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JUNE 1977 / VOLUME 57 NUMBER

SURVEY OF CURRENT BUSINESS

CONTENTS

U.S. Department of Commerce

THE BUSINESS SITUATION

Juanita M. Kreps /

Revised First-Quarter Corporate Profits and GNP

3

Employment and Unemployment:
Second-Quarter Developments

3

National Income and Product Tables

4

Capital Expenditures by Business for
Pollution Abatement, 1976 and Planned 1977
Plant and Equipment Expenditures,

13

the Four Quarters of 1977

16

International Travel and Passenger Fares, 1976

21

U.S. International Transactions,
First Quarter of 1977

25

Policy Multipliers in the BEA Quarterly Econometric Model

60

Secretary

Courtenay M. Slater / Chief Economist
for the Department of Commerce
Bureau of Economic Analysis
George Jaszi / Director
Allan H. Young / Deputy.Director
Carol S. Carson / Editor-in-Chief>
Survey of Current Business
Manuscript Editor: Dannelet A. Grosvenor
Statistics Editor: Leo V. Barry, Jr.
Graphics Editor: Billy Jo Hurley
Staff Contributors in this Issue: Christopher L.
Bach, Joan Bolyard, Betsy C. Dunlap, Albert A.
Hirsch, Etienne Miller, Frank W. Segel, Edward I.
Steinberg, Judith K. White, John T. Woodward.

Subject Guide to Jan.-June Issues of Vol. 57 (1977) Back Cover

CURRENT BUSINESS STATISTICS
General

S1-S25

Industry

S25-S40

Subject Index (Inside Back Cover)

SURVEY OF CURRENT BUSINESS. Published monthly by
the Bureau of Economic Analysis of the U.S. Department
of Commerce. Editorial correspondence should be addressed to the Editor-in-Chief, Survey of Current Business, Bureau of Economic Analysis, U.S. Department of
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U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
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Rm. 706 Lake Union Bldg. 442-5615

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505

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659 Federal Bldg. 763-6.16.1

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415 U.S. Customhouse 962-3560

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517 E. Wisconsin Ave. 224-3473

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2120 Capitol Ave. 778-2220




W. VA., Charleston 25301
500 Quarrier St. 343-6181

the BUSINESS SITUATION
substantially less to the change in GNP
than in the first quarter, and final sales
substantially more. Except for personal
consumption expenditures (PCE), each
of the major components of real final
sales—fixed investment, net exports,
and government purchases—increased
more than in the first quarter.
Major shifts in demand occurred
from the first quarter to the second.
Two of these—in motor vehicles and
CHART 1 in structures—cut across the components of final sales.
Disposable Personal Income and Personal
Final sales of motor vehicles, which
Saving Rate
in the first quarter accounted for $11K
Billion $ (Ratio scale)
billion of the $13% billion increase in
1,400 DISPOSABLE PERSONAL INCOME
final sales, were down fractionally. The
(Annual rate)
1,300
second-quarter estimate is based on
s
the assumption that unit sales of cars
Current $
^ ^
—
1,200 in June were a little less than in the
first 10 days of the month and that the
^>y
1,100 rchange in unit truck sales in June was
1,000
- about the same as that in May. The
swing in motor vehicles sales affected
<>y
^ ^
Constant (1972)$
both PCE and the producers' durable
\
900
equipment component of business fixed
/ ^
investment.
800
Expenditures on structures, which
in the first quarter had declined $2
billion, increased about $7 billion. The
i i 1 1 1 I 1 1 1 I 1
i
i i i
700
second-quarter estimate is based on
Percent
the assumptions that housing starts
PERSONAL SAVING RATE*
in the second quarter were at the May
10 - rate, that private nonresidential con"N the basis of information available
as of mid-June, real GNP increased
vigorously in the second quarter—in
the same range as in the first, when
it had increased at an annual rate of
7 percent.1 On the assumption that the
accumulation of business inventories
(excluding those of auto dealers) was
at the same rate for the second quarter
as for April, inventories contributed

r

A
8 \

V
6

I

4

l I
1974

I

I

I

I I
I
I I
1975
1976
Seasonally Adjusted

I

I

• Personal saving as a percentage of disposable personal income.
•

Projected

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




I

1977

I

1. The information that sheds light on the second-quarter
GNP is limited to 1 or 2 months of the quarter, and in some
cases is preliminary. The major sources are: for inventories,
April book values foz manufacturing and trade, and unit
auto inventories through May; for personal consumption
expenditures (PCE), Apiil and May retail sales, unit sales
of autos through the first 10 days of June, and April and
May sales of trucks; for nonresidential fixed investment, the
same information for autos and trucks as for PCE, April
construction put in place, April shipments of equipment,
and business investment plans for the quarter as a whole;
for residential investment, April construction put in place, and
April and May housing starts; for net exports of goods and
services, April merchandise trade; for government purchases of
goods and services, Federal unified budget outlays for April,
State and local construction put in place for April, and
State and local employment for April and May; and, for
GNP prices, the Consumer Price Index for April and the
Wholesale Price Index for April and May.

struction was fractionally higher than
the April rate, and that increases in
State and local construction in May
and June were somewhat smaller than
in April. The large increase in expenditures on structures reflected primarily the makeup from an unusually
low first quarter when cold weather
restricted construction activity. In the
case of construction by State and local
governments, the removal of uncertainties about obtaining Federal grant
support for some projects was a contributing factor. Federal grants-in-aid
were supplemented by these governments' own funds, the sources of which
were previous extensive borrowing and
recent improvements in their fiscal
positions.
The remaining major shift in final
sales was in PCE. Durables other than
motor vehicles and nondurables other
than energy were strong after only small
increases in the first quarter. Services
other than energy increased at about
the first-quarter rate. PCE on energy—
goods and services combined—were
down; these expenditures had increased
sharply in the fourth quarter, but had
shown no further increase in the first
quarter as a whole.
GNP prices—GNP prices accelerated
in the second quarter. This assessment
is based on the following major assumptions. Food prices decelerated in May
and June, but for the quarter as a whole
may have accelerated to about 10 percent at an annual rate. Extrapolation
of fragmentary information for April
and May indicates that PCE energy
prices increased a little more in the
second quarter than in the first. The
increase in new automobile prices was
more moderate than in the first quarter;
it appears that less buoyant demand for
new automobiles was reflected in larger
l

SUEVEY OF CUEEENT BUSINESS

June 1977

Personal outlays increased about
Farm marketings increased less than in
$29K
billion, $8 billion less than in the
the first quarter and production exfirst
quarter.
Mirroring the changes in
penses increased more. Crop marketings
DPI
and
personal
outlays, the personal
were down, because a continued insaving
rate
increased
0.9 percentage
crease in prices did not offset a decline
points
in
the
second
quarter,
to 5.7 perin volume; livestock marketings were
cent,
after
having
dropped
0.8
percentup sharply, because a substantial inage
points
in
the
first.
The
decline
in
crease in prices reinforced an increase
the
saving
rate
and
its
subsequent
rein volume. Transfer payments increased $5 billion less than in the first covery can be traced in large part to
quarter. Eeductions in unemploy- PCE on motor vehicles and to personal
ment insurance benefits and in pay- taxes. Substantial increases in PCE on
ments to recipients of the earned in- motor vehicles are usually associated
come credit were only partly offset by with reductions in the saving rate, and
a speedup in April in life insurance it was to be expected that the firstquarter increase in estate and gift taxes
dividends paid to veterans.
would
also depress saving.
Disposable personal income (DPI) inReal DPI increased at an annual rate
creased $43 billion at an annual rate,
Personal income
about $14 billion more than in the of about 8X percent, by far the largest
If, as seems reasonable, May is taken first quarter (chart 1). Most of the increase since the second quarter of
as representative of the quarter as a acceleration was due to personal taxes, 1975, when a Federal tax rebate was
whole, the second-quarter increase in which increased much less in the second paid. About 1 point of its 5-point accelpersonal income was $43 billion at an quarter than in the first—$1 billion as eration from the first quarter was due
annual rate—slightly more than in the compared with $13 billion. The $13 to a slowing of the increase in the imfirst quarter. Wage and salary dis- billion first-quarter increase had in- plicit price deflator for PCE. It should
bursements increased $32 billion, $6 cluded an almost $6 billion one-time be noted that in recent quarters real
billion more than in the first quarter. increase in estate and gift taxes, which DPI could not be approximated satisMost of the acceleration was in con- was the result of changes in legislation. factorily by deflating current-dollar
tract construction, and reflected the The second-quarter increase was held DPI by the Consumer Price Index. In
cold weather effects noted earlier; the down also by a $1% billion reduction in the first quarter, for instance, the inremainder was in manufacturing. Net withholdings that became effective crease in the Consumer Price Index
income of farm proprietors changed June 1 under the provisions of the substantially exceeded that in the imlittle in the second quarter, after in- economic stimulus program enacted in plicit deflator, in large part because
used car prices and costs incurred by
creasing almost $4 billion in the first: May.
homeowners are measured differently
Table 1.—Selected Labor Market Indicators
in the two price indexes.

discounts. In general, the changes for
the most recent month for which data
were available were extrapolated to
arrive at estimates for the prices of all
other PCE and of the other components
of GNP.
In contrast to GNP prices, prices
paid by U.S. purchasers—i.e., the
prices of GNP less exports plus imports—decelerated in the second
quarter. Judging from the unit values
of exports and imports for April, the
increase in export prices was much
larger than in the first quarter and that
in import prices much smaller. The
deceleration in import prices reflected
largely the course of petroleum prices.

[Seasonally adjusted]
1976

Civilian labor force (millions)

94.5

III

IV

95.3

95,
88
7
3
1
2

Employment
87.5 87.8
Unemployment
7.0
7.5
Job losers
.
3.5
3.8
1.0
On layoff
1.2
2.5
2.6
Other job losers
Job leavers, reentrants, and new
entrants
3.5
3.8

Civilian labor force participation rates
(percent):
61.6
Total.
Men, 20 and over
79.8
Women, 20 and over
46.9
Teenagers'55.1
Employment-population ratio

!

Unemployment rate (percent):
Official..
Alternative seasonal adjustment
methods:
Stable 1967-73
Additive
Residual
Employment: establishment survey
(millions)

61.8
80.0
47.2
54.6

Change

1977
I

1976: I I - ! 1976: III- ! 1976: IV- 1977: 1-1977:
Apr. May 1976: III I 1976: IV 1977: I
average of
April and
May

7
1
6
8
1

96. i
7, 1
3. 2
0. 9
2.4

96.8
90.0
6.7
3.0
0.8
2.2

3.8

3. 8

3.8

61 8

61 8
79 6

62.1
79.5
48.0
56.0

62.2

57.0

57.1

89.0

97.2
90.4
6.8
3.0
0.7
2.3

2

56.2

56.2

80.0
47.3
54.4
56.1

7.4

7.8

7.9

7.4

7.0

6.9

7.5
7.4
7.3

7.7
7.7
7.8

7.8
7.8
7.8

7.5
7.5
7.5

7.1
7.0

7.1
6.8
7.0

79.3

79.7

80.1

80.9

81.6

81.8

47.5
55.1
56.5

0.7
.3
.4
.2
2
!i

79.6
48.2
56.1

.2
.2
.3
-.5

0.4
.3
.1
0
-.1
.1
0

0.4
.9
-.5
-.5
—. 2
-.3
.1

0
.1
-.2

0
-.4
.2
.7

-.1
.1

0.9
1.2
-.3
-.3
•»

-A
0
.4
0
.6
.9
.6

-.5

-.3
-.3

-.4
-.4
-.6
-.5

.4

1. This is the ratio published by the Bureau of Labor Statistics. It is lower than the ratio featured in "The Employment
Ratio' in the December 1976 SURVEY, because the former is based on the total noninstitutional population (including Armed
Forces), the latter on the civilian noninstitutional population.
Source: U.S. Department of Labor, Bureau of Labor Statistics.




Third-quarter outlook
The strong second-quarter increase in
real expenditures on structures will not
be repeated in the third quarter. In
particular, the course of residential
starts during the second quarter does
not presage a further increase in residential investment that is comparable
to the second-quarter increase. As
always, the prospect for expenditures
on motor vehicles is uncertain; they
changed little in the second quarter,
and there is no way of knowing at this
time whether these expenditures will
be up or down in the third quarter.
Another substantial increase in expenditures on goods and services other
than motor vehicles and energy seems
likely, and expenditures on energy will
probably be a moderate plus factor.
PCE will be supported by the reduction
in Federal income tax withholdings,
the full effect of which will be reflected

June 1977

SURVEY OF CURRENT BUSINESS

in third-quarter personal taxes, and
also by an increase in social security
benefits payable in July. Judging from
brie BEA plant and equipment survey
discussed elsewhere in this issue, investment in producers' durable equipment will increase moderately. Net
exports may increase as imports fall
back from their abnormally high
second-quarter rate. Federal purchases
are not likely to change significantly.
State and local purchases other than
of structures may show strnegth as the
new public service employment programs begin to take hold. In sum, a
strong increase in final sales, based
mainly on PCE, may occur in the third
quarter. Pending further information
on the magnitude of second-quarter
inventory accumulation and the interpretation of this information, little can
be said about the third-quarter change
in the rate of inventory accumulation.

Revised First-Quarter
Corporate Profits and GNP
Revised estimates of first-quarter
corporate profits with inventory valuation and capital consumption adjustments are $3% billion (annual rate)
higher than the estimates prepared a
month ago. The upward revision was
in profits from abroad, which on a
revised basis increased $2% billion from
the fourth quarter. Profits of financial
corporations showed no increase from
the fourth quarter, and domestic
profits of nonfinancial corporations decreased only fractionally.
Revised estimates of GNP are $3
billion (annual rate) higher than the
estimates prepared a month ago. The
revision was in profits (just mentioned)
and interest from abroad. Gross domestic product, which does not include
income from abroad, was not revised.

Unemployment Rates
Percent
121

Employment and Unemployment: Second-Quarter Developments
Data for April and May indicate that
labor market conditions continued to
improve in the second quarter, and at a
more rapid pace than in the first.
Employment, as measured in the establishment survey, increased more
than 750,000, almost as much as in
the entire first quarter (table 1). The




number of persons on layoff made up
only 11 percent of total unemployment,
a percentage that is characteristic of a
tight labor market. Unemployment
would have fallen more rapidly had
there not been an unusually large
increase in the civilian labor force.
Behind this sharp increase was a rise
in the participation rate, to a record
high of 62.2 percent. The rate for adult
men stayed at its first-quarter level,
but there were sharp increases in the
rates for adult women and teenagers.
The unemployment rate for fulltime workers fell from 6.8 percent in
the first quarter to 6.5 percent, and
the rate for part-time workers fell from
a record high of 10.7 to 9.9 percent
(chart 2).2 The rate for part-time
workers exceeds the rate for full-time
workers because teenagers, who have a
far higher unemployment rate than
either adult men or adult women,
comprise a much larger proportion
of the part-time labor force (29 percent)
than of the full-time labor force
(6 percent).
The unemployment rate for full-time
workers has shown substantially more
improvement from its recession level
than the rate for part-time workers.
The poorer showing of the part-time
rate reflects the fact that a relatively
high proportion of the unemployed
part-time labor force consists of persons
CHART 2 without recent work experience, who
have had less success in finding jobs
during the recovery than have other
persons. About 70 percent of the parttime workers who were unemployed in
1976 were reentrants or new entrants,
and only about 30 percent were job
losers or leavers; these proportions were
the reverse among unemployed fulltime workers. The high proportion of
reentrants and new entrants among
unemployed part-time workers is not
attributable solely to the demographic
composition of the part-time labor
force: The proportion was significantly
higher among unemployed part-time
than full-time workers within each of
the three major demographic groups.

emplo3^ment gains in the private economy were again broadly based, with
gains of more than 200,000 in manufacturing, almost 200,000 in construction, and more than 100,000 each in
trade and services. Government employment, which held steady in the
first quarter, increased 50,000 (all at
the State and local level).
Employment, as measured in the
household survey, increased 1.2 million,
350,000 more than in the first quarter.
Even if employment in June remained
at its May level, the second-quarter
increase was the largest in 30 years.
Reflecting the employment increase,
the employment-population ratio rose
more than one-half of a percentage
point, almost as much as the increase in
the four previous quarters combined.
The unemployment rate fell from
7.4 percent in the first quarter to 7.0
percent. Unlike in the first quarter,
each of three major alternatives to
the official method of seasonal adjustment yields a second-quarter decline in
the unemployment rate that is at least
as large as the decline in the official
rate. The decline of more than 300,000
in unemployment was among job
losers—rather than among job leavers,
reentrants, or new entrants—and was
evenly divided between persons on
layoff and others. At 750,000, the

Full-Time

r>l I I I 1 I I I
1967

69

I I III1 IIIIIIII I
71
73
Seasonally Adjusted

• A v e r a g e of A p r i l and May.
U.S. Department of Commerce. Bureau of Economic Analysis

75

Illlllll
77
OataiBLS
77-6-2

2. The unemployment rates for full- and part-time workers
represent the proportions of the full- and part-time labor
forces that are unemployed. Persons involuntarily working
part time for economic reasons are included in the full-time
labor force. Full time is defined as 35 hours a week or more,
and part time as 34 or fewer hours. The part-time labor
force comprises about 15 percent of the entire civilian labor
force.

SUEVEY OF CURKENT BUSINESS

June 1977

NATIONAL INCOME AND PRODUCT TABLES
1975
1975

1976

IV

1977

1976

I

II

III

IV

I

1975
1975

1976

1976
I

IV

Seasonally adjusted at annual rates

1977

II

III

IV

I

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product...

1,516.3 1,691.6 1,588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,799.3 1,191.7 1, 264.7

Personal consumption expenditures..
Durable goods
Nondurable goods.
Services

973.2 1,079.7 1,012.0 1,043.6 1,064.7 1,088.5 1,122.0 1,159.1

,219.2

,246.3 1,260.0 1,272.2 1,280.4

1,302.0

770.3

813.7

783.9

800.7

808.6

815.7

829.7

843.8

111.9
306.1
352.4

125.8
319.3
368.6

118.0
309.5
356.4

124.3
314.6
361.8

125.2
317.6
365.8

126.2
318.9
370.6

127.6
325.9
376.2

134.9
326.8
382.1

131.7
409.1
432.4
183.7

156.5
440.4
482.8
239.6

201.4

229.6

239.2

247.0

242.8

267.9

137.8

170.9

147.0

167.1

171.7

175.2

169.8

183.1

198.3

227.7

205.7

214.7

223.2

231.9

241.0

254.1

149.8

162.8

152.5

156.7

160.6

165.0

169.0

173.9

Nonresidential...
Structures
Producers' durable equipment..

147.1
52.0
95.1

160.0
55.3
104.7

148.7
52.1
96.6

153.4
53.2
100.2

157.9
54.9
103.0

163.0
56.0
107.0

165.6
57.0
108.6

173.9
56.6
117.4

111.4
36.7
74.7

115.7
38.1
77.7

110.5
36.7
73.8

112.6
37.1
75.5

114.9
37.9
77.0

117.5
38.4
79.2

117.9
38.9
79.0

122.3
37.8
84.5

Residential
Nonfarm structures
Farm structures
Producers' durable equipment..

51.2
49.0
.8
1.3

67.7
65.1
1.1
1.6

57.0
54.2
1.4
1.4

61.3
58.6
1.2
1.5

65.3
62.9
.9
1.5

68.9
66.3
1.0
1.6

75.5
72.7
1.2
1.6

80.2
77.4
1.1
1.7

38.4
36.6
.6
1.2

47.1
45.1
.7
1.3

41.9
39.7
1.0
1.2

44.1
42.0
.9
1.3

45.7
43.9

47.4
45.5
.7
1.3

51.1
.8
1.3

51.6
49.6
.7
1.3

-14.6
-17.6
3.0

11.9
11.9
0

-4.3
-9.5
5.2

14.8
12.7
2.2

16.0
17.3
-1.3

15.1
15.6
-.5

1.7
2.2
-.5

13.8
13.0

-12.0
-13.0
.9

8.1
8.1
0

-5.5
-7.0
1.5

10.4
8.9
1.5

11.1
12.0
-.9

10.2
10.5

1.2
-.4

9.2
8.7
.5

Gross private domestic investment.
Fixed investment

Change in business inventories.
Nonfarm
Farm
Net exports of goods and services..
Exports
Imports
Government purchases of goods and services
Federal.
National defense..
Nondefense
State and local

141.8
421.6
448.6

151.4
429.1
463.2

155.0
434.8
474.9

157.6
441.8
489.1

162.0
456.0
504.0

20.5

6.6

21.0

8.4

9.3

4.7

4.2

-6.2

22.6

16.0

23.1

16.6

16.0

15.7

15.5

12.6

162.7
156.0

153.7
132.7

154.1
145.7

160.3
151.0

167.7
163.0

168.5
164.3

171.4
177.6

90.6
68.1

96.1
80.1

93.9
70.8

93.6

95.4
79.4

98.0

97.4
81.8

98.2
85.6

339.0

365.6

353.8

354.7

362.0

369.6

376.2

378.5

261.0

264.1

265.2

265.3

262.4

134.5
88.5
46.0
235.0

138.9
91.3
47.6
237.4

138.2
91.5
46.7
240.3

95.7

96.7

97.2

98.1

96.4

165.2

167.4

168.0

167.3

166.0

1,516.3 1,691.6 1,588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,799.3 1,191.7 1,264.7 1,219.2 1,246.3 1,260.0 1,272.2 1, 280.4

1,302.0

133.4
88.2
45.2
232.2

130.4

87.1
43.2
223.4

129.2
86.2
42.9
225.5

131.2
86.9
44.2
230.9

Table 2.—Gross National Product by Major Type of Prodiict
Gross national product

Q

49.0

148.1
127.6

124.4
84.3
40.1
214.5

Final sales
. .
Change in business inventories

174.0
464.7
520.4

in

77.0
261.9
95.4
166.6

263.6

82.3
265.5

96.0
167.7

97.3
168.2

Current and Constant Dollars (1.3, 1.5)

1 531 0 1,679.7 1 592 5 1 621.4 1,659 2 1,694 7 1,743.4 1,785. 5 1, 203. 7 1,256.6 1, 224. 7 1, 235. 9 1, 248. 8 1,262.0 1,279. 5 1,292.9
10.4
10.2
.9
9.2
-5.5
8.1
11.1
1.7
-14.6
14.8
16.0
15.1
11.9
-4.3
13.8 -12.0

Goods...
Final sales
Change in business inventories

681 7
696.3
-14.6

760.2
748.3
11.9

719 7
724.0
-4.3

742 3
727 5
14.8

758 4
742.4
16.0

766 1
751.0
15.1

774.3
772.5
1.7

802.9
789.1
13.8

532.6
544. 7
-12.0

575.8
567.7
8.1

549.9
555. 4
—5. 5

569.5
559.1
10.4

576.0
564.8
11.1

579.1
568.9
10.2

578.7
577.9
.9

596.3
587.1
9.2

Durable goods
Final sales.
Change in business inventories

254 4
2669 5
I 1

300.5
297.8
27

270 0
280 6
-10.6

282 7
286 3
-3.6

301 2
295 8
5.4

308 2
301 4
6.8

309 8
307.7
2.0

333 7
325.6
8.2

204 7
214.1
-9.4

2°9 Q
22S.1
1.8

213.4
220. 7
—7.4

221.9
294. 3
—2. 4

230.5
296.7
3.8

234.6
230.0
4.6

232.6
231.5
1.1

248.5
242.8
5.7

Nondurable goods .
Final sales. . . . . .
Change in business inventories

427
3
499 8
—2 6

459.8
450.5
9.2

449 7
443 3
6.3

459 6
441 1
18.5

457 1
446 6
10.6

457 9
449 6
8.3

464.5
464.8
-.3

469.1
463.6
5.6

327.9
330.6
—2.7

345.9
339.6
6.4

336.6
334.7
1.9

347.6
334.8
12.8

345.5
338.2
7.3

344.5
338.9
5.6

346.1

347.7
344.3

772 0
159.3

719 5
149.1

742 6
151.3

759 6
157.3

781.5
162.2

804.4
166.5

827.4
169.0

556.6
102.4

579.1
1Q9.8

562.8
106.4

570.3
106.6

575.3
108.7

582.1
111.0

588.8
112.8

595.0
110.7

1,272.2 1,280.4

1,302.0

Services
Structures

692 5
142.1

346.4
-.3

3.5

Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product..
Gross domestic product.
Business
Nonfarm
Nonfarm less housing..
Housing
_
Farm
Statistical1 discrepancy...
Eesidual
Households and institutions.
Government
Federal...
State and local.
Rest of the world.

, 588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,799.3 1,191.7 1,264.7 1,219.2 1,246.3 1,260.0
1,678.1
1,505.7
1,577.1 1,623.2 1,662.8 1,696.1 1,730.4 1,781.4 1,186.8 1,258.7 1,214.1 1,240.4 1,254.3
1,277.5 1,427.4 1,340.4 1.380.7 1,415.5 ,443.1 1,470.1 1,515.5 1,004.1 1,071.6 1, 030. 2 1,055.1 1, 068.0
994.1 1,018.0 1, 031. 5
968.1 1,033.4
1,222.8 1.368.9 1,279.6 1.324.8 1,354.7 1,384. 4 1,411.6 1.452.9
890.0
865.7
925.0
912.9
926.5
1,105.0 1,239.2 , 157.6 ., 199.8 1, 226.5 , 253.1 1.277.2 1,314.7
104.0
102.4
106.5
129.7
105.1
106.9
138.1
122.0
134.4
128.2
117.8
131.2
125.0
34.2
34.1
34.9
50.8
34.3
35.1
54.8
54.0
49.4
55.0
50.0
48.7
4! 4
7.7
6.1
8.6
9.2
5.8
8.7
7.2
1.6
1.9
3.1
1.8
,516.3 1,691.6

1,266.2 1, 273. 9

1,294.3

1,078.2 1,085.1
1,039.4 1.044.8
936.2
931.8
108.6
107.5
36.2
35.0

1,105.2
1,065.5
955.6
110.0
36.2

3.8

4.0

3.5

41.5

41.8

41.7

49.7

56.0

51.5

54.8

57.0

58.9

60.7

38.5

40.9

38.8

39.8

40.4

178.5
59.3
119.2

194.8
63.4
131.4

185. 2
61.5
123.7

189.2
62.2
127.0

192.5
62.5
130.0

196.0
63.2
132.8

201.4
65.6
135.8

205.2
66.1
139.1

146.3
48.1
98.2

145.1
48.1
97.0

145. 5
48.1
97.4

146.0
48.0
97.9

146.6
48.1
98.4

147.0
48.1

147.4
48.1
99.3

10.6

13.4

11.1

13.0

12.4

13.7

14.7

17.9

144.2
48.2
96.0
4.8

6.0

5.1

5.9

5.6

6.0

6.5

7.7

Footnotes on foUowirg page.

HISTORICAL STATISTICS
The national income and product data for 1929-72 are in The Documents; see addresses inside front cover). The July 1976
National Income and Product Accounts of the United States, 1929-74: SURVEY contains data for 1973-75 (except for seasonally
Statistical Tables (available for $4.95, SN 003-010-00052-9, from unadjusted quarterly estimates, which are in the September 1976
Commerce Department District Offices or the Superintendent of SURVEY).




SUEVEY OF CUEEENT BUSINESS

June 1977

1975

1976

1977

1976

1975
I

IV

II

TTT - IV

1975

I

1975

1976

Seasonally adjusted at annual rates

1,516.3 1,691.6 l, 588.2 1,636.2 1,675.2 1,709.8 1,745.1 1,799.3
Gross national product
Less: Capital consumption
allowances with capital consumption adjustment
161.4 179.8 169.5 173.6 177.7 181.6 186.2 192.2
Capital consumption allowances without capital consumption adjustment
130.8 142.0 135.5 137.5 140.5 143.3 146.6 149.7
Less:Capital consumption
adjustment
-30. 5 -37.8 -34.0 -36.1 -37.2 -38.3 -39.6 -42.5
,418.7 1,462.6 1, 497.6 1,528.2 1,559.0 1,607.1

149.' ' 144.1

144.9

148.2

6.3
4.4

6.6
6.1

6.
7.2

7.0
5.8

151.0

154.9

158.8

7.4
9.2

7.7
8.6

Plus: Subsidies less current
surplus of government
27
3.1
enterprises
1.2
.9
1.2
1.
2.0
Equals: National income
1,207.6 1,348.4 1,264.6 1,304.7 1,337.4 1,362.5 1,389. 3 1[,435.2
Less: Corporate profits with
inventory valuation
and capital consump105.6 115.1 116.4 122.0 117.8 119.9
tion adjustments
91.6 117.
80.3
83.5
88.9
Net interest
74.6
75.
85.
82.0
78.6
Contributions for social
insurance
109. 7 122.8 112.6 119.3 121.4 123.7 126.1 134.4
Wage accruals less disbursements
0
0
0
0
0
0
0
0
Plus: Government
transfer
180.6 185.2 189.1 195.2
payments to persons _ _ 168. 9 184.2 176.0 181.
Personal interest income. 110. 7 123.0 114.4 118.0 120.7 125.0 128.4 131.6
85.
80.3
83.5
78.6
82.0
75.8
88.9
74.6
Net interest
Interest paid by government to persons
37.0
and business
38.3
38.9
35.4
39.8
32.8
38.5
Less: Interest received
by
govern20.2
22.5
23.7
19.5
ment
21.7
21.9
21.1
Interest paid by con23.
23.4
24.8
25.6
sumers to business.. 22.8 24.4 23.3
25.9
32.2
35.4
34.4
33.1
32.1
37.7
35.1
37.6
Dividends
Business transfer pay6.3
7.0
6.8
ments
7.2
6.
7.4
7.1
1,249.7 1,375. 3 1,299. 7 1,331.3 1,362.0 1,386.0 1,421.7 1,464.0
Equals: Personal income
Table 5.—Relation of Gross National Product, Net National Product,
and National Income in Constant Dollars (1.10)
[Billions of 1972 dollars]
Gross national product

1,191.7 1,264.7 1,219.2 1,246.3 1,260.0 1, 272. 2 1, 280. 41,302.0

Less: Capital
consumption
allowances with capital consumption adjustment

121.5

126.2

123.4

124.5

125.6

126.5

128.0

129.6

Equals: Net national product. - 1,070.1 1,138.5 1,095.8 1,121. 8 1,: 134.3 1,145.7 1,152. 4 1,172. 4
Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government

enterprises

KesiduaU
Equals: National income




II

III

IV

I

Table 6.—Net National Product and National Income by Sector in
Current and Constant Dollars (1.11, 1.12)
Net national product
Net domestic product

,355.0 1,511.8 1,418.7 1,462.6 1,497.6 1,528.2 1,559.0 1,607.1
1,344.4 1,498.4 1,407.6 1,449.6 1,485.1 1,514.5 1,544.3 1,589.3

B usiness
, 116.1 1,247. 6 1,170. 9 1, 207.1 1, 237. 8 1,261.5 1, 284. 0 1 ,323.3
Nonfarm
,073.2 1,201. 9 1,122. 2 1, 163. 6 1,189. 8 1, 215.8 1,238. 6 1,L, 274.2
Farm
38.5
37.9
42.6
36.3
42.3
37.0
40.5
36.2
Statistical discrepancy
4.4
7.7
6.1
7.2
5.
8.6
8.7
9.2
Households and institutions . 49.7 56.0 51.5 53.3 54.8 57.0 58.9 60.7
178.5 194.8 185.2 189.2 192.5 196.0
Government
205.2
201.4

Rest of the world
National income
Domestic income

138.7

I

Billions of dollars

Table 4.—Relation of Gross National Product, Net National
Product, National Income, and Personal Income 0-9)

Equals: Net national product.
Less: Indirect business tax
and nontax liability...
Business transfer payments.
Statistical discrepancy..

IV

1977

Seasonally adjusted at annual rates

Billions of dollars

, 355.0 1,511.

1976

Business
Nonfarm
Farm
Households and institutions.
Government
Rest of the world.

10.6

13.4

11.1

13.0

12.4

13.7

1,207. 6 1,348.4 1,264.6 1,304.7 1,337.4 1,362.5

14.7
1,389.3

17.9
1,435.2

6 11,417.3
1,374.
968.7 1,084.2 1, 016. 8 1, 049. 2 1, 077. 7 1, 095. 8 1,114. 3 1,151.4
931.9 1,048.3 976.0 1, 014. 9 1, 037. 4 1, 060. 5 1,080.2 1,113.0
36.9
40.8
40.2
38.4
35.9
34.1
35.2
34.3
49.7
51.5
54.8
60.7
56.0
58.9
57.0
53.3
178.5 194.8 185.2 189.2 192.5 196.0 201.4 205.2

1,197. 0 1,335. 0 1,253.5 1,291.7 1,325.0 1,348.8

10.6

13.4

11.1 13.0

12.4 13.7

14.7

17.9

Billions of 1972 dollars
Net national product
Net domestic product
Business
Nonfarm
Farm
Residual l
Households and institutions.
G o vernment
Rest of the world
National income
Domestic income
B usi ness
No nfarm
Farm
Households and institutions.
Government
Rest of the world

070.1 1,138.5 1,095.8 1,121.8 1,134.3 1,145.7 1,152.4 1,172. 4
065.3 1,132.5 1,090.7 1,115.9 1,128.7 1,139.7 1,145.9 1,164.7
882.6
855.3
25.4
1.8
38.5
144.2

945.4
916.1
26.2
3.1
40.9
146.3

4.8

906.8
879.5
25.4
1.9
38.8
145.1

930.6
902.3
25.5
2.
39.
145.5

942. 4
914.7
26.0
16
40.4
146.0

951.6
921.8
26.1
3.8
41.5
146.6

957.1
925.7
27.3
4.0
41.8
147.0

975.6
944.9
27.2
3.5
41.7
147.4

5.9

5.6

6.0

6.5

7.7

6.0

5.1

950.0 1,012.3

973.7

997.0 , 009.9 1,018.4 1,023. 9 1,042.6

945.2 1,006.3

968.6

991.1 ,004.2 1,012.5 1,017.4 1,034.9

762.5
735.
26.
38.5
144.2

819.2
791.4
27.7
40.9
146.3

784.
758.1
26.7
38.8
145.1

805.8
778.9
26.8
39.8
145.5

817.9
790.3
27.6
40.4
146.0

824.4
796.9
27.6
41.5
146.6

828.5
799.7
28.9
41.8
147.0

845.8
817.3
28.5
41.7
147.4

6.0

5.1

5.9

5.6

6.0

6.5

7.7

1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with the statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.— Table 6: The industry classification within the business sector is on an establishment basis and is based on the 1967 Standard Industrial Classification.
Footnotes for tables 2 and 3.
.
1. Equals GNP in constant dollars measured as the sum of final products less GNP in
constant dollars measured as the sum of gross product by industry. The quarterly estimates
are obtained by interpolating the annual estimates with t ie statistical discrepancy deflated
by the implicit price deflator for gross domestic business product.
NOTE.—Table 2: "Final sales" is classified as durable or nondurable by type of product.
"Change
business inventories
inventories" is classified
hange in business
c a s s e as follows: For
or manufacturing,
manufactuing, by the type
y p of
y; for trade
trade, by
b y the type
type of
d t produced
d d by th
t b l i h t hldi
product
the establishment
holding th
the inventory;
durable;
product sold b y the establishment holding the inventory; for c onstruction,
onstti
d b l and
d for
f
other
nondurable.
ther industries,
industries, nondurable.
, ,. ,
^. .
Tbl
3
Th
i
d
l
i
f
Table 3: The industry classification within the business sector is on an establishment basis
and is based on the 1967 Standard Industrial Classification.

118.2

123.2

120.1

1.8

3.1

1.9

950.0 ,012.3

973.7

122.0

122.8
1.

123.4

124.5

126.2

4.0

3.5

997.0 1,009.9 1,018.4 1,023. 9 11,042.6

SURVEY OF CURRENT BUSINESS

6

1976

1975
1975

1976

I

IV

II

June 1977

1977

III

IV

1975

I

1975

1976

Seasonally adjusted at annual rates

207.6 ,348.4 ,264.6 1,304.7

017.2

037.5

064.5 ,097.7

861.5

881.1

897.8

921.0

947.1

185.4
676.1

188.7
692.4

191.7
706.1

197.0
723.9

200.0
747.1

132.9

136.2

139.6

143.5

150.5

65.
67.1

67.1
69.0

68.6
71.1

70.2
73.3

74.7
75.8

97.2

93.2

100.3

96.1

97.1

103.6

28.3

21.9

27.5

21.

20.3

24.0

994.4

Wages and salaries
Government and government enterprises
Other
Supplements to wages and
salaries
Employer contributions
for social insurance
Other labor income
Proprietors' income with inventory valuation and capital consumption adjustments
Farm
Proprietors' income with
inventory valuation adjustment and without
capital consumption adjustment
Capital consumption adjustment
Nonfarm
__
Proprietors' income without inventory valuation
and capital consumption adjustments
Inventory valuation adjustment
Capital consumption adjustment
-.

806.7

890.4

836.4

175.8
630.8

190.7
699.7

182.2
654.1

122.1

138.0

126.'

59.7
62.5

67.9
70.1

61.6
65.2

90.2

96.7

24.'

22.8

28.6

27.0

32.3

26.1

31.7

25.9

24.5

28.3

-3.8
65.3

-4.2
73.8

-4.1
69.0

-4.2
71.4

-4.2
72.8

-4.2
74.4

-4.2
76.8

-4.4
79.6

74.1

69.2

71.1

73.2

74.6

77.6

80.9

-1.7

-1.9

65.2
-1.1

-1.

1.3

-1.2

-1.3

74.6

-1.2

.7

1.0

Rental income of persons with
capital consumption adjustment
22.4
23.5
22.9
23.3
Rental income of persons...
37.0
40.5
39.6
Capital consumption adjustment...
-14.6 -16.9 -15.5 -16.3
Corporate profits with inventory valuation and capital
consumption adjustments.
91.6 117.8 105.6 115.1
Corporate profits with inventory valuation adjustment and without
capital consumption adjustment
103.
133.3 119.
129.6
114.
Profits before tax
147.9 131.3 141.1
49.2
Profits tax liability
64.4
57.2
61.4
Profits after tax
65 3
83.
74.
79.
Dividends
32.
35.
32.2
33.
33.2
48.4
Undistributed profits.
41.
46.6
Inventory valuation ad- 1 1 . 4 - 1 4 . 6 - 1 2 . 3 —11. S
justment
Capital consumption ad-11.5 -15.5 -13. t -14. £
justment
Net interest

337.4

82.

75.8

78.

23.1

23.

24.3

25.1

39.6

40.6

42. C

44.8

-16. f - 1 7 . 2 - 1 7 . 7 - 1 9 . 6
116.4

122.0

131.8
146.2
63.
82.
34,4
48.3

137.6
150. 2
65.
85.
35.4
49.7

134.2
154.2
67.4
86.8
37.

-14.4 -12.6
-15.4 -15.
83.

49.
-20.
-16.4
85.

119.9

136.9
160. 0
68.8
91.2
37.6
53. G
-23.1

4
io. a

53.
18.

48.
16.

52. ?
18.

50.
12.

51.0
13.5

911.0 1024.3

957.5

991.0 1014.8 1036.8 1054.4 1083.8

100.9

112.8

106.4

108.8

111.6

113.9

116.9

119.5

Net domestic product
Indirect business tax and
nontax liability plus business transfer payments
less subsidies

810.0

911.5

851.2

882.2

903.2

922.9

937.6

964.2

100.8

108.7

105.2

105.2

107.7

109.4

112.3

114.6

Domestic income
Compensation of employees
Wages and salaries
Supplements to wages
and salaries

709.2

802.8

746.0

777.0

795.5

813. 5

825.2

849.7

612.7
524.9

6S0.3
581.1

635.0
544.1

657.9
562.4

673.9
575.9

686.3
586.0

703.2
600.0

727.6
619.1

87.8

99.3

90.9

95.5

98.0

100.3

103.2

108.5

Capital consumption allowances with capital consumption adjustment




Net interest
Gross domestic product of financial corporate business *
Gross domestic product of nonfinancial corporate business...
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
Domestic income
Compensation of employees
Wages and salaries
Supplements to wages and salaries
Corporate profits with inventory
valuation and capital consumption adjustments
—
Profits before tax
Profits tax liability
Profits after tax./.
Dividends
Undistributed profits
Inventory valuation adjustment.
Capital consumption adjustment

11.1

12.2

11.7

40.6

42.8

41.5

109. 114.8 109.3 109.0
139.4 143.0 145.6 149.1
63.5 65.1 67.4 68.8
75.9 77.9 78.2 80.3
32.7 33.8 34.9 33.6
43.2 44.2 43.4 46.7
-14.4 -12.6 - 2 0 . 0 - 2 3 . 1
-15.4 -15.7 - 1 6 . 4 - 1 7 . 0

11.7

12.0

12.4

12.7

13.1

42.0

42.0

43.0

44.1

45.0

870.4 981.5 916.1 949.0 972.8 993.8 1010.3 [038.7

96.6 107.9 101.9 104.2 106.8 108.

111.6 113.8

773.8 873.6 814.2 844.8 866.1 885.0 898.6 924.9
93.4 100.6

97.5

97.4

99.7 101.2 103.9 105.9

680.4 773.1 716.7 747.4 766.4 783.7 794.7 819.0
577.1 641.5 598. 5 620.3 635.4 646.9 663.3 686.8
494.6 548.1 513.0 530.5 543.2 552.6 566.2 5S4.7
82.5

93.4

85.5

89.9

92.2

94.3

97.1 102.1

95. 100.3 93.8 93.4
72.5 95.8 86.1 93.
95.5 126.0 112.0 119.4 125.6 128.6 130.3 133.2
39.7 54.0 47.6 51.1 53.4 54.7 56.6 57.8
55.8 72.0 64.4 68.3 72.2 73.9 73.
75.4
29.0 31.7 28.6 28.2 31.9 32.9 34.0 32.7
26.7 40.3 35.9 40.1 40.3 41.0 39.7 42.8
-11.4 - 1 4 . 6 - 1 2 . 3 - 1 1 . 5 - 1 4 . 4
-20.0
-12.6
-23.1
-16.4
-11.6 -15.6 -13.6 - 1 4 . -15.5
-15.
-16.7
37.6
30.8 35.8 32.0 33.9 35.2
36.5
38. S
Billions of 1972 dollars

Gross domestic product of nonfinancial corporate business... 676.8 726.2 696.1
Capital consumption allowances with
72.6 75.8 73.8
capital consumption adjustment
604.2 650.4 622.3
Net domestic product
Indirect business tax and nontax
liability plus business transfer
78.5 F2.1 79.8
payments less subsidies
525.7 568.3 542. 5
Domestic income

713.9 725.7 731.5 733.9 744.3
74.6 75.4 76.2 77.1 78.0
639.3 650.3 655.3 656.8 666.3
81.3 82.0 82.2 83.0 84.2
558.0 568.3 573.1 573.8 582.1

Dollars

88.9

Table 8.—Gross Domestic Product of Corporate Business (1.15, 7.8)
Gross domestic product of
corporate business

I

-17.0

Addenda:

Corporate profits with inventory valuation and capital
consumption adjustments:
Profits after tax
Undistributed profits

Corporate profits with inventory
valuation and capital consumption adjustments...
85.4 110.3 99.2 107.4
Profits before tax
108.4 140.4 125.0 133.4
Profits tax liability
49.2 64.4 57.2 61.4
Profits after tax
59.1 76.0 67.
72.0
32.6 29.9 28.9
Dividends
29.
Undistributed profits
29.3 43.5 37.9 43.1
Inventory valuation adjustment. - 1 1 . 4 - 1 4 . 6 - 1 2 . 3 - 1 1 . 5
Capital consumption adjustment
•11.5 -15.5 - 1 3 . 5

Net interest
117.

80.3

IV

Table 8.—Gross Domestic Product of Corporate Business—Con.

389.3 , 435.2

963.1

III

Billions of dollars

362.5

928.8 [,028.4

II

1977

Seasonally adjusted at annual rates

Table 7.—National Income by Type of Income (1«13)
National income

I

IV

Billions of dollars

Compensation of employees

1976

Current-dollar cost and profit
per unit of constant-dollar
gross domestic product2
Capital consumption allowances with
capital consumption adjustment
Net domestic product
Indirect business tax and nontax
liability plus business transfer
payments less subsidies
...
Domestic income
Compensation of employees
Corporate profits with inventory
valuation and capital consumption adjustments
Profits tax liability
Profits after tax with inventory
valuation and capital consumption adjustments
Net interest

1.286 1.352 1.316 1.329 1.341 1.359 1.377 1.396
.152 .153
.143 .149 .146 .146
1.143 1.203 1.170 1.183 1.193 1.210 1.225 1.243
.138 .138 .140 .136 .137 .138 .142 .142
1.005 1.064 1.030 1.047 1.056 1.071 1.083 1.100
.904 .923
.853 .883 .860 .869 .876
.107
.059

.132
.074

.124
.068

.131
.072

.132
.074

.137
.075

.128
.077

.126
.078

.048
.045

.058
.049

.055
.046

.059
.047

.058
.049

.062
.050

.051
.051

.048
.052

1 Consists of the following industries: Banking; credit agencies other than banks; security

and commodity brokers, deabrs, aad services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investmant trusts.
2. Equals the deflator for gross dom estic product of nonfinancial corporate business with
the decimal point two shifted places to the left.

SURVEY OF CURRENT BUSINESS

June 1977

1975

1976

rv

1977

1976

1975
I

II

III

IV

1975

I

1975

1976

Seasonally adjusted at annual rates

45.8

62.6

51.0

61.2

64.3

61.0

63.9

73.9

47.2

61.5

51.8

59.7

61.9

62.2

62.3

72.8

40.3
29.7
10.5

54.7
39.3
15.5

45.1
32.6
12.4

52.6
39.4
13.2

54.9
39.7
15.3

55.2
38.8
16.4

56.2
39.2
17.0

64.9
46.1
18.7

8.0
13.0

8.8
15.9

8.1
14.0

9.4
15.4

8.9
16.0

9.1
16.6

8.0
15.8

18.6

-5.0
-1.6
6.5
7.1

-7.1
-2.6
6.4
9.0

-5.9
-1.9
6.2
8.2

-6.0
-2.8
6.1
8.9

-7.0
-2.5
6.5
9.0

-7.5
-2.6
6.5
9.1

-7.8
-2.5
6.5
9.0

-2.5
7.1
9.6

.5

.5

.5

.6

.5

.6

.5

Change in business inventories
-1.3
of new and used autos
-1.5
New
.2
Used

1.1
1.1
.0

-.8
-1.1
.3

1.5
1.3
.2

2.4
2.4
.0

-1.1
-.9
-.2

1.6
1.8
-.2

1.1
1.1
.0

50.7
11.5

41.3
10.0

50.7
10.0

51.9
11.5

48.8
12.4

51.3
12.0

60.6
13.1

Personal consumption expenditures
New autos
Net purchases of used autos.
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services

Addenda:
Domestic output of new autos2 i.
Sales of imported new autos _.

37.4
10.3

Final sales
Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services

39.7

42.6

50.4

51.8

48.7

49.6

56.8

Farm
Nonfarm
Rental income of persons
with capital consumption
adjustment

Old-age, survivors, disability, and health insurance benefits
Government unemployment insurance benefits _
Veterans benefits
Government employee retirement benefits
Aid to families with dependent children
Other

62.5

70.1

65.2

67.1

69.0

71.1

I

96.7

97.2

93.2

100.3

96.1

97.1

103.6

22.8
73.8

28.3
69.0

21.9
71.4

27.5
72.8

21.7
74.4

20.3
76.8

24.0
79.6

22.4

23.5

22.9

23.3

23.1

23.4

24.3

25.1

32.1
110.7

35.1
123.0

32.2
114.4

33.1
118.0

34.4
120.7

35.4
125.0

37.6
131.6

175.2

191.3

182.5

188.6

187.6

192.4

37.7
128.4
196.6

81.4

93.0

86.3

17.3
14.5

15.6
15.0

17.7
15.0

17.7
16.0

15.3
14.7

14.7
14.4

22.1

25.0

23.3

23.8

24.9

9.2
30.8

9.8
32.8

9.7
30.5

9.8
33.2

9.7
33.4

43.4

49.5

50.1

49.7

48.3

55.8

36.1
27.6

41.7
32.7

42.1
32.8

41.6
31.7

41.1
31.3

46.7
36.4

7.5

9.5

8.5

9.0

9.3

9.8

9.8

10.2

7.5
11.3

8.3
13.0

7.5
11.8

8.4
12.7

8.5
13.2

8.7
13.6

7.7
12.6

9.6
14.7

-3.8
-.6
4.7
6.3

-4.7
-1.0
6.2
6.2

-4.3
-.6
5.2
5.8

-4.3
-1.1
5.1
6.2

-4.7
-.9
5.4
6.4

-4.8
-1.1
5.3
6.3

-4.9
-.9
6.2
6.1

-5.1
-.9
5.6
6.6

Less: Personal
contributions for social insurance

50.0

54.9

51.0

53.4

.5

.5

.4

.5

.5

.5

.5

.5

Less: Personal tax and nontax payments

168.8

193.6

179.8

183.8

.7
.7
.0

-.8
-1.1
.2

.9
.7
.2

1.7
1.7
.0

-.9
-_ _. 8i

1.2
1.4
-.1

1.0

Equals: Disposable personal
income

41.5
9.4

35.0
8.5

42.2
8.3

42.9
9.5

39.9
10.1

41.0
9.6

47.9
10.3

Less: Personal outlays
Personal consumption expenditures
Interest paid by consumers
to business
Personal transfer payments
to foreigners (net)
Equals: Personal saving
Addenda:
Disposable personal income:
Total, billions of 1972 dollars.

75.8

90.2

49.4

.9
.0

73.3

24.9
65.3

41.6
32.1

1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases
3. Consists of agriculture, forestry, and fisheries; mining; contract construction; and manufacturing.
4. Consists of transportation; communication; electric, gas, and sanitary services; and
trade.
5. Consists of finance, insurance, and real estate; services; and rest of the world.
NOTE.—Table 10: The industry classification of v age and salary disbursements and proprietors' income is on an establishment basis and is based on the 1967 Standard Industrial
Classification.




Other labor income
Proprietors* income with inventory valuation and
capital consumption adjustments

40.8

32.5
8.9

IV

1,249.7 1,,375. 3 1,299.7 1,331. 3 1,362.0 1,386.0 1,421.7 1,464.0
Personal income
Wage and salary disbursements
806.7 890.4 836.4 861.5 881.1 897.8 921.0 947.1
Commodity-producing
industries 3 ..
275.3 304.8 285.8 295.3 302.9 307.0 314.0 323.9
Manufacturing
211.7 237.0 220.3 229.
235.6 238.9 243.9 253.0
Distributive industries
L_. 195.6 214.9 202.3 208.3 212.8 216.5 221.9 229.2
l
Service industries
159.9 180.0 166.1 172.4 176.7 182.7 188.1 194.0
Government and government enterprises
175.8 190.7 182.2 185.4 188.7 191.7 197.0 200.0

33.4
25.9

Change in business inventories
-1.1
of new and used autos
-1.2
.1
New..
__ _
Used.__.
Addenda:

Domestic output of new autos».
Sales of imported new autos 2_.

50.1

III

Table 10.—Personal Income and Its Disposition (2.1)

Dividends
Personal interest income
Transfer payments

Billions of 1972 dollars
Auto output.

11

Billions of dollars

Table 9.—Auto Output in Current and Constant Dollars (1.16, 1.17)
Auto output-

I

IV

1977

Seasonally adjusted at annual rates

Billions of dollars

Final sales

1976

89.5

202.8

100.0
15.5
15.3

25.5

14.7
14.9
25.9

26.4

9.0
32.2

10.0
32.6

10.1
35.5

54.3

55.2

56.6

59.7

189.5

195.8

205.3

218.2

, 080.9 1,181.7 1,119.9 1,147.6 1.172.5 1,190.2 1,216. 5 1,245.8
996.9 1, 105.2 1,036.2 1,068.0 1.089.6 1,114.3 , 148.6 1,186.1
973.2 1,079.7 1,012. 0 1, 043. 6 1,064.7 1,088. 5 1.122, 0 1,., 159.1
22.8
23.9
24.8
24.4
23.4
25.6
23.3
25.9
1.1
84.0

76.5

1.0

1.0

1.1

1.1

1.1

83.7

79.5

82.9

75.8

67.8

59.7

.9

855.5

890.5

867.5

880.4

890.5

892.0

899.6

907.0

Per capita:
Current dollars.
1972 dollars

5,062
4,007

5.493
4,140

5,227
4,049

5,347
4,103

5,455
4,143

5,526
4,142

5.637
4,168

5,763
4,195

Population
millions) .

213.5

215.1

214.2

214.6

214.9

215.4

215.8

216.2

7.8

6.5

7.5

6.9

7.1

6.4

5.6

4.8

(mid-period,

Personal saving as percentage
of disposable personal income

SURVEY OF CURRENT BUSINESS

8

1975
1975

1977

1976

I

IV

1976

II

June 1977

III

IV

I

1975
1975

1976

1976

I

IV

Seasonally adjusted at annual rates

1977

II

III

IV

I

Seasonally adjusted at annual rates

Billions of current dollars

Billions of 1972 dollars

Table 11.—Personal Consumption Expenditures by Major Type of Product in Current and Constant Dollars (2.3, 2.4)
973.2 1,079.7 1,012.0 1,043.6 1,064.7 1,088.5 1 122.0 1,159.1

Personal consumption expenditures..

808.6

815.7

829.7

843.8

174.0
83.6
66.6
23.8

124.3
54.8
51.0
18.5

125.2
55.2
51.6
18.4

126.2
55.4
52.0
18.9

127.6
54.4
53.9
19.2

134.9
61.6
54.1
19.2

456.0
230.2
79.0
44.1
13.3
89.4

464.7
236.4
78.9
44.2
13.3
91.9

306.1
150.5
61.3
24.8

319.3
158.3
63.9
25.3

309.5
151.9
63.4
24.0

314.6
155.3
63.3
25.0

317.6
157.7
62.6
25.4

318.9
158.6
63.8
25.1

325.9
161.5
66.0
25.8

5.5

6.0

64.4

66.2

65.5

65.5

66.5

66.0

66.6

326.8
162.9
65.0
25.8
5.7
67.4

504.0
171.8
77.3
36.0
41.3
38.6
216.2

520.4
176.6
79.7
37.7
42.0
39.8
224.3

352.4
128.6
50.1
20.6
29.5
28.8
145.0

368.6
134.4
52.4
21.1
31.2
29.6
152.2

356.4
130.7
50.1
20.2
29.9
28.9
146.8

361.8
132.1
51.1
21.0
30.0
29.5
149.0

365.8
133.8
51.4
20.3
31.1
29.5
151.1

370.6
135.2
52.5
20.8
31.6
29.6
153.4

376. 2
136.5
54.5
22.3
32.1
29.8
155.4

382.1
138.2
55.4
22.9
32.5
30.2
158.3

156.5
70.7
63.0
22.8

162.0
72.7
65.6
23.6

409.1
209.5
70.0
38.9
10.1
80.6

440.4
224.4
75.4
41.5
11.8
87.2

421.6
215.2
73.0
39.9
10.2
83.3

429.1
219.2
73.5
40.1
11.2
85.0

434.8
223.1
73.2
40.3
11.0
87.2

441.8
225.2
75.9
41.6
11.9
87.2

432.4
150.2
63.9
28.9
35.0
34.0
184.2

482.8
165.8
72.1
32.5
39.5
37.5
207.5

448.6
155.8
65.9
29.6
36.3
35.0
191.9

463.2
159.7
68.4
31.0
37.4
36.5
198.6

474.9
163.9
69.6
30.6
39.0
37.0
204.3

489.1
167.8
72.8
32.6
40.3
37.8
210.7

1975

1975

800.7

118.0
48.2
51.3
18.5

157.6
71.7
62.9
23.0

Services
Housing
Household operation
Electricity and gas
Other.Transportation.
Other. _

_.

783.9

125.8
54.9
52.1
18.8

155.0
70.4
62.3
22.3

Nondurable goods
Food
Clothing and shoes.
Gasoline and oil
Fuel oil and coal
Other__

_

813.7

111.9
44.7
49.5
17.8

151.4
68.0
61.2
22.2

Durable goods

Motor vehicles and parts
_.
Furniture and household equipment..
Other.

770.3

141.8
59.2
60.6
22.0

131.7
53.2
57.6
21.0

1976

1976

I

IV

II

5.1

5.6

4.9

5.5

1975

1977

III

IV

1975

I

1976

125.7 145.3 135.1 137.7 141.9 147.2 154.5 165.9
120.7 139.8 130.0 132.5 136.6 141.5 148.5 154.2
5.4
5.6
5.9 11.6
4.9
5.0
5.2
5.1
.1
.1
.1
.1
.1
.1
.1
.1
42.6

55.6

49.4

53.1

54.8

56.2

58.4

59.5

23.9
16.4
5.8
1.7

23.5
17.1
4.7
1.7

25.5
16.6
7.2
1.7

22.8
16.7
4.4
1.7

23.3
16.8
4.8
1.7

23.8
17.1
4.9
1.8

24.1
17.6
4.8
1.8

24.5
17.4
5.3

Contributions for social insurance

94.3 105.8

Less:Wage accruals less disbursements.

96.6 102.9 104.6 106.6 109.3

357.8 388.9 376.0 380.3 378.7 391.1 405.6
124.4 133.4 130.4 129.2 131.2 134.5 138.9
84.3 88.2 87.1 86.2 86.9 88.5 91.3
40.0 42.2 41.3 41.6 41.7 42.0 43.6
23.8 24.5 24.4 24.3 24.3 24.3 25.3
16.2 17.7 16.9 17.3 17.5 17.7 18.4
44.3 46.0 45.8 44.6 45.2 46.5 47.6
40.1
19.3
20.8

45.2
21.1
24.1

43.2
20.2
23.1




42.9
20.6
22.3

44.2
20.8
23.4

46.0
21.1
24.8

47.6
22.0
25.6

1.8
116.5
407.6
138.2
91.5
43.9
25.2
18.7
47.6
46.7
22.2
24.5

148.9 162.2 154.9 160.3 158.7 163.1 166.5 171.9
145.8 159.0 151.8 157.2 155.6 159.8 163.3 168.8
3.2
3.1
3.2
3.1
3.
3.1
3.4
3.0
54.4

60.2

58.0

58.8

56.3

60.1

65.5

61.3

23.5
27.2
22.7
4.5

27.5
32.3
28.0
4.3

25.6
29.6
25.2
4.4

26.6
31.1
26.
4.4

27.4
32.
27.9
4.4

27.7
32.
28.3
4.4

28.4
29.1
4.2

28.6
34.2
29.6
4.6

4.8

4.0

4.5

4.9

5.0

4.9

5.6

5.6
5.

7.1
4.9

5.4
5.0

5.2
4.8

5.6
4.9

6.
5.5

7.6
6.4

-.8

-1.2

6.5
4.5
-2.0

-2.2

0

0

Surplus or deficit (—), national
income and product accounts.. -71.2 -58.6 - 6 9 .

Social insurance funds
Other funds

III

IV

I

286.5 330.3 306.7 316.5 324.6 333.8 346. 3 366.4

Corporate profits tax accruals
Indirect business tax and nontax
accruals
Excise taxes.
Customs duties i
Nontaxes

Grants-in-aid to State and local
governments
Net interest paid
Interest paid
To persons and business
To foreigners
Less: Interest received by Government
Subsidies less current surplus of
Government enterprises
Subsidies
Less: Current surplus of Government enterprises

II

Table 13.—State and Local Government Receipts and Expenditures (3.4)

Table 12.—Federal Government Receipts and Expenditures (3.2)

Purchases of goods and services..
National defense
Compensation of employees.
Military
Civilian
Other
Nondefense
Compensation of employees.
Other
Transfer payments.
To persons
To foreigners

I

IV

Billions of dollars

Billions of dollars

Expenditures..

1977

1976

Seasonally adjusted at annual rates

Seasonally adjusted at annual rates

Receipts .
Personal tax and nontax receipts
Income taxes
Estate and gift taxes
Nontaxes

5.3

-12.6 - 1 2 . -16.7
-58.7 -45.8 -52.7

0
- 6 3 . 8 - 5 4 . 1 -57.4 - 5 9 . 3 - 4 1 . 2
-10.4 -13.6 -13.8 - 9 . 4
-43.7 - 4 3 . 8 -45.5 -31.7

Receipts.

Personal tax and nontax receipts
Income taxes
Nontaxes
Other
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Sales taxes
Property taxes
Other
Contributions for social insurance
Federal grants-in-aid
Expenditures
Purchases of goods and services
Compensation of employees
Other

234.3 260.4 245.0 251.6 254.3 262.0 273.6 275.1
43.1
22.8
14.1
6.1

48.3
26.7
15.1
6.5

44.7
24.0
14.4
6.3

46.1
25.1
14.7
6.3

47.6
26.2
15.0
6.4

48.6
26.9
15.2
6.5

50.7
28.7
15.5
6.6

52.2
29.8
15.8
6.6

6.7

8.'

7.7

8.3

8.7

8.9

9.0

9.3

114.7 126.2
51.6 57.6
52.3 57.2
10.8 11.4

53.8
53.9
11.0

15.4

17.0

16.0

54.4

60.2 ,58.0

16.8

17.2

17.5

56.3

60.1

65.5

61.3

227.5 246.4 237.2 239.5 245.0 249.3 251.8
214.5 232.2 223.4 225.5 230.9 235.0 237.4
119.2 131.4 123.7 127.0 130.0 132.8 135.8
95.3 100.8 99.7 98.5 100.9 102.2 101.5

255.0
240.3
139.1
101.2

25.8

26.3

Transfer payments to persons
Net interest paid
Interest paid
Less: Interest received by government

-6.6 -6.0
-5.
10.1 10.5 10.2

Subsidies less current surplus of
government enterprises
Subsidies
Less: Current surplus of government enterprises

-4.4

24.2

23.1

15.8

17.1

4.6

Less: Wage accruals less disbursements
Surplus or deficit (—), national
income and product accounts..
Social insurance funds
O ther funds

122.0 124.9 127.2 130.8 134.3
55.8 57.1 57.8 59.6 61.7
55.1 56.4 57.9 59.5 60.7
11.9
11.1 11.3 11.5

16.2

4.6
0

6.9

14.0

12.0

13.1

7.9
12.5
-4.6

16.4

24.6

25.0

17.9

-6.4 -6.6 -7.0 -7.2
10.3 10.4 10.6 10.7 10.8
16.6

16.8
-4.4

4.6

4.6

0

0

12.2

9.2

12.7 13.0
—.6 - 3 . 8

17.2
-4.4
4.6

17.7

18.1

.2

-4.5
.2

4.7

4.7

21.9

20.2

13.5
8.4

13.9
6.3

0
12.
13.2
—.6

1. Includes fees for licenses to import petroleum and petroleum products.

SUEVEY OF CURKENT BUSINESS

June 1977

1975
1975

1976

1976

IV

I

II

1975

1977
III

IV

1975

I

1976

Seasonally adjusted at annual rates

I

IV

Receipts from foreigners. 148.1

162.7

153.7

154 1

160.3

167. 7

168.5

171.4

Exports of goods and services. 148 .1
M erchandise
107 .1
Other
40 .9

162. 7
115. 1
47. 6

153 7
110 6
43 1

154 .1
107 .8
46 .3

160.3
113.9
46.4

167.7
118.8
48.9

168.5
119.8
48.7

171.4
119.6
51.8

0

0

0

0

0

Payments to foreigners.. 148.1

162.7

153.7

154.1

160.3

167. 7

168.5

171.4

Imports of goods and services. 127 .6
Merchandise
98 .2
Other
29 .4

156.0
123.5
32.6

132.7
101.8
30.9

145 .7
113 .8
31 .9

151.0
118.5
32.5

163 .0
129 8
33 2

164.3
131.7
32.7

177.6
144.8
32.7

4 .0
.9
3 .1

4 2
1 .1
3 .2

4 .0
.9
3 .2

4 .1
1 .0
3 .1

4.1
1.0
3.1

4 4
1 1
3 .4

4.3
1.1
3.2

4.1
1.1
3.0

4 .5

4 .3

4 .4

4 .4

4.4

4.2

4.6

11 .9

20

12 .6

- .2

.8

Transfer payments (net)
From persons (net)
From government (net)
Interest paid by government
to foreigners
Net foreign investment

4 .4

-4.1

0

0

Gross saving

191. 2

230.0

208.0

222.1

234. 2

234. 2

229. 3

244.3

274.6
76.5

269.4
83.7

273.8
79.5

279. 1
82 9

278. 9
75 8

266. 7
67. 8

265.3
59.7

10.3
33.2

16.2
18.3
20.6
12. 7
21.5
13.5
18 5
41.9
46.6
53.6
49. 1
48.4
49.7
48 3
- 1 1 4 -14.6 - 1 2 . 3 - 1 1 . 5 - 1 4 4 - 1 2 6 - 2 0 0 - 2 3 . 1
- 1 3 . 5 - 1 4 . 5 - 1 5 .4 - 1 5 .7 - 1 6 4 - 1 7 . 0

100 .9

112.8

106.4

108.8

111 .6

113.9

116 9

119.5

60 .4

67.0

63.2

64.8

66 .1

67.7

69 3

72.6

0

0

0

0

0

0

0

434.9

445.4

452.9

460.9

63.3

64.2

65.4

62.3

61.4

65.3

Nonfarm
Durable goods
Nondurable goods
Manufacturing
Durable goods
Nondurable goods

363.5
203.4
160.1

370.7
205.5
165.1

380.0
209.1
171.0

390.6
216.1
174.5

399.4
222.0
177.4

410.7
226.8
183.9

188.5
120.8
67.7

190.6
121.3
69.3

194.7
123.5
71.2

199.7
126.8
72.9

205.3
131.4
73.9

208.7
132.9
75.7

Wholesale trade
Durable goods
Nondurable goods

64.7
39.7
25.0

66.6
40.8
25.8

69.0
42.1
27.0

70.4
43.1
27.3

72.1
43.8
28.3

75.0
45.1
29.9

Retail trade
Durable goods
Nondurable goods

74.7
33.5
41.2

77.2
34.0
43.2

79.4
34.1
45.3

82.2
36.4
45.8

82.5
36.6
45.9

86.4
38.2
48.2

35.6

36.3

36.9

38.3

39.6

40.6

Other
Final sales 2

0

0

0

0

0

0

195.6

237.7

214.0

229.4

240.0

242.9

238.4

183 .7
11 .9

239.6
-2.0

201.4
12.6

229.6
-.2

239 .2

.8

247 .0
—4 .1

242 8 267.9
- 4 3 -14.9

Statistical discrepancy..

4.4

7.7

6.1

7.2

5 8

8 7

)

9 2

0
252.9

8.6

1. Inventories are as of the end of the quarter. T h e quarter-to-quarter change in inventories
calculated from current-dollar inventories shown in this table is not the current-dollar change
in business inventories (CBI) component of G N P . T h e former is the difference between two
inventory stocks, each valued at end-of-quarter prices. T h e latter is the change in the physical
volume of inventories valued at average prices of the quarter. I n addition, changes calculated
from this table are at quarterly rates, whereas C B I is stated at annual rates.
2. Quarterly totals at annual rates.
3. Equals ratio of nonfarm inventories to final sales of business. These sales include a small
amount of final sales b y farms.

tiOn, G u i a i n c , <anu. IUI ui/iiei nuiiicli 111 lllUUSU If N, I1O

based on the 1967 Standard Industrial Classification
Table 17: The industry classification of compensation of employees, proprietors' income,
and rental income is on an establishment basis; the industry classification of corporate profits
and net interest is on a company basis. The industry classification of these items is based
on the 1967 Standard Industrial Classification.

476.0

1,344.7 1,365.9 1,399.5 1,428.0 1,468.4 1,501.8
.317
.270

.318
.271

.318
.272

.317
.274

.314
.272

.317
.273

300.7

Billions of 1972 dollars
Inventories 1

290.3

292.9

295.7

298.2

298.4

42.6

43.0

42.7

42.7

42.6

42.7

247.7
142.4
105.3

249.9
141.8
108.1

252.9
142.8
110.1

255. 5
143.9
111.6

255.8
144.2
111.6

258.0
145.7
112.4

124.1
82.1
41.9

124.1
81.4
42.7

125. 4
81.9
43.5

126.4
82. 0
44.4

126.9
82.5
44.4

127.2
82.8
44.4

Wholesale trade
Durable goods
. ..
Nondurable goods

44.9
28.6
16.3

45.7
28.9
16.8

46.8
29.6
17.3

47.4
29.7
17.7

47.5
29.6
17.9

48.4
30.1
18.3

Retail trade
Durable goods
Nondurable goods

55.6
25.2
30.4

56.8
25.0
31.8

57.2
24.8
32.4

58.2
25.8
32.4

57.8
25.6
32.2

58.9
26.1
32.8

23.1

23.3

23.5

23.5

23.7

23.5

..

Nonfarm
Durable goods
Nondurable goods
M anufacturi n g
Durable goods
Nondurable goods

Other

Gross investment
Gross private domestic investment
Net foreign investment




I

426.8

Farm

Government surplus or deficit
(—), national income and
- 6 4 4 -44.7 - 6 1 . 5 - 5 1 . 6 - 4 4 . 9 - 4 4 7 - 3 7 . 4 - 2 1 . 0
product accounts
Federal
- 7 1 .2 -58.6 - 6 9 . 4 - 6 3 . 8 - 5 4 . 1 - 5 7 .4 - 5 9 3 - 4 1 . 2
State and local
7.9
14.0
12 .7
12.2
21 9
6 .9
9.2
20.2
Capital grants received by the
United States (net)

Inventories *
Farm

Ratio of inventories to
final sales
Non'arm 3

255.6
84.0

- 1 1 5 -15.5

IV

Table 16.—Inventories and Final Sales of Business in Current and
Constant Dollars (5.9, 5.10)

- 4 . 3 -14.9

Table 15.—Gross Saving and Investment (5.1)

Gross private saving
Personal saving
Undistributed
corporate
profits with inventory
valuation and capital
consumption adjustments
Undistributed profits...
Inventory valuation adjustment
Capital
consumption
adjustment
Corporate capital consumption allowances with capital consumption adjustment
Noncorporate capital consumption allowances with
capital consumption adjustment
Wage accruals less disbursements

III

Billions of dollars

Table 14.—Foreign Transactions in the National Income and
Product Accounts (4.1)

0

II

1977

Seasonally adjusted at annual rates

Billions of dollars

Capital grants received by the
United States (net)

1976

1,035.7 1,044.7 1,056.9 1,068.0 1,084.2 1,096.0

Final sales 2
Ratio of inventories to
final sales
Nonfarm'

.280
.239

.280
.239

.280
.239

.279
.239

.275
.236

.274
.235

Table 17.—National Income Without Capital Consumption Adjustment by Industry (6.4)
National income without
capital consumption adj ustment
Domestic income..
Agriculture, forestry,
fisheries
Mining and contract
struction

and
con-

Manufacturing
Nondurable goodsDurable goods
Transportation
C ommunication
Electric, gas, and sanitary
services
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real
estate
Services
Government and government
enterprises
Rest of the world.

,236.: ,384.1 1,296.7 1,338.7 1,372.5 1,398.6 1,426.7 1,475.4
:225.( ,370.7 1,285.6 1,325. 8 1,360.1 1,384.9 1,412.0 1,457.6
44.4

44.4

48.7

42.5

48.6

43.5

42.9

79.2

84.9

82.0

82.6

83.8

85.3

88.0

309.9
126.7
183.2

360.0
147.5
212.5

329.2
137.1
192.1

360.0
146.8
213.2

365.3
147.0
218.3

367.1
148.6
218.5

380.3
152.0
228.2

44.8
26.4

51.2
30.0

48.0
27.2

347.3
147.4
199.9
49.2
28.5

51.0
29.4

51.9
30.3

52.8
31.8

54.2
32.7

22.9

24.1

23.9

23.3

23.8

24.6

24.8

27.4

226.2
91.7
134.5

230.9
94.0
136.9

47.6

195.6
80.0
115.6

220.1
90.8
129.3

205.6
83.9
121.7

215.2
89.3
125.9

216. 5
89.8
126.7

222.4
92.3
130.1

137.6
165.1

151.4
186.7

141.9
171.9

146.9
178.3

148.6
183.0

152.7
189.6

157.4
195.8

163.7
202.8

199.7

217.9

207.2

211.7

215.4

219.3

225.1

229.2

10.6

13.4

11.1

13.0

12.4

13.7

14.7

17.9

SURVEY OF CURRENT BUSINESS

10
1975
1975

1976

1976
I

IV

II

June 1977

1977
III

IV

1975

I

1975

1976

IV

Seasonally adjusted at annual rates

Rest of the world.
Corporate profits with
inventory
valuation
adjustment and without capital consumption ad j ustment
Domestic industries
Financial K.-.
Federal Reserve banks
Other
Nonfinancial
Manufacturing
Nondurable goods
Food and kindred
products
Chemicals and allied
products
—
Petroleum and coal
products.
Other
Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electrical equipment
and supplies
Motor vehicles and
equipment
Other
Wholesale and retail trade Transportation,
communication, and electric, gas, and sanitary
services
Other
Rest of the world .

91.6

117.8

105.6

115.1

116.4

122.0

117.8

119.9

85.4
12.9
72.5

110.3
14.5
95.8

99.2
13.1
86.1

107.4
14.2
93.2

109.6
13.9
95.7

114.8
14.5
100.3

109.3
15.4
93.8

109.0
15.6
93.4

6.2

7.5

6.4

7.7

6.8

7.2

8.5

10.9

Personal consumption expenditures
_
Durable goods
Nondurable goods..
Services

I

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

133.3

119.1

129.6

131.8

137.6

134.2

136.9

97.0
12.9
5.7
7.2

125.8
14.4
6.0
8.4

112.7
12.9
5.8
7.1

121.9
14.0
6.1
7.9

125.0
13.8
5.9
7.9

130.5
14.4
5.9
8.5

125.6
15.4
6.1
9.3

126.0
15.9
6.1

84.1
46.4
29.2

111.4
64.3
36.6

99.8
55.3
34.3

107.9
61.2
37.5

111.2
66.4
35.6

116.0
67.2
37.6

110.3
62.3
35.8

110.1
63.3
35.1

5.8

7.0

6.0

7.3

6.1

8.0

6.4

4.4

Net exports of goods and services
Exports
Imports
Government purchases
goods and services

5.7

7.9

7.3

8.3

8.2

8.5

6.9

8.0

9.3
8.4
17.2

10.8
10.9

10.4
10.6

11.2
10.8

10.4
10.8

10.1
10.9

11.5
11.0

10.6
12.0

27.6

21.1

23.7

30.7

29.6

26.5

28.2

3.6

3.3

2.7

3.3

4.5

3.5

1.9

1.5

3.1

3.9

3.5

3.6

4.3

4.1

3.4

3.3

4.6

6.1

5.2

5.9

5.9

6.5

6.2

6.8

1.2

2.3

1.4

1.8

2.5

2.6

2.4

2.8

.9
3.8

5.4
6.6

2.8
5.4

4.6
4.5

6.1
7.4

5.5
7.3

5.4
7.2

6.6
7.2

20.9

28.1

25.0

29.0

26.6

28.8

27.9

25.5

7.9
9.0

9.9
9.1

9.7
9.7

8.6
9.1

9.5
8.8

10.7
9.3

10.8
9.3

12.2
9.1

6.2

7.5

6.4

7.7

6.8

7.2

8.5

10.9

138.19

126.3

132.7

129.1

130.3

131.7

133.4

135.2

137.4

117.7
133.7
122.7

124.4
138.0
131.0

120.2
136.2
125.9

121.8
136.4
128.0

123.8
136.9
129.8

124.9
138.5
132.0

127.0
139.9
134.0

128.9
142.2
136.2

132.4
132.1
141.6

139.9
138.2
145.3

134.9
134.5
142.0

137.0
136.2
143.3

139.0
137.5
145.0

140.6
138.7
146.1

142.7
140.5
146.6

146.1
142.2
149.6

127.4
133.2
133.7
133.6

134.8
143.9
144.5
144.0

130.8
135.9
136.4
136.2

132.8
139.0
139.6
138.8

133.8
142.9
143.4
143.8

135.1
145.3
145.9
145.5

137.4
147.7
148.4
148.2

138.9
155.3
156.1
155.8

116.3

122.5

118.8

120.1

122.4

123.2

124.0

124.9

163.4
187.4

169.3
194.7

163.7
187.3

164.6

168.1
190.4

171.1
198.1

173.0
200.8

174.5
207.4

Gross private domestic investment
_

103.1

of

Federal
State and local.

129.9

138.4

133.4

135.4

137.3

139.2

141.8

144.2

130.0
129.8

138.0
138.7

134.2
132.9

135.4
135.4

136.7
137.7

138.3
139.7

141.6
141.9

143.3
144.8

Table 20.—Fixed-Weighted Price Indexes for Gross National
Product, 1972 Weights (7.2)
Gross national product._ 127.3
Personal consumption
penditures

ex-

Durable goods
Nondurable goods
Services

134.2

130.4

131.7

133.4

134.9

136.8

139.1

127.1

133.5

130.2

131.2

132.5

134.3

136.0

138.2

117.9
135.1
122.9

124.5
139.2
131.4

120.4
138.1
126.2

122.1
137.7
128.4

123.9
138.2
130.2

124.8
139.8
132.4

127.0
141.1
134.3

128.9
143.5
136.6

132.8
132.6
141.7

140.8
139.1
145.1

135.4
135.0
142.0

137.7
137.0
143.3

139.8
138.2
144.8

141.7
139.7
146.0

143.5
141.2
146.3

147.5
143.4
149.0

127.4
133.3

135.6
143.9

131.0
136.0

133.3
139.1

134.5
142.9

136.1
145.3

138.3
147.7

140.1
155.4

164.4
187.7

170.3
194.0

164.8
187.6

165. 5
188.9

168.9 "172. 3
189.8 197.1

174.2
199.6

175.6
205.5

130.9

138.8

134.3

136.0

137.7

139.4

142.1

144.5

131.8
130.3

138.7
138.9

136.0
133.2

136.3
135.7

137.3
138.0

138.8
139.8

142.4
141.9

144.0
144.8

127.2
126.8
127.2

134.1
133.7
133.7

130.3
129.9
130.1

131.6
131.3
131.3

133.3
133.0
133.0

134.8
134.4
134.4

136.7
136.3
136.0

139.0
138.5
138.2

Gross private domestic invest-

211.9

223.9

228.0

235.9

234.6

239.4

186.4
17.3
5.7
11.6

223.1
19.4
6.0
13.4

205.6
17.6
5.8
11.8

216.2
18.8
6.1
12.7

221.2
18.7
6.0
12.8

228.7
19.5
5.9
13.6

226.1
20.6
6.1
14.5

228.5
21.3
6.1
15.2

Nonfinancial
169.1
Manufacturing..
83.1
Nondurable goods
_. 46.3
Food and kindred
products
...
8.8
Chemicals and allied
products
9.4
Petroleum and coal
products
14.7
Other
13.4

203.6
103.9
55.0

188.0
93.4
52.1

197.4
99.7
55.5

202.5
105.5
53.8

209.2
107.2
56.1

205.5
103.1
54.7

207.2
104.8
54.3

10.1

9.0

10.3

9.2

11.1

9.5

7.6

12.0

11.1

12.2

12.2

12.6

11.1

12.3

16.7
5.4

16.1
15.9

16.9
16.0

16.2
16.2

16.0
16.3

17.5
16.5

16.8
17.6

Durable goods
Primary metal industries
Fabricated
metal
products
Machinery,
except
electrical
Electrical equipment
and supplies
Motor vehicles and
equipment
Other

36.8

48.9

41.3

44.2

51.7

51.1

48.4

50.5

6.9

6.7

6.0

6.6

7.9

6.9

5.4

5.0

4.6

5.4

5.0

5.1

5.9

5.7

5.0

5.0

8.3

10.3

9.0

9.9

10.0

10.7

10.5

11.2

4.0

5.3

4.2

4.7

5.5

5.6

5.5

5.9

4.3
8.8

9.3
11.9

6.6
10.5

8.3
9.6

9.9
12.6

9.4
12.7

9.4
12.7

10.7
12.8

Wholesale and retail trade.
Transportation, communication, and electric, gas,
and sanitary services
Other

30.0

38.0

34.5

38.6

36.4

38.9

38.2

36.1

31.3
24.7

35.4
26.3

34.1
26.0

33.3
25.8

34.8
25.7

36.4
26.7

37.1
27.0

39.2
27.2

6.2

7.5

6.4

7.7

6.8

7.2

8.5

10.9




IV

Table 19.—Implicit Price Deflators for Gross National Product (7.1)

230.6

Rest of the world

III

Gross national product. _ 127.25 133.75 130.27 131.29 132.96 134.40 136.30

Corporate profits before
deduction of capital
consumption
allowances with inventory
valuation adjustment-. 192.6
Domestic industries
Financial*
Federal Reserve banks
Other

II

Index numbers, 1972=100

Table 18.—Corporate Profits by Industry (6.18)

Domestic industriesFinancial »
Nonfinancial

I

1977

Seasonally adjusted

Billions of dollars

Corporate profits with
inventory
valuation
and capital consumption adjustments

1976

Fixed investment
Nonresidential
Structures
Producers'
durable
equipment
Residential
Change in business invenNet exports of goods and servExports
Irnrjorts
Government purchases
tfoods and services
Federal
State and local

of

Addenda:
Final sales
Gross domestic product
Business

1 Consists of the following industries: Banking; credit agencies other than banks; security
and commodity brokers, dealers, and services; insurance carriers; regulated investment
companies; small business investment companies; and real estate investment trusts.
NOTE.—Table 18: The industry classification is on a company basis and is based on the
1967 Standard Industrial Classification.

SURVEY OF CURRENT BUSINESS

June 1977

1975

1976

IV

1977

1976

1975

I

II

11

III

IV

1975

I

1975

1976

IV

Seasonally adjusted

136.30 138.19

Final sales
Change in business inventories
_

127.2

Goods
Final sales
Change in business inventories

128.0
127.8

132.0
131.8

130.9
130.3

130.4
130.1

131.7
131.4

132.3
132.0

133.8
133.7

134.6
134.4

Durable goods^_
_ 124.3
124.5
Final sales
Change in business inventories

130.7
130.5

126.6
127.1

127.4
127.6

130.7
130.5

131.4
131.0

133.2
132.9

134.3
134.1

Nondurable goods
130.3
Final sales
_ _ 130.0
Change in business inventories

132.9
132.7

133.6
132.6

132.2
131.8

124.4
138.8

133.3
145.1

Services
Structures.

______

130.0

131.2

132.9

134.3

127.8
140.1

130.2
142.0

132.0
144.7

132.9
132.7

134.3
146.1

III

IV

I

136.3

138.1

Table 24.—Implicit Price Deflators for Net National Product and
National Income by Sector (7.7)
Net national product

126.6

132.8

129.5

130.4

132.0

133.4

135.3

137.1

. 126.2

132.3

129.1

129.9

131.6

132.9

134.8

136.5

126.5
125.5
151.5

132.0
131.2
144.6

129.1
127.6
167.9

129.7
129.0
142.4

131.4
130.1
162.5

132.6
131.9
141.7

134.2
133.8
132.3

135.6
134.9
149.0

Households and institutions. 129.1
123.8
Government

137.1
133.2

132.6
127.7

134.0
130.0

135.8
131.9

137.3
133.7

140.9
137.0

145.7
139.2

133.2

129.9

130.9

132.4

133.8

135.7

137.6

135.1

136.9

Net domestic product...
Business
Nonfarm
Farm
Residual

Rest of the world
127.1

National income
132.3
132.1

II

Index numbers, 1972=100

Table 21.—-Implicit Price Deflators for Gross National Product by
Major Type of Product (7.3)

133.7

I

1977

Seasonally adjusted

Index numbers, 1972=100

Gross national product.. 127.25 133.75 130.27 131.29 132.96 134.40

1976

134.2
1*4. 2

136.6
147.6

134.9
134.6

139.1
152.6

Table 22.—Implicit Price Deflators for Gross National Product by
Sector (7.5)

126.6

132.7

129.4

130.3

131.9

133.2

127.0
126.7
. . . 137.4

132. 4
132.5
129.7

129.6
128.8
153.1

130.2
130.3
127.7

131.8
131.3
145.7

132.9
133.1
127.8

134.5
135.1
118.0

136.1
136.2
134.8

Households and institutions- 129.1
123.8
Government
._ _ ._

137.1
133.2

132.6
127.7

134.0
130.0

135.8
131.9

137.3
133.7

140.9
137.0

145.7
139.2

Domestic income
Business
Nonfarm
Farm . _ _ . . .

Rest of the world

Table 25.—Implicit Price Deflators for Auto Output (7.9)
Gross national product..
Gross domestic product. _ ___
Business
Nonfarm- __
Nonfarm less housing. __
Housing
Farm
Residual
Households and institutions.
Government
Federal
State and local _ __

127. 25 133.75 130.27 131. 29 132.96 134.40 136.30

138.19

126.9

133.3

129.9

130.9

132.6

133.9

135.8

127 2
126.3
127.6
115.0
147.3

133.2
132.5
133.8
121.3
144.6

130.1
128.7
130.1
117.3
160.2

130.9
130.1
131.4
118.9
141.9

132.5
131.3
132.6
120.4
157.6

133.8
133.2
134.5
122.0
142.8

135.5
135.1
136.4
123.7
136.2

137.1
136.4
137.6
125.6
149.5

129.1

137.1

132.6

134.0

135.8

137.3

140.9

145.7

123.8
122.9
124.2

133.2
131.8
133.9

127.7
127.8
127.6

130.0
129.2
130.4

131.9
130.2
132.7

133.7
131.3
134.9

137.0
136.4
137.3

139.2
137.5
140.0

137.6

Rest of the world

Table 23.—Implicit Price Deflators for the Relation of Gross
National Product, Net National Product, and National Income
(7.6)
Gross national product _

127.25 133.75 130.27 131.29 132.96 134.40 136.30

138.19

Less: Capital consumption allowances with capital
consumption adjustment

132.8

142.5

137.4

139.4

141.4

143.5

145.4

148.3

Equals: Net national product..

126.6

132.8

129.5

130.4

132.0

133.4

135.3

137.1

Less: Indirect business tax
and nontax liability
plus business transfer
payments less subsidies plus current surplus of government enterprises
_
120.9
Residual
Equals: National income

127.1

124.9

119.8

121.5

124.1

125.2

128.9

130.1

113.1

124.5

119.2

120.6

123.5

125.2

128.9

130.4

117.7
115.1

131.5
122.2

124.8
118.1

126.0
120.4

130.5
121.2

132.8
122.1

136.8
125.2

139.0
126.6

107.7
115.1

106.0
122.3

108.3
118.1

110.8
120. 5

105.0
121.3

103.7
122.2

104.5
125.2

102.7
126.6

116.0
134.9

121.9
143.7

119.0
139.9

119.2
143.1

119.6
141.2

122.8
142.9

126.0
147.8

125.9
146.0

120.6

119.7

120.7

122.0

118.7

119.0

119.8

120.3

Addenda:
Domestic
output of new
autos l
115.0
Sales of imported new autos2. 115.0

122 1
122.3

118.1
118.0

120.2
120.4

121.0
121.2

122.2
122.1

125.3
125.1

126.5
126.5

Personal consumption expenditures
New autos
Net purchases of used
autos
Producers' durable equipment. __ __ _ _ __
New autos
Net purchases of used
autos
Net exports
Exports
Imports
Government purchases of
goods and services
Change in business inventories of new and used autos.

Table 26.—Implicit Price Deflators for Personal Consumption
Expenditures by Major Type of Product (7.11)
Personal consumption
expend i tures
Durable goods

126.3

123.2

123.5

125.7

127.2

128.9

129.4

133.2

129.9

130.9

132.4

133.8

135.7

137.6

1. Consists of final sales and change in business inventories of new autos produced in the
United States.
2. Consists of personal consumption expenditures, producers' durable equipment, and
government purchases.
NOTE.—Table 21: "Final sales" is classified as durable or nondurable by type of product.
Change in business inventories" is classified as follows: For manufacturing, by the type of
product produced by the establishment holding the inventory; for trade, by the type of product sold by the establishment holding the inventory; for construction, durable; and for other
industries, nondurable.
Tables 22 and 24: The industry classification within the business sector is on an establishment basis and is based on the 1967 Standard Industrial Classification.




112.9

Auto output Final sales

Motor vehicles and parts
Furniture and household
equipment
Other
Nondurable goods.
Food
Clothing and shoes.
Gasoline and oil
Fuel oil and coal
Other
Services
...
Housing
. -.
Household operation
Electricity and gas
Other
Transportation..
Other

137.4

126.3

132.7

129.1

130.3

131.7

133.4

135.2

117.7

124.4

120.2

121.8

123.8

124.9

127.0

128.9

119.0

128.7

122.7

124.1

127.6

129.5

133.6

135.7

116.5
117.9

120.8
121.5

118.2
119.2

119.9
120.2

120.7
121.0

121.0
121.8

121.7
122.9

123.0
123.9

133.7

138.0

136.2

136.4

136.9

138.5

139.9

142.2

139.2
114.3
157.1
197.6
125.1

141.8
118.0
164.0
212.1
131.8

141.7
115.1
166.6
209.9
127.3

141.1
116.1
160.7
205.1
129.7

141.5
116.9
158.6
205.5
131.1

142.0
119.0
165.7
215.0
132.3

142.5
119.8
170.8
221.0
134.2

145.1
121.2
171.5
232.8
136.4

122.7

131.0

125.9

128.0

129.8

132.0

134.0

136.2

116.8
127.8
140.4
118.9
118.2
127.0

123.4
137.6
154.0
126. 5
126.5
136.3

119.2
131.6
146.7
121.4
121.1
130.8

120.9
134.0
147.4
124.6
123.5
133.3

122.5
135.5
151.0
125.4
125.5
135.2

124.1
138.8
156.3
127.3
127.7
137.3

125.9
141.9
160.9
128.6
129.5
139.2

127.8
143.9
164.5
129.3
131.8
141.7

SURVEY OF CURRENT BUSINESS

12
1975
1975

1976

1977

1976

I

IV

II

June 1977

III

IV

1975

I

1975

1976

IV

Seasonally adjusted
Percent

Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes (8.9)
Gross national product:
7.3
Current dollars..
1972 dollars..
-1.8
9.3
Implicit price deflator...
9.2
Chain price index
Fixed-weighted price in9.2
dex
Personal consumption expenditures:
Current dollars 1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index..
Durable foods:
Current dollars
1972 dollars
Implicit price deflator. _.
Chain price index
Fixed-weighted price index
.
Nondurable goods:
Current dollars
1972 dollars
Implicit price deflator. __
Chain price index
Fixed-weighted price index

9.7
1.5

11.6
6.1
5.1
5.4

10.6
3.3
7.1
6.4

12.6
9.2
3.2
4.3

9.9

8.5

8.5

4.5
5.2
5.4

3.9
4.4
4.6

2.6
5.8
5.7

13.0
6.9
5.7
6.5

5.4

6.6

4.2

5.2

4.6

5.8

6.8

10.9

10.4

13.1

5.6

4.5

8.8

9.2
3.6

12.9

5.5
5.4
6.4

5.5
5.1
5.2

6.5
6.8
6.8

7.0

13.9
7.0

3.9
3.6
3.3

4.1
4.1
4.0

18.0
10.4
6.9
6.8

29.8
23.2
5.4
5.3

10.0

7.0

11.5

3.0

3.2

4.3

6.7
6.6

3.6
3.0

6.9
7.1

33.2
25.2
6.4
6.2

5.5

7.1

5.5

6.3

3.0

7.1

6.0

7.7

7.3
6.8

5.5
3.8

6.5
1.7

13.5

8.1
8.2
8.2

5.0
5.1
5.0

5.6
6.0
6.1

8.3
8.7
8.8

18.8
12.5
5.6
5.4

9.0
8.7
.9

—.4

8.3
4.0

I

II

1977

III

IV

I

Seasonally adjusted

Percent at annual rate

Percent

1976

Percent at annual rate

Table 27.—Percent Change From Preceding Period in Gross National Product in Current and Constant Dollars, Implicit Price
Deflator, and Price Indexes—Con.
Exports:
Current dollars
2.5
1972 dollars
-6.7
Implicit price deflator
10.0
Chain price index
11.1
Fixed-weighted price index.. 11.0
Imports:
Current dollars
-6.8
1972 dollars
15.7
Implicit price deflator
10.5
Chain price index
10.4
Fixed-weighted price index.. 10.1
Government purchases of
goods and services:
Current dollars
1972 dollars
Implicit price deflator
Chain price index
Fix-weighted price index

11.8
1.8
9.7

9.9
6.0
3.5
3.6

15.8
14.8
.8
1.2
1.2

1.0
-1.3
2.3
1.4
1.6

17.2
7.7
8.8
8.8
8.6

19.8
11.7
7.3
7.9
8.3

1.9
-2.6
4.6
4.6
4.6

7.1
3.6
3.4
2.6
3.2

22.3
17.7
3.9
3.4
3.4

20.0
18.2
1.6
2.2
2.2

45.6
39.9
4.1
2.8
2.9

15.4
12.5
2.5
2.0
1.9

35.7
15.7
17.3
16.5
16.4

-2.2
5.6
5.2
5.1

36.3
19.8
13.8
12.3
12.3

7.9
1.2
6.6
6.4
6.1

12.9
4.3
8.2
8.1
8.2

1.0
-4.9
6.2
5.8
5.0

8.6
2.6
5.8
5.7
5.2

8.6
2.9
5.5
5.5
5.1

7.4
-.3
7.8
7.9
7.9

2.5
-4.3
7.0
7.1
6.8

-3.7
-7.2
3.8
2.1

6.3
2.5
3.7
3.7

10.7
5.7
4.7
4.5

13.6
3.3
10.0
10.4

-1.9
-6.5
5.0
4.9

3.1

4.4

10.8

4.6

Federal:
Current dollars
1972 dollars
_
Implicit price deflator.__
Chain price index
Fixed-weighted price index
T

11.5
.4
11.0
10.5

7.2
1.0
6.2
5.8

19.8
7.0
12.0
11.6

10.8

5.3

11.6

State and local:
Current dollars
1972 dollars....
Implicit price deflator _~
Chain price index
Fixed-weighted price index
__

11.9
2.6
9.1
9.3

8.2
1.3
6.8
6.8

9.1
2.8
6.1
6.2

3.8
-3.5
7.6
8.0

2.7
7.1
6.9

7.4
1.4
5.9
6.0

4.0
-2.3
6.5
6.6

-2.9
8.2
8.4

9.2

6.6

6.0

7.8

6.7

5.6

6.0

8.3

10.0
4.2
5.6
6.5

4.3

6.9
3.5

7.8
8.0

3.2
3.1

3.3
4.1

.5
-.5

1.6
1.4

4.8
4.8

4.0
3.6

6.6
6.9

8.0

3.0

4.1

—1.1

1.4

4.8

3.7

7.0

11.0
2.6
8.1
8.2

11.7
4.6
6.8
6.8

11.4

3.5
7.6
7.7

13.7
6.2
7.1
6.9

10.5
4.6
5.6
5.9

12.5
5.3
6.8
6.7

12.8
6.1
6.3
5.9

13 7
6.4
6.9
69

8.2

6.9

7.8

7.0

5.9

6.8

6.0

7.0

Gross private domestic investment:
-14.6
Current dollars
-24.3
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index. .

30.5
24.1

10.0
-4.7

68.9
67.1

17.9
11.5

13.8

-6.7
8.3 -11.6

48.2
35.2

Final sales:
Current dollars
1972 dollars.
Implicit price deflator. ._
Chain price index __,
Fixed-weighted price index
....

9.2
-.1
9.3
9.2

9.7
4.4
5.1
5.5

11.3
4.9
6.1
6.4

7.4
3.7
3.6
4.3

9.7
4.2
5.2
5.3

8.8
4.3
4.4
4.6

12.0
5.7
6.0
5.7

9.2

5.4

6.6

4.2

5.2

4.6

5.7

Gross domestic product:
Current dollars
,
1972 dollars
Implicit price deflator
Chain price index
Fixed-weighted price index.

7.7
-1.7
9.5
9.3
9.2

11.4
6.1
5.1
5.4
5.5

10.8
3.4
7.1
6.4
6.7

12.2
9.0
3.0
4.3
4.2

10.1
4.6
5.3
5.4
5.3

8.2
3.8
4.2
4.4
4.4

8.4
2.4
5.8
5.7
5.8

12.3
6.6
5.4
6.4
6.7

7.1
-2.3
9.6
9.3

11.7
6.7
4.7
5.1

10.7
3.7
6.7
5.9

12.6
10.1
2.3

10.5
5.0
5.2
5.4

8.0
3.8
4.0
4.3

7.7
2.6
5.0
4.9

12.9
7.6
4.9
6.0

9.3

5.2

6.2

3.7

5.2

4.3

4.9

6.5

10.0
1.8

9.3
4.1

10.8
4.9

10.2
6.1

9.0
4.6

6.2
.7

9.1
3.5

10.0
3.3

Services:
Current dollars 1972 dollars..
__
Implicit price deflator. __
Chain price index
Fixed-weighted price index

9.1

7.8
1.1

Fixed investment:
-2.9
Current dollars
_
-13.7
1972 dollars
Implicit price deflator... 12.4
12.5
Chain price index
Fixed-weighted price in11.7
dex . -_

14.8
8.7
5.7
5.8

15.0
7.6
6.9
6.5

18.8
11.6
6.4
6.9

16.7
10.2
5.9
5.8

16.6
11.4
4.7
5.1

16.7
10.1
6.0
5.1

23.5
12.3
9.9
10.9

6.0

6.6

7.1

6.4

5.3

5.2

11.7

Nonresident! al:
-1.4
Current dollars
-13.3
1972 dollars
Implicit price deflator.- 13.8
13.9
Chain price index
Fixed-weighted price in13.4
dex

8.7
3.9
4.7
5.0

7.3
1.4
5.8
5.4

13.3
7.8
5.1
6.0

12.3
8.3
3.7
3.8

13.5
9.6
3.6
4.3

6.5
1.2
5.2
4.4

21.7
15.9
5.0
5.9

4.9

5.1

5.9

3.8

4.3

4.4

6.2

Structures:

—3.9
-12.6
10.1
Implicit price deflator
10.0
Chain price index
Fixed-weighted price
10.1
index..
. . .

Current dollars
1972 dollars .

Producers'
durable
equipment:
Current dollars

.0

—13.6
15.8
Implicit price deflator
16.1
Chain price index
Fixed-weighted price
15.6
index _
_1972 dollars

Residential:
-7.1
Current dollars
-14.7
1972 dollars
8.9
Implicit price deflator..
8.8
Chain price index
Fixed-weighted price in8.8
dex




6.3

2.5

7.1

4.7
3.6
3.7

13.8
8.4
5.0
4.3

8.5

.7
1.8
1.6

8.5

3.6
2.6
2.4

5.8
1.2
1.1

—3.2
-10.8
8.5
7.1

2.5

1.5

3.8

4.3

3.3

.9

7.5

10.1

10.0

15.9

11.5

6.1

4.0

1.8

9.3

8.3

3.5

-1.0
7.1
6.2

36.5
31.1
4.2
5.3

6.5

5.4

5.2
3.1
3.3

5.8
6.4

8.1
7.5

6.1
7.2

6.4

7.4

7.2

3.5

16.3
11.7
4.1
4.9
5.0

32.4
22.5
8.1
8.0

38.4
26.1
9.8
9.6

34.0
22.3
9.5
9.5

28.3
15.1
11.5
11.2

24.3
16.1
7.0
7.0

43.7
34.5
6.9
6.7

27.5

7.9

9.6

9.4

11.2

7.0

6.7

22.2

2.9

4.4

22.2
22.4

5.1

Addenda:

Business:
Current dollars
1972 dollars
Implicit price deflator..
Chain price index
Fixed-weighted price index
Disposable personal income:
Current dollars
1972 dollars

Note.—Table 27: The implicit price deflator for GNP is a weighted average of the detailed
price indexes used in the deflation of G N P . In each period, the weights are based on the composition of constant-dollar output in that period. In other words, the price index for each item
is weighted by the ratio of the quantity of the item valued in 1972 prices to the total output
in 1972 prices. Changes in the implicit price deflator reflect both changes in prices and changes
in the composition of output. The chain price index uses as weights the composition of output
in the prior period, and, therefore, reflects only the change in prices between the two periods.
However, comparisons of percent changes in the chain index also reflect changes in the composition of output. The fixed-weighted price index uses as weights the composition of output in
1972. Accordingly, comparisons over any timespan reflect only changes in prices.

BY FRANK W. SEGEL AND BETSY C. DUNLAP

Capital Expenditures by Business
for Pollution Abatement
1976 and Planned 1977
The estimates in this article are not
BUSINESS plans to spend $7.5 billion
this year for new plant and equipment adjusted for price changes. Capital
to abate air and water pollution and to goods prices, as measured by the imdispose of solid waste, an 11-percent plicit price deflator for thefixednonincrease over the $6.8 billion spent in
1. Agricultural business; real estate; medical, legal, educa1976, according to a survey conducted tional, and cultural services; and nonprofit organizations are
excluded from these estimates. Pollution abatement operby BEA in November and December ating
costs are also excluded. Information on both capital
1
of 1976 (table I). Spending in 1976 and operating costs for pollution abatement and control by
business, government, and consumers is presented in "Polincreased only 3.3 percent, following a lution
Abatement and Control Expenditures, 1974," Feb16.6-percent increase in 1975.
ruary 1977 SURVEY OF CURRENT BUSINESS.

residential investment component of
GNP, rose 4.6 percent in 1976. If prices
of pollution abatement capital goods
behaved similarly, real spending by
business for pollution abatement capital declined about 1 percent in 1976.
If business expects prices to rise at the
same rate this year, the plans indicate
a real increase of 6% percent in capital
spending for pollution abatement.

Table 1.—New Plant and Equipment Expenditures by U.S. Business: Total and for Pollution Abatement 1
[Millions of dollars]
1975

1976

Pollution abatement
Total 2

All industries.

Total

Air

Water

113,489

6,549

3,790

2,362

48,314

4,475

2,494

1,736

Durable goods
Primary metals 3
Blast furnaces, steel works.
Nonferrous metals.
Electrical machinery
Machinery, except electrical.
Transportation equipment 3__
Motor vehicles...
Aircraft4
Stone, clay, and glass
Other durables «

22,046
5, 892
2, 926
2,267
2,327
4,736
3,387
2,2C6
915
1,389
4,315

1,775
1,012
3<J6
546
136
83
116
86
26
229

1,161
750
261
425
34
40
51
35
14
164
122

529
221
135
82
93
37
50
38
11
31
97

Nondurable goods
Food including beverage.
Textiles
-.
Paper
Chemicals
Petroleum
Rubber
Other nondurables 6

26,268
3,383
680
2,C08
6,300
10,417
1,037
1,463

2,700
175
31
489
684
1,239
41
41

1,333
71
15
273
250
684
25
14

1,208
92
15
189
394
483
14
22

65,175

2,074

1,296

3,823
2,539
1,841
2,901

73
35
11
41
1,700
1,650
50
214

32
11
6
12
1,138
1,123
16
97

Manufacturing.

Nonmanufactur ing.
Mining..
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication, commercial, and other7

20, 313
17,030
33,758

Pollution abatement

Pollution abatement
Solid
waste

Total 2
Total

Air

Water

Solid
waste

Total 2
Total

Air

Water

Solid

396

121,232

6,762

3,593

2,743

426

134,953

7,512

3,832

3,159

521

245

52,979

4,382

2,105

1,993

284

59,582

4,736

2,177

2,276

283

85
41
1
39
9
6
15
13
1
3
10
160
12
1
27
40
72
2

23,595
5,883
2,954
2,139
2,640
5 026
3,689
2,484
983
1,675
4,682

1,560
923
446
405
148
80
125
90
32
103
181

952
661
272
323
44
40
53
32
20
74
81

537
250
173
71
86
30
51
39
11
25
95

72
12
1
11
19
10
21
19
2
5
5

26,474
6, K6
3,129
2,216
2,927
5,585
4,774
3,436
1,097
1,751
5,241

1,847
1,072
597
380
120
135
198
149
31
118
205

998
680
316
287
47
50
65
49
15
79
76

765
376
281
80
57
71
110
80
14
32
120

84
16
1
14
16
15
23
20
2
6
9

29,384
3,903
841
3.473
6,723
11, 744
1,093
1,607

2,821
175
37
511
765
1,275
37
23

1,153
90
11
182
287
554
20
9

1,456
75
24
304
433
594
14
11

212
10
2
25
45
126
3

33,108
4,151
936
4,028
7,343
13, 317
1,393
1,940

2,889
204
36
567
749
1,262
38
34

1,180
95
11
212
298
527
21
17

1,511
102
24
329
403
626
13
14

199
7
1
26
48
109
4
4

626

152

68,253

2,381

1,488

750

142

75,371

2,775

1,655

883

238

31
21
4
19
466
438
28
84

10
3
1
10
96
89

3,972
2,348
1,324
3,585
22, 437
18, 942
3,495
34, 587

86
27
16
38
2,032
1,990
42
182

47
8
12
11
1,332
1,312
20
79

29
17
2
26
600
579
21
76

10
2
2
1
100
99
1
27

4,407
2,594
1,669
2,560
25, 604
21,508
4,096
38, 537

130
21
14
40
2,378
2,348
31
193

40
1
11
17
1,503
1,488
15
84

41
19
2
23
717
702
15

49
1
1
1
159
158
1
27

1. Excludes agricultural business; real estate; medical, legal, educational, and cultural
services; and nonprofit organizations. Pollution abatement operating costs are also excluded.
2. Estimates of total new plant and equipment expenditures are based on the same surveys
as the estimates of pollution abatement expenditures: for 1975. on the survey conducted in
November 1975, for 1976 and planned 1977, on the survey conducted in November and December 1976.
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.




Planned 1977

5. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.
6. Consists of apparel, tobacco, leather, and printing-publishing.
7. Consists of communication, trade, service, construction, finance, and insurance.
NOTE.—Estimates for 1973 and 1974 can be found in "Capital Expenditures by Business
for Air, Water, and Solid Waste Pollution Abatement, 1974 and Planned 1975," SURVEY OF
CURRENT BUSINESS, July 1975, pp. 15-19.

13

SURVEY OF CURRENT BUSINESS

14
CHART 3

Pollution Abatement Expenditures as a
Percentage of New Plant and Equipment
Expenditures
O

5

10

15

1

I

1

20

1 Planned 1977

ALL INDUSTRIES

HHH

1976

Nonferrous Metals

^

^

Blast Furnaces,
Steel Works

m

Paper

Chemicals

Petroleum

Electric Utilities

_

Stone, Clay & Glass

Electrical Machinery

Food Incl. Beverage

if

June 1977

each year beginning in 1973. Changesin-production-process methods have accounted for the remainder of air and
water abatement expenditures (table
2).2

the largest planned increases this year
are by machinery except electrical
(69 percent), motor vehicles (66 percent), mining (51 percent), steel (34
percent), and electric utilities (18 percent). The largest decrease is planned
Industry patterns
by electrical machinery (19 percent).
In 1977, six industries plan to alloSix industries account for $5.9 billion,
or 79 percent, of the planned 1977 cate substantially more than the allcapital spending for air, water, and industry average of 5.6 percent of new
solid waste pollution abatement: elec- plant and equipment spending to poltric utilities ($2.3 billion), petroleum lution abatement: steel (19 percent),
($1.3 billion), chemicals ($0.7 billion), nonferrous metals (17 percent), paper
(14 percent), electric utilities (11 perpaper ($0.6 billion), steel ($0.6 billion),
cent), chemicals (10 percent), and
and nonferrous metals ($0.4 billion).
petroleum (9 percent). All of these
These industries have accounted for industries allocated more than 9 perthe bulk of pollution abatement ex- cent of their 1976 capital expenditures
penditures in each year beginning in to pollution abatement (chart 3).
1973.
Most industries have allocated a
Among the industries with sizable fairly stable percentage of plant and
expenditures for pollution abatement, equipment expenditures to pollution
abatement from 1973 to 1977. Two in2. End-of-line methods involve the separation, treatment,
dustries have shown substantial
or reuse of pollutants after they are generated but before
changes: nonferrous metals, from 31 to
they are emitted from the firm's property. Changes-inproduction-process methods involve the modification of
17 percent, and paper, from 19 to
existing production processes or the substitution of new
14 percent.
processes to reduce or eliminate the pollutants generated.
Table 2.—New Plant and Equipment Expenditures by U.S. Business for the
Abatement of
Air and Water Pollution by Changes-in-Production-Process 1
[Millions of dollars]

Other Durables*

1975
Communication .Commercial & Other

i

Total
1

I

1

•Same as shown in table 1.
NOTE.-Industries with capital expenditures of more than $100 million for
pollution abatement in 1976.
U.S. Department of Commerce, Bureau of Economic Analysis.
77-6-3

Capital spending for pollution abatement is expected to be about 5.6
percent of total new plant and equipment spending this year. This ratio is
about the same as in 1975 and 1976,
and about one-half of a percentage
point higher than in 1973 and 1974.
(In 1973, the first year for which the
survey was taken, no information on
disposal of solid waste was collected.
Spending on solid waste disposal
amounted to about 0.3 to 0.4 percent of
total new plant and equipment spending in 1974-76.)
Business has allocated about 80
percent of air and water abatement
expenditures to end-of-line methods in




Planned 1977

1976

Air

Water

Total

Air

Water

Total

Water

Air

1,132

672

459

1,238

596

642

1,395

675

720

734

457

277

892

395

497

993

411

582

272
123
29
85
38
8
9
6
3
51
43

184
100
20
71
10
3
5
3
1
41
25

88
23
9
14
28
4
5
3
2
10
19

218
124
73
35
32
6
14
10
3
14
28

153
96
58
23
27
4
8
7
1
13
5

66
29
15
12
5
3
5
3

299
150
92
33
39
15
42
37
4
14
40

176
106
65
18
29
11
17
15
1
11
4

123

462
28
4
26
123
276
5
2

274
15
2
21
54
175
5
2

188
13
1
5
68
101
(*)
(*)

674
35
2
100
188
343
(*)
6

243
16
1
48
65
110

432
19
(*)
52
123
233

235
22
1
29
73
105

.

398

215

183

8
2

11
3

Gas and other
Communication, commercial, and other

19
5
(*)
8
334
314
20
32

All industries
Manufacturing
Durable goods

.

2

. . .

Primary metals
Blast furnaces steel works
Nonferrous metals
Electrical machinery
Machinery, except electrical
Transportation equipment 2
Motor vehicles
Aircraft 3
Stone, clay, and4 glass
Other durables
Nondurable goods
Food including beverage . .
Textiles
Paper
Chemicals .
Petroleum
Rubber
Other nondurables 5
Nonmanufacturing

._

..
. . . . . . ._
.......

.

Mining Railroad

. . . .

Air transportation
Other transportation

Public utilities
Electiic

.

6

(*)

4
187
184
3
14

4
147
130
17
18

1
23

44

28
15
10
4
25
22
3
4
36

2

4

694
40
9
112
217
314
1
7

5

459
18
1
83
144
209
1
3

346

201

145

402

264

138

16
5
3
4
274
255
19
45

5
4
3
3
160

10
1
1
1
114
103
11
17

13

6

7

5
5
322
313
9
58

4
3
215
213
2
37

1
2
106
100
6
21

C)

152
8
28

*Less than $500,000.
1. End-of-line estimates can be derived by subtracting estimates in this table from those in table 1.
2. Includes industries not shown separately.
3. Includes guided missiles and space vehicles.
4. Consists of fabricated metal, lumber, furniture, instruments, and miscellaneous.
5. Consists of apparel, tobacco, leather, and printing-publishing.
6. Consists of communication, trade, service, construction, finance, and insurance.

C)

SURVEY OF CURRENT BUSINESS

June 1977

15
mine the employment impact of the
closings.4 Less than one-half of 1 percent of the survey respondents closed
a facility in 1976—the smallest percentage to date. Only 23 facilities were
permanently or temporarily closed, as
compared with 65 in 1975 and 42 in
1974 (table 3). Only 13 closings are
planned for this year. The relatively
large number of closings in 1975 probably reflected the slack economic
conditions in that year.

Pollution Abatement Expenditures for New Plant and Equipment by Media

4. The same method for obtaining information on closings
was used in all three years. On the average, 90 percent of the
survey respondents who reported closings were reached.

CHART 5

Percentage of Facilities Closed Permanently by Contributing Factor, 1974-76
c)
POLLUTION ABATEMENT
REQUIREMENTS

1973

1974

1975

Air

• Information on capital expenditures for solid waste was not collected prior to 1974.
U.S. Department of Commerce, Bureau of Economic Analysis.

Air-water'Solid waste patterns
In 1977, business plans to allocate
51 percent of pollution abatement expenditures to air, 42 percent to water,
and 7 percent to solid waste. Business
has spent more to abate air pollution
than water pollution each year beginning in 1973, but expenditures allocated to water have grown three times
faster than those allocated to air
(chart 4). Only electrical machinery,
chemicals, and railroads consistently
have spent more on water than on air.
In 1977, 12 industries plan to spend
more on water than on air. The rapid
growth in expenditures on water pollution abatement is probably due to the
requirement to meet interim industrial

water pollution standards by July 1977.
Continued growth in water spending
will be needed to meet the more stringent 1983 standards.
Facility closings

Water

Solid Waste and Noise v
OTHER CONTRIBUTING
FACTORS

20
1

40

60
1

1

•1 •

•^•••1

1
m
i
••
•
•
•
•i

M

Age or Obsolescence

For the third year, companies on the
BEA plant and equipment survey panel
were asked if they had closed (or planned to close) a production facility because of pollution abatement requirements.3 The companies that answered
"yes" were telephoned to determine the
extent to which pollution abatement
requirements and other factors contributed to each closing and to deter-

Declining Sales

Increased Operating Costs

OSHA^ Requirements

80

1

M

1

1

1. Noise was a factor in only one closing.

3. The question in the latest survey was: "Has your company closed a facility in 1976 or does it plan to close a facility
in 1977 where pollution abatement requirements are a
contributing factor in the closing?"

2. Occupational Safety and Health Administration.
U.S. Department of Commerce, Bureau of Economic Analysis.

{Continued on page 72)

Table 3.—-Facility Closings Involving Pollution Abatement Requirements

Permanent closings
Establishment
Facility within an establishment
T e m p o r a r y closings

1975

1974

Planned
1977

1976

1975

Planned
1977 2

1976

1974

1975

Planned
1977

1976

130

42

65

23

13

24

41

19

9

11

16

1

2

117

34

63

20

8

19

40

16

5

9

16

1

9

87
30

9(\

47
16

14
6

7
1

16
3

32
8

11
5

5
0

6
3

9
7

1
0

1
1

13

2

3

5

5

1

3

4

2

0

0

0

3

1. Includes nonmanufacturing facilities not shown separately.
2. Includes three temporary establishment closings that are also shown as temporary clos-




1974

Public utilities

oo

Sample closings

M anuf acturing

All industries *

oo

All
actual
closings
1974-76

ings in 1976. These establishments will probably reopen later this year.
3. Revised from 46 to 47 closings.

BY JOHN T. WOODWARD

Plant and Equipment Expenditures,
the Four Quarters of 1977
B USINESS

plans to spend $135.3
billion for new plant and equipment in
1977, 12.3 percent more than in 1976,
according to the BEA survey conducted
in late April and May (table 1 and
chart 6).1 Spending in 1976 was $120.5
billion, 6.8 percent more than in 1975.
The spending plans for 1977 reported
in the latest survey are 0.6 percent
above those reported in the JanuaryFebruary survey. The upward revision
is in manufacturing—primarily in the
motor vehicles, electrical machinery,
petroleum, and primary metals industries. Sizable downward revisions occurred in the paper and aircraft indusTable 1.—Expenditures for New Plant
and Equipment by U.S. Business: Percent
Change From Preceding Year
1977 Expected
1976 as reported in—
Actual
February May
ALL INDUSTRIES.
Manufacturing...
Durable goods..
Primary metals 1
Blast furnaces, steel works.
Nonferrous metals
Electrical machi nery
Machinery, except electrical.
Transportation equipment i.
Motor vehicles
Aircraft .
Stone, clay, and1 glass..
Other durables
Nondurable goods
Food including beverage..
Textiles
Paper
Chemicals
Petroleum..
Rubber.—
Other nondurables 1
Nonmanufacturing.
Mining
Railroad
Air transportation.
Other transportation...
Public utilities
Electric
Gas and other.
Communication
Commercial and other..

6.8

11.7

12.3

9.4

12.7

14.2

8.4

13.5

15.9

-.3
-1.2
-4.8
13.2
11.6
11.7
18.9
2.4
20.7
8.0

-2.3
-3.8
1.4
10.7
18.1
31.0
40.5
12.6
6.8
19.2

2.4
-1.4
6.6
19.0
15.2
35.1
49.7
4.0
7.7
20.3

10.3

12.1

12.7

15.0
22.4
11.0
6.9
10.5
9.4

14.,3
13.6
12.9
5.8
12.0
27.6
20.7

12.2
11.2
6.9
4.5
17.9
30.4
10.4

4.9

10.9

10.9

5.4
-1.2
-29.2
14.3
10.6
10.6
10.8
4.4
1.9

1. Includes industries not shown separately.

16




7.2
10.3
.3
6.8
30.9
33.8
-37.1 -34.0
17.9
17.2
17.0
15.5
22.8
26.2
13.2
15.3
11.0
8.4

tries. For nonmanufacturing as a whole,
plans are unchanged; upward revisions
by railroads and gas utilities offset
cutbacks by electric utilities and commercial firms.
The plant and equipment expenditures are not adjusted for price change.
Capital goods prices—as measured by
the implicit deflator for the fixed nonresidential investment component of
GNP—increased 4.6 percent in 1976,
suggesting that real spending on plant
and equipment rose about 2 percent.
Little is known about the price expectations reflected in the current spending
plans, but if survey respondents expect
capital goods prices to rise this year at
about the same rate as last year, an
increase in real spending of 7.7 percent
is indicated.
Actual spending in the first quarter
rose 4.0 percent from the fourth quarter
of 1976, to a seasonally adjusted annual
rate of $130.2 billion, and plans are for
a 3.3-percent rise in the second quarter.
Smaller rises are planned for the second
half: 1.8 percent in the third quarter
and 1.6 percent in the fourth. Both
manufacturing and nonmanufacturing
industries reported increases in firstquarter spending and both groups plan
increases in the second quarter. The
third-quarter increase is in manufacturing; nonmanufacturing plans a decline.
Both groups plan increases in the fourth
quarter, with a larger increase for
nonmanufacturing.
In contrast to the 12-percent planned
increase in 1977 spending indicated by
the latest BEA survey, the surveys conducted in April by Merrill Lynch

• • • • • • • • • • H H H

Plant and Equipment Expenditures
Billion $ (Ratio scale)

180

40

ALL INDUSTRIES

.MANUFACTURING

-

30 Nondurables

20 -

/

-

15

\
Durables

i 1 1
11II1111 iI I I M i l l 1 1 1 1 I 1 1 1 1 1
10 1111 I i i 1 ii 11 1

COMMUNICATION AND COMMERCIAL

IiII l I i iII IIII II i1 II III

i iI I IiI I i I

15

I I1Ii iIIIIIiIIIIII1III

15

TRANSPORTATION INCLUDING RAILROAD

10 -

-

7

-

A AA

V

y^

5

V

4
3

/
-

1111111111111 1 1 1 1 1 1 1 1 1111111111 It 111n 11111
69 70 71 72 73 74 75 76 77

1967 68

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

1. Plans have been adjusted for biases (table 5, footnote 2).
The adjustments were calculated for each industry. Before
adjustment, plans were $61.58 billion for manufacturing and
$75.40 billion for nonmanufacturing. The net effect of the
adjustments was to lower manufacturing $1.67 billion and to
raise nonmanufacturing $0.02 billion.

CHART 6

SURVEY OF CURRENT BUSINESS

June 1977

1970 issue of the SURVEY, pages 20-21
and 36-39.)
Large manufacturing firms in the
BEA sample—those with assets of $50
million or over—expect spending to increase 21 percent from 1976 to 1977
(without bias adjustment); this increase
compares with 17 percent reported by
Merrill Lynch and 19 percent reported
by McGraw-Hill for all size groups covered by them. The full sample of manufacturers in the BEA survey, including
smaller firms, reports a planned increase
of 17 percent, unadjusted, and 14 percent after bias adjustment. For nonmanufacturing, the adjustment has
little effect on the overall total, and the
difference for this segment between the
11-percent increase reported in the BEA
survey and the 16 percent reported in
the two private surveys is attributable
entirely to differences in the size and
composition of the samples.

Economics, Inc. (formerly Lionel D.
Edie, Inc.) and by the McGraw-Hill
Publications Company indicated increases of 16 percent and 18 percent,
respectively. During the past five years,
the spring surveys have, on the average,
overstated actual spending increases:
BEA by 0.6 percentage points, Merrill
Lynch by 3.8 points, and McGraw-Hill
by 5.7 points.
Differences between the results of the
BEA survey and those of private
surveys are related primarily to differences in the size and composition of the
samples used and in the processing procedures. The private surveys utilize
smaller samples than the BEA survey
and rely principally on responses from
large firms. BEA makes adjustments
for systematic bias in the reporting of
expectations data, which are not made
in the private surveys. (These adjustments are described in the February

Table 2.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and
Public Utilities
[Billions of dollars]
Starts

1974

1975

Carryover

Manufacturing

52.49 48.24 51.05
3

Durable goods Primary metals
Electrical machinery
Machinery, except electrical
Transportation equipment4.
Stone, clay, and glass
Nondurable goods 3
Food including beverage
Textiles
Paper
Chemicals.
_
Petroleum
Public utilities..

1977

1976
II

III

Manufacturing Programs
Manufacturers' spending increased
3y2 percent in the first quarter, to a
seasonally adjusted annual rate of $56.4
billion. Nondurables increased 4 percent
and durables, 3 percent. A 4-percent
increase planned for the second quarter
is almost entirely due to a 7-percent
increase in nondurables. In the third
quarter, a 5K-percent increase reflects
greater strength in durables (7 percent)

CHART 7

Starts and Carryover of Investment
Projects
Billion $ (Ratio scale)

50
40

MANUFACTURING

30 -

Carryover*

/

-

20

-

Starts of Projects

f-*J^>*\*&

10
p
o

1

1976

17

6 / \/

1976

Expenditures

1977

4 _

Mar.

3 I M 1 I f I i I 1111ti111111111 11 111 M 1111 11ii ! 11 i

Mar.

June

Sept.

Dec.

14.71

38.62

39.02

37.93

36.25

38.44

IV

11.91 13.05 112.40 13.70

2

25.86 18.77 24.30

5.66

5.98

6.34

6.31

6.70

16.05

16.43

16.75

15.79

16.70

8.20
2.72

5.02
1.85

5.18
3.04

1.31
.67

1.41
.78

1.10
1.00

1.12

7.06
1.54

6.99
1.52

6.82
1.63

6.18
1.76

6.11
1.75

5.14
3.32
1.48

4.62
2.23
1.22

5.42
3.87
1.83

1.19
.94
.37

1.37
.58
1.39
.96
.43

1.38
1.03
.51

1.46
.95
.53

1.44
1.51
.46

2.28
2.04
.98

2.52
2.11
1.00

2.64
2.26
1.09

2.51
2.11
1.07

2.66
2.56
1.11

26.63 29.47 26.76

6.24

7.07

6.06

7.38

8.01

22.57

22.59

21.18

20.46

3.37 3.31 3.89
.71
.70
.90
3.08 3.40 2.94
7.36 7.05 5.22
9.29 12.85 10.93

.84
.23
.72
1.04
2.62

1.08
.22
.73
1.80
2.52

.81
.29
.75
1 22
2. 49

1.16
.16
.74
1.17
3.30

.83
.24
.80

2.25
.32
2.50
7.07
9.27

2.35
.34
2.45
7.25
9.02

2.16
.42
2.33
6.79
8.44

45.74 34.50 29.66 10.19

6.19

4.44

8.84 15.55

200

—

PUBLIC UTILITIES

150

21.74

2.33
.36
2.11
6.00
8.50

2.33
.39
2.17
6.24
9.23

106.24 106.92 105.84 108.22

118.22

Seasonally adjusted
Manufacturing
Durable goods 3 .
Primary metals
Electrical machinery
Machinery, except electrical
Transportation equipment4
Stone, clay, and glass
Nondurable goods 3 ..
Food including beverage..
Textiles
Paper
Chemicals
Petroleum.
_
Public utilities

11.64

12.77

13.22

5.70

6.09

6.61

1.09
.70

1.53
.62

1.26
.95
.39

1.36
.91
.41

1.53
.85
1.54
1.00
.46

5.94

6.68

.88
.19
.62
.81
2.59

1.11
.22
.71
1.97
1.99

3.43

8.56

12.88 15.26

38.31

38.41

37.94

37.21

38.36

5.72

7.00

15.86

16.31

16.77

16.11

16.54

.92
.83

1.02
.66

6.88
1.50

6.97
1.50

6.90
1.67

6.29
1.79

5.96
1.70

1.28
1.02
.55

1.55
1.53
.50

2.24
2.05
1.00

2.44
2.09
1.01

2.69
2.21
1.03

2.59
2.18
1.11

2.63
2.58
1.12

6.61

7.16

8.26

22.45

22.10

21.17

.70
.30
.94
1.16
2.98

1.16
.18
.64
1.09
3.29

.92
. 22
'.75
1.84
3.62

2.26
.31
2.43
6.95
9.34

2.39
.33
2.34
7.32
8.57

2.11
.42
2.41
6.74
8.46

7.54 10.22

9.76

21.10

2.34
.39
2.11
6.33
9.29

102,45 105.55 107.67 112.03

115.45

1. Starts are estimated by adding changes in carryover to expenditures during the given period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects already underway at end of period.
3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.

236-464 O - 77 - 3




Expenditures

21.82

2.35
.39
2.20
6.08
8.90

l I 1 i I I l 11 I M I 1 I i I 1 i 11 1 i i i 1 i i i 1 1 1 1
1967 68 69 70 71 72 73 74 75 76 77

11 111 I 111 I

Seasonally Adjusted
* Carryover as of end of period.
U.S. Department of Commerce, Bureau of Economic Analysis

77 6 7

18
CHART 8

Manufacturers' Capacity Utilization
Rates by Major Industry Groups
Percent
92

ALL MANUFACTURERS

88 -

-

84

w

80
76
72

Mil

\ rJ -

V

-

111111111111111111111111111111111111111

92
Nondurable Goods

88
84
80

Durable Goods

76

72 i i i I i l i 1 I i i I l l I I i l l I i I i I I i i I i l I I 7*1 I I I I l I l I
92
88

Primary-Processed

84
80
76
72 I 111 I 11 11 l 111 111 l l l 11 11 I l I I 11 11 1 n I I 111 11 l l
1967 68 69 70 71 72 73 74 75 76 77
Seasonally Adjusted
U.S. Department of Commerce, Bureau of Economic Analysis

SURVEY OF CURRENT BUSINESS

June 1977

than in nondurables (4 percent). In the
fourth quarter, both groups plan small
increases—-about 1 percent.
For the year 1977, a spending increase
of 14 percent is planned, compared with
actual increases of 9% percent in 1976
and 4 percent in 1975. The planned
durables increase this year is 16 percent
with the strongest advance in the motor
vehicles industry (50 percent), where
contributing factors include the sharp
increases in output and profits in recent
months, as well as major changes in
models. Large increases are also planned
by "other durables" (20 percent), electrical machinery (19 percent), and nonelectrical machinery (15 percent).
Nondurables plan a 13-percent increase,
reflecting sizable gains for rubber (30
percent) and petroleum (18 percent).
Other manufacturing industries plan
smaller increases with the exception of
iron and steel, where a small decline is
expected (1% percent).

started in the first quarter of 1977
increased 18 percent from the fourth
quarter of 1976, to a seasonally adjusted total of $15.3 billion (table 2
and chart 7); this was the largest
increase since the second quarter of
1974. Starts rose 22 percent for durables
and 15 percent for nondurables. Large
increases were reported by transportation equipment, nonelectrical machinery, chemicals, and petroleum.
In the first quarter, because the
value of projects started exceeded
expenditures, carryover in manufacturing increased. At the end of March,
carryover was $38.4 billion, up $1.2
billion from the end of December.

Starts and carryover of projects
The value of manufacturing projects

77 6*

Capacity utilization
The utilization of manufacturing
capacity rose 2 points from December
to March, to 83 percent (table 3 and
chart 8); this rate is 8 points above the
trough of 75 percent in June 1975,
but 3 points below the peak of 86
percent in June 1973.2

Table 3.—Manufacturers' Capacity Utilization Rates: Operating Rates and Ratios of Operating to Preferred Rates
[Seasonally adjusted]
Operating rates (percent)
Industry and asset size

1975

All manufacturing

Asset size:
$100.9 million and overSi 0.0 to $99.9 million
Undar $10.0 million _
Durable goods

. .

1

Asset size:
$100.0 million and over

$10.0 to $99.9 million
Under $10.0 million . . .
Primary metals
Electrical machinery.
Machinery, except electrical_

Transportation equipment2
Motor vehicles
Aircraft
_
Stone, clay, and glass

Nondurable goods

3

Asset size:
$100.0 million and over
$10.0 to $99.9 million
Under $10.0 million

Food including beveraga
Textiles .
Paper
Chemicals..
Petroleum
Rubber.
Primary-processed goods 4 .
Advanced-processed goods s

.

_ __

June

Sept.

75

79

76
75
72

Sept.

0.83

0.86

0.86

0.84

0.85

0.87

.83
.82
.78

.84
.82
.80

.88
.84
.83

.89
.85
.82

.85
.84
.82

.87
.85
.82

.90
.85
.85

.76

.81

.79

.84

.86

.82

.84

.87

.77
.76
.74
.72
.78
.85
.72
.75
.67
.72

.82
.79
.76
. 77
.80
.88
.79
.87
.68
.79

.80
.78
.76
.73
.82
.85
.76
.82
.67
.77

.87
.82
.80
.81
.86
.88
.84
.92
.69
.83

.89
.84
.78
.86
.89
.91
.84
.94
.68
.81

.84
.81
.79
.82
.88
.92
.73
.75
.67
.84

.86
.82
.78
.77
.89
.91
.82
.90
.69
.80

.91
.83
.83
.81
.89
.92
.89
.99
.73
.85

.88

.87

.87

.88

.88

.so

.88
.86
.85
.87
.86
.89
.85
.93
.85

.89
.87
.85
.86
.87
.88
.86
.96
.89

.90
.87
.86
.87
.87
.89
.88
.98
.91

.86
.83

.84
.87

.87
.89

Sept.

81

83

0.79

0.83

82
78
75

83
79
76

86
80
77

.79
.81
.78

83

79

81

84

86
78
72
83
81
86
85
130
65
76

81
76
73
79
80
87
74
80
64
79

83
77
72
74
81
86
83
95
66
75

88
78
76
78
81
87
91
106
69
79

Sept.

79

82

82

80

80
77
73

80
76
74

84
78
76

85
79
75

73

78

77

81

75
71
67
69
71
82
73
80
64
67

80
74
70
74
73
84
81
93
65
74

78
73
70
69
75
81
78
87
64
72

84
76
74
78
78
84
85
98
66
78

Dec.

Mar.

June

June

June

1977

1976

Mar.

Mar.

Mar.

Dec.

1975

1977

1976

Dec.

78

80

81

82

81

82

82

82

.83

.85

.87

79
78
77
79
76
76
72
87
74

81
80
76
77
83
81
75
91
78

83
79
77
76
85
85
78
91
81

84
81
78
77
89
89
80
94
86

83
81
77
76
85
88
82
96
68

83
80
78
79
83
85
79
90
82

83
81
80
77
84
85
78
93
85

84
81
78
77
85
87
80
95
87

.84
.84
.83
.87
.77
.78
.79
.91
.78

.86
.86
.82
.85
.84
.83
.82
.94
.81

.89
.85
.83
.85
.85
.88
.87
.94
.84

.87
.84
.86
.90
.92
.89
.97
.90

.89
.87
.83
.84
.88
.91
.91
.98
.71

73
76

78
79

78
79

83
81

83
82

82
79

80
82

83
84

.77
.80

.81
.83

.82
.83

.87
.86

.87
.86

1. Also includes lumber, furniture, fabricated metals, instruments, and miscellaneous.
2. A]so includes other transportation equipment.
3. Also includes tobacco, apparel, printing-publishing, and leather.
4. Consists of lumber; stone, clay, and glass; primary metals; fabricated metals; textiles;
paper; chemicals (at y2 weight); petroleum; and rubber.




Ratios of operating to preferred rates

Dec.

5. Consists of furniture, electrical machinery, machinery except electrical, motor vehicles,
aircraft, other transportation equipment, instruments, food including beverage, tobacco,
apparel, printing-publishing, chemicals (at H weight), leather, and miscellaneous.

SURVEY OF CURRENT BUSINESS

June 1977

The March increase partly reflected
an 11-point advance for motor vehicles,
to 106 percent; many plants were operating on an overtime basis as a result of
the strong demand for large- and intermediate-sized autos, as well as for
trucks. Among the other durable goods
industries, primary metals and stoneclay-glass reported increases of 4 points,
to 78 percent and 79 percent, respectively; both industries had reported
declines from September to December
last year. Aircraft increased 3 points, to
69 percent. Among nondurables, 2-point
increases in March were reported by
paper, chemicals, petroleum, and rubber. Other industries reported little
change.
The March utilization rates for
motor vehicles, nonelectrical machinery,
and petroleum were at or close to their
rate of mid-1973 when the overall
manufacturing rate was at its prerecession peak. However, several other
2. The survey asks manufacturers to report actual and
preferred rates of capacity utilization for the last month
of each quarter. Utilization rates for industry and asset-size
groups are weighted averages of individual company rates.
See "The Utilization of Manufacturing Capacity, 1965-73,"
SURVEY OF CURRENT BUSINESS, July 1974, p. 47.

19

CHART 9
industries were well below their mid1973 rates: textiles, lower by 5 points;
Manufacturers' Evaluation of Plant and
paper, by 7 points; chemicals, by 8
points; and primary metals, by 11 Equipment Facilities*
Percent of Capital Assets Held by Respondents
points.
Reporting—
60
Primary-processed goods industries
MORE CAPACITY NEEDED
reported a utilization rate of 83 percent,
a 3-point increase from December; 50
/\>v
/
advanced-processed goods industries
40
reported 84 percent, a 2-point increase.
Large firms (assets of $100 million and
over) reported a rate of 86 percent, a 30 3-point increase; medium- and small20 ! I 1 It1 1 1 1 1 1 1 1 1 I 1 1 1 I I11 1i 1 1 1 11 1 1 1 1 1 1 1 1 1 1
sized firms reported 1-point increases,
to 80 percent and 77 percent, respec- 70 CAPACITY ADEQUATE
tively.
60
Companies owning 32 percent of
/ manufacturers' fixed assets reported— 50
as of March 31—a need for more
facilities in light of their current and 40 I I I 11 i i 1 1111 111111 11 MI h i l l I I I Mill Mill
prospective sales (table 4 and chart 9); 20
CAPACITY EXCEEDS NEEDS
this was a 2-point decline from December and largely reflected the chemical 10 ^
\
and food-beverage industries. Facilities
/
I 11 I I I I I l l 11 ilTTiT 111111
1 I 1 1 1II I 1
111
viewed as about adequate rose from 0 1967 68 69 70 71 72 73 74 75luil
76 77
* Relative to prospective operations during the ensuing 12-month period.
59 percent of fixed assets to 62 percent,
U.S. Department of Commerce, Bureau of Economic Analysis
77-6-9
and those viewed as exceeding needs
dropped from 7 percent to 6 percent.

v
\

A

V

Table 4.—Manufacturers' Evaluation of Their Plant and Equipment Facilities 1
[Percent distribution of gross capital assets]
1975
Dec. 31

1976
Mar. 31

June 30

Sept. 30

1977
Dec. 31

Mar. 31

More plant and equipment needed:
All manufacturing

32

Durable goods 2
Primary metals....
Metal fabricators 3

31
37
30

Nondurable goods 2
Food including beverage.
Chemicals
Petroleum
__

34
28
40
41

About adequate:
All manufacturing..

55

62

Durable goods 2
Primary metals
Metal fabricators 3_

60
57
60

Nondurable goods 2
Food including beverage.
Chemicals
Petroleum

63
68
56
59

Existing plant and equipment exceeds needs:
All manufacturing
Durable goods 2
Primary metals 3
Metal fabricators _

9
6
10

Nondurable goods 2
Food including beverage.
Chemicals
Petroleum
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.




3
4
4
0

2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals.

SUEVEY OF CUEKENT BUSINESS

20
Nonmanufacturing

June 1977

Programs now planned to decline 1 percent and billion in the first quarter—less than

Expenditures for plant and equipment by nonmanufacturing industries
rose 4 percent from the fourth to the
first quarter, to a seasonally adjusted
annual rate of $73.7 billion; airlines
and public utilities reported the largest
increases. In the survey conducted in
January and February, nonmanufacturing had planned a 3-percent increase.
Second-quarter plans were also raised
(about 1% percent) and the first- to
second-quarter gain of 3 percent is
accordingly a little more than had been
expected based on the earlier survey.
Second-half plans were reduced about
1 percent: Third-quarter spending is

fourth-quarter spending, to rise 2
percent.
For the year 1977, spending is expected to total $75.4 billion, 11 percent
more than last year. Airlines plan a
strong advance (34 percent) after 3
years of declining investment, reflecting
an improved load factor in the past
year and substantial profit gains in
1976 and early 1977. However, planned
1977 spending—$1.7 billion—is still
below 1975 spending.
Gas and electric utilities plan increases of 26 percent and 15% percent,
respectively; both increases are somewhat larger than in 1976. Starts of new
projects by public utilities totaled $9.8

the $10.2 billion in the fourth quarter,
but more than the $7.4 billion average
for the four quarters of last year.
Carryover of utility projects increased
$3.4 billion during the first quarter, to a
total of $115.4 billion at the end of
March.
Communications firms plan a 15percent spending increase this year,
compared with 4% percent last year.
Mining and commercial firms plan
more moderate increases—10 percent
and 8 percent, respectively. "Other
transportation" plans a sharp decline
(34 percent), reflecting reductions in
spending for the nearly completed
Trans-Alaska pipeline.

Table 5.—Expenditures for New Plant and Equipment by U.S. Business J
[Billions of dollars]
Seasonally adjusted at annual rates

Seasonally unadjusted
1975

1976

1977 2

II
All industries..
Manufacturing
Durable goods
Primary metals 3
._.
Blast furnaces, steel
works
Nonferrous metals
Electrical machinery
Machinery, except electrical
Transportation equipment3.
Motor vehicles
Aircraft*
Stone, clay, and6 glass.
Other durables
Nondurable goods.
Food includirg beverage
Textiles
Paper...
Chemicals
Petroleum. _
Rubber
Other nondurables 6 .
Nonmanufacturing
Mining

III IV

III

IV

II 2

III 2

IV 2

135.34

25.87

29.70

30.41

34.52

29.20

33.79

33.99

38.36

114.72

118.12

122.55

125.22

130.16

134.46

136.91

139.08

59.91

10.96

12.66

13.48

15.38

12.52

14.63

15.29

17.47

49.21

50.64

54.78

54.44

56.43

58.62

61.77

62.33

21.84

23.68

27.44

4.78

5.61

6.02

7.27

5.80

6.57

6.95

8.13

21.63

22.54

24.59

25.50

26.30

26.42

28.30

28.59

5.99

5.97

6.11

1.21

1.43

1.58

1.74

1.19

1.48

1.56

1.88

5.51

5.76

6.42

6.12

5.43

5.99

6.28

6.62

3.03

2.99
2.16

2.95
2.31

.61
.45

.70

.76
.59

.92
.61

.58
.46

.72
.56

.72
.60

2.90
1.96

2.80
2.13

3.15
2.35

3.10
2.19

2.76
2.06

2.90
2.30

2.96
2.38

3.11

.67

.87

.61

.74

.75

1.02

2.30

2.48

2.72

2.86

2.97

3.05

3.02

1.26

1.59

1.30

1.40

1.45

1.64

4.70

4.60

5.16

5.54

6.02

5.58

5.95

3.47
2.22
1.03
1.58
4.65

3.54
2.33
.99
1.79
4.97

4.17
3.08

4.53
3.46
.84

4.42
3.22
.92

5.22
3.79
1.17

1.90
4.92

1.91
5.43

1.87
5.51

1.81
6.03

2.28

2.31
4.50
3.24
2.C6
.92

2.62
5.03
3.62
2.45

3.11
5.79

.48
1.02

.94

4.89
3.67
.68

.75
.48
.21

.52
.60
1.16
.88
.58
.25
.40
1.14

.89
.58
.25

1.10
.81
.23

1.05
.80
.20

1.13
.83
.23

1.31
.94
.30

1.40
1.10
.25

.42
1.19

.54
1.43

.42
1.23

.46
1.35

.44
1.44

.53
1.66

3.25
2.14
.86
1.56
4.30

.90

2.45
3.34
5.67

5.38
4.21
.98
1.82
5.76

1.42
4.38
26.11

1.72
4.73

1.85
5.68

28.81

32.47

.35
.98
6.18

7.05

7.46

8.12

6.72

8.06

8.35

9.34

27.58

28.09

30.20

28.93

30.13

32.20

33.46

33.74

3.26
.66
2.95
6.25

3.75
.81
3.27
6.68

4.21
.90
3.50
6.98

.78
.19
.65
1.43

.98
.20
.78
1.62

1.00
.21
.86
1.68

.99
.22
.97
1.95

.83
.22
.73
1.45

1.10
.23
.86
1.73

1.14
.22
.88
1.76

1.14
.24
1.03
2. 03

3.50
.76
2.98
6.32

3.91
.81
3.18
6.40

3.88
.86
3.50
6.97

3.69
.83
3.38
6.97

3.72
.83
3.36
6.40

4.32
.95
3.53
6.84

4.42
.88
3.52
7.26

4.30
.91
3.55
7.34

10.51
1.C0
1.48

11.62
1.10
1.58

13.70
1.43
1.75

2.54
.24
.36

2.78
.30
.38

3.07
.26
.38

3.23
.30
.46

2.86
.26
.37

3.37
.30

3.47
.42
.45

4.00
.45
.45

11.38
1.06
1.59

11.04
1.24
1.52

12.38
1.04
1.56

11.36
1.06
1.65

12.94
1.17
1.66

13.49
1.19
1.89

13.85
1.70
1.82

14.39
1.62
1.63

64.82

68.01

75.42

14.91

17.04

16.93

19.14

16.68

18.70

20.89

65.51

67.48

67.76

70.78

73.74

75.84

75.14

76.75

4.24

4.42

4.54

4.43
2.92
1.90

4.00

4.41

.92

.99

1.04

1.05

1.02

2.52

2.69

.49

.68

.64

.70

.59

1.84

1.30

1.74

.26

.42

.26

.35

.33

Other transportation.

3.18

3.63

2.40

.72

1.02

.95

.94

20.14
17.00
3.14

22.28
18.80
3.47

26.11
21.72
4.38

12.74

13.30

15.34

20.60

20.99

22.75

4.79
4.18
.62
2.92

.61
X

5.50
4.74
.76

5.52
4.54
.98

6.46
5.34
1.12

3.21

3.33

3.84

3.30

5.21

5.19

5.78

5.27

5.55
4.78
.77

4.82
1. Excludes agricultural business; real estate; Medical, legal, educational, and cultural
services; and nonprofit organizations.
2
A Estimates are based on planned capital expenditures reported by business in late April
and May 1977. The estimates for the second, third, and fourth quarters of 1977 have been corrected for biases. The adjustment procedures are described in the February 1970 issue of the
SURVEY OF CURRENT BUSINESS. Before adjustment, plans were $136.98 billion for all
industries, $61.58 billion for manufacturing and $75.40 billion for nonmanufacturing.




II

52.48

2.55

Commercial and other .

IV 2

120.49

Railroad

7

III 2

47. £5

Air transportation. _ _

Communication

II 2

1977

112.78

3.79

Public utilities
Electric
Gas and other.

1976

1977

1976

.47

19.16
1.14
.71
.46

1.12

1.13

3. S3

3.83

4.21

4.13

.59

.80

2.08

2.64

2.69

2.63

2.71

2.69

2.37

.45

.50

1.18

1.44

1.12

1.41

1.62

1.52

1.94

.64

.53

3.29

4.16

3.44

3.49

2.96

2.39

2.43

1.95

25.65
21.09
4.56

25.72
21.58
4.14

27.44
22.85
4.60

39.16

38.14

38.10

.62
6.46
5.32
1.14

6.48
5.33
1.15

7.62
6.28
1.33

9.77

9.42

10.32

21.91
18.56
3.36

21.85
18.82
3.03

21.67
18.22
3.45

23.46
19.49
3.96

J 12.54

12.62

13.64

14.30

1 20.68

20.94

20.99

21.36

25.35
21.19
4.16
14.19
22.67

3. Includes industries not shown separately.
4. Includes guided missiles and space vehicles.
.
5. Includes fabricated metal, lu nber, furniture, instruments, and miscellaneous.
6. Includes apparel, tobacco, leather, and printing-publishing.
7. Includes trade, service, construction, finance, and insurance.

BY ETIENNE MILLER and JOAN BOLYARD

International Travel and
Passenger Fares, 1976'
i INTERNATIONAL transactions arising from travel to and from the United
States resulted in net payments of
$2.7 billion to foreigners in 1976,
compared with $3.1 billion in 1975;
receipts from foreigners increased more
than U.S. payments for foreign travel.
U.S. payments to foreigners increased
8 percent, to $9.4 billion,2 including
$2.5 billion paid to foreign transoceanic
carriers. In addition, U.S. air carriers
received $1.5 billion in transoceanic
passenger fares from U.S. travelers.
Receipts from foreigners increased 20
percent, to $6.7 billion,3 including $0.9
billion paid to U.S. transoceanic carriers
for passage to and from the United
States (table 1).
Expenditures of U.S. travelers in
foreign countries increased $0.4 billion,
or 7 percent, to $6.9 billion. Half of the
increase occurred in four countries
where currencies depreciated against
1. This article reviews total expenditures of U.S. residents
traveling abroad and expenditures of foreign residents in the
United States. Expenditures so defined include the travel
accounts and part of the passenger fare accounts that appear
in the U.S. balance of payments. They do not cover U.S.
carriers' receipts for transporting foreign residents between
foreign points; these receipts do not involve travel to and
from the United States, but they are included in the passenger fare account in the balance of payments (line 5 of tables
1, 2, and 10 of the quarterly U.S. balance of payments
presentation). They do cover passenger fares paid by U.S.
travelers to U.S. transoceanic carriers (line B3 of table 1 of
this article), which are an important part of total expenditures by U.S. travelers; these fares do not enter into the
balance of payments.
2. Travel account payments include expenditures in
foreign countries by U.S. visitors for food, lodging, entertainment, transportation purchased abroad, and other
expenses incidental to a foreign visit. Excluded are expenditures by U.S. military and other Government personnel
stationed abroad, by their dependents, and by U.S. citizens
residing abroad. Payments to foreign transoceanic carriers
and shipboard expenditures are included in the passenger
fares account. Shore expenditures of cruise passengers are
included in travel payments.
3. Travel account receipts include expenditures in the
United States, for services similar to those indicated in
footnote 2, by foreigners on business, pleasure, and study
trips, and by those in transit. Receipts of U.S. transoceanic
carriers from foreigners are included in the passenger fares
account.




vacationers to travel within the United
States, and the fact that tourist prices
rose faster in Canada than in the United
States.
The number of U.S. travelers declined in most Canadian provinces.
Ontario, with a 7 percent decline,
maintained a 65 percent share of the
total number and accounted for about
one-half of the total expenditures.
Three other provinces—Quebec, New
Brunswick, and British Columbia—
accounted for 30 percent of the total
number and 37 percent of the expenditures.
Expenditures in Mexico increased
to $1.7 billion, up 5 percent. The
entire increase was accounted for by
an increase in the number of travelers
to the interior, where expenditures
increased 20 percent. Spending in the
border area, which accounts for about
60 percent of the total, decreased
nearly 4 percent. Devaluation of the
peso late in the third quarter of 1976

the U.S. dollar—the United Kingdom,
Mexico, France, and Italy. Elsewhere,
U.S. travel expenditures increased less
than 6 percent.
U.S. travel abroad
Canada and Mexico.—U.S. visitors
spent $3.1 billion in Canada and
Mexico in 1976; this was an increase of
$0.2 billion (table 2).
Expenditures in Canada rose 5 percent, to nearly $1.4 billion, primarily
because prices for tourist services rose;
the number of travelers declined 7
percent. Auto travelers who stayed
overnight or longer numbered 9.2
million, down 8 percent, and those
returning from Canada the same day
they entered numbered 18.6 million,
down 7 percent. Air travelers declined
3 percent, to 1.5 million. Among the
factors that probably contributed to
the decline in the number of travelers
were the U.S. Bicentennial events,
which may have induced some U.S.

Table 1.—International Travel and Passenger Fare Transactions
[Millions of dollars]
1972

1973

1974

1975

A. Transactions included in U.S. balance of payments statistics:
1. Total travel and passenger fare payments

6,638

7,316

8,075

8,680

2.

Travel: Payments of U.S. travelers in foreign countries (line 18).

5,980
2, 095

6,417
2,263

Passenger fares: U.S. payments to foreign carriers (line 19)

5,526
1,790

3.

5,042
1,596

4. Total travel and passenger fare receipts

-

5.
6.

.-.

Travel: Receipts from foreign visitors in the U.S. (line 4)
Passenger fares: Receipts of U.S. carriers for transportation of
foreign visitors to and from the United States (part of line 5) i.
7. Net travel and passenger fare payments
B. Total expenditures of U.S. residents for travel abroad:
1. Travel payments of U.S. travelers in foreign countries (line 18).
2. U.S. passenger fare payments to foreign carriers (line 19)
3.
U.S. passenger fare payments to U.S. carriers (not included in
balance of payments)
4. Total expenditures of U.S. residents for travel abroad

9,398
6,856
2,542

3,311

4,130

4,845

5,606

2,817

3,412

4,032

4,839

494
3,327

718
3,186

813
3,230

767
3,074

5,806
937
2,655

5,042
1,596

5,526
1,790

5,980
2,095

6,417
2,263

6,856
2,542

6,743

1,264

1,156

1,331

1,463

1,470

7,902

8,472

9,406

10,143

10,868

1. Excludes fares paid by foreigners to U.S. carriers for transportation between two foreign points.
NOTE.—References in parentheses are to lines in tables 1, 2, and 10 of the quarterly U.S. balance of payments presentations
in the March, June, September, and December issues of the SURVEY OF CURRENT BUSINESS.

21

SUEVEY OF CUKEENT BUSINESS

22

Table 2.—Travel Payments of U.S. Travelers in Foreign Countries, by Area
[Millions of dollars]
1972

Total travel payments..

1973

1974

1975

1976

5,042

5,526

5,980

6,417

6,856

Canada
Mexico
_
Mexican border area.

1,037
1,135
626

1,158
1,264
715

1,359
1,475
904

1,306
1,637
1,047

1,371
1,723
1,007

Overseas
Europe and Mediterranean V
Western Europe
United KingdomFrance
Italy...
Switzerland
Germany
Austria
,..
Denmark
Sweden
Norway
Netherlands.
B elgium-Luxembourg.
Spain

2,870

3,104

3,146

3,474

3,762

1,853

1,993

1,802

1,918

2,150

1,645

1,800

1,600

1,709

1,885

342
200
215
119

354
237
218
135

368
198
188
117

404
226
194
121

494
254
207
129

163
64
46
32

170
77
42
27

153
61
43
32

174
65
43
29

195
70
38
37

39
57
31
152

33
63
25
201

31
47
31
138

44
60
39
135

40
58
35
117

37
36
84
28

58
45
88
27

36
47
84
26

19
55
73
28

14
83
90
24

208

193

202

209

265

124
84

100
93

95
107

57
152

118
147

504

570

685

787

784

69
144
105

80
136
109

110
151
122

118
161
118

133
168
109

60
40
86

95
55
95

87
60
155

103
97
190

125
102
147

Portugal
Ireland
_
Greece
O ther Western Europe _
Other Europe and Mediterranean.
Israel..
Other.
Caribbean and Central America..
Bermuda..
Bahamas..
Jamaica...
Other British West Indies
Netherlands West Indies
Other West Indies and Central America..
South America.

113

132

209

242

232

Other areas
Japan
Hong Kong
Australia-New Zealand..
Other

400

409

450

527

596

121
70
50
159

123
65
48
173

102
75
55
218

131
75
54
267

145
74
82
295

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

was a major contributing factor to
a fourth-quarter decline of 12 percent
in this area.
Overseas travel.—After

2 years of

decline, the number of U.S. travelers
overseas rose more than 8 percent
last year; this approached the record
6.9 million in 1973 (table 3). Expenditures also rose 8 percent, to $3.8
billion. The rise was concentrated in
Europe and the Mediterranean, where
Americans spent $2.2 billion, or 57
percent of total overseas expenditures.
Although U.S. travelers to the Caribbean and Central America rose 7
percent, expenditures remained virtually unchanged at about $0.8 billion.
In South America, both the number
of travelers and their expenditures
declined slightly. In the Far East
and other areas, expenditures rose
13 percent, to $0.6 billion.




More than 3.5 million U.S. travelers
visited Europe and the Mediterranean
in 1976. Despite a 10-percent increase,
which followed a 2-year decline, the
number of travelers remained well
below the peak of 3.9 million in 1973.
Total expenditures, however, were at a
record $2.2 billion, 12 percent more
than in 1975.
Most European and Mediterranean
countries recorded increased numbers of
U.S. travelers; political uncertainties in
Spain and Portugal—the major exceptions—held down the number of U.S.
travelers. Not all countries shared the
$0.2 billion increase in U.S. travel
expenditures. More than half of the
increase was spent in the three countries
(the United Kingdom, France, and
Italy) where the appreciation of the
U.S. dollar against local currencies

June 1977

more than offset higher consumer
prices. In about one-half of the other
countries in this area, receipts were
lower than in 1975 (table 5).
The average cost of a U.S. traveler's
visit to Europe and the Mediterranean,
including transatlantic transportation
and travel expenditures, rose 5 percent,
to $1,180. The average cost of transatlantic transportation, $570, was about
9 percent higher. Expenditures averaged $610 per person, compared with
$600 in 1975. The duration of the
average trip remained 24 days for the
third consecutive year (table 4). Daily
expenditures averaged about $25 per
traveler.
Expenditures of U.S. travelers in the
Caribbean and Central America were
unchanged at about $0.8 billion. Increases in Bermuda, the Bahamas, and
certain British West Indies islands were
offset by decreases in Jamaica and
Central America.
U.S. travelers spent about $0.2 billion in South America, down 4 percent.
Both the number of travelers, about
435,000, and the average expenditure
per traveler, about $530, were slightly
lower than in 1975.
Total U.S. travel expenditures in
other overseas areas (primarily the
Pacific and Far East) rose 13 percent,
to $0.6 billion; the number of U.S.
visitors also rose 12 percent, to about
740,000. Expenditures rose 11 percent,
to $145 million, in Japan, and 14 percent, to $450 million, in the other
countries.

Foreign travel in the United States
Foreign visitors spent $5.8 billion for
travel in the United States in 1976
(table 6); this was an increase of 20
percent. Among the factors contributing to the increase were the beginning,
of recovery abroad from the 1974-75
recession, the U.S. Bicentennial events,
and the combined effect of a slackening
of the U.S. inflation rate and the depreciation of the dollar against currencies of some important traveloriented countries. More than half of
the increase in expenditures was accounted for by overseas visitors. They
spent $2.4 billion—an increase of 30
percent—and paid over $0.9 billion—
an increase of 22 percent—to U.S. air

SURVEY OF CURRENT BUSINESS

June 1977

23
Table 6.—U.S. Receipts from Foreign
Visitors in the United States

Table 3.—U.S. Travelers Overseas, by Type of Transportation and by Area
[Thousands]

[Millions of dollars]
1972

1973

1974

1975

1976

Total

6,790

6,933

6,467

6,354

6,897

Sea
Air

73
6,717

57
6,876

47
6,420

36
6,318

55
6,842

3,843
3,666

3,915
3,720

3,325
3,118

3,185
2,990

3,523
3,295

1,992

2,032

2,147

2,065

2,201

338

383

423

447

436

617

603

572

657

737

Europe and Mediterranean
Western Europe

. . . . . . . .

. . . . . .

Caribbean and Central America

Other areas

NOTE.—Excludes cruise travelers; they numbered 657,000 in 1972, 750,000 in 1973, 701,000 in 1974, 755,000 in 1975, and
576,000 in 1976. Data for 1976 may not be comparable with earlier years.
Source: U.S. Department of Commerce, Bureau of Economic Analysis, based on data of U.S. Department of Justice,
Immigration and Naturalization Service.

carriers for transportation to and from
the United States.
Table 4.—Average Length of Stay of U.S.
Travelers in Selected Areas
DaysJ
1972

1973

1974

1975

26

27

24

24

24

6
6

6
5

6
6

6
6

6
6

10

12

8

Europe and Mediterranean
Caribbean and Central
America:
Bermuda
Bahamas
Other Caribbean and
Central America ..

1976

11

10

South America

21

14

18

18

14

Other overseas

30

28

22

23

20

NOTE.—jixcludes cruise travelers.

Canadian and Mexican visitors.—
Canadian and Mexican visitors spent
more than $3.4 billion, up 13 percent.
Increased Canadian visitors accounted
for the entire $0.4 billion increase;
receipts from Mexican visitors declined.
Net U.S. receipts from Canada more
than doubled, to $0.6 billion.
Canadian visitors spent $2.0 billion,
up 25 percent reflecting increases in
both the number of visitors (9 percent)
and in their average expenditures (17
percent). Average expenditures increased partly because travel by air,
and by auto for visits of 2 or more

Total U.S. travel
receipts
Canada-.
Mexico.-U.S. border area.
Total overseas
Western Europe.
United Kingdom
France
Germany
Italy
Netherlands.._
Sweden,.
Switzerland...
Other

1972

1973

1974

1975

1976

2,817

3,412

4,032

4,839

5,806

928
720
525

1,072
830

1,225
1,142
858

1,561
1,453
1,114

1,983
1,428
1,087

1,169

1,510

1,665

1,825

2,395

452

559

570

611

852

126
76
137
46
27
19
23
105

142
63
126
43
28
22
27
119

144
68
145
41
36
23
32
122

183
96
206
59
49
37
43
179

Caribbean and
Central America..

169

205

216

206

289

South America..

174

198

237

303

360

Other areas
Japan

374
205

548
334

642
402

705
410

894
439

nights, increased more than other types
of travel. The increase in auto travelers
staying overnight or longer results in
increased average expenditures, because
these travelers spend more than travelers staying for a day. Increased air
travel also contributes to higher average expenditures; air fares paid to U.S.
air carriers are included as part of air
travelers' expenditures in the United
States.

Table 5.—Number of U.S. Travelers and Their Average and Total Travel Payments in Europe and the Mediterranean
1975
Number
of
travelers
(thou- x
sands)

Percent
of total
travelers

l

Percent change: 1975-76

1976

Average
spending
per
traveler
(dollars) 2

Total
spent
(millions
of
dollars)

Percent
of total
spending

Number
of
travelers
(thousands) i

Percent
of total
travelers 1

Average
spending
per
traveler
(dollars) 2

Total
spent
(millions
of
dollars)

Percent
of total
spending

Number
of
travelers

Average
spending
per
traveler

Total
spent

3,185

100.0

602

1,918

100.0

3,523

100.0

10.3

12.0

Western E u r o p e . __

2,990

93.8

572

1,709

89.1

3,295

93.5

572

1,885

87.7

10.2

10.2

United Kingdom.
France
Italy
Switzerland

1,199
809
650
567

37.6
25.4
20.4
17.8

337
279
294
213

404
226
194
121

21.0
11.7
10.1
6.3

1,386
902
665
585

39.3
25.6
18.8
16.6

356
282
311
221

494
254
207
129

23.0
11.8
' 9.6
6.0

15.5
11.4
2.3
3.1

5.6
1.0
5.7
3.7

22.2
12.3
6.7
6.6

Germany
Austria
Denmark
Sweden

733
377
230
150

23.0
11.8
7.2
4.7

238
173
187
192

174
65
43
29

9.0
3.3
2.2
1.5

802
395
214
154

22.7
11.2
6.1
4.3

243
177
178
240

195
70
38
$7

9.1
3.3
1.8
1.7

9.4
4.7
-6.9
2.6

2.1
2.3
-4. 8
25.0

12.0
7.6
-11.6
27.5

Norway
Netherlands
BelgiumLuxembourg...
Spain

135
416

4.2
13.0

326
145

44
60

2.2
3.1

133
432

3.7
12.2

301
134

40
58

1.9
2.7

-1.4
3.8

-7.6
-7.5

-9.0
-3.3

289
370

9.0
11.6

CO CO

39
135

2.0
7.0

CM CO

I

Europe and Mediterranean

8.2
8.7

121
379

35
117

1.6
5.4

.3
-16.4

-11.6
3.5

-10.2
-13.3

Portugal
Ireland
Greece
Other Western
Europe

95
191
178

2.9
5.9
5.5

203
287
411

19
55
73

.9
2.8
3.8

57
251
229

1.6
7.1
6.5

246
331
393

14
83
90

3.9
4.2

-40.0
31.4
28.6

21.1
15.3
-4.3

-26.3
50.9
23.2

142

4.4

n.a.

28

1.4

140

3.9

138
515

4.3
16.1

409
295

57
152

2.9
7.9

264
494

7.4
14.0

447
298

118
147

Israel
Other

1. Since some travelers visit more than one country, the total of estimated visits to specific
countries is larger than the total number of travelers.
2. Data on average spending exclude shore expenses of cruise travelers.




2,150

-14.2

-1.4

24
5.5
6.8

91.3
-4.0

9.2
1.0

107.0
-3.2

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

SUEVEY OF CUERENT BUSINESS

24

Overseas visitors.—Travel expendibecause of the warm weather there.
Mexican visitors spent $1.4 billion, tures of overseas visitors to the United
2 percent less than in 1975. Spending by States increased 30 percent, to $2.4
visitors to other than the border area of billion, in 1976. The number of visitors
the United States were unchanged; a increased 20 percent, to 4.5 million;
4 percent rise in average expenditures average expenditures increased about
offset a decrease in the number of 10 percent. Pleasure trips continued to
travelers. The devaluation of the account for the major share—80 perMexican peso late in the third quarter, cent—of foreign visits; the share of
which made U.S. goods and services business trips increased slightly, to
more expensive in peso terms, strongly about 14 percent.
The expenditures of European visiaffected fourth-quarter transactions in
tors
increased nearly 40 percent to $852
the border area. A one-third decrease
million;
their number increased 26 perin U.S. border area receipts in the
cent,
to
1.9 million (table 7). The
fourth quarter more than offset the
10-percent increase in the preceding 365,000 visitors from West Germany
three quarters; for the year as a whole, spent $210 million, more than visitors
from any other European country. The
these receipts declined 2 percent.
540,000 visitors from the United Kingdom spent $180 million. Expenditures
by French visitors increased 40 percent,
Table 7.—Foreign Visitors to the United
to about $100 million, primarily due to
States From Overseas by Area and Type
of Visa
a 36 percent rise in their number.
[Thousands]
Expenditures of visitors from Caribbean and Central American countries
Total Busi- Pleas- Tran- Stusit dent
ure
ness
increased 40 percent to $0.3 billion.
Higher average expenditures accounted
Overseas, total;
1976
607 3,526
4,456
205
118
for about half of this increase; the num92
1975
3,674
476 2,909
197
Europe:
ber of visitors rose 20 percent, to about
1,892
14
1976
94
318 1,466
11
1975
1,500
89
241 1,159
575,000. The 510,000 South American
Caribbean and
Central America:
visitors
increased their expenditures
573
485
16
1976
47
25
1975
478
32
24
406
16
almost
20
percent, to $0.4 billion.
South America:
22
14
427
1976
47
510
Other
overseas
visitors increased their
11
22
1975
35
370
438
Other areas:
expenditures
more
than 25 percent, to
195 1,148
64
74
1,481
1976
974
62
168
54
1975
1,258
$0.9
billion.
Japanese
visitors accounted
Japan:
92
659
5
766
10
1976
for
$0.4
billion
of
the
total and num11
92
635
10
1975
747
bered almost 770,000, a larger number
NOTE.—Data are not adjusted for multiple entries on a
than from any other overseas country.
single trip.
Receipts from other overseas countries
Source: U.S. Department of Commerce, Bureau of Economic Analysis, based on data of U.S. Department of Justice,
rose 54 percent, to $0.5 billion.
Immigration and Naturalization Service.

Visitors from Ontario increased 9
percent. These visitors accounted for
about 40 percent of the Canadian total.
Visitors from the western provinces of
Manitoba, Saskatchewan, Alberta, and
British Columbia—about 27 percent of
the total—increased 14 percent. The
favorite destination of Canadians is the
New England region, which is located
relatively close to Canada's major
population centers; about 25 percent of
Canadian auto travelers staying more
than 1 night visit this region. Nearly
one-fifth of the long-term auto travelers
visit the Middle Atlantic and Pacific
regions. In the first quarter, however,
one-third of Canadian long-term auto
travelers visit the South Atlantic States,




June 1977

BY CHRISTOPHER L. BACH

U.S. International Transactions,
First Quarter 1977
A

reversal of yearend 1976 short- outflows for U.S. direct investments
term capital flows reported by U.S. abroad declined $0.3 billion to $0.5
banks resulted in an unusually large billion; net inflows for foreign direct
shift in these flows in the first quarter. investments in the United States inNet claims on foreigners reported by creased $0.4 billion to $0.8 billion. Net
U.S. banks, which had increased $9.1 U.S. purchases of foreign securities
billion in the fourth quarter, decreased declined to $0.6 billion, as new bond
$3.3 billion in the first; most of this issues in the United States, particularly
shift reflected the reversal of yearend Canadian, declined from their high
window-dressing transactions in Janu- third- and fourth-quarter levels. Net
ary. Net U.S. bank-reported liabilities foreign purchases of U.S. securities,
to private foreigners and international other than Treasury securities, infinancial institutions also showed a creased $0.9 billion, as foreigners added
large shift, from an increase of $4.9 both corporate stocks and bonds to
billion in the fourth quarter to a de- their portfolios. U.S. official reserve
crease of $4.1 billion in the first. Most of assets increased $0.4 billion, after a
the increase occurred in December and decline in the fourth quarter. Foreign
most of the decrease in January; the official assets in the United States inreversal was particularly large in trans- creased $5.9 billion, compared with a
$7.0 billion increase in the fourth
actions with the United Kingdom.
Among other capital transactions, net quarter.

The merchandise trade deficit nearly
doubled to $7.0 billion; both petroleum
and nonpetroleum imports increased
strongly and exports declined slightly.
Net service receipts increased, more
than offsetting a slight increase in outflows on unilateral transfers. The firstquarter current account deficit was
$4.3 billion, compared with $1.4 billion
in the fourth.
The statistical discrepancy—the residual after recording the credits and
debits associated with flows of real
resources and financial items in the
U.S. international accounts—declined
to an inflow of $0.8 billion in the first
quarter, compared with a $3.3 billion
inflow in the fourth and an average
quarterly inflow of $2.4 billion in 1976.

Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line

Lines in tables 1, 2, and 10 in which
transactions are included are indicated in ( )

II
Exports of goods a n d services (1)
Merchandise, excluding military (2)..
Other goods a n d services (3-13)
Imports of goods a n d services (15)
Merchandise, excluding military (16)..
Other goods a n d services (17-27)

U.S. Government grants (excluding military
grants of goods and services) (30)
Remittances, pensions and other transfers (31, 32)..

12

U.S. assets abroad, net (increase/capital outflow
())(33)
U.S. official reserve assets, net (34)
U.S. Government assets, other than official reserve assets, net (39).
U.S. private assets, net (43)
Foreign assets in the United States, net (increase/
capital inflow (+)) (50)
Foreign official assets, net (51)
Other foreign assets, net (58)

16

Statistical discrepancy (67).

Change:
1976: I V 1977: I

1977

1976

1975
1975
III

IV

II

III

IV

147,600
107,088
40,512

163,271
114, 700
48, 571

36,907
27, 018

35,719
25, 851
9,868

36, 780
26,562
10,218

38,195
27,657
10,538

38,589
26,998
11,591

40,236
28,379
11,857

42,196
29, 603
12, 593

42,252
29,720
12, 532

42,693
29,476
13, 217

441
-244
685

-131,436
- 9 8 , 043
-33,393

-159,571
-123,917
-35,654

-34,199
-25,563
-8,636

-30,688
- 2 2 , 566
-8,122

-32, 645
-24,483
-8,162

-33,906
-25,431
-8,475

-37,020
-28,324
- 8 , 696

-38, 691
-29,914
- 8 , 777

-41,297
-32,387
-8,910

-42,567
-33,292
- 9 , 275

-45,865
-36,456
-9,409

-3,298
-3,164
-134

-2,893
-1,719

-3,146
-1,878

-753
-442

-718
-392

-617
-453

-805
-433

-544
-485

-556
-459

-1,475
-461

-572
-473

-627
-518

-55
-45

-31,548
-607

-42,959
-2,530

-8,749
-325

-7,881
-29

-3,081
-342

-11,836

-10,751
-773

-9, 779
-1,578

-8,409
-407

-14,022
228

451
-388

14,473
-616

-3,463
-27,478

-4,213
-36,216

-874
-7,550

-867
-6,985

-745
-1,994

-977
-10,948

-723
-9,254

-944
-7,257

-1,405
-6,597

-1,142
-13,108

-895
1,734

247
14,842

14,336
6,960
7,376

34,520
17,945
16,575

2, US
3,452
-1,009

3,663
2,279
1,384

2,416
-1,603
4,019

5,814
2,832
2,982

6,856
3,847
3,009

7,385
4,051
3,333

8,201
3,070
5,131

12,079
6,977
5,102

3,067
5,852
-2,785

- 9 , 012
-1,125
-7,887

5,660

9,763

4,793

297

-2,400

2,971

3,355

1,865

1,244

3,303

799

-2,504

Preliminary.

25

236-464 O - 77 - 4




100

100

reduced Canadian borrowing in the
United States were contributing factors.
The dollar also appreciated 4 percent
against the Swiss franc.
Stability prevailed over the quarter
against the German mark, Dutch guilder, and Belgian franc; however, highlypublicized disruptions of U.S. economic
activity caused by severe winter weather resulted in a temporary weakening
of the dollar against the German mark
and some other European currencies
in February.
The dollar was also stable against
the British pound, which was bolstered
by major external financial assistance,
including a $3.9 billion line of credit
with the International Monetary Fund
(IMF), a $3 billion stand-by credit with
the Bank for International Settlements
and central banks, and a $1.5 billion
privately arranged Eurodollar credit.

80

80

Merchandise trade

U.S. dollar in exchange markets
The U.S. dollar was relatively stable
in exchange markets, appreciating 1
percent against the trade-weighted
average of 22 OECD currencies from
the end of December to the end of
March. Nonetheless, there were large
offsetting movements against some major currencies. The dollar depreciated
5 percent against the Japanese yen,

more than offsetting the previous quarter's appreciation; the first-quarter depreciation resumed the downtrend that
began in late 1975, and reflected Japan's
growing current account surplus.
Against the Canadian dollar, the U.S.
dollar appreciated 5 percent, following
a similar rise in the previous quarter.
Political uncertainties in Quebec, a
sharp drop in Canadian short-term interest rates relative to U.S. rates, and
C H A R T 10

Indexes of Foreign Currency Price of the U.S. Dollar (May 1970=100)
Trade-weighted average against 22 OECD currencies^
100

80

80

60

I I I I I I I I I I I I I I I I I I I I I I I I I I I I I ! I I ! I I I I I I I I I I I I I I I I I I M I I I I I I 60

Trade-weighted average against 10 currencies^

60

M

! I I I I I I ! I I I I I I I I I I I I ! I I M I I I I I I I I ! I I I I I I I I I I I I I I I I I I I I I I 60
I
1973
1977
1974
1975
1976

Selected currencies^
120

CANADA

JAPAN

-

-

60 i i l i l 1 I t t i i 1 i I i l l 1 I l I i i 1 M l M 1 l I I I i
100

FRANCE

i IIi 1 i i i i I 1I IIl lI i ii i i IIl i i i I i

60
100

-

80

I I I M I i II 1 I 1 i I I I I 1 I1 I 1 1 1 1 11 I I

i I I i I I I i I I I 1 I i I I I I i I M I 1 I i I I i 1 i i I I I 60

"^-^
60 l 1 I M

80

NETHERLANDS

^

80

80
SWITZERLAND
60

80
60

I l IIl IIIIII i I III II 1IIIIII I

40
160

120
100

100

80

ITALY

I i i i i I i i i l I I I I M i I i i i i i I i i i i i 1 i i i i i 40

UNITED KINGDOM

160

140

140

120

120

100

100

80

June 1977

SURVEY OF CURRENT BUSINESS

26

I I I I I I I I 1 I I 1 I I I I I I I 1 I N 1 I I II I I I I 1 I I
1975
1976
1977

l i l l i I i i i l l 1 l I I I i 1 i i i M 1 i I l i i I i i l I I 80
1975
1976
1977

1. Australia, Austria, Belgium-Luxembourg, panada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands,
New Zealand, Norway, Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department of the Treasury.
2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.
NOTE.-Data are for end of month.
U.S. Department of Commerce, Bureau of Economic Analysis.




77-6-10

The merchandise trade deficit increased for the fourth consecutive
quarter, to $7.0 billion. The $3.4
billion increase from the fourth-quarter
deficit was more than accounted for by
increased imports; imports increased
10 percent, to $36.5 billion, while
exports declined slightly, to $29.5
billion. In volume, imports increased
5 percent, and exports declined 2
percent.
Somewhat more than half of the
import increase was in crude petroleum
and products, which increased 18 percent, to $11.1 billion. Imports were
stimulated by the acceleration of U.S.
economic activity and by the rebuilding of inventories that had been
depleted during the severe winter
weather in January and early February.
Imports of crude petroleum and products averaged a record 9.3 million
barrels per day, compared with 8.3
million barrels per day in the fourth
quarter and 6.9 million barrels per day
in the first quarter of 1976. The share
of U.S. consumption supplied by imports increased to 50 percent from 40
percent a year earlier.
Nonpetroleum imports increased 6
percent, to $25.4 billion; both volume
and prices increased, each contributing
almost equally to the rise, which was
widespread. Food imports increased

SURVEY OF CURRENT BUSINESS

June 1977

27

Table B.—Selected Transactions with Official Agencies
[Millions of dollars]
1975
I

1
2
3
4
5

Changes in foreign official assets in the U.S., net
(decrease —) (line 51, table 1)
Industrial countries21
Members of OPEC
Other countries
Changes in U.S. official reserve assets (increase —)
line 34 table 1)

6
6a
6b
7

7a
7b

Activity under U.S. official reciprocal currency arrangements with foreign monetary authorities;
Federal Reserve System drawings, or repayments
(—), net
Drawings
Repayments

1977

II

III

I

IV

II

III

IV

I*

Change:
1976: I V 1977: I

6,960
-667
7,092
535

17,945
3,939
9,324
4,682

3, 452
2,210
1,007
235

2,279
-223
1,696
806

-1,603
-3,041
2,413
-975

2,832
387
1,976
469

3,847
-522
3,482
887

4,051
-106
3,263
894

3,070
—342
1,774
1,638

6,977
4,909
805
1,263

5,852
2 266
3,178
408

-1,125
—2 643
2,373
-855

-607

-2,530

-325

-29

-342

89

-773

-1,578

-407

228

—388

—616

3
1,281
-1,278

-399
169
-568
300
2,326
-2,026

837
862
-25

-603
169
-772

-463

3 232
3 250
-18
-180
180
-360

-191

-100
-100
-300
237
-537

-109
15
-124
-660
815
-1,475

-163

-191
760
774
-14

—54
—15
—39
560
-690
1,250

Foreign drawings or reDavments (—) net
360
-360

Drawings' 5
Repayments

1976

1976

1975

Line

v Preliminary. >
1. EC (9), other Western Europe, Canada, Japan, Australia, New Zealand, and South
2. Partly estimated. Based on data for Indonesia, Venezuela, and Middle East and African
oil-exporting countries.
3. Includes $250 million, the amount by which the dollar countervalue of the Federal Reserve pre-August 1971 Belgian and Swiss franc commitments was increased to take account

-463
180
180

« 1
154
-153
500
500

4

— 163
-100
125
-225

of the two U.S. dollar devaluations of 1971 and 1973 and the Belgian franc revaluation of 1971This valuation adjustment is excluded from the balance of payments transaction shown in
line 1.
4. Excludes transactions designed to consolidate existing swap arrangements in 1976-1,
and to refund a short-term obligation into a medium-term obligation in 1976-IV.
5. Includes drawings on and repayments to the U.S. Treasury Department's Exchange
Stabilization Fund.

Table C.—Indexes of Foreign Currency Price of the U.S. Dollar
[May 1970=100]

End of period
1974

I
Trade-weighted
average against 22 OECD currencies 1
Trade-weighted average against 10 currencies2
Selected currencies:
Canada
France
Germany
.
Italy...
Japan
Netherlands

II

1975

III

IV

I

II

1976
III

IV

I

II

1977

III

IV

I

82.8
82.6

83.5
83.2

86.3
85.0

84.0
81.2

82.7
79.2

84.7
80.4

89.7
87.1

89.1
86.6

88.8
89.1

89.1
90.4

88.2
90.5

89.7
89.9

90.6
90.3

90.5
86 3
69.5
98.9
76.9
73.9
69.4
100.3

90.5
87.4
70.3
103.0
79.2
73.0
69.4
100.5

91.8
85.9
73.0
105.0
83.2
74.4
68.2
103.0

92.3
80.5
66.3
103.3
83.9
69.0
59.0
102.3

93.4
76.4
64.6
100.5
81.9
65.9
58.5
99.7

96.0
73.2
64.8
100.2
82.6
67.2
57.9
109.3

95.5
82 2
73.3
109.3
84.3
75.3
63.6
117.7

94.6
81 3
72.2
108.7
85.0
74.0
60.6
118.7

91.6
84 6
69.9
133.6
83.5
74.0
58.6
125.4

90.2
85 9
70.9
133.7
82.9
75.3
57.2
134.9

90.6
89 3
67.1
136.7
80.1
70.7
56.8
143.2

94.0
90.0
65.0
139.1
81.6
67.7
56.7
141.1

98.4
90.0
65.8
141.1
77.3
68.6
58.8
139.7

3

Switzerland
United Kingdom

. . .

. ..

.

1. Australia, Austria, Belgium-Luxembourg, Canada, Denmark, Finland, France, Germany, Greece, Iceland, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway,
Portugal, Spain, Sweden, Switzerland, Turkey, United Kingdom. Data: U.S. Department
of the Treasury.

2. Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Switzerland, United Kingdom. Data: Federal Reserve Board.
3. Data: International Monetary Fund.

21 percent, primarily reflecting higher ducers. Despite strong demand, imports
arrivals of coffee; the price of coffee of automobiles from other countries
has risen markedly in the past year declined 7 percent.
and a half in response to mounting
Although there was a slight decline
concern over supplies in Brazil. Im- in total U.S. merchandise exports,
ports of consumer products increased agricultural exports increased 4 per8 percent; purchases of certain elec- cent, to $6.1 billion; higher prices for
tronic products, such as citizen band corn and soybeans more than accounted
radios and tape recorders, accelerated for the rise. In volume, agricultural
sharply relative to imports of television exports were unchanged.
and radio sets, which were also up
Nonagricultural exports declined 2
strongly. Most of the increase was from percent, to $23.3 billion, reflecting conJapan and some of the developing tinued sluggish demand abroad. Steel
nations of Asia. Strong domestic auto- exports, which fell sharply last year
mobile demand was a major factor in because of the glut in world markets,
the 16 percent increase in deliveries declined further; coal exports were also
of automobiles and parts from Can- lower. There was also a sharp decline in
adian plants of U.S. automobile pro- civilian aircraft exports. Automotive




exports to areas other than Canada
weakened, while those to Canada were
moderately higher. Machinery exports
were unchanged from the fourth
quarter.
By Region, the trade surplus with
Western Europe declined $0.8 billion,
to $1.9 billion in the first quarter; imports continued to increase and exports
declined. The deficit with members of
the Organization of Petroleum Exporting Countries (OPEC) was $5.5 billion,
up from $4.4 billion in the fourth
quarter, reflecting increased imports of
oil and a decline in exports. The deficit
with non-OPEC developing countries
more than doubled to $2.5 billion. Exports declined $0.4 billion, as some of

SURVEY OF CURRENT BUSINESS

28

trade with Canada remained in near
balance.

these countries tried to restrain imports
to conserve foreign exchange; imports
increased $0.9 billion, reflecting large
increases in imports of coffee from Latin
America and of consumer goods from
some of the developing countries in
Asia. At $1.5 billion, the trade deficit
with Japan showed no change, and

Service transactions
transfers

and unilateral

Net service receipts increased $0.6
billion to $3.8 billion in the first quarter. Receipts of income on U.S. direct
CHART 11

U.S. Merchandise Trade
EXPORTS

IMPORTS

Billion $ (Ratio scale)
50 r
*"
TOTAL

Billion $ (Ratio scale)
150
TOTAL
40

40

Current $

Current $

30

30

20

20

Constant (1972) $

15

15

10

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

1

I

I

1

I

I

I

I

I

I

I

40

I 10

40

30 -

30

NONAGRICULTURAL

NONPETROLEUM

20

15

AGRICULTURAL

1I

I

I I I 1 I I I I I I I I I I I 1 I I I I I I I I I I I I I I I
1974
1975
1976
1977
1974 1975
1976
Seasonally Adjusted

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




June 1977

investments abroad, after leveling off
in the fourth quarter increased in the
first, largely because of dividends received from a European affiliate. Income receipts on other U.S. private
assets abroad rose $0.2 billion, reflecting
increases in U.S. purchases of foreign
securities and in bank claims on foreigners in the fourth quarter. Transfers
under U.S. military sales contracts remained at a high level.
U.S.
direct defense expenditures
increased $0.1 billion, due to higher
personnel expenditures abroad and increased foreign construction. Transportation payments also increased, largely
reflecting the higher volume of petroleum imports. Payments of income on
foreign direct investments in the United
States declined, mainly because the
value of portfolio holdings of U.S.-based
affiliates of foreign insurance companies
declined in the first quarter in contrast
to an increase in the fourth (see technical notes). Other service payments
changed little.
Net unilateral transfer payments
were slightly higher, mainly because of
a U.S. Government grant to Israel to
finance military purchases.

U.S. assets abroad
U.S. assets abroad decreased $0.5
billion
in the first quarter, compared
20
with a $14.0 billion increase in the
15 fourth. The shift was more than
accounted for by changes in private
assets.
U.S. official reserve assets increased
$0.4 billion compared with a $0.2 billion
decline in the fourth quarter. The
United States purchased $58 million of
gold in January as part of the first of
four IMF restitutions of gold to member
nations. The United States contributed
about $0.4 billion in supplemental
lending resources to the IMF under the
General Arrangements to Borrow
(GAB) to provide balance of payments
assistance to the United Kingdom; the
contribution increased the U.S. reserve
position in the IMF.
Net capital outflows for U.S. direct
investments abroad declined $0.3 billion
to $0.5 billion. A shift to capital inflows
affiliates—especially
I 11 from petroleum
1 9 7 7 from Canada—more than offset higher
capital outflows to nonpetroleum affili77 6n

June 1977

ates; these outflows were widely dispersed geographically. (Major revisions
have been made to the direct investment capital and income accounts for
1966-76; these revisions are explained
in the technical notes.)
Net U.S. purchases of foreign securities were $0.6 billion, down $1.6 billion
from the fourth quarter and the smallest
in 2 years. New foreign bond issues
fell to $1.3 billion from $3.0 billion and
$2.5 billion in the third and fourth
quarters of 1976, respectively. Canada,
which borrowed $5.3 billion in 1976,
accounted for only $0.7 billion in new
issues in the first quarter. Reduced
Canadian demand for U.S. funds after
last year's record borrowing, and higher
interest rates required by lenders for
some Canadian issues following
Quebec's November election, were contributing factors. There were no new
issues by international financial institutions in the first quarter, in contrast to $0.5 billion in the fourth.
Redemptions and sales of outstanding
bonds rose to $0.8 billion from $0.3
billion.
Among other U.S. private assets
abroad, net claims on foreigners reported by U.S. banks decreased $3.3
billion, compared with a $9.1 billion
increase in the previous quarter. The
fact that much of the fourth-quarter
outflow occurred in December and
nearly all of the first-quarter inflow
occurred in January suggests that
yearend window-dressing transactions
were a major factor in the $12.4 billion
shift. Interest rate developments also
were a factor later in the quarter, as
short-term rates firmed in the United
States following a decline in the fourth
quarter. By the end of the first quarter,
U.S. banks again reported increases in
net claims on foreigners. However, the
March outflows were well below the
monthly average of the fourth quarter.
Foreign assets in the United States
Foreign assets in the United States
increased $3.1 billion, compared with
a $12.1 billion increase in the fourth
quarter. Most of the slowdown resulted
from a reduction in net U.S. bankreported liabilities to private foreigners
and international financial institutions.




SUEVEY OF CURRENT BUSINESS
Foreign official assets in the United
States increased $5.9 billion, $1.1 billion
less than in the fourth quarter. Industrial countries more than accounted
for the reduction. In the fourth quarter,
these countries had added $4.9 billion
to their U.S. holdings; in the first,
they added only $2.3 billion. An exception was the United Kingdom, which
showed a large increase in dollar
holdings, reflecting in part the previously mentioned drawings under the
GAB facility and against its Eurodollar line of credit. Also, there was
a stepped-up inflow of OPEC official
funds, which accounted for slightly
more than half of the first-quarter
increase in foreign official assets.
Among other foreign assets in the
United States, inflows from foreign
direct investments in the United States
more than doubled to $0.8 billion.
Higher inflows from Japanese and
German companies to their affiliates
in the United States were partly
offset by a shift to outflows to the
United Kingdom.

29
Foreigners increased their net purchases of U.S. securities, other than
Treasury securities, by nearly $0.9
billion; there were virtually no net
purchases in the fourth quarter. More
than $0.3 billion in new Eurobond
issues were sold abroad by U.S. corporations, exceeding the low annual
totals for the past three years. Much
of the increase was due to a large
issue by one U.S. company. Net
foreign purchases of U.S. corporate
stocks were $0.4 billion, in contrast
to net sales of $0.2 billion in the previous quarter.
There was a $4.1 billion reduction
in U.S. bank-reported liabilities to
private foreigners and international
financial institutions, compared with
a $4.9 billion increase in the previous
quarter, much of which occurred in
December. December transactions were
in good part reversed in January;
the reversal was particularly large for
the United Kingdom and partly reflected the improved outlook for sterling
in the foreign exchange markets.

TECHNICAL NOTES
AS is customary each June, estimates of
U.S.
international transactions were
revised to incorporate new information;
revised annual estimates for 1960-76
and quarterly estimates for 1967-76
are presented in tables 1 and 2. Revised
annual estimates for 1974-76 and quarterly estimates for 1975 and 1976 are
presented in tables 3-10. Table 10a
presents revised annual estimates for
1974-76. Seasonal adjustments for current account items and for changes in
U.S. Government assets were recalculated, using the revised data and
extending through 1976 the period used
to derive seasonal adjustment factors.
The new seasonal adjustment factors
were applied to quarterly data for 1975
and 1976.
In addition, significant adjustments
were made to international accounts
related to direct investment flows. The
most extensive adjustments were the
incorporation of information from the
1974 Benchmark Surveys of Foreign
Portfolio and Foreign Direct Invest-

ment in the United States, and the
treatment of transactions of a U.S.incorporated
petroleum
company,
which are discussed in detail below.
Foreign portfolio investment
The 1974 Foreign Portfolio Investment Study consisted of a benchmark
survey of foreign portfolio holdings in
the United States. Revised information
on dividend payments on these holdings
were incorporated into the account
"other private payments" (tables 1 and
2, line 26). Revised 1974 data include
the annual estimate for dividend payments to foreign shareholders of U.S.
corporate stocks as of December 31,
1974. Revised data for other years are
extrapolations, both forward and backward, of the 1974 dividend benchmark,
based on application of estimated yields
to changes in holdings. Revisions were
carried back to 1967 because a substantial acceleration took place in net
foreign purchases of U.S. securities in
the midsixties. The previous bench-

30

SURVEY OF CURRENT BUSINESS

the revised estimates (table 5), they
are based primarily on assignment of
a single industry code to all U.S.
Foreign direct investment
affiliates of a given foreign parent.
Estimates for 1974-76 for net capital The change in classification was necesinflows, income payments, fees and sary because all U.S. affiliates of a given
royalties, adjusted earnings, and re- foreign parent may be reported on a
invested earnings for foreign direct consolidated basis in the quarterly
investment in the United States (tables survey; such consolidation was not
1 and 2, lines 21, 25, and 59, and table permitted in the benchmark survey.
Changes in coverage.—Previous esti5, lines 27-51) have been revised to
incorporate the results of the 1974 mates for 1974-76 were based on a
Benchmark Survey of Foreign Direct sample of approximately 450 U.S. affilInvestment in the United States. The iates of foreign persons. These affiliates
revised estimates for 1974 are the represented the largest foreign direct
universe data collected in the bench- investments in the United States. As a
mark survey. For periods since 1974, result of information obtained in the
revised estimates for all the above 1974 benchmark survey, the sample
series except net capital inflows are was expanded to include approximately
extrapolations of the 1974 universe 1,000 of the 7,200 affiliates that reportdata based on quarterly data reported ed in that survey. Revised estimates for
by an updated sample of U.S. affiliates 1975-76 are based on this expanded
of foreign persons. Previous estimates sample.
for these periods were extrapolations
Additional revisions resulted from
of benchmark survey data for 1959 improved coverage of transactions be(estimates for 1960-73 continue to be tween U.S. affiliates and foreign affiliextrapolations of the 1959 survey ates of foreign parents. Previously,
data). Net capital inflows since 1974 these transactions were largely unreare as reported by the sample of ported and were excluded from the estiaffiliates; no extrapolations of universe mates. In the 1974 benchmark survey,
data are made.
however, reporting of these transactions
Detailed findings and methodology was specifically required, and for 1975
of the 1974 benchmark survey were and 1976 the sample report form was
published in Volume 2 of Foreign changed to ensure that adequate
Direct Investment in the United States.1 coverage continued.
Changes in definition and classificaThe findings were summarized, and
benchmark survey data and previously tion.—In the 1974 benchmark survey,
published estimates for 1974 were a direct investment ownership interest
compared, in an article in the May 1976 was defined as the direct or indirect
SURVEY OF CURRENT BUSINESS. The foreign ownership of at least 10 percent
revised 1974 estimates presented here of the voting stock of an incorporated
differ from the data presented in Volume U.S. business enterprise or an equiva2 for three main reasons. First, Volume lent interest in an unincorporated U.S.
2 includes data for the U.S.-incorpo- business enterprise. The revised estirated petroleum company discussed in mates are based on this 10 percent
the section on "Additional revisions criterion. Previously, a 25 percent
to direct investment accounts"; the criterion was used.
Revised estimates of the foreign parrevised estimates exclude data for
that company. Second, after Volume 2 ents' share in the earnings, adjusted
was published, several companies filed earnings, and reinvested earnings of
reports, which are included in the their U.S. affiliates—which do not
revised estimates. Third, in Volume 2, appear in the balance of payments
industry classifications are assigned to accounts but which are shown in table
each separately reported affiliate; in 5—are defined to include all capital
gains and losses, including those unrealized gains and losses that affiliates
1. U.S. Department of Commerce, Foreign Direct Investment in the United States: Report of the Secretary of Commerce
carry directly to retained earnings, and
to the Congress in Compliance with the Foreign Investment
which
thus do not appear in their inStudy Act of 1974 (Public Law 93-479), Volume 2, April 1976.
mark for these dividend payments was
1949.




June 1977

come statement. This treatment is consistent with the "all inclusive" concept
of income, in which all capital gains and
losses are carried through the income
statement rather than being carried
directly to retained earnings. In previous estimates for 1974, the above
earnings items were defined to exclude
such unrealized capital gains or losses
and may or may not have included
other capital gains and losses. Previous
estimates for 1975 and 1976, however,
already reflected this definitional
change.
In addition, the inclusion of such
unrealized capital gains and losses in
earnings affects the 1974 estimates of
income payments by, and net capital
inflows to, unincorporated U.S. affiliates. This is because, for balance of
payments purposes, all earnings of unincorporated affiliates are treated as income payments to the foreign parent
and earnings that are reinvested are
treated as net capital inflows. Significant decreases in the market value of
security portfolios during 1974, especially for unincorporated insurance affiliates, resulted in large losses, which are
included as capital outflows in the
revised estimates.
The revised series also reflect a
change in the treatment of incorporated
insurance affiliates. In previous estimates, such insurance affiliates were
treated as unincorporated, because one
report form was utilized by both incorporated and unincorporated affiliates. However, each type of affiliate
now reports on separate forms and is
appropriately classified. The change
effects reinvested earnings, income payments, and net capital inflows.
In previous estimates, U.S. affiliates'
equity ownership in foreigh parents
was netted against foreign parents'
equity ownership in U.S. affiliates. In
the revised estimates of direct investment net capital inflows, earnings, and
dividends, transactions associated with
U.S. affiliates' equity investment in
their foreign parents are excluded. Such
transactions were insignificant.
Prior to 1974, U.S. airline stations of
foreign air carriers were treated as U.S.
affiliates of these carriers. However,
most of the transactions between the
foreign air carriers and their affiliates

SURVEY OF CURRENT BUSINESS

June 1977

were included in the "transportation
services" account of the balance of
payments. Beginning in 1974, the U.S.
airline stations are no longer treated as
affiliates and all transactions relating
to them are included in "transportation
services."
Changes in the geographical classification of the direct investment data
partly reflect a change in the definition
of "foreign parent." In the benchmark
survey, "foreign parent" was defined
as the first foreign person outside the

ment position abroad. However, the
precise amount of the effect depends on
the disposition by the U.S. company of
the financial assets received as a deposit
for the producing assets; it is not known
whether the funds received remained in
the United States or all or part of them
were transferred, in one form or another, to the foreign branch.
Net capital inflows for foreign direct
investment in the United States were
further reduced by the exclusion of
changes in what were previously considered intercompany liabilities owed
to the host government by the U.S.
company for imputed dividends not
paid. These liabilities are now considered liabilities of the foreign branch
to the host government for the use of
turn, reflects the company's negotia- producing assets, and changes in them
tions to date with the host government. are now included in capital flows for
The company now believes that the U.S. direct investment abroad rather
host government will acquire virtually than in those for foreign direct investall the producing assets of the branch. ment in the United States.
The above change affects many of the
The change in the treatment of the
direct investment line items shown in deposits also has resulted in substantial,
tables 1, 2, and 5. For foreign direct but partly offsetting, revisions to several
investment in the United States, major income and earnings items. For foreign
line items affected include net capital direct investment in the United States,
inflows (line 59 in tables 1 and 2 and adjusted earnings of U.S. affiliates
line 27 in table 5), payments of income (line 48 in table 5) were revised down(line 25 in tables 1 and 2 and line 37 in ward by the amount of the previously
table 5), reinvested earnings of incor- imputed share of the host government
porated U.S. affiliates (line 44 in table in the U.S. company's earnings from
5), and adjusted earnings of U.S. its foreign branch operations. There
affiliates (line 48 in table 5). For U.S. were also related downward revisions
direct investment abroad, major line in payments of income (line 25 in tables
items affected include net capital out- 1 and 2 and line 37 in table 5) and
flows (line 44 in tables 1 and 2 and line reinvested earnings of incorporated
1 in table 5), receipts of income (line 11 U.S. affiliates (line 44 in table 5).
in tables 1 and 2 and line 12 in table 5),
For U.S. direct investment abroad,
and adjusted earnings of foreign affili- both adjusted earnings of foreign affiliates (line 23 in table 5). In addition, ates (line 23 in table 5) and receipts of
both the foreign direct investment posi- income (line 11 in tables 1 and 2 and
tion in the United States and the U.S. line 12 in table 5) were reduced because
direct investment position abroad are the imputed share of the host governaffected. None of the above changes in ment in the U.S. company's earnings
one account are necessarily exactly from its foreign branch operations,
equal to or offset by changes in another which was previously included in these
items, is now treated as an expense
account.
Before revision, the deposits by the incurred by the branch for the use of
host government were included in net the producing assets. Adjusted earnings
capital inflows for foreign direct invest- and receipts of income were not reduced
ment in the United States and in the by the exact amount of the imputed
foreign direct investment position. In share included previously, because that
the revised accounts, they are excluded amount was revised on the basis of new
from these items and instead affect net information received from the company.
Additional revisions were made folcapital outflows for U.S. direct investment abroad and the U.S. direct invest(Continued on page 72)

United States holding a direct ownership interest in a U.S. affiliate. In the
revised estimates, the data are consistently classified by the country of
this first foreign parent. This first
foreign parent, in turn, may be owned
by another foreign person, who may be
in the same or a different country. In
the previous estimates, data for some
affiliates, primarily those whose first
foreign parent was a holding company
were classified by country of "ultimate"
foreign parent.

Additional Revisions to Direct Investment Accounts
MAJOR revisions to the direct investment accounts were made (1) for the
years 1973-76, because of changes in
the treatment of transactions and imputations involving a U.S.-incorporated
petroleum company, its foreign branch
and the foreign host government, and
(2) for the years 1966-76, because of a
change in the U.S. company's method
of reporting to BEA. Because of confidentiality requirements, the description of the revisions given below does
not quantify the adjustments.
The first revision relates to certain
deposits made by the host government
to the U.S. company, beginning in late
1973. According to information provided by the company to BEA at that
time, these deposits were treated by the
company as having been made in
anticipation of the issuance of capital
shares by the company to implement, in
corporate form, the provisions of a
general agreement between the company and the host government concerning their future relationship. Accordingly, BEA classified the deposits
as foreign direct investment in the
United States. In the revised accounts,
the host government is considered to
have made deposits toward the eventual
purchase of substantially all of the
assets of the U.S. company's foreign
branch and therefore, the deposits and
subsequent related transactions are included in the account for U.S. direct
investment abroad. This revision in
classification corresponds to a change in
the treatment of the deposits on the
books of the U.S. company which, in




31

SURVEY OF CURRENT BUSINESS

32

June 1977
Table 1.—U.S. International
[Millions of

(Credits + ; debits - )

Line

1

1961

1962

27,595

28,882

19,650
335
919
175
1,607
590
24'
570
153

20,108
402
947
183
1,620
662
244
60:
164

2, 355
646
34'
1,695

1960

Exports of goods and services 2
Merchandise, adjusted, excluding military. 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4 U.S.
assets abroad:
Direct investments 5
Other private receipts
U.S. Governm ent receipts
Transfers of goods and services under U.S. military grant programs, net-

1963

1964

1965

1966

30,606

32,708

37,393

39,548

42,774

45,561

49,933

54,699

62,483

20,781
656
95'
191
1,
800
256
585
195

22, 272
657
1,015
205
1,898
890
273
613
236

25,501
747
1,207
241
2,076
1,013
301
651
265

26,461
830
1,380
271
2,175
1,199
335
714
285

29,310
829
1,590
317
2,333
1,162
353
814
326

30, 666
1,152
1,646
371
2,426
1,354
393
951

33,626
1,392
1,775
411
2,548
1,430
437
1,024
353

36,414
1,528
2,043
450
2,652
1,533
486
1,160
343

42,469
1,501
2,331
544
3,113
1,758
573
1,287
332

2,768
793
383

3,044
904
473

3,129
1,022

3,674
1,256
462

3,963
1,421

3,46:
1,669

3,847
1,781

4,151
2,021

4,819
2,338

4,992
2,671

1,465

1,537

1968

1969

1970

515

604

639

765

1,636

1,892

2,039

2,547

-2,932
-1,910
-367
-655
-5,530

-1,805
-441
-879

-1,709
-407
-836

-1,649
-406

-8,002

-8,547

-8,763

-880
1,173

-1,187
-967
-1,034
814
-2,200
-3,489
1,200
89

-1,589
-3,293
1,721
-16

1,340

2,610

912
2,713

-53,698
-59,571
-32,443 -38,260 -41,166 -48,312
-18,700
-14,758 -14,537 - 16.260
-32, 991 -35,807
-3,105
-25,493
—2,:
-21,510
-26,866 -4,535 -4,856 -39,866
- 3 , 087 -2,998
-17,048
-1,750 -1,785 -1,939 -2,961 -2,211 -2,952 - 3 , 764 - 4 , 378 - 3 , 030 -3,373 -4,855
-56'
-642 -2,438 - 2 , 657 - 3 , 207
-506
- 3 , 980
-513
-885
1
-2,114
-1,215
-1.402 -1,43' -1,558
-753
-71'
-829 -2,367 -I,
-612 -1,817
- 5 7 -1,701
-67 -1,951 -2,161 -2,157
-43
-35
-80 -2,455 -2,816
-44
-101
-60
-111
-46
-40
-106
-64
-68
-62
-61
-528
-120
-527
-114
-588
-593
-668
-76
-67
-104
-51
-751
-810
-535
-406
-313
-760
-506
-461
-565
-493
-717
-725
-644
-550
-691
-447
-202
-185
-194
-220
-441
-41
-299
-381
-372
—223
-802
-586
-535
-511
- 3 , 244 -3,617
-942 -1,221 -1,328 -1,800
-701
-702
-453
-339
-1,024
-332
-278
-777
-489
-598
-401
-549 -2,039 -2,547 -2,610 -2,713
-1,695 -1,465 -1,537 -1,562 -1,340 -1,636
-2,308 -2,524 -2,638 -2,754 -2,781 -2,854 -1,892 -3,125 -2,952 -2,994 -3,294
-23,555 -23,353 -25,564

Imports of goods and services

499
1,562

1967

-28,895

-26,811

3

Merchandise, adj usted, excluding military
Direct defense exp enditures
Travel
Passenger fares
Other transportati on
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on
foreign assets in the United States:
Direct investments 4 5
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of goods and services), net .

i

i

-1,736
-462
-1,096
-6,164

U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers

-1,672
-214
-423

-1,855
-235
-434

-1,916
-245
—477

-1,91'
-262
-575

-1,888
-279
-614

Private remittances and other transfers

-2,833

-4,484

-2,979

-5,764

-8,128

-4,176

2,145
1,703

606
857
-135
-116

1,533
890

377
461

171
125

1,222
1,665

568
571

52
1,170

626
17

29
-113

266
-220

-94
-349

537
-540

-94
-1,024

-870
1,183

-1,100
-1,214
642
-528

-910
-1,928
1,279
-261

-1,085
-2,128
1,2*8
-245

-1,662
-2, 204
988
-447

-1,680
-2 382
720
-19

-1,605
-2,463
874
-16

-1,543
-2,513
1,235
-265

2,423
3,638
1,005
209

-2,274
-3,722
1,386

-3,878!
-1,674
-663

-4,180
-1,598
-762

-3,426
-1,654
-969

-4, 479
-1,976
-1,105

-6,618
-2,328
-677

-3.793
-3,468
-759

-4,554
-3,625
-720

5,630
3,049
1,308

-5, 393
-2,855
-1,569

-5,376
-3,130
-1,549

-7,052
-4,413
-1,076

-40
-354

-127
-431

-132
-222

162
-5

-485
-623

429

-112
-330

-281
-498

-220
-982

-424
298

-586
-10

-153
-995
2,120

-136
-1,125

-126
-324

-981
-1,524

-232
325

317

235
-730

-105

297
-867

155
-1,122

2,467

1,697

-775
-781
2,981

3,317

382

U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, n e t 6
Gold
Special drawing rights
,
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net
U.S. private assets, net
Direct investments abroad 5
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term _ _.
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital inflow (+))
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 8
Others
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S.
banks, not included elsewhere
Other foreign official assets n

._

Other foreign assets in the United States, net
Direct investments in the United States s_
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16) 12
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances 12
(lines 69, 31, and 32)
Balance on current account (lines 69 and 29)
Transactions in U.S. official reserve assets and in foreign official assets in
the United States:
Increase ( - ) in U. S. official reserve assets, net (line 34)
Increase (+) in foreign official assets in the United States (line 51 less
line 55).
See footnotes on page 50.




442

-369
-677

-84
-776
-771
-800
29
-15
10

-1,301
-2,344
-74
251
792

3,994
86
-356
906

3,488
258
-135
1,016

10,215
319
136
4,414

13,571
832
-68
3,130

1,030
81
2,189

29
149

180
296

85
499

715
759

701
91

1,112
902

1,730

241
262

188
2,694

158
1,607

72
3,799

160
8,726

23
-6,321

-360

-907

-457

628

-206

439

-1,515

867
-244

4,521
5,042
4.320
2,404

5,224
5,897
5,060
3,143

6,801
8,499
7,605
5,718

4,951
7,105
6,059
4,251

3,817
4,514
3,492
1,582

3,800
4,395
3,075
1,270

635
1,621
378
-1,331

607
1,002
-344
-1.993

2,603
2,912
1,354
-382

1,533
1,118

377
1,558

171
1,363

1,222
67

568
-787

52
3,367

-761

-1,187
-1,552

7r~

25
508

1,661
433
435
2
298
930

132
-143
-136
-7
65
210

647
141
-364
282

1,701
73
151
324

427
132
-66
134

995
-5
-149
287

1,656
-5
-146
-85

249
57
-131
-358

1
-91

50
176

3
-112

-13
-23

113

672

-5
933

5
331

53
845

-1,019

-988

-1,122

4,892
4.040
3,404
1,732

5,571
5,529
4 860
3,005

2,145
1,258

606
741

215
603

5,923

3,450
2,260
2,221
39
83
1,106

1,986
816
803
12
429
742

765
233
233

12,270

6,907
9,437
9,410
28
-456
-2,075

1,270
1,409
1,410
-1
152
-291

1,473
655
655

6,938
3,320

2,477
787
-851
389
2,152

-674
-1,529
-1,550
21
113
742

2,477

SURVEY OF CURRENT BUSINESS

June 1977

33

Transactions
dollarsl
1967
1975

1974

1973

1972

1971

1968

1969

1976

Line
I

II

III

IV

I

II

III

IV

I

II

III

IV

65,614

72,664

101,697

138,303

147,600

163,271

11,089

11,553

10,878

12,041

11,594

12,865

12,438

13,037

11,545

14,451

13,643

15,060

1

43,319
1,926
2,534

49,381
1,163
2,817

71,410
2,342
3,412

7,190

7,872

7,940

8,644

8,310

8,732

7,443

9,865

8,936

10,170

975

3,277
1,927

3,555
2,115

4,434
2,513

114,700
5,213
5.806
1,225
6,529
3,522

7,966

699

107,088
3,919
4,839
1,039
5,785
3,543

7,638

615

98,306
2,952
4,032
1,104
5,652
3,070

618

655

712

751

757

844

1,539

1,764

1,960

2,259

2,868

3,586

347

354

399

413

432

478

328
358
67
576
319
98
217
81

287
427
87
630
338
98
229
90

208
502
135
620
327
98
248
80

328
359
83
599
370
99
257
84

299
377
78
588
316
102
257
89

415
465
106
658
348
107
255
95

339
548
140
675
358
112
255
83

340
385
88
627
408
116
257
86

395
442
82
498
341
119
270
83

380
554
113
732
397
120
283
90

415
625
163
735
363
122
299
86

338
422
92
687
433
125
309
84

2
3
4
5
6
7
8
9
10

5,983
2,641

6,416
2,949

8,384
4,330

858
429
120

791
456
154

927
426
117

1,103

1,127

1,425

511
205

946
506
166

1,165

470
247

918
465
164

1,229

826

11,127
8 955
1,287

1,058

796

8,567
7,644
1,119

1,272

888

11,379
7,356
1,028

538
230

523
184

584
231

582
191

649
326

11
12
13

386

555

580

421

484

568

620

622

738

493

739

568

810

14

-159,571 -9,753 -10,236 -10,550 -10,626 -11,030 -11,991 -12,909 -12,382 -11,053 -14,185 -14,392 -14,068

15

3,546

4,492

2,809

1,817

2,217

-65,954

-78,752

-98,177

-136,143

-131,436

-45,579
-4,819
-4,373
-1,290
-3,078
-118
-123
-935
-746

-55,797
-4,784
-5,042
-1,596
-3,461
-155
-139
-1,017
-788

-70,499
-4,629
-5,526
-1,790
-4,591
-209
-176
-1,152
-862

-103,673
-5,035
-5,980
-2,095
- 5 , 818
-160
-186
-1,211
-966

-98,043
-4,795
-6,417
-2,263
-5,535
-287
-193
-1,483
-1,043

-621
-2,428
-1,844

-687
-2,604
-2,684

-699
- 4 , 209
-3,836

-266
-6,491
-4,262

-1,046
-5,788
-4,542

-3,546

-4,492

-2,809

-1,817

-3,701

-3,854

-3,887

u __7f188

-2,043
—542
— 1,117

-2,173
—572
-1,109

-1,938
-693
-1,255

-9,299

-9,929

2,348
866
-249
1,350

32

381
-1,884
—4,181
2,115

-1,568
—3,819
2,086

-19
-26

-21
-26

—28
-27

-24
-29

-22
-32

-28
-33

-170
-207

-179
-257

-184
-157

-189
-149

-189
-210

-189
-201

-99

-99

-729
-192

-919
-188

-117
-994
-212

25
26
27
28

-9,570
- 1 , 251
-602
-187
-645

-84

-92
-481
-156

-107
-508
-188

-101
-602
-185

-2,217

-386

-555

-580

-421

-484

-568

-620

-622

-738

-493

-739

-568

-810

-4,612

-5,023

-744

-919

-818

-644

-664

-771

-753

-765

-663

-931

-681

-719

29

14 -5,475
-694
-1,020

-2,893
-815
-904

—3,146
—930
-948

-485

-509

-364

-393

-471

-454
-103
-208

-376
-188

-564
-102
-265

-335
-104
-243

-374
-102
-243

30
31
32

-14,666

-27,029

-31,548

209

-1,434

-607

9
-33
233

—172
-1,265

-66
-466

3

-75

7g
-2,212
-240

"365
1* -5,001
14 4,826
14 541

-3,463
-5,936
2,476

-243
—811

-396
-1,987

-474
-2,747

-432
-1,015

-612
—2,368

-1,307
—2,199

-933
-5,047

-1,183
-18,333

22,445

21,127

17,753

26,895
26,586
26,59<

10,705
8,499
8,243

6,299

696
114
582

257
383

1,153
4,126
323

1,638
185

11,454
1,890
-214
4,04

-96

-92

-91

-184

-179

-209

-390
-122
-241

-2,382

-2,423

-2,942

-1,859

-3,340

-2,167

-1,396

33

-137

-571

-74

-299
-317

-11

-154
-695

34

22

-48
56

-686

1,362

-1,076
-137

-426

-23

-3l

-228

-73

246

-233
-442

-542
1,083

37
38
39
40
41
42

-92

-96

-166

-314

-447
-156
-215

-42,959

-797

-1,989

-2,154

-3,062

-2,530

1,027

-419

-375

-181
1,012

904

51

15

92

-48

1,007

-424

-462

-1,145

-401

267

-474

-364
-575

-646
- 4 , 213
—6,927 -1,281
194
2 585

-644
-787

-506
-729

-627
-841

-742
-1,171

-730
-939

-523
-789

-279
-823

-471
-993

-721
-997

-647
-702

-362
-797

358

311
-102

265
1

510
34

293
230

373
-98

115
-59

419
16

-1,515
-805
-283

-1,329
-949
-318

-1,587
-531
-519

-1,341
-974
-366

-2,320
-1,159
-498

-834
-899
-546

-881

-57
-81

-165

-82
-118

-80
-15

-13
248

-249

13

123
77

19

-388

-588

121
255

-31

-10

441

-127

183
40

-144

300
130

—36,216 -1,178
-876
-4,596
-265
-8,730

-925
-369
-261

-1,273
-694
-419

-2,255
-1,111
-363

-962
-569
-449

-68
-94

-164

34

-32

71

36
-27

-85

-1,996

-448

-327

-587

-2,357
-11,175

-2,124
-18,780

143
-18

179
-382

-87
-82

-248

33,612

14,336

34,520

90

1,904

2,423

2,521

10,981
4,184
3,282

6,960
5,313
4,408

17,945
9 899
9,333

340
529
52

902
724

905

566

316
390
361
29
64

5,818
254
22,63
3,695

69
378

-3

129

10

1,70
-2,15
2,10

4,938
893

7,37
1,41
2,59
2,50

16,575
2,176
2,783
1,250

-138

270

1,330

(*)

20:

-55

1,464
1 255
1,148
I
-127

1,042

-134

336

87
9

-226

575
70

2,08
1

1,05
11

13c

-6
329

-3
520

-3
34

38

59
22

29
73

1,93

33
-9

-94
33

12
9

-2
90

-1
18

13

95
-6,66

14
4,60

22
4,47

16,00

-28
90

17
10,80

6
-70

2
15

5
1,36

1
79

71
-9,82

71
-1,96

-2,72

-1,55

5,66

9,76

11

-31

22

-22

-2,26
—3^

-6,41
— 6 , OS
—7,7*i
—9,9^

91

-5,36
2,16

-9,21
3,69
1,82
— 1,32^

1,02
1,33
1,07

1,38
1,31

77
32

-5,02

9,04
16,164
14,44
11,55

-1,43
10,25

-60

-2,53
13,00

1,02

-41

5,25

25

1,12

-36
209

i

10,32

5,14

O - 7 7 - 5




-9

44

130
219

49
143

155
-79

958

2,500

2,992

2,99

-1,016
—896
-927

-1,43— 1,40
-1,40

579
582
585

1,09

31
-2
-99

(*)
-19
-12

-2
17

1,973
25

3,93

-98
139

183
34
-611

59

90
39

62

22
855

43
44
45
46
47
48
49

4,47

3,960

847

50

-1,73

-86

1,649
1,857
1,874

-354
-2,331
-2,331

51
52
53
54
55

94 — 1,285
944 -1,27
— 12
(*)
4
-6
104
-37

-585

-54
-4
4
-32

-17
-58

C)331

-150

1,646

56
57

2,31
15

1,89
4

4,72
24

5,33
164

1,201
270

58
59

3

-12
1,388

-3
365

7
396

13
981

60
61

14
113

34
-19

62
63

1,12

i,m

1,31

15
5

16
26

2
22

37
21

15
-8

5
8

-60
69

2
2,26

-1
1,03

11
-20

3,14

2
4,68

12
1,29

17
-402

64
65

-5

-22

65

6

-96

-46

-36

277

66
67

-16
-47
-83

123
267

-22
-74

-100
-665

-1,09
-1,43

600
99
646
273

68
69
70
71

-299
-910

1,70

1,41
1 13

25
564
29

—49:

77

-100

44
77
57
10

-37
39

— 18
1,59

904
-99

-1,41

At

2,413
23

8(

35
36

2,99

O OIK

4,50

3,52
1,57

-800

—99

-57

t

2, 28

236-464

-9,165
-1,221
-1,360
-343
-615

-430
-184

-168
—1,061

2,34
27,4(

-9,742
-1,187
-859
-353
-633

-106
-381
-174

-27,478
-6,264
- 6 , 235

—4,0^

-7,330
— 1 198
-552
-197
-493

-116
-357
-174

-25,960
-1,368
-1,854

— 1,
o;
1 QQJ

-8,634
-1,173
-530
-153
-606

-89

-12,230
-3,195
-671

—1

-8,471
-1,147
-1,239
-282
-619

-316
-138

165

—2

-18
-27
-166
-142

- 8 , 202
-1,112
-753
-291
-582

-83

-8,392
—3,214
—618

—3'

-22
-27
-153
-154

-7,684
-1,103
-508
-159
-560

-319
-148

182

10,422
380

-17
-27
-149
-183

-7,250
-1,112
-546
-141
-554

-93

-9,763
—4,441
— 1,113

-4,45
-17

-15
-26
-148
-208

-6,416
-1,106
-1,327
-248
-515

-336
-138

-2,645
-4,639
2,596
-602

—51
81

-15
-26
-138
-147

16
17
18
19
20
21
22
23
24

- 6 , 586
-1,075
-866
-282
-553

—1,360
—5,681
-4,520

547
-703

153
35

-123,917 -6,614
—4,847 -1,085
-468
—6] 856
-159
—2.542
-536
—6,307
-16
—274
-25
— 194
-131
— 1,846
-152
-1,228

—13

-1,22

9
65
344
-11

-1,07
-57
1,04
600

11
49
20
-17

—4
-1,664

-68

-15
-68

72
73

SUEVEY OF CUEKENT BUSINESS

34

June 1977
Table 1.—U.S. International
[Millions of

(Credits + ; debits - )

Line

Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4 U.S.
assets abroad:
Direct investments 5
Other private receipts
U.S. Government receipts
Transfers of goods and services under U.S. military
grant programs, net.
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreingers
Private payments for other services
U.S. Government payments for miscellaneous
services.
Payments of income on foreign assets in the
United States:
Direct investments 4 5
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants of
goods and services), net.
U.S. Government grants (excluding military
grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow
U.S. official reserve assets, net«
Gold
Special drawing rights
Reserve position in the International Monetary
Fund.
Foreign currencies
U.S. Government assets, other than official reserve
assets, net.
U.S. loans and other long-term
assets
Repayment on U.S. loans 7
U.S. foreign currency holdings and U.S. shortterm assets, net.
U.S. private assets, net
Direct investments abroad 6
Foreign securities
U.S. claims on unaffiliated foreigners reported
by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/
capital inflow (+)).
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities «
Others
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets n
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities.
U.S. liabilities to unaffiliated foreigners reported
by U.S. nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
67 Statistical discrepancy (sum of above items with sign
reversed).
Memoranda:
Balance on merchandise trade (lines 2 and 16) 12
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines
69, 31, and 32).
12
71 Balance on current account (lines 69 and 29)
Transactions in U.S. official reserve assets and in
foreign official assets in the United States:
Increase (—) in U.S. official reserve assets, net
(line 34).
Increase (+) in foreign official assets in the United
States (line 51 less line 55).
See footnotes on page 50.




1970

]

1971

II

III

IV

II

14,996
10,247
268

16,246
11,149
487

15,112
10,141
313

16,129
10,932
433

16,083
11,031
484

17,103
11,341
577

507
103
701
390
132
322
81

624
143
801
449
140
318
83

699
181
843
429
147
323

501
117
768
490
154
325
83

852
124
769
425
155
350
85

157
886
479
155
372
98

1,391
653
202
559

1,126
684
243
739

1,112
661
178
735

1,364
673
289
680

-13,839
-9,474
-1,178
-632
-224
-598
-23
-32
-193
-161

-15,128
-10,034
- 1 , 259
-1,046
-382
-721
-30
-29
-204
-151

-15,564
—9,836
- 1 , 211
-1,607
-398
-785
-28
-27
-207
-210

-125
-995
-204
-559
-793

-97
-933
-243
-739
-862

-884
-273
-735
-805

1972
III

IV

16,151
10,855
433

16,278
10,092
432

17,145
11, 916
316

17,727
12,074
321

17,365
11,619
227

20,428
13,772
299

751
190
907
451
154
397

578
144
715
573
153
421
84

604
135
783
473
157
438
82

742
180
898
531
161
441
95

840
216
951
510
166
440
90

631
167
923
602
171
445
87

II

III

IV

179
883

1,514
642
229
875

1,119
648
167
733

2,081
692
314
1,056

1,338
708
196
1,245

1,397
697
190
982

1,408
752
145
1,290

2,273
793
265
976

-15,040
-10,522
-1,208
-695
-211
-712
-30
-26
-207
-202

-14,859
-10,471
-1,174
-731
-210
-706
-29
-27
-223
-161

-17,109
-11, 975
-1,206
-1,165
-428
-805
-27
-29
-232
-159

-17,770
-11,845
-1,203
- 1 , 677
-392
-846
-30
-32
-240
-231

-16,216
-11,288
-1,236
-800
-260
-721
-32
-35
-240
-205

-18,399
-13,358
-1,222
-862
-280
-805
-38
-31
-254
-164

-19,547
-13,643
- 1 , 272
-1,364
-827
-844
-39
-34
-257
-173

-20,128
-13,709
-1,105
-1,873
-486
-898
-34
-36
-248
-245

-20,678
-15,087
-1,185
-943
-303
-914
-43
-38
-258
-206

-120
-805
-304
-680
-833

-177
-641
-320
-883
-827

-137
-565
-390
-875
-942

-160
-602
-512
-733
-947

-147
-630
-622
-1,056
-986

-187
-585
-614
-1,245
-995

-150
-612
-631
-982
-1,024

-138
-670
-687
-1,290
-945

-212
-737
-752
-976
-890

'-••

660

-444

-444

-400

-448

-466

-525

-504

-548

-605

-636

-435

-100
-249
-2,906

-118
-301
-1,669

-122
-283
-601

-122
-264
-987

-124
-238
-2,719

-142
-275
-2,473

-138
-305
-1,822

-138
-300
-2,285

-142
-248
-3,729

-142
-284
-1,156

-121
-288
-2,032

-166
-289
-3,011

1,022
14
-37
227

801
395
-34
406

1,040
422
140
9

145
109
-592
255

456
196
252

1,373
300
150
851

-8
1
-3
-8

-103
544
-710
-1

-53

-44
-920
-253

122
3

7
185

-15

-16

34
-352

-66
-656

72
-318

2
-246

-245
-340

134
-456

82

-312

373
-663

64

-485

818
-440

-877
373
20

-929
526
-37

-704
308
44

-783
514
-43

-1,258
515
80

-1,299
664
79

-732
408
6

-891
628
17

-904
494
108

-953
600
14

-817
347
14

-1,144
644

-2,035
-1,552
-306

-2,251
-1,629
80

-1,050
-782
-517

-1,715
-450
-333

-2,200
-1,492
-408

-2,655
-1,601

-2,877
-1,217
-346

-2,031
-131
9

-3,324
-1,570
-476

-764
-406
-318

-1,698
-1,040
203

-2,607
-199
-28

-381
-59

-12
-145

-129
72

-64
122

-33
-391

1
-180

-37
-207

-283

-74
-238

-64
-114

20
-157

-125
-302

14
249
1,615

49
-594
1,646

12
293
2,017

-1,070
645

15
109
2,380

-153
-355
5,760

-247
-822
9,058

-227
-1,300
5,248

-189
-777
4,101

-346
484
4,620

-360
-365
6,772

-412
-1,541
5,634

2,320
1,757
1,759
-2
-41
604

788
1,737
1,705
32
-257
-692

1,841
2,736
2,738
-2
31
-926

5,546
6,308
5,312

2,511
3,047
2,811
236

904
196
173
23
110

5,611
5,332
5,335
-2
142
74

1,680
-76
-76

-4
-79
316

11,115
10,731
10,733
-2
-215
599

5,744
5,751
5,751

-1,061

4,490
4,796
4,798
-2
-84
-223

229
1,404

-705
491
16
304

858
104
-35
374

176
245
1
720

-1,312
190
99
792

-2,110
118
179
559

214
-16
1,862
196

-2,057
-437
-794
626

-497
160
-1,269
908

1,590
-221
-3
1,059

3,717
216
961

62
1,161
156
-12
718

123
3,954
229
64
1,769

90
100

325
168

200
211

497
423

164
-265

32
-79

-191
168

379
161

45

226
42

142
-44

178

7
-1,713
867
61

19
-97

22
-1,223

-25
-3,288

-61
-1,720

-71
-1,358

34
-870

-159

87

-2,340

-4,670

-2,038

200
592
710
1,168

2,272

-233

-152
-2,713
717
-775

-620

-73
274
-1,031

-1,483

773
1,157
808

1,115
1,118
700

305
-452
-857

410
1,089
704

560
1,224

-634
-6
-423

-990
-1,620
-2,062

-1,196
62
-376

-1,442
-1,254
-1,645

-1,569
-1,821
-2,247

-2,090
-2,763
-3,172

-1,315
-250
-706

364

256

-1,257

255

397

-947

-2,566

-924

-2,249

-2,845

-3,708

-1,140

-386

1,022

801

1,040

145

-103

-53

122

2,361

1,045

1,810

2,146

4,573

5,624

11,330

5,878

2,609

794

5,468

1,957
3,207
3,207

-134
127

1,373

-61
1,467

1,451

SURVEY OF CURRENT BUSINESS

June 1977

35

Transactions—Continued
dollars]
1975

1974

1973

1976

1977
Line

II

I

III

IV

I

II

III

IV

I

II

III

IV

I

II

III

IV

lv

22,221
15, 610
332

24,771
17, 642
504

24,771
17, 220
489

29,933
20, 938
1,017

31,744
22, 767
644

34,624
25, 295
738

33,135
23,154
720

38,799
27, 090
850

36,864
27, 262
946

36,520
26, 850
888

34,748
24, 638
902

39,467
28, 338
1,183

38,557
27, 288
1,132

40,998
29,389
1,193

39,897
27, 428
1,403

43,819
30, 595
1,486

42,257
29, 417
1,483

3

788
197
996
570
172
474
84

860
243
1,126
589
176
482
97

1,007
323
1, 209
646
180
492
128

757
212
1,103
709
184
513
90

951
233
1,251
670
186
530
88

1,005
266
1,479
754
187
545
102

1,180
355
1,488
746
189
573
111

896
249
1,433
900
189
612
112

1,179
223
1,361
828
189
662
99

1,158
224
1,475
898
189
701
127

1,428
370
1,485
846
189
733
105

1,074
222
1,465
972
191
772
101

1,357
227
1,465
850
198
823
124

1,518
299
1,694
890
207
874
118

1,723
427
1,734
857
216
916
116

1,208
272
1,636
925
224
973
119

1,455
243
1,606
870
227
1,028
135

4
5
6
7
8
9
10

1,926
879
194
723

1,858
988
207
868

1,761
1,160
158
785

2,840
1,304
268
433

2,832
1,396
197
406

2,233
1,746
274
564

2,293
2,106
220
352

4,022
2,108
337
496

1,992
1,920
205
797

1,948
1,801
261
1,202

1,844
1,933
275
54

2,784
1,990
378
164

2,740
2,075
279
50

2,346
2,151
319
86

2,375
2,376
326
156

3,666
2,354
362
94

3,057
2,461
274
32

11
12
13
14

-22,000 -24,834
-16,178 -17,630
-1,169 is -1,231
-1,584
-930
-610
-358
-1,132
-1,025
-49
-56
-43
-40
-284
-282
-173
-174

-25,106
-17,278
-1,067
- 1 , 995
-510
-1,247
-46
-46
-286
-283

-26,237
-19,413
-1,162
-1,017
^312
-1,187
-58
-47
-300
-232

-28,731
-22,103
-1,153
-1,013
-378
-1,230
-43
-48
-297
-185

-34,853
-26, 514
-1,298
-1,661
-685
-1,460
-41
-47
—302
-193

-36,152
-26, 928
-1,265
-2,115
-595
-1,570
-38
-46
-301
-349

-36,407
-28,128
-1,319
-1,191
-437
-1,558
-38
-45
-311
-239

-32,853
-24, 933
-1,317
-1,138
-475
-1,373
-81
-48
-346
-198

-31,349
-23, 082
-1,185
- 1 , 649
-664
-1,313
-83
-48
-361
-220

-33,259
-24,178
-1,096
-2,300
-657
-1,413
-54
-48
-375
-303

-33,975
-25, 850
-1,198
- 1 , 330
-467
-1,437
-69
-49
-402
-323

-36,088
-28,109
-1,160
-1,262
-557
-1,427
-85
-49
-428
-249

-39,228
-30, 317
-1,228
- 1 , 765
-741
-1,528
-83
-49
-448
242

-41,798
-31, 904
-1,237
-2,391
-717
-1,676
-59
-49
-474
-431

-42,458
-33, 587
— 1, 222
-1^438
-527
-1,676
-46
-49
-497
-307

-44,773
-36, 045
-1,350
- 1 , 357
-622
-1,686
-62
-50
-464
-347

15
16
17
18
19
20
21
22
23
24

-276
-1,419
-1,140
-54
-1,019

-270
-1,468
-1,113
-164
-1,226

-335
-1,359
-1,069
-50
-995

-286
-1,457
-1,085
-86
-1,109

-254
-1,439
-1,167
-156
-1,884

-485
-1,426
-1,199
-94
-1,036

-241
-1,360
-1,189
-32
-1,106

25
26
27
28
29

-775

-537

-642

-1,424

-544

-615

30

-236
-255
227

31
32
33

-388
-58

34
35

1

-144
-814
-830
-723
-747

-184
-955
-960
-868
-1,104

-176
-1,159
-1,014
-785
-879

-195
-45
-1,282
-1,268
-1,031
-967
-433
-406
-1,158 H -2,950

-81
-1,524
-1,047
-564
-1,945

-11
-1,845
-1,090
-352
-1,224

-128
-1,855
-1,157
-496
-1,068

-243
-1,514
-1,187
-797
-1,165

-257
-1,387
-1,101
-1,202
-1,203

-376

-429 H - 2 , 609

-1,481

-764

-622

-751

-802

-565

-204
-257
-5,551

-194
-252
-9,937

-200
-214
-8,962

-197
-203
-7,890

-205
-249
-2,962

-214
-238
-11,735

-226
-232
-10,969

-231
-236
-9,781

-238
-223
-8,282

-235
-257
-13,927

-1,003

137

-325

-29

-342

89

-773

-1,578

-407

228

— 16

—25
-95

_9l

14

-7

-57

45
-237

-798

— 18
-716

-461

-389

36
37

-685

-449

-172
-199
-6,410

-171
-248
-2,234

-179
-251
-671

-172
-557
-5,352

-107
-235
-3,723

-189
-276
-7,818

220

17

-13

-15

-210

-358

-13

9
8

-13

(*)
-15

-209

-244

— 123
-728

—20
-84

4
-307

233
-681

(*)
-482

-533

(*)
-949

-1
1^ 1,212

-85
221

-152
-216

241
-851

-14
-l.OS'S

-6
-876

-222
-626

167
-876

-491
—942

-794
-947

327
-1,278

718
-1,047

59
-1,119

38
39

-1,302
651
-30

-1,337
879
-25

-1,027
463
31

-974
604
-579

-1,331
" 2, 723
14 -181

-1,318
948
591

-858
498
144

-1,494
656
-13

-1,657
542
29

-1,580
707
9

-1,245
574
45

-1,454
653
-75

-1,537
649
-54

-1,883
785
151

-1,858
559
21

-1,649
591
11

- 1 , 770
579
72

40
41
42

- 5 , 949
- 2 , 207
55

-1,769
-717
-86

-124
275
-196

-4,388
-546
-445

- 4 , 724
3,233
-600

-7,680
757
-272

- 4 , 332
- 2 , 379
-282

— 9 , 223
- 2 , 980
-699

-7,550
-2,193
-1,931

- 6 , 985
— 2 , 292
-979

- 1 , 994
527
-938

-10,948
-2,306
- 2 , 386

- 9 , 254
- 2 , 427
- 2 , 460

- 7 , 257
-142
-1,357

-6, 597
-1,205
- 2 , 743

-13,108
—822
-2,171

1,734
-532
-649

43
44
45

-136
-673

-50
-152

-155
-347

-55
-815

-128
-1,985

(*)
-588

-138
411

-208
-585

23
323

75
36

-129
-805

-401
-569

-191
-547

145
-1,149

66
657

-10
-957

38
-397

46
47

-273
- 2 , 715
10,537

-326
-437
2,863

176
123
2,061

-510
-2,018
2,293

-178
- 5 , 066
6,062

-913
- 6 , 664
9,597

88
- 2 , 032
8,792

-180
- 4 , 571
9,162

-461
-3,311
2,443

-359
- 3 , 466
3,663

-618
-31
2,416

-919
- 4 , 367
5,814

-289
- 3 , 341
6,856

-377
— 4 , 377
7,385

-978
-2,394
8,201

-480
- 8 , 668
12,079

-541
3,815
3,067

48
49
50

9,990
8,537
7,812
726
217
997

-344
-2,558
- 2 , 746
188
442
1,688

-692
-1,548
-1,550
2
199
657

- 2 , 655
- 3 , 735
- 3 , 401
-334
296
784

-1,072
-1,122
-893
-229
66
92

4,648
3, 085
2,948
136
158
1,341

3,149
-514
-905
391
418
3,246

4, 256
2,736
2,132
604
82
1,253

3, 452
5, 858
5,358
500
428
- 3 , 203

2,279
845
780
65
395
591

-1,603
- 2 , 822
- 2 , 847
25
374
320

2,832
1,432
1,117
315
504
134

3,847
2,066
1,998
68
1,524
-412

4,051
2,482
2,166
316
743
135

3,070
1,326
1,260
66
1,819
-599

6,977
4,025
3, 909
116
852
1,769

5,852
5,079
4,980
99
1,005
-405

51
52
53
54
55
56

239
547
371
-118
1,718

84
3,207
583
-185
489

4,948
584
293
662

6
7,133
1,465
136
712

64
4,949
260
-240
363

i

2,753
351
-204
1,173

5,642
1,211
200
227

185
4, 906
759
601
-925

369
-1,009
93
692
344

448
1,384
526
-390
385

525
4,019
-342
2,124
737

762
2,982
1,137
164
1,038

669
3,009
709
437
1,030

691
3,333
504
-592
131

524
5,131
561
3,026
68

331
5,102
403
-88
21

173
- 2 , 785
827
1,191
879

58
59
60
61

244
2

60
-6

182
272

-188
469

-41
395

-364
754

-160
399

475
386

360
6

62
-6

-101
-37

13
-57

-233
394

-162
-76

-241
-56

-311
69

-238
-195

62
63

153
-1,823

78
2,187

28
951

-32
3,160

155
4,311

7
4,169

-40
3,805

-113
3,723

-25
- 2 , 479

-287
1,094

-114
1,752

146
541

-105
777

-16
3,544

75
1,699

221
4,787

96
-5,345

64
65
66

-3,601

538

-177

520

-2,403

395

1,002

-549

3,672

259

75

1,655

2,638

1,736

3,866

1,523

329

67

-568
991
-150

12
-63
-482

-58
-334
-764

1,525
3,697
2,968

664
3,014
2,672

-1,219
-229
-694

- 3 , 774
- 3 , 018
- 3 , 478

-1,038
2,392
1,946

2,329
4,012
3,598

3,768
5,171
4,770

460
1, 489
1,035

2,488
5, 492
5,041

-821
2,470
2,012

-928
1,770
1,302

-4,476
-1,901
-2,362

- 2 , 992
1,361
869

- 6 , 628
-2,516
-3,007

68
69
70

-526

-1,167

-1,213

2,539

64

-2,174

- 4 , 242

1,324

2,847

3,968

471

4,266

1,475

661

-3, 785

325

-3,622

71

220
9,774

17
-786

-29

-29

57

-13

-15

-210

-358

-1,003

137

-325

-29

-342

89

-773

-1,578

-407

228

-388

72

-891

- 2 , 951

-1,138

4,490

2,731

4,174

3,024

1,884

-1,977

2,328

2,323

3,308

1,251

6,125

4,847

73




SURVEY OF CURRENT BUSINESS

36

June 1977
Table 2.—U.S. International
[Millions

1967

1968

(Credits + ; debits - ) i

Line

III

1

Exports of goods and services 2

IV

Ill

II

IV

11,317

11,235

11,419

11,590

11,780

12,526

13,106

7,688
329
412
88
610
338
98
217
84

7,714
239
392
87
612
345
98
229
84

7,663
242
414

248
83

7,601
341
428
98
604
335
99
257
85

7,944
302
433
101
623
338
102
257
92

8,390
343
431
105
638
350
107
255
87

392
451
102
648
370
112
255
87

858
437
158

834
441
160

1,044
443
150

1,111
460
171

912
473
203

1,117
497
206

1,059
523
209

1,063
528
147

555

580

421

484

568

620

622

738

-10,135

-10,065

-10,224

-10,745

-11,514

-11,874

-12,483

-12,442

-6,668
-1,085
-707
-207
-561
-16
-25
-131
-166

- 6 , 476
-1,075
-843
-205
-547
-15
-26
-138
-169

- 6 , 570
-1,106
-914
-203
-505
-15
-26
-148
-175

-7,152
-1,112
-743
-214
-545
-17
-27
-149
-181

- 7 , 823
-1,103
-760
-207
-587
-22
-27
-153
-170

-8,136
-1,112
-738
-216
-577
-18
-27
-166
-168

-8,576
-1,147
-788
-230
-607
-19
-26
-170
-175

- 8 , 456
-1,173
-744
-232
-596
-21
-26
-179
-247

-338
-137

-95
-326
-150

-97
-320
-145

-95
-344
-166

-104
-383
-175

-95
-439
-182

-98
-482
-165

-92
-496
-180

U.S. military grants of goods and services, net

-555

-580

-421

-484

-568

-620

-622

-738

Unilateral transfers (excluding military grants of goods and
services), net.
U . S . G o v e r n m e n t grants (excluding military grants of g c o i s
and services).
U . S . G o v e r n m e n t pensions a n d other transfers
P r i v a t e remittances and other transfers

-728

-859

-855

-682

-649

-710

-791

-803

Merchandise, adjusted, excluding military 3
Transfers u n d e r U . S . m i l i t a r y agency sales contracts..
Travel
Passenger fares
Other transportation
Fees a n d royalties from affiliated foreigners
Fees a n d royalties from unaffiliated foreigners
Other private services
U . S . G o v e r n m e n t miscellaneous services
Receipts of income on U . S . assets abroad:
Direct i n v e s t m e n t s 4 «
Other private receipts
U . S . G o v e r n m e n t receipts
Transfers of goods and services under U.S. military grant programs, net.
Imports of goods and services
Merchandise, adjusted, excluding m i l i t a r y 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees a n d royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
P r i v a t e p a y m e n t s for other services
U . S . G o v e r n m e n t p a y m e n t s for miscellaneous services
P a y m e n t s of income on foreign assets in t h e U n i t e d States:
Direct i n v e s t m e n t s 4 5
Other private p a y m e n t s
U.S. Government payments

U.S. assets abroad, net (increase/capital outflow (—))
U.S. official reserve assets, net 6
Gold
Special drawing rights
Reserve position in the International Monetary Fund
Foreign currencies
U.S. Government assets, other than official reserve assets, net.
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets,
net.
U.S. private assets, net
Direct investments abroad «
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital in

flow (+)).
Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities
Others
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets "
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term

Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversedi
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines 69, 31, and 32
Balance on current account (lines 69 a n d 29) 12
Transactions in U.S. official reserve assets and in foreign official
assets in the United States:
Increase (—) in U . S . official reserve assets, net (line 34)
Increase ( + ) in foreign official assets in the U n i t e d Statei
(line 51 less line 55).

See footnotes on page 50.




12,523
8,394
356 !
460
104
639
372
116
257
87

-461

-490

-362

-423

-434

-92
-181

-96
-302

-156
-209

-187

-92
-195

-91
-196

-122
-235

-103
-211

-697

-1,859

-2,727

-2,719

-2,827

-3,102

-419
15

-375
92

-181
1,012

-685
904
1,362

-1,932

1,027
51

-137
22

-571
-74

-1,076
-137

-31
1,007
-643
-1,158
214
301

-10
-424

-48
-1,145

-57
-401

-426
267

-23
-474

-364
-575

-543
-740
289
-92

-5
-462
-551
-851
223
77

-685
-889
280
-76

-706
-1,032
342
-16

—632
-895
317
-54

-923
317

-368
-872
409
95

-1,081
-680
-265

-897
-484
-261

-1,801
-931
-419

-1,853
-955
-363

-883
-359
-449

-1,163
-675
-283

-954
-318

-1,658
-866
-519

-164
95

36
-76

-85
-478

34

-39

-2&5

-32
-535

-57
-156

-165
-26

143
-172
337

179
-262
1,841

-87
-324

130
26
1,233

49
313
2,156

155
-358
2,601

4
-86

2,296

28
2,465

1,161

446

1,095

-558

-1,915

359

(15)

(15)

(15)

(15)

(15)

(15)

3,447
1,337

(15)

(15)

-10
is 448

6
-212
is 1,301

32
-18
is - 5 7 2

-1
45
is - 1 , 959

-1
1
15 359

-1
-43
s 1,381

133

680
70
-61
329

1,850
12
-36
520

1,370
112
go
34

1,791
251
22
855

4,071
5
86
1,122

2,242
23
-8
1,124

2,110
41
36
1,31:

125
94

-24
90

-19
183

3
132

154
53

210
268

88
227

211

-889

20
256

55
1,135

16
1,105

516

25
2,355

-l:
800

119
128

-94

-293

91

-165

-166

394

377

449
845
562
163

121
266
-21
-383

254
652
365
-58

322
623
266
-168

-62
81
-233
-722

904

-137

-571

-1,076

-540

-1,960

358

-412
64

-3
246
15 918

1, 020
1,182
909
454

1,238
1,170
772
311

1,093
1,195
830
340

1,027

-419

-375

-181

456

1,307

690

915

1,

SURVEY OF CUEEENT BUSINESS

June 1977

37

Transactions—Seasonally Adjusted
of dollars]
1970

1969

1971

Line

I

II

I

IV

III

II

I

IV

III

II

IV

III

11,789

14,007

14,359

14,544

15,323

15,722

15,862

15,577

16,285

16,656

17,057

15,617

1

7,486

9,485

9,581

9,862

10,366

10,704

10,822

10,577

10,988

10,965

11,646

9,720

412
502
108
528
366
119
270
86

327
514
112
710
394
120
283
84

452
514
119
705
377
122

337
513
111
709
396
125
309
84

281
574
131
737
419
132
322
83

435
579
139
776
441
140
318
77

357
575
134
809
450
147
323
89

428
603
140
791
448
154
325
83

507
623
153
817
457
155
350
88

506
609
148
851
469
155
372
92

494
624
147
864
473
154
397
82

419
678
167
745
528
153
421
85

2
3
4
5
6
7
8
9
10

1,156

1,172

1,378

1,194

1,264

1,156

1,270

1,616

1,312

1,785

574
232

1,267
596
238

1,224

630
226

638
236

658
242

678
241

672
220

663
209

662
215

643
230

652
212

684
232

11
12
13

493

739

568

810

559

739

735

680

883

875

733

1,056

14

-11,686

-13,953

-13,887

-14,175

-14,542

-14,860

-14,971

-15,202

-15,654

-16,736

-17,116

-16,448

15

-7,589
-1,198
-821
-255
-518

- 9 , 572
-1,187
-834
-264
-631

- 9 , 271
- 1 , 221
-850
-277
-632

-9,375
- 1 , 251
-868
-284
-675

-9,847
- 1 , 259
-1,005
-293
-716

- 9 , 963
- 1 , 211
-1,010
-320
-764

-10,310
- 1 , 208
-1,019
-310
-708

-10,765
-1,174
-1,083
-275
-755

-11,722
- 1 , 206
-1,078
-332
-795

-11, 948
-1,203
-1,059
-315
-812

-11,144
-1,236
-1,153
-368
-716

-30
-29

-28
-27

-30
-26

-29
-27

-27
-29

-30
-32

-32
-35

-204
-180

-207
-176

-207
-186

-223
-174

-232
-188

-240
-193

-240
-191

16
17
18
19
20
21
22
23
24

299
89

-28
-27

-24
-29

-22
-32

-28
-33

-184
-175

-189
-178

-189
-178

-189
-186

- 9 , 746
-1,178
-946
-292
-628
-23
-32
-193
-183

-98

-111
-743
-191

-105
-914
-196

-102
-982
-202

-115
-998
-208

-109
-947
-241

-105
-875
-285

-111
-797
-290

-157
-656
-336

-146
-579
-402

-176
-594
-514

-142
-599
-592

25
26
27

-739
-874

-568
-719

-810

-739
-810

-680

-883

-875

-839

-860

-825

-894

-733
-980

-1,056

-751

-559
-786

-735

-651

-1,004

28
29

-347

-520

-379

-403

-417

-404

-444

-471

-439

-486

-550

-568

30

-99

-102
-252

-104
-236
-2,673

-102
-246
-1,423

-100
-269
-2,137

-118
-288

-122
-267
-1,459

-124
-262

-142
-266

-138
-292

-138
-298

-1,025

-122
-273
-1,543

-2,062

-2,006

-2,597

-686

-154
-695

264
-44

805
14

584
395

-2,632
-187

—254

—251

659
456
17
252
-66

1,194

—270
-253

824
422
—76

31
32
33
34
35
36
37
38
39
40
41
42

-605
-188
-493

-205
-1,936

-48
56
-31
-73

-2,730
-299
-317

831

227
818

406
34

469

682
109
—55
255
373

-399
-740

-348
-864

-423
-860

-419
-829

-573
-1,130

-567
-1,227

-387
-894

-355
-929

318
68

430
-89

508
8

370
67

412
-2

573
-16

541
119

477
30

525
49

-1,284
-859
-546

-810
-413
-139

-2,002
-1,267
-306

-1,482
-1,224

-1,704
-897
-517

-1,864
-1,025
-333

-2,171
-1,162
-408

-2,098
- 1 , 241
-368

-3,404
-1,332
-346

-2,090
-706

80

9

43
44
45

-13
154

-249

-381

-64
64

-33

1

-37

-322

-132

-300

-99
-307

46
47

-11
-233
-442

-542
1,083
-459
-845

177
-33

-1,799
-964
-498

-80

-703
-847

344
104

-228
246
-632
-943
361
-50

-1,482
-894
-366

-82
-50

-406
-854

59

-12

-129

135

15

-61

-28

34

9

300
—29
851
72

1
-182

-8
2

123

19

12

80

15

-335

-141

-178

14
-77

49

-213

-314

-145

-586

-261

-153
-205

-247
-1,142

-227
-760

48
49

3,459

3,940

3,584

1,292

1,942

907

1,708

1,370

2,995

4,926

8,611

5,913

50

-619

1,116
(U)

-1,209

} (»)-11
-80
i*-1,118
4,668

(15)

-46
99
15 -672

121

-585
(15)

2,713
(15)

861
(15)

-16
-26

-1
257

-1
-32

is 1,158

15-841

is 2,746

1,291

31
-206
15 1,036

2,045
(15)

(15)

-1
42
15 1,250

5,159
(15)

-1
-260
is 2,306

5,558

o

-79
15 5,240

10,395
(15)

(15)

-2
-13

51
( 52
I 53
54
-2
-197
55

5,783

(»)
-2

-223
15 10,620

»5 5,982

56
57

-632
-16
1,862

-1,784
-437
-794

130
160

58

-1,269

59
60

196

626

908

61

-89
168

225
161

62
63

34
-89
179

is 5,573

417
245
1
720

-675
190
99

304

-35
374

792

179
559

195
-19

122
100

366
168

299
211

325
423

-265

45
-79

128
1,368

17
420

7

19

22

-25

-71

-950

-1,081

-2,479

-152
-2,806

-61

-1,811

-2,579

-1,187

217

179

-151

-434

216
358

179

513

180

-664

217
-17

217

-390

-919

-2,125

-5,154

-1,625

64
65
66
67

310
472
132
-247

487
369
21

857
862
456
52

859
891
496
52

267
375
-14

223
631
245

-757

-80

-59

-382

620
781
412
-5

-302

-201
-548

-87
54
-300
-820

-485

-194

-488
-974

-489
-1,039

-1,424
-831
-1,267
-1,835

68
69
70
71

-48

-299

-686

-154

264

805

584

824

682

659

1,194

-187

72

-1,129

-718

1,142

-842

5,571

10,618

5,980

73

4,559
164
-35
365

2,468
152
79
396

1,877

-771

270

491

-125
1,388

13
981

16

173
-83

101
80

232
113

-6
3,075

21
3,863

-975
-103

246

103




2,745

46
104

1,067

1,249

2,305

-2,164
118

203

5,238

SURVEY OF CURRENT BUSINESS

38

June 1977
Table 2.—U.S. International Transactions—
[Millions of

1972

(Credits + ; debits - ) 1

Line

II
2

Exports of goods and services .
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts. Travel.
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreignersOther private services
U.S. Government miscellaneous services
Receipts of income on4 U.S. assets abroad:
Direct investments 5
Other private receipts
U.S. Government receipts.
Transfers of goods and services under U.S. military grant programs, net.

30

64
65
66
67
67a

70

Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures.
Travel
Passenger fares.
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unafnliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income onc foreign assets in the United States:
Direct investments *
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net.
Unilateral transfers (excluding military grants of goods and
services), net.
U.S. Government grants (excluding military grants of goods
and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))_
U.S. official reserve assets, net •__
Gold....
Special drawing rights
Reserve position in the International Monetary F u n d . .
Foreign currencies
U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term assets.
Repayments on IT.S. loans f
U.S. foreign currency holdings and U.S. short-term assets,
net.
U.S. private, assets, net
Direct investments abroad s
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States ,net (increase/capital inflow (+)).
Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities 8
Other 9 .
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets "
Other foreign assets in the United States, net
Direct investments in the United States «
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns:
Long-term
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
'..
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Of which seasonal adjustment discrepancy
Memoranda:
Balance on merchandise trade (lines 2 and 16) 12
Balance on goods and services (lines 1 and 15)
Balance on goods, services, and remittances (lines 69, 31, and
32).
Balance on current account (lines 69 and 29) »2
Transactions in U.S. official reserve assets and in foreign official assets in the United States:
Increase (—) in U.S. official reserve assets, net (line 34)
Increase (-f) in foreign official assets in the United States
(line 51 less line 55).

See footnotes page 50.




1973
III

IV

II

III

IV

17,257

17,290

18,362

19,755

22,259

24,064

26,186

29,190

11, 791
332
673
161
840
506
157
438
85

11,696
281
695
171
854
517
161
441
87

12, 493
255
713
170
899
537
166
440
94

13, 401
295
736
197
962
555
171
445

15, 417
347
836
230
1,047
608
172
474

16,960
455
817
236
1,072
574
176
482
90

18,463
531
860
258
1,140
678
180
492
130

20,570
1,009
899
251
1,175
653
184
513
91

1,337
707
230

1,492
703
192

1,654
751
190

788
184

1,927
879
234

1,990
1,002
210

2,101
1,151
202

2,366
1,298
181

1,245

982

1,290

976

723

868

785

433

-19,086
-13, 489
- 1 , 222
-1,232
-377
-857
-38
-31
-254
-192

-18,990
-13,296
-1,272
- 1 , 231
-395
-827
-39
-34
-257
-203

-19,647
-14,027
-1,105
- 1 , 250
-401
-850
-34
-36
-248
-200

-21,030
-14, 985
13 -1,185
-1,329
-423
-927
-43
-38
-258
-193

-22,834
-16,360
-1,169
-1,338
-465
-1,075
-56
-40
-282
-207

-24,114
-17, 208
13-1,231
-1,394
-449
-1,110
-49
-43
-284
-206

-24,740
-17, 742
-1,067
-1,375
-439
-1,182
-46
-46
-286
-227

-26,490
-19,189
-1,162
-1,419
-437
- 1 , 224
-58
-47
-300
-222

-157
-601
-636
-1,245
-1,002

-lfil
-634
-641
-982
-979

-155
-661

-130
-849

-185

-1,290
-966

-214
-708
-727
-976
-907

-723
-760

-1,030

-201
-1,126
-1,003
-785
-911

-183
-1,248
-1,001
-433
-1,187

-586

-558

-573

-457

-361

-621

-494

-463

-142
-274
-2,590
429
544
-178
-1
64
-211
-794
540
43

-142
-279
-1,115
-231

-166
-284
-3,295
-111

-172
-227
-6,303
220

-171
-238
-2,174
17

-179
-238
-745
-13

-172
-552
-5,446
-15

-171
185
-245
-271
-853
538
44

-121
-272
-2,928
-55
3
-177
-15
134
-518
-977
435
24

-177
-16
82
-566
-1,194
573
55

-13
233
-574
-1,177
694
-91

-13

-15

-423
-1,222
789
10

-608
-1,207
558
41

-1,042
-1,034
555
-563

-2,808
-1,002
-476

-613
-300
-318

-2,355
-1,260
203

-2,618
-653
-28

-5,949
-2,207
55

-1,769
-717

-124
275
-196

-4,388
-546
-445

-74
-174

-64
-121

20
-261

-125
-255

-136
-673

-50
-152

-155
-347

-55
-815

-189
-893
4,565

-346
536
4,009

-360
-697
6,364

-412
-1,145
6,189

-273
-2,715
10,537

-326
-437
2,863

176
123
2,061

-510
-2,018
2,293

1,792

-344
-2.558
-2,746
188
442
1,688

-692
-1,548
-1,550
2
199
657

-2,655
-3,735
-3,401
-334
296
784

-89
15 2,898

25
136
15 831

-2
141
15 4,675

-2
195
151,476

9,990
8,537
7,812
726
217
997

1,520
-221
-3
1,059

3,017
216
-83
961

62
1,488
156
-12
718

123
4,397
229
64
1,769

239
547
371
-118
1,718

84
3,207
583
-185
489

2,753
351
-204
1,173

4,948
584
293

-59
45

208
42

260
-44

185
178

244
2

60
-6

182
272

-188

200
499
178
678

83
1,590
178
-393

-73
483
177
-1,362

-61
2,033
177
-889

153
-1,823

78
2,187

28
951

-32
3,160

-2,900
701

392
-146

-1,851
-1,674

1,640
1,120

-1,698
-1,829
-2,245

-1,600
-1,700
-2,121

-1,534
-1,285
-1,678

-1,584
-1,275
-1,725

-943
-575
-974

-248
-50
-459

721
1,446
1,029

1,381
2,700
1,976

-2,831

-2,679

-2,251

-2,182

-1,335

-1,080

535

1,513

429
3,134

-231
856

-55
4,735

-111
1,597

220
9,774

17
-786

-13
-891

-15
-2,951

3,045

992
(15)

(15)

4,876

(15)

(15)

SURVEY OF CURRENT BUSINESS

June 1977

39

Seasonally Adjusted—Continued
dollars]
1974

1975

1976

1977

Line

I

IV

III

II

I

II

III

I

IV

III

II

IV

IP

31,675

33,664

35,296

37,668

36,907

35,719

36,780

38,195

38,589

40,236

42,196

42,252

42,693

1

22,460

25,033

26, 601

27,018

25, 851

26, 562

27, 657

26, 998
1,095

28, 379

29, 603
1,472
1,494

29, 720
1,457
1,477

29,476
1,432
1,431

2
3

638

24, 212
'683

781

850

924

874

957

972
270

969

1,021

1,070

1,160

1,137

1,240

1,164
1,302

267

289

262

241

277

259

267

1,189
1,492
312

1,303

1,415

1,523

1,438

1,414

1,427

1,506

1,551

1,628

706
186

738

278
1,411
789
189

866
189
662

887
189
701
119

886
189

885
198

106

904
191
772
102

2,163
1,859

2,225
1,869

2,097
1,957

2,851

284

309

284

2,122
325

1,343

327
1,671

319

283

1,679

1,699

879
207
874
109

897
916
117

861
224
973
121

2,596
2,225

2,823
2,294

346

366

907
227

93

573
113

837
189
612
113

1,421

2,462
1,802

2,791
2,057

3,260
2,076

229

291

260

248

1,959
242

406

564

352

496

797

1,202

54

164

50

86

-34,199
-25, 563
-1,317
- 1 , 548
-569
-1,428
-81
-48
-346
-247

-30,688
-22,566
-1,185
-1,529
-526
-1,316
—83
-48
-361
—275

-32,645

-33,906
-25, 431
-1,198
-1,713

-37,020

-38,691

-41,297

-42,567

-45,865

-28, 324
-1,160
-1,698
-644
-1,488
-85
-49
-428
-283

- 2 9 , 914
- 1 , 228
-1,637
-596
-1,536

-32,387
-1,237

-33, 292
- 1 , 222
-1,811
-662
-1,683

- 3 6 , 456
-1,350
-1,796
-722
-1,758

-227
-1,606
-1,219

-300
-1,359

-317
-1,446

-286
-1,510
-1,091

-54

-164

-50

-86

-156

-94

-32

-1,070

-1,238

-1,029

-1,015

-1,936

-1,045

530
94
2,866

187
545

105
2,082

733

823
131

216

4
5
6

7
8

1,028

9

143

10

2,857
2,314

3,199
2,519

11

250

349

12
13

156

94

32

14
15
16
17
18
19
20

-29,997

-33,805

-35,628

- 2 2 , 607

-25,696
-1,298
-1,499

-27, 374
-1,265

-504
-1,440
-41
-47
-302
-252

-513
-1,483
-38
-46
-301
-247

-36,713
-27, 996
-1,319
- 1 , 552
-596
-1,596
-38
-45
-311
-231

-36
-1,350
-1,001
-406

-84
-1,592

-23
-1,778
- 1 , 076

-123
-1,771
-1,135

-564

-352

-496

-797

-256
-1,436
-1,107
-1,202

-2,979

-1,850

-1,263

-1,098

-1,195

-1,110

" -2,606

-1,399

-811

-660

-753

-718

-617

-805

-544

-556

-1,475

-107
-266

-189
-262

-204
—248

-194

-197
-195

-205
-248

-214
-219

-226
-259

-231

-244

-200
-242

-228

-238
-223

-3,545

-7,771

-5,689

-10,023

-8,749

-11,836

-10,751

-9,779

-8,409

-14,022

-358

-1,003

137

-325

-7,881
-29

-3,081

-210

-342

89

.

-1,578

-407

228

—29

—20

—4

— 16

21

—45

— 18

-84
241

-307

-7
-6

-57
167

-237
-491

-798
-794

-716

—29
-461

-389

-14

05
-95
222

327

718

59

-977

-723

-1,497
595

-1,402

-944
-1,778

683
151

-1,4C5
- 2 , 058
632
21

-1,142
-1,689

733
-54

11

663
72

36
37
38
39
40
41
42

-13,108
-822
-2,171

1,734
-532
-649

43
44
45

38
-397

46
47

-1,153
-1,445
-482
-1,299
-43
-48
-297
-236

14

-1,050

-1,484

-24, 483
-1,096
- 1 , 627
-574
-1,347

-54
-48
-375
-257

-1,125

-594

-1,444
-69
-49
-402
-265
-263
- 1 , 387
-1,091

- 1 , 098

-773

-83
-49
-448
-313

-1,710
-640
-1,600
-59
-49
-474
-325

-62

-497
-308

-464

21
22
23

-310

24

-284
-1,378

-473
-1,347

-1,154

-1,177

-225
-1,451
-1,221
-1,145

27
25
26
28
29

-572

-627

30

-235
-238

-236
-282

31
32

-46
-49

-50

451
-388

-58

14

-209

-244

-1

-85

— 123
-728
-152

n 1,389
-1,191
14 2, 788
!4 - 2 0 8

267
-1,212

-354
-1,053

-937
-1,545

864
615

575
124

598
10

-874
-1,527
624
29

-867
-1,472
607
2

— 745
-1,440
650

- 4 , 724
3,233

-7,680

- 9 , 223
- 2 , 980
-699

-7,550
-2,193
-1,931

-6, 985
— 2 , 292
-979

-10,948

- 9 , 254

527

-7,257
-142

-6, 597
-1,205

-938

- 2 , 306
- 2 , 386

-2,427

-272

- 4 , 332
- 2 , 379
-282

-1,994

-600

- 2 , 460

-1,357

- 2 , 743

-128
-1,985

— 138
411

—208
-585

23
323

36

— 129
-805

—401
-569

— 191

-588

-547

145
-1,149

657

— 10
-957

-913
-6,664
9,597

88
- 2 , 032
8,792

-180
-4,571

-461
-3,311

-359
- 3 , 466

—618

-919

- 5 , 066
6,062

-31

- 4 , 367

-289
-3,341

-377
-4,377

9,162

2,443

3,663

2,416

5,814

6,856

7,385

-978
-2,394
8,201

-480
- 8 , 668
12,079

-1,072
- 1 , 122
-892
-229
66
-22

4,648
3,085
2,948
136
158
1,341

3,149
-514
-905
391
418
3,246

4, 256
2,736
2,132

3,452
5, 858
5,358

2,279

— 1,603
—2,822
-2,847
25
374
320

2,832
1,432
1,117

3,847
2,066
1,998

4,051
2,482
2,166

68

316
743

3,070
1,326
1,260
66
1,819
-599

6,977
4,025
3,909
116
852
1,769

-1
5,642
1,211
200
227

331
5,102
403
-88
21

-311

-178

757

6

64

7,133
1,465
136
712

4,949
260
-240

-41
395

-364

363

754

-160

399

604
82

500
428

1,253

- 3 , 203

185

369

4,906

-1,009

759
601

93
692
344

-925

845
780
65
395
591

45

315
504
134

1, 524
-412

135

66

762

669

691

4. 019
-342
2.124

2, 982
1,137

3,009

3,333

164

709
437

-592

385

'737

1,038

1,030

131

524
5,131
561
3,026
68

-162

-241

-76

-56

448 I

1, 384
526
-390

525

504

536

-895
-1,630

-541
3,815
3,067
5,852
5,079
4,980

33
34
35

48
49
50
51

- 2 , 785

52
53
54
55
56
57
58

827
1,191
879

59
60
61

-238
-195

62
63

99
1,005

-405

173

475
386

360
6

62
-6

— 101

13
-57

-233

-37

-113
3,723

-25

-287
1,094

— 114
1,752

146
541

-105

-16

75

221

96

64

- 2 , 479

777

3,544

1,699

4,787

-5,345

65

1,004
1,553

4,793
1,121

297
38

—2,400
-2,475

2,971
1,316

3,355

1,865

717

129

1,244
-2,622

3,303
1,780

799
470

67
67a

1,455
2,708
2,266

3,285
5,031
4,639

2,079
4,135

2,226
4,289
3,856

-1,326

438

-3,572
-315
-788

-6,980
-3,172
-3,690

68

1,084

-1,535
1, 545
1,086

- 2 , 784

3,682

1,513

3,921

3,065

3,051

540

530

-1,037

-1,360

-4,317

70
71

-325
3, 024

-29

-342
-1,977

89

1,884

2,328

-773
2,323

-1,578
3,308

-407
1,251

6,125

-388
4,847

72
73

155

7

-40

4,311

4,169

3,805

-1,216
1,187

166
-229

-1,507

-147
1,678
1,305

-1,484
-141
-592

-2,341
-332
-784

-1,395
955

-1,301

-1,991

-1,595

-143

-210
— 1,137

-358
4,489

-1,003

137

2,731

4,174

394

69

66




- 2 , 509

517

1,569

899

228

69

SURVEY OF CURRENT BUSINESS

40

June 1977
Table 3.—U.S.
[Millions of

1968

Line

1970

1971

1972

1973

1974

1975

1976

Balance of payments adjustments to Census trade data:
EXPORTS
Merchandise exports, Census basis,' including reexports and excluding military
grant shipments.

34,063

37,332

42,659

43,549

49,199

70,823

97,908

107,130

114,807

228

77
26
3
242

-914

-1,193

83
17
4
248
522
-1,109

82
26
25
275
556
-1,191

80
25
28
331
608
-839

85
65
50
404
1,158
-1,278

94
45
89
557
1,250
-1,753

92
62
459
601
1,148
-2,620

73
353
659
1,551
-2,975

Adjustments:

10

Private gift parcel remittances
Virgin Island exports to foreign countries
Gold exports, nonmonetary
Inland U.S. freight to Canada
U.S.-Canadian reconciliation adjustments, n.e.c., n e t 2
Merchandise exports transferred under U.S. military agency sales contracts identified
in Census documents. 3
Other adjustments, n e t 4
Of which quarterly allocation of annual seasonal adjustment discrepancy *
Equals: Merchandise exports, adjusted to balance of payments basis, excluding
"military" (table 1, line 2).

132

-73

45

-51

103

113

216

146

'33,626

36,414

42,469

43,319

49,381

71,410

98,306

107,088

114,700

33,226

36,043

39,952

45,563

55,583

69,476

100,252

96,116

120,677

108
211
-300
-249
-5

168
221
-354
-237
-34

242
162
-179

386
240
-463
-185

423
367
-528
-189
141

641
514
-205
-310
383

1,927
966
174
-337
691

1,938
330
-206
-293
158

2,469
939
-196
-299
327

32,991

35,807

39,866

45,579

55,797

70,499

103,673

98,043

123,917

33,626

36,414

42,469

43,319

49,381

71,410

98,306

107,088

114,700

10,539

11,626

14,167

13,589

14, 950

2,027
5,991
2,521

2,069
6,804
2,753

2,543
8,299
3,325

2,405
8,008
3,176

2,742
8,589
3,619

21,216
16, 708
3,760
12,377
4,508

28,164
21,744
4,706
16,491
6,420

29,884
22,854
4,881
17, 358
7,030

31,938
24,965
5,071
19,171
6,973

Eastern Europe
Canada 2
Latin American Republics and Other Western Hemisphere.

239
8,157
5,296

267
9,114
5,541

382
9,478
6,514

420
10,927
6,462

900
13,109
7,227

2,047
16,710
9,961

1,737
21,842
15,820

3,249
23,537
17,108

4,055
26,336
16,839

Japan
Australia, New Zealand and South Africa
Other countries in Asia and Africa

2,950
1,400
5,045

3,505
1,355
5,006

4,650
1,593
5,685

4,053
1,693
6,175

4,963
1,542
6,690

8,356
2,247
10,873

10,724
3,757
16, 262

9,567
3,508
20,235

10,195
3,920
21,417

32,991

35,807

39,866

45,579

55,797

70,499

103,673

98,043

123,917

12,813

15,661

19,774
15,816
3,527
11,619
3,958

24,267
19, 244
4,123
14,398
5,023

20,764
16,513
3,736
12,146
4,251

23,004
17,743
4,160
12,823
5,261

-3

IMPORTS
Merchandise imports, Census basis* (general imports)

-

Adjustments:
Virgin Islands imports from foreign countries
Gold imports, nonmonetary
U.S.-Canadian reconciliation adjustments, n.e.c., n e t 2
Merchandise imports of U.S. military agencies identified in Census documents 3 . Other adjustments, n e t 6
Of which quarterly allocation of annual seasonal adjustment discrepancy. 5
Equals: Merchandise imports, adjusted to balance of payments basis, excluding
"military" (table 1, line 16).
Merchandise trade, by area, adjusted to balance of payments basis, excluding
military: 7
EXPORTS
Total, all countries (A-10)
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding E . C . (9)

Seasonal adjustment discrepancy (Bl less B2, 7-12)_
IMPORTS
Total, all countries (A-18)
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding E . C . (9)

10,214

10,238

11,294

2,075
5,924
2,215

2,112
5,851
2,275

2,214
6,674
2,406

2,477
7.600
2,7?6

2,946
9,126
3,589

Eastern Europe
Canada2
Latin American Republics and Other Western Hemisphere.

205
8,597
5,138

9,940
5,217

218
10,696
5,912

225
12,214
6,116

363
14,493
7,066

601
17,694
9,644

977
22,392
18, 658

734
21,711
16,177

875
26,346
17,203

Japan....
,.
Australia, New Zealand and South Africa
Other countries in Asia and Africa

4,079
924
3,834

4,893
1,059
4,261

5,894
1,128
4,724

7,278
1,158
5,775

9,076
1,413
7,725

9,665
1,852
11,269

12, 414
2,019
22, 946

11,257
2,242
25,158

15,531
2,478
38,480

635

607

2,603

-2,260

-6,416

911

-5,367

9,045

-9,217

2,873

776

-711

3,897
2,500
583
2,093
1,397

9,120
6,341
1,145
5,212
2,779

8,934
7,222
911
6,348
1,712

Seasonal adjustment discrepancy (B14 less B15, 20-25)
BALANCE (EXCESS OF E X P O R T S + )
Total, all countries
Western Europe
European Communities (9)
United Kingdom
European Communities (6)
Western Europe, excluding E . C . (9)
Eastern Europe
Canada2
Latin American Republics and Other Western Hemisphere.
Japan
Australia, New Zealand and South Africa
Other countries in Asia and Africa
Seasonal adjustment discrepancy (BIS less B26).
See footnotes on page 50.




-48
67
306

-43
953
478

329
1,625
919

-72
408
440

-204
-537
30

1,442
892
233
758
550

34
-440
158

68
-826
324

164
-1,218
602

195
1,287
346

537
1,384
161

1,446
-984
317

760
-550
-2,838

2,515
1,826
931

3,180
-10
-364

-1,129
476
1,211

-1,3?
296
745

-1,244
465
961

3,225
535
400

4,113
129
1,035

-1,309
395
-396

-1,690
1,738
-6,684

-1,690
1,266
-4,923

-5,336
1,442
-17,063

325

SURVEY OF CURRENT BUSINESS

June 1977

41

Merchandise Trade
dollars]
Seasonally adjusted

Not seasonally adjusted

II

I

1977

1976

1975

III

IV

I

II

III

IV

Iv

1975

1976

1977

I

II

III

IV

I

II

III

IV

Line

Iv

27,033

26,548

25,013

28,536

27,313

29,635

27,301

30,558

29,424

26,811

25,586

26,955

27,884

27,035

28,654

29,482

29,698

29,478

1

21
14
203
140
280
-510

18
17
127
160
360
-436

17
13
78
145
195
-752

36
18
51
156
313
-922

20
19
30
156
413
-720

22
12
27
179
294
-690

22
17
157
157
369
-728

22
25
139
167
475
-837

29
14
214
167
416
-794

21
14
203
144
280
-510

18
17
127
148
360
-436

17
13
78
154
195
-752

36
18
51
155
313
922

20
19
30
159
413
-720

22
12
27
165
294
-690

22
17
157
167
369
-728

22
25
139
168
475
-837

29
14
214
172
416
-794

2
3
4
5
6
7

-53

81

56

-71

150

57

-90

133

46

-53

27,262

26,850

24,638

28,338

27,288

29,389

27,428

30,595

29,417

55
—26
27,018

31
25
25,851

-98
—27
26,562

122
-28
27,657

42
— 15
26,998

-105
-15
28,379

117
-16
29,603

30
-16
29,720

29,476

8
9
10

24,388

22,834

23,591

25,303

27,322

29,418

31,402

32,535

34,990

25,026

22,325

23,904

24,892

27,503

28,979

31,845

32,198

35,401

11

565
52
41
-94
-19

373
50
-121
-48
-6

492
124
-50
-86
67

609
105
-42
-62
177

568
167
106
-72
130

512
305
-215
-109
9

780
362
-45
-56
11

724
347
-12
-37
33

373
50
-121
-48
-13

23,082

24,178

25,850

28,109

30,317

31,904

33,587

36,045

22,566

508
104
-76
-65
108
—8
24,483

492
124
-50
-86
59
—8
25,431

609
105
—42
-62
211
34
28,324

568
167
106
-72
166
36
29,914

512
305
-215
-109
49
40
32,387

780
362
-45
-56
53
42
33,292

724
347
-12
-37
33

24,933

565
52
41
-94
-27
g
25,563

36,456

12
13
14
15
16
17
18

27,262

26,850

24,638

28,338

27,288

29,389

27,428

30,595

29,417

27,018

25,851

26,562

27,657

26,998

28,379

29,603

29,720

29,476

1

8,462
6,407
1,477
4,796
2,055

7,114
5,381
1,154
4,078
1,733

6,491
4,981
1,103
3,724
1,510

7,817
6,085
1,147
4,760
1,732

7,390
5,750
1,145
4,442
1,640

7,961
6,168
1,216
4,775
1,793

7,366
5,727
1,279
4,287
1,639

9,221
7,320
1,431
5,667
1,901

8,748
6,790
1,387
5,169
1,958

8,C67
6,201
1,410
4,661
1,866

6,889
5,221
1.163
3, 905
1,668

7,431
5,635
1,208
4, 253
1,796

7,497
5,797
1,100
4,539
1,700

7, 49
5,572
1.088
4, 323
1,477

7,679
5,967
1,220
4,565
1,712

8,430
6,491
1,394
4,916
1,939

8,780
6,935
1,369
5,367
1,845

8,392
6,584
1,327
5,023
1,808

2
3
4
5
6

655
5,484
4,237

535
6,330
4,381

705
5,419
4,021

1,354
6,304
4,469

1,127
6,306
4,149

1,084
7,151
4,225

928
6,023
4,111

916
6,856
4,354

855
6,989
3,860

598
5,593
4,382

544
5,800
4,289

864
5, 981
4,150

1,243
6,163
4,287

1,017
6,444
4,288

1,083
6,563
4,128

1,136
6,646
4,255

819
6,683
4,168

790
7,146
3,988

7
8
9

2,612
844
4,968

2,358
863
5,269

2,260
829
4,913

2,337
972
5,085

2,408
906
5,002

2,462
1,038
5,468

2,613
973
5,414

2,712
1,003
5,533

2,808
961
5,196

2,499
844
4,907

2,392
863
5,115

2,367
829
5,076

2,309
972
5,137

2, 302
906
4,937

2,498
1,038
5,316

2, 725
973
5,573

2,670
1,003
5,591

2,687
961
5,134

10
11
12

-41

—136

49

55

508
104
-76
-65
116

128

74

-135

6

378

13

24,933

23,082

24,178

25,850

28,109

30,317

31,904

33,587

36,045

25,563

22,566

24,483

25,431

28,324

29,914

32,387

33,292

36,456

14

5,650
4,540
1,033
3,364
1,110

4,904
3,917
911
2,858
987

4,745
3,768
851
2,777
977

5,465
4,288
941
3,147
1,177

5,526
4,200
973
3,047
1,326

5,727
4,422
1,051
3,165
1,305

5,620
4,307
1,057
3,072
1,313

6,131
4,814
1,079
3,539
1,317

6,463
5,004
1,142
3,660
1,459

5,663
4,566
1,057
3,364
1,097

4,857
3,889
886
2,858
968

4,834
3,808
878
2 777
1^026

5,410
4, 250
915
3,147
1,160

5,529
4,222
993
3, 047
1,307

5,672
4,392
1,025
3,165
1,280

5,735
4,355
1,089
3,072
1,380

6,068
4,774
1,053
3,539
1,294

6,462
5,026
1,163
3,660
1,436

15
16
17
18
19

205
5,165
4,207

153
5,474
4,015

173
5,146
4,225

203
5,926
3,730

199
5,943
4,188

215
7,041
4,091

239
6,379
4,204

222
6,983
4,720

222
6,976
5, 823

205
5, 232
4,076

153
5, 223
4,110

173
5,506
4,282

203
5, 750
3,709

199
6,070
4,082

215
6,694
4,175

239
6,819
4,255

222
6,763
4,691

222
7,165
5,679

20
21
22

3,098
516
6,092

2,589
563
5,384

2,716
594
6,579

2,854
569
7,103

3,482
556
8,215

3,854
589
8,800

4,065
631
10, 766

4,130
702
10, 699

4,132
571
11,858

3,161
552
5,868

2, 588
561
5,547

2,631
566
6,693

2,877
563
7,050

3, 545
590
7,916

3,854
590
9,050

3,956
606
10,933

4,176
692
10,581

4,212
611
11,439

23
24
25

A73

—202

—131

393

—336

-156

99

806

666

26

2,329

3,768

460

2,488

-821

-928

-4,476

-2,992

-6,628

1,455

3,285

2,079

2,226

-1,326

-1,535

-2,784

-3,572

-6,980

27

2,812
1,867
444
1,432
945

2,210
1,464
243
1,220
746

1,746
1,213
252
947
533

2,352
1,797
206
1,613
555

1,864
1,550
172
1,395
314

2,234
1,746
165
1,610
488

1,746
1,420
222
1,215
326

3,090
2,506
352
2,128
584

2, 285
1,786
245
1,509
442

2,404
1,635
353
1,297
769

2,032
1,332
277
1,047
700

2,597
1,827
330
1,476
770

2,087
1,547
185
1,392
540

1,520
1,350
95
1,276
170

2,007
1,575
195
1,400
432

2,695
2,136
305
1,844
559

2,712
2,161
316
1,828
551

1,930
1,558
164
1,363
372

28
29
30
31
32

450
319
30

382
856
366

532
273
-204

1,151
378
739

928
363
-39

869
110
134

689
-356
-93

694
-127
-366

633
13
-1,963

393
361
306

391
577
179

691
475
—132

1,040
413
578

818
374
206

868
-131
-47

897
-173

597
-80
-523

568
-19
-1,691

33
34
35

-486
328
-1,124

-231
300
-115

-456
235
-1,666

-517
403
-2,018

-1,074
350
- 3 , 213

-1,392
449
-3,332

-1,452
342
-5,352

-1,418
301
-5,166

-1,324
390
-6,662

-662
292
-961

-196
302
-432

-264
263
-1,617

-568
409
-1,913

-1,243
316
-2,979

-1,356
448
-3,734

-1,231
367
-5,360

-1,506
311
-4,990

-1,525
350
-6,305

36
37
38

21

-93

-288

39




-678

432

66

180

-338

410

June 1977

SURVEY OF CURRENT BUSINESS

42

Table 3.—U.S. Merchandise
[Millions of

Line

1968

1969

1970

1971

1972

1973

1974

1975

1976

Merchandise trade, by principal e n d - u s e category, adjusted to balance of payments
basis, excluding military:

EXPORTS
33,626

36,414

42,469

43,319

49,381

71,410

98,306

[07,088

114,700

Agricultural products
Nonagricultural products
Foods, feeds, and beverages
Foods, feeds, and beverages—agricultural_.
Grains
Soybeans

6,297
27,329

6,096
30,318

7,374
35,095

7,830
35,489

9,514
39,867

17,978
53,432

22,411
75,895

22,242
84,846

23,380
91,320

4,806
4,724
2,821
804

4,694
4,588
2,524
820

5,864
5,745
3,072
1,210

5,956
2,975
1,340

7,493
7,322
4,033
1,511

15,185
14,881
9,682
2,772

18,608
18,330
11,592
3,539

19,197
18,870
12,633
2,876

19,795
19,374
12,216
3,323

Industrial supplies and materials.
Agricultural
Nonagricultural
Fuels and lubricants
Petroleum and products 8.__

11,054
1,500
9,554
1,098
504

11,811
1,433
10,378
1,231
478

13,891
1,526
12,365
1,703
521

12,800
1,786
11,014
1,709
517

14,096
2.094
12,002
1,710
494

20.036
2,916
17,120
1,952
611

30,644
3,819
26,825
3,598

30, 797
3,161
27,636
4,758
1,004

32,507
3,729
28,778
4,666
1,091

Capital goods, except automotive
Machinery, except consumer-type
Civilian aircraft, complete—all types..
Other transportation equipment

11,111
8,642
1,405
142

12,369
9,992
1,266
143

14,588
11,707
1,528
221

15,302
11,704
1,918
317

16,816
13.270
1,675
374

21,848
17, 332
2,315
453

30,410
24,191
3,395
590

35,841
29,142
3,188
779

38,726
31,751
3,221
779

Automotive vehicles, parts, and engines.
To Canada »
To all other areas

3,453
2,378
1,075

3,888
2,736
1,152

3,870
2,692
1,178

4,698
3,512
1,186

5,485
4,267
1,218

6,878
5,251
1,627

8,625
6,205
2,420

10,631
7,088
3,543

12,100
8,429
3,671

Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments, not included in lines C 4-20-

2,334

2,576
1,076

2,783
1,473

2,898
1,523

3,565
1,926

4,792
2,671

6,382
3,637

6,542
4,080

8,003
3,569

32,991
5.204
27, 787

35,807
5,090
30,717

39,866
5,774
34,092

45,579
5.777
39,802

55,797
6 520
49,277

70,499
8,502
61,997

103,673
10,395
93,280

98,043
9,518
88,525

123,917
11,215
112,702

'otal (A-10).

Seasonal adjustment

discrepancy

(Cl less C4, 8,13,17,

20, and 21)

IMPORTS
23
24
25

Total (A-18)

27
28
29

Agricultural products
Nonagricultural products
Foods, feeds,
and beverages
Industrial
supplies
and materials.
Fuels and lubricants
Petroleum and products 8

30
31
32

5,271

5,239

6,156

6,375

7,272

9,128

10,585

9,677

11,585

14,411
2,539
2,384

14,447
2,847
2,649

15,444
3,175
2,929

17,527
3,974
3,649

21, 064
5,101
4,651

28,211
8,967
8,414

54, 686
27,489
26,591

51, 373
28,519
27,018

64,725
37,079
34,573

Capital goods, except automotive
Machinery, except consumer-type.
Civilian aircraft, engines, parts

2,840
2,652
188

3,279
3,102
177

4,004
3,813
191

4,287
4,061
226

5,800
5,323
477

8,132
7,514
618

9,544
9,139
547

11,061
10,656
405

33
34
35

Automotive vehicles, parts, and engines.
From Canada
From all other areas

3,956
2,279

4,934
3,082
1,852

5,570
3,201
2,369

7,425
4,040
3,385

8,781
4,713
4,068

10,319
5,326
4,993

12,078
5,672
6,406

11,849
5,92"
5,921

16,364
8,056
8,308

36
37

Consumer goods (nonfood), except automotive
All other, including balance of payments adjustments, not included in lines C 26-36.

5,375
1,138

6,616
1,292

7,580
1,112

8,579
1,386

11,377
1,503

13,219
1,490

14,786
1,994

13,735
1,723

18,436
1,746

34,636

38,006

43,224

44,130

49,759

71,339

98,507

107,591

114,997

301
28, 335
27, 762

6,090
31,916
31, 242

7,349
35,875
35,310

7,7
36, 344
35, 763

9,505
40, 254
39, 695

17,862
53,477
52, 961

22,260
76, 247
75, 648

22,095
85,496
85,035

23,273
91,724
91,534

4,813
2 822
810
1 182

4,688
2,516
822
1,350

5,
3,071
1,216
1,552

6,054
2,968
1,327
1,759

7,489
4,054
1,508
1,927

15, 075
9,691
2,76:
2,615

18,459
11,55'
3,537
3,37:

11 004
1 081
828
1 022
466
524
2 764
2 266

11,771
1,22!
906
923
286
540
2,74
2,40^

13,782
1,701
1,139
1,051
378
488
3,051
2,646

12, 691
1,700
1,089
1,303
589
462
2,984
2,707

13,980
1,707
1,152
1,386
508
639
3,227
3,303

19,766
1,926
1,459
2,29S
94C
681
4,483
4,703

271
74
1,502

37
1,12'
1,541

54'
1,381
1,76?

95;
1,23C

281
990
1,295

645
1,554
2,016

30,396
3,638
2,59C
3,23,
1,35:
83:
7,41
5,936
925
2,96C
2,871

11,07:
8,641
1,557
7,08£
1,526
7(K

12, 341
9,991
1,856
8,136
1,68C
77'
3,44:
41;
1,
59!

14,37:
11,57
2,07
9,492
1,965
901
3,87(
35£
1,705
69:

15,11
11,59:
2,11
9,48
1,88*

21,512
17,046
3,521
13,52J
2,788
1,326
5,283
665
2,36;
1,09!

29,92:

361
1,701
72S

16,690
13.135
2,543
10,592
2,133
963
4,316
485
1,838
857

2,23.
1,26!
121

2,66i
1,52!
14

3,28!
1,91!
24i

3,217
1,707
339

4,06!
2,31£
39*

26

38
D

Seasonal adjustment

discrepancy

(C23 less C26, 27, 30, 33, 36, and 37)

Merchandise trade, by end-use category, Census basis,1 including military grant
shipments:
Merchandise exports, Census basis, including military grant shipments (A-l)
Agricultural products
Nonagricultural products
Excluding military grant shipments
Foods, feeds, and beverages
Grains and preparations
Soybeans
Other foods, feeds, and beverages
Industrial supplies and nmaterials 10
Fuels and lubricants
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.)
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel10
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, including parts and attachments
Nonelectrical, including parts and attachments
Construction machinery and nonfarm tractors
Textile and other specialized industry-machinery
Other industrial machinery, n.e.c
Agricultural machinery and farm tractors
Business and office machines, computers, etc
Scientific, professional, and service-industry equipment
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types _
Other transportation equipment
See footnotes on page 50.




2,32
1,40
10

,
12,57
2,86S
3,61
30,18*
4,769
2,487
2,605
1,001
85

19,67'
12,193
3,315
416<

7,353
5,654

2,706
2,962
l,05
922
8,05(
6,81.

84
2,89C
2,733

72
2,354
2,779
38,331
31,37

18, 76$
4,047
1,852
7,319
994
3,07
1,471

35,45
38,829
5,384
23,445
5,916
1,99:
9,4;
1,431
2,97i
1,66<

5,60
3,36
546

5,90:
3,16!
72:

6,186
3,211

23, H
5,001

6,677
24,697
5,941

m

1,61
3,296
1,884

T

SUKVEY OF CURRENT BUSINESS

June 1977

43

Trade—Continued
dollars]

Not seasonally adjusted

Seasonally adjusted
1976

1975

III

IV

I

II

1977

IV

I

II

III

IV

29,417

27,018

25,851

26,562

27,657

26,998

28,379

29,603

29,720

29,476

1

6,430
22,987

6,087
20,931

4,919
20,932

5,544
21,018

5,692
21,965

5,410
21,588

5,843
22,536

6,239
23,364

5,888
23,832

6,133
23,343

2

5,016
4,935
2, 007
1,273

5,341
5,255
3,629

4,106
4,024
2,593

4,815
4,741
2,803

4,935
4,850
3,608

4,609
4,528
2,979

766

477

906

727

720

4,960
4,861
3,016
780

5,360
5,226
3,180
860

4,866
4,759
3,041

494

5,544
5,406
3,041
1,237

4,909
4,811
2,667
1,118

4
5
6
7

8,073
838
7,235
1,147
269

8,536
1,082
7,454
1,294
318

8,525
1,374
7,151
899
302

8,089
799
7,312
1,349
241

7,633

7,493
805
6,686
1,083

7,582

7,658

258

241

8,322
1,028
7,313
1,174
269

8,539
1,038
7,510
1,206
318

8,558
1,176
7,349
1,039

246

7,988
846
7,101
1,200
263

302

10
11
12

10,186
8,205
943

8, 601
6,992
786
180

8,887
7,304
759
157

9,005
7, 230

9,348
7,616

9,104
7,675

10, 224
8,206

870
219

773

514

927

223

201

9,534
7,837
790
169

9,864
8,033

270

9,617
8,226
516
120

990
254

9,447
8,202
431
114

13
14
15
16

3, 238
2,379
859

2, 266
1, 532
764

2, 085
1,779

2,883
1,978

920

2,850
2,029
856

3,023
2,117
880

3, 052
2,101

899

2,797
1,799
960

3,175
2,182
1,011

3,202
2,353
886

18
19

2,141
880

1, 500
1,142

1, 531

1, 654

1,911
895

2,001

844

1,797
1,100

1,963

994

794

981

2,128
899

2^154
938

20
21

19

15

—46

23

— 111

268

22

25, 563
2, 313
23,250

22,566
2.280
20, 280

29,914
2, 767
27,147

32,387
2.914
29, 473

33,292
2,885
30, 407

36,456
3,613
32,843

23

2,838

3,065

3,018

15,714 | 17.411
8, 823
10, 014
8,252
9,408

17,550
10,145
9,342

19,163
11, 631
11,069

28

3,061
2,953
107

30
31
32

26,850

24,638

28,338

27,288

29,389

27,428

30,595

6,385
20,877

4,754
22,096

4,790
19,848

6,313
22,025

5,694
21,594

5,679
23, 710

5,424
22,004

6,583
24, 012

5,449
5,387
3, 629
893

4,004
3,938
2,593

4,182
4,094
2,803

5,562
5,451
3,608

4,855
4,776
3,016

4,671
4,527
3,180

494

537

952

4,725
4,665
2,979
816

776

8,049
934
7,115
1,177
241

7,894
7,127
1,307
259

7,275
647
6,628
1,071
246

7,579
813
6,766
1,203
258

7,626
965
6,661
935

8,272
844
7,428
1,290
263

8,818
7,020
962

9,367
7,600
896

9,294
7,605
722
239

9,304
7,700
652
208

10,067
8,157
961

187

170

8,362
6, 917
608
183

178

9,169
7,689
665
123

2,308
1, 560

2,424
1, 515
909

3, 022
2, 059
963

2,885
2, 052
833

3, 232
2,325

2, 657
1,782

748

2,877
1,954
923

907

875

3,326
2,270
1,056

1,550
1,088

1,641
1,067

1,593
802

1, 758
1,123

1,899

2,101
862

1,923
935

2,080
923

24,933
2,336
22, 597

23,082
2,349
20, 733

24,178
2,406
21, 772

25,850
2,427
23,423

28,109
2, 684
25,425

30,317
2,814
27,503

Line

III

27,262

849

1977

II

IV

II

241

1976

I

III

I

767

I*

1975

31,904
2, 793
29, 111

33, 587
2,924
30, 663

36,045
3, 610
32,429

776
0,820
1,213
259

24,483
2, 501
21,982

781

817

6,818
1,113

6,854
1,086

12

—29

25,431
2, 418
23,013

28,324
2, 649
25,675

117

155

924

963

IP

3

8
9

17

24
25

2,246

2,351

2,518

2, 562

2, 610

2,877

2,970

3,128

3,576

2,293

2,315

2, 590

2,473

2, 664

14,076
7,488
7,084

11,838
6,191
5,858

12, 443
7,330
7,003

13, 016
7, 510
7,073

14,477
8, 549
7,998

15, 422
8,474
7,904

17, 013
9, 737
9,179

17,813
10,319
9,492

19, 618
12, 249
11,659

13, 709
7, 086
6, 698

12, 000
6, 474
6,142

12, 750
7, 545
7,190

12,854
7,414
6,988

14, 050
8,097
7,571

2,427
2,283
144

2,439
2,274
165

2,294
2,185
109

2, 526
2, 397
129

2, 576
2, 465
111

2,791
2, 095
90

2,719
2, 622

2,975
2,874

3,034
2,927

101

107

2, 367
2, 216
165

2,376
2,241
109

2,522
2,393
129

2, 572
2,475
111

2,716
2, 636
96

2,812
2,685

97

2,421
2,289
144

97

2,961
2,860
101

2, 666
1,293
1,373

2,929
1,550
1,379

2,818
1,355
1, 462

3, 436
1,729
1,707

4, 060
1,907
2,153

4,424
2,175
2,249

3, 724
1, 806
1,918

4,156
2,168
1,988

4,488
2, 394
2,094

2,586
1,262
1,294

2, 683
1,440
1,249

3,203
1, 623
1,553

3, 377
1,602
1,825

3,959
1, 860
2,056

4,077
2,032
2,057

4,224
2,152
2,046

4,104
2,012
2,149

4,405
2,339
1,998

33
34
35

3,127
391

3,131
394

3, 620
485

3,857
453

3, 861
525

4, 327
470

5,125
353

5,123
392

4,961
368

3,380
406

3, 231
403

3, 383
480

3,741
428

4,193
538

4,487
486

4,793
356

4,963
366

5,380
374

36

-493

—311

36

-404

— 971

27,020

27,954

27,055

28,687

29,606

29,711

29,508

1

6, 229
23, 377
23,253

5,853
23,858
23,845

6,070
23,438
23,408

2

768

348

330

3, 664

409

26
27
29

37
38

27,186

26,721

25,078

28,606

27,333

29,668

27,425

30,571

29,454

26,964

25,759

6,347
20,839
20, 686

4, 692
22,029
21,850

4,791
20, 287
20, 222

6, 265
22, 341
22, 271

5, 647
21, 686
21, 066

5, 004
24,004
23, 971

5, 414
22, 011
21, 887

6, 548
24, 023
24, 010

6,307
0, 049
23,087 i 20,915
23,057
20, 762

4, 857
20,902
20, 729

5, 545
21, 475
21,410

5, 644
22, 310
22, 240

5, 363
21, 692
21, 672

5,828
22,859
22, 826

5, 413
3, 607
899
908

3, 936
2, 569
475
892

4,184
2,825
532
827

5, 516
3,570
959
986

4, 677
2, 965
811
901

4,841
3,024
770
1,041

4, 656
3,174
491
991

5, 503
3, 030
1, 237
1, 236

4,958
2,051
1,258
1,048

5, 305
3, 007
772
954

4,038
2,569
458
879

4,817
2,825
901
902

4,889
3, 570
734
878

4,561
2,965
715
946

4,946
3,024
780
1,032

5,345
3,174
857
1,085

4,825
3,030
963
1,106

4,851
2,651
1,103
1,096

5
6

7,802
1,178
638
684
314
219
1,918
1, 444

7,732
1,315
562
677
271
184
1,821
1, 406

7,165
1,072
617
634
247
159
1,805
1,360

7,489
1,204
670
610
169
290
1,809
1,444

7,572
961
704
666
203
301
1,916
1,651

8,213
1,293
080
751
204
151
2,080
1,739

7,881
1,150
661
735
284
169
2,004
1, 630

8,339
1,293
655
810
307
301
2,044
1,787

8,247
899
053
994
500
305 !
2,124
1,893

7,842
1, 350
038
019
237
231
1,907
1,402

7,471
1,221
562
628
235
207
1,780
1, 347

7,383
1,084
017
709
334
200
1,804
1,427

7,492
1,114
670
649
195
214
1,862
1,478

7,004
1,112
704
602
137
314
1,904
1,602

7,929
1,203
686
688
211
171
2,039
1, 665

8,130
1,177
661
814
365
216
2,001
1,716

8,342
1,205
655
858
345
221
2,106
1,830

8,280
1,039
653
914
390
316
2,111
1,838

9
10
11
12
13

197
789
735

257
790

217
692
611

176
619
667

145
577

204
013
091

216

113
543
723

227
817
725

234
748
712

197

189
640
659

169
000

185
579
680

198

173
587
709

132

17

594
718

160
570
720

566
716

18
19

8,706
6,922
1,309
5,613
1,317
499
2,278
331
765
422

9,250
7,501
1,382
6,119
1,586

9,212
7,541
1,412
6,129
1,551
502
2,537
349

9,199
7,598
1,528
6,070
1,470
465
2,475
421

10,084
8,105
1,765
0,340
1,408
529
2,589
308
903
483

9,498
8,110
1,780
0,324
1,309
506
2,545
441
948

9,328
8,086
1,763
6,311
1,401

515

8,926
7,178
1,350
5,864
1,509
491
2,351
357
742
413

10,122
8,106
1,764
6,334
1,477

751
412

8,770
7,205
1,328
5,856
1,498
510
2,361
358
733

9,266
7,552
1,415
6,131
1,567
486
2,511
392

764
469

9,072
7,595
1,708
5,887
1,420
466
2,376
356
820
450

8,489
6,894
1,291
5,594
1,342
505
2,250
323

772
419

9,984
8,070
1,070
0,400
1,577
525
2,535
472
809

8,999
7,573
1,505
0,054
1,509

2,424
426
733
429

8,283
6,865
1,281
5,584
1,462
469
2,234

749
427

411
751
457

20
21
22
23
24
25
26
27
28
29

1,605
955
180

1,590
889
159

1,447

1,393
649
208

1,354
662
123

1,709
941
270

1,207
513

1,423

1,432

1,232

173

770
208

511

120

752
146

1,549
868
195

1,497

779

720

522

324
705
390
1,259
606
159




719
224

650

482
1,730

959
178

408

085
037

042

471
2,447

201
1

588
748

9,451
7,756
1,608
6,123
1,491
513
2,467
398
809
458

9,767
7,939
1,800
6,186
1,464
489
2,503
394
862

477

414
874
492

1,544
788
169

1,654

1,756

1,138

924
155

988
254

428
114

512

512

2,558

2,520
431

932
501

3
4

7
8

14
15

16

30
31
32

SURVEY OF CURRENT BUSINESS

44

June 1977
Table 3.—U.S. Merchandise
[Millions of

Line

1968

1969

1970

1971

1972

1973

1974

1975

1976

Automotive vehicles,
parts and engines
To Canada9
To all other areas
,.
Passenger cars, new and used
Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.c
Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem stones, precious and nonprecious).

3,453
2,378
1,075
982
432
2,038

3,888
2,736
1,152
1,023
531
2,334

3,652
2,474
1,178
837
560
2,255

4,396
3,210
1,186
1,183
601
2,612

5,119
3,901
1,218
1,322
686
3,112

6,343
4,716
1,627
1,825
853
3,665

8,162
5,742
2,420
2,334
1,350
4,478

10,077
6,534
3,543
2,885
2,095
5,097

11,238
7,567
3,671
3,263
1,996
5,979

2,334
890
1,344
99

2,576
1,020
1,429
128

2,719
1,009
1,587
123

2,847
1,086
1,629
133

3,492
1,448
1,859
185

4,705
2,027
2,345
333

6,267
2,848
3,097
321

6,458
2,796
3,405
257

7,897
3,518
4,052
327

Special category (military-type goods)

1,110

1,645

1,359

1,490

1,180

1,583

2,134

2,996

2,605

851
414

1,087
543
544

1,503
869
634

1,533
895
638

1,808
1,008
800

2,354
1,261
1,093

3,168
1,805
1,363

3,372
1,883
1,490

3,236
1,562
1,674

33,226

36,043

39,952

45,563

55,583

69,476

100,252

96,116

120,677

5,271
1,916
1,140
640
3,355

5,239
1,700
894
638
3,538

6,154
2,085
1,159
725
4,069

6,366
2,111
1,167
764
4,255

7,265
2,165
1,182
832
5,101

9,113
2,707
1,570
925
6,406

10, 570
4,069
1,505
2,247
6, 501

9, 644
3,747
1, 561
1,865
5,898

11, 549
4,144
2,632
1,154
7,405

14,159
2,514
2,359
1,431
2,749
1,180
148
689
732
1,072

14,160
2,800
2,577
1,595
2,658
1,142
117
709
691
1,187

15,106
3,085
2,795
1,578
2,866
1,209
111
836
710
1,001

16,965
3,762
3,375
1,651
3,153
1,411
89
955
698
1,334

20, 322
4,882
4,369
1,756
3,703
1,538
157
1,130
878
1,959

26,713
8,295
7,758
2,129
4,160
1,594
191
1, 346
1,029
2,433

51,306
25, 540
24,661
3,006
5, 670
1,597
254
2,499
1,320
1,956

48,819
26,631
25,195
2,732
4,952
1,178
343
2,229
1,201
1,540

60,902
34,598
32,211
3,375
6,092
1,574
392
2,579
1,546
2,362

6, 393
608
2,123
2,734
869

5,920
626
1,914
2,360
1,020

6,576
706
2,191
2,650
1,030

7,065
714
2,871
2,406
1,074

8,023
759
3,071
2,910
1,284

9,696
970
3,196
3,731
1,799

15,135
1, 356
5,559
5,810
2,409

12,965
1,744
4, 605
4,483
2,133

14, 475
1,872
4,379
5, 569
2,656

2,819
2,631
682
1,949
460

3,244
3,067
817
2,250
502

3, 816
3,623
1,017
2,606
566

4,127
3,900
1,157
2,742
692

5,572
5,135
1,588
3,548

7,584
6,990
2,413
4,577
1,037

9,302
8, 666
3,142
5,524
1,127

9, 554
9,007
2, 866
6,141
1,217

10,945
10, 540
3,767
6,773
1,269

750
337
225
178

849
347
339
212

971
359
471
239

916
364
531
239

1,144
497
662
337

1,546
667
875
452

2.027
850
974
546

2,331
998
1,012
584

2,504
1,056
1,284
659

188
109

177
110
5,288
3,436
1,853
3,355
705
1,228

191
48
5,894
3,525
2,369
3,710
720
1,464

227
40

437
58

636
97

548
81

405
94

7,917
4,532
3,385
5,091
835
1,991

9,327
5,259
4,068
5,730
1,129
2,468

595
81
10,886
5,893
4,993
6, 526
1,282
3,078

11, 961
5,555
6,406
7,307
1,452
3,202

11, 673
5,752
5,921
7,135
1,302
3,235

16,154
7,846
8,947
2,062
5,146

567

6,616
3,535
2,480
601

7,553
4,068
2,960
525

8,561
4,682
3,315
563

11,355
6, 469
4,123
762

13,185
7,406
4,785
994

14,751
8,627
5,165
958

13,712
7,307
5,478
927

18,410
9,653
7,485
1,272

1,346

1,471

1,400

1,627

1,742

1,993

2,362

2,714

2,717

Exports, n.e.c, and reexports
Domestic (low-value miscellaneous).
Foreign (reexports).12
Seasonal adjustment discrepancy (Dl less D5, 9, 20, 33, 39, 43, and 44).

Merchandise imports, Census basis, (A-ll)
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
C ane sugar
Other foods, feeds, and beverages
Industrial supplies and materials 10
Fuels and lubricants n 12
Petroleum and products «
Paper and paper base stocks
Materials associated with nondurable goods and farm output, n.e.s_
Textile supplies and materials
Tobacco, unmanufactured
Chemicals, exluding medicinal
Other (hides, copra, materials for making photos, drugs, dyes). _.
Building materials, except metals
Materials associated with durable goods output, n.e.s.10
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel.
Nonmetals (gums, oils, resins, minerals, rubber, tires, etc.)
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specialized-industry machinery and nonfarm tractors.
Other industrial machinery, n.e.s
Agricultural machinery and farm tractors
Business and office machines, computers, etc
Scientific, professional and service-industry equipment, and miscellaneous
transportation equipment.

87

Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
_
Automotive vehicles,
parts, and engines 13
13
From Canada
From all other areas
Passenger cars, new and used Trucks, buses, and special vehicles
Bodies, engines, parts and accessories, n.e.s
Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems, nursery stock)
Imports, n.e.s. (low value, goods returned, military aircraft, movies, exhibits).
Seasonal adjustment discrepancy (D48 less D49, 54,69,80,86,90)

See footnotes on page 50.




4,256
2,579
1,677
2,796
479
5,375
2,799
2,009

SURVEY OF CURRENT BUSINESS

June 1977

45

Trade—Continued
dollars]
Seasonally adjusted

N o t seasonally adjusted

I

19'5

I

II

II

III

IV

Iv

2,646
1,813
833
769
428
1,449

3,089
2,182
907
893
557
1,639

2,453
1,578
875
616
494
1,343

3,050
1,994
1,056
985
517
1,548

3,055
2,196
859
915
476
1,664

2,164
1,430
764
624
407
1,141

1,739
754
914
71

1,870
833
951
86

2,078
930
1,057
91

1,893
825
994
73

2,056
930
1,050
77

2,107
920
1,105
82

1,535
655
818
62

II

III

IV

2,206
1,458
748
618
405
1,184

2,696
1,772
923
725
579
1,392

2,337
1,429
909
594
593
1,150

2,838
1,875
963
948
518
1,371

1,525
641
818
65

1,618
716
839
63

1,576
685
834
58

I

1977

1976

1975

1976

III

IV

2,504
1,598
899
672
529
1,291

2,710
1,712
960
781
627
1,302

2,699
1,794
920
808
532
1,363

1,508
669
839
56

1,637
720
834
63

I

1977

Line

II

III

IV

2,611
1,781
856
783
434
1,401

2,880
1,978
880
832
508
1,521

2,848
1,901
924
812
523
1,521

2,899
1,907
1,011
836
531
1,536

3,019
2,170
886
931
484
1,612

33
34
35
36
37
38

1,778
752
914
76

1,882
852
951
81

1,940
868
1,057
81

1,971
868
994
81

2,104
930
1,050
84

2,120
942
1,105
78

39
40
41
42

IP

625

617

755

999

639

664

664

638

717

625

617

755

999

039

064

664

638

717

43

908
452
456

873
489
385

779
463
316

812
479
333

729
362
367

800
415
385

805
380
425

902
405
497

872
385
487

959
475
480

811
462
344

811
480
334

791
466
332

772
382
385

746
392
344

841
396
451

877
392
494

925
407
513

44
45
46

45

40

-19

40

-13

131

40

-96

268

47

24,388

22,834

23,591

25,303

27,322

29,418

31,402

32,535

34,990

25,026

22,325

23,904

24,892

27,503

28,979

31,845

32,198

35,401

48

2,239
881
372
412
1,358

2,343
993
318
599
1,349

2,510
1,044
467
522
1,467

2,552
829
404
332
1,724

2, 603
887
552
230
1,716

2,867
1,030
599
339
1,838

2,961
1,112
678
343
1,848

3,118
1,115
803
242
2,003

3, 570
1, 607
1,265
194
1,962

2, 286
881
372
531
1,383

2,307
993
318
541
1,344

2,588
1,044
467
427
1,536

2, 463
829
404
366
1, 635

2, 657
887
552
299
1,744

2,828
1,030
599
307
1,829

3,056
1,112
678
281
1,930

3,008
1,115
803
267
1,902

3, 658
1,607
1,265
236
1,988

49
50
51
52
53

13, 314
6, 885
6,497
763
1,422
285
135
684
318
298

11, 399
5,855
5,536
731
1,207
252
115
567
274
438

11,782
6, 865
6, 553
663
1,028
267
50
440
271
417

12,324
7,026
6, 609
575
1,295
374
43
538
338
387

13, 714
7,958
7,432
694
1,576
405
187
605
378
469

14,519
7,893
7,326
892
1,538
395
98
676
370
588

16,144
9,247
8,727
905
1,444
381
45
629
390
656

16, 525
9,500
8, 726
884
1,534
393
62
669
408
649

18, 419
11, 510
10,937
880
1,709
394
104
755
456
683

12,947
6, 483
6, 111
754
1 354
285
105
663
300
320

11,621
6,138
5,820
708
1,198
252
100
548
277
386

12, 089
7,080
6, 740
677
1,101
267
80
475
293
402

12,162
6,930
6, 524
593
1,299
374
58
543
331
432

13,287
7, 506
7,005
685
1,497
405
147
586
356
499

14,811
8,242
7, 674
861
1,527
395
88
655
375
512

16, 542
9,524
8,956
920
1,540
381
74
672
419
626

16, 262
9, 326
8,576
909
1,528
393
83
666
396
725

17,964
10,892
10,347
874
1,632
394
76
737
436
756

54
55
56
57
58
59
60
61
62
63

3,946
427
1,733
1,218
569

3,169
487
1,124
1,057
501

2,808
417
850
1,041
500

3,042
413
898
1,167
563

3,018
303
925
1,186
603

3, 608
466
1, 023
1, 467
653

3,891
591
1,129
1,490
682

3,958
512
1,302
1, 426
718

3, 637
269
1,123
1, 426
819

4,150
587
1,760
1,218
569

3,197
436
1,152
1, 057
501

2,804
365
856
1,041
500

2,814
356
837
1,167
563

3,191
428
934
1,186
603

3, 682
434
1,064
1,467
653

3,919
547
1,156
1,490
682

3,683
463
1,225
1,426
718

3,836
357
1,191
1,426
819

64
65
66
67
68

2,383
2,239
629
1, 610
311

2, 406
2,241
677
1,565
298

2,274
2,165
744
1,421
295

2,491
2,362
816
1,545
313

2,537
2, 426
805
1, 620
316

2,721
2,625
922
1,703
334

2,751
2, 654
993
1, 661
302

2,936
2,835
1,047
1,789
317

3, 013
2, 906
998
1,907
360

2,377
2,245
665
1,577
311

2,334
2,183
666
1,513
298

2, 356
2,221
739
1,492
295

2,487
2,358
796
1,559
313

2,533
2, 436
857
1,585
316

2, 646
2,566
909
1, 652
334

2,844
2,717
984
1,739
302

2,922
2,821
1,017
1,797
317

3,040
2,932
1,059
1.877
360

69
70
71
72
73

603
273
262
159

598
282
240
146

557
202
235
134

573
241
275
145

597
274
285
147

592
309
303
165

(148
237
311
163

667
236
385
184

704
28(5
356
201

603
256
257
159

598
250
240
146

557
236
249
134

573
256
266
145

597
257
280
147

592
274
304
165

648
276
330
163

667
249
370
184

704
272
351
201

74
75
76
77

144
16

165
24

109
23

130
18

111
21

96
18

97
35

101
20

107
37

144
16

165
24

109
23

130
18

111
21

96
18

97
35

101
20

107
37

78
79

2,630
1,257
1,373
1, 688
324
618

2,897
1,518
1,379
1,809
317
771

2,749
1,287
1, 462
1, (527
278
843

3,397
1, 690
1,707
2,011
383
1,003

3,998
1,845
2,154
2, 367
503
1,128

4,358
2,109
2,249
2,540
554
1,264

3, 683
1, 765
1,917
1,834
478
1,371

4,115
2,127
1,988

2, 206
527
1, 383

4, 431
2, 337
2,094
2, 536
597
1, 298

2,550
1,226
1,294
1,577
345
623

2, 651
1,408
1,249
1, 585
301
756

3,134
1, 555
1, 553
1,928
302
895

3,338
1, 563
1,825
2,045
354
961

3,897
1,798
2, 056
2,242
531
1,142

4,011
1,966
2,057
2,250
526
1,239

4,183
2,111
2,046
2,185
518
1,442

4,063
1,971
2,149
2,270
487
1,323

4,348
2,282
1,998
2,386
617
1,349

80
81
82
83
84
85

3,122
1,717
1,216
189

3,125
1, 097
1,193
235

3, 614
1, 866
1,507
241

3,851
2,027
1, 562
262

3, 856
1, 896
1,650
309

4,320
2,234
1,779
307

5,119
2, 628
2,161
331

5,115
2,895
1,895
325

4,957
3, 375
2,727
1, 919
1,830 I 1,267
399 |
189

3,225
1,740
1,263
235

3,377
1,750
1,372
241

3, 735
1,898
1, 576
262

4,188
2,141
1,723
309

4,480
2,316
1,887
307

4,787
2,477
1,968
331

4,955
2,719
1,907
325

5,376
3,057
1,924
399

86
87
88
89

700

664

662

688

614

633

744

726

673
-486

663
-303

663

643
-440

747
-311




600

715
776

u

627
314

700
288

606
409

90
91

SURVEY OF CURRENT BUSINESS

46

June 1977

Table 4.—Selected U.S. Government Transactions
[Mllions of dollars]
1975

Line

Al
la

1974

U.S. Government grants (excluding military) and transactions increasing
Government assets, total

9,935

1975

1976

1977

1976

8,831

9,944

Seasonally adjusted _

III

IV

II

III

IV

I»

2,380

2,384

1,764

2,303

2,128

2,373

3,261

2,182

2,313

2,251

2,192

2,012

2,377

2,000

2,183

3,512

2,250

2,185

By category

Grants, net (table 1, line 30, with
sign reversed).
Financing military purchases l
Other grants
Loans and other long-term assets (table 1, line 40, with sign reversed).
Capital subscriptions and contributions to international financial institutions, excluding IMF
Credits repayable in U.S. dollars
Credits repayable in foreign currencies
Other long-term assets
10

Foreign currency holdings and short-term assets, net (table 1, line 42, with
sign reversed)
Foreign currency holdings (excluding administrative cash holdings), net.
Receipts from—
Sales of agricultural commodities _
Interest
Repayments of principal
Reverse grants
Other sources
Less disbursements for—
Grants and credits in the recipient's currency
Other grants and credits
Other U.S. Government expenditures
Assets held under Commodity Credit Corporation Charter Act, net
Assets financing military sales contracts, net 2
Other short-term assets (including changes in administrative cash holdings) , net

5,475
937
4,538

2,893
647
2,246

3,146
879
2,266

751
187
564

802
124
678

565
87
478

775
250
525

537
29
507

642
100
542

1,424
745
678

544
5
539

615
139
476

5,001

5,936

6,927

1,657

1,580

1,245

1,454

1,537

1,883

1,858

1,649

1,770

4,245
223
-4

654
5,268
24
-11

1,102
5,778
44
3

152
1,508
9
-12

119
1,455
6
(*)

200
1,041
3
(*)

183
1,264
6

155
1,368
14
(*)

364
1,503
15
1

345
1,507
5
1

238
1,400
10
1

185
1,569
9

-129
-90

-29
45

2
-8

75

54
-23

-151
-36

-21
-14

-11
-18

-72
-26

(*)
87
154
(*)

1
22
89
2
1

1
26
49
(*)

(*)
22
37

(*)
22
31
(*)

(*)
20
35
(*)

(*)
25
44

C)

10
(*)
71
-3
91

26
4
64
-17
-91

2

-541
-16
1
121
2,487
2
9

94
221
2
12

2,319
3
313
-50
—555

21
1
310
71
-43

3
25
46

C)

5
4
296
-31

(*)
84
5
-37

-27

(*)
100
9
-28

32

-11

20
44

C)

20
42

2

C)
83
30

79
-40

79
3

-37

47

-49

345
407
1,684
494
346
71

238
1,057
516
138
64

By program

Capital subscriptions and contributions to international financial institututions, excluding IMF
Under farm product disposal programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs
Other foreign currency assets acquired (lines A13, A14, and A16)
Less foreign currencies used by U.S. Government other than for grants or
credits (line A19)
Other (including changes in administrative cash holdings), net
By disposition

42

3

Estimated transactions involving no direct dollar outflow from the United
States
Expenditures on U.S. merchandise
Expenditures on U.S. services 4
Financing of military sales contracts by U.S. Government6 (line C6) _ _.
By long-term credits
By short-term credits 1
By grants *
U.S. Government
grants and credits to repay prior U.S. Government
credits14
U.S. Government long- and short-term credits to repay prior U.S. private
credits
Increase in liabilities associated with U.S. Government grants and
transactions increasing Government assets (including changes in retained accounts) 6 (line Cll)
Less receipts on short-term
U.S. Government assets (a) financing military sales contracts 1 and (b)financingrepayments of private credits-..
Less foreign currencies used by U.S. Government other than for grants
or credits (line A19)
Estimated dollar payments to foreign countries and international financial
institutions
Repayments on U.S. Government long-term assets, total (table 1. line 41).
Receipts of principal on U.S. Government credits
Under farm product disposal programs
Under Foreign Assistance Act and related programs
Under Export-Import Bank Act
Other assistance programs

Cl

Receipts on other long-term assets
U.S. Government liabilities other than securities, total, net increase (+)
(table 1, line 55).
2

Associated with military sales contracts
U.S. Government cash receipts from foreign governments (including
principal repayments
on credits financing military sales contracts),
net of refunds 17
Less U.S. Government receipts from principal repayments 7
Less U.S. Treasury securities issued in connection with prepayments for
military purchases in the United States
Plusfinancingof military sales contracts by U.S. Government5 (line
A34)
By long-term credits 1
By short-term
credits
By grants l
Less transfers of goods and services
(including transfers financed by
grants to Israel, and by credits) 12 (table 1, line 3)
Associated with U.S. Government grants and transactions6 increasing
Government assets (including changes in retained accounts) (line A40)..
Associated with other liabilities
Sales of nuclear materials by Energy Research and Development Ad
ministration
Other sales and miscellaneous operations
See footnotes on page 50.




538
992
3,133
2,577
371
2,616

654
1,384
3,687
2,490
564
327

1,102
1,170
4,869
1,989
890
248

152
327
943
831
110
112

119
581
983
583
118
78

200
190
735
490
193
76

183
286
1,027
586
142
61

155
160
1,272
437
131
56

364
365
857
542
275
58

313
21

310
37

296
-30

67
-28

84

100
-20

60
79

71
-12

64
-24

8,532
3,889
1,160
974
592
382

7,441
4,754
1,119
1,124
531

8,100
4,439
1,211
1,739
876
100
764

2,082
1,347
264
324
180

2,059
1,387
294
335
211

1,415
824
290
159
76

1,886
1,196
271
306
64

1,894
1,162
328
144
135

144

124

83

242

1,814
961
250
464
356
91
16

593

-5

2,741
1,243
350
861
118

357

453

132

73

97

56

129

219

50

205

486

782

137

62

154

133

109

232

341

-36

6

-3

1,025

95

2

(*)

226

62

9

11

84

100

326

349

313

310

296

67

1,403

1,390

1,844

298

79
10

79
-40

1,651
1,072
283
271
266

2,002
1,029
217
624
138

743

3,668

185
184
1,331
506
164

56

49
178
-2

1

-1

28

129

21

49

13

60

71

64

83

79

79

417

314

479

520

531

311
579

-2
13

(*)

4,826

2,476

2,585

542

707

574

653

649

785

559

591

4,816
2, 265
748
1,111
692

2,444

2,550

235
526
992
692

222
775
1,018

540
82
103
203
152

678
36
167
287
187

574
42
136
221
176

652
75
120
281
177

646
33
237
232
144

756
61
209
301
185

559
42
180
202
135

590
87
149
283
71

574
52
178
264
81

10

31

34

724

1,701

4,938

852

1,005

535

29
428

395

(*)
374

29

C)

1,524

743

1,819
1,403

(*)
504

904

664

1, 514

4,426

375

360

336

443

1,503

721

2,942
300

4,587
279

8,213
314

1,050
53

1,013
101

1,148
69

1,376
56

2,246
75

1,858

2,041
96

2,068
54

1,856
92

974
592
382

1,124
531

1,739
876
100
593 !
764

324
180

335
211

159
76

306
64

144
135
9

861
118

271

624

144

124

83

242

464
356
91
16

5,213

946

902

1,183

1,132

1,193

2,952

3,919

743

138

1,403

1,483

6

-3

-2

1

-1

-3

-2

181

515

63

21

21

417

56

102

92
89

56
458

(*)
63

-1
22

8
13

30
387

19

33
70

-10
57

79
-44

SURVEY OF CURRENT BUSINESS

June 1977

47

Table 5.—Direct Investment: Capital, Income and Adjusted Earnings
[Millions of dollars]

(Credits -f; debits - )

1974

1975

1975

1976
II

1976
III

IV

II

1977
III

IV

U.S. direct investment abroad:
Net capital outflows (—) (table 1, line 44)..

-1,368

-6,264

-4,596

-2,193

-2,292

527

-2,306

-2,427

-142

-1,205

-822

-5,831

-1,771

-1,974

-516

-1,046

749

-958

-1,676

591

318

-1,208

263
226
103
-320
423

326
-115
107
-453
560

-515
53
-747
1,050
304

-532

By type:
Transactions with incorporated foreign affiliates.
Intercompany accounts: short-term .
long-term ._
Capital stock
and other equity, net..
Increase J2
Decrease
Transactions
affiliates

with

unincorporated

By industry of foreign affiliate:

-3,763
-335
-1,734
-2,488
754

-238
-43
- 1 , 490
- 3 , 275
1,785

71
-1,157
-2,649
1,492

448
420
-1,384
-1,600
216

-599
-149
-297
-427
130

638
-360

-110
-401
-447
-889
442

-962
-93
-621
-825
204

4,463

-4,494

- 2 , 622

-1,677

- 1 , 246

-222

-1,348

-751

-733

-1,523

386

5,085
- 2 , 861
-3,592

-2,918
-1,301
-2,045

-2,409
-928
- 1 , 259

-1,024
-580
-590

-1,039
-543
-711

918
24
-415

-1, 774
-202
-330

-1,009
-481

-233
176
-85

-352
-185

-499
-272
-52

416
n.a.
n.a.

11,379

8,567

11,127

1,992

1,948

1,844

2,784

2,740

2,346

2,375

3,666

3,057

728
6,038
4,613

662
4,361
3,544

747
5,625
4,754

162
972
857

163
811
974

176
879
789

161
1,698
925

177
1,575

170
1,107
1,069

184
946
1,246

217
1,998
1,451

n.a.
n.a.
n.a.

5,244
2,748
3,387

2,738
2,547
3,282

4,334
3,059
3,734

574
552
822

655
477
712

814
1,008
962

1,481
456
803

709

510
786

825
673
878

1,320
1,232
1,114

n.a.
n.a.
n.a.

7,777

8,048

7,737

1,916

2,002

1,955

2,176

1,741

2,579

2,078

1,339

1,719
3,936
2,122

2,057
3,451
2,540

686
4,186
2,865

304
929

499
1,007
566

519
757
679

806
758
612

-438
1,436
743

474
1,343
761

392
829
858

259
579
502

19,156

16, 615

18,863

3,908

3,950

3,799

4,960

4,481

4,924

4,453

5,005

1,173
1, 235
1,391

1,620
1,766
1,574

1,042
1,892
1,546

1,183
2,041
1,700

1,216
1,501
1,736

1,579
1,811
1,616

n.a.
n.a.
n.a.

403

827

24

n.a.
n.a.
n.a.
n.a.
n.a.

foreign

5

Petroleum
Manufacturing.
Other
Receipts of income (table 1, line 11).
By type:
Interest
Dividends
Earnings of unincorporated foreign affiliates. _
By industry of foreign affiliate:

3

Petroleum
Manufacturing
Other
Memoranda:
Reinvested earnings of incorporated foreign affiliates (excluded from lines 1 and 12)
By industry of foreign affiliate: 3
Petroleum
Manufacturing...
Other
Adjusted earnings (line 12 plus line
19).
By industry of foreign affiliate: 3
Petroleum
M anufacturing...
Other

n.a.
n.a.
n.a.

6,963
6,684
5,509

4,795
5, 998
5,822

5, 020
7, 245
6,598

999
1, 439
1,470

1,003
1, 559
1,388

3,695

1,414

2,176

93

526

-342

1,137

709

504

561

3,903

1,168

1,913

77

451

-438

1,078

672

496

541

205

933

259
236
242

284
256
286
-30

-52
257
291
-34

753
180
190
-10

Foreign direct investment in the United States:
Net capital inflows (+) (table 1, line 59)
By type:
Transactions with incorporated U.S. affiliates.
Intercompany accounts
Capital stock
and other equity, net..
Increase 12
Decrease
Transactions with unincorporated U.S. affiliates
By industry of U.S. affiliate:

556
522
525
-3

339
334
361
-27

60

37

10
149
-501

198
169
770

188
159

-276

-270

-26
-109
-122

-32
-117
-127

-26
-146

-54
-62
-128

-37
-51

-43
-55
-178

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.

1,434
2,469
2,585
-116

54
1,114
1,163
-49

830
1,083
1,180
-97

-80
158
173
-15

165
2«6
292
-5

-208

246

263

16

75

431
1,647
1,618

79
593
742

569
1,214

-54
-5
152

-75
280
321

-266

-1,046

-1,360

-243

51
-507
190

-102
-508
-436

-105
-651
-604

-18
-135
-90

-148
-297
179

-194
-252
-600

-264
-333
-763

n.a.
n.a.
n.a.

n.a.
n.a.
n.a.

-587
148
174
-25

-108

20

3

Petroleum
Manufacturing.
Other
Payments of income (table 1, line 25).

24
222
258

94
243/
224

-55
369

-54
57
824

-286

-254

-485

-241

-24
-135
-177

-27
-155
-104

-27
-132
-95

-27
-229
-229

-22
-152

-61
-84
-125

-52
-77
-205

-70
-59
-157

-42
-78
-135

-100
-119

-59
-57
-125

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.

By type:
Interest
Dividends
~
'_
Earnings of unincorporated U.S. affiliates

"

By industry of U.S. affiliate: 3
Petroleum
Manufacturing
Other
Memoranda:
Reinvested earnings of incorporated U.S. affiliates
(excluded from lines 27 and 37)
By industry of U.S. affiliate: 3
Petroleum
Manufacturing. __
Other
_"~.~_~~""""~™~'I~r
Adjusted earnings (line 37, with sign reversed,
plus line 44)
By industry of U.S. affiliate:3
Petroleum
Manufacturing
Other
I""""""""""
See footnotes on page 50.




1,065
431
575
58
1,330
579
872
-121

SUEVEY OF CUEEENT BUSINESS

48

June 1977

Table 6.—Securities Transactions
[Millions of dollars]
1975

(Credits(+): debits(-))

Line

1974

II
Al

Foreign securities, net U.S. purchases(—), balance of
payments basis (table 1, line 45, or lines 6+17
below)

-1,854

1976

1976

1975

-6,235

-8,730

-1,931

III

IV

-979

-938

-13

-166

II

1977

III

IV

-2,386

-2,460

57

-110

-46

-167

-110
-23

-46

-167
-63

-46
-125
13
41
25

-104
-139
12
(*)

-1,357

-2,743

-2,171

-649

Stocks:
Treasury basis, net^
Adjustments:
Less recorded in table 1, line 44 as U.S. direct
investment abroad
Plus exchange of stock associated with direct
investment in the United States
Plus other adjustments

185
-64

Of which Canada..

-19
-92
-92

255
-292
18
514
15

Other foreign stocks.
Western Europe.._
Canada.-..
Japan
Other

73
61
-9
-8
29

-189

-5

1

-4

160

160
249
-6

Balance of payments basis, net
Newly issued in the United States..

-62

-184

-322
-168

-61
-34

-63

-34

-155
-394
49
141
49

-27
-3
-16
-40
32

-13

-1

-13
40

-1
-27
-6
27
5

56
-58
-58

-56
-2

114
51
61
-6

1
-82

-189
-77

83
-49
12
110
10

-112
-124
-104
101
15

-63
-81
12
-9

Bonds:
1,645

Treasury basis, net1
Adjustments:
Plus additional Canadian redemptions2
Plus other adjustments

-2,716
114

110

Balance of payments basis, net

-2,102

-6,215

-1,870

-966

-937

-2,443

-2,350

-1,311

-2,576

-2,171

-460

-2,372
-1,028
-1,344

-7,168
— l,6nn
-5,513

-9,954
- 2 , 752
-7,202

-2,108
-455
-1,653

-1,221
-164
-1,057

-1,266
-235
-1,031

-2,573
-801
-1,772

-2,830
-938
-1,892

-1,622
-375
-1,247

-3,011
-819
-2,192

-2,491
-620
-1,871

-1,272
— 448
-824

-167
-1,745
-13
-30
-417

-918
- 3 , 231
-197
-187
-600
-2,035

-1,526
-5,327
-255
-69
-1,093
- 1 , 684

-274
-745
-50
-140
-174
-725

-180
-714

-295
-1,289
-98
-27
-129
-735

-385
- 2 , 013
-50
-46
-76
-260

-359
-860
-105
-23
-275

-265
-1,318
-100

-517
-1,136

-266
-738
-150

-245
—75

-169
-483
-42
-20
-52
-500

-404
-924

-338
-500

-117
-1

Newly issued in the United States..
By type: privately placed
publicly offered
By area: Western Europe
Canada
Japan
Latin America
Other countries
International financial institutions 3 .

239

-1,957
87

-945

-981

-2,417

-2,654

-2,171

-460

78

15

27
28
29
30

Redemptions of U.S.-held foreign bonds 2
Canada
Other countries
International financial institutions 3

643
446
125
72

827
525
131
171

1,216
654
173
387

269
185
42
42

191
111
26
54

178
96
40
42

189
133
23
33

400
152
25
223

220
166
16
38

279
192
26
61

315
144
106
65

501
125
33
343

31
32
33
34
35

Other transactions in outstandingbonds
Western Europe
Canada
Japan
Other

2

-373
-157
-114
-15
-87

126
444
-287
-117
86

331
343
-243
-32
263

-31
33
-37
-30
3

64
87
-33
-13
23

151
180
-45
-25
41

-58
144
-172
-49
19

198
-97
-28
7

91
140
-74
2
23

156
47
-42
8
143

4
-42
-30
-14
90

311
190
70
-68
119

378

2,503

1,250

344

385

737

1,038

1,030

131

68

21

879

2,747

977

1,316

1,454

U494

780

342

Bl

U.S. securities, excluding Treasury issues and transactions by foreign official agencies, net foreign purchases ( + ) , balance of payments basis (table 1, line
61, or lines 5 + 1 2 below)
Stocks:
Treasury basis, net 1
Adjustments:
Plus exchange of stock associated with U.S.
investment abroad
Plus other adjustments*

direct

Balance of payments basis, net.
Western Europe
Canada
Japan
Other

-304
239
281
-3
-45
6

19
-1,632

19
-344

-90
-1,804

3,054
2,490
362
22
179

853
331
233
68
221

797

1,208

652
605
48
-41
40

592
485
54
1
52

991
830
60
37
64

-551
818
571
199
26
22

943
667
103
11
162

-90
-588
102
29
-42
46

-360

-305

-18
-108
94

-174
-257
78
17
-12

-160
376
249
46
18
63

Bonds:
Treasury basis, net1
Adjustments *
Balance of payments basis, net
New issues
sold abroad by U.S. corporations s
Investments 3by international financial insititutions in nonguaranteed bonds of
U.S. federally sponsored agencies
Other transactions in U.S. bonds
Of which United Kingdom.
See footnotes on page 50.




-828
138

-1,847
-551

-810
397

116

196

287

-498
520

-995
248

10
101

298

82

-308

-352
44

-45

-49

661

-162

-206

-W

-207

-255

220

418
-144

-389

316
-230

24S
-47

537
-35

87

29

86

196

503

94

69

29

95

322

-5
-35

-12
113

-17
198

97

19

-187
-117

-471
197

16
124

21
-28

-94

01

113

-15

32

277

SURVEY OF CURRENT BUSINESS

June 1977

49

Table 7.—Claims and Liabilities Reported by U.S. Nonbanking Concerns
[Millions of dollars]

Line

Al
2
3

4
5
6

7
8
9
10
11
12
13
14
15
16

17
18
19
20
21
22
24

25

26
Bl

(Credits(+); increase in U.S. liabilities or
decrease in U.S. assets. Debits(—); decrease in U.S. liabilities or increase in
U.S. assets.)
Claims, total
Long term (table 1, line 46)
Short-term (table 1, line 47)
Reported by brokerage concerns
Reported by others
Payable in dollars
By type:
Deposits of major U.S. corporations
Short-term investments of major U.S. corporations * .
Other
By area:
United Kingdom
Other Western Europe
Canada
Japan
Bahamas. _
Other
Payable in foreign currencies
By type:
Deposits
Of which major U.S. corporations
Short-term investments of major U.S. corporations *_
Other
By area:
Western Europe
Canada
Japan
Other
Memorandum:
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations
other than banks (included in line A6
above)
As reported in Canadian banking statistics
Liabilities, total

2

3
4
5
6
7
8
9
10
11
12

13
14

Long-term (table 1, line 62) 2
Short-term (table 1, line 63) 2..
Reported by brokerage
concerns
Reported by others 2
Payable in dollars
United Kingdom
Other Western Europe
Japan
Other Asia
Africa
Other
Payable in foreign currencies
Of which Western Europe

1976

1975
1974

1975

1977

1976

I

II

III

IV

I

II

III

IV

Amounts
outstanding
Mar. 31,
1977

IP

-3,221

-1,447

-1,986

346

111

-934

-970

-738

-1,004

723

-967

-59

19,412

-474
-2,747
38
-2,785
-2,631

-432
-1,015
-125
-890
-807

10

75
36
-40
76
223

-129
-805
-8
-797
-731

-401
-569
-61
-508
-708

-191

3-1,996
(3)
-1,996
-2,163

23
323
-16
339
409

3-547
(3)
-547
-665

145
-1,149
(3)
-1,149
-1,199

66
3 657
(3)
657
702

-10
3-957
(3)
-957
-1,001

38
3-397
(3)
-397

5,167
3 14,545
(3)
14,545
* 13,212

296

-277

-246

-650

—621

271

-721

—789

5,218

48
-626

-25
456

-82

455
* 7,539

—318
23
-2
-66
-255
-581

241
9
-3
111
218
126

-3
-277
-39

3

5

-115

-1,721

112

-19
2,617

-264
-428

-42
-400

6
291

-152
79

-52
-402

-66
-396

-62
47

-292
-784
-205
-275
38
-1,114

-129
219
-523
159
-70
-463

-496
-261
-333

112
55
17
90
—19
-32

-245
-256
-110
55
-53
-122

-159
-12
-255
85
29
-396

-380
-231
-180

-701
-444

163
432
-175
-71
-27
87

-221
388

-154

-83

167

-70

-147

-66

200

118

50

19

-91

185

20

-26

-50

-35

87

-18

6

-80

178

23

-21

-51

-31

79

-163
-10

21
—13

-41
23

-117
27

-47
—74

-64
48

249
-14

26
-174
-13

-59
29
—60

25
-8
146
4

4
-78
-17
21

-29
-103
—13
—2

29
-20
—75
(*)

-63
230
45
-12

169

2

7

-20

7

44

72

-845

71

-226

1,844

240

-616

-90
1,934
-40
1,974
1,773
367
591
52
355
24
384

334
-94
72
—166
129
—338

201
180

-1,067

-79
-102

-48

n.a.

n.a.

-443
-377

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4 2,323
«2,377
4 2,088
4 791
*1,355
4 4,278

-45

44

n.a.

4 936

2

114

n.a.

4

-11

106

-7
38

54
14

-12
-35

44
54
10
10

-20
34
58
-22

-85
-11
49
2

-168

-6

-76

-107

-106

814

-12

-96

-79

-39

-188

2,743

-41

-62

-148

68

-76
6
86
—85
29
14

4 379

20

312

-16

302
4 255

n.a.
n.a.
n.a.
n.a.
n.a.

4
4
4
4

310
361
121
144

154

-137

366

56

-138

-44

161

-238

-297

-242

-433

10,609

360
6
56
-50
-3
-73
1
-32
106
23
-28

62
-6
31
—37
-15
—158
-108
-57
202
105
1

-101
-37
-37
(*)
-16
—154
72

-233
3
394
(3)
394
349
-18
-29
13
-10
112
281

-241

-311

33- 7 6
()
-76
-51
-107

33- 5 6
()
-56
-47
-108

-238
3-195
(3)
-195

60
16
-10

13
-57
22
-79
163
47
-53
14
123
52
-20

-162

—75
491
196
—57

-947
3 331
(3)
331
326
-288
-261
-63
286
198
454

111
-20
10
25
-70

-27
-17
211

3,775
3 6,834
(3)
6,834
4 5,867
4 742
4 1,288
4 176
41,308
4 581
4 1,772

-295
-354

5
-75

-47
-63

-22
-50

16
5

-242
-246

45
42

-88

166

-25
-54

3

(3)

69

—4

69
75
-55
-316
-39
75
163
247

-9
-20

-6
-43

-102

n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.

4 609
4 279

See footnotes on page 50.

Table 8.^Claims on Foreigners Reported by U.S. Banks
[Millions of dollars]

Line

(Credits (+); decrease in U.S. assets.
Debits (—); increase in U.S. assets.)

1975

1976

II
Total
Long-term (table 1, line 48).
Payable in dollars
Of which loans
_.
Payable in foreign currencies.
Short-term (table 1, line 49)
Payable in dollars
By type:
Loans
Acceptances
Collections outstanding...
Other 1
By area:
United Kingdom
Other Western E u r o p e . . .
Japan
Canada 2
Caribbean
Other
Payable in foreign currencies. _
By type:
Deposits
Foreign government obligations
and commercial and finance
paper.
Other
By area:
Western Europe
Canada
Other

See footnotes on page 50.




Amounts
outstanding
March 31,
1977

1977

1976

1975
1974

III

II

IV

-649
-618
-618
-467

III

-5,286
-919
-895
-678
-24
-4,367
-4,182

-3,630
-289
-257
-164
-32
-3,341
-3,358

-4,754
-377
-404
-263
27
-4,377
-4,108

-3,372
-978
-958
-810
-20
-2,394
-2,314

-9,148
-480
-474
-382

3,274
-541
-499
-491
-42
3,815
4,067

77,397
12,201
12,011
10,426
190
65,196
63,298

-427
-1,065
-153
-2,537

-390
3
100
-3,071

-1,568
-396
-150
-1,994

276
327
-229

-3,419
-1,154
-100
-4,025

2,517
-427
-346
2,323

15,783
12,794
6,192
28,529

-782
-268
-374
-96
-1,285
-1,377
-185

109
62
684
-222
-3,599
-392
17

-554
-116
-89
-219
-2,049
-1,081
-269

275
-89
132
-40
-2,757
165
-80

-1,245
-1,338
-772
22
-2,833
-2,532
30

856
277
1,515
-287
854
852
-252

5,108
4,865
9,178
3,078
19,777
21,292
1,898

-55
-78

-141
167

-155
-14

-76
22

-34
50

-37
-234

1,100
323

14

19

475

41
48
-59

104
-351
-5

638
659
601

-19,516
-1,183
-1,175
-1,044
-8
-18, 333
-17,799

-13,532
- 2 , 357
-2,320
-1,826
-37
-11,175
-11,028

-20,904
-2,124
-2,093
-1,619
-31
-18,780
-18,478

-3,772
-461
-470
-481

-3, 311
-3, 359

-359
-337
-200
-22
-3,466
-3,402

-3,627
-7,077
-1,331
-5,764

-1,912
90
170
-9,376

-5,101
-1,220
-379
-11,778

1,694
-104
219
-5,168

-1,758
700
73
-2,417

-1,089
-969
-6,113
-478
-3,480
-5,670

-2,078
-481
1,842
-163
-4,876
-5,272
-147

-419
285
922
-189
-3,002
-956
48

-538
-12
1,405
54
-2,953
-1,358
-64

-339
-486
-111
68
2,364
-1,581

-534

-1,415
-1,481
-45
-459
-11,238
-3,840
-302

-241
-170

12
-25

-406
225

43
-1

35
-45

-11

-123

-134

-121

-54

-34

-52

-100

-26

-140
-344
-50

-140
122
-129

-174
177
-305

-95
140

-131
-88
34

-161
-30
-78

-110
37
-7

125
41
-118

29
-54

-31
-85
-1,421
559
31
746

54

IV

56
122
-161

SUEVEY OF CUERENT BUSINESS

50

June 1977

Table 9.—Foreign Official Assets in the United States and Other Foreign Assets in the United States Repoited by U.S. Banks
[Millions of dollars]

Line

(Credits (+); increase in foreign assets.
Debits (—); decrease in foreign assets.)

Al

Foreign official assets in the United
States, net (table 1, line 51)
U.S. Treasury securities (table 1, line 53)_
Bills and certificates..
Denominated in U.S. dollars
Denominated in foreign currencies
Bonds and notes, marketable
Bonds and notes, nonmarketable
Denominated in U.S. dollars
Denominated in foreign currencies..
Other U.S. Government securities
(table 1, line 54)
Other U.S. Government liabilities
(table 1, line 55)
U.S. liabilities reported by U.S. banks,
not included elsewhere (table 1, line
56)..
Long-term
Short-term
___ _
Demand deposits
Time deposits i_ 1
Other obligations
Other foreign official assets (table 1,
line 57)

2
3
4
5
6

7
8

9
10
11
12

13
14
15

16
17
18
Bl

3
4
5
6
8
9
10
11
12

13
14
15
16

17
18
19
20
21

22
23
24
25
26

27
28
29
30
31
32

1975

1976

I

II

1976
III

I

IV

1977

II

III

IV

I*

Amounts
outstanding
Mar. 31,
1977

10,981

6,960

17,945

3,452

2,279

-1,603

2,832

3,847

4,051

3,070

6,977

5,852

111,226

3,282
3,145
3,145

4,408
-834
-707
-127
1,612
3,630
3,503
127

9,333
3,526
3,526

780
-2,059
-2,059

-2,847
-3,677
-3,677

1,117
610
610

1,998
807
807

2,166
530
530

1,260
133
133

3,909
2,056
2,056

4,980
2,728
2,728

75,108
40,454
40,454

5,117
690
743
-53

5,358
4,292
4,419
-127
944
122
-5
127

136
2,703
2,703

333
497
497

19,9
308
308

1,117
74
74

1,437
199
199

1,575
-448
-448

988
865
918
-53

1,760
492
577
-85

13,548
21,106
19 645
1,461

-642
780
661
119
902

905

566

500

65

25

315

68

316

66

116

99

3,097

724

1,701

4,938

428

395

374

504

1,524

743

1,819

852

1 005

11,232

5,818
-186
6,004

893

320

134

148
-13

-599
-81
-518

1,769
-32
1,801

-463
339

-793
-32

-235
261

88

71
44

172
148
-121
-388
657

-412
386
-798

135

235
356

-1,134
856

-3,203
342
-3,545
-628
36
-2,953

591

346
4,832

-2,158
807
-2,965
-308
-744
-1,913

850

-251
-179

145
806

-405
-189
-216
-764
-20
568

16,749
1,163
15,586
2,629
2,269
10,688

254

2,104

2,215

369

448

525

762

669

691

524

331

173

5,040

16,714

3,218

13,765

-1,812

417

3,762

851

1,109

2,936

4,800

4,920

-4,058

56,427

12,592
2,539

-486
-1,146

8,084
3,470

-2,688
-1,194

542
76

2,360
-428

-700
400

1,082
330

2,102
86

2,022
366

2.878
2,689

-4,486

3,184
6,898

-154
709

3,663
729

-12
-1,496

687
-213

1,208
1,586

-2,037
832

1,640
-1,003

-300
2,372

1,672
-38

651
-602

n.a.
n.a.

^13,287
s 17,839

U.S. Treasury bills and certificates...
221
U.S. liabilities reported by U.S. banks. 12,371
Long-term __
-29
Short-term
__ _ _ __ _ _ 12,400
1,306
Demand deposits.
1,413
Time deposits *.
9,681
Other obligations L. _ __
Internationalfinancialinstitutions 4
1,379
U.S. Treasury securities .
303
200
Bills and certificates
103
Marketable bonds and notes
U.S. liabilities reported by U.S. banks.
1,076
Long-term _ _
60
1 016
Short-term
38
Demand deposits.
28
Time deposits * J
950
Other obligations
Other private foreign residents and
2 743
unallocated
173
U.S. Treasury securities .
210
Bills and certificates..
—37
Bonds and notes
U.S. liabilities reported by banks
2,570
Long-term
___
-22
2,592
Short-term _.
586
Demand deposits.
.
_.
1
1,437
Time deposits . 1

103
-589
105
-694
-697

-216
8,300
222
8,078
1,570

2
544
-8

-10
2,370
-6
2,376

-122
1,204
115
1,089
-288

-60
2,162
-56
2,218

23
1,999
23
1,976

-57
2,935
140
2,795

423

57

6,085

441

-180
1,660

246
-946
105
-1,051
-428

-54

-131
-2,557
14
-2,571
-1,216
-185
-1,170

1,391

1,852

-11
-4,475
17
-4,492
-705
-540
-3,247

108
33,347
581
32,766
8,400
1,739
22,627

1,894
2,237
2,058

2,709
2,850

845
822

-456
-421

2,703
-141
-151

23
-27

64
-1
38

10
151
53

50
50
5

-640
-35
-282

766
-93
-1,330
1,237
859
45

-459
747

179

1,843
3,009
1,795
1,214
-1,166
28
-1,194
73
-9

814
-41
51

-1,206
-2
-1,204

8,288
6,481
2,743
3,738
1,807
262
1,546

27

-194

-5

- 1 , 258

804

-1,152

1,106

1,810

2,972

1,276

887

250
47
203

149

14,684
1,630

-127

-137

1,560
22
1,538

2,823
104
2,719

276

138

1,214
36
1,178

432
81

Other foreign assets in the United States;
U.S. Treasury securities and U.S. liabilities reported by U.S. banks, not
included elsewhere (table 1, lines 60,
64 and 65)

2

1975
1974

Foreign commerial banks

Foreign branches of U.S. banks 2 3
Foreign head offices and affiliated
organizations abroad of U.S. agencies, branches, and subsidiaries 2 3_._
Others2 3 .

Other obligations .._

826

569

421
472

-343
-407

750

147

518

768

1,080

1,701

-60

250

280
542

241

552
51
60

219

896

58
76
200

251

209

-874

1,168

830
2,025
2,012

675
-189
-453

-132
566

13

264

-1,195
-117
-1,078

864
19

1
-30

845
32
21

289

-1,049

792

31

331

572

876

1

33
14
19

109
63
46

107
107

247
-84
42

30
-12

298
3

42
11
114
-83

295
116
330

-151

27

463
9
454
32
306
116

-59
625

-698
-233
-465

-39

853

-309
1,674
232
-632
-259
-373
864
9

134
451

-9
43

855
128
-32

-499

759

159

602

935

-66
59

100
59
41

-6
-76
70

917
540
244
133

n

769
22

166
13

502
31

747
359
330
58

153

-205

471
103
280
88

424
-66

941
24

871
72

62
-44
106

330
753
95

n.a.

42
705

-87
35

455
50
405

351

-150

459
42

33,455
6,251

5

203
236

248

1,382
13,054
309
12, 745
3,866
6,983
1,896

See footnotes on page 50.
Footnotes to U.S. International Transactions Tables l-10a
General notes for all tables:
» Preliminary.
* Less than $500,000 (±).
n.a. Not available.
Details may not add to totals because of rounding.
Table 1:
1. Credits, -f: exports of goods and services; unilateral transfers to United States; capital
inflows (increase in foreign assets (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 outflows
(decrease in foreign assets (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 (see line 14).
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
export documents, excludes imports of goods under direct defense expenditures identified in
Census import documents, and reflects various other adjustments (for valuation, coverage,
and timing) of Census statistics to a balance of payments basis; see table 3.
4. Consists of interest, dividends, and branch earnings.
5. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
6. For all areas, amounts outstanding March 31, 1977, were as follows in millions of
dollars: line 34,19,120; line 35,11,658; line 36, 2,389; line 37, 4,812; line 38, 261.
7. Includes sales of foreign obligations to foreigners.




8. Consists of bills, certificates, marketable bonds and notes, and nonmarketable cover
tible and nonconvertible bonds and notes.
9. Consists of U.S. Treasury and Export-Import Bank obligations, not included elsewhere,
and of debt securities of U.S. Government corporations and agencies.
10. Includes, primarily, U.S. Government liabilities associated with military sales contracts
and other transactions arranged with or through foreign official agencies; see table 4.
11. Consists of investment in U.S. corporate stocks and in debt securities of private corporations and State and local governments.
12. Conceptually, the sum of lines 71 and 66 (total, all areas) is equal to "net foreign investment" in the national income and product accounts (NIPA's) of the United States. Beginning
with 1973-IV, however, the foreign transactions account in NIPA's excludes the shipments
and financing of extraordinary military orders placed by Israel. Line 69 (total, all areas)
differs from net exports of goods and services in the NIPA's due to the omission in the NIP A
net exports of shipments of extraordinary military orders placed by Israel and of U.S. Government interest income payments to foreigners. The latter are classified in a separate category
• in the foreign transactions account in NIPA's.
13. Includes return import into the United States, at a depreciated value of $21 million in
1972-1V and $22 million in 1973-11, of aircraft originally reported in 1970-111 in line 3 as a
long-term lease to Australia.
14. Includes extraordinary U.S. Government transactions with India. See "Special U.S.
Government Transactions," June 1974 SURVEY, p. 27.
Table 2:
For footnotes 1-14, see table 1.
15. Seasonally adjusted data for line 53 are not available separately; they are combined with
data in line 56 through 1972.

June 1977

SURVEY OF CURRENT BUSINESS

Table 3:
1. Exports, Census basis, represent transaction values, f.a.s. U.S. port of exportation, for
all years; imports, Census basis, represent transaction values, f.a.s. foreign port of exportation,
beginning in 1974. For all prior years, imports reflect Customs (appraisal) values, f.o.b.
foreign country of exportation, and may differ from the actual f.a.s. transaction value at the
foreign port of exportation. The figures for exports and imports are as published by the Census
Bureau.
2. Adjustments in lines A6, A14, B8, B21, and B34 for the years beginning in 1970 reflect the
reconciliation of discrepancies in the merchandise trade statistics published by the United
States and the counterpart statistics published by Canada. Import data prior to 1970 reflect
special adjustments made to Census statistics for inland freight and automotive valuation.
(See Technical Notes, June 1975 SURVEY, p. 25.)
3. Exports of military equipment under U.S. military agency sales contracts with foreign
governments (line A7), and direct imports by the Department of Defense and the Coast
Guard (line A15), to the extent such trade is identifiable from Customs declarations. These
exports are included in tables 1, 2, and 10, line 3 (transfers under U.S. military agency sales
contracts); and the imports are included in tables 1, 2, and 10, line 17 (direct defense expenditures).
4. Addition of electric energy; deduction of exposed motion picture film for rental rather
than sale; deduction of exports to the Panama Canal Zone; net change in stock of U.S.-owned
grains in storage in Canada; net 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 annual totals.
6. Addition of electical energy; deduction of foreign charges for repair of U.S. vessels abroad,
which are included in tables 1, 2, and 10, line 20 (other transportation); deduction of imports
from Panama Canal Zone; net 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.
7. Annual and unadjusted quarterly data shown in this table correspond to country and
area data in table 10, lines 2 and 16. Prior to 1973, "Western Europe excluding EC (9)" includes Denmark and Ireland.
8. The BEA definition for "petroleum and products" (lines C12, C29, and D56) includes
propane and butane, in line with current Bureau of Mines and Federal Energy Administration practice.
9. This statistical identification of automotive products exports to Canada (line D34) is not
as complete and comprehensive as the identification under the U.S.-Canada Automotive
Products Trade Act. However, the underestimation of automotive shipments to Canada
due to unreported exports, amounting to about $930 million in 1975 and $1,350 million in 1976,
has largely been corrected in line C18.
10. Includes silver ore and bullion.
11. Includes nuclear fuel materials and fuels.
12. Prior to 1973, line D46 includes reexports, and line D55 includes imports of natural gas
in transit through the United States from Western to Eastern Canada.
13. Includes downward revisions in the Census/Customs value to automotive imports from
Canada in 1969 and 1970 which have not yet been incorporated in the Census Bureau's published import statistics as shown in line D48. These revisions are valued at $31 million in 1970
and $26 million in 1969.

51

TableS:
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Sales and liquidations of capital stock and other equity holdings, total and partial.
3. 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 industries other than petroleum and manufacturing,
the major ones being agriculture, mining and smelting, public utilities, transportation, trade,
insurance,financeand services.
Table 6:
1. As published in Treasury Bulletin. Treasury data are based on transactions by foreigners
reported by banks and brokers in the United States; net purchases by foreigners (+) correspond to net U.S. sales (+)•
2. Redemptions consist of scheduled retirements and identifiable premature retirements of
U.S.-held foreign debt securities, and estimates for redemptions of Canadian issues held by
U.S. residents, based on Canadian statistics. Unidentifiable nonscheduled retirements appear in line 30.
3. Consists of International Bank for Reconstruction and Development (IBRD), International Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), and Inter-American Development Bank (IDB).
4. Mainly reflects exclusion of investments by foreign official agencies in U.S. corporate
stocks and in debt securities of U.S. Government corporations and agencies, private corporations, and State and local governments. These investments are included in table 1, lines 54
and 57.
5. Securities newly issued byfinancesubsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
Table 7:
1. Consists of negotiable and other readily transferable foreign obligations payable on
demand or having a contractual maturity of not more than one year, including loans payable
on demand. Excludes other types of loans, acceptances and accounts receivable.
2. Includes funds obtained byfinancesubsidiaries incorporated in the Netherlands Antilles
from sources other than sales of newly issued securities to the extent that they are transferred
to U.S. parent companies.
3. Reports by brokerage concerns have been discontinued.
4. Outstanding amounts as of December 31,1976.
Table 8:
1. Includes claims of U.S. banks on their foreign branches and those of U.S. agencies and
branches of foreign banks on their head offices and foreign branches of such head offices.
2. Mainly claims on U.S. branches in the Bahamas and Cayman Islands.
Table 9:

1. Time deposits with maturity of 1 year or less; negotiable certificates of deposit with a
maturity of 1 year or less are included in "other obligations."
2. Excludes long-term liabilities in line B8.
3. Coverage of lines B3 and B4 is limited to Western Europe, Canada, Japan, Bahamas,
NOTE.—The "seasonal adjustment discrepancy lines" (BIS, B26, BS9, C22, CS8, T>47 and
and Cayman Islands.
D91) show the difference between total exports and imports and the sum of major items
4. Consists of International Bank for Reconstruction and Development (IBRD), Interindependently adjusted.
national Development Association (IDA), International Finance Corporation (IFC), Asian
Development Bank (ADB), and Inter-American Development Bank (IDB).
Table 4:
5. Outstanding amounts as of December 31,1976.

1. Expenditures to release Israel from its contractual liability to pay for defense articles
and services purchased through military sales contracts—authorized under Public Law
93-199 and subsequent similar legislation—are included in line A3. Deliveries against these
military sales contracts are included in line C10; see footnote 2. Of the line A3 items, part of the
military expenditures is applied in lines A38 and A41 to reduce short-term assets previously
recorded in lines A36 and C8; this application of funds is excluded from line C3. A second part
of line A3 expendituresfinancesfuture deliveries under military sales contracts and is applied
directly to lines A37 and C9. A third portion of line A3, disbursed directly tofinancepurchases
by Israel and other countries from commercial suppliers, is included in line A32.
2. 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.
Purchases by foreigners directly from commercial suppliers are not included as transactions
under military sales contracts. The entries for the several categories of transactions related to
military sales contracts in this and other tables are partially estimated from incomplete data.
3. The identification of transactions involving direct dollar outflows from the United States
is made in reports by each operating agency. However, such data for first quarter 1977 are
only extrapolated estimates by BEA, because of incomplete reports from one operating
agency, and are to be revised in future issues of the SURVEY.
4. Line A33 includes foreign currency collected as interest and lines A38 and B2 include
foreign currency collected as principal, as recorded in lines A13 and A14, respectively.
5. Includes (a) advance payments to the Defense Department (on military sales contracts)
financed by loans extended to foreigners by U.S. Government agencies and (b) the counter
value of the part of line C10 which was delivered without prepayment by the foreign purchaser. Also includes expenditures of appropriations available to release foreign purchasers
from liability to make repayment.
6. Excludes liabilities associated with military sales contractsfinancedby U.S. Government
grants and credits and included in line C2.
7. Lines C3 and C4 exclude recovery of investment value of aircraft on long-term lease
through physical return of depreciated aircraft.




Table 10:
For footnotes 1-12, see table 1.
13. The "European Communities (9)" includes the "European Communities (6)", the
United Kingdom, Denmark, and Ireland.
14. The "European Communities (6)" includes Belgium, France, Germany, Italy, Luxembourg, the Netherlands, the European Atomic Energy Community, the European Coal and
Steel Community, and the European Investment Bank.
15. Includes transactions with U.S. affiliated shipping companies operating under the flags
of Honduras, Liberia, and Panama, and U.S. affiliated multinational trading companies,
finance, and insurance companies, not designated by country.
16. Details not shown separately; see totals in lines 51 and 58.
17. Details not shown separately are included in combined lines 64 and 65.
18. Includes extraordinary U.S. Government transactions with India. See "Special U.S.
Government Transactions," June 1974 SURVEY, p. 27.
Table 10a:
For footnotes 1-12, see table 1.
13. Details not shown separately are included in combined lines 64 and 65.
NOTE.—Country data are based on information available from U.S. reporting sources. In
some instances the statistics may not necessarily reflect the ultimate foreign transactor. For
instance: U.S. export statistics reflect country of reported destination; in many cases the
exports may be transshipped to third countries (especially true for the Netherlands and
Germany). The geographic breakdown of security transactions reflects country with which
transaction occurred but may not necessarily reflect the ultimate sources of foreign funds or
ultimate destination of U.S. funds. Data for individual countries within EC(6) may not add
to the published totals for EC(6) since in several instances the transactions are regional and
in other instances estimates for the group are not available for each country. In addition
country data may not add to EC(6) totals because of rounding.

SUKVEY OF CURRENT BUSINESS

52

June 1977
Table 10.—U.S. International
[Millions

Line

Exports of goods and services 2

10

Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel
Passenger fares
Other transportation
_
Fees and royalties from affiliated foreigners.
Fees and royalties fom unaffiliated foreigners
Other private services
U.S. Government miscellaneous services
Receipts of income on4U.S.
assets abroad:
Direct investments 5
_
Other private receipts
U.S. Government receipts
_

r

1974

1975

1976

Imports of goods and services.
Merchandise, adjusted, excluding military 3
Direct defense expenditures..
Travel
_
Passenger fares
_
_
_
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated oreigners
Private payments for other services
U1S. Government payments for miscellaneous services

1975

44,414

29,885

31,221

34,080

7,257

7,600

8,167

31,938
1,130
852
439
2,373
1,700
383
647
168

21. 744
;..?9
437
241
1,445
1,231
264
352
63

22,854
589
469
268
1,442
1,533
283
404

24,965
593
646
341
1,539
1,471
319
455
106

4,706
76
142
94
418
382
71
138
25

4,881
88
144
108
447
471
79
143
25

5,071
175
183
127
503
472
101
154
43

2,945
1,418
236

2,643
1,303
313

2,996
1,525
263

2,257
1,067
156

2,130
1,009
153

2,351
1,176
120

532
579
94

538
585
91

566
725
48

190

63

14

-1

-2

-2

-39,816

-36,667

-39,400

-30,504

-28,262

-29,775

-7,460

-7,462

-8,027

-16,513
- 2 , 298
-1,195
-1,196
-1,401
-45
-145
-469
-149

- 1 7 , 743
- 2 , 270
-1,364
-1,379
-1,494
-22
-151
-640
-171

-4,123
-306
-368
-405
-573
-17
-67
-237
-19

- 3 , 736
-337
-404
-432
-575
-27
-76
-297
-21

-4,160
-287
-494
-503
-624
-3
-83
-421
-30

-1,987
-1,860

81
-1,211
-216

-385
-1,064
-108

-351

-2,071
-2,140

-23,004
-2,640
-1,885
-1,893
-2,295
-150
-169
-719
-314

-170
-3,819
- 2 , 627

-756
-3,413
-2,543

-873
-3,170
-2,289

-115
-2,306
-2,256

U.S. military grants of goods and services, net...

-190

-63

-14

1

Unilateral transfers (excluding military grants of goods and services), net
_

-291

-167

-318

-27
-367

-45
-374
252

-88
-423

48
49

U.S. private assets, net
Direct investments abroad «
Foreign securities
.
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term.
Short-term

50

Foreign assets in the United States, net (increase/capital inflow (+))

51
52
53
54
55
56
57
58
59
60
61

Foreign official assets in the United States, net
U.S. Government securities
U.S. Treasury securities >..
Others
Other U.S. Government liabilities 10
U.S. liabilities reported by U.S. banks, not included elsewhereOther foreign official assets »
Other foreign assets in the United States, net
Direct investments in the United States «
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities

62

U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
:
Short-term
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)
Memoranda:
Balance on merchandise trade (lines 2 and 16) '
Balance on goods and services (lines 1 and 15) 12 ,
Balance on goods, services, and remittances (lines
69,31, and 32)
Balance on current account (lines 69 and 29) 12
See footnotes on page 50.




(*)

(*)

-2

-6,505

-246
244

-255
382

-1
-290
329

-37
-1

-43
51

-6,020

-5,358

-6,982

-2,802

-3,434

-8,587

-8,359
-75

60

3
-75

-44

-38

127

193

104

U.S. assets abroad, net (increase/capital outflow (—))

U.S. Government assets, other than official reserve assets, net..
U.S. loans and other long-term
assets
.
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net.

1976

29,884
912
611
357
2,170
1,765
344
575
146

- 2 0 , 764
- 2 , 647
- 1 , 709
-1,646
-2,064
-159
-168
-548
-250

U.S. official reserve assets, netfl
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies

1975

41,022

- 2 4 , 267
- 2 , 630
-1,600
-1,533
-2,201
-174
-156
-419
-221

U.S. Government grants (excluding military grants of goods
and services)
U.S. Government pensions and other transfers
Private remittances and other transfers. -

1974

1976

39,107

-19,244
-2,267
-1,075
-1,123
-1,459
-23
-138
-373
-126

Payments of income on
foreign assets in the United States:
Direct investments 4 5_
Other private payments
,.
_.
U.S. Government payments
'_
_

67

1974

United Kingdom

28,164
1,003
570
313
2,089
1,428
321
502
120

Transfers of goods and services under U.S. military grant programs, net

46
47

European Communities (9)13

Western Europe

(Credits +; debits - )

(*)

(*)

-44

C)
-3,555

3

-4

(*)

-4

(*)

-317
-890
591
-19

-428
-992
587
-24

-240
-800
508
53

74
-219
324
-32

19
-290
339
-31

179
-126
254
52

145
-35
197
-17

77
-94
183
-11

39
-80
99
21

-8,045
-3,794
-582

-6,002
-2,338
-391

-8,407
-2,913
-1,433

-6,093
-2,750
-440

-5,380
-1,983

-7,157
-2,283
-1,640

-2,947
-920
-349

-3,514
-1,022
26

-3,594
-1,402
-186

39
-1,012

-14
-32

125
-731

-29
-708

-15
15

137
-735

-75
-301

-31
—57

99
-538

-498
-2,198

-529
-2,698

-3,072

-237
-1,929

-278
-2,730

-272
-2,364

-182
-1,120

-292
-2,138

-217
-1,350

13,162

2,503

6,531

5,139

2,472

6,008

2,081

-49

3,480

-1,341

293

1,269

(18)

(18)

(16)

(18)

14,504
2,406

1,233
996
(it)
2,749

(19)

799

225

(16)

180

-781
(16)

3,897
-709
-973
-1,000

(16)

(17)

(17)

6,239
1,492

-1

6

-5

124

149

(17)

(17)

(17)

(17)

(17)

(16)

(17)

360

351
436

59
349

379
-534

-273
-321

"5,032

"1,549

"-935

"3,296

1,659

-764
-416

203

240
-944

-504
-437

"1,653

"701

(16)

810

1,743
(17)

(17)

-10

'666

657

1,356
(17)
562

198

656

(16)

15
(17)

-186

-2,641

1,503

-201

-3,369

962

3,336

-20

9,120
4,355
4,233
4,188

2,500
-619
-621
-621

6,341

5,014
4,784
4,696

7,222
4,306
4,344
4,343

583
-203
-240
-240

1,145
139
147
147

911
140
96
96

2,959
3,086
3,086

SUEVEY OF CUEEENT BUSINESS

June 1977

53

Transactions, by Area
of dollars]
14

European Communities (6)

1974

1975

1976

Eastern Europe
1975

1974

1976

1974

1975

26,512

14,276

12,714

13,364

1

485
633
40
520
13

16,839
141
2,076
190
725
299
61
753
70

10, 724
48
402
364
655
211
249
89
20

9,567
36
410
287
654
223
219
92
22

10,195
41
439
284
745
257
241
111
23

2
3
4
5
6
7
8
9
10

1,239
1,700
15

1,376
2,050
17

2,036
1,867
254

1,600
2,282
247

2,098
2,983
277

226
1,258
30

187
984
33

192
797
39

11
12
13

24

26

16

(*)

(*)

(*)

-25,461

-24,791

-29,595

-23,751

-21,506

-22,886

-15,173

-14,081

-18,601

15

-22,392
-165
-1,359

-21,711
-167
-1,306

-26,346
-172
1,371

-355
-46
-7
-255
-17

-336
-139
-9
-275
-19

-369
-135
-7
-336
-18

- 1 8 , 658
-312
-2,369
— 172
-544
3
-7
-408
-218

-16,177
-147
- 2 , 666
—203
-517
— 14
-4
-505
-247

-17,203
-158
- 2 , 739
—214
-567
-26
-5
-593
-262

-12,414
-758
-102
-111
-726
47
-12
-38
-29

-11,257
-765
-131
-114
-746
26
-9
-48
-31

-15,531
-769
-145
-120
-885
36
-12
-72
-28

16
17
18
19
20
21
22
23
24

-85
-482
-298

-181
-394
-252

-215
—402
-224

-77
-953
-37

— 105
-862
-59

-167
-898
-54

99
-417
-713

38
-323
-721

-59
-324
-692

25
26
27

-24

— 26

3,564

4,424

27,174

29,698

1,737

3,249

4,055

21,842
73
1,225

23,537
108
1,561

26,336
76
1,983

86

95

108

11
40
5

14
66
6

20
89
7

381
541
38
341
6

419
566
38
503
11

1,695
474
55

1,554
412
57

1,724
439
65

77
45

90
44

99
47

1,180
1,537
10

-1,061

-2
-20,587

-1,108

-905

-14,398
-1,913
-617
-640
-816
-5
-70
-131
-103

-12,146
-1,919
-693
-686
-759
-17
-67
-167
-124

-12,823
-1,929
-749
-787
-791
-18
-66
-212
-135

-977
-1
-50

-734
-2
-69

-50

-67

-875
-2
-74
— 12
-63

-2
-2
-22

-1
-2
-26

-195
-1,079
-2,018

-253
-994
-2,012

-342
-983
- 1 , 752

1

2

2

71

154

116

-62

-189
261

-191
344

-1
-224
341

—1
-18
-43

-3,049

-1,935

-3,258

-152

(*)

-7

-7

(*)

-7
(*)

(*)

— 16

-137

-128

-587

-668

-755

-47

-43

-49

29

-20
-46

—5
-21
-45

-97
-75

-102
-35

-118
-9

—274
-13
-300

261
-100
-307

—293
-112
-350

2
-18
-31

2
-17
-28

-21
-28

30
31
32

-329

-344

-3,435

-4,280

-5,796

-10,816

-11,721

-17,100

-6,314

1,552

-605

33

(*)

300

34

—300

.---36
37
. . 38

-45
-64
19

-11
—29
16
2

-720
-1,382
664
-3

-830
-1,375
547
-3

-514
-1,085
558
13

11
-149
144
15

-4
-176
164
8

-56
-204
140
8

39
40
41
42

-3,347
-643
-1,394

-4,235
-419
-3,092

- 5 , 786
-102
- 4 , 928

-10,096
- 2 , 208
-93

-10,890
-1,215
—347

-16,286
-146
—219

-6,324
-439
516

1,556
23
-291

-549
-225
-246

43
44
45

-8
-20

-118
-359

-129
-501

-99
-341

-322
-496

-249
-71

111
-1,191

13
-286

24
96

11
218

46
47

-268
-34

-145
-18

-11
-822

-54
-40

-32
-283

-498
- 6 , 478

-853
-8,155

-1,340
-13,501

-7
-6,121

-38
1,742

-91
-216

48
49

-71

56

805

-693

1,723

4,661

3,472

4,891

2,744

-574

3,791

-57
-181
138
-14

125
-37
135
26

103
-158
244
17

56
-215
250
20

-153
-377
198
26

-88
-99
13
-2

- 2 , 970
-1,665
-97

-1,878
-976
-421

-3,379
-750
-1,453

-255

-385

-191

46
-411

15
70

38
-186

6
-36

-5
-78

-34
-810

25
-590

-50
-978

-139
-86

3,357

2,520

2,258

198

I

f
(17)
-3

(17)

(17)

-154

1,028
(17)

-517

35
(17)

442

(*)

(18)

(16)

10

(17)

1

959
546

(17)

(16)

-176
-31
(16)

130

47

151
526

-137
-396

-234
-113

9
32

17 421

n!,624

17

1 , 437

17 157

-178

-3,638

-3,408

-^876

-2,192

-3,005

1,089

203

2,093
-201
-129
-129

5,212
2,900
3,054
3,054

6,348
4,292
4,409
4,408

760
892
832
831

2,515
2,659
2,592
2,592

3,180
3,363
3,297
3,292

-550
1,713
1,541
1,541

1,826
4,907
4,770
4,770

46

I( )

t
f

114

231

04
55
56
57

65

86

350

255

59
60
61

62
63

I
41

CO

53

(17)

295

51

(17)

58

1

42

489

296

24

43

198

-42

28

50

11
-33

-4
g

6
41

56
-22

-70
81

-289
209

52
58

-28
104

-145
51

30
-52

1
-67

49

17 68

17 4,342

17 3,200

17 4,457

17 2, 603

268

7,008

5,109

9,337

4,514

432

2,101

65
66

-10
3,933
3,805
3,805

- 2 , 838
-266
-579
-853

931
3,807
3,400
3,139

-364
3,626
3,164
2,872

-1,690
-897
-946
-944

-1,690
-1,367
-1,412
-1,410

-5,336
- 5 , 238
- 5 , 287
- 5 , 287

67
68
69
70

-1

17

78

(16)

989

(*)

1,405
247

80

17

I

07)

(17)

(17)

(17)

nn

46 1
(16)

50
f

1
1

20
(16)

CO

318
(16)

736




28

(*)

(*)

(*)

14

-172

-4

(*)

1,531

23,485

-71

-79
-167
107
-18

-8

33,528

-4

(*)

(*)

-2
-2
-18

1976

17,108
117
1,962
165
704
376
60
626
65

2,000

19,171
401
433
198
941
957
212
282
55

-2

1975

25,313

24,879

17,358
482
304
149
901
1,018
199
246
56

-19,835

1974

1976

15,820
82
1,595
180
666
341
63
510
73

22,735

16,491
532
274
137
891
819
187
197
32

-1

1975

1974

1976

21,784

-21,985

Japan

Latin American Republics and
Other Western Hemisphere

Canada

(18)

(16)

(16)

17 - 9 9 4

17 3,467

{

M

SUKVEY OF CURRENT BUSINESS

54

June 1977
Table 10.—U.S. International
[Millions

Australia, New Zealand and
South Africa

International Organizations
and Unallocated ^

Other Countries in Asia
and Africa

(Credits+; debits) i

Line

1975

1974

Exports of goods and services2
Merchandise, adjusted, excluding military3
Transfers under U.S. military agency sales contractsTravel.
Passenger fares.
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services

Payments of income on foreign assets in the United States:
Direct investments 4 5
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net

34
35
36
37
38
39
40
41
42

U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net

43
44
45
46
47
48
49
50

51
52
53
54
55
56
57
58
59
60
61

5,718

25,704

28,969

33,825

1,364

1,381

1,486

3,920
39
159
125
169
202
46
192
2

16,262
1,678
157
157
1,103
290
31
468
147

20,235
2,705
188
138
1,053
345
42
652
135

21,417
3,781
297
186
1,276
381
53
947
145

506
51

543
51

650
49

38
62
2

3,508
41
107
92
148
216
40
74
2

248
40

281
46

327
50

541
148
25

540
147
24

652
184
26

4,050
925
437

2,020
995
462

3,665
1,056
623

401
126

338
142
-20

147
263
-4

1,603

2,128

356

-2,589

-2,762

-2,951

-26,341

-28,975

-42,788

-1,905

-1,749

-2,289

-2,019
-20
-61
-98
-81
5
-1
-14
-32

-2,242
-17
-65
-107
-70
2
-1
-20
-26

-2,478
-21
-90
-108
-77
1
-1
-16
-31

-22,946
-1,150
-439
-125
-525
6
-1
-75
-240

-25,158
-1,052
-471
-129
-589
-2
(*) g4
-259

-38,171
-1,085
-552
-152
-735
-1
(*)
-107
-300

-1
-101
-166

-11
-44
-162

-14
-29

-32
-525
-289

-31
-570
-632

-32
-728
-926

-1,603

-2,128

-356

-27

8-5,722

-3,165

209

-24

-26

-7
-19

-7
-17

-19

18-4,893
-175
-654

-771

-738

-684

5,264

-26
-85
77
-19

U S. private assets, net
Direct investments abroad *
Foreign securities
U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term

-818
-397
18

-712
-164
-150

44
-423

Foreign assets in the United States, net (increase/capital inflow (+)).
Foreign official assets in the United States, net
U.S. Government securities8
U.S. Treasury securities .
...
....
Others
10
Other U.S. Government liabilities
U.S. liabilities reported by U.S. banks, not included elsewhere. _
Other foreign official assets n
Other foreign assets in the United States, net
Direct investments in the United States 5.
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns
Long-term
Short-term

-381

Allocations of special drawing rights
Statistical discrepancy (sum of above items with sign reversed)...
Memoranda:
Balance on merchandise trade (lines 2 and 16)
Balance on goods and services (lines 1 and 15) 12
Balance on goods, services, and remittances (lines
69, 31, and 32).
Balance on current account (lines 69 and 29) 12_. See footnotes on page 50.




1976

4,939

47
-45
93
-1

U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term

1975

3,757
68
83
91
167

Unilateral transfers (excluding military grants of goods and services) net
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers.
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow (—))
.
U.S. official reserve assets, net 6
Gold
Special drawing rights
Reserve position in the International Monetary Fund.
Foreign currencies

1974

1976

1975

1974

5,192

Receipts of income on U.S. assets abroad:
Direct investment * s
Other private receipts
U.S. Government receipts
Transfers of goods and services under U.S. military grant programs, net..
Imports of goods and services
Merchandise, adjusted, excluding military3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services.

1976

1U,669
-1,935
18 3,072
18 532

07)

( 17 )

-1
-190

-1
-250

-188
-133

-176
-173

-123
-247

-3,369

-282

-342

-307

-2,247
-195
-723

-2,454
-226
-689

-282

-342

-307

-7,379

-6,319

-2,445

-2,147

-3,525

-1,437

-532

-2,290

-172
-1,265

-66
-466

-78
-2,212

-1,834
-2,674
826
14

-2,529
-3,641
1,093
19

-338
-344

-351
-357
6

-753
-758
5

-670
-705

-1,264
335
-1,575

-482
423
-906

-24

1

-38
-461

-136
67

-124
-286

-71
-132

-100
-489
-71
-2,205

-467
-1,704

-63
-1,558

-552

-70

11,437

9,141

15,250

(17)

22

07)
-3
55

481

106
7

-44

1,367

4,530

17

07)

( )

0)
26

-1,520
-580

(*)

986

O
1,110

2,347

1,110

2,347

(17)

07)

(17)

(17)

0)
3

-1
-191

-3,790

7

-21

-43
-1,317

-5,545
-2,487

-15
( )

-64
-1,146

3,595
6,817
-358

(17)

17

-56
-1,336

-726
-113
-418

-21
32

-309

139
7

43

7

(17)

36

(17)
157

75
492

8
681

-74
682

710, 214

17 6,922

1710,038

i 7 l,470

0)

(17)

30

-484

-977

17 2,087

22

17 2,325

-389

»7 - 6 9 3

-1,426

-862

-1,986

-10,342

1,409

3,402

2,283

1,747

2,287

1,738
2,604
2,578
2,578

1,266
2,177
2,152
2,152

1,44!
2,767
2,740
2,740

-6,684
-636
-1,465
-6,358

-4,923
—7
-925
-3,171

-16,754
-8,964
-9.878
-12,333

-541
-541
-823

-368
-368
-710

-309
-803
-803
-1,110

1

SURVEY OF CURRENT BUSINESS

June 1977

55

Transactions, by Area—Continued
of dollars]
European Communities (9)13

Western Europe

1976
I

II

1977
III

IV

I*

1976
I

II

United Kingdom

1977
III

IV

European Communities (6

1977

1976
I

I*

II

III

lv

IV

I

II

Line

1977

1976
IV

III

1.

10,220

11,043

10,461

12,690

12,052

7,812

8,432

7,948

9,889

9,245

1,799

1,972

2,117

2,279

2,144

5,780

6,198

5,5%

7,304

6,792

1

7,390
359
145
72
535
450
91
153
46

7,961
251
222
114
627
424
94
161
41

7,366
288
266
148
620
395
97
164
41

9,221
233
219
104
591
432
100
169
40

8,748
253
172
78
593
467
102
175
52

5,750
200
107
54
349
397
76
107
32

6,168
177
169
89
407
362
79
113
26

5,727
124
205
119
401
335
81
116
25

7,320
92
165
79
382
378
84
119
24

6,790
145
143
59
383
407
85
123
36

1,145
40
35
20
114
122
23
36
9

1,216
66
42
33
130
115
25
38
13

1,279
47
58
45
135
115
26
39
15

1,431
23
48
29
124
119
27
40
6

1,387
23
34
21
127
110
28
41
8

4,442
156
67
32
214
265
52
66
21

4,775
108
118
52
252
235
53
71
11

4,287
73
140
69
241
210
54
72
8

5,667
65
108
45
234
247
55
74
16

5,169
119
103
35
233
287
56
76
26

2
3
4
5
6
7
8
9
10

569
350
58

718
368
63

591
400
86

1,119
408
56

398
31

454
269
20

535
283
25

474
308
32

888
315
43

755
303
17

84
167
6

109
180
6

152
192
13

221
186
24

185
176
4

354
100
13

405
101
18

313
113
18

652
126
16

554
124
12

11
12
13

-1

(*)

-1

3

4

7

-9,243

-10,017

-10,031

-10,109

-5,526
-692
-227
-388
-526
-53
-43
-158
-60

- 5 , 727
-648
-590
-588
-556
-43
-42
-172
-76

-5,620
-667
-739
-527
-609
-28
-42
-190
-93

-6,131
-633
-329
-390
-604
-26
-42
-199
-86

-206
-777
-589

-195
-816
-564

-179
-775
-561

-293
-802
-575

1

(*)

14

(*)

(*)

15

16
17
18
19
20
21
22
23
24

-81
-237
-439

25
26
27

-166
-752
-570

-147
-485
-482

-154
-516
-456

-140
-472
-445

-255
-513
-477

(*)

(*)

(*)

-3

-4

-7

-1

1

-69

-89

-106

-93

17

5

-69
86

-72
77

-34

(*)

-973 -1,051 -1,057 -1,079 -1,142 -3,047 -3,165 -3,072 -3,539 -3,660
-506
-462
-68
-482
-500
-75
-62
-86
-485
-82
-104
-159
-100
-258
-156
-90
-242
-48
-190
-55
-165
-168
-110
-217
-142
-253
-105
-149
-146
-121
-237
-209
-164
-208
-151
-192
-143
-183
-166
-192
-7
-6
5
-6
-6
-5
-5
-1
4
-3
-17
-16
-21
-16
-21
-16
-20
-16
-21
-22
-56
-60
-120
-58
-100
-50
-90
-45
-111
-77
-27
-38
-4
-39
-6
-32
-6
-26
-13
-5

1

-5

-1

(*)

(*)

(*)

-6,463 -4,200 -4,422 -4,307 -4,814 -5,004
-707
-575
-577
-575
-608
-544
-261
-435
-516
-144
-166
-269
-433
-422
-389
-271
-305
-297
-699
-362
-395
-343
-453
-393
-45
-11
-2
-6
-10
-2
-42
-37
-38
-37
-39
-38
-154
-151
-171
-136
-135
-181
-61
-40
-55
-34
-33
-43

-54
-10

(*)

-10,353 -6,681 -7,581 -7,506 -7,827 -7,839 -1,817 -2,065 -2,070 -2,075 -2,023 -4,799 -5,197 -5,113 -5,479 -5,536

-101
57

-105
41

-107
52

-38

-24

-111
43

-107
38

-2,153

-2,292

-652

-3,490

-86

-491

-434

327

658

-91

13

-500

(*)
2

—1
-73
-76
87
78
- 4 1 1 -2,764

-400

300

-81
-261
-15

-137
-258
-19

-64
-225
-19

(*)

C)

(*)

-1,920 -1,887

-69
-249
-28

-133
-474
-480

-73
73

-75
-245
-420

(*)

(*)

-78
-234
-448

34

20

-56
76

(*)

-9

-6

-12

-17

-16

-11
2

-11
5

-11
-2

-11
-6

-11
-5

233

-817 -1,715

-205

-818

-53
86
586 -1,112

4

-400

-200

600

-500

596

-72
-253
-432

-52
-234
-35

-119

-117
-252
-453

28

(*)
25

29

-59
87

-57
82

31
32

-169 -1,858

-327

33

500

-4

4

500

-4

4

34
35
36
37
38

67
-1
49
20

1
-9
20
-9

4
-34
23
15

39
40
41
42

- 7 3 7 -1,856
-83
-605
-267
-510

-334
-224
-201

43
44
45

-203

59
87

-21
6

46
47

-64
-86

/6
-8$2

-190
296

48
49

1,082

3,890

-423

50

07)

07)

07)

34

28

30

-1

(*)

-57
91

—I

-491

-434

327

658

-91

—500

-400

300

596

4

3
-142
111
34

-47
-193
134
12

-78
-255
152
25

-118
-211
111
-18

-218
-344
109
18

53
-35
56
32

42
-40
74
8

70
-35
81
24

14
-17
43
-12

6
-48
42
13

-1,665
-1,177
-244

-1,811
-171
-343

-901
-592
-333

-4,030
-974
-513

- 7 8 1 -3,374
-547
-723
-321
-554

223
-749
-124

30
165

49
-13

10
200

-410

-351

-248
77
-109

-36
-2,544
8,170

-342
1,238

-102
293

-35
-662

-566

-857 -1,820

56

-10

-472

-411

-55
227
-1,625

-44
-832

-2,388

95

-932
(16)

-156

92
(16)

459
(16)

-848
(16)

1,027
288
(16)

4,461
(16)

19
(16)

740
451
(16)

169
(16)

3,708
294
(16)

677

100

-46

-74

-200
-7

-151
-50

-202
-155

-211
-204

}(••>

(16)

(16)

(.6)

223 -1,473 -1,529
-704
-996
-16
-179
-303
-463
45

-2

34
37

21
-29
30
20

- 8 3 2 -1,336
-527
-392
-57
-31

60
-11

18
181

47

-16

-380

-320

-112
-23
128 -2,123
1,729
6,955

-268
1,165

-71
157

-64
-514

269

83

-234

(17)

(17)

-200

600

(*)
-30
25
5

4
-8
17
-6

7
-7
16
-3

36
-16
26
27

20
-10
41
-11

- 6 -1,421
-73
-410
-45
-54

580
-473
85

-648
-469
-249

-139
408
-427

-74

39
165

-1
-34

14
-36

-27
-55
209 -1,202

-86

68
236

2,869

762

—500

44
-36
-142
142
556 -1,350 -1,364
850

-34

2,285
(16)

• 07)

178
(16)

- 2 , 851
284

-81

07)

647

395

-290
-116

-163
40

-124
-144

374

7

- l , 4 2 3 7 1,851

7

38

-78
-141

-139
-192
7

6,829

440

183

-33
07)
89

-236
-161

-57
-24

-92
-110

-128

17 —70

761

2,048

172
-18
-27
-27

165
-93
-99
-99

17

-29

419

-7,155

-954

1,808

2,850 - 1 , 7 7 3 - 6 , 2 5 5 - 1 , 9 0 8

1,864
976
932
922

2.234
1,026
962
957

1,746
431
376
342

3,090
2,582
2,514
2,476

2,285
1,700
1,631
1,607

1,550
951
969
969

1,746
851
856
856

2,506
2,062
2,064
2,064

1,786
1,405
1,405
1,405

-90

14

98
(17)

7

-141

80

404

-31
-126

-93
-61

-130
-170

2,837

,580

7

" • *

- 5 9 1 -2,238 - 1 , 2 4 7
222
47
34
34

352
204
187
187

245
121
104
104

17

O)
252

217

4

-44

-106
61

-34
-33

-43
-16

-1,692 7 - 1 , 5 5 5
1,446
1,395
982
1,016
1,016

-45

1 52
1

f

55
56

1

58

7

295

260
07)

134

6

-41

O)

94
07)
84

193

C)

7

O)

(17)

1,239

455
455

8

-11

(17)

07)

7

287

278

36

1,420
442

-17

0)

442

1 , 477

11

7

0)

• 0 )

07)

0')

-31

142

7

262
07)
92

(16)

-7

-55

7

(16)

O

2,856




—400
15
-14
27
2

17 927

-47

416
O7)
38

59
60
61

-51
-125

-114
2

62
63

221
(17)

7

57

( 64
7
3, 757 1 - 7 2 0 f 65

461 -1,430 -3,885

-533

66
67

2,128
1,826
1,855
1,854

1,509
1,257
1,282
1,282

68
69
70
71

1,610
1,001
1,021
1,021

1,215
484
518
518

June 1977

SUEVEY OF CUEKENT BUSINESS

56

Table 10.—U.S. International
[Millions

Line

(Credits +; debits - ) i

Exports of goods and services 2 .

1

.....

Merchandise, adjusted, excluding military a
Transfers under U.S. military agency sales
contracts.
Travel
..
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners.
Fees and royalties from unaffiliated foreigners.
Other private services .
U.S. Government miscellaneous services. _.
Receipts of income on U.S.
assets abroad:
Direct investments 4 5
Other private receipts.. . . . . _ . .
U.S. Government receipts
Transfers of goods and services under U.S.
military grant programs, net.
[mports of goods and services
Merchandise, adjusted, excluding military8.
Direct defense expenditures
._
Travel
Passenger fares
Other transportation
..
Fees and royalties to affiliated foreigners - Fees and royalties to unaffiliated foreigners.
Private payments for other services
U.S. Government payments for miscellaneous services.
Payments of income on foreign assets in
the United States: 4 5
Direct investments
._.
Other private payments
U.S. Government payments
.
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants
of goods and services), net.
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other
transfers.
Private remittances and other transfers
U.S. assets abroad, net (increase/capital
outflow (-)).
U.S. official reserve assets, net 6
Gold
Special drawing rights
Reserve position in the International
Monetary Fund.
Foreign currencies
U.S. Government assets, other than official
reserve assets, net.
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S.
short-term assets, net.
U.S. private assets, net
Direct investments abroad s
.
Foreign securities
. . . .
U.S. claims on unaffiliated foreigners
reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not
included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net
(increase/capital inflow(-f)).
Foreign official assets in the United States,
net.
U.S. Government securities
U.S. Treasury securities 8
Others
Other U.S. Government liabilities i°
U.S. liabilities reported by U.S. banks,,
not included elsewhere.
Other foreign official assets »
Other Foreign assets in the United States,
net.
Direct investments in the United States5
U.S. Treasury securities
U.S. securities other than U.S. Treasury
securities.
U.S. liabilities to unaffiliated foreigners
reported by U.S. nonbanking concerns:
Long-term..
Short-term
U.S. liabilities reported by U.S. banks,
not included elsewhere:
Long-term
Short-term

2
3
4
5

6
7
8
9
10
11
12
13
14
15

16
17
18
19
20
21

22
23
24

25
26
27
28

29
30

31
32
33
34
35
36
37
38
39
40
41
42
43

44
45
46
47
48
49

50
51
52
53
54

55
56
57
58
59

60

61

62
63
64

65
66
67
68
69
70
71

II

1 214 1 182
1,127 1,084

I

I v

III

IV

1 013

1,015

928

916

952
855

24

35

22

26

26

4
20

5
22

5
23

1

2

2

6
24

6
25

24
12

23
12

25
9

27
14

29
9

2

2

— 226 —270 —297 —268 - 2 6 0
-199 -215 -239 -222 -222
-1
(*)
(*)
(*)
—5
_C)95
— 18
—27
—4
g
1
1
4
-15
— 14 — 15 — 17 - 1 7

I

II

III

IV

IP

8,005
6,306
22

8,924
7,151
14

7,916
6,023
29

8,684
6,856
11

8,931
6,989
16

568

503

587

325

631

107
140
10
126
2

123
160
10
126
3

125
163
10
148
4

129
170
11
120
3

117
133
11
126
2

265

326

271

515

455
2

502
6

555
3

537
6

6,400
3,860
18

459
36

569
45

588
63

460
47

180
83
16
211
17

469
34

186
78
16
169
19

438

512

688

708
71

799
65

818
85

614

3

3

3

7

3

-5,448
-4,091
-39
-635

-5,681
-4,204
-46
-711

-6,175
- 4 , 720
-36
-681

-7,359
-5,823
-39
-768

-7,529
-6,379
-45
-703

-7,687
- 6 , 983
-52
-196

-7,537
- 6 , 976
-44
-120

-5,582
-4,188
-36
-712

-71
-39

-97
-38

-99
-30

-102

-85
-27

-131

-28

-1
-88
-5

-2
-89
-4

—64

2
-84
-4

-2
-86
-5

-2
(*)

-2
C)

-69
-94
-58

-47
-105
-58

-23
-100
-57

-76
-103
-51

-41
-103
-47

-21

-18

-16

-18

-31

-28

-33

-36

-31

(*)

182
71
17
229
17
818
73

-49

-65

-36

-72

-137

-148

-150

-150

-12

-11

-4

(*)

-1
-147
-54

-1
-142
-60

-1
-147
-72

-2
-157
-77

-32
-206
-11
-3
-168

-40
-232
-10
-3
-226

-23
-239
-15
-182

-73
-221
-18
-7
-179

-29
-215
-19
-3
-173

-59

-105

-1
-165
-77

-63

-65

-59

-6

-5

-6

-5

-6

-29

-29

-30

-30

-31

-27

-28

-28

-29

-29

-11
133

-12
29

-12
-218

-11
-287

-12
-130

-2
-2,326

1
-946

-3
-987

-5
-1,537

(*)
-1,307

-82
-4,745

-93
-3,728

-91
-3,549

-85
-5,078

-85
1,244

60

150

60
-79
-253
170
4

150
-201

5

-360

3

-5

1

5

-140

-360
-189

-107

-6
1
-5

-13
8
8

-5
1
-1

-5
5
(*)

-4
9
(*)

-242
104
-2

-363
177
-2

-226
107
13

-2,317

-950

-982

-3,442
-260

32

-10

-113

-61

-59

-9

-60
80
12

-92
77
6

-137
21
3

-87
20
5

-91
17
14

101

39

— 105 - 2 2 6

-71

-3
34

—1

47
23

20
4

-36

16

23

2
11

— 138
20

31

-6
-81

24

-74
-65

-42
-53

39

(17)

07)

• 07)

(17)

(17)

2

07)

(17)

(17)

1

—1
7

-4
-11

-264

-168

7

-725

542

-63

(16)

881
(16)

96

(16)

-50
(16)

88

18

-7

23

845
(16)

(16)

(16)

57

-271
(16)

5

145

-72

122

100

67

-11

22

-55

-26

6

18

57

-46

-3

(if)

13

110

* 7 995

4,463

581

13
1,395

-39
726

1,364

617

869
912

689
717

694

633
692

363
1,477

110
1,072

-356

747

-127
997

895

698

732

674

1,446

1,044

961

732

674

961

12

17 - 6 4 6 i 7 -2,266

332

354

8

-66

840

1,044

-4

( )
35

-99

-44

1,446

37

(16)

1,364

558

95

-6
(17)

-27

15

354

130

44

07)

263

-543

387

-19
(17)

-21
30

52
(16)

31

-20

12

37
(17)

-538

(16)

(16)

17

336

-483

(16)

168

}„,

(16)

(16)

-511

698

07)

677

-150
-3,836
-276

-943

891

(17)

21

-637
-388

-20

-249
-113

Statistical discrepancy (sum of above items - 1 , 0 6
with sign reversed).
Memoranda:
Balance on merchandise trade (lines 2 and 16]
928
Balance on goods and services (lines 1 and
988

971

-100
1,978
715

36
69

-15

-100
1,423

» 7 31

971

-288
—3,988
1,971

-33
-3

1
[

i7-78

-435
-3,031
939

-137
-196

(ii)

(*)

(*)

-467
-2,646
2,257

44
14

12

(17)

—621

-21

-233

-5

(17)

4

-744

7
-14

C)

(*)

55
239

25

-490

-41
32

(16)

(*)

-66
100

-44

(17)

(17)

1,295

-91
27

276
-20

f
(17)

-5,059

-70

-217

-126

-327
122
3

-10

280

-1,219

-1,312
-108
-646

-3,179

83

-754

-1,538
-379
-1,010

-4,606

-86

-1,946

Jl7_ 4




7,006
4,354
48

-7,852
-7,041
-42
-335

-8

See footnotes on page 50.

6,635
4,111
29

-6,528
- 5 , 943
-32
-137

3

Balance on goods, services, and remittances
(lines 69, 31, and 32).
Balance on current account (lines 69 and

6,563
4,225
25

657
55

-2
(*)

C)

6,309
4,149
40

460

2

-16

I*

607
3

-7

-2
(*)

IV

297

-2
-77
-5

C)

III

192
70
15
188
17

(*)
-6
-10

(*)
-1
-7

II

168
68
15
185
17

(*)
-1
-7

(*)
-1
-5

1977

1976

1977

1976

1977

1976
I

Latin American Republics and
Other Western Hemisphere

Canada

Eastern Europe

287
(17)

-5

6
17

1,842

17 224

1,838

2,454

-827

134
1,115

-93
953

-366
832

-1,963
-959

995

834

718

-1,074

771

653

-1,132

889

SURVEY OF CURRENT BUSINESS

June 1977

57

Transactions, by Area—Continued
of dollars]
Australia, New Zealand, and
South Africa

Japan

1977

1976

I v

973
11

1,562
1,003
12

1,337
961

8,086
5,002
692

8,190
5,468
887

8,552
5,414
1,032

8,997
5,533
1,170

8,485
5,196
1,172

51
37
47
51
11
44
1

46
44
45
47
12
53
1

39
24
42
53
12
61
1

15
25
39
56
13
63
C)

47
31
289
92
12
204
39

80
45
317
95
13
226
34

97
74
360
90
14
247
34

73
37
310
103
14
270
37

52
36
312
77
14
289
37

119
37
3

162
49
10

124
40
3

247
58

113
40
4

1,287
256
135
47

603
266
155
81

778
266
148
148

997
267
184
80

-681
-556
-5
-25
-31
-18
1
(*)
-5
-9

-690
-589
-5
-15
-24
-18
(*)
(*)
-5
-6

-753
-631
-5
-15
-28
-20
(*)

-827
-702
-7
-35
-25
-20
C)
(•)
-3
-6

-702
-571
-5
-28
-36
-18
1
(*)
-6
-7

-9,230
-8,215
-234
-130
-27
-175
-1

-8,794
-271
-117
-31
-172
(*)
-27
-79

-11,789
-10,550
-298
-147
-40
-198
1
(•)
-29

-13,014
-11,679
-364
-145
-31
-221

-24
-67

-11,875
-10,612
-282
-158
-54
-190
-1
C)
-28
-84

-1
-28
-72

(*)
-8
-24

-1
-7
-21

-9
-7
-24

-162
-186
-47

-179
-219
-81
-694

-8
-202
-257
-148

-10
-185
-265
-80
-612

-5
-200

-372
-53

-57

-187
-1,605

-182
-99

III

IV

3,124
2,408
8

3,237
2,462
10

3,517
2,613
11

3,486
2,712
12

3,609
2,808
11

1,252
906
10

1,506
1,038
6

115
67
157
35
55
25
6

93
59
191
75
59
27
7

139
99
205
73
62
29
4

92
60
191
74
65
30
6

116
70
177
53
65
31

23
21
36
52
11
34
1

33
203
12
(*)

53
194
7

67
204
12
(*)

39
197
7
(*)

77
179
12

4,162
3,482
-159
-27
-27
-198
7
-2
-15
-7

-4,643
-3,854
-223
-48
-36
-214
9
-3
-18
-8

- 4 , 872
-4,065
-191
-38
-39
-238
10
-3
-19
-10

-4, 925
-4,130
-197
-32
-18
-236
11
-4
-20
-4

-4,839
-4,132
-191
-30
-32
-205
10
-4
-15

-20
-76
-156
(*)
-10

2
-84
-165

-12
-82
-187
(*)
-15

-29
-83
-184
(*)
-13

2
-62
-172

-12

II

III

-7 i

n
-10

-5
-6
-19

II

-23

-7

-629
-389

-5

-6

-6
148

-42

-9
-9

1977

1976

IV

II

I

1977

1976

International Organizations
and Unallocated is

Other Countries in Asia and Africa

-5

-4

-2

-2

-702

-7
1,340

-6
-84

-4
-428

-3
-4
103

-2

-2

-5
-276

-6
-353

-57
-183
-2,230

IV

III

-474
-57
-163
1,419

-1,434
-1,220
-59
-155
-1,064

III

-21

-25
36
1

-100
76
3

135
-289
-110

-21
249
-62

10
-188
-92

-1
-31

6
—7

5
160

4
563
2,112

-29
-177
494

-19

-5

-29

32

-16

27

-5
35

-11
3
—7

-11
28
10

1

-732

353

405

380

491

150
13

162
15

171
12

187
10

161
14

80
13

-2
3

-946
312

34

-435

-414
-6

-761
-154

-679
-149

-710
-179

-19
-294

-7
-318

-356

-17
-349

-17
-294

(*)
-42

(*)
-3

(*)
-152

-721

-106

-51

-482

-106

-51

30

32
33

-955 -1,906

-952

-381

-784

-734

-490

-447
-58

-45
-237

14

-18
-716

-29
-461

-506

-107

-180

-319

-148

-135

38
39

-180

-320
2

-148

-139
3

40
41
42

-853
-155

-314
120
-434

202
-97

43
44
45

288

-535

-622

-640 |

278
123

-862
254
-14

-897
249

-836
293
37

-110
3
677
472
205

1,345
120
-195

-82
16
-20

-460
-130
-205

119
82
3

-303
-81
-196

-354 - 1 ,
-63 - 1 , 2 9 3
-128

-884
-433
4

-443
-372
-392

-965
579
-64

407
386
-74

-12
-46

-5
18

16

-1
-7

-4
-3

-57
226

7
-283

-32
103

-54
21

-11
42

-30
1,507
-401

-75
-16
-2

-45
-202
5,473

157
-336
4,355

-97
348
3,649

-78
-1,368
1,773

29
35
3,984

-19 i - 4 3
(*)
-253
173
140

-53

15
16
17
18
19
20
21
22
23
24

25
26
27
28
29

-673
4
19

17
25
-301

(*)
-110

(•)

11
12
13
14

-21
-90

2
4

-141
61

118
4

-33
-67

-28
23
(*)

-45 j -21
170
-772
1,602
-416

10

47
42
-5

272
139
28

-37
7
1

(*)

Iv

IV

349

-282

13

Line

1977

1976

i

C)
"—2i3

(*)
(*)
212

1
(*)
1,714

-34

(*)

-413

634

34
35
36
37

46
47
48
49
50
51

07)
17

(17)

23

5

17

0)

(17)

(17)

C )
40

41

(17)

(17)

7

40

(17)

7

38 |
j
)
!

1,632

26
(

17

)

(17)

(17)

547
(17)

52
53
54
55
56

(17)

1,734
0)

0)

740

618
7

7

(17)

-213
154
(17)

-3
12

51

35

239
(17)

(17)

38

-4

-5
-17

14
-15

-5
-47

-4
-5

7

-1
5

-40

17-14

17 4 1

-1,211

965

-223

2,569

302

-477

-442

-1,074
-1,038

-1,392
-1,405

-1,452
-1,355

-1,418
-1,439

-1,324
-1,230

350
571

449
816

-1,049

-1,417

-1,370

-1,452

-1,049

-1,417

-1,370

-1,452 -1,241




13

-4

15

-13

-1,241

563 !
563

2 !

-5

-441
342
646.
639

809

639

-14 !

-7
-4

20

4

40

26

11
07)
-13

-27

2
100

-1
81

-5
224

(17)

28

i 7 l , 5 4 8 17 - 4 3 0

17 1,927

13

(17)

(17)

17 175

17 158 1 7 3,685 17 3,681

-625

-414

-2
18
(17)
j (17)
-23

-185

17 974

17 3,392

17-244
90

-537

2,173

3,237

1,365

301
735

390 1-3,213
635 j - 1 , 1 4 4

-3,326
-1,704

-5,198
-3,323

-5,017

-6,483

- 2 , 792

-4,529

728

627

-1,925

-3,537

-3,033

-4,768

728

627

-1,772

-2,399

-4,757

-3,405

-5,249

1,714

)
-5

(17)

634
(17)

-13

-413

57
58

()
-13

59
60
61

62
63

-70
277

-1,471

-1,384

31

212

-165

7
17 217 1 1,705

7

17 647 1

-400

64
65
66
67

857

654

686

1,064

-6
-61

-154
-357

-149
-299

-179
-219

-61

-357

-299

-219

70

-368

-271

71

-114

-463

SUEVEY OF CURRENT BUSINESS

58

June 1977
Table 10a.—International Transactions, by
[Millions of

Belgium-Luxembourg

(Credits + ; debits - ) i

Line

1974
Exports of goods and services 2

_

1975

Germany

France

1976»

1974

1975

1974

1976"

1975

1976 P

2,918

2,943

3,523

3,929

4,135

4,610

6,940

7,175

7,639

Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts..
Travel
Passenger fares
Other transportation
Fees and royalties from affiliated foreigners
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services

14
15
74
110
10
21
2

2,464
8
14
9
75
128
9
30
3

3,038
8
23
14
64
116
10
30
2

3,009
7
63
38
162
197
46
56

3,105
15
68
36
145
266
47
61
12

3,516
9
96
54
143
223
52
82
20

4,687
445
126
54
264
267
78
50
15

5,052
373
145
58
266
307
81
74
29

5,478
322
206
80
300
296
95
74
20

Receipts of income on U.S. assets abroad:
Direct investments *'
Other private receipts
U.S. Government receipts

249
42
5

138
61
4

158
61
-1

162
14

228
139
13

256
146
13

853
92
9

706
72
12

673
80
15

-2,147

-1,719

-1,583

-3,358

-3,285

-3,722

-10,512

-9,405

-9,662

-1,660
-55
-31
-45
-50
(*)
-11
-9
-10

-1,184
-52
-39
-43
-46
-2
-9
-12
-16

-1,116
-46
-35
-42
-56
-2
-9
-17
-20

-2,339
-14
-198
-175
-84
1
-14
-33
-38

-2,144
-23
-226
-190
-96
(*)
-15
-32
-37

-2,521
-21
-254
-215
-93
-1
-15
-57
-34

-6,302
-1,549
-153
-140
-388
-8
-34
-52
-35

-5,358
-1,540
-174
-172
-347
-17
-32
-75
-41

-5,581
-1,553
-195
-195
-367
-8
-32
-86
-53

-214
-56

-197
-113

-7
-172
-61

-25
-284
-155

-23
-233
-266

-62
-242
-207

-14
-254

-27
-243

-40
-238

-1,583

-1,379

-1,314

n.a.

n.a.

n.a.

271

330

319

Transfers of goods and services under U.S. military grant programs, net.
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to affiliated foreigners
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
Payments of income on
foreign assets in the United States:
Direct investments 4 s
Other private payments
U.S. Government payments
U.S. military grants of goods and services, net

_

Unilateral transfers (excluding military grants of goods and services), net
U.S. Government grants (excluding military grants of goods and services).
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. assets abroad, net (increase/capital outflow ( - ) )

n.a.

n.a.

-10

-8

-45

-3
-7

-4
-4

-15
-34

-16
-24

-15
-30

-77
348

-84
414

415

-584

-186

-557

-720

-1,194

-557

-491

-359

-599

A

(*)

(*)

U.S. Government assets, other than official reserve assets, net
U.S. loans and other long-term
assets
Repayments on U.S. loans 7
U.S. foreign currency holdings and U.S. short-term assets, net.
s

U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
U.S. claims reported by U.S. banks, not included elsewhere:
Long-term
Short-term
Foreign assets in the United States, net (increase/capital inflow) ( + ) ) .
Foreign official assets in the United States, net
U.S. Government securities..
U.S. Treasury securities 8
Others

-40

-4
-4

U.S. official reserve assets, n e t 6
Gold
Special drawing rights
Reserve position in the International Monetary Fund..
Foreign currencies

U.S. private assets, net
Direct investments abroad
Foreign securities

-49

....

Other U.S. Government liabilities i°
U.S. liabilities reported by U.S. banks, not included elsewhere.
Other foreign official assets «
Other foreign assets in the United States, net
Direct investments in the United States 5
U.S. Treasury securities
U.S. securities other than U.S. Treasury securities
U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term..
U.S. liabilities reported by U.S. banks, not included elsewhere:
Long-term
Short-term

-16
-22
7
-1

-18
-24
5
1

1
-3
5
-1

11
-20
31
(*)

34
-21
56
-1

61
-1
61
1

-54
12
-24

-41
-51
22
-12

26
25

-568
-301
-12

-168
-173
20

-558
-182
-49

-731
-390
-114

1,228
-376
-203

-614
176
-652

-425
-123
10

-318
-507
63

-650
-428
-6

-5
-22

-29
-14

-31

-10
-148

-4
136

-2
-135

-14
-44

-13
-34

9
-237

-4
32

-310

-17
-52

17
-798

-24
23

23
-277

20
153

1,716

160

-803

1,396

3,922

-2,336

-2,421

(13)

(13)

6

(13)

(13)

(13)

(13)

(13)

(13)

(13)

10

18

(*)
(13)

170
(13)

(13)

(13)

(13)

(13)

(13)

10

253
(13)

155
(13)

132
(13)

-59
(13)

569
(13)

-978

(13)

-68

-31
-127
3,281

(13)

-79

(13)

-165
(13)

559

38

50

39

-45

301

345

318

247

91
384

-84
-223

-49
-134

-15
52

23
-57

-42
48

20
-163

-134
23

13 - 6 1 8

13 798

13 2,874

13 1,021

13 359

-1,893

-1,190

-572

-1,198

708
771
761
761

1,280
1,224
1,216
1,216

1,922
1,940
1,932
lff~~

670
571
522
522

13 3,443 13 - 2 , 8 0 2

13 -3,164

13 - 8 4 9

2,050

6,213

3,237

995

-1,615
-3,572
-3,301
-3,301

-308
-2,230
-1,900
-1,900

(13)

Allocations of special drawing rights
Statistical discrepancy, and transfers of funds between foreign areas, net (sum of
above items with sign reversed).

-3,5

-978

Memoranda)
68

Balance
Balance
Balance
Balance

on
on
on
on

merchandise trade (lines 2 and 16)
goods and services (lines 1 and 15) 12
goods, services, and remittances (lines
69, 31, and 32)
current account (lines 69 and 29) *2

See footnotes on pages 50.




961
850
810
810

843
843

-103
-2,023
-1,704
-1,704

SURVEY OF CURRENT BUSINESS

June 1977

59

Selected Countries (published annually)
dollars]

Netherlands

Italy
1974

1975

1976*

1974

1975

Mexico
1976P

1974

1975

Australia

Venezuela
1976?

1974

1975

1975

1974

1976P

South Africa
1974

1976P

1975

Line

1976

P

3,448

3,609

3,894

4,541

4,797

5,304

6,793

7,513

7,519

2,614

2,914

3,242

3,139

2,824

3,482

1,477

1,585

1,716

1

2,757
37
43
23
167
147
39
45
5

2,855
60
41
38
177
157
40
47
6

3,055
34
59
39
148
152
35
44
9

3,665
35
28
8
225
98
14
25
4

3,809
25
36
8
239
161
21
35
6

4,174
28
49 }
12
285
171
21
52
4

4,860

5,166
(•)
1,453
52
114
25
149
3

5,007
1
1,428 >
67
87
23
188
3

1,780
11

2,250
14

2,622
19

120

145

2,147
63
55

29

26

1,796
35
72
60
76
146
23
52
1

2,183
35
107
88
87
140
28
160
1

1,159
(•)
10
5
57
52
12
12
(•)

1,301
C)
12
5
49
59
13
12
(*)

1,351
(*)
19
3
54
52
13
21
1

2
3
4
5
6
7
8
9
10

64
106
15

100
73
15

210
86
23

360
72
7

381
67
9

459
84
20

527
108
18

122
48
C)

71
63
C)

125
76
1

11
12
13

na

14

1,142
48
95
20
128
3

429
67
12

112
360
25

156
362
33

I«
477
144
9

205
467
43

68

260
142
9

[
177 \
I
17
[
87

58

86
137
22

1 1

136
176
8

406
100
21

na

n ft
-3,516

-3,336

-3,473

-2,378

-2,100

-2,147

-5,302

-5,185

-5,851

-5,121

-4,032

-3,848

-1,490

-1,531

-1,529

-665

-925

-984

15

-2,589
-212
-188
-142
-159
5
-6
-25
-15

-2,391
-228
-194
-131
-156
-1
-4
-30
-20

-2,525
-236
-207
-126
-163
-1
-4
-37
-21

-1,432
-83
-47
-138
-136
-3
—5
-12
-5

-1,082
-76
-60
-150
-114
3
-6
-17
-7

-3,391
-1,076
-73
-1
- 5 8 } -1,475
-209
-74
-113
(•)
-6
(•)
-6
-229
-16
-8
-12

-3,059
-1
-1,637
-86
(*)
(*)
-280
-14

-3,594
-1
-1,723
-86
(•)
(*)
-317
-20

-4,777
-57

-3,727
-3

-3,597
-18

-1,051
-13

-80

-83

-101

-1,151
-11
-38
-52
-43
1
-1
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-16

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-16
-50
-54
-46
1
-1
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-611
-1
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1
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-864
-1
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-926
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-1
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16
17
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19
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23
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-119
-1

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-106
-2

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-107
-3

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-208
1

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-186
-33

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-114
-18

-1
-93
-163

-10
-36
-159

-13
-21
-86

(•)'
-8
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(•)
-2

25
26
27

n.a.

n.a.

n.a.

n.a.

28

-15

-8

-8

-8

-1
-110
-74

-9
-105
-67

-11
-107
-35

-149
-217
-151

-188
-216
-187

-222
-225
-135

[ iS
-1
(
%
I

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-8

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n.a.

n.a.

n.a.

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n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

n.a.

-129

-120

-139

-12

-10

-12

-156

-172

-191

-10

-8

-10

-14

-13

-

_2

—1

—1

_1

_1

-4
-8

-49
-102

-56
-114

-64
-126

-1
-8

-1
-6

-1
-8

-5
-9

-5
-8

-6
-9

-1
-7

-218

-1,231

-1,515

-1,361

62

-817

228

-311

-346

-378

-382

—1

-91
-38

-84
-36

-105
-33

-4
—8

-525

5

-747

-742

-6
138

-8
-3

29
30

-I
-7
-339

-1
-7

31
32

-280

33

34
35

—300

(*)

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36
37
38

300

6

10
-37
45
2

12
-25
39
-2

16
-14
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2

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-36
2
3

-55
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1

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-19
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-88
-137
47
2

-68
-122
54

-32
-86
53
1

14
-27
41
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20
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42

36
-27
50
13

60
-20
83
-3

19
-45
68
—4

47
-13
59
1

2

6

39
40
41
42

-535
-336
11

-7
-22
26

-763
-176
-14

-711
-515
9

193
102
22

-204
-141
-141

-1,143
-193
12

-1,447
-47
-170

-1,029
73
-107

48
343
6

-837
-197
39

192
495
36

-371
-176
14

-365
-92
-161

-425
-90
-434

-384
-159
4

-328
-53
12

-286
-9
17

43
44
45

16
-162

-1
10

7
-3

59
-35

62
-28

61
5

-63
-62

-63
-56

21
30

-114
-55

-305
15

186
-16

3
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-7
13

2
-4

5
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19

4
6

46
47

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-237
-600

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-829

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54
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30
-224

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15
86

14
-199

-75
-217

-86
-218

48
49

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1,983

1,322

852

119

490

350

866

2,076

-79

56

-407

-679

-26

41

134

-54

50

(13)

(13)

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(13)

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9
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25

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46

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-76

13 1,212 13 - 1 , 5 0 5

13 2,139

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476
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318
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319
i

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13 176

13 - 1 5 6

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13 797

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-3

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51
52
53
54
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56

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3

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1
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59
60
61

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62
63

14
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13 39 13 - 2 7 (I

64
65
66

-609

1,287

-1,518

-2,731

-3,677

-3,046

-594

-991

-982

379

2,022

332

-917

-255

-1,534

-463

-447

-390

67

168
-68
-197
-197

464
273
153
153

530
421
283
282

2,233
2,163
2,151
2,151

2,727
2,697
2,687
2,687

3,098
3,157
3,145
3,145

1,469
1,491
1,340
1,335

2,107
2,328
2,158
2,156

1,413
1,668
1,478
1,477

-2,997
-2,507
-2,516
-2,517

-1,477
-1,118
-1,125
-1,126

-975
-606
-615
-616

1,096
1,649
1,635
1,635

645
1,293
1,280
1,280

971
1,953
1,938
1,938

548
812
804
804

437
660
652
652

425
732
724
724

68
69
70
71




BY ALBERT A. HIRSCH

Policy Multipliers in the BEA
Quarterly Econometric Model
AN important application of econometric models is the quantitative assessment of the impact of economic policies.
Several techniques of using econometric
models are available for this purpose.
This article utilizes the technique
known as multiplier analysis.
Multipliers measure the changes in
endogenous variables of the economic
system that are induced by a change in
an exogenous variable.1 The endogenous variables of primary concern
are the targets of economic policy,
such as GNP, the unemployment rate,
the inflation rate, and fiscal and foreign
trade balances. The exogenous variables of concern are those subject to
control by policymakers; i.e., "policy
instruments," such as Government expenditures, tax rates, and Federal
Reserve System member bank reserves.
For instance, one set of multipliers
measures the additional GNP that
results from an increase in Government purchasers.
The principal advantage of multiplier analysis for quantifying the impacts of economic policies is that it
permits generalizations about the comparative impact of different types of
policies aimed at the same target
variables. Another advantage is that,

once computed, multipliers can be used
directly (i.e., without solving a model)
for approximating impacts of real-world
policy changes unless these changes
are very complex. Finally, an important
side benefit of multiplier analysis is that
it reveals the dynamic response mechanisms inherent in an econometric model.
Multiplier analysis also has certain
limitations. First, as noted, it is a
convenient tool only if policy changes
are not very complex. If there are
changes in several policy instruments
that are not constant over time, it is
more convenient to simulate the impact
of the changes than to compute the
impact by algebraic combination of
multipliers. Second, when—as is usually
the case—models are nonlinear, policy
simulation may be preferable because
the impact of a change in a policy
instrument (and thus the multiplier for
that instrument) is not the same under
all conditions, and, if several policy
instruments are involved, their impacts,
in general, are not strictly additive.
Third, standard multiplier analysis does
not provide a convenient framework for
determining the optimum combination
of policy instruments. Another technique, called "optimal control" analysis, is being used experimentally to deal
with this problem. This technique uses
NOTE.—Computational and clerical as- an econometric model in conjunction
sistance was provided by Judith K. White with a mathematical statement of the
and Irene M. Keyes. A draft of an article
for different
similar to this one, based on a now obsolete policymaker's preferences
2
states
of
the
economy.
version of the BEA quarterly econometric
model, was prepared by Gorti V. L. NaraThis article presents multipliers for
simham, formerly with BEA and now with five policy instruments using the BEA
the Bureau of Domestic Commerce. An
article by Narasimham based on that draft quarterly econometric model (henceappears in the April 1977 issue of the South- forth, the BEA model): Government
purchases of goods and services other
ern Economic Journal.
than the services of government em1. Multipliers are calculated assuming a sustained change
of a specified amount; however, the impact of a one-time
change (e.g., a tax rebate) can be derived as the first difference of the multipliers.

60




2. See, e.g., Gregory C. Chow, Analysis and Control of
Dynamic Economic Systems (New York: Wiley and Sons,
1975).

ployees, government purchases of the
services of public service employees,
personal taxes, corporate profits taxes,
and nonborrowed reserves of Federal
Reserve System member banks. Section I reviews basic multiplier theory.
Section II describes the methodology of
deriving the multipliers. Section III
presents and analyzes these multipliers.3

Basic Multiplier Theory
An econometric model describes an
economy in terms of a system consisting of behavioral equations and
of identities. A behavioral equation
is a relationship showing how one
economic variable in influenced by
other variables. For example, an equation may explain consumption expenditures in terms of such variables
as disposable income, population, liquid
assets, and previous consumption expenditures. An identity is an equation
that holds by definition. Identities
may be accounting relationships (e.g.,
GNP equals personal consumption
expenditures plus gross private domestic investment plus net exports
plus government purchases) or other
definitional relationships (e.g., wages
equal employment times wages per
employee).
The variables in an econometric
model are classified as either "endoge3. The multipliers were derived using a version of the BEA
model estimated after the 1976 benchmark revision of the
national income and products accounts, but prior to the
July 1376 revision. Generally, the equations were estimated
over the period 1955-74. An equation listing, together with
definitions of variables, is available on request to Albert A.
Hirsch, Department of Commerce, Bureau of Economic
Analysis, BE-52, Washington, D.C. 20230. For a complete
description of the BEA model, which is available only for an
earlier version, see Albert A. Hirsch, Maurice Liebenberg,
and George R. Green, "The BEA Quarterly Econometric
Model," BEA Staff Paper No. 22, 1973, available from the
National Technical Information Service, Springfield, Va.,
22161. Prices: $5.50 in paper copy and $3.00 in microfiche.
Quote accession number COM 73-11114 when ordering.

SUEVEY OF CUEEENT BUSINESS

June 1977

nous" or "exogenous," Endogenous
variables are those for which values
are determined by solution of the
system; exogenous variables are those
for which values must be specified
from outside the system.
Because the behavioral equations
are inexact, they contain error terms,
which, in a correctly specified and
estimated model, are attributable to
random disturbances. For purposes of
this section of the article, these error
terms may be disregarded and the
equations treated as if they were
exact.
The multiplier concept will be explained with the aid of an illustrative
model that is so simplified that it
bears little resemblance to serviceable
econometric models, but that contains
the features of a model that are
necessary for such an explanation.
First, a "static" version of the model
is used, then (moving toward greater
realism) a "dynamic" version.
Static version.—The model consists of
three equations—two behavioral equations and one identity:
(1)

C=b(Y-T)

(2)

(3)

where 0= personal consumption expenditures, Y= national income and
product (GNP), T= taxes, / = investment, and G= government purchases.
Equation (1) is a consumption function, with consumption explained by
disposable income (Y—T); equation
(2) is a tax function; equation (3), the
identity, defines GNP as the sum of its
final demand components. C, F, and T
are endogenous variables because they
are determined within the system of
equations; / and 0 are exogenous. The
lower case letters b and c denote
numerical coefficients. The coefficient b
in the consumption equation is called
the "marginal propensity to consume"
(MPC); it represents the fraction of an
addition to disposable income that is
consumed.
The multiplier concept can be understood by tracing the effects of an increase in an exogenous variable through
this system. Assume, e.g., an increase




in / o r G of 1. By equation (3), F increases by 1. By equation (2), T increases by c. Thus by equation (1), C
increases by 61. Returning to equation (3), it can be seen that F increases
further by this increase in consumption,
for a total (including the amount due
to the initial increase in / or G) of
1+6(1—c). The second-round increase
in F, 6(l-c), induces further consumer
spending of 6[6(l-c)-6c(l-c)] or 62(l-c)2.
The resulting third-round increase in
income results in still further consumer
spending, and so on, until the increases
become infinitesimal. The total change
in F, which is the sum of the increases
from all the rounds, is larger than the
initial change—indeed, it may be several times as large as the initial change.
The ratio of the total change in F to the
change in / or G is called the "multiplier" of F with respect to / or G. This
ratio is the sum of the infinite geometric
series
\

"'^•'•-i-b+bc

As in all linear models,4 multipliers
may be derived directly from the model
equations by transforming them so that
one endogenous variable appears on the
left side of each equation and only
exogenous variables appear on the right
side. The result of this transformation
is called the "reduced form." The reduced form of the illustrative model is:
(4)
(5)
(6)

'1—b+bc

(I+G)

6(l-c)
1-b+bc
l~-b+bc

(I+G)

Assume a change in one of the exogenous variables, say, G. Then
(7)

l-b+bc

AG-

Let 6=0.7 and c=0.2. Then
(8)
1

1-0.7+0.7X0.2

AG=2.27AG

4. Linear models consist of equations whose variables
appear in separate terms and are raised only to the first
power; that is, they do not include interactions in the form
of products or ratios of variables, or "transcendental" (logarithmic, exponential, or trigonometric) functions.

61
Thus, the multiplier of F with respect
to G, AY/AG, is 2.27. The multipliers
of C and T with respect to G can be
derived in a similar manner:

0.7(1-0.2)
AG=1.27AG;
1-0.7+0.7X0.2
AG
0.2

"1—0.7+0.7X0.2

AG=QA5AG.

Hence, the multipliers of C and T with
respect to G are 1.27 and 0.45.
Dynamic version.—In the illustrative
model, all the rounds of the multiplier
occur within a single time period (if
time is viewed as consisting of discrete
periods) or instantaneously (if time is
viewed as being continuous). This
reflects the fact that neither of the two
behavioral equations relate causes to
effects over successive points or periods
of time. Models that are devoid of such
intertemporal cause-effect relationships
are called "static" models; those that
contain them are called "dynamic"
models.
The illustrative model can be made
dynamic by rewriting the consumption
function as

where the subscripts t and t-l denote
the current and previous time periods,
respectively. The first term in the equation indicates that current consumption
depends on current income, and the
second term indicates that current
consumption also depends on previous
consumption, which in turn depends on
previous income, etc. Thus, consumers
show inertia in the sense that they do
not respond solely to changes in current
income, but also to changes in past
incomes. The coefficient 6', which is the
MPC in the first period, is smaller than
6 in equation (1). The coefficient d is
positive and less than I.5
The reduced form equation for F
in the model that consists of equations
5. If it were equal to or greater than 1, the relationship
would be unstable.

62
(1'), (2), and (3) is
(11)

Equation (11) differs from equation
(4) in that the right-hand variables
include the lagged endogenous variable
Ct-\ as well as the exogenous variables
/ and G. Assume that the system is
in a "steady state" (equilibrium) and
that therefore ACt~i (i.e., A(7o)=0.
Introduce, as before, a change in G.
Then, for the first period,

SURVEY OF CURRENT BUSINESS
final form is like the reduced form for
the static version in that only exogenous
variables appear on the right side (compare equations (4) and (14)).
The steady-state multiplier of Y with
respect to G is
AY
\-d
(15)
AG~l~d-b' + b'c

June 1977

ponents and implicit price deflators,
and various logarithmic and exponential
relationships. Second, analytical derivation is made difficult by complex
lag structures. For both reasons, the
practicable approach is to calculate
multipliers from solutions of the model;
i.e., by "simulation."
Two solutions of the model are
needed to determine a multiplier path.
The first is the "control" solution. The
control solution may be a simulation of
the economy over some historical period
based on actual initial conditions and
actual values of exogenous variables, or
it may be a simulation over a specified
time period based on hypothetical
initial conditions and hypothetical
values of the exogenous variables.
The second solution, called the "disturbed" solution, is obtained by repeating the control solution in every respect
except that the policy instrument with
respect to which the multiplier is being
calculated differs in each time period
by a constant amount from its corresponding value in the control solution.
Differences, period by period, in the
values of an endogenous variable between the disturbed solution and the
control solution measure the change in
that variable resulting from the shift
in the policy instrument. Multiplier
paths are obtained by dividing this set
of differences by the constant amount
of change in the exogenous variable.

If b' and d are set so that the steadystate MPC, 67(1 -d), equals the MPC
of equation (1), the static and steadystate multipliers become identical.
Using the values of 6 = 0.7 and c=0.2,
as before, this result obtains, for example, if &' = 0.4 and d=0A3.
1
(12)
To summarize, in making the static
-AG.
l-b' + b'c
model dynamic, the multiplier process
Equation (12) is similar in form to was stretched out, so to speak, from
equation (7), and the associated multi- a single time period (or instant) over
many time periods (in theory, an
plier
infinite number); the sequence of multipliers is called the "multiplier path."
1
(13)
±AG3 - l-b'+b'c
The relationship between multipliers
for the static and dynamic versions
is called the "impact multiplier'' of may be seen in chart 12. In both
Y with respect to G.
versions, AG=l.O beginning in period
For subsequent periods, ACt-i is 1. In the static version, the multiplier
not zero, because Ct~i will have been reaches its ultimate size in period 1 (or
affected by the change in G. Thus, instantaneously); in the dynamic verfor periods after the first, AF is a sion, it is 1.47 in period 1 and gradually
function of ACt-\ as well as of AG, approaches the same ultimate size.
and the multiplier AY,/AG(t>l) beIt should be noted that not all
comes larger than in equation (13).
dynamic systems are like the illustraThe increments by which the multi- tive model. In some cases, the response
plier becomes larger diminish in succes- may be oscillatory. If the oscillations
sive time periods and become infini- are damped, the multipliers settle
tesimal as the system approaches a down to a stable value. In other cases, Alternative solutions
new steady state. When this state is the system may not settle down to a
Another consequence of nonlinearities
reached (in theory, it is never fully stable solution.
in econometric models is that the value
reached), Ct again equals Ct-u The
of multipliers are not the same in all
steady-state multiplier of Y with reBEA Model Multipliers:
circumstances (as they are in linear
spect to G is found from the following
Methodology
models). First, multipliers have been
equation, called the "final form:"
shown to be sensitive to the initial
Multiplier simulation
conditions and the state of the economy
during the solution period. Second, but
Multipliers
implicit
in
most
working
<"> reconometric models, including the BEA to a much lesser extent, they also deThe final form of a model represents model, are not readily derived ana- pend on the size of the assumed change
the steady-state solution of the system; lytically; i.e., from reduced forms or in the exogenous variable.
i.e., the solution in which all the dy- final forms. The reasons are twofold.
The second problem was dealt with
namic equations have been solved to First, such models contain many non- by choosing changes in policy variables
obtain their steady-state form.6 The linearities. For example, the BEA of moderate size. Infiscalpolicy simulamodel contains a hyperbolic (nonlinear tions, changes of $5 billion were used to
6. E.g., equation (14) is obtained as follows: Ct-i is set
inverse)
relationship between the derive the multipliers. These multiequal to Ct (the steady-state condition), and equation (1')
reduces to
change in the average money wage pliers can be regarded as approximately
rate and the level of the unemployment representative of those based on changes
rate (the "Phillips curve"), multiplica- varying from, say, $1 billion to $10
This equation, combined with equations (2) and (3), yields
tive interaction of real GNP com- billion. In the case of nonborrowed
equation (14).




SURVEY OF CURRENT BUSINESS

June 1977

reserves, a change of $1 billion was used.
The first problem has both cyclical
and secular aspects. In the. BEA model,
the value of the multipliers—particularly their real and price elements (discussed below)—is especially sensitive to
the initial unemployment and capacity
utilization rates and their subsequent
cyclical movements. In order to allow
for this sensitivity, multipliers have
been calculated for three solutions: (1)
one that follows the historical path of
the economy over the period 1971-75—
the "historical" case, (2) one that holds
the unemployment rate at 4% percent—the "low unemployment" case,
and (3) one that holds the unemployment rate at 8 percent—the "high
unemployment" case. The unemployment rate in the historical case fluctuates between 4% percent and 8
percent.
Solution (1) was obtained by using
actual values of all exogenous variables
and by adding adjustments to each of
the behavioral equations equal to the
single-equation residuals (i.e., the excess of the actual over the computed
values of the dependent variable) for
each quarter of the simulation period.
The adjustment procedure ensures that
the model solution replicates the historical period. Solutions (2) and(3) did
not require adjustments because they
were based on hypothetical situations.
They were obtained by manipulating
Federal Government purchases (excluding compensation of government
employees) to produce the 4% and 8
percent unemployment rates.7
The introduction of the three solu-

tions makes it possible to deal with the
problem stemming from the cyclical
sensitivity of multipliers. However, as
noted, the value of these multipliers
also depends on secular changes. For
instance, inflation and the growth of
productivity and of the labor force
alter the relationships between changes
in policy instruments and changes in
real output, between changes in real
output and in employment, and between changes in employment and in
the unemployment rate and, accordingly, the associated multipliers. A
method of dealing with the influence of
inflation on multipliers is described
below. Methods of dealing with the
growth of productivity and of the labor
force and with other secular factors
have not been developed. However, the
problems introduced by them are not
substantial if the time period analyzed
is not very far removed from that
considered in this article.
Real and price elements of
multipliers
Changes in policy instruments result
in both output responses and price
responses. The relative strength of each
type of response can be quantified by
a decomposition of the current-dollar
GNP multiplier, using the following
formula:
(16)

AGNP$
A/$

AP

c

A/$

A/$

7. In solution (1), the multiplier calculations were based
on a period that included the 1974-7,5 recession, which the
model tracked poorly. Accordingly, it was particularly
important to apply the adjustment procedures. In solutions
(2) and (3), the choice of Government purchases to control
unemployment rates was purely one of convenience.

Multiplier Paths for Illustrative Model
Static Version

2.0 -

-

s

Dynamic Version

-

- /

I
I
0

where /$ is the policy instrument, X is
constant-dollar GNP, P is the GNP
implicit price deflator, and the subscript c denotes control solution values.
Similar decompositions can be made
for multipliers of GNP components.
The first term on the right-hand
side of equation (16) is the output
part of the GNP multiplier (henceforth
called "real element"); it is the change
in output, valued at the price level in
the control solution in each period,
per dollar change in the policy instrument.8 The second term is the "price
element;" it is the dollar value of the
change in the price deflator per dollar
change in the policy instrument. The
third term, which represents the interaction between the real and price
elements, is generally negligible in
size; hence the current-dollar GNP
multiplier is close to the sum of the
real and price elements.

Policy instruments
In what follows, the variables that
represent thefivepolicy instruments are
listed and some of them are described
further in order to facilitate the
analysis of the multipliers that are
presented in the concluding section.
For changes in fiscal policy instruments, an "accommodating monetary
policy" was assumed: The Treasury
bill rate, through which monetary
policy operates in the model, was kept
at control solution levels. Fiscal policy
multipliers with an accommodating
monetary policy are generally somewhat larger than corresponding multipliers without such a policy, because in
the latter case, changes in interest rates
would partly offset the changes in fiscal
policy.
Government

3.0

1.0

63

I

i

I

i

I

I

I

I

I

I

I

10
Periods After Change
U.S. Department of Commerce. Bureau of Economic Analysis




I

i

i

I

15

I

I

I

i

i

20

purchases

I.—Federal

Government purchases of goods and
services other than of the services of
government employees are increased.
8. As a measure of the output response, the real element is
less sensitive than Al/A/$ to the initial level and rate of
change of the price index associated with Al$. If, for instance,
AI$ is an increase in government purchases, then the increase in government purchases in constant dollars and, as
a result, the multiplier of X with respect to (current-dollar)
government purchases, depend on the size of the government
purchases deflator: the larger the deflator, the smaller is
the increment to constant-dollar government purchases.
Multiplication of AX by Pc mitigates this dependence,
to the extent that Pc varies in proportion to the government
purchases deflator,

64

SUEVEY OF CUEEENT BUSINESS

Government purchases II.—Government purchases of the services of public
service employees, which are measured
by the compensation of these employees, are increased. It is assumed
that the increase occurs as a result of a
public service jobs program that is
financed by Federal grants-in-aid to
State and local governments, which
do the actual hiring.9 Additional public
service employees tend to some extent
to displace workers whom State and
local governments would have hired
anyway. The multipliers in the article
are based on the assumption that the
displacement rate is one-third; i.e., that
$7% billion of Federal grants are needed
to induce a net increase of $5 billion in
expenditure on the compensation of
9. An increase of $5 billion in State and local government
purchases of the services of public service employees corresponds to an increase of 625,000 in employment, assuming an
average compensation per public service employee of $8,000.

government employees. These multipliers may be converted into multipliers for Federal grants for public
service jobs by scaling them down by
one-third. Different displacement rates
may be substituted by using different
conversion factors.
Personal taxes.—Federal personal tax
receipts are reduced. Two comments are
pertinent. First, because the multipliers
are ultimately based largely on experience with changes in income tax rates,
they should not be applied to changes
in the rates of other personal taxes,
e.g., estate and gift tax rates. Second,
income tax reductions do not result in
a constant revenue loss over time. A
reduction in tax rates, for example, will
result (before model feedbacks through
induced changes in income) in increasing reductions in revenue because of the
secular increase in the tax base. Thus,
the assumption of a constant amount

June 1977

of tax reduction is somewhat artificial,
but is utilized for comparison with
other multipliers. For more realism, an
approximate multiplier can be determined for a time horizon on the basis
of the expected revenue loss for that
horizon.10 It should be noted that because changes in transfer payments to
persons, like changes in personal tax
receipts, work through the model
through changes in disposable personal
income, the personal tax multipliers
may be used as approximations of
multipliers for transfer payments.11
Corporate profits taxes.—Federal corporate profits tax liabilities are reduced.
The second point made in connection
10. The resulting multiplier will be slightly upward biased
because the full reduction in receipts will not have been
sustained.
11. In the BEA model, multipliers for transfer payments
are slightly smaller than those for personal taxes, because
transfer payments are excluded from the income term in the
consumer automobile demand equation.

Table 1.—GNP Multipliers for Various Policy Instruments
[Change in GNP, in billions of dollars, per billion dollar change in policy instrument]
Government purchases I
Quarters
after change

Currentdollar

Real
element

I

Government purchases II

Price
element

Currentdollar

Real
element

Corporate profits taxes

Personal taxes

Price
element

Currentdollar

Real
element

Nonborrowed reserves

Price
element

Currentdollar

Real
element

Price
element

Currentdollar

Real
element

0.2
.4
.6

0.2
.5
.7
.8

0
-.1
-.1
-.1

0.3
.9
1.8
2.7

0.3
1.0
2.1
3.2

Price
element

Historical case

12.
16.
20.

1.0
1.7
2.1
2.4

1.1
2.0
2.5
2.9

-0.1

2.6
2.8
3.0
3.1

3.3
3.4
3.4
3.2

3.0
2.4
2.5

1.4
.4
.4

0

-.5

1.5
1.9
2.2
2.4

1.4
1.8
1.9
2.0

0.1
.2
.3
.4

0.3
.6
.8
.9

0.3
.7
.9
1.1

0
-.1
-.1
-.2

—.7
-.6
-.4
-.1

2.5
2.7
2.8
3.0

2.1
2.1
2.1

.4
.6

1.1
1.2
1.3
1.4

1.3
1.4
1.6
1.6

-.2
-.3
-.3
-.2

'.9
1.0

.9
1.1
1.1
1.2

-.2
-.3
-.2
-.2

3.2
3.6
3.9
4.3

3.9
4.6
4.9
5.1

1.6
2.0
2.1

3.5
3.4
3.6

1.7
1.5
1.7

1.0
.7
.9

.7
.8
.8

1.4
1.3
1.4

.9
.7
.8

.5
.6
.6

5.7
5.3
5.3

4.0
2.9
3.1

1.7
2.4
2.2

.1
.1

0.2
1.0
2.1
3.1

0.2
1.1
2.2
3.2

0
-.1
-.1
-.1

-.2
#

4

2.0

.7
1.0

1.1

2.4

.3
-.3

3.1
3.9

.7
Q

-.1
-.3
-.5
—. 7
-1.0
-1.0

Low unemployment case

12.
16.
20.

1.0
1.8
2.4
2.8

1.1
1.9
2.3
2.5

-0.1
-.1
.1
.3

1.6
2.2
2.5
2.7

1.5
1.8
1.8
1.7

0.1
.4
.7
1.0

0.4
.7
.9
1.1

0.3
.7
.9
1.0

0.1
0
0
.1

0.2
.5
.6
.8

0.2
.5
.6
.7

3.0
3.0
2.9
2.9

2.4
2.2
2.0
1.7

.6
.8
.9
1.2

2.9
2.9
3.0
3.1

1.6
1.4
1.3
1.1

1.3
1.5
1.7
1.9

1.3
1.4
1.4
1.4

1.1
1.1
1.1

.2
.3
.3
.4

.9
1.0
1.0
1.0

.8
.8
.8
.8

.1
.1
.1
.1

3.8
4.1
4.3
4.3

3.7
3.9
4.0
3.9

.1
.2
.3
.4

3.0
2.7
2.5

1.0
-.5

2.0
3.2
3.8

3.5
3.4
3.5

.3

3.2
4.6
5.1

1.6
1.7
1.9

.8
.3

.8
1.3
1.9

1.3
1.5
1.5

.7
.3
-.1

.6
1.2
1.6

4.7
4.6
4.2

2.9
1.2
-.3

1.8
3.4
4.5

0
-.1

-1.3

-1.2
-1.6

1..0

0

0
0

High unemployment case
1—
2..
3..
4-.

12.
16.
20.




.2
.2
.2

0.4
.7
.9
1.0

0.4
.7
.9
1.1

0
0
0
-.1

0.2
.5
.6
.7

0.2
.5
.7
.8

0
0
-.1
-.1

0.4
1.2
2.2
3.1

0.4
1.3
2.5
3.6

-.3
-.5

2.2
2.3
2.3
2.3

.3
.4
.5
.6

1.2
1.3
1.4
1.5

1.3
1.4
1.5
1.6

-.1
-.1
-.2
-.1

.8
.9
1.1
1.1

1.0
1.1
1.2
1.2

-.2
-.2
-.1
-.1

3.7
4.2
4.7
4.9

4.3
4.9
5.3
5.3

-.7
-.6
-.4

2.1
1.5
1.0

1.1
2.1
3.0

1.6
1.9
2.2

1.6
1.5
1.3

0

1.2
1.5
1.8

1.3
1.3
1.2

-.2
.2
.6

5.0
6.3
7.4

5.5
5.8
5.4

-.5
.5
2.0

1.0
1.8
2.3
2.6

1.1
2.0
2.5
2.9

-0.1
-.2
-.2
-.3

1.4
1.9
2.1
2.3

1.4
1.7
1.9
2.1

2.9
3.1
3.2
3.3

3.3
3.4
3.6
3.7

-.4
-.4
-.4
-.4

2.5
2.7
2.8
2.9

3.6
3.8
4.0

3.8
2.7
1.3

-.2
1.1
2.7

3.2
3.6
4.0

0

.4
.9

June 1977

SURVEY OF CURRENT BUSINESS

with personal taxes applies also to
corporate profits taxes.
Nonborrowed reserves.—Nonborrowed
reserves of Federal Reserve System
member banks are increased.

price deflator multipliers are of the
form AX/AI$
and AP/A/$ and
are, therefore, subject to the considerations explained earlier; as a consequence, so are the unemployment rate
multipliers.
BEA Model Multipliers:
Multipliers for long horizons may
be less reliable than for short ones.
Results
Evidence of two kinds suggests this
Table 1 shows current-dollar GNP conclusion. First, multipliers are subject
multipliers and their real and price to error, because they are functions
elements. These are given for each of coefficients in models that are
of the five policy instruments for the imperfectly estimated and specified.
historical, low unemployment, and high In a dynamic solution, these errors
unemployment cases. Table 2, which can accumulate with the lengthening
consists of separate sections for each of the horizon. That such an accumulaof the five policy instruments, shows tion is likely to occur is suggested
multipliers for GNP, major GNP com- by the accumulation of errors of preponents, and related measures. The con- diction.12 Second, comparision of multistant-dollar GNP multipliers and the pliers among different models shows

65
less dispersion for short than for long
horizons.13
The multipliers for the five policy
instruments are reviewed for the historical case. Subsequently, the review
is amplified by noting the significant
respects in which the low and high
unemployment cases differ from the
historical case.
Historical case
Government purchases /.—The current-dollar GNP multiplier (henceforth,
GNP multiplier) for Government pur12. See Albert A. Hirsch, "The BEA Model As a Forecasting

Instrument,"

SURVEY

OF CURRENT

BUSINESS

(August 1973); Stephen K. McNees, "An Evaluation of
Economic Forecasts," New England Economic Review
(November/December 1975).
13. Carl F. Christ, "Judging the Performance of Econometric Models of the U.S. Economy," International Economic
Review (February 1975).

Table 2.1—Multipliers for Government Purchases I: GNP, GNP Components, and Related Measures
[Change, in billions of dollars, unless otherwise noted, per billion dollars of added Government purchases]
Quarters after change
16

20

Historical case

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
R esident ial investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services*

0.99
.15
.10
0
-.18
-.03
1.00

1.68
.32
.22
.01
.20
-.06
1.00

2.10
.51
.35
.02
.30
-.09
1.00

2.36
.65
.47
.04
.35
-.12
1.00

2.62
.87
. 55
.06
.35
-.13
1.00

2.81
.90
.67
.07
.35
-.17
1.00

2.97
.98
.71
.08
.32
-.18
1.00

3.12
1.09
.77
.09
.28
-.18
1.00

3.01
1.49
.73
.03
-.06
-.19
1.00

2.42
1.51
.41
.03
-.25
-.23
1.00

2.49
1.48
.34
.08
-.16
-.23
1.00

Personal income
Corporate profits with IVA and C CA
Federal surplus or deficit (—)

.37
.56 |
-.67 ;

.73
.84
-.46 |

.97
.98
-.34

1.14
1.08
-.27

1.56
.90
-.08

1.53
1.11
-.18

1.74
1.04
-.04

1.91
.99
.05

2.31
.27
-.12

2.14
-.15
-.48

2.02
.12
-.58

1.16
-.01
-.03 i

2.02 I
-.02 I
-.05 j

2.60
-.04
-.06

3.01
-.05
-.07

3.32
-.06
-.09

3.45
-.05
-.10

3.40
-.04
-.10

3.20
-.01
-.10

1.30
.13
-.09

.29
.17
-.04

.34
.17
-.01

"

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972-100)
Unemployment rate (percent)

Low unemployment case
Gross national product
Personal consumption expenditures.
\
Fixed nonresidential investment
Residential investment
Change in business inventories.
Net exports of goods and services
Government purchases of goods and services*

2.79
.83
.57
.03
.38
-.09
1.00

2.99
.97
.69
.03
.34
-.10
1.00

2.98
1.06
.74
.03
.24
-.11
1.00

2.92
1.14
.71
.03
.15
-.12
1.00

2.88
1.21
.66
.03
.09
-.13
1.00

2.98
1.58
.52
.04^
-.01
-.17
1.00

2.74
1.72
.46
.01
-.21
-.23
1.00

2.46
1.75
.20
.04
-.22
-.25
1.00

Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit ( - )

1.16
1.05
-.20

1.40
1.17
-.05

1.57
1.17
.01

1.65
1.06
-.03

1.81
.82
-.10

1.93
.64
-.16

2.48
.08
-.21

2.45
-.16
-.39

2.36
-.26
-.66

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=166)
Unemployment rate (percent)

2.43
.00
-.07

2.55
.03
-.08

2.44
.05
-.08

2.18
.07
-.08

1.96
.08
-.08

1.71
.10
-.08

.97
.16
-.07

-.41
.26
-.04

.29

High unemployment case

Gross national product
Personal consumption expenditures .
Fixed nonresidential investment
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services*.

1.04
.13
.14
0
-.18
-.02
1.00

1.83
.33
.30
.01
.21
-.04
1.00

2.32
.62
.44
.02
.32
-.08
.100

2.64
.84
.56
.03
.35
-.13
1.00

2.87
.99
.66
.05
.35
-.16
1.00

3.05
1.14
.73
.06
.32
-.19
1.00

3.21
1.23
.80
.08
.30
-.22
1.00

3.31
1.31
.85
.09
.29
-.24
1.00

3.64
1.69
.97
.11
.19
-.34
1.00

3.84
2.07
1.05
.10
-.01
-.46
1.00

3.97
2.40
1.00
.11
-.21
-.46
1.00

Personal income
Corporate profits with IVA and C C A _ _ _
Federal surplus or deficit (—)

.33
.62
-.62

.74
.90
-.34

1.13
.94
-.22

1.43
.92
-.15

1.67
.88
-.10

1.93
.78
-.05

2.04
.85
-.02

2.07
.90
.02

2.66
.42

3.10
-.06
.14

3.28
-.30
.04

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=i66)__
Unemployment rate (percent)

1.26
-.01
-.03

2.20
-.01
-.07

2.79
-.02
-.10

3.22
-.03
-.13

3.56
-.04
-.14

3.76
-.04
-.16

3.90
-.03
-.17

3.95
-.03
-.17

3.99
-.02
-.19

2.74
.09
-.18

1.22
.22
-.14

•Exogenous.




SUEVEY OF CURRENT BUSINESS

66
chases other than of the services of
government employees (GP-I) increases from 1.0 in the first quarter to
a maximum of 3.3 in the 10th quarter
(not shown in the tables), then falls
somewhat. Personal consumption expenditures and fixed nonresidential
investment multipliers are the major
contributors to this buildup. Increases
in the consumption multipliers are
explained by an income-expenditure
mechanism similar to the one described
in the theoretical section. The investment multiplier increases mainly in
response to increases in cash flow and
to output growth (in the model, manufacturers' new orders are a proxy for
the latter). The inventory investment
multiplier is negative in the first quar-

ter, because the increase in final sales
is unexpected and met partly from
inventories; by the next quarter, the
sign is reversed, because inventories
are being adjusted to desired levels.
The net exports multiplier is small and
negative, because imports rise a little
more than exports. Residential investment multipliers are very small. The
peaking of the GNP multiplier can be
traced to the fixed nonresidential and
inventory investment multipliers. The
former falls off and the latter reverses
sign; both reflect the "acceleration
principle," which relates investment to
changes rather than to levels of output
or sales.
On the income side, the increase in
GP-I is initially reflected mainly in

June 1977

corporate profits. As the increase in
output calls forth more labor input,
the personal income multiplier increases while the profits multiplier
eventually trends downward to near
zero.
The Federal deficit multiplier less is
than 1.0, because additional receipts are
generated by higher incomes resulting
directly and indirectly from additional
Government purchases, and because
unemployment benefits are reduced. An
offsetting factor is a slight positive effect
on net interest paid by Government.
Initially, higher GP-I reduces prices.
This perhaps surprising effect occurs
because at first the increase in GP-I
results in an increase in labor productivity (hours worked rise less than in

Table 2.2—Multipliers for Government Purchases II: GNP, GNP Components, and Related Measures
[Change, in billions of dollars, unless otherwise noted, per billion dollars of added government purchases]
Quarters after change
2

3

4

5

6

12

8

7

20

16

Historical case

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of foods and services'
Personal income
Corporate profits with 1VA and CCA
Federal surplus or deficit (—).
...
GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)

2.36
1.11

2.53
1.27

2.67
1.37

2.84
1.50

3.03
1.66

3.51
2.27

3.42
2.63

-.12
1.00

-.15
1.00

-.15
1.00

-.19
1.00

-.20
1.00

-.21
1.00

-.02
-.28
1.00

-.18
-.40
1.00

3.58
2.80
.29
.11
-.21
-.40
1.00

1.74

2.18
.30
-.87

2.35

2.56

2.77

.26

.24

.22

3.78
-.31
-1.28

3.77
-.05
-1.41
-.21
.32
-.04

1.47

19.2

2.17

.55
.02

.76
.09
.01
.11

.94
.17
.02
.13

-.09
1.00

0

-.05
-.05
1.00

.24
.03
.11

.29
.04
.10

.35
.06
.09

.35
.05
.09

.39
.07
.08

.45
.04

.35
.04

1.46
-.07
-1.23

1.87

2.01

.07

.21

.27

-1.10

-1.03

-1.02

-1.07

-.99

-.93

3.54
-.08
-.99

1.52

1.85

1.96

2.05

2.09

2.12

2.08

1.99

1.05

.01

.02

.03

.04

.05

.06

.08

.19

.24
.26

-.18

-.13

-.13

-.12

-.12

- -.13

-.13

-.11

-.08

0

-.14

.

Low unemployment c

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
C hange in business inventories
Net exports of goods and services
Government purchases of goods and services'
Personal income
Corporate profits with 1VA and CCA
Federal surplus or deficit (—)
GNP in billions of 1972 dollars
Implicit price deflator ,GNP (1972=100).
Unemployment rate (percent)

2.73
1.34

2.86
1.51

2.90
1.63

2.99
1.75

3.08
1.89

3.53
2.46

3.40
2.74

-.12
1.00

-.14
1.00

-.16
1.00

-.17
1.00

-.01
-.18
1.00

-.03
-.19
1.00

2.85
-.99

3.04
-.05
-1.02

-.08
-.25
1.00
3.72
-.27
-1.08

-.25
-.37
1.00
3.89
-.43
-1.39

1.43

1.32

1.13

.14

.17

.31
.27

-1.02

.13

-.12

-.12

-.11

-.09

-.04

-1.22
.40
-.02

-.09
1.00

1.70
-.24
-1.22

.24

.20

.13

.03

-1.02

-.91

-.89

-.92

-.96

1.88

1.84

1.78

1.63

.03

.06

.09

.11

-.13

-.13

-.12

-.12

1.55
.01
-.13

2.15
.90
.11
.01
.15

2.02
.01

3.54
2.99
.14
.07
-.17
-.43
1.00

2.50
1.14

1.56
.66
0
0
-.05
-.05
1.00

.23
.02
.15

2.18
.19

.32
.02
.12

2.35

.37
.03
.08

2.53

.38
.03
.03

2.65

.37
.04

.35
.04

.32
.04

.30
.01

.37

4.14
-.39
-1.59

High unemployment case

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services1
Personal income
Corporate profits with 1VA and CCA....
Federal surplus or deficit (-)
GNP in billions of 1972 dollars.
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)
•Exogenous.




1.45
.49
.06
0
-.05
-.04
1.00

1.87
.68
.15
.01
.10
-.08
1.00

2.13
.87
.23
.02
.11
-.12
1.00

2.35
1.06
.29
.02
.12
-.15
1.00

2.53
1.21
.35
.03
.12
-.18
1.00

2.66
1.33
.39
.04
.11
-.20
1.00

2.83
1.47
.42
.06
.10
-.22
1.00

2.94
1.55
.46
.06
.10
-.24
1.00

3.19
1.89
.50
.07
.05
-.34
1.00

3.56
2.31
.65
.07
-.01
-.48
1.00

3.96
2.67
.71
.12
-.06
-.52
1.00

1.34
.03
-1.21

1.57
.19
-1.08

1.75
.26
-1.02

1.93
.29
-.99

2.10
.30
-.97

2.26
.28
-.95

2.48

.23

2.50
.33
-.92

2.95
.11
-.98

3.39
0

3.72
-.04
-.97

1.54
.01
-.14

1.90
.01
-.14

2.08
.02
-.15

2.26
.03
-.15

2.39
.03
-.16

2.46
.04
-.17

2.53
.05
-.18

2.51
.06
-.18

2.23
.09
-.17

1.53
.17
-.15

.24
-.13

SURVEY OF CURRENT BUSINESS

67

The eventual displacement of the
proportion to output) and, accordingly,
real
element by the price element is a
a reduction in unit labor cost. After the
characteristic
feature of the GNP
eighth quarter, the price element bemultipliers.
This
feature is apparent in
comes positive; the productivity effect
chart
13,
which
shows
the ratios of real
diminishes, and higher wage rates and
and price elements to the corresponding
14
demand dominate the price response.
GNP multipliers.
After 16 quarters, the price element
Government'purchasesII.—The GNP
dominants the GNP multiplier. Higher
multiplier for compensation of public
prices tend to reduce real output, beservice employees (GP-II) is 1.5 in the
cause they reduce the demand for confirst quarter compared with a multiplier
sumption and investment goods and
of 1.0 for GP-I. The larger size of the
reduce real outlays for final demand
multiplier for GP-II is due to a larger
components, such as Government purinitial impact on consumption. The
chases and exports, that are determined
added GP-II is entirely employee comin current dollars.
pensation, which, after taxes, results in
added consumption. The consumption
14. In a later version of the BE A model, the role of shortrun
productivity behavior is diminished relative to that of longer
multiplier continues to dominate the
run or "normal" productivity in determining prices, thus
GNP multiplier over the whole multimitig ating the initial negative price responses.

plier path, much more so than for GP-I.
Correspondingly, the personal income
multiplier continues to dominate the
GNP multiplier on the income side. In
contrast, much of the added GP-I initially goes into profits, increments to
which induce less spending for investment than do equal increments to personal income induce spending for
consumption.
From the second through the eighth
quarters, the GNP multipliers for
GP-II and GP-I are about the same.
However, the real element is smaller
than that for GP-I and the price element is correspondingly larger. This
difference can be explained as follows.
In the national income and product
accounts, productivity increases are not
attributed to government employees

June 1977

Table 2.3—Multipliers for Personal Taxes: GNP, GNP Components, and Related Measures
[Change, in billions of dollars, unless otherwise noted, per billion dollars of tax reduction]
Quarters after change
5

6

20

7

8

12

1.43
1.08

1.72
1.43

.35
.04
.13

.45
.02

Historical c
Gross national product _
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services*

0.35

0.63

0.78

0.93

1.16

1.28

.40
.04
0

.52
.09
0
.08

.65
.14
.01
.10

.76
.19
.01
.10

.86
.24
.02
.12

.91
.30
.03
.11

.98
.31
.03
.12

-.08

-.11

-.13

-.13

-.17

-.18

-.04
-.04

1.06

-.19

•

.02

-.25

1.52
1.63
.32
.02
-.10
-.34

1.73
1.77
.31
.06
-.04
-.36

1.55
.05
-.99

1.69
.17
-1.03

Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit (—)..-

.13
.17

.28
.29

.40
.34

.50
.40

.59
.47

.70
.45

.84
.45

.98
.47

1.40

-.89

-.82

-.81

-.78

-.62

-.82

-.73

-.66

-.69

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972= 100)
Unemployment rate (percent)

.37
0

.71
0

.92

-.01

-.02

1.12
-.01
-.03

1.30
-.02
-.03

1.45
-.02
-.03

1.55
-.02
-.04

1.58
-.01
-.05

-.05

-.03

-.02

1.43
1.20
34
02
05
— 19

1.64
1.52
31
02
01
—. 25

1.72
1.76
.38
.01
-.07
-.36

1.85
2.00
.28
.03
-.07
-.38

1.07
.34
-.73

1.53
.12

1.73
.07
-.94

1.96
.02
-1.05

1.03
.03
-.04

.78
.07
-.04

.27
.11

-.01
.14
-.02

1.44
1.12
.39
.03
.12
-.21

1.50
1.16
.42
.04
.11
-.22

1.58
1.33
.44
.05
.06
-.31

1.88
1.62
.59
.05
.04
-.44

2.21
1.91
.68
.07
.01
-.47

1.03
.32
-.66

1.00
.42
-.63

1.28
.21
-.70

1.61
.11

1.90
.05
-.65

1.66
-.01

1.69
-.01
-.08

1.70
0

1.54
.03

1.27
.07
-.08

-.01
-.02

.33
.96
.05

.54
.07

.67
.07

Low unemployment case
Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories^
Net exports of goods and services
Government purchases of goods and services*..

1.35
1.05

1.40
1.12

.34
.01
.10

.35
.02
.07

-.16

-.17

0.35

0.70

0.92

1.14

1.29

.42
.03
0
-.04
-.04

.55
.11
0
.10

.71
.18
.01
.11

.86
.24
.01
.13

.98
.30
.01
.13

-.08

-.10

-.13

-.14

Personal income
Corporate profits with 1VA and CCA
Federal surplus or deficit (—)

.15
.16
-.90

.33
.32

.50
.36

.65
.43

.78
.46

.83
.48

.96
.41

-.81

-.75

-.70

-.67

-.67

-.70

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972= 100)
Unemployment rate (percent)

.37
0
-.01

.73
0

.92
0

1.05

.01

.02

.02

.03

-.02

-.03

-.03

-.04

-.04

-.04

1.11

1.09

1.07

High unemployment case
Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories,.
Net exports of goods and services
Government purchases of goods and services*.

0.37
.39
.07
0
-.04
-.04

.068
.52
.15
0
.08
-.08

0.87
.67
21
.01
.10
-.11

1.05
.81
.26
.01
.11
-.14

1.20
.93
.31
.02
.12
-.16

Personal income
Corporate profits with 1VA and CCA
Federal surplus or deficit ( - ) . .

.12
.20
-.87

.28
.31
-.78

.44
.34

.59
.36

GNP in billions of 1972 dollars.
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)

.41
0
-.01

.77
0

•Exogenous.




-.02

-.74

-.71

.73
.37
-.68

1.00
0
-.04

1.23
-.01
-.05

1.42
-.01
-.06

13.2
1.01
.36
.02
.12
-.18

1.56
-.01
-.06

SURVEY OF CURRENT BUSINESS

68

and hence added GP-II, which is com- a larger negative for GP-II than for
pensation of government employees, GP-I, because public service employdoes not directly increase productivity, ment contributes directly to employas does added GP-I. Hence a reduction ment. The difference diminishes as the
in unit labor cost—the factor that tends horizon lengthens, because the real
to reduce the price element of the multi- element of the multiplier for GP-II
plier for GP-I—does not occur. The falls more than that for GP-I and,
larger price increase, in turn, feeds back accordingly, less private employment
through higher wage rates and induces is generated.
still further increases in prices.
Personal taxes.—GNP multipliers for
a
reduction in Federal personal tax
The larger price element of the multireceipts
(PT) are smaller than those for
plier for GP-II than for GP-I has its
an
increase
in government purchases.
counterpart in smaller real elements
When these purchases increase, the
after the first quarter. After the eighth
first round of the multiplier is the
quarter, the price element is sufficiently increase in these purchases, and second,
large to yield a larger current-dollar third, and subsequent rounds are the
GNP multiplier for GP-II than for induced increases in the other comGP-I.
ponents of GNP. For a tax cut, there is
The unemployment rate multiplier is no term that corresponds to the first

June 1977

round in the multipliers for government
purchases. A reduction in personal
taxes does not directly increase GNP.
In the illustrative dynamic model, the
steady-state GNP multiplier for a tax
cut is 1 less than the multiplier for an
increase in purchases. In realistic econometric models, the difference departs
from 1; in the BE A model simulations,
it is generally larger than 1.
As in the case of GNP multipliers for
GP-II, the personal consumption expenditures multiplier dominates. The
personal income multiplier for PT is
much smaller than for either GP-I or
GP-II, because the PT cut does not
directly affect personal income as does
the increase in GP-II and because the
GNP multiplier is smaller. As for
GP-I, the Federal deficit multiplier is

Table 2.4—Multipliers for Corporate Profits Taxes: GNP, GNP Components, and Related Measures
[Change, in billions of dollars, unless otherwise noted, per billion dollars of tax reduction]
Quarters after change
1

2

3

4

6

5

7

8

12

16

20

H istorical c a s e

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment.. _
Change in business inventories
Net exports of goods and services
Government purchase of goods and services*
Personal income
Corporate profits with IVA and C CA
Federal surplus or deficit (—)

.

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)
.

0.22
.05
23
— 04
— 01

0 42
.10
32
01
02
— 02

0.57
.17
35
01
07
03

0 67
.23
38
02
09
— 04

0 74
.29
41
02
11
— 02

0 81
30
46
03
10
— 06

0 90
.34
47
04
.11
— 07

1 02
42
50
04
11
— 07

1 36
.72
63
03
.05
— 11

1 33
.93
60
03
— .04
— 18

.13
.12
-.94

25
.20
-.89

.35
.25
-.88

45
.28
-.87

.52
.32
-.69

61
.30
-.96

.73
.30
-.88

.85
.30
-.82

1.29
.24
-.86

1.56
.02
-1.11

1.72
-.01
-1.22

25

50
— 01
-.01

69
— 01
-.02

84
— 01
-.02

95
— 02
-.02

1 06
— 02
-.02

1 14
— .02
-.03

1 16
— 01
-.03

.82
.04
-.04

.55
.05
-.03

.59
.05
-.02

o

o

-.01

1 40
1 06
52
07
— .02
— 21

Low unemployment case
Gross national product
Personal consumption expenditures
F i xed nonresidential investment
Residential investment.
Change in business inventories
Net exports of goods and services
Government purchase of goods and services*

0 21
.05
21
0
— 04
—.01

0 46
.12
33
0
02
—.02

0.65
.20
.38
.01
07
-.03

0.79
.29
41
.01
11
-.04

0.90
.36
.46
.02
.10
-.05

0.95
.41
.49
.02
.09
-.05

1.00
.47
.51
.02
.07
-.06

1.04
.53
.50
.02
.06
-.07

1.27
.81
.50
.03
.04
-.12

1.49
1.10
.58
.03
-.03
-.20

1.53
1.31
.49
.04
-.07
-.23

Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit (—) . .

14
.11
-.95

27
.22
-.88

42
.26
-.84

54
.30
-.82

.65
.31
-.81

.71
.33
-.82

.82
.28
-.84

.93
.23
-.87

1.40
.05
-.95

1.80
-.07
-1.07

2.03
-.18
-1.25

GNP in billions of 1972 dollars..
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)

24
0
-.01

.68

-.01

77
0
-.02

.81
.01
-.03

.81
.01
-.03

.81
.02
-.03

.80
.02
-.03

.66
.05
-.04

.26
.09
-.03

-.09
.13
-.01

o

50

o

-.02

H i g h u n e m p l o y m e n t case

Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment. _.
Change in business inventories
Net exports of goods and services..
Government purchases of goods and services*

0 23
.05
.24
0
-.04
— 01

0 46
.10
.34
0
.02
— 01

0 62
.18
.39
.01
.07
— 03

0 74
.27
.42
.01
.09
— 04

0.85
.33
.46
.02
.10
— 06

0.94
.39
.50
.03
.10
-.07

1.05
.49
.53
.03
.10
-.09

1.11
.51
.56
.04
.10
-.10

1.19
.65
.58
.05
.06
-.15

1.49
.88
.73
.06
.05
-.24

1.80
1.13
.84
.08
.02
-.28

Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit (—)

12
.13
—.93

24
.22
— .86

38
.25
-.83

50
25
— .81

.62
.24
-.80

.73
.23
-.78

.90
.18
-.78

.87
.28
-.77

1.15
.10
-.85

1.49
.03
-.84

1.77
-.04
-.81

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100).
Unemployment rate (percent).. _

27
0
-.01

54
0
-.02

. 75
-.01
-.03

91
-.01
-.04

1.04
-.01
-.04

1.15
-.01
-.05

1.25
-.01
-.07

1.28
-.01
-.06

1.33
-.01
-.06

1.31
.01
-.07

1.17
.04
-.07

•Exogenous.




69

SURVEY OF CURRENT BUSINESS

June 1977

less than 1, because increased incomes
generate additional revenue and because unemployment benefits decline.
As with GNP multipliers for GP-I,
the price elements of the multipliers
are negative in early quarters and then
become positive. Because the tax cut
provides a smaller stimulus, the price
elements (negative and positive) are
smaller than for GP-I.
Corporate profits taxes. —Like G N P

multipliers for PT, those for a reduction
in Federal corporate profits taxes (CPT)
are smaller than those for GP-I and
GP-II, and for the same basic reasons.
For CPT, fixed nonresidential investment makes the largest contribution

to the GNP multiplier. A reduction in
CPT stimulates such investment
through the resulting increase in cash
flow.15
The GNP multiplier for CPT is
generally somewhat smaller than that
for PT, primarily because the marginal
propensity to invest with respect to
cash flow is smaller than the marginal
propensity to consume with respect to
disposable income.
15. If the tax reduction were to take the form of an investment tax credit, the multipliers would be somewhat larger
than for a reduction in corporate profits taxes proper (e.g.,
through a reduction in the tax rate); the reason for this is
that the former reduces the cost of acquiring capital goods
as well as increases cash flow.

Nonborrowed

reserves.—The

GNP

multipliers for nonborrowed reserves
(NBR), in contrast to those for fiscal
policy instruments, accelerate in the
early quarters, indicating a more delayed impact.16 The most immediate
effect of the increase in NBR is to increase residential investment: Increases
in NBR lower short- and eventually
long-term rates and increase credit
16. Comparisons of the sizes of the multipliers for the two
kninds of instruments are problematical, Gary Fromm and
Paul Taubman (Policy Simulations with an Econometric
Model, Washingron, D.C.: Brookings Institution, 1968)
attempt to deal with the comparison problem—first, bytranslating the monetary input into an "equivalent real
input" and second, by applying "utility functions" to
outcomes, Both steps involve arbitrary assumptions upon
which the conclusions of this cost-benefit type of analysis
critically depend.

Table 2.5—Multipliers for Nonborrowed Reserves: GNP, GNP Components, and Related Measures
[Change, in billions of dollars, unless otherwise noted, per billion dollars of nonborrowed reserves]
Quarters after change
2

1

3

4

6

5

20

16

12

8

7

Historical case
Gross national product
Personal consumption expenditures
Fixed nonresidential investment
Residential investment
Change in business inventories.. . . . . . .
Net exports of goods and services..
Government purchases of goods and services*
Personal income
...
Corporate profits with IVA and CCA
Federal surplus or deficit (—)

...
...

.. .

.. .

1 62

1 71

1 76

1.82

02
.13

.22
.14

.44
.18

.48
.02

-.01

-.02

-.04

1.57
1.48
4.17

1.18
.60
4.37

0 89

1 82

2.68

3 20

3.60

3.93

.02
.04
20

.11
.08
70

.28
.16

.49
.27

.75
.37

.78
.65

.90
.67

— 05

- 07

.06

.10

— 13

— 08

13
.94

.37

.31

.73

1.23

1.33
1.69

30

1 05
-.01
— 03
— 51
-.13

2 18
-.03
— 06
— 49
-.18

3.27
-.04
— 08
—.46
-.22

15

GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)
3-month Treasury bill rate (percent) . . .
Corporate bond yield (percent).

1 29

5.32
1.53
1.11
2.92
-.08
-.10

0 26

0

— 01
— 58
-.11

.48

.53

4.34
1.06
.82

1.90
.55

.52

.65

.88

1.57
2.71

1.56
1.95

1.57
2.52

1.06
1.58
3.02

3.97
-.06
-.09
— .41
-.26

4.60
-.08
—.11
-.38
-.29

4.94
-.09
-.13
-.36
-.31

5.03
-.06
-.15

5.74
1.51
1.35
2.50
.27

.91

3.28

.01

-.05

.57
5.04

.41

2.39

.20

2.39

.14

-.33

-.17
-.36
-.39

-.13
-.36
-.43

-.11
-.35
-.45

4.34
1.27

4.66
1.50
.77

4.63
1.24
1.05
2.48
-.18

4.22

.80

.37

3.65

5.29
1.22

.18

Low unemployment case
Gross national product
Personal consumption expenditures
Fixed nonresidential investment . .
Residential investment
Change in business inventories
Net exports of goods and services
Government purchases of goods and services*
Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit (—)
GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100) .
Unemployment rate (percent)
3-month Treasury bill rate (percent) .
Corporate bond yield (percent)

3.08

3.76

35
24

63
.30

1.33

91
.48

1.68

1.78

1.81

1.84

.11

.04
.14

.29
.16

.47
.11

.51
.07

.46
.03

22

— 18

-.09

-.08

.26
.96

.57

.80

.33

.80

1.40

1.34
1.95

1.53
2.40

25

1 09
-.01
-.03
— 53
-.14

2 29
-.01
-.07
—.49
-.18

3.26
-.01
-.09
-.46
-.23

-.11
-.43
-.27

12

0

.

.78

2.09

10
12
74

.06

.

4.28
1.19

.68

0.98

01

— 04

.

4.12
1.04

0 21
— 02

-.01
— 59
-.11

.52

3.80
0

.68

1.78
2.77

1.88
.40

2.18
.15

-.02

0

.03

.86
.40

3.02
-.18

.15

.86

.95

1.26

1.56
2.93

1.30
3.13

.42

.32
.35

3.88

4.67

-.76
-.14
5.55

2.66

-.24

.03

.04

.15

1.03

.02

.27

.35

-.13
-.40
-.30

-.14
-.38
-.32

-.15
-.38
-.34

-.16
-.38
-.41

-.12
-.38
-.45

-.07
-.39
-.48

4.86
1.73
1.37
1.44

4.96
1.83
1.58
1.62

6.28
2.44
2.33
1.81

7.42
3.21
2.75
1.97

-.57

-.68

3.98

3.98

3.82

High unemployment case
Gross national product..
Personal consumption expenditures
. .
Fixed nonresidential investment.
Residential investment . .
Change in business inventories
Net exports of goods and services
Government purchases of goods and services*
Personal income
Corporate profits with IVA and CCA
Federal surplus or deficit ( - )
GNP in billions of 1972 dollars
Implicit price deflator, GNP (1972=100)
Unemployment rate (percent)
3-month Treasury bill rate (percent)
Corporate bond yield (percent)
•Exogenous.




1.42

4.21
1.32
1.05
1.43

4.67
1.73
1.19
1.44

.46
.01

.52
.06

.54

.53

-.15

-.20

-.36

1.21
1.37
2.00

1.56
1.31
2.25

2.27

1.30
1.70

1.88
1.49
2.58

.72

.58

.27

2.35

2.71

3.29

3.64

3.88
-.04
-.14
-.41
-.21

4.71
-.05
-.18
-.36
-.24

5.30
-.06
-.21
-.32
-.26

5.70
-.05
-.30
-.30
-.28

5.75
-.04
-.29
-.30
-.30

5.72
-.05
-.27
-.31
-.34

5.80

5.12

0 40

1 22

2.24

3.11

04
21
.18

.18
.40
.62

.42
.57

.74
.66

1.11

1.37

06

09

08
.10

.29
.09

- 08

.06
66
82

.81

1 08
1.30
2.75
-.02

— 07

24
36

49
0

-.01
— 57
-.11

— 05

1.47
-.01
-.04
— 48
-.13

.40

.09

—.45
-.17

3.74
1.05
.85

.96

.29

2.33

.24

3.19

.14

4.02

.04

.16

-.31
-.30
-.37

-.31
-.27
-.38

70

SUEVEY OF CURRENT BUSINESS

June 1977

Ratios of Real and Price Elements to GNP Multipliers
HISTORICAL CASE
2.0

GOVERNMENT PURCHASES I

GOVERNMENT PURCHASES I

PERSONAL TAXES

CORPORATE TAXES

NONBORROWED RESERVES

1.5
ixcai

1.0

J

I
\
-.5

I

Price

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

J

I-.5

LOW UNEMPLOYMENT CASE
2.0

1.5

1.5

1.0

1.0

y.
-.5

-.5

.i n I

l

|

|

|

i

I 1

i

I

I

i

i

i

I I

i

|

|

|

I -.10

HIGH UNEMPLOYMENT CASE
1.5
Real

1.0

1.0

[J CJ

LTTf
Price

-.51

I
4

l
8

I
12

l
16

I
20

I
4

I
8

I
12

I
16

I
20

I

I

I

I

I

I

I

I

I

I

I

I

I

I

I

4

8

12

16

20

4

8

12

16

20

4

8

12

16

20

Quarters After Change
U.S. Department of Commerce, Bureau of Economic Analysis.




1 -.5

SURVEY OF CURRENT BUSINESS

June 1977

availability. Borrowing costs, as measured by mortgage yields, are reduced
and credit availability, as measured by
the spread between short- and longterm interest rates and changes in
savings and loan association deposits,
is increased. These two factors in turn
bring about an increase in housing
starts. Eventually, lower long-term
interest rates also increase nonresidential fixed investment. Personal consumption expenditures increase as a
result of three factors stemming from
the monetary stimulus: higher personal
income generated by additional investment, larger stocks of liquid assets,
and purchases of furniture and household equipment complementary to increased housing construction.
The Federal surplus multiplier for
NBR is positive, rather than negative
as for the fiscal policy instruments.
There are two reasons for this difference. First, an increase in expenditures
or a reduction in taxes initially increases
the deficit and only later is this increase
partly offset by the increase in revenue
that results from increases in the tax
bases that are related to GNP. An
increase in NBR does not have the
initial effect of increasing the deficit, but
shows the tax base effect. Second, the
reduction in interest rates induced by
the increase in NBR reduces net interest paid by Government.
Multipliers for monetary policy instruments are particularly sensitive to
the specification of the financial sector
and to its linkages to the nonfinancial
sector, as is evidenced by the wide
variation in such multipliers among
econometric models.17 Work is underway to improve the structure of the
financial sector of the BEA model and
its linkages to the nonfinancial sector.
Low and high unemployment

cases

The effect of varying cyclical conditions of the economy on multipliers is
reflected primarily in the differing composition of the real and price elements
of the GNP multipliers. This effect can
17. See Christ, op. cu.




be seen in table 1 and chart 13 by comparing the historical, low, and high
unemployment cases.
There is a fairly consistent pattern of
differences among the three cases for
the various policy instruments. The real
elements of the multipliers are strongest
in the high unemployment case, weakest
in the low unemployment case, and of
intermediate strength in the historical
case. The price elements display the
opposite effects. In the low unemployment case, the price elements are in
general positive over the 20 quarters;
in a few cases they are slightly negative
in the first 4 quarters. In contrast, in
the historical and high unemployment
cases the price elements are negative at
least well into the second year (except
for GP-II).
The relative strength of the price
elements of the multipliers in the low
unemployment case is due to the sensitivity of prices to increased demand
under conditions of a continuously tight
labor market and high capacity utilization. In the BEA model, the primary
mechanism underlying this sensitivity
is the Phillips curve; i.e., the dependence of the rate of change of money
wage rates on the inverse of the level
of the unemployment rate. Through the
model's price equations, this relationship results in a similar relationship,
with longer timelags, between the rate
of change of the price level and the unemployment rate. The curve representing the latter relationship rises sharply
in the BEA model when the unemployment rate drops to about 5 percent.
Relative sizes of the real and price
elements of the multipliers in the historical case are more like those in the
high unemployment case than those in
the low unemployment case, because
the historical unemployment rate was
well above 5 percent from the beginning
of the simulation period to late 1972
and again after mid-1974, and never
dropped far below 5 percent during the
intervening period. (The high inflation
rates of 1973-74, although they were
associated with the relatively low unemployment rates of that period, were

71
largely due to exogenous factors—the
lifting of most price controls in 1973, a
large rise in food prices caused by supply shortages, and an explosion of the
prices of internationally traded commodities, especially oil.)
Summary of major findings
(1) GNP multipliers for fiscal policy
instruments increase rapidly in the
quarters immediately following a
change in a policy instrument, then
decelerate, and stabilize or—in some
instances—decline; GNP multipliers for
additional nonborrowed reserves build
up more slowly. The real elements of
the GNP multipliers also increase
rapidly at first, then decelerate and, as
a rule, eventually decline. The price
elements are small and, in many instances, negative in the first few quarters; thereafter they accelerate and
often come to dominate the real
elements.
(2) GNP multipliers for government
purchases are the strongest fiscal multipliers, and are about the same for the
two kinds of government purchases
used in the simulations. However, the
real elements are larger for purchases
other than of the services of government employees; the unemployment
multipliers are larger for purchases of
the services of government employees.
(3) The multipliers for reductions in
personal taxes are somewhat larger than
those for reductions in corporate profits
taxes.
(4) The contribution of different
GNP component multipliers to the
GNP multiplier varies considerably
among policy instruments. The variation stems from differences in the
mechanism by which the policy instruments affect the system.
(5) The price elements of the GNP
multipliers make the largest contribution to the GNP multipliers in the low
unemployment case, an intermediate
contribution in the historical case, and
the smallest contribution in the high
unemployment case. The historical case
is nearer to the high unemployment case
than to the low unemployment case.

SURVEY OF CURRENT BUSINESS

72
(Continued from page 15)

Although estimates of national totals
of facilities closed and the number of
employees involved would be useful,
the data do not permit such estimates.5
However, the data do permit an examination of the characteristics of
facilities closed.
It seems more meaningful to examine
all permanent closings (117) that occurred in 1974, 1975, and 1976 as a
group rather than to examine closings for
each year separately. In most cases,
pollution abatement requirements as
well as other factors such as outdated
facilities, declining sales, and rising
costs were cited as reasons for closing
(chart 5). In some instances pollution
problems accelerated a closing which
5. The benchmark for the BEA plant and equipment survey
cannot be used to raise the sample to a universe total because
it relates to companies, whereas closings relate to establishments and facilities within establishments.

{Continued from page 31)

lowing a thorough review of the U.S.
company's accounts in the context of
balance of payments methodology and
the statistical reporting system. The
review resulted in more accurate measurement of the net assets of the U.S.
company's foreign branch. The major
change involves the U.S. company's
reporting of branch liabilities: Previously, the reporting procedure set
up in conjunction with the company
resulted in its reporting gross branch
assets, rather than branch assets net
of branch liabilities, although the net
basis is the proper one according to
balance of payments methodology.
The change to reporting on a net basis
reduces the U.S. company's direct
investment position abroad, because
net branch assets (which are equal to




June 1977

would have occurred inevitably because tries; water problems dominated in the
of the other factors. Pollution abate- food-beverage industry. Three of these
ment requirements were the sole reason four industries—primary metals, public
for closing about one-fourth of the utilities, and chemicals—have been
facilities. Air pollution was the only devoting a considerable share of their
pollution problem in 60 percent of the capital expenditures to pollution abate117 closings; water pollution, in 21 ment equipment.
percent; a combination of pollution
Closings were concentrated in the
problems, including solid waste dis- Great Lakes (29 percent), Southeast
posal, was the reason in the remainder (21 percent), Mideast (15 percent),
of the closings.
and Plains (15 percent). About 53
Four industries accounted for the percent of the closings by primary
bulk of the closings: public utilities metal companies and 44 percent by
(22 percent), food-beverage (15 per- chemical companies occurred in the
cent), primary metals (15 percent), Great Lakes region.
Data on normal work force and
and chemicals (14 percent). Most
layoffs could be obtained for only
of the public utility closings occurred
93 of the 117 permanent closings.
in 1974 and 1975, and involved older Layoffs occurred in 85 percent of the
generating stations that did not meet manufacturing closings and 48 percent
air pollution standards. Air pollution of the nonmanufacturing closings. Oneproblems were also prevalent in the half of the 18,000 employees at the
primary metals and chemicals indus- 93 facilities lost their jobs.
the U.S. company's direct investment
position in the branch) are lower than
gross branch assets by the amount of
branch liabilities. Reporting on a net
basis also changes net capital outflows
to the branch: In the absence of other
changes, an increase (decrease) in
branch liabilities lowers (raises) net
branch assets and results in a capital
inflow (outflow) in the U.S. direct
investment abroad account. These
changes do not affect adjusted earnings,
reinvested earnings, or balance of
payments income.
Before 1973, branch liabilities were
relatively small, but as a result of
the large increases in crude oil prices,
royalty and tax rates, and crude
oil production after 1972, they subsequently increased substantially. Most
of the increase is attributable to
increased taxes and royalties due the

host government. The deduction of
branch liabilities from gross branch
assets shifted the U.S. company's
direct investment position abroad to
a negative position and resulted in
large net capital inflows from the
branch in 1973 and 1974, and a net
capital outflow to the branch in 1975.
The negative position arises because
a substantial portion of the accounts
receivable of the branch for the sale
of products are transferred to the
United States for collection, and are
therefore not included in branch assets;
on the other hand, the tax and royalty
liabilities remain with the branch.
The net effect of all the revisions
is a downward revision in the U.S.
company's direct investment position
abroad in each year. The downward
revisions were largest in 1974 and
1975.

NOTE.—Revised Input-Output Tables for the
United States: 1967 is now available as BEA Staff
Paper 29. This study incorporates into the 1967 inputoutput tables the recent benchmark revision of the
national income and product accounts, as shown in the
January 1976 SURVEY. Single copies are available
from BEA's Interindustry Economics Division (BE51).

U. S. GOVERNMENT PRINTING OFFICE : 1977 O - 236-464

CURRENT BUSINESS STATISTICS

± H E STATISTICS here update series published in the 1975 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $5.10) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1971 through 1974 (1964-74 for major quarterly
series), annualh', 1947-74; for selected series, monthly or quarterly, 1947-74 (where available). Series added or significantly revised after the 1975
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively. 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 1975 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 187-88. 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.
1974
Unless otherwise stated in footnotes below, data
through 19/4 a n d descriptive notes a r e a s shown in
the 1975 edition of B U S I N E S S
STATISTICS

1975

1976
I

II

Annual total

m |

IV

I

IV

III

II

Seasonally adjusted

1977

1976

1975

1974

I

II

|

III

IV

I

quarterly totals at annual rates

GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL I N C O M E AND PRODUCTf
bil.$__ 1,413.2

Gross national product,totalf...

Personal consumption expenditures, total..do

1,516.3 1,691.6

1,372.7

973.2 1,079.7

853.3

878.7 i

1,399.4

1,431.6

1,449.2

1,446.2

1,482.3

1,548.7

933.2

960.3

987.3

1,588.2

1,636.2

1,675.2

1,709.8

1,745.1 1,799.3

1,088.5

1,122.0 1,159.1

906.8

911.1

1,012.0

1,043.6

1,064.7

Durable goods, total 9
do_.
Motor vehicles and parts
do..
Furniture and household equipment.._do_.

121.6
47.9
54.7

131.7
53. 2
57.6

156. 5
70.7
63.0

118.6
46.2
53.7

122.5 ! 128.0
48.5 I 53.0
54.9 | 55.7

117.4
43.7
54.4

122. 1
47.6
54. 6

127.0
49.5
57.0

136.0
141.8
56. 3
59. 2
58. 2 |
60. 6

151.4
68.0
61. 2

155. 0
70.4
62.3

157. 6
71.7
62.9

162. 0
72 7
65.'6

174.0
83. 6
66.6

Nondurable poods, total?
Clothing and shoes
Food
Gasoline and oil
--

376.2
65.1
189.9
36.3

409.1
70.0
209.5
38.9

440.4
75.4
224. 4
41.5

360.6
64.2
181. 5
31.8

371.9
38'?. 8
65.0 I 66.2
186. 4
193. 7
36. 2
38. 0

388.5
65.0
198. 0
39. 3

394.4
66.6
203. 2
37.9

405. 8
69.3
207. 8
38.6

414. 6
421. 6
71. 3
73. 0
211.8
215.2
39. 2 i 39. 9

429. 1
73. 5
219.2
40.1 j

434.8
73. 2
223.1
40.3

441.8
75. 9
225. 2
41.6

456.0
79. 0
230. 2
44.1

464. 7
78. 9
236.4
44.2

389. 6
56.1
136. 4
31.1

432. 4
63. 9
150. 2
34. 0

482.8
72.1
165. 8
37.5

374.1
52.8
131.8
29.7

384.3
55. 3
131. 6
30. 6

394. 9
57. 5
137. 8
31.6

405. 2
59. 1
141.3
32. 5

416. 7
61.2
145.0
33.3

427.4
63.7
148.4
33. 6

436.7
65.0
151.8
34.1

448.6
65.9
155. 8
35.0

463. 2 I 474. 9
68.4 i 69.6
159.7
163.9
36.5 I 37.0

489.1
72.8
167. 8
37.8

504. 0
77.3
171.8
38.6

520. 4
79. 7
176. 6
39. 8

-

do
do
do
do

Services, total 9
Household operation
Housing
Transportation...

I

do..
do..
_do_.
...do..

215.0

183.7

239.6

216.4

218.8

213. 3

211.5

172.4

164.4

196.7

201. 4

229. 6

239. 2

247.0

242.8

267. 9

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

204.3
149. 2
54.1
95.1

198. 3
227.7
147.1
160.0
52.0
55.3
95.1 I 104. 7

203. 8
145. 1
52. 4
92.7

205. 8
149. 0
54.8
94. 2

206. 0
150.9
54.1
96.8

201.7
151. 9
55.2
96.7

194. 6
148.0
53. 1
94.9

194.3
145. 8
51. 2
94.6

205. 7
198. 6
146. 1 ; 148.7
51.8
52. 1
94.3
96.6

214. 7
153. 4
53. 2
100. 2

223.2
157.9
54.9
103.0

231. 9
163. 0
56. 0
107.0

241. 0
165. 6
57.0
108. 6

•254.1
173. 9
56. 6
117.4

do..
do..
.do..

55.1
10.7
12. 2

51.2
-14.6
-17.6

67. 7
11.9
11.9

55.0
7.3
7.4

49.8
9.7
12.9

46.6
— 22. 2
-25.6

48.6
-30. 0
-31.2

57,0
-4. 3
-9.5

61.3
14. 8
12. 7

65.3
16.0
17.3

68.9
15.1
15.6

75.5
1. 7

80.2
13.8
13. 0

do
do
..do

7.5
144.4
136.9

20.5
148.1
127.6

162.7
156. 0

2. 9
148. 4
145. 5

8. 1
153.8
145.7

15.0
147. 5
132. 5

24. 4
142.9
118.5

21.0
• 153. 7
132. 7

8.4
154. 1
145. 7

9.3
160. 3
151.0

4.7
167.7
163.0

4.2
168. 5
164. 3

• —6. 2
• 171. 4
• 177. 6

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

303. 3
111.6
77.3
191.6

339. 0
365. 6
124. 4
133.4
84.3
88.2
214.5 ! 232.2

288. 0
298. 0
308. 6
106.1 ! 108.9 | 113.5
74.9
75.9 I 78.2
181. 9
189.1 j 195.1

318.5
118.1
80.2
200. 4

325. 6
120.3
82.0
205. 3

333.2
343.2 | 353.8
122.4
124.6 | 130.4
83.4
8 4 . 6 ! 87. 1
210.9 I 218.6 I 223.4

369. 6
134.5
88.5
235.0 j

376. 2
138.9
91.3
237.4

378.
138.
91.
240.

do
1,402.5
do
629.0
do
240. 2
388. 9
do
626. 6
do
d o . . . . 146.9

1,531.0 1, 679. 7
696. 3
748.3
266. 5
297. 8
429. 8
450.5
692. 5
772. 0
142.1
159. 3

1,743.4
772. 5
307. 7
404. K
804. 4
166.5

1,785.5
789. 1

Gross private domestic investment, total...do..
Fixed investment
Nonrcsidential
Structures
_.
Producers' durable equipment
Residen (ial
Change in business inventories
No nfarm
Net exports of goods and services
Exports
Imports..

By major type of product:!
Final sales, total
Goods, total..
I)urable goods
Nondurable goods
Services
S true tures

_._-...

Change in business inventories._
Durable goods..
Nondurable goods

do..
.do..
do.

_

G N P in constant (1972) dollars!

10. 7

|

Gross national product, totalf....

bil.$.J

Personal consumption expenditures, t o t a l . . d o . . - . 1
Durable go<"«ds
Nondurable goods.
Svi vices

do.
....do.
.do.

Gross private domestic investment,

local.__do.--- |

V,A.> u w e^ti.u nf__
I\fMii» ;i iai__ .

.

.
11

.

t t,s')v;?u. of goods a:M'. ^e vice ,.. .
v

do
do.

... do....

. niv .i.ii- '-.c,f,;i. v .(.,- , '1,-ivK-i . t o t a l
. a 'ecu'




lo....
lo . -

-14.6
-12.1
-2.6

11.9
9.2

I
58.7 j
12.6 I
14.5 |

15.0
133. 2
118.2

56.8 !
13.0 !
13.9
3.9
142. 2
138. 3

1,360.0 1,386.4
608.4
621.9
240. 6
232.3
376.1 I 381.3
614.6
605. 1
150. 0
146.5
12.6 !
6. 6 I
6.0 !

13.0
2. 2

io!s

1,424.2 1,439.4
642.8
643. 0
247.6 | 240. 2
402. 6
395.4
652. 8
633.8
143. 8
147.4
7.3
5.1
2. 3

9.7
14, 5
-4.7

52.6 I
-2.0 !
-4.2 j
21. 4
148.2
126.8

1,468.4 ! 1,512.3 1.550.6 !
664.8
691.0
705.4 ;
249.5 | 263.8
272.0 |
415.3 | 427.2
433.4 I
666.3 | 68 4. 2 j 700, 2 j
137.2 I 137. 1 ! 145. 0
-22.2
-15.4
-6.8

-30.0 j
-15.3 !
-14.7 I

1.592.
724.
280.
4 43.
719.
149.

354.7 ! 362.0
129. 2 ! 131.2
86. '2 I 86. 9
225. 5 I 230. 9

.,621.4 i 1,659.2 1,604
751. 0
727.5 ! 742. 4
286.3 || 295.8
301. 4
449. 6
441. 1 j 446. 6
781. 5
742.6 I 759.Q
151.3 I 1 5 7 . 3 162. 2
14.8 I
-3. 6 i
18.5 i

-2.0 i
-7.0 I
5.0 !

16. Q
5.4
10.0

15. 1
6.
8. 3

1.7
2.0
-.3

I i o-'.-> o

I 1 9fiO ±

463. (>
• 8_'7. 4

169. 0

|
1.214 0 ' 1,101 * '1,261.7
75/ 1

",~,0

4
182 0

I 7 ^

17) *

I P "5
lil i
*S 4
- 2 I)

K/J 1
) "5

r i

51 b

•r i
,Y> 8
<"' 4

1 3 <

to; 2

6' 1 •

317.
CO

12) <> VS 2

US 7

It". I
I'O

u i •>

t) "
ll'j

i

10b 0
IUVJ 6 I

?4*

IS. J
ii) 7

HIS

-

115 0
.010
Ji~ '»

»,

800

1*6 '
iOl )

1H i
sin x

*

1,216 '

78' :

"5 4 b

12") h
iV) 3
,*t

1,210 :

775 i

74* 1

"61 )

1,260

1,201 3

7^ 7 r i

1 161 1

7b4 7

761 >5

!

1,177 1

1,230.4 I 1,220.8 ' 1,212.9 ' 1,191.7

813 7

111
--O

0

5
2
5
3

Jl1

SURVEY OF CURRENT BUSINESS

S-2
Unless otherwise stated in footnotes below, data j
through 1974 and descriptive notes are as shown in 1
the 1975 edition of B U S I N E S S S T A T I S T I C S
|

'

1976

19

Annual total

1975

1974
III

June 1977

IV

I

II

1976
III

IV

I

1977

II

III

IV

I

II

III

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCTf—Con.
Quarterly Data Seasonally Adjusted at Annual

Rates

Implicit price deflators:t
Gross national product
Tndex, 1972=100..
Personal consumption expenditures
do
Durable goods
.
c\n
Nondurable goods
do
Services
do
Gross private domestic investment:
Fixed investment-_
do
Nonresidential
do
Residential
do

116.41
116.9
108.3
124 0
113.5

127. 25
120. 3
117.7
133 7
122.7

133. 75
132.7
124 4
138 0
131.0

118.03
118.6
110.2
125 9
114.9

121.60
121.8
113.8
129 6
117.4

124.55
123.7
115 1
131 2
119.7

125. 93
125.1
117.1
132 1
121.5

128.07
127.3
118.2
135 1
123.6

130. 27
129.1
120.2
136 2
125.9

131. 29
130.3
121.8
136 4
128.0

132.96
131.7
123. 8
136 9
129.8

134.40
133.4
124.9
138.5
132.0

136.30
135.2
127.0
139.9
134.0

138.19
137.4
128.9
c 142. 2
136.2

117.7
116.1
122.3

132.4
132.1
133.2

139.9
138.2
143.9

120.3
118.6
125.3

125.2
124.7
126.7

129.9
129.4
131.5

131.9
131.8
132.1

132.7
132.7
132.8

134.9
134. 5
135.9

137.0
136.2
139.0

139.0
137.5
142.9

140.6
138.7
145.3

142.7
140.5
147.7

146.1
142.2
155.3

118.3
117.1
119.0

129.9
130.0
129.8

138. 4
138.0
138 7

120.0
118.4
121.0

124.0
123.8
124.1

126.7
126.8
126 5

128.6
128.4
128.7

130.8
130.4
131.0

133.4
134.2
132.9

135.4
135.4
135.4

137.3
136.7
137.7

139.2
138. 3
139. 7

141.8
141.6
141.9

144.2
143.3
144.8

1,135.7

1,207. 6

1,348.4

1,147.6

1,156.3

1,149.7

1,182.7

1,233.4

1,264.6

1,304.7

1,337.4

1,362.5

1,389.3

1,435.2

875.8
764.5
160.4
604.1
111.3

928.8
800. 7
175.8
030.8
122.1

, 028.4
890.4
190.7
699 7
138.0

888.8
775.6
161.1
614.4
113.3

901.8
786.0
166.7
619.3
115.8

904.0
785.8
170.0
615 7
118.2

912.9
792.8
173. 8
619.0
120.1

935.2
811.7
177.3
634.4
123.5

963.1
836.4
182.2
654.1
126.7

994.4
861.5
185.4
676.1
132.9

1,017.2
881.1
188.7
692.4
136.2

1,037.5
897.8
191. 7
706.1
139.6

1,064.5
921.0
197.0
723.9
143.5

1,097.7
947.1
200.0
747.1
150.5

86.9
25.8
61.1

90.2
24 9
65.3

90.7
22 8
73 8

86.0
23.8
62.2

85.5
23 3
62. 2

81.1
17 9
63 2

86.8
24.1
62.7

95.5
29. 2
66.3

97.2
28 3
69.0

93.2
21.9
71.4

100.3
27.5
72.8

96.1
21.7
74.4

97.1
20.3
76.8

103.6
24.0
79.6

21.0

22.4

23.5

21.0

21.5

21.9

22.3

22.4

22.9

23.3

23.1

23.4

24.3

25.1

84.8

91.6

117.8

81.7

74.1

69.0

86.6

105.3

105.6

115.1

116.4

122.0

117.8

'119.9

76.7
14.1
62.6
36.9
11.9

97 0
12 9
84 1
46.4
17.2

125 8
14 4
111 4
64.3
27.6

75 1
14.6
60.5
37.7
10.7

69 5
13 1
56.3
31.6
9.0

72 1
13 9
58 2
29.7
8.4

91.7
12.5
79.2
43.5
14.8

111.4
12.1
99.3
57.0
24.3

112 7
12 9
99.8
55.3
21.1

121 9
14 0
107.9
61.2
23.7

125.0
13.8
111.2
66.4
30.7

130.5
14.4
116.0
67.2
29.6

125.6
15.4
110.3
62.3
26.5

' 126.0
'15.9
' 110.1
63.3
28.2

6.0
11.2

7.9
6.2

9.9
7.5

6.3
10.1

5.7
11.0

5.0
5.5

7.3
6.3

9.5
6.5

9.7
6.4

8.6
7.7

9.5
6.8

10.7
7.2

10.8
8.5

12 2
'10.9

do
— d o do
do
do

127.6
52.4
75.2
30.8
44.4

114 5
49.2
65 3
32 1
33.2

147 9
64.4
83 6
35 1
48.4

138 6
57.6
81.0
31.3
49.7

119 2
48.6
70 6
31.1
39.5

94 2
40.2
54 0
31 7
22.3

105.8
44.8
61.0
31.9
29.1

126 9
54.8
72.1
32.6
39.5

131 3
57.2
74 1
32.2
41.9

141 1
61.4
79 7
33.1
46.6

146. 2
63.5
82.7
34.4
48.3

150.2
65.1
85.1
35.4
49.7

154.2
67.4
86.8
37.7
49.1

' 160.0
'68.8
' 91. 2
37.6
'53.6

...do....
do

-39.8
—3.0
67.1

-11.4
11 5
74 6

-14.6
15 5
82 0

-53.4
—3 5
70.0

-38.8
—6 3
73 2

-16.5
—8 6
73 7

-7.8
— 11.4
74.0

-9.0
—12.6
74.9

-12.3
— 13 5
75.8

-11.5
— 14 5
78.6

-14.4
-15.4
80.3

-12.6
-15.7
83.5

-20.0
-16.4
85.6

-23.1
-17.0
88.9

Govt purchases of goods and services
Federal
State and local

do
do
do

National income, totalf

bil. $

Compensation of employees, total
Wages and salaries, total
Govt. and govt. enterprises
Oth< r
Supplements to wages and salaries

...do
..do....
do
do
c\r>

Proprietors' income with inventory valuation
and capital consumption
adjustments,
total
h?i $
Farm
do
do
Nonfarm
Rental income of persons with capital consumption adjustment
bil $
Corp. profits with inventory valuation and capital consumption adjustments, total
bil. $_.
Corp. profits with invent, val. adj.:
Domestic total
^n
Financial
do
Nonfinancial, total 9
do
Manufacturing, total 9
—do—
rin
Durable goods
Transportation, communication, and
electric, gas, and sanitary serv
.bil. $..
Rest of the world
^
Profits before tax total
Promts tax liability
Profits after tax
Dividends
Undistributed profits

_._

Inventory valuation adjustment
CaDiial consumDtion adiiistment
Net interest

Hn

DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual

Rates

Personal Income, total
bil. $_. 1,153.3 1,249. 7 1,375.3 1,172.5 1,194.1 1,203.1 1,230.3 1,265.5 1,299.7 1,331.3 1,362.0 1,386. 0 1,421.7
205.3
195.8
142 2
Less" Personal tax and nontax payments
'^
174 0
170 4
174 5
179 8
178 3
179 3
189.5
183 8
193 6
108 8
?
1,216.5
982. 9 1,080.9 1,181.7
Equals: Disposable personal income
998.0 1,015.8 1,023.8 1,088.2 1,091.5 1,119.9 1,147.6 1,172.5 1 190
-..do....
1,148.6
983.6 1 Oil. 1 1 036 2 1 068 0 1,089.6 1,114.3
Less: Personal outlays©
910.7
930.4
do
935 0
956 7
990 9 1 105 2
67.8
75.8
72 2
104.5
82.9
80.5
Equals' Personal saving§
79.5
83.7
67.6
80.8
67.2
84.0
76.5

1,464.0
218 2
1 °45 8
1,186.1
59.7

NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All Industries.
Manufacturing
Durable goods industries 1
Nondurable goods industries f

i 33.99
15.29
0.95
8.35

' 16. 08
'1.02
'.59
'.33
'.61

' 19.10
r
1.14
r
. 71
r
. 40
.02

18.70
1.12
.59
.45
.04

' 5. 55
'4.78
'.77
3.30
'5.27

' 6. 40
r
5.32
' 1.14

0.48
5.33
1.15

' 2 9. 77

2 9.42

12522
54.44
25.50
28.93

• 130.10 'U34.46
r
50. 43 r 58. 02
r
20. 30
r
30.13 T 32.20

1136.91
61. 77
28. 30
33.40

67.76
4.21
2.69
1.12
3.44

70.78
4.13
2.63
1.41
3.49

"• 73. 74 ' 75. 84
r
4. 24
r
r
2.71
2. 09
r
r
1. 02
1. 52
r
r
2.90
2. 39

75.14
4.54
2.37
1.94
2.43

21.67
18.22
3.45
13.64
20.99

23.46
19.49
3.96
14.30
21.36

' 25. 35
' 21.19
' 4.10
14.19
'22.07

' 25. 05

25.72
21. 58
4.14

112.40
46.01
22.62
23.39

112 78
47 95
21.84
26.11

120 49
52 48
23 68
28.81

28.23
11.62
5.65
5.U6

31 92
13 63
6.64
6.99

25 82
10 84
5.10
5.74

28.43
12.15
5.59
6.55

27.79
11.67
5.16
6.51

30.74
13.30
5.99
7.30

25.87
10.96
4.78
6.18

29.70
12.66
5.61
7.05

30.41
13.48
6.02
7.46

34.52
15.38
7.27
8.12

' 29. 20
' 12. 52
' 5.80
'6.72

Nonmanufacturing
Mining
.
Railroad
A lr transportation...
Other transportation

do
do
do
do
do

66.39
3.18
2.54
2.00
2.12

64 82
3.79
2 55
1.84
3.18

68 01
4 00
2 52
1 30
3.63

16.61
.80
.64
.43
.58

18 29
.91
.78
.48
.71

14 98
.91
.59
.44
.62

16.28
.97
.71
.47
.77

16.12
.94
.62
.50
.85

17.44
.97
.62
.43
.93

14.91
.92
.49
.26
.72

17.04
.99
.68
.42
1.02

16.93
1.04
.64
.26
.95

19.14
1.05
.70
.35
.94

Public utilities
Electric
Gas and other
Communication
Commercial and other

do
do
do
do
do

20.55
17.63
2.92
13.96
22.05

20.14
17 00
3 14
12 74
20.60

22.28
18 80
3 47
13 30
20.99

5.20
4.42
.78
3.39
5.57

5.67
4.80
.87
3.78
5.97

4.42
3 84
.58
3 11
4.88

4.94
4.15
.79
3.22
5.19

5.07
4.16
.91
3.14
5.00

5.70
4.85
.85
3.26
5.52

4.79
4.18
.62
2.92
4.82

5.50
4.74
.76
3.21
5.21

5.52
4.54
.98
3.33
5.19

6.46
5.34
1.12
3.84
5.78

113.99
47.04
23.08
23.96

116 22
48.08
23.28
24.80

114.57
49.05
22.86
26.20

112.46
48.78
22.59
26.19

112.16
47.39
21.01
26.38

111.80
46.82
21.07
25.75

114.72
49.21
21.63
27.58

118.12
50.64
22.54
28.09

122.55
54.78
24.59
30.20

...do...
do
do
do
do

66.94
3.27
2.68
1.84
2.16

68.14
3.56
3.05
1.81
2.71

65.52
3.76
2.39
2.09
2.82

63.68
3.78
2.70
1.60
2.75

64.76
3.82
2.75
2.12
2.99

64.98
3.82
2.39
1.65
3.56

65.51
3.83
2.08
1.18
3.29

67.48
3.83
2.64
1.44
4.16

.

20.16
17.47
2.68
14.01
22.84

20.93
17.76
3.17
14.04
22. 04

20.28
17.03
3.25
13.36
20.82

19.52
16.41
3.11
12.50
20.83

19.79
16.58
3.21
12. 9*
20.34

20.91
17.92
3.00
12.22
20.44

21.91
18.56
3.36
12.54
20.68

21.85
18.82
3.03
12.62
20.94

Seas. adj. qtrly. totals at annual rates:
All industries
do
Manufacturing
...do...
...do...
Durable goods industries TNondurable goods industries 1 . . . — d o —
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other
Communication
Commercial and other.
r

do
do
...do

„

Revised.
v Preliminary.
i Estimates (corrected for systematic biases) for Apr.Jnnc 1077 and July-Sept. 1977 based en expected capital expenditures of business. 2Expected
expenditures for the year 1977 appear on p. 20 of the June 1977 SURVEY. Includes
communicr.tion.
fSee corresponding note on p. S-l.
9Includes data for items not
shown separately.
©Personal outlays comprise personal consumption expenditures,




rl

33. 79
' 14. 03
' 0.57
'8.06

do
. do
do

hil $

r

4. 50

2 38.14

interest paid by consumers to business, and personal transfer payments to foreigners (net).
§Personal savins; is excess of disposable income over personal outlays.
.
IData for individual durable and nondurable goods industries components appear in the
C
Mar., June, Sept., and Dec. issues of the SURVEY.
Corrected.

SUEVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notesareasshown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

,975,

1974

1976'

Annual total

S-3

1974
I

II

1975
III

IV

1

II

1976
III

IV

1977 P

I

II

III

IV

I

GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. I N T E R N A T I O N A L T R A N S A C T I O N S
Quarterly Data Arc Seasonally Adjusted
(Credits + : debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $..
Merchandise, adjusted, excl. military
do
j
Transfers under U.S. military agency sales con- i
tracts
1
mil. $._'
Receipts of income on U.S. assets abroad
do
|
Other services
do
!

138,303
98,306

147,600
107,088

2,952
19,763
17,282

3,919
17, 330
19,263

Imports of poods and services
do
' -136,143
Merchandise, adjusted, excl. military
do
-103,673
Direct defense expenditures
do
I -5,035
Payments of income on foreign assets in the j
U.S
mil. $_. -11,019
Other services
do
! - 1 6 , 416

-131,436
-98,043
-4,795

(excl. military grants), net I
mil. $ . . : —7,188
U.S. Government grants (excl. military) . . do
- 5 , 475
Other
*.
do.
-1,714

163,271
114,700
5,213
21, 369
21,990

31, 675
22, 460

33, 664
24 212

35,296
25, 033

37, 668
26, 601

36,907
27,018

35, 719
25, 851

36, 780
26,562

38,195
27, 657

38,589
26,998

40, 236
28,379

42,196
29, 603

42,252
29,720

42, 693
29,476

638
4, 516
4,061

683
4 555
4 214

781
5,108
4,374

850
5,584
4,633

924
4,283
4,682

874
4, 306
4, 688

957
4,403
4,858

1,164
4,338
5,036

1,095
5,298
5,198

1,189
5,167
5,501

1,472
5, 483
5, 638

1,457
5, 421
5,654

1,432
6,067
5,718

-159,571 -29,997
-123,917 -22,607 -25,696
-4,847 -1,153 -1,298

-11,376 -11,561
-17,221 -19,247

-35,628 -36,713
-27,374 -27,996
-1,265 -1,319

-34,199 -30,688 -32,645 -33,906
-25,563 -22,566 -24,483 -25,431
-1,317 -1,185 -1,096 -1,198

-37,020 -38,691 -41,297 -42,567 -45,865
-28,324 -29,914 -32,387 -33,292 -36,456
-1,160 -1,228 -1,237 -1,222 - 1 , 350
-2,861 -2,887 -2,816 - 2 , 997 -2,897
- 4 , 675 - 4 , 662 -4,857 - 5 , 056 -5,162

-2,387
- 3 , 850

-2,726
-4,085

- 2 , 877
-4,112

-3,029
- 4 , 369

-3,052
-4,267

- 2 , 799
-4,138

- 2 , 784
-4,282

-2,741
- 4 , 536

-5,023
-3,146
-1,878

-2,979
-2, 606
-373

-1,850
-1,399
-451

-1,263
-811
-452

-1,098
-660
-438

-1,195
-753
-442

-1,110
-718
-392

-1,070
-617
-453

-1,238
-805
-433

-1,029
-544
-485

-1,015
-556
-459

-1,936 -1,045
-572
-1,475
-473
-461

-1,145
-627
-518

-31, 548 -42,959
—607 - 2 , 530
- 3 , 463 -4,213
-27, 478 -36,216
-6,264 - 4 , 596

-3, 545
-210
1,389
-4, 724
3,233

-7,771
-358
267
-7,680
757

-5,689 -10,023
137
-1,003
-354
—937
-4,332 -9,223
-2,379 - 2 , 980

-8,749
-325
-874
-7,550
-2,193

-7,881
—29
-867
-6,985
-2,292

-3, 081 -11,836
89
-342
-745
—977
-1,994 -10,948
527 -2,306

•10,751
-773
-723
-9,254
- 2 , 427

-9, 779
-1,578
-944
-7,257
-142

-8, 409 14,022
-407
228
-1,405 -1,142
-6,597 -13,108
-1,205
-822

451
-388
-895
1,734
-532

6, 062
-1,072
7,133
1, 465

9,597
4,648
4, 949
260

3, 663
2, 279
1,384
526

Unilateral transfers

U.S. assets abroad, net
do
U.S. official reserve, net
do
U.S. Gov't, other than official reserve, net...do
U.S. private, net
do
Direct investments abroad
....do

-27,029

! -1,434
!
365
j --25,960
-1,368

|
|

- 4 , 612
-2,893
-1,719

Foreign assets in the U.S., net
Foreign official, net
Othtv foreign, net
Direct investments in the U.S _ . . '

do
do
do
do

33, 612
10,981
22, 631
3,695

14,336
6,960
7, 376
1,414

Allocation of special drawing rights.
Statistical discrepancy
.

do. .J.
-1,555
do.

5,660

!

Memoranda:
Balance
Balance
Balance
Balance

on
on
on
on

34, 520
17,945
16, 575
2,176

9, 763 -1,216

!
I
! -5, 367

merchandise trade
do
goods and services..
do
goods, services, and remittances..do
current account
do

;

j
:

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes areas shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

9, 045 -9,217
2,160
16,164
3, 699
447 I 14,444
1,822
-5,028
11,552 -1,324

1975

8,792
3,149
5, 642
1.211

9,162
4, 256
4,900
759

2, 443
3,452
-1,009
93

166 -1,507

1,004

4,793

-1,395
955
517
-143

1,455
2,708
2,266
1,513

-147 - 1 , 484
-141
1, 678
-592
1, 305

-1,301 I-1,991

-2,341
-332
-784
-1,595

1976

5,814
2,832
2,982
1,137

6, 856
3,847
3, 009
709

7,385
4,051
3,333
504

8,201
3, 070
5,131
561

12,079
6,977
5,102
403

3,067
5,852
- 2 , 785
827

297 -2,400

2,971

3,355

1,865

1,244

3,303

799

2,226 -1,326
1,569
4,289
1,084
3,856
540
3,051

-1,535
1,545
1,086
530

-2, 784
899

-3,572
-315
-788
-1,360

- 6 , 980
-3,172
- 3 , 690
-4,317

3,285
5,031
4, 639
3,921

2,079
4,135
3,682
3,065

May

June

July

Aug.

-1,037
1977

1976
Apr.

Annual

2, 416
-1,603
4,019
-342

Sept.

Oct.

Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

1,486.5 '1,497.7 1,507.2

GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCEt
Seasonally adjusted, at annual ratesrf
Total personal income

bil. $..

1,404.2

1,421.4

1,439.5

1,441.3

1,464.2

903.5
307.9
239. 9
218.1

911.3
309.8
240.2
219.9

921.5
314.7
244.6
221.8

930.1
317.5
246.9
223.9

933.4
316. 0
248.1
225.9

946.9
323.4
252.7
230.1

961.0
332.3
258.3
231.5

• 970.2
• 336.8
• 260. 6
• 233.7

979.2
340.7
264.1
235.3

183.0
191.7
71.1

184.7
192.7
71.7

185.9
195.7
72.4

187.9
197.1
73.2

190.4
198.2
74.1

192.5
199.1
74.9

193.4
200.0
75.8

196.1
201.0
76.8

197.6
202.2
77.8

199.8
203.4
78.8

26.0
73.8

21.0
74.4

18.1
74.9

18.6
75.4

19.6
76.8

22.7
78.2

23.1
77.6

24.1
79.7

24.7
81.4

'24.1
'82.0

23.5
83.0

22.7
35.9
121.5
186.8
54.3
1,326.6

23.4
35.2
123.0
191.3
54.9
1,342.5

23.2
35.4
125.2
192.9
55.2
1,351.8

23.6
24.0
36.1
35.6
127.8
126.9
194.4
192.9
55.9
55.5
1,360.8 1,372. 7

24.3
36.5
128.7
197.3
56.7
1,388.6

24.5
40.5
128.7
198. 0
57.3
1,403.4

25.0
37.0
129.8
199.4
59.0
1,404.5

25.2
37.6
131.7
202.8
59.6
1,426.2

25.2
38.1
133.3
206.3
60.4
1,447.8

1,362.9

1,370.4

275.3
211.7
195.6

890.4
304.8
237.0
214.9

876.9
301.7
234.8
212.3

883.3
303.5
235.8
213.9

883.1
303.4
236.2
212.4

892.7
306.5
238.0
214.9

897.4
306.4
238.8
216.3

do.
"...do!
do.

159.9
175.8
62.5

180.0
190.7
70.1

175.3
187.6
68.4

177.2
188.7
69.0

177.7
189.6
69.7

180.5
190.7
70.4

_.do.
-..do.

24.9
65.3

22.8
73.8

23.3
72.7

27.5
72.5

31.6
73.4

Rental income of persons, with capital consumption adjustment
bil. $.
22.4
23.5
23.3
Dividends
do...
32.1
35.1
33.4
Personal interest income
do...
110.7
123.0
120.0
Transfer payments
do...
175.2
191.3
188.7
Less personal contributions for social insurance bil. %
50.0
54.9
54.1
Total nonfarm income
d o . . . 1,213.4 1, 340. 0 1,317.3

23.4
33.9
120.7
187.1
54.4
1,323.3

Wage and salary disbursements, total
do
Commodity-producing industries, total.do
Manufacturing
do
Distributive industries
do
Service industvies
Govt. and govt. enterprises
Other labor income
Proprietors' income:A
Farm
Nonfarm

1,249.7 1,375. 3

1,352.5

1,380.8 1,385.5

1,391.7

25.8
24.6
38.7
38.4
135.6
* 134.5
204.2
r 207. 1
61.4
60.9
1,459.4 1,469.4

FARM I N C O M E AND MARKETING*
Cash receipts from farming, including Government
payments, totalt
mil. $..

90,370

95,505

6,663

6,669

7,656

7,996

7,879

8,164

10,459

9,901

8,634

6,461

6,643

6,296

Farm marketings and CCC loans, total
do
Crops
do
Livestock and products, total?
do....
Dairy products
do
Meat animals
do
Poultry and eggs
...do

89, 563
46, 661
42, 902
9,866
25,811
6,739

94, 793
47,802
46,991
11,391
27,967
7,100

6,611
2,430
4,181

6, 653
2,673
3,980
1,013
2,323
592

7,637
3.593
4,044
980
2,415
600

7,956
4,172
3,784
978
2,116
643

7,808
3,818
3,990
975
2,317
654

8,108
4,111
3,997
932
2,383
641

10,390
6,312
4,078
936
2,469
632

9,811
6,013
3,798
878
2,294
587

8,503
4,808
3,695

8,747
5,102
3,645

6,361
2,891
3,470

914
2,161
562

946
2,086
574

876
1,996
559

6,538
2,674
3,864
980
2,275
573

• 6,248
• 2,366
• 3,882
•1,018
• 2,253
'563

Indexes of cash receipts from marketings and CCC
loans, unadjusted:J
All commodities
1967=100
crops
;
d0__;.
Livestock and products
do

209
253
176

221
259
193

185
158
206

186
174
196

214
234
199

223
272
186

219
249
196

227
268
197

291
411
201

275
391
187

238
313
182

245
332
179

178
188
171

183
174
190

175
154
191

182
150
206

Indexes of volume of farm marketings, unadjusted:?
All commodities
..
.
1967 — 100
Crops
."..V.-V.V-V.V.".
do..""
Livestock and products
do..I.

115
128
106

121
132
113

98
86
108

112
112
111

116
131
107

121
128
116

127
138
118

164
211
129

157
209
120

139
158
124

130
159
108

96
91
100

111

92
64
111

96
64
119

961
2,629
542

98

'•Revised
v Preliminary.
fSee corresponding note on p. S-l. AIncludes inventory valuation and capital consumption adjustments.
JSeries revised beginning 1973;




6,500
2,300
4,200
1,000
2,500
700

revisions for periods prior to May 1975 are available from the U.S. Dept. of Agr., Economic
Research Service.
9 Includes data for items not shown separately.

June 1977

SURVEY OF CURRENT BUSINESS

S-4
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

Annual

1977

1976

1976 P
Apr.

June

May

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr. p

May

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONS
Federal Reserve Board Index of Quantity Output
Not Seasonally Adjusted
Total index..

1967=100.

117.8

129.8

128.7

129.9

133.5

126.0

131.7

134.6

134.0

132.2

128.1

128.4

133. 6

135. 6

136.3

138.1

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

119.3
118.2
124.0
121.4
125.1
110.2
123.1
115.5

129.3
127.3
136.8
141.5
134. 9
114. 3
136.8
130.5

127.4
125.3
136.1
145.0
131.1
111.8
135.2
130.8

128.6
126.6
136.7
147.4
132.5
112.7
136.1
132.0

133.2
131.3
142.6
151.8
138.9
115.6
140.1
133.9

126.0
123.3
130. 9
125.3
133.2
112.9
136. 2
126.0

131.9
129.1
139. 8
134.2
142.1
114.5
142.0
131.7

135.9
133.5
144.7
143.2
145.3
118.0
145.1
132.5

134.6
132.2
143.8
149. 3
141.6
116.3
143. 4
133.2

132.0
129. 9
138.5
147.2
135.0
118.0
139. 7
132.5

127.0
125.3
131.5
137.8
129. 0
116.7
133.4
129.7

128.2
127.1
135.2
142.2
132.4
116.0
132.5
128.8

133.1
131.7
140.4
150. 9
136.2
• 119. 7
• 138.1
• 134. 6

' 134. 5
• 132. 8
• 142. 3
• 156. 6
• 136. 5
•119.8
" 140. 5
' 137. 4

135.1
132.8
141.8
156. 5
130.0
120.3
143. 6
138.0

136.8
134.4
143.2
157.6
137.5
122.4
145.9
139.9

do.

128.5

131.9

128.4

127.6

130.1

136.7

134.4

130.9

131.1

135.1

139.0

• 137.1

134. 2

132.1

131.9

128.4
135.8
123.4

133.8
145.5
125.8

125.8
137.0
118.1

131.3
145.4
121.6

134.6
149.3
124.4

134.5
148.7
124.6

132.3
143.9
124.3

127.1
136.0
120.9

127.1
137.2
120.2

• 133. 0
143.7
125.6

135. 7
145.8
• 128. 7

136.7
146.8
129.8

138.6
146.2
131.9

129.6

130.1

130.7

131.3

130.8

130.4

131.8

133.1

132.1

133.2

• 135. 2

136.3

137.8

By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Nondurable consumer goods
Equipment
Intermediate products
Materials
By industry groupings:
Mining and utilities
Manufacturing
Nondurable manufactures
Durable manufactures

do.
do.
do.

116.3
126. 4
109. 3

129.4
141.0
121.4

117.8

129.8

do.
do.
do.

119.3
118.2
124.0

129.3
127. 3
136.8

128.0
126.3
136.1

128.9
127.3
137.4

129.5
127.6
137.8

129.8
127.6
136.8

130.3
128.3
137.5

129.7
127.4
136.2

129.6
127.4
136.9

131.7
129.8
139.1

133.8
132.1
142.0

133.1
130.8
140.2

' 133.9
'131.8
•141.0

• 135.1
• 133. 3
• 143. 0

135.9
134.0
143.0

137.2
135.2
143.6

do.
do..
do.
do.
do.

121.4
125.9
113.7
101.1
156.6

141. 5
154.8
149. 9
132.0
167.2

141.1
155.2
152.1
134. 3
163.1

143.2
154. 0
153.4
134.4
155.6

144.2
156.6
156.6
137.5
156.9

141.8
155.9
155.9
135.0
156.0

143.7
158.4
158.2
137.7
158.4

138.4
147.4
139.1
120.9
168.6

139.4
148.8
137. 9
121.5
• 176.6

143.7
161.6
154.6
139. 1
179. 3

151.2
180.4
180.1
159. 8
181.7

145.1
164.0
155.8
136. 9
184.9

146.1
'161.8
152.7
132.8
' 184. 5

• 152. 3
• 178. 2
• 176.1
155.8
• 183. 7

152.4
175.1
171.2
150. 6
184.9

152.8
173.0
167.4
148. 5
187.0

do.
do.
do.

118.8
98. 0
126.8

134.1
115. 8
144.1

133.1
117.2
143.0

137. 2
123.5
142.6

137.4
123. 8
142.5

133.8
110.3
142.0

135.6
119.1
145.0

133.3
111.4
146.3

134.1
115.8
147.0

133.8
115. 3
143.6

134.9
111.7
144.7

134.6
113.4
142.7

' 137. 3
118.5
145.9

• 137. 9
• 124.1
• 144. 6

139.7
127.0
146.1

141. 6
129.4

do.
do.
do.
do.
do.

125.1
111.6
128.8
122. 8
135.8

134. 9
126. 9
137. 2
130.8
144.6

134.0
129.6
135. 2
128.4
143.3

135.1
132.1
1?5. 8
129. 8
142.7

135.1
127. 9
137.1
130.8
144.5

134. 8
126. 3
137.2
131.4
143.9

134.9
123.2
138.1
131.9
145.3

135.3
123. 0
138. 7
133.0
145.4

135.8
125. 9
138. 5
133.2
144.8

137.1
126. 4
140.0
132. 5
149. 0

138.4
126.4
141.7
132.8
151.8

138.3
124.2
142.2
132.9
153.1

' 138. 9
' 124. 2
' 142.9
' 135. 4
'151.6

139.1
123.9
• 143. 3
• 136. 8
150.9

139. 5

140.0

143.2
136. 6
150.8

143.4

113.5
134.6
126.9
174.6
106.4

113.8
135.0
127.4
174.9
106.5

114.9
136. 9
127. 5
176.9
107.2

115.7
137.7
128.1
179. 8
107.2

115.2
137.5
129.8
180.4
108.6

114.4
135. 9
129. 9
180.9
107. 9

116. 9
140. 2
131.3
181.5
109. 9

118.6
143.2
133. 5
187.4
110.7

117.8
142.0
131.4
187. 9
107.8

'119.0
' 143.1
' 133. 2
' 192. 9
r
108. 5

• 119.8
• 144. 4
• 133. 8
• 195. 4
' 109. 0

121. 0
146.7
135. 9
200. 0
111.1

123.0
149.3
138.4
203.2
114.0

143. 7
169. 5
104.2

143.8
171.4
102. 9

147.7
174.1
107.6

148.7
176.2
106.6

146.1
176.8
99. 3

142.7
177.5
98.3

150.5
179. 7
107.6

154. 4
185.3
109.1

154.5
185.2
108.4

' 154. 6
r
185. 2
108.7

• 156. 6
• 186.1
• 112. 9

159.1
189.5
114.3

161.8
192.7
116.1

78.3

78.0

77.7

78.5

77.9

77.4

77.1

'78.5

139.8
135. 5
144.2

141.8
136.1
147.3

'141.8
135. 7
' 147. 8

• 141. 9
• 136. 4
• 147. 4

143. 0
137.8
148.0

144.8
139. 0

• 132. 4
' 128. 0
' 124.1
137.3
' 150. 3
' 154. 2
' 120. 8

•
•
•
•
•
•
•

136.8

138. o
136. 7
134. 3
143.1
154. 8
159. 0

128.8
139. 9
121.2

Seasonally Adjusted
Total index

1967=100.

By market groupings:
Products, total
Final products
Consumer goods
Durable consumer goods
Automotive products
Autos and utility vehicles
Autos
'_
Auto parts and allied goods
TTome goods
Appliances, air cond., and TV
Carpeting and furniture
Nondurable consumer goods
Clothing
Consumer staples
Consumer foods and tobacco
Nonfood staples
Equipment
Business equipment
Industrial equipment 9
Building and mining equipment,
Manufacturing equipment

do.
do.
do.
-do.
do.

110. 2
128.2
121.2
168. 3
99.9

114.3
136. 1
127. 9
177.4
106.4

112.9
134.1
125.3
170.7
105.4

Commercial, transit, farm eq. 9
Commercial equipment
Transit equipment

do.
do.
do.

136. 3
157.8
101. 9

145. 5
173. 2
103.8

144.6
170.0
1C5.6

Defense and space equipment
Intermediate products
Construction supplies
Business supplies

_

<cti.

136. 8
132. 0
141.5

134.7
128.0
141. 3

135.0
1*0.9
139.0

135.9
131.8
140.1

137. 6
133. 1
142.1

137.8
134.1
141.5

138.7
134.3
143.0

138.3
134. 0
142.5

do
do
do
do
do
do
do

115.5
109. 1
97. 7
118.9
126. 6
129.0 I
117. 2

130. 5
126. 6
121.6
133.'.»
146. 4
151.2
120.3

129.2
124.5
119.2
130. 5
146. 9
152. 2
118.8

130.6
126.8
123. 0
133. 0
146. 2
150. 9
120.6

131.1
127.0
123.1
134.0
147. 5
151.8
120. 6

132.2
130.6
126. 1
136.3
146. 0
150.5
119. 5

133.0
131.4
125. 1
138.0
146. 1
150.6
120.5

132. 5
130.0
123.5
138.3
147.8
152.6
119.6

131. 6
128.5
119.4
138. 0
147. 5
152.5
119. 6

131. 9
128.5
126. 2
137. 2
147.2
151. 3
121.7

131.9
128. 3
124. 7
138.8
146. 2
150.6
123.1

130.7
126.8
121.5
135.1
144.6
148.8
122.6

do
do
do
do

128. 5
112.8
115,8
113.4

131. 9
114. 1
122.8
116. 9

131.2
113.5
124.3
114.4

132.0
113.0
118. 3
119.2

131. 9
114.4
118.3
122. 7

130.6
112.5
121.6
104.8

131.8
114.4
127.5
112.6

131.9
115.7
123.6
121.3

133.1
116.7
127.4
132.3

134.1
116.2
128. 1
125.1

134.8
116.2
130.4
125. 9

136.1 I r 136. 4
113.2 - 1 1 0 . 5
135.6 '132.3
95. 3
100. 8

113.3
94.9
111.0
107. 0

112.0

112.4
91. 2
1C8.4
121. 4

112. 8
91. 5
110.5
117. 9

112.0
89.7
109. 5
121.6

146 0
lfO s

111.7

115 5

161 1 ' ' 1 * 8 :

do.
do.
do.
do..

118.3

111.3
93.1
107.8
117.5

110.8
91.1
110.5
116.7

YoO 8
I'.", 7

133 0 | 111 2
169 8 ! 1 0 ; 2

•112.3
92. 5
113.0
116.5

112.0
92. 0
112.7
116.5

112.3
91. 9
109. 9
119.0

113.3
93.2
107.7
119. 2

112.5
91.4
109. 4
120. 0

lr0 s
ih7 2

150.1
151 3
loS 1
131 o 130.7
I tO » 14 \ 6
Ki 1
1(7 0
'"). 1
Hi \

151 2

IV 0 '

12) <)

1,1. >

112
Dl
116
ill

m i

I

M i l lif'li till 1 L

\<v di'i ihW i unufactuus
I o< <h <
Mt ll J)MXiUP(s
Dii v p r ducts
1 ( \ ( i e^

lib ')

i2J 6
140 "

in _




,

I K *•
1)3 i
1

\
)" «

\\\ 0
Hi
13i»

10 5 7

1011 3

1
.ipi.tli

79.3

123.1
116. 3
129.8

I

Oil and gas extraction 9
Crude oil
Natural gas
Stone and earth minerals
I

77.3

80.0 |

138. 8
135.7
141.7

..do.
.do.
..do.

Materials
Durable goods materials 9
Durable consumer parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chemical
Energy materials
By industry groupings:
Mining and utilities
Mining
Metal mining
Coal
_"

do.

1 i) "
l M 1
1 M 1

ID 4
1 ^1

1 >

i
1

')

Hi 1
Ml s
J 0 < *>
-5 t

It 3 >

t)_ O

Ih3 1

111.1
1 w. 7

118 ,\
HI 1-6 1

< S

)

1 O.t,
if •' "

2
7
0
7

K.I
11"/
lib
nt>

7
»
I
2

ID 7

ID 0
11) '»
Do 1
ID 1
1<1 }>
1 ^ 0
Dl %

131.5
143.7
135 ')
109 9

in 7
in s
131 s
123 6
13u 6
l_i 3
172 0

;
|
!
!
!
!

•' 115. 8

'91.3
112.8
' 124. 9

135.
131.
127.
137.
152.
157.
122.

4
9
8
8
6
2
4

• 136.1
' 120. 3
' 133. 8
124.1

i
|
i
j

135. 3
119. 0
127. 5
118.4

• 154. 0 I 153. 4

117 n

i

- D3 1

12" 2
122. i
171 1

135.9
119.9

~122.T
118.0

•126.4 j 124.9 |

' 117 (i
1><

134. 2
131.4
110. 5
153. 8
158. 7
122.1

• 117.0 i 117.3
' 9 2 . 7 ! 92.0

132 9 ' 135 0
11,1 7 r lib 8
1 js 5
' 137.1
us 8
- 117 6
llh \
110 1
r
161 i
162 *

r

150.7

153. 9

136 2
137.9
117 ) i 148.9
Hi 3

140.4
- 124 0
177. 1
«• V \2

1.
1".
1' "

125. 0

145.2

m<:,ry m ^visions

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS

1975

1976 v

Annual

S-5

1976
Apr.

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr. * May*

GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*—Continued
Federal Reserve Board Index of Quantity

Output—Continued

Seasonally Adjusted—Continued

By industry groupings—Continued
Manufacturing—Conti nued
Durable manufactures
Ordnance, pvt. and govt
Lumber and products
Lumber
Furniture and fixtures
Clay, glass, and stone products
Primary metals
Iron and steel
Basic iron and steel
Steel mill products..
Nonferrous metals

1967=100.
do...
do...
do...
do_.
do..
do..
do..
do.
do..
do.

109.3
76.6
107.6
93.9

121.4
71.7
125.1
105.8

120.1
69.1
122.8
102.6

121.7
71.4
123.0
107.2

122.3
73.1
120.3
97.8

124.2
74.0
124.6
106.8

125.1
73.9
128.1
111.3

122.4
73.2
128.7
106.5

121.5
73.3
130.7
116.4

123.8
72.2
129.0
108.5

125.2
71.8
127.5
96.9

123.0
70.8
132.7
113.9

124.0
'72.4
132.2
109.9

126.8
'72.5
132.1
109.0

128.3
74.0
132.5

118.2
117. 9
96.4
95.8
92.9
99.5
97.5

132.8
135.8
108.0
104.4
100.3
108.9
114.4

131.7
132.7
105.4
103.5
99.0
107.8
109.0

131.0
133.9
113.2
110.7
103.4
119.1
117.3

130.1
136.1
111.5
110.0
107.9
119. 9
113. 9

131.6
137.2
116.9
115.3
111.0
121.8
119.9

134.4
138.1
118.6
116.2
111.6
120.9
123.0

133.0
138.4
114.1
110.3
106.7
109.3
120.6

134.5
138.4
109.9
105.1
99.3
109.3
118.3

134.0
142.2
107.3
103.1
95.7
100.7
112.5

135.7
142.0
102.7
95.6
90.1
94.9
115.5

135.1
137.3
100.0
89.8
84.7
88.7
121.3

137.1
139.0
100. 4
'91.3
'87.7
91.4
• 116. 7

136.5
143.7
107. 2
'97.9
'95.4
98.2
• 126.8

137.4
143.8
112.3
104.4
97.8
106.8
126.4

130.3
74.5

117.3
111.5

Fabricated metal products
Nonelectrical machinery
Electrical machinery
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq

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

109.9
125.1
116.5

123.3
134.7
131.7

121.5
133.5
130.0

121.4
134.0
131.8

124.0
133.5
132.0

124.6
135.0
131.0

125.8
136.4
135.3

126.6
136.8
133.7

123. 5
134.1
135.0

126.7
137.5
135.8

128.2
141.2
135.6

125.7 • 126.0 ' 127. 8
139. 5 • 139. 4 • 140. 4
137.6 ' 138.1
134.0

129.1
142.7
139.7

130.7
145.4
141.7

97.4
111.1
84.5

110.6
140.7
82.2

110.6
141.3
81.7

112.9
144.3
83.3

112.6
146.5
80.7

113.3
148.5
80.3

115.0
150.6
81.5

104.4
130.2
80.1

104.7
129.3
81.4

112.7
145.8
81.6

118.2
156.4
82.4

113.5
145.5
83.4

113.4
145.4
83.3

' 120.5
' 161. 2
'82.3

119.7
158.2
83.5

120.8
158.5
85.4

Instruments
BUSINESS SALES 5

do .

132.3

148.2

145.4

149.0

149.5

151.3

149.6

148.7

150.3

150.3

155.7

153.7

157.0

' 156. 9

156.8

157.7

Mfg. and trade sales (unadj.), total!©
Mfg. and trade sales (seas, adj.), total!©
Manufacturing, totalt©
Durable goods industries
Nondurable goods industries©
Retall trade, totaled
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durablo goods establishments
Nondurable goods establishments

mil. $. 2,070,133

198,557 198,281 197,732 208,196

184,244 195,688 219,294 216,271
202,066 207,567 214,844 213,883

do
do_.. 1,046,710
526,950
do .. 519, 760
do... 1
584,423
do.._ 180,725
do...
403,
698
do...
1
439,000
do__.
do... 185, 922
do... 253,078

BUSINESS INVENTORIES}
Mfg. and trade inventories, book value, end of year
or month (unadj.), total! -mil. $.
Mfg. and trade inventories, book value, end of year
or month (seas, adj.) .totalt
mil. $.
Manufacturing, total!
do.
Durable goods industries
do_
Nondurable goods industries
do..

2,312,634 194.368 192,828 201,448 187,647 193,401

W O , 133 12,312,634 191,404 190,445 193,360 193,302 194,302 193,868 192,591 196,477 204,365
11,178,205 98,178
604, 706 50,146
573, 499 48, 033
651,884
214,169
437, 715

53,696
18,046
35,650

52,868
17.419
35,449

53,983
17,803
36,180

53,754
17,699
36,055

54,643
18,208
36,435

98, 387 97,281 100,108 104,700 '103,475 106,159
50,060 49, 267 51,427 55, 520 53,247 54, 729
51,430
48, 328 48,014 48,681 49,180
' 50,228
54,100 54,634 55,573 57,898 56,660 58,175
17,481 17,559 18,157 19,730 19,024 19,764
36,619 37,075 37,416 38,168 37,636 38,411

U 82,549
210,864
271, 685

39,530
17,029
22,501

39,386
17,144
22,242

40,780
17,615
23,165

40,616
17,457
23,159

40,581
17,926
22,655

41,381
18,104
23,277

1

98,191
50,558
47, 634

98, 597 98, 932 99,078
50,606 51,090 51, 648
47,990 47,842 47,430

40,676
17,755
22,921

40,796
18,010
22,786

41,767
18,417
23,350

41,931
18,559
23,372

43, 233
19,552
23, 681

111,443 109,894
59,051 56,832
53,062
52,392
59,522 59,572
20,(>87 20, 333
38,835 39, 239
43,879
19,591
24,288

44, 417
19,438
24,979

274,363

298,806

285,325 286,535 288,360 288,329

275,484

299,123

283,062 285,693 289,138 290,866 293,308 296,537 298,179 298,941 299,123 301,970 303,985 '307,325 310, 288

155,693
100,310
55,382

166, 587 158,134 159,488 161,118 162,144 163,184 164,966 166,674
105,729 101,033 101,502 102, 429 102,856 103, 282 104,117 105,589
60,858 57,101 57,986 58,689 59,288 59,902 60,850 61,085

292,973 299,124 302,907 298,806 301,791 305,441 •310,099 312,708

167,114
106,128
60,986

166,587 167,482 168,449 • 169,379 170,969
• 107,685 108,450
105,729 106,562 107,222
60,920 61,227 • 61,094 62,519

Retail trade, totalA
Durable goods stores
Nondurable goods stores

do
do_
do.

74,676
34,474
40,202

82,405
38,224
44,181

78,102
35,462
42,640

78,406
35,547
42,859

79,375
35,863
43,512

79,917
36,523
43,394

81,118
37,515
43,603

81,848
37,822
44,026

81,658
37,518
44,140

81,660
37,933
43,727

82,405 83, 616
38-, 224 38, 931 38,912
44,181 44,685 44,966

85,397
39,613
45,784

86,033
39,581
46,452

Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments

do.
do.
do.

45,115
27,476
17, 639

50,131
30.224
19,907

46,826
28,441
18,385

47,799
29,107
18,692

48,645
29,430
19,215

48,805
29,585
19,220

49,006
29,533
19,473

49,723
30,384
19,339

49,847
30,447
19,400

50,167
30,512
19,655

50,131
30,224
19,907

50,872
30,847
20,025

51, 658
31,239
20,419

52,549
31,456
21,093

53,286
31, 645
21, 641

1.50

1.51

1.53

1.55

1.52

1.46

1.49

1.46

1.43

1.45

1.80
2.34

1.64
2.04

1.61
2.01

1.62
2.01

1.63
2.02

1.64
2.01

1.65
2.00

1.68
2.08

1.71
2.14
.71
.87
.57

1.67
2.06
.69
.84
.54

1.59
1.90
.62
.77
.51

1.62
2.00
.66
.81
.53

1.59
1.96
.64
.80
.52

1.52
1.82
'.61
.73
.48

1.56
1.91
.63
.77
.51

do.
do_
do
do

1.26

1.23

1.19

1.22

1.22

1.24

1.26

1.27
.56
.18
.53

1.25
.53
.19
.53

1.24
.53
.19
.52

1.21
.51
.18
.52

1.19
.51
.18
.51

1.18
'.50
.18
.49

1.18
.50
.18
.50

do.
do
do

1.51
2.23
1.18

1.46
2.03
1.18

1.45
1.97
1.20

1.48
2.04
1.21

1.47
2.01
1.20

1.49
2.06
1.20

1.48
2.06
1.20

1.51
2.16
1.20

1.49
2.14
1.19

1.47
2.09
1.17

1.42
1.94
1.16

1.48
2.05
1.19

1.44
1.97
1.17

'1.43
'1.91
1.18

1.44
1.95
1.18

1.24
1.79
.84

1.20
1.66
.83

1.18
1.67
.82

1.21
1.70
.84

1.19
1.67
.83

1.20
1.69
.83

1.21
1.65

1.20
1.68
.83

1.23
1.71
.85

1.23
1.69

1.20
1.64
.85

1.21
1.66

1.19
1.60

'1.20
'1.61
'.87

1.20
1.63
.87

• 50,516

• 60,547

' 4,886
' 4, 793

' 5,044
' 4,851

'5,477
' 5, 344

' 4, 729
' 5,169

' 4,921
' 5, 412

' 4,980
'5,020

' 5, 574
' 5,528

' 5, 391
' 5,333

• 4, 697
4,870

• 5,677
• 5, 312

5,491
5,378

1,046,710 1,178,205

99, 537

99,273

103,803

91,832

97, 940

103,245

101,383

100,191

97, 951

96,718 '•106,938 '114,339 111,760

604,706
30,435

51,313
2,528
7,544
3,787
2,925

51,988
2,564
8,031
4,043
3,146

54,777
2,739
8,318
4,275
3,139

46,359
2,473
7,110
3,689
2,726

49,810
2,749
7,577
3,799
2,963

53,023
2,768
7,844
3,925
3,124

51,869
2,710
7,454
3,641
2,961

51,408
2,573
7,086
3,547
2,743

50,726
2,320
6,752
3,357
2,694

49,189
2,286
6,980
3,457
2,745

BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, totalt©
ratio.
Manufacturlng, total!©
do__.
Durable goods industries!
do_._
Materials and supplies
do._.
Work in process
do
Finished poods
,
do"
Nondurable goods Industries!©
Materials and supplies
Work In process
Finished goods
Retail trade, total c? A
Durable goods stores
Nondurable goods stores

Merchant wholesalers, total...
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales: O
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj., total
..do
Shipments (not seas, adj.), total!©
..do....
Durable goods industries, total 9!
._do_
Stone, clay, and glass products. _._
do
Primary metals
._
do
Blast furnaces, steel mills
do
Nonferrous and other primary met
do
• Revised.
p Preliminary.
« Estimated.

1.50

526,950
27,314
78,959
40, 210
30,081

45,137
34,110

Based on data not seasonally adjusted.

2
Advance estimate; total mfrs. shipments for Apr. 1977 do not reflect revisions for selected
com p one I ts.
JSee note n arked "cT" on p . S-4.
§ The term "business" here includes
only IT anufactunng and trade; business inventories as shown on p . S-l cover data for all
types of producers, both farm and nonfarm. Unadjusted data for manufacturing are shown




' 6,041 p 4,399
' 5,502 ' 4,690

54,908 '60,688
2,548 ' 2 , 9 4 3
7,774
8,847
3,831 '4,539
?,089 '3,390

'58,356 2 58,476
2,887
'8,552 2~8~56T
4,279
3,384

below on p p . S-6 and S-7; those for wholesale and retail trade on p p . S-ll and S-12.
f See
corresponding note on p . S-6.
© Unadj. and seas. adj. mfrs. shipments and new orders
(totals and total nondurables) were revised back to Dec. 1975; revisions prior to Mar. 1976
are available from Bureau of the Census, Wash., D . C . 20233.
c? See note marked "t" on
p. S-12.
A See note marked " ! " on p . S-12.
9 Includes data for items not shown
separately.
OSee corresponding note on p . S-4.

S-6

SURVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

! 1976

Annual

June 1977

Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

6,162
9,116
6,012
11,803
8,362
2,036

6,926 r 7, 689 7,560
10,146 '10,910 10,452
6,634 ' 6,813 6, 618 2
13,049 '14,773 '13,806 ~14,~330~
9,001 '10,360
9, 669
2,193 ' 2,372
2,306

Apr.

May

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSt—Continued
Shipments (not seas, adj.)f—Continued
Durable goods industries!—Continued
Fabricated metal products
Machinery, except electrical .
Electrical machinery
Transportation equipment
Motor vehicles and parts.
Instruments and related products

mil. $
do
do
do
do
do

Nondurable goods industries, t o t a l ? ©
Food and kindred products
Tobacco products
Textile mill products

68 80?
98,147
63,716
113! 369
70,581
22, 601

79, 659
1C9,845
72,039
135,222
91,115
24,905

6,847
9, 393
5,827
ll! 787
7,871
1,985

7,018
9, 291
5,813
11,821
7,899
2,026

7, 242
9,840
6, 236
12', 541
8,648
2,179

6,284
8,556
5,385
9,615
6, 247
1,973

6,712
8,738
6,007
10,114
6,770
2,120

6,868
9,644
6,515
11,106
7,564
2,247

6,693
9,330
6,383
11,307
7,587
2,177

6,534
9,029
6,407
12,265
8,687
2,210

6,505
9,405
6,565
11,996
7,925
2,197

do
do
do
do

519,760
171, 794
7,805
3'> 874

573,499 48,224
176,150 14,562
8,087
655
37, 583 3,095

47,285
14,527

49,025
15,035

45,473
14, 292

48,129
14,540

50,221
15,466

49,514
15, 289

48,783
15,024

47,225 '47,529 '52,028 '53,651
14,599 -14,283 '15,475 '15,797
751
669
671
'714
3,097
3,270 ' 3,659
2,949

do
do
do
do

43, 463
90]370

633

691

649

652

677

753

650

53,240
15,499
704

3,177

3,385

2, 612

3,060

3, 302

3,198

3,201

4,235
8,733
6,546
2, 799

4, 395
8, 750
6, 952
2,848

3,951
7,701
6,992
2, 491

4,312
8,222
7,103
2,723

4,443
8,835
7,107
2,730

4,255
8, 315
7,103
2,832

4,140
8,239
7,153
2,760

98,178

98,191

98,597

98,932

99,078

98,387

97,281 100,108 104,700 ' 103,475 ' 106,159 '111,443 109.894

50,146
2,474
7,110
3,566
2,767

50,558
2,454
7, 694
3,914
2,992

50,606
2,538
7, 727
4, 037
2,869

51,090
2,517
7,764
4,036
2,954

51,648
2,579
7,856
3, 908
3,105

50,060
2,568
7,746
3,945
3,030

49,267
2,471
7, 355
3,681
2,877

51,427
2,569
7,283
3,714
2,751

55,520
2,703
7,298
3,583
2,910

53,247
2,644
7,334
3,467
3,020

54, 729 '59,051 '56,677 2 5 6 , 8 3 9
2,765 ' 2,989
2,826
7,590
8,534 ' 7, 987 ~2~873~28~~
3,708 ' 4, 266
3,955
3,019 ' 3, 387
3,201

do
do
do
do
do
do

6,733
9, 229
5, 833
ll!427
7,593
2,031

6,877
9, 263
5,880
11,117
7, 384
2,049

6,821
8, 940
5, 881
ll! 491
7, 917
2,065

6,633
9, 377
5, 974
11,540
8,000
2,143

6,592
9, 420
6,133
11,513
8,068
2,144

6,485
9,378
6,101
10,117
6, 698
2,086

6,309
9, 384
6, 033
10,164
6, 483
2,068

6,610
9,407
6, 273
11,705
8,004
2,123

6,961
9,666
6,700
14,269
10,036
2,198

6,764
9,746
6,546
12, 352
8,556
2,228

7,0-<8
9,858
6, 549
12, 750
8,665
2,258

Nondurable goods industries, total 9 © . . . d o
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

48,033
14, 901

47,634
14,754

47,990
15,037

47,842
15,088

47,430
14, 552

48.014
14,807

48,681
14,773

637

616

48,328
14,762

651

49,180 '50,228 '51,430 '52,392 53,062
14,603 ' 14,920 '15,277 '15,451 15,851
753
704
703
736
'738
3,302
3, 269
3,346
3,503
3,705
4,296
4,358
4, 435 ' 4, 579
4, 663
8,637
8, 661
9,126 ' 9, (582 9,457 !
7,484
7,878
7,833 ' 7, 660
7,901 ;
2,815
2,950
3,037 ' 3,118
3,010

Paper and allied products.
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products

69,692
28,081

50, 227
101,385
82, 640
32, 572

Shipments (seas, adj.), total f©
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary m e t . . . d o
Fabricated metal products
Machinery, except electrical
Electrical machinery.
Transport at ion equipment
Motor vehicles and parts.
Instruments and related products

By market category:!
Home goods and apparel©
do
Consumer st aples
do
Equipment and defense prod., excl. auto.do
A u t o m ot i v e e < u i p m e n t
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
[nventories, end of year or m o n t h : !
Book value (unadjusted), tctalfDurable goods industries, total . .
Nondurable goods industries, total

do
.. ..do
do

Book value (seasonally adjusted), totalt

do

By industry group:
Durable goods industries, total 9
..do
Stone, clay, and glass products
do
Primary metals.
do
Blast furnaces, steel mills
do
Nonferrous andother primary met. do
Fabricated metal products..
do
Machinery, except electrical
do
Electrical machinery . _ . . ..do
Transportat ion equipment
do
Motor vehicles and parts
do
Instruments and related products..do
By stage of fabrication:!
Materials and supplies 9
do
Primary metals... . . .
do
Machinery (elec. and nonelec.)..-do
Transportation equipment
do
Work in process 9 . . .
do
Primary metals
.
do
Machinery (elec. and nonelec.)---<lo
Transportation equipment
do
Finished goods9
. .
..do
Primary metals
_. do
Machinery (elec. and nonelec.)...do
Transportation equipment
do
Nondurable goods industries, total 9 ...do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication-f
Materials and supplies
do
Work in process. ...
do
Finished goods
do

4,166
9,' 283
6,645
2,842

749

640

4,174
8,186
7,749
2,713

4,492
9, 399
7,948
3,054

' 4,647
'10,218
' 7, 597
'3,215

' 7, 707
'10,110
' 6, 643
'14,407
'10,126
'2,344

685

621

3,139
4,181
8, 710
6,686
2,711

3,167
4,257
8, 344
6, 630
2, 779

3,148
4,186
8, 525
6,776
2, 704

2, 994
4, 149
8,162
6, 954
2, 669

2, 971
4,195
8,134
7,061
2, 686

3,088
4, 302
8,611
7,075
2, 649

2, 974
4,137
8, 361
7,163
2, 690

3,143
4,153
8,827
7,154
2,806

1 83,200 1 93,039 7,636
210,221 1 217,379 18,368
147,173
162,407 13,638
1
86,063 1 109,437
9, 278
1 83,256 1 100 342 8, 329
1
436,796 1495,602 40,928

7,867
18,083
13,601
8, 991
8,288
41,361

7,541
18,361
13,095
9, 332
8,307
41, 960

7, 698
18,371
13,633
9, 470
8,338
414, 22

7,695
17,832
13,652
9, 498
8, 521
41,881

7,876
18,296
13,493
8,183
8,452
42,187

7,710
18,305
13,863
8,014
8,431
40,958

7,943
18, 297
14,004
9, 603
8,505
41, 756

7,973
8,138
8,285 ' 8, 398
18,317 '18,594 '19,001 '19,323
14,888 14,203 14,413 '14,970
11,711 10,267 10,524 '12,142
8,898
8,611
9,233 ' 9,795
42, 913 43,662 44,703 '46,815

1 35,430 1 38,579
3,187
164,374 11181,815 15,148
140,651 155,510 12, 938
1 23 725 1 26 305 2, 210

3,271
15,169
12, 945
2, 224

3,131
14,803
12, 756
2,047

3,107
15,231
13,121
2, 111

3,178
15,380
13,192
2,188

3,359
15,139
13, 022
2,118

3,202
15,609
13,320
2, 289

3,263
15,639
13,350
2,289

3,319
16,671
14, 208
2,463

155, 825
99,853
55, 972
155 693
i00,310
3,848
15,527
8^ 483
6,113
12, 931
23, 479
12' 883
19, 048
5, 978
4,290

55,382
14,328
3, 295
4,834
4,646
11,695
4,710
3,652

3,333
16,123
13, 727
2, 396

4,643
10,035
7,855
3,155

7,433 !
10,086
6, 651
13,267 213,514
9,326
2,359

8,415
19,610 l
14,788
11,307
9,509
46,265 -1

3,366
3,542 ' 3, 373 2 3,409
16,417 '17,049 '16,792 2216, 946
13,859 '14,373 '14,321
14,273
2,558
2,676 r 2,471 2 2,673

167,299 159,051 159,878 160,512 160,588 161,787 162,900 165,320 166, 528 167,299 169,300 170,396 '170,818 172,115
105, 516 102,027 102, 334 102, 553 102,273 102,692 103, 249 104, 483 105,193 105,516 107,378 108,439 r'108,726 109,484 '
61, 783 57,023 57,544 57,959 58,315 59, 095 59, 652 60,837 61, 335 61,783 61,922 61,957 02,092 62,631
166,587 158,134 159,488 161,118 162,144 163,184 164,966 166,674 167,114 166,587 67,482 168, 449 '169,379 170,969 '
105, 729 101,033 101,502 102,429 102,856 103,282 104,117 105,589 106,128 105,729 106,562 107,222 -107,685
3,869
3, 934
4,002
3, 998
4,092
4,130
4,194
4,248
4, 234 ' 4, 142
3, 885
4,194
3,803
17,329 15,655 15,879 15,995 16,225 16, 485 16, 660 17,113 17,178 17, 329 17,197 17, 276 '17,323
9, 709 9, 787 10,100 10,072 10,179 10,148 10,154 ' 10, 232
10,' 179
9, 233 9, 452
8,' 870 9,078
5,924
5,875
5,871
5,840
5,910
6,043
6,126
6,178
6,100
6,154 ' 6,101
6,178
5,930
13,173 12,675 12, 709 12,529 12, 603 12, 547 12, 827 13,131 13,183 13,173 13,344 13,249 '13,265
23,987 23,316 23,160 23, 409 23, 420 23, 591 23,678 23, 885 23, 845 23,987 24,281 24,253 '24,417
14,112 13,'053 13,176 13, 569 13, 634 13, 708 13,811 13,961 14, 009 14,112 14,054 14,317 ' 14, 047
19,121 19, 478 19,612 19, 781 19,705 19, 515 19, 621 19,823 20, 046 19,121 19,245 IS), 512 ' 19, 428
6,301
6,410
6, 573 6,674
6,627
6,336
6,484
6,764
6,974
6,301
6,421
6,540 ' 0, 548
4,574
4, 342
4,380
4,386
4, 428
4,438
4,465
4,524
4,581
4,574
4,657
4,687 ' 4, 728

108,450 !
4,185
17,330
10,270
6,084 ;
13,318
24,5(13
14,835
19,022 ;
0,484 1
4,805

34, 621
8,059
10,794
4,586

35,047
7,907
10, 872
5,164

35, 320
7,864
11,013
5,264

34,621
8,059
10,794
4,586

35,141
8,044
10,876
4,800

43,020
5, 950
16,277
12,059

42, 627
5,828
15,929
12,163

43,005
5,967
16,112
12,160

43,020
5, 950
16, 277
12,059

43,235
5,838
16,455
11,972

35,229
8,174
10,842
4,845
43,611
5,846
16,564
12,206

28,088
3 3^0
11,028
2,476

27,915
3 ?78
11,045
2,496

27, 803
3,347
10, 729
2,622

28,0«8
3,320
11,028
2,476

28,186
3,315
11,004
2,473

28,382
3,256
11,164
2,461

61,085
15,876
3, 659
5,158
5, 228
13, 040
5,058
3,763

60, 986
15,694
3,630
5,176
5,292
13,088
5,053
3,855

60, 858
15,648
3,508
5,253
5,200
13,032
5,148
3,888

60,920
15, 775
3,471
5, 269
5,220
13,009
5,156
3, 965

61,227
15,973
3,518
5, 360
5,273
12,991
5,083
4,000

26,880
8,524
25,681

25,843
9,171
25, 972

26,013
9,182
25,663

25,678
9,067
26,175

25,988 '20,405 j 26,795
9,141 ' 9,35G . 9,352
26,098 '25,933 1 20,372

60,858
15,648
3, 508
5, 253
5, 200
13,032
5,148
3,888

57,101
14,516
3,426
4, 990
4, 907
12,034
4,552
3,725

57,986
14,732
3,637
5,060
4,958
12,192
4, 650
3,700

58,689
14,873
3,569
5,078
5,045
12, 332
4,835
3,673

26 013
9 182
25, 663
\ Revised.
1 Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
shipments for Apr. 1977 do not reflect revisions for selected components.
t Revised series.
Data revised back to Jan. 1958 to reflect (1) updating of benchmarks used in developing shipments and inventory estimates, (2) recalculation of estimated new orders, (3) changes required
to conform to revised 1972 SIC categories, and (4) use of new seas. adj. factors. A detailed




682

4,011
7, 979
7,496
2,570

3,654

59,288
15,220
3,615
5,104
5,085
12,609
4,872
3, 616

59,902
15,617
3,631
5,184
5,128
12,825
4,833
3,594

60,850
15,830
3, 704
5, 201
5,136
12,977
5,043
3,708

'35,798
' 8,354
'10,985
' 4, 815
'43,343
' 5,743
'10, 600
'12,188
'28,544
' 3, 226
'11,419
' 2, 425
'61,694
' 10,130
' 3, 484
' 5,308
' 5,352
'12,962
' 5,15(1
' 4,079

35,735 i
8,286
10,946
4,790
43,381 !
5,041
17,001 '
12, 385
28, 884
3,403
11,451
2,447
02,519
10,487 !
3,548
i 5,417 :1
5,410
13,049
; 5,2-1.) I
! 4,057 j

Jan. 1958 for mfg. and trade sales and invent, and inventory-sales ratios appear on p. 22 IT. of
the Jan. 1977 SURVEY.
©See corresponding note on p. S-5.
9 Includes data for items
not shown separately.

SUEVEY OF CURRENT BUSINESS

June 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of B U S I N E S S STATISTICS

1976

1976
Apr.

Annual

S-7

May-

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES.
AND ORDERS t - Continued
Inventories, end of year or monthf—Continued
|
Book value ("seasonally adjusted)—Continued
j
By market category: t
I
Home goods and apparel
mil. $__i 13,005
Consumer staples
do
| 21,526
E q u i p , and defense prod., excl. auto___do
| 38,429
Automotive equipment
do
i 7,885
Construction materials and supplies
do
13,323
Other materials and supplies
do
' 61,525
Supplementary series:
Household durables
do
6,578
Capital goods industries
do
j 42,341
Nondefense
do
! 35,772
Defense
do
I 6,568
New orders, net (not seas, adj.), total t A
Durable goods industries, total
Nondurable goods industries, total A

do.
do_
do_

New orders, net (seas, adj.), total t A
do
By industry group:
Durable goods industries, total t
do
T'rimary metals
do
Blast furnaces, steel mills
do
Nonferrous and other primary met.__do
Fabricated metal products
Machinery, except electrical
Electrical maehinery
Transportation equipment
Aircraft, missiles, and parts

14,039
23,119
38, 842
8,430
14,161
67, 996

14,039
21,868
38,263
8,318
13,257
62,388

14,185
22,186
38,046
8, 446
13,358
63,267

14,511
22, 232
38,375
8, 536
13,255
64,210

14, 361
22, 606
38.419
8, 393
13,364
64,942

14,386
23,055
38,555
8,123
13,418
65,647

14,441
23,417
38,688
8,336
13,704
66,380

14,377
23, 466
38.875
8. 692
13,884
67,380

14,143
23,367
38,943
8, 993
13,983
67,685

14,039
23,119
38,842
8,430
14,161
67,996

14,003
23,164
39,044
8,601
14,615
68, 055

14,056 14,296 I 14,Gfi4
23, 327 •2.3,531 ! 23,880
39,231 •39,393 I 3!), 818
8,718 r8, 728 ! 8, (145
14,663 14,500 I 14,51'
68,454 > 08, 871 j 09,445

6,923
43,104
36,527
6,577

6,818
42,257
35,538
6,720

6,868
42,140
35,314
6,824

7,042
42,396
35,624
6,774

7, 065
42,430
35, 584
6, 846

7,127
42.649
35, 846
6,804

7,107
7.059
42,942
42,740
35, 940 36, 095
6, 847
6, 798

6, 996
43,124
36,277
6, 847

6, 923
43,104
36,527
6,577

6,936
43,311
36, 702
6, 609

7,117 -7,275
7,457
43,737 '43,992 44,488
37,112 > 37, 475 I 37,873
6,625 ! r (; 517

1,027,905 ,182,158
j 505,969 608,362
i 521,936 573, 796

99, 816
51, 296
48,521

98,440 104,530
51,075 55,728
47, 265 48, 803

93, 995
48,750
45,244

99, 503
52,067
47, 436

)9,141 108,072 ''114,951 113,530
51,379 55,844 '(10,978 / 00,172
47, 702 52,228 '53,973
53,325

99,025

99,135

98,811

608, 362
90,046
45, 846
34,956

50,245
7,328
3,530
3,067

51,354
8,726
4, 968
2, 938

51,249
8,158
4, 251
3,083

51,180
7, 918
3,997
3,170

66, 712
92,795
61,720
109,511
26,316

79, 256
108 209
74,029
137,773
30, 009

6,455
9,152
6,036
11,504
2,214

6,661
8,97C
6,251
11,082
2,401

7,089
8,836
6,491
10, 968
2,302

6,733
9, 572
5, 894
11,214
1,254

521,936
113,179
408, 757

573, 796
128,058
445, 739

48,170
10,684
37,486

47,670
10, 587
37,083

47,886
10,412
37,475

47,631
10,132
37, 499

47,174
10,142
37,0?l

48, 409 48, 252
10,738 11,453
37,671 j 36,799

48, 549
49, 560
11,243 11,289
37,306 I 38,271

50, 251 •51,442 I r 52, 028 53,004 j
11,019 11,240 '11,772
11,791
39, 232 •40,202 r 40, 850 i 41,213

2
83, 408 2 93, 082
- 210,267 :217,424
2 141,257 163, 587
2
84,741 110,631
2 81,372 299,180
>- 426, 941; 498,255

7,583
18,368
13,809
9,376
8,121
41,157

7,832
18,090
13,491
9, 075
8,074
42,462

7, 492
18,370
13,789
9,147
8,218
42,120

7,807
18,409
13.605
9, 556
8, 429
41,005

7,731
17.84C
12,940
9, 487
8,417
41,138

7,680
18,316
14,029
7, 991
8,208
42,252

18,277
15,321
8, 036
8,435
41,288

7, 945
18,274
14,086
9, 028
8, 721
42,319

7, 981
18,310
16,154
11,800
9,075
43,505

8,171
18, 024
13, 900
10, 482
8, 733
45,284

• 35,509 238,599
-7 155,968 1183,463
2 130,782 • 154, 041
2 25,185 2 29, 422

3,144
15,167
12,476
2,690

3,238
15,067
12, 666
2,401

3,103
15,222
12,607
2,614

3,176
15,017
13, 778
1, 239

3,194
14,609
12, 690
1,919

3,191
15,621
13,468
2,153

3, 379
17,203
14,302
2, 901

3,284
16,064
12,878
3,186

3, 314
18,110
14.112
3,998

3,351 j 3, 510
16,476 10, 105
14,778 14, 335
1,698
1, 830

;

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

Nondurable goods industries, total A
do
Industries with unfilled orders(?
do
Industries without unfilled orders * A—do

Unfilled orders, end of year or month (unadjusted),
total t
mil. $-Durable goods industries, total
do
Nondur. goods ind. with unfilled orders®, do

J

170,243
162,726
7,517

Unfilled orders, end of year or m o n t h (seasonally [
adjusted) total t
m i l . $__j 171,438
B y i n d u s t r v group:
i
D u r a b l e goods industries, total 9
do
163,582
P r i m a r y metals
do
; 14,742
Blast furnaces, steel mills
do
9,287
Nonferrous a n d other primary m e t . . . d o
4, 091
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, a n d p a r t s

do
do
do
do
do

Nondur. goods i n d . with unfilled orders©.do
B y m a r k e t category: t
H o m e eoods, apparel, consumer staples . do
E q u i p , and defense prod., inch auto
do
Construction materials and supplies
do
Other materials and supplies
do
S u p p l e m e n t a r y series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do
BUSINESS INCORPORATIONS©
New incorporations (50 States and Dist. Col.):
Unadjusted
number.
Seasonally adjusted
do...
INDUSTRIAL AND COMMERCIAL
FAILURESG
Failures, total
number..
Commercial service
do.
Construct! on
do
Manufacturing a n d mining
. . do
Retail trade
dc.
Wholesale trade
do"""'

100,102
51,449
48,653

505,969
'< 71, 792
; 35,779
I 28,209

-'1,027,905 1,182,158 98,415
I

By market category: f
Home goods and apparel A
do
Consumer staples._.
do
Equip, and defense prod., excl. auto...•__.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods industries
do
Nondefense
do
Defense
do

I

97,174 102,455 I102,676
49, 436 52,307 53,016
47,738 50,148
49, 659
97,554 98,476
99,244
50,380
50,068
7, 340
7, 556 50, 993
3,581
3, 649 7, 019
2, 946
3,153
3,485
2,790
6,586
6,280
6, 425
9, 082
9, 283
9,413
6,088
5,963
6,463
11,203 10,751 I11,431
1,890
3,202
3, 539

58, 714

52,424
57,265
7,529 j 7,252
3, 650
3, 808
3,080
2, 629

105,194 100,001 | a i l , 9 2 7 111,857
I
54,943 55,159 'rf>9 299 '58,730 \x 59,050
7,! 87
7,974 i 8,015 r 7, 755 1 1 9, 055
4, 054
4, 008 I r 4 3()4 3,813 i
3,040
3, 031 I r 3 4 3 8
3,054

6, 805
9, 336
6, 408
12,191
2,882

6, 924
10,219
6,871
12, 340
2,311

100,973 106,825

7,072
9, 629
7,139
15,580
3,924

6,960
9,998
f>,713
12,540
2,329

8, 413
19, 008
14. 352
10, 717
9,
44, 884

i r - 8 3 2 I 7,388 j
I '9,991
10,004 •
! Mi, 338
0,910 |
f
ri4 ,i()4 > 15,054 J 14, 354
j r 3,014 I 4,232

r
8,
'19,
r
14,
'12,

273
310
019
413
700
r
47J 570
3 ]9r

i'o' 91''
'14*. 007
2 279

8, 599
19, 004
10,380
11,034
9, 512
40,098
' 3, 443 1 > 3, 427
'18,503 i11 18,123
'14,932 114,832
3,291
' 3, 571

170,937 170,104 170,832 172,994 172,229 171,440 172,731
162,513 161,600 162,550 164,942 164.567 163,851 ! 164,998
8,424
8,504
8,282
8,052
7,661
7,588 | 7,733

172,646 174,222 176,648 177,780 '178,392 180,247 ;
165,040 1 titi,40'. L68, 599 109,532 109, 23 171,0-7 '171,868
7, 606
8,248 I r 8,509 ' 8,050 :
7,814
8, 049

175,453

170,687

173,333

167, 261
16,004
9,993
4,980

162,525 163,322 163,965
15,229 16,260 I 16,692
9,420 10,475 10,690
4,680
4,626
4,840

164,055 i 162,787 162,795
16, 846 16,330 16,140
10,650 10,323 10.028
5,056
4, 896
5, 019

22,723 I 22,992
44,227 44,123
21,900 22,510
50,216 49, 693
32,295 32, 239
8,094
8,198

23,092 23,086
44,318 j 43,981
22,430 22, 385
49,366 49, 056
31,192 30, 842
7,883
7,627

22,881 22,997
43,886 ' 43,914
22,246 22,678
49,690 50, 958
31,877 | 32,982

3,307 3,351
98,403 I 97,681
17,963 ; 17,860
52,266 I 51,523

3,174
98,125
17,616
51,589 i

174,222
166, 408
7,814

171,520

172,059

171,938

170,414

170,503 172,164,522
15,804
9, 832
4, 932

175,453
I
165,519 I 167,261
16,051 16,004
"08
9,993
5, 261
4, 980

177,179

23,192
43,843
22,812
51,445
33, 553
7, 814

23,302
43,808
23,251
52,753
34,746

23,464
44,279
23, 575
52, 744
34,793

8, 192

8,217

'r 23, 501 ! 23,454
.'44,299 l 44,215
'23,437 23,097
'52,729 54,517
'34,801 30, 441
8, 229 ' 8,403
8,407

3, 303
3, 302 3, 366
99,712 101,063 100,978
17,836 ! 18,014 18,135
52,482 53,074 54, 700

3,501 r 3 370
3,549
101.108 '101,057 102,974
18,129 r 1 8 ) 0 4 0
18,073
54,885 '55,038 i 55,473

177,623 -178,105 ,180,009

68,962 169,394 109,042
16, 658 17,011 17 122
10, 580 10, 939 -10' 977
5,000
5, 012 ' 5 , 0 0 3

171,090 '173,900
r
10, 890
17, 015
: 10,835
! 4,910 ;

23,690
45,472
21,230
50, 236
33,106
7,856

23,302
43,808
23, 251
52, 753
34,746

22,940
44,519
21,530
50, 252
32,354

8,192

8,162

3,209
98,742
19,197
50, 290

3,302
101,063
18,014
53,074

3,228
97,862
18,174
51,422

3,199
97,836
17,961
52,524

2,623
108,533
79,323
29,210

2,644
110,060
77,829
32,231

2,595
106,791
<7, 242
29,550

2,563
2,535
106,690 ' 107,108
76,963 76,813
29,727 30, 294

2,604 ! 2,620
2, 650
2,644
2,451 j 2,629
1G6,893 j 106,122 106,603 108,198 108,623 110,060
77, 471 76, 969 77,415 78, 398 77,925 77,829
29,422 29,153 29,188 29,800 30,698 32, 231

2, 778
2, 807
2,663
, 092 : r 2, 761
10,415 110,103 110,058 111767 U12/J46
9, 354 r 79 647 T»0, 255 ' 80,815
78,879
31,536 30,809 30^411 ,r31,512 J 32,131

326,345

375,766

32,714
29,876

29, 210
28,637

33, 938
31, 600

31,469
30,114

30, 585
32,746

33,852
34,508

11, 432
1, 637
2, 262
1, 645
4 799
1 089

9,628
1,331
1,770
1,360
4,139
1,028

131
166
124
374
93

835
107
151
118
353
106

775
111
150
100
326
88

689
105
119
92
284
89

798
108
130
127
358
75

3,15)
98,345
17,872
52,683

7,946

30, 944
32,368

4

714
109
122
114
293
76

3,324
99,604
17,620
51.920

30,749
32,887

29, 845
33, 496

745
90
138
105
339
73

770
101
153
101
317
98

33,562
33,495

696
664
99
87
128
107
105
74
295
315
69
81
200, 441 108,539
21,163 27, 408
56,468 24,419
47,747 03, 480
43,259 30,825
31,804 10,407

23,374
44,419
23,741
'" ~
52,531
34, 537

."),

357

30,348
33,095

Liabilities (current), total
thous. $ . . 4.380,170 3,011,271 206,420 233,284 373, 635 305,552 263,965 250,318 183,572 277, 598
Commercial service
do
475 485
490,140 28,952 41,767 179,643 21,928 25,066 31,768 16, 089 35,323
Construction
do
640 845 428,737 32,244 39,003 61,184 23,028 23,838 18,103 38,074 21,647
Manufacturing a n d mining
do__. 1,020,609 1,121,722 60,251 61,910 57,417 206,547 120,800 157,475 56,138 123,329
Retail trade
do
1,83c ,908 556,912 39,219 42,831 44,955 40, 285 47,966 26,628 41,357 39,296
Wholesale trade
do
407 323 413, 760 45,754 47,773 30,436 13,764 46,295 16,344 31, 914 58,003
Failure a n n u a l rate (seasonally adjusted)
No, per 10,000 concerns.
3 35.4
35.0
31.2
32.7
* 34.9
34.7
2 34.8
35.7
33.8
28.4
32.0
r
Revised.
p Preliminary.
1 A d v a n c e estimate; totals for mfrs. new a n d unfilled orders
11 F o r these industries (food a n d kindred prod., tobacco mfs., apparel a n d other textile
2
for A p r . 1977 do not reflect revisions for selected components.
Based on unadjusted data.
prod., petroleum a n d coal prod., c h e m . a n d allied prod., r u b b e r a n d plastics prod.) sales are
3
Includes d a t a for Hawaii.
* Includes d a t a for Alaska.
| See corresponding note on
considered equal to new orders.
O Compiled b y D u n & B r a d s t r e e t , I n c . (failures d a t a
p . S-0.
9 Includes d a t a for items not shown separately.
A See note m a r k e d " © " on
for 48 States a n d Dist. of Col.: Hawaii included beginning J u l y 1975; Alaska, beginning
p. b-5.
©Includes textile mill prod., leather a n d prod., paper a n d allied prod., a n d p r i n t ,
Sept. 1976).
a n d p u b . i n d . , unfilled orders for other n o n d u r a b l e goods are zero.




June 1977

SUKVEY OF CUERENT BUSINESS

S-8
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of BUSINESS STATISTICS

1975

1976
Apr.

Annual

1977

1976
May

Aug.

June

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS};
Prices received, all farm products
1910-14 = 100.,
Crops 9
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
do
Food grains
do
Fruit
do
j
Tobacco
do
!
Livestock and products9
do
j
Dairy products
do
Meat animals
do
Poultry and eggs
do
Prices paid:
All commodities and services
do
Family living items
do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14 = 100._
Parity ratio §
do
j
C O N S U M E R PRICES
I
(U.S. Department of Labor Indexes)
\
Not Seasonally Adjusted
I
All items
1967=100.. j
Special group indexes:
!
All items less shelter
do
\
All items less food
do
I
All items less medical care
do
j
Commodities
do
j
Nondurables
_•
do
Nondurables less food
do
Durables
do
Commodities less food
do
j
Services
do
Services less rent
do
!
Food 9
do
I
Meats, poultry, and fish
do
j
Dairy products
do
I
Fruits and vegetables
do
j
Rousing...
do
Shelter 9
do
|
Rent
do
j
Ilomeownership
do
j
Fuel and utilities 9
do
|
Fuel oil and coal
do
Gns 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?
do
Medical care
do
Personal care
do
Reading and recreation
do
Seasonally Adjusted If
All items, percent change from previous month
Commodities
1967 = 100. .
Commodities less food
do
Food
do
Food at home..
.do.
Fuels and utilities
do
Fuel oil and coal
do
Apparel and upkeep
do
Transportation
do
Private
do
New cars
do. _. .
Services
do

468
457
637
540
362
287
276
954
478
584
546
252

474
475
641
389
365
282
297
957
471

485
230

286
964
463
596
520
241

457
445
574
526
361
282
271
959
467
590
530
240

571
572
566

564
575
554

569
578
559

578
553
569

584
2 556
578

590
2 562
583

657

652
68

652
66

657
68

673
68

679
69

685
69

171.9

172.6

173.3

173.8

174. 3

177.1

178.2

179.6 ! 180.6

169.7
168.9
171.1
166.6
170.4
159.1
156.4
158.0
181.8
188.4
182.4
181.5
169. 0
178.3
178.4
180.6
145.6
193. 4
183.7
249.3
190.3
169.1
148.1
168.5
167.8
134.4
179.6
174.6
164.4
186.8
161.6
151.4

170.4
170.0
171.7
167.0
170.7
160.4
156.9
158. 9
183.2
189.8 !
181.6 !
179.3 |
171.1 I

171.0
170.8
172. 4
167.4
171.0
161.0
157. 8
159.6
184.1
190.8
181.6
174.8
1 2.7
170.8 j 175.5
179.5
180.1
181.5
182.0
146 2 I 146.9
194.'4 194.8
185.1
186.5
250.8
253.1
192. 2 193.9
170.2
170.9
150.2
150.9
169. 5
170.9
168.6
170.2
134.2
139.1
180.1
179.9
176.9
177.4
165.3
166.1
187.9
188.9
162.8
163.9
152.8
153.5

171.6
171.6
172.7
167.7
171.3
161.9
158.0
160.3
185.1
191.8
181.1
172.0
171.7
174.8
180.7
182.1
147. 5
194.8
188.2
258.0
195.5
171.7
151.9
171.4
170.6
139.7
179.0
177.6
167.3
191.3
164.8
154.1

172. 2
172^2
173.2
168.1
171.7
162.3
158.4
160.6
185.8
192. 6
181.7
170.2
171.4
175.5
181.6
182.4
148.3
195.0
192.0
264.5
201.4
172.3
151.8
171.4
170.7
140.4
178.0
178.0
168.0
192.3
165.2
154.4

173.1
172.9
174.2
168.7
172.4
161.9
158.9
160.6
187.5
194.4
183. 4
172.3
171.3
177.6
183.1
184.1
149.5
196.7
194.8
271.7
204.2
172.6
150. 0
172.1
171.4
141.1
177.7
178.7
169.0
194.1
166.2
154.9

175.0
174.0
176.0
170.9
175.0
163.1
159. 7
161.6
188.7
195. 6
187.7
174.7
171.1
194. 7
184.3
185.3
150.2
198.1
196. 4
278.3
205.4
173.6
150.8
173.3
172.7
140.7
179.1
178.9
169.8
195.8
166.7
155.5

176.1
175.1
177.0
171.8 I
175.9 I
163.9 I
160.8
162.fi i
190.0 '
197.1 ;
188.6 I
175.0
171.2 I
196.8 I
185.5 I
186.3 I
150.8
199.3 i
198.5 I
281.4 I
208.5
174.6
151.7
174.8
174.1
140.9 |
182.7 !
180.4 !
170.7
197. 6
167. 3
155.8

177. 5
176. 3
178. 4

0.5
165. 5
156. 9
181.4
179.9
183.3
251.2
147.8
166.0
165. 0
135.1
181.1

0.5
166.2
157. 8
181.8
180.2
184.9
254.2
148.7
167.3
166.5
135.9
182.2

0.3
166.6
158.3
181.9
180.1
186.3
256.0
149.4
168.9
167.9
136.9
183.2

0.3
167.1
159. 0
182.2
180.3
187.9
256.5
149.4
170.2
169. 5
138.2
184.0

0.3
167.4
159.6
181.7
179.6
188.7
257.0
149.9
171.0
170.3
138.6
184.8

0.4
168.0
160.4
181.9
179.7
191.8
261.4
150.6
171.9
171.5
139.2
185.5

«0.8
»169. 4
'161.6
1
183. 5
*181. 3
1
194. 0
1
266. 6

0.6 !
172.2 !
163.4 I
188.2 i
186.4 j
197.3 !
278.1 !
152.3
176. 2
175. 7
140.6
189. 9

0.8
173. 6
164. 0
191.0
189.3
198.4
280.6

»173. 5
0
140. 0
»187. 2

1.0
171.4
162.7
187.1
185.4
194.6
272.0
152.0
175.1
174.8
140.1
188.4

216.0
218.8
214.1
184.4

206.9
202.9
209.6
183.8

203.1
198.5
206.2
184.8

196.5
189.2
201.6
185.3

197.2
191.7
201.0
185.6

200.6
196.7
203.2
187.1

207.3
203.3
210.2
188.0

213.0
208.0
216.4
190.0

218.4
212.0
222.8
191.9

220. 8
218.7
219.0
219.4
221.9 | 218.1
194.3 ' 195.2

211.8
190.6
170.5
169.6
172.6

206.2
191.1
170.0
168.7
173.1

206.4
192.6
170.7
169.3
174.0

204.1
204.5
207.9
192.7 ' 193. 1 193.9
172.2 ' 172.3 174.1
170.0
172.0
177.2 r 170.1
177. 6 178.9
179.8
181.1
180.0
189.0
191.2
189.3
181.5
181.9
183.2
179. 7 180.0
181.0
182. 9 183.4
185.0

208.1
194.9
175.1
173.1
179.8

215.4
196.4
176.5
174.8
180.2

219.9
198.5
177.5
176.1
180.7

226.0 I

459
503
378
385
303
905
561
639
568
234

473
435
468
424
373
391
318
875
512
580
631
225

477
446
403
482
398
384
313
877
508
564
624
233

490
475
433
574
412
384
289
877
505
557
625
228

488
483
439
603
421
375
271
850
492
576
588
235

468
453
440
510
394
336
310
923
482
596
557
241

468
480
468
545
394
326
296
981
474
604
538
239

446
439
495
528
360
297
362
948
453
612
501
228

433
420
490
550
322
2*3
302
945

5?3
533
528

565
563
560

'563
557
'561

'562
557
'559

575
561
576

577
565
578

574
567
573

574
569
571

614

653
71

651
73

650
73

657
75

660
74

657
71

161.2

170.5

168.2

169.2

170.1

171.1

159.1
157.1
160. 9
158.4
163.2
151.7
145.5
149.1
166.6
171. 9
175. 4
178.0
156. 6
171.0
166.8
169.7
137.3
181.7
167.8
235.3
169.6
158; 1
142.3
150.6
149.8
127.6
146.4
158.6
153.5
168.6
150. 7
144.4

168.3
167.5
169.7
165.2
169. 2
158.3
154.3
156. 6
180.4
186.8
180.8
179.4
169. 3
175.4
177.2
179.0
144.7
191.7
182.7
250. 8
188.8
168.5
147.6
165.5
164.6
135.7
167.9
174.2
163.3
184.7
160.5
151.2

166.1
165.0
167.4
163.1
167.2
156.0
151.9
154.2
177.7
184.0
179.2
178.0
167.9
179.0
174.9
176.6
143.2
188.9
179.3
246.6
184.4
167.4
145.7
161.3
160.1
134.4
159. 4
172.4
161.4
181.6
158.3
149.5

167.1
166.0
168.4
164.2
168.2
157.0
153.5
155.5
178.4
184.7
180.0
181.2
167.4
176.4
175.6
177.3
143.8
189.6
180.2
246.2
186.1
167.9
146.8
163.5
162.5
134.5
167.8
172.4
162.1
182.6
158. 9
150.3

168.1
167.0
169.4
165.2
169.0
157.9
154.7
156. 5
179.5
185.8
180.9
182.7
167.9
176.7
176. 5
178.2
144.4
190.7
181.7
247.3
187.9
168.5
146.9
165.9
165.0
134.5
173.4
173.6
162.8
183.7
159.8
150.9

169.0
167.9
170.3
166.0 I
169.7 I
158.1 i
155.8 !
157.1 I
180.7
187.2 j
182.1 j
184.0
168.0
177.3 |
177.5 I
179.5 |
145.0
192.2
182.5
248.1
189.6
168.9
146.5
167.6
166.8
134.4
177.5
174.4
163.7
185.5
160.5
151.2

0.4
163.3
154.6
179.4
178.3
178.4
245.3
146.0
162.2
161.0
134.2
177.9

0.7
164.4
155. 6
180.8
179.6
179.8
246.5

0.4
165. 0
156. 2
181.2
179.9
181.9
249.3
147.1
164.8
163.8
134.8
179.9

464

P466

453
465
348
400
426
318
900
473
535
567
235

448
431
464
533
347

'477
'479
'507
'572
'359
'277
'319
'967
473

487
488
489
583
350
273
373
966
485
575
585
220

551
232

544
240 |

'597
565
'592

2

2

'692
'69

600
570
594
694
70

173.3 j

177.4 j
164.7
162.2 !
163.6
191.3 j
198.4 ;
190.9 |
174.6 I
171.4 I
203.0 \

186.7 !
187.7 i
151.6
201.0
199.4 !
282.0
209.8
175.4
152.3
176.8
176.3
140.6
187.8
180.4
171.4
199. 1
168.4
156.0

178.4
177. 3
179.4
174.3
178.3
165. 7
163.4
164.7
1D2.3
199. 5
191. 7
175. 9
173.1
195.1
187.6
188.9
152.2
202. 3
200. 2
282.6
210. 9
175. 9
153.4
178. 2
177.8
141.4
191. 4
181.5
172. 3
200. 5
169. 5
156.8

i

146.6

163.6
162.3
134.8
178.9

J
173.
1

177.9
177.4
140.5
191.4

0.6
174.5
164.7
192.4
190.7
199.8
282.9
153.2
178.4
177.6
141.7
i 192.7

WHOLESALE PRICESd"
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
207.4
i 198. 2 1201.0
202.8
202.3
22 Commodities
_
1967 = 100
210.6
i1 227.3 i 201. 6
202.7
204.3
9 Foodstuffs
do
205.2
180.4 i 200. 6
202.7
200.9
13 Raw industrials
do
183. 2
174.9
All commodities 0
do....
181.9
182.9
181.3
By stage of processing:
210.2
196.9
Crude materials for further processing
do
205.1
205.7
205. 3
189.1
180.0
Intermediate materials, supplies, etc
do
189.2
187.7
186.9
163.4
169.9
Finished goods©
do
170.2
169.4
169.0
163.6
168.9
168.9
168.5
Consumer finished goods
do
168.0
162.5
172.1
173.2
171.4
Producer finished goods
do
171.3
By durability of product:
165.8
175. 3
174.4
Dlira ble goods
do
175.9
173.9
181.7
189.0
187.4
Nondurable goods
do
188.0
186.7
171.1
178. 9
177.1
177.7
Total manufactures
do
178.9
165.6
174.8
173.2
173.8
Durable manufactures
do
175.5
176.6
180.7
182.8
181.4
Nondurable manufactures
do
182.1
'Revised.
^Preliminary.
"See
note
'
T
'
for
this
page.
i
Computed
by
B
E
A
.
2
Beginning Jan. 1977, the consumer price index r?placos the family living items index.
JData revised back to 1965 to reflect new base weights; comparable data for earlier period will
be shown later.
9 Includes data for items not shown separately.
§Ratio of prices received
to prices paid (parity index).
ifBeginning Feb. 1977 SURVEY, data have been revised (back




224.4
201.1 ! 202.0
178.8 ; 180.3
177.5 ! 179.3
182.4
181.6

178. 2
183.0
185.8 | 186. 4
182.3
176.4
177.1
184.7
201.7
195. 0 197.0
200.5
189.5
191.9
190.2
188.5
190.2
185.3
188.8
184.1
179.8
179. 8 180.9
186.9
180.1
185.
4
177.8
182.1
182.8
175.7
176.6
184.3
194.1
191.9
185.7
187.4
183.7
183.8
182.8
189.1
to 1967) to reflect new seasonal factors.
d"For actual wholesale prices of individual commodities see respective commodities.
0 Monthly data for January through November 1976
have been revised to reflect the availability of late reports and corrections by respondents.
O Goods to users, incl. raw foods and fuels.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS S T A T I S T I C S

1975

1977

1976

1976

Annual

3-9

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

COMMODITY PRICES—Continued
W H O L E S VLE PRICES^ 1 —Continued
(U.S. Department of I.uhor
Indexes)—Continued
All commodities©—Continued
Farm prod., processed foods and feeds. 1967 = 100.
Farm products 9
do___
Fruits and vegetables, fresh and dried . d o . . .
Grains
do___
Live poultry
d.O-__
Livesto.k
do.-_
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products
Dairy products
F
i t andd vegetables,
tbl
Fruits
processed d
Meats, poultry, and fish

184.2
186.7
183.7
223. 9
189. 8
187. 9

183.1
191.1
178.7
205.9
166.9
173.3

183.7
192. 9
195. 2
209. 0
165.4
192. 3

184.8
192.6
179. 0
213.5
174.3
186.9

187.4
196. 5
160.7
225.1
174.9
185.1

188.1
196. 9
164.6
224. 3
184.0
175.9

181.7
189.7
159.3
207. 6
179.0
166.2

182.9
191. 9
180.2
205. 5
164. 9
161.6

179.5
186.7
192. 4
186.7
150.5
156.1

• -jro q
183*. 6
166.5
175.4
139.1
154.4

183.9
191.6
174.4
180.6
145.7
166.1

184.8
193. 5
198.4
184.9
153.7
166.0

188.4
199.0
212.6
185.8
183.7
166.2

190.9
202.4
219.1
183.4
177.2
163.5

195. 9
208.1
205.6
184.4
182. 3
167. 9

196.8
204.3
201.8
171.2
183.1
180.2

do.
do.
do
do.
d
do..
do.

182.6
162.4
178. 0
loo. 8
169.8
191. 0

178.0
173.4
172.1
168.4
170. 4
181.6

178.0
169. 2
172.6
167.8
166.9
189.2

179.9
172.4
173.2
167.3
168.0
190. 3

181.8
172.8
173.7
167.2
168.8
190.0

182.6
175. 9
173.6
170.2
169.7
185.3

176.7
175.8
170.2
173. 9
171.1
174.7

177.2
176.4
169. 7
170.5
172.1
176.1

174.9
177.5
169. 9
169.8
174.4
168.5

174.8
178.8
168.7
168.1
• 175. 7
168.4

179.0
183.8
168.6
167.3
175. 8
176.8

179.3
184.1
168.4
166.8
175.4
176.6

181.9
189.3
169.9
166. 9
182.9
177.4

183.9
199. 5
171.5
168.1
184.2
174. 2

188. 5
202.0
171.6
173. 6
185. 6
174. 9

192.0
206.0
172.0
174.2
185. 8
183.8

do_

171.5

182.3

180.1

180.5

181.5

182.7

183.8

184.8

186.3

' 187.1

187.4

188.4

189.9

191.6

193.2

194. 2

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.

181.3
203. 6
206. 9
126.6
255. 2
166. 9

187.0
188.4
219. 0
134.0
249.9
174.2

187.0
189. 9
218. 3
132. 9
243.6
173.2

187.1
189.8
218.7
133.1
235.5
173.2

187.3
188.1
218.4
134.4
243.5
173.9

187.1
184.5
219 2
134.7
258. 9
173. 9

188.0
186.2
221.2
135.2
249. 4
175.7

188.6
186.9
221. 7
135.4
262. 9
176.2

188.6
186.8
222 2
135. 4
251. 2
176. 9

' 188. 6
184.1
' 222. 6
135. 9
251. 2
177.3

188.4
183.2
221.9
136.4
254.6
177.3

188.9
182.2
222.1
137.5
253.9
177.3

189. 8
183.5
222.9
138.4
253.9
177.3

191.1
186.9
222.3
139. 0
273. 7
178. 9

192.6
188.1
223.2
139. 5
304. 9
180.6

193.8
187.7
224.0
139.7
337.5
181.7

Fuels and related prod., and power 9
Coal
Electric power
Oas fuels
Petroleum products, refined

do.
do.
do.
do
do-

245. 1
385.8
193. 4
216.7
257. 5

265.5
368.8
207.7
286.8
276.4

257.0
367.3
204.4
266.1
267.2

257. 2
367.6
204.7
267.8
266.9

260.5
366.6
206.3
275. 9
270.6

265.3
367.7
210.1
277.3
276.8

269.2
367.8
213. 6
286.6
280.7

271.2
368.0
214.5
289. 5
283.7

277.1
368.4
213.2
330.9
285.0

r

281. 6
369.1
' 214. 0
365.0
' 285. 8

278.8
373.9
211.8
337.6
287.1

278.7
376.3
214.0
322.2
289. 2

289.0
377.5
219.8
303. 7
295.1

293.4
378. 9
223.5
370. 9
301. 3

298.6
380.0
229. 6
379. 0
306.4

302.3
386.9
230.7
390. 2
310.1

Furniture and household durables 9
Appllances, household
Furniture, household
Home electronic equipment

do.
do.
do.
do.

139.7
132.3
146.3
93. 5

145.5
139.1
153.5
91.2

144.5
138.8
151.1
91.3

144.9
138.8
151.8
91.3

145.3
139. 1
153.0
91.2

145.7
139. 7
153.5
91.2

146.1
140.0
153. 9
91.2

146.7
140.2
155.0
91.2

147.2
140.4
156.5
91.3

' 147.5
' 140. 6
r
157. 5
'91.0

147.8
141.0
158.6
90.8

148.6
141.2
158.7

149.6
142.9
159. 6
89.3

150.1
143.1
160.7
88.4

150.5
143.2
161.1
88.4

Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
Lumber

do..
do.
do.
do
do.
do

148. 5
147.8
174.5
151.5
176. 9
192.5

167.4
158.4
258.1
188.1
205.5
233.0

166.1
156.3
270.6
183.8
203.3
230.4

170.1
156.8
285. 9
203.3
202. 4
227. 3

168.1
158.7
261.1
191.2
199. 9
224.2

170.3
160.7
278.6
192. 2
203.7
231.2

171.6
161.2
284. 8
196. 3
207.5
236.2

173.6
162.5
292.1
197. 5
212.8
244.3

170.9
162.6
251.4
193.1
213.6
245.6

' 169. 8
' 162. 9
231.8
191. 4
214.3
244.3

171.5
163.9
250. 6
191.7
219.9
252.0

89.6
174.5
164.5
278.9
192.9
222 7
257." 8

149.1
142.1
158. 9
89.3
176.7
165. 9
282.5
201.3
224.2
259.3

177.6
166.7
285. 9
201.4
228. 7
266.0

180.1
167. 7
305. 0
204.1
229.6
268. 3

181. 9
168.2
313. 0
210.7
229. 3
267.8

Machinery and equipment 9
Agriculturnl machinery and equip
Construction machinery and equip
Electrical machinery and e q u i p . Metalworking machinery and equip

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

161.4
168. 6
185. 2
140. 7
171.6

170.9
182.6
198.6
146.6
182.7

169.2
179. 9
195. 3
145.3
180.5

169.6
181.1
196.4
145.5
181.4

170.4
182.1
197. 8
146.0
182.1

171.2
182. 9
199. 9
146.4
182.6

171.6
183.8
200. 6
146.7
183.7

172. 8
185.6
201.0
145. 2
184.4

174. 0
186.3
202. 7
149. 2
185.8

' 174. 5
' 188. 8
' 204. 5
r
149. 5
<• 187. 3

175. 5
190.7
204. 5
150.4

177.0
192. 3
208.8
151.3
190. 9

177.5
193.3
209.1
151.1
192.7

178.2
194. 6
209. 5
151.7
193. 7

178. 8
194.9
211.4
151. 8
194. 7

180.0
195.1
213.0
152.7
195. 7

Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals

do..
do_.
do_
do.

185.6
150. 7
200. 9
171.6

195.8
158.1
215.8
181.5

193.0
155.8
213.3
177.7

194.2
156.8
213.3
181.6

196. 6
157.0
218.2
183.1

198.9
158.4
220.1
187.2

199.5
159. 3
219.9
187.8

200.1
160.3
218.8
189. 9

200.0
160. 1
218.8
188.4

r 200.1
160. 9
218. 9
r
187. 5

200.8
161.8
222.6
184.8

201.8
162. 9
224.2
185.3

203.0
163.1
224.7
188.3

206.4
163.7
227.3
195. 0

208.0
163. 5
228.2
199. 3

208.6
164.0
227.9
200. 9

Nonmetallic mineral products 9
Clay prod., structural, excl. refrac
Concrete products
Gypsum products
Pulp, paper, and allied products
Paper
Rubber and plastics products
Tires and tubes

do...
do
do
do..._
do___
do....
do...
do

174.0
151.2
170.5
144. 0
170.4
172.9
150.2
148. 5

186.0
163.4
179.6
154.2
179.4
182.2
159.2
161.5

185.4
161.3
178.4
150.9
178.6
180.0
156.7
155.5

186.0
161.7
179.4
153.7
179.3
181.7
157.1
155.5

186.3
162.1
179.5
153. 5
179.6
181.8
157.1
155.5

187.3
163.1
181.0
153.4
180. 5
184.5
158.3
157.3

188.0
164.9
181.4
155.1
181.0
184.9
161.1
167.4

188.6
166.1
181.2
157.6
181.6
185.4
163.9
170.9

189. 4
166.2
181.4
159. 1
181.6
185.9
164.6
172.9

r

189. 5
168.2
r 182. 4
160.1
•• 181.5
r 186. 2
164.8
172.1

189. 5
168.8
183.0
160.1
182.0
186.4
164.6
172.3

192.3
170.1
187.0
160.8
182. 9
188. 9
164.5
170.0

193.4
167. 8
187.8
160.8
183.0
189.4
164.0
163.6

195.0
170.7
188.4
164.0
183. 6
191. 8
164. 3
163.6

198.2
172.7
190.2
172.2
185.1
193. 2
165.9
170.1

198. 9
174.2
190. 5
175. 9
186.1
194.1
166.4
167.8

Textile products and apparel §
do
Synthetic
fibers
Dec. 1975 = 100.
Processed yarns and threads
do
Gray fabrics
do
Finished fabrics
do
A ppa rel
1967 = 100.

137.9

147.3
102.9
99.2
104.0
102.7
138.1
156.9

147.3
102.7
99.0
105.2
101.9
138.4
157.3

148.3
102.5
99.7
106.6
101.4
139.8
158.9

149.0
102.6
101.2
108.5
101.0
140.2
159.6

149.5
103.3
99.6
108.5
101.0
141.5
160.7

149.0
103.1
98.9
107.1
100.5
141.3
161.1

149.3
101.9
98.0
107.4
100.3
142.2
162.4

r

133.4
151. 9

148.0
102.4
99.6
105.4
100.9
139.9
159.1

150.1
'101.7
r 97. 5
' 109.1
'101.4
' 142. 9
163.2

149.5
101.8
96.8
106.7
100.5
142. 9
163.2

150.3
102.6
96.6
105.1
100.4
144.8
165.5

151.1
103.4
97.2
103.8
101.2
145.6
167.1

152.1
103. 4
98. 7
103.6
102.7
146.0
169.6

153.7
106.6
101. 5
105.0
104.2
146.4
170.4

154.0
107. 0
102. 3
105.1
104. 9
146.6
169. 7

141. 5
144.6

151.1
153.8

149.2
151.8

149.0
151.6

149.2
151.8

149.2
151.7

150.2
152.8

151.0
153.5

156.1
159.0

156.2
' 159.2

157.0
159.5

157.1
159. 2

157.2
159.4

158.4
160.7

158.7
161.0

159.0
161.3

0.9

0.2

0.5

0.4

-0.2

0.7

0.5

0.6

0.6
218.6
197.2

220.8
199. 2

229.9
201.3

226.9
202.0

Industrial commodities

Textile house furnishings

do

Transportation equipment 9 - . . D e c . 1968 = 100.
Motor vehicles and equip
1967 = 100..

r

Seasonally Adjusted X
All commodities, percent change from previous
month
By stage of processing:
Crude materials for further processing 1967 = 100..
Intermediate materials, supplies, etc
do
Finished goods:
Consumer finished goods
.
do

Food

1

Finished goods, exc. foods
Durahlo
Nondurable
Producer finished goods..
By durability of product:
Total manufactures
Durable manufactures
Nondurable manufactures
Farm products

Processed foods and feeds

208.9
187.0

208.2
187.6

209.7
188.7

208.9
189.9

202.4
189.8

202.1
191.7

202.2
192.7

194.7

"208. 8
a
195. 7

168.8
184.3
159.4
143.0
170.3
171.5

169.3
185.5
159.5
143.3
170.3
171.8

169.5
183.7
160.7
143.9
171.8
172.5

169.2
181.0
161.5
144.2
173.1
173.1

168.5
177.1
162.5
144.9
174.2
173.6

169.3
177.1
163.7
145.7
175.6
174.5

169.6
176.4
164.6
146.5
176.7
176.3

169.9
' 175. 7
165.3
• 146. 8
• 178. 0
• 177. 0

171.8
180.8
165. 8
146.9
178.4
178.5

"172.9
°180. 6
"167. 4
°148. 0
°180. 3
°179. 2

174.4
184.2
167.9
148.8
180.7
180.1

176.0
186.2
169. 2
149.4
182.5
180.8

178.3
190.8
170.4
150.5
183. 7
181.8

180.2
194. 8
171.2
151.1

_do
do
do

177.8
173.2
182.2

178.1
173.5
182.7

179.1
174.5
183.5

179.3
175.3
183.1

179.1
176.2
181.5

180.2
177.8
182.4

181.0
179.3
182.4

182.1
180. 4
183.2

183.4
181.7
185.0

a
184.1
a

185.9
183.4
187.8

187.7
184.7
189. 5

189.6
185. 4
193. 4

190. 6
185.7
195.5

do

195.0
179.5

194.3
181.1

195.3
181.6

194.2
180.5

187.7
175.9

189.2
176.0

188.2
174.9

187.1
175. 6

191.9
178.9

a

194. 0
°178.6

198.3
181.9

203.3
185.4

210. 2
190.1

205.3
193.5

;0. 552
.595

•0. 550 $0,546
.591
.588

$0,542
.584

$0. 544
.582

$0,541
.579

$0,540
.577

$0. 539
.575

$0.534
.574

$0,532
.570

$0.526
.565

iO. 521
.561

$0.515
.557

$0.512
.554

I""~dol"!
do._.
.~!do~~!!
do
do

IlllZIIIIIIIIIIIdoIII

P U R C H A S I N G P O W E R OF T H E DOLLAR
As measured by—
Wholesale prices
1967=$1 00
Consumer prices
do

$0. 572
.621

;0. 547
.587

° See note "t" for this page.
cf See corresponding note on p. S.8.
9 Includes data for
^ S S S Wn f P ^ ^ y § Effective with Jan 1976 reporting, the textile products
gioup has been extensively reclassified; no comparable data for earlier periods are available

236-464 O - 77 - S2




0.4

1.1

• 207.1
' 193. 6

182. 5
°185.7

184.6
182.8

for the newly introduced indexes.
% Beginning in the February 1977 SURVEY, data have
been revised (back to 1967) to reflect new seasonal factors.
© See corresponding note on
p. S-8.

SURVEY OF CURRENT BUSINESS

S-10
Unless otherwise stated in footnotes below, data
through 1974 and descriptive note.* are as shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1977

1976

1976

Annual

June 1977

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE |
New construction (unadjusted), total

mil. $_.

132,042

144,494

11,405

12, 249

13,110

12, 848

13,449

13,605

13, 674

13,274

11,887

9,471

'9,714

11,430

12, 879

Private total 9
do
do
Residential (including farm). . . _
do
New housing units
Nonresidential buildings, except farm and pubmil $
lie utilities total 9
Industrial
_ _ _ ^ do _
Commercial
_.
Public utilities:
Telephone and telegraph
do

93,034
46,476
34,412

108,197
59,552
46,749

8,504
4,644
3,379

9,166
5,146
3,720

9,669
5,465
4,173

9,528
5,485
4,491

9,790
5, 499
4,628

10,005
5, 641
4,721

10,363
5,870
4,805

10,279
5,772
4,003

9, 373
5,170
3, 977

7,453
4,206
3,342

' 7, 048 ' 9, 083
r 4, 221 '5,215
' 3, 470 ' 4, 335

10,170
0, 037
4, 802

26,406
8,017
12,804

25,748
6,910
12, 586

2,061
582
1,008

2,006
580
1,018

2,145
583
1,034

2,143
533
1,078

2,340
590
1,164

2,305
592
1,134

2,319
570
1,172

2,276
572
1,123

2,172
586
1,057

1,805
456
906

3,689

3,767

300

298

341

314

336

346

349

364

347

242

266

350

do
Public total 9
Buildings(T (excluding military) 9
do
TTousin and redevelopment
do
Industrial
do
Military facilities
do
Highways and streets
New construction (seasonally adjusted it annual
bil $
rates) total

39,009

36, 678

2,901

3,083

3,541

3,320

3,659

3, 600

3,311

2,995

2,514

2,018

2,066

' 2, 353

14,616
649
919
1,391
10,345

12,450
609
972
1,479
9,112

1,051
50
82
117
685

997
45
83
120
820

1,081
50
87
120
997

1,100
57
66
119
930

1,114
63
123
1,071

1,121
61
111
122
1,022

1,016
53
86
123
970

949
50
73
138
750

886
58
72
130
495

'801
50
84
>"122
'287

790
57
80
123
290

888
71
92
121
390

_.

145.4

' 140. 9

' 141.9

' 140. 0

' 148. 5

' 152. 8

152.2

137.1

' 148. 9

' 159. 3

163.4

107.2

106.5

' 104.1

' 104. 5

' 109.0

' 114.5

'118.8

118.9

107.2

'110.4

' 125. 7

128.3

58.9
44.2

58.8
43 9

58.7
45.4

' 57. 0
46.9

' 55. 2
46.5

'59.1
48.8

' 05. 4
51.1

' 09. 2
52.7

'70.0
54.3

63.4
50.0

69.1

' 75 0
' 02 0

77 1
03 5

25.4

25.3
7 0
12 3

25.0
6.7
12 0

24.8
6.1
12.6

26.6
6.9
13.0

26.3
6.9
' 12.8

25.5
6.4
12.6

25.7
0.5
' 12.5

25.8
6.5
12.9

24.2
6.1
12.2

24.7
6 4
12 4

'27.1

12.6

27.2
7 2
13.8

3.6

3.6

3.7

3.6

,8

3.9

3.9

4.2

'3.8

3.9

3.9

4.2

do

37.9

36.2

38.9

36.8

37.3

37.6

34.0

34.1

33.3

29.9

32.5

' 33. 0

35.1

do
do
do
do

12.9
.6
.9
1.5
10.6

11.6
.6
9
1.4
9.9

13.0
.6
.9
1.4
10.3

13.1
.6
.9
1.4
8.3

'12.4

13.0

'1.4
9.6

'10.7
.5
.9
1.6
7.8

' 10. 0
.6
.8
1.6
7.5

'11.3
.8
1.0
1.5
6.0

11.1
.9
1 0
1.6

'11.0
'.9
1 0
1.4
'8.1

11.7

1.5
1.4
8.9

11.0
.6
1.0
1.5
8.7

do

Dfint of Gomrnfiroft comnositA

Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings
Commercial and factory buildings
Residences
...
. .

' 13 9

1.1
1.0
9.0

107,158
i 194

9,408
208

9 836
205

10,533
187

9, 774
'217

8,505
'189

8,112
203

10,063
237

7,691
186

7,196
183

6,748
203

7 523
207

9 937
207

12 079
250

do

32,198
60,460

29, 246
77,913

2,383
7,025

3,915
5,921

3,136
7,397

3,246
6, 528

2,505
5,999

2,344
5,768

2, 265
7,798

2,123
5,568

2,091
5,106

1,793
4,955

2,007
5,516

2, 055
7,282

2, 570
9,502

do
do

31, 647
31,261
29, 751

30,045
43, 651
33, 463

2,741
4,003
2, 664

2,819
3,955
3,062

2,805
4,166
3,562

3,031
4,149
2, 594

2,536
4,099
1,869

2,875
3,758
1,478

2 728
4,064
3,271

2, 491
3, 716
1,484

2,133
3, 236
1,828

2,103
2,927
1,658

1,879
3,427
2,217

3,003
5,149
1,785

2,890
5, 200
3,922

do

83, 795

88,457

6,893

5,193

6,041

8,003

5,948

7,056

7,359

9,771

10, 674

9,351

4,438

6,441

1,171.4
766.8
1,160.4
892 2

1, 547. 6
1, 048. 2
1, 537. 5
1 162.4

137.4
94.5
137.2
107.8

148.3
97.8
147. 9
112.2

155.1
105.5
154. 2
119.6

137.4

146.8
97.7
145.9
112.8

153.1

87.2
136.6
112.8

98.8
151.8
10S. 0

149. 8
98.1
148.4
109.1

128.2
89.5
127.1
89.4

108.1
78.6
107.4
71.6

81.6
63.9
81.3
55.7

112.7
80.7
112.5
87.2

'
r
'
r

184.1
127.7
183. 8
140. 6

200. 6
135. 2
200. 0
152. 8

1,385
1,071

1,435
1,091

1,494
1,122

1,413
1,129

1,530
1,172

1,768
1,254

1,715
1,269

1,706
1,236

1, 889
1, 324

1,384
1,006

1,802
1,424

' 2, 089 ' 1,899
* 1,503 ' 1, 433

1,929
1,461

1,712
1,208

' 1, 563
' 1,030

1,606
1,070

mil. $

do

c

173. 6
124. 4
173.0
125.8

'
r
'
r

939
676

1,280
895

1,082
803

1,158
807

1,150
829

1,215
870

1,296
874

1,504
926

1,492
998

1,590
1,072

1,514
1, 053

1,307
927

1,529
1,064

212.7

' 246. 2

'23.3
'238

'24.1
'246

'23.4
'231

'20.0
'221

'23.4
'242

'22.4
'248

'21.9
'263

'17.8
'247

'15.0
'248

14.7
258

2 18.0
2 275

23.4
275

24. 2
252

1967 = 100..

189.4

198.1

194.8

196.0

198.2

199.0

199.5

c 198. 9

201.1

202.3

204.1

204.7

205.0

204.7

205.2

1913 = 100..
do

1,716
1,871
1,827
1,698
1,659

1,870
2,009
»• 1, 943
1,906
1,803

1,834
1,980
1,908
1,881
1,747

1,849
1,980
1,908
1,881
1,810

1,870
1,987
1,921
1,926
1,821

r 1,914
2,048
r 1,975
1,961
1,841

" 1,912
2,044
' 1, 980
1, 957
1,839

'1,916
2.050
' 1,983
1,961
1, 842

r 1, 921 ' 1, 931
' 2, 088 ' 2,090
'1,990
1, 994
1,967
2,009
1,851
1,850

1, 938
2,098
2,000
2,017
1,860

1,949
2,112
2,003
2,022
1,864

185.0
188 8
183.5

199.6
204.9
198.6

do
do
do

1967 = 100..
do

199.8
205.3
198.1

r
2
Revised.
P Preliminary.
1 Computed from cumulative valuation total.
Unadjusted data for Jan.-Dec. i976 and seasonally adjusted data for Jan. 1974-Dec. 1976 will be
available later.
t Data for new construction have been revised back to Jan. 1973. The revised data are
available from the Bureau of the Census, Washington, D.C. 20233.




r 7 9

92 659
168

do
Privately owned
do
One-family structures
Seasonally adjusted at annual rates:
Total privatelv owned
do
do
One-family structures
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data are seas. adj. at annual rates:
Total
t.hons
do _
One-family structures
Manufacturers' shipments of mobile homes (Manufactured Housing Institute):
Unadjusted
t.hnn<?
Seasonally adjusted at annual rates
do
CONSTRUCTION COST INDE XES

American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
_
San Francisco
St. Louis

2,703

143.4

HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
thous
Tnside SMSA's

2,204
578
1,104

144.5

Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
mil <cf
1967 = 100..
Index (mo. data seas. adj.)..
Public ownership
Private ownership
By type of building:
Nonresidential
_. _
Residential
Non-building construction. .
New construction planning
(Engineering News-Record) O

' 2, 079
'554
' 1, 051

106.6

Private, total 9
do
Residential (including farm)
do
New housing units
Nonresidential buildings, except farm and publie utilities, total 9
. . . b i l . $__
Industrial
do
do
Commercial
Public utilities:
Telephone and telegraph
do
Public total 9
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
CONSTRUCTION CONTRACTS

1,836
468
915

' 1, 896 ' 1, 906
2,013
2,050
'1,978 ' 1, 984
1, 930
1,941
1,835
1,846

201.3
206.6
200.7

r
r

1,911
2,054
1,987
1,957
1,849

202.8
20S 1
202.6

207.3
212. S
2013

1,967
2.117
2,012
2,027
1,868

208.8
214.0
208.9

©Data for Apr., July, Sept., and Dec. 1976 and Mar. 1977 are for 5 weeks; other months,
4 weeks.
c
9 Includes data for items not shown separately.
Corrected.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

Annual

S-ll

1976

1976
Apr.

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

221.9
233.2

222.6
234.0

Apr.

May

CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES—Con.
Engineering News-Record:
Building
.1967 = 100.
Construction
do
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100

218.9
231.5

193.3
205.7

210.9
223.4

203.8

199 3

160.4

174.3

184.5
180 9

179.2
165 0

192.2
179 4

179.3
186 7

191.1
174 9

183.9
179 8

176.7
159 6

163.4
171 9

152.4
176 1

139. 6
147 5

147.8
167 9

140.9
166.9
182.9

141.9
191 2
192.3

153.3
199.5
198.2

153.3
183.2
205.5

165.7
190.0
238.7

142.4
182 4
230.9

147.7
202. 2
251.1

147.7
199.5
233.6

139.9
204.2
223.7

129.0
188 7
190.4

122.7
186 9
138.6

106.5
185 5
83.5

119.0
183 5
125.1

82.3

95.0

157.7

183.4

8.4
93
18.3
191

8.5
91
15.1
175

8.3
86
15.8
171

9.6
115
15.0
170

9.2
107
15.5
168

8.0
89
15.3
182

7.7
93
15.4
190

9.1
115
16.0
193

8.7
125
14.5
234

6.8
107
15.6
°30

11.2
156
18.6
254

458. 49 655. 59 645. 90
756. 54 1,250.56 709.55

712. 67
912.39

512. 30 544. 50 557.75 508.00
995. 32 827.26 1,053.18 962. 30

205.6
216.7

206.9
219.4

209.5
224.3

211.0
224.7

215.4
227.6

217.4
229.8

218.4
230.7

220.4
232.2

200 4

199.0

200 4

219.7
231.8

222.9
234.0

202 2

CONSTRUCTION MATERIALS
Output Index:
Composite, unadiustod 9 cf
Seasonally adjusted d"1--

1947-49=100.
do

Iron and steel products, unadjusted
Lumbor and wood products, unadj
Portland cement,unadjusted

do
do
do

REAL ESTATES
Mortgage applications for new home construction:
FHA net applications
thous units
Seasonally adjusted annual rates
do ._
Requests for VA appraisals
_ do
Seasonally adjusted annual rates ___ __do Home mortgages insured or guaranteed by—
Fed. Hous. Adm.: Face amountmil. $
Vet. Adm.: Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $_.
New mortgage lonns of all savings and loan associations, estimated total
mil. $
By purpose of loan*
Home construction _ _
do
Home purchase
_
do
All other purposes
do
Foreclosures..

_.

number

Fire losses (on bldgs., contents, etc.)

mil. $_

6,166.12 6,362.12 411.67
8, 863. 84 10,414.77 675.98

10.6
111
22.5
240

10.8
125
19.7
216

12.3
126
18.4
203

608. 67 699.49 676. 86 654. 86 676.86
989. 22 988. 50 1,041.52 903. 75 1,137.86

17,845

15,862

15,236

14,898

15,274

15,403

15, 751

16,062

15, 865

15, 765

15,862

15,183

14,816

14,462

14, 952

55,040

78,792

6,539

6,625

8,326

7,771

7,747

7,253

6,808

6,526

7,287

5,448

5,631

'8,211

'8,966

10,097
32,106
12,837

14,820
48,252
15, 720

1,343
3,879
1,319

1,271
4,050
1,304

1,435
5,300
1,591

1,378
4,977
1,417

1,320
5,047
1,380

1,324
4,574
1,355

1,332
4,183
1, 293

1,306
3,958
1,262

1,421
4,178
1,688

1,005
3,310
1,133

1,071 ' 1, 716 ' 1, 758
3, 375 ' 4, 780 ' 5, 426
1,185 ' 1, 715 ' 1, 782

3,558

301

287

288

275

299

316

247

238

314

334

362

347

323

15,148

142,803
3,560

DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index
Network TV
Spot TV
Magazines

advertising

index,

1967=100
do
do""
do

-•180
-•191
'215
'143
'175

'181
'179
'231
'145
'178

'179
'1<7
'223
' 142
'169

'180
'191
'231
'142
'159

'193
'225
'216
'148
'177

'188
' 198
'230
'141
'189

'183
' 186
'240
'145
'167

'190
' 198
'219
'154
'195

'189
'206
'226
'146
'178

'183
' 194
'209
'151
' 180

192
215
213
148
194

192
212
213
163
177

200
223
219
168
187

199
227
210
166
184

1,336.3 1, 622.0
47.0
56.4
101.5
142.0
20.7
28.4
140.6
165. 2
92.0
120.5

144.6
6.5
14.2
3.6
13.6
10.5

158.8
5.1
16.4
3.8
14.7
9.0

123.1
2.6
11.2
2.6
13.9
10.8

100.9
1.9
8.3
1.7
11.6

101.1
3.9
6.0
1.2
12.5

142.9
7.6
7.4
3.1
13.9
9.4

182.4
7.1
19.6
3.5
17.6
15.3

194.0
6.3
18.9
2.2
16.9
17.2

141.5
4.2
8.8
2.1
14.4
12.7

111.7
3.4
9.6
1.4
12.3
6.8

135.9
3.2
13.5
2.0
16.0
11.7

154.4
5.9
14.8
3.5
17.0
11.5

176.6
7.1
17.4
4.5
17.2
13.7

Beer, wine, liquors
do
100.9
110.9
55.1
83.6
Household equip., supplies, furnishings..do"]]!
34.2
46.9
In dustr ia 1 materials
do
19.4
25.0
Soaps, cleansers, etc
-~--~---~~do"~
161.7
144.2
Smokinp materials
I_IllZdoIII^
681.2
580.7
Allother
l-lldol.l.
Newspaper advertising expenditures (64 cities) • ©
Total
4,117.4 5,068.5
miL$_
Automotive
do
93.3
120.6
982.2 1,255. 6
Classified
'...'.'. ' " " d o " "
139.8
130.8
Financial
~-I"-"II"~do"I"
694.6
547.1
General
_
do
2,364.0 2,858.0
Retail
"".""
do"""
WHOLESALE TRADE

8.2
8.4
4.0

2.3
14.5
58.8

9.4
10.3
6.2
2.2
15.7
66.0

9.1
5.6
4.1
1.5
13.4
48.3

6.7
4.6
3.1
2.2
12.2
41.7

5.9
4.7
3.2
2 3
13.0
41.3

8.3
8.3
4.3
2.3
12.5
65.8

12,5
10.8
5.0
2.8
13.3
74.9

15.8
11.7
5.4
2.6
14.9
82.1

17.3
6.3
3.8
1.9
12.8
57.0

4.1
3.1
2.9
12! 9
52.9

5.0
5.3
3.6
2.8
13.6
59.1

8.0
8.8
3.7
2.7
13.3
65.0

9.6
11.0
4.7
3.7
13.7
74.0

427.3
10.9
105.4
13.8
63.0
234.3

463. 5
10.3
118.6
10.4
66.0
258.1

422.9
9.5
109.3
12.3
58.4
233.5

362.7
8.6
104.9
10.5
42.1
196.6

406.1
9.5
118.4
6.7
44.9
226.5

427.1
11.2
106.4
11.2
60.4
237.9

492.9
12.9
118.6
14.5
74.8
272.0

478.4
12.3
100.0
11.2
68.4
286.6

446.6
7.3
83.1
12.0
51.9
292.3

429.3
12.1
116.8
13.7
61.4
225.3

393.1
12.1
101.9
9.3
55.9
214.0

494.7
14.6
130.3
13.4
69.3
267.1

492.6
14.5
133. 6
13.9
69.0
261.7

40,198
17,815
22,383

39,095
17,342
21,753

42,196
18,981
23,215

39,877
17,500
22,377

41,296
18,539
22,757

42,154
18,818
23,336

40, 936
18, 043
22,893

41,355
17,863
23,492

42,074
17,703
24,371

38,313
16,358
21,955

39,370
17,222
22,148

46,629
20,005
26,024

44,114
19,821
24, 293

48,421
29,906
18,515

48,226
29,486
18, 740

48,932
30,048
18,884

Newspapers

I.-I.-.do'II

Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $.
Apparel and accessories
do.
Automotive.incl. accessories
"do
Building materials
do_
Drugs and toiletries
ldo"~"
Foods, soft drinks, confectionery
~do_.^

Merchant wholesalers sales (unadj.), total mil $
Durable goods establishments...
do
Nondurable goods establishments
.do

147
160
166
119
142

439, 000 482,549
185,922 210,864
253, 078 271, 685

Merchant wholesalers inventories, book value
end of year or month (unadj.), total....mil. $
45,497 50,652 46,953 47,422 48,029
Durable goods establishments
do
27,430 30,102 28,723 29,393 29, 754
18,067 20,550 18,230 18,029 18,275
Nondurable goods establishments.
"do
' Revised.
v Preliminary.
9 Includes data for items not shown separately,
§Data
include guaranteed direct loans sold.
^ H o < m ? o m o r t g a g e r a t e s ( c o n v entional 1st mortgages) are under money and interest rate
on p. b-lo.




49,929 50,736 50,652 51,274 52,183 53,079 53,208
30,129 30,272 30,102 30,590 31,191 31,738 31, 944
19,800 20,464 20,550 20,684 20,992 21,341 21,264
cfMonthly
© Source: Media Records, Inc. 64-City Newspaperc Advertising Trend Chart,
revisions back to Jan. 1974 will be shown later.
Corrected.

SURVEY OF CURRENT BUSINESS

S-12
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition ol BUSINESS STATISTICS

1975

June 1977

1976

1976
Apr.

Annual

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

DOMESTIC TRADE—Continued
RETAIL TRADE If
All retail stores: M
Estimated sales (unadj.), total If

mil. $_. 584,423

651,884

54,633 I 54,460

55,449

55,938

54,165

53,158

55,962

56,186

68,171

49,213

49,382

58,326

60,397

61,160

18,259
10,561
9, 691
870

17,844
10,216
9, 332
884

19,639
10,265
9,319
946

15,645
9,612
8,828
784

16,608
10,343
9,591
752

20,766
13,080
12,113
'973

21,082
12,985
11,972
1,013

21,733
13,349

1 2,548

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

180,725
102,105
93,046
9,059

214,169
125,625
115, 631
9,994

18.670
11,339
10.468
871

18,511
11,140
10,298

19,617
11,876
11,009
867

19,062
11,412
10,513
899

18,230
10,648
9,769
879

17,602
9,983
9,167
816

Furniture, home furn., and equip. 9---do.
Furniture, homefurnishings stores
do..
Household appliance, TV, radio
do..

26,123
15,283
8,420

28, 963
17,053
9,200

2,311
1,392
706

2,306
1,370
723

2,424
1,440
776

2,415
1,425
773

2,404
1,448
745

2,367
1, 393
752

2,447
1,470

2,596
1,574
791

3,187
1,721
1,091

2,183
1,311
677

2,205
1,347
667

' 2,552
' 1, 574
••781

2,497
1,551
767

Building materials and hardware
Lumber, bldg. materials dealersd"
Hardware stores

do.
clo_.
do.

23,974
18,202
5,772

28,168
21,946
6,222

2,359
1,820
539

2,460
1,891
569

2,641
2,050
591

2,620
2,063
557

2,573
2,079
494

2,540
2,033
507

2,508
1,972
536

2,461
1,926
535

2,386
1,754
632

1,784
1,390
394

1,952
1,552
400

' 2,493
1,977
'510

2,723
2,100
623

Nondurable goods stores 9
Apparel and accessory stores
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores

do.
do.
do.
do.
do.

403,698 437,715
26,749 28, 612
6,325
6,085
11,123
10,396
4,373
4,123

35,963
2,377
508
903
412

35,949
2,194
484
874
335

35,832
2,213
512
871
335

36,876
2,201
470
874
331

35,935
2,308
465
884
381

35,556
2,327
459
939
392

37,703
2,477
517
1,001
385

38,342
2,574
583
1,003
373

48,532
4,147
1,050
1,482
525

33,568
1,959
475
717
304

32,774
1,851
409
720
286

37,560
' 2, 219
'403
'850
' 356

39,315 1 39,427
' 2,459 1 2,316
537
902
415

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

18,098
47,514
131,723
122,666
43,895

19, 704
52,290
140,984
131,133
47,731

1,591
4,218
11,535
10,717
3,851

1,598
4,564
11,770
10.930
3,935

1, 615
4,544
11,657
10,798
4, 079

1,598
4,786
12,531
11,661
4,322

1,619
4,760
11,603
10,761
4,219

1, 551
4, 455
11,636
10,832
3,989

1,625
4,530
12,153
11,312
4,116

1,636
4,243
11,483
10,691
4,064

2,357
4,495
13 210
12,289
4,248

1,578
4,081
11,521
10,770
3,969

1,575
4,069
11,120
10,378
3,706

' 1,704
' 4, 570
12,231
11,378
' 4,162

' 1,744 1 1, 735
' 4, 707 1 4, 915
12,099 1 12,541
• 11,820 1 11,717
' 4,291 1 4,474

95,402

104,168

8,292

7,949

8,144

8,023

8,381

8,315

9, 067

10,499

15,342

6,484

6,594

• 8, 580

9,099

1 9,153

88,544
60,719
5,995
9,120
10,974

96,761
68,011
6,584
8, 259
11,411

5,394
521
672

7,386
5,196
444
639
931

7,561
5, 390
439
624
954

7,435
5,207
456
619
1,043

7,782
5,439
549
634
940

7,652
5,460
543
595

8,353
5,863
672
645
963

9, 751
6,821
874
709
967

14,603
10,707
709
1,334
1,344

5,924
4,160
420
452

6,034
4,194
451
483
853

• 7, 870
• 5, 4(12
••048
' 618
'902

• 8, 453
• 5,947
556
714
942

1 8, 488
1 6,022

53,696

52,868

53,983

53,754

54,643

54,100

54,634

55,573

57,898

56,660

58,175

59,522 ' 59,572

17,481
10,125
9,307
818

17,559
10,098
9, 256
842

18,157
10,501
9,650
851

19,730
12,014
11,134
880

19,024
11,602
10,611
991

19,764
11,981
10,999
982

Durable goods stores 9
Automotive dealers
Passenger car, other auto, dealers
Tire, battery, accessory dealers

Drug and proprietary stores
Eating and drinking places
Food st ores
Grocery stores
Gasoline service stations

General merchandise group with nonstores 9
mil- $General merchandise group without nonstores 9 §
mil. $.
Department stores.
do..Mail order houses (dept. Rtore mdse.).do-.Variety stores
do...
Liquor stores
do...
Estimated sales (seas, adj.), totalift

do..

20,687
12,029
11.614
' 1,015

do..
do.
do.
do.

18,046
10,704
9,875
829

17,419
10,249
9,456
793

17,803
10,523
9, 725
798

17,699
10,345
9,531
814

Furniture, home furn., and equip. 9
Furniture, homefurnishings stores
Household appliance, TV, radio

do..
do..
do..

2,385
1,402
756

2,380
1,359
782

2,417
1,397

2,394
1,389
749

2,414
1,438
749

2,361
1,419
728

2,439
1,434
793

2,512
1,503
793

2,516
1,500
787

2,414
1,481
720

2,563
1,552
782

• 2,600 ' 2,014
• 1, 592
1, 589
'820 I
832

Building materials and hardware
Lumber, bldg. materials dealerscT
Hardware stores

do..
do..
do..

2,340
1,800
540

2,292
1,792
500

2,312 I 2,297
1,808 ! 1,800
504 j
497

2,324
1,828
496

2, 365
1, 858
507

2,319
1,809
510

2,468
1, 932
536

2,528
1,991
537

2,371
1,831
540

2,549
2,021
528

"2,712 I
2,130 !
'582 !

Nondurable goods stores 9 t
do_
Apparel and accessory stores
do.
Men's and boys'wear stores
do..
Women's apparel, accessory stores...do..
Shoe stores
do..

35,650
2,229
506
887
339

35,449
2,265
496
895
348

36,180
2,324
519
919
352

36,055
2,393
527
936
352

36,435
2,422
522
946
371

36,619
2,395
515
956
362

37,075
2,446
535
957
372

37,416
2,418
540
924
372

38,168
2,473
549
915
392

37,636

38,411

1,605
4,304
11,448
10,643
3,886

1,609
4,355
11,629
10,790
3,809

1,625
1.616
4,387
4'283 !
11,765 I 11.614
10,797
10,929
3,943
3,922

1,649
4,367
11,805
10,992
3,958

1,634
4,407
11,774
10,975
3,985

1,667
4, 356
11,909
11,079
4,067

1,710
4,415
11,887
11,044
4,118

1,733
4,518
12,188
11,358
4,274

1,690
4,465
11,871
11,046
4,263

8,337

8,452

8,716

8,611

8,939

9,008

8,187

9,153

974
5, 676
547
637
952

8,305
5,851
598
664
955

8,378
5, 936
570
656
967

8,491
6,063
530
688
950

141
090
766
722
171

83, 875
36,831
17,072
5, 931
5,241

Durable goods stores 9 $
Aut omotive dealers
Passenger car, other auto, dealers
Tire, battery, accessory dealers

Drug and proprietary stores
Eating and drinking places
Food stores
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
Llqnor stores
do
Estimated inventories, end of year or month: f
Book value (unadjusted), total f
mil. $.
Durable goods stores 9
do.._
Automotive dealers
do..Furniture, home furn., and equip
do...
Building materials and hardware
do.-.
Nondurable goods stores 9
do
Apparel and accessory stores
do...
Food stores
do...
General merchandise group with non
stores
mil. $.
Department stores
do
Hook value (seas, adj.), total t
Durable goods stores 9
Automotive dealers
Furniture, home furn.. and equip
Building materials and hardware

do...
do__.
do
do
do

8, 100
5, 713
554
666
957

2,380
550
879
365

• 39,239 11 39,,558
I 12, 448
I
I
!

38,835

2,484 ' 2, 424 ' 2 , 4 1 1
540
'543
564
912
' 920
941
309
' 309
384
I

' 1, 753
' 4,750
12,550
r
11,080
' 4, 370

1,729
4,720
12,200
11,367
4,265

r 1, 757
' 4,795
12,403
11,540
' 4, 204

8,983

9, 218

r

8,207
5,802
640
644
941

8,347
5,932
567
661
1,018

•8,517
0,009
' 594
' 702
'990

r

85,643 80,855
38,115 38,036
18,043 18,852
6,028 5, 726
5, 249 5,102

81,217
38, 626
19,117
5,778
5,205

82, 862
39, 387
19, 521
'5,90*
5,435

86,202
40, 839
20,339
0,049
5,027

r

i 9,514

8,770
' 0,150
021
715
984

i 8, 824
i 0, 234

7,604
5,324
508
663
938

7,865
5,580
516
655
970

80,855
38,036
18,852
5,726
5,102

79,321
36,879
18, 351
5,419
5,132

79,235

79,320
36, 766

18, 254
5,438
5,134

79,819
37,1,0
18, 252
5,497
5,063

39,071 I 42,819
5,342 j 6,066
8,189 | 8,873

42,442
5,918
8,275

42,347
5,887
8,279

42,659
5,979
8,322

42,554
6,059
8,285

43,446
6,324
8 329

45 051
6, 728
8 411

47,044
6, 942
8,772

47,528
6,909
9,153

42,819
6,066
8,873

42,591
5,900
8,704

43,475
6,042
8,555

45,363 ! 46,234
0,395 i 6,468
8,832
8,895

15,864 ! 18,246
9,735 I H,429
82,405
74,676
38, 224
34,474
18, 684
16,876
5, 743
5,315
5,331
4,817

18,754
11,688

18,969
11,824

18,926
11,626

18, 962
11,582

19,478
11,929

20,343
12,461

21,506
13, 462

21,568 18,246
13, 825 11,429

18,283
11, 380

19, 272
12,000

20,296 1 21,036
12,796 ! 13,220

78,102
35,462
17,199
5,430

78,406
35,547
17,140
5,460
4,965

79,375
35, 863
17,170
5,536
4,916

79,917
36,523
17,44 5
5,573
5,057

81,118
37,515
18,443
5,523
5,096

81,848
37,822
18,364
5,671
5,271

81,658
37,518
17, 895
5,736
5,326

81,660
37,933
18,207
5, 757
5,389

83, 616
38, 931
18,965
5.8J0
5,349

83,878
-38,912
18,824
6,066
5,430

85,397 j 86,033
39, 613 I 39,581
19,224 ! 19,149
6,181
0,160
5,495 I 5,443

4,958

5', 523
5,087

475
029
119
506
086

81,
36,
16,
5,
5,

82,405
38, 224
18, 684
5,743
5,331

I
i
I
I
j

700
721
,701
,944
408

9, 437

7,814
5,481
540
656
955

78
35
16
5
5

1 2,021

2,710
2,102
008

7,745
5,416
528
663
941

73,041
33,970
16, 690
5, 294
4,610

1 59,998

j ' 20,333 1 20,440
\r 12,170 |i 12,258
I 11,210
!
900

18,208
10,795
9,938
857

87,385
41,151
20,432
6,162
5,634

Nondurable goods stores 9
do_.
40,202 i 44,1^1 42,640 42,859 43,512 43, 394 43,603 44,026 44,140 43,727 44,181 44,685 44, 966 45,784 I 46,4.52
0,414
6,514
5,954 5,977
6.383
6,246
6,410
6,249
6,287
6,294
6,392
5,5
6,177
6, 352
Apparel and accessory stores
do...
6,352
8,859
8,904
8,283 8,321
8,470
8,420
8,600
8,776
8,482
8,641
8,801
8,415
8,733
8,060
Food stores
do
733
General merchandise group with non19,865 20,482
20,482 20,710 21,160
stores
mil. $_
17,099
18,870 19,171 19, 256 19,184 19,328 19,537 19,517 19,183 19,688 19,865
19, €
875 13,057 13,233
Department stores
do
12,410 12,
12,875
10, 502
12, 342 11,711 11,895 11,912 11,855 11,905 12.016 12,117 12,053 12,342 12,410
r
dealers, and paint, plumbing, and electrical stores.
§ Except department stores mail order.
Revised. 1 Advance estimate.
!; Data may be understated because of deficiencies in
{Seasonally adjusted data have been revised back to Jan. 1973 to reflect new seas. adj.
the probability sample being used for current estimates (the 1972 Census of Retail Trade
factors (revisions prior to May 1975 are available from the Bureau of the Census, Wash.,
indicates that total retail sales for 1972 were 4.8 percent higher than the estimates made from
D.C. 20233).
j Series revised beginning Jan. 1974 to reflect benchmark data from the 1975
the sample). A comprehensive revision of the survey (including the selection of a new and
Annual Retail Trade Report and new seas,
factors; revisions for Jan. 1974-Aug. 1975 appear
improved sample) is now underway; revised data will be introduced upon its completion.
C
on p. 22 ff. of the Nov. 1976 SURVEY.
Corrected.
9 Includes data not shown separately.
d" Comprises lumber yards, building materials




SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

S-13

1976

1976

Annual

Apr.

May

June

July

Aug.

1977

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

17,251

18,180

24,522

14,510

14,407

17, 097

17,990

583
237
139
636

610
239
139
681

643
235
155
682

1,071
383
243
1,113

441
152
114
655

430
150
107
649

6,628

7,244

8,425

12,421

5,090

5,215

r

Sept. | Oct.

May

DOMESTIC TRADE—Continued
R E T A I L TRADE—Continued
Firms with 11 or more stores:
Estimated sales (unadj.), total 9

- - . .mil. $_.

Apparel and accessory stores 9
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores

do
do
do
do

General
merchandise
group
with
nonstores 9
m 11. $..
General merchandise group without nonstores §
mil. $..
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers

Apparel and accessory stores 9
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores

199,578

6,834
2,598
1,806
7,103

7,033
2,646
1,746
8,207

618
226
172
647

75, 629

82,991

6,595

16,242

16,001

16,356

16,184

542
206
128
652

548
204
133
665

506
196
127
658

569
213
153
681

6,295

6,474

6,355

15,901

646
212
170
739

6,885

7,292

6,315
4.821
535

6,029
4,634
502

6,197
4,817
490

6,081
4,667

6,413
4,894
490

6,303
4,866
465

6,880
5, 223

8,064
6,084
564

12,074
9,480
1,087

4,834
3,707
342

4, 943
3,751
370

6, 500
r
4, 901
'483

6,965
5,335
565

68,432
2,251

73,492
2,267

6,034
219

6,064
192

5,975
211

6,496
202

5,911
197

6,014
176

6, 358
191

6,024
194

7,023
208

6,091
167

5,871
159

' 6, 385
'207

6,667
223

do

15,999

15,978

16,402

16, 295

16,846

16,636

16,971

17,134

17,602

17,116

17,471

17, 704

17,983

do
do
do
do

541
210
136
656

559
207
134
664

573
213
139
663

580
220
146
667

586
220
148
694

580
236
126
679

600
136
698

597
217
153
715

624
222
167
736

587
207
143
751

627
216
149
744

••609
'205
144
'756

G03
205
147
748

6,625

6,495

6,773

6,703

6,957

6,872

7,121

7,196

7,295

7,099

7,200

• 7, 413

7,536

6,675
5,114
521

6,561
5,053
497

6,823
5,213
520

6,900
5,314
512

6,963
5,414
554

6,763
5,163
502

6,894
5,306
513

• 7,050
• 5, 380
'550

7,199
5,511
563

6,282
192

6,156
177

6,203
181

6,172
197

6,414
190

6,177
214

6, 340
215

• 6, 353
217

0, 530
204

6,352
4,831
527

6,227
4,743
523

6,478
4, 971
513

Grocery stores
Tire, b a t t e r y , accessory dealers

5,921
199

6,040
181

6,160
189

6,037
183

do_

All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted)
mil. $.
Durable goods stores
do.__
Nondurable goods stores
do.._

Charge accounts
Installment accounts

56G
»• 1 9 1
139
'722

76,438
60,670
6,560

6,394
4,887
512

Total (seasonally adjusted)
Durable goods stores
Nondurable goods stores

r

r

General
merchandise
group
with
nonstores 9
mil. $__
General merchandise group without nonstores §
mil. $..
Dept. stores, excl. mail order sales
do
Variety stores
do

Charge accounts
Installment accounts

16,079

72, 339
54,159
7,355

do
do

Estimated sales (seas, adj.), total9+

183, 076

29, 625
8,901
20,724

32,153
9,515
22, 638

28,389
8,962
19,427

28,732
9,187
19,545

28,729
9,433
19,296

28, 321
9,313
19, 008

28,506 28, 9S9 29, 325 29, 963
9, 377 9, 560 9, 480 9,398
19,129 19,429 19, 845 20, 565

32,153
9, 515
22, 638

30,789 r 30,222
9, 037 r 9,052
21,752 '•21,170

30, 255
9,400
20, 855

do
do_

11,428
18,197

12, 889
19,264

11, 874
16,515

12,229
16,503

12,128
16,601

11,882
16,439

11,887
16,619

12,127
16,862

12,347
16, 978

12,406
17,557

12, 889
19, 264

12,215 ' 12,126
18,574 r 18,096

12, 428
17, 827

do
do
do

27,764
8,799
18, 965

30,323
9, 481
20,842

28,716
9,192
19,524

28,564
9,069
19,495

28, 760 2,8,858
9, 203 9,159
19,557 19, (,99

28,954
9,131
19,823

29,128
9, 255
19,873

29,312
9,175
20,137

29, 698
9,385
20,313

30, 323
9, 481
20,842

30,500
9, 419
21,081

30,664
' 9, 537
21,127

30,910
9,820
21, 090

do
do

11,028
16,736

12,591
17,732

11,929
16,787

11,797
16,767

11,826
16,934

11,955
16,999

12,073
17, 055

12,098
17, 214

12,313
17,385

12,591
17, 732

12,596 ' 12,711
17,904 r 17,953

12,878
18,038

215.87

216. 00

216.12

216. 24

216. 38

216. 50

11,936
16,922

r
r

LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, lncl. armed forces overseas!

mil..

213. 54

i 215.12

214. 76

214. 86

214. 99

215.12

215. 28

215.43

215.60

94, 793
92, 613
84,783
3,380
81, 403
7,830

96,917
94,773
87,485
3,297
84,188
7,288

95,618
93,474
86,584
3,273
83,311
6,890

95,724
93,582
87,278
3,415
83,863
6,304

98,251
96,114
88, 460
3, 780
84, 680
7,655

99,325
97,185
89,608
3,931
85,677
7,577

98,837
96, 690
89, 367
3,842
85,525
7,323

97,120
94,975
87, 949
3,396
84,553
7,026

97,677
95,530
88, 697
3,447
85,250
6,833

97, 786
95, 637
88, 542
3,081
85,460
7,095

97, 662
95,517
88,494
2, 850
85,645
7,022

96, 837
94, 704
86, 856
2,672
84,184
7,848

97,478
95,340
87, 231
2,709
84,522
8,109

97, 909
95, 771
88,215
2, 804
85,411
7,556

97, 958
95,826
89,258
3,140
86,118
6, 568

98,321
90,193
90, 042
3,478
80, 504
(i, 151

94,376
87, 329
3,398
83,931

94, 551
87, 640
3,332
84,308

94,704
87, 533
3, 313
84, 220

95,189
87, 783
3, 333
84, 450

95,351
87,834
3,372
84,462

95,242
87, 794
3,278
84,516

95, 302
87, 738
3, 310
84,428

95,871
88, 220
3,248
84, 972

95,960
88,441
3, 257
85,184

95,516
88, 558
3, 090
85,468

96,145
88, 962
3,090
85,872

96, 539
89, 475
3,116
86, 359

96,760
90, 023
3, 260
86,763

97,158
90, 408
3, 38ti
87, 022

6,958
2,283

7,183
2,182

7,064
1,923

6, 737
1,816

0, 750
1.83G

7.3

LABOR F O R C E H
Not Seasonally Adjusted
Labor force, total (including armed forces), persons
16 years of age and over
thous
Civilian labor force
__ <\o _'.
Employed, total
V...V..V. " " d o "
Agriculture
""_" ""do
Nonagrieultural industries. .
do
Unemployed
_do.~"^
Seasonally Adjusted fl
Civilian labor force. .
.
do

Employed, total

"""""~II~^I~III~do

Agricul ture
""~~_~do~
Nonagricultural industries
'..'.'.'/.do'."'.
Unemployed
do
Long-term, 15 week? and over
""do"""
R a t e s (unemployed in each group as percent
of total In the group):
All civilian workers
Men, 20 year? and over
"~."~.1"~.V_~_~.
Women, 20 years and over
~~_
Both sexes, 16-19 years
.......[
White
Black and other

.....

Married men, wife present.
Occupation: White-collar workers
Blue-coillar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction
"_
Manufacturing

Durable goods

r

~I~II"III

2,483

2,339

7,047
2,103

6,911
2,042

7,171
2,173

7,406
2,247

7,517
2,341

7,448
2,311

7,564
2,360

7,651
2,517

7, 519
2,514

8.5
6.7
8.0
19.9

7.7
5.9
7.4
19.0

7.5
5.5
7.3
19.3

7.3
5.6

6.1
7.6
18.2

7.9
5.9
7.8
19.6

7.8
6.1

7.9
6.2

18.5

7.6
5.9
7.2
18.4

18.8

8.0
6.3
7.6
19.2

7.4
19.0

6.9
18.7

7.5
5.8
7.2
18.5

7.3
5.4
7. 2
18! 8

7.0
5.0
7.0
17.8

6.9
5.3
0. 6
17.9

7.8
13.9
5.1

7.0
13.1
4.2

6.8
13.0
4.0

12.3
4.1

6.8
13.4
4.3

7.1
12.9
4.4

7.1
13.6
4.3

12.8
4.5

7. 2
13.4
4.4

7.3
13.5
4.5

7.1
13.4
4.3

12.5
3.8

6.7
13.1
4.1

6.6
12.7
3.7

6.3
12.3
3.6

0.2
12.9
3.0

4.7
11.7

4.6
9.4

4.7
8.9

4.5
9.0

4.5
9.3

4.7
9.7

4.9
9.8

4.6
9.8

4.6
9.8

4.7
9.7

4.5
9.6

4.5
8.4

8.7

4.7
8.3

4.4
7.8

4.3
7.9

9.2
18.1
10.9
11.3

7.9
15.6
7.9
7.7

15.2
7.6
7.5

7.5
14.5
7.4
7.3

7.8
16.3

8.0
17.0
7.8
7.5

8.2
16.5
8.1
7.7

8.1
15.7
8.1

7.9
14.1
8.2
8.0

7.4
14.9
6.9
6.5

7.6
15.2
7.1
7.0

7.4
14.2
6.6
6.1

7.0
12.0
6.7
6.0

7.1
13.0
0.2

Revised.
i As of July 1.
9 Includes data not shown separately.
§ Except department stores mail order.
J See corresponding note on p . S-12.
tRevisions back to Oct. 1973 appear in "Population Estimates and Projections: Estimates
of t h e Population of the United States and Components of Change—1930-75," P-25, No. 632
(July 1976), Bureau of the Census.




7.4

15.1
8.2
8.0

1f Effective with the Feb. 1977 SURVEY, the labor force series reflect new s_easonal factors.
D a t a have been revised back to 1972; comparable monthly figures for 1972-75 appear in E M PLOYMENT AND EARNINGS (Feb. 1977), U.S. Department of Labor, Bureau of Labor Statistics.

SUEVEY OF CUEEENT BUSINESS

S-14
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown in
the 1975 edition of B U S I N E S S STATISTICS

1975

1976

1976
Apr.

Annual

June 1977

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr. p

May v

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT t O
Employees on payrolls of nonagricultural estab.: O
Total, not adjusted for seasonal variation thous_.
Private sector (excl. government)
do

77,051
62,330

79,443
64,496

78,976
63,823

79,424
64, 277

80,142
65,109

79,242
64, 902

79,555
65,325

80,277
65,617

80,572
65,468

80,943
65,675

81,099
65,838

79,473
64,414

79,734
64,488

80,547 - 81,252
65,232 - 65,958

81,900
66,596

Total employees, nonagricultural payrolls tO -do
Private sector (excl. government)
do
Nonmanufacturing industries
do
Goods-producing
do
Mining
do
Contract construction
do

77, 051
62,330
43, 983
22, 603
745
3,512

79,443
64,496
45,540
23,332
783
3,594

79(312
64,400
45, 392
23, 403
775
3, 620

79,319
64, 396
45,396
23, 381
776
3, 605

79,368
64, 414
45, 430
23, 357
781
3, 592

79,513
64, 565
45,620
23,344
791
3,608

79,618
64, 638
45,659
23,310
752
3,579

79,918
64, 966
45,866
23, 463
798
3,565

79,819
64, 831
45,890
23, 323
800
3,582

80,106
65,070
46,005
23,489
805
3,619

80,344
65,298
46,203
23,508
808
3,605

80,561
65,552
46,341
23,589
817
3,561

80,824
65,820
46,587
23,701
823
3,645

81,395
66,364
46,960
24,005
r842
3,759

81,605
66,555
47,074
24,163
-847
- 3,835

81,792
66,715
47,168
24,244
849
3,848

Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies.do
Transportation equipment
do
Instruments and related products..do
Miscellaneous manufacturing
do

347
679
171
557
451
614
180
336
069
761
649
489
404

18,956
11,026
158
606
I
490
!
626
]
1,190
I 1,387
'
2,074
1,832
1,733
509
421

19,008
11,016
160
600
493
626
1,187
1,387
2,056
1,830
1, 742
509
426

19,000
11,062
160
601
496
627
1,193
1, 392
2,068
1,837
1,747
512
429

18,984
11, 059
158
601
493
628
1,200
1, 390
2,069
1,837
1,743
513
427

18,945
11,034
156
605
490
631
1,206
1,387
2,084
1,815
1,728
512
420

18,979
11,083
157
605
486
628
1,215
1,394
2,090
1,843
1,737
510
418

19,100
11,146
156
613
495
630
1,216
1,404
2,115
1,848
1,737
512
420

18,941
11,018
155
613
491
630
1,194
1,387
2, 078
1,849
1,695
511
415

19,065
11,128
156
621
491
636
1,186
1, 396
2,106
1,860
1, 749
514
413

19,095
11,158
156
626
493
629
1,182
1,404
2,107
1,863
1,766
517
415

19,211
11,236
156
625
494
631
1,183
1,413
2,125
1,874
1,790
521
424

19,233
11,230
156
626
497
620
1,178
1,416
2,134
1,888
1, 766
524
425

19.404
11,370
156
- 633
-503
'•641
1,199
1,432
2,142
1,906
1,808
- 526
--424

19, 481
11, 392
-158
- 637
-506
- 650
- 1,207
- 1, 433
- 2,138
- 1, 916
- 1, 798
-525
424

19, 547
11,445
157
641
506
649
1,214
1,444
2,160
1,927
1,801
525
421

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, n e e . d o
Leather and leather products
do

7,668
1, 676
78
902
1, 235
643
1, 079
1,013
197
588
257

7,930
1,710
76
966
1,299
676
1,080
1,034
203
614
272

7,992
1,707
76
973
1,322
677
1,076
1,036
205
641
279

7,938
1,712
76
977
1, 321
679
1,079
1,034
203
578
279

7,925
1,718
75
973
1,320
678
1,077
1,029
202
577
276

7,911
1,719
80
970
1, 299
680
1,082
1,037
201
572
171

7,896
1,715
78
969
1,292
679
1,082
1,040
202
572
267

7,954
1,711
76
971
1, 281
681
1,086
1,035
202
643

7,923
1,706
76
961
1,273
677
1,087
1,032
202
645
264

7, 937
1,711
75
960
1, 276
680
1, 089
1,038
203
642
263

7,937
1,710
75
957
1,271
680
1,089
1,041
204
647
263

7,975
1,721
74
958
1,278
684
1,090
1,044
205
656
265

8,003
1,727
73
964
1,280
688
1,095
1,050
205
656
265

8,034
1, 734
'68
-973
1, 283
'689
1, 097
1, 051
-207
'•666
-267

8,089
- 1,738
- 74
- 981
- 1, 288
- 698
- 1, 098
- 1, 057
-210
678
267

8,102
1,720
74
987
1,295
703
1,106
1,058
208
683
268

56,111
4,509
17, 694
4,263
13,431
4,316
14,644
14, 948
2,733
12,215

55,909 55,938
4,510
4, 503
17, 662 17, 663
4, 250
4,258
13,412 13,405
4,282
4,289
14,536 ! 14,567
14,912 j 14,923
2, 733
2, 730
12,179 12,193

56,011
4,482
17, 664
4, 254
13,410
4, 301
14,610
14,954
2,728
12, 226

56,169
4, 508
17,737
4,271
13,466
4,312
14, 664
14, 948
2,723
12, 225

56,308
4,501
17, 764
4,272
13, 492
4,312
14,751
14, 980
2,732
12, 248

56,455
4,528
17, 839
4,283
13, 556
4,338
14,798
14, 952
2,728
12, 224

56,496
4, 506
17, 824
4, 292
13,532
4, 359
14,819
14,988
2, 730
12, 258

56,617
4,519
17,808
4,291
13,517
4,381
14,873
15,036
2,734
12,302

56,836
4,553
17,898
4,304
13,594
4,403
14,936
15,046
2,720
12,326

56,972
4,549
17,981
4,323
13,658
4,423
15,010
15,009
2,721
12,288

57,123
4,553
18.067
4,334
13,733
4,431
15.068
15,004
2,721
12,283

57,390
- 4,568
18,189
- 4, 354
13,835
- 4, 453
15,149
15,031
- 2, 725
12,306

57,442
- 4, 568
18,194
- 4, 366
13,828
- 4, 459
15,171
15,050
- 2, 719
12, 331

57, 548
4,578
18,214
4,370
13, 844
4,477
15,202
15, 077
2,717
12, 360

51,149
13,070

53,054
13,625

52,473
13,529

52,887
13,571

53,637
13, 774

53,397
13,470

53,792
13, 797

54,077
14,040

53,928
13, 807

54,090
13, 839

54,219
13,730

52,746
13,606

52,803
13,600

53,481
13,763

54,139
13,855

54,726
13, 997

51,149
16, 440
565
2, 805
13, 070
7,543
80
464
364
485
919
996
1,346
1,140
1.148
293
309

53,054
17,067
593
2,849
13,625
7,866
72
508
402
498
933
1,046
1,339
1,210
1,226
310
322

53,004
17,154
588
2 866
13,700
7,871
73
501
405
499
931
1,047
1,329
1,210
1,239
310
327

52,998
17,141
588
2, 860
13, 693
7, 916
73
503
408
500
938
1,052
1,342
1,218
1,241
312
329

53,007
17,101
592
2,844
13,665
7,905
72
504
405
501
943
1,049
1,336
1,218
1,236
313
328

53,104
17, 805
599
2, 868
13,618
7,878
71
507
401
503
952
1,045
1,347
1,199
1,219
314
320

53,151
17, 029
561
2, 841
13, 627
7, 911
71
507
398
499
956
1,051
1,350
1,222
1,228
311
318

53,474
17,180
605
2, 826
13,749
7,975
70
515
408
503
959
1,062
1,370
1,224
1,230
312
322

53,309
17, 032
605
2, 852
13,575
7,833
69
515
403
501
934
1,044
1,329
1, 224
1,186
311
317

53,498
17,172
612
2, 885
13,675
7, 929
69
522
403
506
926
1,051
1,357
1,232
1,236
312
315

53,672
17,158
613
2,854
13,691
7,955
70
528
406
500
923
1,059
1,358
1,231
1,251
315
314

53,813
17,190
609
2,780
13,801
8,026
70
529
403
501
923
1,069
1,373
1,237
1,278
318
325

54,065
54,534 54,692
17,287 - 17,568 17,726 t
617
- 637
- 638
2,860
2,973 r 3,056
13,810
13,958 14,032
8,011 ' 8,128 8,153 j
72 !
70
-69
-542 !
531
-538
r
417 !
408
'413
-518 i
488
-510
917
-938 r -944 |
1,071
• 1, 083 1,085
1,378
' 1, 384 ' 1,380
1,250
• 1,265 r 1, 274
1,251
• 1, 281 - 1, 275
-321
320
-321
9^ !
-325
327
-326

5,528
1,136
65
782
1,061
483
636
570
125
450
219

5,759
1,164
63
844
1,117
512
630
589
131
475
234

5,829
1,164
63
850
1,140
513
630
591
134
503
241

5,777
1,167
63
855
1,139
516
632
592
132
439
242

5,760
1,172
62
850
1,138
517
630
587
130
436
238

5,740
1,177
67
847
1,115
516
630
591
130
433
234

5,716
1,168
65
845
1,109
514
629
595
130
432
229

5,774
1,164
63
848
1,100
515
632
589
130
504
229

5,742
1,159
63
838
1,091
512
632
588
131
502
226

5,746
1,161
63
835
1,093
515
632
590
132
501
224

5,736
1,156
62
833
1,089
514
631
591
132
505
224

5,775
1,169
tO
835
1,096
517
631
594
133
513
227

34,709
3,857
15,013
3,462
11,552
3,221
12,617 !

35,988
3,862
15,641
3,529
12,113
3,293
13,191

35,850
3, 869
15, 618
3,520
12, 098
3, 276
13, 087

35,857
3, 859
15,620
3,528
12, 092
3,263
13,115

35,906
3,840
15,623
3,523
12,100
3,280
13,163

36,019
3,859
15,668
3,532
12,136
3,288
13, 204

36,122
3, 854
15, 700
3, 534
12,166
3,289
13, 279

36,294
3,877
15,771
3, 547
12,224
3,309
13, 337

36,277
3, 856
15, 761
3, 554
12, 207
3,325
13, 335

36,326
3, 861
15,734
3,553
12,181
3,345
13,386

36,514
3,900
15,792
3,562
12,230
3,364
13,458

36,623
3,882
15,876
3,572
12,304
3,374
13,491

Seasonally Adjusted t

S ervice-producing
Trans., comm., electric, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
S ervices
Go veram ent
Federal.
State and local

do
do
do
do
do
do
do
do
do
do

Production or nonsupervisory workers on private
nonagric. payrolls, not seas, adjusted O.thous
Manufacturing
do

-

Seasonally Adjusted t
Production or nonsupervisory workers on private
nonagricultural payrolls t
thous
Goods-producing
do
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies...do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing
do
Nondurable goods
do.
Food and kindred products
do.
Tobacco manufactures
do.
Textile mill products
do.
Apparel and other textile p r o d u c t s . . . d o .
Paper and allied products
do.
Printing and publishing
do.
Chemicals and allied products
do.
Petroleum and coal products
do.
Rubber and plastics products, n e e . . . d o .
Leather and leather products
do.
Service-producing
Transportation, comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services
r

do
do
do
do
do
do
do

Revised.
v Preliminary.
OSee end of notef for this page.
fBeginning in the Dec. 1976 SURVEY, figures for employees on payrolls of establishments
as well as hours, earnings, and labor turnover reflect revised seasonal factors. Generally,
data are affected back to 1971. A modification has been made in the method to seasonally
adjust most aggregated hours and earnings series (e.g., hours per worker on total private
nonagricultural payrolls, the manufacturing division, durable goods subdivision, etc.).
Aggregate levels are now the weighted averages of their seasonally adjusted components;
heretofore these levels were directly adjusted. Previously published hours are subject to
revision as follows: Manufacturing, durable and nondurable goods beginning 1947, total




5,799
1,175
60
840
1,098
517
635
601
132
514
227

• 5,830
1
1,183
- 56
-848
• 1,100
-517
-635
-602
-135
-525
-229

36,778 -36,966
3,890
3,878
15,974 - 16,071
3,584 - 3, 602
12,390 ' 12,469
3,382 - 3, 396
13,544 r 13,609

54,849
V~ 827
17,
637
3,070
14,120
8,221
75
547
417
517
955
1,095
1,409
1, 280
1,275
321
324

5,879
1,188
60
-856
1,105
-524
-637
608
r
137
r
535
229

5,899
1,176
59
862
1,113
530
643
613
135
539
229

36,966 i
3,890 i
16,069 j
- 3, 611
12,458 I
-3,398 j
13,609

37,022
3,901
16,093
3, 614
12,479
3,410
13,618

private and total trade, 1964, overtime hours, 1956. In late 1977, B L S plans to adjust t h e
employment estimates to more recent benchmarks. Effective with t h e F e b . 1977 SURVEY,
the data reflect corrections made (back to July 1975) to employment levels in 4 divisions
(construction, retail trade, services, and State and local government) to adjust for t h e formation of new businesses during t h e recovery phase of t h e 1973-75 recession. For current
factors, historical data, and methodology, see t h e Dec. 1976 and F e b . 1977 issues of EMPLOYMENT AND EARNINGS (U.S.D.L., B L S ) , available from U . S . Gov't. Printing Office, Wash.,
D . C . 20402.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

S-15

Apr.

June

May

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.p

May r>

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE H O U R S P E R W E E K f
Seasonally Adjusted f
Avg. weekly hours per worker on private nonagric
payrolls:^! Seasonally adjustedf
hours.
Not seasonally adjusted
do...
Mining
do...
Contract construction
do...
Manufacturing: Not seasonally adjusted d o . . .
Seasonally adjusted
do.._
Overtime hours
do...

3.1

36.1
35.8
42.8
37. 4
39. 2
39.4
2.6

Durable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture ;:nd fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and relate:! products
Miscellaneous manufacturing ind

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

39.9
2.5
41.3
39.1
37.9
40.6
40.0
40.0
40.9
39.5
40.3
39. 5
38.3

40.6
3.1
40.7
40.2
38.7
41.2
40.6
40.7
41.1
40.0
41.6
40.4
38.7

39.8
2.5
39.7
40.0
38.4
41.1
40. 6
39.6
40.2
39.1
39. 8
39. 6
38. 0

40. 9
3. 4
40. 8
40. 1
39. 0
41. 4
41. 0
41. 0
41. 2
40 2
42. 4
40 8
38 7

40.9
3.4
41.1
39. 8
38.6
41.4
41.2
41.0
41.2
40.1
42. 5
40. 5
38.5

40.9
3.3
40.9
40.6
38.6
41.0
41.2
41.0
41.5
40.1
42. 0
40.8
38.8

40.8
3.1
40.7
40.2
38. 5
41.1
40.9
41.0
41.4
40.1
41.9
40. 4
38. 5

40.2
3.0
40.1
39.8
38.0
40.9
40. 3
40.6
40.8
39.7
41.1
39. 9
38.2

40.5
3.0
40.6
40. 3
38.4
41.4
40.2
40.4
41.2
40. 0
41.2
40.3
38.7

40.8
3.2
40. 6
40.3
38.6
41.2
40. 3
40.8
41.5
40.3
42.0
40.4
39. 0

40.5
3.3
41.0
40.3
38.6
41.2
40.1
40.5
41.2
40.2
41.1
40.7
38.9

40.0
3.4
40.5
39. 9
37.0
39. 9
40.0
39. 9
40.6
39.4
41.4
39.8
38.2

40.8
3.3
40. 0
40.5
38.1
41.4
40. 0
40.8
41.3
40. 0
41.4
40.8
39.5

41. 0
3. 4
40. 0
40. 1
38. (>
41. 4
41. 1
41. 0
41
40.3
42 8
40 4
39. 3

Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
1
Apparel and other textile products

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

38.8
40! 3
38.0
39. 2
35.1

39.3
3.0
40. 3
37.8
40.1
35.6

38.9
2.8
40.1
38.6
39. 3
34.9

39
3
40
38
40
36

5
1
2
6
6
0

39.3
2.9
40.1
3S.3
40. 3
35.8

39.1
2.9
40. 0
3.5. 0
40.2
3.5. 5

38.9
2.8
40. 1
36.8
39. 3
3.5. 2

39.0
2.9
40.2
37.1
39. 0
34.9

39.1
2.8
40. 3
37. 5
39.4
35.0

39.2
3.0
40.4
36. 9
39.8
35.1

39.3
3.1
40.1
37.5
40.1
35.3

38.7
3.0
39. 5
36.1
39.7
34.2

39. 0
3.2
40.3
39. 4
40.5
35.7

39. 5
'3.1
r 4(). 2
r 38. 4
' 40. 8
35. 0

Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products

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

41.6
37.0
40.9
41.6
39.7
37.4

42.4
37.5
41.6
42.2
40.7
37.3

42.1
37.2
41.7
42.2
39. 6
37.7

42
37
41
42
40
38

8
6
6
2
7
2

42.4
37. 5
41.5
42.0
40. 3
37. 0

42.3
37.7
41.4
42.2
40. 3
37. 0

42.1
37. 5
41.3
42.3
40.0
36.7

42 2
37*. 4
41.9
42.2
40. 5
36. 5

42.1
37.5
41.6
42.0
41.1
36.4

42.4
37.6
41.7
41.9
41.2
30. 4

42.6
37.7
41.7
42.5
41.5
36.5

41.9
37.4
41.6
42. 3
40. 9
35.3

42.7
37. 9
41. 7
42. 5
41.4
30. 7

' 42.8
37.7

' 43. 3
'-37.7
41.8
- 43. 0 | ' 42. 7
Ml. 2
' 41.2
r 30. 4
37.1

43.0
37.7
41.5
42.1
41.4
30. 0

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

39.6
33.8
38.6
32.4
36.5
33.8

39.9
33.6
38.8
32.1
36.6
33.5

39.8
33.9
38. 9
32. 5
36.6
33. 5

39. 7
33. 7
38.8
32.2
36.8
33.6

39. 8
33.5
38. 8
31. 9
36.6
33.4

39. 8
33. 6
39. 1
32. 0
36.6
33. 4

40.0
33.6
38. 9
32. 0
36.8
33. 5

39. 9
33. 6
38.8
32.1
36.7
33.5

39.8
33. 5
38. 7
32. 0
36. 7
33.6

40.2
33.4
38.7
31.9
30.7
33.5

40.5
33.6
38.6
32.2
36.7
33.5

39.8
33. 2
38. 7
31.6
36.8
33.5

40. 5
33. 4
39.1
31.8
30. 0
33.0

M0. 3
33.5
38. 9
31. 9

40.4
33.5
38.7
32.0
30.8
33. 5

151. 39 U0 .81
122.08 121. 82
1.72
1.74
7.04
6.93
38. 97
39.31
9.33
9.35
31.26
31.02
8.16
8.21
25. 32
25. 51
27.99
29.31

151.49
122.23
1.71
6.96
39. 59
9.30
31.04
8.19
25. 45
29.26

151. 08 151. 74
121.84 122.13
1.71
1.75
6.97
6. 92
39. 50 39. 36
9.28
9. 33
30. 83 31. 09
8.19
8.21
25. 38 25. 47
29.24
29. 62

1.51.71
122.19
1.61
6.85
39. 33
9. 36
31. 09
8.25
2.5. 70
29. 52

152. 08
122.54
1.80
6.66
39. 36
9.40
31.27
8.28
25. 78
29. 54

152. 70
122.62
1.80
6.95
39.18
9. 33
31. 15
8. 32
25. 89
30.08

152. 62
123.22
1.81
7.04
39. 59
9. 45
31.06
8. 36
25. 91
29. 40

111.9
96.3
127.0
103.6
94.0
92.
95.8
122.1
102.4
118.9
114.3
120.6
126.9
135.8

111.5
95.6
125. 9
105. 0
93.0
90.9
96. 0
122. 6
102.4
119.8
114.3
121.8
120. 1
134. 0

112.0
97.2
124.7
104.0
95.1
94.0
96. 0
122. 3
101. 9
118.9
114.3
120. 0
126. 3
135.3

111.6
90.8
125. 0
104.0
94. 6
93.8
95. 8
121.8
101. 0
118.1
114.1
119. 0
12(i. 3
135.0

111.8
96. 5
127.7
103.7
94.2
93.5
95. 2
122. 5
102.1
118. 9
115. 3
120.3
126. 0
135.4

111.
95.
115. 6
102. 5
93. 9
93.6
94.2
123.0
102. 5
119.0
114.7
120. 0
127.3
136.6

112.2
95. 9
131.7
99.4
94.0
93.2
95. 2
123. 6
102. 9
119.7
114.9
121. 0
127.7
137.2

112.2
96. 0
131.1
104.2
93.2
92.0
95. 0
123.5
102.0
119. 3
114.8
121.0
128.3
137.6

112.8
97.2
132.6
105.7
94.5
93.8
95. 4
123. 5
103.2
118. 9
114.8
120.4
129. 1
137.7

4.87
6.42
7.68
5.19
5.00
5.55
5.34
5.
4.71
3.98
5.29
6.80
5.43
5.76
4.91
6.54
4.87
4.01

4.78
6.33
7.50
5.07
4.92
5.41
5.26
5.59
4.52
3.91
5.20
6.77
5.27
5.62
4.76
6.31
4.77
3.95

4.83
6.35
7.61
5.12
4.93
5.49
5. 28
5.64
4.61
3.93
5.26
6. 73
5.40
5.69
4.82
6.48
4.81
3.99

4.85
6.32
7.60
5.15
4.96
5.53
5.31
5.64
4.76
3.96
5.30
6.77
5.44
5.72
4.84
6.52
4.83
3.99

4.86
6.39
7.68
5.20
5.00
5.55
5.35
5.75
4.81
3.97
5.33
6.83
5.42
5.75
4.90
6.50
4.88
4.02

4.89
6.29
7.71
5.21
5.02
5.58
5.37
5.77
4.83
4.01
5.36
6.92
5.46
5.79
4. 95
6.52
4.90
4.00

4.96
6.60
7.81
5. 31
5.09
5.66
5. 43
5. 85
4.87
4.05
5.43
6.95
5. 54
5.86
5.02
6.67
4. 93
4.02

4.98
6.56
7.85
5.28
5.08
5. 62
5.40
5.8.)
4.87
4.06
5. 43
6.90
5.49
5.83
5. 03
6. 58
4. 95
4.06

5.00
6. 02
7.86
5.34
5.14
5. 08
5. 46
5.98
4.80
4.07
5.45
0.94
5.53
5.91
5.07

Trans., comm., elec, gas, etc
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Services

36.1
42. 3
36.6
39.4

36.2
42.8
37.1
40.0

36.
36.
42.
37.
40.
40.
3.

3
1
4
1
2
3
3

36.1
36.4
42.2
37.3
40. 4
40.2
3.2

36.1
36.6
42.6
36.9
40.0
40.1
3.1

36.1
36.6
41.2
36. 8
40. 0
40.0
3.0

36.0
36.2
43.5
35.9
40.1
39.7
3.0

36.1
36.2
43.3
37.3
40.0
39.9
2.9

36.2
36.1
43.3
37.4
40.3
40.1
3.1

36.2
36.4
43.7
37.3
40.6
40.0
3.2

35.8
35.4
42.9
35.4
39.0
39.5
3.2

30.3
35.9
43. 0
37.8
39.9
40.3
3.3

30.3
30. 0
44. 4
37. 1
40. 2
40. 4
3. 3

30. 2
35. 9
'44. 4
' 37. 2
40. 0
40. 2
3. 4

36.3
36.1
43.5
37.2
40.3
40.4
3.4

40. 8
3. 0
41. 1
' 40. 0
38.3
41. 7
'41 4
'40 7
r 41 4
40.0
r 41 9
r 40 0
••38 8

41.1
3.7
40.5
39.8
38.5
41.9
41.7
41.0
41.7
40.2
42.8
40.3
39.0

' 39. 5
3.2
40.1
'38.3
' 40. 5
35.1

39.4
3.1
39.9
38.1
40.3
35.0

'41.8 i

' 33. 5

40.2
33. 5
38. 9
31. 9
r 30. 7
33.5

AGGREGATE E M P L O Y E E - H O U R S
Seasonally Adjusted
Employee-hours, wage & salary workers in nonagric. establish., for 1 week in the month, seasonally adjusted at annual ratej
..bil. hours..
Total private sector
do
Mining
do
Contract construction
do
Manufacturing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Finance, insurance, and real estate
do
Services
do
Government
do
Indexes of employee-hours (aggregate weekly):* f
Private nonagric. payrolls, total
1967 = 100..
Goods-producing.'
do
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
do
Nondurable goods
do
Service-producing
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do
Finance, insurarc:*, and real estate
do
Services
do

146.

117.
1.
6.
37.

107. c
91.1
119.."
100. f
yo.
118.
101.
114.
111.
11.5.
123.
130.

153. 6: 152.15
123. 8< 122.96
1.84
1.82
6.56
6. 99
39. 56
39. 42
9. 42
9. 59
31.40
31.14
8.40
8.46
26. 02
26.15
29. 81
29.19

154. 92 155. 51 • 155.84 150. 44
124. 96 125. 89 120.18
126. 05
r
1.87
M.00
1.92
1. 94
r
r
7.44
7.10
7. 42
7. 25
40.79
40. 00 r 40. 48 r 10. 55
r
r
9. 59
9. 62
9. 57
9. 55
31.83
31. 52 r 31. 70
31. 77
r
r
8.57
8. 50
8. 51
8. 43
20. 48
20. 33 r 20. 39 ' 20. 43
29.79
29.90 r 29. 02 r 29.00

113.3
96. 9
134.0
104.3
94. 4
93. 6
95.5
124.6
105.0
120.0
114.8
122. 0
129. 8
138.4

95. 2
130.7
96.4
93.8
93.2
94.7
124.1
102. 7
119.1
115.4
120.4
130.6
138.8

114.2
98. 3
134. 0
105. 9
95.7
94.8
97.1
125. 3
104.4
120.7
117.0
• 122. 1
130.2
139. 7

5.07
6.76
7.96
5.46
5.25
5.81
5.59
6.06
4.95
4.15
5.50
7.03
5.58
6.01
5.16
6.95
5.10
4.24

5.09
0. 70
7. 88
5.43
5.24
5.79
5.57
0. 00
4.91
4.10
5.54
7.00
5.57
0.02
5.17
0.87
5.10
4.25

112.3

11.1.2
115. 4
• ioo. o ' 100. 5
• 141. 5 ' 141. 7
• 108.1 '111.4
r
r
97.1
97. 2
>• 9 0 . 8 r 90. 5
98.2
97. 0
• 125. 8 r 125. 8
104. 0
- 104.2
• 121. 5 121. 5
• 110.9 '117.2
- 123. 2 r 123.1
- 131.1 ' 131.2
• 140. 0 " 140. 0

116.0
101.4
138. 6
111.9
98.2
98.1
98.4
120.1
104.8
121.8
110. 7
123.7
132. 0
140.1

HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker:*;
Not seasonally adjusted:
Private nonagrie. payrolls..
dollars..
Mining
do
Contract construction
do
Manufacturing
do
Excluding overtime
do
Durable goods
do
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
do
Fabricated metal products
do
Machinery, except electrical
do
Electrical equipment and supplies.do
Transportation equipment
..do
Instruments and related products..do
Miscellaneous manufacturing ind...do
r

4.54
5.90
7.25
4.81
4.66
5.14
4.98
5.23
4. 28
3.75
4.89
6.17
5.04
5.36
4.58
6.o:

4.56
3.79

Pevised.
v Preliminary.
1; Production and nonsupervisory workers.
t See corresponding note, p. S-14.




('). 0 9

4. 99
4.08

5.11
'), 78
87
48
5, 27
84
01
12
4. 89
19
•").

••).

r

) .

• ) ,

i1
'
'
'
'
'
'
'

5. 57
7.13
5. 05
0. 04
5. 18
0. 99
5. 10

M . 27 i

5.15
0.82
0. 82
r 7.87
7_ 87
5.
52
5. 52
5.
31
5. 'M
5.
88
5. 88
5.
05
5. 05
0.14
0. 14
4.
92
' 4 . 92
' 44.
. 21
21
5. 00
7.22
5. 07
('). Ofi

T

• 19
..80

0.99
5.10
4.27

§NOTE FOR P. S-10—Effective with the May 1977 SURVEY, the indexes have been slightly
revised (and reflect an improvement in the processing system and corrections to the data file)
back to 1904.

SURVEY OF CURRENT BUSINESS

S-16

June 1977

1976

1975
1976
Unless otherwise stated in footnotes below, data
through 1974 and descnn'ive notes are as shown
In the 1975 edition of BUSINESS STATISTICS j
Annual

Apr.

May

June

July

1977

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.? May

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS—Con.
Avg. hourly earnings per worker, private nonagric.
payrolls. Not seas, adj. 1 —Continued
Manufacturing—Continued
Nondurable goods
dollars
Excluding overtime
- - ....do....
....do....
Food and kindred products
. do
Tobacco manufactures
....do--,.
Textile mill products
do
Apparel and other textile prod
do
Paper and allied products
do
Printing and publishing
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nee-do
Leather and leather products. . . .do
do
Transportation comm e fM\ LT1S
- do
Wholesale and retail trade
---.do....
Wholesale trade
....do....
Retail trade
Finance insurance and real estate
do .
._..do....
Services
Seasonally adjusted: f
do
Private nonacrrieiilturn 1 navrolls
-.-.do....
Mining
....do....
Contract construction
. . .
. do
Manufacturing
do
Transportation comm e PC (roc
do
Wholesale and retail trade
do .
Finance insurance and real estate
. . do....
Services
Indexes of avg. hourly earnings, seas, adj.: 0 «[ t
Private nonfarm economy:
Current dollars
1967 = 100
do
1967 dollarsA
do
Mining
do
Contract construction
do
Manufacturing
. . do
Transportation comm. elec, gas
....do....
Wholesale and retail trade
do
Finance insurance and real estate
do
Services
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E NR):c?
Common labor
$ ner hr
__ d o . . . .
Skilled labor
Farm (U.S.) wage rates, hired workers, by
method of pay:
All workers, including piece-rale
$ ner hr_.
All workers, other lhan piece-rate
_..-do.--do
Workers paid per hour, casl wages or lv._do-._.
do
Railroad wages (average, das s I)
Avg. weekly earnings per worke \ ''private nonfarm :f
Current dollars, seasonally acljusted. .
1967 dollars, seasonally ad jus edA _._
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally ad justed A -Current dollars, not seasonally adjusted:
Private nonfarm, total
dollars.Mining
do
Cont ract const met ion
do
Manufacturing
do
Durable goods
do
Nondurable goods
do
Transportation, comm., elec, gas
do
Wholesale and retail trade
do...
Wholesale trade
do.-_
Retail trade
do...
Finance, insurance, and real estate
do...
Services
do

4.59
4.44
4.88
5.12
3.52
3.37
5.26
5.60
5.77
7.12
4.50
3.41
6.35
3.91
5.10
3.50
4.34
4.30

4.59
4.42
4.90
5.13
3.57
3.38
5.31
5.66
5.79
7.11
4.36
3.42
6.39
3.95
5.15
3.52
4.36
4.34

4.62
4.45
4.92
5.23
3.59
3.40
5.39
5.65
5.84
7.11
4.38
3.43
6.42
3.95
5.14
3.53
4.34
4.34

4.69
4.52
4.96
5.00
3.71
3.39
5.47
5.67
5.92
7.13
4.40
3.41
6.46
3.96
5.17
3.54
4.36
4.32

4.70
4.53
4.98
4.62
3.75
3.42
5.50
5.71
5.93
7.13
4.40
3.45
6.56
3.98
5.21
3.55
4.40
4.32

4.80
4.61
5.02
4.65
3.78
3.49
5.58
5.79
6.04
7.22
4.85
3.48
6.61
4.04
5.26
3.61
4.39
4.42

4.80
4.62
5.04
4.69
3.79
3.49
5.57
5.77
6.04
7.20
4.86
3.47
6.63
4.06
5. 28
3.63
4.41
4.44

4.84
4.67
5.09
4.87
3.81
3.50
5.62
5.82
6.09
7.26
4. 94
3.50
6.65
4.08
5.31
3.65
4.40
4.49

4.90
4.71
5.16
5.04
3.83
3.52
5.66
5.86
6.14
7.29
5.01
3.53
6.65
4.07
5.34
3.65
4.43
4.52

4.95
4.77
5.22
5.16
3.83
3.57
5.69
5.92
6.18
7.40
5.07
3.57
6.70
4.17
5.41
3.73
4.52
4.60

4.93
4.75
5.22
5.37
3.84
3.55
5.69
5.93
6.18
7.63
5.03
3.60
6.74
4.20
5.40
3.76
4.52
4.61

' 4. 95
'4.77
' 5. 22
' 5. 36
3. 85
' 3. 57
' 5. 72
' 5. 97
'6.21
'7.68
' 5. 03
'3.61
'6.71
4.20
5. 41
3.76
' 4. 51
4.62

' 4. 99
4.81

4 54
5.90
7.25
4.81
5 92
3. 75
4.13
4.06

4.68
4.51
4.96
4.91
3.67
3.41
5.43
5 69
5.89
7.14
4.62
3.44
6 46
3.97
5.18
3.55
4 36
4.36
4.87
6.42
7.68
5.19
6.46
3.97
4.36
4.36

4.79
6.32
7.57
5.08
6.38
3.91
4.33
4.30

4.84
6.36
7.66
5.13
6.44
3.94
4.36
4.34

4.85
6.33
7.68
5.16
6.47
3.95
4.34
4.36

4.88
6.44
7 77
5.21
6.48
3. 98
4.37
4.35

4.91
6.34
7.74
5.25
6.52
4.00
4.43
4.39

4.92
6.60
7.71
5.29
6.54
4.03
4.39
4.39

4 95
6.62
7.76
5 29
6 58
4 05
4 43
4 43

5.00
6.62
7.81
5.34
6 62
4.08
4.42
4.48

5.02
6.67
7. 82
5.38
6.64
4.11
4.43
4.50

5.07
6.67
7.94
5.43
6.69
4.15
4.51
4.58

5.09
6.72
7.88
5.43
6.74
4.18
4.48
4.58

5.12
'6.78
' 7. 90
' 5. 49
' 6. 75
4.19
' 4. 50
4.61

' 5.17
'6.81
' 7. 94
5. 53
6.81
4.22
' 4. 53
4.64

172.5
106.9
182.8
175. 4
171. 6
181.8
168. 0
161.5
175. 2

185.0
108. 5
199. 2
185. 6
184.7
198. 0
178.6
170.6
188.4

182.4
183. 6
108.3
108. 3
19". 7
197. 0
183.3
185. 2
181.9
182.5
195. 7
198.1
176. 0
177.2
169.1 ' 170. 4
185. 9
187. 4

184.3
108.3
196. 9
185. 8
183. (i
199. 0
177. 5
169. 2
188.3

186. 8 ' 187. 4
185. 6
188 4 ' 189 6
108. 7
108. 5
108.7
109. 3
108 9
203. 8
199.1 r 202. 2
205. 0
205 5
180. 4
188. 0 ' 187. 0
189 2
188.1
185. 4
186. 7
189. 8
188 4
201. o
199. 9
200. 9
203. 7
202 4
180. 8
178.8
179. 8
183. 4
182 1
172. 0 r 173 4
170. 8
173.1
173 1
190. 0
188. 3
189. 8
193. 0
191. 3

8.30
11.01

8.93
11.85

8.63
11.52

9.03
11.91

9.06
12.05

2.43
2. 38

2.66
2.61
2.81
2.65

2.66
2.63
2.81
2.64

163.89
101.67

176. 29
103. 40

172. 92
102. 68

175.69
103. 65

175.09
102. 87

176.17
103. 02

177. 25
103.17

177.12
102. 74

178.70
103. 29

181.00
104. 32

145.93
90. 53

156. 50
91.79

153. 93
91.41

156. 05
92. 06

155. 60
91.42

156. 41
91.47

157.-22
91. 51

157.13
91.14

158. 31
91. 51

163.89
249.57
265.35
189. 51
205.09
168. 78
234. 43
126.75
188.75
108. 22
150.75
137.23

176. 29
274. 78
284. 93
207. 60
225.33
183. 92
257. 75
133. 39
200. 9 i
113.96
159. 58
146.06

171.12
267.76
278.25
198. 74
214. 24
176.72
251.46
130. 99
196.86
112.35
158.84
143.19

174. 36
269.88
283.09
205.82
224. 54
180. 85
252.41
132. 33
199.82
112.29
160.01
144.96

176.54
270. 50
288. 04
208. 06
227. 28
182.03
256. 80
133.51
199. 95
114.02
158. 84
145.82

177.88
272.85
291. 07
208.00
224. 78
183.85
259.69
136. 62
203.18
116.82
160. 01
146. 88

178.97
259.15
292.21
208. 40
225. 99
184.24
265. 02
136.51
203.19
117.15
162. 36
146.88

179.55
289.08
287.41
212.93
229. 80
189. 12
265.06
135. 74
204.61
115.88
160.67
148.07

80

95

91

94

96

98

97

94

4.35
4.20
4.57
4.51
3.40
3.19
4. 99
5.36
5.37
6.42
4.35
3.23
5. 92
3.75
4.89
3.34
4.13
4.06

2.45
6.389

8.77
11.69

9.08
12.08

9.13
12.15

9.17
12.16

9.19
12.16

'.")'. 56
3.87
3. 57
' 5. 79
' 5. 99
'6.26
' 7.74
' "). 06
'3.61
6.78
' 4. 23
"). 48
'3.78
' 4. 54
4.64

1967-100

LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees.
New hires. - _
_ _. __ __ . _.do__
do__.
Separation rate, total
~_
do
Quit
do
Layoff
Seasonally adjusted:!
do.__
do._.
New hires _
_____
do.__
Separation rate, total
do
Quit
Layoff
do—

0. 20
6.81
7.93
"). 58
6. 85
4.23
4. 58
4.67

190.0 r 192. 6
193.2
195.3 ' 196. 2
194.1
108.6
109.4 ' 109. 6 ' 108. 9
108.8
212.1
200. 8
207.8 ' 210. 1 ' 2 1 0 . 4 ' 2 1 2 . 1
190. 8
192. 6 ' 192 2
191. 6
189. 5
192. 4
193. 3
195. 4
194. 3
196. 9
191. 0
192. 3
206.2 ' 206. 6 ' 208. 6
209.1
203.1
205. 1
187.6
189. 8
190. 4
188. 5
184. ti
186.4
176.4 ! 179.3
175. 9
172. 9
176.5 r 175.6
198. 7 ' 199. 7 ; 200.8
194. G
197. 7 r 197. 6
9.20
12.21

9.20
12.21

9.22
12.25

9.24
12.25

9.24 .
9.24
12.27 ! 12.27

2.96
2.90
3.12
2.86

2.82

181.72
104. 32

181.51
103. 37

184.77 ' 185.86 ' 187.1.1
104.21 ' 104.18 104. 09

188.76
104. 34

160. 58
92.18
182. 73
293.23
289.98
220. 05
238. 71
194.53
269.33
137. 97
208. 26
118.63
162.58
150. 97

160. 42
91.36
179.48
286. 62
269. 84
212.94
229. 50
189.59
264. 65
136. 78
208.29
116.00
166. 34
153.18

162.87 ' 163.69 ' 16-1.66
91.86 ' 91. 75
91. 58

165.87
91. 6!)

180. 28
287.33
299.87
211.20
228. 17
188. 16
265.20
135. 20
204. 34
115.43
161.85
148. 74

160. 04
92. 24
180. 50
288. 63
28D. 25
215. 20
232. 31
190. 70
267. 33
135. 46
205. 50
115.34
161.04
149. 97

182.73
292.71
288.41
21(5.(50
233.92
192.76
270.95
138.60
209.52
117.69
165.88
153.97

' 183.96
' 2U6.29
' 289.62
r 220.30
' 238.27
' 194.54
'267.73
' 139.02
209. 37
118.06
' 165.07
' 153.85

96

99

105

105

106

108

109

2.2
1.3
3.5
1.0

3.7
2. 2

3.7
2.1

'40
'2.6

3.8
2.7

1.4

1.8

« 1.7
4.0
27
3.9
1.8
1.3

1.3
1.4

1.6
1.0

1.7
.9

4.6
2.9
4.1
1.9
1.4

'4.3
'3.0
' 3.7
1.9
1.0

4.1
3.0
3.8
1.9
1.0

2.53
2.48
2 65
2 52

2.80
2.75
2 94
2.81

3! 00
2.84

6 859

' 184.8!) 187.36
T
299.40 296.48
' 290.40 293.92
220. 80 224. Al
239.32 244. %
' 195.11 196. 00
271.20 273.36
r
140.01 : 140.77
211.53 213.24
r 119.07 120.1-1
!' 166.62 168. 09
154.51 155.51

HELP-WANTED ADVERTISING
Sflnsnrmllv nrlinsfprl indpx

">. 0 0

4.81
"). 30
5. 53
3. 8/
3.57
5. 81
6.03
6. 29
7.71
5. 04
3.62
6.80
4.24
5.51
3.79
4.58
4.67

I

1
3.7
2.0
4.2
1.4
21

3.9
2.6
3.8
1.7
1.3

3.9
2.5

4.2
2.8
4.3
1.8
1.6

5.1
3.5
4. 9
2.8
1.1

4.4
3.2

3.5
2.5

3.0
1.9

I:"

1.7
1.5

1.2
1.5

3.8

3.8

3.9
1.8
1.3

3. 9
1.7
1.4

3.8
2. o
4.0
1.7 I
1.4 !

3.6
2.4
4.1
1.6
L7

3.5
2.3
4.0
1.5
1.6

3.8
2.4
3.6
1.5
1.3

1.6
LI

4.4
3.0
3.4
1.7
.9

4.8
3.6
3.5
1.8
.9

4.1
2.8
3.8
1.8
1.2

4.0
2.7
3.8
1.7
1.3

;

1.3

!
i

4.0
2.5
3.6
1.7
1.1

WORK STOPPAGES O
Industrial disputes:
Number of stoppages:
615
391
314
251
351
400
537
525
523 1 508
583
571
577
5,031
5,600
Beginning in <rmonth or year
_- _ number
850
600
466
518
549
790
778
931
836 '
do
847 1
In elTcct durin month
629
977 !
787
Workers involved in stoppages:
202
'222 !
262
89
109
158
161
373
312
123
464
164
240
1,746
2,500
Beginning in month or year
- ___thous.r
308
340
260
158
176
430
421
607 1 407 i
486 !
521
421
344 •
do
1,356 ' 2,094 i 3,045
3, 228
1,770
i,ieo
31, 237
3,148 1 3,706 4,488 ! 5,219 ' 3,824 1 4,566 i 4, 138
Days idle during month or vear
... . do .
38,000
1977 SURVEY (see f. p. S-14). Seas, adjusted total accession and total separation rates in manu' Revised.
P Preliminary.
1 Production and nonsupervisory workers.
0 The
facturing reflect a now seas, adjustment method: These levels are the sum of their seas, adindexes • xclude effects of changes in the proportion of workers in high-wage and low-wage
justed components (total rates were revised back to 1951 and 1930).
cfWages as of June 1,
industries, and the manufacturing index also excludes effects of fluctuations in overtime
1977: Common. $9.37; skilled, $12.4',).
O Revisions for 1975 are in the July 1976 SURVEY.
premiums; soc note " § , " p. S-15.
AEarnings in 1967 dollars reflect changes in purchasing
a Does not reflect those layoffs of less than 7 consecutive days caused by cold weather or
power since 1907 by dividing by Consumer Price Index; effective Feb. 1977 SURVEY, data
energy supplies.
reflect new seas, factors for the CPI.
tEffective with the Dec. 1976 SURVEY, seas, adjusted
hourly and weekly earnings were revised back to 19G4; subsequent revisions appear in Feb.




SURVEY OF CURRENT BUSINESS

June 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descript've notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1976

1976

Annual

S-17

Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

3,506

May

LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
U N E M P L O Y M E N T INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
4,943
weekly §9
tbous..
State programs (excl. extended duration prcv.):
Initial claims
thous.. 24,863
Insured unemployment, avg. weekly.._do
Percent of covered employment: A
6.0
Unadjusted
Seasonally adjusted
3,371
Beneficiaries, average weekly
thous...
Benefits paid §
mil. $_. 11,754.7
Federal employees, insured unemployment,
average weekly
thous..
45
Veterans' program (UCX):
Initial claims
do
413
Insured unemployment, avg. weekly..do
100
Beneficiaries, average weekly
do
101
Benefits paid
mil. $_.
528. 5
Railroad program:
Applications
thous..
153
Insured unemployment, avg. weekly..do
27
Benefits paid
mil. $_.
89.5

3,822

3,917

3,564

3,457

3,642

3,446

3,235

3,217

3,453

3,884

4,442

4,448

3, 972

20,065
2,991

1,429
3,023

1,283
2,724

1,603
2,642

1,868
2,831

1,473
2,646

1,399
2,455

1,513
2,466

1,767
2,694

2,252
3,103

2,552
3,638

2,000
P3, 647

1,483
3,173

4.6

2,450
8, 974. 5

4.6
4.2
2,642
860.5

4.2
4.3
2,243
691.3

4.0
4.5
2,233
715.2

4.3
4.7
2,215
703.0

4.0
4.8
2,185
695.8

3.7
5.0
1,983
633.7

3.7
5.0
1,912
590.6

4.1
4.8
2,046
666.7

4.7
4.4
2,368
819. 0

5.5
4.2
r 2,975
p 955.3

50

47

43

45

51

51

50

50

52

55

60

59

57

401
98

27
87
87
28.4

37
86
88
30.7

38
93
89
31.1

37
95
93
32.8

37
93
90
32.2

34
92
88
30.1

33
96
90
32.4

35
101
96
36.0

33
103
104
35.6

29

31

98
"402.8

28
93
97
33.2

115
27
134.8

5
29
11.8

3
23
9.4

18
21
9.4

21
22
7.0

14
23
'9.5

22
9.2

7
22

9
24
9.5

6
23
10.1

5.5
4.8
4.2
3.8
' 3,106
2,897
' 975. 6 1,038. 5

P101

95

4.1
3.7

50
87

'99
32.5

97
36.9

29
11.0

30
10.9

5
28
13.5

3
21
9.1

FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil. $_
Commercial and financial co. paper, total
do
Financial conipanics
do
Dealer placed
do
Directly placed
do
Nonlinancial companies
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adiu.:
Total, end of period
mil. $_.
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted".
Total (233 S M S A ' s ) 0 .
bil. $_
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do
f> other leading SMSA's 1
do
220 other SMSA's
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil. $_

Deposits, total
Member-bank reserve balances
Federal Reserve notes in circulation

do

22,523
52,011
39,680
7,294
32,386
12,331

19,559
49,572
37,389
6,246
31,143
12,183

19,681
50, 537
38, 309
6,443
31,866
12, 228

19,783
50,011
37,273
6,075
31,198
12,738

19,554
51,138
38, 700
6,187
32,513
12,438

19,383
50,063
37,743
6,243
31,500
12,320

19,599
49,814
37, 785
6,347
31, 438
12,029

20,312
51,334
38,518
6,674
31,844
12,816

20,678
53,080
39,768
7,113
32,655
13,312

22,523
52,011
39,680
7,294
32,386
12,331

22,362
53,905
40,100
7,347
32,753
13,805

22,187
54,432
39,683
7,291
32,392
14,749

22, 694
54,671
40,980
7,271
33,709
13, 691

22,544
56, 333
41,613
7,325
34,288
14, 720

31,741

36,740

33,980

34,377

34,881

35,303

35,566

35,868

36, 290

36,387

36,740

37,507

38,199

39,141

39,581

17,979
4,413
12,489

18,202
4,420
12,681

18,390
4,360
12,816

19,127
4,931
12,682

19,298
5,596
12,612

19,530
5,924
12, 745

19,944
6,140
13,057

20,242
5,924
13,416

16,564
3, 979
11,198

19,127
4,931
12,682

17,514
4,590
11,876

17,731
4,470
12,175

18,570
4,467
12,841

25,792.8 25,490.9 26.625.6 27,102.3 27,867.4 27,241.6
12,482.8 12,179. 0 12,844.3 13,354. 2 13,221.1 12,727.9

18,741
4,872
12,677

18,918
4, 997
12,472

27,396.0 28,049.0 28.911.0
13,522.0 13,495.5 13,835.0

L3,310.0 13,311.9 13,781.313.748.1 14,646.3 14,513.7 13,874.0 14,553.5 15,076.1
' —
- 5,561.2 5,497.7 5,935.8 5, 857.3 5, 447. 9 5,693. 2 5,917.1
5,302.4| 5,327.1
8,007.7 7,984.7 8,220.1 8,250.4 8,710.5 8,656.4 8,426.1 8,860.4 9,159.0

123,997

Reserve bank credit outstanding, total 9 ..do
Time loans
_I_do
U.S. Government securities
do
Gold certificate account
(jo
Liabilities, total 9

18,727
47,690
37,515
6,239
31,276
10,175

133,540

126,528

1

130,087

124,372

132,189 124,997 129,202

132,397

130,076

126,844

133,540

125,517 127,056 129,044 '135,084

107,664
322
96,427
11,598

105,069
44
95,839
11,598

101,380
40
91,660
11,598

107,718
25
97,021
11,598

103,644 105,622 106,609 '111,163 107,961
398
'379
47
271
24
94,134 95,837 95, 987 99,967 97, 394
11,658 11,651 11, 636 11,636 11,629

124,997 129,202

132,397

130,076

126,844

133,540

125,517 127,056 129,044 '135,084 130, 087

99,149 107,718
211
25
87, 934 97,021
11,599
11,598

101,643
31
91,814
11,599

100,124
397
90,612
11,598

106,446 100,441 103,805
48
64
314
94,446 90,673 94,030
11,598
11,598
11,598

123, 997 133,540

126,528

124,372

132,189

do
do
do

29,288.1 '30,145.4 30,421.7 '30,585.5'32,024.0
14.411.8 14,898. 0 14,
; 612.114,988.9^5,739.7
14,876.3 15,247.4 '15,809.6 •15,596.5'16,284.2
5,864.3 5,887.1 6,155. 7 6,055.5 6,420.4
9,012.0 '9,360.2 '9,653.9 '9,541.1

34, 780
26, 052
78, 770

38,016
25,158
85,590

38,013
27,140
78,631

34,968
26,457
79,539

40,628
27,460
80,536

34,358
24,371
81,034

36,793
24,782
81,275

40,933
26, 220
81,520

38,014
26,461
82,072

31, 332
23, 239
84,281

38, 016
25,158
85,590

35,833
23,411
81,198

36,313
22,916
81,709

35, 950 40, 297 35,093
27, 814 25, 773 27,988
83, 257 83, 757 85,333

i 34,989
34,727

35,136
34,964
172
62
122

34,063
33,974
89
44
56

34,228
33,846

33,774
33,657
117
120
17

34,146
34,076
70
123
-29

34,141
33,844
297
104
221

33,979
33,692
287
75
243

34, 305
34,116
189
66
155

34,797
34.433
364
84
301

35,136
34,964
172
62
122

36, 290
35,796
494
61
441

34,199
34,234
-35
79
-102

34,135 34,613
33, 870 34,602
'11
265
73
110
r -48
••168

112,773
Demand, total 9
do
184,174 181,528
Individuals, partnerships, and corp.'II'do
132,245 130,575
State and local governments
do
6, 967
6,041
U.S. Government
do
1,386
1,620
Domestic commercial banks._~___~_"~do~"." 29,322
27,383
Time, total 9
do
227,729 231,416
Individuals, partnerships, and corp":
Savings
_
_ _ do
68,445 89,473
Other time
do""" 115,961 107,545

104,694

All member banks of Federal Reserve System,
averages of daily figures:
~p Reserves held, total
_
mil $
Required
_
do
Excess
d 0 "-"
Borrowings from Federal Reserve banks
do
Free reserves
do

1

1262
i 127
i 148

Large comnu'rcinl banks reporting to Federal Reserve System. Wed. nenrcst end of vr. or mo •
Deposits:
Demand, adjustedcf
mil. $__ 112,124

LoansCadjusted), totald"
do
285,499 291,495
C mmercial and industrial...
do
120,661 116,480
For purchasing or carrying securities'II'ldo"""
8, 933 12,327
To nonbank financial institutions
do
27,180
24,540
Real estate loans
do
59, 530 63,409
Other loans
I~~do~~~~ 87, 404 96,816
Investments, total
U.S. Government securities" total
Notes and bonds... .
Other securities
IIIII_II~I

do
do
do
do

100, 345 111,452
40,178
50,076
26,464 36,825
60,167
61,376

121
272

105,183

108,682 104,797 105,587

103,331 106,173

110,999

112,773

162,903 170,817
118,226 124,301
6,004
5.983
1,170
2,514
24,883
22,039

178,773 161,504 166, 689
126,591 117,802 120,365
5,635
6,346
6,839
1,865
1,127
2,637
27,372 22,560 24, 617

165,960 178,639
119,089 126,323
6,336
5,620
2,676
2,668
24,011
28,789

183,073
130,287
6,597
1,385

181,528
130,575
6,041
1,620

221,601 222,692

225,169 223,252 221,423

223,690
224,828
86,851
105^244

79,921
105,279

79,821 80,220 80,937
108,533 106,398 105,378

82,090
84,9C7
106,373 103^456

275,499 280,630
112,615
113,308
10,024
8,679
26,142
25,757
61,296
60,717
84,352

280,017 276,457 279,363
112,903 111,256 111.137
9,443 11,060
9,875
29, 995 25,979 24, 203
61,429 61,767 62,055
88, 650 84,437 90, 359

280,230
112,313
10,109
23,754
431
89,125

79,350
104,196

27,430

221,646

284,878 290,428
114,619 c115,507
11,319
12,617
24,053
23,863
62,869
63, 227
92,359
94,157

109,046 107,755 107,553

34,807
34,472
335
200
165

109, 800 109, 343

172,695 173,182 170,784
123,671 124,769 123,138
6,816
5,814
6,222
1,045
1,467
1,313
26,323
25,238 25,900
27,383
234,857
231,416 230,446 230, 598
94,998
91,515 104*,
89,473 105,159
92,711
107,545
540 106,151

173, 317 185,989
125, 598 132, 874
6, 205 6, 678
4, 881 1, 083
22,780 29,090

289,825 290, 042 291,422
114,771 116,187 116,791
12,213 11,625 11,682
23,264 22,964 23,560
63, 945 (64,485 64,974
95, 291 J3, 696 93,940

292, 549 298, 242
117,447 117,982
11,966 12,748
23,017 23,208
65,432 66,304
93, 538 100, 307

291,495
116,480
12,327
24,540
63,409
96, 816

231, 856 235,803
94,700 94,412
104, 251 107,151

101,402 100,549 102,942 103,729 104,630 108,501 111,452 107,418 109,504 109,507 111,176 111,594
42,150 41,182 43,144 43,421 44,458 47,615 50,076 47,615 49, 649 49, 489 47, 696 48,273
29,279 29,174 32,350 32,502 33,632 36,089 36,825 36,494 39,429 39,730 40, 099 39,459
63,480| 63,321
59, 252 59,367 59, 798 60,308 60,172 60,886 61,376 59, 803 59,855 60,018
r r r l ^ ^ i f ? ' • i" Preliminary.
i Average for Dec.
§ Insured unemployment (all proprocess of collection; for loans, exclusive of loans to and Federal funds transactions with
grams) data include claims filed under extended duration provisions of regular State laws;
domestic commercial banks and after deduction of valuation reserves (individual loan items
amounts paid under these programs are excluded from State benefits paid data.
AInsured
are shown gross; i.e., before deduction of valuation reserves).
OTotal SMSA's include
unemployment
as
%
of
average
covered
employment
in
a
12-month
period.
9
Includes
some
cities and counties not designated as SMSA's.
If Includes Boston, Philadelphia,
c
S i 3 ? l f £ W I \ ! e p a r 2 t e l y - . - ^ F o r d e m a n d deposits, the term "adjusted" denotes demand
Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
Corrected.
other than domestic commercial bank and U.S. Government, less cash items in
236-464 O - 77 - S3




101,249 101,721
42,809
41,561
29,711
29,393
58, 912
59,688

SUEVEY OF CURRENT BUSINESS

S-18
Unless otherwise stated in footnote ' below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

June 1977
1977

1976
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FINANCE—Continued
BANKING— Continued
Commercial bank credit (last Wed. of mo., except
for June 30and Dec. 31 call dates),seas adj..'I
Total loans and investments©
bil. $_.
LoansO
do
U.S. Government securities
do
Other securities
_.dO-_.

721.1
496.9
79.4
144.8

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

8.65
8.37
8.91

8 north central centers
7 southeast centers
8 southwest centers
4 west const centers

do.
do.
do.
do.

Discount rate (N.Y.F.U. Bank), end of year or
month
;
porcen t _

8.54
9.01

774.9

528.1
96.9
149.9

740.3
505.8
90.2
144.3

7.74
7.54
7.80

744.0
506.5
93.1
144.4

748.8
509. 3
94.7
144.8

750. 2
511.1
93.0
146.1

756.0
514.0
95.5
146.5

7.44
99
7.79

7.80
.48
8.18

7.44
7.66
7.51
7.75

7.70
7.95
7.75
8.15

759.8
517.9
94.4
147.5

767.6
525.8
93.8
148.0

773.8
528.4
94.7
150.7

149.9

780.5
535.0
96.1
149.4

790.1
539.3
100.7
150.1

797.1
545.3
102.7
149.1

806.4
551.9
101.9
152.6

774.9

528.1
96.9

7.28

6.88
7.62

7.33
7.52

6.00

5.25

5.50

5.50

5.50

5.50

5.50

5.50

5.50

5.43

5.25

5.25

5.25

5.25

5.25

i 8.14

17.35

7.59

7.44

7.33

7.28

7.22

7.19

7.15

7.11

7.10

7.03

7.05

6.97

6.85

Home mortgage rates (conventional 1st mortgages): •;
New home purchase (U.S. avg.)
percent.
Existing home purchase (U.S. avg.)
do...

* 9.01

18.76
18.92

8.67
8.85

8.75
8.84

8.69
8.82

8.79
8.91

8.85
8.94

8.85
8.94

8.83
8.91

8.87
8.90

8.82
8.84

8.78
8.80

8.74

8.85

8.73
8.74

Open market rates, New York City:
Bankers' acceptances (prime, 90 days)... d o . . .
Commercial paper (prime, 4-0 montlis)__do___
Finance co. paper placed directly,3-fimo-do
Stock Exchange call loans, going rate
do...

2
2
2
2

6.29
6.32
6.15
8.02

22 5.19
5. 35
2 5.22

5.03
5.23
5.13
7.38

5.53
5.54
5.38

5.77
5.94
5.78
7.31

5.50
5.67
5.53
7.50

5.32
5.47
5.46
7.50

5.28
5.45
5.31
7.50

5.06
5.22
5.08
7.50

4.90
5.05
4.92
7.50

4.62
4.70
4.56

4.81
4.74
4.64

4.83
4.82
4.75

4.80
4.87
4.77

4.78
4.87
4.81

5.34
5.35
5.13

2 5.838
2 7.55

2 4.9*9
2 6.94

4.878
6.99

5.185
7.35

5.443
7.40

5.278
7.24

5.153
7.04

5.075
6.84

4.930
6.50

4.810
6.35

4.354
5.96

4.597
6.49

4.662
6.69

4.613
6.73

4.540
6.58

4.942
6.76

163,483
48,103
3,452
4,398

186,221
55,807
3,139
5,034

15,229
4,709
255
445

17,158
5,387
317
512

16,194
4,949
316
451

16.664
5,083
284
466

15,569
4,721
281
471

15, 239
4,504
243
442

15,952
4,424
248
418

18,309
4,563
246
355

14,085
3,882
168
317

14,278
4,406
204
364

18,128
5,994
296
472

18,035
5,630
324
501

20,428
4,024

24,481
4,832

15,453
4,874
259
440
1,917
396

1,904
382

2,138
436

2,145
405

2,270
432

2,205
393

2,097
393

2,227
405

2,961
479

2,146
445

1,885
406

2,269
455

2,284
434

13, 851 13,459
3,952 3,797
317
300
380
322

14,595
4,204
328
354

14,184
3,958
332
366

14,178
4,077
299
356

13,811
4,115
324
371

14, 227
4,057
299
380

14, 550
4,140
302
354

14,867
4,066
285
373

14,884
4,030
284
354

14,001
3,982
297
350

1,951
375

2,070
398

1,976
341

2,018
383

2,130
402

2,218
405

2,225
424

2,061
397

15, 240 15,
4,477 4,712
241
282
400
381

15,775
4,769
253
434

16,055
4,587

16,702
5,263
320
461

16,870

463

15,763
4,632
261
464

17,186
5,205
259
457

2,183
413

2,165
375

2,198
413

2,181
410

2,217
426

2,117
462

14, 261 13, 937 14,282
4,074 3,922 4,090
315
319
292
362
330
361

14, 294
4,165
322
369

14,491
4,059
307
390

14, 520
4,15J
320
360

14,879
4,250
304
388

14,952
4,183
305
364

2,332
448
15,164
4,320
329
385

2,097
419

2,000
358

2,074
386

2,110
404

2,250
419

2,089
421

2,161
416

Federal Intermediate credit bank loans

do

Yield on U.S. Government securities (taxable):
3-month m'lls (rate on new issue)
percent.
3-5 year issues
do...
CONSUMER CREDIT*
(Short- and Intermediate-term)
Installment cred it extended and liquidated:
Unadjusted :
Extended . total 9
mil. !
Automobile paper
do.
Mobile home
do.
TTome improvement
do.
R evolving:
Bank credit card
do.
Bank check credit
do.
liquidated, total 9
A utomobile paper Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Seaso nnlly adjusted:
Extended, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit
Liquidated, total 9
Automobile paper
Mobile home
Home improvement
Revolving:
Bank credit card
Bank check credit

do.
do
do.
do.

156,640 169,682
45,472 j 48,338
o, 793
3,783
4,150
4,265
19,208
4,010

1,795
389

1,844

2,009
407

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

15,003
4,583
247
413

15,041
4,471
231
385

15,592
4,600
272
410

do.
do.

1,985
394

2,088
435

do.
do.
do.
do.

13,576
3,851
309
374

2,103
422
13,566
3,819
286
314

do.
do.

1,846
359

1,911
378

do
do.

Total installment credit outstanding, end of year or
month 9
mil. $.
By credit type:
Automobile
do.
Mobile home
do.
Horn e im provement
do.
Revolving:
Bank credit card
do.
Bank check credit
do

162, 237

23,905
4,634

1,990
421

1,981
374

494

2,384
465

2,112
419

18, 253 18,077
5,654 5,474
318
311
478
2,434
456

2,509
452

15, 536 15,418
4,453 4,300
316
291
382
382
2,141
419

2,264
403

178,775 162,334 164,101 166,664 168, 674 171,160 172,918 173,930 175,333 178,775 177,975 178,252 179, 695 182,265

53,028
12,155
8,004

60,498
11,510
8,773

54,572
11,790
8,089

55,484
11,744
8,209

56,667
11,733

9,501
2,810

11,075
3,010

9,343
2,77

9,402
2,77"

9,531
2,805

By holder:
Commercial banks
do.
78,703
85,379 78,982 79,785
Finance companies
do.
36,695
39,642 36,745 37,022
Credit unions
.
do.
25,354 30,546 26,403 26,975
Retailers
do.
18,002
19,178 16,448 16,465
Others
do_
3,854
3,483
4,030 3,756
r
2
Revised.
p Preliminary.
1 Average for year.
Daily average.
O Adjusted to
exclude interbank loans.
§ For bond yields, see p.S-21.
f Beginning Jan. 1959, monthly
data have been revised to reflect new seasonal factors and adjustment to bench marks for the
latest call date (Dec. 31, 1975). Revisions are available from the Federal Reserve Board,
Washington. D.C. 20551.
9 Includes data for items not shown separately.
t Data have
been revised back to 1970, noninstallment credit will no longer be available on a monthly




2,152
401

236

4,940
245

16, 685 15,465
4,927 4,288
321
324
394
406

57,659 58,665
11,717 11,702
8,452 8,562

59,270

59,71
11,603
8,726

60,002
11,541;
8, 790

60,498
11,510

8^665

60, 349
11,394
8,736

60,774
11,301
8,750

61, 841 63,183
11, 273 11,277
8,923
8,816

9,922,870

10,153
2,922

10, 232
2,933

10,329
2,935

11,075
3,010

10,996
3,031

10,820
3,039

10, 705 10,
3,030 3,045

9,725
2,835

isions for Jan. 1973-April 1975 will be shown later.

5.25

S-19

SURVEY OF CURRENT BUSINESS

June 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS S T A T I S T I C S

Annual

1977

1976

1976
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov. I Dec.

Jan.

Feb.

Mar.

Apr.

May

FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)

--...mil. $
do.
do.

280,997
324,601
-43,604

300,005
365,610
-65,605

33.348 22,679
32, 476 28,410
872 -5,731

37,615 22, 660 27,360
30,567 33,906 29,571
7,048 -11,247 -2,211

31,753 21,018 25,698 29,472 29, 977 24,327 25,171
30,996 34,000 33,083 31,891 32,640 30, 880 34, 646
757 -12,981 -7,385 -2,419 -2,664 -6,554 -9,475

Hud pet financing, total
Borrowing from tlie public
Reduction in cash balances

do.
do.
do_

i 43, 604
i 50,853
- 7, 249

i 65,605
i 82,813
-17,208

—872
1.398
-2,270

2,211
-7,048 11,247
8,733
3,847 5,964
-10,895 5,283 -6,522

-757 12,981
3,279 4,386
-4,036 8,595

Gross amount of debt outstanding
Held by the public.

do.
do.

544,131
396,906

631,285 612,843 621,532 631,285 635,259 644,394 645,748 649, 276 556,282 664, 794 364,851 674,280 S80,141
533, 383
• 479,719 471,763 475,872 479,719 485,683 494, 417 497,696 502, 713 509, 451 515,757 518, 914

Budget receipts by source and outlays by agency:
Receipts (net), total.
mil. $. 280,997 11 300,005
122,386
131,603
Individual income taxes (net)
do
Corporation income taxes (net) .
do.__ 140,621 141,409
Social insurance taxes and contributions 1
86,441 i 92,714
(net)
mil. $.
Other
do . i 31,549 i 34,281
Outlays, total?
do...
Agriculture Department
do ..
Defense Department, military
do .
Health, Education, and Welfare Department
mil. $_
Treasury Department,
do
National Aeronautics and Space A dm
do ..
Veterans Administration
(]o _

33,348
15,248
6,119

22,679
6,157
1,016

37,615
16,037
10,000

22,660
11,201
1,513

9. 349
2,632

12,811
2,695

6,971
4,607

7,068
2,353

7,385
2,419
6,738 6,306
647 -3,887

2,664
3,157
-493

6,554
9,118
-2,564

9,475
5,351
4,124

27, 360 31,753
12, 088 15,513
6,259
689

21,018
11,095
1,027

25,698
12,535
699

29,472
12,663
7,633

29,977
18,108
1,694

24, 327
8,515
948

25,171
6,131
8,719

7.077
2,905

6,199
2,697

9,432
3,032

6,207
2,969

7,320
2,853

10,764
4,099

7,413
2,908

324,601
i 9,725
i 85,420

1

365,610
i 12,7%
i 88,036

32,476
999
8,158

28,410
980
6,951

30,567
1,248
7,622

33,906
1,109
7,246

11,614
2,969
29,571
1,266
6,826

30,996
1,475
7,855

34,000
982
7,244

33,083 31,891
1,875
1,165
7,820 8,305

32,640
1,372
8,004

30,880
1,286
7,907

34,646
1,705
8,146

112,411
i 41,177
i 3, 267
i 16,575

128,785
i 44.335
i 3,670
i 18,415

11,131
5,169
293
1,618

10,485
3,533
279
1,569

11,319
2,949
286
1,254

11,234
5,126
344
1,351

11,318 11,788
1,538
3,065
250
359
1, 385 1,222

11,635
4,743
368
1,382

11,983
3,290
359
1,723

11,918
4,689
275
1,640

12,136
3,034
321
1,574

12, 458
3,090
352
1,611

286.5

330.3

Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. ndj.
nt annual rates'!
Federal Government receipts, totalf
bil. $__
Personal tax and nontax receipts
Corporate profit tax accruals
Indlrect business tax and nontax accruals
Contributions for social insurance

5,731
4,109
1,622

do
do...
do
do

11,968
6,257
345
1,459

324.6

333.!

346.3

366.4

165.9
r 59.5
24.5
116.5

125.7
42.6
23.9
94.3

145.3
'55. 6
23.5
105.8

141.9
54.8
23.3
104.6

147

56.2
23.8
106.6

154.5
58.4
24.1
109.3

357.8

388.9

378.7

391.1

405.6

407.6

Purchases of goods and services
National defense

do
do._.

124.4
84.3

133.4
88.2

131.2

134.5

138.9
91.3

138.2
91.5

Transfer payments

do

148.9
54.4
23.5

162.2
60.2
27.5

158.7
56.3
27.4

163.1
60.1
27.7

166.5
65.5
28.4

171.9
61.3
28.6

6.5

5.6

5.2

5.6

6.3

7.6

.0

.0

.0

.0

.0

.0

do....

-71.2

-58.6

-54.1

-57.4

-59.3

-41.2

Institute of Life Insurance:
Assets, total, all U.S. life Insurance cos
Government securities.
Corporate securities.
Mortgage loans, total
Nonfarm

bil.$__
do
do
do
do

289. 30
15.18
133.90
89.17
82.41

320. 56
19.49
155.40
91.58
84.16

299. 98
17. 57
141. 54
89.49

301.75
17.66
142.81
89.53
82.59

Real estate
Policy loans and premium notes
Cnsh
Other assets

do._.
do__.
do...
do...

9.62
24.47
1.92
15.05

10.53
25.85
1.90
15.81

9.85
24.87
1.39
15.27

9.91
24.98
1.40
15.47

10.00
25.14
1.46
15.29

10.05
25.26
1.43
15.23

288,857
185,779
96,349
6,729

319,653
219,336
103,940
6,378

25,335
17,725
7,066
544

23,202
17,030
5,606
566

28,870
18,248
10,064
558

23,256
16,272
6,492
492

Gold and silver:
Gold:
M o n e t a r y stock, U.S. (end of p e r i o d ) . . . m i l . $ . . 11,599
Net release from earmark§
do. . .
93
Exports
thous. $.. 458,853
Imports
do_
456,638

11,598
331
375,048
331,017

15,598
3
8,421
23, 360

11,598
10
6,636
41,915

11,598 11,598
14
26
11, 696 41,744
38,069 24,480

11,598
42
85.499
22.500

960.9
68.7

962.4
65.2

78.1
5.8

79.0
5.8

83.6
6.1

81.5
5.4

84.0
5.7

85.3
6.5

thous.
132,626
do
330,556
dol. per fine oz__
4.419

61,434
325,252
4.353

5,026
17,699
4.356

4,616
15,804
4.488

3,345
29,800
4.812

6,562 4,918
22,509 54,144
4.774 4.237

7,324
22,861
4.295

26,708

2,415

1,679

2,723

Federal Government expenditures, totalf.-do

Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil. $..
Less: Wtige, accruals less disbursements...do
Surplus or deficit(—)
LIFE INSURANCE

Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total
-mil. $.
Ordinary (Incl. mass-marketed or<l.)~.-do.._.
Group
do. _.
Industrial
do..._
MONETARY STATISTICS

Production :1'
South Africa
Canada
Silver:
Exports
Imports
Price at New York
Production:
United States
r

mil. §
do..

.thous. fine oz

2

36,627

304.73 307.00
17.68
18.46
145. 46 146.83
89. 69 89.75
82.69
82.68

Revised.
* Preliminary.
i Data shown in 1975 and 1976 annual columns are for
fiscal years ending June 30 of the respective years; they include revisions not distributed
2
to months.
Includes $1,694 mil. Vets group life ins.
9 Includes data for items not shown
separately.




1,578

309.30
18.77
148.44
89.89
82.77

312.04
18.88
150.11
90.22
83.04

10.15
25. 38
1.44
15.24

10.18
25.51
1.43
15.73

27,242 25,662
17,267 16,919
9, 453 8,193
550
523

1,774

313. 96 316.50
19.75
19.42
151.21 152.32
90.32 90.81
83.52
83.11

320. 56
19. 49
155. 40
91.58
84.16

322.49
19.75
157. 26
91.62
84.19

324.16
20.12
158.38
91.65
84.13

326.75
' 20. 98
158. 70
' 91. 79
•• 84.15

328. 79
21.03
160. 29
92.20
84.38

10.31
25.71
1.57
16.04

10. 53
25.85
1.90
15.81

10.55
25.92
1.51
15.88

10.63
26.05
1.37
15.96

r 10. 74
r 26. 21
'1.56
r 16. 75

10.80
26.36
1.48
16.63

24,409 27, 619
17, 720 18, 394
8,718
6,171
507
518

39,803
21,973
17,350
480

26, 002
15, 970
9,534
498

24, 722
17,114
7,114
494

30,116
20,858
8,649
609

26, 722
19,400
6,786
536

11,598 11,658 11,650
39
43
71
52,805 142,509 105,292
33,933 30,384 23,349

11,636
33

11,636
-10

10.28
25.61
1.36
15.76

11,598 11,598 11,598
48
85
-25
8,395
40, 733 75,341
39,808 27, 258 23,134

1,796

81.1
6.1

75.2
6.3

73.5
5.8

72.6
5.8

78.5
6.4

78.5

2,601 2,912
23,249 31,533
4. 225 4.369

5,304
38,765
4.348

5,367
36,458
4.409

6,987
23,672
4.535

3,557
41,854
4.842

6,714
31,170
4.777

4,388

2,085

2,026

1,644

2,169

83.2

2,104

2,430

4.692

t D a t a have been revised back to 1946 (see table 3.2 in the Jan. 1976 SURVEY for earlier data).
§ Or increase in earmarked gold ( - ) .
^Valued at $38 per fine ounce from Jan. 1972-Sept.
1973; at $42.22 thereafter.
* Corrected.

SURVEY OF CURRENT BUSINESS

S-20
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

June 1977

1976
May

Apr.

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FINANCE—Continued
MONETARY STATISTICS-Continued
Currency in circulation (end of period)
bil. $.
Money supply and related data (avg. of daily fig.):©
Unadjusted for seasonal variation:
Total money supply
Ml. $_
Currency outside banks
do
Demand deposits
do
Time deposits adjusted^
do...
1
U.S. Government demand deposits !!
do
Adjusted for seasonal variation:
Total money supply
do...
Currency outside banks
do_._
Demand deposits
do
Time deposits adjustedi
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SMS A's)O_.ratio of debits to deposits
New York SMSA
do...

86.5

93.7

86.5

87.7

289.5
71.0
218.5
436.1
3.7

304.3
77.8
226.5
467.8
4.1

303.5
'76.3
227.2
461.4
3.9

298.6
77.1
221.5
462.8
3.8

302.6
77.8
224.8
466.3
4.8

305.4
78.7
226.7
469.1
3.5

303.5
78.9
224.6
470.0
3.7

304.9

301.8

303.5
77.3
226.2
460.7

303.2
77.5
225.6
465.3

305.0
78.1
226.9
469.0

306.5
78.6
227. 9
468.9

139.3
380.2
58.2
126.9
73.3

145.0
400.8

145.8
405.0

90.9
131.9
75.1

89.9
128.6
74.9

225.2
460.0

90.3

93.0

'3.7

309.4

79.6
229.8
477.5
4.0

312. 5
80.8
231. 7
479.8
4.1

306. 9
79.2
227.7
472.5

310.5
79.8
230.7
477.5

148.6
400.6

145.8
393.7

94.8
138.2
78.1

93.9
136.1
77.7

[9.5

79.0
225.9
473.0
5.0

91.2

91.'

93.4

321.7
82.1
239.5
486.9
4.5

320.2
80.7
239.5
492.8
3.9

310.4
80.9
229.5
496.4
4.1

313.1
81.7
231.4
502.0
4.3

310.6
80.3
230.3
483.4

312.8
80.6
232.1
489.8

314.3
81.3
233.0
493.8

314.5
82.0
232.5
497.8

316.1
321.3 v 321.6
82.4
83.3
83.8
23?. 7 • 238.1 237.8
500.2
505.9
502.7

146.4
416.2

147.3
395.1

154.3
443.5

153.3
437.3

• 155.2
436.0

158.2
465.2

160.2
474.9

89.7
126.6
75.5

93.2
131.7
78.4

153.5
419.8
97.0
136.9
81.7

94.6
133.9
79.4

93.8
129.9
79.9

'97.3
135.2
'82.5

134.7
82.1

97.7
139.8
81.7

3,457
5,000

4,157
1,283

128. 3
335.0

143.9
391.9

140.3
374.9

82.9
119.1

90.7
129.4
75.7

88.4
124.6
74.2

49,135
5,154
409
1,801
6,703

' 64,519
' 5,826
809
2,270
' 7,610

9,307
968
663
2,280

1,447
'913
2,085

2,523

' 3,196

915

Machinery (except electrical)
do...
6,311
2,564
Elec. machinery, equip., and supplies
do....
Transportation equipment (except motor
vehicles, etc.)
mil. $..
1,039
Motor vehicles and equipment
do
1,737
All other manufacturing industries.._1 _ _ _ do"_~_~_
7,481

' 7,889
' 4,073

2,046
•1,084

• 1,987
'987

2, 041
• 1,200

1,937
1,055

' 1,687
"5,099

475
1,753
2, 779

'446
'686
2,606

'401
1,284
2,455

446
,655
!,396

22,763

5,423

5,555

6,582

6,049

Total 232 SMSA's (except N.Y.)
0 other leading SMSA'sd*..
226 other SMSA's

..

do...
do
do

PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed Trade Comm.):
Net profit after taxes, all industries
mil. $.
Food and kindred products
do
Textile mil! products
do...
Paper and allied products
do...
Chemicals and allied products
do...
Petroleum and coal products
Stone, clay, and glass products
Primary rionferrous metal

do
do.

r_r__II__I7 dol 11

Primary iron and steel
do...
Fabricated metal products (except ordnance",
machinery, and transport, equip.)
mil. $_.

Dividends paid (cash), all industries

do.-.

19,968

r

18,079
• 1,579
258
662
2,102
2,995
'307
656

SECURITIES ISSUED
Securities and Exchange Commission: §
56,531
57,647
3,802
4,432 6,826
Estimated cross proceeds, total
mil. $
By type of security:
41,664
41,070
5,014
2,853
2,920
Bonds and notes', Corporate
do
Common stock
_
_do.
7,413
8,305
1,035
467
899
3,458
61
360
299
Preferred stock
"'.'./.V.lllY.do"
2,789
By type of issuer:
Corporate, total 9
52,539
m il.
52,161
3,382
4,118
6,410
Manufacturing
I......
..do
18, 651
15,479
568
1,708
1,480
Extractive (mining)
__ '_ do
1,628
1,771
276
225
198
15, 894
Public utility
do.
14, 395
643
1,348
1,148
Transportation. ..
do
2,634
3,596
284
243
78
Communication
"
do"
4,464
3,561
450
20
1,408
Financial and real estate
do
10, 229
865
1,390
State and municipal issues (Bond Buyer) •
29,326
33, 845
2,196
3,492
2,926
Long-term
d0
21,905
28,973
2,533
2,342
3,097
Short-term
"'-'.'-"'."" II" ~.~.~.l'.do~'.
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month
1
total
m i l $_
6,500
8,995
7,932
8,276
8,110
1
5,540
At brokers
do
8,166
6,856
7,103
7,248
829
1,076
1,007
1,028
At banks
_
$0
Free credit balances at brokers:
U75
5°5
570
540
540
Margin accounts
do.
1
1,525
1,855
1,655
1,740
1,680
Cash accounts
""do..."
r
Revised.
p Preliminary.
1 End of year.
2 Beginning Jan. 1974, does not include
noncorporate bonds and notes formerly included.
0EfTective February 1976 SURVEY
data revised to reflect: Annual review of seasonal factors; regular benchmark adjustment;
errectg ofr echanges
in
check
collection
procedures
(Regulation
J); and adjustments to include
?S? " S ^ f r O m v 1 1 ^ r r i a t i o n a l l y oriented banking institutions. Monthly revisions back to
1970 ar in the Feb. 1976 Federal Reserve Bulletin




16,017
• 1, 678
165
574
• 1,923

15,575
'1,314
133
471
' 1,630

15,584
1,164
168
482
1,934

497
'232
507

' 2,963
344
'190
468

2,999
160
258
204

'840

94.0

323.1 v 316.4
83.6
82.9
232.8
240.2
r
504. 7 508.6
3.6
5.3

726

681

3,912

3,190

4,919

4,445

4,175

6,456

3,908

3,137

2,498

2,513

3,940

3,236

2,614

5,290

3,002

1,833

540

464
214

418
136

673
276

408
282

612
308

499
103

692
128

3,127
1,198
189
932

3,190
1,031
67
919

4,494
753
108
1,465

4,185
1,349
18
1,413

3,304
510
105
1,327

6,208
2,386
275
1,156

3,605
905
206

2, 652
742
171
435

70
26
567

13
212
664

1,117
140

130
155
987

112
190
754

462
195
1,216

2,567
1,138

2,609
1,651

2,678
2,402

3,520
1,244

3,249
1,510

2,333
1,126

3,371
1,363

3,136
1,324

4,026
1,506

8,417
7,519

8,683
7,622
1,061

7,707
1,081

8,772
7,704
1,068

8,640
7,790
850

8,995
8,166
2

9,289
8,469
820

8,679
830

8,891

530
1,635

555
1,605

555
1,710

611
1.580

615
1,740

585
1,855

645
1,930

605
1,815

605
1,720

1
558
477

f At all commercial banks.
©Total 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.
§Data revised back to 1973; no monthly revisions for 1973-75 are
available.
9 Includes data not shown separately. c Corrected.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

Annual

S-21

1976
Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FINANCE—Continued
SECURITY MARKETS—Continued
Bonds
Prices:
Stufidard A Poor's Corporation:
High trrade corporate:
Composited1
dol. per $100 bond.
Domestic municipal (15 bonds)
do _

56.2
68.9

58.0
72.5

58.2
71.3

56.5
69.1

56.8
69.3

57.1
71.1

57.9
74.1

68.8
74.8

59.1
76.3

59.2
76.4

61.3
80.0

60.3
79.9

59.4
79.3

59.1
79.3

59.4
80.8

59.2
80.5

58.96

59.33

57.38

57.86

58.38

58.88

59.54

59.93

60.21

62.05

59.73

56.23

55.83

56.31

56.06

New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 5,178.34 5,262.11

424.66

420.88

413.29

388.78

378.04

397.11

365. 41

387.33

519. 59

495.77

366.81

412.69

347.46

390.74

U.S. Treasury bonds, taxable!

. ._do.-.

Sales:
Total,excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
. . . _.. _ ..mil. $
Face value
do
Now York Stock Exchange:
Market value
Face value.
.
_

do
do

Yields:
Domestic corpcrato (Moody's)§
By rating:
Aaa
Aa _
A
..
Baa

57.44
10,705.85
9,345.90
9,070.20
10,302.08

percent.

9.57

9.01

9.12

9.16

9.16

9.08

8.93

8.79

8.71

8.66

8.47

8.41

8.48

8.51

8.49

8.47

do
do
do
do

8.83
9 17
9.65
10.61

8.43
8.75
9.09
9.75

8.40
8.89
q 96
9.94

8.58
8.92
9 28
9.86

8.62
8.89
q 24
9.89

8.56
8.81
9.82

8.45
8.66
8.98
9.64

8.38
8.54
8.81
9.40

8.32
8.48
8.73
9.29

8.25
8.46
8.69
9. 23

7.98
8.24
8.53
9.12

7.96
8.16
8.45
9.08

8.04
8.26
8.49
9.12

8.10
8.28
8.55
9.12

8.04
8.28
8.55
9.07

8.05
8.28
8.55
9.01

do
do
do

9.25
9.88
9.39

8.84
9.17
8.85

8.98
9.27
9.05

9.00
9.31
8.96

8.96
9.36
8.88

8.90
9.26
8.81

8.79
9.07
8.75

8.66
8.91
8.66

8.58
8.83
8.54

8.54
8.77
8.48

8.33
8.61
8.39

8.24
8.59
8.26

8.33
8.63
8.31

8.36
8.66
8.31

8.32
8.65
8.28

8.30
8.64
8.26

Domestic municipal:
Bond Buyer (20 bonds^. .
Standard & Poor's Corp. (15 bonds)

do
do

7.08
6.89

6.56
6.49

6.55
6.62

6.89
6.87

6.87
6.85

6.73
6.64

6.52
6.28

6.47
6.20

6.33
6.06

6.03
6.05

5.83
5.69

5.93
5.70

5.92
5.75

5.85
5.76

5,68
5.61

5.71
5.64

U.S. Treasury bonds, taxable©...

do

6.78

6.73

6.99

6.92

6.85

6.79

6.70

6.65

6.62

6.39

6.68

7.15

7.20

7.14

7.17

8.36

8.06

8.04

8.06

8.10

8.08

7.99

7.90

7.80

7.80

7.70

7.54

7.55

7.56

7.60

7.63

247.25
802.49
79.81
163.39

303.91
974.92
92.28
214.03

302. 68
992. 51
87.15
208. 39

304.50
988.82
86.66
215.71

304.34
985. 59
86.16
218. 84

310.90
993. 20
90.31
225.92

307.85
981. 63
92.91
220.06

311.79
994. 37
96.63
219. 55

300.04
951.95
97.33
208.18

303.03
944. 58
99.59
217. 53

317. 03
976. 86
105. 33
232. 43

317.79
970. 62
108.88
232.67

308.93
941.77
107.49
227.29

309. 63 308.71
946.11 929.10
106. 48 107.71
225. 94 e 231.00

312.74
926. 31
110.49
240. 75

86.16
96.56
94.63
81.18

102.01
114. 35
115.52
92.73

101.93
114.67
115.86
94.39

101.16
113.76
115.09
91.67

101.77
114.50
117.50
90.26

104.20
116.99
119.62
93.37

103. 29
115. 63
118.10
92.95

105.45
118.15
118. 84
94.75

101. 89
114. 03
113.16
92.34

101.19
112.96
111.33
90.98

104. 66
116.33
114.30
92.90

103.81
115.17
113.12
91.21

100.96
112.14
110.71
87.93

100.57
111.88
111.52
86.85

99.05
109.89
110.76
84.03

98.76
109.10
109.28
83.43

46.07

45.69

«45. 61
14.53
46. 56
11. 26
C
55. 44
" 102. 61
'94. 44

47.49
14.96
47.75
11.83
55.13
104.45
102.68

48.81
14.47
46.90
11.93
54.00
101.30
111.72

50.63
14.33
46. 59
11.96
51.96
-98.13
113.52

50.18
13.58
44.89
11.53
49.40
94.65
113.33

50.55
13.99
46.93
11.58
47.73
94.88
113. 66

53.01
14.97
50.48
12.42
51.25
106. 37
119.40

54.01
14.85
50.24
12.30
53.49
107.79
115.06

52.88
14.12
49.27
11.75
51.20
102.44
109.29

52.14
14.08
50.21
11.57
49.34
100. 68
107.00

52.57
14.38
52. 83
11.41
47.94
97.47
108.19

53.68
15.00
54.14
11.59
47.63
96.14
117.06

By group:
Industrials
Public utilities.
Railroads

......__

Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per sharo, annual rate, composite
dollars..
Industrials
.
do
Public utilities
do
Railroads
do
N.Y. banks
do
Property and casualty insurance cos
do
Price, per share, end of mo., composite
Industrials..
Public utilities
Yields, composite
Industrials
Public utilities
Railroads. _ _ _

_.:._ .

N Y hnnlrs

0)

do
do
do

0)

percent
do
do
do

0)

An

Property and casualty Insurance cost

. . do

Earnings per share (lndust., qtrly. at ann. rate;
pub. utll. and RR., for 12 mo. ending each qtr.):
Industrials
dollars
Public utilities
do
Railroads
__
._ _
do
Dividend yields, preferred stocks, 10 high-grade
(Standard <fc Poor's Corp.)
percent
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)
Standard & Poor's Corporation: cT
Combined index (500 Stocks)
Industrial, total (400 Stocks) 9
Capital goods (111 Stocks)
Consumer goods (189 Stocks)

6.98

1941-43 = 10
do
do
do

Utilities (40 Stocks)
do
Transportation (20 Stocks)*
1970-10
Railroads (10 Stocks)
1941-43 = 10
Financial (40 Stocks)*
1070-10
New York City banks (6 Stocks). 1941-43 = 10..
Banks outside N.Y.C. (10 Stocks)
do..
Property-Casualty Insurance (6 Stocks^ . d o . .

0)

41.17

48.16

37.48

45.87

44.91

46.09

51.48
80.52
88.72

52.14
97.96
105.01

54.42
99.93
99.56

53.06
98.87
92.36

r
Revised,
i No longer available.
§ Revised yields by rating for Jan. 1974-Nov. 1976
will be shown later.
cf Number of issues represents number currently used; the change in number does not




affect continuity of the series.
H Prices are derived from average yields on basis of an
assumed 3 percent 20-year bond.
O For bonds due or callable
in 10 years or more.
c
9 Includes data not shown separately.
*New series.
Corrected.

SURVEY OF CURRENT BUSINESS

S-22
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS S T A T I S T I C S

1975

|

1976

Annual

June 1977

1976
Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FINANCE—Continued
SECURITY MARKETS—Continued
Stocks—Continued
Prices—Continued
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
do
Utility
do....
Finance
do—
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.

54.28
60.62
38.66
35.69
52.71

53.87
60.22
39.71
35.40
50.99

54.23
60.70
40.41
35.16
51.82

55. 68
62.11
42.12
36.49
54.06

55.18
61.14
40.63
37.56
54.22

56.29
62.35
40.36
38.77
54.52

54.43
60.07
38.37
38.33
52.74

54.17
59.45
39.28
38.85
53.25

56.34
61.54
41.77
40.61
57.45

56.28
61. 26
41.93
41.13
57.86

54.93
59. 65
40. 59
40.86
55.65

54.67
59. 56
40.52
40.18
54.84

157,260
6,221

i 194,969 15,954
1
7,036
560

13,670
465

14,904
522

16,392
564

12,942
450

14,616
500

15,158
507

12,983
504

18,759
685

17,436
647

15, 794
575

15,890
579

133,684
5,051

164,545
1
5, 649

13,186
437

11,455
370

12,618
426

13,671
452

10,983
362

12,451
405

12,736
408

11,089
413

15, 692
541

14,526
509

13, 309
457

13, 223
453

5,360

392

356

417

394

347

415

361

381

535

502

398

435

858. 30
24,500

781.60
22,784

773.60 809.20 806.82
22,956 23, 263 23,709

810.06
23,924

827.05
24,080

809.44 810.81
24, 212 24,354

858. 30
24,500

822.53
24,532

802. 50
24,612

795.83
24, 681

45.73
50.52
31.10
31.50
47.14

685.11
22,478

54. 46
60.44
39.57
36.97
52.94

53.92
58.47
41.51
40.24
54.30

53.96
58.13
43.25
41.14
54.80

403

426

800. 08 788.31
24, 787 25,092

FOREIGN TRADE OF THE UNITED STATES
VALUE O F E X P O R T S
Exports (nidse.), incl. reexports, totald*
Excl. Dept. of Defense shipments
Seasonally adjlisted..
By geographic regions:
Africa
Asia
Australia nnd Oceania
Europe
Northern North America
Southern North America
Soutli America
By lending countries:
Africa:
Egypt
Kepublic of South Africa
Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan

mil. $.. i 107,591.6 14,997.2

9,835.9

9,972.3

9,859.6

9,319.5

8,897.2

9,208.7

10,085.1 9, 687. 4 ^0,798.6 8,992. 7 9, 408. 7 11,052.3 10,546.0 10,866.4

14,807.1

9,826.5
9,369.3

9,961.6
,562.8

9,846.6
9,722.2

9,315.0
9,956.2

8,827.6
9,737.0

9,159.0
9,788.4

10,080.7|9,682. 3
9,698.6 9,589.3

do
do
do
do

4,948.9 5, 205.9
28,223.2 29,731.2
2,339.5 2, 689.9
32,731.8 35,902.9

438.9
, 398. 6
203.2
, 124.4

422.4
,521.6
215.9
, 135. 8

449.8
513.6
448.9 2,718.1
217.9
301.8
, 814.0 2,789. 5

452.7
205.0
, 604.1

429.4
445. 7
230.6
,736.0

413.0
417.0
510. 3
371.2
471.9
,571.6 2, 400. 2 , 710. 2 , 430.5 2, 367.5
238.8
235. 3
267.1
218.2
195.5
356.1 3,097. 7 3, 564. 8 2,922.1 3,140.9

do
do
do

21,752.4
8,288.1
8,802.6

!4,113. 5 2,192. 5
8,367.7
752.0
8, 600. 5
693. 0

, 244.0
693.9
685.4

, 244. 6 1,699.4
692. 0
750.3
746.2
731.5

, 818.8
651.3
699.9

,993.1
648.5
679.2

075.9 2, 070. 3 2,053. 8 1,891.4 2,012.8
584.8
778.2
662. 4
562.5
J.8
650.8
906.3
619.4
742.7
$.3

do.
do.

682.7
1, 302. 4

810.0
1, 347. 8

77.6
113.7

75.1
93.7

57.3
138.1

73.3
120.2

64.2
107.2

72.9
128.7

66.1
100.4

55. 9
103.5

64.9
113. 5

60. 2
,8. 7

76.8
128. 9

do
do
do
do

1,835.0
1, 289.7
372.0
393.4

2,199. 2
1,134. 7
394.3
535.6

172.3
74.8
35.1
35.1

177.2
52.6
28.4
40.8

224.7
62.7
16.3
54.1

185.0
105.6
22.6
44.4

167.7
96.0
48.5
64.2

189.6
129.2
42.5
59.9

182.3
107.2
41.7
47.6

195.5
79.7
25.1
47.8

224.1
80.3
28.7
46.9

161.1
57.1
23.5
44.2

199.5
39.9
14.1
40.5

810.1 1,036.0
818.6
831.5
9,562.7 10,143. 9

104.1
69.9
768.0

114.7
69.2
864.3

67.8
61.1
858.9

64.1
70.4
954.7

84.3
69.3
834.8

96.1
68.3
813.9

87.7
99.4
897.1

55.7
61.7
915.3

92.9
54.5
894.8

57.5
58.2

58.7
78.3
914.3

3,031.0

3, 448. 9

306.8

312.8

265.1

239.6

266.6

354.2

285.0

295.0

271.8

317.7

17.3

64.9

14.5

6.7

2.3

1.6

8.5

8.1

G. 9

3.6

4.2

4.3

5,194.1

5, 729.8

451.5

463.1

401.7

379.7

417.4

419.6

608.9

576.1

606.2

471.4

484.6

2,866.9
1,834.6
4,527.4

3, 068. 4
2, 308. 2
4, 798. 5

283.3
233.9
431.6

245.5
245.3
385.1

277.7
183.3
364.5

225.1
195.3
429.9

194.4
136.5
360.5

236.9
104.5
395.9

306.7
122.1
469.7

260.0
174.2
381.6

277.0
172.4
454.0

229.3
179.6
411.3

255.1
196.0
446.5

do
do

do.
do..
do..

Europe:
France
do___
German Democratic Republic (formerly E .
Germany)
mil. $.
Federal Republic of Germany (formerly W.
Germany)
mil. $.
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Latin American Republics, total 9
Argentina
Brazil...
Chile
Colombia
Mexico
Venezuela
Exports of U.S. merchandise, totald"
Excluding military grant-aid
Agricultural products, total
NonagricuHural products, total

do..
do..
do..

107,130.4
;

.0,794.5 8, 975. 9 0, 403. 7 .1,044.5 10,540.5 10,861.3
0,410.4 9,598. 9 9, 807. 8 .0,071.6 9,970.2 10,394.6

._do.

21,743.9 24,108.9 2,192. 4 2,242.8 2,244. 2 1, 699.0 1,818.7 1,992.7 2,075.4 2,070. 0 2,053. 7 1,891.2 2,012.7

do.
do..
_ do.
do..
do..
do..
do...

15,655.0 15, 492.1 1,313.7 1,268.0 1,349. 9 1,310.6 1, 243.1 1,202.1 1,219.3 1, 267. 5 1,543.7 1,063.2 1,113.1
38.1
44.4
51.7
46.5
41.2
39.9
39.0
39.6
102.5
52.1
543.7
39.1
628.3
195.1
211.9
177.1
229.8
254.0
240.3 227.4
200.8
221.1
258.4
234.9
3,056. 2 2, 809.1
30.1
46.6
42.6
46.1
40.6
40.8
63.2
62.8
58.7
24.8
507.7
31.0
533.4
46.8
53.7
56.6
43.1
66.7
69.9
55.1
54.4
85.5
53.4
64.3
702.7
643.0
312.1
358.1
294.1
451.5
414.0
405.3 371.4
367.4
436. 6
424.9
441.4
5,141.3 4,989.5
223.6
210.3
265.7
205.0
234.4
216.2
190.9
234.8
278.1
195.8
209.9
2, 243. 3 2, 627. 8

do.
do.
do
do.

106,102.1
105,641.0
21,885.7
84,216.5

113,323.1
113,133.0
22,996. 3
90,326. 8

9,706.4 9,849.2 9,727.0 9,178.6 8,763.3
9,697.0 9,838.6 9,714.0 9,174.5 8,693.8
1, 933.1 1,848.6 1,823.8 1,798. 6 1,759. 6
7,781. 0 8,016. 8 7,906.9 7, 390. 5 7,004.9

9,058.0
9,008.3
1, 796. 9
7,261.1

9,929.7
9,925.3
2, 250.7
7,679.0

9,534. 9
9,529. 7
2,120. 9
7,414. 0

10,610.1 8,834. 3
10,606.0 8,817.6
2,081.4 1,906.8
8,528. 6 i, 927. 5

9,275.7
9, 270.7
2,045.9
7,229.9

By commodity groups and principal commodities:
Food and live animals 9
mil. $. 15, 484. 3 15, 709. 7 1,355. 3 1,253.4 1,281.3 1, 357. 9 1,367.0 1,321.6 1,515.9 1, 299. 2 1,220.8 1,077.0 1,114.1 1, 287.7 1,232. 6 1,232. 2
65.4
60.7
78.0
63.5
55.8
65.2
69.0
54.4
77.4
67.6
Meats and preparntions (incl. p o u l t r y ) , . d o
60.6
527. 7
798.0
916.9 1,046.0
741.6
852.7
679.4
866.1
963.3
983.7
770.8
Grains and cereal preparations
do
886.4
947.9
11,641.7 10,910.9
Beverages and tobacco

do

Crude materials, inedible, exc. fuels 9
do.
Cotton, raw, excl. linters and waste
do_
Soybeans. exc. canned or prepared
do.
Metal ores, concentrates, and scrap.."..do
r

1,523. 3

120.6

90.3

89.7

78.4

101.5

131.1

9, 783. 6 10,891.4
991.2 1,048.7
2, 865. 2 3, 315. 4
1, 355. 2 1, 284. 5

888.0
82.0
256.6
100.7

929.6
90.2
253.7
134.7

875.1
89.0
265.8
110.9

803.7
80.1
189.9
134.9

768.9
85.9
150.2
108.2

823.5 1,049.4 1,118.2 1,101.9 1,040. 8 1,188. 2 1,241.8 1,308. 2 1, 310. 8
115.4
181.5
80.7
93.9
126.2
130.4
151.5
369.3
401.8
448.7
433.9
386.3
125.7
93.5
73.8
102.8
100.7
104.5

1, 308.4

Revised.
i Annual total reflects revisions not distributed to the monthly data.
cfData may not equal the sum of the geographic regions, or commodity groups and principal




149.7

126.5

191.9

166.3

133.7

157.2

112.0

commodities, because of revisions to the totals not reflected in the component items.
c
9 Includes data not shown separately.
Corrected.

128.8

S-23

SUEVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

| 1976

Annual

Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

217.3
122.3
80.7

267.8
158.3
97.9

290.4

397.3

432.3

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF EXPORTS—Continued
Exports of U.S. merchandise— Continued
By commodity groups and principal commodities—Continued
Mineral fuels, lubricants, etc. 9
mil. $_ 4,469. 5 4,226.1
412.0
373.0
304.8
387.8
403.8 347.4
Coal and related products
d o . . . 3,343.0 2, 988. 2
297.3
278.2
214.4
241.4
314.4
291.7
Petroleum and products
do._.
95.6
907.9
76.6
75.2
91.2
72.5
82.9
997.9
943.8
Animal and vegetable oils, fats, waxes
do...
77.3
96.7
86.4
60.3
91.5
78.3
978.1
Chemicals
d o . . . 8, 691. 2
853.0
881.9
785.4
840.8 850.7
9, 958.2
10,919.2 11,204.8
Manufactured goods 9 IT
do..
973.
959.2
898.4
892.8
959.8
910.0
1,624.5 1,970. 0 168.0
Textiles
do..
161.6
150.6
147.6
169.2
171.4
Iron and steel
do.
2,457.0 1,906.2
168.8
166.6
165.1
157.8
174.9
153.0
Nonferrous base metals
do.
1,090.0 1,088.4
89.7
83.5
96.7
88.1
90.4
89.6
Machinery and transport equipment, total
mil. $. 45,667. 6 49,509. 9 4,224.9 4,438.7 4,395.5 3,970.1 3,728.9 3,846. i 4,
Machinery, total 9
Agricultural
M et al work i n g
Construction, excav. and mining
E lect rical
Transport equipment, t o t a l . .
Motor vehicles and parts
Miscellaneous manufactured articles
Commodities not classified
VALUE O F I M P O R T S
General imports, total
Seasonally a d j u s t e d . . .
By geographic regions:
Africa
Asia
Australia and Oceania
Europe

407.2
294.4
90.9

379.1
270.3
88.8

361.1
234.0
110.0

83.1

79.0

94.8

77.3

94.8

134.5

106.1

127.3

816.3

827.9

930.7

809.3

910.0

943.1

903.3

918.8

906.7
174.4
140.5
97.0

904.8
170.5
147.
92.0

996.6
178.9
167.9
95.7

871.0
159.5
130.1
87.3

926.0 1,035.7 1,003. 9 1, 002.1
170.7
140.6
79.9

229.0 4,067.7 4,833.8 3,824.5 3,869.2 4,819.7 4,416.1 4,633. 6

d o . . . 28,477.1 31,289.0 2.704.0 2,721.7 2,668. 7 2, 678. 0 2,365.3 2,491. 5 2,726.9 2,530.4 2,857.5 2,520.3 2,545.5
d o . . . 2,092.2 2,107. 7 203.4
152.2
165.4
218.6
143.1
186.5
133.3
181.2
162.4
150.2
161.1
do._.
73.7
62.2
67.8
106.0
62.6
949. 2
66.2
64.3
87.2
918.2
86.7
78.8
62.1
d o . . 4,733.8 4, 945.1
438.2
359.9
362.6
418.2
356.4
380.3
442.5
469.4
441.7
415.3
374.8
do _ _ _ 7,582.0 9,278. 0 796.2
759.0
764.7
769.8
755.3 766.6
769.2
814.2
960.5
176.7
833.3
892.0
879.4
733.2
d o . . . 17,190. 5 18,220.9 1.520.1 1,717.1 1,727. 0 1,292.0 1,363. 6 1,355.1 1,502.1 1,537.3 1,976. 2 1,304. 2 1,323.7 1,810.2 1, 627. 0 1, 806.!
do-._ 10,028.2 10, 949.1
997.8 1,011.5
868.7
884.1
788.2
887.9
733.0
915.2
997.6
1,009.9
1,018.1
d o . . . 5, 672. 7 6.572.3
543.1
518.1
556.8
578.0
537.5 508.0 544.8
560.1
541.4
654.4
601.4
622.3
558.2
611.0
. . d o . . . 3,162. 0 2.749.4
258.3
248.5
232.9
215.2
215.7
191.3
248.2
212.2
191.2
267.3
265.8
292.5
244.4
267.5
do
do_._

96,116. 0 120,677.4 9.895.0 8, 943. 7 10,579.8 10,56?: 10,453. 10,384.7 10,023. 11,061.6 11,450.2 10,932.9 10,505.2 13,551.7 12,434.6 11,906.3
9,643.3 9,182.4 10,153.4 10,717.2 10,477.2 10,651.1 10,555.: 10,622.9 11,020.4 11,268.7 1,673.7 12,459.0 12,593.3 11,615.9

do
do.
do.
do.

811.6
8,304. 6 12.639. 3 1,054.5
27.054.6 39,366.1 3,033.1 2,790.2
101.2
130.7
1,508.2 1,671.1
21,465.9 23.640. 2 2,027.5 1,806.4

Northern North America
Southern North America
South America

do
do
do.

21.754.7 26,246. 9
8,821.6 9,347.5
7,219.3 7,760.5

By leading countries:
AfricaEgypt
Republic ol South Africa..

.do.
do.

Asia; Australia and Oceania:
Australia, including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan

_ do
do.
do.
do
do.
do.
do.

27.5
840.9

Beverages and tobacco

do

Crude materials, Inedible, exc. fuels 9
do
Metal ores ...
~d0
Paper base stocks
_
do
Textile
fibers
'__'"
do"""
Rubber
~"""do"
Mineral fuels, lubricants, etc
do.
Petroleum and products
Illldo
Animal and vegetable oils and fats
do
Chemicals
d0
Manufactured goods 9 1f
do
Iron and steel
_ do"""
Newsprint
"II"II
do
Nonferrous metals..
"
do

Textiles...

' Revised.

---i-iiiii::::::::::::do::::

1,419.5

2,222.5
698.2

11.0
58.3

8.4
52.8

1.1
95.8

74.2
92.1
74.7
60.2
6.9
5.7
63.6
61.8
245.1
225.0
66.5
67.7
, 231. 2 1,184.6

124.9
65.7
5.8
97.8
222.3
55.7
399.4

206.1

183.0

206.5

1.1

.9

460.8
208.8
18.3
359.0

431.0
190.8
12.1
334.4

491.7
214.5
26.3
376.9

26,237. 6 !, 300.5

2,221.4

:, 330.8

027. 7
17.2
116.9
19.0
51.4
309.3
256.6

906.7
25.2
108.2
20.5
52.3
286.6
186.7

193.8
26.2
135.2
22.6
58.6
330.4
294.9

92.5
924.8

2.509.3
13.6
5,591.2
2,529. 7
220.2
4,253. 7

3,226.6
307. 9
1,736. 6
221.6
654.8
3,598.1
3.574.4

, 331. 0 , 177. 0 2,058. 9 !, 286. 2 M71.7
711.7
883.0
715.3
747.3
710.4
659.0
643.1
657.6
694.7
643.7

, 338. 4 2, 438.7
836.0
912.9
742.4
863.6

9.8
66.2

13.5
95.8

26.9
106.7

95.0

120.5
114.5
49.4
66.0
5.7
6.2
72.0
88.0
285.3 304.2
83.5
80.6
, 354. 5 , 407. 8

105.3
59.4
5.0
98.3
261.6
109. 2
, 330.4

127.6
54.5
3.5
64.4
199.4
62.9
296.7

117.3
53.3
5.7
105.7
296.6
92.1
, 426.9

217.9

213.8

177.4

204.6

1.7

1.1

1.2

1.1

467.9
230.0
21.9
333.7

432.9
240.8
23.6
378.3

421.0
187.3
18.6
371.8

482.0
190.5
19.9
368.4

t, 175. 9 !, 057. 7

, 285. 7

171.5

!, 337.4 2,436. 9

985.4

, 183.4

, 095.1
28.2
146.8
16.2
44.0
275.3
305.6

065.9
32.1
140.2
25.7
54.3
266.0
293.4

062.5
29.5
120.9
16.4
39.8
281.0
306.9

,264.7
29.5
210.5
16.6
62.9
356.5
304.5

380.4
30.6
238.9
22.4
83.2
325.3
386.9

369.5
27.7
211.1
13.0
99.5
369.1
349.7

5.9

, 142. 4
25.4
180.5
20.3
43.2
274.9
336.2

1. 1
76. 0

1.0
74.6

76.3

127.0
48.8

5. 3
83. 1
250. 2
100. 5
,412. 8

76.2
47.7
4.4
101.3
306.4
71.5
,411.6

99.4
55.8
5.9
90.0
273.1
79.2
197.7

294.8

230.3

233.0

191.7

1.5

.9

1.1

1.3

541.7
214.4
20.4
356.5

538.1
238.1
16.6
383.2

523.1

444.2
209.5

, 397. 7
30.5
209.6
22.6
69.9
361.1
396. 3

914.6
918.2
909.4
847.4 , 038.2 960.5
11,178.7
817.6
990.0 ., 106. 0
109,498.7 l, 976. 9 8,096.3 ', 540. 0 ', 603. 3 1,538. 5 , 476. 0 , 222. 3 L0,071.7 .0,344.2
10.267.4
357. 9
2.632.3
1,447.0
1,154.0

818.6
30.3
179.8
122.0
122.7

781.8
30.6
178.9
130.1
94.3

980.2
31.3
239.9
149.3
121.8

, 986.6 2,184.6
925.7
958.2
870.5
816.7

903.4
26.4
276.7
127.9
90.8

880.7
33.8
249.1
111.8
120.0

851.2
30.9
151.9
127.4
132.4

776.5
14.3
164.9
122.8
99.7

924.3
23.8
294.9
110.1
55.5

, 031. 4
31-7
343.7
90.9
86.2

207.9

12.8
341.8

15.8
310.0

, 124. 6 ,142.5
808.3 1,362. 6
008.1
57.2
401.6
88.7
45.4

042.3 ., 214.1
46.9
385.0
109.5
86.5

, 325. 0

, 182. 3

1,623. 7

127.6

108.4

136.2

123.0

104.9

123.5

139.1

137.9

155.4

128.1

117.8

156.4

119.5

142.7

7,013.8
2,250. 8
1,275. 5
249.3
520.0

563.0
162.8
102.2
22.3
47.2

539.1
168.5
106.0
19.0
33.6

652.3
246.6
115.8
17.8
49.6

649.8
220.3
108.6
21.8
45.9

619.5
232.2
112.5
19.3
33.2

678.6
246.0
106.2
17.6
56.0

602.4
202.9
102.3
22.2
40.2

578.3
171.3
102.0
18.9
41.6

668.1
225.6
102.4
23.8
54.9

545.0
139.0
91.9
19.3
56.2

547.0
126.4
111.6
16.5
45.3

639.1

626. 0

681.5

26.475.6 33,996. 2 2,797.3 1,134. 9 2,835.8 [, 036. 8
24,814. •*
31.794.5 2,620.3 1,968.1 659.8 !, 877. 6
553.9
36.8
29.4
30.1
34.2
463.9
414.3
371.0
385.9
3.695.9 4,771.8
388.1

164 6
987 5
35.6
368.3

959.6
784.5

823.1
609.6

069.9
854.8

,332.8
,115.2

512.6 ,232.9
296.8 3,032.3

679.7

[, 065. 0

i, 208. 9

43.2
368.4

18.6
471.6

62.2
473.9

50.0
453.6

53.2
402.1

52.9
407.1

45.0
517.1

36. 6
475. 4

538.0
558.1
371.5
393.3
168.4
147.6
320.3 305.0
128.6
128.8
1 Manufactured goods—classified chiefly by material.

520.1
398.0
157. 9
285.2
122. 2

606.8
455.8
166.8
258.7
145.3

, 629. 0
437.8
157.2
324.3
143.4

498.0 1,397.0
374.9
318.5
134.0
144.7
272.4
250.4
141.2
133.2

773. 9

,073.9

42.1
481.0
, 856. 0

5, 566.2
1,976.7
1,067.5
174.4
364.7

14,702.5 17,615. 2
4,594.5 4,346. 6
1,427.3 1.742.4
2,580.7 3,500.8
1,218.6 1,634. 8

9 Includes data not shown separately.




,301.4
834.4
542.4

1,183.0 1,285.7
548.2
708.2
48.8
69.8
766.4
939. 6
2,220.6 3,004. 3
754.2
882.9
11,268.0 L5,504.2

Europe:
France...
do
2,136.9
German Democratic Republic (formerly E.
Germany)
mil. $_
11.2
Federal Republic of Germany (formerly W.
Germany)
mil. $ . . 5, 381.5
Italy
do
2,397.1
Union of Soviet Socialist Republics... do.
254.4
United Kingdom
do
3,784.4
North and South America:
Canada
.do.
21, 746.7
Latin American Republics, total?
do
1,839.8
Argentina
_ __
do
214.6
Brazil
do""." 1,464.3
Chile
do.__.
137.7
Colombia
do
590.2
Mexico
-~~.~~~~~~_do~~~ 3,058. 6
Venezuela
do
3,623.9
By commodity groups and principal commodities:
Agricultural products, total...
...mil. $
9.489.8
Nonogricultural products, total
do..~. 56.650.5
Food and live anlmals9
do..
8,503. 3
Cocoa or cacao beans
_"" do
321.1
Coffee
~~do ~ 1,560.9
Meats and preparations
_
do ~_ 1,141.2
Sugar
do"I^ 1,870.1

, 106.0 1, 228. 9 ., 158. 6 1,106. 6 , 098. 7 1,110.3 1,333. 3 , 244.0 197.7
,414.8 3, 589. 0 I, 725. 5 3,601.6 3, 312. 8 3,714.5 3,578.3 3,759. 7 3, 299.7
105.3
150.1
144.5
152.3
177.4
140.7
160.7
151.3
153.0
, 022.3 1, 985. 8 , 988. 4 1,865. 8 ,950.8 2,166.7
162.3 2,040.8 , 903.2

,409.6
288.3
169.4
294.7
144.9

,383.4
318.5
146.9
288.4
129.8

649.6
411.4
161.0
362.4
138.5

547.8
352.2
164.7
322.5
142.1

SURVEY OF CU1UIENT BUSINESS

S-24
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

June 1977

Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FOREIGN TRADE OF THE UNITED STATES—Continued
VALUE OF IMPORTS—Continued
General imports—Continued
By commodity groups and principal commodities—Continued
Machinery and transport, equipment
mil. $. 23/157.2 29,823.9 2,606.2 2,459.1 2,612.5 2,461. 8 2,307. 2 2,445.0 2,354.4 2, 723. 7 2, 795.4 2,569. 3 2,504.5 3,151.4 2,864.5 2,951.0
Machinery, total?
d o . . . 11,727.4 15,183. 7 1, 228. 2 1,180. 4 1, 245. 5 1,380. 7 1,310.0 1, 290.1 1, 343.2 ,429.3 1,452.5 1,311.6 1.229.7
361.5
30.1
33.5
361.8
25.1
29.6
34.4
30.5
25.7
28.0
Metal working
do___
28.5
40.6
31.6
712.9
4,911.2 7,424.2
676.3
631.2
746.8
563.7
566.5
556.0
674.8
109.1
Electrical
do
693.8
681.7
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
Commodities not classified

do.__ 11,737.2 14,640.2 1,377. 9 1,278.7 1,367.0 1,081.1
997.2 1,154. 9 1,011.1 1,294. 3 1,343.0 1,257.7 1.274.8
891.9 1,173. 8 1,228.8 1,132.0 1,153.6
9,920.7 13,103.9 1, 239. 3 1,139. 4 1,248.3
949.2
874.7
999.9
do__.
9,224.4 12,563.9
931.8
925.4 1,098.7 1,194.7 1,215.3 1,123.4 1,101.0 1,231.3 1,114.2 1,045.9 1,002. 2 1,169.6 1,047.3 1,125.2
do _216.4
201.5
211.2
170.6
2,517.6 2,537.7
189.9
196.4
226.5
253.4
220.1
233.5
218.9
205.3
235.6
201.4
do...

Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967=100.
Quantity
do
Value
do
General imports:
I" nit value
do.__
Qiifintity
do
Value
do__.
Shipping Weight and Value
Waterborne trade:
Exports find, reexports):
Shipping weight
Value
General imports:
Shipping weight
Value

195; 1
176.7
344.9

p 202.9
p 182.0
v 369.4

199.6
190.4
380.0

202.5
190.5
385.9

201.3
189.1
380.5

201.9
178.1
359.6

202.6
168.0
340.4

206.1
171.1
352.7

206.7
188.0
388.6

207.3
180.0
373.1

209.1
198.6
415.3

241.2
149.4
360. 5

p 249.5
p 181. 4
p 452. 8

246.7
180.9
446.2

248.3
162.7
404.0

249.0
192.2
478.5

250.5
189.3
474.2

251.6
186.5
469.4

252.9
185.1
468.2

253.4
177. 9
450.8

253.7
196. 3
498.0

255.4
201.8
515.4

thous. sh. tons.
mil. $..

269,182
61,408

283,174
64, 715

25,124
5,553

24,109
5,457

21,861
5,377

24,326
5,455

23,291
5,074

2i, 076
5,210

26,017
5,811

25, 608
5,605

24, 036
6,023

18,358
4,982

thous. sh. tons..
mil. $_

427,865
63,469

517, 449
81,171

40,391
6,434

34, 741 44,644
7,194
5,721

47,741
7,311

48,796
7,349

47, 437
7,051

44,092
6,760

46,144
7,409

49,169
7,770

48, 422
7,813

15.19
54.6
2,066

P 15.09

209.0
165.2
345.3

208.1
174.4
363.0

211.3
201.1
424.8

212.2
190.9
405.0

•r 259.2 • 260. 3 'r 267. 3
189. 7 r 181. 5
228. 0
' 491. 7 472.4
609.5

265.5
210.4
558.6

TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated
route carrie
ca
Passenger-miles (revenue)..
bil_
Passenger-load factor§
percent.
Ton-miles (revenue), totals
mil.
Operaiing revenues (quarterly) 9 O
Passenger revenues
Cargo revenues
Mail revenues
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
Domestic operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles.
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly)©
International operations:
Passenger-miles (revenue)
Cargo ton-miles
Mail ton-miles
Operating revenues (quarterly)©
Operating expenses (quarterly)©
Net income after taxes (quarterly)©

162.81
53.7
22,186

178.99
55.4
24,121

mil. $_
do
do
do
do
do

15,356
12,354
1,310
311
15,228
-72

*17,506

bil.
mil.
do

131.73
2,747
883

145.27
2,909
719

mil. $.
do
do

12,020
11,902
-46

P13, 901
P13,326

bil.
mil.
do...

31.08
2,048
426

33.72
2,187
407

mil. $..
do
do

3,336
3,326
-25

P3, 605
P3, 457
P120

.mil.

5,643

5,690

99
2 9,703

99
2 11,362

239

341

177

199

14.67
56.2
1,991

14.66
55.3
1,988

16.21
58.9
2,146

17.72
60.6
2,301

18.15
61.5
2,338

*1, 497
P328
P16, 783
P415

14.32
52.9
1,990

12.99
51.9
1,832

4,815
3,957
384
74

4,390
3,595
377
76

P14,267

14.19
52.6
1,947

11.79
251
59

13.07
257
55

H, 304

14.03
248
55

14.48
249
54

3,496
3,246
166

P331
2.56
179
32

2.86
179
34

3.15
179
34

12.94 P15. 46 ' 15.39
P51.0
*54. 7 p 55.6
p 1, 747 P2, 098 p 2,057

P4, 428
^3,542

4,113
210
12.11
255
58

P53.8
' 1,952

11.20
247
58

11.66
255
64

10.74
238
64

3,739
3,439
185
3.69
193
32

3.67
187
32

894
866
44

3.00
191
31

12.56
245
84

P214

P12.83 rP 12.59
250
v 63

P146
P30

P153
P30

280
171
p 34

474

465

577

165.6

165.5

12.23
P211
P57

v 10. 72

11.06

P3, 568
P3, 455

2.66
206
32

2.25
194
36

1,076
924
87

2.63
172
47

"2.87

P849
PII

Urban Transit Systems
Passengers carried (revenue)_

Motor Carriers
Carriers of property, large, class T, qtrly.:*
Number of reporting carriers
Operating revenues, total
mil. $..
Net income, after extraordinary and prior period
charges and credits
mil. $..
Tonnage hauled (revenue), common and contract
carrier service
mil. t o n s . .
Freight carried—volume indexes, class I and IT
intercity truck tonnage (ATA):
Common and contract carriers of property
(qtrly.)cT
average same period, 1967=100*.
Common carriers of general freight, seas, adj.f
1967 = 100.
Class I RailroadsA
Financial operations, qtrly. (AAR), excl. Amtrak:
Operating revenues, total © 9
mil. $.
Freight
do...
Passenger, excl. Amtrak..
do...
Operating expenses ©
do.
Tsx accruals and rents
do_
Net railway operating income
do.
Net Income (after taxes) ©
do.
r

484

472

466

100

471

468

492

463

99
3,040

100
2,904

90
48

16, 357
15,346

18,560
17,422
330
14,948
3,182
430
273

145.3

156.2

153.4

/ 3,978
/ 3,730
/73

4,766
4,475
81
3,779
838
149
i 152

/ 3,290
/690

2
Revised.
p Preliminary.
i Before extraordinary and prior period items.
Annual
total; quarterly revisions not available.
9 Includes data not shown separately.
*i Applies to passengers, baggage, cargo, and mail carried.
§ Passenger-miles as a percent of
available seat-miles in revenue service reflects proportion of seating capacity actually sold
and utilized.
O Total revenues, expenses, and income for all groups of carriers also reflect
nonscheduled service.
* New Series. Source: TCC (no comparable data prior to 1972).
cf Indexes are comparable for the identical quarter of each year (and from year to year).




440

138
152.3

13, 207
2,799
351
108

435

2,814

121
131.7

297

437

155.4

155. 3

'4,138
*3,883
'75

'3, 225
,722
,191
* i 114

154. £

4,685
4, 390
84
3, 765
805
114

l 77

153.0

154.0

154.8

'4,417
h
4,159

4,742
4,448
83
3,864
776
102
1
21

h

3,404
*h 740
274
* ' 236

AEffective 1976, defined as those with annual revenues of $10 million or more; restated 1975
ncluded in
data reflect changes.
©Natl. Railroad Pass. Corp. (Amtrack) operations (not included
AAR
above), iy<n
1975 and
287; net
net loss, 353;
353; 469
469 (ICC).
A K data
aata aoove;,
ana 197(>
iy<t> (mil.
(mil. $):
$>;: Oper.
uper. revenues,
revenues, 235;
/so, ; 287;
z»<;
° Domestic trunk operations only (domestic trunksh average about
abou 90% of total domestic
|
Effective
Mar. 1977
opeati
>erations).
t 2d qtr. 1975.
« 3d qtr. 1975.
4th qtr. 1975.
SURVE
URVEY, revised back to 1957 to new trading day and seas. adj. facto

June 1977

SURVEY OF CURRENT BUSINESS
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in (he 1975 edition of B U S I N E S S S T A T I S T I C S

1977

1976

1976

Annual

S-25

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Class I RailroadsA—Continued
Traffic:
Ton-miles of freight (net), total, qtrly
bil.
Revenue ton-miles, qtrly. (AAR)
do...
Revenue per ton-mile
cents.
Price Index for railroad freight
1969 = 100.
Possengers (revenue) carried 1 mile
mil.

778.4
754. 6
2.043
169. 4
9,765

822.5
794.9

« 193.0

212.3
203.6
2 2.173
187.4
2
5,178

i 189.5

206.8
197.0

187.4

"I87."5"

187.6

» 202.1

208.9
203.7

'199.5

3 64.7

3 67.1

191.1

191.1

191. e

198.0

198.0

198.2

198.3

198.2

186.6

185.4

187.1

127
31.32
63
22.48
67

120
30.88
64
21.93
66

140
32.10
67
22.92
71

137
30.71
67
23.30
74

148
31.34
64
24.04
75

128
32.16
69
23.45
78

127
32.07
68
22.84
69

138
33.43
72
23.36
70

122
32.54
63
22.07
60

128
31.46
46
21.88
50

114
34.45
57
23.15
61

122
33.71
63
23.27
65

145
33.92
67
23.66
71

128
34. 69
64
24.06
70

5,326
2, 334
60,527

7,700
7,755
6,264
5,382
2,817
60,521

590
629
474
387
315
3,462

617
710
488
422
315
4,826

711
757
604
449
345
7,780

825
898
742
591
263
11,383

936
766
746
723
227
10,923

683
705
576
516
189
6,498

687
594
491
447
146
4,847

535
496
408
374
172

468
578
452
405
183
1,849

588
552
493
399
207

511
549
354
304
222
1,971

618
625
472
347
330
2,417

645
646
480
399
357
' 3,691

32,070
15,256
12,692
20.664
5,792
132.3

36, 602
16, 621
14,618
23,321
6,679
138.5

3,018
1,400
1,211
1,900
552
135.0

2,991
1,393
1,193
1,879
555
135.3

3,062
1,415
1,238
1,911
578
135.4

3,054
1,410
1,225
1,907
574
135.8

3,137
1,437
1,283
1,992
576
136.0

3,116
1,459
1,231
1,949
604
136.8

3,156
1,475
1,251
2,009
590
137.7

3,151
1,474
1, 242
2,031
576
138.1

3,174
1, 438
1,259
2,173
497
138.5

3,220
1,488
1,294
2,032
58?
138.9

3,160
1,489
1,217
1,986
579
139.5

504.8
403.9
70.7

527.7
423.0
75.4

45.1
35.2
7.5

42.9
34.4
6.1

45.3
36.3

43.6
35.3
6.0

43.9
37.7
3.9

44.7
35.0
6.9

43.7
33.9
7.3

44.1
34.5
7.1

45.1
36.7
6.0

43.2
34.4
6.2

43.3
33.7
7.1

315.9
223. 6
74.6

349.5
256.3
71.9

28.5
21.3
5.5

28.4
21.6
5.2

30.1
21.3
7.5

29.6
22.5
4.9

29.6
22.8
5.0

29.8
20.7
7.4

30.1
20.2
8.1

29.8
21.0
6.8

23.6
4.7

31.1
21.3
7.6

29.8
21.0
7.1

Travel
Hotels and motor-hotels:
Restaurant sales index
same month 1967=100.
Hotels: Average room sale/!
dollars.
Rooms occupied
% of total.
Motor-hotels: Average room sale^!
dollars.
Rooms occupied
% of total.
Foreign travel:
U.S. citizens: Arrivals©
. thous.
Departures©
__do .
Aliens: Arrivals©
do...
Departures©
do___
Passports Issued
do.
National parks, visits§
do.__

60
20.98
1

8,050
8,177

4
4,567

COMMUNICATION
Telephone carriers:
Operating revenues 9
mil. $.
S tat inn re ven ues
do_
Tolls, message
do.""
Operating expenses (excluding taxes)
do".
Net operating income (after taxes)
do
Phones in service, end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil. $_
Operating expenses
do...
Net operating revenues (before taxes)
do...
Overseas, total:c?
Operating revenues
do...
Operating expenses
do. _.
Net operating revenues (before t a x e s ) . . . d o . .

CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% A12O3)!
1,163
thous. sh. ions..
9,104
Chlorine gas (100% C12H
do
Hydrochloric acid (100% IICl)}
do.
1,989
Phosphorus, elemental %
"do""
450
Sodium carbonate (soda ash), synthetic (58%
2,802
Na 3 O)t
ihous. sh. tons.
Sodium hydroxide (100% N a O i m
do
9,583
Sodium silicate, anhydrous}
'
do
724
Sodium sulfate, anhydrous}
do
1,227
Sodium trypolyphosphato (100% N a O i o
do....
770
Titanium dioxide (composite and pure)}. _.do
603
Sulfur, native (Frasch) and recovered:
Production
Ihous. Ig. t o n s . . 110,180
Stocks (producers') end of period...
do
5,126

1,090
10,060
2,428
426

99
846
203
34

88
858
199
39

90
829
210
35

100
841
217
36

100
853
207
32

83
861
214
32

92
874
194
33

92
853
199
33

89
862
202
40

78
792
179
33

82
-794
-183
-33

93
883
203
39

104
901
214
38

2,243
10,144
786
1,258

214
867
76
117

219
864
63
105

209
846
62
100

171
855
53
108

161
844
60
107

132
836
75
102

160
876
66
105

180
862
68
116

158
852
68
103

131
791
63
103

138
- 797
-58
-107

159
896
65
101

168
882
62
117

730
716

'57
62

61
70

60
63

54
57

63
58

59
56

65
57

63
53

61
53

50
47

-58
48

68
60

61
57

r

»9,402
5,563

805
5 353

820
5 463

794
5,505

794
5 576

766
5,531

750
5,537

790
5,599

728
5 598

768
5,563

740
5,631

711
5,613

774
5,616

784
5 606

16,393
7,088
2,106
7, 528
2,013
7,671
32,372

- 16,460
- 7,186
- 1,749
7,510
2,184
7,548
r
1 33,042

1 446
635
167
661
211
637
2,808

1 508
675
154
664
216
606
2 680

1,374
614
148
606
194
552
2,474

1 419
589
131
606
172
565
2 571

1,383
587
152
636
181
643
2,884

1,233
547
128
600
176
679
2,856

1,322
592
135
635
176
704
2,926

1 314
639
117
645
193
687
2 862

1,515
646
163
657
187
699
2,985

1,104
550
157
567
156
631
2,631

- 5,573
-569
5, 079
19,614
1,397
13,789
1,419

- 5,824
469
6,282
18,324
1.239
12,351
1,670

495
409
914
2 150
138
1,609
157

438
451
388
1,401
97
962
166

'387
-466
297
1,343
83
957
98

461
418
557
1,553
60
978
116

542
- 353
613
1,623
110
1,041
157

497
- 329
559
1,464
93
966
195

-541
-370
561
1,062
98
680
139

520
458
437
1,847
88
1,323
156

514
469
434
1,981
126
1,308
171

474
396
527
1,588
29
1,070
144

-493
-388
431
1,757
60
1,259
147

571
'261
803
1,873
68
1,364
122

579
246
947
1,704
85
1,480
72

245
64
23
40
312
219
566
106
45
59
6,132
7,475
943
526
245
139
14
23
103
139
103
14
99
'Revised.
v Preliminary.
1 Annual total; monthly revisions are not available.
*or six months ending in month shown.
3 For month shown.
< Restated 3d. qtr.
<hh.
s Restated 2d. qtr. 1975.
e Restated 4th. qtr. 1975.
ASee " A " note, p. S-24.
'Average daily rent per occupied room, not scheduled rates.
9includes data not shown separately.

24
25
681
?8

16
19
593
0

17
30
713
4

12
15
774
1

23
63
602
5

28
72
498
4

24
23
641
3

29
48
501
16

37
42
913
19

76
54
940
22

Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydrous}
thous. sh. tons..
Ammonium nitrate, original solution}
do
Ammonium sulfate}
_
do
Nitric acid (100% TTNO3H-__III."I
do
Nitrogen solutions (100% N)}
do
Phosphoric acid (100%, P J O J H . .
" "do
Sulfuric acid (100% HjSO^t
do
Superphosphate and other phosphatic "fertilizers
(100%PaO<0:
Production
thous. sh. tons..
Stocks, end of period
do
Potash, deliveries (K3O)
.do""
Exports, total 9 . . .
do
Nitrogenous materials
do
Phosphate materials
do
Potash materials...
_.#..do
Imports:
Ammonium nitrate.
do.
Ammonium sulfate
-"""""do""""
Potassium chloride
do
Sodium
"
"
"
'
"
" ao
^'wiiini nit
i i i irat
unr. e




r

r

r

r

r

- 1,149 r 1, 543
-557
••716
- 136
»• 173
-579
710
-183
'244
- 654
r 771
- 2, 634 ' 3, 062

1 617
707
166
699
247
745
3 001

r

P527

©Effective 1976. data are compiled by U.S. Dept. of Transportation from INS records
and refer to air travel; travel by sea is omitted (for 1973-75, average annual arrivals and departures by sea are as follows—units and order as above: 814; 784; 159; 129).
§Effective Jan. 1976, data include visits to Voyageurs NationalPark (no count of visits for
earlier periods is available); data for Mar.-July 1976 are restated to delete visits to Platt National Park which was reclassified as a national recreation area.
cf Includes data for Western Union Int. Cable & Wireless.
t Monthly revisions back to 1971 are available upon request.

su KVE Y

S-26
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS STATISTICS

1975

Ub (JUl IRKN T BlJSIJN ESS

1976

June 1977
1977

1976

Annual

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

CHEMICALS AND ALLIED PRODUCTS—Continued
|

CHEMICALS—Continued
Industrial Gasest
Production:
Acetylenemil. cu. ft.
Carbon dioxide, liquid, gas, and solid
thous. sh. tons.
Hydrogen (high and low purity)
mil. cu. ft.
Nitrogen (high and low purity)
do...
Oxygen (high and low purity)
do...
Organic Chemicals d*
Production:
Acetylsallcylic acid (aspirin)
mil. lb.
Creosote oil
mil. galEthyl acetate (85%)
mil. lb.
Formaldehyde (37% IICITO)
do...
Glycerin, refined, all grades
do...
Methanol, synthetic
mil. gal.
Phthalic anhydride
mil. lb.
ALCOHOLJ
Ethyl alcohol and spirits:
Production
mil. tax gal.
Used for denaturation
.do
Taxable withdrawals
..do...
Stocks, end of period..
do...
Denatured alcohol:
Production
mil. wine galConsumption (withdrawals)
do...
Stocks, end of period
_do...

7,171

617

605

622

603

639

626

583

563

542

565

1,851
2,011
73, 552 i 80,478
252,980 292,220
352,560 386,717

154

160

169

188

200

192

175

168

158

141

156

7,064
23,197
32,367

6,528
24,421
34,679

6,835
23,226
32,938

6,353
23,913
32,898

6,552
25,342
33, 237

6,626
24,532
31,044

6,909
6,844
26, 076 25,785
32,584 30,845

5,778
26,309
30,376

6,265
24,744
29,867

6,563
23,582
29,317

1.7
7.2

2.6
7.4

2.4

2.5
9.5

2.2
8.9

6,697

125.4
i 29.0
i 79.2 i 118.7
i 171.2 i 159. 2
14,558.1 5,621.3
264.4
321.2
i 779. 6 i 939.9
i 702.2 i 902.0

13.1
472. 9
26.5
82.4
79.7

14.9
441.2
28.2
84.4
81.0

11.3
14.8
457.4
26.6
84.3
80.6
37.3
38.1

532

'14.3
12.0
405.5
r
25.1
'94.1
86.3

25
11.2
15.8
530.6
20 0
92.6
82.5

129.1 r 143.0
654.4 * 851.3
243.6
229. 9
358.9 rr 472. 9
376.2
443.0

142.1
833.7
236. 2
461.9
451.4

2.4

2.6

2.5

2.7

13.7
424.1
26.6
83.0
75.1

13.3
14.2
442.3
27.3
72.6
76.8

12.6
10.3
484.3
24.9
73.2
78.1

11.7
10.2
484.1
26.8
74.8
70.7

11.9
12.2
460.0
28.2
78.2
67.0

11.4
14.7
464.5
25.4
82.2
73.1

10.3
352.8
25.5
'81.2
'82.0

19.2
11.9
338.1
22.8
71.2
75.5

45.2
33.0

46.0
38.8

43.3
35.9

40.1
36.0

42.8
33,6

47.7
30.5

36.5
32.8

37.7
34.8

6.0

7.0

7.1

6.5

7.1

7.1

5.8

1.7

2.3

526. 4
391.2
77.8
106.1

499.7
423.9
78.3
85.3

39 3
35.0
59
96.5

36.0
40.0
95.7

93.1

100.0

96,2

86.8

73.7

77.0

85.3

77.5

79.0

207.3
207.1
2.7

225.1
225.4
3.2

19 0
19. 5

17.2
17.5

20.6
20.4

17.8
17.8

21.0
20.6

19.4
19.9

19.2
19.0

18.7
18.3

16.7
16.9

17.6
18.5

18.9
18.4

2.9

2.6

2.8

2.8

3.2

2.7

3.4

3.2

2.5

3.0

1,274.9
7,482.7
11,903/

1,561.4
8,042. 2
2,571.4
4, 727. 3
4,702. 5

135.9
720.5
226.5
509.2
388.0

125.4
778.5
243.8
548.8
440.2

133.0
765.1
236.4
578.9
401.8

116.5
723.7
233.7
534.3
397.2

131.5
736.7
237.1
605.3
409 7

419.1
227.7
191.5

434.0
242.4
191.6

477.3
263.9
213.4

423.6
241.9
181.6

455.4
253.3
202.1

6.2

7.4

2.9

2.5

5.1

PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins..
Polyethylene and copolymers
Polypropylene
Polystyrene and copolymers
Polyvinyl chloride and copolymers

mil. lb.
do
do
do...
do...

133.9
747. 5
216.3
400.4
392.8

139.5
768.8
235.4
400.2
419.2

128.3
743.7
196.6
390.3
40?. 2

370.7
190.5
180.2

342.9
165. 7
177.2

120.6
773.3
168.5
389.9
355.2

125.3
729. 6
237.0
329.9
337.9

MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly

4, 685.9
2,446. 4
2,239. 6

707.2

656.5

2,543. 0

i11. I b Paints, varnish, and lacquer, factory shipments:
Total shipments
mil. $.
Trade products
do...
Industrial
finishes
do...

420.7
225.2
195.5

653.6
280.0
122.6
157.5

285.9
127.2
158.7

'311.9
'r 141.1
170.8

393.1
200.8
192.3

377.2 _
197.8
179.4

ELECTRIC POWER AND GAS
ELECTRIC POWER

Production (utility and Industrial), total
mil. kw.-hr_. J-1,998,703
pl.913,734 P2,036,45:
Electric utilities, total
do
1,613,312 1, 752,492
By fuels
do
By waterpower
do
300, 422 283,965
p 84,969
Industrial establishments, total
do
By fuels
do
81,649
By waterpower
:
do
3,320
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr__ 1,733,024
Commercial and industrial:
418,069
Small light and po\ver§
do
661,558
Large light and power§
do
4,273
Railways and railroads
do
586,149
Residential or domestic
do
13, 907
Street and highway lighting
do
43,625
Other public authorities
do
Interdepartmental

do

5,443

160, 364
153,154 157,460 172,615 185,928 185,812 165,086 163, 598 169,116 184,615 196, 308 162, 840 168, 641
129,019 131,761 147,082 159,893 161,976 144, 730 142, 557 149.312 164,381 175,574 147, 543 148, 832
24,136 25,699 25, 533 26,036 23,836 20, 356 21, 041 19, 804 20,234 20,734 15,298 19,808
7,210
6,911
299

1,849,625 143,317 141,819 148,902 161,015 165, 652 162,951 152, 207 151,830 161,849 170,277 165,226 156,887
440, 625
725,169
4,338
613, 072
14,413
45, 625
6,383

33,507
58,930
334
45,365
1,139
3,540
501

33,990
59,452

36, 615
61,438

40,416
61,417

40,898
62,444

337
42,786

328
45, 261

345
53,312

352
56,311

40,141
62, 968
330
53,746

1,152
3,559
542

1,039
3, 673
547

1,092
3,881
553

1,173
3,908
565

1,197
4,026
543

36, 667
62,371

35,760
61,511

36,916
61,956

39,133
60,314

37, 945
59,493

36,222
62,043

354
47, 296
1,259
3,744
516

365
48, 582
1,314
3,748
550

392
56,893

402
64,516

451
61, 705

335
52,686

1,319
3,839
535

1,376
3,982
554

1,241
3,815
576

1,185
3,837
580

Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $__ 46,853.5 53,462. S 4, 028.7 4,044.4 4, 312. 3 4,791.3 4, 958. 4 4,840.1 4,539. 6 4,453.3 4,734.9 5,107. 7 5,005.4 4,846. c
GAS
Total utility gas, nuarterly
(American Gas Association):
Customers, end of period, total
Residential
Commercial
Industrial
Other
Seles to customers, total
Residential
Commercial
Industrial

Other

45, 363

44,735

44, 608

45,363

41,210
3,393
182
'54

41,722
3,406
178
57

41,163
3,341
177
54

41,056
3,324
175
53

41,722
3,406
178
57

tril. Btu_.

14,863

14, 883

3,297

2,759

3,918

do
do..".
do

4,991
2,387
6,837
648

5,087
2,431
6,670

973
471
1,676
176

472
301
179

1, 494
702
1,551
172

5,049

4,167

6,839

1,976
764
2,091
219

1,106
524
2,305
232

I.doIIII

Revenue from sales to customers, total
Residential.
Commercial
Industrial
Other..

thous.. ' 44,839
...do.
_do.
do
do.

_

mil. $..
do
do
do
do..I.

19,101
8,445
3,303
6,745

23, 634

10,076
4,103
8,615
840
r
Revised.
v Preliminary.
i Reported annual total; revisions are not distributed to
the monthly data.
§ Data are not wholly comparable on a year to year basis because of
changes from one classification to another.
cTData are reported on the basis of 100 percent




3,142
1,309
2,181
207
content of the specified material unless otherwise indicated.
1973 are available upon request.

X Monthly revisions back to

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 nnd descriptive notes are a s shown
In the 1975 edition of B U S I N E S S S T A T I S T I C S

1976

1975

1976
Apr.

Annual

S-27

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

11.19
10.83
11.94

11.98
10.01
14.01

11.48
10.43
13.95

16.20
14.55
14.59

12.98

Apr.

May

FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES 9
Beer:
Production
mil. b b L .
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil. tax g a l . .
Consumption, apparent, for beverage purposes
mil. wine g a l . .
Taxable withdrawals
mil. tax gaL_
Stocks, end of period
do
Imports
mil. proof gal_.
Whisky: r
Production
mil. tax g a l . .
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil. proof gaL.

163. 79
150.43
11.94

15.18
13.58
13.53

15. 89
14.25
13.92

16.54
15. 01
14.03

16.10
14.86
13.91

14.31
13.44
13.60

13.42
12.22
13.69

11.29
10.52
13.48

r 160.41

14.80

13.60

16.48

8.56

10.58

12.68

15.04

14.91

12.16

11.33

i 422.10
' 216.32
752. 85
112.71

33.01
15. 59
779. 60
8.64

31.44
16.53
782. 23
8.66

35.20
19.80
780. 54
9.60

31.82
14.81
775. 58
7.83

31.79
17.29
769. 90
7.39

33.25
19.22
764. 00
9.88

34. 37
21.01
761.12
11.16

41.81
20. 67
756. 50
13.37

53.41
17.46
752.85
12.14

28.97
16.85
747.64

' 79.12
126. 62
692.34
92.07

9.08
8.93
727. 82
7.08

7.69
9.70
725. 85
7.10

7.41
10.88
722.88
7.80

3.76
8.31
719. 02
6.22

4.66
9.98
713. 61
5.85

5.92
11.37
708. 01
8.07

7.46
13.76
702. 24
9. 22

6.16
12.63
696. 27
10.99

5.36
9.71
692.34
9. 93

'107.74
' 41.89

7.83
2.84

8.62
3.56

10.20
3.73

7.66
2.87

9.07
3.30

9.36
3.80

9.96
4.00

10.04
3.94

20.59
19. 22
8.35
2.56

1.39
1.05
9.29
.20

1.34
1.35
9.33
.20

1.72
1.55
9.40
.20

1.70
1.13
9.79
.13

2.20
1.11
10.85
.13

1.59
1.83
10. 59
.17

2.05
2.61
9.94
.23

2.14
2.86
8.99
.39

405. 78
298.18
473. 70
56.36

8.98
23.31
370. 04
4.61

24.96
350.70
4.46

7.96
26.12
325. 70
5.01

7.42
19.51
307. 92
4.51

14. 33
23. 38
289. 41
4.70

123. 30
26.75
377. 54
4.46

147. 98
24.68

338.20

344.77

5.14

5.30

2.32

4.15

18.09

109.86

980.5
10.9
.818

983.8
47.1
.944

87.6
44.0
. 918

94.0
69.5
.921

84.0
80.9
.974

72.4
83.0
1.084

66.0
82.3
1.082

3, 327.1
2, 046. 7

297.0
187.2

313.6
204.1

320.0
207.3

296.6
189. 0

478.4
411.3
206.8

393.7
333.9
12.0

436.1
376.0
11.7

483.7
418.8
14.4

1.161

1.166

1.146

1.153

929.1

94.9

89.5

97.7

87.6

76.0

70.6

76.8

104.6

125.4

143.1

136.3

4.4
44.5

4.4

3.7

5.1

.3
4.4

.3
4.2

.5
3.2

120, 356
63, 471
r
9.66

10,480
5, 714
r
9.40

11,108
6,085
' 9 . 25

10,816
6,173
r
9.14

10,453
5,719
••9.43

10,112
5, 351
r
9.70

9, 616
4,868
r 9.84

79.6
937.6

7.4
87.6

9.8
104.9

8.0
108.9

6.5
94.7

7.0
75.2

6.2
61.2

4.5
61.6

-9.1
94.0

9.2
74.9

10.7
97.1

10.8
122.5

11.8
121.0

11.9
118.2

11.0
104.1

31.6
10.3

4.0
.1

2.6
2.9

2.4
1.2

3.1
.2

2.2
.3

.635

.631

.628

.628

Rectified spirits and wines, production, total
mil. proof gal..
Whisky
do____
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal_.
Tax aide withdrawals
do
Stocks, end of period
do
Imports
do
Still wines:
Production
do
Taxable withdrawals
do
Stocks, end of period
do
Imports
do
Distilling materials produced at wineries...do

13.69
12.86
13.06

r
r

15. 41
745. 49
7.03

8.28

5.81
10.12
687.72
5.59

6.71
9.11
685. 03
5.62

6.60

7.92
2.95

7.23
2.74

1.75
2.34
8.35
.40

1.86
1.06
9.05

1.92
.96
9.94
.16

1.92
1.41
10.37
.21

.22

45.88
26.13
499. 43
5.36

15.19
27.34
473. 70
5.80

6.89
23.31
452.46
5.16

6.37
21.31
429.28
4.63

7.38
31.19
398. 03
5.13

5.19

123.10

36.84

16.48

8.58

16.62

10.73

63.4
68.1
.975

78.2
60.7
.934

77.3
47.3
.929

91.8
47.1
.929

105.6
67.6
.927

96. 2
94.3
. 929

98.4
106.4
.952

100. 4
' 128. 5
1.032

284.0
177.1

267.5
157.2

256.2
151. 9

252.1
143. 4

274.9
164.8

264.8
166.8

254.0
158.8

299. 2
183.4

301. 0
193. 8

509. 0
441.8
15.5

518.0
451.7
15.4

522.6
456.3
17.2

501.4
435. 6
16.7

482.0
414.0
23.4

478.4
411.3
42.6

485.7
417.1
18.0

470.6
403. 5
10.6

4 S6. 9
422. 5
12.5

511.4
447. 4
11.2

556.2
489.4

1.200

1. 258

1.183

1.142

1.140

1.140

1.140

1.140

1.152

1.193

1.193

66.4

58.6

57.4

64.9

62.5

63.3

135.2

131.7

96.9

70.6

66.3

63.5

1.9

.5
2.4

.3
3.0

DAIRY P R O D U C T S
Butter, creamery:
Production (factory)J
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)_.
Cheese:
Production (factory), total*
American, whole milkt

mil. lb__
do
$ per 11)..
mil. lb__
do

Stocks, cold storage, end of period
do
American, whole milk
do
Imports
do
Price, wholesale, American, single daisies (Chicago)
$ per lb_.

367.8 !

Condensed nnd evaporated milk:
Production, case goods eft
mil. lb_
953.8
Stocks, manufacturers', case goods, end of month
or yeard"
mil. lb_.
58.6
Exports:
Condensed (sweetened)
do
1.8
Evaporated (unsweetened)O
do
53.0
Fluid milk:
115,326
Production on farms*
do
59,219
Utilization in mfd. dairy products*do
8.75
Price, wholesale, U.S. average*
$ per 100 lb_.
D r y milk: *
Production:
Dry whole milk*
mil. lb_.
63.1
Nonfat dry milk (human food)*
do
994.0
Stocks, manufacturers', end of period:
Dry whole milk
__do__
5.6
Nonfat dry milk (human food)
I.'doI'I!
47.1
Exports:
Dry whole milk
do
35. 5
Nonfat dry milk (human food)
do
90.6
Price, manufacturers' average selling, nonfat dry
milk (human food)
$ per lb_.

.6
2.3
9, 351
5,100
' 9. 54

4.5
54.5

5.1
72.8

6.1
71.5

6.4
72.3

7.6
87.5

0.3
107.1

10.5
99.8

10.7
89.2

9.1
94.0

11.1
87.8

8.8
84.9

8.5
78.9

10.1
100. 0

1.9
.3

1.9
3.2

1.8
.3

1.6
.1

.1

2.3
.1

.632

.625

.623

.628

.053

191.5

208. g

219.4

.640

r

2. 4
.2

10,562 10,741
5, 992
f), 847
9. 43
<- 9. 43

r

11, 295
v 9. 40

.624
246.2

231.8

233.6

230.8

245.0

234.3

294.6

244.0

201.4
182.6

1.4

5 128.7
2 5 64.1
2 564.7
4.7

1.5

3.4

2.94
2.78

3.03
2.94

3.37
3.36

3.40
3.29

164 6

21,860.6
21,284.3
2 576. 3
153.4

160.0

2.80

2.87

2.e

3.5

362. 6
210.2
152.4
6.7

13.4

3.17
3.18

3.08
3.05

3.09
3.10

138.6

121.3

397.5
4 231.1
169.4
110.1

2.94

2.79

2 5 208.1
5 161.8
2 546.3
6
1.67

2.71

179.2
3.46

7.3

272.0
154. 5
117.5
6.8

3.11
3.09

2.75
2.75

4,860.7
3,317.0
543.7
180.2
136.6
2.40

541.4
429.0
112.4

1.8

1.71
'Revised.
v Preliminary.
i Includes Hawaii, not available on a monthly basis, as
2
well as unpublished monthly revisions.
Stocks as of June 1.
3 Crop estimate for the
year.
* Previous year's crop; new crop not reported until Oct. (beginning of new crop year).
l reviousyear s crop; new crop not reported until June (beginning of crop year).
d*Con-




00. 4

9, 910
5, 259
9.65

9, 233
4,520
9.89

r

GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats, ryo, wheat),..mil. bu__ 2,529.0 2,813. 6
Barley:
Production (crop estimate)
do
3 383.9
3 377. 3
Stocks (domestic), end of period
IdoIIZI
276.4
272. 0
On fnrms
do
162.9
154. 5
Off farms
do
113.5
117.5
Exports, including malt§
~do~~~~
31.8
52.1
Prices, wholesale (Minneapolis):
No. 2, malting
$ p e r bu._
3.80
3.11
No. 3, straight
do
3.60
3.06
Corn:
Production (crop estimate, grain o n l y ) . . m i l . b u . . 3 5,797.0 3 6,216.0
Stocks (domestic), end of period, total
do
4,448.6 4,860.7
On farms
do
3,179.2 3,317.0
Off fnrms
..~.~~~~ do
1, 269.4 1, 543. 7
1,748.00
Exports, including meal and
flour
do
1,321.8 1,748
Price, wholesale:
Weighted avg., selected markets, all grades
do....
2.88
2.56
Oats:
Production (crop estimate)
mil. bu
3 657.6
3 562 5
Stocks (domestic), end of period, total
do
501.7
4^0
On farms
do....
407.6
347.3
Off farms
do....
94.1
73.5
Exports, including oatmeal
do. .
16.2
12 1
Price, wholesale, No. 2, white (Minneapolis)
$perbu__
1.67
1.74

81.0
63.0

9,678
5,007
9. 72

9,643
4,727
•" 9. 96

164.9
1.029

1.92

1.8

2.3

1.9

1.75

1.68

2.48

3.4

188.4
91.2
97.1
1.1

1.8

2.76
2.80

2.90
2.85

2.79
2.79

127. 2

3, 269. 9
2,113.9
1,156.0
119.7
150. 9

141. 0

2.50

2.39

2.60

2.61

420.7
347.3
73.5
1.0

2.2

.6

1.67

1.92

1.68

2.72
2.75

2.42

263.3
216.3
47.0
.3
1.78

1.81

1.75 I

1.82

i.e

densed milk included with evaporated to avoid disclosing operations of individual firms.
§Excludes pearl barley.
9 Scattered monthly revisions back to 1973 are available.
* Revised monthly data back to 1973 are available.
O Revised m o n t h l y data for 1975
will b e shown later.
e Corrected.

S-28

SUEVEY OF CURRENT BUSINESS

Unless otherwise stated in footnotes below, data
through 1974 and descriptive no'es are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

1976

1976

Annual

June 1977

Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS-Con.
Rice:

Production (crop estimate)
mil. bags9-. i 128.0
California mills:
2,346
Receipts, domestic, rough
mil. lb_.
1,705
Shipments from mills, milled rice
do__
Stocks, rough and cleaned (cleaned basis), end
138
of period
mil. lb_.
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb__
Shipments from mills, milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. lb—
Exports
do
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
$perlb._

225
84

305
179

194
147

158

197

233

8,461
5,312

9,563
5,481

641
515

310

2,150

2,682

1,771

4,640

264

.190

.140

.130

i 17.0
9.5
2.78

i 16.7

mil. b u .
do
do
do

i 2,135
M82
i 1, 653
1,860

i 2,147
1581
1,566
' 1, 754

do_.
do_
do.

1,384.6
546. 8
838.0

1,780.1
663.8
1,116.4

1,158.2
1,134.5

1,001.3
968.9

79.5

4.60
3.96

4.10
3.50

4.84

Production (crop estimate)
mil. b u . .
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis)..$ per b u . .

Stocks (domestic), end of period, total
On farms
OfT farms.

2,220
1,492

4,711

Rye:

Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution, quarterly cT

i 117.0

Expoits, total, including flour
do..
Wlioat only
do_.
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu.
No. 2. hd. and dk. hd. winter (Kans. City) do__.
Weighted avg., selected markets, all grades
$ per b u .
Wheat flour:
Production:
Flour
thous. sacks (100 lb.)_
Offnl
thous. sh. tons
Grlndings of wheat
thous. b u .
Stocks held by mills, end of period
thous. sacks (100 lb.)Exports
do...
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 1b.
Winter, hard, 95% patent (Kans. City)__do...

9.3

2.92

2.85

450
1,241
384
.155
3 4 4.5
2.95

122
83

104
32

110
76

74

77

199
77
133

127

158

156

138

859
360

2,440
502

2,529
552

709
573

575
572

624
521

729
507

801

1,967

3,011

2,877

2,682

2,475

2,454

320

308

406

574

233

313

.135

.125

.130

.123

.123

.113

.118

2.96

15.0
2.84

2.71

2.59

9.3
2.66

2.82

2.87

247
207

128
75

215

316
329
106

63

107
405

168
384

858

602

348

725

397

.155

.155

3.28

3.21

2 272
3 i 664.2

163
121
136

147
113

505

292
526

587

2,161
487
.121
6.4
2.88

' 2 627

'406

394

2,185.8
830.9
1,354.8

1,780.1
663.8
1,116.4

1,386.6
509.5
877.0

132

1,850
263
.133

2.84

234.5
i 429.7
71.9
67.8

71.7
66.7

88.4
85.4

117.9
113.0

115.6
109.9

101.0

4.38
3.74

4.53
3.76

4.57
3.85

4.28
3.69

3.79
3.24

3.42
3.03

3.27
2.80

3.87

4.21

4.28

4.29

4.06

3.66

3.33

247, 080
4,485
555,891

259,483
4,643
584, 082

21.113
370
47,192

20,871

21,059

369

46,758

379
47,645

21,751
396
49,272

24,257
438
54,634

3,907
10,178

4,334
13, 907

1,149

I,789

3,923
2,184

1,294

10.552
9.365

9.509 10.250
8 8. 303 9.063

10. 075
8.713

10. 350
8.838

3, 894
36,904

4,438
38, 992

353
3,053

304

44.61
33. 42
40.44

39.11
37.65
45.18

43.12
43.49
49.49

64,926

70, 454

48.30
17.1
7,552

6,474

561

429

502

525

563

622

556

517

534

499

461

579

539

44.42

47.70

60.75

63.88

50.50

45.75

38.88

40.00

39.75

39.62

45.00

49. 50

50.25

51.50

56.75

36,213
675
864
1,694

39, 060
5 733
1, 305
7
1,868

1,109
724

3,150
698
109
187

3,048
645
90
159

3,350
598
112
151

3,467
638
110
178

3,497
688
130
170

3,453
726
117
134

3,367
733
128
94

3,273
745
100
131

3,084
755
100
150

3,549
'795

158

2,928
741
119
170

103
143

3,200
818
113
147

24,500
360
46
1,304

26,480
5 464
82
1,467

2,074
401
6
125

2,025
408
6
136

2,224
403
8
148

2,173
390
7
121

2,300
371
6
123

2,349
391
7
150

2,278
414
139

2,168
439
7
104

2,190
464
6
64

2,237
486
6
100

2,044
485
7
123

2,259
'504
8
107

2,049
484
6
111

.667

.656

.612

.606

.609

.619

.645

.662

.638

.630

.605

.640

54.3
53.3

57.4
56.9

51.9
49.0

63.1
57.7

56.5
50.7

75.7
68.1

3.08
2.71

3.08
2.68

3.08
2.77

3.11
2.76

3.03
2.60

3.17

3.17
2.79
3.08

2.96

2.97

3.01

3.00

2.94

23,178
417
52,225

22,723
410
51,216

21,031
380
47,486

20,804
373
46,931

21,320
380
48,035

21,425
385
48,023

24,321
430
54,434

20, 612
370
46, 382

2,083

3, 621
2.449

997

447

4,334
188

1,218

2,334

4,248
2,519

3,272

10.288

9.438
8.075

8.500
7.613

8.375
7.375

7.913
6.938

7.838
6.838

7. 750
6.763

7.863
6.813

7.725
6.525

7.125
6.200

340
3,294

346
3,220

373

408
3,435

394
3,336

3,154

420
3,205

406
3,272

3,041

457
3,?30

389
3,033

40.62
42.38
44.95

40.52
40.24
37.60

37.92
37.53
34.51

37.02
37.55
41.52

36.97
34.03
39.84

37.88
36.07
47.25

39.15
35.07
44. 90

39.96
35.19
49.58

38.38
34.87
53.12

37.98
36.54
54.88

37. 28
38.29
52.26

40.08
41.33
52.88

5,827

5,086

5,146

4,905

5,968

6,361

6,929

7,110

6,525

5,833

5,825

7,236

6,400

41.97

48.06

48.96

50.91

46.62

42.77

38.47

31.80

30.37

36. 31

38.56

39.75

37.23

36.87

17.5

19.1

18.2

'18.0

16.9

16.1

15.3

14.1

15.4

16.2

16.2

'16.8

15.8

'15.6

98.7

:

LIVESTOCK
Cattle and calves:
Slaughter (federally Inspected):
Calves
Cattle

thous. animals
do-.-

Prlces, wholesale:
Beof steers (Omaha)
$ per 100 lb
Pfoors, storker i n d feeder (TCnnsas City)__do
Calves, vealers (So. St. Paul)t
'....do.
Hogs:
Slaughter (federally inspected).._thous. animals.
P rices:
Wholesale, average, all grades (Sioux City)
$ per 100 lb
Hog-corn price ratio (bu. of corn equal In value
to 100 lb. live hog)
Sheep and lambs:
Slaughter (federally inspected)., thous. animals..
Price, wholesale, lambs, average (Omaha)
$ per 1001b.
MEATS
Total meats (excluding lard):
Production, tot alt
mil. lb
Stocks, cold storage, end of period O
do
Exports (meat and meat preparations)
do
Imports (meat and meat preparations)
do
Beef and veal:
Production, totalt
do
Stocks, cold storage, end of period O
do
Exports
do_I_.
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-70J lbs.) (East Coast)
$ per l b . .
Lamb and mutton'
Production, totalt
. . . m i l . lb
Stocks, cold storage, end of period
do

.754

.644

399
12

361
15

s
•" Revised.
* Crop estimate for the year.
2 See " c?" note, this page.
Stocks as of
June 1.
< Previous year's crop; new crop not reported until June (beginning of new crop
year).flp
s Se<> O " note, this p^ge.
« Average for 11 months (Jan.-June, Aug.-Dec).
» June 1 estimate of 1977 crop.
9 Bags of
n Jf, cts revisions not available by months.
100 lbs.
cf Data are quarterly except that beginning 1975, June figures cover Apr. May and
Sept. covers June-Sept.




O Effective April 1977 SURVEY, data beginning Feb. 197G are restated to exclude cooler meats;
comparable
earlier data will be shown later.
t See corresponding note, p. S-29.
c
Corrected.

S-29

SURVEY OF CUEEENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of BUSINESS S T A T I S T I C S

1975

Annual

1977

1976

1976
Apr.

May

June

July

Aug.

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS—Continued
Pork (excluding lard):
Production, totalt mil. lb_.
Stocks, cold storage, end of periodA
__do.
Exports
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$perlb
Fresh loins, 8-14 lb. average (New York) __do
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb
Stocks, cold storage (frozen), end of period, total
mil. ln__
Turkeys
do
Price, in Georgia producing area, live broilers
$per lb_.
Ecgs:
Production on farms!
mil casesO
Stocks, cold storage, end of period:
Shell
thous. casesGLFrozen.
mil lb
Price, wholesale, large (delivered; Chicago)
$ per doz.

12,219
3 212
311
4 318

1,003
251
22
27

880
255
36
27

899
219
23
28

847
177
20
30

1,020
157
23
21

1,084
176
26
21

1,188
201
33
25

1,255
219
26
25

1,146
212
21
26

1,007
197
18
26

1,013
200
c 21
23

1,256
••223
c 28
30

1,120
261
22
29

.882
.993

.855
.970

.846
.980

.891
1.057

.885
1.106

.843
1.109

.797
.972

.775
.952

.736
.843

.875
.760

1.007
.776

.758
.971

.787
.916

.836
.832

.742
.855

10,434

11,739

897

910

1,077

1,045

1,115

1,125

1,094

1,021

928

849

780

938

895

314
195

363
203

232
114

232
121

301
177

403
262

521
370

611
460

665
512

453
299

363
203

335
190

303
168

'279
'142

266
130

280
136

11,314
249
207
327

.205

268

.749
.932

.269

.240

.240

.255

.240

.260

.245

.230

.200

.195

.220

.240

.250

.250

.250

178.9

180.1

14.9

15.2

14.7

15.1

15.0

14.6

15.2

14.8

15.4

15.2

13.7

15.4

14.8

15.2

22
36

28
26

26
30

22
29

23
30

34
32

45
31

50
29

32
29

25
26

28
26

29
27

44
25

'42
25

42
25

33
28

.594

.678

.586

607

.609

.654

.706

.728

.706

.767

.823

.787

.756

.675

.624

.557

233.0
.759

235.4
1.092

22.4
.883

21.4
.935

19.5
1.075

16.3
1.035

20.9
1.145

19.6
1.313

8.2
1.325

11.6
1.615

16.5
1.543

30.6
1.730

21.5
1.903

19.0
2.075

16.1
1.983

1.993

Coffee (green):
Inventories (roasters', Importers', dealers'), end
of period
.__ thous. bagscf
Roastlngs (green weight)
do

3,300
18,551

2 805
19 063

Imports, total
do
From Brazil _ .
do
Price, wholesale, Santos, No. 4 (N.Y.) $ per lb
Confectionery, manufacturers' sales
mil. $

20,289
3,748
1
.678
2,830

MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (Incl. shells)
thous Ig tons
Price, wholesale, Accra (New York).... $ per l b . .

Fish:
Stocks, cold storage, end of period!

mll.lb

Sugar (United States):
Deliveries and supply (raw basis):§
Production and receipts:
Production.,
thous sh tons
Deliveries, total 9
For domestic consumption
Stocks,raw and r«f.,endof period..

do
do
do

19,788
3, 092
1.228
2,912

1,636
183

356

5,192

3 522
4 756

1,013
143

1,649
477

1,858
500

1,994
641

1,707
466

1,839
225

1,824
483

234

956
85
1 520
307

267

282

233

223

'270

280

211

330

344

368

366

381

371

362

316

••312

308

88

117

173

730

1 174

1 214

775

459

275

858
853
1,660

827
816
2,504

831
827
3,324

832
828
3,624

764
761
3,758

1 024
1,017
' 3,430

P 3,235

1,864
272

1,909
449

1,637
207

238

1,546
159
.935
196

192

157

371

294

290

301

5 742

249

206

125

2

2 805
4,621

2 961
3 853

2 908
4 977

*305

10,127
9,974
2,731

10 926
10,859
3,324

881
876
2,778

928
927
2,569

994
993
2,314

986
978
2,038

1 038
l! 034
1,689

1 055
1,052
1,324

205, 989

69, 735

3,628

2,610

6,706

9,102

2,680

3,067

3,447

13,510

4,356

3,246

2,112

3,000

3,031

thous. sh. tons..
do
do

3,680
415
148

4,331
900
214

382
24
47

288
93
32

416
49
17

320
83
5

443
97
19

571
185
9

455
109
18

269
79
26

427
125
1

247
53
2

418
72
21

321
109
13

407
107
31

Prices (New York):
Raw, wholesale
_$ per lb._
Refine'1 *
Retail (incl. N . E . New Jersey)....$p«r 5 lb_.
Wholesale (excl. excise tax)._
._.$ per lb__

.229

.135

.156

.167

.144

.150

.119

.095

.112

.106

.102

.105

.113

.117

.124

.112

1.986
.311

1.262
.190

1.336
.210

1.325
.222

1.343
.197

1.246
.204

1.319
.171

1.165
.152

1,163
.172

1.114
.160

1.115
.156

1.101
.160

1.106
.167

1.121
.171

1.142
.181

.172

thous. l b . . 159,287

181,304

15, 805

13,053

13,893

14, 259

15,051

19,224

15,683

16,133

18,273

16,059

15, 064

22, 389

23, 302

Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total

._

Tea, imports

sh. tons

FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production}
_
Stocks, end of period©

mil lb
do

3,687.3
124.7

3,913.4
127.7

327.6
123.5

310.7
128.1

324.0
119.9

316.1
123.2

336. 9
122.8

345.0
122.2

331.2
126.9

324.3
120.5

309.6
127.7

296.7
127.8

301.2
119.8

' 357.9
' 113.9

316.0
115.7

do
do

3,947.2
90.8

4, 343.0
104.0

356.7
114.5

381.1
116.6

384.7
105.3

367.8
95.5

375.4
106.4

357.1
90.7

361.2
96.4

351.4
89.4

344.8
104.0

311.5
117.8

316.9
118.1

' 399. 5
'97.9

339.8
91.5

Margarine:
Production
do
2, 399. 3
Stocks, end of period©
do
60.1
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per l b .525

2, 629.7
67.2

198.8
70.2

190.5
71.4

199.8
70.8

197.4
73.6

195.1
80.0

202.8
72.4

215.6
72.2

233.2
69.8

246.0
67.2

242.3
67.4

236.5
70.7

' 232. 7
'71.8

196.5
77.0

.443

.431

.431

.431

.437

.455

.455

.455

.455

.455

.455

.455

.462

.518

513.5
649.7
37.8

535.5
660.5
47.5

44.3
50.1
45.8

41.5
49.2
41.2

44.6
50.6
45.8

48.0
51.3
51.9

42.7
55.9
51.0

47.3
59.8
58.9

45.1
64.3
53.3

42.5
59.7
49.8

43.5
63.7
47.5

42.4
58.5
49.1

42.9
58.9
51.7

'49.9
'74.7
'43.6

45.3
(52.2
57 2

4,655.4
2 908 4
276.6

5, 674. 6
3 367 2
354.8

439.8
271 0
324'. 0

463.1
303 6
328.7

469.9
307 9
317.2

481.7
269 0
328.1

489.5
286 9
341.2

506.0
297 7
352.2

500.2
307 4
371.5

487.4
265 6
384.5

501.8
261 4
354.8

464.1
261 7
377.9

440.9
237.5
357.5

' 484.4
' 270. 9
' 402. 7

433.2
264.3
359.2

Salad or cooking oils:
Production!
Stocks, end of period©..

Anlmal and fish fats:
Tallow, edible:
Production (quantities rendered)
Consumption in end products. _
6tocks, end of period 1

mil lb
do
do

Tallow and-grease (except wool), inedible:
Production (quantities rendered)
do
Consumption in end products*
do
Stocks, end of period f
do

••Revised.
v Preliminary.
i Average for Jan. and Feb.
2 Average for 2 mos. (May
and bept.).
3 See " A " note, this page.
* Reflects revisions not distributed to the
months.
O Cases of 30 dozen.
& Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note " § " .
©Producers and warehouse stocks.
\ Factory and warehouse stocks.
% Monthly revisions




.528

back to 1974 are available.
AEffective April 1977 SURVEY, data beginning Feb. 1976 are
restated to exclude cooler pork; comparable earlier data will be shown later.
tRevised
series. Beginning May 1977 S.TJRVEY, data represent total commercial slaughter (excluding
rendered pork fat and lard), whereas the price for calves, crepresents a different market.
Comparable data prior to Mar. 1976 will be shown later.
Corrected.

S-30

June 1977

SUEVEY OF CURRENT BUSINESS
1975

Unless otherwise staled in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

|

1976

Annual

1976
Apr.

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

FOOD AND KINDRED PRODUCTS ; TOBACCO—Continued
FATS. OILS. AND RELATED
PROD U C T S - Continued

Vegetable oils and related products:
Coconut oil:
Production, refined
Consumption in end products
Stocks, refined, end of period^
Imports

mil. l b .
dO-_.
do...
do_--

716.2
865.3
26.7
869.1

849.2
990.3
40.1
1,206.9

73.9
83.3
32.0
93.2

76.0
84.9
39.8
95.1

73.8
90.3
33.0
66.7

79.3
80.2
38.5
102.1

63.3
82.6
32.1
110.4

73.5
80.8
35.9
111.3

64.7
79.2
35.8

72.0
87.1
42.1
6175.9

58.5
75.1
40.1
144.1

57.0
73.4
35.3

60.2
69.9
38.6
128.8

•"67.3
"82.6
'33.4
99.2

59.3
72.9
37.7
64.9

Corn oil:
Production: Crude _
Refined
Consumption Jn end products.
Stocks, crude and ref., end of period If

do..do-_.
do.-_
do...

458.8
496.6
475.6
39.5

692.4
562.2
517.0
42.1

59.5
40.6
39.0
64.8

61.7
48.5
43.0
80.9

59.1
49.6
41.3
84.4

58.9
51.5
46.2
78.7

65.8
55.1
50.9
51.8

59.6
49.2
47.2
40.8

62.0
47.4
40.2
47.1

50.4
45.7
43.2
43.0

51.3
44.9
43.6
42.1

48.1
47.2
47.7
33.4

••49.0
44.0
45.2
28.6

'59.2
'51.1
'41.7
'32.4

55.4
42.4
37.0
43.1

Cottonseed oil:
Production: Crude
Hefined
Consumption In end products

do.
do_
do_

1,215.0
1,112.7
660.7

984.3
819.8
578.8

80.0
76.2
48.3

67.3
70.9
43.3

56.1
60.4
58.0

40.3
52.7
39.3

38.0
48.5
51.2

28.2
33.4
45.0

80.1
37.7
43.7

129.2
73.0
56.6

135.6
86.2
48.0

135.0
95.4
47.9

134.3
98.0
47.8

• 134.4
• 103. 5
'55.7

94.9
79.2
56.7

160.3
656.5
.322

191.6
520.9
.297

198.1
42.8
.298

204.0
65.6
.263

153.6
47.9
.273

157.5
23.7
.325

135.9
24.4
.288

104.9
13.4
.318

115.5
33.6
.283

167.2
15.7
.290

191.6
76.6
.283

207.7
50.4
.278

233.0
80.5
.283

• 237. 5
104.2
.323

244.3
72.4
.350

mil. lb
do-_.
do-_.

7,861. 7
6,422. 9
6,830.3

9,639. 6
7,185.4
7,575.6

846.1
606.6
623.4

869.8
624.2
625.9

813.9
627.1
634.6

788.7
584.7
626.8

720.5
607.9
635.1

766.1
568.1
623.7

807.4
575.4
621.3

804.0
596. 3
609.1

805.7
578.0
613.8

786.7
553.5
571.5

791.2
567.3
591.2

' 823.7
' 698.7
' 694. 5

748.9
624.3
595.6

Stocks, crude and ref. end of period ^f..do
Exports (crude nnd refined)
do....
Prlce, wholesale (refined; N.Y.)
$ per lb.

799.9
758.0
.286

1,488.1
1,088.4
.244

1,060.9
55.5
.219

1,108.6
160.9
.213

1,274.5
74.4
.228

1,229.9
77.6
.274

1,294.6
41.8
.247

1,250.6
151.5
.284

1,350.6
100.8
.254

1,432.0
107.7
.276

1,488.1 1,599.5
75.8
103.7
.262
.252

1,609.4 1,486.4 1,471.5
92.3
236. 4
103.3
.275
.400
.318

Stocks, crude and ref., end of period H
do
Exports (crude and refined)
do . .
Price, wholesale (N.Y.)
_$ per lb.
Soybean oil:
Production: Crude
Refined
Consumptlon In end products

.360

.353

TOBACCO
Leaf:
Production (crop estimate)
mil. lh_.
Stocks, dealers' and manufacturers', end of period
mil. l b Exports, lncl. scrap and stems
thous. lb
Imports, lncl. scrap and steins
do._-

» 2,182

»2,134

4,738
563,030
320,318

4,978
577,997
310,393

43,539
22,634

29,724
33,263

4,166
25.964
24,245

23,875
21,322

34,678
30,786

4,608
48.164
25,198

52,862
21,582

51, 307
17,573

4,978
75, 600
25, 764

76,832
26,580

52,964
26,118

4,797
54,695
22,075

31,271
36,471

Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large), taxable
Exports, cigarettes

62,278
588,345
4,476
49,935

72,125
657,116
4,041
61,370

5,865
49,615
337
5,088

5,302
50,352
342
5,212

6,243
58, 362
376
5,033

4,552
44,022
315
4,284

6,027
54,121
356
4,703

6,324
52, 365
354
5,304

6,887
52, 247
388
6,218

6,185
50, 541
340
4,383

f>,032
43,739
264
5,987

4,896
49,029
247
3,823

5,295
49,198
280
4,161

7,085
53,374
332
6,180

5,676

55,844 53,264
144
250
«= 2,289 2,167

millions
do._
do.-do

LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
.
thous $
Calf and kip skins
thous. skins^
Cattle hides
thous hides

Imports:
Value, total 9 .
Sheep and lamb skins
Goat and kid skins.,

296,279
2,403
21,269

thous $
_. ._

thous pieces
_
do

Prices, wholesale, f.o.b shipping point:
Calfskins, packer, heavy. 9^/115 lb
$ per lb_.
Hides, steer, heavy, native, over F>3 lb
__do . . .

552,276 45,309
2,162
262
2,386
2 25,270

51,518
212
2,075

43,076
122
2,030

43, 982
161
2,002

45,232
159
2,073

44,874
133
2,016

48,140
217
2,040

46,132
145
2,042

48, 522
158
2,282

50,536
194
2,276

47,158
182
1,998

78,100
15,520
879

89 100
16 603
1,255

8,600
2,216
125

6 600
1,289
69

11 400
2,366
126

7,900
1,494
73

8,200
1,336
41

8,600
1,414
121

6 100
817
69

4,400
523
55

3 500
467
122

5,200
815
136

6,300
1,166
116

1,942
118

1,355
144

s.350
.234

7.754
.338

.800
.349

.800
.390

.800
.348

.800
.363

.800
.373

.900
.383

.900
.318

.700
.290

.700
.323

.800
.358

.900
.363

.900
.373

.900
.401

19,449

21,149

18,795

14, 028

12, 074

18, 343

14, 361

15,108

18,388

18, 630

19,272

23,315

18,377

211.4

211.4

211.4

1.150
.413

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
Exports:
Upper and lining leather

thous. sq. ft. 2 184,104 2 203,707

Prices, wholesale, f.o.b. tannery:
Sole, bends, light
_
. . . index, 1967=100
Upper, chrome calf, B and C grades
index 1967-100

< 151.1

s 197. 9

194.1

207.1

199.9

199.9

207.1

211.4

207.1

195.6

413,080

444, 087

41,575

40,748

39,118

31,034

36,564

36,854

34,766

31,467

30,649

32,051 ' 31,722 '35,119

31,079

do

331,232
70, 536
7,917
3,392

358. 672
71,203
10,538
3,674

33,688
6,338
1,080
469

32,289
7,120
875
464

31,586
6,247
952
333

26,317
3,919
587
211

28, 710
6,712
922
220

28,718
6,787
999
350

26,331
7,272
923
240

24,369
6,044
787
267

25,835
3,609
938
267

26,514 ' 25,757 '28,691
5,131
4,542 ' 4,895
'835 ' 1 , 0 3 9
788
258
207
235

25,490
4,472
940
177

do

2 4,332

6,023

640

521

436

524

560

411

461

498

564

391

436

475

463

165.0

179.1

177.1

177.1

179.4

179.4

179.4

184.1

184.1

184.1

184.1

184.1

188.9

191.3

192.5

192.5

151.8
«133.5

163.3
140.2

161 3
138.8

161.3
138.8

163.0
138.8

163.0
138.8

165.5
138.8

166.8
145.2

166.8
145.2

169.3
145.2

169.3
145.2

169.3
145.2

169.3
145.2

173.0
145.2

«173.0
143.8

173.0
143.8

LEATHER MANUFACTURES
Shoes and slippers:

Production, total..
-thous pairs
Shoes, sandals, and play shops, except athletic
thous. pairs_
do
do

Slippers
Athletic

Other footwear - .
Exports

_

Prices, wholesale f.o.b. factory:
M e n ' s and boys' oxfords, dress, elk or side
u p p e r , Goodyear welt
index, 1067=100..
Women's oxfords, elk side u p p e r , Goodvear
welt
index, 1967=100..
Women's p u m p s , low-medium q u a l i t y . . . d o

r
3
Revised.
* Crop estimate
for the year.
Annual total reflects revisions not distrib3
uted to the monthly
data.
Average6 for Jan.-May and July-Dec. 7 i Jan.-June and
6
Aug.-Dec.
Jan., Feb., and Dec.
Data include imports for Oct.
Average for Jan.,
Feb., and Apr.-Dec.
8 Average for Jan.-Nov.




9 Includes data for items not shown separately.
• Corrected.

U Factory and warehouse stocks.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
In t h e 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

1977

1976

Apr.

Annual

S-31

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

LUMBER AND PRODUCTS
LUMBER—ALL TYPES 9
National Forest Products Association:
Production, total
mil. hd. ftITardwoods
do...
Softwoods
do___
Shipments, total
Ilnrdwoods
Softwoods
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products.

131,910
' 5,872
r 26, 038

r

137,176
' 6,830
30,346

3,209
544
2,665

2,960
559
2,401

2,949
542
2,407

2,963
509
2,454

3,265
568
2,697

3,226
524
2,702

3,305
550
2,755

2,972
496
2,476

2,921
428
2,493

2,822
370
2,452

2,930
460
2,470

3,388
532
2,856

137, 072
r 6,833
30,239

3,155
556
2,599

2,944
571
2,373

3,150
536
2,614

3,122
497
2,625

3,234
570
2,664

3,167
507
2,660

3,167
525
2,642

2,911
510
2,401

2,951
426
2,525

2,683
385
2,298

2,873
478
2,395

3,362
543
2,819

' 5, 072
'882
4,190

5,016
801
4,215

5,123
789
4,334

4,922
795
4,127

4,763
807
3,956

4,794
805
3,989

4,854
823
4,031

4,991
847
4,144

5,062
843
4,219

5,032
845
4,187

5,171
830
4,341

5,228
812
4,416

5,325
867
4,458

147
721

169

142
890

771
719

733
668

__do___
do___
do...

132, 077
r 5,799
' 26,278

do
do
do

' 4, 967
'875
r 4, 092

do

1,643
5,968

1,909
8,178

161
701

156
669

152
573

254
890

153
680

165
781

160
715

140
759

150
779

144
691

7,430
550

' 8,178
681

760
653

572
624

738
705

648
677

6S3
637

677
667

705
661

657
661

681

675
685

7,134
7,196
920

8,129
8,047
1,002

756
761
993

643
601
1,055

618
657
1,016

643
676
983

714
723
974

641
647
968

719
711
976

684
657
1,003

659
660
1,002

720
671
1,051

675
1,062

743
736
1,069

745
784
1,030

505
125

602
180
422

63
29
34

50
14
37

42
13
29

83
19
64

47
11
37

42
13
29

70
19
51

31
8
23

45
18
27

42
10
31

37
13
24

65
8
57

38
8
30

158. 88

191.24

180.05

176.06

171.45

187.49

195. 59

207. 79

204. 02

228. 38

225. 50

232.09

226. 05

17,074
453

i 7,879
443

615
460

619
476

694
499

726
479

733
470

632
418

695
375

441

587
416

735
499

790
495

1

634
614

598
603

664
671

710
746

743
742

716
684

761
738

656
633

651
614

702
652

787
794

..do

r

r

SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc

mil. bd. ft..
do
do
do
do
do
do
do

Prices, wholesale:
Dimension, construction, dried, 2 " x 4", R. L.
$per M bd. ft_.
Southorn pine:
Orders, new
Orders, unfilled, end of period

mil. bd. ft.
do

Production
Shipments

do
do

Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft_.

16,790
i 6, 965

7,987
17,889

215. C

218.7

663
658

225.42

1,134

1,232

1,196

1,191

1,184

1,148

1,149

1,181

1,204

1,227

1,232

1,269

1,319

1,312

M bd. ft._

67,502

140,386

10,774

11,160

12,872

9,322

11,438

11,361

9,114

12,833

17, 349

9,455

16, 361

13,413

Prices, wholesale (Indexes):
Boards, No. 2 and better, 1" x 6", It. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.
1967=100..

166.6

207.5

217.7

219.7

222.4

225.1

236.3

245.1

246.0

244.3

246.1

249.2

247.8

252.4

258.5

259.5

226.9

233.6

231.8

231.8

231.8

233.3

235.1

237.3

237.7

238.4

238.4

238.4

238. 4

240.5

242.7

243.8

8,665
538

9,980
554

851
522

809
502

1,017
598

843
582

794
546

956
535

843
555

829
604

805
554

684
550

754
555

942
589

827
576

9,938
9,964

920
859

837
829

801
921

786
859

869
830

974
967

885
823

793
780

834
855

743
688

764
749

928
908

833
840

1,217

1,144

1,183

1,265

1,244

1,299

1,334

1,327

165. 91

161.57

168. 63

245. 58

251. 21

9.4
5.7

10.1
4.9

10.8
5.0

10.8
5.9

9.7
5.6

7.9
9.0

8.3
8.7

8.1
10.4
7.9

8.9
10.0
6.2

9.8
10.1
6.4

Exports, total sawmill products

Western pino:
Orders, new
Orders, unfilled, end of period

mil. bd. ft._
do

Production...„
Shipments

do
do

8,445
8,519

Stocks (gross), mill, end of period

do

1,270

Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd. ft_.

131. 97

1,244
184. 31

1,265
209. 92

1,337
189.73

1,190
182.50

1,252
198. 68

1,314

17,548

198. 57

206.15

227.16

232.18

8.2
5.2

8.0
4.4

8.5
4.2

9.3
5.1

7.4
5.0

11.8
6.2

10.1
7.0

7.5

8.3
8.3
7.1

7.8
8.5
8.1

7.9
7.5
8.5

9.8
10.5
7.7

9.4
9.3
7.2

239.'

HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period

mil. bd. ft..
do

Production
Shipments
Stocks (gross), mill, end of period

do
do
do

104.2
4.5
93.8

114.5
4.2
104.5

12.5

109.3
8.9

5.2
8.7
8.6
11.2

METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons..
Scrap
do.
Pig iron
do
Imports:
Steel mill products..
Scrapf
Pigironf

do
do_.
do_.

2,953
9,608
60

2,654
8,120
57

229
743
6

265
836
5

232
671
7

318
769
3

280
631

193
709
3

183
644
4

186
554

228
634

162
511
4

205
465
3

202
532
11

233
449
4

12,012
305
478

14,285
507
415

948
47
16

1,071
27
22

1,355
57
39

1,190
68
42

1,201
49
17

1, 283
28
55

1,268
26
22

1,597
50
23

1,364
34
64

1,121
55

1,002
53
20

1,175
62
17

1,115
80
14

50, 035
41,144
89, 914

4,407
3,910
8,057
9,087

4,475
3,935
8,388
9,109

4,596
3,864
8,172
9,381

4,314
3,375
7,402
9,652

4,407
3,520
7,647
9,918

4,291
3,225
7,508
9,918

4,113
3,247
7,345
9, 928

3,786
3,090
6,873
9,890

3,661
2,940
6,508
9, 988

3,497
3,338
6, 735
9,723

3,591
3,567
6,663
9,828

4,427
4,353
8, 204
9,863

73.62
79.10

87.75
93.00

80.42
83.50

78.50
82.00

68.01
74.03
73.66
60.02
63.22
67.03 •68.76
85.10 78.64 69.88 61.69
70.50
75.50
76.00
74.00
74.00
91.00 85.00 73.50 67.50
64.00
69.00
H Effective with 1974 annual and Jan. 1975 figures, data reflect expanded sample and
exclusion of direct-reduced (prereduced) iron, previously included in scrap series.
° Effective with Feb. 1977, composite reflects substitution of Los Angeles for San Francisco.

Iron and Steel ScrapU
Production
Receipts, net
Consumption
Stocks, end of period

thous. sh. tons.. 1 46,042
do
i 36,753
do
i 82,331
do
i 8,766

Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. t o n . .
Pittsburgh district
do

70.83
72.50

' Revised.
• *> Preliminary.
i Annual data; m o n t h l y revisions
9 Totals include data for types of lumber not shown separately.

are not

available.

fEffective Aug. 1976 SURVEY, scrap excludes imports of rerolling rails and pig iron excludes
sponge iron imports previously included.




SURVEY OF CURRENT BUSINESS

S-32
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

1975

|

1976

1976
Apr.

Annual

June 1977

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

METALS AND MANUFACTURES—Continued
IRON AND STEEL—Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous. lg. tons..
Shipnients from mines
do
Imports
do

78,866
75,967
46, 742

79, 264
77, 216
44,390

6,118
5,579
2,443

7,612
8,483
4,084

7,846
8,910
4,554

7,188
9,314
5,109

7,424
9,593
5,333

7,416
8,739
5,057

6,755
7,639
4,114

6,090
6,806
3,904

6,134
5,528
3,422

5,642
2,220
2,252

5,968
2,139
1,184

6,205
2,156

112,718
106, 230
2,538

117,698
114,322
2,913

7,765
9,926
200

12, 696
10, 753
425

12,862
10,347

13, 892

10,554

541

13, 873
10, 269
424

13,134
9, 262
363

11,432
8, 976
160

10,053
8,205
268

9,274
8,195
238

3,471
7,873
123

3,232
7,890

4,251
9,641
31

7,058
9,667
364

do
do
do
do

i 69,144
12,299
52,231
4,614

75. 035
14, 026
56, 246
4,763

61,400
22,724
35,085
3,591

62,608
21,853
37, 296
3,459

64,087
20,793
39,852
3,442

65
18
43
3,

298
558
256
484

66,643
16, 392
46, 959
3,292

69,331
15,078
50,864
3,389

71,430
14,171
53, 319
3,940

73, 240
13,460
55,167
4,613

75, 035
14,026
56, 246
4,763

73, 533
17,117
51,843
4,573

72,233
20, 928
47,186
4,119

70,055
24,978
41, 804
3,273

39,195
3,070

do

1,033

1,053

68

53

161

134

87

75

93

114

70

53

29

48

79, 923
79,638
i 1,435

86, 870
86,929
1,513

7,601
7,679
1,362

8,116
8,163
1,329

7,874
7,859
1,356

7,751
7,702
1,501

6,995
7,021
1,489

6,382
6,402
1,492

6,272
6,275
1,513

5,985
5,984
1,530

5,827
5,860
1,520

7,174
7,227
1,506

7,382

7,962

182. 33

182.38

182. 38

182. 25

182.25

182. 25

182.25

178. 00 178.00

178.00

994
12,444
6,434

834
14,179
7,008

855
1,257
606

861
1,241
613

920
1,325
666

820
1,160
545

834
1,036
482

883
1,088
479

64
729
431

56
847
491

U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
Stocks, total, end of period
At mines
At furnace yards
At U.S. docks
Manganese (mn. content), general Imports

271

2,051

Pig Iron and Iron Products
Pig Iron:
Production (excluding production of ferroalloys)
thous. sh. tons..
Consu mptlon
do
Stocks, end of period
do
Price, basic furnace

$ per sh. t o n . .

Castings, gray and ductile iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shlpments, total
do.
For sale
do.
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons...
Shipments, total
do.
Forsale
do.

181.76

3

7, 999
7,930
1,418

895
1,056
552

892
1,195
631

855
1,197
594

6,969
6, 998
1,486

842
1,205
606

'901
1,130
'507

874
1,354
625

39

46

Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons.Rate of capability utilization*
percent..
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments, total
do.
For sale, total
do.

116,642
76.2

127, 943

11,439
88.4

12,136
90.8

11,605
89.7

11,400
84.8

11,128

10,463
80.4

10. 295
75.8

9,494
72.2

9,215
67. 8

9,089
66.8

8,859
72.1

11,049
81.2

748
1,927
1,575

432
1,805
1,512

574
155
129

553
153
128

508
153
126

486
119
95

455
134
110

452
158
134

429
155
132

424
145
123

432
144
125

450
137
121

-•446
'131
'116

433
160
139

i 89,447

7,780

8,215

8,537

7,480

7,519

7,646

6,996

6,717

6,334

6,459

8,750

7,981

4,383

395
343
604
178

437
375
634
163

458
430
719
176

342
420
687
161

345
326
560
155

379
343
593
167

306
323
559
158

319
307
510
182

321
303
540
187

275
299
525
143

295
320
554
141

389
380
750
193

386
374
702
164

13, 367 *114,234
8, 664
8,146
1
3,666
3,876
1,486
1,618

1,261
753
370
133

1,346
808
386
146

1,335
794
375
159

1,109
659
325
120

1, 223
750
328
139

1,340
824
356
153

1,164
664
355
138

1, 041
614
291
128

1, 013
611
274
122

1,024
624
265
129

1,086
063
281
136

1,425
874
377
166

1,373
834
373
159

576
233
521
3,669
1,299
1,595

557
220
532
3,950
1,423
1,699

568
242
599
4,011
1,499
1,646

457
213
540
3,549
1,313
1,496

497
191
518
3,704
1,366
1,569

490
210
477
3,647
1,350
1,505

494
199
464
3,328
1,164
1,460

456
168
457
3, 279
1, 127
1, 474

460
166
470
2, 873
1, 037
1, 228

437
170
622
2,963
1,004
1,322

528
183
505
3,077
1,113
1,343

679
239
782
3,913
1,363
1,697

614
234
457
3,678
1, 292
1,595

I'11,167
'83.3

P12, 201

*88.1

Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons..
By product:
Semifinished products
do.
Structural shapes (heavy), steel piling
do
Plates
do.
Rails and accessories
do.
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Reinforcing
Cold
finished

do.
do
do
do

79, 957
3,910
5,121
8,761
1,965

4,187
7,160
2,018

Pipe and tubing.
do.
Wire and wire products
do.
Tin mill products
do.
Sheets and strip (incl. electrical), total,-.do
Sheets: Hot rolled
do.
Cold rolled
do.

8,229
2,153
5,687
30, 763
11, 222
12,841

6,265
2,460
6,436
42, 303
15,090
18,265

By market (quarterly shipments):
Service centers and distributors
do
Construction, Incl. maintenance
doContractors' products
do
Automotive
doRail transportation
do Machinery, Industrial equip., tools
do.
Containers, packaging, ship, materials...do
Other
do.

15, 622
8,767
3,927
15,214
3,152
5,173
6,053
22, 049

i 14,615
7,508
4,502
21,351
3,056
5,180
6,914
'26,371

Steel mill shapes and forms, Inventories, end of
period—total for the specified sectors:
mil. sh. tons.
Producing mills, Inventory, end of period:
Steel In process
mil. sh. tons..
Finished steel
do....
Service centers (warehouses), inventory, end of
period
mil. sh. tons..
Consumers (manufacturers only):
Inventory, end of period
do
Receipts'during period
do
Consumption during period
do—

3,492
1,681
972
5,324

3,156
1,713
960
4,873
818
1,237
1,428
5,828

5,343
737
1,303
1,676
6,670

1,318
1,971
6,371

33.9

36.4

33.7

34.3

34.5

35.6

36.0

35.5

35.7

36.1

36.4

'36.1

35.5

10.0
6.7

12.2
7.5

10.4
6.8

11.0
6.9

11.2
6.8

11.5
7.2

11.9
7.2

11.7
7.2

12.0
7.3

12.2
7.2

12.2
7.5

12.2
7.3

11.9
7.1

6.7

6.5

6.5

6.4

6.4

6.7

6.6

6.2

6.4

6.5

'6.4

6.3

10.2
4.5
4.6

10.2
4.8
4.8

'10.2
'5.0
5.0

10.5
58.9
62.1

10.2
62.6
62.9

10.0
5.3
5.7

10.0
5.5
5.5

10.1
5.7
5.6

r
Revised.
* Preliminary.
i Annual data: monthly or quarterly revisions are not
available.
2 For month shown.
3 Avg. for 8 months; price not available for July-Oct.

•New series. Source: American Iron and Steel Institute. The production rate of ca-




3,708
2,023
1,174

4,199
2,063
1,296
5,684
743
1,357
1,836
7,349

10.2
4.9
4.8

10.3
5.1
5.0

10.2
5.3
5.4

10.2
5.1
5.1

10.3
5.0
4.9

2

1,354
2
679
2
405
2
1
2
284
2472
2
504
2
2,426

11.1
6.9

10.1
5.7

pability utilization is based on tonnage capability to produce raw steel for a full order book
based on the current availability of raw materials, fuels and supplies, and of the industry's
coke, iron, steelmaking, rolling and finishing facilities. Data prior to 1975 are not available.

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

Annual

S-33
1977

1976
Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous sh. tons.
Recovery from scrap (aluminum content)-.do

3,879
i 1,156

4,251
1,346

325
118

do
do___

457. 9
61.0

71.7

do.-do --

185. 8
185.4

568.7
87.1
152. 4
'222.1

14.6
17.2

Price, primary ingot, 09.5% minimum...$ per lb.

.3979

.4449

.4148

Imports (general):
Metal and alloys, crude
Plf.tes, sheets, bars, etc
Exports:
Metal and alloys, crude
Plates, sheets, bars, etc

Aluminum products-.
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total
Sheet and plate
Castings

mil. lb .
do
:_.do
do

9,804
7,427
4, 052
1,376

12,610
9, 710
5, 580
1,842

1
1

345
115

365
105

371
117

33.2
7.5

68.6
8.0

7.2
16.5

70.9
8.4
9.7
18.4

10.5
19.8

.4250

.4400

4400

350
116

6.6

,059.1 '1,202.6 '1,168.5
1
r
1
822.1
£83.1
916. 3
454. 0
513. 3 533. f>
151.8
159.7
161. 6
COO

CO1

391
118

387
119

400
106

399
109

'352
109

379
124

27.9
6.1

34.2
5.9

33.6
6.5

25.9
6.5

15.8
5.5

48.5
5.0

6.0

9.8
23.9

6.2
18.9

7.5
18.3

13.1
19.2

12.7
21.0

9.8
13.2

10.6
18.1

4.3
11.7

.4691

.4800

,4800

.4800

.4800

.4800

942.1 '1,173.0
801. 4
870. 8
468. 8
499. 7
147.9
130.7

,007.3
851. 2
487. 6
152.8

,015.0
784.0
454.0
151.0

960. 9
742. 5
432. 5
1G0.0

,055.6
802. 3
494.3
154.4

885. 8
742. 5
422.5
168.7

970. 9
752.7
429.6
168.4

,430.6
,022.2
610.7

59.3
6.1
10.4
9.8
.5100

Inventories, total (ingot, mill products, and
scrap), end ol 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 ...

5,999

5,634

5,813

5, 673

" 5, 543

5,596

• 5, 542

5,523

5,589

5, 689

5,631

5,804

5,874

5,646

1,413.4
1,443.4
t 157. 2
330.0

1,611.3
1,537.2
1,420.6
i 116. 6

136.1
133.3
125. 9
7.4
29.0

136.6
124.8
116.1
8.7
31.0

129.3
133.9
125. 2
8.7
28.0

127.4
111.8
104.4
7.4
24.0

1433
12S.9
118.7
102
26.0

144.0
143.7
132. 8
10.9
30.0

149.2
134.8
126.9
7.9
26.0

135. 9
133.0
121.1
11.8
41.0

138.4
136.0
124.0
12.0
30.0

142. 0
125. 9
118.4

131.9
124.7
115.5

159.0
171.9
162.4
9.5

147.1
168.2
159. 3

30.0

31.0

Imports (general):
Refined, unrefined, scrap (copper cont.)__do-Reflned
„
do._.
Exports:
Refine 1 and scrap
do_Refined
do -..

330.0
146.8
333.1
172.4

547.4
384.1

68.0
48.7

55.9
45.8

53.8
38.5

77.9
66.6

35.9
13.5

42.4
30.2

19.1
10.4

49.6
35.0

20.4
8.6

22.4
9.4

23.0
10.0

22. 7
1L5

20.4
7.3

11.1
1.8

= 13.6
2.6

13.1
3.9

1,541
538
177

1,991
651
177

176
487
144

185
503
178

187
492
175

22.3
8.7
142
499
149

39.2
26.8
13.9
3.7

34.1
17.7

20.6
10.9

164
500
144

171
480
124

164
519
146

167
568
152

40.6
26.8
17.1
6.8
168
651
177

29.9
21.7

250.1
113.1

33.0
22.1
23.4
9.4

158
647
178

169
668
181

.6416

.6956

.6924

.7032

.7062

.7462

.7462

.7462

.7206

.7062

.6577

.6624

7255

.7439

2,025
2,056
512

2,520
2,383
547

621.5
658.5

1610.1
682.5

50.6
57.0

51.0
53.5

188.6
1,297.1

224.6
1,429.1

16.0
116.4

13.4
118.2

50.6
57.8
30.4
118.2

191.4

180.7

205.3

196.4

200.8

81.3
' 133.3

43.7
110.1

87.3
116.1

84.4
116.6

83.7
118.0

76.1
117.9

87.8
.2153

96.0
.2310

70.8
.2193

76.9
.2288

87.7
. 2300

6,415
44, 365
15, 869
1,91'
55, 800
43, 620

5,733
45, 055
14, 05'
,393
67, 56;
53, 850

949
2,659
1,113
14
5,415
4,330

2,337
7,282
3. 7982

218
7,855
3.5546

65
2,648
1,204
229
5,490
4,410
155
6,963
3.7511

3. 893:

Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
..do. ..
Fabricntors'
do
Price, electrolytic (wirebars), dom., delivered
$ per lb_
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb
Copper wire mill products (copper cont.) __do
Brass and bronze foundry products.
do
Lead:
Production:
Mine, recoverable lead
thous. sh. tons.
Recovered from scrap (lead cont.)
do__Imports (general), ore (lead cont.), metal...do..
Consumption, total
do_
8tocks, 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)d"
do...
Scrap (lead-base, purchased), all smelters
(gross weight).
thous. sh. tons.
Price, common grade, delivered
$ per lb.
Tin:
Imports (for consumption):
Ore (tin content)!
metric tons
Metal, unwrought, unalloyedf
do___
Recovery from scrap, total (tin cont.)t
do...
As metalt
do-__
Consumptio'i, totalf
do...
Primaryt
do_.Exports, incl. reexports (metal)f
Stocks, pie (industrial), ondof neriodf
Price, Straits quality (delivered)*
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)

do__.
do
$ per lb

thous. sh. tons

Consumption .'recoverable zinc content):
Ores
Scrap, all types

3,597
9,536
3.3982

3

51.2
57.3

45.0
54.3

49.1
58.3

56.7
68.2

18.5
122.5

24.3
120.0

19.7
123.4

24.0
114.5

22.3
134.4

191.7

185.2

182.9

187.2

180.7

169. i

66.3
119. 8

60.9
117.7

51.8
109.5

43.
110.1

36.5
104.2

27.1
106.1

22.7
104.9

91.8
.2424

91.2
.2476

98.2
.2483

97.1
.2574

43.
108.0
95.6
.2579

96.0
. 2582

85.0

84.0
.2869

89.3
.3100

942
6,276
1, 224
203
5, 965
4,665

0
4,207
955
244
5,240
4,410

3, 316
1,275
305
5,380
4,330

392
3, 905
1, 245
5,680
4,695

0
2,195
1,245
249
6,395
5,120

838
3,484
1,245
208
5,950
4,609

1,346
4,956
1,275
193
5,700
4,600

28:

104
9,623
4.2294

113
8,749
4.0353

418
7,871
3. 9638

79
7,949
4.0044

266
7,213
4.0778

352
7,282
4.1817

51.0
57.4

48.8
56.1

13.0
101.4

11.1
116.2

41.2

41.7

40.8

38.7

37.1

38.5

40.6

37.3

36.6

40.5

42.3

97.1
714.5

6.6
59.9

5.7
62.9

9.4
77.2

9.8
60.6

7.3
51.6

14.3
76.6

2.6
63.

8.9
52.4

8.0

10.
34.0

4.3
37.8

7.3
51.6

do.
do_

223.8

96.6
202.3

8.8
19.5

8.3
15.8

8.3
15.3

14.8

9.2
16.1

6.6
16.4

7.8
16.0

6.8
15.

7.
15.1

6.
15.0

'15.2

8.1
16.4

438.1
57.9
925.3
6.9

483.8
52.1
1,127.1
3.5

43.5
3.0
98.9

41.6
6.0
102.7
)

39.6
5.6
104.5

40.6
4.4
87.7

36.1
3.8
99.5
2.9

37.1
3.5
103.8
()

42.7
3.9
91.4
.1

37.0
4.2
81.

42.5
3.1
83.6

36.8
2.8
'82.0

38.8
4.8
106.2

75.7
107.3
.3896

88.8
111.8
.3701

68.0
101.4
.3700

67.6
110.6
.3700

69.2
121.4
.3700

73.0
126.5
.3700

64.6
134.2
.3700

59.1
136.3
.3700

72.6
136.1
.3700

82.7
124.3
.3700

90.5
112.9
105.2
.3700 I .3700

58.9
107.9
.3700

8

Less than 50 tons.

• 111.8
.3700

15.4

. 3100

499
1,079
2
= 522
3,955
4,57
4,523
4,016
1,145
1,140
125
120
5,600 5,500 6,800
4,500
5,300
4,400
370
606
594
616
8,032 ' 7,883 5,874
4. 6347 5.0743 5.1893 4. 8007

145.0
380.4

469.4

i Annual data; monthly revisions are not available.




49.7
64.9

12.9
121.2

49.0
58.4
21.5
130.4

48.1
49.8

.7261

582
581
142

do__.
do...

Slab zinc: §
Production (primary smelter), from domestic
and foreign ores..
thous. sh. tons.
Secondary (redistilled) production
do-__
Consumption, fabricators.
do
Exports
do
Stocks, end of period:
Producers', at smelter (ABMS)O
do.__
Consumers'
___
d0
Price, Prime Western...
__~L~~II$ per lb
Revised.

1

617
592
131

672
635
138

.5100

.3100

4. 8861

4.7
60.

67.

78.9

.3700

.3557

*New series effective with data for Jan. 1976. Source: Metals Week. MW Composite monthly
price (Straits quality, delivered) is based on average of daily prices at two markets (Penang,
Malaysia—settlement, and LME 3-month—High grade), and includes fixed charges plus
dealer's and consumer's 70-day financing costs; no comparable earlier prices are available.
t Effective with the Apr. 1977 SURVEY, data are expressed
in metric tons (to convert
c
U.S. long tons to metric tons, multiply by factor, 1.01605).
Corrected.

VEY O F UUKJ iKJNl 1W 31JNE

S-34
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1977

1976

1976

Annual

June 1977

Apr.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Heating, combustion, atmosphere equipment, neworders (domestic), net, qtiiy 9 O
mil. $..
Electric processing heating equip
do
Fuel-fired processing heating equip
do

146.4
43.6
52.4

184.3
35.8
77.3

Material handling equipment (industrial):
Orders (new), index, seas, adj
...1967 = 100-.

135.6

167.5

159.6

172.1

169.7

154.9

184.4

188.0

151.7

177.9

198.5

209.7

226.1

227.7

Industrial trucks (electric), shipments:
Hand (motorized)
number..
Rider-type
do ..
Industrial trucks and tractors (internal combustion
engines), shipments
number..

15,063
19,381

15,786
16,152

1,408
1,266

1,166
1,172

1,414
1,332

1,391
1,365

1,206
1,204

1,410
1,588

1,403
1,615

1,527
1,629

1,396
1,618

1,242
1,678

1,439
1,660

1,569
1,912

1,385
1,674

36,388

33,930

2,648

2,964

3,139

2,550

2,739

3,097

3,519

3,520

2,594

3,669

4,014

4,274

3,677

142.3

165.4

167.2

160.7

163.4

164.6

161.9

169.2

171.2

171.9

178.7

187.6

188.3

194.6

201.7

165.2

183.8

184.4

179.1

180.2

186.5

192.8

190.2

186.6

186.8

187.5

191.2

186.4

196.9

205.0

169.4

178.4

176.3

176.8

177.4

178.2

179.1

180.4

181.5

182.9

183.7

185.8

187.5

188.2

188.7

mil. $_ 915.90
780.50
do-._
do.._ 1,878.65
do ._ 1,548.10
1,062.4
do

, 662.15
., 476. 60
,482.10
., 269. 85
1,242.4

102. 65
94.30
121.20
101.00
957.0

128.95
118.10
118. 50
96. 55
967.4

122. 45
110.30
128.15
104.55
961.7

126. 30 146.55 166.55
118.00 134.75 130.75
97.35
92. 25 140.35
121.90
84.30
78.65
990.6 1,044.9 1,071.1

190. 55
168. 60
112. 60
96.95
, 149.0

270.45
212.65
573.05
484.50
218.6

568. 05
508.95
577. 55
473. 50
209.2

45.95
41.55
52.20
42.75
181.4

40.35
35.05
43.50
36.05
178.3

49.80
47.55
54.30
44.50
173.8

60.40
55.30
47.05
39.30
216.3

48.80
39.05
50.50
41.95
214.6

20,453
1,111.5
4,592
289.6

19, 089
1,027.4
3,559
234.8

5,042
250. 5
1,107
75.4

4,964
272.3
864
59.8

4,345
249. 2
75:
48.6

37,956
1,132. 7

34,608
975.5

9,443
249.4

8,594
255.8

7,629
222.8

317,215
3 549

226,223
2,368.1

209,672
2,491. 2

58,570
683.1

44,842
564.5

43, 670
525.9

60,072 319, 420
785.5 3245,410

Industrial supplies, machinery and equipment:
New orders index, seas, adjusted
1967-69=100..
Industrial suppliers distribution:
Snles index, sens, adjusted
1067 = 100..
Trice index, not seas. adj. (tools, material handling
equip., valves, fittings, abrasives, fasteners,
metal products, etc.).
1967=100..
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
D omestic
Order backlog, end of period

do_.
do.
do.
do.
do.

Tractors used in construction, shipments, qtrly:
Tracklaying, total
.units..
mil. $..
Wheel (contractors' off-highway)
units..
mil. $..
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units..
mil. $..
Tractors, wheel, farm, nonfarm (ex. garden and
construction types), ship., qtrly
units..
mil. $..

53.3
8.9
27.0

45.8
10.6

57.00
50.95
51.30
43.40
179. 5

55.50
51. 85
32.05
25.90
202.9

49.0
12.6
18.1

45.5
10.7

201.9

201.30 171.10 153.45 135.35 200.20 '195.05
191.35 150.50 139. 70 117.20 186.95 >18fi. 25
94. 30 111. 90 129.90 »123.20
117.10 161.95
99. 50 117.50 '108. 90
106.10 145.70 80.55
1,233.2 1,242.4 1,301.6 1, 325.1 1395.4 '1467. 2
43.85
39.00
59.90
46.60
198.6

58.15
53.50
47.55
40.65
209.2

46.15
42.50
50.75
36.45
204.6

56.55
52.65
56.75
50.65
204.4

• 62. 55
53.00
53.30
49.15
213.4
4,963
267.8

15
35
Pol. 50
P4O. 70
P217. 3

POO.
P51.

3 1, 583
79,659

3

ELECTRICAL EQUIPMENT
Batteries (auto.-type replacement), ship

thous..

42,582

49, 203

2,990

2,882

3,524

3,523

4,335

4,872

5, 313

5,052

5,460

4,909

4,314

3,947

3,183

Radio sets, production, lotal market
thous.
Television sets (incl. combination models), production, total market
thous.

34,516

44,102

3,627

3,428

2 3,095

2,924

4,929

2 4,671

5,365

3,616

2 3, 526

2,697

2,738

2 3,832

2,935

3,391

10,637

14,131

1,145

21,364

908

1,262

21,647

1,407

1,219

2 1,216

1,103

1,141

2 1,346

1,203

1,255

Household major appliances (electrical), factory shipments (domestic and export) 9
thous.. i 24, 292
Air conditioners (room)
do
2,670
Dishwashers..
do
2,702
2,080
Disposers (food waste)
do
i
2,082
Ranges
do
4,577
Refrigerators
do
2,457
Freezers
_.
do...
4,228
Washers
'_
do
2,869
Dryers (incl. gas)
do...
7,817
Vacuum cleaners (qtrly.).
.do--_

25,800
i 2,962
3,140
2,515
2,462
4,817
1,548
4,492
3,173
9,285

2,615
529. 4
297. 4
227. 0
217.4
408.3
143.3
' 346.8
234.4

• 375.8
• 243.2
• 199.9
' 194. 6
414.1
128. 2
' 336. 6
208.4

2,388
336.7
261.5
214.6
222.8
494.6
12^.3
408.0
253.6
2,100.2

2,023
161.9
209.9
185.9
201.9
488.4
165.6
344.7
219.1

2,222
75.3
280.5
234.4
215.5
477.0
169.0
444. 2
300.6

2,075
77.6
245.7
238. 2
206.7
420.7
142.8
414.7
305.9
2,301.5

2,056
83.0
321.6
235. 7
224.1
392.7
108.2
369. 6
295.1

1,868
83.6
301.4
193.8
207.8
330.7
84.9
345.0
295.3

1,714
186.9
245.3
202.4
187.5
289.5
81.3
277.1
217.8
2,490.9

1,967
219.2
239.4
224.3
187.0
354.9
101.1
352.0
247.7

2,179
253.4
272.0
228.7
193. 4
374.6
107.1
406.6
292.2

* 2,903
427.7
316.4
252.1
250.4
505.8
152.5
478.3
336. 5
2, 489. 3

2,506
488.1
235.7
225.5
215.5
419.9
114.9
361.5
241.5

«2, 580
440.8
255. 5
229.1
242. 3
456. 7
136.2
404. 9
246.3

1,555
1,824
3,112

115.8
144.1
312.2

113.0
155.1
285.8

116.0
180.4
277.6

124 5
116.3
228.9

124.6
139.7
213.1

154.1
165.1
236.6

169.8
148.1
246.4

132.6
136.1
240.4

125.1
152. 4
251.5

• 129.2
113.6
249.9

• 118. 5
133.7
273.7

123.4
177.6
' 296.9

117.4
142.5
280.5

GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments, thous.
Ranges, total, sales._
do...
Water heaters (storage), automatic, sales
do...

1,186
1,618
2,645

PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production %-----thous. sh. tons.. » 6,203 1 6,410
555
630
520
Exports
do
75
66
640
615
80
Price, wholesale, chestnut, f.o.b. car at mine
$ persh. ton.. 44.856
46.428 46.428 46.428 46.428
Bituminous:
Production t
thous. sh. tons.. 648,438 665,000 57,856 56,611 58,436
'Revised.
v Preliminary.
i Annual data; monthly or quarterly revisions not avail.
2
Data cover 5 weeks; other periods, 4 weeks.
3 F o r m O n t h shown.
* Includes U.S.
produced and imported microwave ovens and combination microwave oven/ranges as follows:
Apr. 1977, 133,700; Apr. 1976, 96,000; products do not add to total shipments (which also
includes compactors and dehumidifiers not shown separately) because of overlapping product
categories.
9 Includes data not shown separately.




620

46.550

46. 550

46.550

65,020

57,160

61,560

590
47

615
120

550
42

490
56

475
23

405
36

435
42

600
59

46.428

46.428

46.428

46.428

46.428

46.428

46.550

46. 550

53,440

59,

57,498

56,995

57,045

'44,555 '49,750

43,250

67T

\ Monthly revisions back to 1973 are available upon request.
O Effective 1976, data reflect additional reporting firms.

r

500
18

490
47

L1 JbU

U F UUKJ

June 1977
1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
In the 1975 edition of B U S I N E S S S T A T I S T I C S

S-35

1976

1976

Annual

SO

Apr.

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued t
Industrial consumption and retail deliveries,
totnl9
thous. sh. tons.
Electric power utilities.
do
Mfg. and mining industries, total
do—
Coke plants (oven and beehive)
do—
Retail deliveries to other consumers

do

Stocks, industrial and retail dealers', end or period,
total
thous. sh. tons..
Electric power utilities.
do
Mfg. and mining industries, total
do
Oven-coke plants
do—
.do..

556,301
403,249
145,746
83,272

597,479
445,750
144,817
84,324

46,450
33,715
12,158
7,077

46,506
33,637
12,456
7,396

48,472
36,279
11,827
7,154

2 7, 282

6,900

576

411

365

127,115
109, 707
17,175
8,671

133,673
116,554
16,879
9,804

28,343
11,806
16,404
9,931
133

134,621 .40,237
117,199 .22,113
17,295 17,986
10,612 11,257

51,696 52,069 47,750
39, 688 40,181 35,845
11, 743 11, 500 11,463
7,267 7,039 6,908
264

387

440

49,248
36,619
12,067
7,042

51,320
38,178
12,401
6,901

55,642
40, 950
13,521
6,941

57,052
43, 094
12,808
6,408

50,776
37,524
12,522
6,274

50,238
37,145
12,568
7,043

560

740

1,170

1,150

730

525

29.606 123,662 .29,867 133,581 34,117 33,673 .18, 080 .14,387 22,584
.14,099 109,516 .14,328 117,459 L17,322 .16,554 .03, 883 L01, 065 .07,374
15,367 13,972 15, 352 15,932 16, 585 16, 879 14, 067 13,182 15,055
8,107
7,463
9,025
8,715
9,037 9,605 9,804
7,258 8,194

233

240

do.._
Tndex, 1967=100.

65,669
387.0

59, 406
367.5

5,780
366.4

5,667
366.0

6,569
365.8

4,880
366.7

4,223
366.7

5,613
366.8

5,871
367.0

thous. sh. tons.
do__do...

3 727
56.494
25,848

605
57,728
26,029

55
4,884
2,101

55
5,069
2,222

55
4,938
2,149

51
5,007
2,241

48
4,785
2,319

50
4,720
2,140

do._.
do_._
do._.
do__.

4,996
4,718
278
1,472

6,487
6,173
314
2,127

5,062
4,808
254
1,704

4,992
4,736
256
1,795

4,729
4,504
225
1,785

4,641
4,383
258
1,840

4,445
4,202
244
1,825

do...

1,273

1,315

116

133

137

101

Crude petroleum:
Oil wells completed
nnmber
216, 408
Price, wholesale
Tndex. 1967 = 100
245.7
Gross input to crude oil distillation units..mil. bbl. 4,709.3
Refinery operating ratio
% of capacity._
86

17,020
253. 6
5,081. 4
89

1,237
245.3
396.4
86

1,501
246.1
413.4
87

1,500
247.8
427.7
93

Retail dealers.
Exports
Price, wholesale

.
COKE

Production:
Beehive
„
Oven (byproduct)
Petroleum coke§._
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports

127

138

240

130

140

155

5,451
368.0

4,625
372.8

2,143
375.3

3,079
376.5

3,390
378.0

5,639
379.1

42
4,857
2,135

42
4,752
2,099

55
4,751
2,211

49

4,412
2,135

50
4,273

4,750
4,511
239
1,867

5,179
4,939
241
1,986

5,799
5,539
261
2,081

6,487
6,173
314
2,127

6,970
6,660
310
2,184

210

170

91

90

108

108

1,312
254.3
446.1
94

1,265
254.3
446.3
91

1,474
254.3
425.3
89

1,396
264.4
428.0

1,291
264.4
437.3
90

1,512
264.4
457.0
91

1,391
262.9
453.6

1,321
274.2

1,817
270.0

1,405
271.0

271.0

240.4

245.6

249.6

254.5

.496

.503

.510

140

174

187

190

210

386.1

7,247
6, 953
294

91

PETROLEUM AND PRODUCTS

All oils, supply, demand, and stocks:
New supply, total eft
Production:
Cm do petroleum t
Natural-gns plant liquids
Imports:
Crude nnd unfinished oils
Refined products!
Change In stocks, all oils (decrease,—)
Demand, total J
Exports:
Crude petroleum
Refined products
Domestic product demand, total 91
Gasoline
Ksrosene
Distillate fuel oilj
Residual fuel oil*
Jet fuel.

. _ .

.

Lubricants!
Asphalt.
Liquefied gases
Stoeks, end of period, total
C r u d e petroleum
Unfinished oils, natural gasoline, etc
Reflned products

mil. bbl.

5, 876.9

6,242. 6

489.9

499.6

518.1

546.5

529.7

532.0

533.0

532.8

559.1

557.1

do
do

3,056. 8
609.7

2,971.7
601.0

242.4
49.6

253.2
50.4

244.3
49.4

251.2
50.7

250.3
50.5

245.6
49.1

249.5
50.7

248.2
50.8

241. 5
49.2

do
do

1,511.2
699.2

1,946.9
723.1

115.2
52.7

146.0
50.0

169.1
55.3

180.3
64.3

172.7
56.1

177.1
60.2

177.1
55.6

241.3
49.7
179.1
62.7

184.8
75.4

188.0

do

•11.8

-21.1

-3.5

16.2

20.3

40.8

23.3

33.8

12.3

-23.0

-69.0

500.9

do_.

6,033.9

6,465.7

506.8

do_.
do.

2.1
74.3

2.9
78.7

0
6.7

do
do.
do.

5,957.5
2,450. 3
58.0

6,384.1
2,567. 2
61.8

_ do..
do..
do..

1, 040. 6
898.6
365.3

do..
do.
do.

50.2
147.4
486.4

78.4
-46.9

522.5

522.7

510.6

534.7

575.8

644.3

5.6

0
6.4

0
7.5

.4
6.4

0
5.9

.6
5.6

.9
9.5

1.1
7.6

640.0
.4
5.5

500.1
215.9
4.2

495.3
213.5
2.4

505.1
226.0
3.6

515.0
228.0
3.1

515.9
223.7
2.9

504.8
213.5
4.5

528.6
215.9
4.8

565. 4
212. 2
6.5

635.7
222.2
9.4

634.0
201.2
11.0

1,145. 6
1,019.6
361.4

83.6
74.9
30.3

78.1
75.6
29.8

73.1
75.6
29.2

69.9
79.2
34.1

69.4
83.0
29.9

78.5
75.5
31.4

93.9
77.9
28.2

111.4
97.6
29.4

144.2
111.8
31.8

157.3
114.0
32.6

55.7
146.8
514.0

4.7
9.7
36.0

4.5
13.9
35.3

5.0
17.0
33.3

5.1
17.9
34.2

4.5
20.0
37.6

4.9
17.7
37.3

4.6
15.2
46.4

4.5
11.2
52.4

4.6
6.1
59.6

4.4
5.0
62.6

0)

do
do
do...
_do...

1,133. 0
271.4
113.7
747.9

1,111.8 1,057. 0 1,073.2 1, 093. 6 1,134.4 1,157.7 1,191.5 1,203. 9 1,180. 8 1,111.8 1, 064. 9
284.0
281.7
285.5
286.6
282.6 277.3
284.1
294. 0
298.8
285.5
297.7
119.4
120.0
118.6
120.5
121.3
118.9
116.6
112.1
118.6
118.3
120.5
669.8
691.9
707.7
649.9
730.5
763.9
788.3
658.8
707.7
787.9
761.5

do.
do..
do.

2,393.6
.8
238.0

2,517.0
1.3
234.3

197.8
2
226! 6

211.1

0)

0)

227.5

227.7

211.8

233.4

218.9

220.5

228.9

.455

.474

.452

.461

.479
Production
mil. bbl
1.0
13.7
13.3
.9
1.4
Exports
do...
.1
.2
0)
0)
0)
Stocks, end of period
do
3.0
2.3
2.8
2.6
2.4
Kerosene:
Production
do...
3.5
3.5
55.7
55.7
3.9
Stocks, end of period
do
13.1
15.6
12.5
12.9
11.7
Price, wholesale (light distillate)
303.2
285.6
306.3
310.8
311.9
Index, 1967=100..
2 Reflects revisions not available by
" Revised.
i Less than 50 thousan d barrels.
for earlier periods because stocks cover 100 additional
terminals be im^^Dec?™ 7 W U h d a t a
9 Includes data not shown separately
§ Includes nonmarketable catalyst coke.

Reflned petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period

Priees (exrl. aviation):
Wholesale, regular
Tndex, 2/73=100..
Retail (regular grade, excl. taxes), 55 cities
(mid-month)
$ per gal..
Aviation gasoline:




220.6

223.3
.2
233.2

207.8

208.1

209.3

232.6

229.1

230.5

223.5
.2
234.3

215.8
.3
255.5

239.1

242.9

244.8

244.5

243.5

241.9

239.9

.485

.487

223.9

C1)
229.4

1.4

0)

2.5
3.3
13.4

1.6

0)
4.3
15.0

0)

.487
1.4

0)

.487
1.0

0)

.484

.486
1.1

.8

1.0

(0

2.7

0)

0)

2.8
4.5
15.2

4.8
15.6

4.9
14.4

6.9
12.5

0)

2.8

0)
7.9
10.5

304.9
308.8
310.9
325.6
339.2
346.6 = 351. 7 355.0
315.5
322.5
319.7
cflnciudes small amounts of "other hydrocarbons and hydrosen refinery input," not
shown separately.
^Monthly revisions back to 1973 for bituminous
coal and back to 1974
c
for petroleum and products are available upon request.
Corrected.

(VE) : UF (JUli

S-36
1975
Unless otherwise stated in footnotes be'ow, data
through 1974 and descriptive notes are as shown
In the 1975 edition of BUSINESS STATISTICS

| 1976

1

June 1977

1976

P

Annual

blJS1JNJ

Apr.

May

June

July

Aug.

1977

Sept.

Oct.

Nov.

Dec.

Jan.

104.6

Feb.

Mar.

Apr.

May

369.4

377.8

385.1

387.0

523.1

533.1

546.5

544.0

PETROLEUM, COAL, AND PRODUCTS—Continued
P E T R O L E U M AND PRODUCTS—Continued
Refined petroleum products—Continued
Distillate fuel oil:
Production
mil. bbl
Imports^
do
Exports
do
Stocks end of period
do
Price, wholesale (middle distillate).
Index, 1967=100...
Residual fuel oil:
Production
mil bbl
Imports!
do
Exports
do
Stocks, end of period
do
Price, wholesale
Tndex, 1967=100

968.6
56.7

1,070.2
52.5

.3

.4

79.7

84.9

86.6

91.8

92.4

88.4

92 9

95.4

100.9

2.9

3.0

4.5

3.9

4.1
.1

4.4

4.4

4.0

5.5

9.8

208.8

186.0

137.3

147.1

165.1

190.9

218.0

232.3

235.6

223.7

186.0

143.0

309.4

336.8

331.5

328.6

329.2

332.1

336.0

338.8

341. 2

344.0

349.6

359.0

451. 0
446.5

504.0
511.7

38.5
37.7

39.0
35.2

37.2
37.2

39.3
45.3

40.9
40.5

39.9
43.3

41 9

47.4
44.2

54.9
55.5

58.6
47.5

oo 2
.2

4.2

.5

.3

.2

.3

.2

.3

.5

.1

.1

74.1
495.5

72.3
451.7

66.5
453.8

65.1
453.6

64.3
440.1

69.8
431.9

68.5
443.7

76.4
445.5

79.1
453.8

73.3
468.7

72.3
477.8

64.7
492.3

318.0
30.4

335.8
32.1

27.8
33.3

27.9
34.7

26.4
33.9

28.9
32.7

29.2
33.1

29.7
33.2

27 6
34.0

27.6
33.9

27.9
32.1

28.4
30.2

56.2

61.8

5.1

5.4

5.3

5.3

5.5

5.4

5.4

5.4

9.5

1.0

.7

.8

.8

.9

5 5

9.1

.9

.9

14.3

12.3

12.5

12.7

12.4

11.8

12.2

12.1

12.1

12.3

12.3

5.0
.7
12.3

mil. bbl
do

144.0
22.8

139.7
19.4

10.2
28.7

12.6
27.6

14.9
25.8

16.0
24.1

15.7
20.3

15.2
18.1

13 1
16.4

11.1
16.7

8.5
19.4

6.5
20.9

Liquefied gases (lncl. 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

557.5
444.1
113.4
125.1

561.9
437.4
124.6
116.3

46.2
35.7
10.5
114.0

48.1
36.4
11.7
122.3

45.6
34.9
10.7
130.4

47.1
36.1
11.0
138.4

47.0
35.8
11.2
143.6

46.1
35.5
10.5
147.2

46.8
37.2
9.6
143.9

47.0
37.1
9.9
134.2

48.3
37.8
10.6
116.3

46.3
36.3
10.0
98.9

33.5

Jet fuel:
Production
Stocks, end of period

mil. bbl
do

Lubricants:
Production
Exports
Stocks end of period

do
do
do

Asphalt:
Production
Stocks end of period

5.3

.9

PULP, PAPER, AND PAPER PRODUCTS
P U L P W O O D AND WASTE P A P E R
Pulp wood:
Receipts
Consumption
Stocks, ond of period

thous. cords (128 cu. ft.).
do
do

65,456
65,421
6,571

73,621
74,245
6,445

6,026
6,477
6,595

5,873
6,361
6,014

Wnste paper:
Consumption
Stocks, end of period

thous. sh. tons.
do

10,345
731

10,183
779

872
660

47,033
1,490
3 33,528
2,206
4,767
(4)
3 5, 042

WOODPULP
Production:
Total, nil grades
thous. eh. tons
Dissolving and special alpha
do_._
Sulfate
do
Bulflte
do....
Ground wood
do__.
Deflbrated or exploded, screenings, etc_ _do.__
Soda and semichemical
do_--

* 43, 248
1,583
3 29,377
1,951
4,351
(<)
3 3, 201

6,318
6,429
5,912

6,001
5,840
6,036

6,317
6,069

6,116
5,787
6,505

6,443
6,506
6,270

5,930
6,069
6,111

5,897
5,571
6,445

5,818
6,373
6,180

6,176
6,005
6,247

6,595
6,562
6,331

685
652

784
699

874
675

824
713

710

829
721

772
779

825
709

••815

656

939
740

4,082
130
2,901
182
404

4,124
125
2,954
187
395

4,061
141
2,871
191
401

3,713
101
2,677
161
388

4,076
126
2,890
208
415

3,613
111
2,537
180
388

4,120
117
2,976
199
382

3,966
138
2,813
189
411

112
2,438
169
337

3,753
139
2,758
180

3,850
120
2,741
174
402

465

464

457

386

436

396

449

415

280

317

413

51,040
5 586
389
65

1,101
606
437
57

1,108
626
430
52

1,215
730
434
52

1,126
620
449
56

1,081
606
417
58

1,051
578
413
60

514
398

1,133
670
395

1,040
586
389
65

1,020
605
354
62

1,045
593
'390
63

421
70

1

'718

Stocks, end of period:
Total, all mills
Pulp mills
Pnper and board mills
Nonpaper mills

do
do..
do..
do.

5 1,158
5 519
552

Exports, all grades, total
Dissolving and special alpha
All other

do..
do .
do..

12, 565
692
i 1,872

i 2,518
730
i 1, 787

178
54
124

229
69
160

216
57
159

207
53
155

232
66
166

223
48
175

201
65
136

191
60
131

210
54
156

184
53
131

236
76
160

236
65
172

246
84
162

Imports, all grades, total
Dissolving and special alpha
All other

do.
do.
do.

i 3,078
140
i 2,937

i 3,727
188
i 3,539

298
7
291

316
18
299

344
7
337

307

335
20
315

306
25
281

308
23

297
11
286

303
17
286

281
17
263

334
8
326

359
14
345

306
19
287

4,640
2,054
2,165
6
414

5,083
2,236
2,371
10
466

4,661
2,118
2,118
8
417

5,108
2,264
2,386
8
451

4,886
2,212
2,250
7
416

4,480
2,090
2,001
6
383

4,861
2,222
2,239
8
383

87

P A P E R AND P A P E R P R O D U C T S
Paper and board:
Production (Bu. of the Census):
All grades, total, unadjusted...thous. sh. tons
52, 359 59, 512 5,194
5,172
5,155
Paper
do_.
23,295 26, 602 2,284
2,271
2,286
2,438
Paperboard
do—.
24,288 27,594
2,405
2,426
9
113
10
9
Wet-machine board
do
100
4,663
463
451
Construction paper and board
do
469
5,216
Wholesale price indexes:
Book paper, A grade
1967=100
170.3
190.4
174.8
175.9
177.1
Paperbonrd
do__
127.1
136.2
136.4
139.5
Building paper and board
do—
138.7
r
Revised.
* Preliminary.
» Reported annual total: revisions not allocated to the months.
» Less than 50 thousand
barrels.
3 Beginning with January 1975, data for soda combined with those for sulphate;
not comparable with data for earlier periods.




• 4, 682 5,415
• 2,135 2,421
" 2,168 2,500
9
485
'372

179.0
178.4
178.7 178.5 177.5
174.6
174.5
173.5 172.6
179.0 179.2
151.3
145.9
141.2
144.5
140.7
141.9
144.8
141.2 141.8 144.2
148.8
* Beginning March 1975, data for defibrated or5 exploded, screenings etc., not available;
not comparable with those for earlier periods.
Data exclude small amounts of pulp because reporting would disclose the operations of individual firms.
^Monthly revisions back to 1974 are available upon request.

SURVEY OF CURRENT BUSINESS

June 1977

1975

Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes a r e a s shown
in the edition of 1975 B U S I N E S S S T A T I S T I C S

1976

1976

Apr.

Annual

S-37

June

May

July

Aug.

1977

Sept.

Nov.

Oct.

Dec.

Jan.

Feb.

Mar.

Apr.

May

PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER

PRODUCTS—Con.

Selected t y p e s of p a p e r (AFT):
G r o u n d wood paper, uncoated:
Orders, n e w
thous.sh. tons..
Orders unfilled end of period
do
Shipments
do
Coated paper:
Orders new
do
Orders, unfilled, end of period
do
Shipments
do
Uncoated free sheet papers:
Orders new
do
Shipments
do
Unbleached kraft packaging and Industrial converting papers:
Orders new
do
Orders unfilled end of neriod
do
Shipments
do
T i s s u e paper production
do
Newsprint:
Cnnnda:
Production . . .
. . .
._ . ._
S h i p m e n t s from mills
Stocks at mills, end of period __

1,251
179
1,189

1,324
145
1,345

122
245
114

104
166
116

126
189
111

109
185
111

117
172
114

109
181
106

117
183
119

102
161
110

99
145
111

117
146
115

107
145
104

115
155
113

3,146
264
3,212

3,914

352
319
327

336
309
332

299
273
343

337
311
308

336
296
340

325
292
339

360
295
347

297
262
338

301

""3,990

331

382
364
331

317
358
322

356
345
370

5,327
5,471

6,024
6,558

553
582

505
567

511
570

473
509

488
536

474
510

498
539

489
526

466
509

•585
546

538
533

601
616

3,422
140
3,406
3,979

3,908
4,186

334
350

335
343

3?3
337

305
322

336
364

309
343

341
365

315
359

300
340

320
363

324
334

350
370

7,679
7,727
95

8,907
8,703
299

806
792
239

812
806
245

812
823
234

814
736
312

822
801
333

760
748
345

837
813
369

793
811
350

717
768
299

733
653
379

690
648
420

726
734
412

732
729
416

do
do
_ .do _

3,614
3,613
21

3,686
3,678
29

302
303
21

308
301
28

305
308
25

286
285
26

317
313
30

292
291
31

321
316
36

322
321
36

282
289
29

323
312
41

291
285
47

333
321
58

306
299
64

C o n s u m p t i o n by publlshersd"
- . do
Stocks at a n d in transit to publishers, end of
period
thous sh tons

6,363

6,534

559

570

534

502

526

539

599

595

575

529

483

572

563

734

921

760

760

788

836

884

897

884

906

921

873

896

897

873

Imports
do
Price,rolls contract, f.o.b. mill, freipht allowed
or delivered.. . ._ .
Index, 1967=100

5,847

6,569

645

543

610

608

613

538

581

662

594

468

500

599

495

184.0

198.2

193.1

197.9

197.9

202.7

203.3

205.3

205.3

205.3

207.6

209.4

209.4

216.7

216.7

216.7

482
1,165
476

385
988
471

576
1,256
579

582
1,232
579

555
1,188
564

505
1,214
494

567
1,166
572

522
1,105
508

574
1,096
564

542
1,088
561

385
988
471

528
1,089
504

553
1,097
561

596
1,189
581

'580
1,217
585

598
1 208
599

194,329

216,371

18,253

' 18,209

16,672

16,189

17, 656

19, 783

18,956

19, 377

227.1
177.4

207.4
162.9

197. 5
157.0

' 230. 6
'181.8

206. 4
163.1

74.08
149.42
70.19

55.61

82.29

72.18

.408

.416

.406

20.97

24.34

21.48

United States:
Production
S h i p m e n t s from mills
Stocks at mills, end of period

do
do
do

P a p e r board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons
O r d e r s , unfilled {-- - - do
P r o d u c t i o n , total (weekly avg.)
do
P a p e r products:
Shipping containers, corrugated and solid fiber
shipments
mil sq ft surf area
Folding paper boxes, shipments

thous. sh. tons
mill..

2,380.0
1,755.0

2,592. 0
1,979.0

201.9
153.5

r

217.3
161.3

18,526 ' 17,406 ' 18,182 ' 18,633 ' 19,073
227.6
171.9

196. 6
150.6

223.3
171.3

227.fi
177.2

229.8
178.6

r

18,097

r

210.8
165.6

RUBBER AND RUBBER PRODUCTS
RUBBER
N a t u r a l rubber:
Consumption
Stocks, end of period

.thous. metric tons.
do

Imports, Incl. latex and guayulo..thous. lg. tonsPrice, wholesale, smoked sheets (N.Y.)..$ per l b .
Synthetlc rubber:
Production
Consumption
Stocks, end of period
Exports ( B u . of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period

669.97
• 105. 38
656. 60
.299

730. 73
141. 84
712. 90
.395

! 1,937.85 2, 303.75
thous. metric tons. I 2,022.43 2,175. 26
do
I r 369. 86
458.12
"I""~~~do!~~
thous. Ig. tons
214.50
I
thous. metric tons
do
~-I~~I"Idol~!!|

69.38

78.23
100.22
10.18

78.46
81.89
16.81

186,705

187, 953

44.20

67. 54

50. 45

42.01 76.19

64.48

56.86

46.75

65.71

58. 41

40.33

67. 45

50.01

52.30

59. 43
141.84
68.80

.405

.440

.401

.405

.396

.420

.430

.400

156. 68 160.70 192.65
118.24 142.47 I 220.24

209. 50
213.31

206. 33
211.87

210.92
200. 56
1458.12

203. 96
217. 05
441.12

19. 86

21.13

19.11

8.43
8.10
16. 81

6.74
9. 78
15. 95

204.19 191.36 176.29
169. 56 151. 49 146.74
21.38
5.33

22.48 I 24.75
4.61 j
3.31 j

4.09
3,24

22.70 ' 20.59
3.82 I 9.28 9.52
2.96 ! 10.20

8.31
8.44

1

1

.408

TIRES AND TUBES
Pnueimtic casings, automotive:
Production
Shipments, total
Original equipment

Replacement equipment.,.
Exports

Stocks, end of period
E x p o r t s ( B u . of Census)
Inner t u b e " , automotive:
Production
_„ _
Shipments
"""
Stocks, end of period
Exports (Bu of Census>„.".

t h ou s
~_~"'V

do
do

do
d0

..do.
.do.

do
.
do
." do'"~

32,584 ' 27. p 48 I
34, r>?i ;33,301 !
9,212 , 5,10h j
3,098 I 3, itVT I

18,827

20,194

20,638

20,094

22, 640

20,087

18,718
4,373
14, 013
332

16, 873
5, 419
11,064
391

16, 466
6,241
9, 7*1
494

16,773 16, 609
4, 838
5, 835
10,496 I 11,282
2
442 i
489

21, 022
6,423
14, 020
579

20,530
5, 766
14, 313
451

'4,594 I 27,581 30,200
947
3Hfi i
3Q7
397
306
247

34,768
519

39,010
483

43,212
546

45,616
637

45,832
618

j
2,461
2, 867
2,281
2, 505
4,679 i 4,912
255 I
249

2,362
2.315
5,106
357

25,581
236

21, 285
225

1, 605
l. 478 1,477
3,094
3,128
b.441
6, 249
260
263 , 278

1,304
2, 638
5, 259
235

1,504
2, 469
4, 607
203

49,125
532

19,327
5,553
13,394
380

Prorli,«•<•!•?•
s\f(k< a
are
included: cKU'ln v data will he •••(town iaicr
_ Hoxi^od.
!? s\(k
r e included:
- Beginning J a n . 1977, d
data .-over r.issr-ngc-r car and tvvj k and bus tires: iX^r.'yeie tin-,- ami tires
for :nob;]e hours are excluded.




21,113

i 18,842
! 5,482
j 13,081
! 279
I
40.259 I 32,405
408 I 387

22,225
47,467 I 60 138
5.812
142,706 ! 145,869 15,946
6,122 I 4, 695
467
50,020 I 34,768
6,124
4,784

8,954 j 18,096

15, 669 14,103 15,609
3. 730 3, 574 4,211
11,758 10,345 11,144
184
254
181

16,085 j 9,856 I 10,453 j 8,025

196,295 ! 210,702

2,861
2,477
b\ 400
74

!

186

cf As reported by publishers accounting for about 75 percent of total newsprint consumption,
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month: annual data are as of Dec. 31.

SURVEY OF CURRENT BUSINESS

S-38
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are a s shown
In the 1975 edition of B U S I N E S S S T A T I S T I C S

1976

1976

1975

Apr.

Annual

June 1977

May

June

Aug.

July

1977

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

STONE, CLAY, AND GLASS PRODUCTS
PORTLAND C E M E N T
thous. bbL_ 367,436

Shipments, finished cement

385,750

33,128

34,468

39,910

38,564

41,787

38,936

37,404

31,686

23,165

13,963

20,910

31,346

.1
71.0
1,097.1

640.8
7.2

589.0
6.4

643.7
6.5

633.9
7.3

691.6
3.9

658.5
5.2

611.5
3.7

484.0
4.3

296.6
2.6

683.0
4.6

100.3

100.0

107.8

107.6

86.4

62.5

45.5

437.9
'3. 4
'65.8

102.3

625.9
3.7
91.0

5.5

4.8

5.1

4.4

6.0

5.8

5.6

4.5

4.1

3.3

21.3

21.4

24.6

21.1

23.4

21.6

20.2

18.9

173.2

174.3

175.2

175.7

178.3

184.6

185.9

188.2

CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brlck_. 5,854.0
Structural tile, except facing
thous. sh. tons..
88.5
Bovver pipe and fittings, vitrified
do
1,189.9
Facing tllo (hollow), glazed and unglazed
mil. brick equivalent..
79.1
Floor and wall tllo and accessories, glazed and unglazed
mil. sq. ft..
235.6
Price Index, brick (common), f.o.b. plant or
N.Y. dock
1967 = 100..
160.5

61.9

22.9

259.3
176.8

180.7

22,1
180.9

100.7
'2.9
5.5
'21.6
21.8
195.8

191.6
194.8

198.2

GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments

thous. $..

467,994

644, 751

160,072

.59,455

71,412

Sheet (window) glass,shipments
do_._
Plate and other flat glass, shipments
do...
Glass containers:
Produ ctlonj
thous. gross..

76,229
391,765

101,739
543,012

24,612
135,460

24,743
134,712

24,532
.46,880

283, 055

302,500

24,693

26,220

26,592

25,080

28,629

24,343

27, 578

24,211

21,020

22, 636

24,292

28,109

24,130

279, 022 ' 292,345

20,415

24,083

25,265

24,580

27,303

27,718

22,716

21,804

22,943

22,177

22,456

34,176

21,172

2,307 ' 1, 866
5,919
5,954
• 6, 962 r 7, 994
1,502
1,955

2,624
5,886
' 8,180
1,918

2,915
5,890
' 7, 245
2,038

1,679
4,356
' 6,861
1,892

1,486
4,926
r 5,925
1,986

1,727
5,736
r 6,070
2,004

2,244
4,352
5,909
1,813

2,115
4,608
5,890
1,709

' 3,060
r 7,142
r
9,074
" 2,849

1,510
4,491
7,582
1,638

Shipments, domestic, totalt
Narrow-neck containers:
Food
Ueverapo
Beer
Liquor and wine

do
do
do
do
__.do

25, 266
64,418
76,835
23,406

• 25,727
65,093
• 81,938
22,674

1,973
4, 754
5,824
1,504

2,252
5,324
7,482
1,702

Wide-mouth containers:
Food (Inch packer's tumblors. Jelly glasses,
and fruit. Jars)t O
thous. gross..

59, 287

61,504

4,028

4,265

4,935

4,657

5,668

6,160

4,996

4,820

4,712

4,784

5,049

' 7,897

3,542

Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do...
Chemical, household and industrial
do

25,775
4,035

30,798
4,611

2,015
287

2,517
541

2,761
391

2,305
337

2,624
403

3,075
395

2,625
307

2,357
304

2,373
321

2,736
339

2,744
341

' 3,687
••467

2,175
234

37,666

42,800

39,497

41,626

41,773

41,735

42,468

38,599

43,337

45,039

42,800

41,932

43,266

36,408

39,425

*9,751
19,181

i12,110
110,870

970

946
842

991
932

1,0*5
959

1,132
1,000

1,047
963

1,150
1,021

1,160
919

1,132
927

940
863

952
843

do

5,448

6,231

332

676

484

490

602

646

623

572

591

533

284

do

i 4,878

392

441

430

539

469

473

427

445

476

312

276

23

22

.

Stocks, end of periodt

do

GYPSUM AND PRODUCTS
Production:
Crude gypsum (exc. byproduct)...thous. sh. tons.
Calcined (exc. byproduct)
do___
Imports, crude gypsum (exc. byproduct)
8ales of gypsum products:
Uncalcined
Calcined:
Industrial plasters...
Bullding piasters:
Regu 1 ar basecoat
All other (incl. Keene's cement)
Board products, total
Lath
Veneer base
Gypsum sheathing.
Regular gypsum board
Type X gypsum board
Pre decora ted vallboard..

do...
_do.._
do...
mil. sq .ft.
do..
do.
.do.
.do.
do.
_do.

293

305

28

26

25

24

25

25

27

27

23

176
360
10,804

162
329
113,156

14
29
1,036

13
26
987

15
29
1,144

15
31
1,167

13
31
1,237

12
28
1,196

13
29
1,203

11
27
1,135

11
23
1,165

182
292
198
8,214
1,790
127

184
362
1272
U0.117
i 2, 029
191

14
26
23
795
162
17

14
28
22
757
149
16

18
31
26
882
170
18

16
34
25
896
17«
17

17
36
25
953
188
18

15
36
25
926
176
18

16
32
23
927
186
19

14
32
24
876
174
15

15
31
23
900
183
13

10
22
1,029
11
23
19
723
160
13

12
24
20
799
161
14

TEXTILE PRODUCTS
FABRIC (GRAY)
Knit fabric production off knitting machines (own
use, for sale, on commission), qtrly*
mil. lb_.
Knitting machines active last working day•___thous..

1,955.8
47.1

1,828. 2
43.5

Woven fabric (gray goods), weaving mills:
Production, total 9
mil. linear yd9,777
884 '1,086
847
10,815
Cotton
do
369
4,326
356
4,450
»459
Manmado
fiber
do
505
482
5,356
a 615
6,248
1,099
1,068
1,112
Stocks, total, end of period 9 d"
do
1,252
1,090
Cotton
.
do
489
410
398
448
431
Manmade
fiber
do
653
605
709
638
815
2,590
2,776
2,597
2,731
Orders, unfilled, total, end of period9 U
do
1,847
1,144
1,224
1,108
1,277
Cotton
do
789
1,512
1,455
1,414
1,410
Mnnmado
fiber
do
1,023
COTTON
Cotton (excluding linters):
Production:
GinningsA
thous. running bales.. 3 8,151 10,348
Crop estimate
thous. net weight bales © . . 38,301.6 410,580.6
552
2 692
542
6,142
6,833
Consumption
thous. running bales
Stocks in the United States, total, end of period 9
4,301
6,194
5,244
9,544
9,610
thous. running bales..
4,258
6,147
5,200
9,528
9,581
Domestic cotton,total
do
176
360
208
945
1,247
On farms and in transit
do
2,838
4,460
3,694
7,431
7,377
Public stornge and compresses
do
1,244
1,327
1,298
1,152
957
Consuming establishments
do
2
' Revised.
1 Annual total; revisions not
allocated to the months or quarters.
Data
3
cover 5 weeks; other months, 4 weeks.
Crop for the year 1975. 4 Crop for the year
1976.
(DBales of 480 lbs.
©Includes data for "dairy products."
•New series. Source: BuCensus. Data cover warp" a'nd weft knit yard goods and knit
garment lengths, trimmings, and collars: no quarterly data prior to 1974 are available.
{Monthly revisions for Jan.—Mar. 1975 are available.
9 Includes data not shown
separately.




402.0
43.5

423.9
44.1

504.9
45.7
654
258
389
1,132
397
729
2,422
1,002
1,387

845
343
491
1,177
419
754
2,230
923
1,275

21,019
2 418
2 590
1,167
408
755
2,088
925
1,130

841
335
498
1,221
424
793
2,023
895
1,096

793
327
459
1,242
429
808
1,927
796
1,099

2 956
2 371
2 573
1,252
431
815
1,847
789
1,023

'781
344
'431
1,210
426
'778
1, 766
772
'993

47

374

573

3,704

7,661

9,894

10, 252

~445"

"524"

2 626

528

501

2 582

510

'817 2 1,062
2 448
352
2 604
'457
1, 213 2 1,198
M25
425
'781 2 2766
1, 770 1,950
2 869
753
1,017 2 1,081

*10,34!
•10,580.6
2 653
528

509

' 6, 642
' 6, 618
787
' 4, 707
' 1,124

5, 565
5,544
563
3,832
1,149

7,819
7,793
944
5,777
1,072

8,716
12,825 11,768 10,859 10, 297 9,610
12,781 11,731 10,826 10, 266 9,581
1,247
3,498
1,009
7,005
9,401
9,861
5,912
7,377
2,9^0
6,709
1,406
1.842
957
924
841
971
1,078
cfStocks (owned by weaving mills and billed and held for others) exclude bedsheeting
toweling, and blanketing, and billed and held stocks of denims.
^Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting,
toweling
c
and blanketing.
ACumulative ginnings to end of month indicated.
Corrected.

3,594
3,545
150
2,215
1,180

SURVEY OF CURRENT BUSINESS

June 1977
Unless otherwise stated in footnotes below, data
through 1974 and descriptive notes are as shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

1976

Annual

S-39

1976
Apr.

May

June

July

Aug.

1977
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

TEXTILE PRODUCTS—Continued
C O T T O N AND M A N U F A C T U R E S — C o n .
Cotton (excluding linters) —Continued
Exports
--thous. running bales..
Imports.-.
thous. net-weight T ; b a l e s . .
Price (farm), American upland*!
cents p e r l b . .
Price, Strict Low Middling, Grade 41, staple 34
OMe"). average 10 markets
.cents per lb_.
Spindle activity (cotton system spindles):
Active spindles, last working day, total
mil..
Consuming 100 percent cotton. do
Spindle hours operated, all fibers, total
.bil_.
Average per working day
.do
Consuming 100 percent cotton
do
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. y d . .
Orders, unfilled, end of period, as compared wTith
avg. weekly production
No. weeks' p r o d . .
Inventories, end of period, as compared with
avg. weekly production
No. weeks' p r o d . .
Ratio of stocks to unfilled orders (at cotton
mills), end of period
Exports,rawcotton equiv thous.net-weightCDbales
Imports, raw cotton equiv
do
M A N M A D E F I P E R S AND M A N U F A C T U R E S
Fiber production, qtrly:
Filament yarn (acetate)
mil. lb_.
Staple, incl. tow (rayon)
do
Noneellulosic, except textile glass:
Yarn and monofilaments...
do
Staple, incl. tow
.do
Textile glass
fiber
do
Fiber stocks, producers', end of period:
Filament yarn (acetate)
mil. l b . .
Staple, incl. tow (rayon)
.do
Nnneellulosie fiber, except textile glass:
Yarn and monofilaments
do
Staple, incl. tow
...do
Textile glass
fiber
do
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.). total 9
mil. lin. y d . .
Filament yarn (100^) fabrics 9
do
Chiefiy rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100^) fab., exc. blanketing 9 . d o
Ravon and/or acetate fabrics, blends
do
Polyester blends with cotton
do
Filament and spun yarn fabrics
do
Manmade fiber gray goods, owned by weaving
mills:
Ratio, stocks to unfilled orders, end of period
Prices, manufacturer tomfr., f.o.b. mill:*
50/50 polyester/carded cotton printcloth, gray,
48", 3.00 yds!/lb., 78x54-56
$ per yd_.
65% poly./?5% comb. cot. broadcl.. 3.0 07,/sq yd,
45", 128x72, gray-basis, wrh. permpresnn.
$ per yd_.
Mflnmade fiber knit fabric prices, f.o.b. mill:*
65% acetate/35% nylon tricot, gray, 32 gauge, 54",
3.2 oz./linenr yd
$ per yd.
100% textured polyester D K iacauard, 11 ozj
linear yd.. 60". yarn dyed, finished $ per yd__
M a n m a d e fiber manufactures:
Exports, manmade fiber equivalent
mil. lbs_.
Yarn, tops, thread, cloth
__do
Cloth, woven
do
Manufactured prods., apparel, furnishings.do
Imports, manmade fiber equivalent
do
Yarn, tops, thread, cloth
do

C loth, woven

do

Manufactured prods., apparel, furnishings.do
Apparel, total.
...do
K n i t apparel.
do
W O O L AND M A N U F A C T U R E S
Wool consumption, mill (clean basis):
Apparel class.
mil. lb__
Carpet class
do
W ool imports, clean yield
..do
Duty-free (carpet class)
do
Wool prices, raw, shorn, clean basis, delivered to
U.S. mills: &
Domestic—Graded territory, 64's, staple 2%"
and up
cents per l b . .
Australian. 64's, T y p e 62, duty-paid
do
Wool broadw T oven goods, exc. felts:
Production ( q t r l y . ) .
mil. lin. y d . .

3,840
50
151.1

3,431
96
64.7

158.0

7

302
9
53.9

315
6
66.9

327
3
57.5

276
3

274
1
58.9

342
5
64.5

217
26
62.5

265
0
65.2

376
1
63.1

536

509

354
2
62.3

63.9

67.8

p 69.0
P70.6

73. 4

57.2

62.1

72.7

78.7

73.2

72.3

77.0

76.5

73.1

67.0

72=2

75.8

73.7

17.1
8.0
93.2
.352
46.5

16.8
7.5
105.6
.406
48.1

17.1
7.9
8.5
.426
3.9

17.1
7.9
8.6
.432
4.0

17.1
7.8
»10. 5
.422

17.0
7.7
6.9
.344
3.1

16.9
7.6
8.2
.410
3.7

16.9
7.6
2 9.7
.388
24.5

17.0
7.6
8.3
.413
3.7

16.9
7.4
7.8
.390
3.4

16.8
7.5
29.O
.359
24.0

16.7
7.4
8.0
.402
3.5

16.8
7.3
8.2
.412
3.5

16.9
7.2
210. 3
r .413

17.0
7.2

4,095

4,474

1,157

1,050

3 13.2

13.6

12.3

12.0

12.3

11.9

11.3

12.0

10.8

10.5

11.5

12.7

4.1

3.9

5.7

4.3

4.3

4.6

4.9

5.0

4.6

4.7

4.5

4.9

.30
41.1
57.9

.32
47.8
61.3

39.0
55.5

.36
39.0
51.7

.35
45.8
51.6

57.5
48.0

.43
45.6
57.7

.42
53.2
52.4

.42
42.8
47.7

.44
51.6
50.2

.39
47.1
40.9

47.2
41.2

» 12.3
»5.9

14.6
4.6

3 4.7

M.9

17.6

24.4

1,066

>.5O
488.3
487.1

3 .36
556. 0
718.3

301.3
370.9

286.9
475.4

79.0
115.9

65.8
121.5

60.3
121.4

71.9
135.5

* 3,197.2
2,676.8
546.5

3, 286.5
3, 319. 2
676.0

800.3
807.0
164.9

753.0
827.0
175.8

829.9
833.3
176.1

882. 6
891. 6
160.5

18.6
51.2

18.1
30.0

18.4
37.1

18.0
27.6

18.1
30.0

15.4
40.6

* 280. 6
234.7
101.7

299.8
289.0
79.4

349.1
285.6
86.3

334.6
303.8
76.0

299.8
289.0
79.4

' 295. 5
' 300.9
57.0

5,278. 3
1,688. 0
325. 3
279.0
3,036.5
172.4
2,359.5
257.1

6, 092. 2
1, 992. 6
379.0
359. S
3, 490. 5
184.1
2, 710.1
321.7

1,561.8
501.4
93.5
88.9
897.:
45.5
691.4
84.7

1,478.6
494.1
96.8
96.5
832.2
45.1
642.0
85.4

1,458.6
475. 9
97.2
92.6
830.1
41.9
644.7
85.0

3.33

.32

.27

.26

.28

.29

.34

.416

.419

.425

.421

.429

.428

.415

.418

.414

.409

.725

.706

.725

.738

.738

.738

.758

.767

.760

.768

.412

.458

8

.31
48.0

2C9.00

194. 89

352.17
201.92
139.17
150. 25
479. 32
83.82
64.41
395.49
343. 25
209. 80

94.1
15.9
33.6
17.0

106.7
15.1
58.0
18.9

150.2
205.8

182.1
217.5

.39

.49

.43
.398

.44

.385
.759

.760

.400

.399

.764

.765
.420

.433

.406

.393

.378

.350

.340

.341

.343

.345

.350

.383

.419

1.936

1.899

1.866

1.866

1.846

1.834

1.824

1.696

1.741

1.789

1.819

1.846

29.11
16.54
12.52
12.58
35.57
6.80
5.33
28.77
24.48
14.80

30.14
17.35
11.85
12.79
38.84
6.23
4.74
32.61
28.66
18.52

29.91
16.87
12.17
13.05
47.48
6.89
5.24
40.59
35.84
23.47

25.99
14.76
9.59
11.23
54.32
8.12
6.18
46.19
41.70
27.06

25.59
13.91
9. 69
11.68
46.68
7.18
5.52
39. 50
34.41
21.32

31.78
17.78
12.28
14.00
41.67
7.55
6.00
34.12
29.88
16.94

30.76
17.91
12.24
12.85
36.88
6.40
4.96
30.48
26.67
15.02

31.33
18.12
11.83
13.21
40.68
7.45
5.64
33.22
28.61
17.42

32.12
18.95
11.65
13.17
34.55
7.53
5.66
27.02
22.58
11.42

27.67
16.50
10.64
11.16
34.20
7.57
5.25
26.63
22.58
11.81

30.77
18.97
10.56
11.79
32.55
7.38
4.40
25.17
21.51
11.49

36.40
9.19
5.15
27.21
23.11
13.62

9.1
.9

8.8
1.0
4.7
1.3

* 11.1
3
1.4
3.9
2.0

7.3

2 9.3

4.8
2.1

7.6
1.4
5.7
1.7

2 1.8
4.6
1.7

7.9
1.2
4.0

6.9
1.3
3.3
1.3

2 9.0
2 1.5
4.4
1.6

8.2
1.2
5.2
1.6

8.3
1.1
5.0
2.0

2 10.0
'21.5
4.7
1.4

177.5
212.4

177.5
213.5

182.5
213.5

182.5
216.5

187.5
224.2

192.5
232.5

192.5
224.0

187.5
227.3

187.5
229.0

187.5
227.3

«1.846
323.73
188.43
142. 89
135. 30
400.38
69.23
54.02
331.14

.410
3.5

5.9
1.7

176.2

97.3

26.4

22.9

834.0

920.9

234.7

231.9

18,427
173,385
32,100
18, 323
4, 292

19,640
175,333
30,161
17,057
6,462

1

182.5
227. 6

182.5
228.3

182.5
228.0

FLOOR COVERINGS
Carpet, rugs, carpeting (woven, tufted, other), shipments, q u a r t e r l y . . .
.mil. s q . y d s . .

232.1

APPAREL
Women's, misses', juniors' apparel cuttings:*
Coats
thous. u n i t s . .
Dresses
do
Suits (incl. pant suits, jumpsuits)
do
Blouses
thous. dozen.
Skirts
do

1,534
17,062
2,661
1,531
683

r

1,709
15,900
2,065
1,414
561

2,037 1,413
15, 752 12,277
2,476 2,305
1,332
1,398
612

2
Revised.
*> Preliminary.
1 Season average.
For 5 weeks, other months, 4 weeks.
Monthly average.
< Effective Sept. 1976 SURVEY, data omit production and stocks of
saran and spandox yarn.
s Effective 1976, production of blanketing is included in 100%
6
spun varn fabric (prior to 1976, in "all other group," not shown separately).
Avg. for
7
8
May-Dec.
Average for sales prior to Apr. 1, 1977.
Avg. for Feb.-Dec.
r
r
Based on 480-lb. bales, p price reflects sales as of the loth; restated price reflects total
q u a n t i t y purchased and dollars paid for entire month (r price includes discounts and
premiums).
8

9 Includes data not shown separately.




0 Net-weight (480-lb.) bales.

1,645
1,870
13,418 15,451
2,451
2,514
1, 325 1,461
644
422

1,899
14,506
2,995
1,456
452

1,806
12,939
2.842
1,387
415

1,335
10,623
2,785
1,406
312

1,191 '1,189
12,393 13, 906
2, 655 ' 2, 691
1,693 ' 1,693
407
••401

1,067
17, 095
2, 768
2,003
513

cf1 Effective Jan. 1976, specifications for the price formerly designated fine good French
combing and staple have been changed as shown above. Effective with the May 1976 SURVEY
the foreign wool price is quoted including duty.
*New series. Apparel (BuCensus)—Annual totals derived from firms accounting for 99%
of total output of these items; current monthly estimates, from smaller sample. Monthly data
for 1975, adjusted to annual totals, are available. Coats exclude all fur, leather, and raincoats.
Suits omit garments purchased separately as coordinates. Except for the year 1*J<4, earlier
monthly data are available, except for suits. Prices ( U S D L , BLS)—Data not available prior
to 1976.

SURVEY OF CURRENT BUSINESS

S-40
Unless otherwise stated in footnotes below, data
through 1974 a n d descriptive notes are as shown
in the 1975 edition of B U S I N E S S S T A T I S T I C S

1975

|

1976

1976

Annual

June 1977

Apr.

May

June

July

1977

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

TEXTILE PRODUCTS—Continued
APPAREL—Con.
Men's apparel cuttings:
Suitstthous. units. _
Coats (separate), dress and sportt
do
Trousers (separate), dress and spoilt
-.do
Slacks (jean-cut), casualj
thous. doz..
Shirts, dress, sport, inc. knit outer\veari___do
Hosiery, shipments
thous. doz. pairs..

''12,976
>U0,634
M17.178
i 12,167
132,013
225,514

°15, 274 1,246
1,055
-13,399
9,641
99,893
13, 250 1,117
2,823
31,167
240,918 19,022

1,364
1,137
9,096
1,135
2,611
20,003

1,362
1,152
9,010
1,241
2,723
22,373

783
813
6,220
965
2,007
21,384

1,282
1,082
7,519
1,052
2,646
22,034

1,308
1,218
7,559
1,144
2,675
21,017

1,339
1,468
8,484
1,140
2,690
20,954

1,191
1,072
1,177
1,201
7, 555 6,187
928
1,134
2,509 2, 265
19,719 18,157

1,653
1,20*
7,500
1,062
2,491
17,369

'
'
'
'
'

1,282
1,186
8, 825
1, 341
2,535

18,115

1,546
1,380
9, 665
1, 684
2,670
21,399 18,505

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..

28,995
18,593
26,647
29,473
17,314

• 35,989
• 20,937
• 32, 496
• 31, 453
• 19,092

8,316
4,244
7.317
8,356
5,092

9,924
4,981
9,230

11,050
' 6,921
9,713

4*, 547

• 8,525
• 5,135

Backlog of orders, end of period 9
do___
U.S. Government
do___
Aircraft (complete) and parts
do __
Engine* (aircraft) nnd parts.
do _..
Missies, space vehicle systems, engines, propulsion units, and pnrts
__,mll $_.
Other related operations (conversions, modifications), products, services
mil. $..

35,038
22,168
15,389
3,503

• 39, 632
• 24,071
• 17, 321
T
3, 499

34,347
21, 789
14,149
3,068

37,049
22,227
16,064
3,645

• 3,499

39,382
23,821
16,332
3,785

6,415

'6,288

5,554

5,116

• 6, 288

5,973

4,071

r

5,205

5,157

' 5,529

5,929

Aircraft (complete):
Shipments
Ali-frame welirht
Exports, commercial

do ...
thous. lb_.
mil. $..

5,529

5,062
60,480
3,200

4,556
49,277
' J 3,207

6,713
6,073
8,640
7,053
1,587

10,110
8,611
1,498

1,419
1,508
2.6

1,465
1, 554
2.1

1

7,294
• 762
6,558
7,591
5,012

39,632

24,071
17,321

507.5
5,294
213.9

493.9
5,324
321.9

414.3
4,452
422.7

324.5
3.400
289.6

288.3
3,085
259. 5

204.0
2,678
120.1

402.1
3,928
295.6

427.3
4,050
223.0

485.9
' 5,198
420.6

210.8
2,498

217.9
2,794
63.7

Mil. 6
4,254
286.8

376.1
4,029
267.9

789.0
724.4
914
788
126
10.3
8.9
1.4

775.6
711.0
921
794
128
10.2
8.6
1.5

850.1
786.4
956
830
127
10.1
8.7
1.4

558.8
524.4
865
737
128
10.1
8.7
1.4

518. 4
483.1
762
616
146
10.4
8.9
1.5

652.1
595. 2
792
645
147
9.8
8.2
1.6

766.1
701.5
840
721
119
9.6
7.9
1.7

732.7
679.1
807
695
112
11.0
9.3
1.6

683.7
635.8
725
602
123
10.5
8.8
1.7

675.7
625.8
811
666
144
10.8
9.0
1.9

953.1
871.5
1,084
896
189
12.6
10.7
1.9

815.5
741.5
1,029
822
207
11.7
9.2
2.5

2 874.6

628.6
868
731
138
9.3
7.6
1.8

1,609
1,491
2.0

1,608
1,467
2.0 |

1,660
1,501
2.1

1,455
1,436
2.0

1,394
1,547
2.1

1,415
1,509
2.2

1,364
1,468
2.3

1,423
1,510
2.3

1,465
1,554
2.0

1,594
1,560
2.1

1,645
1,550
2.1

1,697
1,586
1.8

1,697
1,579
2.1

1,747
1,606
2.1

47.06
39.32
201. 76
75.11
* 717. 2
« 126.8

84.01
74.33
259.60
98.71
3 826.2
3 149. 3

65.2
54. 5
246.25
91. 49
5
916. 7
5
175.9

65.18
54.55

MOTOR VEHICLES (NEW)
Passenger cars:
Factory sales (from U.S. plants), total
thous.
Domestic
do...
Retail sales, total, not seasonally adj
do...
DomesticsA
do...
Imports A
do...
Total, seas, adjusted at annual ratef
mil.
DomesticsA t
do...
TmportsA t
do...
Retail inventories, end of mo., domestics:A
Not seasonally adjusted
thous.
Seasonally adjusted!
do...
Inventory-retail sales ratio, domestics A t
Exports (BuCensus), assembled cars
To Canada
Imports (BuCensus), complete units
From Canada, total
Registrations©, total new vehicles
Imports, incl. domestically sponsored

thous.
do.._
do
do.-.
do...
do...

Trucks and buses:
Factory sales (from U.S. plants), total
thous.
Domestic
do
Retail sales, seasonally adjusted:*
Light-duty, up to 14,000 lbs. GVW
do...
Medium-duty, 14,001-26,000 lbs. GVW
do...
ITeavy-duty, 26,001 lbs. and over GVW_..do._.
Retail inventories, end of period, seasonally adJusted*
thous.
Exports (BuCensus), assembled units
do._.
Imports (BuCensus), including separate chassis
and bodi?s
thous.
Registrations©, new vehicles, excluding buses not
produced on truck chassis
thous.
Truck trailers and chassis, complete (excludes detachables), shipments
number..
Vans
do
Trailer bodies (detachable), sold separately
do
Trailer chassis (detachable), sold separately...do

640. 30
550. 81
2,074. 7
733.8
* 8,262
« 1,501

8,498
7,838

680. 46
573. 47
2, 536. 7
825. 6
* 9,752
< 1,447

69.02
70.13 | 64.11
61.42
62.48 ' 56.88
252. 62 221.88 i 261. 67
85. 21 77.01 | 90.27
*883. 7 •914.0 !<936.9
•130. 2 •117.8 U27. 2

39.58
31.56
32.42
27.84
174.79 168. 90
44.47
50. 54
<939.2 « 848. 1
U29.2 * 136. 3

59.95 69.38
60.75
53.64
49. 53 56.88
44. 33
47.15
173.10 157. 63 208. 02 227.08
54.
35
75. 51
67.10
74.23
* 749. 3 * 797.0 * 762. 7 < 845.6
* 143. 3 < 129.2 * 130. 3 * 124. 5

50.21
40.56
210.59
62.01
« 726. 0
* 110.2

2,979
2,734

268.2
244.0

267.2
243.1

291.3
267.4

261.1
243.9

249.8
231.2

230.9
210.8

208.3
191.4

242.4
222.3

243.3
221.5

251.6
230.7

261.4
240.8

334.3
306.9

' 288. 4 I 2 298.9
266.2 !

2,076.0
168.9
106.1

2, 762. 8
161.7
119.6

226.8
12.6
9.4

213.4 !
12.8 !
9.6 |

230.8
13.9
9.5

226.4
13.5
11.0

241.2
14.8
10.8

251.4
16.2
13.3

211.0
11.2
9.2

217.3
12.7
10.1

255.2
12.4
11.5

257.3
13.9
12.6

270.2
14.4
12.6

295.5
17.5
14.3

258.4 ! 234.8
14.3 ! 13.8
14. 0 ! 14. 6

485.7
223.47

546. 4
199. 63

516.4
20.02

529.0 | 562.8
18.54 j 19.91
I
70.65
71.65

564.1
16.21

652.9
14.81

583.5
13.72

539. 9
14. 98

544. 9
14. 67

563.8
18.26

557. 6
17.11

550.0
14.99 j

564.4
20.18

566.3 i 583.5
15.5 I

56.33 j 62.03

74.99

56. 21

67.54

466.28

812.83

« 2,397

* 3, 058

43,596
18,072
2,936

105,401
61, 726
7,316
5, 678

80.04

•271.0 i •276.8

*280. 9

8,891
5,156
907
298

! 8,237 | 9,649
' 4,673 j 5,297
! 523 i 470
I 236 481

5,118
4,401
1,782
1,782
23,415 28,794
18, 733 22,577

4, 765 4,078
4,144
3,495
1,262 2,083
1,262
2,083
25,247 23,549
19,695 18,580

«286. 6 * 285. 9 • 266.3 < 252. 6 « 240. 9
8,349
4,731
413
474

9,578
5,412
186
549

64.09

67.27

* 264. 2

« 235. 8

9,091
5,714
428
576

10, 223
6,125
504
1,199

9,548
5, 617
822
1,148

8,756
5,552
625
1,565

2,965
3,906
3, 391 | 3,960
2, 555 2.841 I 3,458 3,434
1,552 4, 984 i 6,427 4, 273
1,202 4,584 1 5,227 4,073
22,193 23,783 j 26,082 26,549
17, 284 19,024 ! 20,625 21, 364

4,103
3,680
2, 494
2, 494
24, 839
20, 077

4,774
4,293
3,462
3,061
23,415
18,733

3,401
3,048
4, 291
3, 891
24, 202
19,463

1,347 ; 1,344;
1,343 1,345 | 1,341 I 1,341 I 1,340
8.5 i 8,4
8.5
8.7 I
8.8 |
9.0 ;
9.1
99.05 i 98.92 | 99.04 i 98.70
98.87 : 98.85 ; 98.78
73.65
73,71
73. Si
7,166
73 3S
73 54 73 55

1,339
8.9
99. 08
74.01

97.71
7°. 3:

9,333
5,636
419
446

68.54 I
<238.1

r

77.55

75.6 |.

3 273. 6

> 290. 0 !.

11,145 ' 13,203 i 12,748
8,429 I 8,229
7,057
420 I
450
746
1,349 I 1,606
1,447

RAILROAD E Q U I P M E N T

1,359
8.6
99.09

i
i 52, 504
i 45,618
« 36, 048
i 30,546

1, 332
8.8
97.71
73 37

r
Revised.2
? Prelimina r \.
' A m u i l total iiiiudo^
re
3
months.
Estimate of production, not factoiv sales.
IJx
1 State.
« Excludes 'i Slati "
tAnnual figures, " \pparoi 107 V M \-23
V 75)-l oiir'ey n a h 1
Sy

s

distnl uted b\
i
Kxdudcs

w.

changed; not comparable with <Hti pri'<»- to *l\
9 Total includes l,aekl< g for ncnrel.i''* 1 p r o d u c e a d
fSeas. a d j . d a t a (1971-71 u< fho M » " ""•> M , \ r \ n ">, -io i <.
i m p o r t s and total sales i, t i o d u u I n 1 '
J > ' ^77 ^ I >i\ » >
A D o m e s t i c s include I ? tvjje«'ais T O . I M ^ J ' Uie t ' ) tc^ i^are-. and •




J-2.5

2 272
2,003

Freight cars (new), for domestic use; all railroads
and private car lines (excludes rebuilt cars and
cars for export):
Shipments
number.. » 72,392
' 65,870
Equipment manufacturers.
do
New orders
do_ _. 1 33,457
Equipn'ent manufacturers
d o - _ i 32,032
40,135
Unfilled orders, end of period
do._.
34,025
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous..
Held for repair*!. % of total owned
Capacity (carrying), total, end of mo..mil. tons..
Average per car
_ ton*

1,054
834
220
pll.7
9.2

P

1,332

3,344

5,321
2,852 4, 834
3,548 3, 578
3,448 3,578
24,316 22,642
19,969 18,782

3,604
3, 327
3,956
3,956
22,703
19,120

1,328
1,324
1,323
8.9 I
8.9
8.8
98.63 I 99.43 I 98.48
72.91 ' 74.5G

1, 319
8,9
98. 22
71.46

INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade

1-7
8, 9
10,11
11-13

Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communication

13-17
17-22
22-24
24,25

Industry:
Chemicals and allied products
Electric power and gas.
Food and kindred products; tobacco
Leather and products

25, 26
26
27-30
30

Lumber and products
M etals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products

31
31-34
34-36
36* 37

Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment

37
38
38-40
40

INDIVIDUAL SERIES
Advertising
11.16
Aerospace vehicles
40
Agricultural loans
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4-6,8,9,11,12,20,23,24,40
Banking
Barley
Battery shipments
Beef and veal
Beverages
Blast furnaces, steel mills
Bonds, issued, prices, sales, yields
Brass and bronze
Brick
Building and construction materials
Building costs
Building permits
Business incorporations (new), failures
Business sales and inventories
Butter

17,18
27
34
28
9,11, 22, 23,27
5-7
20, 21
33
38
4, 6,
7,11,31,38
10,11
10
7
5
27

Cattle and calves
28
Cement and concrete products
9,11, 38
Cereal and bakery products
9
Chain'Store sales, firms with 11 or more stores. . .
13
Cheese
27
Chemicals
4,6,9,14-16,20,23,25, 26
Cigarettes and cigars
30
Clay products
9,38
Coal
4,9,23,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer Price Index
8
Copper
33
Corn
27
Cost of living (see Consumer Price Index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil
4,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores, sales, inventories
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drugstores, gales

3a




3,8,9,27
17
19
2
12,13
17,20
34
16
27
2,3, 20,21
12,13

Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
4,9,26
Electrical machinery and equipment
5-7,
9,14,15,20,23,24,34
Employee-bours, aggregate, and indexes
15
Employment
13,14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities)
1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
5,9,12-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin.
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products

4,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38

12
Hardware stores
9,34
Heating equipment
9,30
Hides and skins
Highways and roads
10,11
Hogs...
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
15
Housefiirnishings
1,4, 5, 8, 11,12
Household appliances, radios, and television sets.
4,
8,9, 12,34
10
Housing starts and permits
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2, 3
Income and employment tax receipts
19
Industrial production indexes:
By industry
4, 5
By market grouping
4
Installment credit
13,18
Instruments and related products
5,6,14,15
Insurance, life
19
Interest and money rates
X&
International transactions of the United States . . .
3
Inventories, manufacturers* and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
5,9,11,20, 23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank (see also
Consumer credit)
11,17,18
Lubricants
35,36
Lumber and products
5,9,11,12,14,15,20,31
Machine tools
34
Machinery
5-7,9, H , 15,20,23,24,34
Mail order houses, sales
12
Manmadc fibers and manufactures.
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, earnings
14-16
Manufacturing production indexes
4, 5
Margarine
29
Meat animals and meats
3,8,9,22,23,28,29
Medical and personal care
8
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,9,14-16, 20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17-19
Motor carriers
24
Motor vehicles
1,4-6,8,9,11,20,23,40

National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonferrous metals
5-7,9,20,23,33
N on installment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufacturers*
Ordnance

27
9,23,29,30
7
14,15

Paint and paint materials
Paper and products and pulp

9,26
4,6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4-6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2, 3
Personal outlays
2
Petroleum and products
4,6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings
13-16
Profits, corporate
2,20
Public utilities
2,4,10 f 20,21, 26
Pulp and pulp wood
36
Purchasing power of the dollar
9
Radio and television
4,11, 34
Railroads
2,16,17,21,24,25,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
4,6,
9,14-16,23,37
Saving, personal
Savings deposits

Securities issued
Security markets
Services
Sheep and lambs
Shoes and other footwear
Silver
Soybean cake and meal and oil
Spindle activity, cotton
Steel (raw) and steel manufactures
Steel scrap
Stock market customer financing
Stock prices, earnings, sales, etc
Stone, clay, glass products
Sugar
Sulfur
Sulfuric acid
Superphosphate

2
17
20
20-22
1,8, 14-16
28
9, 12,30
19
30
39
23,,31,32
31
20
21,22
5, 6,9,14,15,, 20,38
23,29
25
25
25

Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products.
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9,12,13, 37
Tobacco and manufactures
4,6,8,14,15,30
Trade (retail'and wholesale).'.'!.".'!!!."!! '5,'ii,'i2,14-16
Transit lines, urban
24
Transportation
1,2,8,14-16,20-22,24,25
Transportation equipment
5-7,14,15,20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
H ' 17
U.S. Government bonds
1
U.S. Government
finance
19
U.S. International transactions
3
Utilities
2,4,8,10,21,22,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* unemployment insurance
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
flour
Wholesale Price Indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.

J4
• • **•3Id
» '« 2
8,9
1'
2, S, 15, 16
34
JJ
z
j*
• . . . • »»»
5,7,11,14-16
36
23 29

Subject Guide
January-June Issues of Volume 57 (1977)
ARTICLES and sections of the monthly "Business Situation" are listed
below by subject. Title, author, and issue and beginning page numbers are
given. Discussions of the quarterly estimates and the quarterly national
income and product tables appeared in each issue.

NATIONAL
Capacity utilization in manufacturing
See Plant and equipment expenditures
Earnings
Reconciliation of BE A Compensation and BLS Earnings. 5-3.
Econometric models
Policy Multipliers in the BEA Quarterly Econometric Model. Albert A.
Hirsch. 6-60.

INTERNATIONAL
Balance oj payments
U.S. International Transactions, First Quarter 1977. Christopher L.
Bach. 6-25.
U.S. International Transactions: Fourth Quarter and Year 1976. Louis J.
Moczar. 3-21.

Travel
International Travel and Passenger Fares, 1976. Etienne Miller, Joan
Employment and unemployment
Bolyard. 6-33.
Employment and Unemployment. 3-3.
Employment and Unemployment: Second-Quarter Developments. 6—3. • U.S. investment abroad
Government transactions
Capital Expenditures by Majority-Owned Foreign Affiliates of U.S.
Federal Budget Developments. 5-1.
Companies, 1976 and 1977. R. David Belli. 3-32.
Federal Fiscal Programs. Charles A. Waite, Joseph C. Wakefieid. 3-14.
Gross Product of Foreign Affiliates of U.S. Companies. Ned G. Howenstine 2-17.
Inventories and sales
Sales by Majority-Owned Foreign Affiliates of U.S. Companies, 1975.
Manufacturing and Trade Inventories and Sales in Constant Dollars,
William
K. Chung. 2-29.
1975: 1-1976: IV. 2-13.
Manufacturing and Trade Inventories and Sales in Constant Dollars,
1975: 1-1977: I. 5-14.
Revised Inventory and Sales Estimates, 1958-75, 1-21.
Plant and equipment expenditures
Plant and Equipment Expenditures: First and Second Quarters and
Second Half of 1977. John T. Woodward. 3-26.
Plant and Equipment Expenditures: 1977. John T. Woodward. 1-20.
Plant and Equipment Expenditures, The Four Quarters of 1977. John T.
Woodward. 6-16.

REGIONAL

Pollution abatement
Capital Expenditures by Business for Pollution Abatement, 1976 and
Planned 1977. Frank W. Segel, Betsy C. Dunlap. 6-13.
Pollution Abatement and Control Expenditures, 1974. Frank W. Segel,
Gary L. Rutledge, Frederick J. Dreiling. 2-14.

Personal income
County and Metropolitan Area Personal Income. Regional Economic
Measurement Division. ^ 2 3 j
State Personal Income: 1975: 1-1976: IV. Robert B. Bretzfelder. 4-18.
State Personal Income, 1975: III-1976: III. Robert B. Bretzfelder.
1-18.

Profits
Corporate Profits: Fourth Quarter 1976. 3-4.
Revised First-Quarter Corporate Profits and GNP. 6-3.

Transfer payments
Transfer Payments: Regional Patterns, 1965-75. Vernon Etasbaw,
Howard L. Friedenberg. 5-15.