1.9
5.6
46.6
10.0
5.8
4.8
1.4
5.3
37.5
6.3
4.2
2.8
1.0
4.5
25.0
4.3
3.3
3.0
1.0
5.7
26.9
7.0
6.6
3.9
1.2
6.2
40.9
9.9
9.2
4.0
1.8
6.5
47.3
11.7
8.2
3.4
1.7
6.4
49.3
15.1
4.8
2.3
1.1
6.6
35.6
2.6
2.4
2.4
.9
8.1
30.8
3.6
3.2
2.2
1.3
9.8
37.2
5.7
5.8
2.6
1.9
10.0
42.5
3, 575. 1
1, 017. 1
2, 558. 0
173.3
81.7
300.1
2, 003. 0
3, 443. 8
917. 3
2, 526. 5
161.6
74.9
275.2
2, 014. 9
303.8
81.8
222.0
15.3
7. 1
27.1
172.5
313.4
87.4
226.0
16.9
5.1
26.8
in. 2
284.3
79.9
204.4
15.7
6.8
21.6
160.3
266.5
78.0
188.5
14.0
6.5
17.1
151.0
285.4
83.7
201.7
13.2
4.0
17.3
167.2
286.2
75.3
210.9
13.0
5.5
24.6
167.8
302.5
76.2
226.3
15.0
6.2
28.4
176.7
325.5
71.4
254.1
13.8
5.5
30.3
204.5
298.1
60.3
237.8
9.7
6.1
19.6
202.3
Merchant wholesalers sales (unadj.), total, rail. $_. 236, 708
Durable goods establishments.
_ ... do. . 109, 578
Nondurable goods establishments
do _
127, 130
246, 643
111, 778
134, 865
20,333
9,371
10, 962
20, 247
9,294
10, 953
21, 291
10, 020
11,271
20, 972
9,699
11,272
20, 623
9,437
11, 186
21,410
9,794
11,616
21,757
9,863
11,894
20, 704
9, 121
11, 583
21,404
9,095
12,308
19, 181
8,271
10,910
19,200 '22,507
8,502 ' 10, 085
10,698 ' 12, 422
21, 937
10, 181
11, 756
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $._ 24,365
Durable goods establishments. __
.do
14,376
Nondurable goods establishments
do ..
9,989
26, 622
15, 318
11,304
25,010
14, 974
10, 036
24, 938
14, 921
10, 017
25, 082
15, 088
9,994
25, 092
15,135
9,957
25, 295
15, 246
10, 049
25, 579
15, 197
10, 382
26,272
15,328
10,944
26, 627
15, 322
11, 305
26,622
15,318
11,304
26, 716
15, 432
11,284
26,755 '26,873
15,671 '15,814
11,083 '11,060
27, 118
16, 216
10, 901
351, 633
112, 779
66, 911
62, 048
4,863
364, 571
109, 694
62, 847
57, 737
5,110
29, 654
9,535
5,793
5,351
442
31, 326
9,833
5,859
5,400
459
31,415
10, 418
6,272
5,798
474
31, 143
9,959
5,860
5,389
471
30, 404
9,229
5,178
4,739
439
29, 739
9,039
4,986
4,573
413
31,849
9, 539
5,293
4,840
453
30, 218
8,234
4,291
3,847
444
37,620
9,306
4,399
3,903
496
27, 902
8,070
4,859
4,485
374
26,835 '31,131
' 8, 443 ' 10, 260
'5,268 ' 6, 529
4,913 ' 6, 085
'355
'444
16,719
10,439
5.223
16, 817
10, 393
5,226
1,317
826
402
1,355
860
410
1,407
884
437
1,395
854
450
1,392
870
429
1,377
856
420
1,459
912
447
1,464
936
434
1,817
1,049
611
1,280
784
395
14, 562
11, 278
3,284
238, 854
20, 158
4,761
7,606
3,505
14, 535
11,315
3,220
254, 877
20, 396
4,683
7,710
3,619
1,186
933
253
20, 119
1,530
336
588
272
1,288
988
300
21, 493
1,634
373
618
291
1,378
1,063
315
20, 997
1,618
377
610
296
1,381
1,079
302
21,184
1,500
344
566
263
1,365
1,086
279
21, 175
1,625
335
608
319
1,319
1,051
268
20, 700
1,653
353
621
336
1,362
1,076
2S6
22,310
1,820
405
696
335
1,210
938
272
21, 984
1,841
434
698
315
1,248
889
359
28,314
2,935
735
1,112
420
'925 ' 1, 141
1,321
938
'727
743
916
1,038
198
'225
195
283
19,832 '18,392 '20,871 22, 176
1,444 ' 1, 250 ' 1, 552 1, 769
277
305
365
349
' 492
'632
550
708
235
298
' 201
' 256
11, 863
25, 849
75, 866
70, 955
25, 116
12, 750
27, 872
81, 466
76, 071
26, 504
989
2,229
6,497
6,051
2,178
1,040
2,452
7,025
6,557
2,298
1,029
2,474
6,781
6,319
2,344
1,031
2,554
7,112
6,639
2,414
1,047
2,612
6,859
6,387
2,275
1,047
2,431
6,665
6,215
2,141
1,079
2,465
7,227
6,775
2,241
1,046
2,260
6,523
6,087
2,211
1,452
2,283
7,483
6,989
2,278
'992
1,051
2,095 ' 1, 993
6,980 ' 6, 336
6,558 ' 5, 922
2,111 ' 1, 961
58, 615
62, 867
4,739
5,007
4,930
4,790
5,060
5,046
5,503
6,077
9,413
53, 083
36,411
3,519
6,548
7,403
56, 852
38, 558
3, 834
7,056
8,060
do.
do
do
do
do
4,275
2,930
290
509
615
30, 536
9,340
5,469
5, 029
440
4, 530
3,067
286
584
671
30, 502
9,320
5, 349
4,909
440
4,452
3,056
266
549
652
30, 518
9,411
5, 483
5,068
415
4,323
2,919
278
532
697
30,729
9,487
5,544
5,113
431
4,569
3,069
298
565
687
30, 781
9,503
5,522
5,090
432
4,549
3,099
304
555
648
30, 885
9, 556
5,652
5,214
438
4,950
3,350
354
595
698
T.0,534
8, 927
4,942
4,515
427
5,437
3,677
455
629
702
30, 208
8,380
4,447
4,016
431
8,789
6,013
501
1,187
953
30,481
8,659
4,713
4,313
400
Furniture and appliance group 9
do
Furniture, homefurnishings stores.. __do
Household appliance, TV, radio
do
1,454
877
469
1,435
876
461
1,413
857
452
1,395
848
443
1,399
851
445
1,345
856
402
1,384
861
433
1,388
890
411
1, 354
863
415
Lumber, building, hardware group
Lumber, bldg. materials dealers d"
Hardware stores
1,158
914
244
1,217
936
281
1,216
924
292
1,221
931
290
Beer, wine, liquors
do___
Household equip., supplies, furnishings.. do
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials
do
All other
do
Newspaper advertising linage (52 cities): ©
Total
mil. lines..
Classified
do
Display, total
do
Automotive
do
Financial
_do
General
do
Retail
do....
115.8
5.8
11.7
2.4
14.2
8.6
7.2
7.3 - - - - - - - 2.9
1.6
10.3
43.9
WHOLESALE TRADE
RETAIL TRADE
All retail stores:
Estimated sales (unadj.), total
_
mil. $
Durable goods stores 9
__ do _
Automotive group _ _ _ _ _
do
Passenger car, other auto, dealers
do
Tire, battery, accessory dealers
do
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do__.
do
do
Lumber, building, hardware group
do
Lumber, bldg. materials dealersd"
do
Hardware stores
do
Nondurable goods stores 9
do__
Apparel group.. _ _
do
Men's and boys' wear stores
do.
Women's apparel, accessory stores.. .do
Shoe stores
._
_
do
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores. .
Gasoline service stations
do
do.
do
do
do.._
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil. $
Department stores
do
Mail order houses (dept. store mdse).do
Variety stores
do
Liquor stores
do
Estimated sales (seas, adj.), total
Durable goods stores 9
Automotive group
Passenger car, other auto dealers
Tire, battery, accessory dealers
data prior to Jan. 1970 are available)
do
do
do. .
' 1, 236 '1,381
••748
'868
'405
'412
32,810
10, 634
6,688
6,172
516
1,322
821
413
' 1, 077
' 2, 208
'6,808
' 6, 358
' 2, 183
1,066
2,278
7,117
6,652
2,274
' 4, 031 ' 5, 052
5,522
3,726 ' 3, 532 ' 4, 549
2,508 ' 2, 330 ' 3, 057
' 252
'346
220
439
'524
'438
'592
665
'638
31,154 '31,597 '32,267
9,480 ' 9, 791'10,181
5,481 ' 5,875 ' 6, 171
5,387 ' 5, 676
5,011
'495
470
'488
5,023
3,427
320
597
660
32, 605
10, 334
6,301
5,801
500
' 1, 426 ' 1, 483
'874
'919
'466
'473
1,446
857
470
4,173
1,437
895
435
1,276
1,007
269
277
' 270
© Source: Media Records, Inc., 52-City Newspaper Advertising Trend Chart.
9 Includes data for items not shown separately.
cf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§ Except department stores mail order.
1,236
958
278
1,237
958
279
1,228
953
275
1,245
972
273
1,257
1,002
255
1,290
1,031
259
' 1, 221 ' 1, 260
990
'944
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
June 1971
1970
Annual
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
All retail stores— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores 9
mil. $
Apparel group
do_ _
Mien's and boys' wear stores
do
Women's apparel accessory stores do
Shoe stores
- do
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mi ail order houses (dept store mdse )do
Variety stores
do
Liouor stores
do
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
21, 828
1,775
403
673
325
21,822
1,743
389
668
314
1,040
2,353
6,765
6,305
2,233
1,044
2,341
6,818
6,364
2,237
1,055
2,299
6,751
6,299
2,237
1,071
2,347
6,814
6,349
2,156
1,101
2,374
6,870
6,420
2,165
1,090
2,386
6,859
6,422
2,217
1,099
2,394
6,866
6,421
2,242
1,083
2,339
7,007
6,550
2,264
1,078 ' 1, 084 '
2,300 r 2, 320 '
6,980 ' 6, 972 '
6,525 ' 6, 508 '
2,213 ' 2, 231 '
1,098
2,324
7,087
6,612
2,279
5,106
5,246
5,187
5,248
5,342
5,422
5,439
5,426
' 5, 529 ' 5, 664
5,732
4,796
3,285
309
596
669
43, 535
5,200
4,733
3,185
336
613
674
4,628
3,151
307
575
678
4,766
3,247
327
575
693
4,672
3,154
317
580
710
4,736
3,231
311
603
687
4,802
3,259
324
597
690
4,788
3,240
321
596
689
4,953
3,342
303
603
647
4,943
3,322
317
619
712
' 4, 966 ' 5, 151
* 3, 343 ' 3, 462
'341
••329
'632
'600
' 711
'705
5,239
3,596
341
592
701
44, 819
20, 116
10, 007
3,017
2,539
43, 927
18, 684
8,573
3,005
2,520
44, 659
18, 665
8,546
3,022
2,534
45, 347
18, 227
7,965
3,100
2,526
46, 216
18, 124
7,697
3,129
2,544
43, 543
18, 353
8,204
2,938
2,591
43, 570
18, 901
8,831
2,879
2,623
44,924
19, 857
9,663
2,922
2,681
47, 091
20, 920
10, 519
2,977
2,799
47, 759
21, 284
10, 783
3,039
2,795
24, 008
4,426
4,691
25, 190
4,470
4,887
24, 923
4,611
4,664
24, 586
4,539
4,664
24, 510
4,454
4,671
24, 703
4,480
4,687
25, 243
4,685
4,660
25, 994
4,853
4,670
27, 120
4,945
4,850
28, 092
5,149
5,055
25, 190
4, 470
4,887
24, 669
4,301
4,796
25, 067
4,411
4,784
26, 171
4,689
4,955
26, 475
4,713
5,003
9,186
5,348
9,864
5,652
9,865
5,713
9,719
5,622
9,735
5,605
9,980
5,768
10, 253
5,937
10,806
6,276
11, 505
6,689
11, 839
6,916
9,864
5,652
9,813
5,628
10, 089
5,743
10, 567
6,097
10, 800
6,208
44, 623
19, 980
9,558
3,199
2,627
44, 918
19, 040
8,563
3,020
2,674
44, 326
19, 426
9,166
3,082
2,503
44, 109
19, 346
9,240
3,025
2,488
44, 527
19, 552
9,415
3,034
2,528
44, 965
19, 739
9,613
3,026
2,552
45, 453
20, 119
10, 050
3,011
2,558
45, 691
20, 270
10, 114
3,004
2,575
44, 883
19, 291
9,113
3,024
2,564
44, 507
18, 542
8,320
2,980
2,549
44, 918
19, 040
8,563
3,020
2,674
44, 984
18, 987
8,683
2,974
2,674
45,432
19,480
9,159
2,991
2,716
46, 416
20, 131
9,803
2,998
2,755
46, 728
20, 232
9,911
3,003
2,706
24, 643
4,606
4,672
25, 878
4,656
4,868
24, 900
4,620
4,664
24, 763
4,613
4,673
24, 975
4,649
4,694
25, 226
4,647
4,763
25, 334
4,593
4,750
25,421
4,583
4,712
25, 592
4,579
4,746
25, 965
4,720
4,879
25, 878
4,656
4,868
25, 997
4,695
4,840
25, 952
4,585
4,827
26, 285
4,661
4,950
26, 496
4,708
5,003
9,777
5,677
10, 508
6,013
9,873
5,713
9,830
5,696
9,993
5,796
10, 198
5,922
10, 277
5,961
10, 369
6,017
10, 394
5,988
10, 544
6,056
10, 508
6,013
10, 621
6,164
10, 681
6,116
10, 726
6,146
10, 867
6,252
do
103,070
110,848
8,560
9,160
8,986
9,018
9,007
8,946
9,857
9,811
13, 612
8,350
7,751 ' 9, 108
9,833
do
do
do
do
do
do
do
5,921
905
2,090
1,598
3,777
2,487
1,354
6,191
852
2,250
1,712
4,307
2,683
1,281
460
63
163
124
322
234
105
485
71
170
134
347
221
106
503
72
182
147
342
222
109
428
55
160
117
356
231
105
502
59
179
151
352
243
100
510
60
180
162
357
242
100
565
77
204
165
364
253
118
578
85
213
155
361
230
114
914
113
381
200
542
196
151
379
43
145
98
331
165
95
41,997
45, 302
3,405
3,599
3,562
3,463
3,624
3,620
3,945
4,388
6,958
2,986
' 2, 893 ' 3, 705 4,061
39, 222
28,934
5,232
42, 165
31, 105
5,627
3,174
2,355
409
3,351
2,467
464
3,315
2,475
440
3,222
2,376
424
3,376
2,491
448
3,364
2,500
442
3,654
2,705
477
4,025
2,968
511
6,593
4,860
950
2,745
2,035
342
' 2, 603 ' 3, 436 3,782
' 1, 887 ' 2, 516 2,811
'344
'421
482
37, 163
1,816
40, 557
1,747
3,166
155
3,468
159
3,323
163
3,515
164
3,324
146
3,260
139
3,699
158
3,242
143
3,842
178
3,609
122
' 3, 213 ' 3, 452
' 114 ' 146
do
9,160
9,167
9,189
9,227
9,229
9,279
9,420
9,508
9,494
9,547
' 9, 516 ' 9, 760 9,904
do
do
do
do
do
do
530
74
185
142
348
234
496
73
172
132
347
215
517
71
191
148
354
212
509
68
187
138
364
221
526
72
187
155
367
236
499
67
178
143
378
232
541
71
190
169
375
245
556
72
204
160
376
236
528
59
217
135
352
204
492
49
195
124
356
176
3,782
3,750
3,665
3,746
3,695
3,765
3,827
3,890
3,535
2,608
473
3,502
2,554
488
3,420
2,531
462
3,504
2,569
467
3,441
2,534
465
3,511
2,599
477
3,558
2,636
480
3,538
2,620
479
3,274
151
3,344
149
3,444
144
3,377
154
3,427
146
3,424
155
3,451
152
3,449
141
21 490
7 174
14,316
8,648
12, 842
20, 083
6,819
13,264
8,199
11, 884
20, 254
6,865
13,389
8,403
11,851
20, 491
7,183
13,308
8,550
11,941
20,257
7,139
13, 118
8,357
11, 900
20, 286
7,143
13, 143
8,305
11, 981
20, 140
6,976
13, 164
8,280
11, 860
20, 363
6,983
13, 380
8,325
12, 038
20, 315
6,902
13, 413
8,268
12, 047
20, 428
7,040
13, 388
8,348
12,080
20, 533
7,015
13, 518
8,357
12, 176
20, 628
7,056
13, 572
8,362
12, 266
do
do
do
do
do
do
do
do
do
' Revised.
JSeries revised to reflect benchmarking to the levels of the 1968 and 1969
Annual Retail Trade Reports (Census Bureau), and also recalculation of seas, factors for
all lines of trade; description of revisions and revised data back to 1961 appear on pp. 38 ff.
1, 113
2, 339
7, 010
6, 548
2, 248
44, 859
20, 349
10, 162
3,046
2,548
All retail stores, accounts receivable, end of yr. or mo.:
Total (unadjusted)
mil $
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
do
Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts
21,607
1,746
398
655
332
5,271
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores §
mil $
Dept stores excl mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
21,329
1,650
387
627
304
44, 828
20, 242
10, 035
3,043
2,548
General merchandise group with nonstores 9
mil $
General merchandise proup without nonstores §
mil. $
Dept stores excl mail order sales
do
Variety stores
do
Estimated sales (seas, adj ) total 9
21, 278
1,715
380
658
324
45, 363
20,440
10, 018
3,116
2,598
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $
Department stores
do_ __
Grocery stores
Tire, battery accessory dealers
21, 242
1,704
386
650
295
43, 543
18, 353
8,204
2,938
2,591
Book value (seas adj ) total t
do
Durable goods stores 9
do
Automotive group
- __do
Furniture and appliance group
do
Lumber building hardware group do
Apparel group 9
Men's and boys' wear stores
\Vomen 's apparel accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
21, 107
1,694
373
661
296
19, 527
9,424
3,122
2,546
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
21, 182
1,684
387
627
284
1,044
2,296
6,747
6,290
2,213
do
do
_do
do
do
Estimated inventories, end of year or month: t
Book value (unadjusted), total J
mil. $..
Durable goods stores 9
do _
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group, -do
21, 674 '21,806 ' 22, 086 22, 271
1,704 ' 1, 737 ' 1, 759 1,710
384
379
390
377
695
659
••661
678
'262
279
"281
257
21, 196
1,728
397
634
293
of the Oct. 1970 SURVEY.
stores mail order.
'352
36
' 137
'86
'305
'155
'97
'522
51
'201
'126
'355
'176
' 493
r 42
'206
' 109
'367
'166
'104
560
54
231
129
365
172
111
3,673
173
'548
'52
'231
'115
'393
'167
523
55
217
111
377
164
4,004
3,951 ' 3, 979 ' 4, 143
4,256
3,710
2,752
478
3,683 ' 3, 690 ' 3, 888
3,937
2,703 •• 2, 711 ' 2, 856 2,934
494
'478
483
'498
3,480
139
3,542
155
' 3, 470 ' 3, 519 3,590
' 157 ' 167
161
9 Includes data not shown separately.
§Except department
June 1971
S-13
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
Apr.
Annual
1971
1970
May
June
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
May p
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas t--
mil. 'l 202.60 i 204. 80
20426
204.44
204 62
204 80
205 00
205 21
205 43
205 63
205 82
206 02
206 18
206 34
206 51
206 68
85, 903
82, 715
78 627
75 165
3 462
4,088
85, 231
81 960
78 408
74 877
3* 531
3,552
84, 968
81 741
78 357
74 632
3 725
3,384
87, 230
84 050
79 382
75 174
4 208
4,669
87, 955
84 801
80 291
76 173
4 118
4,510
87, 248
84 115
79 894
76 112
3 782
4,220
85, 656
82 547
78 256
74 730
3 525
4,292
86, 255
83 175
78 916
75 522
3 394
4,259
86, 386
83 347
78 741
75 515
3 226
4,607
86, 165
83 152
78 516
75 564
2 952
4,636
85, 628
82 652
77 238
74 361
2 877
5,414
85, 653
82 703
77 262
74 415
2 846
5,442
85, 598
82 668
77 493
74 452
3 042
5,175
85, 780
82 898
78 204
74 699
3 505
4,694
85, 954
83 104
78 709
75* 111
3 598
4,394
662
82 621
78, 601
75, 031
3 570
4,020
606
82 213
78 299
74, 763
3 536
3,914
661
82 711
78 574
75 066
3 508
4,137
694
82 770
78* 508
75 073
3 435
4 262
727
82 975
78 479
75 043
3 436
4,496
788
83 300
78 691
75 398
3 293
4,609
754
83
78
75
3
4
375
82 760
78 886
75 317
3 569
3,874
564
473
550
197
353
923
880
83 609
78 463
75 055
3 408
5,146
1 084
83 897
78 864
75 451
3 413
5 033
1 079
83 384
78 537
75 208
3 329
4,847
1 069
83 475
78 475
75 079
3 396
5,000
1 107
83 783
78 698
75 140
3 558
5,085
1 071
84 178
78 961
75 503
3 458
5 217
1 202
3.5
2.1
4.9
3.5
4.7
3.2
4.9
3.4
4.8
3.4
5.0
3.7
12 2
15
6.4
15 3
2 6
8.2
15 3
2 3
8.3
14 2
2 5
7.9
14 9
2 5
8.4
14 2
2 7
8.3
5.1
3.7
4. 8
15 8
2 8
8.4
5.5
4.1
5. 0
17 0
3 0
9.3
2.8
2.8
2.8
A n
2.6
3.0
2.8
3.0
59
4.2
5.6
17 6
3 2
9.0
5. 5
3.6
6.2
4.6
5. 8
17 8
3 4
9.5
5. 6
3.8
6 0
4.3
5. 7
17 6
33
9.5
5. 6
3.5
5.8
4.2
5. 6
16 7
32
9.6
5. 3
3.5
6 0
4.2
5. 8
17 8
3 2
9.4
5. 6
3.7
6.1
4.4
6. 0
17 2
31
10.0
5. 6
3.8
7. 4
6 2
4.5
6.0
nq
2.1
3. 9
54
3.9
5. 0
16 5
2 9
8.8
5. 0
2.9
3
6
3
3
5
0
3
0
5 2
9 7
5 6
5.7
4.8
8 3
4.7
4.9
5.2
12.0
5.2
4.9
5.2
10.6
5.3
5.2
5.5
10.8
5.8
5.7
5.5
11 8
5.8
5.7
5.8
12 7
6.1
6.3
6.0
11 7
6.7
7.3
6
9
7
8
2
1
3
2
6.6
11 8
7.6
8.0
6
11
7
7
6.1
11 0
6.8
7.1
6.4
10 9
6 9
7.3
6
9
7
7
3
6
0
5
65
11 2
70, 274
58 070
70, 664
58 067
70, 758
58 001
70, 780
58, 054
71, 385
58, 746
70, 602
58, 485
70, 527
58 511
70,922
58466
70,692
57 874
70,644
57 710
71,234
58250
69, 622
56 724
69, 533 '69,875 '70,356
56, 524 '56 803 '57 293
70, 775
70 274
58 070
619
3 437
20 169
11 893
70 664
58 067
622
3,347
19 393
11 203
71 149
58, 539
622
3,426
19 795
11, 529
70,839
58, 238
620
3,351
19, 572
11, 386
70,629
58, 070
620
3,324
19, 477
11, 286
70,587
57, 996
618
3,314
19 402
11,217
70414
57, 818
619
3,305
19 271
11, 134
70531
57 946
621
3,262
19 285
11,145
70 182
57*464
621
3 278
18 684
10 602
70 085
57 310
625
3 303
18 538
10 455
70303
57 524
625
3,319
18 842
10 756
70 652
57 829
625
3,241
18 807
10 717
70, 590
57, 741
623
3,198
18, 728
10, 662
Ordnance and accessories
. do
Lumber and wood products
. . do Furniture and fixtures ... .. do.-_
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical... .. --do.-.
Electrical equip, and supplies .. .. do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind do. . .
Nondurable goods
...do--.
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do ..
Apparel and other textile products... do
Paper and allied products
. . do
Printing and publishing
.
do
Chemicals and allied products
. do .
Petroleum and coal products
do
Rubber and plastics products, nee . .do
Leather and leather products
do
319
609
484
656
1,358
1 442
2 028
2 013
2,067
476
440
8,277
1,796
82
999
1,412
712
1,093
1,061
183
594
345
249
580
460
638
1,306
1 386
1,964
1,913
1,824
459
424
8,190
1,796
79
965
1,385
710
1,106
1,057
192
571
329
261
585
468
644
1,323
1,411
2,032
1,979
1,925
471
430
8,266
1,805
81
979
1,394
721
1,111
1,063
193
585
334
256
582
456
638
1,309
1,394
2,004
1,956
1,897
468
426
8,186
1,805
81
971
1,375
714
1,108
1,060
192
548
332
250
575
453
636
1,305
1,388
1,982
1,936
1,876
461
424
8,191
1,800
81
959
1,385
711
1,103
1,055
193
570
334
243
570
454
628
1,301
1,387
1,969
1,934
1,853
458
420
8,185
1,789
81
955
1,393
706
1, 105
1,054
191
578
333
240
570
453
631
1,298
1,387
1,939
1,903
1,841
453
419
8,137
1,784
82
954
1,376
703
1, 103
1,053
191
567
324
237
575
457
635
1,315
1,395
1,926
1,896
1,839
452
418
8,140
1,779
76
955
1,380
706
1,105
1,056
190
569
324
228
574
454
630
1,273
1 331
1 878
1 841
1,534
447
412
8 082
1,769
76
948
1,367
698
1 102
1 052
190
557
323
223
571
453
624
1,249
1 311
1*855
1 803
1,515
442
409
8 083
1,779
77
945
1,372
700
1 100
1 045
191
554
320
218
569
450
628
1,256
1,344
1,846
1,808
1,785
439
413
8,086
1,780
75
949
1,378
699
1,100
1,042
192
553
318
214
572
451
625
1,255
1 337
1,818
1,794
1,802
437
412
8,090
1,783
75
952
1,381
698
1,099
1,040
193
550
319
206
576
449
627
1,255
1,337
1,805
1,786
1,776
432
413
8,066
1,784
76
946
1,371
695
1,096
1,036
192
555
315
Transportation, communication, electric, gas,
and sanitary services
thous..
Wholesale and retail trade .
. do
Wholesale trade
do
Retailtrade
..do...
Finance, insurance, and real estate
. do...
Services ...
do
Government
do
Federal.
do
State and local._ do
4,431
14, 645
3 738
10, 907
3,557
11,211
12 204
2,758
9,446
4,498
14, 950
3,849
11, 102
3,679
11,577
12 597
2,705
9,891
4,468
14, 991
3,853
11,138
3,673
11, 564
12,610
2,838
9,772
4,478
14, 968
3,859
11, 109
3,677
11, 572
12,601
2,768
9,833
4,511
14, 927
3,849
11, 078
3,679
11, 532
12,559
2,689
9,870
4,539
14, 933
3,856
11, 077
3,676
11, 514
12,591
2,668
9,923
4,520
14, 912
3,840
11, 072
3,670
11, 521
12,596
2,659
9,937
4,511
14,961
3,850
11,111
3,684
11,622
12 585
2,649
9,936
4,509
15 Oil
3 857
11 154
3 696
11 665
12 718
2 654
10064
4,493
14 945
3 851
11 094
3,711
11 695
12 775
2 661
10 114
4,437
14,851
3,855
10,996
3,723
11,727
12,779
2,650
10,129
4,499
15, 133
3,868
11, 265
3,746
11,778
12 823
2,656
10, 167
4,521
15, 141
3,871
11, 270
3,745
11, 785
12,849
2,659
10, 190
48, 297
13, 958
48, 340
14, 101
48,342
14,224
47,763
13 575
47, 628
13, 403
48,177
13,649
46, 670
13, 432
46,487 '46,761 '47, 261
13,404 ' 13, 372 ' 13, 374
47,675
13, 430
14, 090
8,082
131
491
373
499
1,033
1,058
1,316
13, 974
8,019
129
491
372
500
1,031
1,060
1.288
14,000
8,039
128
495
377
505
1,047
1,067
1,281
13,405
7 504
122
495
374
500
1,005
1,002
1.233
13, 289
7,386
118
492
373
495
981
985
1,218
13,610
7,700
114
488
370
499
990
1,021
1.209
13, 595
7,679
110
492
371
496
992
1,014
1.190
13, 543 '13,496 '13,518
7,642 ' 7, 592 ' 7, 607
106
'102
'99
496
'495
496
370
372
'370
496
'494
'493
992
'995
'996
1,013
989 '1,020
1,179 ' 1. 170 ' 1. 160
13,541
7,629
100
499
377
495
996
1,021
1,155
LABOR FORCE
Labor force, persons 16 years of age and over__thous__
Civilian labor force .
. _ _ _ _ .
do
Employed, total
do
Nonagricultural employment
..do
Agricultural employment
do
Unemployed (all civilian workers)
do
Seasonally Adjusted t
Civilian labor forcef
do
Employed, total
_
do.
Nonagricultural employment
do
Agricultural employment
do
Unemployed (all civilian workers)
_ do
Long-term, 15 weeks and over.do ._
Rates (unemployed in each group as percent
of total in the group) :t
All civilian workers
__
Men, 20 years and over
Both sexes, 16-19 years
Married men
Negro and other races
Occupation: White-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
Manufacturing
Durable goods
__
84, 239
80, 733
77 902
74, 296
3 606
2,831
R q
ft c
4
2
2
2
q q
10.5
5.7
3.7
7.5
6* 9
7 2
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:?
Total, not adjusted for seasonal variation . -thous ..
Private sector (excl. gov't)
do
Seasonally Adjusted
Total
thous
Private sector (excl. gov't).
do
Mining. .
.do
Contract construction.
_.
.do .
Manufacturing
do
Durable goods
do
Production (or nonsupervisory) workers on private
nonagricultural payrolls, not seas, adj ^ thous .. 48, 093 47, 935 47, 854 47, 905 48, 582
Total on manufacturing payrolls . .. . . do..- 14, 768 14, 050 14, 240 14, 061 14, 261
Seasonally Adjusted
Total on manufacturing payrolls
do
14, 768
14, 050 14, 389 14, 180 14, 140
8,134
8,318
8,186
8,045
Durable goods _
do
8,648
143
141
137
184
Ordnance and accessories
.do
135
504
495
500
501
529
Lumber and wood products ...
. -do. . .
372
386
401
379
375
Furniture and
fixtures
do
505
512
506
526
507
Stone, clay, and glass products
do
1,049
1,034
1,037
1,085
1,036
Primary metal industries
do
1,079
1,060
1,110
1,057
1,055
Fabricated metal products
do .
1.340
1.321
1.366
Machinery, except electrical
do
1.379
1.310
'Revised.
p Preliminary.
1 As of July 1.
t Monthly estimates have been adjusted to the 1970 Census; revisions prior to Dec. 1969
appear in Current Population Reports, Series P-25, No. 456, Estimates of the Population
of the United States to Jan. 1,1971 (Bureau of the Census).
K7 7-1 o
'70 659 '70 696 70 826
'57 773 '57 787 57' 893
' 624 '623
625
' 3, 254 ' 3 291 3 271
'18 672 '18 668 18 698
' 10, 607 '10 604 10 631
' 201
'576
'451
623
1,256
1,309
1,795
1,793
1,763
429
411
'8,065
1,777
74
'942
1,384
694
r
1, 092
' 1, 032
' 193
'561
316
' 198
' 574
453
'624
' 1, 256
' 1 340
' 1 782
' 1 786
' 1, 754
' 428
409
'8,064
' 1, 769
'75
'942
' 1, 391
' 694
' 1 087
' 1, 032
'191
'563
320
' 4, 516
' 15, 151
'3,884
' 11, 267
3,753
r
11, 803
' 12, 886
2,657
' 10, 229
' 4, 486
4,498
' 15, 155 15 232
' 3 881 3 936
' 11, 274 11 326
' 3, 766
3,784
' 11, 798 11 785
'12 909 12 933
' 2, 662
2,665
' 10, 247 10, 268
198
580
459
626
1,256
1 340
1 777
1 799
1,752
433
411
8 067
1,757
75
944
1,393
691
1 093
1 036
191
570
317
JEffective Feb. 1971 SURVEY, labor force data reflect new seasonal factors; comparable
figures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1971 (USDL, Bureau
of Labor Statistics).
<ISee corresponding note, p. S-14.
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown in
the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
June 1971
1971
1970
Apr.
May
June
July 1
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
'1,176
' 1 ,226
'255
'315
5,911
' 1,191
'63
'826
' 1 ,219
'531
'667
'591
117
'433
'273
1,191
1,220
257
318
5,912
1,178
62
828
1,222
529
669
595
117
441
271
May v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on mfg. payrolls— Continued
Durable goods— Continued
Electrical equipment and supplies
thous. .
Transportation equipment
... .. .do
Instruments and related products
do
Miscellaneous manufacturing ind .
.do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products
do
Paper and allied products .
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products . . . .
do
Rubber and plastics products, nee
do
Leather and leather products
do
1,341
1,456
294
344
6,120
1,205
69
881
1,241
552
682
622
113
460
296
1,264
1 254
278
327
6,005
1 209
66
847
1 214
547
682
606
117
436
280
1,313
1 345
289
332
6,071
1 217
67
860
1 221
556
687
610
118
450
285
1,294
1,317
286
329
5,994
1 216
68
852
1 206
551
681
606
118
412
284
1,297
1,309
280
327
6 006
1 214
67
842
1 214
549
679
603
118
434
286
1,289
1 290
278
324
6 008
1 203
67
839
1 223
544
680
605
118
444
285
1,266
1,285
274
323
5,955
1 198
69
837
1 206
540
676
602
117
433
277
1,258
1,286
273
322
5 961
1 193
63
839
1 210
543
680
606
115
436
276
1,213
977
267
316
5 901
1 184
63
830
1 196
535
676
603
116
423
275
1,181
967
264
312
5,903
1, 194
64
828
1,200
538
675
597
116
419
272
1,188
1,239
262
320
5, 910
1,197
62
831
1,207
536
677
595
116
419
270
1,181
1,254
261
318
5,916
1,199
63
835
1,208
535
673
595
117
420
271
1,175
1,239
258
318
5,901
1,202
63
830
1, 199
532
672
593
117
424
269
'1,179
' 1,226
255
316
5,904
' 1,197
61
'826
1,212
'530
670
'591
'118
'431
268
worker
hours. .
do. ..
-do
.do
do
.do
do
37.7
43.0
37.9
40.6
37.2
42.7
37.4
39.8
36
3.0
37.2
36.9
43.1
38.3
39.7
40.0
3.0
37 1
37.0
42.6
38.1
39.8
39.8
2 9
37 2
37 4
42 4
37.6
40 0
39 8
31
37 3
37.6
42 5
37 4
39 9
40 1
3 0
37 2
37.6
42.2
37.3
39 8
39.8
30
36 8
37 0
42.0
35.1
39.6
39.3
2 8
36 9
37 0
42.7
36.9
39 6
39.4
2 g
36.9
36.8
42.8
37.1
39.7
39.6
2.7
37.0
37.1
43.0
38.0
39.9
39.6
2.7
37.1
36.7
42.8
37.1
39.6
39.8
2.8
36.9
36.6
42.7
36.8
39.4
39.5
2.9
37.0
36.8
42.9
37.9
39.7
39.9
2.8
'37.0
'36.7
'42.4
'37.4
'39.4
'39.7
2.8
37.0
36.9
42.8
37.0
39.9
39.9
2.8
Durable goods
do. ..
Overtime hours
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures _
do
Stone, clav, 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
41.3
38
40.4
40.2
40.4
42 0
41.8
41.6
42 5
40.4
41.5
40 7
39 0
40.3
2.9
40. 6
39.7
39.2
41.3
40.4
40.7
41.1
39.9
40.3
40.1
38.7
40.4
3.0
41.1
39.8
39.3
41.6
40.1
40.9
41.4
40.0
39.7
40.5
39.0
40.3
30
40.8
39.7
38.8
41.3
40.2
40.6
41.1
39.7
40.3
40. 1
38.7
40 4
3 2
40.6
39 6
38 9
41 1
40 4
40.9
41 1
39.5
41.6
40 2
38.6
40 7
31
40.3
39 8
39 3
41 2
40 7
41.3
41 1
40 4
41.2
40 3
39 1
40.3
2 9
40.4
39 8
39.0
41 0
40.4
40.6
40 9
39.9
40.7
40 0
38.6
39.8
2 7
39.7
39.6
38.3
40.9
40.9
39.8
40. 1
39.2
39.8
39.4
38.1
39.9
2 6
40.1
39.2
39.2
41.0
39.9
40.1
40.4
39.7
39.8
39.8
38.3
40.0
2.5
40.2
39.9
39.4
41. 1
39.6
40.0
40.6
39.6
39.9
40.0
38.6
40.1
2.6
40.6
39.9
39.6
41.4
39.9
40.3
40.4
39.7
40.2
39.6
38.8
40.4
2.7
41.2
39.4
39.5
41.2
40.3
40.5
40.2
39.8
41.3
39.7
38.8
40.1
2.8
41.7
40.1
39.3
41.4
40.6
40.2
40.1
39.2
41.5
39.3
37.8
40.5
2.8
42.1
'40.0
39.7
'41.8
40.7
40.3
40.2
39.8
'41.9
39.7
38.8
'40.1
'2.8
'41.6
40.1
'39.5
'41.2
40.7
'40.0
40.0
39.8
'40.2
'39.7
'38.7
40.5
2.8
41.8
40.1
40.1
41.4
41.1
40.4
40.4
40.0
40.5
39.9
38.8
Nondurable goods
.
Overtime hours
Food and kindred products
Tobacco manufactures
^
Textile mill products
Apparel and other textile products
do.. .
do
do
do
do
do
39 7
3 4
40.8
37 4
40 8
35 9
39.1
3.0
40.5
37.8
39.9
35.3
39.4
3.0
40.6
38 3
40.6
35.5
39.1
3.0
40.7
37 1
39 8
35.1
39.0
3.0
40.3
37 4
40 0
35 2
39 3
2 9
40.2
37 9
40 3
35 5
39.1
3.0
40.7
37 4
39 9
35 1
38.6
2.8
40.0
36 1
38 8
34.2
38.9
2.8
40.5
38 1
39 6
34 9
38.9
2.8
40.4
38.4
39.6
35.4
39.1
2.9
40.5
39.0
39.7
35.4
39.3
2.9
40.8
39.4
40.4
35.2
38.9
2.9
40.7
36.1
40.1
34.7
39.1
2.9
40.4
37.9
'40.3
'35.2
39.2
'2.9
40.4
'38.9
'40.6
'35.0
39.3
2.9
40.4
39.0
40.9
35.1
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
43 0
38 4
41 8
42 6
41.1
37 2
41.9
37.7
41.6
42.7
40.3
37.3
42.1
37.9
41.4
41.9
40.7
37.4
41.8
37.7
41 5
42.5
40.0
37.7
41 6
37.7
41 5
42.6
40.4
37 6
41 7
37 9
41 5
42 6
40.8
37 6
41 7
37.6
41 3
43 1
40.4
36 8
41.4
37.4
42 0
43.0
40.0
36 5
41 7
37.4
41 3
43 2
39.6
37 0
41.6
37.5
41.3
43.0
39.4
37.1
41.5
37.6
41.4
43.5
39.5
37.3
41.9
37.7
41.6
42.6
40.1
37.0
41.8
37.3
41.5
43.3
40.0
36.6
41.8
37.5
41.4
42.2
40.2
37.4
'42.2
'37.5
41.7
'42.0
'40.3
'38.3
42.1
37.7
41.7
42.4
40.4
38.1
do
do
do
do
do
do
40
35
40
34
37
34
7
6
2
2
1
7
40.5
35.3
40.0
33.8
36.8
34.5
40.2
35.3
40.1
33.7
36.9
34.4
40.6
35.4
40. 1
33 9
36.8
34.5
40 6
35.4
39.9
33 8
36.7
34.4
40
35
40
33
36
34
7
4
0
9
8
6
40 6
35 4
39 9
33 9
36 9
34.7
40 5
35.2
39.7
33 8
36.7
34.5
40 5
35.3
39 9
33 8
36 7
34.4
40.2
35.3
39.8
33.8
36.8
34.4
39.9
35.1
39.9
33.6
36.6
34.4
40.1
35.0
39.7
33.6
36.7
34.2
40.3
35.0
39.6
33.5
36.8
34.2
40.5
35.0
'39.7
33.6
36.9
'34.1
'40.5
'35.2
39.6
33.8
36.9
34.2
40.8
35.2
39.7
33.7
37.0
34.1
Man-hours, all wage and salary workers, nonagric.
establishments, for 1 week in the month, seas,
adjusted at annual ratef
-bil. man-hours . . 139.09
138. 59
139.74
139. 05
138. 39
138.70
138. 24
138. 09
137. 04
136. 97
137. 32
137.55
136. 76 ' 137.89 ' 137.74
138. 31
103.9
101 6
107 4
103 3
103 6
97.4
101.1
102.4
96.4
94.2
100.3
102.2
107.8
99.0
97.5
98.3
100.2
104 4
97.1
95.7
97.9
99.9
102 1
97. 1
95.6
97.9
99 7
101 4
97 2
95 5
96.6
99.0
100 8
95 8
93.9
94.6
99.0
93 1
94.7
92.9
92.4
100.8
98 6
91. 1
86.9
92. 1
101.7
100.0
90.4
85.7
94.6
101.8
103.0
92.9
89.6
94.1
101.7
97.6
93.3
89.8
93.2
101.1
95.3
92.5
89.2
.do
do..
._ do.. .
do
102 1
101 8
107 0
106 1
75.6
95.1
98.1
100.6
80.9
96.1
100.2
102.4
79.2
95.3
96.1
100 5
76.5
93.9
95.6
99.8
72 7
93 6
96.8
98 9
71.7
93.6
95.8
98 6
69.9
93.9
95.4
99.3
67.3
93.0
96.9
98.6
65.3
94.1
97.1
97.8
63.7
93.3
96.8
99.3
62.4
92.9
96.8
98.3
60.8
95.3
96.1
98.7
'59.1
'95.1
'97.0
99.1
'56.7
'95.1
'97.1
'97.9
57.5
95.9
99.9
98.5
do
do
do
104.1
105 6
100 5
96.2
98.2
92. 4
96.6
101.0
97.1
95.7
98.5
94.5
95.9
98.9
93.2
96.5
100 0
92 8
95.7
98.5
90.4
98.3
97.2
88.2
92.1
91.9
85.5
89.2
90. 1
84.9
90.7
94.1
83.8
91.8
93.9
82.1
92.5
93.2
81. 1
'93.1
91.2
'80.7
'93.0
'93.3
'79.6
94.0
94.4
80.1
101.9
106 4
103 2
100.6
94. 9
89.1
96. 1
94.9
98.8
94.1
100.7
97.1
96.7
93.6
98.7
95.4
96.4
96.0
96. t
94.6
98.0
93.7
96.4
95.0
95.1
92.2
94.3
93.5
92.8
90.2
92.6
92.0
90.6
68.6
91.5
90.7
88.0
68.0
90. 9
90. 3
88.8
87.8
89.3
93.1
88.5
91.3
89.2
92.5
86.7
90.6
87.3
90. 1
'88.3
'90.6
87.1
'91.1
'88.1
' 86. 9
'87.1
91.4
89.7
87.1
88.3
92.5
102.8
101.3
90.2
103.5
100.0
99.5
100. 9
87.2
97.3
96.1
101.2
101.8
90.1
100.5
97.3
99.2
101.9
88.6
97.6
95.0
99.4
100.8
88.0
96.9
95.9
99.8
99.6
89.2
97.3
97.5
98.5
100.4
90.6
96.1
95.0
97.3
98.3
79.8
93.7
92.9
97.1
98.8
84.3
94.6
93.7
97.4
99.3
86.3
94.3
95.4
97.7
99.8
84.9
94.9
95.9
98.3
100.7
87.1
97.1
95.4
97.3
100.7
79.8
95.8
93.4
97.7
' 99. 6
81.2
' 95. 8
'95.8
'98.1
' 99. 1
'86.1
'96.5
'95.8
98.3
98.0
84.9
97.4
96.3
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production
on payrolls of private nonagric. estab. f
Not seasonally adjusted - - Mining
Contract construction
..
Manufacturing* Not seasonally adjusted
Seasonally adjusted
Overtime hours
Trans , comm., elec , gas, etc*
Wholesale and retail trade .
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services*
.
Seasonally Adjusted
Man-hour indexes (aggregate weekly), industrial
and construction ind., totalU
...1967=100..
Mining
.
. . .
do
Contract construction
do
Manufacturing
do
Durable goods
. . do
Ordnance and accessories .
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind.
do. ..
do
. .do
do
Nondurable goods
...
. do . Food and kindred products
... . .do
Tobacco manufactures
do
I
Textile mill products
.
do
Apparel and other textile products.
do: .
r
Revised.
*> Preliminary.
^Beginning with the June 1970 SURVEY, payroll employment, hours, earnings, and turnover
data reflect actual employment levels for Mar. 1969 and new seasonal factors. Data in the 1969
BUSINESS STATISTICS are in accordance with Mar. 1968 benchmarks and are not comparable
'94.0
'93.8
' 101. 5 ' 100. 1
100.2 ' 100. 5
92.7
'92.5
'89.3
'88.6
94.1
101.5
98.7
93.1
89.5
with current estimates nor with the revised historical statistics in the BLS 1970 Bulletin No.
1312-7, "EMPLOYMENT AND EARNINGS, UNITED STATES, 1909-70" ($4.25), available from
the Superintendent of Documents, Govt. Printing Office, Wash., D.C. 20402.
*New series.
f Data beginning 1968 have been revised to new benchmarks.
June 1971
S-15
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
1971
1970
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Mar.
Jan.
Feb.
98.8
'98.4
98.7
"99.0
100.0
' 99. 4
103.6 ' 101. 8
103.3 ' 105. 5
84.9
86.5
Apr.
May?
'99.5
'98.5
' 100. 1
' 100. 5
' 106. 2
'90.2
98.9
99.4
100.8
101.4
108.5
89.1
124.02 '124.05
168. 40 '170.45
204. 42 '203.87
139. 74 ' 139. 08
151. 50 '150.02
157. 59 '157.35
' 122. 40 '123.11
112. 29 '111.25
' 147. 44 '147.55
168. 50 '170.97
146. 40 '146.89
159. 17 ' 158. 00
137. 76 136.72
'183.40 '175.08
137. 76 '137.46
' 114. 07 ' 113. 58
124. 87 125. 32
133. 27 134. 19
'114.45 '120.64
'102.51 '101.75
' 87. 79 ' 85. 85
' 149. 76 ' 150. 90
153. 38 '154.05
158. 98 '162.15
187. 26 '193.31
132. 47 '133.27
96.09 ' 95. 98
' 161. 60 162. 41
' 98. 55 ' 98. 83
'142.16 142. 63
85.17
' 84. 66
119. 56 '119.93
' 102. 30 ' 102. 30
125. 46
172. 89
206. 46
141. 65
153. 09
160. 09
126. 77
114. 34
151. 01
173. 46
156. 26
159. 98
139. 65
180. 67
139. 30
113. 78
127. 01
135. 07
125. 39
104. 86
86.70
152. 82
156. 79
161. 77
195. 57
135.41
98.16
165. 60
99.53
143. 78
85.58
121. 03
102. 04
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURS AND MAN-HOURS— Continued
Man-hour indexes, seas, adjusted— Continued
Manufacturing indus., nondurable goods— Con.
Paper and allied products .
1967=100
Printing and publishing. . .
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nec__ .do
Leather and leather products
do
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Avg. weekly gross earnings per prod, worker on
payrolls of private nonagric. estab. H- --dollars. Mining
.
- do
Contract construction
.
.do
Manufacturing establishments
.do
Durable goods _ _ ..
do._
Ordnance and accessories. .
do
Lumber and wood products
do
Furniture and
fixtures
.. .. do
Stone, clay, and glass products.
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical- .
do
Electrical equip, and supplies
do
Transportation equipment
do
Instruments and related products. . do
Miscellaneous manufacturing ind
do
Nondurable goods
do. ..
Food and kindred products
do
Tobacco manufactures
..
.do
Textile mill products
do
Apparel and other textile products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee
do
Leather and leather products
do
Trans., comm., elec., gas, etc.*
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade.-.
.
do
Finance, insurance, and real estate...
do
Services* .
do
Spendable earnings per worker (with 3 dependents), total private sector? _. .current dollars ..
1967 dollars..
Manufacturing
current dollars
1967 dollars..
Avg. hourly gross earnings per prod, worker on payrolls of private nonagric. estab. 1
dollars ..
Mining
do
Contract construction.. _.
do
Manufacturing..
do
Excluding overtime
do
Durable goods
do
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products..
do
Furniture and
fixtures
" do
Stone, clay, and glass products
.do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
"""do
Electrical equip, and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods
do
Excluding overtime
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products
do
Paper and allied products
do
Printing and publishing
do
Chemicals and allied products
.do
Petroleum and coal products
do...
Rubber and plastics products, nee . do
Leather and leather products
do
Trans., comm., elec., gas, etc.*
do
Wholesale and retail trade
do
Wholesale trade
"do
Retail trade
do""
Finance, insurance, and real estate
do
Services*
"do
Miscellaneous hourly wages:
Construction wages, 20 cities (E NR): d*
Common labor. .
t npr hr
Skilled labor .
do
Farm, without board or rm., 1st of mo
do
Railroad wages (average, class I)
.do
p
105.2
103.0
105.7
98.2
115.1
95.0
101.7
101.4
102.4
102.5
107.0
90.2
104.0
102.6
102.6
101.1
111.5
92.0
102.3
101.1
102.2
102.5
100.3
92.4
101.4
100.8
101.7
102.8
106.8
92.8
100.7
101.5
102.0
102.8
110.3
92.5
100.0
100.1
101.0
103.1
106.5
88.0
99.8
100.2
103.4
101.1
106.2
86.9
99.1
99.6
101.2
102.5
102.0
87.8
99.4
99.7
100.2
102.0
100.5
87.1
98.8
100.3
100.1
103.2
100.8
86.9
99.6
100.0
100.6
101.9
102.5
86.5
114. 61
154. 80
181. 16
129. 51
140. 01
138. 17
110. 15
105. 85
133. 98
158. 42
138. 94
152. 15
124. 84
161. 85
128. 21
103. 74
115. 53
120. 77
97.99
95.47
82.93
139. 32
141. 70
145. 05
170. 40
126. 18
87.79
147. 74
91.14
129. 85
78.66
108. 33
91.26
120. 16
163. 97
195. 23
133. 73
143. 47
146. 57
117. 51
108. 58
140. 42
159. 18
143. 67
154. 95
131. 27
164. 02
133. 93
109. 52
120. 43
127. 98
110. 38
97.76
84.37
144. 14
147. 78
153. 50
182. 33
128. 96
92.88
155. 93
95.66
137. 60
82.47
112. 98
97. 98
117. 34
163. 35
192. 91
131. 80
141. 50
146. 06
114. 62
105. 65
139. 03
156. 35
142. 10
155. 25
128. 30
156. 80
132. 59
108. 64
118. 56
124. 49
110. 56
96.56
83.90
140. 53
145. 15
150. 18
179. 77
127. 35
90.02
149. 25
93.88
135. 66
80.25
111.81
95.70
118. 40
162. 26
194. 31
132. 93
143. 07
146. 47
117. 09
105. 88
140. 27
157. 56
143. 26
154. 95
129. 49
164. 02
132. 00
108. 47
118. 95
127. 98
110. 03
96.47
82.84
142. 12
145. 89
151. 42
181. 90
123. 29
93.38
153. 12
94.50
136. 06
81.41
111. 57
96.04
120. 05
163. 88
196. 99
134. 40
144. 94
146. 11
119. 50
107. 92
141. 10
159. 54
145. 49
155. 32
130. 68
170. 56
133. 39
108. 75
119. 95
127. 58
115. 14
97.93
84.25
142. 61
147. 03
152. 72
181.04
127. 26
94.87
156. 29
96.12
136. 80
82.86
111. 57
96.95
121. 45
163. 88
200. 20
134. 46
143. 87
143. 28
118. 31
107. 86
141. 25
159. 96
144. 79
153. 06
132. 14
166. 06
132. 87
108. 29
121. 44
128. 61
113. 63
96.96
84.61
144. 70
148. 18
153. 59
184. 45
129. 68
93.99
159. 06
98.10
137. 83
85.16
112. 61
98.77
122. 20
163. 97
204. 05
134. 13
143. 92
145. 52
122. 31
111.00
142. 35
160. 80
144. 89
152. 31
131. 74
164. 40
133. 73
108. 85
121. 04
128. 96
104. 81
97.60
85.56
146. 23
149. 31
153. 68
184. 03
130. 41
91.76
159. 51
98.74
138. 35
85.40
113. 65
99.75
121. 73
164. 55
194. 03
135. 43
145. 56
146. 00
121. 70
108. 92
142. 83
166. 46
145. 44
152. 76
131. 54
167. 66
134. 64
109. 16
122. 15
130. 56
108. 29
96.19
83.45
147. 97
151. 18
158. 76
187. 49
132. 03
90.86
159. 95
97.08
137. 76
84.07
113. 09
99.76
121. 36
168. 56
203. 79
133. 45
142. 76
147. 53
120. 78
111.72
143. 66
157. 61
142. 61
153. 92
132. 47
162. 41
136.00
110. 30
122. 07
129. 92
111. 50
99.75
84.46
147. 07
150. 38
155. 70
187. 05
129. 60
92.00
159. 96
96.88
139. 25
83.08
114. 82
99.81
121. 07
168. 70
196. 57
134. 58
143. 56
151. 07
120. 78
111.56
144. 20
157. 21
142. 31
155. 09
134. 00
164. 02
137. 08
112. 03
123. 17
131. 54
112.81
100. 80
86.38
147. 55
150. 75
157. 29
186. 62
130. 61
93. 37
159. 58
96.95
139. 74
83. 17
115. 55
100. 84
122. 43
170. 25
203. 08
138. 45
149. 45
154. 54
119. 89
114. 33
144. 96
161. 60
147. 78
157. 49
138. 23
176. 71
138. 00
113.88
124. 58
133.09
119. 10
101.45
86.49
148. 75
153. 90
158. 08
185. 76
132. 47
96. 27
158. 40
97.08
141.15
83.73
115.61
101. 48
122. 58
168. 75
198. 55
138. 60
149. 57
156. 83
117. 09
110. 09
142. 21
164. 83
147. 17
155. 57
135. 83
182. 10
136. 28
112. 22
124. 09
134. 13
115. 28
101. 60
85.61
147. 74
151. 03
157. 77
185. 64
132. 47
95. 23
159. 20
97.51
141. 37
83.66
117. 07
101. 62
122. 61
167. 60
196. 32
138. 29
149. 23
155. 32
120. 56
109. 91
144. 13
166. 05
146. 07
156. 39
134. 85
181. 56
135. 98
111.72
123. 84
133. 20
107. 81
101. 60
86.06
148. 21
151. 37
158. 59
189. 50
131. 47
95.20
161. 60
97.92
141. 45
84.07
118. 86
102. 30
99.99
91.07
111.44
101. 49
105. 16
90. 42
115. 90
99. 66
102. 95
89.37
114.37
99. 28
103. 77
89.69
115. 27
99.63
105. 08
90.35
116. 43
100. 11
106. 18
90. 99
116. 48
99.81
106. 78
91.34
116. 22
99.42
106. 40
90.55
117. 25
99.79
106. 11
89.85
115.68
97.95
105. 88
89.35
116. 58
98.38
106.96
89.81
119. 66
100.47
107. 83
90.46
120. 55
101. 13
107. 85
90.33
120. 31
100. 76
3.04
3.60
4.78
3.19
3.06
3.39
3.24
3.42
2.74
2.62
3.19
3.79
3.34
3.58
3.09
3.90
3.15
2.66
2.91
2.79
2.96
2.62
2.34
2.31
3.24
3.69
3.47
4.00
3.07
2.36
3.63
2.56
3.23
2.30
2.92
2.63
3.23
3.84
5.22
3.36
3.24
3.56
3.43
3.61
2.96
2.77
3.40
3.94
3.53
3.77
3.29
4.07
3.34
2.83
3.08
2.97
3.16
2.92
2.45
2.39
3.44
3.92
3.69
4.27
3.20
2.49
3.85
2.71
3.44
2.44
3.07
2.84
3.18
3.79
5.09
3.32
3.21
3.52
3.40
3.58
2.88
2.73
3.35
3.87
3.50
3.75
3.24
4.00
3.29
2.80
3.04
2.93
3.12
2 98
2.42
2.37
3.37
3.85
3.61
4.26
3.16
2.48
3.75
2.69
3.40
2.41
3.03
2.79
3.20
3.80
5.10
3.34
3.22
3.55
3.42
3.59
2.92
2.75
3.38
3.90
3.52
3.77
3.27
4.06
3.30
2.81
3.05
2.94
3.16
2.99
2.43
2.36
3.40
3.88
3.64
4.25
3.09
2.49
3.79
2.70
3.41
2.43
3.04
2.80
3.21
3.82
5.13
3.36
3.23
3.57
3.44
3.59
2.98
2.76
3.40
3.92
3.54
3.77
3.30
4.10
3.31
2.81
3.06
2.95
3.15
3.03
2.43
2 38
3*. 42
3.90
3.68
4.23
3.15
2.49
3.84
2.70
3.42
2.43
3.04
2.81
3.23
3.82
5.20
3.37
3.25
3.57
3.45
3.60
2.98
2.78
3.42
3.94
3.54
3.77
3.32
4.08
3.33
2.82
3.09
2.98
3.16
3.03
2.43
2.39
3.47
3.92
3.71
4.25
3.21
2.48
3.87
2.71
3.42
2.44
3.06
2.83
3.25
3.84
5.30
3.37
3.25
3.58
3.46
3.62
3.05
2.81
3.43
3.99
3.56
3.77
3.31
4.11
3.36
2.82
3.08
2.97
3.13
2.78
2.44
2.41
3.49
3.95
3.73
4.26
3.22
2.48
3.90
2.72
3.45
2.44
3.08
2.85
3.29
3.89
5.36
3.42
3.29
3.63
3.49
3.65
3.05
2.80
3.45
4.07
3.60
3.80
3. 33
4.15
3.40
2.85
3.14
3.02
3.20
2.88
2.46
2.44
3.54
4.01
3.78
4.32
3.26
2.51
3.93
2.75
3.47
2.48
3.09
2.90
3.28
3.92
5.42
3.37
3.26
3.56
3.44
3.67
3.05
2.80
3.47
3.99
3. 53
3.81
3.32
4.01
3.40
2.85
3.13
3.01
3.20
2.83
2.50
2.42
3.51
4.01
3.77
4.31
3.24
2.50
3.94
2.76
3.49
2.48
3.12
2.91
3.29
3.96
5.43
3.39
3.28
3.58
3.46
3.73
3.05
2.81
3.50
3.99
3.54
3.82
3.35
4.03
3.41
2.88
3.15
3.04
3.24
2.93
2.52
2.44
3.53
4.02
3.79
4.33
3.29
2.51
3.95
2.77
3.52
2.49
3.14
2.94
3.30
3.95
5.43
3.47
3.35
3.69
3.57
3.76
3.02
2.83
3.51
4.05
3.64
3.86
3.43
4.31
3.45
2.92
3.17
3.06
3.27
3.00
2.53
2.45
3.55
4.05
3.80
4.33
3.32
2.54
3.97
2.75
3.52
2.47
3.15
2.95
3.34
3.98
5.50
3.50
3,39
3.73
3.61
3.77
3,01
2.83
3.52
4.08
3.67
3.87
3.43
4.42
3.45
2.93
3.19
3.08
3.32
3.01
2.54
2.46
3.56
4.06
3.82
4.42
3.32
2.56
3.99
2.81
3.57
2.52
3.19
2.98
3.35
4.00
5.53
3.51
3.40
3.74
3.62
3.77
3.06
2.84
3.55
4.10
3.67
3.90
3.44
4.45
3.46
2.94
3.20
3. 10
3.33
3.02
2.54
2.48
3.58
4.08
3.84
4.48
3.32
2.58
4.03
2.83
3.59
2.54
3.23
3.00
4.629
6.514
1.55
13.708
5.224
7.314
1.64
P 3. 893
4.963
6.963
1.66
3.819
5.048
7.144
5.168
7.240
5.42
7.553
5.427
7.61
5.53
7.706
5.629
7.828
1 76
5.629
7.841
3.884
3.935
3.932
5.480
7.64
1 61
3.913
5.52
7.67
3.904
5.396
7.50
1 66
3.874
3.961
4.001
Preliminary.
1 Includes adjustments not distributed by months,
rresponding note, p. S-14.
*New series
d* Wages as of June 1,1971: Common, $6.014; skilled, $8.365.
108. 95
90.94
121. 47
101. 39
108. 97
90.66
120. 94
100. 62
3.37
'3.38
'4.02
4.00
5.51 '5.51
'3.53
3.52
'3.42
3.40
3.75
' 3. 76
3.63 '3.64
3.77
'3.81
'3.07
'3.06
2.85
'2.86
3.57
'3.59
4.13
'4.17
3.66
'3.70
3.93 '3.95
3.47
3.47
4.43
'4.41
3.47
'3.48
'2.95
'2.94
3.21
3.23
'3.12
3.10
3.38
3.34
'3.11 '3.20
'2.55
2.55
2.48 ' 2.46
3.61
'3.60
4.09
'4.13
'3.87
3.84
'4.57
4.48
3.32
'3.34
2.59
'2.58
'4.03 '4.05
2.84
'2.84
3.62
3.59
2.55
'2.55
'3.25
3.24
'3.00
3.00
3.40
4.03
5.58
3.55
3.43
3.78
3.66
3.83
3.13
2.88
3.63
4.20
3.71
3.96
3.50
4.45
3.50
2.94
3.24
3.13
3.36
3.24
2.57
2.47
3.63
4.17
3.87
4.58
3.36
2.59
4.07
2.86
3.64
2.57
3.28
3.01
5.717
7.992
1.76
5.86
8.21
5.64
7.878
§Data for 1970 are calculated on an annual basis with regard to Federal income taxes.
Instead of reflecting changes as of July 1, 1970 in personal exemptions and in surtax, data
reflect personal exemptions of $625 and surtax of 2.5 percent throughout the year.
S-16
SURVEY OF CUERENT BUSINESS
Unless otherwisa stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
June 1971
1970
Annual
Apr.
May
June
July
1971
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
i
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index t
1967=100
LABOR TURNOVERA
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees..
New hires
do
Separation rate total
do __
Quit
_ __
do
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires/.
do
Separation rate total
do
Quit
do
Layoff
- _. -do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
\Vork stoppages
number
Workers involved
thous
In effect during month :
"Work stoppages
number
\Vorkers involved
thous
Man-days idle during period
do
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
_ thous
Unemployment insurance programs:
State programs:
Initial claims
do
Insured unemployment weekly avg do
Percent of covered employment: cf
Unadjusted
Seasonally adjusted
Beneficiaries weekly average
thous
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
Insured unemployment, weekly avg do
Benefits paid
mil. $
122
4.7
3.7
93
100
4.0
2.8
3.7
2.6
4.8
2.1
1.8
97
94
91
87
78
80
5.4
3.9
4.2
2.8
92
4.4
2.9
5.1
3.5
4.7
3.4
3.8
2.7
3.0
1.9
4.8
2.1
1.7
4.6
2.1
1.5
4.4
2.1
1.5
4.0
2.8
5.2
2.2
2.0
4.2
2.7
5.0
2.1
1.9
4.0
2.7
4.8
2.2
1.9
v 5, 600
P 3, 300
600
429
750
309
42, 869 P 62, 000
810
495
5,450
960
580
7,965
4.9
2.7
1.2
5 700
2 481
5.3
2.1
2.3
80
2.4
1.4
75
77
78
"78
3.5
2.0
3.2
19
'3.5
2.2
••3.7
15
' 1.4
i>3.6
^2.3
*3.8
pl.6
» 1. 4
'3.8
4.3
1.4
2.1
4.1
1.2
2.3
4.2
1.4
1.9
3.6
2.4
5.0
1.9
2.2
3.7
2.3
4.8
1.7
2.0
3.8
2.3
4.4
1.9
1.8
3.7
2.3
4.4
1.6
1.7
39
2 4
4.2
1.7
1.6
'4.1
'1.6
"3.9
*2.5
M. 1
*1. 7
*1.6
550
539
410
159
270
72
160
449
not)
222
330
114
410
116
540
174
810
655
7,625
650
608
10, 056
510
469
6,458
370
527
2,438
4.4.0
286
2 709
490
169
590
200
2,292
2,184
5.6
3.0
1.7
6.0
3.3
1.7
4.1
2.8
4.9
2.2
1.6
4.1
2.9
4.5
2.1
1.8
3.8
2.7
4.4
2.0
1.9
600
212
490
192
420
135
840
428
5,040
750
354
4,378
700
202
2,800
5.3
2.1
2.2
3.5
1.3
1 771
1.5
2.5
1.7
750
254
5,153
3,845
352
339
374
333
330
345
304
289
230
257
233
295
309
1 177
2 070
1 885
1 778
1 696
1 897
1 855
1 746
1 889
2 233
2 632
3 195
3,216
3 091
2 756
10, 385
1 101
15, 387
1,805
1,333
1,770
1,010
1 667
1,118
1 583
1,502
1 761
1,068
1,710
1,079
1,607
1,208
1 724
1,432
2,017
1,863
2 369
1,756
2,799
1,291
2,751
1,265
' 2, 577
2 283
2.1
3.4
3.4
3.2
3.0
3.3
3.0
4.1
3.2
4.4
3.7
'3.5
1,414
314. 7
3.2
3.7
4.4
4.0
1,500
' 313. 1
1,375
299. 9
1,377
' 305. 1
31
33
32
33
923
2, 127. 9
20
333
37
34
T
3.1
1,518
1,533
3, 848. 5 ' 321.5
31
100
17
37
1,382
' 292. 3
27
26
r
r
44
89
87
46
81
81
r
'4.5
1,900
1,553
341. 9 ' 462. 0
35
36
37
35
31
50
128
114
57
128
128
121
128
18
38.7
14 0
15 3
18.0
18.6
18.3
17.3
19.1
26.2
56
127
123
27.8
8
16
3.6
4
15
2.4
12
11
2.3
21
15
2.0
16
17
3.0
12
18
2.9
16
22
3.5
8
20
3.7
9
20
4.2
47
70
67
47
73
69
38
70
67
51
84
77
49
83
75
51
97
86
59
113
107
4.3
4.0
37
14.6
556
79
87.0
37.0
27
r
36
1,462
293. 6
5.2
'5.2
4.8
3.8
3.7
3.9
2,302 r 2, 423
2,339
526.7 ' 5, 577 631.0
T
28.2
33.3
14
31
4.7
38
22
4.4
30
19
4.6
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Commercial and finance co. paper, total
do
Placed through dealers
Placed directly (finance paper)
do
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period.
mil $
Farm mortgage loans:
Federal land banks
__
do
Loans to cooperatives
do
Other loans and discounts.. ._
do
5,451
31,709
11,817
19, 892
7,058
31, 765
12, 671
19, 094
5,614
38,011
13, 735
24,276
5,801
39,724
13, 952
25,772
5,849
37,798
12, 989
24,809
5,973
36,961
12, 034
24,927
5,979
36,570
12, 044
24,526
5,848
33,958
12, 518
21,440
6,167
34, 401
13, 084
21, 289
6,267
33, 966
13, 301
20, 665
7,058
31, 765
12, 671
19, 094
6,912
32, 295
13, 433
18, 862
6,984
32, 506
13, 921
18, 585
7,174
31, 223
13, 670
17, 653
7,301
31, 367
13, 489
17, 878
13, 204
14, 773
14, 032
14, 190
14, 353
14, 308
14, 338
14, 443
14, 573
14, 616
14, 773
14, 957
15, 206
15, 492
15, 718
6,714
1,732
4,758
7,186
2,030
5,557
6,891
1,828
5,313
6,942
1,796
5, 452
6,995
1,749
5,609
7,026
1,762
5, 519
7,061
1,778
5,499
7,101
1,852
5,489
7,137
1,973
5,463
7,156
2,020
5,439
7,186
2,030
5,557
7,210
2,119
5,628
7,258
2,164
5,784
7,347
2,153
5,993
7,426
2,113
6,179
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMS A 's)O
bll. $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA 'si
226 other SMSA's
10,164.2 10,015.7 10,136.3 10,207.8 10,550.5 10,552.0 10,780.2 10,533.9 10,896.5 10,710.1 11,535.4 '11,443.2 11,679.1
4, 422. 0 4, 249. 4 4, 366. 0 4, 324. 3 4, 770. 6 4, 668. 1 4, 899. 8 4, 824. 0 5, 016. 1 4, 825. 9 5,477.4 5,309.7 5, 356.8
do
do
do .
5,742.3 5,766.4 5,770.3 5,883.6 5,779.9 5,883.9 5,880.5 5,709.9 5,880.3 5,884.2 6,058.0 '6, 133.5 6,322.3
2, 417. 9 2, 460. 0 2, 443. 3 2, 508. 2 2, 478. 8 2, 502. 9 2, 497. 4 2, 420. 1 2, 480. 1 2, 475. 2 2, 550. 4 2,522.6 2,617.0
3,324.4 3,306.4 3,327.0 3,375.3 3,301.1 3,381.0 3,383.0 3,298.8 3,400.2 3,409.0 3,507.6 '3,610.9 3, 705. 3
Federal Reserve banks, condition, end of period:
Assets, total?
mil. $__
84, 050
90, 157
84,690
84,024
84,102
84, 794
85, 708
87, 366
86,609
88, 464
90, 157
88, 334
88, 536
90, 681 P90, 357
Reserve bank credit outstanding, total 9 ..do
Discounts and advances
do
U.S. Government securities
do
60, 841
183
57,154
66, 795
335
62, 142
60,729
545
56,508
61,683
1,451
57, 307
60,728
420
57, 714
62, 411
1,292
58, 597
62, 089
538
59, 947
63, 297
852
59, 975
63, 527
428
60, 015
63, 737
300
61, 233
66, 795
335
62, 142
64, 900
308
61, 783
65, 616
263
62, 462
67, 387
391
64,160
66, 665
81
63, 858
10, 475
Gold certificate account
do
10, 036
10, 457
11,045
11,045
11,045
11,045
11, 045
10, 819
10, 819
10, 827
10, 457
10, 464
10, 464
10, 464
do
84, 050
90, 157
84,690
84,024
84,102
84, 794
85, 708
87, 366
86,609
88, 464
90, 157
88, 334
88, 536
90, 681 *90, 357
Deposits, total
Member-bank reserve balances
do
do
24, 338
22, 085
26, 687
24, 150
25,895
23,082
25,187
23,041
23,970
21,991
25, 253
23, 072
24, 536
22, 557
26, 037
23, 938
26, 007
24, 206
24, 104
22, 689
26,687
24, 150
26, 441
24, 565
26, 396
24, 409
27, 748
25, 895
26, 949
24, 735
Federal Reserve notes in circulation
do
48, 244
51,386
47,254
47, 879
48, 391
48, 746
48, 952
49, 128
49, 314
50, 390
51,386
50, 206
50, 200
50, 593
50,889
Liabilities, total 9
' Revised.
p Preliminary.
^Monthly data prior to 1969 will be available later.
A See note "1", p. S-14.
§Beginning Jan. 1970, data include claims filed under extended duration provisions of
regular State laws.
cf Insured unemployment as % of average 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 CURRENT BUSINESS
June 1 7
91
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
End of year
S-17
1970
Apr.
May
June
July
1971
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
28,558
28,432
120
425
-305
29,265
28, 993
272
321
-49
30, 488
30, 209
279
370
-91
29,880 '29,686 '29,885 30,410
29,679 '29,487 '29,745 30, 113
201
'199
' 140
297
328
319
148
330
-127 '-120
' -8 -33
Mar.
Apr.
May
FINANCE— Continued
BANKING- Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
..
mil. $..
Required
- do
Excess
_
do
Borrowings from Federal Reserve banks. __do
Free reserves
__do
i 28, 031 1 29, 265
i 27, 774 128,993
1257
1272
11,086
1321
1-829
1 -49
28,096
27, 978
118
822
-704
27, 910
27, 729
181
976
-795
27,567 28, 128 28,349
27,380 27, 987 28,204
187
145
141
888
827
1,358
-701 -1,217 -682
28,825
28,553
272
607
-335
28,701
28,447
254
462
-208
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:t
Deposits:
Demand, adjustedc?
-jsiil. $
Demand total 9
Individuals, partnerships, and corp
State and local governments...
U S Government
.
Domestic commercial banks . .
Time, total 9
Individuals, partnerships, and corp.:
Savings..
Other time
2 90,288 2 87, 739 80,547 ' 77,924 ' 84,160 79, 857 ' 79,713 80,407 ' 80,780 ' 83,086 87, 739 82,284 81,234 82, 590 82, 275 84,895
2 150,897 2 147,355 131, 785 '134,001 '139,086 128, 669 '131,607 140, 018 131, 023 '139,560 147, 355 138,249 '135,249 '146,456 141,474 143,367
do
do
2 105,605 2 103,149 91, 693 ' 91,547 ' 95,253 91, 029 ' 93,030 94, 516 92, 376 ' 96,854 103, 149 94,883 93,744 99, 265 97,099 100, 470
_do
2 7, 942 2 6, 774
6,458 '6,290 ' 7, 654 5,695 ' 6, 194 7,682
6,460 6,483 6,957
5,925 ' 6, 808 6,774
6,353 7,221
2
2, 989 2 4, 380
do
4,281 ' 3, 440 ' 5, 112 4,887 ' 3, 815 5,798
3, 722 ' 4, 220 4,380
6,563 4,320
2,873 5,833 2,765
do . 220,801 2 21, 704 16, 407 ' 18,960 ' 18,802 17, 072 ' 18,235 20, 962 19, 382 ' 20,752 21, 704 19,651 20, 175 24,704 '20,750 21,991
do
2 96, 589 2119,443 99, 281 ' 99,536 '101,580 106, 495 '110,633 113,635 114, 820 '116,426 119, 443 123, 102 125,842 129, 175 129, 338 131, 141
do. .. 2 46, 490 2 48, 035
2
36, 502 2 51, 650
do
Loans (adjusted) , totalc?
do
Commercial and industrial
do
For purchasing or carrying securities. _ do
To nonbank financial institutions
do. _ _
Real estate loans
.
do
Other loans _
_
..
__do
Investments, total .
__
U.S. Government securities, total
Notes and bonds
Other securities
do
do ._
do
do
2 175,756
281,491
2 7,811
2 13, 148
2 33, 617
2
44, 177
fc-180,429'168,511
2 81, 693 78, 566
2 8, 560
6,493
2 13, 642 11,111
2 34, 035 33, 401
2 50, 906 45, 178
2 59, 536
2
23, 853
2 19, 789
2 35, 683
2 72, 194
2 28, 061
221,983
2 44, 133
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.:
Total loans and investments©
bil. $.. 2 401. 3
LoansO
. . .
.
. do
22 1
278.
U.S. Government securities
do
51.9
Other securities
do
271.3
2 432. 5
2288.9
258.0
285.6
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum..
New York City...
do....
7 other northeast centers
_.
do
8 north central centers
7 southeast centers
8 southwest centers.
4 west coast centers
.do
do
do
do
Discount rate (N.Y.F.R. Bank), end of year or
month...
percent..
Federal intermediate credit bank loans
do
Home mortgage rates (conventional 1st mortgages):
New home purchase (U.S. avg.)_.
percentExisting 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
45, 869 ' 46,113 ' 46,414 46,335 ' 46,327
36,785 ' 37,033 ' 38,509 41, 862 ' 44,897
60, 866
22, 878
19, 455
37, 988
403.5
277.0
52.4
74.0
46, 811
47, 540
'167,724
' 78,086
'6,089
' 11,070
' 33,439
' 45,353
'172,557
' 80,094
' 5, 987
' 12,997
' 33,526
' 47,271
'173,241
' 79,504
' 6, 235
' 13,037
' 33,743
' 47,389
'175,627
81, 154
6,091
13, 229
33, 939
46, 574
'173,826
79, 968
6,436
12, 573
34,065
47,025
'174,487
' 80,132
' 7, 153
' 12,604
' 34,059
' 49,013
'
'
'
'
' 60,346 61,268 ' 63,449
' 22,035 23, 378 ' 24,764
' 19,945 19, 644 ' 21,014
' 38,311 37, 890
64,851
24, 793
20, 598
40, 058
66, 319
25, 593
20, 720
40, 726
' 70,017
' 27,364
' 21,868
' 42,653
60,572
22,662
20,175
37,910
405.9
278.0
53.4
74.5
406.4
277.4
54.1
75.0
'171,858
79, 319
5,934
13, 053
33, 620
45, 428
412.8
281.5
55.8
75.5
418.3
284.1
57.5
76.7
423.7 ' 424. 4 ' 428. 2
287.3 ' 287. 3 '288.4
56.3 '56.7
57.6
80.8 '83.1
78.8
49,145
53,770
52,973 '53,043
55, 544 '54,797
53, 539
55, 738
'180,429 '175,201 '175,635 '177,240 '177,206
81, 693 80,039 80,800 81, 208 81, 191
7,292
6,915
8,560
7,314
6,716
13, 642 12,617 12,412 13, 278 13,295
34:035 34,284 34,416 34,553 34,730
50, 906 48,093 49,007 48, 224 48,935
72, 194 73,229 73,618 75, 515 75, 678
28,061 28,268 27,593 28,060 26, 569
21, 983 22,322 22, 361 22, 384 22, 160
44, 133 44,961 46,025 47, 455 49, 109
179, 953
81,982
6,975
13,869
35,089
50, 653
'438.9 '444.6 '448.6 '448.7
' 292. 0 '295.2 '295.2 '294.8
'58.7 '59.9 '61.4 '60.2
'88.2 '89.6 '92.0 '93.6
453.0
297.9
60.2
94.9
47, 013 ' 47,475 48,035
49,086 ' 50,376 51, 650
' 435. 1
' 290. 5
'58.5
'86.0
50,458
54, 889
38.21
38.02
38.53
38.48
38.22
38.86
8.49
8.24
8.86
8.50
8.24
8.89
8.07
7.74
8.47
6. 27
7.18
66.58
6.26
6.80
38.24
37.93
38.19
38.18
38.46
38.44
3
8.52
3
8. 49
8.44
8.44
8.61
8.42
8.47
8.49
8.53
8.54
8.05
8.15
8.08
8.16
6.83
7.04
6.72
6.81
74,913
25, 459
21, 657
49,454
6.65
6.88
6.59
6.63
6.00
5.50
6.00
6.00
6.00
6.00
6.00
6.00
6.00
5.75
5.50
5.00
4.75
4.75
4.75
37.23
38.50
8.75
8.67
8.66
8.66
8.62
8.51
8.30
8.08
7.86
7.64
7.24
6.80
6.35
37.66
37.68
3
8.27
38.20
8.24
8.19
8.28
8.18
8.31
8.19
8.32
8.21
8.35
8.25
8.31
8.27
8.33
8.20
8.26
8.18
8.20
8.12
8.03
7.94
7.74
7.67
7.52
'7.47
7.36
7.35
47.61
47.83
47.16
4' 7. 31
4' 7. 72
4' 7. 23
47.95
7.54
8.06
7.26
8.00
8.02
8.23
7.43
8.00
7.78
8.21
7.55
8.00
7.61
8.29
7.64
8.00
7.20
7.90
7.48
8.00
7.03
7.32
7.12
7.90
6.54
6.85
6.76
7.75
5.79
6.30
6.16
7.40
5.32
5.73
5.48
6.92
4.77
5.11
5.07
6.28
4.09
4.47
4.37
5.88
3.80
4.19
4.05
5.49
4.36
4.57
4.27
5.32
4.91
5.10
4.69
5.50
4 6. 677
46.85
4' 6. 458
4' 7. 37
6.480
7.49
7.035
7.97
6.742
7.86
6.468
7.58
6.412
7.56
6.244
7.24
5.927
7.06
5.288
6.37
4.860
5.86
4.494
5.72
3.773
5.31
3.323
4.74
3.780
5.42
4.139
6.02
4.75
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
installment credit , total
mil. $.. 122, 469
126, 802 120, 402 121, 346 122, 542 123, 092 123, 655 123, 907 123, 866 123, 915 126, 802 125, 077 123, 815 123, 604 125, 047
101, 161 97,104 97, 706 98, 699 99, 302 99,860 100, 142 99, 959 99, 790 101, 161 100, 101 99, 244 99, 168 100, 028
do
98, 169
do
do
.-do...
do
36, 602
27,609
4,040
29, 918
35, 490
29, 949
4,110
31, 612
36, 264
26, 850
3,960
30, 030
36, 455
27, 055
4,003
30, 193
36, 809
27,303
4,040
30. 547
36, 918
27, 538
4,081
30, 765
36, 908
27,801
4,104
31,047
36, 738
28, 055
4,123
31, 226
36, 518
28, 152
4,126
31, 163
36,011
28, 378
4,133
31, 268
35, 490
29, 949
4,110
31,612
35,004
29, 575
4,067
31, 455
34, 869
28, 928
4,051
31, 396
35, 028
28, 591
4,045
31,504
35, 496
28,682
4,077
31, 773
do
do
do
84,982
40,305
31, 734
87,064
41,985
31, 123
84, 802
40, 245
31, 537
85, 335
40, 515
31, 595
86,311
40, 979
31,862
86, 876
41, 703
31, 561
87,315
41,934
31, 588
87,471
42, 051
31, 510
87, 243
42, 010
31, 309
86, 820
41, 740
31, 081
87, 064
41, 895
31, 123
86, 308
41,611
30, 791
85, 910 <86, 015
41, 446 41, 563
30, 511 30, 326
86, 805
42,094
30, 369
do
do
11, 594
1,349
12, 500
1,546
11, 644
1,376
11, 778
1,447
12, 030
1,440
12, 141
1,471
12, 292
1,501
12, 409
1,501
12, 422
1,502
12,438
1,561
12, 500
1,546
12, 353
1,553
12, 351
1,602
12,686
1,656
Retail outlets, total
do
14,097 12, 302 12,371 12, 388
13, 187
Automobile dealers
do
336
336
327
333
332
e
' Revised.
*> Preliminary.
Corrected.
i Average for Dec.
2 Beginning June 1969, data are revised to include all bank-premises
subsidiaries, and other significant majority-owned domestic subsidiaries; also, loans and
investments are now reported gross. For complete details see the Aug. 1969 Federal Reserve
Bulletin.
3 Average for year.
* Daily average.
s Revised series. Feb. 1971 data on
old bases are m Jan. 1971 col.; details will be in June 1971 Federal Reserve Bulletin.
I Revisions for Jan. and Feb. 1970 are in the Mar. 1971 Federal Reserve Bulletin.
d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic
and U.S. Government, less cash items in process of collection; for loans,
commercial bank
12, 426
337
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
By type of holder:
Financial institutions, total
Commercial banks
Finance companies If
Credit unions
Miscellaneous lenders^
_
12, 509
1,617
12, 716 12, 970 14, 097 13, 793 13,334 13, 153 13, 223
332
327
324
335
323
325
330
exclusive of loans to and Federal funds transactions with domestic commercial banks and
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately.
©Adjusted to exclude interbank loans: beginning June 1969, data are reported gross.
§For bond yields, see p. S-20.
^Finance companies consist of those institutions formerly classified as sales finance, consumer
finance, and other finance companies. Miscellaneous lenders include savings and loan associations and mutual savings banks.
12, 545
337
12, 671
337
SURVEY OF CURRENT BUSINESS
S-18
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
Apr.
Annual
June 1971
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
CONSUMER CREDIT— Continued
Outstanding credit— Continued
Nonlnstallment credit, total
Single-payment loans, total
Commercial banks
_ __
Other financial institutions
Charge accounts, total
Retail outlets
Credit cards
Service credit
25,641
9,484
8,205
1,279
23, 298
9,102
7,892
1,210
23,640
9,159
7,925
1,234
23,843
9,239
8,005
1,234
23, 790
9,254
8,005
1,249
23, 795
9,294
8,041
1,253
23, 765
9,316
8,062
1,254
23, 907
9,313
8,059
1,254
24, 125
9,345
8,071
1,274
25, 641
9,484
8,205
1,279
24, 976
9,480
8,196
1,284
24, 571
9,506
8,205
1,301
24, 436
9,557
8,249
1,308
25, 019
9,676
8,350
1,326
8,234
6,650
1,584
6,970
8,850
6,932
1,918
7,307
6,900
5,289
1,611
7,296
7,273
5,633
1,640
7,208
7,473
5,765
1,708
7,131
7,509
5,727
1,782
7,027
7,508
5,664
1,844
6,993
7,489
5,617
1, 872
6,960
7,656
5,797
1,859
6,938
7,757
5,884
1,873
7,023
8,850
6,932
1,918
7,307
8,094
6,144
1,950
7,402
7,353
5,435
1,918
7,712
7,207
5,316
1,891
7,672
7,689
5,774
1,915
7, 654
do
do .
do
do
102, 888
32, 354
33, 079
37, 455
104, 130
29, 831
36, 781
37, 518
8,773
2,776
2,792
3,205
8,857
2,696
3,008
3,153
9,534
3,023
3,019
3,492
9,497
2,952
3,141
3,404
8,915
2,540
3,152
3,223
8,580
2,402
3,097
3,081
8,670
2,463
3,200
3,007
8,271
2,006
3,147
3,118
10, 194
2,045
4,562
3,587
7,545
1,997
2,868
2,680
7,489
2,336
2,431
2,722
9,575
3,074
3,076
3,425
10, 079
3,100
3,363
3,616
do
do
. do _.
do
94, 609
29, 882
30, 369
34, 358
101, 138
30, 943
34, 441
35, 754
8,331
2,600
2,756
2,975
8,255
2,505
2,803
2,947
8,541
2,669
2,771
3,101
8,894
2,843
2,906
3,145
8,357
2,550
2,889
2,918
8,298
2,572
2,843
2,883
8,853
2,683
3,103
3,067
8,440
2,513
2,921
3,006
8,823
2,566
2,991
3,266
8,605
2,483
3,242
2,880
8,346
2,471
3,078
2,797
9,651
2,915
3,413
3,323
9,219
2,632
3,272
3,315
8,491
2,571
8,683
2,587
9,065
2,685
8,809
2,537
8,849
2,621
3,171
3,256
3,104
3,157
8,580
2,349
3 113
3,118
8,414
2,127
3,113
3,174
8, 536
2,170
3,281
3,085
8,916
2,461
3,252
3,203
9,081
2,687
3,204
3,190
9,533
2,897
3,210
3, 426
9,751
2,872
3,415
3,464
8,242
2,573
2,750
2,919
8,622
2,752
2,874
2,996
8,577
2,632
2,967
2,978
8,490
2,599
2,913
2,978
8,662
2,550
3,036
3,076
8,716
2,577
3,082
3,057
8,515
2,618
8,829
2,623
3,145
3,061
8,979
2,636
3, 212
3,131
9,038
2,696
3,164
3,178
9,088
2,566
3,249
3,273
15,130 13, 205
16 717 18 328
-1,096 -5, 123
21, 024
17 769
3,255
-318
-49
do
do ...
do
do
Installment credit extended and repaid:
Unadjusted :
Extended, total
Automobile paper
_ _
Other consumer goods paper
All other
..
Repaid total
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
Repaid, total
Automobile paper
Other consumer goods paper
All other
24,300
9,096
7,900
1,196
mil $
do
_do __
do
_
do
do
do
do
_
3,077
9,004
2,595
3, 183
3,226
do
do
do
do _
8,195
2,527
2,729
2,939
8,589
2,600
2,888
3,101
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: J
Expenditure account:
Receipts (net)..
mil. $.. 1 187,784 1 193,743
Expenditure (excl. net lending)
.do
1 183,072 1 194,460
i 4 712 i —710
Expend acct surplus or deficit (~)
do
Loan account:
i — l 476 i —2 128
Net lending
do
Budget surplus or deficit ( — )
Budget financing, totalt
Borrowing from the public
Reduction in cash balances
i 3 236 i
do
1-3,236
do
do
— 11,146
do... i 7, 910 i
Held by the public
do
Budget receipts by source and outlays by agency :J
Receipts (net) total
mil $
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil. $..
Other
do
Expenditures and net lending, total 9
do
Agriculture Department
do
Defense Department military
do
Health, Education, and Welfare Department
-mil
Treasury Department
National Aeronautics and Space Adm
-108
3,986 -2 459
—2 845
2,459
i 2, 845 -3,986
1,452
i 5, 397 —4, 691
705
1,007
-2,552
-480
17
-66
134
18, 725 11,493 14, filfi
ifi
17, 329
-5, 997 -2, 482
1,396
-112
-150
-114
7,210 -6, 718 -2,323
1,281
-7,210 6,718 2,323 -1,281
5, 997
— 1,347
-4,054
-393
721
66
367 144 i 382 603 379, 316 382 932 382, 603 388 214 392, 545 390 335
279,483 i 284 880 286, 584 288, 036 284, 880 290, 877 293, 593 292, 246
15, 429 15, 773
15 876 16 870
-447 -1,097
326
-245
170
3,206
-121 -1, 341 -1,417 -5, 441
-6,147 -2, 594
5,441
3,206
1,341
121
1,417
2,594
6,147
675
-271
660
240
3 024
2 561 3 306
4,766 -2, 935
681
-712 -2, 903
1,177
3,586
391, 840 395, 274 400, 825 401, 020 402, 342 403, 863 403, 742
294, 808 298, 113 301, 138 301, 798 302, 038 302, 713 302, 442
i 187 784 1 193 743
J 87,249 i 90, 412
i 36, 678 i 32, 829
22,043
10, 701
4, 578
13986
5,258
714
22, 561
9,353
7,329
12, 609
6,281
838
15, 172
7,219
484
18, 725
9,449
4, 278
11, 493
6,110
669
14, 134
7,181
524
15, 429
6,209
4 484
15, 773
10, 579
526
15, 130
6,493
372
13, 205
3,366
3,523
21, 024
9,630
4,015
139,918 i 45, 298
1 23,940 1 25, 203
2 qqo
4,419
5,851
3,769
3,184
5,330
2,962
2,697
2 018
4,108
2,322
2,545
1 717
2,720
1,949
5,943
2 321
3,990
2,326
4,970
2,409
18 057
'320
6,531
Ifi 44*i
320
6,185
15 351
182
6,634
19 327
2,649
6,570
17 495
1,032
6,059
17 443
304
6,160
17, 640
1,157
6,140
16, 728
695
5,851
15, 550
353
6,521
17, 115
886
5,777
16,546
191
5,720
18,646
320
6,309
17, 818
281
6,041
5 485
1,745
332
748
4 809
1,689
285
803
4 950
1,776
378
728
4 626
1,670
268
730
4 720
1,851
282
764
4 866
4,886
1,264
4,758
1,854
5,037
1,699
5,049
1,803
765
827
4,998
1,785
262
765
5,374
1,869
333
962
5,226
1,816
252
881
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 $
i 8 307
i 77 150
1 ^9 3^8
«
do
do
do
-200
22, 561 12, 609 15, 172
14,871 19,344 17, 429
7,690 -6, 735 -2,257
18 330
i 77 872
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
Surplus or deficit (— )
1
22,043 13,986
17,858 16,337
4,186 —2 351
2,952
i 16,924 1 19, 510
i 4, 247 i 3, 749
1 7 fifiQ
1 R fi'vl
ilsis
282
719
9fifi
01 0
806
OQK
794
200.6
95.9
39 2
19.1
46.5
194.8
91.6
34 3
19.6
49.3
196.7
93.5
34 9
19.4
48.9
194.9
89.4
35 7
20.1
49.7
191.7
90.3
32.0
19.5
49.9
'201.8
*89.8
••35.7
*20.6
••54.9
191.3
101.3
78.8
52.1
20.2
13.1
206.3
99.7
76.6
62.0
24.5
14.5
210.9
99.7
76.8
64.4
25.1
14.3
206.7
98.6
75.8
62. 9
24.4
14.8
209.9
98.2
74.6
65 4
25.8
14.7
P214. 2
598.4
*74.0
46
56
5.3
5.6
6.0
'6.0
2.1
-14.2
.4
-11.8
.0
-18.1
.0
' -13. 2
9.3
-11.5
pfiR 4.
*27.1
*14. 2
LIFE INSURANCE
Institute of Life Insurance:
do
do
do
do
IQQ no
10 83
85.10
72.79
67.12
m l7
1 QQ fi8
Government securities*
Corporate securities*
Mortgage loans total
Nonfarm
10.90
8163
72.98
67.32
10.79
84.66
73.16
67.50
201 00
11.07
85.40
73.35
67.69
201 92
11.09
85.84
73.43
67.77
203 15
11.00
86.68
73.54
67.98
203 92
11.03
87.10
73.73
68.06
205 06
11.05
87.76
73.85
68.19
206. 19
10.97
88.18
74.34
68.69
208. 21
11.03
90.13
74.37
68.78
209 88
11.13
91.04
74.44
68.87
211. 50
11.02
92.63
74.52
68.97
Real estate
Policy loans and premium notes
Cash
Other assets
do
do
do
do
6.03
14.76
1 26
8.31
6.06
14 95
1.22
8.43
6.10
15 18
1.41
8.38
6.11
15.35
1.29
8.38
6.16
15.52
1.37
8.51
6.20
15.67
1.38
8.68
6.26
15.81
1.30
8.70
6.31
15.92
1.47
8.71
6.36
16.02
1.59
8.72
6.34
16.11
1.29
8.94
6.45
16^22
1.58
9.03
6.49
16.29
1.56
8.99
r
Revised.
1
*» Preliminary.
Data shown in 1966 and 1970 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
% Revisions for July 1967-Apr. 1969 for budget receipts and expenditures and for Jan .-Mar.
1969 for assets of all U.S. life insurance cos. will be shown later.
9 Includes data for items not shown separately.
*New series.
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-19
1970
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FINANCE—Continued
LIFE INSURANCE— Continued
Institute of Life Insurance— Continued
Payments to policyholders and beneficiaries in
U.S., total—
mil. $__
Death benefits . _.do
Matured endowments
do
Disability payments
do
Annuity payments
do
Surrender values
___ _
do_ __
Policy dividends .
do
15,524.5 16, 449. 4 1, 387. 6 1, 292. 4 1, 405. 6 1, 301. 6 1, 301. 1 1, 348. 1 1, 329. 9 1, 231. 2 1, 810. 9 1, 286. 2 1,328.3 1,571.7 1,414.4
6, 758. 1 7, 017. 3
608.6
613.4
557.3
575.3
549.5
567.9
550.5
681.9
591.5
565.6
519.1
702.0
611.1
952.6
978.3
81.0
85.7
84.3
75.4
72.4
77.0
81.4
81.6
84.8
80.0
78.5
95.6
87.7
204.7
232.9
18.1
19.9
21.1
19.1
18.2
20.7
21.6
17.6
18.2
18.8
20.5
23.8
19.9
1,558.6 1, 757. 1
141.4
153.1
141.2
149.0
146.1
149.4
122.1
160.4
154.5
148.7
166.7
149.7
161.3
2, 721. 6 2, 886. 4
245.2
254.0
256.2
243.2
223.4
235.8
262.7
222.3
229.4
231.5
216.9
275.6
249.7
3,328.9 3, 577. 4
249.4
266.3
289.4
239,6
288.2
247.5
299.7
645.0
283.9
254.7
246.5
308.0
284.7
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :}
Value, estimated total
mil. $-. 159, 283 2193, 593 15, 499 13, 794 15, 205 14,533 230, 883 14, 075 14, 065 14, 758 21,853
113, 500 122, 661 10,511 10, 111 10, 759 10, 093
Ordinary (incl. mass-marketed ord.)
do
9,688
9,652 10, 620 10, 506 12, 325
39, 329 264, 422
3,073
4, 431
3,898
3,887 220, 671 3,860
Group.
do
2,864
9,031
3,729
610
6,454
6,610
Industrial
do
557
548
553
524
497
563
581
523
Premiums collected:
18, 933
19, 940
1,581
Total life insurance premiums
do
1,659
1,707
1,642
1,607
1,475
2,082
1,708
1,596
14, 912
1,214
13, 142
1,264
Ordinary (incl. mass-marketed ord.)
do
1,237
1,248
1,202
1,154
1,457
1,308
1,198
3,492
3,753
273
350
Group
.
.
.
. do
301
330
321
392
307
305
304
94
1,275
1,299
92
Industrial
.
.do
94
93
97
234
91
95
95
MONETARY STATISTICS
Gold and silver:
Gold:
10, 732
Monetary stock, U.S. (end of period) ...mil. S.- 10, 367
Net release from earmark§
do
755
-615
Exports
_
thous. $._ 12, 287
37, 789
Imports
do
236, 905 237, 464
Production:
South Africa
mil. $.. 1, 090. 7
Canada
do
85.2
81.8
United States
do
Silver:
Exports
thous. $_. 1 156, 720 27, 613
Imports
.
do
1 80, 061
64, 957
Price at New York
_dol. per fine oz._ 1.791
1.771
Production:
Canada
__
thous. fine oz1.. 41, 926
Mexico
._
do
42, 904
United States
. .
do
41, 552
47,483
Currency in circulation (end of period)
bil. $..
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
.
bil. $
Currency outside banks..
do
Demand deposits _
do
Time deposits adjustedldo
U.S. Government demand depositsU
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..
New York SMSA
. . do
Total 232 SMSA's (except N.Y.). . . do
6 other leading SMSA'sd" do
226 Other SMSA's
do
12, 194
8,828
2,832
536
12, 580
9,615
2,401
564
17, 020
11, 895
4,503
622
16,237
11, 015
4,487
735
10, 732
-38
2,614
20,795
11,367
-2
272
13, 865
11,387
33
24, 068
12, 398
11, 367
_i
159
11, 602
11,367
23
239
29,516
11,367
-66
449
11, 531
11,117
-328
330
27, 115
11,117
-6
253
14, 536
11,117
-27
618
62, 760
10, 732
-282
10, 671
14, 223
10, 732
-32
15, 473
10, 411
10, 732
-23
2,379
37, 721
10, 732
-76
9,774
20, 296
92.8
6.6
94.5
7.0
96.6
7.2
95.2
6.8
96.3
6.3
96.2
6.6
96.6
6.9
6.5
6.8
7.0
6.6
6.7
3,414
8,004
1.853
4,423
4,298
1.670
1,815
4,592
1.639
1,268
3,741
1.687
2,870
6,676
1.798
1,888
5,301
1.802
1,079
4,419
1.746
1,277
3,763
1.760
5.890
4,876
1.635
4,218
5,267
1,640
1,970
2,746
1.600
3,273
5,204
1.669
2,661
5,907
1.726
3,503
3,497
2,983
3,513
4,893
4,457
4,171
10, 332
4,422
3,164
3,380
3,707
4,262
3,735
3,336
5,280
54.0
57.1
53.0
53.7
54.4
54.5
54.7
54.8
55.0
56.4
57.1
55.3
55.6
56.3
56.3
201.5
44.8
157.0
198.8
5.6
210.0
47.7
162.3
208.4
6.4
209.3
46.6
162.6
199.3
5.3
205.3
47.3
158.0
201.1
6.4
207.8
47.7
160.1
202.3
6.5
209.0
48.3
160.7
208.1
6.8
208.7
48.3
160.4
214.0
7.1
211.4
48.2
163.1
218.4
6.8
213.0
48.5
164.5
222.5
6.1
215.3
49.2
166.1
224.6
5.6
221.1
50.0
171.1
228.7
7.1
221.3
49.1
172.1
234.5
6.6
215.5
49.2
166.3
240.3
8.3
217.4
49.5
167.8
246.9
5.4
'222.2
50.1
' 172. 1
249.2
5.5
219.9
50.5
169.4
252.1
7.8
208.3
47.1
161.2
198.5
209.2
47.7
161.6
200.3
209.6
47.8
161.9
202.2
210 6
48.1
162.5
208.2
211. 8
48.2
163.7
213.2
212.8
48.2
164.6
218.5
213.0
48.5
164.5
222.2
213.5
48.7
164.8
225.0
214.6
48.9
165.7
230.4
214.8
49.2
165.5
235.3
217.3
49.6
167.7
240.9
219.4
50.0
169.4
246. 1
' 221. 1
50.5
' 170. 5
248.3
224.1
50.9
173.2
251.3
72.8
149.7
52.1
75.8
42.5
73.4
150.6
53.3
78.4
43.0
73.1
149.3
52.7
77.5
42.7
73.1
145.3
53.6
79.4
43.1
75.7
162.8
52.5
77.9
42.2
75.3
161.0
53.0
77.9
42.8
78.1
175.9
53.4
78.4
43.2
75.6
168.5
51.6
75.8
41.8
77.0
170.6
52.4
76.7
42.6
76.4
168.3
52.8
77.3
42.9
82.2
191.3
54.2
80.1
43.9
79.6
183.5
53.4
76.8
44.1
80.6
185.6
54.5
79.3
44.7
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SE O.Net profit after taxes, all industries
mil. $.. 33,248
Food and kindred products.
do
2,382
Textile mill products _
do
621
Lumber and wood products (except furniture)
mil. $
640
Paper and allied products
. .
do
987
Chemicals and allied products
do
3,591
Petroleum refining
do
5,884
Stone, clay, and glass products
do
822
Primary nonferrous metal
.
do
1,414
Primary iron and steel
do
1,221
Fabricated metal products (except ordnance,
machinery, and transport, equip.)
mil $
1,326
Machinery (except electrical)
do
3,138
Elec. machinery, equip., and supplies
do
2,594
Transportation equipment (except motor
vehicles, etc.)
mil. $..
945
Motor vehicles and equipment...
_ _ _ d o 2,845
All other manufacturing industries
do..."
4,835
Dividends paid (cash) , all industries
do
15, 058
Electric utilities, profits after taxes (Federal Reserve)
_
mil. $
3,186
28, 572
2,549
413
7,966
611
96
6,973
701
110
6,739
664
98
6,995
612
93
304
719
3,434
5,893
627
1,297
692
91
210
913
1,435
211
402
215
93
161
849
1,437
225
280
154
55
136
799
1,633
157
234
110
88
128
907
1 524
69
210
204
1,066
2,689
2,349
324
763
640
290
657
556
187
621
676
226
520
542
593
1,424
4,522
15,0
175
739
1,140
3,873
138
60
1,263
3,405
115
99
1,153
4,025
101
867
903
3,805
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total... .
By type of security:
Bonds and notes, total
Corporate
Common stock
Preferred stock
mil. $
52, 747
v 88, 665
5,891
9,548
6,985
5,896
8,155
8,199
8,353
9,040
7,651
'7,438
'6,523
11,070
7,641
do
"do"""
do
do
44, 351
18, 348
7,714
682
79, 985
30,264
7,292
1,388
5,190
2,469
634
67
9,080
3,441
399
69
5,964
2,368
799
222
5,279
2,151
529
88
7,817
1,935
246
92
7,495
2,814
528
176
7,270
2,694
903
180
8,142
3,283
774
124
6,941 ' 6, 949
3,270 '2,627
541
'413
'76
168
' 5, 998
'2,476
'424
100
9,778
4,782
99
311
6,225
2,591
878
537
'Revised.
* Preliminary.
1 Monthly data beginning July and annual total figures
exclude silver coin.
2 Includes $17.2 bil. GLI.
{Revisions for Jan. 1968-Feb. 1969 will
be shown later.
§0r increase in earmarked gold (—). eBegirming Dec. 1970 SURVEY, data reflect new benchDigitized marks and changes in seasonal factors, as well as the improved handling of international
for FRASER
transactions of specialized banking institutions. Revised monthly data back to 1959 will
be available later. ^[At all commercial banks. OTotal SMSA's include some cities and counties not designated as SMSA's. ^Includes Boston, Philadelphia, Chicago, Detroit, San
Francisco-Oakland, and Los Angeles-Long Beach.
SUBVEY OF CURRENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
June 1971
1970
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov. | Dec
Jan.
Feb.
Mar.
Apr.
3,980 '3 115 r 3 ,000
1,056
'661
716
'84
90
' 118
1,069
955
'676
6,075
2,417
111
1,452
4,007
1,115
109
1,265
'89
683
'314
161
532
1,038
347
269
576
4,995
517
2,104
3,634
467
1,859
May
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate total 9
mil. $
Manufacturing
do
Extractive (mining)
do
Pub lie utility .
-do. .
26, 744
6,356
1,721
6,736
38, 944
10, 513
2,082
11, 017
3,170
689
211
1,109
3,909
817
327
600
3,389
939
358
1,103
2,768
638
139
843
2,273
683
70
630
3,518
994
193
1,241
3,777
1,006
180
1,101
4,182
1,107
186
1,350
2,146
2,188
4,409
2,280
5,142
5,497
154
62
597
63
1,747
231
119
354
355
223
144
526
125
279
370
145
445
347
138
371
586
177
693
580
365
282
968
26,003
do
4,765
__do
do. . . 11,460
49, 721
14, 831
17, 762
2,721
387
1,625
5,639
3,701
974
3,596
819
1,058
3,128
405
1,310
5,882
3,573
1,318
4,681
1,428
1,650
4,576
412
1,882
4,858
2,414
1,684
3,671
402
2,245
4,323 '3,522
431
436
1,823
2,614
11,460
11,783
17, 762
17,880
1,625
1,046
974
1,387
1,058
2,035
1,310
1,113
1,318
1,226
1,650
2,049
1,882
1,216
1,684
2,022
2,245
2,254
2,614
1,552
1,823
1,886
2,104 ' 1, 859
2,452 ' 2, 482
1923
17,445
12,803
i 2, 286
806
5,985
2,248
784
5,433
2,222
748
5,281
2,009
22,180
2,083
2,236
2,163
2.197
2,286
2,452
2,743
2,798
2,660
68.6
79.0
61.5
72.3
62.8
71.9
61.2
67.8
59.4
67.5
59.0
70.6
60.0
73.8
60.8
72.7
61.3
71.9
61.9
75.0
64.7
79.8
66.5
79.9
66.8
81.5
65.8
82.8
65.0
80.4
63.7
75.6
64.49
60.52
60.89
57.78
57.37
60.59
59.20
60.10
60.44
63.27
65.63
66.10
66.78
67.94
67.57
65.72
4, 501. 18 4, 763. 27
5, 123. 47 6, 299. 55
310. 25
384. 02
300.39
465.04
645.56
824. 44
370. 56
536.56
311. 80
442. 43
400.69
516. 87
417. 18
538. 59
398. 18
506. 43
648. 58
828. 96
703.09
866. 98
710. 03
843. 48
766. 76
879. 80
766. 33
877. 50
3, 550. 33 4, 328. 33
4 123.33 5, 554. 92
275. 85
337. 06
264.77
374.22
608. 25
743. 34
344.53
489. 26
289. 98
401. 69
358.08
443. 37
382. 93
485. 02
370.35
460.35
605. 01
760. 03
631. 95
753. 59
624. 69
720. 88
682.48
767. 53
688. 22
782. 02
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $_.3, 646. 16 4, 494. 86
329. 77
448. 20
360. 69
394. 13
349. 78
396.30
370. 23
404. 43
557. 12
641. 95
541.68
600.80
615.41
574. 79
Transportation §
Communication
Financial and real estate.Noncorporate, total 9
U S Government -State and municipal
..
do
__ do _
do
State and municipal issues (Bond Buyer) :
Long-term _
Short-term
do
do
' 167
'391
••667
2,086
1,830
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
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited1
dol. per $100 bond-Domestic municipal (15 bonds)
do
U.S. Treasury bonds, taxable^
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $
Face value
do
New York Stock Exchange:
Market value
Face value
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A.. _
Baa
. do
do
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
U.S. Treasury bonds, taxable©
7.36
8.51
8.20
8.46
8.77
8.85
8.73
8.68
8.63
8.65
8.35
8.04
7.75
7.84
7.86
8.03
do
do _do
do
7.03
7.20
7.40
7.81
8.04
8.31
8.56
9.10
7.83
8.03
8.22
8.70
8.11
8.24
8.49
8.98
8.48
8.58
8.76
9.25
8.44
8.64
8.92
9.40
8.13
8.49
8.85
9.44
8.09
8.47
8.78
9.39
8.03
8.44
8.71
9.33
8.05
8.42
8.74
9.38
7.64
8.13
8.48
9.12
7.36
7.90
8.15
8.74
7.08
7.67
7.85
8.39
7.21
7.73
7.96
8.46
7.25
7.74
7.99
8.45
7.53
7.84
8.14
8.62
do
do
do
By group:
Industrials
Public utilities
Railroads
percent..
7.25
7.49
7.46
8.26
8.67
9.04
8.00
8.37
8.34
8.19
8.72
8.59
8.55
9.06
8.76
8.61
9.01
9.11
8.44
8.83
9.19
8.40
8.80
9.10
8.35
8.74
9.06
8.37
8.77
9.06
7.95
8.45
8.96
7.57
8.17
8.70
7.24
7.94
8.39
7.36
8.08
8.39
7.43
8.05
8.37
7.68
8.23
8.40
do
_do
5.79
5.81
6.34
6.50
6.79
6.55
7.12
7.02
6.79
7.06
6.40
6.69
6.16
6.33
6.39
6.45
6.40
6.55
5.41
6.20
5.58
5.70
5.16
5.70
5.34
5.55
5.15
5.44
5.69
5.65
5.70
6.14
do
6.10
6.59
6.53
6.94
6.99
6.57
6.75
6.63
6.59
6.24
5.97
5.91
5.84
6.71
5.75
5.96
8.98
9.83
4.61
4.60
6.40
9.44
8.99
9.76
4.69
3.92
6.77
10.44
9.10
9.93
4.70
4.02
6.70
10.45
8.96
9.71
4.70
4.02
6.70
10.48
8.95
9.69
4.71
4.02
6.70
10.48
8.95
9.70
4.71
3.95
6.70
10.48
8.94
9.70
4.71
3.79
6.70
10.48
8.93
9.70
4.71
3.79
6.82
10.48
8.91
9.67
4.71
3.79
6.82
10.48
8.84
9.56
4.72
3.79
6.90
10.49
8.85
9.57
4.73
3.79
7.13
10.49
8.91
9.64
4.74
3.82
7.28
10.52
8.84
9.54
4.74
3.82
7.28
10.57
8.84
9.55
4.75
3.82
7.28
10.57
8.85
9.57
4.78
3.82
7.28
10.57
8.85
9.55
4.78
3.85
7.28
10.57
262. 77
313. 15
94.55
93.90
226. 70
270.83
79.06
65.61
222. 65
263. 96
80.06
68.32
209. 44
248. 12
74.91
62.07
198. 30
236. 81
68.96
52.39
212. 90
252. 79
74.55
56.18
221. 25
264. 25
77.17
57.02
226. 91
272. 90
75.66
65.13
224. 96
272. 65
74.15
61.70
235.68
285. 04
81.54
64.62
248. 66
298. 78
88.59
72.50
256.44
306. 35
90.82
77.38
258. 89
312. 77
87.70
79.23
268.58
326. 01
89.49
80.28
277. 35
339. 59
85.82
87.10
263.90
324. 75
81.51
83.44
3.42
3.14
4.88
4.90
3.72
3.37
3.97
3.60
5 94
5.97
4 03
4.02
4.09
3.76
5.87
5.88
4.14
4.29
4.28
3.91
6.27
6.48
4.29
4.67
4.51
4.09
6.83
7.67
4.30
4.61
4.20
3.84
6.32
7.03
4.01
4.19
4.04
3.67
6.10
6.65
3.83
4.15
3.94
3.55
6.23
5.82
3.99
4.01
3.96
3.55
6.35
6.14
4.27
4.05
3.75
3.35
5.79
5.87
4.16
3.88
3.56
3.20
5.34
5.23
4.04
3.59
3.47
3.15
5.22
4.94
4.24
3.45
3.41
3.05
5.40
4.82
4.16
3.33
3.29
2.93
5.31
4.76
3.74
3.23
3.19
2.82
5.56
4.39
3.95
3.27
3.35
2.94
5.86
4.61
4.26
3.35
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials
do
Public utilities...
..do.
Railroads
do.
N.Y. banks
_.
do
Property and casualty insurance cos
do
Price per share, end of mo., composite
do
Industrials
do
Public utilities
....do.
Railroads
do
Yields, composite
_
Industrials
Public utilities
Railroads
N.Y. banks . .
Property and casualty insurance cos
percent..
do..
do
do
do
do
Earnings per share (indust., qtrly. at arm. rate;
pub. iitlL and RR., for 12 mo. ending each qtr.)
17.19
Industrials
dollars..
15.54
17.66
6.90
Public utilities
do
6 92
6 89
5.21
Railroads
_ do
7.28
"3.56
r
Revised.
* Preliminary.
1 End of year.
2 Because of changes in series, data
beginning July 1970 are not directly comparable with those for earlier periods.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data restated to include "other transportation" in addition to railroad data formerly shown.
"17.25
' 15. 69
14.10
"6.92
6.89
6 82
"3.56
4.42
d"Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
June 1971
SURVEY OF CUKEENT BUSINESS
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1 1970
Annual
S-21
1970
May
Apr.
June
July
Aug.
1971
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..
6.41
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
7.26
7.57
7.62
7.41
243. 92
753.19
255. 71
771. 65
114 44
167 46
227. 99
691. 96
103. 19
146. 29
224 18
699. 30
99 15
137 53
223.29
229.99
108 75
152 36
97.84
83.22
85.95
76.06
75.59
75.72
107. 13
103. 75
do
do
do
do
do
6.98
876. 72
123. 07
221. 02
Standard & Poor's Corporation.^
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10..
7.22
301. 35
Prices:
Dow-Jones averages (65 stocks) _ _
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks) _
91.28
94.01
93.18
83.16
82.96
80.77
83.00
77.99
87.06
62.64
45.95
87.87
80.22
54.48
82.28
57 19
32 13
36.05
80.47
71.65
51.15
31.10
73.10
49.22
28.94
712. 80
102 83
125.75
7.33
7.30
6.88
57
38
79
25
245 02
763. 72
106 68
152 66
246 16
263.81
110 98
148 37
118.88
160.34
77.92
82.58
84.37
84.28
90.05
93.49
85. 40
90 66
92.85
87.90
92 58
98.72
102 22
54 86
30 80
88.69
59.96
32.95
731. 97
105. 36
130. 91
26.59
78.38
74.76
52.62
26.74
44.21
73.10
50.91
7.31
240
759
108
141
84.96
79.65
82.12
53.37
54 44
29 14
31.73
769.23
86.47
83.09
821. 51
92.12
6.53
279
849
124
180
62
04
86
85
6.32
6.48
309 11
122 92
217 16
307. 39
925. 49
117 75
221. 10
97.11
99.60
103.04
101.64
106.62
101.58
95.38
113.68
109.38
102. 41
112. 41
108. 61
101. 96
14
69
77
79
296
901
123
200
36.64
38.78
91.72
63 43
6.82
67
29
22
65
290
879
123
193
109.59
104.69
98.54
62.42
39.70
95.97
6.59
62 49
932.54
62.06
42.29
59.20
42.05
Banks:
New York City (9 stocks)
do.._.
Outside New York City (16 stocks).... do....
45.39
87.73
43.83
77.06
45.21
39.65
70.75
41.03
71.16
42.12
72.07
76.07
45.22
79.49
43.51
79.39
42.66
77.37
45.11
81.13
46.88
87.48
45.96
86.58
48.02
89.58
49.05
79.47
93.01
46.24
88.82
Property-liability insurance (16 stocks)., do
85.43
78.34
82.45
67.40
69.94
71.10
72.48
77.07
81.56
79.73
88.33
95.96
101. 59
103.88
112. 76
114.06
45.72
47.51
49 47
34 99
39 49
64 07
41.65
41.28
43 40
28 51
33 74
54 21
41.15
43 04
45.10
47 43
30 43
36 74
60 13
45.84
63.42
54.89
48
32
36
59
43
71
60
66
56.81
60 65
43 35
41 73
73 91
56.00
54 00
42.28
44.20
27.66
35.74
56.05
49.00
03
14
24
00
130 531
4 567
11 130
10,704
387
10 024
341
8,554
378
8,026
299
11 027
8 718
8 566
240
272
8 000
3,174
103 063
3 213
282
6,985
250
6,443
216
2,851
2 937
223
258
226
228
629.45
612 49
15 522
553 80
15 348
516. 39
15, 552
491 21
15 677
531.08
15,823
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
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $
Number of shares listed
millions
54.67
57.44
46.96
42.80
70 49
175, 298
4,963
129,603
15, 082
48
32
37
60
43.33
29.85
35.48
54 58
401
26.46
34.90
46.06
87
3g
01
04
12 176
54
23
71
40
51 68
33 70
61 95
51.29
53 72
37 76
42 52
66 41
9 239
13 715
13 769
17, 234
18, 721
18, 678
581
581
13, 628
14 661
48
31
36
57
39.93
56
40
42
68
45
37
30
19
601
58
41
41
70
458
324
470
8 721
9 701
329
11 289
11 036
304
7 308
375
428
397
303
262
230
335
349
371
390
402
555. 49
15, 869
579 75
15 930
570 41
15, 981
598. 64
16, 023
612. 49
15, 522
668 01
16 100
678. 13
16, 181
709.33
16,306
734. 34
16, 375
427
234
350
510
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), incl. reexports, total
mil. $.. 38, 005. 6 43,226.4 3,646.3 3,939.9 3,769.6 3,592.4 3,305.7 3,374.0 3, 975. 3 3,544.8 3,736.9 3,532.3
Excl. Dept. of Defense shipments
Seasonally adjusted.
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
.
do
do
37, 331. 7 42, 661. 7
3,596.9 3,906.2 3,717.9 3,549.7 3,264.8 3, 335. 2 3, 916. 7 3,494.1 3,685,2 3,481.8
3,409.1 3,660.9 3,730.2 3,699.1 3,592.4 3, 553. 4 3,688.7 3,499.3 3, 570. 2 3, 735. 4
do
do
do
By leading countries:
Africa:
United Arab Kepublic (Egypt)
Republic of South Africa
do
do
67.2
505.5
do
do
do
do
Indonesia.... . _
Philippines
Japan
do
do
do
Europe:
France.. .
East Germany.
West Germany...
do
do
do
Asia; Australia and Oceania:
Australia, including New Guinea
India
_
Pakistan . . .
Malaysia
_... .. _
Italy
Union of Soviet Socialist Republics
United Kingdom
3, 527. 0 4, 107. 9 3,829.0
3, 689. 7 3,814.6 3,543.1
do
do
do
840.9
292.3
277.0
866.1
270.1
258.6
861.7
286.3
265.6
729.2
273.8
281.9
680.4
266.6
279.9
741.7
253.7
249.8
770.1
320.1
333.7
709.3
286.8
267.2
712.1
273.9
285.7
686.4
246.6
292.7
768.6
244.8
262.1
943.5
274.7
282.8
883.8
271.9
281.7
80.7
562.7
13.9
47.2
7.0
48.7
6.0
54.0
4.0
53.8
5.0
53.0
5.0
48.1
4.1
48.7
7.6
48.7
5.5
44.4
10.3
53.4
6.0
56.8
3.0
50.9
4.2
44.0
860.0
517.1
194.9
50.8
1, 003. 1
573.2
325.4
66.6
65.0
33.5
23.4
4.3
80.0
61.1
28.2
5.2
91.7
40.1
37.9
7.0
101.7
54.3
23.7
6.5
74.2
34.9
28.4
5.4
78.4
37.0
18.3
5.3
137.4
52.0
33.8
4.8
80.0
40.2
17.0
5.0
70.3
66.8
45.2
6.8
74.6
49.7
28.8
6.1
91.9
48.0
19.4
5.3
77.5
61.7
30.2
5.0
91.7
87.1
16.9
5.0
201.1
374.3
3, 489. 7
264.4
373.2
4,652.0
16.9
35.8
349.3
20.6
37.4
361.6
21.3
40.6
415.4
29.7
29.3
415.3
12.4
30.7
377.5
17.5
27.0
385.2
27.4
33.7
424. 4
32.8
29.4
386.1
23.7
26.2
431.8
25.2
23.0
364.2
22.0
31.0
364.9
18.3
30.8
364.2
17.3
30.4
331.2
1, 195. 1 1,484.3
32.4
32.5
2, 142. 1 2, 740. 2
169.5
2.5
199.3
143.1
3.2
330.2
117.6
1.5
227.7
129.6
2.1
217.6
107.7
2.6
208.9
110.2
3.1
211.3
127.1
3.0
260.4
107.2
.5
218.7
132.9
3.8
222.0
122.8
4.3
219.0
105.1
2.9
221.1
144.6
2.2
254.3
124.7
1.5
298.1
1, 261. 5
105.5
2, 334. 6
114.6
5.6
202.8
150.9
13.3
272.6
110.7
8.9
212.8
134.3
6.1
210.1
91.4
6.0
177.7
88.1
12.2
200.9
111.6
11.7
136. 9
97.1
9.3
220.8
121.1
16.6
208.9
108.6
11.6
207.6
123.9
11.3
215.9
123.6
18.4
283.7
119.5
12.2
189.4
709.3
728.8 680.4
741.7
770.1
affect continuity of the series.
9 Includes data not shown separately.
712.1
686.3
768.6
943.5
883.8
9, 137. 6 9,084.8
2, 761. 1 3, 287. 4
2,814.4 3, 245. 5
1,352.8
118.4
2, 536, 8
North and South America:
Canada
__
do
9. 137. 0 9. 083. 8
840.9
866.0
861.5
Revised.
cf Number of stocks represents number currently used; the change in number does not
r
3, 558. 3 4, 156. 0 3,873.0
do
137.2
149.2
1, 391. 6 1, 579. 1 139.1
132.1
151.0
121.5
139.4
151.7
148.9
126.1
131.3 139. 3
163.8
do
8, 261. 4 10, 022. 8 750.1 821.4
786.5 921.4 818.7 960.3 842.9
890.7 878.0 778.9
821.7 903.1 889.6
105.8
._ .do _
121.1
91.8
103.3
997.9 1, 188. 2
77.2
93.0
90.7
103.8
94.2
88.9
156.6
83.5
103.6
do
12, 641. 6 14,818.6 1, 272. 0 1,482.2 1, 213. 7 1, 175. 8 1, 083. 3 1, 126. 7 1,342.1 1,220.0 1,282.0 1,223.1 1, 193. 6 1, 512. 0 1,303.0
Northern North America . .
Southern North America
South America
.
21
48
70
89
14,850
415
219
60
45
39
70
303
706. 82
16, 471
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
June 1971
1971
1970
Apr.
May
July
June
1
Aug. i Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
474.6
4i. 1
103.5
21.3
28.5
125.4
54.9
444.0
31.1
70.7
17.6
34.7
129.4
62.4
487,3
29.0
77.5
19.0
39.0
144.2
66.9
484.3
34.6
80.0
18.5
31.5
137.3
71.8
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America— Continued
Latin American Republics, total 9
Argentina
Brazil
.
Chile
Colombia
IVtexico
Venezuela
mil. $
do
do
do
do
do
do
4, 869. 2 5, 696. 2
378.3
441.5
672.0
840.6
314.6
300.4
302.8
394.9
1 449.5 1 703 7
708.2
759 3
502.1
41.9
66.9
26.0
43.9
155.2
59.6
461.5
27.6
71.0
20.5
37.0
142.7
60.4
483.0
35.3
66.0
27.7
31.6
150.4
63.8
482.6
41.0
65.8
32.8
39.0
143.0
60.6
479.0
36.5
73.2
29.2
29.4
136 6
70.0
445.0
39.4
64.2
21.4
24.2
134.5
63.2
568.4
42.4
115.8
22.4
35.1
161 3
76 6
476.9
28.2
71.8
25.8
32.2
147. 1
61.0
490.0
40.1
77.2
22.7
35.9
145 6
61.3
37 461 6 42 593 3 3 591 3 3878 7 3 722 2 3,530.8 3257 1 3, 321. 4 3 902 4 3, 495. 7 3, 686. 1 3 484. 1 3, 501. 7 4, 106. 6 3, 807. 7
Exports of U S merchandise total
do
Excluding military grant-aid . _ . _ _ _ d o _ _ . 36, 787. 7 42, 028. 5 3,541.9 3,845.0 3,670.4 3,488.1 3,216.3 3, 282. 6 3, 843. 9 3, 445. 0 3, 634. 4 3, 433. 6 3, 470. 4 4, 058. 5 3,763.8
558.3
528.5
593.4
719.5
715.9
633.5
567.1
561.1 724. 1
671.6
5 936.4 7 173 7 553.8
635.7
746.1
Agricultural products, total
do
31, 525. 2 35, 419. 6 3, 039. 7 3, 314. 0 3, 129. 9 2, 972. 0 2, 729. 9 2, 760. 4 3, 178. 3 2, 776. 2 2,939.9 2,812.5 2, 866. 0 3, 390. 7 3, 174. 2
Nonagricultural products, total
do
By commodity groups and principal commodities:
Food and live animals 9
mil. $
Meats and preparations (incl poultry) do
Grains and cereal preparations
do
3 732.7 4 349 2
199 4
174 8
2 127 1 2 588 4
319.7
14.1
179.5
325.0
14.4
190.9
336.7
14.3
195.9
370.6
12.1
214.4
361.5
14.9
209.3
363.9
18.1
216.1
459. 0
17 9
289 6
419.6
19.7
252.9
405.1
13 7
254 5
382.7
12.8
233.1
356.0
13.4
222.5
388.2
16.8
226.0
343.0
14.3
195.8
Beverages and tobacco
do
713.5
701 7
47.7
56.3
59.1
53.0
43.7
64.7
75.8
92.5
80.1
56.6
47.0
67.0
57.9
Crude materials inedible exc fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores concentrates and scrap
do
do
do
do
3 568.6
280.2
822.4
710 7
4 608 5
372.2
1 215 8
938 2
396.8
37.0
110.4
72.8
387.4
38.2
97.9
88.6
409.9
33.9
104.7
77.6
359.8
24.5
70.5
94.0
359.3
10.7
81.1
93.5
344.2
11.1
83.7
86. 1
419. 5
22.9
128.3
85 7
409.3
32.7
135.8
71.2
448 9
46.8
141.3
69 2
382.9
57.6
106.1
56.2
363.8
59.5
101.5
38.1
409.4
74.6
110.2
45.7
381.9
62.4
102.9
48.2
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
do
do
do
1 130.2
636.3
433 3
1 594 1 129.5
1 044 1 83.2
39.8
487 3
134.9
90.2
41.6
142.6
98.7
38.6
141.0
91.8
43.1
128.5
88.3
35.1
147.3
102.0
40 3
169.6
113.7
50 3
132.1
88.4
39.0
161 9
106 9
47 2
119.5
76.8
35.7
121.4
77.9
37.4
130.1
82.5
43.0
141.8
86.4
50.0
Animal and vegetable oils fat^ waxes
dc
307 6
493 0
31.1
41.6
55.2
43.8
40.4
44 0
40 3
32.5
56 0
51 7
51.5
56.5
54 2
Chemicals
do
3 382 6
3 826 1
324.8
354.1
340.9
326.1
304.5
286.0
325 7
284.4
306 0
27Q 7
295.6
335.6
323.9
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
do
do
do
do
4 554.0
575 6
972 9
711 5
5 067 0 452. 0
50.5
603 2
1 270 1 127.1
83.2
892 5
483.9
53.0
142.1
90.9
455.4
52.0
117.7
78.5
417.3
44.6
115.1
70.3
396.0
46.4
103.2
60.8
380.6
46.7
86.9
63.0
411.0
53 7
84 7
73.3
375.5
49.7
81.3
56.6
387
51
77
67
372.9
53.3
70.5
64.0
357.2
46.8
60.3
59.8
404.5
56.3
67.9
61.4
388.6
53.9
65.8
60.2
Machinery and transport equipment,
Machinery total 9
Agricultural
Metalworking
Construction excav and mining
Electrical
Transport eauipment, total
Motor vehicles and parts
Miscellaneous manufactured articles
total
mil $ 16 402 8 17 875 4 1 564 3 1 765 Q 1 545.9 1, 468. 5 1 299.2 1 363 7 1 654 2 1 419. 1 1 472 7 1 489 3 1, 580. 7 1, 948. 3 1 728 1
977.7
999.0
899.0
939.3 1, 001. 3
904 4 1 059 3 928.2
978.8 956.3 897.0 1, 073. 6 1, 012. 3
do
9 864 0 11 371 6
52.3
61.4
46.0
48.1
49.5
44.1
56.0
49.3
57.9
60.7
44.8
do
51.7
58 2
644 4
628 1
35.7
35.4
29.3
40.1
31.7
34.9
32.6
37.4
36.6
32.6
42.5
do
30.8
33 3
343 4
395 7
127.8
135.1
117.0
113.1
122.7
122 3
114.4
116 9
143 2
112 4
108 5
do
128 Q
1 248 0 1 422 4 113.6
245.2
264. 5
232.1
253.5 261.6
271.6
236.5
264.0
255.1
247.0
255.0
do
236.7
277.6
2 677 0 2 999 7
490.8 400.3
546.9
491.0
683.7 874.7
764.6
493.9
532.9
715.8
459.4
do
594 8
6 538 8 6 503 8 625.0
354.8 256.7
251.9
339.8 412.6
350.8
247.8
358 7
320 3
260 9
288 0
do
289 7
3 787 3 3 549 3 352 0
213.7
248.1
214.9
211.5
2 571 4
221.6
205.9
231.2
213.4
212.1
208.1 209.4
229 8
do
211.2
2 445 7
1 224 0
Value of Imports
General Imports, total
Seasonally adjusted
.
By geographic regions:
Africa
_. .
Asia._
_._
_
Australia and Oceania
Europe
,
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egvpt)
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 Q
Argentina
Brazil .
Chile
Colombia
Mexico
Venezuela
r
Revised.
<= Corrected.
9 Includes data not shown separately.
8
4
5
5
do
do
1 507 0
36 042. 8 39 963 2
115 4
118 6
3 391 1 3,175.6
3,263.2 3,337.8
156 0
136.4
119.3
115 8
117 6
115 6
159 4
139 4
116 9
119.0
157 1
3,504.2 3,311.5 3,116.0 3,451.9 3, 598. 9 3, 405. 8 3, 555. 5 3, 422. 0 3, 193. 8 3, 911. 5 3, 897. 6
3,265.5 3,254.5 3,346.2 3,428.2 3, 500.5 3,428.4 3,404.3 3,686.3 3, 553. 4 3, 569. 2 3, 757. 8
do . 1,046.3 1, 110. 6
do
8, 275. 4 9, 625. 9
do
828 4
870 9
do
10 333 6 11 400 9
104.5
752.5
57 4
979.8
90.6
740. 1
54.8
898.5
85.8
76.8
73.9
978.3
87.0
990.0
89.6
860.8
96.0
98.0
91.8
87.4
82.8
932.8 902. 4 841.3 836.4 851.4
57.1
88 0
74 1
75 6
62 8
915.3 1 033 9 1 033 6 1 025.4 1, 006. 4
113.1
94.7
80.2
979 5
68.6
63.2
45. C
907.2 "1,152.8 1, 108. 1
do
do
do
10 386 9 11 093 9
2 516 8 2 881 4
2 643 i 2 °55 4
951 2
274 7
268 1
942.6 1, 017. 1
259.6
243.0
259.1
203.0
851.9
224.7
235.7
759.5
207.3
259.1
916 9
204 8
256 2
937.3 <=!, 140.1 1, 081. 5
245.2 e 300. 9 278.8
263.4
191.3 « 266. 2
4 2
33 6
2.3
20.6
2.4
20.0
1.5
22.1
.4
20.2
15
27 9
94.2
cox 9
1 019 9
227 5
249 5
941 3
217 1
225 4
978 3
261 6
266 0
906.1
236.4
265.2
•7
17 6
5
22 7
9
31 4
.4
20.9
1.4
20.2
2.5
25.4
2.4
19.5
do
do
37 8
246 3
22 9
288 0
do
do
do
do
do
do
do
595 0
344 0
73 1
307 4
193 7
422 6
4 888 2
622 7
298 1
80 2
270 2
182 2
475 9
5 875 3
3
2
8
1
1
6
3
38 1
20.6
6.2
23.3
11.5
42.1
443 9
60,2
24.5
7.5
25.9
15.1
40.0
486.1
57.4
21.1
7.1
17.1
9.9
45.7
512.7
60.5
17.9
5.6
12.7
12.7
53.9
541.9
55
17
4
23
14
59
571
4
5
3
4
5
1
9
51 1
31 3
61
21 0
17 5
41 8
565 8
45
26
7
20
15
35
529
8
1
6
5
6
4
4
56 2
25.9
8.3
29.7
18.4
48.1
488 9
41 6
28.7
9.0
22.0
16.4
26 6
551 0
34 2
21.4
6.5
16.5
14.6
30.3
488 9
41.2
25.4
10.8
21.9
17.3
33.5
555.1
45.8
26.9
7.0
22.6
17.6
47.0
814.5
do
do
do
do
do
do
842 2
80
2 603 4
1 203 7
51 5
2 120 4
75 5
942 1
7
9 4
3 129 6
281 3
1 316 1 121 8
79 9
3 C
2 195 8
179 0
73.0
.5
239.5
104.9
5 3
182.8
79.9
.9
269.7
115.1
4 6
189.0
77.9
1.1
269.0
114.7
6.5
201.7
85.2
.6
236.0
124.1
51
136.5
71 4
5
271 0
97 6
82 4
9
277 3
112 3
Q
9 Q
175 4
212 7
88 9
10
292 0
104 1
59
203 0
95.0
.9
290 1
114.7
6 7
185! 6
89.5
1.1
294.5
117.7
37
184! 4
79.1
.7
267.2
102.2
38
155.1
98.2
1.1
313.9
125.5
7 6
216.6
94.2
.8
313.6
121.0
5.0
205.2
°42 5 1 017 0
851 8
079 rt
13 9
57 8
13 5
22 9
83 2
87 2
759 0
916 5
1 019 0
941 3
978.3
906 0
937.1 1, 140. 0 1, 081. 3
418 Q
12 2
49 6
15 2
22 0
110.1
105 2
407 49 7
355 8
9.7
44.4
8.6
15.4
110.9
76.4
do
do
do
do
do
do
do
do
10 383 6 11 091 1
4
91 Q o
43
22
5
22
14
32
474
951 0
A KK
A
16 1
155 3
171 8
616 7
51 5
669 4
151 4
20 9
154 0
24 4
240 4
268 9
1 029 3 1 222 4 129 8
940 1 1 082 1 98 8
13 1
38 3
11 3
24 3
114 9
72 4
13
64
8
25
105
88
0
9
5
6
0
7
2
oeo f\
15
68
10
20
82
86
6
3
9
4
0
2
18 3
56 0
14 4
18 4
80 6
86 4
18
63
14
16
93
80
2
i
1
5
1
9
11 9
66 3
10 1
15 8
91 9
75 3
89.6
10 4
19 1
99.8
87 1
452 6
15.5
38.2
14.5
20.0
126.3
135.3
450.1
13.5
59.8
9.7
23.2
124.2
107.9
May
June 1971
S-23
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
Apr.
Annual
1971
1970
1970
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE—Continued
Value of Imports— Continued
General imports— Continued
By commodity groups and principal commodities:
Agricultural products, total
mil. $
Nonagricultural products, total
__do
4,953.7 5, 664. 9
422.0
454.2
454.7
440.0
434.9
484.9
500.8
555.3
450.6
461.1
534.7
517.7
491.4
31,089.1 34, 298. 3 2, 873. 7 2, 734. 9 3, 012. 7 2,861.3 2, 662. 3 2, 939. 5 3,137.8 2, 970. 9 3,020.8 2, 937. 0 2, 771. 8 3, 410. 7 3,342.3
Food and live animals 9
do
4,530. 6
Cocoa or cacao beans.. _
_ _ do .
168.2
Coffee
do
893.9
Meats and preparations
do
863.7
Sugar
do
638.2
Beverages and tobacco
do
777.8
Crude materials, inedible, exc. fuels 9 _ _ do ._ 3, 460. 1
Metal ores
_.
do
1,012.5
Paper base stocks
do
520.8
Textile
fibers
do
260.1
Rubber
. _ . _.
_ _ do
279.5
5, 378. 9
200.7
1, 159. 5
1,014.5
729.1
855.0
3,312.2
1, 148. 9
501.9
201.7
236.5
488.8
17.4
96.4
80.6
84.2
71.5
260.5
76.9
43.0
21.4
20.7
409.2
15.6
96.3
64.9
49.1
64.9
281.2
103.2
41.2
18.7
19.2
475.5
8.7
114.1
84.3
73.0
70.9
298.7
114 7
42.8
19.4
18.5
436.3
14.9
94.4
97.3
62.6
68.2
280.5
114.3
41.2
15.9
15.7
435.1
12.5
99.7
91.2
74.5
49.8
290.7
117.9
39.7
14.9
15.2
447.8
15.4
83.8
91.3
80.9
63.5
301. 5
117.1
37.2
13.2
18.7
459.3
17.5
103.9
86.0
53.4
87.9
275.7
98.2
40.8
10.2
17.7
423.2
9.8
95.8
75.9
44.5
95.0
266.0
98.7
39.2
10.2
18.4
488.5
18.1
83.6
82,7
76.2
86.9
267.8
91.9
44.4
13.2
18.9
459.7
30.1
124.1
70.2
45.6
63.1
235.4
71.4
37.4
13.0
17.2
385.7
14.5
86.7
64.8
33.9
56.2
208.2
51.1
38.0
12.9
17.2
458.7
14.8
81.3
87.6
67.4
69.0
309.6
94.8
49.9
16.0
15.4
522.1
17.3
110.4
83.7
81.1
70.4
281.6
86.1
44.0
16.0
15.1
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
2, 794. 0
2, 559. 9
136.7
1, 228. 3
3, 080. 8
2, 770. 0
159.6
1, 450. 3
244.9
223.8
10.1
133.2
224.2
193.0
14.2
120.5
246.8
221.5
21.1
121.1
213.1
188.9
13.1
114.1
255.5
231.4
14.9
124. 9
240.4
216.0
9.2
111.9
255.0
229.2
16.0
130.8
239.1
212.8
11.3
119.8
311.1
279.4
21.3
121.3
267.6
237.0
11.9
124.0
255.8
219.5
15.5
125.4
315.6
283.8
16.1
145.5
269.3
234.5
17.6
150.4
_ do__ _ 7,892.9
do
1, 809. 1
do
939.0
do
1, 534. 2
1, 018. 5
do
8,437.4
2, 032. 0
929.6
1, 652. 7
1, 135. 4
691.4
150.2
78.4
145.1
92.8
692.1
164.3
76.5
134.3
93.1
730.3
166.8
76.3
150.8
96.5
726.2
178.3
73.4
136.3
69.2
654.5
171.2
68.1
116.8
89.1
736.1
189.7
76.5
150.9
84.5
768.6
203.5
79.9
136.0
104.0
762.0
239.5
78.1
120.7
99.4
754.4
199.9
93.5
146.7
95.9
719.9
193.7
76.0
123.1
110.0
636.1
180.8
62.6
105.9
97.6
795.7
190.0
83.8
136.4
127.1
824.0
208.1
89.6
152.7
128.4
9, 762. 7 11,171.3 1,012.3
4,488.9 5, 289. 3
453.5
182.7
163.7
14.6
1, 948. 2 2, 271. 9
189.0
909.5 1, 009. 6
459.7
415. 9
12.9
14.1
168.6
198.7
897.4
466.0
16.4
189.1
735. 0
427.4
10.9
203.5
912.0 1,015.8
442.4
477.6
10.3
10.9
210.0
218.2
975.2
450.2
11.5
204.6
986.7 1,033.2 1, 032. 0 1, 236. 9 1, 200. 6
473.3
468.6
413.9
526.9
532.8
9.5
13.5
9.1
10.9
10.7
166.4
191.6
194.8
211.9
217.6
5, 273. 8
4, 618. 4
4, 127. 2
1, 332. 4
5, 882. 0
5, 066. 6
4,843.9
1, 273. 8
558.8
477.1
371.3
107.5
493.6
432.9
363.5
95.6
549.9
483.2
418.4
111.7
431.4
352.0
449.2
113.9
307.7
239.7
450.4
105.7
469.6
402.8
453.8
118.1
538.2
470.4
469.2
120.8
525.0
459.4
406.1
108,3
513.5
440.7
402.5
115.0
104.7
114.5
119.9
110.7
123.9
' 137. 1
110.7
125.3
138.7
110.3
136.5
150.6
111.1
129.4
143.8
111.5
122.4
136.5
110.4
114.1
126.0
111.5
115. 3
126.5
111.5
134.9
150.5
110.6
121.9
134.9
112.3 ' 114. 2
126.7 ' 117. 7
134. 4
142.3
104.2
128.7
134.1
'111.6
' 133. 1
' 148. 6
110.2
137.4
151.3
110.9
127.8
141.7
110.4
141.7
156.4
112.3
131.6
147.8
113.1
122.7
138.3
113.6
135.6
154.1
113.6
141.4
160.6
113.7
133.7
152.0
114.2
138.9
158.7
Manufactured goods 9 __
Iron and steel
Newsprint
Nonferrous metals _
Textiles
do
do
do
do
Machinery and transport equipment
do
Machinery, total 9 _
. _ do
Metalworking
do_
Electrical
_do
_
Transport equipment
do
Automobiles and parts
__do_ __
Miscellaneous manufactured articles
do
Commodities not classified
. do
Indexes t c?
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967-100
Quantity _ _ _
do
Value
..do
General imports:
Unit value
do
Quantity
do
Value _ _ _ _ _ _
. _ _ _
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons
Value..
_
_
,__mil. $_.
General imports:
Shipping weight
thous. sh. tons
Value
mil $
564.7
477.9
389.4
117.6
618.1
535.5
369.5
109.4
709.9
617.2
442.2
122.1
667.8
562.0
436.5
125.0
114.8
118.3
135.9
115.7
137.4
158.9
117.1
125.8
147.4
' 115. 3 ' 115. 9
' 132. 4 '123.0
' 152. 7
142.5
'117.9
'148.0
174.6
116.5
14Q 4
173.9
199,286
19,915
239, 802
24, 395
19, 386
2,013
19,332
2,126
22, 312
2,101
21, 734
2,076
19, 802
1,949
20, 818
1,920
23, 745
2,283
20, 034
2,057
21, 455. '17,431
2,141
1,964
16,003
'1,867
16, 934
2,129
288, 620
21, 570
298, 116
24, 724
24,061
2,043
21, 928
1,919
26, 692
2,151
25,454
2,133
26, 182
2,085
25, 518
2,153
25, 202
2,210
23,045
2,129
27, 150
2,179
21, 448
2,155
16, 998
1,908
29, 103
2,347
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:*
Passenger-miles (revenue)
bil
Passenger-load factor §
_. .
percent
Ton-miles (revenue) , total J
mil
Operating revenues 9
mil. $.
Passenger revenues
do
Freight and express revenues
do
Mail revenues
do
Operating expenses
_
do
Net income after taxes
do
Domestic operations:
Passenger-miles (revenue)
bil
Express and freight ton-miles
mil
Mail ton-miles
do
Operating revenues
mil $
Operating expenses
do
Net income after taxes
do
International and territorial operations:
Passenger-miles (revenue)
bil
Express and freight ton-nrles
mil
Mail ton-miles
do
Operating revenues
mil $
Operating expenses
do
Net income after taxes
do
125 42
50.0
16 898
' 8, 791
7,120
686
296
1131 72
49 7
18 167
i 9, 290
i 7, 627
9 97
50 0
1 434
10 69
48 4
1 520
750
306
12 40
53 2
1 680
2,334
1,911
13 38
56 2
1 759
9 44
10 12
14 31
59 4
1 834
203
74
2,269
1
' 8, 403 i 9, 247
' i 54 -i 201
i 102 72 i 104 16
i 2 126
i 2 216
1
i 715
807
' 1 6 9361i 7, 180
!
7,181
' 6, 613
r
i 31
— i 184
7 77
127 56
i 22 70
1
1 224 11 299
i 54*
!766
2 109
' i l 855
' i l 790
2 066
''i 23
—17
2 20
206
54
8 10
218
53
206
50
189
54
10 88
178
54
112
68
2 96
114
68
563
544
9 20
43 6
1 334
10 94
48 2
1 554
2,218
1,782
189
90
2,355
— 177
10 53
46 0
1 409
9 06
43 5
1 260
10 17
43 7
1 428
7 90
]87
63
7 48
162
63
8 94
178
87
1,729
1,820
—121
8 45
147
59
7 26
147
55
8 18
177
63
2 08
126
65
1.72
110
78
1 99
106
89
489
536
-56
2 08
96
54
1.80
101
51
1.99
116
55
9 98
A
5 0
8 23
182
56
1,897
1,835
2
2 60
1 439
192
71
2,387
60
1 771
1 725
112
65
10 90
48 2
1 497
2 541
2,139
(2)
3.26
3.44
121
57
114
57
—1
2.67
113
56
644
552
60
Local Transit Lines
or 7
25 6
25 5
25 4
517
492
540
5,903
' Revised.
v Preliminary.
i Annual total reflects revisions not distributed to monthly
data.
2 For 3^ quarter 1970, loss $386 thousand.
t Trade in silver is included in value and quantity indexes for 1968 and all indexes thereafter.
cf New base; comparable data for earlier months will be shown later.
9 Includes data not shown separately.
§Passenger-miles as a percent of available
seat-miles in revenue service; reflects proportion of seating capacity actually sold and utilized.
HApplies to passengers, baggage, freight, express, and mail carried.
Passengers carried (revenue). _T
mil"
24 3
6,310
26.6
26 5
26 2
26 4
25 8
26 0
26 4
26 4
25 7
504
440
5S6
452
473
460
442
483
509
499
*New series. Source: Civil Aeronautics Board. Certificated route industry covers passengercargo (including local servica, helicopter, and other carriers) and all-cargo carriers. Operations between the 48 States and Alaska and Hawaii are included in domestic operations, except that for 2d quarter 1970 such operations of two carriers are in the international series.
Selected revenues by type (as shown for total industry) and all traffic statistics cover scheduled service only; total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
25 7
SUEVEY OF CUKRENT BUSINESS
S-24
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
Annual
June 1971
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov. 1 Dec.
Jan.
Apr.
Feb.
Mar.
' 179. 1
' 183. 4
183.8
2183.2
2
May
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
1
Number of reporting carriers
1, 289
Operating revenues, total
mil. $.. 10,482
Expenses, total
do
10, 036
Freight carried (revenue). ...
mil. tons560
Freight carried, volume indexes, class I and II
V ATA):
Common and contract carriers of property
(qtrly. )d"-- -average same period, 1957-59=100. .
Common carriers of general freight, seas, adj.f
1957-59=100-.
Carriers of passengers, class I (qtrly.): §
Number of reporting carriers
Operating revenues, total
mil. $..
Expenses, total
do
Passengers carried (revenue)
miL.
Class I Railroads
Financial operations (qtrly.):
Operating revenues, total 9
.mil. $
Freight
do
Passenger..do
Operating expenses _.
do
Tax accruals and rents..
.
do
Net railway operating income
_.
do
Net income (after taxes)
.
do
Traffic:
Ton-miles of freight (net), revenue and nonrevenue (qtrly.)
bil
Revenue ton-miles
do
Revenue per ton-mile (qtrly avg )
cents
Passengers (revenue) carried 1 mile (qtrly.) mil
Travel
Hotels:
Average sale per occupied room
dollars
Rooms occupied
% of total
Restaurant sales index same mo 1951 *» 100
Foreign travel:
TJ S citizens* Arrivals
thous
Departures
.
do
Aliens: Arrivals
do
Departures. .
do
Passports issued.. .
do
National parks, visits
do
1,375
2,535
2 480
132
183.8
180.0
168.9
165.2
179.8
169.0
122.6
151.0
170
676.4
161.2
172.8
173.1
172.1
164.7
167.4
160 8
177.4
69
218.6
176 1
47.7
' 11, 423 ' 11, 985
' 10 320 ' 10 916
420
'438
' 9 038 r 9, 731
'1 726 ' 1, 844
411
'658
r
'458
78
3,082
2 811
106
2 458
466
158
76
3,040
2,758
113
2,451
479
109
21
3,045
2 778
102
2,485
476
84
-35
* 781 7
*762 5
767 9
1 347 4 i 431
12 169 * 10, 771
201 7
198 6
1 416
2 754
192 1
189 2
1 458
2 986
171. 3
70
179.0
158.0
42.8
r
191 1
1 453
2,501
593 6
175.0
12 37
13.25
13 95
12 87
13 80
13 74
13.95
14 48
13.39
56
125
12 17
58
131
62
114
50
104
480
481
295
245
277
509
545
341
289
267
536
731
349
313
311
736
903
455
395
254
1 009
690
535
416
334
126
505
408
326
291
101
420
368
268
237
88
1 878
3 338
6 667
9 924
9 969
59
119
55
114
5 911
* 5* 767
3 602
4
3* 039
1 820
42 403
6 659
6,499
4 065
r
3 449
2 219
45 753
mil $
do
do
do
do
mil
16 781
8 213
6,506
10, 270
2 798
100 3
18 103
8 912
6 947
11 581
3 058
104 1
4 543
mil $
do
do
391 3
330 8
32.9
do
do
do
179 9
132.5
39 1
61
127
53
117
55
106
767
498
421
163
56
118
4 532
3 050
1,625
59 2 2.375.3
12.24
13.62
13.24
14.37
47
98
50
106
12.72
40
112
395
437
292
550
443
328
239
137
444
404
242
185
182
517
471
306
239
275
290
'279
108
1 090
56
128
56
119
270
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9 _
Station revenues
Tolls, message
Operating expenses (excluding taxes)
Net operating income (after taxes)
Phones in service, end of period
Telegraph carriers:
Domestic:
Operating revenues. .
Operating expenses _.
Net operating revenues (before taxes)
International:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
4,760
2,341
1,845
3,046
813
105.2
2 898
4 568
2 236
1,765
2,955
101.7
103 1
4,637
2,300
1,769
2,987
802
104.1
402 5
334 6
34.0
106.7
85.8
11.3
98 1
85 1
100.2
80.8
91.2
78.8
193 7
144 9
39 3
48 5
35.9
10 2
47 7
36 0
9 4
50 1
38.1
9 4
51.9
36.6
12.7
2 227
1 753
758
764
6.4
6.9
6.8
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
norganic chemicals, production:
Acetylene
mil. cu. ft.
14,382
14,386
Ammonia, synthetic anhydrous__thous. sh. tons. 12,713.5 13,098.0
Carbon dioxide, liquid, gas, and solidJ
do._ ~ 1,069.4 1,120.1
Chlorine, gas (100% C13)
do.-_ 9,422.0 8,895. 2
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOi)
do
Oxygen (high purity)t
mil. cu. ft.
Phosphoric acid (100% Pj08)
thous. sh. tons.
Sodium carbonate (soda ash), synthetic (58%
NajO)
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% H3SO<)
...do..-.
1,848.6
* 6,443. 4
275,962
4,915.5
1,917. 7
6,460.1
279,352
5,470. 8
1,319
1,139.4
102.3
814.3
157.1
582.0
23,325
480.3
378.3
4,502.8 4,414.4
13.6
149.4
149.5
9, 618. 7 10,073. 7
847.8
55.0
612.4
653.8
116.0
< 1,471.0 1, 362. 4
29,536.9 29,145. 7 2,530.5
1,214
1,220
1,275
1,128.9 1,136. 5 1,065.5
104.2
109.7
100.3
844.4
810.3
1,124
1,082.2
106.6
811.7
1,155
1,102.6
103.5
805.2
161.5
548. 7
23,401
422.1
161.0
502.1
22,974
456.9
163.8
522.7
23,003
481.7
165.6
564.3
24,244
503.3
379.4
332.7
10.7
12.7
889.3
879.1
48.7
39.1
103.4
97.9
2,310.7 2,303.9
355.5
12.1
829.1
48.7
117.6
2,403.8
373.4
361.6
13.3
11.8
830.9
889.1
56.2
55.8
122.7
116.0
2,494.8 2,432.9
165.9
571.7
24,040
465.0
391.4
365.4
13.6
12.6
816.8
856.8
65.2
54.8
108.0
108.0
2,517.4 2,398.4
r
Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
Preliminary estimate by Association of American Railroads.
3 For 5 weeks.
* An5
nual total reflects revisions not distributed to the monthly or quarterly data.
Beginning
Jan. 1971, includes low purity oxygen; comparable Dec. 1970 figure, 26,394 mil. cu. ft.
2
166.8
475.7
23,147
388.1
1,112
1,102
1,059.7 1,096.5
87.9
77.3
860.1
802.8
143.3
553.1
23,341
463.6
960
••953 ' 1,047
1,073
1,140.7 1,091.4 r 969. 0 1,143.7 1, 232. 6
85.2
77.9
'80.2
'80.8
812.1 ' 742. 0 695.5 ' 770.5
153.8 ' 160. 6 149.0 ' 175.9
603.7
567.3 r 536. 6
565.1
23,822 «'26,612 26,194 29,160
526.9
492.9 ' 521. 5 534.7
412.1
14.7
842.8
51.7
116.0
2,672.8
167.6
592.1
541.0
382.9
375.8
312.9
344.3
12.2
12.2
11.3
11.6
790.5
' 765.6
741.7 ' 821.8
61.6
50.6 '63.5
'38.7
119.3
' 111.5
109.1 ' 115.4
2,395.7 '2,386.2 2, 592. 6 2, 591. 4
tRevised monthly data (1957-69) are available.
^Indexes are directly comparable for
the identical quarter of each year (and from year to year).
§Beginning with 1st quarter 1969 reporting period, motor carriers are designated class 1
if they have annual gross operating revenues of $1 million or over.
9 Includes data not shown separately.
f Revisions for 1967 available upon request.
SURVEY OF CURKENT BUSINESS
June 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
S-25
1970
Apr.
Annual
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :d"
Acetic anhydride
Acetylsalicylic acid (aspirin)
Creosote oil
_ __
1,748. 0
mil. Ib
37.5
do
mil. gaL. i 118. 3
3.0
8.6
131.5
3.0
10.2
133.2
2.8
9.3
132.2
2.4
8.0
127.8
2.2
9.6
3.3
9.5
3.5
9.3
2.9
9.1
2.7
10.6
125.8
2.7
8.4
120.2
2.5
8.4
140.6
2.9
9.6
133.5
2.8
10.3
- mil. Ib
do
i 153. 2
4,192. 8
U58.7
14,312.4
25.5
373.7
22.9
372.4
13.2
363.1
8.3
324.2
9.7
353.2
16.2
397.8
14.7
370.8
10.2
400.8
16.1
344.4
13.5
301.5
13.0
310.3
10.8
382.1
15.9
383.4
_
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks, end of period _ _
Methanol, synthetic
Phthalic anhydride .
35.1
109.6
322.4
30.5
1624.8
774.0
336.1
29.6
i 744. 7
i 714. 0
29.1
24.9
59.7
58.8
28.7
26.5
60.4
64.8
28.8
27.2
57.9
61.0
25.3
25.3
43.4
61.0
27.9
24.6
53.2
58.8
26.1
24.4
50.6
63.6
27.8
23.0
60.4
54.9
31.7
26.6
65.4
53.8
31.8
29.6
77.0
55.9
28.2
31.2
60.2
54.4
25.8
27.0
56.6
51.4
30.3
29.2
56.0
61.9
27.0
23.5
65.8
61.3
737,7
179.7
592.6
85.6
631.6
162.7
513.8
85.8
57.7
181.2
44.0
8.6
57.8
177.3
46.3
6.2
59.2
184.0
48.4
6.7
56.9
184.8
45.0
6.0
46.9
176.9
42.3
6.4
58.3
177.8
42.7
7.5
54.8
169.4
42.9
8.6
41.4
161.3
37.1
7 7
48.3
162.7
37.6
6.7
45 0
162.8
37.8
6 2
41.5
159.4
31.8
6.1
41.7
155.1
37.7
7.4
318.4
318.8
2.4
254.6
276.2
3.0
23.7
23.6
2.4
24.8
24.3
3.0
26.0
26.1
2.9
24.3
24.4
2.8
22.8
22.9
2.7
23.0
22.9
2.8
23.2
22.9
3.0
20.1
20 1
30
21.0
20.9
3.0
20.4
20 2
3.3
17.2
17.7
2.8
20.4
20.4
2.7
16, 599
1,799
12, 229
1,233
16,005
1,133
12,543
966
1 230
49
951
105
579
102
323
87
2,078
92
1,773
48
1,550
140
1,148
103
1,414
130
1,086
74
1,341
76
1,034
115
1,479
105
1,189
74
1 420
114
1,163
73
1,293
101
980
70
1 800
58
1 528
66
1,168
62
905
87
1 285
67
986
83
1 680
94
1,381
72
233
138
3,829
184
326
218
4,165
129
59
37
579
1
57
16
397
6
15
12
218
21
10
6
164
16
10
15
304
13
18
12
331
13
23
16
391
22
24
24
387
g
19
16
269
5
16
12
315
19
24
33
296
13
43
40
474
7
104
18
475
33
4,794
4,603
621
416
206
169
353
340
411
416
319
436
271
569
895
4 290
448
4 496
484
408
276
381
264
364
351
330
455
343
432
380
418
386
394
387
426
431
484
379
505
402
»• 511
430
453
441
266
do
_do
mil. gal__
mil. lb_.
ALCOHOL
Ethyl alcohol and spirits:
Production
Stocks, end of period
Used for denaturation.
Taxable withdrawals
_
mil. tax gal
.do
do
do
Denatured alcohol:
Production
Consumption (withdrawals)
Stocks, end of period
_
__mil. wine gal__
do
do
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
__
-
do
do
__do
do
Potash deliveries (K 3 O)
do
Superphosphate and other phosphatlc fertilizers
(100%Pa08):
Production
thous sh tons
Stocks, end of period
do
r
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly!
mil. Ib
1 924.8 12, 046. 5
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products.
_ do .
Industrial
finishes
do
2 776 7 2 731 9
236 3
1, 473. 5 1, 529. 1
131.7
1 303.5 1 202 8 104 6
Sulfur, native (Frasch) and recovered:
Production
_ .thous. Ig. tons. .
Stocks (producers'), end of period
do
8,568
3,461
475.3
380.0
696.4
484.0
234.0
126.9
197.2
658
4,094
695
4,123
48.7
82.1
'47.7
51 7
81.2
48.2
59.4
93.7
53.2
267. 2
294.7
493.5
270.5
289.5
459.9
303.9
321.4
491.7
281.3
162.1
119.2
256 4
153.1
103.2
258 9
150.5
108 5
252 3
143.5
108 8
217 3
123.2
94 1
183 3
106 5
76 8
176 7
96.5
80.2
186 4
102.0
84 4
683
3,642
720
3,714
671
3,738
717
3,689
700
3,800
r
797
3,837
746
3,977
703
4 021
742
4,038
728
4,108
53 9
599 1
57 9
645 8
1 041 1 100.6
622 7
54 9
49.2
52 5
89.3
54 7
58.0
54 5
85.7
54.6
55.3
49 1
74.1
44.7
51.7
53 6
83.1
54 7
56 9
54 7
82.2
52 8
50.1
58 0
92.8
50.7
43.6
54 0
85.1
48.2
42.8
54.2
79.5
46.0
i 8, 539
4,038
r
r
197 6
106. 2
91 5
251 2
142.9
108 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
Thermoplastic resins:
Cellulose plastic materials. .
Coumarone-indene and petroleum
resins
Styrene-type materials (polystyrene)
Vinyl resins (resin content basis)
Polyethylene
. . . .
do
i 192. 6
134 2
polymer
mil. Ib
i 332. 6
312 6
do.
13,251.6 3 349 3
do
1 3,638 8 3 690 9
15 440 7 5 857 6
do
i 628. 8
i ggy 4
i 1, 123. 8
i 770 5
12 8
12 5
11.0
10.4
10 3
10.8
11 0
9.9
9.1
27 4
276.2
338 2
484 6
26 9
288.2
330 2
501 1
25.6
299.1
325.3
505 3
25.3
272.5
298.4
503 2
25 7
274.3
310 5
488 7
24 6
293.8
314 0
497 4
25.4
271.9
311.7
517.7
28.2
279.6
288.6
487.6
28.0
283.8
289.2
509.8
r
r
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total t
mil. kw.-hr__ 1,552,757 1, 638, 010 126, 528 130, 470 137, 155 149, 700 151, 492 139,839 132, 734 130, 925 141, 048 146, 329 131, 607 141, 605
Electric utilities, total .
By fuels
By waterpower
_
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
_
__
By waterpower . .
r
1
do
do
do
1,442,182 1, 529, 581 117, 443 121, 197 128, 082 140, 633 142, 694 131, 106 123,536 121, 979 132, 119 137, 388 123, 394 132, 657
1,191,990 1, 282, 253 95, 722 99, 394 106, 906 119, 724 122, 769 113, 094 105, 384 102, 514 110, 322 114, 774 101, 359 107, 833
250,193 247, 328 21, 721 21,803 21, 176 20,909 19, 924 18, Oil 18, 153 19, 465 21, 797 22, 614 22, 035 24, 824
do
do
1,171,776 1,254,344 96,192
270,406 275, 237 21, 250
do
do
do
110,575
107,299
3,276
108, 429
105, 146
3,284
9,085
8,765
320
98, 722 104, 606 115, 291 117, 630 108, 928 102, 710 100, 257 108, 583 112, 269 100, 878 107, 331
22, 475 23, 477 25, 342 25,064 22, 177 20, 827 21, 721 23, 536 25, 119 22, 516 25, 327
9,274
8,961
312
9,072
8,806
267
Revised.
Revised annual total; revisions are not distributed to the monthly data.
cf Data are reported on the basis of 100 percent content of the specified material unless
9,067
8,825
242
8,798
8,575
223
8,733
8,529
204
9,197
8,972
225
8,946
8,656
290
8,929
8,641
288
8,940
8,651
290
8,213
7,924
290
8,947
8,628
319
otherwise indicated.
9 Includes data not shown separately.
§Data have been restated to exclude black blasting powder formerly included.
I Revised data for the months of 1968 will be shown later.
May
SURVEY OF CURRENT BUSINESS
S-26
1970
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Apr.
Annual
June 1971
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers, total (EEI) mil.kw.-hr. 1,307,178 1,391,359 109, 247 108, 692 113, 876 121,481 126, 043 126,257 117, 258 110, 690 115, 649 122, 035 120, 810 119. 704
Commercial and industrial:
286, 686 312, 750 23, 564 24, 339 26, 588 29, 113 30, 128 29, 972 27, 109 24, 734 25, 147 26, 223 26,029 25, 703
Small light and power §
do
557, 220 572, 522 47, 030 47, 970 49, 231 48, 012 48, 997 49, 130 48, 614 47, 235 47, 583 47, 480 47, 457 48, 947
Large light and power§
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do
do
do
do _
- do
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $
4,531
407, 922
10, 772
35, 861
4,186
4,633
447, 795
11,183
37, 816
4,660
376
34, 007
891
3,005
374
384
31, 745
839
3,032
383
363
33, 302
817
3,182
393
359
39, 530
828
3,223
416
362
42, 051
869
3,222
414
354
42, 219
917
3,261
404
375
36, 465
978
3,314
404
368
33, 839
1,029
3,118
366
421
37,860
1,081
3,172
385
445
43, 156
1,087
3,260
384
403
42, 268
1,004
3,267
382
422
39,819
973
3,426
415
20,139.3 '22,065.9 1, 697. 8 1, 708. 8 1, 795. 7 1, 935. 7 2, 013. 4 2,033.3 1, 908. 3 1, 807. 8 1, 887. 8 1,978.1 1,977.5 1, 955. 3
GAS
Manufactured and mixed gas:
575
538
36
571
535
34
567
531
35
563
528
34
571
535
34
" 1, 620
'824
'768
1,481
825
625
321
173
142
165
64
99
351
190
151
130.6
80.3
48.1
132.3
82.4
47.4
28.8
17.7
10.7
16.1
8.4
7.5
33.1
20.4
11.9
thous.. ' 40, 521 41, 204
' 37, 201 37, 826
do
r 3, 272
3,326
do
41,003
37, 680
3,275
40, 393
37, 146
3,198
41, 204
37, 826
3,326
163, 199
48, 217
108, 848
38, 349
10,021
26, 854
31, 190
4,084
25, 634
39, 424
11, 584
26, 168
Revenue from sales to consumers, total 9 ..mil. $_. r
'9,388.8 10, 242. 6
Residential
do
4 791 4 5 133 9
r
Industrial and commercial
do
4 383 8 4 862 4
2, 328. 9
1,118.7
1, 153. 9
1, 631. 7
567.9
1, 010. 8
2, 550. 0
1, 271. 5
1,211.2
Residential
Sales to consumers total 9
Residential
Industrial and commercial
do
mil therms
do
do
Revenue from sales to consumers, total 9 -mil. $__
Residential
do
Industrial and commercial
do
Natural gas:
Customers, end of period, total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
mil therms
do
do
••154,221
' 47, 055
'101,512
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
127. 32
116.27
11.90
133. 09
122. 04
12.26
12.44
10.66
14.12
12.45
11.45
14.20
13.40
11.90
14.69
12.38
11.87
14.18
11.33
10.79
13.76
11.01
10.38
13.45
10.28
9.62
13.22
9.28
8.77
12.93
9.82
9.74
12.26
9.62
8.32
12.97
9.41
8.52
13.20
12.53
11.00
13.81
230. 02
212. 26
20.11
18.16
16.29
12.89
11.22
16.18
19.21
17.99
18.11
16.20
16.82
18.14
28.00
24.99
30.21
32.49
31.46
47.71 24.60
28.33
29.92
27.14
29.30
35.17
361. 67 * 371. 47
12.32
15.64
11.05
14.38
16.04
18.22
11.62
14.72
16.32
13.86
13.23
14.83
164.55
172. 47
991. 42 1, 008. 54 1,008.95 1,010.84 1,012.99 1,013.73 1,007.86 1,006.26 1,004.59 1,005.21 1,008.54 1,011.30 1,014.16 1,015.72
6.36
9.84
7.65
7.63
10.84
5.68
7.03
5.97
10.45
6.28
7.29
6.89
87.08
90.89
12.33
11.04
14.07
7.06
169. 87
107. 99
938. 46
74.29
146. 44
112. 71
954. 58
75.59
15.21
9.88
955. 47
6.22
12.85
7.79
959. 53
5.49
10.15
8.76
959. 73
6.34
9.12
6.72
961. 12
5.96
7.16
9.04
957. 73
5.15
10.37
10.67
955. 42
6.76
12.20
12.93
952. 39
5.47
11.15
11.01
951. 94
9.36
12.29
8.89
954. 58
8.68
12.69
8.30
958. 21
5.60
12.96
7.78
960. 86
4.95
13.42
9.85
964. 24
6.75
116. 23
68.01
113. 78
64.37
10.85
6.57
8.15
4.36
9.16
4.71
7.65
4.27
8.78
4.86
10.08
5.79
11.57
6.88
11.13
6.70
8.87
4.58
8.25
4.28
8.15
4.58
9.87
5.09
15.80
13.96
6.19
2.41
22.95
20.43
7.38
1.79
2.02
1.27
7.80
.15
1.80
1.37
8.10
.14
1.75
1.56
8.15
.13
1.41
1.24
8.27
.09
1.96
1.39
8.72
.10
1.77
2.04
8.31
.17
1.98
2.09
8.17
.19
2.17
2.30
7.90
.21
2.50
2.86
7.38
.28
2.33
1.85
7.72
.13
1.96
1.52
8.11
.08
2.81
1.79
9.06
.12
.14
277. 80
197. 23
306. 36
22.28
244. 78
216. 73
293. 32
28.23
2.98
16.76
240. 99
2.24
3.47
15.10
226. 63
2.42
2.50
17.44
207. 10
2.37
3.15
14.44
196. 38
2.20
11.05
16.32
187. 14
2.13
70.81
18.73
238. 03
2.20
92.19
20.75
302. 36
2.51
38.34
19.45
313. 82
3.07
7.76
22.30
293. 32
3.46
5.43
19.85
276. 51
2.06
4.62
18.68
259. 80
1.81
5.28
22.37
241. 99
2.65
2.61
403. 32
303. 08
2.85
2.15
1.29
4.45
28.76
126. 06
91.73
16.82
8.45
3.01
3.15
1.38
1,121.1
88.6
.685
1, 135. 2
118. 8
.704
109.1
114.3
.707
116.7
147.0
.708
112.4
186.0
.707
92.5
203.5
.708
81.1
199.2
.708
72.8
171.3
.713
82.1
147.5
.713
79.1
134.3
.709
91.0
118.8
.717
102.9
119.3
.708
97.4
133.2
.708
110.3
' 157. 9
.707
111.5
180.4
.687
mil. lb_. 1, 985. 9
do
1, 266. 4
2, 202. 6
1,431.2
194.4
130.9
215.6
149.3
215.4
150.0
199.3
136.6
181.5
120.6
167.6
104.5
172.2
103.4
161.5
95.9
179.1
109.0
176.6
110.0
166.7
104.0
199.0
124.4
207.1
135.8
317.5
265.4
130.0
324.5
254.0
161.0
308.9
257.7
11.5
335.8
281.0
9.4
370.3
315.2
10.9
384.3
325.9
10.8
366.8
308.9
11.8
358.5
289.2
11.1
336.3
264.8
15.6
326.8
254.8
18.0
324.5
254.0
24.6
320.9
255.1
11.37
310.7 ' 302. 1
243.3 ' 236. 3
8.86
8.99
314.6
248.0
7.87
.665
.665
.678
.653
.656
9 Inclucies data not show n separa tely.
.679
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 perioddo
Imports
do
Distilling materials produced at wineries. ._ do
6.21
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
.
Stocks, cold storage, end of period
Price, wholesale, 92-score ( N Y )
Cheese:
Production (factory), total
American, whole milk
mil. Ib
do
$ per Ib
Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
_
$ per lb._
.603
.646
.632
.634
.649
* Revised.
1 Reported annual total; revisions are not dist ributed to the mon thly dat i.
§ Data are not wholly comparable on a year to > ear basis because ()f chang 5S from (me
.661
.636
.640
.636
c assificat on to an 3ther.
212.6
338.3
269.8
_ _
June 1971
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
S-27
1971
1970
Apr.
May
June
July
Aug.
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
Evaporated (unsweetened)
do
Stocks, manufacturers', case goods, end of period:
84.9
1, 413. 8
1.9
105.0
Evaporated (unsweetened)
do__ _
Exports:
52.1
Condensed (sweetened)
_ do .
37.1
Evaporated (unsweetened)
do
Price, manufacturers' average selling:
7.50
Evaporated (unsweetened)
$ per case..
Fluid milk:
116,345
Production on farms
mil. Ib
57, 167
Utilization in mfd dairy products
_ do
5.49
Price, wholesale, U.S. average..
$ per 100 lb._
Dry milk:
Production:
66.1
Dry whole milk
. . ,
. mil. Ib
1, 431. 7
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
6.6
Dry whole milk
do
83.9
Nonfat dry milk (human food)
do
Exports:
15.6
Dry whole milk
. do
111.6
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.235
milk (human food).
$ per Ib._
1, 251. 3 fl 114. 0
115.7
16.4
33.3
879.6
0)
4.4
9
133. 4 « 136. 5 fl 117. 5 « 103. 1
690.5
684.9
690.4
6 109. 0
6 119. 1
6
130. 2 « 173. 2 « 192. 7 fl 195. 9 fl 187. 4 8 180. 0 6 147. 5 6 115. 7
681.3
869.4
667.6
651.2
.7
2.7
1.7
2.3
4.4
2.6
11.3
2.7
(0
3.6
0)
1.8
0
2.5
(0
3.1
688.9
.6
1.2
687.1
6.9
2.0
674.8
4.6
3.0
4.1
3.9
7.98
7.85
7.96
8.04
8.11
8.06
8.12
8.12
8.13
8.14
117, 436
60, 108
5.69
10,328
5,525
5.51
11,109
6,067
5.39
10,792
6,140
5.33
10,226
5,595
5.45
9,767
5,013
5.57
9,273
4,418
5.81
9,280
4,388
6.02
8,842
3,997
6.08
9,349
4,479
6.05
9,547
4,745
5.96
9,010
4,636
5.91
10,209
5,496
5.83
10. 432
67.7
1, 528. 4
6.1
148.4
7.2
185.7
7.3
179.9
6.5
152.3
5.8
124.5
4.7
96.0
4.4
94.8
4.3
88.5
5.5
116.9
6.3
117.0
4.9
114.8
6.8
134.1
8.7
157.2
5.1
6.6
' 102. 0 138.7
8.0
159.0
9.3
154.0
9.4
165.5
8.6
144.8
6.6
122.8
4.7
101.7
4.7
101.4
5.5
97.7
5.0
89.8
3.9
90.4
5.5
104.9
1.0
7.2
4.7
101.4
11,217
"5.74
13.8
212.3
1.0
10.7
1.0
9.0
.7
14.2
.6
19.9
.7
34.1
.5
19.9
.7
7.7
.9
25.4
1.1
2.3
.8
10.7
.7
10.0
1.0
17.6
.263
.262
.269
.276
.273
.271
.274
.273
.273
.276
.278
.276
.277
1,337.5
100.7
104.6
102.5
117.4
111.5
114.5
143.2
123.0
123.8
101.2
103.7
105.5
8.3
8.1
489.4
305.6
183.8
6.4
4.4
6.7
381 1
238.9
142 2
6.3
.2
8.7
259 3
142.3
116 9
7.6
3.4
1.11
1.12
1.14
1.14
1.19
1.18
1.19
1.17
1.21
1.18
1.22
1.20
1.24
1.24
1.30
1.29
1.26
1.25
1.26
1.26
56.8
46.4
3,743
2 730
1 013
49.6
38.8
43.0
2,531
1,861
670
34.6
35.3
1.40
1.42
1.41
1.39
1.52
1.49
1.59
1.51
1.57
1.50
1.55
1.52
1.51
1.48
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat),. .mil. bu.. 1,059. 0
Barley:
Production (crop estimate)
Stocks (domestic) end of period
On farms
Off farms
Exports, including malt§
Prices, wholesale (Minneapolis):
No. 2, malting
.
No. 3, straight
2423.5
426.7
264.6
162.2
8.3
2 410. 4
381.1
238.9
142.2
55.1
.1
.$ per bu
do
1.12
1.12
1.14
1.13
1.10
1.09
Corn:
Production (crop estimate, grain only).. mil. bu._
24,583
2 4, 110
4,316
3, 323
993
553.5
3,743
2,730
1,013
572.0
1.21
1.19
1.35
1.33
3950
885
724
161
2909
915
704
211
94.2
do
do
do
do
do
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. _
Oats:
Production (crop estimate)
Stocks (domestic), end of period, total
On farms
Off farms
mil bu
do
do
do
Exports, including oatmeal __ . _
do
Price, wholesale, No. 2, white (Chicago)
$ per bu._
Rice:
Production (crop estimate)
mil bags 9
California mills:
Receipts, domestic, rough
mil Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period _. . __ __
mil. Ib
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb._
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil Ib
Exports
...
__
_
do
Price, wholesale, Nato, No. 2 (N.O.)
$ perlb__
Rye:
Production (crop estimate)
mil. bu
Stocks (domestic) , end of period
do
Price, wholesale, No. 2 ( Minneapolis).. $ per bu__
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution _ _
mil. bu
do .
do
do
3 237. 0
3 136. 7
3 100. 3
7.8
6.5
1.15
1.15
1.16
1.16
40.0
50.0
1,923
1,404
520
40.0
58.7
43.9
3999
3569
3 430
53.8
1.26
1.25
1.30
1.29
1.34
1.32
1.38
1.32
1.47
1.40
1.50
1.46
3490
3345
3146
1,098
852
246
7.6
21.3
.9
.4
.5
.5
.5
1.9
4.67
».72
.67
.68
.66
.67
.72
290.8
1,755
1,393
127
39
244
171
281
258
303
302
161
130
67
110
160
68
270
82
280
136
249
188
184
42
6,605
4,818
6,497
4,438
269
423
110
335
44
220
95
291
1,049
267
1,695
4,183
.085
1,748
3,828
.085
931
188
.085
717
366
.085
504
499
.085
318
371
.085
231.6
29.8
1.17
238.6
41.5
1.15
1.18
1.20
321.2
1.18
1.05
21,460
2313
2 1, 147
1,273
2 1, 378
2260
2 1, 118
1,498
7.4
1.4
.4
.7
.3
.3
.82
.83
.78
.75
100
47
84
78
<79
117
47
268
184
161
180
79
102
82
c
76
112
135
77
1,672
401
1,482
547
472
429
367
373
349
428
240
294
139
323
108
279
745
231
.085
1,502
189
.085
1,950
438
.086
1,852
447
.087
1,748
220
.087
1,563
284
.086
1,461
199
.086
1,258
259
.086
1,009
315
.086
.084
1.08
49.1
1.10
1.16
1.17
41 5
1.15
.118
.117
34 7
.114
.118
.118
466
1,798
673
1 12fi
702
504
198
.84
314
do
do
do
1.51
1.54
282.9
2,012
1,515
6.1
.76
3885
1,534
1,417
3307
611
534
923
884
3578
r
Revised. * Preliminary. 1 Less than 50 thousaiid pounds . 2 Crop estimate for the 3fear,
5
Old crop only; new crop not reported until begirming of n ew crop y ear (July for barl ey,
4
oats, rye, and wheat; Oct. for corn).
Average for Jan.-Sep t.
Stocks (domestic), end of period, total
On farms
Off farms..
915
704
211
1.29
1.28
« 59
381
1 417
1 064
386
534
678
884
5
6 Condensed milk reported with evaporated
Average for Jan., April-Sept., and D ec.
to avoid disclosing operations of individu al firms. c
§ Excludes pearl barley.
9 Bags of 10(
Hbs.
Corrected.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
Annual
June 1971
1970
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total incliidin°r
Whest only
flour
mil. bu
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$perbu._
No. 2, hd. and dk. hd. winter (Kans. City). do
Weighted avg., 6 markets, all grades
do
489.2
439.9
689.1
638.7
59.7
54.4
47.6
43.4
54.2
48.3
49.9
47.9
59.0
56.3
52.4
49.9
74.7
69.0
63.8
60.3
66.5
61.6
61.9
59.3
51.3
47.8
62.7
59.9
53.7
50.7
1.80
1.48
1.75
1.91
1.54
1.79
1.91
1.54
1.75
1.89
1.53
1.75
1.93
1.45
1.76
1.92
1.42
1.71
1.86
1.54
1.80
1.93
1.62
1.87
1.95
1.60
1.88
1.97
1.63
1.89
1.92
1.63
1.84
1.91
1.65
1.82
1.90
1.65
1.80
1.82
1.62
1.77
1.82
1.62
1.75
253, 094
4,409
563, 395
20, 756
352
45, 834
19,826
347
44,500
19,982
353
44,126
19, 991
350
44,700
21, 233
373
47, 440
22, 159
393
49, 361
23,364
407
51,708
20, 707
361
46,161
20, 754
361
46, 147
20, 894
361
46,405
19, 761 '21,004
363
345
44,038 '46,705
19, 655
335
43, 520
4,329
21, 596
2,238
1,837
4,227
2,523
863
1,164
4,438
1,074
2,438
1,537
4,329
2,104
1,134
1,528
1,188
1,282
6.179
5.569
6.100
5.513
6.075
5.513
6.113
5.513
6.125
5.525
6.125
5.525
6.275
5. 713
6.413
5.713
6.413
5.650
6.363
5.588
6.350
5.588
6.313
5.613
6.250
6.500
6.238
5.488
263
2,545
927
220
2,493
990
210
2,615
997
231
2,642
927
232
2,538
971
264
2,723
1,010
266
2,752
1,233
245
2,424
1,135
276
2,611
960
247
2,569
31,031
237
2,299
*879
30.32
32.40
42.50
29.26
31.36
42.00
29.96
30.84
40.00
30. 53
29.52
40.00
29.74
28.76
40.50
28. 97
28.99
33.00
28.44
29.68
33.00
27.00
28.03
34.00
26.45
27.57
33.50
28.83
29.42
34.00
31.80
31.69
40.00
6,678
1,253
5,877
1,156
5,685
1,153
5,774
1,106
6,045
1,088
7,034
1,303
7,662
1,451
7,350
1,490
7,990
1,532
24.05
23.28
23.87
23.57
21.12
20.43
17.37
15.02
14.96
15.76
19.03
16.88
16.04
20.7
'19.5
19.2
'19.2
' 17.0
14.3
13.4
11.9
11.1
10.7
13.4
11.8
11.3
10, 010
2,467
903
161
795
185
841
242
829
230
789
225
898
244
917
262
736
216
847
201
903
178
806
< 131
920
3 178
899
3 143
28.53
27.43
26.00
29.00
29.50
28.38
27.12
26.75
26.75
25.38
23.88
24.00
25.12
26.88
30.25
33, 369
i 34, 587
2,920
2,737
2,770
2,771
2,731
3,031
3,198
2,958
3,226
3,076
2,663
3,234
3,075
637
571
1,685
759
518
1,844
811
37
143
815
42
112
728
41
148
671
31
171
607
43
167
588
53
167
646
49
155
715
74
134
759
51
143
771
39
133
749
41
112
'791
49
151
869
35
141
18, 873 1 19, 496
347
363
32
28
1,194
1,319
1,616
380
3
94
1,580
363
3
70
1,643
327
3
99
1,644
317
3
122
1,582
300
2
129
1,701
296
2
130
1, 735
310
3
113
1,533
326
3
94
1,686
347
3
102
1,645
335
3
94
1,463
313
4
72
1,693
'306
5
99
1,608
299
5
99
.490
.506
.488
.499
.517
.505
.488
.473
.465
.454
.503
.539
.536
510
16
514
19
48
21
41
19
42
20
41
23
39
23
44
21
46
21
49
'20
47
20
13, 986
14, 577
1,255
1,116
1,085
1,086
1,111
1,286
11,563
211
152
316
12, 119
336
67
347
1,045
329
4
32
936
351
4
29
897
304
4
32
905
255
5
32
924
217
5
24
1,066
210
11
25
.580
.575
.565
.569
.566
.562
.566
.581
.572
.623
.536
.647
.535
.572
1,755
70
262
.145
1,776
82
366
.160
153
75
13
.165
130
65
30
.160
136
65
19
.153
132
66
38
.153
786
780
921
208
82
214
74
250
95
.125
.130
.120
Wheat flour:
Production:
Flour
thous. sacks (100 lb.)-- 254, 094
Offal
thous sh tons
4,558
Qrindings of wheat
thous. bu_- 567, 956
Stocks held by mills, end of period
thous. sacks (100 lb.)-4,595
Exports
do
21, 130
Prices, wholesale:
Spring, standard patent (Minneapolis)
$per lOOlb..
5.923
Winter, hard, 95% patent (Kans. City). .do
5.438
1.84
1.62
1.78
6.225
5.500
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
3,025
3,637
Calves
thous. animals30, 793
30, 536
Cattle
do
1 12, 715 » 11, 922
Receipts at 38 public markets
do
Prices, wholesale:
29.03
Beef steers (Omaha)*
$ per 100 lb. - 29.28
30.10
29.30
37.29
38.17
Calves, vealers (Natl. Stockyards, Ill.)__do
Hogs:
Slaughter (federally inspected). __thous. animals.- 75, 682
78, 186
Receipts at 38 public markets
do
15, 210 V14, 871
Prices:
Wholesale, average, all grades (Sioux City)*
22.11
$ per 100 lb— 23. 65
Hog-corn price ratio (bu. of corn equal in value
r 19 g
to 100 lb live hog)
'19.1
Sheep and lambs:
Slaughter (federally inspected). __thous. animals..
Receipts at 38 public markets
do
Price, wholesale, lambs, average (Omaha)*
$perl001b..
10,070
» 2, 704
299
248
2,681 2,544
3 1, 140 3 1, 032 31,004
31.42
31.88
41.00
31.96
32.07
41.00
39.00
8,266
7,794
6,379
7,489
31,412 * 1, 230 31,479 31,455 3 1, 399
3
3186
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter
mil. lb._
Stocks (excluding lard), cold storage, end of
period
mil. lb_.
Exports (meat and meat preparations)
do
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)
$perlbLamb and mutton:
Production inspected slaughter
mil lb
Stocks, cold storage, end of period
do
Pork (including lard), production, inspected
slaughter
mil lb
Pork (excluding lard) :
Production, inspected slaughter
do
Stocks, cold storage, end of period
do
Exports
do
Imports
_
do
Prices, wholesale:
Hams, smoked composite
$perlb-_
Fresh loins, 8-14 lb. average (New York) ..do
Lard:
Production, inspected slaughter
mil lb
Stocks, dry and cold storage, end of period.. do
Exports^
do
Price, wholesale, refined (Chicago).
$ per lb_.
2
.492
898
294
38
20
44
19
48
21
44
20
1,417
1,383
1,497
1,383
1,157
1,491
1,420
1,174
246
9
30
1,143
304
9
30
1,249
336
5
28
1,153
353
4
27
978
344
4
29
1,226
389
3
36
1,195
467
4
30
.499
.560
.497
.510
.485
.461
.486
.445
.498
.479
.528
.530
.513
.438
.517
135
54
37
.160
158
60
28
.154
176
59
37
.158
174
74
22
.163
178
82
42
.145
166
91
9
.130
129
'86
40
.138
193
80
44
.155
162
999
984
1, 020
1,092
926
845
762
676
791
757
322
157
411
240
516
343
624
447
486
313
391
219
369
206
'331
174
'294
' 144
265
120
254
115
.125
.120
.120
.115
.120
.105
.125
.130
.130
.125
.135
39
.150
22
497
.521
.146
POULTRY AND EGGS
Poultry:
9,492 ' 10, 493
Slaughter (commercial production)
mil. lb._
Stocks, cold storage (frozen) , end of period, total
307
391
mil. lb_.
Tufkeys
_.
do
192
219
Price, in Georgia producing area, live broilers
.125
.140
Sperlb..
' Revised.
1
Annual total reflects revisions not distributed to the months.
2
Beginning Jan. 1969, quotations are on carlot rather than l.c.l. basis
as previously.
3 Data are for 41 public markets.
* Data are for 40 public markets.
*New series. Monthly data for earlier years will be shown later.
SURVEY OF CUKRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
Annual
S-29
1971
1970
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Mar.
Feb.
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©
Frozen.
mil. Ib
Price, wholesale, large (delivered; Chicago)
$ per doz._
191.9
195.2
16.5
16.9
16.1
16.3
16.2
15.7
16.4
16.1
17.0
17.1
15.5
51
51
61
111
157
147
98
178
136
76
51
60
53
43
50
43
.460
.425
.374
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons
Price, wholesale, Accra (New York)
$ per lb._
218.4
.458
279.2
24.0
.326
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
thous. bagsd"
Roast ings (green weight) _ _ _ _ _
do
3,811
20, 851
2 593
20, 075
Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)_.$ per lb._
Confectionery, manufacturers' sales.
__mil. $_.
20, 232
5 780
.408
1,848
19 727
4 712
.557
1,841
1 639
1,644
.538
124
.538
118
.538
125
275
306
192
201
4,300
6,350
4,710
6 675
1 497
645
155
530
148
103
155
48
56
60
63
.330
.359
.415
.400
21.9
.286
14.9
.293
24.1
.310
21.3
.388
17.3
16.8
17.3
139
54
101
51
80
r
58
55
50
.455
.415
.448
.410
.372
.332
331
.330
23 3
.378
26 7
.354
14 5
.354
25.4
.329
45.0
.309
22.8
.273
25 2
.279
28.2
.273
.253
2 030
'310
.450
.438
200
203
60
49
60
67
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
mil. lb-_
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous. sh. tons
Entries from off-shore, total 9
_
do
Hawaii and Puerto Rico
_. do
Deliveries, total 9
For domestic consumption..- _
Stocks, raw and ref., end of period
333
150
323
128
2 593
5,190
3 461
4 352
1,550
2 537
5,210
1 355
1 713
1 597
1 382
2 002
1 528
1 475
••108
.570
138
.578
214
.588
192
.575
174
.550
157
.550
162
.550
174
.480
161
229
263
298
310
313
312
306
275
246
••210
74
111
1 113
139
720
1 043
992
664
2 218
315
1,891
595
357
.568
1,616
468
118
224
64
693
144
367
515
138
708
226
387
291
509
112
367
120
1 055
1,044
822
1
15
114
151
143
42
412
119
88
97
_
2,796
11,317
2,784
880
868
2,636
948
937
2,424
1 049
1,037
2,103
1,023
1,012
1,726
1,089
1,078
1,384
1 093
1 079
1 046
931
912
833
822
1 414
2 202
2,784
727
720
3,003
2 943
968
7,892
217
136
44
37
58
26
194
128
146
50
44
12
1 179
thous. sh. tons
do
do
4,776
5 217
1,522
35
600
135
9
358
95
1
515
120
1
454
137
2
534
196
2
565
205
10
368
80
4
323
95
1
553
178
2
325
4
4
239
30
2
477
84
7
550
142
6
.078
.081
.079
.082
.082
.082
.082
.081
.082
.080
.081
.084
.084
.084
.082
.084
.638
.107
.674
.112
669
.109
.671
.109
.677
.113
.680
.113
.682
.113
683
.114
678
.114
.680
.114
.677
.114
.680
.114
679
.114
687
.117
.695
.116
.116
139, 962
135 202
12 767
11, 503
10, 972
8,940
8,778
10 805
11 971
10 409
12, 682
13. 226
12 360
15, 073
18 078
3 587 6
132 9
303 1
140 8
294.6
293.8
298 2
127 0
316 5
120 5
305 6
122 5
299.0
155.4
256 9
150.1
308.2
134.2
132.9
291.5
134.7
309 2
130 3
r 300 0
r
134 7
272 4
134 4
3 389 3
75 6
285 4
83 6
276 1
93.4
314 5
87.5
279 2
99.7
268.3
268 6
68 5
289 4
80 0
286 7
83 4
299.9
283.9
75.6
74.4
281 7
71 6
r
87.3
292 0
70 7
270 2
72 0
2 230 3
45 6
169 4
59 4
157.9
52.5
181.1
65.4
169.7
59.4
166.8
55.9
189 6
50 3
200 7
187 2
50 4
216.7
45.6
212.9
50.4
189 0
59 4
r
52.3
195 9
57 7
180 3
56.1
.289
.290
.290
.290
.290
.290
.290
.294
.306
.306
.306
.306
.305
.305
558.2
567 7
46 7
48.0
48 4
40 0
46.7
51.8
37.3
46.0
49.6
36 2
41.8
43.3
35 2
43.6
48.0
29.3
48.3
40 9
36 9
47.0
45 1
36 3
45.6
49 4
37 9
46.9
48.0
46.7
50.1
51.5
47.0
49.1
61 7
37 7
53.3
43.4
43 6
34 8
4 876 8
2 551 5
396 1
407 1
220 5
365 8
392.1
215.6
395 8
401 5
208 8
392 2
422.7
333.7
419 5
216.3
369 5
446.6
220.5
218.0
396. 1
423.5
385 2
201.4
349 6
438 5
233, 5
319 8
389.6
200.9
325.0
423 2
338.7
410 6
213.0
380 6
393 7
215.1
365 8
207.0
3.1
22.3
38.2
40.0
39.0
27.4
20.8
68 7
103 5
59
74 0
6.7
4.4
7.6
4.8
1.4
5.6
.6
4.4
T
.6
4.7
60 0
65.1
(d)
(d)
Prices (New York):
Raw, wholesale
$ per Ib .
RefinedRetail (incl. N.E. New Jersev)... $ per 5 Ib
Wholesale (excl. excise tax) ...
$ per lb_ .
Tea imports
3 487
5,143
sh. tons
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total .
do
do
do_ ..
1,501
.341
thous Ib
10, 804
10, 655
1,024
124
11 467
718
706
1 026
1 013
2 701 p 2, 641
r
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
mil Ib
3 480 5
Stocks, end of period©
do
138 7
Salad or cooking oils:
Production
do
3 143 7
Stocks, end of period©
do
70 5
Margarine:
Production
do
2 181.9
Stocks, end of period©
_ do
52.1
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$perlb._
.260
Animal and fish fats:A
Tallow, edible:
534.6
Production (quantities rendered)
mil. Ib
Consumption in end products
do
510 9
Stocks, end of period 1
do
r 46 0
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do
4 655 0
T
Consumption in end products
do
2,595.2
Stocks, end of period f
do
348 0
Fish and marine mammal oils:
Production., ..
_
do
171.6
Consumption in end products
do
75 7
Stocks, end of period 1
do
84 0
6.1
74.1
226.5
6.6
114 9
Vegetable oils and related products:
Coconut oil:
(d)
(d)
(d\
386 3
Production* Crude
mil Ib
19 1
41.1
51.7
547.5
544.0
48.5
Refined
do
Consumption in end products
do
732 6
63 1
66 7
749 6
71 1
205 9
Stocks, crude and ref. end of period^f
do
122 9
202 9
134 0
122 1
Imports
.
do
76! 1
424.6
51.7
584 2
18.4
Corn oil:
41.3
Production: Crude
do
465.5
44.5
42 1
474 0
38.9
Refined
_
do
438.1
440.9
32.6
35.9
r
39.9
Consumption in end products
do
34.2
449.6
441. 2
31.4
Stocks, crude and ref.. end of DeriodlL _ . do
54.1
67.9
43.2
68.7
74.2
r
d
Revised.
? Preliminary.
Data withheld to avoid disclosure of operations of individual firms. i Less than 500 short tons.
GCases of 30 dozen. tfBags of 132.276 Ib.
§Monthly data reflect cumulative revisions
5.8
127.8
140.0
5.0
147.9
(d)
6.0
110.2
r
209.2
348 3
5.7
128 6
114 3
103.5
(d)
(d)
72.0
r
r
r
r
52 4
r 37 o
r
r
r
r
r
62 7
(d)
(d)
(d)
43.0
55 6
114 0
47.6
44.1
61 3
123 8
46.9
51.0
62 5
145 6
27.0
47.6
62 1
165 0
63.9
40.9
60 4
176 0
14.1
44.6
63 6
202 9
12.3
48.7
63 7
217 0
129.2
44.2
60 9
180 9
41.7
38.5
34.3
37.5
68.1
37.4
35.3
35.3
63.5
34.0
34.6
38.0
60.1
42 0
42.3
43.3
54.7
40. 1
36.9
36.4
51.3
34.7
39.1
40.4
43.2
38.0
39.6
39.5
36.0
37.3
31.9
34.4
37.1
(d)
(d)
50.6
r gg 9
r
182* 5
52.9
43.7
'38.2
r
35.2
'47. 9
.305
3.0
4.1
49-6
64 1
169 5
54.9
41.7
34.2
35.6
59.0
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.
SUEVEY OF CUREENT BUSINESS
S-30
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
I
1970
1970
Apr.
Annual
June 1971
May
June
July
Aug.
1971
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 . 2, 001. 4
Stocks (at oil mills) , end of period . . do_ __ 74.8
Cottonseed oil:
1, 425. 8
Production* Crude
mil. Ib
1, 252. 0
Refined
do
Consumption in end products
do
889 7
Stocks, crude and refined (factory and warehouse), end of period
mil. Ib
398.6
246 5
Exports (crude and refined)
do
.142
Price, wholesale (drums; N.Y.")
$ per lb..
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 Ib
Exports (crude and refined)
do
Price, wholesale (refined; N.Y.)
$ per lb_.
144.2
148.4
103.1
161.0
74.1
140.7
46.6
98.0
38.0
65.1
45.2
39.3
194.1
54.2
219.2
82.9
218.2
85.8
215.8
103.2
202.4
125.5
' 192. 2
' 136. 4
145.1
134.1
1,211.4
1,019.2
932.0
102.8
96.6
90.8
73.2
77.7
78.2
53.1
67.6
80.6
33.1
42.5
63.0
26.6
27.1
63.0
30.5
27.6
65.8
134.3
71.6
77.3
153.4
116.0
79.6
152.6
116.6
76.9
151.5
108.5
67.8
141.2
108.6
73.6
' 134. 0
'119.8
'69.4
103.2
77.2
56.1
184.3
369.8
.175
325.1
24.0
.180
297.7
61.0
.184
252.2
12.2
.180
213.9
17.5
.180
158.1
.178
8.8
121.4
17.8
.167
140.1
12.0
.167
163.5
18.6
.180
184.3
36.7
.178
202.3
43.5
.183
224.6
39.2
.195
' 246. 9
40.3
.195
265.4
18.2
.193
291 8
193 9
314.5
193.2
27.1
16.7
26.8
17.1
24.2
18.6
17.5
18.6
29.1
18.4
36.2
16.8
30.7
15.1
26.8
14.2
27.5
12.7
31.9
13.3
32.4
15.8
34.9
'18.4
36.7
20.1
128 8
.120
Linseed oil:
Production crude (raw)
mil. Ib
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil Ib
Price, wholesale (Minneapolis)
...$ per lb._
1, 725. 8
85.8
148.5
.109
133.9
.110
130.4
.122
128.7
.122
112.8
.110
117.1
.110
129.9
.100
134.9
.100
144.9
.100
148.5
.095
157.5
.095
170.5
.095
' 180. 7
.090
193.0
.088
1,461.6 1, 441. 3
130.2
179.3
1,429.4
170.8
1.238.4
106.8
1 5302
139.8
1,507 5
158.2
1,560.4
112.2
14,716.5 17, 379. 2 1 437.2 1,549.2
112.2
130.9
103.2
202.0
.188
.088
1,560.3 1, 387. 2 1, 463. 2 1, 460. 9
152.0
170.3
173.6 ' 138. 4
695.7
491.1
497.7
6, 804. 7
5,860 0
5 948. 2
8, 085. 9
6, 276. 3
6, 322. 7
672.3
545.9
526.1
724.1
505.6
491.0
680.3
531.9
549.5
664.7
488.1
488.3
655.6
516.5
513.7
563.8
491.9
524.3
729.8
534 5
548.2
705.6
514.5
519.9
727.7
538.8
552.3
724.8
543.5
534.7
653.2 ' 695. 9
511.1 ' 557. 9
505.8 ' 535. 0
517 2
761.1
.110
755.7
1,372.4
.133
632.3
73.8
.146
715.8
81.1
.133
651.3
197.8
.128
638.3
136.0
.130
670.6
126 7
.143
543.4
165.2
.137
562.3
103.9
.161
717.6
52.7
.172
755.7
174.6
.163
751.8
112.0
.168
787.8
109.3
.144
' 756. 0
156.0
.145
767.8
168.0
.135
i 1, 804
1 1,906
4,940
579,106
213, 402
5,006
510, 325
235, 428
38, 280
19, 109
39, 927
16, 474
42, 307
17, 776
34, 699
20, 388
29 555
23, 556
' 4, 650
46, 766
15, 364
53, 650
21, 982
72, 845
33, 652
5,006
62, 477
14, 673
39, 336
20, 362
32 303
17, 142
4,763
52, 352
17, 252
44, 458
18, 136
_. .millions.. 47, 263 51, 166 4,619
510, 532 532, 764 45, 038
do
6,744
6,701
544
do
24, 970
2,374
29, 147
do
4,053
42, 549
5,744
46,646
557
3,120
5,031
44, 165
3,685
47, 119
4,292
47 245
3,423
44 026
4,138
41, 196
3,620
45, 634
3,466
42, 518
3,366
43, 590
593
3,926
50, 665
3,954
43, 360
588
2,309
2,198
2,381
11,642
137
1,207
11, 985
14, 933
1,251
1,611
.137
TOBACCO
Leaf:
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers' end of period
mil. Ib
Exports, incl scrap and stems
thous Ib
Imports, incl scrap and stems
do
Manufactured:
Consumption (withdrawals) :
Cigarettes (small):
Tax-exempt. _
Taxable
Cigars (large) , taxable
Exports, cigarettes
' 4, 419
631
2,838
540
2,766
2,188
653
2,656
581
2,034
495
2,352
510
2,357
505
556
558
2,258
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
_
thous. $ _ 152, 446
1,652
Calf and kip skins
thous. skins..
Cattle hides
, -thous. hides . 14, 778
145, 200
1,316
15, 222
11,967
134
1,179
12, 794
13, 799
10, 836
10, 151
10, 952
11, 205
11, 523
11, 619
1,250
1,395
1,159
1,123
1,235
1,196
1 247
1,258
62, 400
20 716
2 5 068
51,300
18, 701
30, 028
5,700
1,847
192
5,400
2,450
316
4,000
1,438
153
4,500
1 294
174
4,500
2 172
102
2,800
849
36
2,800
863
20
3,500
1 242
65
3,000
934
45
3,100
3,800
1 548
179
6,200
2 879
180
7,400
3 591
79
$ per lb._
do
.561
.146
.331
.129
.375
.141
.375
.134
.275
.134
.320
.123
.350
.135
.320
.130
.320
.131
.320
.131
.315
.110
.300
.104
.300
.115
.275
.115
.300
.158
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
3,381
22, 030
5,856
25 242
2,717
20, 353
3 979
23 598
240
1,874
258
1,815
267
1,791
135
1,318
186
1,622
184
1,681
215
1,784
213
1,585
188
1,701
418
2,070
204
163
1,660
124
1,631
129
1,871
128
1 848
2 054
2 038
1 747
2,145
1 989
2 117
202
2 013
1,949
1 803
1 820
1 768
1 848
265,802
79 365
6 396
8 316
6 742
6 306
6 165
5 870
6 300
5 661
8 117
6 557
6 457
7 784
7 256
109.5 .
114 0
114.9
114.9
113.4
113 4
113.4
113 4
113 4
113 4
113.4
111.8
111 8
111.8
116 4
116.4
99.7
84.3
90.2
86.5
82.7
82.7
82.7
80.6
80.6
80.6
80.2
80.2
79.4
79.4
82.7
85.2
576, 961
559 233
48, 560
46 285
47 939
42 875
47 340
47 722
48 969
40 895
43409
44 864
44 895
50 153
47, 182
463, 388
100,943
8,993
3,637
441,206
107, 562
9 490
3 305
38, 721
9,312
35, 957
9,742
807
196
36, 870
9,345
36 188
10,209
36 714
10, 868
30, 749
8,953
791
197
34, 187
8,316
36, 709 '36,614 40 650
6,889 ' 6, 910 8,245
'842
937
752
37, 789
8,183
811
210
36 848
10, 534
2,324
2 154
166
161
108.9
113.3
112.9
111.9
111.0
116.2
117.1
116.4
119.4
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
Exports:
Upper and lining leather
thous. sq. ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100 .
Upper, chrome calf, B and C grades
index, 1967=100..
LEATHER MANUFACTURES
Shoes and slippers:
Production, total t
thous. pairs
Shoes, sandals, and play shoes, except athletic t
thous. pairs
Slipperst...
.do
Athletic J
do
Other footwear t
do
Exports
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality... do
2
' Revised.
1 Crop estimate for the year.
2 Annual total reflects revisions not distributed to the monthly data.
105
404
96
413
85
240
64
260
124
244
534
155
832
293
172
139
156
219
112.9
112.9
112.9
112.9
114.6
116.4
117.4
116.4
117.4
116.4
117.5
116.4
117.5
116.4
117.5
838
487
131
225
116
176
935
452
802
391
35,395
6,738
827
449
213
192
114.6
116.4
117.5
168
832
143
162
r
189
169
11,512
289
1,239
317
.300
.168
193
504
529
321
918
292
198
141
248
175
167
114.6
114.6
116.7
116.7
117.1
117.1
117.1
116.4
117.5
116.4
117.5
118.9
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
9 Includes data for items not shown separately.
^Revisions for Jan. 1968-Aug. 1969 will be shown later.
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
S-31
1970
Annual
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9 1
National Forest Products Association:
Production, total
mil. bd. ft
Hardwoods ._
... _ _ _ .... _. . _ __do.
Softwoods
do
Shipments, total.
Hardwoods
Softwoods
_ _ __.
_
..do
do
do
37 943
8,468
do
..do
3,104
3,201
2,733
2,639
2,794
2,983
3,339
3,451
2,419
2,463
2,520
2,146
2,104
2,223
2,446
2,830
2 874
2,930
3,044
3,140
2,694
657
574
2,632
2,738
3,075
572
3,059
3,472
497
3,560
2,433
2,472
2,472
2,483
2,120
2,121
2,172
2,493
2,835
2,916
6,141
1,322
4,819
6,713
1,389
4,784
6,235
1,460
4,775
6,288
1,476
4,812
6,233
1,395
4,838
6,363
1,516
4,847
6,428
1,529
4,899
6,277
1,484
4,793
6,143
1,355
4,788
6,042
1,287
4,755
129
562
93
478
119
540
139
553
97
533
99
514
103
422
80
505
87
473
91
683
90
563
715
406
697
466
676
435
633
395
741
445
605
424
623
457
778
593
702
630
738
603
912
689
3,004
2,356
3 080
695
647
2 508
2 433
37, 615
8 676
28 943
35 596
7 078
28 518
3 128
2 942
3,042
558
524
2 569
2 384
2,518
5,332
6,363
1 516
4 847
5,996
4 704
5 023
973
6,137
1 065
5,072
6,061
1, 165
4,896
i 1, 158
6 263
1,266
6 095
111
535
91
572
7,844
7 994
457
811
562
542
453
Stocks (gross) , mill, end of period, total... _do
Hardwoods
_
do
Softwoods
.
do_ _
Exports, total sawmill products
Imports, total sawmill products
3,045
2,967
2,345
36 603
7 964
28 639
3 203
29 481
630
1
559
622
648
626
641
587
681
587
535
571
511
566
537
582
509
637
577
644
SOFTWOODS1
Douglas fir:
Orders, new
Orders unfilled end of period
mil. bd. ft
do
486
692
691
637
626
Production.
Shipments
Stocks (gross), mill, end of period
do
do
do
8,218
8 179
1,010
8 071
8 023
1 058
693
651
694
762
627
637
690
707
693
673
1 072
1 114
1 046
1 036
1 037
1 057
1,058
1,069
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
do
359
88
271
380
87
292
31
g
26
23
6
17
53
13
40
21
16
32
7
25
21
5
16
31
9
22
27
7
20
44
10
35
113. 52
92.22
92.06
92.68
90.80
90.33
93.00
95. 04
94.27
92.85
90.68
Prices, wholesale:
Dimension, construction, dried, 1" x 4", R. L.
$ per M bd. ftFlooring, C and better, F. G., 1" x 4", R. L.
$ per M bd. ft..
Southern pine:
n ^ fivfW
— W"f
*""• «Q« ll/ --
\~ik
Production
do
Shipments
do
Stocks (gross), mill and concentration yards, end
212. 59
684
711
228. 14
229.65
226. 54
fi7ft
fi7l
680
607
OQO
351
333
650
720
712
227. 32
cei
opi
7ft9
OfU
663
660
622
659
647
699
627
660
324
7,645
7 434
7 700
7 672
1 348
1 ^7fi
666
685
635
642
r
662
684
665
806
765
792
826
1,051
1,070
28
7
21
29
9
21
35
8
27
91. 45
98.65
110. 95
111.50
112.12
228.10
228. 10
228. 10
228. 10
224. 99
802
791
2
2
660
374
225. 69
7 336
744
373
431
484
641
625
641
620
670
686
739
749
1,111
1,077
36
11
24
887
432
458
797
843
842
861
4f>f)
I
jce
1 428
1 376
1 343
1 331
1 339
1 355
1 376
1 360
1,350
1 304
1,285
8
1
i 75 gg7
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. G. f 1" x 4", S. L.
228. 14
225. 69
fi97
225. 69
225. 69
QfiQ
226. 76
579
590
1,058
OQR
8
ten
6 481
5 099
5 557
5 100
6 405
5 638
4 785
4,887
6 232
5,173
Western pine:
Orders, new
Orders, unfilled, end of period
Production
Shipments
127.5
107.9
106.2
106.8
105.4
105.4
106.1
109.8
112.7
110.7
109.7
112.7
119.8
124.5
127.1
130.7
1967=100..
119.8
122.9
121.9
123.3
123.3
123.3
123.3
123.3
123.9
123.9
123.3
125.0
127.8
129.6
131.3
131.3
mil. bd. ft._
do
9,593
364
9,341
334
867
402
759
349
833
356
947
445
807
410
887
379
812
354
646
307
688
334
746
445
778
424
869
374
925
9,999
9,768
9,378
9,371
850
802
850
900
860
684
693
646
661
638
635
740
837
924
919
931
913
1 fi^S
1 A4.Q
^07
1 578
1 R83
1,601
72.36
75.01
84.94
101. 21
OA fi
e
25 6
9 4
25 2
9 3
do
do
Price, wholesale, Ponderosa, boards, No. 3,1" x
12", R. L. (6' and over)
$ per M bd. ft
856
1,721
768
826
850
812
858
842
1,711
1,653
1,645
1,653
918
83.79
82 95
90 14
94 14
88 00
82.39
81.31
304.4
9. 1
31.2
13.2
22.3
9.4
25.3
8.7
31.1
10.3
27.9
10.7
27.1
25.3
26.2
26.9
27.8
32.9
32.1
34.1
29.4
29.6
78.54
75.64
25. 6
9. 3
315.2
107. 18
I
MA
74.90
1
99.29
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Stocks (gross) , mill, end of period
mil. bd. ft_.
do
do
do
393.1
387 8
29.6
7Ofi 7
33.3
29.0
97 A.
31.2
26. 6
9. 1
m
28.3
25 2
33.6
22.2
20 5
35.5
23.9
24 7
33.3
23.2
23 g
32.8
24.5
23 8
33.5
28.7
26.8
35.4
28.2
25.2
38.1
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons.. i 5, 229
Scrap do
9,176
Pig iron
do
44
7,053
10 365
310
809
935
6
916
1 300
45
651
989
54
635
1 045
2
566
918
43
398
832
20
379
722
18
355
781
18
299
730
43
254
641
1
199
460
()
186
472
3
189
526
7
Imports:
Steel mill products
Scrap .
Pig iron
13,364
346
266
962
23
26
1,066
30
30
1,082
33
22
1,134
33
33
1,111
27
20
1,277
23
33
1,334
31
26
1,714
35
14
1,347
29
49
1,305
28
6
1,230
18
5
1,254
24
7
1,363
26
52, 464
33, 889
85, 188
7,668
4,636
3,092
7,705
6,448
4,463
2,863
7,519
6,268
4,522
2,987
7,430
6,360
4,363
3,982
6,808
6,657
4,377
2,608
6,841
6,828
4,450
2,705
6,984
7,008
4,269
2,940
6,814
7,346
3,817
2,519
6,157
7,585,
4,079
2,541
6,542
7,668
4,491 '4,436 v 4, 969
2,664 ' 2, 870 p 3, 058
7,512 •• 7, 280 p 8, 056
8,048 ••7,420 p 7, 391
40.17
40.50
39.18
39.00
42.36
42.50
41.78
44.00
35.51
38.50
34.98
38.00
39.62
41.50
do
do
do. _
14, 034
412
417
3
31
Iron and Steel Scrap
Production
Receipts, net t
Consumption
Stocks, end of period
___ thous. sh. tons
do
do
do
i 56, 287
i 36, 929
i 1 816
94,
6, 552
1
1
1
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ perlg. ton.. 29.76
40.72
40.52
43.17
42.21
Pittsburgh district
do.___
32.00
44.00
42.00
42.00
44.50
r
1
Revised.
p Preliminary.
Annual data; monthly revisions are not available.
2
Beginning Jan. 1971, data reflect changes in size specifications, and are not comparable
with those for earlier periods. 3 Less than 500 tons.
9 Totals Include data for types of lumber not shown separately.
HData for orders, production, shipments, and stocks have been revised back to 1962;
40.14
40.75
36.26
39.00
33.33
37.00
34.29
37.50
corresponding monthly revisions are available for 1968 and 1969 only.
{Receipts previously shown for the period Apr. 1967-Sept. 1969 have been corrected to
represent net receipts (i.e., less scrap shipped, transferred, or otherwise disposed of during tiie
period); data comparable with the net receipts shown through Mar. 1967 appear in tne *eo.
1970 SURVEY, p. S-31.
June 1971
SURVEY OF CURRENT BUSINESS
S-32
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
Annual
1971
1970
| 1970
Apr.
May
June
July
Aug.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. Ig. tons.. 88,260
Shipments from mines . .
do . i 90, 581
Imports
do
40, 758
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants.
_-_do._
Consumption at iron and steel plants
do
Exports
_ ._do
Stocks, total, end of period
At mines.. _ __ _
A t furnace yards _ . . - - . _ .
At U.S. docks
do
do
do_
do
126, 165
128, 550
5,430
1
1 89,836
i 89,057
44, 876
6,633
5,348
2,944
9,264
10, 299
3,806
9,520
10,763
5,487
9,651
11,698
5,193
9,382
12,003
5,368
8,899
10,952
5,222
8,260
9,658
3,818
5,991
6,815
3,448
5,961
3,966
3,158
5,350
2,137
1,954
5,228
2,168
878
5,898
2,646
3,678
3,525
125, 107
123, 261
5,494
7,542
10, 378
339
14, 483
10, 934
433
15,033
10,497
627
15, 533
10, 327
700
15, 407
10, 279
629
14,483
10, 056
667
12, 593
10,200
561
9,582
9,607
423
8,020
10, 173
271
4,050
10, 609
239
4,220
9,946
98
4,880
11,495
373
8,684
11, 054
366
01, 143 64, 578 67, 506
21, 297 19,251 16, 629
37, 844 43,050 48, 178
2,002 2,277 2,699
70, 325
14, 615
52, 604
3,106
71, 757 71,012
13, 223 12,416
54. 997 54, 938
3,537 3,658
70, 488 66, 820
14,304 17, 529
52, 781 46, 182
3,403 3,109
64,198
21, 084
40,477
2,637
59, 898
24, 372
33, 860
1,666
31, 490
971
54
49
74
93
67, 441
1 13, 790
51,003
2,648
70,488
14,304
52, 781
3,403
1,124
990
56
34
47
102
149
81
117
98
115
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons.. 95, 017 91, 502
Consumption
_-..
do
i 1 635 i 90, 068
94,
Stocks, end of period
do
2,082
1, 723
7,790
7,652
1,712
8,122
7,897
1,787
7,874
7,735
1,804
7,618
7,417
1,924
7,578
7,415
1,929
7,414
7,402
1,814
7,527
7,499
1,833
7,233
7,074
1,856
7,557
7,440
2,082
7,378
7,804
7,552 ' 7, 298
1,928 '1,937
8,518
*8,364
Pl, 794
8,421
73.70
73.33
74.50
Manganese (mn. content), general imports. _ _do
54, 945 57,616
23, 576 22,538
29, 750 33, 308
1,619 1,770
Pig Iron and Iron Products
Prices:
Composite .
$ per Ig. ton
Basic (furnace)... _
do
Foundry, No. 2, Northern
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons-.
Shipments, total
do
For sale
_
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do
For sale.. . _ _ .
do
63.78
64.00
64.33
69.33
69.26
70.33
68.20
68.50
69.00
68.20
68.50
69.00
68.20
68.50
69.00
68.20
67.92
69.00
68.20
67.92
69.00
72.65
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
1,091
15, 933
9,185
888
13, 946
8,173
1,061
1,272
739
1,046
1,256
723
1,019
1,291
758
978
1,084
669
969
1,139
694
911
1,150
685
843
1,087
662
826
929
550
888
1,047
594
964
1,140
643
967
1,129
633
992
1,328
746
117
1,172
672
78
852
521
94
83
47
94
78
44
90
77
45
100
61
41
94
68
42
91
63
44
72
58
42
90
53
38
78
73
43
78
75
42
'71
'73
'36
73
81
45
11, 386
108.9
11, 574
107.1
11,323
108.3
10,781
99.8
10, 765
99.6
10, 726
102.6
10, 699
99.0
10,008
95.7
10,438
96.6
11,274
104.3
10,874
111.4
12,645
117.0
433
158
126
421
154
124
411
158
128
381
129
108
378
123
101
334
137
116
318
146
123
316
124
102
321
141
116
334
129
106
'336
136
'111
339
161
131
7,039
8,190
8,517
7,759
7,511
7,767
6,867
6,119
6,949
7,509
7,562
9,026
9,470
470
472
631
100
526
490
632
90
601
505
608
105
501
457
592
123
496
456
654
160
434
569
807
129
403
632
969
136
530
541
835
175
558
530
761
155
1,262
676
456
123
661
263
663
2,988
993
1,229
1,156
625
403
121
638
255
1,151
2,831
973
1,120
1,149
607
424
112
605
250
419
2,625
880
1,060
1,041
541
399
95
515
200
345
2,345
771
963
1,135
644
387
98
582
211
391
2,864
931
1,248
1,173
732
322
113
593
230
583
2,992
946
1,318
1,240
783
334
117
569
207
419
2,987
956
1,296
1,592
1,008
431
147
730
248
551
3,823
1,216
1,673
1,554
949
441
157
1,013
289
635
3,974
1,224
1,802
73.33
74.50
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.. 1141,262 '1131,514
Index
..
daily average 1967— 100
111.0 ' 103. 4
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
321
446
Shipments, total
do
1,897
1,726
For sale, total
do
1,580
1,417
12,565
120.2
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. i 93, 877 1 90, 798
By product:
Semifinished products
do
6,373
7,387
Structural shapes (heavy), steel piling do
6,244
6,060
Plates
do
8,238
8,065
Rails and accessories
do
1,514
1,590
Bars and tool steel, total
do
14,354
14, 577
Bars: Hot rolled (incl. light shapes)
do
8,659
8,107
Reinforcing
do
3,659
4,891
Cold
finished
do
1,923
1,490
Pipe and tubing. .
do
9,232
7,778
Wire and wire products
do
3,256
2,998
Tin mill products
do
7,243
6,555
Sheets and strip (incl. electrical), total... do
38, 111 35, 101
Sheets: Hot rolled
do
12,471 12, 319
Cold rolled
do
16,427
14, 250
By market (quarterly shipments):
Service centers and distributors
Construction, incl. maintenance
Contractors' products .
Automotive
do
do
do
do
Rail transportation
do
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials ...do
Other
do
724
496
631
156
729
500
714
156
780
543
737
143
586
534
685
119
1,173
668
408
90
824
263
445
2,327
907
919
1,305
735
436
127
679
275
582
3,249
1,087
1,359
1,388
758
472
149
691
282
605
3,350
1,141
1,362
1,249
651
469
123
657
254
603
3,071
1,077
1,240
i 17, 565 ' 117, 678
i 11, 402 ' 110, 565
i 4, 768 14,440
i 18, 276 114,475
4,470
2,818
1,103
3,844
4,502
2,794
1 193
3,830
4,206 2 1, 407 2 1, 419 2 1, 615 2 1, 796
2945 21,010
2840
2790
2,523
2487
2516
2375
2448
1,028
2 1, 597 2 1, 547 2 2, 130 2 2, 238
2,966
13,344 13,098
i 5, 690 i 5, 169
i 7, 145 i 7, 775
1 25, 687 ••127,598
880
1,355
1,757
7,520
609
1 212
2,536
6,362
696
2278
2446
1,097
1,324
2643
6,095 2 1, 973 2
Steel mill products, inventories, end of period:
Consumers' (manufacturers only).. mil. sh. tons
Receipts during period
do
Consumption during period
do
9.8
69.3
70.0
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished etc )
do
Finished (sheets, plates, bars, pipe, etc.) .do
6.3
7.2
6.3
6.1
6.1
6.2
6.6
6.5
6.5
6.5
11.7
10.2
12.8
10.5
11.7
10.3
12.1
10.1
12.1
9.7
11.7
9.5
11.9
9.5
11.9
9.2
12.1
9.7
12.8
10.0
Steel (carbon), finished/composite price.. .$ per lb_.
.1020 .0974 .0974
.0917
•2 Revised.
» Preliminary.
i Annual data; monthly revisions are not available
For month shown.
.1056
9.4
67.1
67.5
9.1
5.7
6.5
9.1
6.0
6.0
8.9
6.1
6.3
9.2
5.6
5.3
9.5
5.5
5.2
9.7
5.5
5.3
9.5
4.8
5.0
9.2
4.3
4.6
2286
2332
2319
2541
2550
2496
2616
2685
2485
1, 996 2 2, 372 2 2, 388
10.5
7.2
6.4
9.6
5.5
5.3
9.7
5.7
5.6
7.2
6.9
'6.8
13.5
10.5
12.9
11.0
'12.3
11.3
11.7
7.2
6.0
6.7
12.8
10.5
9.4
5.7
5.5
11.8
11.0
.1062 .1062 .1062 .1062 .1062 .1062
.1056 .1056 .1056 .1062
NOTE FOR LEAD STOCKS, P. S-33: ^ Decrease from Dec. 31 stocks reflects correction
for one large consumer. End-of-month stocks as published for Sept. 1968-Dec. 1970 were
erroneously increased about 2,500 tons per month. Revised Dec. 31, 1970 stocks comparable
with Jan. 31, 1971 stocks, 117,700 tons.
NOTE FOR ZINC PRICE, P. S-33: cfEffective Jan. 1971, the price represents a flat
quotation, delivered basis, for all domestic sales (the former East St. Louis base price has
been discontinued); comparable delivered price for Dec. 1970,15.5 cents per pound.
SURVEY OF CUKRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
Annual
S-33
1971
1970
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
Mar.
Apr.
345.2
70.0
331.9
62.0
304 3
67. 0
338 8
78.0
May
327.1
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous sh tons
Recovery from scrap (aluminum content) do
Imports (general):
Metal and alloys, crude
Plates sheets etc
Exports metal and alloys crude
do
do
do
Price, primary ingot, 99.5% minimum— $ per lb..
Aluminum products:
Shipments:
Ingot and mill prod (net ship ) §
Mill products total §
Plate and sheet§
Cast ings A
mil lb
do
do
do
Inventories, total (ingot, mill prod., and scrap),
end of period*
mil. lb
Copper:
Production:
Mine recoverable copper
thous sh tons
Refinery, primary
do
From domestic ores
do
From foreign ores
do
Secondary recovered as refined
do
Imports (general) :
Refined unrefined scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption refined (by mills etc )
do
Stocks refined end of period
do
Fabricators'
do
Price, electrolytic (wirebars), dom., delivered t
$ per lb
Copper-base mill and foundry products, shipments
(quarterly total) :
Brass mill products
mil lb
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do
Lead:
Production:
Mine recoverable lead
thous sh tons
Recovered from scrap (lead cont.)
do
Imports (general) ore (lead cont ) metal
Consumption, total
do
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons
Refiners' (primary), refined and antimonial
(lead content)
thous sh. tons
Consumers' (lead content) c?1
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
Price, common grade (N.Y.).
_
.$ perlb .
Tin:
Imports (for consumption) :
Ore (tin content).
Bars, pigs, etc _ _
Recovery from scrap, total (tin cont )
As metal
Consumption, total
Primary
Exports, incl. reexports (metal) _
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)
Ig. tons
do
do
do
do
do
do__
do
$ perlb-.
thous. sh. tons
do
do
Consumption (recoverable zinc content) :
Ores
do
Scrap, a l l types _ _ _ _ _
. .do. _
31 793 1 3, 976. 1
339 3
71.0
330 9
65 0
30.4
31.8
21.7
41 1
35 2
14.1
.2900
.2900
.2900
.2900
856 6
631.9
318 2
136 7
871 8
653.5
327.2
134.6
883 6
661.1
338.9
135.9
758 3
592^1
296.7
114.4
4,387
3,899
3,942
3,932
1 705 8
1, 765. 1
1, 521. 2
243.9
475 0
141 7
150.9
127.6
23.2
45.0
152 1
148.2
128.2
20.0
43.1
415.1
131.1
394 2
132.1
34 0
32.7
6.8
286.2
200.3
348 9
222.0
2, 145. 0
170.3
124.4
2 048 9
348 5
187.9
323 0
68.0
334.6
68 0
327 0
60.0
20.0
23.7
21.1
28.1
34.3
29.1
44.7
5.0
6.0
95.7
26 9
26 9
15 9
28 0
15 8
14 3
11.0
11.3
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
786.1
605.5
309.8
118.1
824 5
637.9
334 7
117.4
808 9
614.6
298 0
114.3
713 4
541.1
260 2
99.7
812 8
584.4
297.2
121.3
770 6
584.6
292.2
121.3
r 775 4
578. 5
128 0
960.5
749.0
398.7
144.6
4,040
4,101
4,102
4,144
4,279
4,387
4,469
' 4, 496
4,469
148 5
140.9
117.6
23.3
41.5
137 0
148.3
130.4
18.0
41 1
144.6
138.7
119.3
19.4
34.6
139 5
130.5
114.2
16.3
35 9
148 6
149.3
127 3
22.0
37 3
138 7
143.0
122.8
20.2
35. 1
139.1
170.2
144.8
25.4
39.2
137 8
148.5
129.9
18.6
37.0
129
142
124
18
31
32.1
10.6
35 2
10.1
30.5
11.0
45 5
18.8
36.0
13.6
37.1
13.4
35.0
9.8
9.5
27.2
12.1
32.5
24.0
33.0
26.2
22.2
17.1
25 2
15 0
27.8
17.5
24 8
13.6
35.2
17.4
32.5
15.6
33.0
18.2
185.9
177.1
118.9
188.5
183.8
118.6
180 8
175.6
121.9
123 2
230.3
173.4
166.9
225.8
170.9
177 6
227.0
166.3
164.4
248.7
168.5
153.3
306.9
171.3
.598
.602
.602
.601
.601
601
.590
.561
341.4
71.0
326 8
73.0
32.6
31.9
36 0
41 5
.2859
10 717 5 19 941 9
7,666.3 i 7, 386. 2
3 726 8 3 688.6
1,698 1 1, 506. 7
978. 0
835.0
329 0
78 0
468.6
57.2
344 4
350.2
78.7
408 5
.2718
.2872
3,785
1,544.6
1,742.8
1,468.9
273.9
465.6
.4793
3,111
2,524
853
24
583
6.6
7.0
2,513
2,313
7.0
5.3
703
637
200
751
5.6
5.2
5.5
5.4
6.1
9.9
26.4
11.6
34.6
22.9
27 6
18 7
38.6
26.3
37.0
23.7
150.8
348.5
187.9
149.4
373.3
200.0
166 3
385 8
211 3
.531
.5152
5035
6
3
3
1
0
551
526
171
551
551
166
46.3
45.4
48.0
48.4
48.6
48.2
46.5
53.5
48.5
49.6
45.3
52.3
45.3
46.4
389.6
1,389.4
357.1
1, 339. 1
26 7
115 9
36.7
115.9
23.8
114.0
30 1
99.9
25.4
108.8
31.4
111.8
35.1
113.5
23.5
102.3
27.5
113.2
165.7
179.4
163.3
155.1
146.9
151.7
152.8
162.2
179.0
178.2
1
25.7
1
156. 4
97.7
188.4
47 1
167 6
53.2
165.7
63.1
172 0
78.9
175 9
87.1
174.8
86.2
178 8
90.5
178.8
93.2
183.1
'73.6
67.9
.1562
67 5
.1650
72.3
.1650
67 1
. 1650
75 5
.1568
74.0
.1510
73 4
.1452
67.2
.1450
68.3
.1450
384
0
0
187.6 P 192. 0
'380.6 v 369. 8
r
316. 3 »238.6
.5055
.5283
647
564
174
47.4
50.3
487
r
26.1
51.3
46.8
o
r
32 7
8 6
49 7
53 1
0
r 280 1
.2900
140.0
160.0
141.6
18.4
28.8
578.7
590.4
.1490
r
6.4
143 1
170.5
144.8
25.7
33.9
509.0
1603.9
T
41.9
48.1
52.7
47.0
34.1
113.6
22 1
109.6
21.7
119.5
179.4
179.5
177.6
186.3
97.7
188.4
98.5
« 113. 1
96.2
116.5
88.8
120.2
67.9
.1414
67.6
.1350
65.3
.1350
65.7
.1350
0
0
0
3,818
1 785
4,543
1,855
1,065
6,134
1,255
3 398
1,385
1,633
1,723
1,600
5,693
1 730
3,114
1,770
3,810
1,580
5,523
1,610
3,659
1,590
1,635
1,595
4,703
6 595
4 665
6,505
4 560
6,580
4 780
5 885
4 425
5,635
4,100
6,240
4 565
5,860
4,440
5,515
4 110
5,690
4,315
5,830
4,500
5,660
4,160
83
1,233
11, 965
1. 7365
11,690
1. 7225
11,106
1. 6385
10,000
1. 6164
8,970
1.6286
8,155
1. 6701
21.2
.1350
6,355
4,715
54,950
i 22, 775
i 3, 022
i 80, 790
i 57, 730
4,667
50, 554
i 20, 105
3,085
* 73, 122
i 53, 012
3,217
13, 824
1. 6444
4,966
11, 105
1. 7414
11, 765
1. 8388
230
81
330
250
225
91
92
11, 810
1.8054
12, 865
1. 7023
11, 330
1.6477
673
225
102
10, 700
1. 7451
591
215
11, 705
1. 7474
250
275
233
607
275
796
205
74
10
4,478
285
305
570
553.1
546.8
48.3
45.6
46.4
47.0
46.4
43.5
43.2
43.4
43.4
41.6
'40.7
525.8
270.4
39 5
22 3
43.7
25.0
42.9
16.4
44 2
20.7
56.9
16.0
42 1
19.4
31.5
32.1
33.0
18.9
45 5
30.9
37.4
17.9
33.3
14.5
37.5
29.1
i 126. 7
i 302. 1
118.4
226.8
11 1
19 8
10.3
18.6
8.2
19.4
11.5
18.0
10.7
18.2
19.0
18.9
71.7
65.3
65.2
7.8
6.4
100.4
68.8
7 0
100 5
66.7
90.9
97.8
88.8
138
1. 6888
1. 6602
43.8
602.1
324.7
9.0
Slab zinc:
Production (primary smelter), from domestic 1
1,041. 9
886.7
77.0
and foreign ores
._
thous. sh. tons
80.7
70.7
1
74.4
69.3
Secondary (redistilled) production
do
6.8
61
53
1
1, 368. 3 1, 164. 6
Consumption, fabricators'
do
99.1
102.2
99 4
(3)
Exports.. . _ _
do
o (3)
9.3
.3
Stocks, end of period:
134.9
167.7
127.3
Producers', at smelter (AZI)O
do
131.7
132.0
Consumers'
_.
_ do . i 100.5
88.2
83.4
77.3
75.9
.1532
.1550
Price. Prime Western (East St. Louis). $ ner lb_ . .1460
.1550
.1550
T
Revised.
* Preliminary.
i Annual data; monthly revisions are not available.
2
Average for Feb.-Dec. 3 Less than 50 tons. 4 Beginning Feb. 1970, the new METALS
WEEK price (based on mine production rates and known selling prices of U.S. producers
5
only) is not comparable with prices for earlier months.
See note cf, bottom of p. S-32.
• See note f, p. S-32.
§ Revised monthly data (1968-69) are available.
ARevised data (1966-68) are in the Apr. 1970 SURVEY.
*New series. Source, U.S. Dept.
6.2
18.4
5.3
(3)
125.7
84.8
.1550
6.6
(3)
117.2
81.5
.1533
(3)
112.8
79.0
.1500
8.8
(3)
113.6
81.8
.1500
9.1
(3)
118.6
79.0
.1500
8.9
7.6
8.0
19.0
18.7
18.5
70.9
71.6
69.2
93.6
96.4
99.3
5.1
.1
127.3
88.2
.1500
6.9
5.6
4.8
2.2
128.3
80.0
s.1500
119.8
80.4
5.1500
32.9
22.7
8.6
19.9
74.2
7.4
111.5
1.7
1.1
99.4
89.8
'. 1507
84.3
80.7
s . 1550
of Commerce; monthly data back to Jan. 1967 are available.
JPrices shown are averages of delivered prices; average differential between the delivered
and the refinery price is 0.400 cents per lb. through 1969, and 0.500 cents thereafter.
cfConsumers' and secondary smelters' lead stocks in refinery shapes and in copper-base
scrap. See note "V' p. S-32.
©Producers' stocks elsewhere, end of May 1971, 21,600 tons.
SURVEY OF CURRENT BUSINESS
S-34
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
) 1970
June 1971
1971
1970
Annual
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
Apr.
May
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and con vectors, shipments:
Cast-iron
mil sq ft radiation
N on ferrous
do
Oil burners:
Shipments
thous
Ranges, gas, domestic cooking (incl. free-standing,
set-in, high-oven ranges, and built-in oven
broilers) shipments
thous
Top burner sections (4-buroer equiv ) 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
17.0
78.5
.3
3.9
.3
.4
.4
.4
46.6
47.7
64.8
77.0
87.3
62. 9
174 0
13.1
227 6
14 1
172 4
11 2
201 9
10.6
236 1
14.9
217 1
13.8
185 7
13.6
72 6
47.6
79 6
52.0
89 2
65.5
125 0
92.0
147.1
109.8
157.6
112.7
201 4
146.8
127 3
95.9
72.6
44.1
i 1,868.6 1, 904. 4
tl,546.6 1, 481. 0
2, 784. 6 2, 789. 0
120.2
97.9
242.7
128.9
105.8
232.5
148.2
119.9
264.8
158.6
125.1
234.7
162.7
121.5
235.7
203.0
150.0
226.7
215.5
160.7
254.4
186.4
132.5
201.1
161.6
120.1
201. 8
109.4
155.6
419.2
230.1
92.4
76.0
58.4
132.3
319.6
16.3
113.1
16.4
58 3
1
.2
4.5
.2
4.1
647.0
34.8
36.6
2 324 5 2 2 156. 7
198.7 2 146. 3
187 9
12 6
1 286.9
887.4
i 523. 8
*42 2
!
1
1,494 8
11,043.2
49.3
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
mo avg shipments 1967 —100
Furnaces (industrial) and ovens, etc., new orders
Electric processing furnaces
do
Material handling equipment (industrial):
Orders fnew) index seas adit
1967 100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (Internal combustion
engines), shipments
number
Machine tools:
Metal cutting type tools:
Orders new (net) total
Domestic
Shipments, total
Domestic
Order backlog, end of period
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic
Order backlog, end of period
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. $
88 5
8.1
43 9
22 5
2 7
12 3
1
1
99.0
129.8
23 1
18
15 0
82.4
118.9
102.7
P24.7
p 76.9
v 7 2. 1
12 5
8
58
124 8
103 3
89 4
104 3
97 3
106 3
101 6
99 1
110 5
121 2
88 5
93 9
103.1
95.8
14, 579
14,903
13,816
14,811
1,150
1,057
1,529
1,237
1,273
1,377
1,125
1,433
688
846
1,093
1,183
1,318
1,019
1 063
1,194
1,054
1,265
973
972
890
1,044
1,161
1,470
1,179
1,299
50, 446
41, 194
3,416
3,636
3,855
3,533
2,346
3,685
3,114
2,873
3,112
3,637
3,485
4,890
4,233
1, 195. 30
1, 032. 65
1, 192. 45
1 077.45
812.4
651. 30
506. 75
992. 90
827. 35
470.7
59.20
46.30
83.05
69. 15
740.2
52.75
41.60
97.10
82.55
695.9
61.85
44.05
100.60
84.50
657.1
62.70
47.70
74.90
61.30
644.9
34.20
23.45
62.15
47.75
616.9
44.15
35.75
83.35
67.00
577.7
36.70
28.65
70.95
60.40
543.4
29.00
21.00
55.80
45 70
516.6
39.70
26.95
85.60
67.50
470.7
36 75
27.30
57.65
43 50
449.8
39 00
31 70
59 40
47 65
429 4
r
r
43. 00
36. 50
' 64. 85
r
51 75
' 407 6
42.40
36.75
72.35
60.70
377.7
533. 45
484. 35
405. 10
369. 30
382.8
261. 25
226. 60
450. 15
411. 60
234.8
27.20
25.55
34.75
32.20
369.1
16.25
15.20
46.10
43.40
339.3
14.40
12.85
41.20
36.20
312.5
14.75
12.30
38.75
36.25
288.5
12.50
8.95
30.40
28.15
270.6
23.85
22.25
31.40
28.90
263.1
38.35
36.25
35.25
33.15
266.2
9.85
8.80
35.35
30.75
240.7
29.75
19.10
35.70
32.15
234.8
17.45
15.90
31.15
29.00
221.1
20 10
16 95
31 50
28 30
209 7
' 25 25
' 22 65
r
30. 25
r
28 30
* 204 7
13.90
13.15
26.45
24.85
192.2
*475 6
179 1
9
3 51 6
3 47 i
482.0
158. 6
125.3
51.5
121.7
45.7
101.7
6 24.8
3
128.3
610 2
583.4
153.1
139.5
878 6
857. 1
230.8
178 2
199.7
1, 151. 6
1, 178. 7
304.8
284.6
51 5
255.7
3 46 0
T3
3 90 2
77 5
ELECTRICAL EQUIPMENT
Radio sets, production© _
do
Television sets (incl. combination), prod. 0 - - do
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales
mil. $
Motors and generators:
New orders, index, qtrly A
1967=100
New orders (gross) :
Polypha se induction motors, 1-200 hp .mil. $
D.C. motors and generators, 1-200 hp
do_ _
3,056
4,306
4,017
3,928
3,865
3,480
2 892
238.4
193.7
225.5
225.9
203.3
174.8
170.0
238.3
513.3
337.7
152.1
667.9
356.4
202.7
758.0
387.6
226.4
722.5
399.6
132.8
175.7
650.2
541.0
348.5 j 289.1
172.9
546.0
351.2
203.4
198.5
278.7
335.9
359.3
288.1
243. 3
1, 651
4
823
975
534
1,480
779
1, 585
1,054
1,285
965
1,119
945
56.4
46.9
49.3
56 3
47.1
42.7
37, 863
2,065
1,955
2,298
2,949
2, 361. 6
' 205. 9
200.2
221.6
195.8
7, 381 . 7
4, 093. 3
227.2
561.5
332.6
221.4
531.7
321.6
227.4
589.2
382.9
2 980.9
197.5
173.6
20, 549
11, 270
16, 406
9,483
1,322
509
1,292
531
770.7
643.1
58 1
53.2
Batteries (auto, replacement), shipments}! thous
35, 510
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacturers'), domestic and export
thous._ 2,342. 3
Refrigerators and home freezers, output
181.0
1957-59-100
7, 133. 7
Vacuum cleaners, sales billed _ _ _
thous
Washers, sales (dom. and export) cf
do
4, 378. 5
Dryers (gas and electric), sales (domestic and
3, 022. 5
export)
thous
106
«109.3
51.9
101
98
5 102. 5
47.4
4
« 9. 4
3.6
•8.1
3.4
•8.6
4.7
4
4
57.5
4.0
58.4
3.0
1,839
178.8
224.4
212.0
199 9
698.7
328.8
237 5
663.1
369.8
247.2
655.8
303.4
304.4
273.6
216 4
250.7
182.4
177.4
1, 458
^962
1,449
719
1 428
811
1,864
1, 016
1,498
867
1,487
889
46.4
4
2 516
41.6
40 8
44 4
42 5
4
4
90
98
59.9
3.8
T
58.2
3.5
86
57.6
3.1
«8.2
3.8
57.7
3.6
5
7. 6
3.3
5
8. 4
3.6
58.6
3.3
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production
_
.thous. sh. tons.. 10, 473 i 9, 481
761
766
811
Exports
do
51
627
57
43
789
Price, wholesale, chestnut, f.o.b. car at mine
$ persh. ton.. 15. 100
16. 565 16. 346 15. 758 15. 758
Bituminous:
Production
thous. sh. tons._ 560, 505 596, 485 50, 125 48, 630 49, 380
r
Revised.
v Preliminary.
1 Annual data; monthly revisions are not available.
4
3 Total for 11 months.
3 For month shown.
Data cover 5 weeks; other periods,
4 weeks.
* Excludes orders for motors 1-20 hp.; domestic sales of this class in 1970 totaled
$106.5 mil.; 1971—Apr., $7.5 mil.
o Excludes figures for rubber-tired dozers (included for
other periods).
1 Effective 1st qtr. 1971, includes data for ovens; not comparable with
earlier data which cover furnaces only.
710
110
901
79
858
135
872
100
794
78
790
80
722
17
652
16
'777
69
^793
75
913
15. 954
15. 954
16. 640
16. 993
18. 169
18. 169
18. 365
18. 365
18. 365
18.365
17. 581
39, 365 52, 445 53, 745 55, 265 50, 635 52, 455 50,100 46,900 '56,755 55, 575 50, 640
cf Revised to exclude combination washer-dryers.
{Revised series. Data reflect adjustment to 1967 Census of Manufactures; monthly revisions (1957-69) are available.
ORadio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.
AShifted to 1967 base; 1st quarter 1969-lst quarter
1970:102; 115; 104; 103; 105.
|See corresponding note, p. S-35.
SURVEY OF CURRENT BUSINESS
June 1971
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
| 1970
1971
1970
Apr.
Annual
S-35
May
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
Mar.
48, 036 49, 199
29,481 30, 804
17, 436 < 17, 395
8,296 8,239
43, 698
27, 127
15, 733
7,393
45, 508
28, 040
16, 849
8,380
Dec.
Apr.
May
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons
Electric power utilities
do
Mfg. and mining industries, total
. _ do
Coke plants (oven and beehive)
do
44,233
27, 522
16, 241
7,956
43,440
28, 458
14, 385
7.928
420
430
560
866
1,117
1,088
1,109
1,000
838
619
55, 619
57, 383
54,825
55, 654
59, 685
66, 087
69,681
71, 285
68, 643
67,001
69, 982
9,093
9,235
6,517
6,719
7,112
8,180
8,674
8,924
8,489
8,237
8,966
6,057
6,059
7,210
6,269
5,532
6,520
7,267
5,633
6,725
4,250
4,302
4,261
5,004
7.758
8.864
7.819
8.950
8.224
9.193
8,280
9.521
8.424
8.858
9.736 o 10.057
9.747
10. 921
9.747
11. 533
9.747
11. 533
9.747
11.658
9.316
11. 658
9.316
11. 658
9.810
11. 200
814
'73
65, 654 ' 5, 468
1,834
21, 074
59
5,966
1,728
72
5,749
1,929
69
5,442
1,929
65
5,368
1,818
66
5,425
1,799
61
5,680
1,755
68
5, 537
1,743
68
5,672
1,845
59
5,647
1,803
60
5,054
1,652
78
5,752
66
5,621
4,113
4,018
95
1.059
2,514
3,100
3,043
55
1,132
212
3,121
3,063
58
966
195
2,954
2,907
47
966
149
3,006
2,952
54
1,038
244
2,963
2,914
49
1,051
268
3,057
3,019
37
1,094
286
3,433
3,388
46
1,081
288
3,777
3,691
86
1,036
269
4,113
4,018
95
1,059
220
4,241
4,149
92
1,089
171
4,054
3,994
60
1,127
142
3,842
3,803
39
3,599
3,560
39
199
125
Crude petroleum:
Oil wells completed
number-- 2 14, 368 2 13, 020
3.18
Price at wells (Oklahoma) . . .
$ per bbl
3.23
Runs to stills
mil. b'bL_ 3, 879. 6 3, 967. 5
92
Refinery operating ratio
% of capacity91
925
3.21
318.4
91
1,047
3.21
324.0
87
1,142
3.21
326.2
90
1,129
3.21
335.5
90
912
3.21
341.7
92
1,234
3.21
330.3
92
986
3.21
336.6
90
882
3.21
330.6
92
1,454
3.41
346.7
93
846
3.41
344.9
93
896
3.41
312.4
93
1,227
3.41
345.1
880
3.41
969
3.41
.125
Retail deliveries to other consumers
_ do
Stocks, industrial and retail dealers', end of period,
total
thous sh. tons
Electric power utilities
do
Mfg. and mining industries, total
do _
Oven-coke plants .
__ _ __do
Retail dealers
do
Exports
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$persh. 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,. __ _.
40,461 41, 142
24, 118 25, 625
15, 853 15, 058
8,626 8,315
507,275
308,461
185, 835
92,901
520,815
320, 461
189, 703
97, 487
40, 761
24, 170
16, 113
8,354
12, 666
10, 353
450
450
80,482
60, 597
19, 701
8,962
71, 285
52, 060
8,924
8,678
56,234
70, 908
6.052
7.487
7,641
9,647
41, 713 42,465 43,813
26, 424 25, 254 26,453
14,386 16, 057 16, 245
7, 917
8,317
8,068
184
thous sh tons
do
.
. do .
710
64,014
20, 574
do
do .
do
do
do
3,120
3,020
99
1,040
1,629
9,719
11. 200
PETROLEUM AND PRODUCTS
All oils, supply, demand, and stocks :
New supply, totald"
Production:
Crude petroleum
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products.
...
mil. bbL. 5,111.8
do.__
do
do
do
5,382. 4
436.8
436.3
430.9
436,4
441.9
440.9
461.2
451.4
482.1
464.4
422.9
486.0
3,371.8
584.5
3, 515. 5
619.5
287.6
50.0
295.2
51.8
280.7
51.0
284.9
51.9
296.2
52.4
295.5
50.5
310.5
53.0
301.1
52.9
308.1
54.8
301.5
53.6
274.4
49.4
309.0
52.8
552.9
602.7
522.6
724.8
38.1
61.1
40.7
48.5
44.1
55.1
42.0
57.6
39.0
54.3
43.3
51.6
39.5
58.1
40.6
56.9
53.0
66.3
37.8
71.5
40.2
58.9
45.9
78.3
Change in stocks, all oils (decrease,—)
do
-17.4
37.7
17.3
28.1
16.3
3.1
11.8
27.0
15.6
17.9
-37.4
-36.6
-9.4
Demand, total
•
Exports:
Crude petroleum
Refined products
Domestic demand, total?
Gasoline
Kerosene .
do
5,126.6
5, 337. 5
419.4
407.1
415.0
431.3
427.2
414.2
443.7
433.5
505.0
504.8
457.7
589.6
do
do
do
do
do
1.4
83.4
5,041.8
2, 042. 5
100.4
5.0
89.3
5, 243. 3
2, 131. 2
96.0
.1
7.6
411.7
171.3
5.4
7.8
399.3
183.6
5.0
.3
7.5
407.3
187.4
4.3
.1
8.3
422.9
195.2
5.0
(l)
6.4
420.8
190.4
4.8
0
8.1
406.0
179.8
5.5
2.0
7.7
434.1
184.7
7.5
1.6
6.3
425.6
168.4
8.7
.7
8.4
495.8
182.0
12.3
0
6.1
498.6
164.6
13.4
(0
6.7
450.9
154.6
12.7
0)
7.7
581.8
182.6
8.8
Distillate fuel oil
Residual fuel oil
Jet fuel
do
do
do
900.3
721.9
361.7
927.2
804.3
350.9
74.2
63.6
27.2
60.3
51.3
27.7
52.6
58.2
28.1
50.3
59.2
31.2
52.9
61.2
30.8
58.6
50.7
31.1
69.9
58.9
30.0
78.6
61.7
28.7
110.0
80.4
30.5
125.3
85.1
28.8
107.6
73.7
29.8
99.6
87.4
30.6
Lubricants
Asphalt
Liquefied gases.
do
do
do
48.8
143.3
445.6
153.5
454.7
10.0
32.2
14.3
29.0
18.8
29.8
21.3
31.9
20.6
32.2
18.8
33.2
15.9
39.6
10.6
43.9
4.0
7.8
47.6
3.6
4.8
52.5
3.7
4.9
44.7
4.1
8.1
38.2
do
do
do
do
980.1
265.2
103.5
611.4
1, 017. 9
276.4
106.0
635.5
923.4
278.0
112.5
532.9
951.6
284.8
115.0
551.8
967.9
279.9
115.5
572.5
971.0
266.9
113.8
590.4
982.8 1, 009. 8 1, 025. 4 1, 043. 3 1, 017. 9
259.2 265.5
254.1
276.4
271.3
113.1
106.9
109.0
106.0
107.6
615.6
643.7
652.3
635.5
663.0
980.4
269.8
101.2
609.4
943.8
266.9
97.2
579.8
934.4
267.2
96.8
570.4
do
do
do
2,028.2
2.4
217 A
2, 105. 3
1.4
214.3
164.3
.1
235.7
172.5
.1
226.4
173.8
.1
214.9
180.6
.2
201.9
183.0
.1
196.4
180.8
.1
199.3
177.7
.1
194.5
175.6
.1
204.0
190.2
.1
214.3
185.2
.1
237.0
167.0
.3
250.5
.1
250.6
.120
.123
.120
.118
.118
.130
.130
.125
.113
.110
.234
.
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc.
Refined products
... .
Refined petroleum products:
Gasoline (inch aviation):
Production
Exports
Stocks, end of period
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal__
.116
.110
.119
.133
.115
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
.239
.248
.256
.249
.246
Aviation gasoline:
Production
mil. bbl
26.5
19.7
1.6
1.6
1.3
Exports.. .__
do
1.7
.9
.1
.1
.1
Stocks, end of period
do .
6.2
5.4
5.1
5.1
4.7
Kerosene:
Production
do
102.9
7.5
7.0
7.4
95.7
Stocks, end of period
do
26.8
20.8
22.9
26.3
27.8
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal..
.111
.111
.118
.120
.118
' Revised.
o Corrected.
1
2
Less than 50 thousand barrels.
Reflects revisions not a vailable b y month s.
d" Includes small amounts of "other hydrocarbo as and h ydrogen r efinery nput," ilot
shown separately.
9 Includes data not shown separately.
5 Includes nonmarketable catalyst coke.
-25.5
.238
.230
.246
.237
.265
.256
.254
.241
.238
2.0
.1
5.1
1.9
0)
4.7
1.9
.1
4.7
1.6
.1
4.6
1.8
C1)
5.0
1.7
.1
5.1
1.4
.1
4.9
1.7
.2
5.2
.1
4.9
6.3
27.7
6.5
29.6
6.2
30.3
8.2
31.0
9.2
31.5
8.5
27.8
9.5
23.9
8.4
19.7
19.2
. 127
. 127
.121
.122
.119
.122
.123
.123
.122
.122
.122
NO rPE FOI1 MAT! RIAL HANDIvING I]MDEX (p. S-34 : f Revised series. Index
2
(expan ded to c }ver new orders n.ported t y members of Ho ist Mfrs. Institute and Rack Mfrs.
Institiite) is b ased on composit e figures represeiiting 81?ro of thai ; portion of the business
covere d by the combination of 8 materi al handl ing assoc ations. Monthly data for 1968-69
are in the Apr. 1971 Sun,VEY. p. 3-35.
SURVEY OF CUERENT BUSINESS
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
Annual
June 1971
1971
1970
Apr.
May
June
July
Aug.
Sept.
Oct.
Dec.
Jan.
Feb.
Mar.
218.1
80.5
6.7
.1
195.3
80.9
8.1
.3
158.7
72.3
5.5
.2
128.7
6.1
.4
112.9
Nov.
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.
Jet fuel
Production
Stocks end of period
mil. bbl
do
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midcontinent,
f.o.b., Tulsa)
. -$ per gal
Asphalt:
Production
Stocks, end of period
mil. bbl
__do._
Liquefied gases Cincl. ethane and ethylene):
Production total
mil bbl
At gas processing plants (L.P.O.)
do
At refineries (L R G )
do
Stocks (at plants and refineries)
do
Asphalt and tar products, shipments:
Asphalt roofing total
thous souares
Roll roofing and cap sheet
do
Shingles all types
do
Asphalt siding
Insulated siding
Saturated felts
do
do
thous sh tons
848.4
50.9
1.1
171.7
897.1
53.9
.9
195.3
70.8
4.6
.1
102.1
70.8
3.4
.1
115.8
137.5
73.5
2.8
.2
163.5
188.2
73.4
2.8
.1
205.7
72.3
1.9
(2)
74.8
2.8
(2)
76.7
4.0
.1
216.4
75.3
5.1
(2)
.101
.108
.101
.108
.110
.112
.112
.112
.112
.112
.109
.113
.113
.111
.117
.117
265.9
461.6
16.9
58.4
1.48
257.5
557.8
19.8
54.0
2.25
19.8
47.3
1.4
42.8
2.00
17.7
36.8
1.8
44.7
2.00
17.0
43.6
1.3
46.0
2.00
17.7
44.7
1.7
47.9
2.40
20 7
41.7
1.2
48.1
2.60
19.9
39.1
2.8
54.0
2.60
20.0
42.9
1.2
57.1
2.60
22.2
41.8
1.0
58.8
2.60
28.9
49.0
2.6
54.0
2.60
31.3
53.8
.5
53.9
2.60
27.1
42.6
1.4
48.9
2.35
62.5
1.5
49.4
2.35
2.35
2.35
321.7
28.1
301.9
27.6
24.5
29.2
23.7
29.4
24.9
30.9
26.9
30.0
26.6
30.6
25.9
30.2
26.0
30.8
24.6
30.1
24.5
27.6
25.9
27.6
23.7
27.0
27.1
65.1
16.4
14.1
66.2
16.0
14.7
5.4
1.3
13.8
5.6
1.3
14.1
5.3
1.2
13.6
5.5
1.7
13.3
5.7
1.2
13.7
5.6
1.1
14.0
5.6
1.5
13.6
5.8
1.1
14.2
5.9
1.4
14.7
5.3
1.2
15.2
4.9
1.3
15.2
1.4
15.5
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
135.7
16.8
146.7
15.8
10.8
25.8
13.0
24.9
115
21.3
16.1
17.3
16 5
14.0
15.6
11.6
15.0
11.1
12.3
13.2
10.1
15.8
8.2
19.7
7.7
22.7
25.5
502.0
378.5
123 5
59.6
532.9
406.9
126 0
67.0
43.3
32.9
10 5
43.5
44.9
34.1
10.8
54.6
43.6
33.0
10.6
63.2
44.6
33.3
11.2
70.0
43 8
33.4
10 5
76.4
43.0
32.9
10.1
80.6
45 2
35.1
10 1
79.8
45.3
35.2
10.1
74.6
47.4
36.8
10.5
67.0
46.2
35.8
10 4
54.7
43.3
33.2
10.1
48.0
50.0
84 430 ' 82 785 6 340
34 707
34 670
2 662
49, 723 ' 48, 115
3,679
7,895
2,924
4,970
8,504
3,377
5,127
8 792
3,562
5,230
8 384
3 511
4,874
8,452
3,486
4,966
8,699
3,533
5,166
7 450
3,167
4,283
6,291
2,824
3,467
5 300
2,247
3,052
25
22
73
20
31
75
23
39
78
29
39
84
21
35
82
18
37
75
21
34
78
17
30
68
21
24
66
18
21
57
21
23
81
16
25
'73
21
35
70
364
346
920
251
334
836
8,137 ' 6, 426
3,248 ' 2, 653
4,888 ' 3, 773
6,315
2,360
3,955
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
.
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
i 65, 053
i 65, 017
4,788
65,209
64,571
5,873
5,611
5,536
4,811
5,449
5,548
4,745
5,591
5,478
4,892
5,531
5,251
5,193
5,565
5,439
5,417
5,537
5,147
5,813
5,645
5,670
5,912
5,112
5,340
5,716
5,038
4,942
5,873
5,073
5,487
5,589
4,984
5,207
5,406
5,318
5,484
5,249
5,450
5,415
5,258
thous. sh. tons._ 1 10, 222
do
608
10,590
571
872
563
832
552
854
556
743
591
829
564
832
571
868
571
801
562
762
571
814
528
'780
••507
'908
'509
867
520
thous. sh. tons,.
.
do
do
do
43, 416
1,676
29, 221
2,308
41, 805
1,716
28, 320
2,308
3,579
142
2,431
208
3,624
160
2,447
203
3,475
120
2,371
203
3,352
140
2,268
181
3,547
144
2,409
194
3,304
128
2,246
177
3,656
155
2,475
197
3,496
146
2,367
187
3,201
143
2,107
176
3,600 ' 3, 347
139
146
2,240
2,408
172
225
3,700
159
2,507
168
thous. cords (128 cu ft )
do
do
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate.
Sulfite
Qroundwood
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
4,437
1,875
3,898
4,358
1,594
3,508
366
134
298
374
134
305
357
133
291
359
134
269
378
135
286
348
131
275
378
141
310
363
133
300
361
130
284
380
141
300
361
'138
296
401
143
321
do
do
do
do
796
230
469
99
861
386
405
69
832
299
459
74
868
348
450
71
867
340
459
68
919
359
490
70
904
376
460
67
821
326
427
68
872
401
405
66
885
420
396
68
861
386
405
69
913
462
383
69
'930
'490
'372
'67
973
508
'388
78
398
85
Exports, all grades, total
Dissolving and special alpha
All other
do
do
do
i 2, 103
1744
i 1, 359
13,755
1869
12,886
254
81
173
243
50
193
269
96
173
273
65
208
325
80
245
247
52
195
954
86
868
244
70
174
318
77
241
187
62
124
180
59
122
236
88
148
194
74
120
do
do
do
14,040
1298
13,743
»3538
1273
1 3, 265
304
24
280
296
23
273
309
15
293
292
13
280
270
21
249
256
30
226
277
27
250
289
24
265
297
27
270
263
30
233
248
25
223
341
30
311
310
21
290
54, 058
23, 505
26, 022
148
4,384
52, 210
22,975
24, 943
158
4,135
4,624
2,053
tl«
359
4,469
1,944
2,160
12
353
4,380
1,898
2,106
15
361
4,124
1,790
1,956
12
366
4,330
1,882
2,074
14
360
4,092
1,762
1,959
16
356
4,584
2,014
2,169
16
385
4,265
1,864
2,054
14
333
3,979
1,790
1,851
13
325
4,679
4,521 '4,253
2,005 '1,865 '2,025
2,149 '2,018 ' 2, 244
17
14
14
'403
'356
353
1,940
2,187
16
398
109.5
101.1
101.2
108.4
102.1
101.6
108.4
101.8
101.5
108.4
100.5
101.5
108.4
100.6
101.4
108.4
100.5
101.3
108.4
100.9
101.0
112.1
102.3
100.9
112.1
99.5
100.9
112.1
99.5
100.3
112.0
99.3
100.1
112.0
102.5
101.4
112.0
103.0
101.7
Imports, all grades, total .
Dissolving and special alpha
All other
.
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:
Book paper, A grade
1967=100
Paperboard
do
Building paper and board
do
' Revised.
* Preliminary.
53, 754
104.5
99.4
105.7
112.0
101.3
100.4
1
Reported annual total; revisions not allocated to the months,
barrels.
112.0
102.6
102.7
2 Less than 50 thousand
SURVEY OF CURKENT BUSINESS
June 18T1
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1971
1970
1970
Annual
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):*
Groundwood paper, uncoated:
Orders, new
thous.sh.tons.
Orders, unfilled, end of period
do
Shipments
- do
Coated paper:
Orders, new
do
Orders, unfilled, end of period
do
Shipments
- ...
do
Book paper, uncoated:
Orders, new
do
Shipments
do
Writing and related papers:
Orders, new
do
Shipments
do
Unbleached kraft packaging and industrial converting papers:
Orders, new
.
do
Orders unfilled, end of period.
do
Shipments
- -- -do
Tissue paper, production .
do
1,171
107
1,123
1,171
81
1, 170
93
119
93
104
115
101
94
94
102
117
117
99
86
81
105
93
81
94
91
71
102
94
79
98
99
81
100
r 100
3,230
200
3,313
3,148
182
3,237
280
232
285
258
221
272
264
224
269
260
227
263
258
213
269
244
200
267
270
209
270
250
204
260
218
182
257
2,515
2,688
2,500
2,572
207
218
208
214
209
214
217
209
208
211
203
209
221
225
205
212
2,952
2,898
2,775
2,820
252
247
236
240
227
227
208
218
226
228
231
231
245
246
3,922
189
3,866
3,602
' 3, 764
110
3,739
3,671
329
140
325
r 315
314
110
309
r 320
297
121
294
r 310
280
115
281
r 303
303
127
299
r 326
314
142
315
do
do do
8,758
8,741
220
8,607
8,592
236
752
701
452
715
716
451
671
734
388
698
673
412
do .
do
do
3,232
3,233
27
3,310
3,303
33
274
274
51
290
277
65
289
285
69
272
266
75
Consumption by publisbersd"
do
Stocks at and in transit to publishers, end of
period
_-thous. sh. tons
7,344
7,130
624
643
582
699
749
704
654
683
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. ton..
6,790
6,635
563
535
146.10
150. 50
150. 50
Paper board (American Paper Institute) :
Orders, new (weekly avg.)
thous. sh. tons..
Orders, unfilled §
do
Production, total (weekly avg.)..
do .
479
939
507
349
742
489
Newsprint:
Canada:
Production
Shipments from mills
.
Stocks at mills, end of period
United States:
Production
-- Shipments from mills
Stocks at mills, end of period ._
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area-- 185,760
Folding paper boxes*
thous.sh.tons 2, 627. 0
mil$_. 1,229.0
r 94
r gg
••82
'82
r 87
105
85
99
283
247
279
r 251
r 236
r 260
289
234
289
194
234
214
r 213
r 197
259
230
219
222
226
223
r 226
r 232
r 233
r 230
262
249
310
lOfi
290
i in
QAQ
OQQ
r 278
322
131
318
r 313
298
r OQ1
302
117
300
324
292
116
290
r 307
334
131
325
333
694
670
436
649
683
402
760
800
362
766
802
326
ftft9
695
629
303
662
583
382
711
683
410
670
692
388
289
277
87
243
258
72
292
295
69
283
287
65
9fi7
298
qo
294
262
66
266
244
88
289
309
67
270
257
80
544
559
581
626
645
608
544
528
597
600
693
712
708
717
682
74Q
745
731
753
741
541
539
484
544
565
KRA
70(1
toy
440
570
617
150.50
150.50
150.50
150. 50
150. 50
150. 50
150. 50
150. 50
153. 70
153. 70
153. 70
158. 10
158.10
497
770
518
512
749
516
493
691
489
451
723
444
492
711
490
467
732
469
490
748
497
492
729
501
349
742
442
454
644
488
515
719
506
518
7fi8
514
523
801
515
527
867
513
184,425
15,552
15,046
15,072
15,888
15,370
16,488
17,153
14,490
11,290
14, 347
14, 211
14,283
14, 466
15,140
2, 490. 0
1,225.0
209 5
101.4
199 4
98.3
209 2
104.2
202 1
100.2
202 8
101.3
210 2
103.9
227 0
112.5
190 1
94.4
206 8
101.8
236
r
196 5 r 190 0 r 214 7
•r 98. 7 '96.5 ' 108. 6
202 9
101.7
46 21 ' 48 28 54.43
91 36 r 92 89 102. 65
41.15
44.67
45 23
49 84
98.54
42.77
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption .. __
thous. Ig. tons « 598. 27
Stocks, end of period
do -- 106.49
Imports, incl. latex and guayule
do .. 585.28
Price, wholesale, smoked sheets (N.Y.)..$ per lb._
Synthetic rubber:
Production
Consumption
Stocks, end of period
.262
536.57
99.64
549.92
48 11
96 42
45.66
35 83
98 31
42 10
43 93
89 69
41.64
42 84
92 36
37.78
43 45
94 73
33 73
46 67
96.69
46 60
45 37
92 36
46 74
40 18
93 64
46 88
41 92
99 64
48.90
.218
.221
.218
.216
.200
.195
.191
.183
.184
.193
182. 24 179.64
129 16 156 68
457 52 455 57
181.33
150 50
46465
187. 07
152 13
479 43
182. 74
158 33
481 79
184.96
162 01
481 09
179. 35
142 79
499 30
181.09
147 26
513 30
-thous. Ig. tons.. -2,250.19 2, 195. 87 178. 68
do
°2,024.06 1 882 35 170 39
0
do
441 03 513 30 422 36
Exports (Bu. of Census)
do
Reclaimed rubber:
Production
Consumption
Stocks, end of period
do
do
do
.184
.180
.183
.194
183.62 166. 47 181. 79
165 24 r igi 52 -185 45
526 31 r517 13 497 56
184.12
171 81
491 03
226. 49
0
0
!290 06
26 14
25 25
27 25
23 24
23 28
22 06
24 12
24 52
26 21
19.82
27 28
24 41
238. 92
231 77
29.27
200 10
194 06
26.17
17 45
17 34
27.28
13 26
13 67
27.87
15 46
15 58
26.63
17 55
15 65
26.62
16 46
14 93
26.88
14 43
15 95
26.28
15 99
16 76
24 52
15 46
14 46
24 90
18 40
15 65
26.17
16.43 f 17 04
19.47
15.79 r 16 40
19 19
25.87 ' 26. 53 26.57
.200
17 88
17 19
27.12
23 29
TIRES AND TUBES
Pneumatic casings, automotive:
Production
thous
207, 826
190,403
17, 216
12, 642
15,658
15,466
14, 657
15, 885
15,938
14 560
15, 079
16, 557
17,429
19, 435
Shipments, total
Original equipment
Replacement equipment
Exports..
do
do
do
do
204,835
55, 632
146, 785
2 419
194 541 19 559
46 135
4 507
146, 508 14, 877
1 898
175
18 286
4*912
13*. 201
173
20 862
5*628
15*. 077
156
15 367
2*346
12,906
114
15 228
3 296
11,813
119
16 699
3 643
12,888
167
15 740
2*995
12 576
169
12 333
2 597
9 624
182
13 160
4 046
8,964
150
14, 181
4,734
9,297
150
14 184
4 897
9,132
155
18 371
5 445
12, 674
252
do
do
49, 152
2,364
50 175 54 620
1 531
114
49 670
119
45 196
133
45 978
'l07
45 758
125
45 328
116
45 586
*178
48 111
*145
50 175
97
52,561
93
56 093
95
57 280
283
167
2 060
3*024
9*680
85
2 765
3*678
9 111
85
3 127
3 390
9 252
99
2 654
3 206
8 934
71
3 081
3*436
8 905
60
2 862
2 647
9 704
109
2 758
2 988
9 718
46
3 055
3' 458
9 447
130
3 097
3 180
9 626
46
3 375
3 427
9 736
85
124
Stocks, end of period
Exports (Bu. of Census)
.
_
_
Inner tubes, automotive:
Production
..
Shipments
Stocks, end of period
Exports (Bu. of Census) _
do
do
do
do
41, 657
35 687
44, 860 i 41 005
11, 191
9 718
1 098
1 002
3 278
3 666
10 222
71
' Revised.
* Preliminary.
i Annual total includes revisions not distributed to the
months.
JData have been regrouped by the American Paper Institute; details and available earlier
data appear in their April 1970 Monthly Statistical Summary.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
3 463
3 570
9 133
' 115
^Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
*New series. Monthly data are available back to 1956.
° Revisions for Jan.- May 1969 will be shown later.
SURVEY OF CUKRENT BUSINESS
S-38
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1969
1970
June 1971
1970
Annual
May
Apr.
June
Aug.
July
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
17 285
18 987
27 809
35,576
May
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipmentsfinishedcement
.. .
thous. bbl
*409 826 !389, 762
32 912
36 385
39 699
42 284
41 630
38 158
39 134
29 859
26 440
574.8
17 7
134 4
579.4
17 5
138 4
617.0
20 1
153 5
629.4
17 8
161.2
607.6
14.7
153.4
612.3
10 5
156 7
622.0
13 0
150 8
530.8
11 2
127 9
493.4
13 6
115.8
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
7, 289. 7
mil. standard brick
241.5
Structural tile, except facing
thous. sh. tons
1, 783. 5
Sewer pipe and fittings, vitrified
-- - do
Facing tile (hollow), glazed and unglazed
209.0
mil. brick equivalent- _
Floor and wall tile and accessories, glazed and un284.8
glazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or
N.Y. dock..
1967=100.. 107.8
6, 496. 0
184 6
1, 622. 2
361.2 ' r395. 0
10 5
11 7
r
94.7
93 1
173.0
16.2
10.6
15.1
16.4
12.7
16.9
16.6
16.6
16.7
12.2
250.4
22.2
20.5
22.8
22.2
21.3
21.4
21.6
19 1
18.1
20 4
112.2
111.6
112.0
112.0
112.0
112.0
113.5
113.9
114.2
114.6
114 1
594.2
15 9
143.9
11.1
14.2
19.1
23.5
116.0
117.0
r
117.4
117.4
GLASS AND GLASS PRODUCTS
thous. $
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
do
do
thous gross
Shipments domestic total
do
General-use food:
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,
416, 870
382, 775
90, 388
101, 919
'101,897
99, 317
150 123
266, 747
131, 702
251, 073
31 092
59,296
34 079
67 840
'37 340
' 64, 557
32, 952
66,365
260 267
267 255
22 555
23 293
23 033
22 589
24 910
21 863
24, 635
21,412
19,914
20, 691
19, 956 '23,030
21, 770
25] 050
264 483
20 110
21 411
23 798
22 051
23 848
24 358
24, 138
19,104
24, 477
15, 903
16, 838 '22,197
21, 230
24 232
24 806
1 927
1 963
2 043
1 847
2 718
2 863
2,080
1,674
2,095
1,680
1,762
2,262
1,950
57 828
Flat glass, mfrs.' shipments
58 632
4 200
4 14fl
4 731
4
K OQQ
5 600
6 053
4 525
5 557
3 589
3 822
4 792
4 345
5,562
4,803
1,872
5,793
4,882
1,598
AQQ
Beverage
Beer bottles
Liquor and wine
do
do
do
56 232
51 086
20 677
69, 254
52 626
20 638
4 839
4 407
1 685
5,956
4 988
1 505
6,909
5 205
1 699
6 532
4 922
1 303
6 323
4 774
1 670
5,944
4 498
1 951
5,912
4,348
2,081
4,980
3,404
1,721
7,306
3,974
1,923
3,571
3,333
1,459
3,987
3,414
1,481
Medicinal and toilet
Chemical household and industrial
Dairy products
do
do
do
35 916
4 496
'583
34 252
3 896
2 705
2 545
2 864
2 459
2 745
3 140
3,236
2 465
3,207
2,030
2,105
do
30 260
30, 084
5 858
9*881
6 128
9 462
1 396
2 524
1 775
2 489
1,761
2,277
1,273
2,193
do
9 324
8 654
2 238
2 301
2,134
2,194
-do
do
4 681
4,219
265
1 298
1 267
316
51
950
67
746
63
do
do
473
702
408
588
106
154
104
155
90
141
94
119
Stocks end of period
379
320
27
33 540
285
29
35 204
322
25
34 016
273
26
34 404
294
31
35 178
319
43
396
32
32 504
32, 775
303
3!
373
42
215
26
34896
30, 084
34,669
240
28
' 2, 539 2,329
308
'337
30
25
37, 601 '38.263
38,642
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 .
Wftllboard...
All other
.
mil. sq. ft
do
do
917
749
9 090
72
8,764
275
2,359
2,269
2 308
62
117
175
197
187
2 259
228
60
58
64
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:t
Production, total 9
mil linear yd
Cotton
_
do
Manmade
fiber
do
12 907
901 2 i 088
502
2 615
2 453
389
915
516
390
902
520
374
2 989
2
581
2 399
910
531
369
1 453
1 437
1 434
1 471
1 443
'591
7 159
5 546
11 545
6 395
4 991
910
491
404
924
502
406
21 028
2528
2
482
791
459
322
do
do
do
1 404
1 471
1 389
*606
1 409
1 429
1 441
*587
1 454
838
592
846
Orders, unfilled total end of period 9 Tf do
Cotton
.
do
Manmade
fiber
do
2 779
1 535
1 165
2 434
1 525
2 460
1 425
2 514
1 481
2 439
1 441
983
984
954
916
9 937
' 10 112
6
280
1 122
4 165
Stocks total end of period 9 d"
Cotton
Manmade
fiber
659
730
592
867
866
765
594
799
2 482
1*393
1 026
2 522
1 438
1 030
584
830
585
853
584
839
2 395
1 441
2 425
1 481
901
579
842
592
867
2 502
1 543
2 434
1,525
919
837
' 910 21,126
532
2646
' 368 2468
1 443
611
'818
1 355
547
794
2 431 ' 2 486 2 622
1,640
1,567
1 552
866
844
881
945
COTTON
Cotton (excluding linters):
Production:
GinningsA
thous. running bales
Crop estimate, equivalent 500-lb. bales
thous bales
Consumption
do
Stocks in the United States, total, end of period
10 008
8 294
12 265
12 248
1 323
9,653
1,272
17
4
'510,112
10, 056
r JO 184
7*878
616
609
2730
532
593
2 760
632
641
2722
644
665
11 900
11 886
1 482
9,257
1,147
14
8 405
8 383
7 506
7 486
6 517
6 498
5 760
5*733
15 789
15* 773
10 875
3,631
1,263
15
14 811
14 795
9 900
3,854
1,041
16
13 949
13 931
7* 545
5,474
912
18
12 732
12 719
2* g45
8,874
1,000
13
11 900
11 886
1 482
9,257
1,147
14
10 724
10 708
1 285
8,126
1,297
16
9 496
9,479
1 093
6,890
1,496
17
Domestic cotton , total
do
On farms and in transit
do
630
585
417
Public storage and compresses
do
6,160
5,363
4,621
Consuming establishments
do
1,592
1,460
1,538
Foreign cotton, total
do
23
20
19
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 1970.
9 Includes data not shown separately.
tEffective Aug. 1969 SURVEY, data (1964-Apr. 1969) reflect adjustments to new benchmarks; see Bureau of Census reports: Woven Fabrics (1964-68), Series M22A-Supplement
and (Jan-Apr. 1969), M22A (69) 1-4 Supplement.
8 831 3 9 828
360
3,962
1,411
27
'510,184
'2815
637
'8 151
' 8, 133
' 5, 577
' 1, 677
18
4,606
1,764
15
645
6 930
6,915
879
545
3,668
1,769
17
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
IT Unfilled orders cover wool apparel (including polyester-wool) finished fabric*; 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 CURRENT BUSINESS
June 1971
1969
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1970
Annual
S-39
Apr.
May
June
July
Aug.
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports. _ _
thous. bales..
Imports
.. do
2,397
46
2,982
37
308
7
299
2
269
2
186
2
84
1
89
6
181
3
251
1
362
441
3
455
6
562
8
467
3
Price (farm), American upland
cents per lb._.
Price, middling 1", avg. 12 markets
do
120.9
122.2
10 21. 6
10 23. 1
21.6
22.4
22.1
22.6
22.1
22.8
22.5
23.0
22.6
23.0
21.9
23.0
22.8
23.0
22.1
22.8
21.0
22.6
21.0
22.8
21.5
23.2
21.0
23.6
22.2
23.8
19.6
12.4
125.6
.476
80.9
18.6
11.6
113.0
.435
70.4
19.3
12 1
8.9
.447
5.6
19.1
11.9
9.0
.451
5.6
19.1
11 9
210.6
.422
26.5
19.1
12 0
7.8
.388
4.8
19.0
11.9
8.6
.431
5.3
18.8
11.8
210.6
.423
26.6
18.8
11 7
8.7
.436
5.4
18.6
11 8
8.8
.438
5.5
18.6
11 6
2 9.8
.393
2
6.2
18.6
11 6
8.9
.446
5.6
18.6
ll 6
9.1
.453
5.7
18.6
11 6
'211. 3
'.450
27.0
18.6
11 5
8.9
.445
5.5
18.6
11 5
9.1
.454
5.6
1.027
1.008
1.008
1.008
1.005
1.001
1.001
1.001
1.003
1.005
1.011
1.014
1.023
1.036
1.054
1.059
6,965
6,242
15.0
15.4
13.2
13.3
15.7
14.9
13.1
13.4
13.4
13.9
15.4
13.5
13.9
14.9
15.7
6.0
5.5
5.5
5.4
6.0
5.6
5.1
5.0
4.9
4.8
5.5
5.0
5.1
5.0
5.3
.42
.38
.43
.41
.37
38
.38
.36
.37
.34
.38
37
.38
.35
.34
330.5
573.3
274.3
543.3
28.0
40.7
25.0
52.0
21.2
42.1
19.3
52.5
16.5
37.2
18.6
37.9
25.9
37.6
25.4
48.3
43.27
43.57
43.65
43.41
43.33
43.11
42.98
43.29
8 15.8
815.8
8
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton
mil..
do.. .
bil._
do
do
Cotton yarn, price, 36/2, combed, knit
$ per lb__
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- ..
Exports, raw cotton equiv..
Imports, raw cotton equlv
.thous. bales
do
Mill margins:
Carded yarn cloth average
cents per lb._
Prices, wholesale:
Print cloth, 39 inch, 68 x 72.. cents per yard-Sheeting, class B, 40-inch, 48 x 44-48.. .do
18.7
1,560
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb_. 5, 562. 5 '5,391.7
774.4
Filament varn (rayon and acetate).
do
730.8
758.8
Staple, incl. tow (rayon)..
do
607.4
Noncellulosic, except textile glass:
1, 766. 9 '1,793.4
Yarn and monofilaments
_ do
1, 761. 0 ' 1, 792 8
Staple, incl. towf
do
501.4 ' 467 3
Textile glass
fiber
do
Exports: Yarns and monofllaments.
Staple, tow, and tops
thous. Ib
do
Imports: Yarns and monofilaments
Staple, tow, and tops...
do
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb._
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
..-do
Staple, incl. towf
do
Textile glass
fiber
_
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 deniert
$ per Ib—
Yarn: Rayon (viscose), 150 denier
._ do
Acrylic (spun), knitting, 2/20, 3-6D..do.._.
Manmade fiber and silk broad woven fabrics:
Production (qtrly.), total 9
mil. lin. yd
Filament yarn (100%) fabrics9
do
Chiefly rayon and/or acetate fabrics
do
1,560
23.0
35.4
22.7
52.8
19.7
38.1
20.3
39.7
20.5
39.7
43.53
43.96
43.98
43.94
43.71
43.48
43. 45
43.68
815.0
19.8
15.8
815.0
19.8
815.0
19.8
815.0
19.8
815.0
19.8
815.0
19.8
815.0
19.8
8
'61,341.0
179.5
141.2
'1,298.4
176.8
134.4
'1,366.3
192.8
160.1
'»9 444. 1
' 452. 1
124 1
' 442. 5
' 431. 7
113 0
' 459. 1
' 452. 0
' 102 3
15.0
20.3
1, 408. 3
191.8
141.3
476.8
498.3
100.1
100, 539 148 843
5 127, 484 152 871
12 523
H 97Q
15 212
12 980
17 549
12 106
11 083
14 197
11,647
11,880
10, 690
9 659
10, 367
11 430
8,521
9 054
13, 134
13 752
12, 611
13 836
12, 230
15 190
14, 640
16 041
13, 220
18, 688
5 41, 063
a 159, 404
137 054
140 075
8 874
12 483
9 085
12 028
11 966
11, 168
15 424
11 425
13, 836
9,310
13 198
11, 658
14, 760
8,187
14, 314
8,888
15 064
10, 131
20,040
10, 056
17, 016
13, 149
24, 256
17, 648
25, 540
20,423
78.4
75.0
76.0
259.8
240.5
70.6
' 288. 3
r 242 6
.61
.89
1.42
.61
3 93
1.39
5, 396. 4
1, 690. 7
776.4
5, 027. 2
1, 461. 3
639.7
271.4
2, 865. 6
1,294.9
382.0
170.4
68.8
735.9
1,208.3
340.1
148.6
62. 9
701.4
1,184.1
332.7
134.6
63. 7
685.5
439.8
1, 962. 8
104.1
510.6
102.5
482.6
109.0
467.5
472 6
120 1
111 6
107 4
2, 951. 8
Spun yarn (100%) fab., exc. blanketing 9. -do
Rayon and/or acetate fabrics and blends
629.7
do....
Polyester blends with cotton
do
1, 893. 1
Filament and spun yarn fabrics (combinations
517.0
and mixtures)
mil lin yd
84.5
90.3
77.9
72. 1
75.0
76.0
74.1
58.5
' 281. 4
' 282. 5
'236 0
96.6
' 288. 3
' 242 6
' 103. 8
272.9
251.2
94.4
87.7
.61
89
1.42
WOOL
Wool consumption, mill (clean basis) :
Apparel class
Carpet class
Wo ol imports, clean yield
Duty-free (carpet class)
mil Ib
do
do
do
219 0
93.8
189 2
95 7
163 7
76 6
153 1
73 3
1r c
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
Australian, 64s, warp and half-warpd*
$ per lb._
do
do
1.221
.862
1.024
872
.941
1.081
865
1.019
58
12 3
4 7
.61
89
1.42
14.1
6
C
4
0
n
o
1.070
880
1.025
.61
89
1.42
2
.61
89
1.42
.61
.89
1.41
.61
* 93
1.40
.61
< 93
1.33
2
m
1.025
880
.952
.953
880
.854
.925
875
.760
102.3
102.2
101.9
68
17 0
78
50
is' 7
e o
7 5
14 7
9 2
1.055
880
1.020
1.025
880
.982
102.3
WOOL MANUFACTURES
Knitting yam, worsted, 2/20s-50s/56s, American
system, wholesale priceO
1967=100..
100.0
101.4
100.4
102.3
101.2
Wool broadwoven goods, exc. felts:
Production (qtrly.).
mil lin yd
222 5
178 8
54 2
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. millO
1967=100
100.9
101.3
101.3
101.3
101.3
r
2
Revised.
1 Season average.
For 5 weeks; other months, 4 weeks.
s Average
for 4 months, Sept.-Dec.
< Effective Sept. 1970, average not comparable with earlier prices.
5
7
Revised total; revisions not distributed by months.
• Less than 500 bales.
Omits
quantities of chiefly nylon combination fabrics.
s For Apr .-June 1970, price for cloth,
38^-inch, 64x56, 5.50 yds./lb.; beginning Oct. 1970, spec, changed to 64x54, 5.60 yds.Ab.
Prices not comparable for varying cloths.
» Revised 1st quarter 1970 (mil. Ib.): Production,
1,467
22.7
24.5
84
11 2
76
7
61
84
5 4
.61
< 93
1.33
in
5
6
4
8
4
9
o
.61
< 93
1.33
.61
.61
.61
.62
.62
1.33
1.33
1.28
1.28
1.26
5 ' 2 13 0
6 ' 2 6. 7
4
11 2
6 2
0
9 3
5.2
11.1
6.9
A
1fi 9
63
10 9
64
52
12 0
59
9
5
9
5
.925
875
.820
.850
837
.802
.825
.810
.804
.825
.775
.790
.757
.685
.790
.708
.658
.790
.630
.640
.800
101.9
101.6
101.4
98.0
97.6
96.3
95.4
0 10
2
31 1
35 4
101.3
101.3
101.3
101.3
101.3
101.3
101.3
101.3
101.3
101.3
101.3
total, 1,386.0; noncellulosic—yarn, 447.7; staple, 457.0; stocks, noncellulosic staple, 243.3.
10 Season avg. through April (for farm price, avg. for all cotton).
t Revised back to 1965.
9 Includes data not shown separately.
{Revisions for 1967 are in the Dec. 1970 SURVEY.
d" Beginning Jan. 1970, quotation refers to Australian wool, 64's, Type 62; comparable prices
prior to 1970 are not available.
O Monthly data prior to 1970 are available on new base.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1968 and descriptive notes are as shown
in the 1969 edition of BUSINESS STATISTICS
1970
1969
June 1971
1970
Annual
Apr.
May
June
Aug.
July
1971
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
20,409
17, 702
14, 722
16,042
15,402
17, 595
May
16, 720
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments
thous. doz. pairs
Men's apparel, cuttings: J
Tailored garments:
Suits
thous units
Coats (separate) dress and sport
do
Trousers (separate) dress and sport
do
Shirts (woven) dress and sport
thous doz
Women's, misses'', juniors' apparel, cuttings: f
Coats
thous. units
Dresses
<
do
Blouses and shirts
thous doz
Skirts
do
248, 602
r
21
14
169
21
r
091
353
542
125
21,664
266,856
14 425
8,443
230,199
r 16 058
r 10 910
!77 209
r 20 438
17, 153
236, 258
13 582
6,398
r
18, 886
r i 645 r i 564
r 1 106
r i 037
!6 446 r 14 399
r i 821 r i 704
r
992
22,894
1 293
'571
22,403
1,191
20, 055
1 153
572
20, 972
r i 301
18, 477
r 880
r 581
r 1 003
r
!4 757 r 13 750
r 1 gig
r 1 384
1,549
21, 770
1 236
1,474
18, 261
1 097
676
610
20, 161
20, 405
r i 310 r 1 164
r 1 217
r 937
r 839
r 862
!5 274 r 15 669 r!5 768 '13 974
r i 673 r 1 710 r i 994 r 1 636
r 1 255
r 762
r
1,569
18, 352
966
490
1,542
18, 411
1 073
*483
r
' 1 169 1 089 ' 1 322
r
r
r
804
740
'847
755
!3 196 r r14, 345 ' 14, 644 ' r17, 527
r i 431
1 490 r I 557
1 659
r 1 080
r
1,592
1,664
19,154 16,777
1 072
910
457
1,139
16,251
857
323
332
1,195 ' 1, 274
19,029 ••20,334
1 Oil f 1 113
'430
376
1,218
23, 085
1,311
466
1,145
23, 710
1,286
391
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 .
22,005
14, 521
19,289
24, 648
16,560
21 161
15 116
19 010
24, 752
16, 407
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 $
28 297
14 298
15 610
3,578
24
12
13
r
2
Aircraft (complete):
Shipments ©
Airframe weight ©
Exports, commercial
do
thous. Ib
mil. $
25
12
13
2
705
882
264
449
r
5, 579
' 3, 750
' 4, 986
' 6, 272
••4,263
190
640
865
969
25 539
13627
13 766
2 758
5,807
3,798
5,104
5,557
3,550
24 705
12 882
13 264
' 2, 449
6 358
5 038
5,937
6,020
4,049
4 526
3 400
4 051
6 484
4,188
24, 955
13, 130
13 079
2,465
4,338
T
4 522
3 828
4 412
r
4 522
4 369
2 881
r 2 791
2 699
2 754
r 2 791
2 637
3, 593. 4
60, 117
1,239.2
3 605 0
59 436
1 527 2
429 7
6 899
159 5
419 1
7 H6
239 4
208 5
3 236
96 5
288 2
4 495
123 8
304.3
4,974
55.2
215 6
3 850
51 9
329 2
5 756
101.2
278 2
4 709
109.0
254 8
4 004
112 1
165.0
2,950
101.7
274.7
4,462
209.3
r 389 8
r
6 333
313 4
243.9
4,414
207.6
10,146.9
9, 587. 7
8 223.7
7, 806. 5
1, 923. 2
1 781.2
8,239.3
7 753 0
6 546 8
6 187 3
1 692 4
1 565 7
807.5
760.9
661 3
627.2
146.2
133 7
890.1
839.5
724 4
684 4
165.7
155 1
991.0
931.0
805 3
758 4
185.7
172 6
627.5
600.5
481.6
464.3
145.9
136 2
413.4
384.4
272 4
254 0
141.0
130 4
632.0
582.2
493 6
454 2
138 4
128 0
501.4
465.6
392 5
365 4
108.9
100 1
454.7
424.3
364 1
341.1
90.6
83 2
736.4
698 2
598 8
570 6
137 6
127 6
860.6
817.9
710.7
678.1
149.9
139.8
921.9 1,057.4
872.2
992.4
757.8 c 865 2
719.0
815.9
164.2
192.2
153.2
176 5
921.6
863.0
750.4
703.6
171.2
159.4
2 938. 2
8,400
7 119
1 280
798
691
811
699
923
800
763
641
639
526
580
489
754
630
540
436
536
425
694
586
'884
737
'148
10.0
890
748
7 7
81
1.3
1,578
1 428
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total .
Domestic
thous..
do
do
do
.do
do
Retail sales, new passenger cars : *
Total, not seasonally adjusted
thous..
9,583
8,464
DomesticsA
do
1,118
ImportsA
do
Total, seasonally adjusted at annual rates. . .mil. .
Domestics A
do
ImportsA
-do
Retail inventories, new cars (domestics), end of
period: *A
Not seasonally adjusted
thous ..
Seasonally adjusted
do
112
8.9
7.6
1.3
92
8.9
1.3
122
9.2
7.8
1.4
1.1
125
7.4
6.0
1.4
1 632
1 458
1 674
1 483
1,509
1 504
1,269
1 521
1,261
1 496
1,053
1 280
2.2
2.3
2.2
2.3
2.4
2.3
285 04
245 62
92 28
35 85
32 16
8 81
33 11
30 04
8 79
39 08
36 40
8 68
16 83
14 70
7 69
13 89
12.55
7 46
1 846 72 2 013 42
*691 15
692 78
146 01
115 82
205 72
74 17
9 85
174 73
74 36
10 13
187 76
79 16
10 52
150 64
46 86
4 05
1,467
1 542
1 220
1 294
Inventory-sales ratio, new cars (domestics)* A
ratio -.
Exports (Bureau of the Census):
Passenger cars (new) , assembled
To Canada
Trucks and buses (new), assembled
Imports (Bureau of the Census):
Passenger cars (new) complete units
From Canada, total
Trucks and buses complete units
thous
do
do
do
do
do
Truck trailers (complete) , shipments
number
Vans
do
Trailer bodies and chassis (detachable), sold
separately
.
number
Registrations (new vehicles) : O
Passenger cars.
Import cars
Trucks...
. .
thous
do .
do
333 45
292.11
3 103 23
107
9.0
7.8
1.2
112
9.0
122
9.4
748
637
897
756
112
142
9.8
8.2
1.6
1,707
1,557
1,753
1,579
2.2
2.2
2.3
31.30
26.42
7.39
41 52
37 14
10 76
35.12
31.58
9.42
198. 87
47.20
10.51
204.51
70.17
11.63
233 92
81 09
12 77
222 70
69.01
10 38
10.0
1.6
1,018
1 167
1,220
1 294
1,381
1,296
1,528
1,401
2.6
2.8
3.0
1.9
2.0
31 72
28.46
6 20
21.10
15.98
6.06
17 80
14 61
5 78
19 29
16 66
7 10
21.75
18.81
« 6.44
95 14
19.01
4 40
167 62
48.58
10 05
168 60
56.75
16.82
173 31
55.66
9 69
167 07
47 68
7 51
78
2 169. 4
8.3
1.7
108
9.9
8.4
1.5
105
6.4
5.0
1.4
2 768. 8
110
6.8
5 2
141
10.0
8.5
1.5
8.6
1.6
1,683
1 530
138 347
94 808
105 709
71 274
9 095
6 062
9 871
7 057
8 679
5 630
8 387
5 880
7 692
4,953
8 780
5 817
8,037
5,240
7 777
5,238
7 310
4,818
6,610
4,187
7,271
4,256
r
7 852
' 4 748
8 270
4,847
33 332
26 138
2 189
2 056
2 293
1 590
1,874
1 398
1,574
1,378
1,078
985
1,110
r
1,192
588. 3
598.5
108. 4
618.3
92.6
115.2
5 820. 3
5 130. 0
5 158 2
9 446. 5 583882 «768.4
1,061.6 5 1 231 0 * 100.0
1 888 8 i si 790 2 5 161. 9
5 784 4
* 104 2
5 158 9
• 900.9
« 118. 6
& 176 6
5
837. 7
5 112. 2
5 179. 4
5 683. 2
5109.9
5 159. 4
4
5
5
612. 1
719. 0
102. 8 * 112. 6
5 153. 3 * 154. 2
4
537. 2 5606.7
99. 8 5 115. 4
118. 1 5 123 8
5
4
4
5
1 523
7
7
7
833.5
125.1
168 4
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines) :
ShipmentscfL.
number 1 69 028
Equipment manufacturers
do
* 54 112
i 84, 245
New orders cf do
i 65 301
Equipment manufacturers
do
Unfilled orders, end of periodcf
do 46, 751
35 508
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
1 438
Held for repairs % of total owned
5.6
Capacity (carrying), aggregate, end of period
94 37
mil tons
Average per car _
tons.
65.62
i 65 958
i 52 184
i 50 148
i 42 385
27, 558
22 326
6,448
4 800
5,501
5,501
34,491
26, 308
5 832
4 227
2,387
2 218
31, 046
24 299
6 115
4 478
5,218
3 487
30, 149
23 308
5,446
4 457
4,340
4,226
29,040
23, 074
5,164
4,127
2,148
2,148
25, 782
20, 853
6,147
4,922
2,073
1,726
21, 672
17, 621
4,675
3,787
3,053
2,516
20,049
16, 349
4,569
3,573
8,164
8,026
23, 644
20, 802
4,905
4 096
9,031
5,832
27, 558
22, 326
3,725
3,183
3,152
2,932
26, 903
21, 993
4,629
4,059
3,042
2,792
25,015
20, 425
5,026
4,262
5,304
3,885
25, 193
19, 948
5,497
4 431
4,107
3 782
23, 563
19, 059
1 423
5 7
1,435
1 434
57
1 433
1,433
1,433
1,431
1,424
1,423
1,423
6.0
5.9
5.7
5.7
1,430
1 431
5.8
5.7
1,431
5.5
5.6
1,427
5.6
95 64
67.19
94 76
66.05
94 85
66.15
95 32
66.52
95.46
66.63
95.77
66.81
95.78
66.96
96.62
67.01
95.27
66.89
95.64
67.19
95.73
67.29
96.38
67.37
96 70
67.55
r
Revised. i Annual total includes revisions not distributed by months. 2 Preliminary
3
estimate of production.
Beginning 1969. data exclude vehicles on runners and skis.
4
5
6
Omits data for two States.
Omits data for one State.
Effective Jan. 1971, includes
7
off-highway trucks and trailers: comparable 1970 total, 93.87 thous.
Omits data for three
States.
fRevisions (1968-69) are available.
tMonthly estimates (1967-70) revised to
annual benchmarks appear in Census report, Men's Apparel, M23B Supplement (5/27/71).
*New series. Automobile Manufacturers Association and other industry sources; seasonal
c
adjustments by OBE. For earlier data, see p. 43, Dec. 1970 SURVEY.
Corrected.
5.7
96.08
68.45
5.6
5.6
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars only and exclude domestics produced in Canada.
c?Amer. Railway Car Inst. and Assn. of Amer. Railroads, data cover new cars for domestic
users; backlog not adjusted for cancellations.
9 Total includes backlog for nonrelated products and services and basic research.
©Data include military-type planes shipped to foreign governments.
©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
Earnings, weekly and hourly.
i
places.
Eating~and drinking places:
Eggs and poultry.
Electric power
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
1-7
7-9
9,10
.. 11,12
13-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
Lumber and products
Metals and manufactures
Petroleum, coal, and products.
Pulp, paper, and paper products
Rubber and rubber products
Stone, clay, and glass products.
Textile products
Transportation equipment.
24,25
25,26
26-30
30
31
31-34
34-36
36,37
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
11,16
Aerospace vehicles
40
Agricultural loans
16
Air carrier operations
23
Aircraft and parts.
4,6,7,40
Alcohol, denatured and ethyl.
25
Alcoholic beverages
11,26
Aluminum
33
Apparel
1,3,4,8,9,11-15,40
Asphalt and tar products
.
35,36
Automobiles, etc
1,3-6,8,9,11,12,19,22,23,40
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
6,7,
9,10,31,36,38
Building costs.
10
Building permits.,
10
Business incorporations (new), failures
7
Business sales and inventories.
5
Butter
26
Cattle and calves.
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores...
12
Cheese
!?
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
Clay products
9,38
Coal
4,8,22,34,35
Cocoa
23,29
Coffee
23,29
Coke
,
35
Communication
2,20,24
Confectionery, sales.
,
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures.
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place.
9
Consumer credit.
17,18
Consumer expenditures
1
Consumer goods output, index.
3,4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index).
8
Cotton, raw and manufactures
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short, and intermediate-term
17,18
Crops
3,7,27,30,38
Crude oil 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
2,3,19-21
11,12
11,12
3,7,8,28,29
4,8,25,26
nt
4-7,
9,13-15,19,22,23.34
Employment estimates.
13-15
Employment Service activities
16
Expenditures, U.S. Government
18
Explosives
,
25
Exports (see also individual commodities).... 1.2.21-23
Express operations
23
Failures, industrial and commercial
7
Farm income, marketings, and prices.
2,3,7,8
Farm wages
15
Fats and oils
8,22,23.29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks.
17
Fertilisers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat.
28
Food products
1,4-6,11-15,19.22,23.26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight cars (equipment)
4,40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline.
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product.
Gross private domestic investment
Gypsum and products
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
Hardware stores
11
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
9,10
Hogs..
28
Home electronic equipment.
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery.
40
Hotels...
24
Hours of work per week
14
Housefurnishings
1,4,8.11,12
Household appliances, radios, and television sets. _ 4,
Housing starts and permits.
Imports (see also individual commodities) . . . 1, 2, 22, 23
Income, personal. . . . .......... ......... . ..... 2, 3
Income and employment tax receipts.
...........
18
Industrial production indexes:
By industry ..... . ....... .
..................
3,4
By market grouping. . .
.......
..............
3, 4
Installment credit ..... .
...................
12, 17, 18
Instruments and related products
..........
4-6, 13-15
Insurance, Bfe ........ . .......... . . . . ...... . . . 18, 19
Interest and money rates
......................
17
Inventories, manufacturers* and trade ....... 5, 6, 11, 12
!nventory»sales ratios ......... . ........ .
......
5
Iron and steel.
.............
4-7,9,10,19,22,23,31,32
16
Labor advertising index, strikes, turnover
13
Labor force
28
Lamb and mutton
28
Lard
33
Lead
Leather and products ^.....,.......... 4,9,13-15,30
Life insurance.
18,19
Linseed OB.
30
Livestock
3,7,8.28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
35, 36
Lumber and products
4,9,10-15,19,31
Machine
tools...-.
34
Machinery
4-7,9,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures.
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, pro*
auction workers, hours, man-hours, earnings... 13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats.
3,7,8,22,23,28
Medical and personal care
8
Metals
4-7,9,19,22,23,31-33
Mflk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply.
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
23,24
Motor vehicles.
1,4-6,8,9,11,19,22,23,40
Motors and generators
34
Nation.
National income and product
1!
I.I
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
18
Oats
27
Oil burners
34
Oils and fats
8,22,23,29,30
Orders, new and unfitted, manufactures'
6,7
Ordnance
13-15
Paint and paint materials
Paper and products and pulp.
Parity ratio
7
Passports issued
24
Personal consumption expenditures
1
Personal income
2, 3
2
Personal outlays
..............................
Petroleum and products
.......................
4-6,
8,11-15,19,22,23,35,36
Pig iron
.....................................
31, 32
Plant and equipment expenditures
..............
2
Plastics and resin materials
....................
25
Population
...........
...................
......
13
Pork
...........................
.............
28
Poultry and eggs ............. ^ ....... 3,7,8,28,29
Prices (see also individual commodities) ........ .
7-4
Printing and publishing
.....................
4, 13-15
Private sector employment and earnings. ........ 13-15
Profits, corporate
.............................
2, 19
Public utilities. . . . . .
.............
2-4,9,19-21,25,26
Pulp and pulpwood
...........................
36
Purchasing power of the dollar. ...... . . . . . . . . . .
9
Radiators and convector* ....... .
..............
34
Radio and television ........ . . ........ . ..... 4, 11, 34
Railroads
......................
2,15,16,20,21,24,40
Railways (local) and bus lines ............ . . . . . .
23
Rayon and acetate ......... .
.................
39
Real estate
...............................
10,17,18
Receipts, U.S. Government
.................
...
18
Recreation .......... .
........................
8
Refrigerators and home free*ers. . . . .
...........
34
Rent (housing)
......
.........................
8
Retail trade
...........................
5,7,11-15,17
Rice
...............
. ......... ..
.............
27
Roofing and siding, asphalt ........ . ........ . . .
36
Rubber and products (incl. plastics)
......
......
4-6,
9.13-15,23.37
Saving, personal ..... .
...................
.....
2
Savings deposits. . ........... .
................
17
Securities issued. . .
...........................
19,20
Security markets
.............................
20,21
Services
..............
.
.....................
1,8, 13
Sheep and lambs
.............................
28
Shoes and other footwear ......... . ....... 9, 11,12,30
Silver. .
.....................................
19
Soybean cake and meal and oil ..... .
...........
30
Spindle activity, cotton
.......................
39
Steel (raw) and steel manufactures ....... 22, 23, 31, 32
Steel scrap
...................................
31
Stock prices, earnings, sales, etc. ........... . . . . 20,21
Stone, day, glass products ......... 4-6,9, 13-15, 19, 38
Stoves and ranges. . . . .
.......................
34
.te::::::::::::::::::::::::::::::::::::::"*
Sulfurfc acid
.................................
24
Superphosphate
..............................
25
Tea imports
.................................
29
Telephone and telegraph carriers
...............
24
Television and radio. . .
.....................
4,11,34
Textiles and products. . . . 4-6, 9, 13-15, 19, 22, 23, 38-40
Tin
.........................................
33
Tires and inner tubes
..............
. . . . . . . 9,11,12,37
Tobacco and manufactures ........ 4-7,9, 11, 13-15,30
Tractors .......... .
..........................
34
Trade (retail and wholesale) . . . . .
............
5,11,12
Transit lines, local.
..........................
.
23
Transportation ....... . .......... . . . . 1,2,8,13,23,24
Transportation equipment
...........
4-7, 13-15, 19, 40
Travel. . .
...................................
23,24
Truck trailers
................................
40
Trucks (industrial and other). .
................
34,40
Unemployment and insurance
..................
13, 16
U.S. Government bonds
...................
. 16, 17, 20
UJS. Government finance. . , .......... .
........
If
Utilities
.........
................
2-4,9,19-21,25,26
Vacuum cleaners. . . . ,
.............
.
..........
„ 34
Variety stores
................................
11,12
Vegetable oils. .
..............................
29,30
Vegetables and fruits ............. . ....... ..... 7,8
Veterans* benefits
.............................
16
Wages and salaries.. .
................
. ....... 2, 3, 15
Washers and dryers
..........................
34
Water heaters
................................
J*
Wheat and wheat
flour
........................
27,28
Wholesale price indexes. . ..... « ........ •i'i'ii , A?
Wholesale trade
...............
. ....... 5,7, 11, 13-15
Wood pulp
..................................
„ JS
Wool and wool manufacture.
...................
9,39
ZSnc.
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
PUBLIC D O C U M E N T S D E P A R T M E N T
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
Volume 51
Numbers 1-6
1971 CONTENTS—SURVEY
DOMESTIC ECONOMY
BUSINESS
DOMESTIC ECONOMY—Con.
No.
Outlook for 1971
Business Expectations for Capital Outlays,
1971
Welfare Measurement and the GNP
The Economy in 1970
Financial Developments
Income and Consumption
Inventory Investment
Nonresidential Fixed Investment
Housing
Federal Government
State and Local Governments
Employment and Labor Force
Prices, Costs, and Profits
Personal Consumption Expenditures in the
1963 Input-Output Study
Financial Developments
Wages Under Collective Bargaining
Federal Programs for Fiscal 1972
Production, Employment, and Income
Financial Developments
Manufacturers9 Inventory and Sales Expectations, First Half 1971
Investment Programs and Sales Expectations
for 1971
Developments in the Steel Industry
1970 GNP by Major Industry
Financial Developments
Construction Trends
Recent Auto Demand
Consumer Installment Credit
Public and Private Debt
Consumer Demand
Inventories
OF CURRENT
Page
1
2
1
1
1
1
1
1
1
1
1
1
1
1
4
13
17
18
20
22
23
24
25
26
26
28
1
2
2
2
3
3
34
1
3
13
1
3
3
13
3
4
4
5
5
5
5
5
6
6
15
4
15
1
3
4
5
15
2
3
No.
1971 Plant and Equipment Expenditure Expectations
Manufacturers9 Inventory and Sales Expectations, Second and Third Quarters 1971
Page
6
13
6
17
INTERNATIONAL TRANSACTIONS
The Balance of Payments in 1970
OBE's End-Use Classification of Foreign Trade:
The Changing Pattern of U.S. Exports and
Imports Since the Mid-1920's
Plant and Equipment Expenditures by
Foreign Affiliates of U.S. CorporationsRevised Estimates for 1970 and 1971
The U.S. Balance of Payments: Fourth
Quarter and Year 1970
International Travel, Passenger Fares, and
Other Transportation in the U.S. Balance
of Payments: 1970
The U.S. Balance of Payments: Revised
Presentation
The U.S. Balance of Payments: First Quarter
1971....
No.
1
Page
30
21
26
31
19
24
58
REGIONAL ECONOMICS
No.
Regional and State Personal Income: Third
Quarter 1970
State and Regional Income in 1970
Personal Income in Metropolitan and Nonmetropolitan Areas
Page
32
18
16
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