Full text of Survey of Current Business : March 1969
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MARCH 1969 / V~* ''ME 49 NUMBER
SURVEY OF
CONTENTS
U.S. Department of Commerce
Maurice H. Stans / Secretary
THE BUSINESS SITUATION
Summary
1
National Income and Product Tables
7
Manufacturers' Inventory and Sales Expectations—
First Half 1969
11
Plant and Equipment Expenditures by Foreign Affiliates
of U.S. Corporations—Revised Estimates for 1968 and 1969
13
1969 Business Investment and Sales Programs
Strong Advances Expected
17
The U. S. Balance of Payments, Fourth Quarter and
Year 1968
23
Alternative Measures of Price Change for GNP
47
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
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50309
Office of Business Economics
George Jaszi / Director
Morris R. Goldman / Associate Director
Murray F. Foss / Editor
Leo V. Barry, Jr. / Statistics Editor
Billy Jo Hurley / Graphics
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ARTICLES
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the BUSINESS SITUATION
The economy has shown unusual
strength in the opening quarter of 1969.
Final sales have increased much more
than in the fourth quarter of 1968. The
main stimulus to demand is coming from
fixed investment—not only business expenditures for new plant and equipment
but also residential construction. Consumer demand has shown surprising
buoyancy, on the basis of new data for
retail trade.
J[ HE economy continues to exhibit
remarkable strength. It now appears
that final sales are registering a much
larger increase than the quarter before.
Chiefly because of this unexpected
buoyancy in demand, inventory accumulation seems fairly certain to show
a decline. In January, the only month
for which even preliminary figures are
available, the book value of business
stocks was unchanged after average
monthly increases of $1 billion in the
fourth quarter.
The main stimulus to the economy
so far this year and one that promises
to be a strong expansionary force
throughout 1969 is business investment
in new plant and equipment. The
latest OBE-SEC survey, reported in
detail on pp. 17-22, indicates a 14percent advance over last year. If programs within the year turn out as
scheduled, investment will rise 10 percent from the second half of last year
to the first half of this year and 5 percent in the following 6 months.
Housing is holding up surprisingly
well considering the direction of monetary policy since the end of last year.
The seasonally adjusted rate of private
nonfarm starts in January and February was 10 percent above the fourth
quarter rate. Government purchases are
increasing, mainly at the State and
local level. There is little firm informa- advance in the current quarter, with
tion on net exports because of the dock January sales at a new peak and Februstrike, which ended in most ports in the ary holding at that level. Auto sales,
second half of February.
which had weakened in January, were
Owing to revisions in the retail trade very strong in February; it should be
data for the 12 months of 1968 and noted, however, that part of the excepJanuary 1969, the picture regarding tional buoyancy last month was due to
consumer spending has been consider- dealers7 promotions and shortages of
ably altered; current consumer demand imported cars, which were held back
appears to be much stronger than the by the dock strike.
previous figures had indicated. Although
This quarter's rise in consumer spendconsumption expenditures did register a ing occurred in the face of a very small
slowdown in the final quarter of last rise in disposable income. Although
year, they should show a substantial wages and salaries are registering a very
large advance, the increase in social
security taxes and the large final settleCHART 1
ments due on 1968 tax liabilities offset
New Plant and Equipment
much of the gain in earned income.
Consequently, the saving rate, which
• Businessmen plan to spend $73 billion in 1969,
fell in the third quarter of 1968 and rose
up 14 percent over 1968
in the fourth, will again fall in the
• All major industries expect higher outlays
current quarter.
Given the strength in demand, presPercent Change From Previous Year
sures on resources and the price level
- 1 0 - 5
0
5
10
15
20
have remained severe. From December
1969
through February, the unemployment
TOTAL
Anticipated
rate remained at the post-Korean low
BUSINESS
of 3.3 percent, and prices have continued to advance sharply.
In financial markets, demands for
Transportation
loan funds—especially from business—
Incl. Railroads
have been very strong so far this year,
credit restraint has been intensified,
and market rates of interest have
Manufacturing
moved higher. Although the upward
trend in financing costs has been moderate since the sharp rise at the end of
Public
1968, the March 17 advance in the
Utilities and
prime
rate—from 7 to 7K percent—is
Communication
likely to lead to further increases in
other interest rates, at least in the near
term. The latest rise in the prime rate
Commercial
was the fourth in less than 3% months.
Employment and income higher
Data: OBE-SEC
U.S. Department of Commerce, Oftice of Business Economics
Employers have been adding workers
to their payrolls at a very rapid rate in
1
SURVEY OF CUEEENT BUSINESS
CHART 2
the past several months. In February,
employment increased by 380,000 after
• Before-tax book profits up $3 billion in 4th quarter seasonal adjustment, bringing the rise
since last September to 1.6 million.
• After tax profits exceed previous 1966 peak
• Most of gain in after-tax earnings reflected in
This approximates the rate of employundistributed profits
ment advance experienced in the fourth
Billion
quarter of 1965 and the first quarter of
1966, when the Vietnam buildup was
100
moving into high gear.
The February employment gains extended to all industries except mining.
The rise was especially large in contract
construction, which had declined the
month before because of bad weather.
About three-fifths of the 75,000 increase in manufacturing reflected the
end of the strike in petroleum refining.
The large expansion in employment,
coupled with continued advances in
rates of pay, was responsible for $4%
billion increase in wages and salaries
in February. That rise, together with
gains in property incomes and transfer
payments, brought the advance in
total personal income to $5% billion.
This was a considerable increase over
the $2% billion January gain, which
was held down by the increase in social
security taxes, and by strikes and bad
weather.
Corporate Profits
Increase in minimum wages
40
20
1966
'
1967
'
1968
Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
Of the $4% billion advance in February payrolls, about $0.5 billion was
the result of increases in Federal minimum wages effective on February 1.
According to Department of Labor
estimates, hourly earnings rose in
February for 2.1 million persons whose
earnings were below the $1.30 minimum
set for certain establishments in services (hotels, hospitals, laundries), retail trade (restaurants), construction,
agriculture, and government. Of this
number, 1.8 million workers received
an increase of 15 cents an hour from
the $1.15 minimum effective last year,
while the other 0.3 million employees
became subject to the law this year
for the first time at the initial rate of
$1.30. Except for farm workers, the
minimum rate for these groups will
continue to increase annually in a step
pattern that will bring their rate by
1971 up to the $1.60 floor now applicable to most workers.
In total, about 44% million nonsupervisory employees (based on 1968 levels)
March 1969
are now covered by the minimum wage
provisions of the law. In the private
sector, 78 percent of nonsupervisory
employees are within the scope of the
act. Of the 22 percent excluded from
coverage, about four-fifths are employees in smaller retail and service establishments, workers on all but the largest farms, and domestics.
Corporate profits higher
Corporate profits continued to rise
in the final quarter of 1968, but as
measured in the national income accounts, the advance was smaller than
earlier in the year. According to preliminary figures, corporate profits before taxes (including IVA) rose $0.4
billion in the 3 months ending in
December to a seasonally adjusted
annual rate of $92 billion. The final
quarter increase represented a substantial tapering from the gains of
$1.5 billion in the first quarter, $5.4
billion in the second, and $2.4 billion
in the third. For the full year, the
rise over 1967 came to almost $9
billion.
Corporate book profits, which include gains and losses due to inventory
valuation, rose much more than the
national income version of profits.
Book profits were up $3.1 billion over
the third quarter, reaching a record
rate of $95.8 billion. The much larger
increase in book profits than in national
income profits was due to the pronounced change in the inventory valuation adjustment. With wholesale prices
rising sharply in the closing months of
1968, the IVA—which measures the
difference between the replacement
costs of goods taken out of inventory
and their recorded acquisition cost—
changed from minus $1 billion in the
third quarter to minus $3.8 billion
in the fourth.
Because of the rise in before-tax
profits, profits tax liabilities increased
by $1.3 billion and profits after taxes
by $1.7 billion. The $53 billion rate
achieved in the fourth quarter was a
new record for after-tax earnings,
which were dampened last year by the
imposition of the 10-percent tax surcharge. The previous high had been
reached in the third quarter of 1966.
(Continued on page 46)
SURVEY OF CURRENT BUSINESS
March 1969
• Unemployment in February remained at the very low December-January rate
• February employment showed another large rise for the fifth straight month
• Rise in industrial prices continued in February —January consumer prices up 4.6 percent over the year
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
PRICES
Million Persons
Percent
8
81
950
CIVILIAN LABOR FORCE AND
EMPLOYMENT*
CURRENT DOLLAR GNP**
900
—
850
_
—
79
-
-
77
"N/y
j/^'
>v *
Total
yv
Rna|$a|es
j£\
800
IMPLICIT PRICE DEFLATOR FOR GNP**
(Change From Previous Quarter)
/
6
A^^^I
* Labor\ Force^'
/<
75
5$~-— Inventory Change
i l l
t i t
750
/*^
/
,i
i
i
—A1
*"*\
73
1 M 1 11I M I I
M M t i t 1 1 M
QBE
—
4
2
Employment
Quarterly ( IV )
—
l 1 1 1 1 1 1 1 1 1 t
Monthly (Feb.)
0
llll II ll
BLS
Quarterly ( IV )
Billion $
Percent
1957-59=100
40
5
130
CURRENT DOLLAR GNP**
(Change From Previous Quarter)
30
UNEMPLOYMENT RATE*
• ' . '
—
4
•1
20
3
CONSUMER PRICES
'
125
Lx^vs*"A^V^,^
_
Total
Mai J
_
0
1
Quarterly ( IV )
Monthly (Feb.)
Million Persons
800
76
CONSTANT DOLLAR (1958) GNP**
-
Total
\
650
_**"***
\
Final Sales
\
Inventory Change
i
600
i
i
~
i .
l
t
60
Hours
45.0
CONSTANT DOLLAR (1958) GNP**
(Change From Previous Quarter)
-4
i
__
1In
•
l
l
1967
i
l
l
1968
1 00
42.5
l
l
35.0
\
~"
<&*
+*&.
TVvfal
lotai
t 1 t 1 I!
M 11 t
~
~~
1 ! 1 1 M t 1 1 i i
11 1 1 i i 1 1 1 I !
BLS
1957-59=100
130
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
Average Hourly Earnings
(right scale)
/•-"'f
3.00
120
X^KX
i 11 iiiii > i
1967
%^1-
1 1 1 1 t 1 t 1 1 1 1
1968
Monthly (Feb.)
M
1 M
M
WHOLESALE PRICES
Processed Foods
and Feeds
\
\s>*"* S AverageIWeekly Hours*
37.5
1969
Industrial Commodities
Monthly (Feb.)
2.80
110
2.60
100
2.40
90
(left scale)
i
—
BLS
Dollars
40.0
Quarterly ( IV
QBE
* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
i 1 1 1 1 1 1 1 1 1 i M i i i i 1 1 i i i i t i i i 1 1 i 1 1 < i 1 20
Monthly (Feb.)
12
4
105
"V"T
Man-Hours*
(right scale)
QBE
Percent
__
130
«tf **"" ***
BLS
-
110 —
*»
. i
115
.X
r
1 1 1 1 1 1 1 1 1 1 1
1957-59=100
120
1 40
64
Quarterly ( IV )
8
-
68
1 1 1 t 1 i 1 1 1 1 1
WHOLESALE PRICES
Employment*
(left scale)
J*^*'t^"***
l. i
1 1 I i ! 1 1 I M 1
Retail Food*
Monthly (Jan.)
Billions
72
^^*
--
110
BLS
NONFARM ESTABLISHMENTS
(Employees)
~
700
» i i i i i i i.i i i i i i i i i i i i i i
M 1 l i ! i l 1 1 1
QBE
Billion $
750
115 ^^^'^
2
.lllllll
X>x'
120
Married Men
10
QBE
1 1 1 1
1969
\ <\
^
BLS
S~
/•^'Vv'f
N/' Farm
\ Products
1 1 f ! f } t 1 1i
1967
~
>S^w
! i i I 1! 11 1t 1
1968
t 1 i 1 1 i II 1 1 t
1969
Monthly (Feb.)
BLS
69-3 3
OUXiVJ^I
\JX
^U±i±iJi(l>±
March 196
JDUOllNJiiOO
• In February, personal income rose sharply and retail trade (revised) held at the January peak
• Plant and equipment outlays are expected to rise $63/4 billion in first half and a further $3V2 billion in the second
• Housing starts in January-February averaged 10 percent above fourth quarter rate
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billion $
800
_
_
600
Billion $
100
PERSONAL CONSUMPTION
EXPENDITURES**
PERSONAL INCOME**
750
FIXED INVESTMENT
Billion $
650
_
_
Producers' Durable Equipment**
75
^
700
650
600
S
—
<r
s'
—
/
y
^^
1 11 1 1 11 1 1 \ \
550
-
s
500
\ \ 1 \ \ \ \ \ 1 It
i I i ti1 1 I iii
Monthly (Feb.)
QBE
450
—
~ ^^^^
'
i l l
500
Tot 81
„
^
(left scale)
^S\
,^^
\
\f^
Manufacturing
^-/
(right scale)
450
30
— 200
\
l
i
t
i
l
l
150
1 1 11 1 11 1 1 11
t t 1 1 1 1 1 f 1 1 1
t i i ti 1 i i i ii
Residential i tructures**
i i
i i i
100
Total
\
^,1— , n-> <—
\ S^**^
^^/—^^
••• ««••*•* *^
75
—
70
PLANT AND EQUIPMENT
EXPENDITURES **
_
_
?
1 1 l 1 1 1 1 1 1 i1
l 1 l 1 l 1 l l 1 l i
i i1 t t 1
Monthly (Feb.)
60
"
/
Census
-
-
^^*>
8
Domestic
(left scale)
_
7
-
t
500
l
1
1
1
1
1
1
Quarterly ( IV )
>^/
-
Monthly (Feb.)
_
2
5
10
£
X.*. /JLr* -
-
J2?^r
-—•*""*
0
4
LI i i i t i 1 1 i i
1 -—•-^J^y
v 4
-
1
1 1 1 1 1 11 1 1 1 i 1 1 1 1 1 1 1 11 1 i
Monthly
(Jan.
2.5
PRIVATE NONFARM HOUSING**
-
2.0
-
-
Starts
2,500
-
/
2,400
2,300
~
^^^
'--*—
i
i
6
i
1
1
i
1968
1967
1
1
1
Seasonally Adjusted
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
4
1969
Quarterly ( IV )
*
8
QBE
Census
Million Units
PERSONAL SAVING RATE*
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 Dollars)
i
OBE-SEC
_
Trade Sources & QBE
Percent
M
2,700
i
Shipments
1 11111 1 1 1 1 i ii 1 1 11 11111 1 1 1 1 111 1 1 1i
QBE
Dollars
2,600
6
Imports
(right scale)
6
4
i
Anticipated
MACHINERY AND EQUIPMENT*
(Manufacturing Firms)
/
t
0
i i i
New Orders
" r*V* JT~*^
\J
"" ^^^^
**^"^
r^
/
/v
8
s^
550
c^
Billion $
10
^s^^
i
Quarterly ( II )
\. -A^Vy
600
^
~& ~
9^^/
-
NEW CAR SALES**
_
QBE
/
Million Units
12
_
1
/
65
DISPOSABLE PERSONAL INCOME**
1
80
20
15
1
Quarterly ( IV )
Billion $
QBE
Billion $
700
650
t
QBE
Excluding Automotive Group
Monthly (Feb.)
I||llir..m*«
-
0
(1968 Revise^
350
I
-^r' "
V-—•—• * ••*
—^
25
-
-
RETAIL STORE SALES*
WAGES AND SALARIES**
^^
25
Billion $
35
550
\_
—
Nonresidential Structures**
Quarterly ( IV )
Billion $
400
50
^^^
^^
S^
^m —
i
l
l
1967
i
i
/N
/
~
/^U^
/v ^.^V*
sjj~
1.0
i
1968
.A
1.5
^^
^^\^\^
K
i
l
1969
Quarterly ( IV )
l
.5
1967
QBE
S
,^
1 1 1 1 t 1 1 1 1 1 1
"f
Permits
i 111111111i
1 968
Monthly (Feb.)
1 1 1 1 1 1 M
1 1 1
1 969
Census
SURVEY OF CURRENT BUSINESS
March 1969
• Business inventories (book value) unchanged in January after large monthly increases in fourth quarter
* Merchandise trade registered a small surplus in January after deficit in previous month
* Federal budget (NIA basis) showed small surplus in fourth quarter— first in over two years
INVENTORIES
FOREIGN TRANSACTIONS
GOVERNMENT
Billion $
Billion $
Billion $
40
12
140
NET EXPORTS**
CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
30
—
—
8
20
_
_
4
FEDERAL PURCHASES OF
GOODS AND SERVICES**
—
v
Total
t
i
Quarterly ( IV )
l
i
4
Billion $
3.5
—
3.0
XT
2.5
^s
1 11 1 1 1 1 11 11
-^
i
I
I
I
I
I
I
i
60
-
t Ii1i 1 Ii i Ii
I 1 i i i 1 I t i j _L
Monthly (Jan.)
Census & QBE
-
Exports
3
4JJtfo
2.0
1.5
-V Vvy /
f
- v A r V A /^
\
I
_
Imports
fi
-
V
!
1 11 111111 11
1 1 1 1 1 1 1 1 1 M
2
i 1 1 1 1 1 1 1 1 1 i
0
1 1 1 1 t 1 1 1 M
Census
200
40
11 1 1i 111 11
Trade
i 1 1 1 1 1 1 1 i i i i 11 1 1 i 1 1 I i I
Monthly (Jan.)
4
-
-
i
i
i
Census & QBE
I
l
l
_
I
I
150
t
125
I
Quarterly (IV)
Billion $
4
150
"^^
i f.
^ Total 1
Manufacturing and Trade
11 1 11 1 1I M
1968
1969
Monthly (Jan.)
Census & QBE
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
7~N/
4
1
1
1967
1
fC
i
l
i
t
i
j
i
QBE
jA
75
Liquidity Basis
1 1 1 1 1 f 11 1 11 111 1 1 1> t ii
1967
* Seasonally Adjusted
_2
t
-
125
vv
/
^'y^
STATE AND LOCAL PURCHASES
OF GOODS AND SERVICES**
Official Reserve Transactions Basis
_
— ^^4
1 4
1.2
BALANCE OF PAYMENTS*
r^M
_
Quarterly ( IV )
Billion $
1 8
i
QBE
2.0
2
Census
\
** s^
******
^^
"*" Deficit^ \
~—-^^^^
Receipts
Ratio
INVENTORY/SALES RATIOS*
Manufacturing
- v-^yV
j
1111111111i
FEDERAL BUDGET**
(NIA Basis)
Expenditures
. .««- •
-2
1 1 1 1 1 1 1 1 1 1 1
1 7^
r
\"
1
Monthly (Jan.)
\
Inflow
/*^v
/
^Outflow A
^^
^***
Q
\
Shipmen ts
1
NET FLOW OF PRIVATE U.S. AND FOREIGN CAPITAL
(Other than Liquid Funds)*
—
v
~
'
....-"••
QBE
\\xA
Aft
yr\7
Ayj^s
i
2
Monthly (Jan.)
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
•«•
i
New Orders
225
60
i
DEFENSE PRODUCTS*
Billion $
.-A-
i
l
4
i
4
80
l
Billion $
Billion $
Manufacturing
\
i
Quarterly ( IV )
120
_
Defense
i
QBE
Billion $
100
"""
i
rv /y v* Y\
150
130
-^*****^**--"^
A
-
^xi
-
on
MERCHANDISE TRADE*
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
140
\^^ \
Quarterly ( IV )
170
To tal
i
QBE
Billion $
160
\ ^<(<^.
^^^c^"^
^/Vy
Merchandise
•l
l
l
l
l
l
-
100
/'-
l.il
-
/
_^T^v\
\ \y
0
120
Goods and Services
i
i
1968
Quarterly (IV)
i
i
i
50
1969
—I""""
i
l
1967
QBE
l
i
l
l
1968
Quarterly ( IV )
i
i
i
1969
QBE
SUEVEY OF CUEEENT BUSINESS
March 1969
• Industrial production advanced in February for the sixth consecutive month
• Interest rates and bond yields rose further in February
9
Corporate profits up in fourth quarter—after tax earnings exceeded 1966 peak
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
Index, 1957-59=100
Billion $
190
460
Billion $
240
CORPORATE PROFITS**
220
420
180
Durable Manufactures
170
^+>
\
-™'^'*/
^>^
A
340
Nondurat le Manufactures
1 1 f*r*Ki 1 1 1 1
150
Bank Credit
(left scale)
380
•*••
^^f
•.
1 20
BANK CREDIT AND MONEY SUPPLY*
INDUSTRIAL PRODUCTION*
160
PROFITS AND COSTS
Monthly (Feb.)
200
80
r ^Money \
Supply
180
60
300
—•
1 1 1 1 1 1 1 1 i i t i 1 1 1 1 1 1 1 1 1 1 i i 1 1 1 1 1 i iij_
FRB
Monthly (Feb.)
160
i
40
Billion $
Billion $
2
120
FREE RESERVES
175
_
Autos
>
v
/
^
\,
1
125
>"1\r
A I
^/
*r*-^S
_
_
100
A
Steel
M M 1i i i 1 i 1
I
1
/
/
/
1 1 1 1 11 M
1 1 1 M i t Mil
1 M
-2
1 1 1 I I 1 Ml
_...
_
60
10
1 1 1 1 1 i 1 U 1 J_
40
_
8
^^^^
1
t
-
1
1
Quarterly ( IV )
_
-
\^/T
f ""—"^^s—•••%["
6
1
2
1
.«•
-v
1
-'V-'
3-month Treasury Bills
1 t 1 >1 i 1 i 11I i 1 1 1 1 1 1 1 t i i 1 1 1 1 1 1 i 1 1 1 i
FRB
2
0
-
1
2
STOCK PRICES
-
120
1 1 1 1 1 1 i ! 1
•*~M
—
100
Shipments
1 1 1 1 i 1 1 1 1 1 i t i ] i i! t i i ti
1967
1968
1969
Monthly (Jan.)
Census
* Seasonally Adjusted * * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Office of Business Economics
60
Vv
s~~ \r
_
i i Mi i i i i i t
1967
III
1
1
i
l
l
I
I
I
.
BLS
UNIT LABOR COSTS, PRIVATE ECONOMY*
(Change From Previous Quarter)
Standard and Poor's (500)
/W
v _^A £r\j[
~
Quarterly (IV)
6
?0
-
n T
1 1 1 1 • 1 • 1 1 II
Monthly (Feb.)
DURABLE GOODS MANUFACTURERS*
__^/
QBE
•
Percent
i*.
i
nfl OJli Jli i
140
\
i
Compensation
\
1941-43=10
New Orders
j i
OUTPUT AND COMPENSATION PER MAN-HOUR,
PRIVATE ECONOMY*
4 --^Chaflge From Previous Quarter)
36
28 —
^--—~~
i l l
Quarterly (IV)
Billion$
32
t
Output
\
4
1
i
Corporate Yields, Moody's Aaa
80
E
l
6
NK** "*^
1
QBE
Percent
Manufacturing
75
i
^^\^_^—*^~~
Profits After Taxes
FRB
INTEREST RATES AND BOND YIELDS
RATIO, OUTPUT TO CAPACITY*
._r
Illllllllll
Monthly (Feb.)
Percent
V»s^
1 1
FRB
95
\
i
Internal Funds
_1 _
Percent
85 ,__-
i
Of)
V^xS
Monthly (Feb.)
90
i
-
V/
100
i
CORPORATE INTERNAL FUNDS AND PROFITS**
J" —^NPS
./"
\L
v/
vt 1/1
•x
_u
i
\
V
1 crv
i
Quarterly (IV)
200
**""*%
i
FRB
Index, 1957-59=100
INDUSTRIAL PRODUCTION*
V^—
/
(right scale)
^^^
iiiiiliiiii
1 1 t i t 1 I M 1 1
^^
^A
Before Tax and Including IVA
100
1 1 1 1 1 t It
-
4
2
_
_
1. ni. n
M 1
1968
Monthly (Feb.)
I t 1 t 1 ) 1 1 1 1 1
1969
-2
i
i
1967
i
i
i
i
1968
Quarterly (IV)
t
i
t
1969
BLS
SURVEY OF CUREENT BUSINESS
March 1969
NATIONAL INCOME AND PRODUCT TABLES
1968
1967
1967
1968
III
II
IV
1967
III
IV
1967
1968
III
1968
II
IV
III
IV
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Billions of 1958 dollars
Billions of current dollars
Table 1.— Gross National Product in Current and Constant Dollars (1.1, 1.2)
Gross national product
Personal consumption expenditures _-
--
Durable goods
Nondurable goods
Services
Gross private domestic investment
Fixed investment...
Nonresldential _
Structures _ _
Producers' durable equipment
Residential structures
Nonfarm
Farm
__
Change in business inventories.
Nonfarm
Farm
Net exports of goods and services
Exports
Imports.
Government purchases of goods and services
789 7
860 6
795 3
811 0
831 2
852.9
871 0
887.4
673 1
706.7
675 6
681.8
692 7
703.4
712.3
718.4
492,2
533.8
495.5
502.2
519.4
527.9
541.1
546.8
430.5
450.9
431.8
434.1
444.9
447.5
455.7
455.4
72.6
215 8
203.8
82.5
230 3
221.0
73.1
216 4
205.9
74.2
218 4
209 6
79.0
226 5
213.9
81.0
228 2
218.7
85 1
232 7
223 4
85.1
233 7
228.0
72.4
191 1
167.0
80.1
197 1
173.7
72.6
191.1
168.1
73.0
191.6
169.5
77.3
196.5
171.0
78.9
196.1
172.6
82.5
198.5
174.8
81.7
197.3
176.4
114 3
127.7
114 7
121 8
119 7
127 3
127 1
136.6
99 5
106.9
99.3
104.7
101.5
107.3
105.8
113.1
108 2
119 9
109 3
113 5
117 6
116 5
119 6
126.0
93 6
99.8
94.0
96.7
99.5
97.4
99.0
103.5
83 6
27 9
55 7
90.0
29.2
60 8
83 3
27 7
55 6
85 0
27 7
57 3
88 6
29 6
59 0
87 0
28.5
58 5
90 1
28 8
61 3
94.3
29.9
64.5
73 7
22.6
51 1
76 8
22.5
54 3
73.2
22.2
51 0
74.0
22.1
52.0
76.5
23.4
53.0
74.5
22.1
52.4
76.6
21.9
54.7
79.6
22.6
57.0
24 6
24 0
5
29 9
29 3
6
26 0
25 4
g
28 5
27 9
g
29 1
28 5
g
29 5
28.9
g
29 5
28.9
g
31 6
31.0
g
19 9
19 5
5
23 1
22.6
5
20 8
20.3
5
22.7
22.2
.5
23.0
22.6
.5
22.9
22.5
.5
22.4
21.9
.5
23.9
23.4
.5
6.1
56
5
7.7
73
5
53
48
g
83
71
12
21
16
4
10.8
10 4
4
75
73
1
10.6
97
g
5.9
53
g
7.1
66
5
5.2
45
7
8.0
6.7
13
2.0
1.6
4
9.9
9.6
.4
6.8
6.6
.1
9.6
8.8
.9
4 8
2.0
54
34
15
2.0
3.3
1.0
24
1.0
-.1
-.6
.7
— 1.3
50 0
48 1
46 1
40 6
46 0
42 6
47 5
46 0
49 9
47 9
52 6
49 4
50 1
49 1
41 8
39 3
— .3
45 3
45 g
3.1
45 g
41 0
42 1
39 1
41 9
40.9
44 0
44.1
44.7
45.4
47.6
46.9
44.9
46.2
178 4
197 2
179 6
183 5
190 5
195 7
199 6
203 0
140 7
149 2
141 4
142 0
146. 5
149.2
150.1
151.2
79 3
75 6
75 6
78 1
80.1
79.5
79.3
70 0
65.8
66.4
68.4
69.1
70.6
71.8
FederalNational defense
Other
90 6
72 4
18 2
100 0
78 9
21 l
91 3
72 9
18 4
93 5
74 6
19 0
97 1
76 8
20 3
100 0
79 0
21 0
101 2
79 6
21 5
101 7
80 0
21 7
74 g
State and local
87 8
97 2
88 4
90 0
93 4
95 6
98 4
101 2
65 9
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
__
Change in business inventories
Goods output
789 7
860 6
795 3
811 0
831 2
852 9
871 0
887 4
673 1
706 7
675 6
681.8
692.7
703.4
712.3
718.4
783 6
61
852 9
77
789 9 802 7
53
83
829 1
21
842 1
10 8
863 5
75
876 8
10 6
667 2
59
699 6 670 4
5.2
71
673.8
8.0
690.7
2.0
693.5
9.9
705.5
6.8
708.7
9.6
396 9
430.8
398 9
404 8
414 9
428 4
436 9
443 0
361 0
380 3
361.9
364.4
370.4
379.2
384.7
386.8
Final sales
Change in business inventories
390 8
61
423 1
7 7
393 6
53
396 5
83
412 8
2i
417 6
10 8
429 5
75
432 4
10 6
355 1
59
373 2
71
356 7
52
356.4
80
368.4
2 0
369.3
9.9
378.0
6.8
377.2
9.6
Durable goods.. __
__
Final sales
Change in business inventories
159 3
156 4
30
176 7
172 2
4 6
161 1
157 3
38
164 1
159 9
42
168 2 175 3
166 7 169 1
62
15
180 0
175 1
4 9
183 3
177 8
56
150 3
147 6
27
162 1
158 0
41
151 6
148 2
3.4
152 8
149.0
3.8
155 9
154.5
1.4
161.2
155.6
5.6
164.9
160.5
4.4
166.5
161.5
5.0
Nondurable goods
Final sales
Change in business inventories
Services
237 g
234 5
31
254 1
250 9
32
237 8 240 7
236 2 236 6
16
41
246 7
246 1
g
253 1
248 5
46
256 9
254 4
25
259 7
254 g
5o
210 7
207 5
32
218 2
215 2
30
210 2 211 6
208 5 207.5
4.1
18
214.5
213.9
.6
218.0
213.7
4.3
219.8
217.4
2.4
220.3
215.7
4.7
314 8
342 7
317 5
330 4
339 2
347 6
353 7
249 6
260 0
251 2
253 2
255 1
258.7
262.3
263.7
67 2
65.5
65.2
67.8
Structures
.
77 9
87 1
78 8
324 7
81 5
85 8
85 4
86 4
90 7
62 5
66 4
62 5
64 2
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product
Private
Business
Nonfarm
Farm
Households and institutions
Rest of the world
General government
789 7
860 6
704 8
709 8
722 3
740 3
759 9
775 0
789 8
677 9
653 7
24 2
766 3
737 3
712 3
25 o
682 4
658 0
24 4
694 1
669 4
24 8
712 4
688 1
24 3
730 8
7qr A
24 7
745 6
79fl 9
25 5
760 5
25 5
22 3
24 0
22 5
23 5
24 2
24 2
24 2
49
r n
22 9
5 0
A A
A Q
c O
46
84 8
94 3
795 3
85 4
811 0
88 6
831 2
90 8
852 9
70fi 1
93 0
871 0
96 0
887 4
52
97 6
681 8
692.7
703.4
712.3
718.4
0
g
2
4
621 7
631 8
641.6
649.7
655.5
600 8
576 3
24 5
611 4
587 8
23 6
620.5
596 2
24.3
628.5
604.5
24.0
634.4
610.5
24.0
15 6
15 7
16.1
16.3
16.2
16.0
49
52
43
48
5.1
5.1
60 1
60 9
61.8
62.6
62.9
706 7
675 6
614 0
644 7
594 0
569 9
24 1
623 7
616
595
571
24
15 5
16 1
673 1
45
59 0
KQQ
Q
23 9
48
62 0
59 6
SURVEY OF CURRENT BUSINESS
8
1967
1967 1968* III
March 1969
1967
1968
IV
I
II
III
1967 1968*
IV*
National income
789.7 860.6 795.3 811.0 831.2 852.9 871.0 887.4
74.3
70.0
71.1
72.3
73.7
74.9
Equals: National income
76.2
720.5 786.3 725.3 739.8 758.8 779.1 796.1 811.2
Less: Indirect business tax and nontax
liability ..
....
69.6 75.8 70.1 71.2 72.8 74.8 76.7
3.3
Business transfer payments
3.2
3.2
3.1 3.3 3.2
3.3
Statistical discrepancy _.
-3.5 -4.8 -3.4 -4.2 —4.7 -3.6 -5.3
Plus: Subsidies less current surplus of
government enterprises
16
.7
15
1.3
.5
.7
1.0
79.0
3.3
5.6
.6
652 9 712.8 656.9 670.9 688.1 705.4 722.5 735.2
Less: Corporate profits and inventory
valuation adjustment.
Contributions for social insurance
Wage accruals less disbursements
Plus: Government transfer payments
to persons
_
Interest paid by government
(net) and by consumers
Dividends
Business transfer payments
Equals: Personal income
80 4
89.2
80.2
82.3
83.8
89.2
91.6
92.0
41 9
46.9
42.1
43.0
45.8
46.5
47.4
47.8
.0
.0
.0
.0
.0
.0
.0
.0
48.6
55.3
48.9
49.7
52.5
55.0
56.3
57.5
23.6
22 9
3.1
25.9
24.6
3.3
23 5
23 5
3.2
24.2
22 5
3.2
24.9
23 6
3.2
25.7
24 4
3.3
26.2
25.2
3.3
26.7
25.4
3.3
628.8 685.8 633.7 645.2 662.7 678.1 694.3 708.2
Compensation of employees
Wages and salaries
Private _ . _
. ... .
Military
Government civilian __
Billions of current dollars
Proprietors' income
31.3
33.7
36.1
36.1
36.9
Personal consumption expenditures. 24.9 30.1 25.4
Producers' durable equipment
5.3
4.4
4.5
Change in dealers' auto inventories.. -.5
.8 -1.0
25.3
4.5
1.4
28.4
5.0
.6
29.0
5.1
2.3
31.6
5.6
-.6
31.3
5.5
.9
Net exports.
Exports
Imports
21.6
22.1
23.7
24.2
49.4
50.7
51.7
23.7
24.2
24.4
25.0
25.7
26.5
27.3
48.4
23.5
62.9
61.2
61.1
61.8
62.6
63.4
63.7
47.8
46.6
46.8
47.2
47.8
48.0
48.2
46.6
— 3
48.4
—.6
15.1
14.6
14.3
14.6
14.8
15.4
15.5
20.3
21.0
20.4
21.0
21.2
20.5
20.7
20.9
80.4
89.2
80.2
82.3
83.8
89.2
91.6
92.0
81.6
92.3
80.8
85.4
88.9
91.8
92.7
95.8
33.5
48.1
22.9
25.2
41.3
51.0
24.6
26.4
33.2
47.6
23.5
24.1
35.1
50.3
22.5
27.9
39.8
49.1
23.6
25.5
41.1
50.7
24.4
26.3
41.5
51.2
25.2
26.0
42.9
52.9
25.4
27.6
-1.2 -3.1
23.3
26.3
-.6 -3.1 -5.1
23.6
24.3
25.0
-2.7 -1.0
25.8
26.7
-3.8
27.6
Table 7.—National Income by Industry Division (1.11)
Agriculture, forestry, and fisheries
Mining and construction
M anuf acturing
Nondurable goods
Durable goods
652.9 712.8 656.9 670.9 688.1 705.4 722.5 735.2
21.4 22.5 21.6 21.4 21.9 22.2 22.9
39.7 42.8 39.7 40.3 41.3 42.6 42.9
196 6 215.9 196.6 201.0 207.7 214.4 218.2
75.8 82.9 75.9 77.6 80.1 82.1 84.2
120.8 133.0 120.7 123.4 127.7 132.3 134.0
Transportation. .
... ...
C ommunication
Electric, gas, and sanitary services
Wholesale and retail trade
26.1 28.0
13.1 14.2
12.9 13.9
96.8 105.5
26.3
13.2
13.1
97.9
26.5 27.3 27.9 28.2
13.3 13.7 13.7 14.6
13.2 13.5 13.6 14.4
99.7 101.8 104.5 107.2
33.1
4.9
Finance, insurance, and real estate
Services
Government and government enterprises
_
Rest of the world
70.9
77.0
77.3
83.3
71.5
77.7
73.0
79.2
93.6 104.5
4.9
4.6
94.3
5.0
98.0 100.5 102.8 106.3
5.2
4.9
4.4
5.3
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
-.1
1.6
1.7
-.7
2.1
2.8
.1
1.9
1.8
-.2
1.8
2.0
-.6
1.6
2.2
-.5
2.3
2.9
-.7 -1.0
2.1
2.4
3.1 3.1
25.9
2.9
32.2
4.3
26.0
3.1
28.0
3.4
30.0
4.0
32.8
4.2
33.1
4.0
Addenda:
New cars, domestic 3 .
New cars, foreign. _
46.2
46.3
14.4
Corporate profits and inventory valuation adjustment
45.2
60.7
Farm.
Rental income of persons
23.9
19 5
3.8
Business and professional
Income of unincorporated enterprises
Inventory valuation adjustment
All industries, total..
29.3
35.7
337.1 367.2 339.4 346.0 355.7 362.8 370.9 379.2
16.3 18.3 16.1 17.1 17.5 17.8 18.9 18.8
70.0 78.1 70.8 73.3 75.2 77.0 79.1 81.1
23.3
Other labor income
Employer contributions to private pension and welfare funds
Other
Net interest.
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
423.4 463.5 426.3 436.4 448.3 457.6 469.0 479.0
26.1
Inventory valuation adjustment
29.0
IV*
652.9 712.8 656.9 670.9 688.1 705.4 722.5 735.2
50.1
Profits tax liability
Profits after tax. .
Dividends
Undistributed profits
Gross auto product .
III
468.2 513.6 471.5 482.7 496.8 507.1 519.7 530.7
Supplements to wages and salaries. _. 44.8
Employer contributions for social
insurance
21.5
Profits before tax
1
II
Table 6.—National Income by Type of Income (1.10)
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Equals: Net national product.
I
Billions of dollars
Billions of dollars
Less: Capital consumption allowances . 69.2
IV
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
Gross national product
III
1968
74.5
81.3
76.2
82.6
78.6
84.0
Billions of 1958 dollars
Gross auto product 1
..
29.0
Personal consumption expenditures. 24.8
Producers' durable equipment
4.4
Change in dealers' auto inventories.. -.5
Net exports
Exports
Imports
34.8
29.2
30.7
33.0
35.4
35.2
35.7
29.2 25.2
5.2
4.5
.8 -1.0
24.8
4.4
1.4
27.7
5.0
.6
28.3
5.1
2.3
30.7
5.5
-.6
30.1
5.4
.8
0.0
1.7
1.7
-.6
2.1
2.7
.2
1.9
1.7
—.1
1.8
1.9
—.5
1.6
2.1
-.4
2.3
2.8
-.6
2.4
3.0
—.9
2.0
2.9
26.4
2.9
32.0
4.1
26.4
3.0
27.9
3.3
29.9
3.9
32.7
4.1
32.8
3.9
32.5
4.7
Addenda:
New cars, domestic 2
New cars, foreign
Mutual
Stock
Non financial corporations. _
1. The gross auto product total includes government purchases, which amount to $0.2 billion
annually for the periods shown.
*^DifiS"s from thegross auto Pr°duct total by the markup on both used cars and foreign cars.
Fourth quarter 1968 corporate profits (and related components and totals) are preliminary
and subject to revision in next month's SURVEY.
All industries, total
Financial institutions
Manufacturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
All other industries
80.4
89.2
80.2
82.3
83.8
89.2
91.6
92.0
10.3
11.5
10.3
10.6
11.0
11.2
11.9
11.8
77.7
69.9
71.7
72.9
77.9
79.7
80.2
44.9
19.7
25.2
45.3
20.3
25.0
12.5
20.6
13.0
21.4
19
8.4
70.1
39.2
18.0
21.2
44.5
19.8
24.7
38.5
17.9
20.6
39.9
18.0
21.9
41.3
19.0
22.3
11.8
19 0
12.6
20.6
12.0
19.4
11.9
20.0
12.5
19.0
SURVEY OF CURRENT BUSINESS
March 1969
1967
1967 1968* III
9
1967
1968
IV
I
II
III
1967 1968
IV*
(1.14)
453.1 496.1 455.6 464.6 477.7
Gross corporate product .
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
491.1 503.0 512.6
43.4
47.1
44.1
44.9
45.7
46.7
47.6 48.5
40.6
44.4
41.0
41.6
42.6
43.7
45.0 46.4
400.7 410.4 417.8
_. 293.3 320.2 295.3 300.9 309.9
260.8 283.9 262.5 267.5 274.9
32.4 36.3 32.8 33.4 35.1
316.3 323.7 330.8
280.4 286.9 293.3
35.8 36.8 37.5
Net interest
-1.0
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability..
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment..
76.8 85.2
78.0 88.4
33.5 41.3
44.5 47.1
21.3 22.9
23.1 24.1
-1.2 -3.1
Cash flow, gross of dividends
Cash flow, net of dividends
Gross product originating in
financial institutions ..
-.8 -1.0
-.9
-.8
76.2 78.1
76.8 81.2
33.2 35.1
43.6 46.1
21.7 20.6
21.9 25.5
-.6 -3.1
80.3
85.4
39.8
45.6
22.0
23.6
-5.1
Net interest
Corporate profits and inventory
valuation adjustment
Profits before tax__
Profits tax liability
Profits after tax
Dividends __
Undistributed profits ..
Inventory valuation adjustment. __
Cash flow, gross of dividends
Cash flow, net of dividends
-.8
-.8 -.8
85.2 87.5 87.8
87.9 88.6 91.7
41.1 41.5 42.9
46.8 47.1 48.8
22.8 23.4 23.6
24.0 23.7 25.2
-2.7 -1.0 -3.8
Personal income
628.8 685.8 633.7 645.2 662.7
423.4
Wage and salary disbursements
Commodity-producing industries. .166.6
Manufacture ng.
134.1
Distributive industries
100.5
Service industries
70.0
86.3
Government
463.5
180.6
145.4
109.4
77.2
96.3
426.3
167.1
134.6
101.4
70.8
86.9
436.4
170.5
137.1
103.1
72.4
90.4
678.1 694.3 708.2
448.3 457.6 469.0 479.0
175.6 178.6 181.6 186.4
141.2 143.8 146.7 149.9
105.6 108.0 111.1 112.9
76.2 78.2 79.9
74.5
92.6
94.8 98.1 99.8
Other labor income
23.3
26.1
23.7
24.2
25.0
25.7
26.5 27.3
Proprietors' income
Business and professional
Farm
60.7
46.3
14.4
62.9
47.8
15.1
61.2
46.6
14.6
61.1
46.8
14.3
61.8
47.2
14.6
62.6
47.8
14.8
63.4 63.7
48.0 48.2
15.4 15.5
Rental income of persons
Dividends
Personal interest income
20.3
22.9
46.8
21.0
24.6
52.1
20.4
23.5
47.2
20.5
22.5
48.5
20.7
23.6
49.8
20.9
24.4
51.4
21.0 21.2
25.2 25.4
52.9 54.3
94.2
71.2
87.7
66.0
91.0
70.4
91.3
69.3
93.5
70.8
94.7 97.2
71.3 73.7
20.0
23.1. 20.3
20.9
21.7
22.5
23.9 24.3
Less: Personal contributions for
social insurance
20.4
22.9
20.6
20.9
22.3
22.8
Less: Personal tax and nontax payments
82.5
96.9
83.6
85.6
88.3
91.9 101.6 105.8
468.6 479.0 488.3
42.2
45.8
42.9
43.7
44.4
45.4
46.3 47.1
38.8
42.5
39.2
39.7
40.7
41.8
43.0 44.3
277.0 301.8 278.7 283.9 292.5
246.8 268.0 248.1 252.8 259.8
30.2 33.8 30.6 31.1 32.7
8.5
9.2
8.6
8.9
9.0
66.4 73.7 65.9 67.5 69.3
67.6 76.9 66.5 70.6 74.4
28.8 35.7 28.4 30.2 34.5
38.8 41.1 38.1 40.4 39.9
20.1 21.6 20.5 19.4 20.7
18.8 19.5 17.6 21.0 19.2
-1.2 -3.1 -.6 -3.1 -5.1
81.1
61.0
87.0
65.3
80.9
60.5
84.0
64.6
84.3
63.6
381.4 389.8 396.9
298.3 304.9 311.4
264.9 270.7 276.6
33.4 34.2 34.8
9.3
9.4
74.0 75.6
76.6 76.6
35.6 35.7
41.0 41.0
21.4 22.0
19.6 18.9
-2.7 -1.0
76.0
79.9
37.1
42.7
22.2
20.5
-3.8
9.1
86.5
65.0
87.2 89.8
65.2 67.6
Billions of 1958 dollars
Gross product originating in
nonfinancial corporations
392.3 416.4 393.4 397.2 405.9
413.5 420.8 425.4
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
1.104 1.136 1.107 1.117 1.123
Capital consumption allowances
.108 .110 .109 .110 .109
Indirect business taxes plus transfer
payments less subsidies
.099 .102 .100 .100 .100
Compensation of employees.706 .725 .708 .715 .721
Net interest...
.022 .022 .022 .022 .022
Corporate profits and inventory valuation adjustment
.169
Profits tax liability
.073
Profits after tax plus inventory valuation adjustment- . .096
Equals: Personal saving
.110 .111
.101
.721
.022
.102 .104
.725 .732
.022 .022
.177
.086
.168
.072
.170
.076
.171
.085
.179
.086
.180 .179
.085 .087
.091
.095
.094
.086
.093
.095 .091
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the decimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
*Fourth quarter 1968 corporate profits (and related components and totals) are preliminary
and subject to revision in next month's SURVEY.
52.1
52.9
55.7
58.3
59.5 60.8
26.0
26.4
28.2
30.5
30.9 31.6
2.1
6.6
17.3
2.1
7.2
19.1
2.2
6.5
17.3
2.0
6.8
17.7
2.2
7.0
18.4
1.9
7.1
18.8
2.1 2.0
7.2 7.3
19.3 19.8
23.2 23.4
40.2
40.7
40.5
43.4
40.8
Addenda:
Disposable personal income :
478.0 497.5 479.5 483.7 491.8
Total, billions of 1958 dollars . ..
Per capita, current dollars
.. 2,744 2,928 2,758 2,798 2,866
2,401 2,473 2,404 2,418 2,454
Per capita, 1958 dollars
Personal saving rate,3 percent
7.4
6.9
7.4
7.8
7.1
542.3 555.6 561.6
527.9 541.1 546.8
13.6 13.8 14.0
.8
44.0
.7
.7
37.1 40.9
497.1 499.2 501.7
2,918 2,942 2,982
2,474 2,478 2,483
7.5
6.3
6.8
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi.492.2 533.8 495.5 502.2 519.4
tures
72.6
30.4
Automobiles and parts
Furniture and household equipment. 31.4
Other
10.9
Food and beverages
Clothing and shoes
Gasoline and oil
Other
.110
58.6
30.3
506.2 548.2 509.5 516.1 533.5
Less : Personal outlays
Personal consumption expenditures- 492.2 533.8 495.5 502.2 519.4
Interest paid by consumers
13.1 13.7 13.2 13.3 13.4
Personal transfer payments to for.8
.8
.7
.7
.7
eigners
Nondurable goods
1.133 1.138 1.148
51.7
25.7
Equals : Disposable personal income. _ . 546.3 589.0 550.0 559.6 574.4 586.3 592.7 602.4
Durable goods
Dollars
IV
87.9
66.6
Income originating in nonflnancial
corporations
__ _ _
351.9 384.7 353.3 360.3 370.8
Compensation of employeesWages and salaries
Supplements
III
Transfer payments.
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits
Veterans benefits
Other. .
Gross product originating in
no n financial corporations
433.0 473.0 435.3 443.7 455.9
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
II
Table 10.—Personal Income and Its Disposition (2.1)
Income originating in corporate business.
- -. 369.0 404.6 370.5 378.1 389.4
Compensation of employees
Wages and salaries.
Supplements
I
Billions of dollars
Billions of dollars
Table 9.— Gross Corporate Product
IV
Seasonally adjusted at annual rates
Seasonally adjusted at annual rates
1
III
1968
Services
Housing
Household operation
Transportation
Other
82.5 73.1 74.2
36.6
34.3
11.7
31.0
31.4
10.8
31.4
31.8
11.1
527.9 541.1546.8
79.0 81.0
85.1 85.1
35.4
33.9
11.7
38.1 38.2
35.4 34.5
11.5 12.4
34.6
33.3
11.1
215.8 230.3 216.4 218.4 226.5
228.2 232.7233.7
109.4 116.6 109.1 110.8 113.6
42.1 45.8 42.8 42.3 44.6
18.1 19.8 18.3 18.6 19.7
46.2 48.1 46.2 46.7 48.5
116.4 117.7 118. 6
44.8 47.2 46.7
19.4 20.0 20.0
47.6 47.8 48.5
.203.8 221.0 205.9 209.6 213.9 218.7 223.4228.0
70.9
29.0
15.0
88.9
76.2
31.2
16.6
97.0
71.2
29.2
15.1
90.4
72.2
29.9
15.5
92.0
74.0
30.3
16.2
93.3
75.4
31.0
16.3
95.9
76.9 78.6
31.5 31.9
16.8 17.1
98.2 100.4
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners--
45.8
50.0
46.1
46.0
47.5
49.9
52.6 50.1
Exports of goods and services. _
45.8
50.0
46.1
46.0
47.5
49.9
52.6 50.1
45.8
50.0
46.1
46.0
47.5
49.9
52.6 50.1
41.0
48.1
40.6
42.6
46.0
47.9
49.4 49.1
Transfers to foreigners
Personal
Gover nm ^nt
3.1
.8
2.2
2.7
.7
20
3.4
.8
2.6
2.6
.7
1.9
2.6
.7
1.9
2.8
.8
2.1
2.8
.7
2.1
2.8
.7
2.1
Net foreign investment
17
— 8
21
8
1i
— 8
.5
1.8
Payments to foreigners
Imports of goods and services
SUEVEY OF CUERENT BUSINESS
10
1968*
III
1967
1968
1967
1967
March 1969
IV
I
II
III
1967
IV*
1968
IV
III
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Federal Government expenditures
Purchases of goods and services
National defense
Other
151.2 176.9 152.2 156.4 166.6
171.8 182.1
69.7
32.4
72.0
37.0
83.7
38.2 38.6
39.9
16.4
37.9
17.0
40.5
17.5 17.8
41.2 42.0
18.1
42.4
163.6 182.2 165.1 168.6 175.1
181.9 184. 9
186.9
100.0 101.2
79.0 79.6
21.0 21.5
101.7
80.0
21.7
67.3
30.9
79.3
38.4
16.2
36.8
17.6
41.5
90.6 100.0
72.4 78.9
18.2 21.1
42.3
40.1
2.2
47.8
45.7
2.0
Grants-in-aid to State and local gov15.7
ernments
18.4
Net interest paid
11.9
Transfer payments.._
To persons
To foreigners (net).
Subsidies less current surplus of government enterprises
10.3
16.3
37.0
91.3
72.9
18.4
42.9
40.3
2.6
10.2
93.5
74.6
19.0
97.1
76.8
20.3
II
III
IV
Index numbers, 1958=100
Billions of dollars
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals
Contributions for social insurance.._
I
Seasonally adjusted
Seasonally adjusted at annual rates
Federal Government receipts.
1968
187.1
42.7
40.8
1.9
45.1
43.2
1.9
47.7 48.7
45.6 46.6
2.1 2.1
49.5
47.4
2.1
17.0
17.7
18.3 18.5
19.2
10.7
11.3
11.8 12.1
12.3
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
117.3 121.8 117.7 118.9 120.0
121.2 122.3 123.5
Personal consumption expenditures
114.3 118.4 114.7 115.7 116.8
118.0 118.7 120.1
100.4 103. 1 100.7 101.7 102.2
112.9 116.8 113.3 114.0 115.2
122.1 127.2 122.5 123.7 125.1
102.7 103.1 104.1
116.4 117.2 118.5
126.7 127.8 129.3
115.6 120.1 116.2 117.4 118.3
119.6 120.8 121.8
Durable goods
Nondurable goods .
Services
Gross private domestic investment
Fixed investment
.
....
Nonresidential
113.5 117.2 113.8 114.9 115.8
116.7 117.6 118.5
Structures
123.6 129.7 124.6 125. 5 126.3
Producers' durable equipment.. 109.1 112.0 109.1 110.3 111.2
128.8 131.3 132.4
111.7 112.1 113.1
123.1 129.9 124.8 125.6 126.3
123.1 129.9 124.9 125.7 126.3
122.6 128.2 123.4 124.6 125.4
128.9 131.7 132.5
128.9 131.8 132.6
128.4 129.3 129.9
109.5 110.5 109.3 109.7 107.9
104.2 105.4 104.0 104.1 104.3
111.6 110.6 111.6
105.6 105.2 106.3
Residential structures. Nonfarm
Farm .
Change in business inventories
Net exports of goods and services
4.8
4.1
Surplus or deficit (—), national
income and product accounts
-12.4 -5.3
4.8
4.1
4.6
4.4
4.1
-10.2 -2.8
-12.9 -12.2
Exports
Imports
Government purchases of goods and
services
126.8 132.1 127.0 129.2 130.1
Federal
State and local
121.2 126.2 120.7 123.7 124.4
133.3 138.9 134.3 135.5 136.6
.
131.1 133.0 134.3
124.9 127.2 128.2
138.4 139.4 140.9
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
State and local government receipts
91.9 102.4
92.7
95.5
97.8
100.8 103.6
17.6
2.9
15.4
2.5
15.8
2.7
16.3
2.8
17.0 17.9
2.9 2.9
19.0
3'.0
58.2
5.3
18.4
53.8
5.1
15.9
54.7
5.1
17.0
55.8
5.2
17.7
57 3 58.9
5.3 5.4
18.3 18.5
60 8
5.5
19.2
93.3 103.6
93.8
95.8
99.5
101.9 104.9
108.2
87.8 97.2
9.6
8.5
.3
.2
88.4 90.0
8.6 9.0
. 2 .2
95.6 98.4
9.4 9.6
.3
.3
10 0
.'4
3.4
3.5
-1.1 -1.3
— .6
Personal tax and nontax receipts
15.2
Corporate profits tax accruals
2.6
Indirect business tax and nontax
accruals
53 4
Contributions for social insurance. _. 5.1
Federal grants-in-aid
15.7
State and local government expenditures
Purchases of goods and services
Transfer payments to persons
Net interest paid
Less: Current surplus of government
enterprises
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
3.3
3.4
3.3
Surplus or deficit ( —), national
income and product accounts
-1.4 -1.2 -1.1
3.3
93.4
9.2
.2
3.4
-.4 -1.7
3.4
107.6
Gross national product.
117.3 121.8 117.7 118.9 120.0
Goods output
Durable goods
Nondurable goods..
126.1 131.8 126.4 128.2 129.5
131.1 132.5 134.1
124.6 131.1 126.1 127.0 127.7
130.2132.6 133.8
100.0 102.5 100.5 101.9 102.1
102.0102.3 103.4
Addendum:
Gross auto product.
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
Table 15.—Sources and Uses of Gross Saving (5.1)
133.3 138.2
40.2 40.7
25.2 26.4
134.1 139.4 133.6 141.4137.0
40.5
24.1
-1.2 -3.1
43.4
140.8
44.0 37.1
26.3 26.0
40.9
27.6
-3.1 -5.1 -2.7 -1.0
-3.8
40.8
25.5
43.4 47.1
44.1
44.9
45.7
46.7 47.6
48.5
25.7 27.2
.0
.0
25.9
.0
26.3
.0
26.6
27.0 27.3
.0 .0
27.7
.0
Government surplus or deficit (—),
national income and product
accounts
-13.8 -6.5 -14.0 -12.5 -10.3 -11.3 -4.1
Federal
-12.4 -5.3 -12.9 -12.2
-10.2 -2.8
State and local..
— 1.4 —1.2 -1.1 -.4 -1.7 -1.1 -1.3
Gross investment116.1.0126.9 116.7 122.6 118.7 126.5127.5
Gross private domestic investment
Net foreign investment
Statistical discrepancy.
114.3 127. 7 114.7 121.8 119.7 127. 3127.
1.7
2.1
-1.1 -r.8
136.6
-1.8
-3.5 -4.8
-5.6
-3.4
-4.2
-4.7 -3.6 -5.3
*Fourth quarter 1968 corporate profits (and related components and totals) are preliminary
and subject to revision in next month's SURVEY.
108.7 109.2 110.1
116.1 116.9 117.8
Structures
117.3 121.8 117.7 118.9 120.0
121.2 122.3 123.5
114.8 118.9 115.2 116.2 117.2
118.4 119.3 120.5
Business
Nonfarm
.. .
Farm ...
114.1 118.2 114.6 115.5 116.5
114.7 118.8 115.2 116.2 117.1
100.7 104.5 100.2 101.1 103.2
117.8 118.6 119.9
118.4 119.1 120.4
101.9 106.3 106.5
Households and institutions
143.7 148.9
Gross national product
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Corporate capital consumption
allowances
Noncorporate capital consumption
allowances
Wage accruals less disbursements
113.0 113.6 114.5
106.0 109.0 106.2 107.4 107.9
112.8 116.5 113.1 113.8 115.0
Services
Private
Gross private saving.
121.2122.3 123.5
110.0 113.3 110.2 111.1 112.0
..
General government
...
143.7 152.1 143.4
147.6
149.1
150.5 153.4 155.1
HISTORICAL DATA
Historical national income and product data are available
from the following sources:
1964-67: July 1968 SURVEY OF CURRENT BUSINESS.
1929-63: The National Income and Product Accounts of the
United States, 1929-65, Statistical Tables (available from any
U.S. Department of Commerce Field Office or from the Superintendent of Documents, U.S. Government Printing Office,
Washington, D.C. 20402, price $1.00 per copy).
Manufacturers' Inventory and Sales ExpectationsFirst Half 1969
have tended to overstate actual sales
in periods of sluggish activity—as in
1967—and to understate gains in periods of rapid rise—1968, for example.
Added stocks mostly in durables
Durable goods producers account for
the bulk of projected inventory accumulation in the first half of 1969. They
expect to add $1.2 billion to their stocks
from December 31 to March 31 and
another $1.9 billion in the following 3
months. Durable goods inventories rose
$1 billion per quarter in the second half
of last year. Steel, machinery, and
transportation equipment producers are
projecting a step-up in their rate of
inventory investment in the first half
of this year.
Nondurable goods producers expect
to add $100 million to inventories in
the first quarter and $% billion in the
second. In both the third and fourth
quarters of 1968, the increase was
also $K billion. Chemical producers
are anticipating a larger-than-average
accumulation.
The inventory and sales projections
With the anticipated upsurge in plant
and equipment expenditures and the
continued recovery in steel, steel and
machinery producers are estimating
larger-than-average gains, but motor
vehicle companies predict some weakening in sales.
Nondurable goods producers are also
projecting a 1-percent rise in the first
quarter but expect the gain to accelerate
to 1% percent in the second. Almost all
major industries anticipate moderate
MANUFACTURERS anticipate fur- increases in the first half. Quarterly
ther sizable additions to their inven- gains of nondurable goods producers
tories but a slower rate of sales growth last year had ranged from 1.7 to 4.2
in the first 6 months of 1969, according percent.
to the survey conducted in February
In evaluating these sales anticipations,
by the Office of Business Economics. it is useful to keep in mind the past
They also reported an improvement in experience of the survey. Typically,
the condition of their inventories in the manufacturers' quarterly expectations
final quarter of 1968.
Manufacturers expect to add $1%
billion to inventories this quarter and
almost $2}£ billion in the next, after
seasonal allowances. The inventory
CHART 7
accumulation from December 31 to
March 31 would be somewhat smaller
Manufacturers' Sales and Inventory Expectations
than the average quarterly addition of
In the first half of 1969 manufacturers expect:
1968, but the increase from March 31
to June 30 would exceed that of any
• A slower rate of sales increase
quarter of last year.
• Further increases in inventories, notably in the second quarter
Seasonally adjusted sales are expected to rise 1 percent per quarter in
DURABLE GOODS MANUFACTURERS
NONDURABLE GOODS MANUFACTURERS
the first half of this year. This compares with an average quarterly change
of 2.7 percent in 1968.
If these anticipations eventuate, there
would be a reversal in the downtrend
of the stock-sales ratio in the first half
of 1969. The ratio, which fell from 1.79
in mid-1967 to 1.70 at the close of 1968,
— 40
would rise to 1.73 by midyear.
Manufacturers are expecting inventory additions of $1}^ billion in the
current quarter and almost $2% billion
in the next. The increase from December
31 to March 31 would be somewhat
smaller than the average quarterly
additions of 1968, but from March 31 to
June 30 the rise would exceed that for
any quarter of last year. Factory sales
are expected to increase 1 percent per
quarter in the first half of this year.
Modest sales rise in first half
Manufacturers7 sales expectations for
the first half of this year are modest
Both durable and nondurable goods
producers are projecting quarterly gains
below those of any 1968 quarter.
Durable goods producers expect a 1percent rise this quarter and an even
smaller one next—% percent; sales had
risen 3 percent in the fourth quarter.
—
30
20
69
68
Note.—Inventories, end of quarter; sales, total for quarter.
Data: QBE-Census
U.S. Department of Commerce, Office of Business Economics
69-3-7
11
SUKVEY OF CUEEENT BUSINESS
12
of durable goods producers imply a
stock-sales ratio of 2.09 in mid-1969,
up from the 2.02-2.04 range of 1968 and
about equal to the ratio maintained in
1967. Nondurable goods producers,
whose ratio fell during 1968, expect to
maintain a ratio of 1.31 to midyear,
unchanged from December 31, 1968.
Table 1.—Manufacturers' Inventories and Sales: Actual and Anticipated
1
[Billions of dollars]
1966
1967
1969
1968
I
II
III
IV
I
II
III
IV
I
II
III
IV
12
70.5
43.7
26.8
72.8
45.5
27.3
74.9
47.4
27.5
77.9
49.5
28.4
80.7
51.6
29.0
81.3
52.3
29.0
81.0
52.3
28.8
82.6
53.2
29.3
84.3
54.6
29.7
85.8
55.8
30.0
86.4
56.1
30.3
88.2
57.0
31.2
90.6
59.0
31.6
92.6
60.9
31.7
70.0
43.4
26.5
72.7
45.3
27.4
75.5
47.7
27.8
78.1
49.8
28 3
80.1
51.3
28.8
81.1
52.0
29.1
81.7
52.6
29.1
82.8
53.5
29.3
83.8
54.3
29.5
85.6
55.4
30.1
87.1
56.5
30.7
88.6
57.4
31.2
89.9
58.6
31.3
92.3
60.5
31.8
131.1 138.1 132.0 137.3 134.8 139.7 133.6 140.4 144.9 153.8 148.3 156.7 157.8
72.0 77.0 70.6 76.0 73.7 77.3 71.6 77.1 80.5 85.7 78.7 86.0 86.3
59.1 61.1 61.4 61.2 61.1 62.4 62.0 63.4 64.4 68.1 69.6 70.7 71.5
164.4
90.7
73.7
All manufacturing
131.2 134.0 135.3 137.5 135.0 135.6 137.4 140.7 145.2 149.5 152.7 156.6 158.2
Durables
71.7 73.5 74.0 76.0 73.6 73.8 75.3 77.0 80.5 82.0 83.0 85.5 86.3
Nondurables- _ .. ... _.. 59.5 60.6 61.4 61.5 61.4 61.8 62.0 63.7 64.8 67.5 69.7 71.1 71.9
159.9
86.9
73.0
112
Inventories, end of quarter:
Unadjusted:
All manufacturing
Durables
Nondurables- _ _ . _
Seasonally adjusted:
All manufacturing- ._
Durables
Nondurables
Sales, total for quarter :
Unadjusted:
All manufacturing.
Durables
Nondurables. _
Seasonally adjusted:
1. All actual data have been adjusted to conform with the recent revision by the Bureau of the Census (Report M3-1.1).
2. Anticipations reported by manufacturers in February 1969. Inventories have been corrected for systematic tendencies
in anticipatory data.
Sources: U.S. Department of Commerce. Anticipations, Office of Business Economics; actuals, Bureau of the Census
Table 2.—Manufacturers' Evaluation of the Condition of Their Inventories l
[Percentage distribution]
High
About
right
March 31, 1962
June 30, 1962
September 30 1962
December 31, 1962
14
14
15
14
84
84
83
84
March 31, 1963
June 30, 1963..
September 30, 1963
December 31, 1963-.. .
15
15
17
13
March 31 , 1964
June 30, 1964
September 30, 1964
December 31, 1964..
March 31, 1965
June 30, 1965
September 30, 1965 .
December 31, 1965
. .. .
.
March 31, 1966
June 30, 1966..
September 30, 1966
December 31, 1966
March 31, 1967
June 30, 1967
September 30, 1967..
December 31, 1967..
... . .
..
.
.
March 31, 1968
June 30, 1968..
September 30, 1968 r
December 31, 1968 _.
..
Nondurables
Durables
Total
High
About
right
2
2
2
2
19
17
18
17
80
82
81
82
82
83
81
85
3
2
2
2
17
18
19
14
16
13
14
13
82
84
82
84
2
3
4
3
16
16
16
15
81
80
81
82
15
18
22
28
Low
Low
Low
High
About
right
1
1
1
1
8
9
11
11
89
89
86
86
3
2
3
3
81
80
80
84
2
2
1
2
12
10
14
10
85
88
83
87
3
2
3
3
17
16
15
15
81
81
81
82
2
3
4
3
14
9
11
9
84
88
84
87
2
3
5
4
3
4
3
3
20
20
22
19
77
77
76
78
3
3
2
3
9
10
8
8
87
85
88
88
4
5
4
4
81
78
75
70
4
4
3
2
18
21
27
33
79
75
70
65
3
4
3
2
10
13
14
18
85
83
83
79
5
4
3
3
31
31
27
25
68
67
69
72
1
2
4
3
37
36
34
31
62
63
63
67
1
1
3
2
20
20
15
15
78
76
81
81
2
4
4
4
25
25
24
18
72
72
73
80
3
3
3
2
31
31
28
19
66
67
70
79
3
2
2
2
15
16
16
16
82
80
79
82
3
4
5
2
r
Revised.
impanies. Percent
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting con
distri
ribution of inventory
tory book values according to companies' classifications of their inventory condition.
Source: U.S. Department of Commerce, Office of Business Economics.
March 1969
Inventory condition., end of 1968
On December 31, 1968, companies
holding 18 percent of manufacturers'
stocks judged their inventories "high"
in relation to sales and unfilled orders,
80 percent judged stocks "about right,"
and 2 percent "low." The "high" ratio
was 24 percent on September 30, and
25 percent a year earlier.
The decline in the "high" proportion
was attributable entirely to durable
goods producers. Nineteen percent of
their December 31 stocks were considered "high," 79 percent "about
right," and 2 percent "low." The
"high" proportion, after peaking at
37 percent on March 31, 1967, declined
fairly steadily and, by the end of
September 1968, had fallen to 28
percent.
For nondurable goods producers, the
"high" category on December 31 was
16 percent, unchanged from the two
preceding quarters. The "about right"
proportion was 82 percent at yearend,
up 3 points; the "low" fell to 2 percent,
down 3 points.
It should be noted that the inquiry
on the condition of manufacturers'
inventories was expanded in the latest
OBE survey questionnaire. Each company reporting either "high" or "low"
inventories on December 31, 1968, was
asked to quantify the amount of imbalance. (See below.) This change in
the line of questioning probably resulted in some discontinuity in the
reporting of inventory condition. Although the effect of the discontinuity
cannot be quantified precisely, allowances for the usual fourth quarter
seasonal decline in the "high" proportion for durables and a likely continuation in the recent downtrend in this
proportion suggest that the discontinuity probably does not account for
more than one-half the reported declines in the "high" proportions for
either durables or total manufacturing.
Amount of inventory
imbalance
As noted above, companies holding
20 percent of manufacturing stocks reported that their December 31, 1968,
holdings were either "high" or "low."
On the basis of the answers to the newly
March 1969
added question, it appears that December 31 stocks were excessive by a
moderate amount—$1.5 billion, or 1.7
percent of the total book value of $88.2
billion. As the following table shows, the
percentage excesses were quite similar
for durable and nondurable goods companies.
A tabulation of individual companies
with imbalances indicates that the
average amount of imbalance was
about 11 percent of the book value of
these companies' inventories. More than
SURVEY OF CUERENT BUSINESS
one-fourth of the companies reported
imbalances of 5 percent or less, while
almost one-fifth had imbalances of
more than 20 percent.
Inventory
excess
InvenNet excess
tory
deficiency Amount Percent
of total
inven(Billions of dollars)
tory
Durable goods
Nondurable goods _ _ _
All manufacturing
1.19
.54
0.20
.05
0.99
.49
1.7
1.6
1.73
.25
1.48
1.7
Plant and Equipment Expenditures by Foreign
Affiliates of U.S.CorporationsRevised Estimates for 1968 and 1969
Industry patterns
Foreign affiliates of U.S. corporations
expect to increase their plant and
equipment expenditures 7 percent in
1969, following a provisional 3 percent
rise in 1968. These increases are considerably below the 20 percent average
increase in the years 1964-66.
13
by producers of transportation equipment are now estimated to have decreased 20 percent last year, but a
substantial increase is still forecast for
1969. Similarly, but on a smaller scale,
the machinery and other manufacturing
industries report reduced outlays in
1968, to be followed by increases this
year.
Petroleum companies now anticipate
a sizable gain in expenditures for 1969.
The projected rise of 11 percent—about
the same as in 1968—is well above the
estimate for 1969 made 6 months earlier. A large share of this revision is due
to recent plans for extensive tanker purchases scheduled for this year. In addition, petroleum affiliates in Latin America and the Common Market countries
have significantly raised their spending
estimates for 1969.
The mining and smelting industry
continues to demonstrate steady growth,
especially in Latin America, and now
expects to approximate in 1969 the 14
percent increase in expenditures recorded in 1967 and currently estimated
for 1968. Affiliates in other industries,
including public utilities and trade,
confirmed their earlier estimates of
significantly higher outlays for both
1968 and 1969.
According to the latest survey,
expenditures by foreign manufacturing
affiliates dropped almost 6 percent from
1967 to 1968. Concentrated entirely in
Canada and Western Europe, the
decline is a substantial revision of Geographic patterns
Led by steady growth of expenditures
projections made last summer, when
little change in manufacturing outlays in the extractive industries, a gradual
was anticipated. Only a small increase shift in investment emphasis from
PLANT and equipment expenditures is now planned for 1969. Lagging Canada and Western Europe to Latin
by foreign affiliates of U.S. corporations expenditures by manufacturers con- America and other countries continues
are now estimated to have been about tinue to be the most important influence to be reflected in the current survey. In
3 percent higher in 1968 than in 1967, holding down the overall growth in 1968, Canada accounted for about 22
according to reports filed in December fixed asset investment by foreign affilin OBE's semiannual survey. If this iates. (See text table below.)
Percent change in plant and equipment
provisional increase in 1968 is con- Within manufacturing, the current
expenditures of foreign affiliates of U.S.
corporations
firmed by final figures, it will be the survey confirms major trend reversals
smallest percentage advance in such in the chemical and transportation
Projected
Actual
expenditures since 1960. Outlays are equipment industries suggested in ear1965-66 1966-67 1967-68 1968-69
expected to rise 7 percent in 1969, lier reports. After steady growth through
approximately the same as in 1967 but 1967 and a small increase last year, the Total
7
7
16
3
well below the average annual increase chemical industry is alone among the
By industry
of 20 percent in the years 1964-66.
major manufacturing industries (and
14
13
Mining and smelting
14
25
11
11
Petroleum ... .. ... ..
11
19
Anticipations for 1968 reported 6 nonmanuf acturing industries as well) in
1
—6
M anuf acturing
—2
18
9
22
Other industries
14
9
months ago indicated higher expendi- anticipating a decline in spending for
By area
tures than the current estimates for 1969. In fact, all other manufacturing
3
—4
—6
Canada
28
1968. The most recent survey suggests industries combined are planning a rise
26
12
2
16
Latin America
2
11 . —10
Europe, total
23
that some investments initially sched- in expenditures of 9 percent in 1969, as
—12
0
15
Common Market
31
5
—8
8
Other Europe _
15
uled for last year have been postponed compared with the reduction of 19 per14
18
9
Other areas
3
to 1969.
cent anticipated in chemicals. Outlays
SUEVEY OF CUEEENT BUSINESS
14
percent of total expenditures, Latin
America 17 percent, Common Market
countries 19 percent, other European
countries 16 percent, and all other
countries 26 percent.
In Canada, these provisional data for
1968 continue to indicate a 4 percent
reduction in expenditures from the
preceding year. A small increase is now
planned for 1969. On this basis,
Canada's share of total outlays would
decline further this year to a new low of
20 percent.
Eeflecting significant reductions in
plant and equipment expenditures by
manufacturing affiliates, total capital
March 1969
investment in Common Market
countries in 1968 decreased 12 percent
from 1967, about double the decline
anticipated 6 months earlier. Outlays
in 1969 are expected to remain at the
1968 level, with higher spending in the
petroleum industry expected to offset
continued reductions by manufacturers.
Table 1.—-Estimates of Plant and Equipment Expenditures by Foreign Affiliates of U.S. Corporations by Area and Industry—Summary of Surveys l
[Millions of dollars]
All areas, total
Mining and smelting
Petroleum
Manufacturing
Other industries
Canada, total
Mining and smelting
Petroleum
Manufacturing
Other industries
_
_ _
. .
Latin America, total
Mining and smelting
Petroleum
Manufacturing
Other industries
_
Europe:
Common Market, total
Mining and smelting
Petroleum
Manufacturing
Other industries _
._
_ _ _ _ _
Other Europe, total _
Mining and smelting
Petroleum
Manufacturing
Other industries
Other areas, total
Mining and smelting
Petroleum
Manufacturing
Other industries _ _ _ _ _
1965
1966
1967
E
E
A
7,440
629
2 277
3,884
650
8,640
789
2 526
4,583
741
9,115
637
2 937
4 803
738
10,069
839
3 334
5 098
798
1,847
212
503
944
188
2,357
297
649
1,174
237
2,081
188
570
1,132
191
1,073
160
307
459
147
1,092
229
268
451
143
1,418
2
306
1,042
68
1C
68
19 69
D
E
A
10,023
931
3 295
5,013
783
9,467
903
3 099
4,710
755
9,219
898
3 000
4,510
811
9,773
761
3 432
4,840
739
10,694
1,067
3 641
5 187
799
10,530
1,086
3 558
5 021
864
9 739
1 033
3 441
4 443
822
10 385
1 018
3 520
4 925
922
11 461
1 208
4 025
5 254
974
2,273
274
600
1,163
237
2,360
332
650
1,122
256
2,227
306
625
1,064
233
2,211
310
636
1,001
264
2,053
240
616
963
234
2,229
375
670
933
251
2,262
401
681
911
269
2,129
371
645
854
259
2,269
286
707
1,015
261
2,295
350
664
998
284
1,250
193
391
516
150
1,434
288
366
624
156
1,441
298
380
591
172
1,339
287
368
526
159
1,263
288
306
490
179
1,601
335
475
642
150
1,923
454
491
775
204
1,742
409
410
706
217
1,685
419
421
629
216
1,835
485
441
679
230
2,158
561
564
761
271
1,853
3
434
1,331
85
2,024
1
482
1,452
90
2,245
4
623
1,531
88
2,216
2
582
1,538
93
2,093
3
528
1,472
90
2,122
3
582
1,438
98
2,193
3
565
1,533
92
2,233
2
528
1,595
107
2,097
3
491
1,489
114
1,842
3
448
1,288
103
2,149
3
588
1,430
128
2,238
3
636
1,481
118
1,222
2
297
818
106
1,400
4
344
913
141
1,667
2
459
1 034
173
1,764
8
583
999
175
1,755
4
558
1,044
149
1,630
4
542
938
147
1,505
145
463
894
143
1,621
6
473
1,011
131
1,697
6
538
1,019
135
1,728
7
558
1,017
146
1,505
7
499
863
135
1,695
4
475
1,064
151
1,789
2
466
1,161
160
1,880
252
864
621
143
1,938
257
832
714
135
2,093
253
1,036
669
135
2,352
266
1,161
782
142
2,252
295
1,125
719
114
2,178
305
1,036
711
127
2,118
293
1,012
687
127
2,304
177
1,303
691
134
2,612
229
1,414
865
104
2,701
266
1,418
898
119
2,579
234
1,428
810
108
2,438
240
1,309
737
152
2,981
292
1,696
854
141
B
1. A. Estimated in June of previous year. B. Estimated in December of previous year.
C. Estimated in June of current year. D. Estimated in December of current year. E. Actual—
reported in June of following year
C
B
C
D
A
B
NOTE.—Detail may not add to totals because of rounding.
_.
,
. f ^
m^
•
-n
TTOT^
f ^>
Source: U.S. Department of Commerce, Office of Business Economics.
Table 1A.—Estimates of Plant and Equipment Expenditures by Foreign Affiliates of U.S. Corporations, by OFDI Schedule Area and
Industry-Summary of Surveys
[Millions of dollars]
1966
E
E
A
B
C
D
E
AH Schedules, total l
5,595
6,282
7,034
7,796
7,664
7,240
7,009
Schedule A, total
M ining and smelting
Petroleum
_
M anufacturing
Other industries
1,743
209
638
658
238
1,787
271
574
718
225
1,951
244
785
"699
223
2,194
332
790
824
249
2,212
351
838
778
245
2,056
332
736
747
242
1,983
333
688
706
256
2,026
147
714
1 069
96
2,124
185
692
1 153
94
2,450
182
891
1 269
109
2,699
201
1,088
1 299
110
2,638
219
1,021
1 307
91
2,523
234
1,000
1 194
95
1,826
62
422
1,213
129
2,371
36
612
1,538
185
2,633
23
692
1,703
215
2,903
32
856
1,812
202
2,814
30
787
1,806
191
2,661
32
739
1,705
185
Schedule B, total
Mining and smelting
Petroleum
Manufacturing
Other industries
Schedule C, total
.
Mining and smelting
Petroleum
Manufacturing
Other industries
.. _
_.
_
_
_. .
1967
See table 1 for other notes.
1. Does not include Canada.
For a listing of the countries in each schedule area, see Foreign Direct Investment Regulations (15 CFR 1000.319; 33 F.R. 49) or reprints of the regulations dated July 20, 1968, Office
of Foreign Direct Investments, U.S. Department of Commerce, Washington, D.C. 20230.
Source: U.S. Department of Commerce, Office of Business Economics.
1969
1968
1965
B
B
C
D
A
7,721
8,466
8,268
7,611
8,116
9,168
2,465
375
1,075
783
231
2,724
489
1,003
970
262
2,595
452
975
883
285
2,503
449
1,008
762
284
2,846
516
1,097
906
327
3,304
604
1,329
1,005
366
2,354
222
935
1,102
95
2,492
119
1,002
1,287
83
2,906
171
1,243
1,423
69
2,960
200
1,249
1,416
95
2,704
194
1,173
1,259
78
2,579
187
952
1,348
92
3,053
227
1,213
1,523
90
2,672
33
741
1,702
196
2,764
28
738
1,807
191
2,836
32
726
1,861
217
2,713
33
653
1,811
216
2,404
20
615
1,569
200
2,691
28
765
1,656
242
2,811
28
820
1,729
234
A
SUKVEY OF CURRENT BUSINESS
March 1969
In other European countries, expenditures fell about 8 percent in 1968, but
higher outlays by manufacturing affiliates will result in an increase this
year.
With substantial gains in all industries, capital investment in Latin
America showed the largest increase
of all major areas for 1968, easily
surpassing the 16 percent gain registered
in 1967. Current plans indicate a
considerable but much slower rate of
growth for 1969.
In all other areas, substantially
higher spending in the petroleum industry is mainly responsible for the 18
percent rise in expenditures in 1968.
The 14 percent expansion anticipated
for this year is larger than that of any
other major area.
CHART 8
Expenditures for Plant and Equipment by Foreign Affiliates of U.S. Companies
Billion $
20
(Ratio scale)
BY INDUSTRY
Billion $
20
BY AREA
10
10
Total
8
8
Total
\
Europe
Latin America
Other Industries
s
*~~*z
/
\
Other Areas
Relationship to the OFDI program
Grouping the current estimates of
plant and equipment expenditures by
the country schedules established by
the Office of Foreign Direct Investment
(table lA) suggests an apparent correlation between the anticipated growth
of expenditures and the degree of
15
\/ Mining and Smelting
v
1
1957
59
61
1
65
63
67
69
1957
59
63
61
Note.— 1968 obtained by multiplying 1967 by change in "D" estimate. 1969 obtained by
multiplying 1968 by change in "B" estimate. See note to table 1.
65
67
69
o Anticipated
U.S. Department of Commerce, Office of Business Economics
Table 2.—Estimates of Plant and Equipment Expenditures by Foreign Manufacturing Affiliates of U.S. Corporations by Area and Major
Commodity—Summary of Surveys
(Millions of Dollars)
All areas, total
__ _
- .
Chemicals
Machinery
_
_ _Transportation equipment
Other manufacturing
Canada, total
Chemicals
_ _ _ _
Machinery
Transportation equipment
Other manufacturing
Latin America, total
Chemicals
Machinery
Transportation equipment
Other manufacturing
- -
_ _ _ _ _
_
_ _ __
_ _
_
Europe:
Common Market, total
_
Chemicals
Machinery
_ _ _
Transportation equipment _ - _
Other manufacturing
Other Europe, total
_
Chemicals
Machinery _ _ _ _
Transportation equipment _
Other manufacturing
Other areas, total
Chemicals
Machinery
Transportation equipment
Other manufacturing
- _
_ _
_ - _
- _
1966
E
E
A
B
C
D
E
A
B
C
D
A
B
3,884
861
882
873
1,267
4,583
1 040
1 046
966
1 531
4 803
1 319
1 151
982
1 350
5,098
1 386
1 208
989
1 515
5,013
1 374
1 204
949
1 487
4,710
1 279
1,154
852
1,425
4,510
1 195
1,088
795
1,432
4,840
1,352
1,214
819
1,455
5,187
1,459
1,261
906
1,561
5,021
1,437
1,212
815
1,558
4,443
1,318
1,071
683
1,371
4,925
1,122
1,301
1,015
1,488
5,254
1,190
1,367
1,036
1,661
944
225
114
224
381
1 174
221
186
255
513
1 132
240
155
270
468
1 163
213
174
278
497
1,122
239
194
250
439
1,064
194
192
247
432
1,001
166
190
234
411
963
254
153
176
380
933
205
164
223
341
911
180
158
201
372
854
166
132
201
356
1,015
207
195
262
352
998
181
186
248
383
459
151
66
73
168
451
143
65
72
171
516
170
65
118
163
624
213
78
120
213
591
166
80
108
237
526
160
80
86
200
490
135
78
88
188
642
213
83
105
241
775
237
93
143
302
706
208
94
143
261
629
198
82
114
235
679
230
109
109
231
761
224
123
151
264
1,042
147
389
278
228
1,331
275
444
373
239
1,452
387
555
255
255
1,531
415
568
261
287
1,538
444
577
253
264
1,472
432
541
252
248
1,438
427
511
245
255
1,533
355
621
245
312
1,595
381
630
256
328
1,489
352
602
211
325
1,288
319
535
166
269
1,430
249
591
267
323
1,481
251
617
269
344
818
174
193
180
270
913
187
220
191
315
1,034
264
239
240
290
999
239
256
219
284
1,044
252
230
223
338
938
206
219
165
348
894
210
202
134
349
1,011
226
228
202
355
1,019
232
237
162
389
1,017
267
240
137
373
863
235
212
96
320
1,064
158
283
250
373
1,161
197
285
233
446
621
164
120
118
219
714
213
132
75
294
669
258
137
99
175
782
305
132
111
234
719
273
122
115
208
711
289
122
102
198
687
258
107
94
228
691
304
129
91
167
865
404
137
123
201
898
430
118
123
227
810
401
111
106
192
737
278
123
128
208
854
338
156
136
224
See table 1 for notes.
Source: U.S. Department of Commerce, Office of Business Economics.
1969
1<)68
1965
1967
SUEVEY OF CUKKENT BUSINESS
16
restriction on direct investment transactions associated with each schedule
area. Affiliates located in Schedule A
countries, where restrictions on capital
flows and retained earnings are least
severe, estimate a rise in expenditures
of better than 21 percent for both 1968
and 1969. In Schedule B countries,
where controls are more stringent, a
5 percent increase last year is estimated to be followed by an additional
rise of 7 percent in 1969. A 10 percent
reduction in outlays is estimated to
have occurred last year in Schedule C
countries, where restrictions under the
program are most severe. For 1969,
affiliates operating in these countries
anticipate no further change in their
level of expenditures.
March 1969
The apparent correlation between stricted by the control program. With
estimated year-to-year changes in out- the expansion of the European capital
lays and the degree of restriction under market, foreign borrowing has become
the mandatory program does not neces- an increasingly important source of
sarily mean that the restrictions have funds for U.S.-owned foreign affiliates.
determined the changes in investment In addition, the large capital investpatterns noted above. The foreign ments these affiliates made throughout
direct investment program is designed the 1960's have significantly expanded
not to control expenditures by foreign the depreciable asset base from which
affiiliates but only to regulate the ex- added funds may be drawn. In view of
tent to which such expenditures may the growth of these alternative sources
be financed by funds provided by U.S. of funds, the currently reported reducparent companies or by retained earn- tion or slower growth of plant and
ings of the affiliates that might other- equipment expenditures in some areas
and industries is more likely to be rewise be repatriated.
Other sources of funds, notably for- lated to basic changes in economic
eign borrowings and depreciation re- activity and corporate investment plans
serves, are available to finance capital
investments, and their use is not re(Continued on page 46)
Table 3.—Estimates of Plant and Equipment Expenditures by Foreign Affiliates of U.S. Corporations, by Selected Country and Industry—Summary of Surveys
[Millions of dollars]
19 69
1968
1965
1966
E
E
A
B
C
D
E
A
3 884
4,583
4 803
5 098
5 013
4 710
4,510
4,840
5,187
5,021
4,443
4,925
5,254
944
459
101
78
145
135
1 174
451
91
100
124
136
1 132
516
107
160
114
135
1 163
624
126
185
136
177
1 122
591
108
164
148
171
1 064
526
98
161
128
139
1,001
490
100
131
118
141
963
642
142
183
136
181
933
775
130
242
215
188
911
706
111
246
191
158
854
629
86
225
172
146
1,015
679
167
206
154
152
998
761
150
252
184
175
1 860
113
243
508
110
68
657
160
2 243
186
288
581
125
151
698
214
2 485
156
348
657
162
129
801
232
2 529
205
341
643
162
180
746
252
2 582
216
377
546
180
220
810
233
2 410
217
375
518
160
202
713
225
2,332
200
371
518
150
198
643
252
2,544
217
396
589
179
152
761
250
2,614
178
453
577
218
169
778
241
2,506
169
437
503
218
162
727
291
2,151
149
349
444
182
164
613
250
2,494
110
406
573
211
130
845
220
2,642
118
434
577
202
150
930
231
88
45
43
94
39
55
58
32
26
80
50
30
90
58
32
66
40
26
73
42
31
62
46
16
70
55
15
78
58
20
63
45
18
39
31
8
64
41
23
Asia, total
Middle East
Far East. _ _
India
Japan
_
Other countries
291
11
280
66
168
46
327
23
303
91
153
59
377
111
266
81
126
60
422
115
307
69
165
74
371
64
307
38
182
87
403
60
343
38
188
118
400
62
338
50
190
99
376
104
272
43
172
57
486
116
370
60
226
84
525
144
381
35
251
95
487
146
341
28
239
74
456
74
382
90
195
98
524
77
447
79
251
117
Oceania, total.__ _ _
Australia
Other countries
242
231
11
294
278
15
235
230
5
280
274
6
258
252
6
241
234
7
214
208
6
254
244
11
309
300
9
295
290
6
260
257
3
241
235
6
265
261
5
2 277
2 526
2 937
3 334
3 295
3 099
3 000
3 432
3 641
3,558
3,441
3,520
4,025
503
307
130
61
116
649
268
101
58
109
570
391
169
70
152
600
366
147
80
139
650
380
150
85
145
625
368
126
87
155
636
306
103
55
148
616
475
224
88
163
670
491
235
88
168
681
410
185
46
179
645
421
184
59
178
707
441
227
53
161
664
564
268
114
182
603
26
75
97
75
33
177
120
778
41
96
172
87
39
163
180
940
46
90
183
106
57
250
208
1 206
42
130
251
101
100
348
234
1 140
55
72
280
102
72
332
227
1 070
55
54
243
93
83
315
227
1 045
101
61
251
93
77
289
173
1 038
34
103
205
119
104
290
183
1 066
33
85
159
111
140
334
205
1,049
36
-79
145
112
120
368
188
947
34
66
128
102
119
308
190
1,063
33
95
211
138
110
286
190
1,102
44
94
214
148
135
272
195
284
440
233
207
289
425
206
219
442
463
249
214
469
511
270
241
450
527
263
264
427
466
195
271
382
457
191
266
544
463
177
286
616
521
206
315
559
613
213
400
537
585
188
397
417
585
175
410
629
634
183
452
74
66
69
49
70
61
107
74
72
76
74
69
80
94
131
166
150
127
129
118
125
181
151
157
164
268
1967
C
B
D
B
A
Manufacturing
All areas, total
Canada, total.
Latin America, total
Argentina
_ _
Brazil
Mexico
_
Other countries
___
__
_ __ _ __
Europe, total
__ _
Belgium and Luxembourg
France _ _ __ _ _
Germany
Italy
Netherlands
United Kingdom
Other countries _ _ _ _ _
Africa, total
Republic of South Africa
Other countries
Petroleum
All areas, total
Canada, total
Latin America, total
Venezuela _ _ _ _
Other Western Hemisphere
Other countries
Europe, total ._
Belgium and Luxembourg... _
France
Germany
Italy
Netherlands
United Kingdom
Other countries
Africa, total
Asia, total
Middle East
Far East
_
Oceania, total
International shipping
_ _ ___
_
See table 1 for notes.
Source: U.S. Department of Commerce, Office of Business Economics.
By GENEVIEVE B. WIMSATT
1969 Business Investment Programs and SalesStrong Advances Expected
Businessmen have scheduled a substantial increase in expenditures for
new plant and equipment during 1969.
Projected spending for the year as
whole amounts to $73 billion, an expansion of $9 billion or 14 percent over
1968. The anticipated rise for 1969
contrasts with a 2 percent increase in
1967 and 4 percent in 1968. Businessmen are also expecting sizable sales
advances this year.
A.FTER 2 years of little change in
fixed investment, businessmen have
scheduled a substantial advance in
capital expenditures for 1969. According to the latest OBE-SEC survey
conducted in late January and February, businessmen plan to spend
$73 billion on new plant and equipment
in 1969, 14 percent or $9 billion more
than in 1968.1 Investment, which began to move up in the third quarter of
Table 1.—Business Sales, Actual and Anticipated
[Percent change]
1967-68
Anticipated
1968-69
Actual
Anticipated
Manufacturing industries i_
10.1
10.1
7.9
Durable goods 1
Primary metals _ . _
Electrical machinery
Machinery except electrical
Transportation equipment
Stone, clay, and glass
11.4
8.4
10.1
12.6
10.4
10.0
2.2
11.5
7.8
9.2
10.3
9.5
14.3
8.1
12.4
8.8
2.3
6.0
8.7
10.4
7.2
9.1
9.1
6.4
12.7
9.6
8.6
11.5
14.6
9.7
5.0
13.2
8.2
7.8
6.4
14.4
6.9
7.5
8.5
Trade.
Wholesale
Retail
7.6
6.2
8.5
7.8
7.2
8.3
8.0
6.3
9.0
Public utilities
6.8
7.5
7.3
l
Nondurable goods
Food and beverage
Textile
Paper
Chemical
Petroleum. ...
Rubber
1. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business
Economics, and the Securities and Exchange Commission.
last year after a slight pause in the at $64.1 billion. The 4 percent increase
spring, is scheduled to rise consid- over 1967 was little different from last
erably in the current quarter and then August's anticipation but was 2 perto ease a little next quarter. However, centage points less than had been
the survey points to a substantial pickup anticipated by businessmen 1 year ago.
in the second half.
When the rise in the cost of capital
This year's investment anticipations goods is taken into account, it appears
are accompanied by expectations of that 1968 outlays barely exceeded those
good-sized sales gains. Manufacturing in 1967.
and trade firms look forward to 8
percent advances over 1968, while Quarterly movements
public utilities are projecting a 7
Actual expenditures in the final
percent rise. The anticipated increases quarter of 1968 were at a seasonally
for trade firms and public utilities are adjusted annual rate of $65.9 billion,
the same as those actually experienced up 4 percent from the third quarter.
in 1968. Manufacturers' sales last year The rise centered in public utilties,
rose by a very sharp 10 percent over communications, and the commercial
1967, when manufacturing activity was group. An unusually large further adrelatively sluggish.
vance, to $71.7 billion, has now been
Relative changes in anticipated capi- scheduled for the first quarter of this
tal expenditures for 1969 are larger in year, with all major groups programmanufacturing—16 percent—than in ing substantially higher outlays.
nonmanufacturing—12 percent. Except
for steel, the various manufacturing
industries are all programing substan- Table 2.—Annual Percent Changes in Plant
and Equipment Expenditures
tial increases. Last year, reductions in
capital spending were common, and
Actual
investment for manufacturing as a
Anticipated
whole declined 1 percent.
1964-65 1965-66 1966-67 1967-68 1968-69
Within nonmanufacturing, all com3.9
13.9
1.7
16.7
15.7
ponent industries have scheduled higher All industries '
1
-.9
15.9
-1.1
20.2
20.8
Manufacturing
investment. Public utilities, communi1
14.6
-2.1
—
1.4
22.7
20.9
Durable
goods
cations, and railroads are programing
-3.3
1.9
5.8
16.4
Primary metals _ _ 20.0
13.7
3.3 -3.7
32.6
32.3
Machinery
the largest relative increases (14 to 30
Transportation
21.5
-10.3
-8.9
18.3
27.8
equipment
percent) and commercial firms the
Stone, clay, and
40.9
16.6 -19.9 -1.7
14.9
glass
smallest (7 percent). For public utilities,
Nondurable
the expected rise is about the same as
17.3
-.5
0
17.6
20.7
goods *
Food and beverlast year's, but for other nonmanu15.9
.4
1.4
12.1
16.5
age
34.8
15.2 -21.3 -15.3
29.8
Textile
facturing groups, current programs are
34.8
34.1
9.0 -10.6
20.0
Paper
16.8
15.3 -3.6 -6.5
31.7
Chemical
more^exp ansive.
13.1
4.9
5.0
15.8
13.7
Petroleum
13.5
27.4
15.3
24.7
24.5
Rubber
Final figures for 1968 plant and
12.4
7.6
3.9
14.0
12.2
Nonmanufacturing.
.
.
equipment expenditures place the total
1. The reported figures for anticipations are adjusted for
systematic biases when necessary (footnote 2, table 6).
Before adjustment, expenditures were anticipated to be
$71.30 billion for all industries, $30.59 billion for manufacturing, and $40.71 billion for nonmanufacturing. The adjustments were applied separately to each major industry; the
net effect was to raise the manufacturing total by $0.06 billion
and the nonmanufacturing total by $1.60 billion.
Mining
Railroad
Transportation
other than rail. _ Public utilities
Communication
Commercial and
other
9.3
23.1
-.6
12.9 -2.9
14.2 -22.4 -13.0
12.9
29.7
18.4
11.7
15.0
22.3
21.1
13.6
12.7
17.5
5.3
11.3
16.7
7.6
12.0
14.1
16.9
8.8
8.1
-3.2
2.7
7.0
1. Includes industries not shown separately.
Sources- U S. Department of Commerce, Office of Business
Economics, and the Securities and Exchange Commission.
17
34-269
O - 69 - 3
SUEVEY OF CURRENT BUSINESS
18
Spending in the second quarter is
expected to ease off to $70.8 billion,
with higher investment by manufacturers more than offset by declines for
most nonmanufacturing industries. Expenditures are then expected to reach
a seasonally adjusted annual rate of
$74.7 billion in the second half of 1969,
with all groups except mining and the
utilities participating in the rise.
A comparison of the latest survey
results with those of the survey taken 3
months earlier indicates that actual
spending in the closing quarter of 1968
was about $1.4 billion (annual rate)
below expectations. However, the anticipations for the first two quarters
of this year have been raised—by $}<>
billion and $1 billion respectively.
These adjustments suggest that part
K^^OKH^ffi^^lHHHHffinPl CHART 9
Manufacturers' Expenditures for Plant and Equipment
Billion $
(ratio scale)
Billion $
6
5
6
-
WIALS
^
t. .i...i..il.t. t V^V/t:aVri:.'.'hl?['.-iv*i' l"J'..t t i'J'..i"i.i.l.l
5.0 _
4.0
'
'
i t ii ....-I i V t J t r:§ I i V t t i » t I t i i.t i...t....t i 1
5.0
4.0
_
3.0
3.0
2.0
2.0
1.5
1.5
1.0
1.0
.5 Li ii t i \i\ I i i l l f i I t i i I I i ...i I ....t>i i I
i t i i t i t i l l i i 1 Jli ii r t i l i t t I i i. j i
t Li'ri,.i,.,t
^ nm
3.0
2.0
1.5
1.0
:
,' . "• • ' / • : •f • - • > ' < ' • / '^.'.T;">'-"
•%
^&
"i
' '-i"' ' . - • ' ' § • ' • • - ' ' - • ' t ' " ' - ' ; ' - ' ' - 4 ' ; ' " '
i ' ; '-^*
i § t i l l f t..:.?! t :.tf i i ill t i t I f t t t i t i
1963
64
65
66
67
68
69
1963 64
Quarterly, Seasonally Adjusted at Annual Rates
o Anticipated
U.S. Department of Commerce, Office of Business Economics
65
66
67
68
69
Data: OBE-SEC
69-3-9
March 1969
of the shortfall in the fourth quarter
has been put into the programs for
the first half of 1969.
Factors in investment plans
Given the pervasiveness of expansion
plans among the major industries and
the extensive commitments already
made in the form of orders for equipment and construction, there can be
little question as to the strength of
capital goods demand. The extent to
which the investment programs revealed in this survey will actually be
carried out is problematical. The latest
plans come at a time of virtually full
employment, and bring into question
the adequacy of productive resources,
particularly for meeting the extraordinarily large first quarter 1969
programs. Attempts by businessmen to
realize programs of the magnitude reported for 1969 would put considerable
pressure on available resources and
prices.
The climate for new investment was
apparently improved last year by the
persistent strength in final demand.
Sales continued strong; bef ore-tax
profits set new records in each quarter,
and after-tax profits, despite the surtax,
reached a new peak in the fourth
quarter. Also, expectations of further
increases in capital goods costs probably
tended to stimulate orders for capital
goods. The tightness in the labor market and the resultant increase in unit
labor costs undoubtedly prompted decisions to install more labor-saving
equipment.
Although the recent level of overall
capacity utilization appears relatively
low in historical terms, an increasing
number of companies doubt the adequacy of their existing facilities to meet
future production needs. As is explained
further on, the proportion of manufacturers reporting that existing capacity is inadequate has risen steadily
since last spring—from 40 percent on
March 31, 1968, to 47 percent at yearend. In this connection, it is interesting
to recall that the industrial capacity
utilization rate at the start of the
1964-66 capital investment boom was
little different from the current rate.
SURVEY OF CURRENT BUSINESS
March 1969
Table 3.—-Petroleum Industry Plant and
Equipment Expenditures, by Function,
1967-68 and Anticipated 1969
1967
1968
Actual
1969
1968-69
Anticipated
Percent
change
(Billions of dollars)
Total
Production
Transportation
Refining and petrochemicals
Marketing
Other
4.65
4.87
5.51
13.1
2.04
.26
2.21
.26
2.21
.32
0.1
24.0
1.22
.80
.32
1.12
.76
.54
1.40
.85
.73
25.0
13.1
36.8
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities and Exchange Commission.
Manufacturing Programs
Manufacturers have characteristically
been responsible for the pronounced
year-to-year fluctuations in total capital
spending. This will also be true in 1969
if current programs are realized. Manufacturing expenditures for new plant
and equipment are expected to rise 16
percent this year after a fractional
decline in 1968; this contrasts with the
much steadier advances in nonmanufacturing outlays—12 percent this year
and 8 percent in 1968. Manufacturers 7
fixed investment had changed little in
1967 following average annual increases
of 20 percent in the 1964-66 period.
The strengthening in manufacturers7
investment demand was already evident
last year in the increase in new investment starts initiated during the
last three quarters of 1968. This stepup resulted in sharp increases in orders
for new equipment and contracts for
construction. Moreover, it is of interest to note that anticipated spending programs for the final quarter
of 1968 and the first two quarters of
this year have been revised upward
from previously reported figures. In
the preceding 2 years manufacturers
had generally scaled down their investment plans as the year progressed.
Programed increases for 1969 investment are widespread. In durable
goods, all of the component industries
except steel are anticipating higher
expenditures this year than last, and
all except nonelectrical machinery expect outlays in the second half to
equal or top those in the first.
Suppliers of building materials are
planning the largest relative increases
this year. Stone, clay, and glass companies expect outlays to be up 40
percent. Spending had been cut back
substantially in the preceding 2 years,
19
as capacity additions outran demand—
in cement, for example. Lumber and
fabricated metals companies are also
stepping up expenditures substantially.
Both motor vehicle and other transportation equipment producers are programing larger advances—amounting to
one-fourth and one-sixth. Manufacturers of capital goods—electrical and
nonelectrical machinery—are anticipating increases of 10 percent and 15
percent. In contrast to all other manufacturing industries, iron and steel
producers are now contemplating a 5
percent cutback in capital spending
this year.
Within the nondurable goods groups,
two industries—textile and paper—are
planning to increase expenditures for
new plant and equipment by more than
one-third, following reductions last
year. Chemical and food companies
each expect investment to rise one-sixth,
and petroleum and rubber producers
each foresee a rise of about one-eighth.
A functional breakdown of the petroleum industry's 1969 programs shows
that the major expansions from 1968
are in refining, petrochemicals, and
transportation facilities. Little change
is expected for production expenditures.
Table 4.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1966-68
[Billions of dollars]
Carryover
Starts i
Annual
Manufacturing
1968
1967
2
1968
1967
Dec.
1966
1967
1968
I
II
III
IV
I
II
III
IV
March
June
Sept.
Dec.
March
June
Sept.
28.79
25.49
27.68
6.47
7.25
5.37
6.41
6.51
6.64
6.97
7.56
19.08
19.52
18.41
17.51
18.24
18.38
18.72
18.75
10.92
4.02
1.04
.95
2.95
.50
10.90
3.81
1.06
1.01
3.04
.52
Durable goods 3. _.
Primary metals
Electrical machinery
Machinery except electrical. .
Transportation equipment
Stone, clay, and glass-
16.17
3.98
1.50
3.10
3.22
.83
12.69
2.65
1.24
3.02
2.24
.58
13.99
3.15
1.35
2.68
2.90
.96
3.26
.75
.38
.88
.53
.12
3.46
.88
.27
.70
.66
.18
2.54
.32
.25
.71
.46
.12
3.43
.70
.35
.73
.59
.16
3.26
.84
.30
.63
.67
.18
3.39
.64
.41
.59
.70
.31
3.40
.90
.24
.60
.78
.22
3.94
.77
.40
.86
.76
.24
11.61
4.55
1.08
1.19
3.03
.34
11.61
4.62
1.05
1.11
2.98
.34
10.82
4.15
1.00
1.12
2.76
.30
10.42
3.92
.98
1.08
2.60
.28
10.72
4.08
1.00
1.05
2.72
.32
10.89
3.96
1.10
1.00
2.82
.45
Nondurable goods 3
Food and beverage _.
Textile....
Paper
Chemical.
Petroleum.
12.62
1.29
1.11
1.33
3.37
3.91
12.80
1.46
.78
1.61
2.46
4.92
13.69
1.48
.86
1.78
2.85
4.97
3.21
.32
.18
.41
.66
1.25
3.78
.41
.21
.56
.98
1.32
2.83
.38
.13
.37
.50
1.08
2.98
.35
.26
.27
.32
1.27
3.25
.32
.14
.65
.68
1.05
3.25
.46
.19
.46
.74
1.02
3.56
.36
.26
.26
.65
1.60
3.62
.34
.27
.40
.78
1.31
7.47
.68
.48
.82
2.23
2.61
7.91
.70
.46
.96
2.44
2.76
7.59
.74
.38
.91
2.25
2.74
7.09
.75
.40
.78
1.85
2.66
7.52
.77
.37
1.11
1.92
2.64
7.49
.85
.37
1.18
1.95
2.48
7.80
.83
.44
1.09
1.95
2.84
7.85
.82
.51
1.09
2.01
2.75
10.68
13.92
14.63
4.93
3.30
2.62
3.06
4.62
3.41
2.23
4.38
13.40
14.24
14.20
14.34
16.62
17.07
16.34
17.44
Public utilities
Seasonally adjusted
Manufacturing.. _
Durable goods
Nondurable goods
Public utilities
6.42
7.21
5.91
5.96
6.58
6.59
7.80
7.16
18.80
19.27
18.64
18.09
18.08
18.22
19.35
19.79
3. 14
3.28
3.56
3.65
2.94
2.98
3.15
2.81
3.27
3.31
3.44
3.15
4.00
3.80
3.66
3.50
11.37
7.43
11.50
7.77
11.06
7.58
10.84
7.25
10,70
7.38
10.93
7.29
11.52
7.83
11. 70
8.09
3.46
3.78
3.59
3.14
3.26
3.92
3.01
4.48
12.10
13.46
14.59
15.07
15.43
16.43
16.75
18.23
1. Starts are estimated by adding changes in carryover to expenditures during the given
2. Carryover refers to expenditures yet to be incurred on plant and equipment proiects
already underway at end of period.
3. Includes industries not shown separately.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
SURVEY OF CURRENT BUSINESS
20
•BHHBBHBHBHIBHHHi CHART 10
Sales Anticipations
All major groups expect sizable sales increase this year
Percent Change From Previous Year
10
5 —
U.S. Department of Commerce, Office of Business Economics
Starts up 9 percent in 1968
Underlying this year's sharp increase
in manufacturing outlays for new plant
and equipment is the increase in starts
of investment projects that began last
year after a pronounced decline in
1967. The value of new investment
projects initiated during the year rose
9 percent over 1967, in contrast to the
slight decline in actual expenditures
over the same period. Substantial increases in the value of starts occurred
throughout manufacturing.
For the durable goods group, the
1968 advance amounted to 10 percent
following widespread cutbacks in 1967.
Exceptionally large rises—of almost
one-half and two-thirds—were reported
by the motor vehicle and stone, clay,
and glass industries. At the opposite
extreme were nonelectrical machinery
companies, which started a smaller
volume of investment projects in 1968
than in 1967.
For nondurables, the 7 percent rise
March 1969
in projects initiated in 1968 resulted sented 2.9 quarters of expenditures at
from very large increases by textile, the fourth quarter rate; the yearpaper, chemical, and rubber companies earlier figure was 2.8.
tempered by little change in starts by
Evaluation of year end capacity
petroleum and food and beverage
Producers owning 47 percent of fixed
companies.
assets
in manufacturing reported that
During 1968, seasonally adjusted
they
needed
more facilities in answer to
starts remained on a plateau during the
the
question,
"Taking into account
first half, but rose sharply (18 percent)
your
current
and
prospective sales for
in the third quarter. This rise was due
1969,
how
would
you
characterize your
almost entirely to the iron and steel
December
31,
1968,
plant
and equipand petroleum industries. The fourth
ment
facilities?"
This
proportion
was
quarter aggregate for all manufacturing
up
from
45
percent
at
the
end
of
Sepindustries dipped 8 percent from the
third quarter as a decline in starts by tember and the recent low of 40 percent
iron and steel and petroleum companies last March, but fell short of the 51
offset increases in all other industries. percent reported in early 1966.
The increase from September 30 to
For the second half of 1968, starts were
December 31 in the proportion of assets
14 percent above the first half and 26
considered "inadequate" was larger
percent above the rate in the second for nondurables than for durables.
half of 1967.
Increases were marked in all of the
soft goods industries except chemicals,
Carryover at record rate
where the "inadequate" proportion
With starts in excess of spending during
dropped substantially. In the durable
the fourth quarter of 1968, manufac- goods group, the proportion of assets
turers' carryover of investment projects considered "inadequate" rose only 1
increased. At a seasonally adjusted rate percentage point, as a decline for
of $19.8 billion on December 31, manu- primary metals almost offset increases
facturers' carryover was almost $% in all other heavy goods industries.
Companies reporting plant and equipbillion above the September 30 figure
and $1.7 billion higher than a year ment in excess of current and nearearlier. End-of-1968 carryover repre- term needs accounted for only 5
Manufacturers' Evaluation of Their Capacity Needs
The proportion of manufacturers indicating an increased need for plant
and equipment rose again in December
Percent Indicating More Plant and Equipment Needed*
60
60
NONDURABLE GOODS
DURABLE GOODS
55
55
50
50
45
45
40
40
35
35
30
I I ...
1964
I ...
65
I ...
66
I ...
67
I ...
68
I ...
I
I I i i i I . . . I . . . I . . . I . . . I . . . I 30
69
1964
65
66
67
68
69
End of Quarter
*Based on capital assets.
U.S. Department of Commerce, Office of Business Economics
69-3-11
March 1969
percent of fixed assets at the end of
both September and December. There
has been little variation from this 5
percent rate since the inception of the
survey in 1964. The proportion in the
excess category has ranged around 7
percent for durable goods and around
3 percent for nondurables.
Facilities viewed as "about adequate"
for 1969 production requirements represented 48 percent of manufacturers'
fixed assets as of December 31, down
2 percentage points from the end of
September and 4 percentage points
from a year earlier. These declines
centered in the nondurable goods industries during the fourth quarter and
in durables for the year as a whole.
Nonmanufacturing Programs
Outlays of public utilities totaled
$11% billion in 1968, a 17 percent rise
from 1967 and the fifth substantial increase in a row. Considerable further
strength is now evident in 1969 investment programs, which are 14 percent
above last year's.
Electric utility firms are programing
expenditures of $9.8 billion for 1969,
up 15 percent from 1968. According to
private sources, the largest relative increase is expected in outlays for generating facilities, particularly for nuclearfueled plants.
Gas utility firms expect 1969 expenditures to be 10 percent above those in
1968, following a gain of one-fourth
last year. Capital spending this year
will rise to a record $3% billion, with
expenditures divided about equally between transmission and local distribution facilities.
The value of new investment projects
started by public utilities in the fourth
quarter of 1968 reached a new high of
$4.5 billion on a seasonally adjusted
basis, after a drop in the third quarter.
Starts had declined during the second
half of 1967, but rose in both halves
of last year. For 1968 as a whole, new
investment projects totaled $14.6
billion—up 5 percent from 1967 following very substantial gains in the preceding 3 years.
For all types of public utilities combined, the amount of funds yet to be
SUKVEY OF CUEEENT BUSINESS
spent on projects underway as of
December 31 totaled $18.2 billion,
seasonally adjusted, or $3% billion more
than at the end of 1967. This amount
represents more than six quarters of
expenditures at the high fourth quarter
rate. However, relative to the rate of
expenditures anticipated for the forthcoming year, carryover was about the
same at the end of 1968 as at the end
of 1967.
21
An improvement in railroad operations last year led the carriers to step
up orders for new equipment; for
example, new orders for freight cars in
1968 increased 18 percent over 1967.
There was an especially sharp spurt in
the fourth quarter, when orders topped
the year-earlier figure by 70 percent;
as a result, backlogs of cars on order
rose more than one-fourth over the
year.
Nonrail transportation companies are
projecting a 12 percent increase in
investment in 1969, about the same
rate of expansion as last year. All of the
component industries except water
transportation and trucking are scheduling larger outlays in the second half
than in the first.
Expenditures by airlines, which constitute about one-half of the capital
spending of nonrail transportation
group, are expected to increase 9 percent in 1969, less than in 1968. Current
schedules call for a considerable reduction in aircraft deliveries this year.
Transportation and communication
Very large investment programs have
been budgeted by all types of transportation and communications companies
for 1969, with expenditures in the
second half higher than those in the first.
Spending by the railroads will reach
$1% billion in 1969, as against $1%
billion last year. The projected expansion in capital outlays by railroads
follows 2 years of reduced investment.
All of the proposed increase is for
equipment, as a slight reduction is now
scheduled in spending for road.
Table 5.—Manufacturers' Evaluation of Their Capacity
[Percent distribution of gross capital assets] 1
1965
19 66
1968
1967
June Sept. Dec.
30
31
30
Dec.
31
Mar.
31
48
51
50
50
47
45
45
46
43
40
41
45
47
60
53
51
52
61
51
51
56
52
51
58
52
49
54
51
45
48
48
44
42
49
45
43
49
38
31
43
39
35
47
41
41
44
44
44
46
45
41
49
46
46
83
23
49
47
81
31
49
45
83
30
49
47
87
30
44
45
88
22
45
42
80
27
46
40
76
37
47
45
75
37
49
42
78
39
40
38
67
27
41
41
65
29
45
49
71
32
49
54
58
40
47
45
45
46
48
50
50
49
52
55
53
50
48
44
33
47
42
25
47
42
30
46
43
28
47
44
32
46
48
38
49
49
43
48
48
42
48
55
53
54
53
50
49
50
44
51
48
41
50
48
45
48
50
44
16
73
48
46
18
67
48
47
16
68
48
46
12
69
52
47
11
76
51
50
19
71
51
54
22
62
51
50
23
62
49
53
20
60
58
57
31
72
56
53
33
70
52
45
27
67
48
41
40
59
All manufacturing . . ,
5
4
5
4
5
5
5
5
5
5
6
5
5
Durable goods 2
Primary metals..
Metal fabricators 3_
6
14
2
6
14
2
7
14
2
6
14
1
7
14
3
7
14
3
7
15
3
7
15
3
7
16
3
8
15
4
9
15
5
8
15
4
7
14
3
Nondurable goods 2 _ _
Food and beverage
Chemical
Petroleum
4
10
1
4
3
7
1
2
3
8
1
2
3
7
1
1
4
8
1
2
4
8
1
2
3
6
2
1
2
5
2
1
2
5
2
1
2
5
2
1
3
6
o
1
3
6
2
1
3
5
2
1
June Sept. Dec.
30
30
31
Mar.
31
June Sept. Dec.
30
31
30
Mar.
31
More plant and equipment needed
All manufacturing
Durable goods 2
Primary metals. _3
Metal fabricators . .
Nondurable goods 2
Food and beverage
Chemical.- _. Petroleum
_
About adequate
All manufacturing
Durable goods 2
Primary metals . 3
Metal fabricators
Nondurable goods 2
Food and beverage
Chemical.Petroleum
- ..
Existing plant and equipment exceeds
needs
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account
their current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals industries.
Sources: U.S. Department of Commerce, Office of Business Economics and the Securities and Exchange Commission.
SUEVEY OF CUKEENT BUSINESS
22
Trucking and water carriers have also
budgeted large advances in their spending for new facilities this year. Pipeline
companies, however, are cutting back
expenditures this year after a 23 percent
rise in 1968.
Expenditures for new structures and
equipment by communications firms
may reach $7.4 billion in 1969, about
$1 billion more than in 1968. Spending
is expected to maintain a strong pace
for the rest of the year.
March 1969
more than 10 percent for wholesalers
and finance companies. All groups other
than services plan larger outlays in the
second half of 1969 than in the first.
Sales Anticipations for 1969
Businessmen appear rather confident
about sales prospects for 1969. A wide
range of industries anticipate substantial increases from the record rates
achieved in 1968. The expectation of a
continuing uptrend in sales this year is
undoubtedly playing an important role
in the buoyant expenditure plans revealed in this survey.
Except for transportation equipment
producers, all major manufacturing
firms foresee sales gains of 6 percent or
more this year. The increase anticipated
by the transportation equipment companies is 2 percent. In aggregate, both
the durable and nondurable goods producers look forward to 8 percent increases from 1968 to 1969 following
Commercial investment moderate
Historically, capital spending by the
commercial group, which comprises
trade, services, construction, and finance, has been a moderating influence
in investment fluctuations because of
its rather steady growth. Expenditures
are expected to rise 7 percent in 1969
as compared with last year's rise of 3
percent. Anticipated increases this year
range from 5 percent for retailers to
actual gains of 10 percent in 1968.
Among trade firms, retailers and
wholesalers anticipate sales gains this
year of 9 percent and 6 percent respectively. These would be slightly higher
than the 1968 rate of sales expansion
for retailers but slightly lower for
wholesalers.
When the 1969 sales expectations are
viewed in relation to the seasonally
adjusted annual rate of sales early this
year, it appears that manufacturers will
require a further increase of moderate
proportions to meet their annual sales
projections. For trade firms, however,
the implied improvement in sales is
considerably larger.
A comparison of sales expectations in
early 1968 with actual sales in that year
shows that businessmen's sales projections were quite accurate. Deviations
from expectations of 1 percentage point
or less occurred in manufacturing,
trade, and the public utilities.
Table 6.—Expenditures for New Plant and Equipment of U.S. Business,1 1967-69
[Billions of dollars]
Annual
Quarterly, seasonally adjusted annual rates
Quarterly, unadjusted
1967
1968
1969
I
II
III
IV
I
II
III
IV
12
112
2d
half 2
26.69 26.44 30.65 6.10 6.81 6.48 7.30 5.79
III
IV
I
II
III
IV
12
112
2d
half 2
6.50
6.63 7.52 6.50 7.51 16.64 27.85 27.00 26.15 26.00 26.35 25.80 26.65 26.85 29.50 29.95 31.45
3.22
.55
.21
.31
.64
.36
3.37 3.95 3.33 3.78 8.37 14.20 13.75 13.50 13.50 13.65 12.80 13.65 13.90 15.30 15.15 15.70
.62 .71 .46 .54 1.24 2.35 2.35 2.25 2.30 2.35 2.25 2.45 2.35 2.25 2.20 2.25
.90 .85 .95
.95 .95
.85
.23 .27 .20 .22 .50
.90 .90 .95 .85 .90
.31 .38 .28 .35 .76 1.25 1.20 1.25 1.25 1.25 1.30 1.25 1.30 1.30 1.45 1.40
.65 .80 .78 .77 1.64 3.15 3.15 3.00 2.60 2.95 2.60 2.75 2.75 3.45 3.10 3.10
.38 .38 .37 .45 1.04 1.80 1.70 1.55 1.60 1.60 1.35 1.45 1.45 1.70 1.75 2.00
Durable goods industries
13.70
Primary iron and steel
2.31
Primary nonferrous metal
.90
Electrical machinery and equipment _ 1.24
Machinery, except electrical
2.95
Motor vehicles and parts
1.66
Transportation equipment, excludi n g motor vehicles. _ _ _ _ _ _ _ _ 1.09
Stone, clay, and glass.
.73
Other durable goods 3
2.83
13.51
2.36
.90
1.27
2.76
1.46
Nondurable goods industries. _ _ - _ _ _ _
Food and beverage
Textile
Paper. _
Chemical..
Petroleum
Rubber
Other nondurable goods <
13.00
1.41
.89
1.64
2.88
4.65
.49
1.04
12.93
1.41
.75
1.47
2.69
4.87
.62
1.11
Mining
1.42
1.42
1.60
.32
.34
.37
.39
.36
.36
.34
.35
.38
.41
Railroad
1.53 1.34 1.73
.41
.41
.35
.36
.37
6 .36
6 .30
.30
.34
.42
Transportation, other than rail
3.88 4.31 4.83
.70 1.12
.98 1.07
.98
1.04
1.12 1.18 1.10 1.14 2.59
9.88 11.54 13.16 1.84 2.46 2.66 2.92 2.33
2.97
2.96 3.28
5.91 6.36 7.44 1.35 1.49 1.46 1.62 1.48
1.51
1.50
3.11
3.18 3.46
Public utilities
._ . _
Commercial and other
II
61.66 64.08 72.96 13.59 15.61 15.40 17.05 14.25 615.86 616.02 17.95 15.82 17.90 39.24 61.65 61.50 60.90 62.70 64.75 662.60 663.20 65.90 71.65 70.85 74.70
All industries
Manufacturing industries
Communication
I
1969
1968
1967
1967 1968 1969 2
5
15.48 3.08 3.46 3.33 3.82 2.96
2.24 .48 .58 .56 .69 .49
.92 .20 .23 .23 .24 .20
1.39 .27 .30 .30 .37 .27
3.19 .70 .78 .71 .76 .66
1.86 .38 .45 .41 .42 .34
1.01 1.14
.71 1.01
3.03 3.74
.24
.20
.61
.26
.18
.68
.32
.18
.85
.21
.14
.66
.24
.18
.72
15.17 3.02 3.34 3.15 3.48 2.82
1.64 .33 .39 .35 .34 .30
1.02 .21 .23
22 .23 .17
1.98 .40 .42 .42 .40 .32
3.15 .70 .76 .69 .72 .61
5.51 1.02 1.17 1.11 1.35 1.07
.71 .11 .13 .12 .14 .12
1.17 .24 .25 .26 .30 .24
3.28
.38
.19
.39
.72
1.17
.15
.28
12.34 12.67 13.56
.27
.16
.69
.29
.22
.91
.25
.21
.78
.28 .60
.28 .52
.89 2.07
3.25 3.57 3.17 3.73
.38 .35 .34 .43
.19 .20 .17 .26
.35 .40 .39 .46
.64 .72 .68 .81
1.24 1.40 1.16 1.33
.17 .19 .15 .17
.28 .31 .27 .26
1.10 1.05 1.10 1.15 1.00
.90 .70 .65 .65 .60
2.70 2.65 2.80 3.15 2.95
8.27 13.70
.86 1.45
.58
.95
1.13 1.90
1.65 3.20
3.02 4.65
.39
.50
.64 1.05
13.25
1.45
.90
1.70
3.00
4.70
.50
1.00
12.65
1.40
.85
1.65
2.85
4.45
.45
1.05
.81
1.40
1.30
1.45
.97
1.80 1.55 1.40
2.73 3.42 7.01
1.86
U.77 5.01 11.22
2.87 2.99 3.09 3.39 2.93
1. Data exclude expenditures of agricultural business and outlays charged to current
accounts.
2. Estimates are based on anticipated capital expenditures reported by business in late
January and February 1969. The estimates for the first quarter, second quarter, and second
half of 1969 have been adjusted when necessary for systematic tendencies in anticipatory
data. The adjustment for each industry and time period is based on the median ratio of
actual to anticipated expenditures for the past 5 years. However, no adjustment is made
unless the anticipations have shown a bias in the same direction in at least 4 of the last 5
years and in at least two-thirds of the last 9 years.
3. Includes fabricated metal, lumber, furniture, instrument, ordnance, and miscellaneous
industries.
.26
.18
.75
12.55
1.35
.85
1.40
2.55
4.75
.50
1.10
.95
.70
2.85
1.05 1.00
.70 .80
3.00 3.25
1.20 1.15 1.10
.90 1.10 1.00
3.55 3.55 3.90
12.70 13.00 13.05 12.95 14.20 14.80 15.75
1.30 1.40 1.50 1.40 1.50 1.60 1.75
.80 1.00 1.10
.75 .75
.75
.80
1.45 1.55 1.35 1.50 1.70 1.85 2.15
2.75 2.85 2.65 2.60 3.05 3.15 3.20
4.85 4.70 4.95 4.95 5.20 5.45 5.65
.70 .65 .75
.65 .70
.55
.60
1.05 1.10 1.10 1.10 1.20 1.05 1.20
1.50 1.55
1.40
1.35 1.35
1.40 1.65 61.40 61.20 1.15
3.05 3.90 4.10 4.45 4.35
9.20 9.70 9.80 10.65 11.60
1.65 1.60
1.55
1.60
1.95
1.45
4.60 4.80
5.00 4.05 5.25
11.65 10.90 12.00
13.40 13.35 13.00
3.65
J 5.75 5.80 6.05 6.05 6.35
5.90
6.15 6.95
J12.55 12.25 11.95 12.65 12.85
i
12.80
12.35 12.75
Uo.70 20.35 21.40
4. Includes apparel, tobacco, leather, and printing-publishing.
5. Includes trade, service, finance, and construction.
6. Revised.
NOTE.—Details may not add to total because of rounding. Data for earlier years were
published in the June 1956, March 1958, 1960, 1961, 1962, 1963, 1964, 1965, 1966, 1967, and 1968
issues of the SURVEY.
Sources: U.S. Department of Commerce, Office of Business Economics, and the Securities
and Exchange Commission.
By WALTHER LEDERER and EVELYN M. PARRISH
The U.S. Balance of Payments—Fourth Quarter and Year 1968
The substantial improvement in the
U.S. balance of payments in the fourth
quarter and in 1968 as a whole resulted
mainly from a large decline in net outflows of private and official capital. The
changes in capital transactions more
than offset a considerable deterioration
in the balance of goods and services.
JL HE fourth quarter 1968 balance of
payments—measured on the liquidity
basis—was favorable by about $990
million after seasonal adjustment. This
compares with a favorable balance of
$55 million in the third quarter.
The favorable balances in the second
half of 1968 more than offset the deficits
in the first, so that the balance for the
full year was favorable by about $160
million. This contrasts with an unfavorable balance of $3,570 million in
1967.
The seasonally adjusted balance on
the official reserve transactions basis
was favorable by about $260 million in
the fourth quarter, slightly less than
the third quarter surplus of $420 million. For 1968 as a whole, this balance
was favorable by $1,620 million—a
striking change from the $3,400 million
deficit in 1967.
Both balances reflect changes in U.S.
official reserve assets. The liquidity
balance also takes into consideration
the changes in liquid liabilities to all
foreigners, while the official reserve
transactions balance takes into consideration both liquid and nonliquid liabili-
CHART 12
U.S. Balance of International Payments- Cumulative Quarterly Data
Billion $
Billion $
2.0
2.0
BALANCE ON LIQUIDITY BASIS
CHANGE IN U.S. OFFICIAL RESERVE ASSETS
(Gold, Convertible Currencies, and IMF Gold
Tranche) (decrease-)
BALANCE ON OFFICIAL RESERVE
TRANSACTIONS BASIS
1.5
CHANGE IN U.S. GOLD HOLDINGS
1.5
1.0
1.0
.5
'"•".;'•~~T.~N/967
•""••••JW
1966 ^
\
\
\\
"-V
\
\
A
1968
-.5
\
\
\
^ •"—••—•——•
••— —-—
-1.0
>
-1.5
-2.0
-2.5
-3.0
-3.0
-3.5
-3.5
-4.0
-4.0
Mar.
June
Sept.
Seasonally Adjusted
Dec.
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
Dec.
Mar.
June
Seasonally Adjusted
U.S. Department of Commerce, Office of Business Economics
23
Sept.
Dec.
24
SURVEY OF CURRENT BUSINESS
March 1969
private and official capital, which more
than offset the fourth quarter deterioration in the balance on goods and
services (table Al).
The following changes in the capital
and unilateral transfer accounts were
most important:
(1) The movement of private U.S.
and foreign capital shifted $1,250 million, from net outflows of $460 million
in the third quarter to net inflows of
$790 million in the fourth. Nearly $1
billion of this change was in transactions
by U.S. corporations, resulting largely
from increased borrowing abroad and
from repatriations of cash from their
foreign affiliates. These changes can be
attributed to the operations of the
program to restrain capital outflows
for direct investments and to the increased tightness in domestic capital
markets in December. In addition,
transactions in securities resulted in
higher net receipts as foreign residents
increased their purchases of U.S. stocks;
banking transactions resulted in smaller
net outflows.
(2) Government grants and capital
transactions resulted in a $270 million
decline in net debits principally because
of larger cash receipts related to military
sales.
(3) Receipts from special financial
transactions by U.S. and foreign official
agencies increased about $250 million,
from nearly $600 million to about $850
million.
The $600 million decline in the
balance on goods and services reflected
mainly a $460 million deterioration in
the balance on nonmilitary merchandise
trade. A major part of that change was
due to distortions in shipments resulting
from anticipations of a dockworkers'
strike originally expected to start on
October 1 and from the actual start of
the strike on December 20.
All told, the large receipts from
special and other financial transactions
by official U.S. and foreign agencies
and the large inflows of capital through
private transactions suggest that the
sudden and substantial improvement of
the liquidity balance in the fourth
quarter reflects temporary developments rather than changes in the economic relationships of longer duration
between the United States and other
countries.
ties, but only to foreign governments
and central banks.
Summary of Fourth Quarter
Developments
The pronounced shift to the unusually large positive balance apparently occurred close to the end of the
fourth quarter. For most of the quarter,
the balance was adverse. The change in
December resulted mainly from large
inflows (and reduced outflows) of
Table Al.—Balances of Major Transactions
[Millions of dollars]
Change
1968
Line
Lines in tables 1 and 2 in which transactions
are included are indicated in ( )
1967
1968
I
II
IV
III
1967-68
1968:
III-IV
Seasonally adjusted
\
Balances excluding special financial transactions: !
1 Balance on goods and services, excluding transfers under military grants (24)
2
3
4
5
6
7
2,030
298
622
854
258
-2, 738
-596
Balance on nonmilitary merchandise trade
(3, 15)
103
3,477
Balance on travel (7, 18)
-1,549 -1,321
Balance on military transactions (4, 16)
-3, 100 -3, 137
Balance on investment income (11, 12, 13,
21, 22)
4,947
4,565
35
-338
-804
44
-340
-763
243
-376
-742
-219
-267
-828
-3, 374
228
-37
-462
109
-86
-7
Private remittances, net (27)
U.S. Government pensions and other transfers
(30)
4,768
1,082
1,245
1,314
1,307
382
-835
-750
-172
-195
-193
-191
85
2
-441
-409
-94
-91
-122
-102
32
20
200
8
Private U.S. and foreign capital other than
liquid liabilities, net (32, 51-55) . .
-3, 515
9
10
Corporate capital (assets and liabilities)
-2, 561
U.S. corporate capital (assets and liabilities) (table Dl)
-2, 811
Foreign direct investment in the U.S.
(51) _..
..
- .250
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Security transactions (assets and liabilities)
(34-36,52)
Claims and liabilities reported by U.S.
banks (37, 38, 53)
Claims, net of liabilities, reported by
brokerage concerns (40, 55)
1,038
503
-458
792
4,553
1,250
-20
275
-496
-389
589
2,541
978
-383
19
-529
-417
543
2,428
960
363
256
28
46
113
18
33
-422
699
502
132
209
1,121
77
-487
259
302
197
-191
-49
746
142
100
70
-3
-10
43
145
53
112
270
-169
212
29
64
-45
-144
Government grants and capital, net (29, 42-44,
56, 57)
._
..
-3, 963 -3, 851 -1, 142
-942
-1,019
-749
Grants (excluding military) and additions
to assets (29, 42, 43)
-5, 191 -5,360 -1,510 -1,384 -1,248 -1,219
309
Scheduled loan repayments (44)
255
319
975
304
1,187
Liabilities other than marketable or con64
133
-26
151
322
vertible securities (56, 57)
253
Errors and omissions (60)
Special financial transactions (table A2) :
Investment by foreign official agencies in
long-term time deposits or certificates of
deposit in U.S. banks and certain nonmarketable medium-term U.S. Government securities
Investment by international and regional
organizations in long-term time deposits
or certificates of deposit and U.S. Government agency bonds
Nonscheduled loan repayments by foreign
governments of U.S. Government credits
(including sales of foreign obligations to
foreigners)
.
._ _
Other transactions listed in table A2
-532
-199
-276
-483
419
145
69
177
333
-274
Evaluation of 1968 Balance
1,039
1,909
270
670
414
555
870
141
299
159
-98
-19
56
220
-140
164
6
-394
269
-41
42
-36
3
53
55
49
169
-107
263
353
114
-156
Total of above transactions equals balance
-3,571
measured on liquidity basis
158
-182
55
990
3,729
935
-705
1. The deferral of service in the fourth quarter 1968 on the 1946 loan to the United Kingdom is treated here as if a new loan
had been provided to the United Kingdom to pay interest and principal as scheduled. The latter are included in lines 1, 5, and
17 and the loan as "special financial transactions" in line.23.
NOTE.—Details may not add to totals because of rounding.
The international transactions of the
United States in 1968 were marked by
several extraordinary changes (table
Al). The surplus on nonmilitary merchandise trade declined $3.4 billion to
a mere $100 million. Mainly because of
a $450 million rise in incomes on direct
investments, the decline in the balance
on goods and services was limited to
$2.7 billion. However, this adverse
SUEVEY OF CURRENT BUSINESS
March 1969
change was more than offset by a $4.6
billion shift in the balance on private
capital movements (excluding changes
in liquid liabilities), which resulted
from a net outflow of $3.5 billion in
1967 and a net inflow of $1.0 billion last
year. In addition, net receipts through
special financial transactions by U.S.
or foreign official agencies increased
more than $1.3 billion, from $950 million in 1967 to $2.3 billion in 1968
(table A2). Both the net inflow of
capital through private transactions
and the small trade balance are different
from the pattern that has prevailed
since World War II.
An evaluation of the factors contributing to the 1968 surplus, which
was the first since 1957, must take into
account relatively large receipts from
special financial transactions by official
agencies (discussed later) and the unusual circumstances that resulted in
the shift in private capital flows.
First, net capital transfers of U.S.
corporations dropped from $2.8 billion
in 1967 to almost $400 million in 1968
(table Al, line 10). This decline reflects
an increase in borrowing by U.S.
corporations, directly or through their
foreign affiliates, net of funds that have
been retained abroad in bank deposits
or other temporary investments. How-
ever, borrowings this large are not
likely to be repeated; some involve
liabilities that may have to be repaid
this year unless they can be renewed
or refinanced.
Second, transactions reported by U.S.
banks (table Al, line 13) shifted from
a net capital outflow of nearly $500
million in 1967 to a net inflow of $260
million in 1968. Although outstanding
banking assets are comparatively large,
only a relatively limited amount can
be liquidated within any one year.
Moreover, even though liquidations
could continue for some time at the
1968 rate, they cannot be expected to
rise materially.
The third major factor contributing
to the change in the balance on private
capital transactions was a shift from
net outflows of $420 million in 1967 to
net inflows of $700 million in 1968
through transactions in securities (table
Al, line 12). This shift was mainly the
result of a rise in foreign purchases of
outstanding U.S. securities—largely
stocks—from about $900 million in 1967
to about $1.9 billion in 1968 (table D3,
line 5). Although net foreign purchases
continued to rise in January of this year,
such transactions are subject to major
fluctuations.
There is no assurance that the in-
25
flow of capital through private transactions will continue in the current
year. As is pointed out later in this
analysis, the balance on such transactions may be reversed again, but net
outflows of capital are not likely to
become as large as they were in 1967 or
earlier in the 1960's.
The extraordinary deterioration in
the merchandise trade balance, which
was accentuated by actual or anticipated interruptions of domestic production through strikes, is not likely
to be repeated if the rise in domestic
demand is dampened and if the expansion in foreign demand remains
close to the 1968 rate. But this would
not mean a return to the sizable trade
balances of the several years prior to
1968. Even if exports should rise $3
billion—as in 1968—an import rise
only half as large as last year would
merely keep the trade balance unchanged at close to zero. To raise the
trade balance to a surplus of $1 billion,
the import rise would have to be held
to $2 billion, or one-third of the 1968
increase.
Opposite changes in balances
Last year saw large changes in opposite directions in the balance on goods
and services and in the net movement
Table A2.—Changes in Near-Liquid Liabilities, Nonscheduled Repayments by Foreign Governments of U.S. Credits, and Other Special
Financial Transactions by U.S. and Foreign Official and International Agencies
[Millions of dollars]
Effect on balance measured on official reserve transactions basis
Effect on balance measured on liquidity basis
Line
Lines in tables I , 2 and 8 in which transactions are included are indicated in ( ) .
1967
1966
1967
1966
I
1
2
3
4
5
6
7
8
9
10
11
12
II
III
IV
Investments in long-term time deposits or
certificates of deposit in U.S. banks (53):
By foreign official agencies, _
793
839
160
524 304 587 -212
By international and regional organizations
195
178
70
30
25
53
42
Investment in certain nonmarketable, medium-term U.S. Government securities (57):
By Canadian official agencies
200 1,050
200
By other official agencies __
335
Byforeigncommercial banks .
125
Investment in U.S. agency bonds by international and regional organizations (52)
- _ 244
121
71
67 -11
117 -6
Special deposits in accounts with U.S. Treasury by foreign official agencies (56)
92
Nonscheduled repayments by foreign governments of U.S. Government credits (including sales of foreign obligations to foreigners)
(45)
428
6
5 (*)
269
(*)
Other special financial transactions with
Canada (34, 35, 36)
18
59 -121
32
27
Liquidation of U.S. securities other than
Treasury issues by United Kingdom (Government and private) (52)
—101 —453
-28
10 -507
71
Deferral of service on United Kingdom loan
(13, 44)
137
Total, above special financial trans- 1,577
950 2,296 340 786
123 -301
actions
NOTE.—Details may not add to totals because of rounding.
I
II
III
122
148
129
125
23 -22
101
-60
100
48
500
22
125
-38 -42
42
3
178
707
200
230
78
119
49
43
55
169
-13
574
1967
1968
IV
250
35
-36 -72
1968
1967
1968
1968
137
837
I
II
III
IV
I
II
49
49
18
6
IV
125
125
428
III
269
(*)
32
59 -121
5
(*)
42
3
55
27 -36 -72
-101 -453
-28
71
10 -507
345 -388
137
185 -28
103
15 -480
6
56
169
-13
104
-137
19
SUEVEY OF CUEEENT BUSINESS
26
of capital (other than reserve assets, more closely associated with changes
liquid liabilities, and special financial in imports of goods and services than
transactions) that may—in part at with those in exports.
least—be reversed again in the current
The association between imports and
year. Such movements have occurred capital movements probably reflects
frequently in the past (chart 13).
the close relationship of both to developThe frequency of such changes sug- ments in domestic demand and business
gests that they are not accidental. The activity. In periods of large increases in
changes in the balance on goods and domestic demand, imports rise rapidly,
services may be due to changes in while domestic capital markets tend to
exports of goods and services as well as absorb larger-than-average shares of
in imports. Chart 14 shows that ex- domestic capital supplies, thus leaving
ports rose every year from 1960 to 1968 less for capital outflows, and also tend
and imports every year from 1962 to to attract more foreign capital. De1968. Relatively large increases in velopments abroad may reinforce these
exports occurred in 1964, 1966, and tendencies. Relatively large exports to
1968, but only in 1964 did the increase the United States raise private and
coincide with a major rise in net official reserves and incomes abroad,
capital outflows. In contrast, relatively and foreign governments and central
large increases in imports occurred in banks tend to encourage capital ex1962, 1965, 1966, and 1968. In each of ports in order to dampen demand
these years, net capital outflows de- pressures in their countries. Such policlined. Net capital outflows increased cies were pursued in Germany last year,
in 1961 when imports declined, as well and probably contributed to the large
as in 1963 and 1967 when imports rose outflow of long-term capital from that
less than in the preceding or following country, some of which was invested in
years. Thus, it seems that changes in U.S. securities.
capital outflows have usually been
The lack of evidence (in the annual
CHART 13
Balances on Goods and Services and on Capital Transactions
Billion $
Billion
10
Balance on Goods and Services
(left scale)
-2
\
-6
/ Net Capital Movements*
/ (outflow-) (right scale)
I
1960
I
61
.v.
_L
62
63
64
I
J_
65
66
67
68
Annually
*Excludes special financial transactions and changes in liquid liabilities and U.S. official reserve assets.
U.S. Department of Commerce, Office of Business Economics
69
1967
68
69
Quarterly, Seasonally Adjusted
at Annual Rates
March 1969
data) of a positive relationship between
changes in exports and capital flows
does not mean that such relationships
do not exist. Some capital outflows are
directly associated with exports, such
as Government credits, commercial
credits, and certain capital flows to
foreign affiliates. Capital outflows may
also increase monetary reserves and
incomes in the countries receiving the
capital. In countries where imports are
restricted because of a lack of reserves,
the inflow of capital may lead to a
relaxation of import restrictions. In
these cases, a rise in capital outflows
from the United States may soon be
followed by a rise in U.S. exports. The
effect of rising incomes on foreign
import demand, and thereby on U.S.
exports, may be rather slow to develop;
consequently, there is less likelihood of
offsetting shifts in the balance on goods
and services and in net capital flows
within relatively short periods.
Composition of the Balances
Total official reserve assets increased
$1,076 million during the fourth quarter
and $880 million for 1968 as a whole.
At the end of the year, total U.S.
reserves were $15.7 billion, the highest
level since the third quarter of 1965.
About $137 million of the fourth
quarter rise was in gold, $364 million
in the gold tranche position in the
International Monetary Fund, and
$575 million in convertible currencies
(table3).
The fourth quarter gain in gold
followed a smaller rise in the third
quarter and helped to recover some of
the large losses in the first quarter of
the year. Nevertheless, the loss during
1968 was $1,173 million, about the same
as in 1967.
With the fourth quarter rise, the U.S.
gold tranche position was restored to its
full amount of $1,290 million. This
equals the portion of our capital contribution to the Fund that was originally
paid in gold—25 percent. The remaining
75 percent was paid in dollars. When
necessary, a member country may
almost automatically draw foreign currencies from the IMF up to the amount
of its gold tranche.
March 1969
SUEVEY OF CUEEENT BUSINESS
In both the fourth quarter and the
year as a whole, liquid liabilities to all
foreign residents and international organizations continued to rise, but not as
much as U.S. official reserve assets. The
fourth quarter increase was nearly $300
million; that for the full year, about
$720 million. For the liquidity balance,
the full year's rise in liquid liabilities
offset much of the $880 million increase
in official reserves, to yield the favorable
balance of $160 million.
The ownership composition of U.S.
liquid liabilities changed substantially
during the year. Those reported by U.S.
banks for foreign private and international organization accounts increased
about $3,830 million, while those attributed to foreign official accounts
declined about $3,110 million. This
decline was partly associated with a
rise of $2,370 million in foreign official
holdings of nonliquid claims on the
United States. The nonliquid claims
were mostly certificates of deposit with
an original maturity of more than 1
year and nonmarketable, medium-term
Government securities payable before
maturity only under special conditions.
The net decline of liquid and nonliquid liabilities to foreign official organizations in 1968 thus came to $740
million ($3,110 million less $2,370
million). Together with the rise of $880
million in official reserve assets, it
accounts for the favorable balance of
$1,620 million measured on the official
reserve transactions basis.
The decline in total liabilities to
foreign official accounts and the simultaneous rise in liquid liabilities to
foreign private accounts reflect in part
the series of financial crises that affected
international currency markets during
the year. The shift also reflects the
efforts U.S. banks made to attract
foreign deposits through their foreign
branches.
These efforts—which frequently consist of offering higher interest rates—
may induce foreign investors to shift
their investments from assets held in
other currencies to dollar deposits in
the foreign branches of U.S. banks.
Consequently, the demand for U.S.
dollars and offers of foreign currencies
on exchange markets increase. In
27
smaller extent, the official reserve
transactions balance. They have been
separated in order to help in the evaluation of the more basic trends in the
balance of payments.
Included in this category are (1)
official transactions representing shifts
between liquid and nonliquid liabilities
that are not directly associated with
other transactions and (2) official transactions that change the balance only
for relatively short periods of time.
The regular quarterly sales of nonmarketable Government bonds to Germany to offset military expenditures
there are not included.
Net sales of time deposits and certificates of deposit with an original maturity of 1 year or more declined from over
$1 billion in 1967 to about $570 million
Special Financial Transactions in 1968. The difference between these
Special financial transactions by offi- deposits and those with an original
cial agencies of the United States or of maturity of less than 1 year (which are
foreign countries improved the liquidity classified as liquid liabilities) is frebalance by about $840 million in the quently very small.
fourth quarter (table A2). For the year
The largest increase in 1968 was in
as a whole, such receipts amounted to sales of Government bonds, which are
about $2.3 billion, roughly $1.3 billion payable prior to maturity only under
more than in 1967. These transactions special conditions. Most of that increase
affect the liquidity balance and, to a was in sales to Canada under the Cana-
order to maintain the stability of exchange rates of their currencies, foreign
official organizations meet this demand
by drawing on dollar reserves they hold
in the United States. The dollar checks
sold by these organizations are then
deposited by the investors in the foreign
branches of U.S. banks. Alternatively,
the foreign official organizations themselves may shift some of their reserves
from dollar assets held in the United
States to deposits in foreign branches of
U.S. banks. In either case, dollar checks
obtained by these branches are deposited by them in their U.S. head
offices. In the books of the latter, the
liabilities to foreign official organizations are reduced and those to their
own branches are increased.
CHART 14
Exports and Imports of Goods and Services: Change From Preceding Year
Billion $ Change
8
-2
1960
1961
1962
U.S. Department of Commerce, Office of Business Economics
1963
1964
1965
1966
1967
1968
SUKVEY OF CUEKENT BUSINESS
28
dian-U.S. reserve agreement. Total dollar reserves held by Canada rose about
$700 million in 1968. To that extent,
the bond sales to Canada represented a
conversion of newly acquired reserves;
the remainder of such bond sales—$350
million—represented a conversion of
funds held by Canada at the beginning
of 1968.
"Special financial transactions" also
reflect—as a negative item—the decision by the Government of the United
Kingdom to exercise its right to defer
the annual installment of $137 million
for interest and principal on the credits
provided in 1946. Since the principal
repayment is merely postponed and
interest is payable beginning this year
on the entire amount of $137 million,
this deferral can be considered to be the
same as a new loan, whose proceeds are
used to pay for current obligations.
(This is the way the transaction is
treated in table Al.) •
Merchandise Trade
Table Bl.—U.S. Nonmilitary Exports:1 Total, Agricultural, Nonagricultural
[Millions of dollars]
1967
1968
I
II
1968
III
IV
I
II
III
IVp
Seasonally Adjusted
ALL COMMODITIES
Global, all countries
Developed countries, total
Developing countries, total
30,468
. 20, 709
9,759
Western Europe, total . . .
United Kingdom _ _ .
Other Western Europe
Eastern Europe (Soviet-bloc).. . _.
Canada
Latin American Republics
Japan
Australia, New Zealand, and S. Africa.
All other countries
9,667
1,864
7,803
199
7,095
4,074
2,673
1,274
5,486
33,376
22,801
10, 575
7,661
5,085
2,576
7,703
5,235
2,468
7,626
5,227
2,399
7,478
5,162
2,316
7,914
5,333
2,581
8,379
5,674
2,705
8,835
6,088
2,747
8,248
5,720
2,528
10, 544
1,960
8,584
222
7,915
4,632
2,959
1,383
5,721
2,336
438
1,898
71
1,791
1,057
620
338
1,448
2,467
497
1,970
46
1,766
1,021
685
317
1,401
2,460
500
1,960
38
1,766
1,029
695
306
1,332
2,408
436
1,972
44
1,770
969
671
313
1,303
2,370
445
1,925
56
1,939
1,070
687
337
1,455
2,629
513
2,116
50
1,921
1,186
756
368
1,469
3,028
526
2,502
51
1,920
1,234
785
355.
1,462
2,554
480
2,074
65
2,124
1,137
719
323
1,326
AGRICULTURAL
Global, all countries
Developed countries, total
Developing countries, total _
6,453
3,976
2,477
6,294
3,862
2,432
1,648
978
670
1,658
1,021
637
1,610
999
611
1,537
978
559
1,678
955
723
1,551
925
626
1,612
1,052
560
1,460
935
525
Western Europe, total
United Kingdom
Other Western Europe.. .
Eastern Europe (Soviet -bloc)
Canada
Latin American Republics
Japan
Australia, New Zealand, and S.
Africa
.. . .
All other countries
2,511
438
2,073
109
527
486
869
2,337
387
1,950
121
510
507
944
620
111
509
50
136
135
200
636
119
517
27
129
110
237
629
112
517
14
130
132
228
624
100
524
18
132
111
206
578
101
477
33
134
115
225
547
91
456
25
115
131
246
650
100
550
27
139
139
245
565
94
471
36
125
121
227
69
1,882
71
1,804
22
485
19
500
12
465
16
430
18
575
17
470
18
394
18
368
NONAGRICULTURAL
Global, all countries
Developed countries, total
Developing countries, total
Western Europe, total _
...
United Kingdom
Other Western Europe
Eastern Europe (Soviet-bloc)
Canada...
Latin American Republics
Japan
Australia, New Zealand, and S.
Africa
All other countries
24,015
16, 733
7,282
27,082
18, 939
8,143
6,013
4,107
1,906
6,045
4,214
1,831
6,016
4,228
1,788
5,941
4,184
1,757
6,236
4,378
1,858
6,828
4,749
2,079
7,223
5,036
2,187
6,788
4,785
2,003
7,156
1,426
5,730
90
6,568
3,588
1,804
8,207
1,573
6,634
101
7,405
4,125
2,015
1,716
327
1,389
21
1,655
922
420
1,831
378
1,453
19
1,637
911
448
1,831
388
1,443
24
1,636
897
467
1,784
336
1,448
26
1,638
858
465
1,792
344
1,448
23
1,805
955
462
2,082
422
1,660
25
1,806
1,055
510
2,378
426
1,952
24
1,781
1,095
540
1,989
386
1,603
29
1,999
1,016
492
1,205
3,604
1,312
3,917
316
963
298
901
294
867
297
873
319
880
351
999
337
1,068
305
958
p Preliminary.
1. Balance of payments basis.
NOTE.—Seasonally adjusted quarterly data may not add to unadjusted yearly totals.
Table B2.—Average Annual Rates of Growth
of Exports, Imports, and Related Economic Variables
Annual rates of growth
1958- 1965- 1966- 196766
68
67
67
6.5
9.2
5.6
9.0
Imports (excluding automotive
shipments from Canada and
irregularities due to temporary
factors). . . _ _
7.8
16.8
2.9
17.2
Industrial production in Canada, Japan, and Western v
Europe.
__ . .
7.0
6.8
4.4
8.8
Nonagricultural exports (excluding aircraft, automotive shipments to Canada, and irregularities due to temporary
factors) . . . . .
-
6.9
8.4
5.5
8.3
U.S. GNP
Last year's $3.4 billion deterioration
in the balance on nonmilitary merchandise trade reflected a $6.3 billion increase in imports and a $2.9 billion rise
in exports. The export rise was among
the largest in recent years, but the
import increase was substantially
greater than any in the past.
Most of the 1968 deterioration
occurred in trade with major industrial
areas. The favorable balance with
1967
March 1969
...
Western Europe worsened by $1.2
billion, falling to a level of $0.4 billion.
The balance with Canada shifted from
a small export surplus in 1967 to an
export deficit of nearly $1.0 billion—the
first with that country in almost 80
years. The already adverse trade
balance with Japan deteriorated $0.8
billion further to $1.1 billion. In addition, the favorable trade balance with
developing countries declined about
$0.4 billion to $1.4 billion, largely
because of a worsening in the balances
with countries in Asia and Africa.
The pronounced weakness in the
trade balance, which began in the fourth
quarter of 1967, persisted through
1968. Small export surpluses in the
first three quarters were followed by an
adverse swing of over $460 million to an
import surplus in the fourth quarter.
To a large extent, that shift was due
to distortions in trade movements
resulting first from anticipations of
dockworkers' strikes and later from
their actual start.
These disrupted movements of exports and, to a smaller extent, of
imports in each quarter of 1968. The
March strike on New York docks
affected both March and April movements. The Atlantic and Gulf coast
strikes—expected to begin October 1
but deferred until December 20 and not
settled for major ports until the latter
part of February
1969—affected
monthly movements at least from
September. Distortions in trends will
probably continue into the second
quarter of this year. These distortions
make it difficult to analyze quarterly
trade developments.
March 1969
Sharp rise in imports
Underlying trade trends during 1968
were also blurred by the effects of
strikes or threats of strikes in domestic
metal industries. Copper imports were
unusually large in the first half of 1968
because of the long copper strike, and
steel imports were extraordinarily high
throughout the year because of strikehedge inventory buying in anticipation
of a steel strike, which was averted by
the signing of a new labor contract late
in July. To a smaller degree, exports of
copper and steel were also affected
adversely.
About $650 million of the 1968
import rise may be attributed to actual
or anticipated strikes in domestic metal
industries. Another factor was the increase of about $1 billion in imports of
automobiles and parts from Canada
under the U.S.-Canadian Automotive
Products Trade Act.
The rest of the 1968 import rise, $4.6
billion, reflects mainly the influence of
the sharp increase in domestic incomes
and the increasing capability of foreign
producers to meet the demand of U.S.
businesses and consumers. During the
past decade, imports (exclusive of
Canadian automotive products and
irregular imports due to strikes and
other temporary factors) have grown
at a somewhat faster average annual
rate than GNP (table B2). However,
in years when the GNP growth rate
has been well above the average, the
import growth rate was substantially
higher than that of GNP. In 1968,
when GNP increased 9 percent, imports rose over 17 percent.
Foodstuffs, automobiles, and other
consumer goods accounted for more
than half of the $4.6 billion advance.
Imports of automobiles and parts from
countries other than Canada expanded
about $650 million or 65 percent;
those of other nonfood consumer goods
rose $1.1 billion or 26 percent. In
both dollars and percentage terms,
these increases were higher than those
in any other year of the 1960's. In
addition, purchases of foodstuffs and
beverages rose $700 million; about
$200 million was due to larger expenditures for coffee and sugar but by
far the larger part of the rise resulted
SURVEY OF CUEEENT BUSINESS
from imports of meat and fish products,
fruits, and alcoholic beverages.
Imports of capital goods—other than
automotive products—rose about $450
million and amounted to $2.8 billion.
The increase of nearly 20 percent was
more than twice as large as the rise in
total domestic purchases of producers'
durable equipment.
Industrial materials accounted for
about $1.7 billion or 35 percent of the
import rise—not counting those that
were imported to meet strike-related
shortages. A relatively large part of
that increase—over $300 million—
was in building materials, mainly lumber and other wood products. Almost
as large was the increase in petroleum,
which compensated for the interruptions of imports in 1967.
Exports higher
Nonmilitary merchandise exports in
1968 rose $2.9 billion to $33.4 billion
despite a decline of $150 million in
agricultural exports.
The $3,050 million increase in nonagricultural exports included a rise
of more than $600 million (to $1.4 billion) in exports of civilian aircraft and
an equally large increase (to $2.4 billion) in reported shipments of automobiles and parts to Canada. (The
latter figures do not identify shipments
made under the U.S.-Canadian Automotive Products Trade Act. Some of
$2.4 billion is not covered by the Act,
and some materials and parts that
are shipped under the provisions of the
Act are included in other commodity
classifications.) The remainder of the
increase in nonagricultural exports included about $1 billion in industrial
supplies (half of it in chemicals), $600
million in capital goods, and $200
million in consumer goods.
Exports of nonagricultural products,
other than civilian aircraft and automotive products shipped to Canada,
advanced over 8 percent in 1968, while
industrial production in Canada, Japan,
and Western Europe rose slightly more.
Increases in these nonagricultural exports and in foreign industrial production have been relatively close during
the past 10 years (table B2). From 1958
through 1967, nonagricultural exports
29
(other than aircraft and automotive
exports to Canada) showed an average
annual rate of growth of about 7 percent, just slightly under that for foreign
industrial production.
Other Goods and Services
Net receipts from goods and services
other than nonmilitary trade were
$1,860 million in 1968, about $570
million higher than in 1967 (table 1).
Most of the improvement resulted
from larger receipts of income on U.S.
direct investment in foreign countries
and from a decline in U.S. foreign
travel.
Receipts from income on U.S. direct
investment abroad rose about $450
million in 1968 to $4,970 million, and
income on other U.S. private foreign
assets rose about $225 million. Part of
the $675 million rise in private income
receipts, however, was offset by a $400
million increase in private income payments on foreign investments in the
United States.
Although 1968 income receipts on
direct investments were higher than
the year before, there was little change
in these receipts from mid-1967 through
1968. About 60 percent of the 1967-68
rise came from investments in the oilproducing countries of Asia and Africa.
Incomes from Canada rose $65 million,
from Latin America $60 million, and
from Europe only $50 million.
Net income receipts on U.S. Government assets and liabilities rose about
$50 million in 1968. Income receipts
alone rose about $150 million despite
the deferral of the British interest payment of $65 million, which is usually
paid at the end of December.
The balance on travel expenditures
(excluding fares) improved about $225
million in 1968, through a combination
of a $115 million rise in foreign travel
expenditures in the United States
(mostly by Canadians) and a $110
million drop in U.S. tourist expenditures abroad, the first decline since
World War II. U.S. tourist expenditures in Canada receded $240 million
from the exceptionally large amount
spent in 1967 mainly because of Expo
'67. Moreover, tourist expenditures in
Western Europe rose very little in 1968,
SURVEY OF CURRENT BUSINESS
30
March 1969
Table C.—Government Grants and Transactions Increasing Government Assets
Private Capital Transactions
Capital transactions between private
U.S. and private foreign residents
1967
1968
1967
1968 v
(excluding changes in liquid funds) in
I
IV P
II
III
IV
I
II
IIP
1968 resulted in net capital inflows of
about $1.0 billion (table Al). Not only
Total (table 1, lines 29, 42, and 43,
with sign reversed)
5 191 5 359
1 237
1 333 1 430 1 144 1 984
1 449 1 508 1 165
was this the first year since World
Less: Estimated dollar payments to
War II that net capital flows moved to
foreign countries and international
and regional organizations (table 5,
the United States, but the magnitude
line A. 34)i_..
731
633
r 206
182
171
184
190
186
126
119
of the net inflow was also quite
Equals: Estimated transactions involving no direct dollar outflow
significant.
from the United States (table 5,
line A. 26)
4 461
4 726
1 162 1 247
1 098 1 323 r } 303
1 055
954
1 046
The change from net outflows to
Under farm product disposal
net
inflows was not gradual but rather
programs
1,232
1,286
249
335
416
295
408
240
401
174
Under Foreign Assistance Acts
abrupt,
since in 1967 net outflows were
and related programs
1,754
1,865
559
431
410
435
449
465
'463
408
Under Export-Import Bank Act_ 1,229
1,418
337
342
269
400
382
281
305
331
$3.5
billion,
and in 1966 about $3
_1
Other
80
322
62
—32
50
51
86
119
68
billion.
Within
1968, a relatively large
r
Revised.
» Preliminary.
net
inflow
was
recorded in the first
1. The identification of transactions involving direct dollar outflow from the United States is made by the operating
agency. Data for third and fourth quarters 1968 are based on extrapolations by OBE.
quarter and a smaller inflow in the
NOTE.—Details may not add to totals because of rounding.
second. In the third quarter, capital
transactions resulted in net outflows
partly because of unsettled monetary 1968, about the same as in 1967. This of about $460 million, but in the
and political conditions in that area figure includes receipts for loan repay- following quarter, there was a shift
and partly in response to the request to ments, which were about $125 million back to net inflows of about $790
support the 1968 balance of payments higher than ^in 1967; however, other million, a large part of which appears
program by reducing travel outside the cash receipts were correspondingly to have occurred toward the end of the
Western Hemisphere. Passenger fare lower. In the fourth quarter alone, year.
The reversal in the net flow of private
payments to foreign carriers also rose two-fifths of the 1968 total or $410
considerably less in 1968 than in other million was received, of which $110 capital reflected changes in several
recent years because, in addition to million was in loan repayments. The types of transactions:
(1) The net movement of U.S. corpothe small rise in travel outside of fourth quarter increase, which included
Canada, the use of U.S. carriers $135 million in prepayments from rate capital (including both assets and
apparently increased.
Germany, was one of the factors con- liabilities) changed from net outflows
Military
expenditures
increased tributing to the large improvement in of $3 billion in 1966 and $2.8 billion in
about $220 million in 1968, and most of the balance of payments during that 1967 to about $380 million in 1968. The
change from the previous pattern of
that rise was matched by higher trans- period.
fers under military sales contracts.
Table Dl.—Foreign Assets and Liabilities of U.S. Corporations
In 1966 and 1967, during the buildup
in Vietnam, military expenditures had
(Excluding banking and brokerage claims and liabilities)
risen $800 million and $600 million
[Millions of dollars]
respectively.
[Millions of dollars]
Credits +, debits [Lines in tables 1, 2, and 8 in
which transactions are included are indicated in ( )]
Government Transactions
U.S. Government nonmilitary grants
and transactions increasing Government assets rose about $170 million in
1968. Increases in Export-Import Bank
lending more than offset decreases in
disbursements under farm product disposal programs and under the Foreign
Assistance Act programs. Outflows—
after seasonal adjustment—were exceptionally high in the first quarter of
1968, but declined in the next three
quarters.
Cash receipts related to military
sales abroad were $1,020 million in
1968
1967
1966
1967
1968
I
II
III
IV
I
II
III
IV
Seasonally adjusted
1
-3, 623 -3, 020 -2, 743 -653 -651 -902
Direct investments (33)
-815 -374 -1,035 -1, 168
-167
5
Other corporate claims:
Long-term (39)
Short-term 1 (40)
Funds obtained
through security
issues (table D2,
line 3)
..
Other
..
-143
-182
6
Corporate liabilities:
New issues of securities (52).
594
446
2,190
92
99
138
117
581
585
588
436
180
279
89
278
687
362
125
59
-24
45
-15
156
3
18
154
-59
176
165
26
221
331
35
-383 -489 -556 -556 -1,211
19
-529
-417
543
2
3
4
7
8
9
Other corporate liabilities:
Long-term (54)
Short-term 1 (55)
Total
-112
-325
-289
—315
-96 -1,073
310
-219
-3,007 -2,811
-116
-763
1. Excludes claims and liabilities reported by U.S. brokers.
NOTE.—Details may not add to totals because of rounding.
-68 -170
—44
145
42
25
-93
45
-441 -328
-23
-397
-15
-69
-123
31
-15
-29
-4
149
-60
85
-17 -393
-424
65
-522
125
-206
137
48
-17
March 1969
corporate capital flows was most pronounced in the last quarter of the
year, when almost $550 million was
transferred to the United States, largely
through increases in liabilities of U.S.
corporations or through repatriations
from their foreign affiliates.
(2) Foreign direct investments resulted in an increase in capital inflows
from $250 million in 1967 to $360
million in 1968. The 1968 inflow included a single transaction of $200
million in the first quarter. If this is
omitted, the inflow in 1968 was less
than in the previous year.
(3) Transactions in U.S. and foreign
securities (excluding the special financial transactions shown in table A2 and
excluding the bonds issued abroad by
U.S. corporations, which are covered
in point 1 above) resulted in net capital
inflows of about $700 million in 1968
as compared with net outflows of about
$420 million in 1967, a swing of more
than $1.1 billion. The increase corresponds closely to the one in foreign net
purchases of U.S. stocks.
(4) Transactions reported by U.S.
banks for themselves and for their
domestic custody accounts showed a
$260 million inflow of capital in 1968
as compared with a $490 million outflow in 1967—a shift of $750 million.
About $70 million of the shift was due
to larger repayments of credits with an
original maturity of 1 year or more.
By far the larger part resulted from a
decline in the net outflow of capital
through loans with shorter or indefinite
maturities.
(5) Claims and liabilities reported
by brokerage concerns changed from
net capital outflows of nearly $50
million in 1967 to net inflows of about
$100 million in 1968, a shift of $150
million.
Factors in the changes
The extraordinary changes in private
capital flows during 1968 reflected the
varying effects of the more stringent
regulations on outflows for direct investments and through banking operations
as well as changes in domestic monetary
policy. Furthermore, financial and political developments abroad may have
been a major influence. These factors
tended to reinforce each other, and
SUEVEY OF CUKEENT BUSINESS
31
Table D2.—Uses of Funds Obtained Abroad by U.S. Corporations Through the Issue of
New Securities 1
[Millions of dollars]
ne
Credits +, debits [Lines in tables 1,2, and 8 in which
transactions are included are indicated
in( ) ]
1966
1967
1967
I
594
New issues of securities (52) .
II
III
IV
I
II
III
138
117
681
585
588
436
—63 —221
—288
2 190
92
99
Uses of funds:
Additions to and refinancing of direct
investments (33)
-278
-712
-445
Short-term claims reported by U.S.
residents other than banks (40)
-143 -96 -1,073
-77
—61
—59
—81 —140
-15
-4
-60
-17 -393
-24
—19
Reduction in corporate liabilities to foreign residents (54, 5 5 ) _ _
Transfers of funds to U.S. residents
(59)
446
1968
1968
-48
-2
-522
-206
IV
48
o
—5
2
-6
-24
-10
-403
— 14
—48
— 161
— 194
companies.
2. A (—) reflects a decline in foreign deposits and money market paper held in the United States.
their effects cannot yet be evaluated
In the second quarter, the new reguseparately.
lations to restrain capital outflows for
In the first quarter of the year, the direct investments became better denet inflow of capital—aside from the fined and understood. The financial
single $200 million transaction involv- difficulties in Canada subsided. The
ing foreign direct investment in the gold problem and the related uncerUnited States—probably reflected the tainties concerning the future exchange
first impact of the new regulations rate of the dollar were resolved with
under the restraint programs on corpo- the separation of the official and prirate and banking transactions. How- vate gold markets and the confirmaever, other developments also contrib- tion of the continuation of the gold
uted to the change in the direction of price at $35 per ounce for official
capital investments in that period. transactions. However, a new financial
Monetary policy tightened. Financial crisis broke out in France, and the
difficulties had developed in Canada, tightness in the domestic capital marand those affecting the British pound ket continued.
continued. Uncertainties concerning the
Net capital inflows into the United
international monetary structure, which States occurred again during the spring
were reflected in the intense foreign quarter but were at a lower rate,
demand for gold, may also have dis(Text Continued on page 45}
couraged long-term foreign investments.
Table D3.—Transactions in U.S. Securities Other Than Treasury Issues
[Millions of dollars]
Line
1
Increase in foreign assets (+)
[Transactions are included in tables 1, 2,
and 8, in line 521
1967
1968
909 1,016 24,174
Total
K 68
19 67
1966
I
II
III
133
329
520
IV
I
II
III
34 2748 1,056 1,121
IV
1,248
2 New issues of securities sold abroad by
U.S. corporations * -
594
446
2,190
92
99
138
117
581
585
588
436
3 Investment by international and regional
organizations in nonguaranteed U.S.
Government agency bonds
244
121
117
-6
71
67
-11
-38
-42
78
119
435 2205
56 -80
379 2285
513
38
475
455
-7
462
693
-52
745
4 Liquidation of U.S. securities other than
Treasury issues by United Kingdom
—101 —453
(Government and private)
5 Other transactions
6
Bonds
7
Stocks
. _.
172
-48
220
903 2 1, 866
88
-101
815 2 1, 967
-28
71
75
2
73
88
8
80
10 -507
305
22
283
1. Securities issued by subsidiaries incorporated in the Netherlands Antilles are treated as if they had been issued by
U S corporations if the proceeds of such issues are transferred to U.S. parent companies.
2. Excludes purchase of $210 million by a foreign company of stocks issued by its U.S. subsidiary. This purchase is treated
as a foreign direct investment in the United States.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
32
March 1969
TabJe 1.—U.S. International Transactions
[Millions of dollars]
19(57
1967
(Credits +; debits -)
Line
I
1
2
3
4
5
6
Exports of goods and services
-Excluding transfers under military grants
7
g
9
10
Travel
-Fees and royalties from direct investments
Other private services
Other U S Government services
11
12
13
Income on U.S. investments abroad:
Direct investments ^
Other privste assets
U S Government assets
14
-_ _ - -
-
-
--
- --
___
-
Imports of goods and services
_
-
15
16
17
Merchandise adjusted excluding military '
Military expenditures
- -Transportation
18
19
20
Travel
-- - - - - - Private payments for other services
TJ S Government payments for other services
21
22
Income on foreign investments
in the United States:
Private payments 2
-- U S Government payments
--
-
---
- - -
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers net* transfers to foreigners ( — )
Excluding military grants
27
28
29
30
-
_
Private remittances
-IMilitary grants of goods and services
Other U S Government grants
U S Government pensions and other transfers
--
-- -
- - - - --
--
31
Balance on goods,
services, and unilateral transfers (lines 23 and 25, or
2 4 a n d 2 6 )3
_ _ _ _ _ _
32
Transactions in U S private assets net; increase in assets ( — )
--
33
34
35
36
Direct investments ^
Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
- -
37
38
Claims reported by U.S. banks:1
Long-term
Short-term
39
40
Claims reported by U.S. residents other than banks: l
Long-term
Short-term
41
- -
-
-- -- --
-- --
- --
Transactions in U.S. Government assets, excluding official reserve assets,
net * increase in assets ()
- -
II r
III'
IV »
11,033
10 879
12,229
12 071
ll, 896
11 660
13,131
12 908
12,728
12 502
13 281
13 129
30, 468
1,240
905
2 701
33, 376
1,423
837
2,860
7,589
328
344
622
7,911
377
249
676
7,146
206
154
711
7 822
328
158
692
7 884
299
236
659
8 584
419
223
710
8 238
342
226
782
8 670
364
152
709
1,646
1 140
1,367
336
1,762
1 254
1,487
353
358
256
344
81
427
277
346
90
502
292
336
80
359
316
341
85
374
282
354
90
467
306
375
95
538
326
378
83
383
340
380
84
4 517
1,717
_624
4,968
1, 943
774
1,034
418
118
965
435
154
1,072
415
119
1,446
449
234
1 103
451
165
1 252
490
210
1 156
492
168
1 458
510
232
-40,989
-48,234
-9,688
-10,190
-10,508
-10,603
-11,033
—11,985
—12,846
—12 370
—26 991
-4, 340
—2 982
—33 273
-4, 561
-3, 162
—6 646
-1, 072
-686
—6 622
-1,065
-829
—6 430
-1,098
-772
—7 293
-1,104
—695
—7 746
-1,110
—718
—8 278
-1, 123
—830
—8 512
—1, 145
—873
8 737
-l' 183
—742
-3, 195
—501
—688
-3, 083
-597
—753
-464
-118
—151
-863
-121
—146
-1,325
-130
—208
-543
-131
—183
-511
-142
—158
-780
—144
—146
-1, 257
—156
—202
-535
—155
—248
-1, 695
—598
-2, 105
—700
-412
-138
-397
-148
-407
—138
-479
-174
-470
—178
-508
—177
-541
—160
-586
—184
5 672
4 768
2,802
1 965
1,804
1 460
1,717
1 468
525
371
1,626
1 469
863
627
1 146
922
—118
—344
911
759
—3 981
—3 076
—3 709
—2,872
— 1,083
-739
-1,153
-904
—950
—796
—795
—637
—887
—651
—981
—758
—919
—694
—922
—770
-835
—905
-1 800
441
-750
-837
-1, 714
—409
-162
-344
-485
—92
-299
-249
-509
—96
-194
-154
-445
—156
-180
-158
-361
—96
-164
-236
-393
—94
-199
-223
-469
—91
-182
-226
-391
122
-206
-152
-462
—102
-
_
I'-
11,907
11 658
.__
-
IV
11,492
11,148
-
-
III
51,036
50,199
-
---
II
46,661
45 756
-- - - - --
Merchandise adjusted excluding military J
Transfers under military sales contracts
_
Transfers under military grants net
Transportation
19(>8
1968 P
_
-907
721
564
831
-24
165
-1,037
-11
—5 504
—4,860
— 1,179
—957
—1,248
—2, 121
—878
—1,328
— 1,259
—1,396
-3, 020
—1 619
469
—116
-2, 743
—1 576
491
—203
-899
—349
100
—10
-423
-407
130
39
-719
—473
137
—73
-980
—390
102
—72
-589
-372
100
—113
-837
—353
220
12
-985
—297
91
—50
-333
-554
80
-52
285
-744
354
-100
153
-18
188
-390
—72
-77
16
-259
140
219
49
143
165
-79
(*)
-383
—289
-470
—116
-967
-68
-88
-170
76
42
-13
-93
-445
45
-308
-23
-539
-15
-89
-123
-31
1,692
-425
—2,411
—2,261
—655
—653
—515
—588
—734
—726
—519
-282
42
43
Loans and other long-term assets *
Foreign currencies a n d other assets 1
. _ _ _
—3 544
153
—3 668
22
—1 279
431
-781
-140
—704
5
-781
-142
-1, 174
119
-924
-116
-782 '
7
-788
13
44
45
Repayments on credits:
Scheduled
_ _. _
-Nonscheduled (including sales of foreign obligations to foreigners) _
975
6
1,115
269
194
268
(*)
178
5
335
(*)
280
42
311
3
200
55
324
169
52
-880
46
47
48
49
50
--
1,027
-419
-375
-181
904
-137
-571
-1,076
1,173
-1, 183
-870
51
1,007
-31
15
-424
-10
92
-462
-5
1,012
-1,145
40
1,362
-401
-57
22
267
-426
-74
-474
-23
-137
-575
-364
6,704
9,107
91
1,807
2,400
2,406
783
2,498
2,907
2,919
250
1,016
989
363
4,174
571
64
133
371
70
329
607
12
520
-158
104
34
169
256
748
61
33
1,056
172
28
1,121
116
46
1,248
222
89
388
687
666
125
94
-24
80
-15
174
3
40
154
-21
176
268
26
234
331
185
-16
469
-86
2,010
93
-
(*)
106
(*)
-55
335
-160
135
-46
273
-44
772
-32
409
36
556
_ _
412
3,107
-511
1,233
-14
-775
104
535
111
1,476
211
1,871
-33
97
-152
1,156
-114
410
-532
-199
-6
-342
163
-348
479
-155
Transactions in U.S. official reserve assets, net; increase in assets (-)
Gold
Convertible currencies
Gold tranche position i n IM F
- - -
-
. _ _
Transactions in foreign assets in the United States, net; increase in foreign
assets (U S liabilities) (+)
- --- ---
51
52
53
Direct investments 2
U S securities other than Treasury issues
Long-term liabilities reported by U.S. banks
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term
- _
-Short-term
-Nonn arketablel'a^il;tiesof U.S. Govern Tent, including medium-tern
securities payable prior to maturity only under special conditions: 1
56
57
Associated with specific transactions
Other medium-term securities
58
59
U S Treasury marketable or convertible bonds and notes 1
Deposits and money market paper held in the United States *
60
Errors and omissions net
--
-
1,170
-1, 024
-94
p Preliminary.
r Revised.
*Less than $500,000(±)
1. Details for lines 3 and 15 are given in table 4; for lines 29, 42, 43, 56, and 57, in table 5; for
lines 37 through 40 in table 6; and for lines 58 and 59, in table 7.
2. Excludes undistributed profits of subsidiaries.
-212
-430
-52
-472
3. Numerically equal to net foreign investment in U.S. national income and product
accounts.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
March 1969
33
Table 2.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
7
8
9
10
Travel _
...
Fees and royalties from direct investments
Other private services
Other U .S . Government services
11
12
13
Income on U.S. investments
abroad:
Direct investments 2
Other private assets
U.S. Government assets
14
11,715
11,371
11,626
11,377
7 661
335
344
670
7,703
12,086
11,850
12,830
12,607
13,508
13,282
12,615
12,463
7 626
245
154
680
7,478
7 914
8 379
8,835
8,248
336
249
670
323
158
681
306
236
710
360
223
705
403
226
748
355
152
697
421
271
338
81
384
295
343
90
417
295
343
80
424
280
343
85
442
299
348
90
421
326
373
95
447
328
384
83
452
301
382
84
1,019
424
151
970
421
165
1,237
434
156
1,291
1 086
1,253
438
153
457
198
474
221
1,334
515
205
1,296
497
151
— 10 078
— 10 108
— 10 154
— 10 648
—11 552
— 11 985
— 12 428
—12,270
—6, 686
—1 072
—767
—6, 605
—1 065
—745
—6, 541
—1 098
—720
—7, 159
—1 104
—750
—7,879
—1 110
—805
-8, 335
— 1 123
—747
-8, 592
—1 145
-813
-8, 467
—1,183
-798
—704
—841
—124
—168
—925
—124
— 165
— 124
—171
—725
—128
-184
—780
—148
-171
—761
—148
-168
-823
-149
-166
-719
-152
-249
-422
—138
—412
—148
-437
—138
—424
—174
-481
—178
-526
—177
-580
-160
-518
—184
1 637
1,293
1 518
1,269
1 513
1 359
1 006
848
534
298
845
622
1,080
854
345
193
-1,074
—730
-1,108
—859
-999
-799
—641
-878
—642
-936
-713
-975
-749
-923
-771
—170
—296
—249
—467
—202
—344
—468
—487
—167
-158
—378
—195
-223
—427
—92
—96
—156
—96
—172
-236
—376
04
-193
-226
-434
-122
-191
-152
-478
-102
563
410
514
207
-344
-91
105
-578
-1,448
-1,798
-908
-167
-525
80
-52
. . .
_. - . .
Merchandise, adjusted, excluding military l..
Military expenditures
Transportation
18
19
20
Travel
Private payments for other services
U.S. Government payments for other services . -
21
22
Income on foreign investments
in the United States:
Private payments 2
. . ... . _ . _
U.S. Government payments
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers, net; transfers to foreigners (— )
Excluding military grants-
.
Private remittances
Military grants of goods and services
_ . . _ . _.
Other U.S. Government grants l
U.S. Government pensions and other transfers .
31
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and 26) 3.
32
Transactions in U.S. private assets, net; increase in assets (— )
33
34
35
36
Direct investments 2
Foreign securities newly issued in the United States
Redemptions
. ..
Other transactions in foreign securities
. .
-975
-1,104
—845
—154
-1,788
—374
-372
—1 035
-315
100
— 113
220
12
—1 168
-364
91
—50
—363
16
79
140
163
49
147
165
-365
— 170
114
42
—17
—93
45
-23
-493
-296
-503
-15
-92
—572
—501
—630
—788
-645
-504
37
38
Claims reported by U.S. banks: *
Long-term
Short-term
153
—74
188
—72
—386
39
40
Claims reported by U.S. residents other than banks: l
Long-term ....
. .
Short-term
. _ . ...
—68
—74
—708
Transactions in U.S. Government assets, excluding official reserve assets, net;
increase in assets (— )
42
43
Loans and other long-term assets l 1
Foreign currencies and other assets
44
45
Repayments on credits:
Scheduled
Nonscheduled (including sales of foreign obligations to foreigners) - .
46
47
48
49
50
}
Direct investments 2 .
U.S. securities other than Treasury issues
..
Long-term liabilities reported by U.S. banks
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term
_ _ _ . _ _ . . _
Short-term
... _. _
..
266
233
5
(*)
-45
-123
-76
-325
—888
— 1, 134
—957
—814
258
304
42
309
3
255
55
247
169
(*)
1 027
—419
—375
-181
904
-137
-571
-1,076
51
1 007
—31
15
—424
— 10
92
—462
1,012
— 1, 145
1,362
—401
22
267
—5
-48
-57
-426
-74
-474
-23
-137
-575
-364
343
2,143
1,943
2,276
2,804
2,349
2,742
64
133
371
70
329
607
12
520
256
748
61
33
1,056
-158
104
34
169
172
28
1,121
116
46
1,248
222
125
94
-24
80
-15
174
3
40
154
-21
176
268
26
234
331
185
140
-102
-132
335
135
-61
273
8
772
-101
409
68
556
1, 177
1, 923
— 199
319
207
-34
-276
-483
Transactions in foreign assets in the United States, net; increase in foreign
assets (U.S. liabilities) (+)
51
52
53
-540
137
—73
-739
(*)
. . ...
—902
-838
218
Transactions in U.S. official reserve assets, net; increase in assets (— )
Gold
Convertible currencies _
Gold tranche position in IMF
-926
-707
-91
102
—72
—651
-368
130
39
—653
—349
. . ... .
-1,638
III'
II'
—815
-362
100
— 10
41
IV v
11,654
11,496
...
Imports of goods and services
III
11,667
11,513
._ _
15
16
17
27
28
29
30
II
I'
1 Exports of goods and services. . .
.
- . - _.- Excluding transfers under military grants
Merchandise, adjusted, excluding military l.
Transfers under military sales contracts
Transfers under military grants, net
Transportation ._ ... ._
. .. _
I
IV
2
3
4
5
6
1968
1967
(Credits+; debits-)
Line
._ . ..
1,211
Nonmarketable liabilities of U.S. Government, including medium-term
securities payable prior to maturity only under special conditions:!
56
57
58
59
60
Associated with specific transactions
Other medium-term securities _ .
78
.
U.S. Treasury marketable or convertible bonds and notes l !
Deposits and money market paper held in the United States
|
Errors and omissions, net
*r Preliminary.
Revised.
*Less than $500,000(±).
1. Details for lines 3 and 15 are given in.table 4; for lines 29, 42, 43, 56, and 57, in table 5;
for lines 37 through 40, in table 6; and for lines 58 and 59, in table 7.
(*)
(*)
—522
—250
941
-458
Sfi
419
145
2. Excludes undistributed profits of subsidiaries.
3. Numerically equal to net foreign investment in U.S. national income and product
accounts.
Source: U.S. Department of Commerce, Office of Business Economics.
SURVEY OF CURRENT BUSINESS
34
March 1969
Table 3.—U.S. Balance of Payments and Reserve Position
[Millions of dollars]
19 67
19 68
1968 P
1967
Line
in>
I
II
- -
-505
-522
-802
— 1,7412
—705
— 182
55
990
. . _ _ _ .
—267
—302
410
159
—443
255
488
210
III
IV
I'
II'
IV v
Amounts
outstanding December 31,
1968
Balance on liquidity basis— measured by increase in U.S.
official reserve assets and decrease in liquid liabilities to all
foreigners:
1
Seasonally adjusted; decrease in net assets (— )
2
Less seasonal adjustment
3
Before seasonal adjustment (lines 4 and 8, with sign
reversed)
__
..
-.
- - --- - -
4
5
6
8
9
10
11
12
--
-
U.S. official reserve assets (table 1 line 46); increase ( — ) - - -
158
-238
-220
-1,212
— 1,901
—262
73
—433
780
52
-880
1,027
-419
-375
-181
904
-137
-571
-1,076
15,710
1 173
—1 183
—870
51
1 007
—31
15
—424
—10
92
—462
—5
1 012
1 145
1 362
22
74
107
•I ft OQO
48
401
57
267
426
474
23
575
364
3 519
722
—789
639
1 587
2 082
642
64
1 004
9Qfi
2,062
1 262
413
-218
-3, 110
3 382
368
82
—80
753
80
—36
544
161
12
—78
281
1 265
96
—55
1 317
—1 363
589
225
—49
638
4
79
2 201
2 248
37
975
45
21
491
1 170
—1 024
—94
Gold
Convertible currencies
IMF gold tranche position
Liquid liabilities to all foreigners (table 1, lines 58 and 59);
decrease ( — )
To
To
To
To
-3,571
official agencies .
commercial banks 1
other foreign residents and unallocated 2
international and regional organizations
_ _ ..
97
80
470
222
62
3
1
roo
9QO
qq QKK
13 569
J.R7
H
5
AC-I
7AQ
Balance on official reserve transactions basis— measured by
increase in U.S. official reserve assets and decrease in liquid
and certain nonliquid liabilities to foreign official agencies:
13
Seasonally adjusted; decrease in net assets ( — )
14
Less seasonal adjustment
15
Before seasonal adjustment (lines 16 through 18, with sign
reversed) ..
.-_____..
..._.--..
.. .
- -
. - . _ - -
— 1,764
—806
247
— 1 082
—571
1 509
423
256
-485
—101
272
314
—661
—54
350
365
-3,405
1,617
—1,279
—705
-25
—1,396
90
1 563
73
—109
52
-880
1,027
—419
—375
—181
904
—137
571
—1 076
15 710
16
U.S. official reserve assets (line 4); increase (— )
17
Liquid liabilities to foreign official agencies (line 9);
decrease ( — )
2,062
-3, 110
—80
544
281
1 317
—1 363
—2 201
37
491
13 569
18
Certain nonliquid liabilities to foreign official agencies;
decrease ( — )
1,291
2,373
332
580
119
260
369
775
535
694
5 096
19
Liabilities reported by U.S. private residents
(table 1, portion of line 53) _ __ _..
- -
839
524
304
587
-212
160
122
148
129
125
2 331
20
Liabilities reported by U.S. Government (table
1, portions of lines 56 and 57) -
452
1,849
28
-7
331
100
247
627
406
569
2 765
- -_.
r
p Preliminary.
Revised.
1. Includes deposits of foreign branches of U.S. banks and of foreign commercial banks,
associated with their U.S.-dollar denominated liabilities to foreign official agencies.
2. May include U.S. Government bonds and notes held by foreign commercial banks.
NOTE.—Data for 1967 correspond to those published in the June 1968 SURVEY.
SUEVEY OF CURRENT BUSINESS
March 1969
35
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
1967
Line
1967
1968
v
1
II
1968
III
IV
I'
II '
1967
III'
IVP
I
II
Not seasonally adjusted
Plus merchandise exports, other than military grant shipments, excluded from line 1 but included in Census data 1 _
Less merchandise exports
included in line 1 but excluded
from Census data 2
. . .
_
Less miscellaneous and special
adjustments to Census data
incorporated in line 1, net 3_
3
4
5
6
8
9
10
Agricultural goods.
.
_ . . .
Nonagricultural goods *
Excluding military grant shipments 4 _
Plus merchandise imports
excluded from line 11 but included in Census data 6
Less merchandise imports
included
in line 11 but excluded
from Census data 7
Less miscellaneous and special
adjustments
to Census data
incorporated in line 11, net 3
III' TV*
Seasonally adjusted
669
818
155
123
163
228
170
164
214
270
90
107
25
21
24
20
32
22
31
22
6
1
4
6
18
-18
17
31,622 34,660 7,855 8,143 7,460 8,164 8,169 8,820 8,595 9,076 7,945 7,953 7,959 7,838 8,203 8,618 9,196 8,658
207
273
54 o 47
50
56
66
67
67
252
328
55
59
57
81
97
89
70
72
57
-34
10
4
43
-49
50
-35
15
Equals : Merchandise imports, Census basis (general imports) *.
16
Balance on merchandise trade, Census basis, excluding
military grant shipments (line 5 less line 15)
_ . . . . . _4,141
835 1,078 1,406
858
799
258
452
Balance on merchandise trade, adjusted (line 1 less line 11) . 3,477
943 1,289
716
529
138
306 -274
17
II r
26,991 33,273 6,646 6,622 6,430 7,293 7,746 8,278 8,512 8,737 6,686 6,605 6,541 7,159 7,879 8,335 8,592 8,467
Merchandise imports, adjusted (table 1, line 15)
12
14
I'
6,448 6,301 1,613 1,612 1,445 1,778 1,656 1,504 1,440 1,701 1,642 1,659 1,604 1,551 1,671 1,553 1,617 1,476
25, 174 28,359 6,242 6,531 6,015 6,386 6,513 7,316 7,155 7,375
24,582 27,786 6,100 6,400 5,836 6,246 6,366 7,204 6,999 7, 217 6,161 6,163 6,176 6,147 6,385 6,953 7,423 7,024
. _
11
13
IV
Equals: Merchandise exports, Census basis, including reexports, excluding military grant shipments *
31,030 34,087 7,713 8,012 7,281 8,024 8,022 8,708 8,439 8,918 7,803 7,822 7,780 7,698 8,056 8,506 9,040 8,500
112
112
147
156
158
142
131
147
158
142
131
179
140
179
140
156
Plus military grant shipments recorded in Census data « _ .
592
573
Equals: Merchandise exports, Census 4basis, including reexports and military grant shipments
7
III
30,468 33,376 7,589 7,911 7,146 7,822 7,884 8,584 8,238 8,670 7,661 7,703 7,626 7,478 7,914 8,379 8,835 8,248
1 Merchandise exports, adjusted (table 1, line 3)
2
1968
73
26,889 33,252 6,635 6,606 6,423 7,225 7,764 8,256 8,459 8,773 6,703 6,616 6,560 7,119 7,853 8,269 8,494 8,457
103
-20
145 1,100 1,206 1,220
579
203
237
975 1,098 1,085
319
35
44
-67
546
43
243 -219
TRADE BY END-USE CATEGORIES
18
Merchandise exports, Census basis, including military
grant shipments (line 7)
.. _
__ _
19
20
21
22
Foods, feeds, and beverages
Grains and preparations _
Soybeans
Other foods, feeds, and beverages - - - -
23
24
Industrial supplies and materials 4
Fuels and lubricants
_ _ _ _
4,998
2,997
771
1,230
_ _
25
26
27
28
29
30
Paper and paper base stocks
Textile supplies and materials
_ _-.
Raw cotton, including linters
Tobacco, umanufactured
Chemicals, excluding medicinals
_ .
Other nonmetals (hides, tallow, minerals, wood, rubber,
tires, etc.)
-
31
32
33
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel *
34
35
36
37
38
Capital goods, except automotive
__ - _ _ _
Machinery, except consumer-type
Electrical and electronic, and parts and attachments _ _
Nonelectrical, and parts and attachments
Construction machinery and nonfarm tractors and
parts - - -Textile and other specialized-industry machinery
a n d parts. .
_
_ _ _ _
_
Other industrial machinery and parts, n.e.s
Agricultural machinery and farm tractors and parts.
Business and office machines, computers, etc., and
parts
Scientific, professional, and service-industry equipment
Civilian aircraft, engines, parts
__
Other transportation equipment _ _ _ _ _
__
39
40
41
42
43
44
45
46
47
48
49
50
51
Automotive vehicles and parts (including engines and
parts)
To Canada
_ _ _ _
To all other areas
__
Passenger cars, new and used
Trucks, buses, and special vehicles _ _ __
Parts and accessories, including engines and parts
See footnotes at end of table.
31,622 34,660 7,855 8,143 7,460 8,164 8,169 8,820 8,595 9,076 7,945 7,953 7,959 7,838 8,203 8,618 9,196 8,658
4,813 1,226 1,235 1,137 1,400 1,271 1,140 1,071 1,331 1,269 1,231 1,240 1,263 1,308 1,140 1,173 1,192
669
792
831
667
657
822
671
632
687
745
705
750
713
718
831
2,821
744
214
207
174
214
171
322
193
201
127
270
183
134
209
178
190
184
810
302
309
270
292
322
315
333 289
293
299
332
257
298
308
305
1,182
298
9,971 11, 013 2,489 2,609 2,412 2,461 2,482 2,802 2,970 2,759 2,571 2,606 2,455 2,361 2,548 2,801 3,038 2,627
254
257
273
277
270
262
260
266
315
261
341
226
273
265
300
227
1,106 1,058
722
1,032
470
498
2,313
828
1,022
466
524
2,766
176
309
160
93
552
185
262
120
121
602
173
213
86
120
578
188
248
104
164
581
182
295
165
101
612
208
274
126
108
709
229
244
100
154
773
209
209
75
161
672
175
288
140
132
569
182
282
142
153
595
179
248
110
115
571
185
217
79
108
582
179
277
150
148
623
206
295
149
136
699
237
284
127
147
762
202
182
57
107
663
2,073
2,268
525
542
487
519
535
576
593
564
518
534
513
514
521
566
623
551
324
702
275
740
67
201
97
180
92
158
68
163
56
157
65
174
76
189
78
220
89
209
85
174
77
168
74
153
74
162
57
168
63
201
84
205
1,201
1,532
339
347
250
265
318
418
412
384
331
335
269
267
307
401
444
379
9,913 11,082 2,471 2,612 2,335 2,495 2,649 2,910 2,737 2,786 2,449 2,492 2,515 2,480 2,609 2,781 2,958 2,745
8,115 8,648 2,046 2,159 1,904 2,006 2,037 2,263 2,159 2,189 2,040 2,061 2,041 1,982 2,027 2,167 2,320 2,142
389
362
415
362
361 394
364
401 349
356
372
337
365
405
386
1,426 1,557
353
6,689 7,091 1,693 1,787 1,567 1,642 1,672 1,858 1,773 1,788 1,691 1,699 1,679 1,626 1,666 1,773 1,905 1,753
393
427
371
316
331 376
394
349
363
314
397
348
327
409
370
364
1,396 1,527
673
2,885
448
710
3,065
412
158
722
132
183
758
146
161
675
88
171
730
82
163
734
115
188
822
116
175
756
91
184
753
90
165
724
123
176
732
121
171
720
99
163
714
99
170
734
107
181
794
96
186
807
104
173
728
108
842
902
210
211
189
232
217
210
227
248
202
209
211
220
209
208
256
232
445
1,614
184
475
2,331
103
107
372
53
119
392
61
106
389
42
113
461
28
116
587
25
125
614
33
115
558
20
119
572
25
106
349
60
112
374
57
115
429
45
114
473
25
115
554
28
118
583
31
125
616
22
119
582
21
2,784
1,755
1,029
824
413
1,547
3,452
2,378
1,074
982
432
2,038
682
413
269
202
105
375
727
461
266
216
119
392
592
356
236
137
100
355
783
525
258
269
89
425
793
534
259
280
97
416
935
646
289
247
115
573
705 1,019
737
461
244
282
301
154
121
99
452
597
672
397
275
194
110
368
707
448
259
223
109
375
721
463
258
214
103
404
688
448
240
199
90
399
773
512
261
267
101
405
909
628
281
255
105
549
864
597
267
243
102
519
892
629
263
218
122
552
SURVEY OF CURRENT BUSINESS
36
•March 1969
Table 4.—U.S. Merchandise Trade—Continued
[Millions of dollars]1
1968
1967
1967
Line
1968 v
I
II
III
IV
I'
II '
1967
III'
IV*
I^
II
1968
III
Not seasonally adjusted
IV
I'
II '
III'
ryp
Seasonally adjusted
TRADE BY END-USE CATEGORIES— Continued
52
53
54
55
Consumer goods (nonfood) except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
_. . __ .
Unmanufactured consumer goods (gem stones, precious
and nonprecious)
56
Special category (military-type goods)
57
58
59
Exports, n.e.c , and reexports
Domestic (low-value, miscellaneous)
Foreign (reexports)
60
Merchandise imports, Census basis (line 15)*
61
62
63
64
65
Foods feeds and beverages
Coffee cocoa, and sugar
Green coffee
Cane sugar
Other foods feeds and beverages
66
67
Industrial supplies and materials *
Fuels a n d lubricants
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
2,111
825
1,222
542
216
310
505
188
303
525
207
302
528
207
302
615
235
353
611
221
366
580
227
324
542
217
308
526
205
306
_ __
519
204
299
528
209
301
598
224
349
639
234
375
569
222
318
99
18
16
14
16
19
27
24
29
17
15
17
16
18
25
30
29
1,123
269
222
294
318
256
204
294
369
255
209
308
342
240
192
310
395
843
414
429
179
83
96
196
96
100
185
88
97
182
92
90
190
92
98
214
107
107
207
101
106
232
114
118
187
89
98
182
89
93
193
93
100
185
91
94
197
96
101
197
98
99
214
104
110
238
116
122
26,889 33,252 6,635 6,606 6,423 7,225 7,764 8,256 8,459 8,773 6,703 6,616
- - - - - -
527
200
310
64
4,586
1,698
962
589
2,888
6,560 7,119
7,853 8,269 8,494 8,457.
5,271 1,149 1,099 1,105 1,233 1,187 1,301 1,438 1,345 1,181 1,125 1,128 1,173 1,222 1,333 1,434 1,256
411
449
540
443
430
413
495
458
449
502
433
412
522
1,915
409
429
437
261
236
325
257
244
246
268
244
268
334
247
232
285
1,139
230
235
289
117
144
155
144
182
189
161
168
138
156
186
140
152
641
152
176
109
700
822
806
898
902
695
715
823
723
761
773
811
932
3,356
690
676
750
11, 849 14, 159 3,014 2,964 2,768 3,103 3,510 3,590 3,573 3,486 3,038 2,908 2,784 3,166 3,558 3,522 3,518 3,488
564
621
571
501
568
632
653
602
674
568
595
638
583
557
490
657
_ _ _ _ _ 2,232 2,510
Paper and paper base stocks
- - - 1,386 1,431
Materials associated with nondurable goods output,
n es
2,371 2,755
Textile supplies and materials
_ _
1,015 1,182
Tobacco unmanufactured
162
149
Chemicals excluding medicinals
584
693
Other (hides, copra, materials for making photos,
drugs, dyes)
_
610
731
Building materials, except metals
539
214
307
1,103
742
359
383
__ __ _ -
2,334
890
1,345
_ __
Materials associated with durable goods output, n.e.s.*.
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 and parts
Other industrial machinery and parts, n.e.s
Agricultural machinery and farm tractors and parts _
Business and office machines, computers, etc., and
parts..
._
_..
Scientific, professional and service-industry equipment and parts; and miscellaneous transportation
equipment
Civilian aircraft, engines, parts
754
1,073
345
355
334
352
337
378
336
380
358
350
336
343
350
373
336
362
686
280
74
155
585
250
41
157
513
236
8
133
587
249
39
139
735
299
81
172
690
302
24
176
668
304
10
173
662
277
34
172
615
267
40
154
565
242
35
146
577
248
39
141
628
263
57
143
664
287
44
173
674
292
22
164
729
311
43
181
690
287
50
173
177
137
136
160
183
188
181
179
154
142
149
165
160
196
194
180
164
190
209
191
216
253
292
312
183
179
190
204
242
240
263
326
5,106
681
1,422
6,390 1,198 1,277 1,222 1,409 1,565 1,701 1,645 1,479 1,314 1,243 1,180 1,396 1,700 1,652 1,552 1,436
130
187
152
189
209
160
199
171
145
175
167
171
178
181
109
667
183
395
340
313
556
613
535
353
335
402
477
563
532
522
419
2,123
356
358
2,259
2,733
566
744
2,382
2,252
535
1,717
867
2,831
2,644
699
1,945
189
613
577
138
439
378
650
352
461
737
338
183
502
629
832
750
590
561
577
559
505
624
854
746
583
540
178
599
572
124
448
179
573
541
131
410
198
597
562
142
420
205
678
633
153
480
206
692
646
164
482
233
705
666
180
486
223
756
699
202
497
185
600
564
136
428
178
587
560
129
431
183
601
569
134
435
198
604
569
138
431
202
666
621
152
469
206
679
633
169
464
235
720
681
179
502
219
750
693
193
500
98
154
99
96
161
108
93
166
73
91
169
72
111
171
106
108
192
82
119
186
78
123
188
72
97
153
88
96
163
90
95
168
90
92
170
83
111
170
96
107
192
68
118
183
94
122
186
82
231
50
46
39
48
51
56
56
68
50
45
44
45
50
54
63
63
154
130
178
187
38
36
37
27
39
32
40
35
41
45
44
46
47
39
46
57
40
36
37
27
38
32
41
35
42
45
43
46
44
39
47
57
536
333
203
318
69
149
796
492
304
535
85
176
992 1,077
657
595
420
397
729
632
99
110
249
250
889
491
398
581
99
209
1,337
876
461
853
172
312
583
331
252
377
64
142
655
412
243
419
84
152
680
434
246
420
91
169
737
438
299
494
72
171
562
91
92
93
94
95
Automotive vehicles and parts (including engines and
parts) From Canada
From all other areas
. . ..
Passenger cars, new and used
Trucks, buses, and special vehicles
._ .
Parts and accessories (including engines and parts)
2,634
1,599
1,035
1,701
302
631
4,295
2,619
1,676
2,795
480
1,020
648
355
293
428
69
151
654
419
235
420
79
155
96
97
98
99
Consumer goods (nonfood), except automotive
Consumer durables, manufactured. - . . .
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems, nursery stock) _
4,213
2,190
1,556
467
5,332
2,752
2,013
567
946
495
342
109
985 1,130 1,152 1,094 1,258 1,517 1,463 1,031 1,036 1,048 1,108 1,197 1,323 1,385 1,381
604
654
612
534
730
788
538
578
735
784
546
633
516
567
547
382
513
510
388
410
471
505
410
592
519
378
478
362
424
442
141
122
164
120
122
120
137
130
141
156
107
123
147
107
121
IOC
Imports, n.e.s. (low value, goods returned, military aircraft, government purchased uranium, movies, exhibits) _
1,225
1,364
265
305
90
T
» Preliminary. Revised.
1. Consists mainly of exports of military equipment under Defense Department sales
contracts with foreign governments to the extent that such exports are included in the Census
data. Also includes net additions of domestically owned goods into storage abroad (e.g.,
U.S. grain stored in Canada); exports to the Panama Canal Zone; and exports of exposed
motion picture film for rental rather than sale.
2. Includes net liquidations of domestically owned goods out of storage abroad (e.g., U.S.
grain sold from storage in Canada); exports of electrical energy; exports of nonmonetary
gold; personal remittances in kind (gift parcels sent through the mail); and transfers, financed
under nonmilitary aid programs, of goods to recipient countries from Defense Department
stocks located abroad.
3. Includes valuation adjustments for goods considered to be underpriced or overpriced
in Census data; timing adjustments for goods recorded in the Census data in one period but
311
344
303
338
337
386
270
305
319
331
900 1,074 1,094 1,217
560
643
623
768
340
431
471
449
741
560
723
775
102
123
143
106
238
230
245
299
310
338
343
365
known to have been shipped in another period; and coverage adjustments for special situations in which shipments are omitted from the Census Data.
4. 1967 data adjusted to include silver exports and imports (except silver coins), for comparability with 1968 Census data which have been revised for this expansion in coverage.
5. Not seasonally adjusted—this series shows no evidence of stable seasonally.
6. Consists mainly of Defense Department and other imports which duplicate in whole
or in part purchases (e.g., of nuclear materials) included in table 1, line 16 (Military expenditures). Also includes imports of domestically owned goods returned from storage abroad
(e.g., grain from storage in Canada); imports from the Panama Canal Zone; and foreign
charges.for repair of U.S. vessels.
7. Includes imports of electrical energy, and imports of nonmonetary gold.
Source: U.S. Department of Commerce, Office of Business Economics.
NOTE.—Seasonally adjusted quarterly data may not add to unadjusted yearly totals.
SURVEY OF CURRENT BUSINESS
March 1969
37
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
Line
19 37
1968 '
1967
I
A. 1
la
U.S. Government grants (excluding military) and transactions increasing Government assets,
total (table 1, lines 29, 42, and 43, witb sign reversed)
Seasonally adjusted
_
_
_
-
5,191
5,359
1968
II
III
IV
I
1,333
1,394
1,43 f)
1,80 *>
1,144
1,226
1,284
1,266
1,449
1,508
1, 165
1 237
1,510
1,884
1,248
1,219
II
III'
IV*
By category
2
3
4
5
6
7
8
g
10
11
12
13
14
15
16
Grants net
Credits repayable in foreign currencies
_
Other foreign currency assets (excluding administrative cash holdings) , net _
Receipts from —
Sales of agricultural commodities _
_
_ _ _
Interest _ _ _
_ _
Repayments of principal
- Reverse grants .
,
__ . _
. ._
Other sources
Less disbursements for—
Grants in the recipient's currency
Credits in the recipient's currencv
_
__
Other grants and credits
Other U.S. Government expenditures.
Capital subscriptions to international and regional organizations excluding IMF
Credits repayable in U.S. dollars .- _ _ ._
_.
Other assets (including changes in administrative cash holdings), net _
-
- -
1,800
776
-198
1,714
525
-69
485
574
-392
503
1CXf)
131
445
49
-32
361
54
94
393
383
-138
469
78
70
391
32
10
462
32
-11
740
171
173
2
20
558
200
135
3
27
198
42
36
(*)
2
24 <*
5n
84
1
1fi
137
36
28
1
1
162
43
25
(*)
2
261
44
37
1
6
170
55
31
1
6
61
47
33
2
12
66
53
34
218
679
7
401
194
2,574
45
220
465
9
298
127
3,015
47
45
544
2
78
33
672
-39
7fi
74
?
10q
49
63q
q
63
28
1
143
77
578
27
33
34
2
70
41
686
48
54
368
2
63
38
753
19
52
53
1
86
45
802
46
45
16
6
79
17
733
—17
68
28
1
70
28
728
—2
339
685
269
33
42
80
42H
539
337
49
44
14 q
246
544
281
77
42
66
302
512
342
41
40
70
406
515
400
38
48
88
419
573
382
45
48
92
179
540
305
17
119
93
256
537
331
28
67
90
78
—1
—35
10q
-24
39
143
—1
32
70
—1
48
63
—1
18
86
—1
37
79
—1
—7
70
—1
1
4,726
3,352
873
554
160
82
1,162
966
172
99
40
1
1,247
931
204
111
84
37
954
790
191
81
29
30
1 098
834
183
100
25
37
1,323
949
223
115
61
43
1,046
761
200
130
34
6
1 055
-85
2
-38
-1?,
-23
—12
—5
15
-6
-3
401
298
78
10q
143
70
63
86
79
70
731
633
171
184
190
186
126
206
119
182
-16
-86
93
78
106
U0
-55
-102
-160
-182
—46
-61
—44
r
-32
-101
36
68
64
-86
102
95
147
10 G
-28
-67
-116
—111
-22
-29
-60
'— ..
—75
-186
81
(*)
V;
3
By program
17
18
19
20
21
22
23
24
25
Under farm product disposal programs
1 315 1 260
2 273
2 165
Under Foreign Assistance Acts and related programs
1 229 1,418
Under Export-Import Bank Act
127
Capital subscriptions to international and regional organizations excluding IMF
194
281
Other assistance programs
167
362
Other foreign currency assets acquired (lines A. 6, A. 7 and A. 9)
364
Less foreign currencies used by U.S. Government other than for grants or credits (line
401
298
A.13)
Advances under Exchange Stabilization Fund agreements, net
-—27
—5
49
Other i including changes in administrative cash holdings) net
78
By disposition 1
26
27
28
29
30
31
32
33
34
B. 1
la
2
2a
3
Estimated transactions involving no direct dollar outflow from the United States _ _ .
Expenditures o n U.S. merchandise _
_ _ _ _ _ _
Expenditures on U S services 2
Military sales contracts financed by credits (including short-term, 2net)3 (line B.4)_ _ _
U S Government credits to repay prior U.S Government credits
U S Government credits to repay prior U S private credits
Increase in claims on U.S. Government associated with Government grants and transactions increasing Government assets (including changes in retained accounts) (line
B 7)
Less foreign currencies used by U.S. Government other than for grants or credits (line
A 13)
Estimated dollar payments to foreign countries and international and regional organizations
through U S Government grants and transactions increasing Government assets
U.S. Government liabilities associated with specific transactions (table 1, line 56); net increase (+)
- Seasonally adjusted
,~
_ _
Associated with military sales contracts *
_
Seasonally adjusted
4
5
6
U.S. Government receipts from foreign governments (including principal repayments
on credits financing military sales contracts) , net of refunds _
__ _
Plus military sales contracts financed by U S Government credits 5 (line A. 29)
Less U S. Government receipts from principal repayments
Less transfers of goods and services (including transfers financed by credits) (table 1,
Iine4)
_
7
Associated with U.S. Government grants and transactions increasing Government assets
(lineA.32)
7a
8
9
10
11
12
13
13a
14
15
16
C. 1
2
3
Seasonally adjusted
Non-interest-bearing securities issued to IDA
Non-interest-bearing securities issued to IDB
Non-interest-bearing securities issued to U N for special programs
Foreign funds retained in U.S. Government accounts for purchases in the United States Other
167
100
55
185
115
24
282
175
99
145
130
8
409
133
107
1,240
1,423
328
377
206
328
299
419
342
364
-85
2
-38
-38
—25
-1?,
-1 ?,
-23
-28
-12
-12
-5
-5
15
15
-6
-6
-3
-3
-12
(*)
-5
(*)
15
(*)
-6
(*)
-3
(*)
-19
-27
1
-6
49
41
2
1
— 17
51
-2
-33
-10
-30
-3
273
48
225
—25
— 17
-43
(*)
1
— 12
-1
(*)
-12
(*)
—5
-18
(*)
30
22
1?,
/?
-4
—12
1
29
15
4
-2
—2
-33
—10
-30
1
—4
335
10
325
135
10
125
(*)
Foreign holdings of nonmarketable medium-term U.S. Government securities, payable before
maturity only under special conditions, not associated with specific transactions (table 1,
line 57)' net increase (4~)
Export-Import Bank Portfolio Certificates of Participation
U S Treasury securities not included elsewhere 6
469
19
450
2,010
47
1,963
O - 69 - 2
72
112
81
15
-2
-
8
397
111
24
-30
47
— 19
-
T
742
209
133
34
9
347
99
16
5
_
1 303
' 901
'241
175
31
24
1,021
554
238
—30
15
20
Seasonally adjusted
r
1,023
390
110
Purchase of Columbia River downstream power rights
U S Government nonmilitary sales and miscellaneous operations
Nonmarketable U S Government obligations to be liquidated against U S. claims
Associated with other specific transactions
r
j> Preliminary.
Revised.
*Less than $500,000 (±).
1. The identification of transactions involving direct dollar outflow from the United States
is made by the operating agency. Data for third and fourth quarters 1968 are based on extrapolations by OBE.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency collected as principal, as recorded in lines A.6 and A.7.
3. Consists of transfers of military goods and services financed by U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
4. Transactions under military sales contracts are those in which the Defense Department
334-269
4,461
3,523
750
390
178
104
(*)
(*)
(*)
(*)
n
772
(*)
773
409
409
556
(*)
556
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
The entries for the several categories of transactions related to military sales contracts in this
and the other tables are partially estimated from incomplete data.
5. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.6) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by credits
to foreigners by U.S. Government agencies.
6. Includes securities payable in U.S. dollars and in convertible foreign currencies.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
38
March 1969
Table 6.—Claims on Foreigners Reported by U.S. Banks and U.S. Private Residents Other Than Banks
[Millions of dollars]
Line
A.
19(58
1968 *
I
II
—153
—188
72
—16
—140
—49
—165
—4
—1
-48
—32
—39
-29
11
—28
-72
—65
—92
58
31
11
-10
—10
—24
74
49
4
—82
9
114
—12
—2
-38
—12
—8
-68
1
11
—21
—48
—20
28
1
6
—48
—46
—16
—62
III
IV
lr
IV P
III'
II '
Amounts
Dutstanding
December
31, 1968
Claims reported by U.S. banks:
1
2
3
4
5
6
7
g
B.
19 57
1967
Long-term (table 1 line 37 with sign reversed)
Canada
United Kingdom
European Economic Community
Other Western Europe
Japan
Other countries
—285
_____
87
—14
________
Short-term (table 1, line 38, with sign reversed)
—354
(*)
12
-240
—189
—146
-120
—121
217
—57
-68
-110
3 571
(*)
10
—3
—13
—15
—13
34
428
68
119
340
122
2 494
744
100
18
390
77
259
-219
—143
79
383
8 706
Q
10
;p
12
13
14
15
U S. -dollar loans
Canada
_
_ _ _ _ _ _
United Kingdom
European Economic Community
- _
Other Western Europe _ _ _
_ _ _
Japan
Other countries
_ __ _
10
22
10
—43
-74
—75
170
32
-33
59
—46
-79
—11
142
—117
-106
129
-7
4
6
24
82
20
104
16
—39
-3
-17
—6
153
—119
10
-17
—1
29
—15
—42
56
156
17
16
26
—7
42
62
—15
—13
15
—40
-20
—11
54
3 182
166
118
140
160
497
2 101
16
17
18
19
20
21
22
U S -dollar acceptance credits
Canada
United Kingdom
European Economic Community
Other Western Europe
Japan
__
_ __
Other countries
475
5
13
—32
—21
438
72
—159
87
13
-98
-7
—7
—1
-8
—22
9
4
—14
—5
7
-23
—195
—51
3
3
—11
-7
30
86
—11
12
—2
-22
148
-39
2 854
69
44
24
165
1,720
832
23^
24
25
26
27
28
29
U S -dollar collections outstanding
Canada
_- _
United Kingdom
_
European Economic Community
Other Western Europe
__
Japan _ ___
Other countries
30
31
32
33
34
35
36
Other claims in U S dollars
Canada
United Kingdom
European Economic Community
Other Western Europe
_
_ _ _.
Japan
Other countries
37
38
39
40
41
42
43
Foreign currency deposits and other claims
Canada
United Kingdom
_
.__
European Economic Community
Other Western Europe
Japan
. __
Other countries
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
19
1
-38
-48
—50
—1
-6
44
-8
-33
—101
-2
-20
29
—61
-37
(*)
-30
—45
(*)
—29
-3
59
47
400
10
8
(*)
12
336
34
72
109
5
3
9
12
83
—3
222
—1
-3
—10
-4
184
56
180
6
13
11
5
71
74
68
—1
(*)
5
—1
22
43
73
2
-2
—11
—4
72
16
22
2
2
-12
-3
48
—15
59
—4
-3
8
4
42
12
78
6
3
-3
-7
48
31
—15
-1
1
4
-2
-33
16
6
-3
5
1
4
-5
4
111
4
4
9
10
61
23
1 732
18
30
104
74
764
742
32
—16
26
—4
1
20
5
32
-30
22
—4
-11
9
46
-23
-19
—2
—10
3
7
—2
46
21
—1
—5
2
18
11
2
-27
29
—2
-9
16
-5
7
9
13
5
—21
1
—57
-18
—19
-24
-7
7
4
57
2
27
9
-1
—2
22
—52
-24
—17
—1
(*)
—11
1
84
10
31
12
-3
15
19
498
152
91
32
9
94
120
5
%
3
—7
(*)
9
10
15
-36
-27
38
12
-1
29
3
—9
24
—19
(*)
1
6
-23
-49
9
17
—2
3
22
11
-13
15
5
-2
6
3
37
-17
—20
-3
7
—1
—99
-61
-20
—20
(*)
-3
5
(*)
-19
2
5
-1
-1
14
20
8
-5
(*)
5
3
9
94
36
-4
53
8
(*)
1
440
118
35
127
33
38
89
Claims reported by U.S. private residents other than banks:
Long-term (table 1 line 39 with sign reversed)
Canada
United Kingdom
.
European Economic Community
Other Western Europe
Japan
- -_
Other countries
__
289
38
17
34
25
33
142
116
21
87
7
41
2
-42
68
10
5
27
7
13
6
170
21
-4
31
—42
5
13
-46
-5
-1
-8
93
2
3
22
24
19
23
—45
9
-7
-4
6
(*)
-49
23
15
-15
(*)
24
3
-4
15
-12
10
5
20
-3
-5
123
9
99
6
-9
2
16
1,960
598
142
94
216
129
781
_ _ ._
470
967
88
-76
13
445
308
539
89
31
4,309
204
763
-8
464
140
19
-13
161
30
58
-7
64
11
5
-1
-14
31
12
-71
-60
-11
16
7
42
-29
-34
-37
6
13
16
7
52
393
84
146
50
30
18
65
-32
340
-45
334
49
18
-19
3
106
433
59
385
31
-18
-24
(*)
23
66
-59
-73
73
43
21
61
107
-76
37
__.
155
315
55
102
7
37
49
65
-182
-13
-24
9
97
506
3,803
538
1,242
583
242
203
995
124
n.a.
249
n.a.
28
25
-60
-52
275
429
408
n.a.
1 1, 948
-178
-73
-39
82
30
2
5
__ _
_
_ _
_ _
_ _
-
_
_
-
._
_ __
— 10
Short -term (table 1, line 40, with sign reversed)
Reported by brokerage concerns
Reported by others
Canada
United Kingdom
European Economic Community
Other Western Europe
Japan
Other countries
_
_.
.__
-
Of which: Deposits and money market assets.
U 8 -dollar claims reported by major U.S. corporations
Foreign currency claims
_
_.
Canada
United Kingdom
European Economic Community
Other Western Europe
_ _.
Japan
Other countries
- __ _
17
18
19
20
21
22
23
24
25
_
96
28
18
105
— 14
5
10
(*)
18
7
—15
—15
-109
53
—1
—1
2
121
-107
-105
(*)
183
260
15
1
—3
1
-15
-88
-91
48
-27
-25
-26
-43
7
5
3
2
51
144
-2
1
-11
(*)
-29
241
45
8
(*)
10
46
372
-1
6
-10
16
-20
-80
24
118
-22
-75
27
26
-108
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-6
71
-6
-1
-2
-3
-1
-67
-13
(*)
20
1
-43
-18
-1
-9
14
203
-20
21
-111
7
185
-241
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
1,475
478
272
1,211
212
69
71
113
Memorandum items:
26
27
U.S. -dollar deposits in Canadian banks:
As reported by major U.S. corporations other than banks
(included in line B 18)
.
As reported in Canadian banking statistics
Preliminary.
r Revised.
*Less than $500,000(±).
n.a. Not available.
-23
51
-249
-59
-118
1. Amounts outstanding, lines B.17-B.25, are as of September 30, 1968.
11
-82
162
429
SUEVEY OF CUKEENT BUSINESS
March 1969
39
Table 7.—U.S. Liquid Liabilities to Foreigners
[Millions of dollars]
Line
1967
19<37
1968 v
I
1
2
Liquid liabilities to all foreigners (table 1, lines 58 and 59; table 3, lines 8
through 12)
. ..
To foreign official agencies _
3
4
5
6
Central banks and governments. _
Demand deposits
Time deposits l
Other private obligations, mainly money market paper l
7
8
9
U.S. Treasury obligations:
Short-term securities and other obligations
Payable in U.S. dollars..
Payable i n foreign currencies
_ _ .
10
11
12
13
14
15
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible.. .
Payable in U.S. dollars
.
Payable in foreign currencies .
International Monetary Fund
2
To foreign commercial banks. Seasonally adjusted
16
17
18
19
Demand deposits
__
.._
Time deposits l.
_.
. . ...
Other private obligations, mainly money market paper 1
U.S. Treasury short-term securities
20
To other foreign residents and unallocated
21
22
23
Demand deposits __ _ . . _ .
Time deposits 1
.
__
Other private obligations, mainly money market paper l
24
25
U.S. Treasury obligations:
Short-term securities
Bonds and notes
26
To international and regional organizations not included above
27
28
29
Demand deposits
Time deposits 1 _ .
.
.
Other private obligations, mainly money market paper *
30
31
U.S. Treasury obligations:
Short-term securities _
Bonds and notes
.
IV
I'
II '
III'
IV f
722
—789
639
1 587
2 082
—642
64
1,004
296
2,062
—3 110
—80
544
281
1 317
1 363
—2 201
—37
491
13, 569
2 040
—3 107
—97
—389
539
134
51
281
173
101
1 317
— 1 371
—2 190
457
51
—338
—37
491
152
-63
12, 539
2 149
1,900
1,322
375
— 163
20
95
—559
-55
— 188
118
260
-191
— 127
-167
1 305
1,670
-365
—2 188
— 2 499
811
367
-72
12
—16
204
—125
1 097
—152
48
455
—390
— 10
5
72
52
46
—6
125
456
—10
72
46
125
22
—3
17
5
3,382
285
—4
79
-3
(*)
-26
-49
-2
-61
212
100
(*)
-49
-61
8
161
1,265
589
638
2,248
975
-479
355
1 119
767
412
2 442
829
-301
— 518
-190
278
—82
-40
5
982
79
221
537
24
155
-78
1,831
94
323
(*)
718
79
173
5
-454
96
225
43
34
5
60
-8
-37
-37
93
18
114
114
-14
-2
30
6
51
-4
2
— 11
8
8
14
82
-36
-78
-55
-2
24
3
-4
-21
217
84
-93
463
518
701
25
676
14,467
-57
59
-27
10, 395
1,282
2,760
30
97
45
222
5,051
-2
47
110
-5
-3
-53
68
27
154
83
-7
1,795
2,199
362
5
6
21
46
-14
9
-10
13
9
-17
86
609
-49
79
-80
21
62
768
-1
-11
12
25
14
-12
68
144
120
75
-90
105
-34
394
42
12
-42
-3
-1
15
-20
5
22
9
-61
-2
-18
-22
-39
-4
32
1
5
-39
15
5,949
6,486
4
-108
-3
-24
-19
(*)
33, 855
1,030
(*)
—753
103
144
64
-162
— 11
151
— 979
180
233
-28
-34
65
(*)
— 17
-121
581
—359
100
12
(*)
-116
—3
212
80
-15
-59
26
622
59
368
11
-33
-36
187
— 100
-218
— 106
— 2 036
413
2,632
140
710
_2
— 184
35
—2 036
555
95
-61
(*)
-98
70
—7
59
—884
—949
945
-50
5
1,297
» Preliminary.
' Revised.
*Less than $500,000(±).
1. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included with money market paper.
2. Includes liabilities of U.S. monetary authorities for gold deposited by and held for IMF.
III
Amounts
outstanding
December
31, 1968
3,519
1,262
15a
II
19 68
-2
Excludes dollar holdings of IMF except holdings acquired through gold sales to the United
States with the option to reverse the transactions. These reversible transactions amounted to
$200 million in 1956, $300 million in 1959, and $300 million in 1960.
NOTE.—Data for 1967 correspond to those published in the June 1968 SURVEY.
SURVEY OF CURRENT BUSINESS
40
March 1969
Table 8.—U.S. International
[Millions of dollars]
United Kingdom
Line
(Credits +; debits -)
1967
1968
1968 v
I'
1 Exports of goods and services
-.
2
Excluding transfers under military grants _.
3
4
..
Merchandise, adjusted excluding military
Transfers under military sales contracts
Transfers under military grants, net
Tran sportation
European Economic Community
1967
III'
II r
1968
1968 »
IV *
I'
II r
III'
IV *
3,334
3,334
3,522
3,522
793
793
876
876
910
911
942
942
7,517
7,517
8,131
8,133
1,770
1,771
2,154
2,154
2,048
2,048
2,160
2,160
1,864
328
(*)
287
1,960
323
-1
295
454
70
492
66
516
87
(*)
71
5,506
428
1,369
64
—1
100
1,554
141
1,583
122
-1
112
62
74
498
101
(*)
89
438
6,067
368
—2
458
lis
1,561
41
(*)
132
7
8
9
10
Travel
.
.
Fees and royalties from direct investments _ .
Other private services
Other U.S. Government services
43
164
129
20
49
169
139
19
9
39
33
6
12
46
34
5
18
43
36
5
10
40
36
5
120
235
227
22
115
268
232
27
16
60
58
6
31
67
60
6
41
69
56
9
27
72
59
6
11
12
13
Income on U.S. investments
abroad:
Direct investments 2.
Other private assets.
U.S. Government assets
274
102
123
280
157
130
68
29
23
71
40
36
55
44
22
85
44
48
398
118
26
440
114
45
61
27
9
144
28
10
98
28
12
136
30
14
-3,107 -3,643
-803
-926 -1,013
-901 -7,280 -8,797 -2,029 -2,218 -2,362 -2,189
-461
-48
-106
-523
-39
-124
-564
-41
-124
-505 -4, 488 -5,918 -1, 407 -1,487 -1,523 -1, 501
-282
-48 -1,116 -1,083
-264
-269
-268
-136
-621
-640
-109
-139
-176
-190
5
6
14
. . . _ . ..
Imports of goods and services
15
16
17
Merchandise, adjusted, excluding military..
Military expenditures
Transportation
_
- - -
18
19
20
Travel
Private payments for other services.. . ... . . ....
U S Government payments for other services
-190
-140
-15
-199
-184
-14
-16
-46
-3
-60
-46
-4
-93
-45
-3
-30
-46
-4
-422
-60
-59
-417
-75
-67
-44
-18
-14
-104
-18
-15
-203
-19
-19
-66
-20
-19
21
22
Income on foreign investments
in the United States:
Private payments 2
U.S. Government payments
-335
-57
-514
-41
-109
-13
-119
-11
-135
-9
-151
-8
-288
-225
-328
-269
-70
-74
-77
-72
-84
-56
-97
-68
__
227
227
-121
-120
-10
—10
-49
-49
-103
-102
41
41
237
237
-666
-664
-259
-258
-64
-64
-314
-314
-29
-29
- _ _ - . .
35
-62
-63
-14
-14
-15
-15
-15
-16
-17
-18
-100
-100
-81
-83
-17
-18
-17
-17
-24
-24
-23
-24
-11
-11
(*)
-13
(*)
-12
2
1
-5
-4
11
2
(*)
-94
3
-1
-87
-20
-21
-30
-24
-1, 705 -2, 053
-210
-176
-462
-455
23
24
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers, net; transfers to foreigners ( — )
Excluding military grants - _ . .
27
28
29
30
Private remittances
Military grants of goods and services...
Other U.S. Government grants _
U S Government pensions and other transfers
.
-
31
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and
26)
32
Transactions in U.S. private assets, net; increase in assets ( — )
33
34
35
36
Direct investments 2
-- -Foreign securities newly issued in the United States
Redemptions
Other transactions in foreign securities
. .
-
37
38
Claims reported by U.S. banks:
Long-term.
.
Short-term
39
40
Claims reported by U.S. residents other than banks:
Long-term
Short-term
.
41
.
.
-118
24
137
-747
-276
-81
-338
-53
-378
41
-533
-308
-6
-236
-121
56
-342
-382
-9
-19
-420
66
-816
-355
-171
-176
-72
64
-71
16
-117
5
-41
4
4
-14
3
-63
"as
-30
23
80
5
46
7
4
4
-3
7
33
-
14
-49
-12
-74
2
3
-11
-26
-6
-2
3
-49
240
96
120
16
38
122
21
-48
48
-15
13
-43
-- - --
-17
-113
-87
-479
7
-333
15
-395
-10
70
-99
179
-34
-26
-7
-184
4
-50
-44
-5
-78
-6
-12
- -
Repayments on credits:
Scheduled
Nonscheduled (including sales of foreign obligations to foreigners)
51
52
53
54
55
-
-
Transactions in U S official reserve assets net; increase in assets ( — )
-
- -
Transactions in foreign assets in the United States, net; increase in foreign
assets (U.S. liabilities) (+)
.
Direct investments 2
U. S. securities other than Treasury issues
..
Long-term liabilities reported by U.S. banks _ . .
-
--
Other liabilities reported by U. S. private residents other than banks:
Long-term
- Short-term
_ _
...
56
57
Nonmarketable liabilities of U.S. Government, including medium-term
securities payable prior to maturity only under special conditions:
Associated with specific transactions
. .
__
Other medium-term securities
- -
58
59
U.S Treasury marketable or convertible bonds and notes
Deposits and money market paper held in the United States
60
Errors and omissions, and transfers of funds between foreign areas, net;
receipts bv foreign areas (— )
See page 42 for footnotes.
<*i
-65
44
45
50
174
-4
-432
-
-
-4
-24
Transactions in U.S. Government assets, excluding official reserve assets, net;
increase in assets ( — )
--
Gold
Convertible currencies
Gold tranche position in IMF
-18
6
(*)
-366
Loans and other long-term assets
_
Foreign currencies and other assets
46
-10
-183
42
43
47
48
49
-45
1
-578 -1,135
.
-
-36
(*)
(*)
-17
(*)
-136
-172
-46
-45
-81
1
-74
82
39
-22
-7
73
-240
-9
-255
13
-56
10
-70
(*)
-83
1
-45
2
-89
-14
-101
4
-22
10
-31
-6
-36
-14
-12
13
114
70
25
1
44
30
40
139
13
38
15
6
36
7
66
-19
-126
-520
64
-755
302
-290
-587
-180
-240
-347
-140
-40
372
380
-358
879
-898
835
-961
900
-528
-50
430
-358
-15
-505
85
-21
-315
-440
258
44
-193
-97
769
2,574
1,081
1,911
309
-727
2,203
1,193
-214
-728
613
1,522
65
-453
-74
142
469
-16
62
107
-16
28
237
(*)
36
77
(*)
16
47
(*)
112
440
-2
207
1,267
—2
100
228
-4
54
248
1
14
365
(*)
39
426
1
44
116
294
117
41
-49
135
21
14
131
104
14
33
43
270
311
87
17
54
142
-10
45
139
107
(*)
-21
36
-45
30
109
250
-124
758
-34
125
-122
263
-15
124
47
246
32
1,029
52
1,517
43
915
9
1,444
17
78
-17
-920
-1
-3
-730 -1,367
-50
140
-61
579
-211
-959 -1,017 -1,749
626
11
-115
339
879 -1,378
1,182 -1,798
534
155
1,357
440 -1,418
SURVEY OF CURRENT BUSINESS
March 1969
Transactions, by Area
[Millions of dollars]
Eastern Europe
Other Western Europe
Canada
1968
1968
1967
41
1967
1968 v
I*
II '
III'
IV P
II '
I'
Line
1968
1967
1968 9
III'
1968 9
IV 9
IT
II'
III'
IV 9
4,089
3,678
4,289
3,933
1,029
928
1,073
971
1,118
1,035
1,069
1,000
231
231
255
255
64
64
58
58
62
62
72
72
9,657
9,657
10,701
10,701
2,485
2,485
2,786
2,786
2,518
2,518
2,912
2,912
1
2
2,297
115
412
581
2,517
116
356
595
601
25
101
135
623
24
102
146
680
35
84
162
613
31
69
152
199
222
56
50
51
65
7,095
52
7,915
39
1,852
12
2,095
9
1,773
13
2,195
5
5
6
2
1
1
1
169
171
40
44
44
44
3
4
5
6
64
74
121
48
69
78
114
47
11
16
29
12
19
18
29
12
19
16
28
12
20
27
29
11
15
2
14
2
4
1
4
1
4
575
243
164
7
648
265
163
8
145
58
41
1
170
57
41
2
223
83
40
2
110
67
42
2
7
8
9
10
178
119
82
178
111
109
46
28
25
42
28
29
31
27
24
59
28
32
3
8
3
9
1
1
1
1
1
5
1
1
789
562
1
855
631
7
194
142
(*)
199
166
4
187
151
3
275
173
(*)
11
12
13
-3,638
-4,038
-961
-1,004
-1,082
-991
-212
-237
-69
-56
-62
-50
-8,952
-10,786
-2,311
-2,695
-2,806
-2,975
14
-1,901
-285
-601
-2, 220
-275
-630
-569
-77
-136
-539
-59
-177
-540
-68
-176
-572
-71
-142
-180
-1
-7
-206
-1
-6
-63
(*)
-2
-48
(*)
-50
(*)
-1
-45
(*)
-2
-7,011
-232
-160
-8,893
-284
-180
4
(*)
(*)
-2, Oil -2, 248 -2, 084 -2, 550
-81
-66
-72
-66
-44
-36
-47
-53
15
16
17
-332
-36
-57
-339
-42
-49
-45
-12
-10
-91
-10
-14
-154
-10
-10
-49
-11
-14
-14
(*)
-9
-15
(*)
-8
-1
(*)
-2
-4
-9
-1
-2
-2
-2
-1, 070
-118
-30
-829
-133
-66
-69
-33
-4
-190
-33
-4
-463
-33
-4
-107
-34
-55
18
.19
20
-344
-83
-385
-98
-87
-26
-90
-23
-100
-24
-107
-26
(*)
(*)
-1
(*)
(*)
(*)
8
(*)
(*)
(*)
(*)
-267
-65
-317
-85
-73
-19
-80
-22
-81
-22
-82
-23
21
22
451
39
251
-104
68
-33
69
-33
37
-47
78
9
19
19
19
19
-5
-5
2
2
(*)
(*)
22
22
705
705
-86
-86
174
174
91
91
-288
-288
-63
-63
23
24
-691
-279
-645
-289
-166
-65
-182
-80
-163
-79
-134
-65
-21
-21
-29
-29
-5
-5
-13
-13
-4
-4
-6
-6
-45
-45
-48
-48
-10
-10
-11
-11
-16
-16
-12
-12
25
26
-157
-412
-35
-87
-163
-356
-36
-91
-40
-101
-8
-17
-44
-102
-18
-18
-38
-84
-4
-37
-41
-69.
-6
-18
-240
-394
-98
-113
-126
-65
21
31
2
-100
-284
-141
-38
-38
-85
20
34
5
20
25
6
3
7
-2
2
-2
5
26
189
98
121
88
12
56
48
34
46
5
15
-7
-7
-3
-4
-1
—4
(*)
-25
-82
-41
-51
-6
-2
-24
-22
-20
-47
9
20
-6
(<)
2
-2
(*)
(*)
19
6
2
(*)
-10
-9
-2
-2
-2
-3
-11
-10
-1
-2
-6
-2
-6
-5
-14
-6
-2
-1
-9
-2
-1
-1
-2
-2
-34
-38
-9
-10
-10
-10
27
28
29
30
-56
-1
-10
-10
-11
-5
16
661
-133
164
80
-304
-74
31
88
-16
-2
-7
-1
9
-3
-1,385
-1,240
-54
-496
-320
-369
32
-392
-1,007
226
11
-539
-863
190
-21
26
-229
55
-41
-269
-214
50
(*)
-244
-190
50
-5
-52
-231
35
26
33
34
35
36
-87
(*)
75
12
84
-1
34
-1
-1
-10
-42
37
38
-38
-98
-21
-61
-9
47
-15
-81
12
58
-9
-85
39
40
23
10
1
-9
41
1
-4
-5
42
43
1
4
(*)
-173
-114
-58
-3
-34
-18
-303
15
-235
2
-77
—6
-48
11
-59
3
-51
-6
2
-9
-2
-2
112
3
119
1
24
1
34
22
39
16
16
4
2
-94
367
371
-107
131
-28
16
-110
149
218
38
333
80
-187
27
104
4
-32
1,129
1,792
-11
278
927
597
72
336
-3
-36
1,563
10
16
320
4
-40
332
(*)
-13
443
2
1
468
4
-9
89
109
164
24
16
-3
60
23
43
65
45
(*)
5
-1
37
20
29
10
'10
-13
10
12
(*)
(*)
122
518
39
-114
86
-506
-3
-88
-41
474
-3
6
(*)
(*)
-558
-1,673
-235
-57
-798
-584
5
<*)
-6
3
9
(*)
-5
-33
24
-6
-31
-2
-4
-3
1
1
(*)
(*)
8
-145
-50
-300
121
127
2
46
-150
5
-50
-50
-250
121
127
2
47
48
49
788
1,236
13
711
254
258
50
C)
9
312
(*)
4
458
1
71
114
(*)
-5
152
1
15
104
1
-76
89
-1
51
52
53
(*)
3
87
-6
20
-1
-16
-3
16
-2
-5
(*)
25
54
55
-51
200
-35
1,050
1
100
1
500
-8
250
-29
200
56
57
5
24
204
-343
87
-338
82
-1
51
-6
-95
2
49
58
59
-13
115
163.
154
-426
242
193
60
4
(*)
(*)
1
(*)
2
(*)
-12
6
2
28
5
(*)
5
(*)
3
-18
44
45
23
(*)
8
1
(*)
31
9
7
-12
(*)
-3
(*)
SURVEY OF CUERENT BUSINESS
42
March 1969
Table 8.—U.S. International
[Millions of dollars]
Latin American Republics and other Western
Hemisphere
(Credits +; debits -)
Line
___
1 Exports of goods and services
Excluding transfers under military grants
2
3
4
5
6
Merchandise adjusted excluding military
Transfers under military sales contracts
Transfers under military grants, net
Transportation
7
8
9
10
Travel
Fees and royalties from direct investments
Other private services
Other U S Government services
-
11
12
13
Income on U.S. investments
abroad:
Direct investments 2
Other private assets
U S Government assets
14
-
- _-
- ___
- - __
-
-
-
-
Merchandise adjusted, excluding military.
Military expenditures
Transportation
18
19
20
Travel
.- --Private payments for other services
U S Government payments f o r other services _ _
21
22
Income on foreign investments
in the United States:
Private payments 2
_
U S Government payments
_______
__ _ _ _
Balance on goods and services (lines 1 and 14)
Excluding transfers under military grants (lines 2 and 14)
25
26
Unilateral transfers net* transfers to foreigners ( — )
Excluding military grants
27
28
29
30
Private remittances
Military grants of goods and services
Other U S Government grants
U S Government pensions and other transfers
_ __
..
-
_ _
__
_.
__ _
31
Balance on goods, services, and unilateral transfers (lines 23 and 25, or 24 and
26).
32
Transactions in U S private assets net* increase in assets (~~)
33
34
35
36
Direct investments ^
Foreign securities newly issued in the United States _
Redemptions
Other transactions i n foreign securities
__-_
37
38
Claims reported by U.S. banks:
Long-term
Short-term
---
39
40
Claims reported by U.S. residents other than banks:
Long-term
-Short-term
--
_-
- -
-
_ _ _ _ _ _ _
-
-
-
--
Transactions in U.S. Government assets, excluding official reserve assets, net;
increase i n assets ( )
__
___
42
43
Loans and other long-term assets
Foreign currencies and other assets
44
45
Repayments on credits:
Scheduled
- Nonscheduled (including sales of foreign obligations to foreigners)
47
48
49
50
II'
III'
IV »
I'
-
-
-- -
-.
IV *
2,052
2,019
2,280
2,271
2,268
2,255
2,306
2,295
3,369
3,369
3,741
3,741
924
923
913
913
922
922
983
983
4,669
27
64
393
5,274
64
66
435
1,178
17
33
96
1,343
17
9
111
1,376
16
13
123
1,377
13
11
105
2,673
38
732
7
1
49
715
8
728
5
180
2,959
28
(*)
200
50
°52
784
8
(*)
49
720
185
245
73
737
214
252
75
166
47
57
21
200
59
62
20
189
57
67
17
182
51
66
18
42
33
109
10
51
41
138
11
12
9
33
2
12
12
35
3
15
9
35
4
12
11
35
3
1,190
356
125
1,248
405
136
316
93
28
316
103
39
284
100
28
332
110
41
46
206
33
50
227
36
12
57
10
14
56
9
8
58
9
16
56
8
-255
-29
-35
-267
-40
-44
-225
-36
-44
-58
-11
-15
-66
-17
-16
-12
-4
-4
-20
-4
-4
-18
-4
-4
-16
-5
-4
-178
-16
-209
-16
-50
-4
-51
-4
-52
-4
-56
_4
-123
-29
-157
-37
-34
-7
-41
-7
-41
-9
-41
-14
1,484
1,420
1,680
1,614
186
153
541
532
410
397
542
531
-591
-591
-463
-399
-490
-424
-132
-99
-121
-64
-246
-32
-137
-66
-252
-35
-31
-33
-59
-9
-36
-9
-85
-8
-32
-13
-50
-9
-38
-11
-57
-9
1,021
1,190
54
403
307
-139
-130
-104
-91
-116
-105
-1,403
-1,403
-139
-139
-342
-342
-501
-500
-422
-422
-31
-31
-34
-34
-8
-7
-8
-8
-8
-8
-10
-11
-22
-25
(*)
(*)
-9
-5
-1
(*)
-2
-6
(*)
-9
-6
(*)
-8
(*)
427
-623
-1,437
-560
-146
-2
-350
-2
-2
-509
-433
-175
-940
-953
45
-176
-338
-485
42
-34
192
58
-217
-140
56
-13
-610
-144
30
-172
-43
-35
5
-70
-144
-40
8
-7
-185
-3
10
-27
-238
-66
7
-68
-33
-14
4
-5
-76
-3
6
5
-4
-26
-33
1
1
-13
—3
1
1
3
-1
1
5
-212
-255
186
-182
114
12
7
-9
52
-130
13
-55
146
-576
57
41
8
-59
20
166
16
82
13
-148
-113
-46
65
-127
56
6
5
4
12
-67
-8
-70
-33
-2
13
(*)
19
-3
24
3
-20
-2
-10
-428
-685
-170
-158
-184
-173
5
103
15
-26
12
101
-748
50
-976
(*)
-228
-8
-236
-9
-248
8
-264
9
-109
-4
-133
-11
-32
-6
-46
-7
-29
1
-26
1
269
(*)
288
3
64
2
87
(*)
55
(*)
82
(*)
115
3
146
100
54
28
40
25
100
-50
65
28
12
17
8
65
28
12
17
8
662
729
-63
239
73
481
169
993
24
44
367
559
-3
115
330
4
150
92
5
-3
7
-5
74
40
-4
10
-51
8
69
96
-2
2
242
47
2
214
1
1
76
2
1
50
-18
1
47
62
(*)
41
18
7
39
4
6
-7
27
1
20
9
-14
36
(*)
24
4
(*)
12
(*)
-5
-2
-3
-104
1
707
-61
1,009
300
142
54
55
Other liabilities reported by U.S. private residents other than banks:
Long-term
Short-term
-
56
57
Nonmarketable liabilities of U.S. Government, including medium-term
securities payable prior to maturity only under special conditions:
Associated with specific transactions
Other medium-term securities
-24
-25
-18
2
-6
-3
58
59
U S Treasury marketable or convertible bonds and notes
Deposits and money market paper held in the United States
-41
268
-18
480
1
-65
1
106
5
98
-25
341
-346
106
Errors and omissions, and transfers of funds between foreign areas, net;
receipts by foreign areas ( — )
-
-977 -1,156 -1,114
-152
-139
-161
-52
-50
-50
-285
-26
-41
Direct investments 2
U S securities other than Treasury issues
Long-term liabilities reported by U S banks
_
-823
-132
-46
-1,032
-131
-164
-955
-126
-153
- --
Transactions in foreign assets in the United States, net; increase in foreign
assets (U S liabilities) (+)
-316
pPreliminary.
'Revised.
*Less than $500,000(±).
i Includes transactions with shipping companies operating under the flags of Honduras,
Liberia, and Panama.
III'
8,906
8,840
51
52
53
60
II '
8,048
7,984
Transactions in U.S. official reserve assets, net; increase in assets (— )
Gold
Convertible currencies
Gold tranche position in IMF
I'
1968
1968 P
.
... -4, 656 -5, 156 -1,332 -1,242 -1,307 -1,275 -3,017 -4,070
-178
_ . - . _ _ - - _ - - - - . .. . -177
-50
-45
-39
-45
-584
-530
-303
-339
-78
-78
-99
-85
-178
-198
23
24
46
1967
-6,563 -7,226 -1,866 -1,739 -1,858 -1,764 -3,960 -5,144 -1,062 -1,255 -1,422 -1,405
Imports of goods and services
15
16
17
41
1968
1968 v
1967
Japan
-320
126
-258
(*)
9
4
-3
1
-14
(*)
321
461
139
71
-52
(*)
2
Excludes undistributed profits of subsidiaries.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
SUEVEY OF CURRENT BUSINESS
March 1969
43
Transactions, by Area—Continued
[Millions of dollars]
Australia, New Zealand , and South Africa
1967
1968
1968 *
II'
I'
1967
1968
1968 v
IV P
III '
International organizations and unallocated 1
Other countries in Asia and Africa
IT
II'
III'
IV P
I'
1,874
1,874
2,090
2,090
487
487
578
578
521
521
504
504
8, 125
7,696
8,989
8,571
2,198
2,096
2,317
2,205
2,243
2,113
2,231
2,158
1,274
132
1,383
179
337
35
368
74
355
35
323
36
85
90
22
23
24
20
4,891
120
429
377
5,079
307
418
424
1,305
69
102
112
1,344
80
113
103
1,216
96
130
104
1,214
62
73
106
32
72
84
1
40
81
92
1
6
19
24
10
18
23
15
17
23
9
27
22
50
125
164
154
53
126
227
163
9
31
48
42
13
26
60
47
18
27
60
36
137
51
6
160
48
18
34
10
1
42
13
7
40
11
1
45
14
9
1,449
148
219
1,723
184
284
370
45
66
416
42
74
-970
-1,105
-262
-285
-298
-259
-5,530
-6,557
-1,471
-806
-29
-70
-924
-33
-77
-212
-8
-21
-241
-8
-19
-255
-8
-19
-216
-9
-18
-3, 065
-1,760
-177
-3, 781
-1,948
-198
-816
-464
-46
-22
-2
-23
-26
-2
-25
-9
-1
-7
-6
-1
-6
-5
-1
-6
-6
-1
-6
-132
-7
-228
-160
-14
-247
-10
-8
-12
-7
-3
-2
-3
-2
-3
-2
-3
-2
-117
-43
904
904
986
986
225
225
293
293
223
223
244
244
-16
-16
-20
-20
-4
-4
-6
-6
-5
-5
-12
-16
-3
-5
-4
(*)
(*)
(*)
9
110
13
115
2
28
3
29
5
29
3
29
7
8
9
10
442
51
64
496
46
80
57
53
1
34
61
1
2
20
1
8
11
11
23
14
8
11
12
13
-1,675
-1,756
-1,656
-777
-701
-201
-134
-188
-179
14
-973
-480
-51
-1,033
-511
-53
-959
-492
-48
-162
-52
-52
-411
-432
-108
-107
-107
-109
15
16
17
-30
-4
-63
-50
-4
-66
-45
-4
-59
-35
-4
-59
-99
-98
-11
5
-52
-41
18
19
20
-146
-64
-35
-14
-36
-15
-37
-15
-39
-20
-33
-72
-37
-82
-9
-21
-10
-22
-8
-20
-10
-20
21
22
2,595
2,166
2,431
2,014
727
625
643
530
488
358
575
501
-359
-359
-290
-290
-105
-105
-38
-38
-70
-70
-77
-77
23
24
-6
-6
-2,447
-2,018
-2,175
-1,757
-523
-421
-552
-439
-555
-425
-544
-471
-115
-115
-126
-126
-7
-7
-39
-39
-26
-26
-54
-54
25
26
-5
-354
-418
-1,287
-116
-74
-102
-317
-31
-96
-113
-318
-25
-89
-130
-309
-27
-95
-73
-343
-33
-4
-1
-111
(*)
-126
(*)
-7
257
204
91
-68
30
-474
-416
966
221
219
239
148
-265
-177
-10
-90
-22
-55
-357
-164
-27
-70
-19
-49
18
-2
12
-14
3
-4
3
-1
3
-4
58
11
27
-20
22
-1
-9
1
8
-10
-2
10
-16
-1
-4
1
-12
-2
-146
-167
-60
-60
-51
-175
(*)
-224
-2
-62
(*)
-73
(*)
-53
(*)
30
58
1
2
13
1
2
42
(*)
-204
-314
-304
-95
81
2
-291
32
3
-5
19
-83
4
-5
-149
-246
68
13
-116
-391
172
32
-36
-85
15
12
3
-68
132
14
48
-64
10
8
-131
-174
15
-2
33
34
35
36
6
-10
-56
-66
-145
-40
-67
6
-26
-8
1
-12
-53
-26
(*)
(*)
(*)
(*)
(*)
(*)
(*)
37
38
-27
-59
-7
-79
-3
6
11
-23
-7
-9
-8
-53
(*)
(*)
(*)
(*)
(*)
4
-1,332
-1,319
-482
-186
-255
-114
-19
-36
-2
-1, 730
116
-1, 715
28
-698
120
-395
-104
-274
5
-349
7
-119
-25
(*)
282
1
342
25
95
2
101
1
63
19
84
3
5
5
3
200
432
144
160
122
6
46
-815
-13
(*)
(*)
200
432
144
364
(*)
-1
15
26
-2
9
14
-1
-1
1
4
-1
-1
-5
-1
9
15
-1
122
406
-2
127
261
(*)
-8
-1
2
19
35
-528
-636
-106
-124
19
43
-1
8
-397
160
155
122
(*)
44
45
3
-415
-23
-364
11
46
-23
-364
47
48
49
-3
211
9
-101
68
235
50
130
-3
-37
-49
-36
32
79
-16
124
30
51
52
53
-29
\44
-1
44
138
-2
17
36
°6
1
-15
14
9
10
16
25
2
110
-42
128
64
-6
20
28
183
26
13
17
347
12
-267
-1
-115
(*) 47
15
14
-2
-213
-81
-71
-139
223
-201
-206
902
1,072
514
164
-58
452
859
1,343
48
42
43
-426
-19
(*)
—25
-57
55
14
8
(')
(*)
41
3
-25
-870
140
238
(
3
39
40
-94
6
26
(*)
31
17
-41
5
-2
931
-30
-131
-48
18
(*)
-33
-96
-110
-28
8
3
56
0
-24
-77
-173
-15
33
-112
-286
-23
5
-18
-45
(*)
27
28
29
30
-381
12
34
(*)
-54
-805
2
-12
-26
(*)
-360
-175
22
-22
2
(*)
-39
(*)
-431
-212
25
-23
-849
50
-1
-18
3
4
5
6
13
42
60
39
-1
(*)
1
2
49
-1
2
102
102
51
-1
2
118
118
45
(*)
(*)
(*)
96
96
95
95
Line
42
287
-3
411
411
IV P
187
-1
-4
418
418
III'
II'
187
-450
-429
-1,402
-167
888
1968
1968 P
1967
44
(*)
(*)
54
55
(*)
56
57
95
-39
-58
-92
97
-8
89
58
59
208
537
47
551
60
(*)
SURVEY OF CURRENT BUSINESS
44
March 1969
Table 9.—Changes in Reported Foreign Gold Reserves and Liquid Dollar Holdings Through Known Transactions With the United States
and Through Other Transactions, by Area 1
[Millions of dollars]
Line
1967
1967
1968 P
I
1968
II
III
IV
I'
II '
III'
IV v
All areas:
1
2
3
Total increase
_ __
Through known transactions with the United States
Through other transactions
—1 098
211
—1 309
197
—72
269
648
434
214
-625
-780
155
—321
440
—761
—720
—248
—472
545
—471
1 016
-135
-63
72
-1, 130
-1,967
837
634
604
—1 238
632
312
320
1 864
85
1 779
—251
364
—615
-277
n.a.
14
10
4
—12
15
—27
6
12
—6
3
-14
17
5
-8
13
298
435
—137
291
341
—50
—545
-402
—143
121
-256
377
-37
268
-305
53
244
-191
100
—295
395
—122
55
—177
108
28
80
-59
70
—129
120
-200
320
113
245
-132
318
66
252
—170
19
—189
16
324
—308
43
212
—169
16
350
-334
-58
81
-139
1
127
-126
321
393
-72
462
408
54
663
—658
1 321
—93
-86
—7
-38
—169
131
2
-120
122
116
-122
238
128
-138
266
228
-152
380
121
-175
296
186
-192
378
669
1,466
—797
195
1,248
-1, 053
37
477
-440
103
408
-305
132
352
-220
397
229
168
101
542
-441
200
371
-171
122
94
28
-228
243
-471
—216
590
-806
—1, 180
560
-1, 740
-46
81
-127
-51
99
-150
-46
192
-238
-73
220
-293
67
238
-171
-1,024
25
-1,049
68
28
40
-291
268
-559
1 985
3 408
—1 423
—878
—210
—668
167
207
40
82
188
—106
1 188
1 173
15
1 179
305
874
—1 368
—2 610
1 242
477
—210
687
141
—121
262
882
198
684
486
831
—1 317
484
na
517
103
414
470
100
—570
101
25
76
4
—2
6
2
5
—3
17
—13
—4
g
—9
17
202
197
5
—408
—143
—265
—190
—190
—197
—389
192
255
—89
344
492
181
311
169
121
48
—95
905
—1 000
726
1,007
—281
—13
-495
482
548
1 842
—1 294
Western Europe, including United Kingdom:
4
5
6
Total increase
_ _ _ _ _ _
Through known transactions with the United States
Through other transactions
___
United Kingdom:
7
8
9
Total increase
Through known transactions with the United States
Through other transactions _
n.a.
Eastern Europe:
10
11
12
Total increase
Through known transactions with the United States
Through other transactions
_ _ _ . _ . _ _ _
\
10
—11
Canada:
13
14
15
Total increase
_ _ _ _ _ __
Through known transactions with the United States.
Through other transactions
L-
Latin American Republics and other Western Hemisphere:
16
17
18
Total increase
_ _ _ _
Through known transactions with the United States _ _ _ _ _
Through other transactions
Japan :
19
20
21
Total increase
Through known transactions with the United States
Through other transactions
Australia, New Zealand, and South Africa:
22
23
24
Total increase
_ _ _ : _ _
Through known transactions with the United States
Through other transactions
__
Other countries in Asia and Africa:
25
26
27
Total increase _ _ _ _ _ _ _ _ _
_ _ _ _ __ _
___
Through known transactions with the United States
Through other transactions
International organizations and unallocated :
28
29
30
Total increase
Through known transactions with the United States 2
Through other transactions
_
_ _ _ _
p Preliminary.
'Revised.
n.a. Not available.
1. Total increase represents changes in reported gold reserves of foreign central banks and
governments (including international organizations but excluding the countries of the Soviet
bloc) net of convertible currencies included in U.S. official reserve assets (table 1, line 48) plus
foreign liquid claims on the United States (table 1, lines 58 and 59) plus net changes in foreign
IMF positions through U.S. dollar transactions (table 1, line 49).
line 23 is adjusted to exclude net sales or net purchases (—) of gold by U.S. private residents
to the U.S. monetary gold stock. These were (in millions of dollars): 1967, year, -162; I, -32;
II, -32; III, -39; IV, -59; 1968, year, -52; I, -52; II, 0; III, 0; IV, 0.
Changes through other transactions equals "Total increase" less "Changes through Ipiown
transactions with the United States." For "All areas" this difference represents known
acquisitions (+) or sales (-) of gold by foreign central banks and governments outside the
United States. The net acquisitions of gold equal the excess of new gold production abroad
plus sales by the Soviet bloc less net gold purchases by others. For each of the separate areas
shown the difference reflects net gold and dollar receipts (+) or payments (—) resulting from
their transactions with countries other than the United States, net of changes in their convertible currencies included in U.S. official reserve assets resulting from U.S. transactions
with other areas, and from unrecorded transactions with the United States.
2. Includes transactions with shipping companies operating under the flag of Honduras,
Liberia, and Panama.
NOTE.—Detail may not add to totals because of rounding.
Source: U.S. Department of Commerce, Office of Business Economics.
March 1969
(Continued from page 31)
SURVEY OF CURRENT BUSINESS
started in the third quarter but exparticularly if a redemption of over panded in the fourth. Other factors
$100 million of IBRD bonds is ex- that may have contributed to the larger
cluded from the figures. A strong re- inflow of capital through foreign purcovery in capital outflows through chases of U.S. stocks were the renewed
U.S. corporate transactions was largely financial difficulties in France and a
offset by smaller U.S. purchases of German policy designed to stimulate
foreign securities and a large increase capital outflows.
in foreign purchases of U.S. securities,
mainly stocks. Liquidations of banking Longer run considerations
assets continued but were not as high
Several developments that contribas in the first quarter.
uted to the 1968 change in private
In the third quarter, the tightness in capital movements may continue to
the domestic capital markets was re- influence capital flows this year and
laxed, and the acute financial difficul- perhaps even longer.
ties abroad subsided. This was the
The program to restrain the outflow
only quarter in 1968 when the net of U.S. capital for direct investments
flow of private capital was outward. substantially increased the use by
However, the net outflow of about domestic corporations of foreign capital
$460 million was still considerably less to finance their foreign business operathan the average quarterly rate of tions. In addition, U.S. corporations
about $880 million in 1967.
have learned to tap foreign capital
In the fourth quarter, capital move- markets to finance investments within
ments changed again—to large net this country.
In 1968, U.S. corporations sold
inflows of about $790 million. This
reflected primarily changes in U.S. abroad about $2.2 billion of newly
corporate transactions, which shifted issued bonds. This amount includes
from net outflows of about $400 million securities issued by U.S. parent comin the third quarter to net inflows of panies, by financial subsidiaries orgaabout $550 million in the fourth. There nized in the United States, and by
was also a $140 million decline in net financial subsidiaries organized in the
capital outflows through banking trans- Netherlands Antilles to the extent that
actions and considerable increases in the funds were transferred to the U.S.
net capital inflows through security parent companies. Of the $2.2 billion,
transactions and in net foreign funds more than $700 million was transferred
held here by U.S. brokerage concerns. to foreign affiliates and about $400
The fourth quarter reversal of capital million to the U.S. parent companies.
movements to net inflows reflected Most of the remaining $1.1 billion was
primarily the effects of the restraints on not used by the end of the year and was
capital outflows for direct investments still held in foreign bank accounts.
In addition to the funds obtained
and the tightening of the domestic
capital market.
abroad through the sale of bonds, U.S.
The balance of payments program corporations reported increases of about
sets ceilings on capital flows for the $1,050 million in other liabilities, probyear as a whole, and some corporations ably to foreign banks and other financial
had to compensate for outflows in organizations for the most part. The
excess of their ceilings earlier in the bulk of these funds was presumably
year. Other corporations may have either transferred to the foreign affilreduced their net capital outflows by iates or used in the domestic operations
more than the regulations required in of the U.S. borrowers.
order to have a safety margin pending
The total amount borrowed by U.S.
the availability of the final data for corporations abroad in 1968 from
their actual transactions.
foreign lenders and on foreign capital
The renewed tightening of the do- markets and actually used in either
mestic capital market seems to have their foreign or their domestic operainduced borrowing abroad through bond tions was, therefore, close to $2.2
issues and bank loans to meet domestic billion.
financial requirements. Such activities
The large inflows of funds in the
45
fourth quarter from foreign affiliates
in Europe and from those in the oil
industry domiciled in Africa and the
Middle East may also be considered
loans because they may have to be
returned. Most of these inflows were
probably facilitated by reductions in
liquid assets held by the affiliates or
by loans that they had obtained from
foreign sources.
Total net borrowings by U.S. corporations abroad in 1968 may thus have
amounted to about $2.5 billion to $3
billion, and gross borrowing was about
$1 billion higher.
Some of the funds obtained abroad
in 1968 will have to be repaid in the
current year. This can, however, be
more than offset by the utilization of
some of the $1.45 billion in funds that
are still available from foreign bond
issues in 1968 and prior years, and from
continued borrowings on foreign capital
markets.
The utilization of foreign capital
markets to finance capital requirements
of U.S. affiliates abroad was common,
but prior to 1965, foreign funds were
used mainly to meet requirements for
working capital. Large bond issues to
obtain capital for investments that are
ordinarily financed through parent company funds started with the voluntary
program to restrain capital outflows
in 1965. The rapid rise in bond sales
by U.S. corporations in foreign securities markets, from about $450
million in 1967 to about five times
that amount in 1968, and the simultaneous increase in new issues by borrowers from other countries have been
accomplished without major strains on
capital supplies in these markets. To a
considerable extent U.S. financial organizations stimulated the growth in
foreign capital markets through the
establishment of foreign branches.
Since the broadening of foreign capital markets has significantly lessened
the differences between the costs of
borrowing here and abroad, it may be
assumed that U.S. corporations will
continue to use the foreign markets to
obtain funds not only for their foreign
but for their domestic investments as
well. In order to maintain access to
both sources of capital, American
companies are likely to use both markets
46
SUEVEY OF CUEEENT BUSINESS
regardless of slight differences in borrowing costs.
The incentives to raise new funds
abroad or to use those obtained earlier
but still held abroad would, of course,
be strengthened by a continuation of
the restraints on capital outflows and
of the relatively tight conditions in
domestic capital markets. It should not
be expected that net capital transactions of U.S. corporations will again
result in net capital outflows as low as
they were in 1968, but outflows are not
likely to return to the $3 billion rate of
1966 and 1967.
Another major factor in the decline
in net capital outflows was the rise of
more than $1 billion in foreign purchases of U.S. stocks, from $815 million
in 1967 to nearly $2 billion in 1968
(table D3). These net purchases accelerated in the fourth quarter to an
annual rate of almost $3 billion. In
January of this year, they continued to
rise further.
The period from the middle of 1967,
when the sharp rise in foreign purchases
of U.S. stocks started, to the end of
last year was characterized by a succession of financial and political disturbances abroad, including the war in
the Middle East, the problems with
the British pound, the gold crisis, the
difficulties arising in France, the invasion of Czechoslovakia, and £he
crisis on foreign exchange markets last
November. These developments may
have contributed to foreign demand for
U.S. securities. However, there may also
have been a shift in foreign investment
patterns from fixed interest assets to
corporate equity shares, particularly
those issued by large U.S. corporations.
A considerable volume of these purchases was probably made by foreign
intermediaries such as banks (acting for
their customers) and investment funds.
There has been no evidence that foreign
purchases of U.S. securities have fluctuated with changes in U.S. security
prices. They do not seem to be induced
primarily by speculative interests but
are more probably made as long-term
investments. It may be .assumed that
foreign transactions in U.S. stocks will
for some time continue to result in net
purchases even if the financial and
political disturbances subside; however, the volume may not remain as
high as it was in the fourth quarter of
last year.
These considerations are the basis
for the assumption expressed earlier in
March 1969
this analysis that net private capital
outflows in the current year will increase again, but that for some time
they are likely to remain lower than
they were in 1967 or in the several
years before that.
(Continued from page ,
Dividend payments were up only
slightly in the fourth quarter so that
most of the gain in after-tax earnings
went to undistributed profits. This
increase of $1.6 billion, coupled with a
rise of nearly $1 billion in capital
consumption allowances, produced a
$2.5 billion rise in corporate cash flow,
the largest such quarterly addition
in 1968.
output from the third to the fourth
quarter reflected rising costs of production. This situation was in contrast
to the earlier quarters of 1968, when
unit price increases reflected both
higher unit profits and unit costs. The
rise in unit labor costs was the most
significant component of the fourth
quarter cost increase. These costs were
up 1 percent while nonlabor costs,
chiefly capital consumption allowances
Corporate output, prices, costs
and indirect business taxes, rose 1.3
The fourth quarter gain in aggregate percent.
For the full year, unit labor costs
corporate profits reflected an increase
in the volume of production since were up 2.7 percent and nonlabor costs,
profits per unit of corporate output 2.2 percent. Profit margins increased
showed a slight dip. With unit profits 4.7 percent and accounted for about
slightly lower, the 1-percent increase in one-fourth of the 2.9-percent rise in
the price of (nonfinancial) corporate unit prices of nonfinancial corporations.
(Continued from page 16)
6 to 7 months before the start of the
year (estimate A) to the closing month
of the year (estimate D). Accordingly,
better forecasts of year-to-year changes
in expenditures are likely to be obtained by comparing an estimate for a
given year with that made in the corresponding period of the previous year. To
determine the anticipated percentage
change in expenditures for 1968, for
example, the latest estimate, 1968-D is
compared to the corresponding estimate
in the preceding year, 1967-D.
Technical note
The most recent dollar figures for
Eeports on plant and equipment ex- 1968 and 1969 (columns 1968-D and
penditures for a given year are filed on 1969-B in tables 1-3) are not necesfive different occasions at 6-month sarily the best estimates of the actual
intervals. Although the final report is amounts of expenditures likely to be
filed 6 months after the close of the made in these years. Applying the
year and is based entirely on expendi- percentage change from 1967 to 1968,
tures actually made, each of the first as shown in the previous paragraph, to
four estimates is based on mixtures of the final figure (E) for 1967—which is
various types of basic information
based entirely on actual expenditures
available to corporate officials, such as
for
that year and is therefore generally
appropriations, contracts placed, and
free
of reporting biases—would yield
actual payments. These mixtures are
likely to change as the time at which the best current estimate of the actual
the report is prepared progresses from dollar amount of expenditures for 1968.
than to present restrictions on capital
flows and reinvested earnings. The
large investments made in the mid1960's, especially by manufacturers in
developed areas, were required to establish new productive facilities to satisfy
rapidly expanding demand. As the increase in demand has returned to a
more normal rate, smaller expenditures
for maintenance and expansion of existing facilities have begun to replace the
larger outlays initially required.
By ALLAN H. YOUNG and CLAUDIA HARKINS
Alternative Measures of Price Change for GNP
This article reviews the rapid and
widespread rise in prices since 1965 as
shown by the deflators for total GNP
and its major components, describes the
derivation of alternative price indexes
based on fixed weights, and contrasts
the behavior of the two types of price
measures. The analysis shows that the
fixed weighted price indexes for total
GNP have increased at the same rate as
the implicit GNP deflator over the past
3 years. However, within this period, the
alternative pi ice measures have on
occasion moved differently from the
deflator.
_L HE implicit price deflators for GNP,
a byproduct of the calculation of real
GNP, have received increased use over
the past several years. Unlike conventional price indexes, such as the Consumer Price Index and the Wholesale
Price Index, which combine prices of
individual items with fixed weights,
these deflators employ shifting weights.
This article reviews the rapid and
widespread rise in prices since 1965 as
shown by the deflators for total GNP
and its major components, describes the
derivation of alternative price indexes
based on fixed weights, and contrasts
the behavior of the two types of
measures.
The study finds that the implicit
deflator for total GNP has increased at
the same rate as fixed weighted price
indexes over the past 3 years. Within
this span, however, the alternative price
measures have on occasion moved differently from the deflator. Differences
were particularly pronounced in the
second and third quarters of 1968.
Price Changes, 1965-68
Over the past 3 years, the total GNP
deflator has increased at an annual rate
of 3% percent, and over the past six
quarters, the rate has accelerated to
almost 4 percent. The latest quarter
shows no slackening in the degree of
inflation on an overall basis (chart 15).
The fourth quarter increase in the
deflator for personal consumption expenditures was the largest since the
fourth quarter of 1951. The rate of
price increase for fixed investment and
government purchases of goods and
services declined from that of preceding
quarters, but in the case of government
purchases, the smaller rise represented
a reduction from an unusually large
third quarter advance that was due to
a July pay raise for Federal Government employees.
Price changes in recent years stand
in marked contrast to those in the first
half of the 1960's, when the economy
was operating below its potential. From
1960 to 1965, the GNP deflator increased at an annual rate of 1.4 percent;
over the same period, the deflators for
personal consumption expenditures and
fixed investment increased at an average
annual rate of 1.1 percent and the
deflator for government purchases, 2.6
percent.
Although 1965 witnessed a moderate
step-up in the price rise, the transition
to the period of strong inflationary
increases occurred about the end of the
year and is associated with the pressures on the economy resulting from the
Vietnam buildup. From the fourth
quarter of 1965 to the fourth quarter of
1968, the deflators for total GNP,
fixed investment, and government purchases increased at an annual rate of
3% percent, while the deflator for
personal consumption expenditures rose
3% percent (table 1). Price increases
during the period were not uniform
(columns 2-4 of table 1). Three fairly
distinct subperiods may be distinguished. From the fourth quarter of
1965 to the fourth quarter of 1966, the
overall deflator showed a sharp rise of
3% percent. With the slowdown in the
Table 1.—Changes in Implicit Deflators for GNP and Major Components and Contributions
of Major Components to Total Change, Selected Periods
Contributions of major components
Percent change at annual rate
IV-1965
to
IV-1966
IV-1966
to
11-1967
Gross national product 1
3.27
2.49
Personal consumption expenditures
Durable goods
Nondurable goods. ..
Services _
3.02
.80
3.46
3.31
1.92
.02
1.29
3.36
11-1967
to
IV-1968
IV-1965
to
IV-1968
IV-1966
to
11-1967
11-1967
to
IV-1968
3.27
2.49
3.93
3.47
.66
-.15
.28
.53
3.92
.52
1.38
2.02
1.62
.50
.21
.91
1.69
.30
.42
.97
IV-1965
to
IV-1968
IV-1965
to
IV-1966
3.93
3.47
3.70
3.01
3.58
4.22
3.18
1.77
3.16
3.77
Gross private domestic investment
2.62
2.84
4.12
3.40
-.35
-.22
1.02
.37
Nonresidential
... .
Structures
Producers' durable equipment...
2.92
3.59
3.11
2.34
3.39
2.12
3.32
5.16
2.73
3.02
4.34
2.75
.59
-.13
.72
-.46
-.30
-.16
.44
.06
.38
.34
-.06
.40
Residential
3.26
4.15
6.01
4.78
-.94
.24
.58
.03
Net exports of goods and services
Exports
Imports .
4.56
1.14
-.66
-3.67
1.51
1.52
2.15
.51
.25
-.48
.30
-.15
.10
-.45
-.41
Government purchases of goods and
services
Federal
State and local
...
3.30
2.10
4.66
.96
-.20
2.71
4.50
4.55
4.34
3.50
2.93
4.17
1.89
1.08
.81
3.25
2.15
1.10
1.00
.40
.60
1.66
.91
.75
Fixed investment
Change in business inventories
1. Includes change in business inventories.
47
.is
SURVEY OF CURRENT BUSINESS
48
Implicit Price Deflators Compared With
Fixed Weighted Price Indexes
Percent Change From Previous Quarter
GROSS NATIONAL PRODUCT
Implicit
Index
t i I t i i I i t i l i i t I 1 1 i l i t I..T i t
Changes in component
PEWJAL CONSUMPTION
IXPENOTJ8ES
6
-
4
_
Goviftwtr f«HA$i$ OF mm
AW SERVICES
1962
63
:; i
64
65
66
67
Quarterly, Seasonally Adjusted at Annual Rates
Note.-Expenditures in 4th quarter 1965 used as
weights in fixed weighted price indexes.
U.S. Department of Commerce, Office of Business Economics
economy after the end of 1966, the
pace of the price advance slackened,
averaging 2% percent from the fourth
quarter of 1966 to the second of 1967.
However, the retardation in both the
expansion and the price rise was short
lived; over the past year and a half,
the overall deflator has advanced at an
annual rate of almost 4 percent. In
the third quarter of 1968, the rate of
increase fell to 3% percent, largely as a
result of smaller rises in prices of food
and services than in the second quarter.
The more rapid rate of increase was
resumed in the fourth quarter.
68
deflators
The implicit deflator for personal
consumption expenditures shows the
same pattern as that for total GNP in
the three subperiods (table 1), but in
each, it increased at a less than average
pace. Moreover, there has not been
much uniformity in the price changes
for the major components of the
consumption deflator.
The deflator for consumer durable
goods including automobiles showed
little movement from the fourth quarter
of 1965 to the second quarter of 1967.
It rose at an annual rate of about 3
percent over the most recent six quarters, with auto prices rising somewhat
more rapidly than other durable goods.
From the fourth quarter of 1965 to the
fourth quarter of 1966, the deflator for
consumer nondurable goods increased
more rapidly than that for total personal consumption expenditures, but in
the second and third subperiods in
table 1, its rise was less rapid. This
pattern reflected principally the behavior of food prices. The price index
for food consumed at home, which
accounts for about one-third of nondurable expenditures, increased 4% percent during 1966, and then declined 3%
percent at an annual rate in the first
half of 1967. Since mid-1967, food
prices have risen at a 3% rate, below
the average for all consumption outlays.
Nondurables other than food advanced
at a below-average pace during 1966
and at an above-average rate since
then. The deflator for service expenditures advanced steadily through mid1967 but since that time has increased
at a more rapid rate.
March 1969
During the first two subperiods in
table 1 , the deflator for fixed investment
moved up at a fairly steady annual rate
of 2 24 percent; however, in the third
subperiod, it increased over 4 percent,
with the acceleration due to higher
prices for both construction and equipment. The rise in the deflators for construction was unusually sharp, reflecting
especially large increases in wage rates
for workers in building trades starting
in the summer of 1967. The deflator for
equipment, which had shown considerable retardation in the slowdown
period, also showed a substantial step-up
but did not match the price rise during
1966.
The rate of increase in the deflator
for government purchases of goods and
services has varied considerably over
the three subperiods. After a 3% percent rate of increase in 1966, the rate
fell back to 1 percent in the first half
of 1967, and then moved up to 4% percent since mid-1967. Changes in the
deflator for Federal purchases are especially variable. The increases in the
first and third subperiods reflect Federal pay raises, which took effect in the
latter half of each year included in the
study.
In addition to the changes in the deflators shown on the left, table 1 shows
on the right the contributions of each
of the GNP components to the change
in the overall deflator.
Construction of the Indexes
The implicit deflator for total GNP
is obtained as the ratio of GNP in current prices to GNP in constant prices.
It is a weighted average of the price
indexes used to deflate the components
of GNP; the implicit weights are expenditures in the current period valued
in prices of the base year 1958.
Conceptually, the implicit deflator is
a Paasche price index. For period t, the
implicit deflator (ID) is
I D=
'
W=
'
where the W's represent expenditure
weights, the P's represent prices, the
Q's quantities, where the summations
are over all the goods and services in
GNP, and where 1958 is taken as the
SUKVEY OF CURRENT BUSINESS
March 1969
49
price base. As can be seen in the equa- paring the quarterly changes in the that these deficiencies in the basic data
tion, the implicit deflator measures the implicit deflator with quarterly changes probably account for a significant part
price change of the current period (t) in which the weights for each com- of the short-term variations in the
quantities or "market basket" since parison are expenditures in the pre- price changes shown for imports and
1958. However, the market basket for, ceding period.
exports.
say period t+1 or t— 1 is not necessarily
Some of the component price indexes
the same as that in period t. Con- used in the deflation of GNP present Inventory investment and net exports
sequently, a comparison of the de- specification problems that impair their
The commodity composition of inflator for period t with any period other usefulness as measures of price change. ventory investment varies sharply from
than the base year measures both the An important case is the unit value period to period, and as a result, there
effect of the difference between the indexes used to deflate the components is no "representative" or "typical"
weights in the two periods and the of exports and imports. The commodity composition of inventory investment.
change in the price of a fixed market classes for which unit values are ob- Price indexes for this series are not
basket.
tained are not always adequately speci- very useful and, accordingly, no entries
In practice, the implicit deflator is fied; for instance, often no distinctions are shown in the tables for inventory
only an approximation of a Paasche are made among grades of a given investment or for gross private domestic
price index. The deflation is not per- commodity. As a result, the unit value investment, of which inventory investformed at the level of individual com- indexes reflect changes in composition ment is sometimes an important commodities as indicated in the equation within the commodity classes as well ponent. For similar reasons no entries
above. Instead, components that en- as changes in prices. It may be noted are shown for net exports.
compass expenditures on an array of
commodities are deflated.1 The compo- Table 2.—Changes in Fixed Weighted Price Indexes for GNP and Major Components and
Contributions of Major Components to Total Change, Selected Periods
nents are deflated with conventional,
fixed weighted price indexes that comPercent change at annual rate
Contributions of major components
bine price relatives for individual types
of commodities included in the expendiIV-1965 IV-1966 11-1967 IV-1965 IV-1965 IV-1966 11-1967 IV-1965
to
to
to
to
to
to
to
to
ture component. Therefore, the implicit
IV-1966 11-1967 IV-1968 IV-1968 IV-1966 11-1967 IV-1968 IV-1968
deflator involves current period weightA. 1958 weights
ing among the component price indexes,
Gross national product l
3.56
3.37
3.37
2.09
4.18
2.09
4.18
3.56
as in a Paasche index, and fixed
2.08
Personal
consumption
expenditures
1.90
2.01
1.21
2.43
3.28
3.16
3.82
weighting within the components.
Durable goods
.13
.23
.56
.04
.43
3.12
.03
1.81
Nondurable goods. _ .
.97
1.09
3.67
1.14
3.61
3.22
.35
1.11
For comparison with the implicit
Services
..
.98
1.11
3.22
.86
.83
3.31
4.27
3.77
deflator, special fixed weighted indexes Gross private domestic investment
and a chain index were constructed
Fixed investment
. _ _.
.55
.65
3.99
.46
.45
3.31
3.26
4.68
from the component price indexes used
.32
Nonresidential
.36
.25
2.79
3.98
3.56
.30
3.31
.16
Structures
. ..- . _
.11
.19
3.61
2.86
4.98
4.16
.14
to deflate the GNP. Two fixed weighted
.16
Producers' durable equipment. __
.14
.17
3.11
.16
3.09
3.25
2.75
price indexes were computed, using as
Residential
_
.23
.29
4.78
.16
.20
3.30
4.15
5.99
weights (1) expenditures in 1958 and
Change in business inventories
(2) expenditures in the fourth quarter Net exports of goods and services
.10
-.04
.07
Exports
.22
4.68
1.61
2.24
-.65
of 1965.2
-.03
.15
-.08
Imports
-.06
1.07
-3.75
1.79
.61
The chain index was obtained as a Government purchases of goods and
.87
.34
1.12
.75
services
_
3.26
1.44
4.98
3.81
cumulation of quarter-to-quarter per.42
.66
.04
.24
Federal
1.88
.24
5.38
3.33
.45
.46
.30
State
and
local.
4.39
.51
4.98
4.49
2.90
centage changes. In each quarterly
B. 4th quarter 1965 weights
change, the price changes were weighted
3.52
4.09
2.16
3.52
3.36
Gross national product 1
...
4.09
3.36
2.16
by expenditures in the first of the two
2.02
2.39
1.19
3.21
1.89
Personal
consumption
expenditures
3.00
3.80
1.89
quarters involved in the change. The
.17
.29
.02
.08
Durable goods
3.05
.80
.16
1.81
.89
1.01
.35
.97
Nondurable
goods
3.19
3.63
3.60
1.27
chain index provides a basis for com.96
1.09
.82
.84
3.21
3.77
Services
4.27
3.31
1. On a quarterly basis, 142 components of GNP are deflated as shown below.
Gross national product
Personal consumption expenditures
Private fixed investment
Change in business inventories
Exports
Imports
Government purchases of goods and services
142
41
42
10
3
3
43
2. Tests showed that alternative weight bases, selected
from the quarters from 1965 to 1968, have little effect on the
fixed weighted GNP price index.
3.27
3.00
4.52
3.85
.48
.44
.66
.56
3.27
4.10
2.79
2.58
2.78
2.47
3.98
5.34
3.18
3.51
4.49
2.93
.35
.16
.19
.28
.11
.17
.43
.21
.22
.38
.18
.20
Residential
Change in business inventories
3.26
4.18
6.01
4.78
.13
.16
.23
.18
Net exports of goods and services
Exports . _ . . .
Imports
.
4.66
1.13
-.70
-3.83
1.61
1.69
2.22
.57
.27
-.06
-.04
.18
.09
-.08
.13
-.03
Government purchases of goods and
services
Federal
State and local
3.72
2.61
4.79
1.99
1.11
2.82
4.90
5.43
4.40
4.02
3.75
4.27
.75
.26
.49
.40
.11
.29
.99
.53
.46
.81
.37
.44
Fixed investment
N onresid ential
Structures
Producers' durable equipment. __
1. Includes changes in business inventories.
SURVEY OF CURRENT BUSINESS
50
Highlights of the Comparisons
The fixed weighted price indexes for
total GNP increased at the same rate
as the implicit GNP deflator over the 3
years following the fourth quarter of
1965. Regardless of the measure used,
the overall level of prices rose 3% percent per year over this period.
Over some shorter spans within the
3-year period, the fixed weighted in-
dexes for total GNP have moved
differently from the implicit GNP
deflator. As is shown below, the fixed
weighted indexes indicate a somewhat
greater retardation in the rate of
inflation in the first half of 1967 and
a slightly more rapid increase in the
second half of 1967 and in the year 1968.
In the first half of 1967, the fixed
weighted indexes increased at a rate
March 1969
ranging from 2 to 2% percent as corncompared with the 2X-percent rate in
the implicit GNP deflator. Since the
second quarter of 1967, the annual rate
of increase in the fixed weighted
indexes has been over 4 percent as
compared with a rate of 3.9 percent
for the implicit deflator.
Changes in fixed weighted indexes
for total GNP and its components are
shown on the left-hand side of table 2;
Table 3.—Price Changes as Measured by Implicit Deflators, Fixed Weighted Price Indexes, and Chain Indexes, Quarterly, Second Quarter
1965 through 1968
[Percent change at annual rate]
18 65
IV-1965
Implicit 1958
deflator weights weights
Personal consumption expenditures
Durable goodsNondurable goods
Services
rV
I II
II
Gross national product
19 66
IV-1965
Chain Implicit 1958
deflator weights weights
[
Chain Implicit 1958
IV-1965
deflator weights weights
Chain
Implicit 1958
IV-1965
deflator weights weights
Chain
1.99
2.20
2.03
1.99
1.13
1.72
1.38
1.40
1.84
2.71
2.09
2.11
2.81
3.43
3.27
3.27
1.94
-1.21
2 76
1.91
2.05
— .74
2 79
2.03
1.83
-1.10
2.74
2.00
1.83
-1.23
2.77
2.01
.80
-3.85
2.16
1.41
1.27
-3.65
2.42
1.41
.97
-3.52
2.25
1.36
1.01
-3.63
2.29
1.37
1.34
-1.54
2.70
1.40
2.00
-.01
3.00
1.43
1.57
-1.61
2.88
1.38
1.62
-1.40
2 90
1.38
2.88
-2.57
5 27
3. 12
3.35
-3.64
5 36
3.09
3.11
—2.53
5 11
3.12
3.11
-2.53
5.11
3.12
Gross private domestic investment
Fixed investment
1 30
1 26
1 41
1 30
1.58
2 41
1.81
1.87
2.70
2.54
2 29
2 30
1 75
2 25
2 33
2.33
Nonresidential
Structures
Producers' durable equipment..
1.71
2 96
1.35
1 77
1.51
2 55
1.37
2 26
1.18
5 34
1.97
5 42
1.31
4.47
1.35
4.71
3.13
4.54
2.63
4.41
2.27
3 80
2.29
3 93
1.77
1 82
2.17
1 62
2.32
2 56
2.32
2.56
.42
1.06
.93
.90
-.54
-.44
-.45
-.52
1.78
1.36
1.41
1.40
1.88
2.58
2.18
2.18
Residential structures
1.11
1.08
1.11
1.11
3.25
3.24
3.25
3.25
2.33
2.36
2.33
2.33
2.35
2.39
2.35
2.35
.84
— 1 72
.37
— 1 09
.24
— 1 19
.10
— 1.15
1.13
6.93
1.26
7 04
1. 1?
7.02
1.15
7 02
-.77
3.10
-.87
2.88
-.96
2 98
-.98
2.99
3.35
—.82
3.36
—.88
3.39
—.85
3.39
-.85
2.76
1.12
4 28
2.85
1.70
4 28
2.72
1.27
4 12
2.73
1.26
4 16
3.42
3.35
3 45
3.66
3.54
3 81
3.68
3.63
3 73
3.69
3.62
3 77
4.47
7.60
1 52
5.63
8.55
2 14
4.72
7.53
2 11
4.68
7.45
2 10
1.87
-1.13
5 12
3.36
1.80
5.34
3.18
1.24
5.07
3.18
1.24
5.07
Change in business inventoriesNet exports of goods and
services
Exports
._
Imports
Government purchases of goods
and services
Federal
State and local
1967
1966
II
I][I
Implicit 1958 t!V-1965
deflator weights weights
Gross national product
Personal consumption expenditures.
Durable goods
Nondurable goods
Services..
Chain
IV
Implicit 1958
deflator weights
IV-1965
weights
Chain
][
Implicit 1958
IV-1965
deflator weights weights
Chain
IV-1965
Implicit 1958
deflator weights weights
Chain
3.76
3.60
3.74
3.81
3.13
3.05
3.00
3.06
3.38
3.40
3.45
3.57
2.92
1.82
2.04
2.25
3.91
1 63
3.86
3.61
3.58
1 40
4.11
3.58
3.45
1 61
3.99
3.56
3.44
1.63
3.99
3.55
2.01
1.17
2.11
2.73
2.42
1.13
2.44
2.77
2.23
1.05
2.15
2.75
2.25
1. 15
2.15
2.76
3.28
3.07
2.62
3.77
3.29
3.50
2.81
3.80
3.24
3.16
2.75
3.80
3.24
3.12
2.77
3.80
2.02
.29
.68
3.41
1.63
.70
.53
3.20
1.60
.09
.68
3.20
1.68
.13
.83
3.19
Gross private domestic investment
3 08
3 95
3.80
3.79
2.38
3.58
3.41
3.31
3.26
3.44
3.54
3.62
3.24
2.90
2.89
2.94
Nonresidential
. _,
Structures
Producers' durable equipment
3.32
4.79
4.02
5.00
3.81
5.31
3.79
5.31
2.44
4.72
3.29
5.35
3.16
5.82
3.06
5.65
4.15
3.07
3.76
2.52
3.80
2.77
3.85
2.81
3.53
3.40
3.09
2.31
3.02
2.22
3.06
2.31
3.37
3.31
2.95
2.94
1.52
1.80
1.64
1.67
5.72
4.68
4.41
4.42
2.73
3.67
3.50
3.44
Residential structures
3.79
3.82
3.79
3.79
4.09
4.14
4.09
4.09
2.84
2.85
2.81
2.82
2.50
2.53
2.53
2.49
Net exports of goods and services
Exports _ _
Imports
5.92
3.64
6.18
3.55
6.17
3.65
6.17
3.65
3.42
3.18
3.46
3.12
3.42
3.18
3.41
3.18
5.58
-1.35
5.75
-1.39
5.70
— 1.35
5.69
— 1.35
1.16
-3.99
1.19
-3.74
1.16
-4.11
1.15
-4.10
Government purchases of goods
and services
3.58
2.99
4.04
4.32
4.84
4.30
5.03
5.39
2.92
2.41
2.65
2.87
.83
.89
1.77
2.33
3.20
4.19
1.60
4.72
3.57
4.49
4.19
4.44
4.31
5.86
2.83
6.12
4.08
5.95
4.87
5.90
2.11
3.49
1.30
3.77
1.57
3.68
2.00
3.74
.48
1.80
-.50
2.58
1.00
2.49
2.19
2.46
Fixed investment
Change in business inventories
Federal...
State and local
SURVEY OF CUEEENT BUSINESS
March 1969
contributions of each component to
the overall price change appear on the
right. The time periods are the same
as those in table 1.
Over the last six quarters, the largest
differences between the quarter-toquarter changes in the two types of
indexes occurred in the second and third
quarters of 1968. The fixed weighted
indexes increased about % of a per-
(Percent change at annual rate)
IV-1965 IV-196S 11-1967 IV-1965
to
to
to
to
IV-1966 11-1967 IV-1968 IV-1968
Implicit deflator
3.3
2.5
3.9
3.5
Fixed weighted:
1958 weights
IV-1965 weights-
3.4
3.4
2.1
2.2
4.2
4.1
3. 6
3.5
centage point more than the implicit
deflator in the second quarter and
51
about }{ to % of a percentage point
more in the third. The table below
shows the changes over the three most
recent quarters.
The differences in the second and
third quarters between the implicit
deflator and the fixed weighted indexes are among the largest in the 12quarter period since the start of 1966.
For about one-half of the quarterly
Table 3.—Price Changes as Measured by Implicit Deflators, Fixed Weighted Price Indexes, and Chain Indexes, Quarterly, Second Quarter
1965 through 1968—Continued
[Percent change at annual rate]
1968
1967
IV
III
Implicit 1958
IV-1965
deflator weights weights
Gross national product
Personal consumption expenditures
Durable goods
Nondurable goods
Services. _
.
Chain Implicit 1958
IV-1965
deflator weights weights
IV-1965
Chain Implicit 1958
deflator weights weights
Chain
IV-1965
Implicit
1958
deflator weights weights
Chain
2.07
2.36
2.29
2.32
3.90
4.00
3.83
3.73
4.26
4.17
4.18
4.26
3.54
3.52
3.39
3.38
1.82
-.25
1.90
3.30
2.17
.15
1.76
3.23
2.17
.24
1.86
3.23
2.23
.34
1.91
3.24
3.69
4.71
3.13
3.26
3.30
5.57
2.98
3.05
3.26
4.52
3.01
3.06
3.32
3.87
2.57
3.82
3.23
4.74
3.00
3.05
3.39
2.64
3.88
3.40
4.05
2.74
3 87
3.43
3.99
2.79
3.90
3.74
2.11
4.45
4.70
4.08
2.25
3.75
4.99
4.03
2.34
3.75
4.96
3.99
2.00
3.72
4.98
5.58
5.12
4.03
3.44
3.77
3.67
3.02
3.98
3.14
3.45
2.59
Gross private domestic investment. _
2.44
3.63
2.92
5.82
6.38
Nonresidential
Structures
Producers' durable equipment
1.16
3.38
2.50
3.40
2.15
3.34
2.19
3.36
3.36
6.09
3.67
6.29
1.50
1.83
1.46
1.57
1.90
1.78
Residential structures.
5.84
5.81
5.85
5.83
11.64
11.60
Net exports of goods and services.
Exports
._
Imports
-2.45
-3.35
-2.46
-3.76
-2.51
-3.55
-2.53
-3.57
.52
.30
.97
.27
Government purchases of goods
and services
Federal. _.
State and local
1.10
-.87
3.62
2.00
.99
3.21
2.21
1.22
3.15
2.24
1.35
3.16
4.32
2.49
6.48
4.40
2.75
6.39
Fixed investment..
3.02
3.08
3.60
1.42
3.35
1.22
3.40
1.39
3.38
6.29
3.80
3.13
3.84
2.94
4.17
3.09
1.84
1.98
4.61
4.51
4.82
4.40
3.19
5.23
4.62
4.39
11.64
11.62
2.68
2.69
2.67
2.67
2.13
2.12
2.12
2.13
.99
.99
.13
1.67
.20
2.02
1.26
2.04
.92
2.05
1.06
-6.53
.80
-6.94
1.16
1.10
-7.03
1.10
4.36
2.49
6.13
4.15
7.10
10.30
3.68
7.31
6.98
10.97
3.39
6.85
10.30
3.37
2.65
2.21
3.16
4.15
10.62
3.50
3.99
4.48
3.54
3.97
4.41
3.50
3.45
6.24
Change in business invenr
tories
2.42
5.97
4.56
3.66
1968
II
Implicit
deflator
Gross national product _
Personal consumption
expenditures
Durable goods
Nondurable goods
Services
1958
weights
IV
III
IV-1965
weights
Chain
Implicit
deflator
4.29
5.17
5.13
5.06
3.46
4.18
1.94
4.09
5.29
4.81
2.01
4.99
5.38
4.66
1.64
5.03
5.39
4.64
1.63
4.97
5.41
2.65
1.68
2.89
3.52
1958
weights
3.07
2.20
2.89
3.52
IV-1965
weights
3.02
2.12
2.84
3.53
Chain
Implicit
deflator
1958
weights
IV-1965
weights
Chain
4.15
4.15
4.16
4.17
3.01
2.13
2.83
3.53
4.66
3.77
4.39
4.76
4.46
3.36
4.43
4.80
4.44
3.43
4.44
4.81
4.48
3.43
4.53
4.82
Gross private domestic
investment
Fixed investment.
4.68
5.85
5.43
5.22
Nonresidential
Structures
Producers' durable equipment
3.27
8.06
4.49
7.16
4.35
7.42
4.20
7.47
1.82
2.57
2.59
2.58
Residential structures_
8.40
8.41
8.40
8.40
14.57
5.20
14.66
5.63
14.67
5.56
14.67
5.54
3.36
1.63
5.52
3.91
2.66
5.44
4.19
2.94
5.39
3.98
2.64
5.38
1.44
6.27
6.05
5.65
3.24
3.15
3.31
4.80
8.39
4.94
10.08
4.51
9.74
3.18
3.25
3.51
3.83
3.61
4.21
3.43
4.10
2.03
3.45
3.26
3.26
3.12
2.52
2.51
2.52
2.51
2.19
1.99
9.03
9.09
-3.75
-1.44
-3.94
-1.36
-3.96
-1.37
-3.97
-1.37
3.84
4.25
4.22
3.96
4.26
4.00
4.28
4.02
5.70
7.82
2.96
6.17
8.61
3.30
5.94
8.83
3.28
5.72
7.95
3.42
3.90
3.16
4.27
3.96
3.34
4.71
3.96
3.14
4.74
3.87
3.04
4.74
Change in business
inventories
Net exports of goods and
services
Exports
Imports
Government purchases of goods
and services
Federal
State and local
SUEVEY OF CUKEENT BUSINESS
52
(Percent change at annual rate)
Implicit deflator
Fixed weighted:
1958 weights
IV-1965 weights
. -.
III-1968
4 3
35
4.1
5.2
5.1
4.1
3.8
4.2
4.2
5.1
3.8
4.2
Effect
of weight changes
The differences between the changes
in the implicit deflator and the fixed
weighted indexes shown in the article
are due to the shift in the weights in the
implicit deflator. If the composition of
expenditures shifts toward those components that have increased in price at
an above-average rate since the price
base period of 1958, the implicit deflator increases more than a fixed
weighted index. If the composition
shifts in the other direction, the implicit
deflator increases less than a fixed
weighted index.3
The effect of changes in the composition of real GNP on the implicit
deflator is illustrated in an extreme form
by the shifts in inventory investment.
The price indexes for inventory investment show a much smaller rise since
1958 than the rest of GNP.
When inventory investment declines
in relative importance, these price
indexes receive less weight in the terminal period of the span than in the
initial period, and the implicit GNP
deflator tends to increase more than the
fixed weighted price indexes for total
GNP. When inventory investment increases in relative importance, the
deflator rises less than the fixed
weighted indexes.
3. Strictly speaking, the implicit deflator increases more
(less) than a fixed weighted price index that has as its weight
base the initial or terminal period of the span being compared
if there is a positive (negative) correlation between the shifts
in the weights in the implicit deflator and the changes since
1958 in the component price indexes. When the fixed weighted
index has another period as its weight base, the difference
also depends on the shift in the composition of real GNP
between the weight base period and the initial or terminal
period of the span being compared. However, the latter
effect is of minor importance in the comparisons presented
in this article because alternative weight bases have little
effect on the fixed weighted index. (See also footnote 2.)
(Percent change at annual rate)
Fixed weighted:
1958 weights _ IV-1965 weights
2.2
._
2.1
2.2
2.5
2.1
2.2
Shifts in inventory investment account for much of the difference between the changes in the two types of
indexes from the first to the second
quarter of 1968, but in the third
quarter, the shift operates in the opposite direction; recomputing the indexes
excluding the change in inventories
increases the difference in the third
quarter changes. The difference in the
third quarter changes is accounted for
largely by a shift in the composition of
real GNP from Federal purchases and
construction, which have increased in
price at above-average rates since 1958,
to consumer durable goods and producers7 durable equipment, which have
increased in price at below-average
rates.
Major
Gross national product. Personal consumption expenditures
Durable goods
Nondurable goods . _
Services
components
From the fourth quarter of 1965 to
the fourth quarter of 1968, the prices of
nonresidential fixed investment and
government purchases increased more
rapidly measured by fixed weighted
price indexes than by the implicit
deflators. For personal consumption expenditures, differences between the two
price measures were small. The comparative movements are shown in the
following table.
Over this period, the composition of
real business fixed investment shifted
toward producers 7 durable equipment,
which on the average has increased less
in price since 1958 than has nonresidential construction. Moreover, within
each of these two broad categories of
fixed investment, purchases have shifted
Difference
3.5
3.5
3.2
3.2
1.8
3.2
3.8
1.8
3.2
3.8
Gross private domestic investment
.
3.4
3.8
-.4
Nonresidential
Structures _ _ _ _ _ _ .
Producers' durable
equipment
3.0
4.3
3.5
4.5
-.5
-.2
2.8
2.9
-.1
Residential structures
4.8
4.8
.0
2.1
.5
2.2
.6
-.1
-. 1
3.5
4.0
-.5
2.9
4.2
3.8
4.3
-.9
-.1
Fixed investment
IV-1966-II-1967
Implicit deflator
Fixed
Imweighted
index,
plicit
deflator IV-1965
weights
0
changes, the differences between the two
types of indexes were less than 0.2
percentage points. In most quarters,
the chain index moves about the same
as the fixed weighted indexes (table 3).
Annual rate of change,
IV-1965— IV-1968
000
11-1968
Shifts in inventory investment account for the difference between the
changes in the two types of indexes
from the fourth quarter of 1966 to the
second quarter of 1967; over this
period, inventory investment fell from
an annual rate of $19 billion (1958
prices) to $2 billion. Changes in the
indexes excluding and including inventory investment are shown below in
the first and second columns respectively.
0
Chain
IV-1968
March 1969
-_. _
Change in business
inventories
Net exports of goods and
services
Exports
Imports
Government purchases of
goods and services
Federal
State and local
__ -. _ . _
to those items that have increased in
price less than their respective category
averages.
Government purchases over the past
3 years have shifted toward the Federal
sector, prices for which have risen considerably less since 1958 than prices of
State and local output. (As compared
with the Federal Government, State
and local output is more heavily weighted
by employee compensation and construction, prices of which as measured
in the national accounts have risen
much more than other types of government purchases.) Particularly, within
the Federal sector there has been a
pronounced relative shift in favor of
goods and services that have risen less
than the average for all Federal purchases; the shift to military equipment
is the most notable case.
Some pronounced differences between
the two types of indexes are evident
within the 3-year period (chart 15).
Some reflect changes in the composition
of business fixed investment; others
reflect the 1966-67 cutback and recovery in housing, a category that has
shown especially large price increases
since the 1958 base period. In the
government sector, shifts in the CCC
inventory position account for much of
the quarterly differences.
U.S. GOVERNMENT PRINTING OFFICE : 1969—O-334-269
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1967 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (price $2.50) provides a description of each series, references to sources of earlier figures, and historical data
as follows: For all series, monthly or quarterly, 1963 through 1966 (1956-66 for major quarterly series), annually, 1939-66; for selected series,
monthly or quarterly, 1947-66 (where available). Series added or significantly revised after the 1967 BUSINESS STATISTICS went to press are indicated
by an asterisk (*) and a dagger (t), respectively; certain revisions for 1966 issued too late for inclusion in the 1967 volume appear in the monthly
SURVEY beginning with the September 1967 issue. Also, unless otherwise noted, revised monthly data for periods not shown herein corresponding
to revised annual data are available upon request.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely. Data from private sources are provided through
the courtesy of the compilers, and are subject to their copyrights.
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1966
1965
IV
I
II
1968
1967
III | IV
Annual total
I
II
III | IV
I
III
IV
852.9
871.0
887.4
546.8
II
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product total f
bil. $
Personal consumption expenditures, total
do
747.6
789.7
860.6
710.0
728.4
740.4
753.3
768.2
772.2
780.2
795.3
811.0
831.2
465.5
492.2
533.8
447.4
457.8
461.1
469.3
473.7
480.9
490.3
495.5
502.2
519.4
527.9
541.1
Durable goods total 9
Automobiles and parts
- Furniture and household equipment
do
do_ _
do
70.5
30.4
29.8
72.6
30.4
31.4
82.5
36.6
34.3
68.9
30.6
28.9
71.6
31.8
29.3
68.2
28.9
29.0
71.0
30.3
30.4
71.1
30.5
30.4
69.8
28.1
31.1
73.4
31.2
31.2
73.1
31.0
31.4
74.2
31.4
31.8
79.0
34.6
33.3
81.0
35.4
33.9
85.1
38.1
35.4
85.1
38.2
34.5
Nondurable goods, total 9
Clothing and shoes
Food and beverages
Gasoline and oil
do_ __
do
do
do _
206.7
39.8
106.4
16.6
215.8
42.1
109.4
18.1
230.3
45.8
116.6
19.8
197.8
37.4
102.3
15.9
202.8
39.2
105.1
16.0
206.3
39.4
106.8
16.4
208.3
40.5
107.0
16.7
209.3
40.3
106.9
17.1
212.9
40.9
108.7
17.7
215.3
42.4
108.9
17.8
216.4
42.8
109.1
18.3
218.4
42.3
110.8
18.6
226.5
44.6
113.6
19.7
228.2
44.8
116.4
19.4
232.7
47.2
117.7
20.0
233.7
46.7
118 6
20.0
_ _ _ _ _ do. __
do
do
_do_ _
188.3
27.1
67.3
13.6
203.8
29.0
70.9
15.0
221.0
31.2
76.2
16.6
180.7
26.4
65.1
13.2
183.4
26.2
66.0
13.3
186.7
26.9
66.8
13.6
190.0
27.5
67.6
13.6
193.3
27.8
68.8
13.8
198.2
28.1
69.7
14.7
201.6
28.7
70.4
14.8
205.9
29.2
71.2
15.1
209.6
29.9
72.2
15.5
213.9
30.3
74.0
16.2
218.7
31.0
75.4
16.3
223.4
31.5
76.9
16.8
228.0
31.9
78.6
17.1
120.8
114.3
127.7
113.2
116.8
121.0
119.9
125.7
113.0
107.6
114.7
121.8
119.7
127.3
127.1
136.6
106.1
81.3
28.5
52.8
24.8
24.3
14.7
14.9
108.2
83.6
27.9
55.7
24.6
24.0
6.1
5.6
119.9
90.0
29.2
60.8
29.9
29.3
7.7
7.3
103.5
76.2
27.8
48.3
27.4
26.9
9.7
8.5
105.9
78.6
28.6
50.0
27.3
26.8
10.9
10.7
105.6
79.8
28.1
51.7
25.8
25.2
15.4
15.4
107.0
82.6
28.9
53.7
24.4
23.9
12.8
13.3
105.9
84.2
28.2
55.9
21.7
21.1
19.8
20.2
104.6
83.5
29.0
54.5
21.1
20.5
8.4
8.3
105.4
82.7
27.2
55.5
22.7
22.1
2.3
2.2
109.3
83.3
27.7
55.6
26.0
25.4
5.3
4.8
113.5
85.0
27.7
57.3
28.5
27.9
8.3
7.1
117.6
88.6
29.6
59.0
29.1
28.5
2.1
1.6
116.5
87.0
28.5
58.5
29.5
28.9
10.8
10.4
119.6
90.1
28.8
61.3
29.5
28.9
7.5
7.3
126.0
94.3
29.9
64.5
31.6
31.0
10.6
9.7
do
do
do
5.1
43.1
38.1
4.8
45.8
41.0
2.0
50.0
48.1
6.0
40.5
34.5
6.0
42.1
36.1
5.2
42.6
37.3
4.5
43.6
39.1
4.5
44.2
39.7
5.2
45.5
40.3
5.1
45.5
40.4
5.4
46.1
40.6
3.4
46.0
42.6
1.5
47.5
46.0
2.0
49.9
47.9
3.3
52.6
49.4
1.0
50.1
49.1
Govt. purchases of goods and services, total. _do
Federal
do
National defense
_
do
State and local
do
156.2
77.4
60.6
78.8
178.4
90.6
72.4
87.8
197.2
100.0
78.9
97.2
143.3
70.1
52.5
73.2
147.8
72.5
55.3
75.3
153.1
75.6
58.6
77.4
159.5
79.9
63.0
79.7
164.3
81.5
65.4
82.7
173.1
87.4
70.0
85.8
177.3
90.0
72.1
87.2
179.6
91.3
72.9
88.4
183.5
93.5
74.6
90.0
190.5
97.1
76.8
93.4
195.7
100.0
79.0
95.6
199.6
101.2
79.6
98.4
203.0
101.7
80.0
101.2
By major type of product: f
Final sales, total
Goods, total
Durable goods
Nondurable goods
Services
_ _ _
Structures
732.8
367.5
145.7
221.8
288.0
77.3
783.6
390.8
156.4
234.5
314.8
77.9
852.9
423.1
172.2
250.9
342.7
87.1
700.3
351.1
138.5
212.5
271.0
78.2
717.5
360.5
143.3
217.3
277.5
79.5
725.0
362.6
142.2
220.4
284.7
77.7
740.4
371.0
147.3
223.7
292.3
77.2
748.4
375.3
150.2
225.1
298.1
74.9
763.8
381.5
151.1
230.4
306.3
76.1
778.0
391.8
157.1
234.7
310.9
75.3
789.9
393.6
157.3
236.2
317.5
78.8
802.7
396.5
159.9
236.6
324.7
81.5
829.1
412.8
166.7
246.1
330.4
85.8
842.1
417.6
169.1
248.5
339.2
85.4
863.5
429.5
175.1
254.4
347.6
86.4
876.8
432.4
177.8
254.6
353.7
90.7
14.7
10.2
4.5
6.1
3.0
3.1
7.7
4.6
3.2
9.7
4.6
5.1
10.9
7.6
3.3
15.4
9.9
5.5
12.8
10.5
2.4
19.8
13.6
6.3
8.4
3.3
5.0
2.3
.6
1.7
5.3
3.8
1.6
8.3
4.2
4.1
2.1
1.5
.6
10.8
6.2
4.6
7.5
4.9
2.5
10.6
5.6
5.0
Services total 9
Household operation
Housing
Transportation
-
_
_ _ _
_
Gross private domestic investment, total
Fixed investment
Nonresidential
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories. ._
Nonfarm
Net exports of goods and services
Exports
Imports
_
Change in business inventories
Durable goods
Nondurable goods
do
do
do
_ _ _ _do_ _
do_ _
do
_ _ do_ _
do_ __
do
_.
_ ._
.
do
do. __
do
do
..do
do
do
do
do
GNP in constant (1958) dollars
Gross national product, total f
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services
_ _
_ _
bil. $
657.1
673.1
706 7
636.6
648.6
653.3
659.5
687.1
665.7
669.2
675.6
681.8
692.7
703.4
712.3
718.4
do
417.8
430.5
450 9
409.2
415.7
414.8
420.0
420.6
424.8
431.2
431.8
434.1
444.9
447.5
455.7
455.4
do
do
do
71.3
186.9
159 5
72.4
191.1
167.0
80 1
197.1
173 7
69.8
183.3
156 1
72.9
185.5
157.3
69.2
186.9
158.7
71.8
187.8
160.4
71.4
187.5
161.7
70.1
190.3
164.4
73.7
191.6
165.9
72.6
191.1
168.1
73.0
191.6
169.5
77.3
196.5
171.0
78.9
196.1
172.6
82.5
198.5
174.8
81.7
197.3
176.4
108.8
99.5
106.9
103.4
106.1
109.5
107.4
112.3
99.8
94.2
99.3
104.7
101.5
107.3
105.8
113.1
94.0
70.3
23 8
9.3
95.8
72.2
23.6
10.3
94.7
72.7
22.0
14.7
95.5
74.8
20.7
12.0
91.8
74.2
17.6
8.0
92.0
73.3
18.7
2.3
94.0
73.2
20.8
5.2
96.7
74.0
22.7
8.0
99.5
76.5
23.0
2.0
97.4
74.5
22.9
9.9
99.0
76.6
22 4
6 8
103.5
79.6
23 9
9 6
Gross private domestic investment, total... .do. .
Fixed investment.. _
do
Nonresidential
_
._
do __
Residential structures
do
Change in business inventories...
_ _ _ .do
94.9
73.8
21 1
13.9
93.6
73.7
19.9
5.9
99.8
76.8
23 1
7.1
93.7
75.4
18.2
18.6
do
4 0
2.4
— 3
57
5.3
4.3
3.6
2.9
3.0
2.8
3.1
1.0
-.1
-.6
7
—1 3
Govt. purchases of goods and services, total. _do
Federal .. _
_
do
State and local
_.
.__ do
126.5
65 2
61.3
140.7
74 8
65.9
149.2
79 3
70.0
118.4
59 6
58.7
121.5
61.8
59.6
124.7
64.0
60.7
128.5
66.9
61.6
131.3
67.9
63.4
138.1
72.7
65.4
141.0
75.1
66.0
141.4
75.6
65.8
142.0
75.6
66.4
146.5
78.1
68.4
149.2
80.1
69.1
150.1
79 5
70.6
151.2
79 3
7l!s
Net exports of goods and services
r
Revised.
v Preliminary.
f Revised series. Estimates of national income and product
and personal income have been revised back to 1965 (see p. 19 if. of the July 1968 SURVEY for
334-269 O - 69 - 5
data beginning 1965); revisions prior to May 1967 for personal income appear on p. 28 fl. of the
July 1968 SURVEY.
9 Includes data not shown separately.
s-1
SUKVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1966
1967
1963
Annual total
1966
II
III
March 1969
1968
1967
IV
I
II
III
IV
I
II
1969
rv
III
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income, totalf
- - ---
620.8
652.9 * 712. 8
615.1
626.7
637.3
638.6
645.1
656. 9
670.9
688.1
705.4
do
435.6
468.2
513.6
430.8
441.4
449.7
456.7
461.8
471.5
482.7
496.8
507.1
519.7
530.7
do
do
do
do
do..
394.6
316.9
14.6
63.1
41.1
423.4
337.1
16.3
70.0
44.8
463.5
367.2
18.3
78.1
50.1
390.2
314.0
14.2
62.1
40.5
399.8
320.8
14.9
64.1
41.5
407.2
326.0
15.5
65.7
42.5
413.3
330.2
15.8
67.2
43.4
417.6
332. 8
15.9
68.8
44.2
426.3
339. 4
16.1
70.8
45.2
436.4
346.0
17.1
73.3
46.2
448.3
355.7
17.5
75.2
48.4
457.6
362.8
17.8
77.0
49.4
469.0
370.9
18.9
79.1
50.7
479.0
379.2
18.8
81.1
51.7
60.7
44.8
15.9
19.8
60.7
46.3
14.4
20.3
62.9
47.8
15.1
21.0
60.8
44.7
16.1
19.7
60.2
44.7
15.5
19. 9
60.2
45.2
15.1
20.0
60.1
45.7
14.4
20.1
60.5
46.1
14.4
20.2
61.2
46.6
14.6
20.4
61.1
46.8
14.3
20.5
61.8
47.2
14.6
20.7
62.6
47.8
14.8
20.9
63.4
48.0
15.4
21.0
63.7
48.2
15.5
21.2
83.9
80.4
"89. 2
83.4
84.2
85.3
79.5
79.6
80.2
82.3
83.8
89.2
91.6
P
10.2
73.7
42 8
18.8
24.1
10.3
70.1
39 2
18.0
21.2
P11.5
P
77.7
P
44. 5
"19.8
P24.7
10.2
73.2
42.6
18.8
23.8
10.4
73.8
42.7
19.0
23. 6
10.4
74.9
43.3
18.8
24.5
10.3
69.2
39.3
18.3
21.0
10.2
69.5
39.1
17. 9
21.2
10.3
69.9
38.5
17.9
20.6
10.6
71.7
39. 9
18.0
21.9
11.0
72.9
41.3
19. 0
22.3
11.2
77.9
44.9
19.7
25.2
11.9
79.7
45.3
'.0.3
25.0
"11.8
P
80.2
12 0
18.8
11.8
19.0
"12.6
P20.6
12.1
18.5
12.1
19.0
12.0
19.6
11.7
18.1
11.8
18.6
12.0
19.4
11.9
20.0
12.5
19.0
12.5
20.6
13.0
21.4
85.6
34.6
51.0
21.7
29.3
-1 7
20.8
81.6
33.5
48.1
9
29
25.2
— 1.2
23.3
^92.3
P41.3
P
51.0
24.6
P28.4
31
26.3
85.6
34.6
51.0
21.9
29.1
85.0
34.4
50.7
21.6
29.1
.3
22.0
79.9
32.8
47.1
22.5
24.6
-.4
22.2
80.3
33.0
47.3
23.2
24.1
20.4
86.7
35.0
51.6
21.9
29.7
2 5
21.1
22.' 9
80.8
33.2
47.6
23.5
24.1
-.6
23.6
85.4
35.1
50.3
22.5
27.9
-3.1
24.3
88. 9
39.8
49.1
23. 6
25.5
-5.1
25.0
91.8
41.1
50.7
24.4
26.3
-2.7
25.8
92.7
41.5
51.2
25.2
26.0
-1.0
L6.7
^95.8
"42.9
52.9
25.4
P
27. 6
-3.8
27.6
586.8
75.3
511.6
478.6
32.9
628.8
82.5
546.3
506.2
40.2
685.8
96.9
589.0
548.2
40.7
580.3
74.7
505.5
474.2
31.4
592.1
76.8
515.4
482.5
32.9
604.5
525^4
487.3
38.1
614.8
80.5
534.2
494. 6
39.7
621.6
80.1
541.5
504.5
37.0
633.7
83.6
550.0
509.5
40.5
645.2
85.6
559. 6
516.1
43.4
662.7
88.3
574.4
533.5
40.8
678.1
91.9
586.3
542.3
44.0
694.3
101.6
592.7
555.6
37.1
708.2
105.8
602.4
561.6
40.9
bil. $
do
do
do
60.63
26.99
13.99
13.00
61.66
26.69
13.70
13.00
64.08
26.44
13.51
12.93
15.29
6.78
3.51
3.27
15.57
6.84
3.54
3.30
17.00
7.75
4.07
3.68
13.59
6.10
3.08
3.02
15.61
6.81
3.46
3.34
15.40
6.48
3.33
3.15
17.05
7.30
3.82
3.48
14.25
5.79
2.96
2.82
' 15. 86
6.50
3.22
3.28
do
do
do
do
do
do
1.47
1.9S
3.44
8.41
5.62
'12. 74
1.42
1.53
3.88
9.88
5.91
12.34
1.42
1.34
4.31
11.54
6.36
12.67
.40
.55
1.00
2.09
1.42
3.06
.37
.48
.82
2.36
1.36
3.33
.38
.55
.86
2.36
1.58
3.52
.32
.41
.70
1.84
1.35
2.87
.34
.41
1.12
2.46
1.49
2.99
.37
.35
.98
2.66
1.46
3.09
.39
.36
1.07
2.92
1.62
3.39
.36
.37
.98
2.33
1.48
2 93
.36
'.38
1.04
2.97
1.51
3.11
- - - bil. $
Compensation of employees, total
Wages and salaries, total ._ _ _ _ _
Private
Military _
_
Government civilian.. _
Supplements to wages and salaries
Proprietors' income, total 9
Business and professional 9
Farm
_
Rental income of persons
do
- do
do
do
Corporate profits and inventory valuation adjustment, total __
bil $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
do
Manufacturing, total
do
Nondurable goods industries
do
Durable goods industries
do__
Transportation, communication, and public
utilities
bil $
All other industries
do
Corporate profits before tax, total
Corporate profits tax liability
Corporate profits after tax
Dividends
__
Undistributed profits
Inventory valuation adjustment
Net interest .. -
do
do
do
do
do
do
do
9 9
722.5 " 735. 2
92.0
p
DISPOSITION OF PERSONAL INCOMEf
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $
Less: Personal tax and nontax payments
do
Equals: Disposable personal income
do_._
Less: Personal outlays©
.._
_
do
Equals: Personal saving§
do
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
._
Manufacturing. __
Durable goods industries^
Nondurable goods industries!
Mining
___
Railroad
Transportation, other than rail
Public utilities.. __
Communication
Commercial and other
. .
r 16. 02
6.63
3.37
3.25
.34
'.30
1.12
2.96
1.50
3.18
' 17. 95 'i 15. 82
'7.52
6.50
'3.95 '3.33
'3.57 '3.17
'.35
'.30
'1.18
'3.28
1.86
'3.46
'.38
'.34
'1.10
'2.73
.41
.42
1.14
3.42
'3 4. 77
35.01
Seas. adj. qtrly. totals at annual rates:
All industries _
Manufacturing
_
Durable goods industries?
Nondurable goods industries?
do
do
do
do
60.10
25.80
13.85
12.95
61.25
27.55
14.35
13.20
62.80
27.75
14.50
13.25
61.65
27.85
14.20
13.70
61.50
27.00
13.75
13.25
60.90
26.15
13.50
12.65
62.70
26.00
13.50
12.55
64.75 r 62. 60 ' 63. 20 ' 65. 90 'i
26.65 ' 26. 85 '
26.35
25.80
13.65 ' 13. 90 '
13.65
12.80
12.70
13.05 ' 12. 95 '
13.00
Mining
. _
Railroad
Transportation, other than rail
Public utilities.Communication
Commercial and other. .
do
do
do
do
do
do
1.55
2.00
3.50
8.30
5.50
12.45
1.45
1.85
3.40
8.55
5.60
12.85
1.45
2.35
3.50
8.50
5.95
13.30
1.40
1.80
3.05
9.20
5.75
12.55
1.30
1.55
3.90
9.70
5.80
12.25
1.45
1.40
4.10
9.80
6.05
11.95
1.50
1.40
4.45
10.65
6.05
12.65
1.55
1.65
4.35
11.60
6.35
12.85
10,645
7,179
219
1,537
1,710
10,912
7,369
205
1,589
1,749
11,059
7,440
205
1,648
1,766
11,371
7,661
335
1,594
1,781
11,377
7,703
336
1,556
1,782
11,513
7,626
245
1,827
1,815
11,496 r r11, 850 ' 12, 607 '13,282
7,478
7, 914 ' 8, 379 ' 8, 835
'360
'403
323
306
1,882 T 1, 741 ' 1,948 ' 2, 054
1,813 ' 1, 889 1,920 '1,990
1.40
'1.40
3.65
11.65
5.90
12. 80
1.35
' 1.20
4.60
10.90
6.15
12.35
2 17. 90
7.51
3.78
3.73
71. 65 2 70.85
29. 50 29.95
15.15
15. 30
14.80
14. 20
' 1. 35 '1.65
'1.15 '1.45
'4.80 '5.00
' 12. 00 ' 13. 40
6.95
' 12. 75 '3 20. 70
1.60
1.60
4.05
13.35
s 20. 35
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd 71
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
military grants)
mil. $__ 43, 144
Merchandise, adjusted, excl. military
do
29, 176
Transfers under military sales contracts
do
829
Income on U.S. investments abroad ...
do
6,252
Other services
do
6,887
45, 757
30, 468
1,239
6,859
7,191
P
50, 202
P
33, 376
p
1,424
p
7,687
p
7,715
Pl2, 463
p 8, 248
p 355
P 1,944
p 1,916
r
Imports of goods and services
do
-38, 063 -40, 988 pp-48,235 -9, 336 -9, 778 -9, 929 -10,078 -10,108 -10,154 -10,648 '-11,55
'-11,985 -12,428 p-12,270
Merchandise, adjusted, excl. military
do
-25,541 -26,991 p-33,273 -6,263 -6,567 -6,675 -6,686 -6,605 -6,541 -7,159 r- 7,879 '-8,335 '-8,592 p-8, 467
Military expenditures
do
-3,736 -4,339 -4, 531 -923
-962
-979 -1,072 -1,065 -1,098 -1,104 -1,110 -1,123 '-1,145 p-1,183
Income on foreign investments in the U.S._do
-2, 074 -2,293 pp-2,804 -479
-560
-598 r -659 r -703 '-740 p-702
-556
-560
-575
-563
Other services
do_.
-6,712 -7,365 -7,597 -1,671 -1,693 -1,712 - 1 , 760 -1,878 -1,940 -1,787 r- 1,904 '-1,824 '-1,951 p-1,918
Unilateral transfers, net (excl. military grants);
transfers to foreigners (—)
mil. $
-2,925 -3,075 p-2,875 -732
-641
-642
-713 ' -749 p-771
-701
-647
-730
-859
-845
r
Revised.
p
Preliminary.
0Pe rsonal o Jtlays cc)mprise ]Dersonal cons mm tion exp enditure s, intere st p a i d by con
1
ens.
Estimates
for
Jan.
-Mar.
1969
based
on
anticipated
I capital e xpenditur es of bus iness.
sumer.s, and pe rsonal tr ansfer pa yments 1 o foreign
2
Estimates for Apr.-June 1969 based on anticip ated capi tal expen ditures ()f busine ss.
5 Personal sa\ ing is ex cess of di sposable income o ver pers 3nal outl ays.
Anticipated expenditures for the year 1969 are as fc)llows (in bil. $): Ak.11 indu? tries. 72.96;
HDa :a for inciividual durable and nonelurable g oods inc ustries c omponerits appear in the
manufacturing, total, 30.65; durable goods Industrie>s, 15.48; nondurab le goods industri es,
Mar., J une, Sep t., and 1 )ec. issue s of the £SURVEY. T
15.17; mining, 1.60; railroad 1.73; transportation, 4,83 public u jlities, 13 16; comrnunicaticm,
d"M Drecomp ete detai Is are giv<jn in the quarter!} reviews in the M ar., June>, Sept. .and Dec.
7.44; commercial and other 13.56. 3 Includes comm unication
issues c>f the Su RVEY. R evised d ata back to 1960 2tppear ori p. 32 ff of the J une 1968 issue.
tSee corresponding note on p. S-l.
9 Includes in ventory v aluation '<.idjustme nt.
SURVEY OF CURRENT BUSINESS
March 1969
1966
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
II
Annual total
1968
19S7
1966
1968
1967
S-3
IV
III
III
II
I
IV
I
II
1969
III
I
IV
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS §— Con.
Quarterly Data Are Seasonally Adjusted
Transactions in U.S. private assets, net; increase
-975 -1,104 -1,788 -1,638
(— )
mil $
-4, 298 -5,505 P-4,861 -1,114 -1,010 -1,163
Transactions in U.S. Govt. assets, excl. official
-630
-572
-501
-347
-708
-330
p-2,
262
-496
-1,535
-2,411
reserve assets* increRse ( — )
mil $
Transactions in U.S. official reserve assets, net;
-181
-419
82
-6
1,027
-375
68
P-880
increase ( — )
mil $
568
52
Transactions in foreign assets in the U.S., net (U.S.
2,276
1,943
343
2,143
1,135
594
3,323
liabilities)' increase (-}•)
mil $
6,705 P 9, 106 1,110
1,923
339
-522
941
1,177
219
P 722
25
789
3,519
Liquid assets
do
353
1,202
766
796
865
375
2,534
Other assets
do
3,186 P 8,384 1,085
-34
-102
-458
207
231
-250
-214
-535
P-195 -145
Errors and omissions net
do
Balance on liquidity basis—increase in U.S. official
reserve assets and decrease in liquid liabilities to
-802 -1,742
-522
-301
-333
-505
-1,357 -3,571
-93
all foreigners" decrease ( — )
mil $
P 158
Balance on official reserve transactions basis —increase in U.S. official reserve assets and decrease in
liquid and certain nonliquid liabilities to foreign
99 -1,764
-806
247 -1,082
692
266 -3,405 P 1,617 -116
official agencies" decrease ( — )
mil $
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
-707 -1, 448 '-1,798 p-908
-788
-645
904
-137
'-504
p-325
-571 p-1,076
'1,211 ' 2, 804 ' 2, 349 * 2, 742
••-199
319
516
*> 86
2,485
1,833 * 2,656
1,410
-419
p 145
'-276 '-483
'-182
'55
*"990
'-571 ' 1, 509
'423
p'256
'-705
1969
1968
1968
Annual
Jan.
Feb.
Mar.
Apr.
June
May
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.?
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE t
Beasonally adjusted, at annual rates: f
Total personal income
Service industries
Government
Other labor income.Proprietors' income:
Business and professional
Farm
685 8
654 9
663 0
670 0
672.6
678.2
683.7
689.2
694.1
699.7
703.2
708.0
713.5
423.4
166.6
134 1
100.5
463 5
180.6
145 4
109 4
443.0
173.1
140 0
104.5
449.7
176.6
141.6
105.9
452.2
177.0
142.2
106.5
453.2
176.7
141.6
106.9
457.5
179.3
144.3
107.4
462.2
179.9
145.6
109.7
465.4
180.6
146.0
109.9
468.7
181.1
146.3
111.2
472.8
183.3
147.8
112.1
474.9
184.7
148.8
112.1
478.9
186.1
149.7
113.3
483.3 ' 486. 5 490.7
188.5 ' 189. 2 190.9
152.8
151.1
151. 9
115.7
113.2 ' 114.8
do
do
do _
70.0
86 3
23.3
77 2
Q6 3
26.1
73.6
91 9
24.7
74.6
92 6
25.0
75.2
93 4
25.2
75.5
94 2
25.5
76.1
94 7
25.7
77.0
95.5
26.0
77.5
97 4
26.3
78.2
98.2
26.5
78.8
98.6
26.8
79.1
99.0
27.0
79.8
99.6
27.3
80.7
100.9
27.6
81.6
' 100. 8
27.8
82.8
101.3
28.0
do
do
46.3
14 4
47 8
15 1
47.1
14 4
47.2
14 6
47.5
14 8
47.6
14 8
47.8
14 8
47.9
14.8
48.0
15. 1
48.0
15.4
48.0
15.7
48.1
15.6
48.2
15.5
48.3
15.5
48.4
15.4
48.5
15.2
20.3
22 9
46 8
51.7
21
24
52
58
20.6
23 2
49.4
54.5
20.7
23 6
49.8
54.9
20.7
23 9
50.2
57.8
20.8
24 3
50.8
58.1
20.9
24 7
51.3
58.2
20.9
24.3
51.9
58.5
21.0
25.0
52.4
59.1
21.0
25.2
52.9
59.6
21.1
25.3
53.4
59.9
21.2
25.3
54.0
60.4
21.2
25.4
54.3
60.8
21.3
25.5
54.7
61.0
21.3
25.3
55.1
'61.7
21.4
25.4
55.6
62.2
23.5
Rental income of persons... _
do
Dividends
.
do
Personal interest income
do
Transfer payments. _ _
do
Less personal contributions for social insurance
bil. $._
Total nonagricultural income
721.4
628 8
bil $
Wage and salary disbursements, total
do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries.
do
do
0
6
1
6
' 716. 1
20.4
22.9
22.1
22.4
22.4
22.6
22.8
22.9
23.1
23.2
23.3
23.4
23.5
'25.4
25.6
609.3
665 4
635.1
643.1
649.9
652.4
658.0
663.4
668.7
673.3
678.6
682.2
687.0
692.5 ' 695. 1
700.6
550
Qgg
424
641
981
490
8?8
3 718
3 073
3 044
2 964
3 015
3 166
3 767
4,774
5,235
5,654
4,994
4,146
3,754
3 660
1 604
2 056
485
1 247
283
2 889
953
1 936
461
1 179
256
2 870
854
2 016
505
1 191
287
2 846
812
2 034
512
1 218
268
2 981
835
2 146
541
1 287
282
3 148
1 189
1 959
523
1 110
2Q9
3 613
1 522
2 091
'494
1 255
323
3 676
1,488
2,188
483
1,333
355
4 070
1,744
2,326
477
1,455
377
5 258
2,725
2,533
499
1,641
376
4 957
2,745
2,212
485
1,351
358
4,097
1,953
2,144
516
1,233
364
3,696
1,466
2,230
524
1,326
340
132
133
132
137
134
139
136
140
133
108
83
126
107
75
131
106
71
132
111
73
139
117
104
127
135
133
136
137
130
142
151
152
151
196
238
164
184
240
144
153
171
139
138
128
145
124
124
124
126
128
132
144
-I f)A
97
76
112
94
62
91
53
120
97
54
109
100
118
126
135
120
129
131
127
137
142
132
182
228
148
173
233
129
144
172
122
127
132
123
159. 1
162.7
164.6
163.2
165.2
169.4
160.3
163.3
169.5
170.7
' 169. 1 ' 166. 2
' 166. 2
169. 3
173.4
173.5
173.3
122.8
'171.4
' 174. 2
' 168. 0
126.8
'
'
'
'
'
'
'
'
166. 8
170. 8
161. 7
125. 8
170.6
173. 9
166.5
125.5
172.6
167.5
192.7
159.5
183.6
' 169. 2
161.7
191.2
152.3
' 185. 4
' 165. 6
'155.8
'181.6
147.6
' 186. 7
' 165. 8
' 157. 9
' 184. 0
169.1
161.1
186
' 182. 8
186.4
FARM INCOME AND MARKETINGS t
Cash receipts from farming, including Government
payments, total t
mil $
Farm marketings and CCC loans total
do
Crops _
do
Livestock and products total 9
do
Dairy products
do
Meat animals .
do
Poultry and eggs
do
Indexes of cash receipts from marketings and CCC
loans, unadjusted: t
All commodities
1957 59 100
Crops
do
Livestock and products
do
[ndexes of volume of farm marketings, unadjusted: t
All commodities
195759 — 100
Crops
do
45 867
42 788
18 383
24 405
5 770
14 630
3 640
47
44
18
25
5
15
3
INDUSTRIAL PRODUCTION <?
Federal Reserve Index of Quantity Output
Unadj., total index (incl. utilities) & _ ,1957-59=100
By industry groupings:
Manufacturing, total
do
Durable manufactures
do
Nondurable manufactures
do
Mining
do
Utilities..
do
By market groupings:
Final products, total
Consumer goods
Automotive and home goods
Apparel and staples
Equipment, including defense
do
do
do
do
do
158.1
159.7
163.7
154 6
123.8
184 9
160.1
166.1
152 5
120.2
164.2
168.9
158.3
123.7
166.4
170.5
161.2
125.3
165.1
169.4
159.8
127.3
167.4
172.1
161.6
128.6
171.6
175.4
167.0
128.9
160.4
164.1
155.7
127.1
163.0 ' 170. 7
170.6
160.5
166.3 ' 170. 8
128.6
130.7
158.3
148 5
159.0
145 1
179 4
159.1
148 9
168.3
149 8
181 0
162.4
153 4
174.7
146 6
181.7
164.8
156 2
179.8
148 7
183.4
160.8
151 7
175.1
144 2
180.4
162.6
153 7
178.5
145 9
181.6
168.8
161 2
184.5
153 8
185. 1
159.1
149 6
153.5
148 3
179.6
162.0
154 2
141.5
158 3
178.6
Materials.. _
do
162 8
157 8
159 1
164 5
Durable goods materials
do
151.7
151.9
156.1
157.7
Nondurable materials
do
163.9
166.7
169.7
171.5
1
' Revised.
v Preliminary.
§ See note marked "rf " on p. S-2.
t See corresponding
note on p. S-l.
} Series revised beginning 1960 (annual data for 1960-68 and monthly data
tor 1965-68, for dollar figures only, now include Alaska and Hawaii, monthly data back to 1965
appear on p. 39 of the Jan. 1969 issue of the SURVEY.
171.9
165.9
178.5
161 9
184.6
167. 4
172. 6
160. 9
126. 7
169.0 ' 169. 5 ' 166. 8 ' 166. 6 169.8
165.4
164.5
167.5
167 6
161 3
169 9
161
158.9 ' 159. 6 ' 158. 3 ' 156. 8
157.4
158.8
162.4
153.1
155.1
164.8
179.3 ' 179. 6 '175.5 ' 176. 7 179
172.2
177.9
176.
3
173.0
167.6
175.1
d" Revisions for 1966 appear on p. 20 of the Nov. 1967 SURVEY; those for Jan.-Aug. 1967 will
be shown later.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968 P
Annual
March 1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. *>
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION^— Continued
Federal Reserve Index of Quantity Output— Con.
Seas, adj., total index (incl. utilities) d1- 1957-59 = 100By industry groupings:
Manufacturing total
do
Durable manufactures 9
Primary metals
Iron and steel
Nonferrous metals and products
Fabricated metal products
Structural metal parts
do
-do _
do
do
do
do
158.1
161.2
162.0
163.0
162.5
164.2
165.8
166.0
164.6
165.1
166.0
'167. 5
'168. 7
'169. 1
169.5
159.7
162.7
163.6
164.6
163.7
165.8
167.3
167.4
165.7
'166.4
167.8
'169. 1
'170. 1
'170. 4
170.9
163.7
132.5
126.8
153.2
161.9
158.1
167.2
136.3
134.2
145.6
163.9
159.4
167.6
139.3
137.8
154.1
165.7
160.9
168.2
140. 2
140.8
151.3
166.6
162.7
167.2
143.3
143.1
154.5
161.4
156.9
169.8
148.5
146.4
161.2
165.0
159.8
171.0
148.6
148.4
150.4
166.1
161.8
170.8
145. 8
146.6
153.6
166.2
159.7
167.8
122.8
112.9
153.9
166.3
159.1
168.7
120.6
107.3
166.2
167.6
161.1
169.3
123.1
108.1
174.0
172.2
165.1
'171. 3
-•129. 3
'115.8
'173. 8
173.5
168.3
'172. 4
'136. 0
'125. 8
'178. 8
'175. 1
'170.3
'172. 7
'138. 0
'126. 3
173.7
139
131
'176.6
'170. 7
178
173
Machinery
Nonelectrical machinery
Electrical machinery
Transportation equipment 9
M^otor vehicles and parts
Aircraft and other equipment
do
do
do
do
do
do
183.4
183.4
183.3
165.7
146.5
182.1
183.4
180.7
186.9
175.6
162.2
186.8
183.2
180.6
186.6
175.1
161.1
186.5
183.3
180.2
187.3
177.6
167.8
185.4
179.4
176.9
182.8
175.3
164.8
183.5
179.9
176.6
184.2
180.4
173.6
185.4
181.7
178.8
185.5
182.6
174.2
188.6
182.7
179.8
186.5
183.2
174.3
189.3
183.8
179.1
190.1
181.7
175.4
185.7
186.4
182.6
191.4
180.5
173.5
184.7
186.1
183.7
189.3
180.4
177.0
181.0
'187. 4
'184. 4
'191.4
180.2
177.7
179. 6
'188.5
'185.3
'192. 7
'177. 4
'174. 4
'177. 0
190.5
'187. 2
194.8
'173. 0
'171.1
'170.9
192
189
195
175
170
176
Instruments and related products
Clay glass and stone products
L/umber and products
Furniture and fixtures
Ivliscellaneous manufactures
do
do
do
do
do
184.8
138.7
116.9
167.7
157.3
186.7
140.8
118.1
171.3
158.9
184.7
137.3
119.3
173.0
160.7
183.8
131.0
125.0
173.7
159. 9
181.4
146.1
123.9
174.1
158.8
181.2
146.4
122.7
178.9
160.6
181.3
145.1
123.4
178.0
160.9
179.2
145.2
120.6
177.8
161.1
182.6
147.5
114.7
178.6
161.4
184.3
150.0
119.4
179.7
162.0
185.8
151.8
119.4
180.4
162.1
188.5
150.4
'126. 1
181.7
162.5
'189. 7
'151.2
'126. 1
182. 9
'165.3
'191.7
'152. 8
124.0
'187. 0
165.7
191
153
do
do
do._
do
do
154.6
142.0
147.6
106.3
153.6
157.1
147.6
145.2
110.4
155.9
158.6
148.8
146.4
109.7
157.1
160.0
149.9
148.5
113.7
159.2
159.5
146.3
148.9
114.6
159.5
160.8
147.2
149.6
118.0
161.1
162.7
148.8
151.4
115.8
162.9
163.0
150.9
150.4
107.0
164.1
163.0
151.4
149.0
109.5
164.1
152.0
149.9
109.3
166.1
165.9
153.3
152.1
113.0
166.7
'166. 3
'155. 1
'152. 5
'111.7
170.1
'167. 3
156.0
148.8
109.2
'170. 1
'167. 4
154.6
167.4
do
do
do
do
do
146.8
134.2
203.8
236.0
133.4
143.3
129.9
211.8
250.9
134.8
145.9
131.4
213.8
251.8
135.7
146.8
133.7
215. 0
252. 7
136.1
145.8
130.8
215.2
256.2
137.3
149.8
134.4
216.6
255.5
139.9
149.6
134.7
219.3
258.0
140.6
149.5
134.7
222.4
264.4
139.5
151.1
137.7
221.0
262.7
140.7
150.0
140.9
222.4
263.2
141.9
151.2
138.4
227.8
268.2
142.2
152.3
140.8
'228. 7
'268. 0
'141.4
152.3
139.5
'231.1
273.6
142.2
152.3
141.2
233.2
_-do_
.do
do
..do
do
193.5
132. 6
130.1
146.0
120.3
206.7
133.5
130.7
148. 2
114.4
212.3
133.2
130.7
146.7
132.1
215.7
134.5
131.4
151.2
122.9
209.4
135.3
131.9
153.3
112.1
214.3
134.0
131.9
145.0
120.0
218.0
135.5
132.2
153.1
122.8
222.4
135.1
132.7
147.9
123.4
223.1
135.3
131.5
155.7
123.1
223.4
135.4
131.5
156.0
124.0
225.8
137.3
133.3
158.6
120.8
227.5
136.1
132.8
153.7
119.9
230.9
'138. 8
'134. 6
161.6
113.6
140.2
136.6
Mining
Coal
Crude oil and natural gas
Crude oil
Metal mining
Stone and earth minerals
do
do
do
do
do
do
123. 8
120.4
123.1
126.3
120.3
135.4
121.6
113.4
123. 6
127.4
100.0
135.3
123.9
116.8
124.5
129.7
102.8
145.0
126.2
126.0
126.0
130.9
108.7
141.2
127.1
124.4
124.8
128.7
139.9
137.1
126.9
120.4
126.6
131.2
131.4
135.0
129.2
126.7
128.4
132.4
130.8
136.9
130.0
126.6
129.2
134.0
134.1
137.1
129.4
121.3
129.3
134.8
134.5
137.5
127.0
120.8
126.8
131.2
127.7
136.5
120.7
86.6
125.5
129.1
125.1
132.2
126.4
115. 9
126.3
128.6
135.1
135.5
'127. 9
118.3
'126. 0
'127. 3
'137. 6
'147. 0
'127. 5
115.3
126.6
'127. 5
137.7
143.5
126.1
112
124
124
Utilities
Electric
Gas
do
do
do
184.9
191.8
163.0
196.7
205.2
169.8
199.0
207.3
172.8
198.0
206.4
171.8
196.5
204.9
170.0
196.1
205.0
168.4
197.9
207.0
169.2
199.3
208.2
171.3
202.1
211.5
172.6
204.8
214.7
208.9
219.3
'206. 9
'216. 0
'210. 1
219.9
211.0
214.5
do
do
do
158.3
148.5
159.0
160.8
151. 3
167.0
162.0
152.9
167.9
163.5
155.0
173.1
161.7
153.5
169. 5
163.0
154.6
173.6
165.2
156.8
176.4
164.7
156.4
175.2
164.8
156.8
175.6
165.7
157.3
175.8
167.0
159.6
177.6
167. 9
'159. 2
179.5
'168. 3
'160. 1
'178. 8
'168. 1
160.6
'181.1
169.4
161.0
180
Automotive products
do
Autos
do
Auto parts and allied products... do
Home goods 9
do
Appliances, TV, and radios
do
Furniture and rugs
do
149.1
145.7
153.6
166 0
159.6
159.6
164.2
163.2
165. 4
169.1
159.3
166.4
162.7
158.0
168.8
171.5
162.6
169.2
173.4
172.7
174.4
172. 9
164.8
169. 9
168.7
166.8
171.2
170. 1
156.8
170.1
178.1
182.3
172.6
170.4
156.7
174.6
180.7
183.5
177.1
173.4
161.6
174.8
180.4
183.7
176.1
171.5
161.8
174.5
177.1
182.4
170.2
174.6
168.0
174.0
175.6
177.4
173.2
175.9
170.4
175.5
178.9
180.3
177.0
176.7
171.8
174.2
181.2
180.6
182.1
178.3
'171. 9
177.0
'177. 8
174.5
'182. 2
'179. 6
'172. 0
'180. 2
177.1
'170.6
185.6
184.0
175.8
184.5
174
165
Apparel and staples
do
Apparel, incl. knit goods and shoes.. do
Consumer staples
do
Processed foods
do
145.1
136.2
147.6
130 0
146.2
136. 5
149.0
129.5
148.1
137.3
151.2
130.6
149.2
140.3
151.7
131.3
148.3
139. 9
150.7
131.2
148.6
139.5
151.2
131.0
150.6
140.8
153.4
132.2
150. 4
139.4
153.5
132.9
150.7
139.8
153. 9
132.5
151.5
139.6
154.9
132.5
153.9
142.3
157.1
133.2
152.8
'142. 0
'155. 8
132.0
154.1
138.4
'158. 5
'134. 7
158.5
135.3
160
136.8
184.2
138.4
176.9
141.8
185.9
141.5
179.6
141.7
187.5
142.1
179. 4
139.4
186.1
142.1
177.3
136.6
190.0
145. 3
177.0
142.9
192. 0
143.6
180. 8
139.6
192.6
144.2
180.8
144.7
190.6
143.6
182.6
145.2
193.6
140.7
186.0
145.9
199.8
145.8
188.7
142.3
200.4
146.0
'186. 1
145.4
'201.4
'147. 1
190.0
179.4
182 8
170 2
200.9
215.4
158 7
181.4
183.3
168.0
204. 2
226.4
148.3
181.6
182.9
165.8
206.1
230.1
146.4
181.8
183.3
167.0
205.4
227.8
150.6
179.4
180. 9
165. 9
204.4
220.8
140.3
181.1
182.5
165.8
203.6
231.5
145.1 !
183.2
184.3
168.0
204.6
234.0
144. 2
182.6
183.4
167.5
202.4
234. 3
139. 6
181.9
182.4
164.7
204.6
233.2
145. 8
183.6
185. 2
167.8
205.9
235.6
152.9
183.0
186.8
170.2
207.3
234.3
155.3
'186. 5
'191.2
174.0
208.7
247 .4
'152. 4
'186. 0
'190. 9
'174. 9
'205. 3
'247. 2
151.4
do
do
do
do
do
157 8
151 9
143.9
184.5
139 6
161.7
154.9
162. 3
183. 9
142.8
161.8
162.8 !
155.4
156.7 !
162. 2 ! 160.1
186.7
185.1
144.8
145. 8
163.1
157. 1
154.6
181. 9
144.4
165.2 i
159.4
163.0
183.6
145.3
166. 7
160. 4
166. 2
184.8 j
145.6
167.4 1
159. 8
167.7
185. 8
143.7
164.2
153. 3
153.5
185. 3
143.3
165.1
153.3
166.1
185.1
145.5
165.7
155.4
166.5
184.7
146.3
167.6 | '168.7
'157. 6 '159. 3
169. 6 '161.0
187. 7 ; '187.5
'148.3 '150. 6
do
do
do
.do
163.9
152.9
148.5
155.1
168.7
154.4
154. 3
154.5
168.3
151.1
144.5
154.4
169.1
169. 3
150.1
152. 0
142.8
150. 9
153.8 ; 152. 6
171.2 1
154.5
155.6
154.0
173. 9 1 175.3
159.0
157. 9 1
156.0
158. P
158.8
159.0
175.5
158. 4
154.2
160. 5
177. 2
161.1
163.4
160.0
176.4
162.3
167.4
159.8
'177.9
'161. 7
'161.5
'161.8
do.
. _ .do ..
do
144.3
129.2
183.3
147.2 ! 149. 1
131.4
128.9
193.4 i 194. 4
153.3
154.3
151.7
153.2
154. 1
134.1
136.9 1 136.6
133.7
136.4
202.8
198.2
200. 3
196.7
197.0
9Iricludes d ata for it ems not shown se parately
149.3
126.0
206.3
'152. 5 '152.3
131.4 ! '130.6
206.7
'205. 7
Nondurable manufactures
Textile mill products
Apparel products
Leather and products
Paper and products
Printing and publishing
Newspapers
Chemicals and products
Industrial chemicals
Petroleum products
Rubber and plastics products
Food** and beverages
Food manufactures
Beverages _ .
Tobacco products
By market groupings:
Final products, totaled
Consumer goods
Automotive and home goods
Beverages and tobacco
Drugs, soap, and toiletries
Newspapers, magazines, books
Consumer fuel and lighting
do
do
do
do
Equipment, including defense 9
do
Business equipment _
do
Industrial equipment
do
Commercial equipment
_ _do_- .
Freight and passenger equipment.. do
Farm equipment. ._
do
Materials a71-. Durable goods materials 9
Consumer durable
Equipment
Construction.
Nondurable materials 9
Business supplies _. ._
Containers
General business supplies
Business fuel and power 9
Mineralfuels
Nonresidential utilities
- Revised.
p Preliminary.
.
.
I
137 4 i
182.7
140 1
168.9
d^See correspond!ng note 01i p. S-3.
150.8
134. 3
193. 6
150. 2
132.6
194.6
r 163.
6
1
'178.3
'161.6
'162.1
'161.4
190
168
170.4
153
139.1
204.3
146.7
'184. 3
'192. 0
175.5
209.0
247.0
187.1
194
'169.4 I
160.3
160.9
187.3
152.5
169.1
161
'178. 8 | 178
162.9
164.3
162.2
'152. 8 i
'130. 3 !
152
128
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1969
1968
Jan.
Annual
S-5
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES AND INVENTORIES §
Mfg and trad© sales (unadi ) totalcf
mil $
1,067,539 1,163,371 86,378
90,002
95, 315
95, 757
98, 459
100,011
94,408
96,310
98,605 103,413 101,513 '103,200 93, 149
do
'1,067,539 11,163,371 93, 184 '93,758 '94,463 '94,552 '96,069 '97,423 '98 368 '97,083 '99,135 '99,675 ' 100,142 '98,671 100,016
do
do.
do
1548, 542
299,680
248, 862
Retail trade total cf
Durable goods stores
Nondurable goods stores
do
do
do
1313,809 1339,710
100, 173 110, 245
213, 636 229, 465
27,043 '27,449 '27,996 '27,791 '28 158 '28 320 '28 674 '28 760 '28,902 '28,697 '28 806 '28,347
' 8, 580 ' 8, 828 ' 9, 018 ' 8, 975 ' 9, 132 ' 9, 197 '9,313 ' 9, 377 '9,687 ' 9, 342 ' 9, 314 ' 9, 238
18, 463 '18,621 '18,978 '18,816 '19,026 '19,123 '19 361 '19 383 '19,215 '19,355 ' 19, 492 '19 109
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
i 205,188 1219,943
90,447 100, 012
114, 741 119, 930
17, 694
7,892
9,802
Mfg and trade sales (seas adj. )» totaled
Manufacturing, totalcf
Durable goods industries
Nondurable goods industries.
-
603, 718
330, 951
272,767
48,447
26, 925
21, 522
48,356
26, 711
21, 645
17,953
8,171
9,782
48,446
26, 844
21, 602
18, 021
8,141
9,880
48, 755
26, 888
21, 867
18, 006
8,163
9,843
50, 014
27,509
22, 505
17,897
8,058
9,839
50,729
27,633
23,096
18, 374
8,152
10, 222
51, 425
28,211
23, 214
18, 269
8,309
9,960
49, 825
26,837
22,988
18,498
8,301
10, 197
51,441
27, 985
23,456
18, 792
8,554
10,238
52, 560
28,960
23,600
18, 418
8,536
9,882
52,548 '51,494 52, 751
28, 786 '27,742 '29,300 230,000
23, 762 '23,752 23,541
29, 031
9,483
19, 548
18,788 '18,830 18, 234
8,764 ' 8, 734 8,575
9,659
10, 024 ' 10, 096
Mfg. and trade inventories, book value, end of year
or month (unadj.), totalcf
mil $
142, 213
152, 188
143,308 144,921 146,430 148,157 149,140 148,890 148,138 148,320 149,122 152,201 153,987 '152,188 153,073
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), totalcf
mil $
143, 772
153,860
144,106 144,819 145,153 146,487 147,808 148,522 149,063 149,923 150,725 152,122 152,936 '153,860 153,881
82, 819
53,540
29, 279
39, 318
17, 403
21, 915
21, 635
12, 543
9,092
88, 579
57, 422
31, 157
42, 657
19, 461
23, 196
22, 624
13, 454
9,170
82,890
53, 525
29, 365
39, 575
17, 566
22,009
21,641
12, 433
9,208
83,408
54,009
29, 399
39, 788
17,709
22, 079
21,623
12,446
9,177
83,759
54,295
29, 464
39, 776
17, 723
22, 053
21,618
12, 509
9,109
84,382
54,724
29,658
40, 242
18, 113
22, 129
21,863
12, 777
9,086
85,278
55, 234
30,044
40,606
18,248
22, 358
21,924
12,664
9,260
85,582
55, 442
30, 140
40,842
18, 440
22, 402
22, 098
12, 775
9,323
85,829
55,461
30, 368
41,065
18, 475
22, 590
22, 169
12,923
9,246
86, 713
56,069
30,644
41, 010
18, 501
22,509
22,200
13,166
9,034
87,109
56,458
30,651
41, 424
18, 622
22, 802
22, 192
13, 064
9,128
87, 566
56, 657
30,909
42, 220
19, 165
23, 055
22, 336
13, 218
9,118
87,947
56,953
30,994
42,488
19, 361
23, 127
22, 501
13,332
9,169
'88 579
'57,422
'31,157
'42,657
19, 461
'23,196
'22,624
'13,454
' 9, 170
88,644
57, 626
31,018
42,740
19, 622
23,118
22, 497
13, 430
9,067
1.58
1.53
1.55
1.54
'1.54
1.55
1.54
1.52
'1.52
1.54
1.52
1.53
1.53
1.56
1.54
1.77
2.08
.62
.94
.52
1.40
.55
.21
.64
1.47
2.03
1.21
1.22
1.61
.91
1.70
2.01
.59
.92
.50
1.33
.50
.20
.62
1.44
2.00
1.18
1.20
1.54
.92
1.71
1.99
.58
.92
.50
1.36
.53
.21
.63
'1.46
'2.05
1.19
1.22
1.58
.94
1.72
2.02
.59
.93
.50
1.36
.52
.21
.63
1.45
'2.01
'1.19
1.20
1.52
.94
1.73
2.02
.59
.93
.50
1.36
.52
.21
.64
'1.42
'1.97
1.16
1.20
1.54
.92
1.73
2.04
.60
.94
.50
1.36
.51
.21
.64
1.45
'2.02
1.18
1.21
1.57
.92
1.71
2.01
.60
.92
.49
1.33
.50
.20
.63
1.44
'2.00
' 1.18
1.23
1.57
.94
1.69
2.01
.60
.92
.49
1.30
.49
.20
.61
1.44
'2.01
1.17
1.20
1.57
.91
1.67
1.97
.59
.89
.48
1.31
.49
.20
.62
1.43
'1.98
' 1. 17
1.21
1.56
.93
1.74
2.09
.63
.95
.51
1.33
.50
.21
.63
'1.43
'1.97
1.16
1.20
1.59
.89
1.69
2.02
.60
.92
.50
1.31
.49
.20
.62
'1.43
1.92
1.19
1.18
1.53
.89
1.67
1.96
.58
.89
.49
1.31
.49
.20
.62
1.47
'2.05
1.19
1.21
1.55
.92
1.67
1.98
.58
.91
.49
1.30
.48
.20
.62
'1.47
'2.08
1.19
1.20
1.52
'.91
1.72
'2.07
.60
.95
.52
1.31
.49
'.20
.62
1.50
2.11
1.21
1.20
1.54
'.91
1.68
1.97
.57
.90
.50
1.32
.49
.21
.62
1.47
2.07
1.18
1.23
1.57
.94
12, 853
14, 944
1,139
1,210
1,137
1,175
1,169
1,091
1,203
1,184
1,268
1,223
1,256
1,222
1,180
1,314
1,152
1,261
1,275
1,293
1,370
1,356
1,399
1,378
'1, 396
'1, 265
1,170
1,243
49, 410
Manufacturing, totaled
Durable goods industries
Nondurable goods industries
_
Retailtrade,total1[
.._ _
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total _
Durable goods establishments
Nondurable goods establishments
Inventory-sales ratios:
Manufacturing and trade, total cf
do
do
__ do
do.
do
do
do
do
do
ratio
Manufacturing, total cf
do
Durable goods industries.-.
do
Materials and supplies. _
do
Work in process
do
Finished goods
do
Nondurable goods industries
do
Materials and supplies.
do
Work in process
_.
._ _ _do
Finished goods
do
Retail trade, total cf
do
Durable goods stores
do
Nondurable goods stores
do
Merchant wholesalers total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj total*
do
do
548,542
603, 718
45,421
48,976
50,491
50,068
50,596
53,163
47,378
47,967
52,950
54,016
52, 495 '50, 197
. d o
do
do
do
do
do
do
do
do
do
299, 680
14, 479
45, 867
22, 846
31, 443
52, 066
41, 443
74, 863
43, 096
9,500
330, 951
15, 754
50, 457
24, 901
34, 180
58,047
42, 353
84, 163
47, 638
11, 370
25, 137
1,088
3,872
2,042
2,586
4,225
3,303
6,815
4,051
815
27, 070
1,154
4,189
2,218
2,770
4,794
3,601
6,971
3,997
864
28, 290
1,204
4,411
2,362
2,864
5,026
3,708
7,310
4,207
922
27, 834
1,348
4,584
2,416
2,865
4,930
3,403
6,993
3,976
880
28,283
1,373
4,663
2,457
2,900
4,808
3,361
7,410
4,423
909
29,606
1,402
4,852
2,617
3,015
5,165
3,717
7,466
4,395
994
25, 612
1,297
4,352
2,554
2,703
4,376
3,151
6,086
3,096
860
24, 692
1,403
3,536
1,497
2,896
4,519
3,389
4,976
2,126
955
28,404
1,449
3,912
1,579
2,965
5,029
3,754
7,067
4,018
1,062
29,541
1,496
4,125
1,754
3,079
5,094
3,681
7,835
4,749
1,025
28,831 '27, 651 '27,300 230,400
1,325
1,214
'1, 215
4,051 '3, 910 ' 4, 300 24,800
1,698
'1, 707 2,019
2,852 '2, 685
2,672
4,968 '5, 113
4,710
3,692 '3, 593
3,327
7,932 '7, 302 '7,200 27,700
4,665 '3, 935
4,250
1,043
919
'1, 041
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do
do
do
do
do
do
do
248, 862
83, 017
4,768
19, 241
21, 120
42, 347
21, 211
12, 597
272, 767
90, 157
4,922
21, 458
24, 208
46, 465
22, 267
14, 265
20, 284
6,716
359
1,597
1,795
3,452
1,733
1,014
21,906
7,084
386
1,795
1,917
3,684
1,815
1,108
22, 201
7,151
406
1,767
1,979
3,816
1,821
1,134
22, 234
7,014
387
1,736
1,981
4,019
1,787
1,232
22, 313
7,233
421
1,765
2,014
3,969
1,811
1,245
23, 557
7,680
437
1,892
2,123
4,127
1,955
1,252
21, 766
7,455
419
1,585
1,901
3,588
1,837
1,099
23, 275
7,729
438
1,819
2,041
3,940
1,884
1,160
24,546
8,251
423
1,981
2,186
4,204
1,897
1,221
24,475
8,115
412
1,956
2,174
4,109
1,905
1,321
23, 664 '22, 546 22, 187
7,997 '7, 732
7,466
420
'414
376
1,863 '1, 702 1,614
2,077 '2, 020
2,057
3,923 '3, 634
3,734
1,910
1,850
'1, 912
1,239
1,229
'1, 240
Shipments (seas, adj.), totalcf
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, st 'el mills
Fabricated metal products
Machinery except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
do
48,447
48,356
48,446
48,755
50,014
50,729
51, 425
49, 825
51,441
52,560
52, 548 '51, 494
do
do
do
do
do
do
do
do
do
do
26, 925
1,285
4,012
2,114
2,889
4,639
3,556
6,903
3,938
921
26, 711
1,303
4,056
2,158
2,789
4,647
3,560
6,703
3,821
888
26,844
1,257
4,119
2,165
2,813
4,678
3,578
6,746
3,766
903
26, 888
1,330
4,263
2,194
2,814
4,685
3,473
6,689
3,701
892
27,509
1,329
4,423
2,288
2,841
4,657
3,475
7,020
4,092
923
27,633
1,263
4,603
2,504
2,811
4,749
3,601
6,801
3,879
944
28, 211
1,280
4,741
2,720
2,898
4,740
3,503
7,148
3,874
926
26,837
1,295
3,662
1,516
2,799
4,853
3,503
6,906
3,966
969
27, 985
1,347
3,963
1,626
2,859
5,075
3,545
7,227
4,188
999
28,960
1,390
4,220
1,835
3,005
5,194
3,529
7,555
4,329
989
28, 786 '27, 742 '29,300 230,000
1,334 '1, 352
1,433
4,180 '4, 152 '4,500 24,700
1,807
2,112
'1, 894
2,896 '2, 793
2,975
5,185 '5,009
5,192
3,586 '3, 511
3,579
7,568 '6, 845 '7,300 27,400
4,238 '3, 722
4,129
1,028
^84
1,036
Shipments (not seas, adj.), totalcf
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
21, 522 21,645 21, 602
Nondurable goods industries total 9
do
7,112
7,066
Food and kindred products
do
7,036
402
Tobacco products
do
413
396
1,780
1,722
Textile mill products
do
1,750
1,900
Paper and allied products
do
1,884
1,913
3,664
3,611
3,619
Chemicals and allied products
do
Petroleum and coal products
do
1,762
1,808
1,856
1,086
1,075
1,095
Rubber and plastics products
do
r
2
Revised.
i Based on data not seasonally adjusted.
Advance estimate total m frs.
shipments for Jan. 1969 do not reflect revisions for selected compon ents.
§ The te rm
"business" here includes only manufacturing and trade; business iriventories as shown
on p. S-l cover data for all types of producers, both farm and nonfarm. Unadjus ted data for
manufacturing are shown below and on p. S-6; those for wholesale and re tail trade$ on pp. S -11
Digitized for
and FRASER
S-12.
cf Series revised to reflect benchmarking manufacturing faita to 19(51-66 ann ual
surveys of manufactures, and to reflect revision of the retail sales samp)le. Com plete det ails
http://fraser.stlouisfed.org/
Federal Reserve Bank of St. Louis
52, 751
21, 867 22, 505 23,096 23, 214 22,988 23,456 23,600 23, 762 ^3, 752 23,541
8,003 '7, 930
7,805
7,812
7,499
7,721
7,095
7,267
7,754
7,869
414
418
420
421
399
411
394
418
408
421
1,788
1,777
1,804
'1,804
1,804
1,848
1,741
1,746
1,867
1,805
2,157
2,089 '2,109
1,952
2,045
2,016
2,117
2,023
2,056
2,112
3,923
4,139 '4,065
4,014
4,061
3,811
3,966
3,697
3,881
4,061
1,896
1,919
'1,925
1,824
1,869
1,884
1,911
1,824
1,803
1,890
1,302
1,279 '1, 286
1,204
1,182
1,221
1,161
1,210
1,197
1,276
for ma nufactur ing appe ar in the Census report IV anufactu rers' Shi pments, Inventor ies, and
Orden;: 1961-ft\— Series M 3-1.1. See note markec "t" for p. S-ll regardingI new rel ail sales
sampl B. Revise d manuf acturing and trac e sales (iinadj. da ta back to 1961 aiid seas. £idj. data
for 19e 1-64) an d invent Dries bac k to 196 (except invento ry-sales r atios) ap>pear on p. 22 ff.
of the Nov. 1968 SURVE sr; revisic ns for 19 35-67 for seas. adj. mfg. ami trade silies and £ eas. adj.
retail sales wi 11 be sho wn late r.
I R evised s eries; see corresp onding rlote on p. S-12.
*New series.
9 Inclu des data for item 3 not shown separ ately.
SURVEY OF CURRENT BUSINESS
S-6
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
1968
Annual
March 1969
Jan.
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERScf— Continued
Shipments (seas, adj.)— Continued
By market category:
Home goods and apparelmil. $
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary market categories :
Consumer durables
do
Defense products (old series)
do
Defense products*
do
IVIachinery and equipment
do
Inventories, end of year or month:
Book value (unadjusted) total d"
Durable goods industries total
Nondurable goods industries total
do
do
do
151,206
U06,412
184,149
148,769
142,916
1215,090
i 55, 126
115, 551
96, 115
54, 048
48, 587
234, 291
4,581
9,118
7,687
4,421
3,806
18, 834
4,504
9,090
7,687
4,285
3,941
18, 849
4,437
9,094
7,756
4,235
3,916
19, 008
4,565
9,149
7,763
4,209
3,988
19, 081
4,825
9,346
7,743
4,622
3,966
19, 512
4,908
9,549
7,803
4,401
3,972
20, 096
4,865
9,862
8,277
4,430
4,052
19, 939
4,519
9,831
8,015
4,559
3,998
18,903
4,551
9,905
8,234
4,771
4,248
19, 732
4,559
10, 126
8,483
4,919
4,304
20, 169
4,407
10, 257
8,609
4,821
4,221
20, 233
' 4, 569
'10,228
' 8, 182
' 4, 275
' 4, 218
'20,022
4,812
10, 018
8,703
4,641
4,467
20, 110
123,461
139,279
163,709
24, 031
46, 201
23, 917
68, 757
2,044
3,732
1,930
5,560
2,025
3,739
2,063
5,560
1,997
3,838
2,050
5,567
2,001
3,719
1,928
5,633
2,035
3, 763
1,948
5,578
2,023
3,788
1,905
5,657
2,049
4,126
2,217
5,589
1,939
3,742
1,823
5,682
1,990
3,839
1,884
5,921
2,032
4,060
2,070
5,926
1,927
4,078
2,042
6,140
' 2, 033
' 3, 830
'2,080
' 5, 959
2,143
3,983
1,873
6,027
82, 561
53, 217
29, 344
88, 239
57, 034
31, 205
83, 200
53, 465
29, 735
84, 012
54, 285
29, 727
84,304
54, 585
29,719
85, 069
55, 208
29, 861
85, 828
55,731
30, 097
85, 775
55, 756
30, 019
85,314
55, 128
30, 186
86,247
55,897
30,350
86,409
56, 141
30,268
86,887
56, 265
30, 622
87, 382 '88,239
56, 497 '57,034
30, 885 '31,205
88, 925
57, 537
31, 388
82, 819
88, 579
82, 890
83, 408
83, 759
84, 382
85, 278
85, 582
85, 829
86,713
87,109
87, 566
87, 947 '88,579
88,644
53, 540
1,952
7,644
4,319
5,465
10, 905
8,157
12, 679
3,827
2,013
57, 422
2,219
7, 552
4,039
6,287
11,310
8,560
13, 939
4,257
2,183
53, 525
1,952
7,660
4,306
5,464
10, 784
8,180
12,717
3,911
2,007
54, 009
1,949
7,674
4,318
5,542
10, 808
8,224
12, 975
3,981
2,034
54, 295
1,930
7,715
4,322
5,585
10, 843
8,261
13, 108
4,073
2,044
54, 724
1,927
7,724
4,341
5,691
10, 954
8,291
13, 263
4,139
2,033
55, 234
1,940
7,657
4,302
5,823
11,061
8,400
13, 430
4,118
2,025
55,442
1,957
7,506
4,109
5,963
11,107
8,352
13, 603
4,172
2,042
55, 461
1,997
7,255
3,831
6,077
11, 132
8,463
13, 494
4,280
2,056
56,069
2,003
7,433
3,994
6,102
11,174
8,448
13,761
4,411
2,061
56,458
2,029
7,502
4,065
6,121
11,213
8,502
13, 889
4,248
2,067
56, 657
2,064
7,426
3,985
6,229
11,147
8,524
13, 891
4,257
2,105
56, 953
2,153
7,504
4,010
6,229
11,222
8,528
13, 844
4,221
2,122
57, 626
2,243
7,509
3,974
6,239
11,489
8,492
14, 074
4,270
2,200
15, 592
2,815
4,785
2,968
24, 675
2,671
9,021
8,527
13, 273
2,158
5,256
1,184
16, 637
2,787
4,821
3,402
26, 357
2,547
9, 472
9, 162
14, 428
2,218
5,577
1,375
15, 489
2,781
4,674
3,044
24, 641
2,643
9,068
8,481
13, 395
2,236
5,222
1,192
15, 648
2,772
4,692
3,106
24, 926
2,621
9,125
8,647
13, 435
2,281
5,215
1,222
15, 840
2,796
4,721
3,204
25, 078
2,629
9,183
8,714
13,377
2,290
5,200
1,190
16, 071
2,821
4,800
3,260
25,214
2,621
9,210
8,801
13, 439
2,282
5,235
1,202
16, 379
2,872
4,903
3,295
25, 392
2,570
9,243
8,941
13, 463
2,215
5,315
1,194
16, 498
2,832
4,876
3,379
25, 490
2,505
9,260
9,044
13, 454
2,169
5,323
1,180
16, 753
2,833
4,907
3,450
25, 237
2,387
9,273
8,845
13, 471
2,035
5,415
1,199
16,781
2,853
4,867
3,496
25,544
2,469
9,311
8,981
13,744
2,111
5,444
1,284
16,704
2,876
4,850
3,436
25, 772
2,486
9,305
9,128
13, 982
2,140
5,560
1,325
16,763
2, 850
4,816
3.403
25, 825
2, 451
9,319
9,146
14,069
2,125
5,536
1,342
16, 676 '16,637
2,783 ' 2, 787
4,830 ' 4, 821
3,366 ' 3, 402
26, 085 26, 357
2,536 ' 2, 547
9,391 ' 9, 472
9,139 ' 9, 162
14, 192 '14,428
2,185
2,218
5,529 ' 5, 577
1,339 '1,375
16, 665
2,768
4,862
3,357
26, 415
2,507
9,535
9,306
14, 546
2,234
5, 584
1,411
29, 279
7,094
2,269
3,232
2,190
5,600
1,971
1,601
31, 157
7,370
2, 261
3, 539
2,384
5,937
2,118
1,801
29, 365
7,122
2,292
3,297
2,202
5,576
1,978
1,596
29, 399
7,128
2,263
3,338
2,234
5,574
1,956
1,611
29, 464
7,110
2,248
3,389
2,236
5,621
1,970
1,620
29, 658
7,081
2,251
3,393
2,261
5,651
1,955
1,668
30,044
7,226
2,261
3,406
2,284
5,698
1,981
1,674
30, 140
7,262
2,278
3,440
2,326
5,664
2,021
1,693
30, 368
7,376
2,276
3,392
2,338
5,708
2,047
1,704
30,644
7,434
2,259
3,474
2,327
5,751
2,066
1,748
30, 651
7,423
2,219
3,477
2,331
5,793
2,083
1,733
30, 909
7,491
2,211
3,470
2,359
5,871
2,114
1,731
30, 994 '31,157
7,417 ' 7, 370
2,231
2,261
3,425 r 3, 539
2,351 ' 2, 384
5,882 r 5, 937
2,136 ' 2, 118
1,833 ' 1, 801
31,018
7,292
2,232
3,487
2,399
6,009
2,067
1,788
11,247
4,496
13, 536
11,598
4,855
14, 704
11,306
4,482
13, 577
11, 249
4,497
13, 653
11, 128
4,508
13, 829
11,228
4,522
13,909
11,312
4,604
14, 128
11,333
4,619
14, 188
11,366
4,682
14, 320
11,508
4,729
14,407
11,511
4,679
14, 461
11,609
4,724
14, 576
11,512 r 11, 598
4,752 r 4, 855
14, 730 '14,704
11,435
5,017
14, 566
8,589
11,297
20, 955
4,640
6,445
30, 893
9,469
11,786
22, 191
5, 199
7, 410
32, 524
8,678
11,382
20, 808
4,715
6,479
30, 828
8,701
11,392
20, 995
4,833
6,554
30, 933
8,713
11,346
21, 089
4,907
6,559
31, 145
8,838
11,360
21, 250
4,996
6,609
31,329
8,927
11,514
21, 595
4,997
6,686
31,559
8,853
11,532
21,769
5,042
6,754
31,632
8,932
11,675
21, 604
5,167
6,887
31, 564
9,043
11,714
21,774
5,306
6,944
31,932
9,206
11,709
21, 988
5,172
6,969
32, 065
9,327
11,789
21, 943
5,195
7,129
32,183
9,460
11, 758
22, 018
5,134
7,236
32, 341
' 9, 469
'11,786
'22,191
' 5, 199
' 7, 410
'32,524
9,286
11,721
22, 412
5,240
7,467
32, 518
4,333
10, 307
13, 689
4,645
11, 513
7,126
14, 038
4,374
10, 308
6,686
13, 565
4,371
10, 486
6,696
13, 589
4,369
10, 537
6,677
13, 663
4,359
10, 612
6,862
13, 759
4,386
10, 872
7,025
13, 873
4,344
10, 945
7,105
14,000
4,446
10, 958
6,987
13, 851
4,498
11,146
7,138
13, 846
4,643
11,404
7,287
13, 873
4,671
11,410
7,233
13, 851
4,727 ' 4, 645
11,458 '11,513
7,251 ' 7, 126
13, 881 '14,038
4,529
11, 567
7,029
14, 290
551, 138
302, 265
. 248, 873
607, 161
334, 422
272, 739
46, 227
25, 930
20, 297
49, 538
27, 593
21, 945
51, 879
29, 706
22, 173
50, 453
28, 172
22, 281
49,511
27, 179
22, 332
52, 469
28, 866
23, 603
46, 738
24, 951
21, 787
48,449
25,316
23,133
53, 605
29, 052
24, 553
55, 022
30, 536
24, 486
52, 136 '51,134 50, 470
28, 471 '28,650 '28,500 231,300
23, 665 r 22, 484 22, 154
do
1551,138 1607,161
48, 353
48, 453
49, 566
49, 237
49, 650
49, 850
50, 181
50, 201
51, 877
53, 931
53, 100 '53,101
do
do
do
do
do
do
do
do
302, 265
45, 393
23, 037
32, 557
51,714
41, 749
76, 849
28, 620
26, 837
4,424
2,526
2,798
4,591
3,261
6,919
2,494
26, 814
4,364
2,401
2,719
4,541
3,642
6,662
2,464
28,005
4,244
2,262
2,775
4,464
3,530
8,089
3,781
27, 373
4,244
2,396
2,819
4,658
3,366
7,326
3,173
27, 172
3,900
2,014
2,941
4,665
3,313
7,343
2,903
26, 701
3,867
1,755
2,824
4,810
3,725
6,259
1,616
26, 925
3,859
1,791
2,755
4,923
3,476
6,749
2,396
27, 329
3,491
1,400
2,917
4,766
3,501
7,479
2,492
28, 381
4,092
1,682
3,103
5,184
3,668
6,996
2,098
30, 280
4,397
1,990
3,271
5,403
3,751
7,764
2,749
29, 325
4,475
2,120
3,225
5,134
3,505
7,589
2,654
Nondurable goods industries total
do
248, 873 272, 739 21,516 21,639 21, 561
Industries with unfilled orders©
do
66, 285
74, 348
5,887
5,930
5,979
Industries without unfilled ordersf
do
182, 588 198, 391 15, 586 15,660 15, 674
By market category:
Home goods and apparel
do
1 50, 966 1 55, 173 4,495
4,564
4,449
Consumer staples
do
1106,416 1115,594
9,101
9,091
9,103
Equip, and defense prod., excl. auto
do
186,057 i 98, 601
7,624
7,320
8,943
Automotive equipment. ..
do
148,306 i1 54, 554
4,454
4,299
4,231
Construction materials and supplies
do
144,019
49 522
3,866
3,655
3,826
Other materials and supplies
do
1215,374 1233,717 19, 326 19,117 18, 908
Supplementary market categories:
Consumer durables
.
do
1,994
123,257 i 24, 120
1,955
2,085
Defense products (old series)
do
142,473 i 47, 409
3,506
3,861
5,073
Defense products*. ..
do
1,595
1,311
169 Q99 i 69, 650
Machinery and equipment... .
do
5,382
5, 466
5,380
T
Revised.
1 Based on data not seasonally adjusted.
2 Advance estimate ; total nifrs.
new orders for Jan. 1969 do not reflect revisions for selecte d components,
cfSee cc rrespending note on p. S-5.
*New series; see corresponding note on p. S-7.
9 Inchides
data for items not shown separately.
0 Includes textile mill Droducts, leather a nd produ cts,
paper and allied products, and printing and publishing indu stries; unfilled ord ers for o ther
21,864
6,041
15, 823
22, 478
6,134
16, 344
23, 149
6,271
16, 878
23, 256
6,304
16, 952
22,872
5,953
16, 919
23, 496
6,434
17, 062
23, 651
6,518
17, 133
23, 775 ••23,721
6,447 '6,451
17, 328 '17,270
4,512
9,151
8,284
4,241
3,989
19, 060
4,737
9,351
7,909
4,554
4,090
19,009
5,089
9,568
7,579
4,408
4,080
19, 126
4,838
9,874
7,888
4,431
3,956
19, 194
4,460
9,827
8,142
4,649
4,135
18,988
4,601
9,931
8,495
4,984
4,480
19, 386
4,575
10, 126
9,527
4,694
4,500
20, 509
4,425
10, 256
8,370
4,864
4,510
20, 675
Book value (seasonally adjusted) total cf do
By industry group:
Durable goods industries total 9
do
Stone, clay, and glass products
do
Primary metals
do
Blast furnaces steel mills
do
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery.
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products, -do
By stage of fabrication:^
Materials and supplies 9
do
Primarv metals
do
Machinery (elec. and nonelec.)---do __
Transportation equipment
do ...
Work in process 9 ._ _
do
Primary metals
do ._
Machinery (elec. and nonelec.)_..do
Transportation equipment. . do
Finished goods 9
do. __
Primary metals
do
Machinery (elec. and nonelec.) . do
Transportation equipment
do _ _
Nondurable goods industries, total 9 ..do
Food and kindred products
do...
Tobacco products.
do
Textile mill products
._
do. __
Paper and allied products
do. .
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By staere of fabrication:
Materials and supplies . _
.do
WorV in process
do
Finished goods
do . .
By market category:
Home goods and apparel .
do
Consumer staples. _ _
._ do
Equip, and defense prod., excl. auto
do
Automotive equipment..
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary market categories:
Consumer durables
do
Defense products (old series)
do
Defense products*
do
Machinery and equipment
do
New orders, net (not seas. adj.). totaledDurable goods industries, total
Nondurable goods industries, total
New orders, net (seas, adj.), totald"
By industry group:
Durable goods industries, total 9
Primary metals
._
_
Blast furnaces, steel mills
Fabricated metal products
Machinery, except electrical _
Electrical machinerv
Transportation equipment
Aircraft, missiles, and parts.
..do
.do
do
334, 422
49, 790
24, 380
35, 276
58, 286
42, 330
86, 790
31,514
'57,422
"•2,219
' 7, 552
4,039
' 6, 287
'11,310
' 8, 560
' 13, 939
' 4, 257
' 2, 183
52, 939
!2
700
'29,380 '29,700 ; 230,
4, 700
' 4, 345 ' 4, 700
2,167
'1,941
2,713
r 3, 195
5,321
'5,210
' 3, 656 3,498
' 7, 578 '7,500 2 7, 900
2,684
' 2, 755
23, 484
6,445
17, 039
4,772
' 4, 595
'10,220 10, 013
8,903
' 8, 649
' 4, 639 4,698
4,278
' 4, 508
'20,490 20, 275
1,973 '2,100 '2,100 i 2 2, 200
2,033
2,033
1,884
2,034
2,207
1,962
3,895 '4,000 '4,000 24,600
3,554 | 4, 407
3,913
3,666
4,011
2,963
1,953 '1,800 '1,800 2 2, 500
2,384
1,919
2,355
1,914
2,059
2,268
6,089 ' 6, 200 '6,200 i 2 6, 300
5,916
6,550
6,027
5,714
5,968
5,447
nondiirable goods indu stries are zero,
1 related
11 Fc r these i ndustrie 3 (food a id kindr ed prodbicts, tob£icco proc ucts, ap]aarel anc plastics
produ cts, petn)leum an d coal prc)ducts, cllemicals and allie(i producl s, and ru bber and
produ cts) sale > are cons idered ec jual to n ew order s.
1,944
4,428
1,466
5,492
March 1969
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Jan.
Annual
S-7
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Dec.
Nov.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS^— Continued
Unfilled orders, end of year or month (unadjusted),
total!
.
mil. $
Durable goods industries, total
_ _ do
Nondur goods ind with unfilled orders0
do
82, 499
79, 480
3,019
85, 938
82, 946
2, 992
83, 305
80, 273
3,032
83, 867
80, 796
3,071
85, 255
82, 212
3,043
85, 640
82, 550
3,090
84, 555
81, 446
3,109
83, 861
80, 706
3,155
83, 220
80, 044
3,176
83,700
80, 667
3,033
84, 358
81,318
3,040
85, 357
82, 307
3,050
85,003 ••85,938 86, 997
81, 951 ' T82, 946 '84,200 185,100
3, 052
2, 992
2,959
83,686
87, 152
83, 592
83,689
84, 809
85, 291
84, 927
84, 048
82, 806
83, 184
83,617
84, 991
85, 539
T
80, 578
7,019
3,644
8,976
14, 551
13, 235
31,031
25 682
84, 071
6,327
3,100
10, 114
14, 790
13, 210
33, 670
26, 858
80, 490
7,431
4,056
8,885
14, 503
12, 940
31, 047
25 698
80, 593
7,739
4,299
8,815
14, 397
13, 022
31, 006
25, 755
81, 754
7,864
4,396
8,777
14, 183
12, 974
32, 349
27 014
82, 239
7,845
4,598
8,782
14, 156
12, 867
32, 986
27, 697
81, 902
7,322
4,324
8,882
14, 164
12, 705
33, 309
28, 140
80, 970
6,586
3,575
8,895
14, 225
12, 829
32, 767
27, 288
79,684
5,704
2,645
8,752
14, 408
12, 803
32, 368
26, 922
80, 177
5,533
2,529
8,870
14, 321
12, 801
32, 941
27, 012
80, 572
5,662
2,585
9,115
14, 430
12, 923
32,709
26,604
81, 894
5,840
2,740
9,381
14,637
13, 148
32, 918
26, 670
82, 429
6, 133
3, 053
9, 711
14, 58P
13, 065
32, 936
26, 599
'84,071 '84,400 185,100
••6,327 '6,500 16,500
' 3, 100
3,155
'10,114
9,851
' 14, 790 14,916
'13,210 13, 129
'33,670 '33,900 1 34, 400
'26,858 26, 955
do
3 108
3 081
3 102
3 096
3 055
3 052
3 025
3 078
3 122
3,007
3,045
3,097
3, 110
do
do
do
do
2 125
44, 304
9 313
27 944
2 220
47,300
10 279
27 353
2 024
43, 970
9 162
28 436
2 085
43, 853
9 047
28 704
2 104
45, 104
8 997
28 604
2 053
45, 657
8 998
28 583
1 970
45, 755
9 122
28 080
2 170
45, 538
9 230
27 no
2 154
45, 151
9 133
26 368
2,091
45,368
9,270
26, 455
2 165
45, 843
9,504
26 105
do
do
do
do
1 698
31 888
21 243
1,790
33, 108
21, 818
22 141
1 609
31 622
22 289
21 149
1 669
31, 784
21,822
20 969
1 666
33 019
21 083
20 784
1
33
20
20
609
728
622
643
1 536
33 976
20, 941
20 512
1 720
33 151
21 095
20 823
1 705
32 690
20 792
20 951
1,650
32,860
21, 324
21, 295
1,692
32, 577
21,358
21 287
206, 569
233, 635
20 438
17, 223
17,910
18, 014
19 520
17, 974
19, 641
18, 659
19 940
18, 796
18, 670
19, 197
12, 364
1,329
2,261
1,832
5,696
1,246
9,636
1,106
1,670
1,513
4,366
844
90
159
149
354
92
832
85
129
142
388
88
1 021
1 003
133
152
153
454
111
909
92
168
150
393
106
751
92
140
128
317
74
810
88
134
119
380
89
734
87
129
105
344
69
705
68
112
126
320
79
768
92
151
111
347
67
696
87
115
97
341
56
563
73
93
90
256
51
689
65
101
121
325
77
731
79
127
112
353
60
940, 996 104, 491
87, 289
7,398
212, 459 23, 366
291, 700 31, 131
220, 223 20, 339
129, 325 22, 257
79, 602
6,913
19, 786
24, 377
19, 048
9,478
88, 593
10, 738
16, 924
24, 110
25, 486
11,335
80, 107
7,971
10, 483
22, 662
23, 277
15, 714
91,411
4,618
17, 397
33, 120
23, 345
12, 931
74, 657
6,885
25, 378
15, 368
14,415
12, 611
90,269
9,942
31, 275
20, 589
19, 740
8,723
65, 766
6,525
14,595
22, 113
14, 098
8,435
58,651
5,857
15, 703
15, 951
13, 721
7,419
65, 384
6,631
18, 001
13, 512
17, 594
9,646
58, 651
7,949
8,157
20, 482
16, 908
5,155
83, 414
5,862
11,394
48, 285
12, 252
5,621
75, 027
5,674
10, 068
27, 256
23, 406
8,623
89,993
12, 323
15, 411
30, 951
20, 494
10, 814
38.2
37.5
44.3
43.5
40.9
36.9
41.0
36.5
40.3
37.5
35.7
29.9
32.0
35.6
260
221
288
170
157
150
266
563
294
307
364
142
261
226
270
219
147
149
308
576
291
315
353
144
267
230
272
222
151
150
347
577
299
329
352
165
262
228
275
224
148
155
326
570
291
335
340
148
262
227
318
204
156
159
279
570
292
340
337
154
262
221
327
182
159
155
244
584
296
337
343
162
263
220
333
163
162
155
251
578
299
332
349
166
Unfilled orders, end of year or month (seasonally
adjusted) totalf
mil. $
By industry group:
Durable goods industries, total 9
. do
Primary metals
_ do_
Blast furnaces, steel mills
do
Fabricated metal products
do
Machinery except electrical
do
Electrical machinery
do
Transportation equipment
do
Aircraft missiles' and parts
do
Nondur goods ind with unfilled orders©
By market category:
ironic goods apparel consumer staples
Equip, and defense prod., incl. auto
Construction materials and supplies
Other materials and supplies
Supplementary market categories:
Consumer durables
Defense products (oid series)
Defense products*
Machinery and equipment
87, 152
87, 337
' 3, 081
3,025
2,182
46, 662
9,700
26 447
2, 199 ' 2, 220
46,468 '47,300
9, 990 ' 10, 279
26 882 '27 353
2,174
47, 554
10, 089
27 520
1,693
32, 925
21, 672
21,912
1, 738 ' 1, 790
32 ,740 ' 33, 108
21, 584 '21,818
21, 862 '22,141
1,763
33, 185
21, 828
22, 196
19 733 19, 052 19, 015 21,636 17, 770 20, 310
19, 530 ••20,011 '20,986 ' 21, 394 '21,155 '20,272
24, 327
20, 578
1
BUSINESS INCORPORATIONS^
New incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted
.
do
INDUSTRIAL AND COMMERCIAL
FAILURESd"
Failures, total
number
Commercial service
do, .
Construction. _ .
do
Manufacturing and mining _ .
_ _ _ do
Retail trade
do
Wholesale trade..
do
Liabilities (current), total
Commercial service
Construction
__ .
Manufacturing and mining
Retail trade _ _
Wholesale trade
thous. $
do
. . . do
do_
do
do
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns. .
1,265,227
144, 965
323, 680
325, 869
334, 279
136, 434
2
49.0
981
238.6
119
188
143
472
99
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"""
Tobacco
do
Livestock and products 9
do
Dairy products
""Illdol"
Meat animals
do
Poultry and eggs
IHIIIdoI"
Prices paid:
All commodities and services
do.
Family living items
do_.I"
Production items
__do
All commodities and services, interest"~t~a~x~es, and
wage rates (parity index)
1910-14 = 100. _
Parity ratio §
do.
CONSUMER PRICES
(17.5. Department of Labor Indexes}
Unadjusted indexes:
All items
1957-59=100..
Special group indexes:
All items less shelter
do _
All items less food
do
All items less medical care
do
Commodities
do..._
Nondurables
do
Nondurables less food
do
Durables9
..do...
Commodities less food
do
Services
do.___
Services less rent
do___.
253
224
284
191
174
177
225
555
277
305
336
132
260
228
315
189
159
160
292
567
288
318
346
141
254
230
351
189
162
170
270
558
275
318
324
132
257
228
342
168
165
173
273
560
282
314
342
131
258
229
348
164
165
173
294
560
282
308
345
132
259
232
365
166
164
167
260
235
333
179
166
167
282
305
348
127
281
305
348
124
259
229
292
176
163
156
302
563
285
300
354
134
302
321
287
310
335
292
304
327
288
306
'330
290
307
330
291
309
333
292
310
335
293
311
335
293
311
336
293
310
337
291
311
338
292
312
339
292
314
341
294
315
341
296
315
342
296
342
74
354
74
'346
73
'349
74
350
74
353
354
73
354
73
355
73
354
74
355
75
358
73
360
73
360
73
363
72
116.3
121.2
118.6
119.0
119.5
119.9
120.3
120.9
121.5
121.9
122.2
122.9
123.4
123.7
124.1
115.9
116.8
115.0
111.2
114.0
113.1
104.3
109 2
127.7
131.1
120.6
121.9
119.7
115.3
118.4
117.7
107.5
113 2
134.3
138.6
118.2
119.3
117.3
113.2
116.0
115.1
106.3
111.2
130.8
134.6
118.5
119.7
117. 6
119.1
120.2
118.1
113.9
116.9
116.1
106.6
111.9
132.1
136.1
123.1
121.5
119.6
124.9
120.6
123.0
122.5
120.8
118.5
117.4
116.1
114.3
121.0
117.3
119.6
120.1
118.9
116.4
108.6
107.6
106.9
115.0
112.2
113.9
139.0
136.0
132.5
143.9
140.5
136.6
aircraft parts. Further details appear in the Aug. 1968 issue of the Census Bureau Current
Industrial Report, Series: M3-1.
tf Compiled by Dun & Bradstreet, Inc. (failures data are for 48 States and Dist. Col.).
{Revisions for Jan. 1964-Mar. 1967 (back to Jan. 1959 for all farm products, all crops,
commercial vegetables, and fruit) are available from the Dept. of Agriculture, Statistical
Reporting Service.
§ Ratio of prices received to prices paid (parity index).
113.5
116.4
115.6
106.4
111.5
131.3
135.2
' Revised.
1 Advance estimate; total mfrs. unfilled orders for Jai . 1969 do not reflect
revisions for selected components.
2 Based on unadjusted data.
11 See note marked
1
' d ' on p. S-5.
0 See corresponding note on p. S-6.
9 Includes data for items not
shown separately.
*New series. Based on separate reports on defense work filed by large
defense contractors in ordnance, communications, complete aircraft, aircraft parts, and shipbuilding industries. It differs from the old series in that it includes defense activity in shipbuilding and excludes nondefense work in ordnance, communications, complete aircraft, and
73
120.0
121.0
118.9
114.7
117.8
117.0
106.9
112.5
133.0
137.1
120.4
121.6
119.5
115.1
118.2
117.5
107.4
113.0
133.9
138.1
120.8
122.1
120.1
115.5
118.7
117.6
107.6
113.2
134.9
139.3
121.2
122.6
120.5
115.9
119.2
118.1
107.7
113.5
135.5
140.0
122.2
123.8
121.5
116.8
120.2
119.7
108.5
114.7
136.6
141.2
122.5
124.4
121.9
117.1
120.3
120.2
109.3
115.3
137.4
142.0
122.7
124.7
122.2
117.2
120.7
120.3
108.7
115.2
138.1
142.9
SURVEY OF CURRENT BUSINESS
S-8
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
March 1969
1968
1968
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
120.9
115.4
122.3
123.4
120.9
126.0
116.0
130.0
110.4
115.9
109.1
114.2
123.3
120.6
118.4
102.8
120.5
114.6
122.6
123.8
121.7
126.9
116.3
131.1
111.3
115.9
109.9
114.8
124.0
121.2
118.9
103.8
138.7
131.9
147.4
122.1
127.5
139.4
132.4
148.2
122.8
128.0
Nov.
Dec.
Jan.
121.2
114.4
122.6
126.4
122.3
127.6
116.7
132.0
111.5
116.2
110.0
115.1
124.3
120.2
117.5
102.7
118.7
' 144. 3
132.8
149.1
123.4
128.2
122.0
115.6
122.7
127.0
122.7
128.2
116.9
132.7
111.7
116.7
110.2
115.2
123.4
120.7
117.9
102.3
115.5
144.8
133.3
150.2
123.7
128.4
121.9
116.2
122.8
124.7
123.3
128.9
117.2
133.6
111.8
116. 9
110.2
115.8
123.9
122.0
119.3
102.3
122.6
145.5
133.7
151.3
124.1
128.4
121. 6
123.7
120.2
122.2
124.1
120.5
122.1
124.5
122.5
98.1
95.1
100.3
98.8
96.1
100.7
100.8
97.1
103.4
103.0
98.5
106.3
Feb.?
COMMODITY PRICES—Continued
CONSUMER PRICES— Continued
(U.S. Department of Labor Indexes— Continued)
Unadjusted indexes— Continued
Food 9
1957-59 = 100
Meats, poultry, and fish . .
do
Dairy products __ _
-do_ _
Fruits and vegetables
do
Housing
do
Shelter?
_ _ - _ _ do _
Rent
_. do . .
Home ownership
do
Fuel and utilities 9
do
Fuel oil and coal
_ __ . do
Gas and electricity __
__do
Household furnishings and operation do
Apparel and upkeep
do
Transportation
do
Private _
__-do
New cars
do
Used cars
do
Public
__
_.do
Health and recreation 9
. -- do
Medical care
do
Personal care ...
_ _ do. _
Reading and recreation
. do
Seasonally adjusted indexes:
Food
do
Apparel and upkeep
do
Transportation
do
WHOLESALE PRICESd*
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1957-59 = 100-.
9 Foodstuffs __
do
13 Raw industrials
_ _ _.do
All commodities
.
do. ..
By stage of processing:
Crude materials for further processing
do
Intermediate materials, supplies, etc
do
Finished goodsO
.. ..
do
Consumer finished goods
do
Producer finished goods
do
By durability of product:
Durable goods
_. _ _ d o
Nondurable goods
do
Total manufactures .
do
Durable manufactures
do
Nondurable manufactures
do_ __
115.2
111.2
116.7
117.5
114.3
117.9
112.4
120.2
109.0
111.6
108.5
108.2
114.0
115.9
113.9
98.1
121.5
132.1
123.8
136.7
115.5
120.1
1
119.3
113.7
120.6
126.8
119.1
123.6
115.1
127.0
110.4
115.1
109.5
113.0
120.1
119.6
117.3
100.8
138.3
130.0
145.0
120.3
125.7
118.8
113.0
120.2
130.7
117.8
121.6
114.6
124.3
110.3
115.3
109.5
112.5
119.5
119.1
116.8
100.3
126.7
137.3
129.2
144.0
119.6
125.3
119.1
113.2
120.9
130.0
118.7
122.9
114.9
126.1
110.3
115.4
109.4
112.9
119.9
119.7
117.4
100.1
120.0
114.0
121.0
132.2
119.5
124.2
115.1
127.8
110.6
115.7
109.5
113.1
119.7
119.8
117.6
99.8
120.5
115.3
121.5
128.2
120.1
125.0
115.4
128.8
110.7
115.7
109.7
113.3
120.3
120.0
117.7
99.1
137.1
128.3
142.9
118.4
124.2
118.3
112.7
118.8
128.3
117.5
121.3
114.4
124.0
110.0
114.0
109.5
112.2
118.4
119.0
116.8
100.3
126.3
137.2
128.8
143.5
119.0
124.9
138.4
129.7
144.4
120.1
125.6
138.5
130.2
145.1
120.4
125.9
138.6
130.5
145.5
120.9
126.3
120.4
115.5
121.6
122.9
120.4
125.3
115.7
129.1
110.5
115.8
109.3
113.9
122.2
119.5
117.2
98.4
126.7
138.7
131.1
146.4
121.5
126.7
118.1
117.8
119.5
118.7
118.5
119.1
119.4
119.3
119.2
119.2
119.9
119.8
119.0
120.3
119.6
119.7
121.0
120.0
120.0
122.1
119.7
117.0
111.6
118.5
124.1
116.4
120.2
113.7
122.9
109.5
113.7
108.9
110.6
115.9
118.7
116.6
101.0
125.8
135.5
127.1
141.2
117.6
122.7
117.4
112.0
118.5
124.9
116.9
120.8
113.9
123.5
109.8
113.8
109.3
111.2
116.6
118.6
116.4
100.8
123.6
136.2
127.5
141.9
117.6
123.0
117.9
113.1
118.7
126.1
117.2
121.0
114.2
123.8
109.9
113.9
109.3
111.8
117.6
119.0
116.7
100.6
117.2
116.6
118.5
' 117. 6
'117.2
119.1
120.9
121.0
' 122. 6 ' 123. 1
120.4
120.7
r
198.1
194.7
100. 4
195.7
192.8
197.8
96.1
£0.9
99.8
96.4
92.2
99.5
97.0
92.7
100.1
96.0
92.8
98.3
94.8
92.9
96.1
94.2
92.2
95.6
93.5
92.3
94.4
93.7
92.2
94.9
94.5
92.2
96.1
95.2
92.0
97.5
106.1
108.7
107.2
108.0
108.2
108.3
108.5
108.7
109.1
108.7
109.1
109.1
109.6
109.8
110.7 »-olll.l
100.2
108.5
112.0
100.6
116.4
101.5
108.6
112.5
111.0
116.9
101.3
109.2
112.6
111.1
117.1
102.8
110.1
113.2
111.8
117.6
103.8
110.7
113.3
111.7
117.8
99.6
105.6
108.2
107.0
111.5
101.1
108.0
111.3
109.9
115.3
99.1
106.9
109.7
108.2
114.0
100.9
107.6
110.2
108.9
114.2
101.6
107.7
110.4
109.0
114.4
101.4
107.9
110.5
109.0
114.8
102.0
107.7
110.9
109.5
114.9
101.4
107.8
111.3
110.0
115.1
102.6
107.9
111.9
110.7
115.2
100.8
107.9
111.4
110.0
115.4
100.9
108.3
112.0
110.7
115.7
108.0
104.7
106.7
108.2
105.3
111.8
106.5
109, 4
112.0
106.9
110.3
105.0
108.1
110.4
105.9
111.0
105.9
108.7
111.1
106.4
111.4
105.9
108.9
111.5
106.3
111.5
106.0
109.1
111.8
106.4
111.2
106.5
109.1
111. 5
106.7
111.3
106.7
109.4
111.6
107.2
111.3
107.4
109.7
111.7
107.7
111.6
106.6
109.5
111.9
107.2
112.0
107.0
109.9
112.3
107.4
112.8
106.5
110.0
113.1
107.0
113.1
107.0
110.3
113.4
107.2
105.2
107.6
105.3
106.8
106.9
106.8
107.9
108.0
109.4
107.7
108.6
107.4
108.3
108.4
109.8 '<* 110. 0
Farm products 9
do
Fruits and vegetables, fresh and dried-do
Grains
do
Live poultry
do
Livestock
do .
99.7
101.6
92.2
82.2
101.1
102.2
108.2
81.8
84.9
104.8
99.0
108.1
85.0
78.2
98.7
101.3
112.5
86.3
87.0
102.7
102.1
114.5
85.1
81.4
105.7
102.1
112.0
84.7
81.1
105.2
103.6
123.6
86.4
85.4
105.4
102.5
106.4
82.0
89.6
106.2
103.9
108.2
80.0
93.8
109.5
101.4
97.4
75.1
87.8
106.2
102.8
97.6
76.5
84.8
106.0
101.2
99.8
78.7
79.3
104.1
103.1
109.4
82.0
87.6
103.9
103.3
109.3
80.4
82.9
104.2
104.9 '« 105. 0
108.7
112.0
82.5
82.0
94.3
90.5
109.2
106.1
Foods and feeds, processed 9
do
Beverages and beverage materials
do
Cereal and bakery products..
do
Dairy products
do
Fruits and vegetables, processed... _ _ _ d o - __
Meats, poultry, and
fish
_do
111.7
106.5
117.1
122.0
107.2
105.0
114.1
109. 6
118.2
127.6
114.1
108.3
112.4
107.9
117.1
123.8
113.7
105.5
113.3
108.6
117.4
124.0
113.8
107.6
112.9
108.9
117.4
123.3
114.4
107.0
112.8
109.5
117.3
125.9
114.6
105.8
113.6
109.4
117.1
128.9
114.6
107.0
114.6
109.4
117.0
128.7
114.8
109.8
115.9
109.5
118.4
128.8
114.7
113.6
114.9
109.8
119.3
128.8
113.6
109.7
115.3
110.0
119.0
129.1
113.6
111.2
114.4
110.5
119.4
130.1
114.0
106.9
114.7
110.6
119.3
130.0
114.1
107.7
114.7 '116.0 " 116. 3
111.1
110.8
110.6
119.3
119.3
119.3
130.2
130.1
130.4
114.5
113.6
113.3
111.4
111.1
107.3
106.3
109.0
107.8
108.3
108.6
108.8
108.6
108.8
108.8
108.9
109.2
109.7
109.9
'110.2
98.2
101.3
98.2
93.4
69.1
114.4
98.1
99.4
98.4
93.2
71.2
114.4
97.9
98.7
97.9
93.0
68.5
115.2
97.8
98.1
98.0
93.3
69.9
115.2
97.8
96.7
97.9
93.5
73.4
115.9
97.7
96.4
97.9
93.6
69.8
115.9
97.6
92.9
98.1
93.4
72.2
118.2
97.8
92.2
98.1
93.4
73.6
118.2
Farm prod., processed foods and feeds
Industrial commodities
do. .
. _.do-
r 113.
6
107.1
110.5
'113.9
107.2 '
114.6
115.4
107.8
108.0
111.3 ™ 111. 7
114.8
115.6
107. 9 108.0
110.9 "111.4
98.4
103.6
97.4
94.0
81.3
109.3
98.2
99.7
98.4
93.3
73.9
114.6
98.2
99.5
98.5
92.9
76.4
113.2
98.1
100.6
98.5
93.0
76.7
113.2
98.6
101.2
98.7
93.4
80.0
114.1
98.8
101.6
98.8
93.4
80.9
114.4
98.7
101.6
99.0
93.4
78.4
114.4
98.5
101.3
98.6
93.5
72.8
114.4
Fuels and related prod., and power 9
do
Coal
do
Electric power
Jan. 1958=100 _
Gas fuels...
do
Petroleum products, refined
1957-59 = 100. _
103.6
103.2
100.7
133.6
102.2
102.4
106.7
101.5
123.8
100.3
101.8
105.0
101.0
130.0
98.8
102.5
105.0
101.1
133.3
99.5
102.0
105.5
101.2
126.5
99.5
102.4
105.4
101.3
125.0
100.3
102.4
105.2
101.3
123.6
100.5
103.7
105.3
101.3
123.3
103.1
103.3
105.4
101.2
120.8
102.8
102.6
105.5
101.8
120.6
101.0
102.5
105.8
101.8
120.8
100.9
101.9
108.3
101.9
120.4
99.3
102.0
111.0
102.0
120.4
99.2
102.2
112.7
102.1
120.9
99.0
102.4
112.7
102.0
124.4
98. 9
102.7
112.7
102.2
124.0
99.5
Furniture and household durables 9
Appliances, household
Furniture, household __
Home electronic equipment
do
do
do
do _ _ _
101.0
90.1
112.8
82.5
104.0
92.2
117.2
81.0
103.0
91.1
115.2
81.7
103.3
91.6
115.7
81.7
103.6
91.9
116.0
81.6
103.8
92.2
116.2
81.8
104.0
92.2
116.9
81.8
103. 9
92.0
117.0
81.3
104.1
92.4
117.2
80.7
104.2
92.5
117.5
80.7
104.4
92.6
117.8
80.7
104.5
92.7
118.5
80.2
104.7
92.7
118.9
80.2
105.0
92.9
119.2
79.8
105.3
92.6
120.7
78.7
150.4
92.5
121.0
78.7
Hides, skins, and leather products 9
Footwear
Hides and skins. .. _
Leather
Lumber and wood products
Lumber.
do
do
do
do
do
do
115.8
122.1
94.0
110.5
105.4
108.4
119.5
127.9
99.6
112.6
119.3
127.2
116.5
125.6
87.3
108.6
108.6
114.0
116.7
125.5
89.5
108.9
111.6
117.1
117.9
125.6
99.3
110.3
113.9
120.3
118.3
126.6
95.6
111.5
115.8
123.6
118.8
127.0
98.2
112.5
117.0
125.3
118.7
127.1
95.1
112.8
117.2
125.0
119.5
127.3
101.5
113.8
119.2
127.7
119.5
127.2
102.8
113.6
120.5
129.8
120.7
128.8
106.6
114.1
122.6
131.5
122.3
131.3
105.6
115.1
124.9
133.4
122.4
131.7
107.0
113.8
126.8
136.2
122.8
131.7
106.8
115.8
133.5
142.2
123.5
132.1
109.2
116.8
137.8
147.9
123.4
132.2
106.3
116.5
144.5
155.8
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
114.1
114.3
115.2
113.9
111.8
Machinery and equipment 9
do
126.1
125.8
127. 1
122.3
125.8
Agricultural machinery and equip . do
128.3
127.7
129.6
127.2
122.7
Construction machinery and equip
do
102.6
102.7
103.0
101.8
102.7
Electrical machinery and equip .
do
127.3
126.6
123.8
128.6
126.1
Metalworking machinery and equip _ _ d o
'Revised.
* Preliminary.
1 Computed by OBE.
9 Includes data for items not
shown separately.
d*For actual wholesale prices of individual commodities, see respective
commodities.
O Goods to users, inch raw foods and fuels.
"Preliminary estimates for
117.3
115.8
116.1
117.0
116.7
115.4
116.6
115.2
115.0
114.8
115.0
131.6
131.2
127.7
127.8
130.1
127.0
129.3
126.8
126.5
126.2
126.3
133.6
130.3
133.5
131.5
132.1
129.0
132.7
129.2
129.4
128.9
129.4
103.5
103.1
103.2
103.5
103.5
103.6
102.7
,02.9
102.7
103.0
102.9
131.0
131.1
130.0
129.7
i
130.5
129.1
130.4
129.3
128.2
128.0
127.6
March: All commodities, 111.7; total manufactures, 112.1; farm products, processed foods
and feeds, 110.7; farm products, 106.5; foods and feeds, 116.4; industrial commodities 111.9.
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968 P
Annual
S-9
1968
Jan.
Feb.
Mar.
Apr.
May
1969
June
July
Aug.
Sept.
Oct.
112.2
95.5
106.7
121.5
112.5
95.6
106.7
121.9
Nov.
Dec.
Jan.
Feb.
112.4
95.8
106.0
122.4
112.8
96.0
106.1
123.5
114.4
96.1
107.5
127.2
115.2
96.3
108.0
128.9
COMMODITY PRICES—Continued
WHOLESALE PRICESd"— Continued
(U.S. Department of Labor Indexes — Continued)
All commodities— Continued
Industrial commodities — Continued
Metals and metal products?
1957-59=100..
Heating equip ment__ __
__ _ _ __ do.. _
Iron and steel
do
N on ferrous metals
..
do__
109.6
92.6
103.5
120.9
112.4
94.9
105.5
125.3
112.2
93.1
105.4
127.4
113.3
93.8
105.7
131.1
113.8
94.3
105.4
133.2
113.3
94.5
105.0
131.0
111.7
94.7
104.9
124.1
111.7
95.3
104.8
123.6
111.4
95.3
104.8
122.3
111.3
95.4
104.8
121.7
Nonmetallic mineral products 9
do _
Clay prod., structural, excl. refractories
do
Concrete products _
do
Gypsum products
_ _
do
Pulp, paper, and allied products ._
..do
Paper _
do
Rubber and products
do
Tires and tubes
do
104.3
108.1
106.0
106.9
107.3
107.4
107.8
108.3
108.4
108.7
108.7
108.9
109.2
109.3
110.6
111.2
110.1
105.3
102.4
104.0
110.0
97.0
96.2
113.1
108.0
105.5
105.2
112.7
100.3
99 2
111.8
106.5
103.9
105.2
111.2
99.5
98.7
111.9
106.8
105.1
105.7
111.9
99.5
98 7
112.0
107.0
105.1
105.2
111.9
99.7
98.7
112.1
107.5
105.1
105.2
112.1
99.7
98 7
112.5
107.6
105.1
105.5
113.5
99.8
98.7
112.3
108.2
105.1
104.7
112.7
99.9
98.7
112.5
108.1
105.0
104.9
113.0
100.7
100 9
113.7
108.5
106.6
104.9
113.0
100.6
99 5
113.7
108.6
106.6
105.1
113.1
100.7
99.5
114.2
109.1
106.2
105.2
113.1
101.0
99.5
115.2
109.2
106.2
105.2
113.4
101.1
99.5
115.4
109.5
106.2
105.2
113.4
101.1
99.5
115.8
110.7
106.2
106.2
115.0
100.0
96.3
115.9
110.8
106.2
106.8
115.7
100.5
96.3
Textile products and apparel 9 ...
Apparel
Cotton products
Manmade fiber textile products
Silk yarns
Wool products
102.1
106.9
100.7
86.8
171.9
103.2
105.7
110 2
105 1
90.8
183 0
103 7
104.3
108.3
105.2
89.3
196.8
102.3
104.6
108 8
105.0
89.6
197 2
102 8
104.6
109.1
105.0
89.3
196.3
103.1
104.7
109.3
105.2
89.3
189 7
103 0
104.8
109.4
104.9
89.7
183 8
103.5
105.2
110.1
104.7
89.9
184.0
103.8
105.8
110 7
105.2
90.4
182 5
103.9
106.0
110 9
105.3
90.7
175 1
104 1
106.5
111.0
105.4
92.5
177.5
104. 1
107.0
111.7
105.3
92.7
175.5
104.7
107.2
111.8
105.4
93.0
172.0
104.6
107.1
111.9
105.1
92.9
165.2
104.6
107.4
112.7
104.8
92.8
160.8
104.7
107.2
112.7
104.8
92.3
156.4
104.4
102.1
109.2
105.6
112.9
104 9
111.8
108.3
115.2
104.3
111.0
106.7
114.8
104 3
111.3
106.6
114 8
104.3
111.5
107.4
114.9
104.3
111.8
108.1
114 9
104.2
111.8
108.2
114.9
104.5
111.8
108.2
114.9
104 2
111.5
108.7
114.9
104.4
111.6
108.9
114.9
104.1
111.9
109.0
114.9
106.5
112.0
109.1
115.0
106.6
112.5
109.2
116.5
100 0
106.6
112.5
109.3
116.5
100.1
106.5
112.5
110.2
116.6
100.1
106.4
112.5
110.1
116.7
$0.943
.860
$0. 920
825
$0. 933
.843
$0.926
.840
$0. 924
.837
$0. 923
.834
$0. 922
.831
$0. 920
.827
$0. 917
823
$0. 920
820
$0.917
.818
$0. 917
.814
$0 .912
.810
$0. 911
.808
Transportation equipment 9
Motor vehicles and equip.
Miscellaneous products 9 . Toys, sporting goods, etc
Tobacco products _.
do
do
do
do
do
do
Dec 1968 — 100
1957-59 = 100
do
do
do
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices
1957-59 =$1.00..
do
$0.903 ™$0.90C
.803
.806
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE J
New construction (unadjusted), total.
mil. $
76, 160
84. 599
5,605
5 219
5,956
Private, total 9
do
Residential (nonfarm)
. __
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
mil. $
Industrial. ._ _
do
Commercial
...
do
Farm construction
do
Public utilities:
Telephone and telegraph
do
50,587
23, 736
17, 885
57 083
28 910
22 421
3 819
1,859
1 465
3 586
1 655
1 305
3 982
1 885
1 472
4 513
2 262
1 710
18, 106
6,131
6,982
1, 324
18 800
5 594
8 333
1 342
431
525
1 323
397
542
1 428
428
587
1 538
441
676
1,638
1 704
104
120
140
119
132
141
156
Public, total 9
25 573
27 516
1 786
1 633
1 974
2 273
2 498
2 556
2 612
2 625 r 2 718 ' 2 487
9,974
706
406
721
8 538
10 278
734
518
824
9 274
782
42
39
56
469
739
35
38
52
379
824
56
45
51
572
893
78
45
53
755
955
83
4Q
64
886
910
63
49
60
953
885
54
35
57
1 051
888
57
43
79
1 014
82 9
83 9
83 6
85 3
85 7
82 0
81 7
83 7
55 3
55 4
56 1
57 4
57 3
55 0
55 0
56 7
57 4
27 0
26 8
27 7
29 3
29 6
28 2
27.8
28.3
19 3
77
19 5
57
83
19 2
55
83
19 1
55
85
18 5
53
81
17 7
4 9
81
17 6
4 8
83
19 0
56
86
16
17
17
15
16
15
19
17
1.8
do
Buildings (excluding military) 9
do
Housing and redevelopment _ _
do
Industrial..
do
Military facilities
_. __ __
do
Highways and streets
do
New construction (seasonally adjusted at annual
rates), total
bil $
Private, total 9 _ _ _
do
Residential (nonfarm)
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $
Industrial..
do
Commercial
do
Public utilities:
Telephone and telegraph.
do
Public, total 9
do
Buildings (excluding military) 9
do
Housing and redevelopment
do
Industrial..
do
Military facilities
do
Highways and streets
do
CONSTRUCTION CONTRACTS
Construction contracts in 48 States (F. W. Dodge
Co.):
Valuation, total ^
mil $
Index (mo. data seas, adj.)
1957-59—100
53 446
2 153
i 62 494
174
7 519
7 714
7 963
7,973
8,014
' 7, 827 ' 6, 677
6,027
4 843
2 518
1 891
4 963
2 628
2 015
5 102
2 721
2 075
5 338
2 790
2 123
5 364
2,780
2 139
5,423
2,695
2 130
r
5, 260 r 4, 890
2,628 rr 2, 489
2 102
1 994
4,231
2,122
1 714
1 562
448
684
1 523
429
689
1 535
417
721
1 690
485
782
1 716
508
793
1,808
538
844
1,752
543
798
1,454
453
632
148
147
172
7 341
r
164
1 787
904
65
53
83
922
645
74
r44
92
490
1 796
46
84.0
89.0
59 5
'59.4
r
59.4
61.3
29.4
30.0
30.6
'31.4
30.8
18 6
55
85
19.7
61
89
19.2
63
83
'r18.4
5.9
21.0
6.7
9.3
r
86. 1
2.0
r
r
r 8 0
1.8
1.8
26. 7
30 1
24 7
27.6
10.6
.7
5
.8
9.0
10.3
.7
4
1.0
8.3
10.9
.7
r
.7
.9
10.7
8.2
.9
.6
1.1
8.0
.6
6 318
5 170
6,171
4 863
4 543
4,766
192
183
200
183
179
191
27 9
28 4
27 1
c 26 7
27 1
••28 5
10 6
6
5
9
93
10 7
5
5
9
98
10 8
8
5
7
9 2
10 8
10
5
7
98
11 0
10
5
g
99
10 0
7
5
.7
9 2
9 7
6
5
7
91
99
6
6
8
9 2
i 3 714
3 704
5 417
4 878
6 170
5 589
5 956
146
172
160
187
176
r 161
r
27 5
156
' 692
89.6
86 0
28 5
159
' 1, 583
»• 529
2 567
904
64
37
96
837
949
63
41
81
946
27 6
Public ownership
mil $
20 709
19 780
1 300 1 041 1 698
Private ownership
do
2 414
32, 737
9 664
42 714
3 719
By type of building:
Nonresidential
do
92 780
20, 418
1 347 1 251 1 835
Residential 5
do
19 695 i 25' 176 i i 462
1 495 2 220
Non-building construction
do
13 333
14 538
958
1 362
905
New construction planning
(Engineering News- Record) S
do
59. 944
52. 419
5. 040
3 492
3.<an
T
2
Revised.
p Preliminary.
e Corrected.
i See note "If" for this page
Computed from cumulative valuation total.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
{Revisions for 1965-May 1967 are shown in Bu. of Census report C30-68-6.
6 786
r
1 554
3 324
2 036
4,135
1 860
3 730
2 256
3 700
1 924
4 394
1 549
3,621
1 728
4,443
1 558
3,305
1 278
3,265
1,546
3,220
1 522
2 312
1 044
2 227
2 543
1 400
2 030
2 243
1 316
2 414
2 287
1 255
2 128
2 295
1 895
1 815
2 125
1 230
2,370
2 408
1 393
1 992
2 043
828
1 849
1 743
951
2,145
1,746
875
3.617
5.461 4,405
2.835 4.663
3. 267
2.800
4. 895 3.001
6.387
6.649
^Beginning Jan. 1968, data are not entirely comparable with those for earlier periods; new
compilation methods raises the level of residential data by 8 percent and the total valuation
by 3 percent.
§Data for Feb., May, Aug., and Oct. 1968, and Jan. 1969 are for 5 weeks;
other months, 4 weeks. a Preliminary estimate for March: $0.895.
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
March 1969
1968
1968
Annual
Jan.
Feb.
Apr.
Mar.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
143.3
'85.6
140.8
' 129. 5 '99.8
'65.1 '53.7
127.1 '96.4
' 104. 3
49.6
' 100. 0
140.6 ' 127. 5 ••98.9
' 100.8 '96.8 '74.3
138.1 ' 125. 1 '95.5
' 102. 9
78.2
'98.6
94.5
Dec.
Jan.
Feb.
CONSTRUCTION AND REAL ESTATE—Continued
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total, incl. farm (private and public) ___thous.One-family structures
do
Privately owned
__
.do
Total nonfarm (private and public)
In metropolitan areas
__
Privately owned
do
do
__do
Seasonally adjusted at annual rates:
Total, including farm (private only)
Total nonfarm (private only)
___do
do
New private housing units authorized by building
permits (13.000 permit-issuing: places):t
Seasonally adjusted at annual rates:
Total..
- thous
One-family structures
__
.do
1, 321. 9 1, 547. 7
900.5
844.9
1, 291. 6 1, 507. 7
82.7
45.3
80.5
87.2
55.4
84.6
128.6
79.4
126.6
165.2
98.0
162.0
145.1
87.0
140.9
142.9
81.6
137.9
142.5
86.5
139.8
141.0
82.6
136.6
139.8
80.3
134.3
1, 298. 8 1, 523. 6
919.7 1,116.7
1, 268. 4 1.483.6
82.0
63.5
79.8
85.3
61.4
82.8
126.0
92.1
123.9
162.2
118.4
159.1
143.3
101.2
139.0
141.1
103.6
136.0
140.0
100.6
137.3
138.9
101.0
134.5
' 103. 0
1,456
1,430
1,537
1,499
1,511
1,479
1,591
1,562
1,364
1,345
1,365
1,348
1,531
1,507
1,518
1,496
1,592
1,570
1,570
1,541
1,733 'r 1, 507 '1,842
1,705
1, 492 ' 1, 809
1,700
1,678
1,394
1,416
1,340
1,280
1,281
1,290
1,393
1,378
1,425
1,506
641
1,289
659
128
129
130
132
1,141
651
1,330
1,148
684
667
125
131
127
724
728
675
138.0
132.4
673
706
132
133
986
1,081
1,090
663
1,463
736
'1,403
'671
95.4
90.7
89.8
661
694
729
134
' 135
'135
'135
138
992
994
997
1,087
1,092
1,110
1,092
1,007
1,111
1,099
1,013
1,015
1,125
1,105
1,035
1,026
1,138
1,113
1,047
978
990
CONSTRUCTION COST INDEXES
Dept of Commerce composite^
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
._
San Fran cisco. _ _ - _
St. Louis
1957-59 ~ 100
1913 =100
do
do
do
do
_
Associated General Contractors of America, Inc.,
The (building only)
1957-59=100
909
992
1 008
910
903
128
970
937
938
940
945
958
973
979
1,072
1,070
1,033
1,044
1,033
1,044
1,047
1,044
1,053
1,048
1 064
1,052
1,065
1,056
1,075
1,087
966
953
941
923
943
923
943
923
944
927
948
962
958
964
968
964
979
967
980
969
980
969
1,110
1,093
1,001
969
971
132
139
134
134
135
135
136
138
140
141
142
142
143
143
145
146
E. H. Boeckh and Associates, Inc.: 5
Average, 20 cities:
All t vpes combined
1957-59 — 100
Apartments, hotels, office buildings
do
Commercial and factory buildings
do
Residences
_
do
129 8
130.7
130.2
127 4
139. 9
139.1
136.7
133 7
134.6
134.2
131.1
134 1
135.1
134.6
131.6
134 6
135.5
134.9
132.4
135.3
136.2
135.5
133.3
137 3
138.4
137.5
135 2
139 6
140.8
139.8
137.4
140 6
141.8
140.6
138.5
142.5
141.7
139.2
142.1
143.1
142.2
140.1
142.2
143.3
142.4
140.3
142.3
143.4
142.4
140.3
144.1
143.1
141.1
146.3
144.5
143.2
148.0
145.7
144.9
Engineering News-Record:!
Building
Construction
127 4
140 8
136.8
151.9
131.4
145.7
131.8
146.5
132.5
147.0
132.9
147.6
134 8
150.2
136.2
151.9
136.7
152.4
138.3
154. 1
140.7
156.0
141.6
156.6
141.7
156.7
143.1
158.0
117 6
121 6-
do
do
Bu. of Public Roads— Highway construction:
Composite (avg for year or qtr )
1957-59—100
120 6
132.6
119.8
121 0
' 145. 0 i 146. 0
' 160. 0 i 161. 7
CONSTRUCTION MATERIALS
Output index:
Composite unadjusted 9
Seasonally adjusted
1947-49 — 100
do
Iron and steel products unadjusted
Lumber and wood products unadj
Portland cement, unadjusted
do
do
do
153 2
140 0
149 1
147 2
166 4
164 0
169 5
176 8
173.7
183 0
170 5
175 8
164.3
181 6
189.7
171 8
155.7
169.9
162.7
180.7
159.6
' 152. 4
' 159. 9
163 0
149 6
186 6
171 2
168 1
198.1
147 1
152 6
101 5
158 6
155 9
122 0
184 8
167 2
156 7
192 7
175 6
205.9
203 ]
179 0
223 7
201 2
161 6
221. 1
210 1
166 7
249.8
151 9
175 1
263.8
159.1
173.0
238.4
159.6
188.8
272.6
' 145. 2
163.4
185.2
141.2
157.8
136.1
167.2
168.9
11.2
163
131.7
8.4
122
12.4
152
10.6
15.9
160
11.6
14.7
144
12.4
15."
161
11. (
13.7
157
10.4
13.2
146
12.5
'15. 1
167
11.5
14.0
168
10.4
'13.6
211
11.4
127
125
17.1
198
12.7
12.3
187
124 3
172
9.0
136
5 884 64 6 495 94
3 404 87 3 773.88
577. 59
348. 77
436 34
279. 57
434. 80
267. 29
470. 58
265.30
495 2f
280. If
193. 61
240. 95
572. 97
326. 86
595. 13
340. 69
588. 18
322. 30
707. 37
359. 54
598. 76
376. 98
4,386
5,259
4,442
4,348
4,269
4,545
4,71f
4,889
4,988
4,997
5,026
5,035
5,040
r 20 122
21, 983
1, 973
' 2, IOC
1,983
' 1, 859
' 1, 995
' 1, 840
' 1, 949
'480
'945
'548
' 51f
' 1,051
' 54'
'430
1,075
'478
'414
'400
' 1,038 ' 1, 156
'421
'425
'396
'984
'460
'466
'995
'488
7 630
' 7,850
' 6, 870
' 6. 969
7,262
6,786
6,528
157 72
154 71
159 14
131 69
134 80
134 21
156 08
REAL ESTATE
Mortgage applications for new home construction:
Applications for FHA commitments
thous. units__
Seasonally adjusted annual ratesj__
do__.
Requests for VA appraisals
do
Seasonally adjusted annual rates t_
do. _
Home mortgages insured or guaranteed byFed. TIous. Adm.: Face amount
mil $
Vet. Adm.: Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $__
New mortgage loans of all savings and loan associations, estimated totalt
mil $
By purpose of loan:J
Home construction
do
Home purchase _ - .
do
All other purposes
do
Nonfarm foreclosures
Fire losses (on bides contents etc }
number
mil $
r 4 243
r q 604
r Q 275
4,916
11,215
5 852
110 541
90 875
r
1 407
r
295
'673
r
439
141
r
1 474
r
310
T
712
r
452
126
127
r
1, 787
'414
'850
T
523
r
8 414
7 822
8 127
8 040
1 f»3 Q^
1^2 75
155 58
197 25
IK
8 577
15^ 0
120
135
147
13.2
191
10.1
14.7
180
148
9.9
139
525. 34
365. 50
608. 38
369. 83
295. 68
5,259
5,357
5,298
' 1, 724 ' 1, 886
1,598
'407
'869
'610
350
785
463
'392
'868
'464
179 47
DOMESTIC TRADE
ADVERTISING
Marketing/Communications advertising index, seasonally adjusted:©
Combined index
1957 59 100
Business papers
do
Magazines
do
Newspapers
do
Outdoor
do
Radio (network)
do
Television (network)
do
i ^n
147
161
141
129
134
152
157
157
113
128
117
97
95
73
109
106
117
208
236
209
' Revised.
« Corrected. 1 Index as of Mar. 1,1969: Building, 147.9; construction, 162.9.
I Revisions for Jan.-Aug. 1967 for new private housing units authorized; for 1965-May 1967
for Dept. of Commerce composite; for July-Dec. 1966 for ENR building and construction
cost indexes; for 1960-66 (seas, adj.) for FHA applications and VA appraisals; and for Jan. 1961Dec. 1967 for new mortgage loans will be shown later.
153
139
151
125
87
122
212
152
146
164
154
150
155
154
122
128
129
125
128
132
137
168
173
141
161
162
160
161
126
123
128
126
116
122
122
101
90
84
95
82
79
75
137
151
147
175
144
123
129
198
236
203
210
206
222
211
^Copyrighted data; see last paragraph of headnote, p. S-l.
9 Includes data for items not shown separately.
§ Data include guaranteed direct loans sold.
0 Formerly Printer's Ink advertising index.
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
SURVEY OF CURRENT BUSINESS
1967
| 1968
S-ll
1969
1968
Jan.
Annual
Mar.
Feb.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TRADE—Continued
ADVERTISING— Continued
Television advertising:
Network (major national networks) :
Net time costs, total
_
_mil. $._ 1,499.9
Automotive, incl. accessories
do
115.8
Drugs and toiletries
__ __ _do
429.0
Foods, soft drinks, confectionery
do
306.8
Soaps, cleansers, etc
do
134.3
Smoking materials .
_
do
183.1
Allother
do
331.0
1 548 1
125 8
435 1
293 3
144 9
156 8
392 3
Magazine advertising (general and natl. farm magazines) :
Cost, total
mil. $_ 1,161.6
Apparel and accessories
do
60.7
Automotive, incl. accessories
do
103.7
Building materials
._ _ _ do
31.0
Drugs and toiletries
do_ __
148.4
Foods, soft drinks, confectionery...
do
116.1
1 196 1
63.5
112 6
32 3
144 4
106 3
Household equip., supplies, furnishings.. do
Industrial materials
do ...
Soaps, cleansers, etc
do
Smokine materials
do
Allother
.
..do
Newspaper advertising linage (52 cities) :
Total ._
. __mil. lines..
Classified..
do
Display, total
do ...
Automotive
do
Financial
do
General
do...
Retail
do
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total, mil. $_.
Durable goods establishments,
_
do-._
Nondurable goods establishments
do
89 2
70.7
62.7
22.9
39.9
416.3
63.3
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $__ 21, 607
Durable goods establishments _
do_
12, 308
Nondurable goods establish trents
do
9,299
RETAIL TRADE J
All retail stores: J
Estimated sales (unadj.), total tmil. $
313 809
Durable goods stores 9 ..-.do.. _ 100 173
Automotive group
do
58 273
Passenger car, other auto, dealers
do
53, 966
Tire, battery, accessory dealers
do. _.
4 307
Furniture and appliance group 9
do
15 267
Furniture, homefurnishings stores
do ...
Household appliance, TV, radio __ do _
Lumber, building, hardware group . do
12 675
Lumber, bldg. materials dealerscf..- do__
9 781
Hardware stores
do
2 894
Nondurable goods stores 9
do
213 636
Apparel group
do __ 18 123
Men's and boys' wear stores
do...
Women's apparel, accessory stores
do
Family and other apparel stores
do ._
Shoe stores.
..
_ do
Drug and proprietary stores
do
10 721
Eating and drinking places _ .
do
23 473
Food group
do
69 113
Grocery stores
.
do
Gasoline service stations __ __
do
22 739
General merchandise group with nonstores 9
mil $
49 820
General merchandise group without nonstores 9 §
mil $
Department stores
do
29,589
Mail order houses (dept. store mdse)_do
Variety stores
do
Liquor stores..
do
6 409
Estimated sales (seas, adj.), total f
do
Durable goods stores 9
do
Automotive group
do
Passenger car, other auto, dealers
do _
Tire, battery, accessory dealers
do
Furniture and appliance group 9
do
Furniture, homefurnishings stores
do
Household appliance, TV, radio
do
Lumber, building, hardware group
do
Lumber, bldg. materials dealersd" _ do
Hardware stores ...
do
Nondurable goods stores 9
do
Apparel group.
do
Men's and boys' wear stores _ _ do
Women's apparel, accessory stores
do
Family and other apparel stores
do
Shoe stores. ...
do
84.7
1.6
4.4
1.2
7.1
6.7
3.2
9.6
1.8
119 2
116.0
11.1
31
12.3
10.3
12
4
11
9
7
8
9
9
11.9
2.6
9.3
14.5
37
14.3
7 Q
9.6
4.7
6.3
9.1
K
fi 8
2.8
4.3
6.2
4.4
2.2
3.1
A
2.5
4.2
1.7
2.7
11.6
17.3
2 9
13 5
15.1
11.6
12.0
9.5
81
7 Q
R O
4 a
2.5
3.7
15
3.2
24 8
71
in 4
13 0
15 6
4.1
8.5
292.8
83.3
209.5
15.9
5.7
27.1
160 9
315 7
84 1
231.5
16.0
7 2
31 7
176 7
315.9
79.0
236.8
13.1
6.2
32.5
185.0
18, 488
8,515
9,973
18,933
8,629
10,304
18,640
8,590
10, 050
21, 952
13,020
8,932
21,908
13, 030
8,878
22,094
13,183
8,910
29 285
28 887
28 542
9 917
6 112
5,706
9 828
5 974
5,543
1 314
1 353
35 1
17.3
127.9
236
66
169
13
4
22
128
1
9
2
4
6
3
9
282 4
79 0
203.5
14.4
55
26.0
157 6
277 5
76 0
201 4
16.6
6 6
26 1
152 2
306.5
82.5
224.0
17.3
5.5
29.0
172 2
279 2
79 0
200 2
16.6
58
23 4
154 3
249
75
174
13
6
18
135
9
2
8
6
9
6
7
219, 943
100, 012
119, 930
16,863
7,365
9,497
16, 816
7,541
9,275
17, 775
8,026
9,749
18,087
8,397
9,690
18, 578
8,482
10, 095
17, 961
8,241
9,720
22, 603
13, 245
9,358
21, 678
12,236
9,442
21, 555
12, 308
9,247
21, 679
12,564
9,115
21,841
12,881
8,960
21, 816
12, 851
8,965
24 094
24 210
27 049
27 602
7 517
4 642
4' 339
7 883
4 842
4,557
8 916
5 526
5,187
9 134
5 549
5,171
1 205
1 205
1 253
1 217
OOQ
7.6
71f|
1 1 O 94 ^
60 660
4 fim
ifi ^4.n
10 227
5 235
303
1O Q84.
641
1Q ORf\
16 577
1 277
4
C1 C
3
1Qft
332
493
242
210
901
7 429
4 124
33, 323
3 256
C
1 190
16 327
1 155
18 133
1 430
1 837
5*598
5 227
1 809
3 289
2 916
1,949
187
1,062
851
377
384
1 174
1 167
931
243
843
434
916
251
400
618
356
275
29 410
27 015
29 418
9 696
5 770
5,354
9 383
5 365
4,951
8 703
4 814
4,457
10 039
5 992
5,595
1 393
1 479
1 412
1 450
419
861
440
414
905
476
357
850
460
397
907
456
986
283
283
278
997
260
19 059
1 522
18 846
1 421
20 027
1 633
18 312
1 557
19 379
1 654
367
600
312
259
953
2
6
5
2
375
577
311
259
938
325
548
312
236
938
342
618
378
295
962
332
608
333
284
912
2
5
5
2
175
860
448
017
276
373
656
360
265
941
2
6
5
2
161
108
685
064
189
310
883
097
2 245
6 252
5*825
2 150
2
6
5
2
4 218
4 342
4 296
4 222
4 671
4 266
4 697
3 813
2,538
248
3 Oil
2,628
239
3 890
2,641
218
3 800
2,538
233
4 243
2,844
273
3 831
2,602
256
4 209
2,843
316
034
838
420
012
497
516
496
581
487
560
287
196
766
197
474
583
2
6
6
2
413
596
166
202
52^
600
r
451
498
548
584
28,902 ' 28, 697
28 158 '28 320 '28 674 '28 760
r q 132 r q 197 r g 313 r q 377 T 9 687 r 9 342
5 561
5 899
5 556
5 489
5 408
5 523
5 173
5 171
5 027
5 516
5 104
5 138
385
385
383
388
376
385
381
1 372
1
395
1 356
1 386
1 406
1 433
1 370
859
846
*836
856
875
876
858
426
421
1 173
1 152
916
257
801
261
!8 463 '18 621 '18 978 '18 816 '19 026
1 520
1 558
1 640
1 558
1 575
369
508
335
22, 790 '22,603 22,604
13, 202 '13,245 13,238
9,588 ' 9, 358 9,366
19 368
1 538
r
373
580
309
22, 631
13, 162
9,470
926
264
27, 996 '27 791
r q 018 r 8 975
5 227
5 319
4 851
4 935
1 360
827
430
22, 170
13, 065
9, 105
18 468
1*627
3 901
1 357
17, 456
8,034
9,422
1,339
1 063
3 487
2,334
238
432
537
18, 906 r 18, 917
8,578 ' 8, 428
10,329 r 10, 489
1,257
364
617
334
312
906
377
588
337
381
604
343
95fi
947
475
443
439
434
439
1,204
1 196
1 172 1 184
1 190
926
933
010
908
004
264
270
271
271
280
T jq 123 r!9 361 r iq 383 r!9 215 '19 355
1 640
1 619
1 595 1 655 1 650
369
375
368
372
373
639
651
642
628
650
349
333
3S8
356
350
9fi1
36 0
2.8
3.7
1.1
3.2
28 5
19, 979
9,220
10, 759
1 355
1 077
280
5.4
4.2
1.1
4.3
24.2
207 5
1 338
1 055
2 912
1,912
197
T
431
875
414
9.1
67.2
2.0
6.8
1.4
8.7
5.8
3.2
256 0
77 1
178.9
11.6
86
20.9
137 9
1 290
1 010
3 296
387
486
871
376
9.4
1 269
2
5
5
2
' 27, 043 27, 449
r 8 580 r 8 828
5*051
5 189
4 666
4 812
818
426
313
559
295
263
901
783
363
2 022
6 113
5 705
1 970
r
385
797
216
406
378
1,013
1,836
5 596
5 232
1 874
1 349
769
402
722
390
891
708
183
267
462
233
193
887
346
502
I CO
339
285
726
381
7.5
5.8
1.9
3.6
4.0
7.4
1.6
2.2
277 9
83 8
194 1
13 3
4 1
18 1
158 6
42.1
4.1
33
19
2 9
23 9
100.6
6.6
13.9
41.6
39 8
231.3
67.0
164.2
11.4
7.1
7.1
9*. 8
5.4
1.8
4.4
50.9
6.2
5.5
1.5
4.2
27.6
6.8
3.1
127.2
28
4. 1
44 9
9.7
5.9
1.9
4.0
15
30
33 6
249
256
' Revised.
i Advance estimate.
JSeries revised to reflect a new sample of retailers.
1 he most important difference between this and the old sample is accounted for by the
general merchandise group which now includes all non-stores, i.e., mail order houses, mercnandising machine operators, and direct selling establishments. Formerly, many non-store
establishments were classified outside of the general merchandise group, particularly in the
lood and1 eating arid drinking place groups. Revisions for total retail sales, durable and nondurable totals, and selected lines of trade, unadj. for 1961-67 and seas. adj. for 1961-64 appear
106.8
10.6
9.6
67 7
6.2
3.4
16
10 5
5.7
99 9
2 5
38
43 i
75.7
56 7
22 2
43 2
443 6
134.7
69 9
1.1
4 8
2 2
10 3
91
5.6
8.6
498.4
48.7
134.7
88.0
36.9
49.1
141.0
••301.0
18.1
88.6
57.4
'32.9
28.4
••75.6
331.3
23 0
89.2
63.2
33.7
33.1
89.1
105 9
11.2
34
3, 297. 8 3 381 1
878.1
923 7
2,419.6 2 457 3
158.5
171 0
66 9
72 8
297.1
296 1
1 897 1 1 Q1 7 A.
205, 188
90, 447
114, 741
'417.5
36.0
122.6
84.7
41 5
46.1
••86.6
97fi
9»fi
275
277
30 112
9 554
5 623
5*196
427
1,489
933
464
c 1,198
907
291
20 558
1 810
437
701
395
Til
924
2 045
6 425
6 009
2 055
316 0
67.9
248.1
9.3
7.1
r
34 086 '26 283 124 639
r 9 675 ' 8 370 i 8 047
r 5*049 ' 5 152i 4 952
'4,604
4,821
'445
331
' 1 770r 1 265 i i 210
' 1, 025
787
'613
395
' 1, 186
947
729
'817
369
218
'24 411 '17 913 1 16 592
' 2 641 r 1 420 i i 190
'689
372
'990
535
'619
294
219
'343
i 899
' 1 295 r 949
'2 041 ' 1 905i i 796
r 6 375 r 6 270 i 5 688
' 5 945 r 5 883 i 5 335
' 2 079 ' 1 998i i 870
5 488 r 7 807
4 997
3,402
417
578
647
28,806
r 9 314
5 521
5 124
397
1 360
853
428
1,191
911
280
r
!9 492
1 652
387
642
351
272
r 3 559
i 3 408
' 7 286 ' 3 167 i 3 012
'5,092 ' 2, 183 i 2, 021
'434
201
370
'980
582
'825
' 28, 347 ' 29, 031 1 29, 021
* 9 238 ' 9 483 i 9 355
5 445
5 590
5,082
5,173
417
363
1, 399
1,357
852
877
439
429
1,204
1,230
960
937
270
267
'19 109 ' 19, 548 1 19, 666
1 571 1 660
408
371
628
580
371
348
263
253
on p. 22 ff. of the Nov. 1968 SURVEY; revisions for 1965-67 for seas. adj. retail sales data are
available upon request to the Census Bureau (Wash., D.C. 20233). Further details appear in
the Census Bureau Monthly Retail Trade Report, Aug. 1968.
9 Includes data for items
not shown separately.
cfComprises lumber yards, building materials dealers, and paint, plumbing, and electrical
stores.
§Except department stores mail order.
c
Corrected.
SUEVEY OF CUKRENT BUSINESS
S-12
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
March 1969
1968
1968
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TRADE—Continued
RETAIL TRADEt— Continued
All retail stores}— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores — Continued
Drug and proprietary stores _
_ .mil. $
Eating and drinking places
__do
Food group
do
Grocery stores
do. _
Gasoline service stations
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept. store mdse.)do
Variety stores
do
Liquor stores
do
Estimated inventories, end of year or month :1
Book value (unadjusted), total
_ . mil. $
Durable goods stores 9 __
do _
Automotive group
do
Furniture and appliance group
do
Lumber, building, hardware group. _ do
Nondurable goods stores 9
.
do
Apparel group
_ do
Food group
do
General merchandise group with noistores
mil. $
Department stores
do
Book value (seas, adj.), total
do
Durable goods stores 9
- d o
Automotive group
. _ _ do_ _
Furniture and appliance group
do
Lumber, building, hardware group do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General 4 merchandise group with nonstore '
mil. $
Department stores
do
Firms with 11 or more stores:}:
Estimated sales (unadj.), total 9
. do
Apparel group 9
_ _ . _ _
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
_ do
Drug and proprietary stores
do
Eating and drinking places
do
Furniture and appliance group.. __
do
General merchandise group with nonstores 9
mil $
Genera] merchandise croup without nonstores §
mil. $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores _
do
Tire, battery, accessory dealers
do
Estimated sales (seas, adj.) total 9
do
Apparel group 9
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
do
Drug and proprietary stores
do
Eating and drinking places
do
General merchandise group with nonstores 9 . . - mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mail order sales
do
Variety stores
_.
do
Grocery stores
do
Tire, battery, accessory dealers .
do
All retail stores, accounts receivable, end of yr. or mo.: J
Total (unadjusted) t
mil $
Durable goods stores
do
Nondurable goods stores
...
do
Charge accounts
do
Installment accounts
.
do
Total (seasonally adjusted) t-do
Durable goods stores
do
Nondurable goods stores
do
Charge accounts
_
do
Installment accounts...
. do
941
2,025
5,911
5,511
1,981
932
2,081
5,929
5,539
1,994
924
2,108
6,026
5,611
2,049
932
2,099
6,063
5,637
2,036
957
2,114
6,117
5, 702
2,038
953
2,114
6,172
5,753
2,050
967
2,068
6,148
5, 727
2,052
973
2,139
6,188
5,774
2,063
971
2,149
6,155
5, 735
2,049
967
2,146
6,149
5,731
2,050
944
2,128
6,235
5,817
2,064
969
2,062
6,139
5,744
2,052
986
2,080
6,340
5,924
2,103
4,281
4,349
4,422
4,401
4,452
4,488
4,730
4,626
4,520
4,640
4,729
4,577
4,564
3,868
2 576
254
502
562
3,928
2,627
251
510
550
3,988
2,669
262
516
578
3,995
2,682
264
498
564
4,035
2,700
254
519
584
4,075
2,728
270
514
577
4,290
2,896
275
526
596
4,191
2,828
277
520
591
4,061
2,743
271
492
593
4,154
2,810
282
520
602
4,259
2,925
293
522
601
4,168
2,877
275
505
565
4,136
2,835
272
528
636
38,045
16, 832
7,284
2,825
2,575
21,213
4,178
4,290
41, 346
18, 846
8,758
3,029
2, 797
22,500
4,536
4,511
38,430
17, 493
7,845
2,811
2,641
20, 937
4,010
4,248
39,354
18, 019
8,201
2,893
2,660
21,335
4,225
4,271
40,447
18,400
8,413
2,953
2,738
22,047
4,405
4,324
41,247
18, 989
8,799
3,034
2,809
22, 258
4,456
4,360
41,496
19, 278
9,069
3,039
2,794
22, 218
4,388
4,371
41,163
19, 174
8,987
3,027
2,764
21,989
4,317
4,334
40,916
18, 895
8,794
3,035
2,801
22, 021
4,431
4,291
39,979
17, 536
7,348
3,032
2,764
22,443
4,670
4,311
40, 543
17, 244
7,130
3,059
2,788
23, 299
4,953
4,382
42,683
18, 246
7,898
3,140
2,806
24, 437
5,116
4,552
43, 815
18, 866
8,437
3,158
2,790
24, 949
5,145
4,651
41, 346
18,846
8,758
3,029
2,797
22,500
4,536
4,511
41, 544
19, 581
9,387
3,014
2,841
21,963
4,402
4,536
8,304
4,717
39,318
17,403
7,425
2,927
2,666
21,915
4,384
4,273
9,237
5,286
42,657
19, 461
8,919
3, 139
2,898
23, 196
4,760
4,493
8,312
4,640
39, 575
17, 566
7,609
2,925
2,706
22,009
4,383
4,269
8,576
4,836
39, 788
17, 709
7,693
2,992
2,703
22, 079
4,392
4,314
8,967
5,113
39, 776
17, 723
7,747
2,992
2,692
22, 053
4,401
4,311
9,137
5,170
40, 242
18, 113
8,043
3,010
2,735
22, 129
4,443
4,338
9,146
5,168
40, 606
18, 248
8,192
3,006
2,713
22, 358
4,450
4,384
9,105
5,102
40,842
18, 440
8,352
3,006
2,712
22, 402
4,506
4,351
9,189
5,148
41, 065
18, 475
8,407
3,038
2,807
22, 590
4,630
4,356
9,305
5,189
41,010
18, 501
8,417
3,035
2,781
22,509
4,574
4,381
9,733
5,375
41,424
18, 622
8, 590
3,008
2,799
22, 802
4,668
4,408
10, 505
5,884
42, 220
19, 165
8,945
3,046
2,820
23, 055
4,720
4,4,0
9,237
10, 810
5,286
6,116
42, 488 '42,657
19, 361 19, 461
8,919
9,121
3,139
3,019
2,898
2,798
'23,196
23, 127
4,760
4,694
4,493
4,555
8,925
5,105
42, 740
19, 622
9,105
3,136
2,908
23, 118
4,811
4,554
8,900
5,018
9,806
5,576
8,990
5,088
9,049
5,161
9,025
5,159
9,107
5,160
9,266
5,252
9,366
5,298
9,448
5,329
9,351
5,231
9,360
5,153
9,525
5,254
9,624 '9,806
5,337 ' 5, 576
9,653
5,598
94, 580
5,186
767
1,837
1,335
3,373
2,122
1,303
6,352
315
50
107
85
247
156
86
6,387
291
43
103
78
242
156
92
7,318
384
50
133
107
257
173
95
7,479
460
60
157
134
265
177
98
7,828
414
62
145
110
283
176
104
7,689
421
66
143
113
275
178
103
7,532
368
53
132
93
275
180
111
8,279
440
54
159
118
283
186
130
7,454
426
54
153
119
266
192
120
8,068
454
71
163
111
272
189
112
9,015
492
85
176
116
275
184
117
11, 179
'721
'119
' 266
'151
'433
'175
'135
7,280
356
61
126
86
274
178
84
38,395
2,248
2,266
2,713
2,969
3,033
3,013
2,959
3,300
2,979
3,303
3,920
' 5, 692
2,503
35, 708
26, 184
4,821
34, 681
1,736
2,070
1,515
263
2,635
107
' 7, 478
413
59
148
107
274
167
2,811
2,066
384
2,971
159
' 7, 771
417
64
142
107
291
170
2,801
2,083
377
2,882
161
' 7, 793
430
64
149
112
277
168
3,661
2,676
468
3,181
161
' 8, 124
442
69
158
115
275
190
'5,400
' 3, 972
' 792
'3,088
'177
' 8, 080
419
63
153
103
281
177
2,318
1,714
292
3,131
128
8,285
460
70
172
105
302
189
f
2,763
2,073
2,499
2,003
1,490
1,821
393
296
339
2,738
2,676
2,967
146
122
105
7, 625 -7,688 ' 7, 712
419
420
437
60
63
61
146
150
148
110
113
108
275
270
269
178
172
169
3,055
2,745
3,080
2,750
2,234
2,023
2,263
2,038
391
364
407
347
2,890
2,837
3,122
2,694
156
153
159
130
'8,004 ' 7, 983 ' 7, 959 ' 8, 029
454
444
446
443
68
64
67
63
159
158
161
160
115
117
118
114
288
290
287
289
172
188
178
189
2,978
3,067
3,123
3, 102
3,112
3,113
3,273
3,226
3,157
3,259
3,313
3,364
3,278
2, 775
2, 017
389
2,783
136
2,847
2, 078
398
2,810
137
2,893
2,088
405
2,815
137
2,892
2,115
386
2,849
143
2,894
2,107
404
2,855
147
2,899
2, 113
397
2,909
144
3,056
2, 276
409
2, 918
147
3,011
2,234
404
2,916
153
2,919
2,120
380
2,929
142
3,025
2,219
404
2, 943
153
3,069
2 262
416
2,992
153
3,126
2,320
405
2,975
137
3,067
2,241
428
3,082
161
18, 483
6,846
11,637
7,941
10,542
18, 672
6,690
11, 982
7,939
10, 733
18,641
6,892
11, 749
8,071
10, 570
18, 841
6,777
12,064
8,123
10, 718
19, 022
7,117
11, 905
8,368
10,654
19, 198
7,004
12, 194
8,334
10,864
' 19,285
'7,020
' 12,265
' 8, 296
r
10,989 f
' 19,186^
' 6, 958
' 12,228
'8,150
' 11,036
20, 630
7,140
13, 490
8,677
11, 953
19, 378
6,941
12, 437
8,317
11,061
19, 825
6, 824
13,001
8,203
11, 622
19, 459
6,942
12, 517
8,305
11, 154
20 630
7,140
13, 490
8,677
11,953
19, 378
6,941
12, 437
8,317
11,061
|
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas
mil
LABOR FORCE
Labor force, total, 16 years of age and over
Civilian labor force
Employed, total.. _._
Nonagricultural employment
Agricultural employment
Unemployed (all civilian workers)
thous
do
do
do
do. _ . ~
do
i 199. 11
i 201. 15
200.24
200.35
200.50
200. 65
200.81
200.98
201. 15
201. 35
201. 55
201. 74
201. 93
202. 10
202.25
202. 40
80,793
77, 347
74, 372
70, 528
3,844
2,975
82, 272
78, 737
75, 920
72, 103
3,817
2,817
79, 811
76, 347
73,273
69,908
3,366
3,074
80, 869
77, 402
74, 114
70, 653
3,462
3,288
80, 938
77, 447
74, 517
70, 980
3,537
2,929
81,141
77, 634
75. 143
71,292
3,851
2,491
81, 770
78, 234
75,931
71, 935
3,996
2,303
84, 454
80, 887
77, 273
72, 757
4, 516
3,614
84, 550
80,964
77, 746
73, 270
4,476
3,217
83, 792
80, 203
77, 432
73, 325
4,107
2,772
82, 137
78,546
75, 939
72, 103
3,836
2,606
82, 477
78, 874
76,364
72,596
3,767
2,511
82, 702
79, 185
76,609
73,001
3,607
2,577
82, 618
79, 118
76,700
73, 421
3,279
2,419
81, 711
78, 234
75,358
72, 192
3,165
2,876
82, 579
79, 104
76, 181
72, 896
3,285
2,923
' Revised.
1 As of July 1.
t See corresponding note on p. S-ll (beginning Aug. 1968,
accounts receivable data reflect introduction of the new sample; no comparable data are
available for earlier periods) .
9 Includes data not shown separately.
§ Except depart-
ment stores mail order.
\ Series revised to reflect benchmarking to the levels of the 1966
and 1967 Annual Retail Trade Reports and to conform to the definitions of the new retail
sales sample; revised data back to 1961 appear on p. 22 ff. of the Nov. 1968 SURVEY.
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Jan.
Annual
S-13
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. p
78, 847
76,000
72, 349
3,651
78, 800
76, 002
72, 477
3,525
79,042
76,388
72,682
3,706
79,368
76, 765
72, 923
3,842
79, 874
77, 229
73, 477
3,752
80, 356
77,729
73,848
3,881
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
LABOR FORCE— Continued
Seasonally Adjusted
Civilian labor forcet
Employed, total
Nonagricultural employment
Agricultural employment
'77,881 '78,569 '78,645 '78,427 '78,742 '78,919 '78,917 '78,749
75, 086 75,640 75,764 75, 653 75, 932 76,005 76, 020 75, 973
71, 124 71, 566 71, 786 71, 737 72, 027 72, 156 72, 195 72, 222
4,074
3,751
3,962
3,978
3,916
3,905
3,849
3,825
thous..
do
_ do .
do
'2,881 ' 2, 774 '2,810
402
449
418
' 2, 914
423
' 2, 897
470
' 2, 776
400
2,847
373
2,798
381
2,654
348
2,603
322
2,645
316
2,627
346
3.5
2.1
3.7
12.4
'3.6
2.1
3.7
12.6
'3.7
2.3
3.7
13.3
3.7
2.2
3.8
13.3
3.5
2.1
3.7
12.3
3.6
2.2
3.9
12.5
3.6
'2.2
3.7
12.3
3.4
2.0
3.5
12.2
3.3
1.8
3.5
12.7
3.3
2.0
3.5
11.7
3.3
1.9
3.5
11.7
1.7
6.9
3.2
'1.6
6.8
3.1
1.6
6.5
3.2
1.7
7.1
3.3
1.6
6.8
3.3
1.6
6.4
3.2
1.6
6.6
3.2
1.6
7.3
3.1
1.6
6.5
3.0
1.4
6.0
3.0
1.4
6.0
3.0
1.4
5.7
2.9
2.1
2.0
1.9
1.9
3.8
2.0
4.1
2.1
4.3
2.0
4.2
2.0
4.1
2.0
4.0
2.0
3.9
1.9
3.6
1.9
3.8
1.9
3.6
'3.7
8.0
3.3
2.8
3.8
7.4
3.5
3.3
'3.7
7.9
3.5
3.1
'3.5
5.6
3.3
2.9
3.4
6.7
3.2
2.9
3.8
7.7
3.2
2.8
3.8
7.0
3.2
2.8
3.6
6.9
3.3
3.0
3.6
5.7
3.3
3.1
3.6
6.0
3.4
3.2
3.4
6.5
3.2
3.1
3.3
5.4
2.8
2.6
3.4
5.5
3.2
2.7
3.3
5.5
2.9
2.4
68, 146
66,017
66,393
66,713
67, 422
67, 724
68,724
68, 327
68, 508
68,923
69, 292
69, 585 ' 70, 123 ' 68, 522
68,754
66, 030
616
3,203
19, 434
11, 422
68, 146
625
3,259
19, 740
11, 578
67,058
604
3,107
19, 612
11, 541
67,600
608
3,388
19, 612
11,514
67,656
609
3,330
19, 607
11, 495
67, 755
632
3,313
19, 657
11, 533
67, 792
631
3,245
19, 693
11,545
68,039
632
3,174
19, 777
11,571
68,170
638
3,189
19, 776
11,619
68,314
638
3,195
19, 748
11,563
68, 382
639
3,252
19, 755
11,577
68,701
591
3,285
19, 807
11,603
68, 955 '69,310 ' 69, 618
637
'643
'638
3,279 ' 3, 387 ' 3, 369
19, 871 ' 19, 974 ' 19, 988
11, 661 ' 11, 724 ' 11, 789
69,997
642
3,480
20,063
11, 818
317
598
455
629
,318
,361
,967
342
602
474
638
1,301
1,389
1,958
334
605
465
638
1,306
1,374
1,962
334
612
466
609
1,305
1,369
1,957
336
607
466
591
1,304
1,374
1,960
337
599
468
641
1,320
1,373
1,949
338
594
471
640
1,322
1,376
1,949
344
592
474
642
1,310
1,386
1,951
349
597
471
642
1,314
1,385
1,944
350
597
476
644
1,291
1,385
1,953
348
598
476
643
1,279
1,391
1,957
334
603
478
649
1,272
1,410
1,962
348
603
484
653
1,284
1,416
1,985
'352
'615
'488
562
' 1, 302
' 1, 426
'1,968
'349
'623
'491
'663
' 1, 310
' 1, 436
' 1, 986
348
624
493
666
1,312
1,441
1,993
,953
,947
448
429
8,012
1,785
87
957
1,400
681
1,048
1,002
183
516
351
1,963
2,026
451
436
8, 162
1,780
86
985
1,417
698
1,063
1,032
187
558
357
1,965
2,007
450
435
8,071
1,775
85
972
1,399
688
1,054
1,021
185
537
355
1,965
2,015
450
432
8,098
1,773
87
981
1,403
690
1,055
1,023
186
545
355
1,957
2,018
449
433
8,112
1,777
87
979
1,408
690
1,058
1,024
186
546
357
1,955
2,015
448
428
8,124
1,783
81
979
1,417
692
1,058
1,020
185
550
359
1,963
2,013
447
432
8,148
1,778
87
982
1,422
696
1,061
1,023
186
552
361
1,960
2,031
448
433
8,206
1,797
87
990
1,433
699
1,062
1,030
188
559
361
1,962
2,070
446
439
8,157
1,777
87
987
1,416
697
1,064
1,033
188
559
349
1,963
2,013
452
439
8,185
1,778
90
990
1,412
702
1,067
1,036
187
566
357
1,964
2,035
451
435
8,178
1,773
87
987
1,422
700
1,063
1,037
186
566
357
1,957
2,046
454
438
8,204
1,778
84
988
1,426
704
1,068
1,041
187
570
358
1,971
2,020
455
442
8,210
1,777
82
992
1,419
708
1,073
1,046
188
568
357
' 1, 980
' 2, 025
'457
'449
' 8, 250
' 1, 792
'84
'994
1,425
713
1,074
' 1, 050
189
'574
'355
' 1, 995
' 2, 030
'458
'448
'8,199
'1,788
'86
'995
' 1, 432
'716
' 1, 077
' 1, 050
'127
'574
'354
2,009
2,030
457
445
8,245
1,791
85
996
1,419
719
1,075
1,055
172
580
353
4,271
13, 613
3,538
10, 074
4,348
14,111
3,669
10, 442
4,317
13, 818
3,586
10, 232
4,342
13, 920
3,619
10, 301
4,332
13, 999
3,632
10, 367
4,331
14, 009
3,641
10, 368
4,281
14, 049
3,655
10, 394
4,336
14,086
3,679
10, 407
4,346
14,117
3,680
10, 437
4,358
14, 181
3,683
10, 498
4,365
14, 222
3,695
10, 527
4,374
14, 298
3,708
10, 590
4,392 ' 4, 400 '4,394
14, 326 ' 14, 271 ' 14, 449
3,722 ' 3, 725 ' 3, 751
10, 604 ' 10, 546 ' 10, 698
4,422
14,489
3,771
10, 718
3,217
10, 060
11,616
2,719
8,897
3,357
10, 504
12, 202
2 737
9, 465
3,291
10, 331
11,978
2,721
9, 257
3,304
10, 405
12, 021
2,721
9, 300
3,311
10, 415
12, 053
2,718
9, 335
3,323
10, 402
12, 088
2,717
9,371
3,334
10, 425
12, 134
2,721
9,413
3,335
10, 467
12, 232
2,795
9,437
3,350
10, 498
12, 256
2,788
9,468
3,376
10, 548
12, 270
2,751
9,519
3,387
10, 545
12,217
2,716
9,501
3,411
10, 610
12, 325
2,705
9,620
3,426 ' 3, 442 ' 3, 460
10, 702 ' 10, 755 ' 10, 791
12, 322 12, 443 ' 12, 524
2, 715 » 2, 760
2,696
9,728 * 9, 764
9,626
3,475
10, 846
12, 580
2,766
9,814
14, 300
14, 485
14,213
14,231
14,248
14, 303
14, 352
14, 622
14, 415
14, 561
14, 739
14, 718
14, 725 ' 14, 687 ' 14, 480
14, 556
Totaltthous
14, 300
14, 485 14, 405 14, 393 14,386
Durable goods
do
8,354
8,420
8,382
8,371
8,427
O rdnance and accessories
do
176
190
190
191
195
Lumber and wood products
do
520
527
531
522
528
Furniture and fixtures ...
do
375
385
385
385
392
Stone, clay, and glass products
do
500
511
479
463
511
Primary metal industries
do
1,057
1,042
1,040
1,038
1,035
Fabricated metal products
do
1,052
1,062
1,072
1,056
1,062
Machinery, except electrical
do
1,367
1,343
1,344
1,337
1,346
Electrical equipment and supplies
do
1,318
1,312
1,319
1,316
1,311
Transportation equipment
do
1,371
1,432
1,420
1,423
1,429
Instruments and related products
do
280
279
279
278
278
Miscellaneous manufacturing ind
do
338
342
342
339
340
Nondurable goods
do
5,946
5,985
6,015
6, 058
6,011
Food and kindred products
do
1,186
1,188
1,181
1,178
1,181
Tobacco manufactures
do
75
74
73
73
74
Textile mill products
do
849
873
861
867
870
Apparel and other textile products
do
1,240
1,250
1,233
1,240
1,243
' Revised.
p Preliminary.
* New series. Mon thly data for earlier years ar e availat le.
J Effective with the Mar. 1969 SURVEY, labor force data refl act new se asonal foictors; co mparable data for earlier months appear in Mar. 196() "Emplo yment an d Earni ngs" rep ort
(BLS).
fEffective with the Sept. 1967 SURVEY, additionalseries (un employm ent rates , seasona Hy
adjusted production workers, hours, man-hours and man-hou r indexes, private sector da ta,
and spendable earnings) are shown; these are not in the 1967 e<iition of F USINESS STATIST!cs.
14, 439
8,406
192
520
387
517
1,054
1,059
1,332
1,310
1,425
275
335
6,033
1,191
68
868
1,251
Unemployed (all civilian workers)
do
Long-term, 15 weeks and over i_
do
Rates (unemployed in each group as percent
of total in that group) :J
All civilian workers
.
Men, 20 years and over
Women, 20 years and over
Both sexes, 16-19 years
Married men*
Nonwhite workers*
White workers* ._
_
Occupation: White-collar workers*
Industry (nonagricultural):
Private wage and salary workers*
Construction*
__ __
Manufacturing*
Durable goods*
__ _
EMPLOYMENT
Employees on payrolls of nonagricultural estab.'.fl
Total, not adjusted for seasonal variation.. thous ..
Seasonally Adjusted
Total
MiningContract construction
Manufacturing
Durable goods
Ordnance and accessories.
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries _
Fabricated metal products
Machinery, except electrical
thous..
do
do
do
do
do_.
do
do
do
do
do
do
Electrical equip, and supplies
do
Transportation equipment
do
Instruments and related products. do
Miscellaneous manufacturing ind
do
Nondurable goods. _
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products.
do
Apparel and other textile products. . .do
Paper and allied products
do
Printing and publishingdo
Chemicals and allied products.
do ...
Petroleum and coal products
do
Rubber and plastics products, nee
do
Leather and leather products
do
Transportation, communication, electric, gas,
and sanitary services . . ...
thous . .
Wholesale and retail trade
do
Wholesale trade
.
do .
Retail trade
do
Finance, insurance, and real estate ... do ...
Services. . . .
do
Government
do
Federal ..
.. . . do .
State and local . .
do
Production workers on manufacturing payrolls:
Total, not seasonally adjusted tl
thous
449
412
' 2, 795
471
' 2, 929
453
3.8
2.3
4.2
12.9
3.6
2.2
3.8
12.7
'3.6
2.3
4.0
11.6
3.7
2.3
3.9
12.7
'3.7
2.2
3.8
13.0
1.8
7.4
3.4
1.6
6.7
3.2
'1.7
6.6
3.2
1.7
7.1
3.3
2.2
2.0
2.0
3.9
7.3
3.7
3.4
3.6
6.9
3.3
3.0
66, 030
Seasonally Adjusted
14,512 14, 474 14, 476 14, 524 14, 568 ' 14, 663 ' 14, 673 14, 722
8,604
8,410
8,475 ' 8, 535 ' 8, 587
8,432
8,399
8,458
196
'197
198
198
199
186
200
200
540
'543
'533
521
517
520
518
517
410
'407
'405
400
396
393
389
393
537
'535
'534
525
515
520
516
518
1,046
'
1,
038 '1,042
,012
,020
1,009
1,044
1,023
1,117
,093 ' 1, 102 '1,111
,073
1,092
1,066
1,068
1,367
,332
,357 ' 1, 341 '1,360
1,337
1,322
1,331
1,302
,311 ' 1, 322 ' 1, 332 1,339
,313
1,313
1,308
1,421
,423 ' 1,427 ' 1, 425
,439
1,446
1,415
1,478
283
'283
282
277
280
280
272
278
348
'352
'
353
341
346
344
344
344
6,118
6,093 ' 6, 128 ' 6, 086
6,066
6,092
6,054
6,075
1,207
1,188 ' 1, 205 ' 1, 202
1,191
1,183
1,185
1,187
72
73
'71
74
'69
71
74
77
880
'879
'880
877
875
873
876
878
1, 248
1,252 ' 1, 255 ' 1, 257
1,254
1,259
1,249
1,245
HBe£ginning irn the Jiine 1968 SURVEY , payrol employment anrd earnin gs data (except
man-h ours, be§ inning iVug. 1968 SURVEY ) reflect revised \)enchma ks and seasonal factors;
compa rable ear lier data , except man-hou rs and nlan-hour indexes, appear i n BLS Ebulletin
1312-6, EMPLOY'MENT A ND EAR??INGS FO R THE IJNITED £STATES, L909-68, $5.75, a\Bailable
* Beginning J<in. 1969, federal e mployfrom t le Gov't Printing; Off., Wash., D.(3. 20402.
ment i ncludes 2ibout 39, 000 civili an techn cians of the Nati 3nal Gua rd who \vere tran sferred
from S tate to federal sta tus.
14, 449
8,401
193
516
389
514
1,054
1,060
1,331
1,312
1,419
275
338
6,048
1,185
73
871
1,256
14, 523
8,424
198
514
392
517
1,042
1,070
1,334
1,305
1,438
275
339
6,099
1,204
73
877
1,265
SURVEY OF CUERENT BUSINESS
S-14
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Jan.
Annual
March 1969
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on manufacturing payrolls—
Continued
Nondurable goods industries— Continued
Paper and allied products
thous
Printing and publishing
do
Chemicals and allied products _ .
do
Petroleum and coal productsdo
Rubber and plastics products, nee
do
Leather and leather products
__do
528
662
592
115
397
304
541
665
611
118
432
308
534
660
605
117
415
306
535
662
606
117
422
307
534
662
607
117
422
308
536
663
602
117
426
311
538
665
603
118
427
312
542
664
609
118
435
312
542
665
610
119
433
301
545
666
614
118
438
307
541
663
614
118
438
306
546
667
617
119
441
308
550
669
620
119
440
309
554
671
-623
119
444
306
556
-672
-622
-75
-445
-305
42.6
37.7
40.6
42.7
37.4
40.7
3.4
41.2
3.5
41.7
40.2
40.4
41.6
41.1
41.5
42.6
40.2
41.4
41.3
39.4
3.6
41.4
3.8
41.5
40.5
40.6
41.8
41.6
41.7
42.1
40.3
42.2
40.5
39.4
41.8
36.0
40.0
40.2
3.5
40.9
3.7
40.2
38.6
39.6
40.8
41.5
41.5
41.8
40.1
41.8
40.6
39.2
42.3
37.9
40.6
40.8
3.5
41.4
3.6
42.2
41.2
41.0
41.9
41.8
41.4
42.2
40.3
41.9
40.8
39.7
42.3
36.8
40.6
40.7
3.4
41.4
3.7
41.9
40.5
40.9
41.7
41.8
41.5
42.1
40.2
42.4
40.8
39.5
42.8
37.8
39.8
40.1
3.0
40.7
3.1
40.9
40.1
40.0
41.7
42.3
40.4
41.0
39.5
41.1
39.6
38.5
42.6
37.2
40.9
40.9
3.7
41.5
3.8
41.5
40.3
41.2
41.8
42.0
41.7
41.9
40.2
42.9
40.5
39.7
42.9
37.6
41.1
40.9
3.6
41.7
3.8
41.6
40.7
41.1
42.0
42.1
41.9
42.0
40.6
42.5
40.6
39.7
43.4
37.3
40.7
40.9
3.6
41.5
3.8
41.3
40.7
40.7
41.9
41.9
4.1.7
42.0
40.3
42.6
40.5
39.2
42.8
37.5
40.7
40.7
3.5
41.1
3.7
41.6
40.7
40.6
41.9
40.2
41.7
41.9
40.5
41.9
40.5
39.2
43.1
37.9
41.2
41.1
3.7
41.7
3.9
42.0
41.1
40.8
42.2
41.3
42.1
42.4
40.9
42.6
40.6
39.7
41.3
37.5
41.1
41.0
3.7
41.6
4.0
42.0
40.8
40.8
42.2
41.4
42.2
42.3
40.5
42.6
40.6
39.5
43.2
36.0
40.9
40.8
3.8
41.7
4.1
41.5
40.4
40.4
41.7
41.4
42.3
42.3
40.6
42.5
40.6
39.3
-43.4
37.8
41.1
40.7
-3.7
-41.2
-3.8
-41.3
41.2
-40.4
-42.0
-41.5
-41.6
-42.3
40.2
-41.6
-40.6
-38.8
-42.9
-37.7
-40.4 I
-40.6 i
3.7
-41.2
-3.9
-40.8
40.2
-40.8
41.6
-41.7
-41.9
42.3
-40.3
-41.3
-40.6
-39.2
42.9
38.1
40.3
40.5
3.6
41.3
3.9
40.6
41.3
41.2
42.1
41.8
41.5
42.4
40.0
41.8
40.5
38.4
39.7
3.1
40.9
38.6
40.9
36.0
39.8
3.3
40.8
37.7
41.2
36.1
39.2
3.3
40.5
37.5
39.9
35.1
40.0
3.2
40.8
40.1
41.6
36.5
39.8
3.3
40.7
37.9
41.6
36.2
39.2
2.8
40.4
34.1
40.6
35.0
39.8
3.3
40.7
38.0
41.2
36.3
40.0
3.4
41.1
38.5
41.3
36.4
39.9
3.4
40.8
38.1
41.5
36.1
39.9
3.3
41.1
38.9
41.1
36.0
40.1
3.5
40.9
38.5
41.6
36.5
39.9
3.3
40.8
37.6
41.1
36.4
39.7
3.4
40.6
37.6
41.0
35.9
39.9
3.4
-40.9
36.3
-41.4
36.2
-39.7
-3.6
-40.7
-37.1
-40.8
-36.2
39.4
3.2
40.7
38.2
40.3
35.6
42.8
38.4
41.6
42.7
41.4
38.1
42 9
38^3
41.8
42.5
41.5
38.3
42.6
37.8
41.7
42.9
41.2
37.8
42.8
38.2
41.9
42.3
41.6
38.7
42.7
38.2
41.6
42.2
41.4
38.7
42.0
37.8
41.4
42.7
40.3
38.1
43.0
38.1
41.6
42.5
41.7
38.8
43.0
38.2
41.7
42.3
41.7
38.7
43.1
38.3
41.7
42.8
41.8
38.1
42.9
38.4
41.7
42.1
41.4
37.8
43.2
38.4
42.0
42.5
41.6
38.4
43.1
38.6
41.9
42.6
41.7
38.7
42.9
38.4
41.9
42.6
41.5
37.9
-43.3
38.4
-42.0
-42.4
-41.3
-37.6
43.4
38.2
42.0
-41.8
41.5
-37.3
43.1
37.9
41.9
42.1
41.1
36.3
36.5
40.3
35.3
37.0
36.0
40.0
34.7
37.0
36.1
40.0
34.8
37.0
36.1
40.0
34.9
36.9
36.1
39.9
34.7
37.1
36.1
39.9
34.8
36.9
35.9
39.8
34.6
37.1
36.3
40.3
34.9
37.1
36.2
40.1
34.9
37.0
36.3
40.3
34.9
37.0
36.1
40.2
34.7
37.1
35.9
40.1
34.5
37.0
35.8
40.0
34.5
36.9
35.7
39.9
34.3
37.0
35.8
40.0
34.3
-37.2
35.7
40.0
34.4
37.2
Seasonally Adjusted
Man-hours in nonfarm estab., all employees,
seasonally adjusted, annual ratefl
bil. man-hours ..
131. 85
135. 21
132.16
134.38
133.80
134.01
134.68
135. 46
135. 89
136. 26
136. 30
Man-hour indexes (aggregate weekly), industrial
and construction industries, total tl
1957-59=100..
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
do
Ordnance and accessories do
Lumber and wood products
..do
Furniture and fixtures . ...
do
Stone, clay, and glass products
do
113.7
79.9
110.9
115.8
121.4
206.3
93.3
121.7
106.4
115.4
80.8
112.2
117.7
123.0
227.4
94.4
128.0
109.4
112.0
76.0
101.7
115.7
121.6
214.9
90.8
122.6
106.6
115.9
77.9
118.8
117.3
122.5
225.6
97.6
127.0
102.6
114.9
77.8
113.1
117.0
122.3
225.2
95.4
126.7
98.7
114.0
82.1
115.7
115.4
120.7
221.0
93.0
124.5
110.3
115.3
81.9
110.9
117.7
123.1
225.4
92.8
128.9
109.9
115.8
82.3
109.3
118.7
123.7
231.8
93.3
129.6
111.1
115.5
83.9
109.1
118.3
123.8
232.4
93.9
127.4
110.6
114.8
82.9
109.7
117.3
122.0
234.1
94.1
128.4
111.0
116.3
83.7
113.0
118.5
123.7
234. 0
94.8
129.0
111.2
116.0
73.0
113.2
118.7
123.8
219.8
94.7
130.0
112.2
115.6
83.5
108.4
118.6
124.2
232.4
93.9
130.0
112.0
- 117. 6
-84.3
- 118. 0
- 119. 1
- 124. 3
- 230. 1
-98.0
- 131. 6
- 114. 7
-117.2
-83.6
- 116. 6
- 119. 0
- 125. 0
- 226. 2
-97.4
133.6
- 113. 8
118.2
83.6
122.5
119.2
125.5
223.9
99.5
135.9
115.6
do
.do. ..
do
do
do
do
do
110.0
123.7
137.3
142.5
114.1
126.5
109.0
109.1
126.5
132.7
142. 3
121. 6
123.4
110.0
109.6
124.8
132.4
142. 3
119.4
124.1
109.5
110.1
123.8
133.8
142.6
120.0
124.7
109.9
109.9
124.8
133.7
141.7
121.9
124.3
109.7
113.0
121.2
128.8
139.2
117.9
119.3
105.3
112.2
125.2
131.6
141.9
122.5
122.1
109.6
111.1
127.0
132.2
142.5
123.0
122.4
109.9
110.8
126.2
131.0
141.8
126.7
120.7
110.1
104.2
125.9
131.6
143.0
119.3
123.4
110.1
105.9
128.0
133.2
144.4
123.4
123.2
110.6
105.8
130.5
133.4
141.8
124.0
124.6
111.0
107.0
131.0
135.4
143.2
121.7
124.6
111.1
- 109. 1
- 129. 9
- 133. 8
- 142. 9
- 119. 5
- 125. 5
-111.9
- 110. 1
-131.9
- 135. 7
- 144. 4
- 118. 4
- 125. 9
- 112. 7
110.8
131.3
136.7
144.1
119.5
125.6
109.1
do .
do
do
do
do
108.6
96.0
87.7
102.5
117.1
110.8
96.0
84.0
106.1
118.3
107.9
94.7
83.5
101.5
113.5
110.5
95.2
90.5
106.9
118.7
110.1
95.2
85.5
106.5
118.0
108.5
95.3
70.7
104.1
114.8
110.8
95.5
84.6
106.0
119.6
112.1
98.0
85.7
107.0
120.8
111.0
95.7
85.9
107.4
118.2
111.2
96.6
91.3
106.6
117.5
111.7
95.8
86.9
107.5
120.0
111.9
96.2
81.4
106.0
120.2
111.3 - 112.4 -111.2
96.9
95.5 -97.6
79.1 -78.6 -82.6
106.2 - 107. 6 - 105. 9
117.9 - 119. 1 - 119. 3
110.9
97.3
83.8
104.7
116.5
115.3
116.7
118.6
80.8
144.3
94.9
118.6
116. 9
122. 9
82.9
157.4
96.4
116.1
114.7
121.5
82.9
150.4
94.6
116.9
116.2
122.3
81.7
154.4
97.2
116.4
116.2
121.6
81.5
153.6
97.5
114.9
115.2
120.0
82.5
151.0
97.0
118.1
116.4
120.8
82.8
156.6
99.1
118.9
116.6
122.3
82.4
159.5
98.8
119.2
117.0
122.5
84.1
159.2
93.8
119.3
117.5
123.3
82.0
159.5
95.0
119.3
117.0
124.2
82.8
160.2
96.1
120.1
118.3
124.5
83.7
161.7
97.5
123.1
120.4 - 122. 4
118.4 - 118. 0
118.1
125.1 - 126. 0 - 125. 8
83.7 -83.3 -51.8
160.6 -161.3 -162.4
95.8 -94.1 -93.1
123.0
116.9
126.7
69.5
162.7
90.0
135. 89
154. 95
114. 90
142. 62
163. 81
122. 51
136.95
151.90
117. 60
136.45
154.57
119. 36
137.10
154. 94
120. 18
140. 25
159. 27
118. 21
145.52 144. 52 146. 35
167.52 169. 94 172. 99
122. 10 121. 69 125.66
note, b< attorn of p. S-13.
138. 78
172. 80
125. 77
559
671
628
100
450
303
HOURS AND MAN-HOURS
Seasonally Adjusted
Average weekly gross hours per production
on payrolls of nonagricultural estab. :f1[
Mining
Contract construction
Manufacturing: Not seasonally adjusted
Seasonally adjusted
Overtime hours
Durable goods.
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products ..
Primary metal industries -. . .
Fabricated metal products
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods _
_
Overtime hours
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
.
Rubber and plastics products, nee
Leather and leather products... _.
Wholesale and retail trade
Wholesale trade
Retail trade
-.
Finance, insurance, and real estate
Primary metal industries
Fabricated metal products .
Machinery, except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods,.
Food and kindred products
Tobacco manufactures
Textile mill products
Apparel and other textile products
Paper and allied products
Printing and publishing
..
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
worker
hours
do
do
do
do
do
.do...
do
.do .
do
do
do.
.do
do
do
do
do
do
do
do
do
do
do
do
do
do .
do
do
.do
do
do .
do
do
do
do
do
do
do
. .do
do
136. 40 -136.47 - 136. 75 - 138. 01
138. 30
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Average weekly gross earnings per production
worker on payrolls of nonagricultural estab. :t1
Mining dollars
Contract construction
do
Manufacturing establishments.
.. .. . d o
- Revised.
v Preliminary.
tSee corresponding note, bottom of p. S-13.
141. 24 144. 09
162. 43 164. 74
122. 29 123.30
1f See corre spondin y
148. 43 ' 151. 03 - 148. 67 147. 28
158. 20 - 168. 06 - 166. 53 165.26
125. 97 - 127. 82 - 126. 05 125. 74
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
19G7
| 1968
Annual
S-15
1968
Jan.
Mar.
Fel).
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
WEEKLY AND HOURLY EARNINGS— Con.
Not Seasonally Adjusted— Continued
Avg. weekly gross earnings per prod, worker on
manufacturing payrolls— Continued tl
Durable goods
dollars- Ordnance and accessories _.
do
Lumber and wood products
.
do ..
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equip, and supplies
Transportation equipment - Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
Food and kindred products
Tobacco manufactures _ - Textile mill products
Apparel and other textile products
123. 60
132. 19
94.87
94.13
117. 31
132.
135.
103.
100.
125.
07
29
68
28
40
127. 70
132. 03
93.21
93.36
116. 29
128. 54
136. 50
99.79
98.01
118. 90
129.68
133. 95
100.50
98.42
119. 19
127. 58
130. 33
100. 90
95.26
123. 85
132. 29
133.63
102. 97
99.88
126. 30
132. 92
134. 37
106. 30
101. 52
127. 62
131. 02
131.61
105. 01
99.14
126.72
130. 29
134. 05
107. 12
101. 76
128. 05
135. 01
137. 76
109.03
104.33
130. 36
135.
139.
107.
104.
130.
85
68
68
58
36
136. 78
138. 86
105. 32
103. 22
127. 91
' 138. 03
'141.20
107. 16
' 105. 32
'128.63
'136.04
'138.10
'103.08
' 101. 45
125. 15
136. 04
135. 34
105. 71
103. 38
126. 48
137. 27
123. 67
135. 89
111.35
142. 42
117. 71
92.59
147. 68
132. 19
141. 88
118.08
155. 72
121. 10
98. 50
144. 35
126. 69
137. 10
115. 20
151. 68
117. 97
95.06
144. 70
126. 28
139. 59
116. 06
148. 63
119. 54
98.85
146. 23
128. 44
140. 86
115. 49
151. 62
119. 66
98.60
150. 52
124. 62
135. 71
112. 61
146. 16
115. 44
95.12
148. 54
131. 99
141. 46
116. 58
157. 38
119. 88
98.75
150. 10
132. 62
141. 37
118. 15
155. 55
120. 88
99.25
148. 75
130. 41
140.11
116.51
152.52
119.39
96.36
142. 36
132. 09
139. 44
118. 37
150. 70
121.20
97.71
148. 68
136. 85
143. 82
121. 06
160. 07
123. 62
99.50
147. 24
136. 95
145. 51
121. 29
162. 92
123. 62
100. 15
149. 56
137. 80
146. 36
122. 81
165. 02
124. 85
100.04
' 152. 67
'136.92
'148.60
' 124. 03
'164.86
'125.97
' 100. 88
'154.24
'135.38
'148.05
'122.61
'159.39
' 124. 43
'101.27
154.29
134. 40
149.18
122. 40
158. 59
124. 74
100.61
102. 03
107. 98
87.62
84.25
73.08
109. 05
114. 24
93.87
91.05
79.78
103. 86
109.87
86.01
84.74
73.01
106. 40
110. 28
93.61
89.64
79.57
106. 79
111. 08
92.01
89.84
80.15
104. 76
110. 09
87.30
86.22
76.08
108. 26
113. 68
98.14
89.40
79.50
109. 47
115.36
102. 31
90.69
80.30
110. 00
115.92
99. 53
89.19
79.06
110.55
114. 96
95.55
92.51
81.40
112 03
116. 48
94.33
94 02
82.26
111.88
115.21
92.43
94.21
82.63
112.12 113. 08 '111.50
116. 69 '118.37 '117.27
94.13 ' 96. 14 ' 93. 03
93.98 ' 95. 08 ' 92. 34
81.36 ' 81. 36 '81.40
111.04
116. 80
93. 50
91.66
80.81
122. 84
125. 95
128. 96
152. 87
113. 85
78.87
130. 85
133. 28
136. 27
159. 38
121. 18
85.41
124. 91
126.00
132. 48
157. 36
117. 55
81.92
125. 50
128. 82
133. 02
153. 55
117. 42
85.80
125. 93
130. 64
132. 70
154. 24
117. 14
85.25
123. 97
128. 22
134. 60
162.54
113. 32
81.92
129. 13
131. 45
135. 01
159. 64
120. 22
85 47
130. 59
132. 94
136. 27
158. 90
121. 64
87.36
132. 32
132. 94
136. 45
163. 18
121. 42
85.31
133. 06
135. 49
136 45
157 78
122 30
85.41
135. 60
137. 39
138. 60
162. 49
125. 46
85 28
134. 97
137. 03
138. 69
160. 98
125. 16
86.56
134. 78
136. 70
139. 86
161.88
124. 68
86.03
' 136. 90 135. 45
139.65 136. 06
'141.46 ' 140. 11
'159.56 ' 152. 40
' 125. 82 '125.03
'88.32 ' 86. 86
134. 08
135. 72
140. 11
159. 42
122. 91
84.91
82.13
116. 06
70.95
95.46
86.40
122.00
74. 95
102. 12
83.41
118. 10
72.11
98.42
84.49
119. 40
72.80
99.26
84.85
119.80
72.93
99.80
84.85
119. 89
73.49
100.00
85.32
120. 99
73.40
101. 01
87.36
122. 92
75.82
102. 12
88. 56
122. 82
77.33
102. 77
88.80
123. 22
77.33
102. 77
88 08
124 62
75 99
103.60
87.47
123. 91
75.46
104. 25
87.33
88.40
87.96
124. 80 '126.23 125. 29
75.36 ' 76. 47
76.16
104. 43 '105.36 '106.76
88.85
126. 17
76.50
108. 62
3.19
4.11
2.83
2.72
3.00
2.88
3.17
2.36
2.33
2.82
3.34
4.38
3.01
2.88
3.19
3.06
3.26
2.56
2.47
3.00
3.30
4.34
2.94
2.83
3.13
3.00
3.26
2.44
2.40
2.90
3.28
4.27
2.94
2.83
3.12
3.00
3.25
2.47
2.42
2.90
3.28
4.28
2.96
2.85
3.14
3.02
3.22
2.50
2.43
2.90
3.30
4.27
2.97
2.86
3.15
3.03
3.21
2.51
2.43
2.97
3.30
4.32
2.99
2.87
3.18
3.04
3.22
2.53
2.46
3.00
3.32
4.29
3.00
2.87
3.18
3.04
3.23
2.58
2.47
3.01
3.33
4.34
3.00
2.88
3.18
3.05
3.21
2.58
2.46
3.01
3.33
4.38
2.99
2.86
3.17
3 03
3,23
2.60
2.47
3.02
3.38
4.47
3 05
2 90
3.23
3 08
3.28
2.64
2 52
3.06
3.32
4.50
3.06
2.92
3.25
3.09
3.31
2.62
2.52
3.06
3.46
4.52
3.08
2.94
3.28
3.12
3.33
2.62
2.53
3.06
3.48
'4.53
'3.11
'2.97
'3.31
'3.15
3.37
2.62
'2.55
3.07
'3.49
'4.55
3.12
2.99
3.31
3.17
'3.36
'2.59
'2.53
3.06
3.49
4.54
3.12
3.00
3.31
3.17
3.35
2.61
2.54
3.07
do
do
do
do
do
do
do
3.34
2.98
3.19
2.77
3.44
2.85
2.35
3.55
3.17
3.37
2.93
3.69
2.99
2.50
3.47
3.09
3.28
2.88
3.62
2.92
2,45
3.47
3.08
3.30
2.88
3.59
2.93
2.49
3.49
3.11
3.33
2.88
3.61
2.94
2.49
3.55
3.10
3.31
2.88
3.60
2.93
2.49
3.52
3.15
3.36
2.90
3.66
2.96
2.50
3.54
3.15
3.35
2.91
3.66
2.97
2.50
3.55
3.15
3.36
2.92
3.64
2.97
2.49
3.55
3 16
3.36
2.93
3.64
3.00
2.48
3.60
3.22
3.40
2.96
3.74
3.03
2.50
3.60
3.23
3.44
2.98
3.78
3.03
2.51
3.63
3.25
3.46
3.01
3.82
3.06
2.52
'3.67
3.26
3.48
'3.04
'3.87
3.08
2.58
'3.69
3.27
'3.50
'3.05
3.85
'3.08
'2.61
3.70
3.27
3.51
3.06
3.84
3.08
2.62
do
do
do
do
do
do - do
do
do do
_do
do
do
do
do
do
2.57
2.47
2.64
2.27
2.06
2.03
2.87
3.28
3.10
3.58
2.75
2.07
2.25
2.88
2.01
2.58
2.74
2.63
2.80
2.49
2.21
2.21
3.05
3.48
3.26
3.75
2.92
2.23
2 40
3.05
2.16
2.76
2.67
2.57
2.74
2.35
2.14
2.11
2.96
3.36
3.20
3.72
2.86
2.15
2.33
2.96
2.09
2.66
2.68
2.58
2.75
2.47
2.16
2.18
2.96
3.39
3.19
3.70
2.85
2.20
2.36
3.00
2.11
2.69
2.69
2.59
2.77
2.48
2.17
2.19
2.97
3.42
3.19
3.69
2.85
2.22
2.37
3.01
2.12
2.69
2.70
2.61
2.78
2.56
2.15
2.18
2.98
3.41
3.22
3.78
2.84
2.22
2.37
3.02
2.13
2.71
2.72
2.62
2.80
2.61
2.17
2.19
3.01
3.45
3.23
3.73
2.89
2 22
2.39
3.04
2.14
2.73
2.73
2.62
2.80
2.63
2.18
2.20
3.03
3.48
3.26
3.73
2.91
2.24
2.40
3.05
2.16
2.76
2.75
2.63
2.80
2.64
2.17
2.19
3.07
3.48
3.28
3.76
2.94
2.21
2 40
3.04
2.16
2.77
2,75
2.64
2.77
2.45
2.24
2.23
3.08
3.51
3.28
3.73
2.94
2.23
2 40
3.05
2.16
2.77
2 78
2 66
2.80
2 37
2 26
2.26
3.11
3.55
3.30
3.77
2.98
2.25
2 44
3 10
2 19
2.80
2.79
2.67
2.81
2.37
2.27
2.27
3.11
3.55
3.31
3.77
2.98
2.26
2 45
3.09
2.20
2.81
2.81
2.69
2.86
2.51
2.27
2.26
3.12
3.56
3.33
3.80
2.99
2.27
2.46
3.12
2.21
2.83
2.82
'2.71
2.88
'2.55
'2.28
'2.26
3.14
3.59
'3.36
'3.79
'3.01
2.30
2.45
'3.14
'2.21
'2.84
2.83
2.72
'2.91
'2.57
2.28
'2.28
3.15
3.59
'3.36
'3.69
'3.02
'2.31
2.49
3.14
2.24
2.87
2.84
2.73
2.92
2.59
2.28
2.27
3.14
3.60
3.36
3.86
3.02
2.32
2.51
3.17
2.25
2.92
M 203
v 5. 956
1 43
4.040
5.747
1.42
3.335
4.061
5.750
4.061
5.750
4.162
5.865
4.224
5.974
4 307
6.102
4.321
6.150
4.343
6.173
4.379
6.202
1.57
4.43
6.212
3.349
4.317
6.134
1.41
3.358
3.254
4.234
5.989
1.45
3.464
4.287
6.073
3.380
4.076
5.761
1.43
3.357
3.496
3 534
106 75
88 08
103. 43
87.21
104. 85
88.11
105. 50 2 103.23
88.28 2 86. 10
106. 38
88.43
107. 16
88.64
106 23
87 43
105. 91
86 88
108 98
89 18
109. 06
88.74
109. 22 ' 110. 65 108.78
87.66
88.51 ' 89. 45
55, 944
46, 372
37.8
53, 989
44, 582
37.3
37.6
102.95
2.76
54, 257
44, 837
37.6
37.9
104.53
2.78
54, 520
45, 068
37.6
37.8
104.90
2.79
55, 497
45, 988
37.7
37.8
106. 69
2.83
56, 444
46, 852
38.1
37.9
108.59
2.85
56,479
46,816
38.2
37.9
109.25
2.86
56, 746
47, 053
38.3
37.9
109.54
2.86
56, 793
47, 127
38.1
38.0
110. 87
2.91
56, 853
47, 186
37.8
37.7
110. 38
2.92
57, 063 '57,480
47, 396 '47,782
37.5
'37.7
37.5
'37.5
109. 88 '110.46
2.93
2.93
do
do
do
do
do -do ..
do
do
do
do
do
do
Paper and allied products
. - . do
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products
.
do
Rubber and plastics products, nee
do
Leather and leather products
do
Wholesale and retail trade
WholesRle trade. .
.
Retail trade
Finance, insurance, and real estate
do
do
do
do
Average hourly gross earnings per production
worker on payrolls of nonagricultural estab.:|
Mining
dollars. .
Contract construction
.
do
Manufacturing
do
Excluding overtime
do
Durable good-..,
do
Excluding overtime
do
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
Fabricated metal products
Machinery, except electrical. ..
Electrical ea uip. and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Nondurable goods
Excluding overtime
Food and kindred products
Tobacco manufactures
Textile mill products.. .
Apparel and other textile products.
Paper and allied products
Printing and publishing
Chemicals and allied products. . _
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
Wholesale and retail trade
Wholesale trade
Retail trade
Finance, insurance, and real estate
Miscellaneous hourly wages:
Construction wages, 20 cities (ENR):cT
3.887
Common labor
$ per hr
5.527
Skilled labor
.
do
1.33
Farm, without board or rm., 1st of mo
do
i 3. 293
Railroad wages (average, class I)
do
Spendable Weekly Earnings f 1
Spendable average weekly earnings per worker (with
three dependents) in manufacturing industries:
Current dollars
101. 15
86.98
Constant dollars
1957-59 dollars
PRIVATE SECTOR SERIESfl
Not Seasonally Adjusted
Excludes government employees:^
Employees, total, nonagricultural estab
thous. . 54, 414
45, 130
Production or nonsupervisory workers
do
Hrs. (gross), av. weekly: Unadjusted._hours_.
38.0
Seasonally adj.do
Weekly earnings (gross), average
dollars.. ioi. 84
Hourly earnings (gross), average
do
2.68
r
vised
T
107. 73
2.85
5l
'
Preliminary.
1 Includes adjustments not distributed by months.
2 Effective Apr. 1968, data reflect income tax surcharge imposed by the Revenue and
Expenditure Control Act.
55, 208
45, 742
37.3
37.6
104. 44
2.80
55, 945
46, 241
37.5
37.8
110. 63
2.95
56, 052
46, 283
37.5
37.8
111.00
2.96
fSee corresponding note, bottom of p. S-13.
If See corresponding note, bottom of p. S-13.
cf Wages as of Mar. 1969: Common, $4.422; skilled, $6.228.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
March 1969
1968
Jan.
Mar.
Feb.
Apr.
May
June
1969
July
Aug.
Sept. 1 Oct.
i
Nov.
Dec.
Jan.
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP- WANTED ADVERTISING
Seasonally adjusted index
1957-59=100__
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation: A
Accession rate, total
mo. rate per 100 employees..
New hires
_
do
Separation rate, total
_
do
Quit
_ _ _ __
_ __do
Layoff
do
Seasonally adjusted: A
New hires
Separation rate, total
Quit
Layoff .
182
200
184
193
202
188
187
189
185
198
219
213
222
'226
'221
4.4
3.3
4.6
2.3
1.4
4.6
3.5
4.6
2.5
1.2
4.2
3.0
4.4
2.0
1.5
3.8
2.7
3.9
1.9
1.2
3.9
2.9
4.1
2.1
1.1
4.3
3.2
4.1
2.2
1.0
4.6
3.5
4.3
2.4
1.0
5.9
4.7
4.1
2.3
.9
4.9
3.7
5.0
2.3
1.7
5.7
4.3
6.0
3.7
1.2
5.7
4.5
6.3
4.1
1.1
5.0
4.0
4.9
2.8
1.2
3.8
2.9
4.1
2.1
1.2
3.0
2.2
'3.8
1.6
1.4
"4.3
"3.2
"4.3
"2.2
"1.1
4.5
3.5
4.5
3.3
3.4
3.5
3.4
3.3
3.5
3.4
3.5
3.7
2.3
1.4
2.5
1.4
2.4
1.2
2.3
1.1
2.5
1.3
2.4
1.1
2.4
1.2
2.6
1.3
2.4
1.2
2.6
1.1
3.5
4.5
2.6
1.1
3.8
'4.0
2.5
1.0
"3.8
"4.4
"2.6
"1.0
480
267
" 270
"112
"200
"107
"320
"182
do
do
do
__do
INDUSTRIAL DISPUTES
Strikes and lockouts:
Beginning in period:
Work stoppages
_ . _ number.
Workers involved
thous._
In effect during month :
Work stoppages
number..
4,595
2,870
4,950
2,630
310
135
330
232
330
139
490
438
600
252
500
167
370
163
420
140
400
151
Man-days idle during period
do
42,100
EMPLOYMENT SERVICE AND UNEMPLOYMENT INSURANCE
Nonfarm placements
thous
5,817
Unemployment insurance programs:
Insured unemployment, all programs©
do
1,270
State programs:
Initial claims
do
11, 760
Insured unemployment weekly avg do
1,205
Percent of covered employment :cf
Unadjusted
2.5
Seasonally adjusted
1
Beneficiaries, weekly average
thous..
1.017
Benefits paid
mil $
2 092 3
Federal employees, insured unemployment,
weekly average
thous..
20
Veterans' program (UCX):
Initial claims
do
222
Insured unemployment weekly avg do
23
Beneficiaries weekly average
do
21
Benefits paid
mil $
46.3
Railroad program:
Applications
thous
241
Insured unemployment weekly avg do
20
Benefits paid
mil. $
40.6
47, 300
470
211
2,520
500
326
3,780
510
302
3, 550
690
545
4,910
810
580
5,650
750
331
4,260
630
316
3,810
690
290
3,660
670
268
2,820
"500
720
379
"224
3,570 p 2, 210
"229
"480
"410
"255
"170
p 1, 650 p 3,380
5,733
419
400
438
482
496
538
542
531
561
540
426
360
392
1,187
1,718
1,651
1,478
1,214
1,025
942
1,057
1,023.
867
861
984
1,252
1,584
10,463
1,111
1,460
1,624
969
1,556
762
1,390
822
1,142
696
964
642
883
1,080
991
778
955
604
802
701
794
788
913
1,161
1,172
1,240
1,491
2.2
936
2,031.9
3.3
'2.4
1,317
248.5
3.2
2.3
1,374
243.7
2.8
2.3
1,298
231.1
2.3
'2.1
1,060
195.1
2.0
2.2
844
159.1
1.8
2.2
794
129.1
2.0
2.3
770
145.6
1.9
2.3
804
150.0
1.6
2.2
687
121.8
1.6
2.1
644
126.0
1.8
2.1
680
122.5
2.3
2.0
885
170.3
3.0
2.1
1,206
246.1
23
28
29
26
23
20
19
20
20
19
20
21
22
24
289
32
29
69.2
31
40
36
6.9
24
40
38
6.7
21
36
39
7.0
18
29
26
4.9
17
25
23
4.7
20
25
25
4.5
28
30
25
5.3
26
32
29
5.9
22
28
26
5.2
26
27
24
5.2
26
32
26
5.3
29
38
34
7.2
32
44
41
9.0
139
20
40.4
25
26
4.7
12
27
4.0
15
26
4.1
8
20
3.3
4
16
2.6
13
14
2.1
19
16
2.3
10
16
3.1
7
18
3.1
9
20
4.0
6
18
3.4
11
20
3.6
12
24
4.8
418
734
091
643
4
20
7
13
4.42S
20 264
7 737
12, 527
4,370
21,813
7,873
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers' acceptances
mil $
Commercial and finance co paper total
do
Placed through dealers
do
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period—
mil $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil. $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA 'si
do
226 other SMSA's .
do
4 317
4 428
4 312
' 16 635 20 497 r!7 701
4 901
7 201
5 216
' 11 634 13 296 '12 485
10 848
5 609
1 506
700
3
6, 661. 5
2 921 2
3, 740. 3
11 748
6 126
1 577
4 044
11 012
5 661
1*565
3 785
4
17
5
12
266
813
493
320
4 336
18 487
5* 832
12 655
4
17
5
11
11 188
11 361
11 488
5 721
l' 595
3 871
*793
1 598
3 970
430
509
930
579
5 853
1 549
4 085
4
18
5
12
359
417
761
656
11 598
9
593
1 482
4 193
4
18
5
12
286
798
822
976
4
19
6
13
330
746
270
476
4
20
7
13
4,327
420
839
592
247
4,389
7,758
14, 462
20, 497
7,201
13, 296
22, 220
13, 940
11 730
11,830
11,809
11,722
11, 734
11, 677
11, 748
11,907
5 973
1 454
4 302
6 004
1 454
4 372
6 033
1,450
4 326
6 064
1,479
4 179
6 094
1,551
4 090
6,107
1,583
3 987
6,126
1,577
4 044
6,169
1,630
4 108
8,002.2 7. 369. 4 7, 263. 9 7, 218. 7 7,500.7 7, 614. 0 7, 948. 5 8, 163. 0 8, 521. 8 8, 368. 4 8, 599. 8 8, 540. 1 8, 752. 9 8, 733. 3 8, 832. 8
3 323 4 3 216 8 3 197.9 3 285 5
4, 046. 0 4, 047. 1 4, 020. 8 4, 215. 2
1,584.8 1,593.3 1,601.6 1, 673. 5
2 461 2 2 453 8 2 419 2 2 541 7
3 370 6
4, 243. 4
1, 722. 0
2 521 4
3 595 0 3, 726. 1
4, 353. 5 4, 436. 9
1,771.0 1, 807. 9
2 582 5 2 629 0
4, 079. 6 3, 857. 8
4,442.2 4, 510. 6
1,825.2 1, 840. 2
2,617.0 2, 670. 4
3, 953. 7
4, 646. 1
1, 904. 9
2, 741. 2
3, 925. 9
4, 614. 2
1, 904. 1
2, 710. 1
4, 076. 8
4, 676. 1
1, 902. 4
2, 773. 7
78, 977
3, 896. 7
4, 836. 6
2, 007. 7
2, 828. 9
3, 929. 8
4, 903. 0
2, 047. 4
2, 855. 6
2 268 5
1,471.8
3 635 2
4, 367. 0
1, 765. 5
2 601 5
Federal Reserve banks, condition, end of period:
Assets, total?
mil. $__
75, 330
78, 972
74, 319
73, 462
72, 892
74, 393
74, 736
75, 510
76, 296
75, 592
77,388
77, 215
78, 972
77,635
77, 849
Reserve bank credit outstanding, total 9 ..do
Discounts and advances. __
do
U.S. Government securities
do
Gold certificate reserves
...do...]
51, 948
141
49, 112
11, 481
56, 614
188
52, 937
10, 026
51,434
843
49, 092
11,484
51, 056
166
48, 952
11, 384
52, 127
672
49, 691
10, 131
52, 612
741
50, 507
10, 128
53, 436
1,026
50, 625
10, 026
54, 610
305
52, 230
10, 025
54, 880
736
52, 397
10, 025
55, 461
529
53, 044
10, 026
54, 707
390
53, 279
10, 026
55, 919 '55, 697 '56, 614
188
471
179
53, 329 53, 350 52, 937
10, 026 10, 026 10, 026
55, 892
862
52, 127
10, 025
55, 857
744
52, 275
10, 025
75 330
78 972
74, 319
73, 462
72, 892
74 393
74, 736
75, 510
76,296
75, 592
77, 388
77, 215
78, 977
78, 972
77, 635
77,849
23, 314
23, 935
22, 316
43, 472
23, 667
22, 533
44, 481
23, 473
21,807
45,510
24, 295
23, 124
44, 170
23, 909
22, 801
43, 992
23.1
22.5
22.0
22.7
22.8
Liabilities, total 9
Deposits, total.
Member-bank reserve balances
Federal Reserve notes in circulation
do
do
do
do
Ratio of gold certificate reserves to FR note
liabilities
percent..
22 920
20 999
42, 369
23 473
21 807
45 510
23, 614
21.838
41,365
41,211
22, 614
21, 133
41, 490
22 885
21 221
41,811
23, 217
21, 334
42, 137
42, 534
21, 702
42, 857
43, 179
21,808
22, 949
21, 233
43, 273
27.1
22.0
27.8
27.6
24.4
24.2
23.8
23.6
23.4
23.2
23.2
23 040
21, 195
'Revised.
p Preliminary.
AAdjusted to new benchmarks and seasonal factors; see note "If," p. S-13.
SExcludes persons under extended duration provisions.
cf Insured unemployment as % of average covered employment in a 12-month period.
23, 196
21,462
23,496
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
S-17
1968
Jan.
End of year
Feb.
Mar.
Apr.
May
1969
June
July
Aug.
Sept.
25, 713
25 362
351
692
—341
26,001
25,702
299
525
-226
26, 069
25 694
375
565
190
26, 077
25 694
383
515
— 132
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
i 25, 2jBO
Reserves held, total
- - . mil. $
i 24, 915
Required
do
1345
Excess
do
1238
Borrowings from Federal Reserve banks... do
i 107
Free reserves
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjusted cf
__._
.mil. $.. 81, 848
Demand, total 9
.. . do. ._ 127, 277
Individuals, partnerships, and corp
do
92, 380
State and local governments.
._ do
6,231
3,818
U.S. Government
.. _.
do
Domestic commercial banks
do
15, 752
Time, total 9
.
do
Individuals, partnerships, and corp.:
Savings
do
Other time .
.. do
Loans (adjusted), totald"
do
Commercial and industrial _
do
For purchasing or carrying securities
do
To nonbank financial institutions
do
Real estate loans. _
_
. . . do
Other loans
_. __
. ..do
Investments, total
.
- . _ . do
U.S. Government securities, total .. ..do_.
Notes and bonds
_
. d o
Other securities..
do
Commercial bank credit (last Wed. of mo. , except
for June 30 and Dec. 31 rail dates) , seas. adj. :t
Total loans and investments©
bil. $..
LoansO
do
U.S. Government securities
do
Other securities
do
Money and interest rates: §
Bank rates on short-term business loans: t
In 35 centers
percent per annum
New York City....
.
do
7 other northeast centers
do
8 north central centers
do
7 southeast centers. .
do
8 southwest centers
do
4 west coast centers
do
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
Federal intermediate credit bank loans
do
Federal land bank loans
do
Home mortgage rates (conventional 1st mortgages) :t
New home purchase (U.S. avg.)
percent-Existing home purchase (U.S. avg.)
do
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)... do
Commercial paper (prime, 4-6 months)__do
Finance Co. paper placed directly, 3-6 mo.do
Stock Exchange call loans, going rate
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent..
3-5 year issues
... do
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month f
mil $
102, 921
i 27, 221
i 26, 766
1455
1752
i -297
25, 580
25, 224
356
671
—315
25, 546
25, 276
270
683
-413
25, 505
25, 085
420
746
326
c
26, 653 * 26,785 ' 27,221 rr 28,063
26 393 f 26 461 26 766 27r 846
260
'324
455
217
r
••752
427
569
697
— 167 r —245 T —297 r —480
27 264
27 067
197
824
— 627
78,839 76, 793 78, 029 T 79,135 78 964 88, 930 r 81 120 79, 801
122,373 117, 004 127, 364 r!23,575 125, 007 144, 295 127 002 124, 747
87, 330 84, 929 88, 412 ' 88,596 91, 495 102, 818 90, 113 89, 131
6,247
6,366
6 175
7,675
5 516
6,272
6 175
6 318
3,774
5,485
3,055
3,882
3 990
1,429 r 3, 434
5 434
14, 582 13,635 16, 216 14, 896 15, 596 19, 064 14, 596 14, 915
112, 103 104, 178 104, 961 104, 696 104, 080 104, 170 104, 118
106,411 108, 259 109, 359 110 771 111,937 112, 103 110 030 109, 239
49, 161
45, 013
143 966
66, 290
8,350
10 470
28, 988
37, 700
161, 824
73, 988
9,533
11, 866
32, 051
40, 882
48, 516
39, 639
384.5
252.3
61.7
70.5
2
5 99
2
5 72
2
6 34
2
5 96
2
5 96
2
6 06
2
2
48, 620
39, 910
48, 386
39, 113
48, 470
39, 295
48 597
40, 006
48, 274
41, 972
!41,739 140, 511 142,078 144,872 143, 667 148 695
-•64,905 65, 057 67, 013 67, 757 67, 054 69, 222
r 8, 350
7,562
6,736
6,578
6,938
7,689
9,634 10 608
' 9, 622 9.303
9,597 10, 540
' 29, 171 29, 106 29,268 29, 543 29, 844 30 226
r 36, 287 36, 431 36, 092 37,016 37, 779 38, 945
149,811
69, 181
8,839
10 377
30 434
38, 202
148
68
8
9
30
38
64
27
24
36
48 990
39, 632
r
68, 347 ' 62,079
29, 354 28, 080
24, 040 22, 057
38, 993 ' 33,999
346. 5
225 4
59.7
61.4
6 09
25, 610
25,211
399
361
38
88, 930 78, 598 75, 721 76, 244 78, 384 76, 136 76, 164
144, 295 120,128 116,456 117,044 121,317 115, 108 123, 430
102, 818 86, 053 82, 761 84, 721 86, 147 83, 860 87, 998
7,675
6,301
7,121
5,946
5,984
5,620
6 202
3,434
5,467
5,208
6,515
3,323
3,107
2,793
19, 064 13, 298 12, 785 14, 202 13, 394 13, 135 15, 837
48,864
38, 273
61,804
28, 371
22 322
33, 433
25, 834
25, 453
381
237
144
349.9
227 5
60.0
62.4
6. 68
26.45
7. 01
6. 72
6. 50
6. 66
6. 64
62, 927
28, 738
23, 870
34, 189
61,482
27, 208
23 423
34, 274
60,885
26,005
23, 210
34,880
61, 136
26, 494
23, 942
34, 642
60, 083
25, 327
23 382
34, 756
62 131
27, 070
23 253
35 061
353.9
229 2
62.0
62.7
352.5
229 0
59 9
63.6
355.2
231 4
60 3
63.4
357.3
232.6
61.0
63.6
357.8
233 5
60.4
63.9
365.9
238 4
63 1
64 4
6.84
6.60
7.19
6.89
6.61
6.87
6.76
6.36
6.14
6 73
6.35
6.21
6 41
6.31
2
2
2
2
2
48 269
43 042
48, 512
44, 023
48 522
45 106
48 672
45 926
49 161
45,013
48 342
44 402
48 335
44, 227
615 153, 411 r!51 926 154 024 161 824 156 682 157, 587
134 69, 693 T r 69 702 71 178 73, 988 72 896 73, 727
7,234
9,533
7,691
7,390
751 r 10, 245 T 8 304
789 10,587 r 10 245 10 287 11 866 10 401 10, 541
740 31, 057 r 31 447 31, 752 32, 051 32 220 32, 477
681 40, 137 39,490 '40,481 40, 882 42, 745 42, 716
129
781
401
348
66,239
28, 602
24, 701
37, 637
68 051
30,099
24 770
37, 952
66 525
28, 231
24 480
38, 294
68, 347
29, 354
24 040
38, 993
65 861
27, 656
23 649
38, 205
63, 193
25, 146
22, 851
38, 047
370.4
241 1
63 9
65 5
374.8
243.8
64.0
67.0
379.6
246 9
64 2
68.5
381.6
250 4
61 0
70.2
384. 5
252 3
61.7
70.5
385.3
253 8
60.4
71.0
386.7
257.9
57.8
71.0
6
6
7
6
6
6
6
7.32
7.13
7.59
7.41
7.01
7.25
7.34
6 61
6.40
6 95
6 69
6.44
6 48
6 62
89
67
16
96
74
86
86
4.50
5 88
6 02
2
2
5.50
6. 41
6. 85
4.50
5.98
6.68
4.50
6 10
6.71
5.00
6.21
6.71
5.50
6 30
6 71
5.50
6.37
6.75
5.50
6.47
6.92
5.50
6 57
6 96
5.25
6 61
6 96
5.25
6 61
6.96
5.25
6 59
6 96
5.25
6 54
6.96
5.50
6.53
6.97
5.50
6 54
6.98
5.50
6. 33
6. 40
26.83
2
6. 90
6.39
6.57
6.47
6.58
6.50
6.59
6.57
6.64
6.69
6.81
6.88
6.97
7.04
7.10
7.10
7.12
7.10
7.11
7.09
7.09
7.07
7.07
7.09
7.09
7.16
' 7.18
7.26
7.28
M.75
3
5.10
34.89
35.66
35.75
3 5.90
35.69
6.33
5.40
5.60
5.46
6.00
5.23
5.50
5.25
6.00
5.50
5.64
5.40
6.00
5.75
5.81
5.60
6.18
6.04
6.18
5.99
6.50
5.96
6.25
6.04
6.50
5.85
6.19
6.02
6.50
5 66
5.88
5.74
6.50
5.63
5.82
5.61
6.50
5.79
5.80
5.59
6.50
5.97
5.92
5.75
6.25
6.20
6.17
5.86
6.50
6.46
6.53
6.14
<6.97
6.47
6.62
6.33
7.00
3 34. 321
5 07
s 5. 339
3 5.59
5.081
5.53
4.969
5.59
5.144
5.77
5.365
5.69
5.621
5.95
5.544
5.71
5.382
5.44
5.095
5 32
5.202
5.30
5.334
5 42
5.492
5.47
5.916
5.99
6.177
6.04
6.156
6.16
102 132
113 191 101,260 100 771 100 981 102 257 103,411 104,620 105 680 107 090 107 636 108 643 110 035 113 191 112 117
2
2
2
2
Installment credit, total
do
89 890 80, 379 80 233 80 474 81 328 82, 312 83,433 84 448 85 684 86 184 87 058 87 953 89 890 89 492
80 926
Automobile paper
do
34 130 30, 579 30 682 30, 942 31 331 31, 818 32,364 32 874 33 325 33, 336 33 698 33, 925 34, 130 34, 013
30 724
Other consumer goods paper
do
22 395
24 899 22 117 21 767 21 644 21 841 22, Oil 22, 248 22 452 22* 777 22 988 23 248 23 668 24 899 24 682
3 ygg
3,746
3,769
3,734
3,925
3,886
Repair and modernization loans
do
3,931
3, 925
3,708
3,688
3 697
3 808
3 910
3 857 3,881
Personal loans
do
26 936 23 949 24 076 24 200 24 459 24, 737 25, 052 25 314 25 725 25 979 26 202 26 429 26, 936 26,911
24 018
By type of holder:
Financial institutions, total
do
77 457 69 238 69 439 69 840 70 600 71, 560 72, 610 73 573 74 690 75 114 75 871 76 446 77 457 77, 360
69 490
Commercial banks
do
36, 952 32, 710 32, 839 33, 082 33 562 34, 079 34, 585 35 103 35 672 35, 923 36 352 36, 560 36, 952 37, 005
32 700
Sales finance companies
do
18 219 16, 726 16 713 16 759 16 868 17, 010 17, 239 17 448 17 670 17 680 17 823 17 960 18 219 18, 175
16 838
9,461
8,868
9,271
Credit unions
do
9,574
8 899
8,975
9,109
9,851
10, 178
9 962 10, 049 10, 178 10, 101
9 739
8 972
8 175 8 302
Consumer finance companies
do
8 530
8 913 8 050
8 071 8 091 8 144
8 397 8 490
8 913 8 879
8 588 8 685
8 103
Other
.
do
2,884
3,023
3,195
3,200
2 933
2 917
3,025
3,130
3,192
3,195
2 917
3 051 3 119
3 146
2 877
Retail outlets, total .
do
12, 433 11, 141 10 794 10,634 10, 728 10, 752 10, 823 10 875 10 994 11, 070 11 187 11, 507 12, 433 12, 132
11 436
320
319
Automobile dealers
do
298
303
285
289
319
320
286
293
308
313
317
285
313
Noninstallment credit, total
do
23 301 20 881 20 538 20 507 20 929 21 099 21 187 21 232 21, 406 21 452 21 585 22 082 23 301 22 625
21 206
Single-payment loans total
do
8 529
8 636
8 663 8 674
8 695 8,774
8 449
8 868 8 943 9 024
9 138 9 038
9 138
8 484
8 428
Commercial banks
do
7,627
7,975
7 352
7 526
7 546
7 857
7,878
7 416
7 526
7 565
7 719
7 975
7 375
7 794
7 340
Other financial institutions
do
1,147
1,160
1,149
1,163
1,110
1,137
1, 128
1,130
1 163 1,097
1 109 1, 113
1 149 1,167
1 088
6,574
7,097
Charge accounts, total
do
6,276
6,368
6,964
7,755
6 424
5 710
6 026
6 457
6,550
6 692
7 755
5 859
6 968
1,334
1,021
1,022
1,294
1,305
Credit cards
_ _ _
do
1,090
1,245
1,160
1,267
1,047
1 017 1,012
1,268
1 029
1,305
Service credit
do
6,490
6,160
6,034
6,094
6.268
6.267
6.145
6,080
6,058
5.950
6,408
6.408
6.008
6.195
5.810
r
c
Revised.
Corrected.
9Includes data not shown separately.
tRevised monthly data for commercial bank credit
1
2
Average for Dec.
Average for year.
3 Daily average.
for 1948-June 1967 appear on p. 44 of the Sept. 1968 SURVEY; those for home mortgage rates
d"For demand deposits, the term "adjusted" denotes demand deposits other than domestic
for 1965-66 and for consumer credit for 1956-Oct. 1967 will be shown later.
©Adjusted to
commercial interbank and U.S. Government, less cash items in process of collection; for
exclude interbank loans.
§For bond yields, see p. S-20.
fBeginmng Feb. 1967, series
loans, exclusive of loans to domestic commercial banks and after deduction of valuation
revised to cover 35 centers and exclude rates for certain loans formerly included (see May 1967
reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
Federal Reserve Bulletin).
334-269 O - 69 - 7
SURVEY OF CUKRENT BUSINESS
S-18
1969
1968
1968
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
March 1969
Annual
Jan.
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
CONSUMER CREDITd"— Continued
Installment credit extended and repaid:
Unadjusted:
Extended total
Automobile paper
Other consumer goods paper
All other
^
Repaid total
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other. _ __ __
Repaid, total..
.
Automobile paper
Other consumer goods paper
All other..
mil. $
do
do
do
84, 693
26, 667
26 952
31, 074
97, 053
31, 424
30 593
35, 036
6,782
2,157
2 156
2,469
6,716
2,296
1,925
2,495
7,501
2,565
2,295
2,641
8,219
2,764
2,533
2,922
8,377
2,853
2,520
3,004
8,115
2,735
2,441
2,939
8,738
2,974
2,631
3,133
8,502
2,774
2,531
3,197
7,682
2,354
2,462
2,866
8,687
2,917
2,752
3,018
8,166
2,546
2,739
2,881
9,568
2,489
3,608
3,471
7,557
2,369
2,449
3,739
do
do
do
do
81 306
2 6499
25 535
29 272
88 089
28, 018
28 089
31 982
7
2
2
2
329
302
434
593
6 862
2,193
2 275
2 394
7 260
2,305
2 418
2 537
7,365
2,375
2 336
2,654
7,393
2,366
2 350
2,677
6 994
2,189
2,204
2,601
7,723
2,464
2,427
2,832
7,266
2,323
2,206
2,737
7,182
2,343
2,251
2,588
7,813
2,555
2,492
2,766
7,271
2,319
2,319
2,633
7,631
2,284
2,377
2,970
7,955
2,486
2,666
2,803
7,453
2 385
2 339
2 729
7,847
2 559
2,458
2,830
7,903
2 605
2 531
2,767
7,863
2,509
2,597
2,757
8,033
2,590
2,535
2,908
8,003
2,570
2,536
2,897
8,247
2,673
2,622
2,952
8,187
2,684
2,483
3,020
8,416
2,783
2,560
3,073
8,533
2,782
2,645
3,106
8,288
2,681
2,640
2,967
8,277
2,592
2,656
3,029
8,371
2,661
2,654
3,056
7
2
2
2
7 111
2 275
2,269
2 567
7 281
2 316
2,372
2 593
7,222
2 297
2,340
2 585
7,301
2 327
2,312
2 662
7,287
2 289
2,324
2,674
7,390
2.352
2,374
2,664
7,253
2 327
2,209
2,717
7,701
2 482
2,428
2,791
7,586
2 391
2,451
2,744
7,454
2,363
2, 388
2,703
7,502
2,357
2,422
2,723
7,730
2,467
2,442
2,821
19 539 rr 11 739 T 13 129 r 18 775 10 687 I9 738
14, 374 r 13, 986 r 16, 092 T 16. 049 16, 524 15, 070
5,165 -2,254 -2, 963
2,726 -5, 837 -2, 332
15 820
14 465
1,355
15 845
15 798
71
37
84
do_ .
do
do
do
_
_ _do_ _
do
do
do _.
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending: 1
Expenditure account:
Receipts (net)
mil $
Expenditure (excl. net lending)
do
Expend, acct. surplus or deficit (— )
do
Loan account:
Net lending
do
Budget surplus or deficit (— )
do
Budget financing: ^
Borrowing from the public
.
do
Reduction in cash balances
do
Total, budget
financing
do
Gross amount of debt outstanding^
do
Held by the public
do
Budget receipts by source and outlays by agency:U
Receipts (net), total
mil. $
Individual income taxes (net)
do
Corporation income taxes (net)
_ ..do
Social insurance taxes and contributions
(net)
do
Other
do
Expenditures and net lending, total 9
do
Agriculture Department
...do .
Defense Department, military
do
Health, Education, and Welfare Department
do
Treasury Department
..- ...do ..National Aeronautics and Space Adm
do
Veterans Administration
do
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
Federal Government receipts, total
bil. $..
Personal tax and nontax receipts
do
Corporate profit tax accruals
...do
Indirect business tax and nontax accruals. do
Contributions for social insurance
do
Federal Government expenditures, total _ do
Purchases of goods and services
do
National defense..
do
Transfer payments. .
do. . .
Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil. $
Surplus or deficit (— )
do
r
!49 562
r
!53 299
'-3,736
054
254
223
577
12 087 11 870
14 864 13 695 14 311
-1,
608 —2 442
—2 644
19 900
r!79 8Q6
r
19 130
T
5 053
r
— 8,790
r
ir 2 854
ir 5 936
ir g 790
r 9Q OQ^
589
95 187
341 308
67 491
9
688
3 233 -2, 296 —3 053
r 4 071
r ' Q9Q
4 085
1 350
1 789
4 403
2 296
3' 053
3 233
365 021 370 6^9 368 869
9Qo' 4Q1 994 573 OQO' 997
149 562 r1 ^ fi7fi 19 220
i 6i fj96 i 68 726
8* 150
i 33 971 i 28* 665
729
12 087
5 627
i 33 347 i 34 620
i 20 718 i 21' 666
158
352 lr!78 862
1
5 841 IT 7 308
i 67 453 IT 77 373
^r 34 608 ir 40 576
i 13 059 ir 14 665
i 5, 423 i' 4, 721
ir 6 845 \T 6 858
9
Ir
611
19 045 11 711
15, 199 15 385
3,847 -3 674
— 1 631
2 786
1 737
1 743
—3 368
4 529
367 749 373 185
991 596 294 383
543
11 870
3 401
4 397
19 045
9 388
4 942
11 711
3 805
1 r66
1 775
15 453
4 283
1 633
14 383
2 256
1 815
14 993
3 453
1 962
15 678
5 175
2 080
16 941
6 891
6 Ib3
T 6 070
6 831
6 909
447
3 47
1 305
372
595
495
777
3 316
1 228
395
598
3 581
1 312
410
606
796
650
565
3 409
1 350
377
634
4 374
1 347
425
610
207
—313
—189
—313
4,852 -2, 564 -3,153
—479
856
3,368 —4 529
—3 797
1 055
—4 852
369 793
290 586
986
55
2,518 —6 192 -2, 387
T 4 104
2 839
4 528 r 3 195
—686
i 540
314
2 010 r 9 997
3 073
2 518
2
387
3 153
2 564
6 122
r
r
r
9
9
373 355 r378 017
37
615
375
1
0
375
365
r
9
294*690 297 5 9 r293 001 9Qfi 19fi 295 441
r
T
11 732 r!3 129
5 013
6 360
2 175
538
r
1 427
3 586
r 2 159
i 427
15 890
6 397
5 159
15 845
10 229
1 603
2 803
4 449
o 256
2 411
3 659
2 651
2 133
1 782
2 036
1 925
1 828
1 854
r
r
r
14 687 !4r 299 '16 281 !6 256 16 810 !5r 125
626 ' 1, 286 r 1 685 r 1 267
781
197
5 543 T 6 367 r 6 429 r 6 739 r 6 335
7 192
2 118
2 147
14 394
9 176
1 844
15 761
6 702
6 568
3 776
1 416
353
3 830
1 373
347
632
T
3 903
1 396
450
485
r
3 527
1, 345
277
590
r
!8 775
9 199
5 000
3 771
3 764
' 1, 360 1 351
434
342
622
599
r
T
3 790
1 254
393
597
3 830
' 1,441
'334
617
675
r
r 693
9
3
4
6
5
166 6
72 0
37 0
17.0
40 5
171.8
74 9
38.2
17.5
41 2
182.1
83 7
38.6
17.8
42 0
187.1
86 8
39.9
18.1
42 4
163 6
90 6
72 4
42 3
15.7
10 3
182
100
78
47
18
11
2
0
9
8
4
9
175 1
97 1
76 8
45 1
17.7
11 3
181 9
100.0
79 0
47.7
18.3
11.8
184.9
101.2
79.6
48.7
18.5
12.1
186 9
101 7
80 0
49 5
19.2
12 3
4 1
39
4 1
4.4
4 1
— 10 2
-2.8
2
8 6
53
84
r
!0 687 !2 738
6 483
5 299
1 978
559
19 539
7 608
7 300
176
79
38
17
41
12 4
1 696
1 710
371 967 373 618
291 855
151 2
67 3
30 9
16.2
36 8
4 8
47
808
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance companies J
bil. $.. 2 177.36
2
Bonds (book value), total __ .
do
75 42
2
Stocks (book value), total
__ do _
10 79
Mortgage loans, total
do
2 67 52
Nonfarm
_.
do
2 61 95
2
Real estate
_
do
5 19
2
Policy loans and premium notes
. _ .do
10 06
2
Cash
_
do
1 56
2
Other assets
_
do
6 83
178 26
76 37
9 06
67 77
62 22
5 21
10 17
1 46
8 23
178.
76
9
67
62
5
10
1
8
76
68
17
87
29
24
26
33
21
179 48
76 97
9 35
68 06
62 42
5 26
10 36
1 18
8 30
Payments to policyholders and beneficiaries in
U.S., total
_ mil. $ 13 293 6 14 385 0 1 174 9 1 150 8 1
Death benefits
do
531 2
531 6
5 665 3 6 209 3
Matured endowments
do
1 017 1 967 2
81 0
86 5
Disability payments
do
174 6
13 7
195 6
17 4
Annuity payments.. _
do
114 4
1 261 3 1 401 0
133 5
197 o '
Surrender values
do
2 243 1 2 456 4
196 0
Policy dividends
. _
do
2.932 2 3 155 S
91 n 3
21 S.I
r
181 23
77 42
9 59
68 34
62 63
5 34
10 60
1 17
8 78
278 4 1 155.3 1
508 7
575 4
83 8
90 5
15 5
18 0
112.2
Ill's
215 - 0 : 208 1
2fi7 7 1 227. 0 i
Revised.
Data shown in 1967 and 1968 annual columns are for fiscal years ending June 30 of the
respective years; revised monthly data for July-Dec. 1967 will be shown later.
2 Annual
statement values.
cf Sec. note"}" on p. S-17.
IfTables showing cash transactions and administrative budget receipts and expenditures
1
180. 41
77.15
9.43
68. 12
62.45
5.30
10.47
1.19
8.74
182. 11
77 59
9.75
68 51
62 78
5.37
10.73
1 24
8.92
183. 09
78.14
9.94
68 71
62 97
5.42
10.81
1 40
8.68
183. 84
78.34
10.04
68 91
63 15
5.47
10.92
1 35
8 79
184. 75
78.51
10.17
69.02
63.25
5.50
11.03
1.45
9.07
185 70
78 98
10 34
69 21
63 43
5 51
11 12
1 46
9 08
186. 89
79.32
10.51
69 41
63.63
5.54
11.20
1.45
9.47
187. 70
79 06
10 83
70 07
64 27
5.57
11. 2&
1.67
9 21
177 9 1 127.2 ;1, 120. 5 1, 198. 8 1,162.3 1 247 2 1, 087. 3 1
525 8
498. 6
466 1
476 4
499 2
507 3
547 8
75.0
75 4
74 9
76 7
84 1
75 5
84 6
15. 6
16 2
15 4
15.5 i
18 6
16 8
15 9
113.2
117.2
117.0
118.7
117 3
i
112 1
122 8
194 4 i 201 4
186 5
218 5
200.5
204 7
218 6
216. 1
242.4
212. 3
282.4
259. 4
257. 5
226.8
188. 97
79 95
11 07
70 20
64 44
5.62
11.40
1 42
9.31
506.9 1 293.9
541 2
589 0
79 2
87.5
17.0
18.5
151.4
110. 8
215 7
221 8
543.0
225.7
have been discontinued. Data shown in the indicated sections are on the basis of budget
concepts adopted pursuant to the recommendations of the President's Commission on Budget
Concepts.
9 Includes data for items not shown separately.
JRevisions for Apr. 1966-Dec. 1967 will be shown later.
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
S-19
1968
Jan.
Feb.
Mar.
Apr.
May
1969
June
July
Aug.
Sept.
Oct.
13, 802 i 15, 658
9,782
8,888
3,471 i 6, 234
549
536
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
LIFE INSURANCE— Continued
Life Insurance Agency Management Association :f
Insurance written (new paid-for insurance):
Value, estimated total
_ _ _ mil. $ 1 141, 799 1 151, 898
94, 777 104, 806
Ordinary (incl. mass-marketed ord.)f
1
39, 968 i 40, 485
Groupt
6,607
7,054
Industrial. - -do
Premiums collected:
Total life insurance premiums
_.do_ _
18, 052
17, 017
12,822
Ordinary (incl. mass-marketed ord.)t--do
13, 510
3,201
2,843
Groupt
do
1,341
Industrial.. _
do
1,352
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period).. .mil. $._ 11,982
Net release from earmark§
do
-86
Exports
thous. $ 1,005,199
Imports _
_ _
do
32, 547
Production, world total
. mil. $ 2*1, 410.0
South Africa
do
1 068 7
Canada
_
_ _ _
do
103.7
United States..
.do
'53.4
Silver:
Exports
_
thous. $
100, 710
Imports..
_.
_.
do
80, 178
Price at New York
dol. perfineo z _ _ 1.550
Production:
Canada
thous fine oz
37, 206
Mexico
_
do
3' 37, 939
United States.
..
_. .
do
30, 354
Currency in circulation (end of period)
bil. $..
47.2
Money supply and related data (avg. of daily fig.) : t
Unadjusted for seasonal variation:
Total money supply
bil. $_.
176.4
Currency outside banks
do
39.4
Demand deposits
do
137.0
Time deposits adjusted!
do
173.3
U.S. Government demand deposits
do
5.1
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks
do
Demand deposits
_
do
Time deposits adjusted!!
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SM S A 's) O_ .ratio of debits to deposits
56.7
New York SMS A .
do
120.8
Total 232 SMSA's (except N.Y.)
do
40.1
6 other leading SMSA'scf
do...
53.4
226 other SMSA's
. .
. do
34.5
PROFITS AND DIVIDENDS (QTRLY.)
Manufacturing corps. (Fed. Trade and SEC):
Net profit after taxes, all industries
mil. $..
Food and kindred products
do
Textile mill products
_
do
Lumber and wood products (except furniture)
mil. $..
Paper and allied products
do
Chemicals and allied products
do
Petroleum refining
.
do
Stone, clay, and glass products
do
Primary nonferrous metal..
do
Primary iron and steel
do
Fabricated metal products (except ordnance,
machinery, and transport, equip )
mil $
Machinery (except electrical)
do
Elec. machinery, equip. , and supplies
do
Transportation equipment (except motor
vehicles, etc.)
mil $
Motor vehicles and equipment
do
All other manufacturing industries
do
Dividends paid (cash) , all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil $
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate
_
Common stock
Preferred stock
By type of issuer:
Corporate, total 9
Manufacturing
Extractive (mining)
Public utility
Railroad.Communication _
Financial and real estate
10, 367
187
839, 160
226, 262
9,989
7,291
2,197
501
10, 871
8,118
2,198
555
14,421
9,139
4,670
612
11, 786
8,898
2,331
557
12, 450
9,253
2,594
603
11,416
8,435
2,431
550
11, 407
8,433
2,451
523
12, 295
8,470
3,305
520
11,161
8,101
2,533
527
1,442
1,109
228
105
1,430
1,096
237
98
1,486
1,128
258
99
1,462
1,094
269
98
1,514
1,146
268
100
1,434
1,084
254
96
1,512
1,118
293
101
1,516
1,129
287
100
1,432
1,072
261
99
1,569
1,192
278
99
1,426
1,083
248
95
1,830
1,259
320
250
11,882 10, 484
-31
-234
949 500, 800
1,839 1.2, 596
10, 484
-148
1,302
29, 283
10, 384 10,367
-31
413
254 300, 630
19, 153 16, 094
10, 367
-49
9,199
59,648
10, 367
-76
458
13, 361
10, 367
170
11, 732
18, 365
10, 367
36
11, 484
20, 770
10,367
92
370
16, 128
10, 367
-7
478
15, 824
87.9
7.5
83.5
7.7
11,984
52
1,503
3,201
90.0
7.7
91.8
8.3
91.8
8.2
93.1
8.4
91.5
7.5
90.5
7.4
91.5
7.7
93.7
8.3
92.4
7.7
251, 449 ' 12, 652 23, 889
144, 433 * 10, 427 8,645
2.145
1.990
1.855
9,192
12, 436
2.180
19, 526
8,567
2.203
18, 953
14, 306
2.377
41, 149
13, 019
2.464
35, 673
16,543
2.314
17, 207
10,844
2.195
18,806
13,421
2.208
20, 990
14, 182
1.973
4,536
2,379
3,282
48.0
4,564
3,300
4,196
48.4
3,372
4,175
4,092
48.3
4,616
3,596
4,327
48.7
4,368
50.0
4,762
51.0
90.3
7.7
11,884 ' 21, 529 8,653
11, 547 ' 10, 496 6,719
1.979
2.018
1.959
1.840
37, 168
51.0
3,342
2,949
703
45.8
3,672
2,276
1,079
45.8
3,640
4,017
1,268
46.3
3,435
4,894
2,017
46.6
3,807
2,826
2,841
47.2
187.6
42.0
145.5
192.2
5.6
187.6
40.5
147.1
183.7
5.0
181.4
40.3
141.1
185.8
7.2
182.0
40.7
141.2
187.7
6.6
185.6
41.1
144.5
187.9
4.2
182.5
41.3
141.1
188.4
6.4
185.6
41.9
143.6
188.6
5.4
187.2
42.4
144.8
190.8
5.7
186.9
42.7
144.2
194.4
5.5
188.6
42.7
145.8
196.2
5.9
190.6
42.9
147.7
199.1
6.1
193.4
43.7
149.7
200.7
4.2
199.4
199.2
44.3 '43.5
154.9 ' 155. 9
202.5 ' 202. 1
'4.7
4.8
192.5
43.4
149.0
201.6
6.6
182.3
'40.6
141.7
184.1
182.7
40.7
141.9
185.2
183.4
41.1
142.2
186.7
184.3
41.4
143.0
187.1
186.1
41.6
144.5
187.6
187.4
42.0
145.4
188.2
189.4
42.2
147.2
190.4
190.3
42.6
147.6
193.8
189.5
42.7
146.7
196.6
190.2
42.8
147.4
199.5
191.9
43.2
148.7
201.9
193.1 ' 193. 6
43.6
43.4
150.1
149.6
202.5
204.3
193.8
43.9
149.9
201.0
62.9 '59.5 '60. 1
136.5 ' 126. 5 129.2
43.4 Ml. 7
42.1
59.7 '56.2 '56.5
36.6 '35. 6
36.1
59.3
128.2
41.6
56.5
35.7
59.7
126.7
42.3
57.4
36.2
61.0
129.5
43.0
58.8
36.1
62.4
131.4
43.4
59.5
36.6
64.3
140.3
43.7
59.9
37.0
65.2
147.7
43.7
60.8
36.5
64.7
144.7
43.8
61.3
36.7
66.3
143.1
45.6
64.4
37.7
66.5
144.6
44.9
63.0
37.4
65.9
147.7
44.5
61.1
37.5
64.9
137.0
'46.1
'66.3
'37.7
67.8
145.4
47.4
67.8
39.1
'6,111 ' 3, 294
3,812
4,227
3,421 ' 5, 587 ' 2, 828
1,159 '1,604 ' 1, 301
'425
'499
397
41
1
25
3,330
1,572
464
19
3,774
1,570
386
67
29, 008
2 130
540
7,430
501
129
8,286
521
167
7,635
590
180
333
796
3,261
5,497
672
1,061
1 165
113
193
878
1,491
79
225
334
173
239
904
1,400
240
306
413
179
211
852
1,442
254
269
177
1 316
2,893
2,297
268
641
572
356
796
581
349
745
605
809
2 356
3 884
13, 262
238
862
906
3,325
285
957
949
3, 538
237
396
1,150
3,262
2 911
863
641
68,514
65, 562 « 4,603
8,072
5,069
3,423
7,702
4,984
4,913
' 9, 759 3,819
do
do
do
do
65, 670
21,954
1,959
885
60, 979 c 4,282
17, 383
1,449
3,946
276
637
46
7,845
1,382
169
58
4,628
1,359
295
145
3,152
1,157
221
49
7,402
1,566
249
51
4,598
2,025
361
24
4,541
1,771
286
86
c 9, 363
1,037
303
93
1,771
1,799
24, 798
21, 966
1,608
6,979
561
111
570
11, 058
42
594
49
50
587
424
456
5,281
562
4,935
13
246
9
47
286
86
188
1,979
1,766
148
105
2.433
279
64
2.820
'Revised.
» Preliminary.
1 Includes coverage on Federal employees of $8.3 bil. in
Dec. 1967 and $3.5 bil. in Nov. 1968.
2 Estimated; excludes U.S.S.R., other Eastern European countries, China Mainland, and North Korea. 3 Includes revisions not distributed
to the months.
t Revisions for Jan. 1966-July 1967 for insurance written and for Jan.-July 1967 for premiums collected will be shown later; those for money supply for 1963-Apr. 1967 are in the June
10, 367
66
0
14, 292
3,559
4,419
4,233
47.6
mil $
do
do
do
do
do
do
do
16,642
9,998
6,070
574
49.0
2,023
1,428
1.866
2,411
1,557 ' 2, 129 ' 1, 767 2,055
1,432
2,143
413
373
563
'421
651
767
'640
362
453
843
104
148
38
18
'74
70
35
66
21
27
627
557
443
319
180
'674
507
475
446
239
13
14
50
9
0
'39
5
28
11
20
186
192
104
'163
41
156
'115
239
239
95
522
205
'249
147
142
'234
348
332
201
197
1968 Federal Reserve Bulletin.
§ Or increase in earmarked gold ( — ) .
t Beginning
Oct. 1968 SURVEY, mass-marketed ordinary, formerly combined with group, is included
under ordinary insurance; monthly data available on new basis beginning Jan. 1966.
U Time deposits at all commercial banks other than those due to domestic commercial banks
and the U.S. Govt.
O Total SMSA's include some cities and counties not designated as
SMSA's.
cf Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland,
c
and Los Angeles-Long Beach.
9 Includes data not shown separately.
Corrected.
SURVEY OF CURRENT BUSINESS
3-20
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
| 1968
1968
Jan.
Annual
March 1969
Feb.
Mar.
Apr.
May
1969
June
J-ily
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
3 982
430
2,260
1 527
379
1,037
1 758
377
1,138
2 204
427
1,244
1,037
975
' 1, 138
Feb.
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer— Continued
Noncorporate, total 9
mil. $
U.S. Government -_
..
- do
State and municipal _ _
do_ -
r
'2 833
481
1,162
6 464
4 719
1,134
3 270
418
1,363
1,995
405
1,277
5,836
3,805
1,134
2 573
383
1,360
2 770
417
1,422
« 8 326
5 850
c
1, 666
2 262
361
1,423
24,409
1,732
1,585
1,765
1,397
1,829
2,367
2,097
1,397
1,513
22, 230
16, 154
6,076
312
1,867
1,588
1,202
386
30
117
1,447
1,136
311
16
121
1,592
1,253
339
24
149
1,210
897
313
12
175
1,647
1,102
546
4
177
1,944
1,263
681
33
389
1,985
1,143
841
6
106
1,074
744
330
3
320
1,281
912
370
15
216
16, 374
8,659
1 162
569
1,134
563
1,363
1,090
1 277
669
1 134
972
1 360
422
1 422
673
1 666
835
1,423
459
2 260
856
1
1
1
1, 002
9, 790
3, 717
888
7,797
2 942
815
7,419
2 778
820
7,248
2 692
834
7,701
2 979
850
8 268
3 064
r
868
8 728
3 293
977
8,861
3 269
885
8,489
2 984
964
r 8, 723
3 126
1 024
8 859
3 407
81.8
100.5
76.4
93.4
77.2
95 5
77.5
94.8
76.9
92 7
76.2
94 7
75.3
92 7
75.6
92 8
76.1
95 2
78.1
95 9
78.4
93.9
77.0
92 7
75.7
91.2
72.8
89.2
72.3
88.0
71.8
86.4
76.55
72.33
73.09
73.30
70.98
72.06
70.89
72.58
73.99
74.48
73.95
72.44
71.27
68.47
67.61
66.55
6, 087. 43 5, 669. 52
5 393 60 5,458 55
552. 08
503 57
402 93
392 36
434 68
432 90
523 16
499 30
549 78
520 63
445 94
429 15
388 82
375 37
364 07 '397 77
343 50 r397 81
522 32
533 78
501 27
474 36
586. 72
555 81
498 22
517 50
5, 428. 00 4, 401. 93
4 862 48 4, 447. 68
437. 51
422 35
339. 82
341 27
356 71
367 88
383 18
386 64
394 65
404 34
336 37
335 50
313 26
317 38
286. 17
277 57
304 64
323 61
406 30
430 97
395 10
383 79
448. 22
456 37
389 95
409 21
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 3, 955. 54 3, 814. 24
333 25
268 61
317 43
351 55
346 53
276 51
269 07
252 18
305 18
363 54
343 20
387 20
344 56
289. 19
New corporate security issues:
Estimated net proceeds, total..
Proposed uses of proceeds:
New money, total
__
Plant and equipment
Working capital
Retirement of securities
Other purposes
43 716
19, 431
14, 288
do_.
. _ do .
do
do
do
do
State and municipal issues (Bond Buyer):
Long-term
do
Short-term
. _
__ _ do
14, 288
8,025
43 596
18 025
16, 374
r
r
••576
1, 244
'641
1,064 r 1 002
9,029 r 9, 790
3 419
3 717
1 055
9,105
3 597
955
811
SECURITY MARKETS
Brokers' Balances
(N.Y.S.E. Members Carrying Margin Accounts)
Cash on hand and in banks
_
Customers' debit balances (net)
Customers' free credit balances (net)
mil. $
do. .
do
1
1
i 791
7, 948
2, 763
r
Bonds
Prices:
Standard & Poor's Corporation:
Industrial, utility, and railroad (AAA issues):
Composited"
dol. per $100 bond..
Domestic municipal (15 bonds)
_ _ do. _
U.S. Treasury bonds, taxablel
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
. mil. $
Face value
do
New York Stock Exchange:
Market value
. do
Face value
do
Yields:
Domestic corporate (Moody 's)
percent _ _
By rating:
Aaa
__
do
Aa
do
A
do
Baa
do
By group:
Industrials
... ___
. do _
Public utilities
do
Railroads
do
Domestic municipal:
Bond Buyer (20 bonds)
__
do _
Standard & Poor's Corp. (15 bonds)
do
U.S. Treasury bonds, taxable©
do _
2
5.82
6.51
6.45
6.40
6.42
6.53
6.60
6.63
6.57
6.37
6.35
6.43
6.56
6.80
6.89
6.93
2 5.51
5 66
5 86
6 23
6.18
6 38
6.54
6 94
6
6
6
6
17
29
48
84
6.10
6 27
6 41
6 80
6
6
6
6
6
6
6
6
6
6
6
7
6
6
6
7
6
6
6
6
6
6
6
6
5
6
6
6
97
23
39
79
6
6
6
6
09
32
47
84
6
6
6
7
6
6
6
7
6
6
6
7
6
6
6
7
5.74
5 81
2 5.89
6.41
6 49
6.77
6 34
6 47
6 65
6.31
6 36
6 65
6 33
6 39
6 67
6 42
6 54
6 79
6 49
6 60
6 87
6 54
6 60
6 88
6 50
6 53
6 82
6 26
6 30
6 72
6 24
6 27
6 70
6 72
6 85
6 97
6 78
7 02
6 98
6.82
7 05
6 98
4.47
4.51
4 16
4 34
4 44
4 39
4 54
4 56
4 44
4 41
4 64
4 56
4 48
4 56
4 11
4 36
4 38
4 31
4 36
4 47
34
39
72
5Q
56
6 47
6 58
6 78
3.96
3.98
6
6
6
4
4
4 64
4 68
4 85
4 91
4 91
4 95
5 04
5 10
4.85
5.25
5 18
5 16
5 39
5 28
5 40
5 23
5 09
5 04
5 09
5 24
5 36
5 65
5 74
5.86
8.26
9 03
4.34
4 62
5 35
7.82
8.53
9 24
4 50
4 55
5 82
8.62
8.41
9 12
4 44
4 55
5 57
7.95
8.42
9 12
4.45
4 52
5 69
8.08
8.42
9 12
4 46
4 52
5 69
8.08
8.46
9 18
4 48
4 52
5 78
8.08
8.47
9 18
4 48
4 52
5 78
8.08
8.47
9 18
4 48
4 55
5 78
8.08
8.49
9 20
4 50
4 55
5 78
8.08
8.52
9 23
4 50
4 55
5 78
9.00
8.52
9 23
4 55
4 55
5 89
9.00
8.56
9 25
4 55
4 55
5 89
9.24
8.78
9 55
4 56
4 62
6 09
9.86
8.78
9 57
4 58
4 62
6 14
9.86
'8.86
9 67
4 58
4 62
6 14
9.86
8.90
9 72
4.58
4.62
6 14
9.86
11
28
43
85
21
38
57
97
27
48
62
03
28
50
65
07
24
45
60
98
02
25
38
82
19
45
59
01
45
66
85
23
59
73
93
32
66
77
97
30
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars. _
Industrials.
do
Public utilities
do._
Railroads
do
N.Y. banks
do
Fire insurance companies
do
Price per share, end of mo. , composite
Industrials.
Public utilities. .
Railroads.
Yields, composite
Industrials
_
Public utilities
Railroads
N.Y. banks
Fire insurance companies
do
do
do
do
percent. _
do
do
do
do
do
Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RR., for 12 mo. ending each qtr.) :
Industrials
_ _ dollars
Public utilities _
do
Railroads
_ _
do
246.54
290 05
101 87
95 91
3.35
3 11
4.26
4 82
3 87
3.47
261
315
98
101
92
86
37
00
3.26
2 93
4 58
4 55
3 43
3 21
247
294
97
88
26
ig
75
59
3.40
3 10
4 54
5 14
3 93
3 63
241
286
97
85
14
99
15
80
3.49
3 18
4 58
5 27
3 77
3 99
242
290
92
86
77
96
66
75
3.47
3 13
4 81
5 21
3 86
4 11
15.76
17.50
16.18
r Q 74
6 67
6 78
6.74
6.72
r
Revised.
1 End of year.
2 Beginning Dec. 18,1967, Aaa railroad bonds not included.
9 Includes data not shown separately.
d"Number of bonds represented fluctuates; the change in the number does not affect the
262
319
92
94
85
20
93
6*?
3.22
2 88
4 82
4 78
3 66
3 94
262
318
92
109
95
40
08
93
3.22
2 88
4 87
4 42
3 63
3 38
268
320
100
105
14
51
10
57
3.16
2 86
4 48
4 31
3 30
2 71
264
314
99
100
13
45
76
77
3.21
2 93
4 51
4 52
3 17
2.85
266
317
99
101
57 267
73 328
25 T 98
90 109
3.20
2 90
4.53
4 47
3 24
3 00
62
32
50
77
3.18
2 81
4.62
4 15
3 28
2.66
269
329
98
109
92
50
83
53
3.17
2 81
4.60
4 15
3 01
2.69
r
281
343
107
115
46
13
33
18
3.12
2.78
4.25
4 01
3 07
2.83
268
326
104
111
18
90
04
24
3.27
2 93
4.40
4 15
r
3 43
2.76
r
266. 05 ' 254. 46
321 13 309 17
106 49 101.51
114 38 106 17
'3.33
3.01
4.30
4 04
3.21
2.85
19.75
15.78
18. 321
'6.74
6.73
6 67
7.17
6.88
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
OFor bonds due or callable in 10 years or more.
« Corrected.
3.50
3.14
4.51
4.35
3.54
3.02
SURVEY OF CURRENT BUSINESS
March 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1969
1968
1968
Annual
S-21
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Dividend yields, preferred stocks, 10 high-grade
(Standard & Poor's Corp.)
percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Railroad (20 stocks)
Standard & Poor's Corporation :d"
Industrial, public utility , and railroad:
Combined index (500 stocks)
1941-43=10..
5.82
5.93
5.93
5.94
340. 25
955. 47
130. 40
270. 41
344. 39 347. 57 337. 64
964.12 968. 39 c 934. 99
137. 57 138. 26 135. 62
270. 51 c 275. 36 '268. 78
337. 85
931. 29
136. 89
269. 75
103. 76
105. 40
106.48
102. 04
101. 46
116. 01
111.44
91.91
70.54
55.19
110. 97
106. 56
87.69
68.65
54.11
110. 15
105. 47
87.93
69.24
54.78
5.34
5.78
5.70
5.65
5.80
5.86
5.92
5.90
5.74
5.59
5.63
5.76
314. 79
879. 12
132. 65
242. 38
322. 19
906.00
130. 02
250. 09
312. 05
884. 77
132. 48
233.76
299. 84
847.20
128 87
224 63
292 86
834. 76
123 66
217. 94
309. 31
893. 37
123. 59
230.63
318. 17
905. 22
122. 72
246.85
327. 12
906. 82
127. 66
262.95
327. 41
905. 32
133. 11
259. 95
318. 15
883.72
131. 15
249. 52
329. 15
922. 80
130. 80
258. 53
91.93
98.70
95.04
90.75
89.09
95.67
97.87
100. 53
100.30
98.11
101. 34
99.18
96.96
79.18
68.10
46.72
107. 49
105. 77
86.33
66.42
48.84
103. 11
102. 87
81.06
68.02
43.38
98.33
98.13
77.99
65.61
42.35
96.77
96.32
77.49
62.62
41.68
104.42
104.08
84.79
63.66
44.79
107. 02
106. 86
87.75
62.92
48.00
109. 73
110. 65
89.04
65.21
51.72
109. 16
108. 12
88.38
67.55
51.01
106. 77
104. 92
85.73
66.60
48.80
110. 53
107. 57
88.46
66.77
51.11
113. 29
108. 48
91.36
66.93
54.26
114. 77
109.75
92.04
70.59
53.74
Banks:
New York City (9 stocks)
_ __ . do ..
Outside New York City (16 stocks)
do
36.40
66.46
44.69
81.71
37.18
67.64
38.46
70.66
38.38
70.59
40.35
73.18
42.19
76.43
43.72
79.66
48.58
85.91
47.38
84.74
46.99
84.59
49.65
89.83
52.46
98.15
50.99
99.19
49.49
92.57
49.52
94.50
Fire and casualty insurance (16 stocks)___do
62.29
73.64
59.42
56.61
53.31
53.61
59.23
72.52
78.11
78.11
82.97
96.19
95.35
98.30
95.51
96.81
50.77
51.97
53.51
45.43
49.82
55.37
58 00
50 58
44. 19
65 88
53.24
55.45
47.90
44.87
55.89
50.68
52 63
45 15
43.36
53 88
49.48
51 54
43 29
41.78
52 98
53.23
56 03
46 85
42 46
57 56
54.85
58.04
49.92
42.07
60.43
56.64
59.83
52.86
43.30
64.60
56.41
59.12
51.59
44.69
68.90
55.04
57.59
49.01
44.09
68.19
56.80
59.57
51.94
44.53
71.77
58.32
61.07
55.24
45.22
77.50
59.44
61.97
55.96
47.18
79.55
60.32
63.21
57.30
46.73
79.00
57.82
60.32
56.35
45.64
75.58
57.33
59.61
56.18
45.98
75.26
196 358
5 312
17 662
518
12 008
321
12 632
336
17 571
453
20 012
568
18, 582
510
16, 529
444
14, 038
376
13,735
388
18, 560
479
16, 165
412
18,864
508
17, 957
515
144 978
3 299
12, 914
298
8 909
205
9 672
221
13 310
298
14 341
333
13,548
305
12, 373
283
10, 493
244
9,868
231
13, 727
305
11, 979
261
13, 844
314
13, 056
305
2,932
263
174
193
296
292
257
243
194
228
272
252
268
267
210
692. 34
13, 196
582. 94
11, 696
564. 15
11, 796
568 51
11,897
619 04
11,936
631. 82
12, 158
641. 04
12, 330
628. 88
12, 440
640. 17
12, 626
668.36
12, 714
676. 18
12, 891
716. 40
13,042
692. 34
13, 196
689.24
13, 326
654.51
13,448
Industrial, total (425 stocks) 9
do
Capital goods (130 stocks). _. _ . do _.
Consumers' goods (181 stocks)
do
Pu blic utility (55 stocks)
do. ...
Railroad (20 stocks)
do. _
New York Stock Exchange common stock indexes:
Composite
12/31/65= 50. _
Industrial
do
Transportation
_
do
Utility
.
_
do
Finance
do
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
161 752
4,504
Shares sold
millions
On New York Stock Exchange:
125 329
Market value
mil $
2 886
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected). _
millions..
2,530
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil $
Number of shares listed
millions
605. 82
Il,e22
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value
mil. $._ 31, 526. 2 134, 660. 5
'2,749.3 '2,681.7 '3,000.4 '2,986.2 '2,833.8 '2,734.9 '2,857.2 '3,002.7 '2,783.6 '3,195.8 '3,096.6 12,111.3
do
30, 934. 4 134, 087. 4 '12,685.4 '2,690.0 '2,647.0 '2,961.2 '2,962.4 '2,784.1 '2,675.8 '2,803.5 '2,959.5 '2,735.1 '3,135.9 '3,047.5 12,056.7
Exports (mdse.), incl. reexports, total
Excl Dept of Defense shipments
Seasonally adjusted
'12,796.5 '2,797.3 '2,462.0 '2,905.3 '2,736.3 '2,864.9 '2,840.6 '2,933.3 '3,265.7 '2,613.5 '3,000.3 '2,886.4 12,082.3
do
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
_ _ _
Northern North America
Southern North America
South America
96.6
676.2
92.1
870.8
107.1
639.9
88.6
880.1
87.7
613.5
81.3
855.4
127.5
669.8
93.1
938.8
117.7
600.9
96.0
961.0
108.2
618.8
74.0
863.3
110.3
115.8
100.1
609.8
586.4
628.1
92.5
98.6
73.3
880.6 1, 000. 3 1,011.6
' 7, 165. 9 8,059.8
'2,362.7 2, 585. 0
' 2, 354. 0 2, 742. 2
615.4
186.0
189.6
600.7
213.4
196.2
630.5
208.8
196.6
695.0
222.6
236.7
735.9
224.4
232.2
637.4
220.5
209.0
594.1
214.7
250.3
565.9
212.6
249.1
661.2
213.0
256.4
769.5
211.7
184.0
791.5
221.3
277.4
do
do
do
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
94.2
109.6
543.4
690.0
80.8
78.5
879.9 1, 016. 0
do
f , 182. 3 1, 269. 5
do _ '7,146.3 7, 579. 6
do
'1,017.4 1, 025. 9
do
'10, 297. 7 11,151.3
94.6
702.8
77.2
996.5
142.2
i 410. 9
152.3
i 657. 7
702.3 i 687. 6
236.1 1 158. 9
265.5 i 101. 8
'66.0
426.4
48.4
455.2
2.5
35.3
1.0
39.3
2.9
26.6
1.4
47.0
6.9
44.5
6.9
34.2
3.4
36.5
2.2
43.3
3.3
36.3
11.1
36.3
3.1
43.1
3.9
32.9
11.4
119.9
' 895. 4
955.4
' 347. 3
49.2
874.9
717.6
301.9
53.6
73.6
94.6
18.4
5.9
73.4
81.9
27.9
5.5
72.4
80.5
27.0
5.3
83.3
74.1
23.9
4.7
83.0
50.9
17.6
3.8
67.9
51.3
25.0
3.8
59.6
43.7
18.6
4.3
81.8
52.1
24.2
4.5
79.3
40.6
29.1
3.9
67.3
33.9
28.5
3.7
66.9
51.0
33.2
3.8
66.4
62.7
28.6
4.2
147.2
i 18.7
18.6
11.8
do
do
do
169.2
68.4
' 430. 4 436.3
'2,695.0 2, 949. 8
11.1
45.8
246.1
5.0
36.1
256.8
14.0
32.1
230.3
21.5
38.5
250.4
15.4
49.0
235.0
11.8
38.4
228.3
8.5
34.0
230.3
9.9
36.6
247.4
12.5
40.5
249.9
12.6
24.3
223.7
23.3
32.3
276.7
23.5
28.8
274.9
18.7
120.6
1 193. 2
do
do
do
'1,024.5 1, 077. 7
29.2
26.3
' 1, 075. 7 1,711.8
102.3
2.5
117.1
87.0
2.7
124.7
84.4
1.1
130.8
98.2
3.2
161.6
100.6
2.4
150.6
79.2
1.6
137.1
81.7
.5
134.4
82.2
3.7
162.2
84.7
2.9
158.5
79.6
1.3
133.1
102.2
3.4
142.3
95.7
4.0
160.0
158.5
1.2
191.2
Italy
_ d o
Union of Soviet Socialist Republics
do
United Kingdom
do
' 972. 8 1, 119. 6
'60.3
57.5
' 1, 959. 6 2, 179. 7
95.1
5.9
167.4
74.7
2.9
179.3
93.6
6.2
151.5
87.5
5.4
166.6
94.0
3.8
183.2
103.3
4.3
170.8
103.3
4.6
162.9
99.3
6.9
182.5
88.2
2.2
201.3
86.6
2.4
204.9
93.4
6.9
223.6
100.6
6.0
186.0
158.0
14.1
1 162. 3
Asia; Australia and Oceania:
Australia, including New Guinea
India
Malaysia
...
Indonesia
Philippines
Japan
Europe:
France
East Germany.
West Germany
North and South America:
Canada
do
do
_
do...
do
do
615.4
mil. $.. ' 7. 164. 7 8.058.3
600.7
629.5
l
' Revised.
« Corrected.
Beginning Jan. 1969, data cover shipments of silver ore,
base bullion (incl. sweepings, waste, and scrap), and refined bullion, formerly excluded. The
1968 annuals, and monthly data beginning Jan. 1968, for total exports and imports have been
702.3 i 687. 6
791.5
769.4
565.9
637.3
661.2
735.9
594.1
695.0
restated to reflect the revised coverage.
cf Number of stocks represents number currently
used; the change in number does not affect continuity of the series.
9 Includes data not
shown separately.
SURVEY OF CUREENT BUSINESS
S-22
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
| 1968
Annual
March 1969
1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept. I Oct.
Nov.
Dec.
436.8
41.3
87.0
24.7
29.7
112.5
60.7
447.8
35.7
71.0
29.4
25.3
127.9
63.9
Jan.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
Exports (mdse.), incl. reexports — Continued
By leading countries— Continued
North and South America— Continued
Latin American Republics, total 9
Argentina
Brazil
Chile
Colombia
IVIexico
Venezuela
Exports of U.S. merchandise, total
Excluding military grant-aid
Agricultural products, total
Nonagricultural products total
mil. $_. 4, 123. 5 4, 689. 2
' 230. 1
281.4
do
do
' 547. 2 708.6
307.1
do
248.1
' 217. 9
319.1
do
1, 221. 6 1, 364. 6
do
587.2
655.0
do
do
do
do
do
329.9
18.6
46.5
18.3
21.9
94.7
45.8
359.4
16.1
48.4
21.1
23.3
118.8
49.3
358.4
14.6
41.2
32.2
29.1
120.5
47.1
402.3
19.7
61.2
18.1
26.2
111.4
59.4
405.9
22.3
55.0
22.8
29.9
123.6
53.5
378.4
16.7
53.7
23.1
28.9
121.9
48.5
410.7
25.5
64.7
38.3
28.2
111.4
55.4
404.5
21.8
74.6
29.0
26.8
145.7
54.3
410.5
30.7
65.0
32.4
22.8
97.9
63.5
345.4
18.6
40.3
17.7
26.8
118.3
53.5
i 222. 9
»11.8
122.6
19.3
UO.O
1 101. 8
136.2
31, 142. 1 134,227.4 12,709.3 '2,718.6 '2,643.2 '2,964.4 '2,948.9 '2,799.8 '2,699.6 '2,819.2 '2,968.7 '2,737.9 '3,161.9 '3,056.0 2, 071. 5
30, 550. 2 133,654.3 12,656.5 '2,659.3 '2,608.5 '2,925.2 '2,925.1 '2,750.1 '2,640.5 '2,765.4 '2,925.5 12,689.3 '3,102.0 '3,007.0 2, 016. 8
177.7
463.9
497.6
461.4
489.2
523.9
544.5
465.8
609.5
610.8
547.5
469.7
'6,379.8 6, 228. 0 545.5
24,762.3 27, 753. 7 2,152.4 2, 147. 7 2,091.0 2, 423. 5 2, 433. 3 2,235.8 2, 198. 6 2, 313. 4 2, 481. 1 2, 253. 9 2, 541. 0 2, 423. 8 1, 893. 8
By commodity groups and principal commodities:
Food and live animals 9
do
4, 060. 9
Meats and preparations (incl. poultry)-- do
151.3
'2,677.9
Grains and cereal preparations
do
3, 889. 6
161.6
2, 463. 1
352.8
11.8
246.6
353.5
11.7
246.2
353.6
10.1
249.2
334.7
11.5
225.4
313.9
10.6
183.3
287.7
10.0
176.5
297.0
10.3
183.4
326.0
15.3
197.9
289.5
16.6
167.0
278.2
15.4
150.4
336.3
21.6
200.4
366.3
16.9
237.8
129.5
10.8
53.0
76.1
13.5
Beverages and tobacco
do
702.5
44.5
52.9
37.0
46.5
52.6
55.2
48.5
73.0
88.1
45.6
82.5
Crude materials, inedible, exc. fuels 9
Cotton raw excl linters and waste
Soybeans exc canned or prepared
Metal ores, concentrates, and scrap
do
do
do
do
3, 279. 7 3, 494. 6
459.4
463.8
810.0
771.6
' 519. 5 i 539. 2
285.0
60.9
61.3
35.6
290.7
52.7
53.2
47.4
308.9
49.3
68.6
54.3
313.0
45.8
61.3
57.9
302.9
45.1
57.1
50.5
245.3
33.9
52.5
33.5
271.6
43.4
47.5
36.0
264.7
24.4
47.8
44.5
266.0
30.5
38.4
51.2
280.8
17.9
88.2
39.4
348.6
22.2
132.3
50.6
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
do
do
do
1,r 104. 1
501. 4
* 538. 6
1, 055. 6
523.9
460.0
76.5
35.5
30.4
70.5
30.9
33.6
78.6
33.5
39.9
89.6
45.9
38.1
92.8
48.9
39.1
87.0
42.5
38.1
90.4
42.3
41.4
102.4
58.3
39.4
106.5
54.3
46.8
78.2
38.4
34.4
92.4
46.8
39.7
Animal and vegetable oils fats waxes
do
' 337. 9
274.5
15.6
26.2
24.3
23.1
20.9
29.3
20.2
20.3
25.0
21.2
20.1
28.5
14.0
260.2
278.8
304.3
334.9
249.3
272.8
276.5
166.6
307.2
40.8
45.0
57.1
298.6
40.1
46.5
56.4
320.6
44.9
47.8
57.8
379.2
51.1
63.3
72.0
313.9
39.1
55.7
55.1
351.2
46.0
65.1
62.4
332.8
42.4
66.9
54.6
i 214. 9
24.0
34.7
134.8
648.7
Chemicals
do
2, 801. 6
3, 288. 9
235.9
238.4
257.8
292.5
287.5
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
do
do
do
do
3,391.1 3, 738. 6
530.9
522.3
610.2
' 561. 9
516.8 i 600. 8
261.8
40.4
45.4
29.9
264.7
43.2
40.6
29.2
264.1
39.5
39.6
32.5
318.6
47.9
47.3
40,2
326.0
46.9
46.8
54.0
and transport equipment, total
mil. $._ 12, 574. 1 14, 462. 0
1,160.5
1,162.9
1,074.2
1,273.2
1,272.4
Machinery
317.1 i 139. 1
7.2
33.2
2.9
101.9
38.5 125.6
90.7
46.5
40.1
73.8
42.4
25.5
1,237.1 1, 118. 6 1, 123. 0 1, 199. 4 1, 179. 4 1,384.4 1, 276. 9 1, 095. 6
Machinery total 9
Agricultural
Metalworking
Construction, excav. and mining
Electrical
do
do
do
do
do
'8,050.6 8, 606. 4
626.7
614.7
' 338. 9
333.8
'1,038.1 1, 099. 1
2, 098. 2 2, 286. 0
675.3
49.8
30.9
77.3
182.2
679.0
53.0
26.9
82.2
173.4
669.2
47.6
25.5
80.3
178.8
785.3
56.8
35.5
99.4
200.7
769.8
58.0
39.1
99.7
197.3
711.8
51.5
26.9
95.2
193.3
692.6
54.0
28.9
96.6
180.8
705.9
45.2
28.6
94.6
190.3
734.3
51.8
23.6
98.2
196.5
703.8
49.8
22.0
83.8
199.5
761.8
54.3
24.0
97.2
199.0
718.5
55.3
21.8
94.2
194.4
554.4
35.7
16.3
57.2
165.2
Transport equipment total
Motor vehicles and parts
do
do
4, 523. 5 5, 855. 6
2, 733. 9 3, 372. 3
485.2
278.3
484.1
259.0
405.1
249.1
488.4
290.3
502.7
299.2
525.4
257.6
426.0
214.9
417.1
198.0
465.2
284.7
475.6
307.1
622.6
353.0
558.4
318.8
541.2
284.7
Miscellaneous manufactured articles
do
1, 985. 4
168.9
166.6
170.4
188.2
190.2
168.9
170.2
190.5
181.8
183.5
192.9
174.1
149.5
Commodities not classified
do
81.0
70.8
78.0
80.5
87.8
69.3
95.6
75.0
958.8
2, 146. 3
929.2
95.2
68.6
65.6
65.8
71.2
do
do
26, 812. 3 133,251.8 12,738.6 '2,455.8 '2,569.8 '2,754.3 '2,840.7 '2,661.0 '2,827.1 '2,749.6 '2,882.4 '2,938.0 '2,806.5 '3,028.0 12,025.9
12,618.6 '2,610.1 '2,624.2 '2,639.5 '2,777.4 '2,852.5 '2,678.7 '2,838.1 '2,977.3 '2,670.1 '2,829.8 '2,956.8 11,966.7
do
do
do
do
' 906. 1 1, 120. 9
'5,347.9 6, 913. 5
' 581. 5 693.5
'8,227.5 10, 331. 6
101.6
504.6
44.4
889.7
96.2
422.8
49.9
818.0
96.5
484.4
54.0
794.1
119.2
548.6
48.2
880.0
100.7
594.2
56.3
902.1
83.4
566.4
62.5
786.1
90.0
636.6
61.2
883.0
80.9
652.7
75.9
892.0
98.8
653.1
67.1
884.9
76.4
630.4
72.3
836.7
83.1
604.1
65.9
863.1
93.8
616.6
35.6
917.3
139.7
i 405. 8
128.9
i 443. 4
Northern North America
Southern North America
South America
By leading countries:
Africa:
United Arab Republic (Egypt)
Republic of South Africa
Asia; Australia and Oceania:
Australia including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
do
do
do
'7,112.3 8, 929. 3
' 1, 967. 8 2, 234. 7
'2,661.1 2, 880. 2
732.2
206.5
255.5
634.4
176.2
250.3
697.9
197.7
233.4
720.5
190.5
246.5
749.9
205.7
205.1
766.4
170.7
212.7
703.2
187.9
249.2
615.7
179.0
242.3
728.6
175.0
260.7
905.8
172.2
229.4
791.4
171.3
215.2
870.3
201.8
280.4
i 776. 7
i 192. 0
1 138. 2
32.8
253.1
3.7
24.6
.7
17.3
1.6
26.9
2.0
31.5
2.4
23.2
1.9
20.2
3.8
17.9
4.6
17.8
3.3
16.0
2.7
17.6
2.7
17.6
3.4
22.2
12.5
110.8
do
do
do
do
do
do
do
411.8
492.0
293.7
312.2
63.9
54.8
195.6
240.1
181.9
174.5
380.2
435.1
2, 998. 7 4, 056. 6
31.2
28.4
5.0
21.0
12.6
26.3
297.6
38.7
23.1
4.3
19.0
11.8
25.6
230.4
37.2
24.7
4.3
18.0
12.7
27.6
293.0
31.0
26.9
5.0
16.9
13.1
39.4
320.1
40.6
22.7
4.2
15.7
16.2
55.5
339.7
44.8
27.3
5.8
18.0
14.4
49.0
315.0
42.2
24.2
6.4
17.4
18.6
43.0
366.6
56.3
26.2
4.5
18.5
12.4
45.2
402.9
42.3
31.1
7.6
30.0
18.5
22.3
379.8
50.2
25.5
4.5
21.0
12.8
30.5
384.2
52.9
27.0
4.9
22.3
14.9
30.5
363.5
24.7
25.2
7.4
22.5
16.5
40.2
366.1
22.5
11.0
12.0
17.3
10.6
15.8
i 244. 0
do
do
do
do
do
do
' 690. 2 842.2
5.6
5.9
1, 955. 4 2, 720. 2
855.6 1, 102. 0
41.0
58.0
1, 709. 8 2, 047. 9
71.9
.5
231.5
85.7
9.2
165.2
69.1
.4
217.3
81.4
4.7
149.5
65.7
.2
197^8
83.8
6.8
146.9
76.8
.3
223.9
91.6
4.7
177.0
72.2
.6
246.8
102.3
5.6
178.1
42.7
.3
218.5
87.4
4.3
163.9
81.6
.5
224.8
92.7
4.3
183.1
82.9
.6
242.8
102.8
3.3
188.7
69.6
.6
226.4
86.7
2.3
191.3
61.6
.6
230.3
94.2
7.4
176.9
65.6
.5
231.3
95.4
1.8
157.8
82.5 136.5
1.5
.7
229.1 1 105. 8
98.8 153.7
14.6
3.5
177.4 i 108. 6
do
'7,106.6
8, 925. 2
732.1
634.1
697.4
720.4
749.9
766.0
702.2
615.3
727.8
905.5
791.3
869.9
Latin American Republics total 9
Argentina
Brazil
Chile
Colombia
Mexico
Venezuela
do
do
do
do
do
do
do
'3,851.0 4, 266. 2
' 140. 0 206.7
559.0
669.6
175.2
203.1
240.4
264.0
748.9
893.4
' 979. 6 949.6
379.7
15.9
48.9
15.7
26.3
72.2
97.3
358.6
15.3
64.1
15.9
21.3
73.8
86.5
358. 8
15.6
43.1
18.7
17.2
81.2
95.8
376.9
15.9
62.7
33.8
19.5
83.8
71.0
331.0
17.0
45.8
12.9
18.2
87.6
66.3
312.5
14.5
43.5
13.2
19.4
63.1
68.2
368.7
17.2
65.5
12.6
21.0
73.8
86.3
351.9
9.7
63.3
19.3
30.6
71.8
60.8
367.1
18.3
72.3
22.2
22.0
67.8
76.3
333.0
13.9
52.9
12.8
19.6
65.5
81.8
326.0
14.9
53.0
11.7
23.2
73.5
70.0
401.6 i 247. 1
16.1
38.5
54.5 114.8
12.4
14.3
18.6
25.8
79.3 180.7
89.2 184.3
General imports, total
Seasonally adjusted
By geographic regions:
Africa
Asia
_
Australia and Oceania
Europe
Revised.
i See note 1, page S-21.
2 Includes data not shown separately.
do
do
14.9
225.9
i 776. 6
Feb.
SURVEY OF CURRENT BUSINESS
March 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition ol BUSINESS STATISTICS
1968
1968
Annual
S-23
Jan.
Feb.
Mar.
May
Apr.
June
1969
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value— Continued
General imports— Continued
By commodity groups and principal commodities:
430.8
415.2
379.0
Agricultural products, total
mil. $ r 4, 471.7 5 057 2
438 2
433 2
Nonagricultural products, total
do _ 22, 343. 6 28, 056. 8 2, 304. 4 2, 032. 9 2, 179. 3 2, 317. 0 2 381 4
r
4, 003. 2 4 577.4
Food and live animals 9
do
147.2
Cocoa or cacao beans
do
136.0
962. 7 1 139 7
Coffee
do
645.0
Meats and preparations
do
746.5
588.4
Sugar _ _ __ _
_
do__
640.1
698.1
Beverages and tobacco _.
do
786.3
'2,964.4 3, 297. 4
Crude materials, inedible, exc. fuels 9
do
974.3
958.4
Metal ores
. _
_ do
418.3
454.8
Paper base stocks
do
338.4
Textile
fibers
... do _._ * 305. 6
174.5
Rubber
do
191.8
r
r
Mineral fuels lubricants etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
do
do
do
do
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
do
do
do
do
do
r
do
do
do
do
T
Machinery and transport equipment
Machinery total 9
Metalworking
Electrical
Transport equipment
do
Automobiles and parts
do
Miscellaneous manufactured articles
do
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Quantity
1957-59 — 1 00
Value
do
Unit value
do
General imports:
Quantity
do
Value
do
Unit value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons
Value
mil $
General imports:
Shipping weight
thous sh tons
Value
mil $
1
r 864. 7
r
l 562.5
r
r
r
808. 0
5, 793. 4
3, 024. 4
203.4
1, 135. 5
r
2, 769. 1
r
2, 266. 1
2, 576. 2
r
1, 065. 1
r
r
396.8
6.3
95 7
72.5
43.7
61.8
264.3
75.6
37.4
25.2
16.5
396.6
169.8
12.2
1.4
87.4
16 1
49.3
29.2
56.9
6.3
77.5
24.6
287.7 i 202. 0
75.9
157.8
43.1
36.7
25.9
9.0
19.9
10.7
226 6
212.0
12.7
88.6
195 0
179. 1
10.3
94.0
234.0
220.7
16.6
102.7
249.1
235.2
101.3
220.7
205.8
14.8
95.2
654.1
172 4
72 0
123 4
82 0
708.7
235 3
67.2
126 3
83 5
666.5
189 2
60.5
134 2
90 1
648.5
170 1
75 7
120 9
81 9
629.3
177 7
69.0
110 7
77.4
662. 4
165.9
84.8
121.0
75.8
i 398. 6
64.6
67.7
1
79.5
45.3
664. 9
283.6
22.0
111.3
630 6
308 7
14.7
133 2
547.6
309.4
18.3
136 1
663 3
322.9
17.6
140 9
788 4
351 8
17 0
160 4
744 3
325.0
11.3
145 5
808.2
356.7
17.4
151.4
612.3
255.5
8.4
118.6
381.4
327.1
261.1
93.0
321.9
276 8
332 5
109.4
238.2
191.1
315.5
97.7
340.3
302.6
312.2
105.7
436.6
370 9
325 3
106 4
419.4
384.4
291.7
107.4
451.4
397.9
301.6
130.2
356.8
307.0
204.4
88.7
333.4
4.3
78 4
51.4
48.4
61.8
257.2
63.2
36.0
30.1
13 3
393 8
15.4
107 6
55.8
55.6
61.5
260.3
65.8
39.5
33.1
13.6
396 1
16 6
87 2
52 7
67 2
55 1
296 3
102.2
39 3
31.0
14 2
353 8
13.0
73 6
66.2
58.6
47.6
281.4
88.2
40.4
25.7
11.9
403 3
10 5
111 7
67 2
62.6
54.4
287.0
88.1
36 8
28.1
17 9
403.1
204.1
187.6
14.7
85.4
220.3
204.4
9.2
95.7
193 9
176.3
11.3
102.5
178 0
162 1
13 4
103.9
202.8
188.2
15.4
81.6
228 5
214 9
17.4
94.7
187.1
174.4
158.2
1, 134. 7
237 5
219.6
13.8
89.1
8, 073. 2
2 046.4
862.8
1 933 2
962.6
681.1
128.4
72.0
224.6
86.2
610.0
123.8
61.1
198 7
70 2
686.5
145 6
70 9
220 1
74 5
760.1
168 1
79.0
244 5
85.7
718.9
193 2
77 5
162 3
81 6
647.0
176.8
72.9
147.0
74. 1
7 991. 1
3 692.6
203.9
1 494.9
671 4
305.3
17.8
101.7
586 2
263.1
16.1
90 0
577 2
267 2
15.4
99 9
609.6
305.6
20.0
118 9
699 4
301 7
16.2
113 8
4, 298. 5
3,711.6
3, 346. 7
1, 220. 5
366.1
322.3
247.3
92.5
323.1
273.9
213.5
87.7
310.2
256 5
236 9
79.7
312.2
255.6
246.6
107.1
384.4
338 9
262.7
103.5
958. 0
6, 384. 3
368.2
6.6
74 5
69 5
60.4
67.2
292.1
85.9
40.4
22.2
14 0
356.9
13.9
110 5
52.9
35.2
64.2
225.3
53.7
35.7
31.6
14.0
r 122. 0
r 1, 373.
408.9
7.5
103 1
83.1
55.8
80.1
302.0
99.4
34.2
28.5
23.4
366.5
21.0
100.1
57.2
25.2
74.2
254.7
70.1
35.3
32.9
16.8
2, 247. 8 2, 528. 6
2, 086. 1 2, 345. 1
r
439.5
422.3
172.1
434 5
455 0
386 2
385 7
437 5
2,262.6 2 374 5 2, 304. 6 2, 414. 3 2 538.4 2 372.8 2, 577. 9 1, 853. 8
5
5
8.8
110 0
68.7
70.7
80.8
288.9
90.3
36.8
24.1
16 3
8.5
173
196
113
170
192
113
179
203
113
224
234
104
231
240
104
237
249
105
111
5 112
165
182
111
' 184
190
103
5226
5235
5 104
213
220
103
187, 426
18 636
194, 490
19 358
14, 280
1 520
14, 114
1,547
14, 668
1 464
16, 370
1 747
16, 602
1 684
15, 223
1 520
15 864 '18, 504
1 703
1 550
17, 531
1 790
15 454
1 405
17 764
1 762
18, 116
1,666
256 814
17 434
281 331 "22 858
21 121
1 740
19 597
1,571
22 416 '19 966
1 605
1 756
23 980
1 823
24 363
1,686
24 946
1 845
26 304
1 915
26 042
1 726
21 554
1 719
25, 373
1,817
113.5
154.3
48.4
9.2
6.5
124.4
143.5
50.6
8.5
6.0
131.8
136.2
61.7
9.9
7.6
160
178
r
173
195
23 932
1 918
6.1
70.3
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers
Scheduled domestic trunk carriers:
Financial operations (qtrly. total):
4,470
Operating revenues, total 9
mil. $ _
4,431
Transport, total 9 —
do
Passenger.
_
do
3,936
Property.do
277
U.S. mail (excl. subsidy). __ _
do
104
Operating expenses (incl. depreciation) __ do
4,057
Net income (after taxes)
do
234
Operating results:
Miles flown (re venue) ._ . .
mil
1, 274. 5 1, 494. 2
Express and freight ton-miles
flown
do
1, 285. 9 1, 540. 1
Mail ton-miles
flown
_ _
do
393.4
544.0
Passengers originated (revenue)
do
99.3
111.2
Passenger-miles flown (revenue)
bil__
71.3
82.0
Express Operations (qtrly.)
Transportation revenues
mil $
423.1
381. 5
Express privilege payments.
do
103.6
86.2
Local Transit Lines
Fares, average cash rate
Passengers carried (revenue)
cents.
_mil__
Motor Carriers (Intercity)
Carriers of property, class I (qtrly. total):
Number of reporting carriers _
Operating revenues, total
mil. $
Expenses, total
do
Freight carried (revenue)
mil. tons_.
22.7
6,616
2
1, 203
8,117
7,813
473
23.8
6,535
1,164
1,153
1,028
71
31
1,116
14
118.6
104.0
41.0
8.4
6.2
112.0
102.6
41.3
7.9
5.7
120.5
119.6
45.3
9.0
6.4
23.2
558
23.4
568
23.2
540
124.3
136. 0
44.5
8.8
6.3
124.7
126.1
41.8
10.2
7.8
3 1, 205
3 4 82
3
130.6
124.7
40.8
9.9
7.6
133.7
136.3
43.7
11.1
8.6
23.4
584
23.7
519
127.5
134.8
41.1
8.9
6.6
98.5
22.5
93.8
21.4
93.4
20.2
23.4
568
330
1, 232
23.8
514
23.9
509
24.3
532
24.4
574
24.4
541
24.6
528
24.8
538
1 259
2 188
2 102
122
r
J
2
Revised.
» Preliminary.
e Corrected.
£ 5ee note 1, p. S-21.
Number of
carriers filing complete reports for the year.
3 AS compiled by the Air Transport Association of America from carrier reports to the CAB.
* Excludes excess baggage revenues.
120.4
122.0
43.6
9.3
6.7
95.8
22.2
r
3 1, 359
1,287
1,275
1 139
80
31
1 163
61
5
Revised to include trade in silver ore and bullion formerly reported separately; quarterly
SUEVEY OF
S-24
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
CUERENT BUSINESS
1969
1968
196S
Annual
March 1969
Jan.
Feb.
Mar.
Apr.
May
June
x July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION-Continued
Motor Carriers (Intercity) — Continued
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly )
average same period 1957-59—100
Common carriers of general freight, seas. adj.
1957 59 100
Carriers of passengers, class I (qtrly.):
Number of reporting csrriers
Operating revenues total
mil $
Expenses, total
do
Passengers carried (revenue)
mil
160 2
170 1
1 KO Q
165 7
168.1
ico q
ice Q
i co -I
174.3
172 6
163 4
165 4
165 1
171 7
164 3
166 4
663 9
586 0
223 6
165
141 1
139 5
50 8
165
172 7
150.9
55 4
10 366
9 130
485
8 203
1 485
677
4 325
2 610
2 349
105
2 079
383
148
110
2 757
2 482
112
2 131
418
207
174
2,707
2,419
122
2,173
394
140
108
184 8
181 8
1 292
3 105
194.3
191.5
1.296
3,311
187.0
183.6
1.317
3,696
1 Iftl
165.3
169 5
166.4
171 4
74. 9
252.3
253.1
11.80
56
106
165 3
Class I Railroads
Financial operations (qtrly.):
Operating rpvennes total 9
mil $
Freight
do
Passenger
do
Operating expenses
do
Tax accruals and rents
do
Net railway operating income
do
Net income (after taxes)
do
Operating results:
Ton-miles of freight (net), revenue and nonrevenue (qtrly )
bil
Revenue ton-miles
do
Revenue per ton-mile (qtrly avg )
cents
Passengers (revenue) carried 1 mile (qtrly ) mil
Travel
Hotels:
Average sale per occupied room
Rooms occupied
dollars
% of total
Foreign travel:
XJ S. citizens' Arrivals
thous
Departures
do
Aliens' Arrivals
do
Departures
do
Passports issued and renewed
do _
National parks visits
do
Pullman Co. (qtrly.):
Passenger-miles (revenue)
mil
Passenger revenues
mil $
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil $
Station revenues
do
Tolls message
do
Operating expenses (excluding taxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil $
Operating expenses
do
Net operating revenues (before income taxes)
mil $
International:
Operating" revenues
do
Operating expenses
do
Net operating revenues (before income taxes)
mil $
731 6
s 7iQ 4.
1 269
15 201
2 743. 0
2
59.5
23
10 59
61
11.35
61
118
10.73
56
103
10 83
61
116
10 48
64
129
11.64
63
117
11.14
63
134
11.94
63
125
10.63
58
117
11.90
63
116
11.85
63
122
12.31
72
118
12.03
57
110
10.70
47
113
4,387
4,334
2 773
2,358
1,686
39, 538
5,021
4,820
3 084
2,613
1,748
42 392
320
322
206
154
128
832
306
334
169
138
143
1 082
350
359
204
168
176
1 366
371
374
230
185
213
2 112
383
391
244
206
235
2 881
439
559
269
238
214
6,388
533
627
327
260
191
9,273
809
528
357
311
132
9,240
485
367
352
264
«93
4,176
371
310
272
250
83
2,725
314
294
218
200
67
1,412
339
354
236
238
75
904
1,434
24.57
1 002
16 91
272
4 64
244
4.08
279
4.62
207
3.57
13, 847
7,090
5,170
8,319
2,488
90.2
15 068
7 578
5 693
9,020
2 553
95 1
3 634
1 851
1 358
2 156
662
91 6
3,700
1,872
1,390
2,191
584
92.2
3,796
1,895
1,447
2,275
643
93.6
3,938
1,960
1,499
2,397
664
95.1
335 0
291.9
358 2
309 4
86 3
74.8
90.7
77.3
89.3
79.7
91.9
77.6
24 2
29 5
60
7 5
5.4
10.6
39.0
29.1
41.7
32.3
8.2
7.4
132 3
101 4
153 5
116 1
35 8
27 1
37 o
27 6
26 2
30 7
7 2
7.9
104
256.1
122
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
1,224
1,174
1,156
1,219
1,292
1,276
Acetylene
mil. cu. ft.
1,241
1,271
14,876
1,278
14,269
949.0
990.6 973.3 1,062.4 1,082. 6 1,163.7 1,028.5 1,031.3 932.1
Ammonia, synthetic anhydrous __thous. sh. tons. 11,869.6 12, 089. 0
105.5
92.5
107.2
88.0
75.5
89.5
69.6
73.1
Carbon dioxide, liquid, gas, and solid
do
81.1
1,085. 3 1,048. 5
701.2
702.6
701.8
708.4
692.4
661.9
649.8 700.1 688.2
Chlorine, gas (100% C12)
do
7, 658. 0 8,430. 2
149.9
149.0
141.7
138.7
144.8
126.7
132.0 150.3
137.8
Hydrochloric acid (100% HC1) _ . .. do
«1,597. 7 1,735. 9
463.3 ' 488.6
470.4 434.9
593.0
517.8
595.3
499.3 538.9
Nitric acid (100% HNO 3 )
do-.. 6,121.8 6,134. 9
Oxygen (high purity)
mil. cu. ft_ 243,401 248,252 20, 895 21,114 22, 099 21,930 21,661 21,265 21,077 18, 960 18, 297
406.9
326.2 388.2
381.9
453.8
435.9
Phosphoric acid (100% P2O6)
thous. sh. tons- 4, 764. 3 4, 923.0
412.5
432.6 458.6
Sodium carbonate (soda ash), synthetic (58%
383.2
390.2
383.7
380.0 397.6
399.5
Na 2 O)
thous. sh. tons_ 4, 827.9 4, 557. 7 364.0 342.1 349.8
11.7
12.1
12.4
11.3
12.7
12.2
12.6
Sodium bichromate and chromate
do_ _
145.1
11.6
131.3
10.5
736.4
755.4
725.0
723.9
727.1 729.1
727.7
Sodium hydroxide (100% NaOH)
do
672.1
666.3
7,891.4 8,791. 0
47.8
47.4
46.0
42.8
55.2
57.1
632.0
59.1
Sodium silicate, anhydrous
thous. sh. tons
51.4
605.3
38.1
121.7
121.4
145.2
121.2
115.0
130.5
134.6
114.4
Sodium sulfate, anhydrous thous. sh. tons
110.7
51,386.6 1,489. 4
Sulfuric acid (100% H2S04)
do
28,815.2 28,383. 3 2,284.3 2,380.8 2,459.7 2, 447. 7 2,541.2 2,278.1 2,161.8 2,282.2 2,294.6
r
Revised.
*> Preliminary.
1 Number of carriers filing complete reports for the year.
Preliminary estimate by Association of American Railroads. 3 Data cover 5 weeks;
other months, 4 weeks.
* Reflects adjustment of —230 mil. dol. for extraordinary items.
2
1,275
951.2
88.8
735.4
157.9
496.1
19,345
415.7
1,262
' 1,208
' 942. 0 982.4
'91.7
85.9
766.1
' 722.5
'r 156.2
151.0
487. 0 550.2
'20,291 21,318
' 403.1 407.7
401.8
402.1 '363.6
13.7
12.0
12.4
777.2 ' 766. 7 784.1
61.0
63.8
62.2
125.0
120.7
129.0
2,365. 0 •2,357.0 2,531.0
s Annual total reflects revisions not distributed to the monthly data.
1968, passports are issued for 5 years; no renewals are made.
«Effective Aug. 26,
SURVEY OF CURRENT BUSINESS
March 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition oi BUSINESS STATISTICS
s-25
1968
1968
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
142.5
137.1
139.0
152.9
141.7
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production :cf
Acetic anhydride
Acetvlsalicylic acid (aspirin)
Creosote oil
_.
DDT
Ethyl acetate (85%)
Formaldehyde (37% HCHO)_
__
Olycerin, refined, all grades:
Production
__
Stocks, end of period __ _
Methanol, synthetic and natural
Phthalic anhydride
mil. Ib
do._.
mil. gal
mil. Ib
do
do.
.
1
136.5
1, 556. 4 U,651.6
31.2
30.5
i 108. 8
111.4
133.3
2.6
7.2
2.6
9.5
i 138. 0
102.8
i 162. 0
138.9
3. 686. 2 1 4, 099. 6
11.7
13.5
313.8
353.8
32.6
i 520. 2
715.3
347.0
29.5
580.2
i 748 3
'685. 1
218.4
556.1
79.0
r
_
do_
do
mil. gal
mil Ib
140.1
123.7
103.0
107.6
2.4
141.2
142.3
10.7
2.3
9.0
2.1
8.0
11.7
13.6
350.5
12.3
12.8
356.3
12.2
13.0
337.3
12.3
13.3
340.6
28.8
37.5
49.9
60.8
27.3
32.1
47.5
66.6
26.3
29.3
46.5
65.5
27.5
29.2
48.6
57.1
55.2
223.9
41.8
5.8
57.6
220. 7
48.2
58.2
216.6
48.8
54.6
215.7
44.7
6.9
6.4
59.7
217.4
47.1
22.7
24.1
25.9
25.8
24.0
23.8
3.9
4.0
26.3
27.2
1,417
1,584
1,610
1,466
1,077
1,132
1,207
1,091
2.9
9.9
2.7
9.6
2.2
8.3
11.5
10.5
337.6
12.6
13.5
340.4
10.8
9.5
343.6
30.8
36.0
45.4
51 0
29.4
36.7
46.5
58.2
34.1
42.1
46.8
59.7
708.2
189.2
564.4
80.7
56.8
220.0
44.0
6.4
52.2
223.3
43.8
5.0
300 1
298.6
4 9
303.5
305.6
2.7
23.7
22.9
5 7
23.5
23.8
15, 294
1, 629
11,025
1,119
18, 956
2,607
13, 584
1,303
1 419
1,324
175
935
91
121
948
127
177
168
218
227
131
3,557
205
18
20
467
16
4 034
4 170
4 695
4 149
2.6
9.3
3.1
10.5
3.0
8.8
10.7
14.5
332.4
18.8
364.6
30.2
28.7
46.1
63.9
28.7
28.4
47.5
59.1
60.0
201.4
47.0
6.5
56.5
207.5
49.8
6.6
25.3
25.8
26.7
26.2
25.2
25.7
2.8
3.5
10.6
10.7
11.8
330.8
16.0
350.5
13.1
12.3
321.1
27.0
28.1
50.5
66.2
26.8
26.8
49 4
62 5
30.1
••29.5
55.6
67.9
28.4
30.4
51.4
59 8
70.8
199.5
51.7
60.3
187.8
47.1
r
7.6
66.2
189.2
50.6
27.6
27.0
25.3
26.0
2 6
27.2
27.2
ALCOHOL
Ethyl alcohol and spirits:
Production
_
. mil. tax gal
Stocks, end of period
do
Used for denaturation
do
Taxable withdrawals .
_
do_ _
Denatured alcohol:
Production
_
mil. wine gal
Consumption (withdrawals) _ _
do.
Stocks, end of period
do
5.3
7.5
3.1
3.4
7.7
9.1
3.4
3.3
2.7
1,617
1,533
1,658
1,902
1,195
1,143
1,134
1,332
2.9
5.4
2.7
FERTILIZERS
Exports, total 9
_ __
Nitrogenous materials...
Phosphate materials
Potash materials _ _ . _
Imports:
Ammonium nitrate
Ammonium sulfate
Potassium chloride
Sodium nitrate
thous. sh. tons
. _. . do
do
_
do..
._ .
1
do
do
do.
do
.
2,711
Potash deliveries (K^O)
do
Superphosphate and other phosphatic fertilizers
(100% P2O5) :
Production
thous sh tons
Stocks, end of period
_
do
726
534
162
229
79
115
18
17
378
8
28
31
473
30
336
411
356
697
375
704
174
147
215
180
242
1,100
1,291
77
129
961
27
783
107
19
9
236
0
1,544
347
317
1,883
296
75
99
153
160
11
1
205
30
11
1
152
25
15
6
111
25
13
5
260
2
()
14
6
275
2
()
12
13
254
2
20
15
261
32
354
281
117
213
329
372
273
280
379
497
'311
257
567
308
578
351
524
358
525
r 331
340
534
110
89
46
11
498
16
21
3
223
19
607
598
405
615
378
500
529
r 516
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly:
Black blasting powder _ _
mil. Ib
High explosives
do
.4
4
2
.1
1 708 5
1 581 7
330 9
417.5
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products'
do
Industrial finishes .
do
2 348 2
1 329 5
1 018 7
2 587 1
1 427 5
1 159 6
177 6
89 7
87 9
Sulfur, native (Frasch) and recovered:
Production
thous Ig tons
Stocks (producers'), end of period
do
i g 284
1 954
8 766
2 790
1 996
2 oil
186 2
12 3
i 624 4
.1
428.8
.1
404.6
229.5
127.6
101.9
206 4
114 7
91 6
229 2
135 8
93.3
241.7
141.4
100.3
239 0
139.8
99.2
231 6
140 5
91 1
238.6
141.9
96.6
699
690
2,027
715
2,028
763
2 046
2 142
r 776
2 293
2 466
2,619
15 4
15 3
14.2
14.3
14 2
13 3
15.7
16.3
48 4
49 8
53 9
54 0
55.3
51 1
52 6
54.5
24
39
82
51
29
45
83
55
28
49
87
60
1
1
6
3
31 0
54.3
83.7
58 3
30 9
51.9
92.3
59 6
21 7
50 6
86* 2
55 2
28
46
72
54
6
2
0
1
24.2
47.7
85.2
65 5
220 2
235 9
334 1
224.2
237 1
351.6
235.6
250 3
370.0
229 3
246 7
363 5
212 3
231 7
362 4
228.1
245 3
381.4
235 7
254 8
383 7
247 2
261 5
399 7
681
186 2
100 9
85 3
646
771
234.7
119.5
115.2
196 9
92 7
104 2
175 7
83 0
92 7
»-756
2 690
r 759
r 2 775
2 790
16.6
17 5
15 1
51.4
58 5
48 6
46 4
25.0
48.9
91.4
68 2
30 0
51.2
r
101 5
r 71 9
26
49
90
69
32
47
82
70
744
r
767
PLASTICS AND RESIN MATERIALS
Production:
Cellulose plastic materials
Therm osetting resins:
Alkyd resins __
Coumarone-indene and petroleum
resins. _.
Polyester resins __ . _
Phenolic and other tar acid resins
Urea and melamine resins
1
mil. Ib
do
polymer
mil Ib
do
do
do
Thermoplastic resins:
Styrene-type materials (polystyrene) mil Ib
Vinvl resins (resin content basis)
do
Polyethylene.
..
do
171 9
i 585 9
1
i 332 6
i 289 9
i 576 4
489 7
1
953 7 11 038 6
i 645 4
1 741 2
1
2 365 4 12 717 9
12 599 4 12 968 4
3 761 9 14 538 2
8
6
3
9
193 4
219 9
344 4
7
6
1
2
189 8
218 3
343 7
r
1
4
6
2
243 9
261 0
414 3
4
8
7
6
249 3
258 7
422 8
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr__ 1,314,299 1,433,001 121, 305 112, 970 114, 845 109, 234 114, 607 119, 340 127, 472 131, 905 115,832 119,354 ••118,073 128, 063
Electric utilities, total
do
1,211,749 1,326,932 112,565 104, 531 105, 887 100, 340 105, 522 110, 645 118, 870 123, 001 107, 154 110,288 r 109,167 118, 961
By fuels.
_.
do
991, 706 1,104,694 92, 325 86, 615 87, 024 81, 341 85, 998 91, 708 99, 841 104, 856 91,428 93, 636 91, 254 98,669
By waterpower
_
do
220, 043 222, 238 20, 240 17, 915 18, 864 18, 999 19, 524 18, 936 19, 029 18, 146 15, 726 16, 652 17,913 20, 2"§2
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
B y waterpower
do
do
985, 580 1,082,382
226, 169 244, 550
do
do"
do
102, 549
99,203
3,346
106, 069
102, 690
3,379
91,866
20, 699
84, 976
19, 555
85, 345
20,542
80, 976
19,364
85, 251
20, 271
90, 318
20, 326
8,740
8,421
319
8,439
8,155
284
8,957
8,651
306
8,895
8,578
317
9,084
8,758
327
8,695
8,378
317
r
Revised.
J2 Revised annual total; revisions are not distributed to the monthly data.
Less than 500 short tons.
334-269 O - (
97, 308 101, 215
21, 562 21, 786
87, 884
19, 270
8,904
8,657
246
8,677
8,457
220
8,603
8,338
265
91, 092 89, 477
19, 196 '19,690
96, 672
22, 289
8,906
8,644
262
9,102
8,836
266
9,066
8,818
248
cTData are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-26
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1
1968
Annual
March 1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER— Continued
Sales to ultimate customers, total (EEI) mil.kw.-hr 1,107,023 1,202,321 100, 952
Commercial and industrial:
242, 492 265, 046 20, 851
Small light and power§
do
486, 043 518, 940 41,851
Large light and power §
_ __
do
4,572
- - do__ .
331, 525
do
9,863
do
29, 426
- - do_ _
3,102
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
4,538
367, 694
10, 301
32, 163
3,641
458
33,924
960
2,626
283
98, 707
98, 285
94, 620
94, 367
97, 169 102, 330 107, 416 106, 260 100, 515
20, 526
41, 380
20, 501
42, 024
20, 029
42, 488
20, 621
43, 488
22, 064
43, 354
24, 174
43, 055
25, 433
44, 195
24, 832
44, 166
22, 762
44, 678
21, 510
44, 115
21, 743
44, 146
432
32, 603
901
2,593
273
404
31,603
874
2,599
280
358
28, 118
815
2,527
284
351
26, 239
775
2,586
307
336
27, 676
750
2,685
304
342
30, 995
746
2,693
324
338
33, 570
796
2,769
315
351
32, 967
842
2,772
331
361
28,687
903
2,787
337
371
28,704
941
2,696
335
436
32, 608
998
2,830
268
98, 673 103, 027
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $ 17, 222. 7 18, 579. 9 1, 545. 5 1, 519. 0 1, 503. 1 1, 454. 6 1, 450. 8 1, 514. 6 1, 601. 6 1, 670. 7 1, 656. 3 1, 559. 8 1, 524. 0 1, 580. 1
GAS
Manufactured and mixed gas:
Customers end of period total 9
666
624
41
669
626
43
650
608
40
574
539
35
mil. therms
do
do
1 437
829
589
613
389
224
323
174
144
163
63
98
Revenue from sales to consumers total 9 mil $
Residential
do
131 4
84 5
45 3
53.9
36.5
17.5
29.3
18.1
10.8
14.8
7.7
7.0
thous
do
do
39 034
35 836
3 152
39, 053
35, 842
32, 115
38, 835
35, 692
3,097
38, 962
35, 834
3,082
mil. therms
do
do
133 424
42*811
85 321
47, 703
20, 674
27, 030
33, 077
8,960
22, 594
26, 950
3,821
21, 519
Revenue from sales to consumers total 9 mil $
Residential
do
Industrial and commercial
do
8 124 4
4 294 9
3 637 9
3, 169. 0
1, 883. 4
1, 285. 6
1,911.7
940.4
920.0
1, 339. 9
502.2
787.5
thous
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
do
Natural gas:
Customers end of period total 9
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
_ _
_
mil. bbl
Taxable withdrawals
do
Stocks, end of period
do
Distilled spirits (total):
Production
mil. tax gal
Consumption, apparent, for beverage purposes
mil. wine galTaxable withdrawals
mil. tax gal
Stocks, end of period
__
-do
Imports
mil. proof gal _
Whisky:
Production
_ _ . mil. tax gal
Taxable withdrawals
do
Stocks, end of period
do
Imports
mil. proof gal _
Rectified spirits and wines, production, total
mil proof gal
Whisky
. .
do
Wines and distilline materials:
Effervescent wines:
Production
mil. wine gal
Taxable withdrawals
do
Stocks, end of period
do
Imports
._
__ _
_ do
Still wines:
Production
do
Taxable withdrawals
_
do
Stocks, end of period
do
Imports
do
Distilling materials produced at wineries
116. 55
106 97
10 77
122. 41
112 41
11.56
9.05
7 58
11.52
8.57
7.48
11.94
10.10
8.95
12.36
10.84
9.45
12.88
11.48
10.19
13.17
11.37
10.30
13.31
12.30
11.58
13.02
11.37
10.76
12.64
9.86
9.11
12.54
10.10
9.28
12.48
8.46
8.26
11.92
8.90
8 48
11.56
22.26
21.24
8.99
7.88
11.91
211 77
238 26
18.33
16.49
17.63
21.21
25.14
19.32
18.24
14.72
19.36
24.32
3^4 81
148 20
904 58
68.17
345. 49
147. 64
956. 44
75.45
23.22
10.97
909. 39
4.76
24.62
10.07
912. 89
5.00
28.22
10.52
917.15
5.17
26.62
13.95
920. 51
6.20
29.37
12.59
929. 85
6.00
26.48
12.13
934. 29
5.16
25. 96
10.53
939. 76
4.92
27.47
12.53
938. 82
6.17
27.35
14.29
940. 45
6.80
30.94
15.75
944. 52
9.23
34.14
41.14
' 12. 85 11.47
950. 02 956. 44
7.90
8.14
5.59
153. 78
97 02
856 66
59.70
178. 00
95 27
904. 35
66.50
13.08
7 19
860. 36
4.22
13.57
6 88
864.53
4.48
14.36
7 24
868. 98
4.60
16.28
8.62
873. 77
5.35
20.51
7.88
883. 23
5.34
14.15
6.97
888. 11
4.50
13.85
6.28
893. 66
4.31
9.60
7.63
892. 77
5.37
13.28
9.45
893. 39
5.92
17.66
11.07
895. 98
8.13
16.41
8.76
899. 65
7.00
15.24
7 31
904 35
7.29
4.87
108 26
67 31
110 56
66.71
8 31
4.70
6.90
4.16
7 60
4.31
10.30
6.30
9.37
5.77
8.91
5.33
8.30
4.92
8.66
4.99
10.43
6.37
12.85
8.26
10.40
6.73
8 53
4.87
12 17
10.28
5 25
2.23
98
.60
4.62
. 15
1 07
.56
5 07
13
1 12
.78
5 35
.14
1.17
.63
5.82
.15
.88
.78
5.85
.20
.87
.74
5.90
.17
.60
.55
5.86
.13
1.06
.77
6.08
.24
.95
1.06
5.85
.18
1.07
1.28
5.54
.26
1.16
1.26
5.38
.27
1 26
1.27
5 25
.22
.18
83
51
08
27
2 92
18 42
227 77
1 30
2 94
13.48
214 48
1.68
3.01
14.05
203. 34
1.93
2.40
14.39
187. 59
1.41
2.21
11.22
175 28
1.55
8.88
14.76
166 67
2 24
72. 54
14.76
221 09
2.22
93.68
18.01
290. 02
1.78
20 75
16.44
286. 82
1.54
5 51
16.00
268 30
1.68
.75
r
10 19
8 75
4 30
1.92
r
r 217 46
r
175 27
r 972 02
1
17 46
221
181
268
19
54
15
30
98
3 88
15 11
258 34
1 37
2
14
243
1
do
361. 34
366. 48
10.50
3 18
3.84
3.99
3.52
3.22
4.66
35.96
125. 32
126. 37
28.99
16.92
mil. Ib
do
$ per lb._
1 222 6
168 6
.675
1 171 7
117 4
.678
107 8
163.5
.673
100 7
173 0
.673
108. 6
176.4
.672
113.9
180.1
.673
124.4
199.3
.673
116.5
225.0
.672
100.1
241.7
.674
81.5
224.6
.677
70.2
196.5
.691
77.7
161.9
.686
77.8
137.4
.680
92.4
117.4
.690
mil. Ib
do
1 913 0
1 276 4
1 946 5
1,281 6
149 0
94 8
144 2
94 3
163 0
105 8
179.9
120.9
199.6
139.6
197.1
140.1
175.7
123.1
161.3
109.6
146.6
94.4
147.1
90.4
137.0
81.1
146 2
87.3
390.3
344.0
i 151 §
381.0
318.7
168 2
372.9
326.3
9 3
361 0
312.3
8 7
352.5
304.6
91
363.4
315.0
9 5
393.7
341.6
14 8
420.8
370.1
12.9
444.5
389.2
20 9
451.3
390.5
23 5
448.5
377.2
20.2
415.5
346.4
10.7
395.6
334.5
11.6
381.0 ' 257. 7
318.7 ' 296. 4
4.5
17.1
.521
.548
.530
.528
.522
.550
.553
.549
.549
.550
.551
.562
.565
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), total __
American, whole milk _ _ _ _ _ _
_
Stocks, cold storage, end of period
do_
American, whole milk
do
Imports... ___ _ _
do
Price, wholesale, American, single daisies (Chicago)__
$ per lb._
' Revised.
i Annual total reflects revisions not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one classi-
fication to another.
9 Includes data not shown separately.
.570
106.3
r 104.
5
.674
il6.3
.673
147.3
91.6
.572
328.1
269.8
.572
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
S-27
1968
1968
Annual
Jan.
Mar.
Feb.
Apr.
July
June
May
1969
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
"Production, case goods:
Condensed (sweetened)
mil. Ib
64 4
Evaporated (unsweetened)
_
_
do
1,493.2
(Stocks, manufacturers', case goods, end of period:
Condensed (sweetened)
mil. Ib
5.8
190.2
Evaporated (unsweetened)
_
do
Exports:
28.6
Condensed (sweetened)
do
Evaporated (unsweetened). _ __
. . do
33.8
Price, manufacturers' average selling:
7.05
Evaporated (unsweetened)
_$ per case__
Fluid milk:
Production on farms
mil. Ib r 118,769
Utilization in mfd. dairy products.
. _ do
58, 587
Price, wholesale, U S average
$ per 100 Ib
5 01
Dry milk:
Production:
F)ry whole milk
mil. Ib
74.3
Nonfat dry milk (human food)..
do
1,674.8
Stocks, manufacturers', end of period:
Dry whole milk
_ . ._
.do
6.1
98.7
Nonfat dry milk (human food)
do
Exports:
Dry whole milk
do
12.8
Nonfat dry milk (human food)
do
140.9
Price, manufacturers' average selling, nonfat dry
.199
milk (human food)
$ per lb_.
87.2
1, 360. 7
3.3
86 2
7.4
85 6
8.7
96 4
80
125 4
6 7
146 7
9 3
138 4
86
138 0
81
134 5
6.9
107.5
83
101 5
6.9
91.0
50
109 5
35
95 4
2. 1
99. 1
5.4
142.2
8.2
104.0
8.2
78.1
6.4
58.6
2 6
106.2
4 7
149 1
4 0
178 9
30
192 8
5.7
189.0
30
160 6
2.6
124.4
21
99.1
2 6
56 9
42 4
33.7
9
33
1.5
2.3
2 7
2.5
4.7
3.9
13
2.5
2 4
1.7
6 5
32
6 0
17
2 7
2.8
6.1
3.1
15
2.7
6 0
3.1
9
3 7
7.26
117, 281
58, 825
5 26
7.06
7.06
r
9 546
4 628
5.27
r
9, 207
4,574
5.20
7.22
7.07
r
10 169
5 103
5 08
r
10 457
5,576
5.03
7.33
7.29
r
11 227
6 147
4 99
T
10 840
6,038
4 90
r
7.35
7.36
10 201
5 567
5 06
9 567
4 929
5 24
7.36
r
9, 035
4,129
5 46
7.36
r
9 120
4 119
5 62
7.36
r
8 721
3,818
5 68
r
7.36
7.40
9 191
4,197
5 60
9 407
4 602
r 5 53
76 3
1, 610. 4
6 5
128 0
5 7
128 8
6 4
145. 5
71
169.8
9 6
189 2
10 0
188.2
5 2
152 1
4 6
120 3
4.9
91.0
6 1
91.0
51
90.9
51
115.6
5 2
120 9
78.9
7.6
r
7. 2
••83.0
6.6
79.3
6.3
76.8
7.6
89.6
9 1
118.0
11.5
145.9
11 1
139 9
10 1
128 4
8.4
107.4
91
90.1
7.9
76.0
7.6
78.9
8 2
72 6
18 6
151 0
1i
4 1
7
6.2
15
6 7
1i
4.3
13
26 4
7
12 3
17
10 2
14
20 8
1i
22 8
6 6
81
1i
13 7
4
15 3
g
34
.224
.198
.198
.199
.227
.231
.231
.231
.232
.234
.235
.233
.234
235
1, 267. 4
116.6
122.8
123.0
109.6
86.2
92.2
99 1
114 4
••83.2
84.8
108.3
127.2
18 4
.7
2 5
5
1
1.19
1 18
1 17
1 15
1 14
1 14
1 18
1 19
40 8
54 1
59 9
3i
1 06
1 08
1 13
1 14
1 14
1 13
1 18
1 16
10
4
5
.71
.74
8 795
5 47
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat) ..mil. bu_. 1, 245. 4
Barley:
Production (crop estimate)
__
do
Stocks (domestic), end of period...
do
On farms
do
Off farms
.
do
Exports, including malt§ ...
._
do.
Prices, wholesale (Minneapolis):
No. 2, malting
_ _
_$ per bu
No. 3, straight
do
Corn:
Production (crop estimate, grain only). .mil. bu.
Stocks (domestic), end of period, total. _mil. bu._
On farms
do .__
Off farms. .
do. _
Exports, including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per bu__
Weighted avg., 5 markets, all grades
do. _
Oats:
Production (crop estimate)
Stocks (domestic), end of period, total
On farms
_
Off farms
mil. bu.
do
do
do...
17. 8
1l
4.8
1.30
1.29
1 18
1 18
1.23
1 24
i 4, 760
i 4, 375
18
1 24
1 25
1. 19
1 18
1 06
1 07
1 04
1 05
1 19
1 20
41 9
42 1
2,151
1 621
531
42 7
46 7
60 7
1, 146
2
765
2
380
50 2
1.13
1 11
1.17
1 14
1.13
1 15
1 10
1 10
1 06
1 06
1 06
1 03
.8
1.23
1 23
1.24
1 23
515.3
594 0
51 8
48.1
3,169
2,362
807
54 9
1.27
1.25
1. 11
1 11
1.10
1.09
1.12
1.10
1.14
1.14
1789
1930
2
2
442
358
84
2
930
776
154
270
204
66
2
11.6
.5
.7
17
1.4
10
5
2
16
2 0
7
3.72
.80
.83
.79
.81
.82
.74
.67
.60
.63
.58
189.4
i 105. 3
1,913
1,403
2 020
1 376
187
135
194
224
213
167
206
188
122
119
83
63
91
80
54
28
170
76
371
69
115
58
91 e
170
221
179
272
289
254
312
260
185
179
142
106
88
69
79
110
286
315
312
298
227
6,675
4,544
7,086
4 774
338
451
511
485
235
424
141
434
62
410
88
299
126
248
1,182
305
1,732
372
1,584
481
749
519
339
347
139
212
1,875
4.066
.085
2,013
4 163
1,671
559
.085
1,545
295
.088
1,236
481
.090
988
469
.090
644
406
.090
417
300
.090
272
235
.090
784
169
.087
1,547
342
.081
2 122
209
083
2 119
336
.083
2 013
361
1 903
135
124.2
27.7
1.19
i 23 2
1.17
1.18
23.2
1.17
1.13
1.14
18. 0
1.12
1. 10
1 09
31.9
1.12
1 17
1 17
1 20
1.20
mil. bu_.
do
do
d0
11,522
1316
U,207
1,365
i 1, 570
i 342
i 1, 229
do.
do
do
1,209
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
mil. lb._
Shipments from mills, milled rice. _ . do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
mil. Ib
Exports
_
do
Price, wholesale, Nato, No. 2 (N.O.)
$ perlb
Rye:
Production (crop estimate)
mil. bu
Stocks (domestic), end of period _ _
. do
Price, wholesale, No. 2 ( Minneapolis).. $ per bu
1.14
505
704
2
Revised.
i Crop estimate for the year.
Old crop only; new crop not reported until
beginning of new crop year (July for barley, oats, rye, and wheat; Oct. for corn).
3 Average
for 11 months.
§ Excludes pearl barley.
$Bags of 100 Ibs.
1i
445.8
295 6
150 2
.4
1.24
1.25
864
648
543
104
2 136. 8
2 70 6
266 1
5
8
9
7
3
9
4,217
3,353
216
127
89
2
9.4
Rice:
Production (crop estimate)
mil. bags9-_
California mills:
Receipts, domestic, rough
_
mil. Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
_
mil. Ib
Stocks (domestic), end of period, total
On farms
Off farms. _ .
i 418 2
3.75
Exports, including oatmeal
do...
Price, wholesale, No. 2, white (Chicago)
$ per bu__
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution
_
i 372. 9
301.6
182.9
118.7
40.2
2
373
837
360
477
299
446
537
228
2309
1,690
744
946
2
2
SURVEY OF CUKRENT BUSINESS
S-28
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Jan.
Annual
March 1968
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total including
Wheat only
flour
mil. bu
do
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu__
No. 2, hd. and dk. hd. winter (Kans. City) do
Weighted avg., 6 markets, all grades.- do
675.6
637.1
642.1
587.8
63.1
58.7
69.1
65.4
63.4
59.1
64.8
58.0
42.2
39.1
48.3
45.6
51.1
48.0
50.2
46.5
30.4
25.2
42.6
37.9
50.7
44.0
66.3
60.3
14.7
13.9
1.92
1.68
1.88
1.79
1.52
1.77
1.86
1.62
1.87
1.85
1.63
1.85
1.87
1.61
1.84
1.84
1.57
1.83
1.81
1.55
1.78
1.77
1.48
1.70
1.74
1.42
1.62
1.68
1.41
1.62
1.72
1.42
1.73
1.79
1.49
1.83
1.79
1.54
1.83
1.72
1.50
1.78
1.78
1.52
1.82
254, 185
4,510
569, 649
21, 543
387
48, 368
20,379
366
45,637
21, 873
390
49, 019
20,025
355
44,492
19,985
351
44,374
19,687
352
44, 119
20,422
369
45,852
21,873
391
48,950
21,533
379
48,042
23,506
411
53,606
22, 080 «• 21,279
386
'374
49, 523 ' 47,667
20,394
359
45, 867
4,638
23, 264
1,903
1,568
4 348
1,842
2,930
1,300
4,262
1,144
1,304
1,551
4 517
2,229
2,020
2,903
4,638
2,570
370
5.938
5.433
6.020
5.500
6.020
5.450
6.210
5.938
5.888
5.350
5.775
5.267
5.775
5.350
5.788
5.288
5.913
5.375
5.925
5.463
5.950
5.513
3,876
i 29, 592
i 11,699
8,219
365
2,493
1,045
523
302
2,258
850
401
342
2,241
847
472
332
2,286
883
384
302
2,541
740
386
257
2,367
794
291
288
2,609
1,015
468
311
2.468
957
708
323
2,540
1,123
1,153
373
2,813
1,381
1,488
344
2,416
1,077
1,259
337
2,380
921
685
364
2,676
27.65
25.90
26.68
23.89
34.00
27.19
25.68
35.50
27.67
26.09
38.50
27.38
26.43
35.50
27.02
26.80
34.00
26.83
26.51
33.50
27.56
26.54
32.00
27.92
25.84
32.00
28.24
25.33
32.00
28.22
25.33
31.50
28.38
26.01
32.50
28.83
26.39
29.10
26.60
74, 784
i 15, 932
6,496
1,445
5,697
1,288
6,238
1,323
6,483
1,431
6,407
1,355
5,125
1,130
5,454
1,221
5,942
1,186
6,348
1,319
7,404
1,612
6,571
1,388
6,619
1,410
6,814
18.79
17.73
18.86
19.37
18.56
18.37
19.58
20.50
19.35
19.49
18.19
17.56
17.87
18.94
19.68
18.0
16.9
17.8
17.5
17.5
16.7
18.0
20.0
19.3
19.3
18.6
16.8
17.0
17.2
18.0
10, 893
i 2, 934
1,399
1,050
276
96
840
190
78
796
178
75
865
200
61
920
241
114
856
245
83
928
266
74
930
233
122
973
300
181
1,068
376
301
835
243
134
832
210
79
1,007
26.02
23.00
24.75
26.00
26.50
29.50
29.00
26.25
25.25
25.25
25.62
26.12
25.00
26.50
32, 718
2,816
2,494
2,581
2,690
2,855
2,482
2,661
2,738
2,738
3,132
2,770
2,760
2,965
625
508
1,594
'652
38
128
'636
37
117
618
32
109
662
37
123
674
34
109
615
32
150
548
34
151
508
45
148
517
55
171
572
48
147
614
62
144
625
54
97
'597
29
65
18, 274
304
29
1,129
1,554
287
3
87
1,414
264
2
78
1,406
234
2
70
1,434
224
2
84
1,587
203
3
69
1,464
207
2
105
1,592
222
2
113
1,608
240
3
113
1,536
249
2
129
1,714
273
2
111
1,489
304
3
107
1,475
304
2
63
1,620
288
2
51
276
.473
.464
.474
.469
.469
.475
.472
.477
.477
.477
.466
.471
.484
.492
.484
545
14
54
15
44
13
42
13
44
12
46
12
41
12
45
12
45
11
47
12
53
12
42
15
43
'14
52
10
9
1,208
1,036
1,134
1,211
1,222
977
1,024
1,084
1,154
1,365
1,239
1,242
1,254
993
••289
4
27
849
'292
3
27
929
306
3
29
985
355
3
28
986
388
3
29
786
326
3
29
830
245
4
27
881
197
11
24
943
197
11
30
1,114
222
14
24
1,014
237
18
25
1,022
256
15
26
1,033
'251
14
10
.517
.515
.504
.533
.531
.492
.517
.472
.516
.475
.522
.550
.544
.569
.545
.515
.543
.539
.546
.484
.567
.481
.484
.531
157
164
148
121
13
.116
164
132
16
.115
172
139
8
.110
140
130
12
.104
140
121
10
.108
146
105
16
.105
154
94
16
.105
182
89
14
.114
164
78
20
.123
160
'94
12
160
92
12
.114
136
124
27
.114
687
566
582
620
706
671
805
880
858
984
795
765
726
296
185
332
226
413
305
492
386
607
504
486
386
417
317
'394
'294
352
257
.140
.145
.140
.135
.115
.120
.125
.130
.135
Wheat flour:
Production:
245, 240
Flour
._-thous. sacks (100 Ib.)
Offal
thous. sh. tons__
4,423
Grindings of wheat
_
_ thous. bu
549, 801
Stocks held by mills, end of period
thous. sacks (100 lb.)-_
4,372
Exports
do
16, 535
Prices, wholesale:
Spring, standard patent (Minneapolis')
$ per 100 Ib
6 124
Winter, hard, 95% patent (Kans. City), do
5.631
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals
4,002
Cattle
do
27, 780
Receipts at 28 public markets
do
12, 659
Shipments, feeder, to 8 corn-belt States.
do
7,852
Prices, wholesale:
Beef steers (Chicago). _.
$ per 100 Ib
25.97
Steers, stocker and feeder (Kansas City)__do
24.73
Calves, vealers (Natl. Stockyards, !!!.)__ do
32.38
Hogs:
Slaughter (federally inspected) ...thous. animals.- 70, 915
Receipts at 28 public markets
do
i 16,196
Prices:
Wholesale, average, all grades (Chicago) *
SperlOOlb..
18.95
Hog- corn price ratio (bu. of corn equal in value
to 100 Ib. live hog)
16.3
Sheep and lambs:
Slaughter (federally inspected).., thous. animals_. 11, 516
Receipts at 28 public markets ._ _
do
13,603
Shipments, feeder, to 8 corn-belt States
do __
1,449
Price, wholesale, lambs, average (Chicago)
$perl001b_.
23.48
342
28.97
27.22
70
27.50
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
slaughter.
.
_
mil. Ib
'31,106
Stocks (excluding lard), cold storage, end of
period
mil Ib
644
Exports (meat and meat preparations) . do
484
Imports (meat and meat preparations)
do ._
1,397
Beef and veal:
Production, inspected slaughter
do
' 17, 252
Stocks, cold storage, end of period
•
do
286
Exports. _ _ _ _ _ _ _ _ _
do
34
Imports __
do
1967
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs.) (New York)
$perlb_.
.451
Lamb and mutton:
Production, inspected slaughter
mil. Ib
574
Stocks, cold storage, end of period __
do
15
Pork (including lard), production, inspected
slaughter
mil Ib
' 13, 280
13, 898
Pork (excluding lard) :
Production, inspected slaughter
__. do
' 10, 750 11, 330
Stocks, cold storage, end of period _
do
256
286
Exports _ _ _ _ _
do
92
56
Imports
_ _
do
324
307
Prices, wholesale:
Hams, smoked, composite..
$perlb
.544
Fresh loins, 8-12 Ib. average (New York) _ _ d o
.509
.515
Lard :
Production, inspected slaughter
mil Ib
1,862
1,835
Stocks, dry and cold storage, end of period- .do
94
151
Exports _ _
do
189
172
Price, wholesale, refined (Chicago)
$ per lb_.
.126
604
267
.507
POULTRY AND EGGS
Poultry:
Slaughter (commercial production)
mil. lb-_
Stocks, cold storage (frozen) , end of period, total
mil. lb_.
Turkeys
do
Price, in Georgia producing area, live broilers
$ per lb-_
9,218
8, 918
540
367
417
317
525
361
458
310
400
268
351
225
312
194
.122
.132
.125
.135
.135
.135
.135
March 1969
SURVEY
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
OF CURRENT BUSINESS
1969
1968
| 1968
Jan.
Annual
S-29
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms..
mil. casesGL.
Stocks ,cold storage, end of period:
Shell
-__
.thous cases O
Frozen
mil. lb__
Price, wholesale, extras, large (delivered; Chicago)
$ per doz._
194.9
192.6
16.6
15.7
17.1
16.6
17.7
15.9
16.1
15.7
15.1
15.8
15.4
15.9
15.9
14.7
102
86
191
95
287
108
262
110
229
109
150
102
172
92
91
82
59
72
'56
61
68
56
86
89
59
72
75
85
77
80
82
81
.298
1.372
1.325
.294
.316
.303
.287
.332
.369
.390
.501
.399
.437
.480
.485
.413
282.6
.288
228.2
.344
35.8
.315
24.5
.300
7.7
.300
25.7
.313
27.9
.296
21.8
.289
18.6
.291
15.3
.300
12.9
.363
10.8
.394
10.0
.465
17.4
.498
2.0
.433
.431
2,311
21,291
5,076
21, 165
21,312
6,069
.384
1,645
25,377
8,318
.376
1,703
2,202
631
.373
148
2,461
956
.375
150
1,755
510
.375
142
2,398
766
.375
126
1,956
559
.380
113
1,641
567
.378
107
2,481
726
.378
97
2,397
773
.378
127
2,322
839
.375
194
1.687
552
.378
188
2,132
740
.378
'172
1,945
699
.375
139
363
135
mil. lb._
253
285
227
201
••173
176
181
188
235
258
275
288
287
285
'248
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
thous. sh. tons..
Entries from off-shore, total 9
do
Hawaii and Puerto Rico...
..do
'4,106
6,391
1,958
4,396
6,663
1,696
551
2,128
24
172
302
129
202
146
142
115
154
152
105
218
199
65
418
170
72
714
184
90
788
184
158
532
92
793
570
215
1,066
439
128
1,008
252
'76
2,034
35
do
do
do
10, 516
10,245
2,873
11,098
10, 932
2,954
763
748
2,891
752
738
2,719
841
825
2,603
834
821
2,523
943
931
2,323
952
940
2,092
1,028
1,008
1,817
1,117
1,102
1,533
1,029
1,013
1,249
932
921
1,723
sh. tons.-
1,468
1,320
85
285
51
120
89
65
94
165
120
62
'118
66
94
thous. sh. tons..
do
do
4,584
2 1, 134
97
4,879
1,075
117
201
13
4
282
32
5
373
64
2
440
109
3
494
174
26
457
253
8
475
104
2
541
161
4
444
9
2
452
33
1
290
32
48
431
96
13
45
0
1
.073
.075
.074
.074
.074
.074
.075
.076
.076
.076
.076
.077
.076
.076
.077
.638
.102
.630
.628
12, 279
15,633
1,859
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl shells)
thous Ig tons
Price, wholesale, Accra (New York)
$ per lb,_
Coffee (green):
Inventories (roasters', Importers', dealers'), end
Roastings (green weight)
do
Imports, total
do
From Brazil _ , _
do
Price, wholesale, Santos, No. 4 (N.Y.)..$ per lb_.
Confectionery, manufacturers' sales
mil. $..
Fish:
Stocks, cold storage, end of period
Deliveries, total?
For domestic consumption
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
Prices (New York) :
Raw, wholesale
Reflned'.
1
"Rotnll Hnol "NT "R
_
$perlb..
"NToiw ForQotr^
Tea Imports
t nor K IK
thous Ib
5,076
5,603
5, 205
4,921
3,286
4,954
2,568
5 687
146
821
1,087
'809
1,077
2,467 '2,954 * 3, 119
.620
.099
.624
.608
.099
.614
.100
.613
.099
.614
..099
.615
.099
.622
.102
.624
.103
.635
.102
.635
.102
.636
.102
142, 583
155, 335
10, 910
10, 121
13,500
13, 121
15, 800
13, 734
11, 440
16,354
14,766
7, 677
264.2
141.5
267.6
128.9
271.8
124.2
258.4
130.7
273.6
133.8
258.4
130.3
238.9
124.3
297.7
136.2
292.4
125.4
317.0
134.7
296.6 ' 275. 3 293.1
119.2 ' 142. 7 130.8
246.5
73.0
258.4
100.5
247.8
80.8
239.1
76.0
271.2
79.7
291.5
83.1
230.1
69.6
245.0
73.2
239.4
64.9
261.5
69.7
230.8 ' 234. 6
74.8 '79.4
244.2
127.7
203.3
58.8
192.7
62.1
177.5
65.3
170.8
62.3
161.5
58.0
160.9
62.2
162.3
52.6
168.0
52.8
168.0
50.1
199.7
56.3
179.6 ' 196. 6
'49.1
45.8
218.1
51.9
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
.256
539.1
517.3
49.6
46.3
38.6
81.6
46.5
43.0
81.5
46.0
42.9
84.9
41.0
42.8
76.0
49.5
42.5
72.5
44.4
40.6
69.8
41.8
40.5
59.6
44.9
53.2
47.5
44.5
47.2
39.3
48.1
45.1
40.9
45.5
46.3
42.7
4, 745. 2
2, 478. 0
358.5
415.0
205.3
489.2
381.9
189.9
439.5
387.5
209.1
438.1
379.4
198.7
428.1
426.1
225.3
440.1
398.1
214.1
407.1
398.5
205.0
420.3
397.5
210.1
400.0
390.2
211.7
376.9
431.9
223.0
386.7
377.1 ' 362. 0 412.1
193.8 ' 192. 0 218.2
376.0 ' 358. 5 421.0
170.8
69.9
155.8
.9
6.0
144.4
.6
6.1
119.2
1.1
6.2
110.5
4.0
6.3
113.1
10.8
6.5
119.7
21.0
5.7
145.8
36.2
6.5
163.0
30.9
5.5
177.8
26.3
5.8
188.3
20.4
5.2
178.8
'6.5
12.1
5.5
'4.6
159.2 ' 155. 8
.4
4.9
124.2
392.1
550.9
730.7
197.1
442.8
32.3
52.2
61.1
147.5
115.8
20.9
45.8
56.6
142.8
59.6
18.8
47.6
64.7
114.4
20.3
39.9
48.2
68.9
95.9
16.9
41.1
44.3
67.9
108.8
34.2
37.7
46.0
57.8
129.0
35.7
30.9
41.9
54.2
145.2
40.5
34.9
51.4
61.1
152.8
16.1
34.0
44.1
57.2
130.2
30.7
27.5
48.1
65.6
132.9
41.0
41.7 '32.4
44.9 '36.4
61.5 '54.1
172.0 ' 197. 1
17.5
14.6
31.3
48.2
59.8
185.7
152.3
3
Baking or frying fats (incl. shortening):
Production
mil Ib
3,225.7 3, 311. 9
Stocks, end of period 0
do
139.2
142.7
Salad or cooking oils:
Production
do
2,922.1 2, 995. 9
Stocks end of period©
do
79.4
79.5
Margarine:
Production
do
2, 114. 1 2, 140. 9
Stocks, end of period©
do
59.9
49.1
Price, wholesale (colored; mfr. to wholesaler or
.257
large ret ailer; delivered)
$ per lb. _
223
.077
FATS, OILS, AND RELATED PRODUCTS
Animal and fish fats: A
Tallow, edible:
577.8
Production (Quantities rendered)
mil lb
525.1
Consumption in end products... _ .
do__
73.2
Stocks, end of period T
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do_.. 4, 753. 0
Consumption in end products
do___ '2,402.4
424.6
Stocks end of period t
do
Fish and marine mammal oils:
118.4
Production.
do___
73.0
Consumption in end products
do-._
146.3
Stocks end of period ^
do
Vegetable oils and related products:
Coconut oil:
Production: Crude
Refined
Consumption in end products
mil. lb_
do
do._.
2 350. 5
565.1
766.1
133.6
2 523. 0
Imports
do
Corn oil:
38.5
37.6
452.8
35.1
444.0
Production: Crude
do._35.5
36.4
36.5
418.1
429.6
Refined
do._.
35.7
36.2
30.6
439.6
420.6
Consumption in end products
do._34.1
39.8
36.5
40.5
37.7
Stocks, crude and ref., end of period IT
do...
'1 Revised.
v Preliminary.
Beginning January 1968, data are not comparable with those for earlier periods; prices are
based on minimum 80 percent A quality (instead of 60-79.9 percent as formerly). 2 Annual
total reflects revisions not distributed to the monthly data.
s Beginning July 1967, prices
based on 1967 benchmark; 1967 average is for July-Dec, period. July 1967 price on old basis,
$0.631.
'40.6
'34.6
'49.6
45.8
43.0
51.2
36.6
34.4
39.5 '37.8
41.4
33.4
36.6
40.7
38.8
39.0
34.5
31.9
36.3 '38.8
38.3
35.2
33.6
37.8
34.3
35.2
34.4
'36.2
40.2
39.5
33.5
40.9
37.4
36.5
37.3
35.6
43.0
40.5
41.1
39.0
51.2
39.7
49.2
43.5
50.1
44.9
OCases of 30 dozen.
cPBags of 132.276 lb.
§ Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately; see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
SURVEY OF CURRENT BUSINESS
S-30
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
| 1968
Annual
March 1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
1969
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
229 2
167 4
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PRODUCTS- Continued
Vegetable oils and related products— Continued
Cottonseed cake and meal:
Production
_ thous. sh. tons
Stocks (at oil mills), end of period
_do__
Cottonseed oil:
Production* Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil. Ib
Exports (crude and refined)
do
Price, wholesale (drums; N.Y.)
$ per lb._
1,564.7
146.7
1, 574. 8
135.1
198.0
161.8
161.6
168.1
140.2
170.6
107.8
192.4
73.8
200.5
47.8
188.9
39.1
158.0
33.5
127.4
54.5
107.6
231.5
130.7
240.3 ' 246. 7
145.4 ' 135. 1
255.3
141.2
1, 108.3
1, 050. 8
1, 010. 5
1 115 1 143.8
1,001.5, 136.6
909.6
85.7
114.1
106.5
82.6
99.1
115.7
81.5
76.1
77.7
81.0
52.6
71.4
91.0
35 5
50.3
87.1
27.4
34.4
62.4
22.9
29.4
63.0
39.6
30.0
59.2
162.6
99.3
76.9
167 7 r 173 7
124.8 ' 125. 4
68.9 '70.3
202 3
153.9
72.5
272.7
61.7
313.7
4.5
.148
328.2
2.0
.154
324.7
3.6
.158
311.7
8.4
.160
262.9
.8
.185
201.4
5.4
.183
158.3
7.4
.184
118.7
.8
.193
98.7
3.3
.175
153.2
3.9
.134
213.5
12.0
.140
370.6
209.8
306.6
195.6
27.6
14.6
28.5
17.9
25.8
15.0
23.4
17.3
24.3
17.9
23 2
18.3
9.9
17.2
22.0
17.3
31.6
16.8
35 4
17.3
29 9
14.1
213.3
.129
157.2
222.7
.132
223.0
.132
219.3
.132
216.2
.132
205.0
.132
200.9
.132
179.2
.132
163.6
.126
162.2
.119
164.7
.119
168.6
.119
13,359.2 13, 468. 4
149.2
199.8
1,191.7
142.7
1,132.6
158.5
1,124.1 1,028.9 1, 128. 2
196.3
150.8
123.8
1,098.9
151.6
1,102.1 1, 022. 7
100.5
136.0
893.4
95.4
6,149. 9 6, 149. 6
5, 072. 8 5, 227. 9
5, 202. 7 5, 401. 6
526.2
429.1
457.1
510.4
457.7
450.8
510. 9
431.9
448.5
472.8
424.2
428.0
520.5
447.1
448 1
507.5
425.2
457.0
507.6
392.6
413.3
477.6
427.1
444.9
408.6
444.4
457.0
578.8
446.7
496.0
584.1 r 544. 6 520.0
439.5 'r 462. 4 467.4
442.1
496.7
467. 8
688.4
30.3
108
695.0
68.4
.132
711.5
80.9
115
747.0
41.4
106
745.6
48.0
107
705.0
119.2
098
743.2
46.2
092
695. 7
29.7
.092
539.9
124.2
.093
541.4
67.2
.092
562.6
56.4
.099
'688.6
111.5
533.8
58.9
Linseed oil:
Production crude (raw)
mil Ib
Consumption in end products...
do ._
Stocks, crude and refined (factory and warehouse) end of period
mil Ib
Price, wholesale (Minneapolis)
$ per Ib
Soybean cake and meal:
Production
thous. sh. tons
Stocks (at oil mills), end of period
_ - do _ _
Soybean oil:
Production: Crude
mil. Ib
Refined
do__
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period
_mil. Ib .
Exports (crude and refined)
do
Price wholesale (refined; N Y )
$ per Ib
r
252.1
1
72. 1
2
.154
1
663.2
912. 3
.120
588.6
823.4
T
272. 7
9.5
347.9
2.6
25.0
'11.9
30.4
13.2
157. 2
152.9
1,257.3 1, 281. 4 1,r 207. 1 1, 139. 9 1 038.3
111.5
112.5
149. 2
174.4
170.7
TOBACCO
Leaf:
3
1, 968
Production (crop estimate)
mil Ib
Stocks, dealers' and manufacturers' end of period
mil Ib
5,486
571, 559
Exports, incl scrap and stems
thous. Ib
1 197, 109
Imports incl scrap and stems
do
5,179
598, 916
217 708
44, 296
16 337
44, 792
22 179
5,312
28, 806
20 361
36, 934
22 830
43, 727
16 680
4,858
45 614
17 824
43, 696
18 427
63,939
18, 335
4,937
73, 366
16 656
38, 781
18, 990
71, 322
13, 874
5,179
63,643
15, 215
8,144
20, 490
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) , taxable
Exports, cigarettes
_ _
53 846
523 007
6,759
26, 510
3 485
40, 982
557
1,599
4 040
46, 362
531
1,940
4 144
41 839
536
1,490
3 954
40 015
569
2,298
4 923
47 305
641
2,244
4 659
43 407
535
2,455
4 788
44,093
532
1,810
5 243
48, 947
616
3,088
5,470
44, 159
558
3,329
4,478
50,083
682
1,579
4 350
40,654
602
2,089
4,312
35, 161
400
2,589
705
9 281
212
1 018
8 753
190
816
11, 724
111
1 302
10, 937
130
1,180
13, 737
163
1,235
13, 456
158
1,185
10, 721
124
1,153
8,983
79
975
8 700
3 659 419
7 300
3 034
483
7 200
3 469
352
5 900
2 214
'295
6 300
2 359
344
5 200
1 475
330
3 700
915
369
3 300
658
274
2,000
693
73
.625
.121
325
1 911
678
2,443
299
1 909
571
2,325
322
2,004
584
2,335
5,158
3,623
48 971
millions
527, 798
do
6,846
do
.millions . 23, 652
3
1, 716
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $
Calf and kip skins
thous skins
Cattle hides
thous hides
Imports:
Value total 9
Sheep and lamb skins
Goat and kid skins
thous $
thous pieces
do
Prices, wholesale, f.o.b. shipping point:
Calfskins packer heavy 9H/15 Ib
Hides, steer, heavy, native, over 53 Ib
127, 893
2 626
11, 987
r
61 300
36:044
7 109
128, 679
2 212
12 636
15 701
208
797
9,723
211
983
4,850
177
1,043
9 644
289
902
78 400
30 912
5 203
6 600
2 330
614
7 900
3*413
734
8 300
4 037
418
8 200
3 349
572
500
093
480
.093
530
.120
480
113
500
123
550
.113
550
108
575
. 110
625
.114
625
.118
10 152
238
1 022
$ per Ib
do
460
120
LEATHER
Production:
Calf and whole kip
thous. skins
Cattle hide and side kip
thous hides and kips
Goat and kid
thous skins
Sheep and lamb
do
4,008
23 394
8 456
28 375
4
24
6
31
247
032
764
413
341
2 088
696
2,664
340
2 073
539
2,691
341
1 990
520
2,762
398
2 073
547
2,807
436
2 181
536
2,910
392
2 002
466
2,554
359
1 616
442
2,225
390
2 094
496
2,821
306
1 895
573
2,560
320
2 201
700
2,651
Exports:
Upper and lining leather
71 769
77 265
6 732
7 683
7,417
8 746
6,733
5,619
4,249
5,777
5,220
6,078
7,853
thous. sq. ft
Prices, wholesale, f.o.b. tannery:
Sole, bends light
index 1957-59—100
Upper, chrome calf, B and C grades
index 1957 59 100
LEATHER MANUFACTURES
Shoes and slippers:
Production total J
thous pairs
Shoes, sandals, and" play shoes, except athletic I
thous pairs
Slippers t
do
Athletic J
do
Other footwear t
do
Exports
do
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper Goodyear welt
index 1957-59—100
Women's oxfords, elk side upper, Goodyear
welt
index 1957-59—100
Women's pumps, low-medium quality do
r
97 9
90 5
90 5
90 5
90 5
98 0
98 0
95 0
95.0
96.5
96 5
96.5
92 8
86 3
88 2
89 0
88 8
88 4
88 8
94 2
94 2
95 9
95 9
95.9
56 299
49 924
48 136
57 460
51 228
59 385
49,490
47, 779
45 601
9 875
619
204
40 281
8 809
641
193
40 504
7 072
428
132
46 710
9 933
641
176
41 387
9 057
626
158
47 459 ' 39,356
11 057 ' 9, 316
••663
697
155
172
40, 114
6,880
665
120
156
193
737
213
195
242
599 964
646 157
56 644
55 670
68 067
495
95
6
2
529
106
7
2
640
923
547
047
47 689
8 186
602
167
46 418
8 443
628
181
48 457
8*760
654
196
56 075
45 664
9 535
683
193
2 884
144
178
244
232
185
165
380
620
949
015
2 217
r
122 9
125 7
125 7
125 7
128 7
128 7
128 7
128 7
128 7
131.3
134 2
135.4
113 1
125 8
113 7
133 1
113 7
132.3
116 6
132.4
120 0
133.2
120 0
132.9
120.0
133.1
120 0
133.0
120.0
132.9
120.0
135.5
120.0
138.0
120.0
138.0
Revised.
'Annual
total reflects revisions
not distributed to the monthly data.
2
3
Average for 11 months.
Crop estimate for the year.
r
9 Includes data for items not shown separately.
jRevisions for Jan. 1965-July 1967 will be shown later.
143
SURVEY OF CURRENT BUSINESS
March 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1968
Annual
S-31
1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES
National Forest Products Association:
Production, total
_ mil. bd. ft
Hardwoods
do
Softwoods
.
do
Shipments, total
Hardwoods
Softwoods
_ _
Stocks (gross) , mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
35, 275
7,401
' 27, 874
37,069
6,935
30, 134
2,711
481
2,230
2,845
504
2,341
3,137
581
2,556
3,278
602
2,676
3,281
596
2,685
3,108
630
2,478
3,140
592
2,548
3,211
611
2,600
3,183
582
2,601
3,364
605
2,759
2,970
614
2,356
2,813
509
2,304
2,937
581
2,356
do
do
do
35, 777
7,603
28, 174
38, 021
7,731
30,290
2,700
581
2,119
2,980
637
2,343
3,252
710
2,542
3,414
686
2,728
3,426
666
2,760
3,196
654
2,542
3,253
608
2,645
3,312
621
2,691
3,194
637
2,557
3,434
637
2,797
3,041
687
2,354
2,787
575
2,212
2,976
694
2,282
do
do
do
5,744
1,377
'4,368
5,086
914
4,172
5,789
1,332
4,457
5,690
1,252
4,438
5,632
1,183
4,449
5,504
1,115
4,389
5,380
1,051
4,329
5,322
1,041
4,281
5,279
1,038
4,241
5,194
1,034
4,160
5,196
995
4,201
5,094
975
4,119
5,030
934
4,096
5,086
914
4,172
5,113
879
4,234
do
do
1,112
4,987
1,143
6,087
100
407
108
418
107
407
110
476
104
439
81
517
100
610
94
560
81
526
90
685
82
519
84
524
72
353
8,222
579
9,047
822
710
620
808
725
783
755
758
727
724
651
858
734
795
752
666
645
790
742
726
662
674
657
755
822
755
898
8,046
8, 129
957
8,802
8,804
955
724
669
1,012
726
703
1,035
762
753
1,044
801
786
1,059
799
800
1,058
747
775
1,030
716
111
969
723
773
919
721
693
947
774
806
915
671
679
907
638
590
955
663
679
956
388
113
275
403
102
301
36
9
27
32
9
23
39
14
25
43
10
33
34
9
25
31
7
24
36
10
26
32
8
24
29
6
23
31
7
24
27
6
21
33
6
27
24
8
16
SOFTWOODS
Douglas fir:
Orders, new
_ _ _ _ _ __
Orders, unfilled, end of period
mil. bd ft
do___
Production.. _ . _ . . _ _ _
. _
Shipments
Stocks (gross) , mill, end of period
do
do
do
Exports, total sawmill products
Sawed timber
.
Boards, planks, scantlings, etc
do
do
do
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$ per M bd. ft
Flooring, C and better, F. G., 1" x 4", R. L.
$ per M bd. ft
Southern pine:
Orders, new
._
Orders, unfilled, end of period
mil. bd. ft
do
Production
_ _ do
Shipments
do
Stocks (gross), mill and concentration yards, end
of period
. ...
mil. bd. ft
Exports, total sawmill products
M bd. ft
Prices, wholesale, (indexes):
Boards, No. 2 and better, I" x 6", R. L.
1957-59=100
Flooring, B and better, F. G., 1" x 4", S. L.
1957-59=100..
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft
do
Production
Shipments
do
do
. Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3,1" x
12", R. L. (6' and over)
$ per M bd ft
r
85 54
95.75
98.62
105. 88
103. 56
103. 84
104.66
108.46
111.01
112. 36
113. 06
113. 06
169 99
165.24
164.54
165. 24
164. 71
163. 31
163.31
163.31
163.31
165.94
169. 33
169. 33
6,381
307
7,145
422
522
328
579
356
586
358
620
388
598
356
562
368
596
375
596
367
621
390
647
369
629
391
589
422
648
408
6, 415
6,348
6,870
7,030
519
501
521
551
568
584
575
590
591
630
548
550
590
589
579
604
559
598
645
668
596
607
579
558
681
662
1,297
1,137
1,315
1,285
1,269
1,254
1,215
1,213
1,214
1,189
1,150
1,127
1,116
1,137
1,156
87, 436
90,477
8,674
6,965
7,428
6,716
9,658
6,529
7,649
7,538
7,790
5,536
5,222
10, 772
621
103.4
108.9
111.2
114.0
116.0
117.7
118.6
119.5
120.8
121.8
123.5
126.3
106.0
108.7
109.2
110.7
111.6
112.7
112.7
113.7
114.5
114.7
114.8
115.5
10, 531
557
10, 881
539
756
607
869
659
880
642
1,040
666
920
582
939
624
994
640
946
608
985
616
1,006
615
789
600
757
539
748
616
10, 180
10, 401
10, 851
10,900
714
706
801
817
920
897
968
1,016
983
1,004
888
897
955
978
988
978
1,015
977
1,003
1,008
804
804
812
818
702
671
1,445
1,396
1,453
1,437
1,460
1,412
1,391
1,382
1,359
1,369
1,407
1,402
1,402
1,396
1,426
71 95
70.78
71.86
75.90
87.26
92.16
88.72
87.67
89.03
89.99
94.11
98.64
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
547.0
20.1
496.5
23.9
42.0
20.5
50.3
26.4
44.6
27.3
39.2
25.8
41.2
21.4
34.4
18.9
39.2
19.1
45.1
20.7
47.0
25.6
45.3
26.1
36.2
25.7
32.1
23.9
38.6
25.8
551.2
552.2
57.9
459.3
485.1
23.5
41.1
40.6
58.4
40.3
43.1
53.9
41.1
43.7
51.3
41.6
40.5
52.4
43.4
44.3
51.0
38.2
37.2
49.2
33.4
38.2
44.0
38.3
43.0
38.5
34.6
40.5
30.5
41.4
44.8
27.1
34.4
36.1
25.3
31.4
33.0
23.5
38.6
36.7
25.4
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh tons
Scrap
do
Pig iron
__
do
Imports:
Steel mill products
Scrap
.
Pig iron .
..
do
do
do
1,685
7,635
7
2,170
6,572
11
141
485
()
104
355
1
110
527
1
137
420
1
132
502
1
120
501
1
142
479
1
176
624
1
269
764
1
207
539
1
306
801
2
327
576
1
132
282
1
11,455
286
2
631
17,960
327
799
1,102
34
14
1,058
26
14
1,241
27
64
1, 480
30
31
1,770
36
63
1,507
31
71
1,505
30
81
2,138
16
92
1,698
17
124
1,485
24
99
1,550
19
72
1,425
38
73
510
24
8
4,762
3,391
7,795
7,546
4,702
3,709
7,777
7,672
5,017
3,799
8,232
7,772
5,009
3,568
8,024
7,889
5,259
3,746
8,342
8,113
4.785
3,411
7,577
8,225
4,730
3,022
7,128
8,385
3,830
2,560
5,934
8,414
3,506
2,641
5,787
8,340
3,905
3,105
6,610
8,288
26.30
28. 50
24.48
9fi nn
22.85
24 nn
22.59
24. nn
22.40
24.00
23.01
25 .00
22.74
25.00
l
Iron and Steel Scrap
Production
Receipts
Consumption
__
Stocks, consumers', end of period
thous sh tons
do
do
do
52, 312
2 32, 654
85, 361
7,793
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton
28.17
3 27. 51
30.32
30.07
Pittsburgh district
do
27.00
34 OH
ai.no
aa nn
r
Revised.
» Preliminary.
1 Less than 500 tons.
2 Annual total reflects revisions
not distributed to the monthly data.
3 For Feb.-Dec. 1967.
24.00
25.00
Feb.
March 1969
SUEVEY OF CURRENT BUSINESS
S-32
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
Jan.
Annual
1969
1968
} 1968
Mar.
Feb.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
IRON AND STEEL— Continued
Ore
Iron ore (operations in all U.S. districts):
Mine production
thous Ig tons
Shipments from mines
do
Imports
do
84, 179
i 83,016
44, 627
85,860
83, 441
43, 941
5,289
2,009
2,390
5,182
2,035
1,725
5,476
2,140
2,031
6,697
6,881
2,859
9,492
11,210
5, 243
9,582
11, 075
4,650
9,459
11,737
4,591
9,098
10, 411
4,555
8,514
8,760
5,082
6,918
8,418
4,742
5,255
5,929
3,114
4,898
2,836
2,958
1,402
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
119, 435
118, 982
5,944
118, 581
120, 449
5,937
3,693
11, 251
346
3,674
10, 746
321
3,920
11, 562
385
8,787
11,457
625
15, 437
11, 770
570
15, 189
11, 152
458
15, 325
11,012
500
13, 915
8,519
493
12,904
7,343
593
12,200
7,798
698
7,737
8,358
522
5,799
9,483
426
3,380
10, 145
306
do
do
do
do
71,238
13, 130
55, 121
2,987
71,649
15, 620
53, 232
2,797
66,547
16,288
47,542
2,717
62, 143
19, 435
40, 455
2,253
57, 287
22, 771
32, 813
1,703
54, 323
22, 586
30, 130
1,607
56, 113
20, 866
33, 798
1,449
58, 708
19, 374
37,880
1,454
61, 054
17,095
42, 195
1,764
65, 413
15, 782
47, 591
2,040
71, 113
15, 536
53, 153
2,424
74, 491
14, 230
57, 554
2,707
73, 296
13, 556
56, 934
2,806
71,649
15, 620
53, 232
2,797
46,534
2,503
do
1,086
953
108
87
116
82
72
68
61
92
103
28
52
83
92
i 86,984
87, 371
88, 780
8,097
8,285
7,841
8,139
8,476
8,658
8,443
8,568
8,706
8,650
8,244
8,220
8,021
7,957
6,333
6,376
5,481
5,666
5,916
6,039
6,218
7,020
7,296
Stocks, total, end of period
At mines
At furnace yards
At U S docks
Manganese (mn content) general imports
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons__
Consumption
do
Stocks (consumers' and suppliers'), end of period
Prices:
Composite
$ per Ig. ton-Basic (furnace)
do
Foundry, No. 2, Northern
do
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons..
Shipments total
do
For sale
do
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons, _
Shipments total
do
For sale
do
2,677
2,523
2,425
2,439
2,514
2,549
2,641
2,644
2,584
2,456
62.70
63 00
63 50
62.70
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
63.00
63.50
62.70
913
14, 329
8,128
914
15, 109
8,797
912
1,186
650
979
1.283
693
1,010
1,360
770
1,026
1,352
802
1,031
1,455
835
986
1,291
774
965
1,144
703
909
1,184
723
899
1,223
747
886
1,307
768
'875
' 1, 187
'675
914
1,137
657
120
1,041
614
156
1,108
595
121
91
53
122
85
42
123
91
48
117
94
50
112
102
55
113
91
48
120
79
44
122
79
46
131
88
49
116
102
56
130
'93
46
156
113
58
131, 098
134.6
12,015
145.6
11, 795
152.8
12,721
154.2
12,450
155.9
12,700
153. 9
11,906
149.1
11, 452
138.8
8,956
108.6
8,086
101.3
9,006
109.2
9,590
120.1
10, 421
126.3
360
1,733
1,438
336
159
127
318
154
126
307
157
128
300
153
125
283
155
125
262
144
118
280
129
109
279
129
109
289
135
116
331
141
119
'347
'132
'112
360
145
124
7,758
7,901
8,752
9,035
9,718
9,492
10,368
5,263
5,215
6,316
6,007
6,320
7,280
380
495
759
127
380
525
752
139
422
562
843
143
439
586
840
140
439
648
882
152
433
627
858
138
530
671
926
165
254
370
513
63
291
385
457
72
350
438
540
110
479
428
523
99
497
421
544
118
458
458
628
131
1,138
749
218
161
730
267
573
3,290
947
1,573
1,155
757
228
161
851
282
509
3,307
971
1,587
1,296
857
259
170
957
314
582
3,633
1,049
1,681
1,303
842
279
173
1,175
345
654
3,552
986
1,667
1,443
919
333
181
1,113
358
842
3,842
1,093
1,778
1,348
875
288
177
1,077
343
882
3,786
1,089
1,726
1,521
963
376
173
1,113
361
960
4,121
1,264
1,830
887
477
279
123
666
205
320
1,984
616
787
818
444
251
116
520
210
544
1,919
530
789
965
551
267
137
600
252
770
2,293
685
943
937
559
239
131
626
239
334
2,343
723
985
904
547
221
126
657
222
310
2,649
941
1,054
1,096
699
222
166
749
249
504
3,006
897
1,379
2,842
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons__ 1127,213
Index
._
_ _ daily average 1957-59=100
131.0
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons_.
293
Shipments total
do
1,857
For sale total
do
1,556
11,083
134.3
p 10, 889
p 146. 1
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons_. » 83, 897 i 91, 856
By product:
4,061
Semifinished products
do
4,821
6,133
Structural shapes (heavy) steel oiling
do
6,149
7,948
Plates
!
do
8,401
1,434
Rails and accessories
. __ ___ _ do
1,462
13,053
7,961
3,249
1,733
8,969
3,133
6,591
32, 574
9,312
14, 709
13,660
8,497
3,241
1,815
10, 078
3,393
7,267
36, 624
10, 782
16, 336
do _
do. _
_ do
__do.__
i 14, 863
i 11, 375
i 4, 582
i 16, 488
i 16, 099
i 12, 195
* 4, 922
1
19, 269
4,110
3,111
1,233
5,650
4,811
3,849
1,570
6,108
3,748
3,030
3,962
3,283 2 1, 237
2815
2,279
2375
953
3,642 21,658
do__.
do-._
do
do
i 3, 225
i 4, 994
i 7, 255
i 21, 115
13,048
15,469
i 7, 902
i 22, 952
871
1,557
1,873
5,987
898
1,730
2,594
6,685
593
1,174
1,949
7,168
707
1,028
1,493
5,259
2310
2457
2561
2 1,868
Steel mill products, inventories, end of period:
Consumers' (manufacturers only) _ _ mil. sh. tons.
Receipts during period
do
Consumption during period
do___
9.1
62.5
63.5
10.5
70.1
68.7
9.6
6.1
5.6
10.1
6.0
5.5
10.5
6.2
5.8
11.4
6.7
5.8
12.2
7.2
6.4
13.1
6.9
6.0
15.0
7.0
5.1
14.7
5.0
5.3
13.3
4.3
5.7
'10.5
'4.8
'5.3
"10.2
"5.8
"6.1
5.6
5.9
5.5
5.5
5.4
6.0
5.8
5.7
5.9
6.4
Bars and tool steel total
do
Bars: Hot rolled (incl. light shapes)
do_._.
Reinforcing..
._.do_ Cold
finished
do
Pipe and tubing
.
do
Wire and wire products
do.__
Tin mill products
do
Sheets and strip (incl. electrical), total. _ _ d o _ _ _
Sheets: Hot rolled
do
Cold rolled
do___
By market (quarterly shipments) :
Service centers and distributors
Construction, incl. maintenance
Contractors' products
_
Automotive
_.
Rail transportation
Machinery, industrial equip., tools
Containers, packaging, ship, materials
Other
Service centers (warehouses)
do
Producing mills:
In process (ingots, semifinished, etc.)
do.-.
Finished (sheets, plates, bars, pipe, etc.)-do._-
12.5
9.6
Steel (carbon), finished, composite price.. .$ per lb_. I
. 0850 1
Revised.
* Preliminary.
9.9
9.0
12.3
10.1
12.0
10.4
.0873
.0864
.0865
i Revised total; monthly revisions are not available.
2
12.0
5.2
6.5
11.0
4.7
5.7
6.1
5.9
5.9
5.9
9.3
8.0
9.5
83
'9.9
'9.0
.0897
.0871
.0872
11.7
10.5
11.5
10.1
10.6
10.0
10.1
9.0
9.1
7.0
9.8
7.7
9.6
7.9
.0865
.0865
.0865
.0865
.0865
.0882
.0900
For month shown.
"10.1
"9.3
-
March 1969
SURVEY OF CURRENT BUSINESS
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1969
1968
Jan.
Annual
S-33
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons.. 3.269.3 3, 255. 0
i 820. 0
875.0
Recovery from scrap (aluminum content).. do
Imports (general):
!Metal and alloys crude
Plates, sheets, etc
Exoorts metal and alloys crude
285.3
73.0
267.1
72.0
288.3
78.0
280.3
78.0
289.0
81.0
218.5
68.0
226.0
61.0
246.5
70.0
269.0
69.0
293.4
78.0
291.6
76.0
300.1
71.0
450.5
56.3
209.0
658.2
61.8
180.3
54.6
4.7
13.3
44.7
4.1
13.7
89.6
4.4
12.3
69.6
5.4
15.5
58.4
5.3
15.4
74.4
4.7
13.4
61.2
5.9
11.9
40.3
7.1
13.1
52.5
4.6
20.4
49.7
5.3
16.7
38.4
5.5
18.1
51.8
4.7
16.4
30.5
1.4
11.6
Stocks, primary (at reduction plants), end of
period
thous. sh. tons '4218.9
Price, primary ingot, 99.5% minimum— $ per lb_. .2498
70.9
2.557
213.0
.2500
187.7
.2500
161.2
.2500
113.4
.2500
97.4
.2500
109.3
.2585
114.2
.2600
91.2
.2600
93.9
.2600
99.2
.2600
99.4
.2600
70.9
.2600
.2655
8,836.9 10, 003. 7
6,3506 7, 221. 5
2, 868. 1 3,412.5
1, 534. 7 1, 568. 3
816.0
583.3
280.3
137.0
796.1
593.9
282.4
139.4
937.9
649.4
313.2
137.6
957.0
688.5
348.7
132.7
1,069.6
797.7
414.6
138.8
695.4
489.0
209.5
121.6
696.6
516.4
227.8
101.2
750.6
550.4
253.1
120.5
780.5
564.6
256.0
125.4
840.6
626.5
285.6
145.8
' 807. 7
••584.4
' 269. 2
135.0
855.7
577.3
272.2
133.4
954.1
1, 133. 0
846.6
286.4
394.5
1, 199. 3
1, 437. 4
1, 160. 9
276.5
400.9
'23.0
17.7
28.0
16.1
41.0 ' 110. 9
29.2
96.0
21.2
24.9
37.8
36.4
125.5 ' 124. 6 ' 123. 5 ' 127. 8
139.0
168.8
150.5
158.4
111.8
136.9
121.4
129.8
27.2
31.9
29.1
28.6
31.4
44.7
38.1
33.5
120.5
153.4
128.6
24.8
32.0
127.8
181.0
151.0
30.0
32.6
122.9
165.2
139.4
25.9
33.7
123.9
162.0
131.5
30.5
34.7
120.9
154.0
131.4
22.6
37.5
644.1
328.3
716.7
405.4
99.5
78.3
86.3
74.1
88.4
74.3
111.5
73.5
56.9
33.5
50.5
24.2
27.9
8.4
53.1
13.3
43.0
8.2
29.8
5.5
35.5
7.2
34.5
4.7
11.7
8.3
241.8
159.4
360.8
240.7
9.4
2.5
12.6
1.1
17.2
2.2
19.4
5.4
29.8
19.8
37.0
30.4
40.4
31.3
42.9
31.8
52.6
39.9
35.0
25.4
35.2
28.1
29.2
23.0
15.8
13.0
1, 948. 2
do
169.5
do
114.1
do
$perlb-_ 2. 3823
1,876.4
p 173. 2
v 116. 6
5.4185
109.8
169.5
107.6
96.4
159.2
100.9
107.8
172.4
103.8
162.3
183.2
129.9
.4219
172.9
205.6
139.4
.4207
195.4
190.2
132.1
.4210
130.0
219.2
166.1
.4171
168.8
214.8
159.6
.4170
187.8
199.8
148.9
.4172
203.7
175.2
130.9
.4171
do
.do __
do
Aluminum shipments:
Ingot and mill products (net)
Mill products total
Plate and sheet (excluding foil)
Castings
mil Ib
do
do
do
Copper:
Production:
Mine recoverable copper
thous sh tons
Refinery primary
do
From domestic ores
do
From foreign ores
do
Secondary recovered as refined
do
Imports (general) :
Refined unrefined scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption refined (by mills etc )
Stocks, refined, end of period
Fabricators'
Price, bars, electrolytic (N.Y.)
179.6 r 162. 0 * 178. 4
165.2 ' 171. 5 * 189. 1
116.6 p 119. 9
112.7
.4171
.4171
.4350
Copper-base mill and foundry products, shipments
(quarterly total) :
Copper mill (brass mill) products
mil Ib
Copper wire mill products (copper cont. )._. do
Brass and bronze foundry products
do
2,595
' 2, 356
966
2,757
2,364
968
Lead: A
Production:
Mine recoverable lead
thous sh tons
Recovered from scrap (lead cont )
do
316.9
1553.8
354.2
558.3
22.4
47.3
22.2
49.6
22.0
51.2
25.3
48.9
28.7
47.8
26.9
42.2
28.6
37.5
31.0
44.6
29.3
46.4
42.1
50.4
37.9
48.0
37.9
44.4
488.4
1,260.5
424.6
1,319.1
43.9
108.8
39.3
105.1
43.8
106.2
38.7
107.1
37.8
112.1
30.3
104.8
35.8
93.3
27.6
110.1
36.7
113.5
30.3
130.6
32.3
115.4
28.1
112.1
146.8
166.1
158.8
156.8
153.9
147.5
148.6
152.8
155.2
157.7
157.1
153.2
146.8
15.1
83.4
17.2
88.1
14.0
86.1
13.2
99.4
15.5
105.2
18.2
106.9
21.0
102.5
29.4
116.1
29.6
105.1
22.3
100.8
19.5
84.0
15.2
83.8
15.1
83.4
54.2
.1321
57.5
.1400
58.2
.1400
58.9
.1400
56.8
.1400
50.6
.1304
50.9
.1300
55.5
.1270
53.1
.1250
50.9
.1250
50.1
.1279
48.1
.1300
54.2
.1300
3,255
49, 924
122,667
i 3,176
'80,638
'57,848
3,266
57, 358
22,816
2,976
82, 969
58, 144
0
5,473
1,720
275
7,010
5,160
784
5, 145
1,616
241
6,775
4,965
49
3,895
1,655
245
7,010
4,925
417
4,928
2,015
225
7,285
5,115
0
3,667
2,315
280
7,685
5,295
702
5,088
2,040
235
7,090
5,085
458
3,561
1,765
235
6,305
4,540
771
3,868
1,770
255
6,270
4,290
0
6,847
2,060
250
6,660
4,650
0
4,359
2,165
245
7,510
5,070
0
6,302
1,930
255
6,495
4,555
85
4,226
1,765
235
6,485
4,470
7,030
4,810
do
2,509
do
18, 662
$ perlb.. 1.5340
5,027
18, 177
1. 4811
190
17,965
1. 4788
303
17, 515
1. 4563
969
18,385
1. 4562
197
18.910
1. 4521
888
18,480
1.4330
247
16, 520
1.4165
109
16,945
1. 4148
84
15, 680
1. 4185
211
18, 145
1.4804
564
16, 360
1. 5107
805
460
16,270 ' 18,177
1. 6214 1.6346
110
14, 990
1. 6250
549.4
526.4
42.9
42.0
41.7
43.7
45.3
44.7
43.0
46.9
44.4
44.2
43.9
43.8
534.1
221 .4
546.4
305.5
50.3
29.3
33.7
30.8
47.8
35.8
30.2
31.1
43.5
24.0
45.0
17.2
50.8
20.2
53.9
22.9
51.1
14.9
41.1
24.4
54.9
23.6
44.1
31.2
i 114. 3
i 240. 9
118.7
236.2
10.4
20.1
8.8
18.9
8.6
19.1
8.8
19.8
10.1
19.7
9.8
20.5
9.2
19.7
9.5
19.4
10.9
19.9
10.7
19.8
11.4
19.9
10.5
19.3
1, 009. 3
74.0
1, 338. 6
33.0
69.6
6.1
112.2
.6
64.5
5.8
104.0
5.7
68.1
6.1
108.2
6.3
85.0
6.0
110.7
11.6
95.5
6.4
120.7
2.5
92.4
5.5
115.2
1.0
87.1
5.8
104.7
.1
87.8
6.1
104.7
(3)
86.7
7.0
108.8
2.3
89.5
6.3
123.7
1.6
91.9
6.5
116.7
(3)
91.4
6.0
108.9
1.3
Imports (general), ore (lead cont.), metal
Consumption total
do
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous sh tons
160.2
Refiners' (primary), refined and antimonial
(lead content)
-thous.
sh.
tons_.
*23.4
Consumers' (lead content) c?1
do
<105.8
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
*58.0
Price, common grade (N.Y.)
$ perlb_. .1400
Tin:A
Imports (for consumption) :
Ore (tin content)
Bars, pigs, etc _
Recovery from scrap, total (tin cont.)
As metal
Consumption, pig, total
Primary
Exports, incl reexports (metal)
Stocks pig (industrial) end of period
Price, pig, Straits (N.Y.), prompt
Ig tons
do
do
do
do
do
Zinc:A
Mine production, recoverable zinc
thous. sh. tons.Imports (general) :
Ores (zinc content)
do
Metal (slab, blocks)
do
Consumption (recoverable zinc content) :
Ores
_
Scrap, all types
do
do
Slab zinc:
Production (primary smelter), from domestic
and foreign ores
thous sh tons
1938.8
Secondary (redistilled) production
do
173.5
Consumption, fabricators'
do
1, 236.8
Exports
do
16.8
Stocks, end of period:
Producers', at smelter (AZI)O
do
81.9
Consumers'
do
102.5
Price, Prime Western (East St. Louis). $ per lb. . .1384
73.4
66.4
62.9
67.4
93.7
94.2
89.9
95.9
.1350
.1350
.1350
.1350
T
Revised.
*> Preliminary.
1 Annual total; monthly revisions are no t availa ble.
2
Jan.-Aug. average.
3 Less than 50 tons.
« Reportec1 yearend stocks, g566 BUSHvfESS
STATISTICS note.
« Average for Apr.-Dec.
.4383
770
630
239
688
559
222
675
595
250
624
••580
257
.2700
19.1
.1341
.1400
0
2,396
1. 6518
48.8
16.7
GO
42.7
82.2
70.3
84.4
67.4
50.9
70.4
67.6
65.4
64.8
78.8
74.0 '73.9
78.9
95.9
85.2
84.7
88.0
93.3
89.1
.1350
. 1384
. 1400
.1350
.1350
.1350
.1350
.1350
.1350
.1350
.1350
AE)ata refle ct sales fi•om the Grovernm ent stoclspile,
d*C onsumer s' and se condary smelters ' lead stocks in i efinery s hapes an d in copper-base
scrap
O Producers' stocks elsewhere, end of Feb. 1969,10,500 tons.
March 1969
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated, statistics through 1966 1967 | 1968
and descriotive notes are shown in the 1967
edition of BUSINESS STATISTICS
Annual
1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
July
Sept.
Aug.
Nov.
Oct.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
HEATING EQUIPMENT, EXC. ELECTRIC
Radiators and convectors, shipments:
Cast-iron
mil sq ft radiation
N on ferrous
do
Oil burners:
Shipments
thous
19.8
84.8
6.4
279.2
.5
8.0
.6
7.3
.7
7.7
.4
5.5
.3
5.5
.4
6.5
.4
4.9
.5
8.6
.8
.7
11.2
.5
7.7
.4
6.4
i 513. 2
353.9
Ranges, gas, domestic cooking (incl. free -standing,
set-in, high-oven ranges, and built-in oven
broilers), shipments —
thous _ 12,084. 5
Top burner sections (4-burnerequiv.), ship.. .do
194.3
677.2
26.9
47.1
32.4
51.5
30.2
42.2
32.1
51.3
33.2
43.0
36.4
55.8
34.2
43.3
35.3
63.7
35.1
73.7
28.4
82.6
27.3
68.3
27.0
54.7
26.9
164.8
13.8
173.2
14.7
201.1
18.1
175.9
17.2
188.5
18.8
192.5
19.7
153.7
14.8
191.5
17.8
211.2
19.5
217.0 ' 201. 0
16.7
18.4
11,346.8 1, 364. 8
1920.0
970.1
76.4
44.5
60.3
33.0
79.5
48.9
85.8
53.7
100.5
73.2
98.6
77.0
129.4
102.1
139.4
105.4
174.9
125.1
197.7
144.4
11,448.7 1,731.3
11,145.7 1,374.8
2, 602. 3 2, 705. 4
108.3
88.7
252.6
108.7
89.5
236.0
125.0
103.1
210.4
122.0
102.0
241.5
114.0
94.2
216.8
127.2
102.8
209.5
139.9
114.1
193.2
149.6
113.3
218.1
183.1
137.2
209.4
230.4 ' 174. 2
134.9
177.3
230.0
282.7
Stoves, domestic heating, shipments, total — do
Gas
do
Warm-air furnaces (forced-air and gravity air-flow),
shipments total
thous
Gas
do
143.7
108.7
78.6
53.9
148.9
118.0
205.2
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
mo. avg. shipments 1957-59=100. .
Furnaces (industrial) and ovens, etc., new orders
(domestic) net
mil $
Electric processing
do
Fuel-fired (exc. for hot rolling steel).. __ do
300.5
270.3
270.1
275.2
380.5
210.4
196.2
197.3
406.6
247.8
177.4
219.1
307.0
355.6
503.2
140.7
112.3
171.6
i 121.2
112.1
164.6
10.2
.8
7.1
12.7
.7
9.6
4.4
.5
1.1
9.3
.9
5.6
10.4
.9
4.6
8.5
.8
4.0
7.7
.9
3.9
9.7
.7
2.8
8.2
.8
4.3
13.1
1.0
9.0
9.2
1.7
4.0
8.0
1.0
4.6
6.9
.8
3.9
197.9
220.4
189.6
189.1
243.7
242.8
227.1
184.7
272.0
198.8
222.2
218.8
232.4
229.6
11, 133
12, 174
10, 753
12, 243
941
992
819
971
823
1,168
819
1,016
869
980
1,000
1,019
845
1,139
907
807
891
1,007
1,055
1,089
939
1,028
845
1,027
1,116
1,026
41, 996
42,601
3,418
3,367
3,746
3,559
3,279
3,824
3,770
3,093
3,600
4,123
3,473
3,349
4,183
1, 134. 95 1, 079. 35
959.90
1, 024. 65
1 353 20 1, 358. 30
1,211.05 1, 238. 30
809.6
1, 088. 5
75.50
64.20
102. 85
91.45
1,061.1
94.15
85.80
84.90
74.60
114. 90 139. 75
104.65 125. 40
1, 032.0 986.4
90.10
78.40
105. 90
89.35
970.6
93.30
86.15
121.30
109. 60
942.6
97.75
81.85
127.60
114.90
912.8
105. 65
94.95
100. 05
91.35
918.4
79.75
74.95
88.95
82.40
909.2
71.05
62.30
115.55
109.15
864.7
78.55
70.45
107. 75
100.90
835.5
394. 75
360.55
368.60
324. 45
254.5
21.85
20. 45
31.50
25.20
218.6
22.80
20.40
32.15
27.95
203.7
19.70
17.05
28.15
24.90
195.3
22.50
18.15
29.10
25. 50
188.7
28.80
25.70
34.30
28.55
183.2
29.75
27.30
26.95
23.50
186.0
26.75
23.40
32.90
30.40
179.9
22.75
20.90
26.90
24.95
175.7
56.35
54.10
32.90
29.15
199.2
146.2
21.1
120.3
448.2 434.8
Material handling equipment (industrial):
Orders (new), index, seas, adjl
.1957-59=100..
Industrial trucks (electric), shipments:
Hand (motorized)
__
number..
Rider-tvpe
do
Industrial trucks and tractors (internal combustion
engines) shipments
number
Machine tools:
Metal cutting type tools:f
Orders, new (net), total
mil. $
Domestic ..
- _ ._
do__
Shipments total
do
Domestic ...
.. __ _ _ _ d o ...
Order backlog, end of period..
_-do_ __
Metal forming type tools :t
Orders, new (net), total
do
Domestic _ _ _ _ _ _ _
_ _ do__
Shipments total
do
Domestic _ _ _ _ _ _
_ _ _ _ _ _do _
Order backlog, end of period
do
286. 65
248. 15
452. 75
406. 90
228.3
Other machinery and equip., qtrly. shipments:
Tractors used in construction:
Tracklaying, total
mil $..
Wheel (contractors' off-highway)
do
Tractor shovel loaders (integral units only),
i 377.8
792.8
Tractors, wheel (excl. garden and contractors'
off-highway types)
mil. $. _
Farm machines and equipment (selected types),
23.75
22.50
29.30
27.55
213.1
89.6
11.5
17407.0
105 6
133.6
125.3
i 986. 2
273.5
266.3
178.6
1 203 5
376.5
341 7
268.1
92.15
97.60 '110.15
88.60 " 98. 55 76.50
103. 55 ' 130. 15 86.80
96.50 122. 65 83.35
829.6 ' 809. 6 814.9
80.20 ' 39. 55
76.70
33.90
26. 50
37.95
23.05
33.75
252. 9
254.5
496.2
458.7
35.60
32.60
25.80
23.15
264.3
ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments. __thous__
Household electrical appliances:
Ranges, incl. built-ins, shipments (manufacRefrigerators and home freezers, output
1957-59=100.Washers, sales (dom. and export) t - - - do
Driers (gas and electric), sales (domestic and
export)
thous
Radio sets, productionO
.. -do, _
Television sets (incl. combination), prod.O .do _ _
Electron tubes and semiconductors (excl. receiving,
power, and spec, purpose tubes), sales
mil. $_
Motors and generators:
New orders (gross) :
Polyphase induction motors, 1-200 hp
D.C. motors and generators, 1-200 hp
mil. $_
do___
3,144
3,646
4,054
3,405 ' 3, 739
3,783
189.1
180.9
170.5
232.5
201.7
194.1
194.0
165.6
515.2
374.3
114.1
551.1
431.3
182.2
642.6
445.1
191.3
682.1
455.9
166.3
563.4
344.8
159.7
699.7
298.7
355.5
362.3
176.0
194.8
275.5
318.7
375.7
289.2
257.6
274.4
247.7
1,682
905
5
2, 009
5
1, 105
1,272
651
1,875 s 2, 415
876 s 1, 237
1,950
1,156
1,982 8 2, 449 r 1, 769
960
1,063 8 1, 150
1,712
1,000
59.4
57.0
47.5
59.5
60.4
55.8
59.0
69.0
4.8
6
4.0
68.9
4.4
7.2
3.7
68.9
3.9
68.0
3.6
988
917
32, 061
34,906
3,852
2,736
2,215
2,119
1,809
2,101
2,450
1, 909. 7
2, 306. 8
191.6
189.8
187.9
183.6
196.3
187.5
175.1
497.8
376.4
164.1
565.1
377.4
177.6
471.8
324.5
156.1
464.6
330.2
188.6
490.9
412.0
228.2
200.2
155.8
142.8
145.8
5, 677. 4
4, 376. 0
2, 642. 3
165.6
6, 653. 1
4, 517. 9
2, 861. 8
147.0
505.0
347. 2
247.4
21, 698
10, 881
22, 566
11, 794
1,463
798
1,787
919
• 2, 134
1,549
818
712.0
690.1
58.3
56.1
61.7
57.8
205
206
«97.6
47.5
96.6
49.5
66.9
3.8
87.5
4.1
67.5
3.6
57.3
68.1
4.6
88.7
4,4
67.9
3.5
205
208
203
207
67.9
4.7
68.1
188.0
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
994
894
897
Production
thous. sh. tons_. 12, 256
11, 631
17
28
25
Exports
do
518
595
Price, wholesale, chestnut, f.o.b. car at mine
13.
867
13.
825
$ per sh. ton.. 12. 892
Bituminous:
Production
thous. sh. tons.. 552, 626 539, 815 45, 180 43, 830 47,510
r
2
Revised.
i Revised total; monthly revisions are not4 available.
Total for5 11 months.
3
Reported year-end stocks. See BUSINESS STATISTICS.
For month shown.
Data cover
5 weeks; other periods, 4 weeks.
6 Excludes orders for 7motors 1-20 hp.; domestic sales of
this class in 1968 totaled $108.6 mil.; Jan. 1969, $9.3 mil.
Effective 1st quarter 1967, tractor
shovel loaders include types not
previously covered and off-highway wheel tractors exclude
8
types previously covered.
Data cover 6 weeks.
1,164
39
918
33
926
68
853
49
1,016
1,021
1,000
47
75
48
960
53
•jq IOK
13 475
13 475
13 825
14 175
14 175
900
47, 730 48, 830 40, 690 42, 300 49, 540 47, 300 37, 540 44, 380 44, 985 45, 905 39,990
ITData (back to Jan. 1965) reflect revisions ana new seasonal aajusimeni raciors.
fRevised series. Monthly data for 1956-66 are on p. 35 ff. of the Mar. 1968 SURVEY.
t Revised to include combination washer-driers.
• , , , , • •
ORadio production comprises table, portable battery, auto, and clock models; television
sets cover monochrome and color units.
March 1969
SURVEY OF CURRENT BUSINESS
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
| 1968
Annual
S-35
1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
37, 541 39, 736
22, 850 23, 764
13, 694 14, 567
6,716
6,700
41,464
24, 781
15,303
6,817
45, 795
27,869
16, 082
6,625
Jan.
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9 - _ . thous. sh. tons 'i 480,416 498, 494
Electric power utilities
do
271, 784 294, 739
Mfg. and mining industries, total
do
' 1 191,066 188, 114
Coke plants (oven and beehive)
. do
'192,272 90, 429
Retail deliveries to other consumers
do
Stocks, industrial and retail dealers', end of period,
total
thous. sh. tons._
Electric power utilities
do
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers.
do
Exports
_
do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$persh. ton_.
Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
Oven (bvproduct)
_
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke.
_._
Exports
_
do
do
do
do
_ do
44, 525
25,115
17, 030
7,749
43, 186
24, 346
17,107
8,211
38, 734
21, 929
15, 989
8,004
39,275
22, 574
16, 173
8,257
38,858
23,209
15, 125
7,960
40, 519
25, 126
14,882
7,941
41, 517
26, 530
14, 245
7,354
17, 099
15, 224
2,780
2,380
1,730
773
471
475
465
681
943
1,357
1,339
1,830
93,128
69, 737
23, 212
10, 940
85, 525
64,168
21, 169
9,537
86, 325
64, 269
21, 921
10, 422
82, 356
60, 631
21, 614
9,815
82, 724
60, 750
21, 894
10, 492
87, 773
64, 121
23, 552
11,882
92, 171
68,213
23, 833
11, 994
93,487
69, 131
24, 183
11,633
89,404
66,417
22, 801
10, 321
91, 492
67, 529
23, 754
10, 545
96, 220
70,633
25, 372
11,209
91, 966
68,880
22,885
9,540
90, 518
68,613
21, 725
9,554
85, 525
64,168
21, 169
9,537
179
188
135
111
80
100
125
173
186
209
215
201
180
188
49, 510
50,636
3,241
2,786
3,061
4,512
4,826
4,224
4,147
5,868
5,406
3,783
4,534
4,249
3,654
5.281
7.077
5,281
7.077
5.313
7.077
5.326
6.643
5.336
6.643
5.336
6.671
5.336
6.671
5.336
6.727
5,336
6.810
5.467
7.021
5.607
7.421
5.217
6.795
thous. sh. tons..
do
_
.do
47, 344
26, 646
17, 917
8,095
806
63, 775
18, 187
774
62, 878
19, 038
74
5,602
1,535
'69
5,352
1,497
82
81
'79
5,686 ' 5, 529 5,692
1,572
1,584
1,484
'72
5,468
1,561
46
51
48
'60
'64
5,453 '5,045 '4,633 '4,613 ' 4, 669
1,622
1,627
1,692
1,577
1,636
48
5,137
1,651
43
5,177
5,467
4,961
506
1,364
710
5,985
5,637
348
1,239
792
5,375
4,879
495
1,342
78
5,226
4,766
460
1,297
83
5,016
4,579
437
1,304
65
4,740
4,240
501
1,218
47
4,525
4,152
373
1,219
54
4,336
3,992
344
1, 259
63
4,312 ' 4, 738 ' 5, 393 ' 5, 759 ' 5, 929
3,953 4,329 ' 4, 969 ' 5, 364 ' 5, 590
395
424
338
409
359
1,233
1,319
1,240
1,281
1,260
68
82
54
58
42
5,985
5,637
348
1,239
99
5,865
5,542
323
' 15, 367
3.02
3, 582. 6
93
14, 426
3, 744. 4
92
940
3.05
312.9
95
934
3.05
297.0
96
978
3.05
312.8
95
1,379
3.05
299.5
88
986
3.05
324.1
92
1,205
3.05
310.2
91
1,320
3.06
328.1
93
105
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)... .
Runs to stills
Refinery operating ratio
_
number
$ per bbl
mil bbl
% of capacity
All oils, supply, demand, and stocks:
New supply, total
_
Production:
Crude petroleum
_
Natural-gas liquids, etc
Imports:
Crude petroleum
Refined products
mil. bbl
1,162
3.06
328.5
93
1, 350
3.06
312.4
92
1,185
3.06
319.5
91
1,159
3.06
304.8
90
324.7
92
4, 656. 3
4, 921. 0
418.4
396.3
430.2
395.4
408.3
402.2 ' 420. 7 ' 409. 7 ' 398. 6 ' 414. 2
399.9
427.0
do
do
3, 215. 7
514.5
3, 328. 9
552.4
279.7
45.3
270.3
43.7
288.8
47.4
273.7
45.5
285.4
47.3
274.4
44.8
283.9 '283.0 '268.0
44.6
46.4
46.1
276.4
46.7
269.3
46.5
276.1
48.3
do
do
411.6
514.3
475.3
566.1
30.5
62.9
28.2
54.2
35.5
58.5
32.5
43.7
37.5
38.1
40.2
42.9
45.7
'44.7
43.2
'37.5
42.5
'43.1
45.9
45.1
40.8
43.1
49.9
52.4
29.7
31.1
19.6
21.9
Change in stocks, all oils (decrease,—)
do
63.0
55.5
-26.9
18.1
16.9
31.6
-5.8
-36.1
Demand, total
Exports:
Crude petroleum
Refined products .. _
Domestic demand, total 9
Gasoline
Kerosene ._
do
4, 593. 3
4,872.8
471.6
423.1
413.0
378.1
378.6
372.0 ' 389. 8 ' 393. 9 ' 375. 8
406.8
406.8
463.3
do
do
do
do
do
26.5
85.5
4,481.2
1, 842. 7
100.1
1.8
83.4
4, 797. 4
1,955.8
103.1
.2
5.6
465.7
147.8
16.3
.3
6.4
416.5
144.5
12.2
(3)
7.7
405.2
155.7
9.7
.1
6.9
371.1
162.7
5.6
.1
7.8
370.8
168.8
'5.9
.1
.1
.1
.2
(3)
7.4
'6.5
7.0
7.5
6.8
364.2 ' 382. 8 ' 386. 9 '368.3 '400.2
170.1
159.8
166.4
180.5
179.3
'6.6
'6.2
'7.8
'4.3
'4.8
.4
6.6
399.8
158.4
10.5
.1
7.2
465.8
161.7
13.4
do
do
do
818.2
651.9
300.8
862.7
679.9
348.3
117.8
84.4
26.1
100.7
69.1
27.2
85.4
63.9
27.9
60.1
51.5
29.2
56.1
44.5
'28.0
47.9
48.2
'29.2
46.0
'46.0
'29.2
49.5
'44.1
'31.1
'53.8
48.3
'29.7
'62.4
50.9
'32.9
76.4
57.6
28.6
106.7
71.4
29.4
do
do
do
44.1
131.1
344.5
48.2
141.1
385.7
3.8
4.0
42.5
3.8
4.2
36.6
3.9
5.5
33.1
4.3
9.3
25.8
4.4
13.1
27.5
3.7
16.2
25.4
4.3
19.9
28.1
4.1
20.0
27.8
4.0
17.5
27.1
4.4
17.0
32.9
3.8
9.0
36.4
3.9
5.5
42.7
do
do
do
do
2944.1
249.0
296.0
2 599. 2
999.6
272.2
98.9
628.5
890.5
244.9
93.6
552.0
863.7
245.3
94.3
524.1
881.7
256.9
96.2
528.6
898.6
262.1
100.7
535.8
930.2
262.0
106.8
561.4
959.9
264.9
104.2
590.8
991.0 1, 010. 5 1, 032. 5 1,041.5 1, 035. 7
262.8 266.3 271.6
265.8 266.4
98.4
104.2
99.9
102.7
101.5
664.2
671.2
621.0
641.5
673.7
999.6
272.2
98.9
628.5
do
do
do
1,845.8
4.9
208.0
1, 940. 0
2.3
211.5
159.4
.3
220.4
147.6
.1
224.2
153.4
.2
223.4
147.0
.3
209.5
160.7
.3
203.1
162.3
.1
201.0
170.3
.2
193.1
170.3
.1
186.1
167.2
.2
195.1
166.6
.2
193.2
162.4
.1
198.9
172.9
.1
211.5
Distillate fuel oil
Residual fuel oil
Jet fuel
Lubricants
Asphalt
Liquefied gases
_.
Stocks, end of period total f
Crude petroleum
Unfinished oils, natural gasoline etc
Finished products.. _ _
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
_
Stocks, end of period.,
-53.6
Prices (excl. aviation):
Wholesale, ref. (Okla , group 3)
$ per gal
.115
.115
.117
.110
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
.228
.230
.225
.226
.225
Aviation gasoline:
Production
mil bbl
2.9
31.6
2.3
2.2
37.1
Exports..
do
.2
2.1
.1
4.0
.3
Stocks, end of period
do
7.6
7.0
7.6
7.8
7.9
Kerosene:
Production
do
9.4
100.4
101.6
10.3
9.7
Stocks, end of period
do
16.4
23.5
25.4
19.2
16.7
Price, wholesale, bulk lots (N.Y. Harbor)
.112
$ per gal..
.110
.112
.112
r
Revised.
2
i Annual total reflects revisions not distributed to the montlily data.
See ilote "1" for
this page.
* Less than 50 thousand barrels.
IT Beginning 1967, data reflect change in reportin to sho'wT all stoci:s of unf inished ()ils,
natural gasoline, plant condensate, and isopentane a one iteiri, and stocjks of "ft nished pj•od-
f
9.1
.120
.108
.115
.115
.115
.115
.110
.110
.230
.232
.231
.230
.234
.234
.228
.226
.235
2.4
.2
6.7
2.8
.2
6.6
2.5
.1
6.4
3.1
.2
6.4
2 7
.1
6.3
3.0
.2
6.3
3.0
.2
6.7
2.4
.1
7.0
2.3
.1
7.0
7.8
18.6
'8.2
20.9
'6.9
23.0
'7.0
25.7
'7.6
27.2
'7.5
28.0
'8.7
'28.7
8.7
'27.1
9.9
23.5
.235
.233
.111
.112
.115
.111
.111
.115
.115
.115
ucts" as anoth er (both items in elude sto cks at re fineries, natural ijas processing plants, terminal s, and biilk static ns). Alsc , as a ref suit of in creased coverage i n certain bulk terminals,
stocks of distillate and residual fuels are on a ne w basis. Dec. 196 3 data on new basis (mil.
bbl.): Total stc)cks, 881. 1; distill*ite, 158.1 residua ,63.9.
§Incl tides non marketal:>le catalyst coke.
9 In eludes d ata not s lown sep arately.
March 1969
SURVEY OF CURRENT BUSINESS
S-36
Jan.
Annual
1969
1968
1968
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
Mar.
Feb.
May
Apr.
June
July
Sept.
Aug.
Oct.
Feb.
Jan.
Dec.
Nov.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Price, wholesale (N.Y. Harbor, No. 2 fuel)
840.7
36.6
1.8
173.2
804.8
18.5
4.3
1
159.7
100
Residual fuel oil:
Production
mil. bbL_
Price, wholesale (Okla., No. 6)
$ per bbl
Jet fuel (military grade only) :
Production
mil. bbl
.105
.101
.101
.101
21.4
24.7
1.9
74.3
1.35
19.4
31.3
1.3
75.8
1.35
20.4
32.6
1.3
76.9
1.35
23.7
31.8
1.0
74.0
1.35
21.6
38.3
1.5
67.4
.105
.105
22.8
32.7
2.1
62.8
1.45
22.7
27.8
2.2
66.9
1.45
19.7
30.9
2.2
67.6
1.45
276.0
395.9
21.9
165.6
1.47
275.8
421.6
20.0
67.4
27.7
50/9
1.6
58.5
1.45
24.5
42.3
1.5
55.1
1.45
24.7
46.4
2 2
6(X5
1.45
273.2
22.2
314.3
24.3
24.1
22.9
23.8
23.0
25.3
22.8
26.5
23.1
'27.5
25.2
'24.8
23.6
'26.9
24.8
'27.5
24.4
'27.4
25. 1
29.3
24.8
25.8
24.8
25.9
24.3
64.9
18.7
14.8
65.7
18.2
14.0
5.1
1.0
15.1
5.0
1.3
15.1
5.4
1.7
15.0
5.5
1.5
14.7
5.7
1.6
14.4
5.3
1.6
14.4
5.5
1.9
13.6
5.7
1.5
13.8
5.6
1.8
13.5
5.8
1.3
13.7
5.5
1.7
13.8
5.4
1.3
14.0
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
Lubricants:
Price, wholesale, bright stock (midcontinent,
71.2
4.7
.1
173.2
21.2
30.4
1.2
72.4
1.35
.102
.102
66.1
2.5
.1
204.0
.105
71.7
2.9
.1
168.1
.102
.102
66.0
2.2
'.1
211.8
66.1
'2.6
.4
206.0
69.1
2.5
.1
139.5
65.1
2.8
.2
101.2
74.5
3.5
.3
96.9
70.5
2.2
.1
191.4
68.8
2.0
.2
115.8
77.3
4.8
.2
93.5
74.3
3.7
.2
119.8
270
Asphalt:
127.8
19.9
135.5
20.1
6.4
22.7
6.2
25.0
7.3
26.9
9.8
27.6
13.0
27.8
14.2
26.9
15.3
23.0
15.7
19.1
14.8
17.2
14.0
15.0
10.9
17.4
7.8
20.1
Liquefied gases (incl. ethane and ethylene): §
Production, total
mil. bbl
At gas processing plants (L.P.G.)
do
At refineries (L.R.G.)
do ...
Stocks (at plants and refineries)
do
438. 1
326.6
111.5
64.2
469.3
351.3
118.1
76.2
38.2
28.5
9.6
53.8
37.2
28.0
9.2
49.0
40.6
30.4
10.2
51.4
38.5
28.8
9.7
59.7
40.8
29.8
11.0
68.4
37.5
27.5
10.0
75.4
39.1
29.0
10.1
81.1
39.1
28.6
10.5
86.6
38.4
28.6
9.8
91.9
39.3
30.0
9.3
90.8
39.2
30.3
8.9
85.5
41.6
31.8
9.8
76.2
Asphalt and tar products, shipments:
Asphalt roofing, total
thous. squares..
Roll roofing and cap sheet
.do
Shingles, all types
do...
76, 500
30, 509
45, 991
77, 984
31, 032
46, 952
4,689
2,025
2,664
4,217
1,873
2,344
4,309
1,874
2,435
5, 001
2, 316
3,585
7,061
2,577
4,484
8,212
2,957
5,255
8,020
3,000
5,020
8,086
3,169
4,917
8,343
3,346
4,997
8,497
3,375
5,122
468
445
876
422
411
886
31
13
70
26
14
64
23
26
60
30
36
71
29
44
78
36
45
81
30
43
77
41
46
81
44
42
82
55
53
89
48
28
70
29
19
62
4,933
4,733
5,274
5,337
5,235
5,398
4,804
5,099
5,127
4,566
4,738
5,031
850
513
929
548
'858
'544
805
583
Asphalt siding
__.do
Saturated felts
thous. sh. tons..
6,110 ' 4, 538 4,611
2,549 ' 1, 972 2,001
3,562 ' 2, 567 2,610
31
10
64
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period.
Waste paper:
Consumption
Stocks end of period
thous. cords (128 cu. ft.)
do
do
thous. sh. tons
do
WOODPULP
Production:
Total, all grades
thous. sh. tons
Dissolving and special alpha
do
Sulfate
do
Sulfite
do
Groundwood
do
Soda, semichem., screenings, etc
Stocks, end of period:
Total, all mills.
Pulp mills
__ .
Paper and board mills
Nonpaper mills
Exports, all grades, total.
Dissolving and special alpha
All other.
4,180
4,835
5,231
4,806
4,713
5,398
5,026
5,037
5,415
3,865
4,200
4,249
4,795
5,060
4,776
4,823
4,932
4,766
4,973
4,755
5,017
5,047
5,021
5,008
10, 292
583
859
542
834
526
883
510
859
518
899
518
870
493
761
535
885
510
37, 903
'r236,660
2
1,725
1, 448
'223,925 24, 308
' 2 2, 563 2,508
3,139
135
2,011
226
3,044
149
1,960
205
3,270
142
2,096
226
3,180
131
2,053
216
3,277
164
2,076
217
3,207
132
2,078
213
2,997
131
1,913
191
3,290
150
2,113
209
3,053
133
1,953
197
3,360
151
2,180
214
3,190
166
2,074
204
2,898
142
1,803
191
4,237
540
3,584
348
125
294
336
122
272
367
130
309
348
136
296
368
133
319
359
128
297
340
131
291
363
137
318
344
128
298
363
136
316
355
104
287
345
130
286
57, 155
••257,219
58, 358
'255,773
' 6, 825 5, 031
' 2 9, 888
••826
r 2
.
_ do
3, 879
' 22 1, 460
' 3, 385
do
do
do
do
'863
'365
'418
80
744
278
380
86
785
379
342
64
779
358
352
69
756
334
349
74
783
345
362
76
795
339
382
73
838
369
397
73
797
323
404
71
801
344
383
74
746
315
364
67
787
346
371
70
'775
339
'367
'68
744
278
380
86
do
do
do
1,710
607
1,102
1,902
671
1,231
139
48
91
155
57
98
155
50
105
153
63
90
172
66
106
127
39
87
179
49
130
176
72
103
163
66
97
128
32
96
165
65
99
191
64
128
113
31
82
do
do
do
3,162
265
2,898
3,540
302
3,238
269
27
242
277
25
252
280
23
257
315
29
286
305
23
283
311
20
290
292
23
270
283
23
261
258
26
232
304
27
277
299
19
280
346
38
308
289
22
267
'246,893 49, 251
'220,703 22, 102
'222,346 22, 651
142
'2146
' 2 3, 697 4,357
4,038
1,831
1,874
13
320
3,963
1,781
1,842
12
328
4,190
1,884
1,924
13
369
4,144
1,847
1,913
13
370
4,220
1,905
1,923
13
379
4,159
1,849
1,938
13
360
3,873
1,733
1,774
10
355
4, 197
1,834
1,966
11
386
4,017
1,810
1,808
12
386
4,436 ' 4, 108
1,975 ' 1, 843
2,044 ' 1, 889
'10
12
366
406
3,907
1,809
1,755
10
333
49, 986
4,170
3,975
4,332
4,248
101.9
117.8
97.3
92.1
101.9
117.8
97.3
91.8
101.9
117.8
91.7
92.0
_
Imports, all grades, total__.
Dissolving and special alpha
All other
PAPER AND PAPER PRODUCTS
Paper and board:
Production (Bu. of the Census) :
All grades, total, unadjusted. -.thous. sh. tons
Paper
do
Paperboard
do
Wet-machine board
do
Construction paper and board
do
New orders (American Paper Institute) :
Wholesale price indexes:
Printing paper
"""
1957-59=100..
46, 074
101.9
117.6
97.3
91.9
Paperboard
do
Building paper and board
do
'1 Revised.
^Preliminary.
See note "J" for p. S-35.
2
Reported annual total; revisions not allocated to the months.
4,074 "4,534 •• 4, 184 03,781
4,269
3,940
4,252
4,227
100.6
100.6
100.6
101.9
101.9
101.9
101.9
121.0
121.0
121.0
120.5
119.4
117.8
119.4
91.0
91.0
90.6
90.9
90.6
90.6
91.7
91.7
93.8
93.7
93.5
92.9
92.1
92.3
92.3
92.3
§Data have been restated to include production and stocks for chemical use (formerly
excluded).
SURVEY OF CURRENT BUSINESS
March 1969
1967
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1969
1968
1968
Jan.
Annual
S-37
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
PULP, PAPER, AND PAPER PRODUCTS— Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API):
Fine paper:
Orders new
t hous sh tons
Orders unfilled end of period
do
2,645
157
2,883
216
242
164
227
158
264
184
269
213
255
208
243
223
232
217
226
208
229
226
••243
'223
'239
'226
"215
"216
2,659
2,658
2,851
2,830
237
237
224
222
244
250
250
247
249
248
242
240
221
224
233
225
226
225
'260
••253
'240
'237
"224
"224
do
do
6,335
449
6,858
485
546
427
570
513
617
525
579
537
586
504
577
539
554
546
564
506
560
528
••635
'541
'553
'505
"515
"485
-do
do
6,332
6,332
6,731
6,731
534
534
544
544
567
567
568
568
580
580
572
572
526
526
566
566
557
557
'615
'615
'563
'563
"540
"540
do
do
4,678
214
4,987
245
423
228
399
218
440
231
396
218
441
231
418
262
380
236
425
251
437
299
'441
'275
'423
'284
"365
"245
do
do
4,753
4,685
4,967
4,906
422
405
418
412
432
423
404
396
432
427
410
396
379
380
409
414
419
421
'425
414
'432
418
"385
"385
do
do
do
8,051
7,968
268
8,031
8,096
203
641
583
325
629
573
381
674
659
396
674
682
388
711
756
343
689
705
327
693
617
402
639
634
408
576
622
362
719
760
320
702
761
262
683
742
203
710
644
268
do
do
do
2,620
2,602
39
2,935
2,946
27
238
223
55
220
215
59
250
242
68
234
253
49
265
267
47
256
254
49
240
244
46
253
247
51
240
240
52
257
259
50
248
255
43
233
249
27
275
265
38
Consumption by publisher so"1
do
Stocks at and in transit to publishers, end of
period
thous sh tons
6,907
7,025
518
523
604
586
622
579
509
559
599
645
652
630
564
630
633
617
613
584
605
626
623
681
704
659
660
628
633
644
Imports
do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered- _
-$ per sh. ton_
6,599
6,462
537
460
531
594
581
544
542
505
451
568
514
636
489
141. 40
141. 40
141. 40
141. 40
141. 40
141. 40
141. 40
141. 40
141. 40
141.40
141. 40
454
869
480
429
661
408
89
481
714
482
92
494
733
480
90
497
767
480
90
488
778
489
91
510
826
489
433
847
421
513
877
497
470
895
469
536
921
512
511
966
502
454
869
518
467
894
509
530
943
512
173, 029
13, 432
12, 922
13,763
14, 289 14, 922
14,416
13, 477
15, 316
15,375
17, 191
15, 121
13, 765
14,884
14, 141
126.1
128.6
138.7
139.6
131.6
129.4
145.2
142.2
46.15
' 48. 35
' 99. 79 106. 65
49.58
43.69
21. 8i
.228
.228
.221
178.43 '180.62
178. 40 '161.25
347.40 '347.01
183. 03
154. 53
368.23
Production
Shipments
- - do _
do
_ _ _
Printing paper:
Orders, new
Orders unfilled end of period
-
Production
Shipments
Coarse paper:
Orders new
Orders unfilled, end of period
Production
Shipments
Newsprint:
Canada:
Production
Shipments from mills
Stocks at mills, end of period
United States:
Production
Shipments from mills
Stocks at mills, end of period
139. 95
Paper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons_.
Orders, unfilled §
do
Production, total (weekly avg.) _ do
Percent of activity (based on 6.5-day week)
444
618
439
87
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area._ 162,362
Folding paper boxes, shipments, index of physical
volume
1947-49=100.-
134.1
135.6
158.6 v 135. 1
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. Ig. tons.. 488. 85
111.66
Stocks , end of period _
do
Imports, incl. latex and guayule
do
452. 80
574. 71
106. 65
540. 17
49.17
108. 23
46.88
47.61
102. 10
42.06
49.48
95.09
39.49
47.94
94.42
42.17
49.61
92.64
42.72
46.22
92.07
36.73
41.00
99.57
51.26
46.27
103. 02
46.06
49.05
107. 19
63.30
53.85
104.69
36.24
.198
.173
.164
.176
.179
.186
.213
.208
.210
.201
.215
thous. Ig. tons.. 1,911.87 2, 131. 14
do
1,628.26 1, 892. 91
do
369. 94
368.23
178.79
162.92
360.27
170. 82
154. 26
360. 38
180.29
161.98
358. 80
177. 88
156. 04
357. 83
184. 77
162. 82
354.33
173. 42
153. 23
364.32
171. 58
135. 49
375. 64
178.63
153. 92
374. 65
172. 89
158. 07
361. 12
Price, wholesale, smoked sheets (N.Y.)__$ per lb._
Synthetic rubber:
Production
Consumption
Stocks, end of period.Exports (Bu. of Census)
Reclaimed rubber:
Production.
Consumption
Stocks, end of period
.199
do
299.80
291. 03
24.35
23. 99
26.15
24.86
27.39
21.23
23.67
30.71
37.76
13.86
18.28
18.77
do
do
do
243. 65
239. 27
28.40
256. 69
250. 72
29.60
23.76
23.07
28.04
23.94
22.85
29.78
22.71
23.51
28.58
22.12
22.09
29.07
22.78
21.88
28.95
21.20
20.70
29.00
17.65
15.94
29.46
19.68
19.14
30.26
20.28
20.22
29.87
22.60
22.38
29.78
20.14
19.82
'29.64
19.83
19.12
29.60
thous.. 163, 192
203, 052
17, 594
17, 118
18, 175
17, 212
17, 930
16, 683
14, 429
15, 694
16, 506
18, 695
16, 831
16, 186
l72, 939 199, 337
'47, 733
58, 365
'123,085 137, 779
'2, 121
3,193
14, 818
4,866
9,757
196
13, 538
4,585
8,755
198
16, 740
5,465
11, 099
176
18,876
5,176
13,500
200
19,059
5,603
13,025
431
18, 427
5,265
12, 782
381
15, 782
2,986
12, 561
235
15, 235
2,542
12, 399
294
18, 226
5,305
12, 514
407
19, 623
5,679
13,681
264
15, 450
5,899
9,372
178
13, 832
4,898
8,743
190
.231
4.50
TIRES AND TUBES
Pneumatic casings, automotive:
Production
r
Shipments, total
Original equipment
Replacement equipment
Export..
do
do
do
do
Stocks , end of period
...
Exports (Bu. of Census)
do
do
34, 782
1,450
42, 127
2,518
38, 020
76
41,916
145
43, 742
93
42, 369
126
41,817
280
40,689
416
39,485
185
39, 969
254
38, 719
397
37, 930
245
39, 698
157
42, 127
144
53
do
do
do
do
39, 775
41, 691
11,005
849
43, 791
43, 957
11,828
1,390
4,078
4,579
10, 790
63
4,005
3,664
11,159
66
3,991
3,778
11, 453
62
3,598
3,532
11, 605
197
3,770
3,675
11, 744
120
3,492
3,574
11,917
83
3,093
3,440
11,518
92
3,491
3,595
12, 437
115
3,428
3,658
12, 442
266
4,094
4,230
11, 146
132
3,474
3,200
11,489
109
3,277
3,031
11,828
87
73
Inner tubes, automotive:
Production.
Shipments
Stocks, end of period
Exports (Bu. of Census)
._
' Revised.
" Preliminary.
c? 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.
March 1969
SURVEY OF CURRENT BUSINESS
S-38
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1969
1968
1968
Jan.
Annual
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
30,954
22,760
19, 088
' 603. 3
'15.3
128. 7
493.0
16.0
110.9
Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement __ .. .
thous. bbl
17 166
20 204
26 176
34 426
37, 389
36, 876
41, 763
44, 106
39, 855
45, 358
7 537. 7
192 0
1 706 0
360 1
13 5
82 9
500 6
13 4
103 1
600 0
16 0
139 4
710 5
14 6
160 0
734.9
15 8
159.7
687.1
16.8
154. 2
797 2
16 9
165 7
708. 1
18 2
168 5
672.0
18.3
169. 6
741.0
17. 1
170.3
240 1
290 4
14 4
14 6
18 0
°2 4
18 8
17 4
19 0
17 8
18 8
21.0
18.2
20.0
257 5
274 5
21 3
20 4
22 6
23 9
25.2
24.3
22 4
24 5
23.9
24.5
21.2
20.2
115 3
115 4
115 8
115 8
116 1
116 5
116 8
117 6
117.6
118.1
119.6
374,017 !397 343
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick
Structural tile, except facing
thous sh tons
Sewer pipe and fittings, vitrified
do
Facing tile (hollow) , glazed and unglazed
mil brick equivalent
Floor and wall tile and accessories, glazed and unglazed
-.
mil sq ft
Price index, brick (common), f.o.b. plant or
N.Y. dock_. ._
1957-59-100
7, 117 4
234 5
1 572 2
113 3
T
T
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous $
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
do
do
Medicinal and toilet.
Chemical, household and industrial
Dairy products
Stocks, end of period.. ..
139 568
248 070
89 988
90, 523
f 98, 192
108, 935
34 335
55 653
29,684
60 839
' 35, 843
'62 349
39, 706
69, 229
20 584
(6)
(6)
20 068
20 992
21 757
21 909
23 054
21 368
22, 870 '21,120 '19,921
22, 769
25 502
(6)
(6)
17 146
18, 666
20, 017
21 322
23 576
21, 034
20, 902 ' 18, 705 '20,795
18, 544
' 2 261
(6)
(6)
1 591
1 930
1,886
2 365
3 473
2,681
2,252
r
r Q 562
(6)
(6)
3 693
4 066
4 524
4 864
5 826
4 763
5,591
' 4, 983 ' 5, 017
4,703
(6)
(6)
(6)
'3 695
r 5 084
'2 291
(6)
(6)
(6)
(6)
(6)
(6)
3 755
3 798
1,304
3 980
4 331
1,323
4,519
4,577
1,465
4 684
4 983
1,349
4 387
4,781
1, 591
3,609
4,081
1,637
4,190
3,373
1,802
* 3, 882 ' 5, 113
3,268 '3,506
' 1, 586 ' 1, 673
3,440
3,537
1,557
(6)
(6)
(6)
r 4 918
(6)
(6)
(6)
2 657
2,649
339
58
2,696
324
57
3,065
387
66
3,189
r
284
64
2,638
356
42
2,810
' 3, 237
'483
96
(6)
(6)
(6)
'68
2,996
380
73
17 566
(6)
(6)
16,304
18, 407
19, 936
20, 324
19, 594
20, 709
22,463 '•24,624 '23,518
27,630
1,402
2 582
1,604
2 768
1,379
2,611
1 923
2,155
2,330
2,091
4 993
302
866
73
1 487
1,369
1,273
78
77
75
561
813
531
780
130
184
137
196
143
215
120
185
949
7 089
243
995
8 132
266
226
249
285
1 771
2 048
2 326
(6)
228 766
(6)
23 631
(6)
57 852
(V)
do
do
do
38 185
44 501
19 459
do
do
do
38 516
5 664
958
do
22 546
23 518
4 722
q 393
5 454
10 193
1 069
2 233
do
7 879
8 499
do
do
4 511
' 293
do
do
Shipments, domestic, total
do
General-use food:
Narrow-neck food
do
Wide-mouth food (incl. packers' tumblers,
jelly glasses, and fruit jars)
thous gross
.
131 476
200 500
387 638
225 579
thous gross
Beverage
Beer bottles...
Liquor and wine
331 976
r
r 595
r
440
65
390
63
2, 934
••417
60
1,858
1,698
1, 575
GYPSUM AND PRODUCTS (QTRLY)
Crude gypsum, total:
Imports. _ ,
Production
_
thous sh tons
do
Calcined, production, total
Gypsum products sold or used, total:
Uncalcined uses
Industrial uses.. _
Building uses:
Plasters:
Base-coat
.
All other (incl. Keene's cement)
Lath
Wallboard...
All other. _
mil. sq. ft
do
do
_ _
52
235
1,986
64
79
73
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:
Production total 9
mil linear yd
Cotton
do
Manmade
fiber
do
Stocks, total, end of period 9 d"
Cotton
Manmade fiber _
11 983
8 263
3' 493
11 653 2 i 154
2 749
7 452
2 383
3 979
953 2 i 136
2 738
621
2
373
313
983
651
314
1 130
2 709
2
403
914
570
329
806
511
281
1,225
1,192
1,177
1,207
2 856
1,635
1,142
939
604
315
932
592
320
2 888
2 558
2311
907
573
317
911
576
320
1 235
756
466
749
463
2
do
do
do
1 317
837
465
1 207
705
487
1 287
1 270
1 240
1 223
1 225
1 250
1 228
Orders, unfilled, total, end of period 9 ^
do
Cotton
do
Manmade fiber .
do
3 190
2 060
1 045
2 856
1 635
1 142
3 047
1 915
1 036
2 860
1 734
l' 032
2 814
1 666
l'o54
2 836
1 670
1 069
2 892
1 651
1 142
2 948
1 608
1 241
2 974
1 640
1 236
2 909
1 596
1 224
2 768
1 500
1,180
2 864
1 575
1,212
2 889
1,616
1,193
7
374
1,416
5,955
9,164
670
665
643
2813
658
821
451
784
440
811
443
769
437
775
435
778
457
748
466
715
464
705
487
711
452
COTTON
Cotton (exclusive of linters):
Production:
GinningsA.
thous running bales
Crop estimate, equivalent 500-lb. bales
thous. bales
Consumption .
do
Stocks in the United States, total, end of period
Domestic cotton, total
On farms and in transit
Public storage and compresses
Consuming establishments
Foreign cotton , total
_.
9 Includes data not shown separately
do
do
do.
do
do.
r 7 439
'7 458
9 215
14 563
14, 472
1 509
11,369
1,594
91
' 7 7 439
10 915 4 7 264
10 947
8 568
TO
QC4
12, 912
1
c<3A
9 807
1 571
52
3
10, 030
7
2880
729
' 7,458
721
13 220
13, 135
1 311
10, 073
1 751
12 051
11,971
1 137
8,970
1,864
10 898
10, 826
955
7,916
1,956
86
81
72
2
839
692
682
2
'577
4
10, 833 510,915
510,947
2814
7 633
6 448 16 57*) 15 720 14 636 13 796 '12 964 '12 Oil
8 588
9 660
6,402 16, 517 15, 665 14,' 575 13, 746 '12,912 '11,963
8,529
7,580
9,594
930
3 360
1 534
6 268
616
300 11 085 10 339
628
660
8,636
6,890
3,819
8^839 ' 9, 807 ' 9, 312
4,277
5,813
5,037
6,810
3,777
1,831
1,475 ' 1, 571 '1,721
1,419
1,507
1,825
1,927
1,655
2,087
2 125
46
'48
'52
56
59
54
55
46
59
58
66
d"Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
^Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
SURVEY OF CURRENT BUSINESS
March 1969
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
1968
Annual
S-39
Jan.
Feb.
Mar.
Apr.
May
June
1969
Sept.
July
Aug.
357
2
'21.5
24.9
213
20
'26.0
25.0
262
44
26.2
25.0
95
20
364
77
20
300
92
42
255
20.2
13.6
10.5
.419
2
6. 8
20.2
13.5
10.1
.504
6.6
20.2
13.3
9.9
.495
6.5
1.040
1.039
1.037
Oct.
Nov.
Dec.
Jan.
Feb.
TEXTILE PRODUCTS—Continued
COTTON-Continued
Cotton (exclusive of linters) — Continued
Exports
thous. bales..
Imports
do
Price (farm), American upland
cents per lb_.
Price, middling 1", avg. 12 markets!
.do
Cotton linters:
Consumption
thous bales
Production
do
Stocks, end of period
_
.
do
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton. _
Spindle no urs operated, all fibers, total
Average per working day
Consuming 100 percent cotton
mil..
do
bil
do
do
Cotton yarn, price, 36/2, combed, knitting, natural
stock
$ per Ib
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (Qtrly )
mil lin yd
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod-Inventories, end of period, as compared with
avg. weekly production. -No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period, seasonally adjusted..
Mill margins:*
Carded yarn cloth average
cents per lb-_
Combed yarn cloth average
do
Blends (65% polyester-35% cotton)
do
Prices, wholesale:
Print cloth, 39 inch, 68 x 72 . cents per yard
Sheeting, class B, 40-inch, 48 x 44-48
do
3,973
169
i 25. 4
124.8
3,870
95
1 080
977
617
1 107
998
405
20.0
14.4
126.2
.486
94.4
20.0
13 1
128.0
.493
85.9
942
474
10
22.4
26.2
447
3
"•20.4
25.4
436
3
••20.3
25.2
96
122
628
84
98
614
85
83
595
20.1
14.2
12. 7
.508
28.9
20.1
14 1
10 4
.519
7.2
20.1
14.0
10.3
.516
7.2
1 081
1 085
1.070
2
2
277
2
'21.1
24.8
108
62
549
90
41
492
92
27
436
20.1
13.8
12. 5
:501
2
8. 5
20.1
13.7
10.3
.516
7.0
20.1
13.6
10.3
.513
6.8
1.065
1 040
1.040
2
2
2
2
152
2
26.5
24.3
185
1
24.2
23.3
276
1
21.6
22.7
114
160
308
93
156
359
80
' 166
'405
20.2
13.3
12.5
.502
2
8.3
20.0
13.1
9.9
.495
6.5
20.0
13.1
8.6
'.431
5.6
1.032
1.032
2
2
55
(6)
19.2
22.5
19 6
22.2
2 HO
95
150
493
170
'460
2
20.0
13.1
12. 2
.490
2
7. 9
1,709
1,934
15.4
13.8
13.9
12.2
12.1
12.7
12.3
12.1
16.8
12.4
11.6
12 A
12.4
13.8
13.2
5.2
5.3
5.1
5.0
4.9
5.2
5.2
5.3
6.8
5.4
5.3
5.1
5.0
5.3
5.6
.35
.40
.37
.42
.42
.41
.42
.42
.40
.42
.44
.41
.40
.40
.43
37.75
75.60
7 61. 45
37.73
893.25
64.40
33.72
83.82
71.92
35.36
86.41
73.54
36.13
90.48
65.97
36.77
91.98
63.25
37.30
92.91
63.85
37.73
38.00
94.40 3 90. 13
62.84
63.69
37.85
90.58
64.04
38.10
91.72
62.24
39.03
93 31
60.31
40.80
95.20
60.51
17.0
19.0
17.0
19.0
17.0
19.0
17.0
18.9
17.0
18.9
17.5
18.4
17.5
18.4
17.5
18.4
17.8
18.4
* 18. 4
Exports: Yarns and monofilaments. _ thous. Ib 5 88, 831 96, 390
Staple, tow, and tops__
_ do 78, 293 108, 253
Imports: Yarns and monofilaments
do
28, 194 5 59, 303
Staple, tow, and tops
_ _ do
5 149, 672 217, 707
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil Ib
59 4
51 7
Staple, incl. tow (rayon)
do
59 0
43 8
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
__ .do
194.3
138.7
Staple, incl. tow
do
210 9
142 4
Textile glass
fiber
.
do
44 2
40 4
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per Ib
66
Yarn: Rayon (viscose), 150 denier
do
.81
Acrylic (spun) knitting *>/203-6D* do
1 52
Manmade fiber and silk broad woven fabrics:
Production (qtrly ) total 9
mil lin yd '4 239 3
Filament yarn (100%) fabrics 9
__
do
1 620 4
Chiefly rayon and/or acetate fabrics
do
754 0
Chiefly nylon fabrics
do
324 2
Spun yarn (100%) fabrics (except blanketing) 9
mil lin yd 'I 989 0
Rayon and/or acetate fabrics and blends
do
600 2
T\ 184 8
Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil lin yd
412 5
mil. Ib..
do
do
do
228.7
187.3
78 2
$ per lb-_
do
do
1.215
.910
1.153
OO Q
8,155
6,077
4,978
22, 598
61
81
1 41
17.3
18.4
1, 228. 9
183 3
176 7
'1,300.9
204.7
180.4
' 374. 9
365.8
'88.9
'r 409. 7
359
6
r
99 6
' 422. 5
' 391. 5
' 101. 8
8 661 7,205
7,944
8,445
3,953
4 456
19, 519 20,668
.61
.82
1 41
17.0
18.4
•1,211.2
198.3
183.3
7,910
9,100
4,579
20, 250
8,156
12, 338
5,921
16, 848
8,011
9,134
5,650
14, 474
8,516
9,381
5,584
15, 165
8,509
8,583
5,485
17, 480
8,396
9,185
6,124
18, 376
42.02
42.53
98.55 3109.27
60.68
58.60
442.4
421.1
109.3
5,573
6,200
4,026
16, 599
8,812
10, 040
3,614
15, 804
8,486
11, 798
4,937
19, 925
33 9
47 2
49.1
52.4
59.4
59.0
134.9
159 7
'37.2
154.6
158 8
'41.5
168.3
' 183. 4
'44.4
194.3
210.9
44.2
.61
.84
1.42
.61
.82
1.42
.61
.84
1 43
.61
.87
1.43
.61
.85
1 43
.61
.88
1.43
.61
.87
1.43
1,284.7
465.4
210.4
86.5
1,310 5
460.1
203.1
88.0
1. 272 .9
454.2
191.0
85.7
649 6
677 7
659.5
178 0
408 8
173.5
430 6
157.7
422.2
112 7
117 8
106.0
2
2
19.0
17.8
2
61
.88
1 42
61
.88
1 42
22. 5
17.0
19.7
19.4
249 4
119 6
222.7
2
90
24 0
12 3
23 5
9 0
21 7
7 7
22.8
10.0
21.2
82
19 0
10 3
25.3
14 0
19.2
9 7
20.6
12 5
17 7
92
16.4
9 0
16.3
'67
18. 1
76
1.207
.840
1.180
1.165
.825
1.175
1.165
.825
1.175
1.178
.825
1.175
1.190
.825
1.175
1.208
.820
1.175
1.220
.820
1.175
1.220
.820
1.175
1.220
.850
1.175
1.210
.840
1.175
1.215
.864
1.191
1.245
.880
1.195
1.245
.880
1.195
90.2
90.7
90.7
91.0
91.7
91.8
92 4
93.4
238.3
Q1 4.
24. 9
19.3
19.8
68 8
19. 9
43.08
109. 24
55.01
1,390.4
218.9
198.7
40 7
51.3
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price
1957-59—100
87.8
89.9
92 6
88 8
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil lin yd
62 0
238 6
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1957-59=100__
101.7
100.5
100.5
100.5
2
3
'Revised.
1 Season average.
For 5 weeks, other months, 4 weeks.
Beginning
July 1968, average omits one cloth (July 1968 margins comparable with earlier data, 95.52
cents per pound); beginning Jan. 1969, the average omits two cloths
previously
included
4
5
(Dec. 1968 margins comparable with new data, 107.87 6cents).
For 10 months.
Re7
vised total; revisions not distributed by months.
Less than 500 bales.
Avg. for 5
months, Aug.-Dec.
* Avg. for 6 months, July-Dec.
383
3
21.6
24.9
2,035
8 278
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb_. 3,980.6 5, 131. 4
Filament yarn (rayon and acetate)
do
805 2
734 7
Staple, incl. tow (rayon)
do
739 1
603.4
Noncellulosic, except textile glass:
Yarn a n d monofilaments _ _ _ _ _ _
-do
1, 213. 9 1, 649. 5
Staple, incl tow
do
1 119 8 1 538 0
Textile glass
fiber
do
399 6
308 8
WOOL
Wool consumption, mill (clean basis) :
Apparel class
Carpet class
Wool imports, clean yield
Duty-free (carpet class)
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
Australian, 64s, 70s, good topmaking
406
3
'20.2
25.1
7 1
5,231
1,549
2,416
4,804
2
22. 7
96
10.9
3.6
2
1.245
.880
1.195
1.245
.880
1.195
57 0
100.5
100.5
100.8
101.1
101.1 101.1
101.1
101.1
IFor the period Sept. 1967-Feb. 1968,14 markets; beginning Mar. 1968, 12 markets.
*New series. B eginning Aug. 1966, mill margins refer to weighted averages of about 70 types of
unfinished carded yarn cloths and to simple averages of 5 to 8 combed yarn cloths and of 3
polyester-cotton blends; no comparable data prior to Aug. 1966 are available. Spun yarn price
(BLS) available beginning Jan. 1965.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated, statistics through 1966
and descriptive notes are shown in the 1967
edition of BUSINESS STATISTICS
1967
1968
Annual
March 1969
1969
1968
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
20, 631
16, 587
Jan.
Feb.
TEXTILE PRODUCTS—Continued
APPAREL
thous. doz. pairs
223 482
225, 551
16 671
18 197
19 151
17, 107
18 022
19 828
18, 331
19, 858
19, 536
21, 632
_ thous. units
do
19 719
4,770
21 701
4,148
1 894
1 716
1 848
1 854
1,810
363
318
1,856
1,836
426
1 783
1,272
365
408
420
2,352
395
Coats (separate) , dross and sport
do
Trousers (separate) , dress and sport. _ do
Shirts (woven fabrics), dress and sport
thous. doz
Work clothing:
Dunearees and waistband overalls
do
Shirts.
do
13 726
138, 571
14 041
158 227
1,244
11, 738
1 151
12 838
1 188
13 237
1,263
13, 799
1,256
14, 841
1,172
13, 828
793
12, 079
1,208
14, 418
1,074
13; 417
22 835
24 077
2 118
2 109
2 061
1,716
1,992
1,858
2,312
1,982
1,640
629
340
••691
'287
583
230
2,222 r 1, 899
22, 984 '19,371
622
'514
1,358
16, 235
Hosierv, shipments
Men's apparel, cuttings:
Tailored garments:
Suits
Overcoats and topcoats.
Women's, misses', juniors' outerwear, cuttings:
Coats _-.
thous. units
Dresses
,
do
Suits
do
Blouses, waists, and shirts
Skirts
thous. doz
do
311
1 918
297
290
2 170
2 201
7,464
4 042
6,896
3 312
480
275
569
303
579
308
514
295
555
268
660
265
416
214
544
259
676
268
22 414
279, 864
7 983
21 366
269 231
8 132
1 770
24 379
2 098
25 047
1 209
28 394
1,865
19, 136
2,108
21, 334
2,051
19, 892
622
1 588
24,049
526
1 749
21 034
989
1 449
27 376
1 060
659
646
532
14,064
8 548
15 117
7 926
1 157
1 336
1 466
1 410
1,455
1 271
1,142
1,201
1,148
854
788
847
522
660
628
714
649
643
742
645
T
1, 869
304
1,611
251
1,367 ' 1, 292 1,033
14, 594 '13,214 10, 224
1,389
' 1,
205
r
545
337.7
5,782
53.5
773
472
937
406
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
1
Orders, new (net), qtrly. total...
mil. $
U.S. Government
do ._
Prime contract
...
do
Sales (net), receipts, or billings, qtrly. total. -do-U.S. Government
_
.do
26, 900
18, 538
24, 423
23, 444
16, 334
7, 244
!3, 640
6 633
i 6 321
i 4, 156
6,731
3,881
6 226
6,221
3,989
6,916
5,506
6,360
6,398
4,181
Backlog of orders, end of period 9
do
U.S. Government
_.
do ...
Aircraft (complete) and parts...
do
Engines (aircraft) and parts. _ _
.do
Missiles, space vehicle systems, engines, propulsion units, and parts
.
mils..
Other related operations (conversions, modifications), products, services
_ .. .mil. $
30, 936
17, 950
16 401
4,252
!30,262
16,057
!16 813
14 192
30, 589
15, 768
17 938
3 916
31,202
17, 236
17, 214
3,765
Aircraft (complete):
Shipments 0
...
Airframe weight ®
Exports . .
1
1
5,704
14,708
4,007
5,254
2,810
i 2 759
2,827
2,854
do
2,981.5
thous. Ib
56, 739
mil $
786 5
337.9
6,043
127 5
354 6
6 359
145 6
357.0
6,671
78 7
373.4
6,858
115 4
391.4
6,931
130 2
339.5
5,831
125 8
406.8
6,931
117 6
340.3
6,005
121 7
311.6
5,668
94 1
413.7
6,845
160.7
390.0
6,264
132.4
338.3
5,861
133.4
8, 976. 2 10, 718. 2
937.5
889 3
8 484 6 10 172 2
787.0
7, 436. 8 8 822 2
7 070 2 8 407 1
747 9
1 539 5 1 896 1 150 4
1 414.4 1 765 1 142.1
847.6
801 4
703 2
668 2
144 3
133 2
968.0
917 7
800 7
764 0
167 3
153 7
941.7 1, 103. 5
895.8 1 051 6
782.7
916 9
747 8
876 2
159 0
186 6
147.9
175 4
990.1
945 8
813 7
781 6
176 4
164 3
773.1
744.8
624.6
605 4
148.5
139.4
292.1
274.7
193.1
182 6
99.0
92.1
816.9 1,125.2 1, 040. 7
984.3
769.4 1, 065 .2
935.2
876.6
656.4
620 0
889.5
831.0
164.1
160.5
190.0
149.4
175.8
153.3
881.9
832.2
732. 1
693.7
149.8
138.5
976.5 2 874. 4
933.3
815.4 2 711 9
782.1
161.1 2 162 6
151.2
4,353.9
76, 188
1 403 1
MOTOR VEHICLES
Factory sales, total
Domestic
Passenger cars, total
Domestic
Trucks and buses, total
Domestic
thous..
do
do
do
do
do
Exports:
Passenger cars (new), assembled..
To Canada*
Trucks and buses (new), assembled
. - do
do
do
Imports:
Passenger cars (new), complete units
From Canada*
.. .
Trucks and buses, complete units
do
do
do
Shipments, truck trailers:
Complete trailers and chassis... __ ..number
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number
Registrations (new vehicles): O
Passenger cars
Foreign cars
...
Trucks (commercial cars)
thous
do
. . do
330 46
286 78
92.03
35 09
29 90
5.99
29 34
25 29
7 29
30 92
27 99
7 63
29.90
25 65
8.40
30 19
27 62
7.82
26 12
23 22
6'.84
15.35
13 63
6.07
8.29
6 86
5.41
27.71
23.60
8.84
30.32
26.24
7.83
36.28
30.79
10.03
30.96
26.00
9.67
25.73
4.00
55.72
1, 020. 62 3 1, 620. 5
33 500 7
323 55
114 6
75 07
145. 98
48 28
9 23
121 37
31 22
9 74
112 32
34 12
8 09
117.33
34 32
6 20
157. 10
49 07
6 93
139. 11
50 91
9 93
139. 32
32.25
8 70
97.25
13.68
3 58
126. 02
42.57
10.50
143. 10
54.54
13.60
154.81
55.67
13.95
164.36
51.65
11.99
106. 32
50.21
12.84
96, 539 P113, 928
59 147
75 148
7,839
5 028
8 881
5 713
10 207
6 775
9,814
5 899
10,918
7 188
8,942
5 676
8,891
5 529
9,526
6 439
9,544
6,475
9,980
7,036
rr 9, 701
6, 774
'9,685
' 6, 616
9,901
6,741
27 497
33, 761
2 063
2 192
2 181
2,165
1 956
2 532
2,392
2,308
3,703
3,769
r
3, 966
'4,534
1,605
3 g 357 4 39 403 9
s 779 2 3 985 8
3
1 518 4 3 1, 775. 6
°657 9
o 62 5
a
l!8 5
°604 6
°110 9
725 0
75 5
131 7
859 4
« 82 4
161 6
824 3
o 78 4
149 6
800 6
o 78 o
145 9
872 0
°79. 5
161.9
744 4
«81.7
150.9
705.3
94.7
148.5
880.3
103.8
170.3
757.0 * 977. 3
84.2 497.6
140.3 * 185. 5
83 0%
64 775
18 390
56 232
38 961
17 971
4 717
3 875
842
5 754
4 358
1 OQC
5 712
3 978
1 734
5 774
3 395
2 379
4 094
9 906
9 088
4 408
2 728
1 680
3 499
2 476
1*023
3 760
2 488
1 272
4 448
3 062
1 386
4 533
3,319
1 214
4,097
2,670
1 427
4,536
3,706
830
4 548
3 418
l' 130
9 797
o SQO
5 527
3 860
3 380
3 294
2 502
480
792
4 057
2 686
1 371
3 233
3 197
36
2 789
2 586
'203
3 155
3*032
123
4,323
4 223
100
9,793
6 775
3 018
9,630
7 830
1,800
9,356
7 039
2,317
20 364
10 862
9' 502
19 981
10 496
8 785
17 810
10 969
6 841
16 948
10' 977
5 971
16 261
11 439
4 822
16 229
12, 693
3 536
21 400
16, 060
5 340
26 939
21, 226
5,713
31, 740
24,540
7,200
1 476
5 2
1 473
5 2
1 473
5 2
1 470
52
1 467
5 4
1,466
1,463
1,461
5.2
1,458
5.2
280 58
236 64
82.24
a 62 1
RAILROAD EQUIPMENT
Freight cars (ARC I):
Shipments
Equipment manufacturers total
Railroad shops domestic
number
do
do
New orders
Equipment manufacturers
total
Railroad shop5* domestic
do
do
do
53 703
38 468
15* 235
3 63 561
Unfilled orders end of period
Equipment manufacturers, total
Railroad shops domestic
do
do
do
24 917
14* ?76
10 641
31 740
24 540
7 200
24 893
14* 024
10 869
94 74.9
12 469
12 273
22 933
11 894
11 039
1 489
5 1
1 458
5 2
1 480
53
1 478
53
1 478
' 52
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
Held for repairs % of total owned
Capacity (carrying), aggregate, end of period
3 ^q 391
14 170
no A-\
93 55
93 71
63.30
64.34
63.33
63.18
r Revised. 1 Beginning 1st quarter 1968, value of new orders and backlog refers to orders
on a funded order basis for Government contracts and on binding legal documents (or equivalent) for commercial business. Revised 4th quarter 1967 figures, comparable with funded
data
beginning 1st quarter 1968 (mil. dol.):
Total net new orders 7,428; total backlog, 29,339.
2
Preliminary estimate
of production. 3 Annual total includes revisions
not distributed
4
5
by months.
Includes delayed registrations for seven States.
Beginning Jan. 1969,
data exclude vehicles on runners and skis.
« Omits data for 1 State.
Average per car
_
_
ton?
no i K
62. 85
QQ CO
5.4
5.2
1,456
5.2
93.82
93.91
93 84
93 83
93 66
93 72
93 68
93 57
93 69
93 80
64.34
64.50
64.12
64.23
63.90
63.84
63.75
63.55
63.66
63.40
9 Total includes backlog for nonrelated products and services and basic research.
© Data include military-type planes shipped to foreign governments.
*New series;
source, Bureau of the Census.
O Courtesy of R. L. Polk & Co.; republication prohibited.
§Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
Earnings, weekly and hourly
Eating and drinking places
Eggs and poultry
Electric power
Electrical machinery and equipment
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
10-12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
12-16
16-21
21-23
23,24
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34,36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
...............................
10, 11, 16
Aerospace vehicles
............................
40
Agricultural loans
............................
16
Air carrier operations
.........................
23
Aircraft and parts
.........................
4,6,7,40
Alcohol, denatured and ethyl
...................
25
Alcoholic beverages
...........................
11,26
Asphalt and tar products
Automobiles, etc
...........
......................
35, 36
1, 3-9, 11, 12, 19, 22, 23, 40
Balance of international payments
..............
2, 3
Banking
.....................................
16, 17
Barley
......................................
27
Battery shipments
............................
34
Beef and veal
................................
28
Beverages
.........................
4, 8, 11, 22, 23. 26
Blast furnaces, steel works, etc ......... .
.......
5-7
Bonds, outstanding, issued, prices, sales, yields. . . . 18-20
Brass and bronze
.............................
33
Brick
.......................................
38
Broker's balances
.............................
20
Building and construction materials
.............
7-8,
10,31,36,38
Building costs
................................
10
Building permits. . .
..........................
10
Business incorporations (new), failures
..........
7
Business sales and inventories
..................
5
Butter
......................................
26
Cattle and calves
.............................
28
Cement and concrete products
...............
9, 10, 38
Cereal and bakery products
....................
8
Chain-store sales, firms with 11 or more stores. . .
12
Cheese
......................................
26
Chemicals
....................
4-6,8,13-15,19,22-25
Cigarettes and cigars
..........................
30
Clay products
................................
9, 38
Coal
.................................
4,8,22,34,35
Cocoa. . . . .
..................................
23, 29
Coffee
.......................................
23,29
Coke
........................................
35
Communication
............................
2, 19,24
Confectionery, sales
...........................
29
Construction:
Contracts
...............
...................
9
Costs
....................................
.
10
Employment, unemployment, hours, earnings. . 13-15
Fixed investment, structures
.................
1
Highways and roads
........................
9, 10
Housing starts .
............................
10
New construction put in place
................
9
Consumer credit
..............................
17, 18
Consumer expenditures
........................
1
Consumer goods output, index
.................
3, 4
Consumer price index
.........................
7, 8
Copper
......................................
33
Corn
........................................
27
Cost of living (see Consumer price index)
........
7, 8
Cotton, raw and manufactures
..........
7, 9, 22, 38, 39
Cottonseed cake and meal and oil
..............
30
Credit, short- and intermediate-term
............
17, 18
Crops
................
.
............
3,7,27,28,30,38
Crude oil and natural gas
.......................
4, 35
Currency in circulation
........................
19
Dairy products
.........................
3,7, 8, 26,27
Debits, bank
.................................
16
Debt, U.S Government
.......................
18
Department stores
............................
11, 12
Deposits, bank
............................
16, 17, 19
Disputes, industrial
...........................
16
Distilled spirits
...............................
26
Dividend payments, rates, and yields ....... 2, 3, 18-21
Drug stores, sales
.............................
11, 12
14,15
11,12
3,7,28,29
4,8,25,26
4-8,
13-15,19,22,23,34
Employment estimates
12-15
Employment Service activities
16
Expenditures, U.S Government
18
Explosives
25
Exports (see also individual commodities)
1,2,21-23
Express operations
23
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,7,8
Farm wages
15
Fats and oils
8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilizers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28,29
Food products
1,4-8,11-15,19,22,23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight cars (equipment)
4,40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross private domestic investment
Gypsum and products
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
1
1
9,38
Hardware stores
11
Heating equipment
9,34
Hides and skins
8,30
Highways and roads
9,10
Hogs
28
Home electronic equipment
8
Home Loan banks, outstanding advances
10
Home mortgages
10
Hosiery
40
Hotels
24
Hours of work per week
14
Housefurnishings
1,4,8,11,12
Household appliances, radios, and television sets.
4,
8,11,34
Housing starts and permits
10
Imports (see also individual commodities)
1,22,23
Income, personal
2,3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3,4
Installment credit
12,17,18
Instruments and related products
4-6,13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers* and trade
5,6,12
Inventory-sales ratios
5
Iron and steel
4,5-7,9,10,19,22,23,31,32
Labor advertising index, strikes, turnover
16
Labor force
12,13
Lamb and mutton
28
Lard
28
Lead
33
Leather and products
4,8,13-15,30
Life insurance
.'
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
,
35,36
Lumber and products
4,8,10-15,19,31
Machine tools
34
Machinery
4,5-8,13-15,19,22,23,34
Mail order houses, sales
11
Man-hours, aggregate, and indexes
14
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
4-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings.. . 13-15
Manufacturing production indexes
3,4
Margarine
29
Meat animals and meats
3,7,8,22,23,28
Medical and personal care
7
Metals
4-7,9,19,22,23,31-33
Milk
27
Mining and minerals
2-4,9,13-15,19
Monetary statistics
19
Money supply
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
23,24
Motor vehicles
1,4-7,9,11,19,22,23,40
Motors and generators
34
National defense expenditures
1,18
National income and product
1,2
National parks, visits
24
Newsprint
23,37
New York Stock Exchange, selected data
20,21
Nonferrous metals
4,9,19,22,23,33
Noninstallment credit
17
Oats
Oil burners
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
34
8,22,23,29,30
6,7
13-15
Paint and paint materials
Paper and products and pulp
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio
7
Passports issued
24
Personal consumption expenditures
1
Persona] income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11,13-15,19,22,23,35,36
Pig iron
32
Plant and equipment expenditures
2,20
Plastics and resin materials
25
Population
12
Pork
28
Poultry and eggs
3,7,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Profits, corporate
2,19
Public utilities
2^4,8,9,13,19-21
Pullman Company
24
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radiators and convectors
34
Radio and television
4,10,11,34
Railroads
2,15,16,19,20,21,24,40
Railways (local) and bus lines
23
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators and home freezers
34
Rent (housing)
7
Retail trade
5,8,11-15,17,18
Rice
27
Roofing and siding, asphalt
36
Rubber and products (incl. plastics)
4-6,
9,13-15,23,37
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 prices, earnings, sales, etc
Stone, clay, glass products
Stoves and ranges.
Sugar
Sulfur
Sulfaric acid
Superphosphate
2
17
19,20
20,21
1,7,13
28
8,11,12,30
19
30
39
31,32
31
20,21
4-6,8,13-15,19,38
34
23,29
25
24
25
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,10,11,34
Textiles and products.... 4-6,8,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-6,9,11,13-15,30
Tractors
34
Trade (retail and wholesale)
5,11,12
Transit lines, local
23
Transportation
1,2,8,13,23,24
Transportation equipment
4-7,13-15,19,40
Travel.
23,24
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
Vacuum cleaners.
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
,
Wages and salaries
Washers and driers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
12,13,16
16-18,20
finance
1§
2-4,9,13,19-21,25,26
flour
34
H,12
29,30
7,8
16,18
2,3,14,15
34
34
28
8,9
5,7,11,13-15
36
9,39
33
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WASHINGTON, D.C. 20402
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THE NATIONAL INCOME AND
PRODUCT ACCOUNTS OF THE
UNITED STATES, 1929-1965
Statistical Tables
THIS VOLUME contains the complete set of national income and
product tables that resulted from the comprehensive benchmark
revisions connected with the incorporation of the 1958 economic
censuses into the national income and product estimates. Summary
results of these revisions, with explanations, were first published in
the August 1965 Survey of Current Business.
Estimates for 1964 and 1965 in the report have since been revised.
The latest figures are separately available in the July 1968 issue of the
Survey.
81 TABLES—ANNUAL, QUARTERLY, MONTHLY—COVERING 165 PAGES.
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