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MARCH 1972 / VOLUME 52 NUMBER
3
SURVEY OF
CURRENT BUSINESS
MARCH 1972 / VOLUME 52 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
Consumer Demand
Commercial Paper
3
4
National Income and Product Tables
10
U.S. Department of Commerce
Peter G. Peterson / Secretary
James T. Lynn / Under Secretary
Harold C. Passer / Assistant Secretary
for Economic Affairs
Bureau of Economic Analysis
9
Manufacturers Inventory and Sales Expections,
First Half 1972
Investment Programs and Sales Expectations for 1971
14
16
Nonfinancial Corporations: New Measures
of Output and Input
21
Plant and Equipment Expenditures by Foreign Affiliates
of U.S. Corporations—Revised Estimates for 1971 and 1972
29
Balance of Payments Developments: Fourth Quarter
and Year 1971
34
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index {Inside Back Cover)
George Jaszi / Director
Morris R. Goldman / Deputy Director
Lora S. Collins / Editor
Leo V, Barry, Jr. / Statistics Editor
Billy jo Hurley / Graphics
STAFF CONTRIBUTORS TO THIS ISSUE
Jack J. Bame
Jacquelin Bauman
R. David Belli
F, Beatrice Coleman
Lora S. Collins
Julius N. Freidlin
Marie F* Hertzberg
Donald A. King
Max Lechter
Shirley Loftus
Howard Mtirad
John C* Musgrave
Evelyn M. Farrish
Thomas R. Robinson
John T. Woodward
Allan BU Young
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the BUSINESS SITUATION
A HE pace of consumer demand expansion still seems to be relatively
modest: Retail sales were essentially
flat during the winter months and consumer surveys have turned up evidence
of only small improvements in attitudes
and willingness to buy. However, the
evidence available on other elements of
economic activity generally indicates
fairly strong expansion in the opening
months of the year. The housing boom
has carried starts to rates above those
that even quite bullish observers had
been expecting. Survey findings indicate a brisk expansion of capital spending in the early months of 1972 with
expectations of further gains as the
year progresses. The industrial production index has been rising recently,
after a number of months of virtual
stability, and the workweek has been
lengthening in manufacturing as well
as in other sectors.
In the first 3 months following the
end of the wage-price-rent freeze,
prices moved up sharply, particularly
in wholesale markets. From November
to February, the wholesale price index
registered an average monthly increase
of 0.8 percent. (On a seasonally adjusted basis the increase averaged 0.6
percent.) Excluding imports and domestic raw agricultural products, which
are exempt from Price Gommission
regulations, the rise in the wholesale
index averaged 0.6 percent (not season ally adjusted) in the 3-month
period.
The exempt commodities accounted
for about half of the rise in nonindustrial prices from November to February. The price index for farm products
and processed foods and feeds increased
an average 1.7 percent per month (not
seasonally adjusted) in the period, but
The expected full-year increase in
the increase excluding the exempt commodities averaged 0.9 percent. The plant and equipment outlays is 10%
exempt commodities are not important percent, compared with an increase of
in the industrial component of the 2 percent in 1971. (Details of the surwholesale index, which increased at an vey are reported on pages 16-20.) A
average rate of nearly 0.5 percent per
CHART 1
month from November to February.
From November to February, the
Retail Sales
rise in the consumer price index
averaged 0.3 percent per month, not
Billion $ (Ratio scale)
seasonally adjusted. (The seasonally
,-,::•.?/..: .- ' - - •
-T , ; •-"'••'•, v *~- -V v'J
adjusted increase was slightly larger.) 45 ';.;. \- :i--rr V rr/;^• . > -,:;;"^:^r; ,:>«.:f,v:• ^
40 r;TOW;
The rise in the consumer index was
;
:
mainly attributable to huge increases 35 ^ ..:"": ."..:.??'''••• ?•''.-.-;' v' ';,:;.;.;' ^/^"r'rvU^
- '-/ V'\ ': '" A'in food prices, particularly for meat. 30
r ' ' >\'x'r.-?
The increase in the food price index
/-', •" ,'"",;<" i.
V*:*hinfM'
averaged 0.9 percent per month during 25 IN i hm-ji tii nifiii i,l
the 3-month period. Service prices 15
were also rising (an average 0.3 percent)
and the combined impact of food and
service prices more than offset a slight
decline (an average 0.1 percent per
month) in prices of nonfood commodities. Exempt items in the consumer
price index—raw agricultural products,
used cars, houses, mortgage interest
rates, and taxes—have contributed
moderately to the recent increase.
Excluding these items, the average
monthly rise in the consumer index
from November to February would
have been 0.2 percent instead of 0.3
percent.
i
:
;
;
^ II I « T ; -'.-
;
f
;
f l J HMf 1 4 1
Business expectations
The latest BE A survey of business
plant and equipment spending, taken
in February, found expectations of a
very sharp rise in the first quarter and
further gains later in 1972. However,
available data on January and February shipments of capital goods suggest
that the first quarter increase in investment may not be quite as large as the
survey findings indicate.
1968
1969
1970
1971
1972
Seasonally Adjusted
te: Census
* Includes nonstore retailers.
U.S. Department of Commerce, Bureau of Economic Analysis
72-3-1
1
SURVEY OF CURRENT BUSINESS
very sharp spending turnaround is
indicated for durable goods manufacturing. All major durables industries
reported declines in 1971, with the
aggregate down 1 OK percent from 1970;
this year, almost all major durables
industries expect increases (steel is the
exception) and the aggregate is projected to rise almost 14 percent. There
is a clear but much less dramatic
turnaround in nondurables manufacturing, from a 2 percent spending decline in 1971 to a 4% percent increase
in 1972. Every major nonmanufacturing
industry expects to increase capital
spending in 1972, for an aggregate
gain of 11% percent, compared with
T}i percent in 1971.
Realization of spending plans will
depend in good measure on whether
sales live up to expectations. The sales
expectations reported in conjunction
with the BEA capital spending survey
show most major manufacturing industries expecting the growth of sales
to be stronger this year than last, with
producers of machinery and primary
metals particularly bullish. However,
in the other industries from which sales
expectations are collected—wholesale
and retail trade and the public utilities—firms expect sales growth to decelerate this year. These industries are
among those not planning to "accelerate
capital spending growth.
The latest BEA quarterly survey of
inventory and sales expectations (see
pages 14-15) found manufacturers projecting a sales increase of 7 percent
from the second half of last year to the
first half of this year. The expected
growth is concentrated in the first
quarter, and is far stronger for durables
than for nondurables manufacturers.
The steel industry expects substantial
sales growth in both the first and
second quarters, a recovery from the
weakness in last year's second
half when users were working off
strike-hedge stockpiles. The survey
found manufacturers planning substantial additions to inventories in the
first half of this year, but the expected
strength of sales implies that inventorysales ratios will drop further. Durable
goods producers plan to increase their
holdings $1 billion by midyear and
March 1972
producers of nondurables plan a $%
billion increase. In 1971, durable goods
producers cut inventories all year, for an
aggregate reduction of $1 billion; inventories of nondurables producers rose
$1 billion, more than half of which was
added in the fourth quarter.
As this issue of the SURVEY goes to
press, data are available on manufacturers' inventory accumulation only
through January. Stocks rose $325 million (seasonally adjusted), about onethird of the gain expected for the full
quarter. There was a strong rise in
durables inventories, due in large part
to stepped up accumulation by steel
producers. Their holdings rose sharply
in January, evidently in response to
signs of upcoming strengthening of
demand.
As measured in the Federal Reserve
industrial production index, steel output increased 18 percent from November to February. This contributed significantly to the strengthening of the
aggregate production index in recent
months. After showing virtually no
change from May to November, the
index increased nearly 2 percent from
November to February. This put it at
109 percent of the 1967 average, its
highest level in more than 2 years but
still almost 2% percent below the peak
in the summer of 1969. Excluding the
thrust from the expansion of steel
output, the production index increased
1.3 percent from November to
February.
The starts rate averaged 2.6 million
units in the first 2 months of this year
as compared with an average of 2.2
million units in the closing quarter of
last year. Both single family and multifamily starts were well above their
fourth quarter averages, but the acceleration was most pronounced for multifamily units. Multifamily starts fell off
somewhat in January but surged very
sharply in February. Indeed, February
marked the first time that multifamily
starts exceeded those of single family
homes. The January-February starts
figures were above the fourth quarter
average in all regions of the country,
but the acceleration was strongest in the
south and west.
The vigorous pace of homebuilding
activity rests in large part on the
continued ample availability of mortgage financing. Net savings flows to the
savings and loan associations—the
major type of mortgage lending institution—have recently accelerated very
sharply from the already big gains
recorded last year. In January and
February alone, net flows totaled nearly
$7 billion (seasonally adjusted), up
from a total of $5.8 billion in the
fourth quarter and $6.3 billion in the
third. In large part, the sharp step-up
in savings growth in the opening months
of this year reflects relatively attractive
rates paid on deposits. Though interest
rates on savings deposits have declined
somewhat in recent months they have
not come down nearly as far as have
other short-term rates, and a very
large rate differential favoring savings
deposits developed.
After mid-February, however, shortterm interest rates turned upward; by
mid-March, most money market rates
had increased by one-quarter to onehalf percentage point. This rise, along
with evidence of a somewhat less
expansive monetary policy, suggests
that the low in short-term rates has
been passed. This development casts
some shadow on the prospects for a
continued high rate of savings flows to
the major mortgage lenders, and poses
a threat to the continued easy availability of mortgage financing.
Residential construction
Starts have continued to increase
strongly and reached a record seasonally
adjusted annual rate of nearly 2.7
million units in February. The number
of units authorized by building permits
has not increased as sharply as starts
in recent months, and the February
starts surge evidently reduced the backlog of units authorized but not started.
The backlog of permits for multifamily
structures had been growing at a very
substantial rate since last spring. It is
possible that unusually favorable
weather in February led builders to
make a start on a large number of these
authorized but unstarted units.
March 1972
SURVEY OF CURRENT BUSINESS
Consumer Demand
Sales of new cars, counting both
domestic and import models, ran at a
seasonally adjusted annual rate of
about 10 % million units in the first
2 months of 1972 (table 1) but evidently
declined in early March. The strength
of the sales boom in SeptemberNovember 1971 had suggested that a
good number of the sales in that period
were "borrowed" from the future, but
sales since November have made a
generally good showing.
The boom late last year was precipitated by certain of the actions
announced by the President at midAugust. Buyers' interest was stimulated
by the 90-day price freeze, which held
down prices of the new models just then
being introduced, and also by the proposal (subsequently enacted) that the
auto excise tax be repealed retroactive
to August 15. Sales of domestic models,
which had been running at an annual
rate of about 8% million units for some
months, jumped to 10% million in
September and were very high in
October and November as well. The
rate dropped back to 8 million units in
December but was well above that in
January and February.
Table 1.—New Car Sales
[Millions of units]
Domestic
models
1968
1969
1970
1971
Import
models
8.6
8.5
7.1
8.7
1.0
1.1
1.3
1.6
Total
9.7
9.6
8.4
10.3
Seasonally adjusted annual
rates
1971: Jan.-Aug
Sept.-Nov
Dec
8.3
10.0
8.0
1.6
1.4
1.3
9.9
11.5
9.3
1972: Jan.-Feb
8.8
1.5
10.4
The late-1971 sales surge was a
phenomenon of the market for domestic
models. Sales of import models fell in
the September-November period, partly because of shortages caused by
strikes at U.S. ports. They subsequently recovered, however, and in the
opening months of this year were back
to an annual rate of about 1.5 million
units.
Retail sales
Sales of retailers in the automotive
group have behaved similarly to unit
sales of new cars—rising sharply in
August and September 1971 and declining late in the year. (The auto group
includes new car dealers, used car
dealers, dealers in boats, trailers, aircraft, and motorcycles, and tire and
accessory stores.)
Chart 1 shows total retail sales, sales
of the auto group and of other durable
goods retailers, and major elements of
non-durable sales. Total retail sales
were unchanged again in February,
according to advance estimates. The
total has been essentially stable since
last September, except for a jump in
November that was erased the following
month.
Sales of durable goods retailers outside the auto group have been growing
strongly since early 1971. Sales by
lumber and building materials dealers
increased rapidly all last year, and had
in fact been rising in the recession year
1970 as well. Hardware store sales were
also on a fairly strong uptrend all last
year. Sales of furniture and appliance
stores, which were essentially flat
through the summer of 1971, took off
sharply after September.
Aggregate sales of nondurables retailers have been expanding steadily
but at a slow pace. The only marked
strength last year was in sales of the
general merchandise group—mainly
department stores but also including
variety stores and nonstore retailers
such as mail order firms and vending
machine operators. In recent months,
the group's sales have shown little if
any net growth. Sales of the food group,
which accounts for close to one-third
of the nondurable total, were essentially
flat all last year and remain so. Apparel
sales and drug stores sales have also
been lackluster. Sales of eating and
drinking places—which account for
more than 10 percent of the nondurable
total—turned strongly upward in the
closing months of last year but it is
not clear that the boom is persisting.
Attitudes and incomes
The behavior of retail sales is consistent with the evidence of recent
consumer surveys. The survey taken by
the Census Bureau in January showed
no clearcut evidence of change for either
the better or the worse in the strength
of buying plans, but did find some
small improvement of consumers' income expectations. The University of
Michigan consumer sentiment index
was unchanged in the fourth quarter,
as it had been in the third. The index is
up from the low hit during the recession,
but the recovery has not been especially
strong.
The bite being taken from income
this year by overwithholding of Federal
taxes is probably a factor working to
dampen consumer spending. Withholding schedules were raised in January in
order to eliminate underwithholding. It
was recognized at the time that the
new schedules would produce significant
overwithholding if taxpayers failed to
offset some of the impact by increasing
their exemptions for withholding purposes. The Federal budget for fiscal
year 1973 sent to Congress in January
assumed that most affected taxpayers
would take such action. However, receipts in the opening months of 1972
indicate that in fact there is a very
considerable amount of overwithholding. This has the effect of muffling the
cut in income taxes on January 1, when
the personal exemption and standard
deduction were raised.
Personal income increased $5 billion
in February to a seasonally adjusted
annual rate of $897 billion. The increase
was mainly in wages and salaries, as the
nonwage components generally changed
very little. Payrolls in construction
dropped because of a sharp drop in
construction employment (a volatile
series that had jumped sharply in January). Most other private industry payrolls advanced but at rates fractionally
slower than in January. Manufacturing
payrolls increased a relatively substantial $1% billion, mainly because of a
longer workweek but with higher average earnings and a slight increase in
employment also contributing.
SUKVEY OF CURRENT BUSINESS
According to the preliminary estimate, the February increase in manufacturing employment was very small,
but it followed a more definite gain in
January. This evidence of an employment upturn comes in the wake of
essential stability in the second half of
1971, save for a cut in the steel industry
following the labor settlement; that
stability, in turn, was preceded by a
steep decline during the recession. The
manufacturing workweek has been
strengthening in both durable and
nondurable goods industries/Together
with the behavior of employment,
this indicates that manufacturers are
increasing labor inputs in order to expand production.
Employment in trade, the services,
and State and local governments has
been rising fairly steadily. The total
February employment gain in the
service-producing industries (which include also the Federal Government,
transportation, utilities, and finance
and related industries) was 150,000.
With a sharp drop in construction employment and little change in manufacturing, the total number of workers
on nonagricultural payrolls increased
a modest 83,000. The separate survey
of the entire civilian labor force found
that the labor force declined in February, with employment unchanged but
the number of unemployed down. The
unemployment rate fell to 5.7 percent
from 5.9 percent in January.
Commercial Paper
Since the mid-1960's, the commercial
paper market has experienced several
years of extraordinary growth, a brief
but fairly severe contraction and,
during the past year or so, a period of
relative calm. The dimensions and
character of the market have changed
markedly over this period, and commercial paper has evolved as a major
form of short-term financing. Indeed,
since 1965 commercial paper has made
major inroads into the financing activity of the banking system. From the
end of 1965 to mid-1970, when the
volume of commercial paper peaked,
the ratio of paper to bank loans more
than doubled; the fact that the ratio
did not drop significantly in 1971, a
year of credit ease, is evidence of the
permanence of commercial paper as a
money market instrument (table 3).
The commercial paper market
Commercial paper is the unsecured
promissory note of large, well-known
corporations. These notes are shortterm obligations carrying maturities
that range from a few days to 9 months.
Maturities usually do not exceed 9
months for otherwise registration with
the Securities and Exchange Commission would be required. Paper is
typically issued in denominations of
$100,000 or more and, though unsecured, issues are usually backed by
bank lines of credit.
As a money market instrument,
commercial paper has a number of
attractive features. To sellers, it is
less expensive than borrowing from
banks, and has proved an extremely
valuable alternative to bank credit in
periods of credit stringency. To investors, rates on commercial paper are
typically more attractive than those
on other short-term assets such as
certificates of deposit or Treasury
bills. Perhaps the most distinguishing
characteristic of commercial paper is
its flexibility: the amount and maturity
of an issue can be tailored to meet
specific borrower-lender requirements.
Commercial paper is either sold
through a dealer or placed directly
with an investor. Nearly all directly
placed paper is sold by large finance
companies (table 2). These companies
are the oldest and most important
issuers and maintain their own elaborate marketing organizations for this
purpose. Other firms that use this
market less extensively, smaller finance
companies and industrial and utility
firms, sell paper through a half-dozen
major dealers. New participants in the
commercial paper market typically enter through the dealer market, and the
big expansion in the volume of paper
after 1965 centered in dealer placed
paper. Dealer paper now accounts for
about 40 percent of the volume outstanding, as compared with 20 percent
in 1965.
March 1972
Growth of the market^ 1965-70
Prior to the mid-1960's, the commercial paper market was used almost exclusively by finance companies, for whom
it was a major source of short-term
financing. Most paper was placed directly and the market consisted of an
elaborate network of well established
buyer-seller relationships. Though the
market grew at a fairly rapid pace
during the decade ending in 1965, it
remained relatively small; by the end
of 1965, outstandings amounted to only
$9 billion (chart 2). In 1966, however,
extremely tight credit conditions
launched an expansion of the commercial paper market that ultimately carried the volume outstanding to a peak
of almost $40 billion in mid-1970.
Highly restrictive monetary policy
in 1966 severely reduced the role of
commercial banks as intermediaries in
credit markets, and borrowers and
lenders increasingly undertook transactions directly, i.e., in the open market.
CHART 2
Commercial Paper Outstanding, by Issuer
5 -
1965
1966
1967 1968
1969
Annual
1970 1971
Half Years
End of Period, Not Adjusted for
Seasonal Variations
Data: FRB
U.S. Department of Commerce, Bureau of Economic Analysis
72-3-2
SURVEY OF CURRENT BUSINESS
March 1972
Table 2.—Participation in the Commercial Paper Market
The actions taken by the monetary
authorities were successful and the turmoil following the Penn Central failure
1965
1966
1967
1969
1968
1970
1971
was largely confined to the commercial
16.5
13.3
9.1
20.5
31.7
31.8
29.9
paper market, where there was a fairly
11.6
10.2
13.3
7.2
19.1
19.8
18 6
sharp but brief runoff in the volume
outstanding. From a peak of nearly
7.2
10.2
11.6
13.3
17.2
16.8
17 1
3.0
1.9
1.4
$40 billion at the end of May 1970,
outstandings declined $2 billion in
2.9
1.5
.7
1.8
1.4
1.9
17
.5
.5
.3
.4
2.1
1.4
36
June, $800 million in July, when
8.3
6.1
11.4
8.0
17.1
15.1
13 3
Chrysler Financial Corporation had
3.1
4.9
1.9
7.2
12 7
11.8
11 4
difficulty renewing some of its paper,
3.0
4.5
.8
1.6
6.9
90
and $400 million in August.
78
1.1
1.5
1.9
3.7
2.7
32
31
4
5
12
The correction in the commercial
paper market had about run its course
.4
.5
31
1.7
59
69
6 3
.5
1.2
2 4
21
1.0
1.0
17
when the monetary authorities took
2.2
1.5
1.0
2.9
35
37
34
action to restrict the use of bankrelated commercial paper. In midAugust 1970, the monetary authorities
bank holding companies used the pro- imposed reserve requirements on funds
ceeds of the commercial paper to member banks obtained as a result of
purchase loans from the portfolios of the sale of commercial paper by their
their affiliated banks, thus enabling the affiliated holding companies, and the
banks to continue making loans.
advantage to banks of using this
The accelerated growth in volume market as a source of funds was
continued until June 1970, when the virtually eliminated. This action led
Penn Central Railroad, which had a to the retirement by yearend 1970 of
large volume of paper outstanding, some $5K billion of bank-related paper.
petitioned for bankruptcy. This dealt This accounted for the major part of
a severe blow to investor confidence, the decline in the total outstanding in
and as a consequence some issuers of the last half of the year. The volume
commercial paper found it impossible of nonbank paper had declined in the
to renew notes and others found buyers wake of Penn Central's failure, but the
willing to take only part of what was decline was confined to the summer
being offered. These difficulties came at months; the volume of nonbank paper
a time of stringent credit conditions, was essentially unchanged from Septemand pressures intensified throughout ber to December 1970.
the money and credit markets. The
Federal Reserve System moved quickly Recent developments
to avert the possibility of a serious
Despite the easiness of credit concredit crisis. The Federal Reserve assured member banks access to the dis- ditions in 1971, the volume of comcount window for the reserves needed mercial paper outstanding declined
to make loans to support the credit of only $1% billion; about $% billion of
issuers that were unable to renew that decline consisted of a further
maturing paper. The Federal Reserve contraction in bank-related paper and
also suspended the interest rate ceilings the balance a reduction in dealer placed
on large certificates of deposit with paper issued by nonfinancial corporamaturities of less than 90 days. This tions. Paper issued by finance companies
enabled the banks to compete freely was virtually unchanged. These defor time deposit funds and greatly velopments show that commercial paper
strengthened the role of the banks in has permanent importance as a shortthe credit process. In effect, these term credit instrument, and that its
actions assured that the banks could role is not limited to periods of tight
provide the credit that could not then credit.
be handled through the commercial
paper market.
(Continued on page 28)
[End of year, billions of dollars]
Total outstanding
Directly placed
Issuers:
Finance companies
Bank affiliates
. .
Buyers:
Commercial banks . _. ._ -- .__.
Life insurance companies
Nonfinancial corporations
_._ .
_
Dealer placed
Issuers:
Nonfinancial corporations
Finance companies _ _ _ _
Bank affiliates
Buyers:
Nonfinancial corporations
Investment companies
Commercial banks - Source: Federal Reserve: Flow of Funds.
Eligible borrowers turned to the commercial paper market as an alternative
to bank loans as a source of short-term
credit. Because the monetary authorities chose not to raise the interest
rate ceilings on bank time deposits
at a time when market rates of interest
were rising sharply, investors found
the return on commercial paper much
more attractive than that on bank
deposits.
The volume of commercial paper
continued to grow vigorously during
1967 and 1968, even though credit
conditions were generally easy. This
evidently reflected a growing awareness
on the part of both borrowers and
lenders of the advantages and convenience of commercial paper. Also,
dealers became more aggressive in
placing paper, and firms found it
easier to enter the market as sellers.
In 1969 and early 1970, restrictive
credit policy again curtailed the role
of the banking system in the credit
process. Many borrowers turned to the
commercial paper market as a supplement or an alternative to bank financing
and the growth of the commercial
paper market accelerated sharply. Some
major money market banks, in an
effort to avoid being bypassed in the
credit flow process, also began to tap
the commercial paper market for funds
through their holding companies (chart
2). (Banks are prohibited from issuing
commercial paper themselves.) The
6
March 19T2
SUEVEY OF CUKEENT BUSINESS
s-Lj A DT
*3
v-rlAKI o
* In February: Nonfarm payroll employment was unchanged
The unemployment rate declined to 5.7 percent
•
•
Wholesale price index rose 0.9 percent, with sharp increase in nonindustrial prices
TOTAL PRODUCTION
THE LABOR MARKET
Billion $
1,150
PRICES
Million Persons
Percent
89
16
CIVILIAN LABOR FORCE AND EMPLOYMENT*
CURRENT DOLLAR GNP**
1,100 — - ' ' ; . .
. -
-
t
1,050 - • . • ' • ' ; ,
>
S
^
86
-
'
Labor Force
'
83
- -~
~/"^
'•••. • .
i
f
t
-
8
~
sJ'V
,
Inventory Change j
950
12
.
~
Employment ^».v
80
f
i
i
i
77
Quarterly (IV)
.
•
4
i i i i i 1 i MiI
0
BEA
- =
-
- ' -
s*
~/**'
\p+'. Final Sales
1,000
IMPLICIT PRICE DEFLATOR FOR 6NP**
(Change From Previous Quarter)
Monthly (Feb.)
BLS
.
' •'' ' •
, -,
'/'"'' ' •
-.' ' ''*-
hillii.
Quarterly (IV)
Billion $
Percent
8
- •
BEA
Percent
40
1
16
30
20
10
0
UNEMPLOYMENT RATE*
CURRENT DOLLAR GNP**
(Change From —
••
.
- Previous
5- •
Quarter)
|-*-Final Sales
Total-' 1 ' ' '
•''•-'
f
Total /* ''-""
6
•Is
"~\**f~\S~~f— '
12
' ' ""
§•••'
4
• '
illi [{[
/^
Married Men
„.»•****** '
—..4..-V-
0
i } i i i11 i i ti
i i i ' « 1L 1 J 1 L
BEA
Monthly (Feb.)
0
70
'
-
72
750
' •_
68
— .»-. *«»««»»
•
650
!
1
Inventory
Change
64
t
Final Sales
—
i
1
l
l
l
i
Quarterly (IV)
t
60
CONSTANT DOLLAR (1958) GNP**
(Change From Previous Quarter)
10
-"
/
Total
n
•
r
42.5
* _ ^ Final Sales
5
-• '
'
WE
mp
s_ '
40.0
' S-^B
•If • Jg •5
0
-5
H
• • ' B • I ' E 0S |»5 B5
• '
^S i •= F
1 e
7
O/.O
:
.
35.0
1970
* Seasonally Adjusted
1971
Quarterly (IV)
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
1972 BEA
""
110
~
100
M 1 1» j 1 111 »
120
PRODUCTION OR NONSUPERVISORY WORKERS
(PRIVATE)
Average Hourly Earnings /""•*"
(right scale) /""***
\ ,-•-'
...••*""" Average
.,.-••
«****""
Weekly Hours*
*>-x^.
t i i i i 1 i ii i i
1970
• ''
'
' ~-
'.
.^^* ~**^**~~~~^*
- 3.50
O AA
^
—
./^T"Retail Food*
'..'
- ' - , - '
—
1.I-, J | 1 J 1 I M I M 1 I t \ f i f
1 I
BLS
1967=100
125
WHOLESALE PRICES
-. 3.25
i 1 1 1 1 t t M i Ii
1971
Monthly (Feb.)
BEA
Monthly (Jan.)
3.75
(left scale)
\
i
•'
BLS
Dollars
;
;
130
120
i ij t i ) i i t i i
Monthly (Feb.)
Hours
45.0
Percent
15
•
140
• _ 130
Man-Hours**
(right »jale)
i j r i r 1 1 1 j 11 1 1 1 1 1 1 1 1 1 1 1
•
1967=100
—i 140
»**
BEA
' ,-
Total
*»««.«•* ...^••y
/
WWiBSSK^s^
150
^~^r-*"
-xL
^es^^^
700 '—
~
CONSUMER PRICES
. Employment* (left scale)
'"^
^
'
Illllh.
NONFARM ESTABLISHMENTS
'.
Fotal
Billions
160
CONSTANT DOLLAR (1958) CNP**
-
Quarterly (IV)
BLS
Million Persons
—
\
••
4
Billion $
. . .
8
—
2
850
_
; ,'
.^
Quarterly (IV)
800
CHAIN PRICE INDEX FOR GNP**
(Change From Previous Quarter)
' " ' / .
J.UU
.
ii i i I i i; ii
1972 BLS
120
115
11 A
1 I v)
-
''-*
Farm Products
Processed foods
and FeedsJgfJF'
^^- / \ /
.'
N^' V V,.^ $
>
^^^^ *<^'^\. ~ *
_
**" Industrial
Commodities
2.75
105
'"
/ - • - ;• ,
'/.
Total ^ &
'/***&.£
i i i i i ! i i i ii
1970
^*S
-
t i i | i1 f i t i t
1971
Monthly (Feb.)
i < t >11 1 1 111
1972
BLS
SUKVEY OF CUERENT BUSINESS
March 1972
•
®
•
In February: Personal income rose $5 billion, with wages and salaries accounting for most of the rise
Housing starts reached a rate of 2.7 million units
Plant and equipment outlays are expected to rise 10% percent in 1972 compared with about 2 percent in 1971
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billio n $
950
PERSONAL INCOME**
900
•*• :
.
/
• - •-
14
800
600
M l'f 1 f 1 t I I f- • 1 1 J 1 1 f M M 1
Monthly (Feb.)
,,
700
650
.!.I'M 1 f M M t
Percent
wo
.
-.
'
."•
.:
"
~
10
50
_ Nonresidential S truciures**
8
25
6
0
~
.'
/**"
i ', / - - ' ******
/ Personal Saving Rate
f
(right scale)
i \ i
i i i f
_
•
i
i
M l
i :
; I
BEA
1
500
^****^~"
*r
_,
Manufacturing
(right scale)
~
, ;
_
*"«*,«»»**'
, f
j
Quarterly (IV)
100
.. :
BEA
-;
i Total
* ' -'
PLANT AND EQUIPMENT EXPENDITURES**
'ws-.
90
30
25
:
• ; ' '. -. - '\ •
-
.-.
,-\ '
-' ^>>*""'°- "
- .'/'
-. ,,
;
^ ,
80
''','"
150
t
I
Billio n $
35
200
*,'
Residential Stru ;tures**:
i
s , , ,_ -
550
-
/
RETAIL STORE SALES*
Total
/*
(left scale) ^^~*/
;, ,
-7 \. ' \ -/'j^i—: •- * • ' '• • * ^~
75
Billi on $
WAGES AND SALARIES**
600
'" " ""' > ' • " - ,
12
40
650
\ '" >'" , '"'
Producers' Dura We^ Equipttient**
;
... ' , >
Quarterly (IV)
Bil ion $
100
r
;
Personal
^>
Consumption Expenditures^""*"^
_/
;(ltftSMte);CXr
,
BEA
Billio ri $
'
Billion $
"
PERSONAL CONSUMPTION EXPENDITURES **
AND PERSONAL SAVING RATE*
=
850
750
FIXED INVESTMENT
Billio n $
750
~*** '' 'i
> ' '
'
- : '"
70
Excluding Automotive Group
o&pected J
450,
I 11 1 1 1 M M 1
M 1 1 I1 M I I 1
M M 1 i 1 1M 1
Monthly (Feb.)
100
20
1 I 1 M 1 t 1 M I
BEA
1 M 1 11M 1 M
M M 1 1 M M I
Monthly (Feb.)
Billio 1$
Mill on Units
850
Million Units
i
t
i
J
BEA
CAPITAL GOODS ;MAN(JFACTURERS*;
8
Domestic
(left scale)
j
A - '
:
'
"
'
7
6
2
6
0
5
i-
* '
Shipments
Imports
:
'•
A
/ V /-
A \r^^^ v
8
/^^
700
" r ,i
9
10
750
i
Billion $
NEW CAR SALES**
800
i
Quarterly (ll)
12
DISPOSABLE PERSONAL INCOME**
i
60
Census
* '' *i
T$*\
New Orders
650
i
l
l
i
l
l
i
l
l
Quarterly (IV)
4
M M 1 i M t 11
BEA
Dollars
( M M 1 M 11 1
M M 1 1 t M 11
Monthly (Feb.)
Trade Sources & BEA
Billion $
2,800
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
A
1.0
2,700
.5
2,600
t
f
i •;
i
1970
i .i
1971
Quarterly (IV)
* Seasonally Adjusted
}
i
i
i
-.5
1972
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
Monthly (Feb.)
•
Census
PRIVATE HOUSING**
M M t 1 i 1 M 1 M 1 1 1 I1 M M 1
1971
1972
2.5
~
2.0
- ^<
~ yyf"
%
1.5
V
1 1 M I 1M M I
1970
BEA
-
l
A •:
v v /A/
V
0
2,500
M 1 M I | | | |M M 1 1 M 1 M
|
Millie>n Units
3.0
1.5
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 Dollars)
1 M t 1 M I M
1.0
»1*KM t M \ v \
1 II M 1 1 I f J | \ l l i l l \ I M I
'
'
1970
'
:
:..; ;
/ '
'••--
*^^ Permits
1971
1972
8
SUBVEY OF CURRENT BUSINESS
March 1972
• In January: Manufacturing and trade firms added $450 million to their stocks
•
The merchandise trade deficit was $320 million
• In fourth quarter, Federal expenditures increased $4 billion: deficit still large at $25% billion
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
30
,;':"'•••''-,
------
NET EXPORTS**
• -. • :'-. '
' '
'•
•"
;
\ * " . - -
'-••'•' .: • • • - ., „ ,
- '.'. ."• .' '
-
'-
/i
**~~'^-* ^t**\*jS '
****** "\
' ' ' ' - , " ' , - '
\
'
:
'"
•'",-
. ' -.._.-'.
I H™
•'P^'
••;/: . " • • ' , : : ' :
:
0
, *,„•', ' -
'
•
-•'••
•". " ' ""
,-;
•- " -
-
:
\ .-':.•'•'
r
Merchandise \
*
.
t
i
i
t
BEA
Billion $
,„" , '
'
'
:
'
'
'
'
•
'
*
'
,
*
•
•
.
"
'
. '•;'.-.
• - *• :
•
120
•***^^ „
.
- -/
*••• :
.^Y
- ' '-
;
- _.
'' •-
•''
i
J
t
\
i:
f
Quarterly (IV)
Federalr Total
: <
';-
", , '-1,, . Defense'' : •:. J. -
-
:
:,
^ ,™ .,
-P ~:
;
_ - , _ -„, ,
Quarterly (IV)
Monthly (Jan.)
BEA
Billion $
4
; FEDERAL BUD6ET** : ;
"- ''..'=,...-.
,
1 /
./\J\ fI/
4fc*Oi/vy fe
EX
-
;(Ni»«»is);'.= :-'•';
;
-''
• ..
5
7
240 ~r "
' "",'•'
"' : , .:. •-, - \ ••...;
- ',',: ''','
.''''•"' . -" - V
1
;
4
v
,'T^ ' *• "TT ^*^ ' ;: ,•' - "
Receipts ; ' --•
Census & BEA
.. • '
160
1 1! 1 1 1 1 1 1 1 1
1 1 1 M f I t i 1t
"'•:',' " : , '• —
r
Expenditures -'^&**~; :
l
!
' •^•-, ' ^«,«.«i»-»*»*»'^: "• ;, • ' - - ' - --= \ ,• ' . ';- : ; - •. ' ,. .' " :-'\ +*«*?~
.
200
If
Imports
3
i11 « * 1 i iMi
::. ''"" ';/."-:
40
BEA
' - " ' . ' , • - - - ' '
i j i i i t i lii i r J i i 1 1 i i i i t
'160
"" '"~~
280
^V/x^i
^^•-* /
'
V , , ; - :\-v; • ,
~^^
/„;-, " ''
80
.-,'-'"•'''--
MERCHANDISE TRADE*
Total ' -^-*^fV ' ;
^s^**"^ '
'
;
, : , - ' , V , , . , ' • : ', :
State and; Local ;
6
• •
MANUFACTURING AND TRADE: INVENTORIES*
fIBookWaliii, End pi Month)
1* ; "- '- " -. ; ' . • - . ' - ' ' . ' ' ' "
-;
';
;
Billion $
'
1
170
-5
-10
Quarterly (IV)
180
A
160 —.
• • > • - • .
' ''
-TO
200
:.
£OVERHilNt PURCHASES OFi f *: \ ;: -V \. ;..•'.
GOOP3 AND SERVICES** : ; ; , : , "•;,./..„=•.
'••'".
~'^* - • "
• ' - . ' ' , ^*: ,,, ,
, •"'•'':• '-',:.-' ' "' ..
' ' '
190
-
200
/
: 1 :
\
10
!
- '• -'?"
!;
Goods and Services
5
20
-
Billion $
10
-; • •':.-
•
1 ;eWNG£ Hi BUSINESS INVENTORIES** \ i :
•'
GOVERNMENT
Billion $
1 11 1 111 1 1
Monthly (Jan.)
II
. , - , - , :
• -
i t v - r i ;i i; t i i
i9n
Census
;
Quarterly (IV)
Billion $
Billion $
Billion $
140
10
50
BEA
MANUFACTURING AND TRADE ^INVENTORIES*
(Book Value, End of Month):
—.
~;
v '' : • •/ ...
120
Manufacturing
, :• . - : ' • . V- . • : • - v . :.. .
100
/' '-
80
~~-
' •
-'.
-
,-
- ;
-—
• - . • _ ' • •
--
.....~.....\ ; .. ,
,
0
.,.,..-
~
t i t
-10
i
Census & BEA
Ratio
i
t
.-..--
'
•
• '
'
t
i' "
i r
Quarterly (IV)
•
;
;
'
=
_ • , ' , '
","" - - ,
;.'
" , •_
-, •
' ; - , - , ' , :
• /
—
-/ •
-25
i
-50
_
I
t
. ' : - ' : ' • ' • . - ' . .
:
i
t
1
.
[•„,*'
t
• >
I
t
Quarterly (IV)
BEA
4
;
DEFENSE PRODUCTS MANUFACTURERS* i
5
-'
,
'
-
'
,
'
, '
,
"
.
-
'
-
-
-'"
,
3
2.2
'^y^ . \ Net Liquidity
Balance
Manufacturing
Total Manufaeturing
^ \ /*\
and Trade
*"*
_{^_
- '•
•
~^^^,.- ^-^. '
- '-
J
Trade
in i i l l i i M
',
*
,
v
',
vf** *
' ' . - - ' "
:,
• * : : % '-
•
;
'
,
•
,
1971
Monthly (Jan.)
* Seasonally Adjusted
1972
Census & BEA
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
-10
|
|
^Official Reserve*1
Transactions
Balance
h v /
\//
vv/
_
2
- .-
- . V'l
.
*£
:
'",
i i
i
1
1 7
9 0
i
1
l
1 7
9 1
Quarterly (IV)
';' ' ^H**
,
- ,
i
t
0
!
1972
BEA
/i
/
I ii i i i i t i l
l
; ^K£x *-• -
•
«
^
New Orders ;
- •
- •
1
. . . , ; - . .
-15
Shipments |
i
~^s-*&**?**^ '/ "\ '•'*** *
4
>C^? ' . ^
•••
i \ ii i1 i t f t r r j j i 1 1 r» i t i
1970
,-5
^'^^—"Wx.
1.4
10
- -
Billion $
BALANCE OF PAYMENTS*
INVENTORY/SALES^RATIOS*
18
"
BEA
5
'
'
'' : - •'•;;, - , ^ » - _
Billion $
*
.-, - " - -
" •l|
• || |
current Account and
-5
.
—,
:
. -' :'
Long-Term Capital
Monthly (Jan.)
':
25
; •
FED£RAL BUDGET POSITION **
.;,-,
;(NIA Basis)
. .
60 1 t f t 1 1 i t f 1 1 i i i i 1 1 r I i r t i I i f r 1 i t M t
2.6
.
5
Current Account
' ,
Trade
..„«.,«„.«
.' ^...«tt«»«- »•*"*""**"* ' • "•• :''~
.
-. ,;-; '••
BALANCE OF PAYMENTS*
,
:
'
' '-
l
' '
- , ; - . . _
;
t i i i i i j t i t i i ii f i f I s ii 1
1 7
9 0
1 7
9 1
Monthly (Feb.)
1972
Census
March 1972
SURVEY OF CURRENT BUSINESS
9
> In February: Industrial production advanced 0.7 percent
•
Bank credit and money supply up substantially
• In fourth quarter, corporate profits before taxes (including IVA) rose $2% billion
i
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
Billio 1$
1967 = 100
130
550 ;
INDUSTRIAL PRODUCTp*
- , " ' , , - • ,
'' -
;J;
-
, ,
'•':,.-.•
500
120
Nondurable
;>
; „>/
; Manufactures
^.. _ wrt;^
'^ y**"** :
••
,
PROFITS AND COSTS
Billion $
260
Billio n $
125
^|§f! ^||it i | | K
|t^
CORPORATE PROFfTS^ANO IVA, BEFORE TAXES**
^V^vvAp;^
SS^S'-S'S
240
100
220
75
200
50 L
. - , Nonfinancial Cdr|i0ratipns
25
j - y|
I S1
S I 1
- • ,_
450
110
: M ^
*
^
:
,
"; ' ''
* -totely^f^V^' "." , ~
yx%"7">-.!" y''* s \ ^"^o
!>
" : r^ ,X>- -;V v° - , ^'
100 1»
\
- X*s'^' - ' '
'
"
~ ~
-
>/ : Durable*
Manufactures
'\,^x:.\XVV-;f^y'!'s-"1-.^
Monthly (Feb.)
1967
Monthly (Feb.)
FRB
= 100
V
-'^iV^lVO* ;?Vx^^:'!' '!o
x
;
; ;v
350 • .'i U't:ri 1 i <ri j-t; vtxxJ -j'i-U' i i i 1- i: -' i: f iv'UlxT>i::j r,-i'-' 180
90
150
400
Bil ion $
34
4
l
2
100
\V\\»\v';-\\v X;;Vi^ 32
75
0
;K ^j;vi'-\ ;V>;jv ^^^I^V:^^:^Kvh^ ;^y :<>:
30
75
28
50
^Profits After Tax
26
25
Monthly (Feb.)
^siil
- - r hr'M-1 i t-!'i f-i"
-2
Monthly (Feb.)
FRB
Perce nt
10
RATIO, OUTPUT T0> CAPACITY*- " = r , - , 1 ; >!, ,
;
s
V:
i
-',-v.--:; ~y
>N \
;
V--"- ''V -" ^'\;".. r -' °l- " ly'-'
;
:
V
; S;
-' , , - " - - ' • - ' " : - ' " - V •- y-C' ' "V; X "'*CJ'~ -^-'\, -;' '^V V 'ls
:
8
^ ir - ;
3-^S^
^ V^?^2^^^
Aaa tNloddy'll- s ^ ; c:
t^^^v.^rs^A^ ^-y;- v ^ y \ , - : - - - . r - / ^ - r
16
, x • '
/,
,'.
, o
x,,:
.I'-.'-x',/-, , , v ' ' -
>;
60
-'- - '-, - , - ' ' - ' - -' ' :-
-;
t>
;
.
,V'.; '"
:
^V:
'-
:-'';-' -
>V
-•
r
,.„ , .
; '' " , L,; /,;,),- .X* ,\"
- -
' "'
'
'
'/'"
r- ,
C0jti|rtercjal Pajjet"
6
4
.
,-' "•'„., -„,
"V''''-r ^i :~* ;^fN:^:V ^'''"'V''"^^! Quarterly (IV)
2
r
i
r
,i
r
BEA
Compensation
~\v, 's.- \;-%y x' ^
Treasury^ Bills ^%
i
i
COMPENSATION AND REAL OUTPUT PER MAN-HOUR,
PRIVATE ECONOMY**
- (Change From Previous Quarter)
—
;.
;v- \ ;-':-- : ;;>;:•;;;'•• ^
i
Quarterly (IV)
A" - *x. r °^V -"y- ;^ :
;
^%**>^*>^;;:fcw
.1 <-
24
:
70
-
Perc ent
;jNMR^T ^^
>,x"\,
?
i
t..
FRB
Perc:ent
100
80
;
-_^S^^^
yy^;?;s;l;;-^^-'';y;;
''* ' V'- : y-'". 'V'-Jv^ -l.^/-^'^^'^.^^-^^-^;/'^
:
:
: ;
50 •i i !>r r ri.':i t*Wiv. Txr'i -r-f i*:TWki ' JY*Kt1 l i:i"f:V^
90
_^
Netirie Reserves^
J-^scale)^^^
^?t^^
<•- ,r „ :
100
Cash Flow After
§;||M
BEA
CORPORATE CASH FLOW AND PROFITS**
:
iii i l
if|P
::::
- ^ 1^ ^^v'^vf^' •?^"5v\fe--? ^11 :1
t ;I
Billio n $
V.i -- v '^:-v'.^>V ^.:-VV- V^^Vv.:^^^Bfr^^:--4;\ --:s/;:
SiSC^
j^y;/ y fyyy^ ^£r|O^LV - :;> *:'<•;••; \ yfi V/v >•:.;
I
125
; ?' ^§-^
125
,,.i • .i ", 1 ., , •'..
Quarterly (IV)
Billk>n $
6
V
I
FRB
'-t j i V i i I f*i iV,n'
w§
--V.y ~>v-Vv - V - ' - y*
,,--.' y ,--' : ' -' '
° >y -\ ,, '-•' v-' " .• '"
:? -, .';,-V'J>V ;;X
^ Output
'
0
;
l l l Jli
ij
i-*; yyvy-^ .•:';;•','
-8
Monthly (Feb.)
FRB
y
8
Quarterly (IV)
BLS
Billic> n $
1941 -43 = 10
Perc ent
40
140
;-:-r>o -,-" '^ r;;:-;-:;";-; *;>'7 :; \^X>; ; :/T ; -
24
;;'%|^^^|^«i^;';^g
120
-, j, -\/r;Xy. J '. '-'- , ; • ,, ' , :;> :: - v >; ; ^ -
16
-:y^|f^|^te:?Jxi^%
DURABLE JOODS^TOOTRERS* ^
36
-r .0 \ : > v -' ", y ;,-/v ~v -5; /'^-V-V'^ -•'•'-.• .../ ; .- -;\,-:.- v^/ "-yi;'-s\ /. \-.s^
• ,-.. '». .'-'-./- Shipments :/ :\ ^ '. ;,;V
32
'• ': ";'• .'-.-* X N- ^^V^VJV^;.>!;.'>j::"T-.A*:;'\\':- V A v^l^t
Standard and Poor's 500
V' : ; -- ^
100
8
"' s ' '• ^H^;i(^^^^:^
*'.,; ! - : -^^^XyX-V^y-y : , - - ;; , , - - ;
": "-'• i V ';,^Kv,\;>, ->' v \---X-\ ! --',,.>' - y' ,--. • ,- ; -;.;Vr' "
1
;- y-'^lf xxs§!'y|y>;:. xx^'y^^
28
*\-*J , -\ 'K\V/ • r '
' ;" -' . - - .-. V; . '
- \': ^ -. .>
0
80
"y •
• -'
,y- -
24
j r < M } i,= i i"i i
i I i ;i i J i i r'l t - : ~i Vj,-i i I t :t r t t'
1970
1971
Monthly (Feb.)
* Seasonally Adjusted
1972
Census
* * Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
60
,' ^ " - ' " ' v ' "' s < 'Vi/V^'-T/ —-5--, *','- iT' y, -T " - • - " x - * r
-8
1970
1971
Monthly (Feb.)
1972
1970
'
1971
Quarterly (IV)
1972
BLS
SURVEY OF CURRENT BUSINESS
10
March 1972
NATIONAL INCOME AND PRODUCT TABLES
1970
1970
1971
III
1971
IV
II
1970
III
IV
1970
1971
III
Seasonally adjusted at annual rates
1971
IV
II
III
IV
Seasonally adjusted at annual rates
Billions of current dollars
Billions of 1958 dollars
Table 1.—Gross National Product in Current and Constant Dollars (1.1, 1.2)
974.1 1,046.8
Nonresidential
Residential structures _
Change in business inventories
Nonfarm _
_.
».
Farm ._
491 8
477 9
474 2
484 8
489 4
740 7
494 3
751 3
677 2
475 9
100.5
278.6
282.9
90.4
265.5
265.0
84.9
270.9
268.9
96.6
273.2
275.0
99.1
277.8
280.5
102.8
280.2
285.8
103 6
283 3
290 3
81 4
207.3
187.2
89.5
211. 4
190.9
82 8
207 3
187.9
76 6
209 7
187.9
85 9
210 0
188 9
87 8
211 5
190 1
91 2
211 6
191 4
93 0
212 7
193 2
151.6
138.6
137.3
143.3
152.9
150.8
159 4
102.2
108.5
104 0
101 2
104 3
110 0
106 7
112 9
149.3
133.5
133.6
140.2
148.3
152 0
157 0
99 9
106 3
100 1
98 1
101 8
105 9
107 2
110 5
108.7
38.2
70.5
104.8
37.3
67.5
100.8
37.1
63 7
104.7
36.7
68.1
108.3
38.5
69.8
109.3
38.7
70 6
112 6
39 0
73 6
78.6
24.2
54 4
79.3
22.4
56.9
80.1
24.2
55 9
75.5
23.5
52 0
77 7
22 6
55 0
79 1
22.9
56 2
78 9
22 1
56 8
81 5
22.1
59 3
40.6
40.1
.5
28.7
28.1
.6
32.8
32.2
.6
35.4
35.0
.4
40.0
39.5
.5
42.7
42.1
.6
44 4
43 8
.6
21.3
20.9
.4
27.0
26.7
.4
20.0
19.5
.4
22.6
22.2
.4
24.1
23.8
.3
26.7
26.4
.3
28 3
27.9
.4
29.0
28.6
.4
2.2
1.7
.5
5.1
4.7
.3
3.7
3.3
.4
3.1
2.9
.2
4.6
4.1
.5
-1.2
-2.0
.8
24
2.0
.5
2.3
2.0
.3
2.1
1.7
.5
3.9
3.6
.3
3.1
2.8
.4
2.5
2.3
.2
4.1
3.6
.5
-.5
-1.2
.7
2.4
1.9
.5
498 9
36
Government purchases of goods and services.
4.0
2.7
4.7
.1
.0
—4 6
2.4
—.1
3.2
2.1
30
-5
1
-3.0
65.3
65.3
63.7
59.7
63.2
60.5
66.2
61.5
66.5
66.4
68.2
68.2
60.4
65.0
42.2
59.8
52.1
52.2
52.4
49.2
51.9
49.8
52.9
49.8
53.1
53.7
54.5
54.4
47.7
50.8
219.4
_
.0
'62.9
59.3
Net exports of goods and services
Exports
Imports
735 8
668 8
2.8
2.5
.3
1
Farm _.
729 7
657 4
30.4
29.7
.6
.
Producers' durable equipment
715 9
644 9
102.1
36.8
65.4
Fixed investment
723 3
624 7
135.3
Gross private domestic investment
739 4
620 9
88.6
264.7
262.5
.
988.4 1, 020. 8 1, 040. 0 1 053 4 1 072 9 720 0
662 1
132.5
Durable goods
Nondurable goods
Services
983.5
615 8
Gross national product .
Personal consumption expenditures
233.0
220.1
223.7
227.9
229.6
233. 8
240.8
139.4
139.2
138.2
138.3
_.
137.6
137.0
139.6
142.6
96.0
71 4
24.6
97.6
70 2
27 4
100 3
71 4
28 9
65.4
62.2
63.8
63.2
61.3
60.7
62.7
64.0
133.6
136.2
140.5
74.0
77.0
74.3
75.2
76.3
76.3
76.8
78.6
97.2
75 4
21 9
..
State and local
97.6
71.4
26.2
96.1
74 2
21.9
95.9
73 2
22.7
122.2
Federal
National defense
Other
96.4
72 6
23.7
135.5
124.0
127.9
131.6
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
_ __
Nondurable goods
_
Final sales
Change in business inventories
Services.
Structures
_
.. .
729.7
735.8
740.7
751.
719.4
3.9
712.8
3.1
727.2
2.5
731.7
4.1
741.2
.5
748.
2.
494.3
474.9
467.7
485.5
490.8
496.2
504.5
383.0
333. 6
387.2
376.7
388.1
390.2
394.4
401.
492.0
2.2
469.8
5.1
464.0
3.7
482.4
3.1
486.2
4.6
497.4
-1.2
502.0
2.4
380.7
2.3
391. 5
2.1
383.3
3.9
373.6
3.1
385.6
2.5
386.1
4.1
394.9
—.5
399.
2.
194.1
193.7
.4
189.6
184 9
4.7
169.7
173.1
-3.4
192.8
189.4
3.5
193.0
190.6
2.3
193. 9
196.4
-2.5
196.6
198.4
—1.8
156.1
156.8
—.6
163.9
163.4
.5
163.7
160.0
3.7
144.4
147.5
-3.1
162.4
159.6
2.8
162.3
160.2
2.2
163.7
165.3
-1.6
167.
168.
— 1.
300.2
298.3
1.9
285. 3
284.9
4
297.9
290.9
71
292.7
293.1
-.4
297.8
295.5
2.3
302.3
301.0
13
307.9
303.6
4.3
226.9
223.9
30
229.7
228.1
1.6
223.5
223.3
.2
232.3
226.1
6.2
225.7
226.0
—.3
227.8
225.9
2.0
230.7
229.6
1.1
234.
230.
3.
443.3
413.7
420.6
432.3
441.0
446.3
453.6
273.4
278.6
273.9
274.5
276.2
278.4
278.9
280.
95.5
-
715.9
737.3
2.1
410.3
Durable goods
Final sales
C hange in business inventories
723.3
717.7
2.3
288.1
284.7
34
Final sales
_
__
Change in business inventories
739.4
984.7 1,017.7 1, 035. 4 1,054.6 1, 070. 4
3.1
2.4
3.7
4.6
1.2
180.2
180 8
-.6
Goodsoutput.
988.4 1, 020. 8 1, 040. 0 1, 053. 4 1, 072. S 720.0
978.4
5.1
465.5
28
- .-
983.5
971.3 1, 044. 5
2.8
2.2
-
974.1 1,046.8
468.3
Gross national product
Final sales _
Change in business inventories
109.2
94.9
100.1
102.9
108.2
110.8
114.7
63.6
S7.2
62.2
64.7
65.4
67.2
67.3
68.
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
974 1 1, 046. 8
Nonfarm
Farm
988.4 1, 020. 8 1, 040. 0 1, 053 4 1, 072. 9
720.0
739.4
723.3
715.9
729.7
735.8
740.7
751.
922.7
868.3
871.6
899.2
916.9
928.9
945.9
659.4
678.3
662.8
655.4
668.9
674.9
679.4
689.
880.7
850.7
30.0
831.3
804.1
27.1
833.5
806.4
27.1
859.2
831.1
28.1
874.6
845.7
28.9
886.9
856. 1
30.8
902.1
870.0
32.0
638.5
614.6
23.9
655.3
629.7
25.6
641.8
618.6
23.2
634.1
609.2
24.9
646.6
621.7
24.9
651.4
626.4
25.0
656.9
630.1
26.8
666.
640.
25.
18.
_.
Households and institutions
Rest of the world
_
.
.
823.4
795.2
28.2
.
.
31.7
35.5
32.1
33.0
34.2
35.0
35.9
36.8
17.0
17.8
17.0
17.1
17.6
17.7
17.8
46
.
General government .
983 5
859.8
Gross national product
Private...
6.5
4.8
5.1
5.8
7.3
6.0
7.0
4.0
5.2
4.0
4.2
4.7
5.8
4.7
5.
114.4
124.0
115.2
121.5
123.1
124.5
127.0
60.6
81.1
60.5
60.5
60.8
60.9
61.3
61.
116.8
HISTORICAL STATISTICS
National income and product data for 1929-63 are in The National Income and Product Accounts of the United States, 1929-1965,
Statistical Tables (available at $1 from Commerce Department Field Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and final data for the preceding 2. The July 1971 issue has
data for 1967-70. Prior July issues have final data as follows: 1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970. BE A will provide
on request a reprint of final data for the years 1964-67.
SURVEY OF CURRENT BUSINESS
Marcli 1972
1971
1970
1970
1971*
III
11
IV
I
II
1970
III
IV*
1970
1971*
Seasonally adjusted at annual rates
Equals: Net national product. 886.5
Less: Indirect business tax
and nontax liability. . 92.9
Business transfer pay3.9
ments
-_
Statistical discrepancy. -4.5
Plus: Subsidies less current
surplus government
enterprises
Equals: National income
89.8
92.0
93.9
96.2
98.7
895.3 898.6
928.8
946.1
957.2
974,2
95.8
99.0
100.2
103.0
106.2
4.0
4.1
4.3
-5.0 -3.2 -1.6
4.2
-4.3
4.2
-4.9
4.3
-4.7
4.4
-6.0
951.6
102.1
94.2
1.7
795.9
Plus: Government transfer
payments to persons- 75.6
Interest paid by government (net) and by
31.7
consumers
25.0
Dividends
Business transfer pay3.9
803.6
1.9
1.7
802.2 802.1
1.8
831.7
.7
.7
.7
847.3
855.2
870.3
81.0
73.0
69.0
79.5
82.5
80.0
82.2
65.2
58.4
58.5
64.0
64.6
65. 4
66.6
.0
-.4
.0
.0
.0
.0
.0
90.4
77.2
80.7
83.7
92.2
92.5
93.3
31.9
25.5
32.2
25.2
32.4
25.0
31.8
25.6
31.4
25.4
32.2
25.7
32.2
25.3
Net exports
Exports
Imports
4.3
4.0
857.0 809.8 816.7
833.5
853.4
864.6
40.6
34.1
22.0
42.1
39.8
42.1
38.4
28.0
35.3
29.6
23.5
33.9
34.4
36.8
36.1
4.9
6.2
5.2
4.1
6.0
6.1
6.5
6.4
-.9
-1.8
2.0
3.7
.5 -3.6
4.1
1.3
1-4
-1.6
-2.6 -1.6 -2.3
1.4
2.6
2.2
3.7
5.2
3.7
-2.2
2.6
4.8
-2.3
2.7
5.0
-3.0
2.9
5.8
-2.9
2.2
5.1
30.2
5.5
36.7
7.9
34.1
8.2
37.6
7.8
33.4
7.4
37.5
35.2
1.3
Addenda:
New cars domestic 2
New cars, foreign
26.0
6.3
35.4
7.8
17.1
6.5
Billions of 1958 dollars
Gross auto product l
Personal consumption expenditures
Producers' durable equipment
Change in dealers' auto inventories
Net exports
Exports
Imports
36.1
31.6
19.6
36.8
34.7
25.9
31.3
27.4
21.1
29.5
29.9
32.7
4.6
5.6
4.9
3.7
5.3
5.3
5.8
5.9
-.9
1.2
3.8
1.2
1.4
-1.5
-2.4 -1.5 -2.2
2.4
2.1
1.3
3.5
3.6
4.7
-2.0
2.4
4.4
-2.1
2.4
4.6
-2. 7
2.6
5.3
-2.6
2.0
4.6
28.6
5.2
32.9
7.1
30.5
7.3
34.4
7.0
31.4
7.0
-1.7
1.9
3.6
.5 -3.4
33.1
24.7
6.0
32.3
7.1
15.8
6.0
1. The gross auto product total includes government purchases.
2. Differs from the gross auto product total by the markup on both used cars and foreign
cars.
* Corporate profits (and related components and totals) are preliminary and subject to revision next me nth.
847.3 855.2
870 3
641. 9 606.5 609.3 627.3 638.0 645.6
656 6
541.4 574.2 545 2 547.2 561 4 571 0 577.3
587 0
426.6 450 4 429 4 429 9 440 3 448 4 452 3
19 4 18.6 19 2 18 6 19 2 18 6 18 0
95 5 105.2 96 6 98 6 101 8 104 0 106 9
460 3
18 6
108 1
Supplements to waces and salaries. - 60.5 67.7 61.3 62.1 65.9 67.0 68.3
Employer contributions for social
insurance
29 6 34.0 30 1 30 1 33 3 33 6 34 2
69.6
Private
Military
Government civilian
..
30 8
33 7
66.9
68.3
66.0
65.9
51 0
15.8
52.1
16 3
51 4
14 5
51 5
14 4
23 3
24.3
23 4
Corporate profits and inventory valuation adjustment
70 8
81 0
75.4
85.5
34.1
41.2
25 0
16 2
37 8
47.6
25 5
22 1
Proprietors' income
Business and professional
Farm.
Profits before tax
Profits tax liability .
Profits after tax
_
Dividends
Undistributed profits
Inventory valuation adjustment
31 2
32 0
32 6
35 0
33 4
34 1
34 6
66.4
67.2
69.2
70.5
51 6
14 8
51 9
15 2
52 3
17 0
52 5
18 1
23 7
23 8
24 2
24 5
24 6
73 0
69 0
79 5
82 5
80 0
82 2
78 5
71 6
83 0
86 9
85 8
86 2
35
42
25
17
32
39
25
14
38
44
25
19
39
47
25
22
37
48
25
22
36
49
25
24
6
9
2
7
3
2
0
3
3
8
6
2
1
8
4
4
5
2
7
5
-4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8
33.0
35.6
33 4
34 2
34 8
35 4
4
8
3
5
-4.0
35 9
36 4
Table 7.—National Income by Industry Division (1.11)
All industries, total
795.9 851.1 802.2 802.1
831.7
847.3 855.2
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing...,
Nondurable goods _
Durable goods
r
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade...
870 3
24.5 25.4 23.2 23.3 23.9 24.4 26.1
49.4 51.8 49.5 50.3 50.6 51.8 51.9
217. 7 227.0 219.9 210.1 224.4 227.3 225.4
87.4 91 8 87 9 87.8 89 8 9"! 6 92.4
. 130 3 135.2 132.0 122.4 134.6 135. 7 133.1
29 5 32 3 29 9 30 0 31 9 32 1 32 3
16 9 17 4 17 2 17 3 17 4 17 5 16 7
14.4 15.8 14.6 14.8 15.2 15.6 16.1
122.1 131.5 123. 1 124.7 126 9 131 0 133.6
Finance, insurance, and real estate
87.0 94.4 88.3 90.9 92.4 93.8 95.6
Services
103 2 111 6 104 0 106 2 108 8 110 4 112 8
Government and government enterprises
126.5 '37.5 127. 7 '29.:4 134 5 136 1 138.7
Best of the world
4 6
51
6 0
7 3
6 5
4 8
58
•
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
All industries, total .
70.8
81.0
73.0
69.0
79.5
82.5
80.0
Financial institutions
28.3
Addenda:
New cars, domestic 2
New cars, foreign
IV*
876.7
30.6
..
Wages and salaries
Net interest
Billions of current dollars
Personal consumption expenditures
Producers' durable equipment ...
Change in dealers' auto
inventories -
801.9
Rental income of persons
1.0
851.1
Table 5. — Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Gross auto product 1
795.9 851.1 802.2 802.1 831.7
Compensation of employees
Oth<vr ]a,boi* iricQTne
Less: Corporate profits and
inventory valuation
adjustment
70.8
Contributions for social
insurance
... 57.6
Wage accruals less dis.0
bursements
Equals : Personal i ncome
88.2
III
Table 6.—National Income by Type of Income (1.10)
National income
95.2
II
Billions of dollars
974.1 1,046.8 983.5 988.4 1,020.8 1,040.0 1,053.4 1,072.9
87.6
I
Seasonally adjusted at annual rates
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption
allowances
IV
III
Billions of dollars
Gross national product
1971
12.8
14.0
13.5
14.0
14.2
13.7
14.2
14.0
Nonfinancial corporations
58.1
67 0
59.5
54.9
65.3
68.9
65.8
68.2
29.5
16.6
13.0
34.4 30.6 25.0 34.4
18.0 16.8 16.2 17.2
16.4 13.8 8.8 17.2
8.0
20.5
8.5 7.9
24.1 20.9
M anuf acturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
All other industries
35.0 33.0
18.1 18.1
17.0 14.8
8.1 8.4 8.5 8.5
21.9 22.5 25.3 24.3
82.2
12
SURVEY OF CURRENT BUSINESS
1970
1970 1971*
III
March 1972
1971
IV
I
II
1970
III
IV*
1970
1971
Seasonally adjusted at annual rates
541.6 581.0 547.6 544.3 567.9 578.2 583.0
594 8
56.2
61.9
56.7
58.0
59.4
61.0
62.7
64. 4
52.2
56.9
52.8
53.4
55.3
55.7
57.3
59. 1
Income originating in corporate business
33. 1 462.2 438.1 432.9 453.1 461. 5 463.1 471. 2
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
Gross product originating in
financial institutions
66.0 386.0 368.8 367.9 377.9 384.5 387.4
24.2 339.9 326. 5 325.2 333.1 338.8 340.9
41.8 46.1 42.3 42.7 44.8 45.7 46.5
1.1
1.0
1.0
1. 0
66.0 75.2 68.2 64.0 74.2 75.9 74.7
70.6 79.6 73.6 66.6 77.8 80.3 80.5
34.1 37.8 35.6 32i3 38.3 39.1 37.5
36.4 41.8 38.1 34.3 39.5 41.2 42.9
22.8 22.7 23.0 22.7 23.1 22.2 23.2
13.6 19.1 15.1 IX. 6 16.4 19.0 19.8
-4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8
75. 9
79. 9
36.4
43. 5
22. 3
21.2
—4.0
1.1
1.0
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability
Profits aftertax
Dividends
Undistributed profits
Inventory valuation adjustment...
Cash flow, gross of dividends
Cash flow, net of dividends
IV
574.2
205.7
160.8
138.8
105.9
123.8
545.6
201.4
159.1
130.7
97.2
116.2
547.2
198.4
155.1
131.8
99.7
117.3
561.4
202.5
158.9
135. 3
102.6
121.0
571.0
205.7
160.7
137.9
104.9
122.6
577.3
205.6
160.5
139.6
107. 1
125.0
587.0
2C9.0
163.2
142.4
108.9
126.7
Other labor income
30.8
33.7
31.2
32.0
32.6
33.4
34.1
34.6
66.9
51.0
15.8
68.3
52.1
16.3
66.0
51.4
14.5
65.9
51.5
14.4
66.4
51.6
14.8
67.2
51.9
15.2
69.2
52.3
17.0
70.5
52.5
18.1
Rental income of persons
Dividends
Personal interest income
23.3
25.0
64.7
24.3
25.5
67.5
23.4
25.2
65.6
23.7
25.0
66.7
23.8
25.6
66.6
24.2
25.4
66.7
24.5
25.7
68.1
24.6
25.3
68.6
79.6
94.7
81.2
84.8
87.9
96.4
96.9
97.7
38.5
44.8
39.0
39.4
40.7
47.0
45.6
45.9
3.9
9.7
27.4
5.8
11.5
32.6
4.2
9.9
28.1
5.1
10.4
29.8
5.0
11.0
31.1
6.1
11.4
31.9
6.3
11.5
33.4
6.0
11.9
34.0
28.0
31.2
28.3
28.4
30.7
31.0
92.3
69.6
99.0 102.1 105.6
75.8 79.9 82.4
107. 9
85. 6
25.4
26.1
26.9
27.6
28.3
28. 1
Less: Personal contributions for
social insurance
27.7
876.7
541.4
200.7
158.3
129.1
96.7
114.8
Proprietors' income
Business and professional
Farm
94.8
71.8
27.9
III
803.6 857.0 809.8 816.7 833.5 853. 4 864.6
Wage and salary disbursements
Commodity-producing industries..
Manufacturing
Distributive industries
Service industries
Government
92.6 103.6
69.8 81.0
31.3
31.7
121.7
566. 7
Less: Personal tax and nontax payments
115.9 115.8 113.5 115.2 111.6 113.8 116.0
54.1
59.3
54.5
55.7
57.0
58.5
60.1
61. 8
Equals : Disposable personal income. . .
687.8 741.3 696.2 701.5 722.0 739.6 748. 5
755.0
49.9
54.2
50.4
50.9
52.8
53.2
54.6
56.4
Less* Personal outlays
Personal consumption expenditures..
Interest paid by consumers
Personal transfer payments to foreicners
g
'
Equals : Personal saving
633. 7 680.7 638.9 643.0 663.3 676.0 687. 6
615.8 662.1 620.9 624.7 644.9 657.4 668.8
16.9 17.7 17.1 17.4 17.6 17.7 17.8
696.0
677.2
17.9
Income originating in nonfinancial
412.2 439.5 416.5 410.7 430.5 438.8 440.0 448.5
corporations
344.2 362.0 346.9 345.4 354.7 360.6 363.1 369.8
Compensation of employees
305.2 319.2 307.4 305.6 313.0 318.1 319.9 325. 7
Wages and salaries
39.0 42.9 39.5 39.8 41.7 42.5 43.2 44. 1
Supplements. __
Net interest
Personal income
Transfer payments
Old-age, survivors, disability, and
health insurance benefits .
State unemployment insurance
benefits.
.
Veterans benefits
Other
Gross product originating in
nonfinancial corporations . _ _ 516.2 553.0 521.5 517.4 540.3 550.5 554.7
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
394. 3
346.9
47. 4
1.0
1.0
II
Table 10.—Personal Income and its Disposition (2.1)
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies _
Net interest
I
Billions of dollars
Table 9.—Gross Corporate Product1 (1.14)
Compensation of employees
Wages and salaries
Supplements
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross corporate product
III
1971
14.8
16.2
15.0
15.4
15.7
16.0
16.4
53.3 61.2 54.6 50.0 60.1 62.3 60.5
57.8 65.6 60.1 52.6 63.6 66.7 66.3
27.1 30.6 28.2 24.8 30.9 32.1 30.2
30.7 35.0 31.9 27.8 32.7 34.6 36.0
21.1 20.9 21.2 20.9 2}.3 20.4 21.3
6.9 11.4 14.1 14.7
9.6 14.1 10.7
-4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8
84.8
63.7
94.3
73.4
86.5
65.3
83.5
62.7
89.8
68.5
93.0
72.6
96.1
74.8
16 8
'
65. 9
~4' °
77.9
446. 1
Corporate profits and inventory valu.125
ation adjustment
.064
Profits tax liability
Profits after tax plus inventory valuation adjustment— .062
Personal consumption expendi-
1.270
.134
.134
.138
.138
.118
.811
.035
.122
.829
.037
.122
.822
.036
.122
.828
.037
.125
.832
.038
126
829
.038
.140
.070
.128
.066
.120
.059
.139
.072
.143
.074
.139
.069
.139
.070
.062
.060
.068
.069
60.5
8.2
8.2
.9
58.5
8.3
.9
58.6
8.1
.9
63.6
8.6
8.1
7.8
677.2
90.4
84.9
96.6
99.1 102.8
103.6
38.8
37.0
14.6
32.7
37.6
14.6
43.8
38.8
14.0
45.3
39.4
14.5
48.2
39.6
15.1
47.6
40.8
15.2
264.7 278.6 265.5 270.9 273.2 277.8 280.2
283.3
131.8 136. 5 132.4 134.3 134.4 136.3 137.3
52.6 57.0 52.4 54.2 55.4 57.0 57.4
22. 9 24.4 22.9 23.5 23.8 23.8 24.5
_ _ 57.5 60.8 57.8 59.0 59.6 60.8 61.0
138.1
58.0
25.4
61.8
262.5 282.9 265.0 268.9 275.0 280.5 285.8
290.3
94.1 96.5 98.7 100.7
36,9 37.7 38.9 39.9
18.3 18.6 19.0 19.2
119.5 122.3 124.0 125.9
102.8
40.5
19.6
127.4
88.6 100.5
._
Food and beverages. _
Clothing and shoes
Gasoline and oil
Other .
.
.132
.9
57.4
615.8 662.1 620.9 624.7 644.9 657.4 668.8
37.1
Automobiles and parts
Furniture and household equipment _ 37.4
14.2
Other
Nondurable goods
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
1.215 1.264 1.220 1.242 1.253 1.264 1.271
corporations
556.1
3,633
2,676
.9
Table 11.—Personal Consumption Expenditures by Major Type (2.S)
Durable goods
Gross product originating in
425.0 437.4 427.6 416.7 431.3 435.6 436.5
nonfinancial corporations
61. 0
54.1
7.9
Billions of 1958 dollars
Capital consumption allowances ___ __ .127
Indirect business taxes plus transfer
.117
p
p t'
f
i
<?
.810
.035
Net interest
~PQT capita' 1958 dollars
.9
59.0
531.5 550.6 536.0 532.5 542.7 550.5 553.2
3,358 3,581 3,395 3,410 3,500 3,577 3,611
2,595 2,660 2,613 2,588 2,631 2,663 2,669
Addenda:
Disposable personal income :
Total billions of 1958 dollars
1.0
.9
_
Services
46.2
39.6
14.7
.069
.136
.128
.124
.828
.037
066
Housing
_
Household operation.
Transportation.
Other
91.2 99.7 91.8
36.1 39.2 36.7
17.9 19.1 18.1
117.3 124.9 118.3
- -
Table 12. — Foreign Transactions in the National Income and
Product Accounts (4.1)
63.8
* See footnote on page 11.
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 d ecimal
point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
66.1
64.6
64.0
66.9
87.3
68.9
61.1
Exports of goods and services
Capital &jmt& received by the United
States
Payments to foreigners. _.
62.9
65.3
63.7
63.2
66.2
66.5
68.2
60.4
.9
.7
.9
.9
.7
.7
.7
.7
63.8
66.1
64.6
64.0
66.9
67.3
68.9
61.1
Imports of goods and services
Transfers to foreigners _
Personal
Government
Net foreign investment .
59.3
65.3
59.7
60.5
61.5
66.4
68.2
€5.0
3.1
.9
2.2
3.4
.9
2.5
3.2
.9
2.3
3.3
.9
2.4
3.1
.9
2.2
3.4
.9
2.5
3.7
1.0
2.7
3.5
.9
2.6
1.3 -2.6
1.6
.2
--
2.3 -2.5 -3.0
-7.4
SURVEY OF CURRENT BUSINESS
Mar* 1972
1971
1970
1970 1971*
III
13
IV
I
II
1970
III
IV*
1970
1971
III
Seasonally adjusted at annual rates
Federal Government expenditures
I
II
III
IV
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Personal tax and nontax receipts. _.
Corporate profits tax accruals
Indirect business tax and nontax
accurals
Contributions for social insurance. ..
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts
1971
191.5 198 8 191.3 189.3 196.5 197.7 197.8
203.1
92. 2
30 6
89.0
33 6
89.7
31 9
91.0
29 0
86.6
34 1
87.6
34.8
88.8
33.2
93.0
32 1
19 3
49.3
20.3
56.0
19 7
50.0
19 4
49.8
20 7
55.1
19.9
55.5
19 7
56.1
20 7
57.2
205.1 221.9 206.7 209.8 212.7 221.4 224. 6
228.7
Purchases of goods and services
National defense
Other
97.2
75.4
21 9
97.6
71.4
26.2
96.1
74.2
21 9
95.9
73.2
22 7
96.4
72.6
23 7
96.0
71.4
24.6
97.6
70.2
27 4
100.3
71.4
28.9
Transfer payments
To persons
To foreigners (net)
63.4
61 2
2 2
75.9
73.4
2.5
64.6
62 4
2.3
67.5
65 0
2 4
69.6
67 4
22
77.8
75.3
2.5
78.0
75 3
2.7
78.1
75.6
2.6
Grants-in-aid to State and local governments
24 4
29.6
24.9
25 9
27 0
29.5
30.2
31.6
Net interest paid
14 6
13 7
15 0
14 8
14 0
13.3
13 9
13 8
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
135. 29 141.57 135. 97 138. 07 139. 88 141. 34 142. 21 142.80
Gross national product. _ _
129.4 134.6 129.9 131.7 133. 0 134.3 135. 3 135.8
Personal consumption expenditures
108.9 112.4 109.2 110.8 112.5 112.9 112.7 111.4
127.7 131.8 128.1 129.2 130. 1 131.4 132. 4 133.2
140.2 148.2 141.0 143. 1 145.6 147.5 149.3 150.3
Durable goods
Nondurable goods
Services
Gross private domestic investment
132.6 140.4 133.3 136.2 137.7 140.0 141.7 142. 1
Fixed investment . . . .
Nonresidential
130. 0 137.1 130.7 133.6 134.9 136.8 138.4 138.2
Structures
152.0 170.3 154.1 157.9 162.1 168.1 174.9 176.2
Producers' durable equipment _. 120.1 124.0 120.6 122.6 123.7 124.1 124.3 124.0
142.4 150.3 143.8 144. 7 146.9 149.5 150.9 153.1
142. 5 150.3 143.9 144.8 146.9 149.5 Ml. 0 153.2
138.6 145.6 139.4 140.0 142.7 144.8 146.0 148.0
Residential structures
Nonfarm
_
Farm
Change in business inventories
Net exports of goods and services
Subsidies less current surplus of government enterprises __
5.5
5.1
5.8
5.7
5.8
4.8
4.8
4.9
Less : Wage accruals less disbursements
_
.0
.0
-.4
.0
.0
.0
.0
.0
Surplus or deficit (— ), national
-13.6 -23.1 -15.4 -20.5 -16.2 -23.7 -26.7 -25.6
income and product accounts
120.6 125. 5 121.6 121.7 125.2 125.2 125.2 126.5
119.2 125.2 121.4 121,5 123.4 12 j. 8 125.5 128.0
Exports.
Imports
Government purchases of goods and
services
157.3 167.4 159.3 161.7 165.6 167.6 167.5 168.8
148.6 156. 9 150.5 151. 8 157.2 158.1 155.6 156.7
165.1 175.9 166.8 170.2 172.4 175.2 177.3 178.7
Federal
State and local
Table 14.—State and Local Government Receipts and Expenditures
(3.3,3.4)
State and 1 ocal government receipts
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
133.4 151.7 135.3 138.5 143.4 149.6 154.4
159.5
26.8
4.3
23.8
3.7
24.2
3.3
25.0
4.2
26.3
4.3
27.2
4.3
28.7
4.3
81.8
9.2
29.6
74 5
8.4
24.9
76 4
8.7
25 9
78 3
8.9
27.0
80.4
9.1
29.5
83 3
9.3
30.2
85.5
9.5
31.6
State and local government expendi132.9 148.9 135.1 139.8 144.2 146.8 149.8
tures. ..
154.7
Personal tax and nontax receipts
23.6
Corporate profits tax accruals
- 3.5
Indirect business tax and nontax
accruals
73 6
8.3
Contributions for social insurance
24 4
Federal grants-in-aid .
Purchases of goods and services
122.2 135.5 124.0 127.9 131.6 133,6 136.2
14 4 17.1 14.8 15.6 16 4 16.9 17.2
Transfer payments to persons _
.1
.1
.4
.5
.3
.5
.2
Net interest paid
Less: Current surplus of government
4.1 3.9
4.1
4.0
4.1 4.1
enterprises
Surplus or deficit (—), national
income and product accounts
.5
2.8
.2 -1.3
-.8
2.8
4.6
140.5
17.7
.6
4.2
4.8
Table 15.—Sources and Uses of Gross Saving (5.1)
Goods output..
Durable goods
Nondurable goods-
178.1
54.1 60.5 57 4 58 5 58 6 63.6 61.0
Personal saving . _
16.2 22.1 17.7 14.3 19.2 22.4 22.5
Undistributed corporate profits
Corporate inventory valuation adjustment.
-4.5 -4.4 -5.5 -2.6 -3.5 -4.4 -5.8
Corporate capital consumption
56.2 61.9 56. 7 58.0 59. 4 61.0 62.7
allowances
..
Noncorporate capital consumption
31.4 33.3 31.5 31.8 32.6 32.9 33.6
allowances
.0
.0
.0
.0
.0
.0
.0
Wage accruals less disbursements
59.0
24.5
Capital grants received by the United
States
-4.0
Structures..
Addendum:
.7
.9
.9
.7
.7
Table 18.—Implicit Price Deflators for Gross National Product
Sector (8.4)
130.38 136.05 131.00 132.98 134.44 135.87 136.71 137. 13
Business
Nonfarm
Farm
129.0 134.4 129.5 131.4 132.9 134.3 135.0 135.4
129.4 135.1 1 0. 0 132.4 133. 7 1\35. 0 135. 9 135.8
118.0 117.2 116.8 108.4 112.8 115.6 115.1 125.1
Households and institutions
186.8 199.5
34.2
.0
Table
.7
.7
136. 6 148.9 140.2 137.5 145.6 150.3 147.8
152.1
159.4
-7.4
-4.3 -4.9 -4.7
-6.0
Statistical discrepancy
*See footnote on page 11.
-4.5 -5.0 -3.2 -1.6
135.29 141.57 135.97 138.07 139.88 141.34 142.21 142.80
Private
188.7 202.8 190.4 193.2 199.7 202.0 203.2 206.4
General government
Gross private domestic investment .. 135.3 151.6 138.6 137.3 143.3 152.9 150.8
2.3 -2.5 -3.0
1.6
.2
1.3 -2.6
Net foreign investment
Gross investment
107.9 112.6 107.8 112.4 114.3 114.9 112.3 108.9
Gross auto product. .
64.4
-13.6 -23.1 -15.4 -20.5 -16.2 -23.7 -26.7 -25.6
.2 -1.3 -.8
.5
4.6
2.8
4.8
2.8
.9
150.1 159.1 151.0 153.2 156.5 158.4 160.0 161.5
i
150.2 ,162.5 152.5 154.9 157.3 161.1 164.6 166.7
Services....
19.—Gross National
Product:
Change
from
Preceding
Period (7.7)
Government surplus or deficit (— ),
national income and product
-13.1 -20.2 -15.2 -21.7 -17.1 -20.9 -22.2 -20.8
accounts
Federal
State and local..
115.4 '118.4 115.8 117.5 118.7 118.9 118.4 '117.7
127.0 130.7 127.6 128.3 129.7 130.7 131.0 131.3
Gro ss national product
153.4 173.4 157.8 160.0 166.2 175.4 174.0
Gross private saving
j
I
I
I
I
i
!
135.29 141.57 135.97 138.07 139.88 141.34 142.21142.80
135. 3 j 141.7 ; 136.0 138. 2 :139.9 \ 141. 5 j 142.3 142.9
I
i
'•
I
122.3 125.6 122.6 124.1 125.1 1125.8 125.8 125.6
Gross national product.
Final sales...
Percent
Gross national product:
Current dollars
Constant dollars
Implicit price deflator
Chain price index
.
Gro ss private product :
Current dollars
Constant dollars
Implicit price deflator
Chain price index
_
Percent at annual rate
4.8
-.6
5.5
.. 5.3
7.5
2.7
4.6
5.0
6.3 2.0 13.7
1.3 -4.1 8.0
5.0 6.3 5.4
4.7 5.5 6.4
7.8
3.4
4.2
4.8
5.2
2.7
2.5
3.3
7.6
5.8
1.7
2.2
4.2
7.3
2.9
4.3
4.8
6.5 1.5
1.5 -4.4
4.9 6.2
4.5 5.4
13.3
8.5
4.5
5.5
8.1
3.6
4.3
4.8
5.3
2.7
2.5
3.4
7.5
6.2
1.2
1.7
n
49
4.7
Manufacturers' Inventory and Sales Expectations, First Half 1972
IN the expectations survey conducted
in February by the Bureau of Economic
Analysis, manufacturers projected
strong sales and substantial inventory
additions for the first half of 1972.
These expectations contrast with the
generally small size of the actual third
and fourth quarter changes. The expectations imply a sharp drop in the
stock-sales ratio from yearend 1971,
Manufacturers reported their inventories in better balance at the end of
1971 than at any earlier end-of-quarter
last year. The percentage of stocks
judged "high" relative to sales and
unfilled orders fell substantially during
the fourth quarter after remaining
virtually unchanged in the first three
quarters. The amount of "excessive"
inventories held by producers also fell
sharply.
in the next quarter. Steel producers
expect substantial gains in both
quarters following low shipments of the
second half of 1971, when metal fabriSales expectations
cators worked off steel stockpiled earlier
Manufacturers expect sales to rise 6 in 1971 as a strike precaution.
percent in the first quarter and about
Nondurable goods producers project
1 percent in the second. The projected a broadly based rise in the first quarter,
first quarter increase is twice as strong amounting to 4 percent in the aggregate.
as that projected in the survey taken The aggregate is expected to show no
in November. Actual January sales change in the second quarter, as small
were strong—4 percent above Decem- declines in some industries offset gains
ber and 5 percent above the fourth in others.
quarter average.
Durable goods producers look for an Inventory additions
Manufacturers expect to add $1 billion
8 percent rise in the first quarter, with
all major industries reporting substan- to inventories during the first quarter
tial gains; a 1 percent rise is expected and $425 million during the second.
Accumulation in January, according to
preliminary estimates, amounted to
about one-fifth of the expected first
CHART 7
quarter addition.
Durable goods producers plan to inManufacturers' Sales and Inventory Expectations
crease their holdings by $900 million
during the first quarter and $100 million
NONDURABLE GOODS
DURABLE GOODS
during the second. Durable goods invenBillion $
(Ratio scale)
Billion $
tories were cut in all four quarters of
150
150
1971, for a total reduction of $1 billion.
Nondurable goods producers plan to
Sales
100
100
add $70 million to stocks this quarter
90
90
\
80
80
and $300 million in the second. During
70
70
1971 their stocks rose $1 billion, with
60
60
$600 million of the increase occurring
in the fourth quarter.
50
50
V
Inventories
40
40
30
30
I I I I I I I I 1 1 I I I I I I i I I I I I M I I 1 1 I 20
20 I M I I I I I I I I I I I I I I I I I I i 1 I I I M I I i i
Ratio
Ratio
2.0
2.5
STOCK-SALES RATIO
STOCK-SALES RATIO
1.5
2.0
1.5
1.0
1965
66
67
68
69
70
71
72
1965
Seasonally Adjusted
•
Expectations
U.S. Department ot Commerce, Bureau ot Economic Analysis
14
66
67
68
69
70
71
72
Stock-sales ratios
If the inventory and sales expectations are realized, the manufacturers'
stock-sales ratio will be 1.63 on both
March 31 and June 30, 1972, compared
with 1.72 at yearend 1971. The ratio
has not been in the 1.6 range since
mid-1966.
The durable and nondurable stocksales ratios both held unchanged from
mid-1971 to yearend; both are expected to decline in the first quarter
of 1972, with little change in the second
quarter. The durable goods ratio is
expected to drop from 2.03 on December 31 to 1.90 on March 31, and the
nondurables ratio from 1.35 to 1.30.
SURVEY OF CURRENT BUSINESS
MarcitL 1972
goods group fell from the 23-24 percent
range in the first three quarters of the
year to 18 percent at the end of 1971,
the lowest in 6 years. The nondurables
"high" ratio held at 15 percent at the
end of 1971, unchanged from June and
September.
Manufacturers' inventories on December 31 were $1.84 billion in excess
Inventory imbalance at December 31
As of December 31, 1971, manufacturers holding 17 percent of total manufacturing inventories evaluated their
stocks as "high"; 82 percent judged
them "about right"; 1 percent, "low."
The high ratio dropped 3 percentage
points from September 30.
The "high" ratio for the durable
Table 1.—Manufacturers' Inventories and Sales: Actual and Expected ]
[Billions of dollars]
1972
19 71
19 70
19 59
I
II
III
IV
I
II
60 5
32.4
92.8
94.1
61 5
32.5
94.7
61 9
32.8
96.4
62.8
33.6
98.4
64.2
34.1
99.0
64.4
34.5
98.7 100.1 101.0 100.7
64 5 64.8 65.4 65.0
34.2 35.4 35.5 35.7
99.4 100.2 102.0
64.1 63.9 65.5
35.3 36.3 36.5
102.2
65.5
36.7
92 3
60.2
32.2
93 9
61.3
32.6
95 5
62 3
33.2
96 7
63.2
33.5
97 9
63.9
34.0
98 7
64.2
34.5
99 6 100 5 100 5 100 5 100.3 100.5 101.5
65.0 65.2 65. 1 64.8 64.6 64.2 65.1
34.6 35.3 35.4 35.7 35.7 36.3 36.4
101.9
65.2
36.7
156.4 163 4 158 8 165.0 161.8 168.1 162. 1 161.1 168 7 179 2 170.1 176.9 184.5
87.0 90.9 85.6 91.0 87.8 92.5 86.3 85.6 92.2 99.5 90.8 96.1 102.1
69.4 72.5 73.2 74.0 74.0 75.6 75.8 75.5 76. 6 79.7 79.3 80.7 82.4
157.6 159.4 163.0 163.7 163.4 164.1 166.1 160. 3 170.5 175.0 174.1 175.6 186. 6
87.2 87.5 90.1 90.0 88.2 89.1 90.6 85.0 92.6 95.8 95.1 95.1 102.8
70 4 72 0 72 9 73.7 75 2 75 0 75 5 75 2 77 9 79 2 79.0 80 4 83.8
187 7
103,8
83 9
IV
I
II
III
IV
12
112
Unadjusted:
Seasonally adjusted :
All manufacturing
Durables
Nondurables
of needs (after netting excesses against
deficiencies), down from $2 billion on
June 30 and September 30. The yearend imbalance was equivalent to 1.8
percent of total producers' stocks.
The net excess held by durable goods
producers fell from $1.62 billion on
September 30 to $1.28 billion on December 31. The excess peaked at $1.90
billion in mid-1970 and drifted downward thereafter. It was about 2.9 percent of durable goods inventories
throughout 1970; it fell to 2 percent by
the end of 1971.
The net excess held by nondurable
goods producers was $560 million at
the end of 1971, somewhat higher than
the approximately $400 million estimated in March, June, and September.
The yearend excess amounted to 1.5
percent of total nondurables stocks,
up from 1.1 percent earlier in 1971.
192.3
107.8
84.5
III
Inventories, end of quarter:
All manufacturing- _.
Durables
Nondurables
15
Table 3.—Inventory Imbalance
Sales, total for quarter :
Net excess
Unadjusted :
All manufacturing
Durables _
Nondurables
Inventory
Percent
defiAmount of total
invenciency
tories
Bill ons of do lars
Inventory
excess
Seasonally adjusted :
All manufacturing .
Durables _ _
Nondurables
High
About
right
Low
High
About
right
Nondurables
High
Low
About
right
1.71
1.72
2.21
2.34
1.9
1.9
2.4
2.5
2. 58
2.62
2.48
2.44
.10
.15
.11
.13
2.48
2.47
2.37
2.31
2.5
2.5
2.4
2.3
2.31
2.37
'2.39
2.00
.14
.37
' . 39
.16
2.17
2.00
' 2. 00
1. 84
2.2
2.0
2.0
1.8
1.31
1.35
1.75
1.91
.12
.18
.11
.13
1.19
1.17
1.64
1.78
2.0
1.9
2.7
2.8
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970
Dec. 31, 1970.
1.97
2.00
1.94
1.88
.09
.10
.07
.07
1.88
1.90
1.87
1.81
2.9
2.9
2.9
2.8
1.81
1.81
'1.84
1.36
.07
.21
.22
.08
1.74
1.60
'1.62
1.28
2.7
2.5
'2.5
2.0
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969
.56
.61
.61
.59
.04
.06
.04
.03
.52
.55
.57
.56
1.6
1.7
1.8
1.7
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970 ....
Dec. 31, 1970
.61
.62
.54
.56
.01
.05
.04
.06
.60
.57
.50
.50
1.8
1.7
1.5
1.5
.50
.56
'.55
.64
.07
.16
'.17
.08
.43
.40
'.38
.56
1.2
1.1
1.1
1.5
Durable goods:
Low
March 31, 1967.
June30, 1967
September 30, 1967 _
December 31, 1967
31
31
27
25
68
67
69
72
1
2
4
3
37
36
34
31
62
63
63
67
1
1
3
2
20
20
15
15
78
76
81
81
2
4
4
4
March 31, 1968
June 30, 1968
September 30, 1968
December 31, 1968
25
25
24
18
72
72
73
80
3
3
3
2
31
31
28
19
66
67
70
79
3
2
2
2
15
16
16
16
82
80
79
82
3
4
5
2
March 31, 1969
June 30, 1969
September 30, 1969. _
December 31, 1969
20
21
23
23
78
77
76
76
2
2
1
1
21
22
26
25
77
76
73
73
2
2
1
2
17
18
17
18
82
80
82
81
1
2
1
1
March 31, 1970
June 30, 1970. __
September 30, 1970
December 31, 1970
24
24
22
21
75
75
77
78
1
1
1
1
27
28
25
23
72
71
74
76
1
1
1
1
19
17
16
16
80
81
82
83
1
2
2
1
March 31, 1971
June 30, 1971
September 30, 1971 .
D ecember 31 , 1971 _
20
21
20
17
79
78
'78
82
1
1
'2
1
23
24
23
18
75
75
'75
81
2
1
'2
1
14
15
'15
15
85
83
'83
84
1
2
2
1
r
Revised.
1. Condition of actual inventories relative to sales and unfilled orders position as viewed by reporting companies. Percent
distribution of inventory book values according to companies' classifications of their inventory condition.
NOTE.—Due to change in survey questionnaire, data starting December 31, 1968, are not strictly comparable to prior
data.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
0.16
.24
.15
.16
Mar. 31, 1971
June 30, 1971
Sept. 30, 1971
Dec. 31, 1971
[Percentage distribution]
Durables
1.87
1.96
2.36
2.50
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969
Table 2.—Manufacturers' Evaluation of the Condition of Their Inventories 1
Mar. 31, 1969
June 30, 1969
Sept. 30, 1969
Dec. 31, 1969
Mar. 31, 1970
June 30, 1970
Sept. 30, 1970 _ _ _ _ _
Dec. 31, 1970
1. All actual data have been adjusted to conform with the recent revision by the Bureau of the Census (Report M3-1.3)
2. Expectations reported by manufacturers in February 1972. Inventory expectations have been corrected for systematic
biases. Sources: U.S. Department of Commerce. Expectations, Bureau of Economic Analysis; actuals, Bureau of the
Census.
Total
All manufacturers:
...
Mar. 31, 1971
June 30, 1971
Sept. 30, 1971
Dec. 31, 1971
Nondurable goods:
Mar. 31, i97i
June 30, 1971
Sept. 30, 1971
Dec. 31, 1971
' Revised.
Source: U.S Department of Commerce, Bureau of Economic Analysis.
By JOHN T. WOODWARD
Investment Programs and
Sales Expectations for 1971
Businessmen are scheduling rising
outlays for new plant and equipment
during 1972, with spending for the full
year up 10% percent from 1971. Both
manufacturing and nonmanufacturing
industries expect spending gains. Businessmen generally expect larger sales
advances this year than last. New information on actual and expected changes
in capital goods prices and selling prices
is introduced in this article.
B
USINESSMEN'S capital budgets
provide for rising expenditures for new
plant and equipment throughout 1972,
according to the survey of spending
plans conducted in late January and
February by the Bureau of Economic
Analysis. For the year as a whole,
business expects to spend $89.8 billion—
$8% billion, or 10% percent, more than
in 1971.1 Spending increased 2 percent
in 1971 and 5K percent in 1970. Most
industries expect increases in 1972.
These expanded capital spending
programs are accompanied by expectations of sizable sales gains. Durable
goods manufacturing companies look
for a 9 percent sales increase and nondurable goods producers an 8 percent
increase. Actual gains last year were
7K percent and 5 percent, respectively.
Trade firms expect sales to rise about
6}£ percent this year, compared with
an 8% percent increase last year. Public
1. The expectations figures have been adjusted for systematic biases (footnote 2, table 8). Before such adjustment, 1972
expenditures were expected to be $88.44 billion for all industries, $33.33 billion for manufacturing and $55.11 billion for
nonmanufacturing. The adjustments were applied separately
to each major industry; their net effect was to lower the manufacturing total by $0.72 billion and raise the nonmanufacturing total by $2.05 billion.
16
utility firms expect a revenue gain of
10% percent in 1972, compared with
an 11 percent increase last year.
Trends within 1972
Expenditures in the final quarter of
1971 were at a seasonally adjusted
annual rate of $83.2 billion, 3 percent
above the third quarter. Expenditures
are expected to rise 5 percent in the first
quarter of 1972, to a rate of $87.5 billion,
and 2 percent in the second quarter, to
$89.1 billion. These expectations imply
a spending rate of $88.3 billion for the
first half of 1972, 8 percent above the
second half of 1971. The expected rate
in the second half of this year is $91.1
billion, up 3 percent from the first half.
Most industries expect a more rapid
expansion of investment in the first half
of 1972 than in the second. Exceptions
to this pattern include the electrical
machinery, food-beverage, rubber, mining, and gas utility industries, where
investment growth is expected to accelerate in the second half of the year.
Realization of 1971 programs
In the quarterly surveys during 1971,
businessmen generally reported that
they had spent less than they had previously planned and also had lowered
their sights for the coming quarters.
Outlays for the full year were up 1.9
percent from 1970 in contrast to the
4.3 percent rise planned early last year.
The downward revisions were centered
in, manufacturing; as a group, nonmanufacturing industries generally held
to their initial expectations throughout
the year.
Most industry groups in, manufacturing spent less in 1971 than initially
planned; the largest percentage cut-
backs occurred in the nonelectrical
machinery, aircraft, stone-clay-glass,
food-beverage, and paper industries.
Among nonmanufacturing firms, sizable
reductions by the airlines and water
transportation firms offset upward revisions by commercial firms.
CHART 8
Changes in Business Investment
Percent Change
-40
-30
-20
-10
ALL INDUSTRIES
Air Transportation
Gas, Water, and
Sanitary Services
Communication
Durable Goods
Manufacturing
Electric Utilities
Commercial and
Other
Transportation
Excl. Air
Nondurable Goods
Manufacturing
Mining
U.S. Department of Commerce, Bureau of Economic Analysis
0
10
20
30
Marcih 1972
SURVEY OF CURRENT BUSINESS
Manufacturing investment programs
projected for the "other durables" cate- over of nondurable goods producers
gory, with all component groups—lum- declined 2% percent.
ber, furniture, fabricated metals, instruments, and "ordnance and miscellane- Capacity evaluation, yearend 1971
There was little change between
ous"—participating in the advance.
More moderate increases are planned September 30 and December 31 in
by machinery and aircraft producers
while the steel industry expects a 9 percent decline.
CHART 9
In the nondurables category, manuPlant and Equipment Expenditures
facturers of rubber and paper products
expect increases of 15 percent and 14
percent, respectively, following large Billion $ (Ratio scale)
reductions in 1971. The food-beverage 100
industry expects to increase spending
about 8 percent. The chemical and
petroleum industries, which together
account for more than half of invest- 50 4^t"lbSi^
* ment spending by nondurables producers, expect investment this year to 30
MANUFACTURING
be about the same as in 1971; petroleum firms are scheduling an increase
Durables
in outlays for production of crude oil, 20
but declines are expected in spending
15
for transportation and for refining and
petrochemical facilities (see table 3).
In the "other nondurables" group, 10
tobacco and leather firms expect sizable
40
increases in spending this year.
Manufacturers expect to spend $32.6
billion on new plant and equipment in
1972, 9 percent more than in 1971.
Durable goods producers expect a 14
percent advance and nondurables producers a 4 percent rise. Both groups
schedule larger increases in the first
half of the year than in the second. The
expected rise in manufacturing spending
in 1972 follows a 6 percent decline last
year and an increase of only 1 percent
in 1970.
Among the durable goods industries,
substantial advances this year are programed by producers of stone, clay, and
glass (36 percent), nonferrous metals
(19 percent), and motor vehicles (19
percent). An increase of 20 percent is
Table 1.—Plant and Equipment Expenditures, Annual Percent Changes 1970-72
1970
1972
Actual
All industries
19hn
ExAcpected i tual
Expected
10 5
5.5
4 3
19
.8
-3
—6.1
8.7
—1 0
—2 5 —10 4
13 8
Primary metals 2
.3
Blast furnace, steel
works
—8.6
Nonferrous
12.3
—10.5 -14.1
4.8
—12 8 —18.1
— 12 6 —12.8
-94
18 9
Manufacturing2
Durable goods 2
E lectrical machinery. . . 11.6
Machinery except elec1. 0
trical ..
-5.8
4.1
-1.0 -19.2
13.0
Transportation equipment 2 _
_.
-12.2
Motor vehicles
—3 5
Aircraft
—34 8
-3.8 -12.1
— 4 -4.8
—5 9 -28.9
16.6
18.6
11.7
Stone, clay, and glass. . -7.6
-.8
Other durables 2 -
4.7 -14.2
-.2
1.2
36.4
20.3
-1.9
4.2
Nondurable goods
28
1.2
1.9
Food including beverage.. __
9.6
Textile
_.
-11.3
Paper.
44
Chemical..
_ ... 11.0
4.0 -5. 3
-4.8
9.8
-14.7 -24. 3
.1
5.3
8.5
1.0
14.1
-.1
Petroleum.
..
Rubber
Other nondurables 2
-.2
—13 7
•6
5.9
—16.5
9.1
4.2
—9.8
3.6
-.6
15 1
14.7
88
7 4
7.2
11 6
14
5
14.6
14
-4 6
2.6
-6.0
4.8
-22.4 -38.0
28.4
Nonmanufacturing
tries
indus-
Mining
Railroad _
Air transportation
Other transportation.
Public utilities
Electric
Gas and other
Communication. ..
Commercial and other
20.7
-27.2
13.4
12.9
11.8
13.2
19 1
—6 6
17.5
22 4
—3 5
16.4
20.7
—2.0
14.0
13 4
17 1
21.6
10.3
6.6
14.2
3.4
3.8
8.8
8.1
1. Expected data for 1971 are based on the survey conducted
in late January and February 1971.
2. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
17
COMMUNICATION
Starts increase
The value of investment projects
initiated by manufacturers during the
fourth quarter of 1971 was 2% percent
above the third quarter figure. This
increase followed a 16 percent gain in
the third quarter. Starts by durable
goods producers rose 13 percent in the
fourth quarter, with most industries
participating in the advance. Primary
metals producers reported the largest
increase. Starts by nondurable goods
firms declined 7 percent. Petroleum
refiners reduced starts about 20 percent
and food-beverage and paper companies
also reported lower starts. These declines were partly offset by an increase
in the chemical industry.
The carryover of manufacturers' investment projects, i.e., expenditures still
to be incurred on projects already
underway, totaled $19.7 billion at the
end of December, up 1 percent from
September but 7 percent below the
year-earlier figure. Durable goods producers' carryover increased 4 percent
in the fourth quarter, while the carry-
30
20
I i i i I;
15
't r f M i
25
PUBLICUTILITIES
20
15
10
- TRANSPORTATION INCLUDING RAILROADS
ti -i~.:i' I i *r~i"IH' rxriT'-f i l l i i \ \ i \ \ \ i \ if
1966
67
68
69
70
71
Seasonally Adjusted at Annual Rates
• Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
72
SURVEY OF CURRENT BUSINESS
18
Table 2.—Business Sales, Annual Percent
Changes, 1970-72
1970
manufacturers' evaluations of the adequacy of their facilities. Companies
owning 30 percent of total fixed assets
reported a need for more facilities as of
December 31. This is about the same as
the proportion reported in June and
September and well below the figures
reported in 1970 (table 5).
Companies reporting facilities in excess of needs accounted for 11 percent
of total fixed- assets at December 31,
unchanged from the September 30 proportion. The "excess" proportion rose
between September and December for
producers of primary metals, but this
change was offset by a decrease for the
chemical industry.
1972
19 71
ExAcExActual pected tual pected
Manufacturing industries 1 ._.
1.5
Durable goods *
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment
Stone, clay, and glass
7.6
6.4
8.8
-.9
8.0
7.5
9.3
—.2
.9
75
7.1
5.0
6.0
10.5
9.9
1.4
6.8
6.0
10.3
-5.7
3.7
8.5
10.9
11.5
18.3
5.6
6.7
4.6
7.0
5.1
8.3
7.4
-.9
4.9
1.9
6.0
8.6
4.8
7.8
11.0
7.6
8.9
8.4
5.6
12.8
4.1
5.9
5.1
8.0
6.6
10.9
8.0
8.9
7.7
10.1
Nondurable goods 1
Food including beverage.
Textile
Paper
Chemical
Petroleum .
Rubber
Trade
3.9
Public utilities ...
6.5
8.6
6.5
4.2
3.6
Wholesale
Retail
4.3
8.0
8.4
8.8
6.9
6.2
9.9
10.4
11.2
10.5
1. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Nonmanufacturing programs
Airlines plan a sharp increase—28
percent—in capital expenditures in
1972, following a decline of 38 percent
last year. Airbus purchases are expected
March 1972
Table 3.—Petroleum Industry Expenditures
for New Plant and Equipment by Function, Actual and Expected 1970-72
Actual
1970
Expected
Percent
change
1971 U972 1971-72
Billions of dollars
Total .
5.62
5.85 5.82
2.16
.40
2.24
.50
2.51
.37
12.1
-26.2
Refining and petrochemicals _ _ 1.40
Marketing
. _.
1.11
Other
..
.56
1.52
1.03
1.17
1.08
-22.6
5.3
.57
.69
20.0
Production
Transportation
.
-0. 6
1. The reported figures for expectations are adjusted for
systematic biases when necessary; adjustments are applied
separately to expenditures for each function. Before adjustment expenditures for 1972 were expected to be $6.10 billion;
the net effect of the adjustment was to lower the total by
$0.28 billion.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
to be large this year, partly reflecting
some delivery delays encountered in
1971.
Table 4.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1969-71
[Billions of dollars]
Carryover 2
Starts1
Annual
1970
1969
Manufacturing 3
1970
1971
I
1970
1971
II
III
IV
I
II
III
1971
IV
Mar.
Sept.
Dec.
Mar.
June
Sept.
Dec.
June
34.07
29.18
28.00
8.64
6.92
6.54
7.09
6.91
6.48
6.79
7.82
23.75 . 22. 51 21.06
19. 49
19.70
18.64
18. 12
17.50
Durable goods 3
Primary metals
Electrical machinery
M achinery except electrical
Transportation equipment 4
Stone, clay, and glass
16.85
2.96
2.80
3.60
2.66
1.08
14.04
2.55
2.18
3.29
2.04
.82
13.59
2.44
1.82
2.59
2.34
.94
4.42
.65
.82
.84
.78
.32
3.37
.54
.41
.86
.58
.13
3.13
.93
.36
.68
.35
.22
3.12
.42
.59
.91
.34
.15
3.49
.78
.53
.57
.65
.25
2.80
.56
.29
.64
.32
.17
3.24
.39
.41
.54
.80
.25
4.06
.72
.60
.84
.57
.27
12.27
3.67
2.36
1.17
2.78
.70
11. 56
3.43
2.21
1.10
2.68
.56
10.82
3.54
2.02
.94
2.43
.55
9.67
3.02
1.93
.97
2.21
.45
10.05
3.14
2.04
.89
2.39
.50
9.33
2.98
1.80
.79
2. 21
.48
9.17
2.72
1.69
.71
2.47
.51
9 H
2 68
Nondurable goods3
17.22
15.14
14.42
4.21
3.54
3.41
3.97
3.42
3.68
3.55
3.76
11. 48
10.95
10.24
9.81
9.66
9.31
8.95
8.4°
2.97
.60
1.59
3.62
6.19
2.50
.49
1.54
3.06
5.64
2.49
.71
1.00
3.25
5.14
.66
.16
.58
.96
1.39
.65
.15
.33
.71
1.23
.60
.10
.18
.69
1.34
.58
.08
.45
.70
1.67
.50
.18
.21
.87
1.26
.70
.20
.17
.83
1.23
.68
.18
.32
.68
1.26
.61
.16
.31
.86
1.38
1.53
.30
1.29
3.10
4.04
1.44
.31
1.19
2.92
3.90
1.32
.27
.95
2.74
3.80
1.19
.21
.97
2.51
3.80
1.08
.26
.89
2.60
3.75
1.04
.31
.75
2.56
3.52
1.06
.33
.76
2.42
3.28
i.oo
15.16
17.20
22.22
5.63
4.16
2.83
4.58
7.13
4.28
4.36
6.45
22.39
23.26
22.51
23.35
27.36
27.81
28.11
30.27
24. 17
22.82
22. 04
21.22
20.32
19. 33
19.58
19. 74
12.90
12.21
11.80
10.98
10.78
10.17
10. 32
10. 72
3.48
1.97
1.63
2.23
.53
3.43
1.97
1.47
2.35
.54
3.39
1.73
1.39
2.13
.54
3.11
1.67
1.37
2.49
.55
3.25
1.65
1.42
2.61
.62
Food including beverage
Textile
Paper
Chemical
Petroleum
Public utilities -
^
*S
.31
.72
2.33
3.09
Adjusted for seasonal variation
Manufacturing 3__ _
Durable goods
3
Primary metals
Electrical machinery
Machinery except electrical
Transportation equipment *
Stone, clay, and glass
Nondurable goods 3
Food including beverage
Textile
Paper
Chemical
Petroleum _
Public utilities.
8.56
..
4.33
6.76
3.39
7.26
3.52
6.92
2.91
3.35
6.53
2.91
7.55
3.59
7.75
4.05
.61
.78
.71
.84
.32
.60
.42
.99
.45
.12
1.04
.40
.82
. 36
.22
.39
.55
.81
.36
.16
.72
.48
.56
.65
.23
.69
.30
.64
.28
.18
.36
.48
.63
.87
.23
.80
.54
.76
.72
.30
3.87
2.30
1.60
2.81
.76
3.68
2.15
1.66
2.59
.62
3.92
1.98
1.60
2.38
.60
4.23
3.37
3.74
4.01
3.36
3.62
3.96
3.70
11.27
10. 61
10.25
10.25
9.55
9.15
9.26
9.02
.71
.21
.49
.94
1.42
.59
.14
.29
.55
1.28
.63
.10
.20
.81
1.51
.59
.07
.64
.85
1.42
.54
.20
.16
.78
1. 26
.63
.18
.15
.73
1.36
.71
.17
.44
.77
1.42
.62
.17
.38
1.00
1.14
1.61
.33
1.20
3.13
3.99
1.50
.33
1.08
2.81
3.85
1.44
.29
.85
2.70
3.93
1.33
.23
1.10
2.73
3.89
1.18
.29
.92
2.65
3.63
1.10
.32
.77
2.53
3.48
1.19
.34
.91
2.45
3.41
1.14
.33
97
2.57
3.19
3.95
4.84
3.65
4.91
5.10
4.76
5.96
6.55
21.12
22.77
22.96
24. 45
25. 89
26.89
28.88
31.49
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects
already underway at end of period.
6.71
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
19
SURVEY OF CUREENT BUSINESS
March 1 7
92
Public utilities continue to project last year, a 4-percent rise was expected.
strong spending growth. They plan out- All component groups except construclays of $17.4 billion in 1972, an increase tion and insurance plan increases this
of $2.1 billion, or 14 percent, over 1971. year.
Gas companies expect a larger percentage advance than electric companies. Changes in Prices of Capital
Starts of new projects by utilities in the
Goods and of Sales
fourth quarter of 1971 reached a record
An inquiry on price changes was
$6.6 billion and the carryover of funds
added to the plant and equipment exyet to be expended increased $2.6 bilpenditures surveys conducted in late
lion to $3IK billion at yearend.
November and December of 1970 and
Communications firms also expect a
substantial expansion this year—14 per- 1971. In the 1971 survey, firms were
cent, as compared with a 6K percent asked the following:
"Please indicate your best estimates
increase last year.
of average price changes from 1970 to
Railroads plan a spending increase of
5 percent in 1972, following 2 years of 1971 and expected changes from 1971 to
decline. The 1972 increase is attribut- 1972:
a. Prices paid by your company for
able to higher expenditures for road;
equipment investment is scheduled to new construction, machinery and
be reduced somewhat. Trucking and equipment.
b. Prices of goods and/or services
water transportation firms plan sizable
77
increases while pipelines are expecting sold by your company.
a sharp reduction.
The 1970 survey obtained similar inThe "commercial and other" group— formation. Thus, data are now available
trade, services, construction, finance, from the two surveys for the years 1970,
and insurance—expects an 8 percent 1971, and 1972. The firms' responses on
increase in expenditures this year, about capital goods and sales price changes
equal to the rise last year. At this time were weighted by their reported capital
expenditures and sales, respectively.
The overall industry estimates are
shown in tables 6 and 7. Because only
2 years of expectations data are available, the predictive ability of the data
cannot yet be assessed.
The surveys found that plant and
equipment prices rose slightly more
than 6K percent in both 1970 and 1971;
the 1971 rise was in line with earlier
expectations. These increases compare
Table 6.—Actual and Expected Changes in
Prices of Capital Goods Purchased
[Percent change from prior year]
Keported in
Reported in
Nov.-Dec. 1970 Nov.-Dec. 1971
SURVEY
SURVEY
Ex- Actual
ExActual
pected
1970 pected 1971
1972
1971
6.8
6.6
6.6
5.1
Manufacturing
Durable goods
Nondurable goods
7.1
6.7
7.4
6.9
6.6
7.3
7.0
7.0
7.1
5.4
5.2
5.6
Nonmanufacturing
Mining
_ ____
Transportation
Public utilities
C ommunication ,
commercial, and
other
__
6.7
7.3
7.2
6.0
6.4
7.5
6.1
6.3
6.4
6.7
6.1
6.3
4.9
4.4
4.8
4.9
6.9
6.5
6.5
4.9
All industries
.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 5.—Manulacturers' Evaluation of Their Capacity
[Percent distribution of gross capital assets]l
Dec. 31
More plant and equipment needed:
All manufacturing
Durable goods 2 _
Primary metals
Metal fabricators 3
Nondurable goods 2 _
Food including beverage
Chemical
_
Petroleum
About adequate:
AH manufacturing
Mar. 31
June 30
Sept. 30
Mar. 31
June 30
Sept. 30
Dec. 31
Mar. 31
June 30
Sept. 30
Dec. 31
47
_
46
44
42
41
40
33
30
31
3
40
31
47
48
44
71
42
39
33
43
53
47
73
47
37
30
41
51
46
68
48
34
30
36
49
44
68
47
33
32
35
48
44
48
61
31
25
35
50
40
57
60
28
20
34
38
38
43
38
25
19
24
35
35
42
38
25
19
24
36
35
46
38
2
1
2
3
3
4
3
47
52
51
49
50
52
51
53
60
61
58
5
47
44
48
48
49
25
60
53
56
48
51
53
43
58
53
54
50
49
53
27
57
53
52
52
44
49
26
53
53
54
52
47
51
31
52
56
54
56
48
53
31
53
55
51
54
48
51
51
39
61
73
54
45
52
40
40
63
77
55
57
52
53
62
63
70
63
59
53
55
62
60
60
63
57
56
45
62
6
5
6
5
5
5
6
5
__
44
48
45
48
48
41
40
59
_._
43
40
30
49
46
43
56
41
48
_
48
46
41
49
49
46
72
39
5
5
5
5
6
6
8
7
7
9
11
1
7
14
3
3
5
2
1
7
15
3
3
5
3
1
7
14
3
3
4
1
1
7
15
3
3
3
2
1
8
15
5
3
4
1
0
10
16
7
2
3
1
0
10
16
8
3
3
1
0
12
17
11
4
5
1
8
2
11
5
8
3
0
9
3
11
5
10
4
0
12
11
13
6
12
3
0
15
21
13
7
9
9
0
1
2
1
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.
Dec. 31
1971
45
41
49
49
54
58
40
__
Durable goods 2
_____
Primary metals
Metal fabricators 3
2
Nondurable goods
Food including beverage
Chemical
Petroleum
Existing plant and equipment exceeds needs:
All manufacturing. __
_
Durable goods 2
Primary metals 3
Metal fabricators _ Nondurable goods 2
Food including beverage
Chemical
Petroleum
1970
1969
1968
o
-
3. Includes machinery, transportation equipment, and fabricated metals industries.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
(
SUKVEY OF CURRENT BUSINESS
20
with increases of somewhat more than
5% percent in both years in the implicit
Table 7.—Estimated Changes in Prices of
Products and Services Sold by Manufacturing and Utility Companies
. [Percent change from prior year]
Reported in
Reported in
Nov.-Dec. 1970 Nov.-Dec. 1971
SURVEY
SURVEY
ExEx- Actual
Actual
1970 pected 1971 pected
1972
1971
Manufacturing
Durable goods
Nondurable goods
Public utilities
3.6
3.9
3.0
2.8
4.0
3.2
3.9
3.9
3.5
2.5
2.9
2.6
3.3
4.8
5.7
5.8
Source: U. S. Department of Commerce, Bureau of Economic Analysis.
March 1972
price deflator for nonresidential fixed
investment in the national income and
product accounts. It should be noted
that the industrial coverage of the plant
and equipment series is narrower than
that of nonresidential fixed investment,
and that the plant and equipment prices
reported in the surveys are transactions
prices while the deflator is based on
quoted prices. The behavior of both
price measures is affected by changes
in mix, and it is not known whether
quality changes are reflected in the same
way in the two price measures.
Business firms estimated that prices
of the plant and equipment to be pur-
chased will rise about 5 percent in 1972.
This suggests that about one-half of
the 10% percent increase in capital outlays projected for 1972 represents "real"
investment expansion. Last year, with
capital goods prices having risen 6% percent, the reported 2-percent rise in outlays indicates that investment declined
in real terms.
As can be seen in table 7, manufacturers reported that their selling prices
increased 3 percent from 1970 to 1971
and estimated that selling prices will
rise 2.8 percent in 1972. Public utilities
expect their rates to rise 5.8 percent in
1972, compared with a 5.7 percent increase reported for 1971.
Table 8.—Expenditures ior New Plant and Equipment by U.S. Business,1 1970-72
[Billions of doUars]
Annual
1970
1970
1971 1972
Quarterly, seasonally adjusted annual rates
Quarterly, unadjusted
I
II
III
IV
II
I
III
IV
12
112
2d2
half
I
II
1972
1971
1970
1972
1971
III
IV
I
II
III
IV
12
112
2d 2
half
All industries
79.71 81.21 89.77 17.47 20.33 20.26 21.66 17.68 20.60 20.14 22.79 19.56 22.49 47.72 78.22 80.22 81.88 78.63 79.32 81.61 80.75 83.18 87.54 89.09 91.08
Manufacturing industries
31.95 29.99 32.61 7.14 8.15 7.99 8.66 6.69 7.55 7.31 8.44 7.03 8.16 17.42 32.44 32.43 32.15 30.98 30.46 30.12 29.19 30.35 31.92 32.52 32.96
Durable goods
._
15.80 14.15 16.11 3.59 4.08 3.87 4.26 3.11 3.52 3.40 4.12 3.43 4.01 8.66 16.40 16.32 15.74 14.92 14.21 14.06 13.76 14.61 15. 62 15.98 16.38
Primary metals 3
Blast furnace, steel works
Nonferrous
3.24 2.78 2.91
1.68 1.37 1.24
1.24 1.08 1.28
.69
.35
.27
.78
.43
.28
.81 .95
.42 .47
.31 .38
.65
.33
.24
.72
.33
.29
.65
.32
.26
.76
.40
.28
.63
.26
.28
.70 1.59
.31 .68
.30 .70
3.28 3.15 3.21 3.31 3.08 2.91 2.56 2.66
1.72 1.73 1.67 1.60 1.60 1.33 1.26 1.35
1.25 1.12 1.21 1.35 1.08 1.22 1.01 1.01
2.95 2.84 2.94
1.25 1.24 1.25
1.24 1.25 1.31
2.27 2.14 2.22
3.47 2.80 3.17
.48
.82
.56
.93
.55
.84
.68
.88
.41
.65
.53
.73
.52
.62
.68
.80
.42
.69
.54 1.27
.81 1.68
2.25 2.27 2.28 2.27 1.94 2.13 2.17 2.26
3.62 3.69 3.52 3.12 2.88 2.90 2.58 2.85
1.96 2.18 2.35
3.04 3.20 3.21
Transportation equipment _
Motor vehicles .
Aircraft 4
2.43 2.13 2.49
1.69 1.61 1.80
.54 .38 .43
.60
.38
.14
.68
.47
.14
.60
.41
.12
.55
.34
.13
.47
.33
.09
.50
.34
.09
.54
.38
.10
.62
.46
.10
.57
.41
.09
.64 1.28
.46 .93
.10 .24
2.74 2.71 2.29 2.04 2.16 1.97 2.06 2.38
1.70 1.85 1.54 1.29 1.48 1.33 1.44 1.82
.67 .58 .48 .46 .44 .37 .39 .35
2.60 2.50 2.45
1.86 1.77 1.78
.44 .42 .43
Stone, clay and glass
Other durables 5
.99 .85 1.16
3.41 3.45 4.15
.24
.76
.27
.87
.22
.84
.26
.94
.20
.72
.19
.86
.21 .25
.85 1.02
.26 .29 .60
.86 1.04 2.25
1.06 1.05 .94 .92 .87 .72 .90 .91
3.45 3.46 3.50 3.27 3. 29 3.42 3.50 3.56
1.17 1.12 1.17
3.91 4.14 4.26
Electrical machinery
Machinery, except electrical .
3
16.15 15.84 16.50 3.56 4.07 4.12 4.40 3.58 4.03 3.91 4.32 3.60 4.15 8.76 16.05 16.11 16.40 16.05 16. 25 16.06 15.43 15.74 16.30 16.54 16.58
Nondurable goods
Food including beverage
Textile
Paper
.
Chemical
Petroleum .
Rubber .
Other nondurables 6 _ _ Nonmanufacturing industries
Mining
Railroad
Air transportation
Other transportation
..
....
.72 1.58
.15 .33
.36 .77
.90 1.71
3.00 2.80 2.80 2.79 2.76 2.84 2.52 2.65
.58 .57 .55 .53 .55 .60 .61 .68
1. 71 1.65 1.68 1.59 1.34 1.18 1.20 1.29
3.32 3.44 3.67 3.32 3.43 3.40 3.39 3.53
2.75 2.79 3.05
.62 .60 .63
1.40 1.39 1.46
3.58 3.49 3.34
5.62 5.85 5.82 1.14 1.38 1.44 1.66 1.31 1.46 1.51 1.57 1.25 1.44 3.14
.94 .84 .97 .24 .25 .23 .22 .19 .19 .20 .26 .20 .24 .53
. 1.11 1.15 1.31 .25 .25 .29 .31 .26 .30 .26 .32 .28 .33 .70
5.15 5.68 5.70 5.86 6.06 6.07 5.92 5.45
1.10 .98 .90 .80 .86 .78 .80 .94
1.18 1.00 1.10 1.15 1.26 1.19 .99 1.20
6.76 5.97 5.78
.89 .97 1.01
1.30 1.33 1.31
2.84 2.69 2.92 .67
.56 .61 .62 .13
1.65 1.25 1.43 .37
3.44 3.44 3.43 .76
.74
.15
.43
.89
.72
.14
.42
.87
.71 .62
.14 .12
.43 .29
.92 .78
.74
.16
.30
.88
.66
.16
.31
.81
.68
.18
.35
.96
.62
.14
.30
.82
47.76 51.22 57.16 10.32 12.18 12.27 12.99 10.99 13.06 12.83 14.35 12.53 14.33 30.29 45.78 47.79 49.73 47.66 48.86 51.50 51.56 52.82 55.62 56. 57 58.12
1.89
1.78
3.03
1.23
2.16
1.67
1.88
1.38
2.20
1.75
2.42
1.55
.45 .47 .46
.42 .47 .46
.73 .80 .74
.28 .31 .30
.50
.43
.76
.33
.49
.34
.34
.28
.54
.47
.60
.36
.55
.42
.39
.37
.59
.45
.56
.37
.53
.45
.52
.35
.54 1.12
.42 .88
.78 1.11
.35 .85
1.92
1.74
2.94
1.37
1.84
1.88
2.88
1.12
1.86
1.96
3.24
1.22
1.94
1.56
3.08
1.22
2.04
1.46
1.29
1.33
2.08
1.88
2.28
1.40
2.23
1.72
1.68
1.48
2.30
1.64
2.26
1.33
2.22
1.90
2.02
1.67
2.12
1.67
2.96
1.35
2.23
1.71
2.33
1.60
Public utilities
Electric.. _
Gas and other
13.14 15.30 17.44 2.54 3.28 3.58 3.74 3.11 3.83 4.07 4.29 3.60 4.31 9.52 12.14 12.72 13.84 13.68 14.64 14.91 15 87 15.74 16.90 16.78 17.96
10.65 12.86 14.58 2.15 2.59 2.79 3.12 2.70 3.20 3.35 3.60 3.15 3.60 7.82 9.77 10.15 11.34 11.20 12.16 12.61 13.56 13.01 14.17 14.18 14.93
2.49 2.44 2.86 .39 .69 .78 .63 ,41 .63 • 71 .69 .45 .72 1.70 2.37 2.57 2.50 2.48 2.48 2.30 2.30 2.74 2.73 2.60 3.02
Communication
Commercial and other ?_
10.10 10.77 12.30 2.14 2.59 2.56 2.81 2.50 2.81 2.62 2.84 J7.08 7.92 16.81 ( 9.14 10.38 10.62 10.20 10.70 11.21 10.73 10.44 [30. 90 31.70 32.30
16.59 18.05 19.51 3.76 4.26 4.16 4.42 3.94 4.44 4.42 5,26
(16. 52 16.98 17.00 15.97 17.39 17.72 17.85 19.10
1. Excludes agricultural business; real estate operators; medical, legal, educational, and
cultural service; and nonprofit organizations.
2. Estimates are based on expected capital expenditures reported by business in late Jan^Sr1?nd Februaryrected for estimates for the first quarter, second quarter and second half of
!972. The
II7 J1^6 been cor.
systematic biases. The adjustment procedures are described in
the 1 ebruary 1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments, 1972
expenditures were expected to be $88.44 billion for all industries, $33.33 billion for manufacturing, and $£5.11 billion for nonmanufacturing.
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles.
5. Includes fabricated metal, lumber, furniture, instrument, ordnance, and miscellaneous
except guided missiles and space vehicles.
6. Includes apparel, tobacco, leather, and printing-publishing.
7. Includes trade, service, construction, finance, and insurance.
NOTE: Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
By JOHN A. GORMAN
Noiifinaiicial Corporations:
New Measures of Output and Input
Nonfinancial corporate output per unit
of total factor input increased from
1948 to 1971 at an annual rate about
four-fifths as rapid as the increase
in labor productivity, as corporate
capital input grew at a much faster
pace than labor input. The growth rate
of corporate productivity was most
rapid in the early and mid-1960's when
it averaged 3.5 percent per year.
Since 1966, the growth rate has averaged only 1 percent. The trend in the
rate of return to capital has tended to
be weak during periods of slow productivity growth and strong during periods
of fast productivity growth.
it,
>EA has for some time calculated
and published estimates of the
gross product of nonfinancial corporations in current and constant dollars
and the components of gross product in
current dollars. BEA has also done a
good deal of work on estimates of
capital stocks as well as of corporate
profits and depreciation based on the
assumption of consistent depreciation
practices over time.
This report presents material already
published by BEA along with new
estimates which together provide a
basis for studying productivity and
costs of nonfinancial corporations. Specifically, the data presented here consist
of annual estimates of nonfinancial
corporations' output, of capital stocks and
inputs, of labor inputs consistent with
BEA's compensation and employment
series, of combined labor and capital
inputs (total factor input), and of
profits. The output, profit, and stock
estimates are based on the assumption
of consistent depreciation practices.
Total factor productivity is estimated,
as well as the partial productivity of
labor and capital separately. Also,
rates of return to capital stock are
calculated, relating property income to
the capital stock valued at current
replacement cost.
Nonfinancial corporations account for
about 60 percent of the Nation's total
real output and for about 70 percent
of the real output of the nonfarm private economy. Total factor productivity for this sector can be calculated
without encountering the problem of
separating the inputs of proprietors into
labor and capital shares, which must
be faced in analyzing the noncorporate
economy. Also, the constant dollar output of nonfinancial corporations is
defined more clearly than some types
of output that would be included in a
more aggregative analysis. Furthermore, problems involved in combining
data derived from establishments with
data derived from companies, which
complicate the measurement of output
and of factor inputs for more finely
defined sectors or industries, are largely
absent for nonfinancial corporations
taken as a whole.
Trends since 1948
Productivity in nonfinancial corporations, measured as output per unit of
total factor input, rose at an annual
rate of 2.2 percent from 1948 to 1971.
Over this period corporate output inNOTE.—Acknowledgments are due to
Jacquelin Bauman and F. Beatrice Coleman
for the man-hour estimates, to Shirley F.
Loftus for the inventory estimates, and to
Allan H. Young and John C. Musgrave for
the estimates of the stock of fixed investment.
creased 4 percent per year while total
factor input increased 1.8 percent per
year.
CHART 10
Nonfinancial Corporations:
Output and Total Factor Input
1958 = 100 (Ratio scale)
200
150
100
80
240
200
160
120
100
80
60
200
150 ~,
100 T.
75 -
1948
52
56
60
64
68
U.S. Department of Commerce, Bureau of Economic Analysis
21
72
SURVEY OF CURRENT BUSINESS
22
growth of total factor input in the
early and mid 1960's. Labor input increased at 2.5 percent per year. The
pickup in the growth of capital-input
began somewhat later and carried
through to 1968. From 1963 to 1968,
capital input increased at an annual
rate of 5.2 percent.
The rate of growth in productivity
averaged 1.1 percent per year from 1966
to 1971. This rate was well below the 3.5
percent rate for the 1960-66 period and
also below that for the 1950's when
productivity gains averaged about 1.9
percent.
As the growth in output slackened in
1967, productivity declined on an
annual basis for the first time since the
1958 recession. Following recoveries in
1968 and 1969, productivity registered another decline in 1970 as corporate output fell. The 1971 recovery
The rate of increase in output per
unit of total factor input was about
four-fifths of the rate of increase in
labor productivity, i.e., output per
man-hour worked. The slower growth
of total factor productivity than of
man-hour productivity was the result
of a much faster growth of capital input
than of labor input. Capital input grew
at an annual rate of 4 percent while
labor input grew at an annual rate of
1.2 percent.
Productivity in terms of output per
unit of total factor input increased most
rapidly from 1960 to 1966—at an
annual rate of 3.5 percent. During this
period both output and total factor
input increased sharply. Output increased at an annual rate of 6.5 percent
while total factor input increased at an
annual rate of 2.9 percent. Both labor
and capital contributed to the sharp
March 1972
raised output 0.5 percent above 1969
and, with a decline in labor input from
1969 to 1971, productivity increased to
2.3 percent above its 1969 level.
The rate of return to capital is calculated in this report by expressing property income (interest plus profits) as a
percentage of net capital stock valued
at current replacement cost. Over the
period 1948 to 1971, changes in rates of
return were positively correlated with
changes in productivity. The rate of
return measured before corporate income taxes trended downward from
about 17 percent at the beginning of the
1950's to about 13 percent at the end,
while during the first half of the
1960's it increased sharply to over
16 percent in 1965 and 1966. Since
1966 the rate of return has fallen and
after a low of 9.4 percent in 1970 it
stood just under 10 percent in. 1971—
Table 1.—Nonfinancial Corporations: Gross Product and Unit
1948
Line
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1983
1964
Billions of dollars
1
,
2
Capital consumption allowances less depreciation
adjustment.
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
Gross product
Capital consumption allowances
Depreciation adjustment ]
Indirect business taxes plus transfer payments
less subsidies.
Income originating in nonflnancial corporations z. .
Compensation of employees
Wages and salaries
_
Supplements
Net interest
Corporate profits and inventory valuation and
depreciation adjustments.
Profits before tax
Profits tax liability
Profits after tax
_.
Dividends
Undistributed profits
Inventory valuation adjustment
137.0
133.3
151.7
174.3
182.0
194.7
191.6
216.3
231.2
241.9
236.0
263.7
273.1
278.4
302.8
320.0
346.0
10.3
11.3
12.6
14.7
15.9
16.6
17.3
18.5
20.7
22.8
23.9
25.0
26.0
27.0
28.2
29.5
31.2
6.9
-3.4
7.8
-3.5
8.6
-4.0
10.1
-4.6
11.3
-4.6
12.9
-3.7
14.7
-2.6
17.1
-1.5
18.5
-2.2
20.4
-2.4
21.5
-2.4
23.0
-2.0
24.3
-1.7
25.6
-1.4
29.3
1.2
31.0
1.5
32.9
1.7
12.1
12.6
14.0
15.2
16.8
18.2
17.4
19.2
20.8
22.4
22.8
24.6
26.4
27.7
29.7
31.5
33.8
114.6
87.6
83.6
4.0
.9
26.2
109.4
85.1
80.9
4.2
1.0
23.3
125.0
94.6
89.1
5.5
.9
29.5
144.5
110.0
103.2
6.8
1.1
33.3
149.3
118.0
110.8
7.2
1.2
30.1
159.9
128.4
120.6
7.8
1.3
30.2
156.9
126.2
117.9
8.2
1.6
29.1
178.6
138.2
128.7
9.4
1.6
38.8
189.7
151.0
140.3
10.8
1.7
36.9
196.7
158.7
146.7
12.0
2.2
35.9
189.3
155.6
143.5
12.1
2.7
31.1
214.0
170.6
156.4
14.3
2.7
40.7
220. 6
179. 0
163.3
15. 7
3.0
38.6
223.6
181.3
165.0
16.3
3.5
38.8
245.0
194.7
176.2
18.5
4.1
46.1
259.0
204.4
184.5
19.9
4.5
50.1
281. 0
218.9
197.5
21.4
5.1
57.0
31.8
11.9
19.9
6.5
13.4
-2.2
24.9
9.5
15.4
6.5
8.9
1.9
38.5
16.7
21.7
7.9
13.8
-5.0
39.1
21.0
18.1
7.8
10.3
-1.2
33.8
17.8
16.0
7.8
8.1
1.0
34.9
18.5
16.4
8.0
8.4
-1.0
32.1
15.7
16.3
8.2
8.1
-.3
42.0
19.8
22.2
9.4
12.8
-1.7
41.8
19.8
22.1
10.1
11.9
-2.7
39.8
18.9
20.9
10.4
10.5
-1.5
33.7
16.3
17.5
10.2
7.3
-.3
43.2
20.8
22.5
10.9
11.6
-.5
40.1
19.5
20.6
11.6
9.0
.2
40.3
19.8
20.5
11.6
8.9
-.1
44.7
20.9
23.9
12.8
11.1
.3
49.1
22.9
26.2
14.3
11.9
-.5
55.8
24.3
31.4
15.0
16.5
-.5
247,2
236.0
260.8
267.1
270.6
292.9
308.0
329.7
Billions of 1958 dollars
18
Gross product in 1958 dollars
172.9
165.6
186.4
203.5
207.1
219.8
213.4
237.2
244.0
Dollars
19
Current dollar cost per unit of 1958 dollar
gross product.
0.793
0.805
0.814
0.857
0.879
0.886
0.898
0.912
0.948
0. 979
1.000
1.011
1.022
1.029
1.034
1.039
1.050
20
Capital consumption allowances less depreciation
adjustment.
Indirect business taxes plus transfer payments
less subsidies.
Compensation of employees
Net interest
_.
.
.060
.068
.068
.072
.077
.076
.081
.078
. 085
.092
.101
.096
.097
.100
.096
.096
.095
.081
.085
.097
.094
.099
.103
.101
.102
.103
.685
.014
.664
.015
.684
.015
21
22
23
24
25
26
Corporate profits and inventory valuation and
depreciation adjustments.
Profits tax liability
Profits after tax plus inventory valuation and
depreciation adjustments.
.070
.076
.075
.075
.081
.081
.090
.582
.007
.619
.007
.642
.009
.659
.011
.654
.010
.670
.011
.670
.013
.137
.164
.151
.145
. 132
.156
.144
.144
.158
.163
.173
.074
.063
.084
.080
.081
.070
.076
.069
.069
.063
.080
.077
.073
.071
.073
.070
.071
.086
.074
.088
.074
.099
.514
.006
.507
.005
.541
.005
.570
.006
.584
.006
.591
.007
.151
.141
.158
.164
.145
.137
.069
.083
.057
.083
.090
.069
.103
.061
.086
.060
.084
.053
.507
.005
1. This is the difference between depreciation claimed on Federal tax returns, and depreciation valued at current (i.e., replacement) cost and computed on the straight-line pattern
with service lives 15 percent shorter than those shown in the Internal Revenue Service's
Bulletin F.
.083
2. Differs from that published in table 1.14 of the national income and product accounts
because the depreciation adjustment has been added,
SUKVEY OF CURRENT BUSINESS
March 1972
a figure lower than that recorded in any
year prior to 1970. The after-tax rate of
return traced a similar path.
In interpreting these results it should
be kept in mind that the capital input
measure is based upon the constant
dollar stock of capital owned by nonfinancial corporations, and is thus not
adjusted for changes in the degree of
utilization of the capital stock. Also,
labor input is measured by total manhours worked instead of the more
sophisticated techniques underlying
other studies of factor input and productivity, for instance, Edward F.
Denison's 1962 study, The Sources of
Economic Growth in the United States
and the Alternatives Before Us.
Charts 10 and 11 show total factor
productivity, output, and factor inputs
for nonfinancial corporations. Chart 12
and table 5 show rates of return on net
Costs, 1948-71
1965
1966
1967
1968
1969
1970
1971
516.2
Line
Billions of dollars
377.6
413.0
430.8
469.9
502.0
553.0
1
33.5
36.7
40.5
44.4
50.0
55.6
61.2
2
35.4
1.9
38.4
1.7
41.7
1.2
45.4
.9
49.5
-.4
54.1
-1.5
59.3
-1.9
3
4
35.7
36.8
39.2
43.7
47.1
49.9
54.2
5
308.4
236.3
212. 7
23.6
6.0
66.0
339.5
261.0
233.3
27.7
7.3
71.2
351.0
275.8
246.6
29.2
9.0
66.3
381.8
301.5
268.6
33.0
10.3
70.0
405.0
330.5
293.7
36.9
12.9
61.6
410.7
344.2
305.2
39.0
14.8
51.8
437.6
362.0
319.2
42.9
16.2
59.3
6
7
8
9
10
11
65.8
27.6
38.2
16.9
21.3
—1.7
71.2
30.1
41.2
18.2
23.0
-1.8
66.2
28.4
37.8
18.9
19.0
-1.1
72.4
34.0
38.3
20.9
17.5
-3.3
67.6
33.4
34.2
20.9
13.3
-5.5
57.8
27.1
30.7
21.1
9.6
-4.5
65.6
30.6
35.0
20.9
14.1
-4.4
12
13
14
15
16
17
Billions of 1958 dollars
357.8
385.0
390.2
415.0
430.5
425.0
437.4
18
1.264
19
Dollars
1.055
1.073
1.104
1.132
1.166
1.215
.094
.095
.104
.107
.116
.131
.140
20
.100
.096
.100
.105
.109
.117
. 124
21
.660
.017
.678
.019
.707
.023
.727
.025
.768
.030
.810
.035
.828
.037
22
23
.185
.185
.170
.169
.143
.122
.136
24
.077
.107
.078
.107
.073
.097
.082
.087
.078
.066
.064
.058
.070
.066
25
26
capital stock. Table 1 shows gross
product originating in nonfinancial corporations. Tables 2 and 3 show esti-
23
mates of man-hours worked and capital
stock, and table 4 summarizes output,
inputs, and productivity.
Derivation of Output and Factor Input Measures
THIS study brings together a number
of measures relating to nonfinancial
corporations which have been developed
by BEA. Quarterly and annual estimates of gross product and its components are published regularly in the
SURVEY OF CURRENT BUSINESS (table 9
on page 12 of this issue and table 1.14
of the July issues). Estimates of profits
based on measures of depreciation that
are consistent over time were published
in May 1968 and updated in the January 1972 SURVEY. The estimates newly
published in this report are: output of
nonfinancial corporations at factor cost
in constant (1958) dollars; the gross
and net stock of fixed capital owned by
nonfinancial corporations in constant
(1958) and current replacement cost
valuations; capital consumption allowances in constant (1958) dollars; manhours worked by employees of nonfinancial corporations consistent with
BEA's regular compensation and employment estimates; and combinations
of capital stocks and man-hours worked
to measure total factor input.
The gross product of nonfinancial
corporations in current dollars is estimated from the income side of the
national income and product accounts.
The estimates of compensation of employees are largely based upon data
collected from establishments reporting
under the unemployment insurance
system, with legal form allocations
based on data from the economic censuses. The estimates of capital consumption allowances, business transfer
payments, net interest, and profits are
based upon statistical tabulations of
income tax returns. Indirect business
taxes and subsidies are obtained from
governmental accounting records, with
CHART 11
Nonfinancial Corporations:
Composition of Total Factor Input
1958 = 100 (Ratio scale)
200
150
Output
The output measure most appropriate
for comparison with total factor inputs
is output valued at factor cost in constant (1958) dollars, because it excludes
capital consumption allowances and
indirect business taxes which are not
returns to factors of production. This
measure is derived by deducting from
BEA's measure of constant dollar
gross product originating in nonfinancial corporations the sum of constant
dollar capital consumption allowances,
indirect business taxes (net of subsidies
received)
and
business
transfer
payments.
100
80
60
200
150
100
80
1948
52
56
60
U.S. Department of Commerce, Bureau of Economic Analysis
64
68
72
72-3-11
SUEVEY OF CURRENT BUSINESS
24
allocations of indirect business taxes
by legal form of organization made on
the basis of the value of output produced.
The constant dollar measure of gross
corporate product is derived from
BEA's estimates of gross product by
industry by multiplying each industry's
real gross product by the percentage
of that industry's output attributable
to corporations and summing to a total
for nonfinancial corporations. Capital
consumption allowances and indirect
business taxes (net of subsidies) and
business transfer payments are estimated in constant (1958) dollars and
deducted from gross corporate product
in order to provide output valued at
factor cost in constant (1958) dollars.
The capital consumption allowances
shown in BEA's regular presentation of
data on nonfinancial corporations are
valued at historical cost and are affected
by changes in depreciation practices
permitted under Federal tax laws and
regulations. To obtain constant dollar
output at factor cost, this measure
is replaced with an estimate of capital
consumption allowances in constant
(1958) dollars that is based on the
assumption of straight-line depreciation
with service lives averaging 85 percent
of those shown in Bulletin F of the
Internal Revenue Service.
In order to obtain profits based on
consistent depreciation practices and
current cost valuation, this new meas-
ure of capital consumption was also
valued at current prices and then deducted from the sum of profits and
capital consumption allowances as
shown in the regular presentation. In
table 1, the difference between the
regularly shown capital consumption
allowances at historical cost and the
newly computed measure in current
prices is shown as the "depreciation
adjustment." The method for deriving
capital consumption allowances in current and constant dollars is discussed
in the section on capital stock.
Estimates of indirect business taxes,
business transfer payments, and subsidies are part of BEA's regular presentation of current dollar data on nonfinancial corporations. For this study,
a constant dollar measure of indirect
business taxes is derived, and this
measure is used to extrapolate the $%
billion 1958 value of business transfer
payments less subsidies. Constant
dollar indirect business taxes are
obtained by extrapolating the value of
indirect taxes in 1958 by the output of
the taxed commodities and services.
Taxes on heavily taxed products or
products whose output fluctuated more
than average are estimated separately.
The value of the automobile excise tax
in 1958 is extrapolated by constant dollar auto product; liquor taxes by constant dollar personal consumption expenditures for alcoholic beverages;
tobacco taxes by constant dollar
March 1972
personal consumption expenditures for
tobacco products; gasoline taxes by the
number of gallons consumed; and property taxes on residential structures by
the constant dollar net stock of these
structures owned by nonfinancial corporations. All other taxes, accounting
for 65 percent of the 1958 total, are
extrapolated by an estimate of constant
dollar net corporate product at market
prices excluding corporate product associated with the separately extrapolated
items.
Labor input
The measure of labor input used in
this study is an index of total manhours worked by employees of nonfinancial corporations each year (table
2).
The starting point for the man-hour
estimates is an estimate of average
annual employment in nonfinancial
corporations, counting both full- and
part-time workers. This estimate is
based on a tabulation of employment by
industry as reported by establishments
to the employment security agencies of
the 50 States and the District of
Columbia. Data from social security
records are used to extend the figures
to cover employees of firms outside the
unemployment insurance program. The
resulting employment estimates represent average employment during the
year and are published in table 6.3 of the
Table 2.—Nonfinancial Corporations: Man-Hours Worked, Employment, Average Hours Worked, and Compensation Per Man-Hour,
1948-71
1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971
Billions
Man-hours worked
55.6 51.9 54.7 58.9 59.6 61.2 57.8 61.2 63.0 62.3 58.8 61.9 62.4 61.4 33.5 64.4 66.1 69.1 72.5 72.7 74.1 76.0 74.1 72.7
Millions
Average number of full-time equivalent employees.. 26.5 25.2 26. 2 28.0 28.4 29.3 28. 0 29.1 30.2 33.2 28.7 29.7 33.2 29.6 30.5 33.9 31.6 32.9 34.7 35.3 36.1 37.2 36.7 36.0
Hours
Average annual hours worked per full-time equivalent emplovee - - . _ _ _ _ _ _ .
2,097 2,063 2,092 2,104 2,100 2,089 2,063 2,099 2,088 2,060 2,050 2,084 2,068 2,072 2,084 2,084 2,093 2,098 2,092 2,061 2,053 2,045 2,022 2,018
Dollars
Compensation of employees per man-hour worked— 1.58 1.64 1.73 1.87 1.98 2.10 2.18 2.26 2.40 2.55 2.65 2.76 2.87 2.95 3.07 3.18 3.31 3.42 3.60 3.79 4.07 4.35 4.64 4.98
Wages and salaries per man-hour worked
1.50 1.56 1.63 1.75 1.86 1. 97 2.04 2.10 2.23 2.35 2.44 2.53 2.62 2.69 2.78 2.87 2.99 3.08 3.22 3.39 3.63 3.86 4.12 4.39
Supplements per man-hour worked
.07 .08 .10 .12 .12 .13 .14 .15 .17 .19 .21 .23 .25 .26 .29 .31 .32 .34 .38 .40 .44 .48 .53 .59
SURVEY OF CURRENT BUSINESS
March 1972
The estimate of full- and part-t'me
national income and product tables in
the July SURVEY each year. Employ- employment in nonfinancial corporament in nonfinancial corporations is tions is converted to man-hours paid by
derived by applying to employment in multiplying corporate employment in
each industry a ratio of corporate each industry by the Bureau of Labor
employment to total employment for Statistics' figures on average annual
that industry. The ratios are based hours in that industry. Man-hours paid
upon data from various economic are then converted to man-hours worked
on the basis of the percentage of hours
censuses and other information.
25
paid that are not worked because of
sickness, accident, or vacation, as computed from the Census Bureau's Current Population Survey, with an
additional allowance for man-hours
paid for legal holidays- For railroads,
the conversion is based upon data
specific to the industry.
In addition to the estimate of man-
Table 3.—Nonfinancial Corporations: Constant Dollar and Current Dollar Gross and Net Stocks, By Type of Asset, 1948-71
Net stocks, by type of asset
Gross stocks, by type of asset
Nonresidential structures and equipment
Midyear
Total, Invenall
Total with
tories Total adjusted
types 2
Government
for valuation
of Government surplus assets
surplus assets valued at second-hand prices
1
Nonresidential structures and equipment
Resi- Total, InvenAdjustment 3 dential
all
Total with
tories Total adjusted
Government
for valuation struc- types 2
for valuation
of Government tures
of Government surplus assets
surplus assets
surplus assets valued at second-hand prices
RasiAdjustment 3 dential
for valuation strucof Government tures
surplus assets
Memoranda:
Government owned, privately operated
assets
Gross
stocks
Net
stocks
Billions of 1958 dollars
1948.
1949
1950
1951.
1952
1953
1954
365.1
377. 7
391.2
410.7
428.3
442.7
453.6
60.7
60.6
62.3
70.0
75.9
77.8
77.1
296.5
308.1
318.3
329. 8
340.2
352.3
363.3
287.6
298.1
308. 0
319.2
329.5
341.7
352.8
8.9
10.0
10.3
10.6
10.7
10.6
10.5
7.9
9.0
10.6
10.9
12.2
12.6
13.2
213.1
223.3
233.8
250.1
264.1
273.6
280.2
60.7
60.6
62.3
70.0
75.9
77.8
77.1
147.3
156.6
163.9
171.7
179.5
186. 9
194.0
142.3
151.3
158.8
166. 8
174.8
182.6
190.0
5.0
5.3
5.1
4.9
4.7
4.3
4.0
5.1
6.1
7.6
8.4
8.7
8.9
9.1
25.4
21.0
19.5
18.5
18.0
17.8
18.1
19.8
15.6
13,8
12.6
12.3
12.5
13.1
1955
1956
1957
1958..
1959...
468.3
488.7
507.5
520.2
532.7
78.7
84.0
86.7
85.9
86.9
375.7
390.4
406.2
419.0
429. 6
365.2
380.0
396.0
409.2
420.2
10.5
10.4
10.2
9.8
9.4
13.9
14.3
14.6
15.3
16.2
289.7
304.6
317.8
324.6
331.7
78.7
84.0
86.7
85.9
86.9
201.5
211.0
221.4
228.7
234.0
197.9
207. 7
218.5
226.1
231.7
3.6
3.3
2.9
2.6
2.3
9.5
9.6
9.7
10.0
10.8
18.6
18.6
18.7
18.7
18.7
13.6
13.5
13.1
12.6
12.1
I960..
1961
1962
1963..
1964...
1965
550.3
566.9
585.3
607.0
631.6
662.1
90.5
92.7
95.8
100.6
106.1
112.8
442.6
456. 2
470.3
485.9
503.6
526.3
433.4
447. 3
461.7
477.6
495.8
519.1
9.2
8.9
8.6
8.3
7.8
7.2
17.2
18.0
19.2
20.5
21.9
23.0
343.4
353.8
365.4
380.0
397. 5
419.5
90.5
92.7
95.8
100.6
106.1
112.8
241. 5
249.1
256.7
265.5
276.5
291.1
239.4
247.2
254.9
263.9
275.1
290.0
2.1
1.9
1.8
1.6
1.4
1.1
11.4
12.0
12.9
13.9
14.9
15.6
18.6
18.2
17.9
17.7
17.9
18.3
11.5
11.0
10.6
10.3
10.2
10.2
1966.
1967..
1968
1969
701.3
742.1
778.4
815.6
123.3
133.5
139.8
145.5
554.1
583. 8
612.6
642. 8
547.5
577.6
606.7
637.4
6.6
6.2
5.9
5.4
23.9
24.8
26.0
27.3
449.4
479.5
504.5
529.1
123.3
133.5
139.8
145.5
310.0
329.5
347.4
365.4
309.1
328.7
346.7
365. 0
.9
.8
.7
.4
16.1
16.5
17.3
18.2
18.6
18.9
19.1
n.a.
10.2
10.2
10.1
n.a.
1970
1971
851.7
883.9
149.4
151.0
673.4
702. 6
668.7
698.4
4.7
4.2
28.9
30.3
551.8
570.2
149.4
151. 0
383.0
398.4
382.8
398.3
.2
.1
19.4
20.8
n.a.
n.a.
n.a.
n.a.
.
......
Billions of dollars
1948
1949 _
263. 8
278.9
50.0
50.0
207.4
221.9
201.7
215.1
5.7
6.8
6.4
7.0
156.8
167.3
50.0
50.0
102.7
112.5
99.6
109.0
3.1
3.5
4.1
4.8
17.0
14.7
13.3
10.9
1950... .
1951
1952...
1953
1954.
301.1
336.7
364.4
381.3
394.6
53.0
63.6
69.1
70.6
70.6
239.4
263.5
284.2
299.1
312.1
232.0
255.3
275.6
290.4
303.3
7.4
8.2
8.6
8.7
8.8
8.7
9.6
11.1
11.6
11.9
182.5
208.3
226.4
237.6
245.5
53.0
63.6
69.1
70.6
70.6
123.2
137.3
149.4
158.8
166.7
119. 5
133. 5
145.7
155.2
163.4
3.7
3.8
3.7
3.6
3.3
6.3
7.4
7.9
8.2
8.2
14.4
14.7
14.9
15.1
15.5
10.2
10.1
10.2
10.6
11.2
1955...
1^56
1957...
1958
1959.
418.6
459.5
497.3
520.2
538.1
73.2
81.0
85.9
85.9
87.3
332.5
364.6
396. 8
419.0
434.1
323.4
355.0
387.0
409. 2
424.5
9.1
9.6
9.8
9.8
9.6
12.9
13.9
14.6
15.3
16.7
260. 5
287.7
312.2
324.6
334.9
73.2
81.0
85.9
85.9
87.3
178.5
197.3
216.6
228.7
236.5
175. 3
194.2
213.6
226.1
234.2
3.2
3.1
3.0
2.6
2.3
8.8
9.4
9.7
10.0
11.1
16.4
17.4
18.3
18.7
18.9
12.0
12.5
12.8
12.6
12.2
1960
1961
1962
1963..
1964. _
558.4
577.1
599.3
625.7
657.2
91.1
93.5
96.7
101.7
107.7
449.3
464.7
482.1
501.7
524. 9
440.0
455.7
473.4
493.2
516. 7
9.3
9.0
8.7
8.5
8.2
18.0
18.9
20.5
22.3
24.6
348.1
359.5
373.3
390.9
412.5
91.1
93.5
96.7
101.7
107.7
245.1
253.4
262.8
274.0
288.1
243.0
251.5
261.0
272.4
286.7
2.1
1.9
1.8
1.6
1.4
11.9
12.6
13.8
15.2
16.7
18.8
18.6
18.5
18.6
19.2
11.7
11.2
11.0
10.9
11.0
1965.
1966.
1967
1968
1969
700.3
737.8
829.5
904.1
998.5
116.3
130.1
143.0
152. 9
165.3
557.7
579.6
656.0
717.5
795.5
550.0
572.2
648.8
710.4
788.7
7.7
7.4
7.2
7.1
6.8
26.3
28.1
30.5
33.7
37.7
442.8
487.0
536.0
583.2
643.6
116.3
130.1
143.0
152.9
165.3
308.7
338.0
372.7
407.8
453.2
307.5
336.9
371.7
406.9
452.7
1.2
1.1
1.0
.9
.5
17.8
18.9
20.3
22.5
25.1
20.0
21.0
22.0
22.8
n.a.
11.3
11.6
11.9
12.0
n.a.
1. 101. 6
1, 196. 4
176.6
184.5
883.8
966.4
877. 5
960.5
6.3
5.9
41.2
45.5
707.8
763.6
176.6
184.5
503.6
547.9
503.3
547. 8
.3
.1
27.6
31.2
n.a.
n.a.
n.a.
n.a.
1970. . .
1971
N.a. Not available.
1
Calculated using straight-line depreciation, 85 percent of Bulletin F service lives, and cost
alternative 2. These terms are discussed in the text.
2
Including adjustment for valuation of Government surplus assets.
s Equals half of the difference between stocks calculated with surplus assets purchased by
nonfinancial corporations from Government valued at original acquisition prices to Government, and stocks calculated with these surplus assets valued at second-hand prices. This
adjustment is discussed in the text.
SURVEY OF CURRENT BUSINESS
26
hours worked, table 2 shows statistics
on the average number of full-time
equivalent employees in nonfinancial
corporations. The conversion was done
initially for 1948, using data from the
1948 economic census. The procedure
is to multiply the number of parttime employees by the ratio of the
average earnings of part-time employees
to the average earnings of full-time
employees, and add the result to the
number of full-time employees. The
industry ratios of part-time to full-time
employment are extrapolated from
1948 by the movement of ratios of
total hours worked by part-time employees to total hours worked by full-
time employees as computed from the
Current Population Survey. These ratios
are used to convert the average
number of full- and part-time employees
into the average number of full-time
equivalent employees in subsequent
years. An adjustment from full- and
part-time employment to full-time
equivalent employment is made only
in industries where part-time employment is common, such as retail trade
and services. No adjustment is made
for mining, construction, manufacturing, telephone and telegraph, or utilities.
(See table 6.4 of the July issue of the
SURVEY.)
The figures for average annual hours
March 1972
worked per full-time equivalent employee are derived by dividing the
man-hours worked by the average
number of full-time equivalent employees. The figures shown in table 2
for compensation of employees (wages
and salaries, and supplements) per
man-hour worked are derived by
dividing the respective current dollar
compensation data in table 1 by the
man-hours worked data in table 2.
Capital stocks
The capital stock estimates shown in
table 3 are computed in constant (1958)
dollars and current replacement costs.
The stock estimates are computed for
Table 4.—Nonfinancial Corporations: Inputs, Output, and
1948
Line
1949
1950
1951
1952
1953
1954
1955
1956
1957
1958
1959
1960
1961
1962
1963
1964
Billions of 1958 Dollars
1
Output at factor cost (income originating)
141.3
133.2
151.0
165.7
168.0
179.0
172.6
193.6
198.4
200.5
189.3
211.3
216.1
218.3
237.9
250.3
268.6
2
3
Gross product
-Less: Capital consumption allowances less depreciation adjustment.
Indirect business taxes plus business transfer payments less subsidies.
172.9
14.3
165.6
15.7
186.4
17.0
203.5
18.0
207.1
18.9
219.8
19.5
213.4
20.2
237.2
21.1
244.0
22.3
247.2
23.2
236.0
23.9
260.8
24.5
267.1
25.5
270.6
26.4
292.9
27.4
308.0
28.7
329.7
30.2
17.3
16.7
18.4
19.8
20.2
21.2
20.6
22.5
23.3
23.5
22.8
24.9
25.5
25.8
27.7
29.0
30.8
62.3
58.8
61.9
62.4
61.4
63.5
64.4
66.1
4
Billions
5
55.6
M an-hours worke d
51.9
54.7
58.9
59.6
61.2
57.8
61.2
63.0
Billions of 1958 Dollars
6
_
327.1
339.1
351.9
370.6
387.3
400.4
410.3
423.7
442.7
460.1
471.3
482.5
498.6
513.6
530.3
550.3
573.1
365.1
213.1
Average capital stock owned *
7 Gross capital stock owned
8 Net capital stock owned
377.7
223.3
391.2
233.8
410.7
250.1
428.3
264.1
442.7
273.6
453.6
280.2
468.3
289.7
488.7
304.6
507.5
317.8
520.2
324.6
532.7
331.7
550.3
343.4
566.9
353. 8
585. 3
365.4
607.0
380.0
631.6
397.5
Index, 1958=100
9
10
11
12
13
14
15
Output at factor cost (income originating) . _ _ 74.6
Total factor input
Labor input-__
Capital input
__
Output per unit of total factor input
Partial productivity measures:
Output per man-hour worked
Output per dollar of capital owned
70.4
79.8
87.5
88.7
94.5
91.2
102.3
104.8
105.9
100.0
111.6
114.2
115.3
125.7
132.2
141.9
88.2
94.5
69.4
84.4
88.4
72.0
88.6
93.1
74.7
94.8
100.1
78.6
96.7
101.4
82.2
99.4
104.0
85.0
95.7
98.3
87.0
100.7
104.1
89.9
104.0
107.2
93.9
104.0
106.0
97.6
100.0
100.0
100.0
104.7
105.3
102.4
106.1
106.1
105.8
105.4
104.4
109.0
109.0
108.0
112. 5
111.0
109.5
116.8
114.4
112.5
121.6
84.7
83.4
90.0
92.3
91.8
95.1
95.3
101.5
100.7
101.8
100.0
106.6
107.6
109.4
115.3
119.1
124.0
79.0
107.5
79.6
97.8
85.6
106.8
87.4
111.3
87.5
108.0
90.9
111.3
92.7
104.7
98.3
113. 7
97.8
111.6
99.9
108.5
100.0
100.0
106.0
109.0
107.6
107.9
110. 4
105.8
116.3
111.7
120.8
113.2
126. 1
116. 7
1. Calculated as a weighted average of net and gross stocks with gross stocks receiving a weight of 0.75 and net stocks a weight of 0.25.
Table 5.—Nonfinancial Corporations: Rates of Return1 on Net Capital Stock Measured at
[Percent]
1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1982 1963 1964
Net interest plus profits and inventory valuation and depreciation adjustments
Net interest
Profits and inventory valuation and depreciation adjustments
Profits tax liability
.
Profits after tax plus inventory valuation and depreciation adjustments _
Cash flow, net of dividends.
17.6 14.8 17.0 16.8 14.1 13.5 12.7 15 7 13.6 12.3 10.5 13.1 12.0 11.8 13.5 14.0 15.1
5
7
5
5
5
7
9 10 11
6
6
6
8
6
8
17 (, 14.2 16 5 16.3 13.5 12.9 12.0 15.1 13.0 11 ft 9 7 1? ?, 11 ?, 10 9 12 4
7.7 5.8 9.4 10.3 8 0 7 9 6 5 7 7 6.9 6 1 5.0 6.2 5.6 5.5 5.6
9.2 8.4 7.1 6.0 5.5 5.0 5.5 7.4 6.0 5.5 4.6 6.0 5.5 5.3 6 8
13.2 10.2 12.5 10 0
87
91
9 4 11 6 10.7 10.0
8.9 10.4
9.6
1.2 1.2
12 9 13.9
5.9 5.9
7 0 7.9
9.6 10.9 11.0 12.0
1. Calculated by dividing the property income flow items shown in table 1 by the net stock in current cost valuation less the adjustment for valuation of government surplus assets
shown in table 3.
SURVEY OF CURRENT BUSINESS
Marcfo 1972
the end of each calendar year, and
successive yearenii estimates are then
averaged to obtain the midyear values
shown in table 3.
A description of the techniques used
by BEA in estimating capital stocks
can be found in the volume Fixed
Nonresidential Business Capital in the
United States, 1925-1970 published for
BEA in 1971 by the National Technical
Information Service. (This volume is
available for $7.75 from NTIS, Springfield, Va. 22151, catalog number COM71-01111.) The particular techniques
employed to derive estimates of the
corporate fixed nonresidential capital
stocks are described in an article by
Productivity, 1948-71
1965
1966
1968
1967
1970
1969
1971 Line
Billions of 1958 Dollars
292.6
315.2
317.5
337.9
349.6
341.7
351.4
1
357.8
32.1
385.0
34.3
390.2
36.8
415.0
39.1
430.5
41.7
425.0
44.2
437.4
46.0
2
3
33.1
35.4
35.9
38.0
39.2
39.0
39.9
4
Billions
72.5
69.1
74.1
72.7
74.1
76.0
72.7
5
Billions of 1958 Dollars
601.5
638. 3
676.5
709.9
744.0
776.7
805.4
6
662.1
419.5
701.3
449.4
742.1
479.5
778.4
504.5
815.6
529.1
851.7
551.8
883.9
570 2
7
8
Index, 1958=slOO
154.6
166.5
167.7
178.5
184.6
180.5
185.6
9
119.6
117.5
127.6
125.9
123.4
135.4
127.8
123.6
143.5
131.1
126.0
150. 6
135.2
129.3
157.9
133.8
126.1
164.8
132.9
123.7
170.9
10
11
12
129.2
132.2
131.2
136.2
136.6
134.9
139.7
13
131.6
121.1
135.0
122.9
135.7
116.9
141.7
118.5
142.8
117.0
143.1
109.5
150.0
108.6
14
15
Replacement Cost, 1948-71
[Percent]
1965
1966
1967
1968
1969
1970
1971
1C. 3
16.2
14.1
13.8
11.6
9.4
9.9
1.4
14.9
6.3
8.7
1.5
14.6
6.2
8.5
1.7
12.4
5.3
7.1
1.8
12.0
5.8
6.2
2.0
9.6
5.2
4.4
2.1
7.3
3.8
3.5
2.1
7.8
4.0
3.8
12.8
12.6
11.3
10.8
9.8
9.0
9.6
Allan H. Young, "Alternative Estimates of Corporate Depreciation and
Profits: Parts I and II," SURVEY for
April and May 1968. The following
discussion is a summary of the techniques used.
The perpetual inventory method is
used to compute the estimates of fixed
capital stocks. In this method, estimates of gross investment and of
service lives are used to develop estimates of stocks and of depreciation.
Gross stocks are obtained by cumulating gross investment over time and
then subtracting retirements. Depreciation charges are obtained by applying
a depreciation formula to the various
plant and equipment elements contained in the gross stocks. Net stocks
are obtained by subtracting the cumulated depreciation on assets still in
service from the value of gross stocks.
Fixed capital stocks are estimated in
constant (1958) and current dollars.
The constant dollar stock is derived by
applying the procedure just described
to annual constant dollar gross investment, using the "constant cost 2" alternative. The current dollar stock for a
given year is then obtained by multiplying the constant dollar stock by that
year's deflator for gross investment.
To estimate corporate nonresident!al
stocks, corporate gross investment figures are obtained by separating into
corporate and noncorporate shares estimates of nonresidential fixed investment
in each of 20 groups of equipment and
10 types of structures.
To estimate residential stocks owned
by nonfinancial corporations, the annual
series of investment in new residential
structures by nonfinancial corporations
estimated by the Board of Governors
of the Federal Reserve System for its
Flow-of-Funds Accounts is used. The
estimated stocks are then adjusted to
bring them into conformity with Census
of Housing benchmarks.
Depreciation is estimated using the
straight-line formula. The service lives
chosen for nonresidential investment
are 85 percent of those in Bulletin F
of the Internal Revenue Service. For
residential investment, a 65-year life is
used.
In measuring capital stocks for the
purpose of representing capital services,
27
an adjustment is made for surplus
assets sold after World War II by the
Government to corporations. In general, these assets were sold at prices
that understated the services that the
purchaser would realize from the assets.
However, the services provided by
these assets in private use tended to be
less than the amount reflected in their
original cost to the Government. Accordingly the adjustment to gross stocks
is taken as half the difference between
what the corporations paid for these
assets and what the Government had
originally paid for them. A similar
adjustment is incorporated in net
stocks. This adjustment was largest in
1948, when it increased constant dollar
gross stock by 3.1 percent. By 1971, the
effect was considerably smaller, with
gross stock being raised only 0.6
percent.
Table 3 also shows, as memorandum
items, estimates of the value of Govern(Continued on page 83)
CHART 12
Nonfinancial Corporations:
Rates of Return on Net Capital Stock
Percent
20
18
Profits Before Tax
Plus Interest
16
12
10
Profits After
Tax
1948
52
56
60
Note.-See footnote to table 5.
U.S. Department of Commerce, Bureau of Economic Analysis
;
64
68
72
SUEVEY OF CURRENT BUSINESS
28
(Continued from page 5)
The $1% billion decline during 1971
in outstanding paper of nonfinancial
corporations reduced it to $7% billion
by year end, a full $1 billion above
the level at the end of 1969, a year of
tight money. Given the efforts corporations were making in 1971 to improve their liquidity by replacing shortterm with long-term debt, that decline
was indeed quite modest and should not
be interpreted as reflecting withdrawal
from the commercial paper market by
nonfinancial corporations. There are no
firm data on the number of firms
issuing commercial paper, but by piecing
together available information it is
possible to conclude that the number of
issuers has continued to expand since
the end of 1970. Some notion of the
types of firms that are in the commercial
paper market has been provided by one
of the two organizations that rate
commercial paper issuers. Standard
and Poor's has been rating participants in the commercial paper market
since early 1970; about 80 firms were
rated by Standard and Poor's in 1970
but that number had increased to 181
as of March 1, 1972. Table 3 shows
these firms classified according to the
Standard Industrial Classification code
representing their major activity.
Table 3.—Industry Classification of Firms
Rated by Standard and Poor's
Number
Total
Utilities
Telephone
Other
M anuf acturing
Chemical
Machinery (electrical and
nonelectrical)
Petroleum
Other manufacturing
Finance
Other
Percent
distribution
181
100 0
62
27
35
53
13
34 2
14 9
19 3
29 3
72
9
9
22
40
26
12 2
22 1
14 4
50
5.0
Although the development of commercial paper as an important alternative to bank borrowing occurred under
conditions of credit stringency, the cost
advantage of commercial paper over
bank borrowing has continued to be
important during the recent period of
credit ease. Firms already in the market
have continued to participate and others
have entered. The commercial paper
rate is usually less than the "prime rate"
March 1972
which banks charge their most credit- increase the liquidity of the paper they
worthy borrowers. (The prime rate originate by tailoring maturities to
considerably understates the cost of borrower-lender needs and moving away
bank borrowing, for banks often require from the conventional 30-day maturity
that borrowers maintain a demand on short-term issues. Also, at least one
deposit equal to 10 to 20 percent of the major dealer has broadened his scope
loan.) Also, the prime rate has been of operations by selling in London the
relatively slow to move. During the commercial paper of U.S. corporations
steep decline in rates after mid-1970, the (and of some foreign corporations as
rate paid on commercial paper dropped well).
much more rapidly than the prime rate,
and the cost advantage to the borrower Summary
The fact that most issuers of comin the commercial paper market increased very considerably. Given the mercial paper have continued to parinroads that commercial paper had ticipate heavily in the market and new
made into the market for bank loans firms have continued to enter testifies
since 1965, the recent decisions by some to the value issuers place on having a
major money market banks to link their major and relatively low cost source of
prime rates to the commercial paper short-term financing. Indeed, even
though the volume of paper outstanding
rate are understandable.
The past year or so, a period of contracted slightly in 1971, commercial
relative calm in the commercial paper paper maintained most of its position
market, has been marked by a number relative to bank loans that it had
of institutional changes that will bear captured in the 1965-70 period. The
importantly on the future development ratio of nonbank commercial paper to
of this market. One important change bank loans to business and finance
is that the market has become highly companies rose steadily from 15% perrisk conscious. For a time following the cent at the end of 1965 to a high of
Penn Central failure, only prime rated 34% percent in mid-1970. This ratio
borrowers had access to the market. was about 31 percent at the end of last
Gradually, however, the market began year, equal to the figure at the end of
to accommodate higher risk issuers but 1969, a year of credit stringency (table
subject to restrictions. Dealers now re- 4).
There is every reason to expect that
quire some borrowers to obtain ratings
from both Standard and Poor's and The a renewed tightening of credit condiNational Credit Office (a division of tions will once again result in strong
Moody's Investors Service), and the growth of the commercial paper market.
percentage of an issue that must be However, given the structural and
backed by bank lines of credit is varied institutional changes that have affected
to reflect differences in credit ratings. this market since mid-1970, it is highly
In addition, borrowers who do not have unlikely that the next growth surge in
prime credit ratings, must be willing this market will have the explosive
to offer lenders a risk premium of from character of that of the late 1960's.
one-quarter to three-eighths of a perTable 4.—Commercial Paper and Bank
Loans
centage point above the prime com[End of year, millions of dollars]
mercial paper rate.
The recent past has also witnessed
Ratio of
Nonbank
commercial
Bank loans 1
commercial
increased competitiveness among dealpaper to
outstanding
paper
bank loans
outstanding
ers. They have become much more
aggressive in searching out new market
14.0
32, 156
4,497
participants on both the borrowing and 1960
15.3
59,346
9, 058
1965
19.6
67, 682
13, 279
1966
lending sides. Some dealers now make
22.9
72, 078
16, 535
1967
a limited secondary market for the 1968
25.4
80, 778
20, 497
31.0
88,496
27,415
paper they sell; i.e., under some circum- 1969 33.0
89, 132
29, 416
1970
stances they stand ready to repurchase 1971
30.9
90, 447
28, 851
the paper they have sold if the buyer
1. Commercial and industrial loans
encounters an unforeseen need for liquid- companies at large commercial banks. and loans to finance
ity. Other dealers are attempting to
Source: Federal Reserve.
By HOWARD MURAD
Plant and Equipment Expenditures by Foreign Affiliates of
U.S. Corporations—Revised Estimates for 1971 and 1972
Foreign affiliates of U.S. corporations
are provisionally estimated to have
increased plant and equipment expenditures 9 percent in 1971 to a total of
$14.2 billion, and are planning a
7-percent increase to $15.2 billion in
1972. These increases are significantly
lower than those published in September
1971. and are far below the growth
rates registered in 1969 and 1970.
E:
EXPENDITURES for property,
plant, and equipment by foreign affiliates of U.S. corporations in 1971 are
provisionally estimated at $14.2 billion,
a rise of 9 percent over 1970. An increase
of 7 percent is expected in 1972, with
total outlays reaching $15.2 billion
(chart 13 and table 1).
These findings are based on the latest
BEA semiannual survey of about 450
large U.S. firms, with approximately
4,800 foreign affiliates, taken during
December 1971. The firms' reports were
thus prepared well after the President's
August announcement of the "New
Economic Program" (NEP), but during
the same month in which major currency realignments were negotiated in
the "Smithsonian Agreement."
The latest estimates of 1971 and 1972
spending are significantly lower than
those made 6 months earlier, when expenditures of $14.7 billion were expected
in 1971 and $16.1 billion in 1972. (All
projections are adjusted for any systematic bias. See note to table 1 for a
discussion of the adjustment procedure.) The downward revision in both
years is centered in European manufacturing affiliates and Latin American
mining and smelting affiliates. The
latest estimate of 1971 spending by
petroleum affiliates shows only slight
revision from the previous estimate,
while their anticipated 1972 spending
has been increased significantly. Given
the strength of current demand for oil,
petroleum companies are probably less
sensitive than manufacturers to the
cyclical slack that now characterizes
many foreign economies.
An attempt was made to discern
whether the NEP had affected fixedasset spending by foreign affiliates of
U.S. firms. A special questionnaire was
mailed to reporters along with the regular December survey form. Of 312 com-
panies responding, 283 said that the
expenditure plans of their affiliates had
not been affected by the NEP, 20 commented that their plans might be affected but that the extent was unknown
as yet, and nine gave specific amounts
of increase or decrease in spending
(resulting in a small net reduction for
the affected group). On balance, these
replies suggest that little, if any, of the
cutback in planned spending from that
reported in the survey taken last June
can be attributed to the NEP or the
associated changes in exchange rates.
However, December may well have
been too early a date to measure the
CHART 13
Expenditures for Plant and Equipment by Foreign Affiliates of U.S. Companies
Billion $
20 -
Billion
(Ratio scale)
_
BY INDUSTRY
BY AREA
- 20
Latin America
VAAreas
Other
Mining and Smelting
.2 I i
1957
i i
59
i
i
61
t
i
63
i
i
65
i
i
67
i i
69
i
i
71
I
i
73
1957
I
59
I
I
61
I
I
I
I
63 , 65
I
I
67
I
I
69
I
I
I
71
I
73
• Expected, see note table 1.
U.S. Department of Commerce, Bureau of Economic Analysis
29
1.2
SURVEY OF CURRENT BUSINESS
30
March 1972
small gain in 1972, coupled with a sharp petroleum. Spending by petroleum affili1971 drop in spending by Latin Ameri- ates is also expected to rise in 1972,
can mining and smelting affiliates. but at a slower rate than in 1971.
Strong growth of spending by manu- Petroleum companies are expanding
facturing and petroleum affiliates in international shipping operations in
Japan is a partial offset to these view of the continued shutdown of the
developments.
Suez Canal, and strong demand is
Spending by manufacturers of ma- encouraging spirited exploration of new
chinery and of transportation equip- fields, particularly in the Middle East.
ment declined in 1971, following very
large gains in 1969 and 1970. This Industry pattern
swing was probably associated with
Manufacturing affiliates are currently
the economic slowdown in Europe. estimated to have spent $6.4 billion in
Industrial production there showed 1971, a 1-percent decline from 1970
very sluggish growth in 1971. The (table 2). Their spending is expected to
reductions in spending by machinery increase 7 percent in 1972 to $6.8
manufacturers were mostly by com- billion, a moderate gain in relation to
puter manufacturers, who are particu- the 1969 and 1970 increases of 19
larly sensitive to business conditions. percent and 31 percent, respectively.
Manufacturers of transportation equip- Spending is expected to increase in
ment, largely auto producers, cut spend- 1972 in all the major geographic areas,
ing in response to sagging sales and but nearly half the increase is planned
for Europe.
profits.
Spending by affiliates in the chemical
The small 1971 decline in manu- industry increased 4 percent in 1971,
facturing spending was more than with advances in the United Kingdom
offset by increased expenditures in and the European Economic Comthe extractive industries, especially munity (EEC) and large decreases in
effects of the NEP, or reporters may
not have been able to separate the
impact of the NEP from other developments, such as the economic slowdown
in many foreign countries. The revaluation of foreign currencies, by itself,
could work either to increase or to
decrease affiliate expenditures as measured in dollars. The dollar equivalent
cost of an item denominated in a revalued
currency increases. If capital investment
programs are maintained in real terms,
the cost in dollars increases; on the
other hand, revaluation might cause
some firms to cut back their investment
programs to such an extent that expenditures measured in dollars decline.
The current estimates of aggregate
spending increase in 1971 and 1972—
9 percent and 7 percent, respectively—
are considerably lower than the growth
rates of 15 percent and 21 percent
registered in 1969 and 1970. The slowdown primarily reflects a shift in manufacturing affiliates' spending, in Europe
and Canada, from rapid growth in 1969
and 1970 to no change in 1971 and a
Table 1.—Estimates ol Plant and Equipment Expenditures by Foreign Affiliates of U.S. Corporations, Actual and Projected, by Percentage
Change and Dollar Amount
Billions of dollars
Percent change
Industry, area, and schedule
Actual
1967
Total....
1968
Current
projection l
1969
1970 r
1971
1971
1972
Current
projection 1
Actual
Prior
projection 2
1966
1972
1967
1968
1969
1970 '
Prior
projection 2
1971
1971
1972
1972
7
1
15
21
9
7
12
10
8.6
9.3
9.4
10.8
13.0
14.2
15.2
14.7
16.1
17
19
-1
12
10
-7
9
10
19
22
5
31
21
23
-1
2
8
7
36
22
4
7
2
13
.8
2.5
4.6
.9
3.0
4.5
1.0
3.3
4.2
1.1
3.6
5.0
1.4
3.8
6.5
1.7
4.7
6.4
1.7
5.1
6.8
1.9
4.6
6.8
2.0
4.7
7.6
16
4
-18
0
-7
-22
-6
-9
32
29
27
16
43
33
31
4
-16
4
0
9
2
10
1
7
-6
6
-1
35
3
6
1.0
1.0
1.0
1.5
1.2
1.1
.8
1.4
1.2
1.0
.6
1.3
1.1
1.3
.8
1.7
1.3
1.9
1.1
2.2
1.3
1.8
.9
2.3
1.3
2.0
.9
2.6
1.3
2.0
1.0
2.4
1.3
2.8
1.0
2.5
10
3
23
30
4
12
4
22
.7
.8
.8
1.0
1.4
1.4
1.6
1.4
1.7
-5
-5
10
17
8
10
13
11
2.4
2.2
2.1
2.3
2.7
3.0
3.2
3.1
3.4
1.7
5.4
1.7
5.7
1.9
5.5
2.0
6.2
By industry
Mining and smelting
Petroleum
__
M anuf acturing
Chemicals .
Machinery
.
.
Transportation equipment
Other manufacturing.
_ .
Other industries
By area
Canada
Latin American Republics and other
Western Hemisphere. _
Europe.
Other areas
29
-14
12
20
5
34
-12
7
-3
7
-2
9
6
14
1.1
3.3
1.3
3.6
1.6
3.1
1.8
3.7
15
8
-19
-7
20
19
42
26
8
6
6
8
9
10
16
11
1.9
1.4
2.1
1.5
1.7
1.4
2.1
1,7
2.9
2.1
3.2
2.2
3.3
2.4
3.2
2.3
3.7
2.6
9
European Economic Community. .
Other, including United Kingdom. _
17
12
2.0
5.0
17
15
17
24
11
24
6
1.9
2.1
2.5
2.9
3.4
4.2
4.6
4.2
4.4
12
11
12
13
3
24
8
-16
16
17
14
18
22
11
24
32
9
19
8
10
7
1
14
5
12
16
12
9
9
8
4
16
6.3
1.8
2.1
2.4
7.0
2.0
2.4
2.7
7.2
2.4
2.6
2.2
8.4
2.9
2.9
2.6
10.3
3.2
3.6
3.5
11.2
3.5
3.9
3.8
12.0
3.5
4.4
4.0
11. 6
3.7
4.1
3.8
12.7
4.0
4.2
4.4
By OFDI schedule
All schedules 3
Schedule A
Schedule B
Schedule C
r
....
...
.
Revised.
1. Based on the survey taken in December 1971.
2. Based on the survey taken in June 1971, as published in the September 1971 SURVEY;
no adjustments have been made to reflect information received subsequent to that
publication.
3. Does not include Canada.
NOTE: Spending projections are adjusted in order to eliminate—or at least reduce—any
systematic bias in responses to the 4 surveys of estimated expenditures taken for each year
(in June and December of the preceding year and June and December of the year in question
i.e. A, B, C, and D reports) before the final figures are available (the E report). The 1971
projection is based on the fourth estimate (D reports) of spending for the year; the 1972
projection is based on the second estimate (B reports) of spending for the year. For 1971 D
and 1972 B, separately, the projections were derived by calculating ratios of actual spending
(the final E estimate) to the reported expectation for each of the previous 5 years. No bias
adjustment was made unless there was a deviation in the same direction in at least 4 of the 5
years. Also, no adjustment was made to items below $10 million. When adjustment was necessary under these criteria, the median ratio of actual to expected spending in the 5-year
period was applied as an adjustment factor. (For further discussion, see the Note on Methodology on page 31 of the September 1971 SURVEY.)
SURVEY OF CURRENT BUSINESS
March 1972
Spending in the EEC was cut sharply
in 1971, but in 1972 particularly large
increases are projected for the EEC
and for Japan. (The cost of machinery
acquired or produced by manufacturing
affiliates for leasing to others, a significant factor in the computer manufacturing industry abroad, is counted
Canada and Latin America. In 1972,
spending by chemical affiliates is expected to be about unchanged both in
the aggregate and in each major geographic area separately.
Machinery producers reduced spending 3 percent in 1971. They plan a 9
percent increase in 1972, to $2 billion.
31
as part of the manufacturing affiliates'
capital expenditure. Therefore, not all
the decreases or increases registered in
this area affect plant capacity.)
Manufacturers of transportation
equipment reduced spending 16 percent
in 1971, primarily due to heavy cuts in
Canada and the United Kingdom. A
Table 2.—Estimates 01 Plant and Equipment Expenditures by U.S. Corporations' Foreign Manufacturing Affiliates, by Selected Country
[Millions of dollars]
By area and major manufacturing
industry
Projection l
Actual
1966
1967
1968
1969
1970 «•
1971
1972
4,583
4,525
4,191 4,976
6,503
6,416
6,855
1,040
1,046
966
1,531
1,210
1,088
795
1,432
1,208
1,016
618
1,349
1,118
1,344
796
1,719
1,279 1,333 1,336
1,920 1,856 2,031
912
1,060
896
2,243 2,331 2,576
1,174
1,001
854
1,036
1,159
1,083
1,167
221
186
255
513
166
190
234
411
158
144
194
358
169
222
211
434
186
212
289
472
154
239
158
532
218
244
153
552
453
505
545
611
669
633
761
146
65
71
171
150
78
88
188
179
86
90
220
198
95
104
214
170
141
112
246
157
155
97
224
172
172
163
254
91
27
11
33
20
100
30
18
34
18
71
15
16
22
18
95
14
23
40
18
138
15
45
49
29
111
14
41
27
29
99
14
42
22
21
Brazil
Chemicals
_. _ _ .
Machinery
Transportation equipment
Other manufacturing-.
100
19
30
20
32
131
29
35
34
33
186
60
40
51
35
184
72
40
39
33
181
40
56
31
54
197
21
68
47
61
338
37
88
107
106
Mexico
Chemicals
Machinery
Transportation equipment . _
Other manufacturing
126
62
14
6
44
133
60
17
8
48
181
70
17
5
89
170
58
22
14
76
205
61
28
26
90
187
75
34
16
62
192
75
31
24
62
135
38
11
12
74
141
30
8
13
60
136
33
12
13
78
161
55
9
11
86
145
54
12
6
73
138
47
12
7
72
132
46
11
10
65
2,244
2,332
2,012
2,539
3,593
462
664
564
553
636
713
379
604
524
689
233
566
483
881
390
784
698
115
164
180
239
643
127
141
124
251
582
111
148
74
249
858 1,075
164
126
183
233
168
196
482
380
By area and major manufacturing
industry
All areas
Chemicals
Machinery _ _ __
Transportation equipment. .
Other manufacturing
Canada
Chemicals
Machinery
Transportation equipment
Other manufacturing
_
Latin American Republics and Other
Western Hemisphere
Chemicals
_
Machinery
Transportation equip 20 ent
Other manufacturing
_ __ .
Argentina ._ .
_
Chemicals.. _
Machinery
Transportation equipment
Other manufacturing
Other
Chemicals
Machinery
Transportation equipment
Other manufacturing . _.
Europe
-..
-
. --
Chemicals
Machinery
Transportation equipment
Other manufacturing
.._
-
United Kingdom
Chemicals
Machinery
Transportation equipment
European Economic Community
Machinery
_ _ ... _.
Other manufacturing
1,331
275
444
373
. - . 239
1,438
427
510
245
256
1,195
314
486
146
249
741
1,283
491
1,285
1,079 1,103
175
193
214
228
86
151
628
507
1,440 2,188 2,272 2,390
414
496
288
517
620
976
953
879
210
335
388
371
321
462
505
553
B elgium and Luxembourg. . .
Chemicals
Machinery
Transportation equipment
Other manufacturing
186
56
24
60
46
200
110
46
23
21
152
78
42
5
27
111
33
30
4
43
181
66
38
7
70
200
89
32
14
65
247
103
41
14
89
France
Chemicals
.
Machinery
Transportation equipment
Other manufacturing
288
31
139
44
74
371
50
176
75
70
307
28
179
32
68
338
30
. 192
41
75
544
36
315
84
109
510
50
256
78
126
588
73
304
73
138
Germany
Chemicals .._ .-. . ... .
Machinery
Transportation equipment
Other manufacturing
581
60
191
267
63
518
96
184
142
96
424
64
166
106
88
607
65
273
159
110
955
138
409
237
171
1,047
197
390
268
192
1967
1968
Italy
Chemicals
Machinery
Transportation equipment
Other manufacturing
125
26
57
2
40
150
34
66
2
48
165
39
74
2
50
181
20
90
4
67
279
39
161
5
74
271
30
156
6
79
318
45
183
8
82
Netherlands
Chemicals
Machinery
Transportation equipment
Other manufacturing
151
102
32
1
16
198
137
38
2
21
147
105
26
1
15
203
141
35
1
26
228
135
53
2
38
244
151
45
5
43
188
97
44
7
40
215
72
56
11
76
251
83
61
10
98
235
100
54
12
69
242
68
78
12
83
330
83
107
20
120
300
87
109
9
95
307
70
116
17
104
153
190
227
268
374
399
476
55
63
2
33
81
64
2
43
128
55
3
41
108
90
2
68
110
173
2
89
121
175
2
101
98
241
2
135
Other
. - . _ - .Chemicals
Machinery
Transportation equipment
Other manufacturing
Chemicals
Machinery
Transportation equipment
Other manufacturing
Australia, New Zealand, and South
Africa
1969
1970 r
1971
329
256
295
306
395
374
389
Chemicals
Machinery
Transportation equipment
Other manufacturing
67
47
72
142
47
28
86
95
66
32
96
101
59
35
86
126
44
51
105
196
46
50
103
175
46
66
95
182
Australia and New Zealand
289
57
42
63
127
214
33
23
76
82
244
57
26
76
85
264
52
30
80
101
335
38
42
98
158
292
23
44
89
136
308
37
61
61
149
40
10
4
10
16
42
14
5
10
13
52
10
6
19
17
42
7
5
6
24
60
6
9
7
38
82
23
6
14
39
81
9
5
34
33
56
31
15
14
31
49
33
2
2
1
54
3
2
1
9
6
4
1
20
4
2
1
42
3
2
5
23
Machinery
Transportation equipment
Other manufacturing
South Africa
Machinery
Other manufacturing
Other Africa
Middle East
Chemicals
_
Machinery
Transportation equipment.
Other manufacturing
_. ..
27
4
1
1
9
23
M rh'nprv
Transportation e quipment
Other manufacturing
62
111
73
126
48
64
18
3
50
1
103
1
63
2
50
2
4
2
11
1
3
11
7
8
74
42
52
150
148
102
130
155
179
164
Chemicals
Machinery
Transportation equipment
Other manufacturing
68
22
1
59
78
14
5
52
47
8
1
46
35
18
2
75 ,
52
21
1
81
50
18
3
108
45
22
4
93
India
Chemicals
Machinery
Transportation equipment
Other manufacturing . .
91
44
15
50
28
6
26
11
3
47
11
5
66
23
9
93
20
9
77
29
10
31
16
12
31
34
64
38
59
98
77
83
89
86
87
24
7
1
28
50
8
5
36
36
5
1
35
24
13
1
45
29
12
1
47
30
9
3
44
16
12
4
55
Other Asia and Pacific
1,049
178
381
286
204
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
1972
1966
Europe— Continued
3,651 3,800
661
797
1,316 1,216
551
531
1,064 1, 107
Projection l
Actual
Other
1. See note, table 1.
Chemicals
Machinery
Transportation equipment _ _
Other manufacturing
r
Revised.
SURVEY OF CURRENT BUSINESS
32
2-percent increase planned for 1972
reflects a sizable increase in Latin America which is mostly offset by additional heavy cuts in the United Kingdom.
Manufacturing affiliates in all other
industries, taken together, increased
spending 4 percent in 1971 and plan
a 10 percent increase in 1972. All
major areas show increases in both
years, except Latin America, where
spending fell in 1971. The gains in this
"other manufacturing" group largely
reflect spending by pulp and paper
producers, manufacturers of primary
and fabricated metals, and manufacturers of photographic and photocopy
equipment.
Affiliates in petroleum increased
spending 23 percent in 1971, to $4.7
billion. This was the largest percentage
rise of any of the major industries.
Petroleum affiliates are planning an
aggregate 8 percent spending increase
to $5.1 billion in 1972. The 1971
increase was centered in outlays for
tanker construction, which wjll be an
important growth sector again in 1972
(table 3). Large increases are shown
in both years in the Middle East and
Indonesia. Large declines are reported
for Libya in both years and for Latin
America in 1972.
Expenditures by the mining and
smelting industry in different areas have
Table 3.—Estimates ot Plant and Equipment Expenditures by U.S. Corporations' Foreign
Affiliates in the Petroleum, Mining and Smelting, and Other Industries (Except Manufacturing)
[Millions of dollars]
Projection 1
Actual
Area and major industry division
1966
1967
1968
1969
1970 '
1971
1972
Petroleum
All areas
5,090
2,526
3,001
3,311
3,640
3,808
4,689
Canada
649
636
669
629
726
791
830
Latin American Republics and Other Western Hemisphere
Venezuela _
Other Latin American Republics
0 ther Western Hemisphere
____
268
101
109
58
306
103
149
54
405
175
164
66
501
238
138
125
514
212
183
119
542
205
216
121
429
166
167
96
Europe,
778
1,045
851
876
974
1,236
1,300
163
289
283
246
256
296
582
101
61
251
93
77
401
71
62
101
86
82
472
31
86
154
111
91
546
71
107
128
166
74
689
125
109
178
198
79
700
89
137
219
169
86
180
174
167
158
172
251
291
242
155
440
305
134
362
359
135
293
shown divergent trends over the past
several years. Spending in Canada and
Australia has been very strong, while
political developments in Latin America have sharply restricted spending
there. Total expenditures increased
from $1,035 million in 1968 to a projected $1,710 million in 1972. Within
that total, expenditures in Latin America dropped from $456 million to $278
million while expenditures in other
areas, principally Canada and Australia, increased from $579 million to
$1,432 million (table 3).
In 1971, total expenditures by affiliates in mining and smelting increased
21 percent despite a steep cut—$220
million or 46 percent—in spending in
Latin America, primarily in Chile.
Total expenditures in 1972 are expected
to be up very slightly from the 1971
level. The 1971 increase was concentrated in Canada and Australia; affiliates in Canada are planning further
increases in 1972, but those in Australia
are planning cutbacks.
Affiliates in "other industries" are
estimated to have increased outlays 4
percent in 1971 and expect a 12 percent
gain in 1972. Most of the growth in
this group is in expenditures by affiliates in trade, leasing, and services.
309
434
40
96
172
87
39
March 1972
United Kingdom
European Economic Community..
Belgium and Luxembourg
France
_ _ _ _ _ _ _
Germany
Italy
Netherlands
__
Other
Japan
Australia, New Zealand, and South Africa
Other Africa
Middle East
Other Asia and Pacific
International shipping
120
92
265
___
___
146
96
363
207
133
507
189
211
560
206
99
49
191
125
94
185
158
196
154
201
319
141
304
312
225
437
657
481
450
813
1,387
1,682
1,710
413
667
726
Mining and smelting
All areas
790
920
1,035
1,132
Canada
297
332
340
340
Latin American Republics and other Western Hemisphere
229
288
456
497
477
256
278
3
4
3
5
3
7
3
7
4
12
3
12
3
14
257
292
229
285
481
744
689
1,585
Europe:
European Economic Community
Other, including United Kingdom
Other areas _
_ _
___
_ _
Other industries (except manufacturing)
All areas
741
822
850
1, 039
1,355
1,413
237
264
265
326
434
415
518
Latin American Republics and other Western Hemisphere
144
183
220
248
291
294
206
Europe:
European Economic Community
Other, including United Kingdom
85
140
100
146
118
134
149
164
188
237
186
268
233
360
Other areas
135
129
113
152
205
250
268
Canada
_..
1. See note, table 1. r Revised.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Geographic pattern
European affiliates are estimated to
have increased spending 7 percent in
1971 to $5.4 billion, and are planning
another 7 percent increase in 1972
(table 1). These gains are much smaller
than the increases recorded in 1969 and
1970. The rate of spending growth in
EEC countries slowed from 42 percent
in 1970 to 8 percent in 1971; a 6 percent
rise is planned in 1972. A sharp deceleration in the growth of spending by
manufacturing affiliates accounted for
most of the slowdown after 1970. The
growth of expenditures by EEC petroleum affiliates accelerated to 26 percent
in 1971—from 18 percent in 1969 and
16 percent in 1970—due largely to
expansion of facilities in" Germany.
However, EEC petroleum affiliates
expect virtually no change in 1972.
Total spending in European countries
outside the EEC rose 6 percent in 1971
following a 26 percent increase in 1970.
March 1972
Affiliates in those countries plan an 8
percent increase in 1972. Manufacturing affiliates cut spending in 1971 but
this was offset by a sharp increase in
spending by petroleum affiliates. Spending in Spain by petroleum affiliates is
particularly strong.
Affiliates in Canada increased spending 8 percent in 1971 and plan a 10
percent rise in 1972 to $3.2 billion. The
1971 increase was centered in mining
and smelting, but affiliates in all major
industries are planning increases in
1972.
Heavy reductions in mining and
smelting expenditures led to a sharp
decrease in Latin American spending in
1971. Aggregate expenditures are expected to be reduced another 3 percent
in 1972, to $1.7 billion, even though
Brazilian manufacturing affiliates, primarily those in transportation equipment, expect to increase expenditures
20 percent.
Affiliates in the rest of the world—
identified in table 1 as "Other Areas"-—
increased spending 24 percent in 1971
to $4.2 billion, and an 11 percent increase is projected for 1972. Over threefourths of these gains are due to
spending by petroleum affiliates in the
Middle East and Indonesia and in the
international shipping category.
Japan is becoming an important
center of expenditures by affiliates.
Until a few years ago spending in Japan
was relatively small, but it is now approaching the billion dollar level, with
projected expenditures of $0.9 billion in
1972. The sharp growth in recent years
presumably reflects the relatively rapid
economic growth in Japan and possibly
the easing of restrictions on investment.
Manufacturing outlays in Japan in 1972
are projected to rise 19 percent to $476
million and petroleum expenditures 18
percent to $359 million. In both industries, these 1972 increases are far
stronger than total worldwide growth.
On the country schedules established
by the Office of Foreign Direct Investments (OFDI), affiliates in Schedule C
countries (including most of continental Western Europe and South
Africa) increased spending 10 percent in
1971 to $3.8 billion, and plan a 5 percent
increase to $4 billion in 1972. These
countries are those for which controls
SURVEY OF CURRENT BUSINESS
on capital outflows from the United
States are strictest. However, expenditures by affiliates do not necessarily
lead to outflows of U.S. funds, which
the OFDI program is designed to limit.
To the extent that investment can be
financed by borrowing abroad, spending for plant and equipment is not
limited by OFDI regulations.
Affiliates in Schedule B countries
(including'Spain, the United Kingdom,
33
the Middle East, Japan, and Australia) increased spending 8 percent in
1971 to $3.9 billion, and expect an
increase of 14 percent to $4.4 billion in
1972. Affiliates in Schedule A countries
(including most of the less developed
countries), for which controls on capital
outflows are most lenient, increased
spending 9 percent in 1971, to $3.5
billion, and plan a 1-percent increase to
$3.6 billion in 1972.
(Continued from page 27)
ment-owned stocks operated by nonfinancial corporations. A discussion of
the treatment of these stocks can be
found in Robert J. Gordon, "$45 Billion
of U.S. Private Investment Has Been
Mislaid/' American Economic Review,
June 1969, and "Comments" by George
Jaszi and "Reply" by Gordon, American
Economic Review, December 1970. Because of data limitations, no similar
estimates can be made of assets used by
the nonfinancial corporate sector but
owned by financial institutions or the
personal sector.
The inventory stocks in constant
(1958) dollars shown in table 3 are
derived separately for major industries.
For each industry a benchmark level
of stocks calculated on the LIFO basis
was prepared for the first year for which
LIFO data were available. This level is
moved backward to 1947 by successively deducting the corporate share of
LIFO inventory change in constant
(1958) dollars shown in the national
income and product accounts, and
moved forward to 1971 by successively
adding the corporate share of the LIFO
inventory change. For the non-LIFO
stocks, book values are adjusted
for price changes directly to derive the constant dollar stocks. Inventories for each industry in current
dollar valuation are derived by multiplying the constant dollar stocks by
indexes of yearend current replacement
prices.
Total factor input
In table 4, indexes of labor and
capital input are derived from the
estimates of man-hours worked and
capital stock, and combined into an
index of total factor input.
The index of labor input is simply an
index of man-hours worked, with no
adjustment for the intensity with
which man-hours are utilized or for
changes in skills.
The index of capital input is derived
using a procedure developed by Edward
F. Denison for the economy as a whole.
Inasmuch as the services provided by a
capital good do not remain constant
over the life of the asset, but decline
somewhat as retirement approaches, the
constant dollar capital stock employed
to measure capital input is calculated
as a weighted average of net and gross
stocks with net stocks receiving a weight
of 0.25 and gross stocks a weight of
0.75. No adjustment is made for
changes in utilization.
The indexes of labor and capital
input are combined into an index of
total input by the following procedure.
The average labor and capital shares of
national income originating in nonfinancial corporations are computed for
all years from 1948 through 1969, excluding years significantly affected by
recessions (1949, 1953, 1954, 1957, 1958,
1960, and 1961). These average labor
and capital shares are 0.782 and 0.218,
respectively. To derive the index of
total factor input, the annual percent
change in the index of labor input is
multiplied by the average labor share
and the annual percent change in the
index of capital input is multiplied by
the average capital share and the
results are summed to obtain the
annual percent change in total factor
input. These annual percent changes are
then chained to a base of 1958=100
to provide the index of total factor
input shown in table 4.
By JACK J. BAME
Balance oi Payments Developments:
Fourth Quarter and Year 1971
Although below their third-quarter
peaks, measures of the U.S. balance of
payments position showed continuing
large deficits in the fourth quarter.
Exchange market uncertainties before
new fixed exchange rates were established at the December 18 Smithsonian
Agreement led to further large accumulations of dollars by foreign official
reserve agencies.
Reflecting a combination of longerrun developments, cyclical trends, and
expectations of changes in currency
values, all balance of payments measures
registered record deficits for 1971. The
deficit on current account and longterm capital reached $9.3 billion, the
net liquidity deficit totaled $22 billion
and the official reserve transactions
deficit was $29.8 billion. The unusual
scope and intensity of the movement
out of dollars during 1971 was highlighted by the huge unrecorded outflow through errors and omissions,
which totaled $10.9 billion.
c
APPING a year during which the
cumulative impact of longer term imbalances in our external accounts—ancj
the deterioration in the ratio of U.S.
official reserve assets to tJ.S. liabilities
to foreign official agencies—was augmented by unfavorable gaps between
business conditions and short-term interest rates in the United States and
in other leading countries, balance of
payments outflows remained substantial
in the fourth quarter. Foreign exchange
markets, dominated for much of 1971
by expectations of revaluations of
leading currencies and/or dollar devaluation, were subject to similar
uncertainties during most of the fourth
quarter. The December 18th Smith34
The slowdown was in the rise of bankreported claims on foreigners. Outflows
through unreported transactions (errors
and omissions) were $3 billion below
their record third quarter level, but at
$2.3 billion were still large. They totaled
a net $10.9 billion for 1971. The net
liquidity deficit, comprising all the
above transactions, was $4.3 billion for
the quarter and almost $22 billion for
the year. For both the quarter and the
year, more than half of that deficit was
accounted for by the errors and omissions outflow.
There was a continued buildup of
liquid claims on foreigners in the fourth
quarter and a further reduction in
liabilities of U.S. banks to their
branches, as interest rates in the
United States were lower than those
prevailing overseas. These flows were
smaller than the huge third quarter
outflows. Together with all the factors
cited above, these flows led to an
official reserve transactions deficit of
$6.3 billion in the fourth quarter and
a $29.8 billion deficit for 1971. With
the dollar not convertible into official
reserve assets, the official deficit was
just about entirely settled by an increase in liabilities to foreign official
agencies.
The official reserve transactions balance is intended to indicate exchange
market pressure on the dollar resulting
from international transactions of the
United States during a specific reporting period, assuming relatively fixed
exchange rates. However, if exchange
rates fluctuated freely, with no central
bank intervention, all exchange market
pressures would be reflected in exchange
rate changes. The period between
August 15 and December 18 (when
NOTE.—Evelyn M. Parrish, R. David Belli, relatively fixed rates were reestablished)
Julius Freidlin, and Max Lechter also made
was characterized by rates which were
significant contributions.
sonian Agreement of the Group of Ten
countries, establishing new fixed exchange rates against the dollar for
since currencies which had floated
most the August 15 suspension of dollar
convertibility, lessened exchange market uncertainties during the last/z
weeks of the year, when a moderate
payments inflow occurred.
The overall measures of the payments deficit in the fourth quarter,
although only about half as big as the
records reached in the third, were nonetheless large. The merchandise trade
balance—aggravated by dock strikes—
worsened by almost $1 billion to a
record deficit of more than $1.5 billion
(seasonally adjusted) but the shift was
partly offset by a sharp rise in income
on U.S. direct investment abroad, which
improved by $575 million. The balance
on goods and services moved adversely
by $570 million to a deficit of $515
million. With Government grants recording a small increase, the current
account balance moved adversely by
$580 million to a deficit of $1.45 billion.
There was a substantial improvement
in reported net long-term private capital
flows, especially in those associated with
direct investment (see Highlights and
Perspectives: Corporate Capital) and
also in portfolio transactions. This improvement, combined with the flows
cited above, resulted in a current account and long-term capital deficit of
$1.5 billion in the fourth quarter, bringing the 1971 deficit to $9.3 billion.
Nonliquid short-term private capital
outflows, while still large, were smaller
in the fourth quarter than in the third.
SURVEY OF CURRENT BUSINESS
March 1972
floating but not completely free, for
central banks intervened to limit the
appreciation of their currencies. (A
number of countries also imposed exchange restrictions to discourage inflows of funds.) The official reserve
transactions balance during the 4month period roughly measured the
impact of such intervention. Since
December 18, the balance has been
indicative of central bank support
operations within the framework of
the widened 2% percent band on either
side of the fixed central exchange rates.
1971 in perspective
An assessment of the balance of
payments in 1971, which was marked by
intensified outflows in virtually all types
of transactions, must take account of
developments over the course of prior
years. For one thing, the cumulative
effect of years of large payments
deficits reached a point where the rise
of dollar liabilities to foreigners and the
decline in U.S. official reserve assets
became incompatible with the existing
exchange rate structure and dollar
convertibility. For another, ample availability of credit domestically, and lower
interest rates in the United States than
abroad, led to the second consecutive
year of large shifts of Eurodollars from
U.S. banks to foreign borrowers. Also,
the rebuilding of liquidity positions of
U.S. corporations led to a substantial
reduction in their long-term foreign
borrowing. Another factor is that the
longer term structural deterioration in
the merchandise trade account (see
Highlights and Perspectives: MerchanCHART 14
Balances on Major U.S. International Transactions
Billion $
Billion $
rv; v:;7'flwW' IfaiUJlt: Slid W^\^'; V:;'";
: : V1
J
•' - -'- "" ^.jCapi^''
*' '""'
-40
-48
-56
16
f^^S^f M?i|i^^^^Vi§§'>
-2
-8
1966
67
68
69
70
71
Annually
*Excludes exports under military grants and U.S. military agency sales contracts and
imports of U.S. military agencies.
U.S. Department of Commerce, Bureau of Economic Analysis
1968
69
70
71
Quarterly, Seasonally Adjusted
72
35
dise Trade), masked by favorable
cyclical and other transitory influences
in 1970, was accentuated in 1971 by
less favorable conditions and by strikes,
fears of import restrictions, and anticipations of revaluations of several
leading currencies against the dollar.
Also there were, in recent years, persistently large capital outflows associated with direct investment abroad,
some of which may have been related to
the desire to gain and consolidate
footholds in foreign markets and some
to relative price and cost considerations. Thus, some capital outflows, as
well as the deterioration in trade, were
attributable to a fundamental worsening of our international competitive
position.
Given the policies of some countries
to maintain and even increase their
trade surpluses, and/or to keep their
domestic financial markets tight, an
overvaluation of the dollar and undervaluation of the currencies of several
leading competitor nations developed.
The conjunction of these medium
and longer range trends with the 1971
flows related to more immediate forces
contributed to the major 1971 exchange market crises, all involving
heavy purchases of foreign currencies
and sales of dollars. As a result, the
fixed parities for the German mark and
Dutch guilder were abandoned in May,
and the Swiss franc and Austrian
shilling were revalued. In August, U.S.
authorities suspended dollar convertibility into gold and other official reserve assets and most leading countries
floated their currencies. Finally, in
mid-December, the Group of Ten
agreed to create a new set of fixed exchange rates against the dollar for
most of the Group's currencies, with
allowable fluctuations of up to 2}i
percent on either side of these new
rates. The agreement included a proposed 7.9 percent reduction in the gold
content of the dollar and currency
revaluations against the dollar by
several of our major trading partners,
notably 16.9 percent for Japan and 13.6
percent for West Germany, compared
with pre-May 1971 parities (chart 15).
Canada's dollar continued to float. Cross
rates between the dollar and these
SUKVEY OF CUEEENT BUSINESS
36
currencies are particularly important,
as the overall U.S. payments relationships with these areas—and other EEC
countries—has been deteriorating
sharply (see table 10).
The weighted effect (with weights
based on 1971 Census trade data) of
the shift from parities as of May 1,
1971, to the new central rates was an
appreciation against the dollar of about
7.5 percent for 12 major countries—
Canada, Japan, United Kingdom,
Belgium, Netherlands, France, Germany, Italy, Denmark, Norway,
Sweden, and Switzerland. This calculation includes no change in the exchange
rate of the Canadian dollar. Calculated
on a basis that includes the change
from Canada's May 1970 parity, the
weighted effect is an appreciation of
about 10.5 percent against the dollar.
Balance of Payments
Developments—^-1971
The extent and composition of the
adverse shift in the merchandise trade
balance in 1971 emphasized that it
represented more than a transitory
development (see Highlights and Perspectives: Merchandise Trade, and
chart 16). Longer term structural
developments were the underlying force,
even though the divergence between
business conditions here and abroad,
anticipations of exchange rate changes,
fears of import restrictions, and actual
and threatened strikes certainly were
contributing factors. The $5 billion
worsening of the trade balance, from a
$2.1 billion surplus in 1970 to a $2.9
billion deficit in 1971, was partly offset
by a favorable shift in investment income. Income related to U.S. direct
investment abroad rose $1.4 billion to
almost $9.3 billion in 1971. A good part
of the increase was associated with the
petroleum industry, with some of the
improvement probably related to repatriation later in the year, at favorable
exchange rates, of dividends and other
foreign affiliate local currency earnings.
Income payments to foreigners on their
investments in the United States declined $400 million in 1971, as the
decline in interest rates here more than
offset the rise in foreigners' holdings of
U.S. obligations.
Another partial offset to the $5 billion
adverse ttade swing was a $515 million
favorable shift in net military transactions, as receipts from military agency
sales rose substantially. The balance
on goods and services deteriorated by
March 19r<z
almost $2.9 billion, to a surplus of only
about $700 million. Government grants
(excluding military) and other unilateral remittances shifted adversely by
$325 million for the year, so that the
balance on current account worsened
by $3.2 billion to a deficit of $2.b billion
in 1971.
Net Government capital outflows
were almost $2.4 billion in 1971, an
adverse shift of $355 million. Net private long-term capital outflows were
more than $4.1 billion, an adverse shift
of almost $2.7 billion, and the balance
on current account and long-term capital registered a deficit of $9.3 billion in
1971. This was a deterioration of $6.2
billion from 1970.
Private long-term capital
According to data now available,
U.S. direct investment abroad totaled
more than $4.5 billion in 1971, marginally above the 1970 total (see
Highlights and Perspectives: Corporate Capital). The outflows of about
$1.4 billion in each of the first three
quarters were substantially larger than
relationships of such outflows in recent
years to foreign affiliates7 plant and
equipment expenditures would suggest.
Some part of the outflow was probably
Table A.—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
Lines in tables 2, 3, and 9 in which transactions are
included are indicated in ( )
Merchandise trade balance (2, 16)
Services, net (3-13, 17-27) _
Balance on goods and services
Remittances, pensions and other transfers (31, 32).
Balance on goods, services, and remittances
U.S. Government grants (excluding military)
(30)
_—
_
_
Balance on current account
U.S. Government capital flows, net, and nonliquid liabilities to other than foreign official
reserve agencies (33, 55)
Long-term private capital flows, net (39-41, 44,
48-50,52)
Balance on current account and long-term capital. »_
Nonliquid short-term private capital flows, net
(42, 45, 51)
AUocationsof SDR (63)
Errors and omissions, net (64)_
Net liquidity balance
Liquid private capital flows, net (43, 46, 56)
Official reserve transactions balance
'[Preliminary.
r
Revised.
1970
2,110
1,482
1971 v
Change:
1970-71
-2, 879
3,578
-4, 989
2,096
1971
1970
I
II
III
513
368
751
294
881
1,045
3,592
699
-2,893
-1,410
-1,459
-49
2, 182
—760
—2,942
-1,739
-2,014
-275
444
—2, 774
-3 218
-2 029
-2, 382
-353
-1,453
-4, 128
-2, 675
-3, 038
-9, 284
-6,246
-545
867
-1, 104
-2, 529
717
-10,878
-1,984
-150
-9, 774
-115
217
-59
-3, 821
-21, 973
-18, 152
-6,000
—7, 794
-9, 821
—29, 767
-338
543
-362
683
704
291
995
-359
636
IV
I'
142
528
248
902
670
-1,061
1,067
1, 150
-^351
319
-342
808
IV P
Illr
II r
6
Change:
1971
III-IV
—540
596
—1,526
1,012
-98
41
56
—514
—57
-355
-385
-377
-349
-329
—891
-56
-483
—542
— 562
-2
292
192
—166
380
-832
—871
—1,453
-58
—590
—312
—673
—683
-632
—523
-542
i
-969
- —272
-220
7
—1,009
-1, 793
-1,797
472
2,26
-1,297
-570
-340
-832
-1,312
-3,257
-3,191
-1,523
1,66
—140
217
-375
—115
217
-437
—175
216
—381
180
—1,012
—409
179
-2,313
-1,008
179
-5,283
-731
179
-2,270
3,01
-1,254
-868
—675
— 1,024
-2, 525
-5, 800
—9, 303
-4,345
4,95
—1,794
—1,610
—536
—1 400
—2 454
-3,025
53
-2,882
-1,940
94
— 19,946
—2 864
— 1 404
—2 075
—3 478
—5 550
—5, 747
-12,185
-6, 285
5,90
-418
125
-453
—391
-444
—485
QQO
-428
27
SUEVEY OF CUEEENT BUSINESS
March 1972
associated with transfers to affiliates
for increasing assets or reducing liabilities in currencies expected to appreciate against the dollar. The ample
liquidity position of U.S. parent corporations facilitated such transfers. The
CHART 15
Eurodollar Rate and Changes in
Foreign Exchange Rates
»90 Day Eurodollar Rate*
Percent
10
• Selected Foreign Exchange Rates**
Percent Change From Official Parity With U.S. Dollar
as of April 30, 1970
10
..GERMANY
ITALY
14.4
10
JAPAN
10
CANADA
J
F
M
A
M
J
J
A
1971
* Average of daily figures
**End of month
U.S. Department of Commerce, Bureau of Economic Analysis
S
O
N
D
reduced volume of direct investment
outflows in the fourth quarter probably
reflected the fact that planned investments for the year were sustantially
completed in earlier quarters.
Foreign direct investment in the
United States shifted unfavorably by
almost $1.2 billion in 1971, to an
outflow of almost $200 million, the
first outflow in 7 years. Substantial
transfers of funds—especially to Japan
in the third quarter—-were effected by
trading company branches here to
prepay for imports to the United
States, in anticipation of dollar devaluation. Signs of a reversal of this
pattern were evident near yearend.
Net transactions in foreign stocks
and bonds were little changed in 1971
from 1970, but there was a favorable
shift of $570 million from the first half
of 1971 to the second. There were net
sales of foreign stocks in both the
third and fourth quarters and net
purchases of foreign bonds shrank in
the fourth. For the year as a whole, purchases of Canadian bond issues were
essentially unchanged, there was a
decline in Latin American flotations
here, and a rise in new issues by international agencies and Israel.
Net transactions in U.S. securities
were also about unchanged from 1970
to 1971, but here, too, there was a
marked shift within the year. Net
foreign purchases of U.S. stocks totaled
$760 million in the second half, compared with only $75 million in the first
half. Purchases were largest in the
fourth quarter, mostly in December.
Eelatively good growth prospects for
the U.S. economy and a decline in
Eurodollar rates probably stimulated
buying. New bond issues sold abroad
by U.S. corporations shifted favorably
by $315 million in 1971 but this was
offset by a decline in net foreign purchases of other U.S. bonds, particularly Government agency issues.
Other transactions in U.S. private
long-term claims and liabilities shifted
adversely by almost $1.5 billion in 1971
to an outflow of about $750 million.
About two-thirds of the shift reflected
a rise in long-term bank reported outflows, representing a buildup of claims
on foreigners.
37
Short-term nonliquid capital
unrecorded transactions
and
Outflows of nonliquid short-term
private capital totaled more than $2.5
billion in 1971, an adverse shift of
almost $2 billion. About 70 percent of
the outflow occurred in the second half
of the year, especially in early August
and in December. The action in the
fourth quarter to exempt export credits
from the Voluntary Foreign Credit
Eestraint Program was a contributing
factor. Most of the year's rise in bank
claims was associated with loans not
covered by the VFCE Program. Nonliquid bank outflows were probably
stimulated not only by exchange market
considerations but also by the weakness
of domestic demand for bank loans/The
buildup of short-term nonliquid claims
was widespread geographically but
Japan accounted for the largest gains in
the second half of the year.
The net volume of outflows through
unrecorded transactions was an unprecedented $10.9 billion in 1971, compared with a rather normal $1.1 billion
in 1970. This huge errors and omissions
figure was a reflection of the intensity
and scope of the movement out of
dollars. Individuals, business firms, and
D onbank financial institutions—not
covered by the reporting system—
participated in commercial, financial,
and other transactions, probably with
both their own and borrowed dollars,
utilizing channels and financial intermediaries also not covered by the
reporting system. Leads and lags in
payments and receipts for normal
transactions were contributing factors.
Some of the unrecorded outflow,
especially early in the year, was
probably associated with the wide
interest rate gap between Europe and
the United States. Later in the year,
a large part of the outflow was probably
to Japan. The net liquidity deficit,
swelled by these outflows, totaled $22
billion in 1971, an unfavorable shift of
$18.2 billion.
Short-term liquid capital
Net liquid private capital outflows
totaled $7.8 billion in 1971, a $1.8 billion deterioration for the year. By far
the largest factor in the outflow was the
SUEVEY OF CUREENT BUSINESS
38
$6.7 billion reduction in liquid liabilities
to private foreigners, an adverse shift
of $465 million from the already large
reduction in 1970. The decline centered
on repayments of liabilities of banking
institutions here to banking institutions abroad, including liabilities of
U.S. banks to their foreign branches
and to other foreign banks, and liabilities of U.S. agencies of foreign banks to
their head offices abroad. Liquid claims
reported by U.S. banks and corporations rose by more than $1 billion in
1971, a $1.3 billion adverse shift from
1970. This development was largely
associated with the lower rates on
dollar loans than on loans in foreign
currencies, and to a lesser extent with
expectations of devaluation of the
dollar.
The net $7.8 billion outflow on liquid
private capital, added to the $22 billion net liquidity deficit, resulted in a
record deficit of $29.8 billion in the
official reserve transactions balance.
This represented a deterioration of almost $20 billion from 1970. The deficit
was largely financed by an increase of
more than $27.4 billion in liabilities to
foreign official agencies; there was also
a drop of more than $2.3 billion in U.S.
official reserve assets, following a similar
loss in 1970. Virtually all the decline in
reserves occurred before the August 15
suspension of dollar convertibility.
Japan registered the largest gain in
reserves, while the United Kingdom and
some Continental European countries
added substantial amounts to their
reserve holdings.
Hijpilights and Perspectives
Merchandise Trade
The merchandise trade balance
turned sharply adverse in 1971, recording a deficit of $2.9 billion compared to
the 1970 surplus of $2.1 billion. Imports
soared $5.8 billion to $45.6 billion, a
rise of 14% percent, while exports advanced $0.8 billion to $42.8 billion, a
rise of only 2 percent. In the fourth
quarter, with East and Gulf Coast ports
largely shut down, the deficit reached a
quarterly record of $1,525 million; in
the third quarter, when large shipments
in anticipation of the strike boosted
exports more than imports, the deficit
was $540 million. The average deficit
for the third and fourth quarters was
thus $1,035 million, little different from
the second quarter's $1,060 million
deficit but a marked erosion from the
moderate $250 million surplus in the
first quarter. (All figures are on the
balance of payments basis, excluding
"military," which omits exports and
imports of the defense agencies and
reflects various other adjustments to
the trade data reported by the Census
Bureau.)
Calculated on the balance of pay-
ments basis, the trade deficit in 1971
was the first since 1935. (On the Census
basis, the last previous deficit for a
calendar year was in 1888.) The deficit
in 1935 was $60 million, or 1 percent of
the combined total value of exports and
imports. Last year's deficit of $2.9
billion was equivalent to 3 percent of a
vastly larger volume of two-way trade.
Threatened and actual domestic
strikes on the docks and railroads and
in the auto, metals, and coal industries
produced major aberrations in the
quarterly movement of goods into and
out of the country during 1971, but
they were of less significance in determining the level of exports and imports for the year as a whole. Although
labor disturbances are believed to have
affected exports more adversely than
imports, they were probably responsible for less than one-fifth of the 1971
deterioration in the trade balance.
The dollar value of U.S. exports
increased only 2 percent in 1971, a year
in which export prices rose 3 percent.
Underlying this sluggish performance
was the substantial slackening in the
rate of economic growth in the major
industrialized nations abroad. More-
March 1972
over, the U.S. share of world exports
declined further in 1971, and the
decline was only partly due to U.S.
export losses from the dock strike.
The mild expansion in U.S. economic
activity was a stimulus to imports last
year, but the increase was larger than
past relationships between imports and
domestic activity would have indicated.
A partial explanation lies in the increase of more than 5 percent in the
price (unit value) of imports in 1971,
the second largest increase since the
Korean war. Also, imports may have
been spurred last year by special factors
such as anticipations of import restrictions and of exchange rate realignments.
The increase of imports last year may
also have reflected some acceleration
in the longer term growth in U.S.
preference for foreign products. This
growth, over the past decade, is illustrated in the accompanying table,
which relates imports to various indi-
Ratio of Merchandise Imports to Related
Domestic Indicators
[Percent']
Aver- Average age 1970
196564
69
Imports -5- GNP—total
2.89
1971
3.54
4.09
4.36
Imports -H "Domestic demand"2—
total
2.92
3.56
4.11
4.36
Foreign passenger cars: Imports
of foreign models -5-U.S. "de- 3
mand" for all passenger cars -
5.64
9.34 16. 13
Capital goods: Imports of capital
goods, except automotive -r
Investment in producers'
durable equipment, except
automotive ._
__ _ __ __
3.01 5.54
7.34
7.66
Nonfood consumer goods, except
autos, gas, oil: Imports ^Personal consumption expenditures
2.41 3.51 4.67
4.98
Foods and beverages: Imports -sPersonal consumption expenditures
4.15
4.27
4.67
4.66
Supplies and materials: Imports
of industrial supplies and materials -*-" Domestic demand",
excluding services
2.49
2.62
2.69
2.80
16. 67
1. Ratios for passenger cars are computed from unit (quantity) data; other ratios are computed from value data in current prices. Note that in computing the latter ratios, the
values used in the numerators (for imports) are mostly
wholesale prices, f.o.b. foreign country, whereas the values
used in the denominators (for personal consumption expenditures and investment) are domestic market prices.
While this discrepancy affects the absolute levels of the
ratios shown, it does not significantly affect the relative
growth trend in import penetration.
2. GNP less exports, plus imports, of goods and services.
3. Ratios shown are calculated using U.S. "demand" for
autos, representing: U.S. factory sales to the domestic
market, plus imports from Canada and overseas. An alternative calculation is the ratio of U.S. dealers' sales of foreignmodel cars to total U.S. dealers' sales of all passenger cars,
which in 1970 and 1971 was 15.2 percent and 15.3 percent,
respectively.
SUKVEY OF CUKBENT BUSINESS
March 1972
cators of domestic activity with which Commodity developments
they might reasonably be associated.
Agricultural exports comprise less
It is readily apparent that imports of than 20 percent of total U.S. exports
finished products—autos, other nonfood but they accounted for nearly 60
consumer goods, and capital goods— percent of the modest overall increase of
have risen much faster than other types exports last year. They rose more than
of commodities, relative to appropriate $450 million, or 6X percent, to a
domestic indicators. Particularly no- total of $7.8 billion (tables B-l and 4).
table is the rapid penetration of foreign The increase largely reflected higher
model cars in the U.S. market. In prices, although foreign supply short1970 and 1971, the number of foreign ages induced a surge in the physical
model units imported was equal to volume of U.S. raw cotton exports.
more than 16 percent of domestic The gain in soybean exports was wholly
demand, i.e. the number of cars shipped due to higher prices. Exports of nonfrom U.S. assembly plants for the agricultural (nonmilitary) goods rose
domestic market plus imports from only about 1 percent, to $35 billion, as
Canada and overseas; this was almost a sharp decline in shipments of indusdouble the average ratio in the pre- trial supplies and materials—centered
ceding 5 years. (In value terms, of in steel and other metals—largely offset
coarse, the ratio of such imports to substantial increases in the value of
domestically produced cars was sub- civilian aircraft deliveries and in automotive exports.
stantially less.)
39.
There were notable advances in
imports of certain types of materials
and supplies—particularly steel, aluminum, petroleum, building materials,
textiles, and chemicals. Automotive
imports from Canada, like exports,
moved up vigorously in the wake of the
late-1970 GM strike settlement, but
advanced more slowly after the first
quarter. Despite probable losses resulting from the dock strikes, imports of
autos from overseas rose strongly
enough to maintain their share of 1971;s
improved U.S. new car market. Imports of nonfood consumer goods (other
than autos) also rose substantially in
1971, even though the protracted West
Coast port strikes slowed consumer goods
deliveries from Japan.
Area developments
About 80 percent of the $5 billion
CHART 16
U.S. Merchandise Trade Balance, by Area
Billion $
"
4
ALL OTHER
WESTER EUROPE
-3
1969
70
1969
70
71
NOTE.—Trade balances calculated on balance of payments basis, excluding "military."
U.S. Department of Commerce, Bureau of Economic Analysis
1969
70
1969
70
71
1969
70
71
SUKVEY OF CUKEENT BUSINESS
40
March 1972
adverse swing in the trade balance be- worsening of the trade deficit. This
tween 1970 and 1971 resulted from worsening mainly represented an adtransactions with Western Europe and verse shift in net automotive trade,
Japan (table B-2 and chart 16). The which has been a primary contributing
U.S. export surplus with Western Eu- factor to our overall trade deficit with
rope in 1971 was only $0.8 billion, down Canada since 1968.
from $2.9 billion in 1970 and was about
half as large as in 1969. The trade
U.S. Corporate Capital—
deficit with Japan, uninterrupted since
Fourth Quarter and
it emerged in 1965, worsened by $2
Year 1971
billion in 1971 to $3.2 billion. The
deterioration of the balances with both
Net corporate capital outflows totaled
areas reflected absolute declines in ex$400 million in the fourth quarter, $945
ports accompanied by large increases
in imports. In trade with Canada, U.S. million less than in the third. Direct
exports rose less rapidly than imports investment outflows dropped more than
in 1971, resulting in a $200 million $1 billion and new issues of securities
sold abroad by U.S. corporations rose
somewhat. These favorable shifts were
only partly offset by small adverse
shifts in other flows (see table C).
Preliminary data indicate that direct
investment capital outflows were only
$360 million in the fourth quarter (it
should be noted, however, that fourth
quarter data are particularly subject to
revision). This compared with an outflow of $1.4 billion in each of the three
preceding quarters. This drop occurred
despite a decision by OFDI to allow
companies an additional 60 days to
meet their yearend program requirements. However, the OFDI decision
was not announced until December and
Table Bl.—U.S. Merchandise Trade, by Principal End-Use Categories—Reconciled to Balance of Payments Basis
[Millions of dollars]
Seasonally adjusted
Line
(Numbers in parentheses ( ) refer to line numbers in table 4)
1970
1971 ?
Change:
1970-71
1970
I
II
Change:
1971
III-IV
1971
IV
III
I
III'
II
IV P
EXPORTS
1 Total, adjusted to balance of payments basis, including "military" 1 (6)._ 42, 990
2
Less: Exports under U.S. military sales contracts identified in Census
documents (7)
3
Equals: Total, adjusted to balance of payments basis, excluding "military"
(8)
Agricultural goods
-.
Nonagricultural
Foods, feeds, and beverages (19)
Industrial supplies and materials (23)
Agricultural.
Nonagricultural- _
Capital goods, except automotive (34) _ _ _
_ .
_
M achinery , except consumer-type (35) ._
_
.
Civilian aircraft, complete—all types (44a)
Automotive vehicles, parts, and engines (46)
To Canada (47)
To all other areas (48)
Consumer goods (nonfood) , except automotive (52)
All other, including balance of payments adjustments not included above. .
4
5
6
7
8
9
10
11
12
13
14
15
16
17
43,937
947
10,438
10, 861
10,911
10, 780
11, 314
11,061
11,750
9,812
—1,938
1,010
1,168
158
197
279
215
319
298
355
275
240
-35
41, 980
7,343
34, 637
42, 769
7,803
34,966
789
460
329
10, 241
1,743
8,498
10, 582
1,772
8,810
10, 696
1,886
8,810
10, 461
1,942
8,519
11, 016
2,113
8,903
10, 706
1,909
8,797
11, 475
2,094
9,381
9,572
1,672
7,900
-1,903
-422
-1,481
5,839
13, 782
1,527
12,255
14,371
11, 570
1,528
3,652
2,474
1,178
2,718
1,615
6,050
12, 692
1,788
10, 904
15, 106
11, 584
1,914
4,406
3,223
1,184
2,846
1,667
211
-1,090
261
-1,351
735
14
386
754
749
6
128
52
1,328
3,463
396
3,067
3,449
2,758
390
920
613
307
676
405
1,420
3,519
383
3,136
3,583
2,793
483
1,005
724
281
673
382
1,551
3,385
328
3,057
3,678
3,048
285
991
682
309
681
410
1,534
3,438
416
3,022
3,689
3,006
345
756
473
283
692
352
1,562
3,370
546
2,824
3,897
3,003
507
1,115
792
323
682
390
1,495
3,245
451
2,794
3, 717
2,800
533
1,113
824
289
690
446
1,628
3,500
473
3,027
3,915
3,061
376
1,228
887
341
816
388
1,385
2,585
338
2,247
3,584
2,735
471
978
740
238
657
383
-243
-915
-135
-780
-331
-326
95
-250
-147
-103
-159
-5
IMPORTS
45,794
5,745
9,773
9,881
10, 031
10, 364
10, 815
11, 803
12,048
11, 128
-920
179
146
-33
45
50
39
45
47
36
33
30
-3
39, 870
45,648
5,778
9,728
9,831
9, 992
10, 319
10, 768
11, 767
12, 015
11, 098
-917
6,154
15, 106
3,783
3,592
191
5,610
3,241
2,369
7,553
1,663
6,369
16, 969
4,099
3,871
228
7,560
4,174
3,387
8,562
2,089
215
1,863
316
279
37
1,950
933
1,018
1,009
426
1,553
3,681
916
874
42
1,314
791
523
1,830
434
1,563
3,659
949
897
52
1,414
847
567
1,851
395
1,487
3,770
943
901
42
1,470
857
613
1,897
425
1,550
3,986
977
922
55
1,424
751
673
1,962
420
1,550
3,882
989
931
58
1,748
1,002
746
2,092
507
1,688
4,398
1,058
992
66
1, 842
1,017
825
2,254
527
1,875
4,486
1,049
985
64
2,107
1,153
954
1,955
543
1,255
4, 156
995
955
40
1,897
1,020
877
2,254
541
-620
-330
-54
-30
-24
-210
-133
-77
299
-2
18
Total, adjusted to balance of payments basis, including "military" 1 (13) __ 40, 049
19
Less: Imports of U.S. military agencies identified in Census documents
(14)
20
Equals: Total, adjusted to balance of payments basis, excluding "military"
(15)
21
22
23
24
25
26
27
28
29
30
Foods, feeds, and beverages (61)
Industrial supplies and materials (66).
_.._
Capital goods, except automotive (80)
_
__.
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89)
_ _
_
Automotive vehicles, parts, and engines— adjusted
From Canada (adjusted to transactions value) (92)
From all other areas (93)
Consumer goods (nonfood) , except automotive (97)
All other, including balance of payments adjustments not included above .
BALANCE
31
Balance on merchandise trade adjusted to balance of payments basis including "military" (export surplus-}-) (16)
2,941 -1,857
-4, 798
665
980
880
416
499
-742
-298
-1,316
-1,018
32
Balance on merchandise trade, adjusted to balance of payments basis
excluding "military' ' (export surplus+) (17)
2,110 -2,879
-4, 989
513
751
704
142
248 -1,061
-540
-1,526
-986
r
» Preliminary.
Revised.
1. Includes goods physically exported from the United States under U.S. military agency
sales contracts and recorded in Census trade statistics; includes goods physically imported
into the United States directly by U.S. military agencies (and by the Atomic Energy Commission and the Coast Guard) and recorded in Census trade statistics.
NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SUEVEY OF CUKEENT BUSINESS
March 1972
by that time some U.S. corporations
had probably already made financing
arrangements for yearend positioning.
Of at least equal importance, anticipations of exchange rate changes probably
contributed to the heavy outflows
earlier in the year. These outflows may
have substantially satisfied foreign investment plans for the year and thus
contributed to the fourth quarter
decline.
Corporate borrowing, including new
issues of securities sold abroad, shifted
favorably by $185 million in the fourth
quarter. New issues rose $170 million
41
to a level of $370 million, the highest
since the first quarter of 1969, as
interest rates in the Eurobond market
eased somewhat, and liquidation of
other long-term borrowing slowed to
$35 million from $100 million in the
third quarter. However, short-term
borrowing declined by $50 million to
to $115 million. Changes in corporate
claims abroad shifted unfavorably by
$285 million.
of U.S. corporate capital were a record
$4.5 billion, up $2.6 billion from 1970.
Direct investment outflows increased
less than $100 million. Most of the
deterioration was accounted for by a
reduction in corporate borrowing
abroad, which declined $1.7 billion to
a level of $1.2 billion. The other large
factor was the $0.9 billion adverse shift
in corporate short-term liquid claims.
An area breakdown of net corporate
capital flows shows several major
shifts. Net outflows to Western Europe
The year 1971
were $1.4 billion, an adverse shift of
For the full year 1971, net outflows $2.3 billion from 1970. Most of the
Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas !—Balance of Payments Basis, Excluding "Military"
[Millions of dollars]
Seasonally adjusted
1970
Line
Change:
1970-71
1971P
1970
I
II
Change:
1971
1II-IV
1971
III
IV
I
II
IIP
IV P
EXPORTS
_ _.- 41,980
3
4
5
6
7
8
9
10
11
12
42,769
789
10,241
10,582
10,696
10,461
11,016
10,706
11,475
9,572
-1,903
29,447
29,798
351
7,215
7,482
7,556
7,194
7,680
7,407
7,866
6,850
-1,016
14, 174
2,518
11, 656
9,044
4,648
1,581
13, 568
2,347
11, 221
10, 472
4,067
1,691
-606
-171
-435
1,428
-581
110
3,477
607
2,870
2,276
1,095
367
3,607
662
2,945
2,333
1,153
389
3,564
616
2,948
2,344
1,219
429
3,525
630
2,895
2,094
1,182
393
3,707
722
2,985
2,462
1,077
434
3,367
545
2,822
2,634
1,028
378
3, 694
586
3,108
2,729
970
473
2, 832
505
2,327
2,629
985
404
-862
-81
-781
-100
15
-69
12,533
1 Total, all countries (line 2, tables 2, 3, 9)
2
12,971
438
3,026
3,100
3,140
3,267
3,336
3,299
3,609
2,722
-887
6,494
368
5,671
6,439
408
6,124
-55
40
453
1,570
82
1,374
1,601
93
1,406
1,624
97
1,419
1,697
97
1,473
1,668
102
1,566
1,607
96
1,596
1,825
103
1,681
1,343
105
1,274
-482
2
-407
-917
Developed countries total
Western Europe
United Kingdom
Other Western Europe (including EEC)
Canada
Japan
Australia New Zealand, and South Africa
_
Developing countries, total
Latin American Republics and other Western Hemisphere
Eastern Europe
Other countries in Asia and Africa
_ _.
._
IMPORTS
13
Total, all countries (line 16, tables 2, 3, 9)
14
Developed countries, totaL-
15
16
17
18
19
20
21
22
23
24
.
39,870
.
Western Europe
United Kingdom
Other Western Europe (including EEC)
Canada
Japan
Australia, New Zealand, and South Africa
45,648
5,778
9,728
9,831
9,992
10,319
10,768
11,767
12,015
11,098
29, 014
33, 530
4,516
7,084
7,125
7,270
7,528
8,058
8, 663
8,685
8,106
-579
11, 275
--. 2,216
9,059
10, 720
5,894
1,125
12, 758
2,470
10, 288
12, 352
7,281
1,139
1,483
254
1,229
1, 632
1,387
14
2,723
578
2,145
2,680
1,381
300
2,790
544
2,246
2,673
1,408
254
2,786
520
2,266
2,687
1,517
280
2,978
576
2,402
2,679
1,577
294
3,103
593
2,510
2,979
1,738
238
3, 362
671
2, 691
3,120
1,883
298
3, 624
702
2,922
3,196
1,551
314
2,672
506
2,166
3,039
2,117
278
-952
-196
-756
-157
566
-36
10, 856
12, 118
1, 262
2,644
2, 706
2,722
2,791
2,710
3,104
3,330
2,992
-338
5,913
218
4,725
6,116
226
5,776
203
8
1,051
1,452
55
1,137
1,517
51
1,138
1,471
51
1,200
1,478
62
1,251
1,448
57
1, 205
1,596
65
1,443
1,702
61
1,567
1,402
43
1,547
-300
-18
-20
_ _
__
Developing countries, total
Latin American Republics and other Western Hemisphere
Eastern Europe
_
_
Other countries in Asia and Africa
_ _ -
BALANCE (EXPORT SURPLUS+)
25
Total, all countries
26
Developed countries, total
27
28
29
30
31
32
33
34
35
36
Western Europe
United Kingdom
Other Western Europe (including EEC)
Canada..
.
_
Japan
Australia, New Zealand, and South Africa ._.
Developing countries, totalLatin American Republics and other WTestern Hemisphere
Eastern Europe
Other countries in Asia and Africa
2,110 -2,879
-4, 989
513
751
704
142
248 -1,061
-540 -1,526
-986
433 -3, 732
-4, 165
131
357
286
-3^4
-378 -1,256
-819 -1,256
-437
810
2,899
302
-123
2,597
933
-1,676 -1,880
-1,246 -3, 214
456
552
-2, 089
-425
-1,664
-204
-1,968
96
754
29
725
-404
-286
67
817
118
699
-340
—255
135
778
96
682
-343
-298
149
547
54
493
-585
-395
99
604
129
475
-517
-661
196
5
-126
131
-486
-855
80
70
169
-116
-1
161
186
-410
-467
-531 -1,132
126
159
90
115
-25
57
-551
-33
1,677
853
-824
382
394
418
476
626
195
279
-270
-549
581
150
946
323
182
348
-258
32
-598
118
27
237
84
42
268
153
46
219
219
35
222
220
45
361
11
31
153
123
42
114
-59
62
-273
-182
20
-387
r
p Preliminary.
Revised.
1. Annual country and area data shown in this table correspond to the annual data in table
9, lines 2 and 16; seasonally adjusted quarterly data shown in this table are computed from
corresponding unadjusted quarterly data in table 9, lines 2 and 16.
NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SURVEY OF CURRENT BUSINESS
42
deterioration reflected reduced borrowing in Europe; direct investment
outflows rose less than $100 million.
Net corporate outflows to oil-producing
and less developed countries in Africa
and Asia shifted adversely by about
$500 million, and outflows to international affiliates—mainly shipping companies—shifted adversely by $250
million. Net corporate outflows to
Canada, on the other hand, dropped by
over $600 million, mainly due to a fall
in direct investment capital outflows by
automotive and petroleum companies.
The continued high level—$4.5 billion—of direct investment capital outflows in 1971 reflected several factors.
U.S. funds helped finance the currently
estimated 9 percent increase in plant
and equipment expenditures in 1971 by
affiliates of U.S. corporations (see the
article beginning on p. 29). In addition,
expectations of exchange rate changes
may have generated transfers of dollars
through direct investment accounts for
the purpose of permitting increases in
the affiliates7 foreign currency holdings
or reductions in their foreign currency
liabilities.
The volume of new issues of securities sold abroad by U.S. corporations
March 1972
increased $325 million in 1971. This foreign borrowings of U.S. corporations
increase in new issues reflected some left on deposit abroad.
reduction in the cost of borrowing in
the international bond market and
Note on Military Grants
occurred despite exchange market uncertainties, an indication of Eurobond
Data on transfers of goods and servmarket resiliency.
ices under military grant programs and
Other long-term borrowing, primarily military grants of goods and services
medium-term bank financing, amounted (table 1, line 51 and tables 2, 3, and 9,
to only $0.1 billion in 1971, an adverse lines 14 and 28) are understated because
shift of $1 billion from the previous of the exclusion of certain transactions
year. Short-term borrowing also shifted funded by direct Defense Department
adversely by $1 billion, as a small appropriations. Data on these transliquidation of liabilities in 1971 fol-actions have not heretofore been availlowed unusually high borrowing in able for publication.
The Defense Department currently
1970. The improved liquidity of U.S.
corporations probably contributed to anticipates that it will be able to prothe reduction in borrowing abroad in vide data that meet the definitions of
1971, as did the fact that short-term balance of payments methodology for
interest rates abroad remained above inclusion in tables 1, 2, 3, and 9 on a
regular basis in future issues of the
U.S. rates.
The large increase in U.S. corpora- SURVEY ; data for past periods will also
tions' short-term liquid claims on be provided. On a preliminary basis,
the Defense Department estimates the
foreigners during 1971 primarily remagnitude of these transactions curflected an increase in deposits abroad. rently omitted from lines 14 and 28 at
This was probably due to the fact that approximately $2 billion in each of the
Eurodollar rates were higher than U.S. calendar years 1970 and 1971. The
short-term interest rates. In addition, a entries in lines 14 and 28 offset each
change in OFDI regulations may have other and thus have no effect on other
increased the portion of long-term balance of payments accounts.
Table C.—Net Change in U.S. Corporate Foreign Assets and Liabilities
1
[Millions of dollars, seasonally adjusted]
Line
1
2
3
4
5
6
7
Credits (+) ; debits (— ) (lines in table 2 in which transactions are included
are indicated in ( ))
Sum of capital flows above current account and long-term capital balance
9
10
Sum of capital flows above net liquidity balance
11
. ._
Short-term claims, liquid (46).
12
Sum of capital flows above the official reserve transactions balance. _
13
Uses of funds obtained through new issues of securities sold abroad by U.S.
Corporations
14
Additions to, and refinancing of, direct investment (3#t)
Short-term claims reported by U.S. residents other than banks ($>t)
Reductions in corporate liabilities to foreign residents (50], 51])
___
Transfers of funds to U.S. residents (56]} *
15
16
17
1971^
Direct investment (39)
_
. -4, 445 -4, 526
of which: Short-term intercompany accounts with incorporated
-690
n.a.
affiliates, n.s.a.
Branch accounts, n.s.a_
-949
n.a.
5
-96
-291
Other long-term claims (44)
New issues of securities sold abroad by U.S. corporations (49t)2
822 61 148
1,153
Other long-term liabilities (50)
141
Short-term claims, non-liquid (45j)3
Short-term liabilities (51t)3
8
1970
-*, 761 -8,838
-359
915
-81
n.a.
n.a.
195
326
— 1 012
II
I
II
III'
III
IV
-1 358 -1,257
-751
-232
-897
-232
-934 -1,370 -1,393
525
-703
595
-666
-113
— 199
I
— 195
5 —95
163
159
-572 -1,181
-183
—983
1971
1970
— 174
—13
267
358
-645
-61
193
312
-521
229
185
-29
167
-1,738 -1 076
25
—54
199
324
-465
— 188
—32
317
222
-863
-639
—9
263
51
-459
n.a.
1,046
n.a.
-165
n.a.
—109
6368
n.a.
-163
168
64
-188
1,115
-1,404
54
200
—98
-1, 088 -1, 248
-152
IV*
Change:
1971
HI-IV
-358
-34
-108
161
-192
—226 -1 801 -1 234 -1 195
—212
988
-189
—39
— 401
944
-95
334
-90
-348
6
113
-84
-48
-521
-883
-509
—870
122
-33
36
-1, 844 -4, 452
-2, 608
-954
-554
-347
148
326
168
267
193
199
817
263
200
^ 368
168
-881
-195
-210
-412
47
-99
-21
-64
-14
-68
-35
-147
-90
—88
—73
-48
-37
-210
-29
-1~89
—124
-34
-35
-70
—44
—48
-90
-109
-100
—18
-2, 205 -3, 943
361
822 *1
-378
-84
-360
r
Kevised.
»Preliminary.
N.s.a. Not seasonally adjusted.
fPortion of line.
N.a. Not available.
1. Excludes claims and liabilities of U.S. banking and brokerage institutions but includes
other private transactions, a number of which are unrelated to direct investment and cannot
be disaggregated.
2. Excludes funds obtained abroad by U.S. corporations through bank loans and other
credits and also excludes securities issued by subsidiaries incorporated abroad. However,
securities issued by finance subsidiaries incorporated in the Netherlands Antilles are treated
as if they had been issued by U.S. corporations to the extent that the proceeds of such issues
are transferred to U.S. parent companies.
-542
-68
Change:
1970-71
-111
-210
-52
236
—225
55
—150
10 -1,526 -1, 179 -1, 845
-14
-38
—114
-44
—96
3. Excludes brokerage transactions.
4. A (—) reflects a decline in foreign deposits and money market paper held in the United
States.
5. Excludes an increase in U.S. corporate long-term claims of $286 million that was associated with increased foreign direct investment in the United States.
6. Includes $11 million of proceeds from a new issue of stock sold abroad by a U.S. corporation.
NOTE.—Detail may not add to totals due to rounding.
SUKVEY OF CUEKENT BUSINESS
March 1972
43
Table 1.—-U.S. Balance of Payments Summary
[Seasonally adjusted, millions of dollars]
Merchandise trade balance 1
Exports
Imports
5
6
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
36
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
Reference i
lines
(table 2)
(Credits +; debits -)
Line
.
-
2
16
Military transactions, net.Travel and transportation net
__.
Investment income, net 2
U.S. direct investments abroad
Other U.S. investments abroad
Foreign investments in the United States
Other services, net .
Balance on goods and services
_
789
21, 22,
23
-
58
Change
1970-71
1970
1971
I
II
-4,98
78
—5 77
51
10 24
—9 72
75
10 58
—9 83
-2,85
—2 24
51
—26
-90
—44
-80
—50
—88
—55
—77
—47
7
9
3
—4
95
29
41
76
1 70
1 39
—8
40
1 57
2 03
88
—1 34
1 46
1 90
88
—1 32
1 57
1 97
88
—1 28
1 6?
85
—1 21
2 04
86
—1 11
72
14
14
13
15
15
21
995
670
III
IV
I-
II-
Change:
1971
IV v
III'
70
14
24 —1 06
—54 —1 52
10 69
10 46
11 01
10 70
11 47
9 57
—9 99 —10 31 —10 76 —11 76 —12 01 —11 09
1 04
1 QQ
—66
—43
i 78
—66
61
—72
—55
—80
—63
o i7«
1 702
2
o /MR
2
2 133
842
832
—1 072 —1 273 —1
III-IV
—986
—1 903
917
—79
—77
28
70
87
303
579
575
34
—30
175
168
—7
1 150
56
—514
—570
-342
-355
-385
-377
8
17
3 59
69
—2 893
881
31, 32.— -1,41
-1,45
-49
-338
2,18
—76
-2, 942
543
683
636
319
808
—349
—329
—891
-562
—2 014
—275
—418
—391
—444
—485
—428
483
—542
—562
-20
444 —2 774
Remittances, pensions and other transfers
—3 218
125
292
192
166
380
oqo
—87'
—1 453
—582
-234
-511
-480
-396
-450
-602
-679
-421
-369
52
—19
-100
88
-30
114
—224
82
40
—263
—85
102
—55
72
—174
48
-221
—24
-47
i 700
i QnQ
16
—1 797
—1 404
—388
—248
582
—295
—44
472
—358
120
79
914
—140
—143
2 269
1 046
508
327
332
155
—99
Balance on goods, services and remittances
U.S. Government grants (excluding military)
_.
Balance on current account *
30
_
U.S. Government capital flows excluding nonscheduled re- 34, 35,
payments, net.5
36
Nonscheduled repayments of U.S. Government assets _
37
U.S. Government nonliquid liabilities to other than foreign 55
official reserve agencies.
Long-term private capital flows, net
U.S. direct investments abroad
39
Foreign direct investments in the United States
48
Foreign securities.
..
40
U.S. securities other than Treasury issues
49
Other, reported by U S. banks
41 52
Other, reported by U.S. nonbanking concerns _
44 50
—1 73
-1, 837 -2,07
244
-436
22
-536
-362
-359
—2 675
—969
—81 —1 358
—1 161
486
' 32
—210
304
61
—995
31
—531
—222
272
1 257
' 105
93
374
68
345
220
897
218
—488
720
44
183
—3 038 —9 28 *
—545 —2 529
— 1 015 — 1 848
—360
—576
—105
830
—6, 246 -1,297
—1 984
—115
—162
—833
—216
—116
—935
163
—570
—140
—268
—23
151
—340
—115
—189
—50
124
63
64
Allocations of special drawing rights (SDR) 4
Errors and omissions net
—1 45^ —4 128
—4' 445 —4 526
969
—192
— 910
—94?
2 190
2 251
—796
199
45
576
42
45
51
Balance on current account and long-term capital 6
Nonliquid short-term private capital flows , net
Claims reported by U.S. banks
_ _
Claims reported by U.S. nonbanking concerns.
Liabilities reported by U.S. nonbanking concerns
717
867
— 1 104 — 10 878
—150
— 9 774
217
—59
217
375
217
437
43
46
56
—6,000
242
— 119
361
—6 242
—6 507
179
86
Net liquidity balance
__
Official reserve transactions balance
Financed by changes in:
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government
Nonliquid liabilities to foreign official agencies reported by
U.S. banks
._....
Liquid liabilities to foreign official agencies ._
-35
—1 009
934 —1 370
Ign
92
353
337
792
559
—127
56
190
270
388
196
234
42
—8?? — 1 31? — 3 257 —3 191 -1 523
175
—731
—381
409 —1 008
—954
—638
—70
— 396
186
— 171
—129
—125
—184
138
91
75
—186
392
—85
Ign
179
179
216
179
9 113 —5 283 —2 270
233 — 1 012
1,668
277
316
-55
16
0
3 013
—675 — 1 02^ —2 525 — 5 800 —9 303 —4 345
4,958
-2,882 —1,940
—557
—308
— 119
-407
—189
— 150
—2, 325 — 1,632
— 2,112 -1,638
41
156
-35
-369
942
249
288
-39
693
474.
-115
334
—9,821 —29, 767 — 19,946 —2,864 — 1 404 —2 075 —3 478 —5,550 —5 747 -12,185 -6,285
5,900
—3 821 —21 973 —18 152 —1 254
Liquid private capital flows, net.
Liquid claims
Reported by U.S. banks
Reported by U.S. nonbanking concerns. _. _.
Liquid liabilities
.__.
To foreign commercial banks
To international and regional organizations
To other foreigners
U.S. official reserve assets, net
Gold...
_
SDR
.
Convertible currencies
_
Gold tranche position in IMF
1971 P
O C7
2,11
41,98
42 76
—39, 87 —45 64
3, 17 ... -3,37
4, 5,6
—1 97
18, 19,
20
6 24
10, 11
7 90
12, 13
3 50
24, 25,
—5 16
26,27
..
3
1970
-7, 794
— 1 089
—580
—509
—6 705
— 6 902
675
-478
-1,794 -1,610
2g9
1 331
—461
140
—870
122
— 1,872
—463
—395 — 1,863
142
496
-564
-151
—868
—536 — 1,400 —2 454 —3, 025
160
17
310
157
—53
—85
— 127
—79
—225
36
—33
°36
—376 — 1 383 —2 611 —2 715
—441 —1 315 — 2 888 —3 067
— 124
280
82
79
—150
72
189
198
53
86
31
55
—33
—85
198
— 146
54
535
341
—194
-266
735
-12
77
—8
—8
-9
366
375
53
57
—810
7 619
-539
27 617
271
19 998
-154
3 020
—235
99
—233
1 736
—188
2 765
-201
5 077
— 160
5 256
-173
11, 173
-5
6,111
168
-5, 062
58
59
60
61
62
2,477
787
—851
2 152
389
2,348
866
—249
381
1,350
— 129
79
602
—1,771
961
264
—44
—270
831
-253
805
14
— 254
818
227
584
395
—251
34
406
824
422
—76
469
9
682
109
—55
373
255
659
456
17
—66
252
1,194
300
-29
72
851
— 187
1
-182
2
-8
— 1,381
-299
-153
-70
-859
-124
Memoranda:
51
52
53
54
Transfers under military grant programs, (excluded from
lines 2, 4, and 14) e
..__
.._ _ _ _ _ _ 14,28
Reinvested earnings of foreign incorporated affiliates of U.S.
firms (excluded from lines 7 and 20)
Reinvested earnings of U.S. incorporated affiliates of foreign
firms (excluded from lines 9 and 21)
Liquidity balance, excluding allocations of SDR ...
253
129
2 885
na
na
na
na
na
na
na
na
n.a.
n.a.
n.a.
434
na
na
na
na
na
na
na
na
n.a.
n a.
n.a.
—745 — 1,154 — 1,194 —3, 224 —6,061 -10,221 -4,471
5,750
613
729
116
137
56, 57, 58, -4, 721 -23,977 -19,256 -1,629
63
191
116
169
188
159
NO!r SEASC)NALLY ADJUSTED
55
56
57
58
59
60
Balance on goods and services
Jalance on goods, services and remittances ..
balance on current account.
Balance on current account and long-term capital 5
STet liquidity balance.- _ ..
Official reserve transactions balance
- Revised.
J> Preliminary.
N.a. Not available.
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency sales
contracts and imports of U.S. military agencies.
2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct
investmants in the United States.
3. Equal to net exports cf goods and services in national income and product accounts of
the United States.
1 234 1 300
913
925
465
487
-1,310
—899
—510 — 1 704
— 1, 965 —2 069
250
228 -1,291
— 291
1 349 1 513
-124
1,002
1 188 — 140 -1,683
—657
-651
-670 -2, 184
732
552
— 1 060
61
— 1,535
706 — 1,262 -3, 613 -4, 468
— 1 454
— 152 — 1 847 —6,598 --10,083 -3, 445
— 2 612 —3, 174 —4 718 —6,462 --12,704 -5, 883
1,541
1,559
1,533
4,529
6, 638
6,821
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income and
product accounts of the United States.
5. Includes some short-term U.S. Government assets.
6. These data are incomplete. See note on p. 42.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
44
March 1972
Table 2.—U.S. International Transactions
[Millions of dollars]
1970
1971 v
1970
(Credits +; debits -)i
Line
I
1 Exports of goods and services 2
2
3
4
5
6
7
g
9
10
11
12
13
..
..
1971
II
III
II '
i-
IV
in"
IV *
62, 903
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
..
..._
Direct investment interest dividends and branch earnings 4
Other private assets
U.S. Government assets
14
Transfers of goods and services under U.S. military grant programs, net 8 __
15
Imports of goods and services
15, 035
16, 320
15, 231
16 317
16, 183
17 178
16 312
16, 258
42 769
1,942
2,455
599
3,147
695
1 206
407
10 117
256
490
105
697
150
266
87
11 027
488
617
145
800
150
267
87
10 018
303
716
184
841
150
269
103
10 818
434
496
119
768
150
267
110
10 903
475
526
123
734
174
300
106
11 165
622
631
155
848
174
301
106
10 736
428
752
187
872
174
303
104
9 965
417
546
134
693
174
302
91
1,880
6,026
2,597
906
Merchandise, adjusted, excluding military
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation
Fees and royalties from unarfiliated foreigners
Other private services
U.S. Government miscellaneous services
65, 930
41, 980
1,480
2,319
553
3,106
600
1,069
387
3
2,041
7,256
2 545
869
418
1,613
639
197
492
1,344
662
241
459
1 363
648
180
511
1 706
649
289
450
1 573
643
176
540
1 791
617
228
488
1,478
632
159
563
2,414
653
306
613
729
147
222
90
154
210
190
205
124
-59,311
-65, 231
-13,801
—15,021
-15 522
—14 967
—14, 670
-16,950
-17,603
-16,008
-39, 870
-4, 851
-3, 953
-1,215
—2, 789
—119
—620
_ __
-729
-45, 648
-4, 796
-4, 201
-1,229
—3 017
—125
—689
-766
-9, 458
-1, 182
-617
-224
-631
-30
—152
—159
-10, 024
-1, 255
— 1, 030
-382
—695
—30
—157
—151
-9, 858
-1,211
-1,624
-398
—755
-30
—158
-214
—10 530
-1, 203
-682
-211
—708
—30
—153
—205
-10, 478
-1, 174
-653
-205
—692
—31
-170
-155
-12, 008
-1,214
-1,116
-419
-769
-31
-174
-164
-11,853
-1, 190
-1, 678
-385
-804
-31
-176
-239
-11, 309
-1,218
-754
-220
-752
-31
-169
-209
—91
—494
-2, 332
-1, 844
-23
-125
-995
-204
-30
-97
-928
-243
-28
-98
-876
-273
-30
-120
-793
-304
-26
-142
-625
-320
-21
-108
-536
-390
-23
-133
-580
-512
-22
-111
-592
-622
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest dividends and branch earnings 4
_ __
Other private liabilities
U.S. Government liabilities
--
-
-111
—441
-3, 591
-1,024
28
U.S. military grants of goods and services, net6 -
-613
-729
-147
-222
-90
-154
-210
-190
-205
-124
29
Unilateral transfers (excluding military grants) net
— 3,P8
—3,473
—769
—813
—768
—798
-781
-898
-893
-901
30
31
32
U.S. Government grants (excluding military)
U S Government pensions and other transfers
Private remittances and other transfers
-1, 739
-462
-948
-2, 014
—540
—919
-447
—100
-221
-439
— 118
-257
-402
-122
-244
-450
-122
-226
-457
-124
-201
-530
-141
-227
-501
-138
-254
-527
-137
-237
-1,593
-1,847
-484
-439
-357
-314
-661
-651
-309
-226
-3, 285
-27
-4, 037
186
-874
19
-920
-43
-707
43
-784
-46
-1,175
81
-1,290
82
-724
5
-849
18
1,475
244
1,780
225
283
88
411
114
306
2
475
40
429
4
456
102
338
72
558
48
--
-6,914
-9,585
-1,944
-2,269
-995
-1,706
-2,198
-2,859
-2,740
-1,790
_ _ _ _ _ _ _ _ _ _ _
-4, 445
-942
-4, 526
—910
-1, 573
-210
-1, 662
93
-747
-488
-464
-337
-1,545
-353
-1,758
-388
-1,294
-248
72
79
183
----1,015
-119
-541
-1,848
-580
24
13
240
49
-461
-135
22
275
-6
88
-842
-218
25
105
15
-173
-379
23
-217
-490
-360
-176
-1,084
-258
-577
-360
361
-96
-576
-509
-381
-54
-3
-13
-42
-99
-129
17
61
-54
-281
402
-32
-62
-351
-9
-157
-17
54
-61
-123
-109
-296
-18
5,824
22,019
2,030
526
2,354
5,720
9,082
4,863
—192
2,251
486
304
105
374
218
720
160
792
92
559
-16
196
-388
582
120
914
33
. _.
. __ . .. _.
U.S. Government capital flows, net
__
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets, net
-. -
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
-
38
U.S. private capital flows, net
39
40
Direct investments abroad 4
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term nonliquid _ _ _ - _ . _ _ _
Short-term liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
. ..
Short-term liquid
47
-
_.
-
Foreign capital flows, net
.'.
-
..
-
- ... ...
- ..
_ _ _
. . -.
--
_ -
___._.
-- - -
-
4
1,600
1,668
48
49
Direct investments in the United States
U S securities other than Treasury issues
969
2,190
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term reported by U S. nonbanking concerns _
Short-term reported by U S nonbanking concerns
Long-term reported by U S banks
Long-term liabilities to foreign official agencies reported by U.S. banks..
1,153
830
16
-810
141
—105
—255
-539
79
93
7
-154
343
166
19
-235
227
209
22
-233
504
362
-32
-188
142
-256
-152
—201
36
-70
-61
-160
-183
160
-78
-173
146
61
36
-5
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
535
-436
341
-536
-259
-28
743
-255
-5
36
55
— 188
-2
-69
-4
-119
-3
-203
350
-144
56
57
U.S. liquid liabilities:
To private foreigners
To foreign official agencies
6,242
7,619
-6, 705
27, 617
-1,692
2,764
-131
539
-1,213
2,049
-3, 206
2,267
—2, 535
4,776
130
5,788
-2, 138
11, 507
-2, 162
5,546
2,477
2,348
-386
1,022
801
1 040
145
838
1,373
-8
787
851
2,152
389
866
-249
381
1,350
-44
-920
831
—253
14
-37
818
227
395
-34
34
406
422
140
469
9
109
-592
373
255
456
196
-66
252
300
150
72
851
1
-3
2
-8
867
717
867
58
59
60
&1
62
63
--
--
Transactions in U S official reserve assets, net
Gold
SDR
Convertible currencies
Gold tranche position in IM F
Allocations of special drawing rights (SDR)
-
717
-2,188
-2,379
-5, 222
-1,104 -10,878
-97
-1,089
-119
-421
-467
64 Errors and omissions, net
-'
—
—
.
,
'
'
. •
export documents, and imports of goods included under direct defense expenditures identi»> Preliminary.
' Revised.
*Less than $500,000 (±).
fied in Census import documents, and reflects various other balance-of-payments adjustments
1. Credits, +: Exports cf goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S. (for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiiliates of U.S. firms or of U.S.
official reserve assets.
incorporated affiiliates of foreign firms.
Debits, -: Imports of goods and services; unilateral transfers to foreigners; capital
5. In
outflows (decrease in U.S .liabilities or increase in U.S. assets); increase
in U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
NOTE.— Details may not add to total because of rounding.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
March 19T2
45
Table 3.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
Line
I
1 Exports of goods and services 2
2
Merchandise, adjusted, excluding military
3
4
5
6
7
8
9
10
11
12
13
It 71
1£ 70
(Credits +; debits -) 1
II
III
IV
I'
III'
II r
IV P
15, 374
;.
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
.
•
_.
Other transportation ...
_ _ _ _
Fees and royalties from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services. _
_
...
_ __
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets
._
__
U.S. Government assets
14
Transfers of goods and services under U.S. military grant programs, net 6
15
Imports of goods and services
._
15, 806
15, 930
15, 795
16, 539
16, 628
17, 087
15, 678
10, 241
274
556
136
736
150
266
90
10, 582
447
573
142
774
150
267
80
10, 696
327
589
134
803
150
269
107
10, 461
433
601
141
793
150
267
110
11,016
510
594
157
774
174
300
110
10, 706
547
584
150
820
174
301
98
11, 475
468
616
134
834
174
303
108
9,572
417
661
158
719
174
302
91
449
1,590
648
238
3
496
1,409
648
238
466
1,507
660
222
468
1,520
642
209
483
1,557
651
213
544
1,872
604
228
496
1, 637
644
198
518
2,190
646
230
137
191
116
169
188
159
253
129
_
— 14,493
-14,761
-14,935
-15,125
-15,389
-16,622
-17,031
-16,192
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares __
Other transportation
...
Fees and royalties to unaffiliated foreigners
Private payments for other services.
U.S. Government payments for miscellaneous services-
—9, 728
— 1,182
—925
—290
—661
-30
— 150
— 179
-9, 831
-1,255
— 1 010
—286
-693
-30
— 153
— 181
—9 992
-1,211
— 1 021
—320
-738
-30
— 157
— 182
-10,319
-1,203
-997
-319
-697
-30
-160
-187
-10,768
-1, 174
—969
-267
-723
-31
— 167
—175
-11,767
-1,214
— 1,088
-316
-767
-31
-170
-197
-12,015
-1,190
— 1 046
—310
-787
-31
175
—204
-11,098
-1,218
— 1 098
—336
-740
-31
— 177
—191
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private liabilities
_ _ _ _ _
U.S. Government liabilities
_'____ .
—23
—120
—998
—207
-30
— 109
—942
-241
—28
— 104
—866
-286
-30
-107
-786
-290
-26
—135
-628
-326
-21
— 120
-544
-387
-23
— 140
—573
-537
—22
—99
—588
-594
_
28
U.S. military grants of goods and services, net6. _ __ _ _ _ _ _
—137
-191
-116
-169
-188
-159
-253
-129
29
30
31
32
Unilateral transfers (excluding military grants), net. _ _ _ _ _ _ _ _
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
_ __
—756
—418
—100
—238
—753
—391
—118
—244
—803
—444
—122
-237
-836
—485
-122
-229
—770
—428
—124
—218
—838
—483
—141
-214
-927
—542
—138
-247
—939
—562
-137
—240
33
34
35
U.S. Government capital flows, net
Loans and other long-term assets
__ _
Foreign currencies and other short-term assets, net
— /«23
—723
— 130
—366
—881
16
—394
—846
70
—410
-835
17
—598
—1 022
-68
—577
—1 251
142
—349
—865
31
—321
—900
81
342
88
385
114
380
2
368
40
488
4
430
102
413
72
450
48
-^1 941
—1 358
—210
—1 579
— 1 257
93
—1 748
—897
—488
—1,647
-934
-337
—2 235
— 1 370
-353
—2,201
— 1 393
-388
—3,455
-1,404
-248
—1,694
-358
79
24
— 162
140
49
—268
—127
22
—189
-53
88
-396
-79
25
—70
-85
-173
-186
31
-217
-954
-407
-176
-638
-119
-381
— 116
122
-13
—23
—33
-129
—50
36
-54
— 171
236
-32
— 125
—225
-9
— 138
55
54
— 129
-150
-109
—184
-189
1 817
1 006
1 586
1 416
2 603
5 085
8,585
5,746
486
304
105
374
218
720
160
792
92
559
—16
196
—388
582
120
914
159
163
7
—154
358
151
19
—235
312
124
22
—233
324
392
-32
—188
222
—186
—152
—201
51
—85
—61
—160
-98
75
—78
—173
-34
91
36
—5
—266
—30
735
—224
—12
82
77
—263
—8
—85
—8
—55
—9
—174
366
—221
—1 872
3 020
—376
99
— 1 383
1 736
—2 611
2 765
—2 715
5 077
—33
5 256
—2 325
11 173
—1 632
6 111
264
—44
—270
831
—253
805
14
—254
818
227
584
395
—251
34
406
824
422
—76
469
9
682
109
—55
373
255
659
456
17
—66
252
1 194
300
—29
72
851
—187
1
—182
2
—8
36
37
38
39
40
Repayments on credits:
Scheduled __ ._ __
Nonscheduled 5
;
_ _ _
U.S. private capital flows, net _ Direct investments abroad 4 _ _ _ _
Foreign securities
___
_
_ ._
_ _ ...
41
42
43
Claims reported by U.S. banks:
Long-term
_______ _____________
Short-term nonliquid
Short-term, liquid
,
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid _
Short-term, liquid _
_ _ _ _ _ _ _
47
_ ___ _
.. _
__ _ _
,
...
_ _
Foreign capital flows, net _
48
49
Direct investments in the United States 4
U.S. securities other than Treasury issues
50
51
52
53
Other U.S. nonliquid liabilities to private foreigners:
Long-term, reported by U.S. nonbanking concerns.
_
Short-term, reported by U.S. nonbanking concerns _ _ __
Long-term, reported by U.S. banks
_ _ _
Long-term liabilities to foreign official agencies reported by U.S. banks
54
55
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies __
To other official and private foreigners
__
56
57
U.S. liquid liabilities:
To private foreigners
To foreign official agencies
.
___
__
58
59
60
61
62
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
__ _
Transactions in U.S. official reserve assets, net
Gold.
_ _
._
SDR
Convertible currencies. _
Gold tranche position in IMF
_
63
_
__
_
r
Revised.
* Preliminary.
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase
in U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports Of goods under U.S. military agency sales contracts identified in Census
217
217
217
216
180
179
179
179
—59
—375
—437
—233
—1 012
—2 313
—5 283
—2,270
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign inc rporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
6. These data are incomplete. See note on p. 42.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUKKENT BUSINESS
46
March 1972
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
Not seasonally adjusted
Line
1970
1970
1971"
I
III
II
Seasonally adjusted
1971
IV
1
1970
III'
II
IV P
I
1971
IV
III
II
I
III' IV v
II
1
EXPORTS
Merchandise exports, Census basis, including reexports and
43,224 44,137 10,341 11,353 10,275 11,255 11,246 11,560 11,085 10,246 10,474 10,932 10,970 10, 918 11,369 11, 120 11,836 9,869
military grant shipments..
2
Merchandise exports, Census basis, including reexports, excluding military grant shipments
42,659 43,556 10, 194 11,218 10, 153 11,094 11,116 11,405 10, 930 10,105 10,327 10,797 10,848 10,757 11,239 10, 965 11,681 9,728
3
3a
3b
3c
3d
3e
Regular additions to Census exports
Private gift parcel remittances __
Virgin Islands exports to foreign countries
Gold exports, nonmonetary
Inland freight (to Canada) valuation adjustment
Other regular additions 1
_
4
405
64
26
1
284
30
28
... _ _
356
76
17
(*)
265
-2
27
3
3
91
16
2
(*)
63
10
92
17
4
(*)
70
1
36
3
83
90
25
18
6
5
(*)
(*)
67
65
1 -14
90
15
3
(*)
64
8
121
17
12
(*)
74
18
-33
2
116
17
12
(*)
69
18
90
15
5
(*)
73
-3
7
-52
-12
-13
-15
-15
-19
-14
-14
-15
-15
82
91
18
25
6
5
(*)
(*)
66
66
1 —14
97
16
2
(*)
69
10
86
17
4
(*)
64
1
21
-15
-21
-15
107
17
6
1
76
7
94
15
3
(*)
68
8
6
1
87
15
5
(*)
70
-3
-18
-18
6
106
17
6
1
75
7
5
5a
Special adjustments, net 3
Of which: uarterly allocation of annual seasonal adjustment discrepancy *
6
Equals : Mercha ndise exports, adjusted to balance of pay ments
42,990 43, 937 10,314 11,306 10, 233 11, 137 11, 201 11,520 11,011 10, 205 10, 438 10,861 10, 911 10,780 11,314 11,061 11,750 9,812
basis, including * 'military"
7
Less: Merchandise exports transferred under U.S. military
agency sales contracts identified in Census documents 5
8
Equals : Merchandise exports, adjusted to balance of payments
41,980 42,769 10,117 11,027 10,018 10,818 10,903 11, 165 10, 176 |9, 965 10,241 10,582 10,696 10,461 11,016 10,706 11, 475 9,572
basis, excluding "military" (table 2, line 2)
IMPORTS
Merchandise imports, Census basis (general imports)
39,952 45,602 9,455 10,069 9,873 10,555 10,517 12,012 11,788 11,285 9,721 9,864 10,023 10,328 10,798 11,756 11,969 11,050
9
1,010 1,168
197
279
-3
215
319
298
355
275
240
197
279
215
319
298
355
275
240
10
lOa
lOb
lOc
Regular additions to Census imports
Virgin Islands imports from foreign countries
Gold imports, nonmonetary , „
_ • _._
Other regular additions 6
407
242
152
13
626
387
216
23
108
69
36
3
102
63
36
3
83
43
36
4
114
67
44
3
112
64
45
3
146
8&
52
5
185
120
57
8
183
114
62
7
108
69
36
3
102
63
36
3
83
43
36
4
114
67
44
3
112
64
45
3
146
89
52
5
185
120
57
8
183
114
62
7
11
lla
lib
Regular deductions from Census imports
Automotive valuation adjustment ..
Other regular deductions 7
350
346
4
458
455
3
87
86
1
99
98
1
65
65
(*)
99
97
2
114
113
1
128
127
1
87
86
1
129
129
(*)
86
85
1
92
91
1
85
85
(*)
87
85
2
113
112
1
119
118
1
114
113
1
112
112
(*)
12
Special adjustments, net 3
.
.
.. .
Of which: quarterly4 allocation of annual seasonal adjustment discrepancy
_
40
24
27
2
6
5
10
14
30
7
10
9
18
20
8
7
3
5
4
4
7
7
8
7
.-.--.
13
Equals: Merchandise imports, adjusted to balance of payments basis, including "military"
40,049 45,794 9,503 10,074 9,897 10,575 10,525 12,044 11,886 11,339 9,773 9,881 10,031 10,364 10,815 11,803 12,048 11,128
14
Less: Merchandise imports of 8 U.S. military agencies
identified in Census documents
15
Equals: Merchandise imports, adjusted to balance of payments basis excluding "military" (table 2, line 16)
39,870 45,648 9,458 10,024 9,858 10,530 10,478 12,008 11,853 11,309 9,728 9,831 9,992 10,319 10,768 11,767 12,015 11,098
BALANCE
Balance on merchandise trade, adjusted to balance of payments basis, including "military" (line 6 less line 13)
880
416
499 -742 -298 -1,316
980
665
[export surplus +]
2,941 -1,857
811 1,232
336
562
676 -524 -875 -1,134
16
179
146
45
50
39
45
47
36
33
30
45
50
39
45
47
36
33
30
17
Balance on merchandise trade, adjusted to balance of payments basis, excluding "military" (line 8 less line 15)
142
248 -1,061 -540 -1,526
513
751 704
2,110 -2,879
160
659 1,003
425 -843 -1,117 -1,344
[export surplus +]
288
TRADE BY END-USE
18
Merchandise exports, Census basis, including military grant
43,224 44, 137 10,341 11,353 10, 275 11,255 11,246 11,560 11,085 10, 246 10,474 10, 932 10, 970 10,918 11,369 11,120 11,836 9,869
shipments (line 1)
18a
7,349 7,783 1,679 1,754 1,689 2,227 2,048 1,887 1,895 1,953 1,735 1, 775 1,886 1,957 2,118 1,905 2,113 1,697
Agricultural products
18b
Nonagricultural products
35,875 36, 354 8,662 9,599 8,586 9,028 9,198 9,673 9,190 8,293 8,739 9,157 9,084 8,961 9,251 9,215 9,723 8,172
18c
Excluding military grant shipments
35, 310 35,773 8,515 9,465 8,463 8,867 9,068 9,518 9,035 8,152 8,592 9,023 8,961 8,800 9,121 9,060 9,568 8,031
5,839 6,050 1,307 1,367 1,412 1,754 1,536 1,438 1,483 1,594 1,328 1,420 1,551 1,534 1,562 1,495 1,628 1,385
19
Foods, feeds, and beverages
633
765
795
747
782
871
721
20
690
684
671
Grains and preparations
675
769
929
708
768
3,071 2,966
815
265
465
326
273
338
364
331
21
Soybeans
262
313
396
279
1,216 1,325
306
306
235
406
318
487
398
422
429
390
405
368
22
523
1,552 1,759
370
378
Other foods, feeds, and beverages
419
403
424
409
355
407
23
24
Industrial supplies and materials
Fuels and lubricants
25
26
27
28
29
30
Paper and paper base stocks
Textile supplies and materials
Raw cotton, including linters
Tobacco, unmanufactured -_
._
_
C hemicals, 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
39
40
41
42
43
44
44a
45
Capital goods, except automotive
Machinery, except consumer- type
Electrical and electronic, and parts and attachments _.
Nonelectrical, and parts and attachments
Construction machinery and nonfarm tractors and
parts
_
Textile and other specialized-industry machinery
and parts
Other industrial machinery and parts, n.e.c
Agricultural machinery and farm tractors and parts.
Business and office machines, computers, etc., and
parts. _
_. .
Scientific, professional, and service-industry epuipment
Civilian aircraft, engines, parts _
Civilian aircraft, complete—all types _ _
Other transportation equipment
13,782 12,692 3,330 3,636 3,322 3,494 3,242 3,357 3,445 2,648 3,463 3,519 3,385 3,438 3,370 3,245 3,500 2,585
260
407
430
405
454
394
393
272
355
408
464
433
1,597 1,500
307
418
372
424
223
301
286
276
291
301
263
232
285
1,139 1,089
254
290
299
297
298
277
281
339
326
293
279
340
226
268
277
291 288
291
274
372
1,051 1,303
198
340
301
158
125
141
161
118
57
103
589
139
97
116
111
104
194
378
47
153
104
45
154
182
137
130
121
108
463
129
489
84
107
122
68
107
190
118
154
917
571
750
725
73o
735
801
788
3,052 2,986
814
571
777
724
710
737
927
777
2,647 2,707
648
674
631
695
687
692
665
664
645
658
667
682
680
674
699
644
263
952
100
369
166
417
155
327
126
274
72
238
76
246
70
243
44
224
129
378
151
404
132
348
134
261
93
243
68
238
59
258
47
211
1,873 1,428
499
473
452
449
396
399
352
282
495
442
473
470
391
371
366
291
547
1,388
14,371 15, 106 3,505 3,796 3,397 3,673 3,963 3,941 3,618 3,584 3,449 3,583
11, 570 11, 584 2,730 2,974 2,860 3,006 2,961 2,984 2,888 2,751 2,758 2,793
512
2,078 2,110
502
552
524
510
532
521
493
530
534
9,493 9,473 2,228 2,422 2,367 2,476 2,440 2,452 2,354 2,227 2,248 2,281
3,678 3,689 3,897 3,717 3,915 3,584
3,048 3,006 3,003 2,800 3,061 2,735
522
569
493
530
532
529
2,519 2,474 2,473 2,307 2, 492 2,213
508
498
504
1,963 1,887
465
503
503
484
514
476
413
482
478
906
886
3,866 3,911
359
361
204
912
102
235
991
94
223
227
241
959 1,004 1,015
82
81
85
233
989
102
226
990
89
203
918
86
216
922
93
237
234
241
219
922 1,022 1,012 1,029
77
94
97
79
1,702 1,702
378
419
420
424
392
438
369
417
726
697
2,659 3,278
1,528 1,914
141 245
166
748
479
27
181
783
496
39
176
509
231
29
491
485
175
620
322
46
448
185
962
626
41
190
892
545
65
181
646
305
83
170
777
438
56
166
661
390
30
166
758
483
32
479
415
237
217
919 1,048
104
87
196
919
99
488
463
456
440
422
430
410
188
595
285
36
180
639
345
44
186
849
507
45
174
865
533
52
194
751
376
103
174
797
471
52
SURVEY OF CURRENT BUSINESS
March 1972
47
Table 4.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
1970
1970 1971*
Line
1
II
Seasonally adjusted
1971
III
IV
I
II
1970
HI' IV P
I
1971
III
II
IV
I
II
HI'
IV P
TRADE BY END USE— Continued
908 1,101
607
806
301
295
179
303
143
148
814
534
280
179
138
829 1,101 1,222 1,009 1,07
527
784
920
698
82
302
317
302
25
31
176
290
35
249
29
164
131 149
156
13
92 1,005
724
613
30
28
16
29C
14
129
99
682
309
267
151
75 1,115 1,11 1,22
473
792
824
887
283
323
28
34
14
269
33
36
150
13
14
!7
978
740
238
239
135
2,255 2,622
586
650
497
522
662
704
604
65
61
586
573
48
696
63
69
604
2,718 2,846
1,009 1,085
1,587 1,628
666
243
393
705
256
416
661
237
394
686
271
383
673
248
393
72
269
42
79
288
477
65
28
33
67
24
40
673
24
40
68
252
395
69
270
39
682
252
40
69
25
40
81
30
47
657
278
343
133
30
32
29
32
32
3
30
3
2
31
34
32
29
3
3
36
1,359 1,497
289
364
283
423
362
45
362
32
28
364
283
423
362
45
36
321
46
47
48
49
50
51
Automotive vehicles parts and engines
To Canada
To all other areas
Passenger cars new and used
Trucks buses and special vehicles
Parts, bodies, and accessories, including engines and
parts, n.e.c
__
3,652
2,474
1,178
837
560
52
53
54
55
Consumer goods (nonfood) , except automotive
C onsumer durables , manufactured
Consumer nondurables manufactured
Unmanufactured consumer goods (gem stones, precious
and nonprecious)
56
Special category (military-type goods)
57
58
59
60
Exports n.e c.» and reexports
Domestic (low-value miscellaneous)
Foreign (reexports)
- Merchandise imports, Census basis (line 9),
61
62
63
64
65
66
Foods feeds and beverages
Coffee cocoa and sugar
Green coffee
Cane sugar
Other foods, feeds, and beverages
Industrial supplies and materials
-
_ __
--
1,503 1,538
385
397
336
385
368
426
372
37
221
869
899
202
225
214
242
221
224
21
634
639
134
163
154
184
164
173
148
15
39,952 45,602 9,455 10,069 9,873 10,555 10,517 12,012 11,788 11,28
34
401 386
368
38
40
38
359
210
215
212
234
221 23
23
206
139
153
167
174
160
17
15
153
9,72 9,864 10,023 10,328 10,798 11,75 11,96 11,050
, 6,154 6,369 1,473 1,5Gb 1,490 1,626 1,470 1,692 1,895 1,31
2,085 2,113 494
554
534
503
499
561
687
36
278
1,159 1,168
292
283
293
308
307
398
16
764
725
131 206
214
174
147
210
248
15
4,069 4,256
956 1,123
979 1,012
971 1,131 1,208
94
15,106 16,969 3,650 3,758 3,738 3,959 3,854 4,512 4,483 4,12
1,553 1,563 1,487 1,550 1,550 1,68 1,87 1,255
528
552
506
499
535
55
648
365
289
320
274
278
291 320
39
165
190
180
183
173
182
214
212
158
1,025 1,011 981 1,051 1,015 1,13 1,22
890
3,681 3,659 3,770 3,986 3,882 4,398 4,486 4,156
- -
-—
123
4,406
3,223
1,184
1,183
601
67
Fuels and lubricants
3,057 3, 695
846
710
705
796
834
862
959 1,040
773
740
740
801
748
68
69
1,578 1,651
Paper and paper base stocks
Materials associated with nondurable goods and farm
output n e s
_ _ _ _ _ 2,866 3,154
Textile supplies and materials
-- -- -- 1, 209 1,412
111
89
Tobacco unmanufactured
836
955
Chemicals excluding medicinals
Other (hides, copra, materials for making photos,
710
699
drugs dyes)
399
396
372
411
385
434
403
429
413
389
382
393
392
42
41
412
746
314
49
209
736
309
30
227
672
285
16
195
712
301
16
205
803
343
34
242
875
383
31
^69
826
373
18
269
650
31<
687
297
25
203
710
299
28
212
721
291
40
204
758
323
29
216
737
319
17
232
848
370
30
252
876
378
43
280
690
338
11
185
174
169
176
191
183
193
166
156
162
171
186
190
169
196
175
156
1,001 1,335
220
260
266
255
261
345
383
347
238
245
252
264
277
326
361
361
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
89a
90
91
92
93
94
95
96
97
98
99
100
101
Building materials except metals
174
900 1,002 1,043
6,604 7,134 1,439 1,657 1,723 1,786 1,.572 1,995 1, 911 1,656 1,570 1,575 1,675 1,770 1,728 1,898 1,836 1,650
734
783
116
184
238
196
137
240
235
187
172
171
198
176
218
194
225
155
2,191 2,871 410
682
523
605 804
576
773
688
481 498
531
667
703
766
709
676
2,650 2,406
646
684
663
656
662
577
625
542
635
644
675
697
558
623
653
562
1,030 1,074
252
253
267
245
266
289
278
255
267
261 249
252
249
284
280
257
3,783 4,099
923
957
979
925
999 1,092 1,038
971 916
Capital goods except automotive
949
977
943
989 1,058 1,049
995
3,592 3,871 881 927 883 901 941 1,026
974
Machinery except consumer-type
931 874
897
931
901 922
992
985
955
264
266
302
Electrical and electronic, and parts and attachments. __ 1,017 1,157 235 256 260
232
289 302
258
262
266
261 303 288
304
645
623
635
724
Nonelectrical, a n d parts a n d attachments _ _ _ _ _ _ _ _ 2,574 2,714
677
671
685
642
629
639
656
639
670
697
651
689
Construction, textile and other specialized-industry
566
691
138
144
147
137
178
159
193
machinery and nonfarm tractors and parts
134
161
144
143
145
154
178
188
169
888
939
228
234
252
239
228
239
220
Other industrial machinery and parts, n.e.s
243 231 228
188
232
239
243
218
193
106
102
101
77
75
106
Agricultural machinery and farm tractors and parts— . 359 364
87
70
99
84
88
89
99
84
82
99
Business and office machines, computers, etc., and
531
471
110
107
126
128
126
131
126
parts
148
108
118
126
119
123
134
127
146
Scientific, professional and service-industry equipment and parts; and miscellaneous transportation
239
239
56
61
61
60
61
57
equipment
59
61
58
61
60
58
59
58
61
61
228
42
42
191
52
55
64
58
66
42
Civilian aircraft, engines, parts __
40
52
42
55
58
64
66
40
9
9
40
48
16
15
9
13
Civilian aircraft complete—all types
9
13
8
6
15
16
13
13
8
6
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 )
Automotive vehicles, parts, and engines
From Canada
FfOfn Canada, tfansactions value
From all other areas
_
Passenger cars, new and used
Trucks, buses, and special vehicles _
_
Parts, bodies, and accessories, including engines and
parts, n.e.s
_.
5,956
3,587
8,241
2,369
3,731
730
8,015 1,449 1,613 1,260 1,634 1,921 2,108 1,812
4,629
885 1,021 715
965 1,121 1,241 961
799
650
928
868 1,008 1,114
875
4,174
3,387
564
545
593
669
800
851
867
5,140
955 1,064
729
982 1,253 1,394 1,149
856
162
177
167
223
174
206
203
2,175 1,399 1,504 1,555 1,507 1,860 1,960 2,220
1,305
876
942
834 1,114 1,135 1,266
937
1,176
791
847
751 1,002 1,017 1,153
857
869
523
673
567
613
746
954
825
1,343
909
930 1,197 1,248 1,457
956
935
274
165
181
179
209
178
221
236
2,009
1,132
1,020
877
1,273
222
332
1,496 2,019
381 355
428
494
460
508
411
557
325
369
398
514
485
491
527
7,553 8,562 1,652 1,809 2,084 2,007 1,891 2,205 2,168 2,298 1,830 1,851 1,897 1,962 2,092 2,254 1,955 2,254
Consumer goods (nonfood) , except automotive
872
4,068 4,682
979 1,106 1,112 1,000 1,222 1, 114 1,347
Consumer durables, manufactured
984 1,006 1,023 1,047 1,127 1,255 1,020 1,275
2,960 3,316 648 705 852
Consumer nondurables, manufactured
753
832
761
914
708
809
746
783
718
828
794
846
846
563
132
126
Unmanufactured consumer goods (gems, nursery stock).
525
125
142
131
151
140
142
138
127
132
128
141
137
153
133
Imports, n.e.s. (low value, goods returned, military aircraft,
1,399 1,588
308
Government purchased uranium, movies, exhibits)
343
376
372
382
404
409
392
342
338
371 346 425
398
381
384
r
» Preliminary.
Eevised.
*Less than $500,000.
1. Mainly net additions to or liquidations of U.S.-owned grains stored in Canada, and
exports of electrical energy.
2. Mainly exports of exposed motion picture film for rental rather than sale, and exports to
Panama Canal Zone.
3. Irregular and occasional adjustments; valuation adjustments for goods considered to be
underpriced or overpriced in Census data; timing adjustments for goods recorded in Census
data in one period but found to have been shipped in another; and coverage adjustments for
special situations in which shipments were omitted from Census data.
4. Conection for discrepancy between sum of four quarters, seasonally adjusted, and the
unadjusted recorded annual totals.
5. Exports of military equipment under U.S. military agency sales contracts with foreign
governments to the extent such exports are identifiable from Census export documents.
These exports are included in table 2, line 3: "Transfers under U.S. military agency sales
contracts."
6. Mainly imports of electrical energy.
7. Mainly foreign charges for repair of U.S. vessels abroad, which are included in tables
2,3, and 9, line 20 (Other transportation); also imports from Panama Canal Zone, and imports
of domestically-owned giains returned from storage in Canada.
8. Merchandise imported directly by the Department of Defense, as well as "defense"
imports of the Coast Guard and Atomic Energy Commission, to the extent such imports
are identifiable from Census import documents and verifiable from separate reports of the
importing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense
expenditures."
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
48
March 1972
SURVEY OF CUEKENT BUSINESS
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
Line
1970
1970
1971"
1971
I
A. 1
la
U.S. Government grants (excluding military) and capital flows increasing Government assets, total
(table 2, lines 30, 34, and 35, with sign reversed) _
__
__
Seasonally adjusted
II
III
IV
I
II
III '
1,280
IV v
5,050
5,866
1,303
1,271
1,401
1,256
1,067
1,220
1,550
1,518
l,73fr
1,592
1,219
1,303
1,376
1,359
1,381
1,739
200
-24
2, 014
150
-177
447
112
-42
439
34
49
402
20
-31
450
34
(*)
457
88
-86
530
23
-44
501
17
5
527
22
-52
288
196
162
1
10
165
182
161
1
8
101
45
45
(*)
2
85
54
48,
(*)
39
47
33
(*)
2
63
50
35
(*)
39
37
37
i
26
40
35
(*)
2
36
46
44
w
63
59
45
(*)
3
180
247
149
127
8
7
312
343
234
246
2,786 3, 641
116
-9
49
98
(*)
89
86
696
24
31
22
1
85
50
837
-7
47
14
4
88
48
573
53
53
16
2
81
69
681
46
44
83
2
71
35
1,052
5
102
15
2
94
49
1,218
-38
19
13
1
66
99
608
-10
82
16
2
81
64
763
34
1,166 1,107
2,078 2,556
1,095 1,429
234
246
334
500
368
350
312
343
328
510
303
66
66
93
89
349
553
339
50
102
104
85
209
510
175
48
78
82
88
280
506
278
69
89
89
81
211
708
484
35
103
75
71
430
769
385
49
132
107
94
234
569
241
99
76
77
66
232
510
320
64
190
92
81
26
-10
52
51
6
-38
-11
32
4,348 5,004 1,123 1,220
827
891
3,110 3,294
221
224
828
843
101
70
590
361
56
49
174
301
88
432
57
308
926
625
188
129
34
66
1,079
768
209
62
35
96
1,385
792
209
246
135
105
1,571
1,067
240
249
45
121
965
723
170
68
36
58
1,083
712
210
28
85
148
-3
88
(*)
81
6
71
—5
94
1
66
(*)'
81
By category
2
3
4
5
6
7
8
9
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 currency
_
.
Other grants and credits
_
__
_
_
Other U.S. Government expenditures
Capital subscriptions to international and regional organizations, excluding IMF _
Credits repayable in U.S. dollars
0 ther assets (including changes in administrative cash holdings) , net
__
__
(*)
2
By program
17 Under farm product disposal programs
-18 Undp,r Foreign Assistance Acts and related programs
~,
_„.. ,„
19 Under Export-Import Bank Act __ _ * 1.
. .
20 Capital subscriptions to international and regional organizations excluding IMF
21 Other assistance programs
22 Other foreign currency assets acquired (lines A. 6, A~.7, and A. 9)
23 Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13) _
24 Advances under Exchange Stabilization Fund agreements net
25 O th er (including changes in administrative cash holdings) , net
119
-11
By disposition *
26
27
28
29
30
31
32
33
34
35
B. 1
la
2
2a
3
4
5
6
7
8
9
10
lOa
11
lla
12
13
14
15
16
17
17a
18
19
20
21
21a
22
23
24
25
Estimated transactions involving no direct dollar outflow from the United States
Expenditures on U.S. merchandise
Expenditures on U.S. services 2
- _
Military sales contracts financed by U.S. Government credits 3, 4 (line B.14)
U.S. Government credits 3 repay prior U.S. Government credits 2
to
U.S. Government credits to repay prior U S. private credits
Increase in claims on U.S. Government associated with Government grants and capital flows increasing Government assets (including changes in retained accounts) (line B.17)_
Less foreign currencies used by U.S. Government other than for grants or credits (line A.13)__
Less dollar recoveries on short-term claims financing military sales contracts and U.S. Government
credits to repay private credits 3
Estimated dollar payments to foreign countries and international and regional organizations through
U.S. Government grants and capital flows increasing Government assets
Nonliquid liabilities reported by U.S. Government, including medium-term securities and long-term
obligations payable prior to maturity only under special conditions, net increase (+)- - -- Seasonally adjusted
To foreign official reserve agencies (table 2, line 54) __
Seasonally adjusted
U S Treasury securities issued in connection with Columbia River downstream rights
U.S. Treasury securities issued in connection with prepayments for military purchases in the
United States (line B.13)
U.S. Treasury obligations to be liquidated against U.S. claims
U.S. Treasury securities not included elsewhere5
Export-Import Bank obligations to be licjuidated against U S claims
Export-Import Bank securities not included elsewhere
Other
To other official and private foreigners (table 2, line 55)
Seasonally adjusted
___
Associated with military sales contracts 6
Seasonally adjusted
_______
U.S. Government receipts from foreign governments (including principal repayments on credits
financing military sales contracts) , net of refunds
Less U.S. Treasury securities issued in connection with prepayments for military purchases in
the United States (line B 4)
Plus military sales contracts financed by U S Government credits 3 » 7 (line A. 29)
Less U.S. Government receipts from principal repayments 3
- - Less transfers of goods and services (including transfers financed by credits) (table 2, line 3)
Associated with U.S. Government grants and capital flows increasing Government assets 8 (line
A.32)____
„ _
Seasonally adjusted
.Non-interest-bearing securities issued to IDA to IDB or to U N for sDecial programs
Foreign funds retained in U.S. Government accounts for purchases in the United States-Other
Other
_ _
Seasonally adjusted
German Government 10-year loan to U S Government
Associated with U.S. Government nonmilitary sales and miscellaneous operations
U.S. Treasury securities not included elsewhere 5
Export-Import Bank 'securities not included elsewhere
' Preliminary.
r Revised.
*Less than $500,000 (±).
1. The identification of transactions involving direct dollar outflow from the United States
is made in reports by the operating agency. However, such data for third and fourth quarters
1970 and for all quarters 1971 are only extrapolated estimates by BE A, because of incomplete
reports from one operating agency.
2. Line A.28 includes foreign currency collected as interest and line A.30 includes foreign
currency collected as principal, as recorded in lines A.6 and A.7.
3. Lines A.29 and A.31 include some short-term U.S. Government claims, collections of
which are recorded in line A.34. Collections of those short-term claims recorded in lines A.29
and B.14 are included in line B.15.
4. Consists of tiansfers of military gojds and services financed by U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
-30
343
2
312
-9
89
-18
85
74
132
13
27
25
9
36
52
25
20
702
862
179
182
140
201
166
167
254
275
-286
-296
-259
-266
488
511
743
735
31
70
-5
-72 -123
-133
-186 r -93 r -63
-4
-2
55
-8
-8
77
-30
-207
-188
-3
-9
206
145
350
366
-24
-14
-89
32
800
100
-195
535
341
-30
-24
-111
32
648
(*) ^
-2
-4
375
-4
-436
(*)
-536
-470
-242
-2
-12
-3
-2
(*)
-188 -69 -119
-263 r -85 r -55
-71 -225
-111
-292. •• -87 '-161
-203
-174
-200
-171
-144
—221
-144
-221
274
214
363
246
50
475
249
126
622
-1
68
55
428
-1
28
119
417
6
6
-5
1
1
(*)
(*)
1
-1
29
29
5
'(*)
-4
1
(*)
(*)
(*)
(*)
29
-4
(*)
-5
(*)
111
111
100
6
6
-641
—884
-223
-192
36
82
-27
19
863
1,059
207
213
176
267
-111
361
325
1,480
^2
590
351
1,942
-14
70
38
256
-89
101
138
488
-3
129
32
303
-5
62
117
434
-30
2
-9
-18
-18
-3 - (*)
-3
(*)
-30
(*)
65
2
(*)
103
-18
3*
75
-10
(*)
(*)
100
-9
(*)
-15
-15
-15
-14
8
Q
-U
8
-4
1
66
66
75
-9
(*)
-2
-2
(*)
-255
—1
375
90
-28
-30
-3
-5
A
-1
-5
208
-4
-5
(*)
-4
.
-5
1
-1
1
6. Transactions under military sales contract* are those in which the Defense Department
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
The entries for the several categories of transactions related to military sales contracts in this
and the other tables are partially estimated from incomplete data.
7. Consists of transfers of military goods and services financed by U.S. Government credits
(included in line B.16) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by credits
to foreigners by U.S. Government agencies.
8. Excludes liabilities associated with military sales contracts financed by U.S. Government credits and included in line B.ll.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUEKENT BUSINESS
Marck 1972
49
Table 6.—Direct Investments and Securities Transactions
[Millions of dollars]
1970
(Credits+; debits-)
Line
1970
I
9
15
16
17
18
19
20
21
22
_
III'
IV 9
.
..
..
_
72
-995
-232
-141
-661
-599
38
-62
-634
-489 -1, 357 -1,119 -1,129
-232
-595
-459
525
-703
12
-510
-128
-117
-226
-389
-868
-232
-444
-301
-452 -1,060
-322
-350
-470
63
90
31
192
49
-25
-18
-20
-4
2
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-195
-666
-113
25
-188
-639
-165
n.a.
n.a.
n,a.
n,a.
n.a.
-60
-408
-698
-407
-110
-745
-409
-397
-41
-268
-339
-104
-177
-122
86
-251
-85
-603
-584
-373
-114
-896
-362
-386
n.a.
n.a,.
n.a.
n.a.
—192
486
105
218
160
92
-16
-84
-521
-345
-344
—388
-228
-439
211
234
-23
490
53
437
442
-5
113
43
70
70
(*)
191
53
138
141
-3
139
42
97
97
(*)
104
63
41
46
-5
-15
-13
-2
16
-18
81
52
29
29
-93
-3,496
-690
-312
-2,311
-2,619
308
-184
Foreign direct investments in the United States (table 2, line 48)
Transactions with U.S. incorporated affiliates
Intercompany accounts
Capital stock and other equity, net
Increase l 2 ..
Decrease _ .
-464 -1,545 -1,758 -1,294
n.a. -1,378
-761
n.a.
-55
n.a.
-493
n.a.
-608
n.a.
15
n.a.
n.a.
-79
933
191
742
750
-8
-
.
120
36
Branch accounts
4
Foreign securities, net U.S. purchases (— ) balance of payments basis table 2, line 40, or lines
27 -f- 38 below)
stocks, net, Treasury basis 5
less: recorded in line as U.S. direct investment abroad
plus: exchange of stock associated with direct investment in United States
plus: other adjustments .
_ _ _ _ _ _ _ _
_ _ _ _ _ _ _ _
Stocks, net, balance of payments basis.
Newly issued in the United States
of which: Canada
Other foreign stocks...
._.
_ _ ...
Canada
Western Europe
Japan
_ ... _ ___
Other
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
bonds, net, Treasury basis 5
less: recorded in line as U.S. direct investment abroad
plus: other adjustments _ _
. _ _ -....
...
Bonds, net, balance of payments basis ..
.
Newly issued in the United States
Canada
- _ _ - _ . .
Latin America
.___
_ _ _ .._ _ _ .
Other countries
International
Redemptions of U.S. held foreign bonds 6
Other transactions i n outstanding bonds 6 . . _ . ' _ _ • _ _ - - _ Canada
Western Europe ..
Japan
__..._-.___
Other
_.
.
36
-4
-8
27
21
-12
-1
-398
-541
143
143
(*)
10
511
_
23
24
25
26
27
28
29
30
31
32
33
34
50
II
969
__
..
By industry of foreign affiliate *
Mining and smelting
Petroleum
Manufacturing
Other
Of which: manufacturing affiliates
-747
I
-S88
-1,638
-1,360
-1,159
Branch accounts
14
IV
-949
4
5
6
7
8
Transactions with foreign incorporated affiliates
Intercompany accounts: short-term
__
long-term.
Capital stock and other equity, net
Increase 12
Decrease .
.
•
Miscellaneous3
.
10
11
12
13
III
II
-4,445 -4,526 -1,573 -1,662
1 U.S. direct investments abroad (table 2, line 39)
2
3
1971
1971 9
146
196
101
199
15
Jfi
80
113
-942
-910
-210
93
-488
-337
-353
-388
-248
79
38
-67
-173
-43
-29
87
-5
—20
9
-26
5
-33
-130
-63
-3
-23
-82
-11
-120
-10
8
-5
157
-3
-68
-145
-16
77
108
-20
12
-23
-14
-14
-11
72
-15
-15
87
56
48
7
-24
35
-92
—130
-83
-71
-110
7
-3
35
27
-7
17
-2
38
30
5
-2
5
-83
-5
-66
-10
-2
-71
29
-44
-52
-4
160
-3
-3
163
28
64
90
-19
-3S8
-57
20
-38
-356
40
-259
-4
-297
-15
-278
58
-99
-58
(*)'
-41
(*)'
125
32
(*)
34
6
-8
-396
-476
-241
-15
-28
-192
101
-21
-14
-6
6
-7
-255
-318
-148
-94
-76
-278
-436
-302
-20
-114
81
-18
-31
4
4
5
-282
-460
-181
-5
-62
-212
122
56
15
26
-1
16
-933
-59
133
23
-119
-37
-874
-1131
-761
-117
-192
-241
434
3
-55
48
19
-9
.__•__
-_-..-.
__.
U.S. securities, excluding Treasury issues, net foreign purchases (+), balance of payments
basis (table 2, line 49, or lines 54+61 below)
_.
___
-891
-15
-20
-896
-1492
-781
-41
-294
-376
480
116
102
-4
-6
24
-281
-418
-314Q
-47
-49
127
10
-10
16
3
1
-8
—8
-102
57
-26
-133
(*)
10
19
29
-24
-14
-235
—20
127
31
30
-19
-6
26
-255
-374
-153
-16
-41
-164
116
3
23
-28
7
1
39
-81
-81
-222
-145
115
26
34
17
-6
-19
2,190
2,251
304
374
720
792
559
196
582
914
51
52
53
54
55
56
57
stocks, net, Treasury basis 5 ...
plus: exchange of stock associated with U.S. direct investment abroad
plus: othfr adjustments
Stocks, net, balance of payments basis.
Canada
Western Europe
Other
..
628
79
-3
697
731
-97
12
-133
41
381
7
472
19
73
6
-6
3
8S1
433
85
553
151
836
-83
718
201
-~86
-93
-21
28
-94
2
-77
-19
386
8
326
52
491
76
325
90
79
-16
55
40
-3
-35
-15
47
231
-3
174
60
8529
-29
504
54
58
59
bonds, net, Treasury basis 5 .
plus: proceeds obtained by U.S. parents from securities issued by Netherlands Antilles
finance subsidiaries
plus: other adjustments.. _ _ _ _ _
Bonds, net, balance of payments basis
New issues sold abroad by U.S. corporations 7
of which, denominated in: Dollars. _.
German marks
._
Nonguaranteed U.S. Government agency bonds, investments by International and
regional organizations
...
_ _
__
Other transactions in U.S. bonds. _•_
___ .... _.
943
658
308
208
885
202
348
—1
194
117
468
82
1,493
822
611
54
757
188
72
468
267
238
114
-5
334
193
136
27
89
10
301
199
110
27
132
200
157
268
1,415
1,137
917
55
77
5
390
163
127
480
317
300
199
263
200
55
351
200
151
385
357
266
324
347
39
239
94
133
94
107
86
55
50
52
128
35
-49
-15
27
124
-67
95
60
61
62
63
64
65
66
9 Preliminary.
'•Revised.
*Less than $500,000(±).
n.a. Not available.
1. Acquisition of capital stock of existing and newly established companies, capitalization of
intercompany accounts, and other equity contributions.
2. Sales and liquidations of capital stock and other equity holdings, total, and partial.
3. Includes security issues placed with outside interests in the United States, the amortization of these security issues, and verified transactions of non-reporters not classified by type
of transaction.
4. Mining and smelting includes the exploration and development of mining properties, the
extraction of raw ores and the processing necessary for basic refined metals. Petroleum includes
the exploration, development and production of crude oil and gas, and the transportation,
refining and marketing of petroleum products exclusive of petrochemicals. Manufacturing
excludes petroleum refining and the smelting operations of mining companies. "Other"
n
n
ni
industries includes all industries except those previously listed, the major ones being agriculture, public utilities, transportation, trade, insurance, finance and services,
5. As published in Treasury Bulletin.
6. Redemptions measure scheduled retirements and identifiable premature retirements of
U.S. held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45.
7. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
8. Includes $11 million of proceeds from a new issue of stock sold abroad by a U.S. corporation,
_ , .,
NOTE —Details may not add to totals because of roundrng.
Source: U.S. Department of Commerce, Bureau of Economic Analysis,
SURVEY OF CURRENT BUSINESS
50
March 1972
Table 7.—Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns
[Millions of dollars]
Line
(Credits (+); increase in U.S. liabilities or decrease in U.S. assets. Debits (— );
decrease in U.S. liabilities or increase in U.S. assets.)
1970
I
III
II
Amounts
outstanding Dec.
31, 1971 1
197 1
1970
1971*
IV
II r
Ir
III'
IV*
Claims reported by U.S. banks:
A.
1
Long-term (table 2, line 41)
2
Short-term, nonliquid (table 2, line 42) 1
3
_
_
_
11
12
Payable in foreign currencies.Of which Canada
13
Short-term, liquid (table 2, line 43) »
_
22
25
—173
-217
-176
3,616
—461
275
-842
105
-379
-490
-1,084
10,918
4
—457
280
—750
36
-386
-482
-1, 008
10, 74 1
240 —1, 482
—764
—275
—399
-83
-12
158
—142
—26
—243
-188
86
231
—37
192
—910
—32
49
—68
55
-402
60
-44
-430
-59
7
-699
-208
-101
3,998
4,270
2,476
—51
3
—467
—408
—101
—507
—374
—858
26
—50
142
—114
—47
2
—221
—191
24
2
179
75
-54
49
—567
—178
-51
-251
404
—66
-36
-215
-33
-102
39
163
-405
-279
-53
-204
-340
-411
486
1,322
4,046
4,890
—92
—83
—8
-8
9
1
-4
1
—5
—9
-92
-76
69
61
7
16
-8
-5
-76
-80
174
101
—119
7
8
9
10
_
49
13
—580
240
—135
—6
2
9
183
-541
_ —1,015 —1,848
Payable i n dollars _ _ - _ . _ _
By type:
Loans ^ -,
-, -,„
„ - , ,_„,.,_ „ .,_ ^ -, _ . -„„ ^
Acceptance credits
Collections outstanding
By area:
Canada
.„ .. ._ , , , _ , . , .
__
,
__ , , „ , _
Western Europe 2
_
_
_ ...
Japan
Other
4
5
6
24
—923 — 1, 840
_
_
-
_
.
88
-218
15
23
-360
-258
2,360
-139
—75
-2
40
31
14
-251
-131
-133
-242
1,650
686
14
15
Payable ITI dollars
Of which Canada
—76
—36
—355
—319
148
97
—87
—67
16
Payable in foreign currencies
By type:
Deposits
___
_
Foreign government obligations and commercial and finance paper
By area:
Canada
_
>
Other
_
—43
—225
92
—48
—8
—79
17
-8
-109
-125
710
-40
—3
—198
—27
52
40
-14
—34
-51
43
-27
—52
27
-10
-9
1
-106
-3
-110
-15
591
119
—87
44
—67
—158
50
42
—50
2
—15
7
-72
-7
17
(*)
21
-29
-28
-81
-77
-48
308
402
-54
-32
17
18
19
20
Claims reported by U.S. nonbanking concerns:
B.
54
-109
3,261
-281
-62
-157
-61
-296
3,800
-21
38
66
-28
11
-40
22
-9
-12
-76
—205
-48
-157
-22
11
-24
-14
-108
-35
-27
-4
-23
-13
7
-10
-7
(*)
14
-171
-3
-168
5
-12
-16
-20
-125
-21
-40
5
-45
27
5
14
-32
-59
8
-304
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
312
3,488
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-99
61
402
-351
-17
-123
-18
1,688
-35
141
330
-330
30
-64
-58
1,244
—73
—26
-25
—47
12
150
-9
280
50
-316
-14
53
-23
-43
-21
-43
-15
1,025
219
—111
—173
-138
203
-207
-47
-32
60
-63
7
92
42
-33
342
21
52
-333
-49
-12
90
-48
-101
114
-77
-50
-44
36
395
530
319
-86
48
-64
-80
72
-21
-46
-59
40
444
—66
-14
67
5
3
-24
-70
24
—74
15
53
-13
324
120
1
Long-term (table 2, line 44)
—577
—96
2
Short-term, nonliquid (table 2, line 45)
—360
—576
-54
-42
17
-1
-359
72
—431
-39
-64
-39
—74
—215
-34
-542
58
—112
42
-154
-42
-20
-22
—40
—30
38
—80
12
-92
14
-15
-15
—11
—65
361
—509
-3
385
—422
-51
357
28
—349
145
287
—47
-24
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
Reported by brokerage concerns
Reported by others
Payable in foreign currencies
Payable in dollars
Canada
__
United Kingdom
European Economic Community.
Japan
Other
_ .
.__
_
Short-term, liquid (table 2, line 46)
Payable in dollars
By type:
Deposits (of major U.S. corporations only)
Other claims (of major U S. corporations only)
By area: •
"
*
Canada
United Kingdom
Other
..
_.-.
Payable in foreign currencies
By type:
Deposits
Other claims (of major U.S. corporations only)
By area:
Canada
Other
..
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
—13
-381
-129
-9
11
-35
—88
2
25
23
-15
-49
-39
15
—24
-62
16
32
-29
-35
-66
-14
40
32
-8
-13
21
-67
-11
-48
-26
66
183
261
122
$4
—65
—ISO
163
67
-80
88
81
-58
-42
47
40
-18
81
-93
-176
6
-72
829
16
-102
—255
-345
7
2
19
-44
22
15
-32
-75
-61
-73
-78
-84
36
-28
753
445
141
79
343
227
504
142
36
146
3,703
-105
—37
—38
-30
n.a.
n,a.
n.a.
n.a.
n.a.
93
-66
56
103
44
59
-10
74
-5
166
-34
50
150
36
114
2
42
70
209
-43
117
136
9
127
5
22
100
362
58
223
81
-104
185
2
122
61
-256
162
-188
-230
-15
-215
-17
-161
-37
-70
-91
68
-47
-29
-18
-10
-72
64
61
-22
13
70
n.a.
n.a.
n.a.
3,769
311
816
2,642
n.a.
n.a.
n.a.
n.a.
n.a.
Memorandum:
24
25
U.S. dollar deposits in Canadian Banks:
As reported by major U.S corporations other than banks (included in line B. 14)
As reported in Canadian banking statistics
~.
. ..
46
Nonliquid liabilities to private foreigners reported by U.S. banks:
C.
1
2
D.
Long-term (table 2 line 52)
Of which International and regional organizations
_
-152
-160
Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns
1
2
3
4
5
6
7
8
9
10
Long-term (table 2, line 50)
Short-term (table 2, line 51) ...
Reported by brokerage concerns
Reported by Netherlands Antilles finance subsidiaries
Reported by others
Payable in foreign currencies
Payable in d ollars
Canada.
_
Western Europe 2
Other
1,153
.
,
.
....
_
T
? Preliminary.
Revised.
*Less than $500,000 ±).
N.a. Not available.
1. Position figures reflect changes in coverage and also a reclassification from nonliquid to
liquid of the claims of U.S. banks on their foreign branches and of the claims of U.S. agencies
and branches of foreign banks on their head offices.
830
—85
446
470
-15
485
-1
260
226
-183
160
-86
69
177
22
155
-6
43
118
n.a.
n.a.
2. Includes United Kingdom, European Economic Community, and other Western
European countries.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
March 1972
51
Table 8.—U.S. Liquid Liabilities to All Foreigners, Nonliquid Liabilities to Foreign Official Reserve Agencies, and U.S. Official Reserve
Assets, Net
[Millions of dollars]
1971
1970
Line
1
2
(Credit (+): increase in U.S. liabilities or decrease in U.S. assets. Debit (-):
decrease in U.S. liabilities or increase in U.S. assets.)
1,377
Liquid liabilities t o all foreigners (table 2, lines 56, 57)
To foreign commercial banks
3a
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
To foreign branches of U.S. banks * _
To others
-939
2,241
II r
5,918
III'
16, 614
-1, 145 -3, 483 -2, 887
78 -1,925 -2, 168
10, 950
-441 -1,315 -2, 888 -3, 067
-85 —2,112 -1,638
-157 —1,528 -3, 872 -1,905
-111
-39
378
-982
46 —1, 630 -1,453
82 —295
-715
1,276
9,674
—4,383 -5,337 -2, 042
—665
-489
-40
1
-6
—6
-1,453 -1,070
398
___
115
—100
5
-216
-677 -1,779 -3, 909
44
-569
-475
—3
—9
—4
—509 -1,126
1,501
-890
—100
—438
-230
90
126
2,006
—730 —1 278
-808 —1,185
—578
3,400
320
8
7,222
836
— 131 —1,213 -3,206 -2,535
-196
9,369
IV P
764,207
179
To other private foreign residents and unallocated
—124
82
79
280
198
156
41
1 523
24
48
-3
—11
—10
15
-4
20
4
g
-13
66
32
—21
-19
—26
73
187
—1
130
515
86
(*)
—16
—137
2
25
—15
-6
98
33
-21
51
31
115
122
—78
2
221
—18
12
151
64
1
21
210
156
897
86
—478
—151
189
-150
198
72
-146
—369
—35
4 141
24
—94
—27
—247
57
—186
2
76
—116
—54
81
70
38
—25
34
—34
—184
—124
85
—64
1 660
1 667
24
110
22
Demand deposits
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 2 3
—34
—118
—52
—18
—53
49
32
60
19
_7
31
A
17
72
-42
4
33
22
—49
—25
—72
(*)
—58
—3
11
—68
1
96
447
271
7,619
_
To central banks and governments
27, 617
2,764
539
2,049
2,267
4,776
5,788
11, 507
5,546
7
47, 593
8,072
Liquid liabilities to foreign official agencies (table 2, line 57) .
27,639
2,773
539
2,472
2,288
4,783
5,799
11,511
5,546
7
47, 049
-33
—50
-471
461
—27
63
—53
—35
260
—873
-73
—311
-117
g
-13
141
170
112
-291
—384
Demand deposits
- - _
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
_ _ ._
Payable in U.S. dollars
. . . _ . _
Payable in foreign currencies
__
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible
Payable in U.S. dollars
Payable i n foreign currencies
_____
Other obligations 2 3
2 145
977
3 121
2 146
1 031
3 121
—3
—126
17
(*)
20
(*)
-126
767
(*)
—491
(*)
—581
3,213
3 218
1 327
2 076
7
-126
—544
-453
—423
—21
—7
—11
—4
-275
-198
-413
508
-238
-133
-203
-164
-176
—810
—539
—154
—235
—233
—188
-201
—160
-173
—5
535
341
—259
743
—5
55
—2
—4
—3
350
—111
—2
—14
—89
—3
—5
—1
—1
22
-30
1 190
To Canada:
In connection with Columbia River power rights
Other
42
43
n
-24
375
300
800
-24
375
2 640
-31
—126
Reported by U.S. Government (table 2, line 54)
Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the U.S
40
41
—22
-54
Nonliquid liabilities to foreign official reserve agencies (table 2, lines 53 & 54)
37
38
39
18 954
18 944
10
1 660
5 631
5,000
631
1 477
9,456
9,510
To International Monetary Fund 4
To Germany
To other countries
—542
44
Export-Import Bank obligations.-
45
U.S. Treasury obligations to Germany to be liquidated against U.S. claims
—54
4 801
2 201
4 549
2 181
—73
(*)
252
—3
(*)
(*)
—239
(*)
369
87
3 023
3,000
28
597
20
7 496
7 758
—262
636
2 602
2,000
602
649
-30
90
4 456
4 456
—138
32 476
82 811
7
1651 955
6 093
5,000
7
1, 093
3 122
345
7 3,636
940
6
6
544
156
7
3 480
7
—542
o
612
167
10
_
9 Preliminary.
'Revised.
*Less than $500,000 (±).
1. Through April 1970 data for foreign branches of U.S. banks are estimates which were
derived from weekly and daily figures complied by the Federal Reserve System. Beginning
in May 1970 these data are reported monthly by U.S. banks and include custody items held
by reporting banks on behalf of their own foreign branches. Included in the custody items
during 1971 are special Export-Import Bank and Treasury securities held for foreign branches.
As of October 31,1971, these special securities had been liquidated.
2. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1
year or less are included with "other obligations."
3. Includes nonguaranteed U.S. Government agency securities with a maturity of 1 year or
less.
4. Includes liabilities of U.S. monetary authorities for geld deposited by and held for the
IMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the
IMF to the United States to acquire income-earning assets. Upon termination of investment,
-4
-4
32
—4
2,477
_ _ _ .
U.S. official reserve assets, net (table 2, line 58)
Gold (table 2, line 59)
SDR (table 2, line 60)
Convertible currencies (table 2, line 61)
__ _ _
Gold tranche position in IMF (table 2, line 62)
142
4
27
-33
-25
158
__.
675
7
72
To international and regional organizations
I"
—6, 848 -4, 94$ -1,291
—164 —1,960
—892
,
Demand deposits
_
Time deposits 2
U.S. Treasury bills2 3
and certificates *
Other obligations *
408
IV
3,384
Reported by U.S. banks 5 (table 2, line 53)
46
1,072
III
130 —2,138 —2,162
__
36
47
48
49
50
II
__ -6,507 -6, 902 -1,683
_
Demand deposits
Time deposits 2
U.S. Treasury obligations:
Bills and certificates —
Bonds and notes
Other obligations 2 3
20, 912
I
— 6,242 -6,705 — 1,692
Seasonally adjusted
6
7
8
9
1971 *
Amounts
outstanding
Dec. 31,
19716
-1,863
Liquid liabilities to private foreigners (table 2, line 56)
3
4
5
1970
2,348
—386
1 022
801
1,040
145
838
1,373
-8
12,167
787
—851
2,152
389
866
—249
381
1 350
—44
—920
831
—253
14
—37
818
227
395
—34
34
406
422
140
469
9
109
—592
373
255
456
196
-66
252
300
150
72
851
1
-3
2
-8
10, 206
1,100
7
276
585
-2
(*)
-2
-2
28
—4
32
the same quantity of gold can be reacquired by the IMF.
5. Includes, in addition to foreign official reserve agencies, other foreign official agencies.
6. Position figures reflect changes in coverage, a reclassification from foreign official to
private holder of certain liquid liabilities, and a reclassification by type of the liabilities of
U.S. banks to their foreign branches and of the liabilities of U.S. agencies and branches of
foreign banks to their head offices and changes resulting from revaluations.
7. Data reflect increases of $7 million in U.S. Treasury bills and certificates (line 28), $33
million in U.S. Treasury bonds and notes (line 32), $70 million in nonmarketable, nonliquid
U.S. Treasury obligations (line 42), and $28 million in convertible currencies (line 49) resulting
from the revaluations under the Smithsonian Agreement of December 18,1971.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUBVEY OF CURRENT BUSINESS
52
March 1972
Table 9.—U.S. International
[Millions
United Kingdom
(Credits +; debits -) *
Line
1970
1971
1971 v
II'
Ir
1 Exports of goods and services 2'
4
5
6
7
8
9
10
11
12
13
I
IV v
III'
1971
1971 v
II r
III'
IV v
_-
14
4,081
1,033
998
998
1,053
11,125
11,479
2,879
2,974
2,886
2,739
2,518
177
51
70
305
67
92
18
2,348
105
67
67
310
67
105
19
691
9
13
13
68
17
26
4
562
48
14
17
87
17
26
4
555
41
28
22
89
17
26
7
540
7
12
15
66
17
26
5
8,369
270
166
95
485
168
118
27
8,069
688
199
99
505
202
139
40
2,061
177
32
19
114
51
35
9
2, 110
178
52
25
139
51
35
14
2,104
172
65
34
144
51
35
7
1,794
161
50
22
108
51
35
9
249
375
200
167
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets
U.S. Government assets
264
431
184
115
55
88
41
8
65
93
49
17
69
96
45
3
75
154
49
87
3S3
774
169
90
458
870
157
54
104
225
39
14
120
200
39
12
108
111
38
19
126
334
41
9
(*)
-4,715 -4,716 -1,029 -1,281 -1,345 -1,062 -10,607 -12,123 -2,766 -3,184 -3,437 -2,736
Imports of goods and services
15
1970
4,289
Merchandise, adjusted, excluding military 3 _ _ _ __ _ . . _
Transfers under U.S. military agency sales contracts
Travel
. _ _ _ •_
_
Passenger fares _
_
Other transportation
_
_
Fees and royalties from unaffiliated foreigners
Other private services
._ .._ _ - .
U.S. Government miscellaneous services
2
3
European Economic Community
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
-- _ _
Other transportation
Fees and royalties to unaffiliated foreigners _- _
Private payments for other services
- U . S . G overnment payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
D irect investment fees and royalties
Direct investment interest, dividends and branch earnings 4
._ O ther private liabilities
U.S. Government liabilities
--- -
-2, 216 -2,470
-258
-228
-322
-293
-282
-283
-304
-272
-38
-38
-230
-215
-14
-14
-557
-63
-20
-42
-68
-10
-58
-3
-682
-60
-115
-101
-78
-10
-58
-3
-699
-69
-134
-87
-83
-10
-58
-5
-532
-65
-53
-53
-75
-10
-58
-4
-6, 651
-1,285
-542
-395
-446
-54
-51
-71
-132
-585
-393
-19
-164
-937
-37
-13
-172
-401
-212
-5
-60
-123
-22
-2
-35
-89
-48
-3
-36
-91
-71
-2
-42
-98
-70
-49
-54
-11
-14
-11
-18
-7
-5
-7
-11
28
-7,549 -1,834 -1,997 -2, 122 -1,596
-410
-371
-377
-1,497
-338
-242
-83
-51
-175
-551
-62
-137
-63
-134
-396
-141
-143
-524
-114
-126
-15
-15
-15
-15
-58
-14
-14
-14
-14
-57
-20
-19
-19
-17
-75
-3
-134
-530
-747
-1
-32
-136
-150
-1
-26
-128
-178
-1
-43
-130
-195
-1
-32
-137
-224
-21
10
8
1
-4
5
(*)
-107
87
-123
134
-27
35
-33
33
-32
29
-31
37
(*)
29
Unilateral transfers (excluding military grants), net
30
31
32
U S Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
-22
-28
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets net
36
37
Repayments on credits:
Scheduled
Nonscheduled ^
38
-6
-6
-7
-7
131
-- - -
166
-43
80
1
128
165
52
-10
69
10
-18
-52
-11
U.S. Government capital flows, net
33
-25
-28
-65
28
-38
-8
-11
32
o
6
-8
-3
-67
15
-121
-26
-27
-4
-31
-9
-27
-15
-36
2
193
204
3
60
3
139
118
99
126
73
22
36
73
52
17
-1,235
-1,655
-646
-443
44
-498 -1, 201
U.S. private capital flows, net -
-738
-182
97
-378
-610
-642
-175
-640
-86
-257
-38
-92
-61
-116
-11
-176
23
-971
48
-1,202
66
-570
-5
-444
5
-390
31
202
35
_4
13
16
-57
-128
-58
-40
-72
-10
-1
-75
-14
-14
84
11
-2
-65
-45
-52
19
10
-138
-241
-72
-23
-36
20
-41
-82
-12
-47
12
-63
-27
-135
-17
6
-20
308
19
-63
-187
-8
20
-333
3
-15
73
16
12
114
8
-80
-41
-265
-36
12
17
-76
-9
16
-17
5
7
-16
-63
4
-6
16
-10
-37
33
-3,845
2,130
-755
Direct investments in the United States *
U.S. securities other than Treasury issues
512
253
50
51
52-53
U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
Long-term
Short-term
Long-term liabilities to all foreigners reported by U.S. banks
54
55
56-57
Nonliouid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners
U.S. liquid liabilities to all foreigners
39
40
Direct investments abroad
Foreign secutities
4
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
__
. ._
__
Short-term, nonliquid
Short-term, liquid
47
48
49
58
59
60
61
62
1,306
311
1, 268
8,576
5,754
2,758
663
1,441
892
151
536
-42
68
-19
40
172
174
40
254
109
887
49
891
79
191
-27
119
69
170
-72
411
773
487
-9
-172
-63
5
-49
-59
9
40
-14
-32
-115
-56
(*)
-48
66
28
133
207
127
123
-121
52
91
-202
-7
-56
-42
52
-26
109
1
114
14
6
-112
- -- -5, 749
-48
1,721
10
-692
-36
1,327
-27
163
6
923
-621
-19
7, 753
-6
-355
5, 121
-147
2,754
.. -4
-13
634
-1
-147
1,265
-1
-48
468
1,847
303
306
-3
535
604
25
331
251
-3
179
608
25
392
191
1, 847
303
306
-3
356
-4
(*)
-61
60
-3
2,841
-709
1,238
-705
-924
Foreign capital flows net
Transactions in U.S official reserve assets net
Gold
.._.
.
SDR
Convertible currencies
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, and transfers of funds between foreign areas, net__
See footnotes at end of table.
-909
-50
-988
-8,538
-4,120 -2,284
-208
SURVEY OF CURRENT BUSINESS
March 1972
53
Transactions, by Area
of dollars]
Eastern Europe
Other Western Europe
1970
1971
1970
1971 v
I'
II'
III'
Canada
1971
1970
1971 v
I
IV P
II
III'
1971
Line
1971 *
I'
IV 9
II
III'
IV P
4,979
4,915
1,352
1,309
1,163
1,092
419
461
129
104
104
124
12,491
14, 141
3,283
3,725
3,423
3,710
1
3,287
152
101
49
595
35
70
91
3,151
147
101
51
600
35
76
86
895
27
17
10
139
9
19
26
843
47
30
14
167
9
19
19
763
21
27
16
166
9
19
27
650
52
27
12
128
9
19
14
368
408
116
92
88
112
COCO 00 <M
4
1
5
1
4
1
5
1
2
1
5
1
48
8
36
1
2, 845
16
23£
4
55
8
36
2
2,444
14
317
3
61
8
36
2
2,724
28
154
3
1
5
1
10, 472
76
925
9
222
30
144
7
2,459
18
21(
13
3
19
2
9,044
35
885
8
191
30
124
7
58
8
36
2
2
3
4
5
6
7
8
9
140
229
131
99
141
316
127
83
29
126
31
24
36
69
33
23
29
39
31
16
46
82
32
21
7
8
5
10
1
2
1
1
1
5
1
1
357
972
836
1
392
1,002
871
-8
88
195
214
()
*
96
212
215
1
100
224
213
()
*
108
371
229
-9
10
11
12
13
93
68
55
56
231
272
-,7
482
-5,242
-2, 408
-261
-475
-265
-512
-13
-30
-57
-2, 739
-266
-510
-276
-555
-14
-35
-62
-647
-75
-56
-38
-124
-4
-9
-11
-721
-64
-170
-116
-151
-4
-9
-18
-756
-61
-230
-78
-143
-4
-9
-18
-21
-67
-647
-117
-12
-81
-522
-171
-2
-16
-126
-28
-2
-20
-119
-31
-231
-272
-93
-247
-284
-29
-91
-128
-30
-107
-147
2.
14
-259
-274
-64
-78
-82
-50
-12, 999 -14,605
-3,253
-3,812
-3,830
-3,711
15
-615
-66
-54
-44
-137
-4
-9
-16
-218
-1
-24
-226
-4
-27
-57
-1
-2
-65
-1
-8
-61
-1
-15
-43
-1
-2
-10, 720 -12, 352
-253
-193
-1, 049 -1,117
-2, 860
-52
-103
-3, 286
-49
-252
-2, 959
-39
-593
-3, 247
-53
-169
-6
()
*
()7
*~
-2
()
*
-2
()
*
-2
()
*
-2
()
*
-8
-9
-2
-2
-3
-2
-29
-139
-48
-4
-17
-137
-64
()
*
-68
-55
-56
-60
-73
-80
-6
-24
-30
-8
-29
-36
-1, 136 -1,423
-1, 517 -1,166
A
i
-1
()
*
-71
-30
-25
-11
-27
-42
-27
-38
-9
-8
-13
-10
-10
(*)
()
*
(*)
(*)
()
*
"*
()
'(*)
-229
-5
-123
-10
-45
-1
-31
-3
-55
-1
-31
-2
-67
-1
-31
-3
-62
-1
-31
-3
-62
-39
-378
-174
(*)
()
*
-201
-4
-110
-10
16
17
18
19
20
21
22
23
-60
-51
-258
-207
-16
-21
-72
-50
-15
-10
-61
-49
-15
-9
-62
-51
-14
-10
-63
-58
24
25
26
27
28
A
-6
-9
-5
-5
-88
-122
-19
-28
-41
-35
29
-1
-2
-3
-4
-2
-3
-3
-2
-3
-2
-53
-35
-63
-59
-14
-5
-16
-11
-16
-25
-16
-18
30
31
32
-94
-97
-16
-47
-24
-10
6
5
-6
13
-2
-7
-25
-10
-3
-2
-10
33
-262
-7
-319
21
-70
8
-98
3
-68
5
-83
5
-48
20
-62
23
-19
7
-21
8
-11
7
-12
1
-10
()
*
-28
3
-9
-1
-7
3
-2
1
-10
34
35
173
3
201
47
47
39
68
34
44
12
7
17
8
1
36
37
()
*
-237
-391
-389
—173
-78
248
-291
69
-146
70
-251
39
-82
17
-90
-11
276
25
51
-35
-7
-37
-144
-12
9
-142
-13
-53
-59
16
4
71
-15
3
-14
()
*
1
-12
()
*
-4
-12
-4
-3
-15
-5
-21
-75
-26
3
-31
-3
-11
-3
2
12
-6
-43
-25
-35
18
-1
-2
8
7
-527
4,211
180
1,000
2,641
391
12
-5
-4
70
414
-51
637
42
118
58
69
-95
138
-56
311
113
-49
1
108
-43
17
45
-9
9
32
-26
-2
12
16
()
*
19
-24
10
_4
-1
-1,071
-4
-15
3,563
-2
()
*
-23
-9
877
-2
16
2, 556
-21
153
-25
269
127
50
84
26
187
60
55
82
67
-5
1,023
-3,381
-57
-643
1
()
*
2
72
-51
()
*
-1
-14
3
7
-12
-3
-1,572
-991
-30
-96
-242
-624
38
-915
-475
-143
-292
-97
-77
7
-143
13
-46
-67
-26
39
40
96
-134
-123
93
-109
-386
44
10
57
2
-20
35
2
34
-159
45
-133
-319
41
42
43
-108
-19
106
-6
-12
-136
-11
44
-4
19
8
-10
36
-112
8
-56
-76
44
45
46
1,413
-306
-618
-131
170
273
47
233
123
55
-45
26
19
44
-26
15
4
-31
-43
48
49
9
-29
2
2
-24
1
-2
-33
1
-7
-19
-1
1,160
-11
-75
351
-33
-613
-6
-109
-4
181
8
()
*
()
*
()
*
(*)
12
8
(*)
()
*
()
*
.(*)
-2,189
-492
2
(*).
2
-1
3
1
-9
6
-1
-19
4
-21
-2
1
9
-5
~5
4
()
*
()
*
.(*)
8
_2
-3
()
*
()
*
()
*
-2
11
()
*
()
*
-5
-5
()
*
-5
-658
50
11
51
28
1 52-53
351
-18
-27
54
55
56-57
58
59
60
61
62
63
-133
-149
-62
-24
-22
-42
763
1,908
647
344
521
396
64
SURVEY OF CURRENT BUSINESS
54
March 1972
Table 9.—U.S. International
[Millions
Latin American Republics and other Western
Hemisphere
(Credits +; debits -) 1
Line
1970
Japan
1971
1971*
1970
I'
1 Exports of goods and services 2
2
3
4
5
6
7
8
9
10
11
12
13
-.
I
II «•
III'
IV P
Imports of goods and services
2,503
2,682
2,723
2,439
5,914
5,528
1,457
1,352
1,311
1,408
6,439
34
890
163
358
52
259
67
1,595
9
197
38
84
13
64
17
1,644
9
225
41
95
13
65
19
1,794
9
237
45
97
13
66
14
1,406
8
231
39
82
13
65
17
4,648
25
101
70
303
201
36
23
4,067
42
134
94
300
252
39
36
1,093
7
27
21
71
63
10
11
1,003
5
35
24
82
63
10
7
931
14
35
27
82
63
<10
14
1,040
17
37
22
65
63
10
4
325
1,094
513
154
74
251
131
31
91
302
131
48
70
232
118
29
91
310
134
45
87
94
297
29
98
168
267
33
18
57
71
9
32
23
61
8
26
39
63
7
22
48
72
8
25
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4.
Other private assets.—
U.S. Government assets
10,347
321
1, 081
553
164
.
15
21
7
7
6
1
(*)
-8,407 -8,514 -2,147 -2,182 -2,254 -1,931 -7,415 -8,910 -1,957 -2,246 -2,102 -2,605
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3 ___
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated f oreingers
Private payments for other services
-_
._
U . S . G overrun ent paym ents f or miscellaneous services _
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private liabilities
U.S. Government liabilities
-5,913 -6, 116 -1,524 -1,612 -1, 629 -1, 351 -5,894 -7, 281 -1,599 -1,878 -1, 675 -2, 129
-145
-150
-155
-37
-610
-158
-670
-158
-169
-41
-39
-38
-30
-18
-24
-1,200 -1,253 -340
-320
-300
-97
-88
-16
-293
-17
-16
-12
-70
-58
-13
-70
-19
-71
-18
-18
-16
-77
-71
-71
-74
-264
-60
-74
-292
-236
-66
-271
-64
-1
-1
-1
-1
-1
-1
-4
-1
-5
-4
-4
-1
-6
-6
-6
-6
-164
-184
-50
-43
-19
-23
.. .
-44
-48
-5
-5
-4
-3
-41
-21
-18
_ . .„.....„ -169
-176
-40
-49
-46
-22
-446
-14
-21
-242
-27
28
U.S. military grants of goods and services, net 7
29
Unilateral transfers (excluding military grants), net
-522
-519
30
31
32
U.S Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
—262
-43
-217
—262
-55
-202
-25
U.S. Government capital flows, net
-21
-5
-67
-5
-7
-132
—66
-13
-52
-507
36
37
Repayments on credits:
Scheduled
Nonscheduled 5
.
_
-352
-692
-8
345
4
76
4
-1,477 -1,391
Loans and other long-term assets
_ .
Foreign currencies and other short-term assets net
-844
-6
343
(*)
34
35
-74
-154
-5
-53
-8
-7
-6
-58
-11
-6
-127
-139
—71
-14
-54
-100
—66
-13
-48
-77
-191
-7
98
-154
77
-6
-63
-2
-4
-17
—261
-87
-1
o
-120
—59
-14
-47
-35
-195
-306
-7
-51
-26
.(*)
-12
-46
-37
(*)
-12
-52
-89
-4
-46
-153
-43
-43
-9
-9
-12
-12
-10
-33
-10
-32
-2
-7
—7
-3
-10
-3
-9
62
73
-31
-2
84
22
-194
-1
-161
9
-217
6
-81
3
-58
(*)
-29
4
-49
-2
94
92
121
126
159
47
27
29
27
82
25
48
-101
Direct investments abroad 4
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term _ _ _ .
Short-term nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
_ .
Short-term, nonliquid
Short-term, liquid
__ _
_
..
.
_
.
_
..
. _ __
Foreign capital flows, net
4
-17
-390
-529
-650
-938
257
-293
-768
-686
-41
-66
18
-345
2
-197
-16
-79
-45
-132
31
-177
-126
-41
-53
-31
-139
—172
-20
67
85
12
-377
-11
-113
-224
-51
48
35
-39
43
27
-23
-117
-103
-22
-87
-183
33
-26
-466
8
-132
-386
-17
-10
403
5
-100
-46
26
-1
-404
-139
-21
-339
91
-177
] -188
U.S. private capital flows, net.
39
40
-601
-135
-32
-244
2
-15
-15
-80
36
-110
2
-73
6
-1
-80
-19
-21
-10
-16
23
-21
-5
5
-31
-6
-8
-18
8
-520
38
48
49
IV »
6,494
41
879
156
360
48
232
67
Transfers of goods and services under U.S. military grant programs, net 7
47
III'
10,395
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts
Travel
Passenger fares
Other transportation _
Fees and royalties from unaffiliated foreigners
Other private services—
_- .._
__
U.S. Government miscellaneous services
14
33
II r
1971
1971"
-114
382
-466
1,101
10,073
2,242
5,085
1,701
-559
21
222
19
-319
-455
-55
-39 J
I
289
1,045
39
66
Direct investments in the United States
U.S. securities other than Treasury issues .
37
58
16
22
-5
13
9
31
17
-8
3
12
-438
54
-31
2
-69
13
-135
50
51
52-53
U.S. nonliquid liabilities to private foreigners reported by U.S. nonbanking
concerns:
Long-term
Short-term
_
Long-term liabilities to all foreigners reported by U.S. banks
84
106
-114
52
73
-247
47
-18
-90
14
-19
-42
-46
80
-88
37
30
-27
18
1
-269
9
29
-383
1
22
-124
-4
-132
1
15
-117
7
-4
-10
54
55
56-57
Nonliquid liabilities reported by U.S. Government:
To foreign official reserve agencies
To other official and private foreigners U.S. liquid liabilities to all foreigners
-22
-679
-12
-74
4
-300
-9
431
-3
-449
-5
244
-2
1,338
-5
10,807
-1
1,176
2,434
-8
5,733
4
1,464
58
59
60
61
62
-_
Transactions in U S official reserve assets net
Gold
SDR
Convertible currencies
Gold tranche position in IMF
63
Errors and omissions, and transfers of funds between foreign areas, net
4
(*)
4
(*)
119
131
4
(*)
4
(*)
119
907
538
Allocations of special drawing rights (SDR)
64
131
r
v Preliminary.
Revised.
*Less than $500,000 (±).
1. Credits, +": Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
187
-257
730
-122
913 -5,784
-762
-1,044 -3,599
-380
Debits, —: Imports of goods and services; unilateral transfers to foreigners; capital
outflows (decrease in U.S. liabilities or increase in U.S. assets); increase
in U.S. official reserve assets.
2. Excludes transfers of goods and services under U.S. military grant programs.
3. Excludes exports of goods under U.S. military agency sales contracts identified in Census
Mardh 1972
SURVEY OF CURRENT BUSINESS
55
Transactions, by Area—Continued
of dollars]
Other Countries in Asia and Africa
Australia, New Zealand, and South Africa
1970
1971
1971 v
I
II '
1970
111'
1971
1971 9
IV *
International Organizations and Unallocated
I'
II '
1970
•III'
II
I'
IV 9
Line
1971
1971 »
III'.
IV 9
361
1
58
46
47
47
2
3
4
5
6
7
8
9
2,475
2,526
595
596
661
675
10,136
11,483
2,793
3,159
2,874
2,657
1,581
168
41
48
61
24
36
1
1,691
75
41
47
62
26
38
1
423
9
7
10
15
7
10
(*)
379
38
11
14
16
7
10
(*)
478
14
14
15
17
7
10
(*)
411
13
9
9
13
7
10
(*)
5,671
612
95
56
572
24
179
151
6,124
775
98
68
560
28
199
149
1,570
220
17
11
137
7
50
37
1,687
281
26
18
145
7
50
41
1,579
144
29
27
153
7
50
32
1,288
131
26
13
125
7
50
39
221
(*)
217
55
58
163
190
47
47
145
293
53
25
163
299
57
27
41
61
12
1
41
54
15
12
33
59
13
1
49
125
17
12
165
2,034
266
310
188
2,650
257
388
37
557
66
85
54
694
60
97
51
661
65
78
47
738
66
128
23
174
85
15
13
428
108
13
5
14
38
1
7
145
13
9
2
17
44
358
436
110
115
144
67
-1,367
-1,391
-278
-364
-419
-331
-7,754
-8,574
-1,849
-2,188
-2,348
-2,189
-915
-882
-193
-271
-1,125
-48
-40
-55
-34
(*)
-6
-23
-1, 139
-38
-50
-58
-33
-302
-10
-11
-15
-9
(*)
-2
-7
-347
-11
-14
-18
-9
(*)
-2
-6
-269
-8
-10
-13
-9
(*)
-2
-7
-4,725
-1,936
-233
-47
-234
(*)
-24
-247
-5,776
-1, 775
-283
-55
-247
(*)
-28
-261
-1,179
-436
-50
-8
-63
(*)
-1,465
-469
-68
-13
-65
* -8
-25
-221
-9
-15
-12
-5
(*)
-2
-5
-1,605
-450
-100
-23
-64
(*)
-1,527
-420
-65
-11
-56
(*)
-7
-68
-1
-25
-10
(*)
-23
-17
(*)
-5
-2
" ,
-3
(<)
-7
-5
-6
-6
-2
(*)
-237
-70
-2
(*)
-103
-43
-358
-436
-110
-115
-144
-67
-23
-24
-6
-5
-6
-6
-1,971
-2,240
-494
-592
-552
-4
-19
-5
-19
-1
-5
-1
-4
-1
-5
-1
-5
-1, 283
-125
-563
-1, 543
-142
-554
-332
—34
-128
-417
-37
-138
-369
-37
-146
( }
-64
(*)
-31
-11
( }
* -7
-66
-1
(*)
-23
-11
-64
681
969
160
10
11
12
13
-228
15
-10
-143
-8
-150
-5
-132
-5
-2
-67
-41
-58
-114
-13
-26
-13
-25
-15
-30
-17
-34
24
25
26
27
-155
-174
-51
-30
-54
-39
29
-155
-174
-51
-30
-54
-39
30
31
32
-10
-138
-110
-116
-75
-121
-602
-424
-35
-143
-1
-25
-10
252
13
3
16
17
18
19
20
21
22
23
-33
-561
-1
(*)
169
14
-191
-31
-578
-24
-11
280
28
-56
-21
-35
12
-23
24
-1,240
-1,580
-431
-645
-245
-259
-53
-66
-11
-9
-47
.. 33
-143
1
-120
-2
-37
-1
-29
-2
-27
—1
-27
2
-1,640
-48
-2, 340
142
-725
76
-836
53
-349
—2
-431
14
-58
-71
-13
-9
-49
34
35
86
100
3
44
5
49
430
19
629
217
138
116
158
5
5
3
3
5-11
36
37
5 — 11
-272
-571
-196
-152
-112
-573
-1,676
-317
-585
-252
-523
-386
-758
-250
-302
-370
164
38
-270
12
-283
30
-72
2
-147
18
-39
3
-26
6
-397
-157
-767
-254
-134
-47
-306
-106
-79
-37
-249
-63
-226
-159
-482
-276
-59
-191
-321
18
-226
-142
123
39
39
40
53
-27
-5
-111
-163
-10
-4
-15
-3
-28
-32
o
-26
-84
-3
-53
-32
-2
52
4
-7
-42
-441
30
-1
-78
(*)
6
-95
-4
-9
-104
31
-38
-164
3
(*)
(*)
(*)
(*)
-2
2
41
42
43
-16
-19
-22
-12
-9
-11
-5
0
-4
-8
3
-15
-53
-48
-154
-15
-42
-7
-73
-9
-45
-17
(
5 \
119
443
60
286
52
46
-414
-577
-258
-78
-248
7
-6
2
102
6
53
3
7
1
-4
2
15
-1
34
346
92
1
-14
(*)
-24
13
32
-8
24
-18
-55
-38
133
-11
526
-111
44
45
46
-1
-90
410
(*)
-13
-5
9
5
10
15
-18
-2
-15
-36
7
-23
-1
10
71
-458
-4
62
-45
-2
5
-39
-2
53
6
30
3
(*)
-26
—15
-66
-139
-23
307
-5
110
-1
69
-230
89
-56
-593
52
-284
-20
-112
-26
-272
-61
75
-370
457
(*)
19
40
(*)
(*)
266
145
41
102
1
47
-58
48
49
-23
28
-54
-13
50
51
39 52-53
232
118
87
54
55
20 56-57
-111
11
165
45
17
-6
33
1
-306
1,123
-330
459
1,005
-11
58
11
165
45
17
-6
33
1
156
-851
22
-249
7
-592
11
196
4
150
-3
389
1,350
255
252
851
-8
59
^0
61
62
867
717
717
358
-1,338
-309
-246
-534
-249
64
-889
-962
-225
-328
-113
-2%
1,651
3,120
539
export documents, and imports of goods included under direct defense expenditures identified
in Census import documents, and reflects various other balance-of-payments adjustments
(for valuation, coverage, and timing) to Census statistics; see table 4.
4. Excludes reinvested earnings of foreign incorporated affiliates of U.S. firms or of U.S.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
934
738
908
63
6. Includes transactions with shipping companies operating under the flags of Honduras,
Liberia, and Panama.
7. These data are incomplete. See note on p. 42.
NOTE.—Details may not add to total because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUEEENT BUSINESS
56
March 1972
Table 10.—Summary of Known Current and Long-term Capital Transactions, by Area *
[Millions of dollars]
Line
1970
Receipts by foreign areas (— )
I
1
2
3
4
5
All areas, balances on :
Merchandise trade 2
Goods and services
_ _
Goods, services and remittances
_ __
Current account
Current account and long-term captial 3
_
_
2,110
3,592
2,182
_
11
12
13
14
15
European Economic Community, balances on:
Merchandise trade 2
Goods and services
Goods, services a n d remittances. _
_ _ _ _ _
Current account
Current account and long-term capital 3
16
17
18
19
20
Other Western Europe, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account.- _ _
Current account and long-term capital 3
21
22
23
24
25
Eastern Europe, balances on :
Merchandise trade 2
Goods and services
__
Goods, services and remittances
Current account. _
_
Current account and long-term capital 3
26
27
28
29
30
Canada, balances on:
Merchandise trade 2 _
__ _
Goods and services
_._
Goods, services and remittances
Current account
Current account and long- term capital 3
-
31
32
33
34
35
Latin American Republics and other Western Hemisphere, balances on:
Merchandise trade 2
Goods a n d services
_ _
_
,_
Goods, services and remittances _ _
.
_ _ __
Current account
Current account and long-term capital 3
36
37
38
39
40
Japan, balances on:
Merchandise trade 2 _
Goods and services
Goods, services and remittances
Current account _ _ _ _ _ _ _
Current account and long-term capital 3
41
42
43
44
45
Australia, New Zealand, and South Africa, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account _
•
Current account and long-term capital 3
46
47
48
49
50
Other countries in Asia and Africa, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
51
5?,
53
54
55
International organizations and unallocated, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account a n d long-term capital 3 _
_
. _.
_.
__
_
_
._
._
___
.
-120
-283
—297
-297
-343
—144
-347
—358
—358
-278
8
-9
-27
—27
206
113
—18
-257
-210
-209
—209
-590
-551
—555
—555
-881
198
3
8
8
595
248
216
162
156
145
122
7
—114
-179
-187
-213
-354
—423
-434
-472
-139
-145
-95
215
161
105
98
175
37
38
33
32
27
34
32
27
24
36
45
49
43
39
37
59
65
60
59
61
27
26
21
17
8
27
22
17
17
21
69
74
69
69
71
-272
-420
-364
-397
—397
-656
-675
-293
-315
—315
-591
-401
-441
-115
-115
-246
-515
-407
-448
-448
-483
-523
30
11
11
-89
194
536
476
418
54
299
628
560
493
326
71
356
291
224
198
32
500
432
361
-79
165
469
408
342
55
508
447
388
—321
584
234
228
228
360
350
-82
-91
—91
—85
339
50
41
41
579
281
153
106
98
24
233
-30
-87
-94
85
150
—327
-581
-611
-163
-177
-236
—242
160
139
130
136
182
187
167
162
161
34
41
35
35
37
—1,676
-508
—596
-596
— 1, 651
-1, 880
-464
—586
—586
-980
-309
323
-20
263
197
126
188
-122
—635
—689
—689
-820
43
-186
—195
—195
-104
445
316
320
320
520
-644
-634
—634
—1 131
412
124
113
113
-219
925
487
—899
25
3
3
-183
732
134
4
—7
-7
—406
227
113
121
121
228
-87
250
— 124
—651
61
35
-74
377
-1
-36
-36
-167
._
_
_
_ __
-202
-3, 214
-3, 382
—3, 425
—3, 425
—4 168
-162
-197
-207
-207
—207
-280
-365
-376
-376
-476
-454
-531
-542
—542
-515
-350
-409
-419
-419
—380
-506
-500
-509
-509
-694
-875
-894
-903
-903
-1,208
-744
-791
-803
-803
-1,452
-1,089
-1, 197
-1,209
-1, 209
-812
456
___
18
108
560
493
428
23
552
1,106
1,083
1,083
1,135
1,111
1,111
81
235
230
230
118
134
271
265
265
160
127
314
309
309
231
114
288
281
281
260
202
317
311
311
208
77
232
227
227
59
131
242
236
236
144
142
344
338
338
281
266
550
377
44
331
769
581
270
108
338
168
241
725
568
237
-70
391
944
782
450
222
971
796
379
-26
526
343
-26
-239
-684
-421
-134
-793
87
87
57
-102
-102
-156
-556
133
133
94
237
581
1,988
1,728
1,466
199
-1, 246
-1, 502
— 1, 545
— 1, 545
—1, 577
768
1,833
1,576
1,314
693
946
348
2,382
1,694
2,909
2,213
411
___
_
__
_
_ __
_-___
669
-1,472
-2, 022
-455
-635
-231
—231
-386
-544
87
87
-87
-64
-64
—99
14
-75
-75
v Preliminary.
»• Bevised.
1. Balance of payments by area on the net liquidity basis and the official reserve transactions basis lack validity because liquid dollar holdings of private and official foreigners
may be affected not only by their transactions with the United States but also by transactions
among themselves. The balances shown by area here have some shortcomings due to statistical
discrepancies including errors, omissions, and incorrect area attributions.
Balances are derived from lines in table 2 (all areas) and table 9 (individual areas) as follows:
Merchandise trade.
2,16.
Goods and services
,.
1,15.
Goods, services and remittances
1,15, 31, 32.
Current account
_
__-„
1,15,29.
Current account and long-term capital
1,15, 29, 33, 39-41, 44, 48-50, 52, 55.
(By area only part of line 52 is
included.)
The balance on current account and long-term capital with "all areas" includes changes in
-1,344
77
—1,310
-843
—1, 117
-1,291
-1, 683
—2 184
—4 468
60
105
91
91
557
913
465
IV*
-140
-670
—3, 613
71
100
_
___
425
-220
—233
—233
—112
-140
__
2SS
128
879
107
_
IfiO
-124
—138
—138
-263
302
-427
—476
-476
518
497
497
532
...
1,003
1, 300
—1, 262
1,234
—760
—2 774
—9 284
IIP
IP
552
706
1,718
._ ___
659
I'
1, 513
1,188
266
_
699
IV
III
1,349
1,002
—3, 038
United Kingdom, balances on:
Merchandise trade 2
__
_
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3 _
—2 879
II
-291
-657
—1 060
-1 535
444
6
7
8
9
10
19'n
19 70
1971 P
-958
—129
-56
-140
-312
-137
-137
-164
-276
44
44
4
-229
-124
-31
-31
-82
-308
-102
-332
468
290
long-term liabilities to all private foreigners reported by U.S. banks; with "international
organizations" includes only liabilities to IBRD and affiliated organizations; and with other
areas includes only liabilities to regional organizations. Increases in the long-term liabilities
to other private foreigners included in the total, but not in the areas, amounted to (millions
of dollars):
1970-1, 5; 1970-11, 63; 1970-III, 7; 1970-IV, 43; 1970 year, 118; 1971-1, 7; 1971-11, 11; 1971-.
Ill, 7; 1971-IV, 64; 1971 year, 89.
2. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports under direct defense expenditures.
. .m .
3. Includes some short-term U.S. Government assets; area data exclude long-term liabilities
reported by U.S. banks other than to international and regional organizations (see footnote
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
U. S. GOVERNMENT PRINTING OFFICE : 1972 O - 460-028
BUSINESS STATISTICS
JLHE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90.
Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
1969
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1971
1968
IV
Annual total
I
II
1971
1970
1969
III
IV
I
II
| III
IV
I
|
II
III J IV
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
Gross national product, total
bil.$__
929.1
974.1 1, 046. 8
890.2
906.4
956.0
921.8
940.2
594.2
604.0
948.0
983.5
988.4 1,020.8 1,040.0
1,053.4
1,072.9
613.8
620.9
624.7
644.9
657.4
668.8
677.2
968.5
do
579.6
615.8
662.1
552.5
564.3
575.8
584.1
Durable goods total 9
do
Automobiles and parts
___
do
Furniture and household equipment _ _ do
89 9
40.4
36.3
88 6
37.1
37.4
100 5
46.2
39 6
87 0
39.0
35.0
89 5
40.1
35.6
90 6
39.9
37.0
89.4
40,4
36.2
90 3
41.0
36.2
88.6
37.8
37.3
90.7
39.1
37.6
90.4
38.8
37.0
84.9
32.7
37.6
96.6
43.8
38.8
99.1
45.3
39.4
102.8
48.2
39.6
103 6
47.6
40 8
247 6
50.3
122.5
21 1
264 7
52.6
131.8
22 9
278 6
57 0
136.5
24 4
236 9
47 7
117.9
19 4
241. 5
48.5
120.4
20 2
246.4
50.6
121.9
20 8
249.4
51.0
122.9
21.5
253 1
51.1
124.8
21 9
259.4
51.6
128.9
22 5
262.9
52.1
131.4
22 6
265.5
52.4
132.4
22.9
270.9
54.2
134.3
23.5
273 2
55 4
134.4
23 8
277. 8
57. 0
136.3
23 8
280.2
57.4
137. 3
24 5
283 3
58 0
138 1
25 4
242.1
33.7
84.0
16.5
262.5
36.1
91.2
17.9
282.9
39.2
99.7
19.1
228.6
32.1
79.7
15.8
233.4
32.8
81.4
16.2
238.9
33.0
83.0
16.4
245.2
34.1
84.7
16.6
250.8
35.0
86.9
16.8
256.1
35.1
88.7
17.5
260.2
35.7
90.3
17.6
265.0
36.7
91.8
18.1
268. 9
36.9
94.1
18.3
275 0
37 7
96 5
18.6
280.5
38.9
98.7
19. 0
285 8
39 9
100. 7
19.2
290 3
40 5
102 8
19.6
Personal consumption expenditures, total
Nondurable goods, total 9
Clothing and shoes
Food and beverages.
Gasoline and oil
Services total 9
Household operation
Housing
_
_
Transportation
_
t
do
do
do_
do
-
do
_ _ _ _ .do
do_
do_ _
_
137.8
135.3
151.6
130.7
134. 3
137.0
141.8
138.0
131.2
134.1
138.6
137.3
143 3
152 9
150 8
159 4
do
do
- -do
_ _ _do_
do
do
do
do.
130 4
98.6
34.5
64.1
31.8
31.2
7.4
7.3
132.5
102.1
36.8
65.4
30.4
29.7
2.8
2.5
149.3
108.7
38.2
70.5
40.6
40.1
2.2
1.7
122 6
91.2
31.2
60.1
31.4
30.8
8.1
8.1
127.6
95.0
33.1
61.8
32.7
32.1
6.6
6.5
130 2
96.6
33.0
63.6
33.6
33.1
6.8
6.7
131.4
100.7
36.0
64.7
30.7
30.1
10.4
10.3
132 3
102 2
36.0
66.2
30.1
29 5
5.7
5.5
130.8
100.8
36.1
64.7
30.0
29.4
.4
.1
132 1
102.1
36.6
65.6
29.9
29.3
2.1
1.8
133.5
104.8
37.3
67.5
28.7
28.1
5.1
4.7
133. 6
100.8
37.1
63.7
32.8
32.2
3.7
3.3
140 2
104 7
36 7
68 1
35 4
35 0
31
29
148 3
108 3
38 5
69 8
40 0
39 5
4Q
4 1
152 0
109 3
38 7
70 6
42 7
42 1
12
20
157 0
112 6
39 0
73.6
44.4
43 8
24
20
do
do
__do_
2.0
55.6
53.6
3.6
62.9
59.3
.0
65.3
65.3
1.3
50.8
49.5
1.4
48.0
46.6
1.2
56.9
55.7
2.8
58.3
55.5
2.7
59.2
56.6
3.5
61.5
58.0
4.2
63.2
59.0
4.0
63.7
59.7
"N 2.7
63.2
60.5
4 7
66 2
61 5
I
66 5
66 4
0
68 2
68 2
-4.6
60 4
65 0
Govt. purchases of goods and services, totaL.do
Federal
_ _ _ .
_ _ _ _
__do_
National defense
do
State and local
do
209.7
99.2
78.4
110.6
219.4
97.2
75.4
122.2
233.0
97.6
71.4
135.5
205.7
100.6
79.4
105.1
206.5
99.2
78.3
107. 3
207.8
97.7
77.5
110.1
211.5
100.3
79.4
111.2
213.0
99.5
78.4
113.5
217.3
100.2
78.9
117.1
216.5
96.8
75.1
119.7
220.1
96.1
74.2
124.0
223.7
95.9
73.2
127.9
227.9
96 4
72 6
131 6
229.6
96 0
71 4
133 6
233.8
97 6
70 2
136 2
240.8
100.3
71.4
140 5
By major type of product:
Final sales, total
Goods, total _.
Durable goods
Nondurable goods
Services
Structures
_
921. 7
449.9
180.9
269.0
377.4
94.4
971. 3 1, 044. 5
465.5 492.0
193.7
180.8
298.3
284.7
410.3 443.3
109.2
95.5
882 1
433.1
174.0
259.1
357.6
91.4
899 8
441.3
179.1
262.2
364.0
94.5
915 0
447.7
179.6
268.0
371.9
95.3
929. 8
452.3
181.3
271.0
383.0
94.5
942 3
458.3
183.4
274.9
390 6
93.4
955 6
461.5
181.5
279.9
400.8
93.4
966 5
466.6
183.7
282.9
406.2
93.7
978 4
469. 8
184.9
284.9
413.7
94.9
8.1
6.0
2.1
6.6
3.8
2.8
6.8
4.7
2.1
10.4
6.5
4.0
5.7
30
2.8
.4
—1.8
2.2
2.1
—2.0
4.0
5.1
4.7
.4
984 7 1,017.7 1,035.4 1,054.6 1,070.4
486.2
497.4 502.0
482.4
464.0
198.4
196.4
190.6
189.4
173.1
303.6
301.0
295.5
293.1
290.9
441.0
446.3 453.6
420.6
432.3
114. 7
110.8
102.9
108. 2
100.1
2.4
-1.2
4.6
3.7
3.1
-1.8
-2.5
-3.4
2.3
3.5
4.3
1.3
2.3
7.1
—.4
721.4
724 2
727 8
725 2
719 8
721 1
723 3
715. 9
729 7
735.8
740.7
751.3
474.2
494.3
498.9
93.0
212.7
193.2
Gross private domestic investment, total _ -do
Fixed investment
Nonresident ial
Structures
Producers' durable equipment
Residential structures
_ _
Nonfarm
Change in business inventories
Nonfarm
_
_
Net exports of goods and services.
Exports Imports
_ _ _ ___ _ _
_
do
__do_
do____
_ do_
do
do_
_
_ _
_
7.4
4.5
2.9
2.8
—.6
3.4
2.2
.4
1.9
bil $
724.7
720 0
739 4
716 5
do
469.3
475.9
491.8
460.2
465.7
469.0
469.9
472.6
474.4
477.1
477.9
484. 8
489.4
do
do
.do
Change in business inventories.. _
Durable goods
Nondurable goods
_ _
84 8
202.7
181.8
81 4
207.3
187.2
89 5
211 4
190 9
83.3
199. 4
177.5
85.2
201. 6
178.9
85 6
202. 8
180.6
84.0
203.0
182.9
84 4
203 4
184.8
82 3
205.7
186.4
83.8
206.5
186.8
82.8
207.3
187.9
76.6
209.7
187.9
85 9
210 0
188. 9
87.8
211.5
190.1
91.2
211. 6
191.4
109.6
102.2
108.5
107.7
108. 4
109.4
112. 4
108.2
101.0
102.7
104. 0
101.2
104.3
110.0
106.7
112.9
107.2
78.9
28.3
-.5
110.5
81. 5
29.0
. 2.4
do
do
do
GNP In constant (1958) dollars
Gross national product, total
Personal consumption expenditures, total
Durable goods
Nondurable goods
Services
_
Gross private domestic investment, total
Fixed investment
Nonresidential
Residential structures
Change in business inventories-- _
Net exports of goods and services.
do____
do
do
do
-do
_
do
Govt. purchases of goods and services, total. _do____
Federal
do
State and local
_
do
• Revised.
* Preliminary.
103 2
80 1
23 1
6.4
99 9
78 6
21.3
2.3
106
79
27
2
3
3
0
1
100 3
76.6
23.7
7.4
.1
2.4
— .1
139. 4
65 4
74.0
139.2
62 2
77.0
149.0
78 1
70.9
105 9
79 1
26.7
4.1
103 5
79 1
24.4
5.8
-.3
.6
.6
1.7
2.6
3.2
2.1
3.0
— 5
.1
147.8
76 3
71.4
146.1
73 9
72.1
144.8
73 2
71.6
143.8
71 6
72.2
142.6
69 4
73.2
138.7
65 3
73.4
138.2
63 8
74.3
138.3
63.2
75.2
137.6
61.3
76.3
137.0
60.7
76.3
139.6
62.7
76.8
-.3
145.6
73 8
71.9
98.1
75.5
22.6
3.1
102 8
78.6
24.1
5.7
103 2
81.1
22.1
9.2
103 3
81 7
21 6
4.9
100 7
79 3
21.4
.3
100 7
79 4
21.3
2.0
100 1
80. 1
20.0
3.9
101 8
77 7
24 1
25
9 Includes data not shown separately.
s-1
-3.0
142.6
64.0
78.6
SURVEY OF CURRENT BUSINESS
S-2
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1969
1971
| 1970
Annual total
1969
II
III
March 1972
1970
IV
I
II
1971
IV
III
I
II
1972
III
IV
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT-Con.
Quarterly Data Seasonally Adjusted at Annual Rates
National income total
bil $
763.7
795. 9
P 851. 1
758.9
771.7
778.2
785.8
793.4
802.2
802.1
831.7
847.3
855.2 "870.3
Compensation of employees, total
do
565.5
601.9
641.9
559.1
573.6
583.6
593.2
598.5
606.5
609.3
627.3
638.0
645.6
656.6
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
do
do
do
do
do
509.6
405.5
19.0
85.1
56.0
67.0
50.3
16.8
22.6
541.4
426.6
19.4
95.5
60.5
66.9
51.0
15.8
23.3
574.2
450.4
18.6
105.2
67.7
68.3
52.1
16.3
24.3
503.7
402.0
18.4
83.4
55.3
67.1
50.5
16.6
22.6
516.9
410.4
20.0
86.5
56.7
67.1
50.5
16.6
22.7
525.8
417.7
19.6
88.5
57.8
67.2
49.8
17.4
22.9
534.7
422.5
20.2
92.1
58.5
68.0
50.2
17.8
23.0
538.5
424.4
19.5
94.5
60.0
67.6
51.0
16.6
23.2
545.2
429.4
19.2
96.6
61.3
66.0
51.4
14.5
23.4
547.2
429.9
18.6
98.6
62.1
65.9
51.5
14.4
23.7
561.4
440. 3
19.2
101.8
65.9
66.4
51.6
14.8
23.8
571.0
448.4
18.6
104.0
67.0
67.2
51.9
15.2
24.2
577.3
452.3
18.0
106.9
68.3
69.2
52.3
17.0
24.5
587.0
460.3
18.6
108.1
69.6
70.5
52.5
18.1
24.6
78.6
70.8
"81.0
80.7
78.0
73.3
69.8
71.5
73.0
69.0
79.5
82.5
80.0
"82.2
12.1
66.5
36.0
17.5
18.4
12.8
58.1
29.5
16.6
13.0
"14.0
"67.0
"34.4
"18.0
"16.4
12.3
68.4
36.9
18.0
18.9
12.2
65.8
34.8
17.0
17.8
12.0
61.3
33.0
16.9
16.1
11.3
58.5
31.1
16.7
14.3
12.1
59.4
31.5
16.5
14.9
13.5
59.5
30.6
16.8
13.8
14.0
54.9
25.0
16.2
8.8
14.2
65.3
34.4
17.2
17.2
13.7
68.9
35.0
18.1
17.0
14.2
65.8
33.0
18.1
14.8
"14.0
"68.2
10.0
20.6
8.0
20.5
"8.5
"24.1
10.4
21.0
9.8
.21.2
9.1
19.2
8.2
19.2
7.8
20.1
7.9
20.9
8.1
21.9
8.4
22.5
8.5
25.3
8.5
24.3
84.2
39.7
44.5
24.4
20.0
-5.5
29.9
75.4
34.1
41.2
25.0
16.2
-4.5
33.0
"85.5
"37.8
"47.6
25.5
"22.1
-4.4
35.6
86.9
41.0
45.9
24.2
21.6
-6.3
29.4
81.2
38.2
43.0
24.7
18.3
-3.2
30.2
80.0
37.7
42.3
24.9
17.4
-6.7
31.1
75.6
34.1
41.5
25.0
16.6
-5.8
31.8
75.8
34.5
41.3
24.9
16.4
-4.2
32.6
78.5
35.6
42.9
25.2
17.7
-5.5
33.4
71.6
32.3
39.2
25.0
14.3
-2.6
34.2
83.0
38.3
44.8
25.6
19.2
-3.5
34.8
86.9
39.1
47.8
25.4
22.4
—4.4
35.4
85.8
37.5
48.2
25.7
22.5
-5.8
35.9
"86.2
"36.4
"49.8
25.3
"24.5
-4.0
36.4
750.3
116.2
634.2
596.3
37.9
803.6
115.9
687.8
633.7
54.1
857.0
115.8
741.3
680.7
60.5
743.1
117.2
625.9
592.4
33.4
759.3
116.1
643.2
600.9
42.3
772.2
117.8
654.5
611.4
43.1
784.3
116.7
667.6
621. 5
46.2
803.8
118.0
685.7
631.5
54.2
809.8
113.5
696.2
638.9
57.4
816.7
115.2
701.5
643.0
58.5
833.5
111.6
722.0
663.3
58.6
853.4
113.8
739.6
676.0
63.6
864.6
116.0
748.5
687.6
61.0
876.7
121.7
755.0
696.0
59.0
75.56
31.68
15.96
15.72
79.71
31.95
15.80
16.15
81.21
29.99
14.15
15.84
18.81
7.82
3.98
3.84
19.25
8.16
4.03
4,12
21.46
9.12
4.59
4.53
17.47
7.14
3.59
3.56
20.33
8.15
4.08
4.07
20.26
7.99
3.87
4.12
21.66
8.66
4.26
4.40
17.68
6.69
3.11
3.58
20.60
7.55
3.52
4.03
20.14 ' 22. 79
7.31 '8.44
3.40 '4.12
3.91 '4.32
1 19. 56
'7.03
'3.43
'3.60
i 22. 49
8.16
4.01
4.15
43.88
1.86
1.86
2.51
1.68
11.61
8.94
2.67
8.30
16.05
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10.77
18.05
10.99
.48
.44
.66
.46
2.99
2.22
.77
2.00
3.97
11.10
.47
.49
.53
.40
3.03
2.23
.80
2.11
4.07
12.34
.49
.55
.64
.44
3.23
2.61
.62
2.39
4.60
10.32
.45
.42
.73
.28
2.54
2.15
.39
2.14
3.76
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
.46
.46
.74
.30
3.58
2.79
.78
2.56
4.16
12. 99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42
10. 99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94
13,06
.54
.47
.60
.36
3.83
3.20
.63
2.81
4.44
12.83 ' 14. 35
'.59
.55
.45
.42
'.56
.39
'.37
.37
' 4. 29
4.07
3.35 '3.60
'.69
.71
2.84
2.62
'5.26
4.42
' 12. 53
'.53
'.45
'.52
'.35
'3.60
' 3. 15
'.45
14.33
.54
.42
.78
.35
4.31
3.60
.72
' 2 7. 08
27.92
do
do
do
do
73.94
31.16
15.98
15.18
77.84
33.05
16.53
16.52
77.84
32.39
15.88
16.50
78.22
32.44
16.40
16.05
80. 22
32.43
16.32
16.11
81.88
32.15
15.74
16.40
78.63
30.98
14.92
16.05
79.32
30.46
14.21
16.25
81.61
30.12
14.06
16.06
do
do
do
do
do
do
do
_.do__.
do
do
42.78
1.88
1.76
2.22
1.66
11.68
8.71
2.97
7.92
15.67
44.80
1.89
2.06
2.23
1.65
11.48
8.98
2.50
8.71
16.78
45.46
1.85
1.94
2.80
1.63
11.80
9.36
2.44
8.76
16.67
45.78
1.92
1.74
2.94
1.37
12.14
9.77
2.37
9.14
16.52
47.79
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
48.86
2.04
1.46
1.29
1.33
14.64
12.16
2.48
10.70
17.39
51.50
2.08
1.88
2.28
1 40
14.91
12.61
2.30
11.21
17.72
' 83.
80.75 ' 30.18 '187.54 i 89. 09
29. 19 ' 14. 35 ' 31. 92 32.52
61 ' 15. 62 15.98
13.76 r
15. 74 ' 16. 30 16.54
15. 43
51. 56 ' 52. 82 ' 55. 62 56.57
' 2. 22
2.12
2.23 '2.30
1.64
'1.90
1.67
1.72
'2.26
'2.02
2.96
1.68
1.35
1.48 '1.33 '1.67
15.87 ' 15. 74 ' 16. 90 16.78
' 13. 01 ' 14. 17
14.18
13.56
2.60
' 2. 73
2.30 '2.74
10.44
10.73
17.85 ' 19. 10 '230.90 '231.70
14, 222
9,490
14,574
9,602
14,811
9,888
15,374
10,241
15, 806
10, 582
15,930
10, 696
P 1, 942
329
442
336
274
447
327
15, 795 ' 16, 539 '16,628 '17,087 " 15, 678
10, 461 11, 016 10, 706 11, 475 " 9, 572
"41
468
547
510
433
11,409 f 12, 711
8,034 P 8, 510
2,585
1,818
2,716
1,814
2,767
1,820
2,925
1,934
'2,790
1,986
2,855
2,052
Corporate profits and inventory valuation adjustment total
bil $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations, total
__do
Manufacturing total
do
Nondurable goods industries
_do
Durable goods industries
do
Transportation, communication, and public
utilities
bil $
All other industries
do
Corporate profits before tax, total
do
Corporate profits tax liability
do
Corporate profits after tax
_.do
Dividends
do
Undistributed profits
do
Inventory valuation adjustment...do
Net interest
do
DISPOSITION OF PERSONAL INCOME
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
bil. $ .
Manufacturing
do
Durable goods industries K
.do
Nondurable goods industries J
do
Nonmanufacturing..
Mining. _
_
Railroad
Air transportation
Other transportation
Public utilities
Electric ._
Gas and other.
Cornmunication
Commercial and other.
._
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing.
_
Durable goods industries f
Nondurable goods industries f
Nonmanufacturing
Mining.
Railroad
Air transportation
Other transportation
Public utilities
Electric _..
Gas and other
C ommunication
Commercial and other
_
do
do
do
do
do
do
do
do...
do
do
U.S. BALANCE OF INTERNATIONAL
PAYMENTSd*
Quarterly Data Are Seasonally Adjusted
(Credits +; debits -)
Exports of goods and services (excl. transfers under
55,600
military grants)
mil $
Merchandise, adjusted, excl . military
do-__ 36, 490
Transfers under U.S. military agency sales con1,515
tracts
mil $
Receipts of income on U.S. investments
abroad..
mil. $. 10, 539
7,056
Other services
.
do
Imports of goods and services
do
Merchandise, adjusted, excl. military d o _ _ _
Direct defense expenditures
do. _ _
Payments of income on foreign investments in the
U.S
mil. $.
Other services
do
62,903 p 65, 932
41, 980 P 42, 769
1,480
2,904
2,109
3,248
2,127
2,975
2,169
-53, 589 -59,311 v -65,23 -13, 926 -13,866 -14, 142 -14, 493 -14, 761 -14, 935 -15, 125 '-15,38 '-16,62 '-17,03
-35, 830 -39,870 v -45,64 -9, 566 -9,278 —9,397 -9,728 -9,831 -9,992 -10,319 -10, 768 -11, 767 -12, 015
-4,856 -4,851 p-4, 796 -1,187 -1,221 —1,251 -1,182 -1,255 -1,211 -1,203 -1, 174 -1,214 -1, 190
— 4, 56^ -5,167 p-4, 763 -1,078 -1,242 —1,315 -1,348 -1,322 -1,284 -1,213 -1,115 -1, 072 -1, 273
-8,339 -9,425 p-10,027 -2,095 -2, 125 —2, 179 -2,235 -2, 353 -2,448 -2,390 -2, 332 -2, 569 -2, 553
3,592
296
708
Balance on goods and services, total
do. . . 2,011
P699
324
2,110 "-2. 879
-76
Merchandise
do..660
' Revised.
P Preliminary.
1 Estimates (corrected for systematic biases) for Jan.Mar. and Apr.-June 1972 based on expected capital expenditures of business. Expected expenditures for the year 1972 appear on p. 20 of the Mar. 1972 SURVEY.
2 Includes communication.
9 Includes inventory valuation adjustment.
©Personal outlays comprise personal consumption expenditures, interest paid by consumers, and personal transfer
2,839
2,062
1,045
669
881
751
491
513
payments to foreigners.
"3,58
" 2, 10
-16,19
-11,09
-1,21
-1,30
-2,57
'56 p -51
'6
670 ' 1, 150
995
-540 p-1,52
248 -1, 061
142
704
§ Personal saving is excess of disposable income over personal
0
Vl)ata for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
cTMore complete details appear in tne
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
March 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1969
1970
II
Annual total
IV
III
1971
1970
1969
1971
S-3
III
II
I
IV
I
1972
III"
II
IV v
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S. BALANCE OF INTERNATIONAL
PAYMENTS— Con.
Quarterly Data Are Seasonally Adjusted
Unilateral transactions (excl. military grants), net
mil.$__ -2, 910
Balance on current account
do
-899
Long-term capital, net:
U.S. Government
do
-1, 930
Private
do
-50
Balance on current account and long-term capital
mil $ -2, 879
Nonliquid short-term private capital flows, net
do__-. -602
Allocation of special drawing rights (SDR)___do_._Errors and omissions net
do
-2, 603
Net liquidity balance
Liquid private capital flows net
Official reserve transactions balance
Changes in:
Liabilities to foreign official agencies
U.S. official reserve assets net
do
» do
do
-6,084
8,786
2,702
do
do
-517
-1,187
do
-6, 958
Liquidity balance, excluding SDR
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
-3, 148
-3, 474
-839
-693
-749
-756
-753
-803
-836
-770
-838
-927
444
-2, 774
-543
15
-80
125
292
192
-166
380
-832
-871 -1, 453
-2,029
-1,453
-2, 382
-4,128
-541
-935
-704
-381
-205
641
-453
-969
-590
-272
-312
-220
-632
-683
-523
-673
7 -1,009 -1, 793 -1, 797
-3,038
-9, 284 -2, 019 -1,070
356 -1, 297
-570
-340
-832
-140
217
-375
-115
217
-437
-381
-409 -1,008
-731
-175
180
179
179
216
179
-233 -1,012 -2,313 -5, 283 -2, 270
-545 -2, 529
717
867
-1, 104 -10,878
-372
-210
-27
-628
-717
-166
-3, 821 -21, 973 -3,019 -1, 996
-6, 000 -7, 794 4,678
1,317
-679
-9, 821 -29, 767
1,659
7,619
2,477
27, 617
2,348
-985
-299
1,880
-686
-4, 721 -23, 977 -3, 287 -2, 366
-115
217
-59
-542
472
-1,312 -3,257 -3, 191 -1, 523
-675 -1,024 -2, 525 -5, 800 -9, 303 -4, 345
-868
163 -1,254
-536 -1,400 -2, 454 -3, 025
53 -2, 882 -1, 940
221 -1,610
384 -2, 864 -1,404 -2, 075 -3, 478 -5, 550 -5, 747 -12, 185 -6, 285
-85
-154
3,020
264
164 -1,629
1,736
584
99
805
-745
2, 765 '
824
5,077
682
5,256
659
11, 173
1,194
6,111
-187
-1, 154 -1, 194 -3, 224 -6, 061 -10, 221 -4, 471
1972
1971
1971
Annual
-939
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income
bil $
803 6
857 0
829 9
832 4
838 3
843 0
848 6
868 6
857 7
866 1
869 9
871 2
874 9
883 9
' 892. 0
896 9
Wage and salary disbursements, total— _ -do
Commodity-producing industries, total-do
Manufacturing
do
Distributive industries
do
541.4
200.7
158 3
129.1
574.2
205.7
160 8
138.8
558.7
202.4
159 0
134.1
560.6
201.8
158 5
135.' 2
564.8
203.3
159 2
136.5
567.7
204.4
159 6
137.2
572.0
206.1
161 1
138.3
573.2
206.4
161 4
138.1
572.9
205.0
160 2
138.0
579.2
205.3
160 2
140.0
579.8
206.7
161 1
140.7
581.3
207.4
162 0
140.9
584.8
208.1
162 2
141.6
594.8 r 602. 1
211.4 r 213. 2
165 3
165.8
144.7 ' 146. 3
605.8
214.4
167.5
147.5
Service industries
Government
Other labor income
Proprietors' income:
Business and professional
Farm
do
do
do
96.7
114.8
30.8
105.9
123.8
33.7
101.9
120.3
32.4
102.4
121.2
32.6
103.3
121.6
32.8
103.9
122.1
33.1
105.0
122.6
33.4
105.7
123.0
33.7
106.3
123.6
33.9
107.4
126.6
34.1
107.7
124.7
34.3
108.1
124.9
34.4
108.7
126.4
34.6
109.9 rill. 4
128.8 r 131. 2
35.0
34.8
112.1
131.8
35.2
do
do
51.0
15.8
52.1
16.3
51.6
14. 7
51.5
14.8
51.7
14.9
51.8
15.1
51.9
15.2
52.1
15.3
52.2
16.1
52.3
17.0
52.3
17.8
52.4
18.0
52.5
18.1
52.6
18.1
52.5
18.3
52.6
18.5
23.3
25.0
64.7
79.6
24.3
25.5
67.5
94.7
23.9
25.6
66.7
86.8
23.5
25.7
66.6
87.8
24.0
25.5
66.4
89.1
24.1
25.5
66.6
89.8
24.2
25.6
66.7
90. 5
24.3
25.2
66.9
109.0
24.4
25.6
67.4
96.2
24.5
25.7
68.1
96.5
24.5
25.7
68.8
97.9
24.5
25.7
68.7
97.4
24.6
25.7
68.6
97.6
24.6
24.3
68.4
98.2
24.7
25.8
68.7
98.7
24.8
25.9
68.9
99.2
Rental income of persons
do
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $..
Total nonagri cultural income „_
do
28.0
31.2
30.5
30.7
30.9
30.9
31.0
31.1
31.1
31.4
31.4
31.4
31.6
32.0
'33.9
34.0
781.4
834.0
808.6
810.8
816.6
821.1
826.5
846.5
834.8
842.4
845.3
846.4
850.1
859.2
r 867. 1
871. 7
4,733
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments, total
mil $
52, 948
54, 833
4,228
3,366
3,472
3,435
3,402
3,672
6,146
4,662
4,850
6,177
6,017
5, 406
49, 231
19, 636
29, 595
6,523
18, 497
4,303
51, 633
21, 875
29, 758
6,785
18, 753
3,969
4,187
1,878
2,309
561
1,400
323
3,344
1,077
2,267
525
1,433
284
3,458
1,001
2,457
587
1,540
308
3,360
918
2,442
581
1,527
308
3,387
912
2,475
618
1,521
309
3,653
1,175
2,478
583
1,548
327
3, 986
1,598
2,388
567
1,454
348
4,306
1,702
2,604
554
1,672
361
4,794
2,127
2,667
544
1,751
356
6,105
3,426
2,679
557
1, 752
354
5, 978
3,475
2,503
535
1,614
339
5,075 r 4, 682
2,586 r 2, 105
2,489 ' 2, 577
'580
573
1,541 ' 1, 668
352
'304
Indexes of cash receipts from marketings and CCC
loans, unadjusted:
All commodities
1967=100
Crops
_
do
Livestock and products. _
do _
115
106
122
121
119
123
118
122
114
94
70
112
97
65
122
94
60
121
95
59
122
103
76
123
112
104
118
121
111
129
135
138
132
172
223
133
168
226
124
143
168
123
'132
'137
Indexes of volume of farm marketings, unadjusted:
All commodities. . _
1967=100
Crops
do
Livestock and products
do
104
103
104
108
112
106
113
126
104
81
64
95
83
53
106
80
45
106
80
44
106
90
66
108
103
102
103
110
110
110
121
131
112
155
210
113
156
224
105
131
166
104
'116
'101
88
70
101
1967=100 . P 106. 7
*106.4
103.2
106. 1
106.0
106.5
107.3
109.7
102.1
105.5
109.8
109.8
107.2
r 104. 1
r 106. 1
109.4
do
do
do _ _
do
do
P104.4
P 110. 3
^99.9
P 104. 7
*96.2
P 104. 4
*>115.6
?>119.4
v 106. 8
*88.9
101.0
110.3
115.6
99.1
88.1
103.4
113.2
125.1
104.9
89.6
103.0
112.9
125. 3
105.9
89.1
102.9
113.6
121.9
106.9
88.0
102. 7
113.5
127.2
106.9
87.6
107.2
119.3
130.5
110.6
90.4
101.6
111.9
94.9
100.2
87.1
105.6
118.4
102.0
109.3
87.6
110.0
123.1
128.6
112.6
91.8
109.3
122.9
135.8
115.7
90.3
105.6
117.3
123.7
r 101. 0
' 110. 2
' 102. 4
r 100. 9
r 104. 3
r 115. 9
r 118. 8
' 106. 5
•r 88. 1
106.9
119.2
124.6
114.1
89.8
do
P 107. 8
P 106. 8
105.4
108.3
108. 4
109.0
110.8
110.9
99.2
102.3
106.8
107.6
r 107. 3
111.3
do .. P 105. 2
P 101. 5
do
0110.6
.do
P 104. 8
^98.9
p 113. 3
100.9
96.8
106. 8
104.3
100. 2
110.2
104.4
100.6
109.8
105.0
100.4
111.7
106 0
101.7
112.1
108.3
102. 7
116.3
99.7
93.2
109.2
103.1
93.6
116. 8
108.1
100.6
119.0
109.2
101. 6
120. 1
?119.6
120.6
119.7
119.4
117.9
117.0
120.7
121. 9
124.2
123.8
114.9
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
_
Meat animals _
Poultry and eggs_ __
do _
do
do
do
do
do
r 127
rl36
3,890
1,171
2,719
534
1,864
296
109
76
135
INDUSTRIAL PRODUCTION
Federal Reserve Board Index of Quantity Output
Unadjusted, total index
By market groupings:
Final products
Consumer goods
Automotive products.
Home goods and clothing
Equipment
._
Materials
By industry groupings:
Manufacturing
Durable manufactures
Nondurable manufactures
Mining and utilities.. ..
__
_._
do
v 118. 0
r 108. 9
89.2
88.2
r 107. 0
' 106. 1
106.2 r 102. 1 ' 103. 8
98.9 '96.0 '98.0
116.8 ' 110. 9 ' 112. 0
' 115. 3
r 119. 7
'123.4
107.4
101.9
115.4
121.8
S-4
March 1972
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970 /
1972
1971
1971 v
i
Annual
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION— Continued
Federal Reserve Index of Quantity Output— Con.
1967= 100. .
106.7
106.5
105.3
105.7
105.5
106.2
107.0
107.2
106.1
105.3
106.2
106.4
' 108. 2
109.0
do
do
do
106 0
104 4
110 3
106 2
104 5
115 6
104 6
102 9
112 8
105 0
103 0
112 9
104 5
102 5
112 7
105 5
103 6
114 6
105.9
103.9
115.7
106. 1
104.5
116 1
106.8
104.9
116.0
106. 2
105.0
116.0
106.2
104.6
115.0
107.6 ' 107. 6 ' 108. 1
106.9
105.9 ' 105. 6 ' 106. 0
105.3
116.9 ' 118. 2 '117.7 ' 118. 3
108. 7
106.7
119.0
Durable consumer goods_ .
Automotive products _
Autos _
Auto parts and allied goods
do
do
do
do
104 8
99 9
86 6
125.6
114 3
119 4
108 3
140.7
108 1
110 9
104 1
124.1
110 6
117 8
112 8
127.4
111 6
117 8
112 2
128.6
112 2
113 7
103 2
133. 9
117.2
123.1
108.3
151.4
116.1
121.2
107.9
146.8
115.8
120.1
107.9
143.6
115.8
121.1
108.5
145.2
113.6
118. 0
108.0
153.4
115.3
119.6
107.8
142.2
115.6 ' 115. 7
115.5
119.6 ' 119. 8 ' 114. 5
109.2
102.8
109.4
139.7 ' 139. 6 ' 136. 9
118.1
117.8
106.4
139.7
Homegoods9
Appliances TV and radios
Carpeting and furniture
do
do
do
107.6
103 4
108 4
111.5
111 5
112 9
106 5
108 2
107 9
108 3
111.4
116 4
110 7
113.9
120 7
111.7
113.3
116 9
113 6
113.5
115 0
114.8
112.9
112 1
114. 7
111.1
105 7
116.1
112.9 ' 113.4 ' 113. 2 ' 116.3
110 7 ' 113.4 ' 112. 7 120.5
117.2
115.3 '117.3 ' 116. 0
118.4
106 4
106 5
102 5
110 1
Nondurable consumer goods.
do
Clothing
do
Consumer staples
_
do
Consumer foods and tobacco.. .do
Nonfood staples
do
112.5
101 2
115 4
110.6
120.4
116.1
101 3
120.0
113.3
126.9
114 6
99 7
118 5
114.0
123 2
113 8
97 3
118 1
112.6
123 9
113.1
96 9
117 4
111.8
123.2
115.5
101 0
119 4
112.7
126.4
115.1
102.6
118.5
113. 2
124.2
116.1
101 9
119.9
113.5
126.5
116.1
102.4
119.8
112.0
128.0
116.1
100.3
120.2
112.6
128.4
115.6
102.5
119.1
110.4
128.2
117.5
103.5
121.2
113.9
128.9
' 119. 3
103.6
' 123. 5
'117.2
'130.1
' 118. 5
105.3
' 122. 0
'115.3
' 129. 0
'119.3
119.4
'123.3
' 115. 5
'131.4
123.6
116.0
131.5
Equipment
..
._ do
Business equipment
.
..do
Industrial equipment 9 do__
Building and mining equipment-do
Manufacturing equipment
do
96.2
101.1
98.8
95.9
91.9
88.9
96.1
92.4
92.9
81.4
88 9
94 2
91 5
90.6
82.9
89 3
96 0
93.4
94.3
82.2
88 4
95 0
92.4
92.4
81.3
88 1
95.1
92.4
91.2
82.1
87 8
94.4
90.9
91.5
79.5
88.2
95.0
90.9
88.8
80.1
89.3
96.3
91.8
88.9
81.1
89.6
96.8
92.0
96.4
79.9
90.2
97.8
92.4
96.6
80.5
89.0
97.4
92.6
95.5
81.1
'88.8
'97.0
93.2
95.2
'81.3
'88.6
'97.0
'92.8
'94.0
'81.5
'88.8
'97.6
'93.3
'97.3
'81.4
89.5
98.3
94.3
98.0
81.5
103.7
110.6
94 4
100. 3
108.6
89.0
97.2
105.5
88 6
99.0
107.0
89 1
98.0
106.6
87 2
98.2
107.1
87.3
98.4
107.6
87.3
99.6
107.6
90.5
101.5
109.9
88.4
102.2
109.9
90.2
103.8
122.0
90.2
Seasonally adjusted, total index
By market groupings:
Products, total.
Final products _
Consumer goods
Commercial, transit, farm eq 9 _ .do
Commercial equipment.
.do
Transit equipment
do
104. Q
107.0
107.6
102.8 ' 101. 3 ' 101. 8 ' 102. 5
111.0 ' 109. 1 109.4 ' 109. 6
88.6 '92.1 '93.5
90.4
74.3
'74.8
102.8
109.2
95.0
74.7
do
87.9
77.1
80.0
78.1
77.5
76.5
76.9
77.1
77.7
77.9
77.7
75.1
75.3
do
do
Defense and space equipment
Intermediate products __
Construction products
111 9
110.6n
11 o
112.8
113.0
112 7
110 9
111 1
i in R
112 5
111.9
-1-10 1
112 0
112.6
A
112 4
113.4
113.5
115.5
111 9
112. 4
113.5
111 6
113.8
115.3
112 7
110.7
109.4
111 7
112.5
111.3
113 4
113.0
112.7
113 4
114.0
112.9
114 9
' 114. 9 ' 115. 5
' 116. 1 '116.8
' 113 9 114.5
116.1
117.3
107 8
103 4
96.5
95 1
112 5
113.0
117.0
106.8
100.8
101.4
86.5
113.8
116.0
116.3
106 5
101 5
99.4
88 4
111 7
111.2
117.8
106 8
101.6
101.4
87 6
112 1
111.7
118.6
107 1
101 9
103.2
86 4
112 0
111.9
121.1
107.5
102.2
102.8
86 0
112 7
113.2
121.0
108 9
104 8
105.1
88 9
112 8
113.7
119.7
109.0
103.0
104.8
87.1
115.5
117.5
121.1
105.3
98.7
98.8
87.0
112.3
113.4
119.7
104.0
94.9
100.4
82.1
114.8
117.8
117.2
106.2
98.7
100.7
86.0
114.7
118.8
119.3
107.5 ' 108. 4
105.6 ' 106. 0
100.4 '99.5 ' 99. 9 ' 102. 2
101.8 '99.4 '99.2 '101.0
86. 9 '86.0 '85.6 '88.1
116.0 ' 116. 7 '115.8
114.6
118.8 ' 121. 7 ' 123. 0 ' 120. 3
' 105. 0 ' 118. 2 ' 117. 9
99.4
109.7
103.5
102.7
89.0
117. 4
122.5
118.1
105 2
101 5
108.1
106 9
105 3
104.8
98.9
104.0
100.9
96.5
103 9
98 6
106.0
105 5
104 8
103 2
98 3
105.8
106 6
105 2
104.4
99 1
108.6
108 7
109 1
105 7
100 5
111 5
114 3
112 9
107 7
1OQ Q
10fi 9
106.6
104 9
108 5
108 5
104.9
99.4
104.2
98.2
99.0
96 0
110.8
108.0
104.9
98.5
99.5
93.9
85.9
109 0
105.7
105.7 ' 106. 4
105.4 '105.3
98.4 '99.4
98.0
99.1
98.7 ' 100. 7 ' 103. 8
100.9
91.4 '94.4 ' 101. 3
95.7
81.9 '85.5 '95.2
88.7
109 9 ' 113 5 116.9
108 3
106.9 ' 106. 9 ' 107. 7 ' 106. 4
107.2
100.4
105.0
102. 8
96.5
107.4
105. 6
100 1
108. 3
108.1
105 3
111 3
108.5
103.6
96.6
93.8
81.0
66.2
109 4
103.3
98 1
106.8
108 1
106 9
m ^
105 4
93.0
93 4
9o!l
97 1
93.5
94 2
92.3
96 3
93.0
94 0
91.1
97 1
92.7
94 2
91.4
97 4
93.8
95 3
90.9
100 2
94.4
95 2
91.6
99.2
94.7
97.4
94.9
100.2
94.5
95 6
94.1
97.3
95.2
96.3
95.0
97.8
95.3
97.0
95.3
98.9
'94.3
'97.1
'93.7
' 101. 0
94.8
97.0
93.3
101. 1
Materials
_
do
D urable goods materials 9-do
Consumer durable parts
do
Equipment parts
do
Nondurable goods materials 9
..do
Textile, paper, and chem. materials, .do
Fuel and power, industrial
...do
By industry groupings:
Manufacturing, total
Durable manufactures
Primary and fabricated metals.
Primary metals
.
Iron and steel
do
do
do. . .
d o
do
m
m
e
Iftfi R
107.7
Fabricated metal products
.do
Machinery and allied goods 9
Machinery
Nonelectrical machinery
Electrical machinery
_
do
do
do
do
97.6
100 5
99 6
101 4
94.1
95.4
92.9
98.2
Transportation equipment
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
do
do
do
do
90 3
96 9
83.9
110 8
91.3
111.6
71.9
108.5
91.1
107.7
75.2
106 5
92.6
113.0
72.9
105 3
91 3
112 2
71.2
105 5
89.5
108.4
71.4
106 7
90.9
110.2
72.3
108 0
91.7
111.7
72.4
108 5
88.5
106.7
71.0
110.9
91.1
111.6
71.5
109.1
91.7
111.8
72.4
110.5
92.4
112.9
72.6
111.2
'91.6 '89.8 '89.3
' 113. 4 '111.7 '111.5
70.7 '68.7 '67.9
' 110. 4 ' 109. 3 '111.1
91.1
113.8
69.3
111.8
Lumber, clay, and glass
Lumber and products
Clay glass and stone products
do
do
do
106 3
106 3
111.3
113 3
110 1
106 9
109 7
105 3
109 8
110 8
109 2
110 8
110 3
111 1
113 0
112 5
113' 3
112.3
110 0
113 7
111.0
111 0
111 1
111.2
115.4
108.7
110.4
113 1
108 8
111.1
113 9
109 4
112.7
117 3
109 9
113.0 ' 113. 8 ' 115. 6
123.2
117.9 '119.4
111.3
110 1 ' 110.5
117. 9
10fi ^
Furniture and miscellaneous
Furniture and fixtures
do
do
108.8
99 4
117. 3
110. 0
98.7
120 3
105.2
94 2
107.1
96 0
105.6
95 0
109.5
98 7
109 9
111.3
100 9
113.5
99 9
111.3
99 6
112.0
100 8
112.1
100 3
111.5 ' 112. 7 '113.3
101.2
101.6 ' 100. 4
120 5 ' 123 9 124 3
114.3
do...
do
do
do
do
110
100
106
97
90
6
2
3
8
8
113.3
100.6
108.4
97.8
87.3
110.9
98.8
103 1
97 4
89 5
111.7
98.0
105 4
94 5
89 0
110.4
97 3
105 3
94 0
85 4
112.1
99 8
106 3
97 3
89 9
113 3
101 5
107 5
113.0
100.2
108 5
97 0
•86.7
113.8
100.1
110 5
96 0
84 1
114.2
102.5
111 0
99 5
87 6
114.6 ' 115. 9 '116.2 ' 116. 5
102.2 ' 101. 6 ' 103. 9 ' 102. 2
110 1 ' 110. 2 ' 112. 8 108.1
101.1
100 0 '99 5
90.0
82.9 '86.8
87.2
117.1
102.4
89 8
113.7
102.4
113 2
97 1
89 3
do
do
do
107 8
113 3
104 1
107.8
116.0
102.2
107 1
116 9
100.5
108 1
116 0
102.8
104 6
111 0
100 2
106 9
114 4
101.8
106 9
115 1
101 4
106 0
113 4
101.0
106. 8
115. 5
101.0
108 2
117 8
101.7
108. 3
116 4
102.9
109.0 ' 110. 6 ' 110. 8 '112.3
116 1 ' 119. 5 ' 120. 0 121.4
104.3 ' 104. 5 ' 104. 7 '106.1
112.7
Chemicals, petroleum, and rubber. ..do.
Chemicals and products
do
Petroleum products
do
Rubber and plastics products
do
118.2
120 2
112 6
115 7
124.4
125.9
115.8
126.1
118.2
119 3
117 2
115 5
120.9
121 7
117 1
120 6
120.5
121 0
116 3
122 7
122.4
123 4
115 8
124 5
124 2
123 7
112 7
135*4
125.3
126.8
115 0
129 1
124.0
125.0
114 8
128.0
126.2
127.6
115 8
129 9
127.3
129.7
113 7
199 6
126.5
128.2
115 7
129 0
127.8 ' 127. 8 ' 128. 4
' 130. 7 ' 130. 3 ' 130. 8
118.1
116 0 '118.3
127.6 ' 126. 6 .127.9
129.2
131.9
Foods and tobacco
Foods
Tobacco products
do
do
do
110 8
111 7
100 0
113.5
114.6
98.1
113 9
lU 6
106 6
113 1
114 1
100 1
112 2
113 8
90 3
112 9
114 1
96 9
113 6
114 6
100 3
113.7
115 4
92 1
113.8
115.2
96.6
112.8
114 9
0
98
111.1
111 9
100 3
113.2 '115.6 ' 115. 0 ' 115. 6
114 3 ' 117. 0 ' 116. 7 ' 117. 3
93.8
98 2
98 5
115.9
117.7
do
do
do
do
.do
do
do
118 0
109.7
131.3
98 8
109.2
105 8
109.7
109. 4
119.6
106.9
121.1
93.2
107.5
98.7
108. 9
119 3
111.1
140.1
95 6
110.6
112 3
110.3
119 9
110.1
139.0
96 3
109.3
108 8
109.3
120 2
111.4
135.1
95 6
111. 4
116 2
110.6
120.6
110.4
124.7
94 2
111.4
115 5
110.8
119 0
108.6
122.6
120 7
108.9
117.3
96 4
109.9
109 4
110.0
120.3
105.7
93.5
90.2
109.2
109.4
109.2
120 0
106.5
104.8
91 4
108.9
109 4
108.8
107. 0
120.3
106.0
109.7
90 1
108. 0
109 7
107.7
104.7
116.1
97.7
117.1
91 7
96.7
29 1
107.3
121. 3
107. 8
122.0
108.1
93.0
107. 7
104.8
108. 1
105 0
107.0
99.6
108.2
137 0
139.7
138 4
141. 5
139 3
142.3
' 136. 5 '138.3
' 138. 0 ' 140. 2
139.5
141.7
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products
Paper and printing
Paper and products
Printing and publishing
Mining and utilities
Mining..
Metal mining
Stone and earth minerals
Coal, oil and gas__
Coal.__.
Oil and gas extraction..
.
121.2
Utilities
do
135.5
129 6
132 2
131 5
128 5
138. 0
Electric
do
130.8
131.5
134.9
133.6
Gas,
do
127. 0
121.0
123.0
123.6
124.3
' Revised.
j> Preliminary.
Includes data *~^ -WJ.JJ.U j-iv/u UJ..LUv» J.J u^jjcuaiu^ij/ .
t 9 inoo
——«v- for items not shown separately.
i j.vov-iocu. u.ui/u v,u.nau.j. aiiu. ooao. £
tRevised data (unadj. and seas. au.j.y
for 1968-70 for mfg. and trade sales and invent., total; retail inventories; retail sales, totals and
Q7 A
133 2
135.5
QQ 7
Q9 £
109.6
110 2
109.6
109.5
132 1
133.8
135 6
138.3
19R 1
107 8
138 7
142.0
199 R
'94.6
96.3
93.3
99.6
118.7
' 102. 3
' 136. 7
'93 4
' 100. 2
'55.7
' 107. 2
-IftK
(\
139.6
142.3
94.2
'96.7
'94.4
'99.4
' 120. 4 '
' 107. 7 '
' 137. 7
'92.7
106.8 '
'112.4
' 106. 0 '
' 104 2
107.0
major groups; and invent.-sales ratios for mfg. and trade, total and retail trade, total, durable
and nondurable appear on p. 55 ff. of the Dec. 1971 SURVEY. See also note marked I on
p. S-ll.
Mar* 1972
SURVEY OF CURRENT BUSINESS
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1972
1971
1971
Annual
S-5
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
mil $
1,275,315 1,371,134
104,542 113,995 114,346 114,961 120,859 110,405 113,309 117, 802
118,592 118,740 '123,590 109, 524
do
U,275,31£ 11,371,13
109,346 111,166 112,740 113,155 114,303 115,531 114,727 115,064 115,660
114,687 117,374 '116,964 120, 625
Manufacturing , total
_.
Durable goods industries
Nondurable goods industries
do
do
do
1
653, 145 i 694,927
352, 189 378, 596
300, 956 316, 331
55, 718
30, 166
25, 552
56, 982
30, 856
26, 126
57, 790
31, 616
26, 174
57, 680
31, 308
26, 372
58, 352
31, 850
26, 502
58, 988
32,650
26, 338
58,418
32,123
26, 295
57,804
31,464
26,340
57, 892
31, 543
26, 349
57, 439
31, 166
26, 273
59, 061 '59,074
32, 106 '31,858
26, 955 '27,216
61, 454
33, 725
27, 729
Retail trade, total f -.__
Durable goods stores.
Nondurable goods stores
do
do
do
1375,527 i 408,850
114, 288 131, 814
261, 239 277, 036
32,290
10, 003
22, 287
32,850
10, 240
22, 610
33,274
10, 613
22, 661
33,578
10, 747
22, 831
33,502
10, 576
22, 926
33,827
10, 782
23, 045
33,688
10, 747
22, 941
34,655
11,298
23,357
35, 219
11, 833
23, 386
34,964
11, 695
23, 269
35, 574 '34,896
11, 885 ' 11, 334
23, 689 '23,562
34, 958
11, 490
23, 468
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
1246,643
111, 778
134, 865
21, 338
9,430
11, 908
21,334
9,458
11,876
21,676
9,736
11,940
21, 897
9,887
12, 010
22,449
10, 350
12, 099
22, 716
10, 510
12, 206
22, 621
10, 365
12, 256
22,605
10,471
12,134
22, 549
10,425
12, 124
22, 284
10, 398
11, 886
22, 739 '22,994
10,583 -10, 629
12, 156 '12, 365
24, 213
11, 188
13, 025
Mfg. and trade sales (unadj.), total f
Mfg. and trade sales (seas, adj.), total f -
1
267, 357
122, 420
144, 937
99,993
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f - - mil. $
172, 222
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total f
mil. $
Manufacturing, total
Durable goods industries
Nondurable goods industries
Retail trade, total f t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
_
Durable goods establishments...
Nondurable goods establishments
do
do
do
do
do
do
do
do____
do
178, 176 173,200 174, 827 176,940 178, 262 178,696 177, 715 176, 784 175, 995 177, 257
179,513 180,649 '178,176 178, 943
173, 635
179, 939 174, 412 174,834 175, 536 176, 275 177,046 177, 403 177, 652 178, 157 178,924
179,468 179,407 '179,939 180.. 391
100, 476
65, 152
35, 324
46, 555
20, 490
26,065
26,604
15, 565
11, 039
100, 549 100, 878 100, 602 100, 502 100, 420 100, 647 100, 536 100, 194 100,063 100, 266 100, 740
64, 242 65, 308 65, 090 65, 082 65, 033 65, 079 64, 825 64, 692 64,523 64, 563 64,494
36, 307 35, 570 35, 512 35, 420 35, 387 35, 568 35, 711 35, 502 35,540 35, 703 36, 246
50, 474 46, 888 47, 426 48, 246 48, 809 49, 259 49, 534 49, 592 50, 299 50, 844 50, 800
23, 124 20, 689 21, 232 21, 704 22, 056 22, 509 22, 679 22, 707 23, 313 23, 769 23, 652
27, 350 26, 199 26, 194 26, 542 26, 753 26, 750 26, 855 26, 885 26,986 27, 075 27, 148
28, 916 26, 646
26,806 26, 788 27, 046 27, 140 27,333 27,866 27,795 27,814 27, 928
17, 254 15,653
15,840 15,780 16, 025 16,128 16, 197 16, 581 16,526 16, 666 16, 786
11, 662 10, 993 10,966
11,008 11, 021 11,012 11, 136 11, 285 11,269 11, 148 11, 142
100,793
64,399
36, 394
50, 377
23, 306
27, 071
28> 237
16, 899
11, 338
'100,549 100, 752
'64,242 64, 591
'36,307 36, 161
50,474 50, 472
23, 124 22, 892
27, 350 27, 580
'28,916 29, 167
'17,254 17, 448
'11,662 11, 719
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total f _ . _
Manufacturing, total.. _
Durable goods industries
Materials and supplies.
Work in process
Finished goods
.
Nondurable goods industries
Materials and supplies. .
Work in process
Finished goods, ._
Retail trade, total f t
Durable goods stores
Nondurable goods stores
ratio__
1. 60
1.55
1.60
1.57
1.56
1.56
1.55
1.54
1.55
1.55
1.55
1.56
1.53
'1.54
1.50
do
do
do
__do
do
1.82
2.20
.64
1.00
.55
1.74
2.05
.61
.91
.53
1.81
2.16
.63
.97
.56
1.77
2.11
.62
.94
.55
1.74
2.06
.60
.91
.55
1.74
2.08
.62
.91
.55
1.72
2.04
.61
.90
.53
1.70
1.99
.60
.87
.51
1.72
2.01
.62
.88
.52
1.73
2.05
.63
.90
.53
1.73
2.05
.61
.90
.53
1.75
2.07
.61
.92
.54
1.71
2.01
.59
.89
.52
'1.70
'2.02
.60
'.89
'.52
1.64
1.92
.57
.85
.49
do
do
do
do
1.37
.50
.20
.66
1.35
.50
.19
.66
1.39
.51
.20
.68
1.36
.50
.19
.67
1.35
.49
.19
.67
1.34
.49
.19
.66
1.34
.49
.19
.66
1.36
.50
.20
.66
1.35
.49
.20
.66
1.35
.49
.19
.66
1.36
.50
.20
.66
1.38
.51
.20
.68
1.35
.50
.19
.66
' 1. 33
'.49
.19
.65
1.30
.49
.18
.63
do
do
do.___
1.47
2.17
1.16
1.44
2.04
1.16 '
1.45
2.07
1.18
1.44
2.07
1.16
1.45
2.05
1.17
1.45
2.05
1.17
1.47
2.13
1.17
1.46
2,10
1.17
1.47
2.11
1.17
1.45
2.06
1.16
1.44
2.01
1.16
1.45
2.02
1.17
1.42
1.96
1.14
'1.45
' 2. 04
' 1. 16
1.44
1.99
1.18
1.23
1.61
.92
1.23
1.60
.92
1.25.
1.66
.92
1.26
1.67
.92
1.24
1.62
.92
1.24
1.62
.92
1.21
1.56
.91
1.20
1,54
.91
1.23
1.60
.92
1.23
1.58
.93
1.23
1.60
.92
1.25
1.61
.94
1.24
1.60
.93
1. 26
'1. 62
.94
1.20
1.56
.90
20, 122
21, 583
1,838
1,894
2,017
1,898
1,708
1,681
1,803
1, 741
1,752
1,706
1,521
1,707
1,714
1,893
1,951
1,979
1,793
1,785
1,853
1,819
' 2, 083
'1,887
1,788
1,900
57, 364
57, 217
Merchant wholesalers, total
do
Durable goods establishments.. . _
do
Nondurable goods establishments .do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $
Seasonally adj., total..
.
do
Shipments (not seas, adj.), total
,
1,550
1, 644
do
653, 145
694, 927
51, 947
57, 410
59, 383
58,379
58, 709
62, 142
53, 478
56,321 60,282
60, 146
59,366
do
do
do
do
352, 189
17, 746
55, 740
25, 733
378, 596
20, 987
58, 546
27, 563
27, 981
1, 373
4, 511
2, 200
31, 280
1,464
4,918
2,385
32, 898
1,616
5,270
2,576
32,003
1,754
5,694
2,880
32, 536
1,772
5,814
2,860
34, 949
1,905
5,810
3,000
28, 485
1,765
4,923
2,775
29, 709
1,944
3,843
1,410
32, 627
1,925
4,237
1,629
32, 617
1,942
4,430
1, 796
32,288 31, 223
1,853 ' 1, 674
4,618 ' 4, 478
2,026 ' 2, 026
Fabricated metal products.
Machinery, except electrical
Electrical machine^,
Transportation equipment
Motor vehicles and parts
Instruments and related products..
do
do
do
do
do
do
41, 920
56, 135
50, 819
81, 173
45, 113
12, 153
42, 676
59, 484
53,876
90, 471
58, 063
11, 823
3,492
4,944
4,416
8, 027
5,186
957
3,596
5,230
4,479
8,475
5,455
959
3,548
4,956
4,218
7, 554
4,895
960
3,623
4,923
4,304
7,803
4,979
976
3,800
5,383
4,759
8,657
5,298
1,034
3,223
4,486
4,045
5,852
3,520
926
3,688
4,680
4,400
6,443
3, 923
984
3,802
5,334
4,845
7,626
5,188
1,088
3,686
5, 114
4,761
7,901
5,385
1, 050
3,604
4,862
4,728
8,047
5,354
1,015
Nondurable goods industries, total? __
Food and kindred products
Tobacco products
__
Textile mill products
do
do
do
do
300, 956
99, 767
5,464
22, 297
316, 331
105, 336
5, 865
23, 966
7, 975
437
26, 130
8, 497
450
26, 485
8,672
465
26, 376
8,570
463
26, 173
8,606
484
27, 193
8,961
533
24, 993
8,470
506
26, 612
8,720
513
27, 655
9,251
520
27, 529
9.169
'501
27,078
9,239
506
26,141
' 9, 206
'487
Paper and allied products
Chemicals and allied products
Petroleum and coal products.
Rubber and plastics products. _ _ _ _ _
do
do
do
do
25, 192
48, 763
26, 604
17, 502
26, 220
51, 662
27, 968
18, 907
2,007
3,850
2,289
1, 338
2,141
4,305
2,373
1,501
2,211
4,291
2,275
1,563
2,148
4,537
2,323
1,618
2,153
4,454
2,282
1,647
2, 300
4,549
2,382
1,690
2,045
4,058
2,327
1,501
2, 289
4,329
2,320
1,624
2,299
4,673
2,347
1,649
2,267
4,368
2,381
1,679
2,215
4,270
2,341
1,563
' 2, 145
2,257
' 3, 978 4,354
' 2, 328
2,376
'1,534
1,531
Durable goods industries, total?
Stone, clay, and glass products. _
Primary metals
Blast furnaces, steel mills ...
3,185
4, 400
4,004
6,913
4, 474 •
870
31, 079
1^768
r A 837
34, 176
^5,246
2,194
' 3, 429
' 5, 172
' 4, 917
' 7 173'
' 4, 406
' 1, 004
3,253
5, 046
4, 628
7, 379
5,116
907
2
8, 369
26, 001
8,743
492
Shipments (seas, adj.), total. _
do
By industry group:
Durable goods industries, total 9
do
Stone, clay, and glass products... _ _ do
Primary metals
do
Blast furnaces, steel mills
do
55, 718
56, 982
57, 790
57, 680
58, 352
58,988
58,418
57, 804 57, 892
57, 439
59,061 '59,074
30, 166
1,617
4,624
2, 202
30, 856
1, 587
4,780
2,327
31, 616
1,659
5,014
2,401
31, 308
1, 728
5,385
2,667
31, 850
1, 713
5,501
2,641
32, 650
1,762
5,404
2,750
32, 123
1,793
5,312
2,940
31, 464
1,831
3,991
1,457
31.543
i;758
4,270
1,706
31, 166
1,772
4,421
1,901
32,106 '31,858 33, 573 33, 816
2, 082
1,892 ' 1, 849
5,175
4,825 ' 4, 804 5,003
2, 212 ' 2, 205 2,196
Fabricated metal products.
Machinery, except electrical.
Electrical machinery
Transportation equipment
_ __
Motor vehicles and parts ._
Instruments and related products
3, 507
4, 908
4, 380
7,142
4,442
Q84-
3,458
4,748
4, 369
7,832
5,010
1, 010
3,534
4,936
4,340
8,018
5,132
967
3,459
4,794
4,348
7, 340
4,730
1,007
3,591
4,855
4,501
7,388
4,576
1, 007
3,550
5,015
4,476
8,011
4,647
982
3,437
4,937
4,434
7,749
5,195
1,022
3,679
4,983
4,513
7,915
5,303
969
3,680
5,186
4,523
7,620
5,153
989
3,547
5,064
4,568
7,262
4,732
992
do
do
do
do
do
do
' Revised.
i Based on data not seasonally adjusted.
2 Advance estimate;total mf rs.
shipments for Jan. 1972 do not reflect revisions for selected components.
§The t erm "bu siness here includes only manufacturing and trade; business inventories as show n on p. £ -1
cover data for all types of producers, both farm and nonfarm. Unadjusted data for nlanufacti ir-
3, 683
4,981
4,807
7,467
4,853
962
' 3, 589
' 5, 137
' 4, 912
' 6, 872
' 4, 397
'945
61, 454
3,569
5,618
5,060
7,595
5, 082
1, 030
8,151
ing are shown b elow and on p. S- 6; those !br whole sale and retail tr<ide on pi). S-ll aiid S-12.
tSee correspo riding no te on p. 3-4 and ilote mar ked "i" m p. S-l 1.
JSc e corresijonding
note orL p. S-12
9ln<jludes data for ite ms not si lown sep arately.
S-6
March 1972
SUEVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
Annual
1972
1971
1971
Jan.
Feb.
Mar.
Apr.
May
June
July
Oct.
Aug.
Nov.
Dec.
Jan.
Feb
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (seas, adj.)— Continued
By industry group:
Nondurable goods industries, total 9
mil $
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products..
do
25,552
8,497
489
26,126
8,667
478
26,174
8,747
479
26,372
8,882
471
26,502
8,795
471
26,338
8,699
495
26, 295
8,739
491
26,340
8, 683
488
26,349
8,667
503
26, 273
8,690
511
2,150
4,064
2,317
1,448
2,144
4,303
2,398
1,484
2,173
4,192
2,344
1,499
2,137
4,290
2,368
1,538
2,171
4,315
2,295
1, 604
2,219
4,363
2,287
1,582
2,187
4,330
2,344
1,637
2,270
4,305
2,293
1,682
2,211
4,459
2,308
1,637
2,166
4,266
2,373
1, 592
161, 247 i 65, 233
U28,970 1 136, 080
199, 238 1 101, 740
153, 590 i 64, 963
153, 344 i 61, 325
1256,756 1 265, 586
5,311
10,858
8,363
5,042
4,790
21,354
5, 340
11,182
8,273
5,623
4,776
21,788
5,489
11, 290
8,479
5,700
4,941
21,891
5,516
11,431
8,217
5,283
5,019
22,214
5,583
11,274
8,555
5,136
5,116
22,688
5, 437
11,286
9,134
5,226
5,171
22,734
5,295
11,218
8,336
5,749
5,154
22, 666
5,322
11,279
8,484
5,889
5,334
21,496
5,299
11,332
8,509
5,733
5,188
21,831
5,326
11,302
8,531
5,279
5,146
21,855
125, 713
146, 603
124, 308
171, 159
i 28, 755
i 44, 205
i 23, 266
1
76, 089
2,231
3,755
1,913
6,125
2,234
3,740
1,898
6,054
2,379
3,771
1,887
6,181
2,435
3,594
1,825
5,973
2,396
3,820
2,006
6,203
2,407
4,338
2,589
6,396
2,328
3,548
2,010
6,304
2,419
3,584
2,077
6,435
2,397
3,431
1,765
6,652
2,367
3,511
1,768
6,592
do
do
do
100,135
64,781
35,354
100, 214
63, 878
36, 336
100,977
65, 133
35, 844
101,257 101,626
65, 649 65, 790
35, 608 35, 836
100,734
65, 046
35, 688
99, 826
64, 482
35, 344
99,754
64,426
35,328
99,381
64,090
35,291
99,957
63,962
35, 995
do
100,476
100, 549
100,878 100,602
100,536 100, 194
100,063
By market category:
Home goods and apparel
do
Consumer staples
do
Equipment and defense prod., excl. auto.do
Automotive equipment
do
Construction materials and supplies
__do
Other materials and supplies
do
Supplementary series:
Household durables
_
do
D efense products (old series) _
do
D efense products (new series)
do
Producers' capital goods industries
do
Inventories, end of year or month:
Book value (unadjusted), total
Durable goods industries, total
Nondurable goods industries total
Book value (seasonally adjusted), total
By industry group:
Durable goods industries total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
101,112 100,956
65, 352 65, 412
35, 760 35, 544
100,502 100,420 100,647
26,955 '27,216
9,122 '9,227
'486
r502
27, 729
9,319
550
' 2, 202
r 4, 406
' 2, 327
' 1, 637
2,420
4,595
2,417
1,657
5,692 r 5, 779
11,787 '11,926
8, 422 ' 8, 555
5,438 ' 4, 985
5,355 r 5, 298
22,367 '22,531
5,572
11, 996
9,164
5, 656
5,678
23, 388
2,194
4,360
2,328
1,583
2,689
3,585
1,712
6,741
2, 562
3,587
1,839
6,477
'
'
'
'
2, 581
3, 567
1, 785
7, 189
2
2
2
2
2, 607
3, 553
1, 803
6, 946
100,104 '100,214 100, 862
63,894 '63,878 64, 411
36,210 '36,336 36, 451
100,266 100,740 ••100,793 '100,549 100, 752
64,563
2,293
9,230
4,875
64,494
2,296
9,283
4,875
64,399 '64,242
2,272 ' 2, 263
9,201 ' 9, 195
4,784 ' 4, 800
64, 591
2,230
9,456
5,056
7,166
13, 432
9,754
13, 727
3,853
2,485
do
do
do
do
65, 152
2,278
9,139
4,854
64, 242
2,263
9,195
4,800
65, 308
2,281
9,443
5,102
65, 090
2,263
9,487
5,117
65, 082
2,267
9,498
5,138
65,033
2,265
9,333
5,040
65, 079
2, 269
9,236
4,985
64, 825
2,280
9,170
4,815
64, 692
2,293
8,821
4,464
64,523
2,302
8,953
4,635
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products ._ do
6,972
14, 072
10, 186
14, 133
4,115
2,417
7,084
13, 539
9,861
13, 639
3,845
2,417
7,061
13, 970
10, 022
14, 032
3,994
2,421
7,072
13, 976
9,968
13, 870
3,981
2,387
7,122
13, 932
10,020
13, 813
3,996
2,374
7,140
13, 879
10, 005
13, 942
4,076
2,365
7,283
13, 837
9,930
14, 035
4,193
2,379
7,410
13, 854
9,973
13, 668
4,289
2,358
7,510
13, 831
9,920
13, 796
4,233
2,327
7,519
13,745
9,885
13,570
4,015
2,356
7,403
13,686
9,902
13,493
3,854
2,369
7, 372
13, 690
9,851
13,425
3,831
2,388
7,191 ' 7, 084
13,698 '13,539
9,870 ' 9, 861
13,515 '13,639
3, 861 ' 3, 845
2,426 ' 2, 417
do
do
do
do
19, 056
3,309
6,326
3,251
19, 133
3,575
6,330
2,858
19,109
3,389
6,422
3,145
19,061
3,396
6,448
3,086
18,996
3,373
6,431
3,037
19,359
3,358
6,504
3,164
19,570
3,330
6,495
3,285
19,696
3,420
6,490
3,151
19, 932
3,403
6,570
3,166
19,709
3,436'
6,496
3,012
19,306
3,519
6,376
2,814
19,106
3,471
6,284
2,862
19,070 ' 19, 133 19, 237
3,453 ' 3, 575 3,659
6,344 ' 6, 330 6,522
2,864 ' 2, 858 2,608
Work in process 9
do
Primary metals
_ do
Machinery (elec. and nonelec. ).._do
Transport ation equipment
do
29, 233
3,168
11, 210
9,406
28,484
2,986
10, 503
9,435
29,254
3,315
10, 905
9,430
28,944
3,277
10, 836
9,326
28,811
3,213
10, 754
9,338
28,594
3,166
10, 703
9,343
28,547
3,126
10, 678
9,333
28,329
3,068
10, 758
9,112
28, 177
2,960
10, 605
9,243
28,214
3,024
10,555
9,158
28,532
3,112
10,602
9,290
28,541
3,123
10, 619
9,187
28,628 '28,484
3,084 ''2,986
10,631 '10,503
9,260 '9,435
Finished goods 9
16, 863
2 662
6J722
1,476
16,625
2,634
6,567
1,346
16,945
2,739
6,665
1,457
17,085
2,814
6,660
1,458
17,275
2,912
6,767
1,438
17,080
2,809
6,677
1,435
16,962
2,780
6,594
1,417
16,800
2,682
6,579
1,405
16, 583
2,458
6,576
1,387
16,600
2,493
6,579
1,400
16,725
2,599
6,610
1,389
16, 847
2,689
6, 638
1,376
16,703 '16,625 16, 527
2,707
2,664 '2,634
6,593 ' 6, 567 6,340
1,351
1,391 ' 1, 346
35, 324
8,765
2,191
3,398
2,769
6,758
2,418
2,165
36, 307
9,192
2,321
35, 570
8,932
2,207
35, 512
8,879
2,265
35, 420
8,858
2,215
35, 387
8,756
2,214
35, 568
8,894
2,190
35,711
8,966
2,180
35, 502
8,791
2,142
35,540
8,818
2,129
35,703
8,909
2,185
36, 246
9,201
2,221
36,394 '36,307
9, 169 ' 9, 192
2,262 ' 2, 321
2,780
6,758
2,433
2,170
2,756
6,725
2,407
2,132
2,734
6,750
2,381
2,123
2,718
6,746
2,348
2,147
2,725
6,745
2,351
2,142
2,738
6,799
2,375
2,131
2,731
6,808
2,402
2,131
2,744
6,786
2,397
2,153
2,711
6,729
2,471
2,095
2,740
6,691
2,459
2,064
2,772
6, 730
2,474
2,124
13, 026
5,055
17, 243
13, 458
5,174
17,675
13,024
5,116
17,430
13,013
5,090
17,409
12,897
5,092
17,431
12,927
5,090
17,370
12,918
5,155
17,495
13,058
5,143
17,510
12, 989
5, 144
17, 369
13,027
5,108
17,405
13,048
5,167
17,488
13, 271
5,188
17,787
13,382 '13,458
' 5, 174
5,215
17,797 '17,675
10, 492
13, 450
26, 056
5,288
7,817
37, 373
10, 892
14, 094
25, 434
5,059
8,013
37, 057
10,512
13,666
26,081
5,149
10,476
13,673
25,961
5,124
10,498
13,634
25,868
5,127
10,518
13,593
25,881
5,214
10,561
13,723
25,808
5,322
37,587
37,480
37,441
37,281
37,260
10,628
13,774
26,371
5,428
8,025
37,310
10, 660
13,599
25, 479
5,396
8,085
36, 975
10,726
13,659
25,372
5,198
8,200
36,908
10,839
13,842
25,398
5,028
8,169
36,990
10,911
13,953
25, 296
5,022
8,201
37,357
11,028
13,932
25,372
5,044
8,098
37,319
'10,892
'14,094
'25,434
' 5, 059
' 8, 013
'37,057
10, 915
14, 042
25,454
5,064
8,065
37, 212
4,914
12, 034
6,493
17, 569
4,914
11, 430
5,743
17, 336
4,818
12,122
6,189
17,446
4,790
12,021
6,020
17,415
4,824
11,937
6,008
17,381
4,829
11,922
6,108
17,438
4, 850
11,805
6,067
17,440
4,895
11,273
5,507
17,507
4,935
11, 308
5,488
17, 546
4,917
11,191
5,282
17,501
4,938
11,295
5,412
17,461
4,959
11,277
5,514
17,435
4,958 ' 4, 914
11,302 '11,430
5,565 ' 5, 743
17,450 '17,336
4,933
11, 506
5,822
17, 216
646,388
345, 332
301, 056
692, 686
376, 235
316, 451
53,516
29, 551
23, 965
58,318
32, 167
26, 151
59,297
32, 761
26,536
57,433
31, 032
26, 401
56,428
30, 280
26, 148
60,001
32, 805
27, 196
53, 835
28, 834
25,001
56,453
29,916
26,537
60,019
32,432
27,587
60,177
32, 544
27, 633
59,470 '57,739
32,327 31, 586
27,143 '26,153
58, 769
3", 553 2 34, 997
26, 076
1646,388 1692,686
57,255
57,165
57,699
56,597
57,028
57,009
58, 255
58,085
57,322
57,490
59,576 '59,408
63, 099
By stage of fabrication:
Materials and supplies 9
Primary metals
Machinery (elec. and nonelec.) __
Transportation equipment
do
Machinery (elec. and nonelec.)_..do
Transportation equipment
do
Nondurable goods industries, total 9 _ _ do
Food and kindred products
__do
Tobacco products
do
Textile mill products
do
Paper and allied products
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products
do
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods
do
By market category:
Home goods and apparel
do
Consumer staples
do
Equip, and defense prod excl auto
do
Automotive equipment
do
Construction materials and supplies.. _.dol~]_
Other materials and supplies
„
do
Supplementary series:
Household durables
do
Defense products (old series)
do.__.
Defense products (new series)
do
Producers' capital goods industries
do
New orders, net (not seas, adj.), total ...
Durable goods industries, total
Nondurable goods industries total
New orders, net (seas, adj.), total
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills
. do
_ do
do
___do
2,817
6,897
2,484
2,129
'
'
'
'
28, 827
3,090
10, 324
9,768
36, 161
9,094
2,332
2, 780 2,754
6, 758 6,688
2,416
2, 433
2,200
2, 170
13, 550
5,120
17, 491
345, 332
55, 031
25, 696
376, 235
57, 576
26, 859
31, 666
5,558
3,032
31, 071
5,139
2,656
31, 472
5,155
2,494
30, 228
4,882
2,290
30, 601
4,800
2,079
30, 666
4,536
1,945
31, 955
4,434
2,030
31,758
4,184
1,701
31,026
4,517
2,020
31,126
4,488
1,953
32,564
4,809
2,246
32, 138 '35,099 2 34, 105
4,848 r 5r 221 2 5, 248
' 2, 246 2,358
42, 555
54, 847
50, 629
76, 554
23, 284
41, 928
59, 687
54, 043
89, 318
22, 596
3,468
4,854
4,250
7,900
2,254
3,331
4,766
4,278
7,957
1,537
3,576
4,985
4,291
7,627
1,827
3,419
4,599
4,310
7,032
1,853
3,532
4,809
4,409
6,958
1,623
3,462
5,122
4,333
7,065
1,968
3,489
4,823
4,827
8,062
2,404
3,577
5,072
4,584
7, 923
1,985
3,520
5,105
4,628
7,130
1, 348
3,353
5,292
4,737
6,970
1,639
3,644
5,154
4,725
7,575
2,142
' 3, 585
' 5, 154
' 4, 757
7,233
' 2, 039
301,056
Nondurable goods industries, total
do
Industries with unfilled orders©
...do. __ 79, 840
Industries without unfilled orders^
do
221, 216
316, 451
84, 538
231, 913
25, 589
6,831
18, 758
26, 094
6,833
19, 261
26, 227
7,047
19, 180
26, 369
6,913
19, 456
26, 427
6,973
19, 454
26,343
7,082
19, 261
26,300
7,022
19, 278
26,327
7,201
19,126
26,206
7,006
19,290
26,364
7,192
19,172
Fabricated metal products .
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts.
do
do
do
do
_ do
__do
_do
do ..
r
Revised.
* Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
new orders for Jan. 1972 do not reflect revisions for selected components.
9 Includes data
for items not shown separately.
©Includes textile mill products, leather and products,
paper and allied products, and printing and publishing industries; unfilled orders for other
27,012 -27,270
7,179 r 7, 267
19,833 20, 003
3,564
5,790
4,759
'9032
2,236
2 8, 100
27,843
7,607
20,236
nondurable goods industries are zero.
,
,
1[For these industries (food and kindred products, tobacco manufactures, apparel and
other textile products, patrobum and coal products, chemicals and allied products, ana
rubber and plastics products) salas are considered equal to new orders.
March 1972
SURVEY
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
OF CURRENT BUSINESS
1971
1972
1971
Jan.
Annual
S-7
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
New orders, net (seas, adj.)— Continued
By market category:
Home goods and apparel
..mil. $
Consumer staples
do
Equip, and defense prod., excl. auto..
do
Automotive equipment
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Defense products (old series)
...do...
Defense products (new series)
"do~_~
Producers' capital goods industries
do »
Unfilled orders, end of year or month (unadjusted),
total
mil $
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders 0 - do
Unfilled orders, end of year or month (seasonally
adjusted), total. ._
_
mil $
By industry group:
Durable goods industries, total $
__ do.
Primary metals
do
Blast furnaces, steel mills .
do
Fabricated metal products .__._.
Machinery, except electrical
Electrical machinery
Transportation equipment-.
Aircraft, missiles, and parts
do
do. .
do
..do
__ do .
2
61,236
2
128,981
2
95,944
2
52 909
2
53,871
2
5 314
10 872
8 954
5 068
4,783
22 264
5 316
11,175
8 552
5 652
4,606
21,864
5 531
11 303
8 163
5 762
5 020
21 920
5 516
11 440
8 013
5 228
4,952
21 448
5 682
11,273
8 037
5 234
5,066
21 736
5,365
11 266
8 298
5 184
5,077
21 819
5,360
11 223
8,871
5 781
5,306
21 714
5,361
11,282
8,509
5,863
5,209
21,861
5,275
11, 321
7,974
5 774
5,006
21, 972
5, 369
11,315
8,493
5 355
5,004
21,954
5,817 ' 5, 689
5,573
11,797 '11 937 12 008
r
8,689 T 8, 685 10, 237
5 104
5 488
5 723
5,337 r 5, 283
5,673
22,448 '22 710 23, 885
2
25,740
2
42,865
2
23, 455
2
2 240
3,848
2,170
6 442
2 199
3,247
2,357
6 617
2 421
3,275
1,580
6 219
2 433
3,496
1,500
5 677
2 483
3,233
1,573
6 193
2 338
3,628
1,678
6 237
2 401
4,246
2,900
6,146
2,457
3,634
2,154
6,551
2,379
3,018
1,467
6,425
2 398
3,249
1,953
6,806
2 672 r 2 589
3,947 ' 3, 687
2,110 r 2, 010
6,565 r 6, 835
2 65 422
2 136 123
2 101 'l69
2 65 388
2
60, 691
253,447 2263 893
2 28 913
2
42, 476
2 23, 532
69,530 2 76 685
80 268
77, 263
3,005
78 027
74,900
3,127
81,837
78,833
3,004
8° 745
79, 720
3 025
82,659
79, 583
3 076
81 713
78, 612
3 101
79 432
76, 356
3 076
77,294
74, 211
3 083
77 646
74,559
3, 087
77 773
74,763
3,010
77 513
74,568
2,945
77 546
74,499
3,047
77 656
74,542
3,114
'78 027 79 579
'74,900 '76,379
' 3, 127
3,203
80 527
78 222
82 064
82,247
82 156
81 073
79,749
77 775
77 615
77 898
77 325
77 375
77 888
•78 222
77,485
6 687
3,727
75, 057
5 708
3,011
78, 985
7 621
4,557
79,200
7 980
4 886
79, 056
8 121
4,979
77, 976
7 618
4 602
76, 727
6 917
4 040
74, 748
6 049
3 235
74,584
5 173
2,325
74,879
5 366
2,569
74, 362
5 612
2,883
74,323
5 680
2,936
74,776 '76,057 '76,583 176,875
5 664 r 5 708 ' 5 927 16 000
2,970 r 3, Oil
£ 173
11, 218
14, 505
14 469
25, 490
19, 504
10 461
14, 696
14 629
24, 305
17, 613
11 179
14, 451
14 339
26, 248
19, 710
11 052
14 469
14 248
26, 373
19 108
11 094
14 518
14 199
25, 982
18 705
11 054
14 323
14 161
25,' 674
18 562
10 995
14 277
14 069
25, 244
18 044
10 909
14 385
13 925
24, 297
17 369
10,960
14,269
14 320
24,610
17,840
10,859
14,360
14,393
24,618
17,895
10, 698
14, 279
14, 500
24, 128
17, 461
10,505
14,504
14669
23,838
17,237
10,465
14,676
14784
23, 945
17, 422
'10,461
'14,696
'14 629
'24,305
'17,613
10, 456
14, 865
14,327
25, 742
17, 967
3,042
3 165
3 079
3 047
3 100
3 097
3 022
3 027
3, 031
3,019
2, 963
3 052
3 112
' 3, 165
3,280
1,992
43, 409
10, 737
24 389
2 236
43, 201
10,098
22 687
2 009
44,026
10,730
25,299
1 978
44,334
10,560
25,375
2 033
44,080
10 639
25 404
2 042
43,821
10 572
24 638
2 140
43*401
10522
23 686
2 048
42 525
10,430
22 772
2,120
43,091
10,580
21 824
2,163
43,091
10,456
22,188
2,129
42, 594
10, 274
22 328
2 184
42633
10,132
22426
2 318
42* 947
10, 114
22 509
' 2, 236 2,250
'43,201 44, 338
'10,098 10,093
'22 687 23, 183
1,639
26, 078
19, 506
22, 574
1,806
24, 325
19, 634
23,156
1,648
26,171
19, 769
22,891
1 613
25,678
20, 227
23,454
1 655
25,182
19, 920
23,492
1 653
25,084
19, 595
23,196
1 740
24,497
19,122
23,186
1 672
23,787
18,211
23,028
1,747
24,486
19, 101
22,867
1,786
24,535
19,177
22,986
1, 769
24, 122
18, 880
22, 759
1,800
23,862
19,065
22,972
1 907
24, 223
19, 336
23, 058
1,806
24, 325
19, 634
23, 156
' 1, 842
24, 547
20, 972
24,075
264, 209
287 547
23 372
22 338
19 698
20 993
25 752
93 220
24 389
22 770
23 899
24 168
26 266
24 691
24 898
95 073
23 698
25 142
22 748
23 278
23 977
25 050
22 799
25 828
26 051
25* 529
25 817
24 783
905
134
140
167
380
84
860
107
141
170
361
81
1 042
989
126
159
167
440
97
912
139
935
137
118
199
410
71
786
106
109
156
340
75
848
108
131
169
345
95
741
117
114
140
304
66
759
110
119
149
313
75
819
131
125
129
353
81
730
93
101
126
353
57
750
95
130
139
305
81
555
515
205
460
071
304
15 847
24 983
20, 267
38 580
20 178
11, 839
702
912
288
706
771
025
28 998
16 533
11 601
63 619
23 026
14, 219
11 322
18, 170
12, 473
44 742
27, 953
7,984
01, 619
15, 776
18, 261
36 515
19, 374
11, 693
Nondur. goods ind. with unfilled orders© do
By market category:
Home goods, apparel, consumer staples do
Equip, and defense prod., incl. auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
.
_
do
Defense products (old series)
do
Defense products (new series)
do
Producers' capital goods industries
.do
' 2 615 1 2 585
' 3, 790 1 3,' 366
' 3, 124 1 1, 762
'8 110 X 7 148
1
77, 196
79 864
i 25, 690
1
1, 823
124,358
20, 931
i 24, 279
1
BUSINESS INCORPORATIONS^1
New incorporations (50 States and Dist. Col.):
Unadjusted©
number
Seasonally adjusted©
do
INDUSTRIAL AND COMMERCIAL
FAILUREScf
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
10 748
1 392
1 687
2 035
4 650
984
10 326
1 464
1 545
1 932
4 428
957
887 754 916 929
298 736 356 923
231, 533 222 357
817 841 712 611
360 603 444 086
179 041 180 952
2
43 8
41 7
68
26
39
57
30
15
803
235
145
073
785
565
43 3
50
11
13
76
30
18
Q03
567
582
501
960
293
41 8
156
154
196
444
92
24
95
18
47
38
24
646
547
128
949
132
890
43 9
53
19
23
53
41
15
796
252
788
873
368
515
42 9
134^
171
385
83
49
46
23
62
04
13
489
032
881
175
367
034
42 8
65
16
24
85
29
10
840
122
406
082
952
278
47
39
8
62
22
14
028
055
593
851
523
006
55
27
13
65
34
15
44
15
13
54
40
20
44 3
39 6
43 6
40 1
38 1
41 6
37 5
35 7
282
235
269
228
167
155
271
638
323
359
403
132
287
240
302
233
157
161
298
640
328
370
412
124
290
245
381
242
157
161
264
654
329
369
413
127
295
247
353
246
168
165
258
665
336
371
421
138
304
251
359
255
173
165
260
670
349
369
453
130
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
Crops9
Commercial vegetables
Cotton
Feed grains and hay
Food grains
Fnjit
Tobacco.
1910-14=100..
do
do
do
do
~~~do
::::::::::::::::::::do±:
do
Livestock and products 9 ... _
Dairy products
Meat animals
Poultry and eggs
do
do
do
do
Prices paid:
All commodities and services
do
Family living items
do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
1910-14=100..
Parity ratio §
_
do
280
226
294
183
177
162
237
604
326
345
405
151
285
244
329
208
185
167
271
626
321
354
401
132
270
231
292
178
199
171
217
612
304
360
357
143
284
237
317
182
201
172
234
614
324
357
403
136
282
242
353
178
201
170
253
614
317
352
393
134
282
244
351
188
199
171
257
614
315
345
393
134
286
251
351
192
199
174
284
614
316
339
401
129
288
258
347
196
205
176
329
614
314
334
401
128
286
250
331
202
195
165
288
614
317
339
403
130
287
244
297
228
174
158
295
623
323
347
409
134
336
366
352
382
346
376
348
376
349
377
351
381
353
383
355
386
331
343
373
354
383
314
390
410
403
404
407
322
400
325
328
72
70
70
70
68
Prelimin
l
ary.
Advance estimate; total mfrs. unfilled orders for Jan.
a *
2
not reflect revisions for selected components.
Based on unadjusted data.
©See corresponding note on p. S-6.
9 Includes data for items not shown separately.
329
330
333
332
333
355
387
333
355
387
333
357
387
335
357
389
335
360
391
338
310
250
338
255
173
166
260
663
362
365
481
130
363
395
340
423
420
416
415
414
412
410
412
412
410
73
72
70
71
69
70
68
70
70
70
69
d*Compiled by Dun & Bradstreet, Inc. (failures data for 48 States and Dist. of Col.).
0 Revisions for Jan.-Dec. 1970 will be shown later.
§ Ratio of prices received to prices paid (parity index).
SURVEY OF CUEEENT BUSINESS
S-8
Unless otherwise stated In footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Jan.
Annual
March 1972
Feb.
Mar.
Apr.
May
June
1972
July i Aug.
1
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Unadjusted Indexes:
All items
._
_
_
Special group indexes:
All items less shelter
All items less food
All items less medical care—
1967=100.
116.3
121.3
119.2
119.4
119.8
120.2
120. 8
121. 5
121.8
122.1
122.2
122.4
122.6
123.1
123.2
123.8
__do
do
do
114.4
116.7
116.1
119.3
122.1
120.9
117.0
120.3
118.9
117.4
120.4
119.1
118.0
120.6
119.4
118.6
120.9
119.8
119.2
121.6
120,4
119.8
122.2
121.1
120. 0
122.4
121.4
120.2
122.7
121.6
120.2
123.1
121.7
120.3
123.5
122.1
120.4
123.7
122.3
120.9
123.9
122.7
120.9
124.0
122.8
121.5
124.2
123.4
do
do
do
__ do _
do ..
do
do
113.5
114.0
113.1
111.8
112.5
121.6
123.7
117.4
117.7
117. 0
116.5
116.8
128.4
130.9
115.4
115.4
115.3
115.2
115.2
126.3
128. 7
115.5
115.7
115.4
115. 0
115.2
126.6
129.0
116.1
116.4
115.7
115,2
115.5
126.6
128.9
116.6
116.9
116.0
115.7
115.8
126. 8
129.1
117.2
117.4
116.6
116.6
116.6
127.5
129.8
117.9
118. 1
116.9
117.4
117.1
128.2
130.6
118.1
118.3
116.7
117.5
117.0
128.8
131.2
118.2
118.6
117.2
116.9
117.1
129.4
131.9
118.1
118.7
118.2
116.4
117.4
129.8
132.3
118.4
118.8
118. 7
117.1
118.0
130.0
132.5
118.5
118.9
118.7
117.4
118.1
130.4
132. 9
118.9
119.5
118.8
117.2
118.1
130.8
133.3
118.7
119.2
118. 1
117.3
117. 7
131.5
134.1
119.4
120.3
118.4
117.1
117.8
131.8
134.4
Food9
. -. -do
Meats, poultry, and
fish
do
Dairy products
_
do
Fruits and vegetables
do_ _
Housing...
do. __
Shelter 9
do
Rent... -_ _ _ _
do
Homeownership,. __ „
____do
Fuel and utilities $_
__ 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 _
114.9
116.5
111.8
113.4
118.9
123.6
110.1
128.5
107.7
110.1
107.3
113.4
116.1
112.7
111.1
107.6
104.3
128.5
116.2
120.6
113.2
113.4
118.4
116.9
115.3
119.1
124.3
128.8
115. 2
133.7
115.1
117.5
114.7
118. 1
119.8
118.6
116.6
112.0
110.2
137.7
122.2
128.4
116.8
119.3
115.5
113.1
113.9
109.6
122.7
128.0
112.9
133.4
112.1
116.7
111.5
115.4
117.6
117.5
115.8
115.4
107.0
133.9
119.8
124.9
115.3
117.3
115.9
113.6
114.0
112.6
122.6
127.3
113.6
132.3
113.1
117.2
112.8
115. 9
118.1
117.5
115.8
115.2
105.5
134.4
120.2
125.8
115.4
117.5
117.0
115.6
114.2
116.0
122 A
126.7
113. 9
131.2
113. 8
117.4
113.3
116.4
118.6
117.8
115.9
114.3
106.8
136.0
120.6
126.8
115. 8
117.7
117.8
115.7
114.6
120.0
122.5
126.5
114.4
130.9
114.1
117.3
113.9
117. 0
119. 1
118.1
116.2
113.8
109.8
136.4
121.2
127.5
116.3
118.4
118.2
115.8
115.1
121. 4
123.2
127.2
114.7
131.6
114.4
117.2
114.4
118.1
120.2
118.8
117.0
113.9
112.8
136.4
121.6
128.1
116.5
118.9
119.2
119.8
118.0
117.4
116.0
115.7
126.0
125.1
124.5
124.0
128.8
128.3
115.4
115.2
133.5
133.0
115.5
114.6
117.5
117.4
114.7
114.6
118.9
118.7
119.3
120.1
119.5
119.6
117.4
117.6
113.8
113.9
114. 1 ' 113.5
139.0
139.0
122.6
122. 1
129.3
128.6
117.1
116.8
119.6
119.3
120.0
118.7
116.0
123.6
125.1
129.5
115.8
134.4
116.3
117.8
115.7
119.1
119.0
119.3
117.3
109.3
112.5
139.1
123.1
130.0
117.5
119.7
119.1
119.1
116.1
116.6
125. 5
130.1
116.1
135.1
116.3
117.8
115.7
119. 4
120.6
118.6
116.4
105.6
111.6
139.3
123.6
130.4
117.6
120.5
118.9
118.4
116.0
115.6
125.9
130.6
116.4
135. 7
116.3
117.8
115.7
119. 5
121.6
119.3
117.2
109.1
111.7
139. 3
123.5
129.6
117.9
120.5
119.0
118.1
115.9
117.8
126.4
131.3
116.6
136.7
116.8
118.1
116.2
119. 5
121.9
118.8
116.6
109.6
110.2
139.3
123.7
129. 7
117.9
120.8
120.3
118. 9
116.1
124.4
126.8
131.6
116.9
137. 0
117.9
118.1
118.2
119.6
121.8
118.6
116.3
110.4
107.2
139.7
123.9
130.1
117.9
121.1
120.3
120. 7
116.4
120.9
127.3
132.3
117.1
137.8
118.7
118.7
119.0
119.5
120.2
119.0
116.4
112.2
105.3
143.4
124.3
130.5
118.1
121.4
122.2
126.3
116.9
123.9
127.6
132.5
117. 5
138.0
119.3
118.7
119.4
119.6
120.7
118.3
115.7
111.9
103.0
143.5
124.7
131.0
118.4
121.5
i 113. 4
1 112. 6
1 113. 8
108.0
109.3
107.1
107.1
108. 9
105.9
109.9
113.7
107.2
109.3
111.6
107.8
109.7
109. 0
110.2
108.8
109.1
108.6
108.1
111.1
106.1
108.3
113.8
104.7
108.3
111.3
106.1
107.4
107.3
107.5
106.7
105.5
107.4
105.8
104.3
106.9
106. 7
106.4
106.8
110.3
109.7
110.7
112.4
111.3
113.0
110.4
113.9
111.8
112.8
113.0
113.3
113.8
114.3
114. 6
114. 9
114. 5
114.4
114.5
115.4
116.3
117.3
112.2
109.8
110.4
109.9
111.9
115.0
114.0
113.5
112.7
116.6
110.7
111.5
112.2
111.3
115.6
115.9
111.8
112.8
112.0
115.9
114. 3
112.6
112.9
112.1
116.0
115.2
113.1
112.9
112.0
116.1
115.8
113.6
113.5
112.7
116.3
116.9
114.0
113.8
113.1
116.5
116. 6
114.8
113.8
113.0
116.8
115.2
115.6
114.1
113.3
117.1
113.9
115.4
113.6
112.7
116.9
114.3
115.0
113.8
112.9
117.1
114.3
115.0
114.0
113.1
117.0
117.0
115.4
115.0
114.2
117.8
120. 2
115.9
115.5
114. 7
118.4
123.1
116.7
116.3
115.6
118.8
do
do
do
do
do
112.4
108.9
110.2
112.0
108.2
116.9
111.7
113.8
117.0
110.5
114. 5
109. 7
111.8
114.4
109.1
115.0
111.1
112.4
114.9
109.8
115.5
111.1
112. 7
115.5
109.9
116.1
111.2
113.0
116.1
109.9
116.5
111.8
113.5
116.5
110.5
116. 7
112.5
113.8
116. 7
110.8
117.5
112.4
114.5
117. 5
111.4
118.4
112.4
114.9
118.5
111.2
118. 2
111.7
114. 7
118.3
111.0
118.2
111.6
114. 5
118.3
110.6
118.1
111.8
114,5
118.3
110.7
118.6
113.0
115.1
118.8
111.3
119.2
114.1
115.7
119.3
112.0
120.0
115. 3
116.5
120.1
112.8
do
111.6
113.8
110.7
113.6
113.4
113.3
114.3
115.4
115.0
114.6
113.0
113. 0
113.6
115.9
117.4
119.6
Farm products 9 . .
.
do
Fruits and vegetables, fresh and dried-do
Grains.do
Live poultry
do
Livestock
do
111.0
111.6
98.8
99.6
116. 7
112.9
120.1
100.9
100.3
118.3
108.9
115.7
111.0
96.3
102.2
113.9
118. 3
111.7
100.0
118.9
113.0
125.3
108.4
100.1
114.9
113.0
120.8
106.8
99.5
116.9
114.0
127.5
107.2
101.3
119.0
116.0
136.1
109.4
108.1
118.9
113.4
109.3
102.5
121.1
121.3
113.2
115.9
92.8
100.8
121.3
110.5
103.6
89.0
102.8
119. 1
111.3
115.8
88.3
93.5
120.9
112.2
127. 1
87.8
92.3
121.0
115. 8
126.3
95.3
87.2
124.7
117.8
124.9
94.1
94.3
132.2
120.7
127.5
93.0
105.4
139.6
Foods and feeds, processed 9
Beverages and beverage materials
Cereal and bakery products.
Dairy products.—.
Fruits and vegetables, processed
Meats, poultry, and
fish
do
do
do
do
__do
do
112.0
112.9
107.6
111.2
110.4
115.8
114.3
115.8
111.4
115.4
114.3
116.0
111.8
115.0
111.0
112.8
111.2
108.6
113.3
115. 2
111.1
112.3
111. 5
115.2
113.7
115.3
111.5
115. 0
111.9
112. 9
113.5
115.6
111.5
115.5
113.0
113.3
114.5
115.7
111.5
116.2
114.0
116.4
114.9
115.7
111.5
116.1
115.4
116.7
116.0
115.9
111.5
116.2
115.9
119.6
115.4
116.1
111.4
115.4
116.2
117.7
114.6
116.0
111.3
115.4
115.7
117.5
114.1
116.4
111.3
116.4
115.3
116.9
114.4
116.6
111.5
116.3
115.4
117.1
115.9
116.4
111.6
117.4
115.8
120.4
117.2
116.4
112.2
117.3
116. 0
125.4
118.8
116.8
112.4
117.5
116.1
130.5
do
110.0
114.0
112.2
112.5
112.8
113. 3
113.7
113.9
114.5
115.1
115.0
115.0
114.9
115.3
115.9
116.5
103.4
90.3
101.4
102.3
111.3
116.2 ,
103.5
90.2
101.4
102.2
110.7
117.3
Commodities
Nondurables
Nondurables less food
Durables? ___ _ _ __
Commodities less food
Services
Services less rent
_
WHOLESALE PRICES a1
(17. S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities. .__ .
9 Foodstuffs
13 Raw industrials
1967-100
do
do
All commodities
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goodsO—
Consumerfinishedgoods
.
Producer finished goods.
By durability of product:
Durable goods.,
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures. _ _ _
_
Farm prod., processed foods and feeds
Industrial commodities
do
do _ _
do
do
do
do
Chemicals and allied products 9
__do
Agric. chemicals and chem. prod.
do
Chemicals, industrial
do
Drugs and Pharmaceuticals..
_ _ do
Fats and oils, inedible
.
do
Prepared paint
do
102.2
88.4
100.9
101.1
133.3
112.4
104.2
92.2
102.0
102.4
133.5
115.6
103.8
91.7
101.8
101.9
133.7
114.5
104.2
92.6
101.9
102.4
142.6
114.5
104.5
93.9
102.2
102.6
144.3
115.1
104.5
94.1
101.9
102.0
143.0
115.9
104.3
93.8
101.5
101.9
138.8
115.9
104.4
94.1
102.2
102.3
132.0
115.9
104.4
93.4
102.4
102. 6
130.8
115.9
104.3
91.0
102.4
102.7
134.2
115.9
104.3
91.0
102.4
102.6
132.9
115.9
104.2
90. 4
102. 4
102.6
129.0
115.9
103.8
90.3
101.7
102.4
125.3
115.9
103.4
90,3
101.1
102.5
115.9
115.9
Fuels and related prod., and power 9 _ _
Coal
Electric power
Gas fuels
Petroleum products, refined
105.9
150.0
104.8
103.3
101.1
114.2
181.8
113.6
108.0
106.8
113.5
176.0
109.8
109.3
107.9
113.0
176.0
110.2
108.1
106.9
112.8
176.0
111.1
109.4
105.9
113.0
184.0
112.3
105.9
105.3
114.2
182.8
112.6
106.9
107.4
114.4
182. 5
113. 0
107.5
107.4
114.4
182.9
113.5
107.7
107.2
114.8
182. 9
115.3
107.2
107.3
115.3
182.9
116.4
108.4
107.3
114.8
182.9
116.3
108. 8
106.3
114.7
182.9
116.2
108.8
106.2
115.0
190.2
116.3
107.9
106.1
116.0
192.7
118.9
110.0
106.1
116.1
192.6
120.0
110.2
105.5
110.2
107.6
115.4
93.4
110.2
107.4
115.5
93.4
110.2
106.9
116.0
93.3
110.8
107.5
116.7
92.9
do
do
do
do
do
109.3
109.7
Furniture and household durables 9
do
109.6
109.9
107.5
107. 0
107.0
Appliances, household
do
105.3
107.2
107.1
112.9
Furniture, household _ _
do
114.0
113.9
111.6
114.8
94.4
94.2
93.7
Home electronic equipment
do
93.6
93.8
r
Revised.
p Preliminary.
1 Computed by BEA.
9 Include s data f or items not
shown separately.
cf For actual wholesale prices of individ ual comm odities, see respective
109.9
110.0
109.7
109.8
107.0
107.1
107.1
107.1
115.0
115. 3
114.1
115.2
93.9
93.7
93.7
93.6
comnlodities. OGood s to usen3,
110.2
107.4
115.5
94.0
incl. ra w
110. 2
107. 5
115.6
93.8
foods iind fuels
110.2
107.6
115.6
93.8
SUEVEY OF CUERENT BUSINESS
March 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Annual
S-9
Jan.
Feb.
Mar.
May
Apr.
June
1972
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES—Continued
WHOLESALE PRICES^— Continued
(U.S. Department of Labor Indexes— Continued)
All commodities— Continued
Industrial commodities— Continued
Hides, skins, and leather products 9
1967=100Footwear __ _
do
Hides and skins
_
do
Leather
do
Lumber and wood products
do
Lumber
do__ _
110. 1
113.0
104.4
107 7
113 7
113.7
114.0
116 8
115.1
112 5
127 0
135.5
111.7
116.0
98.9
108. 2
112.2
113.0
112.4
116. 3
105.3
108.7
117.5
120.3
112.5
116.5
105.5
108.6
123.4
129.0
114.0
116.6
121.1
111. 0
124.6
131.5
114.4
116.7
121.4
113.0
124.9
132.8
114.2
116.8
114.0
114.4
126.1
134.4
114.2
116.8
114. 0
114. 4
130. 6
142.5
114.4
117.1
114.6
114.4
134.6
146.7
114.7
117.1
117.7
113 4
134.3
146.8
114.7
117.1
117.2
113.4
131.8
142.7
115.1
117.1
123.1
113.5
131.3
141. 9
116.2
117 1
128. 6
117 0
132 7
143.8
117.8
118 1
136.0
120 0
134 9
146 9
119.1
118 5
148 9
120 6
137 7
150 4
111 4
113.0
115 5
106 4
114.0
115.5
117.2
121 4
109.5
117.3
114.2
116.3
120.2
108.8
115.2
114.6
116.8
120.5
109.3
116.0
114.9
116.5
120.8
109.7
116. 0
115.0
116.7
120.9
109.5
116.6
115.3
116.6
121.1
109.4
117.4
115. 5
116.9
121.2
109.4
117.9
115.7
117.4
121.6
109.5
117.7
116. 1
117.5
121.9
109.9
118.1
116.0
117.5
121 8
109 7
118.0
116.0
117.5
121 8
109.6
118.1
115.9
117.5
122.0
109.3
118.2
116 2
118. 6
123 2
109 3
118,4
116 5
119.9
124 3
109 5
118.5
117 1
121.5
124 7
110 0
118.9
-- do
__ do__
do
do__
116.7
110.6
115 1
125. 0
119.0
115.5
121 8
116.0
116.5
113.6
117.6
115.4
116.4
114.1
118.0
114.2
116.5
114.5
118.2
113.7
117.8
114.7
118. 4
117.2
118.5
115.1
120. 1
117.2
118.5
115.2
120.3
116.4
119.4
115. 9
121.9
116.9
121.1
116.8
125.3
117.1
121.1
116.7
125 6
116 5
121.0
116.3
125 5
116.3
120.9
116.5
125.3
116.0
120 8
116 3
125 3
114 9
121 4
115 9
126 8
114 4
122
116
128
115
Nonmetallic mineral products 9 _ _
do
Clay prod., structural, excl. refractories
do
Concrete products
do
Gypsum products
do__
Pulp, paper, and allied products
do
Paper
do
Rubber and plastics products. __
do
Tires and tubes __
_ _ do
113 3
122 4
118.8
119.0
120.9
121.6
121.8
122 2
123 3
124. 2
124 2
124 1
124.0
124 2
124 3
124 6
109.8
112 2
100.0
108.2
111 0
108 6
109.0
114.2
120 6
106 8
110.1
114 1
109 2
109.2
111. 4
117.1
97.0
109.0
112. 6
108.4
107.5
112.7
117.6
97.9
109.3
112.7
109.1
107.5
113.6
118.5
98.9
109. 3
113.1
109.1
107.5
114.5
119.4
101.0
109.6
114.3
109.0
107.5
114.5
119.6
101. 2
109.9
114.2
108, 7
107.5
114.5
120 1
104.0
110.2
114 3
108.7
107.5
114.5
121 5
112.7
110.5
114 6
109 7
111.2
114.9
122.8
114.3
110.6
114 7
109 8
111.4
114.9
122 6
114 5
110 6
114 7
109 7
110 8
114.9
122 6
113 6
110.6
114 7
109 5
110 8
114.9
122 6
112 1
110 6
114 7
109 5
110 8
114.9
122 9
114 1
110 7
114 7
109 4
110 8
114.8
123 4
113 4
110 8
114 9
109 5
110 3
116.1
123 8
112 8
111 6
115 3
109 2
108 4
Textile products and apparel 9 _
Apparel
Cotton products.
__
Manmade fiber textile products
Silk yarns
Wool products
107.2
111.0
105.6
102.1
114.3
99.4
108 6
112.9
110.6
100 8
106.9
112.3
107. 1
97.2
106.7
112.0
107.5
97.4
107. 5
112.2
108.9
98.6
107.8
112.2
109.6
99.7
108 5
112.3
110.9
101 4
109 2
113.3
111.9
101 9
109 7
113.6
112.5
103 1
109 6
113 8
122 2
102 5
109.8
113.8
122. 5
103.2
110. 6
113.8
113.6
104.3
111 3
113 8
116 7
105 4
112 0
114 0
118 0
105 9
0)
109 7
113 8
112 2
103 1
93 5
96.2
(l)
106.9
112,2
107.8
97.6
93.5
93 4
92 6
92 7
92 5
92 4
92 3
91.5
92 0
92 2
104.5
108.5
109.9
109.4
114.0
110.3
114.7
112 8
112.6
116.7
109.5
113.9
112.3
111.7
116. 8
109.7
114.1
112.6
112.3
116.9
109.5
113.8
112.8
113.1
116.9
109.7
114.1
112.7
112.5
116.5
109.8
114.2
112.5
112.4
116.5
110.0
114.4
112 6
112 6
116.5
110.3
114.7
112 8
112 6
116.6
110. 5
114.9
113 0
112 6
116.8
109.6
113.8
113 0
112 6
116 8
110.7
115.2
113 0
112 6
116 8
110.8
115.3
113 1
112.8
116. 8
112.9
117.5
113.2
113.1
116.7
113.4
117.9
113 7
113 5
117. 4
113.6
118.1
114 0
114 0
117.4
$0. 906
860
$0. 878
825
$0.894
.839
$0.887
.838
$0. 885
$0. 883
$0. 879
.828
$0. 875
.823
$0. 873
.821
$0. 870
.819
$0.873
.818
$0. 874
.817
$0.873
.816
$0. 867
.812
$0. 860
.821
$0. 853
.808
'9 908 »-9 092
8 317
Machinery and equipment 9
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip. .
Metalworking machinery and equip
Metals and metal products 9
Heating equip ment__
Iron and steel
Nonferrous metals
:
do _.
do
do
do
do
do
do
_do _
do
do
do
Transportation equipment 9 ---Dec. 1968=100..
Motor vehicles and equip
__1967=100_.
Miscellaneous products 9
do
Toys, sporting goods, etc . _
_ _ _ d o ._
Tobacco products
do
C1)
95.4
(9
94.5
•0)
94.4
0)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
(i)
6
2
2
0
(i)
PURCHASING POWER OF THE DOLLAR
As measured byWholesale prices
Consumer prices
1967=$!. 00__
do
OOK
QOO
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE f
New construction (unadjusted) total f
Private, total 9
Residential (including farm)
New housing units
mil $
94 265
108 656
6 987
6 783
7 535
8 461
Q 281
9 837
10 036
10359
10 191
10 186
do
66 147
31,748
24 156
78 768
42' 067
34 175
5 052
2 474
1 991
4 769
2 300
1 868
5 367
2,618
2 082
6 072
3 122
2 408
6 621
3 575
2 737
7 077
3 868
3 054
7 253
4,021
3 243
7 508
4,174
3 398
7 435
4,133
3 434
7 394
4 058
3 409
21 417
6 538
9,754
22 479
5,423
11 619
1 593
1 530
1 667
1 842
1 951
2 022
2 Oil
462
808
1 833
2 071
438
718
1 004
1 087
1,160
1,087
2 034
'460
1 093
do
Nonresidential buildings, except farm and public utilities, total 9
mil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
459
734
498
894
477
913
459
465
423
421
r
6, 274
7 257 ' 6,963
3,434
*• 3, 937 r 3, 787
r
3 341 ' 3 210 2,948
2 012
r
1,098
r
430
259
2 993
187
207
267
278
254
279
230
259
252
251
28 118
29 888
1 935
2 014
2 168
2 389
2 660
2 760
2 783
2 851
2 756
2 792
' 2 651
Buildings (excluding military) 9
Housing and redevelopment
Industrial..
do
do
do
10 657
1 107
'500
11 401
1 137
'573
831
88
44
859
92
37
843
98
42
948
106
51
1 Oil
955
81
33
1 047
82
54
972
83
48
1 001
1 056
97
56
966
104
60
95
51
Military facilities
Highways and streets
do
do
719
886
63
556
54
607
59
710
61
780
71
958
75
82
88
76
100 6
102 3
103 0
105 9
107 6
109 2
110 0
70 6
70 7
73 0
76 3
77 9
79 9
80 5
35 6
36 5
37 7
3Q 6
41 5
49 3
21 9
6 1
10 7
6 1
11 3
22 1
58
11 0
90 -I
6 2
10 3
21 4
6 3
10 1
99 7
55
11 8
23 6
54
12 7
23 4
49
13 1
30
30
32
34
31
32
2 7
30.0
31,6
30.1
29.6
29.7
29.3
Buildings (excluding military) 9
do
11 4
11 3
10 4
12
Housing and redevelopment
do
12
9
5
5
Industrial
do
5
9
g
9
Military facilities
do
12.4
Highways and streets..
_
do
11.6
10.9
r
Revised.
v Preliminary.
i Series discontinued.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
1[Data have been revised to reflect the incorporation of new basic data, the change in estimating procedures, the modification of the type of construction classifications for private nonresidential buildings, the inclusion of farm housing in new private housing units, and the
11 1
12
11 6
12
New construction (seasonally adjusted at annual
rates), total 1
bil $
Private, total 9
do
Residential (including farm)
Nonresidential buildings, except farm and" public utilities total 9
bil $
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
Public, total 9 .
460-028 0 - 7 2 - 2
do
9 986
10 637
01 Q
6
g
10.1
6
g
10.2
1,750
366
944
270
2 952
do
Public, total 9
1,913
'433
1, 023
r
2, 129
2, 043
118
52
908
93
45
44
1 070
86
934
83
657
75
1 091
88
111.9
110.0
113 7
113. 6
115.6
118.3
82 1
81.4
81 8
83.2
'84.6
86.8
43 9
44 7
45 1
45 3
r46.3
48.5
21 9
22 7
r 23 1
23.9
5.0
4.9
11.7
11.5
12.2
'4.9
'12.4
13.2
30
2.9
2.7
oQ
3.0
29.5
29 8
28.6
31.8
'30.4
'31.0
10 5
13
11 1
12 3
10 8
12.5
13
12.3
12.3
Q
9
5
1i
9
1.2
.7
.9
1.2
.5
.9
11.2
9.9
9! 3
11.4
10.7
11.3
1 117 1 092 1 065
Q
42 7
1i
1i
21 9
4.6
9
6
.8
10.4
5
.9
r
r
4.9
31.5
.5
1.0
introduction of the results of a survey covering private nonresidential building construction
in the 13 Western States. More detailed information may be obtained from the Bureau oi
Census Report C30-70S, available from the Superintendent of Documents (Washington,
D.C. 20402).
SURVEY OF CURRENT BUSINESS
S-10
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
| 1971
March 1972
1971
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation, total
mil. $
r
' 68, 160
80, 590
4, 374
4,993
6,386
7,743
7,555
8,077
7,670
7,712
6,814
6,568
6,405
6,286
6, 234
1967—100
1123
1144
117
126
142
161
141
147
151
153
154
137
155
160
165
mil. $
do
Index (mo. data seas, adj.)
' 21, 977
' 41, 735
22, 626
47, 879
' 1, 448
r
2, 926
1,578
3,415
1,722
4,664
2,074
5,669
2,065
5,489
2,795
5,282
2,683
4,987
2,299
5,413
2,010
4,804
1,837
4,731
1,012
1,087
244
2,137
4,097
r
1, 721
' 1, 621
1 032
1,654
1,818
1,521
2,199
2,729
1,458
2,080
3,168
2,495
2,264
3,310
1,981
2,800
3,485
1,792
2, 621
3,357
1,691
2,120
3,255
2,337
2,246
3,196
1,372
2,065
3,171
1 332
2,128
3, 001
1 275
1,959
2,997
1,331
1,728
2,667
1 840
4,682
5,481
5,245
4,580
5,502
2,837
4,725
3,828
4,749
6,024
9,919
114 8
85 9
110.6
54.9
104.6
77.5
102.2
58.3
169.3
123.6
167.9
91.6
203. 6
147.3
201.1
116.0
203.5
144.3
198.5
115.6
196. 8
137.3
193.8
116.9
197.0
146.5
194.3
107.7
205. 9
175.6
151.3 ' 125. 2
173.8
204.5
102.1
111.7
' 1, 793 ' 1, 938 ' 1, 951 '2,046
T
r I, 005
1, 080 ' 1, 122 T 1, 152
r 2, 008
r
1, 150
Public ownership
„
Private ownership
By type of building:
Nonresidential
..
Residential
_.
Non-building construction
New construction planning
(Engineering News-Record) O
do
do
do
do
f 24, 394
25 846
' 24, 675 37 119
' 18, 992
19 925
r
66, 937
263
4 456
6 500
150 2
113 7
148.4
76.0
152.9
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Inside SMSA's
Privately owned __
One-family structures
thous
do
do__
do
1, 469. 0
1 034 4
1, 433. 6
812.9
2
1
2
1
084 5
517 4
052 2
151 0
Seasonally adjusted at annual rates:
Total privately owned .
do
One-family structures
. _ _ _. .. do
New private housing units authorized by building
permits (13,000 permit-issuing places) :
Monthly data are seas. adj. at annual rates:
Total
.
thous
One-family structures
do _
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates
do
do
1,810
1,007
1,352
647
401.2
,635
1 907
1,563
1,638
2,052
960
2,006
908
1,900
914
40.9
'488
47.3
'516
45.2
'529
49.5
'520
130
131
133
833
28.4
'408
35.6
'429
42.8
478
125
125
127
806
760
491 6
24.5
'408
131
* 2, 091 ' 2, 219 ' 2, 029 ' 2, 038
'1,162 ' 1, 198 '1,172 ' 1, 155
129
1,627
796
903
1,927
921
1,849
181.7
132 5
179.7
102.9
176 4 ' 155. 3
' 128 9 117 0
173.7 ' 152. 1
'80.4
92.9
151.5
75.6
2,228
1,242
' 2, 457
' 1, 347
2,471
1,410
2,678
1,315
1,952
2,112
980
897
2,292
1,049
' 2, 105
' 1, 043
53.5
'540
50.4
' 515
39.5
'508
34.0
33.3
134
134
134
134
135
1,297
1,440
1,415
1,193
1,252
865
2,173
504
969
554
CONSTRUCTION COST INDEXES
Dept of Commerce composite
1967—100
122
American Appraisal Co., The:
Average 30 cities
Atlanta
New York
San Francisco St Louis
1913—100
do
do
do
do
1,132
1,254
1,202
1,088
1, 116
1 258 1,190
1 411 1,323
1 359 1, 291
1 174 1,138
1 219 1,153
1,194
1,364
1,291
1,142
1,153
1,211
1,393
1,305
1,163
1,168
1,218
1,393
1,305
1,168
1,168
1,241
1,394
1,310
1,168
1,236
1,257
1,394
1,312
1,168
1,236
1,286
1,429
1,412
1,184
1,249
1,298
1,441
1,416
1,195
1,253
166
183
184
184
186
188
193
197
198
131.0
129.0
126.6
131.9
130.3
128.5
130.9
129.7
132. 7
131.7
129.7
133.3
132.0
130.3
136.5
135.2
135.6
136. 1
136.3
137.5
130.6
137.0
134.4
139.6
136.2
141.2
138.8
144.2
140.6
147.2
141.8
149.3
143.4
150.9
147.4
153.2
Associated General Contractors of America, Inc.,
The (building only)
1957-59—100
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, office buildings
1967=100. .
Commercial and factory buildings
do _..
Residences
do
Engineering News-Record:
Building
1967=100
Construction
_ _
. d o .
Federal Highway Adm. —Highway construction:
IOK o
124.4
123.1
122.4
132.8
130. 7
128.8
126.4
124.4
128.9
140.5
146.7
130.2
136.9
1,295
1,439
1,415
1,187
1,252
1,316
1,482
1,417
1,190
1 259
138 5
138 1
138 5
138 1
138 5
138 1
147.2
153. 5
147.4
153.6
147.9
154.6
141 8
140 6
m
A
149. 0
155.6
2 150. 5
133.5
135.5
133.4
124 1
125 6
1 296
1 439
1 415
1,189
1 252
135
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
1947-49=100..
Iron and steel products, unadjusted
Lumber and wood products, unadj
do
do
162.1
174. 1
r
139. 5
r 147 g
r 150. 9
T
181.3
T
187. 1 ' 181. 8
r 189 9
r 170 8
r 187 7
r 183 6
r 168 7
' 184 9 ' 197. 0
146.2
169.4
194.7
195.4
165.2
179 0
174.0
-\AA 8
201.9
r 176 8
' 157. 3
' 169. 9
162 0
188.9
' 145 5 r 130 7
' 187 6 r 180 5
' 255. 7 215.1
141 0
177 4
156.8
31.7
23.3
26.7
r 161 8
166.4
161.9
1O4. ^
163. 8
182. 7
209 0
r 1Q4 1
r HQ 9
183.4
198.3
r 170 3
r 217 5
192.3
176.0
T 227 0
'265 2
' 253. 7
270.0
190 4
255.3
299.1
360.4
23.8
26.5
36.0
34.4
30.9
31.5
29.7
27.0
22.1
348
31.9
34.7
344
351
143.7
217.9
12.0
190
12.5
174
17.9
183
19.9
210
19.0
218
23.5
257
21.0
228
20.0
220
21.7
252
18.1
233
291
16.4
210
15.7
226
15.4
232
16. 8
224
8, 113. 73 10,374.60
3,442.90 6, 065. 83
771. 56
298. 85
734. 61
299. 69
849. 48
307. 20
759. 52
351. 49
793. 73
417. 95
951. 62
523. 36
983.62 1, 117. 4
563. 32 578. 34
862. 75
696. 10
821. 04
520. 25
869.50
789. 56
859. 78
719. 71
935. 45
639. 38
813. 63
10,615
7,936
10, 326
9,926
9.690
8,269
7,268
7,241
7,333
7,514
7,637
7,640
7,709
7,936
7,238
6, 515
21, 387
39, 485
1,667
1,887
2,795
3,168
3,438
4,301
4,151
4,111
3,672
3,405
3,298
' 3, 592
2,625
2,384
573
589
1,661 ' 1, 590
1,048 r 1, 429
480
1,249
514
145.7
156.1
1QO A
REAL ESTATE
Mortgage applications for new home construction:
FHA net applications
thous. units
Requests for V A appraisals
Seasonally adjusted annual rates
do
do
Home mortgages insured or guaranteed byFed. Hous. Adm.: Face amount
mil. $
Vet. Adm.: Face amount§
do
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $__
New mortgage loans of all savings and loan associations, estimated total
.mil. $__
By purpose of loan:
Home construction
do
Home purchase..
do
All other purposes
_
do
366
349
375
378
346
818
723
521
1,143
1,131
597
1,306
1,265
620
1,451
1,367
718
2,109
1,474
i m fl7ft
Fire losses (on bldgs., contents, etc.)
307
8 Q7K
8 774
10 351
9 665
9 340
200. 66
202.26
221. 54
194. 02
195. 50
4,150
10, 239
6,998
6,835
18, 810
13,840
752
608
2
'Revised.
? Preliminary.
1 Computed from cumulative valuation total.
Index
as of March 1, 1972: Building, 151.2; construction, 157.2.
©Data for Apr., July, and
686
2, 087
1,378
359
343
641
2,225
1,245
628
1,951
1,093
609
1,717
1,079
isfi fin
177 70
162 57
450
333
ooc
10 142
mil. $__ 2, 263. 92 2, 245. 84
392
156 50
183 70
896
175 40
Sept. 1971 are for 5 weeks; other months, 4 weeks.
9 Includes data for items not shown separately. §Data include guaranteed direct loans sola.
SURVEY OF CURRENT BUSINESS
March 1 7
92
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
1970
Annual
S-ll
1971
| 1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TKADE
ADVERTISING
Marketing/Communications
seasonally adjusted^
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
1957-59— 100__
do
do
- - do
do
188
213
284
172
132
199
249
318
165
127
190
217
286
177
130
190
221
290
170
131
198
237
290
168
145
202
241
309
179
134
210
266
322
175
136
208
242
325
182
142
212
246
322
184
154
202
226
335
175
140
205
239
295
175
157
109.7
115.8
128.2
77.5
76.8
109.9
5.8
104.2
4.7
132.5
11.6
11.7
12.9
Magazine advertising (general and natl. farm magazines):
Cost total
mil. $__ 1, 185. 7
50.9
Apparel and accessories
- do. __
95.3
Automotive incl accessories
.do
20.8
Building materials
do
156.6
Drugs and toiletries
do
99.4
Foods soft drinks confectionery ._
do
1, 251. 4
47.0
111.3
19.2
158.6
108.1
69 8
19
6 4
92.8
9 4
4 3
12.9
98.0
71.1
43.8
16.4
64.7
468.9
88.2
64.0
33.1
17.8
118.2
486.0
2.6
3.6
2.4
2.4
3.2
2.2
Household equip., supplies, furnishings.. do
Industrial materials
do
Soaps, cleansers, etc
do
Smoking materials
do
Allother
do
.9
8.1
9.0
1.3
9.8
1.7
2.4
14.0
14.2
9.1
5.7
5.8
2.6
1.9
4.2
2.8
15.3
8.6
9.7
7.2
8.8
7.3
2.9
1.6
8.2
3.5
2.0
2.2
9.7
1.6
14.6
9.2
8.9
4.8
3.1
1.4
30.8
37.2
10.0
42.5
10.3
43.9
11.5
49.3
10.8
37.8
227.7
Newspaper advertising expenditures (64 cities) : 0
Total*
mil. $
Automotive
do
Classified
do Financial
-- do
Retail
6
3.2
9.3
1.1
220.2
268.5
298.4
8.0
3.9
5.0
1.1
6.8
7.7
2.1
132.3
100.7
72.4
13.8
13.1
12.6
10.1
51
94.0
30
91
11
13.3
98
4.2
1.4
1.7
9.4
13.4
5.1
2.0
2.9
8.0
3.1
12.2
7.3
3.5
4.7
15.9
2.2
11.1
11.3
13.9
6.3
8.5
15.5
12.0
5.5
4.5
6.4
9.4
8.2
3.6
2.0
2.7
2.4
5.7
3.2
1.3
9.6
1.7
9.5
26.9
28.8
44.3
10.1
50.1
1.5
9.6
4.8
9.9
2.1
3.4
4.4
.7
1.1
9.6
1.6
5.7
1.1
9.1
2.3
2.1
1.1
3.9
19
2 2
88
36 8
i 273. 6
10.3
65.2
9.8
46.0
163.3
1.6
6.7
.9
39.2
149.1
54.6
38.4
82
33 2
55.4
10.2
31.9
123.5
52.3
63.4
33.1
121.7
39.0
148.8
9.3
286.2
11.8
65.3
10.0
43.9
155.3
246, 643
111, 778
134,865
267,357 19, 181
8,271
122, 420
144,937 i 10,910
19,200
8,502
10,698
22, 507
10, 085
12, 422
22,002
10,201
11,801
22, 053
10, 261
11, 792
23, 684
11,233
12, 451
22, 367
10, 384
11, 983
23,148
10,788
12,361
23,418
10,855
12,563
22, 787
10, 696
12,091
23356 T 23, 654
10666 ' 10, 478
12,690 r 13, 176
21, 639
9,694
11, 945
26, 622
15, 318
11, 304
28, 828 ; 26, 716
16, 987 15, 432
11, 841 / 11,284
26,755
15,671
11,083
26,873
15,814
11,060
27,099
16,215
10,884
27, 114
16, 265
10, 848
27,308
16, 420
10, 888
27, 606
16, 686
10, 921
27,584
16,645
10,939
27,707
16,616
11,091
28, 200
16, 754
11, 448
28,493 '28,828
16 759 '16 987
11,733 '11,841
29, 187
17, 201
11, 986
32,105
10, 705
6,743
6,256
33,965
11, 175
6,944
6,394
34,199
11, 174
6,841
6,287
35,033
12, 056
7,401
6,785
34,560
11, 299
6,799
6,217
33,840
10, 923
6, 353
5 806
34,102
11,418
6,758
6,237
547
521
35 659
12, 089
7,329
6 781
'548
36 018 r42 572
11,796 '11 931
7 100
6 149
6 516
5' 570
30 668 230,648
9,680 210,085
5 784 2 6, 058
5 345
*439
1,420
853
1,442
869
1,555
923
1,521
930
496
1,524
898
537
1,527
941
1,610
976
1,677 ' 2, 173
1 009 r 1 159
r gll
'546
1 568 ' 1 540 1,229
990
1 244 r 1 127
239
324
'413
24,222 '30 641 20, 988 220,563
1,435 2 1, 292
1,897 ' 3, 001
r 750
353
439
6.7
do
6.8
6.3
8.0
9.7
71.5
WHOLESALE TRADE
Merchant wholesalers sales (unadj.), total, mil. $
Durable goods establishments
do
Nondurable goods establishments . _
do
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $ _
Durable goods establishments
do
Nondurable goods establishmentsdo
RETAIL TRADE t
All retail stores:?
Estimated sales (unadj ) total f
Durable goods stores 9
- Automotive group
Passenger car other auto dealers
Tire battery accessory dealers
mil. $
do
do
do
do
375,527
114, 288
64,966
59,388
5,578
408, 850
131, 814
78, 916
72 538
6,378
28,865
8,454
5,054
4,646
27,932
8,794
5,445
5,043
Furniture and appliance group 9
Furniture homefurnishings stores
Household appliance TV radio
do
do
do
17, 778
10,483
6,073
18, 560
11, 004
6,221
1, 345
795
1,299
762
451
442
Lumber building hardware group
Lumber bldg materials dealers c?
Hardware stores
- _
Nondurable goods stores 9
Apparel group
Mien's and boys' wear stores
Women's apparel accessory stores
Shoe stores
do
do
do
do
do
do
do
do
15,346
11,995
3,351
1,007
803
204
997
789
208
261 239
19, 810
4 fi«lA
7 582
3 501
17, 378
13 733
3,645
277, 036
20, 804
4 727
8,193
3,532
20, 411
1,423
347
19, 138
1,240
276
do
;do
_ __do _
do
do
13 352
29 689
86 114
79 756
27, 994
13, 736
31, 131
89, 239
82, 793
29, 163
61 320
68, 134
4,076
55 812
37, 295
3 853
6 959
7 980
62, 242
42, 027
4 301
6,972
8,773
3, 690
2,482
214
Drug and proprietary stores
Eating and drinking places
Food group
_ _ _
Grocery stores
Gasoline service stations
__„
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores 9 §
mil. $
Department stores
do
Mail order houses (dept store mdse) do
Variety stores
do
Liquor stores
do
408
532
253
1,112
2, 293
7, 261
6,764
2,238
419
650
402
492
218
1,070
2,175
6,712
6,219
2,075
487
1,467
889
550
616
582
471
484
488
507
1,216
1,415
1,119
1,481
1,152
1,625
1,283
1,653
1 344
1,610
1,304
296
329
1,638
1,286
309
306
1,628
1 302
21, 400
1, 502
312
22, 790
1,767
382
23, 025
1,679
388
22, 977
1,673
405
23, 261
1,570
346
22, 917
1,637
349
22,684
1,674
354
23, 570
1,741
379
469
980
236
601
275
688
341
1,111
2,416
7,149
6,632
2,301
1,105
2,482
7,469
6,925
2,338
3,990
4,880
3, 563
2,343
254
4,386
2,916
351
432
594
554
499
650
667
291
352
654
280
342
625
266
1,115
2,722
7,566
7,022
2,509
1,099
2,530
7 185
6,673
2,493
5,862
6 824 ' 9 904 4,462
5,291
3,568
404
6 245 r 9 361
4,195 ' 6, 518
575
' 548
1,132
2,889
7,284
6,748
2,626
5,367
5,319
5,452
5,271
5,569
5,620
4,915
3,317
324
4,853
3,270
294
5,085
3,371
369
5,082
3,444
359
570
712
551
731
537
779
549
712
537
708
701
292
552
738
752
303
621
758
r 1 183
' 403
' 1 565
r 2 688
r 8 300
r 7 707
'2,528
r 1 133
r 1 073
do
32;290
32,850
33,274
33,578
33,502
33,827
33,688
34, 655
35,219
34,964
do
do
do
do____
10, 003
5,755
5,244
511
10,240
6,093
5,548
545
10,613
6,337
5,803
534
10, 747
6,463
5,937
526
10, 576
6,319
5,794
525
10, 782
6,409
5,869
540
10, 747
6,431
5,910
521
11,298
6,830
6,284
546
11,833
7,365
6,809
556
11, 695
7,109
6,564
545
35,574 '34,896
11,885 '11,834
6,639
7,248
6,162
6,690
477
558
Furniture and appliance group 9
do
Furniture, homefurnishings stores
do
Household appliance, TV, radio. __ do
1,504
899
503
1,502
882
518
1,569
930
529
1,533
886
532
1,505
867
530
1,541
894
542
1,518
926
480
1,542
936
509
1,497
903
477
1,583
964
510
1,575 ' 1, 651
'954
946
'558
520
Lumber, building, hardware group
Lumber, bldg. materials dealers d"
Hardware stores..
1,388
1,111
1,316
1,025
1,351
1,062
1,371
1,085
1,391
1,090
1,446
1,122
1,438
1,135
1,493
1,186
1,488
1,179
1,515
1,193
1,575
1,255
Estimated sales (seas, adj.), total tDurable goods stores 9
Automotive group
_
Passenger car, other auto, dealers
Tire, battery, accessory dealers
do
do
do
277
291
' Revised.
1 Data for June 1970 are as follows (mil. $): 256.5; 9.0; 62.2; 11.9; 33.4; 140.0.
2
Advance estimate.
©Source: Media Records, Inc., 64-City Newspaper Advertising
Trend Chart.
*New series. Beginning Jan. 1971 the series was revised to reflect trends in
newspaper advertising expenditures in 64 cities instead of linage in 52 cities as formerly published,
t Revised to reflect new sample design, improved techniques, and new information
from the 1967 Census of Business; revisions for periods prior to Oct. 1970 appear on p. 55 ff. of
289
286
301
324
303
307
309
322
320
' 1, 548
' 1, 249
'299
2 1, 565
557
1,087
2,650
7,350
6,818
2,475
1,106
2,829
7,970
7,408
2,633
572
668
1,575
906
663
315
1,106
2,752
7,445
6,881
2,512
4,778
3,205
292
326
579
635
295
1,128
2,705
7,548
6,996
2,435
4,993
3,398
317
519
584
544
236
1,110 2 1, 085
2,447 2 2, 424
7,112 2 6, 931
6,624 2 6, 451
2,397 2 2, 292
2 4, 505
4,037 2 4, 036
2,711 2 2, 646
269
422
662
34, 958 234,904
11,490 2 11, 263
6,610
6,060
550
1,758
1,021
627
1,693
1, 367
326
the Dec. 1971 SURVEY (complete details appear in the Census Bureau Monthly Retail Trade
Report, Aug. 1971 issue).
9 Includes data for items not shown separately.
f Revised series; 1970 monthly revisions are in the June 1971 SURVEY (no comparable earlier
data are available).
.
. ,
cf Comprises lumber yards, building materials dealers, and paint, plumbing, arid electrical
stores.
§ Except department stores mail order.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
March 1972
1971
1971
Annual
Jan.
Fob.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
22 941
1 729
23, 357
1,749
23 386
1 683
23 269
1 700
23 689 r 23 562 23 468 i 23 641
1 775 r 1*773
1 729
r
'399
'397
388
Dec.
Jan.
Feb.
DOMESTIC TRADE—Continued
RETAIL TRADEf— Continued
All retail storesf— Continued
Estimated sales (seas, adj.)— Continued
Nondurable goods stores 9
mil. $._
Apparel group.do
Men's and boys' wear stores __
do
Women's apparel, accessory stores do
Shoe stores
do
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores .
Gasoline service stations
22, 287
1, 689
378
646
303
do
do
do
do
do
22 661
1 709
391
666
292
384
660
303
22 831
1 712
395
665
297
22 926
1 750
405
690
297
23 045
1 755
413
696
283
389
694
285
409
686
294
385
666
284
384
665
291
r 715
r 295
699
304
r
1,136
2 528
7 271
6,730
2,343
1,163
2 535
7 387
6,834
2,361
1,151
2 565
7 372
6,837
2,353
1,143
2 538
7 431
6,891
2,343
1,135
2 584
7 492
6,947
2,362
1,133
2 574
7 418
6,867
2, 390
1,124
2 567
7 411
6 878
2,433
1,167
2,614
7,478
6,950
2,511
1,138
2 573
7 516
6,993
2,523
1,133
2 632
7,391
6,851
2,494
1 141
1 165
2 677 »-2 746
7 474 r 7 523
6 944 r 6 994
2 521 r 2 523
5 330
General merchandise group with nonstores 9
mil. $ .
General merchandise group without nonstores 9 §..
mil. $..
Department stores
_
do __
Mailorder houses (dept. store mdse.Jdo
Variety stores
do
Liquor stores
do
Estimated inventories, end of year or month: J
Book value (unadjusted), total J
mil. $__
Durable goods stores 9
-•-- do
Automotive group
do
Furniture and appliance group
_do
Lumber, building, hardware group, .do
22 610
1 707
5 471
5 501
5 526
5 546
5 654
5 653
5 757
5 872
5,817
5 954
4,906
3 287
318
591
696
45, 465
20 014
4 982
3 342
325
592
708
4 987
3 336
340
594
718
5,194
3 503
577
714
5,092
3 413
345
596
718
5 076
3 427
'342
358
584
754
5 150
3 472
5,251
3 511
354
571
734
384
577
741
673
287
1 142
2 737
7*399
6 864
2 515
r 5 756
5 923
r
370
571
754
5,247
3 554
382
568
748
5 387
5 261
3 641 r 3 607
r 345
395
r 572
577
742
r 728
5 421
3 619
*396
5,315
3 618
604
720
8 832
3,396
2,733
49,134
22 438
11 197
3,470
2,794
45, 507
20 595
9 507
3,327
2,766
46, 960
21 626
10 402
3,378
2,827
49, 111
22 672
11 224
3,442
2 950
49, 906
23 166
11 608
3,512
2,947
49,956
23 490
11 926
3,495
2,982
49, 675
23 427
12 048
3,469
2,941
49, 352
23 000
11 698
3,433
2,897
48 657
21 759
10 453
3, 462
2 815
50 169
22 435
11 080
3,504
2,814
51, 356
22 575
11 094
3,557
2,847
52, 052 49 134
22, 759 22 438
11 105 11* 197
3,632
3' 470
2, 823' 2 794
48, 894
22 676
11 339
3* 413
2 871
25, 451
4 297
5 235
26, 696
4 427
5 723
24, 912
4 133
5 137
25, 334
4 236
5 125
26, 439
4 504
5 309
26, 740
4 527
5 361
26,466
4 446
5 383
26,248
4 388
5 427
26, 352
4 423
5 446
26, 898
4 648
5 410
27, 734
4 818
5 477
28,781
4 949
5 659
29,293
5,052
5,845
26 696
4 427
5*723
26, 218
4 275
5 560
9 553
5, 429
10 218
5,903
9 501
5,403
9 805
5,550
10 269
5,893
10 497
6,001
10 480
5,993
10 331
5,861
10 383
5,897
10 625
6,031
11 209
6,442
11 793
6,846
11, 947
7, 010
10 218
5*903
10 061
5,' 819
Book value (seas, adj.), total J
- . - do_ __ 46 555
Durable goods stores 9
do
20 490
Automotive group
do
9 021
Furniture and appliance group __ . d o
3 451
Lumber, building, hardware group... do
2,809
50 474
23 124
11 603
3 523
2,872
46 888
20 689
9 357
3 444
2,817
47 426
21 232
9 892
3 454
2,847
48 246
21 704
10 354
3 463
2,886
48 809
22 056
10 699
3 470
2,858
49 259
22 509
11 053
3 492
2,912
49 534
22 679
11 318
3*472
2,900
49 592
22 707
11 335
3 461
2,894
50 299
23* 313
11 987
3 476
2,846
50 844
23 769
12 380
3 494
2,848
50 800
23 652
12 259
3 467
2,884
50, 377
23 306
11 890
3,466
2,843
50 474
23' 124
11*603
3*523
2 872
50 472
22* 892
11* 305
3 533
2*924
26 065
4 467
5 188
27 350
4 602
5 672
26 199
4 497
5 205
26 194
4 408
5 177
26 542
4 477
5 309
26 753
4 522
5 361
26 750
4 518
5 388
26 855
4 547
5 454
26 885
4 550
5 495
26 986
4*566
5 498
27 075
4 554
5 521
27 148
4,625
5 564
27, 071
4,626
5,647
27 350
4*602
5*672
27 580
4*652
5 639
10 163
5 776
10 866
6 280
10 281
5 898
10 372
5 917
10 431
5 947
10 572
6 049
10 606
6 078
10 645
6 093
10 596
6 042
10 632
6 043
10 732
6 153
10, 648
6 134
10, 609
6,133
10 866
6*280
10 890
6 353
- do. __ 117 245
125 607
8 720
8 283
9 521
10 388
10 304
10 328
10 372
10 143
10 275
10 639
11 352 ••15 282
9 084
5 741
349
44
118
97
345
199
110
313
36
115
87
339
185
108
413
47
150
116
359
215
118
515
63
184
151
364
217
127
477
70
175
126
382
254
122
464
66
169
119
362
246
136
417
51
155
108
376
256
131
455
52
165
127
405
263
119
472
55
174
137
367
221
131
483
62
184
121
384
218
147
Nondurable goods stores 9
do
Apparel group
- do
Food group
_ .. .
do. __
General merchandise group with nonstores
mil. $ _
Department stores
do
Nondurable goods stores 9
— do
Apparel group _
do_ __
Food group
do
General merchandise group with nonstores
.mil. $
Department stores
do
Firms with 11 or more stores: t
Estimated sales (unadj.), total 9
Apparel group 9
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores.. _
Drug and proprietary stores
Eating and drinking places ...
Furniture and appliance group
do
do
do
do
do
do
do
General merchandise group with nonstores 9
mil. $
General merchandise group without nonstores § _
mil. $
Dept. stores, excl. mail order sales
do
Variety stores. _
. . . do
Grocery stores
Tire, battery, accessory dealers
do
do
Estimated sales (seas, adj.), total 9
do
Apparel group 9
Men's and boys' wear stores ...
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores..
Eating and drinking places
do
.do
do
do
do.
do
General merchandise group with nonstores 9- mil. $
General merchandise group without nonstores §
.
mil. $
Dept. stores, excl. mail order sales
do
Variety stores
do
Grocery stores
Tire, battery, accessory dealers
„
do
do__ .
5 475
819
1 875
1 473
4*,344
2 859
1,508
750
2 123
1 498
4 693
2 716
1 600
r
••209
529
75
199
129
380
215
142
350
52
123
89
362
204
143
854
'129
r
335
r
180
'630
r227
46 102
52 092
3 045
2 992
3 687
4 141
4 076
4 207
4 021
4 229
4 286
4 442
5 248 r 7 718
3 331
43 487
31 893
5 417
49 008
36 544
5 398
2 865
2 154
2 780
2 034
3 827
2 871
3 966
2 997
449
438
3 974
2*958
*419
3 996
2 996
*416
4 143
3 092
'426
r
7 434
r
5 583
T
3 133
2 346
389
423
3 746
2 807
4 939
3 625
331
3 911
2 920
319
3 427
2 507
43 183
1 827
45 235
1 955
3 716
3 421
122
3 843
3 831
4 052
175
171
3 713
173
3 577
' ig5
3 665
*156
3,810
127
3 672
3 657 ' 4 278
•• 180
177
9 981
10, 157
10 210
10 342
10 692
10 552
10 341
10 571
10 639
10,442
449
49
158
125
371
216
462
52
169
128
396
213
466
60
171
125
385
217
479
63
176
129
379
206
502
76
183
129
384
248
475
66
179
113
375
235
486
66
177
125
376
237
480
64
176
126
425
253
462
60
170
123
387
213
462
57
171
124
397
210
494
65
184
127
394
228
4 050
4 147
4 155
4 224
4 441
4 361
4 255
4 314
4 525
4 433
4 6Q5
r
4 309
3 225
r
4
r
3r
3 848
2 861
3 900
2 885
462
460
3 632
3 694
162
167
152
193
3 993
2 970
4 186
3 165
461
451
453
3 736
'l70
3 779
3 874
3 852
158
167
3 877
2 852
163
4 119
3 068
447
409
3 974
2 952
443
3 766
152
164
4 052
3 012
4 243
3 180
4,151
3, 123
442
450
437
3 842
3 774
'l72
3,671
169
163
490
889
10 845 r 10, 544
447
'490
>-64
T
188
1-122
'410
r
239
4 431
205
161
446
330
3 672
124
10, 801
462
62
168
117
396
222
4 498
4 252
3,145
484
3 821 '3 701 3 793
170
'147
161
All retail stores, aeets. receivable, end of yr. or mo.: d"
Total (unadjusted)
_
mil $
Durable goods stores
do
Nondurable goods stores
„ _ __ do
Charge accounts.
do
Installment accounts
do
Total (seasonally adjusted), .
Durable goods stores
Nondurable goods stores
Charge accounts
Installment accounts.
do
do
do
do
do
r
Revised.
1 Advance estimate.
fSee note marked "t" on p. S-ll.
JSeries revised
to reflect benchmarking to the levels of the 1968-70 Annual Retail Trade Reports (Census
-Bureau), and also recalculation of seasonal factors for all lines of trade; description of revisions
and revised data appear on p. 55 ff. of the Dec. 1971 SURVEY (1968-70).
9 Includes data not
shown separately.
§Except department stores mail order.
d"The Census Bureau is in
the process of revising estimates for accounts receivable; data will be shown later.
March 1972
SURVEY OF CURRENT BUSINESS
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
| 1971
Jan.
Annual
S-13
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
208 17
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
204. 80
207. 01
206. 02
206. 18
206.34
206. 51
206. 68
206. 84
207. 01
207. 18
207.37
207. 56
207.74
207.90
208 06
Labor force, persons 16 years of age and over__thous_. 85, 903
82,715
Civilian labor force
do
78, 627
Employed total
do
3,462
Agriculture
do
75, 165
Nonagricultural industries
do
4,088
Unemployed
- do___Seasonally Adjusted t
Civilian labor force!
do
Employed total
do
Agriculture
do
Nonagricultural industries
do
86, 929
84, 113
79, 120
3,387
75, 732
4,993
85, 628
82, 652
77, 238
2,877
74, 361
5,414
85,653
82, 703
77, 262
2,846
74, 415
5,442
85, 598
82, 668
77, 493
3,042
74, 452
5,175
85,780
82, 898
78,204
3,505
74, 699
4,694
85, 954
83, 104
78, 709
3,598
75, 111
4,394
87, 784
84, 968
79, 478
3,920
75, 559
5,490
88, 808
86, Oil
80, 681
3,971
76, 710
5,330
88,453
85, 678
80. 618
3,764
76, 853
5,061
86, 884
84, 135
79, 295
3,444
75, 851
4,840
87, 352
84, 635
80, 065
3, 470
76, 595
4,570
87, 715
85, 019
80, 204
3,262
76, 942
4,815
87, 541
84 883
80, 188
2,948
77, 240
4,695
87, 147 87, 318
84 553 84 778
79 106 79 366
2 869
2 909
76 237 76 458
2
5 447
5 412
662
1,181
83, 730
78, 718
3, 406
75, 312
5,012
1,075
83, 361
78, 475
3,285
75, 190
4,886
1,073
83, 455
78, 446
3,387
75, 059
5,009
1,100
83, 788
78, 732
3,540
75, 192
5,056
1,088
83, 986
78, 830
3,412
75, 418
5,156
1,183
83, 401
78, 600
3,301
75,299
4,801
1,175
83, 930
79, 014
3,374
75, 640
4,916
1,255
84, 313
79, 199
3,407
75, 792
5,114
1,291
84, 491
79, 451
3, 363
76, 088
5,040
1,250
84 750
79, 832
3 416
76 416
4 918
1,253
85 116
80, 020
3,419
76, 601
5,096
1,311
85 225
80,098
3 400
76 698
5 127
1, 273
85 707 85 535
80 636 80 623
3 393 3 357
77 243 77 266
5 071 4 912
1 198 1 294
4.9
3.5
4.8
15.3
4.5
8.2
2.6
2.8
6.2
5.9
4.4
5.7
16.9
5.4
9.9
3.2
3.5
7.4
6.0
4.3
5.7
17.5
5.5
9.5
3.3
3.5
7.6
5.9
4.3
5.6
16.9
5.4
9.6
3.2
3.5
7.4
6.0
4.3
5.8
17.5
5.5
9.5
3.2
3.7
7.4
6.0
4.4
5.9
17.0
5.6
9.8
3.2
3.7
7.5
6.1
4.5
5.9
17.4
5.6
10.5
3.2
3.6
7.5
5.8
4.3
5.6
16.2
5.3
9.4
3.1
3.2
7.1
5.9
4.3
5.7
16.5
5.4
10.0
3.1
3.5
7.2
6.1
4.5
5.8
17.1
5.6
9.9
3.2
3.5
7.5
6.0
4.5
5.7
16.9
5.4
10.4
3.3
3.4
7.7
5.8
4.3
5.5
16.7
5.3
10.4
3.0
3.4
7. 1
6.0
4.4
5.8
16.7
5.6
9.4
3.3
3.4
7.5
6.0
4.3
5.8
17.3
5.4
10 4
3.6
7 5
59
4 2
55
17 8
5.3
10 6
30
36
7 1
5.2
9.7
5.6
5.7
6.2
10.4
6.8
7.0
6.4
11.1
7.1
7.4
6.2
10.9
6.8
7.2
6.4
10.7
7.0
7.3
6.3
10.0
7.0
7.5
6.4
11.0
6.9
7.3
6.1
10.3
6.7
7.0
6.1
9.8
6.7
6.8
6.2
9.9
6.8
6.9
6.2
9.7
6.9
7.0
5.9
10.2
6.2
6.4
6.2
9.7
6.6
6.7
6.3
11.2
69
6.7
61
98
6 4
6 7
70, 616
58, 081
70,699
57, 841
69, 527
56, 728
69, 450
56, 541
69, 782
56,811
70, 309
57,331
70, 738
57, 745
71,355
58, 422
70,452
58,114
70, 542
58,281
71, 184
58,500
71,379
58,337
71, 638 r 72, 034 '70,661
58, 479 r 58, 805 ' 57, 492
70, 616
58, 081
622
3,345
19, 369
11, 198
70,699
57, 841
601
3,259
18,610
10, 590
70, 454
57, 735
625
3,271
18, 747
10, 697
70, 391
57, 647
622
3,198
18, 684
10, 642
70, 480
57, 688
622
3,264
18, 609
10, 571
70, 599
57, 768
623
3,282
18, 639
10, 598
70, 769
57, 911
622
3,275
18, 702
10, 651
70, 657
57, 819
619
3,255
18, 608
10, 598
70,531
57,71-9
597
3,228
18,533
10,552
70, 529
57, 686
609
3,219
18, 457
10, 485
70, 853
57, 998
616
3,250
18,616
10, 597
70, 848
57,913
521
3,290
18,560
10, 561
71, 042
58, 055
525
3,320
18, 603
10, 572
Ordnance and accessories
do
Lumber and wood products
do
Furniture and fixtures
do
Stone, clay, and glass products
do
Primary metal industries
. do
Fabricated metal products
do
Machinery, except electrical
-do —
Electrical equip, and supplies
do_.
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing ind
do —
Nondurable goods
do ..
Food and kindred products
_
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products... do —
Paper and allied products
do
Printing and publishing
.. . do ..
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nec_ ..do
Leather and leather products
do
242
572
460
638
1,315
1,380
1,977
1,923
1,807
459
426
8,171
1,782
82
978
1,372
706
1,107
1,051
190
580
322
193
580
459
628
1,225
1,332
1,791
1,788
1,751
432
411
8,020
1,754
74
962
1,362
688
1,088
1,015
190
582
308
208
563
449
626
1,262
1,328
1,829
1,800
1,782
437
413
8,050
1,765
79
962
1,356
693
1,099
1,030
192
564
310
200
565
449
624
1,260
1,328
1,810
1,792
1,771
432
411
8,042
1,764
79
959
1,359
691
1,096
1,026
192
567
309
195
566
450
622
1,264
1,298
1,796
1,787
1,753
429
411
8,038
1,760
77
958
1,368
689
1,092
1,021
191
574
308
194
567
452
628
1,270
1,333
1,784
1,789
1,745
426
410
8,041
1,753
79
958
1,374
690
1,088
1,021
190
577
311
196
570
457
633
1,272
1,339
1,783
1,793
1,768
429
411
8,051
1,758
78
963
1,373
681
1,091
1,024
190
582
311
193
574
458
629
1,259
1,333
1,769
1,783
1,759
430
411
8,010
1,751
77
956
1, 357
682
1,088
1,016
189
583
311
191
579
461
625
1,226
1,335
1,770
1,773
1,751
431
410
7,981
1,762
69
959
1,349
676
1,083
1,008
188
584
303
191
583
456
627
1,156
1,331
1,775
1,772
1,754
430
410
7,972
1,748
70
959
1,351
681
1,080
1,004
188
582
309
190
591
465
633
1,182
1,346
1,794
1,791
1,758
435
412
8,019
1,755
72
960
1,361
694
1,082
1,008
190
591
306
189
597
467
631
1,187
1,341
1,791
1,793
1,720
437
408
7,999
1,728
69
963
1,365
693
1,085
1,008
189
594
305
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
4,504
14, 922
3,824
11, 098
3,690
11, 630
12, 535
2,705
9,830
4,481
15, 174
3, 855
11,319
3,800
11,917
12, 858
2,664
10, 194
4,507
15, 039
3,841
11, 198
3,746
11, 800
12, 719
2,661
10, 058
4,526
15, 059
3,845
11, 214
3,749
11,809
12, 744
2,662
10, 082
4,520
15, 074
3,852
11, 222
3,758
11, 841
12, 792
2,662
10, 130
4,505
15, 107
3,854
11, 253
3,769
11, 843
12, 831
2,667
10, 164
4,518
15, 148
3, 866
11, 282
3,788
11, 858
12, 858
2,667
10, 191
4,500
15, 135
3,837
11, 298
3,807
11, 895
12, 838
2,640
10, 198
4,476
15, 158
3,835
11, 323
3,806
11, 921
12, 812
2,643
10, 169
4, 428
15, 223
3,844
11, 379
3,804
11, 946
12,843
2,650
10, 193
Total incl. armed forces overseas
mil__
LABOR FORCE §
Long-term, 15 weeks and over
do
Rates (unemployed in each group as percent
of total in the group) :
|
All civilian workers
Men 20 years and over
Women 20 years and over
Both sexes 16-19 years
White
Negro and other **aces
Married men
Occupation* White-collar workers
Blue-collar workers
Industry of last job (ri on agricultural):
Private wage and salary workers _ _
Manufacturing
Durable goods
_ __
o 2
57
40
50
18 8
51
10 5
2 8
33
70
5
10
6
6
9
3
0
1
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation ..thous. .
Private sector (excl. gov't)
do
Seasonally Adjusted
Total
thous..
Private sector (excl. gov't)
...do
Mining
do
Contract construction
..do
Manufacturing
do
Durable goods
do.
4,442
4,460
15, 273 15, 270
3,873
3,865
11, 408 11,397
3,821 3,834
11, 962 11,996
12, 855 12,935
2,675
2,674
10, 181 10,260
70, 733
57, 431
'71,603 71, 686
'58, 147 '58,517 58, 556
'607
' 615
613
r 3, 245 ' 3 318 3 236
'18 566 r 18 611 1 o fi97
r 10 548 '10 573 10 *i88
r 71, 185
186
184
'183
601
'604
'600
r 474
470
478
634
632
' 640
1,178 T 1 176 T i 183
1,339 r 1 331 ' 1 336
1,797 ' 1, 793 ' 1, 785
1,791 r 1 793 ' 1 796
1,732 r 1 719 ' 1 716
436
'434
'434
408
412
'418
8,031 r 8 018 r 8 038
1,750 r 1 748 ' 1 760
71
69
'71
970
r 974
' 981
1,370 r 1, 357 ' 1, 352
691
r 690
688
1,084 r I 084 ' 1 089
1,008
1,005 ' 1, 004
189
191
' 188
592
^594
599
r>
306
'306
306
4,434 rr 4, 465 '4,511
15, 278 r15, 315 ' 15, 451
3,874 r 3, 884 ' 3, 908
11, 404 11, 431 ' 11, 543
r
3,851 r 3, 860 ' 3, 876
12, 044 12, 089 ' 12, 135
12, 987 ' r13, 038 ' 13, 086
2, 669 2,667
2, 669
10, 318 10, 369 ' 10, 419
182
594
4.7fi
638
1 181
1 345
1,790
1 803
1 716
442
421
o AOQ
1 74.0
72
QftO
1,358
687
1 087
1,006
1 RR
601
309
4,499
15, 514
3,929
11, 585
3,882
12, 185
13, 130
2,667
10, 463
Production (or nonsupervisory) workers on private
47, 766 46, 678 46, 505 46,775 47, 296 47, 708 48, 322 47, 995 48, 180 48, 397 48, 243 48, 384 '48,712 ' 47, 419 47, 332
47, 950
nonagricultural payrolls, not seas, adj thous..
13,487 13, 400 13, 378 13, 345 13, 357 13, 441 13, 611 13,315 13,524 13, 738 13, 616 13, 605 '13, 514 '13,372 13, 408
14, 033
Total on manufacturing payrolls
do...
Seasonally Adjusted
13, 487 13, 551 13,507 13, 448 13, 502 13,569 13, 496 13, 440 13,371 13,515 13,462 13,505 '13,474 '13,523 13, 539
14, 033
Total on manufacturing payrolls
do
7,612 ' 7,667
7,614 ' 7, 594 ' 7, 625 7,640
7,612
7,627
7,534 7,630
7,600
7,594
7,665 7,625 7,569
8,043
Durable goods
do
90
'90
89
97
92
102
95
93
94
94
96
99
98
93
108
131
Ordnance and accessories
-do
'519
509
'516
488
515
519
495
503
500
486
487
491
509
483
500
Lurr ber and wood products
. - do . . . 493
'391
'394
393
372
384
378
375
370
383
378
370
375
380
388
369
379
Furniture and
fixtures
do...
502
'510
507
502
502
492
498
499
502
504
494
496
497
499
496
507
Stone, clay, and glass products
-.do.-'920
'930
929
1,012
996
901
932
922
1,008
965
926
1,002
965
997
997
Primary metal industries
.do. . . 1,043
'1,011 ' 1, 016
1,026
1,014
1,020
1,020
1,013
1,016
1,016
1,026
1,012
1,006
980
1,018
1,007
Fabricated metal products
do . . 1,051
1,174
1,152
1,159
1,163
1,156
1,175
1,171
1,177 ' 1, 174 ' 1, 170
1,172
1,159
1,198
1,183
1,170
1,319
Machinery, except electrical
do...
2
earlier figure: Civilian labor force, 330; nonagricultural employment, 290; unemployment, 30.
«• Revised.
*> Preliminary.
1 As of July 1.
See note § below.
Unemployment rates are unaffected.
§Effective Jan. 1972, data reflect adjustment to the 1970 Census of Population. Civilian labor
JEffective Feb. 1972 SURVEY, labor force data reflect new seasonal factors; comparable
force, nonagricultural employment, and unemployment figures for Jan. 1972 are raised by
figures for prior periods appear in EMPLOYMENT AND EARNINGS, Feb. 1972 (USDL, Bureau of
about 0.4% over the 1960-based figures. For comparison of Jan. 1972 (and subsequent months)
Labor Statistics).
with pre-1972 data, the following approximate amounts (in thous.) should be added to the
SURVEY OF CUEEENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Jan.
Annual
March 1972
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT— Continued
Seasonally Adjusted
Production workers on mfg. payrolls— Continued
Durable goods— Continued
Electrical equipment and supplies.
thous..
Transportation equipment...
.-do
Instruments and related products
do
Miscellaneous manufacturing ind
do
Nondurable goods _
do
Food and kindred products
-do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile products.
do
Paper and allied products,
do
Printing and publishing _
do. ..
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products, nec__
do..-Leather and leather products
...do
1,180
1,238
257
318
5,875
1,180
61
844
1,191
526
665
583
116
448
262
1,183
1,245
260
318
5,886
1,187
65
845
1,187
531
672
588
116
431
264
1,177
1,237
256
318
5,882
1,186
66
841
1,189
529
671
586
118
433
263
1,173
1,225
253
316
5,879
1,184
64
839
1,197
526
668
583
116
440
262
1,177
1,225
253
317
5, 890
1,181
66
840
1,202
527
666
584
116
443
265
1,184
1,253
255
318
5,902
1,184
65
845
1,204
519
667
588
116
448
266
1,179
1,246
256
318
5,869
1,178
64
838
1,188
520
667
585
115
449
265
1, 169
1,244
257
318
5,846
1,188
56
841
1,179
515
661
582
115
450
259
1,167
1,248
256
318
5,837
1,179
56
841
1,180
520
658
577
115
447
264
1,185
1,251
260
319
5,885
1,185
58
842
1,189
533
661
582
116
458
261
1,190
1,216
261
316
5,862
1,156
56
845
1,193
532
663
581
116
460
260
1,189
1,230
'261
'314
5,891
1,177
58
851
1,198
530
661
581
116
458
261
Average weekly gross hours per production worker
on payrolls of private nonagric. estab
hours. _
Not seasonally adjusted
do
"~~37.T ~"~37~6~
42.4
42 7
M ining
do
37.3
37.4
Contract construction
do
39.9
Manufacturing : Not seasonally adjusted _ . .do
39.8
Seasonally adjusted
do
2.9
Overtime hours
do
30
36.9
36.6
42.9
37.6
39.6
39,8
9 o
37.0
36.6
42.6
36.8
39.4
39.8
2.8
37.0
36.8
42.8
37.8
39.7
39.8
2.9
37.0
35.7
42.2
37.1
39.5
39.8
2.9
36.9
38.8
42.4
36.8
40.0
40.0
3.0
37.1
37.3
42.3
37.2
40.2
40.0
2.9
36.9
37.3
42.2
37.1
39.8
40.0
3.0
36.9
37.4
42.0
37.1
39.8
39.8
2.9
36.7
37.0
41.9
35.7
39.8
39.5
2.8
37.0
37.0
42 5
37 6
40.0
39 8
30
40.3
29
40.6
39.7
39.2
41.2
40.5
40.7
41.1
39.9
40.3
40.1
38 7
40.4
2.9
41.7
40.3
39.8
41.6
40.4
40.3
40.6
39.9
40.7
39.8
38.9
40.3
2.7
41.1
39.8
39.5
41.2
40.3
40.4
40.2
39.7
41.3
39.8
38.6
40.3
2.8
41.4
39.8
39.6
41.3
40.6
40.4
40.1
39.7
41. 5
39.7
38.4
40.4
2.8
41.9
39.9
39.7
41.7
40.8
40.3
40.2
39.7
41.7
39.7
38.8
40.3
2.8
41.5
40.1
39.5
41.1
41.0
40.1
40.0
39.8
40.6
39.7
38.6
40.5
2.9
41.5
39.8
39.9
41.4
41.0
40.7
40.5
39.9
41.1
40.0
38.9
40.6
2.9
41.6
40.4
39.9
42.0
41.0
40.6
40.7
39.9
41.4
39.7
38.7
40.4
2.8
41.9
40.5
40.1
41.8
40.6
40.7
40.7
40.1
39.5
39.8
39.2
40.0
2.8
41.9
40.2
39.9
41.8
38.8
40.2
40.8
40.0
39.9
39.8
39.2
39.7
2.7
41.7
40.1
39.4
41.4
39.5
39.3
40.5
39.6
38.5
39.7
38.7
do
do
do
do
do
do
39.1
30
40.5
37 8
39 9
35.3
39.3
30
40.3
37.0
40 6
35.5
39.2
2.9
40.7
39.1
40.4
35.2
39.1
2.9
40.7
36.1
40.2
35. 0
39.1
2.9
40.5
38.0
40.3
35.2
39.2
2.9
40.5
37.5
40.4
35.1
39.4
3.0
40.5
38.3
40.8
35.5
39.3
3.1
40.4
36.2
40.8
35.4
39.3
3.0
40.5
39.6
40.3
35.8
39.3
3.1
40.5
37.1
40.7
35.7
do
do
do
do
do
.do
41.9
37 7
41 6
42.7
40.3
37.2
42.1
37.6
41.6
42.4
40.3
37.7
41.7
37.6
41.5
42.5
40.1
37.1
41.8
37.4
41.5
42.9
39.9
36.9
41.9
37.5
41.4
41.9
40.3
37.4
42.3
37.5
41.7
41.7
40.3
38.3
42.1
37.7
41.5
41.7
40.4
37.8
42.3
37.7
41.7
42.3
40.7
37.5
42.4
37.6
41.4
42.6
40.3
37.7
Trans., comm., elec., gas, etc
do
Wholesale and retail trade ..do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate .
do
Services
do
40.5
35 3
40 0
33 8
36 8
34 4
40.2
35.1
39.8
33.7
37.0
34.2
39.9
35.1
39.7
33.6
36.7
34.2
40.6
35.1
39.7
33.6
36.8
34.2
40.6
35.0
39.7
33.5
36.9
34.0
40.6
35.2
39.6
33.7
36.9
34.1
40.0
35.1
39.8
33.7
37.0
34.1
40.7
35.2
39.9
33.7
37.0
34.1
Man-hours, all wage and salary workers, nonagric.
establishments, for 1 week in the month, seas,
adjusted at annual rate
bil. man-hours. . 138. 11
137. 87
137. 36
136. 65
137. 38
137.56
138. 07
97 3
100 9
102 4
96 3
94 2
93.6
95.5
98.8
92.7
89.2
94.2
101 7
100.3
92.9
89.6
93.1
100.4
95.1
92.5
89.3
93.7
100.9
100.3
92.4
88.9
93.7
99.7
99.3
92.5
88.9
1,268
1,246
277
329
5,990
1,199
68
858
1,203
544
681
603
116
443
275
' 1, 191
' 1, 221
259
'319
r
5, 880
' 1, 175
57
r
855
' 1, 185
'529
661
r
580
'118
••459
r
261
' 1, 195
' 1, 218
' 259
'324
' 5, 898
' 1, 185
' 58
'863
' 1, 180
'529
' 664
'580
'114
'463
'262
1,20
1,21
26
37.1
37.0
42.3
39.0
40.2
40 1
3.0
37.2
37.3
'42.6
r
36.8
40.7
40.3
3.1
'37.0
'36.7
'42.9
'37.4
'39.8
'40.0
2.9
37.
36.
42
37.
40.
40
3
40.3
28
41.8
40.7
39.7
41.8
40.1
40.1
40.8
39.9
40.5
39.9
38.9
40.6
2.9
41.9
40.8
40.0
41.9
40.1
40.4
41.1
40.1
40.5
40.2
39.1
40.9
3.0
'42.0
'40:8
39.9
41.6
'41. 0
40.9
41.3
40.3
'41.7
40.4
40.5
'2.8
'41.6
40.8
'40.5
'41.8
'40.4
' 40. 5
'41.0
'40.0
'40.5
'40.5
'39.0
41.
3
42.
40.
40.
42.
41.
41.
41.
40.
41.
40.
39.
39.1
3.1
40.5
36.6
40.4
35.4
39.3
3.0
40.0
34.7
40 8
36.0
39.5
3.0
40.0
35.6
41 1
36.2
'39.5
r
3. 0
'40.3
'35.6
'41.0
'35.9
'39.4
3.1
'40.0
'34.- 7
41.3
'35.8
39.
3
40.
33.
41
36.
42.4
37.5
41.5
43.4
40.1
37.6
41.9
37.4
42.1
42.9
40.0
37.3
42.0
37. 5
41.5
42.4
40.3
37.9
42.3
37.6
41.4
41.8
40.6
38.3
'42.3
37.5
'41.7
'42.7
'40.9
'37.9
'42.1
'37.5
41.7
42.3
' 40. 7
'38.1
42.
37
41.
42.
41.
38.
38.0
35.3
39.6
33.8
37.1
34.4
40.5
35.1
39.7
33.6
37.3
34.3
40.6
35. 1
39.7
33.6
37.0
34.2
40.3
35.2
39.8
33 8
36.9
34.2
40.4
35.2
39.9
33 7
36.9
34 1
40.5
35.3
'40.0
'33.9
'37.0
'34.2
'40.2
35.1
'39.8
33.7
37.1
'34.1
40.
35.
40.
33
37.
34
137. 99
137. 91
137.67
137.64
138.07
138. 92 ' 139.17 ' 139.61
140.4
94.4
100.1
98.3
93.5
90.2
94.1
99.0
98.5
93.1
90.0
93.2
94.4
97.4
92.4
89.0
92.5
96.7
97.1
91.6
87.7
92
97
94
91
87
4
7
4
9
8
93 3
79 5
100.7
92 5
89 0
94.5
79 6
105.5
93 1
89 5
'94.1 '94.6
'97 4 '99 6
'96.7 ' 101. 2
'93 5
93.3
'90.2 '89.8
94
98
97.
94
90
53.1 '52.0 '51.5
101.5 ' 100. 9 ' 101. 5
102.5 ' 103. 1 ' 105. 4
101.5
100.4 ' 102. 5
52.
99.
105.
102
00
5 89
1,17
5
86
1,18
52
66
58
11
46
26
HOURS AND MAN-HOURS
Seasonally Adjusted
Durable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Prim ary 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 m anuf actures
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
do .do
.do
do
do . .
do
do
do
do
do
do
do
_ do .
f OQ O
Seasonally Adjusted
Man-hour indexes (aggregate weekly), industrial
and construction ind., total
1967=100..
Mining
do
Contract construction.
_
.do
Manufacturing
do
Durable goods _
do
Ordnance and accessories
Lumber and wood products..
Furniture and
fixtures
Stone, clay, and glass products.
73.3
93 7
98.1
100 6
55.2
96.4
99.3
99.8
61.1
92.1
96.6
98.3
58.1
92.7
96.5
98.1
57.1
03.1
97.0
98.7
55.4
93.8
97.1
98.4
56.0
93.6
98.9
99.9
54.4
95.8
99.6
100.8
53.6
97.0
100.7
99.7
54.2
96.9
98.9
99.9
53.9
97.8
99.7
99 9
53.5
100.4
100.7
100 9
Primary metal industries..
Fabricated metal products.
M achinery, except electrical. _
do
do
do
96.8
97 9
93 1
89.6
93.4
81.5
92.3
93.1
82.7
P3.0
93.0
81.4
93.9
eo.4
80.9
94.9
93.0
79.8
95.3
95.0
80.6
93.8
94.1
80.5
90.0
94.6
80.8
80.3
93.4
81.2
84.0
92 2
81.7
85.8
93 6
82.0
84.9
94 1
83 0
'86.6
'94.6
'83.2
'86.3
94.1
'82.3
87.
96
83
Electrical equipment and supplies
do
Transportation equipment ..
..do
In strum ents and related products
do
M iscellaneous manufacturing ind
do
r
do
do
do
do
95.1
88 7
95.8
95.6
88.6
88.8
88.2
92.5
88.4
90.6
89.1
92.0
87.9
90.5
87.5
91.5
87.6
SO. 1
86.5
91.9
88.2
87.7
86.5
91.7
88.9
90.8
87.8
92.7
88.5
90.9
87.5
92.2
88.2
86.6
88.0
93.4
87.9
87.8
87.7
93.4
88.3
84.9
88.8
92.5
89.4
86 8
89.6
92.1
89.7
87 8
90 3
92.0
90.3
'89.8
90.1
'93.7
'90.0
'87.0
'90.3
'94.7
91.
88
91
97.
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do .
Textile mill products
__._
do
Apparel and other textile products.. _. .do
Revised.
* Preliminary.
99 3
100.1
90 5
98.5
95.2
97.7
98.0
78.7
98.5
95.0
97.7
99.5
89.3
98.2
93.8
97 3
99.4
83.7
97.3
93.4
97.4
98.8
85.4
97.3
94.6
97.8
98.5
86.9
97.6
94.7
98.3
98.8
87.4
99.2
95.9
97.7
98.0
81.4
98.4
94.4
97.4
99.1
77.9
97.5
94.7
97.3
98.3
73.0
98.5
94.6
97 7
98.8
74.5
97.9
94.5
97 5
95.2
68 2
99.2
96.4
'98 4
'97.6
'70 7
' 102. 5
'94.8
98
96.
69
102.
96.
98 4 '98 3
97.0 '97.5
72 5 '71 2
100.6 ' 100. 9
97.3 ' 95. R
SURVEY OF CURRENT
March 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
BUSINESS
1971
1971
Annual
g-15
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Jan.
Oct.
Nov.
99 2
97.4
99 5
101 7
111.5
84 0
99 2
97.9
98 0
100 6
112.9
85 0
99 6 r 99 4 r gs 9
97.9 r 97.7 '98.1
98 3 '98 3
97 7
99 1 '103 0 '98 6
113. 2 r 114. 3 ' 114. 7
86 2 r 85 3 r 86 1
129.13
10Q 70
129.03 129. 13
173 43 174 72
920 23 216 23
141. 69 143. 28
151 60 153 20
161 80 163 41
129*20 129 68
118 78 118 00
157. 78 157. 13
166.45 171. 83
151 13 150 42
162.01 164. 02
140.00 140. 80
171.74 172. 82
140 58 142 80
115 64 115 14
129 17 130 75
135.94 138. 24
119 31 114 53
104 86 104 75
89.82
90.00
158.53 159. 09
159. 47 161. 36
164. 79 169. 66
195.53 199. 45
139 04 140 94
96.68
97.38
172.98 176. 66
103 68 102 08
147 fiQ 147 68
QQ ig
87 62
123! 09 121. 77
103 66
103 75
112. 93
92.72
123 97
101. 78
113. 79
93.19
123 65
101. 27
1 94 on
3.43
3.45
3 57
3 45
3 79
3 66
3.89
3.19
2 91
3.70
4.19
3.74
4 00
3.51
4.39
3 55
2.94
3 29
3 16
3.39
3 33
2 56
2.47
3.71
4.21
3.99
4.60
3.44
2.58
4.23
2.87
3 67
5 75
3 56
3 43
3 79
3 66
3.88
3.19
2 94
3.73
4.29
3.75
4 02
3.50
4.37
3 55
2.95
3 27
3 15
3.34
3 19
2 57
2.50
3.73
4.23
3.99
4.59
3.45
2.59
4.25
2.88
3 70
Dec.
Feb.?
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURS AND MAN-HOURS— Continued
Man-hour indexes, seas, adjusted — Continued
Manufacturing indus., nondurable goods— Con.
Paper and allied products
1967—100
Printing and publishing
do
Chemicals and allied products
. do
Petroleum and coal products. .
.do ...
Rubber and plastics products, nee
do
Leather and leather products
. _do .
WEEKLY AND HOURLY EARNINGS
Not Seasonally Adjusted
Avg. weekly gross earnings per prod, worker on
payrolls of private nonagric. estab
dollars ..
Mining
.
do
Contract construction
do
Manufacturing establishments
_
do
Durable goods
. . .
do
Ordnance and accessories. .
do
Lumber and wood products
do .
Furniture and
fixtures
do
Stone, clay, and glass products
do
Primary metal industries..
..do
Fabricated metal products
_ do
Machinery, except electrical
do
Electrical equip, and supplies...
do
Transportation equipment
do
Instruments and related products
do .
Miscellaneous manufacturing ind—
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
_. do
Textile mill products
do...
Apparel and other textile products ..... do
Paper and allied products
_
do... .
Printing and publishing
do
Chemicals and allied products
do
Petroleum and coal products.
..do
Rubber and plastics products, nee
do
Leather and leather products.. _
do
Trans., comm., elec., gas, etc
do
Wholesale and retail trade.
do
Wholesale trade
do
Retail trade,..
do
Finance, insurance, and real estate
do
Services
.
do
101 2
101.3
101.8
101.6
108.7
88.4
98 3
98.3
98 5
100.7
110.0
85 3
119.46
163 97
196 35
133. 73
143 47
146 57
117. 51
108 58
140. 08
159. 17
143. 67
154. 95
130. 87
163. 62
134. 34
109. 13
120 43
127. 98
110. 38
97.76
84.37
144. 14
147. 78
153. 50
182. 76
128. 96
92.63
155. 93
95.66
137 60
82 47
113. 34
96.66
Spendable earnings per worker (with 3 dependents), total private sectorf _ . .current dollars
104.61
89.95
1967 dollars..
Manufacturing
current dollars
115 90
99.66
1967 dollars..
Avg. hourly gross earnings per prod, worker on pay3.22
rolls of private nonagric. estab
dollars. .
Mining
do
3.84
Con tract construction _
do
5.25
Manufacturing
do
3.36
3.24
Excluding overtime
do
3.56
Durable goods
do
Excluding overtime ...
do
3.43
Ordnance and accessories
do
3.61
2.96
Lumber and wood products
do
2.77
Furniture and fixtures,
.
do
3.40
Stone, clay, and glass products
do....
3.93
Primary metal industries
do....
3.53
Fabricated metal products. -„
..do
3.77
Machinery, except electrical
do
Electrical equip, and supplies..
do
3.28
Transportation equipment
do
4.06
3.35
Instruments and related products
do ...
2.82
Miscellaneous manufacturing ind.
do
3.08
Nondurable goods.
do
Excluding overtime
do
2.97
3.16
Food and kindred products
do „
2.92
Tobacco manufactures
do
Textile mill products
do
2.45
Apparel and other textile products. . do
2.39
3,44
Paper and allied products
do
Printing and publishing
do
3.92
Chemicals and allied products. „
do
3,69
Petroleum and coal products
....
do
4.28
Rubber and plastics products, nee
do..
3.20
Leather and leather products
do
2.49
Trans., comm., elec., gas, etc......
do
3.85
Wholesale and retail trade
do
2.71
Wholesale trade
" do
3.44
Retail trade
do "
2 44
Finance , insurance, and real estate
do
3.08
Services
do
2.81
Miscellaneous hourly wages:
Construction wages, 20 cities (E N R) : rf1
Common labor
$perhr__
Skilled labor.
do
Farm, without board or rm., 1st of mo. -do..
Railroad wages (average, class I)
do
vl ed
pre
5. 224
7 314
1.64
13.939
98 3
99.5
99.1
100.8
105.2
84.5
98 2
98.9
98 8
103 5
105.2
83 7
97 9
98.7
98 1
99 4
108.0
84 5
126. 91
171 72
213 36
142. 44
153 52
160 55
126 54
115 42
152. 26
170. 89
150 72
181. 99
139. 85
180. 71
140 49
115 14
128 12
136. 21
116 55
104 34
88.40
154. 93
157. 92
163. 90
194. 19
137 42
97! 64
169. 24
100 74
146 07
86 61
121. 36
102 26
121. 88 122.61
168 75 167 60
199 08 197 38
138. 60 138. 29
149 17 149 23
156 83 155 32
117 09 120 26
110 09 109 91
141. 86 144. 13
164. 83 165. 65
147 17 146 07
155. 57 156. 39
135. 83 134. 46
181. 69 181. 15
137 02 136 76
112 22 111 72
124 09 123 84
134. 13 132. 80
115 28 107 51
101 60 101 60
85.61 86.06
147. 74 148. 21
151. 03 151. 37
158. 18 158. 59
186. 06 189. 93
132 47 131 47
95.23
95.20
160. 39 164. 83
97 51
97 92
141 37 141 45
83 41
84 07
117. 07 119. 23
99 62 100 30
112. 12
92.43
124 24
102. 42
108. 15
90.73
121 25
101. 72
3.43
4 05
6.72
3.57
3.44
3.80
3.67
3.85
3.14
2.90
3.66
4.23
3.74
3.99
3.50
4.44
3.53
2.96
3.26
3.14
3.38
3.15
2.57
2.49
3.68
4.20
3.94
4.58
3.41
2.59
4.21
2.87
3 67
2 57
3.28
2 99
5.956
8 254
1.73
97 0
99.1
99 1
98 9
110.2
86 8
97 7
99.1
99 1
99 5
111.3
85 7
123.65
168 82
205 53
139. 74
151 50
157 59
121 70
112 29
147. 44
168. 10
146 77
159. 57
137. 36
182. 55
138 65
113 68
124 87
133. 27
114 45
102 51
87. 44
149. 76
153. 38
158. 98
188. 10
132 47
96.09
163. 61
98 55
142 16
84 41
119. 56
100 30
124. 05 125.49
170 89 171 30
205 35 209 05
139. 83 142. 00
150 40 153 09
156 94 158 12
123 11 125 42
111 25 113 76
147. 55 151.01
171. 39 170. 57
147 26 162 22
158. 00 160. 79
136. 72 138. 90
175. 12 182. 52
137 86 140 10
113 19 114 07
125 65 127 01
134. 13 136. 21
118 91 125 07
102 00 103 94
87169
86.45
151. 26 152. 04
154. 42 157. 17
162. 57 161. 85
193. 73 194. 65
134 06 136 21
97.52
95.98
164. 82 164.37
99 88
99 18
142 63 145 33
85 25
85 58
120. 29 121.77
101 02
100 64
127. 57
172 10
213 94
143. 51
155 04
160 93
129 65
116 29
155. 24
173. 87
153 33
162. 39
139. 95
183. 85
140 10
114 46
128 44
136. 89
121 44
104 96
87.69
155. 24
158. 34
164. 30
195.11
137 57
98.30
169.32
101 60
146 40
87 79
121. 36
101 57
108. 73
91.06
121 01
101. 35
109. 55
91.44
122 14
101. 95
109. 86
91.40
122 21
101. 67
111.00
91.89
123 90
102. 57
112.64
92.71
125 07
102. 94
3.33
3 98
5.53
3 50
3 38
3.72
3 61
3.77
3.01
2 83
3.52
4.08
3.67
3.87
3.43
4.41
3.46
2.93
3 19
3 08
3.32
3 01
2 54
2.46
3.56
4.06
3.83
4.43
3.32
2.56
4.04
2.81
3 57
2 52
3.19
2 93
3.35
4 00
5.56
3 51
3 40
3 74
3 62
3.77
3.06
2 84
3.55
4.09
3.67
3 90
3.43
4.44
3.48
2.94
3 20
3 10
3.32
3 02
2 54
2.48
3.58
4,08
3.84
4.49
3.32
2.58
4.08
2.83
3 59
2 54
3.24
2 95
3.36
4 oi
5.54
3 52
3 40
3.75
3 63
3.77
3.05
2 85
3.57
4.12
3.66
3 94
3.46
4.42
3 49
2.93
3 21
3 10
3.34
3 11
2 55
2.47
3.60
4.09
3.84
4.50
3.32
2.59
4.07
2.84
3 59
2 55
3.24
2 95
3.38
4 04
5 55
3 54
3 42
3 76
3 64
3.80
3.07
2 86
3.59
4.17
3.70
3 95
3.47
4.40
3 49
2.94
3 23
3 12
3.37
3 24
2 55
2.47
3.61
4.14
3.88
4.58
3.36
2.58
4.10
2.85
3 62
2 56
3.26
2 96
3.41
4 04
5 65
3 55
3 43
3 78
3 66
3.81
3.12
2 88
3.63
4.15
3.74
3 97
3.49
4.43
3 52
2.94
3 24
3 13
3.38
3 30
2 56
2.47
3.62
4.18
3.90
4.58
3.38
2.58
4.13
2.87
3 67
2 57
3.30
2 98
3.42
4 04
5.63
3 57
3 44
3 80
3 67
3.85
3.17
2 90
3.67
4.21
3.75
3 99
3.49
4.43
3 52
2.95
3 26
3 13
3.38
3 30
2 56
2.47
3.67
4.20
3.94
4.58
3.38
2.58
4.15
2.87
3 66
3.28
2 97
3.29
3.30
9 QS
9 QQ
5 86
3 60
3 46
3 83
3 69
3.90
3.21
9 95
3.75
4.35
3.77
4 04
3.52
4.42
3 57
2.96
3 31
3 jg
3.38
3 03
2 58
2.53
3.77
4.28
4.03
4.66
3. 48
2.62
4.33
2.90
3 72
2 60
3.30
3 04
5.629
7 828
1.76
5.629
7 841
5.64
7 878
5. 717
7 992
1.76
5.86
8 21
6.014
8 365
6.05
o qo
6.156
6.185
I-r?t f - „ * l'™inary.
»Includes adjustments not distributed by months,
t Data for 1971 have been revised to reflect changes in accordance with Tax Reform Act
oi i«7l in personal exemptions and low income allowances effective retroactively to Jan. 1,
99 0
98.4
98 9
98 9
108.7
87 6
97 0
97.9
97 9
100 2
110.4
84 2
127.94
1 79 ^Q.
216 41
142.09
151 98
160 66
128 88
115 53
155. 40
170. 53
150 72
161.20
139. 00
172. 97
140 23
113 48
1 9Q fiQ.
137.63
130 87
102 66
88.43
157.30
158.30
164. 79
197.80
137 94
98.56
162. 43
103 61
14fi 40.
OQ
70
122. 06
4
4 in
OK
9 ^8
4.363
97 9
97.2
97 3
102 0
109.1
85 6
1.74
9 *»7
8
471
144.00
1fiQ44
1 Q1 fi1
T 1 89 7fi r 1 89 74
r 216 45 T 91 4 08
144.72
150. 18
1 ^ 88 162 70
162 96 T 168 75
129 92 T 130 15
130.27
ISO 1Q
215
'147.26 148.
' 158 78 160
' 168 40 172
' 127 28 126
28
40
37
94
72
118 Q7
157.03
172.70
m
nq
164. 83
140. 75
182.04
r 1 91 88 r 1 1ft QO
118 QO
155.45
173.96
153 47
166. 04
142.21
182.48
' 155.58
' 184.50
r 159 gg
174. 30
147. 24
' 196.35
' 153.38
' 183.87
155.70
187. 37
157 14
173. 05
144.04
186. 30
1 49 Qfi 144 18
1 1fiQQ 117 32
129. 63
135. 54
90.47
157. 78
160. 55
166.00
198. 09
99.15
174. 56
148.06
87.10
122. 47
113. 86
93.18
113. 86
93.02
102. 20
102.49
3.49
-1 C
3.49
3.92
5 90
3 fin
3 Aft
3 89
3 fiQ
4
128. 76 r 130.92 ' 129.92
-JCK 89
99q f»i
100 4
98.2
98 7
100 6
115.8
88 6
3.91
3.21
9 QQ
3.73
4.35
3.77
4 04
3.51
4.44
q KC
2.96
3
17
3.38
Q O9
r
- I K K Q8
' 170.97
' 144.04
' 185.84
144 84
T 147 70 T 14fi fiQ
r 1 90 48 r 1 1 8 49 1 1Q fi*i
1 Qft 90.
1 QQ 9Q
136.34 ' 142.51 ' 139.35
10Q Qfi r 1 1 8 44 p n 9 aa
107 23 r 1 O8 7Q 1 OQ Q4
91.48 * 91. 55 ' 90. 62
158. 15 r 162.64 ' 159.64
160. 55 ' 165.68 ' 161.01
166.40 r 170.11 ' 170.15
195.77 ' 196.70 ' 202.73
139. 00
92.26
162.39
161. 88
170. 97
205. 94
100. 22 ' 102.56 ' 102.26
175. 80 ' 179.05 ' 178.00
101 56
1 OQ 7O
141 17
r 1 A.f\ 44 r 1 49 Q7
122. 10 ' 123.58 ' 125.77
m
m
cc
l1
144 4Q
104.64
179. 74
125. 77
10Q Qfi
1 Of> OQ
113. 57 ' 115.28 ' 116.18
92.63 ' 93. 65 ' 94. 30
1 9fi 01
102. 78 105. 81 ' 105.34
116. 45
94.06
3.48
'3.51
'3.54
5 90
3 fift
3 47
r
5 93
5 98
3 83
3 fiQ
3.88
3.20
2 93
3.71
4.36
3.78
4 04
3.52
4.44
3 56
2.97
3 9Q
q en
3
KK
3 -70
93
q
q 70
q KQ
' 3 94
r Q 89
'3.98
3.19
'4.00
'3.19
'3.74
'4.50
'3.87
4 16
3.60
-4.62
' 3. 75
'4.54
'3.88
T 9 Q8
r 3 62
3.05
q 17
Q Qfi
T Q 94
3.40
3.51
q 90
q 08
r
9 QS
T
4 17
3.61
'4.60
3 64
'3.06
q qo
9fi
3
'3.51
r Q Q9
105. 55
3.54
4 97
5 98
3 71
3 58
3 95
3 82
4.05
3.16
2 95
3.77
4.57
3.88
4 18
3.61
4.60
3 63
3.06
q qn
3 27
3.51
3 36
KQ
9 fi9
O CO
9 71
2.52
3.73
4.27
4.00
4.65
3.46
2.63
4.31
2.91
3 79
2.52
3.73
4.27
4.00
4.65
3.46
2.61
4.33
2.91
3 7A
'2.55
3.80
'4.36
'4.06
'4.65
' 3. 53
2.65
'4.41
2.91
- q 7Q
2.56
3.81
'4.34
'4.10
'4.85
3.53
2.67
'4.45
'2.97
2.57
3.83
4.34
4.10
4.88
3.55
2.69
4.46
2.98
3.31
3.30
3.34
'3.39
q rvo
6.182
6.228
6.276
2
3
OQ
6.182
1 70
r Q 81
q 09
9 fifi
3.39
q 08
6.319
a 749
1 82
1971; data beginning Aug. 1971 also incorporate revised Consumer Price Index to reflect repeal
of the 7% auto excise tax.
cf Wages as of Mar. 1,1972: Common, $6.333; skilled, $8.763.
SURVEY OF CURRENT BUSINESS
S-16
Unless otherwis3 stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
March 1972
1971
Annual
Jan.
Mar.
Feb.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index t
__ __ . 1967=100 .
LABOR TURNOVER
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employ ees_
New hires
._
do
Separation rate, total ._
do
Quit
do
Layoff
do
Seasonally adjusted:
Accession rate total
do
New hires _ _
__do
Separation rate, total
_. -do
Quit
do
Layoff
_ _ _ do
INDUSTRIAL DISPUTES
Work stoppages:
Number of stoppages:
Beginning in month or year
number
In effect during month
do
Workers involved in stoppages:
Beginning in month or year
thous
In effect during month
_
_ _ do
Man-days idle during month or year
do
PLACEMENTS, UNEMPLOYMENT
INSURANCE
NTonfarm placements
thous
Unemployment insurance programs:
Insured unemployment all programs §
do
State programs:
Initial claims
do
Insured unemployment, avg weekly do .
Percent of covered employment :d*
Unadjusted
Seasonally adjusted
Beneficiaries average weekly
thous
Benefits paid
mil $
Federal employees, insured unemployment,
average weekly.. .
__ _
thous
Veterans' program (UCX):
Initial claims
do
Insured unemployment, avg weekly doBeneficiaries, average weekly
do
Benefits paid
mil $
Railroad program:
Applications _ _
_
__thous_
Insured unemployment &vs weekly do
Benefits paid
mil. $
r
'92
80
75
77
78
78
79
83
85
85
80
80
81
4.0
2.8
4.8
2.1
1.8
3.9
2.5
4.2
1.8
1.6
3.5
2.0
4.2
1.5
1.9
3.1
1.9
3.5
1.3
1.4
3.5
2.2
3.7
1.5
1.4
3.7
2.3
4.0
1.6
1.4
3.9
2.6
3.7
17
12
4.9
3.5
3.8
18
12
4.0
2.7
4.8
18
2.1
5.3
3.4
5.5
2.8
1.8
4.8
33
5.3
29
15
3.8
27
4.3
19
15
3.8
2.3
4.4
1.8
1.7
3.7
2.4
4.1
1.7
1.5
3.9
2.5
4.1
1.7
1.5
4.0
2.5
4.3
1.7
1.6
38
2.5
4.0
1.8
1.5
37
2.4
4.1
1.9
1.5
37
2.5
4.4
1.8
1.5
4.2
2.8
4.5
1.9
1.9
39
2.5
3.9
1.7
1.7
4 900
'410
r
640
' 360
490
'440
590
540
750
r 590
790
610
850
'450
670
'420
660
222
286
2,709
114
169
1 771
116
200
2,292
174
254
2,184
702
774
3 437
272
384
3,923
820
967
7,906
166
472
4,505
257
233
295
309
308
365
315
367
353
313
317
266
2 443
2,332
2,431
2, 349
2,174
2,129
2,311
2,666
3,097
1,468
1,993
1,277
1,912
1,043
1,739
1,048
1, 716
1,336
1,879
1,623
2,221
2,524
3.6
4.2
1,472
'433.6
3.3
3.2
4.5
4.5
1,328 1,280
'377.8 '348.3
3.5
4.2
pi, 352
P387.0
4.2
3.8
»1, 591
H67. 9
4.8
3.4
5 716
3 305
3 200
66, 414
45, 000
3 845
3,700
3,195
2 070
3 216
3, 091
2,756
85
?85
3.3
22
37
15
15
2.5
'1.6
3.8
1.2
'1.8
P4.0
»2 6
?4. 0
P! 7
P! 5
36
2.4
4.0
1.7
1.4
41
2.7
4.1
19
14
39
'2.7
4.4
1.9
'1.4
?4 3
*>3.0
"4. 2
?2 0
'330
540
'290
540
280
490
180
360
300
460
88
286
2,841
210
300
4, 507
249
455
4,229
27
243
4,444
79
154
2,284
n.s
15, 387
1,805
1 756
2,799
1,291
2,751
1,265
2,577
1,111
2,283
964
2,001
1,152
1,893
3.4
1 518
3 848. 5
5.2
37
2 302
526 7
5.2
38
2,423
557.7
4.8
3.9
2 339
631.0
4.3
4 0
2,105
541.9
3.8
4 2
1 769
434.5
3.6
4.4
1,714
446.7
3.8
4.0
1,459
'425.4
31
37
37
35
31
29
31
36
35
33
35
35
35
37
*38
556
79
75
203 2
56
127
123
27 8
50
128
127
28 2
57
128
128
33 3
51
121
122
30 8
45
113
110
27 0
54
114
115
30.1
53
120
112
'30.0
54
120
116
'31.6
48
106
107
'28.9
43
97
95
'24.5
51
105
*>95
*>25. 2
59
118
133
»140
*>2S. 4
14
31
4.7
38
22
4.4
30
19
4.6
85
20
4.4
36
18
3.5
45
13
4.2
89
15
3.8
98
32
8.7
100
33
"11.1
48
'27
"7.6
19
48
9.9
C
7
33
8.9
8
35
8.0
128
18
38.7
609
26
75.7
»2, 491
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
7,058
31, 765
12,671
19, 094
7,889
30, 824
11.418
19, 408
6,912
32, 295
13, 433
18, 862
6,984
32, 506
13, 921
18, 585
7,174
31,223
13 570
17, 653
7,301
31, 367
13. 489
17,' 878
7,494
31, 115
13, 000
18, 115
7,645
29, 472
11, 736
17, 736
7,454
29, 746
11,470
18, 276
8,377
30, 057
11, 948
18, 109
8,148
29, 946
12, 304
17, 642
7,811
31, 205
12, 351
18, 854
7,889
7,479
31, 164 '30,824
12, 231 11, 418
18, 933 ' 19, 406
7,601
31,857
12, 427
19,430
14, 774
16,347
14, 957
15, 206
15,492
15, 718
15, 899
16, 146
16, 137
16, 107
16, 044
16,211
16, 194
16, 347
16, 456
16,684
7,650
1,997
6,490
7,709
1,942
6,456
7,766
1,942
6,336
7,826
2,030
6,355
7,870
2,076
6,248
7,917
2,076
6,354
7,971
2,098
6,337
8,039
2,149
6,766
7,187
2,030
5,557
7,917
2,076
6,354
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 S MSA's) O
bil $
New York SMSA
do
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's f
226 other SMSA's
7,258
2,164
5,784
7,347
2,153
5,993
7,426
2,113
6,179
7,502
2,056
6,341
7,579
2,041
6,527
10,688.4 11,508.9 11,425.9 11,658.7 11,119.2 11,815.7 11,770.0 12,369.5 12,310.5 12,270.1 12,896.2 12, 331. 8
4, 825. 9 5, 477. 4 5, 309. 7 5, 356. 8 4, 903. 9 5, 202. 85, 147. 4 5, 704. 9 5, 613. 7 5, 776. 2 6,057.5 5, 555. 5
5,862.5 6,031.5 6,116.2 6,301.9 6,215.3 6, 612. 9 6, 622. 6 6, 664. 7 6.696.8 6, 493. 9 6,838.6 6, 776. 2
2,453.5 2,524.1 2,505.3 2,597.1 2, 773. 9 2, 765. 2 2, 773. 9 2, 795. 7 2,815.3 2, 710. 9 2, 857. 1 2, 813. 1
3,408.9 3,507.4 3, 610. 9 3,704.8 3, 641. 4 3, 847. 7 3, 848. 8 3, 869. 0 3, 881. 4 3, 783. 1 3,981.6 3, 963. 1
do.___
do
do
Federal Reserve banks, condition, end of period:
Assets, total 9
mil $
7,210
2,119
5,628
99,523 ^96, 522
90, 157
99,523
88, 277
88, 541
90, 681
90, 357
91, 210
92, 945
91, 899
92, 154
93,755
95,256
93, 698
Reserve bank credit outstanding, total 9 ..do
Discounts and advances
do
U.S. Government securities
do
66, 795
335
62, 142
75, 821
39
70,218
64, 900
308
61, 783
65, 616
264
62, 462
67, 387
391
64, 160
66, 665
81
63,721
69, 757
1,051
65,764
68,565
446
65, 518
69, 285
778
65, 841
70, 094
858
66, 868
71, 013
198
67,566
71, 150
211
67, 205
71,004
146
67, 817
Gold certificate account
10, 457
9,875
10, 464
10, 464
10, 464
10, 475
10, 075
10, 075
10, 075
9, 875
9S875
9,875
9, 875
93, 698
99, 523 P96, 522
Liabilities, total 9-—
Deposits, total _ _ _ _ _
Member-bank reserve balances
Federal Reserve notes in circulation
r
do
72, 147
15
69, 552
9,875
9, 875
do
90, 157
99, 523
88, 277
88, 541
90, 681
90, 357
91, 210
92, 945
91, 899
92, 154
93, 755
95, 256
do
__-.do
26, 687
24,150
31, 475
27, 780
26, 384
24, 508
26, 401
24, 409
27, 748
25, 895
26,949
24, 735
27, 604
25, 494
26, 701
24, 540
27, 345
25, 311
27, 187
25, 409
28,467
25,422
28, 441
25, 697
26, 588
23, 718
31, 475
27, 780
29, 442
25, 621
do
51, 386
54,954
50, 206
50, 200
50, 593
50, 889
51, 485
52, 228
52, 619
52, 829
52,830
53, 121
54, 186
54, 954
53, 801
Revised.
p Preliminary.
JMonthly data prior to 1969 will be available later.
Revision for Nov. 1970 (1967=100), 78.
§ Average weekly data include claims filed under extended duration provisions of regular
c
State laws.
Corrected.
75, 821
39
70, 218
cf Insured unemployment as % of average covered employment in a 12-month period.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
End of year
g-17
1971
Feb.
Jan.
Mar.
May
Apr.
1972
June
July
Aug.
Sept.
Oct.
Nov.
30,023
29,892
131
453
-322
30,547
30385
162
820
-658
30, 455
30 257
30, 802
30 596
30, 860
30, 653
p
30,953
r
30 690
T
83,921
83 819
84 696
Jan.
Feb.
32 865
32 698
20
147
31 953
31 79^
'l63
34
129
85 415
Dec.
86 494
FIN ANCE—Continued
BANKING- Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total
_ _ mil. $._ i 29, 265 131,329
i 28, 993 131 164
Required
do
1272
Excess
do
i 165
1321
Borrowings from Federal Reserve banks _ _ , do
U07
i —49
Free reserves
_ _ do
.
158
30, 488
30 209
279
370
-91
29,880
29,679
201
328
-127
29, 686
29, 487
29, 885
29, 745
319
-120
148
-8
30,419
30,107
312
330
-18
81,234
82, 590
82, 275
84, 927
199
140
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjustedcf
mil $
87 739
Demand, total 9
do
Individuals, partnerships, and corp
do
State and local governments
do
U.S. Government
do
Domestic commercial banks
___.do
147,355
103,149
6,774
4,380
21, 704
152 699 138, 249
107, 135 94,883
6,460
6,563
6,563
7 571
20, 880 19,651
Time,total9
_
Individuals, partnerships, and corp.:
Savings
Other time
119, 443
140, 932 123, 102 125, 842 129, 175 129, 338
do
91 683
82,284
135,249 146,456 141, 474 143,628 152,998 139,726 145 012
93,744 99, 265 97, 099 100,703 102,160 97,291 99, 579
6,957
7,228
7, 623
6,483
6,150
6,353
6,601
2,873
2,738
5,328
4,320
3 899
5 833
4 838
20, 175 24, 704 20, 750 22, 045 24,975 20, 831 21, 937
136,16
53, 658
56, 532
53,145
57,210
53, 313
59, 747
49,145
53,770
50, 458
54, 889
Loans (adjusted) , totalcT
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do
do
do
do
do
do
180 429
81 693
8,560
13, 642
34 035
50, 906
192 204
83 825
8,843
14 533
38 375
57 081
175 201
80039
7,292
12,617
34 284
48093
175 635 177 240 1 77 orvc 180 002
80,800 81 208 81 191 81, 909
7,012
6,915
7,314
6,716
12,412 13 278 13 295 13, 926
34416 34 553 34 730 35 087
49,007 48 224 48 935 50, 794
Investments, total
U.S. Government securities, total
Notes and bonds
_
Other securities.
do
do __
do
do
72 194
28,061
21 983
44 133
81 081
28, 946
24 607
52, 135
73229
28,268
22 322
44,961
73 618
27, 593
22 361
46 025
Commercial bank credit (last Wed. of mo., except
for June 30 and Dec. 31 call dates) , seas, adj.:
Total loans and investments©
bil $
LoansO
. __
do
U.S. G o vernment securities
do
Other securities. _
do
435 9
292 0
58.0
85 9
482 9
318.6
60.3
103 9
440 7
293 7
58.9
88 1
446 1
295 7
60.8
89 6
8 north central centers.
7 southeast centers....
8 southwest centers _ _
4 west coast centers
75
28
22
47
515
060
384
455
449
296
61
91
5
5
1
9
53, 043
54, 797
75
26
22
49
678
569
160
109
452
298
60
93
5
2
7
5
52, 693
58, 154
82, 84"
87 255
r 167
137, 16(
138 217
140 93
142 83'
144 286
53, 605
60,305
54 124
60 901
54542
61 307
55 718
61 726
56 578
62 085
182 830 180 753 185 343
82,521 81 830 82 951
7,590
6,729
7,715
14,784 13, 713 13 966
35,628 36 149 36 727
49,986 50,605 53 296
186 252 185 993 188 922
83 733 83 070 82 944
7,743
7,788
8,675
13 543 13, 202 13 895
37 183 37 547 38 042
53 873 51 861 55 087
192 20 189 429 192 316
83 825 81 824 82 627
8,541
8,843
9,753
14 533 13 888 14 398
38 375 38 801 On -i 70
57 081 56 451 57 012
74 883
25, 453
21, 652
49, 430
76,338
26,623
22,434
49,715
75 352
25,397
21 850
49,755
75
25
22
50
964
298
566
666
81 08
28 946
24 607
52 135
456.1
300.7
60.4
95 1
461 1
301.7
62.8
96 6
463 7
304 1
61 6
98 0
478 4
317 5
58 9
102 0
482 9
318 6
60 3
103 9
489
324
59
105
74
24
22
49
250
934
122
316
468
309
60
97
4
7
9
8
187
080
400
107
472 4
313 0
59 9
99 5
77
26
23
51
228
187
340
041
476 5
316 4
59 1
101 0
79
28
24
51
8. 48
8. 22
8. 86
2
2
2
6. 32
6. 01
6. 56
46.75
6.27
7.18
* 6. 58
6.26
6.80
6.00
5.66
6.25
6 51
6.25
6.77
8. 46
8. 44
8. 52
2
8 49
2
2
2
2
6. 30
6.62
6. 46
6. 38
6.83
7.04
6.72
6 81
6.65
6.88
6.59
6 63
5.95
6.37
6.17
6.12
6.46
6.77
6.64
6.54
6
6
6
6
80
27
23
52
157
823
946
334
8
3
8
7
si nm
27 927
OQ 7Q9
KO ryjA
Af\K. n
097 i
61 1
1 ftfi Q
6 18
5 86
6 40
2
2
2
2
2
2
...do
do....
do
do ...
91 68J
r
146 780 151 788
99, 505 102,' 735
6 492
7 311
3 518
5 854
22,' 417 26,500
131,89( 132, 954 134, 070
54, 542
61, 307
52, 973
55, 544
82 08C
360
-153
31,32
*• 31r 164
263
165
'407
"•107
T
r _i44
58
141,160 144, 435 149 106 152 69
96, 323 100, 482 103, 293 107, 13
6,112
6,368
7 196
6 56
3,551
5 647
2 237
7 57
21, 202 22, 731 24,308
20,88
53, 535
55, 732
48, 035
51, 650
207
206
501
-295
131,127
do _
do
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annumNew York City
..do....
7 other northeast centers. . . . .
do
198
804
-606
r
Discount rate (N.Y.F.R. Bank), end of year or
month
__
percent..
13
47
43
21
5.50
24.75
5.00
4.75
4.75
4.75
4.75
4.75
5.00
5.00
5.00
5.00
4.75
4.75
4.50
4.50
2
8. 50
26.37
7.64
7.24
6.80
6.35
6.11
6.05
6.01
6.00
5.99
6.00
6.12
6.12
6.29
6.20
2
2
8. 27
8 20
2 7.59
27.54
8.03
7 94
7.74
7.67
7.52
7 47
7.37
7.34
7.36
7.33
7.38
7.38
7.51
7.50
7.60
7 58
7.67
7.63
7.68
7.62
7.65
7 56
••7.62
7 51
7.62
6 45
7.43
7 37
3
3
3
3
7. 31
7. 72
7. 23
7. 95
3
4. 85
35.11
34.91
3
5. 73
4.77
5.11
5.07
6.28
4.09
4.47
4.37
5.88
3.80
4.19
4.05
5.49
4.36
4.57
4.27
5.32
4.91
5.10
4.69
5.50
5.33
5.45
5.24
5.50
5.60
5.75
5.54
5.93
5.57
5.73
5.57
6.00
5. 49
5.75
5.44
6.00
5.05
5.54
5.30
'5.92
4.78
4.92
4.81
5.53
4 45
4.74
4.60
5.36
3 92
4.08
3.95
4.89
3 52
3.93
3.78
4.63
6. 458
3 7 37
3 34. 338
5 77
4. 494
5 72
3.773
5 31
3.323
4 74
3. 780
5.42
4.139
6 02
4.699
6.36
5.405
6.77
5.078
6 39
4.668
5 96
4.489
5 68
4.191
5 50
4.023
5 42
3.403
5 33
3.180
mil. $
126, 802
137, 237
25, 077
23, 815
23, 604
25, 047
26, 025
27,388
28, 354 129, 704
30, 644
31, 606
33, 263 137, 237
35, 830
do
101 161
109 545
00, 101
99 244
99, 168
00, 028
00, 692
01, 862
02, 848 104 060
04, 973
05 763
07 097 109 545
08 826
do
do
do
do
35 490
29, 949
4,110
31 612
38 310
32, 447
4,356
34 432
35 004
29, 575
4,067
31 455
34 869
28, 928
4,051
31 396
35, 028
28, 591
4,045
31,504
35, 496
28,682
4,077
31, 773
35, 819
28, 706
4,126
32, 041
36, 349
28, 976
4,186
32, 351
36, 763
29, 165
4,240
32, 680
37 154
29, 477
4,295
33 134
37 383
29, 840
4,330
33 420
37 759
30, 072
4,357
33 575
38 164
30, 586
4,370
33 977
38 310
32,447
4,356
34 432
38 111
32, 096
4,319
34 300
. ._ do
do
do
87, 064
41 895
31, 123
94, 086
45 976
32, 140
86, 308
41 611
30, 791
85, 910
41, 446
30, 511
86, 015
41, 563
30, 326
86, 805
42, 094
30, 369
87, 491
42, 482
30, 441
88, 544
43, Oil
30, 609
89,458
43, 509
30, 906
90, 536
44 112
31, 098
91, 279
44 603
31, 133
91, 943
44 947
31, 331
92, 901
45 396
31, 643
94, 086
45 976
32, 140
03, 668
45 878
31, 948
do
.do
12 500
1,546
14 191
1,776
12 353
1,553
12, 351
1,602
12, 509
1,617
12, 686
1,656
12, 874
1,694
13, 206
1,718
13, 296
1,747
13 570
1,756
13 780
1,763
13 875
1,790
4 052
1,810
14 191
1,776
4 062
1,780
Retail outlets, total
_
do
15 459 13 793 13, 334 13, 153
14 097
Automobile dealers
_
do
325
324
323
360
327
r
Revised, v Preliminary.
2
3
4
i Average for Dec. Average for year. Daily average. Revised series. Feb. 1971 data on
old basis are in Jan. 1971 column; details are in June 1971 Federal Reserve Bulletin.
cTFor demand deposits, the term "adjusted" denotes demand deposits other than domestic
commercial bank and U.S. Government, less cash items in process of collection; for loans,
13, 223
13, 201
13, 318
13 390
13 524
13 694
13 820
4 196
15 459
5 158
Federal intermediate credit bank loans. _._do
Home mortgage rates (conventional 1st mortgages):
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
3
r
CONSUMER CREDIT
(Short- and Intermediate-term)
Total outstanding, end of year or month
Installment credit, total
Automobile paper
Other consumer goods paper
Repair and modernization loans
Personal loans
_
By type of holder:
Financial institutions, total
Commercial banks
Finance companies
_
Credit unions
Miscellaneous lenders
460-028 O - 72 - 3
_
.
330
344
339
344
349
347
354
359
^360
359
exclusive of loans to and Federal funds transactions with domestic commercial banks and
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
9Includes data not shown separately.
©Adjusted to exclude interbank loans.
§For bond yields, see p. S-20.
March 1972
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
Jan.
Annual
1972
1971
1971
Feb.
Apr.
Mar.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
CONSUMER CREDIT— Continued
Outstanding credit— Continued
Noninstallment credit, total
Single-payment loans, total
Commercial banks
Other financial institutions _ _
24, 571
9,506
8,205
1,301
24,436
9,557
8,249
1,308
25, 019
9,676
8,350
1,326
25,333
9,765
8,425
1,340
25, 526
9,862
8,512
1,350
25. 506
9,854
8,498
1,356
25,644
9,997
8,633
1,364
25, 671
10, 061
8,694
1,367
25, 843
10, 097
8,722
1,375
26,166
10,182
8,795
1,387
27, 692
10, 300
r 8, 916
1,384
27,004
10, 324
8,937
1,387
8,850
6,932
1,918
7,307
9,818
7,597
2,221
7,574
8,094
6,144
1,950
7,402
7,353
5,435
1,918
7,712
7,207
5,316
1,891
7,672
7,689
5,774
1,915
7,654
8,004
6,046
1,958
7,564
8,214
6,199
2,015
7,450
8,271
6,173
2,098
7,381
8,305
6,120
2,185
7,342
8,305
6,101
2,204
7,305
8,435
6, 269
2,166
7,311
8,634
6,482
2,152
7,350
9,818
7,597
2,221
7,574
8,929
6,719
2,210
7,751
do
do
do
do
104, 130
29, 831
36, 781
37, 518
117, 638
34, 638
40,979
42, 021
7,545
1,997
2,868
2,680
7,489
2,336
2,431
2,722
9,575
3,074
3,076
3,425
10, 079
3,100
3,363
3,616
9,562
2,883
3,148
3,531
10,667
3,301
3,538
3,828
10, 098
3,032
3,415
3,651
10, 300
3,066
3,465
3,769
9,849
2,927
3,454
3,468
9, 797
3,037
3,423
3,337
10,711
3,105
3,737
3,869
11, 966
2,780
5,061
4,125
8,766
2,470
3,297
2,999
101, 138
30,943
34, 441
35, 754
109, 254
31, 818
38, 481
38,955
8,605
2,483
3,242
2,880
8,346
2,471
3,078
2,797
9,651
2,915
3,413
3,323
9,219
2,632
3,272
3,315
8,898
2,560
3,124
3,214
9,497
2,771
3,268
3,458
9,112
2,618
3,226
3,268
9,088
2,675
3,153
3,260
8, 936
2,698
3,091
3,147
9,007
2,661
3,191
3,155
9,377
2,700
3,223
3,454
9,518
2,634
3,200
3,684
9,485
2,669
3,648
3,168
8,916
2,461
3,252
3,203
9,081
2,687
3,204
3,190
9,533
2,897
3,210
3,426
9,751
2,872
3,415
3,464
9,690
2,756
3,295
3,639
9,715
2,838
3,433
3,444
9,675
2,773
3,399
3,503
10, 049
3,004
3,465
3,580
10, 156
3,147
3,462
3,547
10, 031
2,992
3,467
3,572
10,572
3,162
3,595
3,815
10, 130
2,973
3,604
3,553
10, 184
2,978
3,706
3,500
do
do
do
do...
Repaid, total
Automobile paper
Other consumer goods paper
Allother
24, 976
9,480
8,196
1,284
do
do
do
do
Repaid, total
__
_
Automobile paper
Other consumer goods paper
All other
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
All other
27, 692
10, 300
8,916
1,384
do
do
do
do
Installment credit extended and repaid:
Unadjusted :
Extended total
Automobile paper
Other consumer goods paper
All other
25,641
9,484
8,205
1,279
do
do
do
do
Charge accounts, total
Retail outlets
Credit cards
_
Service credit
mil $
do
do
do
8,829
2; 623
3,145
3,061
8,979
2,636
3,212
3,131
9,038
2,696
3,164
3,178
9,088
2,566
3,249
3,273
9,197
2,640
3,211
3,346
9,190
2,678
3,233
3,279
8,914
2,565
3,203
3,146
9,222
2,697
3,262
3,263
9, 107
2,634
3,219
3,254
9,306
2,662
3,254
3,390
9,230
2,696
3, 188
3,346
9,547
2,761
3,501
3,285
FEDERAL GOVERNMENT FINANCE
Budget receipts, expenditures, and net lending:
Expenditure account:
Receipts (net)
mil $
Expenditure (excl net lending)
do
Expend, acct. surplus or deficit (— ) . .do
Loan account:
Net lending
..
_
do
773
i 193,743 1188, 392 15, 870
16,
i 194,460 1210, 318 -1,097
i -716 1-21,927
-245
i -2,128 1-1,107
15, 130 13, 205
16, 717 18,328
-1,587 -5, 123
170
-318
21, 024 13, 190
17, 769 16, 882
3,255 -3,692
-49
-270
22, 508 13, 198 15, 652
19, 669 18, 507 19, 276
2,840 -5,309 -3,624
-297
-49
-306
9, 157 •
2,732
3,172
3,253
19, 710 12, 462 14, 945
18, 265 18, 677 18, 798
1,444 -6, 215 -3, 852
69
-115
17, 213 17, 596
17, 085 19, 226
128 -1,630
-399
-149
—243
-271 -1,873
271
1,873 ........
8,482
134
-8,211 1,739
1,513 -6, 330 -4, 002
-5,441 3,206 -3,961 2,543 -5,358 -3, 930
i -2,845 i-23, 033 -1, 341 -1,417
6,330
4,002
3,930 -1,513
5,441 -3,206
3,961 -2,543 5,358
1,417
1,341
i 23, 033
i 2, 845
1,407
6,854 -2,003
2,590
4,226
675
-271 2,197
-311
240
660
'i 5, 397 i 19, 448
4,923 1,412
-2,924
490
1,132
4,766 -2, 935
1,764 -2, 232
1,177
681
1-2,552 i 3, 794
415, 677 424, 990 422, 163 421, 878 424, 555 434,350 432, 607
403, 863 403, 742 408,736
Gross amount of debt outstanding
do
i 382,603 1409,468 401, 020 402, 342 302, 713 302, 442 304, 638 409,468 308, 554 315, 408 313,406 314, 812 317, 402 325, 884 326, 018
304, 328
Held by the public...
do
i 284,880 1 304, 328 301, 798 302,038
17,213 17, 596
Budget receipts by source and outlays by agency:
13, 205 21, 024 13, 190 22, 508 13, 198 15, 652 19,710 12, 462 14, 945
7,096 10, 944
Receipts (net) total
mil $ i 193,743 1 188, 392 15, 773 15, 130 3,366
9,192
6,282 7,455
6,920
6,519
9,630
3,846
9,867
6,493
i 86, 230 10, 579
1,070
4,927
190,412
Individual income taxes (net)
do
736
4,306
453
512
879
3,523 4,015
623
6,447
372
526
Corporation income taxes (net)
do
1 32, 829 126,787
3,615
2,642
Social insurance taxes and contributions
3,784
2,983 4, 120
5,996
3,990
4,971
6,366
3,764 3,464
1,967
(net)
mil $ 1 45, 298 i 48, 578 2,720 5,943 2,326
2,460 2,858 2,549
2,428
2,282
2,336
2,409
2,355 2,430
2,321
1,949
i 26, 798
Other
do
i 25, 203
19, 582 18, 196 18, 791 18, 947 17, 484 19, 469
18,646 17,818 17, 152 19, 965 18, 556
1,040
1,120
1 196,588 1 211, 425 17, 115 16,546
Expenditures and net lending total?
do
1,406
680
1,432
1,094
2,054
271
320
437
266
191
8, 560
886
5,967
6,386
Agriculture Department
do
i 8, 307 i i74, 540
5,764
5,886 5,996
5,482
5,047
6,041
6,309
5,809
7,590
5,720
5,777
Defense Department, military
.do
i 77, 150
5,897
5,152
Health, Education, and Welfare Department
5,654 5, 761 5,571
5,488
5,418
5,374
5,226
5,143
7,183
5,049
61, 866
1,892
1,774
1,893
mil.$_. i 52, 338 i 20, 991 4,998
1,564
1,837
1,931
1,739
1,869
1,819
1,816
1,744
1,803
259
285
Treasury Department
do
273
1 19, 510 i i 3, 381 1,785
266
286
291
377
333
252
274
245
295
262
1,020
893
National Aeronautics and Space Adm
do
i 3, 749 i 9, 756
830
755
893
818
796
962
881
874
794
870
765
Veterans Administration
do
i 8, 653
Budget surplus or deficit (— )
Budget financing total
Borrowing from the public
Reduction in cash balances
do
do
do
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
..oil. $..
191.5
92.2
30.6
19.3
49.3
198.8
89.0
33.6
20.3
56.0
196.5
86.6
34 1
20.7
55.1
197.7
87.6
34.8
19.9
55.5
197.8
88.8
33.2
19.7
56.1
* 203. 1
P93.0
P 32. 1
P20.7
*57.2
205.1
97.2
75.4
63.4
24.4
14.6
221.9
97.6
71 A
75.9
29.6
13.7
212.7
96.4
72.6
69.6
27.0
14.0
221. 4
96.0
71.4
77.8
29.5
13.3
224.6
97.6
70.2
7s n
30.2
13.9
228.7
100.3
71.4
78.1
31.6
13.8
5.5
5.1
0
4.8
4.8
&
.0
.0
-23.7
Less: Wage accruals less disbursements.— do
-16.2
4.9
<
.0
-25.6
-26.7
-13.6
-23.1
207. 25
11.07
88.52
74.38
68.73
221. 57
11.13
99.43
75.60
70.00
208. 21
11.03
90.13
74.37
68.78
209. 88
11.13
91.04
74.44
68.87
211.50
11.02
92.63
74.52
68.97
212. 70
10.95
93.76
74.54
68.99
213. 41
10.95
94.20
74.55
69.00
214. 28
10.79
95.03
74.54
68.97
215. 28
11.03
95.68
74.58
69.02
216. 44
11.08
96.43
74.71
69.12
217. 49
11.00
97.20
74.80
69.21
218. 26
11.02
97.78
74.86
69.27
219. 35
11.15
98.44
74.90
71.31
221. 57
11.13
99.43
75.60
70.00
6.32
16. 06
1.76
9.15
7.10
17.03
1.78
9.52
6.34
16.11
1.29
8.94
6.45
16.22
1.58
9.03
6.48
16.29
1.56
8.99
6.54
16.37
1.37
9.18
6.59
16.44
1.40
9.29
6.64
16.52
1.46
9.31
6.73
16.59
1.38
9.29
6.75
16.68
1.44
9.35
6.81
16.78
1.46
9.44
6.88
16.85
1.45
9.42
6.95
16.95
1.53
9.43
7.10
17.03
1.78
9.52
LIFE INSURANCE
I nstitute of Life Insurance:
Assets, total, all U.S. life insurance cos.__. _bil. $..
Government securities _ . _ . _ .
_do
Corporate securities
do
Mortgage loans, total
do
Nonfarm... __ _ _
...
do_
Real estate
_
Policy loans and premium notes
Cash....
_
Other assets
_
_
do
__.d ( o
., do
do
f 1Revised.
* Preliminary.
Data shown in 1970 and 1971 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
March 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Annual
S-19
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
LIFE INSURANCE— Continued
Institute of Life Insurance— Continued
Payments to policyholders and beneficiaries in
U.S., total
mil. $~ 16, 449. 4 17, 177. 2 1, 286. 2 1,328.3 1,571.7 1, 414. 4 1, 353. 7 1, 430. 0 1,326.7 1,348.6 1,466.5 1, 392. 7 1, 354. 8 1,918.9
550.5
567.8
609.5
638.1
605.3
591.5
6u8. y 709.5
702.0
635.7
611.1
592.8
7,017.3 7, 423. 3
83.5
73.7
80.9
84.8
95.6
81.9
85.4
76.3
77.6
990.2
80.0
80.8
87.7
978.3
Matured endowments
do
21.2
23.6
20.7
20.1
23.0
18.2
20.1
25.2
19.7
21.3
256.8
23.8
19.9
232.9
Disability payments
do
163.5
164.2
168.6
160.4
157.4
161.0
154.5
181.1
156.1
166.7
161.3
164.9
1, 757. 1 1,944.4
Annuity payments
do
264. 1
232.9
222.3
233.0
241.6
229.4
224.9
2, 881. 6
275.6
234.3
243.5
230.3
249.7
2, 886. 4
Surrender values
do
677.1
239.5
268.9
321.8
247.5
267.2
254.7
308.0
275.3
278.8
257.4
284.7
Policy dividends
..__
do_... 3, 577. 4 3,680.9
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :t
r
Value estimated total
..mil. $-. 'i 193,574 186, 634 12, 181 '12,632 ' 16, 781 '16,360 '14,800 '16,380 ' 14, 175 '17,495 '15,718 ' 14, 777 '15,096 '20,237 13,858
9, 894
Ordinary (incl. mass-marketed ord.)
do — ••123,272 131,319 '8,829 ' 9, 640 ' 12, 018 '11,059 '10,572 '11,372 '10,347 '10,814 '10,324 '10,894 ' 11, 741 '13,409
3, 366
47,948 r 2, 805 ' 2, 407 '4,116 '4,551 ' 3, 523 '4,383 '3,265 ' 6, 079 '4,495 ' 3, 243 '2,780 ' 6, 301
••163,690
Group
do
598
'527
'602
'599
7,365
'563
'547
'750
'705
'585
'647
'640
'625
'575
' 6, 512
Industrial
___do
Premiums collected:
TnrlitQtrtn.1
do
19, 940
14, 912
3,753
1,275
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period) ...mil. $.. 10, 732
-615
Net release from earmark§
do
Exports...
thous. $__ 37, 789
237,464
Imports
do
Production:
South Africa
mil. $._ 1, 128. 0
81.8
Canada
do
United States
do
Silver:
Exports
thous. $_. 27, 613
64, 957
Imports
do
1.771
Price at New York
dol. per fine oz
Production:
Canada.
__thous. fine oz1...
United States
-
Currency in circulation (end of period)
do
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 d o _ _ _
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 $
10, 732
-32
15, 473
10, 411
10, 732
-23
2,379
37, 721
10, 732
-76
9,774
20, 296
10, 732
-38
2,614
20, 795
10, 332
-352
10, 430
35,386
10, 332
-62
3,564
18,469
10, 332
-50
1,955
7,259
10, 332
-262
2,861
48,001
10, 132
2
434
22, 732
10, 132
0
97
23, 083
10, 132
-1
84
23, 192
10, 132
5
1,586
16, 163
1,098.4
77. 2
91.3
7.0
89.6
6.6
94.3
6.7
91.9
6.5
91.5
6.7
92.0
6.7
93.4
5.8
92.3
6.3
91.3
6.1
93.4
6.3
91.7
6.6
85.7
5.9
19, 499
49, 507
1.546
4, 218
5,267
1.640
1,970
2,746
1.600
3,273
5,204
1.669
2,661
5,907
1.726
1,527
2,900
1.667
1,269
3,785
1.608
913
3.645
1.581
651
4,655
1.587
1,580
4,134
1.421
237
3,219
1. 336
212
4,167
1,320
1,382
3,878
1.394
864
5,304
1.473
9,588
1.504
"
47,483
41, 030
3,336
5,280
4,699
3,535
3,985
3,867
1,016
1,718
2,741
4,067
3,499
3,287
3,257
57.1
61.1
55.3
55.6
56.3
56.6
57.4
58.4
58.6
58.9
58.8
59.2
60.6
61.1
59.4
59.8
210.0
47.7
162.3
208.2
6.4
224.1
51.1
173.0
253.8
6.4
221 .4
215.6
49.1
49.1
172.3
166.5
233.8 '239.6
6.8
8.4
217.5
49.5
168.0
246.2
5.5
222.3
50.1
172.3
248.5
5.5
219.9
50.5
169.4
251.4
7.8
223. 7
51.0
172.7
253.8
5.3
226.0
51.9
174.1
255.5
6.8
224.9
51.9
173.0
258.1
6.8
226.2
51.9
174.3
260.3
7.5
227. 5
52.2
175.3
264.1
5.3
229.6
52.8
176.9
265. 5
3.9
235.1
53.5
181.5
269.0
6.7
235.3
52.6
182.7
273.7
7.2
229.3
52.6
176.6
277.3
7.2
215.3
49.3
166.0
234.4
217.7
49.7
168.0
240. 2
219.7
50.0
169.7
245.4
221.2
50.5
170.7
248.1
223.8
50.8
173.0
251.3
225.5
51.1
174.5
254.4
227.4
51.6
175.8
256.4
228.0
51.7
176.3
257.3
227.6
51.9
175.7
259.6
227.7
52.2
175.5
263.3
227.7
52.2
175.5
265.3
228.2
52.5
175.7
269.9
228.8
52.8
176.0
274.4
231.4
53.2
178.2
278. 1
76.3
168.3
52.6
76.8
42.9
82.0
191 3
54.0
79.5
43.9
79.5
183.5
53.3
76.5
44.1
80.5
185. 6
54.4
78.7
44.7
76.6
171.2
53.4
77.9
43.7
80.1
179.3
55.8
82.4
45.3
79.8
178.9
55.8
82.7
45.2
83.7
198. 7
56.0
83.4
45.3
83.0
191.7
56.3
84.0
45.4
83.3
201.5
54.7
81.1
44.4
87.0
211.0
57.3
85.2
46.4
83.1
195.6
56.5
83.5
46.0
bil. $.,
Money supply and related data (avg. of daily fig.) :©
Unadjusted for seasonal variation:
Total money supply
bil. $_
Currency outside banks
do
Demand deposits _ _ _ _ _
do _
Time deposits adjusted!
_.do
U.S. Government demand deposits^
do
Adjusted for seasonal variation:
Total money supply
do
Currency outside banks
do
Demand deposits
do
Time deposits adjusted^
do
Turnover of demand deposits except interbank and
U.S. Govt., annual rates, seas, adjusted:
Total (233 SM^SA's) O ratio of debits to deoosits
New York SMSA
do_._.
Total 232 SMSA's (except N Y )
do
6 other leading SMSA'sd*
do
226 other SMSA's
do
10, 132
0
522
15, 119
10, 132
-889
51, 249
283, 948
28,572
2,549
413
6,995
612
93
8 525
700
151
7,538
739
139
304
719
3,434
5,893
627
1 297
692
88
128
907
1,524
69
210
204
160
156
1,015
1,£90
289
256
351
190
141
954
1,508
283
64
22
1,066
2,689
2,349
226
520
542
330
648
663
312
616
633
593
1 424
4 529
15, 070
101
867
903
3 805
182
937
1,298
3,882
185
406
1,321
3 481
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
Corporate
_
_
Common stock
Preferred stock
' Revised,
mil. $
do
do _
do
do
88, 666
105, 233
7,438
6,523
11,070
7,244
6,969
10, 994
9,316
9,346
9,445
9,410
10,569
6,911
7,115
80, 037
30, 315
7, 240
1.390
92, 272
32, 129
9,291
3.670
6,949
2,627
413
76
5,998
2,476
424
100
9,777
2,782
982
311
5,825
2,623
882
537
6,337
2,638
579
54
9,661
3,042
1,228
104
7,120
1,951
669
1,527
8, 659
1,844
418
270
8,250
2,573
1,030
165
8,687
2,665
637
86
9,300
2,436
1, 999
270
5,710
2,473
1,032
169
6,283
2,319
529
303
v Preliminary. * Includes $17.2 bil. SGLI.
§Or increase in earmarked gold (—). ©Beginning Jan. 1972 SURVEY, data reflect corrections
to the latest .benchmark levels available to nonmember banks and changes in seasonal fac-
tors. Revised monthly data back to 1964 will be shown later. IJAt all commercial banks.
©Total SMSA's include some cities and counties not designated as SMSA's. cflncludes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los Angeles-Long Beach.
SURVEY OF CURRENT BUSINESS
S-20
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
Annual
March 1972
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
SECURITIES ISSUED— Continued
Securities and Exchange Commission— Continued
Estimated gross proceeds— Continued
By type of issuer:
Corporate total 9
mil. $
Manufacturing
do
Extractive (mining)
__do
Public utility .
--- -- -- do
38, 945
10, 513
2,093
11,017
45, 090
11, 578
1,283
11, 800
3,115
716
118
676
3,000
661
84
1,069
6,075
2,417
111
1,452
4 042
1 135
109
1,267
3 271
789
100
588
4,375
1, 206
174
1,055
4,147
582
111
732
2,532
474
97
849
3, 768
1,146
90
1,070
3,387
662
87
934
3,704
811
129
1,217
3, 673
980
73
891
3 151
378
105
529
do
-do
2,260
5,136
5,517
2,418
5,819
8,814
167
391
667
89
683
314
161
532
1,038
335
273
591
339
405
876
297
218
813
219
1,622
643
88
359
511
149
282
704
190
432
848
152
269
963
232
352
845
288
749
919
_-do_ _
do
49, 721
14, 831
17, 762
60, 143
17, 325
24, 370
4,323
436
2,614
3,522
431
1,823
4,995
517
2,104
3 202
467
1,859
3 698
466
2 114
6,619
2,779
1,988
5, 169
1, 153
1,951
6, 815
3,228
1,850
5,677
1,698
2,044
6,022
2,455
1,679
6,864
3,254
2,286
3,237
443
2,058
3,964
529
1,737
State and municipal issues (Bond Buyer):
Long-term
do___
Short-term
-do
17, 762
17, 880
24, 370
26, 281
2,614
1,552
1,823
1,886
2,104
2,453
1,859
2,482
2 114
1 840
1,988
2,932
1,951
1,353
1,850
1,882
2,044
2,871
1,679
1,843
2,286
2,785
2,C58 > 1, 737
1,911
2, 492 ' 1, 594 1,746
1
1
6, 520
5, 700
1820
i 1, 288
5 044
4 224
820
1,220
5,174
4,311
863
1,205
5, 392
4,531
861
1,183
5 598
4 776
822
1 206
5 701
4' 874
827
1 235
5 783
4 976
807
1,263
5 860
5 050
810
1, 183
5, 917
5,121
796
1,206
5,990
5,208
782
1,237
6 016
5,238
778
1,204
5, 995
5,198
797
1,209
6 520
5,700
820
1,288
1387
i 1, 837
433
2 080
484
2,259
465
2,333
445
2 216
431
2 Qg4
415
2, 023
410
1,841
405
1,838
364
1,734
393
1,765
412
1,758
387
1,837
61.5
72.3
65.0
80.0
66.5
79.9
66.8
81.5
65.8
82.8
65.0
80.4
63.7
75.6
63.5
74.8
63.2
74.0
63.4
77.4
64.2
81.7
65.2
84.7
66.4
84.1
66.5
83.5
67.1
84.6
66.7
83.8
60.52
67.70
66.10
66.78
67.94
67.57
65.72
65.84
66.16
67. 33
69.35
70. 33
70.47
68.80
68.79
68.32
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
__mll. $.. 4, 763. 24 8,803.91 703. 09
6, 299. 55 10,157.90 866. 98
Face value
do
710. 03
843. 48
766. 76
879. 80
766. 33
877. 50
761. 07
891. 01
667. 64
798. 58
603. 44
702. 30
678. 46
789. 83
sea. 88
758. 11
773. 19
851. 29
743.05
815. 80
872. 36 963. 66
979. 30 1,011.89
Transportations
Communication
Financial and real estate.- --
Noncorporate total 9
U S Government
State and municipal
-- --do
do
SECURITY MARKETS
Stock Market Customer Financing*
Margin credit at brokers and banks, end of month,
total
mil $
At brokers
do
At banks
do
Other security credit at banks
do
Free credit balances at brokers:
M^argin accounts
do
Cash accounts
do
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Composited1
_. _. _ dol. per $100 bond..
Domestic municipal (15 bonds)
do
U.S. Treasury bonds, taxable^
do
New York Stock Exchange:
Market value
Face value
r
4,328.33
5, 554. 92
8,009.57 631. 95
9,080.68 753. 59
624. 69
720. 88
682. 48
767. 53
688.22
782. 02
690. 89
793 11
613. 16
727. 51
564.20
646 00
627. 76
718. 02
694. 85
769. 97
704. 31
766. 77
683. 91
745. 08
803. 14
890. 20
866. 66
896 11
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 4, 494. 86
6,563.82 641. 95
541 68
600. 80
615. 41
574 79
509. 87
444. 24
489. 80
478. 40
530. 42
497. 11
639. 34
596 42
521 85
do
do
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A
Baa
8.51
7.94
8.04
7.75
7.84
7.86
8.03
8.14
8.14
8.12
7.97
7.88
7.77
7.75
7.66
7.68
do
do_ _
do. _
do
8.04
8.31
8.56
9.10
7 39
7 78
8 03
8 56
7.36
7.90
8.15
8.74
7 08
7.67
7.85
8.39
7.21
7.73
7.96
8.46
7 25
7 74
7.99
8.45
7
7
8
8
53
84
14
62
7.64
7.96
8.20
8.75
7 64
7.96
8.21
8 76
7.59
7.93
8.20
8.76
7 44
7.81
8.04
8.59
7.39
7.69
7.97
8.48
7.26
7.56
7.88
8.38
7.25
7.57
7.81
8.38
7
7
7
8
19
52
70
23
7 27
7.52
7.70
8.23
do
do
do
8.26
8.67
9.04
7 57
8 13
8 38
7.57
8.17
8.70
7.24
7 94
8.39
7.36
8.08
8.39
7.43
8 05
8.37
7 68
8 23
8 40
7.80
8.39
8.43
7.85
8 34
8 46
7.80
8.30
8.48
7.64
8 12
8.39
7.58
8 04
8 25
7.46
7.96
8. 13
7.42
7.92
8.12
7 34
7 85
7 98
7.39
7 84
8.00
Domestic municipal:
Bond Buyer (20 bonds)
_
Standard & Poor's Corp. (15 bonds)
..do
.do
6.34
6.50
5.46
5.70
5.16
5.70
5.34
5.55
5.15
5.44
5.69
5.65
5.70
6.14
6.19
6.22
6.05
6.31
5.39
5.95
5.24
5.52
5.11
5.24
5.44
5.30
5.02
5.36
5 35
5.25
5.29
5.33
U.S. Treasury bonds, taxable©
_.do
6.59
5.82
5.91
5.84
6.71
5.75
5.96
5.94
5.91
5.78
5.56
5 46
5.44
5.62
5 62
5.67
8.99
9.76
4.69
3.92
6.77
10.44
8.81
9.50
4.77
3.78
7 28
10.62
8.91
9.64
4.74
3.82
7 28
10.52
8.84
9.54
4.74
3.82
7.28
10.57
8.84
9.55
4.75
3.82
7.28
10.57
8.85
9.57
4.78
3.82
7 28
10.57
8.85
9.55
4.78
3.85
7.28
10. 57
8.85
8.82
9.57
9.53
4.78
4.78
3.84
3.84
7.28 - 7 28
10.57
10.57
8.77
9.43
4.78
3.84
7 28
10.66
8.76
9.43
4.78
3.84
7.28
10.70
8.75
9.41
4.78
3.84
7.28
10.70
8.73
9.39
4.79
3.49
7 28
10.70
8.73
9.39
4.81
3.51
7.31
10. 77
8.75
9 42
4 83
3 51
7 31
10. 79
8.78
9 45
4 83
3.58
7 31
10.91
261. 31
320 26
78.81
93.32
251. 49
306. 25
82.41
86.56
251. 26
306. 87
79. 80
82.15
271. 78
333. 51
85.56
92.07
3.48
3.07
5.80
4.44
4 19
3.31
3.47
3.06
6 00
4.25
3 97
3.33
3.21
2.82
5 62
3 81
3 84
3.27
percent..
By group:
Industrials
Public utilities
Railroads
-
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials..
.
_ do
Public utilities
do
Railroads
do.
N.Y. banks
do
Property and casualty insurance cos
do
Price per share, end of mo., composite
Industrials
___
Public utilities
Railroads..
do
do
do
do
..
226. 70
270. 83
79.06
65.61
261. 43
318. 75
84.16
85.12
256. 44
306 35
90 82
77.38
258. 89
312. 77
87.70
79.23
268. 58
326. 01
89.49
80.28
277. 35
339. 59
85.82
87.10
263. 90
324. 75
81.51
83.44
261. 94
320. 58
84.95
84.56
251. 35
305. 79
83.31
81.86
262. 95
322. 28
79. 70
93.50
Yields, composite
Industrials
_
Public utilities
Railroads
N.Y. banks
Property and casualty insurance cos
percent..
do
do
do
do
. . -do
3.97
3.60
5 94
5.97
4 03
4.02
3.37
2.98
5 67
4 44
4 14
3.25
3.47
3 15
5 22
4 94
4 24
3 45
3.41
3.05
5.40
4.82
4 16
3.33
3.29
2.93
5.31
4.76
3.74
3.23
3.19
2.82
5 56
4 39
3 95
3.27
3.35
2.94
5.86
4.61
4.26
3.35
3.38
2.99
5.63
4.54
4.39
3.15
3.51
3.12
5 74
4.69
4 46
3.15
3.34
2.93
6 00
4.11
4 34
3.08
Earnings per share (indust., qtrly. at ann. rate;
pub. util. and RR., for 12 mo. ending each qtr.) :
Industrials.
dollars
15.30
17.08
Public utilities
do
6.89
6.91
Railroads
_
do
3.09
3.53
r
l
Revised.
p Preliminary.
End of year.
*New series; more detailed information
appears in the February 1972 Federal Reserve Bulletin.
9 Includes data not shown separately.
§ Beginning April 1971 SURVEY, data restated to include "other transportation" in addition to railroad data formerly shown.
3.35
2.94
6 07'
4 11
4 31
3.11
91
04
18
27
281.04
348 64
81 48
94.21
3.16
2 76
5 74
3 68
3 88
3 28
3.12
2 71
5 93
3 80
3 91
3.24
276
341
84
95
18.31
15.05
8.86
7.10
v 7 20
4.04
4.32
cfNumber of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
O For bonds due or callable in 10 years or more.
SUEVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1971
Jan.
Annual
S-21
Feb.
Mar.
Apr.
May
June
1972
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)
Transportation (20 stocks)
7.22
Standard & Poor's Corporation :d"
Industrial, public utility , and railroad:
Combined index (500 stocks).... 1941-43 =10_ .
6.53
6.32
6.48
6.59
6.82
6.99
7.03
7.04
6.90
6.75
6.78
6.81
6.57
6.57
243. 92
753. 19
108. 75
152. 36
_ _ _ __
6.75
298. 12
884.76
117. 22
217. 20
279. 62
849. 04
124. 86
180. 85
290. 14
879. 69
123. 77
193. 79
296. 67
901. 29
123. 22
200. 55
309. 11
932. 54
122. 92
217. 16
307. 39
925. 49
117. 75
221. 10
300. 23
900. 43
114. 36
217. 96
298. 28
887. 81
118. 12
214. 94
297. 74
875. 40
113. 28
222. 89
308. 42
901. 22
111.20
241.35
302. 19
872. 15
113. 76
236. 52
285. 91
822. 11
111.03
221.48
301. 72
869. 90
112.43
237. 81
315. 61
904.65
118.84
249.85
317. 15
914. 37
113. 41
255. 10
83. 22
98. 29
93.49
97.11
99.60
103.04
101.64
99.72
99.00
97.24
99.40
97.29
92. 78
99.17
103. 30
105. 24
91.28
87.87
80.22
54.48
32. 13
108. 35
102. 80
99.78
59.33
41.94
102. 22
95.97
91.72
63.43
36.64
106. 62
101. 58
95.38
62. 49
38.78
109. 59
104.69
98.54
62.42
39.70
113. 68
109. 38
102. 41
62.06
42.29
112.41
108. 61
101. 96
59.20
42.05
110. 26
105. 46
100. 96
57.90
42. 12
109. 09
102. 46
100. 55
60.08
42. 05
107. 26
100. 90
99.82
57.51
43.55
109. 85
104. 55
103. 34
56.48
47.18
107. 28
100. 66
101. 31
57.41
44.58
102. 21
95.51
97.47
55.86
41.19
109.67
103. 78
103. 92
57.07
43. 17
114. 12
109.69
106. 45
60. 19
45. 16
116. 88
113. 90
109. 42
57.41
45.66
Banks:
New York City (9 stocks)
do
Outside New York City (16 stocks) _ ^do. _
43.83
77.06
46.30
87.06
46. 88
87.48
45. 96
86.58
48.02
89.58
49.05
93.01
46.24
88.82
44.68
85.97
44.54
85.83
42.97
85.08
45.10
85.09
45.91
84. 98
46.42
83.55
49. 79
88.74
49.70
90.16
49.28
90.19
Property-liability insurance (16 stocks).,do..__
78.34
115.04
95.96
101. 69
103. 88
112. 76
114. 06
119. 24
126. 23
123. 73
127. 11
120. 71
115.65
119.58
119. 26
122. 20
New York Stock Exchange common stock indexes:
Composite.
_
_ _ _ _ _ _ _ .12/31/65 =50_.
Industrial
do_
Transportation
do
Utility
.
_ do _.
Finance
do
45. 72
48.03
32.14
37.24
60 00
54. 22
57.92
44.35
39.44
70.38
51.29
53.72
37.76
42.52
66.41
53.42
56.45
40.37
42.30
68.19
54.89
58.43
41.71
41. 60
70.66
56.81
60.65
45.35
41.73
73.91
56. 00
60.21
45.48
39.70
70.89
55.06
59.25
44.90
38.71
70.01
54.83
58.70
44.02
39.72
70.42
53.73
57.62
44.83
38.17
69.41
54. 95
59.13
48.09
37.53
72.14
53.76
57.52
47.02
37.93
71. 24
51. 17
54.50
44. 29
36. 87
68. 98
54.76
68.85
48.34
37.52
72. 28
57.19
61.33
50.56
40.02
74. 24
58.45
63.36
52 80
38.56
73 74
131, 126
r
4, 539
185,027
5,916
13, 769
510
17, 234
601
18, 721
581
18, 678
581
16, 670
535
15, 186 MS, 563
462
409
15, 327
460
12, 833
393
12, 994
403
12, 304
405
17, 652
574
16, 872
547
103, 063
3,213
147, 098
4,265
11, 036
375
13,628
428
14, 661
397
14, 850
415
13, 368
395
12, 249
337
11, 903
296
12, 271
337
10, 165
286
10, 214
289
9,757
295
13, 997
416
12, 971
376
2,937
3,891
349
371
390
402
303
304
265
321
253
280
276
378
380
376
612.49
15, 522
741.83
17, 500
668. 01 678. 13
16, 100 16,181
709.33
16, 306
734.34
16,375
706. 82
16, 471
709. 59
16, 663
684. 56
16, 797
711.93
16, 915
709.00
17, 032
681. 17
17, 170
679. 42
17,320
741. 83
17, 500
761. 35
17, 589
782. 94
17, 892
Industrial, total (425 stocks) 9
Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
do
do _
do___
do_._.
do _.
Sales:
Total on all registered exchanges (SEC):
Market value
mil $
Shares sold.
- millions
On New York Stock Exchange:
Market value
mil. $
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected) . _
_
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $.
Number of shares i sted
millions
r
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
mil $
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America
Southern North America
South America
_
42,659.3 43, 555. 3 3,479.8 3,528.1 4, 107. 9 3,805.5 3, 913. 5 3,685.6 3,338.3 3,366.5 4, 225. 1 2, 827. 8 3,220.7 4, 056. 5 3,814.7
3,733.3 3,690.9 3, 814. 6 3,521.3 3, 782. 6 3,660.7 3,492.7 3,678.0 4, 510. 6 2, 709. 9 3,159.7 3, 858. 6 4, 220. 7
do
do
do
do
Excl. Dept of Defense shipments
Seasonally adjusted
43, 224. 0 44, 136. 6 3,530.3 3,559.4 4, 156. 0 3,849.5 3,970.4 3,740.1 3,395.9 3,424.1 4, 264. 9 2,893.2 3, 263. 9 4, 088. 9 3, 872. 6
do
do
Exports (mdse ) incl reexports total
1, 579. 1
10, 022. 8
1, 188. 2
14,816.8
- _ .do
do
do
By leading countries:
Africa:
Egypt
Republic of South Africa
Asia; Australia and OceaniaAustralia, including New Guinea
India
_
_
....
Pakistan
Malaysia __ .
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
173.2
160.1
137.2 131.6
1, 694. 1 151.7
142.6
141.7
163.8 149.2
981.5
708.1 704.1
903.1 889.6
9, 849. 5
821.7
930.8 823.8
842.9
104.9
93.3
105.8
85.8
90.7
73.8
130.6
1, 168. 8
103.6
88.9
14,574.1 1, 223. 1 1, 193. 6 1, 512. 0 1, 303. 0 1 ,324. 4 1, 149. 5 1, 120. 0 1, 114. 9 1, 421. 1
53.3
616.7
100.1
820.7
106.7
183.0
148.7
737.1
912. 4
871.5
73.7
81.6
117.7
988.8 1, 404. 2 1,304.2
9,080.3 10, 367. 7
3, 241. 3 3, 154. 2
3,290.0 3, 328. 2
686.4
246.6
292. 7
768.6
244.8
262.1
943.5
274.7
282.8
883.8
271.9
281.7
936.0
267.1
306.8
999.1
265.4
273.8
740.7
272.8
302.8
777.4
259.6
295.5
908.0
310.0
366.1
917.6
223. 6
161.2
931.9
230.8
194.9
876.6
287.4
307.5
859.5
262.0
309.1
do
do
77.2
562.7
62.9
622.4
10.3
53.4
6.0
56.8
3.0
50.9
4.2
44.0
3.8
46.7
2.7
49.2
10.3
50.2
25
47.3
5.7
65.2
2.0
17.8
4.0
62.1
8.2
88.8
5.2
67.4
do
do
do
do
1,003.5
572. 5
325.4
66.6
1,018.8
648.2
211.6
73.8
74.6
49.7
28.8
6.1
91.9
48.0
19.4
5.3
77.5
61.7
30.2
5.0
91.7
87.1
16.9
5.0
64.6
78.3
18.8
5.1
72.7
49.5
11.6
9.5
81.8
52.1
16.7
4.4
119.7
45.9
15.6
6.0
91.7
63.7
29.4
8.9
90.4
38.7
14.4
4.7
62.3
44.0
4.0
5.5
100.0
51.8
5.8
8.4
69.2
41.8
14.9
7.6
do
do
do
266.0
373.2
4,651.9
263.0
340.2
4, 054. 7
25.2
23.0
364.2
22.0
31.0
364. 9
18.3
30.8
364.2
17.3
30.4
331.2
27.2
29.8
370.5
25.6
36.6
303.4
21.4
25.5
261.0
18.9
25.0
299.7
34.4
34.6
371.2
10.8
16.4
291.6
17.8
21.5
329.0
24.2
35.6
403.9
27.7
29.7
370.9
do
do
do
1,483.0
32.5
2, 740. 7
1, 380. 2
25.4
2, 832. 0
122.8
4.3
219. 0
105.1
2.9
221.1
144.6
2.2
254.3
124.7
1.5
298.1
131.4
.7
274.4
113.6
1.2
219.0
108. 3
.3
240.9
109.9
.2
217.1
132.7
1.8
259. 9
80.3
.7
164.0
82.8
2.6
203.2
125. 3
7.1
261.4
121.9
1.5
229.3
do
do
do
1,353.0
118. 7
2,536.3
1,314.0
160.6
2, 374. 0
108.6
11.6
207.6
123.9
11.3
215.9
123.6
18.4
283.7
119.5
12.2
189.4
143.6
8.0
194.4
92.2
11.0
179.0
87.1
12.8
164.4
96.3
10.8
156.3
120.8
14.9
240.4
65.7
9.3
133.2
90.5
13.7
153.9
142.6
26.6
255.7
110.8
21.6
253.8
740.7
999.1
883. 8 934.6
777.4
affect continuity of the series.
9 Includes data not shown separately.
908.0
917. 6
931.9
876.6
859.5
North and South America:
686.3 768.6 943.5
Canada
do.-.. 9.079.3 10,365.7
r Revised.
o"Number of stocks represents number currently used; the change in number does not
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
March 1972
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports— Continued
Exports (mdse.), incl. reexports— Continued
By leading countries— Continued
North and South America— Continued
Latin American Republics, total 9
mil. $__ 5,695.2
441.0
Argentina
- do
840.5
Brazil
do
300.3
Chile
do_ _
394.8
Colombia
do
1, 703. 7
Miexico
do
759.3
Venezuela
__do
5, 667. 0
391.0
966.3
223.7
378.0
1 622.1
787.1
__do _ _ 42,590.1 43 497. 2
do__ _ 42,025.4 42 915. 9
do_ __ 7,246.8 7 694.9
35,343.3 35 802 3
do
Exports of U S merchandise, total
Excluding military grant-aid
Agricultural products, total
Nonagricultural products total
By commodity groups and principal commodities:
Food and live animals 9
mil. $
Meats and preparations (incl poultry) do
Grains and cereal preparations
__do
4,356.3
174.7
2,596.0
474.6
41.1
103.5
21.3
28.5
125.4
54.9
444.0
31.1
70.7
17.6
34.7
129.4
62.4
487.3
29.0
77.5
19.0
39.0
144.2
66.9
484.3
34.6
80.0
18.5
31.5
137.3
71.8
501.5
38.9
88.0
18.4
32.9
135.1
79.9
477.8
29.1
72.9
19.3
29.5
135.7
70.0
502.5
32.9
88.9
20.2
35.1
135.5
70.7
487.2
32.9
80.2
20.4
31.1
126.5
76.0
584.2
47.1
107.5
24.5
37.5
134 8
82.3
4 365 0
192 0
2 447 4
382.7
12.8
233.1
709 6
356.0
13.4
222.5
388.2
16.8
226.0
343.0
14.3
195.8
358.6
15.9
213.2
334.9
15.0
172.3
323.6
13.3
184.2
308.5
18.1
170.8
444 9
17 4
277 6
-
do
701.7
56.6
47.0
67.0
57.9
64.3
60.0
61.4
74.4
do
do
do
do
4,604.8
372.1
1,215.9
939.5
382.9
4 326 2
57 6
583 5
1 324 8 106.1
56.2
485 9
363.8
59.5
101.5
38.1
409.4
74.6
110.2
45.7
381.9
62.4
102.9
48.2
353.2
44.6
92.8
45.2
361.5
44.5
110.0
40.3
298.4
31.2
109.2
39.8
302.5
24 4
102.7
35.4
369
47
93
53
Mineral fuels lubricants etc 9
do
Coal and related products
do
Petroleum and products
- do
Animal and vegetable oils, fats, waxes -do
Chemicals
- - do
Manufactured goods 9
- do
Textiles
do
Iron and steel
do
Nonferrous base metals
- do
1,594.7
1, 044. 1
487.9
493.0
3,825.6
5,065.2
603.1
1,268.8
892.5
1 497 4
950 7
478 9
615.0
3, 837. 4
4 413. 0
632.0
791 1
595.6
119.5
76.8
35.7
51.7
279.7
372.9
53.3
70.5
64.0
121.4
77.9
37.4
51.5
295.6
357.2
46.8
60.3
59.8
130.1
82.5
43.0
56.5
335.6
404.5
56.3
67.9
61.4
141.8
86.4
50.0
54.2
323.9
388.6
53.9
65.8
60.2
147.7
99.8
42.7
49.2
338.8
380.8
53.7
65.3
57.5
133.5
89.1
41.0
49.3
347.9
390.4
50.0
72.7
54.1
107. 1
65.0
36.6
62.7
368.0
353.3
50.1
72.1
35.3
167.3
117.3
45.6
45.4
385.4
352. 2
56.0
57.4
36.7
158 2
106 7
45 4
58 1
424 7
436 3
67 9
70 7
51 7
Machinery and transport
equipment, total
mil. $
Machinery total 9
do
Agricultural
__do
Metalworking
do
Construction, excav and mining
do
Electrical
do
Transport equipment, total
do
Motor vehicles and parts
- - - do
Miscellaneous manufactured articles
do
Commodities not classified
do
Value of Imports
General imports total
do
Seasonally adjusted
do
By geographic regions:
Africa
_ _
do
Asia
do
Australia and Oceania
do
Europe
do
Northern North America
do
Southern North America
do
South America _ _. __
do
By leading countries:
Africa:
Egypt
do
Republic of South Africa
do
Asia; Australia and Oceania:
Australia including New Guinea
do
India
do
Pakistan
do
Malaysia
do
Indonesia
do
Philippines
__do
Japan
do
Europe:
France
do
East Germany
do
West Germany
do
Italy
do
Union of Soviet Socialist Republics
do
United Kingdom
do
North and South America:
Canada
do
Latin American Republics, total 9
do
Argentina
_ __;
do
Brazil
_ _ do_
Chile
do
Colombia
do
Mexico
do
Venezuela
do ._
By commodity groups and principal commodities:
Agricultural products total
do
Nonaeri cultural nroducts. total
.do _
r
Revised.
122 7
2
8
7
2
284 1
14 6
137 5
10 1
226
29
90
24
5
7
9
3
87 1
53 3
29 4
40 6
205 3
253 0
33 0
3Q 3
24 3
520.9
43.9
87.5
20.5
29.5
150.8
69.3
504. 3
41.8
88.0
17 8
29.6
133 2
74 4
4 032. 1 3 823 8
3 999.6 3 765 8
i 842.4
770 1
3 189 7 3 053 7
381. 9
17.3
189.6
460.3
23.2
224.4
379 4
14 9
215 8
12.0
76.2
126 2
371.7
42.0
146. 4
21.9
463.3
65 4
158.4
37.5
397 7
62.1
19.8
35.8
37.0
223. 1
315.2
44.8
65.5
36.1
122.1
76.4
36.4
58.9
309.1
409.3
66.8
83.5
56.0
116 6
71 6
38 5
52 4
337 8
357 4
58 8
62 9
42 9
CO Q
134 9
25 4
17,881.9 19 464 8 1,489.3 1,580.7 1, 948. 3 1, 728. 1 1,840.1 1,633.0 1,421.8 1, 383. 0 1 815 5 1 384 2 1, 498. 2 1, 760. 3 1, 664. 9
956.3
994.7
897.0 1, 073. 6 1, 012. 3
893.4 1, 083. 6 1, 047. 6
U,379.3 11 596 0
908.3
959. 2
861.9 1 100 6 822 6
44.8
53.2
626.4
48.1
61.4
40.7
53.2
49.6
38.2
60.7
48.7
44.3
*596 7
59 1
43 3
42.5
32.3
29.3
35.4
29.8
39.0
395.7
38.4
31.1
32.6
27.7
47.1
404 5
36 7
21 5
126.6
113.1
1,422.3 1 404 2 108.5
135.1
110.3
101.3
111.9
98.0
143.2
122.0
121.8
140 0
94 5
255.0
264.9
2,999.2 3*068 0
232.1
264.5
244.3
240.3
255.1
246.9
238.4
300.5
296.3
291 7
234 6
532.9
845.4
6,502.6 7, 895. 7
683.7
874.7
604.7
513.5
673.8
521.1
715.8
617.3
676.7
714 8
561 6
3,550.0 4, 151. 1 288.0
393.7
339.8
412.6
351.6
271.8
280.0
358.7
415.7
341.5
337.1
416 3
288 3
209.4
232.1 233.4
211.5
2,570.7 2, 733. 6
248.1 231.2
221.1
211.3
232.8
240 6
258 7
1 R^ 4.
258 0
139.4
146.5
116.9
119.0
1,496.3 1, 535. 2
157.1
134.9
125.3
135.3
122 0
m 7 107.1 113.8 150 8
39 951.6 45, 602. 1 '3,419.3 '3,190.8 '3,906.8 '3,893.2 '3,840.6 '4,278.2 '3.690.4 '3,844.2 4, 253. 7 3 471.6 3, 530. 5 4, 282. 7 4, 279. 9
3,683.4 3,550.1 3,564.9 3,753.6 3,983.2 4,018.6 3,789.7 3,934.3 4,245 2 3 531 3 3,386.9 4 132.3 4, 539. 6
96.0
1,112.9 1, 236. 8
851.4
9 621 2 11 782.5
57.1
895.0
870 6
11 394 6 12, 845. 6 1,006.4
906.1
11 094 8 12 765. 6
2 850 1 3 001 4 236.4
265.2
2,983.1 3, 033. 9
80.2
784.0
45.0
907.2
937.3
245.2
191.3
113.1
106.1
81.0
104.1
94.7
104.3
139.9
96.3
113.3
134.7
78.6
979.5
935.1 1 119 2 851 5
890.2
934 8 1 104 0 946 7 1, 060. 9 1 327 0 1, 126. 7
68.6
76.7
63.2
45.3
66.0
83.4
120 4
86 3
98.7
88. 1
62 3
788.7 1 032.3 1, 244. 2
1,152.8 1, 108. 1 1, 114. 8 1, 216. 4 1, 185. 1 1 197.7 1,216 8
920 9
1,140.1 1, 081. 5 1, 105. 8 1, 217. 0
968.3
961 1 1, 116 4 1 094 9 1, 139. 4 1 130.4 1, 106. 6
278.8
269.6
300.9
245.3
296.1
242 2
230 9
260 0
222 9
281 4
187 4
263.4
233.2
169.1
266.2
330.8
280.3
306.0
269.4
276.7
335.5
178.3
12
23 2
9
17.3
1.5
30 4
1.5
17.4
0
9
8
3
7
2
4
48.8
15.3
3.1
17.5
12.9
38.3
604 5
34.5
17.4
3.7
22.3
14.2
39.8
706.5
72.9
36.2
9.3
26.8
18 4
64.4
811 0
49.6
42.1
5.6
27.8
23.7
22.8
664.5
98.7
10
356 8
120. 9
53
235 4
65 7
6
264 2
93 5
48
193 5
71.0
.4
222.3
89.2
2.3
150.9
75 8
11
299 7
120 5
30
182 8
102.1
1.6
325.2
155.2
3.8
226.9
22.9
290 2
19.1
286.5
.4
20.9
1.4
20.2
2.5
25.4
2.4
19.5
.9
33.5
.7
28.8
.7
19 2
2.1
17 7
622 6
298.1
80 2
270.2
182 4
471.7
5 875.4
636.2
329.2
77.1
269.1
207.2
495,8
7 260 9
41.6
28.7
9.0
22.0
16.4
26.6
551.0
34.2
21.4
6.5
16.5
14.6
30.3
488.9
41.2
25.4
10.8
21.9
17.3
33.5
555.1
45.8
26.9
7.0
22.6
17.6
47.0
614.5
55.3
28.0
3.2
19.9
18.8
38.4
574.5
57 4
31.7
4.2
32.2
17.5
48.8
685 1
63 4
26.2
4 7
13.9
17 4
39 8
490 6
52 2
30 2
68
30.1
21 4
41 8
530 4
89
41
8
24
20
47
649
942.3
9 4
3 1270
1,316.0
72 2
2 193.6
1 087 8 89.5
1.1
' 10 1
3 650 8 294.5
117.7
1*406 0
3.7
' 56 8
2 459 1 184.4
79.1
.7
267.2
102.2
3.8
155.1
98.2
1.1
313.9
125.5
7.6
216. 6
94.2
.8
313.6
121.0
5.0
205.2
102.3
.9
299.5
109.9
6.4
230.2
108 8
g
336 6
128 1
61
246 6
101 4
9
336 0
128 1
51
222 9
102 5
9
347 6
149 4
37
235 5
937.1 1, 140. 0 1, 081. 3 1,105.7 1, 216. 7
450.1 405.4
441.8
355.8
452.6
13.5
15.9
9.7
15.5
10.6
44.4
59.8
38.2
46.8
81.7
9.7
8.6
14.5
5.7
7.1
15.4
23.2
20.0
20.3
22.0
124.2
110.9
114.4
126.3
105.0
76.4
107.4
107.9
135.3
104.8
967.7
406.3
17.4
76.7
9.4
27.4
83.4
100.2
961.0 1, 115. 1 1, 094. 9 1, 139. 1 1, 129. 9 1, 105. 8
518.6
449.0
461.8
315.2
453.8
283.8
16.8
22.5
20.6
12.5
19.1
8.9
100.1
100.1
103.1
32.3
26.7
62.7
4.5
6.8
14.7
.6
.7
2.7
30.4
22.6
9.0
26.7
10.7
23.1
122.4
88.2
120.2
88.9
116.3
84.9
95.5
119.6
104.0
109.2
102.5
85.8
11,092.0 12, 761. 7
4 778.9 4, 882. 3
175.9
171.8
761.8
669.5
90.9
157.0
239.4
268.8
1,218.5 1, 262. 5
1,082.0 1, 215. 8
906.0
407.4
9.7
89.6
10.4
19.1
99.8
87.1
43
30 4
534.5
524.6
459.9
463.2
470.5
585.8
446.0
443.2
464.3
499.8
456.9
5 767.4 5 768. 1 481.4
523.3
34. 184. 2 39. 834. 0 2.644.4 2.482.0 2. 857. 4 2.866.5 2. 729. 6 3.004.1 2.853.9 2.656.1 2. 983. 4 3. 126. 2 2. 962. 3 3.018.0 3, 694. 1
9 Includes data not shown separately.
372.8
17.0
60.8
14.0
30.2
136.1
43.1
, 484. 1 3,502.8 4, 106. 6 '3,785.6 3,911.2 3, 679. 2 '3,350.6 3,377.0 4,209 5 2 841 0 3, 219. 5
,433.6 3,471.5 4, 058. 5 '3,741.6 3, 854. 3 3, 624. 7 3,292.9 3,319.4 4,169 7 2 775 6 3, 176. 4
623.6
605.6
579.0
629.2
671.6
633.5
546.0
635.7 i 715.9
749.8
466 3
, 812. 5 2, 866. 0 3, 390. 7 3, 174. 2 3.287,6 3, 073. 6 2, 773. 3 2 830. 7 3 459 6 2 374 7 2, 590. 3
Crude materials inedible, exc. fuels 9
Cotton raw excl linters and waste
Soybeans, exc. canned or prepared
Metal ores concentrates and scrap
Beverages and tobacco
329.6
13.5
48.8
10.0
18.4
131 3
39.8
Dec.
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1971
1971
Annual
S-23
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Nov.
Dec.
Jan.
2
5
7
8
2
4
2
9
8
6
6
302 8
44.6
61 9
41 3
50 5
254 4
83 7
42.5
3 9
13 7
542 9
25.4
92.9
110 3
71 2
63 3
296 1
80 5
42.6
15 4
19 6
547 1
18 3
134 8
97 0
75 1
83 5
288 9
70 3
41 9
13 4
18 3
309 8
276 4
Sept.
331 7
307 8
400 9
354 7
398 4
352 5
Oct.
Feb.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Imports— Continued
General imports— Continued
By commodity groups and principal commodities:
Food and live animals 9
mil. $__
Cocoa or cacao beans.
do
Coffee
do
Meats and preparations
do
Sugar
do__
Beverages and tobacco
do
Crude materials, inedible, exc. fuels 9
do
Metal ores
_ do__ _
Paper base stocks
do
Textile
fibers
do
Rubber
_ __
do
Mineral fuels, lubricants, etc
Petroleum and products.
Animal and vegetable oils and fats
Chemicals
5, 374. 7
200.7
1, 159. 5
1, 014. 4
725.3
855.0
3, 307. 2
1, 148. 9
501.9
201.7
236.5
3, 074. 7
do
_ do. __ 2,764.3
5 531 2 459 7
30 1
181 3
1 167 8 124 1
70 2
1 050 4
' 763 6
45 6
63 1
875 5
235 4
3 384 6
1*043' 6
71 4
502 3
37.4
13 0
158 4
216 0
17 2
385 7
14 5
86 7
64 8
33 9
56 2
208 2
51 1
38 0
12 9
17 2
458
14
81
87
67
69
309
94
49
16
15
7
8
3
6
4
0
6
8
9
0
4
522 1
17 3
110 4
83 7
81 1
70 4
281 6
86 1
44 0
16 0
15 1
446 1
9 9
95 2
79 5
58 8
74 6
297 7
105 2
39 8
13 1
17 1
500 7
15 6
102 3
105 o
69 9
92 7
352 3
126 7
49.2
12 3
25 4
482 1
16 0
113 8
94 6
68 1
83 1
323 6
125 4
37 8
14 2
16 8
529 4
12 5
141 3
102 0
81 3
86 9
305 0
97 2
43 5
17 6
23 9
610
12
142
128
98
104
308
81
40
16
19
267 6
237.0
255 8
219 5
315 6
283 8
269 3
234 5
297 0
264 3
303 0
268 0
303 8
275 6
327 2
298 7
333 1
303 0
3 714 7
3 323 3
7
9
7
9
8
4
4
2
0
2
2
290
6
31
61
46
61
247
74
37
7
15
5.8
159.6
171.8
11.9
15.5
16.1
17.6
15.8
13.9
12 0
11.0
17 6
13 5
12.1
14.8
14.8
1, 450. 2
1 612.1
124.0
125 4
145 5
150 4
150 4
142 3
138 6
148 1
165 9
114 5
90 2
116.0
159.4
9 548 5
2 725 4
988 5
1 552 7
1 392.0
719.9
193.7
76 0
123.1
110.0
636 1
180 8
62 6
105 9
97 6
795
190
83
136
127
824
208
89
152
128
851 4
260 8
83 2
130 3
120 9
948
300
85
149
132
812 5
236 7
75 6
135 8
112 8
896
259
88
149
134
701
219
83
95
82
865 5
202 9
94 g
150 6
Ibl 4
872
175
81
150
148
do
__do
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles.
do
do
do
do
do _
8, 438. 3
2, 030. 2
929.6
1, 655. 6
1,135.3
2
0
2
5
3
783
254
74
122
113
0
3
2
9
2
Machinery and transport equipment
Machinery, total 9
Metalworking
Electrical
do
do
do
do
11,171.7 13 903 8 1 033 2 1 032 0 1 236 9 1 200 6 1 168 5 1 313 2
5, 288. 7 5 967.8 468.6
413 9
526 9
561 9
532 8
475 6
163.7
106 8
10 9
9 5
9 1
10 7
9 4
11 2
239 7
2, 271. 2 2 556 6
217 6
191 6
166 4
211 9
204 0
986
473
8
187
9 1 031 7 1 219 8 1 157 3 1 218 7 1 304 1 1 269 2
550 4
523 8
575 0
503 6
1
442 8
495 1
9 9
8 6
4
4 1
6 9
88
9 4
251 2
232 6
241 7
222 6
6
236 0
185 3
do __
do
5, 883. 0
5, 067. 6
7, 936. 0
6, 846. 5
564.7
477.9
618.1
535.5
709.9
617.2
667.8
562.0
692 8
599.1
751 2
652.5
513 8
443 9
588 9
504*2
696 0
600 6
662 2
580 2
715 1
620 9
do
4, 846. 3
5,384.1
389.4
369.5
442.2
436.5
416.0
492.8
453.3
474.7
485.0
449.2
1, 273. 8 1, 475. 8
117.6
109.4
122.1
125.0
127.3
124.1
132 6
120 5
112 6
127 1
Transport equipment
Automobiles arid parts
Miscellaneous manufactured articles.
Commodities not classified
.. do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967 — 100
Quantity
do
Value.
do
General imports:
Unit value
do
Quantity..
do
Value
_ _ _
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
_
__thous. sh. tons
Value..
mil $
General imports:
Shipping weight
thous. sh. tons
Value
mil $
7
0
8
4
1
0
1
6
7
4
2
3
2
4
0
5
6
1
5
2
716
220
92
101
82
4
0
1
4
7
3
0
9
8
1
753 7
650.9
694.2
588.0
436.9
539.0
519.1
116 9
140.3
127.2
110. 7
123.9
137.1
*>114. 4
*>122. 5
*>140 1
114 2
117.7
134 4
114 8
118.3
135 9
115 7
137 4
158 9
116 2
126 8
147 4
114 6
131 7
150 9
112 8
125 8
141 9
113 2
114 0
129 0
113 0
115 0
130 0
113 8
143 5
163 3
115 0
94 5
108 7
113 8
109 3
124 4
115 4
135 8
156 6
111.6
133.1
148.6
pl!7 6
Pl44. 3
Pl69. 7
115 3
132.4
152 7
115 9
123 0
142 5
117 9
148 0
174 6
116 1
149 9
173 9
116 9
146 7
171 6
117 2
163.1
191 1
117 8
140 2
165 1
118 0
145 5
171 7
117 4
161 7
189 8
119 8
129 3
154 9
120 4
130 8
157 6
118 4
161 5
191 1
239, 774
24, 394
204, 057
22 581
17, 431 16 003
1 964 1 867
16, 934
2 129
17 923
2 045
18 730
2 029
17 844
1 929
15 698
1 857
18 182
1 865
20 320
2 434
12 933
r
299, 168
24, 339
r
311, 983
25 239
21 448
2 155
16 998
1 908
29 103
2 347
25 157
2 399
27 363
2 381
29 567
2 710
27 546
2 365
28 528
2 379
28 126
2 603
13 772
1 312
989
23 824
i 735
c
C
18, 374
2 161
26 271
1 624
28 004
2 377
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue).
bil
Passenger-load factor§
percent..
Ton-miles (revenue), totalf
mil
Operating revenues 9 O
Passenger revenues
Freight and express revenues.
Mail revenues
Operating expenses©
Net income after taxes©
Domestic operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
...mil.$_
do
do
do
do
..do
bil
mil
do
Operating revenues©
mil.$_.
Operating expenses© . .
do
Net income after taxes©
.
___do
International and territorial operations:
Passenger-miles (revenue)
bil
Express and freight ton-miles
."_". .."." milll
Mail ton-miles .
do
Operating revenues©
Operating expenses©
Net income after taxes©
mil. $. .
do
do
131. 72
49.7
18, 167
135. 65
48.5
18, 685
10.53
46.0
1,409
9.06
43.5
1,260
i 9, 290
7,627
750
306
i 9, 247
-1201
104. 16
2,216
715
106.29
2,275
707
8.45
147
59
7.26
147
55
i 7, 180
7,181
-U84
2,109
2,066
-117
8.18
177
63
10.84
46.2
1,483
29.36
1,520
617
2.08
96
54
1.80
101
51
1.99
116
55
12.09
50.7
1,605
13.66
54.5
1,775
14.06
55.8
1,840
11.14
47.4
1,573
11.10
47.5
1,617
10.00
45.2
1,485
11.98
50.9
1,710
10.30
185
54
10.74
211
53
8.32
223
54
8.61
227
56
8.03
204
58
9.66
216
80
3.37
123
46
3.31
127
44
2.81
139
44
2.49
174
49
1.96
164
59
2.32
148
67
2,507
2,073
192
70
2,407
17
9.01
175
61
8.39
181
59
1,704
1,833
-125
9.44
186
55
1,950
1 866
21
2.16
113
52
477
499
-35
Local Transit Lines
Fares, average cash rate
cents
26.4
26.4
26.6
26.5
25.7
440
Passengers carried (re venue)
. I. __"_".. mil" 5, 903
••458
5,563
536
r
Revised.
* Preliminary.
1 Annual total Deflects re^visions not dist ributed to
]
monthly or quarterly data.
9 Includes data not shown separately.
lApplies to passengers, baggage, cargo, and mail csirried.
11.17
49.1
1,519
2 181
1,789
172
71
2,332
-160
1
27.56
1,299
766
10.17
43.7
1,428
2.46
111
48
2.65
109
47
656
540
4
27.0
26.7
26.8
26.6
26.6
26.6
26.7
26.7
26.7
436
460
444
464
484
463
416
422
471
§P issenger- miles as ci percent of availa ble seat-imiles in i evenue s ervice; r sflects pr oportion
©Tot al c
revemles, expe uses, and income
of se ating caimcity ac tually sc Id and \itilized.
Cornjcted.
foral 1 groups (>f carriers also reflUict nonsc leduled s ervice.
26.6
504
SURVEY OF CURRENT BUSINESS
S-24
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
March 1972
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
2 176. 1
254.4
12.36
1018.33
*°53
Feb.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION-Continued
Motor Carriers (Intercity)
Carriers of property, class I :
Number of reporting carriers
_
O perating revenues, total
mil. $__
Expenses, total
do
Freight carried (revenue)
mil. tons__
Freight carried, volume indexes, class I and II
(ATA):
Common and contract carriers of property
(qtrly.)cf
average same period, 1967=100..
Common carriers of general freight, seas. adj.
1967=100..
Carriers of passengers, class I:
Number of reporting carriers..
Operating revenues, total
.mil. $..
Expenses, total
_ _do_ ._
Passengers carried (revenue)
.mil..
Class I Railroads
Financial operations (qtrly.):
Operating revenues, total9
Freight
— ...
.
..
Passenger
Operating expenses...
Tax accruals and rents
Net railway operating income
Net income (after taxes)
Traffic:
Ton-miles of freight (net), revenue and
enue
Re venue ton-miles (qtrly.)..
Revenue per ton-mile
Passengers (revenue) carried 1 mile
Travel
Hotels and motor-hotels: §
Average sale per occupied room
Rooms occupied
mil. $..
do
__do
do__ .
do _ .
do
do__ .
nonrevbil
do
cents
mil
1
1,359
11, 050
10, 655
554
112.4
116.1
111.1
116.1
121.4
122.0
125.6
124.7
129 2
130 3
171
722.2
638.4
173.5
127 6
128 7
121.5
119 9
125 0
73
8345 3
8320 9
881.2
11, 985
10, 916
2 3, 125
2 2, 877
420
9,731
1,844
2485
2 738. 3
dollars
% of total
13.25
13.56
thous
do
do
do
do
do
6,659
6 499
4 065
3 449
2,219
45, 753
55
114
2769
2
2 2, 513
2494
2 118
2637
78
2, 573
2521
2
277
26179
8 388. 9
2 197. 8
1. 568
'83,834
2185.0
13.62
13.24
54
114
47
98
50
106
7,591
7 059
4 325
3,567
2,399
48, 863
550
443
328
239
137
1,198
12.72
273,102
2 2, 885
2756
2 2, 458
2
478
2166
2C66
273,371
2
3, 138
291
777 2
' 764. 8
* 1 431
<10 770
Foreign travel:
U S citizens* Arrivals
Departures
Aliens* Arrivals
Departures
Passports issued
National parks, visitsf
124.3
2 179. 3 -
8
14.37
13.26
56
128
56
119
56
131
444
404
242
185
182
517
471
306
239
275
573
620
334
299
270
1,347
1,689
563
556
312
247
290
2,609
3,653
13.94
55
124
12.41
14.01
54
116
56
108
897
908
493
362
239
1,065
6.725 ' 10,268
••9,802
595
802
352
317
317
--
256.2
,
111
514
449
203
14.23
15.06
13.52
55
116
62
117
53
108
41
116
768
598
453
325
147
647
609
365
313
106
544
442
305
269
113
427
530
320
322
121
4,978
103
158
1,931
1,246
227
3,417
1,273
1, 556
1,055
1,166
1,119
r 1, 151
1, 092
1 245
'102
1 123
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil $
Station revenues
do
Tolls message
do
Operating expenses (excluding toxes)
do
Net operating income (after taxes)
do
Phones in service end of period
mil
Telegraph carriers:
Domestic:
Operating revenues
mil. $
Operating expenses
do
Net operating revenues (before taxes) do
International:
Operating revenues
do
Operating expenses
do
Net operating revenues (before taxes) do
18 103
8 912
6 947
11 581
3 058
104 1
4,760
2,341
1,845
3,046
4, 897
2,386
1,909
3,109
5 008
2 446
1 941
3 325
105 2
105.9
107 1
402 5
334 6
34 0
91.2
78.8
98.7
85.3
4.8
95 5
82 7
7 0
193 7
144.9
39 3
51.9
36.6
12.7
50.4
37.6
10.1
50 9
37 8
10 2
813
859
6.8
809
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
AcetyleneJ
mil cu ft
Ammonia, synthetic anhydrous thous sh tons
Carbon dioxide liquid gas and solidj
do
Chlorine gas (100% Clj)J '
do ~
Hydrochloric acid (100% HC1)
do
Nitric acid (100% HNOs)
do
Oxygen (high purity) %
mil cu ft
Phosphoric acid (100% PjOs)
thous sh tons
Sodium carbonate (soda ash), synthetic (58%
NajO)
thous sh tons
Sodium bichromate and chromate
do
Sodium hydroxide (100% NaOH)
do
Sodium silicate, anhydrous
do
Sodium sulfate, anhydrous
do
Sulfuric acid (100% HjSO^t
do
r
2
r 14, 834
13, 098
r
1 115
9 755
13, 631
13, 719
1 261
9,349
2,025
1,918
6,460
6,671
r
283 860 5312 558
6 034
4 5 466
4 414
* 150
10 074
4 275
612
605
1 362
29 577
1,350
29 285
131
9 692
953
1,047
80
742
969
81
695
161
567
149
537
26, 612
1,091
1,220
1,144
97
790
102
778
176
604
167
598
26, 194
29, 668
493
522
535
313
12
766
39
112
344
11
742
51
109
376
12
822
64
115
2 396
2 386
2,593
Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
Source: Association of American Railroads.
3 F0r 5 weeks. 4 Annual total reflects
5
revisions not distributed to the monthly or quarterly data.
Beginning 1971, includes
low purity oxygen. <* Before extraordinary and prior period items.
7 Reporting roads
8
only; excludes AMTRAK operations.
For Sjx months ending in month shown.
» Based
on six months ending in month shown.
i» See note "§", this page.
cflndexes are directly comparable for the identical quarter of each year (and from year to
year).
1,237
1,248
1,350
1,256
100
765
1,317
1,140
117
111
1,185
1,061
1,038
1,149
1,018
1,099
120
784
131
788
117
772
112
808
166
533
165
552
180
524
27, 634
183
587
158
510
28, 934
173
488
27, 344
26 322
20 740
472
468
363
12
800
61
119
346
13
795
56
123
350
10
814
36
112
354
9
818
44
101
539
2,599
519
2,520
479
362
12
798
46
120
2 380
2 289
2 248
23 565
500
341
9
791
47
106
2 300
103
808
••171
'554
24 926 r 24r 342
471
496
360
12
831
56
110
2 389
356
9
840
r
53
r
111
••2 457
842
784
176
616
169
585
26, 277
541
498
411
10
876
54
113
317
7
821
44
107
2 728
2 419
9 Includes data not shown separately.
{Revised monthly data back to 1969 will be
shown later.
§Effective Jan. 1972, data reflect an expanded sample that includes many motor hotels;
comparable Jan. 1971 figures are as follows: Average sale per room, $17.78; occupancy, 52%.
IData include visits, effective Jan. and July 1971, to Guadalupe Mts. and Redwood National Parks, and effective Jan. 1972, to Arches and Capitol Reef National Parks.
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
S-25
1972
1971
1971
Jan.
Annual
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Organic chemicals, production: of®
Acetic anhydride
Acetvlsalicylic acid (aspirin)
Creosote oil
mil. Ib
do
mil. gal
Ethyl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks, end of period
Methanol synthetic
Phthalic anhydride -
mil. Ib
do
1 1,545.8
31.7
119.2
125.8
2.7
8.4
120.2
2.5
8.4
140.6
2.9
9.6
133.5
2.8
10.3
137.0
2.6
10.7
127.0
2.3
12.1
126.4
2.3
12.6
120.6
2.6
9.0
123.0
2.9
7.2
116.0
3.0
10.7
115.1
2.4
9.7
113.5
2.7
10.6
i 158. 7 i 159. 8
14,312.4 i 4,373.1
13.5
308.8
13.0
310.3
10.8
382.1
15.9
383.4
14.5
371.9
11.7
362.1
14.6
340.2
11.6
361.8
13.6
413.2
11.7
409.0
9.7
387.6
16.7
338.3
35.1
109.6
do
do _
mil. gal
mil. Ib
336.1
29.6
i 744. 7
i 714. 0
340.1
28.2
739.7
i 766. 4
28.2
31.2
60.2
54.4
25.8
27.0
56.6
51.4
30.3
29.2
56.0
61.9
27.0
23.5
65.8
61.3
28.6
25.5
60.3
71.1
29.4
23.4
65.4
67.7
26.9
20.9
54.3
67.9
30.3
24.2
61.6
62.3
28.8
26.8
57.8
68.3
28.5
27.8
60.9
65.1
29.8
27.3
67.8
72.8
26.4
'28.2
72.9
69.8
mil. tax gal
__do__
do
do
'630.5
' 164. 0
513.8
'84.7
553.8
132.8
436.5
88.0
45.0
162.8
37.8
6.2
41.5
159.4
31.8
6.1
41.7
155.1
37.7
7.4
44.4
151.2
38.1
6.6
43.4
148.2
38.8
6.5
48.6
150.1
38.8
7.7
43.7
151.9
33.1
7.0
43.6
146.1
35.2
7.7
46.9
138.8
34.2
7.9
56.4
135.0
37.9
8.2
51.6
136.7
37.1
9.0
46.9
132.8
36.2
7.5
mil. wine gal_.
do
do
' 277. 1
'276.4
3.0
234.1
234.6
3.0
20.4
20.2
3.3
17.2
17.7
2.8
20.4
20.4
2.7
20.6
20.7
2.7
20.9
21.0
2.8
21.1
21.7
2.3
18.0
17.7
2.6
19.0
18.9
2.8
18.4
18.4
2.7
20.3
20.2
2.9
18.2
18.2
3.0
19.6
19.6
3.0
16,005 1 17, 106
1,050
1,133
12, 543 113,431
1,033
966
1, 800
58
1,528
66
1,168
62
905
87
1,285
67
986
83
1,680
94
1,381
72
1,210
61
968
90
1,418
92
1,122
108
1,616
82
1,256
91
1,350
129
1,005
85
1,666
95
1,327
101
1,318
111
1,010
88
1,322
64
1,079
78
1,308
133
899
85
1,630
137
1, 209
109
374
229
4, 549
203
'16
12
315
19
24
33
296
13
43
40
474
7
104
18
475
34
58
20
518
13
18
8
184
28
14
7
272
17
17
21
407
23
31
11
463
47
19
34
354
(3)
14
15
468
0
17
13
316
2
28
28
468
13
4, 603
5, 026
436
271
569
895
391
276
270
325
364*
437
404
389
423
' 4, 596
484
4,966
389
379
505
402
511
430
453
436
262
415
258
393
336
378
406
394
382
420
339
418
287
'415
'343
484
389
424
396
Explosives (industrial), shipments, quarterly!
mil. lb_. 2,046.5
2, 120. 0
Paints, varnish, and lacquer, factory shipments:
Total shipments.
_
mil. $
Trade products
do
Industrial
finishes
do
2,737.1
1, 497. 6
1,239. 4
2, 830. 9
1, 562. 8
1, 268. 2
180.4
91.9
88.5
198.2
104.7
93.5
235.6
124.5
111.1
253. 0
142.9
110.2
258.2
145.7
112.5
291.6
169.7
121.9
254.1
156.6
97.5
274.0
158. 9
115.1
266.8
149.9
116.9
r * 8, 531
s 8, 616
4,310
728
4,108
658
4,094
695
4,123
684
4,069
716
4,119
686
4,095
721
4,156
734
4,190
696
'745
'769
4,208 ' 4, 321 ' 4, 388
754
4,311
(2)
48.7
82.1
47.7
51.7
81.2
48.2
59.4
93.7
53.2
60.7
91.2
55.6
63.6
90.7
55.8
66.7
91.4
69.1
62.2
81.0
52.3
67.4
93.2
67.9
71.9
107.0
64.2
62.2
108.1
64.9
58.2
105.1
60.6
55.8
94.2
56.8
270.5
289.5
459.9
303. 9
321.4
491.7
287.1
306.8
543.4
345.4
344.7
541.9
326.5
328.9
529.2
314.6
284.7
514.5
331. 5
338.9
545.1
328.3
347.5
557.2
315.3
381.4
561.0
326.9
363.4
557.1
338.8
372.6
579.6
_ _
26.4
27.3
ALCOHOL
Ethyl alcohol and spirits :t
Production
Stocks, end of period _
Used for denaturation__
Taxable withdrawals
Denatured alcohol :t
Production
Consumption (withdrawals)
Stocks, end of period
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
_ _
do
do
_ _ _ _ _ do
do
Potash deliveries (KjO) _ _
_
do__
Superphosphate and other phosphatic fertilizers
(100%P305):
Production?
thous. sh. tons__
Stocks, end of period _»
do
326
218
4,165
129
1
MISCELLANEOUS PRODUCTS
Sulfur, native (Frasch) and recovered:
Production
thous. Ig. tons__
Stocks (producers'), end of period- _
_ ..do
4,038
585.4
480.0
567.7
486 9
226.8
119.6
107.2
208.9 ' 183. 3
107.6
'90.8
101.3 '92.5
207.7
99.8
107.9
747
4,373
PLASTICS AND RESIN MATERIALS
Production:
Thermosetting resins:
Alkyd resins
Polyester resins
_ _ _
Phenolic and other tar acid resins
Urea and melamine resins
.mil. lb__ 1600.2 2
do
'646.1 i~637.~7~
do._ U,041.8 1 1,141.5
do _„_ i 623. 5 i 683. 4
Thermoplastic resins:
1
Cellulose plastic materials..
_
do..
140. 9 2
Coumarone-indene and petroleum polymer
resins. ._
mil. Ib.. i 315. 3 2
Styrene-type materials (polystyrene)
do _. 3,402.9 i 3,750.5
Vinyl resins (resin content basis)
d o _ _ _ 3,754.4 i 4,075.8
Polyethylene
_ do
5, 872. 3 i 6,395.8
(2)
(2)
267.2
294.7
493.5
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial) , total
mil. kw.-hr__ 1,638,010 1,717,520 146, 329 131, 607 141, 605 131, 045 133,925 150, 674 164, 142
Electric utilities, total....
By fuels
By waterpower.
Privately and municipally owned util
do
Other producers (publicly owned)
___do
Industrial establishments, total
By fuels
By waterpower
_
_ _
do
do.
do__.
1,254,344 1,322,540 112,269 100, 878 107, 331
275, 237 291, 396 25, 119 22, 516 25, 327
108, 429
105, 146
3,284
103, 585
100, 325
3,260
8,940
8,651
290
8,213
7,924
290
8,947
8,628
319
' Revised.
1
Reported annual total reflecting revisions not distributed to the monthly data,
3
4
discontinued.
Less than 500 short tons.
Annual total reflects sulfur content, whereas
monthly data are gross weight. fi Gross weight.
® Scattered revisions have been made in the annual data back to 1967; monthly revisions
are not available.
154, 507 146, 241 139, 845 139, 231 148, 369
do__ 1,529,581 1,613,936 137, 388 123, 394 132, 657 122, 301 125,073 141, 896 145, 708 146, 075 137, 819 131, 043 130 857 139, 724
do
1,282,253 1,347,616 114, 774 101, 359 107, 833 99,308 101, 347 118, 983 123,513 123,923 118, 840 111,367 110, 427 115^941
_ _ _ d o _ _ _ . 247, 328 266, 320 22, 614 22, 035 24, 824 22, 993 23, 727 22 914 22 194 22 152 18 979 19 675 20 430 23 783
93, 619 101, 413 116, 548 119, 677 119,754 114,428 108, 873 107, 728 115, 022
23, 682 23, 660 25,348 26,030 26,322 23, 391 22, 170 23, 129 24, 701
8,744
8,448
297
8,852
8,545
307
8,778
8,484
294
8,434
8 196
238
.
8,432
8,198
234
8,422
8 197
225
8 802
8 553
249
8 374
8 120
254
8 645
8 381
263
cTData are reported on the basis of 100 percent content of the specified material unless
otherwise indicated.
9 Includes data not shown separately.
§Data exclude black blasting powder.
g_26
SURVEY OF CURRENT BUSINESS
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
| 1971
Annual
March 1972
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
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 1,391,359 1,466,440 122, 035 120, 810 119, 704 115, 975 113,830 119, 699 128, 746 128, 685 130,062 123, 145 119,753 123, 145
Commercial and industrial:
312, 750 333,752 26,223 26,029 25, 703 25, 320 25, 377 27, 838 31, 061 30, 912 31,241 27,358 27, 471 27, 358
Small light and power §
do
572, 522 592, 698 47,480 47,457 48, 947 49, 051 49, 338 50,493 49, 405 49, 698 50, 561 49,606 50,069 49, 606
Large light and power§
.
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
_ do_ _
do
do
do
do
-
4,633
447, 795
11, 183
37, 816
4,660
4,537
479, 079
11, 674
39,820
4,880
445
43, 156
1,087
3,260
384
403
42, 268
1,004
3,267
382
422
39, 819
973
3,426
415
380
363
36, 897
34, 263
933
2,983
411
888
3,198
402
355
36,391
859
3,336
427
353
43, 205
863
3,436
423
351
43, 026
904
3,371
423
342
43,093
965
3,445
414
400
370
40, 891
1,117
3,374
37, 048
1,063
3,348
399
385
400
40, 891
1,117
3,374
•• 399
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil $ 22, 065. 9 24, 725. 2 1, 978. 1 1, 977. 5 1, 955. 3 1, 912. 6 1, 900. 1 2,014.7 2, 193. 9 2, 207. 2 2,253.8 24,725.2 2, 062. 0 24,725.2
GAS
Manufactured and mixed gas:
Customers end of period total 9
Residential
Sales to consumers total 9
Residential
thous
do
mil therms
do
Revenue from sales to consumers total 9 mil $
Residential
do
Natural gas:
Residential
Industrial and commercial
Sales to consumers total 9
Residential
Industrial and commercial
do
do
mil therms
do
do
Revenue from sales to consumers total 9
Residential
Industrial and commercial
mil $
do
do
571
535
34
574
538
35
572
536
34
557
522
34
1 497
832
632
646
392
238
328
177
143
154
64
88
132 7
82 4
47 6
60.1
39 1
19.5
33.4
20 5
12 1
15.8
85
7 0
41 204
37 826
3 326
41 599
38, 166
3,382
41 373
37, 998
3 337
41 378
38, 032
3,307
158 921
48* 394
103* 821
53, 770
22, 940
29, 147
39 458
10 759
27 467
31 183
4,188
25, 429
10 145 0
5 122 0
4 753 0
4, 002. 7
2, 315. 0
1, 609. 8
2 613 6
1 251.2
1 311.1
1, 774. 6
620.5
1, 092. 5
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
Production
mil bbl
Taxable withdrawals
do
Stocks end of period
do
Distilled spirits (total):
Production
_
mil. tax gal__
Consumption, apparent, for beverage purposes
mil. wine gal__
Taxable withdrawals
.mil. tax gal._
Stocks end of period
do
Imports
mil proof gal
Whisky:
Production
_
mil. tax galTaxable withdrawals
do
Stocks, end of period
do
Imports
mil proof gal
10.53
9.80
13.31
9.86
9.74
12. 78
10.02
9.83
12.23
13.42
17.71
18.35
18.75
30.31
17. 45
997. 52
18.55
31.37
17.92
996. 16
10.18
38.64
18.26
993.62
8.24
15.52
996. 62
7.18
6.00
5.14
'133.12
'121.86
12.26
137. 35
127.50
12.23
9.62
8.32
12.97
9.41
8.52
13.20
12.53
11.00
13.81
12.33
11.04
14.07
12.37
11.05
14.40
13.71
12.87
14.25
13.28
12.48
14.18
12.28
11.89
13.64
11.41
10.96
13.31
' 212. 29
182. 36
16.20
16.82
18.14
15.93
13.11
13.44
10.35
10.14
i 371. 47
' 173. 69
1, 008. 54
90.89
24.60
24.99
31.46
29.76
29.22
33.79
28.98
30.65
182. 06
12.32
15.64
12.41
11.62
13.41
16.99
13.78
16.73
996. 62 1,011.30 1,014.16 1,015.72 1,015.08 1,015.78 1,012.28 1,009.46 1,001.43
102. 14
6.36
7.65
7.06
9.03
6.93
7.78
5.68
7.49
119. 41
12.69
116. 92
8.30
945. 80 958. 21
i 89. 29
5.60
146. 36
112.88
954. 58
75.59
Rectified spirits and wines, production, total
mil. proof gal__ 113. 67
Whisky
do
64.37
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
' 23. 03
Taxable withdrawals
do
' 20. 36
Stocks, end of period
do
7.38
Imports
do
1.79
Still wines:
Production
do
r 245. 04
Taxable withdrawals
do
' 216. 97
Stocks, end of period.
do
293. 32
Imports.
do
28.23
12.96
7.78
960. 86
4.95
13.42
9.85
964. 24
6.75
10.47
8.53
963. 43
6.21
8.54
8.29
964. 97
4.08
6.85
10.09
960. 51
8.08
6.61
7.58
958. 57
6.04
5.86
10.64
952. 85
6.59
8.56
11.74
949. 82
15.75
10.79
12.34
947. 17
8.89
11.41
12.19
944. 54
7.46
11.25
9.59
945, 80
6.48
116. 11
63.05
8.25
4.28
8.15
4.58
9.87
5.10
8.61
4.30
8.70
4.58
10.22
5.80
8.69
5.02
10.28
5.54
10.46
5.88
10.97
6.17
12.14
6.85
9.77
4.95
24.60
22.10
8.57
1.88
2.33
1.85
7.72
.13
1.96
1.52
8.11
.08
2.81
1.79
9.06
.12
2.17
1.47
9.69
.14
1.08
1.44
9.24
.15
1.34
1.65
8.84
.15
1.50
1.21
9.01
.10
2.23
1.32
9.80
.17
2.09
1.75
10.01
.35
2.05
2.39
9.54
.22
2.38
2.81
8.99
.14
2.66
2.91
8.57
.12
.14
357. 29
247. 20
366. 35
134.28
5.43
19.85
276. 51
2.06
4.62
18.68
259. 80
1.81
5.28
22.37
241. 99
2.65
6.13
20.39
225. 62
2.61
7.68
18.06
215. 71
3.09
6.30
20.59
198.93
3.38
5.32
17.40
186. 28
3.12
9.18
18.73
173. 30
3.59
57.65
20.42
209. 01
5.38
126. 44
22. 26
310. 06
2.99
69.05
23.13
347.50
1.49
54.21
25.31
366. 35
2.09
3.03
303.08
402. 38
3.01
3.15
1.38
.62
5.96
2.80
1.31
4.32
113. 99
176. 09
73.30
16.45
mil. lb._ 1, 136. 7
do
118.8
$ per fb__
.704
1, 142. 5
96.8
.693
103.8
97.8
119.3 ' 134. 1
.708
.708
111.0
157.9
.707
113.0
180.4
.688
119.6
209.8
.687
112.2
235. 1
.688
"90.2
253.0
.687
79.6
246.8
.687
69.0
222.0
.692
79.4
188.9
.688
78.3
155.0
.688
88.7
96.8
.690
101.5
'79.1
.688
mil. lb__ '2, 203.8
do
••1,425.9
2,380.4
1, 517. 5
181.0
113.8
202.8
126.9
210.3
137.3
232.5
159.0
233.9
161.9
211.1
141.6
198.9
129.6
181.2
112.4
184.8
111.2
177.3
103.3
197.8
115.7
199.0
124. 0
302.0
238.9
95.5
320.9
255.1
'7.9
' 309. 9 302.1
236.3
'242.8
'8.8
'6.4
314.6
248.0
7.9
337.4
268.8
8.1
376.8
296.8
6.4
386.1
311.6
7.6
378.8
303.9
8.9
357.6
283.7
14.0
333.5
262. 4
6.4
312.6
246.8
3.4
302.0
238.9
9.7
' 296. 2
' 232. 1
13.8
Distilling materials produced at wineries___do
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), totalf
American, whole milkj
_
Stocks, cold storage, end of period
do
American, whole milk_
do
Imports
do
Price, wholesale, American, singfe daisies (Chicago)
$ per lb__
324.5
254.0
' 161. 3
168. 7
104.8
.678
.653
.649
.671
.656
' Revised.
i Reported annual total; revisions are not distributed to the monthly data.
§ Data are not wholly comparable on a year to year basis because of changes from one
.684
.669
.669
.669
.676
.679
.673
.670
.678
.678
classification to another.
9 Includes data not shown separately.
{Revised monthly data for 1969 and 1970 will be shown later.
« Corrected.
89.3
.688
291.7
229.1
.707
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated In footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
S-27
1971
1971
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS— Continued
Condensed and evaporated milk:
Production case goods d"1
mil. Ib
90.3
109.0
116.5
134.2
141.5
115.8
105.8
84.5
79.5
79.5
92.0
84.0
73.9
115.7
88.6
81.3
69.4
67.6
61.2
104.0
133.8
162.4
172.9
163.0
151,5
111.7
88.6
16 4
33.3
35 1
32.7
.7
2.7
1.7
2.3
4.4
2.6
11.3
2.2
3.8
8.5
4.2
2.9
.2
1.2
.8
2.4
2.9
2.8
2 4
1i
1.6
3.5
3.3
mil. Ib '117, 149
60, 108
do
5.70
$ per 100 lb__
118 640
62,411
5.86
' 9, 570
4,807
5.96
' 9, 006 10, 223 '10, 440 11,189 '10,836 '10, 316 ' 9, 903 ' 9, 365
4,662
5,210
5,557
4,538
5,797
5,697
6,297
6,438
5.74
5.98
5.83
5.91
5.61
5.71
5.50
5.60
' 9, 419
4,527
6.09
' 8, 950 ' 9, 423
4,255
4, 626
6.17
6.18
9,635
5,010
'6.13
77.8
1,473.6
115.8
Exports:
Condensed (sweetened)
Evaporated (unsweetened)
Fluid milk:
Production on farms
Utilization in mfd. dairy products
Price, wholes ale, -U.S. average
86.8
1 268.3 1 235.4
Stocks, manufacturers', case goods, end of month
or yearcf
mil. Ib
do
do_
Dry milk:
Production:
68.7
Dry whole milk
mil Ib
1, 442. 8
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
D r y whole milk
_
_ _ _ _ _ _ __do_ _ _ r 4.7
98. 5
Nonfat dry milk (human food)
do
Exports:
13.8
Dry whole milk
do
212.3
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.263
milk (human food)
$ per Ib
6.7
5.7
111.8
7.0
131.1
2.7
9.0
149.2
9.3
174.6
6.5
4.9
93.5
77.4
5.3
4.7
95.4
7.0
98.5
8.2
7.5
7.0
155.6
6.7
119.7
106.5
91.3
3.4
1.9
4.3
'5.4
2.8
3.6
6.5
1.5
4.1
18.4
1.6
16.7
3.5
11.5
10.7
.314
.318
.318
.320
.320
.320
.321
.319
.318
108.5
79.8
92.1
'81.7
' 134. 5
62.6
' 110. 9
122.3
106.2
3.9
90.4
104.9
136.9
25.0
124. 2
10.0
1.0
10.7
17.6
1.0
7.2
15.0
.278
.276
.277
.304
102. 2
103.7
105.5
94.2
.7
5.3
92.2
164.1
5.0
89.8
.8
5.6
117.6
157.6
5.5
97.7
.307
7
4.7
137.3
7.8
4.0
87.3
5.5
8.4
177.8
9,346
*6.06
9.0
.7
3.3
4.0
4.5
87.3
74.7
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat)
_mil. bu
Barley:
Production (crop estimate)
do
Shocks (domestic) end of period
do
On farms
do
Off farms
do
Exports, including malt§ _ _ _ _ _ _ _ _ d o _
Prices, wholesale (Minneapolis):
No. 2, malting
__$ per bu._
No. 3, straight
do __
Corn:
Production (c^op 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
_
1, 337. 5
r2
1, 204. 5
2 462 5
392 8
255 9
136 9
7
53. 2
.2
'9.7
7.6
4.0
9.2
1.6
.5
1.6
1.14
1.13
1.21
1.20
1.24
1.24
1.30
1.29
1.26
1.25
1.26
1.26
1.29
1.28
1.26
1.26
1.19
1.17
1.11
1.11
4, 099
2 5 540
' 3, 736
' 2, 723
1.013
572. 0
4 642
3,495
1,148
7
511. 7
r2
1.35
1.33
1.39
1.36
2909
'913
'702
2
34.6
1.55
1.52
1.51
1.48
876
2
.3
.3
.78
.2
1.19
1.18
63.9
1.22
1.22
40.1
37.3
1.59
1.52
1.49
1.43
1.29
1.29
1.15
1.13
.75
25.9
66 7
4 642
3 495
1 148
65 8
1.10
1.11
1.07
1.09
1.21
1.20
1 086
.1
.3
.4
.6
.2
.80
.5
1.18
1.18
1.21
1.21
936
686
250
806
281
3201
.7
5.5
1.16
1.16
27.6
3 311
.83
2.3
1.15
1.16
1.51
1.54
3 512
.4
2.4
1.16
1.16
.68
.64
.68
.73
.2
31
2.6
78
84. 3
1,755
1,393
2,004
1,446
79
59
117
47
268
184
161
180
202
113
323
264
76
66
126
60
119
86
287
218
117
88
129
82
91
61
82
98
76
112
135
77
114
101
88
109
113
101
93
98
97
6,497
4,438
5,567
4,206
349
428
240
294
139
323
108
279
67
268
28
221
141
206
924
458
1,627
498
1,106
427
397
294
439
509
570
610
298
375
1,748
3,828
.085
1,737
3,252
.087
1,563
284
.086
1,461
199
.086
1,258
259
.086
1,009
315
.086
809
268
.084
629
365
.087
528
144
.087
829
190
.087
1,504
440
.087
1,840
395
.087
1,869
160
.087
1,737
232
.089
1,566
276
.089
1,428
1.18
1.17
34.8
1.14
1.18
1.18
328.0
1.21
.95
.94
.96
.92
1.06
1.08
Rye:
••238.8
Production (crop estimate) __ _ _
mil. bu
Ml. 6
Stocks (domestic), end of period
do
Price, wholesale, No. 2 (Minneapolis) __$ per bu_.
1.15
T 2
1,370
2260
r 2
1,110
' 1, 492
2
2
50.9
54.5
1.06
65.1
.95
.089
54 5
.93
1 640
476
2 1, 163
1,502
352
r
Stocks (domestic), end of period, total
do
1,064
1, 415
1,553
On farms
do
384
'531
700
Off farms
do
884
679
853
r
2
Revised, f Preliminary. 1 Less than 50 thousand pounds.
Crop estimate for the year.
3
Previous years' crop; new crop not reported until beginning of new crop year (July for
barley, oats, rye, and wheat; Oct. for corn).
* Effective May 1971, weighted average, 4
markets, all grades.
s Average for Jan., April-Sept., and Dec.
« Average for Jan.-April,
4
702
502
200
.82
2.8
26.6
35.3
1.57
1.50
7.1
.72
'283.8
Southern States mills (Ark., La., Tenn., Tex.):
Receipts, rough, from producers
_mil. lb__
Shipments from mills, milled rice__ _ _ do
Stocks, domestic, rough and cleaned (cleaned
basis), end of period
_mil. lb._
Exports
do
Price, wholesale, Nato, No. 2 (N.O.)
$ perlb__
mil. bu
do
do
_ do
43.0
1.59
1.51
392 8
255 9
136 9
1.09
1.09
663
3 423
3 240
68.3
394
670
'39.7
487.7
316.6
171 1
3
1,560
1,167
2,525
1,854
6.75
21.3
5
3156. 2
3
81.4
374.8
257.1
142.1
115.0
936
686
250
211
Exports, including oatmeal
___do_ _
Price, wholesale, No. 2, white (Chicago)
$ per bu
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution
r
409. 8
' 380. 7
' 238. 5
142.2
55.1
mil bu
do
do
do
Rice:
Production (crop estimate)
mil bags 9
California mills:
Receipts, domestic, rough
mil. Ib
Shipments from mills, milled rice
do
Stocks, rough and cleaned (cleaned basis), end
of period
mil. Ib
7
334
489
328
730
3239
3491
1 881
1 553
1,047
700
853
3
834
7
June-Oct., and Dec.
Annual total reflects revisions not distributed to the months.
cf Condensed milk included with evaporated to avoid disclosing operations of individual
firms.
§Excludes pearl barley.
9 Bags of 100 Ibs.
March 1972
SURVEY OF CURRENT BUSINESS
S-28
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Feb.
Jan.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Wheat— Continued
Exports total inch-din01
Whest only
flour
889 1
638 7
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
627.1
588.3
61.9
59.3
r so 3
r
46 7
62.7
59.9
53.7
50.7
70.3
66.7
50.0
43.4
51 2
47.4
'41 5
'38 3
62 1
59.4
34.0
•31.7
41 6
39.5
47.7
45.2
39 5
36.5
1.91
1.54
1.79
mil. bu
do
1.77
1.61
1.72
1.91
1.65
1.82
1.90
1.65
1.80
1.82
1.62
1.77
1.82
1.62
1.75
1.84
1,62
21.78
1.82
1.64
1.75
1.73
1.56
1.65
1.64
1.56
1.62
1.64
1.65
1.63
L72
1.58
1.69
1.71
1.60
1.68
1.70
1.60
1.68
1.72
1.62
1.70
249,840
4,277
555, 092
20, 894
19, 761
21, 004
19, 662
335
46 705
43, 525
46, 658
49, 403
48 166
20,090
338
44492
20, 961
44 038
22,137
378
49301
21, 702
46, 405
20,255
349
45 164
20, 820
347
44,970
20, 994
22, 164
363
20, 216
345
46, 265
352
46,247
4,362
16, 637
1,134
1,528
4,732
1,188
1,282
1,536
4,586
2,841
1,627
1,374
4,861
1,178
982
908
4,362
1,060
1,318
6,145
5,446
6.350
5.588
6.313
5.613
6.250
5.500
6.238
5.488
6.225
5.500
6.200
5. 588
6.113
5.475
6.063
5.313
5.975
5.275
6.000
5.325
6.013
5.338
6.000
5.350
6.000
5.338
5. 988
5.338
247
2,569
3 1, 031
237
2,299
4879
299
248
2,681
2,544
3 1, 140 3 1, 032
203
2,536
3 1, 004
207
2,797
3 1, 005
220
205
2,720
2,725
3878 4 1, Oil
239
2,788
4 1, 018
231
2,667
4 1, 170
233
2,564
4 1, 238
238
2,528
4853
226
2,556
4952
217
2,457
4900
28.83
29.42
34.00
31.80
31.69
40.00
31.42
31.88
41.00
31.96
32.07
41.00
32.35
31.78
39.00
31.91
30.60
39.00
32.77
32.41
35.00
32.21
31.72
38.00
32.11
34.07
38.00
33.30
34.23
38.00
33.92
35. 11
41.00
35.35
36.61
41. 00
35.74
36.92
44.00
7,489
3 1, 412
6,379
4 1, 230
8,266
3 1, 479
7,794
3 1, 455
6,932
3 1, 399
6,983
6,922
6.220
3 1, 438 3 1, 163 4 1, 296
7,379
4 1, 308
7, 190
4 1, 357
7,569
7,547
4 1, 462 4 1, 384
6, 395
4 1, 252
4 1, 115
15.76
19.03
16.88
16.04
17.00
17.68
18.85
18.14
18.28
19.19
18.69
19.94
24.02
25.10
10.7
13.4
11.8
11.3
12.3
12.2
14.0
15.6
16.1
19.5
19.4
18.2
20.8
23.6
10, 256
4 2, 342
903
3178
806
4131
920
3 178
899
3143
772
3186
827
3255
815
3205
812
4212
919
4233
919
4229
818
4209
846
4184
847
4167
801
4136
27.43
24. 00
25.12
26.88
30.25
31. 12
31.25
28.88
27.75
27.50
25.88
24.75
25.75
27.88
28.38
36, 211
3,076
2,663
3, 234
3,075
2,940
3,104
2, 879
2,966
3,116
3,026
3,072
3,062
2,860
795
1
771
39
133
'745
41
112
791
49
151
869
35
141
901
46
133
890
43
170
835
39
155
773
51
166
776
48
223
769
39
110
757
43
102
'795
'774
19, 696
1,645
1,463
'317
1,693
1,608
1,599
1.739
1,682
1,667
1,720
1, 662
1,612
1,606
'374
1,634
Wheat flour:
Production:
253, 094
Flour
thous. sacks (100 Ib.)
4,409
Offal
- thous. sh. tons
Grinding"? of wheat
thous bu
563 714
Stocks held by mills, end of period
thous. sacks (100 Ib.)
4,329
Exports
_ _
_ do
21, 596
Prices, wholesale:
Spring, standard patent (Minneapolis)
$perl001b__
6.179
Winter, hard, 95% patent (Kans. City) .-do
5.569
361
366
378
368
351
1.63
1.61
1.66
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
••3,024
2,806
Calves
thous. animals
30, 793
31,419
Cattle
._
—do
4 11, 993 4 11, 903
Receipts at public markets
do
Prices, wholesale:
29.03
32.04
Beef steers (Omaha)
-$perl001b_32,11
30.10
Steers, stockerand feeder (Kansas City)__do
38.58
38.17
Calves, vealers (Natl. Stockyards, 111.) do
Hogs:
86,670
Slaughter (federally inspected). __thous. animals-- 4' 78,187
15, 333 4 16, 593
Receipts at public markets
do
Prices:
Wholesale, average, all grades (Sioux City)
17.95
$ per 100 lb._ 22. 11
Hog-corn price ratio (bu. of corn equal in value
14.5
to 100 Ib. live hog)
19 1
Sheep and lambs:
Slaughter (federally inspected)... thous. animals.. 10,010
Receipts at public markets .
do
4 2, 462
Price, wholesale, lambs, average (Omaha)
$ per 100 Ib.. 27.43
31.90
30.32
39.00
6,280
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in) , inspected
«• 34, 574
slaughter
_
mil. ib
Stocks (excluding lard), cold storage, end of
759
period
mil. Ib
518
Exports (meat and meat preparations)
do
1 844
Imports (meat and meat preparations)
do
Beef and veal:
»• 19, 489
Production, inspected slaughter
do
347
Stocks, cold storage, end of period
do
32
Exports
_
do
1,319
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
.490
(600-700 Ibs.) (New York)
$ per lb._
Lamb and mutton:
514
Production inspected ^laughter
mil Ib
Stocks, cold storage, end of period.
do
19
Pork (including lard), production, inspected
slaughter
_
mil. Ib
Pork (excluding lard) :
Production, inspected slaughter
do
Stocks, cold storage, end of period
do
Exports _ _ _ _ _
»
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$ per lb._
Fresh loins, 8-14 Ib. average (New York) __do
Lard:
Production inspected slaughter
mil Ib
Stocks dry and cold storage end of period do
Exports
do
Price, wholesale, refined (Chicago)
$ per Ib
Poultry:
1
547
1 789
374
44
4
72
306
5
99
299
5
99
295
4
87
306
4
124
321
3
111
341
3
127
359
3
173
355
3
88
334
5
70
69
188
363
3
103
321
fi.593
.598
* 1, 264
.547
.503
.539
.636
.546
.561
.549
.546
.561
.549
.536
.559
.579
522
48
44
47
40
40
39
39
45
46
21
20
49
42
44
14 570
15, 993
1,383
1,157
1,491
r 12 H4
13 445
1,153
978
1,226
r
20
389
3
23
23
1,420
1,301
1,324
1,195
1,098
1,105
20
723
4
143
335
3
94
19
40
161
45
' 17
19
21
1,157
1, 260
1,350
1,319
1,418
1,412
1,181
1,065
1,132
1,125
1 198
1,199
'330
1,015
476
5
32
969
405
4
33
308
3
49
294
10
38
.584
.638
21
332
7
30
20
19
19
336
67
347
330
72
357
353
4
27
'339
4
29
' 36
467
4
30
6.542
.569
.534
.498
.498
.479
.528
.530
.513
.438
.517
.432
.521
.485
.535
.501
.515
.584
.536
.515
.501
.498
.542
.526
.567
.494
.639
.501
.604
.607
1 77fi
82
366
160
1 839
166
129
193
162
146
158
136
142
158
140
159
153
119
77
20
83
12
14
100
282
147
91
9
86
40
.130
.138
81
44
80
39
.155
.150
498
5
31
309
7
31
89
11
82
16
.143
.151
.158
312
•7
14
.153
91
31
101
18
.146
327
13
25
82
38
100
4
78
19
.149
.143
.144
.144
POULTRY AND EGGS
10 242
10 355
Stocks, cold storage (frozen), end of period, total
391
378
mil. lb_.
Turkeys
.
do
219
223
Price, in Georgia producing area, live broilers
.123
.128
$ per lb._
T
Revised.
« Corrected.
1
Annual total reflects revisions not distributed to the months.
2
Effective May 1971, weighted average, 5 markets, all grades.
762
676
791
757
749
894
909
1 020
1 003
989
935
870
825
••370
'207
'335
'177
294
144
265
120
251
111
287
140
354
203
462
308
547
389
636
475
467
309
378
223
359
'211
323
186
.125
.130
.130
.125
.135
.140
.155
.135
.135
.115
.110
.105
.120
.135
3
Data are for 41 public markets.
4 Data are for 40 public markets.
5 Beginning Jan. 1972, price for East Coast (New York and Philadelphia average).
6
Average for Mar .-Dec.
March 1972
S-29
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
POULTRY AND EGGS— Continued
Eggs:
Production on farms
_ _
mil. casesO__
Stocks , cold storage, end of period:
Shell
thous. cases©..
Frozen.
mil. Ib
Price, wholesale, large (delivered; Chicago)
$ per doz._
' 195. 1
199. 2
17.1
15.5
'17.2
'16.7
'17.2
'16.4
'16.6
'16.4
15.9
16.6
'16.5
17.1
17.3
16.2
51
50
60
74
60
49
'52
51
139
54
80
60
101
67
98
75
148
80
141
81
134
84
135
82
94
80
60
74
'52
71
55
70
.425
.332
.372
.332
.331
.330
.291
.298
.330
.345
.329
.324
.335
.370
.300
.288
279. 2
.341
315.8
.268
45.0
.309
22.8
.273
25,2
.279
28.2
.273
17. 8
.253
25.3
.268
28.7
.280
23.2
.286
24.6
.271
13.8
.250
10.9
.241
50.3
.234
39.8
.259
.256
Coffee (green) :
Inventories (roasters', importers', dealers'), end
2,593
of period
thous. bagscf..
'19,960
Roastings (green weight)
do
4,107
19,607
MISCELLANEOUS FOOD PRODUCTS
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons.
Price, wholesale, Accra (New York)
$ per lb._
Imports, total
_
~__
do
From Brazil
,
do
Price, wholesale, Santos, No. 4 (N.Y.)..$ perlb..
Confectionery, manufacturers' sales
mil. $__
Fish:
Stocks, cold storage* end of period.,
mil. lb._
Sugar (United States):
Deliveries and supply (raw basis) :§
Production and receipts:
Production
-thous. sh. tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do
Deliveries, total 9
For domestic consumption
Stocks, raw and ret, end of period-
do
_do
do
3,027
4,663
2,537
6,164
5,198
4,481
4,107
6,299
19, 727
4,712
.557
1, 906
i 21, 669
5,991
2.461
2,138
2,002
822
.550
171
' 1, 530
282
.550
178
'1,480
114
.480
176
'2,032
310
.450
'157
1,759
317
.438
135
1,941
666
.438
139
2,132
570
.430
115
2,720
971
.433
175
2,754
993
.433
244
621
155
.433
228
875
144
.440
235
1,818
647
2,560
1,009
'185
203
306
298
275
247
210
196
198
231
270
305
338
333
314
298
267
' 4, 712
6,675
1,497
4,588
6,601
1, 230
664
2,218
15
315
143
42
151
412
119
150
88
97
170
178
176
103
441
159
97
692
143
107
775
80
170
601
50
659
280
95
1,073
333
122
929
441
132
1, 285
41
' 11, 459
' 11, 310
' 2, 792
11,444
11,291
2,683
727
720
3,003
718
706
2,943
1,026
1,013
2,701
860
851
2,660
894
883
2,624
1,087
1,068
2,157
1,034
1,020
1,932
1,121
1,107
1,629
1,123
1>109
1,450
947
935
1,582
903
1,001
990
888
2,134 '2,683 *2,983
Exports, raw and refined-
...sh. tons-
7,892
481
'23
44
12
'38
21
25
37
84
80
69
4
55
31
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
thous. sh. tons..
do
do
5,217
1,522
35
5,262
11,544
48
325
4
4
239
30
2
477
84
7
650
142
6
412
96
.2
479
108
1
476
170
3
559
179
2
675
178
6
327
112
4
281
141
1
464
242
10
498
54
3
.081
.085
.084
.084
.084
.082
.084
.086
.086
.086
.086
.085
.086
.088
.092
.090
.674
.112
.695
.117
.680
.114
.679
.114
.687
.117
.695
.116
.695
.116
.693
.116
.689
.118
.701
.118
.703
.118
.704
.118
.704
.118
.707
.118
.704
.118
.122
thous. Ib. . 135,202
175,432
13, 226
12,360
15, 073
18, 078
15f 128
16, 529
20, 150
25, 141
19, 427
4,631
3,828
11,862
12,914
3,587.6
132.9
3, 515. 1
127.6
291.6
134.7
309.2
130.3
300.0
134.7
272.4
134.4
277.1
128.0
290.4
136.7
261.5
111.1
305.6
120.7
309.4
118.1
301.4
122.0
306.5
118.8
'290.1
' 127. 6
278.3
124.9
••3,389.1
75.6
3, 499. 8
76.1
283,9
74.4
281.7
71.6
292.0
70.7
270.1
72.0
288.6
81.1
332.6
82.2
290.5
71.2
309.9
80.0
300.2
66.5
276. 5
77.3
265.3
74.5
308.4
'76.1
304.9
81.8
' 2,230.5
45.6
2, 290. 2
67.1
212.9
60.4
189.0
59.4
195.9
57.7
181. 0
55.9
176.4
61.2
185.9
61.6
163.4
72.9
173.3
65.5
194.7
63.5
188.2
64. 3
210.1
60.7
219. 4
57.1
207.7
68.9
.289
.308
.306
.306
.305
.305
.306
.305
.308
.312
.310
.310
,310
.312
.312
558.2
' 569. 7
46.7
541.6
598.6
41.3
50.1
51.5
47,0
49.1
61.7
37.7
51.7
53.3
37.0
43.2
44.4
34.9
42.8
44.9
4-2.4
45.3
46.6
45.6
40.2
40.4
49.9
40.8
50.1
57.6
47.6
51.0
63.1
42.1
53.5
38.8
43.5
53.5
36.7
45.2
'47.7
'41.3
41.9
46.8
41.5
4,876.8 4, 967. 7
' 12,563.5 2, 622. 7
396.1
379.7
422.7
218.0
423.5
385.2
201.4
349.6
438.5
233.5
380.6
392.0
216.4
363.9
399.7
227.1
374.0
439.9
231.4
401.9
393.5
200.5
441.5
403.1
222.2
424.5
438.3
236.9
409.7
409.9
208.7
401.2
406.4
207. 0
397.4
«• 438. 5
' 219. 8
' 379. 7
396.3
223.4
417.0
.6
4.7
60.0
9.2
4.0
65.8
21.8
4.3
88.0
54.8
5.3
132.0
55.3
5.6
148.1
58.5
4.5
155.1
30.4
5.4
138. 8
16.8
4.1
156.7
'6.0
4.5
147.2
'1.6
'4.4
'134.9
1.4
3.4
96.6
Prices (New York):
Raw, wholesale
Reflned'.
Retail (incl. N.E. New Jersey)
Wholesale (excl. excise tax)
Tea, imports
$ per lb_.
$ per 5 lb_.
$ per lb_.
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (incl. shortening):
Production
__ mil. Ib
Stocks, end of period©
do
Salad or cooking oils:
Production
_
do
Stocks, end of period©
do
Margarine:
Production
„ _ _ _ do
Stocks, end of period©
do
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered).
$ per lb._
Animal and fish fats:A
Tallow, edible:
Production (quantities rendered)
mil. lb__
Consumption in end products
do
Stocks, end of period f
do
Tallow and grease (except wool), inedible:
Production (quantities rendered)
do
Consumption in end products
__
do
Stocks, end of period 1
...
do
Fish and marine mammal oils:
Production
_
do
Consumption in end products
,
do
Stocks, end of period 1 _
do
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil. lb__
Refined
do
Consumption in end products
_ .do.-.
Stocks, crude and ref., end of period f
do.-..
Imports
do
Corn oil:
Production: Crude
.
do
Refined
.
do
Consumption in end products
do
Stocks, crude and ref., end of period^
do
' 206. 9
'69.6
103. 5
257.0
56.9
134.9
1.4
5.6
72.0
.6
4.4
62.7
3 247. 1
544.0
'750.2
' 202. 8
584.2
(d)
553.3
740.7
191.1
628.6
(<0
48.7
63.7
217.0
129.2
0
44.2
60.9
180.9
41.7
O
50.6
68.9
182.5
52.9
(")
49.5
64.3
169.3
54.9
«
45.0
63.4
167.1
47.5
(«0
49.4
68.4
167.6
45.5
00
39.9
52.1
177.3
35.3
00
36.2
53.4
153.1
30.2
(*)
47.9
60.8
143.9
79.3
(d)
56.0
63.1
154.2
67.8
(d)
46.8
62.3
166.9
28.2
(<0
'39.2
'59.2
' 191. 1
16.1
00
45.2
57.6
194.8
22.0
474.0
440.9
449.6
'43.3
485.1
440.4
447.4
57.1
38.0
39.6
39.5
36.0
37.3
31.9
34.4
37.1
43.7
38.2
35.2
47.9
41.4
34.2
35.5
56.8
41.0
37.2
33.5
57.9
42.7
34.6
38.2
64.7
42.4
39.1
36.0
65.6
40.1
33.7
35.9
63.8
42.0
42.2
38.4
58.3
42.4
33.9
35.2
65.0
40.7
35.7
40.7
69.6
33.4
40.0
44.8
'57.1
38.7
39.9
40.7
57.1
' Revised.
* Preliminary.
<* Data withheld 1o avoid (lisclosure of opera tions of ndividual firms. » Reflects revisions not available 3y month S.
2 A \ erage foi Jan.-Nt)V.
3
Monthly data not available.
.315
(<0
38.7
OC£isesof3G dozen.
tfBags of 132.2761b.
§ Monthljr datareilect cumiilative r evisions
for pri ar period s.
AE or data
91ncludes clata not shown se parately . see also note " §"
on lar i, see p. S-28.
©Prod jeers' an d warehouse stocks.
1 Factory and wa rehouse
SURVEY OF CURRENT BUSINESS
S-30
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970 ! 1971
1972
1971
Jan.
Annual
March 1972
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
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.- '1,726.3 1, 720. 7
93.1
Stocks (at oil mills) , end of period
do, _
85.8
Cottonseed oil:
Production: Crude
_
mil. Ib '1,211.5 1, 209. 4
1, 019. 2
"Refined
do
985.8
Consumption in end products
do
' 931. 9
728.5
Stocks, crude and refined (factory and ware184.3
188.3
house) end of period
mil Ib
369.8 2 400. 7
Exports (crude and refined)
do
.175
.190
Price, wholesale (N.Y.)
$perlb__
Linseed oil:
Production, crude (raw)
mil. lb._
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) , end of period
mil. Ib
Price, wholesale (Minneapolis)
$ per lb__
Soybean cake and meal:
Production
thous. sh. tons
Stocks fat oil mills), end of period
do
Soybean oil:
Production: Crude
mil. lb_.
Refined
do
Consumption in end products
do
Stocks, crude and refined (factory and warehouse) end of period
mil Ib
Exports (crude and refined)
do
Price, wholesale (refined; N.Y.)
__$ per lb._
215.8
103.2
202.4
125.5
192.2
136.4
145.3
134.5
111.1
148.9
86.1
136.0
61.1
109.5
66.4
101.9
50.3
81.9
161.2
87.8
208. 9
99.5
' 219. 8
'93.1
212.7
103. 6
194.9
106.1
151.5
108.5
67.8
141.2
108.6
73.6
134.0
119.8
69.4
103.3
77.2
56.1
78.8
80.4
61.2
61.0
73.2
70.9
43.5
44.9
50.1
47.0
51.2
57.8
34.3
44.8
50.8
111.8
60.9
52.9
149. 0
102.9
57.4
' 154. 0
' 113. 3
60.5
151.1
104.0
53.1
137.5
202.3
43.5
.183
224.6
39.2
.195
246.9
40.3
.195
265.7
18.2
.193
279.7
21.4
.188
224.6
31.7
1.88
167.2
69.8
1.93
142.9
14.3
2.06
93.8
26.2
.201
130.0
3.1
.182
159.5 ' 188. 3
58.5
36.3
.174
.177
235.7
23.1
.168
.168
314.5
' 191. 4
412.2
213.7
31.9
13.3
32.4
15.8
34.9
18.4
36.7
19.6
36.8
19.6
41.4
22.7
25.9
17.9
34.7
19.4
35.4
18.0
36.5
17.6
32.3
15.3
33.3
16.0
38.2
17.3
36.5
148.5
.109
224.9
.089
157.5
.095
170.5
.095
180.7
.090
192.8
.088
187.2
.088
203.8
.088
193.2
.088
177.1
.088
179.9
.088
203.7
.088
210.8
.088
' 224. 9
.088
236.7
.088
.088
1,560.3 1, 387. 2 1, 463. 2
138.4
170.3
173.6
1,458.9
152.0
1,366.4 '1,471.3 1,463.3
131.3
167.2 '119.8
1, 368. 3
115.3
•17,379.5 17, 096. 2
112.2
119.8
1,464.8 1, 401. 6 1,429.7
149.4
198.7
192.4
1,473.8 1, 257. 1 1,362.0
177.9
189.7
121.4
8, 081. 5
6,297.9
6,322.9
724.8
543.5
534.7
653.2
511.1
505.8
695.9
557.9
535.0
695.7
495.0
497.9
696.4
506.7
505.6
670.9
526.7
556.3
674.9
482.9
497.3
692.2
532. 8
537.3
597.5
568.6
554.0
645.2
534.5
522.0
644.2
504.2
522.2
' 690. 6
' 534. 1
' 554. 8
689.9
525.5
541.1
802.2
' 755. 6
1,372.4 21,611.7
.133
.151
751.8
112.0
.168
787.8
109.3
.144
756.0
156.0
.145
765.8
168.0
.135
758. 0
191.8
.137
719.0
140.9
.146
745.3
189.0
.159
819.2
78.1
.172
772.6
122.2
.155
725.9
143.0
.154
808.7
43.5
.157
r802.2
153.8
.139
799.9
157.8
.135
39, 336
20, 362
32,303
17, 142
4,763
52, 352
17,252
4,371
44,458 r 47, 415 '39,778 *• 35, 404
18, 136 31. 305 20, 413 17,256
41, 791
15, 686
' 4, 474
76, 841
49, 965
3,509
19, 561
2,375
16, 265
4,828
59, 622
14, 829
95,447
19,363
3,620
49, 200
528, 858 45, 634
510
6,488
31,802 '2,367
3,466
42, 518
505
2,198
3,366
3,954
43,360 "43, 590
558
556
2,381
2,258
4,270 6,852
39, 596 45, 595
552
497
3,033 4,234
7,251
45, 765
558
5.753
2,198
47, 049
595
768
2,688
46, 061
616
1,246
2,939
39, 634
418
2,048
2,568
11 583
198
1 166
12, 517
127
1 338
15 158 16 198 17, 201
220
117
123
1 565 1 696 1,656
13, 489
193
1,270
4 900 4 300
1 877 1 151
' 133 ' 81
4 000
920
134
1 800
531
136
800
196
19
3 900
1,314
342
4,100
1,021
289
8, 085. 9
6,276.3
'6,322.3
643.2
.139
TOBACCO
Leaf:
Production (crop estimate) _ _ _ _ _ _ _ mil. Ib
Stocks, dealers' and manufacturers' end of period
mil. Ib
Exports incl scrap and stems
thous Ib
Imports incl scrap and stems
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) , taxable
Exports, cigarettes
__
_
_
millions
do
do
do.
' » 1, 908
1
1,751
5,006
4,828
510, 325 2474,209
235,428 2248,529
51, 166
532, 764
' 6,705
29, 147
4,142 4,454
43, 474 46, 582
552
571
2,476
3,038
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 lb_._
Hides, steer, heavy, native, over 53 Ib
145, 200
1,316
15 222
51, 300
18 701
3 028
155 821
2 222
15 962
11 642
137
1 207
52 100
3 100
832
19 283
79
1 956
11 985 14 933 11 512 13 124 12 851
254
168
189
'289
258
1 251 1 611 1 239 1 304 1 235
3 800
1 548
179
6 200
2 879
180
7 400
3 591
*317
5 000 6 900
1 670 2 774
185
'l70
7 118
*131
694
.450
.190
.331
.129
.294
.145
.300
.104
.300
.115
.275
.115
.300
.158
.300
.168
.300
.141
.300
.148
.300
.148
.280
.155
.280
.153
.280
.168
.320
.163
.330
.178
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
2,717
20 353
3 979
23, 598
1,621
20 470
2*930
21, 385
163
1 660
143
1,803
124
1 631
162
1,820
129
1 871
169
1,768
128
1 848
'l93
1 848
132
1 745
*247
1,663
142
1 821
327
1,894
83
1 285
188
1 458
123
1 647
242
1,900
142
1 725
'296
1 833
142
1 779
326
1,781
163
1 781
313
1, 827
150
1 677
'322
1,790
117
1 642
285
1,522
Exports:
Upper and lining leather
79 365
82 944
6 557
6 457
7 784
7 256
7 391
8 144
5 534
6 540
6 830
4 810
5 976
9 198
7,727
114 0
114 4
111 8
111 8
111 8
116 4
116 4
114 1
114 1
114 1
114 1
114 1
114.1
119.5
121.8
124.1
84.3
81.8
80.2
79.4
79.4
82.7
85.2
87.7
87.7
87.7
77.2
77.2
77.2
79.6
86.8
86.8
562 318
533 712
44, 596
44, 727
50 153
46, 747 43, 916
46,490
37,556
46,092
45,399
44,936
40,525
42, 575
34 477
8,422
781
236
36 403
9,086
781
220
30 885
5 962
592
117
35 567
9 654
728
143
34 446
9 904
879
170
34 599
9' 361
820
166
31 789
7,775
795
166
35 591
6,061
793
130
144
163
226
163
156
167
161
$ per lb__
do_
thous sq ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100
Upper, chrome calf, B and C grades
index, 1967=100..
LEATHER MANUFACTURES
Shoes and slippers:
Production, total .
thous pairs
Shoes, sandals, and play shoes, except athletic
Slippers
Athletic
Other footwear
Exports
36 709
6 889
752
504
36 614
6 910
842
529
40 650
8*245
937
321
2 106
141
248
175
167
146
211
113.3
117.5
116.7
116.7
117.1
117.1
117. 1
117.1
117.1
118.3
118.3
118.3
118.3
118.3
120.1
121.3
116.2
117.1
120.1
121.2
118.9
121. 2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
120.2
121.2
121.5
121.2
' do
do
do
451 816
96 181
8 955
5 366
do
2 154
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
index, 1967=100..
Women's pumps, low-medium quality_._do
r
15?
373
619
994
37 432
8,104
919
292
425
96
9
2
Revised.
1 Crop estimate for the year.
2 Annual total reflects revisions not distributed to the monthly data.
9 Includes data for items not shown separately.
e
Corrected.
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1971
Jan.
Annual
S-31
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production total
mil bd ft
Hardwoods
do
Softwoods
do _
Shipments, total
Hardwoods
Softwoods
r
2 794
571
2,223
2,983
537
2,446
3,339
509
2,830
3,451
577
2,874
3 168
599
2,569
3,384
613
2,771
3, 194
590
2,604
3,220
502
2,718
3,242
532
2, 710
3,199
574
2,625
3,028
536
2,492
2,924
481
2,443
2,832
450
2,382
33, 490
' 6, 195
27, 295
37, 677
6,828
30, 849
2,738
566
2,172
3,075
582
2,493
3,472
637
2^835
3,550
644
2,916
3,313
659
2,654
3,537
587
2,950
3,209
584
2,625
3,345
583
2,762
3,294
583
2,711
3,336
607
2,729
3,067
554
2,513
3,015
531
2,484
2,942
542
2, 400
6 326
1, 478
4 848
5 266
984
4,282
6 428
1,529
4,899
6 277
1,484
4,793
6 143
1,355
4,788
6 049
1,287
4,755
5 895
1,225
4, 670
5,741
1,250
4,491
5,723
1,253
4,470
5 594
1,145
4,449
5,532
1,084
4,448
5,397
1,053
4,344
5,358
1,035
4,323
5,266
984
4,282
5,155
891
4,264
1, 081
7 599
80
505
87
473
91
683
90
563
88
650
95
761
79
767
85
624
72
797
88
516
131
582
95
679
92
757
7 398
457
8,471
666
728
584
657
618
691
593
853
673
614
633
814
677
695
787
685
715
735
735
696
704
775
740
668
566
819
722
7 475
7 427
1 058
8,247
8,362
943
594
601
1,051
640
623
1,068
755
716
1,107
741
773
1,075
639
654
1,060
723
770
1,013
605
585
1 033
769
757
1,045
715
715
1,045
657
727
975
713
739
949
696
702
943
685
663
965
380
87
292
r
329
88
240
28
7
21
29
9
21
35
8
27
36
11
24
27
5
22
36
10
25
9
2
6
17
6
12
12
3
8
21
4
17
58
21
37
21
3
19
25
8
17
r
r
r
Stocks (gross) mill end of period total
do
Hardwoods . _ _
____do_
Softwoods
do
Exports, total sawmill products
Imports total sawmill products
36, 617
6,334
30, 283
1,266
6 095
r
do
do
_ _ _ do _
.
34, 462
7, 023
27, 439
r
r
do
do
SOFTWOODS
Douglas fir:
Orders, new
_ _
Orders, unfilled, end of period
mil. bd ft
do _
Production.
__
Shipments
_
_ __
Stocks (gross), mill, end of period
_
Exports, total sawmill products _
Sawed timber
Boards, planks, scantlings, etc
do
_do
do
r
._ _ do
do _
do
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$ per M bd. ft_.
Flooring, C and better, F. G., I" x 4", R. L.
$ p e r M bd. ft_.
Southern pine:
Orders, new
Orders, unfilled, end of period
92.22
Exports, total sawmill products .
Western pine:
Orders, new
»
Orders, unfilled, end of period
112. 12
116. 72
125. 72
129.92
128. 88
128. 59
127.45
130. 23
134. 97
228. 10
224. 99
224. 22
224. 22
232.02
232. 02
231. 87
226. 28
225. 35
(2)
8 640
421
663
425
714
472
704
425
790
448
702
447
771
454
749
463
724
440
690
405
744
385
693
406
696
421
819
519
8 432
8,592
597
611
658
667
710
751
750
767
694
703
731
764
718
740
721
747
715
725
756
764
694
672
688
681
691
721
1 216
1 362
1,353
1,312
1 295
1 286
1 253
1 231
1 205
1 195
1,187
1,209
1 216
1 186
64,923
4,785
4,887
6,232
5,140
6,973
1,760
1,338
7,050
4,058
5,173
6,091
6,931
8 563
135. 33
107.9
119. 8
124.5
127.1
130.7
133.2
140.7
143.2
143.2
143.2
143.0
143.4
144.2
146. 0
125.0
127.8
129.6
131.3
131.3
132.6
136.0
136.0
136.0
136.0
136.0
136.0
136.9
138. 1
10, 458
362
746
445
778
424
869
374
925
386
845
356
973
374
940
437
872
368
971
365
906
374
786
341
847
362
778
433
9 378
9 371
10 175
10 430
638
635
740
799
924
919
931
913
823
875
876
955
868
877
914
941
974
974
887
897
806
819
794
826
705
707
1,634
1, 382
1,637
1,578
1,583
1,601
1,549
1,470
1,461
1,437
1,437
1,427
1,414
1,382
1,380
83 79
96 44
72.36
75.01
84.94
101. 21
99 29
92 70
96 40
106.24
109. 10
106 57
105. 14
108 28
113 20
304.4
9.1
322.5
8.1
25.5
9.7
24.5
10.5
25.6
9.4
25.2
9.3
27 7
9.3
32.1
11.6
32.3
14.5
27.0
10.0
26.9
8.4
27.8
8.7
24.0
7.4
24.0
8.1
25. 0
10.1
315.2
306 7
33.3
Stocks (gross) , mill, end of period
do
Price, wholesale, Ponderosa, boards, No. 3, I" x
12", R. L. (6' and over)
$ per M bd ft
112.7
132.8
9 341
334
do
do
133.7
122.9
mil. bd. ft
do
Production
Shipments
111. 50
228. 10
78, 418
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. G., 1" x 4", S. L.
1967=100..
110. 95
228. 10
1 376
_M bd. ft
98.65
228. 10
7 295
7 267
Production
do
Shipments..
_
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
i 91. 45
227. 78
7 316
373
mil. bd ft
do
117. 68
226. 76
315.9
321.6
22.0
23.2
23.8
32.8
24.5
23.8
33.5
28.7
26.8
35.4
28.2
25.2
38.1
24 7
27 7
35.2
25.4
29.9
32.5
25.0
29 4
28.1
28.3
31 3
25.1
37.3
27.8
24.6
25.2
27 1
23.2
22.7
24.4
21.4
22 7
24 4
22 0
21 8
22 5
21.3
249
579
5
298
440
5
164
552
4
286
794
3
172
373
1
248
284
397
494
3
208
332
1
1 472
27
24
1 336
31
35
1 093
29
7
117. 69
HARDWOOD FLOORING
Oak:
Orders, new
„
Orders, unfilled, end of period
_ _ mil. bd. ft
do _
Production
Shipments
_ _
Stocks (gross) , mill, end of period
do
do
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
__thous. sh. tons
Scrap
do
Pig iron
___:
do
7 053
10 365
310
2 827
6 256
34
258
641
1
Imports:
Steel mill products
Scrap
Pig iron
13 364
346
266
18 322
325
320
52 575
34 148
4 85 559
7 668
49 231
32 921
81 650
8 399
199
460
186
472
3
189
526
7
1 305
28
6
1 230
18
5
1 254
24
7
1 363
26
31
1 792 2 112
20
' 30
26
40
1 688
24
37
1 554
33
39
1 780
37
54
1 437
28
18
4 491
2 664
7 512
8 048
4
2
7
7
5 145
3,319
8 373
7 518
5 022
3' 069
8 304
7 301
5 066
3 084
8 308
7 195
4
2
6
7
2
2
4
7
3 201
2 419
5 624
7 898
3 498 r 3 420 v 3 613
2 821 T 2 490 p 2 473
9
5 966 r 5 82 p Q 061
8 260 r 8 357 •P 8 399
33.19
39.62
40. 14
36. 26
40.72
41.50
42.00
36.80
40.75
39.00
' Revised.
*> Preliminary.
1 Beginning Jan. 1971, data reflect changes in size specifi2
cations, and are not comparable with those for earlier periods.
Series discontinued.
33.33
37.00
._._
do
do
do
(3)
183
642
1
(3)
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks, end of period
_
thous. sh. tons
do
do
do
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$perlg. ton
Pittsburgh district
__do
4
4
436
870
280
420
4 771
3 180
7 565
7 597
012
416
252
780
556
116
583
863
31.62
31.03 32.84
28.93
31.24
31.53
29.70
29.90
31.78
38.00
36.00
36.50
35.50
36.00
36. 00
35. 00
34. 00
33. 00
3
4
9 Totals
Less than 500 tons.
Annual data: monthly revisions are not available,
include data for types of lumber not shown separately.
34.29
37.50
March 1972
SURVEY OF CURRENT BUSINESS
S-32
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
| 1971
Annual
Jan.
Apr.
Mar.
Feb.
June
May
1972
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
i 89,836
t 89,057
44, 876
82 299
79 669
40, 124
5 350
2,137
1,954
5, 228
2,168
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
_do
Exports
do
125, 107
123, 261
5,494
114 051
108, 966
3 061
4,050
10, 609
239
4,220
9,946
98
4,880
11, 495
70, 488
14, 304
52, 781
3,403
78, 714
17 552
57 738
3 424
66,732
17, 529
46,094
3,109
64,198
21, 084
40, 477
2,637
59, 898
24 372
33, 860
1,666
990
1 019
54
49
91, 435
90, 126
2,082
81 305
80 185
1 767
7,804
7,552
1,928
69.33
69.26
70.33
76.62
75 83
77.00
73.70
73.33
74.50
Stocks, total, end of period
At mines
At furnace yards. _
At U.S. docks
do
do
do
_ _ do
Manganese (mn. content), general imports _ do
878
5,898
2,646
3,678
6,345
5,439
3, 049
9 158
10 495
4,643
8,684
11, 054
14, 169
11, 703
r
9,071
11, 047
5, 361
9,011
10, 623
5,124
6 737
8 264
3 969
8,325
9,001
2,920
6,309
7,969
3,166
5,507
5,989
3,220
5,360
3,891
2,161
1,317
16, 042
10, 535
14, 780
9,158
11 153
5 041
11, 695
6,902
187
203
10,144
7,388
281
8,365
7,130
119
5,879
8,006
163
3,479
8,668
20
71
18
51
2
854
605
197
052
76, 262
17, 945
55, 941
2,376
78, 040
16, 398
58, 697
2,945
79, 187
15, 942
59,922
3,323
78, 714
17 552
57 738
3,424
52, 550
3,142
40
41
102
104
r
351
325
355
57, 762
25, 301
31, 490
971
59, 124
24 001
33, 957
1,166
62, 929
22, 057
39, 463
1,409
67, 306
20, 498
45, 085
1,723
74
93
93
114
143
119
99
7,378
7 298
1,937
8,518
8 492
1,885
8,421
8 387
1 860
8,783
8 714
1 835
7,930
7,883
1,859
6.851
6,751
1,888
3,70l'
3,339
1,940
5,148
5,146
1,886
5,350
5,532
6,617
5,930
'
5 473 r 5, 384 v 5 766
1, 801 ?! 767
1,829
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73.33
74.50
73.70
73 33
74.50
78.70
73.33
74.60
78.70
78.33
79.50
78.70
78.33
79.50
78.70
78.33
79.50
78.70
78.33
79.50
78.70
78. 33
79.50
78.70
78.33
79.50
1,003
1 292
914
842
1,290
1,004
779
1 278
640
••806
' 1, 098
r
595
1 014
373
366
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons
Consumption
--^
do
Stocks, end of period
do
Prices:
Composite
$ per Ig. ton-Basic (furnace) .
do
Foundry, No. 2, Northern _ __
i 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
1
964
967
991
13, 945
8,173
13 840
8 076
1,140
1,129
1,325
78
852
521
87
883
505
78
75
42
thous. sh. tons.. 1131,514
103 4
120, 211
94 5
321
1,724
1,416
286
1,583
1,287
888
827
942
823
777
646
844
985
669
1,111
757
67
77
44
65
76
43
68
78
46
75
54
33
83
72
42
82
74
46
80
79
46
"84
72
MO
12, 565
120 2
12, 920
119 6
11,491
109.9
9,942
92.0
5,774
53.4
7,678
73.4
8,211
76.0
8,053
77.0
8,784
81.3
QOr
311
141
qnq
q-l A
OQQ
900
112
182
88
91
109
103
rll4
r
92
10, 001
92.6
9 9,986
' 98.8
286
109
970
129
r 261
154
125
im
752
71
73
36
73
82
45
11,274
104 3
10,874
111 4
12,645
117 0
129
106
136
111
157
128
434
569
807
129
403
530
632
969
136
641
835
175
1,173
732
322
113
593
230
583
2,992
946
1 318
1,240
783
334
117
569
207
419
2,987
956
1 296
1,592
1,008
431
147
730
248
551
3,823
1,216
1,673
633
78.70
78.33
79.50
87
71
42
744
643
78.70
78.33
79.50
672
1,174
827
548
Steel, Raw and Semifinished
Steel (raw):
Production
Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons__
Shipments, total
do
For sale, total
do
145
120
125
113
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. tons.. 1 90, 798 i 87, 038
By product:
4,962
Semifinished products
_ _
do
7,387
6,060
Structural shapes (heavy), steel piling
do
5,666
Plates
do
8,065
7, 939
Rails and accessories
do__ 1,590
1,564
Bars and tool steel, total
do
Bars: Hot rolled (incl. light shapes)
do _ ..
Reinforcing. _
__..
do
Cold
finished
do
Pipe and tubing
__
do
Wire and wire products
do
Tin mill products
do. .
Sheets and strip (incl. electrical), total. . _ do _
Sheets* Hot rolled
do
Cold rolled
do
By market (quarterly shipments):
Service centers and distributors. __
Construction, incl. maintenance
Contractors' products
Automotive
14, 577
8,107
4,891
1,490
7,778
2,998
7,243
35, 101
12 319
14 250
14, 156
8,179
4,521
1,378
7 574
2,791
6,811
35, 574
11 760
14' 898
Steel mill products, inventories, end of period:
13,098
i 5, 169
17 775
127 698 i
Q 4
finisher?
mrnnncitu nrino
4 r\ar IK
7
9
7
A
4 522
5 183
5 791
6 104
8,588
454
144
354
371
385
323
530
761
155
617
860
167
631
871
161
190
267
65
313
395
89
351
450
96
387
352
430
100
384
492
135
347
538
131
1,554
949
441
157
1,013
289
635
3,974
1 224
1, 802
1,447
861
441
138
750
289
749
4,141
1 315
1 825
1,472
844
476
146
769
310
865
4,252
1,394
1,825
1,430
796
509
118
815
312
1,040
3,448
1,228
1,345
703
310
307
79
492
138
229
1,475
471
810
354
336
82
428
170
328
1,634
562
888
471
319
91
440
202
361
2,026
744
903
505
296
95
470
198
576
2,375
825
940
552
287
95
489
195
476
2,609
920
1,034
1,091
3,392
1,710
952
2,940
21,192
2226
810
9
545
569
728
945
3,480
2,117
1,035
2,637
4,916
3,155
1,642
6,653
950
556
873
1,638
5,051
1,427
5,205
14 6
79
6 3
15 9
6 3
5 0
14 6
38
51
10 6
4 3
53
75
7 2
r 7. 2
11.1
9.0
10.9
9.0
10.7
9.0
.1129
.1129
. 1134
68
7 0
7 6
7 5
7 4
7 9
8.0
10.9
9.3
10.2
7.5
10.4
7.8
10fi9
.1100
.1123
.1129
9 7
K
272
170
450
202
410
3,096
978
1,454
2344
21,531
7
7 3
fi 1
13 0
7 3
60
12.8
10.5
10.7
9.0
13.5
10.5
12. 9
11.0
12.3
11.3
11.8
11.0
11.7
10.5
iniA
mftQ
IfUft
IfUfi
irufi
mfifi
mfifi
2 ^77
2456
1,885
2
9.9
5.3
5.4
7.4
10.8
8.6
6 9
e e
'10.0
r4 3
49
11 6
39
54
13 1
41
56
r R
10 5
7 2
64
11 7
Q
Q fi
fi4.9
567
1,636
2,412
7,256
T
Revised.
» Preliminary.
i Annual data: monthly or quarterly revisions are not
available.
2 For month shown.
3703
497
&
929
K
Producing mills:
In process (ingots, semifinished, etc.)
do_ .
Finished (sheets, plates, bars, pipe, etc.). do
1 AQ
452
554
802
156
1,501
1 739
6,420
3,004
4,903
7 212
23 765
inn
9,341
558
4,482
2,511
1,285
5,268
_do.__. U7,678 116,184
do
110, 565
19,541
i 4 440 i 4 946
do
do
U4 475 i 17' 483
Rail transportation
do
Machinery, industrial equip., tools
do
Containers packaging ship materials do
Other
'
"""do
StpP.l (fiflrhnn^
9/l7n
7,509
11.3
9.1
SURVEY OF CURRENT BUSINESS
March 1972
Unless otherwise stated In footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Annual
S-33
Mar.
Feb.
Jan.
Apr.
May
June
1972
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
Recovery from scrap (aluminum content) do
Imports (general):
Metal and alloys, crude
Plates, sheets, etc.
Exports, metal and alloys, crude
do
_do
do
Price, primary ingot, 99.5% minimum... $ per lb_.
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products, total
Sheet and plate..
Castings
mil. Ib
do _.
do
- do
Inventories, total (ingot, mill prod., and scrap),
end of period
mil Ib
3, 976. 1 3, 925. 2
835.0
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do
Fabricators'
... .do
Price, electrolytic (wirebars), dom., delivered
$ per Ib
Copper4)ase mill and foundry products, shipments
(quarterly total) :
Brass mill products
mil Ib
Copper wire mill products (copper cont ) do
Brass and bronze foundry products
do
Lead:
Production:
Mine, recoverable lead
thous sh tons
Recovered from scrap (lead cont )
do
Imports (general), ore (lead cont.), metal
Consumption, total
do
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous sh tons
Refiners' (primary), refined and antinionial
(lead content)
thous sh tons
Consumers' (lead content) d" -do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous sh tons
Price, common grade A
$perlb_.
Tln:
Imports (for consumption) :
Ore (tin content)
Metal* unwroughtj unalloyed
Recovery from scrap, total (tin cont )
As metal.
_
Consumption, total
. _ _
Primary
_
lg tons
do
do
do
do
do
313
6.1
63.4
60.9
329.5
59.0
333.4
76.0
325.8
65.0
329.0
77.0
314.2
72.0
324.5
95.7
14.3
11.3
7.5
8.0
10.3
46.6
6.8
3.6
38.1
5.7
5.6
43.7
7.4
12.6
31.5
4.2
4.0
24.0
3.1
7.7
48.5
5.5
6.9
46.8
10.7
13.4
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
.2900
. 2900
.2900
.2900
9, 952. 5 10,168.7
7, 358. 0 7, 833. 7
3, 688. 6 4,007.2
1, 506. 5 1, 573. 7
768. 6
581.0
768.7
574.8
1,119.8
121.3
280.1
128.0
943.9 1, 067. 5
789.6
397.3 416.1
746.8
741.8
145.4
814.7
656.6
343.9
124.3
874.8 ' 761.5 > 772. 2
674. 6
611.7 r 615. 1
346.5
301.9 '304.0
134.2
143.4
138.1
840.5
625.2
321.8
132.1
889.0
673. 7
355.2
5,020
4,469
4,496
4,477
.2872
4,387
394.2
r
130. 4
142.3
124 3
18 1
31 0
6.4
6.0
5.0
292.2
1,533.1 ' 138. 5
1,591.8 148.5
7.1
258.2
134.9
839.1
467.1
134. 1
140.8
689.7
564.1
278.1
97.1
4,443
4, 274
4,465
4,662
4,736
4,764
4,957
' 4, 986
5,020
' 143. 8 •• 143. 1 ••147.2
170.5
160.0
150.0
144.8
141.6
136.4
25.7
18.4
13.7
33.9
28.8
34.7
r 152. 2
166.4
148.4
18.0
31.8
49.2
42.6
38.7
4.0
15.2
104.5
74.0
63.2
10.9
24.5
113.4
103.1
90.9
12.1
29.8
136.3
138.6
124.3
14.3
37.0
137.6
145.9
130.6
15.3
35.9
136. 9
149.7
137.5
12.2
31.4
130.1
141.2
127.1
14.1
36.1
129.9
18.6
37.0
365.8
27.2
12.1
32 7
9.9
26.4
11.8
21.9
8*6
7.4
35 4
9 9
28.9
12.4
37.0
23.2
41.5
20.2
21.3
15.5
18.2
13.4
49 2
17 8
29.0
12.6
37.0
23.7
32.9
23.9
24 8
17.5
8.5
4.6
10.1
5.4
16.4
10.4
7.4
4.1
15.6
9.4
29 4
20.8
18.8
10.5
192.0
107.4
264. 0
204.2
154.5
229.8
168.9
151.9
224.4
143.6
»174. 6
*>242. 8
Pl42. 1
v 167. 2 f 155 1
P260.7 P277 4
"154. 0 P 174.4
*>161 8
»293. 0
"161. 7
5290
5289
5284
5224
5032
26.1
132.1
162. 1
348.9
283.0
222. 0
187.7
34.6
22.9
27 6
18 7
38.6
26.3
i 2, 042
i 348. 0
i 187. 0
2,014
149.4
373. 3
200.0
166 3
385 8
211 3
380.6
174. 4
216.3
365.3
234. 1
205.7
334.3
223.9
202.6
294.1
223.8
.5152
5035
.5055
5283
5284
5284
2
583
.2900
5,058
580.1
1, 410. 5
181.3
371.0
277.4
2
. 5201
187.6
2,513
647
564
174
2,329
751
r
.5061
641
650
164
754
649
187
r
6032
571. 8
i 597. 4
573.4
572.7
••45.1
41 8
48.1
••52.8
46.4
47.0
47 2
50.8
45 6
48 1
45.6
46.4
45.2
42.4
48.1
46.1
48.9
49.1
48.4
51.6
48.9
50.6
55.6
46.0
357. 1
1, 360. 6
261. 7
1, 392. 4
34.1
113.6
22 1
109.6
21.7
119.5
21.2
117.4
24.3
116 2
18.5
115.9
18.7
94.8
13 9
119.5
24.4
127.7
18.6
125. 0
20.7
118.9
23.5
114.4
179.4
154.7
179.5
177.6
186.3
190 3
186 1
182.5
169. 5
163.1
165.9
158.9
153.3
154.7
97.9
U33.5
51.8
118.5
98.5
113.1
96.2
116.5
88.8
120.2
84.7
121.8
83 6
121.5
76.6
131.8
87.3
133.8
74.3
126.4
63.1
122.8
57.1
114.1
48.2
116.9
51.8
118.5
i 73. 3
.1562
70.6
.1380
67.6
.1350
65.3
.1350
65.7
.1350
65 8
.1350
65 0
.1350
64.5
.1365
68 3
.1413
66 7
.1412
63 7
.1412
66.3
.1416
64 6
.1388
70.6
.1402
4,667
3, 060
50, 554 i 46, 940
i 20, 001
0
0
1,635
1,595
0
4, 543
1,765
10
4,478
r 5 441
1 805
430
4 100
1 680
O
3,659
4,710
6,175
4 615
1 373
280
6 240
4 625
1 091
2 059
1 305
255
5,605
4,335
12
5 206
l'?20
245
5,185
3,760
597
5 207
1 685
260
5,870
4,455
0
920
1 858 3 180
1 680 1 595
250
265
5,910
5,800
4,465 4,155
0
5 414
1 485
260
5,610
3,920
6,370
4,125
9 510
376
10 340
1. 6644
398
11 205
1. 6607
400
10 905
1. 6729
19
9 025
1. 6770
9
8 620
1. 7539
23
9 610
1. 7436
51
12 005
1.7131
1,590
f
205
5,830
4,500
285
5,660
4,160
4,715
2,306
74
1. 6734
10 000
1. 6164
305
8,970
1. 6286
8 155
1. 6701
1. 6888
1. 6602
79
10 600
1. 6448
491.4
'41.2
'40.4
43.7
41.4
43.8
43 5
38.0
41 2
38.2
40 1
40.8
342.6
37.4
17.9
33.3
14.5
37.5
29.1
32.9
22.7
25.8
21 2
40 9
27 1
21.0
30 3
18 1
28 5
24.0
41 7
23.8
17 6
20.3
25.5
27.7
43 4
1124 8
i 259. 9
8.9
8.6
228.8
18.5
19.9
10 8
19.2
10 0
18 9
11 0
18 4
10 8
20 3
10 8
21 1
15 7
20 7
7.5
21.6
10 1
21 0
74.2
75.8
116 7
74 5
6 3
115 6
13
65 7
6,6
110 6
2 1
50 1
53
95 3
0
51 7
5.6
97 5
45 7
57
101 2
0
61.2
6.3
104 6
1
61.4
5.9
100 5
64.5
5.9
105 8
.1400
.1460
197
4 971
11.2
21.0
111.5
26.6
39.1
525.8
270.4
i 534. 1
do
do
do
do
9,610
319.6
123.4
8.0
18.7
Slab zinc:
Production (primary smelter), from domestic
69.2
71.6
765.7
and foreign ores
thous sh tons
i 880. 6
5.6
6.9
74.4
74.5
Secondary (redistilled) production
do
99.3
96.4
11 187 0 1 259.0
Consumption, fabricators
do
2.2
Exports
do
4.8
13.3
.3
Stocks, end of period:
1
128.3
119.8
Producers', at smelter (ZI)O
do
50.6
98. 3
80.4
Consumers'
do
99.5
i 89 6
80 0
.1500
.1500
Price, Prime Western
$ per Ib . . .1532
.1613
r
Revised.
*> Preliminary.
i Annual data; monthly revisions are not available.
2
Average for 11 months.
3 Less than 50 tons.
AEffective Dec. 1971, nationwide delivered price substituted for N. Y.-basis price.
74.0
11.0
4,966
Exports, incl. reexports (metal)
do
11 318
Stocks, pig (industrial) end of period
do
1. 7414
Price, pig, Straits (N.Y.), prompt ____"_ 1 4 "per lb._
Consumption (recoverable zinc content):
Ores
Scrap, all types
341.8
72.0
338.8
44.7
71.0
112.3
69, 789
52, 619
thous sh tons
78.0
327.1
75.0
325.0
67.0
29.1
560.4
12,574
i 73,829
i 53,027
Zinc:
Mine prod., recoverable zinc
Imports (general) :
Ores (zinc content).— _
Metal (slab, blocks)
304.3
15.8
350.2
78.7
408.5
Copper:
Production:
1,719.7
Mine, recoverable copper
thous. sh. tons
1, 765. 1
Refinery, primary..
_ _ _ do
1, 521. 2
From domestic ores
do
243.9
From foreign ores
_ _ _ _
do
475.0
Secondary, recovered as refined
do ._
Imports (general) :
Refined, unrefined, scrap (copper cont ) do
Refined
do
Exports:
Refined and scrap
do
Refined.
_
___
do
331.9
62.0
280
6,355
570
7.4
1.7
99.4
89.7
.1507
255
6,305
138
8 495
6.8
1.1
285
125
(3)
r
(3)
(3)
1. 7200
33.2
27.3
.7
37.8
50.5
51.1
65.2
52.9
50.6
68.5
56.9
62.6
91 3 r 97 1
Q9 5
109 3
114 8
94 6
100 9
. 1766 .1700
.1700
.1700
. 1700 .1700
.1600
. 1619 .1700
o71 Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
©Producers' stocks elsewhere, end of Feb. 1972,11,100 short tons.
84.3
99 2
.1550
80.7
90 6
.1578
March 1972
SURVEY OF CURRENT BUSINESS
S-34
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1970
Annual
1971
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES— Continued
MACHINERY AND EQUIPMENT
Foundry
equipment (new), new orders, net
155.6
mo. avg. shipments 1967=100..
Heating, combustion, atmosphere equipment, new
1
orders (domestic) net qtrly
mil $
SS. 5
(
Electric processing heating equip
do
| 15Q.Q {
Fuel-fired processing heating equip
do
Material handling equipment (industrial) :
Orders (new) index seas adj
1967—100
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
Industrial trucks and tractors (internal combustion
engines) shipments
number
Industrial supplies , machinery and equipment:
New orders index seas adjusted* 196 7-69 -~ 100
Industrial suppliers distribution:
Sales index, seas, adjusted*
1967=100
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $ Domestic
__do
Shipments, total
do
Domestic
_
do
Order backlog, end of period
do
84.2
129.8
118.9
63.7
75
30.3
82.4
102.7
54.9
15 8
2 2
6 9
73.1
80.2
53.2
48.4
79.5
69.1
19 4
13
11 6
117.6
72.9
14.4
2 2
5.9
14.1
18
5.9
103.3
99.6
93.9
103.1
95.8
79 6
88.8
97.0
127. 5
106.2
113.7
91.0
107.5
107.4
13, 816
14, 811
12, 644
14, 621
973
972
890
1,044
1,161
1,470
1,179
1,299
984
1,120
1,080
1,129
969
1,210
934
889
1,112
1,299
1,211
1,509
953
1,229
1, 198
1,451
1, 004
1,128
41 194
49, 289
3,637
3,485
4,890
4,233
3,605
3,612
4,668
3,441
4,209
4,838
3,900
4,771
3,768
101.5
102 0
95.6
95.0
95.6
97.6
102.9
104.4
104.4
106.3
106.5
105.2
104.3
106.7
107.2
103.7
99.3
106.3
101.5
105.7
110.1
102.4
112.0
117.2
108.0
114.2
105.9
104.7
92.2
97.8
108.0
651. 30
506. 75
992. 90
827. 35
470.7
608. 75
524. 10
672. 30
554. 20
407.5
36.75
27.30
57.65
43.50
449.8
39.00
31.70
59.40
47.65
429.4
43.00
36.50
64 85
51 75
407.6
42 30
36 60
71 75
60 15
378 2
46.85
41.30
52.55
44.20
372.5
64.20
50.90
60.75
49.85
376.0
55.15
45.85
45.30
39.55
385.9
60.40
54.50
40.90
33.35
405.4
49.85
44.15
58.90
47.40
396.4
45.00
41.75
47.90
38.75
393.5
55.45
50.80
41.70
35.45
407.3
' 70. 80
«• 62. 75
' 70. 65
' 62. 60
407.5
51. 15
47.95
39.60
33.65
419.0
60.25
54.65
46. 15
39.75
433.1
261. 25
226. 60
450. 15
411. 60
234.8
252. 40
223. 20
325. 60
285. 60
161.8
17.45
15.90
31.15
29.00
221.1
20.10
16.95
31.50
28.30
209.7
25.25
22 65
30 25
28 30
204.7
13 30
12 60
26 25
24 75
191.8
24.90
23.00
26.50
22.50
190.2
20.85
17.85
28.45
26.90
182.6
22.85
20.35
19.45
17.15
186.0
17.90
14.65
21.65
16.90
182.3
25.40
24.60
21.90
18.65
185.8
21.05
16.25
27.30
20.75
179. 6
22.60
18.45
26.40
20. 00
175.8
20.75
19.95
34.80
32.40
161.8
19.60
17.95
16.35
13.70
165.0
24. 95
21.80
21.70
19.30
167.3
units 1119 433
464. 6
mil. $
*5 099
Wheel (contractors' off-highway)
units
1
mil. $
170. 5
Tractor shovel loaders (integral units only), wheel
24
and tracklaying types
units. . * 1 622
mil. $
581. 1
Tractors, wheel (excl. garden and contractors' offhighway types) „
__
units
175,309
1
mil. $
847. 0
18 414
499 6
Metal forming type tools:
Orders, new (net), total
Domestic
Shipments, total
Domestic _ _ _
Order backlog, end of period
do
do
do
do
do
Tractors used in construction:
Tracklaying, total
5 313
150 2
2 945
2 35 o
4,051
109.2
2908
233.2
6 615
172 7
7,470
177.7
6,106
143.1
37 894
214 5
163 356
910 6
4,895
141.3
2 1, 102
239.1
40,448
238.1
41, 526
212.2
4,155
99.0
43, 488
245.8
ELECTRICAL EQUIPMENT
Batteries (auto, replacement), shipments
thous..
Electronic components, factory sales:
Semiconductors:
Discrete devices
mil. $
Integrated circuits
do
Tubes, selected power and spec, purpose do
Microwave
do
Electro-optical
do
High vacuum, gas, and vapor
do
Capacitors..
_
do
Motors and generators:
New orders, index, qtrly
1967=100
37, 863
39, 141
1 686. 0
523.7
290.6
142 4
74.3
73.9
483.0
1
621.
1
98.3
thous
do. ..
16 406
9 483
18 579
11, 197
Household electrical appliances, factory sales:
Air conditioners (room)
_
thous
Dishwashers*
do
Disposers (food waste)*
do
Ranges
_
do ..
Refrigerators
do
Washers
_
do
Dryers (incl. gas)
do
Vacuum cleaners
do
5,886
2 116
1 976
2,362
5 286
4 093
2 981
7 382
2,892
2 516
1 943
2,192
2,528
2,848
3,606
4,402
4,310
49.5
40.6
48.5
40.0
50 4
40 9
48.8
41.8
48.3
44.6
51.7
47.5
36.3
35.1
34.9
35.4
56.5
50.7
60.1
27.8
14.7
17.6
38.8
52.8
46.4
33.1
55.5
45.7
65.5
31.0
16.5
18.0
37.7
45.5
39.6
34.1
53
42
64
31
16
16
37
37.4
34.5
87 0
Radio sets, total, production _
Television sets, incl. combination) , prod
3,480
2
534. 0
260.9
122 5
65 7
72.7
434.9
4
8
3
7
1
4
9
90.7
85 5
1,449
719
i 5, 438 455.7
151.0
2 477
148.8
12 294
'
2,714 r 163. 1
288. 3
!5 691
1
4, 608 351.3
3 377 r 273. 0
7 973 546.0
53.8
47.9
86.5
85.5
1,149
844
4 1, 843
4 1, 195
1,725
912
1,535 4 1, 928
941 4 1, 184
1,276
1,002
1 336
956
750.8
208.0
199.1
234.8
662.5
398.8
259.6
628.0
305.1
194.9
186.2
228.8
585.6
399.3
259.2
570. 9
149.5
232.8
200.0
254.5
576.7
424.3
324.0
692.2
118. 3
220.9
239.2
233.0
507.8
495.0
370.1
827.5
120.8
299.9
219.0
286.3
550.0
446.2
385.3
825.7
258.6
266.5
228.2
260.8
477.5
409.2
354.7
712.7
320.8
200.4
199.8
232.2
406.5
366.3
315.8
623.8
476. 3'
206.4
201.6
244.1
428.8
412.8
347.4
748.8
541.9
227 9
212.2
238.3
446.2
381.5
304.6
106.6
242.4
280.0
131.2
171.8
267.2
136.7
232. 5
262.1
153.2
254.2
235.8
163.4
223.0
262.8
129.2
213.7
230.2
117.4
215. 0
218.8
131.9
178.9
267.0
1 498
867
1,487 4 1, 690
889 4 1, 114
597.3
133.8
163.3
332.2
328.9
215.6
698.7
846.4
217.6
184.3
224.4
481.1
370.0
250.1
653.1
763.0
189.3
181.9
212.0
457.6
303.4
182.4
655. 8
473.7
161.8
163.8
212.3
470.8
304.4
177.4
535.5
99.7
185.9
249.3
103 9
243.9
256.3
107.9
204.1
296.3
114.9
198.2
267.2
0
56.7
51.7
71.0
32.0
18.3
20.7
39.5
3,733
983
705
1 428 4 1 864
'811 * l' 016
r 179.
4,264 ' 4, 160
GAS EQUIPMENT (RESIDENTIAL)
Furnaces gravity and forced-air shipments* thous
Ranges, total, sales*.
do
Water heaters (storage), automatic, sales*
do
1 195
2 362
2,785
1 466
2,649
3,083
102.3
164.6
256.8
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
654
••558
683
516
708
779
Production
_
thous. sh. tons_. 19,481
652
793
810
765
738
618
722
777
8,699
36
66
29
17
36
Exports
.
do
69
92
66
76
16
75
105
789
671
17
Price, wholesale, chestnut, f.o.b. car at mine
$ per sh. ton__ 16. 565
17. 673 18. 365 18. 365 18. 365 18. 365 17. 581 16. 856 17.346 17. 346 17. 444 17. 346 17. 346 17. 346 17. 738 17. 738
BituminousProduction
thous. sh. tons__ 602.932 i 555.000 50.430 46.900 56.755 55, 575 50. 640 51,615 38.965 55. 075 53, 225 13,130 26,095 55, 055 46, 845
r Revised.
p Preliminary.
1 Annual data; monthly or quarterly revisions are not
new orders, is also adjusted for number of working days. Sales index (National and Southern
3
Industrial Distributors Assns.) is based on selected panel of members' operations which cover
available.
2 Excludes figures for rubber-tired dozers (included for other periods).
For
month shown.
< Data cover 5 weeks; other periods, 4 weeks.
national sales for maintenance, repair, and operations for all types of industries. Dishwashers
*New series, Industrial supplies (marketed through distributors)—orders index (American
and disposers (Assn. of Home Appliance Mfrs.) and gas equipment (Gas Appliance Mfrs.
Assn.) reflect total industry sales. Monthly data prior to 1971 are available upon request.
Supply & Machinery Mfrs. Assn.), based on 2-month moving average of selected members'
S-35
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
Annual
1972
1971
1971
Feb.
Jan.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
36,379 36, 417
25, 167 ': 25,944
9, 971 9,150
4,679
5,699
Dec.
Jan.
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total9
thous. sh. tons ^517,158 2
2494,873
^320,460 326,280
Electric power utilities
do
Mfg. and mining industries, total___
do
4 184,328 2 157,035
Coke plants (oven and beehive)
do_
496,009 2 82, 820
Retail deliveries to other consumers.
do
4
12,072
2
49, 199
30 804
17, 395
8,239
43, 698 45 513 40, 895
27, 127 ! 28,' 040 25, 103
15, 733 16, 849 15, 522
7,393
8,157
8,380
39, 755
24, 807
14, 784
8,307
41, 926
28, 154
13, 642
7,723
40, 634
28,004
12,439
7,007
38,558
27, 783
10, 079
5,164
38, 313
27, 051
10, 281
5,817
950
1,224
1,315
1,443
40, 832
28, 294
11,087
6,152
11, 351
1,000
838
619
245
138
100
162
670
76, 987
68, 643
67, 001
69,982
77, 527
83, 432
87, 423
85, 147
91, 722
97, 457
86,360
74, 946
76, 987
7,199
8,489
8,237
8,966
9, 804
10, 642
10, 849
8,517
10, 369
11, 818
7,988
5,381
7,199
70,908
56,633
4,250
4,302
4,261
'4,984
6,140
5,679
4,174
7,107
6,766
3, 450
1,318
4,204
3,660
7,641
9,647
9,696
11, 209
9.747
11. 658
9.316
11. 658
9.316
11. 658
9.810
11. 200
9,719
11. 200
9.719
11.200
9. 719
10. 890
9.719
10.890
9.719
10. 890
9.719
10. 940
9.719
10.940
10. 131
11. 388
10. 266
11.446
2730
4871
4 65, 654 2 56, 664
4 21, 574
21,823
59
5,647
1,803
60
5,054
1,652
78
5,752
1,853
68
5,621
1,832
77
5,693
1,803
76
5,268
1,821
67
4,816
1,835
55
3,455
1,950
54
3,976
1,787
38
3,961
1,853
32
3,220
1,783
42
4,200
1,853
4,113
4,018
95
1.059
2,514
3,510
3,385
125
1,489
1,509
4,241
4, 149
92
1,089
171
4,054
3,994
60
1,127
142
3,842
3,803
39
1,170
199
3,599
3,560
39
1,151
126
3,343
3,295
48
1,248
95
3,153
3,097
56
1,192
126
3,401
3,309
92
1,319
171
3,818
3,715
103
1,539
175
4,070
3.939
' 131
1,900
136
4,143
4,000
143
1,793
92
3,596
3,483
113
1,584
36
3,510
3,385
125
1,489
42
« 13, 020
3.23
3,967.5
489.5
11, 804
3.41
4, 087. 8
86.4
846
3.41
344.9
88
896
3.41
312.3
88
1,227
3.41
345.1
88
880
3.41
336.2
86
969
3.41
332.8
83
998
3.41
344.5
89
925
3.41
355.0
88
886
3.41
352.4
87
959
3.41
334.0
85
921
3.41
345.5
85
967
3.41
333.6
85
1,330
3.41
351.5
86
All oils, supply, demand, and stocks:
New supply, totald"
...mil. bbl_. 45,377.7
Production:
Crude petroleum
do
43,517.4
Natural-gas plant liquids.. _.
do
612.2
Imports:
Crude and unfinished oils..
do
522.6
Refined products
do
4725.5
5,517.0
' 464. 4
422.1
482.0
452.2
467. 4
457.7
461.8
469.1
444.9
460.8
'454.0
483.0
3,478.2
2623.9
301. 5
••53.6
274.4
48.5
305.0
52. 8
295.1
51.3
301.0
52.8
290.1
51.1
295.3
52.6
293.8
52.7
276.0
50.9
286.0
52.8
276.0
51.2
284.0
56.1
658.6
756.3
37.8
71.5
40.2
58.9
45.9
78.3
48.5
57.4
49.6
64.1
53.9
62.6
69.2
54.8
63.4
59.1
61.4
56.6
64.0
58.0
'63.3
62.5
71.3
71.5
Stocks, industrial and retail dealers', end of period,
total..
thous. sh. tons
Electric power utilities
do_ _
Mfg. and mining industries, total
do
Oven-coke plants
do
Retail dealers
do
Exports
__
do
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$persh. ton..
Domestic, large sizes, f.o.b. mine
do
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke §
Stocks, end of period:
Oven-coke plants, total.
At furnace plants.
At merchant plants
Petroleum coke
_
thous. sh. tons
do
_
do
do
do
do.
do
„
(3)
71, 285
(3)
8,924
(3)
10. 266
11.446
68
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
807
3.41
965
3.41
Change in stocks, all oils (decrease, -)._
do
37.7
26.1
-37.4
-36.6
-9.4
11.3
40.2
17.6
32.4
29.7
17.8
13.9
-22.2
-31.3
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total 9
Gasoline
Kerosene
do
45,332.2
5,481.4
••504. 8
456.7
489.6
442.2
426.2
440.2
429.1
439.4
426.5
443. 9
'474.7
510.8
do
do
do
do
do
5.0
489.5
45,237.7
42,131.3
96.0
.5
81.2
5,399.7
2, 213. 2
90.9
0
6.1
498.6
164.6
13.4
(0
6.7
449.9
154.6
12.7
0)
7.7
481.8
182.6
8.8
.3
8.0
433.9
187.6
6.3
(0
6.9
419.3
184.5
•3.9
0
7.2
433.0
195. 1
4.5
0
5.5
423.6
201.0
4.4
0
6.7
432.6
197.0
4.6
.1
5.7
420.7
183.6
5.9
L
438.0
188.6
6.8
0
8.1
' 466. 6
184.6
8.5
0
6.6
504.2
189. 3
11.3
do
do
do
927.2
804. 3
4 353. 0
983.4
814.8
361.9
125.3
85.1
28.8
107.6
73.7
29.8
99.6
87.4
30.6
79.2
64.9
28.8
66.1
64.8
28.9
60.2
63.2
30.8
54.8
54.1
29.6
57.3
58.9
31.5
61.3
59.7
29.8
67.3
58.4
32.0
91.3
70. 1
30.1
113.3
74.3
31.1
do
do
do
49.7
153.5
4 446. 8
49.4
158.5
456.8
3.6
4.8
'52.5
3.7
4.9
43.7
4.1
8.1
38.2
4.5
10.4
31.3
4.0
14.0
29.2
4.8
19.9
30.1
4.6
19.4
30.4
4.3
21.9
33.5
3.6
19.3
35.0
4.5
17.2
39.4
3.8
12.2
44.2
3.9
6.4
51.8
Stocks, end of period, total
do
Crude petroleum ...
~do
Unfinished oils, natural gasoline, etc. . .do
Refined products
do
1, 017. 9
276.4
106.0
635.5
1, 043. 9
259.6
106.8
677.5
980.4
269.8
101.2
609.4
943.8
266.9
97.2
579.8
934.4
267.2
96.8
570.4
945.7
271.4
105.4
568.8
986. 0 1, 003. 5 1,036.0
284.3
279.3
273.2
109.5
107.5
110.4
594.1
614.7
652.4
, 065. 7
272.4
107.0
686.3
083.5
269.8
105. 9
707.8
, 097. 4 1,075.2
265.9 • 265. 6
109.8
110.3
721.7 699.4
,043.9
259.6
106.8
677.5
2, 105. 3
1.4
214.3
2, 202. 6
1.6
223.8
185.2
.1
237.0
167.0
.3
250.5
180.8
.1
250.6
170.4
.2
235.0
174.3
.1
226.2
192.7
.1
207.2
196.6
.1
208.4
186.1
.3
212. 3
188.2
(l)
212.9
.119
.120
.130
.125
.113
.110
.125
.120
.120
.120
.120
.118
.118
.118
.246
.252
.254
.241
.238
.234
.248
.254
.268
.264
.266
.244
.257
.251
1.7
.2
5.2
1.4
.1
4.9
1.5
.1
4.6
1.5
.1
4.5
1.5
.1
4.4
1.5
.1
4.2
1.9
.1
4.1
2.1
.2
4.4
1.6
0)
4.4
1.5
.1
4.6
1.1
.1
4.4
8.4
19.7
8.3
19.2
6.7
19.5
6.0
21.6
6.5
23.6
7.2
26.4
6.1
28.0
5.6
27.8
7.2
28.2
7.1
26.8
8.9
24.4
.123
.121
.127
.127
.127
.127
.127
.127
.127
.127
.127
small am ounts of "other hydroear bons an i hydrog'en refin ery inpu t," not
K^
shown separate ly.
9 Ineludes dsita not silown sep arately.
§Incl udes non marketalt)le cataljrst coke.
Distillate fuel oil
Residual fuel oil
Jet fuel
_
Lubricants.. _ _ _
Asphalt
Liquefied gases
Refined petroleum products:
Gasoline (incl. aviation):
Production
.
Stocks, end of period .
do
do
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3) ___ $ per gal
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal
Aviation gasoline:
"
Production..
mil. bbl.
19.7
1.4
18.5
.1
1.2
.9
Stocks, end of period..
„_._
do
5.1
4.4
4.9
Kerosene:
Production
do
95.7
9.5
87.5
Stocks, end of period. _
do
27.8
24.4
23.9
Price, wholesale, bulk lots (N.Y. Harbor)
.$ per gal..
.118
.126
.123
' Revised.
* Corrected,
i Less than 50 thousand barrels.
2 Reflects revis ons not a Bailable by month s.
s Series discontinued.
4 Corresponding monthly r evisions \vill be sh own late r.
.127
.127
I ricludes
181.4
.1
214.0
(
183.1
.1
213.6
196.9
.1
223.8
.118
.115
SURVEY OF CURRENT BUSINESS
S-36
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
Annual
March 1972
1871
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
PETROLEUM AND PRODUCTS— Continued
Refined petroleum products— Continued
Distillate fuel oil:
Production
mil. bbl_Imports
do
Exports
do
Stocks end of period
. __do ..
Price, wholesale (N.Y. Harbor, No. 2 fuel)
$ per gal. Residual fuel oil:
Production
mil. bbl
Tmports
do
Exports
do
Stocks end of period
do
Price, wholesale (Okla., No. 6)
__$ per bbL.
912.1
67.9
2.8
190.6
897.1
'53.8
.9
195.3
80.9
8.1
.3
158.7
72.3
5.5
.2
128.7
78.0
6.1
.4
112.9
76.7
3.4
.2
113.7
75.1
3.3
.2
126.8
76.8
3.6
.4
145.8
77.8
3.8
.3
172.4
77.9
4.1
.3
197.0
71.3
3.1
.1
210.1
74.8
5.3
.1
223.0
72.2
11.0
.2
214. 8
78.4
10.7
.1
190.6
.108
.116
.113
.113
.111
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
257.5
557.8
19.8
54.0
2.25
274.7
554.3
13.2
59.7
2.37
31.3
53.8
.5
53.9
2.60
27.1
42.6
1.4
48.9
2.35
26.5
62.6
1.5
49.4
2.35
22.2
45.3
1.7
50.6
2.35
19.0
51.4
1.2
56.4
2.35
20.0
47.3
1.1
58.7
2.35
20.0
39.8
1.0
63.7
2.35
19.2
42.9
.1.4
66.9
2.35
19.7
41.1
.9
66.5
2.35
19.7
41.1
.9
68.5
2.35
22.3
40,0
1.2
59.9
2.35
27.6
46.5
.5
59.7
2.35
2.35
2.35
301.9
27.6
304. 7
27.7
25.9
27.6
23.7
27.0
26.3
27.1
25.1
27.3
25.8
28.5
25.3
28.8
24.4
28.8
24.9
27.7
25.0
28.1
26.3
27.2
26.1
27.9
25.8
27.7
66.2
'16.1
14.7
65.5
15.8
15.0
5.3
1.2
15.2
4.9
1.3
15.2
5.8
1.4
15.5
5.7
1.5
15.2
5.7
1.4
15.4
5.8
1.0
15.4
6.7
1.4
15.1
5.6
1.6
14.8
5.2
1.3
15.0
6.5
1.1
14.9
5.1
1.3
14.9
5.2
1.2
15.0
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
.270
mil. bbl
do
146.7
15.8
157.0
21.2
8.2
19.7
7.7
22.7
10.1
25.5
12.1
27.7
14.1
28.3
16.3
25.2
17.4
23.8
17.4
20.2
16.2
18.1
15.0
16.5
12.8
17.6
9.8
21.2
Liquefied gases (incl. ethane and ethylerie):
Production total
iril bbl
A.t cas processing plants (L P G )
do
At refineries (L R G )
do
Stocks (at plants and refineries) __
do
525.6
399.6
126.0
67.0
547.9
417.6
130.2
94.7
45.3
34.9
10.4
54.7
42.4
32.4
10.1
48.0
46.5
35.1
11.4
51.0
45.0
34.0
11.0
60.3
45.9
34.9
11.0
72.9
44.5
33. 1
11.4
83.9
45.5
34.0
11.6
95.1
47.1
35.3
11.8
104.0
44.4
34.3
10.1
108.1
46.2
T5.8
10.4
109.4
45.0
35.1
10.0
103. 6
50.0
38.8
11.1
94.7
A sphalt and tar products, shipments:
Asphalt roofing total
thous souares
Roll roofing and cap sheet
do
Shingles a1! types
do
' 83, 179
' 34, 756
' 48, 423
93, 365
35,684
57, 682
5,300
2,247
3,052
8,137
3,248
4,889
6,426
2,653
3,773
8,314
2,354
3,960
8,102
2, 676
5,427
8,790
3,091
5,700
8,296
3,042
5,254
8,928
3,348
5,580
9,683
3,767
5,816
9,051
3,500
5,551
7,672
2,986
4,686
6,766
2, 772
3,994
'260
334
'848
189
374
899
18
21
57
21
23
81
16
25
73
21
35
69
18
34
77
15
32
81
11
39
78
15
35
76
14
32
80
12
36
81
13
33
71
15
29
73
Jet fuel
Production
Stocks end of period
mil. bbl
do
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, 'wholesale, bright stock (mideontinent,
f o b Tulsa)
$ per gal
Asphalt:
Production
Stocks end of period
Asphalt siding
Insulated siding
Saturated felts
-
do
do
thous. sh. tons..
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
65,209
64,571
5,873
63,661
64,331
5,371
5,073
5,487
5,589
4,984
5,207
5,406
5,318
5,484
5,249
5,450
6,415
5,258
6,052
5,382
4,891
5, 540
5,463
4,982
5,180
5,074
5,195
5,473
6,445
6, 134
5,503
5,185
5,460
5,621
5, 371
5,423
5,238
5,434
5,207
5,229
5,084
5,371
thous sh tons
do
10, 590
571
10, 270
564
814
528
780
507
908
509
868
518
867
492
877
491
755
516
885
482
883
506
939
499
'861
'499
833
564
thous sh tons
do
do
do
41, 805
1,716
28, 320
2,308
43,960
1,684
28, 790
2,062
3,600
146
2,408
225
3,347
139
2,240
172
3,696
159
2,503
168
3,699
158
2,416
172
3,712
135
2,436
160
3,679
130
2,427
160
3,450
128
2,282
148
3,805
138
2, 483
174
3,693
127
2,313
161
4,072
145
2, 617
191
3,808
140
2, 446
173
3,499
138
2,219
159
do
do
do
4,358
1,594
3,508
4,778
2,814
3,832
380
141
300
361
138
296
401
143
321
359
285
308
378
288
315
373
275
314
335
257
300
386
292
331
432
240
322
481
278
358
467
236
346
423
240
320
Stocks, end of period:
Total all mills
Pulp mills
Paper and board mills
Nonpaper mills
do
do
do
do
861
386
405
69
1,099
623
403
73
913
462
383
69
930
490
372
67
974
508
388
78
1,045
658
404
83
985
584
328
73
1,076
611
386
79
1,063
612
380
71
1,073
609
387
77
1,044
582
385
78
1,003 ' 1, 154
697
637
'381
288
78
'76
1,099
623
403
73
Exports, all grades, total
Dissolving and special alpha
All other.
do
do
do
13,755
»869
12,886
2,175
790
1,385
187
62
124
180
59
122
236
88
148
194
74
120
172
57
115
199
78
121
117
42
75
182
59
103
240
95
145
112
48
161
142
52
89
235
76
159
185
73
112
Imports, all grades, total
Dissolving and special alpha
All other..
do
do
do
'3538
1273
13,265
3,515
313
3,202
263
30
233
248
25
223
341
30
311
310
21
290
287
32
255
338
31
308
270
30
240
296
28
269
275
22
254
262
27
289
307
15
322
298
25
274
309
15
294
52, 210
22, 975
24, 943
158
4,135
54, 165
23, 449
25, 826
156
4, 733
4,521
2,005
2,149
14
353
4,253
1,865
2,018
14
356
4,686
2,029
2,238
17
403
4,576
1, 987
2,172
16
400
4,513
1,924
2,177
15
396
4,604
1,967
2,214
15
408
4,218
1,796
2,027
13
382
4,622
1,959
2,233
13
416
4,411
1,883
2, 109
11
409
4,897
2,134
2,318
10
435
' 4, 580
' 1, 992
' 2, 182
'10
'398
4,283
1,909
1,989
9
376
'109.2
101.1
101.2
110.6
102.4
103.0
112.0
99.3
100.1
112.0
101.3
100.4
112.0
102.5
101.4
112.0
103.0
101.7
112.0
102.6
102.7
112.0
102.8
103.2
109.2
102.8
103.6
109.2
102.8
104.3
109.2
102.8
104.5
109.2
102.9
104.6
109.2
102.9
104.7
109.2
102.7
104.6
WOODPULP
Production:
Total all grades
Dissolving and special alpha
Sulfate
Sulfite
Qroundwood
Defibrated or exploded
Soda semichem screenings etc
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
Wholesale price indexes:
B ook paper , A grade
1967 = 100
Paperboard
do
Building paper and board
..do
' Revised.
i Reported annual total; revisions not allocated to the months.
2 Less than 50 thousand barrels.
109.2
102.7
104.7
109.2
103,5
104. 7
SURVEY OF CURRENT BUSINESS
March 1972
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1971
Annual
S-37
Jan.
Feb.
Mar.
Apr.
May
June
1972
July ] Aug.
i
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
PULP, PAPER, AND PAPER PRODUCTS—Continued
PAPER AND PAPER PRODUCTS— Con.
Selected types of paper (API) :
Groundwood paper, uncoated:
Orders new
thous. sh. tons
Orders unfilled end of period
do
Shipments
- do
Coated paper:
Orders new
do
Orders unfilled end of period
. do
Shipments
do
Book paper, uncoated:
Orders new
do
Shipments
- do
Writing and related papers:
Orders new
do
Shipments
do
Unbleached kraft packaging and industrial converting papers:
Orders new
do
Orders unfilled end of period
. do .
Shipments
do
Tissue paper production
. do
1,245
90
1 224
1,240
1,225
3,163
183
3,260
94
82
100
84
78
83
114
92
107
104
104
93
102
94
104
114
110
103
109
130
92
98
120
109
99
117
102
' 117
r
119
3,214
263
229
259
244
229
253
296
239
296
271
256
266
253
229
262
288
261
263
287
302
246
273
299
278
255
285
268
286
286
282
2,396
2,476
2,645
2,552
219
199
214
196
267
237
230
223
218
226
216
223
212
195
216
221
219
205
231
222
209
210
198
194
2,869
2,873
2 928
2 933
230
236
236
232
267
268
256
259
252
245
249
251
248
221
264
254
236
246
243
252
210
234
237
235
3,868
156
307
156
313
308
71
3,229
230
114
'99
'90
90
71
102
'116
'273
'277
283
e
6
240
230
259
111
3,755
3,671
3 741
3 765
321
120
307
324
304
119
296
307
358
135
335
341
311
126
310
307
300
121
294
309
336
148
328
321
296
127
280
269
328
152
302
310
319
169
312
300
'339
'170
'325
348
349
171
339
327
8,607
8,592
236
8,297
8 210
'323
695
629
303
662
583
382
711
683
410
670
692
388
665
666
387
638
654
371
643
621
394
678
697
375
692
680
387
786
760
413
758
762
409
698
784
323
725
604
445
3,310
3,303
33
3,296
3,288
41
294
262
66
266
244
88
289
309
67
270
257
80
285
265
100
277
273
103
252
259
96
279
277
98
254
267
85
289
280
94
285
302
76»
257
292
41
289
277
53
Consumption by publishersd"
do
Stocks at and in transit to publishers, end of
period
thous. sh. tons
7,130
7,057
544
528
597
600
627
569
529
558
580
653
643
629
570
749
705
745
731
753
741
672
687
672
699
685
682
704
705
711
Imports
. _ _-_
do _ _ _
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
.
- $ per sh. ton..
6,635
6,881
537
440
570
617
570
640
501
547
608
607
610
635
591
150. 50
157.00
153 70
153. 70
153. 70
158. 10
158. 10
158. 10
158. 10
158. 10
158. 10
158. 10
158. 10
158. 10
159. 70
161. 70
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons__
Orders, unfilled §
do
Production, total (weekly avg.)
do
349
742
489
474
917
501
454
644
488
515
719
506
518
758
514
523
801
515
527
867
513
509
830
514
497
975
467
531
1,039
522
500
1,000
501
536
1,003
531
532
1,003
521
474
917
464
522
977
499
561
1 012
535
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf. area.. ' 184,426
14, 211
14, 283
14,466
18, 668
16, 924
16, 297
15,534
Newsprint:
Canada:
Production
- -Shipments from mills
Stocks at mills, end of period
do __
do
- do
United States:
Production
Shipments from mills
- Stocks at mills end of period
do
_ __do
do
3,714
190. 705
14, 347
thous. sh.tons
mil$
2, 490. 0
1, 225. 0
2, 445. 0
1, 250. 0
' 202. 5 ' 193. 9 ' 211. 5 * 202. 2 ' 196. 0 ' 209. 6
r 97. 3 ' 107. 6 r 102. 5 ' 100. 2 ' 106. 6
101.2
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period
do
Imports, incl. latex and guayule
do
559. 32
102.60
549 92
602. 33
135. 06
612 72
46 21
91.36
45 23
48 28
92.89
44 67
54.43
102. 65
41 15
49 74
98 59
42 77
49.68
105. 88
49 77
.218
/ISO
.184
.180
.183
.194
2 197 00 2 241 16
1,917.85 2*079 01
514. 78 '486 16
183 62
165 24
526 31
166 4.7
161 52
517. 13
181. 79
185. 45
497. 56
Folding paper boxes
15,467
15,222
15,538
20, 169
16, 074
14,749
r
186. 7
'95.2
' 204. 4
r
105. 9
r 208. 4
' 109. 5
••208.8 ' 204. 9 ' 216. 1
' 109. 5 ' 105. 1 ' 109. 5
200.7
104.4
52.18
104. 93
74 53
43.45
121.96
47 62
50 86
125.61
69 57
53.60
191. ?5
54.25
54.10 ' 49. 77
124.92 '126. 36
44.68
42 07
50.04
135. 06
56 40
55. 46
128. 67
57.89
.200
.178
.166
'.180
.179
.171
.180
184 12
171 78
491.19
196. 59
171. 72
501. 78
182 09
181 97
487* 79
187 49
14986
50530
186 97
174 00
483 90
187 01
183 40
468. 25
194 00 ' 194 89 196 13
187. 28 r 170 60 176 19
462. 10 ' 480 28 486 16
199 72
184 66
485. 74
RUBBER
Price, wholesale, smoked sheets (N .¥.)._$ per lb_.
Synthetic rubber:
Production
Consumption
Stocks, end of period
thous Ig tons
do
do
__ _._
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
_
.176
.173
do
_ _ _
290. 06
269 82
19.82
23.29
27. 28
24 41
25.91
20 78
24 41
29 41
35.01
14.22
9 76
15.51
26.84
do
do
do
.
200. 56
199 57
27.58
199 03
194 84
22 31
16.43
15.79
25.87
17 04
16 40
26 53
19.47
19 19
26.57
17.88
17 19
27.12
16.64
16.39
26.17
16 64
16 33
25 71
14 78
12 78
26 31
15 30
16 20
25 44
16 35
16 60
23 51
16.86
15 79
17 41
14 88
21. 85 r 22 50
15 86
15 68
22 33
15 76
16 44
21 00
190 403
213 110
16, 557
17 429
19 435
17 752
17, 775
18 643
15 739
17 351
18 889
19 113
17 134
17 292
14 184
4,897
9 132
18, 371
5,445
12 674
21, 362
4,840
16 329
19, 012
4,931
13 889
192
16 355
2 649
13 552
17 478
4 047
13 248
20 280
5 138
15 008
18 503
5,170
1* 248
133
86
16 392
4 936
11 345
13 556
4,081
9 295
193
21 546
4 993
16 388
111
180
57 280
54 089
53 121
50 546
50 824
54 744
161
139
50 231 49 245
122
' 113
49 927
167
50 189
92
113
2 945
3 275
9 576
2 801
3 760
8 872
2 847
3 092
8 110
' 79
.178
2 863
3 035
8 271
TIRES AND TUBES
Pneumatic casings, automotive:
Production.
Shipments, total
Original equipment
Replacement equipment
Exports.Stocks, end of period
Exports (Bu. of Census)
do
do
do
do
-
Inner tubes, automotive:
Production.
Shipments
Stocks, end of period
_
Exports (Bu. of Census) . _
r
Revised.
thous
p Preliminary.
194, 541
46, 135
146 508
1,898
211 217
55 860
153 405
1 952
14, 181
4,734
9,297
do
do
50 175
1 531
54 744
1 589
52, 561
do
do
do
do
35 687
41 005
9*718
1 002
35 562
40 476
8 271
3,055
3 458
9 447
130
979
150
93
155
56 093
252
95
283
3 097
3 180
9 626
3 375
3 427
9 736
46
« Corrected.
cTAs reported by publishers accounting for about 75 percent of total newsprint consumption.
85
2 941
3 270
9 683
' 124
72
164
86
154
103
2 523
3 317
8 477
73
183
2 792
3 278
8 242
46
3 210
3 746
8*003
' 81
108
? 112
3 639
7 891
59
99
129
101
§Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec, 31.
SUEVEY OF CURRENT BUSINESS
S-38
1970
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
March 1972
1971
1971
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
43 069
35 954
26 212
22 399
720. 2 ' 651. 6
11.9
11.8
148.5 ' 140. 1
561.2
11.0
110.4
Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl
1390,461
1
419,197
17 285
19,407
28 308
36, 185
37 771
44 149
42 212
45 136
42 617
7, 569. 6
158.7
1, 714. 1
361.2
11.7
93.1
395.0
10.5
94.7
590.9
15.9
131.4
687.6
17.7
159.0
691.1
15.8
159.9
757.8
13.8
175.6
677.5
12.8
173.0
741.7
13.3
173.4
733.9
12.4
155.1
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 6, 496. 0
Structural tile, except facing
thous. sh. tons_. ••181.0
Sewer pipe and fittings, vitrified
do
'1,622.3
Facing tile (hollow) , glazed and unglazed
mil. brick equivalent -_
173.0
Floor and wall tile and accessories, glazed and un250.4
glazed
mil. sq. ft..
Price index, brick (common), f.o.b. plant or
N Y dock
1967=100
112 2
155.4
12.2
11.1
14.1
14.9
13.2
14.0
12.9
13.9
12.7
13.0
'12.2
275.8
20.5
19.1
23.5
23.2
21.5
25.5
23.2
25.2
24.4
24.3
23.8
21.8
117 4
114 1
116 0
117 0
J17.4
117 4
117 4
117 4
118 4
118 4
118 4
118 4
118 4
11.1
118 3
121 2
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $
Sheet (window) glass, shipments
Plate and other flat glass, shipments
Glass containers:
Production
do
do
thous. gross
382, 969
453 982
99, 183
150, 274
303, 708
32, 946
66, 237
35, 589
74, 093
267 411
261 543
r H8 957
109 682
131, 551
251, 418
20 691
19 956
r
r
126 160
40,773
78,184
40, 966
85, 194
23 030
21, 770
22 882
23 445
21 754
24 975
21 779
23 321
T
19 791
18 149
20 273
21 286
24 384
22 289
28 733
21 104
19 761
r
18,975
20 407
18 861
do
264 483
253 107
15 903
16 838
22 197
21, 230
do
do
do
do
24, 806
69 254
52 626
20 638
24, 238
66 952
53 189
20 036
1,680
3 571
3 333
1 459
1 762
3 987
3 414
1 481
2,262
5 562
4 803
1 872
1,950
5,793
4,882
1,598
1,893
5 869
4 951
1 501
2,047
7 348
5 483
1 721
1,894
6 878
5 336
1 350
3,295
6 976
5' 937
2 130
2 626
5 161
4*053
l'669
1, 664
4 703
3 624
1 766
1 599
5 080
3 455
1 732
1,566
5 024
3 918
1 757
1,828
4 715
3 374
1 654
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars).
thous. gross
Dairy products
do
58 532
379
57 208
305
3,589
26
3 822
28
4 792
30
4,345
25
4 443
19
5 096
20
4,693
21
7 030
29
4 999
27
5 219 '4 T476
' 26
30
4,704
24
4 578
23
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do
34 252
3*896
27 645
3 534
2 030
215
2 104
240
2 539
'337
2,329
308
2 302
308
2 348
'321
1 822
'295
2 907
429
2 293
'276
2 478
281
r
2r 324
279
2 169
'245
2 386
'303
30 084
35 369
34 669
37 601
38 263
38 642
39 999
38 866
38 220
34 117
34 243
37 285
38 104
35 369
36 087
6 128
9 462
6,262
10 437
1,273
2 210
1 617
2 622
1 806
2 816
1,565
2 788
do
8 654
10 224
2,194
2 509
2 798
2,723
do
do
4 219
265
!4 305
268
746
63
1 264
69
1 216
67
1,101
69
do
do
408
588
381
*534
94
119
102
140
98
149
88
128
477
11 176
292
117
2 359
60
116
2 741
72
126
3 074
85
118
2,996
76
Shipments, domestic, total
Narrow -neck containers:
Food
Beverage
Beer
Liquor and wine
Stocks end of period
do
r
r
r
r
T
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
749
8 764
228
1
TEXTILE PRODUCTS
WOVEN FABRICS
Woven fabrics (gray goods), weaving mills:
Production total 9
mil linear yd
Cotton
__.
do
Manmade
fiber
do
11 545
6 395
4 991
11 118
6 281
4 736
910
531
369
910
532
368
21 119
2 646
2462
do
do
do
1 471
592
867
1 106
'482
616
1 443
*591
837
1 443
611
818
1 356
547
795
Orders unfilled total end of period 9 IF
Cotton
Manmade
fiber
do
do
do
2 434
1 525
866
2 701
1 523
l'l54
2 431
1 552
844
2 486
1 567
881
2 642
1,640
964
2 711
1,638
1,036
Stocks total end of period 9 cf
Cotton
Manmade
fiber
885
499
376
2 1 073
2
598
2
465
1 288
'539
736
1 301
549
740
2 768
1,686
1,046
2 703 2 701 2 599
1 507
1 617 1 596
1 055 1 078 1 068
2 425
1 395
1 007
2 393
1 352
1,018
127
"
870
490
370
1 346
571
760
365
880
4,605
515
637
771
633
657
353
297
848 2 i 062
2598
474
2
457
367
892
503
383
1 233
507
714
1 208 1 202
521
517
679
668
1 141
507
624
T
882 2 1 010
2564
493
2439
383
1 095
480
r
605
r
1 106
482
616
2 701
2 552
1 446 1,523
l 081 1,154
COTTON
Cotton (excluding linters):
Production:
GinningsA
-thous. running bales
Crop estimate, 480-pound bales, net weight
thous bales
Consumption
'do
Stocks in the United States, total, end of period
Domestic cotton, total
Public storage and compresses
Consuming establishments
Foraiffn nnttnn . t.nt.al
r
2
do
do
do
An
10, 112
r
10 230 <10, 037
10,192
7 878
10 468
8 128
11 900
11 886
1 482
9,257
1 147
in IR^
10 166
14
0 SftQ
6 547
1 ' 93fl
1Q
644
10 724
10, 708
1 285
8,126
1 297
' tfi
5 10,112
'510,192
665
2815
637
9 411
9 394
i fins
6,890
8 049
8 031
6 955
6,940
17
' 1R
1 4^6
778
5,577
1 677
Revised.
i Reported annual total; revisions not allocated to the months or quarter.
Data cover 5 weeks; other months, 4 weeks.
3 Ginnings to Dec. 13. 4 Ginnings to
Jan. 16.
s Crop for the year 1970.
6 Crop for the year 1971.
9 Includes data not shown
separately.
cTStocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
646
2797
2
7,916 3 8, 217 4 9, 744 8 10,230
642
2727
634
« 10,468
9 081
11 247 r 10 185
9,059
11,232 r 10,166
1 399
2 389
3 747
6,326
6,462 r 6, 547
3,672
2,700
4 606
1 334
1 023 r I 230
1 730
1 764 1 762
ifi
' 17
23
IK
Ifi
'r 19
over
^Unfilled orders cov wool apparel (including polyester-wool) finished fabrics; production
igures for
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.
ECQ
5 992
5 975
K4.1
4 OQO
4 880
' AK-t
4 252 14 276 13 165 12 162
4 236 14 261 13 144 12 146
7 123
400 U nco 10 403
3,957
2,206 1 707 1,488
1 630 1 50° 1 253 1 066
' IK
1K
' 9.1
ifi
SURVEY OF CUKEENT BUSINESS
March 1972
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
Annual
S-39
1971
Jan.
Feb.
Mar.
Apr.
May
1972
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding linters)— Continued
Exports
thous. bales..
Imports
-do
2,982
37
Price (farm), American upland ©..cents per lb__.
Price, middling 1", avg. 12 markets©
do
i 21.9
COTTON MANUFACTURES
Spindle activity (cotton system spindles) :
Active spindles, last working day, total
Consuming 100 percent cotton
Spindle hours operated, all fibers, total
Average per working day
Consuming 100 percent cotton
441
3
455
6
562
8
467
3
327
3
307
2
214
1
162
3
310
5
195
0
272
417
4
337
15
21.1
22.8
s 4, 128
38
21.8
23.2
22.5
23.6
23.1
23.8
22.9
24.5
23.1
25.1
22.8
25.3
27.0
26.8
27.0
27.3
27.6
27.7
28.7
28.0
29.1
30.1
30.2
32.9
18.6
11.6
18.5
11.5
9.1
.456
5.6
18.5
11.5
211.3
.450
26.9
18.5
11.5
7.2
.365
4.5
18.4
11.4
8.9
.443
5.5
18.4
11.4
210.8
.433
26.7
18.5
11.4
9.1
.456
5.6
18.4
11.4
9.0
.450
5.5
18.4
11.4
'2 10. 2
'.407
26.2
18.5
11.3
9.1
.454
5.5
1.059
1.066
1.068
1.078
1.082
1.082
1.082
1.088
1.096
30.3
33.4
mil_.
do
bil_do
do
18.6
11.6
113.0
.435
70.4
18.4
11.4
113. 8
.438
70.3
18.6
11.6
8.9
.446
5.6
18.6
11.6
9.1
.453
5.7
211.3
.450
27.0
18.6
11.5
8.9
.445
5.5
Cotton yarn, price, 36/2, combed, knit
$ per lb__
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. yd--
1. 008
1.061
1.014
1.023
1.036
1.054
6,246
6,157
15.4
16.9
13.5
13.9
14.9
15.7
15.7
15.8
20.8
14.4
13.4
12.5
14.3
16.9
16.1
5.5
4.5
5.0
5.1
5.0
5.3
4.9
5.0
6.3
4.7
4.5
4.3
4.2
4.5
4.3
.37
.28
.37
.36
.34
.34
.31
.31
.31
.32
.34
.34
.32
.28
.28
274.3
543.3
312.7
569. 3
20.3
39.7
20.5
39.7
25.9
37.6
25.4
48.3
26.3
41.9
23.5
51.3
24.4
48.2
28.1
52.2
36.3
76.2
13.0
27.3
23.7
21.2
45.3
85.7
33.9
75.0.
43.57
44.40
43.94
43.71
43.48
43.45
43.68
44.61
44.68
45.56
45.24
44.76
44.77
44.88
44.96
45.68
15.8
22.2
15.0
19.8
15.0
19.8
15.0
19.8
15.0
19.8
15.0
20.3
15.5
15.6
16.4
16.4
21.8
16.4
21.8
16.4
22.0
17.5
23.0
17.5
23.2
17.8
24.0
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 ad justed J
Exports, raw cotton equiv
Imports, raw cotton equiv
thous. bales..
do
Mill margins:
Carded yarn cloth average
cents per lb-_
Prices, wholesale:
Print cloth, 38^-inch, 64 x 54. cents per yard
Sheeting, class B, 40-inch, 48 x 44-48. . .do
1,607
' 1, 405
1,609
1.107
1,535
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
.
mil. Ib
5,391.7
Filament yarn (rayon and acetate)
do
730.8
Staple, incl. tow (rayon)
do
607.4
Noncellulosic, except textile glass:
Yarn and monofilaments
do __ 1,793.4
Staple, incl. tow. _
__.
do
1, 792.8
Textile glass
fiber.
do
467. 3
6, 124. 2
752.9
611.7
1.413.3
191.8
141.3
1,500.4
200. 2
147.3
1,574.3
181.9
154.9
1, 636. 2
179.0
168.2
2, 186. 8
2, 104. 3
468.5
477.8
500.0
102.4
520.6
520.1
112.2
580.3
531.0
126.2
608.1
553.2
127.7
Exports: Yarns and monofilaments
Staple, tow, and tops
130,511
181,612
12, 611
13, 836
137, 054
140, 075
249, 819
175,306
20,035 ' 17, 015 ' 24, 252 '25,509 '25,815
10,056 13, 149 17, 648 '20,422 '15,088
75.0
76.0
65.2
40.7
74.1
58.5
70 8
43 8
70.3
41.4
65.2
40.7
288.3
242.6
103.8
295.6
252. 2
89.4
272.9
251.8
94.4
254 4
235.8
75.4
263.1
246.6
84.1
295.6
252. 2
89.4
.61
4 .93
1.39
.61
thous. lb._ 148, 843
do
152, 871
Imports: Yarns and monofilaments
Staple, tow, and tops
do
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate),
mil. Ib
Staple, incl. tow (rayon)
do...
Noncellulosic fiber, except textile glass:
Yarn and monofilaments
... do
Staple, incl. tow
do
TftYtllo crlnQQ
filler
A*\
Prices, manmade fibers, f.o.b. producing plantStaple: Polyester, 1.5 denier.___.
$perlb_.
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..dO-..
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd_.
Filament yarn (100%) fabrics 9 ....
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics
do
Spun yarn (100%) fab., exc. "blanketing 9 -do
Rayon and/or acetate fabrics and blends
do
Polyester blends with cotton
_do_.
Filament and spun yarn fabrics (combinations
and mixtures)..,
mil. lin. yd...
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, warp and half-warp
1.26
.61
.93
1.33
12, 230
15, 190
14, 640
16, 041
13,482
15,202
11, 387
15, 728
10,518
18, 236
10, 896
25,155
5,609
6,967
5,490
7,505
9,186
12, 446
9,851
14, 441
24, 711 ' 19, 622
17, 773 15, 202
19, 449
16, 216
23, 982
20, 601
18, 220
15, 702
8,878
4,048
22, 329
9,399
20, 302
8,738
11, 245
16, 589
.61
.61
.62
.62
.62
.62
.62
.62
.62
.62
1.33
1.28
1.28
1.26
1.25
1.25
1.25
1.24
1.21
1.21
.62
1.03
1.19
1,147.8
' 343. 0
' 125. 5
722.1
1,237 3
362.6
129.1
80.3
711.1
' 639. 0
111.6
508.9
98.1
515.6
83.3
462.3
108.2
109.3
.62
1.05
1.18
89.7
515. 7
106.5
.62
1.03
1.19
1,265.9
377.1
127.8
72.7
705.7
125.0
5, 028. 2 4, 876. 4
1,461.4 1, 422. 0
639.7
517.9
271.4
295.4
2, 871. 6 2, 777. 9
1,225.4
339.3
135.5
444.8
382.7
1, 962. 8 2, 002. 5
472.6
449.0
_mii. ib,.
<j0
do
do
163.7
76.6
153.1
73.3
116. 3
75.1
126.6
83.9
10.2
5.2
12.0
5.9
9.5
5.6
9.4
5.0
213.0
26.7
11.2
6.2
9.4
5.3
11.1
6.9
9.7
5.3
11.5
6.3
212.1
27.2
10.4
7.0
7.3
4.8
13.8
11.3
8.0
6.6
17.0
13.4
210.7
27.5
13.3
8.4
8.8
7.0
5.3
2.9
7.7
6.4
1.0
.8
'29.9
'27.6
10.7
9.9
9.5
7.6
7.1
5.0
$ per Ib
do
_do
1.024
.872
.941
.664
.656
.802
.825
.810
.804
.825
.775
.790
.757
.685
.790
.708
.658
.790
.630
.640
.800
.597
.640
.828
.590
.640
.802
.595
.640
.795
.610
.640
.795
.610
.621
.780
.605
'.593
.805
.615
.525
.839
.625
.525
.890
.640
.550
1. 030
96.3
95.4
95.0
93.3
93.3
92.0
91.1
91.1
88.3
89.2
89.2
WOOL MANUFACTURES
Knitting yam, worsted, 2/20s-50s/56s, American
system, wholesale price
1967=100
94.4
98.0
97.6
101.4
101.4
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. yd
37 0
178.6
113.6
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1967=100
101.3
101.3
101.3
101.3
»• Revised.
1 Season average.
2 For 5 weeks; other months, 4 weeks.
3 Less than 500
bales.
4 Average for 4 months, Sept.-Dec.
« Revised total; revisions not distributed
by months.
©Beginning Aug. 1971, prices are on 480-lb. net-weight bale basis (for earlier
13, 220
18, 688
32.6
'22.7
21.3
101.3
101.3
100.1
months, on 500-lb. gross-weight bale basis); to compute comparable prices for earlier months,
multiply farm price by 1.04167 and market price by 1.0438. % Revisions for 1967-70 are available.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1970
1971
1971
Jan.
Annual
March 1972
Feb.
Mar.
Apr.
May
June
1972
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
18,750
18,643
18, 750
19, 690
16, 640
13, 835
15, 172
1,188
1 023
1, 135
1 086
14, 721
1,772
1,120
1,232
14, 696
1,824
1,029
1,063
1,076
1,067
15, 087 13, 430
' 1, 722 1,603
1,208
1,109
15, 503
1,778
1,661
19, 784
1,031
20,841
1,289
16, 327
1,337
18, 038
1,075
Feb.
TEXTILE PRODUCTS—Continued
APPAREL
Hosierv, shipments.. _ _
thous. doz. pairs.. 231,795
Men's apparel, cuttings:J
Tailored garments:
Suits
thous. units.. 17, 694
11,750
Coats (separate) dress and sport
do
Trousers (separate), dress and sport . . do_. 173, 599
Shirts (woven), dress and sport.
thous. doz... 20, 792
Women's, misses', juniors' apparel, cuttings:}:
Coats
thous. units.. 21, 769
251, 540
Dresses
do
13, 250
Blouses and shirts
- thous. doz
6,927
Skirts
.do
209, 726
16,042
15, 402
13,430
1,169
11, 503
179, 732
19, 741
14, 345
1,490
17, 033
240, 268
12, 590
1,195
19, 029
1, Oil
376
17, 595
430
5,494
804
16, 720
16, 975
1,089
1,317
1,317
1,264
1,557
17, 683
1,692
16, 188
1,776
15, 186
1,628
1,274
20, 334
1,113
1,218
23, 085
1,311
1,140
24,128
466
389
1,145
19, 534
1,056
740
14,644
890
959
1,205
996
404
20, 684
1,067
974
15,209
672
656
1,785
13, 463
1,274
1,518
20,739
1,475
17, 737
1,045
951
464
539
15,080
1,618
1,606
19,405
988
481
535
1,795
1.112
587
r
r
1, 717
19, 323
'981
421
786
402
515
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders new (net) otrly total
mil $
XT S Government
do
Prime contract
do
Sales (net) receipts or billings ntrly total do
U S Government
do
21, 161
15, 116
19, 010
24, 752
16, 407
21,614
14, 744
19, 200
21, 625
14, 066
5,171
3,466
4,629
5,424
3,479
4,153
2,677
3,640
6, 154
4,024
Backlog of orders end of period 9
do
U S Government
do
Aircraft (complete) and parts
do
Engines (aircraft) and parts
do
Missiles, space vehicle systems, engines, propulsion units and parts
mil $
Other related operations (conversions, modifications) products services
mil $
24,705
12,882
13, 264
2, 449
21, 808
13, 330
9, 561
2,272
24 489
12 972
12, 926
2,447
22, 458
11 581
11,419
2,185
4,522
4,664
4,335
2,791
2,979
2,575
Aircraft (complete):
Shipments
Airfiame weight
Exports commercial
do
thous Ib
mil. $
'
'
'
'
'
6 671
4, 948
8, 062
4, 816
3, 266
5,619
3,653
4, 869
5,231
3,297
'24,028
'13,109
'12,315
' 2, 343
21, 808
13, 330
9,561
2,272
3 971
' 4, 509
4,664
2, 658
' 2, 777
2, 979
.-.___--
3, 605. 0 3, 297. 5
48, 818
59,436
1,527.2 1 1, 906. 8
165.0
2,950
101.7
274.7
4,462
209.3
389.8
6,333
313.4
243.9
4,414
207.6
418.6
6,968
253.6
306.9
4,431
105.0
154.9
2,299
72.8
119.1
2,125
108.4
195.0
2,847
122.8
211.1
3,480
126.3
388.0 ' 430. 5
3,822 ' 4, 687
195.9
112.4
358.1
3,293
144.8
8, 239. 3 10, 637. 7
7, 753. 0 10, 036. 0
6, 546. 8 8, 584. 6
6, 187. 3 8, 121. 7
1, 692. 4 2, 053. 1
1,565.7 1,914.3
860.6
817.9
710.7
678.1
149.9
139.8
921.9 1, 057. 4
872.2
992.4
865.2
757.8
719.0
815.9
164.2
192.2
153.2
176.5
921.6
863.0
750.4
703.6
171.2
159.4
930.8 1, 008. 2
867.9
945.9
767.3
809.8
716.7
761.3
163.4
198.4
151.2
184.6
608.6
577.2
490.5
468.9
118.1
108.3
639. 9
602.1
484.8
457.6
155.1
144. 5
951.1
892,3
757.8
712.0
193.3
180.2
988.3
943.1
793.5
758.6
194.8
184.5
963.3
917.0
773. 5
736.6
189.8
180.4
786.1
745.0
623.4
593.2
162.7
151.8
889.1 2 957. 5
847.2
698.0 2 745. 6
666.0
191.1 2211.8
181.2
'8,405
7,119
'1,285
10, 252
8,681
1,570
'695
586
108
9.9
8.4
1.5
'749
637
112
10.0
8.5
1.6
897
756
141
10.0
8.5
1.6
'885
737
148
10.0
8.3
1.7
890
748
142
9.8
8.2
1.6
'956
798
158
'9.8
8.1
1.7
817
668
149
9.8
8.1
1.7
725
566
'160
10.1
8.3
1.9
884
756
129
12.2
10.8
1.5
1,051
934
'117
11.3
10.0
1.4
962
848
114
10.9
9.4
1.5
741
649
92
9.3
8.0
1.3
721
610
111
10.3
8.8
1.5
813
698
115
10.4
8.9
1.5
1,220
1,294
1,447
1,590
1,381
1,296
1,528
1,401
1,683
1,530
1,707
1,557
1,753
1,579
1,799
1,609
1,582
1,580
1,569
1,681
1,591
1,691
1,481
1,660
1,446
1, 595
1,447
1,590
1,588
1,521
1,884
1,566
1.9
2.0
2.2
2.2
2.3
2.4
2.3
2.4
1.9
2.0
2.0
2.4
2.1
2.1
386.64
348.40
100. 04
21.75
18.81
6.44
31.30
26.42
7.39
41.52
37.14
10.76
35.12
31.58
9.42
48.62
46.07
9.34
40.75
38.47
9.34
21.27
19.48
6.96
19.97
18.74
6.67
37.95
32.86
9.98
29.73
27.02
7.71
32.04
29.39
7.53
26.62
22.44
8.50
25.11
22.13
7.37
2,013.42 2,587.48
802. 28
692. 78
1
115. 82 160. 87
105, 709 103, 784
65, 785
71, 274
198. 87
47.20
10.51
6,610
4,187
204. 51
70.17
11.63
7,271
4,256
233. 92
81.09
12.77
7,852
4,748
222. 70
69.01
10.38
8,347
4,897
230. 00
77.64
10.38
7,467
4,415
242. 53
84.73
12.07
8,672
5,244
183. 42
37.34
8.83
8,505
5,260
205. 45
49.64
7.83
8,469
5,367
227.04
67.53
13.32
9,620
6,353
194. 65
72.35
16. 18
10, 598
7,315
18, 509
985
1,110
1,523
1,192
1,240
1,122
1, 723
2,576
1,844
1,483
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic
Passenger cars, total
Domestic
. _
Trucks and buses, total
Domestic
thous ..
do
do
.do
do
do
Retail sales, new passenger cars :
Total, not seasonally adjusted
thous..
Domestics A
do
Imports A
do
Total, seasonally adjusted at annual rates.. .mil..
DomesticsA
do
Imports A
do
Retail inventories, new cars (domestics), end of
period: A
Not seasonally adjusted
thous. .
Seasonally adjusted
do
Inventory-sales ratio, new cars (domestics) A
Exports (Bureau of the Census):
Passenger cars (new), assembled
To Canada
Trucks and buses (new), assembled
Imports (Bureau of the Census) :
Passenger cars (new), complete units
From Canada total
Trucks and buses complete units
ratio -.
thous
do
do
do
do
do
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number
Registrations (new vehicles):©
Passenger cars _ _
Imports, incl. domestically sponsored
Tracks
285. 04
245. 62
93.87
26, 138
215. 30 229.09
67.78
77.81
25.66
21.33
9,652 ' 10, 721
6,483 ' 7, 260
1,833
1,878
215. 64
59.30
20.14
9, 843
6,960
2,147
3
4
833. 5 4 838. 7 4 897. 0 4 806. 0 4 780. 6 4 791. 0 4 922. 3 4 934. 7 4 885. 0 4 685. 1
thous . . 8 8,388.2 1 4 9,729.1 s 588. 3 s 618. 3 8 820. 3
do
8 1,231.0 1 4 1,465.7 ' 8 99. 0 ' 5 94. 9 ' 5 132.6 '3127.8 '4129.7 ' 142.1 '4134.3 '4145.4 4 128. 6 4 115. 9 '4103.7 498.2 491.4
8 108. 4 8 115. 2 8 158. 2 3 168. 4 4 171. 5 4 178. 1 4 177. 6 4 166. 7 4 153. 9 4183.4 4 193. 9 4 206. 8 4 165. 0
do
181,790.2
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines) :
Shipments
number..
Equipment manufacturers
do
New orders --_ .
do
Equipment manufacturers
do
Unfilled orders, end of period
do
Equipment manufacturers
do
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous.Held for repairs % of total owned
Capacity (carrying), aggregate, end of period7
mil. tons..
Average per car
tons..
i 66, 185
i 52, 411
i 50, 293
i 42, 530
27, 552
22,320
i 55, 307
147,990
i 52, 482
i 46, 913
22, 221
18,753
3,725
3,183
3,152
2,932
26, 903
21, 993
4,629
4,059
3,042
2,792
25, 015
20, 425
5,026
4,262
5,304
3,885
25, 193
19, 948
5,497
4,431
4,107
3,782
23, 583
19, 059
5,252
4,381
6,670
6,570
24, 944
21,227
5,401
4,205
8,521
6,321
27, 977
23, 256
3,305
2,696
3,807
3,652
28, 547
24,280
3, 329
2,852
1,211
1,211
26,429
22, 639
4, 701
4,144
1, 534
1,534
23, 113
19, 880
4,865
4,569
7,473
6,873
25, 863
22, 426
4,159
4,046
3, 518
3,418
25, 213
21, 789
4,807
4,551
3,933
3, 633
22, 221
18,753
4,211
3,965
3,780
2,320
21, 865
17, 183
1,423
5.7
1,422
5.6
1,423
5.7
1,431
5.7
1,430
5.6
1,431
5.6
1,431
5.5
1,431
5.5
1,430
5.4
1,428
5.7
1,427
5.7
1,426
5.6
1, 426
5.7
1,422
5.6
1, 422
5.8
95.64
67. 19
97.14
68.29
95.73
67.29
96.08
68.45
96.38
67.37
96.70
67.55
96.82
67.66
96.95
67.76
96.96
67.82
96.92
67.91
97.00
67.98
97.15
68,13
97.22
68.19
97. 14
68.29
97.33
68.44
r
2
Revised.
* Annual total includes revisions not distributed by months.
Estimate
4
of production.
s Omits data for three States.
omits data for two States.
& Omits
data for one State.
JMonthly revisions (1970) appear in Census report, Apparel Survey, 1970, MA-23A(70)-1.
$ Total includes backlog for nonrelated products and services and basic research.
ADomestics include U.S.-type cars produced in the United States and Canada; imports
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
OCourtesy of R. L. Polk & Co.; republication prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
TO
STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators..,
1-7
Commodity prices...,,.....,,,.....,,,
7-9
Construction and real estate...........
.. - 9,10
Domestic trade. ..•..........,..>...*..,.,..... 11,12
Labor force, employment, and earnings.......
Finance.
..............
..
Foreign trade of the United States
,
Transportation and communication ..........
13-16
16-21
21-23
23,24
Industry*
Chemicals and allied products,....... — ..... 24,25
Electric power and gas.............
.
25,26
Food and kindred products; tobacco,......... 26-30
Leather and products.....
^...
30
Lumber and products......,...».;..-........
31
Metals and m a n u f a c t u r e s . » « . . . , . , . » . . . , , . . « . 31-34
Petroleum, coal, and products................ 34-36
Pulp, paper, and paper products.... v
..... 36,37
Rubber and rubber products.:,
37
Stone, clay, and glass products.,
38
Textile products.
-..»...,.
38-40
Transportation equipment. . , . ' . . . . , . . . . . . . > . .
40
INDIVIDUAL SERIES
Advertising
,
/
11,16
Aerospace vehicles,
4,40
Agricultural loans.
16
Air carrier operations. . . , . . . , . , , . . » , . , . .
23
Air conditioners (room). . . , , . . » . .
34
Aircraft and parts. .,
...„...,,
6,7,40
Alcohol, denatured and ethyl.,..'.-„
.
25
Alcoholic beverages.
11,26
Aluminum.•,..«.•..,...,,......;,..»,,,..«....
33
Apparel........................ 1,3,4,8,9,11-15,40
Asphalt and tar products
..'
35,36
Automobiles, etc
1,3-6,8,9» 11,12,19,22,23,40
Balance of international payments
2,3
Banking,
16,17
Barley.........................,
27
Battery shipments. , . , . , . . « * « . . . , • * . , . , ' . . . . . . . .
34
Beef and veal......
...
......-.;.......
28
Beverages....,
8*11,22,23.26
Blast furnaces, steel works, etc. ,..»,......
5-7
Bonds, outstanding, issued, prices, sales, yields.... 19,20
Brass and bronze
,
33
Brick.
38
Building and construction materials,............ 4-7,
9,10,31,36,38
Building costs......'
•, ;
. 10
Building permits..............,..............
10
Business incorporations (new), failures
7
Business sales and inventories. 1
i«
5
Butter.,;;..•.•*,......,...,../....,>....
...
26
Cattle and calves........
.................
28
Cement and concrete p r o d u c t s . . . , , , „ . , , . , , , . 9,10,38
Cereal and bakery products................
8
Chain-store sales, firms with 11 or more stores,..
12
Cheese.,,»......
26
Chemicals.
V 4-6,8,13-15,19,22-25
Cigarettes and cigars,
;V.........'.,.
30
Clay products..'...,..,..,.,,'.... 4 ..'.;....'.... 9,38
Coal.
. . . . , , , , , . . . . . ; , . . . . . . . . . . 4,8,22*34,35
Cocoa,...,-....
..,..,.,,..,;
23,29
C o f f e e . . . . , . . , . . , , . , . . , . , . . . , . , , . , . , . . . , . . . . . 23,29
Coke...,
.,,,.,,,.,.,.,,.
35
Combustion, atmosphere, heating equipment.....
34
Communication.
......
,., 2,20,24
Confectionery, sales
»
,.,.,..
29
Construction:
Contracts
...,
...'..
10
Costs. ..,
. . . , ; , . . - , V"
.......
10
Employment, unemployment, hours, earnings,. 13-15
Fixed investment, structures.»,.,«..,.......,
1
Highways and roads,....,-...'.; ^ . . . . . , ' . . , . . . . 9,10
Housing starts. . . . . . . ' . • » . , . . . . . . , . , , . . , . . . . .
10
Materials output i n d e x e s . « . , . , , , . , , . , . . . . , , .
10
New construction put in place..;..»....,.•.,.'.
9
Consumer credit.
v............... 17,18
Consumer e x p e n d i t u r e s . » , » i . . . . , , . . , , , » , . . , . . ,
1
Consumer goods output, index.
".
3,4
Consumer price index,
...,,,,.
8
Copper
_ ,,
33
27
Com. . . , . , . . . < . , . , . . . . . . . . , , , . . « . . . , . > , , , . . ,
Cost of living (see Consumer price index)........
8
Cotton, raw and manufactures.
.,.. 7,9,22, 38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term,...,
... 17,18
Crops.
...-<;.;..
........ 3,7,27,30,38
Crude oil,,'.,,
....'.......,,..;.
4,35
Currency in circulation.
19
Dairy products,
,,,.
,
3,7,8,26,27
Debits, bank.
,..,.,,....,._.
16
Debt, U.S.. Government
18
Department stores.
.,».,.»
.•,.-...... I 11,12
Deposits, bank,..•..;....•.,.,..;.«.......;.. 16,17,19
Dishwashers, .»...','.,.;.'......«....,.•....,.....« ,' 34
Disputes, industrial, , . < , . . . . ; , , t • « . ' . . i , , . . , , • » , , . '
16
Distilled spirits..
26
Dividend payments, rates, and yields,....... 2,3,19-21
Drug stores, sales
,,
,
11,12
Earnings, weekly and hourly,
15
Eating and drinking places.
11,12
Eggs and poultry...
................ 3,7,8,28,29
Electric power
,
4,8,25,26
Electrical machinery and equipment..,,..,.,.,. 4-7,
9,13-15,19,22,23,34
Electronic components., — ,.,.......,,.
34
Employment estimates.
13,14
Expenditures, U.S. Government.......... — ...
18
Explosives,
..,...,,...,.
25
Exports (see also individual commodities)
1,2,21-23
Failures, industrial and commercial,
7
Farm income, marketings* and prices
2,3,7,8
Farm wages,,......,.
».....,.,,,,,
15
Fats and otts., ................
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
Food products,,...!.... 1,4-8,11-15,19,22,23,26-30
Foreclosures, real estate...»
.... t . . . . . . . .
10
Foreign trade (see also individual commod.).,-,.. 21-23
Foundry equmment. ,\
„
,
,
34
Freight cars (equipment)
40
Fruits and vegetables,.,
... 7,8
Fuel oil.
35,36
Fuels.
4,8,22,23,34-36
Furnaces.
„ , , . „ , . . , . , . , . ' 34
Furniture.
....,.....' 4,8,11-15
Gas, output, prices, sales, revenues
4,8,26
Gasoline
.,,,.......
1,35
Glass and products.
38
Glycerin
25
Gold.........
,
..
19
Grains and products,
7,8,22,27,28
Grocery stores...,,
, . , . , « ' . , , . , . . ' . 11,12
Gross national p r o d u c t , . . » , . , « , . . . . , . . . . , , . . . ,
1
Gross private domestic investment,.,..,....,,.,
1
Gypsum and products.,...,,,....
. . . . . , , . 9,38
Hardware stores....
*
,
11
Heating equipment
9,34
Hides and skins
9,30
Highways and roads.
9,10
28
Hogs.
8
Home electronic equipment,............
10
Home Loan banks, outstanding advances.
10
Home mortgages, » . . . , . , . . . „ . . . , . , . , . ,
40
Hosiery.
24
Hotels and motor-hotels
,
14
Hours, average weekly.
Housefnrnisblngs,.>/........
.,,
1,4,8,11,12
Household appliances, radios, and television sets.
4,
8,11,34
Housing start* and permits
,»....,,.»,.,..
10
Imports (see also individual commodities),.. 1,2,22,23
Income, personal,,,.....,.., — . . . , , , . . , , . . , . 2,3
Income and employment tax receipts,....,.'.,.,..., 18
Industrial production indexes:
By industry.......
'....'....»...' 3,4
By market g r o u p i n g . . . . . . , , . , , . . , . . . , . . . . . . 3,4
Installment credit.,,,,,.,,..
12,17,18
Instruments and related prodc «its.
, 4-6,13-15
Insurance, life.».,....
18,19
Interest and money rates..'............
17
Inventories, manufacturers* and trade,..,.,. 5,6,11,12
Inventory-sales r a t i o s . , . , . , . , - , . . , » . . . . . , . , . . . .
5
Iron and steel.,............ 4-7,9,10,19,22,23,31,32
Labor advertising index/stoppages, turnover....',
16
Labor force. . , . . . . . . * , . . . . . . . . , . . . . . , . , . • . . . . , . .
13
Lamb and mutton
+ .,;,......,.'..
28
Lard,
;
28
Lead..,
i..',,.
33
Leather and products
.
4,9,13-45,30
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,,
*4,9,10-15,19,31
Machine
tools.
*....,,.,....
34
Machinery.
....... 4-7,9,13-15,19,22,23,34
Mail order houses, sales.
11
Man-hours, aggregate, and indexes............. 14,15
Manmade fibers and manufactures, » « . . » . . . » . ' „ , . 9,39
Manufacturers* sales (or shipments), inventories,
orders. . . . • » , . . . . • ; . . . . , . . . . . . . . . . . , . , . » . , . • . . . 5^7
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,
8
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........ — , . . ' . « 1 . . . . . . . . . .
19
Mortgage applications, loans, rates,
, 10,16,17,18
Motor carriers,,
,./.
23,24
Motor vehicles
1,4-4,8,9,11,19,22,23,40
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...,,
18
Oats.
,
..
27
Oils and fats,.,.,,..,,.,..
8,22,23,29,30
Orders, new and unfilled, manufactures'.........
6,7
Ordnance.,,,,,,.,..,...,.,.,....
13—15
Paint and paint materials....,.....,,...,....., 8,25
Paper and products and pulp
4-6,
9,13-15,19*23,36,37
Parity ratio
,*..'.......
7
Passenger cars
.. 1* 3-4,8,9» 11,12,19,22,23,40
Passports issued. . . , . , , . „ , , , , , . . . . . . . . , . . , . . » .
24
Personal consumption expenditures..............
1
Personal income..
2,3
Personal o u t l a y s . » . . . . , , , . , . . , , . . . , , . . , , . , » , . .
2
Petroleum and products,..,.,.,...
. , , . * . . 4--6»
8,11-45,19,22,23,35,36
Pig iron
, ; ,..,.,.
,
31,32
Plant and equipment expenditures..............
2
Plastics and resin materials....................
25
Population.,
,»,
13
Pork
28
Poultry and eggs....,
. 3,7,8,28,29
Prices (see also individual commodities),,...».,. 7-9
Printing and publishing.
..,,,,.. 4,13-15
Private sector employment, hours, earnings,..... 1&4S
Profits, corporate,
2,19
Public utilities................... 2-4,9,19-21,25,26
Pulp and pulpwood.
i
36
Purchasing power of the dollar.
9
Radio and television...,.,.....
4,11,34
Railroads.,,..,.
2,15,16,20,21,24,40
Ranges,..........,...,.-.,..»..,....,.:., I.......... 34
Rayon and acetate,,.
...
»....,.,.....
39
Real estate.
.........,,,... 10,17,18
Receipts, tl.S, Government.,,,.,......,..
18
Recreation,,,
...,..,.,..........,..,.,«,
8
Refrigerators,........,.,..,.,»,,.,,,,...,..»«».».
34
Registrations (new vehicles) ..,
,....,.
40
Rent (housing)
8
Retail trade
5,7,11-15,17
Rice.
27
Roofing and siding, asphalt.
36
Rubber and products (incl. plastics)»,...,...,,» 4-6,
9,13-15,23,37
2
Saving, p e r s o n a l . . , , . . . , , . , . . . . . , . , . . . . . . . . . . «
17
Savings deposits
......;,...,............/..
19,20
Securities i s s u e d . . . , , . , , . , » » » . . . . , ,
Security m a r k e t s , , ; , . , . , « . . 1 , » . . , , . , , . . . , « . . ' » 20,21
Services.
1,8, 13-15
28
Sheep and lambs,
Shoes and other footwear.,.,..,
9,11,,12,30
19
Silver.
.......,...,..,,,,,
30
Soybean cake and meal and oil..,.....,_........
39
Spindle activity, c o t t o n , . , . . , , » , . . . . , . . . . . . . . .
,31,32
Steel (raw) and steel manufactures . . , . , , . 22,23,
31
Steel scrap..............»....,. ,\V.».
20
Stock market customer financing.
Stock prices, earnings, sales, etc................ 20,21
Stone, clay, glass products,.»,,,»,. 4-6,9,13-15,, 19,38
Sugar
,
, 23,29
25
Sulfur,.,
24
Sulfuric acid
,,.,,,.,..,
25
Superphosphate.
«,
....-.,.
Tea imports, ...... ..... ...-------. , . , , , , . . . , . .
|9
Telephone and telegraph carriers ........ ..... . .
24
Television and radio. .'..-,. * * . . . . . . . , . , . . . « . , 4, 11, 34
Textiles and products. . ... 4-6, 9, 13-15, 19, 22, 23, 38-40
Tin. .. ............ .____......____.......... 33
Tires and inner tubes. .......... ....... . . 9, 11,12,37
Tobacco and manufactures. .. ..... 4-7,9, 11, 13-45,30
Tractors. ......____. ...... ...... ...... ....... ?4
Trade (retail and wholesale) ...... ... ..... 5* U» 12-15
Transit lines, local ..... .____. ..... . . , . . , , . , , . .
23
Transportation.. . .4 . . . ; , . . ; , . . . . . . . , 1,2,8,13,23,24
Transportation equipment. . ... ...... 4-7, 13-15, 19, 40
Travel. ..,'.........;..!;•......* ,~. ..:.;:.,.*. 23,24
Truck traOers. , , . . . , . . , . . . . , , , . , , . . . . . , , . . . . .
40
Truclts (industrial and other), ........... . , . , „ * 34,40
Unemployment and insurance, » ; ' ........ ....... 13, 16
U.S. Government bonds, ....... ....... . .-'. , . 16-1», 20
U.S. Government fnance. ..... ....... , , , . . . . . ,
18
Utilities ......... .,...,,., ;..-. :. . . 2-4,9,19-21,25,26
Vacuum cleaners. . . ..... . , . . , . . . . . . « . , , . . , . . . -• 34
Variety stores. ..... ..... ...... .-, , , , , . . , . ----- . * JJ» J*
Vegetable ofls , , . . . , , » . . , . . ; . , , . . . . . . . . , . . ; 23, 29,_30
Vegetables and fruits. ...;.;....-.....:. ---- ...... 7, 8
Veterans* benefits, . . . . , , . , . , , . . . ...... ....,,..
16
2 3
Wages and salaries. ..,.,.,...,.. ---- * *1|
**
Washers and dryers, , ---- . . . . ---- ,;....
Water heaters. , , . . , . . , , , . , , . . , . , . .
- « «
Wheat and wheatflour,, , « . ..... ... ---- ........ ,**£**
Wholesale price indexes, , * , ---- . , ; • . . . . , . . , . . . - . _ **» ;*
Wholesale trade. ........ :. v. ,,.,....-.', 5,7, 11,13-15
Wood pulp. ......... ---- ...... ..... . . . . . . . . . . . y *|g
Wool and wool manufactures. .•...'...•........-..• * $*
Zinc,
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
PUBLIC DOCUMENTS
DEPARTMENT
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
Now Available
BUSINESS
STATISTICS
1971 Biennial Edition
THE EIGHTEENTH VOLUME in a series of statistical supplements to the monthly
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