Full text of Survey of Current Business : March 1973
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
A UNITED STATES
DEPARTMENT OF
COMMERCE
PUBLICATION
U.S. DEPARTMENT
OF COMMERCE
Social and Economic
jtistics Administration
BEAU OF ECONOMIC
ANALYSIS
MARCH 1973 / VOLUME 53 NUMBER
3
SURVEY OF
CURRENT BUSINESS
MARCH 1973 / VOLUME 53 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
THE BUSINESS SITUATION
Business Investment
Corporate Profits
Consumer Demand
Recent Price Developments
Employment and Production
2
3
3
5
6
National Income and Product Tables
Investment Programs and Sales Expectations for 1973
U.S. Balance of Payments Developments: Fourth Quarter
and Year 1972
Plant and Equipment Expenditures of U.S. Owned Foreign
Affiliates: Revised Estimates for 1972 and 1973
12
16
22
U.S. Department of Commerce
Frederick B. Dent / Secretary
Bureau of Economic Analysis
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
45
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index (Inside Back Cover)
William H. Anderson
Thomas Becker
R. David Belli
Lora S. Collins
Donald A. King
Max Lechter
Robert Leftwich
Barbara L. Miles
Howard Murad
Thomas R. Robinson
Thomas W. Kraseman
John T. Woodward
Annual subscription, including weekly statistical supplement: $20 domestic, $25 foreign. Single copy $2.25. Order
from Superintendent of Documents, U.S. Government
Printing Office, Washington, D.C. 20402, or any Commerce Field Office. Make check payable to Superintendent
of Documents.
Annual subscription in microfiche, excluding weekly
supplement: $9 domestic, $12 foreign. Single copy $0.95.
Order from National Technical Information Service,
Springfield, Va. 22151.
Address change: Send to Superintendent of Documents
or NTIS, with copy of mailing label. For exchange or
official subscriptions, send to BEA.
Editorial correspondence: Send to Bureau of Economic
Analysis, U.S. Department of Commerce, Washington,
D.C. 20230.
The Secretary of Commerce has determined that the publication of this periodical is necessary in the transaction of the public business required by law of this Department. Use of funds for
printing this periodical has been approved by the Director of the Office of Management and Budget through September 1,1975.
U.S. DEPARTMENT OF COMMERCE DISTRICT OFFICES
Albuquerque, N. Mex. 87101
316 U.S. Courthouse 843-2386.
Cheyenne, Wyo. 82001
2120 Capitol Ave. 778-2220.
Hartford, Conn. 06103
450 Main St. 244-3530.
Milwaukee, Wis. 53203
238 W. Wisconsin Ave. 224-3473.
Reno, Nev. 89502
300 Booth St. 784-5203.
Anchorage, Alaska 99501
632 Sixth Ave. 272-6531.
Chicago, 111. 60603
Room 1406 Mid-Continental Plaza
Bldg. 353-4400.
Honolulu, Hawaii 96813
286 Alexander Young Bldg.
546-8694.
Minneapolis, Minn. 55401
306 Federal Bldg. 725-2133.
Richmond, Va. 23240
8010 Federal Bldg. 782-2246.
Atlanta, Ca. 30309
1401 Peachtree St. NE. 526-6000.
Baltimore, Md. 21202
415 U.S. Customhouse 962-3560.
Birmingham, Ala. 35205
908 S. 20th St. 325-3327.
Cincinnati, Ohio 45202
550 Main St. 684-2944.
Cleveland, Ohio 44114
666 Euclid Ave. 522-4750.
Boston, Mass. 02116
441 Stuart St. 223-2312.
Dallas, Tex. 75202
1100 Commerce St. 749-3287.
Denver, Colo. 80202
19th & Stout Sts. 837-3246.
Buffalo, N.Y. 14202
111 W. Huron St. 842-3208.
Des Moines, Iowa 50309
609 Federal Bldg. 284-4222.
Charleston, S.C. 29403
334 Meeting St. 577-4171.
Charleston, W. Va. 25301
http://fraser.stlouisfed.org/
500 Quarrier St. 343-6181.
Federal Reserve Bank of St. Louis
Houston, Tex. 77002
1017 Old Federal Bldg. 226-4231.
Jacksonville, Fla. 32207
4080 Woodcock Dr. 791-2796.
Newark, NJ. 07102
24 Commerce St. 645-6214
New Orleans, La. 70130
610 South St. 527-6546.
New York, N.Y, 10007
26 Federal Plaza 264-0634.
St. Louis, Mo. 63103
2511 Federal Bldg. 622-4243.
Salt Lake City, Utah 84111
125 South State St. 524-5116
San Francisco, Calif. 94102
450 Golden Gate Ave. 556-5864.
Kansas City, Mo. 64106
601 East 12th St. 374-3141.
Philadelphia, Pa. 19107
1015 Chestnut St. 597-2850.
Los Angeles, Calif. 90024
11000 Wilshire Blvd. 824-7591.
Phoenix, Ariz. 85004
112 N. Central 261-3285.
Detroit, Mich. 48226
445 Federal Bldg. 226-6088.
Memphis, Tenn. 38103
147 Jefferson Ave. 534-3214.
Pittsburgh, Pa. 15222
1000 Liberty Ave. 644-2850.
Savannah, Ga. 31402
235 U.S. Courthouse and P.O.
Bldg. 232-4321.
Greensboro, N.C. 27402
258 Federal Bldg. 275-9111.
Miami, Fia. 33130
25 West Flagler St
Portland, Oreg. 97205
921 S.W. Washington St.
SisxiSrtm
Seattle, Wash.
350-5267.
San Juan, Puerto Rico 00902
100 P.O. Bldg. 723-4640.
98109
the BUSINESS SITUATION
ERY stringent conditions prevail
in money markets as this issue of
the SURVEY goes to press in the third
week in March, and most short-term
interest rates are approaching 7 percent.
On March 19, several banks announced
a K-percentage point increase in the
prime rate to 6% percent, an action
that is now under review by the Government's Committee on Interest and
Dividends. The prime rate was raised
% percentage point to 6}£ percent on
February 26. The tightening in money
markets that has progressively intensified since late last year reflects a
surge of loan demands associated with
the rapid rate of economic expansion,
tightening of monetary policy, and to
some extent, distortions in domestic
markets associated with the international currency upheaval (see the
February "Business Situation" article).
The Federal funds rate, a sensitive
indicator of money market conditions
and Federal Reserve policy, averaged
7.13 percent in the week ended
March 16, more than ji percentage
point above the average in midFebruary, and 2 percentage points
above the average in early December,
just before the current round of credit
tightening began to take hold. Other
credit market rates—on prime commercial paper, prime bankers' acceptances, and 90-day certificates of deposit—climbed above 6.8 percent in
mid-March, also more than ){percentage
point above mid-February levels and
between 1% and 1% percentage points
above their levels in early December.
The yield on 3-month Treasury bills
rose % percentage point from midFebruary to average just under 6
percent for the week ending March 16.
The wide differential between the
bill rate and other short-term rates
mainly reflects bill purchases by foreign
central banks with dollars acquired
in their efforts to maintain exchange
rates.
The pursuit of tighter monetary
policy has forced commercial banks to
increase sharply their borrowing from
the Federal Reserve. During the past
month, member bank borrowing has
averaged $1.6 billion, some $1 billion
above late November and early December and the highest since tight money
year 1969. The monetary authorities
raised the discount rate %• percentage
point in mid-January and by as
much again in late February to 5%
percent. By mid-March, however, the
differential between the discount rate
and money market rates was once
again pronounced.
In the face of tightening credit
policy and heavy loan demand, money
center banks have become aggressive
sellers of large negotiable certificates
of deposit (CD's). Rates on CD's
carrying maturities beyond 89 days
are subject to Federal Reserve ceilings
that are being reached, and the bulk
of new CD money is being raised in
the short-term 30- to 89-day range.
This shortening of the maturity structure is resulting in a buildup of liquidity
pressures on the banks, particularly
the major money market banks, and
the refinancing of some $52 billion of
large CD's outstanding is becoming
more difficult and more expensive.
This may lead to some rationing of
business credit at commercial banks,
and cause some shifting of business
borrowing to the commercial paper
and/or bond markets.
In February, the latest month for
which data are available, the expansion
of bank credit was still very strong.
Total loans and investments at commercial banks increased $10.3 billion,
seasonally adjusted, as compared with
$8.6 billion in January and $4.9 billion
in December. Loan expansion accounted
for all of the bank credit growth, as
CHART 1
Profits and Cash Flow
Billion $
125
PROFITS
100
Before Tax Book Profits
75
50
After Tax Book Profits
25
i
i
i
1
i
i
i
I
i
i
i
I
i
i
i
1
i
i
s
100
CASH FLOW*
—y
75
50
i
. . . I , . . i . i . l
1968
1969
1970
.
.
1971
1
.
,
i
1972
Seasonally Adjusted at Annual Rates
'Capital consumption allowances plus undistributed profits.
U.S. Department of Commerce, Bureau of Economic Analysis
73
SUKVEY OF CURRENT BUSINESS
banks liquidated $1.8 billion of U.S.
Government securities and made virtually no net acquisition of State and
local securities. There were strong
increases in most loan categories but
by far the biggest increase was in
business loans, which have been in a
strong upswing since late last year.
Monetary policy has apparently been
successful in slowing the expansion of
the monetary aggregates. The narrowly
defined money stock (currency in
circulation and private demand deposits)
increased at an annual rate of a little
more than 6 percent in February
following no change in January; The
money stock increased 8.6 percent
(annual rate) in the fourth quarter of
last year and 8.3 percent from December 1971 to December 1972. Part
of that slowdown reflects a flow of
deposits from private ownership to the
Treasury in connection with the international currency upheavals. Growth
of time and savings deposits, other
than large CD's, was at an annual
rate of 5.3 percent in February, well
below the expansion rate of other
recent months.
Business Investment
Business has planned a strong increase in capital spending this year.
The latest BEA survey of spending
expectations, taken in February, indicates that outlays will rise almost 14
percent, compared with a 9-percent
increase in 1972 (table 1). The 1973
increase, if realized, will be the largest
since 1966. (Details of the survey are
reported beginning on page 16.) A
big increase in capital spending this
year is consistent with the developments outlined in most economic analysts' forecasts. The cyclical weakness of
capital spending was concentrated in
1971, in line with the historical tendency for swings in capital spending to
lag after swings in general economic
activity. The picture in 1972 was
mixed, as industries feeling capacity
pressures raised spending substantially
while spending was sluggish in some
other industries. This year, conditions
are broadly favorable to spending
Table 1.—Annual Change in Plant and
Equipment Spending
March 1973
1 year earlier. When the share of manufacturing assets held by firms calling
their facilities "excess" is netted out,
1970 1971 1972 1973*
the resulting "net inadequate" perAll industries
11.5
centage shows an even sharper rise—
5.5
1.9
8.9
13.8
Durables manufacturing. 13.0 - 1 . 0 -10.4 10.5
from 19 percent at the end of 1971 to
19.6
Nondurables manufacturing
10.3
35 percent at the end of 1972.
2.8 - 1 . 9
16.5
13.9 13.2
Utilities
16.6
The BEA survey indication of a
16.4 11.1
28.5 - 4 . 6 - 6 . 0
Railroads
7.5 - 6 . 8
- 2 . 1 20.7
Air transportation..
large 1972 increase in manufacturers'
38.0 30.8 - 3 . 1
10.8
Allother...
10.9
6.8
8.6 10.7
capital spending is supported by the
6
expansion of manufacturers' capital
Expected.
appropriations tabulated by the Congrowth; the capacity built in the ference Board. Appropriations increased
investment boom of the 1960's has at a very fast pace during 1972, with a
apparently been absorbed, and cash steadily rising number of industries
flow is being stimulated by profits showing increases. Appropriations by
growth and by the liberalized deprecia- the 1,000 largest manufacturers were $8
tion rules and the investment tax billion (seasonally adjusted) in the
credit legislated in 1971. In the busi- fourth quarter, up 12 percent from the
ness recovery thus far, capital spending third quarter and 36 percent from 1
has expanded not much faster than year earlier. The fourth quarter figure
total GNP. A stronger expansion, matched the record established in the
raising share of capital spending in second quarter of 1969; in the subseGNP, would not be surprising.
quent cyclical decline, appropriations
According to the BEA survey, most fell to only $5% billion in the second
industries expect that the prices they quarter of 1971. Capital appropriations
pay for plant and equipment will are reflected in the capital spending
increase about 5% percent this year, stream over a considerable period of
roughly the same as the increase they time, but the peak in the associated
reported for last year. The 1971 price spending stream occurs about two to
rise was estimated at 6% percent.
four quarters after the appropriation is
Nonmanufacturing industries, which made.
account for two-thirds of plant and
equipment outlays, expect an aggregate Inventory investment
spending increase in 1973 of 11 % percent,
Business investment in inventories
the same as in 1972. The utilities expect has been stronger in recent months than
spending growth to accelerate but the it had been for some time. However,
railroads and airlines expect declines it remains moderate, relative to sales
this year following gains in 1972. For expansion, and inventory-sales ratios
the airlines, the expected decline is a continue to decline. The ratio for
dramatic shift from the rapid growth of manufacturing in January was 1.56,
the past 3 years. Spending gains the lowest in more than 20 years. For
expected by other nonmanufacturing manufacturing and trade combined,
industries are generally very similar to the January ratio was the lowest since
last year's.
the spring of 1966.
In manufacturing, nearly every major
Estimates of the book value of manuindustry expects a larger spending facturing and trade inventories show
increase this year than in 1972. Manu- a sharp acceleration of the monthly
facturing capacity utilization has been increases during the past 6 months or
rising quite rapidly, with the Federal so. In the final months of 1972 and in
Reserve utilization estimate going from January 1973—the latest for which
74% percent at the end of 1971 to 79% data are available—the monthly
percent at the end of 1972. Also, the changes in book value were as large as
BEA capital spending survey shows at the peak of accumulation in 1966.
that the share of fixed assets in manu- However, a good part of the recent infacturing held by firms calling their crease in book value is due to the
facilities "inadequate" was 40 percent impact of rising prices, and there is still
at the end of 1972, up from 30 percent no conclusive evidence of a breakout of
[Percent]
"T
SURVEY OF CURBENT BUSINESS
March 1973
Table 2.—Manufacturers' Inventories and
Sales
Expected
1973
Actual
1972
I
IV
III
II
Billions of dollars,
seasonally adjusted
Inventories, end of quarter
Durable manufacturers
Nondurables manufacturers
Sales, quarter total
Durables manufacturers
Nondurables manufacturers
105.4 107.0 108.2
109.1
70.1
36.9
71.0
37.2
71.7
37.4
188.9 197.7 198.5
200.9
103.6 109.2 110.4
85.3 88.4 88.1
112.6
88.3
68.8
36.6
Months of sales, seasonally adjusted
Inventory-sales ratio l-
1.67
1.62
1.64
1.63
Durables manufacturers
1.99
Nondurables manufacturers... 1.29
1.93
1.25
1.93
1.27
1.91
1.27
Percent
Inventory condition "High" 2
Durables manufacturers .
Nondurables manufacturers. . .
Inventory condition "Low"
Durables manufacturers
Nondurables manufactures
16
13
18
11
14
12
4
5
4
4
5
4
1. End-of-quarter inventories divided by average monthly
sales during the quarter.
2. Percent of inventory book value held by companies
classifying their inventories as "High" or "Low" relative
to sales and unfilled orders; remaining percentage is held
by companies classifying holding as "About Right."
Source: Census.
inventory accumulation from the very
conservative path that has been followed in this cyclical recovery.
The latest quarterly survey of manufacturers' inventory and sales expectations shows evidence of further
tightening of inventory positions, which
is consistent with the continuing decline in the inventory-sales ratio. As of
December 31, the firms that called
their inventories "high" held only 13
percent of all manufacturing inventories, the lowest such figure since the
early 1960's. However, the survey also
shows conservative inventory accumulation expectations for the first and
second quarters, very conservative sales
expectations, and little change in inventory-sales ratios (table 2). As of
January, manufacturers expected inventory book value to rise $1.2 billion
this quarter and only $0.9 billion in the
second quarter, well below the increases
in the second half of 1972. The estimated actual change in manufacturers'
inventories in January was $0.5 billion.
Manufacturers' sales increased much
more sharply in January than the
survey expectations imply and the
advance estimate indicates
that
durables shipments were also above the
implied path.
Corporate Profits
The preliminary BEA estimate shows
a further sizable gain in corporate
profits in the fourth quarter. Book
profits, before taxes, increased $6.2
billion to a seasonally adjusted annual
rate of $101.9 billion, about $13 billion
above the previous cyclical peak
reached in late 1968 and early 1969
(chart 1). Profits tax liability increased
$2.7 billion from the third to the fourth
quarter, leaving a gain of $3.4 billion in
book profits after taxes. Corporate
cash flow—undistributed profits and
capital
consumption
allowances—
surged $4.5 billion to $100 billion.
Profits increased strongly throughout
1972, with the largest increase occurring
in the fourth quarter. In the last
quarter of the year, however, the
profits figures reported by individual
companies typically contain various
irregular year-end adjustments, and it
is possible that some of the profits
shown for the fourth quarter of 1972
were in fact earned in, and thus attributable to earlier quarters in the year.
Book profits include gains or losses
due to differences between the replacement cost of goods taken out of inventory and the cost at which these items
are charged to production. The national
income profits figure measures only
incomes arising from current production and, therefore, inventory gains or
losses are excluded. Inventory gains in
the fourth quarter were about the
same as in the third, and pretax corporate profits measured on the national
income basis rose $6.3 billion, about
the same as the rise in the book value
figure, to an annual rate of $95.9 billion.
Profits of financial institutions rose
$1 billion and nonfinancial corporations' profits rose $5.3 billion in the
fourth quarter; about two-thirds of
the rise in nonfinancial corporate profits
was in manufacturing, where increases
were widespread among both durables
and nondurables industries.
For nonfinancial corporations, the
advance in fourth quarter profits reflected increases both in real output
and in profit margins—i.e., profits per
unit of output. The rise in profit margins was the result of moderate growth
in unit price; unit cost was unchanged
from the third to the fourth quarter as
a small rise in unit labor cost was offset
by a decline in unit nonlabor cost.
Consumer Demand
There was a strong increase in retail
sales in January that was partly erased
in February, but the average for the 2
months was nevertheless up nearly 3%
percent from the average in the fourth
quarter. This represents a continuation
of the rapid expansion that began early
last year. The rise in sales from the
fourth quarter to early 1973 included
gains for most major durable and nondurable goods groups.
Over the past year, auto group sales
have shown by far the largest gain.
In January-February 1973 they averaged 26 percent above January-February 1972. This group includes tire,
battery, and accessories stores, used
car dealers, motor cycle dealers as well
as new car dealers, and this broad
coverage may help explain why the
group's sales are estimated to have
dropped in February, a month when
unit sales of new cars edged higher.
Sales of durable goods retailers outside
the auto group have also been rising
very strongly. Sales of furniture and
appliance stores, in particular, have
advanced strongly this year after some
weakness in the fourth quarter of 1972.
The rapid expansion of sales at food
stores last year continued into 1973.
A significant part of the increase in this
category reflects higher prices: in January, food store sales were almost 15
percent higher than in January 1972,
but the consumer price index for food
at home was up nearly 7% percent. In
other nondurables categories in which
sales have been rising rapidly—apparel
stores, eating places, and the general
merchandise group (department and
variety stores, mail order and vending
machine sales)—inflation has been less
severe.
SUEVEY OF CUREENT BUSINESS
Auto sales
Sales of new cars, including both
domestic and import models, averaged
12% million units (seasonally adjusted
annual rate) in January and February
(table 3), a huge increase from the
already high average of a bit over 11%
million units in the fourth quarter.
Total February sales were at a rate of
12Ji million units, including 2 million
imports; this total about matched the
record set in September 1971, when sales
surged following the introduction of the
wage-price freeze and the announcement of the repeal of the auto excise tax.
In March, data on domestic model sales
for the first 10 days indicate a continuation of the high February rate.
The sales rate of domestic models
increased in the spring and summer of
last year, but fell slightly in the fourth
quarter. That slight weakening was at
least partly caused by dealer shortages
of 1973 models due to heavy demand
pressure and to scattered work stoppages at GM plants. However, record
production schedules in the past several
months have helped to ease the shortages, although a brief strike in February
on the Penn Central Eailroad caused
GM to lose production of about 18,000
cars, or 216,000 in annual rate terms.
Table 3.—Sales of New Cars
[Millions of units; quarterly data at seasonally adjusted
annual rates]
Total
1969
1970
1971
1972
9.6
8.5
1971-1
II
III
IV
1972-1
11.
Ill
IV
.
.
.
1973-1*
.
Domestic
models
Import
models
8.4
7.2
1.1
1.3
1.6
1.6
10.3
10.9
8.7
9.3
10.0
9.9
10.7
10.5
8.5
8.2
9.1
9.1
1.7
1.4
10.3
10.7
11.4
11.3
8.8
9.2
9.8
1.5
1.5
1.6
9.5
1.8
12.2
10.2
1.9
1.5
1.7
•Average of January and February at an annual rate.
Sales of foreign model autos peaked
in the summer of 1971 and then dropped
in the fall of that year when the temporary import surcharge and dock strikes
had a depressing effect. Foreign car
sales recovered moderately through the
summer of last year and took a big jump
in the fourth quarter, when shortages of
1973 domestic models may have caused
some buyers to shift to import models.
Sales continued to rise strongly in the
opening months of this year, touching
2 million units (annual rate) in
February. The announcement in early
February of the devaluation of the dollar and the upward float of major
currencies, particularly the mark and
yen, may have led some buyers to
purchase import models in advance of
the expected price increases. In late
February most European car companies
did announce price increases, and increases for Japanese cars are expected
shortly. The increases for European cars
were substantial for higher as well as
lower priced imports. Volkswagen announced a $140 increase on its ordinary
"Beetle," which puts its price $100-$200
above the Pinto, Vega, and Gremlin, the
domestic subcompacts that are its
closest competitors. Price increases for
low-priced imports will probably further
reduce the share of sales taken by imports in the low-priced car market (list
price under $2,500), where price competition is severe. The import share in
that market had already dropped to
38 percent (in terms of units) by the
close of last year, well below 45 percent
in the spring of 1971.
March 1973
last year. The increase in January
continues the rapid and broadly based
acceleration in consumer credit growth
that began in the spring of 1971 (table
4).
Most of the acceleration in January
was in auto credit. The fact that in the
last half of 1972 lenders were offering
longer term loan contracts and lower
Table 4.—Net Change in Consumer Installment Credit Outstanding
[Billions of dollars; quarterly and monthly data at seasonally
adjusted annual rates]
1968--.
1969
1970
1971 _1972
1971-1 .
III
IV
1972-1-.
II
III
IV
1973-Jan_
..
.
Total
Auto
Other
consumer
goods
8.1
9.0
4.7
9.0
15.9
3.1
2.5
-.4
3.4
5.5
2.2
3.4
3.0
2.8
5.6
2.8
3.1
2.2
2.8
4.8
5.5
7.8
10.8
11.8
2.1
2.9
4.2
4.5
1.7
2.7
3.0
3.6
1.7
2.3
3.6
3.7
13.2
14.8
16.1
19.5
3.9
5.0
4.1
4.8
5.2
5.0
6.0
4.2
7.3
4.8
23.4
10.9
7.6
4.9
5.9
7.4
Other l
1. Mostly personal loans; includes small amount of repair
and modernization loans.
Source: Federal Reserve.
downpayments without
significant
changes in average monthly payments
probably contributed to sustaining the
Price increases will probably not have strength of auto sales in spite of price
as much impact on the market share of increases late in 1972. Data on the
high-priced imports such as Mercedes maturity distribution of new car loans
and Porsche (list price over $3,500). by major finance companies show that
Sales of high-priced foreign cars have loans with an original maturity of 24
been in an uninterrupted uptrend for months or less fell from an average of
some years now, and their market share 14% percent of loans made in the first
in this price class has held fairly steady half of 1971 to 12% percent in the
at about 3% percent. The strength of second half of 1972, while those with
sales of high-priced imports has led a maturity of 31 months or more
many import car makers to push their increased from 82% percent of loans
higher priced models more aggressively in the first half of 1971 to 85%
and to design new models to compete in
percent of loans in the second half of
this market category.
1972.
The lengthening of auto loan maturConsumer credit
A further acceleration in the growth ities has been a factor allowing an
of consumer installment credit occurred increase in the ratio of auto credit to
in January, the latest month for which disposable personal income without a
data are available. Outstanding install- significant change in the ratio of rement credit increased at a seasonally payments to income. From the first
adjusted annual rate of $23% billion in quarter of 1971 to the fourth quarter
that month compared with a rate of of 1972, extensions of auto consumer
$19% billion in the fourth quarter of installment credit as a percent of
March 1973
personal disposable income rose from
about 4% percent to 5% percent while
repayments rose from 4^ percent of
personal disposable income to only
4^ percent.
Recent Price Developments
Prices rose sharply in early 1973,
reflecting both strong demands and
probably some bulging of price increases for nonfood commodities subsequent to the ending of mandatory
controls in mid-January. The wholesale
price index increased an average 1.3
percent per month, seasonally adjusted,
in January and February. Most of the
rise in both months was in food prices
(chart 2), with price increases for raw
farm products particularly strong. The
industrial price index rose in January at
last year's moderate pace but increased
sharply in February. The rise in the
consumer price index continued to be
much slower than that in the wholesale
index, but nevertheless accelerated in
early 1973; the consumer index increased an average 0.6 percent per
month in January and February. Here
also, most of the rise was due to food
prices as prices for most other commodities rose very little and increases
in the services sector continued to be
moderate.
Food
Food prices account for roughly onequarter of both the wholesale and the
consumer price indexes. Wholesale food
prices in the first two months of 1973
continued on the very sharp uptrend
that developed toward the end of last
year. The price index for farm products
and processed foods and feeds increased
an average 3.0 percent per month,
seasonally adjusted, in January and
February, about the same as the
average for the last 2 months of 1972.
Most of the increase in the 4 months
was accounted for by raw farm products. Prices for livestock and poultry increased particularly sharply in January
and February, with large increases
also for processed meats, poultry, and
fish. These advances were accompanied
by rapid increases in the cost of animal
SUEVEY OF CUEEENT BUSINESS
feeds, which were partly reflecting a
shortage of fishmeal in world markets.
In general, meat production per capita
in recent months has been about the
same as a year ago, and higher prices
for meats have been due in part to
strengthening consumer demands reflecting higher incomes and increases in
employment.
The increases in wholesale food prices
have been reflected in the food component of the consumer index. The
consumer food index increased an
average 2.0 percent per month in
January and February, representing a
strong acceleration from the average
0.6 percent rise for the last 2 months of
1972. As was true at the wholesale
level, the rise in food prices centered in
higher prices for the meats, poultry,
and fish category.
Nonfood commodities
In general, prices for nonfood commodities rose moderately throughout
most of last year and in January of this
year. In February, however, the increase in the wholesale industrials index
accelerated and the advance for the
first 2 months of 1973 averaged 0.7
percent. Significant increases that reflect the strengthening of economic
activity occurred in prices for nonferrous metals, especially copper, and
paperboard. But price increases for
lumber products and for fuel and power
were responsible for most of the
February increase. Lumber prices, particularly for softwood lumber and
plywood, have been rising rapidly for
about 2 years under demand pressures
both from the booming domestic homebuilding industry and from exports,
particularly to Japan. Last fall, salvage
operations on Federal timberlands were
stepped up and price controls were
tightened in an effort to increase
lumber production and moderate price
increases. However, the mid-February
dollar devaluation may increase price
pressures, at least for a time, because it
will tend to increase the price attractiveness of U.S. lumber in world
markets. This could also hold true for
raw hides and skins prices, which have
risen rapidly in response to tight
world market conditions.
CHART 2
Prices
CONSUMER
1967 = 100
140
130 All Ite ms
^^^^"^
120
110
100
l..,,,!
I.....I. ml...,.I.....1
1.....
1
1.....
150
140 -
130 -
120 ~
110 -
100 71
70
1968
72
73
WHOLESALE
1967 = 100
150
140
130
AN C o m
120
110
100
.....I
t
I.....I.....I
.ln.nl.
160
150
140
Farm Products
Foods and Feeds,
130
120
110
100
.....!.,...!..,..(.,...I.....I.....!„,.,I
It...
69
70
71
1968
Seasonally Adjusted
* N o t Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Bureau of Economic Analysis
73-3-2
SURVEY OF CURRENT BUSINESS
The February increases for fuels and percent. Early in March, following
power were concentrated in refined the price surge of February, manpetroleum products such as heating datory controls were reimposed on
oil and gasoline. Some of the increase most petroleum products and crude
was probably in response to the easing oil. While no rollbacks to pre-February
of price controls in mid-January, but levels were required, future price inshortages, especially of heating oil, creases for petroleum products were
have been developing throughout the
limited to a weighted annual average
winter months. On January 17, two
of 1 percent (1.5 percent if producers
steps were taken to increase petroleum
could
demonstrate sufficiently higher
supplies and ease price pressures: import quotas on No. 2 heating oil—the costs). The only other industries under
grade normally used for home heat- mandatory controls are food processing—were suspended through the end ing, health service, and construction
of April, and ceilings on crude oil industries.
The consumer price index for nonimports for 1973 were raised by 40
food commodities showed no increase in
January but rose 0.5 percent in FebruCHART 3
ary. The increase mainly reflected
higher prices for apparel, gasoline and
Employment and Unemployment
motor oil, and fuel oil and coal. Prices
Million Persons
of most other nonfood commodities
90
CIVILIAN LABOR FORCE
rose moderately in February. The rise
of the consumer nonfood index reflected a strong acceleration of the consumer finished goods component at the
wholesale level.
80
78
Employed
76
z
Unemployed
.......
Percent
1969
1970
1971
1972
1973
Seasonally Adjusted
Data: BLS
U.S. Department of Commerce, Bureau of Economic Analysis
73-3-3
March 1973
ceed 1.5 million annually over an extended period, since this is the normal
growth in the labor force, based on
long-term trends in population growth
and labor force participation. In the
past, some further additions to nonfarm
payroll employment have come from
the transfer of workers out of agriculture, or, from sharp reductions in the
Armed Forces. However, the long-term
decline in farm employment has leveled
off for the past 3 years, and the size of
the Armed Forces has been about stable
since last spring. During periods of economic recovery, the growth in nonfarm
payroll employment always greatly exceeds its long-term average, reflecting
the absorption of the unemployed, the
return of "discouraged" workers into
the labor force, and perhaps some increase in moonlighting (the payroll
series counts jobs rather than workers).
The labor force, after showing unusual
gains in the latter half of 1971 and
early 1972, has been increasing by
no more than the normally expected
amount since last spring. However, the
payroll employment rise could still exceed labor force growth for some time,
since
the number of unemployed is still
Employment and Production
about 1 million higher than it would be
Employment in February increased at a 4-percent unemployment rate.
strongly after 2 months of little or no
Manufacturing
employment has
gain which had reflected at least in part gained strongly on the whole for more
the unusually severe weather during the than a year, although here, as in other
December and January employment industries, the increase has been much
survey weeks. Total civilian employ- slower since November than earlier
ment, as measured by the household in the fall. Throughout the period of
survey, increased more than one-half advance, the gain in durables has been
mainly in metal goods industries. In the
million in February to 83.1 million,
soft goods area, the only sizable inafter 2 months of essential stability. creases since November have been in
Nonfarm payroll employment increased textiles and rubber.
440,000 in February, or nearly twice the
The average workweek rebounded
gain in the previous 2 months com- sharply in February, after 2 months in
bined. The acceleration in February was which it had been curtailed by the
especially marked in construction and effects of severe weather. The average
trade; however, gains were substantial for the private nonfarm sector as a
in nearly all major industries.
whole returned to the figure of 37.3
Nonfarm payroll employment has hours reached last fall, the highest since
risen somewhat less sharply since No- January 1970. Much of the recovery
vember than it did earlier in fall and was in manufacturing, where the worklast spring, but the gain, at an annual week in February reached a 6-year high
rate of almost 3 million, was still nearly of 41.0 hours. Overtime was heaviest in
double the average annual increase over the transportation equipment and paper
the past 5 years. The growth of nonfarm industries, where the average workweek
payroll employment cannot greatly ex- exceeded 43 hours, while in machinery,
March 1973
primary metals, stone-clay-glass, ordnance, and chemicals, the workweek
ranged between 42 and 43 hours. In
retail trade, the workweek appears to
have resumed its gradual long-term
downward trend in recent months,
reflecting a slow expansion in the proportion of part-time employees. The
decline had halted for about two years
when unemployment was very high and
full-time workers were more readily
available than in periods of prosperity.
The aggregate unemployment rate
in February was 5.1 percent, not significantly changed from the previous
3 months, as the civilian labor force
showed an increase about equal to the
large employment gain. Despite the
overall lack of change, however, there
are numerous signs indicating that the
supply of trained and experienced
workers is tightening, that employers
are becoming less selective in their
hiring, and that unfilled job openings
are on the rise. Unemployment rates
for craftsmen and foreman, professional
and technical workers, and managers
and proprietors all averaged significantly lower in January and February
than late last year. Long-term unemployment of 6 months and over,
which usually includes the least employable, has fallen sharply in recent
months. The unemployment rate for
those seeking only part-time work,
which has declined very little last year,
fell rather steeply early this year; these
workers frequently have special requirements as to job location, scheduling,
etc., which makes for greater difficulty
in finding work. Data for manufacturing, available through January, show
that the quit rate, which reflects the
availability of alternative jobs, has
risen sharply since last fall, almost
reaching the peak set in 1969. Job
vacancies have increased by more than
one-fourth since last summer, and the
rate of new hires, as distinguished from
recalls of laid-off workers, has risen to
its highest level since 1966. The layoff
rate has been extremely low for some
months.
SURVEY OF CURRENT BUSINESS
Industrial
production
The uptrend in industrial production,
as measured by the Federal Reserve
index, accelerated significantly in
February. The production index rose
0.8 percent after 2 months of relatively
modest growth, with the speedup
mainly in durable goods manufacturing.
Transportation
equipment
output
showed a particularly large gain as both
motor vehicle and aircraft manufacturing increased substantially. Demand
has been extremely heavy for both passenger cars and trucks, and the aircraft
industry has been recovering for the
past year from earlier cutbacks in
defense. Furniture and miscellaneous
products, which includes sporting goods
and recreation equipment, also rose
sharply.
Measured from last November, the
index has risen by 1.9 percent, compared with 3 percent during the
preceding 3 months—an exceptionally
sharp rise. Part of the recent slowdown
in output growth could reflect an approach to full utilization of capacity
in some industries, such as steel, automobiles, and lumber, which were major
contributors to the strong expansion
last fall.
reduced flow of savings, the associations have significantly increased their
borrowings from the Federal Home
Loan Banks, and mortgage commitments in December (seasonally adjusted) were little changed from November and more than 40 percent
greater than in December of 1971.
Interest rates charged on conventional
new-home mortgages are estimated by
the FHA to have averaged 7.75 percent
as of March 1. That rate, though up
from the 7.70 percent recorded in the
previous 5 months, is still within the
narrow range that has prevailed during
the past 2 years.
Personal income
Personal income continued its strong
expansion in February. The total increased $8.3 billion or 10.6 percent, at
an annual rate. About $1.1 billion of the
rise reflected a liberalization of social
security benefits. Continued substantial
growth of wages and salaries reflected
both gains in employment and longer
hours of work.
In the 6 months from August to
February, personal income increased
at an annual rate of 11% percent, a very
sharp advance. The increase would have
been even stronger (13 percent) had
it not been for the January boost in
Housing activity
social security contribution schedules.
Housing starts in February were at The central factor in the growth of
an annual rate of 2.44 million units, or overall personal income was the rapid
rise in wages and salaries—up 12 perabout the same as the record high
cent over the 6-month period; excluding
average in the previous 6 months.
the January raise in Federal GovernStarts of single-family homes so far
ment pay, wages and salaries increased
this year have strengthened somewhat at a rate of nearly 11% percent. Other
from the late months of last year, but personal income components, in the agstarts of units in larger buildings (five gregate, increased at a somewhat slower
or more units) are off slightly from annual rate—10.4 percent—from August
last year's pace.
to February. Within that aggregate,
Net savings flow to the savings and transfer income rose 24 percent at an
loan associations, the major mortgage annual rate, boosted by last fall's inlending institutions, declined in No- crease in social security benefits. Farm
vember and December to the lowest proprietors' income jumped 28 percent,
level in 12 months (seasonally ad- but it is only a very small part of total
justed). Partly to make up foi the income.
SUEVEY OF CUKEENT BUSINESS
8
March 1973
CHART 4
In February: Nonfarm payroll jobs advanced 440,000
Unemployment rate was virtually unchanged at 5.1 percent
Wholesale price index rose 1.9 percent; food prices increased 3.9 percent
TOTAL PRODUCTION
THE LABOR MARKET
CURRENT DOLLAR GNP 1
16
CIVILIAN LABOR FORCE AND EMPLOYMENT*
88
1,300
Inventory Change
1,200
Total
i
i
12
84
i
lid •Mi
80
Final Sales
1,000
IMPLICIT PRICE DEFLATOR FOR GNP
(Change From Previous Quarter)**
•
Labor Force
V
1,100
PRICES
Percent
Million Persons
92
Billion $
1,400
Employment
i
i
i
i
Quarterly (IV)
76
i i i i i 11 i i i i 11 11 111 i 11 i i i 11 i 11 111 i
Monthly (Feb.)
BEA
Billion $
80
Quarterly (IV)
BLS
BEA
Percent
Percent
16
CURRENT DOLLAR GNP
(Change From Previous Quarter)*
UNEMPLOYMENT RATE"
CHAIN PRICE INDEX FOR GNP
(Change From Previous Quarter)*
Total
12
60
Final Sales
4
-
Married Men
'—...••..„.«>./•.,
/
...
2
-
t iiii
Quarterly (IV)
Billion $
Monthly (Feb.)
CONSTANT DOLLAR (1958) GNP*
Illillll
i i 11111111 i i i i i i l i i i . i i
Million Persons
80
1,000
BLS
Quarterly (IV)
Billions
170
76
BEA
1967=100
140
NONFARM ESTABLISHMENTS
900
CONSUMER PRICES
-
-
160
130
150
120
—
Employment*
(left scale)
Inventory Change
Total
800
LLLJJ_L
BEA
72
Retail Food*
+**~
68
700
-
-
140
no -
, < 1 1 ,1 , I M <
130
100
Man-Hours**
(right scale)
I
600
1 I
Quarterly (IV)
I
I I
64
i i i i • | J 11 l_ L
iiiniiiiii
Dollars
Hours
45.0
15
CONSTANT DOLLAR (1958) GNP
(Change From Previous Quarter)**
10
I"
\ 11 1 1 1 1 11 I IMill 11111 I 1111 1 1 1 1 1 1 1
Monthly (Feb.)
BEA
4.00
1967=100
150
WHOLESALE PRICES
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
42.5
Final Sales
Total x \
t
Average Hourly Earnings
^
(right scale) ^v*—*****
40.0
Average
Weekly Hours
(left scale)
3.75
140
-
3.50
130
-
/
Farm Products
/
Processed Foods f
and Feeds ;
Total
37.5
3.25
120
""
3.00
110
fi\\
\
Industrial
Commodities
*J
35.0 I i • ! i i I i
1971
1972
1973 BEA
Quarterly (IV)
* Seasonally Adjusted
* "Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
1971
1111
1972
Monthly (Feb.)
1973 BLS
111 111 11 M U l M M
1971
1972
Monthly (Feb.)
1I1 11l11 1 1 1
1973
BLS
SURVEY OF CURRENT BUSINESS
March 1973
9
CHART 5
• In February: Personal income advanced $ 8 ^ billion, with wages and salaries accounting for most of the rise
*
Housing starts were about unchanged and permits continued to decline
Plant and equipment outlays expected to rise 13% percent in 1973 compared with about 9 percent in 1972
000
Billion $
18
125
14
100
PERSONAL CONSUMPTION EXPENDITURES*
AND PERSONAL SAVING RATE*
J
950
Percent
Billion $
800
•y
PERSONAL INCOME**
FIXED INVESTMENT
CONSUMPTION AND SAVING
INCOME OF PERSONS
Billion $
-
750
-
900
Personal Consumption
Expenditures \
(left scale) x -
Producers' Durable Equipment **
10
700
75
-
850
I I 1 1 1 1 } 1 j 1 |1 1 ! 1 1 1 1 1 | 1111 1 1 1 1 1 1 1 1 1
800
Monthly (Feb.)
Personal Saving Rate
(right scale)
i
i
i
1 i
i
600
i
i
Quarterly (IV)
BEA
Billion $
Billion $
700
Residential Structures**
50
650
i
i
•
>f
* Nonresidential Structures**
i
i
25
i
i
i
BEA
i
i
i
i
i
i
i
Quarterly (IV)
Billion $
Billion $
45
110
WAGES AND SAURIES**
-r
•
>
BEA
PLANT AND EQUIPMENT EXPENDITURES**
RETAIL STORE SALES*
..0
Total
-
-
90
-
-
80
^ S
200
35
150
30
M i l i l l I, t » 1 1 1 1 1 1 1 1 1 1 1
1 I 1 1 1 1 1 1 1 1 100
1
25
600
-
,,
550
100
40
650
-
•
•
''Excluding Automotive Group
*"*
/
A
-
o Expected
Sft:
_
Manufacturing
(right scale)
500
Monthly (Feb.)
\ 111 | 1 1 1 1 1 f
BEA
Million Units
900
12
DISPOSABLE PERSONAL INCOME**
I
70
l
i
Million Units
i
1
1
1
I
1 1
Quarterly (II)
Census
Monthly (Feb.)
Billion $
850
11111111111
11111111111
BEA
Billion $
14
NEW CAR SALES*
CAPITAL GOODS MANUFACTURERS*
(NONDEFENSE)
-
12
*
800
\
-
-
750
700
Imports
(right scale)
_
\
1
1
1
1
I
I
I
i
I
i 111 11 i 11 i i i 1 1 i 1 1 1 i i 1 1 11 111 I i 11 i i
i
Quarterly (IV)
Domestic
(left scale)
BEA
Dollars
3,000
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
2,900 _ (In 1958 Dollars)
Monthly (Feb.)
\ u i 111 111 i
Trade Sources & BEA
i 11 i 11111 11
1111 11 11111
M o n t h l y (Feb.)
Billion $
M i l l i o n Units
32
3.5
Census
PRIVATE HOUSING**
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
24
3.0
-
-
Starts
i
2,800
16
2.5
2,700
8
2.0
\
!
2,600
1971
I
I
I
1972
Quarterly (IV)
* Seasonally Adjusted
I
I
1
I
0
1973
BEA
* "Seasonally Adjusted at Annual Rates
Digitized
FRASER
U.S.for
Department
of Commerce, Bureau of Economic Analysis
r
Permits
1 1 1 1 1 1 1 I! 1 11 1 1 1 1 1 1 1 Ml
11 1 11 11M 1 1
1971
1972
1973
Monthly (Jan.)
FRB
1.5
IVI 1 1 1 1 1 1 1 1 1
11 M 1111111
1971
1972
Monthly (Feb.)
11 1 1 111111 1
1973
Census
SUEVEY OF CUERENT BUSINESS
10
March 1973
CHART 6
• In January: Manufacturing and trade inventories rose $1.6 billion
•
Exports increased more than imports so the merchandise trade deficit dropped to about $300 million
• In fourth quarter, higher Government spending resulted in a large increase in the Federal deficit
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
15
GOVERNMENT
Billion $
Billion $
10
200
GOVERNMENT PURCHASES OF
GOODS AND SERVICES**
NET EXPORTS * *
CHANGE IN BUSINESS INVENTORIES*
(GNP Basis)
160
-5
Quarterly (IV)
Quarterly (IV)
BEA
Billion $
120
Federal Total
80
\
40
-10
-5
State and Local
V
l
»
l
I
l
BEA
I
I
I
1
Q u a r t e r l y (IV)
I
I
BEA
Billion $
Billion $
210
320
MERCHANDISE TRADE *
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
FEDERAL BUDGET**
(NIA Basis)
280
200
y
190
Total
Expenditures
240
-
/ ^
Exports
Receipts
200
180
in..I...ii
170
111111111 it
i 11 i t ! i 11 11
Monthly (Jan.)
2 I i i i » i I i i > i i I i it 11 I i i t i i It i i M I t i i i I
Monthly (Jan.)
Census & BEA
5
-
-
1
i
1
1
1
Quarterly (IV)
1 !
BEA
-
Manufacturing
\
i
BALANCE OF PAYMENTS *
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
120
i
Billion $
Billion $
10
Billion $
140
i
160
Census
Current Account
—**-—1
A
100 ~
Trade
-5
80 ~
>
^
~
111 111 11111
60
111111 111 it
i 1 1 1 11 i i < 11
Monthly (Jan.)
-Current Account and
Long-Term Capital
i
10
t
i
-25
i
i
i
i
i
t
-50
BEA
Quarterly (IV)
Census & BEA
~
Quarterly (IV)
Ratio
Billion $
Billion $
2.6
5
4
o
2.2
3
Net Liquidity
Manufacturing
\
-5
1.8
Total Manufacturing'
and Trade
i 11 11 I i m 111 n i 11 111 i i i i i i i I i i i i i
1971
1972
Monthly (Jan.)
* Seasonally Adjusted
1973
Census & BEA
* * Seasonally Adjusted at A n n u a l Rates
U.S. Department of Commerce, Bureau of Economic Analysis
/ \
Balance ^J^\
V\/iM
New Orders
\
/
/
-
w
10
1.0
DEFENSE PRODUCTS MANUFACTURERS*
BALANCE OF PAYMENTS*
INVENTORY-SALES RATIOS*
2
1
Shipments
-
V \
15
1
!
1971
Official Reserve
Transactions Balance
1
1 1 1 1
i
1972
Q u a r t e r l y (IV)
1
II
1973
BEA
0
i I I i i ( LJ 1 11 i i t i i 1 i i i i i l t 1 i I 1 I i 1 i i
1971
1972
1973
Monthly (Feb.)
Census
11
SUKVEY OF CUKRENT BUSINESS
March 1973
CHART 7
In February: Industrial production up about 0.8 percent
Bank credit up sharply again, a small rise in the money supply
In fourth quarter, corporate profits before taxes (including IVA) rose $6 1 4 billion
INDUSTRIAL PRODUCTION
130
INDUSTRIAL PRODUCTION*
^ -
110
500
/ y
100
260 100
Total
Money Supply
(right scale)
240 75
...„......-<
-
^Durable
Manufactures
450
n 1 t I | i i | Jj, | | | i l l t l f I I
Monthly (Feb.)
I 1 I 1 t 1 t 1 1 1 1
400
i i t t t l i i t t t
111 n 1
1111111
INDUSTRIAL PRODUCTION*
BANK RESERVES
25
,\
Cash Flow After
Dividends
- 34 100
Total Reserves*
~f
(right scale) s y T
\
100
2
/ s / N e t Free Resefws
(left scale)
Steel
-
BEA
Billion $
Billion $
36 125
CORPORATE CASH ROW AND PROFITS**
4
125
IM1I
200
Corporations
Quarterly (IV)
Billion $
6
50
50
Monthly (Feb.)
FRB
150
" V
220
Bank Credit
(left scale)
1967 = 100
75
Billion $
125
CORPORATE PROFITS AND IVA, BEFORE TAXES**
550
/
90
Billion $
280
BANK CREDIT AW) MOMEY SUPPLY*
Nondurable
Manufactures
120 "
PROFITS AND COSTS
MONEY, CREDIT, AND SECURITIES MARKETS
Billion $
600
1967 = 100
- 32
75
Profits After Tax
n
30
50
\
1 1 1 1 1 1 1 1 1 1 1
i i t 1 t ( t I i 11 28
1 1 1 1 t f 1 1 111
Monthly (Feb.)
Monthly (Feb.)
FRB
Billion $
10
INTEREST RATES AND BOND YIELD
100
RATIO, OUTPUT TO CAPACITY*
70
I
I . I . I i
t
i
1 1 I
Q u a r t e r l y (IV)
BEA
24
COMPENSATION AND REAL OUTPUT PER MAN-HOUR,
PRIVATE ECONOUY
16 " ( C h a n ^ From PrewotB g a r t e r ) * *
Compensation
90-Day
Commercial Paper
Manufacturing
I
Percent
Corporate Aaa (Moody's)
90
25 I
FRB
Output
\ / /
Treasury Bite
60 I
1
I 1 1 I
Quarterly (IV)
> I
1
111111111
1111111111
Billion $
ii1111 ii
Monthly (Feb.)
FRB
Quarterly (IV)
Percent
1941-43=10
140
DURABLE GOODS
MANUFACTURERS*
j
New Orders
36
\
32
if\
120
f
Y
III,,,!,
1971
M i l
1972
M o n t h l y (Feb.)
•Seasonally Adjusted
UNIT UBOR COSTS, PRIVATE ECONOMY
((^i8f{§e Fnnii PftMous ^tetter)*
100
-
80
ill . Ml
60 1 M I I I t I I I) I i I I I 1 I I I I M I I I I M t ( I I I
1971
1973
Census
**Seasonally Adjusted at Annual Rates
U.S. Department of Comnww, Bureau of Economic Analysis
16
Standard and Poor's 500
\
-
Shipmate
78
24
STOCK mm
40
BLS
1972
Monthly (Feb.)
1973
1971
1972
Q u a r t e r l y (IV)
1973
BLS
SURVEY OF CURRENT BUSINESS
12
March 1973
NATIONAL INCOME AND PRODUCT TABLES
1972
1971
1971
1972
III
IV
i
ii
1972
1971
in
rv
1971
1972
III
Seasonally adjusted at annual rates
IV
I
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)
1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9
Gross national product
Personal consumption expendituresDurable goods
Nondurable goods.
Services
Gross private domestic investment..
Fixed investment
Nonresidential
Structures
Producers' durable equipment. _.
Residential structures.
Nonfarm
Farm
Change in business inventories.
Nonfarm
Farm
Net exports of goods and services.
Exports
Imports
Government purchases of goods and services
Federal
National defense.
Other
State and local.
741.7
789.5
742.5
754.5
766.5
783.9
796.1
664.9
721.0
670.7
680.5
696.1
713.4
728.6
745.7
495.4
524.6
497.4
503.2
511.0
520.9
528.7
103.5
278.1
283.3
116.1
299.5
305.4
106.1
278.5
286.1
106.1
283.4
290.9
111.0
288.3
296.7
113.9
297.2
302.4
118.6
302.0
308.0
120.8
310.4
314.5
92.1
211.1
192.2
102.8
220.5
201.3
94.2
210.5
192.8
95.4
212.8
195.0
214.7
197.7
100.7
220 1
200.0
104.5
221.9
202.3
152.0
148.3
105.8
38.4
67.4
180.4
174.5
158.8
157.2
168.1
167.7
116.1
41.3
74.8
177.0
172.0
183.2
108.6
105.9
124.0
119.4
107.3
106.6
119.2
42.0
77.2
120.7
41.8
79.0
193.4
183.1
126.1
43.7
82.3
76.8
22.8
54.0
84.4
22.9
61.4
76.4
22.5
53.9
112.0
111.3
79.2
22.2
57.0
116.6
116.3
82.2
23.0
59.2
122.0
175.2
120.6
42.2
78.3
152.2
150.9
106.3
38.7
67.6
83.6
23.0
60.6
125.5
119.3
84.2
22.6
61.6
42.6
42.0
54.0
53.2
.7
44.5
43.9
.7
47.3
46.7
.6
51.6
51.0
52.8
52.1
54.4
53.7
57.0
56.1
.9
29.1
28.7
.4
35.0
34.5
.5
30.1
29.7
.5
32.1
31.7
.4
34.2
33.8
.4
34.4
34.0
.4
35.1
34.6
.5
3.6
2.4
1.2
5.9
5.6
.3
1.3
-.2
1.6
1.7
2.6
1.6
1.1
4.6
4.3
.3
.7
-.6
1.3
.7
-.1
-.1
.3
3.9
3.4
.5
6.2
6.2
.1
.7
-4.2
-3.3
109.8
38.8
71.0
5.0
4.3
.7
8.0
7.9
.1
10.3
10.1
.2
118.0
.4
-2.1
-4.6
-5.2
-3.4
-3.5
.1
-1.9
.1
-1.8
-2.8
-.7
68.5
68.2
63.0
65.1
70.7
75.3
70.0
75.2
74.4
77.8
79.6
83.1
52.6
52.5
56.8
58.7
54.4
54.3
49.9
51.7
55.5
58.9
54.2
67.0
57.2
57.9
232.8
73.7
77.9
254.6
233.6
240.9
249.4
254.1
255.6
259.3
137.6
142.8
137.6
141.1
142.2
143.9
142.6
97.8
71.4
26.3
105.8
75.9
29.9
97.9
70.1
27.8
100.7
71.9
28.7
105.7
76.7
28.9
108.1
78.6
29.6
105.4
75.1
30.2
104.0
73.2
60.8
61.6
61.0
62.3
62.8
63.7
60.8
135.0
148.8
135.7
140.2
143.7
146.0
150.2
155.2
76.8
81.3
76.7
78.8
79.4
80.3
81.8
66.1
65.4
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product-
1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9
741.7
789.5
742.5
754.5
766.5
783.9
796.1
Final sales
Change in business inventories.
Goods output..
1, 046. 7 1,145.9 1, 055. 6 1,076.4 1,108. 6 1,134.4 1,156.0 1,184. 6
3.6
1.3
.4
5.0
8.0
5.9
1.7
10.3
739.1
2.6
784.9
4.6
741.7
.7
753.8
.7
400.4
766.3
.3
780.0
3.9
789.8
6.2
Final sales
Change in business inventoriesDurable goods
Final sales
Change in business inventoriesNondurable goods
.-Final sales
Services.
Change in business inventories.
Structurei
407.0
420.7
428.7
406.8
.3
416.7
3.9
422.5
6.2
164.9
166.0
-1.1
399.7
.7
167.4
169.5
-2.1
175.0
174.8
.3
181.4
179.1
2.3
187.9
183.8
4.1
238.1
237.5
.6
229.5
227.7
1.9
233.0
230.2
2.8
232.0
232.0
.0
239.2
237.6
1.6
240.9
238.7
2.2
291.1
278.4
282.3
285.2
289.3
293.2
74.3
74.0
74.1
495.5
542.6
497.5
504.8
517.6
537.1
550.4
565.1
393.8
423.7
394.5
491.8
3.6
536.6
5.9
496.2
1.3
503.1
1.7
517.2
.4
532.1
5.0
542.4
8.0
554.8
10.3
391.2
2.6
419.1
4.6
393.7
.7
195.7
194.6
1.1
222.5
217.3
5.2
196.7
197.7
-1.0
198.2
200.1
-1.9
209.2
208.8
.4
217.6
214.6
3.0
226.1
220.7
5.4
237.0
225.1
11.9
164.5
163.8
.6
185.5
181.6
4.0
299.8
297.3
2.5
320.1
319.3
.8
300.8
298.5
2.3
306.6
303.0
3.5
308.4
308.4
.0
319.6
317.5
2.1
324.3
321.7
2.6
328.1
329.7
-1.6
229.4
227.3
2.0
443.9
482.3
446.7
456.3
467.3
477.3
487.3
497.3
278.4
111.0
127.0
112.7
117.0
124.2
125.0
126.3
132.5
69.5
74.7
69.6
71.8
Table 3.—Gross National Product by Sector in Current and Constant Dollars (1.7, 1.8)
Gross national product..
Private
Business
Nonfarm.
Farm
Households and institutions..
Rest of the world
General government..
1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9
741.7
789.5
742.5
754.5
766.5
783.9
796.1
681.0
728.1
681.7
693.7
705.6
723.0
734.5
658.5
633.0
25.5
704.8
681.5
23.4
659.8
633.9
25.9
669.8
644.8
25.0
682.9
659.2
23.8
700.1
676.4
23.8
710.8
688.4
22.4
39.4
16.9
17.9
16.9
17.1
17.4
17.7
18.2
7.8
5.6
5.5
5.0
6.8
5.4
5.2
5.6
140.2
60.7
60.8
60.8
60.9
60.9
61.6
925.6 1,015.7
931.4
950.2
976.6 1,005.0 1,026.6 1,054.7
884.7
853.9
30.9
970.6
937.1
33.4
890.9
859.6
31.2
906.6
874.5
32.1
933.7
901.8
31.9
960.8
928.2
32.6
33.9
37.8
34.3
35.1
36.0
37.3
38.6
7.3
6.2
6.8
6.9
7.6
6.9
124.8
136.1
125.5
8.5
127.9
132.5
134.4
980.4 1,007.4
947.4
971.2
33.0
36.3
137.4
61.4
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 1972 issue has
data for 1968-71. BEA will provide on request a reprint of final data for the years 1964-67. Prior July issues have final data as follows:
1964-65, July 1968; 1965-66, July 1969; 1966-67, July 1970; 1967-68, July 1971.
SURVEY OF CURRENT BUSINESS
March 1973
1972
1971
1971
1972*
III
13
IV
I
II
1971
III
IV*
1971 1972*
Seasonally adjusted at annual rates
103.7
95.0
97.4
99.7
105.3
104.1
105.6
Equals: Net national product.. 956.6 1,048.1 961.9
980.7 1,009.3 1,034.1 1,059.9 1,089.2
Less: Indirect business tax
and nontax liability.- 101.9
Business transfer pay-
105.6
Statistical discrepancy- - 4 . 8
-5.9
-5.2
106.7
-4.1
108.7
111.4
113.7
-.1
50
2.3
50
-1.9
.9
1.7
.3
.7
1.2
1.6
1.8
2.2
855.7
935.7
860.8
876.2
903.1
922.1
943.0
974.6
78.6
88.3
78.3
79.4
81.8
86.1
89.6
95.9
65.3
74.0
65.7
66.9
71.9
73.1
74.6
76.3
Less: Corporate profits and
inventory valuation
adjustment
Contributions for social
insurance... __ _ .
Wage accruals less disbursements
Plus: Government transfer
payments to personsInterest paid by government (net) and by
consumers
Dividends
__ Business transfer payments .
. __
Equals: Personal income
-.9
102.6
Compensation of employees...
Wages and salaries
Private
Military
Government civilian.
III
IV*
.6
-.5
.6
1.4
—1.4
—.5
-.2
.0
89.0
99.1
90.3
92.1
94.4
95.7
97.7
108.5
31.1
25.4
31.6
26.4
31.1
25.5
30.9
25.2
30.9
26.0
31.8
26.2
31.7
26.5
32.0
26.7
4.6
4.9
4.7
4.7
4.8
4.9
5.0
5.0
861.4
935.9
867.9
881.5
907.0
922.1
939.9
974.6
855.7 935.7 860.8 876.2 903.1 922.1 943.0
974.6
644.1 705.3 648.0 660.4 682.7 697.8 710.2
730.3
573.5 626.5 576.5 587.3 606.6 620.0 630.6
648.8
449.7 491.9 451.6 460.9 475.8 487.1 494.8
19.4 20.6 18.8 19.4 20.8 20.5 20.4
104.4 114.0 106.0 107.0 110.0 112.4 115.4
510.0
20.6
118.1
Supplements to wages and salaries.. 70.7
Employer contributions for social
insurance
, 34.1
Other labor income-
Plus: Subsidies less current
surplus of government enterprises
Equals: National income
110.1
II
Table 6.—National Income by Type of Income (1.10)
National income
1,050.4 1,151.8 1,056.9 1,078.1 1,109.1 1,139.4 1,164.0 1,194.9
93.8
I
Billion of dollars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital consumption
allowances
--
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
III
1972
78.8
71.5
73.0
76.1
77.8
79.6
38.5
34.3
35.0
37.3
38.0
38.8
81.5
36.5
40.3
37.2
38.0
38.8
39.8
40.8
41.8
70.0
75.2
70.7
71.8
73.3
73.2
75.3
79.0
52.6
17.3
55.6
19.6
53.1
17.6
53.8
18.1
51.3
19.1
54.4
18.7
56.2
19.1
57.4
21.6
Rental income of persons
24.5
25.6
24.8
25.0
25.2
24.2
26.2
26.9
Corporate profits and inventory valuation adjustment
78.6
88.3
78.3
79.4
81.8
86.1
89.6
95.9
83.3
94.3
84.1
83.2
88.2
91.6
95.7
101.9
37.3
45.9
25.4
20.5
41.3
53.1
26.4
26.7
37.5
46.6
25.5
21.0
35.3
48.0
25.2
22.7
38.8
49.5
26.0
23.5
40.1
51.5
26.2
25.3
41.8
53.9
26.5
27.3
44.5
57.3
26.7
30.7
-4.7 -6.0 -5.8 -3.9 -6.5 -5.5 -6.1
-5.9
Proprietor's income
Business and professionalFarm
Profits before taxProfit tax liability
Profits after tax
Dividends
Undistributed profitsInventory valuation adjustment
Net interest
38.5
41.3
39.1
39.7
40.1
40.9
41.7
42.5
Table 7.—National Income by Industry Division (1.11)
Table 5.—Gross Auto Product in Current and Constant Dollars
(1.15, 1.16)
Billions of current dollars
Gross auto product
1
Personal consumption
expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports.
Exports.. _
Imports. -_
40.9
43.1
42 A
38.8
39.9
41.5
46.0
44.9
35.4
39.3
37.1
35.9
36.9
38.2
41.6
40.6
6.2
6.9
6.5
6.3
6.5
6.7
7.3
7.2
1.4
-.7
1.2
-1.2
-.9
-.6
—.9
-2.5
2.5
5.1
-2.9
3.0
5.9
-2.9
2.8
5.7
-2.8
2.2
5.0
-3.0
2.7
5.7
-3.2
2.7
5.9
—2.5
3.4
5.9
-3.0
3.1
6.1
35.7
7.8
37.6
8.6
37.9
7.7
34.0
7.4
34.4
8.5
36.2
8.7
41.1
8.0
38.7
9.3
All industries, total.
855.7 935.7 860.8 876.2 903.1 922.1 943.0
Agriculture, forestry, and fisheries
Mining and construction
Manufacturing
Nondurable goods
Durable goods
26.5 29.1 26.7 27.4 28.5 28.2 28.5
54.2 57.8 54.4 55.7 57.5 57.3 57.5
223.2 249.0 222.3 226.8 238.0 245.6 250.2
90.3 98.3 90.7 91.7 94.8 96.3
9.2
_ 132.9 150.7 131.6 135.1 143.1 149.3 151.0
Transportation
Communication
Electric, gas, and sanitary services
Wholesale and retail trade
._ 32.5 35.8 33.1 33.0 34.8 35.0 36.0
18.2 21.0 17.8 18.8 19.7 20.5 21.5
16.3 17.7 16.7 16.4 16.6 17.9 18.1
130.8 140.4 132.5 133.7 135.8 138.8 141.5
974.6
Finance, insurance, and real estate
98.7 106.0 100.2 100.8 102.3 103.6 107.6
Services
110.6 121.6 111.8 114.0 117.1 120.2 123.2
Government and government enterprises
137.9 150.1 139.2 141.1 145.9 148.1 151.4
7.6
6.2
6.8
8.5
6.9
7.3
Rest of the world
Addenda:
New cars, domestic 2 .
New cars, foreign
Billions of 1958 dollars
Gross auto product l
36.4
Personal consumption
expenditures
Producers' durable equipment
Change in dealers' auto
inventories
Net exports.
Exports. _.
Imports. -.
38.5
37.8
35.8
35.6
37.0
40.6
40.9
31.4
35.1
33.1
33.1
32.9
33.9
36.6
36.9
5.6
6.3
5.9
5.9
5.9
6.1
6.6
6.6
1.3
-.6
1.1
-1.1
-.8
-.6
—.8
-2.6
2.6
5.2
-2.6
2.6
5.2
-2.5
2.0
4.6
-2.7 -2.9
2.4
2.4
5.2
5.0
—2.2
3.0
5.2
32.5
7.1
34.3
7.9
34.5
7.0
31.9
6.9
31.4
7.8
32.8
7.9
37.1
7.2
-2.7
2.8
5.5
36.1
8.7
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 month.
Federal Reserve banks
Other financial institutions..
Nonfinancial corporations
Addenda:
New cars, domestic _
New cars, foreign
All industries, totalFinancial institutions
-2.3
2.3
4.6
2
Table 8.—Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
Manufacturing
Nondurable goods
Durable goods
Transportation,
communication,
and public utilities
All other industries
78.6
88.3
78.3
79.4
81.8
86.1
89.6
16.7
17.9
17.0
16.6
16.5
17.5
18.3
3.3
13.3
3.4
14.5
3.4
13.6
3.3
13.3
3.4
13.2
3.4
14.9
71.3
61.9
70.4
61.3
62.7
65.2
3.3
14.2
68.5
30.9
16.8
14.1
37.9
19.0
19.0
30.1
16.9
13.3
31.2
16.9
14.3
35.4
17.7
17.7
37.0
17.6
19.4
37.9
19.5
18.4
8.2
22.9
9.0
23.5
8.5
22.6
7.6
23.9
7.8
22.0
8.8
22.8
9.6
23.8
95.9
19.3
3.5
15.9
76.6
SUKVEY OF CUKKENT BUSINESS
14
III
IV
I
II
III
1971
IV*
1972
Seasonally adjusted at annual rates
III
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
60.3
67.7
61.2
63.0
64.8
68.0
68.4
69.5
56.9
61.0
57.2
58.9
59.2
60.2
61.7
63.0
163.1 510.0 465.0 471.6 489.8 503.7 513.7 533.0
388.8 426.7 390.4 398.2 412.2 422.4 429.3 442.7
540.2 372.3 341.2 348.1 359.7 368.6 374.3 386.4
48.6 54.4 49.1 50.1 52.5 53.8 55.0 56.4
1.0
1.3
1.2
1.1
1.0
1.0
1.0
72.8 82.4 73.3 72.2 76.5 80.3 83.4 89.3
77.4 88.4 79.1 76.1 82.9 85.9 89.5 95.2
37.3 41.3 37.5 35.3 38.8 40.1 41.8 44.5
40.1 47.1 41.6 40.8 44.2 45.8 47.7 50.7
22.2 23.0 22.8 21.1 23.0 23.0 23.0 22.9
17.9 24.1 18.8 19.7 21.2 22.8 24.7 27.8
- 4 . 7 - 6 . 0 —5.8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9
_. 100.4 114.8 102.8 103.8 109.0 113.8 116.1 120.2
Gross product originating in
financial institutions
78.2
91.8
80.0
82.7
85.9
90.8
93.1
97.2
30.9
33.2
31.2
30.9
31.4
32.6
33.7
34.9
Gross product originating in
nonnnancial corporations
549.4 605.6 552.2 562.6 582.4 599.3 610.0
Capital consumption allowances
58.0
Indirect business taxes plus transfer
54.3
payments less subsidies
Income originating in nonfinancial
corporations
137.2
Compensation of employees
365.0
Wages and salaries
$19.6
Supplements
45.3
Net interest
16.1
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
64.8
58.8
60.5
62.1
65.2
65.5
66.5
58.2
54.6
56.2
56.5
57.4
58.8
60.2
82.5 438.8 445.9 463.8 476.6 485.7 504.0
400.8 366.2 373.8 387.0 396.7 403.1 416.3
50.0 320.4 27.1 338.0 346.5 351.8
50.8 45.8 46.7 48.9 50.2 51.3 52.7
17.3
16.3
16.6
16.8
17.1
17.4
02.2
82.0
91.5
71.4
92.5
73.9
97.5
77.2
01.5
81.3
03.2 106.6
83.0 86.4
Billions of 1958 dollars
Gross product originating in
nonfinancial corporations
438.8 |475.7 |438.9 |447.3 J459.6 (471.7 |478.9 | 492.8
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating in nonfinancial
corporations2
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
Compensation of employees
Net interest
Corporate profits and inventory valuation adjustment
Profits tax liability
Profits after tax plus inventory valuation adjustment-.
.132
.136
.134
.135
.135
.138
.137
.135
.124
832
037
.122
.842
.036
.124
.834
.037
.126
.836
.037
.123
.842
.037
.122
.841
.036
.123
.842
.036
.122
.845
128
067
.136
.070
.128
.067
.124
.061
.130
.068
.133
.068
.136
.070
.142
.073
.066
.061
.063
.063
IV
861.4
572.9
Commodity-producing industries- 206.1
Manufacturing.
160.3
Distributive industries
138.2
Service industries
[105.0
Government
123.5
Other labor income
36.5
Proprietors' income
70.0
B usiness and professional
52.6
Farm
17.3
Rental income of persons...
24.5
Dividends
25.4
Personal interest income
69.6
Transfer payments
93.6
935.9
627.0
224.6
175.8
151.5
116.1
134.8
40.3
75.2
55.6
19.6
25.6
26.4
72.9
44.5
50.2
45.0
|907.0
608.0
217.5
168.8
147.2
111.9
131.4
38.8
73.3
54.3
19.1
25.2
26.0
71.0
96.8 99.2
45.7 46.8
5.7
11.3
32.2
5.4
12.7
35.7
5.9
11.3
32.8
6.2
11.6
33.3
5.4
11.9
35.1
5.6
12.3
34.6
5.8
12.5
35.6
5.0
14.0
37.3
31.2
35.5
31.3
31.9
34.6
35.1
35.8
36.5
117.0
744.4
683.4
Personal consumption expenditures- 664.9
Interest paid by consumers...
17.6
140.8
795.1
740.2
721.0
18.2
117.5
|750.4
689.4
670.7
17.6
1.0
60.9
1.1
54.8
1.1
61.0
Old-age, survivors, disability, and
health insurance benefits
State unemployment insurance
benefits..Veterans benefits
Other..
Less: Personal contributions for
social insurance
Less: Personal tax and nontax payments
Equals: Disposable personal income...
Less: Personal outlays.
Personal transfer payments to foreigners
Equals:Personal saving
Addenda:
Disposable personal income:
Total, billions of 1958 dollars..
Per capita, current dollars...
Per capita, 1958dollars
Personal saving rate,3 percent..
.065
1867.9
575.9
206.0
160.0
.1
106.3
124.6
37.2
70.7
53.1
17.6
24.8
25.5
70.2
95.0
104.0
|881.5
585.9
209.9
162.7
141.7
108.4
125.9
38.0
71.8
53.8
18.1
25.0
25.2
70.6
922.1
620.5
222.6
174.1
150.1
114.7
133.1
39.8
73.2
54.4
18.7
24.2
26.2
72.7
100.6
939.9
1630.8
225.1
176.6
152.4
117.5
135.8
40.8
75.3
56.2
19.1
26.2
26.5
73.4
102.7
974.6
648.8
233.4
183.9
156.4
120.2
138.8
41.8
79.0
57.4
21.6
26.9
26.7
74.5
113.5
57.2
48.1
123.0 136.5 139.5 141.1 146.4
758.5 770.5 782.6 798.8 J828.2
1699.2 714.9 732.5 748.0 765.5
680. 5
713.4 728.6 745.7
17.7 17.8 18.0 18.2 18.6
1.1
59.3
1.0
55.7
1.1
50.1
1.2
50.8
1.2
62.8
554.7 578.5 556.5 560.9 565.7 571.4 579.6 597.3
3,595 3,807 3,620 3,649 3,700 3,751 3,821 3,953
2,716 2,739 2,773 2,851
2,679 2,770 2,684
7.6
6.4
8.1
7.2
6.4
8.2
7.8
Table 11.—Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi664.9 721.0 670.7 680.5 696.1 713.4 728.6 745.7
tures
Durable goods
.066
103.5 116.1 106.1 106.1 111.0 113.9 118.6 120.8
46.7 52.8 48.8 47.9 49.9
Automobiles and parts
3.5
3.9
4.0
o o
3.6
Mobile homes
Furniture and household equip42.0 47.6 41.9 43.5 46.5
ment
14.8 15.7 15.5 14.7 14.7
Other
278.1 299.5 278.5 283.4 288.3
Nondurable goods
136.4 144.7 136.6 137.9 140.3
Food and beverages
56.9 62.0 57.4 58.5 59.4
Clothinc and shoes
23.5 25.2 23.5 24.3 24.6
Gasoline and oil
61.3 67.6 60.9 62.8 64.0
Other _
TToiisintr
.252 1.273 1.258 1.258 1.267 1.271 1.274 1.280
1. Excludes gross product originating in the rest of the world.
2. This is equal to the deflator for gross product of nonfinancial corporations, with the
decimal point shifted two places to the left.
3. Personal saving as a percentage of disposable personal income.
*See footnote on page 13.
Personal income..
Wage and salary disbursements
Services
061
III
17.7
56.1 64.5 56.3 55.6 59.9 62.8 65.2 70.0
60.8 70.5 62.1 59.4 66.4 68.4 71.3 75.9
29.4 33.1 29.5 27.4 31.1 32.1 33.5 35.8
31.3 37.4 32.6 32.0 35.4 36.3 37.7 40.1
19.5 20.2 20.0 18.6 20.3 20.3 20.2 20.2
11.9 17.1 12.6 13.5 15.1 16.0 17.5 19.9
- 4 . 7 - 6 . 0 - 5 . 8 - 3 . 9 - 6 . 5 —5.5 - 6 . 1 - 5 . 9
89.3
69.8
II
Table 10.—Personal Income and its Disposition (2.1)
580.3 638.7 583.4 593.5 613.7 631.9 643.7 665.5
1.5
I
Billions of dollars
Table 9.—Gross Corporate Product 1 (1.14)
Capital consumption allowances
Indirect business taxes plus transfer
payments less subsidies.
Income originating in corporate business
Compensation of employees
Wages and salaries
Supplements.
Net interest
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross corporate product
1972
1971
1972
1971
1971 1972*
March 1973
Household oDeration
Transportation
Other
51.3
4.1
54.8
3.7
55.2
46.8
15.7
47.9
15.9
49.1
16.5
4.3
297.2 302.0 310.4
144.1 145.8 148.5
61.5 62.6 64.5
24.5 25.4 26.3
67.1 68.2 71.0
283.3 305 4 286.1 290.9 296.7 302.4 308.0 314.5
99.2 107 2 100.3 102.5 104.2 106.1 108.1 110.2
39.5 43.3 40.0 40.7 41.2 42.7 44.0 45.1
19.9 21.7 20.2 20.4 21.0 21.5 21.9 22.4
124.8 133.3 125.7 127.3 130.3 132.0 134.0 136.9
Table 12.—Foreign Transactions in the National Income and
Product Accounts (4.1)
74.4
69.2
63.7
71.5
70.7
75.1
80.3
66.1
73.7
68.5
63.0
70.7
70.0
74.4
79.6
.7
.7
.7
.7
.7
.7
.7
.7
70.7
75.1
80.3
75.2
77.8
83.1
3.8
1.1
3.8
1.2
3.3
1.2
2.8
2.6
2.2
66.9
Capital grants received by the United
States
Government
66.9
74.4
69.2
63.7
71.5
65.4
77.9
68.2
65.1
75.3
3.6
1.0
3.7
1.1
2.6
2.6
3.8
1.1
2.7
4.0
1.1
2.9
3.8
1.0
2.8
- 2 . 1 - 7 . 1 - 2 . 7 -5.4 - 7 . 7 - 8 . 3 - 6 . 5 - 6 . 1
SUEVEY OF CUREENT BUSINESS
March 1973
1972
1971
1971
1972*
III
15
IV
I
II
III IV*
1971
1972
III
Seasonally adjusted at annual rates
Federal Government expenditures
199.1 228.7 199.1 202.8 221.4 224.9 229.8
238.6
93.8 105.8 107.3 109.1
31.1 34.0 35.2 36.7
113.6
39.1
19.9
61.7
19.7 20.2
62.6 63.8
220.8 246.8 222.2 227.5 236.3 246.5 241.6
20.6
65.3
97.9 100.7 105.7 108.1 105.4
70.1 71.9 76.7 78.6 75.1
27.8 28.7 28.9 29.6 30.2
104.0
73.2
89.6 109.0
33.1 36.2
20.5
55.9
20.1
63.4
89.8
33.2
20.0
56.1
20.8
57.0
262.7
Purchases of goods and services
National defense
Other
97.8 105.8
71.4 75.9
26.3 29.9
Transfer payments
To persons
To foreigners (net).
75.0
72.4
2.6
83.4
80.8
2.6
76.3
73.6
2.7
77.8
74.9
2.9
79.4
76.6
2.8
80.4
77.6
2.8
82.0
79.4
2.6
91.8
89.6
2.2
Grants-in-aid to State and local governments
.-
29.3
37.9
29.8
30.8
32.4
38.1
34.4
46.5
Net interest paid
13.6
13.6
13.6
13.3
13.1
13.8
13.6
13.7
5.2
6.1
4.6
5.0
5.6
6.0
6.2
6.7
Less: Wage accruals less disbursements
.0
.0
.0
.1
.0
-.1
.0
.0
Surplus or deficit (—), national income and product accounts
-21.7 -18.1 -23.1 -24.7 -14.8 -21.6 -11.8 - 2 4 . 1
Table 14.—State and Local Government Receipts and Expenditures
(3.3, 3.4)
151.8 175.4 154.0 158.7 164.8 174.6 173.4
Personal tax and nontax receipts
27.4
4.2
Corporate profits tax accruals
Indirect business tax and nontax
accruals
81.4
Contributions for social insurance. _. 9.4
Federal grants-in-aid
29.3
27.7
4.3
29.2
4.1
30.6
4.7
32.1
4.9
32.0
5.1
32.8
5.5
90.0
10.6
37.9
82.6
9.5
29.8
84.8
9.8
30.8
86.8
10.2
32.4
89.0
10.5
38.1
91.2
10.7
34.4
93.1
11.0
46.5
Purchases of goods and services
135.0 148.8 135.7 140.2 143.7 146.0 150.2
Transfer payments to persons
16.6 18.3 16.7 17.2 17.8 18.1 18.4
Net interest paid
_
.0 - . 1
.0
-.1 -.1 -.1 -.1
Less: Current surplus of government
enterprises
4.4
4.3
4.3
4.3
4.4
4.4
4.4
Less: Wage accruals less disbursements
.0
.3
.2
-.2
.4 - . 6 —.1
4.8
12.7
6.2
6.0
7.1
14.8
9.4
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
141.61145.89142.35 142.88 144.68 145.34 146.21 147.23
Personal consumption expenditures. . . 134.2 137.4 134.8 135.2 136.2 137.0 137.8 138.7
Durable goods
112.4 112.9 112.7 111.3 112.6 113.0 113.5 112.4
Nondurable goods.
131.7 135.8 132.3 133.2 134.2 135.0 136.1 137.7
Services
147.4 151.8 148.4 149.2 150.1 151.2 152.2 153.4
Gross private domestic investment .
Fixed investment
140.0 146.1 141.6 141.2 144.2 145.8 146.9 147.7
137.7 142.9 139.1 138.6 141.3 142.6 143.5 144.0
Structures
168.4 184.0 171.9 174.9 179.3 182.7 185.0 189.1
Producers' durable equipment-. 124.7 127.5 125.4 124.5 126.5 127.4 128.3 127.8
Kesidential structures.
Nonfarm
Farm
146.3 154.0 147.8 147.5 151.0 153.3 155.0 156.5
146.3 154.1 147.9 147.6 151.1 153.4 155.1 156.6
140.9 148.2 142.7 141.7 145.6 147.3 148.8 150.2
Change in business inventories.
Net exports of goods and services..
Exports..
Imports .
125.8 129.7 125.9 126.3 127.4 129.1
132.1
124.5 132.6 125.4 126.0 128.0 131.9 134.3 136.0
Government purchases of goods and
services
169.1 178.2 169.7 170.7 175.4 176.6 179.2 181.7
Federal
160.8 171.8 160.5 161.5 168.2 169.9 173.4 176.2
175.7 183.1 177.1 178.0 181.0 181.9 183.6 185.6
State and local.
Table 17.—Implicit Price Deflators for Gross National Product byMajor Type of Product (8.2)
Gross national product.
Final sales
141.61 145.89 142.35 142.88 144.68 145.34 146.21
.23
141.6 146.0 142.3 142.8 144.7 145.4 146.4 147.4
125.8 128.1 126.1 126.1 127.2 127.7 128.4 128.9
Goods output..
Durable goods
Nondurable goods..
119.0 119.9 119.3 118.4 119.5 119.9 120.4 119.8
130.7 134.4 131.1 131.6 132.9 133.6 134.6 136.4
169.3
Services....
159.4 165.7 160.4 161.6 163.8 165.0 166.2 167.6
Structures..
159.9 169.9 162.0 162.9 167.1 168.8 170.4 173.1
Addendum:
Gross auto product.
112.5 111.9 112.1 108.3 112.1 112.3 113.3 110.0
4.5
.0
19.5
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
141.61 145.89 142.35 142.88 144.68 145.34 146.21 147.23
Gross national product
Personal saving
Undistributed corporate profits
Corporate inventory valuation adjustment
Corporate capital consumption
allowances. _
Noncorporate capital consumption
allowances..
Wage accruals less disbursements..
54.8
26.7
61.0
21.0
59.3
22.7
50.1
25.3
193.1
50.8
27.3
62.8
30.7
-4.7 -6.0 -5.8 -3.9 -6.5 -5.5 -6.1
-5.9
55.7
23.5
135.91 139.49 136.63 136.98 138.40 139.00 139.77 140.73
Private
170.8 178.9 171.5 176.5 171.6 174.9 176.0
60.9
20.5
IV
155.2
18.8
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving
III
188.8
31.9
5.1
State and local government expenditures
147.0 162.7 147.8 152.7 157.7 159.9 164.0
Surplus or deficit (—), national income and product accounts
II
Nonresidential
Subsidies less current surplus of government enterprises
State and local government receipts
I
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1,3.2)
Personal tax and nontax receipts
Corporate profits tax accruals
_.
Indirect business tax and nontax
accrualsContributions for social insurance. __
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts.
1972
1971
Business
Nonfarm
Farm.
134.3 137.7 135.0 135.3 136.7 137.2 137.9 138.9
134.9 137.5 135.6 135.6 136.8 137.2 137.6 138.4
120.8 143.1 120.6 128.1 134.1 137.2 147.7 153.7
Households and institutions
Rest of the world
200.7 211.8
205.7 221.8 206.4 210.1 217.5 220.7 223.1 225.6
General government
60.3
67.7
61.2
63.0
64.8
68.0
68.4
69.5
33.5
.4
36.0
-.3
33.8
.3
34.4
.9
34.9
-.8
37.3
-.3
35.8
-.1
36.2
.0
Government surplus or deficit (—),
national income and product
accounts
-16.9 - 5 . 4 -16.9 -18.7 - 7 . 7 - 6 . 9 - 2 . 4
Table 19.—Gross National Product: Change from Preceding
Period (7.7)
-4.7
Percent
Federal. _
-21.7 -18.1 -23.1 -24.7 -14.8 -21.6 -11.8 -24.1
4.8 12.7
6.2
6.0
7.1 14.8
9.4
19 5
State and localCapital grants received by the United
States
__
.7
.7
.7
.7
.7
.7
.7
.7
Gross investment
149.8 173.3 149.5 153.4 160.5 168.7 176.7
187.3
Gross private domestic investment.. 152.0 180.4 152.2 158.8 168.1 177.0 183.2
Net foreign investment
- 2 . 1 - 7 . 1 -2.7 - 5 . 4 - 7 . 7 - 8 . 3 - 6 . 5
Statistical discrepancy.
-4.8 - . 9 -5.9 -5.2 -4.1 - . 1
2.3
193.4
-6.1
*See footnote on page 13.
-1.9
Gross national product:
Current dollars
Constant dollars - - .
Implicit price deflator
Chain price index
Gross private product:
Current dollars Constant dollars . - .
Implicit price deflator
Chain price index
. .
Percent at annual rate
8.3
6.7
12.0
11.4
6.5
9.4
2.9
3.4
1.5
2.1
5.1
5.6
1.8
2.7
9.7
5.4
2.5
2.8
8.3
7.2
11.6
6.9
2.6
3.1
12.1
10.2
7.6
2.7
9.7
6.4
4.7
5.0
3.0
3.7
7.4
3.0
4.3
4.5
5.4
2.5
3.4
1.0
1.4
7.1
4.2
4.4
1.7
2.3
8.9
6.3
11.0
2.4
3.1
8.0
2.8
3.1
8.9
11.4
6.5
2.2
2.9
8.4
2.8
2.9
By JOHN T. WOODWARD
Investment Programs and
Sales Expectations for 1973
BUSINESSMEN expect to spend
$100.6 billion for new plant and equipment in 1973, 13.8 percent more than in
1972, according to the survey conducted
in late January and February by the
Bureau of Economic Analysis. Actual
increases were 8.9 percent in 1972 and
1.9 percent in 1971 l (table 1).
CHART 8
Changes in Business Investment
Percent C h a n g e
-5
0
5
10 15 2 0
ALL INDUSTRIES
Durable Goods
Manufacturing
Gas, Water, and
Sanitary Services
Nondurable Goods
Manufacturing
Electric Utilities
Communication
Commercial and Other
Mining
Transportation
Excluding Air
Air Transportation
U.S. Department of Commerce, Bureau of Economic Analysis
16
25
30 35
Capital expenditures in the fourth
quarter of 1972 were at a seasonally
adjusted annual rate of $91.9 billion,
5 percent above the third quarter.
Outlays are expected to rise 5}i percent
in the first quarter of 1973 to an annual
rate of $96.7 billion, and 3% percent in
the second quarter to a rate of $100.1
billion. Outlays are projected to average
$102.6 billion in the second half of the
year, up 2J* percent from the second
quarter rate. If the quarterly expansion
is smooth in the second half, this suggests an average rise of 1% percent for
the third and fourth quarters.
The 1973 expansion of capital spending programs is accompanied by widespread expectations of sales advances.
The sales increases expected for this
year are larger than those expected for
1972 in the survey taken a year ago,
but they are somewhat smaller than the
advances actually achieved in 1972
(table 2). Manufacturers' sales are
expected to rise 9K percent in 1973,
compared with a 12 percent advance in
1972. Durable goods producers look for
an 11 percent rise this year compared
with an actual increase of 14 percent
in 1972. Nondurables producers expect
an 8 percent rise in 1973 compared with
10 percent last year. Trade firms expect
sales to rise 7% percent this year following a gain of 10% percent in 1972, and
public utility firms expect a rise of 9%
percent this year compared with 11
percent in 1972.
1. The expectations figures have been adjusted for systematic biases (footnote 2, table 9). Before such adjustment,
1973 expenditures were expected to be $100.13 billion for all
industries, $38.67 billion for manufacturing and $61.47 billion
for nonmanufacturing. The adjustments were applied separately to each major industry; their net effect was to lower the
manufacturing total by $1.66 billion and raise the nonmanufacturing total by $2.14 billion.
Realization of 1972 programs
In the successive quarterly surveys of
1972 investment programs, businessmen generally revised their spending
projections downward. The largest
revisions occurred relative to the onequarter-ahead projections for the secTable 1.—Plant and Equipment Expenditures, Annual Percent Changes 1971-73
1971
Actual
All industries.
Expected1
1973
Actual
Expected
10.5
8.9
13.8
-6.1
8.7
4.5
18.0
-10.4
-14.1
10.5
-1.1
-18.1
-12.8
13.8
4.8
-9.4
18.9
-9.4
10.0
19.6
24.0
10.8
38.6
Electrical machinery
-5.8
Machinery, except electrical
- -19.2
4.1
11.7
U.4
13.0
3.3
12.4
Transportation
equip-12.1
ment 2
_
Motor vehicles
-4.8
Aircraft—
-28.9
16.6
18.6
11.7
18.5
20.7
12.2
18.4
19.2
22.0
Stone, clay, and
glass.. -14.2
1.2
Other durables 2
36.4
20.3
41.9
12.2
14.2
27.5
Manufacturing 2
Durable goods 2 2
Primary metals
Blast furnace, steel
works.
Nonferrous
Nondurable goods 2
1.9
1972
-1.9
Food including beverage. - 5 . 3
Textile....
9.8
Paper..
-24.3
Chemical
.1
Petroleum
Rubber
Other nondurables 2
Nonmanufacturing
Mining
4.2
-9.8
4.2
-.7
16.5
8.5
1.0
14.1
-.1
-5.1
18.6
.5
.3
18.3
-6.0
25.1
20.3
15.1
14.7
-10.3
28.2
11.0
10.3
37.5
13.8
11.4
7.2
11.6
11.5
14.6
1.4
11.6
7.5
-6.8
30.8
-3.1
9.2
-6.0
4.8
Air transportation
38.0
28.4
Other transportation
12.9
11.8
5.1
4.5
16.4
20.7
-2.0
14.0
13.4
17.1
11.1
12.6
3.2
16.6
16.5
17.1
Communication
6.6
14.2
10.4
12.8
Commercial and other
8.8
8.1
11.2
10.4
Railroad
Public u t i l i t i e s Electric
Gas and other.
1. Expectations for 1972 are based on the survey conducted
in late January and February 1972.
2. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
March 1973
occurred in manufacturing; as a group,
nonmanufacturing industries held to
their initial expectation.
The pattern of revisions in manufacturing was mixed. The rubber, textile,
electrical machinery, transportation,
and stone-clay-glass industries spent
more last year than they had projected
in the February 1972 survey. These
upward revisions were more than offset
by cutbacks for the nonelectrical machinery, food-beverage, paper, petroleum, and "other durables" industries.
Among the nonmanufacturing industries, sizable downward revisions
by "other transportation/ 7 gas utility,
and communications firms were offset
by higher-than-expected outlays by
mining, railroad, air transportation,
and commercial firms.
ond and third quarters of the year; in
these quarters, actual spending was
lower than expectations by 4 and 3
percent, respectively.
The actual spending increase of 9
percent for the full year 1972 compared
with an expectation early last year of
10y2 percent. The downward revision
Table 2.—Business Sales, Annual Percent
Changes 1971-73
1971
Actual
Manufacturing industries *_
Durable goods l
Primary metals—
Electrical machinery
Machinery, except electrical
Nondurable goods
TradeWholesale .
Retail
Public utilities..
1973
Actual
Expected
12.2
9.4
7.5
9.3
14.1
10.8
5.0
6.0
10.5
13.9
14.4
9.6
9.6
14.1
12.6
13.2
23.0
11.6
6.2
6.0
5.1
Food, including beverage.. 5.6
Textile
12.8
Paper
Chemical-_
Petroleum.
Rubber
Expected
6.4
Transportation equipment- 11.5
Stone, clay, and glass
18.3
!
1972
9.9
10.3
5.6
6.7
8.3
6.6
10.9
10.0
10.3
14.7
Manufacturing
4.1
5.9
8.0
8.9
12.1
9.8
5.1
8.0
7.7
10.1
9.5
9.8
6.2
12.0
8.6
6.5
10.4
7.4
8.4
8.8
6.9
6.2
11.5
9.6
7.6
7.2
11.2
10.5
11.0
9.5
1. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
The pervasiveness of the fourth
quarter expansion in manufacturing
outlays is evident from table 3. Outlays
reported by each company in the survey
sample in each quarter of 1972 were
CHART 9
Plant and Equipment Expenditures
Billion $
- ALUNWISTRIES
, , , i ,t , 1, , , I , , ,I , , , I
30
MANUFACTURING
Durables
X
10
...
IV
Nondurables
1 . . . 11 . . 1 . . . 1 . i . i . . . 1 . . . i . . .
40 _ COMMUNICATION AND COMMERCIAL
30
20
. . .
Table 3.—Percentage of Sample Firms in Manufacturing Reporting Change in Plant and
Equipment Expenditures From Year-Earlier Quarter: Four Quarters of 1972
III
^t«-*^-i>
15
15
Percentage of firms increasing
expenditures i
(Ratio scale)
20
Capital spending in manufacturing
increased 8.6 percent from the third
quarter of 1972 to the fourth. This was
larger than the increase expected at the
time of the November survey—-6.4
percent—and was the first strong
quarter-to-quarter advance for manufacturing since the third quarter of
1969 when outlays rose 6.1 percent.
Both durable and nondurable goods
industries contributed to the fourth
quarter surge in outlays.
7.8
6.2
9.8
8.1
8.9
programs
17
1 . . .
i . i . 1 i i . ! i . i 1ii
.
. .. 1. . .
PUBLIC UTILITIES
Percentage of firms decreasing
expenditures l
II
III
IV
Manufacturing...
37
Durable goods..
Primary metals
Blast furnace, steel works..
Nonferrous
Electrical machinery
Machinery, except electrical.
Transportation equipment. _
Motor vehicles.
Aircraft
Stone, clay, and glass..
Other durables
40
47
32
55
31
25
34
30
Nondurable goods.
34
36
40
Food, including beverage.
Textile...
Paper..
44
42
44
Chemical
Petroleum
Kubber
Other nondurables.
31
61
36
36
1. The percentages shown do not add to 100 since the companies reporting no change in expenditures are not shown.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
_ TRANSPORTATION INCLUDING RAILROAD
4 ~
. . . 1 1 . . I . . I 111.1. .. 1 1 . .I . . .
1966
67
68
69
70
71
Seasonally Adjusted at Annual Rates
• Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
72
73
SURVEY OF CUEEENT BUSINESS
18
Table 4.—Petroleum Industry Expenditures
for New Plant and Equipment by Function,
Actual and Expected 1971-73
Expect- Pered
cent
1972 19731 change
1972-
Actual
1971
73
Billions of dollars
5.85
5.25
5.79
10.3
2.24
.50
2.23
.26
2.54
.24
13.9
—10.3
Refining and petrochemicals... 1.52
Marketing
_. _
1.03
1.18
.96
1.37
1.02
16.2
6.2
.62
.63
1.4
Total
Production
Transportation
Other
.57
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 1973 were expected to be $6.17 billion;
the net effect of the adjustment was to lower the total by
$0.38 billion.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
matched with the outlays reported in
the comparable year-earlier quarter.
In the fourth quarter, 58 percent of the
companies reported over-the-year increases in expenditures compared with
54 percent in the third quarter; in the
initial quarter of 1972, only 49 percent
of the sample firms reported over-theyear increases in expenditures.
Investment by manufacturing industries for the full year 1973 is expected to total $37.0 billion, 18 percent
more than last year. Durable goods
producers are scheduling a 20 percent
advance and nondurable goods companies expect a 16 percent gain. All
major manufacturing industry groups
except textiles except investment to be
higher in 1973 than last year. The
largest expected percentage gains are in
March 1973
the nonferrous metal, rubber, and
paper industries. The chemical and
petroleum industries, which together
account for more than half of investment spending by nondurables producers, also expect large gains this
year, following little change in 1972
and 1971. The projected advance in
petroleum outlays this year is centered
in production and refining activities
(table 4).
The 1973 investment advance in
manufacturing is concentrated in the
first half of the year. Manufacturers
expect a 13-percent gain from the
second half of 1972 to the first half of
1973 with roughly the same rise for
durables and nondurables separately.
In the second half of 1973, manufacturers expect outlays to be up 2}i per-
Table 5.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1970-72
[Billions of dollars]
Carryover 2
Starts
Annual
1971
1970
1971
1972
Manufacturing 3 ..
29.18
28.00
35.35
6.91
Durable goods 3
14.04
13.59
17.07
3.49
2.55
2.18
3.29
2.44
1.82
2.59
3.19
2.34
3.11
II
1972
III
IV
6.48
6.79
7.82
7.87
2.80
3.24
4.06
3.71
.78
.53
.57
.56
.29
.64
.39
.41
.54
.72
.60
.84
.88
.42
.65
.25
.32
.17
.80
.25
.57
.27
.56
.34
3.68
3.55
Primary metals
Electrical machin ery
Machinery except electricalTransportation equipment 4 .
Stone, clay, and glass._
Nondurable goods 3
2.04
.82
2.34
.94
2.66
1.46
15.14
14.42
18.28
Food including beverage..
Textile..
Paper
2.50
.49
1.54
2.49
.71
1.00
3.13
.64
1.60
.50
.18
.21
.70
.20
.17
Chemical—
Petroleum..
3.06
5.64
3.25
5.14
3.92
6.15
.87
1.26
Public utilities-
17.20
22.22
28.60
7.13
3.42
3.76
4.16
1971
1972
II
III
IV
March
June
Sept.
Dec.
Mar. I June
Sept.
Dec.
8.31
8.88
10.15
19.70
18.64
18.12
17.50
18.76
19.44
20.58
21.36
4.30
5.08
10.05
9.33
9.17
9.11
9.52
9.79
10.22
10.54
.61
.60
.73
.91
.57
.76
.79
.76
1.00
3.14
2.04
2.98
1.80
.79
2.72
1.69
.71
2.68
1.61
.76
2.96
1.58
2.92
1.62
.84
3.14
1.61
3.12
1.57
.59
.40
.73
.36
.77
.36
2.39
.50
2.21
.48
2.47
.51
2.42
.54
2.43
2.40
.62
.74
2.50
.81
2.55
.80
4.58
5.07
9.66
9.31
8.95
8.40
9.24
9.66
10.36
10.82
1.08
.26
1.04
.31
.75
1.06
.33
.76
1.00
.31
.72
1.08
.31
.79
1.13
.29
1.29
.27
.84
1.43
.21
.94
4.33
.18
.32
.61
.16
.31
.64
.18
.34
.18
.39
.15
.33
.80
.12
.54
.83
1.23
1.26
.86
1.38
.96
1.39
.87
1.49
1.08
1.51
1.01
1.76
2.60
3.75
2.56
3.52
2.42
3.28
2.33
3.09
2.54
3.40
2.56
3.55
2.83
3.78
2.80
3.99
4.28
4.36
6.45
9.16
5.04
5.20
9.19
27.36
27.81
28.11
30.27
35.80
36.61
37.42
41.87
20.32
19.33
19.58
19.74
19.83
20.92
22.78
24.48
10.78
10.17
10.32
10.72
10.42
10.93
11.71
12.70
3.25
1.65
1.42
3.33
1.48
1.42
3.40
1.62
1.46
3.58
1.69
1.61
3.82
1.68
1.65
2.42
.83
2.59
.86
2.99
.93
Adjusted for seasonal variation
Manufacturing 3 . . .
Durable goods 3 _
6.71
6.53
7.55
7.75
3.35
2.91
3.59
4.05
7.61
8.63
9.60
10.11
3.47
4.20
4.69
5.21
Primary metals
_
Electrical machinery
Machinery except electrical..
.72
.48
.56
.30
.64
.36
.48
.63
.80
.54
.76
.78
.36
.65
.73
.70
.72
.87
.67
.90
.94
.66
.84
3.43
1.97
1.47
3.39
1.73
1.39
3.11
1.67
1.37
Transporation equipment 4_.
Stone, clay, and glass
.65
.23
.28
.18
.87
.23
.72
.30
.54
.28
.51
.49
.77
.33
1.09
.42
2.35
.54
2.13
.54
2.49
.55
2.61
.62
2.53
.62
4.90
4.91
9.55
9.15
9.26
9.02
9.41
1.10
.32
.77
1.19
.34
.91
1.14
.33
.97
1.23
.32
Nondurable goods 3
3.62
3.96
.54
.20
.16
.63
.18
.15
.71
.17
.44
.62
.17
Chemical...
Petroleum-
.78
1.26
.73
1.36
.77
1.42
Public utilities..
5.10
4.76
5.96
Food including beverageTextile
Paper
3.36
3.70
4.43
.70
.19
.25
.61
.15
.43
.15
.38
.14
.62
1.18
.29
.92
1.00
1.14
.82
1.68
1.18
1.63
1.12
1.46
2.65
1.41
2.53
3.48
2.45
3.41
2.57
3.19
2.60
3.35
6.55
6.42
5.72
7.19
9.30
25.89
26.89
28.88
31.49
33.68
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred on plant and equipment projects
already underway at end of period.
3. Includes data not shown separately.
4.14
.90
11.07
11.78
1.29
.28
1.50
.27
1.05
1.65
.24
1.28
2.60
3.64
2.93
4.03
3.11
4.13
38.19
43.10
35.25
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.
March 1973
cent from the first half, with a 4%
percent rise for durable goods firms
and barely any change for nondurables.
Among manufacturing industries, only
the motor vehicle, stone-clay-glass, and
chemical industries project a larger
increase in capital spending in the
second half of 1973 than in the first
half.
The strength in manufacturing outlays in the latter part of last year and
the first half of 1973 appears to reflect
a variety of factors. .The vigorous expansion of the economy has resulted in
a rise in the rate of capacity utilization.
(The Federal Reserve series on capacity
utilization rose about 5-percentage
points during 1972.) Investment was
encouraged by the liberalized depreciation rules adopted in mid-1971 and the
investment tax credit enacted near the
end of that year. Data from industry
sources and private surveys suggest
that a substantial amount of spending
by some industries—e.g., nonferrous
metal and paper—is connected with
pollution control requirements; the
latter two industries project 1973 capital spending advances of 39 and 25
percent, respectively. The sharp increase in 1973 outlays by the rubber
industry (38 percent) appears to be in
large part a result of the expanding
market for radial-ply automobile tires.
SUEVEY OF CURRENT BUSINESS
sonally adjusted carryover totaled $24.5
billion at the end of December, up 7%
percent from September 30 and 24 percent from the end of 1971.
During the fourth quarter, manufacturers reported further tightening in
the adequacy of their plant and equipment facilities, taking account of prospective sales over the next 12 months.
Companies owning 40 percent of total
fixed assets in manufacturing reported
that their facilities as of December 31
were inadequate, compared with 37
percent as of September 30 and 33 percent at June 30 (table 6). The "more
needed" percentage rose for both durable and nondurable goods industries,
but the rise was more pronounced for
nondurables.
Facilities viewed as about adequate
declined to 55 percent of manufacturers'
fixed assets as of December 31 from 57
percent at the end of September. Companies reporting facilities in excess of
needs accounted for 5 percent of fixed
assets at December 31, a small decline
from September 30.
Nonmanufacturing programs
Nonmanufacturing industries reported
capital expenditures at a seasonally
adjusted annual rate of $58.3 billion in
the fourth quarter of 1972, a rise of 3
percent from the third quarter; this was
substantially smaller than the 8%-perManufacturers9 starts and carryover cent gain reported by manufacturers. In
of investment projects and evaluation the November survey, nonmanufacof capacity
turing firms had projected a fourth
The value of new investment projects quarter rise of 5 percent. The rate of
started by manufacturers rose 5 percent spending by nonmanufacturing indus(seasonally adjusted) from the third tries is expected to rise to $60.8 billion
quarter of 1972 to the fourth; starts had in the first quarter of 1973 and $63.0
risen substantially in the preceding 2 billion in the second quarter; they proquarters as well (table 5). Starts by ject a further increase to a rate of $65.2
durable goods producers increased 11 billion for the final half of this year in
percent in the fourth quarter, but starts contrast to the flattening of manufacin nondurable goods manufacturing as a turing outlays.
whole showed no change. Sizable gains
For the full year 1973, nonmanufacin starts were reported by the transpor- turing industries as a group project a
tation equipment, stone-clay-glass, and spending increase of about 11% percent,
paper industries.
the same as last year's rise. Public
The value of new projects started by utilities continue to project strong
manufacturing companies exceeded spending growth. They plan an increase
their capital expenditures in the fourth of 16% percent in 1973, to a total of
quarter, resulting in an increase in $19.8 billion, with gas companies expectcarryover—the amounts still to be ing a slightly larger percentage gain
spent on plant and equipment projects than electric companies. During the
already underway. Manufacturers' sea- period from 1963 to 1973, total outlays
19
by electric companies have increased at
a compound annual rate of 16% percent,
far exceeding the growth of any other
major industry. According to Electrical
World magazine, 58 percent of expected
1973 capital spending by electric
utilities is scheduled for generating
facilities compared with about 35 percent for this purpose 10 years ago. Starts
of new projects by utilities in the fourth
quarter of 1972 reached a record $9.3
billion and the carryover of funds yet
to be expended increased $4.9 billion in
in the quarter to total $43.1 billion at
yearend.
Communications firms also expect a
sizable expansion this year—13 percent, as compared with a 10%-percent
increase last year.
Railroads expect to cut spending 7
percent in 1973 following a 7%-percent
gain last year. The decline reflects
lower expenditures for new equipment;
investment in roadbed is scheduled to
rise somewhat this year. Spending by
CHART 10
Manufacturers' Evaluation of
Existing Capacity*
Percent of Capital Assets Held by Respondents Reporting—
60
MORE CAPACITY NEEDED
50
V
40
30
-
?0
i . . I . . . 1. i . 1! . 11 • l l l l l l . n i . l l l . i l
50
-
40
, , , I, , , 1, , , 1i , i I i i , 1 , , , 1, , , 1 , , , 1
20
CAPACITY EXCEEDS NEEDS
10
0
/~\
... 1... 1 ... 1 i i i 1i Illl lilt
1964
66
68
nil
-
i i 1i i i
70
72
* Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
73-3-10
SUEVEY OF CURRENT BUSINESS
20
Table 6.—Manufacturers' Evaluation of Their Capacity
Table 7.—Actual and Expected Changes in
Prices of Capital Goods Purchased
[Percent distribution of gross capital assets l]
[Percent change from p rior year]
1972
1971
June 30
Sept. 30
March 1973
Dec. 31
Mar. 31
June 30
Sept. 30
Reported in
Nov.-Dec.
1971 survey
Dec. 31
ExActual
ExActual
1971 pected
1972 pected
1972
1973
More plant and equipment needed:
All manufacturing
Durable goods 2
40
24
25
35
Primary metals
Metal fabricators 3_
Nondurable g o o d s 2 . .
24
40
35
35
43
Food including beverage.
Chemical-.
Petroleum
48
44
About adequate:
All manufacturing..
61
55
56
Durable goods 2..
Primary metals
metals
Primary
Metal fabricators a_
Nondurable goods 2 _.
60
54
70
60
All manufacturing
5
Durable goods 2
9
5.4
5.9
5.7
6.1
5.7
5.6
5.8
Nonmanufacturing
6.4
4.9
5.5
5.3
Mining
Transportation
6.7
6.1
4.4
4.8
5.2
4.7
5.3
5.4
Public utilities
C ommunication,
commercial, and
other
6.3
4.9
5.4
5.4
6.5
5.7
4.9
5.3
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Table 8.—Estimated Changes in Prices of
Products and Services Sold by Manufacturing and Utility Companies
Reported
in Nov.-Dec.
1971 survey
Manufacturing
1. According to respondent companies' characterizations of their plant and equipment facilities, taking into account their
current and prospective sales for the next 12 months.
2. Includes industries not shown separately.
3. Includes machinery, transportation equipment, and fabricated metals industries.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
5.7
5.4
5.2
5.6
Reported
in Nov.-Dec.
1972 survey
Actual Expect- Actual Expected
1972
ed
1971
1972
1973
Food including beverageChemical
.Petroleum
The survey of plant and equipment
expenditures conducted by BEA in
5.1
7.0
7.0
7.1
16
Primary metals
Metal fabricators 3
Nondurable goods 2
Changes in prices of capital goods and
of sales
6.6
(Percent change from prior year)
Existing plant and equipment exceeds needs:
airlines, which surged 31 percent to a
record level last year, is expected to
drop about 3 percent this year.
The "commercial and other" group—
trade, services, construction, finance,
and insurance—expects a 10-percent
increase in expenditures this year, about
the same as the gain last year. All
component industry groups except construction plan increases this year.
All industries....
Manufacturing- _
Durable goods
Nondurable goods. _.
55
58
50
56
Food including beverage.
Chemical
Petroleum
Reported in
Nov.-Dec.
1972 survey
Durable goods..
Nondurable goods
Public utilities
3.0
2.8
2.3
2.3
3.5
2.5
5.7
2.9
2.6
2.3
2.2
5.7
2.3
2.2
4.5
5.8
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
late November and December of 1972 Selling prices in 1973 are estimated to
again included an inquiry on changes in rise about 2.3 percent. Public utilities
prices of capital goods and of sales.2 expect rates to rise 4.5 percent in 1973
Results now available indicate that compared with a 5.7-percent increase
plant and equipment prices rose 5.7 reported for 1972.
percent in 1972; in the year-earlier
2. The inquiry on price changes was initially added to the
survey, expectations were for a 5.1 November-December capital expenditure survey in 1970.
the 1972 survey, firms were asked the following:
percent rise in 1972 (table 7). Expecta- In"Please
indicate your best estimates of average price
tions reported for 1973 are for a rise changes from 1971 to 1972 and expected price changes from
to 1973:
in plant and equipment prices of 5.4 1972
a. Prices paid by your company for new construction,
machinery, and equipment.
percent.
b . Prices of goods and/or services sold by your company."
Similar information was obtained in the surveys conducted
Manufacturers reported that their
and 1971. The firms' responses on capital goods and
selling prices rose 2.3 percent in 1972, insales1970price
changes were weighted by their reported capital
less than the 2.8-percent rise expected expenditures and sales, respectively. Because only 3 years of
expectations data are available, the predictive ability of the
in the year-earlier survey (table 8). data has not been established.
SUEVEY OF CUKEENT BUSINESS
March 1973
21
1
Table 9.—Expenditures for New Plant and Equipment by U.S. Business, 1971-73
[Billions of dollars]
Quarterly, unadjusted
Annual
1972
1971
1971 1972 1973 2
I
II
Quarterly, seasonally adjusted annual rates
III
IV
1973
112
IV
III
1972
1971
2d
half 2
II
III
IV
II
III
1973
IV
12
112
2d
half
All industries.
31.21 88.44 100.62 17.68 20.60 20.14 22.79 19.38 22.0121.86 25.20 21.56 25.27 53.79 79.32 81.61 80.75 83.18 86.79 87.12 87.67 91.94 96.74 100.13 102.63
Manufacturing industries..
29. 99 311.35 37.01 6.69 7.55 7.31 8.44 6.61 7.63 7.74 9.38 7.90 9.33 19.78 30.46 30.12 29.19 30.35 30.09 30.37 30.98 33.64 35.98 37.13 37.43
Durable goods.
4.15 15.64 18.70 3.11 3.52 3.40 4.12
4.12 3.29 3.71 3.86 4.77 3.91 4.69 10.10 14.21 14.06 13.76 14.61 15.06 14.77 15.67 16.86 17.88 18.70
Primary metals 3
Blast furnace, steel works
Nonferrous
2.78 2.75
1.37 1.24
1.08 1.18
3.41
1.38
1.64
.65
.33
.24
.72
.33
.29
.65
.32
.26
Electrical machinery
Machinery, except electrical.
2.14 2.39
2.80 2.90
2.73
3.26
.41
.65
.53
.73
.52
.62
.80
Transportation equipment 3 _
Motor vehicles
Aircraft*
2.13 2.53
1.51 1.83
.43
3.00
2.18
.53
.47
.33
.50
.34
.09
.54
.38
.10
Stone, clay, and glass
Other durables «
.85 1.20
3.45 3.87
1.37
4.94
.20
.72
.19
.86
.62
.12
.29
.78
.74
.16
.30
Nondurable goods.
.31
.30
.73
.28
.35
.87 1.81
.35 .76
.42 .87
3.08 2.91 2.56 2.66 2.82 2.63 2.76 2.78
1.33 1.26 1.35 1.24 1.25 1.23 1.26
1.
1.08 1.22 1.01 1.01 1.27 1.05 1.20 1.22
3.37
1.35
1.56
3.56
1.40
1.74
1.38
1.63
.56
.58
.72
.80
.90
.57
1.50
1.72
1.94 2.13 2.17 2.26 2.14 2.25 2.41 2.65
2.88 2.90 2.58 2.85 2.60 2.73 2.99 3.20
2.70
3.02
2.64
3.39
2.78
3.30
.63
.46
.10
.45
.11
.72
.53
.12
.64
.44
.13
1.58
1.20
2.16 1.97 2.06 2.38 2.48 2.48 2.40 2.76
1.48 1.33 1.44 1.82 1.71 1.79 1.72 2.08
.44 .37 .39 .35 .45 .43 .42 .42
2.87
1.
.62
3.06
2.12
.61
3.03
2.32
.45
.29 .38 .30 .34 .73
.87 .72 .90 .91 1.12 1.09 1.22 1.36 1.30
.95 1.17 1.00 1.19 2.75 3.29 3.42 3.50 3.56 3.
3.59 3.89 4.10 4.62
15.84 15.72 18.31 3.58 4.03 3.91 4.32 3.32 3.92 3.87 4.61 3.99 4.64 9.68 16.25 16.06 15.43 15.74 15.02 15.60 15.31 16.78 18.10
1.34
4.70
1.42
5.19
.65
.31
.25
.45
.62
.46
.10
.55
.39
.21
.85 1.02
.26
.84
.28
.91
.16
.31
.81
.56
.18
.27
.75
.63
.19
.35
.85
Food including beverage.
Textile.
Paper
Chemical
2.69 2.55
.61 .73
1.25 1.38
3.44 3.45
3.02
.68
1.73
4.15
Petroleum
Rubber
Other nondurables 6
5.85 5.25
.84 1.
1.15 1.27
5.79 1.31 1.46 1.51 1.57 1.08 1.34 1.28 1.56 1.
1.49 .19 .19 .20 .26 .21 .24 .28 .35 .35
1.45 .26 .30 .26 .32 .27 .31 .31 .38 .34
Nonmanufacturing industries
2.16 2.42
2.64
Railroad
1.67 1.
1.
Air transportation...
1.
2.46
1.
1.46
Public utilities...
Electric
Gas and Other.
C ommunication
Commercial and other 7_
.18
.35
.96
.54
.55
.34
.47
.42
2.38
.34
.60
1.52
.28
.36
15.30 17.00 19.82 3.11 3.83
12.86 14.48 16.87 2.70 3.20
2.44 2.52 2.95
.41 .63
13.40
10. 77 11.
2.50 2.81
18.05 20. 07 22.16
3.94 4.44
.37
.58
.61
.45
.48
.48
.56
.50
.73
.85 1.52
.16 .19 .34
.36 .41 .96
.85 1.07 2.24
3.11
.77
.75
.37
.32
2.76 2.84 2.52 2.65 2.46 2.42 2.73 2.59
.55 .60 .61 .68 .82 .74 .66 .70
1.34 1.18 1.20 1.29 1.27 1.39 1.27 1.56
3.43 3.40 3.39 3.53 3.29 3.30 3.38 3.78
2.91
.73
1.
3.72
6.06 6.07 5.92 5.45 4.99 5.54
5.45
.86 .78 .80 .94 .92 .97 1.11 1.29
1.26 1.19 .99 1.20 1.27 1.21 1.18 1.40
5.95
1.56
1.57
18.43
3.24
.71
1.63
4.14
5.79
1.48
1.44
18.36
2.96
.65
1.80
4.35
5.73
1.47
1.41
86 51.50 51.56 52.82 56.70 56.75 56.70 58.30 60.75 63.00 65.20
.63
.61
.67 1.35
2.04 2.08 2.23 2.30 2.42 2.38 2.40 2.46
2.54
2.62
.38
.47
.45
.45
1.46 1.
1.50 1.71
2.08
1.79
1.45
.61
.63
.54
.74 1.10
1.29 2.28 1.68 2.26 1.96 2.89 2.67 2.33
2.12
2.94
2.22
.35
.40
.35
.44
1.33 1.40 1.48 1.33 1.48 1.53
1.66
1.70
1.38
.77
.73
1.72 1.64 2.10 1.
4.07 4.29 3.63 4.24 4.39 4.74 3.93 4.74 11.15 14. 64 14. 91 15.8715.74
.2.16 12. 61 13. 56 13.01
3.35 3.60 3.19 3.61 3.67 4.01 3.45 4.02 9.40 12.16
.62 .72
.48 .72 1.75 2.48 2.30 2.30 2.74
.71
.73
.44
2.95 2.84
2.84
[10. 70 11. 21 10. 73 10.44
2.62
2.72
3.39 -7.77 8. 89 18. 91
4.97
5.26
Il7. 39 17. 72 17. 85 19.10
4.42
4.55
5.57
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 January and February 1973. The estimates for the first quarter, second quarter, and second half
of 1973 have been corrected for systematic biases. The adjustment procedures are described
in the February 1970 issue of the SURVEY OF CURRENT BUSINESS. Before such adjustments,
1973 expenditures were expected to be $100.13 billion for all industries, $38.67 billion for manufacturing, and $61.47 billion for nonmanufacturing.
3. Includes data not shown separately.
.70
.17 .18
.32 .44
.81 1.04
51. 22 57..09 63.61 10.99 13.06 12.83 14.35 12.77 14.38 14.12 15.83 13.66 15.94 34.01
Mining
Other transportation
19.07
.80
.37
.35
.61
.25
.28
.76
.40
1.42
2.69
16.92 .6.60 7.01 17.53 18.36 18.56 21.06
14.27 .4.32 14. 62 14. 67 15.43 15.95 17.94
2.65 2.27 2.38
2.93 2.61 3.12
11.71 .1.59 11. 56 12. 63
20.10 .9.
r33. 98 35.38 36.39
20.16 20.21
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 EVELYN M. PARRISH*
U.S. Balance of Payments Developments:
Fourth Quarter and Year 1972
FOR
The weakness in the current account
1972 as a whole, the most capital flows improved sharply in the
significant U.S. balance of payments fourth quarter, and the official reserve balance in 1972 largely stemmed from
developments were sharp deteriorations transactions deficit dropped to $1.6 the faster rise in merchandise imports
in the trade balance and in the current billion, about $3.1 billion below the than in exports; this mainly reflected
figure.
the stronger rate of economic expanaccount balance, and a substantial third quarter
reduction of capital outflows from the
extraordinary 1971 figure. The favorCHART 11
able shift in net long-term capital
outflows almost exactly offset the adBalances on Major U.S. International Transactions
verse shift in the current account
balance, and the deficit in the balance Billion $
on current account and long-term
16
capital was thus virtually unchanged
Official Reserve
8 —
at $9.2 billion. Recorded net shortTransactions
term capital outflows and unrecorded
^-*—v
outflows dropped nearly $20 billion
from 1971 with the result that the
-8
official reserve transactions deficit fell
Net Liquidity
\
\
about the same amount. Even so, the
Current Account and
-16 Long-Term Captial
deficit was over $10 billion, an untenably large figure. (See table Al.)
-24
In the fourth quarter of 1972, the
V
current account balance showed a -32 moderate improvement from the third
quarter to a $1.6 billion deficit, as a -40
surge in receipts of income on U.S.
direct investment abroad more than -48 offset a deepening of the trade deficit. -56
i
i
1
1
!
-14
The balance on current account and
4
16
long-term capital improved $0.8 billion
to a deficit of $1.5 billion as a large rise
- 2
8
Merchandise Trade*
in foreign purchases of U.S. securities
and a small decline in U.S. direct in0
0
_. in f}
7
vestment capital outflows more than
Current Account
- -2
offset an increase in outflows of U.S.
-8
Government capital and in U.S. pur. . . 1 . . . 1 . . . 1. . . 1 . . i
J
I
I
|
I
chases of foreign securities. Short-term -16
N
-
%
/
\
1967
68
69
70
•
/
71
-
72
Annually
*In Highlights and Perspectives, Max
Lechter wrote the section on Merchandise
Trade and Robert Leftwich wrote the section
on Corporate Capital Flows.
22
* 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
1969
70
71
72
Quarterly, Seasonally Adjusted
73
SURVEY OF CURRENT BUSINESS
March 1973
sion in the United States than in other
major industrial countries in 1972. Also
contributing to the rise in imports was
the initial effect of the appreciation of
major currencies against the dollar,
which resulted in an immediate increase
in dollar import prices without an immediate reduction in volume. In addition, inflation abroad boosted import
prices.
The faster rate of increase in economic activity in the United States
than abroad also had an influence on
the reduction in net capital outflows in
1972. The strong cyclical upswing in
the United States, which preceded the
business upturn abroad by about half
a year, stimulated purchases of U.S.
securities by foreigners, and the more
rapid rise in U.S. short-term interest
rates as compared with foreign rates
also contributed to the inflow of foreign
private capital into the United States,
in contrast to outflows in 1971.
However, a more important influence
on the decline in net capital outflows
in 1972 was an improvement in exchange market conditions during the
year following the Smithsonian Agreement in December 1971. (See chart 12.)
Exchange markets nevertheless still
remained subject to speculative flareups, such as those which affected the
23
first quarter. Although unrecorded outflows were less than in 1971, they
amounted to $3.8 billion in 1972, substantially above the roughly $1.0
billion that might be considered normal
on the basis of pre-1971 experience.
British pound and later the dollar early
in the summer, and exchange market
uncertainties probably contributed to
the continued relatively large outflows
of funds through unrecorded transactions during 1972 after an inflow in the
Developments Affecting Major Accounts in 1972
Current account transactions
clined in the third quarter but turned
up again in the fourth, and for the full
The merchandise trade deficit de- year totaled $4.7 billion, down only
clined after the first quarter of 1972, $0.1 billion from 1971. Continuing inbut increased again in the fourth. For creases in prices of goods and services
the full year, the trade deficit increased purchased in developed countries nearly
$4.1 billion to an unprecedented $6.8 offset the decline in expenditures in
billion as imports rose $10.2 billion and Southeast Asia.
exports expanded $6.1 billion. (See
The balance on travel and transporHighlights and Perspectives.)
tation showed a deficit of $0.6-$0.7
The balance on military transactions billion in each quarter of 1972, and the
improved in the second half of 1972 but deficit for the full year totaled $2.6
for the full year worsened by $0.6 billion billion. This was up only $0.2 billion
to a $3.5 billion deficit. Transfers under from 1971, the smallest increase since
U.S. military agency sales contracts 1968. A strong rise in U.S. travel exwere $1.2 billion in 1972, the lowest penditures in Europe was partly offset
level since 1966 and far below the record by a decline in travel expenditures in
$1.9 billion in 1971, when aircraft Canada.
deliveries were exceptionally high. DiIncome receipts from U.S. investrect defense expenditures abroad de- ment abroad dropped off in the first
Table AL—Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
Lines in tables 2,3, and 9 in which transactions are included
are indicated in ( )
1971
1972 P
Change:
1971-72
I
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
1972
1971
1970
2,164
1,398
II
-890
1,048
III
IV
II
III'
IV v
-387 - 1 , 5 3 4 - 1 , 8 3 1 - 1 , 7 7 7 -1,525 -1,683
1,027
563
528
377
661
957
-2,666
3,417
-6,816
2,596
-4,150
-821
3,563
750
-4,219
-4,969
992
158
176
-577
-1,474
-1,529
-1,557
-28
-355
-369
-402
-404
145
847
I
Change:
1972
III-IV
-158
366
-1,303 -1,400
-864
-656
208
-389
-383
-368
-416
-48
-1,232 -1,072
160
2,089
-779
-5,776
-4,997
637
-211
-226
-981
-1,692
-1,783
-1,734
-2,045
-2,208
-163
-436
-477
-544
-588
-601
-535
-538
-534
4
356
-2,824
-7,983
-5,159
201
-688
-770
-1,569
-2,293
-2,318
-1,770
-1,606
164
U.S. Government capital flows, net, and nonliquid liabilities to other than foreign official reserve agencies
(33,48)
-2,018
Long-term private capital flows, net (39-41, 44,49-51, 53).. - 1 , 3 9 8
-2,378
-4,079
-1,367
107
1,011
4,186
-702
-922
-584
-1,605
-558
-1,883
-343
-533
330 - 1 , 0 8 1
-95
750
-322
-254
-607
690
-285
944
-3,717 -1,663
-2,346
U.S. Government grants (excluding military) (30)_.
Balance on current account
Balance on current account and long-term capital
-3,059
-9,281
-9,243
Nonliquid short-term private capital flows, net (42,45,52).
-482
-2,386
Allocations of SD R (63)
867
717
Errors and omissions, net (64)
- 1 , 1 7 4 -11,054
-1,634
710
-3,806
Net liquidity balance
Liquid private capital flows, net (43, 46, 54).
Official reserve transactions balance
r»
Preliminary.
Revised.
NOTE.—Details may not add to totals because of rounding.
-3,851
-5,988
-9,839
-22,002 -13,974
38 - 1 , 4 2 3 - 2 , 8 7 7
752
-7
7,248
-534
-315
180
179
-800 -2,708
8,028 - 2 , 5 7 7
-5,721
3,677
11,440 - 2 , 8 4 8
-745
-29,765 -10,297
19,468 - 5 , 4 2 5
-6,466
-7,763
-3,211 -1,772
-883
-654
179
179
-5,465 -2,082
-9,380
-4,329
-2,551
-1,523
823
-507 -1,211
592
-508
177
178
177
178
942 - 1 , 3 1 4 -1,825 -1,608
-704
-4,501 -4,165
336
217
-3,105
-2,207
-1,619
-119
1,386
-173
2,583
2,756
-11,931 - 5 , 9 4 8
-3,224
-821
-4,674
-1,582
3,092
SURVEY OF CURRENT BUSINESS
24
CHART 12
Changes in Selected Foreign
Exchange Rates 1
Percent change from parity with
U.S. dollar on March 31, 1970
12 COUNTRIES*
Dec. 18, 197P
-8 i
i
i
i
I
i
i
i
I
i
i
i
1
i
I
half of 1972 but then increased to a
record $3.9 billion in the fourth quarter
and totaled $13.8 billion for the year.
The year-to-year increase of $0.9 billion was in large part accounted for by
direct investment income receipts of
U.S. petroleum companies. The 1972
increase in U.S. income receipts, however, was exceeded by the $1.0 billion
rise in income payments on foreign
investments in the United States, to
$5.9 billion, so that the net surplus on
investment income dropped $0.1 billion
to $7.9 billion in 1972. This decrease
contrasts with the persistent rise in the
past decade, interrupted only in 1969.
The steady increase in income payments
during the year 1972 was associated
with the very large 1970-72 buildup in
U.S. Government liabilities to foreign
official agencies and with rising shortterm interest rates in 1972.
As a result of the transactions summarized above, the balance on goods
and services worsened by $5.0 billion
to a deficit of $4.2 billion in 1972.
There was little change in remittances
and pensions, and U.S. Government
grants (excluding military) rose only
$0.2 billion. Thus, there was a $5.2
billion deterioration in the current
account balance to a deficit of $8.0
billion in 1972.
Long-term capital flows
FRANCE
1970
73
1. Spot rates at end of quarter.
2. U.S. trade - weighted average of Canada, Japan, United Kingdom,
West Germany, France, Italy, Netherlands, Belgium, Switzerland,
Denmark, Sweden and Norway.
3. Represents the percent change between parity on March 31, 1970 and
the central rates established in the Smithsonian agreement on
December 18, 1971.
U.S. Department of Commerce, Bureau of Economic Analysis
Long-term
capital
transactions
moved irregularly during 1972, with
net inflows in the second and fourth
quarters and outflows in the first and
third. For the full year, net long-term
capital outflows were $1.3 billion, down
$5.2 billion from 1971 and the lowest
since 1968. Most of the improvement
was due to a $2.6 billion rise in longterm private foreign capital inflows,
mainly through the purchase of U.S.
securities, and to a $1.6 billion decline
in long-term private U.S. capital outflows. In addition, U.S. Government
capital outflows fell $1.0 billion.
U.S. direct investment capital outflows were $3.3 billion in 1972, down
$1.4 billion from 1971 and the lowest
since 1969. The decline from 1971 may
have in part represented an adjustment
after the exceptionally large 1971 outflows, and may also have been related
March 1973
to a slowdown in the growth of plant
and equipment outlays abroad. (See
Highlights and Perspectives and the
article on plant and equipment expenditures abroad, beginning on page 45.)
U.S. transactions in foreign securities
shifted temporarily to net sales in the
third quarter when there was a hiatus
in placements of new Canadian bond
issues in the U.S. market. For the full
year 1972, net U.S. purchases of foreign
securities were $0.6 billion, down $0.3
billion from 1971. This reflected a favorable shift of $0.5 billion in transactions
in foreign stocks from small net U.S.
purchases in 1971 to net sales in 1972,
partly offset by an increase of about
$0.1 billion in U.S. purchases of new
foreign bond issues to a total of $1.6
billion (purchases from Canada were up
$0.1 billion to $0.9 billion), and by a
$0.1 billion adverse shift in U.S. net
transactions in outstanding foreign
bonds.
There was a small net inflow of longterm capital reported by U.S. banks in
the first quarter of 1972 but increasing
net outflows for the rest of the year; the
total net outflow was $1.1 billion, as
compared with $0.8 billion in 1971.
The increase in long-term claims reported by U.S. banks was $0.7 billion
bigger than in 1971, presumably reflecting larger increases in trade credits;
that adverse shift was partly offset by a
favorable $0.4 billion shift in long-term
banking liabilities, mainly reflecting
changes in long-term deposits by international and regional organizations.
Foreign direct investment in the
United States shifted favorably by
$0.4 billion from a small net outflow in
1971 to a $0.3 billion inflow in 1972.
This mainly reflected cessation of thb
large transfers of funds by Japanese
affiliates to their parent companies
which took place in 1971.
Foreign purchases of U.S. securities,
unusually large throughout 1972,
reached a record $1.9 billion in the
fourth quarter. For the year as a whole
purchases increased $2.2 billion to $4.5
billion, surpassing the previous high
of $4.4 billion in 1968. Foreign purchases of Eurobonds newly issued by
U.S. corporations were exceptionally
large in the second and fourth quarters.
SUEVEY OF CURRENT BUSINESS
March 1973
25
A substantial reflux of these funds in long-term captial flows, plus the $0.8
the second quarter of 1972 was followed billion improvement in nonliquid shortby outflows of $0.5 billion in the third term private capital outflows and the
quarter and a record $1.2 billion in $7.2 billion improvement in unrecorded
the fourth. Most of the deterioration in transactions, reduced the net liquidity
the fourth quarter reflected an increase deficit by $8.0 billion—from $22.0
in bank-reported claims on Japan. billion in 1971 to $14.0 billion in 1972.
For the year as a whole, however, claims The 1972 deficit, while below the 1971
on Japan were reduced by $0.4 billion, figure, was still substantially higher
as Japanese monetary authorities pur- than the average annual deficit of $4.0
sued a policy of making dollars available billion during the years 1967-70.
to Japanese banks for use in liquidating
Transactions in liquid private capital
previous borrowings from the United improved by $11.4 billion, to net inflows
States.
of $3.7 billion in 1972 from net outflows
Net outflows resulting from unre- of $7.8 billion in 1971 (and $6.0 billion
corded transactions (errors and omis- in 1970). Most of the 1972 shift reflected
sions) receded to $3.8 billion in 1972 funds flowing to U.S. banks through
from the unprecedented $11.1 billion their foreign branches and to U.S.
in 1971, but were still very high com- agencies and branches of foreign banks
pared with earlier years. Large shifts from their head offices abroad. In the
in unrecorded transactions are pre- fourth quarter alone, inflows from forsumably mainly a reflection of move- eign commercial banks rose $1.8 billion
ments of volatile short-term capital. to $2.1 billion, mainly reflecting transIn the first quarter of 1972, just after actions with Canada and Japan. At
new central rates were set for many that time, U.S. short-term interest rates
leading currencies under the Smith- were rising faster than European rates,
sonian Agreement, there were net while Canadian and Japanese rates reinflows of unrecorded funds amounting mained virtually unchanged.
These 1972 changes in liquid capital
to $0.9 billion. However, this was
followed by net outflows of $1.3 billion transactions, together with changes in
in the second quarter as exchange all the transactions previously disuncertainties began to build up. Net cussed, accounted for the $19.5 billion
outflows increased again in the third reduction in the official reserve transShort-term capital flows
Net U.S. short-term nonliquid pri- quarter and showed a slight ($0.2 actions deficit to $10.3 billion. The 1972
deficit compares with a 1970 deficit of
vate capital outflows declined $0.8 billion) improvement in the fourth.
All the transactions mentioned earlier $9.8 billion and an average surplus of
billion in 1972, to $1.6 billion, still a
large outflow compared with other years. in the review of the current account and $0.3 billion in the years 1967-69.
For the full year they increased $0.8
billion to $2.0 billion, approaching the
record of $2.1 billion set in 1968.
Convertible bond issues had a strong
resurgence in 1972, accounting for most
of the increase from the preceding year.
Net foreign purchases of U.S. stocks,
reflecting the buoyant stock market,
rose $1.6 billion to a record $2.5 billion
in 1972. Nearly half of these purchases
took place in the fourth quarter.
U.S. Government capital outflows,
net of repayments and of" increases in
nonliquid liabilities to other than
foreign official agencies, were unusually
low in the first three quarters, and for
the full year dropped by $1.0 billion
to $1.4 billion. The decline in net capital
outflows reflected both a reduction in
U.S. Government lending and an increase in U.S. Government liabilities
arising from foreign prepayments on
military orders.
As a result of all these transactions,
net long-term capital outflows declined
$5.2 billion from $6.5 billion in 1971
to $1.3 billion in 1972. This favorable
shift offset the rise in the current
account deficit so that the deficit on
current account and long-term capital,
at $9.2 billion in 1972, was the same as
in 1971.
Table A2.—Summary of U.S. International Transactions, by Area
[Millions of dollars]
Line
Western Europe
Lines in table 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 (33,48)
._.
Long-term private capital flows, net (39-41, 44, 49-51, 63)
Balance on current account and long-term capital.
» Preliminary.
1
Ryukyu Islands included with Japan and excluded from "Other Areas" beginning in
1972. I n 1971 transactions with the Ryukyu Islands resulted in net payments of about $0.3
billion for current account and long-term capital transactions.
http://fraser.stlouisfed.org/
497-458 O - 73 - 4
Federal Reserve Bank of St. Louis
Japan i
Canada
Other i
1971
1972 *
1971
1972 v
1971
1972 v
825
-2,466
-592
-3,725
-3,208
-224
-4,101
-661
-1,693
1,363
-1,839
1,515
-1,641
-4,317
-3,432
-4,762
-330
-324
6,153
5,182
-340
-255
-45
-41
-120
-120
-1,023
-1,142
-1,981
-4,573
-3,478
-4,803
-450
-444
-28
62
-2,011
-4,511
-3,478
-4,802
-450
-444
234
-136
3,522
63
-862
32
268
-58
-391
-2,079
-1,125
-4,277
-4,502
-899
-302
1,410
4,743
1972
-284
5,466
5,130
4,040
-2,016
-2,271
3,115
1,769
16
-1,104
-2,081
-3,152
-1,279
-2,613
-1,532
-2,118
-2,123
2
NOTE.—Details may not add to totals because of rounding.
1971
SUEVEY OF CUEEENT BUSINESS
26
Financing the official reserve transactions deficit
The 1972 official reserve transactions
deficit of $10.3 billion was largely financed by a $9.7 billion increase in
liquid liabilities to foreign official agencies plus a $0.6 billion combined increase in other readily marketable
liabilities and in nonliquid liabilities
reported by the U.S. Government. U.S.
official reserve assets changed very
little during 1972 since dollar converti-
bility into these assets was suspended
in August 1971. A repurchase of gold
by the IMF from the United States—
which was offset by a reduction of U.S.
liabilities to the IMF—reduced the reported U.S. gold stock by $545 million.
Other U.S. reserve assets declined
slightly, as the 1972 SDE allocation of
$0.7 billion was offset by reductions in
convertible currency holdings and in
the U.S. gold tranche position in the
Fund.
Highlights and Perspectives
March 1973
inflow of capital from Western Europe
(which probably included funds originating in other parts of the world) was
slightly higher than the previous peak
reached in 1968.
The balance on current account and
long-term capital transactions with
Western Europe was in deficit by $1.1
billion in 1972, a considerable improvement from the $2.1 billion deficit in
1971. The balance has fluctuated rather
widely in recent years; for instance, it
shifted from a deficit of close to $0.7
billion in 1967 to a surplus of $1.9 billion
in 1968. However, the 1972 deficit was
larger than that for any other year in
the 1960-72 period with the exception
of 1971.
Japan 1
Developments in 1972 by
Major Area
$1.4 billion in 1972 to a $0.6 billion
deficit. Net payments on military transactions increased about $0.7 billion to
DEVELOPMENTS in the U.S. balance $1.8 billion. Net investment income
of payments with each major foreign deteriorated by about $0.4 billion to
area, other than Canada, were similar net payments of $0.1 billion, reflecting
to developments in the balance of pay- the large and rapidly rising stock of
ments with foreign areas as a whole. In short-term dollar assets held by official
general, the balance on current account European agencies and the growing
transactions deteriorated while the bal- European investments in U.S. corporate
ance on long-term capital transactions securities. The transactions in goods,
improved. (See chart 13 and tables A2, services, and unilateral transfers re9 and 10.) This indicates that the fac- sulted in a current account deficit of
tors underlying balance of payments $4.5 billion in 1972 as compared with
developments in 1972 were not special $2.0 billion in 1971. The $2.5 billion
conditions in specific foreign areas but adverse shift with Western Europe
were broad in scope and influenced represented about half of the total
transactions with all major areas to current account deterioration with all
varying degrees.
areas.
The deterioration in the current
Western Europe
account balance with Western Europe
Because of the close economic rela- was more than offset by a $3.3 billion
tionships among Western European improvement in the balance on private
countries, it is appropriate to review long-term capital transactions, and a
U.S. balance of payments transactions $0.2 billion decline in the net outflow of
with the area as a whole rather than funds through Government capital
with individual countries or groups of transactions. The favorable changes in
countries. This applies particularly to private long-term capital flows resulted
capital transactions, for which the from a $1.4 billion decline in the net
United Kingdom and Switzerland act outflow of U.S. capital and a $1.9
as intermediaries between the United billion increase in the net inflow of
States and other countries, so that European capital. The $0.8 billion net
nominal attribution of transactions to outflow of U.S. private capital to
these two countries does not necessarily Western Europe in 1972 was not only
indicate that they are the ultimate substantially less than the outflows of
$2.3 billion in both 1971 and 1970, but
sources or users of the funds.
The balance on merchandise trade also less than in any year during the
with Western Europe deteriorated by decade 1960-69. The $4.3 billion net
Transactions with Japan followed a
pattern similar to that with Europe—a
deterioration in the balance on current
account transactions and an improvement in the balance on private longterm capital movements. The deficit on
current account and long-term capital
transactions, at $4.5 billion in 1972, was
roughly the same as in 1971.
Transactions with Japan in goods,
services, and unilateral transfers resulted in a current account deficit of
about $4.8 billion in 1972, about $1.1
billion larger than in 1971. This deterioration was considerably less than the
$2.5 billion worsening in the deficit in
corresponding transactions with Western Europe (from $2.0 billion in 1971 to
$4.5 billion in 1972). About $0.9 billion
of the $1.1 billion increase in the current
account deficit with Japan was accounted for by merchandise trade transactions; the remainder was due to an
increase in interest payments on dollar
assets held by official Japanese agencies.
Long-term capital transactions with
Japan shifted from a net outflow of
about $1.0 billion in 1971 to a net inflow
of $0.3 billion in 1972. By far the major
factor in that shift was the change in the
movement of Japanese capital, from a
net outflow of nearly $0.4 billion in 1971
to a net inflow of about $0.6 billion in
1. Beginning with 1972, transactions with Japan also
include those with the Ryukyu Islands. In 1971 transactions
with the latter resulted in net payments of about $0.3 billion
for current account and long-term capital transactions.
Comparisons take account of this change in coverage.
1972. The large role played by foreign
capital in the improvement in long-term
capital transactions also paralleled the
developments in U.S. transactions with
Western Europe.
The deficit of $4.5 billion on current
account and long-term capital transactions with Japan in 1972 was about
the same as in 1971. This was substantially higher than the $1.1 billion deficit
with Western Europe, since net capital
inflows from Japan were much smaller
than those from (and through) Western
Europe and thus were less of an offset
to the current account deficit. Thus,
almost half of the total U.S. deficit on
current account and long-term capital
transactions was with Japan.
Other countries excluding Canada
Paralleling the changes in the transactions with Western Europe and Japan
the balance on current account with
other countries (excluding Canada)
worsened by about $1.5 billion, from a
surplus of $3.3 billion in 1971 to a
$1.8 billion surplus in 1972. A $1.7
billion decline in the merchandise trade
balance and a $0.3 billionrisein Government grants were partly offset by an
improvement in services transactions,
particularly through a rise in income
receipts on U.S. direct investment and a
decline in U.S. military expenditures.
The net outflow of Government and
private long-term capital improved
about $1.3 billion, from $5.2 billion in
1971 to $3.9 billion in 1972. More than
half of the shift—about $0.7 billion—
was in capital transactions with international organizations and with shipping subsidiaries of U.S. corporations.
Net capital outflows to the developing
countries of Asia, Africa, and Latin
America declined by about $0.4 billion,
and those to Australia, New Zealand,
and South Africa by a total of about
$0.1 billion. The only exception to these
CHART 13
Selected Balances by Area
Billion $
WESTERN EUROPE
2
-
Merchant« Trade.*
/
\
v/
V
/
.2
-
.4
-
2
\
Current Account and
Long-Term Capital
I
27
SUEVEY OF CURRENT BUSINESS
March 1973
I
X
\
I
-
declines was a rise of $0.1 billion in
capital outflows to Eastern Europe,
consisting mainly of Government credits to finance the large U.S. exports of
agricultural goods to the Soviet Union.
Since the $1.3 billion decline in longterm capital outflows to the countries
ill this group nearly offset the $1.5
billion decline in the current account
balance, the deficit on current and longterm capital transactions increased by
only $0.3 billion to $2.1 billion.
Canada
The pattern of transactions with
Canada differed in a number of ways
from that with other countries. The
merchandise trade deficit showed a
small deterioration, to $1.8 billion in
1972 from $1.7 billion in 1971, but that
shift was offset by an improvement in
services transactions—mainly higher
net investment income receipts and
lower net travel payments. Thus, the
balance on current account showed a
deficit of $0.4 billion in both 1971 and
1972.
However, in contrast to the pattern of
transactions with other countries, net
long-term capital outflows rose from
about $0.4 billion in 1971 to $1.1 billion
in 1972. Most of that increase was in
U.S. purchases of Canadian securities
and in long-term bank loans. As a
result, the balance on current account
and long-term capital transactions with
Canada deteriorated by about $0.6
billion from 1971 to 1972, to a deficit of
about $1.5 billion. The pattern of
transactions with Canada differed from
that with other countries in 1971 as
well, when the current account and
long-term capital balance with Canada
improved considerably, while the balances with the other areas deteriorated
sharply.
Merchandise Trade
.2
-
Avg.
1963-67
69
70
71
72
•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
Avg.
1963-67
70
71
72
The merchandise trade deficit increased $0.2 billion from the third to the
fourth quarter of 1972, but the deficit
for the second half of the year, at a
seasonally adjusted annual rate of $6.4
billion, was lower than the $7.2 billion
rate in the first half. (The trade data are
on a balance of payments basis, excluding "military," which omits exports
SUEVEY OF CUEEENT BUSINESS
28
and imports of the defense agencies and
reflects various other adjustments to the
trade figures reported by the Census
Bureau.)
For the full year 1972, the trade
balance deteriorated by $4.1 billion, to
a deficit of $6.8 billion. This followed a
deterioration of $4.8 billion in 1971.
(The 1971 deficit of $2.7 billion was the
first, on a balance of payments basis,
since 1935.)
Both imports and exports scored exceptionally strong gains from 1971 to
1972, but the rise in imports was considerably greater. Imports increased
22 percent, or $10.2 billion, to a total of
$55.7 billion; exports increased 14 percent, or nearly $6.1 billion, to $48.8
March 1973
billion. From 1970 to 1971, in comparison, imports had registered a gain of 14
percent while exports had edged up
only 2 percent. The stronger expansion
of trade in 1972 was partly caused by
the surge of export and import shipments following the end of the U.S.
dock strikes that had depressed trade in
1971.
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)
1971'
Change:
1971-72
1972 v
1971 '
II
1972
III
IV
II'
Change:
1972
III-1V
III'
IV P
EXPORTS
1
Total, adjusted to balance of payments basis, including "military" (6)__
43,965
49,680
5,715
11,170
11,160
11,801
9,834
11,875
11,779
12,574
13,452
878
Less: Exports under U.S. military sales contracts identified in Census
documents (7)
1,178
840
-338
298
355
274
251
216
218
194
212
18
Equals: Total, adjusted to balance of payments basis, excluding "military" (8).
42,787
48,840
6,053
10,872
10,805
11,527
9,583
11,659
11,561
12,380
13,240
860
7,806
34,981
9,490
39,350
1,684
4,369
2,067
8,805
1,957
8,848
2,128
9,399
1,654
7,929
2,216
9,443
2,188
9,373
2,398
9,982
2,688
10,552
290
570
6,074
5,932
7,474
7,309
1,400
1,377
1,583
1,555
1,507
1,470
1,623
1,592
1,351
1,310
1,631
1,598
1,803
1,765
1,928
1,886
2,112
2,069
184
183
Industrial supplies and materials (23) adjusted *
Agricultural
Nonagricultural
12, 724
1,786
10,938
14, 012
2,084
11,928
1,288
298
990
3,306
486
2,820
3,297
464
2,833
3,562
510
3,052
2,573
330
2,243
3,514
604
2,910
3,214
402
2,812
3,481
481
3,000
3,802
577
3,225
321
96
225
Capital goods, except automotive (34)
Machinery, except consumer-type (35)
Civilian aircraft, complete—all types (44a)
15,119
11,592
1,918
16,670
13,135
1,707
1,551
1,543
-211
3,818
2,964
474
3,770
2,870
496
3,932
3,035
452
3,599
2,720
492
4,061
3,199
435
4,013
3,179
401
4,187
3,295
407
4,441
3,481
464
254
186
57
Automotive vehicles,
parts, and engines (46)
To Canada (47)2
To all other areas (48)
4,396
3,210
1,186
5,125
3,906
1,219
729
696
33
1,094
778
316
1,107
812
295
1,183
840
343
1,027
789
238
1,194
891
303
1,207
928
279
1,336
1,041
295
1,409
1,070
339
73
29
44
Consumer goods (nonfood), except automotive (52)
All other, including balance of payments adjustments not included above
2,847
1,627
3,491
2,068
644
441
677
389
699
425
823
404
647
386
830
429
835
489
891
557
940
536
-21
1,026
Agricultural goods
Nonagricultural
Foods, feeds, and beverages (19) adjusted *
Foods, feeds, and beverages—agricultural, adjusted *
IMPORTS
Total, adjusted to balance of payments basis, including "military"! (13).. 45,638
55,824
10,186
10,792
11,744
11,955
11,147
13,522
13,374
13,951
14,977
185
168
-17
65
49
41
30
32
36
46
54
45,453
55,656
10,203
10,727
11,695
11,914
11,117
13,490
13,338
13,905
14,923
1,684
4,545
1,878
4,609
1,260
4,251
1,818
4,982
1,719
5,014
1,823
5,316
1,897
5,695
74
379
1,055
1,070
1,006
64
999
959
40
1,331
1,243
1,338
1,228
110
1,384
1,286
98
1,525
1,385
140
141
99
42
Less: Imports of U.S. military agencies identified in Census documents
Equals: Total, adjusted to balance of payments basis, excluding "military" (15)
Foods, feeds, and beverages (61)
Industrial supplies and materials (66) adjusted*
1,018
6,366
17,483
7,257
21,011
891
3,528
Capital goods, except automotive (80)
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89)
4,127
3,900
228
5,572
5,135
436
1,445
1,235
Automotive vehicles, parts, and engines (90) adjusted*..
From Canada (adjusted to transactions value) (92)*
From all other areas (93)
7,360
3,975
3,385
8,674
4,608
4,066
1,314
633
681
1,702
949
753
1,792
965
827
1,961
1,042
919
1,932
1,034
2,084
1,108
976
2,147
1,157
990
2,115
1,109
1,006
2,328
1,226
1,102
213
117
96
Consumer goods (nonfood), except automotive (97)
All other, including balance of payments adjustments not included above
8,561
1,556
11,355
1,787
2,794
231
2,054
2,217
402
2,007
389
2,274
401
2,804
471
2,704
416
2,879
388
2,966
512
87
124
1,546
4,033
938
58
BALANCE (EXPORT SURPLUS + )
32
33
Balance on merchandise trade adjusted to balance of payments basis
including "military" (16)
-1,673
-6,144
-4,471
378
-584
-154
-1,313 - 1 , 6 4 7
-1,595
-1,377 - 1 , 5 2 5
-148
Balance on merchandise trade, adjusted to balance of payments basis
excluding "military" (17)
-2,666
-6,816
-4,150
145
-890
-387
-1,534 - 1 , 8 3 1
-1,777
-1,525 - 1 , 6 8 3
-158
r
Revised. f * Preliminary.
""Adjusted" items reflect balance of payments corrections to Census trade figures for
coverage, valuation, and timing. For example: line 6 is adjusted for changes in stocks of U.S.
grain stored in Canada; lines 8 and 23 include exports and imports of nonmonetary gold, and
petroleum trade of the Virgin Islands with foreign countries; lines 27 and 28 reflect adjustments
for the overvaluation in Census import data of autos and trucks from Canada.
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.
2. The statistical identification of automotive products imports from Canada (line 28),
which are definitively classified for duty-free status under the U.S.-Canada Automotive
Products Trade Act, is more complete and comprehensive than the identification of automotive products exports to Canada (or of automotive export and import trade with all other
areas). The less comprehensive identification of U.S. trade statistics on automotive exports to
Canada results in an undercounting of such exports (line 15) which—estimated from examination of Canada's import statistics—amounted to over $450 million annually in both 1971
and 1972.
NOTE.—Seasonally adjusted quarterly details may not add to unadjusted annual totals.
SURVEY OF CURRENT BUSINESS
March 1973
The faster rise of imports than of
exports in 1972 reflected several developments. The rapid economic expansion in the United States exceeded
that in most of our major export
markets. Imports were also stimulated
early in the year by the removal of the
import surcharge imposed from August
through December 1971. In addition,
import prices rose much faster than
export prices, reflecting both inflation
in many foreign countries and the initial
perverse effects of the dollar devaluation resulting from the exchange rate
realignments in December 1971. The
devaluation induced a prompt increase in dollar import prices without
an immediate reduction in volume.
29
Import prices (as measured by unit
value indexes) rose 7.5 percent in 1972,
compared with 5.2 percent in 1971.
Export prices increased less than half
as fast, by 3.5 percent, compared with
3.2 percent in 1971.
Agricultural exports rose $1.7 billion,
or 22 percent, from 1971 to 1972, with
average export prices of U.S. farm
Table B2.—U.S. Merchandise Exports and Imports, by Major World Areas 1—Balance of Payments Basis, "Excluding Military"
[Millions of dollars]
Seasonally adjusted
Line
1971'
1972 *
Change
1971-72
I
II
Change
1972
III-IV
1972
1971'
III
I'-
IV
ll'
III'
IV v
EXPORTS
Total, all countries
42,787
48,840
6,053
11,527
9,583
12,380
13,240
860
Developed countries, total.
29,817
34,118
4,301
7,584
7,470
7,874
6,891
8,149
8,103
8,647
9,217
570
Western Europe
United Kingdom
Other Western Europe
13, 579 14,965
2,358 2,653
11,221 12,312
1,386
295
1,091
3,614
674
2,940
3,422
564
2,858
3,719
602
3,117
2,843
519
2,324
3,688
680
3, 008
3,491
597
2,894
3,707
663
3,044
4,070
713
3,357
Canada
Japan
Australia, New Zealand, and South Africa.
10,475
4,069
1,694
12,629
4,978
1,546
2,154
909
148
2,471
1,072
427
2,610
1,032
406
2,715
985
455
2,674
973
401
2,884
1,182
395
3,092
1,164
356
3,323
1,235
382
3,350
1,384
363
50
313
27
149
31
Developing countries, total
10,872 10,805
11,659 11,561
201
12,562
13,805
1,243
3,187
3,237
3,553
2,586
3,369
3,317
3,457
3,658
Latin American Republics and other Western Hemisphere.
6,433
7,238
805
1,638
1,624
1,850
1,326
1,746
1,730
1,858
1,900
42
Other countries in Asia and Africa
6,129
6,567
438
1,549
1,613
1,703
1,260
1,623
1,587
1,599
1,758
159
408
917
509
101
98
100
106
141
141
276
365
Communist areas in Europe and Asia. _
IMPORTS
Total, all countries
45,453
55,656
10,203
10,727
11,695
11,914
11,117
13,490
13,338
13,905
14,923
1,018
Developed countries, total.
33,338
40,510
7,172
7,939
8,579
8,652
8,183
9,841
9,835
10,030
10,800
770
Western Europe
.
United Kingdom
Other Western Europe
12,754
2,470
10,284
15, 557
2,944
12,613
2,803
474
2,329
3,104
590
2,514
3,372
658
2,714
3,582
716
2,866
2,703
510
2,193
3,932
765
3,167
3,736
721
3,015
3,800
658
3,142
4,101
798
3,303
301
140
161
Canada
Japan
Australia, New Zealand, and South Africa."
12,168
7,277
1,139
14,468
9,079
1,406
2,300
1,802
267
2, 870
1,712
253
3,028
1,879
300
3,192
1,578
300
3,087
2,114
279
3,417
2,190
302
3,589
2,169
341
3,537
2,323
370
3,917
2,395
387
380
72
17
234
Developing countries, total
11,885
14,748
2,863
2,733
3,053
3,196
2,888
3,575
3,422
3,760
3,994
Latin American Republics and other Western Hemisphere.
6,115
7,068
953
1,493
1,595
1,665
1,362
1,792
1,648
1,783
1,851
Other countries in Asia and Africa
5,770
7,680
1,910
1,240
1,458
1,531
1,526
1,783
1,774
1,977
2,143
166
Communist areas in Europe and Asia
230
398
168
55
63
66
46
74
81
115
129
14
-890
-387 -1,534 -1,831 -1,777 -1,525 -1,683
-158
-355 -1,109
-778 -1,292 -1,692 -1,732 -1,383 -1,583
-200
-31
-85
54
62
-90
152
-214
-567
-533
-497
-413
-477
-593 -1,141 -1,008 -1,005 - 1 , 088 -1,011
12
26
15
122
155
93
-353
77
14
BALANCE (EXPORT SURPLUS +)
25
Total, all countries
-2,666 -6,816
-4,150
Developed countries, total..
-3,521 -6,392
-2,871
-592
825
-291
-112
-301
937
-1, 693 -1,839
-3,208 -4,101
-1,417
-179
-1,238
510
84
426
50
-94
144
140
-146
-893
-415
-399
-640
174
-418
-847
106
-943
-1,620
454
184
357
-302
-206
-105
-303
-336
170
-148
145
29
185
-36
-46
82
75
49
-1,113
-1,472
309
155
172
-266
-160
-187
-378
-385
-7
519
341
46
35
34
60
67
60
161
236
75
Western Europe
United Kingdom
Other Western Europe
Canada
Japan
Australia. New Zealand, and South Africa..
Developing countries, total
_
Latin American Republics and other Western Hemisphere.
Other countries in Asia and Africa
Communist areas in Europe and Asia
555
677
318
359
145
137
-114
251
140
9
131
-244
-85
-159
-245
-124
-121
-93
5
-98
-33
178
' Revised.
* Preliminary.
1. Annual data shown in this table match corresponding country and area data in table 9,
lines 2 and 16; seasonally adjusted quarterly data shown in this table are computed from
corresponding unadjusted quarterly data represented in table 9, lines 2 and 16.
SUKVEY OF CUKRENT BUSINESS
30
products up about 7 percent. Sales to
the Soviet Union rose $0.4 billion,
mainly corn and wheat, and $0.1
billion of grains was delivered to mainland China in the closing months of the
year. But the bulk of the increase in
agricultural shipments last year was to
our more traditional export markets,
as higher consumption rates and poor
harvests in many foreign countries
spurred demand for U.S. farm products
and brought increases in both volume
and price.
Exports of nonagricultural goods rose
$4.4 billion, or 12.5 percent, in 1972.
(See table Bl and table 4.) Capital
goods contributed the largest dollar
amount, increasing by nearly $1.6 billion, or 10 percent, despite a $0.2 billion
decline in civilian aircraft deliveries.
Shipments of nonagricultural industrial
supplies and materials rose 9 percent,
or $1.0 billion. Exports of automotive
vehicles and parts (mainly to Canada)
and of other nonfood consumer goods
rose 17 percent and 23 percent, respectively, and accounted for most of the
remaining dollar gain in nonagricultural
exports. The $0.6 billion (23 percent)
increase in nonfood consumer goods was
the largest dollar gain ever; this cate-
gory had risen 5 percent in 1971, and an
average of 8 percent per year in the
preceding 4 years.
Leading the $10.2 billion increase in
total imports in 1972 was a $3.5 billion,
or 20 percent, increase in industrial
supplies and materials. Within this category, petroleum imports increased $1.0
billion, or 28 percent, as compared with
$0.7 billion (24 percent) in 1971. The
price (unit value) of oil imports increased 5 percent in 1972 following an
increase of nearly 10 percent in 1971.
Metal imports (mainly nonferrous)
increased $0.9 billion last year, while
growing U.S. demand for building materials (other than metals) added $0.6
billion to imports. Imports of nonfood
consumer goods, excluding autos, rose
$2.8 billion in 1972 compared with a
$1.0 billion rise in 1971. Automotive
imports increased $1.3 billion in 1972;
this was about $0.5 billion less than the
gain in 1971. Passenger car imports
March 1973
from overseas declined 8 percent in
number despite the fact that 1971
arrivals had been curbed by U.S. dock
strikes. However, in value these imports
rose 14 percent, as the average price
per car increased 23 percent, reflecting
a considerable shift toward larger, more
expensive models, as well as higher
prices resulting from the appreciation of
foreign currencies against the dollar.
Imports of foodstuffs and capital equipment accounted for the remaining
import growth in 1972, with both categories recording gains more than four
times as large as in 1971.
U.S. Corporate Capital
IN 1972, net outflows of U.S. corporate
capital were $1.5 billion, down $2.9 billion from 1971. (See table C.) The
improvement mainly resulted from a
$1.4 billion decline in direct investment
{Continued on page 52)
NOTE.—The merchandise trade data in the balance of
payments tables have been revised for 1971 and 1972 mainly
because of changes in seasonal adjustment.
Table C—-Net Change in U.S. Corporate Foreign Assets and Liabilities x
(Millions of dollars, seasonally adjusted)
Line
1971
1972 v
Change:
1971-72
II
Direct investment (39)
Corporate foreign borrowing, total
New issues of securities sold abroad by U.S. corporations
Other long-term liabilities (51)
Short-term liabilities 3 (52f).
Direct investment net of corporate foreign borrowing
Other corporate claims, total
10
Long-term (44)
Short-term, nonliquid 3 (45f)
Short-term, liquid (46)
4
2
(50f)
1,426
-1,290
-1,410
-788
-1,266
2,641
1,994
562
85
1,152
821
259
72
99
317
206
-424
347
263
72
12
350
225
-117
242
693
368
142
183
305
296
-73
82
2,578 - 1 , 1 9 1
-930
-1,060
-95
356
-110
367
100
-309
-33
-98
-178
-107
-11
-159
63
-320
-31
-126
-163
-400
-34
-138
-228
2,934 -1,500
-1,037
-1,380
225
-4,412
-1,478
1,178
-331
-225
-205
-412
1,994
-259
-896
-268
-571
*> Preliminary.
'Revised.
t Portion of line.
1. Excludes claims and liabilities of U.S. banking and brokerage institutions.
2. Includes proceeds from new issues of stocks as well as bonds sold abroad by U.S. corporations. 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.
3. Excludes brokerage transactions.
4. Corporate foreign borrowing and changes in "other corporate claims" may include
II
-3,339
-780
-219
-154
-406
Addendum.
Uses of funds obtained through new issues of securities sold abroad by U.S.
corporations 2_
Additions to, and refinancing of direct investment (S#t)
Short-term claims reported by U.S. residents other than banks U 6 t ) - - Reduction in corporate liabilities to foreigners (51f, 52\)
Transfer of funds to U.S. residents ( 5 4 t ) 5 - - ---
IV
1,489
1,173
303
13
-1,136
-109
-. - 5 2 1
-506
Total net corporate capital flow
III
-4,765
-3,276
_
Change:
1972
III-IV
1972
1971
Credits (+); debits (—) (lines in table 2 or 3 in which transactions are
included are indicated in ( ) )
821
72
-671
-63
-159
817
-90
-109
-100
-18
-1,277
-124
-n
-35
-70
-44
-29
-38
-114
IV
- 1 0 0 s-1,116 « - 8 5 7
259
593
372
241
-20
704
560
156
-12
111
188
-85
939
-523
-153
370
-123
-71
63
-115
-268
-30
-94
-144
-221
-41
-173
-7
47
-11
-79
137
816
-791
-374
417
766
-16
-384
-146
-220
372
-54
-192
-60
560
-120
-172
-62
188
1,039
766
238
35
-961
-168
-78
50
-140
-495
-1,129
868
-73
-53
-32
-210
-148
-79
III'
-140
funds to finance trade or other activities not entirely related to direct investment. The
amounts cannot be disaggregated.
5. A (—) reflects a decline in foreign deposits and money market paper held in the United
States.
6. Includes a $12 million inflow in the third quarter of 1972 and a $75 million inflow in the
fourth quarter of 1972 which are offset by corresponding outflows in the U.S. Government
capital account in the third quarter and in long-term bank-reported claims in the fourth
quarter.
NOTE.—Details may not add to totals because of rounding.
SURVEY OF CURRENT BUSINESS
March 1973
31
Table 1.—U.S. Balance of Payments Summary
[Millions of dollars, seasonally adjusted]
Line
Reference
lines
(table 2)
(Credits+; debits-)
1971
1972 v
1971
Change:
1971-72
II
Merchandise trade balance *
Exports
Imports...
3,17....
4, 5,6,
18,19,
20.
Investment income, net 2
U.S. direct investments abroad
Other U.S. investments abroad
Foreign investments in the United States...
10,11....
12,13....
24,25,
26,27.
Other services, net.
7,8,9, 21,
22,23.
3
Remittances, pensions and other transfers
Balance on goods, services and remittances _
31,32....
_
U.S. Government grants (excluding military)
Balance on current account4
30.
_.
U.S. Government capital flows excluding nonscheduled repayments, net«
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies
_
_
_
Long-term private capital flows, n e t . . .
U.S. direct investments abroad
._
Foreign direct investments in the United States
Foreign securities
U.S. securities other than Treasury issues
Other, reported by U.S. banks
Other, reported by U.S. nonbanking concerns
Balance on current account and long-term capital 5
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
-647
-151
7,995
7,901
9,455 10,293
3,443
3,499
-4, 903 -5,891
-94
1,' ..
838
2,060
56
877
-988 -1,139
748
819
71
750 -4,219
-665
-625
IV
II
180
158
-4,969
992
- 1 , 529 - 1 , 557
-28
-355
- 7 7 9 -5,776
-4,997
637
-2,045 -2,208
-163
-436
201
34, 35, 36. -2,117 - 1 , 708
225
127
37
409
-609
4
48.
49
40
50
41,53...
44,51....
42
45
52
Net liquidity balance
Liquid private capital flows, net
Liquid claims
Reported by U.S. banks
Reported by U.S. nonbanking concerns
Liquid liabilities
To foreign commercial banks
To international and regional organizations
To other foreigners
Official reserve transactions balance
Financed by changes in:
Liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies •.
Nonliquid liabilities to foreign official reserve agencies reported
by U.S. Government
57.
U.S. official reserve assets, net
Memoranda:
Transfers under military grant programs (excluded from lines 1 4 , 2 8 . . .
2, 4? and 14).
Reinvested earnings of foreign incorporated affiliates of U.S.
firms (excluded from lines 7 and 20).
Reinvested earnings of U.S. incorporated affiliates of foreign
firms (excluded from lines 9 and 21).
Gross liquidity balance, excluding allocations of SDR
54,55,
56, 57,
58,63.
-486
214
- 4 , 079
107
- 4 , 765 -3,339
-67
322
-909
-619
2,282
4,502
-814 -1,102
194
343
717
710
-11,054 -3,806
-22,002 -13,974
-7,763
3,677
- 1 , 072
-566
-733
-506
-406
-6,691
4,816
-6,908
3,905
682
102
-465
809
-29,765 -10,297
27,615
-539
-211
-477
752
277
312
163
-7
7,248
8,028
182
III"
IV P
1,879
2,324
942
- 1 , 387
-681
102
-1,423 -2,877
-534
-315
-139
-91
-133
-145
-262
-79
180
179
-800
- 2 , 708
-2,577
-5,721
-745
- 2 , 848
95
-272
32
-94
63
-178
-840
- 2 , 576
-892
-2,928
198
280
-146
72
4,952
-201
5,975
-160
-958
-645
-850
-613
-158
860
-1,018
-850
-47
1,921
2,313
1,788
2,570
2,383
3,016
822
854
882
-1,417 - 1 ,
-1,585
200
192
203
224
-577 -1,303
446
28
-82
21
-1,400
-864
-656
208
-402
-404
-389
-383
-368
-416
-48
-226
-981 -1,692
-1,783
1,232 -1,072
160
-601
-535
176
-544
-442
72
-188
-1,883
-1,410
-374
-249
-588
-148
-385
48
156
161
179
179
-5,465 - 2 , 082
10,919
-173
189
-152
-8
-8
2,348
32
-2,316
682
659
1,194
3,153
4,284
1,131
735
778
701
3,116
n.a.
n.a.
n.a.
n.a.
n.a.
498
n.a.
n.a.
n.a.
na..
n.a.
-330
-101
-196
330 -1,081
-788 -1,266
-360
181
-393
73
1,067
921
22
-165
-151
108
-3,211 -1,772
-883
-654
-892
-685
-147
-130
341
7,
-667
172
-4,329
- 2 , 551
- 5 5 5 - 1 , 619
-392
-340
-163
-112
-228
-V
- 1 , 279
- 1 , 775 - 1 , 313
149
55
-370
-21
19,468 -5,425 -6,466 -11,931 -5,948
11,440
-67
-167
100
11,507
10,813
-580
1,274
9,676 -17,939
400
939
23,791 -15,823
-807
-703
-770 -1,569 -2,293
-5
-97
700
-922 -1,605
4,186
1,426 -1,290 -1,277
124
1
389
-361
-372
290
196
559
2,220
-214
-127
-288
173
61
149
-9,281 -9,243
-2,386
-1,807 - 1 , ' 530
-555
-243
-24
139
-724
-606
1,711
2,295
2,191
2,163
2,464
2,770
852
833
881
-1,106 -1,304 -1,356
212
-5,159
Errors and omissions, net
46
-2,894 -3,541
-2,432 -2,583
-2,824 -7,983
Allocations of special drawing rights (SDR) 4
42
III
-2,666 -6,816 -4,150
145
-387 -1,534 -1,831 -1,777 -1,525 - I , 1
42, 787 48,840
6,053 10,872 10,805 11,527
9,583 11,659 11, 561 12,380 13,240
-45,453 -55,656 -10,203 -10, 727 -11,695 -11,914 -11,117 -13,490 -13,338 -13,905 - 1 4 ,
Military transactions, net
Travel and transportation, net.
Balance on goods and services
Change:
1972
III-IV
1972
-2,318
-269
17
157
750
-100
350
-354
956
-269
167
-534
4
1,770 -1,606
164
-601
16
-92
9
-22
690
-85'
-202
944
259
-142
-295
1,257
-39
-96
-538
-509
7
180
-254
-1,116
237
211
611
-408
211
9<
-84
1,861
-44'
115
-1,663 -2,346 -1,523
592
- 5 0 7 -1,211
467
-370 -1,040
103
-238
-91
22
-46
178
17'
178
177
- 1 , 608
942 -1,314
-1,825
-4,165
-3,105 -2,207
-4,501
2,583
-119
If
-173
-50
-673
197
-43
-613
-533
312
-469
-140
-115
-144
2,633
554
1,189
440
2,133
476
980
316
180
25
-72
320
3
1
53
281
155
-3,224
-821 -4,674 -1,582
-3,717
-508
-587
-17
5,774
-5
2,294
221
366
280
-187
429
1,027
27
-2
-231
4,617
34
1,742
118
78
-167
-55
-111
1,323
959
823
-704
-670
-147
113
217
336
2,756
563
426
137
2,193
1,817
211
165
3,092
-2,875
84
-245
-56
1,205
797
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-3,029 -5,805 -10,114 -4,848
-3,956
-2,188
-5,291 -4,392
-1,457
-1,853
-2,435
-2,265
-3,043
-741
333
-2,292
-80
-2,671
-579
-3,169
414
-3,781
-5,313 -3,249
- 5 , 585 -1,465
NOT SEASONALLY ADJUSTED
Balance on goods and services
Balance on goods, services and remittances
Balance on current account
Balance on current account and long-term capital 5_.
Net liquidity bal;iance.
Official reserve transactions
tr
balance..
r
* Preliminary.
Revised.
*Less than $500,000 (±).
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
investments in the United States.
3. Equal to net exports of goods and services in national income and product accounts of the
United States.
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income and
product accounts of the United States.
261 -1,325
300
1,513
-100
-121 -1,738
1,178
-653
713
-645 -2,241
97
-1,258 -3,456 -4,667
-1,858 -6,612 -10,066 -3,466
-4,718 -6,462 -12,703 -5,882
-1,171
-1,801
-3,615
-2,369
-2,506
2,625
2,591
2,590
4,195
2,064
4,120
5. Includes some short-term U.S. Government assets.
6. Includes changes in nonliquid liabilities reported b y U.S. banks and in investments b y
foreign official agencies in debt securities of U.S. Government corporations and agencies,
private corporations, and State and local governments.
NOTE.—Details m a y not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
32
March 1973
Table 2.—U.S. International Transactions
[Millions of dollars]
(Credits +; debits - )
Line
1971
1
1971
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel.,.
Passenger fares
O ther transportation
Fees and royalties from unamliated foreigners
Other private services
U.S. Government miscellaneous services
Keceipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private assets
U.S. Government assets
Imports of goods and services
U.S. Government capital flows, net
Loans and other long-term assets
Foreign currencies and other short-term assets, net.
Repayments on credits:
Scheduled
Nonscheduled «
40
17,235
16,323
16,375
17,477
17,867
17,547
20,655
11,180
600
636
157
844
155
338
106
10,738
429
747
190
848
155
339
104
9,956
419
553
144
669
155
11,782
311
576
135
860
168
382
91
11,937
327
707
180
940
168
383
105
11,508
228
813
216
972
168
383
108
13,613
299
612
163
959
168
383
109
2,169
7,286
2,556
2,345
7,948
2,693
478
1,554
643
560
1,815
617
504
1,471
632
627
2,448
664
178
227
168
314
513
1,781
679
200
1,719
633
200
571
1,773
682
125
693
2,675
699
282
735
778
701
939
3,153
4,284
-77,765
1,205
797
1,323
959
-18,280
-19,324
-19,839
-20,322
-13,360
-1,218
-797
-283
-810
-35
-210
-175
-13,685
-1,239
-1,284
-487
-807
-35
-216
-176
- 1 3 , 587
-1,101
-1,812
-486
-889
-34
-214
-248
-15,024
-1,149
-847
-299
-917
-34
-211
-209
-14,703
-10,434
-1,175
-693
-205
-682
-32
-182
-154
-16,974
-55,656
-4,707
-4,740
-1,555
-3,422
-138
-850
-11,948
-1,214
-1,138
-419
-788
-32
-189
-162
-11,810
-1,198
-1,690
-385
-836
-32
-187
-235
-11,261
-1,230
-773
-255
-733
-32
-185
-210
-604
- 2 , 515
-2,684
-24
-177
-625
-320
-22
-137
-537
-390
-24
-160
-580
-512
-25
-147
-603
-622
-23
-174
-582
-614
-17
-155
-594
-631
-23
-119
-641
-687
-25
-156
-699
-752
-4,284
-735
-778
-701
-939
-1,205
-797
-1,323
-959
-3,574
-2,045
-541
-988
-3,764
-800
-906
-916
-953
-998
-978
-877
-912
-2,208
-572
-985
-465
-124
-211
-524
-142
-240
-503
-138
-275
-553
-137
-263
-630
-142
-226
-582
-142
-254
-497
-121
-258
-499
-166
-247
-1,892
-1,581
-667
-659
-318
-248
-305
-331
-450
-496
-4,178
182
-3,815
163
-1,259
80
-1,296
79
-730
6
-894
17
-909
106
-949
15
-805
1,153
35
1,879
225
1,944
127
508
4
456
102
335
72
581
48
411
88
17
340
7
606
16
-17,648
-16,075
U.S. private capital flows, net. .
-9,781
-8,339
-2,210
-2,746
-2,876
-1,949
-3,220
-810
-1,715
Direct investments abroad <_
Foreign securities
-4,765
-909
-3,339
-619
-1,560
-361
-1,687
-372
-1,330
-249
-188
73
-1,561
-393
-410
-354
-1,066
211
-302
-84
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
-565
-1,807
-566
-1,250
-1,530
-733
25
111
-2
-153
-377
22
-237
-481
-341
-200
-1,060
-245
-178
-331
-439
-352
175
300
-335
48
-414
-385
-1,422
-180
-109
-555
-506
-219
-243
-406
-67
-324
-11
-160
-31
-64
-143
-34
-264
-31
-78
49
-290
-71
89
-187
-30
-7
-123
-41
-374
194
22,485
20,967
2,403
5,753
9,072
5,258
3,998
4,693
6,740
5,536
214
-70
-97
-204
-115
-87
101
144
56
-374
606
-218
156
-71
-2,153
11,506
-173
181
921
325
161
35
-2,140
-360
1,067
-119
96
200
592
237
611
139
-46
-73
265
95
1,868
344
67
-62
1,770
5,545
-5
2,108
221
350
956
198
22
83
2,189
771
27
5,351
34
1,446
118
-3
350
280
-103
544
-710
64
-1
-4
78
-165
-53
122
3
66
7
-245
185
134
-15
82
-16
-1,064
-1,529
-1,934
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid.
---
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than foreign official reserve agencies
Other foreign private capital:
Direct investments in the United States4
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns.
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks
U.S. liquid liabilities to private foreigners
U. S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies6
Nonliquid liabilities to foreign official reserve agencies reported by U.S.
Government
Transactions in U.S. official reserve assets, net..
Gold
SDR
C onvertible currencies
Gold tranche position in IMF.
Allocations of special drawing rights ( S D R ) . . . .
64
IV
10,913
175
521
124
732
155
337
107
-3,153
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
III'
16,216
-1,844
Unilateral transfers (excluding military grants), n e t - .
II
48,840
1,166
2,708
694
3,732
670
1,532
413
-94
-621
-2,344
U.S. military grants of goods and services, net
IV
73,546
-45,453
-4,816
-4,294
-1,264
-3,039
-126
-743
-761
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings4
Other private liabilities
U.S. Government liabilities
III
42,787
1,922
2,457
615
3,093
621
1,353
404
-65,400
Merchandise, adjusted, excluding military3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unamliated foreigners.
Private payments for other services
U.S. Government payments for miscellaneous services
II
66,150
887
Transfers of goods and services under U.S. military grant programs, net_.
1972
1972
* Preliminary.
322
4,502
562
139
148
4,816
124
559
164
-262
-152
-2,534
1
196
32
-79
-61
136
27,615
-539
9,676
400
4,776
-201
5,788
-160
341
189
-2
-4
2,348
32
145
866
-249
381
1,350
547
-703
35
153
109
-592
373
255
838
456
196
-66
252
1,373
300
150
72
851
1
-3
2
-8
-2,542
-5,011
-2,401
717
-11,054
Errors and omissions, net
r Revised.
-67
2,282
303
-24
-249
-6,691
*Less t h a n $500,000 ( ± ) .
1. Credits,-}-: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
Debits,-: Imports of goods and services; unilateral transfers to foreigners; capital 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
export documents, and imports of goods included under direct defense expenditures identified
710
717
-3,806
-1,101
710
722
-2,594
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.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investments by
foreign official agencies in debt securities of U.S. Government corporations and agencies,
private corporations, and State and local governments.
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 1973
33
Table 3.—U. S. International Transactions—Seasonally Adjusted
[Millions of dollars]
1971
(Credits+; d e b i t s - ) 1
Line
E x p o r t s o f g o o d s a n d s e r v i c e s 2___
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
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties.
Direct investment interest, dividends and branch earnings *
Other private assets.
_
U.S. Government assets..
Transfers of goods and services under U.S. military grant programs, net.
1972
II
III
IV
I
II
III'
IV v
16,435
16,770
17,181
15,767
17,626
17,436
18,471
20,014
10,872
510
589
155
770
155
337
110
10,805
516
590
150
817
155
338
102
11,527
474
613
139
814
155
339
105
9,583
423
665
171
692
155
339
88
11,659
334
651
169
903
168
382
94
11, 561
281
655
172
909
168
383
102
12,380
251
667
159
931
168
383
108
13,240
299
735
194
988
168
383
109
522
1,538
652
225
543
1,921
607
226
524
1,639
642
210
580
2,190
655
226
560
1,764
689
253
550
1,833
623
199
593
1,977
691
163
642
2,374
690
192
735
778
701
939
1,205
797
1,323
959
-15,443
-16,612
-17,005
-16,344
-18,929
-18,836
-19,335
-20,670
-10,727
-1,175
-1,030
-267
-715
-32
-182
-176
-11,695
- 1 , 214
-1,082
-319
-781
-32
-189
-194
-11,914
-1,198
-1,053
-306
-813
-32
-187
-198
-11,117
-1,230
-1,129
-372
-730
-32
-185
-193
-13,490
-1,218
-1,176
-366
-848
-35
-210
-199
-13,338
-1,239
-1,211
-371
-799
-35
-216
-210
-13,905
-1,101
-1,122
-384
-864
-34
-214
-208
-14,923
-1,149
-1,231
-434
-912
-34
-211
-191
-24
-161
-628
-326
-22
-152
-545
-387
-24
-170
-573
-537
-25
-138
-599
-594
-23
-157
-584
-623
-17
-172
-603
-625
-23
-128
-633
-719
-25
-147
-696
-717
U.S. military grants of goods and services, net
-735
-778
-701
-939
-1,205
-797
-1,323
-959
Unilateral transfers (excluding military grants), net
-791
-846
-946
-992
-990
-918
-906
-950
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
-436
-124
-231
-477
-142
-227
-544
-138
-264
-588
-137
-267
-601
-142
-247
-535
-142
-241
-538
-121
-247
-534
-166
-250
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
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
Private remittances and other transfers.
U.S. Government capital flows, net
Loans and other long-term assets
Foreign
currencies
and other short-term assets, net..
Repayments
on credits:
Scheduled
Nonscheduled 5_
U.S. private capital flows, net..
Direct investments abroad 4_
Foreign securities _
-605
-579
-370
-337
-242
-252
-502
-585
-1,106
-69
- 1 , 257
139
-871
32
-945
80
-756
-43
-910
75
-946
34
-1,204
98
566
4
437
102
-110
403
7
-2,344
505
16
-1,954
469
88
-3,192
566
17
-2,203
480
48
-2,104
-2,695
-1,116
211
-857
-84
397
72
-3,521
-1,290
-361
-1,277
-372
-1,410
-249
-788
73
-1,266
-393
-100
-354
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid _
25
-139
-94
-153
-91
32
-237
-892
-392
-200
-685
-112
-178
-587
-533
-352
467
312
-335
-370
-469
-385
-1,040
-43
Claims reported by U.S. nonbanking concerns:
Long-term _
Short-term, nonliquid
Short-term, liquid
-33
-133
-178
-11
-145
63
-31
-147
-163
-34
-130
-228
-78
-17
-140
-71
103
-115
-30
-91
-144
-41
-238
-7
2,545
5,091
8,753
6,100
4,178
4,047
6,319
6,428
-97
-5
-188
-196
-101
157
180
-22
124
559
206
-262
-152
- 2 , 576
1
196
72
-79
-61
-840
-374
606
-117
156
-71
- 1 , 996
181
921
142
161
35
-1,279
-360
1,067
-73
96
200
554
350
956
238
22
83
1,189
237
611
241
-46
-73
440
95
1,868
156
67
-62
2,633
4,952
-201
-8
5,975
-160
-8
10,919
-173
-9
5,774
-5
366
2,294
221
280
1,027
27
-2
4,617
34
78
1,742
118
-167
682
659
1,194
-231
-55
-111
456
17
-66
252
-187
\
-182
2
-8
429
300
-29
72
851
-171
-245
185
3
-177
134
-15
-177
82
-16
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than foreign official reserve agencies.
Other foreign private capital:
Direct investments in the United States *
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks.
U.S. liquid liabilities to private foreigners
U.S. liquid liabilities to foreign official agencies..
Other readily
liabilities
. . . .marketable
. .
abilities to fforeign official agencies 6
Nonliquid liabilities to foreign official reserve agencies reported by U.S. GovernmentTransactions in U.S. official reserve assets, net
Gold
::;zirrzirrriizzzzzzzzzrzzin
Convertible currencies.
Gold tranche position in I M F
Allocations of special drawing rights (SDR)
Errors and omissions, net
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
export documents, and imports of goods included under direct defense expenditures identified
109
-55
373
255
544
-178
64
-1
180
179
179
179
178
178
177
177
-800
-2,708
-5,465
-2,082
942
-1,314
-1,825
-1,608
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.b.
incorporated affiliates of foreign firms.
5. Includes sales of foreign obligations to foreigners.
.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investments by
foreign official agencies in debt securities of U.S. Government corporations and agencies,
private corporations, and State and local governments.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUKVEY OF CUEKENT BUSINESS
34
March 1973
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
Seasonally adjusted
Not seasonally adjusted
Line
1971'
1972
1971 »
1972
III
IV
II
1971 •
III
II
1972
IV
III
EXPORTS
Merchandise exports, Census basis, including
reexports and military grant shipments
44,130 49,768 1,246 1,561 11,079 10,244 12,027 12,179 11,713 13,849 1,215 1,205 1,881
Merchandise exports, Census basis, including
reexports, excluding military grant shipments. 43,549 49,208 1,116 1,406 10,924 10,103 11,891 12,041 11,558 13,718 1,085 1,050 1,726
121
114
111
122
131
97
Regular additions to Census exports
115
105
443
95
472
136
101
20
23
Private gift parcel remittances
20
21
22
20
18
17
18
75
86
17
20
7
6
Virgin Islands exports to foreign countries
4
12
5
3
5
3
25
26
12
Gold exports, nonmonetary
10
4
10
5
5
8
27
10
25
Inland freight (to Canada) valuation adjustment
Other regular additions 1
Regular deductions from Census exports2
Special adjustments, net 3
Of which: quarterly allocation 4of annual seasonal adjustment discrepancy
10
10a
10b
10c
11
lla
lib
12
12a
13
14
16
18
18a
18b
18c
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
283
34
336
-2
64
74
20
69
-2
89
3
81
3
7
30
27
-14
20
7
-14
-14
-14
II r
9,886
III'
11,903 11,812 12,584
13,482
9,745 11,767 11,674 12,429 13,351
110
119
125
112
116
21
20
20
22
23
4
7
6
4
10
9
71
-2
75
7
7
7
-15
-14
79
7
8
—3
83
3
85
3
7
27
-15
7
-4
-3
-3
10
11
161
161
(*)
167
166
166
166
-4
-14
Equals: Merchandise exports adjusted to bal11,875 11,779 12,574 13,452
ance of payments basis, including "military". 43,965 49,680 1,211 1,535 11,012 10,207 11,998 12,155 11,702 13,825 1,170 1,160 .1,801
9,834
ess: Merchandise exports transferred under
U.S. military agency sales contracts identified
216
194
194
274
251
218
212
218
216
355 274
in Census documents 5
298
298
251
1,178
840
212
Equals: Merchandise exports, adjusted to balance of payments basis, excluding "military"
9,583 11, 659 11,561 12,380 13,240
(table 2, line 2)
42,787 48,840 0,913 1,180 10,738 9,956 11,782 11,937 11,508 13,613 :0,872 0,805 1,527
IMPORTS
Merchandise imports, Census basis (general
mports)
45,563 55,555 0,518 12,004 11,777 11,264 13,302 13,736 13,526 14,991 L0,793 1,718 1,924 11,094 13,423 13,363 13,897 14,874
188
183
251
206
183
251
150
175
185
175
206
118
185
188
150
Regular additions to Census imports
118
636
820
117
79
140
140
113
113
89
88
79
64
120
11
88
120
89
64
Virgin Islands imports from foreign countries.
386
424
62
101
101
116
54
63
63
57
78
78
116
54
57
4;
47
Gold imports, nonmonetary
221
357
Other regular additions •
Regular deductions from Census imports
Automotive valuation adjustment
Other regular deductions7
Special adjustments, net 3
Of which: quarterly allocation of annual seasonal adjustment discrepancy *
29
39
561
557
4
635
633
2
137
136
157
155
8
111
110
156
156
150
149
187
18'
10
11
114
184
184
(*)
65
ii
52
84
128
127
133
131
-15
163
162
13'
13'
14
140
C)
C)
-30
52
-2
Equals: Merchandise imports, adjusted to balance of payments basis, including "military". 45,638 55,824 [0,499 1,997 11,851 11,291 13,39: 13,721 13,633 15,078 10,792 1,74 1,955 11,147 13,522 13,37- 13,95 14,977
Less: Merchandise imports of U.S. military
54
36
30
46
65
54
36
49
agencies identified in Census documents 8
185
168
Equals: Merchandise imports, adjusted to balance of payments basis excluding "military"
11,117 13,490 13,338 13,905 14,923
45,453 55,656 0,434 1,948 11,810 11,261 13,360 13,685 13,587 15,024 0,727 1,695 1,91
(table 2, line 16)
BALANCE
Balance on merchandise trade, adjusted to
balance of payments basis, including "mili378 -584 - 1 5 4 - 1 , 3 1 3 - 1 , 6 4 ' - 1 , 5 9 5 - 1 , 3 7 ; - 1 , 5 2 5
712 - 4 6 2 - 8 3 9 - 1 , 0 8 4 - 1 , 3 9 4 - 1 , 5 6 6 - 1 , 9 3 1 - 1 , 2 5 3
tary" (line 6 less line 13) (export surplus +).._ - 1 , 6 7 3 - 6 , 1 4 4
Balance on merchandise trade, adjusted to balance of payments basis, excluding "military"
-2,666 -6,816
(line 8 less line 15) (export surplus +)
TRADE BY END-USE
Merchandise exports, Census basis, including
44,130 49,763
military grant shipments (line 1)
7,786 9,508
Agricultural products
36,344 40, 260
Nonagricultural products
35,763
39,699
Excluding military grant shipments
6,054 7,492
Foods, feeds, and beverages
2,968 4,058
Grains and preparations
1,327
1,508
Soybeans
1,759
1,926
Other foods, feeds, and beverages
Industrial supplies and materials
Fuels and lubricants»
Paper and paper base stocks.
Textile supplies and materials
Raw cotton, including linters
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other nonmetals (hides, tallow, minerals,
wood, rubber, tires, etc.)
Steelmaking materials
Iron and steel products
Other metals, primary and advanced,
including advanced steel
Capital goods, except automotive
M achinery, except consumer-type
Electrical and electronic, and parts and
attachments
37
Nonelectrical, and parts and attachments.
38
Construction machinery and nonfarm
tractors and parts.
39
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 serviceindustry equipment
44
Civilian aircraft, engines, parts
44a
Civilian
aircraft, complete, all types
http://fraser.stlouisfed.org/
45
Other transportation equipment
Federal Reserve Bank of St. Louis
479 - 7 6 8 - 1 , 0 7 2 - 1 , 3 0 5 - 1 , 5 7 8 - 1 , 7 4 8 - 2 , 0 7 9 - 1 , 4 1 1
LI, 246
2,04'
9,199
9,069
1,536
815
318
402
12,691 13,982 3,242
407
1,700
1,708
27'
1,089
1,152
372
1,303
1,386
194
589
508
462
118
639
71'
2,984 3,228
773
78C
246
44
22
4
24'
6
24C
81
25C
337
286
246
307
31
3,965 3,950
2,963 2,98e
3,61
2,88*
3,58
2,75-
4,254
3,232
4,200
3,303
3,858
3,136
53
2,454
533
2,355
52
2,23C
62
2,604
62:
2,68:
605
2,53
280
99C
7:
238
1, 23C
1,295
36:
15, IV
i i , 59:
16,671
13,135
2,11
2,541
10,594
1,888
886
3,92C
36:
1,70
726
3,282
1,918
245
2,13:
963
4,305
48J
1,83
3,21'
1,70'
31!
933
664
7
242
3,303
263
953
9,48:
1,561 11,079 10,24 12,027 12,179 11,713 13,849 11,215 .1,205 1,8
1,
1,954
2,178
2,107 2,099 3,124 2,074 1,953 2,147
1,
8,290 9,849 10, 072 9,614 10, 725 9,14" 9,252 9,734
9,671 9,184
9,934 9,459 10,594 9,01 9,097 9,579
9,713
9,516
9,029 8,149
1,73:
2,480 1,590 1,499 1,638
1,555
1,726
1,440 1,433 1,595
824
75C
676
769
886 1,052 1,351
76e
708
768
311
23:
335
58:
396
348
342
308
306
457
43
44'
431
542
424
523
438
498
409
41,
3,352
3,556
3,864 3,297 3,28
3,356 3,444 2,648 3,486 3,27!
403
308
425
463
483
452
464
428
486
499
305
285
27
28
232
267
29S
299
41<
315
323
29
406
3H
34C
25:
30
174
141
14
13<
192
9
153
104
42
195
166
145
6*
21'
92
122
154
135
866
708
753
57
808
761
771
92
793
664
2,708
52:
2,44:
484
22;
1,01'
145 -890 - 3 8 7 - 1 , 5 3 4 - 1 , 8 3
51232
51'
47
221
20;
244
56
22!
51
22!
99:
922
1, 07'
1,07
1,03:
10
81
111
13
IU
42'
39:
43'
19C
89?
55:
18
646
30
171
77
436
20;
956
584
91
253
673
686
24:
7
23?
295
353
327
3,932
4,359 3,81 3,77
3,46< 29fr 2,87i 3,035
52
50
5ft
687
2,44C 2,36
353
2,471
2,777
49
53!
23
26:
1,00
1,1:
8:
48!
22
95.
8:
48J
23J
1,03J
9?
-1,525 - 1 , 6 8 3
13,482
9,886 11,903 11,812 12,58
2,387 2,694
1,664 2,199 2,171
8,222 9,704 9,634 10,197 10,788
8,081
9,568 9,496 10, 04! 10,657
2,119
1,91!
1,795
1,356
1.6M
1,230
936 1,09
617
781
422
35'
34
364
281
467
471
470
518
45*
3,792
3,209 3,471
3,509
2,57
436
41
408
458
294
301
292
285
273
228
434
30]
296
334
286
180
7i
91
1
138
14/
125
11]
28<
36
805
885
74C
80:
57!
736
77:
22;
25
5'
23:
87(
7
254
899
94
256
24
30!
32i
632
6:
24!
-1,77
3,599
2,720
4,06
3,19!
4,01;
3,17<
4,18:
3,29;
51
2,20
62
2,572
59
2,586
64:
2,65^
362
4,441
3,481
685
2,796
52
552
41J
52:
19!
25;
22:
921
1,05!
1,044
91
101
11'
133
455
475
21:
76
40
245
879
464
81
45
l:
50
44:
42e
40
22'
82:
45:
23
80:
40
18
80:
47
1'
84:
491
17
828
492
44
252
SUEVEY OF CUEKENT BUSINESS
March 1973
35
Table 4—.U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
1971'
1972
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
Consumer goods (nonfood), except automotive
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gem
stones, precious and nonprecious)
4,396
3,210
1,186
1,183
601
1972
1971'
II
2,612
3,117
660
702
2,847
1,086
1,628
3,491
1,447
1,859
673
248
393
724
269
420
133
185
32
35
II'
IV
III
5,125 1,099 1,220
3,906 782 918
1,219
317
302
1,322
290
353
686
149
164
I", 008 1,070
816
695
254
313
292
249
131
156
797
288
478
815
663
635
687
635
759
737
812
819
935
397
677
249
699
261
405
823
306
483
647
270
342
830
338
454
835
352
438
891
368
473
940
388
500
46
44
45
50
52
311
310
286
311
310
291
1,009
799
214
154
426
242
184
367
221
147
372
219
154
Building materials, except metals..
Materials associated with durable goods
output, n.e.s
Steelmaking materials
Iron and steel products
Other metals, primary and advanced, including advanced steel
No'imetals (gums, oils, resins, minerals,
rubber, tires, etc.)
Capital goods, except automotive
Machinery, except consumer-type
Electrical and electronic, and parts and
attachments
Nonelectrical, and parts and attachments.
Construction, textile and other
specialized-industry machinery and
nonfarm tractors and parts
Other industrial machinery and parts,
n.e.s
Agricultural machinery and farm
tractors and parts
Business and office machines, computers,
etc., and parts
Scientific, professional and serviceindustry equipment and parts; and
miscellaneous transportation equipment
Civilian aircraft, engines, parts
Civilian aircraft, complete, all types
Automotive vehicles, parts, and engines
From Canada
From Canada, transactions value 10
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
Consumer goods (nonfood), except automotive.
Consumer durables, manufactured
Consumer nondurables, manufactured
Unmanufactured consumer goods (gems,
nursery stock)
Imports, n.e.s. (low value, goods returned,
military aircraft, movies, exhibits)
11,777 11,264
7,257 1,470 1,692
561
2,157
499
1,182
293
308
824
147
210
971 1,131
5,101
1,893
687
397
248
1,207
1,312
366
169
159
946
16,964 20,323 3,853 4,512
3,762
850
881
4,882
1,651
385
434
1,756
3,153
803
875
1,411 3,705 343
383
34
89 1,540
31
242
955
157
4,480
973
4,119
183
429
650
313
6
166
174
382
156
1,958 1,556 1,976
8,022
120
221
758
605
804
3,070
2,406
662
577
2,910
1,074
253
289
1,284
4,127
1,010 1,098
3,900 5,572 952 1,033
264 302
1,15: 5,135
2,742 1,588
730
3,548 688
1,896
220
773
1,638
153
625
54!
877
261
7,065
714
2,871
345
278
255
1,043
979
289
976
936
302
634
40
1,147
875
272
274
1E6
1,432 1,094 1,107 1,183
778
812 840
1,077
316
295
355
343
281
323
418
329
150
149
199
167
484
54
1,027
789
238
257
135
30
33
34
35
362
445
362
321
1,194
891
303
279
156
286
291
489
442
472
404 387
377
366
408
466
452
487
263
235
236
231
269
215
245
216
253
252
402
266
209
172
156
162
220
197
198
150
214
221
237
165 13,736 13,526 14,991 10,793 11,718 11,924 11,094 13,423 13,363 13,897 14,874
13,302
1,878 1,260 1,818 1,719 1,823 1,897
1,764 1,730 1,802 1,961 1,546 1.6
542
506
527
564
525
637
585
565
532
496
368
571
314
255
308
321
316
293
37,
299
235
309
164
329
188
206
221
193
213
250
177
187
205
220
164
195
1,429 1,021 1,113 1,241
1,199 1,234
892 1,233 1,213 1,296 1,355
4,790 4,980 5,032 5,521 3,944 4,422 4,454 4,098 4,830 4,873 5,096 5,520
1,196
1,311
1,125 1,208
940 1,004 1,048
1,267
1,106
1,220
772
1,329
443
438
431
410
427
410
443
444
428
421
465 394
990
684
880
834
869
93:
922
922
407
984
359
334
370
928
376
373
381
756
62
35
11
24
45
19
33
392
384
403
382 326
292
266
249
285
35
32
53
40
304
21
18'
268
286
222
175
191
191
209
275
290
282
217
231
15:
218
488
325
361
480
509
237
231
223
572
178
358
451
419
1,747
ir
586
705
338
1,371
1,282
360
923
1,810
176
713
1,598
141
658
449
1,925
188
681
641
545
716
732
684
773
280
254
340
309
314
320
281
996
1,070
938 1,055 1,006
989
267
292
295
671
714
694
999
959
302
657
1,331
1,243
360
1,338
1,228
371
857
1,384
1,286
1,525
1,385
411
875
448
937
550 1,74:
280
2,249
228
195
928
705
2,000
186
71
2,026
227
838
778
65'
770
586
318
305
323
256
1,397
1,287
384
903
1,322
1,224
400
824
1,483
1,342
444
206
1,908
173
694
1,975
186
791
2,204
213
781
624
908
159
178
193
161
240
229
215
223
156
175
190
169
232
225
217
233
916
1,144
240
259
225
194
282
283
275
303
238
24
230
202
273
269
289
316
364
497
106
102
70
133
139
109
117
89
99
84
113
121
127
142
531
662
126
131
126
148
189
171
139
163
126
126
136
143
185
163
155
157
80
88
16
2,069 2,224
1,171 1,248
1,084 1,108
976
8~~
1,399
1,3
244
223
79
110
13
2,308
1,318
1,157
990
1,393
314
98
14
2,281
140
15
4,532
8,97i
3,38£
5,09:
83*
5'
58
66
436
13
13
58
9,307 1,894 2,080 1,793
5,241 1,094 1,213
942
4,608 958 l,05f
832
4,066 80C
86'
851
5,710 1,24: 1,38C 1,14:
1,129
171
196
19$
1,99:
2,468
239
228
40
7,917
48!
50:
8,56: 11,355 1,89: 2,205
6,469 1,001 1,222
76:
3^315 4,123
83r
563
762
1,627
1,74:
40C
2,16
1,114
913
15
14C
41'
40
' Revised
p Preliminary
*Less t h a n $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 t h a n sale.
3. Irregular and occasional adjustments; valuation adjustments for goods considered to be
under-priced or overpriced in Census data; timing adjustments for goods recorded in Census
data in one period b u t found to have been shipped in another; and coverage adjustments for
special situations in which shipments were omitted from Census data.
4. Correction 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,
Digitized3,for
FRASER
and 9, line 20 (other transportation).
http://fraser.stlouisfed.org/
8. Merchandise imported directly b y the Department of Defense, as well as "defense"
Federal Reserve Bank of St. Louis
1,058
345
1,334
1,409
1,070
339
382
208
718
1,533
895
638
1,130
1,336
1,041
295
358
166
863
348
470
Exports, n.e.c, and reexports
Domestic (low-value, miscellaneous)..
Foreign (reexports)
826
373
18
1,207
928
279
311
159
863
362
454
1,211
452
403
IV
816
321
Paper and paper base stocks
Materials associated with nondurable goods
and farm output, n.e.s
Textile supplies and materials
Tobacco, unmanufactured
Chemicals, excluding medicinals
Other (hides, copra, materials for making
photos, drugs, dyes)
III'
768
362
Fuels and lubricants .
II'
831
339
445
Industrial supplies and 9materials.
IV
III
653
280
337
362
6,366
2,111
1,167
764
4,255
II
IV
647
1,200
45,563 55,555 0,518
III'
287
157
1,490
Foods, feeds, and beverages
Coffee, cocoa, and sugar
Green coffee
Cane sugar
Other foods, feeds, and beverages
1972
1971'
1,334
1,051
283
344
174
Special category (military-type goods).
Merchandise imports, Census basis (line 9 ) .
Seasonally adjusted
4C
(
2,15
1,283
1,127
868
1,33C
27<
78
88
16
2,339
1,286
1,137
1,053
1,5H
225
55:
604
2,29*
1,34"
809
2,636
1,47
409
4o:
85
98
110
14
13
2,508 1,899
1,467
984
871
1,28(
915
1,04: 1,074
1,58S
268
30S
555
624
92
59
60
64
140
66
15
13
8
2,562 1,828 1,923 2,123
1,504 1,076 1,096 1,204
1,320 949 965 1,042
1,058
753 827
91"
1,545 1,172 1,229 1.40S
334
186 20*
2r
684 47:
486
503
2,70C
1,57
94S
3,036
1,693
1,154
2,982
1,735
1,035
185
182
212
421
435
1,275
1,109
1,006
1,"""
294
2,494
1,392
1,226
1,102
1,555
279
525
581
601
627
660
2,054 2,21 2,007
1,100 1,223 1,056
846
807
816
2,274
1,296
844
2,804
1,582
1,041
2,704
1,564
958
2,879
1,641
1,041
2,966
1,679
1,086
138
148
144
134
181
182
197
201
424
41'
392
394
416
42:
434
472
imports of t h e 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."
9. Includes nuclear fuel materials and fuels, formerly in exports of "other metals"—(1.33)
and in imports of "steelmaking materials"—(1.76).
10. T h e statistical identification of automotive products imports from Canada (lines 91,
92) which are definitively classified for duty-free status under the United States-Canada
Automotive Products Trade Act, is more complete and comprehensive t h a n the identification
of automotive products exports to Canada (or of automotive export and import trade with all
other areas). T h e less comprehensive identification of U.S. trade statistics on automotive
exports to Canada results in an undercounting of such exports (line 47) which—estimated from
examination of Canada's import statistics—amounted to over $450 million annually in both
1971 and 1972.
NOTE.—Details m a y not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
36
March 1973
Table 5.—Major U.S. Government Transactions
[Millions of dollars]
1971
Line
1971
1972 »
II
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))
6,041
5,860
Seasonally adjusted-
1972
IV
III
II
III'
1,644
1,741
1,227
1,429
1,433
1,516
1,294
1,611
1,595
1,883
1,453
1,400
1,370
1,450
524
24
-50
503
19
2
553
23
-50
630
20
-33
582
14
25
497
10
-65
26
38
34
(*)
2
36
47
45
(*)
2
42
48
49
(*)
32
49
44
(*)
1
40
46
(*)
6
IV
By category
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
Other assets (including changes in administrative cash holdings), net
17
18
19
20
21
22
23
24
25
Under farm product disposal programs.._
Under Foreign Assistance Acts and related programs
Under Export-Import Bank Act
Capital subscriptions to international and regional organizations, excluding IMF
Other assistance programs
Other foreign currency assets acquired (lines A.6, A.7, and A.9)
Less foreign currencies used by U.S. Government other than for grants or credits (line A.13) .
Advances under E xchange Stabilization Fund agreements, net
Other (including changes in administrative cash holdings), net
26
27
28
29
30
31
32
Estimated transactions involving no direct dollar outflow from the United States
5,160 4,801 1,480
803
Expenditures on U.S. merchandise
— 3,322 3,105
818
212
Expenditures on U.S. services 2_._
799
607
246
Military sales contracts financed b y U.S. Government credits 34 (line
B.14)
490
396
U.S. Government credits 3to repay prior U.S. Government credits 2
281 / 216
432
U.S. Government credits to repay prior U.S. private credits
105
579
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)
26
19
310
Tess foreign currencies used b y U . S . Government other than for grants or credits (line A.13)
70
339
I ess dollar recoveries on short-term3 claims financing military sales contracts and U.S. Government
132
credits to repay private credits
--•
134
Estimated dollar payments to foreign countries and international and regional organizations through
164
U.S. Government grants and capital flows increasing Government assets
881 1,059
2,045
156
-182
2,208
80
-135
465
90
-84
164
181
157
1
75
190
251
1
13
39
40
35
(*)
246
128
8
310
246
3,772
4
264
52
9
44
84
2
70
35
1,134
4
102
15
3
95
49
1,219
-25
19
14
1
64
99
612
81
16
2
81
64
807
33
79
15
5
78
44
844
-73
9
11
2
81
69
866
-40
57
6
1
94
48
735
239
736
481
35
142
76
70
429
762
384
49
135
101
95
234
568
238
99
87
75
64
249
437
627
305
81
287
619
401
44
132
100
78
110
96
81
204
510
265
48
214
92
94
32
-73
-46
55
1,230
915
193
75
50
1,284
840
230
164
44
339
271
3,453
-16
By program
1,151
2,626
1,423
246
556
346
310
1.238
2,259
1,297
271
718
453
-38
-25
-9
560
320
64
193
94
69
By disposition i
33
34
35
B.
1
la
2
2a
3
4
10
10a
11
lla
12
13
14
15
16
17
17a
18
19
20
21
21a
22
23
24
25
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 57).
_
_
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 t h e
United States (line B.13).
U.S. Treasury obligations to be liquidated against
U.S. claims
U.S. Treasury securities not included elsewhere 5
Export-Import Bank obligations to be liquidated against U.S. claims
Export-Import Bank securities not included elsewhere
--•
Other..
To other official and private foreigners (table 2, line 48)
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 3 credits 3- 7 (line A.29)
Less U.S. Government receipts from principal repayments
.
Less transfers of goods and services (including transfers financed by credits) (table 2, line 3)8
Associated with U.S. Government grants and capital flows increasing Government assets (line
A.32).
Seasonally adjusted
Non-interest-bearing securities issued to I D A , to I D B , or to U.N. for special programsForeign 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
' Revised.
» Preliminary.
*Less than $500,000 ( ± ) .
1. The identification of transactions involving direct dollar outflow from the United States
is made in reports b y the operating agency. However, such data for all quarters 1971 and for
first, third, and fourth quarters 1972 are only extrapolated estimates b y B E A , because of incomplete reports from one operating agency, and are to be revised in future issues of the
SURVEY.
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 transfers of military goods and services financed b y U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners b y U.S. Government agencies.
-145
341
189
1,564
1,078
221
249
48
121
720
167
81
52
25
177
258
-72
-105
-101
-207
-197
-2
-4
-3
-24
-2
-4
375
-4
-4
197
-4
-486
214
-6l5
347
1,G46
-1
"-2
282
235
170
350
366
-24
78
73
13
10
203
232
279
193
179
280
280
97
155
-4
-2
222
258
-1
"375
282
-2
80
-2
-70
-97
-72
C)
-97
-5
-203
-111
-204
-188
-201
-185
-115
-196
-139
-220
-87
-101
-97
—111
101
157
91
H7
144
180
149
185
204
270
214
358
243
374
325
55
429
-1
45
124
419
75
103
311
164
119
327
124
73
228
13
13
-2
-2
10
(*)
-2
-3
-3
-2
607
348
1,922
490
374
1,166
26
19
(*)
103
19
1
-152
5
(*)
-4
-4
-1
-151
-4
(*)
100
-5
20
1,015
586
161
124
53
197
-2
94
25
-5
95
-IS
1,147
721
219
45
90
148
246
46
475
249
122
600
-4
25
25
25
(*)
(*)
(*)
-5
1
-2
1
-5
-5
-5
(*)
111
111
100
6
6
1
(*)
(*)
1
-3
-3
-4
1
-3
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
6. Transactions under military sales contracts are those in which the Defense Department
sells and transfers military goods and services to a foreign purchaser, on a cash or credit basis.
The entries for the several categories of transactions related to military sales contracts in this
and the other tables are partially estimated from incomplete data.
7. Consists of transfers of military goods and servicesfinancedby 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 Departmentfinancedby credits
to foreigners by U.S. Government.
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 CURKENT BUSINESS
March 1973
37
Table 6.—Direct Investments and Securities Transactions
[Millions of dollars]
1971
(Credits-!-; debits—)
1971
U.S. direct investments abroad (table 2, line 39).
Branch accounts..
By industry cf foreign affiliate: *
Mining and smelting
Petroleum
Manufacturing
Other
Foreign direct investments in the United States (table 2, line 49).
Other foreign stocks
Canada
Western Europe
Japan
Other
bonds, net, Treasury basis 5
less: recorded in line 1 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 in outstanding bonds »
Canada
_.
Western Europe
Japan
Other
U.S. securities, excluding Treasury issues, net foreign purchases (+), balance of payments basis
(table 2, line 50, or lines 5 4 + 61 below)
stocks, net, Treasury basis »
plus: exchange of stock associated with U.S. direct investment abroad..
plus: other adjustments
Stocks, net, balance of payments basis.
Canada
Western Europe
Other
» Preliminary.
»• Revised.
*Less than $500,000 ( ± ) .
n.a. Not available.
1. Acquisition of capital stock of exisiting 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"
industries includes all industries except those previously listed, the major ones being agriculture, public utilities, transportation, trade, insurance, finance and services.
-188
-1,561
-410
-1,066
-1,181
-456
-236
-484
-515
31
-5
-16
663
249
-918
-1,119
201
-10
-1,339
-848
-199
-260
-350
90
-32
162
682
-235
-298
-401
103
14
-791
-531
192
-431
-527
96
-20
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-222
-572
-275
n.a. •
—519
-1, HO
-1,468
—837
n.a.
n.a.
n.a.
n.a.
—82
—558
—606
—819
—111
-78
-508
-406
—845
-254
-57
—79
202
-184
—574
—562
—290
-119
-287
-109
105
—108
-864
—566
—83
71.0.
-374
181
-360
350
237
95
-395
-538
143
143
125
75
50
50
-392
-439
47
54
-7
335
304
31
33
-2
196
94
102
132
-30
90
32
58
58
322
—879
—376
124
229
-9
238
277
-39
126
85
41
46
-5
-2
16
-18
94
-1
10
21
87
120
-361
-372
-249
—85
—11
—120
—10
2
—5
436
-35
—13
471
142
338
-33
23
-74
-110
-8
—8
-102
57
-26
-133
7
-3
157
-3
-3
160
28
64
90
-22
-884 —1,048
—15
—20
-889
-1055
-1,492 —1, 561
—779
—897
—33
—102
—304
—289
—274
—376
480
557
123
—51
114
-131
—4
113
—7
—6
20
—27
—802
—15
281
150
-909
-619
-74
29
-47
-52
-5
-287
—460
—180
—6
—63
—212
122
51
10
26
—1
16
C)
—262
-262
—436
—301
—20
—115
127
47
47
—19
—6
25
—20
-256
—374
—153
—7
—49
—165
116
3
23
—28
7
1
2.282
4.502
559
196
606
745
2,277
186
78
—6
8
280
-3
—35
—15
47
230
—3
175
58
849
—82
733
198
bonds, net, Treasury basis «
plus: proceeds obtained by U.S. parents from securities issued by Netherlands Antilles
finance subsidiaries 8
plus: other adjustments
Bonds, net, balance of payments basis
New issues sold abroad by U.S. corporations 8
of which, denominated in: Dollars
Convertibles
Straight debt
Investments by International and Regional organizations in nonguaranteed bonds of
U.S. federally sponsored agencies
Other transactions in U.S. bonds
_
-1,330
-1,110
-705
-108
-301
-350
49
4
-172
7
. .
-1,687
-1,371
-633
-492
-230
-326
96
-16
-148
-20
-14
—11
-6
133
20
-118
-41
_
IV*
-578
—IS
—18
of which: Canada
-1,560
III"
-189
Of which: manufacturing affiliates:4
Newly issued in the United States
II
n.a.
Branch accounts..
stocks, net, Treasury basis «.
less: recorded in line 1 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
IV
-1,088
-153
-384
232
255
-23
Foreign securities, net U.S. purchases (—) balance of payments basis (table 2, line 40 or lines
27 + 38 below)
III
-3,339
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-67
Transactions with U.S. incorporated affiliates
Intercompany accounts
_
Capital stock and other equity, net
Increase *2
Decrease
_
II
-3,677
-1,132
-586
-1,932
-2,310
378
-27
-4,765
Transactions with foreign incorporated affiliates.
Intercompany accounts: short-term
long-term
Capital stock
and other equity, net
Increase 12
Decrease
Miscellaneous 3
1972
1972 P
7 2,463
—76
2,233
306
-302
n.a.
n.a.
n.a.
32
16
41
5
—33
42
9t
50
73
-393
-354
211
-84
154
—3
48
77
—1
87
-10
—IS
227
-8
46
-9
76
-11
55
-15
99
-20
87
32
112
-68
10
84
-10
—5
94
59
86
-60
9
230
-5
—1
235
66
41
115
13
-84
—482
7
-412
17
181
8
-84
—222
—145
(*)
—77
-429
—489
—380
-32
—77
127
—70
—25
115
22
34
17
—7
—22
-439
—548
—199
—22
—61
—267
142
-33
—27
—4
—3
1
—885
8
29
-314
—454
—293
—48
-113
921
1,067
956
611
1,868
165
379
1
1,134
380
1
375
3
7 1,223
21
1,079
123
57
-48
105
—45
—50
49
—10
—34
85
... 11
7 544
—28
518
54
695
—57
648
104
165
—41
130
76
—38
—7
160
37
—5
31
5
150
—10
—49
37
2
(*)
505
1,786
849
—1
219
117
500
570
758
—8
1,433
1,161
933
200
733
655
»-405
2,038
1,974
1,569
913
656
182
201
157
481
317
290
50
240
199
263
200
20
180
376
225
177
55
122
268
—8
377
356
266
75
191
100
-228
372
296
255
35
220
259
9—38
791
766
670
430
240
9—77
230
372
268
222
46
153
-89
128
233
—49
—14
27
124
—67
87
26
50
155
—130
-35
—107
200
-62
645
540
376
226
150
5. As published in Treasury Bulletin. Treasury data are based on transactions by foreigners reported by banks and brokers in the United States: net purchases by foreigners ( + ) corre
spond to net U.S. sales (+)•
6. Redemptions measure scheduled retirements and identifiable premature retirements of
U.S. held foreign debt securities. Unidentifiable nonscheduled retirements appear in line 45.
7. Includes proceeds from new issues of stock sold abroad by U.S. corporations.
8. 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.
9. Mainly reflects exclusion of investments by foreign official reserve agencies in debt securities of U.S. government corporations and agencies, private corporations, and state and local
governments. These investments are included in table 2, line 56.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CUEEENT BUSINESS
38
March 1973
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.)
1971
1971
1972
1972 v
II
III
IV
-237
-200
II
III'
IV P
-178
-352
-335
-385
Amounts
outstanding
Dec. 31,
1972
A. Claims reported by U.S. banks:
Long-term (table 2, line 41)
-565
-1,250
25
-153
•1,807
-1,530
111
-377
-481
-1,060
-331
175
-1,800
-1,522
42
-385
-482
-975
-366
162
1,457
-258
-85
-1,764
1,039
-797
51
-64
55
-400
59
-44
-430
-59
7
-678
-194
-103
-209
-156
-1
-592
928
-174
-228
516
-238
-735
-249
-384
-517
-358
-832
-283
-514
355
-1,080
-46
-251
404
-65
-38
-215
-33
-99
39
163
-405
-279
-48
-214
-324
-150
-277
276
-215
-139
81
483
-263
18
-79
208
-97
-12
-239
-612
-505
-7
-7
-8
18
61
8
17
1
-5
-85
-80
35
19
13
16
1
-54
-18
-566
-733
-2
-341
-245
-414
-180
Payable in dollars..
Of which C a n a d a -
-342
-321
-792
-20
-250
-132
-134
-239
-145
146
194
-362
-77
-277
8
Payable in foreign currencies
-224
Short-term, nonliquid (table 2, line 42).
Payable in dollars
10
_
By type:
Loans
Acceptance credits
Collections outstanding.
By area:
Canada..
Western Europe l
Japan
Other
Payable in foreign currencies.
Of which Canada.
13
16
Short-term, liquid (table 2, line 43).
48 -1,422
50 - 1 , 3 6 8
-91
-111
-140
154
-52
97
-197
-27
107
-48
-3
-10
-10
1
-88
-3
-96
-15
-31
-109
61
55
-107
-10
107
-65
-159
-14
73
-12
-1
20
-4
-87
160
-6
-111
-42
-183
43
120
-23
Long-term (table 2, line 44)
-109
-219
-33
-11
-31
-34
-78
-71
-30
-41
Short-term, nonliquid (table 2, line 45)
-555
-243
-67
-160
-64
-264
49
89
-7
-374
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-35
-32
-3
-29
-17
8
-10
-8
-2
14
-174
2
-176
-3
-12
-17
-20
-124
-21
-43
8
-51
16
4
14
-18
-67
8
-272
6
-278
-26
-49
-59
-23
-121
-67
116
-1
117
-34
53
(*)
-20
118
40
49
1
48
6
42
-6
24
-18
3
-10
-6
-4
-19
-12
55
-4
-22
-65
-309
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-406
-324
-8
-143
-31
-290
-187
-123
194
140
By type:
Deposits
.Foreign government obligations and commercial andfinancepaper..
By area:
Canada
_
Other
-...
-13
B. Claims reported by U.S. nonbanking concerns:
-34
-521
13
-534
-30
-49
-72
-69
-314
Reported b y brokerage concerns.
Reported b y others
Payable in foreign currencies
Payable in dollars
Canada
_
United Kingdom
European Economic C o m m u n i t y (6).
Japan
Other
-506
Short-term, liquid (table 2, line -
-154
-302
40
-78
-83
-208
-166
-114
-286
-16
51
-11
-57
-21
-62
-21
-159
-49
-148
-18
-142
28
139
1
-57
-198
65
-334
-33
-4
90
-109
109
-78
-50
-59
26
-60
35
65
-69
-162
52
93
20
27
-83
-58
-22
-48
-65
52
-82
-21
-9
54
-84
1
-84
26
2
-24
-71
23
65
-13
-28
-54
-52
31
-56
47
52
2
-37
-46
65
-123
-10
-12
20
-41
-41
44
-65
36
-45
26
28
-72
-118
-176
-U5
32
103
Payable in dollars
By type:
Deposits (of major U.S. corporations only)
Other claims (of major U . S . corporations only).
B y area:
Canada
United Kingdom
Other
-423
Payable in foreign currencies
By type:
Deposits
Other claims (of major U . S . corporations o n l y ) .
B y area:
Canada
Other
-354
-310
-194
-131
15
-11
-54
Memorandum:
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
r
-93
-173
-254
-180
C. Nonliquid liabilities to private foreigners reported by U.S. banks:
Long-term (table 2, line 53)
-249
-344
148
115
-152
-160
-71
-78
303
274
562
165
164
-218
32
-24
-37
-4
17
-34
51
-19
-75
145
139
54
-210
295
-262
162
-187
-237
-35
-202
-17
-165
-20
156
-86
66
176
4
172
-6
56
122
Of which international and regional organizations
-73
-62
-52
198
19
139
344
22
-13
-26
61
42
19
-8
30
-3
-46
-26
-27
7
26
-19
67
79
-108
96
200
183
64
325
115
-119
-37
161
-22
43
140
21
119
14
125
-20
14
-49
131
-29
160
9
115
D. Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns:
Long-term (table 2, line 51)
Of which reported b y Netherlands Antilles finance subsidiaries
Short-term (table 2, line 52)
Reported b y brokerage concerns
Reported b y Netherlands Antilles finance subsidiaries 2
Reported b y others
Payable in foreign currencies
Payable in dollars
Canada
Western Europe i
I
Other
2
p Preliminary.
'Revised.
*Less than $500,000. (±)
n.a. Not available.
1. Includes United Kingdom, European Economic Community (6) and other Western
European countries.
2. Funds obtained byfinancesubsidiaries incorporated in the Netherlands Antilles from
n.a.
n.a.
n.a.
n.a.
n.a.
C)
-27
8
n.a.
n.a.
n.a.
n.a.
n.a.
sources other than sales of newly issued securities are included to the extent that they are
transferred to U.S. parent companies.
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 1973
39
Table 8.—U.S. Liquid Liabilities to All Foreigners, Other U.S. Liabilities to Foreign Official Agencies, and U.S. Official Reserve Assets, Net
[Millions of dollars]
Line
1971
(Credit ( + ) : increase in U.S. liabilities or decrease in U.S. assets.
Debit (—): decrease in U.S. liabilities or increase in U.S. assets.)
U.S. liquid liabilities to private foreigners (table 2, line 64).
To foreign commercial banks
Seasonally adjusted
To foreign branches of U.S. banks
Toothers
2
Demand deposits
Time deposits 3
U.S. Treasury bills and certificates 2
Other obligations 2 3 4
1971
I
IV P
III'
592
2,189
265
1,770
21,431
•2,174
-1,818
514
476
1,980
980
141
316
1,270
2,188
14,855
-4,94*
-1,966
178
3,727
-1,905
-981
38
-1,630
-302
-1,458
-721
-200
714
1,584
107
-52
1,822
1,454
18,401
-5,339
-504
-6
-1,059
1,272
225
-2
-3,909
-475
-4
2,410
1,502
-440
111
-1,278
-567
-307
39
-4
786
703
-50
1
1,326
40
43
(*)
58
193
1
240
4,674
546
5
9,630
102
280
136 -2,153 -2,140
-890
-100
-230
90
2,006
-730
-802 -1,192
198
149
55
25
-72
-31
180
1,626
32
-21
-19
-20
15
-3
-3
48
-6
-14
7
-23
85
201
-18
12
144
64
1
29
64
1
-52
4
-58
-67
52
4
181
1
14
326
214
800
13
8
115
58
-92
4
-13
66
31
115
122
-78
2
221
72
-146
-21
53
281
155
320
4,950
38
-25
34
-34
-184
-124
83
22
117
-232
293
359
-24
95
178
116
1,954
2,025
-35
-118
-51
-31
-22
210
4
33
22
-49
-25
-1
-58
-3
11
-68
2
-21
-4
110
-13
17
-3
36
65
425
481
27,615
9,676
4,776
11,506
5,545
771
5,351
27,637
10, 220
4,783
11, 510
5,545
5,351
-32
-50
256
821
-13
141
170
112
408
322
-297
-15
18,954
18,9U
10
1,660
5,631
5,000
681
1,474
-858
-73
-311
4,801
2,652
-200
109
771
7,496
4,456
4,456
2,239
2,237
2
-2,975
-2,975
923
-465
-29
Demand deposits
Time deposits 3
U.S. Treasury obligations:
Bills and certificates
—
Payable in U.S. dollars
Payable in foreign currencies
Bonds and notes, marketable
Bonds and notes, nonmarketable, convertible.
Payable in U.S. dollars
_
Payable in foreign currencies
Other obligations 3 4
—
Other readily marketable liabilities to foreign official agencies «(table 2, line 56)
Nonliquid liabilities to foreign official reserve agencies, reported by U.S. Government
(table 2, line 57)
-Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the United States..
---
-22
-539
341
4,549
3,281
6,015
6,000
15
705
2,201
2,181
20
87
3,023
3,000
23
7,758
-262
636
2,602
2,000
602
596
648
-11
-4
-201
-160
189
-2
-4
-173
-24
375
1
-186
-4
-4
381
1,350
-7
1,446
825
3,501
3,500
1
410
1,119
13
18
613
544
927
345
405
-1,049
-1,049
221
27
34
118
350
280
-4
78
-165
-2
200
2,840
838
1,373
547
-703
35
153
109
-592
373
255
456
196
300
150
72
851
252
81
-153
-12
621
155
-2
-2
24
-4
145
3,6
22
-4
32
57,286
-544
82
-2
57,286
1,584
2,858
31,619
81,448
171
5,236
12,108
11,000
1,108
3,881
4
2,500
2,500
1,446
-5
-24
375
200
-4
-249
27
2,108
940
6
10
-12
2,348
-71
-1
-4
p Preliminary. ' r Revised.
*Less than $500,000 ( ± ) .
1. Position figures reflect increase of $7 million in U.S. Treasury bills and certificates (line
27), $33 million in U.S. Treasury bonds and notes (line 31), $70 million in nonmarketable,
nonliquid U.S. Treasury obligations (line 41), and $28 million in convertible currencies (line
47) resulting from the revaluations under the international monetary agreement of December 18,1971. Total official reserve assets also include an increase of $1,016 million resulting from
a change in par value of the U.S. dollar on May 8, 1972, consisting of $828 million gold, $155
million SDR, and $33 million gold tranche position in IMF.
2. During 1971, data included special Export-Import Bank and Treasury securities held as
custody items by U.S. reporting banks on behalf of their foreign branches.
3. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included in "other obligations".
-116
400
U.S. Treasury obligations to Germany to be liquidated against U.S. claims
Gold (table 2, line 59)
SDR (table 2, line 60)
Convertible currencies (table 2, line 61)
Gold tranche position in I M F (table 2, line 62)
5,799
79
n
-544
Export-Import Bank obligations
U.S. official reserve assets, net (table 2, line 58)
252
-3
(*)
-72
5,788
-370
-2
To Germany
To other countries.
ll'
84 -1,932
-1,775
—
To Canada:
In connection with Columbia River power rights
Other
---
I'-
-2,886
-2,928
To other private foreign residents and unallocated..
To International Monetary F u n d «
IV
4,816 -2,534
-1
130
516
To central banks and governments
III
3,905
682
U.S. liquid liabilities to foreign official agencies (table 2, line 55).
II
-6,908
Demand deposits
Time deposits 3
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 3 4
_.
-
Amounts
outstanding
Dec. 31,
19721
-6,691
To international and regional organizations-
Demand deposits
Time deposits s.
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 3 4
_
1972
1972 v
-8
-103
-53
122
66
13,151
1
-3
2
544
-710
64
-1
7
-245
185
134
-15
82
-16
10,487
1,958
241
465
4. Includes debt securities of U.S. Government corporations and agencies with a maturity
of 1 year or less.
5. Includes liabilities of U.S. monetary authorities for gold deposited by and held for the
IMF and includes U.S. Treasury obligations obtained from proceeds of gold sales by the IMF
to the United States to acquire income-earning assets. Investment was terminated in February 1972 and gold was reacquired by the IMF.
6. Includes changes in nonliquid liabilities reported by U.S. banks and in investment in
debt securities of U.S. Government corporations and agencies, private corporations, and
state and local governments.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
40
March 1973
Table 9.—U.S. International
[Millions
United Kingdom
(Credit+; debits-)»
Line
1972
1971
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts_.
Travel
Passenger fares._Other transportation
Fees and royalties from 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 *
O ther private assets
U.S. Government assets
Transfers of goods and services under U.S. military grant programs, net..
Imports of goods and services
1971
4,584
1,124
2,358
105
67
69
314
67
108
19
2,653
55
96
74
369
74
127
21
709
11
16
13
84
19
32
5
282
472
184
115
306
530
180
99
73
115
44
4
C)
1972
1972 P
4,160
C)
1972 P
II
III'
1,078
1,050
1,332
11,467
11,930
2,903
612
15
35
26
101
19
32
6
733
17
22
13
88
19
32
8,065
687
199
100
491
154
137
39
8,728
276
231
104
603
156
158
2,148
84
32
19
139
39
40
75
103
44
-17
82
188
48
84
506
886
158
45
545
915
159
23
128
211
42
14
-1
-1
76
124
44
28
C)
III"
IV P
2,828
2,799
3,401
2,095
67
71
31
154
39
39
1,978
56
68
35
162
39
40
9
2,507
69
60
20
148
39
40
7
119
154
39
12
123
250
175
299
41
-4
C)
(*)
(*)
-5,511 - 1 , 3 2 3 - 1 , 4 6 9 - 1 , 2 8 1 - 1 , 4 3 7 - 1 2 , 0 9 4 - 1 4 , 3 6 9
•3,391 - 3 , 5 5 7
-3,760
-3,661
-2,470
-258
-324
-288
-310
-35
-227
-14
-2,944
-331
-341
-337
-350
-36
-260
-14
-736
-88
-26
-66
-79
-9
-65
-751
-111
-122
-109
-78
-9
-65
-624
-61
-128
-94
-96
-9
-65
-4
-833
-70
-65
-68
-97
-9
-65
-4
- 7 , 548
-1,495
-539
-418
-496
-55
-52
-73
-9,025
-1,620
-659
-493
-584
-60
-58
-70
•2,263
-406
-59
-81
-129
-15
-15
-18
•2,172
-419
-218
-157
-129
-15
-15
-18
-2,236
-381
-292
-160
-161
-15
-15
-18
2,354
-414
-90
-95
-166
-15
-15
-16
-11
-236
-407
-212
-20
-203
-449
-225
-4
-74
-100
-74
-1
-51
-105
-64
-10
-33
-114
-44
-5
-46
-131
-43
-3
-134
-533
-747
-149
-555
-1,089
-3
-42
-140
-221
-2
-32
-135
-247
-2
-39
-142
-301
-139
-321
U.S. military grants of goods and services, net
C)
O
(*)
C)
(*)
Unilateral transfers (excluding military grants), net
-54
-50
-14
-11
-13
-13
-35
62
16
(*)
-123
(*)
-110
172
48
-4,792
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
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
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
-25
-28
Private remittances and other transfers
U.S. Government capital flows, net
37
European Economic Community (6)
Loans and other long-term assets
Foreign currencies and other short-term assets, net..
Repayments on credits:
Scheduled
Nonscheduled 8
U.S. private capital flows, net..
36
41
41
(*)
-40
42
-7
38
-27
-22
-60
29
-25
-30
-47
1
-7
-7
-7
-4
-5
-5
55
-14
127
54
-18
-5
-12
-5
-5
-119
-27
-163
28
127
73
110
24
50
7
165
204
36
-66
27
-36
-4
-19
10
204
201
-8
Direct investments abroad 4 .
Foreign securities
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid _
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
_
Short-term, liquid
-29
-20
1
_
Foreign capital flows, net
Gold
SDR
Convertible currencies
Gold tranche position in IMF.>..._.
-193
-1,087
-281
108
166
58
-139
-238
-74
-41
-276
-40
3
-203
10
-10
83
-92
-28
32
47
-6
188
-5
-15
1
26
17
-77
-14
43
-49
3
-18
25
11
-24
-3
55
-37
50
-97
54
-66
5,812
1,862
2,115
4,751
-79
3
-106
-208
-1,765
145
17
-47
26
8
-7
-1,305
65
-137
-48
-7
109
188
-1
-16
32
-20
13
-145
18
-45
-211
-15
89
-92
60
-71
-20
-4
21
-2,026
71
4
-5
-7
1,113
263
26
5
322
-40
1,731
-2,353
670
303
11
-5
-1,125
18
1,061
203
548
-141
-56
32
-213
131
-187
-23
-1
24
11
-644
72
-205
-80
14
2,237
7
-751
-388
-646
U. S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies..
Nonliquid liabilities to foreign official reserve agencies reported by JJA
Government
._
Transactions in U.S. official reserve assets, net
137
-1,215
U.S. Government nonliquid liabilities to other than foreign official
reserve agencies.
Other foreign private capital:
Direct investments in the United States *
U. S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks
U.S. liquid liabilities to private foreigners
59
-32
8,697
2
-111
-193
-32
131
115
42
56
149
-180
-2,191
-241
245
-241
242
386
2,145
-37
511
183
-67
164
-111
151
1,735
-110
45
63
391
-49
2
-652
5,181
7,076
1,452
-7
82
C)
60
604
-23
-19
37
123
-126
-12
-41
804
65
74
1,627
4,655
-658
91
417
-165
(*)
-3
-21
-3
-21
-3,603
300
3
303
(*)
-23
O
Allocations of special drawing rights (SDR)
Errors and omissions, and transfers of funds between foreign areas, net..
See footnotes at end of table.
-805
2,117
-678
264
-4,042
-5,155
-632
-1,220
SURVEY OF CURRENT BUSINESS
March 1973
41
Transactions, by Area
of dollars]
Other Western Europe
Eastern Europe
1972
1971
1972
1972 P
4,937
5,592
1,402
1972
1972 P
1971
I
Canada
1971
I
II
III'
IV P
1,373
1,319
1,498
466
929
179
150
255
345
976
24
408
857
162
132
239
324
3,156
147
3,584
130
908
35
880
30
820
42
101
125
20
37
33
51
600
46
88
86
53
707
50
106
91
9
158
13
26
21
16
181
13
26
22
17
187
13
27
24
148
300
128
85
184
375
124
63
43
108
31
31
43
89
30
7
40
72
29
18
II
IV P
III'
Line
1972 P
14,177
16,415
I
II
3,730
4,300
3,969
4,416
1
3,375
8
2
3
III'
IV P
10,475
76
12,629
37
2,885
10
3,369
14
3,000
6
35
927
914
226
229
305
154
4
11
182
13
27
25
13
8
20
2
20
10
22
3
4
3
5
1
4
3
5
1
4
3
5
1
8
3
6
1
10
217
37
158
7
9
235
40
175
13
2
48
10
44
1
2
59
10
44
8
3
63
10
44
2
2
65
10
44
2
5
6
7
8
9
59
107
34
7
5
10
10
8
2
2
2
4
3
1
3
1
397
1,000
873
2
421
967
971
4
86
187
232
(*)
96
230
238
1
105
188
243
1
134
363
259
1
10
11
12
13
-16,739
-3,807
-4,391
-4,036
-4,505
15
-3,840
-46
-239
-3,181
-38
-553
- 4 , 025
-34
-157
14
272
246
83
60
30
74
-5,319
-6,543
-1,550
-1,696
-1,717
-1,581
-279
-431
-81
-91
-131
-128
-14,507
- 2 , 736
-268
-510
-280
-591
-19
- 3 , 588
-296
-613
-358
-627
-22
-917
-76
-75
-61
-163
-6
-862
-80
-208
-130
-157
-6
-860
-73
-260
-110
-150
-6
-949
-66
-70
-57
-157
-6
-225
-4
-29
-364
-4
-38
-72
-1
-2
-75
-1
-9
-103
-1
-22
-114
-1
-5
-12,168
-193
-1,127
-14,468
-166
- 1 , 034
-3,422
-47
-85
-70
-2
—16
-19
(*)
-9
(*)
-12
(*)
-3
-252
-6
—174
-69
-2
-16
-18
-231
-5
—157
-59
-2
-16
-16
-3
(*)
(*)
-3
-54
-2
-16
-16
-3
(*)
-4
-64
-69
-11
(*)
-2
-54
-62
-11
(*)
16
17
18
19
20
21
-3
-3
-10
-12
-44
-3
-44
-3
-41
-3
-44
-3
22
23
-12
-96
-522
-171
-9
-75
-586
-236
-3
-23
-138
-57
-2
-23
-142
-53
-1
-13
-148
-62
-3
-16
-158
-64
-1
(*)
(*)
(*)
(*)
(*)
-64
-88
-258
-207
-49
-91
-243
-244
-12
-24
-57
-58
-12
-27
-59
-60
-10
-15
-62
-63
-15
-26
-66
-63
24
25
-1
(*)
-272
-246
-83
-60
-30
—74
-281
-206
-79
-82
-80
36
-24
-26
-6
-7
-120
-120
-23
-26
-40
-31
-28
62
-15
-14
-15
106
—4
-107
-145
-118
-150
-27
-38
-27
-41
-30
-35
-34
-37
-10
-10
—1
-12
-13
(*)
-3
-2
(*)
-3
-3
-63
-58
-72
-48
-17
-6
-17
-9
-18
-22
-20
-10
-11
-6
-62
-149
6
-68
-27
-25
-29
-6
-12
-2
-9
33
-8
2
-12
-1
-1
-1
-12
(*)
34
35
3
36
37
(*)
(*)
(*)
(*)
26
27
28
-6
-7
-2
-3
-4
30
-3
-4
-69
29
30
31
32
-96
-228
-318
18
-481
12
-79
1
-72
3
-101
8
-228
(*)
-62
24
-157
27
-21
5
-4
11
-84
7
-48
4
-28
3
-32
(*)
204
217
25
52
15
53
10
32
80
44
62
14
24
8
16
1
4
-369
-268
-391
163
-122
82
-28
-63
-30
-11
-24
1
-1,066
-1,645
-1,066
74
-522
-131
38
-131
-293
-32
42
168
24
-226
—279
-271
—689
-143
—178
-329
84
54
81
42
116
67
-76
162
-348
60
-222
39
40
-38
-146
-12
-47
-164
-5
-9
-63
-30
-3
19
11
-23
-107
-11
-12
-13
25
84
-100
-386
-154
-265
-34
-5
-131
-328
-51
-123
354
-4
19
-188
-94
-30
128
41
42
43
-21
-88
13
7
7
-2
-6
-40
—4
21
-17
5
—8
-99
—3
-6
-149
44
45
46
4,314
2,470
49
58
1,791
570
-4
-17
100
9
4
21
67
-2
-35
663
146
-17
79
1,136
-25
41
22
267
1
-44
23
137
11
29
5
345
-35
22
28
387
-1
34
1
6
2
-2
6
3,578
1,143
-204
-146
1,437
56
-3
24
-1
11
7
(*)
-4
-12
-4
—8
-26
-30
3
-7
-36
2
-12
-2
-1
-5
6
1
-3
—7
(*)
—4
15
1
3
—1
-25
(*)
1
30
9
13
-2
2
1
7
(*)
(*)
7
C)
—15
-12
-151
—19
-39
—29
—224
-9
27
109
-18
-30
-33
-109
—132
-267
721
236
686
-128
-73
47
-33
13
—1
-3
14
4
48
85
—45
5
—20
97
6
-9
—5
42
-39
-1
-11
103
-7
-1
-19
-35
25
-7
-8
-13
28
49
5C
51
52
-610
419
46
613
-116
-4
-4
-2
270
57
64
-5
-105
103
(*)
57
64
-5
-105
103
(*)
-2
1
(*)
351
—52
200
119
(•)
33
53
54
-124
55
56
57
200
(*)
(*)
(*)
(*)
(*)
(*)
188
82
58
59
60
61
62
63
-3,457
-875
516
194 -1,025
-559
-137
-372
-62
-81
-38
-191
1,808
1,396
936
-632
760
332
64
SUEVEY OF CUREENT BUSINESS
42
March 1973
Table 9.—U.S. International
[Millions
Latin American Kepublics and Other Western
Hemisphere
(Credits + ; debits - ) *
Line
1971
Exports of goods and services 2
Merchandise, adjusted, excluding military 3
Transfers under U.S. military agency sales contracts.
Travel...
Passenger fares
Other transportation
Fees and royalties from unafnliated foreigners
Other private services
U. S. Government miscellaneous services
10
11
12
13
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings *
Other private assets
U.S. Government assets
14
Transfers of goods and services under U.S. military grant programs, n e t . . .
15
Imports of goods and services
16
17
18
19
20
21
22
23
Merchandise, adjusted, excluding military 3.
Direct defense expenditures
Travel
Passenger fares
Other transportation
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
1971
II
IIIr
IV P
10,427
11,262
2,644
2,765
2,809
3,044
5,497
6,433
34
890
159
360
45
307
67
7,238
54
970
160
400
44
351
67
1,712
15
208
35
89
11
87
16
1,743
16
250
45
101
11
88
17
1,804
7
267
50
104
11
88
16
1,979
15
245
31
106
11
88
17
4,069
42
134
104
285
221
54
35
1,124
517
156
327
974
532
146
248
123
31
85
239
127
44
89
216
129
27
85
272
152
44
101
151
267
21
24
-6,115
-152
-1,322
-71
-257
o
-184
-174
-7,068
-156
-1,488
-95
-296
-4
-205
-184
-28
-243
-27
U.S. military grants of goods and services, net
Unilateral transfers (excluding military grants), net..
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
U.S. Government capital flows, net
Loans and other long-term assets
Foreign currencies and other short-term assets
Repayments on credits:
Scheduled...
Nonscheduled 5
U.S. private capital flows, net..
-28
-247
-1,857
-38
-435
-22
-73
-1
-48
-45
-1,675
-48
-345
-26
-69
-1
-53
-43
-1,711
-37
-388
-29
-77
-1
-55
-59
-2
-56
-2
-7
-62
-2
1972
1972 P
6,672
205
144
393
250
62
41
IV
II
III
1,637
1,530
1,595
1,911
1,212
20
45
1,127
8
50
31
99
63
16
1,170
6
51
37
104
63
16
12
1,469
8
59
44
103
63
16
16
123
160
244
30
7
(*)
C)
-2,446 -8,929 -11,434 -2,624 -2,753 -3,012 -3,045
-5
-24
-18
-9,079
-838
-116
-72
-345
-6
-28
-22
•2,090
-204
-17
-15
-87
-1
-7
-5
-2,173
-215
-35
-19
-82
-1
-7
-2,410
-205
-44
-26
-85
-1
-7
-6
-2,406
-214
-20
-12
-91
-1
-7
-1
-40
-197
-306
-2
-56
-226
-646
-1
-3
-42
-152
-15
-48
-153
-13
-61
-155
-1
-25
-75
-186
C)
O
-7
-13
1,825 -7,277
-33
-614
-88
-320
-50
-18
-77
-1
-49
-46
-308
-70
-3
-21
-24
-6
-6
-6
-7
-538
-531
-134
-134
-126
-137
-270
-55
-214
-62
-16
-55
-15
-51
-56
-16
-54
-357
-256
-64
-211
-441
-69
-106
-696
-7
-736
-13
-140
-2
343
4
308
73
C)
-46
-40
-10
-70
-17
-51
-10
-35
2
-14
-27
-1
-4
-6
-124
-142
68
40
-182
-7
-187
1
-227
-5
-217
-223
-17
83
62
89
126
159
227
53
-468
-735
-947
-272
-5
-15
16
-156
-2
-211
-126
-191
-28
-215
-119
-132
-353
-30
-132
-371
-17
-1,332 -1,831
4
40
1972
1972 *
-8,575 -9,778 -2,587 -2,326 -2,418
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings i
Other private liabilities
U.S. Government liabilities
37
Japan»
2
-4
-10
-9
(*)_
-5
14
-19
(*)
-59
-16
407
27
-701
-76
-23
-4
-75
-53
-54
-59
124
-258
-32
288
-125
-31
484
60
20
207
-96
-26
-613
-97
{ -20
-69
-62
22
-53
-1
-22
-15
-24
24
-27
4
-3
2
-40
23
-12
5,093
985
119
1,401
2,587
-89
3
-56
-4
123
Direct investments abroad .
Foreign securities
-668
-40
-106
-41
25
-12
-42
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
-114
-213
-45
-533
-813
-138
-40
-70
-11
-146
-271
-37
-221
-15
-185
-7
116
-14
-159
-11
797
-477
653
-180
801
10,059
-15
-10
-2
1
-5
-5
60
57
100
103
-24
-9
1
-27
-12
13
-34
-27
-25
63
-18
11
-39
17
3
42
-45
-15
-456
54
9
33
28
178
412
9
-478
27
4
17
191
99
1
2
163
21
279
40
153
31
128
-50
-324
872
-504
661
-107
822
10,424
4,474
1,423
-174
896
2,329
381
521
623
-223
506
-385 -5,703
-59
15
642
-12
-704
Claims reported b y U.S. nonbanking concerns:
Long-term
_
Short-term, nonliquid
Short-term, liquid.
-
Foreign capital flows, net
U.S. Government nonliquid liabilities to other than foreign official reserve
agencies
Other foreign private capital:
Direct investments in the United States «
U.S. securities other than Treasury issues
Other long-term, reported by U.S. nonbanking concerns.
Short-term, reported by U.S. nonbanking concerns
Long-term, reported by U.S. banks
_
U.S. liquid liabilities to private foreigners
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies
Nonliquid liabilities to foreign official reserve agencies reported by U.S.
Government
-3
f
-7
-4
(*)
Transactions in U.S. official reserve assets, net
Gold.
SDR
Convertible currencies
Gold tranche position in I M F
Allocations of special drawing rights ( S D R ) .
Errors and omissions, and transfers of funds between foreign areas, net...
v Preliminary.
' Revised.
*Less than $500,000 ( ± ) .
I. 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
http://fraser.stlouisfed.org/ U.S. official reserve assets.
Federal Reserve Bank of St. Louis
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 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.
SUEVEY OF CURRENT BUSINESS
March 1973
43
Transactions, by Area—Continued
of dollars]
International Organizations and Unallocated 7
Other Countries in Asia and Africa 6
Australia, New Zealand and South Africa
Line
1972
1971
1971
I
2,524
}
2,447
1,694
53
41
49
68
24
40
1
1,546
60
53
60
72
26
49
1
165
304
57
27
174
322
66
20
II
III"
541
602
393
15
9
9
18
7
12
615
1971
I
689
11,514
12,700
III'
II
3,058
3,158
2,941
422
19
14
16
18
7
12
(*)
6,129
778
98
73
536
18
252
149
6,627
513
114
89
659
20
262
142
1,653
122
20
16
168
5
65
34
1,664
163
36
18
165
5
65
36
1,482
88
35
30
159
5
65
39
1,828
140
23
25
167
5
65
35
41
62
17
12
37
74
15
2
53
105
19
5
206
2,616
259
401
236
3,335
282
421
38
760
71
105
73
776
65
93
66
814
71
59
985
75
136
2,861
4,015
1,117
732
-10,245
-2,372
-2,409
-1,733
—351
-1,794
-313
-94
-17
-78
-1
-12
-60
-1,727
-346
-416
-507
-457
-8,628
-1,139
-38
-50
-57
-42
(*)
-9
-25
-1,406
-24
-61
-67
-41
(*)
-13
-25
-270
-7
-22
-14
-343
-6
-422
-6
-15
-19
-10
(*)
-3
-5,775
-1,794
-305
-65
-241
-7
-371
-5
-10
-17
-10
(*)
-3
-6
(*)
-24
-17
-24
-14
87
-2,673
-2,040
-297
-110
-36
-69
-1
-12
I
3,544
403
9
19
18
19
7
12
1,287
1972 *
IV *
328
17
11
17
17
7
12
-1,401
981
1,015
III'
II
198
146
IV
476
195
1
2
3
4
209
274
64
65
69
76
190
220
1
55
55
55
55
1
28
433
108
13
30
370
126
-5
7
24
47
1
7
14
12
-7
5
11
55
11
322
12
-876
-990
-199
-215
-304
5
6
7
8
9
10
11
12
13
14
879
-2,791
-272
15
-8
16
17
18
19
-37
-259
-7,714
- 1 273
-390
-90
-297
—4
—48
-249
-2
(*)
-104
-43
-1
-1
-116
-64
-26
-14
(*)
-26
-14
-2,861
—4 015
—1,117
—732
—1 287
—879
-2,264
-2,536
-698
-583
-552
-704
-188
-297
-46
-131
-76
-44
29
-1,717
-148
-671
-506
-36
-156
-370
-37
-176
-350
-37
-165
-491
—38
-175
-188
-297
-46
-131
-76
-44
-2
-4
-1,554
-143
-567
30
31
-13
1
-44
33
-13
-44
34
35
-10
(*)
-3
-6
-17
-11
(*)
-3
-6
-2
-28
-59
-6
-7
-6
-10
-1
-8
-16
-1
-8
-26
-23
-5
-6
-6
-6
-2
-5
i
1972 *
IV >
C)
42
80
15
2
1972
1972
1972 »
-3
—76
-13
-79
-1
-12
-66
-63
R
-29
-16
-2,147
-312
-110
-24
-71
-1
—12
-60
-35
-553
-43
-619
-11
-134
-12
-142
-12
-169
-173
-116
-150
-10
-17
-77
-45
20
21
22
23
(*)
-35
-19
-58
-114
-65
-113
-16
-28
-16
-28
-17
-29
-17
-28
24
25
25
27
28
-5
-19
-6
-17
-4
-21
-29
-28
25
-17
-10
-1,621
-944
-206
-405
-150
-182
-66
-69
-14
-120
-1
-94
-1
-31
1
-23
-2
-22
1
-19
—1
-2,480
144
-1,819
130
-445
56
-554
5
-355
13
-465
56
-71
-74
-17
100
66
2
49
5
10
727
-11
745
183
144
192
227
5
5
3
-598
-380
-74
-132
-87
-88
-1,644
-1,849
-381
-606
-228
-634
-819
-519
-318
5
7
-213
38
-304
30
-224
23
-71
12
-76
6
-86
4
8
2
-729
-263
-915
-240
-100
-50
-417
-82
-104
-32
-294
-76
-543
-276
-389
-129
-74
-245
-14
20
-74
81
-228
15
39
40
-110
-163
-12
-25
-105
-13
-11
-5
8
-8
-14
-10
(*)
-8
-4
-6
-78
-7
-53
-427
32
—348
-134
-60
—76
-95
3
—83
20
2
—91
22
-15
—98
-81
-50
(*)
41
42
43
-2
-5
-13
-17
1
-13
6
-55
-149
-102
-50
-43
-20
-33
7
-21
13
-7
-29
-1
-5
-23
-26
-15
-9
446
2,183
347
467
657
712
-514
2,031
215
394
576
847
3
-9
-1
4
-4
-9
-18
328
-3
101
113
117
*}5
-29
-2
15
-2
6
53
-4
75
-2
107
1
57
—3
36
-2
—41
31
2
-8
7
1
46
684
710
-625
1,540
227
269
409
11
-24
24
-32
} -
(*)
(*)
29
-13
2
3
2,177
342
C)
7
15
441
(
-14
1
34
32
(*)
(*)
36
37
3
1
-1
C)
(*)
-
(*)
44
{
412
-1
1
-1
-1
-95
-281
120
-116
45
46
182
49
50
51
52
-19
35
-52
-97
147
—167
192
—15
-16
58
544
-703
544
-710
7
1,350
153
-1
185
-15
-16
59
60
61
62
717
710
710
307
-70
237
50
320
-332
-330
44
1 123
—6
44
22
-249
172
60
635
47
48
92
(*)
-1
f 53
1 54
1 55
156
57
-927
-2,471
-496
-479
-655
-842
3,112
842
384
5. Includes sales of foreign obligations to foreigners.
6. Transactions with the Ryukyu Islands that were under U.S. military administration
from the end of World War II until May 15, 1972, are included with Japan beginning in the
first quarter 1972; in previous periods they are included with "other countries in Asia and
Africa".
451
86
-79
-1,284
250
116
63
-103
64
7. Includes transactions with shipping companies operating under theflagsof Honduras,
Liberia and Panama.
NOTE.—Details may not add to total because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUKKESTT BUSINESS
44
March 1973
Table 10.—Summary of Known Current and Long-term Capital Transactions, by Area l
[Millions of dollars]
1971
Receipts by foreign areas ( - )
Line
1971
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
All areas, balances on:
Merchandise trade 2
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
-
--
United Kingdom, balances on:
Merchandise t r a d e 2
Goods and services
.
Goods services and remittances
Current account
Current account and long-term c a p i t a l 3
.-
-
. . . -
-.._.
- ---....
II
IV
III
I
III'
II
IV P
-2,666
750
-779
-2,824
-9,281
-6,816
-4,219
-5,776
-7,983
-9,243
479
1,513
1,178
713
-1,258
-768
261
-121
-645
-3,456
-1,072
- 1 325
-1,738
-2,241
-4,667
-1,305
300
-100
-653
97
-1,578
-803
-1,171
-1,801
-3,615
-1,748
—1 457
-1,853
-2,435
-2,265
-2,079
—2 292
-2,671
-3,169
-3,781
-1,411
333
-80
-579
414
-112
-632
-686
-686
-732
-291
-927
-977
-977
507
138
16
5
5
-364
-114
-281
-293
-293
-331
-144
-358
-370
-370
-285
g
-10
-28
-28
247
—27
-199
-213
-213
-97
—152
—391
-402
-402
37
—12
-231
-244
-244
-75
—100
—105
-118
-118
640
517
-627
-662
-662
-1,222
-297
-2,439
-2,377
-2,377
-1,589
229
111
115
115
-281
111
-213
-226
-226
-600
-16
-554
-572
-572
-931
193
29
21
21
589
-115
-488
-472
-472
-719
—77
-729
-721
-721
-363
-258
-961
-925
-925
-1,214
153
-260
-257
-257
706
420
-382
-633
-663
-125
-4
-951
-1.219
-1,157
-43
251
198
144
137
130
123
-104
-168
-172
-167
9
-371
-441
-452
-492
37
-106
-171
-177
405
-9
-148
-213
-227
-193
18
-323
-391
-405
-109
-40
-398
-463
-478
-196
27
-83
-154
-47
457
183
187
167
163
163
493
498
473
472
375
58
64
60
59
61
28
28
23
19
10
27
22
17
17
21
70
73
68
68
71
90
98
92
92
79
57
59
53
53
72
136
124
117
117
42
210
217
211
210
181
-1,693
-330
-450
-450
-899
-1,839
-324
-444
-444
-1,532
-357
46
26
26
-46
-381
-33
-58
-58
-164
-478
-419
-460
-460
-566
-477
76
41
41
-124
-537
-77
-100
-100
-450
-471
-91
-117
-117
-329
-181
-67
-107
-107
-403
-650
-89
-119
-120
-348
318
1,852
1,583
1,314
109
170
1,484
1,209
953
-235
71
333
264
194
197
32
491
423
357
-69
167
493
429
363
-69
48
536
470
402
50
-145
57
-14
-77
-237
68
439
373
303
47
93
391
321
265
-75
154
598
530
461
28
-3,208
-3,432
-3,478
-3,478
-4,277
-4,101
- 4 , 762
- 4 , 803
-4,802
- 4 , 502
-504
-505
-514
-514
-701
-875
-907
-917
-917
-1,219
-742
-808
-821
-821
-1,478
-1,087
-1,213
-1,226
-1,226
-880
-878
-987
-997
-997
- 1 , 581
-1,046
-1,223
-1,232
-1,230
-1,010
-1,240
-1,417
-1,430
-1,430
-1,033
-937
-1,134
-1,143
-1,143
-874
555
1,123
1,099
1,099
685
140
720
697
697
435
202
319
314
314
203
77
211
205
205
53
131
243
236
236
143
145
350
344
344
284
123
256
251
251
152
-15
125
119
119
64
-19
108
102
102
5
51
232
226
226
211
354
2,886
2,176
622
-2,059
-1,087
2,455
1,636
-81
-2,204
391
951
787
453
-139
231
986
807
391
-643
-26
537
353
-12
-456
-242
411
228
-210
-824
-80
686
494
-12
-462
-130
749
536
166
-718
-556
268
66
-284
-567
-319
753
540
49
-457
105
105
-83
-1,016
25
25
-272
-494
-20
-20
-72
-323
82
82
47
-340
-110
-110
-170
-561
153
153
112
208
-1
-1
-47
-130
-69
-69
-200
25
-109
-109
-185
-270
254
European Economic Community(6), balances on:
Merchandise t r a d e 2
Goods and services
Goods services a n d remittances
Current account
Current account a n d long-term c a p i t a l 3
.
. .
- --
-
--
-
-
16
17
18
19
20
Other Western Europe,2 balances on:
Merchandise trade
- .Goods and services
Goods, services and remittances
Current account
- Current account and long-term capital 3
-
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 loner-term caDital3
31
32
33
34
35
1972
1972 v
-
-
- -
-
--
- -
--
. . . .
- _..
-
- - ---
Latin American Republics
and Other Western Hemisphere, balances on:
Merchandise trade 2
- -Goods a n d services
Goods services a n d remittances
Current account
Current account a n d long-term c a p i t a l 3
_ . - .
.
- --
4
36
37
38
39
40
Japan, balances o n :
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 o n : 4
Merchandise trade 2
Goods and services
Goods services and remittances
Current account
Current account and long-term capital 3
- -
- --
-
-
- - -
-
- - - -
International organizations and unallocated, balances on:
51
52
53
54
55
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
-
.
-
r
p Preliminary.
Revised.
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, 49-51, 53
(by area only part of line 53 is includ ed).
The balance on current account and long-term capital with "all areas" includes changes in
long-term liabilities to all private foreigners reported by U.S. banks; with "international
204
160
-120
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):
1971 year, 95; 1972 year, 33; 1971-1, 8; 1971-11,12; 1971-111, 7; 1971-IV, 68; 1972-1,17; 1972-11,
19; 1972-III, 7; 1972-IV, -10.
2. Adjusted to balance of payments basis; excludes exports under U.S. military agency
sales contracts and imports under direct defense expenditures.
3. Includes some short-term U.S. Government assets; area data exclude long-term liabilities
reported by U.S. banks other than to international and regional organizations (see footnote 1).
4. Transactions with the Ryukyu Islands that were under U.S. military administration
from the end of World War II until May 15, 1972, are included with Japan beginning in the
first quarter 1972; in previous periods they are included with "other countries in Asia and
Africa".
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
By R. DAVID BELLI
Plant and Equipment Expenditures of l.S.-0wned Foreign
Affiliates: Revised Estimates for 1972 and 1973
PL,IIANT
and equipment expenditures
by U.S.-owned foreign affiliates are
expected to increase 7 percent this year,
following an estimated 2 percent increase in 1972. If current expectations
are realized, expenditures m 1973 will
total $16.3 billion.1
By industry, much of the growth in
expenditures in both 1972 and 1973 is
related to investments in petroleum,
particularly for exploration and production facilities in Saudi Arabia and for
expansion of tanker fleets. Plant and
equipment spending by manufacturing
affiliates in 1973 is expected to continue
the slow growth of the past 2 years,
while expenditures in mining and smelting are expected to rise slightly following
a large reduction in 1972. Expenditures
by affiliates in all other industries combined show continued strong growth
but account for only a small portion of
total spending.
rates on expenditures produced rather
inconclusive results. (See the March
and September 1972 issues of the
SURVEY.)
Total spending in 1972 is now estimated to have been $0.2 billion less
than was projected 6 months ago; the
projection of total spending in 1973 is
unchanged (see table 1). The comparison between the "current" and "prior"
estimates is affected by correction of Area and industry patterns
two errors contained in the prior estimates. The corrections affected certain
The level of spending by affiliates in
industry and country data for 1972 and mining and smelting fell sharply to
CHART 14
Expenditures for Plant and Equipment by Foreign Affiliates of U.S. Companies
Billion $
BY AREA
BY INDUSTRY
20 .
-
Total
Total
Y
6
> ^ ^
_
4
-
>s
Manufacturing /
, '
\
2
\
/
s'
^ ^ Petroleum
s
/
1
—
Other Industries
-
.6
1. These estimates are based on BEA's latest semiannual
survey, taken in December 1972, covering a sample of about
450 U.S. direct investors and their 4,800 affiliates. They are
universe estimates for all directly held affiliates in which
U.S. equity interest is 25 percent or more.
- 20
^
10
.8
NOTE.—Data for this article were prepared
under the supervision of Howard Murad with
a significant contribution from Thomas
Becker.
Billion $
(Ratio scale)
8
These findings do not reflect the
impact on spending plans of the February 1973 dollar devaluation but should
reflect any effect of the dollar devaluation and realinement of foreign exchange rates resulting from the
December 1971 Smithsonian Agreement. Attempts to identify the impact
of the earlier realinement of exchange
1973, although for each year their net
impact on the total was negligible.
Correction of the errors raised manufacturing expenditures in the United
Kingdom approximately $175 million
in 1972 and $200 million in 1973, while
lowering outlays by mining affiliates
in Australia about $200 million in both
years.
—
.4
I
-
JK
\
—
—
•
•
V ^*^ Mining and Smelting
-
-
.2
i
1957
i
i
59
i
i
61
i
i
63
i
i
65
i
i
67
i
i
69
i
t
71
i
i
73
1957
i
59
i
i
61
i
i
63
i
i
65
i
67
i
i
i
69
i
i
71
• Expected, see note table 1.
U.S. Department of Commerce, Bureau of Economic Analysis
45
i
73
SURVEY OF CURRENT BUSINESS
46
$113 billion in 1972 from $1.7 billion in
1971. The drop was centered in Australia and Canada where large increases
had occurred in 1970 and 1971, and may
reflect completion of large expansion
projects begun earlier. In addition,
weakness in metal prices and sluggish
demand, particularly in Europe, may
have dampened the incentives for
expansion. In 1973, capital spending by
mining and smelting affiliates is expected to remain approximately at the
1972 level.
Expenditures by affiliates in manufacturing are expected to continue on
the very modest growth path of the
past 2 years. The total in 1973 is expected to reach $7.3 billion, up from
$7.1 billion in 1972. By area, however,
expansion shows a markedly different
pattern in 1973 than in 1972. In
Canada, manufacturing affiliates increased their spending 21 percent in
1972 but expect only a small increase
this year to a level of $1.4 billion. In
Europe, on the other hand, manufacturing outlays are estimated to have
fallen last year but a 3-percent increase
is planned for 1973, bringing total
spending to $3.9 billion. Substantial
growth occurred in manufacturing outlays in Latin America last year and it
is expected to continue into 1973 with
total spending approaching $1.0 billion.
The shift in spending patterns of
Canadian and European manufacturing
affiliates may be related to the timing
of cyclical developments. Canada, like
the United States, appears to have been
ahead of most other developed countries
in the business recovery. Relatively
strong economic expansion is expected
March 1973
in Europe this year, but the recovery
does not yet seem to be fully reflected
in affiliate spending plans.
In Latin America, for both 1972 and
1973, the growth in manufacturing
expenditures more than offsets reductions in spending in the extractive
industries (mining and petroleum). Expenditures by manufacturing affiliates
will amount to almost half of total
affiliate spending in Latin America in
1973, compared to only about one-third,
on average, in 1967-71. Strong manufacturing expansion in Brazil and Mexico in both 1972 and 1973 is spearheading this change in mix.
Expenditures by affiliates in petroleum increased 9 percent in 1972 and
are expected to increase 11 percent this
year, bringing total spending to $5.8
billion. The growth in both years is due
Table 1.—Estimates of Plant and Equipment Expenditures by Foreign Affiliates of U.S. Corporations, Actual and Projected, by Percent
Change and Amount
Percent change
Actual
1969
Total
15
1970'
1971'
Billions of dollars
Current projection for:1
Prior projection for:2
1972
1972
1973
1973
21
Actual
1967
1968
1969
1970'
1971
Current pro-l
jection for:
Prior projection for:2
1972
1972
1973
1973
9.4
10.8
13.0
14.8
15.2
16.3
15.4
16.3
1.0
3.3
4.2
1.1
3.6
5.0
1.4
3.8
6.5
1.7
4.8
6.8
1.3
5.2
7.1
1.4
5.8
7.3
1.7
5.2
6.9
1.7
5.9
6.9
1.2
1.0
.6
1.3
1.1
1.3
.8
1.7
1.3
1.9
1.1
2.2
1.5
2.0
.9
2.4
1.4
2.2
1.0
2.4
1.5
2.3
1.0
2.6
1.4
2.2
1.0
2.3
1.3
2.3
1.0
2.3
.8
.8
1.0
1.4
1.5
1.6
1.8
1.6
1.8
2.2
2.1
2.3
2.7
3.0
3.2
3.3
3.2
3.5
1.3
1.6
1.8
1.9
1.9
1.9
2.0
1.9
2.0
5.8
5.9
6.1
5.8
5.9
1.6
3.5
1.0
1.3
3.6
.9
1.4
3.6
.9
1.0
1.3
1.2
.8
1.0
9.3
By industry
Mining and smelting
Petroleum
Manufacturing
Chemicals..
Machinery
Transportation equipment
12
10
-7
25
26
5
-24
0
-7
-22
14
6
-15
9
-2
10
7
0
Other manufacturing
Other industries
11
_
-4
10
2
2
13
0
-4
9
11
-4
-5
3
-4
1
13
3.0
4.5
1.2
1.1
.8
1.4
By area
Canada
_
Latin American Eepublics and other
Western Hemisphere
Europe
-5
29
-4
-14
United Kingdom
European Economic Community 3_
Other
16
6
10
2
-14
4
10
0
1
12
-19
-4
Australia, New Zealand, and South
Africa
25
Japan
Other areas
-1
20
22
3.6
1.0
2.1
.5
3.1
3.7
5.0
.9
1.7
.5
1.2
2.1
.5
1.4
2.9
.7
1.5
3.5
.8
1.5
3.5
.9
.7
.7
.8
1.0
1.3
1.0
-12
-6
.3
.4
.5
.6
.8
.7
16
10
1.1
1.4
1.6
1.7
2.1
2.4
3.0
2.3
2.7
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
11.8
3.4
4.2
4.1
12.0
3.5
4.2
4.3
13.0
4.0
4.7
4.3
12.2
3.5
4.4
4.3
12.8
3.9
4.6
4.4
5
-20
By OFDI schedule
All schedules 4
Schedule A
Schedule B
Schedule C
_
14
-16
15
12
-1
r
Revised.
1. Based on results of the survey taken in December 1972.
2. Based on results of the survey taken in June 1972, as published in September 1972: no
adjustments have been made to reflect information received subsequent to the publication.
3. Includes France, Germany, Italy, Netherlands, Belgium and LuxembDurg only.
4. Does not include Canada.
NOTE.—Spending projections are adjusted in order to eliminate—or at least reduce—any
systematic bias in response to the four surveys of estimated expenditures taken for each year
(in Jane 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 1972
projection is based on the fourth estimate (D report) of spending for the year. The 1973 projection is based on the second estimate (B report) of spending fo<- the year. For 1972 D and
1973 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 deviatiDn 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.)
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
March 1973
SUEVEY OF CUEEENT BUSINESS
Table 2.—Estimates of Plant and Equipment Expenditures by U.S. Corporations
Country—Summary of Surveys
[Millions of dollars]
All areas
Chemicals
MachineryTransportation equipment
Other manufacturing
Canada
Chemicals.
MachineryTransportation equipment
Other manufacturing
--
Latin American Republics and other
Western Hemisphere
Chemicals
_
Machinery
Transportation equipment
Other manufacturing,..
Argentina.
1971'
4,191
4,976
6,482
6,837
7,066
7,339
1,208
1,016
618
1,349
1,118
1,344
796
1,719
1,279
1,912
1,060
2,231
1,467
2,032
904
2,433
1,431
2,240
969
2,426
1,478
2,283
969
2,609
1,001
854
1,036
1,160
1,094
1,328
1,361
166
190
234
411
158
144
194
358
222
211
434
186
212
289
474
169
243
154
527
296
209
525
267
296
180
618
505
574
611
822
955
150
78
88
188
179
198
95
104
214
172
170
89
238
208
166
181
267
176
201
270
115
79
92
15
46
18
16
28
15
20
13
29
28
22
170
140
111
246
95
30
18
34
18
15
16
22
18
14
23
40
18
15
45
49
29
131
186
184
181
376
435
35
34
33
60
40
51
35
72
40
39
33
40
56
31
54
40
79
47
63
44
94
131
107
118
105
132
80
133
181
170
204
186
216
265
70
17
5
58
22
14
76
61
28
26
90
74
31
18
64
95
31
26
64
115
29
35
136
33
12
13
78
161
55
145
54
12
6
73
138
43
14
6
76
151
53
13
9
76
163
62
13
6
82
2,012
2,539
3,573
3,934
3,830
3,949
713
379
604
524
689
233
566
483
881
390
784
1,308
551
1,052
871
1,299
550
1,214
711
1,422
488
1,209
1,479
493
1,289
643
582
1,075
1,093
1,004
1,068
127
141
124
251
111
148
74
249
126
183
164
233
196
482
192
238
154
509
157
232
113
502
157
223
125
563
European Economic Community 2 -.. 1,438
1,195
1,440
2,168
2,497
427
510
245
256
314
486
146
249
620
210
321
414
968
335
450
580
946
385
473
1,075
362
579
450
1,113
348
548
200
152
111
190
251
253
271
110
46
23
21
78
42
5
27
30
4
43
38
7
78
112
46
10
76
76
74
109
18
France
Chemicals
Machinery...
Transportation equipment
Other manufacturing
371
307
338
545
542
648
50
176
75
70
28
179
30
192
41
75
36
315
84
110
59
270
73
140
58
348
96
146
148
Germany
518
424
607
934
1,166
1,033
1,026
184
142
64
166
106
65
273
159
110
138
409
237
150
212
421
280
253
182
380
238
174
416
224
212
Brazil
Chemicals
Machinery
_
Transportation equipment
Other manufacturing
Mexico
--•
-
Chemicals
Machinery Transportation equipment - _ _
Other manufacturing
Other
Chemicals
Machinery _
-Transportation equipment
Other manufacturing
17
8
48
•
141
Europe
Chemicals
Machinery...
Transportation equipment
Other manufacturing
United Kingdom
•
Chemicals
Machinery
-._,__.,
Transportation equipment
Other manufacturing
Chemicals
Machinery
Transportation equipment
Other manufacturing
Belgium and Luxembourg
Chemicals
Machinery.
Transportation equipment
0 ther manufacturing
Chemicals
Machinery
Transportation equipment
Other manufacturing
r
Revised.
1. See note, table 1.
--
--
2,459
70
576
53
Projection l
Actual
1972 1973
1,210
1,088
795
1,432
100
Chemicals.
MachineryTransportation equipment
O ther manufacturing
--
1969 1970
4,525
90
220
Foreign Manufacturing Affiliates, by Selected
Projection *
Actual
1967 I 1968
47
1967 1968
1970' 1971'
1972 1973
Europe—Continued:
ItalyChemicals
Machinery.
Transportation equipmentOther manufacturing.
150
165
181
34
66
2
48
74
2
50
20
90
4
67
153
5
74
50
158
18
66
Netherlands..
Chemicals.
Machinery
Transportation equipment..
Other manufacturing
198
147
203
228
245
137
38
2
21
105
26
1
15
141
35
1
26
135
53
2
147
51
4
44
52
2
37
72
76
8
47
251
235
242
344
337
422
100
54
12
68
78
12
107
20
120
99
115
11
119
81
115
13
128
81
143
20
178
190
227
268
374
455
407
435
81
64
2
43
128
55
3
41
108
90
2
110
173
3
146
235
3
72
93
255
2
57
83
249
3
100
256
295
306
398
395
399
357
95
32
96
101
59
35
86
126
44
51
105
198
32
61
107
196
55
73
86
185
57
52
81
167
214
244
264
319
289
57
26
76
85
52
30
80
101
42
98
158
25
53
94
157
45
66
70
138
49
46
64
130
52
42
62
67
80
68
10
6
19
17
7
5
6
24
7
9
13
10
7
16
47
6
17
37
Other.
Chemicals
MachineryTransportation equipment.
Other manufacturing
Japan.
Chemicals
Machinery
Transportation equipment.
Other manufacturing
Australia, New Zealand, and South
Africa
Chemicals
Machinery
Transportation equipment.
Other manufacturing
Australia and New Zealand.
Chemicals
Machinery
Transportation equipment.
Other manufacturing
South AfricaChemicals--Machinery
Transportation equipment.
Other manufacturing
Other Africa.
Chemicals
Machinery
Transportation equipment.
Other manufacturing
Middle East..
Chemicals
Machinery- _
Transportation equipment.
Other manufacturing
271
366
383
59
219
18
70
77
206
29
71
203
15
31
41
4
1
1
9
4
1
20
5
2
1
33
6
3
1
18
111
127
57
49
103
1
50
3
15
1
11
7
8
74
59
148
102
130
151
179
Chemicals.
Machinery
Transportation equipment.
Other manufacturing
78
14
5
52
47
8
1
46
35
18
2
75
52
21
1
78
IndiaChemicals
Machinery_ ...
Transportation equipment.
Other manufacturing
50
26
47
65
87
28
6
11
3
11
5
23
9
43
7
31
34
Other Asia and Pacific.
Other.
Chemicals
Machinery
.-.
Transportation equipment.
Other manufacturing
16
50
34
33
182
205
53
25
2
102
54
27
10
114
46
37
100
118
31
11
1
57
11
20
10
77
2. Includes France, Germany, ItalyTNetherlands, Belgium, and Luxembourg only.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
48
mainly to rapid expansion of exploration and production facilities in Saudi
Arabia and growing investment in
tanker fleets. Both factors reflect
rapidly increasing worldwide energy
needs.
Expenditures by petroleum affiliates
in Canada rose last year while in Japan
spending was cut back somewhat; in
both countries, however, strong growth
is expected in 1973. In Venezuela and
Libya, expenditures declined in 1972 and
are expected to fall further this year.
Expenditures by European affiliates are
also expected to fall slightly following a
10-percent increase in 1972.
Following a 7-percent rise in spending
last year, aggregate spending by affiliates in other industries—primarily agriculture, public utilities, trade, and
services—is expected to rise 13 percent
in 1973, the largest percentage increase
among the four major industry groups.
If realized, it will bring total spending to
$1.8 billion. Increases are scheduled in
most major geographical areas, with a
particularly large rise in Canada.
Plant and Equipment Expenditures and U.S.
Direct Investment Abroad
THE remainder of this article discusses
the relationship, by area and industry,
between plant and equipment expenditures of U.S.-owned foreign affiliates
and U.S. direct investment abroad. As
was noted in the September 1972
SURVEY, where this relationship was
examined on a global (all industries,
all areas) basis, direct investment differs
from plant and equipment expenditures
in a number of ways. Direct investment
is only one of several means of financing
affiliates' plant and equipment spending ; such spending may also be financed
by affiliate borrowing abroad or by use
of affiliates' depreciation reserves. Moreover, direct investment funds may be
used for purposes other than to finance
affiliates' plant and equipment expenditures, such as affiliates' working capital
needs or the acquisition of new affiliates
abroad by U.S. parent companies.
In the September SURVEY article,
the results of two simple regression
equations showed strong statistical relationships between annual plant and
equipment expenditures (the independent variable in each equation) and both
(1) annual net capital outflows for
direct investment and (2) annual
changes in the direct investment position of the United States excluding
valuation adjustments (i.e., net capital
outflows plus reinvested earnings of
foreign affiliates). Those equations were
fitted to global data for the years 1957
through 1971. In this article, the work has
been extended to include examination
of the relationships between the same
variables broken down by major area
and industry. The same time period has
been used. For the most part, neither
study takes into account determinants
of direct investment other than plant
and equipment expenditures, including
U.S. and foreign credit and profit rates
and conditions in foreign exchange
markets. However, the influence of the
U.S. foreign direct investment control
program is treated separately toward
the end of this section.
The results presented in table 4 for
major industries and geographic areas
confirm the evidence of the global
equations, i.e., that there is a strong
relationship between affiliates' plant
and equipment spending and both net
capital outflows for direct investment
and changes in the direct investment
position. The equations are in the form
Y = a + b X . The left half of table 4
presents results for equations relating
annual net capital outflows (Y) to
annual plant and equipment spending
(X). The right half presents results for
equations relating annual changes in
the U.S. direct investment position (Y')
to annual plant and equipment spending (X). Each half of the table shows
results by major industry for all areas
combined, by major area for all indus-
March 1973
tries combined, and by major industry
within each major area.
In the equations relating net capital
outflows to plant and equipment
expenditures, all but six of the regression coefficients are significant at the
1-percent level. (The coefficients for the
four Canadian equations are not significant even at the 10-percent level.)
Regression coefficients in the equations
relating changes in the direct investment position to plant and equipment
expenditures are all significant at the 1percent level except for two that are
significant at the 5-percent level.
While the equations for major industries and areas show strong relationships
between the dependent and independent
variables, the relationships are generally
somewhat weaker than those obtained
using global data. The relationships for
major industries within each area are in
turn usually still weaker. Disaggregation
of these data resulted in series that are
substantially more lumpy and discontinuous than the global data series.
Evidently, the greater the disaggregation, the greater the importance of
factors other than plant and equipment
expenditures in determining direct
investment.
Industry analysis
All three major industry equations
relating net capital outflows to plant
and equipment expenditures have
regression coefficients significant at the
1-percent level. The strongest relationship is for industries other than petroleum
and manufacturing (R 2 =0.79) and the
weakest is for manufacturing (R 2 =0.66).
(The Durbin-Watson statistic for the
manufacturing equation indicates the
presence of positive serial correlation.
Serial correlation imparts an upward
bias to the t ratio and increases the
chance of accepting as significant a
relationship that in fact is not statistically
significant. The implications of this are
discussed below.)
For a given change in plant and
equipment expenditures, the largest
associated change in net c a p i t a l
outflows is for industries other than
petroleum and manufacturing; the regression coefficient (b) is 0.53. The next
largest associated change in net capital
SUEVEY OF CURRENT BUSINESS
March 1973
outflows is for petroleum (b=0.36)
and the smallest is for manufacturing
(b=0.19).
The manufacturing equation has by
far the largest constant term (a)—the
hypothetical value of the dependent
variable (net capital outflows) were the
independent variable (plant and equipment spending) to be zero. This means
that at a very low level of plant and
equipment spending the amount of
associated capital outflow to foreign
affiliates would be larger in manufacturing than in petroleum or other industries. However, the regression line
for manufacturing has such a shallow
slope (b = 0.19) that in the current
range of plant and equipment spending
the amount of net capital outflows per
dollar of such spending is lower for
manufacturing than for petroleum or
other industries.
The high regression coefficient for
industries other than manufacturing
49
and petroleum may reflect the fact
that this category includes a significant
number of affiliates engaged in services,
such as trade and finance, rather than
production. An increase in plant and
equipment expenditures by such affiliates may be associated with an increase in other operations needing
direct investment financing. For trading affiliates, for example, plant and
equipment expansion may be accompanied by increased trade with their
Table 3.—Estimates of Plant and Equipment Expenditures by U.S. Corporations' Foreign Affiliates in the Petroleum, Mining, and
Smelting, and Other Industries (Except Manufacturing)—Summary of Surveys
[Millions of dollars]
Projection 1
Actual
By area and major industry division
1967
1968
1969
1970 r
1971'
1973
1972
Petroleum
All areas.
3,001
3,311
3,640
3,792
4,765
5,178
5,768
636
669
629
726
746
806
915
306
103
149
55
405
175
164
66
501
238
138
125
509
207
183
119
675
242
264
169
565
165
196
204
488
119
145
224
1,045
851
876
975
1,322
1,450
1,417
289
283
246
256
334
360
376
582
101
61
251
93
77
401
71
62
100
86
82
472
31
86
154
111
91
546
71
107
128
166
74
734
138
121
188
206
81
802
66
209
246
182
99
783
66
213
219
175
110
Other
174
167
158
173
254
Japan
146
207
189
230
370
308
456
133
211
155
147
Canada
_
_
Latin American Republics and Other Western Hemisphere-
Venezuela
Other Latin American Republics
Other Western Hemisphere
Europe
_
._
_
United Kingdom
European Economic Community 2
Belgium and Luxembourg
France
Germany
Italy
Netherlands
_
Australia, New Zealand, and South Africa
Other Africa
363
507
560
440
Middle East.
191
185
154
141
258
164
177
296
264
235
554
757
431
Other Asia and Pacific
125
158
201
304
444
412
International shipping
94
196
319
312
503
623
863
AH areas
920
1,035
1,132
1,387
1,735
1,322
1,359
Canada.
332
340
340
411
696
578
502
Latin American Republics and other Western Hemisphere.
288
456
497
477
244
223
230
8
3
5
10
3
7
10
3
7
15
3
12
16
3
13
21
4
17
21
4
17
247
199
205
397
662
388
414
45
30
80
87
117
112
192
All areas...
822
850
1,039
1,353
1,507
1,613
1,818
Canada..
264
265
326
414
469
550
Mining and Smelting
3
Europe
European Economic Community 2
Other
Australia, New Zealand, and South Africa
Other Areas
_
Other industries (except manufacturing)
Latin American Republics and other Western Hemisphere.
183
220
248
289
282
240
294
Europe..
United Kingdom
European Economic Community 2
Other.
246
56
100
90
251
43
118
90
313
52
149
112
426
80
188
158
534
118
225
191
643
177
213
253
673
133
286
254
Australia, New Zealand, and South Africa.
43
33
43
78
82
77
85
17
27
30
179
157
186
Japan
Other areas
' Revised.
1 See note, table 1.
'Includes France, Germany, Italy, Netherlands, Belgium, and Luxembourg only.
8
79
9
71
11
98
118
3 There are no expenditures in the United Kingdom and Japan.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
March 1973
U.S. parent. This may raise the average affiliates in this industry. (Branches
level of payables due to the parent are prevalent also in the "other indusfrom the affiliates and thus increase tries" category, but to a much lesser
net capital outflows on intercompany extent.) Current balance of payments
accounts, a component of direct in- methodology treats total earnings of
vestment. In addition, the limited foreign branches as being remitted to
fixed asset base of trading affiliates the United States; that portion which
may make them less able to finance is actually left abroad and reinvested is
expansion by borrowing abroad and treated as an offsetting net capital
thus may increase the need for funds outflow from the United States in the
from their parent companies. For min- same period. Thus, other things being
ing affiliates (also included in this equal, in industries (such as petroleum)
category), which tend to be concen- in which branch operations are imtrated in underdeveloped countries portant, net capital outflows tend to be
with inadequate capital markets, bor- larger than in industries in which incorporated affiliates, whose reinvested
rowing abroad may also be difficult.
The relatively high regression co- earnings are not included in capital
efficient for petroleum is to some extent flows, are relatively more important.
a reflection of the concentration of
In the industry equations relating the
branch (as opposed to incorporated) change in the direct investment position
to plant and equipment expenditures,
the regression coefficients are again all
significant at the 1-percent level and
the Durbin-Watson statistics do not
indicate the presence of serial correlation. As was to be expected, for each
industry the change in the direct
investment position associated with
a given level of plant and equipment
expenditures is larger than the net
capital outflows associated with the
same level of expenditures.
The regression coefficient for industries other than petroleum and manufacturing (b=0.70) is again by far
the largest. Also taking into account
the constant term, there are, in the
current range of expenditures, larger
changes in the direct investment position associated with a given level of
50
Table 4.—Regression Equations Relating Net Capital Outflows for Direct Investment and Annual Change in the U.S. Direct Investment
t Position l to Plant and Equipment Expenditures of U.S.-Owned Foreign Affiliates; Annual Data, 1957-71
a
Total
Petroleum
M anufacturing
Other industries
Canada
Petroleum__
Manufacturing
Other industries
Latin America
Petroleum
Manufacturing
Other industries
Europe
Petroleum
Manufacturing
Other industries
Other areas
Petroleum
Manufacturing
Other industires
Y=a+bX
Y'=a+bX
Y=Net capital outflows for direct investment
Y' = Annual change in the U.S. direct investment position *
X = Plant and equipment expenditures
X = Plant and equipment expenditures
b
SEE
D.W.
tb
a
b
D.W.
tb
SEE
483
0.30
**10.28
0.88
**1.60
385
820
0.49
**15.56
0.95
**2.37
413
66
311
-36
.36
.19
.53
**6. 01
**5.31
**7.39
.72
.66
.79
**1.67
.95
**1. 73
220
261
193
9
511
269
.45
.42
.70
**4. 69
**9. 90
**6. 85
.60
.87
.77
**1.57
**2.15
**1. 75
359
301
279
204
.19
1.66
.11
**1.78
262
151
.53
**5.28
.66
**1.99
230
99
-27
124
.11
.24
.21
.96
1.71
1.37
.00
.12
.06
**2.10
**1. 71
**1.39
70
158
117
35
60
168
.40
.54
.43
**3. 69
**4. 64
*2.19
.47
.60
.21
**2. 04
**2. 32
•1.13
64
130
152
-271
212
-124
.64
**4.69
.60
**1.81
214
**2. 25
**1.89
**2.57
92
53
82
.51
**3.85
.50
**1.46
-371
69
-51
1.07
.18
.46
**9. 56
*2.55
**4. 05
.87
.28
.52
**2.11
**1. 65
**2.57
85
47
81
-380
76
71
1.17
.50
.48
**9. 54
**6. 40
**4.07
.87
.74
.53
271
.33
**6.61
.75
.97
286
377
.48
**9.38
.86
*1.33
290
-2
178
74
.55
.22
.61
**4. 75
**5.66
*2.43
.61
.69
.26
**1.76
**1.54
*1.29
131
161
122
66
252
97
.40
.39
1.18
*2.70
**9.30
**3.90
.31
.86
.50
**1.79
**2. 26
•1.18
166
175
146
-17
.38
**10.24
.88
**2.60
154
117
.51
**13.41
.93
**2. 03
161
23
27
-35
.35
.19
.65
**5.17
**3. 79
**9.10
.65
.49
.85
**2.34
**2.53
.97
134
64
71
17
53
83
.48
.40
.70
**5. 90
**6. 96
**7.90
71
.77
.81
**2.09
**2.44
**1.98
160
75
88
Y=a+bX+cD
Selected regression equations
using F D I P dummy variable
ADDENDUM:
Y= Net capital outflows for direct investment
X = Plant and equipment expenditures
D=FDIP dummy variable2
a
Total
Manufacturing
Latin America
Europe
.
b
126
114
-659
76
c
tb
0.37
.30
.91
.47
**7.99
**7.32
**4.35
**7. 75
1. Excluding valuation adjustments.
2. The F D I P dummy variable takes on a value of 1 for the years 1968-71; it takes on the
value of zero for the years 1957-67.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
NOTE.—tb is the t ratio of the regression coefficient; H2 is the coefficient of determination
corrected for degrees of freedom; D.W. is the Durbin-Watson statistic; SEE is the standard
-693
-590
-443
-621
D.W.
12
tc
1.92
**3.44
*2.28
*3.02
.90
.82
.62
.95
**2.42
**2.15
**2.47
**1.86
SEE
350
193
184
225
error of the estimate corrected for degrees of freedom (measured in millions of dollars). I n the
addendum, t c is the t ratio of the coefficient of the F D I P dummy variable.
The symbols * and ** above the t ratios indicate that the regression coefficients are significantly different from zero at 5 percent and 1 percent confidence levels respectively.
The symbols * and ** above the Durbin-Watson statistics indicate that the null hypothesis
of serial independence of the residuals cannot be rejected at the 1 percent or 5 percent level of
significance. Tests of the Durbin-Watson statistic are based on the Theil-Nagar one-tailed
testing procedure.
March 1973
plant and equipment expenditures in
this industry group than in petroleum
and manufacturing.
The regression coefficients for petroleum and manufacturing are about the
same (0.45 and 0.42, respectively).
However, the constant term in the
manufacturing equation is much larger
than that in the petroleum equation
(511 compared with 9) and is significant at the 1-percent level. Thus,
the regression line for manufacturing
lies above that for petroleum for the
entire observed period. In other words,
a given level of plant and equipment
spending by manufacturing affiliates
has been associated with a larger
increase in the direct investment position than has been the case for petroleum affiliates. (Note that industry
comparisons
drawn
from
these
equations are not distorted by the
treatment of the reinvestment of
branch earnings because the dependent
variable in these equations is the
sum of net capital outflows, including
branch earnings that are reinvested,
and reinvested earnings of incorporated
affiliates.)
Area analysis
In the equations relating net capital
outflows to plant and equipment expenditures by major area, three of the
four regression coefficients are significant at the 1-percent level; the
coefficient for Canada is not significant
even at the 10-percent level. However,
for the European equation, the DurbinWatson statistic indicates the presence
of serial correlation and implies that
the significance of the regression coefficient may be overstated. The strongest
statistical relationship between net capital outflows and expenditures is for
the "other areas" category (R 2 =0.88).
The largest regression coefficient—
change in net capital outflows per
dollar change in plant and equipment
spending—is for affiliates in Latin
America (b=0.51). However, also taking into account the constant term, for
the current range of plant and equipment expenditures the highest level
of associated net capital outflows is
in Europe.
None of the regression coefficients
in the four Canadian equations for
SUEVEY OF CURRENT BUSINESS
net capital outflows is significant,
even at the 10-percent level. It is
not clear why these equations are
so weak, but the geographical closeness
and strong integration of the U.S.
and Canadian economies have evidently resulted in more volatile capital
flows and disrupted the close relationship between net capital outflows and
plant and equipment spending seen
in other areas. The Canadian equations using changes in the direct
investment position as the dependent
variable are much stronger. Regression
coefficients for the total, manufacturing, and petroleum are all significant
at the 1-percent level. Evidently, compensating adjustments were made
between capital flows and reinvested
earnings in financing plant and equipment expenditures.
The equations for change in investment position for Latin America,
Europe, and other areas have regression
coefficients which are significant at the
1-percent level. As in the equations for
net capital outflows, the strongest
relationship is for affiliates in the "other
areas" category (E 2 =0.93). The European equation meets only the weaker
of the two tests for the absence of
serial correlation. The regression coefficients for the four major area equations are within a fairly narrow range,
from 0.48 for Europe to 0.64 for Latin
America. Also taking into account the
constant term, in the range of current
expenditures there is very little difference among areas in the relationship
between a given amount of plant and
equipment spending and the associated
changes in the direct investment
position.
51
was established in 1965 on a voluntary
basis and was made mandatory in
1968. The FDIP was designed to reduce
the impact of direct investment on the
balance of payments through restricting
the amount of such investment that
could be financed with funds from the
United States or with reinvested earnings that would otherwise be repatriated
to U.S. parent companies. The restrictions have been tightest on transactions
with affiliates in continental Western
Europe and South Africa. The effect
of these controls has been to encourage
U.S. corporations or their affiliates to
borrow funds abroad to finance direct
investment. To the extent that parent
companies borrowed abroad to offset
their direct investment in response to
the FDIP, net capital outflows and the
change in direct investment position
and their relationship to plant and
equipment spending would be essentially the same as in the absence of
controls. If, however, program requirements were met by affiliate borrowing,
then both net capital outflows and the
change in position would tend to be
lower than in the absence of controls
and their relationship to plant and
equipment expenditures would be
changed.
Among the major area, major industry, and global equations, the dummy variable was significant only in
certain equations for capital outflows:
at the 1-percent level only for manufacturing, at the 5-percent level for
Europe and Latin America, and at the
10-percent level for the global total.
After inclusion of the FDIP dummy,
there was no longer indication of serial
correlation in either of the area equations for Europe or in the net capital
The impact of the FDIP
outflow equation for manufacturing.
These results seem to indicate that,
Evidence of serial correlation, present
in both European equations and in in response to the FDIP, a significant
the manufacturing equation for net amount of affiliate borrowing took place
capital outflows, may imply that an in Europe, where the mandatory conimportant explanatory variable has trols were strictest. That the global
been omitted. In an attempt to specify manufacturing equation was also imbetter the relationship between direct proved is somewhat more puzzling.
investment and plant and equipment While manufacturing investments are
expenditures, a dummy variable was more heavily concentrated in Europe,
introduced as a second explanatory the manufacturing equation for Europe
variable to reflect the impact of the showed no significant evidence of serial
mandatory U.S. foreign direct invest- correlation without the FDIP dummy
ment program (FDIP). This program variable and that variable was sig-
52
SUEVEY OF CURRENT BUSINESS
March 1973
areas and industries combined, (2) the
sum of the major industry equations,
and (3) the sum of the major area
equations. The three approaches result
in rather small differences in the predicted 1973 capital outflows. The global
equation predicts a value of $5.4
billion; the sum of the predicted values
from the three major industry equations is $5.5 billion; and the sum of the
predicted values from the four major
area equations is $5.7 billion. Use of
the equations for Europe and manufacturing which include the FDIP
dummy variable results in no significant
change in these predicted values. However, the recent change in exchange
rates and the continued instability of
exchange markets suggests that it would
be inadvisable to predict net capital
outflows for 1973 based only on their
relation to expected plant and equipment expenditures.
markets in 1972 and the large amount
of unused manufacturing capacity in
Western Europe which reduced the need
of foreign affiliates for new plant and
equipment. Direct investment outflows
to Latin American Republics and other
Western Hemisphere countries totaled
only $0.1 billion, a decline of more than
Concluding comments
$0.5 billion. Growing uncertainties
about governmental policies regarding
It might be noted that actual direct
direct investment by foreigners may
investment net capital outflows totaled
be discouraging U.S. direct investment
$3.3 billion in 1972, substantially less
outflows to these countries.
than the $4.9 billion suggested by the
New issues of securities sold abroad
global equation. The reasons for the
by U.S. corporations increased $0.8
large difference are not yet clear, but
billion to $2.0 billion in 1972. This
part of it reflected the volatile exchange
increase in new issues was partly remarket conditions of 1971 and 1972.
lated to the more favorable European
In order to see how the various equacredit market conditions compared to
tions relate to each other, net capital
1971. In addition, the recovery of the
outflows implied for 1973 were calU.S. stock market made convertible
culated in three ways using the current
issues more attractive to foreigners.
projections for 1973 plant and equipSuch bonds accounted for more than
ment spending: (1) The equation for all
$0.7 billion of the increase in new issues
(table 6).
Other long-term corporate borrowing
totaled $0.6 billion in 1972, an increase
of $0.3 billion. A significant portion of
Balance of Payments
this borrowing during the second half
of 1972 was in Japan, marking the first
(Continued from page SO)
time that Japan has been a major
source of such funds. This reflects the
outflows and a $1.1 billion increase in may have been used for regular direct easing of credit controls there over the
corporate borrowing abroad. Other cor- investment purposes in 1972, thus past year. The heavy accumulation of
porate claims shifted favorably by $0.4 reducing the need for additional out- dollars by the Japanese central bank
and the Japanese monetary authoriflows from the United States.
billion.
Direct investment capital outflows ties' policy of depositing dollars in
Preliminary data indicate that direct
investment outflows totaled $3.3 billion were $0.9 billion in the fourth quarter. Japanese commercial banks resulted
in 1972, the smallest since 1969. The The $0.3 billion decline from the third in attractive terms for U.S. corporate
reduction of direct investment flows quarter reflected a shift to substantial borrowers.
The favorable swing of $0.4 billion
may partly reflect the small size of the inflows on intercompany accounts, sugincrease in affiliates' plant and equip- gesting that many companies engaged in other corporate claims in 1972
ment spending (2 percent in 1972 com- in yearend positioning even though it resulted from the reduction of outflows
pared to 14 percent in 1971; see the may not have been necessary to meet associated with short-term, nonliquid
claims. Most of the improvement in this
article on plant and equipment expendi- OFDI program requirements.
An area breakdown of direct invest- largely trade-related account occurred
tures abroad beginning on page 45).
Also, a portion of the large direct invest- ment outflows in 1972 shows two major in the first half of 1972 as foreigners
ment outflows in 1971 was probably shifts. Direct investment outflows to reduced their accounts payable, which
associated with anticipations of the Western Europe declined $0.8 billion had increased throughout 1971, with
appreciation in many leading currencies to $1.2 billion in 1972. This probably exchange market uncertainties a conagainst the dollar. Some of these funds reflected the relatively calmer exchange tributing factor.
nificant only at the 10-percent level
when introduced. In the equation for
Latin America, where controls were
least strict, the dummy variable is more
likely reflecting reductions in direct
investment unrelated to the FDIP.
U. S. GOVERNMENT PRINTING OFFICE : 1973 O - 497-458
CURRENT BUSINESS STATISTICS
JLHE STATISTICS here update series published in the 1971 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
That volume (available from the Superintendent of Documents for $3.00) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1967 through 1970 (1960-70 for major quarterly
series), annually, 1947-70; for selected series, monthly or quarterly, 1947-70 (where available). Series added or significantly revised after the 1971
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1970 issued too late for
inclusion in the 1971 volume appear in the monthly SURVEY beginning with the September 1971 issue. Also, unless otherwise noted, revised monthly
data for periods not shown herein corresponding to revised annual data are available upon request.
The sources of the data are given in the 1971 edition of BUSINESS STATISTICS; they appear in the main descriptive note for each series, and
are also listed alphabetically on pages 189-90. Statistics originating in Government agencies are not copyrighted and may be reprinted freely.
Data from private sources are provided through the courtesy of the compilers, and are subject to their copyrights.
OF CURRENT BUSINESS.
1970 | 1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1972
1969
IV
Annual total
1970
I
1971
III
II
| IV
I
II
1972
| III
IV
I
II
IV
III
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCTf
Gross national product, totalf
—bil.$_
Personal consumption expenditures, total do._.
976.4
1,050.4 1,151. 8
948.9
958.0
971.7
616.8
664.9
721.0
594.4
604.1
613.4
623.0
626.5
989.7
1,023.4 1,043.0 1,056.9 1,078.1 1,109.1 1,139.4 J,164.0 1,194.9
648.0
660.4
670.7
680.5
696.1
713.4
728.6
745.7
Durable goods, total9
Automobiles and parts
Furniture and household equipment
do..
do_.
do,.
90.5
37.3
39.0
103.5
46.7
42.0
116.1
52.8
47.6
91.4
40.6
37.5
90.2
37.8
38.7
91.6
39.2
92.6
39.4
38.8
87.5
33.0
99.8
44.9
41.0
101.9
45.4
41.4
106.1
48.8
41.9
106.1
47.9
43.5
111.0
49.9
46.5
113.9
51.3
46.8
118.6
54.8
47.9
120.8
55.2
49.1
Nondurable goods, total?
Clothing and shoes
Food and beverages
Gasoline and oil
do..
do..
do..
do..
264.4
52.0
132.1
22.2
278.1
56.9
136.4
23.5
299.5
62.0
144.7
25.2
251.1
51.1
122.6
21.5
257.8
51.1
128.0
21.8
262.4
51.8
131.2
22.0
266.3
51.7
133.9
22.3
271.3
53.6
135.2
22.8
273.4
55.1
135.1
23.0
277.2
56.7
135.9
23.0
278.5
57.4
136.6
23.5
283.4
58.5
137.9
24.3
288.3
59.4
140.3
24.6
297.2
61.5
144.1
24.5
302.0
62.6
145.8
25.4
310.4
64.5
148.5
26.3
do..
do..
do..
do..
261.8
36.3
90.9
18.2
283.3
39.5
99.2
19.9
305.4
43.3
107.2
21.7
251.9
35.1
87.2
17.1
256.1
35.3
88.7
17.7
259.4
35.9
90.1
18.0
264.1
36.9
91.4
18.5
267.7
37.2
93.4
18.8
274.8
38.0
95.8
19.3
281.3
39.1
98.1
19.8
286.1
40.0
100.3
20.2
290.9
40.7
102.5
20.4
296.7
41.2
104.2
21.0
302.4
42.7
106.1
21.5
308.0
44.0
108.1
21.9
314.5
45.1
110.2
22.4
Gross private domestic investment, total
do..
Fixed investment..
do..
Nonresident ial
do..
Structures
do..
Producers' durable equipment
do..
Residential structures
do..
Nonfarm
do..
Change in business inventories
do..
Nonfarm
do..
Net exports of goods and services
do..
Exports...
do..
Imports
do..
Govt. purchases of goods and services, total..do..
Federal
do..
National defense
do..
State and local
do..
137.1
152.0
180.4
137.9
132.9
137.7
139.9
137.8
143.9
153.0
152.2
158.8
168.1
177.0
183.2
193.4
132.2
100.9
36.0
31.2
30.7
4.9
4.8
148.3
105.8
38.4
67.4
42.6
42.0
3.6
2.4
174.5
120.6
42.2
78.3
54.0
53.2
5.9
5.6
132.3
101.4
35.8
65.7
30.5
5.5
5.4
131.4
100.2
35.5
64.8
31.2
30.6
1.5
1.4
131.4
101.7
36.1
65.6
29.7
29.4
6.3
6.2
133.7
103.4
36.2
67.2
30.3
139.0
101.9
37.6
64.3
37.0
36.6
157.2
109.8
38.8
71.0
47.3
46.7
1.7
3.9
146.4
105.0
38.3
66.7
41.4
40.9
6.6
5.1
150.9
106.3
38.7
67.6
44.5
6.1
132.1
98.5
36.3
62.1
33.6
33.0
5.7
5.6
167.7
116.1
41.3
74.8
51.6
51.0
.4
.1
172.0
119.2.
42.0
77.2
52.8
52.1
5.0
4.3
175.2
120.7
41.8
79.0
54.4
53.7
8.0
7.9
183.1
126.1
43.7
82.3
57.0
56.1
10.3
10.1
3.6
62.9
59.3
.7
66.1
65.4
-4.2
73.7
77.9
2.7
59.2
56.5
3.6
61.5
57.9
3.9
63.0
59.2
4.0
63.7
59.8
2.8
63.2
60.4
4.5
66.3
61.8
.1
66.7
66.6
.4
68.5
68.2
-2.1
63.0
65.1
-4.6
70.7
75.3
—5.2
70.0
75.2
-3.4
74.4
77.8
-3.5
79.6
83.1
219.0
96.5
75.1
122.5
232.8
97.8
71.4
135.0
254.6
105.8
75.9
148.8
214.0
99.4
78.9
114.6
217.3
99.7
78.9
117.6
216.7
96.2
74.7
120.5
219.5
95.2
73.8
124.3
222.6
95.0
72.9
127.6
227.0
96.2
72.5
130.8
229.5
96.3
71.2
133.3
233.6
97.9
70.1
135.7
240.9
100.7
71.9
140.2
249.4
105.7
76.7
143.7
254.1
108.1
78.6
146.0
255.6
105.4
75.1
150.2
259.3
104.0
73.2
155.2
1,046.7 1,145.9
491.8
536.6
194.6
217.3
297.3
319.3
443.9
482.3
111.0
127.0
943.4
458.0
184.7
273.3
391.9
93.4
956.4
462.3
184.4
277.8
400.6
93.5
965.5
467.3
185.2
282.1
405.1
93.1
980.2
472.7
187.4
285.2
412.2
95.3
984.1
465.6
174.8
290.7
418.7
99.8
5.5
3.7
1.9
1.5
1.0
.5
6.3
1.6
4.7
6.2
6.0
.2
5.7
-.9
6.6
720.4
723.2
726.8
-
-
Services, total?
Household operation
Housing
Transportation
By major type of product:!
64.9
Final sales, total
Goods, total
Durable goods
Nondurable goods.
Services
Structures
do..
do..
do..
do..
do..
do..
971.5
467.0
183.0
284.0
409.2
95.4
Change in business inventories
Durable goods
Nondurable goods
do_
do..
do..
4.9
1.9
3.0
3.6
1.1
2.5
5.9
5.2
30.9
29.9
6.2
4.9
43.9
1.3
-.2
1,018.5 1,036.4 1,055.6 1,076.4 1,108.6 1,134.4 1,156.0 1,184. 6
554.8
532.1
496.2
503.1 517.2
542.4
482.2
485.8
225.1
214.6
197.7
200.1
208.8
220.7
189.6
191.0
329.7
317.5
298.5
303.0
308.4
321.7
292,6
294.8
497.3
477.3
446.7
456.3
467.3
487.3
431.3
441.1
132.5
125.0
112.7
117.0
124.2
126.3
105.0
109.5
5.0
3.0
2.1
8.0
5.4
2.6
10.3
11.9
-1.6
766.5
783.9
796.1
811.6
503.2
511.0
520.9
528.7
537.8
95.4
212.8
195.0
98.6
214.7
197.7
100.7
220.1
200.0
104.5
221.9
202.3
107.4
225.4
205.0
112.0
116.6
122.0
125.5
132.0
119.3
84.2
35.1
6.2
124.0
87.6
36.4
8.0
4.9
3.7
1.2
6.6
3.6
3.1
1.3
-1.0
2.3
1.7
-1.9
3.5
.4
.4
.0
718.0
731.9
737.9
742.5
754.5
488.2
493.0
497.4
94.2
210.5
192.8
107.3
GNP in constant (1958) dollarsf
Gross national product, totalf
bil. $..
Personal consumption expenditures, total do.
Durable goods
__do_.
Nondurable goods
do..
g
d
Services
do.
722.1
741.7
789.5
725.1
477.0
495.4
524.6
472.2
474.1
476.9
480.2
476.5
83.1
207.0
186.8
92.1
211.1
192.2
102.8
220.5
201.3
85.4
201.5
185.2
204.4
185.9
84.7
206.0
186.2
84.9
207.7
187.6
78.9
209.9
187.8
210.0
189.3
90.0
211.2
191.8
do
do..
do..
_do_.
do..
104.0
108.6
124.0
107.4
102.0
105.6
106.2
102.2
105.0
110.0
99.9
77.6
22.3
4.1
105.9
76.8
29.1
2.6
119.4
84.4
35.0
4.6
Net exports of goods and services
_
do..
Govt. purchases of goods and services, total, .do
Federal
_.
do.
State and local.
do.
2.2
.1
-1.9
Gross private domestic investment, total
Fixed investment
_
Nonresidential
Residential structures
Change in business inventories
102.8
80.9
21.9
4.6
101.0
78.8
22.2
100.0
78.9
21.1
5.6
101.3
79.3
22.0
4.9
97.4
73.6
23.9
4.8
101.2
75.3
25.9
3.8
1.9
2.0
2.9
1.9
2.7
139.0
137.6
144.6
142.8
142.4
64.7
60.8
61.6
71.5
69.0
74.3
76.8
81.3
73.1
73.5
r
Revised.
*> Preliminary.
t Revised series. Estimates of national income and product and personal income have been revised back to 1969 (see p. 16 ff. of July 1972 SURVEY);
revisions prior to May 1971 for personal income appear on pp. 25-26 of the July 1972
138.6
64.8
73.8
137.5
62.9
74.6
137.3
62.1
75.1
136.1
60.2
75.9
104.7
76.4
28.3
5.3
-.7
135.7
59.7
76.0
106.6
76.4
30.1
.7
111.3
79.2
32.1
.7
116.3
82.2
34.2
.3
118.0
83.6
34.4
3.9
.1
-1.8
-3.3
—2.8
137.6
61.0
76.7
141.1
62.3
78.8
142.2
62.8
79.4
143.9
63.7
80.3
,
142.6
60.8
81.8
9 Includes data not shown separately.
SURVEY.
*i
S-l
142.7
59.0
83.6
OF CURRENT
S-2
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
1970
1970
1972
II
Annual total
March 1973
1971
IV
III
I
II
1972
III
I
IV
II
1973
III
IV
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
NATIONAL INCOME AND PRODUCT—Con.
Quarterly Data Seasonally Adjusted at Annual
Rates
798.6
National income, totalf
bil. $~
603.8
Compensation of employees, totalf
do_.
541.9
Wages and salaries, total
do
426.8
Private
do
19.6
Military
do_...
95.5
Government civilian
do
61.9
Supplements to wages and salaries
do
66.8
Proprietors' income, total 9
do
49.9
Business and professional 9
do
16.9
Farm
do
23.3
Rental income of persons
do
Corporate profits and inventory valuation adjustment, total
bil. $_.
By broad industry groups:
14.5
Financial institutions
do
Nonfinancial corporations, total
do
55.4
Manufacturing, total
do
27.7
Nondurable goods industries
do
16.7
Durable goods industries
do
11.0
Transportation, communication, and public
utilities
-bil. $..
7.6
All other industries
do
20.1
Corporate profits before tax, total
do_
74.3
Corporate profits tax liability
do
34.1
Corporate profits after tax
do_
40.2
Dividends
do.
24.8
Undistributed profits,
do_
15.4
Inventory valuation adjustment
do
-4.4
Net interest
do_
34.8
DISPOSITION OF PERSONAL INCOME f
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income, total
bil. $_
806.3
116.7
Less: Personal tax and nontax payments
do___
689.5
Equals: Disposable personal income
do
634.7
Less: Personal outlays©
do___
54.9
Equals: Personal saving§
do___
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
All industries
bil. $.
79.71
Manufacturing
do...
31.95
Durable goods industries 1
do...
15.80
Nondurable goods industries J
do. _.
16.15
796.7
806.3
804.1
644.1
705.3
600.7
609.0
611.2
573.5
449.7
19.4
104.4
70.7
70.0
52.6
17.3
24.5
626.5
491.9
20.6
114.0
78.8
75.2
55.6
19.6
25.6
539.5
425.1
19.6
94.7
61.2
67.1
50.0
17.1
23.2
546.1
430.0
19.4
96.7
62.8
66.6
50.1
16.5
23.4
547.2
429.7
19.0
98.5
63.9
65.8
49.9
15.9
23.8
78.6
876.2
903.1
922.1
943.0
974.6
639.6
648.0
660.4
682.7
697.8
710.2
730.3
560.4
439.3
19.8
101.3
68.2
68.1
51.3
16.8
23.9
569.6
447.0
19.4
103.3
70.0
69.3
52.4
16.9
24.4
576.5
451.6
18.8
106.0
71.5
70.7
53.1
17.6
24.8
587.3
460.9
19.4
107.0
73.0
71.8
53.8
18.1
25.0
606.6
475.8
20.8
110.0
76.1
73.3
54.3
19.1
25.2
620.0
487.1
20.5
112.4
77.8
73.2
54.4
18.7
24.2
630.6
494.8
20.4
115.4
79.6
75.3
56.2
19.1
26.2
648.8
510.0
20.6
118.1
81.5
79.0
57.4
21.6
26.9
834.5
851.4
71.5
72.0
66.9
76.6
80.1
78.3
79.4
81.8
86.1
16.7
61.9
30.9
16.8
14.1
P17.9
P70.4
P37.9
P19.0
P19.0
14.0
57.5
29.9
17.0
13.0
15.0
57.0
28.9
17.2
11.7
16.1
50.8
22.6
16.4
6.2
16.6
59.9
30.9
16.6
14.3
16.4
63.7
31.2
16.8
14.4
17.0
61.3
30.1
16.9
13.3
16.6
62.7
31.2
16.9
14.3
16.5
65.2
35.4
17.7
17.7
17.5
68.5
37.0
17.6
19.4
8.2
22.9
P9.0
J-23.5
7.4
20.1
7.8
20.3
7.2
20.9
7.8
21.2
8.8
23.7
8.5
22.6
7.6
23.9
7.8
22.0
8.8
22.8
23.8
76.6
35.4
41.2
24.9
16.3
-4.6
35.3
69.6
32.2
37.4
24.7
12.7
-2.8
36.5
81.3
38.0
43.2
25.5
17.7
-4.7
37.3
84.5
38.6
45.8
25.4
20.4
-4.4
38.1
84.1
37.5
46.6
25.5
21.0
-5.8
39.1
83.2
35.3
48.0
25.2
22.7
g 9
39^7
88. 2
38.8
49.5
26.0
23.5
-6.5
40.1
91.6
40.1
51.5
26.2
25.3
-5.5
40.9
95.7
41.8
53.9
26.5
27.3
-6.1
41.7
' 101.9
P44.5
P57.3
26.7
P30.7
-5.9
42.5
P95.9
18.3
71.3
37.9
19.5
18.4
P19.3
P76.6
83.3
37.3
45.9
25.4
20.5
-4.7
38.5
P94.3
P41.3
-6.0
41.3
75.2
34.6
40.6
24.7
15.8
-3.7
34.2
861.4
117.0
744.4
683.4
60.9
935.9
140.8
795.1
740.2
54.8
806.1
119.0
687.2
631.2
55.9
813.4
114.3
699.1
641.1
58.0
819.8
115.8
704.0
644.8
59.2
838.0
112.3
725.7
666.4
59.3
858.1
115.2
742.9
678.8
64.1
867.9
117.5
750.4
689.4
61.0
881.5
123.0
758.5
699.2
59.3
907.0
136.5
770.5
714.9
55.7
922.1
139.5
782.6
732.5
50.1
939.9
141.1
798.8
748.0
50.8
974.6
146.4
828.2
765.5
81.21
29.99
14.15
15.84
88.44
31.35
15.64
15.72
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
7.31
3.40
3.91
22.79
8.44
4.12
4.32
19.38
6.61
3.29
3.32
22.01
7.63
3.71
3.92
21.86
7.74
3.86
3.87
'25.20
'9.38
'4.77
'4.61
51.22
2.16
1.67
1.88
1.38
15.30
12.86
2.44
10.77
18.05
57.09
2.42
1.80
2.46
1.46
17.00
14.48
2.52
11.89
20.07
12.18
.47
.47
.80
.31
3.28
2.59
.69
2.59
4.26
12.27
10.99
.49
.34
.34
.28
3.11
2.70
.41
2.50
3.94
13.06
3.83
3.20
.63
2.81
4.44
12.83
.55
.42
.39
.37
4.07
3.35
.71
2.62
4.42
14.35
.59
.45
.56
.37
4.29
3.60
.69
2.84
5.26
12.77
.58
.48
.50
.32
3.63
3.19
.44
2.72
4.55
14.38
.61
.48
.73
.39
4.24
3.61
.62
2.95
4.98
14.12
.59
.38
.61
.35
4.39
3.67
.72
2.84
4.97
'15.83
3.58
2.79
.78
2.56
4.16
12.99
.50
.43
.76
.33
3.74
3.12
.63
2.81
4.42
do.
do..
do.
do.
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
80.75
29.19
13.76
15.43
83.18
30.35
14.61
15.74
86.79
30.09
15.06
15.02
87.12
30.37
14.77
15.60
87.67
30.98
15.67
15.31
91. 94
33.64
16. 86
16. 78
do.
do.
do.
do.
_do.
do.
do.
do.
do.
do.
47.79
49.73
1.86
1.96
3.24
1.22
13.84
11.34
2.50
10.62
17.00
47.66
1.84
1.88
2.88
1.12
12.72
10.15
2.57
10.38
16.98
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
51.56
2.23
1.72
1.68
1.48
15.87
13.56
2.30
10.73
17.85
52.82
2.30
1.64
2.26
1.33
15.74
13.01
2.74
10.44
19.10
56.70
2.42
2.10
1.96
1.48
16.92
14.27
2.65
11.71
20.10
56.75
2.38
1.88
2.89
1.53
16.60
14.32
2.27
11.59
19.88
56.70
2.40
1.50
2.67
1.41
17.01
14.62
2.38
11.56
20.16
15,762
10,565
15,932
10,705
15,805 ' 16,434
10,462 r 10,872
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other___
Communication
Commercial and other
do.
do.
do.
do.
do_
do.
do.
do.
do.
do.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries 1
Nondurable goods industries 1
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other__
Communication
Commercial and other
855.7 v 935.7
47.76
1.89
1.78
3.03
1.23
13.14
10.65
2.49
10.10
16.59
p 53.1
26.4
P26.7
.46
.46
.74
.30
1.94
1.56
3.08
1.22
13.68
11.20
2.48
10.20
15.97
.54
.47
.60
.36
'.63
.47
'.63
'.40
'4.74
'4.01
'.73
3.39
'5.57
121. 56 125.27
9.33
'7.90
4.69
'3.91
4.64
'3.99
13.66
'.61
'.45
.54
'.35
'3.93
'3.45
'.48
15.94
.67
.45
.74
.44
4.74
4.02
.72
2 7.77
196.74
35. 98
•17.88
18.10
100.13
37.13
18.70
18.43
63.00
• 58.30 •60.75
2.62
'2.54
'2.46
1.79
'1.71
'2.08
2.94
'2.33
'2.12
'1.42
1.70
'1.66
18.56
17.53 ' 18.36
15.95
• 14.67 ' 15.43
2.61
'2.86
'2.93
12.63
•20.21
2 35.38
U.S. BALANCE OF INTERNATIONAL
PAYMENTScT
Quarterly Data Are Seasonally Adjusted
(Credits -f; debits - )
Exports of goods and services (excl. transfers under
military grants)
mil. $_.
Merchandise, adjusted, excl. military
do
Transfers under U.S. military agency sales contracts
mil. $..
Receipts of income on U.S. investments
abroad
mil. $..
Other services
do
62,870 ' 66,150 p 73,546
41,963 r 42, 787 p 48,840
1,478
1,922
p 1,166
441
329
510
436
16,770 ' 17,181
10,805 ' 11,527
516
474
15,767 ' 17,626 ' 17,436 • 18,471 p 20,014
' 11,659 ' 11,561 • 12,380 p 13,240
423
334
'281
'251
' 3,205 ' 3,424
' 2,389 ' 2,416
-59,307 '-65,400 P - 7 7 , 7 6 £ -14, 795 -14,943 -15,093 '-15,443 -16,612 '-17,005 '-16,344 '-18,929 '-18,836 -19,335
-39,799 '-45,453 p-55,65C -9,831 -9,968 -10,269 '-10,727 -11,69J '-11,914 '-11,117 '-13, 490 '-13,338 -13,905
-4,852 - 4 , 816 - 4 , 7 0 7 -1,259 -1,210 -1,203 -1,175 -1,214 - 1 , 1
-1,230 -1,218 -1,239 -1,101
11,426
8,004
12, 898 p 13,792
8,543 p 9,749
Imports of goods and services
do
Merchandise, adjusted, excl. military
do___
Direct defense expenditures
_.do...
Payments of income on foreign investments in the
U.S
mil. $.. -5,167 -4,903
Other services
do
-9,491 -10, 227
2,779
1,977
2,863
2,035
- 5 , 8 9 ! -1,322 -1,284
'-11,515 -2, 383 -2,481
967
3,563
Balance on goods and services, total
do
''750
750 v -4,21(
734
Merchandise, adjusted, excl. military
do
2,164 '-2,666 p-6,81
' Revised.
p Preliminary.
i Estimates (corrected for systematic biases) for Jan.Mar. and Apr.-June 1973 based on expected capital expenditures of business. Expected
expenditures for the year 1973 appear on p. 21 of the Mar. 1973 SURVEY. 2 Includes communication.
9 Includes inventory valuation adjust fSee corresponding note on p. S-l.
ment.
© Personal outlays comprise personal consumption expenditures, interest paid by
737
2,850
2,057
2,937
2,116
3,297
2,152
3,015
2,165
3,651
2,110
' 3,266
' 2,367
P299
P 3,898
p 2,577
P-20,670
p-14,923
p-1,149
-1,217 -1,139 -1,106 -1,304 -1,356 -1,387 -1,417 -1,503 P-1,585
-2,404 -2,402 -2,597 -2,589 -2,641 '-2,834 '-2,842 •-2,826 p-3,013
-864
P-656
712
' 992
' 158
' 176 ' - 5 7 7 ' - 1 , 3 0 3 ' - 1 , 4 0 0
r
145
' -890
' -387 ''-1,534 '-1,831 '-1,777
1,525
P-1,683
consumers, and personal transfer payments to foreigners.
§ Personal saving is excess of disposable income over personal outlays.
If Data for individual durable and nondurable goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
d*More complete details appear in the
quarterly reviews in the Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CUERENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1970
1970
1972
II
Annual total
III
S-3
1971
IV
I
II
1972
III
IV
I
II
1973
III
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. $_.
Balance on current account__ __
do
Long-term capital, net:
U S Government
do
Private
do
Balance on current account and long-term capital
mil. $..
Nonliquid short-term private capital flows, net
mil. $
Allocation of special drawing rights (SDR).__do _ _
Errors and omissions, net
do
Net liquidity balance
do
Liquid private capital flows, net
do
0 mci al reserve transactions balance
do
Changes in liabilities to foreign official agencies:
Liquid
mil. $
Other readily marketable
do
Nonliquid
do
Changes in U.S. official reserve assets, n e t . d o
Gross liquidity balance, excluding S D R
do... .
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes areas shown in
the 1971 edition of B U S I N E S S STATISTICS
-849
-137
-791
'201
-324
-191
-670
-702
-584
-558
-922 -1,605 -1,883
-347
- 8 5 6 -•-1,423 '-2,877 '-3,211 '-1,772 '-3,717 '-1,663 '-2,346 -1,523
—3,574 —3,764
-773
-821
356 ' —2,824 —7,983
194
168
—2,378 —1,367
—4,079
107
-563
-236
-3,059 ' —9,281 —9,243
-605
-3,207
-2,018
-1,398
-482
-49
-56
217
42
217
-221
710
-1,174 '—11,054 —3,806
-410
-677
-37
—2,386 —1,634
867
717
216
-992
-990
-846
-946
-918 ' -906
-950
' -688 ' - 7 7 0 '-1,569 '-2,293 '-2,318 '—1,770 -1,606
-533
330
-534
-315
-883
-654
180
179
179
179
' -800 '-2,708 '-5,465 '-2,082
-343
-1,081
' -508
178
-95
750
592
178
' —322
' —254
—607
690
' —507 — 1,211
177
177
'942 '-1,314 '-1,825 - 1 , 6 0 8
-898 -2,577 - 5 , 721 -9,380 -4,329 '-3,105 '-2,207 '-4,501 -4,'165
-765
-3,851 —22,002 —13,974 -854
-745 -2,551 -1,619
-119 '1,386
3,677 -1,211 -1,104 -2,212 -2,848
-173
2,583
-5,988 —7,763
-9,839 —29,765 —10,297 -2,065 -1,869 -3,110 -5,425 -6,466 -11,931 -5,948 '-3,224 ' - 8 2 1 '-4,674 '-1,582
7,637
-810
27,615
—539
535
341
9,676
400
189
-235
760
1,530
-233
735
-12
2,477
805
32
2,348
-4,466 —23,791 —15,823 -1,222
1971
584
-986
2,397
-188
4,952
-201
-8
10, 919
-173
-9
-8
5,774 '2,294
366
221
280
' 1,027 ' 4, 617 ' 1, 742
27
34
118
1972
1972
Jan.
Annual
5,975
-160
-2
78
-167
824
682
659
1,194
429
187
-231
-55
-111
-992 -3,029 -5,805 -10,114 -4,848 '-3,956 '-2,188 '-5,291 '-4,392
77
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. P
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE f
Seasonally adjusted, at annual rates:
Total personal income
861.4
935.9
898.9
908.5
913.6
919.4
924.0
922.9
932.9
940.0
946.8
964.8
976.2
982.9
'985.6
993.9
Wage and salary disbursements, total
do
Commodity-producing industries, total.do
Manufacturing
do
Distributive industries
do
572.9
206.1
160.3
138.2
627.0
224.6
175.8
151.5
602.6
214.8
165.8
145.5
609.0
217.7
169.3
148.1
612.4
220.1
171.3
148.0
617.6
221.7
173.3
149.4
619.9
222.5
173.8
149.4
624.0
223.5
175.0
151.4
625.7
222.4
174.5
151.9
630.6
225.2
176.6
152.3
636.0
227.8
178.8
153.0
643.0
231.0
181.5
155.0
648.5
233.3
183.9
156.3
654.9 ' 662. 7
235.8 ' 237. 7
186.2 ' 187.0
158.0 ' 159. 5
668.4
240.8
189.4
159.9
Service industries
Government
Other labor income
Proprietors' income:
Business and professional
Farm
do..
do..
do_.
105.0
123.5
36.5
116.1
134.8
40.3
111.2
131.2
38.5
111.6
131.7
38.8
112.8
131.5
39.1
113.9
132.5
39.5
114.7
133.2
39.8
115.5
133.6
40.1
116.9
134.5
40.5
117.3
135.8
40.8
118.2
137.0
41.1
119.3
137.7
41.4
119.9
139.0
41.8
121.5
139.7
42.1
123.0
' 142. 5
42.4
124.0
143.7
42.7
do..
do..
52.6
17.3
55.6
19.6
54.0
18.6
54.1
19.1
54.7
19.5
54.9
19.1
56.3
19.1
56.7
19.5
57.0
20.7
57.4
22.1
57.8
22.0
'58.2
21.8
58.7
21.8
25.6
26.4
72.9
104.0
25.1
26.0
70.8
97.6
25.2
26.1
71.0
100.0
25.3
26.0
71.3
100.1
25.5
26.1
72.0
99.7
53.2
18.4
21.5
26.3
73.4
101.3
55.7
18.6
24.5
25.4
69.6
93.6
55.3
18.7
25.6
26.3
72.7
100.9
25.8
26.4
73.5
102.2
26.3
26.6
73.4
102.8
26.5
26.5
73.3
103.2
27.0
26.7
73.7
111.6
26.7
26.6
74.5
115.2
26.9
26.8
75.4
113.6
'26.6
27.1
75.9
' 113.3
26.6
27.3
76.2
31.2
35.5
34.3
34.7
34.8
35.0
35.1
35.3
35.5
35.8
36.0
36.4
36.5
36.6
'42.4
837.2
909.3
873.4
882.4
887.1
893.4
898.3
897.5
907.3
914.0
920.3
937.1
947.2
953.9
••956.6
bil. $.
Rental income of persons
do
Dividends
do
Personal interest income
do
Transfer payments
do
Less personal contributions for social insurance
bil. $_.
Total nonagricultural income
do
115.1
42.8
964.9
FARM INCOME AND MARKETINGS t
Cash receipts from farming, including Government
payments, total J
mil. $_
Farm marketings and CCC loans, total
Crops
Livestock and products, total?
Dairy products
Meat animals
Poultry and eggs
do.
do_
do_
do_
do.
do_.
66,208
62,550 ' 4,868 '3,851
' 3,875 ' 3,659 ' 3,916 ' 4,050 ' 7,405 '5,389
' 5,478 ' 7, 270 ' 6,969
53,063
22,609
30,454
6,815
19,390
4,000
58,550 ' 4,817 r'3,834
24,233 '2,197
1,218
34,317
2,620 ' 2, 616
7,109
556
594
22,729
1,706 ' 1,749
4,231
'288
296
' 3,862 ' 3,538 ' 3,899
'1,081
'996
'955
' 2,781 '2,583 ' 2,903
614
621
601
' 1,814 ' 1,664 '1,956
334
304
'296
5,820
6,092
'4,033
r 1,196
' 2,837
'586
' 1,896
'335
'4,500
' 1,790
' 2, 710
'583
'1,706
'401
' 4,776
'1,816
' 2,960
584
' 1,980
376
' 5,435
'2,333
' 3,102
'577
' 2,120
387
'7,200
'3,815
' 3,385
'610
' 2,360
'397
' 6,937
'3,941
' 2,996
'598
' 1,998
'384
5,719
2,895
2,824
585
1,780
433
'6,043
' 2, 769
' 3,274
'632
' 2,192
425
4,677
1,579
3,098
589
2,114
370
Indexes of cash receipts from marketings and CCC
loans, unadjusted: %
All commodities
1967=100..
Crops
^
do
Livestock and products
do
124
123
126
137
131
141
'135
'143
130
'108
'79
'129
'109
'70
'138
'99
62
'128
'110
'65
'144
'113
'78
'140
'126
'117
134
'134
'118
146
'153
'152
'153
'202
'248
'167
'195
'257
'148
161
188
140
'170
'180
'162
131
103
153
Indexes of volume of farm marketings, unadjusted: %
All commodities
1967=100..
Crops
do
Livestock and products
do
111
115
107
111
115
107
'119
'143
102
'88
'73
'98
'87
'61
'107
'79
48
'102
'84
'50
'111
'92
'73
107
'107
'114
102
109
'107
110
118
'128
'112
'162
'213
'124
'158
'222
'111
126
158
102
'126
'156
'104
77
93
INDUSTRIAL PRODUCTION tf
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
1967=100.
106.8
114.4
106.6
110.3
111.6
113.6
113.4
116.5
109.2
115.4
120.3
121.3
118.7
115.2
' 117.1
121.1
do...
do...
do...
do...
do...
104.7
115.7
119.5
107.4
89.4
111.2
123.1
127.1
116.7
94.5
104.4
115.7
120.7
108.5
88.6
107.7
119.4
126.5
114.2
91.4
108.3
119.2
126.3
114.1
93.1
110.2
122.4
138.2
118.7
93.2
108.5
119.6
132.6
113.2
93.1
113.3
126.0
133.5
120.6
95.6
106.3
117.0
92.8
107.1
91.4
112.7
126.5
107.5
120.2
93.4
118.7
133.5
136.5
125.0
98.0
118.6
132.7
146.3
126.3
99.0
' 114.8
126.0
141.2
120.3
'99.2
' 110. 4
' 119.0
' 121. 2
'111.8
98.5
' 114. 0
' 124. 6
'140.3
' 118. 2
'99.2
118.0
129.4
148.6
126.3
102.0
do
107.4
116.4
108.3
112.4
114.5
116.6
117.7
118.7
109.4
115.8
119.6
122.1
' 121. 4 ' 119. 9 ' 120. 7
124.4
do
do
do
105.2
99.4
113.5
113.1
107.4
121.5
104.7
99.2
112.6
109.0
103.8
116.4
110.5
105.5
117.8
112.7
107.5
120.2
112.7
107.6
120.0
115.7
109.4
124.9
107.0
100.2
116.9
113.5
105.1
125.7
118.9
111.9
128.9
120.6
114.4
129.6
118.1 ' 114.1 ' 115. 7
' 113.1 ' 110. 6 ' 112. 7
125.4 ' 119.1 '120.0
120.1
117.0
124.7
120.7
121.1
118.9
121.0
123.8
Mining and utilities
do
'Revised.
* PreliminaryfSee corresponding note on p. S-l.
iSeries revised
beginning
1969; monthly data prior to May 1971 appear in the Farm Income Situation, July
1972, available from the U.S. Dept. of Agriculture, Economic Research Service.
9 Inhttp://fraser.stlouisfed.org/
cludes data for items not shown separately.
Federal Reserve Bank of St. Louis
120.4
122.9
130.8
126.3 ' 123.5 ' 124.8 ' 127. 2 127.5
120.0
124.6
130.0
cfSeries revised back to 1970 to reflect new seasonal adjustment factors and production
levels. Monthly revisions are available upon request.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown in
the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972 v
Annual
March 1973
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb. *
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTIONJ-Continiied
Federal Reserve Index of Quantity Output—Con.
Seasonally adjusted, total index X
-.1967=100.
By market groupings: %
Products, total
do...
Final products..
do...
Consumer goods
do
Durable consumer goods
do_
Automotive products
do.
Autos
do_
Auto parts and allied goods do.
Home goods 9
Appliances, TV, and radios
Carpeting and furniture
do.
do.
do.
Nondurable consumer goods_
do.
Clothing
do.
Consumer staples
do.
Consumer foods and tobacco do.
Nonfood staples
..do.
Equipment __
do.
Business equipment
do.
Industrial equipment 9
do.
Building and mining equipment-do.
Manufacturing equipment
do.
Commercial, transit, farm eq9—-do.
Commercial equipment..
do.
Transit equipment
do.
114.4
108.7
110.0
111.2
112.8
113.2
113.4
113.9
• 115.1
116.1
117.5
118.5
119.2
119. 9
120.8
113.1
111.2
123.1
108.4
106.4
118.5
109.5
107.6
119.6
110.1
108.2
119.6
111.4
109.8
122.0
112.1
110.2
122.2
112.0
110.1
122.1
112.2
110.1
122.0
113.3
111.3
123.1
114.4
112.4
124.4
115.9
113.9
125. 5
' 117. 3
' 115.0
' 126.8
' 117. 7
115.6
' 127.3
118. 5
116.6
128.4
119.5
117.8
129.3
115.1
119.5
108.3
140.9
125.5
127.1
112.7
155.0
117.5
116.6
102.8
143.4
120.3
119.5
106.4
144.5
118.9
119.3
104.6
147.5
125.9
128.9
114.3
157.0
' 125. 2
127.4
111.3
158.3
128.0
125.7
108.2
159.3
123.9
124.7
108.2
158.9
125.8
127.1
109.5
160.9
125.4
124.8
109.6
153.9
128.3
130.3
116.9
156.1
' 130. 7
' 137.5
' 126.6
158.6
134.3
' 142.0
133.9
' 157.2
134.6
136.7
126.0
157.2
136.9
139.8
131.5
156.0
112.6
111.5
117.2
124.5
124.7
132.6
118.1
123.8
121.7
120.7
123.1
126.1
118.7
115.1
127.1
124.2
132.2
131.3
124.3
129.3
132.0
126.1
125.9
134.0
123.5
121.6
132.6
125.1
119.7
138.4
125.7
123.1
134.5
127.2
124.0
137.6
' 128.9
' 121.8
137.6
' 130. 2
' 136. 8
' 138.5
133. 4
138.1
142.5
135.1
115. 9
101.4
119.8
113.6
126.3
122.2
107.7
126.1
117.3
135.2
119.0
105.8
122.5
115.4
129.8
119.3
102.7
123.7
115. 5
132.4
119.9
105.0
123.9
116.3
132.0
120.5
105.0
124.6
116.8
132.8
121.0
106.2
124.9
117.2
133.1
120.6
106.8
124.3
116.8
132.2
121.3
108.0
124.8
116.4
133.6
122.1
109.1
125.5
117.6
133.8
123.9
110.0
127.6
118.5
137.2
124. 5
110.3
128.2
118.5
138.3
'125.3
110.4
' 129.2
' 120.3
138.6
' 124. 7
111.9
128.1
' 118.1
' 138.4
125. 9
126.6
129.5
119. 0
140.4
130.5
119.3
142.2
89.4
96.8
92.9
92.9
82.6
94.5
104.4
99.5
101.9
89.0
89.5
98.4
94.1
98.0
82.4
90.9
99.9
95.4
92.4
101.3
96.3
101.2
84.5
92.7
101.3
95.7
98.4
84.9
93.4
102.5
96.3
97.0
85.9
93.3
102.4
97.2
98.3
86.7
93.4
102.1
93.7
98.0
87.1
94.8
105.0
99.9
104.8
89.4
95.8
106.7
102.8
105.7
92.6
97.3
108.5
103.7
105.4
94.0
98.5
' 110.1
' 105.8
104.2
'96.9
99.2
' 110.7
' 106. 6
' 106.3
'98.0
100.3
113.1
• 107. 9
107. 3
'99.6
101.7
114.4
109.1
107.2
100.5
101.2
110.0
89.4
110.0
117.9
96.7
103.3
109.1
95.1
105.1
111.9
94.7
107.0
114.7
95.4
107.6
114.1
97.0
109.6
116.4
98.9
108.4
116.7
94.4
108.3
117.3
92.5
110.7
120.0
93.0
111.2
121.5
93.1
113.8
122.7
' 115.3
' 123. 2
101.9
' 115.5
' 122. 8
' 101.7
• 119.1
• 124.4
• 110.9
120.7
126.5
112.5
r
77.1
78.1
74.8
76.0
77.6
78.5
78.2
78.3
78.9
77.9
77.7
78.6
'79.3
'80.1
'79.0
80.6
112.6
112.6
112.6
120.4
119.5
121.1
115.9
115.7
116.1
117.0
115.8
118.0
117.3
115.9
118.5
117.3
116.5
118.0
119.3
118.0
120.4
119.1
117.8
120.2
120.5
119.8
121.1
121.2
119.3
122.8
121.7
120.6
122.6
123.4
123.1
123.6
125.9
126.1
125.6
' 125.1
' 123.9
' 126.1
' 125. 7
•125.4
125.8
126.1
124.7
do_.
do.
do _
do.
.do.
do.
107.4
101.7
104.2
87.1
114.1
116.6
116.3
116.4
112.2
113.3
97.1
121.7
128.1
120.9
109.2
103.5
105.1
88.8
116.0
120.8
117.4
110.8
105.8
107.1
90.7
117.0
121.5
117.7
113.1
107.8
110.2
91.0
119.8
125.0
118.9
115.0
110.4
113.8
95.4
120.6
125.9
121.6
115.6
111.1
112.0
95.3
121.3
127.1
120.7
116.1
111.1
• 112.1
95.3
122.5
128.5
121.7
116.8
111.5
111.4
98.2
123.3
130.1
123.5
117.4
112.6
114.0
97.8
123.7
131.1
121.5
119.1
116.0
116.3
100.7
122.7
129.2
125.0
120.3
117.4
116. 6
102.6
123.9
130.7
124.3
' 120.6
' 117. 7
115.8
' 103. 6
' 124. 4
' 132. 7
' 122. 5
'
'
'
'
'
'
'
'
'
'
'
'
'
122. 1
120. 7
119.7
104. 7
124. 7
133. 2
119. 9
122.4
120.8
123.4
105.5
125.3
133.2
121.5
do.
do.
do.
.do.
do.
do.
do.
105.2
99.4
104.0
100.9
96.6
108.7
107.5
113.1
107.4
113.1
112.7
106.8
123.4
113.4
107.1
100.4
104.0
102.4
95.2
116.0
106.0
108.5
102.1
105.4
102.6
95.9
114.4
108.6
109.7
103.4
107.4
105.1
98.8
116.6
110.1
111.8
105.8
110.4
110.2
105.5
118.6
110.8
112.3
106.3
112.7
113.5
108.3
121.6
111.9
112. 5
105.8
112.1
111.9
104.9
122.5
112.3
113.2
107.7
114.5
114.9
107.7
122.8
114.1
114.1
108.4
114.0
113.6
107.3
124.0
114.4
115.2
109.7
116.4
117.4
113.4
128.9
115.2
116.6
111.4
118.4
119. 3
114.1
128.6
117.5
117.4
112.4
' 119. 6
' 120.2
114.3
133.1
r
118. 8
118.2
• 113.7
• 122.1
124.6
•118.4
' 139.3
• 119. 0
' 118. 8
' 114.2
' 121. 4
'122.9
' 116.4
135.7
' 119. 7
119.7
115.3
119.0
117.6
112.5
do.
do.
do.
do.
94.9
96.2
94.3
98.3
102.2
105.3
103.3
107.6
95.7
98.5
95.1
102.2
97.3
99.5
96.2
103.2
98.4
100.3
97.6
103.3
101.1
102.6
98.6
107.1
101.0
103.0
100.4
105.9
101.6
104.8
101.8
108.0
• 102.1
104.8
102.9
107.1
103.1
107.1
106.1
108.1
• 104. 2
108.3
107.0
109.7
105.7
109.6
108.8
110.4
' 107.0
'110.4
' 110.6
110.2
•
•
•
•
108.8
108. 2
112. 2 ' 1 1 2 . 3
110.1 ' 110. 8
114.5 ' 114. 0
110.9
113.6
111.6
115.8
Transportation equipment.__
Motor vehicles and parts
Aerospace and misc. trans, eq
Instruments
do.
do.
do.
do.
92.9
114.1
72.5
108.5
122.8
75.8
118.8
92.0
114.0
70.8
111.3
94.7
117.7
72.7
114.5
95.9
118.8
73.9
114.2
100.4
125.6
76.1
116.1
122.6
76.1
117.3
97.4
119.3
76.4
119.3
98.2
121.4
75.9
119.9
98.4
121.6
76.0
120.9
99.8
123.0
77.3
122.4
102.1
127.6
77.5
122.9
r 105. 0
• 132.0
79.0
123.3
106.0
• 135.3
77.8
• 122.6
Lumber, clay, and glass
Lumber and products
Clay, glass, and stone products
do.
do.
do.
111.5
113.9
110.0
119.4
122.2
117.7
115.5
122.0
111.6
118.0
119.7
117.0
118.1
119.6
117.2
118.1
119.9
117.1
118.2
119.1
117.5
119.0
121.8
117.4
119.1
121.5
117.7
119.6
121.1
118.7
120.5
122.8
119.1
123.0
128.1
120.0
do.
_..do.
do -
111.7
102.1
120.5
122.6
113.2
131.1
115.0
104.0
125.1
117.3
108.4
125.4
118.4
108.7
127.2
119.9
111.7
127.4
120.6
110.7
129.6
122.1
112.8
130.6
123.7
115.5
131.0
126.7
117.6
135.1
126.6
116.7
135.6
126.2
116.1
135.4
Defense and space equipment.
Intermediate products
Construction products
Misc. intermediate products
do.
do.
do.
do.
Materials...
do.
Durable goods materials9
Consumer durable parts
Equipment parts
Nondurable goods materials 9
Textile, paper, and chem. materials,
Fuel and power, industrial
By industry groupings :J
Manufacturing, total
Durable manufactures
Primary and fabricated metals
Primary metals
_
Iron and steel
Nonferrous metals
_
Fabricated metal products
Machinery and allied goods 9
Machinery
Nonelectrical machinery
Electrical machinery
Furniture and miscellaneous
Furniture and
fixtures..
Miscellaneous manufactures
r
• 120.8 ' 123.6
128.5
124.3
120.5
• 118. 8
125.0
126.2
117.4
134.0
• 126. 8 ' 129.1
119.4
118.3
138.0
134.5
134.4
124.7
• 109.1
' 118. 4
' 109.3
'80.1
• 124. 8 '125.3
109. 2 ' 109.3
120.0
• 119. 9
107.5
'82.9
83.0
126.1
109.8
' 119.3
130.5
'111.8
120.8
• 142. 0 '144.2
142.4 '144.3
126.6
124. 8
157.5
154.3
145.2
146.7
' 118.4
' 119.7
118.5
119.7
126. 5 ' 126. 4
108.3 ' 108. 7
137.4
141. 8
99.0
'96.0
106. 8 ' 107.3
95.2
97.1
108. 2 ' 109.2
105.5
106. 5
127.6
109.1
121.5
106.2
114.5
104.2
88.1
116.8
102.0
108.9
99.8
89.6
117.8
101.1
107.0
100.1
86.9
118.8
103.7
110.9
102.7
85.4
120.3
106.1
113.5
103.3
94.4
120.8
104.9
112.8
102.8
89.2
121.3
105.9
113.9
103.0
92.2
121.0
104.8
112.7
102.2
90.2
122.6
106.8
116.5
104.3
86.5
123.3
108.0
116.6
105.5
91.6
124.3
109.1
118.5
106.8
88.6
Paper and printing
Paper and products
Printing and publishing
do
do
do
107.8
115.8
102.5
115.4
126.6
107.9
111.3
122.2
103.9
112.6
122.8
105.8
112.6
122.5
105.9
112.3
124.4
104.2
114.1
127.2
105.3
115.1
126.7
107.3
115.2
126. 9
107.2
116.4
127.8
108.7
115.3
124.1
109.4
118.6
127.9
112.4
Chemicals, petroleum, and rubber. . . d o
Chemicals and products.._
do
Petroleum products..
do
Rubber and plastics products
do
124.8
126.4
115.7
126.0
137.6
139.3
120.2
145.5
129.8
131.2
119.3
133.3
132.6
135.1
118.7
135.0
133.4
135.7
117.9
138.1
136.1
137.9
117.0
144.7
137.5
138.9
119.5
146.5
137.1
139.5
117.3
145.0
137.4
139.5
119.5
144.1
139.9
141.3
120.4
150.4
141.1
143.4
120.7
149.6
141.6
143.8
124.1
148.2
Foods and tobacco
Foods
Tobacco products
do
do
do
113.7
114.9
97.7
117.4
118.4
103.7
115.7
116.5
103.8
115.9
116.9
102.5
116.3
117.5
101.9
117.6
118.6
103.9
117.1
118.5
99.1
117.6
119.3
96.4
116.8
118.3
96.7
117.6
118.3
108.5
118.8
120.0
103.0
117.8
118.2
111.8
118.9
119.4
112.5
do.
do.
...dodo
do
__do.--do
do.
118.9
107.0
121.4
93.2
107.6
99.8
108.9
108.3
123.8
108.2
120.8
94.0
109.1
103.2
110.0
107.3
120.6
107.3
128.9
93.8
107.1
106.3
107.2
104.0
121.6
107.2
133.7
93.5
106.5
99.6
107.6
104.2
122.3
108.5
131.0
92.7
108.6
104.1
109.3
106.9
122.9
109.0
122.2
92.6
110.0
112.9
109.6
108.1
122.6
107.9
110.7
91.7
109.9
105.0
110.7
109.5
122.7
108.2
102.9
97.4
110.5
109.1
110.7
108.9
123.2
107.9
102.2
91.6
111.0
114.4
110. 5
107.4
123.8
107.7
115.2
91.4
109.3
97.2
111.2
107.8
125.9
110.2
123.4
94.9
111.1
104.2
112.1
108.0
126.2
100.0
122.3
95.2
110.9
99.3
112. 7
108.7
-127.2
• 110.1
136.7
97.0
• 109. 2
• 101. 0
• 110.5
108.1
133.9
138.1
119.8
143.5
149.4
137.4
141.2
124.7
139.7
144.4
123.8
139.7
144.8
140.2
145.6
141.1
147.1
• 141.0
146.8
142.5
148.6
144.1
150.2
145.6
152.0
146.6
152.8
148.7
155.2
Revised.
v Preliminary.
9 Includes
data for items not shown separately.
f Revised data for 1966-71 for the indi
cated series appear on p p . 24-25 of the Oct. 1972 SURVEY.
See also notes marked " $ " on pp.
http://fraser.stlouisfed.org/
S-ll and S-12.
Federal Reserve Bank of St. Louis
JSee note marked "d1" on p. S-3.
120.5
122.8
128.2
119.7
113.6
100.7
108.6
97.8
87.4
do.
do
I."do
r
110.8
142.2
80.5
L130. 8
do
do
do
do
do
Utilities
Electric
Gas
121.9
120.1
119.9
104.9
124.9
133. 7
119. 6
' 107.1
' 137. 2
'78.2
' 126. 6
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products
Apparel products
Leather products..
Mining and utilities
Mining
Metal m i n i n g . . .
Stone and earth minerals
Coal, oil and gas
Coal
Oil and gas extraction
Crude oil.
r
r
106.8
106.4
104.7
115.7
r
120.9
133.3
112.6
140.6
141. 5
123.4
'151.3
r
120.3
134.1
•111.1
118.2
119. 4
120.5
149.1
155.9
148. 9
155. 2
112.5
107.1
100.4
108.2
150.9
157.6
March 1973
:EJNT JtJUfc
suit)
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of B U S I N E S S S T A T I S T I C S
5S
1972
1972
Jan.
Annual
S-5
1973
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
BUSINESS SALES §
Mfg. and trade sales (unadj.), total f--
mil. $_. 1,343,166 1,494,851 107,392 112,864 123,538 120,449 125,502 129,312 116,810 126,133 130,151
132,872 133,254 ••136,570 125,620
Mfg. and trade sales (seas, adj.), total t
-do
11,343,166 11,494,851 118,426 118,077 120,669 121,685 122,814 122,283 123,371 126,458 127,056
129,610 131,478 ••132,766 136,782
Manufacturing, total*
Durable goods industries
Nondurable goods industries
Retail trade, total t
Durable goods stores
Nondurable goods stores
do
do
do
do
do
do
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
1666,959 748,273
358,637 409,268
308,322 339,005
59,189
31,965
27.224
59,199
32,041
27,158
60,335
32,683
27,652
61,219
33,581
27,638
61,413
33,705
27,708
61,231 61,635
33,129 33,825
28,102 27,810
63,352
34,710
28,642
63,903
35,037
28,866
64,725
36,086
28,639
66,553 ••66,387
36,750 ••36,378
29,803 '30,009
68,642
38,569
30,073
408,850 1448,379
131,814 149,659
277,036 298,720
34,886
11,475
23,411
35,345
11,457
36,450
12,087
24,363
36,296
11,976
24,320
37,141
12,280
24,861
36,822
12,253
24,569
37,342
12,468
24,874
37,969
12,842
25,127
37, 746
12,614
25,132
39,106
13,168
25,938
38,713 ••39,417
13,173 ••13,640
25,540 ••25,777
40,571
14,222
26,349
267,357 1298,199
122,420 138,446
144,937 159,753
24,351
11.225
13,126
23,533
10,696
12,837
23,884
11,157
12,727
24,170
11,246
12,924
24,260
11,256
13,004
24,230 24,394
11,248 11,326
12,982 13,068
25,137
11,802
13,335
25,407
11,918
13,489
25,779
12,016
13,763
26,212 r 26, 962
12,155 ••12,546
14,057 ••14,416
27,569
12, 981
14, 588
191,823 181,867 183,488 185,469 186,896 187,745 187,014 186,141 186,243
188,024
191,641 194,330 rl91,823 193,772
193,479 183,303 183,826 184,263 184,816 185,953
189,759
190,974 192,318 •193,479 195,107
1
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (unadj.), total f-mil. $.. 181,010
Mfg. and trade inventories, book value, end of year
or month (seas, adj.), total t
mil. $.- 182,842
Manufacturing, totalt
Durable goods industries
Nondurable goods industries
Retail trade, total f
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
do
do
do
do
do
do
101,665
65,874
35,791
52,261
23,808
28,453
28,916
17,254
11,662
107,047 101,796 102,161 102,450 102,428
70,144 66,187 66, 422 66,604 66, 575
36,903 35, 609 35, 739 35,846 35,853
54,700 52,458 52,484 52,639 52,814
24,442 23,790 23,679 23,674 23,740
29,074
30,258
28,805
31,732 29,049 29,181 29,174 29,574
18,884 17,287 17,354 17,357 17,542
12,848 11,762 11,827 11,816 12,032
188,409
102,822 103,505 103,888
67,035 67,427 67,645
35,787 36,078 36,243
53,402 53,293 52,940
23,915 23,665 23,194
29,487 29,628 29,746
29,729 29,641 30,056
17,733 17,780 18,182
11,996 11,861 11,874
105,138 105,441 106,008
68,542 68,834 69,330
36,596 36,607 36,678
53,107 53,661 53,934
23,037 23,608 23,675
30,070 30,053 30, 259
30,164 30, 657 31,032
17,984 18, 239 18,296
12,180 12,418 12,736
106,371 ••107,047 107,260
69,641 ••70,144 70,369
36,730 ••36,903 36,891
54,700
24,442
30,258
31,289 ••31,732
18,628 ••18,884
12,661 ••12,848
55,394
24,472
30,922
32,453
19,114
13,339
54,658
24,235
30,423
BUSINESS INVENTORY-SALES RATIOS
ratio..
1.60
1.50
1.55
1.56
1.53
1.52
1.51
1.52
1.51
1.49
1.49
1.47
1.46
1.46
1.43
do
do
do
do
do
1.83
2.22
.65
.99
.58
1.67
1.98
.56
.91
.51
1.72
2.07
.60
.93
.54
1.73
2.07
.60
.94
.54
1.70
2.04
.58
.92
.53
1.67
1.98
.56
.90
.52
1.67
1.99
.56
.91
.52
1.69
2.04
.57
.94
.53
1.69
2.00
.57
.91
.52
1.66
1.97
.56
.90
.51
1.65
1.96
.56
.90
.51
1.64
1.92
.55
.89
.49
1.60
1.89
.54
.88
.48
'1.61
1.93
.55
.90
.48
1.56
1.82
.52
.85
.46
do..
do..
do.
do..
1.37
.51
.21
.65
1.28
.48
.19
.60
1.31
.50
.20
.61
1.32
.50
.20
.62
1.30
.49
.20
.61
1.30
.49
.20
.61
1.29
.49
.19
.61
1.28
.49
.19
.61
1.30
.49
.20
.62
1.28
.48
.19
.61
1.27
.47
.19
.60
1.28
.48
.20
.61
1.23
.46
.19
.58
1.23
.46
.19
.58
1.23
.46
.19
.58
do.
do.
do.
1.47
2.06
1.19
1.42
1.90
1.19
1.50
2.07
1.22
1.48
2.07
1.21
1.44
1.96
1.19
1.46
1.98
1.20
1.44
1.95
1.19
1.45
1.93
1.21
1.42
1.86
1.20
1.40
1.79
1.20
1.42
1.87
1.20
1.38
1.80
1.17
1.41
1.84
1.19
1.39
'1.79
'1.17
1.37
1.72
1.17
1.23
1.60
.92
1.21
1.55
.91
1.19
1.54
.90
1.24
1.62
.92
1.22
1.56
.93
1.22
1.56
.93
1.23
1.58
.92
1.22
1.58
.91
1.23
1.61
.91
1.20
1.52
.91
1.21
1.53
.92
1.20
1.52
.93
1.19
1.53
.90
1.18
1.51
•-.89
1.18
1.47
.91
21,583
25,108
1,788
1,900
1,967
2,029
2,303
2,158
1,955
1,918
2,146
2,063
2,151
2,097
1,738
1,951
1,997
2,201
2,111
2,145
2,288
2,268
2,218
2,171
' 2,446
' 2, 217
666,959
748,273
55,032
59,865
62,380
62,016
62,048
65,193
56,358
61,485
67,074
67,035
66,310 ••63,477
2,131
2,266
63,805
do.
do.
do.
do.
do .
358,637 409,268
19, 766 24,309
55,083
62,721
26, 656 30,338
21,312 23,918
29,535
1,628
4,565
2,157
1,796
32,611
1,780
4,880
2,323
1,895
34,285
36, 778
2,252
5,546
2,643
2,160
37,182
2,281
5,560
2,677
2,123
36,557
2,114
5,437
2,675
2,025
Fabricated metal products
Machinery, except electrical
Electrical machines
Transportation equipment
Motor vehicles and parts
Instruments and related products
do..
do__
do__
do__
do__
do_.
38,478
58,830
50, 041
84,603
54,786
11, 665
40,962
67,145
57, 268
95,812
62,385
12,529
2,950
4,929
4,274
6,983
4,733
903
3,252
5,457
4,611
7,974
5,338
947
3,372
5,788
4,793
8,190
5,390
1,002
3,490
3,713
5,303
5,904
4,687
5,132
6,328
8,698
3,596 I 5,855
1,047 ' 1,161
3,680
5,717
5,109
9,246
6,203
1,130
3,448
5,602
5,224
9,287
6,248
1,152
Nondurable goods industries, total9
Food and kindred products
Tobacco products
Textile mill products
do..
do..
do__
do._
308,322 339,005
101, 737 112,213
5,776
6,223
24,472 28,078
25,497
8,449
487
1,994
Manufacturing and trade, total t
Manufacturing, totalt
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 t
Durable goods stores
Nondurable goods stores
Merchant wholesalers, total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total
mil. $..
Seasonally adj., total...
do
Shipments (not seas. adj.), totalt
do.
Durable goods industries, total? t
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
Shipments (seas, adj.), totalt
By industry group:
Durable goods industries, total 91
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrcus metals
1,928
5,211
2,530
1,976
27, 254 28,095
8,874 9,117
493
503
2,185
2,415
1,968
5,418
2,636
2,065
34,611
2,079
5,313
2,594
2,005
36,047
2,154
5,491
2,641
2,085
29,895
1,973
4,700
2,268
1,800
3,481
5,764
4,613
8,120
5,426
1,016
3,463
5,681
4,521
8,407
5,489
1,014
3,647
6,104
4,952
8,291
5,530
1,068
3,113
5,083
4,299
5,977
3,410
27, 640 27,437
8,832 9,050
520
489
2,277 2,244
29,146
9,575
547
2,581
26,463
519
2,039
28,895
9,450
540
2,434
30,296
10,187
533
2,571
29,853
9,839
526
2,448
2,332
4,819
2,233
1,500
2,473
5,014
2,363
1,548
2,227
4,385
2,348
1,319
2,420
4,808
2,408
1,521
2,467
5,079
2,463
1,614
2,480
4,960
2,384
1,598
32,590
2,260
5,135
2,477
1,969
34,801 '35,218 2 39,130
1,911
' 1,892
5,465 '5,670 "a~6f"33i
2,853
' 2, 717
2,027
2,019
3,327
••3,353
5,923
' 5,813
' 5,053 4,785
8,311 ' 8,954
6,418
' 5,167
1,028
••1,100
29,753 ••28,676
9,961 ' 9,986
••519
547
2,485 ••2,405
28,124
9,212
499
2,286
' 2, 296
' 4,693
' 2, 530
••1,387
2,505
4,774
2,509
1,465
68,642
2,216
4,381
2,186
1,346
2,352
4,622
2,259
1,444
do._
59,189
59,199
60,335
61,219
61,413
61,231
61,635
63,352
63,903
64,725
66,553 ••66,387
_.do._
do._
do..
do._
do..
31,965
1,880
4,704
2,192
1,871
32,041
1,930
4,798
2,305
1,851
32,683
1,969
4,933
2,380
1,882
33,581
1,929
5,032
2,397
1,957
33,705
2,017
4,930
2,358
1,872
33,129
1,971
4,960
2,306
1,934
33,825
1,988
5,103
2,370
2,047
34,710
2,125
5,393
2,564
2,092
35,037
2,078
5,638
2,788
2,122
36,086
2,130
5,752
2,916
2,110
36,750
2,149
5,747
2,933
2,058
do__
do..
do__
do__
25,362
52,170
25,777
16, 249
28,421
57,298
28, 223
17,847
2,393
4,781
2,260
1,537
Fabricated metal products
do.
3,252
3,241
3,335
5,191
Machinery, except electrical
do.
5,274
5,328
4,784
4,622
Electrical machinery
do.
4,695
7,381
7,512
Transportation equipment
do_
7,537
4,769
4,895
Motor vehicles and parts
do.
4,908
1,004
967
Instruments and related products
do.
r
i Based on data not seasonally adjusted.
2 Advance estimate; total mfrs.
Digitizedshipments
forRevised.
FRASER
for Jan. 1973 do not reflect revisions for selected components. §The term "business" here includes only manufacturing and trade; business inventories as shown on p. S-l
http://fraser.stlouisfed.org/
cover data for all types of producers, both farm and nonfarm. Unadjusted data for manufactur-
Federal Reserve Bank of St. Louis
34,376
2,349
4,938
2,321
1,540
2,416
4,818
2,468
1,493
2 9,884
36,378 '38,056 2 38, 352
2,204
' 2,119
5,997 '5,835 "V 6," 227
2,897
••3,036
2,112
2,169
3,562
3,666
3,460
3,444
3,526
3,490 ' 3,473
3,447
3,397
5,779
6,338
5,666
5,564
5,759
5,933 ••6,033
5,549
5,564
5,597
4,833
5,368
4,751
••5,003
4,767
5,075
4,783
4,670
4,679
4,604
8,159
8,759
8,391 ' 9,444 2 9,260
8,146
8,797
7,869
7,938
8,137
7,487
6,484
5,336
5,653
'5,508
5,279
5,831
5,193
5,074
5,326
4,793
1,143
1,042
1,067
1,087
1,126 ' 1, 096
1,044
1,028
1,079
992
ing are shown below and on p. S-6; those for wholesale and retail trade on pp. S-ll and S-12.
fSee corresponding note on p. S-4 and note marked " t " on pp. S-ll and S-12.
JSee
corresponding note on p. S-7.
9 Includes data for items not shown separately.
SUEVEY OF CURRENT BUSINESS
S-6
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
1972
Annual
March 1973
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
28,866
9,605
511
2,422
2,383
4,846
2,437
1,594
9,411
533
2,214
2,412
4,907
2,377
1,536
29,803
9,869
549
2,426
2,453
4,983
2,476
1,546
30,009
10,055
'525
'2,520
' 2,419
' 5,235
' 2,517
'1,501
30,073
9,816
538
2,506
2,609
5,078
2,529
1,572
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
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
1
Capital goods industries^
do
Nondefense
do
Defense..
_
do
Inventories, end of year or month:}
Book value (unadjusted), total
do
Durable goods industries, total
do
Nondurable goods industries, total
do
Book value (seasonally adjusted), 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
Nonferrous metals
do.
526
2,182
2,305
4,643
2,206
1,444
27,158
9,000
525
2,216
2,318
4,551
2,222
1,420
27,652
9,077
519
2,331
2,317
4,671
2,318
1,478
27,638
9,026
501
2,338
2,342
4,680
2,359
1,464
27,708
9,195
511
2,294
2,343
4,635
2,248
1,456
28,102
9.288
505
2,445
2,365
4,782
2,281
1,442
27,810 28,642
9,210
9,485
505
517
2,337 2,372
2,376 2,407
4,693 4,852
2,370 2,397
1,426
1,547
i 67,077 i 75,776 5,970
131,852 1144,334 11,611
i 94,935 1107,153
8,531
162,573 i 71,346 5,444
1 57,438 i 66,057 5,183
1 253,084 1283,607 22,450
5,934
11,663
8,296
5,638
5,252
22,416
6,055
11,764
8,635
5,669
5,370
22,842
6,231
11,662
8,836
5,946
5,389
23,155
6,242
11,918
9,017
5,835
5,496
22,905
6,235
11,994
8,890
5,526
5,447
23,139
6,123
11,802
8,934
6,020
5,442
23,314
6,358 6,419
12,205 12,233
8,968 9,032
6,117 6,060
5,632 5,612
24,072 24,547
6,439
12,130
9,287
6,410
5,699
24,760
7,020
12,605
9,464
6,610
5,772
25,082
' 6,811
12,732
' 9,455
'6,246
' 5, 719
25,424
12,497
10,250
7,226
5,984
25,788
2,674
9,946
8,182
1,764
2,758
10,138
8,404
1,734
2,883
10,320
8,574
1,746
2,913
10,448
8,694
1,754
2,841
10,389
8,750
1,639
2,902
10,480
8,677
1,803
3,034
10,564
8,872
1,692
3,016
10,897
9,038
1,859
3,310
11,008
9,207
1,801
3,216
11,008
9,256
1,752
' 3,184
'11,733
' 9, 721
' 2, 012
27,224
i 28, 995 135,199
1111,652 1125,809
i 90,049 1104,746
i 21,603 121,063
2,654
10,149
1,751
101,293
65,446
35,847
106,645 102,098 102,685 102,856 103, 251 103,777
69,696 66,134 66,645 66,894 67,181 67,682
36,949 35, 964 36,040 35, 962 36,070 36,095
101,665
107,047 101,796 102,161 102,450 102,428
3,000
10,632
8,815
1,817
103,669 103,446 104,682 104,470
67,570 67,485 68,444 68,359
36,099 35,961 36,238 36,111
105,311 105,849 '106,645 107,544
68,840 69, 233 69,696 70, 269
36,471 36,616
36,949 37,275
102,822 103,505 103,888 105,138 105,441
106,008
106,371
65,874
2,279
9,205
4,901
3,463
70,144
2,381
9,619
5,244
3,423
66,187
2,257
9,328
5,062
3,439
66,604
2,234
9,506
5,194
3,459
66,575
2,272
9,553
5,247
3,446
67,035
2,260
9,600
5,284
3,456
67,427
2,282
9,696
5,370
3,463
67,645
2,285
9,709
5,392
3,459
68,542
2,337
9,759
5,385
3,504
68,834
2,367
9,761
5,411
3,479
69,330
2,385
9,664
5,347
3,434
69,641 70,144
2,378 '2,381
9,617 ' 9,619
5,321 '5,244
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts,
do
Instruments and related products. _do
7,268
13,497
9,837
15,179
3,933
2,452
7,551
14,129
10,423
16,724
4,292
2,615
7,345 7,374 7,289
13,446 13, 400 13,356
9,797 9,837 9,872
15, 279 15,419 15,553
3,949 4,039 4,091
2,512 2,538 2,507
7,122
13,390
9,888
15,536
4,086
2,510
7,185
13,396
9,968
15,722
4,128
2,539
7,220
13,445
9,986
15,919
4,140
7,157
13,442
10,046
15,999
4,213
2,541
7,340 7,425
13,534 13,700
10,154 10,237
18,477 16,326
4,523 4,319
2,551 2,571
7,605
13,747
10,262
16,486
4,358
2,613
7,541
13,944
10,323
16,581
4,297
2,625
By stage of fabrication:!
Materials and supplies 9
do
Primary metals
do
Machinery (elec. and nonelec.)__.do
Transp ortation equipment
do
19,146
3,495
6,250
2,937
19,870
3,465
6,625
2,734
19,138
3,571
6,262
2,755
19,098
3,605
6,229
2,797
18,979
3,596
6,213
2,805
18,939
3,542
6,237
2,810
18,995 18,804
3,528 3,543
6,250 6,180
2,814 2,728
19,256
3,499
6,208
2,789
19,519
3,468
6,262
2,969
19,468
3,457
6,346
2,822
19,701
3,440
19,812 19,870 20,114
3,460 ' 3,465 3,584
6,515 ' 6, 625 6,819
2,677
2,807 '2,734
Work in process 9 - .
do
Primary metals
do
Machinery (elec. and nonelec.)_._do
Transport ation equipment
do
29,645
3,044
10,271
10,868
3,072
10,167
11,131
30,231
3,182
10,192
11,367
30,240
3,257
10,210
11,346
30,562 30,982
3,282 3,329
10,290 10,402
11,496 11,779
3,354
10,384
11,779
31,153 31,529
3,400 3,394
10,521 10,635
11,832 11,998
32,070
3,350
10,697
12,348
32,321
3,303 '3,336
10,847 10,985
12,537 12,786
32,643
3,278
11,028
12,815
17,083
2,666
6,813
1,374
3,336
10,985
12,786
17,581
2,818
6,942
1,204
30,058
3,100
10,198
11,232
17,186
2,685
6,814
1,393
17,266
2,691
6,810
1,390
17,394
2,728
6,823
1,381
17,396
2,754
6,831
1,380
17,478
2,790
6,824
1,412
17,641
2,824
6,849
1,412
17,603
2,856
6,896
1,431
17,870
2,891
6,905
1,676
17,837
2,910
6,956
1,503
17,559
2,874
6,923
1,238
17,508 17,581
2,854 ' 2,818
6,905 ' 6, 942
1,237 '1,204
17, 612
35,791
9,169
2,235
3,622
2,772
6,693
2,266
2,151
36,903
9,294
2,456
3,842
2,799
6,846
2,200
2,332
35,609
9,061
2,256
3,636
2,743
6,667
2,235
2,175
35,739
9,153
2,240
3,642
2,734
6,656
2,215
2,165
35,846
9,109
2,240
3,728
2,747
6,691
2,185
2,199
35,853
9,111
2,260
3,780
2,731
6,648
2,199
2,230
35,787
8,987
2,231
3,817
2,749
6,663
2,208
2,274
36,078 36,243 36,596
9,156
9,279 9,429
2,206 2,196 2,272
3,812 3,834 3,810
2,742 2,743 2,758
6,690 6,717 6,728
2,213 2,228 2,254
2,252 2,252 2,276
36,607
9,306
2,314
3,786
2,797
6,751
2,272
2,256
36,678 36,730
9,322 9,294
13,526
5,340
16,925
13,809
5,656
17,438
13,526
5,354
16,729
13,659
5,363
16,717
13,468
5,555
16,823
13,499
5,462
16,892
13,464
5,381
16,942
13,635
5,412
17,031
10,851
13,978
26,347
5,240
8,178
37,071
11,793
14,357
28,206
5,742
8,661
38,288
10,830
13,915
10,890
13,986
26,530
5,358
8,202
37,195
10,957
13,916
26,562
5,419
8,172
37,424
10,960
13,901
26,523
5,413
8,118
37,513
11,113
13,780
26,597
5,499
8,164
37,669
11,288 11,372 11,465 11,524
13,931 14,071 14,262 14,315
26,744 26,800 27,026 27,282
5,533 5,633 5,974 5,753
8,181 8,174 8,287 8,433
37,828 37,838 38,124 38,134
11,593 11,633
14, 236 14,259
27,452 27,815
5,806 5,759
8,653 8,577
4,974
29,664
24,313
5,023
29,673
24,296
5,377
4,956
29,792
24,314
5,029
29,824
24,208
5,478
5,003
29,858
24,226
5,632
5,171
29,939
24,326
5,613
5,220 5,277 5,294 5,319
30,116 30,138 30,396 30,642
24,476 24,453 24,661 24,906
5,640 5,685 5,735 5,736
5,373
30,806
24,940
5,866
56,620 61,034
31,043 33,568
25,577 27,466
63,059
34,838
28,221
62,498
34,780
27,718
61, 727 66.733
34,254 37,592
27,473 29,141
57,930
31,457
26,473
62,112 68,778
33,238 38,447
28,874 30,331
59,792
61,097
61,685
62,012
63.734
62,270
32,554 32,466
4,644 4,888
2,167 2,391
1,835
1,858
33,328
5,243
2,547
2,004
34,005
4,999
2,343
1,994
34,302
5,339
2,659
1,961
35,613 34,430
5,442 5,426
2,765 2,711
1,950 1,999
37,805
3,420
41,897
3,381
3,261
Fabricated metal products
do.
5,574
58,837 70,013
5,254
5,384
Machinery, except electrical
do
4,694
50,398 58,161
4,329
4,596
Electrical machinery
do
7,512
83,808
99,561
7,632
Transportation equipment
do.
1,891
19,273
25,419
1,490
1,793
Aircraft, missiles, and parts
do_
308,464
27,317 27,326 27, 769
Nondurable goods industries, total
do
7,628
80, 705 91,888
7,284 7,438
Industries with unfilled orders©
do
Industries without unfilled ordersi
do... 227,759 247,998 20,033 19,888 20,141
Digitized forr FRASER 1
2
Revised.
Based on data not seasonally adjusted.
Advance estimate; total mfrs.
http://fraser.stlouisfed.org/
new orders for Jan. 1973 do not reflect revisions for selected components. }See corresponding noteBank
on p. of
S-7.
9 Includes data for items not shown separately.
cfCapital goods
Federal Reserve
St. Louis
3,401
5,654
4,833
8,111
2,081
3,373
5,668
4,841
7,867
2,079
27,680
7,533
20,147
27,710
7,489
20,221
Finished goods 9
do
Primary metals
do
Machinery (elec. and nonelec.)_._do
Transportation equipment
do
Nondurable goods industries, total9__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 do
Other materials and supplies
do
Supplementary series:}
Household durables
do
Capital goods industries^1
do
Nondefense.
do.
Defense
do.
5,351
5,471
31,598
25,549
6,049
New orders, net (not seas, adj.), total}
Durable goods industries, total
Nondurable goods industries, total
do
do.
do.
665,678
357, 214
308,464
760,412
420,526
339,886
New orders, net (seas, adj.), total}
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills
Nonferrous metals
do..
1665,678 1760,412
do..
do.
do.
do.
357,214
54,537
26, 362
21,095
420,526
65,090
32,176
24,228
5,273
8,233
37,152
59,871
86,422
2,253
9,396
5,123
3,432
5,616
3,505
5,923
4,775
8,781
3,300
13,596
5,433
17,214
3,501
5,728
4,621
8,181
1,901
28,121 27,840
7,668 7,616
20,453 20,224
13,671 13,711
5,492 5,552
17,433 17,344
2,900
3,859
2,786
6,801
2,261
2,255
13,678
5,605
17,395
107,047 107,260
'3,423
70,369
2,352
9,571
5,151
3,430
' 7,551
• 14,129
10,423
• 16,724
4,292
' 2,615
7,566
14,218
10,706
16,687
4,071
2,560
2,709
7,077
1,195
36,903
' 9, 294
'2,456
'3,842
' 2,799
'6,846
'2,200
'2,332
36,891
9,471
2,421
3,882
2,817
6,857
2,134
2,310
13,736 13,809
5,600 ' 5,656
17,394 17,438
13,954
5,608
17,329
2,390
3,867
2,793
6,831
2,264
2,277
11,793
14,357
28,206
5,742
8,661
11,748
14,363
28,552
5,531
8,578
38,488
5,411
31,165
25,242
5,923
' 5,471
31,598
25,549
'6,049
5,509
32,051
25,877
67,748
37,792
29,958
67,102
37,167
29,935
65,071
36,350
66,314
37,737
28,255
64,409 65,776
65,454
67,587
35,727 36,851
5,967 5,859
3,004 2,936
2,174 2,175
36,759
5,727
2,927
2,023
37,619
5,914
3,008
2,132
3,691
6,006
5,025
8,758
2,275
3,554
6,074
5,174
8,990
2,228
3,417
6,423
5,322
8,849
2,178
28,682 28,925
7,765 7,784
20,917 21,141
28,695
7,710
20,985
3,556
5,853
4,778
8,302
2,235
• 28,721
67,668
6,174
70,020
39,414
' 6, 206
2,994
2,268
37,562
5,968
' 2, 976
' 2,179
' 3,811
'6,583
' 5,189
8,480
' 2,054
3,848
6,789
5,281
'9,837
2,388
' 30,106
8,049 ' 7, 951
21,919 ' 22,155
30, 222
8,323
21,750
(old series) categories. ©See corresponding note on p. S-7.
ifFor these industries (food and kindred products, tobacco manufactures, apparel and
Other textile Drndllfits. nptrnloiirn onri n^al rn-«f1no+o «H«™,'rt.-,io nnH ~iu~A r^^rl.^+o onH
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
S-7
Jan.
Feb.
Mar.
Apr.
May
Juno
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERSJ—Continued
New orders, net (seas. adj.)i—Continued
By market category:
Home goods and apparel
Consumer staples
Equip, and defense prod., excl. auto
Automotive equipment
Construction materials and supplies
Other materials and supplies
Supplementary series:
Household durables
Capital goods industries^
Nondefense
Defense
mil. $..
do—
_do
do—
do
do
do—
do—
do—
do....
Unfilled orders, end of year or month (unadjusted),
total!
mil. $..
Durable goods industries, total
do
Nondur. goods ind. with unfilled orders©
do
Unfilled orders, end of year or month (seasonally
adjusted), totalj
mil. $..
By industry group:
Durable goods industries, total 9
...do
Primary metals
do—
Blast furnaces, steel mills
do
Nonferrous metals
do—
2 67,288 2 76, 074 6,006
2131,891 2144,333 11,618
2 94,865 2 111,981 9,083
2 71,878 5,513
2
5,192
56,867 2 66,861
2251,841 2 289,285 22,459
5,939
11,665
8,446
5,820
5,318
22,604
11,765
8,522
5,637
5,497
23,538
6,290
11,666
9,012
5,940
5,355
23,422
6,359
11,919
8,895
5,782
5,470
23,587
6,318 6,036
11,978 11,805
10,501 8,819
5,499 6,098
5,544 5,534
23,894 23,978
6,350
12,204
8,856
6,149
5,666
25,184
6,523
12,225
10,050
6,094
5,790
25,094
6,520
12,125
9,585
6,556
5,661
25,007
6,935
12,609
10,043
6,649
5,724
25,627
' 6,732 6,881
12,738 12,508
10,381 10,693
'6,288 7,404
6,121
25,446 26,413
2 29,173 2 35,451
2111,015 2132,258
2 88,777 2109,146
2 22,238 2 23,112
2,692
10,745
8,166
2,579
2,670
9,969
8,196
1,773
2,829
10,344
8,528
1,816
2,945
10,744
8,785
1,959
3,012
10,569
9,036
1,533
2,925
12,172
9,228
2,944
2,807
10,617
9,100
1,517
3,019
10,717
9,211
1,506
3,113
11,762
9,519
2,243
3,094
11,359
9,694
1,665
3,210
11,676
9,762
1,914
3,140 '3,087
11,767 12,342
10,072 10,433
1,695 ' 1, 909
13,361
12,088
10,041
i 2,047
84,611
80,665
3,946
74,066
70,923
3,143
75,235
71,880
3,355
75,914
72,433
3,481
76,396
72,837
3,559
76,071
72,476
3,595
77, 619 79,189
74,028 75,585
3,591
3,604
79,815
76,234
3,581
81,518
77,901
3,617
82,225
78,504
3,721
83,015
79,115
3,900
84,611 87,125
80,665 83,181
' 3,946 4,076
85,344
72,478
69,415
3,063
73,004
85,226
73,686
74,279
75,039
75,506
76,103
78,608
79,241
80,299
82,180
82,906
83,947
85,226
69,901
6,043
3,432
1,744
81, 231
8,474
5,321
2,063
70,490
5,983
3,407
1,731
70,915
6,073
3,493
1,715
71,558
6,383
3,660
1,837
71,983
6,350
3,606
1,874
72,579
6,759
3,907
1,963
75,064
7,242
4,366
1,979
75,667
7,563
4,706
1,931
76,686
8,138
5,146
2,013
78,506
8,361
5,295
2,066
79,174
8,335
5,305
1,979
80,047
8,503
5,381
2,053
81,231 82,589
8,474 ' 8, 845 i 9, 326
'5,321
5,418
'2,063
2,219
9,442
12,632
14,430
21,289
14,322
10,364
15,522
15,342
25,009
16,643
9,462
12,742
13,975
22,274
14,417
9,591
12,805
13,949
22,394
14,159
9,674
13,051
13,948
22,369
14,311
9,628
13,156
13,999
22,611
14,553
9,557
13,258
14,171
22,540
14,689
9,664
13,586
14,340
23,833
16,086
9,843
13,749
14,284
23,880
16,010
13,936
14,310
24,025
16,267
10,104 10,097
14,184 14,477
14,571 14,910
24, 639 24,869
16,484 16,564
10,025
14,969
15,157
24,922
16,645
10,364
15,522
15,342
25,009
16,643
3,103
3,995
3,196
3,364
3,481
3,523
3,524
3,544
3,574
3,613
3,674
3,732
3,900
' 3,995
2,224
38,395
9,238
23,147
2,529
43,752
10,056
2,267
39,016
9,247
23,156
2,274
39,348
9,313
23,344
2,358
39,203
9,440
24,038
2,421
39,374
9,406
24,305
2,539
39,199
9,379
24,986
2,607
40,785
9,474
25,742
2,519
40,751
9,567
26,404
2,510
40,671
9,601
27,517
2,604
41,728
9,778
28,070
2,680
42,169
9,740
28,317
2,601
42,785
9,692
' 2, 529 2,525
43,752 44,378
10,056 10,193
1,810
43,483
25,385
18,098
2,064
49,948
29,814
20,134
1,848
44,079
25,153
18,926
1,844
44,102
25,167
18,935
1,915
44,308
25,291
19,017
1,977
44,733
25,502
19,231
2,077 2,162
44,853 46,637
25,842 26,322
19, 011 20,315
2,161
2,238
48,065 48,522
27, 792 28,444
20,273 20,078
2,139
49,191
29,000
20,191
2,064
49, 948
29, 814
20,134
New incorporations (50 States and Dist. Col.):
Unadjusted©
number.. ;287,577
Seasonally adjusted©
do
316, 601
25,715
24,871
24,340
25,055
30,003
9,566
1,252
1,375
1,576
4,398
965
750
95
130
139
305
81
880
130
118
121
425
L01,619
.91,331
36, 057
24, 946
77,847
28,604
23,877
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
___do—
do
do
do
do—
Nondur. goods ind. with unfilled orders®..do
By market category:!
Home goods, apparel, consumer staples...do
Equip, and defense prod., inch auto
do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:!
Household durables
do
Capital goods industries^!
do
Nondefense
.do
Defense..
do
2,064 2,049
46,779 46,929
26,747 27,084
20,032 19,845
86,615
10,545
15,975
15, 256
25,404 i 25,472
16,728
4,146
29,519
' 1,964
2,117
50,559 151,040
30,528 130,842
20,031 1 20,198
BUSINESS INCORPORATIONS^
INDUSTRIAL AND COMMERCIAL
FAILURES©"
Failures, total
number.
Commercial service
do...
Construction
do...
Manufacturing and mining
do__.
Retail trade
do___
Wholesale trade
do...
Liabilities (current), total
Commercial service
Construction
Manufacturing and mining
Retail trade
Wholesale trade
10,326
1,464
1,545
1,932
4,428
957
thous. $_ 1,916,929 2,000,244
do___ 356,923 231,813
do___ 222,357 193,530
do___ 712,611 766,991
d o . . . 444,086 558, 270
do... 180,952 249,640
Failure annual rate (seasonally adjusted)
No. per 10,000 concerns.
2 41.7
2 38.3
15,776
18,261
36,515
19,374
11,693
35.7
116
146
194
445
85
26,414 28,030
'26,681 '26,243
28,331
856
115
128
127
730
88
81
126
338
97
121
102
134
355
96
26,103 26,118 24,761
••26,815 r26,420 '26,798
26,736
27,417
23,991
26,387
26,059
27,614
730
106
103
107
352
62
755
88
106
125
363
73
799
91
127
121
393
67
708
98
118
108
308
76
740
103
92
127
344
74
824
101
124
147
372
80
220,662 148,467 190,139 127,900 204,624 253,619
26,578 14,142 29,482 14,228 18,022 16, 058
7,619 22, 000
8,518 16,980 10,447
26,815
113,437 60,566 32,323 48,979 112,769 114,160
42,284 48,870 35,848 27,036 45,419 87,812
11, 548 16,371 75,506 27,210 20,795 13,589
40.8
41.2
36.5
38.2
34.2
38.5
113,540 152,974 208,583
13,807 14,072 17,502
9,435 12, 737 22,044
50,938 47,907 52,284
31,597 63, 580 105,445
7,763 14,678 11,308
40.5
772
90
105
125
376
76
205, 837
16,089 17, 526
13,728 20, 282
19,266 115, 440
22,401 37, 826
15,302 14, 763
38.5
37.4
34.9
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14=100..
Crops9
do....
Commercial vegetables
do
Cotton
do
Feed grains and hay
_
do___i
Food grains
do
Fruit
_do_._.
Tobacco
_do
Livestock and products9
do
Dairy products
do
Meat animals
_
do
Poultry and eggs
do....
285
243
323
209
185
167
265
619
321
354
402
133
319
261
329
245
183
192
280
685
369
365
492
136
303
251
356
255
173
165
255
671
349
369
453
130
310
248
320
255
173
166
259
664
363
365
481
130
304
243
290
235
173
166
263
665
357
362
468
138
303
253
327
264
174
168
260
666
346
352
459
122
313
261
342
272
180
170
275
666
357
345
485
123
317
263
319
270
180
166
310
665
364
342
498
125
323
262
328
261
178
164
278
676
376
348
515
136
325
268
334
261
178
183
292
715
374
357
507
132
326
264
341
206
187
207
309
718
380
373
504
145
328
263
295
216
187
227
321
701
383
381
512
136
331
272
360
229
191
239
273
705
381
388
496
150
348
287
337
216
221
283
263
704
401
394
524
168
365
295
402
187
223
283
282
707
424
391
560
192
379
299
395
199
216
243
301
704
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..
352
382
331
371
401
350
360
391
338
363
395
340
364
395
341
365
396
343
366
398
344
369
400
348
372
403
349
372
403
349
376
406
356
377
404
358
381
408
361
386
410
369
394
414
379
401
421
410
433
420
423
423
428
428
432
433
433
438
440
444
449
458
465
Parity ratio §.
do....
72
70
73
74
' Revised.
*> Preliminary.
i Advance estimate; total mfrs. unfilled orders for3 Jan.
1973 do not reflect revisions for selected components.
2 Based on unadjusted data.
Data
available later.
t Revised back to 1966 to reflect benchmarking to the Annual
Digitizedwill
for be
FRASER
Survey
of Mfrs. for 1966-70 and calculation of new seasonal factors; revisions back to 1966,
new seas, factors, and other technical data appear in a special Census Bureau report entitled
http://fraser.stlouisfed.org/
Mfrs.'^Shipments, Inventories, and Orders: 1966-72, M3-1.4, Revised (available from Publica-
Federal Reserve Bank of St. Louis
72
447
392
612
179
82
73
80
73
75
75
75
75
71
78
74
©Includes textile mill products, leather and products, paper and allied products, and printing
and publishing industries; unfilled orders for other nondurable goods are zero.
9 Includes
data for items not shown separately.
d"Compiled by Dun & Bradstreet, Inc. (failures data
for 48 States and Dist. of Col.).
O Revisions for Jan.-Dec. 1970 (unadj.) and Mar. 1970Dec. 1971 (seas,
adj.) will be shown later.
§ Ratio of prices received to prices paid (parity
c
index).
Corrected.
SURVEY
S-8
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown in
the 1971 edition of BUSINESS STATISTICS
1971
CURRENT
March 1973
1972
1972
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
COMMODITY PRICES—Continued
CONSUMER PRICES
(U.S. Department of Labor Indexes)
Una justed indexes:
All items
Special group indexes:
All items less shelter
All items less food
All items less medical care.._
1967=100.
121.3
125.3
123.2
123.8
124.0
124.3
124.7
125.0
125.5
125.7
126.2
126.6
126.9
127.3
127.7
do___
do___
-do...
119.3
122.1
120.9
122.9
125.8
124.9
120.9
124.0
122.8
121.5
124.2
123.4
121.8
124.5
123.6
122.1
124.9
123.9
122.4
125.4
124.3
122.7
125.7
124.6
123.1
125.9
125.1
123.2
126.1
125.3
123.8
126.7
125.9
124.2
127.1
126.2
124.6
127.4
126.6
124.8
127.6
126.9
125.3
127.4
127.3
_-do___.
do
do
_-do___.
do....
do....
do—
117.4
117.7
117.0
116.5
116.8
128.4
' 130.8
120.9
121.7
119.8
118.9
119.4
133.3
135.9
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
119.7
120.6
118.9
117.3
118.2
132.1
134.7
119.9
120.7
119.1
117.7
118.5
132.4
135.0
120.3
121.0
119.7
118.4
119.2
132.7
135.3
120.7
121.2
119.5
119.2
119.4
133.1
135.7
121.2
121.7
119.3
119.6
119.4
133.5
136.2
121.4
122.0
119.4
119.7
119.5
133.8
136.4
122.0
122.8
120.8
119.8
120.3
134.1
136.7
122.3
123.1
121.3
120.1
120.8
134.6
137.2
122.7
123.5
121.7
120.3
121.0
134.9
137.6
122.9
123.8
121.7
120.3
121.1
135.4
138.0
123.4
124.7
120.9
119.9
120.5
135.7
138.3
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
123.5
128.0
117.1
125.0
129.2
134.5
119.2
140.1
120.1
118.5
120.5
121.0
122.3
119.9
117.5
111.0
110.5
143.4
126.1
132.5
119.8
122.8
120.3
120.7
116.4
120.9
127.3
132.3
117.5
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
117.8
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
122.4
126.8
117.3
121.4
127.9
132.7
118.0
138.2
119.6
118.7
119.7
120.1
121.3
118.4
115.9
111.7
103.9
142.3
125.0
131.4
118.7
121.7
122.4
125.9
117.4
122.1
128.2
133.0
118.4
138.5
119.9
118.6
120.2
120.5
121.8
118.6
116.1
111.7
106.4
142.7
125.5
131.7
119.1
122.3
122.3
124.8
117.3
123.9
128.5
133.4
118.6
138.9
120.1
118.7
120.5
120.8
122.5
119.5
117.1
111.4
110.0
142.7
125.8
132.0
119.7
122.5
123.0
126.4
117.0
127.2
129.0
134.1
119.0
139.6
120.1
117.8
120.3
121.0
122.1
119.8
117.3
111.3
112.0
143.0
126.1
132.4
120.0
122.9
124.2
129.9
116.8
128.4
129.5
134.9
119.2
140.7
120.2
117.7
120.3
121.1
121.1
120.3
117.8
111.0
112.7
143.3
126.3
132.7
120.0
123.0
124.6
130.8
116.6
128.1
129.9
135.5
119.6
141.3
120.1
117.9
120.5
121.2
120.8
120.5
118.1
110.6
112.4
143.3
126.5
132.9
120.2
123.0
124.8
130.9
116.9
125.7
130.1
135.7
119.9
141.5
120.3
118.0
120.5
121.6
123.1
121.0
118.6
109.6
113.6
144.0
126.8
133.1
120.5
123.7
124.9
131.3
117.1
124.5
130.4
136.0
120.3
141.8
120.6
118.1
120.9
121.8
124.3
121.2
118.7
110.1
115.2
144.1
127.2
133.9
120.8
124.0
125.4
131.5
117.7
126.5
130.8
136.2
120.5
142.0
121.7
119.3
122.2
122.1
125.0
121.4
119.0
110.2
116.0
144.1
127.4
134.1
121.0
124.1
126.0
131.2
118.3
127.3
131.2
136.8
121.0
142.6
121.9
119. 4
122.5
122.3
125.0
121.3
118.9
110.6
115.0
144.5
127.5
134.4
121.5
124.0
128.6
136.1
119.1
130.5
131.4
136.9
121.5
142.6
122.8
120.7
124.1
122.2
123.0
121.0
118.5
111.1
112.8
144.3
127.8
134.9
121.8
124.1
1108.0
»109.3
1107.1
120.0
115. 0
123. 0
110.3
109.7
110.7
112.4
111.3
113.0
114.4
110.4
117.2
115.6
110.1
119.5
119.2
112.2
124. 3
119.1
112.7
123.7
119.8
114.4
123.7
121.0
115.8
124.6
122.7
119.7
124.8
124.5
119.4
128.1
126.2
118.7
131.6
130.8
125.0
134.8
134.4
127.5
139.3
Commodities
Nondurables
Nondurables less food
Durables9
Commodities less food
Services
Services less rent
Food 9
—
-do..
Meats, poultry, and
fish
do..
Dairy products.
_
do__
Fruits and vegetables
do__
Housing..
_
do..
Shelter 9
do__
Rent
do__
Homeownership
_
do__
Fuel and utilities 9
do__
Fuel oil and coal...
do__
Gas and electricity
do__
Household furnishings and operation...do._
Apparel and upkeep
do__
Transportation
_
_
do__
Private
..do__
New cars
do_.
Used cars
do..
Public
do..
Health and recreation 9
-— do..
Medical care
do..
Personal care
_
do..
Reading and recreation
do..
WHOLESALE PRICESa1
(U.S. Department of Labor Indexes)
Spot market prices, basic commodities:
22 Commodities
1967=100.
9 Foodstuffs
do___
13 Raw industrials
do._.
do.
113.9
119.1
116.3
117.3
117.4
117.5
118.2
118.8
119.7
119.9
120.2
120.0
120.7
122.9
124.5
By stage of processing:
Crude materials for further processing
do_
Intermediate materials, supplies, etc
do.
Finished goods©
do.
Consumer finished goods
_ .do.
Producer finished goods
do.
115.0
114.0
113.5
112.7
116.6
127.6
118.7
117.2
116.6
119.5
120.2
115.9
115.5
114.7
118.4
123.1
116.7
116.3
115.6
118.8
123.1
117.2
116.1
115.2
119.0
123.0
117.7
115.8
114.8
119.3
125. 5
118.2
116.4
115.5
119.4
127.2
118.5
116.9
116.1
119.6
130.1
118.8
117.8
117.3
119.7
130.3
119.2
117.9
117.4
119.8
130.3
119.7
118.2
117.7
119.9
129.2
119.9
117.6
117.1
119.7
130.4
120.6
118.3
117.9
119.9
138.3
122.3
119.5
119.3
120.3
143.3
123.1
121.0
121.2
120.6
By durability of product:
Durable goods
Nondurable goods
Total manufactures
Durable manufactures
Nondurable manufactures
do_.
do..
do..
do.
do_.
117.0
111.7
113.8
117.0
110.5
121.1
117.6
117.9
121.1
114.7
119.2
114.1
115.7
119.3
112.0
120.0
115.3
116.5
120.1
112.8
120.4
115.2
116.7
120.4
112.9
120.7
115.1
116.9
120.8
112.9
121.0
116.2
117.4
121.0
113.6
121.2
117.0
117.8
121.3
114.3
121.4
118.5
118.3
121.5
115.1
121.6
118.6
118.5
121.7
115.1
121.8
119.1
118.8
121.9
115.6
121.7
118.8
118.8
121.7
115.8
121.8
120.0
119.2
121.8
116.5
122.1
123.5
120.7
122.1
119.2
122.7
125.7
121.6
122.6
120.6
Farm prod., processed foods and feeds
All commodities
do..
113.8
122.4
117.4
119.6
119.1
118.3
120.0
121.3
124.0
123.8
124.5
123.3
125.3
132.6
137.0
Farm products 9
do_.
Fruits and vegetables, fresh and dried..do.
Grains
do.
Live poultry
do.
Livestock
do_.
112.9
120.1
100.9
100.3
118.3
125.0
127.6
102.9
104.0
142.5
117.8
124.9
94.1
94.3
132.2
120.7
127.5
93.0
105.4
139.6
119.7
112.8
93.8
107.6
136.7
119.1
117.6
96.0
94.1
133.8
122.2
120.6
97.5
96.3
139.8
124.0
121.7
94.5
102.9
146.4
128.0
129.9
96.3
118.4
152.4
128.2
138.9
99.8
106.8
148.1
128.6
138.1
109.5
112.3
144.9
125.5
122.8
109.2
103.8
144.2
128.8
141.8
113.6
102.8
139.5
137.5
134.6
137.6
103.6
152.6
144.2
151.2
135.6
127.9
159.4
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.
114.3
115.8
111.4
115.4
114.3
116.0
120.8
118.0
114.7
118.6
119.7
130.0
117.2
116.4
112.2
117.3
116.0
125.4
118.8
116.8
112.4
117.5
116.1
130.5
118.6
116.7
112.6
118.0
116.7
127.3
117.7
117.2
112.8
117.5
118.3
123.6
118.6
117.2
113.3
117.4
119.0
126.8
119.6
117.8
113.3
115.3
119.5
131.4
121.5
117.9
113.6
117.7
119.6
135.8
121.0
118.9
115.3
118.6
120.2
132.3
121.8
119.1
116.1
119.0
120.1
131.7
121.8
118.8
116.9
120.0
121.8
130.4
123.1
119.4
118.3
121.8
123.8
127.9
129.4
119.7
120.1
123.0
124.7
136.3
132.4
119.8
121.0
123.8
125.3
145.2
do_
114.0
117.9
115.9
116.5
116.8
117.3
117.6
117.9
118.1
118.5
118.7
118.8
119.1
119.4
120.0
Chemicals and allied products 9
Agric. chemicals and chem. prod
Chemicals, industrial
Drugs and Pharmaceuticals
Fats and oils, inedible
Prepared paint
do.
do_.
do.
do.
do.
do.
104.2
92.2
102.0
102.4
133.5
115.6
104.2
91.7
101.2
103.0
115.8
118.0
103.4
90.3
101.4
102.3
111.3
116.2
103.5
90.2
101.4
102.2
110.7
117.3
103.4
90.6
101.0
102.5
103.5
117.9
104.1
92.2
101.5
102.4
112.2
118.3
104.4
92.1
101.4
102.8
116.0
118.3
104.3
92.3
101.4
103.1
115.9
118.3
104.2
91.9
101.5
103.2
113.2
118.3
104.4
92.0
101.3
103.3
121.4
118.3
104.4
92.0
101.3
103.1
116.4
118.3
104.4
92.1
100.8
103.3
117.2
118.2
104.7
92.4
100.9
103.6
123.2
118.2
104.8
92.5
101.0
103.7
128.2
118.2
105.1
93.0
101.4
103.5
130.3
119.4
Fuels and related prod., and power 9
Coal
Electric power
Gas fuels
Petroleum products, refined. _
do___
do___
do...
do___
do...
114.2
181.8
113.6
108.0
106.8
118.6
193.8
121.5
114.1
108.9
116.0
192.7
118.9
110.0
106.1
116.1
192.6
120.0
110.2
105.5
116.5
192.6
120.0
110.9
106.3
116.9
191.2
120.5
112.5
106.6
117.5
191.2
121.2
113.0
107.3
118.2
191.2
121.5
112.9
108.5
118.6
191.2
122.1
113.2
109.1
119.7
191.5
122.1
114.3
110.7
120.3
192.2
122.6
116.7
111.3
120.6
192.4
123.1
117.5
111.5
121.3
201.2
123.0
119.0
111.5
121.9
205.5
122.9
119.2
112.0
122.2
205.5
123.8
118.4
112.3
109.9
110.8
110.9
111.4
110.2
Furniture and household durables 9
do._.
107.2
107.5
106.9
107.4
Appliances, household
do__.
107.6
114.8
116.0
116.7
Furniture, household
do...
116.8
117.3
93.3
Home electronic equipment
do...
93.8
92.9
93.0
92.7
1
Computed by BEA.
9 Includes data for items not shown separately,
cfFor actual
wholesale prices of individual commodities, see respective commodities.
111.0
107.5
116.9
92.8
111.1
107.2
117.1
92.9
112.0
111.7
107.7
108.1
117.8
117.7
92.4
92.9
and fuels.
112.0
108.0
117.7
92.9
112.3
108.0
118.1
92.5
112.4
107.9
118.5
92.3
112.6
107.8
119.1
92.4
Industrial commodities.
111.2
111.4
107.1
107.3
117.2
117.4
92.6
92.4
©Goods to users, incl. raw foods
Feb.
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS S T A T I S T I C S
1971
1972
1972
Annual
S-9
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES—Continued
1
WHOLESALE PRICES^ —Continued
(U.S. Department of Labor Indexes—Continued)
All commodities—Continued
Industrial commodities—Continued
Hides, skins, and leather products 9
1967=100.
Footwear
do_._
Hides and skins
do.__
Leather
do...
Lumber and wood products
do__.
Lumber
do
114.0
116.8
115.1
112.5
127.0
135.5
131.3
124.5
213.7
140.3
144.3
159.4
117.8
118.1
136.0
120.0
134.9
146.9
119.1
118.5
148.9
120.6
137.7
150.4
123.0
120.1
173.8
128.4
139.5
152.4
127.2
122.4
188.6
138.1
141.1
155.1
129.5
124.6
200.3
137.8
142.7
157.0
130.9
125.8
204.1
138.6
144.2
159.0
131.6
126.5
212.5
138.1
146.1
161.6
134.6
126.5
243.0
140.6
148.1
164.1
135.7
126.8
244.0
143.5
148.5
165.1
139.8
127.0
270.8
153.3
149.2
166.1
144.0
128.5
287.0
162.6
149.4
166.8
142.2
128.7
255.2
162.2
149.8
167.9
143.9
129.0
274.0
162.8
151.0
169.0
144.9
130.9
272.7
162.9
161.0
182.3
Machinery and equipment?
Agricultural machinery and equip
Construction machinery and equip
Electrical machinery and equip
Metalworking machinery and equip
do.-_
do-_.
do...
do.__
do...
115.5
117.2
121.4
109.5
117.3
117.9
122.3
125.7
110.4
120.2
116.5
119.9
124.3
109.5
118.5
117.1
121.5
124.7
110.0
118.9
117.3
122.0
125.0
110.1
119.4
117.6
122.1
125.7
110.2
119.7
117.9
122.3
125.6
110.5
120.0
118.1
122.7
125.9
110.6
120.2
118.3
122.7
125.9
110.7
120.5
118.3
122.8
126.1
110.6
120.8
118.3
122.6
126.1
110.6
121.0
118.4
122.6
126.1
110.5
121.2
118.5
122.9
126.3
110.6
121.3
118.6
122.9
126.3
110.6
121.3
118.9
123.6
126.6
110.9
121.8
119.4
124.4
127.4
111.0
122.5
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
do...
do._.
do_._
do___
119.0
115.5
121.8
116.0
123.5
118.2
128.4
116.9
121.4
115.9
126.8
114.4
122.6
116.2
128.2
115.0
123.4
117.0
128.3
117.2
123.5
117.9
128.3
117.6
123.6
118.1
128.3
117.8
123.6
118.6
128.1
117.6
123.5
119.0
128.3
116.8
123.7
119.2
128.6
116.8
124.0
119.2
128.8
117.4
124.1
119.2
128.9
117.3
124.1
li9.2
129.0
117.2
124.4
119.2
129.5
117.4
125.6
118.8
131.9
117.9
126.9
119.2
133.0
121.0
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___
122 A
126.1
124.3
124.6
124.8
125.6
125.9
125.8
126.2
126.7
126.9
127.3
127.3
127.4
128.2
128.4
114.2
120.6
106.8
110.1
114.1
109.2
109.2
117.3
125.6
114.7
113.4
116.3
109.3
109.2
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
116.2
124.5
115.3
112.3
115.7
108.9
108.4
117.2
125.1
114.9
112.8
115.9
108.7
108.4
117.2
125.1
113.4
113.2
115.9
108.8
108.4
117.4
125.3
113.9
113.5
116.2
108.9
108.7
117.5
126.0
115.7
113.7
116.7
109.2
109.5
117.5
126.1
116.1
114.1
116.7
109.5
109.7
117.5
126.3
115.2
114.3
116.7
109.5
109.7
118.4
127.2
115.5
114.7
116.8
109.5
109.7
118.8
127.3
115.0
115.0
117.3
109.8
109.7
118.9
127.5
114.8
115.1
117.5
109.8
109.7
120.3
128.5
117.4
115.8
117.8
110.0
109.7
121.5
128.9
115.8
116.5
118.5
110.1
109.3
Textile products and apparel 9
Apparel
Cotton products
Manmade fiber textile products
Wool products
do.._
do.__
do__.
do__.
do__.
108.6
112.9
110.6
100.8
93.5
113.6
114.8
121.8
108.0
99.4
111.3
113.8
116.7
105.4
92.0
112.0
114.0
118.0
105.9
92.2
112.1
114.1
119.6
106.1
92.0
112.6
114.2
120.5
107.2
93.0
113.3
114.3
121.5
108.0
98.3
113.6
114.4
122.6
108.6
99 2
114.0
115.1
123.0
108.9
100.0
114.1
115.1
122.8
108.7
101.1
114.3
115.3
123.6
108.6
102.5
114.8
115.6
124.0
108.6
106.6
115.1
115.9
124.2
109.5
107.1
115.6
116.0
124.8
110.3
108.8
116.6
116.5
126.0
111.4
114.5
117.4
116.8
128.2
111.8
119.2
Transportation equipment9---Dec. 1968=100.
Motor vehicles and equip
-.1967=100-
110.3
114.7
113.7
118.0
113.4
117.9
113.6
118.0
113.6
118.0
113.7
118.0
113.8
118.1
114.2
118.5
114.1
118.4
114.2
118.5
114.2
118.5
112.9
116.9
113.0
117.0
114.2
118.4
114.1
118.2
114.2
118.2
Mlscellaneous products 9 Toys, sporting goods, etc
Tobacco products
112.8
112.6
116.7
114.6
114.4
117.5
113.7
113.5
117.4
114.0
114.0
117.4
114.2
114.5
117.4
114.1
114.0
117.4
114.1
114.1
117.5
114.2
114.4
117.5
114.9
114.5
117.5
115.1
114.5
117.5
115.2
114.8
117.5
115.0
114.9
117. 5
115.0
115.0
117.5
115.1
115.1
117.5
115.8
116.2
117.5
117.1
116.5
121.0
$0.878
.824
$0.840
.798
$0.860
.812
$0.853
.808
$0.852
.806
$0.851
.805
$0. 846
.802
$0.842
.800
$0,835
.797
$0,834
.796
$0,832
.792
$0,833
.790
$0,829
.788
$0.814
.786
11,065
10,520
9,463
'8,133
' 4,946 ' 4,678
'4,180 '3,953
7,355
4,161
3,529
do._do—
do
PURCHASING POWER OF THE DOLLAR
As measured b y Wholesale prices
Consumer prices
1967=$1.00.
do...
$0. 803 $0.788
.783
.778
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE 1
New construction (unadjusted), total f
mil. $_. 109,399
123,579
8,417
8,184
8,920
9,629
10,488
10,973
10,910
11,404
11,486
11,583
Private, total 9
do
Residential (including farm)
...do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
mil. $..
Industrial
do
Commercial
do
Public utilities:
Telephone and telegraph
do
79,535
43,062
34,860
93,372
53,987
44,622
6,353
3,542
2,963
6,108
3,381
2,848
6,737
3,752
3,131
7,337
4,194
3,390
7,859
4,520
3,608
8,234
4,830
3,904
8,277
4,969
4,059
8,522
5,052
4,140
8,592
5,077
4,212
8,697
5,046
4,234
22,479
5,423
11,619
24,036
4,676
13,462
1,748
362
956
1,679
328
934
1,840
365
1,005
1,928
382
1,066
2,041
393
1,155
2,075
416
1,161
2,017
398
1,132
2,144
415
1,203
2,171
401
1,252
2,221
397
1,274
3,005
3,283
194
219
268
245
282
299
266
296
307
307
314
Public, total 9
do_.
29,864
30,207
2,064
2,076
2,183
2,292
2,629
2,739
2,633
2,882
2,894
2,886
2,542
•2,387
do
do
do.
do_._.
do
11,397
1,136
572
894
10,658
11,503
875
531
1,058
856
64
46
83
633
871
61
48
72
941
67
48
955
73
46
95
1,015
921
94
33
99
1,018
1,042
78
42
84
1,105
1,049
62
44
96
1,094
1,102
73
47
99
1,045
958
71
43
106
915
1,012
77
'51
100
---
Buildings (excluding military) 9
Housing and redevelopment
Industrial
Military facilities
Highways and streets
New construction (seasonally adjusted at annual
rates), total 1
bil. $__
Private, total 9
-
do_.
Residential (including farm)
do
New housing units
do
Nonresidential buildings, except farm and public utilities, total 9
bil. $..
Industrial
do
Commercial
do.
Public utilities:
Telephone and telegraph
do
Public, total 9
—-
—
Buildings (excluding military) 9
Housin g and redevelopment
Industrial
Military facilities....
_
Highways and streets
r
89
44
75
585
• 2,051
'420
• 1,137
2,021
412
1,136
2,108
120.8
121.8
122.9
120.4
122.1
121.0
119.8
122.8
124.9
129.1
126.7
' 132.3
134.9
88.6
90.9
92.5
91.5
92.3
92.6
91.5
93.6
94.3
96.3
974
'98.3
102.1
49.6
40.4
51.9
42.8
53.1
44.0
52.7
43.6
52.3
43.3
52.9
43.7
53.5
44.0
54.3
44.7
55.5
45.9
56.4
46.7
57.1
'47.5
'57.4
'47.5
57.8
47.9
23.9
4.9
13.3
23.5
4.7
13.2
24.0
4.8
13.2
23.8
4.6
13.4
24.6
4.7
14.1
24.3
4.9
13.5
23.2
4.6
13.0
24.2
4.8
13.4
23.6
4.4
13.5
24.3
4.3
13.8
24.2
4.6
13.4
'24.7
'4.8
'13.7
27.7
5.6
15.8
3.2
3.2
3.2
2.9
3.4
3.3
3.1
3.4
3.2
3.3
3.6
3.4
do.
32.2
30.9
30.4
28.9
29.8
28.6
28.3
29.2
30.6
32.8
29.3
'34.1
32.7
do.
do.
do.
do.
do..
12.4
1.2
.5
1.0
11.2
11.7
10.8
1.0
10.2
1.2
10.3
10.1
.6
.5
1.0
11.2
10.6
.8
.5
1.0
10.9
10.4
.8
.4
1.1
10.0
10.9
1.3
.5
1.4
9.5
11.5
1.1
'.5
.9
9.9
12.2
.8
••.6
1.0
10.3
13.7
.9
.5
1.0
10.9
11.0
.8
.6
1.2
10.6
13.5
.9
.6
1.1
.7
1.2
Revised.
* Preliminary.
cfSee corresponding note on p. S-8.
9 Includes data for items not shown separately.
ITData 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
2,121
399
1,187
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 of
Census Report C30-70S, available from the Superintendent of Documents, U.S. Government printing Office (Washington, D.O. 20402).
SUR
S-10
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes a r e a s shown
in t h e 1971 edition of B U S I N E S S S T A T I S T I C S
1971
CURRENT BUSINESS
1972
Annual
March 1973
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
6,464
6,795
Feb.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-HiJl):
Valuation, total
mil. $..
Index (mo. data seas, adj.)
80,188
91,213
5,977
5,607
7,284
8,100
9,098
8,478
8,067
8,875
8,197
8,225
7,248
'144
165
165
155
159
167
165
154
155
180
187
171
177
mil. $_.
do—
23,927
56, 261
24,045
67,169
1,928
4,050
1,634
3,973
1,686
5,598
1,741
6,359
2,574
6,524
2,517
5,960
2,528
5,538
2,466
6,409
2,017
6,181
1,669
6,557
1,785
5,462
1,650
4,814
1,918
4,877
do—
do....
do
25,590
34, 714
19,883
27,118
45,366
18,729
1,723
2,649
1,605
1,799
2,664
1,144
2,187
3,617
1,480
2,182
3,971
1,947
2,908
4,428
1,762
2,447
4,375
1,655
2,461
3,864
1,741
2,458
4,671
1,746
2,378
4,135
1,684
2,384
4,298
1,544
2,184
3,663
1,402
2,212
3,120
1,132
2,420
3,195
1,180
do—
65,578
68,001
4,456
6,500
7,133
4,234
4,799
5,000
3,894
5,315
4,470
6,489
8,032
7,679
6,102
6,014
2,084. 5
1.518.5
2,052. 2
1,151.0
2,377. 7
1, 731. 3
2,356. 6
1,308.6
150.9
112.2
149.1
76.2
153.6
117.2
152.2
76.3
205.8
152.4
203.9
111.4
213.2
155.6
211.6
119.8
227.9
162.7
225.8
135.2
226.2
160.4
223.1
131.9
207.5
149.8
206.5
119.1
231.0
168.2
228.6
131.3
204.4
142.9
203.0
120.5
218.2
158.0
216.5
117.0
187.1
137.1
185.7
97.4
152.6
114.8
150.5
'73.2
' 147.2
111.8
'146.4
76.9
138.8
2,439
1,395
2,540
1,281
2,313
1,310
2,204
1,215
2,318
1,308
2,315
1,283
2,244
1,319
2,424
1,373
2,426
1,382
2,446
1,315
2,395
1,324
2,369
1,207
'2,496
1,449
2,444
1,361
2,155
1,069
..1967=100.
Public ownership
Private ownership
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Engineering News-Record) O
181
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—
Seasonally adjusted at annual rates:f
Total privately owned
One-family structures
do—
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—
1,925
'906
2,129
2,204
1,098
2,056
959
2,007
954
1,991
1,955
923
2,121
2,108
1,013
2,237
1,031
2,265
975
2,216
1,086
2,139
961
2,377
947
2,218
1,057
496.6
572.4
33.3
554
39.7
552
48.8
595
53.4
634
51.5
572
54.7
604
48.2
572
51.7
532
54.1
540
50.4
502
37.7
606
40.7
648
143
137.3
73.1
CONSTRUCTION COST INDEXES
131
138
135
136
136
135
137
137
138
139
139
140
141
141
1913=100do._.
do.__
do._.
do__.
1,258
1,411
1,359
1,174
1,219
1,369
1,563
1,436
1,285
1,286
1,325
1,536
1,419
1,195
1,260
1,336
1,540
1,425
1,266
1,264
1,341
1,540
1,435
1,266
1,264
1,348
1,545
1,436
1,267
1,265
1,359
1,545
1,436
1,267
1,284
1,367
1,545
1,436
1,267
1,284
1,375
1,577
1,436
1,306
1,285
1,379
1,577
1,440
1,315
1,285
1,383
1,581
1,440
1,319
1,286
1,399
1,588
1,441
1,319
1,318
1,405
1,590
1,443
1,319
1,320
1,407
1,592
1,443
1,319
1,320
Associated General Contractors of America, Inc.,
The (building only) <?
1967=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
do...
135.0
133.9
132.8
145.4
144.8
145.8
141.8
140.6
141.4
140.5
146.7
154.6
161.2
149.0
155.6
Federal Highway Adm.—Highway construction:
Composite (avg. for year or qtr.)
1967=100.__
131.7
Dept. of Commerce composite
1967=100..
American Appraisal Co., The:
Average, 30 cities
Atlanta
New York
San Francisco
St. Louis
150.8
156.6
151.5
157.2
152.1
157.6
152.7
158.5
147.5
146.9
148.6
146.6
146.1
147.3
144.6
144.2
145.0
143.5
143.1
143.3
153.8
159.9
154.6
160.8
155.3
162.5
161.8
169.3
2 165.7
2172.6
9.
131
12.0
19:
9.4
124
15.5
222
8.2
100
15.3
217
585. 28 598. 00 592.11
758.57 737. 74 791.77
435.11
731.77
577.47
687.68
396.44
630.43
7,831
7,944
156.9
164.2
157.9
165.1
160.1
167.9
184.0
194.8
264.2
193.8
211.7
275.4
174.4
192.0
198.6
14.0
166
15.9
193
12.3
147
15.7
191
12.6
162
16.4
207
161.7
• 168. 8
141.2
133.7
135.5
148.6
148.3
149.8
148.3
147.
149.5
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
Seasonally adjusted
1947-49=100.
do.._
Iron and steel products, unadjusted
Lumber and wood products,unadj
Portland cement, unadjusted
do...
do...
do...
175.7
157.5
166.2
167.6
189.0
197.1
203.4
186.4
183.0
203.7
188.1
204.2
190.5
163.8
182.7
209.0
134.4
177.6
134.0
146.1
187.2
138.2
180.4
209.0
192.8
173.8
192.7
205.1
190.4
206.1
252.6
191.2
201.1
269.6
164.8
182.4
253.0
198.2
208.5
• 304. 5
23.3
325
15.4
232
26.7
323
16.8
224
27.9
264
20.0
207
20.6
227
21.7
248
20.9
222
18.5
197
20.4
221
20.5
219
17.2
224
17.3
203
19.5
207
19.2
199
813. 63 798.12 653.69
616. 73 717. 71 516.86
627.34
609.78
643.05
854.60
REAL ESTATE^
Mortgage applications for new home construction:
FHA net applications
thous. units.
Seasonally adjusted annual rates
do—
Requests for VA appraisals
do
Seasonally adjusted annual rates
do—
366.8
225.2
217.9
209.4
Home mortgages insured or guaranteed b y Fed. Hous. Adm.: Face amount
mil. $. 10,374.54 8,067.06
Vet. Adm.: Face amount§
do-._ 6,065.83 8,419. 86
Federal Home Loan Banks, outstanding advances
to member institutions, end of period
mil. $New mortgage loans of all savings and loan associations, estimated total
mil. $.
By purpose of loan:
Home construction
do—
Home purchase
do...
All other purposes
do__Foreclosures.
_
Fire losses (on bldgs., contents, etc.) t
935.45
639.38
7,936
7,979
7,238
6,515
5,992
5,913
5,853
6,075
6,138
6,295
6,736
7,045
7,245
7,979
39,485
51,408
2,632
2,849
3,910
3,819
4,603
5,449
4,572
5,379
4,689
4,522
4,393
' 4,591
18,810
13,840
8,553
26,615
16,240
481
1,253
518
1,400
712
1,861
1,337
707
1,819
1,293
836
2,276
1,491
872
2,920
1,657
743
2,515
1,314
803
3,087
1,489
739
2,587
1,363
761
2,423
1,338
714
2,307
1,372
'667
' 2,167
'1,757
11,952
10,095
12,731
12,469
10,539
11,141
10,747
241
193
193
187
188
184
178
182
164
194
number.
116,698
mil. $-
2,316
931
10,831
9,792
2,304
198
218
202
2
' Revised.
J» Preliminary.
* Computed from cumulative valuation total.
Index
as of Mar. 1, 1973: Building, 167.3; construction, 173.7.
©Data for Sept. 1971, and Mar.,
June, Aug. and Nov. 1972 are for 5 weeks; other months, 4 weeks. 9 Includes data for items
not shown separately.
§Data include guaranteed direct loans sold.
cfNew base; com-
635.16 750.10
672. 96 771.98
parable data for earlier periods will be shown later.
ifHome mortgage rates (conventional
1st mortgages) are under money and interest rates on p. S-17.
| Revisions for Jan.
1970 through Sept. 1971 will be shown later.
SURVEY
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
CURRENT BUSINESS
1972
1971 | 1972
Feb.
Jan.
Annual
S-ll
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted :f
Combined indexf
Television (network)
Spot TV
Magazines
Newspapers
advertising
index,
1957-59=100..
do—
do.__.
* —
do—
199
233
302
175
141
209
235
319
185
153
207
258
292
184
140
205
244
327
178
134
215
257
181
149
216
253
349
187
147
214
247
338
187
148
214
264
321
186
142
219
267
310
187
162
Magazine advertising (general and natl. farm magazines):
Cost, total
mil. $_. 1,251.4
47.0
Apparel and accessories
do—
111.3
Automotive, incl. accessories
. -do—
19.2
Building materials
do__.
158.6
Drugs and toiletries
do...
108.1
Foods, soft drinks, confectionery
do__.
1,297.7
44.4
119.8
23.2
148.2
115.2
72.4
1.6
5.7
1.1
9.1
5.1
94.0
3.0
9.1
1.1
13.3
107.4
4.3
11.3
2.5
12.2
10.4
121.0
6.0
11.6
3.3
13.4
10.4
128.9
3.8
14.4
3.5
14.4
9.8
109.0
1.7
12.2
2.2
13.3
10.6
1.2
8.4
1.3
10.5
8.7
78.1
3.7
5.0
.9
11.2
6.3
117.0
6.4
8.4
2.2
12.1
8.9
136.5
5.0
15.1
2.1
13.5
11.8
138.5
4.1
11.7
2.1
13.6
13.7
111.2
3.5
6.8
1.0
11.5
9.7
72.5
1.7
5.9
1.0
9.3
5.0
88.2
64.0
33.1
17.8
118.2
486.0
91.0
76.7
29.7
20.6
116.2
512.7
2.9
2.3
2.1
1.1
8.2
33.2
4.2
3.9
1.9
2.2
8.8
36.8
5.6
5.9
2.6
1.7
8.5
42.3
7.4
8.5
2.4
2.3
8.7
46.9
8.3
9.8
3.8
1.7
8.8
50.7
8.5
6.2
2.4
1.7
9.6
40.5
6.4
4.6
1.6
1.6
9.8
29.8
4.7
3.4
2.3
1.4
8.6
30.5
6.7
7.6
3.3
1.8
11.3
48.1
10.2
10.2
2.4
1.7
11.1
53.2
11.4
9.5
3.0
1.9
11.4
56.0
14.8
4.9
1.9
1.3
11.3
44.6
3.4
2.9
1.9
.9
7.2
33.4
3,208.2 3,648.6
'100.8
102.5
' 751.7
914.9
' 103.1
122.1
'445.4
504.4
1,807.3 2,004.7
279.4
6.8
71.1
13.5
39.9
148.1
273.7
8.6
69.5
8.6
40.0
146.9
313.7
10.8
76.1
10.9
44.8
171.1
332.6
9.2
83.7
12.2
50.7
176.8
324.6
10.4
81.4
9.9
48.2
174.7
310.3
8.3
79.3
11.5
43.6
167.6
280.4
7.6
82.6
10.2
30.4
149.7
273.4
7.4
76.7
6.3
30.0
153.0
281.2
10.5
74.3
8.3
40.2
147.9
333.7
8.2
82.9
11.6
50.6
180.3
339.1
8.8
72.8
9.4
50.6
197.6
306.4
6.9
64.4
9.8
35.4
190.9
Merchant wholesalers sales (unadj.), totaL.mil. $.
Durable goods establishments
do—
Nondurable goods establishments
do___
267,357
122,420
144,937
298,199
138,446
159,753
21,756
9,725
12,031
22,012
9,951
12,061
24,938
11,567
13,371
23,044
10,977
12,067
25,290
11,898
13,392
25,389
12,127
13,262
23,491
11,085
12,406
26,654
12,552
14,102
25,555
12,092
13,463
26,823
12,604
14,219
27,154
12,301
14,853
26,089
11,557
14,532
26,147
11,861
14,286
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total
mil. $_
Durable goods establishments
do..Nondurable goods establishments
do___
28,828
16,987
11,841
31,895
18,672
13,223
29,064
17,041
12,023
29,079
17,171
11,908
29,289
17,412
11,877
29,608
17,740
11,868
29,669
17,855
11,814
29,648
18,003
11,646
29,901
18,332
11,569
29,868
18,098
11,769
30,367
18,166
12,201
31,255
18,250
13,005
31,665
18,471
13,194
31,895
18,672
13,223
32,744
18,854
13,890
408,850
448,379
30,604
37, 994
37,522
c9,014
12,258
7,582
7,020
562
13,296
8,162
7,539
38,730
13,735
8,372
7,716
656
36,961
9,661
5,756
5,317
439
35,389
12,095
7,372
6,782
590
38,164
149,659
88,612
81,521
7,091
30,987
10,181
6,192
5,760
432
36,220
131,814
78,916
72,538
6,378
12,624
7,486
6,869
617
12,785
7,406
6.770
636
12,501
7,192
6,592
600
13,569
8,043
7,396
647
39,790 47,004
13,229 13,725
7,775 '7,274
7,136 '6,624
639
'650
35,668
12,155
7,560
7,068
482
1,689
1,034
530
1,770
1,101
544
1,749
1,001
1,817
1,070
607
1,760
1,022
595
1,863
1,107
599
1,959 '2,330
1,166 '1,235
623
'854
' 1,777
1,021
605
1,841
1,460
381
24,868 24,995
1,739
1,769
432
419
653
683
304
298
1,837
1,465
372
1,883
1,541
342
1,924
1,567
357
24,337
1,580
371
605
267
1,952
1,590
362
25,209
1,759
389
667
317
25,021
1,846
401
708
361
25,445
1,923
445
737
340
1,759 '1,664
1,445
1,398 ' 1,212
1,181
361
452
264
26,561 33,279 23,513
2,055 ' 3,177 '1,616
504
'827
430
111 ' 1,197
587
351
'480
Beer, wine, liquors
do...
Household equip., supplies, furnishings._do___
Industrial materials
do...
SOaps, cleansers, etc
do__.
Smoking materials
do...
Allother
do._.
Newspaper advertising expenditures (64 cities): ©
Total*
mil.$Automotive.
declassified.
do.-Financial
do..General
do...
Retail
do.-WHOLESALE TRADE
RETAIL TRADE %
All retail stores:^
Estimated sales (unadj.), total \
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire, battery, accessory dealers
mil. $.
do
do.
do.
do
Furniture and appliance group 9 —
Furniture, homefurnishings stores
Household appliance, TV, radio
do
do
do.
18,560
11,004
6,221
21,315
12,550
7,029
1,560
905
540
1,550
919
505
1,673
1,021
516
1,595
969
508
Lumber, building, hardware group
Lumber, bldg. materials dealers d*
Hardware stores
Nondurable goods stores 9
Apparel group
Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
do
do.
do.
do.
do.
do.
do
do.
17,378
13,733
3,645
20,064
15,973
4,091
1,544
1,226
290
318
298,720
21,993
5,198
23,962
1,734
23,294
1,665
3,774
1,240
998
242
20,806
1,309
302
621
210
1,466
1,176
277,036
20,804
4,727
8,193
3,532
1,223
984
239
20,943
1,437
353
547
235
do..
do_.
do..
do..
do..
13,736
31,131
89,239
82,793
29,163
14,523
33,891
95,020
88,340
31,044
1,105
2,454
7,101
6,620
2,388
1,101
2,402
7,105
6,619
2,264
1,157
2,693
7,870
7,334
2,488
1,141
2,699
7,588
7,069
2,457
1,197
2,894
7,937
7,389
2,608
1,195
3,022
8,173
7,592
2,645
1,163
3,063
8,092
7,492
2,752
1,222
3,127
8,100
7,494
2,758
1,184
2,943
8,253
7,676
2,606
1,189
2,902
7,862
7,293
2,686
1,201
2,782
7,991
7,441
2,668
'1,668
' 2,910
' 8,948
r 8,321
'2,724
1,216
2,678
7,994
7,460
2,580
68,134
74,903
4,426
4,512
5,673
5,496
6,002
5,977
5,660
6,224
6,151
6,540
7,487
10,755
r 4,942
62,242
42,027
4,301
6,972
8,773
68,936
46,302
4,997
7,756
9,215
4,004
2,680
269
419
4,064
2,646
327
464
652
35,345
11,457
6,121
568
5,151
3,367
419
600
743
36,450
12,087
7,073
6,464
609
5,037
3,348
352
580
709
36,296
11,976
7,067
6,490
577
5,501
3,688
388
620
751
5,493
3,739
344
616
774
5,208
3,486
336
584
803
5,628
3,835
389
610
749
37,141
36,822
37,342
37,746
12,280
6^719
583
12,253
7,266
6,704
562
12,468
7,399
6,821
578
5,735
3,787
444
638
760
37,969
12,842
7,723
7,104
619
12,614
7,503
6,888
615
5,985
4,006
505
623
757
39,106
13,168
7,853
7,195
658
6,887
4,622
660
698
779
38,713
13,173
7,825
7,215
610
10,243 ' 4,510
' 7,098 ' 3,022
'564
320
' 1,304
500
'1,069
674
39,417 40,671
13,640 14,222
8,569
'8,300
'7,729
7,959
'571
600
1,728
1,027
573
1,780
1,058
568
1,743
1,044
583
1,748
1,016
576
1,735
1,051
527
1,781
1,026
607
1,797
1,040
613
1,750
1,034
580
1,846
1,093
602
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
General merchandise group with nonstores9
mil. $_.
General merchandise group without nonstores9§
-mil. $_
Department stores
do
Mail order houses (dept. store mdse).do—
Variety stores
-do
Liquor stores
do—
Estimated sales (seas, adj.), total \
do..
Durable goods stores 9
do..
Automotive group
do..
Passenger car, other auto, dealers
do..
Tire, battery, accessory dealers
do_.
Furniture and appliance group 9
Furniture, homefurnishings stores
Household appliance, TV, radio
do..
do..
do..
11,475
6,578
6,028
550
1,741
1,020
607
365
665
317
1,576 1,622
Lumber, building, hardware group
do..
1,249 1,270
1,359
Lumber, bldg. materials dealerscf
do_.
326
327
352
Hardware stores
do..
' Revised.
* Data for Sept.-Dec. 1970 are as follows (mil. $): 256.2, 279.5, 309.5, 264.4;
7.0,9.0,7.1,5.6; 58.6,60.1,58.0,46.1; 8.9,10.2,7.8,8.8; 37.9,42.6,48.5,30.6; 143.9,157.6,188.1,173.2.
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.
JRevised 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 ft.
390
626
294
1,731
1,356
375
1,846 '1,808
1,093 '1,048
591
'601
1,948
1,120
651
1,562
1,592
1,605
1,679
1,714
1,780
1,746
1,747 '1,711
1,898
1,246
1,250
1,263
1,338
1,362
1,406
1,427
1,636
1,390 ' 1,379
316
342
342
341
352
340
332
353
357
of the Dec. 1971 SUEVEY (complete details appear in the Census Bureau Monthly Retail
Trade Report, Aug. 1971 issue). 9 Includes data for items not shown separately.
fForrnerly Marketing/Communications advertising index. Series revised in June 1971;
comparable 1970 monthly data are in the SURVEY for that month (no comparable earlier data
are available).
d" Comprises lumber yards, building materials dealers, and paint, plumbing, and 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 B U S I N E S S STATISTICS
1971
March 1973
1972
1972
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov. Dec.
Jan.
Feb.
26,358
DOMESTIC TRADE—Continued
RETAIL TRADEf—Continued
AH retail storesf— Continued
Estimated sales (seas, adj.)—Continued
Nondurable goods stores9
...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
do.
do_.
do_.
___do_.
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
Furniture and appliance group
___do_
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
do__.
Tire, battery, accessory dealers
do...
Estimated sales (seas, adj.), total90
do
Apparel group 9
do
Men's and boys' wear stores
do
Women's apparel, accessory stores
do
Shoe stores
do
Drug and proprietary stores
do
Eating and drinking places
do
General merchandise group with nonstores 9
mil. $_
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mail order sales d o . . .
Variety stores
do...
Grocery stores
__do.
Tire, battery, accessory dealers
___do_
All retail stores, accts. receivable, end of yr. or mo.: c?
Total (unadjusted)
mil. $
Durable goods stores
. do
Nondurable goods stores
do
Charge accounts
do
Installment accounts
do
Total (seasonally adjusted)
do
Durable goods stores.
do...
Nondurable goods stores
do
Charge accounts
do.I
Installment accounts
I_~I~"do
24,320
1,834
445
673
310
24,861
1,846
438
706
317
24,569
1,788
429
683
294
24,874
1,801
433
695
299
25,127
1,813
438
699
300
25,132
1,836
433
701
318
25,938
1,947
468
718
350
25,540
1,891
445
710
344
25,777
' 1,899
'438
'730
'347
26,349
1,959
483
731
355
1,137
2,745
7,387
1,155
2,714
7,665
7,133
2,493
1,178
2,814
7,720
7,190
2,534
1,205
2,763
7,795
7,265
2,489
1,208
2,785
7,985
7,449
2,534
1,218
2,801
7,832
7,279
2,500
1,204
2,818
7,956
7,374
2,577
1,246
2,797
8,039
7,457
2,622
1,204
2,830
8,005
7,438
2,611
1,226
2,873
8,209
7,637
2,686
1,250
2,913
8,134
7,570
2,681
' 1,236
'2,957
8,071
' 7,503
2,713
1,257
3,016
8,475
7,886
2,704
5,874
5,965
6,025
6,246
6,143
6,267
6,288
6,333
6,548
6,354
6,362
6,516
5,546
3,664
406
632
800
5,533
3,643
396
671
769
5,731
3,838
423
649
766
5,632
3,792
393
638
776
5,801
3,899
422
643
785
5,772
3,845
439
654
775
5,858
4,007
425
634
767
6,065
4,092
457
663
727
5,486
3,650
399
617
753
5,833
3,937
442
643
763
5,884
4,008
'391
'671
'740
6,015
4,029
440
714
739
50,705
23,440
11,528
3,498
3,314
51,724
23,898
11,827
3,565
3,414
53,324
24,572
12,214
3,652
3,509
54,037
24,929
12,343
3,732
3,574
54,299
25,087
12,416
3,735
3,612
53,697 52,794
24, 701 23,592
12,084 11,083
3,692 3,691
3,568 3,543
51,693
21, 749
9,169
3,672
3,536
53,187
22,451
9,845
3,750
3,561
55,075 56,816
22, 984 23,908
10,165 10,707
3,803 3,923
3,574 3,646
53,283
23,782
10,950
3,746
3,631
53,484
24,078
11,222
3,754
3,692
27,265
4,244
5,350
27,826
4,416
5,357
28,752
4,608
5,486
29,108
4,674
5,510
29, 212 28,996
4,596
4,509
5,557
5,538
29,202
4,598
5,563
29,944
4,834
5,631
30,736
5,044
5,645
32,091
5,188
5,893
32,908
5,302
6,030
29,501
4,556
5,859
29,406
4,354
5,728
11, 784 10,905
7,075
6,548
54, 700 52,458
24, 442 23,790
11, 324 11,609
3,625
3,791
3,732 3,378
11, 281
6,704
11,888
7,132
12,065
7,232
12,158
7,344
12,108
7,273
12,153
7,203
12,541
7,469
12,981
7,763
13,680
8,316
14,132
8,759
11,784
7,075
11,976
7,087
52,484
23,679
11,494
3,645
3,428
52,639
23,674
11,436
3,670
52,814
23,740
11,387
3,684
3,467
53,402
23,915
11,412
3,709
3,507
53,293
23,665
11,086
3,703
3,508
52.940
23,194
10,596
3,725
3,529
53,107
23,037
10,407
3,690
3,579
53,661
23,608
10,937
3,743
3,612
53, 934 54,658
23,675 24,235
10, 918 11,247
3,714
3,761
3,628
3,705
54,700
24,442
11,324
3,791
3,732
55,394
24,472
11,335
30, 258 28,668
4,746
4,603
5,790
5,431
28,805
4,610
5,428
28,965
4,627
5,486
29,074
4,660
5,510
29,487
4,666
5,557
29,628
4,673
5,560
29,746
4,726
5,597
30,070
4,753
5,734
30,053
4,777
5,714
30, 259 30,423
4,835
4,860
5,800
5,815
30,258
4,746
5,790
30,922
4,722
5,815
12, 521
7,527
11,800
7,110
11,933
7,140
12,089
7,226
12,133
7,276
12, 293
7,411
12,462
7,545
12,380
7,380
12,561
7,499
12,446
7,443
12,388
7,485
12,590
7,710
12,521
7,527
12,963
7,695
125,607
137, 650
8,991
9,104
10,839
10,502
11, 220
11,430
10,892
11, 465 11, 661
11,826
12,814 '16,906
10,420
5,741
750
2,123
1,498
4,693
2,735
1,600
6,055
782
2,194
1,737
5,246
2,887
1,902
351
52
124
90
360
203
138
323
43
121
85
365
205
133
496
62
178
144
396
245
137
458
63
159
130
396
227
141
487
68
177
135
427
267
156
472
67
171
129
441
267
164
410
50
153
111
417
278
152
487
51
180
144
445
274
165
532
59
189
178
431
230
156
545
66
194
169
431
229
171
'910
'126
'335
'246
'695
'240
'221
411
53
140
133
422
214
163
52,092
58,113
3,300
3,395
4,310
4,218
4,626
4,635
4,385
4,814
4,800
5,096
5,904
• 8,630
3,834
49,008
36,544
5,398
55,100
40, 795
6,191
3,104
2,323
324
3,169
2,313
4,036
2,938
467
3,989
2,946
458
4,371
3,246
490
4,393
3,307
493
4,165
3,102
465
4,578
3,365
503
4,531
3,400
486
4,785
3,533
500
5,593
4,082
568
'6,240
' 1,075
3,629
2,671
400
45,235
1,955
49,206
2,094
3,652
123
121
4,118
179
3,893
178
4,049
181
4,206
200
4,114
178
4,122
191
4,315
171
4,090
186
4,232
188
' 4,727
'198
4,247
147
10,672
10,853
10,987
11,085
11,412
11,268
11,449
11,592
11,660
12,202
11,944
11,830
12,400
471
63
174
120
398
224
468
60
175
125
409
232
483
69
179
126
413
246
495
71
172
142
429
229
502
72
180
138
432
252
473
65
177
122
451
249
493
67
180
132
431
259
491
59
185
137
450
249
511
63
183
154
443
228
551
66
189
179
455
223
531
63
194
167
460
240
'528
'62
'188
'165
'451
'243
552
64
196
179
463
236
27,737
4,397
5,507
11,062
6,613
52,261
23,808
11,772
3,604
3,312
Nondurable goods stores 9
do
28,453
Apparel group
do
4,580
Food group
do
5,442
General merchandise group with nonstores
mil. $_. 11,753
Department stores
do
7,035
Firms with 11 or more stores: f
Estimated sales (unadj.), total9-..
24, 363
1,767
417
671
290
5,376
3,578
Estimated inventories, end of year or month: X
Book value (unadjusted), total t
mil. $__ 50,889
Durable goods stores 9
do
23,152
Automotive group
do
11,384
Furniture and appliance group
do
3,557
Lumber, building, hardware group.-do
3,219
Book value (seas, adj.), total t
do_.
Durable goods stores 9
do_.
Automotive group
do_
Furniture and appliance group
do_
Lumber, building, hardware group...do.
23,888
1,741
409
673
287
2,506
General merchandise group with nonstores 9
mil. $..
General merchandise group without nonstores 9 §
mil. $..
Department stores
do
Mail order houses (dept. storemdse.)do
Variety stores
do
Liquor stores
do
Nondurable goods stores 9
do
Apparel group
do
Food group
do
General merchandise group with nonstores
mil. $..
Department stores
do
23,411
1,732
390
677
53, 283
23, 782
10, 950
3,746
3,631
29, 501
4,556
5,859
584
75
213
176
442
222
168
3,764
4,470
4,554
4,612
4,593
4,828
4,737
4,817
4,846
5,147
5,008
'5,023
5,185
4,216
3,127
470
4,297
3,182
4,351
3,200
499
4,332
3,175
506
4,568
3,388
511
4,481
3,310
515
4,604
3,413
521
4,597
3,379
516
4,724
3,534
513
4,874
3,627
529
4,748
3,519
517
r
4,798
'3,554
'544
4,920
3,605
581
3,788
162
3,882
162
3,918
190
4,034
170
4,115
169
4,060
169
4,151
165
4,223
187
4,133
182
4,384
191
177
• 4,139
'166
4,485
192
23, 514
7,753
15,761
9,385
14,129
25,068 22,312
8,115
7,331
16, 953 14,981
10,090
8,744
14,978 13,568
21,855
7,278
14,577
8,695
13,160
21,900
7,359
14,541
8,865
13,035
22,049
7,439
14,610
9,026
13,023
22, 502
7,640
14,862
9,449
13,053
22,486
7,809
14,677
9,452
13,034
22,094
7,687
14,407
9,124
12,970
22,288
7,805
14,483
9,163
13,125
22,808
7,966
14,842
9,442
13,366
23,061
8,010
15,051
9,664
13,397
23,563
7,942
15,621
9,653
13,910
25,068
' 8,115
16, 953
10,090
14,978
24,085
7,789
16, 296
9,414
14, 671
22,046
7,580
14,466
8,986
13,060
23, 518 21,858
7,940
7,508
15, 578 14,350
9,671
8,862
13,847 12,996
22,083
7,510
14,573
9,067
13,016
22,249
7,633
14,616
9,128
13,121
22,305
7,603
14,702
9,128
13,177
22, 593 22,494
7,718
7,649
14,875 14,845
9,323
9,252
13, 270 13,242
22,504 22,714
7,714
7,606
14, 898 15,000
9,238
9,163
13,341 13,476
23,031
7,781
15,250
9,429
13,602
23,139
7,757
15,382
9,530
13,609
23,364
7,847
15,517
9,524
13,840
23, 518
23,610
' 7, 940 7,995
15, 578 15, 615
' 9, 671 9,561
13, 847 14, 049
r Revised.
t Advance estimate.
fSee note marked "J" on p. S-ll. iSeries revised
to reflect benchmarking to the levels of the 1968-71 Annual Retail Trade Reports (Census
Bureau), arid also recalculation of seasonal factors for all lines of trade; description of revisions
and revised data appear on p. 55ff.of the Dec. 1971 SURVEY (1968-69) and pp. 24-25 of the
Oct. 1972 SURVEY (1970-71).
9 Includes data not shown separately.
§Except department
stores mail order. <?See note marked "J" on p. S-ll; data prior to Feb. 1971 will be shown
later.
©Revised data (seas, adj.) back to Jan. 1971 appear in the Census Bureau Monthly
Retail Trade Report, Dec. 1972 issue.
OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-13
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas t—
mil_. »207.05
1
208.84
208.20
208.31
87,318
84,778
79, 366
2,909
76,458
5,412
285,644
280,579
3,39?
2
77,182
5,065
1,234
1,158
85,518
80,594
3,369
77,225
4,924
1,298
5.9
4.2
5.5
17.4
5.3
10.4
2.8
3.4
208.08
208.44
208.56
208.70
208.84
208.98
209.13
209.29
209.44
209.58
209.71
87,914 87,787
85,410 85,324
80,195 80,627
3,094 3,287
77,101 77,339
5,215
4,697
87,986
85,567
81,223
3,531
77,692
4,344
90,448
88,055
82,629
3,976
78,653
5,426
91,005
88,617
83,443
4,061
79,383
5,173
90,758
88,362
83,505
4,031
79,475
4,857
89,098
86,693
82,034
3,658
78,376
4,658
89,591
87,176
82,707
3,721
78,986
4,470
89,400
86,969
82,703
3,363
79,340
4,266
89,437
86,997
82,881
3,163
79,719
4,116
88,122
85,718
81,043
2,955
78,088
4,675
86,264 86,184
81,216 81,209
3,460 3,313
77,756 77,896
5,048 4,975
1,209
1,143
86,431 86,554 86,597 86,941 87,066 87,236 87,023
81,458 81,752 81,782 82,061 82,256 82,397 82,525
3,338
3,331 3,443
3,610 3,579
3,658
3,556
78,120 78,421 78,339 78,451 78,677 78,739 78,969
4,973
4,802
4,815 4,880
4,810 4,839
4,498
1,157 1,139 1,151 1,170 1,134 1,117 1,068
87,267
82,780
3,650
79,130
4,487
1,001
86,921
82,555
3,501
79,054
4,366
919
5.1
3.4
5.1
15.7
4.6
9.6
2.4
3.3
5.6
5.2
9.8
4.4
3.9
5.0
3.3
5.3
14.3
4.6
8.9
2.4
3.2
5.6
74 449 r74,778
60*804 61,071
73,256
59,699
LABOR FORCE §
Labor force, persons 16 years of age and over__thous_.
Civilian labor force
do
Employed, total
do—
Agriculture
do—
Nonagricultural industries
do
Unemployed
do
Seasonally Adjusted
Civilian labor force
do
Employed, total
do—
Agriculture
do
Nonagricultural industries
do
Unemployed
do—
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 races.
Married men
Occupation: White-collar workers
Blue-collar workers
Industry of last job (nonagricultural):
Private wage and salary workers
Construction.
Manufacturing
Durable goods
86, 929
88,991 87,147
84,113
86, 542 84,553
79,120 2 81, 702 79,106
3,387
3,472
2,869
75, 732
78, 230 2 76,237
4,993 2 4, 840 2 5,447
1,181
5.9
4.4
5.7
16.9
5.4
9.9
3.2
3.5
7.4
6.2
10.4
6.8
7.0
5.6
4.0
5.4
16.2
5.0
10.0
2.8
3.4
6.5
5.7
10.3
5.6
5.4
5.9
4.2
5.6
17.5
5.3
10.9
3.0
3.6
7.1
6.1
10.0
6.4
6.5
5.8
4.1
5.1
18.5
5.2
10.6
2.9
3.4
7.0
6.0
10.4
6.2
6.3
70,645
57,790
72,764
59,475
70,642
57,464
70,645
57,790
39, 262
22,542
602
3,411
72,764
59,475
40,541
23,061
607
3,521
18,529
10,565
192
581
458
634
1,227
1,328
1,805
1,768
1,724
437
410
7,964
1,758
76
957
1,336
684
1,071
1,008
191
581
302
48,103
4,442
15,142
3,809
11,333
3,796
11,869
12,856
2,664
10,191
18,933
10,884
188
612
6.1
9.9
6.2
6.2
5.8
4.2
5.4
16.7
5.3
9.3
2.9
3.3
6.8
5.8
10.7
5.8
5.8
5.8
4.1
5.7
15.7
5.2
10.3
2.8
3.5
6.7
5.9
11.1
6.0
6.2
5.5
4.0
5.6
14.9
5.1
9.2
2.9
3.2
6.5
5.6
9.6
5.7
5.8
5.6
3.9
5.7
15.5
5.0
10.0
2.7
3.4
6.5
5.7
10.7
5.6
5.7
5.6
3.9
5.5
16.7
5.1
9.7
2.6
3.5
6.4
5.8
11.0
5.5
5.2
5.5
3.8
5.4
16.2
5.0
10.0
2.8
3.4
6.0
5.6
9.8
5.1
4.8
5.5
3.9
5.5
15.4
5.0
10.0
2.8
3.5
6.0
5.6
10.3
5.1
4.5
5.2
3.5
5.0
15.6
4.6
10.1
2.5
3.1
5.8
5.3
10.5
4.6
4.2
70,775
57,444
71,393
58,002
71,979
58,592
72,612
59,182
73,463
60,152
72,469
59,720
72,975
60,295
73,519
60,366
74,118
60,606
71,552
58,459
39,908
22,689
615
3,523
71,744
58,599
39,987
22,719
613
3,494
72,011
58,830
40,145
22,811
614
3,512
72,246
59,028
40,238
22,888
605
3,493
72,592
59,318
40,426
23,031
604
3,535
72,699
59,475
40,544
23,081
600
3,550
72,661
59,382
40,521
22,949
599
3,489
72,984
59,667
40,737
23,076
602
3,544
73,176 73.589
59,811 60.192
40,782 40,973
23,186 23,397
606
610
3,551 3,568
18,551
10,575
183
604
477
645
1,192
1,335
1,803
1,778
1,699
442
417
7,976
1,758
73
973
1,328
684
1,072
998
189
600
301
48,863
4,455
15,379
3,849
11,530
3,867
12,069
13,093
2,673
10,420
18,612
10,621
182
604
481
646
1,190
1,341
1,815
1,786
1,712
443
421
7.991
1,751
73
976
1,336
685
1,072
997
193
605
303
49,025
4,438
15,456
3,863
11,593
3,874
12,112
13,145
18,685 18,790 18,892 18,931 18,861 18,930 19,029 19,219 19 324 19,419
10,673 10,755 10,837 10,857 10,843 10,897 10,970 11,127 1120311,281
197
182
185
186
188
190
192
188
191 *197
'623
606
610
610
611
613
613
613
616 622
508
483
490
494
497
499
503 505
'672
650
651
660
662
660
663
664
673 673
'1,284
1,209
1,215
1,228 1,222 1,214 1,236 1,268 1,279
1,280
' 1,408
1,347
1,360
1,370 1,373 1,370 1,376 1,380 1,392
1,400
' 1,956
1,814
1,824
1,848 1,858 1,855 1,868 1,881 1,915
1934
'1,912
1,795
1,805
1,818 1,830 1,826 1,830 1,847 1,882 l
1,720
1,747
1,754 1,740 1,743 1,736 1,743 1,782
i'801
*472
444
447
452
457
456
460
462
466 '470
'434
423
425
423
426
422 4 2 6
425
428 431
8,012
8,035 8,055 8,074 8,018 8,033 8,059 8,092 8 121 ' 8,138
1,759
1,756
1,755 1,771 1,757 1,738 1745 1742
1*7411,743
'72
76
77
76
75
75
70
66
66
' 69
981
984
988
991
986
992
993 1,002 1 009 ' 1,017
' 1,346
1,334
1,344
1,334 1,329 1,311 1,334 1,337 1,342
1*351
707
687
691
700
699
698
699
701
707 ' 706
1,074
1,076
1,080 1,079 1,076 1,079 1,083 1,086 1 088 '1,091
1,015
997
1,002
1,001 995
997 1 0 0 7 1 0 1 1
1*013
190
191
191
190
190
188
188
"'*
'~~
"
658
609
615
621
630
627
629
633
643 654
299
304
305
309
309
305
307
306
304 301
49,200 49,358 49,561 49,618 49,712 49,908 49,990 50,192 50 442 '50,548
4,487 4,481
4,490 4,491 4,473
4,478 4 499
4 540 4*549 '4,558
15,508 15,561 15,632 15,682 15,692 15,758 15 794 15 835 15*954 15,946
3,883 3,894 3,914 3,926 3,913 3,935
3*946 3,'954 3*959 '3,970
11,976
11,625 11,667 11,718 11,756 11,779 11,823 11848 11881 11995
3,885 3,892 3,913 3,931 3,927 3,936
3'953
3969
3 981 '3,991
12,139 12,206 12,252 12,290 12,341 12 419 12 379 12 451 12 497 12,549
13,181 13,218 13,274 13,224 13,279 13*317 13*365 13 397 13 461 13,504
2,667 2,664
2,665
2,646
2,621 2j 618
2 624 2*630 2 642 2,652
10,514 10,554 10,609 10,578 10,658 10,699 10 741 10*, 767 io'819
5.1
9.0
5.0
4.6
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:J
Total, not adjusted for seasonal variation. ..thous.
Private sector (excl. government)
do...
Seasonally Adjusted
Total employees, nonagricultural payrollst--do...
Private sector (excl. government)
do...
Nonmanufacturing industries*
do...
Goods-producing*
do._.
Mining
do...
Contract construction
do...
Manufacturing
do_.
Durable goods
do_.
Ordnance and accessories
do..
Lumber and wood products
do_.
Furniture and fixtures
do..
Stone, clay, and glass products
do..
Primary metal industries. _
_. do..
Fabricated metal products
do..
Machinery, except electrical
do..
Electrical equipment and supplies, .do. _
Transportation equipment
do..
Instruments and related products.-do..
Miscellaneous manufacturing
do..
Nondurable goods
do_.
Food and kindred products
do._
Tobacco manufactures
do..
Textile mill products
do_.
Apparel and other textile 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_.
Service-producing*
do. _
Trans., comm., electric, gas, etc
do__
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._
1,235
1,371
1,864
1,833
1,747
456
425
8,049
1,751
72
991
1,335
697
1,080
1,002
190
627
304
49,704
4,495
15,683
3,918
11,765
3,927
12,309
13,290
2,650
10,640
10,476
73,899 '74,026 74,155
60 438 '60,522 '60,688
41 114 '41,103 '41,222
23*457 '23,478 '23,566
'607
'611
609
3,524 r 3,452 '3,489
19,466
'11,323
'197
'623
'671
l',420
1,963
1,922
1,817
'476
436
8,143
1,754
'72
1,015
1,336
'709
1,095
1,016
'189
'663
50,589
'4,577
15,939
'3,995
11,944
'3,996
12,610
13,467
'2,637
830
l°»
Production or nonsupervisory workers on private
47,732
49,223 47,387 47,349 47,881 48,431 48,979 49,862 49,407 49,952 50,036 50,256 50,442 '50,689 '49,312
nonagric. payrolls, not seas, adjusted t thous.
13,434
13,838 13,325 13,413 13,521 13,578 13,676 13,960 13,590 14,023 14,180 14,225 14,281 '14,282 '14,136
Manufacturing
_
do
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural payrollsJ*_.
thous.. 47,732
49,223 48,332 48,443 48,677 48,845 49,124 49,245 49,122 49,367 49,510 49,836 50,068 '50,116 '50,243
17,049 17,183 17,231 17,114 17,226 17,319 17,496 17,558 '17,562 17,632
Goods-producing*
do
16,717
17,205 16,881 16,889
456
457
451
453
455
459
461
460 '457
'462
466
464
Mining*
do
465
451
459
2,928
2,934
2,876
2,925
2,936
2,952
2,907 '2,830 '2,867
2,904 2,882
2,924 2,881
Contract construction*
do
2,832
2,908
Manufacturing
do
13,434
13,838 13,492 13,544 13,616 13,711 13,798 13,846 13,785 13,846 13,924 14,083 14,191 '14,275 '14,303
7,876
7,899
7,889
7,942
7,999
8,131 8,212 '8,274 '8,311
7,637 7,680 7,729 7,805
Durable goods. _
do
7,598
7,919
91
92
95
96
97
93
96
102
102 ' 1 0 1
89
90
Ordnance and accessories
do
94
appear in EMPLOYMENT AND EARNINGS, Feb. 1973 ( U S D L , BLS).
••Revised. * Preliminary. 1 As of July 1. 2 See note § below.
tSeenote"f,"p. S-14.
JEffective Oct. 1972 SURVEY, revised employment, hours, man-hours, earnings, and turn§Effective Jan. 1972, data are adjusted to the 1970 Census; for comparison of Jan. 1972
over data incorporate adjustments to recent benchmarks and new seasonal factors; comparable
(and subsequent months) with pre-1972 data, the following approximate amounts (in thous.)
data prior to Aug. 1971 are to appear in forthcoming EMPLOYMENT AND EARNINGS, 1909-72,
should be added to the earlier figure (not seasonally adjusted): Civilian labor force, 330;
BLS Bulletin 1312-9.
nonagricultural employed, 290; unemployed, 30 (unemployment rates are unaffected). Also,
*New series; see note " t " .
effective Feb. 1973 SURVEY, data reflect new seasonal factors; comparable earlier figures
SUEVEY OF CUKEENT 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
1972
1971 | 1972
Annual
March 1973
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT—Continued
Seasonally Adjusted
Production or nonsupervisory workers on payrolls*
—Continued
Manufacturing, durable goods industries—Con.
Lumber and wood products
thous..
Furniture and
fixtures
do....
Stone, clay, and glass products
do
Primary metal industries
-do
Fabricated metal products
do
Machinery, except electrical
do—
Electrical equipment and supplies
do
Transportation equipment
do
Instruments and related products
do
Miscellaneous manufacturing
do
Nondurable goods
do
Food and kindred products
do
Tobacco manufactures
do
Textile mill products
do
Apparel and other textile 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
Service-producing*
_
do
Transportation, comm., elec, gas, etc*
do
Wholesale and retail trade*
do
Wholesale trade*
do_...
Retail trade*
do
Finance, insurance, and real estate*.
do
Services*
do
500
377
503
968
1,010
1,178
1,171
1,218
261
316
527
408
527
984
1,049
1,236
1,238
1,248
276
331
519
394
514
939
1,016
1,178
1,189
1,210
265
323
5,836
1,186
63
839
1,168
523
654
580
117
448
258
5,919
1,180
59
871
1,165
537
657
581
117
489
261
31,015
3,844
13,439
3,181
10,258
2,984
10,748
32,018
3,883
13, 923
3,278
10, 645
3,072
11,140
37.0
42.3
37.3
37.2
42.5
37.0
40.6
520
399
519
956
1,028
1,189
1,205
1,229
266
329
5,887
1,186
63
864
1,164
529
655
575
117
473
261
524
402
519
965
1,038
1,200
1,214
1,252
269
331
5,855
1,187
60
855
1,158
526
655
577
115
465
257
519
397
515
940
1,022
1,189
1,198
1,218
266
327
5,864
1,180
60
857
1,165
526
654
576
117
469
260
31,451
3,857
13,634
3,214
10,420
3,032
10,928
31,554
3,835
13,714
3,225
10,489
3,037
10,968
31,691
3,881
13,769
3,249
10,520
3,047
10,994
31,796
3,875
13,825
3,259
10,566
3,049
11,047
31,941
37.2
36.8
42.5
37.3
40.1
40.4
3.2
37.1
36.9
42.8
37.2
40.3
40.4
3.3
524
402
526
978
1,049
1,223
1,223
1,257
273
329
5,922
1,182
63
868
1,166
539
658
580
117
483
266
526
405
528
973
1,053
1,233
1,237
1,241
276
332
527
409
528
966
1,049
1,231
1,233
1,245
276
329
528
411
530
988
1,056
1,242
1,236
1,243
279
332
528
413
530
1,017
1,058
1,252
1,248
1,247
281
332
5,947
1,202
63
870
1,161
539
656
581
117
492
266
5,896
1,188
62
867
1,140
539
655
578
116
489
262
5,904
1,167
57
873
1,162
539
656
578
117
491
264
13,894
3,279
10,615
3,065
11,096
32,014
3,879
13,924
3,286
10,638
3,077
11,134
32,008
3,861
13,912
3,273
10,639
3,069
11,166
37.3
37.0
42.4
36.7
40.5
40.8
3.5
37.0
36.9
42.3
36.7
40.5
40.5
3.4
37.1
37.4
42.6
36.9
40.9
40.7
3.4
5,906
1,186
63
865
1,173
531
656
575
117
478
262
537
419
540
1,029
1,074
1,302
1,290
1,294
288
337
538
'421
538
1,033
1,082
1,318
1,309
1,306
5,979
1,171
57
887
1,178
546
659
590
119
514
258
32,141
3,856
13,979
3,292
10,687
3,077
11,229
5,925
1,172
54
874
1,167
541
658
585
117
494
263
32,191
3,881
14,025
3,301
10,724
3,087
11,198
530
417
538
1,028
1,068
1,279
1,279
1,276
285
335
5,952
1,170
54
881
1,171
547
659
587
118
504
261
32,340
3,922
14,054
3,312
10,742
3,097
11,267
32,510
3,930
14,165
3,315
10,850
3,106
11,309
'6,001
' 1,175
'59
'895
' 1, 172
547
660
590
119
'518
'266
32,554
37.2
37.6
42.1
37.0
40.4
40.6
3.4
37.1
37.6
42.5
37.1
40.6
40.6
3.5
37.3
37.4
42.8
37.1
41.0
40.8
3.6
37.3
37.3
42.6
37.6
40.8
40.7
3.6
37.2
37.1
42.5
37.0
41.0
40.9
3.7
'37.0
'37.2
'41.7
35.6
41.2
40.7
14,154
r 3,321
10,833
r
3,111
11,356
'538
'425
'537
r
1,032
' 1,092
'1,323
' 1, 318
' 1,310
'292
343
'5,992
'1,185
'59
'893
' 1,160
'550
'663
590
'118
'522
'252
542
427
544
1,026
1,105
1,324
1,335
1,317
295
344
32,611
' 3,955
14,140
'3,341
10,799
'3,109
11,407
6,006
1,183
61
900
1,170
553
654
588
118
526
253
32,806
3,968
14,264
3,352
10,912
3,126
11,448
36.6
'41.5
'36.0
'40.0
'40.3
'3.7
37.3
36.9
41.8
36.0
40.7
41.0
3.9
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls: til Seasonally adjusted
, .hours..
Not seasonally adjusted
do
Mining
do
Contract construction
do
Manufacturing: Not seasonally adjusted_. _do
Seasonally adjused
do
Overtime hours
...do
2.9
3.5
37.0
36.7
42.7
37.1
39.8
40.1
2.9
Durable goods.
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture and
fixtures
Stone, clay, and glass products
Primary metal industries
Fabricated metal products
Machinery, except electrical
Electrical equipmunt and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
do.
do.
do.
do.
do.
do_
do.
do..
do.
do.
-do.
do..
do..
40.4
2.8
41.7
40.3
39.8
41.6
40.4
40.4
40.6
39.9
40.7
39.8
38.9
41.3
3.6
42.2
41.0
40.5
41.9
41.6
41.2
42.0
40.5
41.8
40.5
39.3
40.6
2.9
41.7
40.9
40.3
41.9
40.6
40.6
41.0
40.0
40.9
40.3
39.1
41.1
3.2
42.2
40.8
40.6
42.0
41.0
41.0
41.4
40.6
41.7
40.6
39.4
41.0
3.3
42.0
40.9
40.4
42.0
41.1
40.9
41.4
40.2
41.7
40.3
39.2
41.4
3.7
42.2
41.1
40.7
42.0
41.4
41.4
41.9
40.8
43.0
40.7
39.6
41.1
3.5
42.0
41.0
40.5
41.8
41.3
41.1
41.8
40.4
41.9
40.6
39.4
41.3
3.4
42.0
41.2
40.8
42.0
41.4
41.2
42.1
40.5
41.6
40.6
39.5
41.2
3.5
42.4
41.1
40.4
41.9
41.4
41.3
42.0
40.3
41.3
40.4
39.3
41.3
3.6
42.7
41.2
40.5
41.9
41.5
41.2
42.3
40.5
41.2
40.6
39.5
41.4
3.8
42.2
41.3
40.5
41.9
42.0
41.1
42.4
40.6
41.9
40.7
39.5
41.4
3.8
42.4
41.1
40.2
42.2
42.3
41.3
42.3
40.6
41.5
40.6
39.2
41.7
3.9
42.3
41.0
40.3
41.8
42.8
41.6
42.7
40.8
42.0
40.5
39.3
41.6
'4.0
'42.4
'39.7
'39.9
41.5
42.3
'41.7
'42.7
'40.5
42.8
'40.6
39.1
'41.3
'4.1
'42.4
'39.9
'38.9
'41.2
'42.4
'41.4
'42.4
40.4
'42.3
'40.5
38.7
42.0
4.4
42.8
40.5
40.4
42.1
42.7
41.9
42.7
41.4
43.2
40.9
39.2
Nondurable goods
Overtime hours
Food and kindred products
Tobacco manufacturers___
Textile mill products..
Apparel and other textile products
do_.
do.
do.
do..
do..
do.
39.3
3.0
40.3
37.0
40.6
35.6
39.7
3.3
40.4
34.7
41.3
36.0
39.4
3.1
40.0
34.6
41.2
35.9
39.6
3.2
40.1
34.1
41.2
36.2
39.6
3.3
40.6
34.5
41.4
35.8
39.8
3.5
40.7
34.1
41.7
36.2
39.6
3.2
40.4
33.7
41.2
35.6
39.7
3.3
40.5
34.2
41.3
35.9
39.6
3.3
40.4
34.3
41.2
36.0
39.8
3.3
40.3
35.4
41.3
36.0
39.7
3.3
40.2
34.1
41.4
36.3
39.7
3.4
40.4
35.8
41.2
36.2
39.9
3.5
40.3
35.5
41.4
36.2
39.6
3.4
40.4
'35.6
'41.2
'35.7
'39.0
'3.3
'40.1
'34.7
39.4
'34.5
39.8
3.3
40.1
36.7
41.0
36.0
Paper and allied products.
Printing and publishing
Chemicals and allied products. _
Petroleum and coal products...
Rubber and plastics products, nee
Leather and leather products
Trans., comm., elec, gas, etc
Wholesale and retail trade..
Wholesale trade
Retail trade
Finance insurance, and real estate
Services
do..
do.
-do.
do.
do
do
do_.
do..
-do..
do..
do..
do..
42.1
37.5
41.6
42.4
40.3
37.7
42.8
37.9
41.8
42.2
41.2
42.2
37.4
41.7
42.4
40.8
38.1
42.6
37.6
41.8
42.2
41.0
38.5
42.7
37.6
41.8
42.2
41.0
38.2
42.9
38.0
41.7
42.4
41.3
39.1
42.5
37.7
41.6
42.0
41.0
38.6
43.0
37.9
42.0
42.2
41.3
38.6
42.8
38.0
41.8
41.6
40.9
38.4
43.0
37.9
41.7
41.8
41.4
39.0
42.9
38.2
41.8
42.3
41.1
38.7
42.9
38.0
42.0
42.4
41.2
37.7
43.2
38.3
41.9
42.4
41.6
37.7
42.9
'37.7
41.9
'42.2
'41.2
'36.4
42.6
'37.9
'41.6
'42.2
'41.3
'37.1
43.1
38.0
42.0
41.6
41.8
37.9
40.2
35.1
39.8
33.7
37.0
34.2
40.4
35.1
39.8
33.6
37.2
34.1
40.2
35.1
39.8
33.7
37.3
34.1
40.3
35.1
39.9
33.6
37.1
34.2
40.4
35.2
39.9
33.6
37.1
34.1
40.4
35.2
39.9
33.7
37.3
34.1
40.6
35.1
40.0
33.7
37.1
34.0
40.6
35.3
39.9
33.8
37.2
34.1
40.3
35.1
39.8
33.7
37.3
34.3
40.7
35.0
39.6
33.6
37.1
34.1
40.3
35.0
39.9
33.5
37.2
34.3
40.4
35.1
39.8
33.5
37.3
34.2
40.3
35.0
39.9
33.5
37.0
34.1
'40.5
35.1
'39.7
33.7
37.1
34.0
'40.6
'34.9
39.6
'33.5
'37.0
'34.1
40.5
35.0
39.5
33.6
37.0
34.2
137.72
111. 72
1.32
6.62
38.34
9.29
27.74
7.30
21.11
26.00
142.46
115.37
1.34
6.78
39.68
9.47
28.68
7.59
21.83
27.09
139.73
113.04
1.36
6.80
38.50
9.31
28.17
7.50
21.40
26.69
140.40
113. 60
1.36
6.78
140. 77
113.97
1.37
6.79
9.30
39.00
9.43
28.27
7.47
21.54
26.80
28.37
7.50
21.52
26.80
141.72
114. 58
1.33
6.67
39.44
9.41
28.52
7.55
21.64
27.15
142.04
114. 92
1.33
6.75
39.48
9.48
28.68
7.55
21.66
27.13
142. 59
115. 50
1.33
6.81
39.67
9.48
28.81
7.60
21.79
27.09
142.29
115. 22
1.31
6.71
39.46
9.37
28.74
7.62
22.01
27.07
142.66
115. 72
1.33
6.84
39.70
9.48
28.76
7.59
22.02
26.94
143.54
116.09
1.35
6.85
39.91
9.43
28.83
7.65
22.08
27.45
144.29
116.91
1.35
6.98
40.33
9.54
28.88
7.70
22.14
27.38
144.81 ' 144.64
117.37 ' 117.21
1.32
1.35
'6.40
6.77
40.74 •40.83
'9.62
9.53
29.18
29.17
7.70
7.66
22.17
22.14
27.43
27.44
144.64
117.19
'1.32
'6.53
' 40. 59
'9.66
'29.03
'7.69
' 22. 36
' 27.45
146.13
118. 58
1.34
6.70
41.32
9.68
29.29
7.72
22.53
27.55
102.8
94.0
95.6
103.5
106.6
98.1
97.5
105.5
104.3
95.3
99.3
106.3
104.8
96.0
98.7
105.3
105.2
96.5
99.8
105.9
105.9
97.5
96.7
103.7
106.2
97.5
96.7
105.3
106.7
98.2
96.1
106.1
106.4
97.3
95.4
104.3
106.8
98.2
96.8
106.3
107.3
99.0
98.3
106.7
108.1
100.2
98.3
108.8
108.3
'99.7
'95.3
'98.7
• 108.3
'99.5
' 95.9
• 101.1
109.6
101.8
97.0
103.9
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate J..bil. man-hours.
Total private sector*.
_
.do...
Mining
__
_
.do...
Contract construction.
.do...
Manufacturing
_
do...
Transportation, comm., elec, gas
do..
Wholesale and retail trade...
..do...
Finance, insurance, and real estate
do...
Services
_
_
do...
Government*
do...
Indexes of man-hours (aggregate weekly): t 1
Private nonagric. payrolls, total*
1967=100
Goods-producing*
do...
Mining*
_
_.do.._
Contract construction*
do...
r
Revised.
*New series.
v Preliminary.
JSee note " { , " p. S-13.
http://fraser.stlouisfed.org/
t Production and nonsupervisory workers.
Federal Reserve Bank of St. Louis
108.5
100.7
97.8
105.4
N O T E FOR S-13: fRevisions (back to 1960), to adjust to the 1970 Census, appear in "Estimates of the Population of the United States and Components of Change: 1940 to 1972
(P-25, No. 481), Bureau of the Census.
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS S T A T I S T I C S
1971
1972
1972
Annual
S-15
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.p
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
MAN-HOURS—Continued
Indexes of man-hours, private nonagric. payrolls,
goods-producing indus.J, fseas, adjusted—Con.
Manufacturing
1967=100..
Durable goods
do
Nondurable goods
do
Service-producing*
do
Transportation, comm., elec, gas*
do
Wholesale and retail trade*.-.
...do
Wholesale trade*
do....
Retail trade*
..do
Finance, insurance, and real estate* do
Services*
do
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per worker.ift
Not seasonally adjusted:
Private nonagric. payrolls
dollars.
Mining
do...
Contract construction
.do
Manufacturing..
do...
Excluding overtime
do...
Durable goods
.do...
Excluding overtime
_do...
Ordnance and accessories
do...
Lumber and wood products
do.. .
Furniture andfixtures_
do...
Stone, clay, and glass products
do...
Primary metal industries
do...
Fabricated metal products
do. _.
Machinery, except electrical
do
Electrical equipment and supplies _ do...
Transportation equipment. _
do...
Instruments and related products..do...
Miscellaneous manufacturing ind...do-.Nondurable goods
do...
Excluding overtime
do...
Food and kindred products
do.. .
Tobacco manufactures
do...
Textile mill products
do...
Apparel and other textile prod
do
Paper and allied products
do...
Printing and publishing
do...
Chemicals and allied products
do. _.
Petroleum and coal products
do...
Rubber and plastics products, nec.do...
Leather and leather products
.do...
Transportation, comm., elec, gas
do...
Wholesale and retail trade
do...
Wholesale trade
do...
Retail trade
-do...
Finance, insurance, and real estate
do...
Services
do...
Seasonally adjusted:*
Private nonagricultural payrolls
Mining
Contract construction
_
Manufacturing
Transportation, comm., elec, gas
Wholesale and retail trade
Finance, insurance, and real estate
Services
do...
do...
-do...
do...
do...
do.. .
do...
.do...
Indexes of avg. hourly earnings, seas, adj.: 0*1f
Private nonfarm economy:
Current dollars.
1967=100.
1967dollarsA
do...
Mining
do...
Contract construction
.do
Manufacturing
do...
Transportation, comm., elec, gas
do
Wholesale and retail trade
.do...
Finance, insurance, and real estate
.do.-.
Services
.do...
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E N R ) : c?
Common labor
$ per h r .
Skilled labor
do...
Farm, without board or rm., 1st of mo
do...
Railroad wages (average, class I ) . . .
do
Avg. weekly earnings per worker, ^private nonfarm:
Current dollars, seasonally adjusted*
1967 dollars, seasonally adjusted* A
Spendable earnings (worker with 3 dependents):
Current dollars, seasonally adjusted
1967 dollars, seasonally adjusted A
Current dollars, not seasonally adjusted:J
Private nonfarm, total
dollars..
Mining
do.
Contract construction
do.
Manufacturing
do.
Durable goods
do.
Nondurable goods
do.
Transportation, comm., elec, gas
do.
Wholesale and retail trade
do.
Wholesale trade
do.
Retail trade
do.
Finance, insurance, and real estate
do.
Services
,..do.
r
92.3
89.1
97.1
108.9
102.7
106.7
105.5
107.1
116.1
112.8
96.8
94.9
99.5
112.5
104.4
110.4
109.0
110.9
120.1
116.8
93.2
90.1
97.7
110.5
103.1
108.2
106.8
108.8
118.9
114.4
94.3
91.6
98.3
110.8
102.8
108.7
107.4
109.2
118.5
115.2
94.8
92.0
98.8
111.3
104.3
109.1
108.2
109.5
118.9
115.1
96.4
94.1
99.8
111.8
104.1
109.8
108.5
110.3
119.6
115.7
96.2
94.2
99.1
112.2
104.9
110.5
109.5
110.8
119.6
115.8
94.6
100.1
112.7
104.7
110.9
109.4
111.4
120.4
116.6
96.2
94.2
99.0
112.6
103.5
110.4
108.7
111.1
120.4
117.6
96.8
95.1
99.3
112.8
104.4
110.6
108.8
111.2
120.1
117.6
97 7
96.2
99.8
113.1
104.0
110.9
109.9
111.3
120.8
117.9
98.7
97.7
100.2
113.5
105.4
111.1
110.0
111.5
121.5
118.3
100.0
99.3
100.9
113.9
105.3
112.0
110.4
112.6
120.9
118.4
100.0
99.8
100.2
114.2
105.9
112.3
110.0
113.1
121.4
118.5
'99.4
'99.7
'99.0
114.3
106.8
111. 6
110.4
112.1
121.0
119.4
101.5
101.9
101.0
115.1
106.9
112.7
110.5
113.6
121.6
120.2
4.06
5.69
3.56
3.44
3.79
3.66
3.84
3.15
2.90
3.66
4.23
3.74
3.99
3.48
4.41
3.52
2.97
3.65
4.38
6.06
3.81
3.65
4.05
3.88
4.09
3.31
3.06
3.91
4.66
3.99
4.27
3.67
4.73
3.72
3.11
3.55
4.34
5.96
3.70
3.58
3.94
3.80
3.98
3.21
2.98
3.76
4.53
3.88
4.16
3.59
4.57
3.66
3.08
3.56
4.33
5.95
3.72
3.59
3.96
3.81
4.03
3.21
2.99
3.78
4.54
3.89
4.18
3.60
4.62
3.68
3.07
3.58
4.32
5.94
3.74
3.60
3.98
3.83
4.01
3.23
3.02
3.82
4.56
3.92
4.20
3.62
4.64
3.69
3.07
3.61
4.36
5.96
3.76
3.62
4.01
3.85
4.06
3.26
3.03
3.85
4.60
3.94
4.22
3.62
4.69
3.70
3.09
3.62
4.33
6.01
3.78
3.63
4.02
3.86
4.07
3.29
3.03
3.87
4.61
3.95
4.24
3.64
4.71
3.71
3.10
3.63
4.34
5.94
3.79
3.63
4.03
3.86
4.09
3.33
3.05
3.91
4.62
3.98
4.26
3.65
4.69
3.71
3.10
3.64
4.35
5.96
3.78
3.63
4.01
3.85
4.10
3.34
3.04
3.93
4.64
3.97
4.24
3.66
4.63
3.70
3.09
3.72
4.42
6.15
3.86
3.68
4.11
3.92
4.15
3.38
3.11
3.99
4.75
4.05
4.33
3.72
4.80
3.74
3.13
3.74
4.41
6.22
3.86
3.69
4.11
3.92
4.13
3.37
3.12
4.02
4.74
4.05
4.35
3.71
4.81
3.73
3.13
3.74
4.47
6.23
3.89
3.72
4.14
3.95
4.13
3.40
3.13
4.00
4.80
4.07
4.38
3.74
4.87
3.74
3.15
3.74
'4.55
6.32
'3.95
'3.78
r4.21
4.01
4.18
'3.38
3.15
4.02
'4.81
4.13
4.44
'3.79
5.01
3.83
3.19
3.47
3.33
3.60
3.43
2.73
2.61
3.94
4.48
4.20
4.95
3.60
2.71
4.64
3.02
3.88
2.70
3.45
3.18
3.39
3.26
3.53
3.32
2.69
2.55
3.81
4.36
4.10
4.83
3.52
2.68
4.45
2.97
3.82
2.66
3.40
3.12
3.40
3.27
3.54
3.38
2.71
2.57
3.83
4.36
4.12
4.87
3.52
2.70
4.47
2.98
3.82
2.66
3.40
3.13
3.41
3.28
3.56
3.40
2.71
2.57
3.84
4.40
4.11
4.88
3.52
2.70
4.50
2.98
3.83
2.67
3.40
3.14
3.43
3.30
3.59
3.46
2.71
2.58
3.86
4.44
4.12
4.93
3.55
2.70
4.55
3.00
3.86
2.68
3.45
3.16
3.44
3.31
3.61
3.49
2.71
2.57
3.87
4.47
4.16
4.95
3.55
2.71
4.57
2.99
3.84
2.69
3.43
3.15
3.45
3.31
3.59
3.53
2.72
2.59
3.92
4.47
4.20
4.94
3.56
2.70
4.58
3.00
3.85
2.69
3.43
3.14
3.48
3.34
3.59
3.57
2.71
2.58
3.97
4.49
4.23
4.97
3.61
2.70
4.66
3.01
3.87
2.70
3.45
3.14
3.51
3.36
3.61
3.35
2.75
2.65
4.01
4.56
4.26
5.00
3.66
2.72
4.74
3.05
3.91
2.73
3.47
3.23
3.52
3.37
3.63
3.38
2.76
2.67
4.02
4.55
4.28
5.01
3.69
2.72
4.80
3.06
3.93
2.74
3.48
3.24
3.53
3.38
3.66
3.49
2.78
2.68
4.03
4.56
4.29
5.02
3.68
2.72
4.82
3.07
3.94
2.75
3.49
3.25
'3.58
'3.43
3.72
'3.49
2.83
2.69
'4.06
'4.59
4.33
'5.03
'3.72
2.74
'4.86
'3.07
'3.99
'2.75
'3.52
3.27
'3.77
'4.61
'6.42
'3.98
'3.81
'4.23
'4.04
'4.14
'3.44
3.15
'4.03
4.85
'4.13
'4.44
'3.80
'4.99
'3.83
3.24
3.61
3.47
3.75
'3.57
2.86
'2.73
'4.06
'4.56
'4.36
'5.07
3.74
'2.77
'4.88
3.11
'3.99
2.78
3.55
'3.27
3.78
4.57
6.37
3.97
3.80
4.22
4.02
4.16
3.47
3.16
4.05
4.84
4.14
4.44
3.78
4.99
3.80
3.23
3.26
3.14
3.38
3.15
2.57
2.49
3.67
4.20
3.94
4.57
3.40
2.60
4.20
2.87
3.67
2.57
3.28
3.01
3.66
4.37
6.03
3.80
3.64
4.04
3.87
4.10
3.33
3.08
3.96
4.69
3.99
4.26
3.68
4.71
3.71
3.09
3.47
3.32
3.57
3.38
2.73
2.61
3.97
4.49
4.23
4.94
3.63
2.70
4.70
3.01
3.86
2.70
3.44
3.14
3.43
4.06
5.69
3.56
4.20
2.87
3.28
3.01
3.65
4.38
6.05
3.81
4.64
3.02
3.45
3.18
3.55
4.32
5.91
3.69
4.45
2.96
3.39
3.11
3.56
4.31
5.93
3.72
4.46
2.96
3.37
3.12
4.31
5.97
3.74
4.53
2.97
3.38
3.14
3.62
4.35
6.01
3.76
4.57
2.99
3.44
3.17
3.62
4.34
6.02
3.78
4.58
2.98
3.43
3.15
3.63
4.37
6.01
3.79
4.59
3.00
3.43
3.15
3.64
4.39
6.01
3.79
4.65
3.02
3.45
3.14
3.67
4.41
6.06
3.83
4.70
3.03
3.45
3.16
3.69
4.42
6.10
3.86
4.70
3.05
3.48
3.21
3.73
4.40
6.15
3.86
4.80
3.06
3.49
3.24
3.74
4.43
6.19
3.89
4.82
3.07
3.49
3.25
3.75
'4.55
6.29
'3.93
'4.86
'3.10
'3.53
3.27
'3.77
'4.59
'6.37
'3.97
'4.88
3.09
3.54
'3.26
3.78
4.55
6.35
3.97
4.89
3.11
3.54
3.26
129.7
106.9
127.2
138.1
127.5
130.0
128.3
126.8
131.1
137.9
110.1
136.7
146.9
135.4
143.7
135.0
133.4
138.4
134.6
109.1
134.3
143.3
132.1
137.5
132.4
130.8
136.2
134.8
108.7
134.1
143.8
132.7
138.0
132.4
130.2
136.1
135.5
109.2
134.6
144.6
133.2
139.8
132.9
130.9
136.5
136.7
110.0
135.7
145.3
133.9
141.7
134.0
133.4
137.9
136.7
109.6
135.2
145.4
134.5
141.8
133.6
132.5
137.5
137.1
109.8
136.3
145.6
135.0
141.7
134.4
133.0
137.4
137.8
110.0
137.3
145.6
135.3
144.0
135.3
133.9
138.0
138.3
110.1
137.8
146.8
135.9
145.1
135.6
133.6
138.0
139.3
110.4
138.1
147.8
136.7
145.6
136.3
134.8
139.9
140.5
111.0
137.5
149.3
137.5
148.3
137.2
135.5
140.9
140.7
110.9
138.1
149.6
137.9
149.1
137.3
135.1
141.0
' 142.0
' 111.6
141.3
' 151.8
138.9
' 150.4
' 138. 7
' 136. 6
' 142.1
142.5
111.5
142.8
153.9
139.5
• 151.0
138.7
• 137.0
• 142.3
142.4
110.5
142.0
152.3
139.6
151.2
139.0
137.5
141.8
5.96
8.25
1.73
i 4.416
6.51
8.99
1.84
6.28
8.64
1.82
6.32
8.74
6.33
8.76
6.34
8.82
1.84
6.39
8.87
6.46
8.96
6.51
9.05
1.85
6.59
6.69
9.21
1.82
6.79
9.29
6.80
9.33
6.82
9.34
1.98
9.41
126.91
104.62
135.78
108.36
131.35
106.48
132.43 133.19
106. 75 107.32
135.03
108.62
133.94
107.39
134.67
107.92
135.41
108.06
136.16
108.39
137.64
109.08
139.13
109.91
139.13
109.61
138.75
109.08
139.11
108.79
112.12
92.43
120. 79
96.40
117.30
95.09
118.15
95.24
118. 75 120.20
96.69
95.69
119.34
95.69
119.92
96.10
120.50
96.16
121. 09 122. 26
96.39
96.88
123.43
97.50
123.43
97.24
123.14
' 96.81
122.51 123.98
' 95. 81 96.21
126.91
171.74
212.24
142.04
153.12
128.12
168.84
100.74
146.07
86.61
121.36
102.94
135. 78
186.15
224. 22
154.69
167. 27
137. 76
187. 46
106.00
154. 42
90.72
128.34
108. 44
130.29
184.02
213.37
147. 26
158.78
132.55
177.11
103.06
151. 27
88.31
126.82
105.77
132.10
182.30
218.59
150.72
161.17 163.18
133. 28 134.35
179.69 180.90
103.11 103.70
151.65 152.43
87.78 88.64
126.14 126.14
106.42 106.76
133.58
183.16
221.17
153.09
165.62
135.88
184.17
104.05
152.83
135.76
186.62
223.34
155.01
167.65
137.66
186.86
106.50
154.00
91.73
127.60
107.39
136.86
184.44
225.88
152.71
164.01
138.16
189.66
108.36
155.19
93.69
129.03
109.27
137.62
186. 60
230.35
154. 28
166.04
138.80
191. 76
108.06
153.63
93.69
127.97
108.64
139.50
189.19
237.60
157.49
170.57
140.10
194.88
106.79
156.41
91.24
129.80
110.48
138.75
224.28
159. 49
173.05
141.20
195.21
106.53
156.81
91.30
129.13
110.50
139.13
191.10
222.46
162.74
177.24
142.84
197.80
108.37
160.00
' 93. 23
130.59
111. 18
137.98
190.39
222.77
159.20
173.43
139.71
196.18
107.30
157.21
' 91.74
131.35
110.85
131.01
181.43
214.20
149.17
Revised. * Preliminary. »Includes adjustments not distributed by months.
JSee corresponding note, p. S-13. ^Production and nonsupervisory workers. *New
series.
©Source, USDL, Bureau of Labor Statistics; the indexes exclude effects of changes in the
proportion
of workers in high-wage and low-wage industries, and the total and manufacturing
133.57
184.86
218.14
152. 28
165. 21
135.49
181.55
104.40
153.24
89.24
128.69
107.44
89.58
126.91
106.47
139.13
189.18
234.93
158. 26
171.39
140.40
191.97
107.06
156. 01
91.73
128. 74
110.47
3.59
3.46
3.75
3.63
2.87
2.72
4.05
4.58
4.35
5.07
3.73
2.79
4.89
3.13
4.01
2.80
3.57
3.27
140. 99
109.40
139.48
188.28
221.68
161.58
175.55
141.45
197. 56
107.99
157. 59
92.40
132.09
111.18
indexes also exclude, for the manufacturing sector only, effects of fluctuations in overtime
premiums. See also note *%" p . S-13. tfWages as of Mar. 1, 1973; Common, $6.90; skilled,
$9.41.
AEarnings expressed in 1967 dollars are adjusted for changes in purchasing power
since the base period, 1967, by dividing by the Consumer Price Index for the respective period.
5S
13U£
S-16
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HELP-WANTED ADVERTISING
Seasonally adjusted index...
1967=100.
LABOR TURNOVER*
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total
mo. rate per 100 employees.
New hires...
_„
do...
Separation rate, total
—do
Quit
do—
Layoff
do
Seasonally adjusted:
Accession rate, total...
do
New hires
do
Separation rate, total
do—
Quit.
—
doLayoff
_
do
3.9
2.5
4.2
1.8
1.6
INDUSTRIAL DISPUTES
Work stoppages:
Number of stoppages:
5,138
Beginning in month or year
number..
In effect during month
do
Workers involved in stoppages:
3,280
Beginning in month or year
thous...
In effect during month
do
"477589'
Man-days idle during month or year
do
PLACEMENTS, UNEMPLOYMENT
INSURANCE
3,700
Nonfarm placements.
thous..
Unemployment insurance programs:
2,593
Insured unemployment, all programs §9--do
State programs:
15,337
Initial claims
do
2,150
Insured unemployment, avg weekly...do
Percent of covered employment:^
4.1
Unadjusted
__
Seasonally adjusted
_
1,814
Beneficiaries, average weekly
.thous..
Benefits paid
._.
mil. $_. 4,957.0
Federal employees, insured unemployment,
34
average weekly
thous..
Veterans' program (UCX):
622
Initial claims.
do
131
Insured unemployment, avg weekly.__do
115
Beneficiaries, average weekly
^
do
356.0
Benefits paid
_
mil. $..
Railroad program:
Applications
thous..
609
26
Insured unemployment, avg weekly. ... do
75.7
Benefits paid
mil. $_.
4.4
3.3
4.2
2.2
1.1
p 5,100
p 1, 700
13,580
1,848
3.5
V 1,470
85
87
90
93
4.1
2.6
4.0
1.7
1.4
3.7
2.4
3.5
1.6
1.1
4.0
2.7
3.8
1.9
1.1
4.0
2.9
3.7
2.0
1.0
4.4
3.0
4.2
2.0
1.3
4.4
3.0
4.2
2.1
1.2
4.4
3.1
4.3
2.2
1.2
310
470
80
155
2,303
320
480
61
140
1,618
3,097
1,643
2,524
96
103
106
99
104
104
>• 1 1 5
4.8
3.6
3.9
2.2
5.2
4.1
4.2
2.2
1.1
4.6
3.4
4.8
2.2
1.7
6.0
4.4
5.4
3.6
5.3
4.2
5.3
3.4
.9
4.8
3.8
4.3
2.5
.9
3.6
2.9
3.7
1.9
1.0
2.7
2.0
3.6
1.6
' 1.3
M. 5
P3. 5
4.3
2.3
1.1
4.3
3.2
4.0
2.1
1.1
4.7
3.5
4.2
2.3
1.0
4.0
2.9
4.6
2.3
1.4
4.3
3.2
4.4
2.2
1.2
4.7
3.4
4.3
2.4
1.0
4.3
3.2
4.0
2.1
1.0
4.6
3.5
4.0
2.3
4.5
3.7
4.1
2.4
.9
4.2
3.4
4.0
2.6
'1.0
4.8
4.0
4.5
2.7
1.0
400
530
440
640
510
720
425
670
380
640
360
630
440
710
320
560
127
165
1,544
146
217
2,031
126
203
2,139
311
388
3,513
177
426
1,185
108
198
2,492
129
214
2,049
139
196
1,065
3,123
2,923
2,431
2,105
1,952
1,763
1,554
1,512
1,241
2,492
1,095
2,279
947
2,005
991
1,740
1,095
1,636
1,378
1,823
974
1,565
795
1,388
955
1,357
1,119
1,507
3.3
3.7
1,505
429.2
3.1
3.6
1,342
382.1
2.9
3.4
2.5
2.6
3.4
3.7
3.4
3.4
1,294
1,376
1,116 v 1,129
364.3 * 363.0 p 280.1 p 280.3
2.7
3.3
1,203
307.2
4.8
3.4
2,136
550.9
4.7
3.5
2,112
589.5
4.3
3.5
2,071
628.9
3.8
3.6
1,830
472.9
310
480
118
145
1,433
2,333
1,347
1,801
3.3
3.0
1,357
342. 2
37
36
34
30
39
38
38
39
39
523
68
133
126
30.0
57
140
131
33.6
54
136
137
38.3
48
127
127
31.7
47
119
114
32.6
43
110
112
30.9
40
107
104
27.5
38
95
99
28.5
33
78
80
20.9
31
69
*66
P18.2
30
67
66
18.0
35
70
64
16.7
105
20
51.5
8
36
8.0
4
27
6.2
4
26
6.0
2
23
4.1
2
15
3.5
11
14
2.8
27
18
2.9
10
17
3.7
18
3.4
6
16
12
20
3.5
11
16
2,124
3.8
2.7
76
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
7,889
2 31,103
11,418
2 19,685
6,898
34,721
12,172
22, 549
7,601
32,167
12,427
19,740
7,935
32,579
12,787
19,792
7,985
32,681
12,778
19,903
7,734
32,814
12,926
19,888
7,443
33,055
12,560
20,495
7,069
33,482
12,867
20,615
6,643
33,891
12,923
20,968
6,639
32, 998
12,944
20,054
6,602
32,645
13,088
19,557
6,748
34,073
13,558
20,515
6,898
6,864
34,067 '34,721
13,221 12,172
20,846 •22,549
6,564
35, 727
12, 552
23,175
16,347
18, 294
16,456
16,684
17,083
17,299
17,461
17,667
17,654
17,722
17,872
18,012
18,046
18,294
18,925
7,917
2,076
6,354
9,107
2,298
7,971
2,098
6,387
8,039
2,149
6,496
8,139
2,267
6,677
8,238
2,260
6,801
8,343
2,181
6,937
8,430
2,145
7,092
8,517
2,137
7,000
8,631
2,156
6,935
8,749
2,233
6,890
8,857
2,335
6,799
8,972
2,313
6,761
9,107
2,298
6,889
9,251
2,808
6,866
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted: ©
Total (233 SMSA's)O
bil. $_.
New York SMSA
...do....
Total 232 SMSA's (except N.Y.)
6 other leading SMSA's J
226 other SMSA's
12,530.7 13,027.1 12,784.6 13,168.5 13,399.4 13,280.3 12,994.2 13,969.2 14,022.8 13,896.7 15,154.7 '14,783.6 15,629.5
5, 687. 0 6,013.9 5,631.4 5,801.4 5, 939. 2 5, 780.8 5, 633. 0 3,151. 8 6, 285.1 6,148. 6 5, 979. 3 8, 604.8 6, 855. 4
6,843. 7 7,013.2 7,153.2 7,367.0 7,460.1 7,499.5 7,361.2 7,818.4 7, 737. 6 7,748.1 8,175.4 '8,178.7 8, 774.1
2,803.1 2, 913.1 2,932. 9 3,053.1 3,148. 8 3, 096. 4 2, 996. 3 3, 233. 0 3,191. 0 3, 225. 8 3,411.9 '3,495.4 3, 784.7
4,040. 6 4,100.2 4,220.3 4,313.9 4,311.3 4,403.1 4,364.9 4,584.5 4, 546. 6 4,522.3 4,763.5 '4,683.4 5,009.4
do..
do.
do..
Federal Reserve banks, condition, end of period:
Assets, total9
mil. $_
99,523
97,675
96,551
94,126
96,849
98,197 101,533
99,746
99,440
99,541
Reserve bank credit outstanding, total 9 __do
Discounts and advances
do
U.S. Government securities.
do
75,821
39
77, 291
1,981
72,176
15
71, 219
6
67,698
74,365
255
69,928
74,405
60
70,307
77,234
1,594
71,607
75,964
130
71,356
74,154
83
70,822
76,474 74,859
239
1,092
70,740 69,874
70,218
69, 906
69,552
9,475
9,475
9,475
10,303
10,303
10,303
10,303
9,875
10,303
9,875
99,523
31,475
27,780
54,954
97,675
28,667
25,647
59,914
96,551
29,471
25,650
53,801
Gold certificate account
Liabilities, total 9
do
do___.
Deposits, total
___do___
Member-bank reserve balances
do...
Federal Reserve notes in circulation.
_do_.
98,658 100,039 93,635
97,675
99,061 P99, 181
75,173
481
70,094
73,476
501
69,501
77, 291
1,981
69,906
77, 228
1,310
72,022
78, 228
1,565
72, 620
10,303
10,303
10,303
10,303
10,303
10, 303
94,126
96,849
98,197 101,533
99,746
99,440
99,541
98,658
100,039 93,635
97,675
99,061 P99, 181
27,252
25,525
30,527
27,869
30,152
27,415
29,159
26,757
25, 666
23,667
28,667
25,647
54,340
54,478
30,738
28,227
56,347
29, 719
27,515
53,914
30, 942 29,263
27,482 26,185
55,702 56,127
56,351
57,062
58,419
59,914
30,458
26, 727
58,402
r
2
Revised.
v Preliminary.
* See note " § " , this page.
Beginning Dec. 1971, data
on new basis reflect inclusion of paper issued directly by real estate invsstment trusts and
several additional finance companies. § Average weekly insured unemployment (all programs) data include claims filed under extended duration provisions of regular State laws;
amounts paid under these programs are not included in the 1971 annual figure.
JSee note "J", p. S-13.
35,196
10,924
24, 272
32,423
29,538
55, 210
30, 503
24, 342
58,466
cf Insured unemployment as % of average covered employment in a 12-month period.
© Series revised to reflect recalculation of seasonal factors and trading-day adjustment;
revisions for periods prior to Feb. 1971 will be shown later.
GTotal 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
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
CURRENT
S-17
| 1972
End of year
1973
1972
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
BANKING— Continued
All member banks of Federal Reserve System,
averages of daily figures:
Reserves held, total©
mil. $.
Required
do...
Excess©
.
do...
Borrowings from Federal Reserve banks._.do...
Free reserves©
do
Large commercial banks reporting to Federal Reserve System, Wed. nearest end of yr. or mo.:
Deposits: f
Demand, adjustedc?
mil. $.
131,329
i31,164
U65
U07
158
131,353
i 31,134
i 219
i 1,049
i -830
32,865
32, 692
173
20
153
31,922
31,798
124
33
91
31,921
31,688
233
99
134
86,494
91,037
32,565
32,429
136
109
27
32,812
32,708
104
119
-15
32,539
32,335
204
94
110
33,021
32, 874
147
202
—55
33,148
32,893
255
33,003
32,841
162
514
-352
33,803 «31,774
33, 556 31,460
*314
247
606
574
4
292
-327
32,962
32,620
342
1,165
-823
31,
31,
90,923
91,211
91,915
91,355
91,964
92,877 ' 97,444 106,219 97,028
95,
150,176
105,304
7,200
5,027
21,540
31,353
31,134
219
1,049
-830
712
537
» 175
»1, 593
l418
91,683
106,219
87,329
Demand, total 9
Individuals, partnerships, and corp
State and local governments
U.S. Government
Domestic commercial banks
do—
do
do
do
do
152,699
106,885
6,563
7,571
20,880
169,768
121,308
7,221
6,469
22,412
146,564 151,788 143,920 148,503
99,963 102,735 100,628 101,536
7,714
7,311
7,165
6,575
4,531
3,518
5,579
8,614
22,211 26,500 20,190 20, 693
Time, total 9
Individuals, partnerships, and corp.:
Savings
Other time
do.
140,932
160,661
142,532 144,286 144,863 147,119 149,089
do.
do.
54, 542
61, 274
5,872
72,334
Loans (adjusted),totalcft
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
Other loans
do..
do.
do.
do_
do..
do.
192,238
83,770
8,835
14,504
38,400
57,183
Investments, total:}:
U.S. Government securities, total
Notes and bonds
Other securities
do.
do.
do..
do.
81,033
28,944
24, 605
52,089
85,234
29,133
22, 552
56,101
80,548
27,881
23,972
52,667 •
81,001
27,927
23,782
53,074
81,492
27,749
23,281
53,743
81,179
27,076
23,461
54,103
81,159
26,958
23,114
54,201
80,063
26,009
22,384
54,054
79,967
25,770
22,502
54,187
80,033
25,651
22,085
54,382
81,015
26,307
21,535
54,708
80,938
25,955
21,903
54,983
83,470
27,925
22,357
55,545
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. Government securities
do
Other securities
do.
485.7
320.6
60.7
104.5
554.2
376.2
62.0
115.6
491.4
325.7
59.7
106.0
496.6
328.5
61.0
107.1
505.0
333.8
62.3
108.9
507.4
335.9
62.6
108.9
516.1
341.9
63.1
111.1
517.5
343.7
63.2
521.9
348.4
62.3
111.2
529.8
356.2
61.4
112.3
535.3
360.0
62.0
113.3
540.4
367.2
59.9
113.3
549.4
373.6
60.6
115.1
Money and interest rates: §
Bank rates on short-term business loans:
In 35 centers
percent per annum..
New York City...
_.
do....
7 other northeast centers...
do
2 6.32
2
6.01
2 6.56
2 5.82
2 5.57
2 6.07
5.52
5.35
5.72
5.59
5.28
5.81
5.84
5.55
6.14
6.33
6.09
6.61
2
6.30
2 6.62
2 6.46
2 6.38
2 5.74
2 6.07
2 6.02
2 5.80
5.37
5.87
5.79
5.39
5.54
5.78
5.88
5.60
5.79
6.06
6.07
5.82
6.27
6.56
6.36
6.41
Discount rate (N.Y.F.R. Bank), end of year or
month
percent..
"4.50
2 4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
4.50
Federal intermediate credit bank loans
2 6.37
2 6.00
6.29
6.20
6.20
6.00
5.90
5.86
5.81
5.81
5.84
5.90
6.05
6.20
Home mortgage rates (conventional 1st mortgages) :
New home purchase (U.S. avg.)
percent..
Existing home purchase (U.S. avg.)
.do
2 7.59
2 7.54
2 7.45
2 7.38
7.62
7.45
7.45
7.35
7.38
7.31
7.38
7.30
7.40
7.33
7.41
7.36
7.43
7.37
7.45
7.39
7.43
7.42
7.48
7.43
7.50
7.44
7.51
7.45
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
3
3
3
3
4.85
5.11
4.91
5.73
3 4.47
3 4.69
3 4.52
3 5.16
3.92
4.08
3.95
4.89
3.52
3.93
3.78
4.63
3.95
4.17
4.03
4.55
4.43
4.58
4.38
4.88
4.25
4.51
4.38
5.00
4.47
4.64
4.45
5.00
4.73
4.85
4.72
5.23
4.67
4.82
4.58
5.25
4.84
5.13
4.91
5.25
5.05
5.30
5.13
5.70
5.01
5.25
5.13
5.75
5.16
5.45
5.24
5.75
5.60
5.78
5.56
6.01
6.14
6.22
5.97
6.29
34.348
3 5.77
3 4.071
3 5.85
3.403
5.33
3.180
5.51
3.723
5.74
3.723
6.01
3.648
5.69
3.874
5.77
4.059
5.86
4.014
5.92
4.651
6.16
4.719
6.11
4.774
6.03
5.061
6.07
5.307
6.29
5,558
6.61
8 north central centers
7 southeast centers
8 southwest centers.
4 west coast centers
do
do.
do
__do_
do
Yield on U.S. Government securities (taxable):
3-month bills (rate on new issue)
percent...
3-5 year issues
do
55,869
61,371
56, 578
62,085
57,616
61,926
57, 295
62,610
226,106 190,040 192,317 194,538 199,508
91,428 82,047 82,637 83,905 85,498
12,510 8,844
9,765
9,525 10,629
20,524 13,844 14,357 14,681 14,677
45,997 38,887 39,178 39,688 40,423
72,042 56,867 57,031 58,870 59,215
57,624
64,414
489
146,201 147,379
...
140,450 146,133 149,977 152,024
102,358 104,096 102,374 103,334 107,281 108,876
6,877
6,749
6,491
6,038
6,031 '6,483
5,721
4,467
6,479
1,715
4,381 '4,824
20,034 20,957 20,357 20,010 21,690 •20,620
169.768 156,909 157,135
121,308 110,248 109, 337
' 7,221 7,180
6,968
' 6,469 6,289
7,230
•22,412 21,992 22, 531
149,658 152,123 155,510 156,287 157,389 158,858
160,661 162,936 168, 212
57,844
65,476
57,892
67, 564
59,827
70,796
58,069
70,841
58,160 ' 58,184 • 58,572 58,186
72,085 ' 73,103 • 72,334 74,310
58, 091
78,195
199,999 203,082 206,437 206,398 211,031 213,308 '217,384 •226,106 225,628 232, 731
84,790
84,953 85,321 84,990 86,647 87,530
• 91,428 92,300 96, 250
10,500
10,621 11,456 10,947 11,284 11,405 11,876 • 12,510 12,007
11,457
14,837
15,957 16,203 16, 417 17,032 17,587 18,249 • 20,524 19,850 20, 938
41,049
41,895 42,742 43,448 44,126 44,816 45,625 ' 45,997 46,491 46, 955
58,815
61,140 62,817 61,951 63,095 62,434 66,352 • 72,042 68,615 72, 218
1106
•
•
•
•
85,234
29,133
22,552
56,101
84,343
28,926
22,426
55,417
554.2
376.6
62.0
115.6
• 562. 8
• 384. 3
'62.0
• 116.5
c
5.G0
80,
25,
21,
55,
868
663
066
205
572.6
395.7
60.2
116.6
5.50
6.32
'7.67
'7.60
7.69
7.61
CONSUMER CREDIT 1f
(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.
Retail outlets, total
Automobile dealers
r
138,394
157,564
137,426
136,941 137,879 139,410
111,295
127,332
110,757
110,510
38,664
34,353
5,413
32,865
44,129
40,080
6,201
36,922
38,450
34,046
5,399
32,862
38,516
33,579
5,403
33,012
.do..
_do.
do--.
97,144
51,240
28,883
111,382
59,783
32,088
51,157
28,723
do
.do
14,770
2,251
16,913
2,598
do
14,151
226
15,950
261
mil. $..
do
do
__do
do
_do...
do II
c
141,450 143,812 145,214 147,631 148,976 150,576 152,968 157, 564 157, 227
111,257 112,439 114,183 116,365 117,702 119,911 121,193 122,505 124,325 127,332 127,368
38,853 39,348 40,063 41,019 41,603 42,323 42,644 43,162 43,674 44.129 44,353
33,981 34,439
35,041 35,470
36,188 36,745 37,216 38,064 40,080 39,952
5,437 5,504
5,604
5,717
5,799
5,950
6,049 6,124
6,174
6,201
6,193
33,272 33,606 34,077 34,588 34,832 35,450 35,755 36,003 36,413 36,922 36,870
97,135
51,264
97,934
51,782
28,716
99,139
52,629
28,955
100,840 102,909 104,132 106,146 107,278 108,405
53,624
54,883 55,688 56,846 57,566 58,266
29,310
29,722 30,065 30,464 30,650 30,970
109, 673 111,382 111, 690
58,878 59,783 60,148
31,427 32,088 32,177
14,636
2,378
14,702
2,474
14,910
2,526
15,083
2,472
15,395
2,511
16, 742 16, 913
2,626 2,598
13,863
225
13,375
226
13,323
228
13,300
232
13,343
237
Revised, p Preliminary.
Corrected.
4
i Average for Dec.
2 Average for year.
3 Daily average.
See note " © " for this
page.
©Beginning Nov. 1972, data are not comparable with those for earlier periods
because of regulatory changes affecting reserve requirements (Regulation D) and check collection processing (Regulation J) that became effective in early November.
cf For 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,
exclusive of loans to and Federal funds transactions with domestic commercial banks and
497-458 O - 73 - S3
15,786
2,518
15,910
2,469
16,278
2,558
16,556
2,613
16,847
2,518
13,915 14,100 14,652 15,950 15,678
253
257
259
261
263
after deduction of valuation reserves (individual loan items are shown gross; i.e., before deduction of valuation reserves).
tRevisions for months prior to Feb. 1971 will be shown later.
9Includes data not shown separately.
©Adjusted to exclude interbank loans.
§For bond yields, see p. S-20.
f Revised: new data incorporate adjustment of sample-based estimates to reflect recent
benchmarks and new seasonal factors. Monthly revisions appear in the October 1972 Federal Reserve Bulletin.
13,456
243
13,570
13,765
251
248 I
16,439
2,623
SURVEY OF CURRENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
March 1973
1972
Jan.
Annual
Feb.
Mar.
Apr.
May
1973
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
FINANCE—Continued
CONSUMER CREDIT f— Continued
Outstanding credit—Continued
Noninstallment credit, total
mil $_
Single-payment loans, total
do__.
Commercial banks
do__.
0ther financial institutions
do...
27,099
10,585
9,316
1,269
30, 232
12, 256
10, 857
1,399
26,669
10,649
9,342
1,307
26,431
10,752
9,415
1,337
26,622
10,843
9,491
1,352
26,971
10,933
9,594
1,339
27,267
11,066
9,717
1,349
27,447
11,181
9,831
1,350
27,512
11,235
9,900
1,335
27,720
11,411
10,053
1,358
27,783
11,541
10,165
1,376
28,071
11,717
10,339
1,378
8,350
8,397
1,953
8,164
9,002
7,055
1,947
8,974
7,630
5,688
1,942
8,390
6,987
5,111
1,876
8,692
6,963
5,102
1,861
8,816
7,179
5,296
1,883
8,859
7,464
5,587
1,877
8,737
7,610
5,689
1,921
7,644
5,664
1,980
8,633
7,717
5,676
2,041
8,592
7,693
5,613
2,080
8,549
7,780
5,794
1,986
8,574
do.
do_
do.
do.
124,281
34,873
47,821
41,587
142, 951
40,194
55, 599
47, 111
9,469
2,499
3,773
3,197
9,540
2,777
3,422
3,341
11,746
3,363
4,337
4,046
11,224
3,269
4,158
3,797
12,556
3,699
4,593
4,264
13,096
3,938
4,779
4,379
11,833
3,480
4,544
3,809
13,166
3,696
5,094
4,376
11,535
3,110
4,695
3,730
12,337 12, 806 13, 643 11,923
3,663 3,505 3,195
3,393
4,831
5,202 6,171
4,949
3,843 ' 4, 052 4,277
3,581
Repaid, total
Automobile paper
Other consumer goods paper
Allother
Seasonally adjusted:
Extended, total
Automobile paper
Other consumer goods paper
Allother
do_.
do..
do..
do..
115,050
31,393
44,933
38,724
126, 914
34, 729
49, 872
42, 313
10,007
2,713
4,080
3,214
9,787
2,711
3,889
3,187
10,999
3,026
4,221
3,752
10,042
2,774
3,872
3,396
10,812
2,984
4,135
3,693
10,914
2.982
4,177
3,755
10,496
2,896
4,115
3,485
10,957
2,976
4,376
3,605
10,253
2,789
4,138
3,326
11,025
3,145
4,360
3,520
10, 986 10,636
2,993 2,740
4,354 4,155
3,639 3,741
11,116
3,089
4,258
3,769
10,952
3,100
4,052
3,800
11,741
3,176
4,453
4,112
11,374
3,162
4,370
3,842
11,687
3,274
4,393
4,020
12,057
3,412
4,577
4,068
11,687
3,298
4,684
3,705
12,484
3,491
4,990
4,003
11,953
3,368
4,772
3,813
12,404
3,504
4,971
3,929
12,846
3,620
5,118
4,108
12, 627 13,304
3,763 4,006
4,876
5,282
3,988 4,016
Repaid, total
Automobile paper
Other consumer goods paper
All other
do_.
do..
do_.
do..
10,015
2,795
3,905
3,315
10,069
2,776
3,878
3,415
10,427
2,831
3,944
3,652
10,384
2,867
3,986
3,531
10,355
2,819
3,981
3,555
10,671
2,922
4,164
3,585
10,593
2,917
4,249
3,427
10,841
2,896
4,395
3,550
10,667
2,873
4,303
3,491
10, 908 11,128
3,041
3,023
4,354
4,444
3,661
3,513
10, 964 11,355
2,977
3,097
4,341
4,649
3,646
3,609
208, 649 17, 596
231, 876 19,469
15,239
18,764
15, 237
20,327
Charge accounts, total
Retail outlets
Credit cards
Service credit
Installment credit extended and repaid:
Unadjusted:
Extended, total
Automobile paper..
Other consumer goods paper
All other
.
do_.
do.
do_.
do_.
do.
do..
do.
do.
;
28, 643 30, 232 29,859
11,917 12, 256 12, 204
10,527 10, 857 10,825
1,379
1,390
1,399
8,010
6,081
1,929
8,716
9,002
7,055
1,947
8,974
8,357
6,402
1,955
9,298
11,887
3,169
5,077
3,641
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
mil. $
do.
188,392
211,425
do.
do.
do..
do..
-23,033
24, 534 17,275 25,589 15, 207 18, 213 22,183 14,738 16, 748 18, 972 21,130
18,598 19,960 23,202 18, 591 20, 581 18,471 20,055 21,165 19, 721 23,631
2,387 -3,384 -2, 369
3,712 -5,317 -4,418
—750 - 2 , 501
5,935 -2,685
3,384 2,369 —3, 712
2,685 -2,387
4,418
750
2,501
5,317
-5,935
1,519
-618 - 3 , 368 3,730
376
5,298 4,197
2,851
934
-2,059
-346
2,067
981
4,088
2,466
— 3 , 447
1,435
-3,876
409,468
304,328
437,329 432,607 434, 344 437,553 435,470 438,350 437,329 442,461 446,051 444,580 450,604 455, 285 469, 243 461,030
323, 770 326,018 326,019 329,814 327,755 327,137 323,770 327,499 328,433 328,809 331,660 336,958 341,155 342,674
188,392
i 86,230
126,785
208, 649 17, 596
i 94, 737 10,944
i 32,166 1,070
15, 239
6,846
15, 237
3,905
4,722
24,534
11,965
4,895
17, 275
6,557
733
25,589
11,054
8,267
i 48,578 i 53,914 3,615
i 26,798 1 27, 832 1,967
• 211,425 231, 876 19,469
Outlays, total9
do
i 8,560 i 10, 943 1,040
Agriculture Department
do
Defense Department, military
d o . . . 174,546 i 75,150 5,967
Health, Education, and Welfare Department
mil. $.. 161, 866 i 71, 779 5,897
120,990 i 22,124 1,892
Treasury Department
do
3,422
i 3, 381
259
National Aeronautics and Space Adm..._do
19,756 i 10, 710 1,020
Veterans Administration
do..Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
228.7
199.1
Federal Government receipts, total.bil. $..
5,740
1,986
4,350
2,259
5,655
2,020
7,443
2,542
4,122
2,180
4,277
2,505
6,849
2,318
18, 764
636
6,107
20,327
354
6,872
18,598
97
6,507
19, 960
440
6,871
23, 202
588
8,264
18,591
2,688
5,193
6,013
1,856
276
861
6,179
1,900
310
1,042
5,946
1,951
238
6,189
1,919
270
8,211
1,869
5,456
1,862
Budget surplus or deficit (—)
Budget financing, total
Borrowing from the public
Reduction in cash balances
Gross amount of debt outstanding
do.
Held by the public
do.
Budget receipts by source and outlays by agency:
Receipts (net), total
mil. $..
Individual income taxes (net)
do
Corporation income taxes (net)
do
Social insurance taxes and contributions
(net)
mil. $..
Other
do....
-23,227 -1,873 -3,525 —5,090
i 23,033 i 23, 227 1,873
3,525
5,090
i 19,448 i 19, 442
1 3,795
134
i 3, 794 i 3, 785 1,739
3,524
1,295
926
970
15, 207 18, 213 22,183
7,355 8,380 11,005
1,071
4,965
665
292
906
14,738
7,595
965
16,748
8,613
559
18,972
8,206
5,632
21,130
12,897
1,382
4,038
2,175
3,759
2,420
4,969
2,606
2,975
2,160
4,486
2,366
20,581
1,532
5,662
18,471
403
5,204
20,055
1,083
6,066
21,165
681
6,250
6,013
1,864
289
855
6,271
1,991
273
831
7,044
1,720
271
893
7,037
2,098
272
1,276
19, 721 23,631
207
1,365
5, 965 6,332
6,972
4,518
284
221.4
224.9
229.8
*238.6
Personal tax and nontax receipts
do
Corporate profit tax accruals.
do
Indirect business tax and nontax accruals.do
Contributions for social insurance
do
89.6
33.1
20.5
55.9
109.0
36.2
20.1
63.4
105.8
34.0
19.9
61.7
107.3
35.2
19.7
62.6
109.1
36.7
20.2
63.8
113.6
Federal Government expenditures, total...do
220.8
246.8
236.3
246.6
241.6
262.7
97.8
71.4
105.8
75.9
105.7
76.7
108.1
78.6
105.4
75.1
104.0
73.2
75.0
29.3
13.6
83.4
37.9
13.6
79.4
32.4
13.1
80.4
38.1
13.8
82.0
34.4
13.6
91.8
46.5
5.2
6.1
5.6
6.0
6.2
.0
.0
-.1
.0
-18.1
-14.8
-21.6
-11.8
Purchases of goods and services
do.
National defense
do.
Transfer payments
_
do
Grants-in-aid to State and local govts
do
Net interest paid
do
Subsidies less current surplus of government
enterprises
bil. $.
Less: Wage accruals less disbursements...do
Surplus or deficit (—)
do
-21.7
20.6
65.3
P 13.7
6.7
.0
P-24.
LIFE INSURANCE
Institute of Life Insurance:
Assets, total, all U.S. life insurance cos
Government securities.
Corporate securities.
Mortgage loans, total
__
Nonfarm
bil. $.
do...
_do...
do._do._.
222.10
11.00
99.80
75.50
69.90
239.41
11.08
112.98
77.32
71.64
223.31
11.32
101. 35
75.52
69.98
224.74
11.34
102.82
75.46
69.94
226. 02
11.52
103.80
75.42
69.90
227.89
11.08
105.25
75.47
69.93
229.34
11.13
106.43
75.49
69.94
230.18
11.10
107. 07
75.55
69.97
231.59
11.08
108.24
75.63
70.03
Real estate. __
Policy loans and premium notes
Cash
__
Other assets
do..
do..
do_.
do..
6.90
17.06
1.76
10.07
7.31
18.00
1.89
10.83
7.10
17.07
1.51
9.44
7.00
17.13
1.47
9.51
7.05
17.21
1.35
9.68
7.03
17.36
1.50
10.20
7.09
17.44
1.54
10.20
7.15
17.53
1.54
10.24
7.18
17.60
1.57
10.29
r
c
Revised.
* Preliminary.
Corrected.
1
Data shown in 1971 and 1972 annual columns are for fiscal years ending June 30 of the
respective years; they include revisions not distributed to months.
233.34 234.46 235.97
11.12
11.09
11.13
109. 73 110. 30 111.62
75.72
75.81
75.95
70.10
70.20 70.32
7.24
17.69
1.55
10.33
7.24
17.77
1.59
10.61
TfSee similar note on p. S-17.
9 Includes data for items not shown separately.
7.23
17.85
1.62
10.57
1
237. 97 239.41
11.08
11.19
113.07 112.98
77.32
75.21
71.64
70.57
7.27
17.92
1.62
10.97
7.31
18.00
1.89
10.83
7,121
4,210
271
1,154
Feb.
5»
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
Annual
S-19
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
LIFE INSURANCE—Continued
Institute of Life Insurance—Continued
Payments to policyholders and beneficiaries in
US total
mil. $__ 17,177.2
7,423.3
Death benefits
do
990.2
Matured endowments
_ _ _ do _
256.8
Disability payments __ _
do
1,944.4
Annuity payments
do
Surrender values
- - - do __ 2,881.6
3,680.9
Policy dividends
do
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance) :t
Value, estimated total...
-mil. $-- ' 189,484
-•132,803
Ordinary (incl. mass-marketed ord.) do
' 49,407
Group
do
' 7,274
Industrial
do
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period)...mil. S.- 10,132
-889
Net release from earmark §
do
51,249
Exports
thous. $
Imports _ __
do _ 283,948
Production:
South Africa..mil. $_ 1,098.7
77.3
Canada
do
United States
do
Silver:
Exports
.thous. $.. 19,499
Imports.. _. __.
_ _ - _ -. _ do. _ 49,507
1.546
Price at New York
dol. per fine oz._
Production:
Canada
thous.fineoz1
Mexico
do
41, 030
United States. _
_
do
61.1
Currency in circulation (end of period)
bil. $.Money supply and related data (avg. of dailyfig.):©
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 SMSA's) O_.ratio of debits to deposits..
New York SMSA
do....
Total 232 SMSA's (except N.Y.)
do....
6 other leading SMSA'stf1
do
226 other SMSA's
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
do
Transportation equipment (except motor
vehicles, etc.)
mil. $
Motor vehicles and equipment
do
All other manufacturing industries
do..~Dividends paid (cash), all industries
do
Electric utilities, profits after taxes (Federal Reserve)
mil. $
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds, total
By type of security:
Bonds and notes, total
_
Corporate
Common stock
_
Preferred stock
_
mil. $..
_..do
do
do
do
231.2
51.1
180.1
254.0
6.5
'208,497
'146,116
' 55, 054
' 7,327
14,256 '15,090 '19,316 '16,788 '17,246 '18,346 '15,757
10,246 '11,356 '13,530 '12,011 ' 12,535 '12,661 '11,035
' 3,468 ' 3,142 ' 5,099 ' 4,127 '3,857 ' 5,070 '4,064
••542
'854
'592
'687
'650
'615
'658
9,588
9,588
38
-544
1,117 23,831
19,390 '27,713
10,410
-1,715
63, 053
357,689
10,132
0
522
15,119
1,109. 8
77.2
195.3
16.5
88.2
6.4
91.8
6.6
93.2
7.5
94.4
6.8
31,592
59,357
1.685
864
5,304
1.473
1,499
4,696
1.504
10,574
'5,289
1.536
575
3,541
1.572
3,257
3,976
3,308
66.5
59.4
59.8
60.4
246.2
54.6
191.6
293.4
7.3
242.8
52.5
190.3
274.6
7.4
236.5
52.6
184.0
278.4
7.4
236.2
52.9
183.3
274.9
83.9
205.3
56.3
82.0
46.2
10,410
0
3,436
11,953
10,410
12
16,339
52, 656
10,410
-1
4,705
31,502
10,410
0
4,257
29,216
94.3
6.2
94.4
6.4
94.1
5.9
93.9
6.3
94.2
6.3
91.5
6.0
84.3
6.3
2,895
6,355
1.583
1,204 '16,347
3,414
5,955
1.569
1.736
9,040
2,963
1.846
744
5,431
1.777
1,515
5,911
1.811
1,640
5,735
1.832
2,331
4,765
1.976
616
8,287
2.017
2.236
4,448
3,032
2,841
3,527
3,244
3,597
2,865
2,420
60.5
61.7
62.2
62.4
62.7
62.6
63.6
65.1
66.5
64.3
64.7
239.0
53.1
185.9
282.0
7.9
244.3
53.5
190.8
284.5
7.7
239.5
53.9
185.6
288.6
10.5
243.2
54.4
188.8
291.4
6.9
246.6
55.1
191.6
294.0
7.3
245.5
55.1
190.5
299.5
5.3
248.7
55.2
193.5
302.7
5.9
251.2
55.7
195.5
305.9
6.6
254.3
56.7
197.7
307.7
6.2
262.9
57.8
205.0
311.7
7.3
v 262. 6
56.7
205.9
316.6
8.0
v 254.0
56.7
197.3
322.5
9.6
239.1
53.2
185.8
278.6
241.4
53.6
187.7
281.3
243.0
53.9
189.1
284.3
243.8
54.2
189.6
288.6
245.1
54.4
190.7
291.7
247.7
54.6
193.1
295.0
248.6
54.8
193.8
298.9
250.1
55.3
194.8
301.9
251.6
55.7
195.9
304.8
252.7
56.2
196.5
308.4
255.5
56.8
198.7
312.8
255.4
57.0
198.4
317.0
*256.7
57.5
199.3
322.6
84.5
205.1
56.2
82.6
45.7
83.0
195.2
57.2
83.3
46.9
85.6
202.1
58.9
87.3
47.8
85.6
200.8
58.7
89.8
46.9
84.7
199.9
58.6
88.1
47.5
82.3
194.4
57.1
84.2
46.7
87.5
206.9
60.2
90.2
48.8
88.7
214.9
60.1
89.8
48.8
86.7
208.3
59.2
89.2
47.8
93.5
229.2
62.1
93.9
50.0
'90.7
215.7
'61.8
'95.5
'48.9
95.0
224.0
65.5
101.5
51.7
9,588 10,410
6 -1,227
1,633
880
26, 020 26,573
7 934
680
139
9,633
803
161
8,782
797
163
603
501
3,780
170
168
1 062
266
271
1 097
291
223
1,128
5,829
853
621
748
1 287
125
160
173
1 095
328
214
324
1,298
355
145
215
1,070
312
426
428
2,489
2,563
713
564
921
763
890
716
585
3,097
4,990
163
1,010
1,209
275
1 201
1^488
208
351
1,574
3,899
4,108
3,573
31,038
2,754
558
1,109.8
77.2
15,252
15,285
11,316
3,443
526
10,410
0
2,029
25,801
::::::::
10,410. 10,410
1
0
3,322
983
44,535 42,212
10,410
4
2,786
19,745
106,430
96,481
' 7,198
'7,326
6,556
8,636
9,547
7,588
6,921
7,136
5,635
9,505
10,987
8,210
6,314
92,289
31,883
10,459
3,683
83,420
28,896
9,694
3,367
••6,362
'2,377
'533
303
'6,266
'2,333
'867
194
5,580
2, 253
694
282
7,771
2,411
601
263
8,399
2,450
1,017
131
5,802
2,555
1,174
612
5,803
2,465
913
206
6,187
1,945
743
206
4,566
1,651
765
305
8,051
2,336
1,033
421
9,953
2,343
'880
154
7,440
2,625
498
272
5,263
1,184
917
133
'Revised,
v Preliminary.
i Beginning Jan. 1972 valued $38 per fine ounce.
§Or increase in earmarked gold (—).© Effective February 1973 SURVEY, data revised to reflect:
Annual review of seasonal factors; regular benchmark adjustment; effect of changes in check
collection procedures (Regulation J); and adjustments to include new figures from internationally oriented banking institutions. Monthly revisions back to 1959 will be shown later.
16,726 '16,544 17, 371 '17,531 '23,526
12,145 '11,218 '12,686 '12,855 '13,838
'4,024 ' 4,788 '4,118 ' 4,116 ' 9,181
'557
'567
'538
'560
'507
10,410
1[At all commercial banks. HtSeries revised to reflect recalculation of seasonal factors; revisions
for periods prior to Jan. 1972 will be shown later. ©Total SMSA's include some cities and
counties not designated as SMSA's. cfIncludes Boston, Philadelphia, Chicago. Detroit, San
Francisco-Oakland, and Los Angeles-Long Beach.
SUKVEY OF CUEEENT BUSINESS
S-20
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
July
Aug.
Dec.
Jan.
Sept.
Oct.
Nov.
2,720
603
93
1,247
3,791
383
278
1,280
3,377
426
338
794
3,396
589
176
861
2,235
138
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...
Transportation §
Communication
Financlal and real estate.Noncorporate, total 9
U.S. Government
State and municipal
_
State and municipal issues (Bond Buyer):
Long-term
Short-term
46,025
11,645
1,261
11,752
41,957
6,629
2,010
11,357
3,213
'393
105
'531
3,394
'534
'73
'984
3,229
604
189
740
3,275
581
62
1,219
3,598
761
106
738
4,341
767
168
1,538
3,583
574
163
798
do...
do.._
do...
2,411
5,818
8,662
3,048
4,817
10,580
••291
752
'950
'148
498
1,060
105
227
1,112
131
178
752
213
391
1,021
185
800
529
160
586
1,148
do...
do...
do
60,406
17,325
24,370
54, 523
17,080
23,028
3,985
529
1,737
3,933
539
1,942
3,327
586
2,185
5,360
2,281
1,963
5,949
2,360
1,924
3,248
536
2,222
do
do
24,370
26,281
22,941
25, 222
1,737
1,594
1,942
1,752
2,185
3,407
1,963
1,516
1,924
2,726
i 6,535
15,700
1835
i 1,298
1865
i 1,528
6,850
5,989
861
1,313
7,427
6,477
950
1,327
7,847
6,896
951
1,294
8,250
7,283
967
1,278
448
2,040
434
2,108
442
2,070
452
255
635
61
33
232
165
371
1,074
658
730
238
50
1,165
116
31
884
3,338
496
1,784
237
823
4,243
606
1,898
2,915
474
1,701
5,714
2,530
1,970
7,610
3,590
1,817
4,814
2,553
1,760
4,079
1,199
1,809
2,222
2,705
1,784
1,215
1,898
1,840
1,701
2,475
1,970
1,587
1,814
2,764
1,801
1,640
1,889
1,622
1,408
1,110
8,472
7,478
994
1,296
8,747
7,792
'955
1,274
8,924
7,945
'979
1,285
9,092
8,061
1,032
1,298
9,091
8,083
1,008
1,255
9,024
8,081
943
1,351
9,068
8,166
902
1,396
865
1,528
433
2,030
403
1,930
386
1,845
403
1,842
384
1,733
380
1,677
1,708
65.5
86.1
SECURITY MARKETS
Stock Market Customer Financing"1
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:
Margin accounts
do_._
Cash accounts
do___
i 387
i 1,837
390
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
65.0
80.0
65.9
84.4
67.1
84.6
66.7
83.8
66.2
84.1
65.1
82.5
65.2
84.6
65.6
83.4
65.6
83.1
65.8
84.2
65.6
83.4
65.5
85.2
65.9
87.1
66.0
87.1
66.0
86.9
67.73
68.71
i8.79
68.32
8.43
67.66
68.59
69.05
69.23
,9.55
68.06
68.09
9.87
68.68
65.89
676.38 935. 61
747. 69 989. 33
807.45
866. 54
841.65
964.63
Sales:
Total,excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil. $.. 8,803.91 9,515. 67 963.66 862. 43
0,157.90 10,077.35 .,011.89 903. 78
Face value
do
New York Stock Exchange:
Market value
Face value
do.
do.
8,009.57 8, 717. 24
9,080.68 9,168.52
866.66
896.11
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $_. 6,563.82 5,444.12
596.42
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa
A
Baa
770.82
804. 49
975.83 837. 59 775.98 799.32
,013.72 859. 85 807. 23 840.74
632. 67 723.49 525.26
679.82 775. 83 580.92
870.04
895.25
763.19 717.15
778. 24 741.02
581. 21 669.41
625.30 712.97
481. 76 629.34
527.60 692.12
886.17
928.53
740. 76
790.08
786.18
837.91
569.24
515.14
362.57
415.73
309.72
463. 55
417.92
448. 44
740.74
776.82
458. 20 443.07
370. e
64. C
362.
93
percent..
7.94
7.63
7.66
7.68
7.66
7.71
7.71
7.66
7.66
7.61
7.59
7.59
7.52
7.47
7.49
7.57
do
do
do...
do
7.39
7.78
8.03
8.56
7.21
7.48
7.66
8.15
7.19
7.52
7.70
8.23
7.27
7.52
7.70
8.23
7.24
7.53
7.66
8.24
7.30
7.57
7.74
8.24
7.30
7.56
7.75
8.23
7.23
7.51
7.69
8.20
7.21
7.50
7.71
8.23
7.19
7.43
7.64
8.19
7.22
7.41
7.64
8.09
7.21
7.45
7.64
8.06
7.12
7.39
7.58
7.99
7.08
7.36
7.50
7.93
7.15
7.37
7.53
7.90
7.22
7.47
7.60
7.97
do..
do..
do_
7.57
8.13
8.38
7.35
7.74
7.98
7.34
7.85
7.98
7.39
7.84
8.00
7.35
7.81
8.03
7.42
7.87
8.04
7.43
7.88
8.01
7.36
7.83
7.98
7.39
7.80
8.00
7.35
7.69
7.99
7.36
7.63
7.97
7.36
7.63
7.97
7.28
7.55
7.95
7.22
7.48
7.91
7.27
7.51
7.87
7.34
7.61
7.92
Domestic municipal:
Bond Buyer (20 bonds)
Standard & Poor's Corp. (15 bonds)
do.
do.
5.46
5.70
5.25
5.27
5.35
5.25
5.29
5.33
5.40
5.30
5.20
5.45
5.15
5.26
5.43
5.37
5.32
5.39
5.38
5.29
5.30
5.36
5.04
5.20
4.99
5.03
5.11
5.03
5.16
5.05
5.22
5.12
U.S. Treasury bonds, taxable©
do
5.74
5.63
5.62
5.67
5.74
5.64
5.59
5.57
5.70
5.69
5.50
5.63
8.81
9.50
4.77
3.78
7.28
10.62
8.92
9.61
4.87
3.73
7.32
10.99
8.75
9.42
4.83
3.51
7.31
10.79
8.78
9.45
4.83
3.58
7.31
10.91
8.79
9.45
4.86
3.58
7.31
10.91
9.49
4.86
3.58
7.31
10.99
8.88
9.58
4.86
3.81
7.31
11.02
8.87
9.58
4.86
3.78
7.31
11.02
8.87
9.59
4.86
3.78
7.31
11.02
8.97
9.60
4.88
3.78
7.31
11.02
8.97
9.60
4.89
3.78
7.31
11.02
8.98
9.62
4.89
3.79
7.31
11.02
9.21
9.97
4.90
3.83
7.31
11.02
9.22
9.97
4.92
3.92
7.39
11.10
9.29
10.06
4.95
3.95
7.39
11.38
9.32
10.09
4.98
3.96
7.39
11.53
do...
do...
do...
do...
261.43
318.75
84.16
85.12
290.65
362.44
80.20
91.00
276.91
341.04
84.18
95.27
281.04
348. 64
81.48
94.21
285.67
354.30
80.77
95.75
286. 59 289. 90 283.32
356. 26 361. 77 354.96
77.94 77.13
75.27
94.88 92.59 87.87
285.55
357.81
75.11
295.79
369.60
78.25
90.16
294. 25 295. 56 309.50
366. 24 365. 83 383.21
86.86
78.48 83.36
93.33
85.86
83.85
313. 81
389. 48
83.61
91.26
311. 61
388. 63
79.43
86.38
298. 69
373. 23
77.54
81.39
Yields, composite
percent.
Industrials
do.
Public utilities
do...
Railroads
_ _ _ do
N.Y. banks
do...
Property and casualty insurance cos
do...
3.37
2.98
5.67
4.44
4.14
3.25
3.07
2.65
6.07
4.10
3.35
2.92
3.16
2.76
5.74
3.68
3.88
3.28
3.12
2.71
5.93
3.80
3.91
3.24
3.08
2.67
6.02
3.74
3.58
3.14
3.11
2.68
6.47
4.35
3.28
3.13
3.03
2.60
6.24
4.19
3.08
2.90
2.94
2.56
5.88
4.30
3.06
2.67
2.98
2.59
6.23
4.57
3.07
3.09
3.12
2.70
6.42
4.87
3.26
3.30
By group:
Industrials
Public utilities
Railroads
6.14
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
Earnings per share (Indust., qtrly. at ann. ratepub, util. and RR., for 12 mo. ending each qtr.):
17.55
Industrials
dollars
18.57
20.40
7.01
7.27
Public utilities...
___do-.
7.70
4.44
Railroa-ds
do._.
3.93
6.00
' Revised.
v Preliminary.
i 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 re
stated to include "other transportation" in addition to railroad data formerly shown.
3.07
2.66
6.24
3.77
3.43
2.90
3.06
2.65
6.30
4.11
3.49
2.82
3.13
2.70
6.46
4.30
3.53
3.00
3.05
2.62
6.23
4.40
3.02
2.94
3.04
2.63
5.87
4.52
3.05
2.70
2.98
2.60
5.64
4.10
3.17
2.52
'24.57
17.49
20.97
P7.77
7.72
7.53
5.35
4.78
d" Number of bonds represented fluctuates; the change in the number does not affect the
continuity of the series.
,
^Prices are derived from average yields on basis of an assumed 3 percent 20-year bond.
O For bonds due or callable in 10 years or more.
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
|
1972
Annual
S-21
1973
1972
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
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)
Standard & Poor's Corporation:cT
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43=10..
Industrial, total (425 stocks) 9Capital goods (116 stocks)
Consumers' goods (184 stocks)
Public utility (55 stocks)
Railroad (20 stocks)
Banks:
New York City (9 stocks)
Outside New York City (16 stocks)
6.75
6.89
6.57
6.67
6.76
6.91
6.90
6.93
6.99
6.90
7.00
298.12
884.76
117. 22
217.20
319.36
950.71
112.83
241.44
315.61
904.65
118.84
249.85
317.15
914.37
113.41
255.10
323.84
939.23
114.34
259.48
329.83
958.16
110. 56
270. 08
322. 26
948. 22
108. 80
257.34
315. 09
943.43
106.27
243.84
306.91
925.92
107.09
229.95
315. 22
958.34
109.07
233. 53
310.15
950. 58
109.76
222. 86
7.03
6.93
6.92
'6.87
321.92 322.19 332.15 325.94
944.10 1,001.19 1,020.32 1,026.82
113.06 121.33 121. 47 118. 06
215. 88 227.89 232.74 216.58
98.29
109.20
103.30
105. 24
107.69
108.81
107. 65
108. 01
107.21
111. 01
109.39
109.56
115.05
117.50
118.42
do....
do....
do
do___.
...do....
108.35
102.80
99.78
59.33
41.94
121.79
119.39
113.90
56.89
44.11
114.12
109.69
106.45
60.19
45.16
116.86
113.90
109.42
57.41
45.66
119.73
116.89
113.20
57.73
46.48
121. 34
120.19
115. 05
55.70
47.38
120.16
119. 65
112. 67
54.94
45.06
120.84
120.92
113.43
53.73
43.66
119.98
119.13
112.57
53.47
42.00
124. 35
124.47
116.17
54.66
43.28
122.33
121.63
113.19
55.36
42.37
122.39
119. 50
112. 94
56.66
41.20
128. 29
122.11
119.51
61.16
42.41
131.08
124.57
122. 26
61.73
44.62
132.55
127.04
122.57
60.01
42.87
do.__.
do_._.
46.31
87.06
57.37
105.81
49.70
90.16
49.28
90.19
52.16
94.79
55.76
103.47
55.57
101. 57
55.27
103.63
57.35
106.94
61.28
112. 21
62.11
116.62
63.99
118. 20
63.45
117.74
62.48
114. 24
65.03
113.88
115.04
132.58
119.26
122.20
128.19
133. 66
139.43
132.63
127.13
131. 71
129.86
133.04
149.68
144.16
134.69
54.22
57.92
44.35
39.44
70.38
60.29
65.73
50.17
38.48
78.35
57.19
61.33
50.56
40.02
74.24
58.45
63.36
52.80
38.56
73.74
59.96
65.18
53.71
38.56
77.15
60.65
66.10
55.50
37.48
80.36
59.82
65.30
53.43
37.04
78.32
59.87
65.76
51.26
36.32
76.59
59.21
65.13
48.45
36.02
75.41
61.07
67.25
48.97
36.87
78.27
60.05
65.72
46.49
37.82
78.41
59.99
65.35
44.95
38.93
79.64
62.99
68.29
47.50
41.81
84.57
64.26
69.96
48.44
42.28
83.45
64.38
70.55
45.14
41.72
81.62
185,027
5,916
204,032
6,299
16,872
547
18,549
609
21,408
661
18,448
584
17,093
507
16, 744
506
13,915
427
17,596
525
12,183
387
14,821
461
18,540
556
17, 863
549
18,926
563
147,098
4,265
159,700
4,496
12,971
376
14,278
423
16,439
460
14,122
413
13,124
357
12, 989
360
10,831
307
13, 828
378
9,669
264
11,930
346
15,047
414
14,473
398
15,407
414
3,891
4,138
380
376
404
368
336
315
289
357
246
317
406
345
394
741.83
17,500
871.54
19,159
761.35
17,589
782.94
17,692
790.22
17,777
791. 04
17,916
810.43
18,113
793.22
18,432
791.10
18,607
821.15
18, 773
816. 22
18,875
824. 96
19,002
863.52
19,063
871. 54
19,159
854.13
19,323
Property-liability insurance (16 stocks)_.do___
New York Stock Exchange common stock indexes:
Composite
12/31/65=50..
Industrial
do
Transportation
do
Utility
_
_do.__.
Finance
_
do
Bales:
Total on all registered exchanges (SEC):
Market value
mil. $..
Shares sold
millions.
On New York Stock Exchange:
Market value
mil. $.
Shares sold (cleared or settled)
millions.
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
(sales effected)
millions.
Shares listed, N.Y. Stock Exchange, end of period:
Market value, all listed shares
bil. $_
Number of shares listed
millions.
FOREIGN TRADE OF THE UNITED STATES
FOREIGN TRADE
Value of Exports
Exports (mdse.), Incl. reexports, total
Excl. Dept. of Defense shipments
Seasonally adjusted
By geographic regions:
Africa
Asia
Australia and Oceania
Europe
Northern North America. __
Southern North America....
South America...
By leading countries:
Africa:
Egypt
_.
Republic of South Africa..
Asia; Australia and Oceania:
Australia, including New Guinea
India
__
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
West Germany
Italy....
_
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
mil. $.. 44,129.9 49,767.7
3,864.4
3,816.3
4,345.8
3,935.1
4,193.3
4,050.8
3,723.3
3,982.6
4,007.3 4, 510. 2 4, 613.4
4,725.3 4, 789.1
43, 548. 6 48,208.1
3,806.5
4,074.2
3,777.9
3,823.8
4,306.3
3,869.4
3,885.1
3,817.1
4,140.5
3,885.2
4,014.9
3,971.1
3,657.2
4,052.3
3,937.0
4,199.5
3,964.1 4,442. 7 4, 582. 7
4,177.1 4,317.9 4,472.8
4,693.2 4, 747. 2
4,560.5 4, 977.1
do
do
do
do
do
do
1,694.3 1,572.0
154.8
113.2
136.6
111.5
114.6
109.9
150.9 '142.3
131.3
134.1
146.6
148.7
138.9
9,855.3 11,275.7
876.0
855.2 1,016.8 1,072.5 rl,130.6 1,161.1
809.8 1,068.8
900.4
878.5
893. 3
871.5
931.7
1,168. 4 1,034.9
128.5
95.0
83.9
85.7
82.8
91.0
104.3
93.9
81.6
72.4
84.9
93.9
70.7
14,562.3 16,098.4 1,304.2 1,289. 6 1,436.5 1,248. 5 1,388.4 1,182.8 1,187.4 1, 246. 5 1, 282. 7 1,407.2 1,535.8 '1,629.6 1,649.5
. d o . . . . 10,367.4 12,419.0
. d o . . . . 3,154. 5 3,564.2
_do—. 3,327.7 3,711.4
859.5
262.0
309.1
925.2 1,024.3 1,071.0 1,120.1 1,114.6
274.5
296.1
275.0
290.5
283.6
297.0
291.9
267.3
309.1
328.7
875.5 1,008. 9 1, 062.9 1,158.3 1,138.6 1,060.0 1,080.3
308.9
298.1
304.0
327.0
279.4
325.6
349.6
303.9
206.3
353.0
308.1
296.1
310.8
337.7
.do.
62.9
622.3
76.1
597.1
5.2
67.4
5.9
38.3
9.1
48.4
8.6
40.7
3.5
36.4
7.7
46.4
5.0
37.5
12.1
64.0
4.4
48.6
3.0
70.1
8.8
50.9
2.9
'53.9
7.4
61.3
do
do
do
do
1,018.3
648.1
211.4
71.5
857.0
350.0
183.0
128.0
69.2
41.8
14.9
7.6
74.2
29.2
15.7
5.5
80.2
45.9
19.9
9.5
72.0
18.3
25.4
11.4
59.5
21.7
13.3
9.2
58.4
49.2
17.1
7.0
70.0
28.2
14.3
5.8
90.3
20.8
15.1
16.9
69.2
20.9
8.2
21.0
75.3
21.0
16.0
18.7
76.1
25.3
8.9
8.5
67.5
27.6
14.2
9.1
86.7
23.8
15.7
8.1
do
do
do
263.0
340.2
4,054. 8
307.6
365.6
4,941.2
27.7
29.7
370.9
25.4
25.1
321.7
18.1
34.8
512.6
35.0
28.4
372.8
26.9
30.6
375.0
29.8
31.0
387.7
22.3
34.4
376.5
11.3
27.8
405.3
21.5
32.8
378.5
21.1
29.5
463.7
24.0
29.4
488.5
44.0
32.0
'511.6
46.3
25.3
547.8
do
do
do
1,373.2
25.4
2,831.1
1,609.6
14.9
2,811.2
121.9
1.5
229.3
144.1
1.7
233.2
172.4
5.7
251.7
123.5
.4
234.7
129.4
.3
237.3
117.0
.5
219.6
113.5
.5
219.9
108.8
.6
199.0
117.6
.2
206.9
150.6
.2
247.3
151.2
.3
262.9
160.9
3.0
272.0
187.4
.3
246.5
do.—
do...
do
1,313.9
160.9
2,369.2
1,425.2
546.7
2,658.2
110.8
21.6
253.8
114.4
29.6
182.8
144.8
35.1
277.0
110.7
30.2
201.8
163.6
29.1
197.5
115.3
21.0
200.2
103.2
19.3
192.8
93.3
75.1
184.9
105.2
67.8
236.2
100.9
64.0
215.2
129.4
56.1
275.3
'138.9
101.4
241.0
129.6
98.3
249.7
do
859.5
10,365.4 12,415.4
925.2 1,024. 2 1,070.9 1,119.9 1,114.6
873.8 1, 008. 2 1,062.8 1,157. 9 1,138.5 1,060.0 1, 080.1
'Revised.
affect continuity of the series.
o* Number of stocks represents number currently used; the change in number does not
9 Includes data not shown separately.
Feb.
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
1971
|
1972
Annual
March 1973
1972
Jan.
Feb.
Mar.
Apr.
May
1973
Oct.
Nov.
Dec.
Jan.
550.4
43.1
100.4
12.1
23.9
171.2
78.1
617.9
45.1
118.5
15.5
26.9
207.6
73.1
548.7
26.8
104.2
604.9
27.1
119.7
14.4
32.9
188.9
96.6
547.4
28.0
113.7
14.0
23.6
180.2
74.4
:3, 491. 8 :8,876.2 3,815.5 3,759.3 4,288.1 3,860.0 4,127.3 3,978.0 3,664.8 3,912.3 3,937.2
2, 910. 5 :8,316.5 3,757.6 3,720.9 4,246.6 3,809.9 4,074.6 3,942.0 3,598.7 3,866.7 3,894.0
7, 698. 0 9,409.6
715.2
628.2
684.0
668.6
711.9
770.1
709.9
743.3
35,793.7 39,466.6 1,053. 7 3,045. 9 3, 620. 9 i, 233.3 5,415.3 3,234. 8
i, 236. 0 t, 228.1
448.9
381.4
908.0
540.9
527.1 •4,651.7 :, 719. 5
496.5 •4,619.6 :, 677. 7
079.9 1,110.8 1,136.1
447. 2 '3,540.9 3, 583. 5
550.8
29.9
337.4
615.5
23.9
384.8
June
July
Aug.
Sept.
Feb.
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, 666. 5 6,471. 2
390.9
400.1
Argentina
do
966.3 1, 242.9
Brazil
do
223.7
187.0
Chile
do....
317.3
377.5
Colombia
do
1, 620. 0 1,982.2
Mexico
do
923.7
787.1
Venezuela
do
Exports of U.S. merchandise, total
Excluding military grant-aid
Agricultural products, total
Nonagricultural products, total
do
do
do
do
By commodity groups and principal commodities:
Food and live animals?
mil. $__ 4, 366. 6 5,665.3
192.0
Meats and preparations (incl. poultry)..do
252.0
2, 449.1 3, 505.0
Grains and cereal preparations
do
504.3
41.8
88.0
17.8
29.6
133.2
74.4
379.4
14.9
215.8
502.6
34.1
96.9
18.2
28.9
140.5
69.9
372. 8
14.5
229. 2
515.1
26.4
95.7
16.6
25.0
158.8
73.4
376.5
17.7
198.8
478.3
23.1
90.5
12.8
23.2
153.7
70.3
361.7
18.8
214.4
534.3
34.5
102.7
25.6
24.5
159.7
72.3
552.4
24.9
108.0
15.4
29.9
158.9
94.4
54.1
59.7
66.2
76.3
85.8
94.8
90.5
62.9
361.9
17.7
91.5
45.6
353.2
10.1
84.5
49.3
311.4
13.8
53.0
43.1
449.7
30.4
186.2
51.2
565.5
55.9
214.8
44.2
565.9
85.7
185.5
61.6
586.4
103.2
185.9
55.8
102.
62.
36.
157.2
113.9
38.2
37.1
349.1
421.8
66.2
73.8
38.6
130.
89.
35.
137.1
91.1
37.2
35.2
392. 9
445.7
74.2
70.9
51.5
146.
95.
41.
128.9
67.5
41.4
36.3
385.7
440.5
75.5
71.2
51.2
105.3
do
709.2
126.2
112.1
49.5
34.3
do
do
do
do
4,328. 6
583.2
1,324.8
486.7
5, 029. 2
502.8
1,507.7
507.9
398.4
53.9
134. 9
25.4
378.3
65.2
110.4
30.7
436.5
72.1
102.9
41.9
399.2
45.8
125. 9
30.8
387.5
109.7
41.9
371.6
24.6
108.1
42.2
Mineral fuels, lubricants, etc. 9
Coal and related products
Petroleum and products
Animal and vegetable oils, fats, waxes
Chemicals.
Manufactured goods 9
Textiles
Iron and steel
Nonferrous base metals
do..
do_
do.
do
do
do.
do
do.
do.
1,497.4
950.7
478.9
615.2
3,836.0
4,413. 4
632.1
r
791. 6
595.6
1, 553.8
1,019.1
445.0
507.2
4,133.7
116.1
71.6
36.5
52.4
337.5
357. 2
58.8
62,9
42. 9
108.8
70.5
31.4
39.5
351.2
392. 0
59.8
65.4
53.2
135.5
87.4
42.8
38.2
343.2
434.8
63.8
74.7
55.6
131 6
88. 8
35. 1
155. t)
96. 4
35.3
42.0
343.6
413.8
64.0
69.3
47.5
122.9
84.9
35.9
62.1
335.5
404.4
63.5
70.8
44.3
Machinery and transport equipment, total
mil. $_. 19,459. 8
11,560.9
Machinery, total 9
do
596.7
Agricultural
do—
404.5
Metalworking
do
1,404.
2
Construction, excav. and mining
do
3, 066. 7
Electrical
do
7, 899. 0
Transport equipment, total
do.
4,157.1
Motor vehicles and parts
do..
2, 734.1
Miscellaneous manufactured articles
do
1, 531. 4
Commodities not classified
„
do
Value of Imports
45,562.7
General imports, total
do
Seasonally adjusted
do
By geographic regions:
1,236. 3
Africa
do_
11,779.5
Asia
do.
894.9
Australia and Oceania
do.
Europe
do_
12,881.1
12,695.4
Northern North America
do.
3, 000. 5
Southern North America
do.
3, 033. 7
South America
do.
By leading countries:
Africa:
19.1
Egypt
do..
Republic of South Africa
do_.
286.5
Asia; Australia and Oceania:
636.1
Australia, including New Guinea
do..
329.1
India
do..
77.1
Pakistan
do_.
269.0
Malaysia
do_.
207.2
Indonesia
do..
495.6
Philippines
do..
7, 258. 8
Japan
do..
Europe:
1, 087. 7
France
do_
10.1
East Germany
do.
3, 650. 5
West Germany
do_
1,405. 7
ltaly
do.
57.2
Union of Soviet Socialist Republics
do
2,498. 5
United Kingdom
do.
North and South America:
12,691.5
Canada
do.
4,881. 0
Latin American Republics, total 9
do
175.8
Argentina
do
761.7
Brazil
do...
90.9
Chile
do...
239.2
Colombia
do
1,261.6
Mexico
do
1, 215. 9
Venezuela
do
By commodity groups and principal commodities:
Agricultural products,total
mil. $_. r 5,765.5
Nonagricultural products, total
do
39,797.3
r
Revised.
9 Includes data not shown separately.
778.8
825.9
566.8
387
61
61
51
6
2
4
0
9.6
26.4
184.4
76.2
474.2
23.7
295.8
Crude materials, inedible, exc. fuels 9
Cotton, raw, excl. linters and waste
Soybeans, exc. canned or prepared
Metal ores, concentrates, and scrap
4,904.0
541.2
34.9
106.9
15.0
23.3
171.4
73.0
449.0
27.6
265.2
Beverages and tobacco
35.8
293.9
526.0
38.8
112.4
14.8
22.9
153.9
73.0
436.5
19. 5
272.8
44.
332.
374.
54.
64.
37.
472.3
18.7
318.4
517.3
19.6
333.6
36.
336.
405.
64.
75.
44.
47.
332.
426.
72.
66.
47.
659.3
23.1
441.4
688.6
21.7
476.7
62.0
36.2
44.0
403.8
478.2
78.3
85.5
57.8
51,422.2 1,657.9 1,636.4 2,053.6 1,779.6 1,894.8 1,756.5 1,572.4 1,673.9 1,739.7 1, 887. 4 1, 904. 7 '1,937.2 1, 956. 4
6
.3,244.4 , 047.6 1,026.7 1,190.3 ,086 3 1,119.3 L, 101. 3 1,031.3 L, 063. 2 1,034.6 , 132. 6 1,185.2 1,199. 0 1, 222.
64.3
69.6
63.1
61.8
56.7
59.3
62.8
58.8
64 2
63.1
71.9
71.0
749.6
48.7
42.1
31.2
31.7
44.4
32.4
30.6
30.4
35.6
27.7
33 8
35.2
38.6
410.0
38.4
135.0
137.4
130.4
119.3
148.1
130.2
124.1
142 7
145.4
139. 5 139.8
1,601.1
122. 0 121.5
369.7
303.3
283.6
337.5
309. 6 334.8
341.3
296.4
291 3
322.7
305.6
296. 7 276.4
1
655.0
738. 2 733.8
541.4
675.1
719.6
610.8
754.8
775.3
714.7
609. 7 883.8
8, 269. 7 611.3
426.7
433.2
448.5
474.2
357.4
415.5
418.5
455.8
4, 796.4
341. 5 368.5
398. 9 283.4
438.7
276.3
263.3
265.0
264.7
283.1
284. 0 271.4
250.8
275.1
240.8
3,190.0
265.4
261.0
264.3
131.0
120.5
128.7
116.8
131.0
117.4
144. 9 137. 9 131.4
118.9
134.4
1,562.6
149.6
118.9
55,555. 2
1.595.2
15,111.5
1,145.4
5,740.3
14,915.3
3.536.3
3,460.0
1,278.4 4,179.5 4,843.6 4,248.0 4,722.0 4,768.1 4,313.7 4,727.4 4,484. 8 5, 007.1 5,189. 8 4, 795. 0 5, 423. 0 4, 944. 6
4,435.4 4,472.9 4,515.3 4,413.0 4,482.2 4,467.7 4,565.2 4,726.0 4,605.5 4,736.2 5,136.4 5,001.6 5, 280. 9 5, 540. 8
155.4
126.8
134.6
164.7
141.4
124.5
165.5
139.1
137.8
119.4
111.3
126.4
104.1
., 126. 7 999.3 1,332.1 1,108.0 1,251.3 1, 240. 3 1,174. 8 1,488. 6 1,339. 8 1, 398.7 1,404.1 1, 247. 6 1, 364.3
101.2
87.2
83.4
96.6
101.0
128.0
123.4
94.9
127.8
68.4
95.3
73.3
66.0
1,244. 2 1, 240. 6 1,427.6 1,159.7 1,330.8 1,345. 9 1,314.4 1,341.6 1,122.0 1, 355.3 1,491.7 1,366.4 1, 555. 3
477. 9
1,106. 6 1,144. 0 1, 288. 6 1, 234.3 1,339.5 1, 373. 3 1,063.5 1, 027. 3 1, 206.1 1, 372. 9 1,456.8 1, 302. 4 1, 368.4
258.3
310.9
287.5
248.7
305.5
287.7
315.1
308.7
290.1
310.6
317.5
296.1
393.4
277.1
314.3
292.3
312.5
283. 9
292.0
246.0
299.6
312.0
223.4
275.8
330.8
16.9
324.7
1.5
17.4
1.3
23.1
.6
34.4
1.8
21.1
.4
33.3
2.5
22.1
1.2
36.4
1.9
26.4
1.3
26.7
1.1
33.9
1.6
26.5
1.6
23.1
3.7
25.2
819. 9
426.6
40.2
301.2
277.8
483.5
9, 064.3
49.6
42.1
5.6
27.8
23.7
22.8
664.5
34.5
5.8
29.0
19.6
30.0
580.7
48.7
38.2
1.5
26.0
17.1
49.1
847.1
72.7
30.4
3.5
20.6
23.2
28.9
691.7
62.1
42.5
4.0
30.7
21.7
32.2
769.3
68.4
42.8
3.3
23.3
20.1
50.8
707.2
57.5
38.2
1.9
24.1
18.2
33.8
680.1
92.0
37.3
5.1
21.5
26.1
50.8
911.1
91.3
30.2
2.2
17.6
29.5
52.7
805.5
89.1
27.3
2.5
33.9
28.2
34.9
819.0
79.9
34.0
2.3
24.9
24.2
41.5
863.9
61.9
29.1
2.6
21.8
26.1
56.0
724.6
72.3
35.2
3.3
23.3
29.4
35.0
800.8
1,368.5
10.3
4,248.7
1, 755.8
95.4
2,985.9
102.1
1.6
325.2
155.2
3.8
226.9
103.5
1.1
336.3
142.9
4.6
232.1
138.0
1.0
385.7
164.3
5.8
263.7
98.2
.9
317.7
139.0
1.9
214.2
112.9
.5
395.7
132.3
7.9
245.6
115.8
.6
349.2
143.6
108.7
.7
373.2
142.3
7.3
246.9
132.5
.9
380.6
173.1
9.7
208.2
94.3
.6
282.0
134.6
14.0
197.1
113.8
.7
364.5
124A
9.5
271.8
127.1
1.0
380.9
156.2
11.1
319.0
121.6
.8
357.5
147.9
12.8
264.7
138.1
.9
421.2
170.2
18.4
296.4
7.4
295.6
14,908.9 1,105. 8 1,143. 4 1, 288.1 1,234.2 1,339.2 1,373. 2 1,062.9 1, 025. 8 1, 205.6 1,372. 3 1,456.5 1,301.8 1, 477. 8
521.1
615.8
488.9
486.1
476.3
447.4
473.6
456.1
512.9
421.2
482.9
486.9
5, 772.1 518.6
24.4
21.3
17.1
16.3
16.8
17.7
15.0
14.8
16.1
16.8
16.7
15.3
17.5
201.4
131.2
70.6
85.2
78.9
74.7
86.2
108.2
64.3
76.5
98.1
50.5
48.3
941.6
100.1
13.3
7.1
5.3
6.8
6.3
5.7
12.6
10.1
6.4
3.3
82.9
4.5
4.1
10.7
35.1
26.1
27.9
23.2
17.0
21.0
19.2
30.7
31.6
24.5
30.4
284.1
17.9
14.5
161.7
125.2
149.4
146.6
114.6
125.0
121.3
126.6
122.4
145.6
155.1
155.0
144.7
1,631.6
130.6
101.9
134.4
108.8
99.1
108.6
97.2
113.9
104.1
127.8
95.2
87.0
119.6
1, 297.5
659.7
564.3
554.1
545.4
580.3
590.5
534.9
471.3
556.1
487.7
507.9
526.7
585.8
6,504.9
19,050.4 3,694.1 3, 586. 8 4,336.2 3,760.2 4,187.3 4,239.8 3,842.4 4,171. 2 3,939.4 4,426. 7 4,635. 7 4,230. 7 4, 763. 3
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1973
1972
1972
Annual
S-23
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
544.6
6.8
103.5
111.9
52.4
117.3
383.1
112.5
49.0
16.9
17.6
539.2
23.6
83.7
89.6
62.7
324.9
88.5
38.5
14.9
18.3
616.7
25.7
132.9
108.8
71.9
109.2
388.5
84.4
56.7
21.9
19.5
416.9
374.4
475.7
431.1
532.7
488.1
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___.
5,528. 6
181.3
1,166.6
1,050.1
763.6
875.5
3,382.0
1,043. 9
502.3
158.4
216.0
6,362. 0
150.7
1,181. 7
1, 222. 8
824.1
1,009. 5
3, 859. 9
1,021. 6
509.9
195.9
196.2
546.4
18.3
134.8
97.0
75.1
83.5
288.5
70.3
41.9
13.4
18.3
541.2
18.7
114.5
81.9
67.5
84.8
276.4
57.2
42.7
19.6
17.0
472.9
13.4
60.6
4,798. 8
398.4
352.5
375.4
331.9
426.8
388.5
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
do.__
do...
do.
3,714. 8
3,323.3
Chemicals
do.
1,612.3
Manufactured goods 9
Iron and steel
Newsprint
Nonferrous metals
Textiles
do_.
do_.
do.
do.
do.
2,015.0
9,545.8 11,421. 6
2,725. 2 2, 926. 4
988.5 1,053.9
1,551. 6 1,933. 2
1,391.2 1, 528.4
Machinery and transport equipment
Machinery, total9
Metalworking
Electrical
do_
do..
do_.
do.
13,873.2 17,400.1 1,268.')
5,967. 8 7,786. 9
575.0
106.8
9.9
140.4
2,555.1 3,375. 4 232.6
do___
do___
7,905. 5
6,776.4
9, 613. 2
7, 945. 9
694.2
588.0
765.8
651.3
do.
5,372.9
6,910. 7
518.9
479.4
1,475.6
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
114.4
Unit value
1967 = 100__
122.4
Quantity
do
140.0
Value
do
General imports:
Unit value
do
117.4
Quantity
do
144.5
Value
do
169.6
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Shipping weight
thous. sh. tons. 204,132
Value
mil. $_
22,610
General imports:
Shipping weight
thous. sh. tons. 313,167
Value
mil. $_
26,993
1, 598.0
127.2
116.0
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
171.6
4, 299. 6
179.6
80.9
313.4
76.2
46.7
12.6
20.7
475.3
14.3
61.1
92.1
69.7
68.3
291.7
70.9
42.2
17.2
15.5
354.9
516.2
12.8
95.5
94.6
48.4
88.0
341.8
100.4
38.3
17.8
15.9
525.5
13.3
78.8
89.8
102.4
576.2
7.6
111.7
128.4
91.0
55.7
316.9
90.3
41.4
19.6
16.4
555.1
4.0
130.1
125 4
64.4
324.1
95.6
42.8
16.8
11.5
484.3
9.9
79.2
101.8
65.9
63.6
316.8
86.7
36.9
16.9
12.7
334.9
85.6
43.4
14.6
14.3
585.1
8.0
128.8
127.0
62.0
107.1
347.3
87.8
45.9
15.7
18.0
375.3
334.6
375.1
336.1
378.4
341.4
400.2
365.8
409.3
366.7
412.4
371.0
14.3
15.5
16.3
11.1
11.5
15.5
10.1
21.7
165.9
177.4
166.4
299.7
14.8
21.1
15.4
12.3
159.3
150.8
192.0
872.4
175.0
81.9
150.8
148.1
800.7
184.0
77.7
142.2
120.4
930.0
182.9
83.7
177.1
134.7
175.2
144.2
168.0
159.0
993.7 1,017.7
266.5
263.4
92.2
91.8
168.6
200.6
126.7
127.0
940.5
256.5
85.7
147.9
118.5
994.1
291.9
83.3
141.3
140.2
941.7 1, 085.1 1,072.5
303.8
263.1
314.9
96.4
87.0
96.5
179.8
173.0
151.2
141.5
125.8
116.3
169.2
187.7
804.9
155.8
89.7
138.8
115.0
1,333.7 1,668. 7 1,429.7 1,566.6 1,531.6 1,247.2
745.6
568.2
646.7
672.7
616.2
610.7
9.1
14.3
13.1
9.0
7.8
14.7
211.9
310.0
256.8
282.4
252.5
266.6
923.1
758.7
610.4
813.4
676.3
496.1
133.0
127.3
72.4
919.9
778.4
524.7
132.2
189.1
968.3 1,107.8
240.7
286.6
110.6
87.9
224.7
161.5
144.2
114.4
1,370.6 1, 265. 2 1,523.4 1,702.7 1,491. 9 1,675. 9
737.5
698.4
647.4
667.1
613.1
687.4
17.4
14.4
12.8
12.0
11.4
9.0
332.0
275.0
284.6
315.8
331.4
299.1
858.9
705.0
636.5
513.0
703.4
552.8
580.9
595.9
698.9
131.9
126.5
135.6
652.0
527.8
603.0
132.7
836.0
699.6
965.2
844.5
977.5
805.0
797.7
621.4
563.0
631.5
147.1
143.9
144.6
162.8
618.2
118.2
133.5
157.7
115.9
127.2
147.5
117.2
124.3
145.8
116.1
143.3
166.4
117.3
127.3
149.2
116.4
137.1
159.5
118.0
130.8
154.4
117.7
119.9
141.0
116.7
130.0
151.7
118.0
129.2
152.5
118.4
145.0
171.6
122.8
143.3
176.1
122.6
144.6
177.3
126.2
163.7
206.6
118.9
160.7
191.0
121.7
153.1
186.4
123.9
174.5
216.2
124.8
151.9
189.6
125.1
168.5
210.7
126.7
167.9
212.7
126.1
152.7
192.5
127.3
165.8
211.0
128.3
156.0
200.1
129.8
172.1
223.5
130.4
177.5
231.6
130.3
164.3
214.0
15,432
2,044
15,096
1,968
17,592
2,102
18,601
1,910
19,328
2,046
19,631
2,031
17,742
1,991
21, 938
2,088
20,432
2,025
21,680
27,209
2,519
25,293
2,343
29,266
2,816
25,335
2,452
28,300
2,868
30,050
2,860
28,083
2,737
31, 753
3,154
28,377
2,825
30,923
3,107
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil.
Passenger-load factor §
percent I
Ton-miles (revenue), totals
mill
Operating revenues9 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
Operating revenues©...
Operating expenses©
Net income after taxes©
Operating revenues©
Operating expenses©
Net income after taxes©
mil. $..
do
do
do
do
IldoIII!
10, 046
8,221
bil
mil"
do
106. 29
2,275
707
mil. $
do
7,747
7,500
22
bil
mil.
do
29.36
1,520
617
mil.$.
do
do"""
2,298
2,219
IllllldoIII
International and territorial operations:
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
_
»135.65
48.5
118,685
152.41
53.0
20,746
11.74
49.6
1,563
10.27
46.3
1,439
12.05
50.2
1,669
12.03
49.4
1,654
2,540
2,108
209
68
2,561
-46
9,718
32
118.14
2,567
9.30
172
55
8.19
189
55
9.60
210
63
34.27
1,738
515
2.44
119
42
2.08
129
2.44
148
44
13.95
55.9
1,847
15.10
60.9
1,931
15.65
62.7
2,034
12.47
53.8
1,705
12.29
50. 9
1,725
11.52
50.0
1,687
13.08
53.1
1,842
11.28
192
49
11.93
229
55
9.22
223
53
9.50
235
55
9.25
253
57
10.42
237
75
3.82
144
36
3.72
147
3.25
145
2.79
164
42
2.27
169
55
155
2,801
2,321
225
65
2,638
9.59
194
56
9.15
216
56
10.68
218
55
2,156
2,035
47
2,005
1,986
-12
2.67
137
38
2.88
140
3.26
141
645
603
21
535
575
-34
Local Transit Lines
Fares, average cash rate..
_
cents
26.6
27.4
27.0
27.6
27.2
488
Passengers carried (revenue)
mil..
5,497
5,253
436
437
' Revised.
* Preliminary.
i Annual total reflects revisions not distributed to
monthly or quarterly data.
9 Includes data not shown separately.
^Applies to passengers, baggage, cargo, and mail carried.
12.27
52.2
1,651
7.8
27.8
27.8
27.2
27.2
27.8
27.8
27.2
27.8
2438
424
446
411
427
451
460
384
442
§Passenger-miles as a percent of available seat-miles in revenue service; reflects proportion
of seating capacity actually sold and utilized.
©Total revenues, expenses, and income
for all groups of carriers also reflect nonscheduled service.
27.2
447
SUEVEY OF
S-24
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
BUSINESS
| 1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION—Continued
Motor Carriers (Intercity)
Carriers of property, class I :
11,370
Number of reporting carriers
Operating revenues, total
mil. $-- 13,055
12,265
Expenses, total
do
599
Freight carried (revenue)
mil. t o n s Freight carried, volume indexes, class I and II
(ATA):
Common and
contract carriers of property
(qtrly.) tf1 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..
119.0
129.9
135.6
137.0
137.4
172
760.9
666.5
167.3
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total 9
mil. $.. 712,689
11,786
Freight
do
Passenger ©
_ _do __
7 294
O perating expenses ©
do
10,053
Tax accruals and rents
_ _
do
1,939
698
Net railway operating income
do
8 350
Net income (after taxes) ©
do
Traffic:
Ton-miles of freight (net), revenue and nonrevenue. ._
bil..
752.2
Revenue ton-miles, qtrly. (AAR)
do. ..
739.7
Revenue per ton-mile
cents..
1.594
Passengers (revenue) carried 1 mile
.mil_.
8,901
Travel
Hotels and motor-hotels: §
Average sale per occupied room
dollars..
Rooms occupied
% of total
Restaurant sales index._.same mo. 1951=100..
Foreign travel:
U.S. citizens: Arrivals
thous..
Departures - do
Aliens: Arrivals
__
do
Departures
do
Passports issued
do
National parks, visits^
- do
131.0
124.0
125.7
124.5
135.3
129.0
127.6
134.0
132.1
—
140.3
145.3
70
8 349.8
8 327.8
8 75.7
780.7
7 3,195
3,000
7
63
7 3,437
3,226
7 68
2 530
496
170
6
79
2,686
512
239
8 151
7 3,302
3,088
7 66
1
ess
8 395. 2
198.8
s 1. 612
8 4,251
187.2
2,616
508
178
190.4
204.4
2 59.5
19.52
57
105
18.74
60
114
19.21
62
123
' 19.03
'55
103
18.02
58
109
18.73
62
132
19.07
66
c
130
19.35
66
140
19.53
68
136
19.45
63
124
19.83
68
117
19.54
64
125
20.43
71
125
19.38
60
111
18.88
48
122
7,591
7,059
4,325
3,567
9,077
8,346
5,193
4,318
655
500
403
285
579
531
294
238
765
612
381
303
704
730
386
330
749
931
445
382
1,055
1,003
579
450
1,130
856
586
539
844
736
542
416
771
625
434
383
664
542
368
324
543
606
407
382
2,399
48,863
2,728
54,103
158
1,273
226
1,553
618
674
367
287
326
2,184
313
2,898
328
4,390
329
7,258
249
10,819
235
10,393
174
5,651
140
3,887
132
2,055
119
1,716
183
2,026
1,149
2 64.2
COMMUNICATION (QTRLY.)
Telephone carriers:
Operating revenues 9
mil. $..
Station revenues
do
Tolls, message.
_
_ do
Operating expenses (excluding taxes)
do . . .
Net operating income (after taxes)
.do
Phones in service, end of period
mil..
Telegraph carriers:
Domestic:
Operating revenues
mil. $..
Operating expenses
do
Net operating revenues (before taxes)._ do
International:
Operating revenues
do . . .
Operating expenses _
.do
Net operating revenues (before taxes) _.do
19,811
9,699
7,655
12,886
3,354
108.4
3 5,636
3 2,781
3 2,177
3 3,644
3 957
3 115.6
396.8
337 0
31.7
108.6
qg 5
11 7
109.4
88.9
13.9
206.0
150.8
44.3
55.3
39 3
13.0
56.2
39.9
12.9
9 5,035
9
2,399
9
1,959
9
3,144
9
956
fl 112. 4
3 5,625
3 2,699
3 2,172
3 3,603
3 1,024
3 117.5
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic chemicals, production:
Acetylenet
mil. cu. ft.
Ammonia, synthetic anhydrous!.thous. sh. tons
Carbon dioxide, liquid, gas, and solidJ
do...
Chlorine gas (100% C18)J
do__.
Hydrochloric acid (100% HC1)J
do
Nitric acid (100% H N O j ) J
do__
Oxygen (high and low purity)©
mil. cu. ft.
Phosphoric acid (100% PjOs)!
thous. sh. tons
Sodium carbonate (soda ash), synthetic (58%
Na 2 O)J
thous. sh. tons.
Sodium bichromate and chromate
do._
Sodium hydroxide (100% N a O H ) t
do__
Sodium silicate, anhydrous*..do..
Sodium sulfate, anhydrousX- - do
Sulfuric acid (100% H3SO«H
do._
12,336
14,029
1,270
9,352
2,099
6,742
319,152
6,240
11,447
14,302
1,344
9,868
2,197
7,022
352,122
4,275
138
9,667
628
1,356
29,422
4,333
137
10, 266
663
1,363
31,046
1,023
1,108
91
786
173
588
27, 275
496
1,002
1,169
89
772
170
585
26, 651
509
997
1,237
115
799
186
625
28,713
560
917
1,280
108
807
177
626
28,691
541
1,290
123
845
178
623
30,353
551
953
1,212
129
810
181
577
29,388
490
925
1,150
123
838
180
531
28,920
501
943
1,223
130
857
190
524
29,095
507
904
1,133
122
809
179
552
29,399
512
978
1,167
117
851
194
608
31,672
557
••976
1,151
'99
'843
195
587
30,677
510
• 1,183
99
850
194
'597
31, 288
'528
322
10
824
43
109
2,440
355
11
809
47
110
2,447
381
11
839
65
122
2,679
367
10
841
55
109
2,646
383
11
880
56
130
2,713
342
11
837
54
118
2,522
353
12
856
45
106
2,487
13
892
49
109
2,659
331
11
840
55
109
2,495
376
12
886
65
117
2,660
376
12
'873
70
113
2,628
12
888
58
113
'2,672
' Revised.
* Preliminary.
1 Number of carriers filing complete reports for the year.
2
For month shown.
3 p o r 63 carriers.5 4 Annual total reflects revisions not distributed
to
the
monthly
or
quarterly
data.
Based on six months ending in month shown.
6
Before extraordinary and prior period items.
* Reporting roads only; excludes AMT RAK
operations.
»
For
six
months
ending
in
month
shown.
• For 2d qtr. 1971, 63 carriers.
c
Corrected.
cflndexes are comparable for the identical quarter of each year (and from year to year).
©Natl. Railroad Passenger Corp. (AMTRAK) operations for 1971 (mil. $): Operat-
586
"472'
2,490
ing revenues, 86; expenses, 179; net income, —55 (Interstate Commerce Comm.).
9 Includes data not shown separately.
JRevised monthly data back to 1969 will be shown later.
ONot comparable with data in 1971 BUSINESS STATISTICS.
§ Effective Jan. 1972, data reflect an expanded sample that includes many motor-hotels;
restated data for 1971 are comparable.
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 1973
1971
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
1972
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS—Continued
Organic chemicals, production:o"©
Arptir anhvdride
Aretvlsalicvlic acid (asDirin)
mil. lb
do
mil. gal _
mil. lb
do. .
Ethvl acetate (85%)
Formaldehyde (37% HCHO)
Glycerin, refined, all grades:
Production
Stocks end of period
_Metbanol, synthetic
Phthalic anhydride
do
__ do
mil eal_.
mil. lh
120.3
118.1
132.0
127.0
129.5
3.4
8.8
2.7
3.1
10.0
12.0
3.2
9.2
10.1
217. 2
5,500.0
11.5
400.2
13.1
419.1
17.2
449.5
16.5
408.0
353.0
25.6
i 897. 0
1
936.0
26.7
27.2
67.5
66.4
29.5
29.4
64.1
66.3
29.0
28.9
78.7
66.7
552.9
132.8
432.7
88.0
38.0
126.5
35.1
43.8
123.3
36.8
6.7
234.1
234.6
2.9
18.9
19.4
2.4
i1,545.8 i 1,560.6
1
34.6
31.7
119.2 1 119.1
1
i 159.8
4,373.1
1
1
339.8
28.2
i 754.7
» 766.4
119.4
121.1
124.2
3.0
10.3
2.7
8.9
11.3
3.0
9.8
11.0
2.5
8.9
2.3
8.7
3.0
7.4
21.9
462.1
20.5
443.4
11.8
384.5
21.3
519.8
19.6
430.8
19.8
458.8
18.4
458.5
20.3
450.0
18.1
484.3
29.9
26.8
68.6
71.0
32.2
29.8
75.0
75.9
31.4
26.2
70.5
95.0
25.7
26.3
75.1
82.1
32.1
26.1
85.3
74.2
29.1
30.1
81.0
73.6
30.8
24.5
64.7
75.5
25.7
24.3
87.5
71.2
30.9
25.6
84.4
77.7
31.6
24.4
87.6
77.0
46.1
108.6
39.0
43.7
109.8
38.2
52.4
101.8
39.8
56.7
100.0
36.8
54.7
98.1
38.6
57.7
98.9
39.0
64.0
103.8
36.4
59.3
105.4
40.7
51.5
96.2
37.3
6.5
7.7
7.0
8.0
8.4
6.0
6.1
6.1
7.3
7.0
19.7
19.6
2.5
21.0
20.8
2.9
20.6
20.4
3.1
21.8
22.0
2.8
21.0
21.0
2.8
21.1
21.2
3.0
21.2
21.4
2.7
19.4
19.5
2.7
21.9
22.0
2.6
20.1
19.9
2.8
1,216
2,182
1,697
1,643
1,802
1,702
1,358
1,599
78
75
104
61
135
1,666
88
1,849
1,324
1,217
1,292
1.209
1,013
79
133
124
1,103
217
140
1,259
75
111
95
3.1
2.5
130.1
2.9
ALCOHOL
Ethyl alcohol and spirits:X
Production
Stocks end of period
Used for denaturation
Taxable withdrawals
mil- tax pal
_ _ do
do
do
Denatured alcohol:X
Production
mil. wine cal
Consumption (withdrawals) _ _
do
Stocks, end of period
....do. FERTILIZERS
19,612
1,123
14,953
1,353
1,630
374
229
378
264
4,549
4,855
thous sh. tons.. i 17,106
do
1,050
_.__do_— i 13,431
1,033
do
Exports, total 9
Nitrogenous materials
Phosphate materials
Potash materials
Imports:
Ammonium nitrate
Ammonium sulfate __
Potassium chloride
Sodium nitrate
1,563
1,185
2,034
137
92
1,209
' 1,085
1,802
109
121
123
882
67
60
54
968
118
36
34
377
14
52
36
582
6
71
38
640
5
73
14
453
1
19
14
283
31
10
13
260
4
15
16
298
23
17
13
410
0
20
23
507
1
20
22
303
9
17
14
274
5
27
26
442
27
68
107
81
203
111
28
28
468
13
5,026
4,913
423
381
651
603
547
388
174
307
369
494
246
330
'384
4 966
389
5,482
'433
417
389
443
338
505
279
489
235
498
240
431
324
427
410
415
369
449
369
461
347
477
418
r 469
'433
429
453
Explosives (industrial), shipments, quarterly!
mil. l b . . 2,120.0
2,108.7
Paints, varnish, and lacquer, factory shipments:
Total shipments
mil $
Trade products
_ .
do
Industrial
finishes
_ _ _ _ do
2 830 9
1,562.8
1,268.2
3 009 2
1 659 3
1 349 8
209.6
101.4
108.2
5 9,118
3,956
748
731
777
732
738
715
741
796
776
4,311
4,374
4,297
4,274
4,267
4,156
4,104
4,159
4,008
4,019
775
785
4,127
4,003
3,956
1,587. 7 117.8
109.5
120.2
121.4
123.1
122.9
116.7
124.1
146.5
173.3
156.9
155.4
202 6
4,602.0 318.5
4 288 9 6 332.4
!7,629.5 573.5
324.1
312.9
566.8
357.3
354.4
625.7
357.7
339.1
622.8
395.0
349.9
644.3
391.2
352.8
603.9
370.7
323 3
604.3
389.9
349.0
658.0
386.1
357.9
662.2
404.4
384 1
686.2
406.9
377 1
669.0
413.0
396 7
689.8
421.4
394 2
662 5
do
__._do. do
1
. ..do
Potash deliveries (KjO)
do
Superphosphate and other phosphatic fertilizers
(100%PjO 5 ):
Production X
thous sh tons
do
Stocks end of period
*509
MISCELLANEOUS PRODUCTS
Sulfur, native (Frasch) and recovered:
Production
thous .Ig. tons_.
Stocks (producers'), end of period
_ _do
522.6
226.0
117.4
108.7
261 0
140.2
120.8
573.0
252.7
143.2
109.5
285.8
162.0
123.8
292.4
171.7
120.7
534.0
257.6
160.0
97.7
286.4
167.2
119.1
269 0
152 0
116.9
479.1
254 0
135.4
118.6
805
224 7 r r190 0
113 8 r 95 0
110 8
95 0
224 3
114 0
110 3
PLASTICS AND RESIN MATERIALS
Production:
Thermosetting resins:
Alkyd resins
Polyester resins
Phenolic and other tar acid resins
Urea and melamine resins
mil. l b . .
—do____
Thermoplastic resins:
Cellulose plastic materials
Coumarone-indene and petroleum
resins
Styrene-type materials (polystyrene)
Vinyl resins (resin content basis) __.
Polyethylene
.
do
polymer
..mil. lb
- - - d o _ — i 3,749.8
1
. do
1 4,075.8
do
6,395.8
1
637.7
—_do—_ 11,141.8
1
—.do.—
1
!
(2)
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr__ 1,717,520
Electric utilities, total
By fuels
By waterpower
_.._
.do.
Privately and municipally owned util
do
Other producers (publicly owned)
..do
Industrial establishments, total
do
By fuels
_
do
By waterpower
do
153,445 145,729 149.055 140,883 146,663 154,360 166,652 171,861 156,028 152,759
1,613,936
1,347,616
266,320
144,575 137,301 140.056 132,138 137,745 145,523 157,846 162,822 147,358 143,742
120, 078 115,128 115,929 108,705 113,375 122,254 134,292 140,075 128,291 124,401
24,497 22,172 24,127 23,434 24,370 23,269 23,553 22,747 19,067 19,341
1,322,540
291,396
118,860 112,973 115,010 107,730 112,960 119,219 129,089 133,735 121,992 118,971
25,715 24,327 25,046 24,409 24,785 26,304 28,756 29,087 25,366 24,771
8,870
8,744 8,918 8,837 8,807 9,040 8,670 9,018
8,428
8,712
8,597
8,190
8,447 8,615 8,537 8,522 8,756 8,428 8,747
273
287
303
298
299
284
242
271
285
103,585
100,325
3,260
' Revised.
» Preliminary.
1
Reported annual total reflecting revisions not distributed to the monthly data. 2 Series
discontinued.
3 Less than 500 short tons.
«Annual 6total reflects sulfur content, whereas
monthly data are gross weight.
« Gross weight.
Beginning Jan. 1972, data exclude
polyvinyl acetate, polyvinyl alcohol, and other vinyl resins; comparable Dec. 1971 figure,
320.1 mil. lb.
©Except for glycerin, scattered revisions have been made in the annual data back to 1965
monthly revisions are not available.
cf Data 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.
| Revised monthly data for 1970 will be shown later.
SUEVEY OF CURRENT BUSINESS
S-26
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
1972
Annual
March 1973
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb.
ELECTRIC POWER AND GAS—Continued
ELECTRIC POWER—Continued
Sales to ultimate customers, total (Edison Electric
Institute)
.mil. kw.-hr.. 1,466,441 1,577,714 128,150 127,924 127,079 124,326 123,457 128,367 134,108 141,473 141,720 135,133 131,021 134,957
Commercial and industrial:
333,752 361,859 28,008 27,954 27,952 27,915 28,247 30,514 32,423 33,874 33,784 31,384 29,781 30,021
Small light and power§
do
639,467 50,145 50,268 51,555 51,825 53,161 53,651 52,492 55,020 55,575 56,259 55,404 54, 111
Large light and power§
—
—do
Railways and railroads
Residential or domestic
Street and highway lighting.
Other public authorities
Interdepartmental
do
do
..do
do
—do
4,537
479,080
4,440
511,423
423
44,644
417
44,295
410
42,162
365
39,352
36,813
11,673
39,819
4,880
12,193
43,190
5,142
1,120
3,397
414
1,046
3,529
415
1,023
3,551
425
971
3,488
410
928
3,526
413
335
345
43,899
336
47,232
341
46,882
901
3,671
469
906
3,601
442
950
3,617
442
985
3,715
438
347
41,929
1,075
3,704
435
358
40,253
395
45,137
1,124
3,687
415
1,165
3,705
424
Revenue from sales to ultimate customers (Edison
Electric Institute)..
—mil. $.. 24,725.2 27,921.1 2,213.9 2,221.3 2,203.4 2,179.5 2,178.2 2,286.8 2,412.0 2,529.1 2,544.2 2,417.1 2,333.4 2,402.1
GASf
Total utility gas:
Customers, end of period, total
Residential
Commercial
Industrial..
,
Other
Sales to customers, total
Residential
Commercial
Industrial
Other
Revenue from sales to customers, total
Residential.
Commercial
Industrial
Other
thous..
do....
do.
do.
do.
tril. B t u .
..do...
do___
do...
do...
mil. $__
-'.do
do
do.
-do_
42,660
39,189
3,218
206
47
• 16,681
'5,039
'2,155
'8,643
11,355
'1,810
'3,569
'343
43,069
39,477
3,305
207
81
42,673
39,191
3,230
205
47
42,728
39,280
3,198
194
56
5,475
3,977
2,243
1,067
2,061
232
2,207
213
3,250
464
267
2,262
257
4,380.0
2,440.1
831.5
7
118.3
2,841.2
1,327.8
442.1
980.5
90.9
1,985
699
235
953
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
137.36
Production
_ mil. bbl.
127.52
Taxable withdrawals
do
12.23
Stocks, end of period
do
Distilled spirits (total):
Production
mil. tax gal_. 183.27
Consumption, apparent, for beverage purposes
mil. wine gal 2 382.34
182. 07
Taxable withdrawals
_ _ mil. tax gal
996.62
Stocks end of period
do
Imports
mil. proof gal__ 102.14
Whisky:
119.38
Production
mil. tax gal
116.84
Taxable withdrawals
do
945.80
Stocks, end of period .
. . .
do
189.29
Imports
mil. proof gal.
9.96
8.75
12.97
10.38
9.09
13.64
12.62
11.69
13.82
12.53
11.09
14.51
13.25
12.41
14.45
14.21
13.12
14.40
13.18
12.22
14.49
13.09
12.89
13.75
18.66
16.27
18.76
16.50
18.88
16.50
15.83
11.41
10.88
13.54
11.15
10.61
13.36
9.92
9.92
12.77
8.04
12.79
16.08
16.33
28.67
35.18
33.30
32.45
27.80
29.34
26.03 26.59
13.97
12.52
15.97
14.24
16.61
18.19
14.19
16.73
1,000.98 1,003.89 1,006. 66 1,008.08 1,009.32 1,007.56 1,001.98 991. 93
6.47
8.17
6.69
7.45
9.27
6.99
6.13
100.16
6.00
30.68
18.65
984.85
7.10
22.14
977.70
11.61
20.75
972.30
11.64
12.65
7.77
11.33
6.68
141.28
131.95
12.44
87.69
12.86
8.49
949.31
5.14
12.28
8.40
952.82
5.54
13.37
10.38
955. 90
7.10
11.31
8.86
957. 72
5.76
12.11
9.72
959.37
6.50
9.89
10.83
958.39
8.20
4.72
9.36
952.97
6.20
3.63
10.94
944.46
5.26
6.62
12.75
937.44
6.19
9.32
15.86
929.65
10.17
10.52
14.29
924. 70
10.29
8.19
3.69
8.19
4.22
10.15
5.29
9.45
5.11
10.87
6.02
11.44
6.36
8.97
5.47
9.26
4.43
9.51
4.75
12 59
6.69
12.29
6.35
1.20
1.05
9.09
1.76
1.48
9.24
1.58
1.08
9.69
1.82
1.57
9.81
1.65
1.78
9.58
1.01
9.31
.79
2.83
1.35
10.65
1.37
1.63
10.36
1.91
2.51
9.64
1.98
2.80
8.71
9.59
9.27
12.44
Rectified spirits and wines, production, total
mil proof gal
Whisky
do
Wines and distilling materials:
Effervescent wines:
Production
mil wine gal
Taxable withdrawals
do
Stocks, end of period..
do _
Imports... _
. d o
Still wines:
Production
_
__ do
Taxable withdrawals
do
Stocks, end of period..
do. _
Imports.
_
do
24.60
22.10
8.57
1.88
21.13
20.36
8.09
1.98
1.95
1.36
9.07
.14
.15
.15
.14
.16
.15
.10
.20
.24
.31
.18
357.36
'246.97
' 366.31
»34.28
301.15
269.89
350.88
45.07
7.97
21.17
350.63
3.03
7.60
19.91
335.34
3.62
8.23
25.69
314. 47
3.57
4.84
21.00
297.85
2.87
8.16
21.75
281.43
3.84
7.51
24.24
262.06
3.80
7.52
17.70
251.81
3.49
26.39
19.95
255.37
4.02
75.58
22.98
305.25
3.33
84.87
25.04
356.65
3.90
42.62
25.09
366.39
4.94
19.87
25.39
350.88
4.66
4 38
Distilling materials produced at wineries...do
402.38
261.10
4.04
6.76
2.89
4.06
2.92
.48
.96
50.22
123.59
50.38
6.96
7.84
mil lb
1,143.6
do
96.8
$ per lb__
.693
1,109. 6
107.5
.696
101.5
81.8
.688
99.4
'93.3
.688
110.2
106.8
' 110.1 '128.5
.688
.688
119.4
159.1
.688
111.1
' 195.9
.688
89.4
76.3
65.4
' 210. 7 ' 198. 4 ' 178. 4
.688
.704
.710
75.9
154.7
.708
12,380.4
1,510.6
2,612. 4
1,672.8
199.0
124.0
197.3
122.9
232.1
153.9
250.8
172.1
257.9
176.4
220.0
145.6
197.3
118.1
116.12
63.05
.12
.12
2.30
2.74
8.09
DAIRY PRODUCTS
Butter, creamery:
Production (factory) X
Stocks, cold storage, end of period
Price, wholesale, 92-score (N.Y.)
Cheese:
Production (factory), totalX
American, whole milkj
mil. lb
do
Stocks, cold storage, end of period
do___
American, whole milk
do
Imports
_
do
Price, wholesale, American, single daisies (Chicago)
$ per lb_.
304.3
238.9
95.5
331.4 ' 291.8 '285.4
269.4 ' 237.1 '229.5
17.2
13 8
179 4
230.8
147.7
407.6 '409.7
311.7 '340.4 ' 376.3
' 287.3
' 226. 7 ' 246. 4 ' 275.0 ' 307.8 '341.2 '341.9
10.0
13.0
10.1 ' 14.8
14.1
12 7
.714
.671
.707
.727
.684
' Revised. * Preliminary. * Reported annual total revisions are not distributed to the
monthly
data.
2
Includes Hawaii; no monthly data available.
§Data are not wholly comparable on a year to year basis because of changes from one
237.8
164.2
199.7
125.0
73.2
81.0
96.1
' 132.5 ' 107.5 ' 108. 7
.715
.687
.703
184.9
106.9
204.7
116.0
111.9
.687
202.9
123.5
404.0 '379.3 '353.6 '331.4 '322.1
335.8 ' 314.2 ' 291.7 ' 269.4 '260.4
19.9
15.2
15 6
17.8
20.3
315.9
256.0
.702
.746
.719
.702
.709
.744
.745
.736
.709
.718
.707
classification to another.
fData restated to represent the total gas utility industry, 99
percent of which is natural gas; also, sales are expressed in B.t.u. instead of therms.
XRevised data for months prior to May 1971 will be shown later.
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s s h o w n
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
S-27
1972
1972
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec
Jan.
Feb
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
DAIRY PRODUCTS—Continued
Condensed and evaporated milk:
'1,252.0
1,172.8
84.0
85.0
104.5
105.5
124.4
130.8
109.4
109.5
85.7
88.6
74.7
'74.3
'64.0
'61.2
'76.5
'108.0
' 125.0
'145.6
' 140.2
'143.8
35.1
32.7
14.4
40.5
1.1
3.3
1.0
2.9
5.0
2.9
3.4
3.2
2.8
2.9
.1
3.2
.3
3.1
.1
5.0
3.6
.1
2.9
Fluid milk:
Production on farms
do. _. 118,532
8 60,363
TTtiHration in mfd dairv products
do
5.87
Price, wholesale, U.S. average
$ per 100 lb__
120,278
64,063
6.09
9,701
4,991
6.13
9,448
5,050
6.10
10,487
5,787
6.01
10,633
5,901
5.84
11,303
6,554
5.76
10,983
6,673
5.76
10,450
5,887
5.78
9,982
5,405
6.01
9,443
4,646
6.23
7.0
98.5
6.5
100.0
8.2
118.0
8.1
128.9
8.5
153.0
7.3
160.0
4.3
127.4
4.8
99.4
4.6
76.3
'3.9
'63.8
4.3
'62.1
'5.3
'78.4
'6.1
'97.1
'7.5
' 105.7
'7.1
' 107.4
3.5
10.7
3.3
7.1
3.9
15.4
2.3
10.7
3.4
24.4
2.8
26.5
.318
.320
.319
.322
.318
106.2
109.6
110.5
117.7
.2
.3
283.8
165.8
118.0
2.6
3.1
1.19
1.18
1.18
1.18
1.16
1.16
1.16
1.16
63.9
58.6
3,382
2,485
897
48.7
1.22
1.22
1.21
1.21
1.23
1.21
Stocks, manufacturers',
case goods, end of month
or vearr?1
mil. lb_.
Exports:
Condensed (sweetened)
do
Dry milk:
Production:
7
79.4
77.8
Dry whole milk
mil. lb_
1,417.6 1, 269.3
Nonfat dry milk (human food)
do
Stocks, manufacturers', end of period:
4.0
3.4
Dry whole milk
__do
37.9
8 77.0
Nonfat dry milk (human food)
do
Exports:
25.0
38.3
Dry whole milk
- -.do
7
124.2
164.1
Nonfat dry milk (human food)
do
Price, manufacturers' average selling, nonfat dry
.331
.307
milk (human food)
$ per lb__
69.6
80.8
75.8
' 138. 8 ' 104.1
74.7
60.2
.2
4.4
.3
3.2
.2
3.8
9,460
4,549
6.42
8,987
4,156
6.55
9,401
4,464
6.55
9,630
4,914
'6.55
5.4
77.0
6.8
69.6
6.3
61.6
6.1
75.8
6.7
85.2
6.0
'86.3
5.4
'64.7
4.8
'47.9
'4.7
'34.9
3.4
' 37.9
4.4
34.5
4.9
17.5
2.2
12.5
4.5
17.0
3.0
10.8
2.4
7.9
2.0
3.7
3.7
3.6
.320
.321
.322
.330
.342
.359
.376
.394
147.7
153.0
137.4
170.9
181.5
168.8
181.2
202.1
211.9
17.7
3 174.8
3 107.0
3 67.8
11.6
8.9
2.2
453.6
321.7
132.0
1.2
3.4
2.1
2 423 5
361.2
246.2
115.0
7.3
1.18
1.17
1.18
1.18
1.25
1.25
1.32
1.32
1.32
1.32
63.9
97.1
31 126
3
751
3
375
108.7
79.8
91.0
1.22
1.30
1.21
1.36
1.28
1.31
1.28
1.31
1.30
83.8
9,055
*>6.55
GRAIN AND GRAIN PRODUCTS
7
Exports (barley, corn, oats rye, wheat),..mil. bu._ 1,204.5 U,789.3
Barley:
Rtnolrs fdomf^tio^ pnd of period
do
Off farms
Exports including malt§
Prices, wholesale (Minneapolis):
No 2 malting
No 3 straight
do
do
2 463.6
392.3
255.4
136.9
7
53.2
1.21
1.20
$ per bu
do
Corn:
Production (crop estimate, grain only) .mil. bu__ 2 5,641
4,700
Stocks (domestic), end of period, total
do
Off ffirms
do
Exports including meal and
flour
do
Prices, wholesale:
No. 3, yellow (Chicago)
$ per b u . .
Weighted avg , 5 markets, all grades
do
Oats:
Production (crop estimate)
Stocks ('domestic*) end of Deriod total
On farms
Off farms
3,551
1,148
7
511.7
1.39
4 1.36
2 881
943
693
251
mil bu
do
do
do
Exports, including oatmeal
_ do
Price, wholesale, No. 2, white (Chicago)
$ per bu
Rice:
Production (crop estimate)
mil. bags 9-California mills:
Receipts, domestic, rough
mil. lb
Shipments from mills, milled rice _
do . ,
Stocks, rough and cleaned (cleaned basis), end
of period
mil lb
5
Wheat:
Production (crop estimate), total
Spring wheat
Winter wheat
Distribution.
—mil. bu__
_
Stocks (domestic), end of period, total
On farms. _ _.
__
Off farms
__
_
do
do _
do
do
do
do
1.23
1.23
2 5, 553
4,718
3,583
1,135
886.2
1.30
1.26
2 695
780
560
220
7.1
25.2
.75
6
62.0
63.0
2,176
1,592
584
65.2
1.26
1.23
1.29
1.23
1.27
1.20
736
507
229
2.6
1.7
6.6
3 541
3 336
3 205
3.5
3.4
1.9
.85
.4
.4
.80
.79
.82
2 5,553
4,718
3,583
1,135
84.2
1.53
1.54
2.7
1.57
1.56
1.54
1.53
102.5
1.55
1.57
1.57
1.57
2 695
780.
560
220
932
683
249
2.6
1.43
1.42
.6
.7
.7
.5
1 00
2 85.2
2,004
1,446
1,774
1,266
91
61
85
66
107
40
106
65
119
68
164
83
297
282
328
259
82
112
174
46
102
71
120
112
186
97
215
182
98
86
97
86
115
120
130
165
116
104
46
117
114
86
135
120
5,567
4,206
7,472
5,133
570
610
298
375
279
341
285
430
197
466
51
396
208
245
1,128
332
1,814
456
1,728
528
645
503
270
453
252
438
1,737
3,252
1,967
4,447
1,566
276
1,428
'533
1,290
219
1,078
242
803
338
491
'532
395
541
858
360
1,643
242
2,275
313
2,217
444
1,967
407
1,713
329
.087
.098
.089
.089
.089
.089
».O91
.091
.091
.091
.100
.105
.125
2 54.6
49.3
1.06
2 54.5
29.5
1.07
1.06
1.08
49.3
1.05
1.06
1.09
45.6
1.02
1.01
1.00
62 6
1.02
1.08
1.15
2
2 85.2
3
J
1,618
2474
2 1,144
1,482
21, 545
2 359
21,186
1,700
1,547
694
853
1,393
507
886
.125
2 29 5
54 5
1.18
337
348
543
2 1 545
2
359
2 1 186
473
1,210
525
685
3 853
3
355
3
508
1 866
725
1,141
1,393
507
886
'Revised,
v Preliminary. * Less than 50 thousand pounds. 2 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.7 •* Average for Jan.-April, June-Oct., and Dec.
6 Average for JulySept., and Dec.
Annual total reflects revisions not distributed to the months.
1.18
1.18
1.20
1.21
2 85.8
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 (New Orleans)
$perlb_.
Rye:
Production (crop estimate) _ . _ _ mil. bu
Stocks (domestic), end of period .
___ do. _
Price, wholesale, No. 2 (Minneapolis) __$ per bu__
2 423.5
361.2
246.2
115.0
60.6
.129
.129
1.17
1.20
s Monthly revisions for 1970 and 1971 will be shown later.
9 Effective May 1972, price is
for No. 2 (Southwest Louisiana).
cfCondensed milk included with evaporated to avoid disclosing operations of individual
firms.
§Excludes pearl barley.
9Bags of 100 lbs.
.ViliI
S-28
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
In the 1971 edition of BUSINESS STATISTICS
UUK.
KHiJN JL 15 U SlJNJi
1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS-Con.
Wheat—Continued
Exports, total, including
Wheat only
mil. bu._
_do._-
627.1
588.3
1 817.0
1 778. 5
39.5
36.5
49.0
45.6
52.5
49.8
49.1
47.3
65.0
59.6
'72.7
'66.9
62.1
58.8
'71.2
'69.1
71.2
69.0
85.0
82.6
87.4
83.5
109.7
107.3
105.5
101.9
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
1.77
1.60
2 1.72
1.86
1.86
2 1. 87
1.72
1.62
1.70
1.63
1.61
1.66
1.63
1.61
1.67
1.66
1.63
2 1.69
1.69
1.64
1.71
1.61
1.53
1.66
1.69
1.61
1.69
1.91
1.86
1.88
2.03
2.10
2 05
2.12
2.18
2.12
2.23
2.29
2.20
2.42
2.60
2.42
2.42
2.67
2.46
250,441
4,303
557, 671
20,704
19,994
21,058
19,654
21,083
21,133
19,811
21,293
21,072
20,799
21,507
342
361
338
359
21,347
22,493
356
363
343
369
45,942
44,464
46,882
43,772
46,897
47,174
44,155
47,459
4 746
16,549
1,318
1,472
4,542
1,169
757
2,300
4 379
2,494
1,381
930
6.534
5.867
6.000
5.338
5.988
5.338
5.913
5.313
5.913
5.338
5.925
5.338
5.950
5.338
6.025
5.463
2,807
31,419
2,420
32,250
226
2,556
217
2,457
185
2,471
179
2,807
166
2,833
32.03
32.09
38.58
35.48
38.89
46.88
35.35
36.61
41.00
35.74
36.92
44.00
255
2,698
34.73
36.95
46.00
34.20
36.93
46.90
35.29
37.72
46.50
Hogs:
Slaughter (federally inspected)..-thous. animals..
86,667
78, 737
6,395
6,280
7,794
6,733
Wholesale, average, all grades (Sioux City)
$ per 100 l b . .
Hog-corn price ratio (bu. of corn equal in value
to 100 lb live hog)
18.41
25.97
24.02
25.10
23.19
14.5
22.3
20.8
23.6
21.2
Sheep and lambs:
Slaughter (federally inspected)..-thous. animals..
Price, wholesale, lambs, average (Omaha)
$per 1001b..
10,256
9,903
847
801
903
786
803
808
735
840
866
937
828
751
'835
27.43
30.13
27.88
28.38
29.38
31.00
33.75
34.00
32.88
31.25
30.00
26.75
27.00
29.25
33.62
36,209
35, 612
2,860
2,747
3,190
2,850
3,096
2,996
2,577
3,080
2,966
3,228
3,130
2,893
3,077
'638
48
166
'599
49
216
'594
47
206
'642
67
202
702
57
174
670
57
138
'680
48
165
1,760
'308
1,761
363
7
131
.533
1,693
380
6
101
.590
1,801
'395
.553
1,876
'337
4
156
.548
.645
.690
11
flour
Wheat flour:
Production:
Flour
thous. sacks (1001b.).. 249,810
Offal
__thous. sh. tons..
4,279
555,092
Grindings of wheat
thous. bu
Stocks held by mills, end of period
thons sacks (100 lb )
4,362
Exports
do. __ 16,637
Prices, wholesale:
Spring, standard patent (Minneapolis)
6.145
$ per 1001b-.
5.446
Winter, hard, 95% patent (Kans. City).-do
2.28
2.48
2 36
384
361
358
50,090
46,822
379
46,380
47,912
965
1,049
1,665
4 746
1,049
1,553
6.525
6.163
6.888
6.363
6.850
6.413
6,938
6.500
7.625
7.500
7.612
7.375
164
2,488
208
2,923
197
2,789
209
2,705
202
2,615
'209
2,807
37.48
38.37
47.00
37.65
38.81
47.00
35.18
38.20
48.10
34.69
41.29
49.00
211
2 909
34.68
40.87
49.00
33.38
40.66
49.00
36.58
42.61
49.00
40.25
44.25
49.00
6,787
6,312
5,273
6,510
6,420
7,048
6,988
6,197
6,641
22.62
24.76
25.71
27.24
27.87
28.41
27.37
26.91
29.33
31.28
35.47
19.9
21.7
22.5
24.1
24.3
23.0
23 1
22.3
20.8
22.3
25 3
369
47,634
4 886
7.138
6.813
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animals..
Cattle
do _ .
Prices, wholesale:
Beef steers (Omaha)
_.$ per 1001b..
Steers, stockerand feeder (Kansas C i t y ) . . d o —
Calves, vealers (Natl. Stockyards, Ill.)._do
42.75
48.06
54.00
MEATS AND LARD
Total meats:
Production (carcass weight, leaf lard in), inspected
slaughter
mil. lb
Stocks (excluding lard), cold storage, end of
period
mil lb
Exports (meat and meat preparations)
do
Imports (meat and meat preparations) _ __do_ _
Beef and veal:
Production, inspected slaughter
do
Stocks, cold storage, end of period
do
Exports. _
__ _ _ __do
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 lbs.) (New York)
$perlb__
Lamb and mutton:
Production, inspected slaughter
_
Stocks, cold storage, end of period
Pork (including
slaughter
lard),
production,
796
1547
1 1,789
670
614
2,012
746
40
161
'707
37
140
'732
44
138
'819
45
159
'798
64
161
'710
58
152
19,697
375
44
1 1,265
20,511
380
54
1,461
1,562
'317
3
95
.598
1,706
'295
4
89
.570
1,566
'292
5
106
1,783
'285
5
111
1,561
'269
4
119
.557
.585
1,762
'265
4
115
.612
.610
1,847
'294
4
168
.568
mil. lb
do
inspected
mil. lb_.
Pork (excluding lard) :
Production, inspected slaughter
.do
Stocks, cold storage, end of period
do
Exports _
__ _
do
Imports
do
Prices, wholesale:
Hams, smoked composite
$per lb_.
Fresh loins, 8-14 lb. average (New York)-.do
Lard:
Production, inspected slaughter
mil. lb._
Stocks, dry and cold storage, end of period..do
Exports
_
do
Price, wholesale, refined (Chicago)
$ per lb_.
1
641
.547
3 577
1,634
347
3
103
.593
522
19
514
16
45
16
43
13
49
12
42
15
42
20
40
19
36
21
42
21
43
19
49
18
44
17
40
16
45
'13
15, 989
14, 587
1,181
1,143
1,434
1,242
1,270
1,193
980
1,192
1,163
1,304
1,325
1,160
1,232
13,452
330
72
357
12,545
214
105
395
1,008
301
3
49
995
1,060
'396
10
34
1,079
381
19
28
1,012
'320
14
25
839
'231
6
32
1,023
204
5
29
1,011
192
8
24
1,132
'209
17
35
.534
.498
.629
.645
.604
.607
.584
.638
.644
.570
.617
.548
.588
.614
.604
.694
.605
.699
.581
.654
.594
.668
.641
.682
1,144
' 242
7
35
.703
.644
1,015
214
7
31
.752
.720
1,077
"4
35
1,227
'328
4
39
.730
.768
.705
.799
1,830
100
282
.147
1,465
51
164
.148
123
78
19
.144
105
66
18
.144
149
64
15
.144
132
81
8
.144
139
90
12
.144
131
83
13
.144
102
64
13
.144
121
52
5
.147
108
44
14
.149
123
44
12
.153
130
58
32
.164
103
51
4
.157
111
53
19
.156
.178
10,357
11,000
825
758
826
759
893
975
935
1,055
1,006
1,114
988
866
855
'324
208
' 294
' 187
251
152
.130
.155
.190
169
367
121
oni
6
34
POULTRY AND EGGS
Slaughter (commercial production)
mil. lb__
Stocks, cold storage (frozen), end of period, total
mil. l b Turkeys _ . . . _
do
Price, in Georgia producing area, live broilers
$ per l b . .
378
223
324
208
354
208
'316
'179
'263
'145
237
121
216
111
249
'143
'320
'213
'422
'314
512
'408
'590
'473
'413
297
.128
.132
.120
.135
.135
.120
.125
.135
.150
.140
.145
.135
.120
• Revised.
1
Annual total reflects revisions not distributed to the months.
2 Effective May 1971, data are for 5 markets; beginning April 1972
YM?1?™™^
3 Beginning Jan. 1972, price for East Coast (New York and Philadelphia average)
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes a r e a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
1971
1972
Annual
S-29
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
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. lb
Price, wholesale, large (delivered; Chicago)
$per doz._
194.9
193.1
16.9
15.9
17.1
16.4
16.6
15.8
16.1
16.0
15.3
15.8
15.3
15.9
15.8
14.4
60
74
41
68
39
72
49
'71
'85
'71
'101
'191
'229
'200
'247
'80
85
88
84
173
80
85
76
41
68
'116
'75
234
88
58
92
53
.332
.338
.300
.288
.328
.295
.280
294
.330
.327
.373
.344
.402
.498
.526
431
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons..
Price, wholesale, Accra (New York)
$ per lb-_
315.8
.268
282.2
.322
39.8
.259
39.3
.256
27.6
.285
28.8
.285
24.4
.304
25.6
.315
17.5
.320
13.4
.341
6.8
.360
13.1
.385
10.0
.376
36.1
.384
38.1
.369
.389
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period..
..thous. bagscf-Roastings (green weight)
do
4,000
19,607
3,887
20 117
Imports, total
do
From Brazil
_._
do .Price, wholesale, Santos, No. 4 (N.Y.) $ per lb
Confectionery, manufacturers' sales
mil. $..
21,669
5,991
2.461
2,002
20, 757 ' 2, 547
6,152
1,009
3 .544
167
1,976
2,172
1,137
877
212
168
163
1 996
696
.570
188
.620
MISCELLANEOUS FOOD PRODUCTS
Fish:
Stocks, cold storage, end of period
.mil. lb_.
Sugar (United States):
Deliveries and supply (raw basis):§
Production and receipts:
Production
thous. sh. tons
Entries from off-shore, total 9
do
Hawaii and Puerto Rico
do
Deliveries, total 9
For domestic consumption.__
Stocks, raw and ref., end of period
Exports, raw and refined
Imports:
Raw sugar, total 9
From the Philippines
Refined sugar, total
thous. sh. tons__
do
do
1,146
286
.463
133
1,784
437
.480
137
1,452
443
.485
134
1,434
333
212
240
147
612
92
147
740
131
811
978
3,687
5 169
110
1,947
383
.625
177
2,149
969
.590
221
2,057
454
.580
195
1,643
430
.560
'199
1,288
319
.570
'172
251
290
352
398
419
416
'415
121
488
122
130
617
90
188
542
160
783
481
179
1,028
391
30
996
396
43
1,001
1,106
1,099
1,204
865
855
853
849
2,032
1,167
1,155
1,532
1,638
2,217
415
274
245
224
' 4, 585
6,601
1,230
4,938
6,700
1,262
687
1,285
41
395
113
34
224
462
153
r
11, 439
' 11, 288
2,687
11, 531
11,420
2,757
823
727
812
715
802
968
3,008
3,059
1,058
1,049
2,898
2,874
2,672
90
574
187
1,096
1,088
2,343
481
778
31
137
50
63
27
46
38
55
100
67
61
104
35
5,262
1,544
48
5,154
1,246
76
498
54
3
436
53
3
408
135
11
436
58
6
308
24
5
627
160
2
411
54
4
579
217
1
401
187
3
352
45
35
317
117
2
381
143
5
435
104
1
1
992
*380
547
55
1,043
1,035
' 2, 757 *2,977
$per lb
.085
.091
.092
.090
.092
.090
.088
.088
.091
.094
.094
.094
.090
.092
.094
.092
$ per 5 lb_.
_.$perlb-_
.695
.117
.704
.123
.704
.118
.707
.122
709
.122
.711
.124
.709
.124
.692
.124
.692
.124
.695
.124
.699
.124
.704
.124
.711
.122
.713
.122
.713
.122
.132
thous lb
FATS, OILS, AND RELATED PRODUCTS
16,563
175,432
151,495
12,914
16,907
10,276
Baking or frying fats (Incl. shortening):
Production,_ . . . ___ _ _
mil lb
Stocks, end of period©
__ do
124.9
122.2
127.6
127.3
130.0
Salad or cooking oils:
279.4
301.2
3,515.0 3, 532. 5
289.1
Production
do
3,500. 0 3, 904. 3 314.2
348.7
301.0
Stocks, end of period©
do
85.9
80.2
76.1
85.5
92.3
Margarine:
Production...
do
2,290.0 2,361.2
207.6
194.7
201.7
Stocks, end of period©
do
68.9
69.3
71.4
57.1
69 1
Price, wholesale (colored; mfr. to wholesaler or
.312
large retailer; delivered)
$ per lb._
.315
.308
.313
.313
Animal and fish fats:A
Tallow, edible:
Production (quantities rendered)
mil. lb_. 541.6
42.2
547.6
46.2
40.3
Consumption in end products
do
46.9
633.6
58.5
598.6
54.7
Stocks, end of period 1
do
41.3
45.3
41.6
38.0
38 7
Tallow and grease (except wool), inedible:
376.0
432.1
Production (quantities rendered). _ _ do._- 4,967.7 4, 850. 9 397.2
Consumption in end products
do
2,622. 7 2, 761. 6 221.7
229.5 242.8
411.8
Stocks, end of period If
do
392.7 379 3
379.7
341.3
Fish and marine mammal oils:
3.4
57.1
Consumption in end products
do
41.9
3.8
3.5
Vegetable oils and related products:
Coconut oil:
Production: Crude
mil. lb_
(d)
(d)
<<)
(d)
(*)
45.0
Refined
do
553.3
593.0
56 8
44
0
57.4
Consumption in end products
do
740.4
824.9
63.0
66.4
191.5
Stocks, crude and ref., end of period H
do
191.1
229.1
174.5
187.1
Imports.
_.
do
22.0
144.6
677.0
628.6
67.9
Corn oil:
38.7
Production: Crude
do
507.2
485.1
38.7
43 5
35.9
Refined
do
440.3
464.5
40.8
36.7
Consumption in end products
do.-.
37.9
446.3
40.0
38.7
463.7
Stocks, crude and ref., end of period^
do
57.0
59.0
55.4
59.1
71.8
d
' Revised.
v Preliminary.
Data withheld to avoid disclosure
of
operations
of
in2
dividual
firms. i Reflects revisions not available by months.
Average for Jan.-Nov.
3
Average for Apr.-June and Aug.-Dec.
3,852
4 660
3,506
4 972
302
sh tons
Prices (New York):
Raw, wholesale.RefinedRetail (incl. N . E . New Jersev)
Wholesale (excl. excise tax)._
Tea imports
do
. do
do
4,254
5 316
10,731
10,835
11,581
12,830
14,348
11,460
355.0
99.6
120.8
258.5
307.1
89.9
114.2
314 9
344 7
88.2
120.8
295 6
307 8
78.2
118.7
329.2
320.2
84.5
127.8
316.1
307.4
91.9
317.0
85.5
139.8
300 8
318 5
92.3
186.3
83.9
186.1
67.1
164.2
68.4
194.5
71 0
197.1
68 9
203.5
69.8
215.8
67.7
228.4
69 3
231.6
80 3
.313
.313
.313
.313
.313
.313
.313
.313
.313
.313
41.4
53.0
36.4
46.3
51.8
43.7
44.7
50.7
44 1
40.2
46.0
43.1
47.6
57 8
36 7
46.2
53 9
35 7
52.9
59 1
37.2
51.5
53.9
38.3
48.1
47 3
45 3
46.3
54 9
52 5
390.3
227.7
366.6
425.8
241.5
350.5
414.2
251.6
355 4
360.4
201.0
339 1
408.2
•241.8
318 5
394.0
236.7
329 1
423.6
240.3
316 7
424.9
404.2
222.5
204.5
311.5 '341 3
422.3
234.0
340 7
3.0
3.1
2.9
4.3
4.6
3.3
3.5
(d)
51.2
69.7
162.9
27.3
(d)
55.0
73.0
174.6
70.4
(d)
53 9
76.5
179.3
58.2
(d)
41 1
65.3
169.4
53.1
(d)
48 3
75.1
127.8
47.0
(d)
50 6
71.4
126.5
31.7
(d)
54 2
69.7
182.1
67.0
10,165
12,885
136.0
278.1
321.3
145.8
130.6
291.4
359.9
106.1
181.3
82.6
290.5
137.7
3.3
00
48.0
70.9
186.1
37.3
15, 481
288.5
127.3
3.2
3.6
(«*)
44 9
66.5
229.1
50.4
(d)
58.6
80.4
220.1
69.8
.313
46.1
42.6
40.0
45.7
43.5
43.2
44.1
40.3
40.1
43 3
36.4
41.4
34.6
40.4
38.2
43.6
34.0
42.8
38.1
43.0
35.4
42.2
41.2
38.0
32.3
41.6
41.3
41.1
36.6
39.6
72.1
81.4
67.2
68.6
81.1
72.7 ' 7 1 . 8
69.8
73.3
74.6
OCases of 30 dozen.
cf Bags of 132.276 lb.
§Monthly data reflect cumulative revisions
for prior periods.
9 Includes data not shown separately: see also note " §".
AFor data
on lard, see p. S-28.
©Producers' and warehouse stocks.
^Factory and warehouse
stocks.
SURVEY OF CUEKENT 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
1971 I 1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
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:
1,720.6
Production
thous sh tons
93.1
Stocks (at oil mills), end of period
do
Cottonseed oil:
1,209.4
Production* Crude
mil lh
985.7
Refined
do
728.5
Consumption in end products
do
Stocks, crude and refined (factory and ware188.3
mil lb
house) end of period
2 400.7
Exports (crude and refined)
do
.190
Price, wholesale (N.Y.)
._ -_$perlb_Linseed oil:
Production crude (raw)
mil lb
Consumption in end products
do
Stocks, crude and refined (factory and warehouse), end of period
_.mil. lb
Price, wholesale (Minneapolis)
__$perlb-
1,923.8
50.0
212.7
103.6
191.1
107.7
216 5
126.9
155.9
145.8
132.4
159.4
101.8
137.5
76.6
102.6
87.2
67.7
78.4
32.9
200.4
37.5
242.4
44.5
228.4
50.0
241.9
60.5
1,355.2
1,133.4
734.8
151.1
104.0
53.2
134.9
90.8
49.7
154 4
118 2
66.7
110.2
98.3
48.9
97.7
98.2
63.5
75.8
88.8
63.2
54.4
61.3
55.5
61.2
74 6
71.9
53.4
41.8
53.7
139.3
95.4
69.1
165.5
121.9
74.4
157.3
140.1
'65.0
165.3
121.0
59.3
187.4
475.4
.159
239.4
23.1
.168
277.3
47.4
.168
295 0
50.4
.168
294.8
47.8
.168
266.0
30.6
.168
239.7
49.7
.168
203.9
33.5
.168
137.9
58.3
.150
114.2
13.0
.147
142.5
18.9
.150
161.5
70.6
.139
187.4
32.2
.141
213.6
57.9
.141
412.2
213.6
439.7
243.7
38.2
17.3
36.5
17.6
44 8
19.0
36 1
19.7
33.2
22.5
39 0
24.3
33 2
21.9
40.4
23.2
41.1
20.9
34.0
21.7
35.0
18.5
28.2
17.1
31.3
19.8
224.8
.089
253.6
.092
236.7
.088
245.3
.088
263.5
.088
280.9
.088
275.3
.088
276.6
.095
263.8
.095
253.3
.095
259.2
.095
258.4
.095
246.3
.095
253.6
.095
224.9
.095
Soybean cake and meal:
Production
thou 3. sh. tons- 17,104.2 16,993.1 1,463. 3 1,387.3
119.8
180.5
131.3
115.6
Stocks (at oil mills) end of period
do
Soybean oil:
689.9
8,081.5 8,083.7
Production: Crude
mil. lb
658.9
6,298.0 6,464.0
525.5
523.4
Refined
do
6,322.9 6,748.7
549.5
527.6
Consumption in end products
do
Stocks, crude and refined (factory and ware802.2
8%. 5 782.8 847.1
_.mil. lb
house), end of period
do
157.8
21,611.7 1,148.7
71.3
Exports (crude and refined)
.135
.151
.131
Price, wholesale (refined; N.Y.)
$ per lb_.
.139
1,471.9 1,346. 5 1,439.8 1,308.8
198.9
162 6 158 1
136 8
706.4
559.1
582.6
646.7
534.4
545.4
698.8
556.6
580.6
635 4
534.4
565.8
648 6
479.1
497.1
645.7
550.4
571.6
581.0
528.1
560.6
713.3
561.1
595.1
742.4
558.0
584.7
716.6
553.9
588.1
732.8
566.2
590.5
881.2
59.3
.141
952.7
69.3
.143
945.0
89.0
.138
829.7
263.3
.136
854.1
94.1
.126
841.6
57.5
.128
785.2
68.3
.125
806.2
58.4
.120
839.1 ' 896. 5
50.7
109.7
124
.117
951.4
52.7
.117
95,447
19,363
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large^ taxable
Exports, cigarettes
4,755
43,295
452
2,568
millions
do
do
do
49,206
528,858
6,506
31,802
47,171
551,017
5,888
34,602
31,749
86,990
22,127
4,531
28,581
22,549
17,856
17,510
4,365
45,633
459
3,642
3,732
49,913
540
2,577
2,745
42,581
457
1,959
40,455
23,934
4,405
48, 264 54,114
21,040 20,924
63,105
17,123
4,700
56,151
19,637
43,050
21, 516
3,170
38,468
442
2,886
4,676
53, 566
563
2,923
4,172
45,038
485
2,921
2,907
51,321
561
3,544
4,136
46, 937
520
3,476
4,079
36,762
344
3,089
2,343
42,665
21,908
4 186
33,348 39,164
18,281 16,112
3,826
48,376
592
2,246
4,608
49,127
473
2,770
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value, total 9
thous. $_.
Calf and kip skins
thous. skins..
Cattle hides
thous. hides..
155,821
2,222
15,962
292,023
2,064
17,589
13,489
193
1,272
12,917
128
1,153
19,226
124
1,686
15,866
226
1,210
19,078
158
1,437
19,256
126
1,317
32,641
117
2,152
23,993
180
1,324
24,376
153
1,290
36,113
' 164
1,893
40,816
156
1,733
37,255
172
1,524
35,887
223
1,461
52,100
19,283
1,956
65,200
16,852
3,355
4,100
1,021
5,800
2,160
314
6,600
2,119
285
5,800
2,139
275
7,500
2,641
356
5,900
1,245
415
5,800
1,627
198
5,700
1,393
4,400
1,075
206
5,700
704
425
4,200
326
159
!,800
405
165
7,000
910
256
$ per Ib_.
do
.294
.145
.563
.296
.330
.178
.450
.190
.575
.255
.575
.280
.560
.293
.560
.293
.650
.340
.650
.335
.650
.405
.650
.430
.660
.320
.660
.340
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
1,621
20,477
3,148
21,385
1,576
20,033
3,522
20,191
117
1,635
285
1,502
126
1,740
216
1,773
142
1,833
245
1,741
147
1,784
242
1,708
173
1,881
340
1,876
153
1,810
419
1,867
97
1,216
219
1,389
148
1,799
334
1,869
118
1,694
292
1,545
120
1,708
309
1,663
132
1,546
291
1,727
103
1,387
330
1,514
Exports:
Upper and lining leather
82,944 U17,556
7,727
8,379
9,816
9,485
11,487
10,360
8,406
10, 935 11,781
11,413
10,323
8,223
8,746
114.4
* 157.5
121.8
124.1
136.4
152.5
152.5
152.5
152.5
194.2
194.2
194.2
194.2
81.8
106.7
86.8
86.8
100.1
104.6
106.4
106.4
109.0
111.7
117.9
117.9
117.9
117.9
LEATHER MANUFACTURES
Shoes and slippers:
Production, total
thous. pairs.. 535,777 526,247
Shoes, sandals, and play shoes, except athletic
thous. pairs.. 425,875 418,240
98,147
Slippers
do
98,255
8,440
Athletic
do....
8,721
3,315
2,031
Other footwear
do
44,525
44,310
48,706
44,142
45,169
46,224
46,246
44,243
46,398
41,056
39,139
36,766
6,939
680
140
36,206
7,230
722
152
38,208
8,469
853
176
35,982
7,292
726
142
35,631
8,656
723
159
36,823
8,463
736
202
30,117
5,450
409
113
36,546
9,760
729
211
33,749
9,526
772
196
34,615
10,818
810
155
30,663
9,305
861
227
31, 934
6,347
700
158
161
151
203
148
142
195
161
222
206
218
231
220
190
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 lb
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.
Exports
_.do_
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967=100..
Women's oxfords, elk side upper, Goodyear
welt
-index, 1967=100..
Women's pumps, low-medium quality.._do
115.3
2,106
2 2,253
117.5
128.6
120.1
121.3
122.6
125.5
128.3
130.1
131.4
131.4
131.4
131.4
135.0
135.0
135.0
120.1
121.2
125.6
5 127.0
120.2
121.2
121.5
121.2
121.5
124.3
124.1
127.4
125.3
130.4
125.3
130.4
127.9
130.4
127.9
130.4
127.9
127.9
129.2
129.2
129.2
' Revised.
i Crop estimate for the year.
2J Annual total reflects revisions not distributed to the monthly data.
Jan. 1 estimate of 1972 crop.
4
5
.095
1,338.9 1,335 4 1,198 5 1,519.2 1,612.0 1,571. 5 1, 612. 7
157.9
150.6
148.3
133 7 180.5
205 9 174.6
TOBACCO
Leaf:
1
1,708 i 1,749
Production (crop estimate)
mil lb
Stocks, dealers' and manufacturers' end of period
mil. lb
4,828
4,700
Exports, incl scrap and stems
thous lb 2474,209 606,176
2 248,529 240,509
Imports incl scrap and stems
do
.166
Average for Jan.-July and Oct.-Dec.
Jan.-Aug. average.
9 Includes data for items not shown separately.
.150
SURVEY OF CURRENT BUSINESS
March 1973
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of B U S I N E S S STATISTICS
1971
|
1972
Annual
S-31
1972
Jan.
Feb.
Mar.
Apr.
June
May
1973
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
36,617
6,334
30,283
38,491
6,499
31,994
2,832
450
2,382
3,076
467
2,609
3,383
506
2,877
3,272
562
2,710
3,420
555
2,865
3,301
550
2,752
3,102
542
2,561
3,417
600
2,817
3,303
595
2,708
3,528
627
2,901
3,193
615
2,578
2,664
430
2,234
37,677
6,828
30,849
39,763
7,078
32,685
2,942
542
2,400
3,186
610
2,576
3,566
583
2,983
3,422
622
2,800
3,628
606
3,022
3,429
567
2,862
3,236
588
2,648
3,468
609
2,859
3,387
630
2,757
3,520
627
2,893
3,203
615
2,588
2,776
479
2,297
do
do_...
do—
5,266
984
4,282
3,980
5,155
891
4,264
5,040
743
4,297
4,857
666
4,191
4,704
603
4,101
3,944
553
3,944
4,368
535
3,834
4,236
489
3,747
4,184
479
3,705
4,097
441
3,656
4,149
441
3,708
4,094
438
3,656
3,980
387
3,593
do.
do.
1,081
7,599
1,390
9,428
92
757
101
703
152
768
120
745
126
127
761
170
132
690
129
820
139
815
104
103
689
8,507
566
9,210
819
722
657
644
915
763
700
777
563
844
645
735
622
718
597
939
700
9,137
685
663
965
764
735
994
826
870
950
731
752
929
810
914
825
722
762
785
738
758
765
707
743
729
852
836
745
773
704
776
769
752
405
111
294
25
8
17
13
3
10
49
15
34
44
14
30
40
9
31
35
12
24
37
9
28
34
17
18
35
4
31
144.27
134.97
135.33
135.70
137.42
141.64
143.55
149.32
149.72
150.30
150.70
151.28
.-.do_.
do_.
do_.
Stocks (gross), mill, end of period, total
Hardwoods
Softwoods
Exports, total sawmill products
Imports, total sawmill products
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
mil. bd. ft.
do___
Production
Shipments
Stocks (gross), mill, end of period
do
do
do
8,283
Exports, total sawmill products
Sawed timber
Boards, planks, scantlings, etc
do
do
do
329
88
240
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$ p e r M bd. ft_. » 117.68
Southern pine:
Orders, new
Orders, unfilled, end of period
125
935
634
597
735
743
744
546
592
151. 28 152.46
168.46
mil. bd. ft..
do—
8,640
421
9,292
435
819
519
740
525
793
515
767
494
821
499
788
510
824
508
798
510
794
504
706
517
634
435
Production
doz
Shipments
do_
Stocks (gross), mill and concentration yards, end
of period
mil. bd. ft_.
8,432
8,592
9,090
9,278
691
721
730
734
782
816
770
795
776
788
816
744
777
802
826
770
796
815
800
710
716
693
1,216
1,028
1,186
1,182
1,148
1,123
1,111
1,098
1,065
1,041
1,015
1,030
1,024
1,028
M bd. ft__
64,923
64,456
4,058
5,883
4,521
7,366
5,285
3,912
4,760
5,044
4,852
7,728
4,429
6,618
4,877
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, B and better, F. Q . 1 " x 4", S. L.
1967=100..
133.7
154.7
144.2
146.0
149.1
153.4
154.5
155.5
156.2
158.5
159.6
159.9
159.9
159.9
160.4
168.5
132.8
140.8
136.9
138.1
138.7
141.8
141.8
140.7
140.7
140.7
141.5
141.8
143.4
143.4
143.4
150.3
10,299
362
10,634
436
778
433
782
407
968
424
919
436
956
412
964
426
874
465
933
460
1,025
500
918
453
794
436
10,019
10,271
10,436
10,560
705
707
820
940
951
882
907
953
980
910
950
818
835
974
960
965
1,258
1,380
1,381
1,356
933
938
1,267
1,256
1,251
723
384
815
792
1,274
96.44
130.91
113. 20
121.77
127.01
139. 34 138.78
138.44
138.05
136. 37 139.85
154.21
323.3
8.1
306.6
320.9
22.0
268.2
11.6
24.9
10.1
23.7
11.4
26.8
13.7
22.8
15.2
244.8
261.1
6.6
21.8
22.5
21.3
20.5
22.6
18.8
21.5
24.2
16.1
19.4
20.7
14.7
Exports, total sawmill products
Western pine:
Orders, new
Orders, unfilled, end of period
mil. bd. ft_
do_._
Production
Shipments
Stocks (gross), mill, end of period
do..
do_
do.
Price, wholesale, Ponderosa, boards, No. 3, 1" x
12", R. L. (6' and over)
$ per M bd. ft_.
1,382
1,272
726
742
1,258
130. 52 134.59
135.18
26.9
16.6
24.5
15.8
18.5
15.8
26.1
14.6
21.6
14.0
20.2
13.4
17.3
12.2
14.6
11.6
21.6
23.7
13.1
22.3
25.4
11.1
17.1
18.5
9.7
25.1
25.7
8.8
20.5
22.1
7.2
20.4
20.8
6.8
19.3
20.0
6.8
15.4
14.8
HARDWOOD FLOORING
Oak:
Orders, new
Orders, unfilled, end of period
Production
Shipments
Stocks (gross), mill, end of period
mil. bd. ft.
do...
do_
do_
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons._
Scrap
do
Pig iron
do
2,827
6,256
34
2,873
7,383
15
208
332
1
221
519
2
261
588
1
199
469
245
614
1
211
653
()
220
760
2
301
595
304
611
)
252
653
2
207
695
245
895
3
288
900
221
3 18,304
325
320
17,681
373
653
1,093
29
7
1,129
31
54
1,095
30
5
930
26
34
1,603
48
62
1,599
27
71
1,531
34
78
1,787
24
43
1,570
31
1,910
26
1,824
32
49
1,609
35
116
1,381
36
27
1,306
thous. sh. tons..
do
do
do
49,169
33,987
82,567
8,494
"51,399
^338,562
*90,404
*8,139
3,795
2,926
6,950
8,251
3,949
2,938
6,913
8,219
4,383
3,637
7,967
8,310
4,480
3,415
7,942
8,293
4,545
3,477
8,062
8,230
4,342
3,301
7,509
8,373
3,905
2,659
6,374
8,642
4,334
3,087
7,279
8,792
4,336
3,142
7,591
8,644
4,542
3,480
8,149
8,593
4,342
3,351
7,877
8,390
H, 414
*>3,195
*7,863
»8,139
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per lg. ton..
Pittsburgh district
do
33.19
36.80
34.65
38.00
31.03
36.00
32.84
38.00
33.66
36.00
32.74
35.50
33.68
37.00
33.36
36.00
34.24
38.50 i
35.68
40.50
35.76
40.50
38.50
37.09
40.50
39.08
43.00
43.53
48.50
48.27
48.00
Imports:
Steel mill products
Scrap
Pig iron
do_
do_
do.
Iron and Steel Scrap
Production
Receipts, net
Consumption
Stocks, end of period
r
.._
Revised.
* Preliminary.
* Beginning J a n . 1971, d a t a reflect changes in size specifications, and are not comparable w i t h those for earlier periods.
2
Less t h a n 500 tons.
3 A n n u a l data: m o n t h l y revisions are not available,
include data for types of lumber not shown separately.
9 Totals
SURVEY OF CUREENT BUSINESS
S-32
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Annual
March 1973
Jan.
Feb.
Mar.
Apr.
May
June
1973
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—
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do—
Stocks, total, end of period
do
At mines
do
At furnace yards
do
At U.S. docks
do_-_.
Manganese (mn. content), general imports
do
7,886
10,535
4,141
7,985
9,277
3,257
6,536
9,062
3,695
5,569
7,677
4,501
5,553
5,883
2,757
1,783
12,676
9,901
239
12, 205 13, 581 12, 541 13,176
9,785 9,933 9,632 10,294
325
275
289
329
11,094
10,205
91
1,037
10,729
213
4,018
11,156
84
66,298
25,952
39,022
1,324
23,645
41,424
1,628
52
72
78
97
7,726
7,629
1,666
8,012
7,965
1,676
7,427
7,374
1,688
7,321
7,153
1,827
7,385
7,362
1,841
77.70
78.33
79.50
77.70
78.33
79.50
81.70
80.88
83.25
81.70
80.88
83.25
81.70
80.88
951
1,329
691
965
1,331
725
1,392
762
995
1,363
764
11,588 11,937
110.8
110.5
80,762
177,692
40,124
75,910
78,825
35, 761
4,585
2,037
1,317
4,586
1,649
1,701
5,051
1,749
1,732
5,933
2,972
1,775
7,677
9,302
3,357
7,448
9,240
4,191
114,051
108, 966
3,061
112,305
119,937
2,095
3,479
8,668
20
3,190
9,001
14
4,188
10,505
149
5,069
10,482
56
12,069
10,802
94
78,714
17,552
57, 738
3,424
66,962
14,289
50,061
2,612
75,822
20,130
52,550
3,142
72,723
23,156
46,730
2,837
68, 719 65,554 65,138
' \ 481 29,414 27,790
40,412 34, 999 36,247
1,141
1,826
1,101
1,019
949
104
92
87
65
81, 299
81,178
1 1,779
88,952
88,193
1,656
6,617
6,584
1,783
6,598
6,379
1,742
7,708
7,599
1,732
80.33
79.95
77.70
78.33
79.50
77.70
78.33
79.50
835
13,839
7,606
1,142
15,320
8,293
843
1,205
595
879
1,209
610
882
506
96
960
578
120,443
94.7
133,102
104.3
10,001
92.6
281
1,589
1,295
317
1,609
1,321
300
121
304
132
109
317
149
123
298
132
106
87,038
1 91,805
6,588
6,649
7,927
7,101
9,442
3,336
67,669 69,656
21,022 19,731
45, 071 47,980
1,945
1,576
70,159 69,063 66,962
17,019 14, 893 14, 289
50,862 51,751 50,061 42,923
2,278 2,419
2,612 2,336
90
74
50
106
7,116
7,175
1,787
7,606
7,684
1,745
7,475
7,438
1,711
7,960
8,199
P7,684
81.70
80.88
83.25
81.70
81.70
81.70
80.88
81.70
80.88
83.25
()
80.63
83.25
1,019
1,027
629
1,030
1,242
715
1,070
1,292
707
1,093
1,415
771
1,102
1,319
692
1,140
1,206
641
1,244
1,432
716
10,980
105.0
10,341
95.7
10,842
100.4
10, 913 11,657
104.4 107.9
11,398
109.0
11,878
109.9
267
137
111
291
151
124
271
102
85
295
119
97
310
134
108
322
153
128
311
135
111
318
144
120
335
146
121
7,622
8,121
7,971
6,875
7,805
7,929
8,243
8,044
8,127
9,111
417
491
641
158
387
462
618
153
412
479
645
155
430
456
615
137
357
451
541
106
395
488
609
455
481
646
115
483
509
664
129
469
519
671
124
466
589
816
148
463
500
702
146
1,393
850
387
148
709
257
533
3.327
1,161
1,324
1,296
770
381
138
652
254
521
3,280
1,142
1,331
1,405
826
423
148
699
261
600
3,463
1,183
1,437
1,345
791
399
147
671
289
642
3,387
1,166
1,361
1,132
654
352
120
582
210
526
2,971
1,095
1,142
1,339
775
419
139
664
258
577
3,367
1,209
1,306
1,335
791
395
142
649
263
491
3,493
1,277
1,365
1,381
819
400
153
645
264
494
3,674
1,311
1,474
1,347
825
367
147
621
243
445
3,606
1,318
1,423
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. tonBasic (furnace)
do
Foundry, No. 2, Northern
do...
Castings, gray iron:
Orders, unfilled, for sale, end of period
thous. sh. tons.
Shipments, total
do._
For sale
do___
Castings, malleable iron:
Orders, unfilled, for sale, end of period
thous. sh. tons.
Shipments, total
do-__
For sale
do...
76.03
75.83
77.00
3
83.25
1,656
80.63
49
Steel, Raw and Semifinished
Steel (raw):
Production
thous. sh. tons..
Index
daily average 1967 = 100.Steel castings:
Orders, unfilled, for sale, end of period
thous. sh. tons._
Shipments, total
do
For sale, total
do.__
9,980. 11,588
107.3
12,373 P11,610
114.5 v 119.0
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous. sh. t o n s .
By product:
Semifinished products
do__.
Structural shapes (heavy), steel piling
do___
Plates
do...
Rails and accessories
do___
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
do.
do_
do_.
do..
Rail transportation
do___
Machinery, industrial equip., tools
do
Containers, packaging, ship, materials. __ do
Other
do.
Steel mill products, inventories, end of period:
Consumers' (manufacturers only)..mil. sh. tons..
Receipts during period
do
Consumption during period
do___.
4,962
5,666
7,939
1,564
4,917
5,656
7,553
1,601
323
347
538
131
322
378
547
140
14,156
8,179
4,521
1,378
7,574
2,791
6,811
35, 574
11,760
14,898
1 15,518
9,299
4,454
1,675
7,609
2,952
6,135
1 39,862
14,036
16,123
1,091
642
272
170
450
202
410
3,096
978
1,454
1,113
689
294
123
526
214
462
2,946
1,030
1,188
116,184
1 9,541
14,946
117,483
118,598
9,299
5,055
18,217
4,022
2,062
1,101
4,481
4,807
2,443
1,298
4,641
4,619
2,388
1,310
3,004
4,903
7,212
1 23,765
2,730
5,396
6,616
125,893
730
1,202
1,533
6,031
682
1,377
1,876
6,589
592
1,314
1,696
10.0
67-6
67.0
8.8
68.0
69.2
4,302
873
338
143
732
235
436
3,342
1, 250
1,312
1,412
880
350
173
653
275
772
4,188
1,458
1,761
5,140
2,396
1,346
4,819
2 1,700
2 821
2 462
2 2,051
728
22 245
1,514
532
1,511
2 801
6,960 2 2,499
8.9
6.0
6.0
8.8
5.4
5.5
9.1
5.7
6.1
9.0
5.8
5.9
6.9
7.1
7.1
8.3
Service centers (warehouses)
do.__
'7.4
Producing mills:
'11.2 '11.1 '11.1
In process (ingots, semifinished, etc.)
do.._
'11.3
'10.6
'9.5
'9.0
Finished (sheets, plates, bars, pipe, etc.)-do
'10.2
'8.8
'9.4
.1191
.1180
.1171
Steel (carbon),finished,composite price_..$ per lb.1089
.1189
r
Revised.
v Preliminary.
* Annual data; monthly or quarterly revisions are not
available. 2 F o r mO nth shown. 3 Average for 11 months. 4 Series discontinued.
7.3
7.1
7.0
7.4
7.8
7.5
7.2
'7.8
8.3
'11.4
'9.8
.1191
'11.8
'9.9
'11.7
'9.8
.1191
'11.8
-•10.0
'11.8
'9.8
'11.5
'9.8
'11.3
'10.0
'11.2
'10.1
'11.3
'10.2
.1191
.1191
.1191
.1191
.1191
.1191
10.0
5.3
5.3
9.5
5.1
5.6
8.9
6.0
6.1
.1191
8.9
5.8
5.8
4.9
4.6
9.1
5.6
5.7
9.0
5.9
6.0
8.9
6.5
6.6
7.0
7.0
11.0
10.0
March 1973
111JNT
SUJbU/JDI OF C
1971
Unless otherwise stated in footnotes below, data
through 1970 a n d descriptive notes are a s shown
in the 1971 edition of B U S I N E S S S T A T I S T I C S
mjfc
S-33
1972
1972
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1973
Aug.
July
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
Plates, sheets, bars, etc.*
3,925
852
4,122
1,041
326
77
314
85
336
87
331
92
346
94
340
91
348
78
349
87
347
89
363
90
357
364
do_
do_
560.4
71.0
646.4
80.9
46.8
10.7
43.9
5.3
70.0
9.0
55.0
6.1
39.2
7.5
52.2
5.0
47.0
5.4
53.3
5.9
54.5
6.0
58.2
6.5
112.3
149.0
108.3
154.0
13.4
14.4
3.5
12.1
6.7
13.5
6.4
12.3
66.3
7.7
8.4
13.7
44.8
5.9
do
do~
73.4
6.4
7.5
12.0
7.7
11.6
9.1
11.9
14.2
14.4
10.0
14.8
14. Q
13.7
12.4
18.5
. 2900
.2645
.2900
.2900
.2900
.2900
.2500
.2500
7.3
9.7
.2500
.2500
.2500
.2500
.2500
.2500
10,258.2 11,741.6
7,846. 2 9,207.9
3, 976.4 4,760.4
1,577. 2 1,855.7
863.3
670.3
354.1
149.3
913.1
713.7
369.9
152.6
1,017.4
796.9
410.3
162.3
945.9 1,064.5
732.4
818.1
376.4
416.8
165.8
157.5
1,047.5
840.8
440.0
160.3
881.6
726.0
388.1
117.8
998.8
797.1
407.3
147.7
983.1
778.6
403.6
150.7
1,015.4
794.2
397.3
165.8
> 1,038.8
' 776.9
'393.0
r
171.6
972.2
762.9
403.6
154.3
184.4
4,799
5,053
5,038
5,004
4,915
4,871
4,919
4,877
4,840
4,828
1, 642. 8
1, 809.1
1, 616. 2
192.8
130.2
141.2
127.1
14.1
138.9
146.3
133.5
12.9
147.4
173.7
152.3
21.4
MOO
140.6
153.5
139.5
14.0
144.7
164.4
149.4
15.0
137.7
159.4
143.5
15.9
115.1
128.2
114.1
14.1
136.7
142.0
129.4
12.6
138.2
149.9
128.7
21.2
140.6
149.2
131.2
18.0
'135.3
157.6
134.9
22.7
137.4
143.8
132.7
11.1
423.6
189.8
267.7
182.7
29.0
12.6
26.2
8.6
38.9
16.1
29.9
10.5
33.5
13.6
35.9
25.1
44.7
14.1
35.6
18.5
36.3
14.0
43.0
21.7
47.6
23.3
22.8
11.6
40.8
21.3
18.8
10.5
26.6
33.1
22.8
26.7
20.2
20.8
14.4
19.2
12.9
17.9
11.0
19.6
12.3
20.8
12.8
20.3
13.7
15.8
10.7
19.9
14.7
22.1
15.9
.5061
.5061
.5061
.5239
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. lb-.
do
do
do
Inventories, total (ingot, mill prod., and scrap),
5,029
end of period
mil. lb_.
Copper:
Production:
Mine, recoverable copper
thous. sh. tons__ 1,522.2
1,591.8
Refinery, primary
do
1,410.5
From domestic ores
do
181.3
From foreign ores
do
371.0
Secondary, recovered as refined
do
Imports (general):
Refined, unrefined, scrap (copper cont.)..do
Refined
do
Exports:
Refined and scrap
do
Refined
do
Consumption, refined (by mills, etc.)
do
Stocks, refined, end of period
do...
Fabricators'
do__Price, electrolytic (wirebars), dom., delivered
$ per lb_.
Copper-base mill and foundry products, shipments
(quarterly total):
Brass mill products
mil. lb_.
Copper wire mill products (copper cont.) do
Brass and bronze foundry products
do
Lead:
Production:
Mine, recoverable lead
thous. sh. tons..
Recovered from scrap (lead cont.)
do
365.8
162.1
283.0
187.7
2,014
277.4
174.4
2
.5201
4 523
289
165
.5124
.5032
2,711
2,354
751
618.4
595.1
48.8
45.3
261.7
Imports (general), ore (lead cont.), metal__.do
1,431.5
Consumption, total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content), ABMS
thous. sh. tons_
154.7
Refiners' (primary), refined and antimonial
51.8
(lead content)
thous. sh. tons_.
118.7
Consumers' (lead content)^
do
Scrap (lead-base, purchased), all smelters
72.1
(gross weight)
thous. sh. tons..
.1380
Price, common grade A
$ perlb__
344.6
1,428.7
Exports, incl. reexports (metal)
Stocks, pig (industrial), end of period
Price, pig, Straits (N.Y.), prompt
Zinc:
Mine prod., recoverable zinc
Imports (general):
Ores (zinc content)
Metal (slab, blocks)
lg. tons_ 1 3,060
46, 940
do
120,096
do
i 2,324
do
i69,950
do
151,980
do
do
do
$ perlb-_
thous. sh. tons__
Consumption (recoverable zinc content):
Ores
Scrap, all types
do
do.._.
do
do
2,306
9,804
1. 6734
.5257
.5257
.5257
.5063
.5061
794
678
212
.5061
56.9
49.6
50.6
51.4
51.7
49.5
'46.1
51.6
45.0
45.4
51.8
122.9
22.9
123.4
38.4
122.2
22.6
127.6
27.2
126.8
23.6
116.0
45.1
153.2
158.6
159.1
161.4
165.3
169.4
173.0
168.Q
165.9
35.9
132.1
40.3
135.3
55.3
142.6
67.5
128.6
69.1
125.8
63.7
119.4
64.2
117.2
64.5
113.2
69.2
.1557
64.2
.1560
.1550
62.8
.1550
65.2
.1541
62.9
.1500
63.3
.1467
'53.7
.1450
60.2
.1450
.1482
441
3,019
1,815
225
6,190
4,605
0
3,793
1,650
275
5,750
4,410
322
6,248
1,655
270
6,150
4,690
0
4,701
1,770
245
5,985
4,660
0
3,406
1,690
220
5,660
4,335
529
2,105
1,815
195
5,405
4,210
599
6,532
1,685
215
5,700
4,345
91
4,723
1,820
180
5,365
4,115
496
4,135
504
5,103
5,525
4,180
1,466
51
118
11, 385 12,005 12,670 11, 247
1.7747 1. 7131 1. 7200 1. 7981
191
10,630
1.8198
235
12,535
1. 7792
42
11,240
1. 7503
1,072
2,842
1,410
220
5,260
4,130
162
11,235
1. 7661
95
12,195
1.7912
145
10,080
1.8199
34
11,370
1.8040
81
'12,180
1.7721
226
11,385
1.7625
55.7
54.2
52.2
51.9
54.2
55.0
51.2
50.4
26.6
115.5
42.5
125.5
22.5
116.5
30.5
124.6
168.0
141.0
145.4
151.1
155.9
64.5
113.2
57.9
122.7
50.2
121.5
37.8
133.5
29.0
133.4
60.2
.1503
74.2
.1400
74.8
.1460
71.1
.1550
4,216
52, 451
197
4,971
1,665
205
5,370
4,125
5,975
1,710
250
5,470
4,100
62, 305
47, 725
.5457
700
628
172
52.5
48.9
17.1
91.0
53.3
41.8
18.9
116.7
i 502. 5
482.0
37.9
39.9
45.8
41.5
43.8
41.9
37.4
41.4
40.7
38.9
33.9
342.6
319.6
254.9
522.6
33.2
27.3
31.0
31.3
23.4
53.5
29.9
24.7
24.6
39.0
24.9
59.8
14.7
44.9
8.9
40.6
16.2
56.5
21.8
46.9
14.4
60.4
11.8
37.8
i 119.3
i 277.4
140.4
259.9
11.3
20.5
11.6
21.1
12.8
21.1
13.1
20.9
11.8
22.1
12.2
22.3
11.2
21.3
8.5
22.2
9.3
21.7
12.1
22.0
13.2
22.8
13.3
21.9
57.2
5.7
122.1
1.3
63.1
5.7
128.3
0
64.3
4.9
121.7
59.5
3.8
97.9
0
56.3
5.8
125.4
53.1
5.4
121.8
57.1
7.0
129.0
0
56.6
6.4
123.6
51.8
5.3
112.8
.2
Slab zinc:
Production (primary smelter), from domestic l
and foreign ores
thous. sh. tons..
772.9
697.9
62.0
56.2
60.7
Secondary (redistilled) production
do
74.5
67.5
6.0
5.6
5.9
Consumption, fabricators
do..-. * 1,254.1 1,428.6
106.6
113.4
126.0
Exports
do-..
13.3
4.3
.7
.6
1.5
Stocks, end of period:
Producers', at smelter (ZI)O
do-__. Ml.3
31.8
50.5
37.8
29.4
Consumers'
do
* 104.3
139.0
95.0
92.0
97.6
Pries, Prime Western
$perlb..
.1613
-1775 .1700
.1700 .1730
r
Revised.
p Preliminary. 3 i Annual data; monthly revisions are not available.
2
Average for 11 months.
Less than 50 tons.
* For quarter ending in month shown.
* New series.
.5257
4,799
4 504
294
136
272
143
705
642
196
578.6
572.7
Tin:
Imports (for consumption):
Ore (tin content)
Metal, unwrought, unalloyed..
Recovery from scrap, total (tin cont.)
As metal
Consumption, total
Primary
.5061
.2500
.1539
126
1.7904
1.9197
22.0
69.8
31.8
32.3
31.3
31.2
32.7
21.2
23.5
23.4
26.7
28.0
21.3
139.0
143.9
140.4
138.4
93.2
96.9
111.4
125.0
144.3
.1800
.1866
.1928
.1811
.1800
.1774
.1800
.1800 .1800
.1800
.1787
AEffective Dec. 1971, nationwide delivered price substituted for N.Y.-basis price.
^Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
O Producers' stocks elsewhere, end of Feb. 1973,11,200 short tons.
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are a s shown
in the 1971 edition of BUSINESS S T A T I S T I C S
U F <JUK±
suit
S-34
1971
1972
1972
Jan.
Annual
March 1973
51NK
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
MACHINERY AND EQUIPMENT
Foundry equipment (new), new orders, net
mo. avg. shipments 1967=100..
Heating, combustion, atmosphere equipment, new
orders (domestic), net, qtrly
mil. $..
Electric processing heating equip
do
Fuel-fired processing heating equip..
do
Material handling equipment (industrial):
Orders (new), index, seas, adjt
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*!-1967-69=100..
Industrial suppliers distribution:
Sales index, seas, adjusted*
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
mil. $_.
Domestic
do
Shipments, total
do
Domestic
do
Order backlog, end of period
do
Metal forming type tools:
Orders, new (net), total
do
Domestic
do
Shipments, total
do
Domestic
do
Order backlog, end of period
do
Tractors used in construction:
Tracklaying, total
units..
m$__
il$
Wheel (contractors' off-highway)
units..
mil.$__
Tractor shovel loaders (integral units only), wheel
and tracklaying types
units..
mil. $_.
Tractors, wheel (excl. garden and contractors' offhighway types)
units..
mil. $..
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..
Radio sets, total, production^1
thous..
Television sets (incl. combination), prodcf—do
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
GAS EQUIPMENT (RESIDENTIAL)
Furnaces, gravity and forced-air, shipments* thous.
Ranges, total, sales*
_
do...
Water heaters (storage), automatic, sales*
do...
84.2
75.4
63.7
7.5
79.3
12.8
41.3
72.9
70.5
90.8
78.0
62.1
16.2
2.5
7.4
67.0
54.6
58.4
23.8
4.0
12.8
90.0
101.1
58.2
101.1
88.4
21.1
3.4
11.4
18.3
2.9
9.7
99.6
128.4
111.6
116.0
114.9
107.6
112.6
125.9
129.8
158.8
139.9
122.1
168.8
147.7
12,644
14,621
15,482
16,902
1,004
1,128
1,093
1,205
1,297
1,404
1,253
1,279
1,250
1,314
1,283
1,685
1,102
1,282
1,312
1,385
1,619
1,544
1,377
1,457
1,416
1,518
1,476
1,701
1,544
1,525
40,698
2,764
3,022
3,282
3,281
3,265
3,940
2,788
2,940
3,832
3,589
3,995
4,000
3,828
'99.1
116.3
104.4
107.0
108.5
' 112.3
108.9
116.4
117.0
118.4
121.4
123.7
127.8
129.5
130.4
104.7
120.3
108.0
114.2
119.4
112.8
120.9
119.5
112.6
127.2
121.5
124.2
134.6
129.4
135.3
129.1
608.75
524.10
672.30
554.20
407.5
, 008.95
877.25
714.45
627.15
702.0
51.15
47.95
39.60
33.65
419.0
60.80
55.25
46.40
40.10
433.4
95.70
77.35
56.75
48.15
472.4
66.70
57.20
49.55
44.40
80.45
69.90
57.15
48.25
512.9
75.00
66.70
70.05
63.00
517.8
78.60
64.65
47.80
42.25
548.6
77.60
69.45
48.45
44.05
577.8
97.50
76.80
76.25
65.00
599.0
94.45
84.35
63.85
56.05
629.6
112.70
103.45
66.20
58.80
676.1
118.30
104.20
92.40
83.45
702.0
124.80
103.25
•• 66.15
'58.60
'760.6
•129.05
•116.30
v 74.05
*67.30
P815.6
252.40
223.20
325.60
285.60
161.8
403.05
368.20
304.25
267.20
260.5
19.60
17.95
16.35
13.70
165.0
24.95
21.80
22.70
19.30
167.3
23.40
21.75
33.50
28.85
157.2
27.65
26.50
26.35
21.95
158.5
29.75
26.00
23.65
21.50
164.6
40.10
38.45
33.85
30.45
170.8
25.80
22.90
24.60
22.65
172.0
31.35
29.70
19.30
17.25
184.0
42.25
38.05
19.95
18.10
206.3
47.35
42.10
27.40
25.95
226.2
53.20
48.90
30.65
26.05
248.8
37.65
34.10
25.95
21.45
260.5
56.85
49.55
27.15
25. 70
290.2
v 70.10
P63.90
P26.90
p 24.50
P333.4
118,520
1479.6
14,334
1166.9
21,225
566.9
127,145
i 640.9
1165,343
i 891.9
196,875
1,199.8
39,144
43,220
5,795
157.9
1,021
2 32.1
5,682
153.2
1,713
5,157
135.7
1,230
49.4
11,938
202.5
12,040
214.1
10,276
184.3
52,993
313.1
52,571
310.5
40,845 3 20,898 314,361 3 15,207 318,906
254.8 3 129.4 3 93.7 3 98.4 3 111.4
3,804
3,654
2,826
2,249
2,558
2,794
3,178
•4,086
53.8
47.9
54.4
52.7
63.7
57.9
77.0
60.7
56.9
60.3
57.3
35.5
34.8
67.5
60.3
79.6
35.8
22.5
21.3
37.7
32.3
34.7
4,538
' 1, 545 3 1,650 3 1,396 3 2,085
3 41.5 3 42.1 3 36.5 3 63.7
4,553
4,507
40.3
37.9
'4,473
4,186
1621
534
1300
124
180
176
435
438
'87.1
99.3
18,579
11,197
20,086
13,507
1,276
1,002
1,336
956
U,857
< 1, 286
1,616
1,012
1,420 <1,954
995 41,312
1,314
793
1,543 4 2,194
963 41,451
1,786
1,184
1,658
1,200
5,438
2,477
2,292
2,714
5,691
4,608
3,377
7,973
4,508
3,199
2,772
3,232
6,315
5,107
3,925
8,337
477.6
206.2
200.1
244.1
428.8
412.9
347.4
748.8
'543.8
227.6
217.3
238.4
446.2
381.7
304.6
884.7
611.9
242.6
259.3
245.2
471.9
425.0
304.3
743.1
704.2
263.2
210.7
274.3
515.5
373.7
248.8
634.1
681.2
268.8
210.9
273.5
583.6
408.8
263.1
599.7
407.5
262.9
243.8
243.0
563.0
408.7
255.1
583.5
280.6
236.1
210.7
269.3
637.4
406.9
272.2
498.1
129.7
293.8
250.3
297.4
629.2
505.1
375.1
689.5
82.1
288.8
267.2
278.5
521.5
466.7
392.2
727.7
137.4
333.1
243.7
312.7
606.5
496.5
442.4
838.1
157.2
308.9
236.4
297.0
502.2
439.0
384.0
764.0
293.1
267.7
232.8
258.9
409.5
381.9
335.7
625.4
486.8
284.9
203.3
285.2
472.3
457.2
379.3
727.9
1,795
2,549
3,088
2,064
2,661
3,163
161.7
181.9
267.4
159.8
210.9
293.8
170.6
261.6
304.2
169.8
211.2
278.0
153.4
221.2
251.0
165.5
238.5
244.1
156.3
169.4
240.8
184.1
238.7
248.5
193.6
253.1
239.7
216.0
232.3
291.4
178.2
224.1
249.8
154.9
' 218.2
'254.1
161.5
171.2
275.3
34.6
22.0
20.4
33.5
33.4
38.9
85.8
103.9
39.2
39.7
105.0
'102.5
4 2,132 5 4,087
4 1,353 5 1,252
448.9
252.3
224.5
240.0
452.8
417.2
318.2
PETROLEUM, COAL, AND PRODUCTS
COAL
AnthraciteProduction
thous. sh. tons
'516
518
596
501
18,727
558
467
676
493
445
585
653
623
16,637
659
Exports
_
do...I
121
40
64
41
671
780
26
25
31
141
29
49
77
87
89
Price, wholesale, chestnut, f.o.b. car at mine
$ persh. ton_. 17.673 18,228 17.738 17.738 17.738 17.738 17.738 17.738 17.738 18.130 19.110 19.110 19.110 19.110 19.110 19.110
Bituminous:
Production
thous. sh. tons.. 1 552,192 1590,000 '49,245 '48,705 51,040 49,840 53,020 49,565 40,210 51,265 48,435 f>0,775 49,410 *44,110 ' 48,740 44,100
' Revised. v Preliminary.
i Annual data; revisions are not available. 2 Excludes
*New series. Industrial supplies (marketed through distributors)—orders index (American
figures for rubber-tired dozers. 3 For month shown. 4 Data cover 5 weeks; other periods,
Supply & Machinery Mfrs. Assn.), based on 2-month moving average of selected members'
4 weeks. » See note "&".
new orders, is also adjusted for number of working days. Sales index (National and Southern
Industrial Distributors Assns.) is based on selected panel of members' operations which cover
XRevisions for 1969-71 appear at bottom of p. S-34 of the Apr. 1972 SURVEY.
national sales for maintenance, repair, and operations for all types of industries. Dishwashers
cf Effective Jan. 1973, data reflect total market: Sets produced in the United States, imand disposers (Assn. of Home Appliance Mfrs.) and gas equipment (Gas Appliance Mfrs.
ports by U.S. manufacturers for sale under their brand name and, beginning 1973, also sets
Assn.) reflect total industry sales. Monthly data prior to 1971 are available upon request.
imported directly for resale. f Effective Mar. 1973 SURVEY, index revised back to 1970.
S-35
SURVEY OF CURRENT BUSINESS
March 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS S T A T I S T I C S
1972
1972
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
COAL—Continued
Bituminous—Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons.
Electric power utilities
do.-_
Mfg. and mining industries, total
do...
Coke plants (oven and beehive)
do— _
1
44,399 43,558
30,074 28,732
12.572 13,490
6,872 6,775
494,873
326,280
157,035
2 82,820
44,224 40,796 40,995 40,599 43,399 44,786 42,386 3, 860 »44,959
28,261 25,908 26,648 27,600
31,470 '28,800 *28,965 »29,691
14,967 14,337 13,897 12,620 12,823 12,823 12,442 P13,664 »13,944
7,458 7,423 7,639 7,210 7,363 7,363 7,040 *>7,345 *>7, 165
995
540
430
do..._
11,351
1,753
1,336
Stocks, industrial and retail dealers', end of period,
total
thous. sh. t o n s .
Electric power utilities
do...
Mfg. and mining industries, total
do
Oven-coke plants
do—
94,021
76,987
16.759
7,199
92,908
75,788
16,730
7,850
93,356
75,813
17,168
8,118
do_..
275
390
375
330
310
340
Exports
do.._
Prices, wholesale:
Screenings, indust. use, f .o.b. mine
$ per sh. ton.
Domestic, large sizes, f.o.b. mine
do__-
56,633
55,960
3,660
3,631
4,624
4,915
5,416
9.696
11.209
10.378
11.367
10.266 10.146
11.446 11.120
10.146
11.120
thous. sh. tons.
do___
do__.
2 772
56,664
21,823
654
59, 853
23,953
do__do--_
do—
do...
do...
3,510
3,376
134
1,489
1,509
2,941
2,590
351
1,563
1,232
number$ per b b l .
mil. bbl.
% of capacity.
211,858
3.41
4,087.8
Retail deliveries to other consumers
Retail dealers
COKE
Production:
Beehive
Oven (byproduct)
Petroleum coke§
Stocks, end of period:
Oven-coke plants, total
At furnace plants
At merchant plants
Petroleum coke
Exports
10. 266 10. 266
11.446 11.446
470
470
97,855 103,702 110,597 114,493 109,733 112,855
78.980 83,689 90,493 95,330 92,574 95,397
18,545 19,703 19,764 18,873
17,128
8,560 9,343 10,014 10,138 8,259 8,558
53
4,651
1,883
51
5,076
1,912
55
5,091
1,770
3,585
3,437
M48
1,610
3,611
3,466
146
1,760
63
3,323
3,139
184
1,601
77
3,111
2,900
211
1,549
95
11,348
3.45
4, 281.6
807
3.41
353.1
85
965
3.41
329.4
85
1,210
3.41
351.8
85
3.41
335.6
84
4,763
1,898
356
1,124
PI,
214
114,346 7, 668
,
97,209 PIOO.656
16,787 P16.687 *>1Q1,953
8,777 9, 052 16,958
*9,418
320
340
350
3,627
6,337
4,923
5,173
10.146
11.120
10.146
11.120
10,146
11.120
10.426
11.120
10.443
11.120
10.933
11.990
51
5,236
1,813
3,022
2,795
227
1,537
151
53
4,976
1,821
49
5,024
1,884
54
5,088
2,239
54
4,822
2,112
53
5,026
2,219
62
4,914
2,148
70
5,183
2,254
53
5,364
2,907
2,643
263
1,589
107
2,748
340
1,661
76
3,185
2,831
355
1,613
74
3,202
2,818
384
1,548
130
3,089
2,729
360
1,570
132
3,011
2,662
349
1,485
80
2,941
2,590
351
1,563
179
2,824
2,497
920
3.41
355.9
1,042
3.41
355.3
833
3.41
368.5
946
3.51
369.4
1,065
3.51
363.4
91
792
3.51
368.1
89
860
3.51
355.6
985
3.51
375.5
91
758
3.51
777
3.51
.125
290
*300
5,380
3,392
2,954
11.209 11.209
12.240 o 12.240
11.311
12. 240
76
P E T R O L E U M AND P R O D U C T S
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills
Refinery operating ratio..
All oils, supply, demand, and stocks:
New supply, totaltf1
Production:
Crude petroleum
Natural-gas plant liquids
Imports:
Crude and unfinished oils
Refined products
Change in stocks, all oils (decrease,—)
mil. bbl.
5,510.7
5,837.3
483.3
461.2
498.0
468.2
487.9
474.0
484.5
487.5
478.3
508.5
485.1
520.7
do
do___
3,453.9
623.9
3,459.1
643.0
282.6
52.9
269.9
50.8
294.3
55.2
285.7
53.4
298.4
54.1
287.6
52.4
294.1
54.1
294.9
54.5
284.3
52.8
294.3
55.3
283.3
53.4
289.8
54.0
do.__
do...
658.6
774.3
856.8
878.4
68.9
78.9
64.5
76.0
67.3
63.7
65.4
69.5
65.9
65.6
68.4
71.0
65.4
69.1
69.1
74.9
66.3
82.2
76.6
72.8
75.6
87.4
89.6
7.2
31.8
1.9
20.9
4.4
-36.7
-54.9
459.3
503.5
523.5
574.6
do..
26.1
-85.0
-30.0
do..
5,499.4 5,929.6
512.5
do..
do_.
do_.
do..
do..
Distillate fuel oil
Residual fuel oil
Jet fuel
Lubricants
Asphalt
Liquefied gases
Demand, total
Exports:
Crude petroleum
Refined products
Domestic demand, total?
Gasoline
Kerosene
Stocks, end of period, total
Crude petroleum
Unfinished oils, natural gasoline, etc
Refined products
_
Refined petroleum products:
Gasoline (incl. aviation):
Production
Exports
Stocks, end of period
-49.8
4.3
37.8
462.2
454.2
464.6
454.8
487.6
.2
7.2
454.9
190.0
5.3
0
6.2
448.1
201.2
4.4
0
6.3
458.3
206.1
3.5
0
6.4
448.4
208.3
2.9
0
7.2
480.4
216.6
5.3
0
6.9
452.4
194.9
5.9
0
7.3
496.2
198.5
7.4
0
7.4
516.1
195.5
8.6
0
7.5
567.1
198.8
11.4
83.3
73.3
29.6
69.8
65.4
31.0
65.8
65.9
34.9
54 8
65.4
31.0
64.0
70.1
29.3
66.2
67.1
31.0
85.5
73.2
36.3
101.5
85.3
31.5
131.2
97.6
31.9
4.3
19.2
33.1
4.8
20.0
34.4
4.7
24.2
38.2
4.3
19.7
37.0
4.6
17.6
46.9
4.6
11.1
52.6
3.9
6.8
60.0
1,046.2 1,050.6 1,013.9
250.8 253.7
251.3
113.1
110.2
107.5
959.0
246.4
100.8
611.7
-21.8
512.8
519.9
.5
81.3
5,417.6
2,213.2
90.9
.2
81.3
5,848.1
2,350.4
85.9
0
5.2
507.3
173.2
11.8
0
4.7
508.1
166.9
10.7
do..
do..
do..
971.3
838.0
368.7
1,066.0
925.6
382.5
115.4
87.3
31.6
120.8
92.0
33.1
0
9.0
510.9
200.4
8.8
107.8
83.2
31.2
do.
do..
do_
49.3
158.5
456.8
52.8
163.8
515.3
3.8
5.7
53.7
4.1
6.1
50.4
4.6
7.5
43.5
4.6
10.1
35.0
4.5
15.7
30.5
do
do
do
do.
1,043.9
259.6
106.8
677.5
959.0 1,013.9
246.4
251.0
100.8
109.2
611.7
653.8
964.1
252.9
105.6
605.5
942.3
258.9
109.8
573.6
946.6
266.6
113.6
566.4
984.4
279.5
116.3
588.6
991.6 1,023.4 1,025.3
258.0
265.8
271.4
111.9
116.0
120.4
655.4
641.6
599.8
do.
.do
do
2,202.6
1.6
223.8
175.2
.1
254.8
184.9
.1
241.2
176.8
.1
229.5
188.6
.1
219.2
189.1
.1
204.3
206.7
.1
204.7
206.2
.115
.120
.120
.120
.120
2,320.0
1.0
217.1
192.6
.1
244.6
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gal_.
.118
.120
.119
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.)
$ per gal__
.255
.252
.245
Aviation gasoline:
Production
mil. bbL17.0
1.6
18.5
1.2
Exports
do
.5
.1
Stocks, end of period
do
4.3
4.7
4.4
Kerosene:
Production
do87.5
80.1
8.7
Stocks, end of period
do.
24.4
21.3
19.1
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gal..
.126
.127
.127
r
Revised.
v Preliminary.
« Corrected.
1
Less than 50 thousand barrels.
2 Reflects revisions not available by months.
81.2
.115
.233
.238
.228
1.2
1.4
6.8
17.4
1.2
.1
4.0
7.1
15.7
.127
.127
0)
4.0
686.6
655.1
204.6
.2
211.7
194.9
200.7
196.8
199.8
.1
203.7
213.2
217.1
.120
.120
.120
.120
.120
.120
.253
.248
0)
(0
.236
.240
.235
.261
.254
.250
.252
1.5
1.4
.1
3.9
1.3
.1
3.7
5.7
21.5
1.6
1.4
1.7
(l)
3.8
1.5
1
C)
4.1
0)
3.8
0)
4.1
(9
1.2
C1)
4.3
9.0
19.1
3.8
7.8
6.7
6.4
5.9
21.4
22.0
22.1
22.9
.138
.127
.127
.127
.127
.127
.127
.127
.127
.127
.127
d* Includes small amounts of "other hydrocarbons and hydrogen refinery input," not
shown separately.
9 Includes data not shown separately.
§ Includes nonmarketable catalyst coke.
5.9
16.4
5.2
17.1
5.0
18.6
SURVEY OF CURRENT BUSINESS
S-36
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1972
1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
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.
Imports
do
Exports
do.__
Stocks, end of period
do_._
Price, wholesale (Okla., No. 6)
$ per bbl_
912.1
55.8
2.8
190.6
963.6
66.4
1.2
154.3
78.8
6.1
.1
160.1
.1
122.2
79.6
7.8
.1
101.8
74.4
5.7
.2
.116
, . 117
.117
.117
.117
274.7
577.7
13.2
59.7
2.37
292.5
637.4
12.1
55.2
2.35
28.6
58.7
.6
59.4
2.35
27.9
55.8
.5
50.9
2.35
304.7
27.7
310.0
25.5
24.3
25.9
65.5
15.8
15.0
65.3
15.0
13.3
5.5
1.4
15.3
.270
5.270
mil. bbl.
.__.do.__
157.0
21.2
155.3
21.6
8.2
24.1
8.1
26.6
10.0
29.2
Liquefied pases (incl. ethane and ethylene):
Production, total
mil. bbL
At gas processing plants (L.P.G.)
do...
At refineries (L.R.G.)
do...
Stocks (at plants and refineries)
do...
547.9
417.6
130.2
94.7
570.5
440.2
130.4
85.7
47.2
36.7
10.5
82.4
45.7
35.3
10.4
71.9
49.0
37.9
11.2
72.7
Asphalt and tar products, shipments:
Asphalt roofing, total
thous. squares.
Roll roofing and cap sheet
do.__
Shingles, all types
do__l
93,365
35,684
57,682
Jet fuel:
Production
Stocks, end of period
mil. bbl.
do._.
Lubricants:
Production
dO-_.
Exports
do__Stocks, end of period
do._Price. wholesale, bright stock (midcontinent,
f.o.b., Tulsa)
$ per gal.
Asphalt:
Production
Stocks, end of period
Asphalt siding
Insulated siding
Saturated felts
80.3
4.1
.1
112.9
.1
128.8
78.5
3.1
.1
155.6
.117
.117
.117
.117
.117
.117
.117
.117
.117
.117
.128
25.7
59.7
1.8
51.6
2.35
22.2
50.3
1.5
49.4
2.35
20.6
48.8
.6
53.0
2.35
19.8
49.5
.6
56.1
2.35
20.9
49.4
1.1
60.2
2.35
20.9
51.2
1.2
61.4
2.35
21.3
48.7
.9
63.7
2.35
23.1
51.3
1.5
63.8
2.35
26.7
53.1
.9
57.7
2.35
34.9
61.0
1.0
55.2
2.35
2.35
2.35
26.1
25.2
28.1
27.1
26.3
27.6
27.5
28.9
25.8
28.4
27.1
29.4
26.0
31.6
24.3
30.6
25.5
28.6
24.0
26.6
25.1
25.5
4.9
1.0
15.1
5.4
1.5
14.4
5.2
1.3
13.7
5.7
1.1
13.7
5.6
1.1
13.9
5.4
1.1
13.4
5.8
1.2
13.3
5.3
1.1
13.3
5.6
1.2
13.2
5.4
1.4
12.9
5.5
1.4
13.3
.270
.270
11.4
31.0
14.9
31.0
16.0
28.6
17.1
26.4
17.5
20.7
16.6
18.8
15.1
17.2
11.4
18.4
9.1
21.6
47.4
36.5
10.8
79.9
48.1
46.1
35.2
10.8
101.2
48.0
36.4
11.5
109.8
48.0
36.6
11.4
114.9
46.4
35.6
10.8
119.3
48.7
38.0
10.7
115.5
47.3
37.2
10.1
103.2
48.8
37.9
10.8
85.7
77.0
5.9
98.3
11.3
92.7
78.8
2.9
80.2
2.9
(2)
174.7
78.8
3.0
.1
190.3
84.5
6.3
(2)
195.6
81.7
6.8
(2)
182.6
91.2
11.8
.2
154.3
189
374
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
67,220
67,501
5,371
67,680
69,170
5,165
5,254
5,663
4,909
5,296
5,422
4,819
5,815
5,790
4,797
5,449
5,655
4,578
5,457
5,732
4,305
6,042
6,079
5,504
5,706
5,742
5,481
6,031
5,927
5,651
5,795
5,615
5,779
5,944
6,084
5,697
5,597
5,852
5,453
5,294
5,609
5,165
thous. sh. tonsdo_._
10,997
558
11,283
620
874
522
901
498
974
506
914
504
526
967
538
840
547
1,000
566
564
1,010
585
971
604
912
620
thous. sh. tons.
do.__
do__.
do
43,933
1,671
29,551
2,101
46,341
1,676
31,255
2,129
149
2,544
162
3,765
140
2,494
164
3,778
151
2,695
189
3,893
147
2,594
181
4,013
135
2,688
189
3,942
142
2,665
182
3,766
126
2,569
152
3,991
138
2,685
183
3,668
133
2,468
185
4,123
144
2,788
200
3,876
143
2,600
178
3,662
129
2,468
165
do,.
do..
do.
4,462
2,405
3,743
4,617
2,720
3,943
440
270
302
419
242
()
345
379
254
339
256
350
241
332
359
236
325
390
256
346
216
320
380
266
345
376
255
325
355
229
317
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
do
do.
do,
do_
1,093
623
398
71
796
323
1,077
632
379
65
1,026
589
374
63
1,003
544
393
67
548
362
75
954
492
385
78
943
477
392
74
907
432
402
73
914
430
411
73
866
392
402
73
862
399
388
75
839
371
'390
'78
796
323
386
Exports, all grades, total
Dissolving and special alpha
All other
do.
do_
do_
1
2,175
790
i 1,385
i 2,253
793
1
1,460
185
73
112
171
61
110
171
59
113
184
66
119
217
68
150
176
62
114
186
69
116
175
67
108
196
72
125
195
72
123
229
73
155
150
51
174
70
lOi
Imports, all grades, total
Dissolving and special alpha
All other
do..
do_.
do_.
i 3,515
313
i 3,202
1
15
294
300
30
270
340
24
316
325
26
300
290
24
266
16
293
271
6
265
310
21
331
319
22
342
334
16
319
346
17
363
278
8
271
394
18
376
thous. cords (128 cu. ft.).
do...
do___
WOODPULP
Production:
Total, all grades
Dissolving and special alpha
Sulfate
Sulfite
Groundwood
Defibrated or exploded
Soda, semichem., screenings, etc
3,728
224
i 3. 504
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:
Book paper, A grade
1967=100.
Paperboard
do._.
Building paper and board
do__.
55,032
23,817
26,103
136,995
4,975
59,313
25,332
28,626
135,416
5,220
4,769
2,087
2,288
10
384
4,751
2,051
2,280
11
409
5,222
2,230
2,519
12
460
4,828
2,055
2,320
11
442
5,203
2,194
2,548
12
449
5,023
2,127
2,436
12
448
4,613
1,926
2,255
11
421
5,232
2,205
2,532
12
483
4,734
2,003
2,285
12
434
5,258
2,227
2,552
11
467
5,065
2,178
2,449
11
428
4,615
2,050
2,160
10
395
110.6
102.4
103.0
109.0
105.5
106.4
109.2
102.7
104.7
109.2
103.5
104.7
109.2
103.6
105.6
108.5
105.6
106.1
108.5
105.8
106.5
108.5
106.0
106.6
108.8
106.0
106.8
108.8
106.0
107.2
108.8
106.5
107.3
109.6
106.8
107.3
109.6
106.8
107.2
109.6
107.1
107.2
••Revised.
•Reported annual total; revisions not allocated to the months.
2 Less than 50 thousand barrels.
4
Series discontinued.
Data not available.
3
109.6
108.2
107.1
« Average for May and June.
109.6
109.7
108.1
SURVEY OF CURRENT BUSINESS
March 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1972
Annual
S-37
1972
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
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
Shinnipnts
_ _ do Coated paper:
Orders new
...
..
do
Orders unfilled, end of period
_._do
Rhinmpnts
- 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 npw
do
Orders unfilled end of period
- do .
Shipments
do
Ti^np nanpr Droduction
do
Newsprint:
Canada:
Production
_ _.
Shipments from mills
Stocks at mills, end of period
._
United States:
Production
Shipments from mills
Stocks at mills, end of period
1,216
80
' 1,229
1,405
164
1,317
109
84
'101
103
81
'103
114
92
'104
106
90
'102
126
106
108
96
'114
'113
3,255
287
' 3,251
3,630
393
3,522
290
250
286
242
••274
310
264
'305
278
255
'284
289
276
306
284
••286
'286
'275
2,643
' 2,567
2,885
2,782
221
'224
217
'213
262
'243
233
'230
'239
2,936
' 2,955
3,204
3,241
250
'250
254
'245
290
'279
256
'257
287
269
'278
'275
3,868
156
3,755
' 3,750
4,039
241
3,931
3,897
348
168
326
327
323
171
322
315
357
175
346
341
317
157
314
330
356
179
335
339
189
326
'337
- do
do . _
do
8,297
8,210
323
8,661
8,740
244
725
604
445
663
619
489
685
673
501
723
727
498
735
do
do
do
3,296
3,288
41
3,422
3,437
289
111
53
278
266
66
290
288
68
283
275
76
303
305
570
571
642
638
Consumption by publishers©"
- - -- do__ .
Stocks at and in transit to publishers, end of
period
thous sh. tons
7,057
705
27
7,569
250
725
508
74
663
108
99
'107
125
108
121
117
133
131
134
154
'118
'113
'120
' 115
287
322
'272
316
345
325
365
335
374
310
372
'315
'299
'321
'314
223
'216
254
237
'235
'232
223
'244
'283
'275
321
301
164
309
292
346
176
333
318
189
303
330
314
733
753
488
699
711
475
734
721
489
283
287
70
275
273
294
298
68
236
'234
72
613
583
247
282
262
'245
252
'240
292
284
'295
'288
118
164
107
298
393
291
238
231
270
272
324
241
331
368
207
342
223
'337
'345
'331
'330
694
784
775
832
750
804
767
729
722
730
407
359
313
244
283
274
260
277
51
293
303
41
293
300
35
278
286
297
293
31
275
271
35
605
625
701
698
627
617
583
539
553
562
615
640
796
308
735
27
661
610
585
573
601
711
699
664
647
591
504
550
590
609
611
618
625
650
710
163.20
159.70
161. 70
163.70
163.70
163.70
163.70
163.70
163.70
163.70
163. 70
163.70
163. 70
163.70
166.70
474
917
501
578
1,446
549
521
976
504
560
1,010
539
583
1,087
559
574
1,199
552
596
1,280
573
590
1,332
562
519
1,399
520
556
1,397
563
543
1,420
533
589
1,505
575
568
1,481
573
741
1,446
537
526
1,599
495
611
1,664
576
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil. sq. ft. surf, area.- 191,832
211,596
15,453
16,302
18,358
16,579
17,676
18,939
15,427
15,858
21,482
19,721
18,643
17,158
17,990
17,530
2 445. 0 2,517. 2
1,250. 0 1,324.9
204.2
105.6
193.9
100.9
217.6
113.3
201.6
104.7
210.9
109.7
213.9
112.1
182 0
95.1
221 2
117.0
215 9
114.8
230 5
123.4
208 5
111.4
217 5
116.9
6,881
Imports
__ _
do
Price,rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. t o n . . 157.00
Paperboard (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons_.
Orders, unfilled §—
__ _.
_.do
Production total (weekly avg )
do
Folding paper boxes
thous. sh. tons
mil $.
544
7,101
617
610
544
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous. lg. tons.
Stocks, end of period
do__.
Imports, incl. latex and guayule
do__.
Price, wholesale, smoked sheets (N.Y.)__$ per l b . .
Synthetic rubber:
Production
Consumption
Stocks, end of period
577.81
133.32
612.72
602.16
55.31
128.01
57.89
52.66
128.03
51.72
59.12
133.22
63.95
.180
.181
.180
.178
.170
thous. lg. tons.. 2,241.00
do
2,104.87
do
488.17
Exports (Bu. of Census)
Reclaimed rubber:
Production
Consumption
Stocks, end of period
do
269. 82
do
do
do
199.19
200.47
22.67
199.99
182.19
487.44
257.10
51.91
129.71
47.62
54.06
117.04
49.79
53.23
109.09
36.43
40.86
102.86
38.67
55.25
112.25
50.65
54.08
109.47
39.30
58.47
109.59
54.73
52.57
112.30
55.32
52.88
116. 72
56.04
57.67
.169
.173
.175
.175
.180
.194
.205
.210
.228
191.01 195. 51 202.74 200.44 211.64
197.67 152. 09 • 191.90 195. 26 210.19
485. 05 519. 24 512. 64 515.46 504.39
201.65
193. 96
495. 66
199.14
193. 45
495.68
192.96 210.13 208.74 210.74
186.76 • 201.39 • 189.72 • 196.96
478. 73 480.11 492.71 491.34
26.84
26.72
20.02
16.75
19.99
18.14
20.06
22.10
16.47
24.04
21.92
23.99
15.76
16.42
21.00
17.02
16.91
21.38
19.24
17.96
21.98
17.78
16.04
22.60
18.54
16.49
26.25
16.99
15.87
23.13
11.28
11.81
21.72
15.87
15.12
20.74
15.48
15.35
19.87
16.41
16.44
19.17
14.87
14.45
19.29
15.20
14.71
19.91
.255
23.65
TIRES AND TUBES
Pneumatic casings, automotive:
Production
Shipments, total
Original equipment
Replacement equipment
Exports
Stocks,end of period
Exports (Bu. of Census)
Inner tubes, automotive:
Production
Shipments
Stocks, end of period
Exports (Bu. of Census)
thous.
• 216,361
229,611
19,074
19,143
20,597
19,009
19,725
20,270
14,765
19,352
20,999
18,721
19,387
do.__
do_..
do.__
do.__
214,539
' 58,941
153,646
'1,953
227,965
63,870
161,766
2,328
15,091
5,038
9,849
203
16,062
5,245
10,644
173
20,317
6,019
14,130
167
21,668
5,601
15,905
162
21, 215 21,277
5,349
5,957
15,092 15,685
166
243
16,209
2,946
13,073
191
19,628
4,685
14,781
162
21,339
5,793
15,308
21,840
6,201
15,415
224
17,647
5,922
11,564
161
15, 677
5,178
10,263
do
do..
'54,982
1,589
60,255
2,127
59,394
129
62,705
136
63,255
160
60,918
150
59,753
167
215
57,836
180
56,894
225
54,965
161
55,769
211
56,319
180
60, 255
214
35,562
40,476
8,271
979
38,705
41,774
9,391
766
3,390
3,607
8,627
101
3,477
3,532
8,877
79
3,749
4,041
9,056
74
3,496
3,544
9,494
61
3,367
3,697
9,813
68
2,441
2,986
9,481
3,282
3,615
9,482
65
3,227
3,507
9,262
82
3,323
3,878
9,144
63
3,166
3,392
9,168
40
2,950
2,977
9,391
do_
"do.
do
do
' Revised.
* Preliminary.
cf As reported by publishers accounting for about 75 percent of total newsprint consumption.
28
236
§ 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.
UUKJ KKN'JL
S-38
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
1 5 U SUNK SO
1972
| 1972
Jan.
Annual
March 1973
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments,finishedcement
thous. bbl. 420,239
440,064
23,910
32,229 34,612
42,234
45,043
42,335
50,447
44,436
46,048
33,197
24,112
23,915
808.3
10.6
160.4
784.6
11.0
162.4
727.5
8.4
835.9
8.1
724.8
7.0
162.0
751.5
7.2
699.0
6.1
• 569.5
5.2
101.3
641.7
5.1
99.5
12.0
13.2
152.3
177.6
158.2
136.9
11.0
13.1
12.4
11.6
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick. 7,669.7
Structural tile, except facing
thous. sh. tons.
157.0
Sewer pipe and fittings, vitrified
_do
Facing tile (hollow), glazed and unglazed
1,720.6
mil. brick equivalentFloor and wall tile and accessories, glazed and un155.4
glazed
.mil. sq. ft..
Price index, brick (common), f.o.b. plant or
276.1
N.Y. dock
1967=100.
117.4
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
8,397.2
100.5
1,718.0
133.3
307.9
122.1
507.2
9.2
545.4
10.3
742.1
9.4
701.3
8.0
109.9
109.1
144.1
144.0
'9.1
8.9
10.8
10.5
22.7
23.6
28.1
25.0
118.3
121.2
121.4
122.0
27.7
28.4
122.1
122.1
24.4
29.0
122.1
122.1
12.2
25.9
122.1
27.5
24.3
123.7
124.1
'8.4
8.2
'21.3
24.5
124.5
127.4
thous. $..
464,674
550,485
131,969
131,685
138,099
148,732
Sheet (window) glass, shipments
do
Plate and other flat glass, shipments
do
Glass containers:
Production
thous. gross..
150,344
314,330
157,222
40,821
91,148
40,235
91,450
38,427
99,672
37,739
110,993
20,731
21,533
23,239
21,903
23,350
24,704
23,082
24,968
21,356
24,509
21,276 '18,935
22,404
.do
255,261
264,611
19,160
20,185
26, 081 19,288
23,650
24,420
21,518
25,233
22,145
22,119
20,754
20,058
21,116
.do
do
do
do
24,310
67,552
53,189
21,146
24,321
70,953
54,404
22; 341
1,869
4,789
3,433
1,748
2,150
5,238
3,522
1,664
2,469
7,178
4,923
2,111
1,837
5,119
4,551
1,679
2,091
6,999
5,016
1,961
2,021
6,904
5,731
2,021
1,850
6,294
5,070
1,460
2,638
6,859
5,266
1,870
2,510
5,557
4,540
1,806
1,766
5,257
4,436
2,132
1,645
5,201
3,903
2,052
1,475
'5,558
4,013
1,837
1,852
5,219
4,168
1,881
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars)
_ .thous. gross.
Dairy products
..do
57,208
305
58,241
238
4,600
23
4,668
17
5,873
22
3,799
12
4,803
4,870
4,569
11
5,505
23
4,877
22
5,426
26
4,892 '4,359
21
21
20
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do
Household and industrial
do
27,645
3,906
29,892
4,221
2,391
307
2,547
379
3,066
439
1,982
309
2,419
340
2,492
362
1,963
301
2,680
392
2,485
348
2,683
393
2,692 '2,492
'303
348
2,625
365
35,652
35,842
36,229
37,593
34,666
37,141
36,487
36,377
37,406
36,604
35,470
37,474
10,437
10,224
12,368
11,984
2,719
2,854
3,149
2,996
3,229
3,115
6,262
7,718
1,639
1,905
2,179
14,305
4,719
1,301
1,353
268
309
70
382
534
11,939
477
292
272
9,014
1,766
117
330
513
14,372
451
357
343
10,738
2,279
204
86
122
3,349
118
79
77
2,512
525
39
Shipments, domestic, total
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine
_
Stocks, end of period
do
263,780
37,424
129.1
'35,842 36,889 .
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
thous. sh. tons.
_._
_
Imports, crude gypsum
.do
3,270
3,020
do...
Sales of gypsum products:
Uncalcined
do...
Calcined:
Industrial plasters
do...
Building plasters:
Regular basecoat
_
do...
All other (incl. Keene's cement).
do...
Board products, total©
mil. sq. ft.
Lath
_
..do...
Veneer base
__
do
Gypsum sheathing.
..do...
Regular gypsum board.__
do...
Type X gypsum board
do...
Predecorated wallboard
do
1,202
73
82
140
3,782
118
96
91
2,824
596
57
91
126
3,584
114
90
93
2,668
571
71
124
3,657
102
92
82
2,733
587
TEXTILE PRODUCTS
WOVEN FABRICS $
Woven fabrics (gray goods), weaving mills:
Production, total 9
mil. linear yd__ 10,911
Cotton
do
6,156
Manmade fiber
do
4,647
Stocks, total, end of period 9 c?
Cotton
Manmade
fiber
11,154
5,740
5,319
857
461
390
872
464
400
21,090
2 586
2 495
860
460
393
887
466
412
21,098
2 578
2 511
340
350
845 2 1,040
424
2 528
414
2 504
867
431
429
1,171
2 581
2 581
870
421
440
do
___do
do
1,089
472
608
987
408
571
481
597
1,094
486
598
1,074
475
589
1,044
470
563
1,034
454
571
1,054
456
1,055
464
581
1,051
453
590
1,021
424
590
418
555
973
416
550
408
571
Orders, unfilled, total, end of period9 f . . . d o
Cotton
do
Manmade
fiber
do
2,657
1,494
1,138
4,122
2,111
1,968
2,823
1,575
1,224
3,002
1,725
1,254
3,107
1,778
1,303
3,181
1,760
1,396
3,371
1,924
1,419
3,396
1,902
1,467
3,380
1,848
1,504
3,371
1,837
1,497
3,460
1,844
1,580
3,653
1,944
1,680
2,100
1,854
4,122
2,111
1,968
40
521
6,850
9,310
11,610
493
587
593
2 739
544
COTTON
Cotton (excluding linters):
Production:
GinningsA
thous. running bales.. 10,229
310,229
* 9,723
Crop estimate, 480-pound bales, net weight
thous. bales.. 10,477
310,477
649
Consumption
do
8,128
632
7,777
Stocks in the United States, total, end of period
thous. bales.. 10,054 12,333 8,961 7,642 6,475
8,937 7,614 6,449
10,035 12,319
Domestic cotton, total
do
2,389
878
602
3,346 1,393
On farms and in transit
do
6,188
6,416
5,140 4,047
7,947
Public storage and compresses
do
1,350 1,596
1,230
1,800
1,026
Consuming establishments
do
24
19
28
26
14
Foreign cotton, total
I.do""
'1 Revised.
i Reported annual total; revisions not allocated to the months or quarter.
Data coverC r5 weeks;
other months, 4 weeks.
3 Crop for the year 1971.
* Ginnings to
?ail'«J?'
I °P 1 f o r t h e y e a r 1972 © Data for total board products are available back
to 1947.
§
Monthly
revisions
(1968-71),
reflecting
recent
benchmark
adjustments,
appear
l!L*xW?.ven F a b r i c s : Production, Stocks, and Unfilled Orders," M22A—Supplement (Dec.
1972), Bureau of the Census.
9 Includes data not shown separately.
620
627
2 772
2 715
12, 276 «13,322
2 747
513,758
603
9,598
12,333 10,890
5,555 4,597 3,808 3,304 16,050 15,364 14,997
9,584
5,526 4,573 3,785 3,280 16,030 15,345 14,979 13,680 12,319 10,874
2,041
2,420
3,346
5,739
8,490
150 13,338 12,333
377
161
119
6,516
5,601
6,992 '7,947 '7,321
1,472 2,018
3,253 2,572 1,997
1,607
1,027
888
949 -•1,026 '1,133
1,220
994
1,896 1,840
1,669
1,523
14
16
14
18
16
29
19
20
23
24
24
cfStocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling, and blanketing, and billed and held stocks of denims.
If Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks excludefiguresfor such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
ATotal ginnings to end of month indicated, except as noted.
SURVEY OF CURRENT BUSINESS
March 1973
1971
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
|
1972
1972
Annual
S-39
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TEXTILE PRODUCTS—Continued
COTTON—Continued
Cotton (excluding Unters)—Continued
Exports..
thous. bales..
Imports
do
M,128
Price (farm), American upland0..cents per lb—.
Price, middling 1", avg. 12 markets©
do
128.1
131.5
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
75
337
15
402
16
437
5
275
163
4
147
8
110
5
29.4
30.2
33.4
27.6
30.8
35.2
31.7
35.6
31.3
34.3
30.5
33.0
30.6
31.1
18.3
11.2
9.1
.453
5.5
18.2
11.1
9.1
.457
5.5
18.3
11.0
2 11.5
.460
2 6.9
1.107
18.3
10.9
9.2
.458
5.5
18.3
10.9
9.3
.466
5.5
18.4
10.9
2 11.5
.460
2 6.8
18.3
10.8
7.4
.371
4.3
1.115
1.121
1.123
1.123
191
352
2
534
654
4
24.4
26.8
25.6
24.9
27.2
26.0
25.6
27.7
22.1
30.0
18.2
10.7
8.9
.444
5.1
18.2
10.5
2 11.0
.438
2 6.3
18.2
10.5
9.1
.455
5.2
18.4
10.5
2 11.5
.460
2 6.4
18.3
10.4
8.3
.416
4.7
18.4
10.4
2 11.6
.464
2 6.5
1.121
1.117
1.107
1.103
1.105
1.107
23.6
31.4
j
mildo
bil_.
do
do
18.4
11.4
113.8
.438
70.3
Cotton yarn, price, 36/2, combed, knit
$ per l b . .
Cotton cloth:
Cotton broadwoven goods over 12" in width:
Production (qtrly.)
mil. lin. yd-.
Orders, unfilled, end of period, as compared with
avg. weekly production
No. weeks' prod..
Inventories, end of period, as compared with
avg. weekly production -_No. weeks' prod-Ratio of stocks to unfilled orders (at cotton
mills), end of period t
1.061
18.3
10.4
115.9
.445
67.7
7
1.105
1.107
1,511
6,147
1.127
1,263
1,475
16.9
22.7
16.1
16.3
17.1
17.8
17.7
18.0
24.8
18.6
18.8
19.3
20.5
22.7
4.5
4.1
4.3
4.2
4.1
4.1
3.9
3.9
5.6
4.0
3.8
3.8
3.8
4.1
.27
.18
.26
.26
.24
.23
.22
.22
.23
.22
.20
.20
.18
.18
Exports, raw cotton equiv
thous. bales.
312.6
569.5
Imports, raw cotton equiv
_
do...
Mill margins:
Carded yarn cloth average._
cents per l b . . 6 45.10
Prices, wholesale:
Print cloth, 3834-inch, 64 x S^cents per yard15.8
Sheeting, class B, 40-inch, 48 x 44-48d*-do
22.2
409.4
735.5
33.9
75.0
31.6
59.1
37.7
58.5
32.3
69.1
33.8
55.5
35.8
71.4
29.7
53.1
34.2
67.9
31.3
51.7
39.0
64.6
34.1
63.6
36.0
46.0
32.3
68.0
52.12
44.90
45.62
46.26
45.38
47.29
50.10
52.12
53.81
58.64
61.65
60.52
59.10
56.91
57.27
18.1
8 25.0
17.5
23.3
17.8
24.0
18.0
24.0
18.0
24.0
18.3
24.0
18.3
18.3
18.3
18.3
18.3
18.3
4 25.0
18.3
25.0
18.2
25.5
19.5
28.0
MANMADE FIBERS AND MANUFACTURES
Fiber production, qtrly. total
mil. lb_- 6,125.4
752.7
Filament yarn (rayon and acetate)
do
611.7
Staple, incl. cow (rayon)
do
Noncellulosic, except textile glass:
2,187.9
Yarn and monofilaments
do
2,104.9
Staple, incl. tow
do
468.2
Textile glass
fiber
do
Exports: Yarns and monofilaments
Staple, tow, and tops
Imports: Yarns and monofilaments
Staple, tow, and tops
thous. lb_. 130,511
181,612
do
249,819
do
175,306
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
mil. lb—
Staple, incl. tow (rayon)
do
Noncellulosic fiber, except textile glass:
Yarn and monofllaments
do
Staple, incl. tow
„.do
Textile glass
fiber
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$ per lb_.
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun),knitting, 2/20, 3 - 6 D . . d O - . .
Manmade fiber and silk broadwoven fabrics:
Production (qtrly.), total 9
mil. lin. yd-Filament yarn (100%) fabrics?
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
d o Polyester blends with cotton..
...do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd —.
7,292.6
653.1
713.2
1,714.6
179.1
179.0
1,831.9
170.9
185.1
1,826.6
148.1
174.8
1,919.5
155.0
174.3
2,773.3
2, 582.4
570.6
612.3
609.6
134.6
679.6
655.5
140.8
716.0
644.0
143.7
765.4
673.3
151.5
117,405
205,485
9,851
14,441
9,971
16,080
9,500
20,279
9,311
13,177
9,558
17,506
8,501
17,312
8,194
17,351
10,533
15,713
8,429
14,625
10,034
18,979
10,054
17,810
13,463
22,212
14,122
23,831
249,948
157,857
20,302
8,738
15,508 20,387
13,808 10,985
13,172
11,980
17,173
13,952
18,358
13,577
21,484
13,114
26,279
16,771
23,089
13,307
14,622
28,804
13,527
20,452
13,575
26,738
12,604
65.2
40.7
61.6
61.5
61.5
33.0
64.7
36.4
63.7
51.9
61.6
61.5
297.6
252.9
89.7
293.7
298.1
82.5
280.1
267.8
86.2
270.8
280.3
78.7
297.4
304.1
81.7
293.7
298.1
82.5
.61
.62
1.03
1.22
"1.26
.62
1.03
1.19
.62
1.05
1.18
.62
1.01
1.18
.62
1.01
1.20
.62
.62
.62
1.03
1.22
1.03
1.24
1.03
1.24
.62
1.03
1.24
.62
1.04
1.24
4,885.6
1,433.1
521.1
296.1
2,773.9
1,343.0
421.3
139.9
86.9
723.7
1,384.2
438.4
126.2
97.2
1,320.5
381.8
1,998.5
103.3
508.0
106.7
544.0
103.0
523.5
450.5
137.2
127.6
129.5
.62
.62
1.04
1.24
1.05
1.22
1.05
1.25
4.61
1.05
1.25
.61
1.02
1.26
408.8
114.9
94.5
728.3
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, H blood
Australian, 64s, warp and half-warp
7.0
U5.5
2 7.3
6.3
4.3
9.0
4.2
9.9
8.0
12.6
5.8
10.7
7.8
U3.6
2 7.3
6.2
4.6
10.9
6.0
5.8
4.4
212.5
2 6.5
6.7
4.2
'9.2
'4.5
5.7
4.2
2 12.5
2 6.1
7.7
4.3
.944
.696
1.095
1.130
.895
1.133
1.200
.962
1.270
1.270
1.025
1.230
1.275
1.025
1.289
1.350
1.043
1.500
1.455
1.165
1.672
1.635
1.310
1.771
1.650
1.325
1.975
'1.880
1.545
2.523
2.325
1.819
3.118
92.6
105.0
107.8
108.2
111.5
113.4
122.7
119.9
126.4
135.7
143.1
mil. l b do
do
do
116.2
74.8
126.6
83.9
142.2
76.4
96.6
71.8
9.5
7.6
7.1
5.0
10.4
7.2
10.5
9.0
2 14.6
27.6
7.2
5.4
11.8
6.1
11.8
8.1
12.6
6.3
$ per lb_.
___do
do
.664
.656
.802
1.157
.925
1.321
.625
.525
.640
.550
1.030
.708
.577
1.001
94.4
106.3
89.2
89.2
90.2
WOOL MANUFACTURES
Knitting yarn, worsted, 2/20s-50s/56s, American
system, wholesale price.
1967=100..
Wool broadwoven goods, exc. felts:
Production (qtrly.)
mil. lin. yd—
Price (wholesale), suiting, flannel, men's and
boys', f.o.b. mill
1967=100.
113.3
r
2
3
Revised.
* Season average.
F o r 5 weeks; other months, 4 weeks.
Less than 500
bales.
* Price not directly comparable with earlier data.
» Revised total; revisions not
distributed by months.
e Beginning
Aug. 1971, net weight basis; 1971 average is for Aug.8
Dec.
7 Avg. for Oct.-Dec.
Avg. for Nov.-Dec.
0 Beginning Aug. 1971, prices are
on 480-lb. net-weight bale basis (for earlier months, on 500-lb. gross-weight bale basis); to
25.6
27.7
'22.2
26.6
compute comparable prices for earlier months, multiply farm price by 1.04167 and market
price by 1.0438.
t Effective with the Oct. 1972 SURVEY, series restated on an unadjusted
basis.
9 Includes data not shown separately.
„„ ,_ *i * A*-A A
n
cT Effective Nov. 1972, specifications were changed: Print cloth, to 61x56; sheeting, to 47x44.
SUK
S-40
Unless otherwise stated in footnotes below, data
through 1970 and descriptive notes are as shown
in the 1971 edition of BUSINESS STATISTICS
1971
ut
L1 1 5 U
UUKJ
March 1973
1972
1972
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1973
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
20,964
19,730
21,908
20,482
21,424
19,849
14,624
15,757
Feb.
TEXTILE PRODUCTS—Continued
APPAREL
Hosiery, shipments...
.-thous. doz. pairs.. 210,872 225,768 15,140
Men's apparel, cuttings:?
Tailored garments:
1,760
Suits
thous. units.. 16,477
13,972
1,409
Conts (separate), dress and sport
do
16,869
Trousers (separate), dress and sport
d o — 183,738
1,951
Shirts (woven), dress and sport
thous. doz... 20,795
Women's, misses', juniors' apparel, cuttings:?
1,602
Coats
thous. units.. 20,690
234,153
17,180
Dresses
—-do
1,124
Blouses and shirts
thous. doz._ 12,639
648
Skirts
...do.... 6,985
15,932
19,325
1,707
1,552
16,194
1,891
1,866
1,730
1,658
1,563
18, 526 16, 544
2,008
1,848
1,845
1, 719 1,833
16,379 16,084
1,893
2,020
1,732
921
13, 044
1,250
1,663
1,585
15, 861
1,738
1,661
15, 703
1,756
1,631
1,335
13,945
1,556
1,660
1,313
14, 297
1,673
1,484
22,436
1,215
754
1,365
22,380
1,377
752
1,535
18, 661
1,257
570
1,647
14,830
1,334
623
2,072
21, 661
1,630
680
1,896
18, 671
1,493
658
1,821
20,463
1,602
518
1,634
19,588
1,308
18, 594
1,123
22, 111
1,338
658
17,764
1,850
21,374
1,419
575
TRANSPORTATION EQUIPMENT
AEROSPACE VEHICLES
Orders, new (net), qtrly. total
mil. $.
U.S. Government
do._.
Prime contract
do.__
Sales (net), receipts, or billings, qtrly. total-.do.._
U.S. Government
do.._
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. $..
Aircraft (complete):
do....
Shipments
.thous. lb-.
Airframe weight
mil. $..
Exports, commercial
21,553
15,229
19,028
21,679
14,114
21,289
13,371
4,658
3,051
4,192
4,913
3,022
6,124
3,874
5,357
5,402
3,285
6,962
4,264
6,384
5,405
24,579
13,997
11, 999
2,281
26,860
15,165
12,974
2,580
24,324
14,026
11,818
2,273
25,046
14, 615
12,404
2,422
26,603
15,181
12,733
2,599
26 860
15,165
12,974
2,580
4,780
5,277
4,730
4,869
'5,231
5,277
3,274
2,951
2,906
2,771
2,995
2,951
2,972.9
48,818
1,906.8
3,231.8
47,694
1,608.7
214.9
3,303
144.8
235.1
3,781
141.7
382.7
6,188
297.1
219.5
3,285
131.7
10,637.7 11,270.7
10,036.0 10,646. 8
8,584.6
8,121.7 8,352.5
2,053.1 2, 446. 8
1,914.3 2,294.4
889.0
847.1
698.0
666.0
191.0
181.1
954.9
910.5
748.3
716.1
206.7
194.4
1,039.0
984.1
806.5
765.2
232.5
219.0
994.3
940.0
779.1
736.9
215.2
203.1
10,943
9,327
1,616
721
610
111
10.3
8.8
1.5
813
698
115
10.4
8.9
1.5
913
772
141
10.3
8.7
1.6
899
774
125
10.6
9.1
1.5
1,588
1,521
1,684
1,566
1,741
1,578
2.1
2.1
25.11
22.13
7.37
28.22
25.00
23,570
14,539
21,050
192.9
2,815
76.3
3,350
5,117
5,569
3,366
289.7
4,316
128.2
223.7
3,175
85.6
226.9
3,485
105.3
1,079.0 1,025.4
968.8
1,020.2
804.2
842.9
761.6
798.0
221.2
236.1
207.3
222.2
532.3
505.1
411.9
393.6
120.3
111.4
552.4
516.5
398.5
371.0
153.9
145.5
1,030
888
143
11.0
9.5
1.5
1,025
877
149
10.4
8.9
1.6
904
769
135
11.4
9.8
1.6
812
656
156
11.1
9.3
1.7
878
741
138
11.8
10.2
1.6
1,069
932
137
11.2
9.6
1.6
1,032
891
141
11.6
9.8
1.8
847
719
128
11.1
9.2
1.9
876
736
140
'12.1
1,782
1,628
1,781
1,606
1,751
1,540
1,393
1,373
1,263
1,488
1,300
1,485
1,288
1,492
1,313
1,473
1,311
1,454
1,528
• 1,535
2.2
2.2
2.0
2.1
1.7
1.9
1.7
1.9
1.8
1.9
'1.8
34.56
31.59
10.16
36.74
33.89
9.81
41.34
38.76
11.00
35.85
34.11
' 10. 26
19.51
18.39
'8.68
19.50
18.04
8.24
45.89
43.40
8.93
46.36
42.49
11.58
38.06
34.04
12.70
39.10
34.40
11.91
36.76
31.47
13.13
215.64 226.78 258. 77
59.30
81.44
75.75
20.14 « 21. 95 21.73
9,947 11,309 13,078
7,039
7,770
9,035
216.15
82.59
19.29
12,100
8,078
258.70
83.25
25.14
12,874
8,538
209. 70
89.72
26.34
11,745
7,362
153.95
47.36
13.06
10,132
6,746
170.35
35.23
22.09
11,580
8,175
142.98
58.41
14.64
11,835
8,134
198.80
74.99
14.72
13,383
8,900
229.71
86.87
22.84
11,140
7,476
204.92
67.92
15.14
12,220
'8,228
235.42
87.36
18.93
11,620
7,524
2,207
2,835
2,763
2,782
2,069
2,322
2,895
3,442
3,444
3,208
' 3,550
3,385
680.0
97.1
165.7
4
828.1
4
122. 5
4
344.5
4,930
189.4
270.0
3,785
102.5
297.1
4,076
120.5
1,050.2 1,135.6
987.1 1,066.0
859.3
895.7
808.8
841.7
190.9
239.9
178.3
224.3
1,111.0
1,048.9
873.4
827.4
237.5
221.5
'334.8
'4,555
85.7
274.8
3,923
114.7
MOTOR VEHICLES
Factory sales (from plants in U.S.), total thous..
Domestic
do
Passenger cars, total
do__-.
Domestic
do
Trucks and buses, total
do
Domestic
do
Retail sales, new passenger cars :
Total, not seasonally adjusted
thous..
DomesticsA
do
ImportsA
do
Total, seasonally adjusted at annual rates.-.mil..
DomesticsA
..do
ImportsA
do
Retail inventories, new cars (domestics), end of
period: A
Not seasonally adjusted
thous..
Seasonally adjusted
do
10,252
8,681
1,570
1,447
1,590
1,311
1,454
Inventory-sales ratio, new cars (domestics)A
2.1
2.0
ratio. .
Exports (Bureau of the Census):
Passenger cars (new), assembled.
..thous.. 386.64 410.25
348.40
376.23
To Canada
do
100.04
120.62
Trucks and buses (new), assembled
do
Imports (Bureau of the Census):
2,587.48 2,485.90
Passenger cars (new), complete units
do
842.30
802.28
From Canada, total
do
238.70
160.87
Trucks and buses, complete units
do
Truck trailers (complete), shipments
number.. 103,784 141,343
95,481
65,785
Vans
do
Trailer bodies and chassis (detachable), sold
separately
number.. 18,509 33,664
Registrations (new vehicles):©
Passenger cars
thous.. 44 9,729.1 9,834.3
1,428.5
1,465.7
Imports, incl. domestically sponsored
do
4
1,981.3 15 2,410.5
Trucks
do
2,147
* 685.1
4
91.4
165.0
4
4
4
4
203.1
817.2 3 865.8 3 916.7 3 812.6 3 864.8 5 743.4
117.0 3 121.3 3 126.4 3116.1 3 144.1 5128. 9
201.9 3 220.1 3 229.8 3 203.3 3 201.3 «177.0
4
4
4
907.6 1,164.3 21,114.2
852.6 1, 107.3
706.0
900.5 2 856.2
666.2
859.8
201.6
263.8 ~2~258.~6~
186.3
247.5
-•10.2
1.9
920
775
146
12.3
10.3
2.0
1,649
1,563
5 838.5 5 869.1 5 913. 2 5 752. 5
5116.5 5 122.0 5 125.4 5 106.9
5 181.4 5 222.6 5 239.5 5 193.8
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
Shipments
_
number. 155,331 47,460 4,211 3,567 4,580 4,417 4,731 4,351 2,846 3,389 3,199 4,131 3,969 4,069 4,782
Equipment manufacturers_.
do._. i 48,014 41,971 3,965 3,327 4,351 4,135 3,903 3,705 2,297 2,822 2,619 3,487 3,557 3,830 4,536
New orders
do... i 52,482 47,922 3,780 2,125 3,662 2,712 3,183 5,923 2,932 5,112 5,095 3,316 5,357 4,725 5,425
Equipment manufacturers.
do... 46, 913 42,323 2,320 2,025 3,462 2,062 2,955 4,543 2,711 4,975 4.516 3,116 4,957 4,708 5,084
21,244
21,865 19, 490 18, 592 16,847 15,344 16,936 17,027 18,750 20,642 19,822 21,114 21,244 22,283
Unfilled orders, end of period
do...
22,221
17,666
17,183 14,948 14,079 11,966 11,063 11,921 12,340 14,493 16,386 16,010 17,314 17,666 18,610
Equipment manufacturers
do...
18,753
Freight cars (revenue), class 1 railroads (AAR):§
1,426
1,426
1,424
1,412
1,431
1,424
1,439
1,433
1,413
1,409
1,441
1,411
1,411
1,422
Number owned, end of period
tnous.. 1,422
5.9
6.2
5.9
6.0
5.9
5.9
6.0
5.9
5.8
5.8
5.7
5.8
5.8
5.6
Held for repairs, % of total owned
5.8
Capacity (carrying), aggregate, end of period
98.38
98.49
99.07
98.56
98.64
98.56
97.95
98.10
98.08
98.09
98.82
98.82
97.33
98.08
mil. tons.. 97.14
69.24
69.09
69.19
68.97
69.27
68.78
69.35
69.44
69.61
69.53
68.56
Average per car
ton:
68.29
69.53
68.44
r
2
9
Total
includes
backlog
for
nonrelated
products and services and basic research.
Revised. i Annual total includes
revisions
not
distributed
by
months.
Estimate
3
4
ADomestics
include
U.S.-type
cars
produced
in
the
United
States
and
Canada;
imports
of production, not factory sales.
Omits data for three States.
Omits data for two
cover foreign-type cars and captive imports, and exclude domestics produced in Canada.
States.
s Omits data for 4 States.
6 Effective Feb. 1972, imports include trucks valued
©Courtesy
of
R.
L.
Polk
&
Co.;
republicaticn
prohibited.
less than $1,000 each.
§ Excludes railroad-owned private refrigerator cars and private line cars.
J Revisions appear in Census report, Men's and Women's Selected Monthly Apparel
Cuttings, 1970-72, Revised (MA-23A Supplement), Feb. 1973.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Bu«ne« indicators
Commodity prices
Construction and real estate
Domestic trade
1-7
7-9
9,10
11,12
Labor force, employment, and earnings
Finance
Foreign trade of the United States
Transportation and communications
13-16
16-21
21-23
23,24
Industry:
Chemicals and altied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
24,25
25,26
26-30
30
Lumber and products
Metals and manufactures
Petroleum, coal, and products
Pulp, paper, and paper products
31
31-34
34-36
36,37
Rubber and rubber products
Stone, clay, and glass products
Textile products
Transportation equipment
37
38
38-40
40
INDIVIDUAL SERIES
Advertising
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
5
Butter
26
Cattle and calves
28
Cement and concrete products
9,10,38
Cereal and bakery products
8
Chain-store sales, firms with 11 or more stores. . .
12
Cheese
26
Chemicals
4-6,8,13-15,19,22-25
Cigarettes and cigars
30
Clay products
9,38
Coal
4,8,22,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,24
Confectionery, sales
29
Construction:
Contracts
10
Costs
10
Employment, unemployment, hours, earnings.. 13-15
Fixed investment, structures
1
Highways and roads
9,10
Housing starts
10
Materials output indexes
10
New construction put in place
9
Consumer credit
„
17,18
Consumer expenditures
1
Consumer goods output, index
3,4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures.
7,9,22,38,39
Cottonseed cake and meal and oil
30
Credit, short- and intermediate-term
17,18
Crops
3,7,27,30,38
Crude oil
4, 35
Currency in circulation
19
Dairy products
Debits, bank
Debt, U.S. Government
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits
Dividend payments, rates, and yields
Drug stores, sales
3,7,8, 26,27
16
18
11,12
16,17,19
34
16
26
2,3,19-21
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 oils.
. . 8,22,23,29,30
Federal Government
finance
18
Federal Reserve banks, condition of
16
Federal Reserve member banks
17
Fertilisers
8,25
Fire losses
10
Fish oils and
fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4-8,11-15,19,22.23,26-30
Foreclosures, real estate
10
Foreign trade (see also individual commod.)
21-23
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
7,8
Fuel oil
35,36
Fuels
4,8,22,23,34-36
Furnaces
34
Furniture
4,8,11-15
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
4,8,26
1,35
38
25
19
7,8,22,27,28
11,12
Gross national product
Gross private domestic investment
Gypsum and products
1
1
9,38
Hardware stores
Heating equipment
Hides and skins
Highways and roads
Hogs
Home electronic equipment
Home Loan banks, outstanding advances
Home mortgages
11
9,34
9,30
9,10
10
10
40
24
Hotels, and motor-hotels
14
Hours, average weekly
Housefurnishings
1.4,8, 11,12
Household appliances, radios, and television sets.
8, 11,34
Housing starts and permits
10
Hosiery
Imports (see also individual commodities)... 1,2,22,23
Income, personal
2, 3
Income and employment tax receipts
18
Industrial production indexes:
By industry
3,4
By market grouping
3,4
Installment credit
12,17,18
Instruments and related products
4-6,13-15
Insurance, life
18,19
Interest and money rates
17
Inventories, manufacturers* and trade
5,6,11,12
Inventory-sales ratios
5
Iron and steel
4-7,9,10,19,22,23,31,32
Labor advertising index, stoppages, turnover
16
Labor force
13
28
Lamb and mutton
28
Lard
Lead
33
Leather and products
4,9,13-15, 30
Life insurance
18,19
Linseed oil
30
Livestock
3,7,8,28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
10,16,17,18,20
Lubricants
35,36
Lumber and products
4,9,10-15,19,31
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
19
Mortgage applications, loans, rates
10,16,17,18
Motor carriers
Motor vehicles
Motors and generators
23,24
1,4-6,8,9,11,19,22,23,40
34
National defense expenditures.
National income and product.
:: V!
24
National parks, visit*
Newsprint
New York Stock Exchang selected data.
. 23,37
...
... 20,2?
NonferroBB metals
4,9,19,22,23,35
Noninstailment credit
18
Oata
27
Oil* and fats
8,22,23,29,30
Orders, new and unfilled, manufactures*
6,7
Ordnance
13-15
Paint and paint materials
Paper and products and pulp.
8,25
4-6,
9,13-15,19,23,36,37
Parity ratio.
?
Passenger ears
1.3-6,8,9,11,12,19,22,23,40
Passports issued
,
24
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,11-15,19,22,23,35,36
Pig iron
31,32
Plant and equipment expenditures
2
Plastics and resin materials
25
Population
13
Pork
28
Poultry and eggs
3,7,8,28,29
Prices (see also individual commodities)
7-9
Printing and publishing
4,13-15
Private sector employment, hours, earnings
13-15
Profits, corporate
2,19
Public utilities
2-4,9,19-21,25,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4, 11,34
Railroads
2,15,16,20,21,24,40
Ranges
34
Rayon and acetate
39
Real estate
10,17,18
Receipts, U.S. Government
18
Recreation
8
Refrigerators
34
Registration (new vehicles)
40
Rent (housing)
8
Retail trade
5,7,11-15,17
Rice
27
Roofing and siding, asphalt
36
Rubber and products (inch plastics)
4-6,
9,13-15,23,37
Saving, personal
2
Savings deposits
17
Securities issued
19,20
Security markets
20,21
Services
1,8,13-15
Sheep and lambs
28
Shoes and other footwear
9,11,12,30
Silver
19
Soybean cake and meal and oil.
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures . . . . . . . 22,23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
20,21
Stone, clay, glass products
4-6,9,13-15,19,38
.. 23,29
Sugar. ,
25
Sulfur.,
24
Sulfuric a c i d . . .
25
Superphosphate.
Tea imports
29
Telephone and telegraph carriers
24
Television and radio
4,11,34
Textiles and products.... 4-6,9,13-15,19,22,23,38-40
Tin
33
Tires and inner tubes
9,11,12,37
Tobacco and manufactures
4-7,9,11,13-15,30
Tractors
34
Trade (retail and wholesale)
Transit lines, local
Transportation
Transportation equipment
5,11,12
23
1,2,8,13,23,24
4-7,13-15,19,40
TrocV trailers!'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'.'
Trucks (industrial and other)
*40
34,40
Unemployment and insurance
13,16
U.S. Government bonds
16-18, 20
U.S. Government
finance
• ^ JJ
Utilities
2-4,9,19-21,25,26
Vacuum cleaners
Variety stores
Vegetable oils
Vegetables and fruits
Veterans* benefits
Wages and salaries
Washers and dryers
Water heaters
Wheat and wheat
Wholesale price indexes
Wholesale trade
Wood pulp
Wool and wool manufactures
Zinc.
34
• JJ, 12
'*V2
' .l »o
23
flour
2,3,15
J*
jjj
«S
«;£
5,7,11,13-15
Jg
y a
**
33
UNITED
STATES
GOVERNMENT PRINTING OFFICE
PUBLIC
DOCUMENTS
WASHINGTON,
DEPARTMENT
D.C.
20402
OFFICIAL BUSINESS
1971 BUSINESS STATISTICS
1971
BUSINESS
STATISTICS
To
Find
Data
and
What
They
Mean
ORDER FORM
TO:
Supt. of Documents
Govt. Printing Office
Washingtbn, D.C. 20402
Make check payable
to the Supt. of
Documents.
Provides figures back to 1947 for nearly 2,500
statistical series dealing with gross national
product, industrial production, advertising, finance, commodity prices, industry statistics,
labor force, employment, hours and earnings,
trade, construction, and real estate.
To help you match data to your needs, all series
are concisely explained as to composition,
methods of compilation, comparability, revisions, and earliest availability. For those who
want to go beyond the descriptions and explanations offered, the volume lists the names and
addresses of 110 organizations, both Government and nongovernment, that provide basic
material for this time-tested reference work.
Enclosed find $
(check, money order, or Superintendent
of Documents coupons). Please send me
copies of 1971 Business
Statistics the Biennial Supplement to the Survey of Current Business
at $3 per copy (Catalog No. C56.109/2) (foreign mailing, add
one-fourth).
FOR USE OF
SUPT. DOCS.
. . Enclosed
To be mailed
. . later
. .Subscription . .
.. Refund
Name
Street address .
City, State, and ZIP Code .
D Please charge these
publications to my
Deposit Account No.
TO INSURE PROMPT, ACCURATE SHIPMENT, PLEASE PLACE CORRECT ADDRESS ON MAILING LABEL BELOW
U.S. GOVERNMENT PRINTING OFFICE
PUBLIC DOCUMENTS DEPARTMENT
WASHINGTON. D.C. 20402
OFFICIAL BUSINESS
RETURN AFTER FIVE DAYS
Name.
Street address
City, State, and ZIP Code .
POSTAGE
AND FEES PAID
U.S. GOVERNMENT
PRINTING OFFICE
@FedFRASER