Full text of Survey of Current Business : March 1972
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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 Annual subscription, inclpding weekly statistical supplement, is $9 for domestic and $12*75 for foreign mailing. Single copy $1. Order from Superintendent of Documents, TJ»S. Government Printing Office, Washington, D,G. 20402, or any Commerce Department Field Office. Make checks payable to Superintendent of Documents* Microfiche edition is available from the National Technical Information Service, Springfield, Ya. 22151. Annual subscription, excluding weekly supplement, is $9 for domestic and 112 for foreign mailing. Single copy $0.95. Make checks payable to NTIS. Send subscription correspondence to the Superintendent of Documents or NTIS. Send editorial correspondence to the Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230. U.S. DEPARTMENT- OF COMMERCE FIELD OFFICES Albuquerque, N. Mex. 87101 U.S. Courthouse Ph. 843-2386. Anohorape, Alaska 99501 632 Sixth Ave. -272-6531. Atlanta, Ca. 30309 1401 Peaehtree Si.,NE; $26-6000. Baltimore, Md. 21202 415 .U.S. Coatomhoose 962-3560. Blmtinizttam, Ala. 35205 908 S, 20th St. Ph. 325-3327. Boston, Mass. 02203 JFK Federal Bldg, 223-2312. BwPaln. 1N»Y. 14202 111 W. Huron St. Ph. 842-3208. Charleston, S,C» 29403 334 Meeting St. Ph. 577-4171. Charleston, W, Y», 25301 500 Quarrier St. Ph. 343-6181. Cheyenne, Wvo. 82001 2120 CapttorAve, Ph. 778-2220. Chicago, 111. 60604 I486 New Federal Bldg. Ph. 353-4400, Cincinnati, Ohio 45202 550 Main St. Ph. 684-2944. Cleveland, Ohio 44114 666 Euclid Ave. Ph. 522-4750. Dallas, Tex. 73202 1100 Commerce St. 749-3287, Denver. Colo. 80202 New Customhouse, 19th & Stout Sts. Ph, 837-3246. Des Moines, Iowa 50309 609 Federal Bldg Ph. 284-4222. Detroit* Mich. 48226 445 Federal Bldg. Ph. 226-6088, Greensboro, N.C. 27402 258 Federal BJdg. Ph. 275-911L Hartford. Conn. 06103 450 Main St. Ph. 244-3530. Honolulu, Hawaii 96813 286 Alexander Young Bidg, Ph. 546-8694. Houston, Tex. 77002 1017 Old Federal Bldg. Ph. 226-4231. Jacksonville, Fla. 32202 400 W. Bay St. PLu 791^2796. Kansas City, Mo. 64106 601 East 12th St. Ph. 374-3141. Los Angele*. Calif. 90024 11000 Wilshire Blvd. 824-7591. Memphis, Tenn» 38103 147 Jefferson Ave, Ph. 534-3214. Miami, Fla. 33130 25 We*t Flayer St. Ph. 350-5267. Milwaukee, Wis, 53203 238 W. Wisconsin Ave. Ph. 224-3473. Minneapolis, Minn. SS401 306 Federal Bldg. Ph. 725-2133. New Orleans. La. 70130 610 South St. Ph. 527-6546. Mew York. N.Y, 10007 26 Federal Plaza Ph. 264-0634. Philadelphia, Pa. 19107 1015 Chestnut St. Ph. 597-2850, Phoenix, Ariz. 85025 230 N. Fim Ave. Ph. 261-3285. Pittsburgh. Pa. 1000 Liberty Are. Ph. 644-2850. Portland, Oreg, 97204 217 Old U.S. Cotirthoaae Bldg. Ph. 226-3361. Heno, NeW 89302 300 Booth St. Ph. 784-5203. Richmond, Ya. 23240 2105 federal BWg. Ph. 782-224f St. Lowls, Mo. 63103 2511 Federal Bldg. 622-4243, Sail Lake City, Utah 84111 125 Sooth State St. Ph. 524-5116 San Francisco, Calif. 94102 450 Golden Gate Ave. Ph. 556-5864. San jFixan, Puerto Rico 00902 100 P,O, Bldg. Ph, 723-4640. Savannah, Ga. 31402 235 U.S. Courthouse and P.C Bldg. Ph 232-4321. Seattle, Wash. 98104 8021 Federal Office Bldg. Ph. 442-5615, the BUSINESS SITUATION 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 SURVEY OF CURRENT BUSINESS, the new edition provides, for the past twenty-five years, historical data for approximately 2,500 series. For most series, annual data are presented back to 1947. Quarterly statistics back to 1960 are shown for those series ordinarily published on a quarterly basis, and monthly data back to 1967 are given for monthly series. Also included in the volume is an appendix providing monthly or quarterly data back to 1947 for 350 of the more important economic series. Color keyed explanatory notes to the time series define terms, give sources of data, and describe the methods of compilation used. Price, $3.00. Orders may be placed with the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402, or with any Field Office of the U.S. DEPARTMENT OF COMMERCE