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MARCH 1974 / VOLUME 54 NUMBER
SURVEY OF CURRENT BUSINESS
CONTENTS
U.S. Department of Commerce
THE BUSINESS SITUATION
Recent Financial Developments
2
Recent Price Developments
3
Construction Expenditures
5
Frederick B. Dent / Secretary
Sidney L. Jones / Assistant Secretary
for Economic Affairs
Edward D. Failor / Administrator, SESA
Bureau of Economic Analysis
Revised Manufacturing and Trade Sales, Inventories, and
Inventory/Sales Ratios
6
National Income and Product Tables
12
Investment Programs and Sales Expectations for 1974
16
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
New Estimates of Fixed Nonresidential Business Capital in the
United States, 1925-73
23
Property, Plant, and Equipment Expenditures by MajorityOwned Foreign Affiliates of U.S. Companies, 1973 and 1974
28
U.S. Balance of Payments Developments
34
Fourth Quarter and Year 1973
CURRENT BUSINESS STATISTICS
General
S1-S24
Industry
S24-S40
Subject Index {Inside Back Cover)
Richard Carter
William K. Chung
Lora S. Collins
Donald A. King
Max Lechter
Leo Maley
Barbara L. Miles
John C. Musgrave
Evelyn Parrish
John T. Woodward
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the BUSINESS SITUATION
iHBHHHHHBBHHBB
CHART 1
ECONOMIC activity weakened furE,
ther in the first quarter of 1974. Much
and rose only moderately in February.
Following
monthly gains averaging
Short- and Long-Term Interest Rates
of the weakening late last year and $10.2 billion (seasonally adjusted anPercent
early this year is related to a steep nual rate) in the fourth quarter,
121
cut in automobile production; demand personal income fell $2 billion in
for autos was already slowing when the January (revised from a preliminary
oil boycott by Arab oil producing estimate of a $4 billion decline published
nations
greatly intensified the process a month ago) and increased $6.6 billion
Federal Funds Rate
10
by setting off a dramatic drop in in February. The recent weakening
demand for the larger, heavier models. in the flow of income has been especially
Prime Commercial Paper
The
boycott has also clearly worked marked in wages and salaries in the
/
(4-6 Months)
to dampen the production and use of commodity-producing industries, parpetroleum products, power, and travel- ticularly in manufacturing, where emrelated goods and services. The boy- ployment declines have been sizable.
cott's other impacts on production and
The January budget document imdemand have been hard to isolate, plied that Federal Government purbut cannot be considered to be ended chasing would contribute appreciably
even if supplies increase shortly, as to the expansion of demand in the first
seems likely; the economy will still half, augmenting business capital inhave to make numerous adjustments vestment which continues to be an
as a result of higher prices for petro- important factor in that expansion,
leum—and for energy more generally. The latest BE A capital spending survey
It appears that in recent months (see pages 16-22 of this issue) found
the only really significant production that outlays were expected to rise 3%
weakness not directly related to the percent in the first quarter of 1974—
boycott
has been in residential invest- about equal to last year's average
10
ment—a
decline that got underway quarterly increase—and to continue
FHA New Home
Mortgage Yields
/\
early last year and that forecasters rising; the full-year gain over 1973 is
generally predict will bottom out projected at 13 percent, just about the
shortly. In January and February, same as last year's and large enough to
private housing starts were at an encompass a sizable increase in real
average annual rate of 1.64 million terms. The behavior of business investunits,
up slightly from 1.58 million ment in inventories is harder to interCorporate (Moody's Aaa)
/\ ..,•'
in the fourth quarter; the peak rate pret. Monthly data on the book value
U.S. Treasury"
in late 1972 and early 1973 was 2.4 of inventories show that holdings have
Long-Term
million.
been rising much faster since last fall
Retail sales of goods other than autos than previously. When prices are rising,
State and Local
and gasoline continued to expand in however, inventory turnover alone can
(Bond Buyer)
January and February. Higher prices cause the book value to rise, and
accounted for a substantial part of the increases of this type have been very
I I I I ll I I I I I I I I I I I I III I I I II 1 1 I I II I III I II ) 11 Mi 111 II I II I I II II
1970
1971 1972 1973
1974
increase, but even after adjusting for large in recent months. In the fourth
prices sales volume was generally up quarter, inventory accumulation was
Data: FRB, HUD, Moody's, Bond Buyer & Treasury.
• Last data plotted are weekly figures through mid-March.
moderately from the fourth quarter. substantial even after adjustment for
U.S. Department of Commerce, Bureau of Economic Analysis
74-3-1
Personal income declined in January such "valuation" increases; however,
1
SUEVEY OF CURRENT BUSINESS
the drop in auto production in the first
quarter has evidently resulted in a drop
in auto inventories—in contrast to a
large rise in the fourth quarter—and
the very limited data now available
suggest that accumulation of other
inventories may have slowed in the
opening months of 1974.
The unemployment rate moved up
from an average 4.7 percent in the
fourth quarter of last year to 5.2 percent
in January and held at that level in
February. Since last October, total
civilian employment has been essentially unchanged while the civilian
labor force increased sharply until
January and then leveled off in February. The survey of nonfarm payrolls
showed an increase of about 175,000 in
February, which about offset declines
in the 2 preceding months. The increase
in February reflected big employment
gains in contract construction, trade,
services, and State and local government. Manufacturing employment, on
the other hand, declined about 150,000
last month, with the transportation
equipment industry accounting for more
than half of that decline.
Recent Financial
Developments
An unusual degree of uncertainty
over the the course of monetary policy
continues to dominate financial markets
as this Survey goes to press in the third
week of March. The basic question
concerns not only the current course of
policy, but more fundamentally, what
should be the appropriate course for
policy given the complex of problems
that include severe inflation and supply
shortages as well as weakening demand
and rising unemployment. In their
efforts to interpret and predict monetary policy, the markets have been
reacting in a highly volatile way to
relatively minor developments, and
this has resulted in unusually erratic
movements in financial markets.
The monetary authorities began to
relax the restraint on financial markets
last September as evidence of a slowdown in economic activity accumulated,
and they cautiously moved further in
this direction at the turn of the year
as the oil shortage further clouded the
economic outlook. At the December 18
meeting of the Open Market Committee
(the latest meeting for which the
minutes have been made public) the
policy objective was "to achieve some
further easing in bank reserves and
money market conditions, provided
that the monetary aggregates do not
appear to be growing excessively/7 As
noted in the minutes, it appeared
subsequently that the monetary aggregates were in fact growing at rates
that were close to or above the upper
ranges that had been specified by the
committee, and in mid-January the
committee reviewed current developments. The committee has indicated
that it concluded in January that the
sensitive state of financial markets and
the general economic situation warranted maintaining the easier policy
stance adopted on December 18,
despite the rapid growth of aggregates.
Short-term interest rates
The erratic trend toward easier
conditions in money markets over the
past 6 months or so is evidenced by the
gyrations in short-term interest rates
(chart 1). As can be seen from table 1,
most rates plunged in the month immediately following the move to a
somewhat easier credit policy in late
September, but much of that decline
was reversed from mid-October to midDecember. Federal funds traded in a
much narrower range than did other
short-term instruments. Since the
federal funds rate is a target rate in the
conduct of Federal Reserve policy,
and hence a key barometer of policy,
the much greater volatility in other
money market rates suggests that
market participants had initially overreacted in their assessment of how much
ease the monetary authorities were
willing to induce.
Money market rates drifted lower
from mid-December to late January.
The moderate further easing in credit
policy that helped push rates lower was
in part offset by upward pressures
stemming from sales of Treasury bills
and other short-term dollar assets for
the account of foreign official agencies.
The dollar was strengthening appreciably in international markets because
March 1974
the cut-back in Arab oil production,
and the rise in oil prices, were expected
to have a more severe impact on
Europe and Japan than on the United
States; the selling of dollar assets for
the account of foreign official agencies
reflected their intervening in exchange
markets through purchases of their
currencies for dollars to limit the
depreciation of their currencies against
the dollar. In late January the administration announced the end of the
programs to control outflows of U.S.
capital, and the dollar consequently
weakened in international markets;
also, the Arab oil boycott against
Europe and Japan was relaxed and this
bolstered these currencies against the
dollar. Consequently, the upward pressure on short-term rates from liquidation of dollar assets by foreign monetary authorities subsided.
Short-term rates fell sharply from late
January to late February. Most rates
declined a full percentage point, including the prime rate—the rate banks
charge their most creditworthy borrowers—which was lowered in 4 steps
of % percentage point each to 8%
percent. Once again, as in the fall, rates
on money market instruments fell much
more than the rate on Federal funds.
Testifying before the Joint Economic
Committee on February 26, the Chairman of the Federal Reserve Board reaffirmed that any credit relaxation will
be cautious and gradual. Citing shortages of petroleum products and other
materials and supplies, the Chairman
noted that the current economic slowdown does not appear to have the
characteristics of a typical business recession and concluded that ". . . the
Table 1.—Change in Selected Money Market
Rates
[Percentage points]
Sept.
21 to
Nov.
2
4 to 6-Month
prime commercial paper. -2.17
Dec.
14 to
Jan.
Jan.
25 to
Feb.
0.82
-0.42
-0.99
0.49
.33
Nov.
2 to
Dec.
14
25
22
Feb.
22 to
Mar.
15
Prime bankers'
acceptances
-1.93
.65
-.40
-1.00
90-day certificates of deposit
-2.44
.97
-.38
—1.16
.51
-.90
.14
-.44
-.53
-.04
Federal funds. -.
March 1974
task of monetary policy will not be the
same as in a classical business recession,
when a considerable easing in the supply
of money and credit can be expected to
provide the financial basis for the subsequent recovery." As a consequence of
that testimony, market expectations
apparently shifted and the course of
interest rates was again reversed, so
that rates were climbing rapidly in the
first half of March.
Long-term rates
Long-term rates, which rose only
moderately during the credit tightening
in the first 9 months of last year, likewise showed very little response to the
easing of credit conditions in that year's
closing months. Most long-term rates
dropped slightly in September-October
from their highs of last summer but
were rising again by mid-October and
have since drifted steadily higher. By
mid-March, most long-term rates were
close to or above their highs of last
summer (chart 1).
One reason why bond yields have
shown little response to easier monetary
conditions is the current steep rate of
inflation, which causes lenders to build
an "inflation premium" into interest
rates to protect the value of their capital
over time. Also affecting long-term rates
is the fact that long-term credit
demands have increased appreciably
since last summer. Gross proceeds from
sales of long-term corporate bonds increased from less than $6% billion in
the third quarter of last year to nearly
$10% billion in the fourth quarter, and
current evidence indicates that corporations are raising at least that much in
the first quarter. The volume of funds
raised in capital markets by State and
local governments has also increased,
from $5% billion in the third quarter to
$6% billion in the fourth, and the
indications are that borrowing in the
first quarter will about match that in
the fourth.
Mortgage market rates have moved
counter to the general uptrend in longterm rates. The FHA Series on new
home mortgage yields has declined
from 8.97 last October to 8.45 in
February. The behavior of mortgage
yields reflects the easier conditions in
money markets, which have caused an
SURVEY OF CURRENT BUSINESS
improvement in the flow of funds to the
thrift institutions—the major mortgage
lending institutions. With money market rates declining, savers found rates
paid on saving-type deposits once
again attractive; at savings and loan
associations, savings flows increased
from a seasonally adjusted annual
rate of $1.7 billion in the third quarter
to $4.9 billion in the fourth, the latest
period for which data are available.
of the rise in the book value of inventories which began late last year.
Also, there has been a sizable increase
in loans to commodity dealers. In
addition to heavy borrowing at commercial banks, the recent strengthening
of nonfinancial business demands for
short-term credit is also evident in
the substantial increase in sales of
commercial paper. Total nonbank commercial paper outstanding rose more
than $6# billion to $42.5 billion from
Commercial banks
the end of December to late February.
The move to a more accommodative
Commercial bank investment in secredit policy late last summer was re- curities rose at a quarterly rate of
flected in some easing of pressures on $8K billion in January and February
bank reserve positions. Member bank after very little growth late last year
reserves (seasonally adjusted) increased (table 2). Banks made sizable additions
moderately in the closing months of to their holdings of U.S. Government
last year, a period during which loan securities following steady liquidation
demands were weakening, and banks re- of holdings in the second half of last
duced their borrowing from Federal year. Purchases of other securities,
Reserve banks from the recent high of mainly State and local securities, were
$2.1 billion last August to $1.3 billion also sizable and bigger than in the
in December. Bank reserves increased second half of last year.
in January and decreased in February
to show very little net change from DeRecent Price Developments
cember. With loan demands strengthening appreciably after the turn of the
The pronounced acceleration of inyear, reserve positions tightened some- flation that developed in 1973 conwhat during February, and borrowing tinued in the early months of 1974.
from the Federal Reserve began to The wholesale price index increased
increase moderately after 5 months of an average 2.2 percent per month
decline.
(seasonally adjusted) in January and
Growth of commercial banks7 loans February, and the consumer price
and investments slowed sharply in the index 1.2 percent; both increases were
fourth quarter but increased rapidly
appreciably larger than in any quarter
in both January and February (table
2). The recent strengthening of loan of last year (table 3).
The high rate of price increase, which
demands was broadly based among
is
generally expected to continue at
various loan categories but the biggest
least
in the months immediately ahead,
increase was in business loan demand.
The strengthening of business demands has its roots in a number of developin part reflected the big acceleration ments that converged in 1972 and
Table 2.—Changes in Loans and Investments at Commercial Banks
[Billions of dollars; seasonally adjusted]
1974
19 73
I
Total loans and investments
Loans
Business
Other
.
Investments _
U.S. Government
Other..
.
. .
1. January and February expressed at quarterly rate.
Source: Federal Reserve Board.
II
III
IV
Ii
27 2
18 4
16.2
7.2
23.4
28.0
12.1
15.9
14.5
6.4
8.1
17.8
5.8
12.0
6.4
2.3
4.1
15.3
5.1
10.2
—.8
-1.5
.7
3.9
1.2
2.7
—1.6
-5.3
3.7
.8
-3.1
3.9
8.2
3.8
4.4
SUEVEY OF CUKKENT BUSINESS
1973. These include the simultaneous
cyclical expansion here and in other
industrial economies, the stimulative
posture of monetary and fiscal policies
in 1972, the shortfall in grain production
both here and abroad in 1972 and early
1973, the devaluations of the dollar
that raised prices of imported products
and lowered prices of U.S. products
to foreigners, capacity problems, particularly in the major materials producing
industries, the changing character of
price controls, and shortages of energy,
particularly petroleum after the Arab
oil boycott began in October.
Wholesale prices
In wholesale markets, the first
quarter increases were sharper for agricultural than for industrial commodities. The agricultural price increases
about matched those of last spring and
summer, and followed a decline in the
fourth quarter when food supplies
increased in response to the very sharp
price increases of mid-summer. Later
this year, supplies of grains are expected
to increase and this should ease the pressure on prices somewhat. Farmers are
bringing considerably more acreage
under cultivation in 1974, leading to an
expectation of large increases in grain
crops later in the year. This is particularly true of corn, which accounts for
about three-fourths of all feed grains;
current plans call for a 10 percent
increase in corn acreage this year.
However, the increase in the crop
production may not be proportional to
the acreage increase, because the new
land being brought under cultivation
is marginal land—and probably not as
fertile as normally tilled acreage—and
because an expected shortfall of fertilizer may reduce yields per acre even
on the more fertile land. In addition,
pressure from foreign demands may be
less later this year because harvests
abroad recovered to a record high in
1973 after a disappointing year in 1972.
The price index of industrial commodities surged in the fourth quarter
because of the initial impact of the oil
boycott, and the rise was only a bit
slower in the first quarter. Fuels and
power comprise about 15 percent of the
industrials index, but increases in the
fuel and power price index have recently
accounted for roughly half of the rise
in the industrials index. Price increases
for fuel and power early this year,
while rapid, were slower than in late
1973, reflecting mainly smaller increases
in prices of refined petroleum products.
March 1974
However, the spot market prices on
which the wholesale petroleum index
is based were greatly distorted by the
oil boycott late last year. As a result
price increases for refined petroleum
products may have been overstated
somewhat in the fourth quarter. In
spite of the recently announced end to
the oil embargo, fuel supplies are
expected to remain tight for some time,
and even when supplies increase to
more normal levels, the behavior of
fuel and energy prices will remain
highly unpredictable.
Aside from fuels, virtually all major
industrial commodity groups registered
big price increases in the early months
of this year. These increases uniformly
reflected severe capacity constraints
and widely reported shortages of key
materials and supplies. The only exceptions were the lumber and wood
products and the hides-skins-leather
groups where prices have leveled off
after big increases a year ago.
Consumer prices
The rise in consumer prices averaged
1.2 percent per month, seasonally adjusted, in January and February, compared to average increases between 0.6
and 0.8 percent last year. Foods and
Table 3.—Average Monthly Percent Change in Prices
[Seasonally adjusted]
1973
1972
I
II
III
I
IV
II
1974
III
IV
"
Wholesale Price Index:
All commodities. w
Agricultural products
Farm products .
Processed foods and feeds
Industrial commodities
Fuel & power
Other commodities
- - --•
--
^
- -
<_
0.4
0.4
0.6
0.8
1.6
1.8
1.1
1.2
2.2
.5
.6
.5
.5
1.0
.2
1.5
2.4
.8
2.1
1.8
2.3
3.6
4.9
2.7
3.1
4.1
2.4
3.2
5.4
1.6
—1.1
—2.7
.1
2.9
4.0
2.1
.3
.4
.3
.4
.4
.4
.3
.6
.3
.2
.5
.2
.8
1.3
.8
1.2
4.0
.8
.4
.5
.4
2.3
11.8
1.0
1.8
4.9
1,2
.3
.2
.4
.3
.7
.6
.8
.7
1.2
.5
.3
.3
1.6
.0
.0
.1
—.1
.6
.1
.0
.9
.4
.4
.4
.9
2.1
.8
.9
4.6
1.2
1.2
.7
.8
2.2
2.6
1.6
4.9
.7
3.9
3.6
—1.9
2.1
1.9
1.5
2.1
Consumer Price Index;
All items .
Food
Cereals & bakery products
Dairy 2..
w
Meats, Poultry & Fish.
Commodities less food
_
Gasoline & motor oil
Fuel oil & coal
Other commodities
Services 2
.
.
L ,_
u
.
w
Household services
less rent
Other services 2
w w .. • ^
1. January and February figures only.
2. Not seasonally adjusted.
. . . . . . . .
_
.
•
w
w
.
.
-
.
-
.2
.2
.3
.1
.3
.4
.2
.6
1.1
—.3
.0
.3
.0
.0
.2
1.1
.1
.2
.3
.3
.1
.6
2.1
.3
1.9
1.2
.3
—.5
.6
.3
3.8
8.9
.2
6.0
7.8
.5
.4
.3
.2
.3
.3
.4
.6
.8
.4
.3
.4
.2
.3
.2
.4
.3
.3
.3
.5
.3
.9
.4
1.1
.5
1.1
.4
SUEVEY OF CURRENT BUSINESS
March 1974
fuels continued to account for the bulk
of the increase.
Food prices comprise about 25 percent of the consumer price index. The
recent rise in food prices was as sharp
as the average in the first three quarters
of last year and nearly three times that
in the fourth quarter, when the index
for the meat, poultry, and fish group
declined following the summer price
surge subsequent to the lifting of price
controls. The price indexes for the
cereals and dairy groups accelerated
sharply in the fourth quarter in response to rising input costs, but slowed
somewhat in the first quarter. Prices
for fuels account for about 5 percent of
the consumer price index. Prices for
gasoline and motor oil and for fuel oil
and coal increased sharply in the fourth
quarter and in the opening months of
this year. Together, foods and fuels
accounted for nearly three-fifths of the
increase in the consumer price index
last year, and about one-half in the
first 2 months this year.
Services prices constitute about 40
percent of the consumer price index.
They were rising fairly steadily at
moderate rates from 1971 until the last
half of 1973, when the rate of increase
accelerated. Increases in recent months
have been due mainly to increasing
costs of household services other than
rent, particularly mortgage interest
costs.
fourth quarter of 1973 and sharply in
the opening month of this year. The
value of new public and private construction put in place fell about $%
billion, or % percent, in the fourth
quarter to a seasonally adjusted annual
rate of $136% billion. The fourth quarter contraction was in private outlays,
which declined $3 billion while public
outlays rose $2% billion, a very strong
rise. In January, the preliminary estimate shows that outlays fell $3 billion,
or 2}i percent, to $133% billion, with
that decline also centered in private
outlays (chart 2).
but the path of housing starts already
recorded indicates that residential construction outlays will continue to decline at the very least through the
early months of this year—despite
continuing sharp rises in construction
costs. (From the first quarter of 1973
to the fourth, residential construction
costs rose about 9 percent, largely
because of sharp rises in prices of
materials.)
1
'Other residential'' constru ction,
shown on chart 2, consists mainly of
hotels and motels and other nonhousekeeping units (such as dormitories).
The boom in motel and hotel building
Private construction
caused a steep rise in this category of
Residential construction (excluding outlays from 1971 through mid-1973,
motels, hotels and other nonhouse- but outlays have been stable since then.
keeping units) is the largest component
of private construction spending—it Nonresidential construction
accounted for 54 percent of spending in
Expenditures for private non1973 (table 3)—and thus the move- residential construction increased $2
ment of private construction spending billion in the fourth quarter of 1973
often mirrors that of residential out- after rising an average of about $1%
lays. Last year the pattern of resi- billion in the first three quarters;
dential outlays was erratic; they rose in outlays increased $% billion in January,
the first quarter, declined in the second about the same as the average monthly
but recovered somewhat in the third, increase in the fourth quarter. Outlays
and plunged $5 billion in the fourth. In for industrial construction—mainly facJanuary, residential outlays dropped tories—had been in a downtrend from
$2% billion further.
late 1969 until late 1972, but from the
Changes in residential outlays reflect fourth quarter of 1972 to the fourth
changes in housing starts with a lag. quarter of 1973 they rose $2% billion or
Starts fell from an average 2.39 million about 50 percent (chart 2; disaggreunits (seasonally adjusted annual rate) gated data for nonresidential construcin the first quarter of 1973 to an average tion are not available for the years
Construction Expenditures
1.58 million in the fourth quarter. 1965-67). The bulk of that rise was due
Following 3 years of virtually unin- Preliminary data indicate that the to increased building activity and not
terrupted
expansion, construction rate rose to an average 1.64 million simply rising prices; measured in conspending declined moderately in the units in January and February 1974, stant dollars, industrial outlays grew
about 40 percent over the four quarters.
Confirming
this, data published by the
Table 4.—Composition of Construction Expenditures
F.
W.
Dodge
Division of McGraw-Hill
[Percent distribution] 1
show that the square footage of floor
1970
1971
1972
1973 P
1968
1969
space involved in contracts for industrial
construction increased sharply in 1973,
100.0
100.0
100.0
100.0
100.0
100.0
Total
and by yearend had nearly regained the
30.0
29.8
27.3
24.4
24.1
31.9
Public
70.2
72.7
70.0
75.6
Private
_
68.1
75.9
1969 high. In January, industrial con100.0
100.0
100.0
100.0
100.0
Private
100.0
struction spending was unchanged from
55.7
48.7
46.2
52.8
53 7
49.7
Residential
December, but plant and equipment
14.4
14.6
15.1
13.1
14.8
14.4
Commercial
10.2
10.4
9.9
6.8
5.9
Industrial
5.0
spending plans, as well as very large
15.2
14.6
16.7
14.8
14.5
Public utilities
_.
15.0
3.4
4.5
2.9
3.8
Telephone and telegraph
38
3.5
12.5
backlogs of capital appropriations in
12.0
10.9
10.4
10 3
Other private
11.8
manufacturing, indicate that industrial
p Preliminary.
1. Based on current dollars.
2. Includes "Nonhousekeeping residential" religious, educational, hospital and institutional, miscellaneous buildings,
contraction outlays should continue to
farm nonresidential, and all other private.
rise
strongly this year.
Source: Bureau of the Census.
2
SUEVEY OF CURRENT BUSINESS
6
CHART 2
Construction Outlays
Billion $
(Ratio scale)
120
100
80
60
40
20
80
60
Private
Residential
(incl. farm)
40
20
10
Other Residential*
I . . . I . . . I .,
1965
66
67
68
69
70
71
72
73
Seasonally Adjusted at Annual Rates
* Excludes nonhousekeeping
**Nonhousekeeping (motels, hotels, dormitories, etc)
Data: Census
U.S. Department of Commerce, Bureau of Economic Analysis
74-3-2
Spending for commercial buildings—
offices, warehouses, and stores—had
been on a strong uptrend from late 1970
through the first half of 1973, but
leveled off after that. In constant
dollars, commercial outlays rose substantially in the first half of last year,
then declined in the third quarter and
were about unchanged in the fourth.
In January, current dollar outlays
evidently increased strongly, but this
increase only made up for the decline
in December. The weakening in economic activity this year, augmented
by the uncertain effects that fuel
shortages will have on shopping centers
and other suburban businesses, could
well cause a cutback in expenditures
for commercial building projects.
After several years of sizable increases, spending for hospitals and
institutions (mental institutions, and
rest and convalescent homes, etc.)
has shown no change since late 1972.
The leveling reflects a number of
developments: efforts in some areas
to consolidate hospital facilities and
eliminate duplication, the apparent
end of the need to expand facilities
to care for patients under medicare
and medicaid, and the impoundment
of funds under the Federal Hill-Burton
program of aid to hospital construction
in the first half of last year.
Outlays for telephone and telegraph
construction continued to rise strongly
throughout 1973. (Data for January
are not yet available.) The "all other"
category shown on chart 3 is a residual
which includes electric and gas utilities,
educational and religious institutions,
nonresidential farm construction and a
March 1974
miscellaneous group. Spending for "all
other" construction increased sharply—
$1# billion—in the fourth quarter
after rising moderately earlier last
year. Utilities are the biggest element
in the category— their spending totaled
$11% billion in 1973, about seventyfive percent of "other" spending— and
probably accounted for the bulk of
the fourth quarter expansion (utilities
data are available only annually).
Public construction
In recent years, public expenditures
have accounted for roughly 25 to 30
percent of total construction spending,
with State and local governments responsible for about 85 percent of those
outlays. State and local construction
spending rose strongly in the first
quarter of 1973, lost most of that increase in the second, was about unchanged in the third, and rose a very
strong $2 billion in the fourth. The
large fourth quarter increase was related
to the delayed impact of revenue
sharing. To many governments, the
initial distribution of revenue sharing
funds in late 1972 and early 1973 was
larger than expected. Some of these
revenues were used to expand construction programs, and were reflected in
higher outlays late in the year. Local
spending for sewer construction accounted for the largest part of the gain
as many communities attempted to
increase capacity and install new treatment facilities. Other major spending
categories moved erratically during the
year and, on balance, showed little net
change.
Revisions since January 1972 in aggregate manufacturing and trade inventories and
sales and inventory/sales ratios, regularly published on page S-5 of the SURVEY are
shown below in table A. These revisions reflect the revised estimates of retail inventories
regularly published on page S-12, and shown beow in table B. The retail inventory estimates have been adjusted to the levels of the Census Bureau's 1972 Annual Retail Trade
Survey, which provides the benchmark for the monthly series; in addition, the seasonal
factors have been updated.
March 1974
SURVEY OF CURRENT BUSINESS
Table A.—Manufacturing and Trade Inventories, Sales, and Inventory/Sales Ratios, and Retail Inventory/Sales Ratios
Manufacturing and trade
inventories and sales
Unadjusted
Year and
month
Inventories
Sales
Seasonally
adjusted
Inventories
Manufacturing and trade
inventories and sales
Inventory/sales ratios
Sales
Retail trade
Manufacturing
and
trade
Total
Unadjusted
Year and
month
Inventories
Dura- Nondurable
ble
Millions of dollars
Seasonally
adjusted
Inventories
Retail trade
Sales
Manufacturing
and
trade
Total
1.45
1.44
1.43
1.43
1.43
1.45
1.43
1.44
1.45
1.43
1.42
1.46
.41
.40
.38
.42
.41
.45
.41
.43
.43
.44
.46
.51
Dura- Nondurable
ble
Millions of dollars
1972:
January
February
March.
April
May_
June
July.... .
August
September
October
November
December
Sales
Inventory/sales ratios
1973:
182,869
184,627
186,721
188,276
189,281
188,659
187,897
188,203
190,091
193,797
196, 602
194,228
107,405
112,945
123,601
120,535
125,641
129,379
116,846
126,226
130,245
133,059
133,511
136,768
184,317
184,856
185,258
186, 187
187,394
187,905
188,695
190,217
191,594
193.069
194,509
196,002
118,299
117,998
120, 239
121,352
122,673
122,347
122,783
126, 792
127,656
130,336
131,918
133,483
1.56
1.57
1.54
1.53
1.53
1.54
1.54
1.50
1.50
1.48
1.47
1.47
1.51
1.49
.46
.47
.45
.47
.44
.43
.45
.42
.45
.43
2.09
2.09
1.99
2.02
1.99
1.99
1.93
1.88
1.95
1.90
1.95
1.91
January
February
March
April
May
June
July
August. -. _
September...
October
November...
December
1.23
1.21
1.19
1.20
1.19
1.21
1.20
1.20
1.20
1.17
1.20
1.18
196,720
199, 829
202,959
204,799
206, 563
207,491
207, 670
207,691
209,921
214,722
219,589
219, 247
125,858
130,874
144,004
141,559
147, 001
149,963
138, 911
146,353
146,046
154, 869
154,834
154, 229
198,157
199,956
201,317
202,529
204,623
206,961
208,776
210,548
212, 227
214,284
217,637
221,357
136,863
138,910
141,010
141,274
142,682
142,311
146, 458
146,068
146, 235
150, 157
153,096
151,381
1.84
1.82
1.79
.84
.86
.97
.91
.90
1.93
1.95
2.03
2.17
1.18
.18
.16
.19
.18
.19
.15
.19
.18
.18
.19
1.21
Table B.—Retail Inventories
[Millions of dollars]
Year and month
Retail trade,
total
Durable goods
stores, total
Automotive
group
Furniture and
appliance
group
Lumber,
building
materials,
hardware
group
Nondurable
goods stores,
total
Apparel group
Food group
General
merchandise
group
Department
stores
Unadjusted
1972:
January
Febuary
March...
...
April
May
June
July - .
. ..
August. .
September
October.
November. _. . .
December
1973:
January.
February _
March
April
May
June
July
August .
September.
October
November
December
._
50, 841
51, 998
53, 732
54, 581
54, 980
54,515
53, 748
52, 783
54,413
56, 437
58, 314
54, 918
25, 563
24, 146
24, 944
25,424
25, 707
25,444
24, 458
22, 741
23,566
24, 222
25, 269
25, 268
11, 601
11, 973
12, 433
12, 635
12, 781
12, 522
11, 594
9,753
10, 502
10, 895
11,510
11, 826
3,547
3,663
3,800
3,929
3,981
3,987
4,035
4,066
4,193
4,295
4,464
4,336
3,315
3,417
3,513
3,579
3,619
3,576
3,552
3,546
3,573
3,587
3,660
3,647
27, 278
27, 852
28,788
29, 157
29, 273
29, 071
29, 290
30, 042
30,847
32, 215
33, 045
29, 650
4,249
4,426
4,622
4,693
4,620
4,538
4,632
4,872
5,087
5,236
5,355
4,614
5,350
5,357
5,486
5,510
5,556
5,537
5,562
5,630
5,644
5,892
6,029
5,858
10, 933
11, 337
11, 970
12, 175
12, 296
12, 272
12,347
12, 761
13,229
13, 956
14, 436
12, 115
6,564
6,736
7.179
7,295
7,423
7,368
7,314
7,595
7,905
8,474
8,933
7,265
55, 283
56, 921
58, 629
59, 716
60, 139
60, 395
60, 008
58, 909
60, 148
62, 559
64,951
61,643
25, 597
26, 412
27, 103
27, 647
28, 042
28, 291
27, 916
25, 843
26, 308
26, 991
28, 099
27, 899
12, 132
12, 810
13, 358
13,649
13, 882
14, 190
13, 989
11, 854
12, 198
12, 657
13, 490
13, 847
4,345
4,358
4,416
4,551
4,639
4,625
4,582
4,615
4,6d2
4,800
4,900
4,690
3,706
3,821
3,922
4,017
4,073
4,044
4,050
3,981
3,963
3,990
3,969
4,024
29, 686
30, 509
31, 526
32, 069
32, 097
32, 104
32, 092
33, 066
33,840
35, 568
36, 852
33,744
4,408
4,674
4,894
4,947
4,879
4,863
4,883
5,125
5,271
5,512
5,678
5,012
5,729
5,730
5,890
6,010
6,019
6,139
6,049
6,156
6,308
6,526
6,749
6,697
12,448
12, 995
13, 589
13, 877
13, 937
13, 936
14, 097
14,569
14, 932
16, 073
16, 447
14, 548
7,401
7,677
8,079
8,219
8,217
8,124
8,247
8,590
8,708
9,368
9,476
8,379
Seasonally adjusted
1972:
January .
February
March
April
May.
June
July
August .
September
October
November
December
1973:
January .
February
March
April
May
June
July
August
September
October
November
D ecember
....
. ._. ..._ .
52,707
52, 769
53,041
53,346
53,980
54,004
53,951
54,231
54,769
55,420
56,246
56,551
24, 016
23, 949
24, 050
24, 225
24,474
24,362
24, 104
24, 150
24,604
25,024
25, 717
26,034
11,790
11, 658
11,641
11,656
11,747
11, 520
11, 159
11,083
11,490
11,740
12, 193
12,306
3,680
3,742
3,811
3,875
3,938
3,975
4,059
4,086
4,176
4,223
4, 305
4,407
3,379
3,420
3,441
3,465
3,500
3,513
3,534
3,600
3,635
3,638
3,727
3,756
28,691
28,820
28, 991
29,121
29,506
29, 642
29,850
30,081
30, 165
30,396
3Q,529
30, 517
4,619
4,625
4,645
4,684
4,705
4,698
4,761
4,781
4,826
4,848
4,877
4,826
5,443
5,455
5,497
5,505
5,562
5,559
5,601
5,716
5,707
5,765
5,786
5,789
11,842
11,974
12, 126
12,200
12,390
12,565
12,580
12,723
12,717
12, 771
12,892
12,930
7,119
7,166
7,252
7,310
7,468
7,596
7,517
7,618
7,608
7,690
7,871
7,754
57,388
57,823
57,898
58,378
59, 012
59,788
60,213
60,677
60,847
61,681
62,937
63.561
26, 144
26,234
26,146
26,356
26,661
27,051
27, 494
27,563
27, 507
27,926
28,662
28. 778
12,380
12, 499
12, 511
12, 601
12,731
13,041
13,476
13,470
13,336
13, 627
14,302
14 433
4,506
4,452
4,428
4,489
4,585
4,613
4,612
4,641
4,643
4,723
4,727
4 7«K
3,775
3,821
3,840
3,889
3,936
3,974
4,Q30
4,047
4,036
4,047
4,041
4 144
31, 244
31, 589
31,752
32,022
32,351
32,737
32, 719
33, 114
33,340
33, 755
34, 275
4,792
4,888
4,919
4,938
4,970
6,035
5,021
5,033
5,008
5,099
5,170
5 244
5,829
5,839
5,904
6,002
6,029
6,167
6,092
6,250
6,379
6,389
6,478
6.618
13,482
13,718
13,756
13,899
14,043
14,258
14,369
14,528
14, 590
14, 937
14,925
15. 532
8,019
8,163
8,156
8,233
8,262
8,368
8,482
8,623
8,614
8,708
8,567
8,943
34 783
SUKVEY OF CUEEENT BUSINESS
8
March 1974
• In February: The unemployment rate was unchanged at 5.2 percent
•
Nonfarm payroll jobs advanced 175,000
•
Wholesale price index rose 1.5 percent
THE LABOR MARKET
TOTAL PRODUCTION
PRICES
Percent
Million Parsons
Billion $
96
1,500
CIVILIAN LABOR FORCE AND EMPLOYMENT
CURRENT DOLLAR GNP*<
IMPLICIT PRICE DEFLATOR FOR GNP
(Change From Previous Quarter) * *
1,400
1,300
84 -
1,200
1,100 I
I
I
I
I
I
'
I
I
Quarterly (IV)
'
1
80
I
Quarterly (IV)
Monthly (Feb.)
BEA
Percent
Percent
8
Billion $
CURRENT DOLLAR GNP
(Change From Previous Quarter) *
CHAIN PRICE INDEX FOR GNP
(Change From Previous Quarter)
UNEMPLOYMENT RATE
6 =:
20
4
-
2
-
Quarterly (IV)
Billion $
1,050
CONSTANT DOLLAR (1958) GNP**
NONFARM ESTABLISHMENTS
950
Employment
(left scale)
850
Man-Hours*
(right scale)
750
650 I
I
I
I
I
I
I
I
I
I
I
Quarterly (IV)
I
BEA
Percent
Hours
15
44.0
PRODUCTION OR NONSUPERVISORY
WORKERS (PRIVATE)*
CONSTANT DOLLAR (1958) GNP
(Change From Previous Quarter)**
10
42.0
-nwa.
-
Average Hourly Earnings
(right scale)
m
40.0
-
38.0
-
Average
Weekly Hours
(left scale)
36.0
1972
1973
1974
BEA
Quarterly (IV)
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
1972
1973
Monthly (Feb.)
1974
BLS
1972
1973
Monthly (Feb.)
1974
BLS
March 1974
SURVEY OF CURRENT BUSINESS
9
•
•
In February: Personal income increased $6% billion
Housing starts rose 22 percent to an annual rate of 1.8 million units
•
Plant and equipment outlays expected to rise 13 percent in 1974, about the same as the increase in 1973
INCOME OF PERSONS
CONSUMPTION AND SAVING
Billion $
1,000
1,200
PERSONAL INCOME**
900
v^T*
_
Personal Consumption
Expenditures
(left scale) v
^*~>
s^
1,000
^**r
700
11 1 11 1 1 1 1 1 1 1 11 1 11 111 11 t 111 11 11 1 1 1
_ 14
100
600
Billion $
\
10
75
— --T
/..,
_
6
50
2
25
_.
i
1
i
i
i i i
Billion $
60
120
50
Total
(left scale)
TotaU
>^
300
40
200
30 _
^>^
^^^
^
t-_t—•••%.
* — ""
BEA
WANT AND EQUIPMENT EXPENDITURES"
h-
^^^
700
i i i
Quarterly (IV)
RETAIL STORE SALES*
-
^^^
BEA
Billion $
WAGES AND SALARIES**
..,
I
Nonresidential Structures**
i
Quarterly (IV)
900
Producers' Durable Equipment **
\— *-"•""""
/
Personal Saving Rate
(right scale)
t i l
i
-
Residential Structures**
^-"^l
_><^^
X-'*>L
BEA
Billion $
600
125
.s^^
Monthly (Feb.)
800
18
_
800
s\^^
^^
800
Billion $
PERSONAL CONSUMPTION EXPENDITURES**
AND PERSONAL SAVING RATE*
1,100
900
FIXED INVESTMENT
Percent
Billion $
-
110
"""
100
/
-
..--'"'
•M
\
.S
90
Excluding Automol ive
•
1 ~
/\
——'
Group
° Expected
Manufacturing
• 1 1 1 1 1 1 t i i * i § ?i i^R § i ii 1 1 1 1 1 1 1 1 1 1 1
500
Monthly (Feb.)
100
20
i iii i ii t i i i
BEA
Billion $
Million Units
1,100
14
"
I
I
I
i
l
l
6
BEA
Billion $
3.2
REAL PER CAPITA DISPOSABLE
PERSONAL INCOME**
- (In 1958 Dollars)
/
/
2,650
2.4
1.6
.8
i i i i i i i
1973
Quarterly (IV)
* Seasonally Adjusted
0
1974
I
BEA
^ /
%
L
8 1
0
6
1 1 1 1 1 1 1 L t 1 1
Trade Sources & BEA
BEA
Shipments
1 1 11 1 1 1 1 1 t 1
1 1 1 1 1 1 1 1 1 1 1
Monthly (Feb.)
Census
3.0
PRIVATE HOUSING**
_
__
//W\n
A/ »
I
\
1 11 1 1 1 1 1 1 1 1 11111 i 1 1 1 11
2.5 jr
2.0
^%
1973
Monthly (Jan.)
..
7 S
Qtartc
~"
"••-"•/ " V\(
VI
\/\ \
/**%\
/
1972
** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
I
Million Units
/\/v
-y
1972
/'\/
^^r*^
2
NET CHANGE IN INSTALLMENT
CREDIT OUTSTANDING*
A
t i t
I
10
(rwTscalejl
Monthly (Feb.)
3,050
2,750
New Orders
«
—•' ""'"•'•x.A fK
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 11 i ii il1 iii ii
Dollars
2,850
1
f^fj^^^
8
l
1
12
-,
^/V
~^^
l
1
CAPITAL GOODS MANUFACTURERS*
(NONDEFENSE)
"
10
i
I
Billion $
KJ
Quarterly (IV)
2,950
Million Units
Domestic
(left scale)
12
^/
sS'^
700
I
Quarterly (II)
NEW CAR SALES**
900
800
I
80
Census
14
DISPOSABLE PERSONAL INCOME**
1,000
i i i i i i i i i i i> 1 1 1 1 1 1 1 1 1 i i
Monthly (Feb.)
Permits \ \J
1.5
i iiii1 iiii t
1974
1.0
-
1 111111 n1 1 1 1 11 i 11 i 1 1 i 1 1 1 i 11 1 11 ii
1972
FRB
/
1973
Monthly (Feb.)
1974
Census
L0
SUEVEY OF CURRENT BUSINESS
•
•
•
In January: Manufacturing and trade inventories rose $2.4 billion
U.S. merchandise trade surplus amounted to $644 million
Federal fiscal position on NIA basis showed a $5 billion surplus in fourth quarter
INVENTORIES
FOREIGN TRANSACTIONS
Billion $
Billion $
30
30
20
March 1974
_
GOVERNMENT
Billion $
250
GOVERNMENT PURCHASES OF
GOODS AND SERVICES**
NET EXPORTS <k*
CHANGE IN BUSINESS INVENTORIES**
(GNP Basis)
_
"
10
-
20
-
State and Local
150
10
Goods and Services
/
/f
__
••***
\
_^s— ,X
Merchandise
i i i
i i i
X
-10
-10
Quarterly (IV)
Federal Total
. \
„ __
Defense
.«...«.. \
"""•
i i i
«•-— — •
»
i i i i
\f\f\
IUU
0
0
-
200
i
l
l
Quarterly (IV)
BEA
50
BEA
Billion $
Billion $
Billion $
240
10
350
220
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
/
>X
Total
>^
MERCHANDISE TRADE*
-
160
—
-
1 ! 1 1 i 1 1 1 1t 1
1 I t 1 t 1 t 11 1 1
1 1 I 1 1 i 1 1 11 1
Month!/ (Jan.)
4
2
i ,, ,,,
^
t t i
iii. 11,ii,i
( (
- --.^X/x^
200
_
-^
i
150
Billion $
Billion $
50
120
100
-
BALANCE OF PAYMENTS*
Trade -^ .«•""
»••**"""*
Current Account
\
1 1 1 i 11 i11 1 i 1 11 1 11111 1 1 111 111 i1 1 11
i
-16
1.4
1.0
i
i
i
l
i
t
Quarterly (IV)
8
-*
**v—-X^JL r ,^*v
-*..-.—
f .JUT--*..— ^rrr^
•...« .
1973
Monthly (Jan.)
Census & BEA
^Seasonally Adjusted "Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
-16
FEDERAL BUDGET POSITION**
(NIA Basis)
i
i
BEA
_
~. •• H
Quarterly (IV)
BEA
DEFENSE PRODUCTS MANUFACTURERS*
_
_
x-x-"
""^
Net Liquidity
Balance
1974
i
4
^
Trade
1 1 1 11 1 1 1 1 1 i i 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 i i 1 1 1
i
Billion $
Q
-8
i
-50
3
_
Official Reserve
Transactions Balance
Total Manufacturing
and Trade
_^
\
Manufacturing
i
kill '
II 1
1
BAUNCE OF PAYMENTS *
_
1972
_
BEA
Billion $
INVENTORY/SALES RATIOS*
1
ft
1 .0
i
-25
16
2.6
2.2
i
25
0
'^>^^
Current Account and
Long-Term Capital
Census & BEA
Ratio
yv,.-_A*^*
r—"^
-8
Monthly (Jan.)
_
0
80
60
_
8
i
i
Quarterly (IV)
16
_
i
Census
140
MANUFACTURING AND TRADE INVENTORIES*
(Book Value, End of Month)
^?
Manufacturing
^^*
\ ^-*-^x^"^
_^,^^J**f****^
Receipts
_
Billion $
_
_
250
,
Monthly (Jan.)
Census & BEA
BEA
Expenditures
\
^^^^^
A^X/^
^_^£> "\
Exports
•«?•«••».»•• .*•"***"
i
300
**"" *
Imports
^[
^^s^
180
-
6
200
i
FEDERAL BUDGET **
(NIA Basis)
-
8
i
Quarterly (IV)
i
1972
i
i
2
\
_
1
New Orders
\\
\
&
A K
\£&&T/^^ v
^
*?**
1
V
V '""
\
Shipments
V
I
I
I
1973
Quarterly (IV)
I
I
I
0
1974
BEA
1 1 1 11 1 1 1 1 1 i 1 1 1 1 1 1 1 11 1 1 i11 1 1 1 1 111i
1972
1973
Monthly (Feb.)
1974
Census
SURVEY OF CURRENT BUSINESS
March 1974
*
•
•
In February: Industrial production declined 0.6 percent
Money supply and bank credit increased sharply
Corporate profits before taxes (including IVA) up slightly in fourth quarter
INDUSTRIAL PRODUCTION
MONEY, CREDIT, AND SECURITIES MARKETS
1967=100
Billion!
160
720
380
INDUSTRIAL PRODUCTION*
100
11111 111 111
80
_ 340
Bank Credit
(left scale)
>'*"T^x^ "*"\
Durable
^xX*^-x/
Manufactures
*''~
120
560
480
1 1 11 1 11111 1 11 111 11 i111
Monthly (Feb.)
FRB
4
'"" i/r
r*** — v/\
L y—'
100
t
\:
:
Steel
V
\
-2
FRB
-
-
-
^^
7f\
/\J
12
i
i
i
l
l
t
i
l
Quarterly (IV)
8
0
\
,,.,,!,,.,,
FRB
1 94 1 -43 = 1 0
_.
v^^^
\
120
—
100
cs*~\
\
60
1973
Monthly (Feb.)
1974
Census
* Seasonally Adjusted ** Seasonally Adjusted at Annual Rates
U.S. Department of Commerce, Bureau of Economic Analysis
^.^-X^
75 _
25
_
-~
^
—
Profits After Tax
^».
,»***
,..*—*• r""* i
50
I
I
I
.
I
l
l
Quarterly (IV)
BEA
COMPENSATION AND REAL OUTPUT PER MAN-HOUR
PRIVATE ECONOMY
16 - (Change From Previous Quarter) **
Compensation
• Lr
3
8
~
0
Treasury B Us
,,,,,l,il,,
,, ,, , 1 , , , , ,
]111! 1 1 li
Output
f\l limit
3
—
~
3
-8
Quarterly (IV)
BLS
Percent
/1V
—
16
>
\-A
^'\
8
I 1 1 1 t 1 1 M 1 t
1972
1 1 M
1 1 1 1 1 1 1
1973
Monthly (Feb.
—
ini
-8
1 t 1 i i 1 i i I ii
1974
_
UNIT LABOR COSTS PRIVATE ECONOMY
(Change From Previous Quarter) **
I ..
Vs
OQ
zo
20
BEA
V.
100
//^s»-r\
Standards and Poor's 500
Shipments
1972
Cash Flow After
Dividends
STOCK PRICES
.•*
/""••O /
l
24
DURABLE GOODS MANUFACTURERS *
36
125 ~
Monthly (Feb.)
140
New Orders
l
150
^ 3-Month
%f —*-
52
—
i
Billion $
v\
*> •
,- -O^'^f
Billion $
44
I
FRB
Commercial Paper
Corporate Aaa (Moody's)
4
I
24
_
^^^
i
1
Nonfinancial
Corporations
t i l
Percent
Manufacturing
60
50
\
INTEREST RATES AND BOND YIELD
RATIO OUTPUT TO CAPACITY*
_
30
Monthly (Feb.)
16
80
,«.••••*****
^
N/^~/X^
Net Free Reserves
v
— ••
(left scale)
"\./ /-f
Percent
-
35
1 1 1 1 1 1 1 1 1 1 1 I I M I " nM 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
100
^
..
\ ^f\*
Percent
...-•*"""""
-\
CORPORATE CASH FLOW AND PROFITS**
Total Reserves*
(right scale)
•*S~
...
Monthly (Feb.)
V
/'
~~
^—
Quarterly (IV)
40
0 a
1 1 i i i i i t i ii 1 1 1 1 1 1 1 1 1 1 i 1 1 1 , 1 1 1 1 1 1 1
N
220
_
\
90
^^
FRB
Billion $
2
-X
80
75
,.j
A
—
K
J\J
120
260
\
_
BANK RESERVES
-
y
^^**
100
45
INDUSTRIAL PRODUCTION*
Autos
'-"
Monthly (Feb.)
6
300
^*<*^
/,
...»..-•"""""
«•**
400 1 1 1 1 i 1 1 1 1 1 i i i 1 1 i i 1 1 1 1 1 i i 1 1 i i 1 1 1 1 i
Billion $
_
Tntal
lUuJI
Money Supply
(right scale)
^
160
125
s*~~\
^^
^/
^^
1967= 100
140
150
CORPORATE PROFITS AND IVA, BEFORE TAXES**
640
^....^.--•^^II^IZ^
Total
Billion $
BANK CREDIT AND MONEY SUPPLY*
Nondurable
Manufactures \^
140
PROFITS AND COSTS
Billion $
1972
1973
Quarterly (IV)
1974
BLS
SURVEY OF CURRENT BUSINESS
12
March 1974
NATIONAL INCOME AND PRODUCT TABLES
1972
1972
1973
IV
III
1972
1973
I
II
III
IV
1972
1973
III
1973
IV
Seasonally adjusted at annual rates
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, 155. 2 1,289.1 1, 166. 5 1, 199. 2 1,242.5 1,272.0 1,304.5 1, 337. 5
Gross national product
Personal consu mption expenditures
Durable 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
-
790.7
837.4
796.7
812.3
829.3
834.3
841.3
844.6
726.5
804.0
734.1
752.6
779.4
795.6
816.0
825.2
526.8
553.9
531.0
540.5
552.7
553.3
558.1
551.3
117.4
299.9
309. 2
130.8
335.9
337 3
120.2
302.3
311.6
122.9
310.7
319.0
132.2
322.2
325.0
132.8
330.3
332.6
132.8
341.6
341.6
125.6
349.6
350 0
104.0
220. 9
201.8
114.3
228.8
210 7
105.8
222.2
202.9
109.2
225.8
205.4
117.0
228.8
207.0
116.2
228.0
209.1
115.4
230.2
212.5
108 7
228 3
214 3
178.3
202.1
181.5
189.4
194.5
198.2
202.0
213.9
122.9
132.2
124.8
129.1
130.2
130.2
130.8
137.6
172.3
194 2
172.9
181.2
189.9
193.7
197.3
195 9
118.3
126 6
118.2
122.8
126.9
126.9
127.7
125 0
118.2
41.7
76.5
136 2
48.4
87.8
118.3
41.3
77.0
124.3
43.0
81.2
130.9
45.3
85.5
134.1
47.2
86.9
138.0
49.5
88.6
141 8
51 7
90.1
83.7
23.0
60.8
92 6
24 9
67.7
83.4
22.7
60.7
87.5
23.1
64.3
91.2
23.8
67.4
91.5
24.4
67.2
93.2
25.2
68.0
94 5
26 2
68 3
54.0
53.5
.6
58.0
57.4
.6
54.5
53.9
.6
56.9
56.4
.5
59.0
58.4
.6
59.6
59.1
.5
59.2
58.6
.6
54.0
53 4
.7
34.6
34.2
.4
34.0
33 6
.4
34.7
34.3
.4
35.3
35.0
.3
35.6
35.3
.4
35.3
35.0
.3
34.5
34.2
.4
30 5
30 1
4
6.0
5.6
.4
8.0
7 3
.6
8.7
8.4
.3
8.2
7.9
.3
4.6
4.4
.2
4.5
4.4
.1
4.7
3.2
1.5
18.0
17 3
7
4.6
4.5
.1
5.6
52
.3
6.6
6.6
.0
6.3
6.2
.1
3.3
3.2
.1
3.4
3.3
.1
3.0
2.3
.7
12 5
12 1
4
-4.6
5.8
-3.8
-3.5
.0
2.8
7.6
12.8
-2.0
6.7
—.9
—.8
2.0
5.6
7.4
11.6
73.5
78.1
102 0
96.2
74.0
77.7
79.7
83.2
89.7
89.7
97.2
94.4
104.5
97.0
116 4
103.6
56.4
58.4
67 6
60.9
59.6
60.3
65.3
63.3
66.6
61.1
€7.4
60.0
71 0
59 4
144.7
56.6
57.5
255.0
277. 1
254.7
260.7
268.6
275.3
279.0
285.6
143.0
143.5
144.4
Federal
National defense
Other
104.4
74.4
30.1
106.6
73 9
32 7
102.3
71.9
30.4
102.7
72.4
30.3
105.5
74.3
31.2
107.3
74.2
33.1
106.8
74 2
32.7
106.8
73 0
33 8
60.8
57 1
58.8
58.6
58.2
58.2
57.2
54 9
State and local
150.5
170 5
152.4
158.0
163.0
168.0
172.2
178 8
82.2
87 6
83.0
85.0
86.2
87.0
87.8
89 2
Government purchases of goods and services
141.8
145.2
145.0
144.1
Table 2.—Gross National Product by Major Type of Product in Current and Constant Dollars (1.3, 1.5)
Gross national product
Final sales
Change in business inventories
1, 155. 2 1,289 1 1, 166. 5 1, 199. 2 1, 242. 5 1, 272. 0 1,304.5 1 337 5
790.7
837.4
796.7
812.3
829.3
834.3
841.3
844.6
1, 149. 1 1 281 11, 157. 8 1, 191. 0 1, 237. 8 1 267.5 1 299 8 1 319 4
o o
6.0
4.6
4.5
80
4.7
8.7
18 0
786.1
4.6
831 8
56
790.0
6.6
806.0
6.3
826.0
3.3
831.0
3.4
838.3
3.0
832 1
12 5
541.4
614.7
548.6
563.6
589.6
604.2
622.3
642.6
423.9
455.9
428.4
438.4
452.1
453.9
456.8
460.9
Final sales
Change in business inventories
535.4
6.0
606 7
80
539.9
8.7
555.4
8.2
585.0
4 6
599.6
4.5
617.6
47
624 6
18 0
419.3
4.6
450 3
56
421.7
6.6
432.1
6 3
448.7
33
450.5
3.4
453,7
30
448 4
12 5
Durable goods
Final sales
Change in business inventories
219.1
214.1
4.9
250 1
242 1
80
222.6
216.8
5.8
233.2
222.8
10.4
242.5
238. 1
4.4
249 7
242. 4
7.3
254 3
246.2
8.0
254 2
241 7
12 4
184. 1
180.2
3.9
206 2
200 4
58
186.2
181.8
4.4
196 3
188.0
8.2
203 4
200.3
3.2
207.1
201.8
5.4
208 1
202.4
5.7
206 0
197 2
89
322.3
321.2
1.1
364 5
364.6
-1
326.0
323.1
2.9
330.3
332.5
—2.2
347.2
346.9
.3
354.5
357.3
—2.8
368 0
371.4
—3.4
388 4
382 8
56
239.8
239.1
.7
249 7
250 0
-2
242.2
240.0
2.2
242.1
244.1
—1.9
248.7
248.5
.2
246.7
248.7
—2.0
248.7
251.3
-2.6
254 9
251.3
36
487.3
126.5
534 5
139.9
491 8
126.2
503.9
131.7
514 8
138.1
527 7
140.1
540 8
141 4
554 7
140 2
292 6
74.2
306 0
75.5
294 5
73.8
298 8
75.1
300 6
76.7
304.1
76.3
308 6
76.0
310 5
73.1
Goods output.
_
. ._
Nondurable goods
Final sales
_
Change in business inventories
Services
Structures
.
__
...
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
Federal....
State and local
1, 155. 2 1, 289. 1 1, 166. 5 1, 199. 2 1, 242. 5 1, 272. 0 1 304.5 1, 337. 5
790.7
837.4
796.7
812.3
829.3
834.3
841.3
844.6
1,019.7 1,141 6 1,030 0 1 060.0 1,098 9 1 126 2 1 156 3 1 184 9
729.5
774 9
735 3
750 3
767 1
772.0
778.8
781.7
984 9 1 013.6 1 050 5 1 076 8 1 105 2 1 130 1 706 6
951.0
976.9 1,008 9 l'o33 5 1 056 2 1 073 4 682.0
33 9
36 7
41 6
43 3
24 6
49 0
56 7
750 7
727 5
23 2
712 3
688 7
23 6
726 8
702.5
24 2
742 9
718 1
24 g
748 3
725 9
22 4
754 7
733.6
21 2
756 8
732.6
24 2
975.4 1 090 6
941.0 1,043 0
34 4
47 7
36.8
7.5
41 1
98
37.5
7 6
37.8
8 7
39.3
91
40.5
89
41 8
93
42 9
11 9
17.4
55
18 3
59
17.5
55
17.4
6 2
18 0
6 3
18.2
55
18.5
55
18 5
65
135 4
50.3
85.1
147 5
52 8
94 8
136 5
50 2
86.4
139 2
50 5
88.7
143 5
52 5
91 1
145 8
52*2
93 6
148 2
52 3
96 0
152 5
54 1
98 4
61 1
21 8
39 3
62 5
21 3
41 1
61 3
21 7
39 7
62 0
21 7
40 3
62 2
21 6
40 6
62 4
21 4
41 0
62 5
21 2
41 3
62 9
21 2
41 7
HISTORICAL STATISTICS
THE 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 District Offices or the Superintendent of Documents; see addresses inside
front cover). Each July SURVEY contains preliminary data for the latest 2 years and fully revised data for the preceding 2. The July 1973
issue has data for 1969-72. Prior July issues have fully revised data as follows: 1968-69, July 1972; 1967-68, July 1971; 1966-67, July 1970;
1965-66, July 1969; 1964-65, July 1968. BE A will provide on request a reprint of the fully revised data for the years 1964-69.
SUEVEY OF CUKEENT BUSINESS
March 1974
1972
1972
1973*
1972
1973
I
IV
III
13
II
III
1972 1973*
IV*
Seasonally adjusted at annual rates
1,155.2 1,289.1 1,166.5 1,199.2 1,242.5 1,272.0 1,304.5 1,337.5
consumption
- -
102.4
109.9
102.3
105.1
106.9
109.0
110.5
113.1
Equals: Net national product. .1,052.8 1,179.2 1,064.2 1,094.1 1,135.5 1, 163. 0 1,194.0 1,224.4
Less: Indirect business tax
and nontax liability... 109.5
Business transfer pay4.6
ments
Statistical discrepancy _ . -1.5
Plus: Subsidies less current
surplus government
enterprises
Equals: National income
Less: Corporate profits and
inventory valuation
adjustment .
Contributions for social
insurance
Wage accruals less disbursements
Plus: Government
transfer
payments to persons ..
Interest paid by government (net) and by
consumers _
Dividends _
.Business transfer payments
Equals: Personal income
1.7
117.8
110.5
112.8
115.6
117.2
118.5
119.9
4.9
2.8
4.7
1.6
4.7
.2
4.8
1.1
4.9
3.2
5.0
3.7
5.1
3.4
.4
941.8 1,054.1
1.8
949.2
2.2
I
II
III
IV*
Billions of doUars
Table 4.—Relation of Gross National Product, National Income,
and Personal Income (1.9)
Less: Capital
allowances
IV
Seasonally adjusted at annual rates
Billions of dollars
Gross national product
III
1973
.4
.9
Table 6.—National Income by Type of Income (1.10)
National income
941.8 1054. 1 949.2 978.6 1015.0 1038.2 1067.4 1095. 8
Compensation of employees
707.1 785.2 713.1 731.2 757.4 774.9 794.0 814.7
627.3 691.4 632.5 648.7 666.7 682.3 699.3 717.2
Wages and salaries
Private
Military
Government civilian
493.3 546.0 497.5 510.9 525.1 538.7 553.2 566.9
20.3 20.8 20.0 20.1 20.9 20.5 20.4 21.3
113.8 124.6 115.1 117.7 120.7 123.1 125.7 129.1
Supplements to wages and salaries. . 79.7
Employer contributions for social
insurance
39.0
Other labor income
.6
-.2
978.6 1,015.0 1,038.2 1,067.4 1,095.8
Proprietors' income
Business and professional
Farm...
_
Rental income of persons
91.1
109.2
91.5
98.8
104.3
107.9
112.0
112.6
73.7
92.1
74.5
75.8
89.3
90.9
93.0
95.0
-.5
-.1
-.2
.0
.0
-.3
.0
.0
98.3
112.6
96.4
107.3
108.8
110.8
113.7
116.9
32.7
26.0
37.1
27.8
32.9
26.2
33.7
26.4
34.7
26.9
36.1
27.3
38.0
28.1
39.7
29.0
4.6
4.9
4.7
4.7
4.8
4.9
5.0
5.1
939.2 1,035.4
943.7
976.1
Corporate profits and inventory valuation adjustment
Profits before tax
Profits tax liability
Profits after tax .
Dividends
Undistributed profits
-
Inventory valuation adjustment
Net interest
93.9
80.5
82.5
90.8
92.6
94.7
49.0
39.3
40.2
47.4
48.3
49.4
50.8
40.7
44.9
41.3
42.3
43.3
44.2
45.3
46.7
97.5
74.2
84.2
74.1
77.1
80.6
81.5
85.0
89.8
54.0
20.2
57.5
26.8
54.3
19.8
55.3
21.8
56.3
24.3
57.1
24.4
57.9
27.1
58.5
31.3
24.1
25.1
24.9
24.9
24.7
24.6
25.3
25.7
91.1 109.2
91.5
98.8 104.3 107.9 112.0 112.6
98.0 126.4
98.4 106.1 119.6 128.9 129.0 128.1
42.7
55.4
26.0
29.3
42.9
55.6
26.2
29.4
55.9
70.5
27.8
42.7
45.9
60.3
26.4
33.9
52.7
66.9
26.9
40.0
57.4
71.6
27.3
44.2
57.6
71.5
28.1
43.4
56.0
72.0
29.0
43.0
-6.9 -17.3 -6.9 -7.3 -15.4 -21.1 -17.0 -15.5
45.2
50.4
45.7
46.6
47.9
49.4
51.1
53.0
996.6 1,019.0 1,047.1 1, 078. 9
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
All industries, total
941.8 1054. 1 949.2 978.6 1015.0 1038.2 1067.4 1095. 8
Agriculture, forestry, and fisheries _.. 30.4
Mining and construction
59.9
252.6
Manufacturing
99.9
Nondurable goods
.
Durable goods
_
_ 152.7
32.2 34.7
61.8 64.0
266.5 280.8
104.6 107.3
161.9 173.5
35.1 38.2
65.5 68.8
290.4 295.0
109.9 112.6
180.5 182.4
36.2 37.3 38.2
20.4 20.8 20.9
18.5 18.6 19.1
140.5 143.2 146.9
38.5 39.7
21.0 22.5
19.4 20.6
149.7 153.4
118.9 109.2 111.6 114.2
133.6 121.8 123.9 128.4
117.3 120.8
131.4 135.4
162.9 150.7 153.9 158.6
8.7
9.8 7.6
9.1
160.9 163.7
8.9
9.3
37.8 29.9
67.2 60.4
291.5 253.9
111.0 100.8
180.5 153.1
43.6
49.7
46.5
45.6
51.5
51.2
49.6
46.5
39.4
42.9
41.8
41.2
45.1
44.6
44.5
37.4
7.0
7.6
7.4
7.3
8.0
7.9
7.8
6.6
-.5
1.5
-.8
-.4
.9
1.2
-.5
4.3
-2.7 -2.3
3.8 3.2
6.5
5.4
-2.9
3.3
6.2
-2.8
3.6
6.4
-2.9
3.6
6.5
-2.7
3.8
6.5
-2.4
4.2
6.6
39.5
9.4
44.0
10.6
44.8
9.8
43.5
9.5
40.3
9.9
Table 8. — Corporate Profits (Before Tax) and Inventory Valuation
Adjustment by Broad Industry Groups (6.12)
43.6
41.3
Financial institutions
-2.7
3.0
5.7
Transportation _
.
C ommunication
Electric, gas, and sanitary services
Wholesale and retail trade
36.0
20.0
18.2
139.7
107.9
Finance, insurance , and real estate
120.1
Services
Government and government enter149.5
prises
7.5
Rest of the world
39.3
21.7
19.9
151.6
Addenda:
New cars, domestic 2
New cars, foreign
37.9
8.6
43.1
9.9
40.3
8.8
Billions of 1958 dollars
AH industries, total .
Gross auto product l
Personal consumption expenditures
..
Producers' durable equipment. ...
Change In dealers' auto inventoriesNet exports
Exports
Imports
39.0
44.2
35.2
38.1
6.3
6.8
-.4
1.3
-2.4
2.6
5.0
41.0
36.7
41.4
46.4
45.5
37.3
40.4
39.6
6.5
6.7
7.2
-.7
-.3
.8
-2.4 -1.9
2.7
3.4
4.7
5.7
-2.6
3.0
5.5
36.2
8.0
36.7
8.8
39.1
33.2
7.0
7.0
5.9
1.0
-.4
3.9
-2.4
3.2
5.6
-2.5
3.1
5.6
-2.4
3.3
5.7
-2.1
3.8
5.9
40.6
9.9
40.7
9.0
39.3
8.7
36.7
9.1
Addenda:
New cars, domestic 2
New cars, foreign
34.6
7.9
39.3
9.2
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) ar® preliminary and subject to
revision next month.
Federal Reserve banks
98.8 104.3
107.9 112.0 112.6
91.1
109.2 91.5
17.5
21.6 17.6
18.6
19.8
21.4
22.3
22.8
3.4
3.4
3.9
4.4
4.8
5.0
3.4
4.5
SURVEY OF CUEEENT BUSINESS
14
1972
1972 1973*
III
March 1974
1973
IV
I
II
1972
III
IV *
1972 1973
III
Seasonally adjusted at annual rates
644.3 720.8 648.6 670.1 695.4
713.0 731.1 743 . 9
65.9
71.3
66.0
68.0
69.3
70.5
71.7
73. 7
60.8
65.7
61.2
62.5
64.3
65.2
66.2
66 9
577.3 593.2 603.3
428.9 479.3 432.4 444.6 461.6
373.8 413.8 376.7 387.6 398.3
55.1 65.5 55.6 56.9 63.3
473.4 485.2 497 0
408.7 419.1 429.0
64.6 66.1 68 0
3.8
Net interest
Corporate profits and inventory
valuation adjustment
Profits before tax
Profits tax liability . .
Profits after tax
Dividends
Undistributed profits
Inventory valuation adjustment, .
Cash flow cross of dividends
Cash flow net of dividends
3.8
84.9 100.8 85.2
91.8 118.1 92.2
42.7 55.9 42.9
49.1 62.1 49.3
23.3 24.6 23.5
25.8 37.6 25.9
-6.9 -17.3 -6.9
115.0 133.4 115.4
91.7 108.9 91.9
Gross product originating in
Gross product originating in
Capital consumption allowances
Indirect business taxes plus transfer
Income originating in nonflnancial
corporations
--
35.4
40.9
35.7
3.7
3.7
3.7
3.8
3 9
91.2 96.6 100.2 104.2 102 4
98.6 111.9 121.3 121.2 117 9
45.9 52.7
57.4 57.6 56.0
52.7 59.2
63.9 63.7 61 8
23.0 23.6
24.1 24.8 25. 8
29.7 35.6
39.8 38.9 36. 1
-7.3 -15.4 -21.1 -17.0 —15. 5
120.7 128.5 134.4 135.4 135. 5
97.7 104.9 110.3 110.6 109.8
36.8
38.7
40.5
41.8
42 6
608.9 679.9 612.9 633.2 656.7 672.5 689.3 701 3
63.2 68.3 63.3 65.2 66.3 67.5 68.6 70. 5
58.0
62.6
58.4
59.6
61.3
62.2
63.1
63 8
487.7 549.1 491.3 508.4 529.1 542.8 557.5 566.9
403.0 451.0 406.1 417.8 434.1 445.4 456.7 467.9
351.5 389.7 354.1 364.6 375.0 384.9 394.8 404. 2
51.5 61.3 51.9 53.2 59.2 60.5 61.8 63.7
Compensation of employees
Wages and salaries
Supplements
Net interest
3.8
-
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
17.4
18.8
17.5
17.9
18.2
18.6
19.0
19.4
67.3 79.3 67.7 72.7 76.8 78.8 81.8 79. 6
74.3 96.5 74.6 80.0 92.1 99.9 98.9 95. 1
35.0 46.6 35.2 37.8 44.3 48.2 47.7 46. 0
39.2 50.0 39.4 42.2 47.8 51.7 51.2 49. 1
21.2 22.3 21.4 20.9 21.4 21.9 22. 5 23. 4
18.1 27.6 18.1 21.2 26.4 29.8 28.6
-6.9 -17.3 -6.9 -7.3 -15.4 -21.1 -17.0 -15. 5
102.5 118.2 102.7 107.3 114.1 119.2 119.8 119.7
81.3 95.9 81.4 86.4 92.7 97.3 97.3 96. 2
475.5 512.2 477.8 489.8 503.4 509.6 517.2 518. 3
1.281 1.328 1.283 1.293 1.305 1.320 1.333 1.353
.133
.132
.133
.132
.132
.133
.136
Net interest
.122
.847
.037
.122
.881
.037
.122
.850
.037
.122
.853
.037
.122
.862
.036
.122
.874
.037
.122
.883
.037
. 123
.903
.037
Corporate profits and inventory valuation adjustment
Profits tax liability
.142
.074
.155
.091
.142
.074
.148
.077
.152
.088
.155
.095
.158
.092
.154
.089
.068
.064
.068
.071
.064
.060
.066
.065
p y
es> t>
____
tory valuation adjustment..
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.
..
40.7
Proprietors' income
Business and professional
Farm. _ _ _
_
Other labor income
_
74.2
. . 54.0
20.2
24.1
26.0
78.0
Rental income of persons
Dividends .
Personal interest income.. .
Transfer payments
103.0
Old-age, survivors, disability, and
health insurance benefits
49.6
State unemployment insurance
benefits
Veterans benefits
12.7
Other
35.1
Less: Personal contributions for
social insurance.
IV
34.7
691.5 632.7
251.9 227.3
196.8 177.0
165.1 152.5
129.0 117.9
145.4 135.0
648.7
234.8
183.7
156.0
120.1
137.8
666.7
241.6
189.1
159.5
123.9
141.6
682.6
248.6
194.8
163.3
126.9
143.7
699.3
255.3
199.1
167.0
130.9
146.1
717.2
262.0
204.1
170.6
134.3
150.3
44.9 41.3
42.3
43.3
44.2
45.3
46.7
84.2 74.1 77.1
57.5 54.3 55.3
26.8 19.8 21.8
80.6
56.3
24.3
81.5
57.1
24.4
85.0
57.9
27.1
89.8
58.5
31.3
25.1 24.9
27.8 26.2
87.5 78.6
24.7
26.9
82.7
24.6
27.3
85.6
25.3
28.1
89.1
25.7
29.0
92.7
24.9
26.4
80.3
117.5 101.1 112.0 113.6
115.7 118.7 122.0
60.9 48.0
56.4
58.3
60.0
61.8
63.4
13.6 12.6
38.8 35.2
14.1
36.8
13.3
37.8
13.4
38.2
13.8
39.0
4.4
13.9
40.3
43.1 35.2
35.7
41.9
42.6
43.6
44.2
Less: Personal tax and nontax pay142.2
ments.--
152.9 142.8 147.4 145.1
149.3 156.0 161.1
Equals : Disposable personal income. . .797.0
882.5 800.9 828.7 851.5
869.7 891.1 917.8
747.2
Less: Personal outlays
Personal consumption expenditures- 726.5
Interest paid by consumers
19.7
Personal transfer payments to foreigners
1.0
827.8 755.1 774.3 801.5
804.0 734.1 752.6 779.4
22.5 20.0 20.7 21.2
1.2 1.0
.9
1.1
818.7 840.1 850.8
795.6 816.0 825.2
22.0 23.0 23.8
Equals: Personal saving
49.7
Addenda:
Disposable personal income:
Total, billions of 1958 dollars
per capita current dollars
per capita 1958 dollars
577.9
3,816
2,767
Personal saving rate 3 percent
6.2
54.8 45.8
54.4
50.0
608.0 579.3 595.1 603.9
4,195 3,831 3,955 4,057
2,889 2,771 2,841 2,878
6.2
5.7
6.6
5.9
1.0
1.1
1.8
51.0
51.1
67.1
604.8 609.5 613.2
4,137 4,231 4,349
2,877 2,894 2,906
5.9
5.7
7.3
Table 11. —Personal Consumption Expenditures by Major Type (2.3)
Personal consumption expendi726.5
tures
804.0 734.1 752.6 779.4
795.6 816.0 825.2
117.4
130.8 120.2 122.9 132.2
132.8 132.8 125.6
52.8
Automobiles and parts .
4.1
Mobile homes
Furniture and household equipment- 48.1
16.5
Other
Food and beverages
Clothing and shoes
Gasoline and oil
Other
.133
Capital consumption allowances
Indirect business taxes plus transfer
III
939.2 1035.4 943.7 976.1 996.6 1019.0 1047. 11078.9
Wage and salary disbursements
627.8
Commodity-producing industries.. 226.0
Manufacturing
175.9
151.5
Distributive industries
Service industries
116.1
Government
...
... 134.2
57.8 55.0
4.6 3.7
54.5 48.6
18.5 16.6
55.7
4.4
50.0
17.3
60.5
5.0
53.7
18.0
59.7
5.0
54.4
18.6
59.2
4.2
55.0
18.6
51.8
4.2
55.0
18.8
299.9
335.9 302.3 310.7 322.2
330.3 341.6 349.6
145.3
62.3
25.5
. . 66.8
161.4 146.5 149.1 154.7
69.7 62.9 65.1 68.3
29.1 25.8 26.6 27.5
75.8 67.2 70.0 71.7
158.1 164.3 168.3
69.3 70.3 70.8
28.8 29.4 30.5
74.2 77.5 79.9
309.2
337.3 311.6 319.0 325.0
332.6 341.6 350.0
105.5
43.8
21.8
138.0
114.5 106.3 107.9 110.6
48.0 44.5 45.7 46.5
23.4 21.8 22.2 22.8
151.3 138.9 143.1 145.1
113.3 115.8 118.4
47.1 48.7 49.5
23.2 23.7 24.1
149.0 153.4 157.9
Nondurable goods
Dollars
Current dollar cost per unit of
1958 dollar gross product
originating 2in nonfinancial
corporations
Personal income . _
Durable goods
Billions of 1958 dollars
Gross product originating in
nonfinancial corporations
II
Table 10.—Personal Income and its Disposition (2.1)
Income originating in corporate business
_
517.6 583.9 521.4 539.5 561.9
Compensation of employees
Wages and salaries
- -
I
Billions of dollars
Table 9.—Gross Corporate Productl (1.14)
Gross corporate product
IV
Seasonally adjusted at annual rates
Billions of dollars
Oaoital consumption allowances
Indirect business taxes plus transfer
payments less subsidies
1973
Services
Housing
Household operation
Transportation
Other.
Table 12. — Foreign Transactions in the National Income and
Product Accounts (4.1)
Receipts from foreigners.
foreigners
74.2
102.0 74.7
80.4
89.7
97.2 104.5 116.4
Exports of goods and services
73.5
102 0 74.0
79.7
89.7
97.2 104.5 116.4
Capital grants received by the United
States
- -Payments to foreigners
Imports of goods and services
Transfers to foreigners
Personal
Government
Net foreign investment
.0
.0
.7
.7
.0
74.2
102.0 74.7
80.4
89.7
97.2 104.5 116.4
78.1
96.2 77.7
83.2
89.7
94.4
3.7
1.0
2.7
3.8
1.0
2.8
3.5
1.1
2.5
3.0
.9
2.1
3.3
1.0
2.3
3.5
1.1
2.5
4.5
1.8
2.7
2.2 -6.9 -6.3 -3.0
-.5
4.0
8.3
.7
-7.6
.0
3.6
1.2
2.4
.0
97.0 103.6
SURVEY OF CURRENT BUSINESS
March 1974
1972
1972 1973*
III
15
1973
IV
I
II
1972
III
IV *
1972
1973
III
Seasonally adjusted at annual rates
228.7 265 0 229.6 236.9 253.6 262 4
269 5 274 6
Personal tax and nontax receipts
107.9 114.5 108.1 111.3 108.5 111.4
Corporate profits tax accruals
37.8 49.5 38.0 40.7 46.6 50 8
Indirect business tax and nontax
accruals
19.9 21 0 19.9 20 3 20.7 21 2
Contributions for social insurance. _ . 63.0 80.1 63.6 64.6 77.8 79.1
116.9 121.0
51 0 49 7
20 8
80.8
21 5
82.5
Federal Government expenditures
244.6 264.0 237.0 260.3 258.6 262.4
265.6 269.6
Purchases of goods and services
National defense
Other. _.
104.4 106 6 102 3 102 7 105 5 107 3
74.4 73 9 71.9 72.4 74.3 74 2
30.1 32.7 30.4 30.3 31.2 33 1
106 8 106 8
74 2 73 o
32 7 33 8
82.9
80.1
2 7
95.4
93.1
24
80.8
78.0
2.8
91 0
88.5
2 5
91.8
89.7
21
93 8
91.5
23
96 6
94 2
2 5
99 6
96 9
2 7
41 1
14 7
40 5
15 6
40 5
16 2
41 6
17 0
55 51
4.6
39
-.9 —1.2
53
38
— 1.5
46
37
—'9
.0
—.1
.0
.0
-23.4 -5.0
.0
4.0
5.0
Grants-in-aid to State and local governments
37 7 40 9 34 4 46 1
Net interest paid .
. . . 13.5 15 9 13.4 13.7
Subsidies less current surplus of government enterprises
6.1
5 1 6 2 6.7
Subsidies .
..
5.5
4 0 6.1 6.1
Current surplus
-.6 — 1 1 -.1 -.6
Less: Wage accruals less disbursements__.0
.0
.0
.0
Surplus or deficit (— ), national
income and product accounts
-15.9
1.0 -7.4
I
II
III
IV
Index numbers, 1958=100
Table 13.—Federal Government Receipts and Expenditures (3.1, 3.2)
Transfer payments
Topersons.. ...
To foreigners (net)
IV
Seasonally adjusted
Billions of dollars
Federal Government receipts
1973
Table 14.—State and Local Government Receipts and Expenditures
Table 16.—Implicit Price Deflators for Gross National Product (8.1)
Gross national product
146. 10 153. 94 146. 42 147. 63 149.81 152.46 155.06 158.36
Personal consumption expenditures. _ _ 137.9 145.2 138.2 139.2 141.0 143.8 146.2
Durable goods.
112.8 114.5 113.5 112.5 113.0 114.3 115.1
Nondurable goods _
135.7 146.8 136.0 137.6 140.8 144.8 148.4
Services
.
153.2 160.1 153.5 155.3 157.0 159.0 160.7
149.7
115.5
153.1
163.3
Gross private domestic investment. _ _ .
Fixed investment
145.7 153.3 146.3 147.6 149.7 152.7 154.4 156.7
Nonresidential
141.3 147.1 141.8 142.1 143.5 146.5 148.1 150.0
Structures _
181.7 194.5 182.2 186.0 190.7 193.9 195.9 197.2
Producers' durable equipment. _ 126.0 129.6 126.8 126.3 126.8 129.3 130.3 132.0
Residential structures
Nonfarm
Farm
156.3 170.5 157.0 161.2 165.6 168.6 171.6 177.1
156.4 170.5 157.1 161.3 165.6 168.6 171.7 177.2
150.8 164.9 151.5 156.0 159.2 162.7 165.7 170.9
Change in business inventories. . . .
Net exports of goods and services
Exports
Imports
--..-.
...
130.2 150.9 130.7 133.7 137.4 145.9 155. 0 164.0
. 133.6 157.8 135.2 137.8 141.8 154.5 161.7 174.5
Government purchases of goods and
services _
178.3 191.6 179.6 181.6 186.0 189.6 192.5 198.2
171.7 186.6 173.9 175.5 181.2 184.4 186.8 194.5
183.2 194.8 183.7 185.9 189.2 193.1 196.1 200.4
Federal
State and local
(3.3, 3.4)
State and local government receipts
Personal tax and nontax receipts
Corporate profits tax accruals
Indirect business tax and nontax
accruals.
Contributions for social insurance. __
Federal grants-in-aid
177.2 194.5 175.3 191.2 190.2
192.8 196.0 199.0
34.3
4.9
38.4
6.4
34.6
4.9
36.1
52
36.6
6.1
37.9
6.6
39.1
66
40.1
6 4
89.6
10.7
37.7
96.8
12.0
40.9
90.6
10.9
34.4
92.5
11.3
46.1
94.9
11.6
41.1
96.0
11.8
40 5
97.7
12.1
40.5
98 5
12.4
41 6
State and local government expenditures
164 0 184 0 165 9 171 6 176.4 181.2
185.7 192 9
152.4 158.0 163.0 168.0
18.5 18.8 19.1 19.4
—.5 -.6 —1.2 -1.6
172.2 178.8
19.5 20 0
-1.3 -1.1
Purchases of goods and services
150.5 170.5
Transfer payments to persons
18.2 19 5
Net interest paid
-.4 —1 3
Subsidies less current surplus of
government enterprises
-4.4 —4.7
1
Subsidies . _
.0
C urrent surplus
4.5 4.8
Less: Wage accruals less disburse—.1
ments. .
.0
Surplus or deficit (— ), national
income and product accounts
13.1
10.5
-4.5 -4.6 -4.6 -4.7
.0
.0
.0
.0
4.6
4.5
4.7
4.7
—4.7 -4.8
.1
.1
4.9
4.8
.0
.0
.0
-.1
.0
.0
9.5
19.6
13.9
11.5
10.4
6.1
Table 15.—Sources and Uses of Gross Saving (5.1)
Gross private saving
174.2 190 0 170.3 186.0 181.5 183.0
Personal saving _
49.7 54 8 45.8 54.4 50.0
Undistributed corporate profits
29.3 42.7 29.4 33.9 40.0
Corporate inventory valuation adjustment _
—6.9 -17 3 —6 9 -7.3 —15 4
Corporate capital consumption
allowances
65.9 71 3 66.0 68 0 69 3
Noncorporate capital consumption
allowances . . .
36.5 38 6 36.3 37.1 37.7
.0
.0
Wage accruals less disbursements
.0 -.2
-.3
_
Capital grants received by the United
States
188.0 207 6
51.1
43.4
67 1
43.0
—21 1 — 17 0 — 15 5
70 5
71 7
73 7
38.6
-.1
38 8
.0
39.3
.0
8.9
11.6
14.3
11.1
-15.9 1.0 -7.4 -23.4 -5.0
9.5 19.6 13.9
13.1 10 5
.0
11.5
4.0
10.4
5.0
6.1
.0
.0
.0
Government surplus or deficit (— ),
national income and product accounts. -2.8
Federal
State and local
51.0
44.2
7
o
2.0 -3.8
7
7
.0
206.0 222.2
Gross private domestic investment. .178.3 202.1 181.5 189.4 194.5 198.2
Net foreign investment
-7.6
2 2 -6.9 -6.3 -3.0 -.5
202.0 213.9
8.3
4.0
...
Statistical discrepancy
*See footnote on page 13.
-1.5
146.10 153.!.94 146.42147.63 149. 152.46 155.06 158.36
146.2 154.0 146.6 147. 149.9 152.5 155.1
Gross national product _
Final sales
127.7 134.8 128.1 128.6 130.4 133.1 136.2 139.4
Goods output-
119.0 121.3 119.5 118.8 119.2 120.5 122.2 123.4
... 134.4 146.0 134.6 136.4 139. 6 143.7 148.0 152.4
Durable goods
Nondurable goods
Services..
166.5 174.7 167.0 168.6 171.3 173.5 175.3 178.6
Structure
170.6 185.3 170.9 175.4 180.1 183.6 186.2 191.7
Addendum:
Gross auto product _
111.7 112.5 113.4 110.1 111.1 112.6, 113.7 112.6
Table 18.—Implicit Price Deflators for Gross National Product by
Sector (8.4)
146. 10 153.94 146.42 147.63 149.81 152.46 155.06 158.36
Gross national product
Private
Business
Nonfarm
Farm
-
.
139.78
-. 138.0
138.0
139.5
- -
147.32
145.3
143.4
205.7
140. 07 141.27 143.25
138.3 139.5 141.4
138.1 139.1 140.5
143.6 151.3 167.6
145.88
143.9
142.4
193.0
148.47
146.4
144.0
231.6
151.58
149.3
146.5
234.0
212.1 224.8
Rest of the world
_ _ _ _ 221.5 236.1 222.6 224.6 230.8 233.9 237.1 242.6
230.5 247.2 231.4 232.6 243.2 244.3 246.2 255.3
-216.5 230.3 217.8 220.2 224.2 228.4 232.4 236.1
General government
Federal
State and local
Table 19.—Gross National Product: Change from Preceding Period
(7.7)
11.5
170.6 204 3 174.7 183.1 191.5 197.7
Gross investment
Table 17.—Implicit Price Deflators for Gross National Product by
Major Type of Product (8.2)
2.8
1.6
.2
1.1
3.2
3.7
3.4
Percent at annual rate
Percent
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
-
9.4
6.1
3.2
3.6
11.6
5.9
5.4
5.8
8.7
5.8
2.8
3.2
11.7
8.1
3.3
3.9
15.2
8.7
6.1
7.1
9.9
2.4
7.3
7.0
10.6
3.4
7.0
7.0
10.5
1.6
8.8
8.4
9.6
6.5
2.9
3.1
11.9
6.2
5.4
5.7
8.7
5.8
2.7
3.2
12.2
8.4
3.5
3.9
15.5
9.3
5.7
6.5
10.3
2.5
7.6
7.2
11.1
3.6
7.3
7.1
10.3
1.5
8.6
8.3
By JOHN T. WOODWARD
Investment Programs and Sales Expectations for 1974
B,
BUSINESSMEN expect to spend
$112.7 billion for new plant and equipment in 1974, 13 percent more than in
1973, according to the survey conducted in late January and February
by the Bureau of Economic Analysis.1
Actual increases were 12.8 percent in
1973 and 8.9 percent in 1972 (table 1).
Capital outlays in the fourth quarter
of 1973 were at a seasonally adjusted
CHART 7
Changes in Business Investment
Percent Change
-20
-10
0
10
20
30
ALL INDUSTRIES
Gas, Water, and
Sanitary Services
Nondurable Goods
Manufacturing
Durable Goods
Manufacturing
Mining
Electric Utilities
Transportation
Excluding Air
Communication
Commercial and
Other
annual rate of $103.7 billion, 2.8 percent above the third quarter. Outlays
are expected to rise 3.3 percent in the
first quarter of 1974 to an annual rate
of $107.2 billion and 2.6 percent in the
second quarter to a rate of $110 billion.
Outlays in the second half are projected
at a rate of $116.4 billion, 7.2 percent
above the first half.
The projected rise in outlays through
1974 would extend the current investment expansion to 13 successive quarters with an average quarterly increase
of 3.0 percent. The expansion in the
mid-1960's covered 15 successive
quarters—from the second quarter of
1963 through the fourth quarter of
1966—with an average quarterly increase of 3.7 percent. From 1967 until
the beginning of the current expansion
in late 1971, investment rose in 13 of the
quarters and declined in 5, with an
average quarterly increase of 1.1
percent.
The planned expansion of capital
spending in 1974 is accompanied by
expectations of sales advances that are
sizable in most industries but are
generally smaller than the increases
recorded in 1973 (table 2). Manufacturing firms expect sales to rise 8 percent in 1974 compared with a 15%
percent advance in 1973. The expected
slowdown is widespread among manufacturing industries but is particularly
pronounced for motor vehicles. Trade
firms expect sales to rise 7% percent
following a gain of 16 percent last year.
Public utility firms expect a 16 percent
rise compared with 11 percent in 1973.
Realisation of 1973 programs
The spending increase of 12.8 percent for the full year 1973 compared
Table 1.—Plant and Equipment Expenditures: Annual Percent Change, 1972-74
1972
Actual
1
1
U.S. Department of Commerce, Bureau of Economic Analysis
16
1
1
1
1. The expectations figures have been adjusted for systematic biases (footnote 2, table 11). Before such adjustment,
1974 expenditures were expected to be $113.71 billion for all
industries, $48.17 billion for manufacturing and $65.55 billion
for nonmanufacturing. The adjustments were applied
separately to each major industry; their net effect was to
lower the manufacturing total by $2.80 billion and raise the
nonmanufacturing total by $1.81 billion.
Ex- Actual Expected
pected i
8.9
13.8
12 8
13.0
4.5
18 0
21 2
19 3
10.5
19.6
23.1
17.6
—1.1
24.0
24.8
25.5
—9.4
10.0
10.8
38.6
11.3
40.9
29.2
27.3
11.7
14.4
19.1
12.1
3.3
12.4
18.0
14.3
Transportation
equipment 2
Motor vehicles _
Aircraft
18.5
20.7
12.2
18.4
19.2
22.0
23.2
24.9
23.9
24.3
25.4
35.0
Stone, clay, and glass...
Other durables
41.9
12.2
14.2
27.5
23.6
28.1
-.7
18.8
-.7
16.5
19.4
21.1
-5.1
18.6
10.5
.3
18.3
-6.0
25.1
20.3
21.8
5.2
34.4
29.2
15.5
5.0
34.8
19.3
-10.3
Petroleum
Rubber
. . . . ... 28.2
Other nondurables
11.0
10.3
37.5
13.8
3.8
44.0
22.6
31.7
7.4
6.1
All industries
Manufacturing
Durable goods
Primary metals 2
Blast furnace, steel
works
Nonferrous
Electrical machinery
Machinery, except electrical
Nondurable goods
Food including beverage.
._
Textile
Paper
C hemical
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
Public utilities
Electric
Gas and other.
C ommunication
Commercial and other
Air
Transportation
1974
197 3
..
11.5
11.4
8.1
9.1
11.6
9.2
13.2
17.1
7.5
-6.8
9.2
21.3
30.8
—3.1
-2.1
—12.5
5.1
4.5
14.0
-3.3
11.1
12.6
3.2
16.6
16.5
17.1
10.1
10.1
9.7
18.6
16.8
29.4
10.4
12.8
8.1
10.1
11.2
10.4
6.6
1.4
1. Expectations for 1973 are based on the survey conducted
in late January and February 1973.
2. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CURRENT BUSINESS
March 1974
with an expectation early last year of
13.8 percent. A similar downward revision had occurred in 1972 although
the industries involved were different.
The downward revisions in 1973 programs occurred principally in non-
manufacturing industries, with public
utility, communication, and commercial firms spending $2.4 billion less than
projected early in 1973. As a group,
manufacturers exceeded their initial
spending projections by $1.0 billion;
Plant and Equipment Expenditures
Table 2.—Business Sales: Annual Percent
Change, 1972-74
Billion $ (Ratio scale)
uo
Alt INDUSTRIES
1972
Actual
120
100
most industries spent more than initially planned except the petroleum
firms which reduced their programs by
$340 million.
Manufacturing programs
Capital spending in manufacturing
increased 4.6 percent in the fourth
quarter of 1973; this increase had been
19'r3
Expected i
1974
ExAc- pected
tual
Table 4.—Petroleum Industry Expenditures
for New Plant and Equipment by Function, Actual and Expected, 1972-74
80
12.2
9.4
15.6
8.1
14.1
10.8
16 6
7.2
13.9
14.4
14.1
13.2
23.0
9.6
9.6
12.6
11.6
6.2
24.3
13.5
20.2
16.6
11.6
9.5
10.7
11.2
0.2
4.8
10.0
7.8
14.4
9.2
Food, including beverage.. 10.3
14.7
Textile
12.1
Paper ..
6.2
9.8
8.1
17.9
14 2
14.6
8.7
76
9.8
9.8
9.5
9.8
8.9
6.2
12.0
16.7
19.7
6.8
10.9
13.2
8.5
10.4
7.4
16.2
7.6
11.5
9.6
7.6
7.2
22.3
12.2
8.6
6.9
11.0
9.5
11.2
15.8
Manufacturing. _
Durable goods 2
60
50
30
Primary metals
Electrical machinery
Machinery, except electrical.
Transportation equipment .
Stone, clay, and glass
MANUFACTURING
Nondurable goods 2
Non durables
20
15
Chemical
Petroleum
Rubber
Trade.—
, .I ,.i I.i.Ii ,,I. ii I t iiIi > ,I
10
Wholesale
Retail
50
Public utilities.
COMMUNICATION AND
Actual
1972
1973
Expected
Percent
change,
19741 1973-74
Billions of
dollars
Total
5.25
5 45
7 18
31 7
2 23
.26
2.62
.38
3.24
.51
23.4
35.6
Refining and petrochemicals .. 1.18
Marketing
.96
1.10
64
1.93
58
75.9
— 10 3
.71
.93
30.3
Production
Transportation
Other
.62
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 1974 were expected to be $8.32 billion;
the net effect of the adjustment was to lower the total by
$1.13 billion.
Source: U.S. Department of Commerce, Bureau of
Economic Analysis.
40 - COMMERCIAL
1. Expectations for 1973 are based on the survey conducted
in late January and February 1973.
2. Includes industries not shown separately.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
30
17
20
15
30
Table 3.—Percentage of Sample Firms in Manufacturing Reporting Change in Plant and
Equipment Expenditures From Year-Earlier Quarter
PUBLIC UTILITIES
Percentage of firms
increasing expenditures *
Percentage of firms
decreasing expenditures *
,*-'""
20
1972
15
IV
1972
1973
II
I
III
IV
IV
1973
I
II
III
IV
58
57
57
57
55
37
37
37
36
38
60
59
59
59
56
35
35
36
35
38
Primary metals
Blast furnace, steel works
Nonferrous __
Electrical machinery
Machinery, except electrical
58
58
49
62
60
53
51
46
64
62
63
64
58
62
58
68
74
68
61
56
63
63
71
58
60
39
40
47
32
33
43
47
48
29
31
36
36
40
32
35
30
26
28
31
38
35
37
22
36
35
9
8 _ TRANSPORTATION INCLUDING
RAILROAD
Transportation equipment. . ...
Motor vehicles
Aircraft
67
75
62
63
68
60
51
62
47
63
74
57
56
58
67
31
25
34
32
28
30
46
35
45
32
21
37
43
42
30
6
Stone, clay, and glass..
Other durables..
..
63
57
56
57
74
57
57
57
51
51
34
36
40
38
24
37
40
35
44
40
Manufacturing
10
8
7
Durable goods
, , , 1 . , , 1 , , , 1 , , . 1, , . 1 . . , 1 , . , 1 , , ,
x-v^/v/^:
V
*
4 _
3
,
l
-
o
CN
,
1967
,
1
.
.
68
,
1 ,
,
,
1
,
69
,
70
.
1
1
1
1
1
71
1
1
1
I
72
Seasonally Adjusted at Annual Rates
• Expectations
U.S. Department of Commerce, Bureau of Economic Analysis
534-264 O - 74 - 3
1
1
73
1
1
1
1
74
Nondurable goods
.
. . . .
_
..-
Food including beverage
Textile
Paper
.
.
Chemical
54
54
54
55
54
40
39
39
38
38
52
50
56
62
52
54
61
54
52
48
60
60
51
46
71
62
59
47
62
59
44
42
44
31
42
38
33
39
43
43
35
35
43
42
25
33
34
43
32
36
36
64
52
41
67
50
42
69
52
62
70
46
70
60
42
61
36
36
59
28
40
58
29
38
38
29
43
27
38
45
1
Petroleum
.- Rubber
O ther nondurables
--_
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.
SURVEY OF CURRENT BUSINESS
18
March 1974
Table 5.—Investment and Capacity Data for U.S. Domestic Petroleum Refining Facilities, 1964-74
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
0.49
0.87
1.09
1.34
1.20
1.31
1.40
1 52
1 18
1 10
10.57
10.54
10.81
11.51
11.86
12.17
13.01
13.51
13.90
• 14. 60
Number of operable refineries at yearend
288
280
276
283
281
279
273
277
271
e272
Capacity under construction at yearend (millions of barrels/day) 3 . .
For expansion
For replacement
.08
.08
.00
.46
.15
.31
.72
.39
.33
.75
.39
.37
.91
.36
.54
.81
.39
.42
.71
.70
.01
.26
.22
.03
.10
.10
.00
n.a.
n.a.
n.a.
Capital expenditures for refining ($ billions)
Crude oil distillation capacity at yearend (millions of barrels/day) 2
e Estimated.
n.a. Not available.
1. Expected.
2. Capacity includes operating refineries and operable shutdown facilities. Excludes shutdown facilities requiring extensive renovation.
3. Reflects total capacity of projects under construction on the specified dates. Short-term
projects initiated and completed within a calendar year would not be included in the figures.
Conversely, long-term projects could be included in data for each of several years.
1974
i i 93
Sources: Capital expenditures are BE A survey data. Other data, for 1964-72, are from U.S.
Bureau of Mines, Mineral Industry Surveys, and include the United States and Puerto Rico.
Estimates of 1973 crude oil capacity and number of refineries are BE A estimates based on data
from the American Petroleum Institute and the Oil and Gas Journal.
siveness of the expansion in manu- than the 57 percent which prevailed fo~
facturers' capital expenditures calcu- the earlier quarters of 1973 but is higher
lated by matching outlays reported by than the figures of about 50 percent for
each company in the survey sample for early 1972 when these calculations were
a given quarter with those reported by initiated. The decline in the fourth
the company in the year-earlier quarter. quarter percentage was more proThe latest data are shown in table 3. nounced in the durable goods category.
In the fourth quarter of 1973, 55 percent
Manufacturing industries expect inof the companies reported over-the-year vestment for the full year 1974 to total
increases in expenditures; this is lower $45.4 billion, 19 percent more than last
year. Durable goods producers expect
a 17% percent rise and nondurable
goods
companies, a 21 percent gain. All
Table 6.—Plant and Equipment Expenditures
major manufacturing industries except
[Percent change from preceding half-year, seasonally adjusted]
"stone, clay, and glass" expect to spend
more in 1974 than in 1973. The largest
19 73
19741
19 72
gains are expected by the paper, petro2d half
1st half
1st half
2d half
1st half
2d half
leum, aircraft, and primary metal industries.
However, it should be noted
7.2
8.0
All industries
3.3
6.1
5.5
6.1
that
some
of the companies classified in
7.5
10.2
Manufacturing
6.9
9.8
1.5
11.6
these
industries
have widely diversified
4.3
5.2
9.0
12.3
10.1
10.1
Durable goods
operations,
and
their investment gains
14.2
6.8
14.9
14.1
4.6
Primary metals
-.
1.7
23.2
5.2
4.8
.3
7.9
-5.0
Blast furnaces, steel works .
may
reflect
activities
unrelated to their
23.0
8.5
4.5
11.4
14.7
22.7
Nonferrous
-2.4
15.2
7.0
9.1
9.1
-.7
Electrical machinery
principal
activity.
-6.2
16.0
4.4
-1.8
16.1
7.7
Machinery, except electrical
8.6
16.4
3.9
11.2
Transportation equipment
11.9
11.1
The projected advance in outlays by
7.0
12.7
8.4
6.8
23.6
7.5
Motor vehicles
..-..
40.1
-8.5
19.5
25.6
1.5
-4.5
Aircraft _
the petroleum industry this year is
22.3
-14.6
24.6
16.8
10.8
7.1
Stone, clay, and glass
6.0
18.5
10.7
9.0
6.1
6.7
Other durables
..
.
primarily for refining facilities, but also
10.2
9.4
10.8
10.8
Nondurable goods
-1.8
4.8
reflects expanded budgets for produc—5.4
9.8
3.0
8.8
12.6
11.3
Food including beverage
-6.2
21.0
8.0
9.6
tion activities, including exploration
-13.5
3.7
Textile
....
19.5
6.6
6.9
24.6
16.7
9.9
Paper
20.9
4.9
8.7
(table 4). Expansion of existing refin-4.7
8.7
Chemical
... _ .
11.9
9.3
-7.4
Petroleum
.
_ _
-.9
19.5
10.7
-3.2
-8.7
27.1
28.1
2.5
Rubber
18.1
eries
has accounted for most of the re14.4
3.2
26.9
-9.0
7.0
6.9
Other nondurables .
fining-related outlays over the past
Nonmanufacturing
8.7
1.4
6.0
2.7
7.1
3.8
several years, and no new refineries
12 0
10.3
Mining
4 0
6.1
51
1.1
are known to be currently under con-19.4
8.2
18.2
20.2
14.3
3.7
Railroad
_.
struction
in the United States by the
3.2
23.0
-12.1
-1.5
Air transportation . .
-4.9
-4.8
major
oil
companies. Investment in
11.2
7.4
-6.1
Other transportation
-7.8
-4.8
11.8
domestic
refining
facilities has totaled
6.0
3.0
52
10.0
5.6
96
Public utilities
2.4
7.6
9.0
5.7
5.7
8.6
Electric .more
than
$11%
billion in the past
-2.3
6.5
5.0
15.4
Gas and other
___
2.8
15.9
10
years,
with
a
resulting
increase in
10.1
5.2
0
Communication . . .
3.8
3.5
14.6
crude
distillation
capacity
of about
.1
8.2
32
Commercial and other
1.0
6.7
-.9
38 percent, but the absolute number of
1. Expected.
active refineries has declined during
2. Includes industries not shown separately.
this period (table 5).
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
expected at the time of the November 1973 survey and was a continuation of the strong advances which
characterized manufacturing investment during the latter part of 1972 and
throughout 1973. Both durable and
nondurable goods industries reported
fourth quarter gains in outlays.
For the past several quarters, BEA
has presented a measure of the perva-
2
2
n
SURVEY OF CURRENT BUSINESS
March 1974
Manufacturers' outlays in the first
half of 1974 are expected to be 10 percent above the second half of 1973,
with durable and nondurable goods
producers scheduling about the same
increase. In the second half, manufacturers expect outlays to rise 7% percent with nondurables up 11 percent
and durables up 4}£ percent. Large
increases in the first half are expected
by aircraft, iron and steel, nonelectrical
machinery, paper and petroleum firms.
In the second half, paper, rubber, and
stone-clay-glass firms expect the largest
advances.
The continued strength in manufacturers7 outlays this year undoubtedly
reflects capacity pressures in many
CHART 9
Starts and Carryover of
Investment Projects
Billion $ (Ratio scale)
40
MANUFACTURING
industries. Estimates for the major
materials industries prepared by the
Federal Reserve showed an overall
operating rate of 95 percent in the
fourth quarter of 1973, up from 92%
percent in the fourth quarter of 1972.
BEA data on the evaluation of capacity
by manufacturers confirm the need for
additional facilities in the basic
materials industries (table 8). Capacity
pressures also are reported to exist in
other lines such as small cars, converted
paper products, and machine tools.
Pollution abatement requirements have
also been a factor affecting outlays in
some industries; data from industry
sources and private surveys suggest that
substantial amounts of the spending in
the primary metal and paper industries
are attributable to this factor. Preliminary results of a survey conducted
by BEA to measure the impact of the
energy shortages on business capital
outlays for 1974 suggest that the overall
net effect will be small; however, outlays by some industries such as petroleum and airlines will be affected
significantly.
19
in the adequacy of their plant and
equipment facilities, taking account
of prospective sales over the next
12 months. Companies owning 54 percent of total fixed assets in manufacturing reported that their facilities
as of December 31 were inadequate,
compared with 51 percent as of September 30 and 40 percent at the end
of December 1972 (table 8). The
primary metal, chemical, and petroleum
industries accounted for the increase
in the "more needed" percentage during
1973. For industries primarily involved
in production of basic materials—
lumber, primary metals, stone-clayglass, textiles, paper, chemicals, petroleum, and rubber—companies accounting for 62 percent of the assets were
in the "more needed" category at
December 31, 1973 compared with
57 percent in September and 40 percent
at yearend 1972.
The "about adequate" figure declined to 43 percent of manufacturers'
fixed assets as of December 31 from
20
Manufacturers' starts and carryover
of investment projects and evaluation
of capacity
10
6
4
1963
65
67
69
Seasonally Adjusted
*Carryover as of end of period.
U.S. Department of Commerce, Bureau of Economic Analysis
73
The value of new investment projects
started by manufacturers rose 3 percent
(seasonally adjusted) from the third
quarter of 1973 to the fourth (table 7).
For the full year 1973, starts totaled
$47.6 billion, an increase of 35 percent
over 1972. All major industries reported
starts in 1973 higher than in 1972.
In the fourth quarter of last year, the
primary metal, transportation equipment, and paper industries reported
starts at record levels.
The value of new projects started
by manufacturing companies exceeded
their capital expenditures in the fourth
quarter, resulting in an increase in
carryover—the amounts still to be
spent on projects already underway.
Manufacturers' seasonally adjusted
carryover totaled $32 billion at the
end of December, up 7% percent
from September 30 and 45 percent
from the end of 1972.
Manufacturers reported further
tightening during the fourth quarter
CHART 10
Manufacturers' Evaluation of
Existing Capacity *
Percent of Capital Assets Held by Respondents Reporting—
60
MORE CAPACITY NEEDED
50
40
30
20
70
CAPACITY ADEQUATE
60
50
40
20
CAPACITY EXCEEDS NEEDS
10
1965
66
67
68
69
70
71
72
73
*Relative to prospective operations during the ensuing 12-month period.
U.S. Department of Commerce, Bureau of Economic Analysis
74-3-10
SUEVEY OF CURRENT BUSINESS
20
March 1974
46 percent at September 30. Companies
reporting facilities in excess of needs
accounted for 3 percent of fixed assets
at December 31, unchanged from
September 30.
percent rise in capital spending. The firms also expect lower outlays this
largest increases are expected by gas year.
utilities (29 percent), railroads (21 perThe value of new projects started by
cent), mining companies (17 percent), public utilities amounted to $9.7 billion
and electric utilities (17 percent). If in the fourth quarter, 14 percent below
the $2.4 billion spending projection for the record in the third quarter. Carrythe railroad industry is realized, this over totaled $63.8 billion at DecemNonmanufacturing programs
investment would about equal the peak ber 31, up from $59.1 billion at the end
Capital expenditures of nonmanufac- set in 1966. The sharp expansion this of September and $43.6 billion at the
turing industries were at a seasonally year reflects higher outlays for new end of 1972. At June 30, 1971, 6 percent
adjusted annual rate of $63.1 billion in equipment and moderate increases for of electric utility firms had carryover
the fourth quarter, up 1.7 percent from
of more than 15 times their expenditures
the third; this was considerably less new road facilities. Data on new and in the preceding quarter; at Decemthan the 3.7 percent rise projected in unfilled orders for freight cars and im- ber 31, 1973, the proportion of firms in
the November 1973 survey. Spending proved earnings for the industry last this category had risen to 27 percent
by nonmanufacturing industries is ex- year lend support to the expectations. and such firms accounted for about 75
pected to rise 2 percent in the first Airlines expect outlays to be about 12 percent of the value of carryover. The
quarter of 1974 and 1% percent in the percent lower this year, in part re- sharp advances in utility carryover
second quarter; the expectation for the flecting projected fuel shortages and primarily reflect the expansion prosecond half of this year is for a 7.1 general economic conditions; their out- grams for new electric generating facilipercent increase from the first half.
lays declined 2 percent last year ties requiring long construction periods.
For the full year 1974, nonmanufac- following the peak period of jumbo-jet According to Electrical World magaturing industries as a group expect a 9 purchases in 1972. Other transportation zine, roughly 60 percent of expected
Table 7.—Starts and Carryover of Plant and Equipment Projects, Manufacturing and Public Utilities, 1971-73
[Billions of dollars]
Carryover 2
Starts i
Annual
1972
1972
1973
1973
1971
1972
1973
I
II
III
IV
I
II
III
IV
Mar.
June
Sept.
Dec.
Mar.
June
Sept.
28.00
35.21
47.57
7.87
8.31
8.88
10.15
11.08
12.11
11.50
12.88
18.76
19.44
20.58
21.36
24.63
27.58
29.46
30.91
._ . ... .. 13.59
17.07
23.73
3.71
3.98
4.30
5.08
5.34
5.86
5.83
6.70
9.52
9.79
10.22
10.54
11.95
13.16
14.14
15.01
2.44
Primary metals.
- - - - --1.82
Electrical machinery
2.59
Machinery except electrical4
Transportation equipment - - - - - - - 2.34
.94
Stone clay and glass
Nondurable goods 3 ...
. 14.42
3.19
2.34
3.11
2.66
1.46
5.00
3.32
3.71
3.86
1.81
.88
.42
.63
.66
.34
.61
.60
.73
.59
.40
.91
.57
.76
.73
.36
.79
.76
1.00
.77
.36
1.16
.71
.87
.88
.37
1.14
.77
.97
.98
.53
1.23
.74
.86
1.00
.52
1.48
1.09
1.00
1.00
.39
2.96
1.58
.80
2.43
.62
2.92
1.62
.84
2.40
.74
3.14
1.61
.88
2.50
.81
3.12
1.57
.98
2.55
.80
3.60
1.72
1.14
2.81
.84
3.94
1.83
1.24
3.04
1.00
4.26
1.86
1.27
3.24
1.16
4.68
2.05
1.27
3.30
1.12
Manufacturing 3
3
Durable goods .
_
Food including beverage
Textile
Paper
Chemical
---._-.Petroleum
Public utilities
. --
Dec.
18.14
23.84
4.16
4.33
4.58
5.07
5.74
6.26
5.67
6.17
9.24
9.66
10.36
10.82
12.68
14.43
15.32
15.90
2.49
71
1.00
3.25
5.14
2.98
64
1.60
3.92
6.15
3.71
93
2.40
6.65
7.02
.64
18
.34
.96
1.39
.68
18
.39
.87
1.49
.86
15
.33
1.08
1.51
.80
.12
.54
1.01
1.76
.72
.31
.58
1.57
1.74
.90
.20
.54
1.44
2.41
1.24
.16
.51
1.86
1.12
.86
.26
.78
1.78
1.75
1.08
.31
.79
2.54
3.40
1.13
.29
.83
2.56
3.55
1.29
27
.84
2.83
3.78
1.43
.21
.94
2.80
3.99
1.50
35
1.16
3.50
4.62
1.62
37
1.24
3.88
5.78
2.04
33
1.23
4.63
5.51
2.02
.38
1.48
4.99
5.56
22.22
28.60
38.13
9.16
5.04
5.20
9.19
11.88
8.46
8.21
9.58
35.80
36.61
37.42
41.87
49.80
53.67
57.07
61.29
Adjusted for seasonal variation
Manufacturing 3-
- -
-
Durable goods 3
Primary metals
Electrical machinery
Machinery except electrical-.- Transportation equipment 4
Stone, clay, and glass
Nondurable goods 3
Food including beverage
Textile
Paper
C hemical
Petroleum _
Public utilities
-.
7.81
8.43
9.28
9.73
10.89
12.09
12.46
19.19
20.72
22.04
24.05
27.26
29.65
31.96
3.63
4.09
4.53
4.84
5.19
6.02
6.18
6.46
9.28
9.67
10.29
10.91
11.64
13.00
14.24
15.58
.80
.37
.68
.54
.30
.68
.67
.73
.55
.42
.91
.63
.85
.72
.35
.84
.65
.84
.85
.40
.99
.69
.94
.87
.30
1.24
.86
.98
.93
.57
1.24
.81
.98
.98
.50
1.63
.95
.79
1.08
.44
2.88
1.51
.78
2.42
.59
2.90
1.62
.83
2.36
.74
3.12
1.64
.93
2.47
.79
3.26
1.62
.97
2.63
.85
3.49
1.64
1.10
2.80
.81
3.90
1.82
1.22
3.00
1.01
4.23
1.89
1.35
3.20
1.13
4.95
2.12
1.26
3.40
1.19
4.18
4.35
4.74
4.89
5.70
6.34
5.91
6.00
9.07
9.52
10.43
11.12
12.41
14.26
15.40
16.37
.70
.18
.31
.87
1.40
.64
.16
.41
.86
1.62
.84
.15
.35
1.12
1.59
.80
.14
.53
1.08
1.54
.79
.31
.54
1.46
1.72
.85
.17
.58
1.45
2.56
1.19
.17
.53
1.91
1.26
.88
.30
.77
1.89
1.48
1.08
.31
.75
2.49
3.29
1.12
.28
.82
2.52
3.53
1.28
.26
.85
2.80
3.87
1.44
.23
.99
2.93
4.05
1.51
.35
1.10
3.42
4.47
1.61
.35
1.22
3.83
5.74
2.01
.32
1.25
4.58
5.65
2.04
.42
1.55
5.22
5.65
6.40
6.16
7.59
8.92
7.94
11.25
9.71
33.75
35.76
39.10
43.64
46.99
52.47
59.08
63.84
1. Starts are estimated by adding changes in carryover to expenditures during the given
period.
2. Carryover refers to expenditures yet to be incurred in plant and equipment projects
already underway at end of period.
3. Includes data not shown separately.
12.36
10.00
18.35
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.
SURVEY OF CURRENT BUSINESS
March 1974
21
Table 8.—Manufacturers' Evaluation of Their Capacity
[Percent distribution of gross capital assets 1]
19 72
Sept. 30
June 30
Mar. 31
19 73
June 30
Mar. 31
Dec. 31
Sept. 30
Dec. 31
More plant and equipment needed :
All manufacturing
31
33
37
40
44
48
51
54
Durable goods 2
Primary metals .3
Metal fabricators
25
21
26
28
25
28
34
25
36
35
24
40
39
30
43
41
34
43
44
39
44
46
49
44
Nondurable goods 2
Food including beverage
Chemical
Petroleum
36
33
40
40
37
31
45
40
40
32
46
40
43
39
48
44
47
35
46
54
55
39
48
70
58
41
53
70
62
41
66
74
62
60
57
55
53
49
46
43
64
62
65
61
56
64
56
57
57
56
60
54
56
68
50
55
64
51
52
59
51
50
50
51
60
57
55
60
59
58
53
60
58
65
52
60
55
58
50
56
51
62
51
46
43
58
51
30
40
56
46
30
36
54
33
26
About adequate:
All manufacturing .
Durable goods 2_
Primary metals
Metal fabricators 3N endurable goods 2
_
Food including beverage.
Chemical
Petroleum .
_
Existing plant and equipment exceeds needs:
7
7
6
5
3
3
3
3
Durable goods 2
Primary metals _
Metal fabricators 3.
11
17
9
11
19
8
10
18
7
9
16
6
5
2
7
4
2
6
4
2
5
4
I
5
Nondurable goods 2
Food including beverage.. _ . _
Chemical
Petroleum.
4
10
5
0
4
11
2
0
2
3
2
0
2
3
2
0
2
3
3
2
3
1
2
3
1
2
5
I
All manufacturing
w
. .
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.
1974 capital spending is scheduled for
electric generating facilities; this is
about the same proportion as last year,
but contrasts with about 30 to 40 percent for this purpose in the early- and
mid-1960's.
Changes in prices of capital goods
and of output
The survey of full-year 1974 plant
and equipment spending plans conducted by BEA in late November and
December of 1973 included an inquiry
on changes in prices of capital goods and
of sales.2 The results are now available
and indicate that plant and equipment
prices rose 7.6 percent in 1973; in the
year-earlier survey, expectations were
for a 5.4 percent rise in 1973 (table 9).
Table 9.—Estimated Changes in Prices of
Capital Goods Purchased
[Percent change from prior year]
Reported in
Nov.-Dec.
1972 survey
Reported in
Nov.-Dec.
1973 survey
Actual Ex- Actual Ex1972 pected 1973 pected
1973
1974
IVlanufacturing
2. The inquiry on price changes was initially added to the
November-December survey in 1970. In the 1973 survey,
firms were asked the following:
"Please indicate your best estimates of average price
changes from 1972 to 1973 and expected price changes from
1973 to 1974:
a. Prices paid by your company for new construction,
machinery and equipment.
b. Prices of goods and/or services sold by your company."
Similar information was obtained in the surveys conducted in 1970,1971, and 1972. The firms' responses on capital
goods and sales price changes were weighted by their reported
capital expenditures and sales, respectively. Because only 4
years of expectations data are available, the predictive ability
of the data has not been established.
Durable goods - . - - .
Nondurable goods
5.7
5.4
7.6
8.3
5.9
5.7
8.1
8.8
5.7
6.1
5.6
5.8
7.4
8.8
8.0
9.5
5.5
5.3
7.3
8.1
Mining
..
Transportation . _ . .
5.2
4.7
5.3
5.4
8.9
7.5
10.1
8.7
Public utilities
Communication, commercial, and other. ..
5.4
5.4
6.3
7.6
5.7
5.3
7.7
8.0
Nonmanufacturing
o
o
o
3. Includes machinery, transportation equipment, and fabricated metals industries.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
Expectations reported for 1974 are for a
rise in capital goods prices of 8.3 percent, implying that less than half of
the 1973 and projected 1974 spending
advances represent "real" investment
expansion.
The increase in plant and equipment
prices in 1973 indicated by the survey
compares with an increase of 4.1 per-
All industries
o
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
cent in the implicit price deflator for
nonresidential fixed investment in the
national income and product accounts.
It should be noted that the industrial
coverage of the plant and equipment
series is narrower than that of nonresidential fixed investment, and that
the plant and equipment prices reported in the surveys are transactions
prices while the deflator is based on
quoted prices. The behavior of both
price measures is affected by changes in
Table 10.—Estimated Changes in Prices of
Products and Services Sold by Manufacturing and Utility Companies
[Percent change from prior year]
Reported in
Nov.-Dec.
1972 survey
Reported in
Nov.-Dec.
1973 survey
Actual Ex- Actual Ex1972 pected 1973 pected
1974
1973
Manufacturing
Durable goods . .
Nondurable goods
Public utilities
2.3
2.3
5.6
5.2
2.3
2.2
2.3
2.2
3.7
7.8
4.6
5.8
5.7
4.5
6.9
7.7
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUEEENT BUSINESS
22
mix, and it is not known whether
quality changes are reflected in the
same way in the two price measures.
Manufacturers reported that their
March 1974
selling prices rose 5.6 percent in 1973 estimated to again rise about 5.6
compared with the 2.3 percent rise percent. Public utilities expect rates to
expected in the year-earlier survey rise 7.7 percent this year compared with
(table Iff). Selling prices in 1974 are a 6.9 percent increase reported for 1973.
Table 11 .—Expenditures for New Plant and Equipment by U.S. Business,11972-74
[Billions of dollars]
Annual
Quarterly, unadjusted
1973
1972
1972 1973 19742
I
II
Quarterly, seasonally adjusted at annual rates
III
IV
I
II
1974
III
IV
12
112
1972
2d
1ialf 2
I
II
1973
III
IV
I
II
1974
III
IV
I
2
112
2d
ialf2
All Industries
88.44 99.74 112. 72 19.38 22.01 21.86 25.20 21.50 24.73 25.04 28.48 23.92 27.83 60.97 86.79 87.12 87.67 91.94 96.19 97.76 100.90 103.74 107. 18 109.96 116.43
Manufacturing industries
31.35 38.01 45.37 6.61 7.63 7.74 9.38 7.80 9.16 9.62 11.43
15.64 19.25 22.64 3.29
Durable goods..
3.71
3.86
4.77 3.92
4.65 4.84 5.84
9.38 11.14 24.83 30.09 30.37 30.98 33.64 35.51 36.58 38.81 40.61
4.85
42.74 44.47 46.87
5.54 12.25 15.06 14.77 15.67 16.86 17.88 18.64 19.73 20.48 22.12 22.18 23.09
Primary metals 3
Blast furnace, steel works
Nonferrous
2.75 3.43
1.24 1.38
1.18 1.67
4.31
1.79
2.13
.61
.25
.28
.65
.31
.25
.69
.31
.30
.80
.37
.35
.67
.27
.33
.80
.34
.37
.91 1.05
.34 .43
.45 .52
.89 1.03 2.38 2.82 2.63 2.76 2.78 3.08 3.30
.35 .43 1.00 1.24 1.25 1.23 1.26 1.32 1.37
.46 .50 1.17 1.27 1.05 1.20 1.22 1.42 1.55
3.64
1.38
1.83
3.64
1.44
1.82
4.07 4.24
1.72 1.76
1 98 2 08
4.43
1.83
2 21
Electrical machinery
-Machinery except electrical
- - - - 2.39 2.84
2.90 3 42
3.19
3 91
.45
.58
.56
.69
.58
.72
.80
.90
.56
.71
.66
.87
.72 .90
83 1.00
.66 .80 1.72 2.14 2.25 2.41 2.65 2.73 2.69
.89 1.03 1.99 2.60 2.73 2.99 3.20 3.23 3.44
2.99
3.43
2.92
3.53
3.18
4.02
3.26
4.06
3.15
3.79
2 53 3 12
Transportation equipment 3
Motor vehicles
- - 1.83 2.28
.43 .53
Aircraft 4
_ _ . . _ _
3 87
2.86
.72
.55
.39
.09
.63
.46
.10
.63
.45
.11
.72
.53
.12
.62
.43
.12
.74
.54
.12
.80
.60
.13
.81
.59
.16
.96 2.10 2.48 2.48 2.40 2.76 2.81 2.92
.69 1.58 1.71 1.79 1.72 2.08 1.97 2.09
.19 .37 .45 .43 .42 .42 .56 .50
3.12
2.35
.51
3.56
2.67
.57
3.66
2.72
.73
3.75
2.65
.78
4.03
3.03
.69
1.20 1.49
3.87 4.96
1.48
5.89
.26
.84
.28
.91
.29 .38 .33 .37 .36 .43 .31 .33 .84 1.12 1.09 1.22 1.36 1.38 1.48
.95 1.17 1.03 1.20 1.23 1.51 1.30 1.39 3.21 3.90 3.59 3.89 4.10 4.65 4.82
1.53
5.02
1.54
5.30
1.31
5.87
1.31
5.56
1.63
6.06
Stone, clay, and5 glass
Other durables
15.72 18.76 22.72 3.32
Nondurable goods
Food including beverage
Textile
Paper
Chemical
Petroleum
Rubber
Other nondurables 6
Nonmanufacturing industries _
- -
3.88 4.51 4.78
4.54
5.60 12.59 15.02 15.60 15.31 16.78 17.63 17.94 19.08 20.13 20.62 22.29 23; 78
3.17
.80
2.00
4.67
3.40
.81
1.88
5.02
3.26
.86
2.14
5.04
3.51
.80
2.39
5.12
3.77
.78
2.70
5.52
5.25 5.45
1.08 1.56
1.27 1.56
7.18 1.08 1.34 1.28 1.56 1.10 1.26 1.39 1.71 1.32 1.78 4.09 4.99 5.54 4.98 5.45 5.19 5.17
1.67 .21 .24 .28 .35 .36 .37 .40 .44 .34 .38 .95 .92 .97 1.11 1.29 1.57 1.51
1.66 .27 .31 .31 .38 .37 .41 .37 .42 .35 .41 .90 1.27 1.24 1.18 1.40 1.66 1.62
5.40
1.60
1.45
5.93
1.56
1.53
6.24
1.52
1.56
7.30
1.54
1.63
7.49
1.80
1.71
57.09 61.73
.63
.19
.35
.85
.70 .66
.17 .18
.32 .44
.81 1.04
67.36 12.77 14.38 14.12 15.83 13.69 15.57 15.42 17.05 14.54 16.69 36.13 56.70 56.75 56.70 58.30 60.68 61.18 62.09 63.12 64.44 65.49 69.56
3.20
.58
.61
.59
.63
.63
.71
.69
.71
.75
.80 1.65 2.42 2.38 2.40 2.46 2.59 2.77
2.82
2.76
3.10
3.14
3.28
.38
.47
.46
.46
.48
.56
.50
.60 1.28 2.10 1.88 1.50 1.71 2.11 1.75
1.95
2.05
2.26
2.32
2.47
1.96
1.55
2.38
.48
.48
. 73 .61
.63
.52
.72
.57
.60
.48
.65
.98 1.96 2.89 2.67 2.33 2.21 2.72
2.49
2.20
2.03
2.44
.39
.35
.40
.32
.43
.44
.47
.39
.41
81 1.48 1.53 1.41 1.42 1.53 1.62
1.79
1.73
1.78
1.57
Air transportation
2.46 2.41
2.11
Other transportation
1.46 1.66
1.61
.32
. _ _ 17.00 18.71 22.20 3.63 4.24 4.39 4.74 3.95 4.59 4.82 5.36 4.52 5.39 12.28 16.92 16.60 17.01 17.53 18.38 18.08 18.58 19.80 21.00 21.20 23.14
14.48 15.91 18.62 3.19 3.16 3.67 4.01 3.45 3.91 4.04 4.54 3.99 4.48 10.15 14.27 14.32 14.62 14.67 15.40 15.55 16.00 16.72 17.84 17.80 19.35
2.52 2.76 3.58 .44 .62 .72 .73 .50 .68 .77 .82 .53 .91 2.13 2.65 2.27 2.38 2.86 2.98 2.52 2.58 3.08 3.16 3.40
3.78
Public utilities
E lectric
Gas and other
11.89 12.85 14.15 2.72 2. 95 2.84 3.39 2.87 3.27 3.19 3.53
C ommunication
7
20.07 21.40 21.71 4.55 4.98 4.97 5.57 4.94 5.40 5.24 5.83
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 1974. The estimates for the first quarter, second quarter, and second half
of 1974 have been corrected for systematic biases. The adjustment procedures are described
in the February 1970 issue of the SURVEY O¥ CURRENT BUSINESS. Before such adjustments,
1974 expenditures were expected to be $113.71 billion for all industries, $48.17 billion for manufacturing and $65.55 billion for nonmanufacturing.
5.59
.65 .78 .81 .87 .74 .92 1.93 2.46 2.42 2.73 2.59 2.85 2.98
.18 .18 .20 .21 .19 .21 .40 .82 .74 .66 .70 .79 .67
.36 .46 .51 .53 .45 .60 1.45 1.27 1.39 1.27 1.56 1.70 1.83
.87 1 06 1.11 1.41 1.14 1 31 2.87 3 ?9 3.30 3.38 3 78 3.86 4.15
.56
.18
.27
.75
.50
Commercial and other
4.61
3.59
.80
2.50
5 31
1.80 1.96
Railroad
3.87
2.55 3.11
.73 .77
1.38 1.86
3 45 4 46
2.42 2.74
Mining
3.92
.95
.71
.16
17.90 8.83 19.13
11.71 11.59 11.56 12.63 12.34 12.70 13.12 13.24
20.10 19.88 20.16 20.21 21.53 21.55 21.36 21.35
[34. 27 34.82 37.16
3. Includes data not shown separately.
4. Includes guided missiles and space vehicles.
5. Includes fabricated metal, lumber, furniture, instrument, ordnance and miscellaneous
except guided missiles and space vehicles.
6. Includes apparel, tobacco, leather and printing-publishing.
7. Includes trade, service, construction, finance and insurance.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
by JOHN C. MUSGRAVE
New Estimates of Fixed Nonresidential Business Capital
in the United States, 1925-73
^Calculations of the Nation's stock of dential Capital in the United States,
fixed nonresidential business capital 192-5-1970," SURVEY OF CURRENT BUSIhave been carried forward by BEA NESS, November 1971.
through 1973, and previously published
—Shirley F. Loftus, "Stocks of
estimates for the years 1966-70 have Business Inventories in the United
been revised. The changes in the 1966- States, 1928-71," SURVEY OF CURRENT
70 estimates result from revisions in the BUSINESS, December 1972.
gross fixed investment flows in the
—Henry Shavell, "The Stock of
national income and product accounts. Durable Goods in the Hands of ConCorrections of some estimates of earlier sumers, 1946-1969," 1970 Proceedings
years have also been made, and BEA of the Business and Economics Section
has prepared a new publication showing oj the American Statistical Association,
data for 1925-72 for major industry 1971.
groups, for detailed types of assets,
Future research will cover stocks of
and for Government-owned, privately Government-owned capital assets2 and
operated assets, with some estimates of land.
by major industry groups for 1973.
Tables 1 and 2 show estimates of
The publication includes a full dis- gross stocks and of net stocks using
cussion of methodology.1 A summary of both straight-line and double-declining
the tabulations in that publication balance depreciation, in constant (1958)
appears in Exhibit A. This article dollars, and mean ages of gross and net
presents the estimates for major in- stocks, at yearends 1925-73. The estidustry groups for 1925-73 and a brief mates cover privately owned nonresistatement of methodology.
dential structures and equipment for
These estimates of fixed nonresi- the total of all industries, and separately
dential business capital are a segment for manufacturing and nonfarm nonof a larger BEA project to measure the manufacturing industries, with purentire tangible wealth of the Nation. chases of Government surplus assets
Other published BEA work on capital valued two ways—at secondhand prices
stock, listed below, has provided esti- (table 1) and at original acquisition
mates of residential capital and business prices (table 2).
inventories, and provisional estimates
of consumer durable goods.
How the Estimates Were
—Allan H. Young, John C. MusDerived
grave, and Claudia Harkins, "ResiGross investment and capital stocks
NOTE.—Bruce Levine assisted in the preparation of the capital stock estimates.
1. Fixed Nonresidential Business Capital in the United
States, 1925-78, January 1974; available for $10.25 from National Technical Information Service, 5258 Port Royal
Road, Springfield, Virginia 22151. Please mention accession
number COM 74-10422, and include remittance payable to
National Technical Information Service. This volume is an
updating, with corrections, of Fixed Nonresidential Business
Capital in the United States, 1925-1970, November 1971, also
published by NTIS for BEA (then called Office of Business
Economics). The estimates back to 1925 were initially announced in an April 1970 Survey article, "Alternative Estimates of Fixed Business Capital in the United States,
1925-1968."
The BEA estimates of fixed nonresidential business capital were derived
by the perpetual inventory method,
which starts with investment flows and
calculates gross capital stock for any
given point in time by cumulating past
investment flows and deducting the
2. Estimates of the value of Government-owned capital
operated by private contractors are given in the new publication cited in footnote 1.
investment that has been discarded
from the stock. The investment flows
used were the estimates of investment
in producers' durable equipment and
nonresidential structures that enter the
gross private domestic investment component of GNP.3
The investment data that enter the
GNP were modified in two important
respects for use in the capital stock
calculations. First, estimates of business
purchases of passenger cars, which in
the national accounts represent net
purchases of new and used cars by the
business sector, were modified to represent gross purchases of new cars by
the business sector. This was necessary
because business buys new cars and
sells them to consumers as used cars
before the end of their service lives.
Thus, in the stock calculations, gross
purchases of cars enter the business
stock in the year of purchase and are
removed from the stock when they
reach the age at which they are
estimated to be sold secondhand to
consumers.
The second modification of the GNP
data relates to business purchases of
Government surplus assets. Capital
stock calculations were made on two
bases of valuing these assets. The
"secondhand price method" values
these assets at the prices at which they
were purchased by business secondhand
from Government, as they are valued in
the national accounts. The "original
acquisition price method" values these
3. Definitions and methodology underlying these estimates
were described in National Income, 1954 edition; U.S. Income
and Output (1958}; and "The National Income and Product
Accounts of the United States: Revised Estimates 1929-64,
SURVEY, August 1965. These publications are out of print,
but their methodological sections are reproduced in Readings
in Concepts and Methods of National Income Statistics, a reprint
volume published for BEA by the National Technical Information Service. This volume is available for $3.00 from
National Technical Information Service, 5258 Port Royal
Road, Springfield, Virginia 22151. Please mention accession
number PB 194900 and include remittance payable to National Technical Information Service.
23
24
assets at their estimated original prices
when acquired by Government and
requires modification of the national
accounts data to estimate the original
acquisition price which Government
paid for the asset.
SURVEY OF CURRENT BUSINESS
Valuation
March 1974
stocks were computed using both sets
of deflators for structures. The estimates using the national accounts deflators were called "constant cost 1",
and the alternative estimates were
called "constant cost 2".
A third valuation procedure, known
as current cost valuation, expresses
all items in the stock at any specified
period in the prices of that period.
This is done by applying price indexes
to revalue the constant cost stock
estimates. The current cost stock is,
in effect, a measure of the dollar
replacement value of fixed nonresidential business capital. Since the
constant cost stocks were computed
using two variants of structures de'flators, the current cost stocks were
also computed using these two variants,
designated "current cost 1" and "current cost 2".
Capital stock measures derived by
the perpetual inventory method can be
computed on various bases of valuation.
Historical cost measures are derived by
valuing each item in the stock at the
price at which it was purchased new.
Service lives and discards
The stock estimate for any particular
year
thus represents a mixture of assets
Information on the service lives of
valued
at prices of different periods.
capital assets is deficient. Not enough
Such
measures
are not particularly useis known about average lives or the
ful
for
economic
analysis, and no hisdispersions of retirements about these
torical
cost
measures
are shown here or
averages.
in
the
detailed
capital
stock volume.6
In this study, main reliance was
Constant cost capital stock measures
placed on data compiled in connection
with the administration of Federal in- are derived by valuing all assets at the
come tax laws, specifically in the 1942 prices of a specific period (1958 in this
edition of Bulletin F of the Treasury study). To calculate constant cost
Department.4 Based on the detailed in- stocks, the gross investment flows must
formation in Bulletin F, average lives be expressed in constant prices. This is
were calculated for the 20 types of done by applying appropriate price
equipment and 10 types of nonresi- indexes to deflate the current dollar
dential structures that are shown in investment flows. The constant cost
the GNP gross investment series. These stock is a measure of the physical
services lives are called "100 percent of volume of fixed nonresidential business Depreciation and net capital stocks
capital.
Bulletin F."
Assets are carried in gross capital
Because the indexes used to deflate
Since several types of evidence sugstocks at their full value during the
some types of nonresidential structures
gest that actual service lives are shorter in the national accounts are felt to have entire time they remain the stock. Net
than those shown in Bulletin F by about an upward bias, alternative indexes stocks, on the other hand, represent
15 percent, an alternative set of lives were compiled by BEA to correct at the depreciated value of the capital
was calculated by reducing the Bulletin least in part for this bias. Constant cost stock. There is no general agreement
as to the correct method of computing
F lives by 15 percent. These lives are
6. They are, however, available on request, as noted in the
called "85 percent of Bulletin F." Cap- footnote
( Text continued on page 33)
to Exhibit A.
ital stock was calculated using both 85
Fixed Nonresidential Business Capital in the United
percent of Bulletin F lives and 100 per- Exhibit A.—Tabulations Published in States,
1925-73
cent of Bulletin F lives.
Concept of gross investment
These service lives are averages, and
actual retirements from the stock should
Type of table
Privately owned
GOPO 2
be distributed about these averages. To
Original
Secondhand l
acquisition
price method
take into account that similar assets are
price method l
discarded at different ages, a pattern
and net stocks, depreciation, discards, ratios of net to gross
labeled the Winfrey S-3 distribution Gross
stocks, and average ages of gross and net stocks:
was used. It is a minor modification of 85% and 100% of Bulletin F service lives:
Straight-line and double-declining
balance depreciation methods:
the original Winfrey S-3 curve 5 and is
C
By major4 industry 3
__
A
A
By type _
n.a.
B
B
a bell-shaped distribution whose mean
is the average service life of the asset in Cumulative age distribution of gross stocks:
85% of Bulletin F service lives:
n.a.
Total of equipment and structures for all industries
B
question, with discards starting at 45
B
percent of the average life and continun.a.—Not available.
A—Shown in constant cost (variants 1 and 2) and current cost (variants 1 and 2) valuations.
ing until 155 percent of the average life
B—Shown in constant cost (variants 1 and 2) valuations.
C—Shown in constant cost (variant 2) valuation.
has been attained.
1. Refers to method of valuing business purchases of government surplus assets.
4. U.S Treasury Department, Bureau of Internal
Kevenue, Bulletin F (Revised January 1942)—Income Tax
Depreciation and Obsolescence, Estimated Useful Lives and
Depreciation Rates, Washington, 1942.
5. Rpbley Winfrey, Statistical Analysis of Industrial Proprtl r
IOW a En ineeri
i125,
S?*??'
. 11,g1935 ng Experiment Station
December
2. GOPO—Government-owned, privately operated, including separate tabulations by four government agencies of ownership.
3. Includes tabulations for equipment, structures, and the total of equipment and structures for all industries, farm, manufacturing, and nonfarm nonmanufacturing for constant cost valuations. In current cost valuations, separate estimates for
farm, manufacturing, and nonfarm nonmanufacturing are not included. For GOPO, separate estimates for equipment and
structures are not included.
4. Includes 20 types of equipment and 10 types of structures.
NOTE.—Tabulations in historical cost valuation and additional detail in constant and current cost valuations are not published in this volume but may be purchased from BEA. Details are given on page T-29 of the volume.
SURVEY OF CUKKENT BUSINESS
March 19T4
25
Table 1.—Constant Dollar Gross and Net Stocks and Mean Age of Privately Owned Structures and Equipment, With Purchases of
Government Surplus Assets at Secondhand Prices, by Broad Industry Group, 1925-73
SERVICE LIVES: 85 PERCENT OF BULLETIN F
Gross stocks
End of Year
Constant cost 1
All
industries,
total
Net stocks using straight-line depreciation
Constant cost 2
Constant cost 1
Manu- Nonfarm
All
Manu- Nonfarm
All
nonnonfacindusfacindusturing manutries, turing manutries,
facturing total
facturing total
Net stocks using double-declining balance depreciation
Constant cost 2
All
Manu- Nonfarm
nonindusfacturing manutries,
facturing total
Constant cost 1
All
Manu- Nonfarm
nonfacindusturing manutries,
facturing total
Constant cost 2
Manu- Nonfarm
All
facnonindusturing manutries,
facturing total
Manu- Nonfarm
facnonturing
manufacturing
Gross and net stocks (billions of 1958 dollars)
1925
1926
1927 .„
1928
1929
1930- .
1931..1932
1933
1934
392 3
404 4
414.5
424.6
436.2
442.3
441.0
433 2
424.1
417 1
87 0
89.6
91.8
94.7
98.3
99.4
98.4
95 8
94.0
92 3
274 1
283 0
290.4
297.2
304 6
309 5
309.6
305 2
298 9
294 1
357 3
368 6
378 0
387.6
399 1
405 3
404.3
397 1
388.7
382 4
73 9
76 6
79 0
81.9
85 7
87 1
86 5
84 4
82 9
81 6
252 2
260 3
266 8
272 9
280 1
284 8
284 9
280 7
274 6
270 1
211 0
218 3
223 9
229 3
236 6
238 8
233 5
222 8
212 2
203 9
46 1
47 9
49 3
51 1
53 8
54 0
52 1
48 9
46 6
44 7
148 7
154 0
158 1
161 4
165 8
167 9
165 1
158 6
151 3
145 5
192 3
199 3
204 3
209 7
217 1
219 5
214 8
204 9
195 0
187 5
40 1
42 0
43 4
45 4
48 2
48 5
46 9
44 1
42 1
40 3
136 1
140 9
144 4
147 5
151 9
154 1
151 6
145 6
138 7
133 4
168 8
175 3
180 1
184 8
191 2
192 4
186 7
176 3
166 4
159 0
36 9
38 5
39 7
41 3
43 7
43 6
41.5
28 4
36 3
34 5
119 1
123 9
127 3
130 2
133 9
135 5
132 5
126 1
119 2
114 0
153 8
159 9
164 2
168 8
175 4
177 0
171 8
162 1
152 9
146 3
32 2
33 9
35 1
36 8
39 3
39 3
37 5
34 7
32 7
31 2
108
113
116.
118.
122
124
121
115
109
104
1935 .
1936
1937
1938
1939
1940 .
1941
1942
1943 .
1944
412.3
411.8
413 9
410.6
408 0
408.5
412 1
407 9
401.0
397.5
90.8
90.3
90.8
89.5
88.6
88.9
90 4
89 3
87.4
86.2
291 0
290.8
292 0
290.1
288 4
288 5
289 9
286 9
282 4
279.7
378 3
378 4
381 1
378 7
376 9
378 2
382 6
379 1
373 2
370 4
80 5
80 4
81 4
80 5
80 0
80 7
82 7
82 0
80 5
79 7
267 3
267 2
268 7
267 2
265 8
266 4
268 0
265 4
261 4
259 1
198 3
197 0
198 4
194 5
1929
193 6
198 3
193 5
186 5
183 0
43 0
42 6
43 1
41 8
41 1
41 7
43 6
42 7
41 1
40 2
141 7
140 5
140 9
138 3
136 7
137 4
139 6
135 9
130 9
127 9
182 6
181 8
183 7
180 5
178 9
180 9
185 9
181 7
175 3
172 2
39 0
38 7
39 4
38 4
38 0
38 8
40 8
40 1
38 7
38 0
130 0
129 1
129 9
127 8
126 5
127 6
130 0
126 6
122 1
119 4
154 3
153 6
155 4
151 9
150 4
152 3
157 0
152 1
145 4
142 5
33 2
33.0
33 7
32 6
32 1
32 8
34 7
33 8
32 3
31 5
110 7
109.8
110 4
108 1
107 0
108 1
110 3
106 5
101 8
99 3
142 2
141.8
144 0
141 1
140 1
142 6
147 6
143 0
136 8
134.2
30 1
30.0
30 9
30 0
29 7
30.6
32 6
31 9
30.5
29.8
101.
101.
101
99.
99
100.
102
99
95.
92.
1945. .
1946.
1947
19481949
1950
1951
1952
1953
1954
400.0
410.8
428 7
447.2
461.8
480.9
500.6
518.1
536 3
553.5
87.6
93.9
100 6
106.3
109.6
112.8
118.3
123.2
128 2
133.3
280 5
283.8
292 8
302 6
310.8
323.8
335 3
345.6
356 5
366 6
373 7
384 6
402 6
421 7
436 9
456.6
476 8
494 5
513 1
530 6
81 4
87 8
94 7
100 9
104 8
108.2
114 0
119 2
124 4
129 7
260 3
263 6
272 5
282 5
290 8
304.1
315 7
326 1
337 1
347 5
185 5
197 2
214 1
231 2
243 3
257.0
271 1
281 8
294 2
304 0
41 8
48 2
54 6
59 4
61 7
63.4
67 1
70 1
73 0
75 7
128 5
132 6
141 0
150 6
157 9
167.6
176 2
182 7
191 0
197 5
175 1
186 5
203 1
220 4
232 8
246.7
260 8
271 5
283 9
293 7
39 g
46 0
52 4
57 5
60 1
61.9
65 6
68 7
71 7
74 4
120 2
124 1
132 3
141 8
149 0
158.8
167 3
173 8
182 0
188*5
145 5
157 1
172 8
187 7
197*2
208.0
219 4
227 7
238 0
245 6
33 1
39 4
45 1
49 1
£0 5
51.4
54 4
56 7
59 0
61 0
100 3
104 6
112 5
121 0
126 9
135.0
142 0
147 3
154 5
159 7
137.4
148.7
164 1
179 2
188 8
199.8
211 2
219 4
229 7
237 4
31.5
37.6
43.4
47.7
49.3
50.3
53.3
55.7
58 0
60.0
93.
97.
105.
113.
119.
128.
134.
140.
147.
152.
572 7
595.5
615 9
630 3
645.2
663 5
680.1
699.9
720 0
745 1
138 3
145.1
151 5
154 9
156.9
159 9
162.6
165.5
168 6
173 1
379 2
394 2
407 1
416 9
429.0
444 3
457.8
474 6
490 9
510 8
550 5
573 8
594 9
610 2
626 3
646 1
664.3
685 7
707 5
734 5
134 8
141 7
148 4
152 0
154 3
157 5
160.5
163 6
166 9
171 7
360 5
375 8
389 3
399 7
419 8
499 2
444.2
462 3
480 0
501 6
316 9
331 6
344 2
350 7
358 9
369 6
377.8
389 2
401 4
417 8
78 2
82 3
86 2
87 0
86 7
87 5
87.8
88 5
89 8
92 4
207 4
217 9
226 8
232 0
240 4
250 7
258.6
269 2
279 5
292 9
306 9
321 8
334 8
341 9
351 1
362 9
372.4
385 1
398 6
416 4
76 9
81 1
85 0
85 9
85 8
86 7
87.2
88 0
89 4
92 1
198 7
209 4
218 5
224 3
233 5
244 7
253.9
265 6
277 1
291 7
256 7
268 7
279 1
283 3
289 9
298 4
304.5
313 6
323 7
337 5
62 9
66 4
69 6
69 8
69 1
69 5
69.6
70 0
71 1
73 4
168 6
177 3
184 5
188 3
195 5
203 9
210.0
218.6
227 1
238 1
248 7
260.9
271 6
276 5
283 9
293 5
300.8
311.1
322 3
337.2
61.9
65.4
68 7
69.0
68.4
69 0
69.1
69.7
70.9
73.3
161.
170.
178.
182.
190.
199.
19.5
206.
216. <
225. *
238. (
778 1
817 8
855 3
894 5
936 6
973 4
1 006 8
1,045.1
1 090 2
180 3
190 0
199 9
208 2
217 1
224 2
229 1
234.6
242 7
535 5
769 6
563 9
811 6
589 6
851 3
619 0 892 9
650 7
937 7
678 6
976 9
705 7 1 013 5
736 5 1 055 4
772 6 1 104 2
179 1
189 2
199 3
207 9
217 1
224 6
230 0
236 0
244 6
528 1
558 5
586 2
617 7
651 7
681 8
711 5
745 3
784 7
440 8
469 3
494 1
519 0
544 9
564 3
580 5
601 2
625 4
97 3
104 5
111 5
116 6
121 6
124 9
126 0
127 7
132 6
310 0
330 1
346 4
365 3
385 4
400 7
415 2
433 2
452 1
441 1
471 4
497 9
524* 6
552 6
573 8
592 3
615 7
642 6
97 3
104 6
111 8
117 1
122*4
125 9
127 3
129 4
134 5
310 3
332 1
349 9
370 4
392 3
409 2
425 7
445 9
467 5
357 i
381 4
401 4
421 2
441 8
456 1
467 6
484.1
504 0
77 9
84 3
90 2
94 i
97 9
100 0
100 3
101.3
104 4
252 5
269 4
282 2
297 4
313 7
325 2
336 1
350.7
367 3
358 4
384.3
405 7
427 0
449.4
465 1
478.7
497.4
519.8
77.9
84.5
90.5
94.6
98.6
100.9
101.5
102.8
106.1
253.'
272. (
286.^
302.*
320.,
333.1
346. (
362. £
381.4
7 4.
73
72
7i
69
70
74
97
95
94
93
9i
92
96
10 2
10 8
11 3
73
71
7i
69
67
6.9
73
80
84
88
10 4
10 2
10.0
10.0
9.8
9.9
10.2
10.8
11.5
12 0
9.7
9.4
9.3
9.2
9.0
9.1
9.5
10.1
10.7
11.2
6.9
6.7
6.6
6.5
6.3
6.5
6.9
7.6
8.1
8.4
10.5
10.2
10.1
10.0
9.8
9.8
10.2
10.8
11.4
11.9
9o
88
8.8
84
7.9
80
8.3
8.4
12 3
12.3
12.1
12.3
12.3
12.0
11.7
12.0
12.4
12.6
11.4
11.3
11.1
11.2
11.2
10.9
10.4
10.7
11.1
11.1
8.7
8.6
8.3
8.4
8.4
8.1
7.6
7.7
8.0
8.1
12.2
12.2
12.0
12.1
12.1
11.8
11.5
11.8
12.2
12.4
79
6.6
5.9
56
5.7
5.8
5.7
5.6
5.6
56
12.2
11.6
10.7
9.9
9.4
8.9
8.5
8.3
8.0
7.8
10.7
9.8
8.9
8.2
7.9
7.6
7.3
7.2
7.0
6.9
7.6
6.4
5.7
5.4
5.5
5.6
5.5
5.5
5.5
5.5
12.0
11.4
10.5
9.7
9.2
8.7
8.3
8.1
7.8
7.7
1955
1956
1957
1958 _
1959
1960
1961
1962
1963
1964 ..
.
1965
1966...
1967
1968
1969. 1970
1972. _. .
19731
Mean age of gross and net stocks (years)
1925 1926
... .
1927
1928
-1929 1930
1931
1932
1933 - . .
1934
14 7
14.6
14 6
14 6
14 5
14 6
14 9
15 4
16 0
16 4
11 5
11 4
11 4
11 3
11 1
11 2
11 5
12 0
12 4
12 7
15 7
15 6
15 6
15 6
15 5
15 6
15 9
16 4
17 0
17 5
14 7
14 6
14 6
14 5
14 4
14 5
14 8
15 3
15 8
16 3
10 9
10 7
10 7
10 6
10 4
10 5
10 9
11 4
11 8
12 1
15 7
15 6
15 6
15 6
15 5
15 6
15 9
16 4
17 0
17 5
1935
1936
1937
1938
1939
1940
1941
1942
1943
1944. .
16 7
16 8
16 8
17 0
17 1
17 1
17 0
17 1
17 4
17 5
13 0
13 1
13 1
13 3
13 4
13 3
13 0
13 1
13 3
13 4
17 8
18 0
18 0
18 2
18 4
18 4
18 3
18 5
18 8
19 0
16 6
16 7
16 7
16 8
16 9
16 9
16 7
16 9
17 1
17 2
12 4
12 5
12 5
12 7
12 8
12 7
12 4
12 5
12 7
12 8
17 8
17 9
18 0
18 1
18 3
18 3
18 2
18 3
18 6
18 7
1945- 1946
1947
1948 1949
1950
1951 .
1952- .
1953
1954- -
17 3
16 7
16 0
15 3
14 8
14 2
13 7
13 4
13 0
12 7
13 1
12 1
11 3
10 7
10 5
10 3
10 0
98
96
95
18 8
18 5
17 9
17 2
16 7
16 0
17 0
16 4
12 5
11 6
10 8
10 3
10 1
99
96
94
93
92
18 6
18 3
17 6
16 9
16 4
15 7
15 2
14 7
14 3
14 0
See footnote at end of table.
15 5
15 1
14 6
14 3
1c 7
14 9
14 4
13 9
13 4
13 0
12 7
12 4
79
77
76
75
73
7*4
78
84
88
92
11 1
10 9
10 8
10 7
10 6
10 6
10 9
11 5
12 1
12 6
10 4
10 2
10 0
99
97
98
10 1
10 7
11 3
11 7
85
88
11 2
11 0
10 9
10 8
10 6
10 6
10 9
11 4
12 0
12 5
12 8
12 9
12 8
12 9
13 0
12 8
12 5
12 7
13 1
13 2
12 0
11 9
11 7
11 8
11 8
11 6
11 2
11 4
11 7
11 8
91
91
89
90
9o
87
82
83
86
86
12 8
12 8
12 7
12 8
12 8
12 6
12 3
12 5
12 9
13 0
11 5
11 5
11 2
11 4
11.4
11 1
U f!
11 9
12 0
94
94
92
94
94
91
86
87
89
90
11 7
10 8
99
92
88
85
82
80
78
77
85
74
66
62
62
63
61
61
61
61
13 0
12 4
11 5
10 7
10 2
9' 7
93
90
87
85
11 4
10 6
97
90
86
82
79
78
76
75
82
71
64
60
60
61
60
59
59
60
12 8
12 2
11 3
10 5
10 0
95
91
88
85
83
11 0
10 4
10 2
10 1
10 0
9g
99
10 2
10 8
11 4
U
o
191
12 1
11 9
12 0
12 0
11 8
11 4
s'o
10 7
10 9
11 3
11 4
10 0
91
84
81
7.8
75
74
7.2
7i
8. 9
86
SUKVEY OF CURRENT BUSINESS
26
March 1974
Table 1.—Constant Dollar Gross and Net Stocks and Mean Age of Privately Owned Structures and Equipment, With Purchases of
Government Surplus Assets at Secondhand Prices, by Broad Industry Group, 1925—73—Continued
Net stocks using straight-line depreciation
Gross stocks
Constant cost 1
Constant cost 2
Constant cost 1
End of Year
Net stocks using double-declining balance depreciation
Constant cost 2
Constant cost 1
Constant cost 2
All
Manu- Nonfarm All
Manu- Nonfarm
Manu- Nonfarm
All
All
Manu- Nonfarm All
Manu- Nonfarm All
Manu- Nonfarm
nonnonnonnonnonindus- facindus- facfacindusfacindus- facindusindus- facnonturing
manutries, turing manutries, turing manu- - tries, turing manutries, turing manu- tries,
tries, turing manufacturing total
facturing total
facturing total
facturing total
facturing total
total
facturing
Mean age of gross and net stocks (years)
1955
1956
1957
1958
1959
12.4
12.1
11.9
11.8
11.7
1960
1961
1962
1963
1964
11.6
11 5
11.3
. . 11.2
11.0
. .
1965
1966
1967
1968.
1969
10.8
10 5
10.3
10.1
9.9
9.9
. ...
1970
1971
1972
1973 i
98
9.8
9.8
7
7
7
7.
6
13.9
13 5
13.2
13.0
12.8
12.1
11 8
11.6
11.5
11 4
9.2
90
8.9
9.0
91
13.6
13.1
12.8
12.6
12.4
7.5
7.4
7.3
7.3
7.3
6.1
6.0
6.0
6.2
6.4
8.2
8.0
7.8
7.8
7.7
7.3
72
7.1
7.1
7.1
6.0
5.9
5.9
6.1
6.3
8.0
78
7.6
7.6
7.5
6.9
68
6.7
6.8
68
5.7
56
5.5
5.7
59
7.5
73
72
7.2
71
6.8
66
65
6.6
66
5.6
55
12.5
12.3
12.0
11.9
11.6
11.2
11 2
11.0
10.9
10 7
9.2
9.4
9.4
9.5
9.5
12.1
11.9
11.7
11.5
11.2
7.3
7.3
7.3
7.2
7.1
6.5
6.6
6.7
6.7
6.6
7.6
7.5
7.4
7.4
7.3
7.1
71
7.1
7.0
6.9
6.4
6.5
6.6
6.6
6.6
7.3
7.3
7.2
7.1
7.0
6.8
6.8
6.8
6.7
66
6.1
62
6.3
6.3
6.2
7.0
70
6.9
6.8
67
6.6
66
6.6
6.5
64
6.0
61
6.
6
6
6.
6
9.5
9.2
9.0
8.9
8.8
11.3
11.0
10.7
10.5
10.3
10.5
10.2
10.0
9.8
9.7
9.3
9.1
8.9
8.8
8.7
10.9
10.6
10.4
10.1
9.9
7.0
6.8
6.7
6.6
6.5
6.4
6.1
5.9
5.9
5.8
7.1
6.9
6.8
6.8
6.7
6.8
6.6
6.5
6.4
6.4
6.4
6.1
5.9
5.8
5.8
6.8
6.7
6.6
6.5
6.5
6.4
6.2
6.2
6.1
6.0
5.9
5.6
5.4
5.4
5.4
6.6
64
6.3
6.3
6.2
6.3
6.1
6.0
5.9
5.9
5.9
5.6
5.4
5.4
5.3
6.
6
6.
6.
6
8.8
8.9
8.9
9.0
10.2
10.1
10.0
10.0
9.6
9.6
9.5
9.5
8.7
8.8
8.8
8.9
9.8
9.8
9.7
9.6
6.5
6.6
6.6
6.6
5.9
6.0
6.1
6.2
6.7
6.7
6.7
6.7
6.4
6.5
6.5
6.5
5.8
6.0
6.0
6.1
6.5
6.5
6.5
6.5
6.1
6.2
6.2
6.2
5.5
5.6
5.7
5.8
6.2
6.3
6.2
6.2
6.0
6.0
6.0
6.0
5.4
5.5
5.6
5.7
6.
6.
6
6
9.4
93
91
9.2
9.3
9.4
95
9.6
9.6
96
NOTE.—Capital stock estimates for "Farm" may be obtained by subtracting the sum of
le "Manufacturing" and "Nonfarm nonmanufacturing" columns from the "All industries,
>tal" column.
55
5.6
59
61
6.2
6.2
1. The estimates for 1973 are based on preliminary investment data and a shortcut methodology and are subject to a larger margin of error than estimates for prior years.
Table 2.—Constant Dollar Gross and Net Stocks and Mean Age of Privately Owned Structures and Equipment, With Purchases of
Government Surplus Assets at Original Aquisition Prices, by Broad Industry Group, 1925—73
SERVICE LIVES: 85 PERCENT OF BULLETIN F
Constant cost 1
End of Year
Net stocks using double-declining balance
depreciation
Net stocks using straight-line depreciation
Gross stocks
Constant cost 2
Constant cost 1
Constant cost 2
Constant cost 2
Constant cost 1
Manu- Nonfarm
All
Manu- Nonfarm All Manu- Nonfarm All
Manu- Nonfarm All Manu- Nonfarm All Manu- Nonfarm All
indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonmaning
ing
ufacturing
ufactur- tries,
ufactur- tries,
ing
ufactur- tries,
tries,
ing
ufactur- tries,
ufactur- tries,
ing
ing
ing
ing
total
ing
total
total
ing
total
ing
total
total
Gross and net stocks (billions of 1958 dollars)
1925
1926.
1927
1928
1929.
395 7
1930.
1931
447. 1
445 7
408.3
418.6
429 1
440 9
88.3
90.9
93.1
95 9
99.5
276 2
285.6
293.3
300 3
360 7
372.5
382.0
39? 0
308. 1
403.7
313.0
313 2
409.9
75.1
77.8
80.2
83. 1
86.9
254.3
262.9
269.6
276 1
283.5
213.2
220.7
226.2
231.6
238.9
46 9
48.7
49.9
51 7
54.4
150. 1
155.6
159.7
163 1
167.5
194 5
201.6
206.6
212 0
219.3
40 8
42.7
44.0
46 0
48.7
137 5
142.5
146.0
149 2
153.5
170 5
177.1
181.8
186 4
192.8
88.2
87.5
85.4
83.8
82 5
288.3
288 4
284.3
278.4
273 9
240.8
235.3
224.5
213 8
205 3
54.4
52.5
49.3
47.0
45 0
169.4
166.6
160.0
152.5
146 6
221.5
216 6
206.6
196.6
188 9
48.9
47 3
44.4
42 4
40 6
155.7
153 1
146.9
140 0
134 5
193.9
188 0
177.5
167 5
160 1
41 9
38.7
36 5
34 7
81.3
81.2
82 0
81.1
80.6
271.0
271.0
272 3
270.6
269.3
199.6
198.2
199 4
195.4
193 0
43.3
42.8
43.3
42.0
41.3
142.7
141.4
141.7
139.1
137.4
183.9
182.9
184 7
181.4
179 7
39.2
38.9
39 6
38.6
38 1
131.0
130.0
130 7
128 5
127 2
155.2
154.4
156 1
152.5
150.9
269 6
271.0
268.1
264 0
261 4
194 3
198.9
194.0
186 9
183 4
41 9
43 7
42.8
41 2
40 3
138 0
140.0
136.3
131 2
128 3
181 6
186 5
182 2
175 7
172 6
38 9
40 9
40.2
38 8
38 1
128 2
130 5
127 0
122 4
119 7
120 2
125.1
128.5
131 4
135.1
155.4
161.6
165.9
170.5
176.9
32.7
34.4
35.5
37.2
39.6
109.9
114.3
117.3
119.9
123.7
136.6
133.5
127.1
120. 1
114.8
178.4
173.1
163.3
154.0
147.2
39.6
37.8
34.9
33.0
31.4
125.4
122.6
116.6
110.2
105.3
33.3
33.1
33 8
32.7
32.2
111.4
110.5
111.0
108.6
107.5
143.0
142.6
144.7
141.7
140.7
30.2
30.1
31.0
30.1
29.8
102.3
101.6
102.4
100.4
99.6
152 8
157.4
152 5
145 7
142 8
32 9
34.8
33.9
32 3
31.6
108 5
110.6
106.8
102 0
99 5
143.0
148.0
143.4
137.1
134.5
30.7
32.7
31.9
30.5
29.9
101.0
103.3
99.7
95.2
92.9
31.7
38.7
45.9
50.9
52.8
94.2
99.6
109.4
118.3
123.8
37 5
39.1
40.2
41 7
44. 1
100.6
99 6
96.9
95.0
93 3
302 7
297 9
408 9
401.8
393 4
387 0
91.7
91.1
294.7
294.5
382.8
382.9
91 6
90.2
89.2
295 6
385 4
291.8
381.0
291 7
382 0
386 0
400.3
89 5
91.0
89.9
87 9
86.7
284 9
282 0
376 2
373 2
81 3
83.2
82.5
81 0
80.2
403 4
419 8
445 0
467.1
482 8
88 4
97 2
107.1
114.8
119 3
283 1
289 5
302 5
313.9
322 1
377 0
393 5
418.6
441.2
457 4
82 1
91 1
101.1
109.2
114 0
262 9
269 3
282.1
293.7
302 0
186 3
201 4
223.0
242.0
254 1
42 0
50 0
58.3
64.3
66 9
129 0
135 0
146.2
156.6
163 4
175 8
190 6
211 9
231.0
243 3
39 9
47 8
56 0
62 1
65 0
120 7
126 5
137 4
147 7
154 6
146 0
160 0
179 3
195 5
204 9
33 3
40 5
47.7
52.5
54 2
100 6
106.3
116.4
125.4
131 0
137.9
151.5
170.4
186.8
196.4
1950
1951
1952
1953 .
1954
502.4
522.8
123.4
129.4
134 5
139.6
144 8
334 7
477.6
498.3
118.4
124.6
130 0
135 3
140 7
314 9
326 7
336 7
347 3
357 4
267.3
281.1
291 0
302.7
311 7
68.8
72.3
75 0
77.6
79 9
172.6
181.0
187 1
194.9
2C1 0
256 8
270.5
280 4
292.1
301 2
67 0
70.6
73 4
76 0
78 4
163 8
172.1
178 1
185.8
191 9
215 4
226.4
234 1
243.9
251 0
55.2
58.0
60 1
62.2
64 0
138.6
145.4
150.3
157.2
162.2
207.0
218.0
225.6
235.4
242.6
53.9
56.8
58.9
61.0
62.8
131.5
138.3
143.1
149.9
154.9
1955
1956
1957 .
1958
1959
594.3
150.4
156 9
163.1
166.2
167.9
146.4
153 1
159 5
162.8
164.7
370 0
384 9
398 1
408.2
421.0
324.1
338 0
350.0
355.7
363.5
82.2
86 0
89 5
90.0
89.4
210.5
220 6
229 2
234.1
242.3
313 9
328 0
340 4
346.7
355.5
80 7
84 6
88 1
88.7
88.3
201.8
212 1
221 0
226.4
235.4
261.6
273 1
283 0
286.8
293.1
65.7
69 0
71.9
71.8
71.0
170.7
179.2
186.2
189.8
196.8
253.5
265.2
275.5
279.8
287.0
64.5
67.8
70.8
70.9
70.1
172 .4
179.7
183.8
191.5
1932..
437.9
1933
1934
428 9
421 8
1935
1936
1937
1938
1939
416.9
416 4
418 2
414.7
412 1
1940
1941
1942
1943
1944
412 4
415.6
411.1
404 1
1945
1946
1947
1948
1949
..
540 0
558.0
574 9
616 6
636.4
650.0
664.5
See footnote at end of table.
308.9
293.5
292.8
289.5
346.3
382.7
382.2
356 3
515 9
366.8
534.2
376 7
551 6
388.8
403 4
416 0
571.5
594 3
614 8
425.4
437.3
629.4
645.0
43.9
163.8
SURVEY OF CURRENT BUSINESS
March 1974
27
Table 2.—Constant Dollar Gross and Net Stocks and Mean Age of Privately Owned Structures and Equipment, With Pruchases of
Government Surplus Assets at Original Aquisition Prices, by Broad Industry Group, 1925-73—Continued
Net stocks using straight-line depreciation
Gross stocks
Constant cost 2
Constant cost 1
End of Year
Net stocks using double-declining balance
depreciation
Constant cost 2
Constant cost 1
Constant cost 1
Constant cost 2
All
All
All
All
All
Manu- Nonfarm
Manu- Nonfarm
Manu- Nonfarm
Manu- Nonfarm
All Manu- Nonfarm
Manu- Nonfarm
indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonman- indus- factur- nonmanufactur- tries,
ufactur- tries,
ing
ufactur- tries,
ing
ing
tries,
ing
ing
ufactur- tries,
ufacturtries,
ing
ufacturing
ing
ing
total
total
total
ing
total
ing
total
total
ing
Gross and net stocks (billions of 1958 dollars)
682.1
698.3
717.4
736.9
760.8
170.5
173.5
176.2
179.4
183.3
452.2
465.2
481.4
497.0
516.3
664.1
681.9
702.6
723.8
749.4
167.6
170.8
173 7
177.1
181.2
437 1
451.5
469 1
486 1
507 0
373 7
381.7
392 7
404 5
420 5
90.0
90.3
90 8
91 9
94.2
252 3
260.0
270 4
280 5
293.7
366 9
376.1
388 4
401 5
418.9
89 1
89.5
90 2
91 4
93 9
246 3
255.2
266 8
278 0
292 5
301 3
307.2
316 1
325 8
339.3
71 3
71.3
71 7
72 6
74 7
205 0
211.0
219 5
227 7
238 6
296 2
303 4
313 4
324 3
339 0
70 6
70 7
71 2
72 2
74 5
200
207
217 '
226 t
238 t
1965
1966
1967
1968
1969
792.6
. 831.2
867.9
906.4
948.2
189 7
198.9
208.3
216 0
224.8
540.5
568.4
593.8
623 0
654.6
783.4
824.4
863.3
904 2
948.7
188 0
197 5
207.2
215 2
224 3
533 1
563 0
590.3
621 6
655.5
443 0
471.2
495.7
520 4
546.3
99 0
106 0
112.7
117 7
122 6
310 6
330.5
346.7
365 6
385.8
443 2
473 2
499.4
525 9
553 8
98 8
106 0
112.9
118 1
123 3
310 9
332 5
350.2
370 8
392 7
358 6
382.7
402.5
422 1
442 7
79 0
85 3
91.0
94 8
98 6
252 8
269.6
282.4
297 6
313.9
359 8
385 4
406.7
427 9
450 2
79 o
85 4
91.3
95 2
99 2
254
272 '
286.
303
320
1970
1971 . .
1972
1973 »
984.8
1,017.3
. 1, 054. 5
1 007.5
231 9
236 0
240.5
247 5
682 3 987 8
709.3 1 023 6
739.9 1 064 3
775 2 1 111 2
231 8
236 5
241 5
249 1
685 4
715 1
748.8
787 3
565 5
581 5
602.2
626 3
125 8
126 8
128.4
133 3
401 1
415 5
433.4
452 2
574 9
593 2
616.5
643 3
126 7
128 0
130.0
135 0
409 5
425 9
446.2
467 7
456 9
468 3
484.7
504 5
100 7
100 8
101.7
104 6
325 4
336.3
350.9
367 5
465 8
479.3
498.0
520 3
101 5
102.0
103.2
106 4
I960.
1961
1962
1963
1964
333
346.
362.
381
Mean age of gross and net stocks (years)
.
1925
1926
1927.
1928
1929
1930
1931..1932
1933
1934
79
77
77
75
73
11 1
10 9
10 8
10 7
10 6
10 3
10 1
10 0
99
98
74
73
72
7i
69
11 2
11 0
10 9
10 8
10 6
97
95
94
93
91
73
72
71
70
67
10.4
10 2
10 0
10.0
99
9.7
94
93
9.2
90
6.9
67
67
6.5
63
10. 5
10 2
10. 1
10.0
9. 9
15 5
15 9
16 4
17 0
17 5
10 4
10 2
10 1
10 0
98
99
10 3
10 8
11 4
11 8
75
79
85
89
92
10 6
11 0
11 5
12 1
12 6
98
10 2
10 7
11 3
11 7
71
75
81
85
89
10 6
10 9
11 5
12 1
12 6
92
96
10 2
10 8
11 3
69
74
80
85
88
99
10 2
10 8
11 5
12 0
91
9.5
10 1
10 8
11.2
65
7.0
77
8.1
8.5
99
10. 2
10 8
11.5
12.0
14.7
14 6
14.6
14.5
14.5
11.5
11 4
11 4
11.3
11 1
15.6
15 5
15 5
15.5
15 5
14.7
14 5
14 5
14.5
14 4
10 8
10 7
10 7
10 6
10 4
15 7
15 6
15 6
15 5
15 5
14 6
14.9
15 4
15.9
16.4
11 2
11.6
12 1
12 4
12.8
15 6
15.9
16 4
17.0
17.5
14 5
14 8
15 3
15 8
16.3
10 5
10 9
11 4
11 8
12 2
1935
1936
1937. .
1938
1939
. .
16.7
16.8
16.9
17.0
17.2
13.1
13.2
13.1
13.3
13 4
17.8
18.0
18.0
18.3
18 4
16.6
16.7
16 7
16.9
17 o
12 5
12 6
12 5
12 7
12 8
17 8
18 0
18 0
18 2
18 3
12 1
12.1
11 9
12 1
12 1
95
9.5
92
94
94
12 9
12 9
12 8
13 0
13 0
12 0
12 0
11 8
11 9
11 9
92
91
89
91
91
12 8
12 9
12 7
12 8
12 9
11 5
11.5
11 3
11 4
11 4
91
9.0
87
88
88
12 3
12.3
12 2
12.3
12 3
11.4
11.4
11.1
11.2
11.2
8.7
8.7
8.3
8.5
8.5
12.2
12.2
12. 1
12.2
12.2
1940
1941
1942
1943
1944
17.2
17.0
17.2
. . . 17.4
17.5
13 3
13.1
13 2
13.3
13.4
18 4
18.4
18 6
18.9
19.0
16 9
16.8
16 9
17.2
17.2
12 7
12 5
12 6
12 8
12 9
18 3
18 2
18 4
18 7
18 8
11 9
11 5
11 7
12 0
12 0
91
86
87
89
90
12 8
12 5
12 8
13 1
13 2
11
11
11
11
11
6
2
4
7
8
88
83
84
86
87
12 6
12 3
12 6
12 9
13 0
11 1
10 7
11 0
11 3
11.4
85
79
81
84
8.4
12 1
11.7
12 1
12 5
12.6
10 9
10.5
10 7
11.1
11.1
8.1
7.6
7.7
8.0
8.1
11.9
11.5
11.9
12.3
12.4
1945
1946
1947
1948
1949
17.3
16 6
15.7
15.0
14.5
13.1
12 0
11 1
10.6
10 4
18.8
18 4
17 6
16.9
16 4
17.0
16 3
15.4
14.6
14 2
12 6
11 5
10 7
10 2
10 0
18 6
18 1
17 3
16 6
16 1
11 7
10 8
98
92
88
86
75
68
65
65
13 0
12 3
11 3
10 6
10 1
11 4
10 6
96
89
86
82
72
65
63
63
12.8
12 1
11 1
10 4
99
11 0
10 0
90
8.4
81
7.9
68
61
5.9
60
12.3
11 5
10.5
9.8
94
10.7
98
8.8
8.2
79
7.6
6.6
5.9
5.7
5.8
12.1
11.3
10.3
9.6
9.2
1950
1951
1952.
1953
1954.
14 0
13.6
13.3
13.0
12.7
10 4
10.1
10.0
9.9
9.9
15 8
15.3
14.9
14.5
14.2
13 7
13.3
12.9
12.6
12.4
10 0
98
9.7
96
96
15 5
15 0
14.6
14 2
13 9
85
82
81
79
78
66
66
6.5
65
66
96
93
9.0
87
8.6
83
80
79
77
77
64
64
6.4
64
6.4
94
91
88
85
84
79
76
7.5
73
7.2
62
61
6.1
61
6.1
89
8.6
8.3
8.1
7.9
76
7.4
7.3
7.1
7.1
6.0
5.9
5.9
5.9
6.0
8.7
8.4
8.2
7.9
7.7
1955
1956
1957
1958
1959
12.5
12 2
12 0
12 0
11.9
9.9
98
97
98
10.0
13.9
13 5
13 2
13 0
12 8
12.2
11 9
11 7
11 7
11.6
9.6
96
95
96
98
13 5
13 1
12 9
12 7
12 5
77
75
74
75
75
6.7
66
65
66
68
8.3
80
79
79
78
75
74
73
73
73
6.5
64
64
65
67
81
78
77
77
75
7.1
70
69
69
69
6.2
61
60
61
64
7.6
74
73
73
7.2
6.9
6.8
67
68
6.8
6.1
6.0
59
61
6.3
7.4
7.2
7.1
71
7.0
1960
1961
1962
1963
1964
. . 11 7
11.7
11.6
11.5
11 3
10.1
10.2
10 3
10.4
10 4
12 6
12.4
12 1
11.9
11 7
11 4
11.4
11 3
11.1
11 0
99
10 0
10 2
10 2
10 2
12 2
12 0
11 7
11 5
11 3
74
74
74
74
72
69
71
71
71
70
76
76
75
74
73
72
72
72
72
70
68
70
70
71
69
74
73
72
72
70
69
69
69
68
67
65
6.6
67
67
65
7.1
7.0
7.0
6.9
6.8
6.7
6.7
6.7
6.6
6.5
6.4
6.5
6.6
6.6
6.4
6.8
6.8
6.7
6.6
6.5
1965
1966
1967
1968
1969
11.0
10 7
10.5
10 3
10.2
10 2
99
97
96
95
11 4
11 1
10 8
10 6
10 4
10.7
10 4
10.2
10 0
9.9
10 0
98
96
94
93
11 0
10 7
10 4
10 2
10 0
71
69
67
67
66
68
65
62
61
61
71
70
69
68
67
69
67
66
65
64
67
64
61
60
60
69
67
67
66
65
65
63
62
62
61
63
59
57
56
56
6.6
64
6.4
6.3
6.2
6.4
6.2
6.1
6.0
6.0
6.2
5.8
5.6
5.6
5.5
6.4
6.2
6.2
6.1
6.0
10.1
. . 10.0
99
98
95
95
95
94
10 3
10 2
10 1
10 0
9.8
9.7
97
96
93
93
93
93
99
98
97
96
66
67
67
66
61
62
62
62
67
68
67
67
65
65
65
65
60
61
62
62
65
66
66
65
61
62
62
62
5.6
5.8
58
5.8
6.3
6.3
6.3
6.3
6.0
6.1
6.1
6.1
5.6
5.7
5.7
5.8
6.1
6.1
6.1
6.1
1970
1971 .
1972
19731
.
.
NOTE.—Capital stock estimates for "Farm" may be obtained by subtracting the sum of
the "Manufacturing" and "Nonfarm nonmanufacturing" columns from the "All industries,
total" column.
1. The estimates for 1973 are based on preliminary investment data and a shortcut methodology and are subject to a larger margin of error than estimates for earlier years.
By WILLIAM K. CHUNG
Property, Plant, and Equipment Expenditures by
Majority-Owned Foreign Affiliates of US.
Companies, 1978 and 1974
Expenditures for property, plant, and
1974. Current projections indicate inThe upward revisions, as well as the
creases
in
spending
of
18
percent
in
large
year-to-year increases for 1973
equipment by majority-owned foreign
both
years,
compared
with
the
increase
and
1974,
may reflect a number of
affiliates of U.S. companies are exof
11
percent
for
1973
and
13
percent
factors.
Many
industrialized countries
pected to rise 18 percent in 1974, folfor
1974
projected
in
the
previous
surexperienced
serious
inflation last year,
lowing an estimated increase of the
1
vey
taken
in
June
1973.
Upward
reand
many
of
these
same countries
same magnitude last year. The gains
were
also
in
an
expansionary
phase of
visions
have
been
made
for
almost
all
in both years exceed the 12 percent
the
business
cycle
throughout
most of
industrial
countries
and
are
particaverage annual rate of increase in the
ularly
large
in
manufacturing.
1973
with
a
resulting
strong
demand
period 1966-72. If current projections
are realized, total expenditures in 1974
will be $23.8 billion (see table 1). The
increase in spending last year and the
Property, Plant, and Equipment Expenditures by Majority-Owned
planned increase this year are spread
Foreign Affiliates of U.S. Companies
over most major industries and areas.
Since there is some lag between
Billion $
$
(Ratio scale)
changes in the investment environment Billion
40
140
and consequent changes in spending
_ BY AREA
_BY INDUSTRY
plans, it is difficult to say to what extent the current data, based on a 20
Total
Totalii
20
\
December 1973 survey, reflect the impacts of the Arab oil production cutback and export embargo, which began
in October 1973, and the subsequent
price increases. Because of the heavy
dependence on Arab oil of many foreign
industrialized countries, initial expectations were that the Arab actions would
lead to a slowdown in economic expansion abroad perhaps resulting in reduced
outlays on property, plant, and equipment by foreign affiliates of U.S. comMining and
panies. However, estimated spending
Smelting
Other /
xx.
by foreign affiliates has been revised
Developed
'
\ international
Countries ^
and Unallocated
upward substantially for both 1973 and
v
Trade
1. These are universe estimates based on BEA's latest
semiannual survey, taken in December 1973, which covered a
sample of about 400 U.S. direct investors and their 4,800
majority-owned foreign affiliates. See the December 1973
issue of the SURVEY for a description of the methodology used
in deriving these universe estimates and for revised historical data, by country and industry, going back to 1966.
NOTE.—Data for this article were prepared
by Juris E. Abolins and David H. Galler
under the supervision of Howard Murad.
28
/
/
/
I
1966
68
I
70
I
I
72
• Expected
U.S. Department of Commerce, Bureau of Economic Analysis
I
I
I
74
1966
I
I
68
I
I
70
I
I
72
SURVEY OF CURRENT BUSINESS
March 1974
for investment goods. In addition, the
U.S. dollar depreciated further vis-a-vis
most major foreign currencies in 1973.
All these factors would have increased
the expected dollar cost to foreign
affiliates of carrying out their expansion
plans.
By industry, most of the rise in
spending in both 1973 and 1974 is by
manufacturing and petroleum affiliates.
By area, capital outlays for all
affiliates in developed countries are expected to rise 17 percent this year,
following a 14 percent increase last
year. Expenditures by affiliates in developing countries rose 15 precent last
29
year and are expected to increase 23
percent in 1974.
machinery, and transportation equipment show particularly large increases.
Outlays by Canadian manufacturing
Manufacturing
affiliates rose 13 percent last year
For manufacturing affiliates, expen- and are projected to rise 21 percent
ditures are estimated to have risen 20 this year to $2.0 billion. The increases
percent in 1973 and a 19 percent rise are at least in part a reflection of
is expected this year, reaching $10.1 Canadian economic expansion, and
billion. In 1972, spending by manufac- possibly of the introduction in 1973
turing affiliates was unchanged. The of a tax cut for manufacturers and more
1973 and 1974 increases are broadly favorable tax treatment for fixed asset
based, encompassing most major man- investments. Spending increases appear
ufacturing industries and many coun- in nearly all manufacturing industries
tries. Affiliates manufacturing food in both years, with the largest increases
products, electrical and nonelectrical in chemicals, rubber products, electrical
Table 1.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies, Actual
and Projected, by Percent Change and Amount l
Billions of dollars
Percent change
Actual
Total
Current projection for: 2
Prior projection for: 3
1967
1968
1969
1970
1971
1972
10
6
16
21
13
5
18
18
11
17
24
22
14
16
7
18
6
20
26
-15
8
-13
25
1
21
1
16
1974
1973
Actual
1974
1973
Current projection for: 2
Prior projection for: 3
1973
1973
1974
1974
1966
1967
1968
1969
1970
1971
1972
13
8.7
9.6
10.2
11.8
14.3
16.3
17.1
20.1
23.8
19.0
21.4
-13
25
.6
2.4
.7
3.0
.9
3.5
1.0
3.7
1.2
3.9
1.5
5.0
1.2
5.4
1.1
6.7
1.1
8.1
1.3
6.2
1.1
7.7
By industry
Mining and smelting .
Petroleum
._
Manufacturing
_
__ _.
.
2
-4
20
29
6
0
20
19
9
7
4.4
4.5
4.3
5.2
6.7
7.1
7.1
8.5
10.1
7.7
8.3
Food products _ _ - - _ .
7
Paper and allied products
-34
Chemicals and allied products.
23
-1
1
6
18
5
-3
-7
43
17
-4
62
6
12
12
-4
35
8
9
27
14
21
32
-4
11
-10
-15
5
.3
.3
.9
.3
.2
1.1
.3
.2
1.2
.4
.2
1.1
.3
.3
1.3
.3
.5
1.4
.4
.6
1.3
.5
.6
1.5
.6
.7
1.8
.5
.6
1.5
.4
.5
1.6
Rubber products..
-25
Primary and fabricated metals. -12
Machinery (except electrical) _.
5
26
1
-10
52
24
35
-3
68
43
3
18
12
78
-16
-4
-7
20
28
17
-15
17
-4
-8
8
8
-8
13
.2
.4
.9
.1
.3
.9
.2
.3
.8
2
!4
1.1
.2
.7
1.6
.2
.8
1.8
.4
.7
1.7
.4
.8
2.2
.4
.7
2.6
.4
.6
1.9
.4
.6
2.1
Electrical machinery
Transportation equipment
Other manufacturing
19
-7
8
1
-23
5
33
25
35
33
34
16
2
-15
-7
14
-4
-7
37
23
18
50
19
29
45
7
3
30
19
.2
.9
.4
.3
.8
.4
.3
.6
.4
.4
.8
.5
.5
1.0
.6
.5
.9
.6
.6
.9
.6
.8
1.1
.6
1.2
1.3
.8
.8
.9
.6
.9
1.1
.7
19
-3
18
9
21
30
42
27
3
16
42
12
0
23
25
10
8
17
18
10
.4
.9
.5
.8
.6
.9
.7
1.2
1.0
1.5
1.0
1.8
1.4
2.0
1.4
2.4
1.7
2.7
1.5
2.3
1.8
2.5
14.2
Trade
Other industries
2
By area
Developed countries
Canada
4
-3
16
28
14
2
14
17
8
12
6.7
7.0
6.8
7.8
10.0
11.5
11.7
13.4
15.8
12.6
-8
-5
15
16
11
12
6
16
4
6
2.5
2.3
2.2
2.5
2.9
3.2
3.6
3.8
4.4
3.7
4.0
Europe
United Kingdom .. .
European Economic Community (6)*
- -.
Other Europe.
13
13
-6
0
16
7
34
35
15
12
0
-7
21
24
14
14
7
19
15
24
3.5
.9
3.9
1.0
3.7
1.0
4.3
1.1
5.8
1.5
6.6
1.7
6.6
1.6
8.0
1.9
9.2
2.2
7.1
1.9
8.2
2.3
12
20
-14
17
28
-7
37
24
18
7
1
7
16
40
12
25
2
15
7
29
2.1
.5
2.3
.6
2.0
.7
2.5
.6
3.5
.8
4.1
.9
4.1
.9
4.8
1.3
5.4
1.6
4.2
1.1
4.5
1.4
Japan
Australia, New Zealand, and
South Africa.
30
39
18
35
21
1
4
54
34
26
.2
.2
.3
.3
.5
.6
.6
.6
.9
.8
1.0
-5
5
20
27
20
-10
-1
28
8
7
.6
.5
.6
.7
.9
1.0
.9
.9
1.2
1.0
1.1
30
29
12
6
2
9
15
23
10
21
1.8
2.3
3.0
3.3
3.5
3.6
4.0
4.5
5.6
4.4
5.3
Latin America . . .
Other Africa. . ... . .
Middle East.
Other Asia and Pacific
32
31
21
27
35
35
13
4
15
8
-18
35
3
-16
26
44
-9
-12
31
43
5
-14
80
-4
19
9
27
-7
15
-1
45
36
12
-7
10
14
10
14
19
52
1.0
.3
.2
.2
1.4
.4
.3
.3
1.8
.6
.3
.3
2.1
.6
.2
.4
2.2
.5
.3
.6
2.0
.4
.4
.8
2.1
.4
.7
.8
2.5
.4
.9
.7
2.9
.4
1.3
1.0
2.3
.4
.8
.9
2.6
.4
.9
1.3
International and unallocated- _.
2
58
54
23
52
18
57
12
44
-2
.3
.3
.4
.6
.8
1.2
1.4
2.2
2.5
2.0
2.0
18
13
6
12
6.9
7.8
6.2
6.9
Developing countries
Addendum:
European Economic Community (9)5
._ .
1. The property, plant, and equipment expenditures data series has been revised back to
and including the year 1966. See the December 1973 issue of the SURVEY for a description of
the methodology used in deriving these universe estimates and for revised historical data, by
country and industry, going back to 1966.
2. Based on results of the survey taken in December 1973. Spending projections are adjusted
in order to eliminate—or at least reduce—any systematic bias in projected data. See the
December 1973 issue of the SURVEY for discussion.
3. Based on results of the survey taken in June 1973, as published in December 1973: no
adjustments have been made to reflect information received subsequent to the publication.
4. The "European Economic Community (6)" includes Belgium, France, Germany, Italy,
Luxembourg, and the Netherlands.
5. The "European Economic Community (9)" includes the United Kingdom, Denmark
and Ireland, in addition to the six countries noted above.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
30
March 1974
machinery, and paper and allied three European countries where spend- Strong growth is estimated in both
products.
ing by U.S. manufacturing affiliates is years for European affiliates manuIn Europe, manufacturing affiliates the highest—the United Kingdom, facturing electrical and nonelectrical
increased expenditures by 26 percent Germany, and France—unusually large machinery and transportation equiplast year and expect an increase of 15 increases last year are expected to be ment.
percent in 1974, to $5.5 billion. In the followed by smaller gains in 1974.
Stimulated by a strong rise in
Table 2A.—Estimates of Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S. Companies for
1972, by Country and Industry J
[Millions of dollars]
All
industries
Area or country
All countries
Manufacturing
Mining
and
Petrosmelt- leum
ing
Total
Food
products
Trade
Paper
ChemiPrimary Machin- Electrical Transpor- Other
tation
machinmanuand
cals and Rubber
and
ery
equip- facturing
ery
allied
allied
products fabricated (except
ment
products products
metals electrical)
Other
industries
17,088
1,249
5,350
7,123
364
586
1,349
413
702
1,716
586
855
552
1,395
1,972
11,728
965
2,507
6,023
279
526
1,159
224
578
1,599
492
697
469
1,228
1,005
Canada
3,596
719
804
1,452
90
281
325
65
61
209
121
213
86
222
400
Europe
6,628
5
1,365
3,830
156
219
648
148
472
1,130
328
391
337
906
523
1,561
0
413
853
43
682
54
(D)
224
(D)
98
2,693
380
507
1,114
481
212
101
6
23
23
34
15
270
23
2
97
55
27
6
60
283
7
25
12
84
54
42
59
12
3
Developed countries
United Kingdom . _ .
European Economic Community
(6)
Belgium and Luxembourg _
France
Germany
Italy
Netherlands
Other Europe,
Denmark
Ireland
Norway
Spain
Sweden
Switzerland
Other
4,148
468
1,035
1,549
712
385
(D)
919
65
28
119
216
114
146
231
(D)
o
0
0
(D)
(D)
(*)
0
0
0
0
0
3
(D)
(*)
(D)
(D)
2
566
0
(D)
378
Australia, New Zealand, and South
Africa
937
242
(D)
364
26
756
39
142
237
(D)
(D)
155
(D)
24
290
17
57
20
Developing countries _
Latin America
Latin American Republics.. _ ...
Argentina
Brazil
.
Chile
Colombia
Mexico
_Panama
Peru
Venezuela
Other Central America
Other and unallocated _
Other Western Hemisphere. .
Bahamas
Bermuda
Jamaica
Other and unallocated
Other Africa
Liberia
Libya
Nigeria
Other and unallocated
Middle East
Iran
Other and unallocated
Other Asia and Pacific
India
Indonesia
Korea
Philippines
Other and unallocated
International and unallocated
.
(D)
150
266
54
108
77
123
204
86
(D)
5
97
(D)
447
93
61
139
74
80
121
(D)
37
300
7
14
234
15
29
820
56
226
(D)
188
(D)
213
50
51
79
27
7
274
(D)
(D)
192
13
10
213
24
54
115
7
13
660
23
338
177
73
49
(D)
23
44
2
47
123
(D)
(D)
(D)
75
(D)
(D)
0
0
(D)
(D)
10
%7
(D)
(D)
(D)
n
50
(D)
6
3
(D)
16
(D)
(D)
9
(D)
i
6
(D)
(
(D)
(D)
(D)
(D)
0
(D)
(*)
2
13
2
5
1
<
m
(D)
l
5
6
(D)
n
61
D)
(D)
44
<D)I
43
11
5
(D)
(D)
<D)
6
w
(D)
22
(*)
(D)
28
(D)
26
(D)
78
3
I8j 4
(D>
(D)
(D)
(D)
9
(*)
0
i
172
33
12
25
2
®
(
%
27
10
24
(D)
(D)
(D)
18
17
28
28
22
93
36
76
(D)
19
61
29
1
6
40
14
22
(D)
(D)
(D)
10
(D)
8
48
6
69
80
33
4
3,966
284
1,910
1,099
85
61
189
189
125
117
94
157
83
167
507
2,090
174
624
880
72
51
160
157
72
107
65
155
42
116
296
1,619
150
598
17
85
197
28
110
273
58
103
97
2
1
3
(*)
8
0
(D)
(D)
862
66
498
3
48
152
5
8
49
25
8
71
5
16
(*)
6
13
1
2
14
10
3
(D)
3
(D)
(D)
(D)
13
0
(D)
4
2
(*)
146
21
61
(D)
10
38
(D)
3
8
1
1
(D)
3
137
0
8
3
0
(D)
3
3
0
71
5
42
0
(D)
14
0
(D)
4
3
3
106
3
74
0
(D)
26
(D)
(*)
(*)
(*)
(*)
65
6
28
1
(D)
20
(*)
(D)
3
(*)
155
15
(D)
1
(D)
10
0
(*)
5
0
0
40
5
(D)
(D)
1
362
25
22
(*)
31
(*)
11
(D)
163
22
(D)
15
(D)
0
5
2
1
113
16
40
1
5
25
7
3
13
2
3
184
41
38
10
(*)
11
6
(D)
(D)
8
(D)
471
213
2
68
188
77
0
0
(D)
(D)
262
114
(*)
5
143
18
6
0
9
3
1
(*)
0
(*)
(*)
(D)
0
0
(D)
(D)
13
(D)
0
6
(D)
(D)
0
0
(D)
0
1
0
0
(*)
(*)
(*)
0
0
(*)
0
(*)
0
0
(*)
(*)
0
0
0
0
0
2
(D)
0
(D)
(*)
3
(*)
(D)
(D)
3
112
93
(D)
384
15
313
31
4
(D)
5
(D)
(D)
0
(D)
(D)
4
5
20
14
99
130
141
(D)
0
0
(D)
3
98
115
97
(D)
(D)
(D)
26
0
0
(*)
0
0
0
(D)
0
(D)
(D)
3
(D)
0
(*)
(D)
0
0
(*)
(D)
0
0
0
0
0
0
(*)
(D)
0
0
0
(D)
0
0
2
1
(8
(D)
(D)
4
0
10
6
722
0
590
45
(*)
(*)
9
(D)
(D)
(*)
(D)
0
(')
23
65
96
626
0
0
(D)
(D)
(D)
(D)
(*)
(*)
0
(*)
(D)
(D)
(D)
0
0
(D)
0
(*)
(D)
0
0
0
0
(*)
(*)
22
4
61
769
94
382
144
9
(D)
16
11
20
10
29
(D)
37
23
126
45
317
9
50
349
0
62
0
0
32
(D)
231
(D)
19
123
41
22
4
18
59
(D)
0
(D)
5
3
0
5
(D)
(D)
3
5
3
(D)
0
(D)
2
19
0
(D)
(D)
(D)
4
0
0
(*)
5
(D)
(D)
(*)
(*)
19
0
0
0
(D)
(D)
5
(D)
(D)
5
22
(*)
(D)
(D)
19
(D)
(D)
(D)
9
115
(*)
461
1,394
<$
(*)
(*)
933
*Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. See footnote 1, table 1.
127
(D)
(D)
(*)
Japan
Australia
_New Zealand
South Africa -
P)
Source: U.S. Department of Commerce, Bureau of Economics Analysis.
(D)
SUEVEY OF CUEEENT BUSINESS
March 1974
aggregate demand, manufacturing affiliates in Germany stepped up their
expenditures by 26 percent last year,
31
and plan another 10 percent rise have risen 39 percent in 1973 and are
this year to $1.5 billion. Expenditures to go up 14 percent in 1974. In both
by French affiliates are estimated to countries, strong inflation last year
Table 2B.—Estimates of Projected Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S.
Companies for 1973, by Country and Industry 1
[Millions of dollars]
Mining
All
and
Petroindus- smelt- leum
ing
tries
Area or country
All countries
Manufacturing
Total
Food
products
Paper
Primary Machin- Electrical Transpor- Other
ChemiTrade
ery
machintation
manucals and Rubber
and
and
allied
ery
equip- facturing
allied
products fabricated (except
metals electrical)
ment
products products
Other
industries
20, 118
1,087
6,699
8,515
490
633
1,467
383
844
2,198
801
1,050
649
1,390
2,426
13,391
802
2,933
7,192
371
577
1,204
230
708
2,042
687
814
559
1,208
1,256
Canada -
3,827
572
936
1,646
141
292
364
86
52
217
159
239
97
221
451
Europe
8,041
7
1,623
4,813
181
259
644
123
624
1,614
483
491
394
880
718
0
0
0
Developed countries . . . . .
United Kingdom
European Economic Community
(6). .
Belgium and Luxembourg
France
Germany ...
Italy
Netherlands
Other Europe
Denmark
Ireland,.
Norway
Spain . ..
Sweden
SwitzerlandOther .
525
1,071
52
713
(D)
(D)
228
135
72
3,286
467
705
1,398
490
226
114
6
24
28
36
21
(D)
0
6
0
0
0
4
386
22
2
129
162
21
8
42
454
9
39
17
146
81
90
72
590
0
182
353
932
223
190
723
41
169
213
(D)
(D)
138
(D)
(D)
(D)
(D)
(D)
15
3
3
Developing countries
Latin America
Latin American republics
Argentina
Brazil
Chile...
__ .
Colombia
Mexico
Panama
Peru
. .
Venezuela
_ .
Other Central America
Other and unallocated
Other Western Hemisphere
Bahamas
.
Bermuda..
Jamaica..
..
Other and unallocated
Other Africa
Liberia
Libya
Nigeria
Other and unallocated
Middle East.... . .
240
96
29
5
105
4
(D)
(D)
(D)
402
93
67
132
51
59
97
13
40
9
17
17
(D)
(D)
(*)
(D)
2
2
117
(D)
(D)
1
76
11
7
4
6
4
100
380
43
22
295
16
69
34
20
(D)
5
(D)
(D)
(D)
(D)
0
0
195
403
65
125
81
130
(D)
405
6
28
327
12
32
1,136
124
311
450
203
47
299
50
65
133
39
12
330
41
60
206
11
12
263
38
81
108
15
22
610
22
294
179
69
46
(D)
(D)
(D)
25
(D)
(D)
74
3
1
0
6
118
(D)
%}
(D)
(D)
(*)
0
29
(D)
(D)
3
1
(D)
10
3
6
3
(D)
(D)
2
(D)
27
96
(D)
29
(D)
19
84
84
1
11
(D)
28
(D)
(D)
18
61
(D)
6
1
(D)
(D)
(D)
3
41
41
6
(D)
(*)
Other Asia and Pacific
India
Indonesia
Korea
Phillipines
Other and unallocated—
.
(D)
(D)
14
(D)
(D)
9
(D)
(D)
(D)
(D)
19
10
27
22
40
15
47
66
71
36
1
9
36
11
19
40
6
26
139
(D)
9
o«1
2
(D
^o
32
4,541
285
2,162
1,323
119
56
263
152
136
156
113
235
91
183
588
248
652
1,054
102
50
228
116
77
144
65
225
46
127
404
1,878
170
687
18
79
237
36
184
314
64
89
153
3
1,034
98
580
4
44
181
7
8
67
31
13
101
4
26
143
4
110
0
(D)
23
(D)
1
(*)
(*)
(*)
25
1
2
20
225
41
160
(D)
(D)
(D)
0
(*)
43
6
123
16
40
10
0
214
29
102
1
8
50
(D)
76
3
43
0
0
115
(D)
2
(D)
352
25
19
(*)
32
1
7
49
162
17
41
217
28
48
11
1
20
20
(D)
37
(D)
32
608
221
1
91
295
95
(*)
0
28
67
300
97
(*)
6
397
21
7
0
11
3
419
12
347
26
81
121
191
7
0
0
5
1
81
104
161
a
°n
(D)
716
(D)
(D)
0
0
0
0
4
2,186
6,855
(D)
1
(D)
(D)
(D)
(*)
13
4
38
358
210
(D)
261
(D)
(D)
75
51
37
(D)
(D)
0
(D)
2
90
(*)
2
1
(D)
0
0
0
(D)
12
1
(*)
15
(D)
(*)
0
0
42
(D)
(D)
(D)
(D)
(*)
(D)
°6
21
2
2
21
16
5
17
(*)
(*)
805
(D)
81
839
(D)
323
(D)
56
274
Addendum :
European Economic Community
(9) 2 _ _ .
(D)
(D)
91
305
(D)
(D)
(D)
67
4
116
84
50
36
(D)
2,486
920
Iran
Other and unallocated
(*)
0
0
0
(*)
(D)
(*)
(*)
(*)
(D)
14
(D)
(D)
(D)
(D)
10
4
0
0
7
(D)
(D)
(D)
(D)
(D)
(D)
#>
(D)
(D)
(D)
(D)
0
10
0
(*)
(D)
(*)
2
2
(*)
(D)
(D)
(D)
10
(D)
(D)
7
2
9
0
(*)
0
3
22
(D)
0
0
0
0
0
0
0
0
0
0
(*)
(*)
(D)
29
(D)
(D)
(*)
(D)
0
(D)
6
4
3
1
0
0
1
0
0
0
15
0
<D)
0
20
0
3
86
0
7
4
(D)
(D)
(D)
(*)
0
29
13
28
8
0
0
0
(*)
(D)
(*)
(D)
(*)
(D)
(D)
(D)
(*)
(D)
4
7
1
0
0
0
0
0
0
0
0
0
(D)
(D)
(D)
88
(D)
(D)
(*)
(D)
(D)
0
0
0
(D)
0
(D)
0
0
0
(D) 47
"S
(D)
n
»
(D)
(D)
!2
1
1,262
2
26
3
(D)
(D)
(D)
(D)
5
!
(D)
187
116
(D)
45
(D)
5
37
2
0
1
0
0
(D)
0
0
(*)
(D)
0
(*)
(D)
43
D)
(*)
(D)
13
4
22
(*)
4,405
172
.252
545
113
601
1,543
368
458
(D)
(D)
353
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
17
0
49
(D)
(D)
97
&
(D)
(D)
(*)
(*)
(D)
(D)
(D)
(*)
(D)
(D)
16
2
(D)
0
0
(D)
1,605
*Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. See footnotes 1 and 2, table 1.
2. The "European Economic Community (9)" includes the "European Economic Community (6)," the United Kingdom, Denmark, and Ireland.
124
(D)
South
Australia
New Zealand
South Africa
International and unallocated
(D)
(D)
1,290
61
44
157
416
137
246
229
Japan
Australia, New Zealand,
Africa.
1,935
4,815
571
1,277
1,896
708
363
748
(*)
(D)
(D)
n
83
581
438
SURVEY OF CUERENT BUSINESS
32
March 1974
Table 2C.—Estimates of Projected Property, Plant, and Equipment Expenditures by Majority-Owned Foreign Affiliates of U.S.
Companies for 1974, by Country and Industry l
[Millions of dollars]
All
industries
Area or country
and
smelting
10, 140
624
720
1,779
448
718
2,562
1,201
1,251
838
1,742
2,659
8,587
464
657
1,486
284
591
2,379
1,032
975
720
1,427
1,340
4,445
440
1,101
1,992
139
371
429
165
60
226
235
265
104
377
535
9,190
12
2,012
5,535
278
259
833
96
457
1,793
675
594
551
937
693
728
1,165
89
177
375
75
165
118
137
(D)
793
172
(D)
293
(D)
116
3,722
165
14
18
67
34
31
239
14
14
151
8
52
1,360
(D)
399
558
217
(D)
423
46
103
191
55
28
318
67
60
139
11
42
369
79
95
157
23
15
657
26
285
197
90
60
(D)
12
(D)
100
17
16
649
9
60
33
266
63
105
113
40
58
2
1
0
177
(D)
(D)
(D)
42
5
53
66
111
(D)
(D)
0
102
(*)
2
3
64
16
143
(D)
(D)
(D)
(D)
31
(D)
24
318
(D)
0
0
8
491
(D)
(D)
240
111
18
(D)
36
911
0
274
587
13
34
17
1,192
957
47
188
303
292
(D)
(D)
242
193
(D)
(D)
473
372
16
85
116
93
52
31
2
19
80
44
19
17
94
56
6
32
. 5,571
342
2,693
1,553
275
118
314
669
5,374
715
1,255
2,126
725
553
(D)
Other Europe
Denmark .
Ireland
Norway
Spain
Sweden
Switzerland
Other
1,611
81
108
285
508
118
251
260
.
Japan
Australia, New Zealand, South
Africa
Australia .
New Zealand.. . . _
..
South Africa
Latin America
0
0
0
(D)
0
9
0
(D)
(D)
(D)
505
803
1,537
517
360
24
2
6
(D)
7
1
159
582
1,254
142
1,226
141
3
2
3
.
-. ...
161
903
21
59
270
34
253
413
81
168
(D)
10
0
(D)
(D)
(D)
(D)
25
24
(*)
16
1
9
41
242
19
45
77
752
6
37
204
6
14
77
36
17
Other Western Hemisphere _ .-.
Bahamas
Bermuda
Jamaica
._
.
.
Other and unallocated
. -.
494
183
1
102
209
98
1
0
29
67
161
41
112
28
10
0
15
3
331
27
Other Africa
413
Liberia
Libya
Nigeria
.. . ..
Other and unallocated
Middle East
. ...
.
.
India
Indonesia
Korea
Philippines
Other unallocated
Addendum:
European 2Economic
nity (9)
.
(D)
(*)
32
141
158
1,329
(D)
1,235
35
94
1,235
(D)
(D)
(D)
3
32
972
8
0
0
0
15
0
15
0
0
(*)
2,456
Commu-
7,768
544
2
434
(D)
(D)
89
17
10
64
49
85
18
17
107
97
1
8
(D)
(D)
63
294
4
1
(D)
6
20
0
(D)
1
(*)
1
(*)
5
2
(*)
0
1
237
(D)
(D)
(D)
(D)
o
0
0
17
138
2
6
49
(D)
5
9
2
(D)
20
(D)
(D)
(D)
(*)
(D)
(*)
(*)
(*)
0
0
0
0
0
8
6
(D)
(D)
(*)
5
3
92
(*)
1
13
67
66
(D)
(D)
(D)
16
30
28
1
2
(D)
(D)
183
170
(D)
(D)
127
3
(D)
3
1,602
262
249
711
^
6
110
80
169
119
242
74
176
169
119
242
70
170
326
(D)
110
0
6
(D)
0
6
28
0
8
72
2
2
20
11
10
0
6
129
0
(D)
28
(*)
31
67
(D)
(D)
23
13
11
4
3
(*)
(D)
(*)
25
58
(D)
5
33
5
2
(D)
1
0
0
1
(*)
(D>
3
(D)
o
(D)
(D)
(*)
(D)
(D)
0
0
o
0
0
(*)
(D)
(D)
(D)
0
(D)
(*)
0
0
0
0
0
0
(*)
(D)
1
28
0
(*)
(*)
(D)
0
6
0
0
o
(*)
(D)
3
8
(D)
(D)
(<)
(*)
2
(D)
(D)
(D)
0
(D)
(D)
4
0
0
0
0
0
0
0
0
0
0
0
(*)
(D)
(D)
(D)
(D)
4
(D)
2
39
13
2
5
(D)
4
0
1
(D)
0
0
11
0
0
0
(*)
86
417
1,738
504
56
(D)
102
7
201
130
(D)
49
(D)
7
(D)
(*)
(D)
(D)
11
(D)
(*)
(*)
(D)
(D)
(D)
31
(D)
0
1
31
(D)
(D)
(D)
33
99
(D)
5
*».
0
50
22
O>)
(D)
(D)
14
(D)
28
0
4
13
0
0
0
(D)
(D)
(D)
(D)
(*)
29
25
(D>
(D)
(D)
(D)
0
(*)
0
0
(*)
o
(D)
26
2
(D)
5
6
(D)
92
(*)
4,956
(D85
66
31
(D)
(D)
(D)
(D)
65
(D)
18
3
7
8
11
(D)
137
(D)
(D)
(D)
(D)
12
(D)
(D)
3
3
9
5
(*)
527
6
<D)
(D)
(D)
(D)
1
165
(D)
0
(*)
(13)
(D)
0
(D)
(*)
10
15
0
10
23
7
9
(D)
117
252
68
(D)
(D)
(*)
9
231
(D)
(D)
3
98
(D)
(D)
52
5
29
2
2
27
16
7
(D)
(D)
(D)
1 805
*Less than $500,000.
D Suppressed to avoid disclosure of data for individual reporters.
1. See footnotes 1 and 2, table 1.
(*)
(*)
4
49
(*)
<D)
(D)
3
7
(D)
0
0
23
33
172
185
67
484
16
76
329
International and unallocated
(D)
(D)
(D)
(D)
(D)
421
\
0
31
20
(D)
(D)
543
114
52
262
33
82
154
(D)
(D)
(D)
16
317
(
125
4
4
219
...
235
61
39
(D)
2,362
-.-.-
135
(D)
3
2
1
2,856
Latin American Republics
Other Asia and Pacific
Other
industries
3,629
(D)
Iran
Other and unallocated
and
8,127
2,205
Argentina - - - _ . . ,.
Brazil
Chile
Colombia. .. . .
Mexico
Panama
Peru
Venezuela _
_
Other Central America
Other and unallocated
ChemiPrimary Machin- Electrical Transpor- Other
Trade
machintation
ery
manucals and Rubber
and
equip- facturing
ery
allied
allied
products fabricated (except
ment
metals electrical)
products products
Paper
755
United Kingdom
European Economic community
(6)
Belgium and Luxembourg
France
Germany. _ .
.
..
Italy
Netherlands
-
Food
products
1,098
. .
Developing countries - - -
Total
15, 739
Canada
.
Petroleum
23, 766
All countries
Developed countries
Europe. _
Manufacturing
Mining
486
499
805
14
0
9
76
(*)
(D)
(D)
9
63
651
402
2. The "European Economic Community (9)" includes the "European Economic Community (6)," the United Kingdom, Denmark, and Ireland.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
March 1974
coupled with appreciation of the local
currencies against the dollar have
raised the dollar value of investment
goods.
British manufacturing affiliates increased their capital spending an estimated 26 percent last year but expect
only a 9 percent increase this year.
Increased expenditures by affiliates
in the nonelectrical machinery, transportation equipment, and food product
industries account for most of the
rise.
After a cutback in capital outlays in
1973, manufacturing affiliates in Japan
are expected to increase spending this
year by 66 percent. Most of the rise is
in the electrical and nonelectrical machinery industries.
The rise in capital spending by manufacturing affiliates in developing countries is also quite rapid—21 percent in
1973 and 18 percent in 1974. Most of
the increase is in Latin America,
particularly Brazil, which offers an
expanding domestic market and a favorable investment climate.
SURVEY OF CURRENT BUSINESS
pected to rise steeply in BelgiumLuxembourg, Germany, and Japan in
1973 and 1974, while affiliates in Italy
show cutbacks in both years. In France
and Spain, capital spending is expected
to be reduced substantially this year
following rises in 1973.
In 1973, spending for expansion of
tanker fleets by international shipping
affiliates rose 72 percent and accounted
for nearly one-half of the total increase in petroleum spending. Spending
growth will continue this year, but at a
much slower rate of 12 percent,
bringing total expenditures to $1.8
billion.
33
the largest increases in Germany,
Canada, Switzerland, and Jamaica.
This year, cutbacks in many of the
European countries are expected to be
more than offset by increases in
Canada, Latin America, and Australia.
(Continued from page 24)
economic depreciation,7 the value of
productive services of an asset used up
each year. One widely accepted accounting method, the "straight line"
pattern, assumes equal dollar depreciation each year over the life of the asset.
Another widely used method, the "declining balance" pattern, assumes a
Mining, smelting, trade, and other fixed percentage rate of depreciation
each year over the life of the asset.
industries
Depreciation is calculated by applyCapital expenditures by foreign affili- ing a depreciation formula to gross
ates in mining and smelting showed a investment. Net capital stocks equal
sizable drop last year to $1.1 billion, the difference between the cumulative
and are expected to remain at that value of past gross investment and
level in 1974. The 1973 decline was cumulative depreciation. Calculations
attributable mainly to reductions in of net stocks in this study were made
Canada, Indonesia, and Australia, offset on the basis of both the straight-line
partly by an increase in Peru. This method and the double-declining balyear, affiliates in Canada plan to ance depreciation methods; in the latter
Petroleum
reduce spending further, but sub- method, twice the straight-line rate is
Capital spending by petroleum affili- stantial expansions are planned in applied in the first year, and the same
ates is expected to increase 21 percent Australia and again in Peru. The de- percentage rate is applied in successive
in 1974 to $8.1 billion, following a velopment of new copper mines ac- years to the remaining value of the
25 percent rise last year. The rapid counts for much of the increase in asset.
growth in both years is related to spending by Peruvian affiliates in both
several factors, including expansion of years. The reductions of capital Age of capital stocks
exploration and production facilities spending by Canadian mining affiliates
Information on the age structure of
in several major oil-producing areas, are largely attributed to completion of
the
capital stock is useful in analyzing
modernization and expansion of re- several major projects and the removal
the
extent
to which capital is up-to-date
fineries, expansion of desulphurization from both the sample and the universe
in
terms
of physical condition and
and petroleum natural gas facilities, in 1973 of a large Canadian mining
technological
characteristics. Three
imposition of environmental controls, company, which no longer meets BEA's
measures
of
age
structure are presented
and expansion of tanker fleets.
ownership criteria for reporting.
in
the
detailed
publication: the ratio
In petroleum producing areas, much
After no change in 1973, affiliates in
of
net
to
gross
stocks,
the average age
of the estimated spending increase in trade plan to increase capital spending
of
gross
and
net
stocks,
and
the cumula1973 and 1974 is in Saudi Arabia. 25 percent this year to $1.7 billion.
tive
age
distribution
of
the
gross stock.
Development of the North Sea area, Increases are expected in most
The
net/gross
ratio
shows
the extent
reflected in figures for the United King- geographical areas with a particularly
to
which
the
services
available
in new
dom and Norway, increased markedly large expansion planned in Canada.
capital
remain
intact,
while
the
average
last year and is expected to accelerate
Affiliates in all other industries comin 1974. After sizable increases in bined—including agriculture, public age provides information on the absocapital outlays last year, petroleum utilities, transportation, construction, lute ages of gross and net stocks. The
affiliates in Canada and Indonesia finance, and services—are expected to cumulative age distribution of the gross
expect further gains in spending for raise spending 10 percent this year to stocks shows the proportion of the
exploration and production this year. $2.7 billion, following a 23 percent rise stock that is below a given age.
7. "Depreciation" as used in this study is synonymous
In refining areas, expenditures for in 1973. Expansion in 1973 occurred in with
the term "capital consumption" used in the national
income and product accounts, which includes both depreciamodernization and expansion are ex- most major geographical areas, with tion proper and accidental damage to fixed capital.
By EVELYN PARRISH
U.S. Balance of Payments Developments
Fourth Quarter and Year 1973
OR the full year 1973, all measures
F
of the U.S. balance of payments showed
substantial improvement. The recovery
was centered in current account transactions. The merchandise trade balance
improved dramatically throughout the
year under the impetus of worldwide
shortages of agricultural products,
strongly expanding foreign economies,
and the improved U.S. competitive
position that followed two U.S. dollar
devaluations. The surplus on services
showed almost steady expansion during
1973, reflecting large increases in income from direct investment abroad,
particularly in the petroleum sector.
Net long-term capital outflows rose
slightly in 1973, and there was a large
adverse shift in net short-term capital
transactions and in unrecorded transactions. Most of the deterioration took
place early in 1973 when expectations
of exchange rate changes led to heavy
outflows from the United States, which
culminated in a 10 percent devaluation
of the dollar in mid-February and the
floating of several leading currencies
against the dollar. In the following two
quarters there were inflows of private
foreign liquid funds. These inflows accelerated sharply in the fourth quarter
but were more than offset by large increases in nonliquid outflows of U.S.
capital. The large fourth quarter increase in capital flows both into and out
of the United States may have partly
reflected effects both of the oil crisis
and of somewhat easier credit markets
in the United States.
Summary for year 1973
For 1973 as a whole, the balance on
current account and long-term capital,
which is generally regarded as an indi- a $4.6 billion deficit in 1972, and the
cator of underlying, longer term trends balance on current account shifted to a
in U.S. international transactions, $3.0 billion surplus, following a deficit
showed a $1.2 billion surplus, compared of $8.4 billion in 1972. Contributing to
with a $9.8 billion deficit in 1972. (This the dramatic improvement in these
was the first surplus for this balance balances were favorable shifts of $7.6
since computations began in 1960.) The billion in the balance on merchandise
balance on goods and services shifted trade and $3.9 billion in the balance on
to a $6.9 billion surplus compared with services. The balance on current acCHART 12
Balances on Major U.S. International Transactions
Billion $
24
Billion $
16
Official Reserve
Transactions
8
Current Account and
Long-Term Capital
0
-8
Net Liquidity
-16
-24
-32
-40
-48
-56
16
8
Merchandise Trade*
0
Current Account
-8
I
-16
1968
69
I
70
I
71
Annually
NOTE.—Significant contributions were made
by Richard Carter, Max Lechter, and Leo
Maley.
34
I
72
I
73
74
1970
71
* 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
72
73
Quarterly, Seasonally Adjusted,
March 1974
SURVEY OF CURRENT BUSINESS
count was also affected by increases in
private unilateral transfers that more
than offset a small reduction in U.S.
Government grants. The balance on
current account and long-term capital
was further affected by the $0.3 billion
rise in net long-term capital outflows,
reflecting moderate increases in both
U.S. Government and private capital
outflows.
The 1973 recoveries in the net
liquidity balance and in the official
reserve transactions balance were not as
substantial as that in the balance on
current account and long-term capital.
The net liquidity balance was in
deficit by $7.8 billion in 1973 compared
with a $13.9 billion deficit in 1972.
The favorable effects on this balance of
the $11.0 billion improvement in current account and long-term capital
transactions were partly offset by a
$2.6 billion increase in nonliquid shortterm private capital outflows, a $1.7
billion increase in unrecorded outflows
(errors and omissions), and by the
absence of SDR allocations following a
$0.7 billion issue in 1972. The official
reserve transactions balance showed a
$5.3 billion deficit in 1973, compared
with a $10.3 billion deficit in 1972. This
improvement was less than that in the
net liquidity balance because there was
a $1.0 billion decline in liquid private
35
capital inflows, which affect the official
reserve transactions balance but not
the other major balances. (See also
Highlights and Prespectives—Exchange
Rate Developments.)
in U.S. bank-reported transactions
accounted for about half that deterioration. In addition, U.S. Government
capital outflows increased $0.5 billion;
that increase was associated with the
financing of military sales to Israel.
Fourth quarter summary
The net liquidity balance deteriorated
The major balances showed diverse $2.6 billion to a $1.1 billion deficit in
movements in the fourth quarter. The the fourth quarter from a $1.5 billion
balances on goods and services and on surplus in the third. In addition to the
current account improved to surpluses $2.3 billion decline in the balance on
of $4.0 billion and $2.8 billion, re-current account and long-term capital,
spectively, from surpluses of $2.1 billion the net liquidity balance was affected
and $1.2 billion in the third quarter. by a $1.1 billion adverse shift in nonThis mainly reflected an increase in the liquid short-term capital transactions,
merchandise trade surplus from $0.6 partly offset by a $0.8 billion improvebillion to $1.3 billion, a rise in income ment in unrecorded transactions (errors
from U.S. direct investment abroad, and omissions). A $3.2 billion rise in
and increased military agency sales, the net inflow of private liquid funds,
mainly to Israel. The balance on in addition to all the above flows,
current account and long-term capital resulted in a $0.6 billion improvement
weakened, the surplus dropping to in the official reserve transactions
$0.2 billion following a $2.5 billion balance to a $2.7 billion surplus in the
surplus in the third quarter. This fourth quarter.
deterioration reflected a $3.9 billion
adverse shift in long-term capital movements, which more than offset the Developments Affecting Major
Accounts in 1973
current account gains. Long-term
private capital transactions shifted to a
Current account transactions
net outflow of $1.7 billion in the fourth
The merchandise trade surplus was
quarter following a $1.7 billion inflow
in the third. A $0.9 billion rise in capital $0.7 billion for 1973, a $7.6 billion
outflows for U.S. direct investments improvement from the $6.9 billion
abroad and a $0.7 billion adverse shift deficit in 1972. The balance strength-
Table A.—'Summary of U.S. International Transactions
[Millions of dollars, seasonally adjusted]
Line
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
r
Lines in table 2, 3, and 9 in which transactions are
included are indicated in ( )
Merchandise trade balance (2, 16)
Services, net (3-13, 17-27)
Balance on goods and services .
Remittances, pensions and other transfers (31, 32)
Balance on goods, services, and remittances
U.S. Government grants (excluding military) (30)
Balance on current account
1971
—2 6%
3 507
807
—1 553
—745
1972
1973"
—6 912
2*301
€88
6 211
—4 610
6 900
—1 570 — 1 913
—6 180
4 987
—2 045
—2 174 — 1 947
—2,790
—8 353
3 041
Change:
1972-73
19'13
1972
I
II
IV
III
7 600 — 1 820 — 1 774 — 1 573 — 1 745
634
875
348
3 910
446
11 510 — 1 374 — 1 426
—939
-870
—375
—373
—429
—343
—391
11 167 — 1 765 — 1 801 — 1 312 —1,299
Balance on current account and long-term capital
—9,550
Nonliquid short-term private capitalflows,net (42,45,52) . -2, 347
Allocations of SDR (63)
717
Errors and omissions, net (64)
— 10 784
Net liquidity balance
Official reserve transactions balance . .
* Preliminary.
—9 843
1,214
-1,637 -4, 210
710
—3 112 —4 793
—21, 965 — 13 882 —7, 789
Liquid private capital flows, net (43, 46, 54)
Revised,
—1 339 — 1 470
-357
-152
-7, 788
3,542
2,503
—29, 753 — 10 340 —5, 286
NOTE.—Details may not add to totals because of rounding.
—945
1 129
184
II'
IIP
IV P
-337
938
612
1,537
1,358
2,607
746
1,070
601
2,149
3,965
1,816
-404
-724
-320
1,745
3,241
1,496
-389
-397
-213
212
49
—452
-345
-652
-499
-450
11 394 —2 343 —2 364 — 1 893 -1,751
-558
-440
1,246
2,791
1,545
—586
781
-336
75
-303
-846
-363
1,666 -1,731
-483
-3, 397
11,057 —3 775 — 1,855 -2, 652 -1,556
-886
-668
2,549
214
-2,335
46 -1,065
-1,111
227
—578
—563
— 581
U.S. Government capital flows, net, and nonliquid liabilities to other than foreign official reserve agencies
—2 359
Long-term private capital flows, net (3<M1, 44, 49^51, 53) ... -4,401
Ir
Change:
1973
III-IV
— 131
289
-205 -1,143
-2,573
—710
— 1 681
-535
178
°44
—95
604
—366
-393
-982
310
-430
177
177
178
—940 — 1 626 —1,490
6 093 —3 188 —2, 307 —4, 531 -3,851
— 1,039
—288
5,054 —3, 476
1,456
7
2,367
8
-1,765 -1,426
—3, 898
477 -1,097
-6,549 -1,617
-3,927
-851 -4,524 -1,484 -10,476
1,972
355
-275
822
1,498 -1,126
-2,624
632
3,826
3,194
2,130
2,700
570
36
ened throughout 1973, and in the fourth
quarter reached a $1.4 billion surplus,
the highest since mid-1965. (These
figures are on a balance of payments
basis, which excludes exports and imports of the defense agencies and reflects other adjustments to the trade
data reported by the Census Bureau.)
Both exports and imports increased
markedly in each quarter of 1973; for
the full year exports rose 44 percent to
$70.3 billion, and imports rose 25 percent to $69.6 billion. Both export and
import values were affected by sharply
rising prices. Export prices (unit values)
increased 17 percent, in response to
pressures arising from worldwide shortages of agricultural products and worldwide inflation. Import prices rose 19
percent, reflecting not only agricultural
scarcities and inflation but also the
effects of the February dollar devaluation and the further depreciation of the
U.S. dollar through July, and the
jump in petroleum prices in the fourth
quarter. After adjustments for price
changes, exports increased 23 percent
in volume in 1973 while imports were
up 5 percent.
Agricultural exports nearly doubled
in value to $17.9 billion in 1973, with
prices up nearly 50 percent. Wheat,
other grains, and soybeans accounted
for four-fifths of the rise in export
value.
Nonagricultural exports rose $13.1
billion, or 33 percent, to $52.4 billion,
with prices up 9 percent. Strongly
expanding economic activity abroad and
the improved U.S. competitive position led to increased demand for a
broad range of U.S. products. Exports
of nonagricultural industrial supplies
and materials rose $5.0 billion, with
major gains in metals, chemicals, and
lumber. Exports of capital goods also
increased, with machinery exports up
$3.9 billion and civilian aircraft up
$0.6 billion. Automotive exports and
exports of other nonfood consumer
goods both rose $1.2 billion.
Imports increased $13.9 billion in
1973. Nearly half the rise was in industrial supplies and materials. Oil
imports increased $3.4 billion, or 75
percent, to $8.0 billion. (That total
includes $0.5 billion of oil imports into
the Virgin Islands.) The import unit
SUEVEY OF CURRENT BUSINESS
value of oil (measured f.o.b. at the
foreign port) was up 30 percent for the
year, but in the fourth quarter was 65
percent above the fourth quarter 1972.
(See Highlights and Perspectives—
Petroleum Transactions.) Other imports of industrial supplies and materials, including metals, building materials, and paper and paper base stocks,
rose $3.1 billion. Imports of capital
goods were up $2.1 billion, and food,
automotive, and other consumer goods
imports each increased by $1.5 to
$1.8 billion.
The deficit on military transactions
(excluding transfers under military
grants) was $2.2 billion in 1973, the
lowest since 1965. Most of the $1.4
billion improvement from 1972 was
due to a $1.2 billion rise, to $2.4 billion,
in transfers under U.S. military agency
sales contracts, reflecting increased aircraft deliveries to Australia, Germany,
and Iran throughout 1973 and special
transfers of military equipment to
Israel in the fourth quarter. Direct
defense expenditures declined $0.2 billion to $4.5 billion in 1973; the reduction in U.S. activity in Southeast
Asia following the withdrawal of U.S.
ground forces from South Vietnam in
March was partly offset by increased
costs in Western Europe because of the
further depreciation of the U.S. dollar
vis-a-vis most European currencies.
The travel and transportation deficit
declined $0.5 billion to $2.3 billion
in 1973. This decline, the first since
1968, reflected a greater rise in foreign
travel expenditures in the United
States than in U.S. travel expenditures
abroad, especially in the second half
of the year, as well as some increase
in U.S. airline carriers' share of both
U.S. and foreign passengers.
Net investment income receipts rose
$1.9 billion to $9.7 billion in 1973.
Income from U.S. direct investment
abroad (including fees and royalties)
increased $3.5 billion to $14.0 billion,
with petroleum operations abroad accounting for roughly 60 percent of
that rise. There was also a $1.1 billion
increase in income from other U.S.
private investment abroad, reflecting
a rise in interest rates on short-term
assets held abroad and an increase in
lending activities of U.S. banks. These
March 1974
CH/RT 13
U.S.-Foreign Short-Term Interest Rate
Differential and Changes in Selected
Foreign Exchange Rates
INTEREST RATE DIFFERENTIAL
Percent
4
90-Day Eurodollar Rate Less
3 — U.S. Rate on 90-Day
Bankers' Acceptances
2
X
1
0
CHANGES IN SELECTED FOREIGN EXCHANGE RATES1
Percent change from parity with
U.S. dollar on March 31, 1970
20
CANADA
10
0
40
JAPAN
30
Dec. 18, 19712
20
10
-10
20
UNITED KINGDOM
10
0
-10
40
FRANCE
30
20
10
0
10
ITALY
0
-10
1970
1971
1972
1973
1. Spot rates at end of quarter.
2. Represents the percent change between parity on March 31,1970 and
the central rates established in the Smithsonian agreement
December 1971.
U.S. Department of Commerce, Bureau of Economic Analysis
March 1974
gains were partly offset by a $2.8 billion rise in income payments to foreigners that reflected an increase in
both U.S. private and Government
liabilities to foreigners, as well as
higher interest rates.
The balance on goods and services
showed a $6.9 billion surplus in 1973,
the largest since 1965, compared with a
$4.6 billion deficit in 1972. The balance
shifted into surplus in the first quarter
of 1973 following 5 consecutive deficit
quarters, and continued to strengthen
throughout the year. Private remittances, pensions, and other transfers
abroad rose about $0.3 billion to $1.9
billion in 1973, mainly because of a
fourth quarter rise in remittances to
Israel. Partly offsetting was a drop of
$0.2 billion, to $1.9 billion, in U.S.
Government grants. Thus, the improvement in the balance on current account
to a surplus of $3.0 billion in 1973 from
a deficit of $8.4 billion in 1972 was
virtually the same as the improvement
in the balance on goods and services.
Long-term capital flows
For the full year 1973, net long-term
capital outflows (private and Government) were $1.8 billion, little changed
from the $1.5 billion in 1972. In the
fourth quarter, however, there was a
marked $3.9 billion unfavorable shift
in these transactions, to a $2.6 billion
net outflow following a $1.3 billion net
inflow in the third. Net U.S. Government capital outflows rose sharply
in the fourth quarter as a result of
transactions associated with special
military transfers to Israel, but for the
year as a whole net U.S. Government
capital outflows rose only about $0.1
billion to $1.5 billion. Net private
capital transactions shifted to a net
outflow of $1.7 billion in the fourth
quarter following a net inflow of $1.7
billion in the third, but the full year
resulted in an outflow of only $0.4
billion, compared with the $0.2 billion
outflow in 1972.
Although net private long-term capital transactions in the aggregate did
not change appreciably from 1972,
there were marked changes within the
aggregate. Preliminary data indicate
that U.S. direct investment outflows
SURVEY OF CURRENT BUSINESS
were $4.9 billion in 1973, up from $3.4
billion in 1972 and nearly equal to the
large 1971 outflow. Almost two-thirds
of the 1973 outflows occurred in the
first half of the year, perhaps stimulated
by expectations of exchange rate
changes. Further outflows in the second
half of the year, after foreign exchange
markets became relatively calm and the
dollar strengthened, probably were
needed to finance the estimated 18 percent rise in 1973 plant and equipment
spending by manufacturing affiliates.
In 1972, when capital outflows were
much smaller, plant and equipment
spending rose only 5 percent. (See the
article on foreign affiliates7 spending
plans beginning on page 28 of this
issue of the Survey.)
Preliminary indications are that
direct investment capital outflows were
$1.4 billion in the fourth quarter compared with $0.5 billion in the third.
A sizable part of the increase went to
petroleum affiliates in the United Kingdom and Canada, probably for exploration and development of oil and gas
reserves. Liberalization of the OFDI
program during 1973 and anticipation
of further relaxation in the program
may also have contributed to the fourth
quarter outflows. (Termination of the
OFDI program was announced in
January 1974.)
An area breakdown of direct investment outflows shows several major
shifts in composition from 1972 to 1973.
Outflows to Western Europe were $2.8
billion, compared with $1.1 billion in
1972; a major part of this increase
occurred during the first half of 1973
and was probably associated with the
exchange market uncertainties. Outflows to the Latin American Republics
and other Western Hemisphere
countries totaled $0.7 billion in 1973,
compared with $0.3 billion in 1972. On
the other hand, direct investment outflows to Japan decreased $0.2 billion,
and outflows to less-developed countries
of Asia and Africa, including the oilproducing countries, decreased $0.3
billion.
Foreign direct investment inflows
were a record $2.1 billion in 1973 compared with $0.2 billion in 1972. The
1973 figure included a $0.5 billion inflow
37
in the third quarter through an oilproducing country's participation payment to a major U.S. oil company.
Direct investment inflows from the
United Kingdom rose $0.5 billion in
1973 and inflows from continental
Western Europe rose $0.4 billion, both
from negligible amounts in 1972. Inflows from Canada were up $0.2 billion,
mainly reflecting a substantial acquisition in the fourth quarter.
Net U.S. purchases of foreign securities were $0.8 billion in 1973 compared
with $0.6 billion in 1972. The shift was
accounted for by a reduction in net
U.S. sales of foreign stocks to $0.2
billion from $0.4 billion in 1972. U.S.
purchases of foreign bonds remained at
$1.0 billion in 1973, with over half of
the year's purchases occurring in the
fourth quarter and consisting of bonds
newly issued by Israel and Canada. For
the full year a $0.4 billion decline in
net purchases of newly issued Canadian
and World Bank bonds was offset by
increases in net purchases of new
Israel issues and in outstanding bonds,
together with a decrease in redemptions.
Net foreign purchases of U.S.
securities other than Treasury issues
declined $0.2 billion to $4.1 billion in
1973. A $0.8 billion decline in net
foreign purchases of U.S. bonds more
than offset a $0.5 billion rise, to $2.8
billion, in net foreign purchases of U.S.
stocks. Nearly half of the foreign
purchases of U.S. stocks occurred in
the first quarter; net foreign purchases
dropped from $0.9 billion in the third
quarter to $0.5 billion in the fourth.
New issues of securities sold abroad
by U.S. corporations dropped $0.8
billion in 1973, to $1.2 billion, the
lowest annual figure since 1970. The
decline largely reflected the weakness in
the Eurobond market after the
February dollar devaluation as exchange market uncertainties persisted;
in the fourth quarter there was some
renewal of activity.
Among other long-term transactions,
U.S. bank-reported net outflows declined $0.5 billion in 1973; all of the
improvement came in the first three
quarters and was followed by a $0.7
billion adverse shift in the fourth. Non-
38
SUKVEY OF CUKRENT BUSINESS
bank transactions shifted adversely
by $0.6 billion in the fourth quarter
and by $0.8 billion for the full year.
All these long-term capital transactions resulted in a $1.8 billion net
outflow in 1973; combined with the
current account surplus of $3.0 billion,
this resulted in the $1.2 billion surplus
in the balance on current account and
long-term capital.
March 1974
Short-term capital flows
Net outflows of U.S. short-term nonliquid private capital in 1973 were
$4.2 billion, up $2.6 billion following
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)
1972'
1973P
Change
1972-73
I
II
Change
1973
1973
1972'
III
IV
Ii-
II'
III'
IVp
18,441
20,699
2,258
III-IV
EXPORTS
1
1 Total, adjusted to balance of payments basis, including "military" (6)... 49,628
2
Less: Exports under U.S. military sales contracts identified in Census
documents (7)
.
3
Equals: Total, adjusted to balance of payments basis, excluding "military'
(8)
4
5
6
7
Agricultural goods (18a) adjusted*.
Nonagricultural (18c) adjusted* Foods, feeds, and beverages (19) adjusted*
Foods, feeds, and beverages — agricultural, adjusted*
-.. ...
lS, 425 16,959
71,524
21,897
11,871
11,747
12,564
13,446
859
1,269
411
216
208
202
233
196
287
298
488
190
48,769
70,255
21,486
11,655
11,539
12,362
13,213
15,229
16,672
18,143
20,211
2,068
9,486
39,283
17, 862
52, 393
8,376
13, 110
2,215
9,440
2,188
9,351
2,395
9,967
2,688
10, 625
3,686
11,543
4,128
12,544
4,758
13,385
5,290
14,921
532
1,536
7,470
7,304
15, 077
14,788
7,607
7,484
1, 599
1,558
1,799
1,760
1,948
1,905
2,124
2,081
3,017
2,963
3,468
3,398
4,013
3,928
4,579
4,499
566
571
14, 013
2,083
11, 930
445
19, 874
2,897
16, 977
557
5,861
814
5,047
112
3,568
636
2,932
119
3,203
406
2,797
100
3,438
462
2,976
108
3,804
579
3,225
118
4,271
692
3,579
122
4,671
695
3,976
130
5,212
778
4,434
141
5,720
732
4,988
164
508
-46
554
23
16, 690
13, 135
1,707
21, 519
17,047
2,315
4,829
3,912
611
4,058
3,199
432
4,008
3,174
403
4,206
3,295
407
4,418
3,467
459
4,793
3,766
556
5,145
3,985
634
5,504
4,443
504
6,077
4,853
621
573
410
117
218
179
39
8
9
10
11
Industrial supplies and materials (23) adjusted*
Agricultural*
Nonagricultural*
Petroleum and products (part of 24) adjusted*
12
13
14
Capital goods, except automotive (34)
Machinery, except consumer-type (35)
Civilian aircraft, complete— all types (44a)
15
16
17
Automotive vehicles,
parts, and engines (46) _
To Canada (47)2
To all other areas (48)
5,119
3,901
1,218
6,312
1,685
1,627
1,193
784
409
1,154
860
294
1,203
916
287
1,346
1,053
293
1,416
1,072
344
1,514
1,147
367
1,496
1,111
385
1,542
1,124
418
1,760
1,303
457
18
19
Consumer goods (nonfood), except automotive (52) ... . .
All other, including balance of payments adjustments* not included
above
-..-.
3,492
4,702
1,210
829
842
887
934
1,031
1,178
1,216
1,277
61
..
1,985
2,771
786
447
484
537
517
603
714
656
798
142
IMPORTS
20
Total, adjusted to balance of payments basis, including "military"1 (13)
21
Less: Imports of U.S. military agencies identified in Census documents
22
23
24
25
Foods, feeds, and beverages (61)
Industrial supplies and materials (66) adjusted*
Petroleum and products (67a) adjusted*
7,265
20,950
4,591
26
27
28
Capital goods, except automotive (80) adjusted*
Machinery, except consumer-type (81)
Civilian aircraft, engines, parts (89)
29
30
31
Automotive vehicles, parts, and engines (90) adjusted*
From Canada (adjusted to transactions value) (92)*
From all other areas (93)
32
33
Consumer goods (nonfood), except automotive (97)
All other, including balance of payments adjustments* not included
above..
55,849
69,831
13,982
13,506
13,349
13,981
15,013
16,245
17,069
17, 594
18,923
1,329
168
264
96
31
36
46
55
71
60
63
70
7
Equals: Total, adjusted to balance of payments basis, excluding "military"
(15)
.
.
_. . .
55,681
69,567
13,886
13,475
13, 313
13,935
14, 958
16, 174
17,009
17,531
18,853
1,322
9,081
27,466
8,028
1,816
6,516
3,437
1,873
4,937
1,040
1,702
4,964
1,083
1,806
5,340
1,241
1,884
5,709
1,227
2,136
6,274
1,519
2,239
6,467
1,795
2,197
6,901
2,057
2,509
7,824
2,657
312
923
600
5,662
5,135
437
7,799
6,945
584
2,137
1,810
147
1,345
1,257
88
1,369
1,259
110
1,398
1,255
99
1,550
1,364
140
1,714
1,521
148
1,964
1,736
138
2,003
1,799
159
2,118
1,889
139
115
90
-20
8,694
4,626
4,068
10, 187
5,219
4,968
1,493
593
900
2,072
1,103
969
2,151
1,157
994
2,111
1,098
1,013
2,360
1,268
1,092
2,429
1,303
1,126
2,582
1,325
1,257
2,569
1,268
1,301
2,607
1,323
1,284
38
55
-17
11,355
13, 132
1,777
2,781
2,719
2,891
2,964
3,162
3,246
3,370
3,354
-16
1,755
1,902
147
467
408
389
491
459
511
491
441
-50
BALANCE (EXPORT SURPLUS -f )
34
Balance on merchandise trade, adjusted to balance of payments basis,
including "military" (16) _ __.
-6,221
1,693
7,915 -1,635 -1,602 -1,417 -1,567
-820
-110
847
1,776
929
35
Balance on merchandise trade, adjusted to balance of payments basis,
excluding "military" (17)..
-6,912
688
7,600 -1,820 -1,774 -1,573 -1,745
-945
-337
612
1,358
746
'Revised.
^Preliminary.
*"Adjusted" items reflect balance of payments corrections to Census trade figures for
coverage, valuation, and timing: Line 6 is adjusted for changes in stocks of U.S. grain stored in
Canada; lines 8 and 24 include exports and imports of nonmonetary gold, electric power, and
petroleum trade of the Virgin Islands, but petroleum imports by U.S. military agencies are
excluded from line 24 (and line 25); line 24 also excludes imports—and line 19 excludes reexports-^f natural gas in transit through the United States from western to eastern Canada;
line 26 includes imports of vessels not recorded in Census statistics; lines 29 and 30 reflect
adjustments for the overvaluation in Census import data of autos and trucks from Canada.
(NOTE.—Quarterly figures for all JitemsJ are adjusted to correct for discrepancy between sum of
four quarters, seasonally adjur~ — — - unadjusted recorded annual totals.)
1. Represents goods physically exported from the United States under U.S. military agency
sales contracts and recorded in Census trade statistics; represents 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 exports to Canada (line 16) is not
as complete and comprehensive as the identification of automotive products imports from
Canada, which are more definitively classified for duty-free status under the U.S.-Canada
Automotive Products Trade Act. The less comprehensive identification in U.S. trade statistics of automotive parts exports, combined with some degree of unreported export shipments,
results in an undercounting of automotive exports to Canada (line 16) which-^estimated from
examination of Canada's import statistics—amounted to about $875 million in 1973 and $550
million annually in 1972 and 1971.
SURVEY OF CURRENT BUSINESS
March 1974
a $0.7 billion decline in 1972. Virtually but net outflows resumed again in the
all of the rise was accounted for by fourth quarter and amounted to $1.0
short-term bank loans, which rose $4.0 billion. Loans to Japan rose $1.8 billion
billion in 1973 compared with a $1.5in 1973 in contrast to a $0.4 billion
billion rise in 1972. Most of the out- reduction in 1972. Net short-term nonflow took place in the first half of the liquid capital outflows reported by
nonbanking concerns rose $0.1 billion
year and was related to exchange marin 1973. Claims increased $0.7 billion
ket uncertainties and to the U.S.-foreign and liabilities increased $0.5 billion in
interest rate differential which generally 1973, compared with rises of $0.3
favored lending abroad. In the third billion and $0.2 billion, respectively, in
quarter these loans were reduced $0.2 1972.
Outflows associated with transactions
billion when U.S. interest rates peaked,
39
not covered by the reporting system
(errors and omissions) rose $1.7 billion
to $4.8 billion in 1973, following a
decline of $7.7 billion in 1972. Most of
the outflow took place in the first
quarter and was probably associated
with expectations of dollar devaluation
and revaluations of leading foreign
currencies against the dollar. After
some reflow in the second quarter, there
was a $1.1 billion unrecorded outflow
in the third and a $0.3 billion outflow
in the fourth quarter.
Table B2.—'U.S. Merchandise Exports and Imports, by Major World Areas !—-Balance of Payments Basis, "Excluding Military"
[Millions of dollars]
Seasonally adjusted
1972
Line
1973 *
Change
1972-73
1973
1972'
I
II
1973
III
IV
Ir
II'
IHr
IVp
III-IV
EXPORTS
1 Total, all countries
2
3
4
5
6
7
8
9
10
11
Western Europe
..
...
United Kingdom
EEC(6)
Other Western Europe
Eastern Europe
Canada
Latin American Republics and other Western HemisphereJapan
- Australia, New Zealand, and South Africa
Other countries in Asia and Africa
__ . _.
48,769
70,255
21,486
11, 655
11,539
12,362
13,213
15,229
16, 672
18, 143
20,211
2,068
14, 989
21, 339
6,350
3,685
3,480
3,752
4,068
4,753
5,064
5,393
6,137
744
2,729
8,657
3,603
3,640
12, 669
5,030
911
4,012
1,427
692
2,135
858
611
2,010
859
692
2,132
928
735
2,372
961
764
2,873
1,116
890
3,004
1,170
918
3,265
1,210
1,068
3,526
1,543
150
261
333
857
12,506
7,241
1,916
15, 577
9,948
1,059
3,071
2,707
141
2,864
1,747
142
3,062
1,732
272
3,267
1,854
311
3,313
1,903
422
3,595
2,048
577
3,809
2,264
492
3,757
2,634
433
4,401
2,951
-59
644
317
4,978
1,546
6,652
8,356
2,249
10, 870
3,378
703
4,218
1,187
395
1,636
1,170
356
1,597
1,236
380
1,601
1,389
413
1,816
1,808
480
2,123
2,055
541
2,362
2,217
547
3,103
2,282
676
3,331
65
129
228
IMPORTS
12
Total, all countries _
55,681
69,567
13,475
13,313
13, 935
14,958
16, 174
17,009
17,531
18,853
13
14
15
16
Western Europe
United Kingdom . ._
EEC (6)
Other Western Europe
15,648
2,945
9,116
3,587
(22)
()
(22)
()
(22)
()
(2)
(2)
3,917
766
2,250
901
3,736
722
2,157
857
3,846
658
2,290
898
4,151
798
2,422
931
4,526
865
2,636
1,025
4,857
876
2,879
1,102
4,866
891
2,832
1,143
(2)
(22)
()
(2)
(22)
( 2)
()
(2)
17
18
19
Eastern Europe
- -.Canada
_ _
Latin American Republics and other Western Hemisphere
363
14,403
7,068
(22)
(2)
()
(22)
()
(2)
66
3,409
1,793
73
3,564
1,647
107
3,523
1,780
118
3,906
1,848
122
4,184
2,103
146
4,264
2,216
139
4,264
2,366
(22)
( 2)
()
(2)
(22)
()
20
21
22
Japan
Australia, New Zealand, and South Africa
Other countries in Asia and Africa.
9,079
1,406
. _ _ _ 7,714
(22)
()
(2)
(2)
(22)
()
2,193
305
1,792
2,169
342
1,782
2,324
371
1,984
2,395
387
2,153
2,435
403
2,401
2,424
433
2,669
2,434
442
3,020
(2)
(22)
()
(2)
(22)
()
.
13,886
1,322
BALANCE (EXPORT SURPLUS +)
23
24
Total, all countries.
..
..-
Western Europe.
-6,912
688
-659
2
-945
-337
612
1,358
-256
-94
-83
227
207
527
2
7,600 -1,820 -1,774 -1,573 -1,745
2
746
2
()
()
-232
()
()
26
United Kingdom
-216
(2)
(2)
-74
-111
34
-63
-101
14
27
(2)
(2)
26
27
EEC (6)
Other Western Europe
—459
16
(22)
()
(22)
()
-115
-43
-147
2
-158
30
-50
30
237
91
125
68
433
67
(22)
()
(22)
()
494
(2)
(2)
75
69
165
193
300
431
353
(2)
(2)
8
-545
-46
-502
85
-256
74
-593
55
-589
-55
-455
48
-507
268
8
(2)
(2)
-999 -1,088 -1,006
-627
-369
-217
9
-383
77
-278
108
-307
105
83
28
Eastern Europe
29
30
Canada
Latin American Republics and other Western Hemisphere
-1,897
173
(22)
()
31
Japan
-4, 101
(2)
140
-1,062
(22)
32
33
Australia, New Zealand, and South Africa
Other countries in Asia and Africa . .
r
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.
()
(2)
(22)
()
-1,006
90
-156
14
-185
26
-337
(2)
(22)
()
(2)
(2)
(2)
2. Total merchandise imports by area are not available for the fourth quarter and year 1973
since the Federal Energy Office, with the approval of the Office of Management and Budget
asked that country-of-origin detail for imports of crude petroleum be discontinued effective
with the November 1973 statistics.
SURVEY OF CUEEENT BUSINESS
40
March 1974
Table C.—Net Change in U.S. Corporate Foreign Assets and Liabilities *
[Millions of dollars seasonally adjusted]
Line
Credits (+); debits (-) (lines in table 2 in which transactions are
included are indicated in ( ))
1972
1 Direct investment (39)
—3 404 —4 855
2 Corporate foreign borrowing, total
New issues of securities sold abroad by U.S. corporations (50+) 2
3
4
Other long-term liabilities (51)
5
Short-term liabilities (52-f ) 3
6
Other corporate claims, total
Long-term (44) _ . _ . - 3.
Short-term, nonliquid (45+) _
Short-term, liquid (46)
11
Total net corporate capital
12
13
14
15
16
2,836
2,023
694
119
Direct investment net of corporate foreign borrowing *
7
8
9
10
—927 —2 288
-202
—547
-233
—908
—492
—833
. _ .
-flow
2,071
1,283
271
517
-568 -2, 784
. -1,495 -5,072
Addendum:
Uses of funds obtained through new issues of securities sold abroad by U.S.
corporations
Additions to, and refinancing of direct investment (39+)
Short-term claims reported by U.S. residents other than banks (46+) _ .
Reduction in corporate liabilities to foreigners5 (61-\-, 5#+)
Transfers of funds to U.S. residents (£4+)
r
1973 »
2,028
-259
-925
-268
-571
1,283
-872
-486
-73
-852
Kevised.
» Preliminary.
+ 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.
Change:
1972-73
19'72
I
—1,451 —1 302
II
III
— 183 — 1 148
289
296
-38
31
1,081
766
260
55
626
372
269
— 15
-2,216 — 1,013
898
-522
-765
-740
-423
398
IV
III'
—771 —2 025
—946
—478 — 1 407
742
414
216
112
315
274
48
—7
69 -1,283
-631
840
589
203
48
— 118
—3
22
— 137
-289
-28
-125
-136
-341
—97
-190
—54
-3,577 -1,192
780
-811
-272
296
-69
-148
766
-16
-384
—146
-220
872
-54
-192
-60
-66
589
-120
-201
-62
-206
—345
-675
—341
-740
-113
439
195
219
-79
IV *
II'
I'
— 179
— 74
60
— 165
— 1,361
841
197
319
325
Change:
1973
III-IV
—929
173
398
-312
87
-668
201
-631
—238
363 -1,234
-1,597
-492
-176
-266
—50
143
-18
191
-3(
-1,726
-1,45^
398
-150
-95
-23
-130
20
-7
-5
-887
-142
-52
—693
-274
-71
-133
—70
-635
-158
-457
—20
-2,170
-905
-272
414
-125
-130
-26
-133
274
-20
-217
197
-77
-37
-52
-44
-24
-7
3. Excludes brokerage transactions.
4. Corporate foreign borrowing and changes in "other corporate claims" may include 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.
The $4.2 billion outflow of recorded to the $5.3 billion deficit in the official
short-term nonliquid capital in 1973 reserve transactions balance.
and the $4.8 billion unrecorded outthe official reserve transacflow, together with the $1.2 billion Financing
tions balance
surplus on current account and longThe 1973 official reserve transactions
term capital, resulted in a $7.8 billion
deficit
of $5.3 billion was financed by a
deficit in the net liquidity balance,
$4.4
billion
increase in liquid liabilities
compared with a deficit of $13.9 billion
to
foreign
official
agencies, a $0.6 billion
in 1972.
increase
in
other
liabilities to foreign
Net liquid capital inflows were $2.5
official
agencies,
and
a $0.2 billion debillion in 1973 compared with $3.5
crease
in
U.S.
official
reserve assets.
billion in 1972. The deterioration was
The
$2.7
billion
surplus
in the official
entirely in the first quarter when there
reserve
transactions
balance
in the
was a large $3.9 billion outflow. There
fourth
quarter
was
reflected
in
a $2.2
were inflows of about $2.0 billion in the
billion
decrease
in
liquid
liabilities
to
second quarter and $0.6 billion in the
foreign
official
agencies,
and
a
$0.5
bilthird, accelerating to $3.8 billion in the
fourth quarter. Large net inflows of lion decrease in other liabilities to
liquid funds started in October and foreign official agencies.
may have been associated with the
belief at that time that the actions
Highlights and Perspectives
taken by oil exporting countries would
have less of an adverse effect on the Exchange rate developments
economy of the United States than on
Early in 1973 a system of floating
the economies of other oil importing exchange rates was adopted for the
countries.
dollar and the currencies of several
For the year as a whole, U.S. liquid other leading countries. Under this
funds held abroad increased $1.9 billion system, exchange market pressures on
and foreign funds held in the United the dollar are reflected in exchange rate
States rose $4.4 billion. The $2.5 billion changes to the extent that monetary
net inflow of liquid private capital in authorities do not absorb the pressures
1973 combined with the $7.8 billion by intervening in the exchange markets.
deficit in the net liquidity balance, adds Changes in the exchange rate should
19 73
eventually bring about adjustments in
the whole spectrum of international
transactions that would equilibrate
the demand for and supply of dollars.
Exchange market pressures that are absorbed by foreign central bank intervention—either by drawing down, or
adding to, their dollar reserves held in
the United States—are reflected in the
official reserve transactions balance of
the United States. In the absence of
such intervention, the official reserve
transactions balance should approach
zero.
The extremely large U.S. official reserve transactions deficit of $10.5 billion
in the first quarter of 1973 mainly reflected the heavy intervention by
foreign central banks early in the year
to maintain the exchange rates of their
currencies against the dollar fixed by
the December 1971 Smithsonian Agreement. Expectations of exchange rate
changes resulted in a large scale speculation against the dollar that culminated in the February 12 dollar
devaluation and the subsequent decision by major countries to float their
currencies against the dollar. Several
continental Western European countries, including France and Germany,
continued to maintain fixed exchange
rates in terms of their own currencies
March 1974
but let their currencies jointly float
against the dollar. During the second
quarter the exchange rate of the dollar
against most major Western Europe
currencies declined because of anticipation of further appreciation of the
German mark, and, to a lesser extent,
other European currencies, but the
dollar held relatively firm against the
Canadian and Japanese currencies (see
chart 13). Between the end of February
and the end of June the depreciation
(trade-weighted) of the dollar against
12 major currencies was about 4
percent.
In the second quarter there was little
official intervention in the exchange
markets, and the official reserve transactions balance shifted to a small
surplus. There was a shift in the movement of private liquid funds and unrecorded transactions to net inflows of
$2.5 billion from net outflows of $7.8
billion in the first quarter.
The dollar weakened further on the
exchange markets in early July—especially against the German mark—
but then began to strengthen as the
belief grew that the dollar had become
undervalued. The mid-July announcement of the Federal Reserve that it
was prepared to intervene in the foreign
exchange markets also contributed to
the improvement. The monetary authorities of some major countries drew
upon their reserves to maintain the
value of their currencies against the
dollar. The official reserve transactions
balance reflected those interventions
by rising to a $2.1 billion surplus in the
third quarter.
The demand for dollars strengthened
considerably in the fourth quarter.
Foreign residents invested large
amounts in liquid U.S. assets, which
appeared more attractive after the
Arab petroleum cutbacks were announced. Monetary authorities permitted their currencies to gradually
float downward against the dollar,
and by the end of December, the dollar
had appreciated (trade weighted against
12 major currencies) about 2 percent
from the rate in effect at the end of
February. To some extent, however,
foreign monetary authorities attempted
to limit the depreciation of their currencies against the dollar by drawing
http://fraser.stlouisfed.org/
534-264 O - 74 - 2
Federal Reserve Bank of St. Louis
SURVEY OF CURRENT BUSINESS
41
on their official dollar reserves, and as a imports increased about one-third in
result the U.S. official reserve trans- volume in 1973 compared with about
actions balance was in surplus by $2.7 one-fifth in 1972.
Although the value of imports from
billion.
all oil-producing and oil-processing
Petroleum, transactions
areas has increased sharply since 1965,
The Arab embargo on oil shipments the share coming from Latin America
to the United States in the fourth quar- dropped from about 70 percent in
ter of 1973 and the sharp rise in petro- that year to about 40 percent in
leum prices focus attention on U.S. January-October 1973 (the last period
international transactions related to for which area data are available).
petroleum. The following review re- Over the same period the Canadian
lates to exports and imports of petro- share rose from roughly 15 percent to
leum, the oil industry's direct invest- nearly 25 percent and the Asian and
ment income from interest, dividends African share more than doubled from
and branch earnings, and direct in- over 15 percent to nearly 35 percent.
vestment capital transactions, which
CHART 14
can be readily identified; other petroleum-related international transactions
Selected U.S. International
such as exports of goods and services
Transactions Related to Petroleum
generated by foreign activities of U.S.
oil companies are more difficult to
Billion $
isolate and analyze.
10
U.S. imports of petroleum and prodU.S. Trade: Petroleum and Products
ucts exceeded exports for the first
time in the early 1950's. Since then
imports have increased tenfold in value
while exports have declined about onethird. In 1965, the trade deficit in
Imports
petroleum and products was $1.7 bil(U.S. payrmmts-)
lion; by 1972 it was $4.2 billion and in
1973 the deficit rose to $7.6 billion.
Exports (U.S. receipts f
(Trade data are adjusted to a balance
of payments basis and include exports
I
I
I
I
I
I
I
I
I
and imports of the Virgin Islands.)
Exports of petroleum and products
Investment Income: Petroleum Industry
were $0.6 billion in 1973 and imports
were $8.1 billion. Exports had remained fairly level from 1965 through
Income on U.S. direct
investment abroad
1972, and a small $0.1 billion rise in
(U.S. receipts+)
1973 partly reflected the first sizable
shipments out of the Virgin Islands to
Income on foreign investment
foreign markets. The value of imports
in U.S. (U.S. payments-)
of petroleum in 1973 was up 75 percent
from the 1972 figure of $4.6 billion,
and was nearly four times the 1965
figure (see chart 14).
Direct Investment Capital Flows: Petroleum Industry
The import unit value of oil (measured f.o.b. in the foreign port from
which the oil was shipped) was relatively
U.S. direct investment abroad
(Net capital outflow-)
stable from 1965 through 1970. It
rose 10 percent in 1971 and 5 percent
in 1972. From 1972 to 1973 the unit
value of imported oil rose 30 percent;
Foreign direct investment in U.S.
within the year, the rise accelerated
(Net capital inflow*)
I
I
I
I
I
I
I
I
from 4 percent in the first quarter to -2
1965
66 67 68 69 70 71 72 73 74
33 percent in the fourth. After adjustment for price changes, petroleum
.U.S. Department of Commerce, Bureau of Economic Analysis
74-3-14
42
SUEVEY OF CURRENT BUSINESS
March 1974
Income receipts (interest, dividends, $1.6 billion outflow in 1972. Outflows $4.6 billion, of which $0.3 billion was
and branch earnings) from direct in- to petroleum affiliates in the United accounted for by trade and investvestment abroad reported by U.S. Kingdom and continental Western ment income related to petroleum.
petroleum companies represented be- Europe increased appreciably but out- In 1973 the balance on goods and
tween 45 and 50 percent of total direct flows to the Asian and African area services improved to a surplus of $6.9
investment income receipts in recent dropped off.
billion, but the petroleum-related balThe value of direct investment in the ance deteriorated to a deficit of $1.6
years, but in 1973 that share increased
to about 55 percent. In value, these United States by foreign petroleum billion, while the balance on all other
receipts climbed from $1.8 billion in companies nearly doubled from $1.7 goods and services improved from a
1965 to nearly $4.0 billion in 1972, and billion in 1965 to $3.2 billion in 1972. deficit of $4.3 billion to a surplus of
to roughly $6.0 billion in 1973. (TheThe net inflow of capital from these $8.5 billion.
method of reporting and calculating companies was only about $0.1 billion
The oil-related balance on current
direct investment income receipts by in 1973, but the United States also account and long-term capital transthe oil companies since 1965 is cur- received about $0.5 billion from the actions shifted from a deficit of $1.9
rently being reviewed; revisions to the Government of an oil-producing billion in 1972 to a deficit of $2.4
data may be published in the June country in payment for a share in the billion in 1973, while the balance on all
ownership of a major U.S. petroleum other current account and long-term
1974 issue of the Survey.)
Income payments to foreign petrole- company.
capital transactions shifted from a
um companies by their affiliates operatIn 1972, total U.S. goods and services deficit of $7.9 billion in 1972 to a
ing in the United States are relatively transactions resulted in a deficit of surplus of $3.6 billion in 1973.
small, and their share in total direct
investment income payments has varied
rather widely—from 9 percent in 1965
to 30 percent in 1969; in 1973 the share
Technical Notes
was about 15 percent. In 1965 these
payments amounted to $25 million and
for 1973 they are estimated at $125
(1) Total merchandise imports by ments; 1973 unadjusted data have also
million.
Net direct investment income re- area are not available for the fourth been re vised.
ceipts by the petroleum industry more quarter and year 1973, since the
(3) The estimated value of defense^
than offset the petroleum trade deficit Federal Energy Office, with the ap- goods and services reported transfrom 1965 through 1971. However, in proval of the Office of Management and ferred to Israel in the fourth quarter
1972 when the petroleum trade deficit Budget, asked that country-of-origin of 1973 is recorded in the balance of
widened to $4.1 billion, net investment detail for imports of crude petroleum payments and national income and
income receipts were $0.3 billion below be discontinued effective with the product statistics as if all such transfers
that figure, and in 1973 the gap November 1973 statistics. The omiswere made under provisions of the
widened to an estimated $1.6 billion. sion of these data affects lines 15, 16,
Foreign Military Sales Act permitting
The value of direct investments and 64 in table 9, lines 6-60 in table 10,
abroad by U.S. oil companies grew and lines 13-22 and 24-33 in table payment within 120 days after each
delivery; the final financing arrangesteadily in recent years and between B2.
1965 and 1972 rose nearly 75 percent
(2) The merchandise trade data in ments for military assistance to Israel
to $26.4 billion. Preliminary data for the balance of payments tables have will be determined by the President,
1973 suggest that direct investment been revised for 1972 and 1973 to pursuant to the Emergency Security
outflows were slightly lower than the incorporate changes in seasonal adjust- Assistance Act.
SURVEY OF CURRENT BUSINESS
March 1974
43
Table 1.—U.S. Balance of Payments Summary
[Millions of dollars, seasonally adjusted]
Line
1
2
3
Merchandise trade balance 1
Exports _
Imports
_
4
5
Military transactions, net. _
Travel and transportation, net
6
7
8
9
Investment income, net 2 _
U.S. direct investments abroad
Other U.S. investments abroadForeign investments in the United States
10
11
13
Balance on goods, services and remittances . _
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
U.S. Government grants (excluding military)
Errors and ommissions, net
43
44
45
46
47
48
49
50
7, 8, 9,
21, 22,
23.
30
._.
-3, 558 -2, 171
-2,853 -2, 312
7,863 9,723
10,433 13, 974
3,492
4,676
-6,062 -8,827
851
972
-4,610
6,900
63
64
43
46
54
58
IV 9
746
2,068
-1, 322
-75
-525
466
-49
2,333 2,927
2,232
2,330
2,133
1,891
1,791
1,860
1,950
3,479
3,177
4,070
2,991
2,392
3,248
3,541
2,450
2,600
1,182
1,006
1,300
1,088
1,084
922
875
820
867
-2,765 -1,423 -1,479 -1,526 -1,634 -1,853 -2, 203 -2,328 -2,443
594
591
118
-115
1,387
541
-894
-755
-954
-691
-846
-679
-864
-730
202
209
237
11,510 -1,374 -1,426
-939
-870
-373
-429
121
-343
204
-391
-375
-825
-608
-730
-703
-541
-476
238
221
280
59
184
601
2, 149
3,965
1,816
-397
-389
-404
-724
-320
1,745
3,241
1,496
232
4,987
-2, 174 -1, 947
-452
-345
-652
-499
-450
11,394 -2,343 -2,364 -1,893 -1,751
-558
-440
1,246
2,791
1,545
-245
-671
-583
-572
-1,069
-497
111
224
174
484
20*
(*)
223
-4
18
781
-771 -2, 02!
160
273
51
-40
1,745
1,768
-442
-110
74
106
-303
-946
534
-126
496
-238
-23
1,666
-1,731
-47 -1,407
753
507
-512
-204
664
1,18
-49
24
-488
16
-3,397
-929
-246
-308
-523
-742
-649
3,041
227
-2, 894
-1,180
289
1,136
152
898
137
238
1,214
-9,843
-1,637 -4,210
-1,495 -3,953
-315
-735
478
173
710
-3, 112 -4,793
3,542
2,503
-1,234 -1,933
-742 -1,100
-492
-833
4,776 4,436
3,862
2,863
373
104
810
1,200
-10,340 -5,286
Financed by changes in:
Liquid liabilities to foreign official agencies ...
. 55
Other 6 readily marketable liabilities to foreign official agencies -._ .
56
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government
57
III'
II r
212
-13,882 -7,789
- -.
!«•
IV
-213
-152
-357
-3,404 -4, 855
39
49
2,068
160
-614
-791
40
4,335
4,093
50
-596
-1,120
41 53
492
-276
44,51....
42
45
52
III
II
11, 167 -1,765 -1,801 -1,312 -1,299
-8,353
37
48.
I
Change:
1973
III-IV
1973
1972
612
-337
-6, 912
-945
7,600 -1,820 -1,774 -1,573 -1, 745
1,358
688
48, 769 70,255
21, 486 11,655 11, 539 12,362 13, 213 15, 229 16, 672 18,143 20, 211
-55,681 -69, 567 -13,886 -13,475 -13, 313 -13, 935 -14, 958 -16, 174 -17,009 -17,531 -18,853
34,35,36- -1,714
Official reserve transactions balance
U.S. official reserve assets, net
1973 9 Change:
1972-73
-6, 180
_
Net liquidity balance
Liquid private capitalflows,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
.
1972
31, 32. __ -1,570 -1,913
Balance on current account and long-term capital 5
Nonliquid short-term private capitalflows,net. . .
Claims reported by U.S. banks
.-.
C laims reported by U.S. nonbanking concerns Liabilities reported by U.S. nonbanking concerns
Allocations of special drawing rights (SDR) *
42
10, 11
12, 13
24,25,
26,27.
U.S. Government
capital flows excluding nonscheduled repayments, net. 5
Nonscheduled repayments of U.S. Government assets
U.S. Government nonliquid liabilities to other than foreign
official reserve agencies
Long-term private capital flows, net
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
32
34
35
36
37
38
39
40
41
3, 17
4, 5, 6,
18, 19,
20.
Balance on current account 4
31
33
2
16
Balance on goods and services 3
Remittances, pensions and other transfers
15
__ _
Other services, net..
12
14
Reference
lines
(table 2)
(Credits +; debits -)
9,720
399
189
32
4,434
1,118
-475
209
Memoranda:
Transfers under military grant programs (excluded from lines
2, 4, and 14)
4,200
2,558
14, 28
Reinvested earnings of foreign incorporated affiliates cf U.S.
4, 521
n.a
firms (excluded from lines 7 and 20) .
Reinvested earnings of U.S. incorporated affiliates of foreign
548
n.a
firms (excluded from lines 9 and 21) .
Gross liquidity balance, excluding allocations of SDR
-15,826 -9,722
54. 55,
56,57,
58, 63,
-578
-298
88
-79
-205 -1,143
-1,451 -1,302
1,908
-361
-177
-437
-242
1, 058
524
11
-112
-768
-563
17
133
-581
-542
169
604
-393
-183 -1,148
183
178
-346
209
956
553
-426
-263
241
257
-627
26
15
-886
11,057 -3,775 -1,855 -2,652 -1,556
-668
-982 -1,765 -1,426
310
-430
-2,573
-535
206
-859 -1,804 -1,413
-2,458
-575
-267
-1
62
-12
— 122
-250
-420
42
-41
305
127
50
45
-710
178
178
— 1 681
944
-940
177
-288
-802
-637
-165
514
436
25
53
5,054 -3,476
-5,286
719
-664
2,546
221
1,456
109
246
-137
1,347
1,136
-70
28
-85
1,057
27
-410
-274
-136
417
295
-32
154
34
78
280
21
-1,06
-95
-24
13
-2,335
-1,111
-1,170
228
-169
2,367
-131
-77
-54
2,498
1,995
18
322
1,645
11
-167
477 -1,09
-27
822
-1,12
-2,624
-6,549 -1,617
1,49
-3,92
-2, 050
-1,35
-693
-1,87
-1,89
1
63
-32
-30
-2
955
85
-5
154
3,82
-42
-379
-50
4,25
3,200
38
67
3,194
-106
-76
-30
3,300
2,349
431
520
2,13
2,700
570
-1,67
-2,184
-508
259
1
-354
-365
167
-45
—14
305
—]
-2
48
n.a
-34
n.a.
-4,524 -1,484 -10,47
4,467
21
-47
29
177
-1,626 -1,490 -3, 898
6,093 -3,188 -2,307 -4,531 -3,85
-1,039
-699
-358
-341
-340
-999
269
390
2,54
49
9,09
1,20
-43
1,972
869
939
-70
1,103
709
3
363
355
-798
177
429
-23
-55
-11
22
1
-1
-1,642
n.a
1,143
n.a
92
n.a
1,18
n.a
94
n.a
71
n.a
83
n.a
52
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a
n.a.
6,104 -4,16
-2,37
-5,11
-4,15
-8,59
-74
1,17
-1,55
-2,730
n.a
Not seasonally adjusted
51
52
53
54
55
56
Balance on goods and services
Balance on goods services and remittances
Balance on current account
Balance on current account and long-term capital 6
Net liquidity balance
Official reserve transactions balance
•r .IVOV.IDCU.
Preliminary.
* Less than $500,000 (db).
n.a. Not
r\ut avauauie.
Revised.
available.
1. Adjusted to balance of payments basis; excludes exports under U.S. military agency
,les contracts
and
imports
of
U.S.
military
agencies.
ntracts
2. Includes fees and royalties from U.S. direct investments abroad or from foreign direct
investments in the United States.
3. Equal to net exports of goods and services in national income and product accounts of
the United States.
4. The sum of lines 15 and 31 is equal to "net foreign investment" in the national income
and product accounts of the United States.
-88C)
-1,248
-1,852
-3,824
-2, 35$>
-2,5(X>
-1,48£
-1,873
-2,471
-2, 31C
-3,034
-741
781
807
16g
-2,4&
384
43e
-262
-2,79e
-301
6$
-69*
-3,332
-77e
-85C)
342
-4,05$
-5,29<) -3,197 -6, 19'' -2,033
76t
-5, 59C) -1,502 -9, 99*>
35(>
-6$1
-5K)
82,)
60;>
94()
4, 957
4, 23C
3,79S
2,01S
-161
3,OOC
4,601
4,292
4,311
1,190
-763
2,060
5.
assets.
*». Includes
j.iu;iuuca some
oumo short-term
ouwit-i/ciiii U.S.
v.u. Government
^w^n-mu.^'.^ t.^,^.^
,.
,
. -.
u^.
6. Includes changes in nonliquid liabilities reported by U.S. banks and m investments Dy
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.
SUKVEY OF CUKRENT BUSINESS
44
March 1974
Table 2.—U.S. International Transactions
[Millions of dollars]
1972
(Credits -f; debits -)»
Line
I
1 Exports of goods and services2
2
3
4
5
6
g
9
10
H
12
13
73, 462
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
.
14
Transfers of goods and services under U.S. military grant programs, net...
15
Imports of goods and services
16
17
18
19
20
21
22
23
Merchandise adjusted excluding military 8
Direct defense expenditures
Travel
Passenger fares
Other transportation
_ .. _- - - _ .
Fees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
.. Direct investment interest, dividends, and branch earnings 4. Other private liabilities.. . ...
.
U.S. Government liabilities
28
U.S. military grants of goods and services* net
29
Unilateral transfers (excluding military grants) , net
30
31
32
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
33
Loans and other long-term assets
Foreign currencies and other short-term assets, net
36
37
Repayments on credits:
Scheduled
Nonscheduled 5 .
38
U.S. private capital flows, net
39
40
Direct investments abroad 4
Foreign securities
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid . .
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
..
Short-term, liquid
48
49
50
51
52
53
54
55
56
57
-
.
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, net
514
839
241
1 1?)
179
407
118
20 579
1 080
707
215
1 165
186
430
138
674
2,440
878
213
740
2,435
969
158
777
3,848
1,133
270
2 836
11 138
3,763
4,200
2,558
1,143
920
1,189
949
716
833
521
487
—78,071
—95 844
— 18 267
— 19 386
— 19,942
—20 477
-21, 527
-24, 255
-24,513
-25, 549
—69 667 — 13 344
—4 536
—1*222
—5 241
—812
-1 650
—278
—4, 144
—816
—154
—33
-841
—191
-885
—166
—13 660
—1*242
— 1 318
—521
—814
—13 617
—1 108
— 1 827
—481
—907
—15 060
—1 151
—899
—300
-908
—15, 990
-1, 168
—891
—312
-930
—34
—35
—36
-37
—199
— 175
—199
—248
—199
—209
—203
—177
-17, 429
—1,185
-1,515
-555
-1, 023
-38
-215
-177
-17, 066
-1,073
-1,915
-484
-1,106
-39
-211
-293
—19,082
—1,110
-920
-299
-1,085
-40
-213
-238
-46
-216
-895
-960
-43
-206
-1,063
-1,014
-43
-230
-1,260
-1,031
-521
722
1 648
482
813
311
575
135
792
163
362
92
11 914
327
716
180
934
166
372
105
11 491
228
813
216
951
168
373
109
299
602
162
950
173
382
111
325
723
195
978
176
392
107
546
616
573
694
645
1 759
1 743
1 784
2 718
2,415
679
194
633
191
682
145
703
266
784
172
-138
-719
-2, 522
—2 684
—186
-838
-3, 967
—3 836
-28
-36
-40
-34
-54
—181
-582
—614
—162
—594
—631
-152
-641
-687
-223
-705
—752
-186
-749
—830
-487
— 1,189
-949
-716
-833
-923
-866
-744
-1,081
-872
-1, 162
-
—2 174
—572
-998
—1 947
-693
-1,220
—605
— 142
-225
—598
-142
—242
—536
-121
-265
-435
—166
—265
-373
-172
-200
-684
-171
-226
-454
-179
-239
-435
-172
-555
—1,576
—2, 606
—301
—321
-464
-491
-650
—1, 141
-1,267
..
-504
-494
-958
-985
28
-954
-604
459
4
—3 801
—901
—934
166
—4 546
-627
—825
108
14
14
31
-26
-1, 341
-26
1,921
2,279
137
289
405
88
583
17
341
7
593
26
532
111
689
174
(*)
600
-8,534
-13,644
-3,408
-726
-1,769
-2,632
-6,295
-2, 114
-883
-4,351
-3,404
—614
-4, 855
—791
-1,692
-437
—398
—346
-1,058
-256
-2, 460
—40
51
-1, 041
-126
-423
-204
-932
-512
— 1 269
-1,495
—742
—830
-3, 953
-1, 100
—189
-324
-453
-346
-353
-422
-381
-1,405
-168
-263
-1,542
-1, 169
-316
-1,433
995
219
538
-456
-470
-1,516
-470
—202
—315
—492
—547
-735
—833
— 74
-3
80
-28
-36
-97
-142
52
-411
—290
—197
-131
126
-818
-71
8
-130
-158
-384
-15
-176
-406
130
20, 833
17, 793
3,965
4,599
6,664
5,605
10, 565
2,732
2,582
1,913
238
1,136
-92
102
151
77
212
433
219
272
160
2 068
4,093
-361
1,058
183
956
250
42
83
273
1,768
1,745
361
127
-61
168
50
153
4 776
4 436
178
553
166
-41
-73
262
160
4,335
1 736
-1,811
534
496
41
-1
78
1,937
753
1,187
214
299
28
809
507
664
-152
130
-25
3,501
9,720
4,434
1 118
5,356
1,485
399
34
117
8,616
1,202
-1, 210
259
-486
11
-2, 486
-354
189
—475
280
—4
78
—165
-43
165
-452
-145
32
547
209
—103
—53
66
220
17
9
233
-33
—710
7
122
3
64
-1
—245
694
173
149
—703
35
153
271
478
234
710
—3 112
' Revised.
* Preliminary.
* Less than $500,000(±).
1. Credits, -f-: 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 indemnified
17 354
2 429
8 004
2,697
795
972
4 508
11 778
—982
-
.
30 506
16 901
466
974
321
1,186
181
419
119
-920
-_._..
_
24, 868
-973
U.S. liquid liabilities to foreign official agencies
- ..
-Other readily marketable liabilities to foreign official agencies 8
Nonliquid liabilities to foreign official reserve agencies reported" by U.S.
Government
Transactions in U.S. official reserve assets, net
Gold
SDR_
. .
Convertible currencies
Gold tranche position in IMF_
25, 036
-1,143
U.S. Government nonliquid liabilities to other than foreign official reserve agencies
...
... .
58
59
60
61
62
13 586
15 421
IVp
-3, 859
Foreign capital flows, net
Other foreign private capital:
Direct investments in the United States 4
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
22,334
ni'
-2,558
._.
...
20 646
II'
-4,200
....._
...
17,532
I'
—3, 744
.
.
17, 897
IV
...
U.S. Government capital flows, net
34
35
47
-
17, 387
III
70 255
2 365
3 243
— 138
—788
—798
-
102 744
II
48 769
1 166
2,706
694
3 627
670
1,488
416
—55 681
—4 724
—4 856
—1 580
- . —3, 444
--
19'ra
19'12
1973?
-83
45
200
589
2,108
221
544
183
301
2 189
771
27
209
51
47
185
134
-15
82
-16
233
-13
— 1 029
—1 221
—1 851
-3,902
-13
-15
-13
(*)
(*)
-15
9
(*)
8
710
—4 793
989
169
-676
-384
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, arid State and local governments.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUKVEY OF CURRENT BUSINESS
March 1974
45
Table 3.—U.S. International Transactions—Seasonally Adjusted
[Millions of dollars]
I
1 Exports of goods and services 2 __ . .. . _
2
3
4
5
6
7
g
9
10
11
12
13
.___
_ _ _ _.
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.- _..
.
_ ..
.
15
Imports of goods and services .
.
.
U.S. military grants of goods and services, net
29
30
31
32
Unilateral transfers (excluding military grants) , net
U.S. Government grants (excluding military)
U.S. Government pensions and other transfers
Private remittances and other transfers
.. ..
33
U.S. Government capital flows, net
34
35
Loans and other long-term assets
Foreign currencies and other short-term assets, net
36
37
Repayments on credits:
Scheduled.
Nonscheduled 5
...
..
U.S. private capitalflows,net
39
40
Direct investments abroad
Foreign securities _ _
4
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid .
Short-term, liquid
.--...
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term .. ._
. .
Short-term, nonliquid
j. ...
Short-term, liquid
48
.
- - - - - - - - -
38
..
.
.. .
Foreign capitalflows,net
. ..
..
_ __
. .. . .
....
..
-
.
. _.
...
.. .
.
_ ...
.
.
...
....
49
50
51
52
53
54
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 . . .
55
56
57
U.S. liquid liabilities to foreign official agencies
Other readily marketable liabilities to foreign official agencies 6
Nonliquid liabilities to foreign official reserve agencies reported by U.S. Government
. ...
18,491
19,921
22,540
24,291
26,242
29,672
11, 539
12, 362
13, 213
15, 229
16, 672
288
672
170
884
166
372
102
262
680
169
893
168
373
108
18, 143
20,211
1,035
1.116
1,114
1,228
287
702
187
999
173
382
112
343
816
241
1,050
176
392
110
455
784
227
179
407
115
532
821
254
181
419
117
822
250
186
430
140
636
691
653
783
709
2,355
2,595
2,696
690
186
694
181
2,486
633
187
3,361
1,119
1,143
920
1,189
949
716
833
521
487
-18,961
-18,889
-19,430
-20,791
-22,356
-23,690
-24,093
-25,707
-13 475
-1,222
-1,166
-365
-894
-13,313
-1,242
-1,214
-406
-797
-34
-14,958
-1,151
-1,295
-422
-901
-17,009
-1, 185
-1,394
-434
-1,002
-17,531
-1,073
-1,236
-389
-1,040
-18,853
-1,110
-1,327
-419
-1,079
-35
-36
-16,174
-1,168
-1,284
-408
-1,023
-33
-13,935
-1,108
-1, 181
-387
-853
-191
-192
-199
-205
-199
-206
-199
-195
-203
-206
-215
-210
-211
-246
-213
-223
600
1,850
606
1,994
785
221
-37
879
209
-38
980
202
-39
181
—40
-34
-54
-46
-43
-43
-172
-623
-648
-40
-159
—595
-641
-170
-633
-683
-217
-671
-712
-161
-770
—868
-226
—944
-987
-229
-1,052
-1,004
-222
-1,201
-977
-1,143
-920
-1,189
-949
-716
-833
-521
-487
—969
-578
—142
—249
-938
-563
-142
-233
-954
-581
-121
—252
-881
-452
-166
-263
-742
-345
-172
-225
-1,041
-652
-171
-218
-903
-499
-179
-225
-1, 174
-450
-172
-552
-210
-228
-535
-601
-560
-568
-1,069
—779
-852
-1,180
49
— 1. 253
-1, 151
18
-990
6
50
463
88
—3,384
-28
-36
-409
-994
-572
37
63
-1,149
-112
558
17
411
7
490
26
590
111
664
174
529
4
-501
-2,119
-2,529
-6,244
-2,015
-1,197
-4, 189
-771
-2,025
-946
-126
-478
-204
-1,407
-512
-316
-1,413
-77
-263
-1,804
-1,357
939
-303
-470
-953
-379
-142
-1,302
-437
-183
-346
-1,148
209
-40
— 189
—575
—637
—346
—353
-267
-274
-381
-859
206
246
51
219
217
497
(*)
-74
-5
-3
62
—28
-97
-11
-176
-242
-54
-693
-71
-12
-70
-158
-470
— 137
-122
-136
-250
— 165
-20
-50
4,386
4,086
6,051
6,305
11,040
2,370
1,629
2,757
—79
133
169
15
224
484
205
223
—361
1 058
183
956
260
42
83
178
553
269
-41
160
273
1,768
1,745
534
496
48
—1
78
—38
45
200
514
1 347
2 546
1,057
216
50
153
417
203
127
—61
2,498
-1,877
4,467
1,645
9,097
1,202
-167
-43
259
167
-111
220
17
— 73
34
78
117
221
280
27
—2
429
544
-231
—178
64
—171
-245
185
134
-15
82
-16
177
177
-1,626
-1,490
Transactions in U.S. official reserve assets, net
Gold
SDR.
Convertible currencies
Gold tranche position in IMF
63
Allocations of special drawing rights (SDR)
178
178
64
Errors and omissions, net
944
-940
IV P
17,463
58
59
60
61
62
'Revised.
^Preliminary.
*Less than $500,000(±).
1. Credits, +: Exports of goods and services; unilateral transfers to U.S.; capital inflows
(increase in U.S. liabilities or decrease in U.S. assets); decrease in U.S.
official reserve assets.
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
III'
680
242
.. . _.
. ...
II r
17,587
587
.
Ir
11, 655
328
652
167
851
163
362
1,805
...
IV
III
II
95
_.-..
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
28
47
- ..
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties. _ _ .
. . . . . .. .
Direct investment interest, dividends and branch earnings 4
__
Other private assets
U.S. Government assets
Transfers of goods and services under U.S. military grant programs, net
24
25
26
27
- -
.
..- .
14
16
17
18
19
20
21
22
23
19'ra
19'12
(Credits +; debits -) 1
Line
i
-55
3
-177
-177
233
-13
-3,898
1,103
753
1,187
319
299
28
955
-1,676
-798
11
-452
507
664
-312
130
-25
4,255
-2, 184
-354
-147
-13
-15
8
-13
(*)
(*)
-15
477
-1,097
-275
9
(*)
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.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUEVEY OF CUERENT BUSINESS
46
March 1974
Table 4.—U.S. Merchandise Trade
[Millions of dollars]
Not seasonally adjusted
Line
1972
1973*
1972
I
1
2
Seasonally adjusted
II
1972'
1973
III
IV
P
IP
IVp
IIP
I
II
1973
III
IV
IV*
IIP
IP
I'
EXPORTS
Merchandise exports, Census basis, incl. reexports
and military grant shipments
.
. . 49, 778 71,314 12,026 12, 178 11,729 13,845 15,651 17,555 17,227 20,881 11,903 11,812 12, 602 13,477 15,465 16,889 18,473 20,523
Merchandise exports* Census basis, incl. reexports,
49,218 70, 798 11,890 12,039 11,574 13,715 15,520 17, 440 17, 072 20,766 11,767 11, 673 12,447 13,347 15,334 16,774 18,318 20,408
excl. military grant shipments .
3 Regular additions to Census exports
3a
Private gift parcel remittances
..
3b
Virgin Islands exports to foreign countries.3c
Gold exports, nonmonetary
3d
Inland freight (to Canada)
valuation adjustment.
3e
Other regular additions l
469
87
25
28
336
-7
643
91
65
50
405
32
117
22
8
5
75
7
117
22
4
4
88
-1
121
20
7
10
82
2
114
23
6
9
81
-15
138
20
12
8
90
8
188
23
18
13
107
27
120
22
17
14
96
—29
197
26
18
15
112
26
121
22
8
5
79
7
112
22
4
4
83
—1
124
20
7
10
85
2
112
23
6
9
89
-15
141
20
12
8
93
8
180
23
18
13
99
27
125
22
17
14
101
-29
196
26
18
15
111
26
4
5
5a
Regular deductions from Census exports 2
Special adjustments net *
Of which: quarterly allocation of annual seasonal
adjustment discrepancy *
30
-29
34
118
8
-5
8
-26
7
5
7
-3
6
-35
9
23
11
18
8
112
8
-9
8
-30
7
7
-6
6
-44
Q
14
11
9
8
103
—4
-4
-5
-5
-9
-9
-9
-9
6
Equals: Merchandise exports adjusted to balance of
49,628 71,524 11, 994 12,122 11,693 13,819 15,617 17, 641 17, 199 21, 067 11, 871 11, 747 12,564 13,446 15,425 16,959 18,441 20,699
payments basis, incl. "military"
7
Less: Merchandise exports transferred under U.S.
military agency sales
contracts identified in
Census documents 5
8
9
859
1,269
216
208
202
233
196
287
298
488
216
208
202
233
196
287
298
488
Equals : Merchandise exports, adjusted to balance of
payments basis, excl. "military" (table 2, line 2).. 48, 769 70, 255 11, 778 11,914 11,491 13,586 15,421 17,354 16,901 20,579 11, 655 11, 539 12,362 13,213 15,229 16, 672 18, 143 20,211
IMPORTS
Merchandise imports, Census basis (general imports)
55,583 69, 121 13,302 13,743 13,532 15, 006 15,965 17,283 16,935 18,938 13,423 13,370 13,903 14,888 16,136 16,821 17,434 18,680
10 Regular additions to Census imports
lOa Virgin Islands imports from foreign countries
lOb Gold imports, nonmonetary
__ _
_
lOc
Other regular additions 9
850
424
358
68
1,078
641
358
79
191
117
62
12
187
89
79
19
259
139
101
19
213
79
116
18
256
161
79
16
278
150
109
19
252
146
83
23
292
184
87
21
191
117
62
12
187
89
79
19
259
139
101
19
213
79
116
18
256
161
79
16
278
150
109
19
252
146
83
23
292
184
87
21
11 Regular deductions from Census imports
lla Automotive valuation adjustment
lib Other regular deductions 7 __
635
633
2
665
661
4
149
149
(*)
188
187
1
114
113
1
184
184
(*)
190
189
1
212
211
1
118
ne
145
145
(*)
140
140
(*)
162
161
1
167
166
1
166
166
(*)
189
188
1
182
181
1
164
162
130
130
(*)
51
297
31
-46
80
30
140
60
67
32
-46
-14
78
42
152
72
81
12
12
12
14
12 Special adjustments, net 3
12a
Of which: quarterly allocation
of annual seasonal
adjustment discrepancy 4
1
13
Equals: Merchandise imports, adjusted to balance of
payments basis, incl. "military"
55,849 69,831 13,375 13,6% 13,663 15, 115 16,061 17,489 17,129 19, 152 13,506 13,349 13,981 15,013 16,245 17,069 17,594 18,923
14
Less: Merchandise imports of U.S.8 military agencies
identified in Census documents
15
Equals: Merchandise imports, adjusted to balance of
payments basis excl. "military" (table 2, line 16) . . _55,681 69,567 13,344 13, 660
BALANCE
Balance on merchandise trade, adjusted to balance of
payments basis, incl. "military" (line 6 less line 13)
(export surplus +)
-6,221 1,693 -1,381 -1,574
Balance on merchandise trade, adjusted to balance
of payments basis, excl. "military" (line 8 less line
15) (export surplus + ) _ _ _
688 -1,566 -1,746
-6,912
TRADE BY END-USE
Merchandise exports, Census basis, incl. military
grant shipments (line 1) .
49,778 71,314 12,026 12,178
Agricultural products
9,505 17,856 2,178 2,107
Nonagricultural products. _
40,273 53, 458 9,848 10, 071
Excluding military grant shipments..
39, 713 52, 942 9,712 9,932
Foods, feeds, and beverages
7,489 15,070 1,555 1,726
Grains and preparations
4,054 9,696
769
886
Soybeans
342
1,508 2,757
348
Other foods, feeds, and beverages
1,926 2,617
498
438
Industrial supplies andematerials .
13,980 19,773 3,486 3,279
Fuels and lubricants
1,706 1,926
403
428
Paper and paper base stocks
1,152 1,458
267
299
Textile supplies and materials
1,386 2,305
406
310
Raw cotton, incl. linters
....
508
940
192
99
Tobacco, unmanufactured
681
639
217
93
Chemicals, excl. medicinals
3,227 4,494
761
808
Other nonmetals (hides, tallow, minerals,
wood, rubber, tires, etc.) .
..
3,303 4,694
773
780
Steelmaking materials
645
281
47
61
Iron and steel products
990 1,554
247
240
Other metals, primary and advanced, incl.
advanced steel
1,295 2,016
307
318
Capital goods, except automotive
16,690 21,519 4,257 4,197
Machinery, except consumer-type
.
13, 135 17, 047 3,235 3,300
Electrical and electronic, and parts and
attachments-.. ... .
2,543 3,521
621
629
Nonelectrical, and parts and attachments... . 10, 592 13,526 2,606 2,679
Construction machinery and nonfarm
tractors and parts
2,133 2,787
517
561
Textile and other specialized-industry
machinery and parts
963 1,326
244
229
Other industrial machinery and parts,
n.e.c
4,316 5,284 1,081 1,076
Agricultural machinery and farm tractors
and parts
485
663
113
137
Business and office machines, computers,
etc., and parts
452
1,838 2,367
453
Scientific, professional, and serviceindustry equipment
222
857
1,099
201
16
17
18
18a
18b
18c
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
See footnotes at end -of table.
168
264
31
36
46
55
71
60
63
70
31
36
46
55
71
60
63
70
13,617 15,060 15,990 17,429 17,066 19,082 13,475 13,313 13,935 14,958 16, 174 17,009 17,531 18,853
-1,970 -1,296 —444
-2, 126 -1,474 -569
70 1,915 -1,635 -1,602 -1,417 -1,567 -820 -110
847 1,776
-75 -165 1,497 -1,820 -1,774 -1,573 -1,745 -945 -337
612 1,358
152
11,729 13,845 15,651 17,555 17,227 20,881 11,903 11,812 12,602 13,477 15,465 16,889 18,473 20,523
2,096 3,125 3 764 4,043 4,200 5,849 2,199 2,178 2,384 2,693 3,660 4,097 4,768 5,244
9,633 10, 721 11,887 13, 512 13, 027 15, 032 9,704 9,634 10, 218 10, 784 11,805 12, 792 13,705 15,279
9,478 10, 591 11, 756 13, 397 12, 872 14, 917 9,568 9,495 10,063 10, 654 11, 674 12, 677 13, 550 15, 164
1,580
1,785
1,932 2,126 2,983 3,429 4,014 4,526
1,728 2,479 2,991 3,386 3,664 5,031
1,049 1,351 1,749 2,032 2,785 3,131
950 1,087 1,226 1,737 2,112 2,914 2,945
760
812
417
421
706
706
346
357
356
231
587
744
725
255 1,033
769
683
479
611
489
540
464
488
542
448
629
498
624
867
3,352 3,863 4,260 4,786 4,978 5,745 3,573 3,207 3,442 3,802 4,268 4,656 5,202 5,702
572
432
491
435
428
402
462
413
425
450
592
379
487
468
432
374
318
338
285
301
284
302
288
277
311
365
425
358
665
664
545
467
437
295
297
347
250
419
560
571
510
663
241
204
288
239
183
71
42
93
174
139
161
239
293
247
172
165
167
127
178
194
143
135
140
113
300
145
245
151
1,345
1,175
961 1,023
886
809
729
806
793
866
948 1,071 1,165 1,311
816
81
250
934 1,090 1,196 1,122 1,283
91
127
165
215
138
253
375
309
491
378
747
60
253
788
56
229
856
70
255
903 1,061 1,207 1,182 1,245
155
181
94
149
157
519
385
353
307
256
317
3,878
3,136
442
353
391
585
597
4,357 4,967 5,456 5,155 5,939
3,463 3,855 4,241 4,209 4,740
318
4,059
3,199
307
4,009
3,173
317
4,207
3,294
597
585
442
391
363
4,419 4,813 5,165 5,523 6,096
4,869
4,458
3,466 3,781 4,000
605
2,531
864
871
787
687
999
2,776 3,068 3,370 3,345 3,741
625
2,574
595
2,578
641
2,653
921 1,018
826
770
680
2,786 3,011 3,174 3,537 3,851
514
541
637
721
698
731
521
532
527
552
637
661
720
783
229
261
287
324
326
389
253
222
237
251
290
309
342
387
1,124 1,204 1,284 1,314
1,481
1,056
1,044
1,077
154
108
119
126
133
156
163
167
180
454
469
473
514
560
631
669
207
217
240
240
255
289
319
1,035
115
120
163
193
152
434
500
529
572
585
681
441
204
230
248
276
270
305
195
1,137 1,174 1,226 1,388
1,513
March 1974
SUEVEY OF CUKEENT BUSINESS
47
Table 4.—U.S. Merchandise Trade—Continued
[Millions of dollars]
Not seasonally adjusted
Line
1972
1973*
Seasonally adjusted
1972
I
1972--
1973
II
III
IV
I"
IP
IIP
IV v
I
1973
II
III
IV
P
IP
IIP
IV*
TRADE BY END USE— Continued
44
44a
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
67a
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
89a
90
91
92
93
94
95
96
97
98
99
100
101
Civilian aircraft, engines, parts -.
Civilian aircraft, complete, all types .
Other transportation equipment
Automotive vehicles, parts, and engines- _
-.
To Canada10-. _ ...
- .
To all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Parts, bodies, and accessories, incl. 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)
Special category (military-type goods)
Exports, n.e.c., and reexports
Domestic (low-value, miscellaneous)
Foreign (reexports)
Merchandise imports, Census basis (line 9) _ _ .
Foods, feeds, and beverages
Coffee, cocoa, and sugar _ . .
Green coffee
Cane sugar .
Other foods, feeds, and beverages
Industrial supplies and 9materials
Fuels and lubricants
Petroleum and products
Paper and paper base stocks .
Materials associated with nondurable goods
and farm output, n.e.s
Textile supplies and materials
Tobacco, unmanufactured- - - - - - - - Chemicals, excl. medicinals
Other (hides, copra, materials for making
photos, drugs, dyes).-. . . ..
Building materials, except metals
Materials associated with druable goods output, n.e.s
..
. .
Steelmaking materials
-----Iron and steel products
Other metals, primary and advanced, incl.
advanced steel
Nonmetals (gums, oils, resins, minerals, rubber, tires, etc.). _ . .
Capital goods, except automotive
Machinery, except consumer-type . . _ .
Electrical and electronic, and parts and attachments
Nonelectrical, and parts and attachments
Construction, textile and other specializedindustry 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
From all other areas
Passenger cars, new and used
Trucks, buses, and special vehicles
Parts, bodies, and accessories, incl. 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)
r
3,216
1,707
339
5,119
3,901
1,218
1,322
686
4,073
2,315
398
6,312
4,685
1,627
1,799
852
956
584
66
1,209
900
309
287
157
822
452
76
1,332
1,049
283
344
174
631
269
111
1,148
874
274
274
156
807 1,031 1,094
870 1,078
402
624
425
666
601
121
121
76
87
81
1,432 1,569 1,681 1,314 1,748
1,077 1,194 1,299
924 1,267
382
481
355
375
390
558
333
418
429
479
190
231
199
217
214
787
433
73
1,160
867
293
273
155
766
403
70
1,209
924
285
308
160
796
407
117
1,352
1,061
291
361
169
872
979 1,112
940 1,061
624
637
506
461
559
115
104
92
86
81
1,422 1,517 1,499 1,545 1,763
1,080 1,150 1,114 1,127 1,306
342
385
457
418
367
529
389
417
440
415
234
205
212
200
207
3,112
3,492
1,448
1,859
3,661
4,702
2,024
2,345
765
832
340
452
814
863
363
454
718
863
349
470
959
815
985
791
926
935 1,031 1,224 1,173 1,274
522
578
397
495
429
484
635
527
601 582
732
833
343
452
741
846
348
454
822
891
371
470
882
898 1,000
828
890
937 1,031 1,179 1,217 1,278
432
577
488
529
386
635
499
527
601 582
52
72
106
66
50
54
61
90
185
333
40
44
44
101
96
46
75
38
309
291
368
495
329
392
284
495
1,199 1,584
284
315
315
291 329
392
368
309
469
524
604
663
480
569
646
441
1,808 2,352
487
504
414
466
629
573
402
451
262
321 365
264
304
252
357
275
325
1,008 1,261
237
253
266
244
309
270
240
207
216
298
249
265
283
221 234
289
214
304
264
165
198
174
197
800 1,091
55,583 69, 121 13,302 13,743 13,532 I5,00€ 15,965 17,283 16,935 18,938 13,423 13,370 13,903 14,888 16,136 16,821 17,434 18,680
7,265 9,081 1,763 1,737 1,803 1,960 2,030 2,292 2,170 2,589 1,876 1,705 1,810 1,888 2,133 2,236 2,194 2,505
536
684
540
676
728
610
564
748
531
655
489
2,165 2,696
503
564
659
634
610
321
452
316
347
396
371
452
309
321
235
1,182 1,566
235
316
347
371
309
396
190
184
258
225
215
225
918
221
832
177
235
234
263
210
205
228
193
256
5,101 6,386 1,199 1,234 1,239 1,429 1,371 1,544 1,536 1,934 1,266 1,216 1,274 1,348 1,457 1,508 1,584 1,821
20,322 26,541 4,789 4,980 5,030 5,522 5,991 6,361 6,529 7,661 4,801 4,850 5,137 5,540 6,053 6,227 6,686 7,582
4,882 8,218 1,220 1,125 1,208 1,330 1,655 1,758 2,052 2,753 1,099 1,188 1,281 1,316 1,537 1,838 2,132 2,722
976 1,073 1,175 1,492 1, 596 1,891 2,561
959 1,031 1,134 1,175 1,392 1,682 1,947 2,522
4,295 7,540 1,071
445
507
547
449
536
529
421
465
546
425
435
443
526
576
427
478
1,756 2,126
917
381
32
274
873
356
34
266
930
394
36
289
992 1,002
408
410
62
36
305
311
991 1,053 1,092
392
395
381
62
39
68
375
313
337
239
576
271
551
230
446
217
449
211
493
217
573
244
642
2,250 2,145 2,307 2,453 2,739
228
247
280
286
148
929
789
813
850
738
1,914
187
677
1,905
172
689
1,984
188
799
4,123
1,583
187
1,334
983
403
53
290
932
373
45
292
859
379
19
266
927 1,060 1,053
382
408
426
46
40
57
282
345
321
878
1,959
1,019
2,429
237
419
222
481
195
509
223
550
8,023
759
3,071
9,645
961
3,189
1,746
117
586
1,999
187
717
2,027
227
838
2,910
3,706
705
777
657
892 1,103
712
726
692
1,284
5,572
5,135
1,789
7,529
6,945
338
1,370
1,282
318
1,396
1,286
305
1,321
1,223
323
462
506
439
381
1,482 1,698 1,913 1,915 2,002
1,342 1,550 1,775 1,756 1,863
338
1,345
1,257
318
1,369
1,259
305
1,354
1,256
323
462
439
506
381
1,505 1,671 1,877 1,961 2,031
1,365 1,523 1,739 1,802 1,892
1,588
3,548
2,395
4,550
360
922
384
902
400
823
672
444
594
617
513
898 1,037 1,181 1,139 1,191
360
897
384
875
400
856
672
513
594
617
444
921 1,010 1,145 1,185 1,220
908
1,144
1,031
1,538
240
282
229
283
215
275
223
303
241
349
257
415
240
282
229
283
215
275
223
303
241
349
275
383
497
667
133
139
109
117
153
188
149
176
112
121
127
144
135
662
865
189
171
139
163
195
219
223
228
185
162
154
159
186
449
337
584
437
58
76
9,327 10,848
5,259 5,880
±,626 5,219
4,068 4,968
5,730 6,488
1,129 1,283
78
88
16
2,339
1,286
1,137
1,053
1,510
225
80
110
13
2,508
1,467
1,280
1,041
1,582
302
85
98
14
1,907
993
880
914
1,083
269
92
140
15
2,574
1,514
1,380
1,060
1,556
334
99
148
21
2,752
1,548
1,369
1,204
1,705
294
116
138
17
3,016
1,680
1,469
1,336
1,851
358
119
159
22
2,287
1,128
1,018
1,159
1,300
291
115
139
15
2,792
1,524
1,S79
1,268
1,633
340
78
88
16
2,210
1,241
1,101
969
1,404
225
80
110
13
2,309
1,316
1,166
993
1,408
302
85
98
14
2,274
1,261
1,096
1,013
1,374
269
92
140
15
2,523
1,431
1,266
1,092
1,532
334
99
148
21
2,613
1,488
1,800
1,125
1,590
294
2,468 3,076
11,355 13, 132
6,469 7,376
4,123 4,762
604
2,636
1,471
989
624
2,701
1,571
945
555
3,036
1,693
1,154
807
684
753
696
819
2,982 2,984 3,220 3,534 3,395
1,735 1,623 1,825 1,968 1,960
1,035 1,126 1,133 1,299 1,205
581
2,780
1,568
1,036
599
2,717
1,574
958
631
2,889
1,654
1,046
793
761
786
657
729
2,962 3,154 3,238 3,362 3,346
1,666 1,748 1,830 1,900 1,874
1,084 1,171 1,146 1,195 1,242
176
185
189
230
176
185
189
762
1,742
994
1,989
402
421
Revised.
* Preliminary.
"Less than $500,000.
1. Mainly net additions to or liquidations of U.S.-owned grains stored in Canada, and
exports of electrical energy.
2. Mainly exports of exposed motion picture film for rental rather than sale.
3. Irregular and occasional adjustments; valuation adjustments for goods considered to
be underpriced or overpriced in Census data; timing adjustments for goods recorded in
Census data in one period but found to have been shipped in another; and coverage adjustments for special situations in which shipments were omitted from Census data (e.g., vessels).
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,
3, and 9, line 20 (other transportation).
8. Merchandise imported directly by the Department of Defense, as well as "defense"
970 1,042
367
383
37
47
311
357
3,703
1,538
157
1,130
435
770
212
484
256
605
878
235
511
254
697
832
275
383
262
479
257
391
267
499
499
412
420
439
245
643
262
565
268
573
2,214 2,335 2,227 2,429 2,648
213
233
259
226
239
903
857
785
769
778
775
212
470
864
793
950 1,098
257
391
257
415
163
173
205
208
245
228
116
138
17
2,759
1,503
1,322
1,256
1,640
358
119
159
22
2,726
1,427
1,865
1,299
1,649
291
115
139
15
2,732
1,449
1,319
1,283
1,599
340
235
262
267
230
512
483
505
484
imports of the Coast Guard and Atomic Energy Commission, to the extent such imports are
identifiable from Census import documents and verifiable from separate reports of the importing agencies. These imports are included in tables 2, 3, and 9, line 17: "Direct defense
expenditures."
9. Includes nuclear fuel materials and fuels, formerly in exports of "other metals"—(1.33)
and in imports of "steelmaking materials"—(1.76).
10. The statistical identification of automotive products exports to Canada (line 47) is not
as complete and comprehensive as the identification of automotive products imports from
Canada, which are more definitively classified for duty-free status under the U.S.-Canada
Automotive Products Trade Act. The less comprehensive identification in U.S. trade statistics of automotive parts exports, combined with some degree of unreported export shipments,
results in an undercounting of automotive exports to Canada (line 47) which-^-estimated
from examination of Canada's import statistics—amounted to about $875 million in 1973
and $550 million annually in 1972 and 1971.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analyis
SUEVEY OF CUEKENT BUSINESS
48
March 1974
Table 5.—'Major U.S. Government Transactions
[Millions of dollars]
1972
Line
A. 1
la
1972
1973
1973 P
U.S. Government grants (excluding military) and capital flows increasing Government assets, total (table 2,
5,808 7,120
lines 30, 34, and 35, with sign reversed)
Seasonally adjusted
III
I
II
1,398
1,518
1,348
1,339
1,866
1,584
I
II
1,545
1,665
2,051
1,411
1,993
1,569
1,606
1,899
1,600
2,016
IV
IV v
III'
By category
2,174
80
-141
1,947
36
-22
605
20
-36
598
14
20
536
11
-68
435
35
-57
373
10
27
684
13
-16
454
12
-19
75
185
252
1
13
5
169
340
2
12
42
47
48
(*)
42
42
(*)
6
1
55
114
( }
*2
3
38
107
2
1
2
44
99
(*)
2
(*)
37
82
(*)
8
"3
32
41
47
(*)
3
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 and contributions to international and regional organizations, excluding IMF.
Credits repayable in U.S. dollars
Other assets (including changes in administrative cash holdings), net
_ _ ._
264
192
15
53
5
9
340
338
271
373
3,436 4,124
-11
663
79
15
5
78
44
836
-72
9
11
2
82
69
850
-32
57
6
1
94
48
754
66
120
21
2
86
110
996
27
43
4
3
75
90
1,162
4
79
6
1
76
76
1,251
42
49
5
(*)
92
103
862
-1
21
1
1
96
104
849
»619
17
18
19
20
21
22
23
24
25
904
Under farm product disposal programs
1,206
Under Foreign Assistance Acts and related programs
2,233 2,813
Under Export-Import Bank Act
1,299 1,836
Capital subscriptions and contributions to international and regional organizations, excluding IMF . 271
373
Other assistance programs
.
- ..
722 1,014
Other foreign currency assets acquired (lines A 6 A 7 and A 9)
450
521
Less foreign currencies used by U.S. Government other than for grants or credits (line A. 13)
340
338
Advances under Exchange Stabilization Fund agreements, net
Other (including changes in administrative cash holdings) net
-32
-3
264
612
396
44
134
97
78
437
623
311
69
110
92
82
208
664
265
48
215
89
94
297
434
327
110
263
171
86
290
445
456
90
817
146
75
298
703
467
76
401
144
76
125
517
472
103
168
127
92
192
9 1, 147
442
104
128
105
96
-72
-40
52
28
-2
39
-10
-29
Estimated transactions involving no direct dollar outflow from the United States
_ . . 4,717 6,091 1,186 1,280 1,035 1,217 1,505 1,718 1,163
711
544
866
918
688
842
Expenditures on U.S. merchandise
..
2,907 3,261
832
187
217
199
208
Expenditures on U.S. services 2
209
220
760
878
233
157
124
108
223
Military sales contracts financed by U.S. Government credits 3 - 4 (line
B.14)
164
139
502
1,262
75
2
107
99
141
82
51
U.S. Government credits to repay prior U S Government credits
340
287
48
49
141
197
154
331
370
U.S. Government credits 3 to repay prior U.S private credits
- 922
89
580
140
Increase in claims on U.S. Government associated with Government grants and capital flows
2
-11
-17
7
9
increasing Government assets (including changes in retained accounts) (line B 17)
37
-30
13
9
92
76
94
86
75
Less foreign currencies used by U.S Government other than for grants or credits (line A. 13).
82
340
338
78
Less dollar recoveries on short-term claims
financing
military
sales
contracts
and
U.S.
Govern3
11
7
14
37
29
ment credits to repay private credits
134
13
87
73
Estimated dollar payments to foreign countries and international and regional organizations through
334
161
248
314
328
237
U.S. Government grants and capitalflowsincreasing Government assets
. . ..
212
1,091 1,029
1,706
765
166
9774
53
80
2
3
4
5
6
7
8
9
435
1
-14
(*)
50
53
(*)
By program
By disposition '
26
27
28
29
30
31
32
33
34
35
B.I
la
2
2a
3
4
5
6
7
8
9
10
lOa
11
lla
12
13
14
15
16
17
17a
18
19
20
21
21a
22
23
24
25
26
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 (4-)
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 the
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
427
189
-475
4
197A
-445
To other official and private foreigners (table 2, line 48)
. ... 238
Seasonally adjusted
Associated with military sales contracts 6
...
.
__
352
Seasonally adjusted
U.S. Government receipts from foreign governments (including principal repayments on credits
financing military sales contracts) , net of refunds
1,390
Less U.S. Treasury securities issued in connection with prepayments for military purchases in
the United States (line B.4)
3 7
Plus military sales contracts financed by U.S. Government3 credits - (line A. 29)
502
Less U.S. Government receipts from principal repayments
.
.
375
Less transfers of goods and services (including transfers financed by credits) (table 2, line 3)
1,166
Associated with U.S. Government grants and capital flows increasing Government assets » (line
Seasonally adjusted
Non-interest-bearing securities issued to IDA to IDB or to U N for special programs
Foreign funds retained in U.S. Government accounts for purchases in the United States .
Other
Other
Seasonally adjusted
German Government 10-year loan to U S Government
Associated with sales of nuclear materials by Atomic Energy Commission
Associated with other U.S. Government nonmilitary
sales and miscellaneous operations
U.S. Treasury securities not included elsewhere5
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 by each operating agency. However, such data for fourth quarter 1972
and fourth quarter 1973 are only extrapolated estimates by BE 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 these 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 by U.S. Government credits
and of advance payments to the Defense Department (on military sales contracts) financed
by credits extended to foreigners by U.S. Government agencies.
5. Includes securities payable in U.S. dollars and in convertible foreign currencies.
661
96
38
287
127
76
188
201
98
131
247
229
-88
-152
169
181
598
651
-233
-247
280
280
-4
-2
78
78
-165
-167
-43
165
167
-452
-452
-145
80
2
-165
-41
—2
-450
-2
-122
272
223
246
197
624
-22
4
4
C)
-43
-22
4
282
2
-147
—4
169
820
-92
-79
-103
-90
102
183
92
123
151
169
146
164
77
15
216
164
212
224
204
216
484
136
187
219
205
233
219
2,300
237
374
325
455
517
553
605
-22
9774
157
115
64
466 91,060
1,136
433
-22
1,262
400
2,365
75
103
311
164
118
327
124
75
228
139
79
299
108
96
325
223
125
514
37
-30
9
9
13
13
7
7
9
9
-2
-2
-11
-11
-17
-17
37
1
-151
-29
(*)
346
9
10
3
-3
9
-3
-3
9
(*)
-148
-148
-2
(*)
10
10
-11
(*)
307
307
C)
-9
9
-151
321
24
2
—6
4
-1
(*)
2
*
-2
4
-S
-3
1
-8
5
-151
9
1
320
-13
-17
3
(*)
(*)
(*)
*>»
(
3
26
1
2
1
26
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 services financed by U.S. Government credits
(included in line B.16) and of increases in Defense Department liabilities (on military sales
contracts) which arise from advance payments to the Defense Department financed by credits
to foreigners by U.S. Government agencies.
8. Excludes liabilities associated with military sales contracts financed by U.S. Government credits and included in line B.ll.
9. See Technical Note (3) in text of article.
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 1974
49
Table 6.—-Direct Investment and Securities Transactions
[Millions of dollars]
(Credits+; debits-)
Line
1972
II
I
1 U.S. direct investments abroad (table 2, line 39)
2
3
4
5
6
7
8
Transactions with foreign incorporated affiliates
Intercbmpany accounts: short-term
long-term
..
Capital stock
and other equity, net
Increase12Decrease
_
....
Miscellaneous 3
9
Branch accounts
10
11
12
13
14
16
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
_.
. ..
_
By industry of foreign affiliate: *
Mining and smelting
Petroleum..
Manufacturing _
Other
..
.
.
Foreign direct investments in the United States (table 2, line 49)..
Transactions with U.S. incorporated affiliates. _
Intercompany accounts
Capital stock
and other equity, net
Increase12
Decrease
._ .
Branch accounts
Of which: manufacturing affiliates:
_.
.
_ _
4
Stocks, net, balance of payments basis
Newly issued in the United States
Of which -.Canada
Other foreign stocks
Canada
Western Europe
Japan
Other
. .
bonds , net, Treasury basis*
less: recorded in line 1 as U. S. direct investment abroad
plus: other adjustments
.
Bonds, net, balance of pay ments basis
Newly issued in the United States
Canada
Latin America
..
Other countries
International
Redemptions of U.S. held foreign bonds 8
O ther transactions in outstanding bonds •
Canada
Western Europe
Japan
Other
50
U.S. securities, excluding Treasury issues, net foreign purchases (+)» balance of payments basis
(table 2, line 50, or lines 54 + 61 below)
. . _
—256 —2 460 —1 041
—423
—932
—385
-54
80
—411
-750
339
—1
-636
-361
21
—296
-475
179
21
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
—1 242
na
—255
—507
—279
—202
—568
—656
213
n.a.
—411
—1 6 85
—1 028
—331
na
na
na
na
—163
—599
581
—350
—114
—168
—168
33
—92
—381
—511
—74
—42
—A91
217
60
—108
—968
—60S
—787
7
—434
-541
—73
—16
282
—425
—264
n.a.
n.a.
n.a.
n.a.
160
2 068
—361
183
178
160
273
534
753
507
66
—139
206
302
—97
1 952
534
1 418
1 448
—30
—391
438
47
54
7
161
130
31
33
2
140
96
44
132
88
156
72
84
84
(*)
267
132
135
165
—30
539
435
104
104
726
82
644
644
420
—115
535
535
94
115
30
22
37
4
6
-5
27
87
230
146
155
165
557
32
..
—121
168
9
—24
.
IV P
—54 —1 892
—780
—550
586 —1 481
11
214
209
—423
—843
—418
—521
—525 —1 030
103
102
187
—7
—5
—20
696
21
20
45
44
—791
—437
/«
3
—346
209
-40
51
77
8JL
—10
—13
206
—8
1JL9
—15
S3
—6
2
—2
-9
—1
76
—11
209
-5
-1
214
66
34
102
12
39
-3
5
•«
-8
-4
87
32
112
—68
11
81
—23
—18
104
72
86
—63
9
164
—4
212
152
—134
191
3
46
—9
—8
55
—15
99
—20
—9
168
88
—15
87
8
42
4
14
33
-9
6
24
-20
-7
9
-4
36
-113
78
-5
—978
—476
—405
17
131
3
—270
8
29
—113
-165
—422
—489
—380
—32
—77
128
—69
—25
105
—38
—45
48
—7
—34
150
54
-49
93
11
—1
-113
—271
-138
—61
-69
-3
124
34
4
48
12
-30
-165
-308
-240
—37
—7
160
37
—5
31
7
4
—249
—453
-292
—48
-113
458
—70
—96
—9
62
—27
—483
—604
—199
—22
—116
—267
142
—21
—22
—4
—2
7
113
30
-13
—9
18
34
-209
-251
-174
-13
-63
-1
90
-48
-29
-25
27
-21
176
—2A
200
—12
—13
— 1 026
—991
— 1 615 —1 379
—806
—897
—102
—74
—342
—495
—274
—4
. .
III'
109
648
—210
—334
—432
98
4
— / 020
35
29
38
39
40
41
42
43
44
45
46
47
48
49
II
—398 —1 058
412
—48
—27
460
155
331
—49
23
. .
I
n.a. —1 437
n.a.
—900
na
—232
na
—273
n.a.
—361
na
88
na
—33
4W
—16
-18
...
IV
—2, 162
-216
—18
—1 873
—2,348
475
—55
180
..
III
—3,404 —4 855 —1 692
Foreign securities, net U.S. purchases (-) balance of payments basis (table 2, line 40 or lines 27
-f 38 below)
.
-614
stocks, net, Treasury basis 5
.
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
.
1972\
1972
1973 TO
(*)
-126
-204
-196
-512
-604
-is
-68
-504
-549
-254
-295
i§I
-86
-58
-23
5
-10
4 335
4 093
1 058
956
553
1,768
1,745
496
1,187
664
51
52
53
54
55
56
57
Stocks, net, Treasury basis 5
Plus: Exchange of stock associated with U.S. direct investment abroad
Plus: Other adjustments
. .
Stocks, net, balance of payments basis . . .
Canada
. ..
Western Europe
Other
$ HQ
2 824
—27
597
96
165
380
1,801
152
-27
869
502
2 797
101
2 115
581
693
—57
646
104
165
—41
130
76
7
—58
323
1
318
4
998
84
1,087
20
943
124
1,301
87
1,064
150
125
37
34
54
869
29
622
218
502
-52
395
159
58
59
Bonds, net Treasury basis 5 . .
Plus: Proceeds obtained
by U.S. parents from securities issued by Netherlands Antilles
finance subsidiaries 1
Plus: Other adjustments 8
_. . .
Bonds, net, balance of payments basts
.. _
New issues sold abroad by U.S. corporations 7
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
1 825
1 952
508
570
211
641
1,289
610
242
-189
655
—413
2,067
2 003
1 598
961
637
215
—871
1,295
1 223
743
372
371
100
—238
365
296
255
35
220
259
—38
791
766
670
449
221
96
—77
230
372
268
222
46
200
-60
681
569
405
255
150
124
-968
444
384
300
156
144
37
-276
371
274
172
95
77
318
197
90
34
56
361
162
368
181
87
94
145
-81
26
47
18
51
155
-130
-35
-107
7
105
-8
69
64
33
135
-14
-165
-41
60
61
62
63
64
65
66
67
'Revised.
^Preliminary.
*Less than $500,000 (±).
n.a. Not available.
1. Acquisition of capital stock of existing and newly established companies, capitalization
of intercompany accounts, and other equity contributions.
2. Sales and liquidations of capital stock and other equity holdings, total, and partial.
3. Includes security issues placed with outside interests in the United States, the amortization of these security issues, and verified transactions of nonreporters 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 include all industries except those previously listed, the major ones being agriculture, public utilities, transportation, trade, insurance, finance and services.
186
—58
2 268
—77
2 037
308
54
22
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 (±) correspond 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. Securities newly issued by finance subsidiaries incorporated in the Netherlands Antilles
are included to the extent that the proceeds are transferred to U.S. parent companies.
8. 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 tabls 2, line 56.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SUKVEY OF CURRENT BUSINESS
50
March 1974
Table 7.—-Claims on Foreigners and Nonliquid Liabilities to Private Foreigners Reported by U.S. Banks and Nonbanking Concerns
[Millions of dollars]
Line
1
2
3
A. Claims reported by U.S. banks:
Long-term (table 2, line 41)
......_
-1,269
11
12
Payable in foreign currencies
Of which Canada
-- -.
--
.- ---
Payable in foreign currencies
- -By type:
Deposits
Foreign government obligations and commercial andfinancepaper
By area:
Canada
.
...
Other
19
20
III
IV
I'
II r
-189
-346
-353
-381
-263
-316
-324
183
-359
170
53 -1, 350 -1, 559 -1,451
-231
516
-232
-276
-180
-509
-573
366 -1, 790
-1, 067 -1,477
-151
-276
276
-208
-138
82
486
-260
18
-73
206
-98
35
19
13
16
-2
1
-9
17
_
- -- ..
...
67
46
III'
51 -1,405 -1,542 -1,433
-584
927
-173
Short-term, liquid (table 2, line 43)
16
II
-202
-156
-1
...
Payable in dollars ..
Of which Canada
I
-1,742 -2, 062
. .. 1,050
-930
-794 -1,028
.. --
14
15
17
18
-830
-1,486 -4,020
. .
.. _ _
1973
1973"
-1,495 -3,953
7
8
9
10
13
1972
Short-term, nonliquid (table 2, line 42)
Payable in dollars
By type:
Loans
_ _ .. .
.
__ _. .
Acceptance credits
..
Collections outstanding
By area:
Canada
Western Europe * ...
--..
Japan
Other
4
5
6
1972
(Credits (+); increase in U.S. liabilities or decrease in U.S. assets. Debits (-);
decrease in U.S. liabilities or increase in U.S. assets.)
219
IV*
Amounts
outstanding
Dec. 31,
1973
-470
5,855
538 -1,516
16,308
566 -1, 576
16, 193
-846
-257
-456
-801
-502
-148
489
266
-189
-904
-437
-235
7,733
4,156
4,304
-12
-5
-242
-205
-602 -1,047
-501
-295
-105
-422
-427
-497
137
303
71
55
-200
-249
-387
-740
910
2,405
5,473
7,405
18
28
-28
15
60
15
115
38
-725
-237
-388
-55
-19
17
-12
-742 -1,100
-453
301
-422
-168
-1,169
995
-456
-470
4,417
-799 -1,218
-19
-20
-312
-145
147
193
-369
-77
-265 -1,047
-523
10
900
437
-546
-45
-525
111
3,870
785
57
118
-141
154
-53
97
95
90
55
547
107
-50
14
104
-31
-110
93
61
55
-108
-10
107
-83
-39
-27
122
93
-3
31
24
428
119
-15
72
109
9
-183
42
161
-7
-113
60
120
-23
-20
-102
86
9
18
72
25
30
225
322
-97
-142
-71
-158
-176
4,282
47
8
-384
-406
5,031
41
6
3
3
18
-10
-80
-23
98
121
-113
-12
-101
-19
-20
10
-5
-67
-13
-371
-29
-342
-21
-54
-38
-40
-189
24
-430
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
231
4,800
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
3,138
-122
B. Claims reported by U.S. nonbanking concerns:
1
Long-term (table 2, line 44)
2
Short -term nonliquid (table 2, line 45)
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
. .
Reported by brokerage concerns _. . . .. .
Reported by others
Payable in foreign currencies
Payable in dollars
Canada ... _ .. .. - _
.. . ...
United Kingdom
European Economic Community (6)
Japan .
_
. . . ...... .. .
Other
.. ..
..
.. . .
..... . .
Short-term liquid (table 2, line 46)
Payable in dollars
By type:
Deposits (of major U.S. Corporations only)
Other claims (of major U.S. corporations only)
By area:
Canada
.. United Kingdom
Other _
Payable in foreign currencies
By type:
Deposits
O ther claims (of major U. S . corporations only)
By area:
Canada. ..
_. . .
... Other .
.
.
..
-202
-547
-74
-3
-28
-315
-735
52
80
-36
-411
-82
-233
-15
-218
-64
44
-39
11
-170
173
-908
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
n.a.
-65
117
(*)
117
-34
53
(*)
-20
118
40
40
1
39
6
40
-9
24
-22
3
-39
-6
-33
-20
-27
54
-4
-36
-60
-351
-10
-341
-16
-22
-84
11
-230
-492
-833
-290
-197
-131
126
-818
-130
-15
130
-410
-686
-208
-170
-122
90
-593
-179
44
42
2,530
.
-369
-41
-695
9
-159
-49
-148
-22
-151
29
89
1
-493
-100
-260
81
48
-4
10
32
2,484
46
_. _.
-97
-101
-212
-162
-142
-382
-183
-60
35
61
-69
-162
-68
44
-98
93
-16
13
-247
-241
-105
-37
50
-192
44
13
-13
78
36
-72
609
951
970
-82
-147
. .
.
.
-82
-27
-9
36
-225
49
-59
88
608
-108
26
-94
-53
-28
-54
-58
31
-56
47
34
2
-68
-157
-41
90
-32
-27
47
41
488
120
63
-145
-72
-75
-41
-41
43
-70
36
-45
25
11
-177
-48
122
-73
-49
-10
32
56
173
435
-445
-121
-261
-161
-176
-114
82
103
-59
-254
82
-180
-247
-424
-104
-16
53
-48
87
327
690
1,079
149
116
234
181
200
183
83
64
-73
-80
-61
-51
153
117
78
72
28
-11
-25
3
1,159
761
694
192
271
-56
-83
-38
250
19
166
-7
361
218
168
9
41
55
214
-33
-152
-87
5,032
841
173
54
-196
315
30
285
27
146
112
478
-39
149
368
n.a.
n.a.
n.a.
n.a.
n.a.
45
14
-50
81
-25
106
9
60
37
42
-13
-25
80
35
45
-8
49
4
-41
-26
-27
12
27
-15
4
-27
8
127
79
-94
142
-7
149
22
64
63
50
-62
161
-49
11
-60
55
-174
59
-1
6
13
-20
58
-78
-20
-159
101
299
-26
14
311
120
191
-7
128
70
130
43
-39
126
n.a.
n.a.
n.a.
n.a.
n.a.
4,945
333
815
3,797
n.a.
n.a.
n.a.
n.a.
n.a.
Memorandum:
24
25
U.S. dollar deposits in Canadian Banks:
As reported by major U.S. corporations other than banks (included in line B. 14)
As reported in Canadian banking statistics
. .
C. Nonliquid liabilities to private foreigners reported by U.S. banks :
1
2
Long-term (table 2 line 53)
Of which international and regional organizations
D. Nonliquid liabilities to private foreigners reported by U.S. nonbanking concerns :
1
2
3
4
5
6
7
8
9
10
11
Long-term (table 2, line 51) .
.
Of which reported by Netherlands Antilles finance subsidiaries *_
Short-term (table 2, line 52)
Reported by brokerage concerns.
Reported by Netherlands Antilles finance subsidiaries l
Reported by others Payable in foreign currencies
. .
Payable in dollars..
...
Canada
.
_. .
Western Europe
Other
-
-- .
.
r Revised.
* Preliminary.
* Less than $500,000 (db).
n.a. Not available.
1. Funds obtained by finance subsidiaries incorporated in the Netherlands Antilles from
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.
SUEVEY OF CUERENT BUSINESS
March 1974
51
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
1972
(Credits (+); increase in U.S. liabilities or decrease in U.S. assets. Debits (-);
decrease in U.S. liabilities or increase in U.S. assets.)
19'12
1973*
I
1
2
2a
U.S. liquid liabilities to private foreigners (table 2, line 54)
r
To foreign commercial banks
Seasonally adjusted
3
4
To foreign branches of U.S. banks
To others
5
6
7
8
Demand deposits
Time deposits 2
U.S. Treasury bills
and certificates Other obligations 2>3
- ------
9
To international and regional organizations
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
.. _ . _ .
589
2 189
262
511 r i 953
r 109
r 1 171
r ^64
' 1 983— 1 962
178
1 r261
95
—2
2 390
2 308
123
5
545
—310
39
—4
786
373
25
T I
HI
896
r I
84
557
r 75
702
42
r 9
r —76
1
1 326
— 70
(*)
58
1 736 — 1 811
—52
909
—72
3
747
17
172
(*)
481
1 896
97
3
624
6 968
527
11
10, 139
—32
181
11
31
—50
381
2 000
28
—68
40
(*)
—75
-34
21
—15
101
85
—66
—1
118
—90
—112
193
—107
-34
200
234
—18
159
296
48
1 470
—29
—165
670
64
1
52
—63
4
— 57
—67
52
3
182
(*)
14
928
1 082
53
r
306
r
r
294
r 477
277
342
22
69
117
r
!04
—24
r
125
—31
—22
210
2
5
456
6
71
27
—21
—4
110
—13
17
80
. . 9,720
4,434
2,108
771
5,356
1,485
8,616 -1,210
-486 -2, 486
61, 919
10 264
4 434
2 652
771
5,356
1,485
8,616 -1,210
-486 -2,486
61, 919
261
830
529
1 035
—200
109
408
322
—297
—10
350
409
487
690
2,119
3,916
—852
-858
—20
6,168 —2,936 -1,189 -2,063
6, 167 -2, 936 -1,129 -2, 063
31, 618
81,491
3,281
6,015
6,000
450
83
-20 -1,228
74
(*)
5,686
12, 319
11,000
15
729
89
—59
83
2,357
544
2 239 —2 975
2,237 —18, 975
2
689
1
1
-186
185
r
74
319
189
500
6,153
179
179
—149
167
159
2
7
61
260
112
2 232
2,487
—3
36
—7
—2
—49
107
7
7
144
7
—36
150
—10
83
55
68
430
936
384
927 —1 043
923 —1,043
4
397
287
1
-309
102
-60
1,119
13
1,681
5
17
4
410
637
13
5
852
4
1,021
74
856
(*)
-372
6,261
1,202
259
11
-354
1,661
165
-452
-145
3,232
1
27
34
117
189
—475
280
—4
78
—165
200
10
12
—300
11
155
200
82
2
-43
-22
22
.. ...
Gold (table 2, line 59)
. .
SDR (table 2, line 60)
Convertible currencies (table 2, line 61) _
Gold tranche position in IMF (table 2, line 62) ..
' Revised.
*> Preliminary.
* Less than $.500,000. (±)
1. Position figures reflect increase of $15 million in U.S. Treasury bills and certificates
(line 27), $113 million in U.S. Treasury bonds and notes (line 31), $19 million in nonmarketable, nqnliquid U.S. Treasury obligations (line 38), and a negligible amount in convertible
currencies (line 45), as a result of revaluations in foreign currencies due to the dollar devaluation in the first quarter, 1973. Total official reserve assets (line 42), also include an increase of $1,436 million resulting from change in par value of the dollar on October 18, 1973,
consisting of $1,165 million gold (line 43), $217 million special drawing rights (line 44), and
$54 million reserve position in the International Monetary Fund (line 46).
2. With maturity of 1 year or less; negotiable certificates of deposit with a maturity of 1 year
or less are included in "other obligations."
4
4
—4
—4
32
209
547
—703
35
153
1,319
544
Nonliquid liabilities to foreign official reserve agencies, reported by U.S. Government
(table 2, line 57)
_ __
127
825
3,501
3,600
35
Nonconvertible U.S. Treasury securities issued:
To Italy in connection with military purchases in the U S
—46
—44
648
2,500
2,500
(*)
-132
221
212
116
57
—92
4
U.S. official reserve assets, net (table 2, line 58)
1,766
15 879
827
—514
' 123 —74
1
—1
220 — 1 307
1.118
43
44
45
46
2 408
93
577
399
42
8 874
—6
—14
.
U.S. Treasury obligations to Germany to be liquidated against U S claims
586
816
—3
49
6
Export-Import Bank obligations
17 645
753
15
—3
__ .
41
25 798
2 620
14
—117
-
40
3 501
670
7
—22
To central banks and governments- - . - . -
To Canada
To Germany
__ __
To other countries
809
1 001
Other readily marketable liabilities to foreign official agencies 5 (table 2, line 56)
37
38
39
1 937
1 587
—579
— 1 817
r 1 22S
34
36
— 1 896
IV*
Amounts
outstanding
Dec. 31,
19731
13
10
r
. ..
—200
711
, . ..
Demand deposits
Time deposits 2
.
._
U.S. Treasury obligations:
Bills and certificates
------- _
Payable in U.S. dollars
Payable in foreign currencies
Bonds and notes, marketable
. Bonds and notes, nonmarketable, convertible.
Payable in U.S. dollars
Payable in foreign currencies
-_ _
Other obligations 2 - 3
812
2 669
To other private foreign residents and unallocated
To International Monetary Fund
4,436
436
III"
II'
2 981
104
U.S. liquid liabilities to foreign official agencies (table 2, line 55)
I"
3 744
3 566
Demand deposits
.. - - - - - .-. _ - - . .
Time deposits 2
..
.
U.S. Treasury obligations:
Bills and certificates
.._ . .. .
Bonds and notes 2 3_ -- - . _ . Other obligations -
Demand deposits
Time deposits 2
U.S. Treasury obligations:
Bills and certificates
Bonds and notes
Other obligations 2 > 3
IV
III
4,776
r
.- .
II
19''3
9
233
-33
-350
81
-153
12
—2
-16
25
544
—710
64
—1
-53
7
—245
185
-100
50
-172
20
—4
122
66
220
17
3
134
-15
-13
9
82
-16
233
-13
(*)
8
2,540
670
2
—2
—2
—4
-103
199
30
-13
-15
14,378
(*)
(*)
-15
11, 652
2,166
8
552
3. Includes debt securities of U.S. Government corporations and agencies with a maturity
of 1 year or less.
4. 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.
5. Includes nonliquid liabilities reported by U.S. banks and 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
52
March 1974
Table 9.—U.S. International
[Millions
EEC (9) o
(Credits +; debits -) 1
Line
2
3
4
5
6
7
8
9
10
11
12
13
Merchandise, adjusted, excluding military 3
Transfers under tT.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
14
Transfers of goods and services under U.S. military grant programs* net
15
Imports of goods and services
Merchandise, adjusted, excluding military 3 .
.
Direct defense expenditures _ . .
_._. .
_.___.___..
Travel
Passenger fares
Other transportation _
__
.
.
F.ees and royalties to unaffiliated foreigners
Private payments for other services
U.S. Government payments for miscellaneous services
-
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties... .
.
... _
Direct investment interest dividends and branch earnings *
Other private liabilities
U.S. Government liabilities
28
U.S. military grants of goods and services* net
Unilateral transfers (excluding military grants)* net
30
31
32
33
34
35
36
37
38
39
40
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, net
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term nonliquid
Short-term, liquid
47
48
.
-
.
_
IV P
Ir
/
in>
IV P
II r
23,521
5,397
5,750
5,614
6,760
4,610
6,008
1,456
1,362
16, 866
451
455
245
1,151
240
321
81
3,857
73
81
45
242
59
76
14
4,136
136
114
64
305
59
79
14
3,973
125
150
91
308
60
82
28
4,900
117
110
45
296
62
84
26
2,729
55
96
77
294
64
101
20
3,640
69
124
97
361
70
114
20
795
13
19
18
78
17
26
5
890
24
25
24
96
17
28
4
855
15
52
37
95
18
30
4
1,100
17
28
17
92
19
31
7
1,130
1,981
542
59
254
585
104
266
432
125
20
292
365
137
2
318
599
176
27
323
572
180
97
373
758
284
98
82
307
54
81
194
64
10
97
82
73
/
113
176
93
80
-2
-1
» n.a. -5, 574
11 n.a. -1,462 -1,707 -1,690
11 n.a.
11
n.a. -2,945
-331
-578
-342
-162
-339
-171
-312
-376
-47
-28
-214
-83
-14
-29
11 n.a.
-342
-365
-349
-438
-53
-229
-15
-823
-96
-37
-67
-106
-13
-52
—4
—15
-130
-434
-628
-15
-274
-455
-225
-18
-322
-687
-229
-8C
-136
-44
(*)
(*)
(*)
g
(*)
-1
» n.a. -3,602 -3,942 -3, 858
-525
. . _ .-2, 132 -508 -520
-113
-1,154
-433
-446
-924
-169
-315
-269
-316
-rl,209 -291 -290
-27
-28
-27
-110
-82
-321
-75
-81
-23
-25
-29
. .. .
-106
._ .
. . __
U.S. private capital flo ws, net
Direct investments abroad *
Foreign securities
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
III'
1973
1973 P
Ir
_
Repayments on credits:
Scheduled
Nonscheduled 5
41
42
43
1972
U n.a. -5,620 -6, 618 -6, 643
16
17
18
19
20
21
22
23
29
1973
1973 P
1 Exports of goods and services 2
United Kingdom
-40
-476
-1,398
-2, 179
-11
-109
-278
-414
-8
-111
-321
-544
—7
-126
-365
-593
(*)
II r
1,417
(*)
(*)
(*)
1,773
(*)
-904
-85
-130
-120
-106
-13
-58
-4
-859
-82
-136
-93
-114
-13
-59
-4
11 n.a.
-79
-62
-69
-112
-13
-60
-4
e
-72
-153
-57
-75
-188
-61
-4
-93
-211
-67
c
2
1
-95
-13
-33
-22
-27
-55
-74
-15
-19
-19
-22
(*)
-220
125
(*)
-54
41
-54
21
-58
35
-55
28
-29
-26
-35
-39
-9
-6
-9
-10
-9
-9
-9
-13
64
-280
22
-74
-92
-1
66
-62
4
-35
-51
-5
107
-74
24
204
-36
-4
146
-69
14
-5
-15
6
41
-22
2
-6
-10
1
117
-22
4
321
19
124
20
158
201
43
201
3
60
3
134
-4,088 -1,829
-2, 456 -1,202
-83
15
-470
-421
22
-739 -1,051
-395
-438
-92
-28
-364 -1,824
-770
20
-206
44
-494
-216
-53
-253
-256
-24
-513
-71
-38
-564
-227
-91
1
(*)
(*)
(*)
-55
-502
-343
-50
12
-224
-6
-236
227
58
-89
-158
-57
-189
-188
-8
-108
-188
4
-394
-66
23
-26
-39
-9
-91
128
-1
-115
-164
-9
-162
9
-164
-297
-188
-10
-57
-313
-64
18
-10
-16
-114
47
-74
-144
88
-10
33
-147
-106
-106
-180
36
13
-232
-23
-17
39
-38
-61
-25
-81
-41
38
13,218
Foreign capital flows* net
175
U.S. Government nonliquid liabilities to other than foreign official reserve agencies. .
9,661
123
1,694
-38
952
-27
911 -1,095
-1
117
2,488
47
-25
30
1,673
-10
-241
2
1,082
25
676
1,928
36
-4
69
820
-23
-80
298
46
56
-83
240
494
67
143
4
1,050
257
-51
537
654
28
-64
81
345
-71
148
-25
20
-126
186
153
99
76
122
181
-20
-7
10,443
8,769
1,240
35
399 -2,353
1,286
-403
1,667
-758
780
-36
-16
175
— 195
63
63
(*)
(*)
4
3
(*)
(*)
(*)
(*)
63
63
(*)
(*)
1
(*)
(*)
(*)
(*)
11 n.a. -7,586
-389
11 n.a.
2,272
11 n.a.
-
- -
49
50
51
52
53
54
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
55
56
57
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.
58
59
60
61
62
Transactions in U.S. official reserve assets* net
Gold
SDR
Convertible currencies
Gold tranche position in IM F
63
Allocations of special drawing rights (SDR)
64
Errors and omissions, and transfers of funds between foreign areas, net
_
- - .. ..
-
874
70
568
-64
16
585 -1,191
1,107
» n.a.
SUEVEY OF CUEEENT BUSINESS
March 1974
53
Transactions, by Areas
of dollars]
European Economic Community (6) 7
1972
1973
1973 P
1972
1973
1973 v
1972
II'
III'
IV *
3,808
4,106
4,092
4,771
2,928
58
58
25
145
41
48
7
3,112
108
84
38
186
41
49
9
3,006
106
92
50
189
41
50
23
3,623
99
78
27
182
42
51
17
3,603
130
125
54
614
50
107
92
4,473
135
130
64
656
53
119
100
1,079
30
19
12
145
13
28
21
1,080
49
40
17
173
13
29
29
942
29
29
20
172
13
30
18
1,372
27
42
15
166
14
31
31
734
1,227
250
-45
167
280
48
4
180
233
60
8
187
287
62
-2
200
427
80
-54
186
387
124
52
193
444
176
93
33
107
36
19
47
119
44
22
48
99
44
20
65
119
52
33
-2
-1
246
282
90
95
58
39
8,657 12, 669
276
372
231
312
107
140
540
701
162
165
174
197
35
56
(*)
-1
(*)
5,524
6,637
I'
II'
1,543
1,663
Canada
Eastern Europe
I'
11,819 16,777
585
861
161
31
Other Western Europe 8
III'
1,465
IV*
1,966
1973
1973 *
928
2,061
491
611
489
857
1,916
463
574
447
21
8
23
3
63
9
25
3
13
2
6
1
21
2
6
1
17
2
6
1
9
7
29
16
3
3
6
2
9
7
469
16,398 20,183
12,506 15,577
37
71
922 1,047
12
9
12
284
329
45
3
41
194
216
6
1
12
13
432
11
5
1973
1973 *
III' IV*
II'
IT
1972
434
984
972
4
467
1,208
1,194
6
I'
II'
4,609
5,326
Line
III'
IV*
4,565
5,684
1
3,554 4,224
17
20
278
277
3
3
70
79
11
11
54
54
1
7
3,419
13
313
4
92
11
54
3
4,380
22
179
3
88
11
55
2
2
3
4
5
6
7
8
9
109
242
298
1
130
232
294
1
119
476
347
2
10
11
12
13
108
259
255
1
14
-14,497 u n.a. -3,967 -4,664 -4,685 u n.a. -6,660 11 n.a. -1,576 -1,991 -1,987 11 n.a.
-432 11 n.a. -135 -173 -178 11 n.a. -16,696 11 n.a. -4,606 -5,235 -4,777 u n.a.
15
-9, 116 -8,347 -2,636 -2,879 -2, 832 11 n.a. -3,587 11 n.a.
-1,622 -1,735 -401 -422 -429 -484 -299 -272
-666 -709
-71 -277 -268
-93 -637 -652
-493 -510
-89 -171 -158
-92 -369 -315
-586 -710 -174 -168 -185 -183 -640 -740
-54
-56
-14
-14
-14
-15
-20
-21
-81
-88
-23
-22
-22
-22
-68
-78
-70
-89
-18
-21
-25
-25
-70
-84
-880
-70
-78
-59
-150
-5
-19
-20
-970
-70
-230
-124
-193
-5
-19
-18
-916 11 n.a.
-62
-70
-256
-88
-89
-43
-202
-196
-5
-6
-19
-20
-21
-26
11 n.a.
-363 11 n.a. -122 -146 -139 u n.a. -14,403 11 n.a. -4,177 -4, 615 3 8
-39
-44 - L ?2
-1
-1
-1
-40
-168 -165
-4
-4
-1
-592
-168
-269
-96
-5 -1,036 -1,125
-2 -15 -27
-39
-49
-6
-22
-160 -153
-554 -702
-1,089 -1,927
2
(*).
35
13
-5
-29
-141
-366
1
-4
-37
-166
-482
-2
-51
-175
-526
-11
-36
-220
-553
1
-72
-75
-588
-236
-84
-131
-941
-327
-28
-24
-179
-66
-21
-49
-212
-79
-20
-39
-254
-91
-15
-19
-295
-92
-11
i
-1
-13
-44
-3
-16
-32
-79
-64
-16
-30
-94
-63
-14
-40
-107
-62
24
25
26
27
-8
-15
-37
-32
29
-85
-6
-21
13
-21
-21
-15
-21
-11
30
31
32
-29
-32
(*)
-64
-74
1
-4
-26
-27
-5
(
(*)
-30
-37
33
34
35
4
9
1
4
36
37
-63
-69
*is
-283
-9
-168
-13
-43
-4
-45
—i
-1
-1
(*)
(*)
-1
(*)
-45
-115
-243
-244
-61
-137
-345
-252
-16
-35
-66
-63
-7
-7
-120
-91
-3
-4
-3
-4
-4
-72
-48
-366 -165 -180
-506 -191 -222
17
5
6
-9
-51
3
-13
-42
3
37
39
27
-2
(*)
-28
i
-15
-12
(*)
(*)
-6
(*)
(*)
-6
(*)
(*)
-6
(*)
(
28
-246
-282
-90
-95
-58
-39
-4
5
3
-215
-203
45
-88
-85
-76
-26
-6
-7
145
(*)
-167
180
(*)
-40
49
-41
37
-44
49
-42
45
59
-118
-157
80
-114
-169
110
-28
-37
-16
-27
44
-8
-30
-47
-5
-28
-42
-1
-12
-13
-18
-163
28
-67
-187
10
-70
-75
-8
33
-29
2
-29
-40
-5
-1
-43
20
-231
-482
10
-210
-451
2
-69
-125
(*)
-34
-89
-1
-105
-173
3
-2
-64
(*)
-68
-157
27
110
7
110
13
60
16
22
213
28
238
55
56
65
62
62
123
-1,147 -2, 197 -1,319
-1,068 -1,627 -967
333
111
61
-205
-153
43
-230
-355
9
-444
-152
-2
-230
-24
156
-614
-358
-34
-549
-364
29
-224
-85
-6
253
15
-32
-93
77
-25
-70
-298
-69 -168
-62
'1'no
-76
-257
-7
-166
-11
-22
-5
-1 (*)
-1 (*)
-16
-I
(*)
8
(*)
-75c
-3J
16
17
18
19
20
21
22
23
(*)
(*)
-2
21
-37
-274
-40
-41
-120
-276
-64
36
-182
2
-134
97
61
9
6
-40
-31
-197
-48
-163
-5
-101
-56
-3
-26
-189
-6
-36
-188
-1
342
-23
-38
-21
27
-26
-30
4
-238
-14
-1
-54
-16
(*)
-94
-23
(*)
-53
-12
-2
-12
-68
19
-60
-176
-8
-49
-73
-81
-40
29
-49
22
-53
72
7
-79
50
10
-133
-22
-19
-59
16
-12
19
34
65
-7
-24
-47
23
-17
-96
-3
-15
-14
-31
1
-51
—14
19
8,324 10, 363
-193
121
9,569
90
-63
-34
1,271
-26
-414
92
2,551
93
5,666
106
1,872
9
1,959
4
985
76
850
17
24
(*)
60
(*)
-3
(*)
15
(*)
47
c
1
(*)
«;
1 -1,697 -1,602 -1,044
-41
-380 -494
7
-679 -566
129
-108
-200
-27
-82
-137
-660
-263
-236
38
39
40
-37
37
1
1
-175
-259
-34
-83
-134
89
-48
-24
-543
-69
-77
523
104
152
-27
-70
-185
136
41
42
43
-65
-70
-35
-64
-116
-234
-14
43
-424
-9
-16
85
-31
-41
—112
110
44
45
46
756
13
658
-13
50
-5
92
-9
77
5
440
-4
47
48
123
6
-8
3
325
149
40
45
56
124
3
38
23
65
2
-18
-11
30
1
1
256
-70
34
24
419
413
-166
28
401
150
49
50
51
52
53
54
55
200
-300
-350
50
-65
1,564
-141
86
139
1,295
8
53
-10
475
48
-72
147
96
36
33
48
340
-32
67
-47
385
—44
25
66
1,177
31
50
235
1,223
-19
99
166
597
38
30
46
222
-28
-36
2
257
-37
83
20
147
8
22
(*)
20
3
16
1
7,080
8,783
9,055
-516
874
-630
1,138
4,027
1,034
1,752
606
635
24
40
-6
-1
46
-7
-36
-16
175
-195
—4
—4
—2
-23
63
63
(*)
57
170
170
(*)
(*)
(*)
-23
63
63
"(*)
57
170
170
"(*)
(*)
(*)
n.a. -8,094
795
1,388 11 n.a.
1,003
r
f
1
1
_2
56
57
58
59
60
61
62
63
-4,492
11
-423 11 n.a.
-7% 11 n.a. -1,435 -1,285
-527 11 n.a.
-356 u n.a. -113
-98 -281 11 n.a.
-271
204 11 a.n.
64
SURVEY OF CURRENT BUSINESS
54
March 1974
Table 9.—U.S. International
[Millions
Japan 9
Latin American Republics and other Western
Hemisphere
(Credit +; debits -)i
Line
1973
1972
1972
1973 v
I'
1
2
3
4
5
6
7
8
9
10
11
12
13
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 royalities from unaffiliated foreigners
Other private services
U.S. Government miscellaneous services -
--
...
Receipts of income on U.S. investments abroad:
Direct investment fees and royalties
Direct investment interest, dividends and branch earnings 4
Other private assets
U.S. Government assets
14
Transfers of goods and services under U.S. military grant programs, net .
15
Imports of goods and services
Merchandise, adjusted, excluding military 3
Direct defense expenditures. -. .
Travel Passenger faresOther transportation _
Fees and royalties to unaffiliated foreigners
Private payments for" other services.
U.S. Government payments for miscellaneous services
24
25
26
27
Payments of income on foreign investments in the United States:
Direct investment fees and royalties
Direct investment interest dividends and branch earnings *
Other private liabilities
U.S. Government liabilities
III'
IV P
3,558
3,867
4,726
6,700
10,717
2,431
2,633
2,685
2,968
1,965
12
220
44
103
12
72
17
2,285
22
289
41
126
13
77
17
2,584
14
306
58
135
13
81
16
3,114
15
249
39
136
13
83
17
4,978
41
205
138
424
245
66
42
8,356
47
330
255
533
265
80
63
1,867
7
86
61
113
65
19
18
2,049
23
67
60
147
66
19
9
2,085
9
97
73
141
66
20
15
2,355
8
80
61
131
68
21
21
326
962
532
141
376
1,607
820
156
83
277
158
34
84
371
191
43
108
314
207
30
101
644
265
49
123
163
244
30
169
219
374
27
40
74
71
9
42
57
87
7
46
31
97
5
41
58
119
5
25
7
8
5
U n.a. -2,956 -3, 100 -3, 157
H n.a.
6
U n.a. -11,441
-7,068 11 n.a. -2, 201 -2, 249 -2, 244
-37
-35
-144
-35
-156
-420
-1,567 -1,716
-483
-428
-24
-104
-34
-33
-111
-79
-307
-347
-82
-91
-1
-1
-4
-4
-1
-46
-52
-188
-197
-52
-45
-55
-196
-42
-- -181
" n.a. -9, 079
-37
-839
-385
-121
-20
-76
-95
-343
-1
-6
-47
-19
-55
-22
..
-30
-246
-9
-25
-29
-442
-21
-25
-7
-75
-4
-7
-7
-96
-5
-8
-8
-117
-6
-5
-7
-155
-7
-6
Unilateral transfers (excluding military grants) , net
-520
-599
30
31
32
U.S. Government grants (excluding military)
U.S Government pensions and other transfers
Private remittances and other transfers
-234
-64
-223
-238
-76
-285
-58
-20
-71
-78
-19
-69
-49
-19
-67
-458
-748
-9
-486
-848
-1
-115
-195
1
-110
-211
1
299
(*)
359
4
79
101
-2,038 -2,686
-655
-279
-45
-94
-411
-82
-72
-807
-295
25
-328 -1,140
-82
-197
-25
-23
-49
-1,010
-388
27
-153
-60
-17
-365
77
81
-37
-170
-69
-2
-7
-226
-25
-70
38
39
40
U.S. private capital flows, net 4
Direct investments abroad
Foreign securities
_
41
42
43
Claims reported by U.S. banks:
Long-term
Short-term, nonliquid
Short-term, liquid
44
45
46
Claims reported by U.S. nonbanking concerns:
Long-term
Short-term, nonliquid
Short-term, liquid
47
48
.
.
-
--
. ..
-533
-805
-142
-
- - _ . . - .
Foreign capital flows, net
-- -- - U.S. Government nonliquid liabilities to other than foreign official reserve
agencies.
49
50
51
52
53
54
Other foreign private capital:
Direct investments in the United States 4
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
-
55
56
57
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.
58
59
60
61
62
(*)
» n.a. -3,001 -3,030 -3,063
-
- -
. _ - . - .
T>
2,996
U.S military grants of goods and services net
Repayments on credits:
Scheduled
Nonscheduled 5
IV
9,948
62
1,064
182
500
51
313
68
29
36
37
III'
15, 146
25
U.S. Government capital flows, net
_
Loans and other long-term assets
Foreign currencies and other short-term assets net
11 »•
7,241
54
960
166
416
48
289
66
28
33
34
35
Ir
11,200
- -9,859
_ ._
16
17
18
19
20
21
22
23
II'
1973
1973 P
-22
-106
| -212 -383
-149
-165
-135
(*)
-64
-227
-646
(*)
(*)
(*)
(*)
11
n.a. -2, 312 -2,403 -2, 513
-822
-230
-219
-184
-113
-16
-37
-40
-82
-18
-26
-28
-393
-89
-101
-99
-2
-2
-8
-2
-20
-5
-5
-5
-25
-6
-6
-7
"n.a.
-189
-20
-10
-103
-2
-5
-7
-1
1
-31
-103
-151
-1
-60
-369
-713
(*)
-10
-76
-203
(*)
(*)
-1
-16
-91
-185
-99
-175
-10
-13
-11
-4
-7
(*)
-41
-43
-8
-53
-19
-79
1
-14
-29
2
-17
-28
2
-4
-6
-4
-6
(*)
-4
-9
-141
-220
1
-121
-222
-4
40
-223
-17
277
-174
8
115
-53
-6
212
-47
9
-32
-34
-4
-18
-40
8
74
3
105
(*)
227
53
159
285
63
111
76
174
6
14
(*)
-247 -2, 120 -1,433
-36
-101
-200
256
99
-29
-128
-14
51
-9
106
21
-551
-27
86
12
106
-69
376 -1,788 -1,047
-465
-364
-258
25
-426
238
60
70
-120
9
-385
-219
-13
-51
-130
-13
-3
14
-14
-53
-78
4
22
-41
-150
-140
-455
-235
-5
-85 (I
947
-12
2,350
54
-321
4
1,218
12
97
14
1,356
24
-24
-9
64
51
45
44
112
12
10
-13
50
-29
5
-25
(*)
101
1
59
101
-73
28
24
-39
13
876
2,083
-343
1,125
-5
1,306
728
U n.a.
1,001
-664
-16
9
-60
5,140 -6,863
309
-8
58
208
457
-20
270
617
14
136
10
-17
-25
-919
(*)
-29
178
83
37
-3,079
310
160
98
4
47
4,445 -8, 209 -1, 189 -3, 698
(*)
-519 -2,346
2
-3
9
172
52
52
130
169
-125
-806
-2,516
1,044
«n.a.
Transactions in U S official reserve assets net
Gold
SDR
Convertible currencies
Gold tranche position in I MF
.-
63
Allocations of special drawing rights (SDR) .
64
Errors and omissions, and transfers of funds between foreign areas, net
' Revised.
* Preliminary.
*Less than $500,000 (±).
n.a. Not available.
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.
-297
11 n.a.
-150
U n.a.
2,770
3,473
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.
5. Includes sales of foreign obligations to foreigners.
6. The "European Economic Community (9)" includes the "European Economic Community (6)", the United Kingdom, Denmark, and Ireland.
SUEVEY OF CUREENT BUSINESS
March 1974
55
Transactions, by Areas—Continued
of dollars]
Other countries in Asia and Africa 9
Australia, New Zealand, and South Africa
1973
1973
2,468
3,597
787
935
811
1973 P
IV P
Illr
II r
Ir
Ir
1,063
12,774
10, 870
1,404
138
135
815
27
302
150
233
5,015
415
426
19, 929
IV P
III'
II r
1973
1973 P
1972
Ir
III'
II r
4,511
5,022
6,542
2,158
172
29
23
187
6
71
35
2,506
217
31
31
211
7
74
40
2,872
198
49
48
202
7
77
36
3,334
817
29
33
215
7
80
39
282
352
83
88
216
2
232
2
58
58
56
947
85
85
63
1,122
94
115
52
1,285
108
90
63
1,662
127
136
27
395
126
-6
45
199
130
-7
9
21
54
1
-952
11 n.a.
—229
3,855
1,042
953
225
Line
173
IV P
226
329
1
89
93
58
1
58
1
2
3
4
5
6
7
8
9
12
10
12
-8
14
12
53
11
155
12
-247
-375
11 n.a.
1,546
60
53
58
85
29
39
1
2,249
195
79
80
110
32
41
2
478
16
11
8
22
8
9
(*)
500
49
20
24
29
8
10
1
579
79
30
27
31
8
11
(*)
692
52
18
20
29
8
11
(*)
6,652
513
114
85
668
24
278
144
187
324
66
20
224
464
84
37
63
144
18
10
51
87
22
12
50
99
20
2
59
135
25
13
238
3,356
282
419
3,930
2,253
620
731
459
443
-1,724
11 n.a.
-459
-556
-634
11 n.a. -10,235
11 n.a.
-2, 945
-3,306
-3, 699
11 n.a.
-1,406
-24
-58
-68
-40
-1
-14
-25
11 n.a.
-19
-58
-75
-49
-1
-16
-30
-351
-6
-17
-16
-10
(*) Q
-439
-4
-13
-20
-12
(*)
-499
-4
-16
-21
-13
-45
-579
-13
-160
-13
-171
-14
-191
-12
-169
*1-6210
-3,074
-212
-118
-30
-111
(*)
-10
-63
11 n.a.
-199
-80
-25
-114
*i38
-242
-2,345
-288
-86
-13
-83
(*)
-10
-61
-2, 665
-281
-90
-23
-103
-8
11 n.a.
-980
-374
-91
-410
(*)
-40
-245
-52
-691
*U
-7
-7,714
-1,281
-390
-86
-305
-7
11 n.a.
-5
-12
-18
-14
(*)
-5
-8
*1-6010
-150
-170
-7
-10
-100
-53
11
1*
li
2(
21
25
2,
-1
-17
-31
-1
-21
-34
-1
-28
-40
-1
-39
-42
(*)
(*)
-115
-64
-1
-3
-233
-76
(*)
-59
-3
-104
-148
-1
-50
-22
-1
-64
-18
-65
-113
-131
-119
-19
-30
-25
-28
-41
-30
-46
-32
2
2
2
2
27
-3,930
-2,253
-620
-731
-459
-443
-23
-28
-6
-8
-8
-7
-2,501
-2,584
-554
-673
-546
-811
-277
-189
-45
-83
-20
-42
2
29
-1,600
-160
-824
-382
-39
-133
-507
-40
-126
-377
-41
-128
-336
-40
-436
-277
-189
-45
-83
-20
-42
3
30
3
31
32
3
-38
-38
-45
-48
-35
-35
3
3
3
n
-i
-28
}
1972
1973 v
1972
International Organizations and Unallocated 10
(
(
(
*!-2039
(
(
(*)
(*)
14
11 n.a.
-i
-80
-17
2
-7
-21
-2
-4
-2
-6
-2
-6
-2
-5
-29
-94
-1
54
-113
1
12
-31
-1
4
-44
(*)
4
-18
-1
33
-21
3
-918
-1,790
131
-1,715
-1,936
-678
-309
-530
-26
-399
-601
-42
-127
-386
30
-880
-419
-641
-69
-74
-159
-164
-41
-44
66
166
44
49
23
51
735
6
900
(*)
247
244
229
(*)
180
5
5
3
-409
-244
23
-65
-162
27
16
-7
1
10
12
20
46
-32
3
-137
-136
3
-1,820
-837
-296
-2, 163
-579
-403
-671
-336
-51
-646
-302
-57
103
219
-12
-948
-160
-283
-511
-391
-121
-9
-114
106
-306
-327
22
-25
-104
-15
56
40
20
7
29
5
-1
2
-26
52
25
23
_2
-16
18
-348
-128
-64
-466
-489
-9
-131
-154
23
-118
-120
-43
-82
87
21
-135
-302
-10
(*)
(*)
(*)
(*)
(*)
(*)
-26
-34
-12
-20
-8
10
-3
-22
-3
-58
-89
-133
-83
-27
5
-4
-2
-62
-68
154
-89
-131
6
233
17
78
-62
-26
-50
2,106
355
1,971
595
230
74
436
137
791
212
513
171
-101
-i28
-18
2
5
57
53
1
2
20
5
6
18
1
-3
27
23
1
-1
4
7
-2
110
6
72
515
93
31
117
"*
-3
46
2
6
1
-46
510
44
3
69
2
18
30
48
2,182
125
-165
185
92
13
1,565
755
112
346
53
244
-135
-25
-10
-100
w
(*)
-40
-18 {(
3
192
172
19
(*)
(*)
3(
3'
-122
-129
7
228
170
58
1
580
126
165
75
214
231
35
12
78
135
-190
-332
545
114
87
-60
404
(*)
" n.a.
-219
-495
-422
11 n.a.
594
11 n.a.
394
7. The "European Economic Community (6)" includes Belgium, France, Germany, Italy,
Luxemboi
. . Netherlands.
- - . - - ,
uxembourg, and- the
8. "Other Western Europe" excludes the United Kingdom and the "EEC (6)" through the
fourth quarter of 1972. Beginning in the first quarter of 1973 "Other Western Europe" excludes
the "EEC (9)".
9. 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 of 1972; in previous periods they are included with "other countries in Asia and
Africa."
78
-1,545
4]
&
41
44
4f
-1
1
&
3<
4(
' 8
(*)
(*)
4e
47
4£
f
(
11 n.a.
49
50
51
52
53
54
55
56
57
-6
-24
544
-703
9
153
-33
-13
8
-13
-15
59
60
61
62
11 n.a.
283
-179
274
11 n.a.
64
-13
17
-13
9
-15
(*)
164
58
63
710
-2,463
ie
w
-6
-18
2,182
-9
1C
11 n.a.
-1,723
-148
-630
-18
10
11
12
13
10. Includes transactions with shipping companies operating under the flags of Honduras,
^.. . and Panama.
Liberia,
11. See Technical Note (1) at end of text.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
SURVEY OF CURRENT BUSINESS
56
March 1974
Table 10.—Summary of Known Current and Long-term Capital Transactions, by Area
1
[Millions of dollars]
197 2
1972
Receipts by foreign areas (— )
Line
1973 *>
I
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
AH areas, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account.
.
Current account and long-term capital 3
-6,912
—4 610
-6, 180
-8, 353
-9,843
..
European Economic Community (9), balances on:
Merchandise trade 2
Goods and services _
Goods, services and remittances
Current account
Current account and long-term capital 3
688
6 900
4,987
3,041
1,214
-1,566
—880
-1,248
-1,853
-3, 824
-2, 126
-2,409
-2, 796
-3, 333
-4, 052
IT
-1,474
168
-263
-698
343
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
— 14
-215
-231
—231
-109
-459
-2,678
-2,643
—2 643
-2, 280
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
-130
-541
-531
-531
16
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
-964
-1,019
—1 019
-569
807
436
62
-850
IV v
Illr
II r
-75
781
384
-165
-301
-776
-516
356
-62
825
1,497
4 957
4,230
3,795
2,015
541
n.a.
—140
-409
-421
—421
16
-255
-269
-269
129
-86
-92
-317
-1, 027
-1,002
-1,002
'-1,388
-78
-87
-101
-101
603
255
194
115
-223
-236
-236
-568
-868
-901
-901
-942
-1,029
-1,052
-1,052
-736
-28
-45
-60
-60
110
-14
-4
-251
-270
-270
-408
-328
-347
-347
-61
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
5
-749
21
22
23
24
25
Other Western Europe, balances on: 6
Merchandise trade 2.
Goods a n d services
_ _ . _ . _
Goods, services and remittances
Current account _ .
Current account and long-term capital 8
26
27
28
29
30
Eastern Europe, balances on:
Merchandise trade 2
. .
_ .
Goods and services
Goods, services and remittances
Current account. .
Current account and long-term capital 8
494
496
471
471
373
31
32
33
34
35
Canada, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
-1,897
-298
-418
—418
-1,612
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
36
37
38
39
40
Latin American Republics and other Western Hemisphere, balances on:
Merchandise trade 2
Goods and services
.
Goods, services and remittances
Current account
Current account and long-term capital 3
173
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
-144
41
42
43
44
45
Japan, balances on : 7
Merchandise trade 2
... ..
Goods and services
Goods, services and remittances
Current account .
Current account and long-term capital 3
46
47
48
49
50
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
51
52
53
54
55
Other countries in Asia2and Africa, balances on: '
Merchandise trade
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
56
57
58
59
60
International organizations and unallocated, balances on:
Merchandise trade 2
Goods and services
Goods, services and remittances
Current account
Current account and long-term capital 3
.
_ _
-
. .
1,341
1,054
821
-502
...
.-
-4, 101
-4, 741
-4, 784
-4, 782
-4,340
...
140
744
720
720
438
_ ...
.
-1,136
-1,411
—1,351
-121
-.
---
-1,062
2,539
1,761
38
-1,957
90
90
-187
-409
r
Revised.
^Preliminary,
n.a. Not available.
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:
16
15
15,31,32
15,29
15, 29, 33, 39-41, 44, 48, 49-51, 53
(by area only part of line 53 is
included)
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
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): 1972 year, 33; 1972-1,17; 1972-11,19; 1972-III, 7; 1972-IV, -10; 1973-1,36; 1973-11,
6; 1973-III, 39.
-1,746
—1 489
-1,873
-2,471
—2, 310
IV
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
—216
European Economic Community (6), balances on:
Merchandise trade 2 .
Goods and services
Goods, services and remittances
. , ..
Current account
Current account and long-term capital 3
2
1
1
1
1
III
II
4
United Kingdom, balances on:
Merchandise trade 2
Goods and services. . .
G oods , services and remittances
Current account
Current account and long-term capital 3
Merchandise trade
_
Goods and services.
Goods, services, and remittances
Current account
Current account and long-term capital..
1973
_
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
8
8
8
8
8
21
-373
-443
-460
-104
-33
-432
-500
-514
-247
80
292
-388
-395
-395
-159
-150
-150
-637
-558
-562
-562
-432
110
26
-92
530
199
-33
-98
12
380
-328
-399
-416
-299
-521
-598
-606
-456
539
33
-124
-197
174
-593
-589
-589
-550
136
124
117
117
42
210
217
211
211
182
341
356
350
350
131
428
438
431
431
157
308
311
304
304
228
-540
-477
-207
-673
-623
-391
-475
-259
-126
-126
-428
-404
-212
-249
-249
-344
-55
-78
-78
54
-20
-77
-284
-62
-88
-88
68
393
326
254
-6
-86
92
372
299
236
-122
-96
-128
-128
-448
157
523
451
409
-89
3
-5
-5
73
-236
-5
-96
-154
-405
-1,046
-1,208
-1,217
-1, 215
-965
-1,240
-1,405
-1,418
-1,418
-1,017
-937
-1,145
-1,156
-1,156
-773
-445
-525
-535
-533
-166
n.a.
n.a.
n.a.
n.a.
n.a.
122
266
261
261
159
-15
128
122
122
45
-18
110
103
103
6
51
239
233
233
226
n.a.
n.a.
n.a.
n.a.
n.a.
-68
708
528
49
-122
-555
n.a.
n.a.
n.a.
s n.a.
233
57
57
50
50
69
91
98
92
92
79
-878
-985
-996
-996
-1,589
*8 n.a.
n.a.
8
n.a.
8 n.a.
8
n.a.
8
-5
-208
-272
-286
-300
-722
-715
-715
-684
-430
-4
-4
-59
-145
764
569
190
-597
283
90
-303
-572
-60
-60
-93
-93
-192
-157
-248
39
91
77
77
-255
36
528
441
363
-53
-354
-467
-477
-477
340
804
718
669
680
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
8
8
8
8
n.a.
n.a.
n.a.
n.a.
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
n.a.
8
8
8
n.a.
n.a.
n.a.
8 n.a.
«n.a.
356
-428
-472
-484
-484
-109
127
328
322
322
344
61
255
247
247
304
80
301
293
293
280
8
8
8
8
8
-317
—187
-159
1,205
1,039
-202
1,323
1,154
8
8
-359
-378
—157
1,485
n.a.
n.a.
s8 n.a.
n.a.
8
n.a.
247
247
220
-58
-4
—4
—49
-74
-74
—149
—149
—169
-243
8
n.a.
•n.a.
8
n.a.
8 n.a.
782
571
100
910
738
356
-298
532
—157
105
111
n.a.
n.a.
n.a.
n.a.
n.a.
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 organizations (see footnote 1).
4. The "European Economic Community (9)" includes the "European Economic Community (6)", the United Kingdom, Denmark, and Ireland.
5. The "European Economic Community (6)" includes Belgium, France, Germany, Italy,
Luxembourg, and the Netherlands.
6. "Other Western Europe" excludes the United Kingdom and the "EEC (6)" through the
fourth quarter of 1972. Beginning in the first quarter of 1973 "Other Western Europe" excludes
the "EEC (9)".
7. 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".
8. Total merchandise imports by area are not available for the fourth quarter and year 1973,
since the Federal Energy Office, with the approval of the Office of Management and Budget,
asked that country-of-origin detail for imports of crude petroleum be discontinued effective
with the November 1973 statistics. The computation of all balances by area is affected by merchandise import data.
NOTE.—Details may not add to totals because of rounding.
Source: U.S. Department of Commerce, Bureau of Economic Analysis.
U.S. GOVERNMENT PRINTING OFFICE : 1974 O - 534-264
CURRENT BUSINESS STATISTICS
J.HE STATISTICS here update series published in the 1973 edition of BUSINESS STATISTICS, biennial statistical supplement to the SURVEY
OF CURRENT BUSINESS. That volume (available from the Superintendent of Documents for $5.15) provides a description of each series, references
to sources of earlier figures, and historical data as follows: For all series, monthly or quarterly, 1969 through 1972 (1962-72 for major quarterly
series), annually, 1947-72; for selected series, monthly or quarterly, 1947-72 (where available). Series added or significantly revised after the 1973
BUSINESS STATISTICS went to press are indicated by an asterisk (*) and a dagger (f), respectively; certain revisions for 1972 issued too late for
inclusion in the 1973 volume appear in the monthly SURVEY beginning with the August 1973 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 1973 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.
1971
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
1972
1970
1973
IV
1971
I
III
II
1973
1972
IV
Annual total
I
II
III
IV
I
II
III
IV
Seasonally adjusted quarterly totals at annual rates
GENERAL BUSINESS INDICATORS—Quarterly Series
NATIONAL INCOME AND PRODUCT
991.8
1,027.2
1,084.2
1,112.5
1,142.4
1,166.5
1,199.2
1,242.5
1,272.0
1,304.5
1,337.5
Personal consumption expenditures, total.. do
667.2
726.5
804.0
628.3
650.0
662.2
673.0
683.4
700.2
719.2
734.1
752.6
779.4
795.6
816.0
825.2
Durable goods total 9
do
Automobiles and parts
do
Furniture and household equipment- .. do
103 6
46.6
42.1
117 4
52 8
48.1
130 8
57 g
54.5
88 1
33 1
40.3
100 3
44 7
41.3
101 9
45 5
41.6
105 4
48 3
41.9
106 7
47.8
43.6
111 5
49 4
46.6
115 1
51.2
47.3
120 2
55.0
48.6
122 9
55.7
50.0
132.2
60.5
53.7
132.8
59.7
54.4
132.8
59.2
55.0
125.6
51.8
55.0
Nondurable goods total 9
Clothing and shoes
Food and beverages
Gasoline and oil
do
do
do
do
278 7
57.0
136 6
23 5
299 9
62.3
145 3
25 5
335
69
161
99
9
7
4
i
271 1
54.5
133 3
22 7
273.5
55.7
134 1
22 9
278 0
57.0
136 2
23.1
279.8
57.4
137 6
23.6
283.5
58.1
138.4
24.5
288.8
59.4
141 0
24.7
297.9
61.7
144.7
25.0
302.3
62.9
146 5
25.8
310.7
65.1
149.1
26.6
322.2
68.3
154.7
27.5
330.3
69.3
158. 1
28.8
341.6
70.3
164.3
29.4
349.6
70.8
168.3
30.5
do
_ do
do
do
284.9
39 7
98.5
20 4
309.2
43 8
105.5
21 8
337
48
114
23
3
0
5
4
269.1
37 3
93.3
18 9
276.1
38 4
95.4
19 4
282.3
39 3
97.6
20 1
287. 8
40 3
99.5
20 6
293.2
40.7
101.4
21.2
300.0
41.8
103.1
21.6
306.2
43.2
104.7
21.7
311.6
44.5
106.3
21.8
319.0
45.7
107.9
22.2
325.0
46.5
110.6
22.8
332.6
47.1
113.3
23.2
341.6
48.7
115.8
23.7
350.0
49.5
118.4
24.1
153 2
178.3
9QO I
137.4
145.5
152.7
153.8
160.8
167.5
174.7
181.5
189.4
194.5
198.2
202.0
213.9
147
104
37
66
42
42
6
4
1
4
9
5
7
2
1
5
172.3
118.2
41 7
76 5
54 0
53 5
6 0
56
194 9
136 2
48 4
87 8
58 0
57 4
80
7 3
132.3
98.5
36 5
62 0
33 8
33 1
51
4 9
138.5
101.4
37 0
64.4
37 1
36 6
70
5 8
145.0
103.6
37 6
66 0
41 5
41 0
7.6
6 3
149 5
104.7
38 4
66 3
44 8
44 1
4 3
24
155.6
108.0
38 5
69.5
47 5
46 9
5.3
35
165.8
114.0
41.0
73.1
51 8
51 2
1.7
14
169.2
116.3
41.5
74.9
52 8
52.3
5.5
4 8
172.9
118.3
41.3
77.0
54.5
53.9
8.7
8.4
181.2
124.3
43.0
81.2
56.9
56.4
8.2
7.9
189.9
130.9
45.3
85.5
59.0
58.4
4.6
4.4
193.7
134.1
47.2
86.9
59.6
59.1
4.5
4.4
197.3
138.0
49.5
88.6
59.2
58.6
4.7
3.2
195.9
141.8
51.7
90.1
54.0
53.4
18.0
17.3
do
do
-- do
8
66 3
65 5
—4.6
73 5
78 1
5 8
10° 90
96
2 8
63 2
60 4
3.8
65 9
62 1
5
67 1
66 6
11
69 1
68 0
-2.2
63 0
65.2
-5.5
70 3
75.8
-5.7
69.9
75.6
-3.8
74.0
77.7
-3.5
79.7
83.2
.0
89.7
89.7
2.8
97.2
94.4
7.6
104. 5
97. 0
12.8
116.4
103.6
Govt. purchases of goods and services, total -do
Federal
- ... do
National defense
do
State and local
do
234.3
98 1
71 6
136 2
255.0
104 4
74 4
150 5
277. 1
106 6
73 9
170 5
223.3
94 8
72 6
128 5
227.9
96 1
72 3
131 8
231.5
96 7
71 3
134 8
235.5
98 2
70 3
137 3
242.2
101.2
72 4
141.0
250.3
106.0
76 5
144 3
254.2
106.7
76 6
147.5
254.7
102.3
71.9
152. 4
260.7
102. 7
72.4
158.0
268.6
105.5
74.3
163.0
275.3
107.3
74.2
168.0
279.0
106.8
74.2
172. 2
285.6
106.8
73.0
178.8
1 149 1 1 281 1
535 4
606 7
040 \
214 1
321 2
364 6
534 5
487.3
126.5
139. 9
986 7
465 9
175 0
290 9
421 0
99.8
1 020 2 1 039 2 1 059 2 1 078 9 1 110 8 1 136 9 1 157.8 1 191.0 1,237.8 1 267.5 1,299.8
585.0
617. 6
555.4
599. 6
515.2
539.9
531.0
501.1
482 1
485. 9
495 2
246.2
222. 8
242.4
238.1
216.8
211.4
196 2
205 5
188 1
192 8
187 4
371.4
346.9
332.5
357.3
323.1
304.9
319.6
302 4
309.7
297 8
294 7
540. 8
514.8
503.9
527. 7
491.8
481.5
460. 9
471.8
444.0
450.8
433 9
141.4
140.1
131.7
138.1
126.2
124.4
117.0
113.2
123.8
109. 3
104.1
4.7
8.2
4.6
4.5
5.5
8.7
1.7
5.3
7 6
4 3
51
7 0
8.0
I i
7
4
4.4
10.4
7.3
5.8
32
— 9
4 2
4 1
-3.4
-2.2
.3
-2.8
2.9
6.2
2.3
1.3
29
34
37
6 2
1,319.4
624.6
241.7
382.8
554.7
140.2
Gross national product total
- --
Services total 9
_.
Household operation
Housing
Transportation
.
bil. $
Gross private domestic investment, total.. .do
Fixed investment
Nonresidential
.
Structures
Producers' durable equipment
Residential structures
Nonfarm
Change in business inventories
Nonfarm
do _ _
do
do
. ..do
do
do
do
do
Net exports of goods and services.
Exports
Imports
By major type of product:
Final sales total
Goods total
Durable goods
Nondurable goods
Services . . .
.
Structures
1,055.5
do
1 049 4
-do
491 1
do
191 1
. do. _.
299 9
do
447.4
do
110.9
Change in business inventories
Durable goods
Nondurable goods
-
do.
do
. do
1,155.2 1 289 1
6 1
2 0
4 1
60
4 9
11
8 0
8 0
745 4
790 7
837 4
1 046.9 1,063.5
18.0
12.4
5.6
GNP in constant (1958) dollars
Gross national product total
bil. $
Personal consumption expenditures, total.. do
Durable goods
Nondurable goods
Services.
do
do. .
do
Gross private domestic investment, total. ..do
Fixed investment
Nonresidential
Residential structures
Change in business inventories
do
do
do
. . .. do. ..
Net exports of goods and services..
do
* Preliminary.
5 3 4 - 2 6 4 O - 74 - S-l
526.8
553. 9
477.5
735 1
489.5
740 4
493.6
746 9
498.0
759.0
504.1
768.0
785.6
796.7
812.3
829.3
834.3
841.3
844.6
512.5
523.4
531.0
540.5
552.7
553.3
558.1
551.3
105.8
222. 2
202. 9
109.2
225.8
205.4
117.0
228.8
207.0
116.2
228. 0
209.1
115.4
230.2
212.5
108.7
228. 3
214.3
124.8
129.1
130.2
130.2
130.8
137.6
122. 8
87.5
35.3
6.3
126.9
91.2
35.6
3.3
126.9
91.5
35.3
3.4
127.7
93.2
34.5
3.0
125.0
94.5
30.5
12.5
92 2
211 6
192 4
104.0
220.9
201.8
114 3
"8
8
9
10 7
79 3
209 8
188 4
89 3
210 2
189. 9
90.2
211.8
191.7
93.6
211.5
192. 9
95.8
213.0
195.3
99.2
215.0
198.2
101.9
220.7
200.8
110.3
122.9
132. 2
102.1
106.6
110.3
109.5
114.8
116.5
121.0
105.0
76 1
29 0
53
.4
118.3
83 7
34 6
4.6
-2.0
143.0
60 8
82. 2
105.5
75.6
29. 9
4.0
34 0
5 6
97.6
73 5
24 1
4 5
100.7
74 8
25 9
5.8
103.8
75 5
28.3
6.5
6.7
2.0
2.4
2
.8
136.7
59 9
76.8
138.6
61. 1
77.5
1°6 6
C)9 fl
138.4
144. 7
60 9
57 1
77.5
S7. 6
9 Includes data not shown separately.
Govt. purchases of goods and services, total -do
Federal
do
State and local
do
Revised.
496.3
719 3
137.8
61 8
76.0
136.7
60 1
76.6
110.1
78.4
31.7
4.7
115.4
81.5
34.0
1.1
116.7
82.5
34.2
4.3
118.2
83.4
34.7
6.6
-1.6
-3.7
-2.8
-.9
-.8
2.0
5.6
7.4
11.6
141.6
62.5
79.1
142.7
63.0
79.7
144.0
62.9
81.1
141.8
58.8
83.0
143.5
58.6
85.0
144.4
58.2
86.2
145. 2
58. 2
87.0
145. 0
57.2
87.8
144.1
54. 9
89. 2
S-l
SURVEY OF CURRENT BUSINESS
S-2
1971
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1971
1973
1972
II
Annual total
March 1974
1972
I
IV
III
11
1973
III
IV
1
|
I
I!
1974
IV
Ill
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
1
|
NATIONAL INCOME AND PRODUCT— Con.
Quarterly Data Seasonally Adjusted at Annual Rates
Implicit price deflators:
Gross national product
Index, 1958 = 100^.
Personal consumption expenditures.
do
Gross private domestic investment:
Fixed investment
do
Nonresident ial
do
Residential structures
do
Govt. purchases of goods and services
do
National income total
bil. $
Compensation of employees, total
Proprietors' income, total 9
lousiness and professional 9
Farm
Rental income of persons
-- -
153. 94
145. 2
141. 40
134. 2
142. 39
135.2
142. 85
135. 6
144. 85
136.6
145. 42
137.4
146. 42
138. 2
147. 63
139. 2
149.81
141.0
152. 46
143.8
155. 06
146. 2
158. 36
149. 7
140.1
137.3
147.5
169. 2
145.7
141.3
156. 3
178.3
153.3
147.1
170. 5
191. 6
139. 7
137.1
146.7
169. 4
141.7
138. 5
149. 6
169. 9
141.3
137.8
149. 9
171.0
143.
140.
152.
175.
6
0
4
4
145. 0
141.1
154. 4
176.6
146.3
141.8
157. 0
179. 6
147.6
142. 1
161. 2
181.6
149. 7
143.5
165. 6
186.0
152. 7
146. 5
168. 6
189. 6
154. 4
148.1
171.6
192. 5
156.7
150.0
177.1
198. 2
859.4
941.8 '4,054.1
853.6
865.6
882. 7
911.0
928. 3
949.2
978.6
,015.0 ! 1,038.2
1,067.4 > 1,095.8
644.1
707.1
785. 2
638.8
648. 8
661.2
684.3
699.6
713.1
731.2
757.4
774.9
794. 0
814.7
573.8
449.7
19.4
104.7
70.3
627.3
493.3
20.3
113.8
79. 7
691.4
546. 0
20. 8
124. 6
93. 9
569.3
446.3
19.3
103.6
69.6
577. 6
452. 3
18. 9
106.3
71.1
588. 6
461.7
19.6
107.3
72.6
607.3
476. 4
20. 9
110.0
77.0
620.8
488.4
20.1
112.3
78.9
632.5
497.5
20.0
115.1
80.5
648.7
510.9
20.1
117.7
82.5
666.7
525.1
20.9
120. 7
90.8
682.3
538. 7
20.5
123. 1
92.6
699. 3
553.2
20.4
125.7 1
94.7
717.2
566. 9
21.3
129. 1
97.5
do
do
-do _ .
do
'
68.7
51.9
16.8
24.5
54.0
20.2
24.1
84.2
57. 5
26. 8
25. 1
68.3
61.7
16.6
24.7
68.6
52. 3
16.3
24.7
70. 2
52.7
17.5
24.4
72.5
53.1
19. 5
24.1 !
73.2
53.3
19. 9
22. 6
74.1
54.3
19.8
24.9
77.1
55.3
21.8
24.9
80.6
56.3
24.3
24.7
81.5
57.1
24.4
24.6
85.0
57.9
27.1
25.3
89.8
58.5
31.3
25.7
80.1
91.1
15.2
64. 9
32.5
17 8
14 7
17.5
73.6
40.1
20 0
20 2
8.6
23.9
9.3
24.2
do
do
_do._
do
do
85.1
37.4
47.6
25.1
22.5
do
Corporate profits and inventory valuation adjustment total
bil. $
By broad industry groups:
Financial institutions
do
Nonfinancial corporations total
do
Nondurable goods industries
Durable goods industries
do
do
Transportation, communication, and public
utilities
bil $
\.ll other industries
do
Corporate profits before tax total
Corporate profits tax liability
Corporate profits after tax
Dividends
Undistributed profits
146. 10
137. 9
-do
do
-do _ _
.do
-do
do
Wages and salaries, total
_
Private
Military
Government civilian
Supplements to wages and salaries. _ __
141.60
134.4
Net interest
80.5
80.9
83.4
86.2
88.0
91.5
98.8
104.3
107.9
112. 0
pll'2. 6
21. 6
87. 6
51. 1
'•" I ''
''6 9
14.7
65.8
32.7
17.8
14.9
15.9
65.0
31.8
18.0
13.8
16.3
67.1
33.6
17.9
15.7
16.6
69. 6
37.3
18.6
18.7
17.3
70.7
38.7
18.5
20.2
17.6
73.9
39. 9
20.4
19.5
18.6
80.2
44.7
22.4
22.3
19.8
84.5
49.7
22.8
26.9
21.4
8(5. 5
52.4
23.9
28.5
22.3
89. 7
51 9
25. 3
26.6
p 22. 8
v 8't 8
;)
•!• 3
9.1
23.9
9.1
24.1
7 9
25^7
8.5
23.8
8.9
23.1
9.8
24.1
9.9
25.7
9.2
25.6
8.5
25.6
10.3
27.5
98.0
42.7
55.4
26.0
29.3
» 126. 4
» 55. 9
70. 5
27.8
42.7
85.5
38.4
47.1
25.1
22.0
87.0
38.0
ts
92.8
40.6
23.7
86.9
36.4
50.6
24. 9
25.7
?>?•"
25. /
26.5
94.8
41.4
53.4
25.9
27.5
98.4
42.9
55.6
26.2
29. 4
106.1
45.9
60.3
26.4
33.9
119.6
52.7
66.9
26.9
40.0
128.9
57.4
71.6
27.3
44.2
129. 0
57.6
71.5
28. 1
43.4
*128. 1
P 56. 0
P 72. 0
29.0
P 43. 0
-4.9
42 0
-6.9
45.2
-17.3
50. 4
-5.0
41.4
-6.1
42.7
-3.6
43.5
-6.6
43. 9
-6.7
44.8
-6.9
45.7
-7.3
46.6
-15.4
47.9
-21. 1
49.4
—17.0
51.1
-15.5
53.0
863.5
117.5
746.0
685.8
60.2
939. 2
142. 2
797. 0
747.2
49.7
1,035.4
152.9
882. 5
827.8
54. 8
859.5
115.5
744. 0
680.6
63.5
870.2
118.1
752.0
691. 8
60.2
884.4
124.0
760.4
702. 6
57.8
910. 8
138.0
772. 8
720. 0
52.9
926.1
140.7
785.4
739. 5
45.9
943.7
142.8
800. 9
755.1
45.8
976.1
147.4
828.7
774.3
54.4
996.6
145.1
851.5
801.5
50.0
1,019.0
149. 3
869. 7
818.7
51.0
1,047.1 1,078.9
161.1
156. 0
917. 8
891. 1
850.8
840.1
67.1
51.1
v 109. 2
»
i>
»
ii
i'
- -
"11
---;
DISPOSITION OF PERSONAL I N C O M E
Quarterly Data Seasonally Adjusted at Annual Rates
Personal income total
Less; Personal tax and nontax payments
Equals: Disposable personal income
Less* Personal outlays©
bil. $
do
do
do
1
1
i
NEW PLANT AND EQUIPMENT
EXPENDITURES
Unadjusted quarterly or annual totals:
\11 industries
Manufacturing
Durable goods industries t
.
Nondurable goods industries K
Nonmanufacturing
bil. $
do
_ do
do
81.21
29. 99
14. 15
15.84
88.44
31. 35
15. 64
15. 72
99. 74
38. 01
19. 25
18.76
20. 60
7.55
3. 52
4.03
20. 14 i
7.31
3.40
3.91
22. 79
S. -1 i
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
21. 50
7.80
3. 92
3.88
24.73
9. 16
4.65
4.51
25. 04
9.62
4.84
4.78
' 28 .48 '123.92 i i 27.83
'11.43 '9.38 I 11.14
'4.85
'5.84
5.54
'4.54
'5.59
5.60
do
51 22
57.09
61.73
13. 06
12.83
14.35
12.77
14.38
14. 12
15.83
13. 69
15.57
15.42
'17.05
.69
.48
.57
.44
'.71
4.82
4.04
.77
3. 19
5.24
'5.36
' 4 .54
do
.do
do
do
2.16
1.67
1.88
1.38
2.42
1.80
2.46
1.46
2.74
1.96
2.41
1.66
.54
.47
.60
.36
.55
.42
. 3J
.37
. 59
.45
.56
. 37
.58
.48
.50
.32
.61
.48
.73
.39
.59
.38
.61
.35
.63
.47
.63
.40
.63
.46
.52
.32
.71
.46
Public utilities .
Electric
Gas and other
do
do
do
Commercial and other
do
15.30
12. 86
2.44
10.77
18.05
17.00
14.48
2. 52
11.89
20.07
18.71
15. 91
2.76
12. 85
21.4(
3.83
3. 20
.63
2. 81
4.44
4.07
3.35
.71
2. 62
4.42
4.29
3. 60
. 69
2.81
5. 26
3. 63
3.19
.44
2 72
I 55
4.24
3.61
.62
2.95
4.98
4.39
3.67
72
2^84
4.97
4.74
4.01
.73
3.39
5.57
3.95
3.45
.50
2.87
4.94
4. 59
3. 91
.68
3.27 1
5.40
i
j::
;:::::
i
81.61
30. 12
14. Oti
16. 06
80.75
29. U
13.76
15.43
S3. 18
30. 35
14.01
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
96. 19
35.51
17. H8
17.63
97. 76
36.58
18.64
17.94
61.18
62. 09
1.75
2. 82
1.95
2.49
1.79
Mining _
Railroad
... ..
Air transportation
Other transportation
.
, .
.
Seas. adj. qtrly. totals at annual rates:
All industries
Manufacturing
Durable goods industries If
Nondurable goods industries t
do...
do_ . .
do...
do...
do
51.50
i
51.56 1
52.82
56. 70
56. 75
56.70
58.30
60.68
do
do
do
do
2. OS
1.88
2. 28
1.40
2. 23 1
1.72
1.6S
1.48
2.30
1.64
2. 26
1.33
2.42
2.10
1.96
1.48
2. 38
1.88
2. 89
1.53
2.40
1.50
2.67
1.41
2.46
1.71
2.33
1.42
2.59
2.11
2.21
1.53
14.91
15.87
Public utilities
do .
12.61
1 3. 56
Electric
do
j
2. 30
2. 30
Gas and other
do.. _ J
11.21
10.73
Communication
do
i.
17. 72 : 17.85 !
Commercial a n d other
do
-'Revised.
* Preliminary.
i Estimates (corrected for systematic biases) for Jan.Mar. and Apr.-June 1974 based on expected capital expenditures of business. Expected
expenditures for t h e year 1974 appear on p. 22 of the March 1974 SURVEY.
- Includes
communication.
9 Includes i n v e n t o r y valuation a d j u s t m e n t .
©Personal outlays comprise personal consumption expenditure's, interest paid by consumers, and personal transfer
payments to foreigners.
15.74
13.01
Nonmanufacturing
Mining
Railroad
Air transportation
Other transportation
I
:«
L62
' 14.54
r
'.56
.60
'.47
'.82
3.53
'5.83
16.69
.75
'.50
'.48
'.39
.80
.60
.65
.41
'4.52 i
'3.99
'.53
5.39
4.48
.91
' -07 .90
28.83
100. 90 ' 103.74 'U07.18 i 109.96
44.47
38.81 '40.61 '42.74
22.18
19. 73 '20.48 r 22 12
22.29
19. 08 '20.13 ' 20 '.62
'63.12
'64.44
' 2.76
'2.05
'2.20
' 1 78
'3.10 !
'2.26
'2.03
' 1.78 ;
65.49
3.14
2.32
2.44
1.57
21.20
18.08
18.58 ' 19.80 ' 21 .00
18.38
17.53
17.01
1 6. 60
16.92
17.80
15.55
16. 00 '16.72 ' 17.84
14.62
15. 40
14.67
14.32
14.27
3.40
'3.08 '3.16
2. 52
2. 58
2. 98
2.38
2. 86
2. 27
2. 65
13.24
13.
12
12.
70
KM; 11.71 11.59 i 11.56 i 12. 63 12.31
2
21.55 i 21.36 ' 21 .3o '"234". 27~j~ ~34~.82
20. 21
21. 53
20. 16
19. K
20. 10 ' 19. 88
§ Personal saving is excess of disposable income over personal outlays.
''Data for i n d i v i d u a l d u r a b l e and n o n d u r a b l e goods industries components appear in the
Mar., June, Sept., and Dec. issues of the SURVEY.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1971
1972
1971
1973 P
1972
IV
III
II
Annual total
S-3
I
II
1973
III
IV
ll r
I'-
1974
Illr
IV *
I
II
GENERAL BUSINESS INDICATORS—Quarterly Series—Continued
U.S.
BALANCE OF INTERNATIONAL
PAYMENTSd 1
Quarterly Data Are Seasonally Adjusted
(Credits +; 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
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. $..
Other services
do
Balance on goods and services, total .. . . .do
Merchandise, adjusted, excl military
do
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
Not liquidity balance
do
Liquid private capital flows net
do
Official 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, net .do
Gross liquidity balance, excluding SDR
do
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes areas shown in
the 1973 edition of BUSINESS STATISTICS
f>6,287
42,768
73,462 102 744
48,769 70, 255,
16,781
10,791
17,282
11,522
15,739
9,583
17,587
11,655
17,463
11,539
18,491
12,362
1,912
1,166
2, 365
507
489
419
328
288
262
12,899
8,710
13,925
9,601
18, 550
11,575
3,315
2,168
3,038
2,231
3,557
2,180
3,314
2,290
3,270
2,366
3,476
2,391
-65,480 -78,071 — 95,841 -16,650
-45,466 -55,681 -69,5fi7 -11,708
-4,829 -4,724 -4,536 -1,214
19,921
13,213
22, 540
15, 229
343
455
532
1,035
3,866
2,555
4,183
2,785
4,336
2,828
4,661
2, 906
5,370
3,056
?4. 291
16,672
26, 242
18, 143
29, 672
20,211
-17,002 -16,299 -18,961 -18,889 -19,430 -20,791 -22,356 -23,690 -24,093 -25,707
-11,907 -11,108 -13,475 -13,313 -13,935 -14,958 -16,174 -17,009 -17,531 -18,853
-1,204 -1,237 -1,222 -1,242
-1,108 -1,151 -1,168 -1,185 -1,073 -1,110
-4,927 -6,063 -8,827
-10,258 -11,604 -12,915
-1,135
-2,593
-1,293
-2,598
-1,340
-2,614
-1,423
-2,841
-1,479
-2,855
-1,526
-2,861
-1,634 -1,853 — 2 203 -2,328 -2,443
-3,048 -3,161 -3,293 -3,161 -3,301
6,900
688
131
-917
280
-385
-560
-1,525
-1,374
-1,820
-1,426
-1,774
-939
-1,573
-870
-1,745
184
-945
-938
-954
-2, 364 -1,893
-881
-1,751
—742 -1,041
-558
-440
-903 — 1,174
0
1,246
791
-586
781
-336
8
75
-303
-363
-846
1,666 -1,731
-1, 556
-886
-668
2, 549
807
-2,698
-4,610
-6,912
-3,598
-2,790
-3, 744 -3, 859
-8, 353
3, OH
-859
-728
-958
-678
—978
-1,538
—969
-2, 343
-2,359
-4,401
-1,339 -1,470
-152
-357
-575
1,691
-598
-2, 018
-544
201
— 289
1,143
-9,550
-9, 843
1,214
-2, 994
-3, 294
-1,881
-3, 775
-1, 637 -4,210
710
-3,112 '-4 "793
-492
179
-2,391
-822
179
-5,511
-516
179
-1,933
-535
178
944
-2,347
717
-10, 784
-21,965 -13,882 — 7,789
3,542
-7,788
2, 503
-29, 753 -10,340 -5,286
27,615
9,720
4.434
-551
399
1,118
341
189
-475
32
2,348
209
-23, 779 -15,826 -9,722
1972
-5, 698 -9, 448
-647 -2, 434
-6,345 -11,882
5,854
-160
10,870
-173
—9
659
1,194
-5, 801 -10,079
0
-95
604
-1,855 -1, 652
-430
177
] 626
-982 -1,765 -1,426
177
1 490 -3, 898
477
-4, 151 -3, 188
-1,749
-288
-5, 900 -3, 476
-2, 307 -4. 531
1,456
7
-851 -4, 524
-3, 851 -6,549 -1,617
1,972
2,367 -3,927
355
-1, 484 -10,476
5,738
-17
366
-187
-4, 720
4,467
34
78
-55
-231
-2, 376 -5,118
1,645
9,097
1,202
117
-167
43
-111
220
-4, 159 -8, 599
2, 546
221
280
429
-4, 168
310
178
-940
1,057
27
1973
2,149
612
3,965
1,358
214
46 -1,065
1 097
°"5
1,498 -1,126
632
3,826
2, 700
2,130
-798 -1,676 -2, 184
-354
259
11
167
167
-43
— 15
-13
17
-748 -1,175 -1,555
1974
1973
Jan.
Annual
-366
-393
601
-337
Feb.
Mar.
Apr.
May
June
July
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb."
GENERAL BUSINESS INDICATORS—Monthly Series
PERSONAL INCOME, BY SOURCE
Seasonally adjusted, at annual rates:
Total personal income_ _
bil. $
1,089.0 ' 1,087.0 1,093.6
939 2 1 035 4
989 1
997 4
1 003.3
1 Oil 6
1 018 7
Wage and salary disbursements,? total
do
Commodity-producing industries, totaLdo
Manufacturing
do
Distributive industries
do
627. 8
226. 0
175 9
151 5
691. 5
251.9
196 8
165 1
661. 7
239. 2
187 1
158 7
667.
242.
189
159
2
2
6
3
671. 1
243.5
190 6
160 6
677.6
245. 9
19° 9
169 9
682.
248.
194
163
0
3
7
°
688.2
251.7
197 0
164 5
693.2
253.4
197 9
165 3
698. 9
254.8
198 7
167 1
706.
257.
200
168
0
8
8
7
711.2
259.5
2Q9 5
169 6
717.8
262.5
204 6
170 8
722.6
264. 1
205.1
171.3
'721.8
'261.0
' -203. 0
' 171.8
725.
262.
203.
172.
Service industries
Government
Other labor income
Proprietors' income:
Business and professional
Farm
_
do
do
do
116.1
134.2
40.7
129.0
\ 45. 4
44.9
122.9
140. 9
43.0
124.1
141. 6
43.3
124. 9
142. 2
43.6
126.4
143 1
43.9
126. 8
143 7
44.2
127.7
144. 4
44.5
129.4
145 1
44.8
130.8
146 2
45.3
132.5
147 0
45.8
132.9
149.2
46.2
134.1
150.4
46.7
135.9
151.3
47.1
' 136. 8
152.2
47.5
138.1
153. 0
47. 9
do
do
54.0
20.2
57. 5
26.8
56.1
24.0
56. 3
24.3
56.4
24.6
56. 8
24 2
57.1
24.4
57.3
24.6
57. 8
25.9
58.0
27. 1
58.1
28.3
58.5
29.9
58.7
31.6
58.6
32.4
58.6
29. 6
58. 8
28. 9
24. 1
26. 0
78.0
103.0
25.1
27.8
87.5
117.5
24.8
26 8
81.9
112 5
24.8
26 9
82.6
113 8
24. 6
27 0
83.4
114 5
24. 3
27 3
84 5
115 3
24.6
27 3
85.7
115 9
24.9
27.4
86.5
116.0
25.0
27.6
87.8
116.9
25.3
28 2
89.0
119. 0
25.5
28.3
90. 3
120.2
25.6
28.5
91.5
121.1
25.7
28.7
92.6
121.9
25.7
29.8
94.0
123.0
25.8
29. 5
' 95. 3
' 125. 9
25. 8
29. 4
96. 4
127.6
34.7
43.1
911.fi 1,000.5
41.7
957. 4
41.9
965. 3
42.0
970. 9
42. 4
979 5
42.5
986. 4
42.8
994. 2
43.4
1,001.8
43.6
1,012.1
44.0
43.9
1,021.8 1,030.0
44.3
1,039.0
T 6 298
r 4 ggg
r 5 951
r 4 648
r 5 25°
r 5 Q83
r 8 493
r 7 614
r 7 790
11 409
10, 324
8,388
9, 291
5, 244
1,454
3,790
693
2, 542
519
5, 667
1,958
3,709
667
2,438
563
6,225
2,821
3,404
650
2,139
577
7, 533
3,123
4,410
679
2,842
856
7,778
3,694
4,084
696
2,674
686
11,367
6,757
4,610
739
3,161
663
10, 307
6,320
3,987
730
2,613
619
8,386
4,815
3,571
786
2,176
565
' 9, 249
' 5 T 053
' 4, 1%
' 766
' 2, 840
'562
6, 200
2, 700
3, 500
800
2, 200
500
'212
'219
9
'320
'440
'228
290
411
197
236
313
177
' 260
' 329
'208
173
174
173
111
r 124
' 165
' 220
' 121
159
220
130
167
'131
' 161
85
78
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
1 026 6
1 035 6 1 047 3 1 058.5 1,068 5
1,079.4
8
2
0
5
47.1
44.3
'47.0
1,047.5 ' 1,048.1 1,055.4
FARM INCOME AND MARKETINGS
Cash receipts from farming, including Government
payments total
mil $
64 639
86 049
60, 671
25, 075
35, 596
7 157
23, 955
4 165
83, 449
38, 172
45, 277
8 195
29, 934
6 839
6,249
2 828
3,421
618
2,352
494
Indexes of casli receipts from marketings and CCC
loans, unadjusted:
All commodities
__ _
1967-100
Crops .
do
Livestock and products
do
142
136
147
195
097
187
r 176
Indexes of volume of farm marketings, unadjusted:
All commodities
1967 = 100
Crops
.
do
Livestock and products
do
112
115
109
110
118
104
Farm marketings and CCC loans, total
Crops
Livestock and products, total 9
Dairy products
Meat animals
Poultry and eggs.
do
do
do
do
do
do
r 184
169
5, 241
1,505
3,736
653
2, 588
469
T
r 98
r 128
r 83
147
T 95
159
T IQQ
r 197
'175
r
184
161
185
163
187
183
168
88
83
T 51
92
74
r 103
r 112
' 137
147
r 75
85
61
75
48
108
98
104
96
' Revised.
P Preliminary.
d" More complete details appear in the quarterly reviews
in the Mar., June, Sept., and Dec. issues of the SURVEY.
1f Annual data in the 1973
BUSINESS STATISTICS should read as follows (mil. dol.): 1956 total imports of goods and services,
r
4,571
1 269
3,302
651
2,130
487
159
127
T
4,881
1,628
3,253
563
2,279
384
203
218
r
r
102
105
40
202
r
90
' 107
100
110
101
100
106
95
109
; 1953-59 direct defense expenditures, -2,615; -2,642; -2,901 -2,949; -3,216; -3,435;
9 Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-4
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973 v
Annual
March 1974
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
" 122. 6
Feb. '
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION d*
Federal Reserve Board Index of Quantity Output
Not seasonally adjusted :
Total index d" -By market groupings:
Products total
Final products
Consumer goods
Automotive products
Home goods and clothing
Equipment
1967=100..
do_
do
do
- do
do
do
Intermediate products
Materials
Mining and utilities
Seasonally adjusted:
Total index
By market groupings:
Products total
Final products
Consumer goods
125.6
118.9
123.6
124.6
124.5
125.6
128.9
122.4
126.7
131.0
130.4
r
122. 4
124.9
113.8
111.9
123.6
127.7
117.7
95.5
123.4
121.3
131.7
136. 8
129. 1
106.7
116.6
115.3
125.3
138.5
119.0
101.4
120.6
119.1
129. 2
149.1
126.9
104.9
121.8
120. 0
130.8
151.5
130.2
105.0
121.2
118.9
129.2
147.6
129.2
104.6
122.4
120.0
130.3
147.4
128.6
105.5
127.3
125.1
136.4
154.4
133.8
109.2
121.6
118.9
128.6
124.3
119. 2
105.2
125.1
122.2
134.1
100.5
132.5
105.7
130.6
128.6
141.8
136.6
139.1
110.3
129.1
127.2
139.2
146.6
137.5
110.3
125.4
r
123. 4
r
132. 8
r
140. 2
" 130. 6
" 110. 2
118.8
118.9
" 116.5
117.8
" 122. 1 " 124. 9
' 102. 6 " 107. 5
" 123. 9 " 125. 4
" 108. 6 r 107. 9
121.3
119. 5
126.5
108. 9
130,5
109. 8
r
127.9
do
do
121.1
117.4
131.1
" 129. 2
121.2
122.8
126.1
128.6
128.5
129.2
129.6
129.9
131.4
130.9
135. 2
131.4
131.8
123.7
135.5
129.2
137.6
131.8
136.2
132.5
132.8
" 132. 0
127.2
" 128. 9
123.1
" 128. 0
127.6
130.7
114.0
108.4
122.1
125.2
122. 1
129.6
117.6
114.9
121.5
123.2
121.0
126.3
124.6
122.5
127.7
124.7
122.4
128.0
125. 8
123. 2
129. 5
128.9
125.8
133.3
121.1
117.9
125.6
125.3
119.3
133.9
130.2
125 .9
136.4
130.2
126.3
135.9
" 128. 0
" 125. 0
r 199 2
r ]_99 0
do
do
124. 5
121.8
128.6
do
124.1
128. 9
128.6
127.5
125.0
122.7
123.6
128.2
133.0
137.2
137.1
131.2
" 127. 3 " 125. 4
By industry groupings:
Durable manufactures
Nondurable manufactures
115.2
r 132.
4
' 120. 3 "T 119. 7
" 125.0
125. 4
" 126. 5
123. 7
r
125.6
122.2
123. 4
123.7
124.1
124.9
125.6
126.7
r 126. 4
126.8
127.0
127. 5
" 126. 5
125. 6
124.8
do
do
do
113.8
111.9
123.6
123. 4
121.3
131.7
120.7
118.6
129.8
121.5
119.3
130.2
121.7
119.6
130.8
122. 1
120.0
130.9
122.9
120.8
131.7
123.7
121.3
131.9
124.2
122.1
132.9
123.7
121.4
131.2
124.3
122 A
132.3
124.3
122.7
132.6
125. 3
123.7
133.5
" 123. 9 " 122. 9
" 122. 1 " 120. 8
r
130. 7 " 128. 9
122.3
120.1
128.0
do
do
do
do
125.7
127.7
112.7
156.5
139.0
136.8
125. 4
" 158. 2
136.0
138.6
130.2
155.0
137.8
141.7
131.5
161.4
140.4
144.1
130.8
169.9
140.5
141.7
128. 1
167.5
141.6
142.6
129.8
167.0
141.8
142.6
132.6
161.9
142.4
141.7
134.0
156.7
134.0
121.1
103.9
154.2
138.2
129.8
118.4
151.8
137.3
131.4
122.5
148.4
138. 5
133.7
124. 8
150. 9
" 133. 7 r" 129. 8
" 120. 6
108. 4
106. 2
90.0
* 147. 8 " 143. 6
128. 1
104.3
86.4
138.8
Home goods 9
do
Appliances, TV, home audio.- .do
Carpeting and furniture
do
124.5
124.6
132.6
" 140. 3
" 145. 1
" 149. 8
134. 5
140.7
142.1
135.8
137.8
145. 0
138.3
143.0
145.7
139.8
149.7
146.7
140.9
148.1
147.8
141.3
147.2
148. 9
142.9
147.8
155.4
141.1
146.3
154.2
142.8
149.4
153.3
140.9
143.4
153.9
141. 2
140.4
152. 7
r
141. 2
" 142. 3
" 150. 1
141.7
141.6
150.0
141.5
Nondurable consumer goods
.do
Clothing
do
Consumer staples
do
Consumer foods and tobacco. . .do
Nonfood staples
do
122.8
109.7
126.2
117.5
135.3
" 128. 9
116.0
" 132. 3
127.3
115.2
130. 5
121.5
140.0
127.1
115.4
130.3
120.9
140.1
127.1
114.5
130.6
120.9
140.8
128.0
114.2
131.7
120. 9
143.1
128.1
116.0
131.4
119.6
143.7
129.0
116.5
132.5
121.3
144.1
130.2
117.0
133.6
121.9
145.8
130.1
118.0
133.2
122 .2
144.8
130.8
116.8
134.5
123. 3
146.2
131.5
117.3
135.2
126.5
144.3
" 129. 6
117.7
132. 8
* 125. 5
" 140. 5
" 128. 6
127.8
r 131.
143.1
127.4
115.1
130.7
121. 1
140. 9
125. 5
138. 2
130.8
125.3
136.7
Equipment
do
Business equipment
do
Industr ial equipment 9
do
Building and mining equipment-do
Manufacturing equipment
do
95.5
106.1
102. 5
104.8
92.7
106.7
122.6
120.1
" 120. 5
113.0
102.9
116.9
113.0
113.0
104. 7
104.1
118.2
114.5
115. 1
106.1
104.1
118.6
115.6
116.0
107. 5
104.7
119.6
117.4
118. 1
109.4
105.7
121.3
119.1
118.8
112.0
106.6
122.5
119.8
119.1
113.1
107.3
123.0
120.5
119.6
113.9
107.6
124.6
122.5
123.0
115.1
108.5
125 .8
124.1
123.7
117.3
108.9
126.2
124.5
124.7
117.3
110.1
127.8
125.6
126.0
118.2
'•110. 3 * 109.3
127.3 " 126. 2
" 125. 1 "r 123. 7
"r 127. 3 r 127. 9
118.5
117.3
109. 2
125. 9
123. 8
128.7
116.5
do
do
do
110.3
118.4
96.8
125. 5
135. 0
109. 7
121.4
128. 8
110.0
122 A
129. 9
111.8
121.9
130. 6
110.2
122.2
131.3
107.5
123.7
131.6
109.8
125.4
134.1
109.7
125.8
135.9
109.0
127.0
137.0
108.4
127.7
138.2
109.6
128.1
140.1
109. 8
130.3
141.3
111.4
129. 5
" 139. 6
"111.1
r
129. 1
" 139. 8
r
128.4
139. 5
112.0
do
77.9
-80.4
79.8
80.6
80.1
80.0
79.7
80.1
81.1
79.7
79.8
80.0
'80.9
" 81. 9
"81.1
81.4
130.6
134.3
127.5
"131.1
*r 133. 7
129. 0
" 130. 7
" 135. 0
r
127. 2
" 130. 5
" 136. 0
125. 9
130.8
136.0
"
r
"
"
"
*
"
1967 = 100
- .
Durable consumer goods
Automotive products
Autos
Auto parts and allied goods
Commercial transit, farm eq 9
Commercial equipment
Transit equipment
Defense and space equipment
Intermediate products
Construction products
Misc. intermediate products
Materials ..
.
Durable goods materials 9
Consumer durable parts
do
do
_do
121.1
120.8
121. 3
do
do-_..
do-...
do
do
do
do
do
do
do
Equipment parts
"" do
Nondurable goods materials 9
do
Textile, paper and chem. materials do
Fuel and power, industrial
"do
By industry groupings:
Manufacturing, total
Durable manufactures
Primary and fabricated metals
Primary metals
Iron and steel. .
Nonferrous metals
Fabricated metal products
Machinery and allied goods 9
do
Machinery
do
Nonelectrical machinery
do
Electrical machinery
-Y~ ~.~_" "do" ~ ] "
Transportation equipment
Motor vehicles and parts.,
Aerospace and misc. trans, cq
instruments
115.2
do
do
do
d0
" 122.
1
r
r
T
T
r
7
111.5
131.1
134. 1
128. 6
128.4
129.6
127. 4
129.5
130.3
128. 9
129.4
130.7
128.3
129.3
132. 2
127.0
130.5
132. 2
129. 2
132.0
133.5
128.9
132.5
134.6
132.7
132.1
135.3
129. 6
131.0
134.9
128.1
117.4
113.5
113.8
99. 3
122.5
129. 2
120. 9
129. 2
130.0
127.6
119.3
129. 2
139. 9
124.1
124.5
124. 1
123. 9
111.6
126.3
136.0
120.6
126. 7
126. 6
125. 4
113.0
127. 7
136.5
122. 7
127.0
127. 6
125. 9
114.6
127. 1
136. 3
122. 6
127.7
127. 9
129. 0
113.8
128. 5
138.8
122. 1
128.3
128.6
125. 7
118.0
128. 9
139.4
122. 9
129.0
129.2
128.8
118.2
129. 4
140.2
125.3
130.9
131.6
126.9
124.5
130.4
142. 2
126.9
130.9
131.8
128. 6
122. 3
130.6
142. 4
126. 3
131.3
132.3
129.9
122.1
130.3
141.9
128.3
131.1
132.2
128 2
122.7
130.1
141.4
126. 9
" 131. 5
133. 0
128.4
" 125. 8
" 130. 7
" 142. 4
" 124. 9
r
130. 9
"r 133. 4
121.0
127.3
r
129. 0
139. 3
r
122. 0
130. 1
130. 1
113. 1
124.4
131. 6
142. 0
122. 7
129.0
129. 0
109. 2
123. 4
130.7
140.5
120. 9
114.0
108.4
113.9
113. 1
107.1
123.6
114.8
125. 2
122. 1
128.7
127. 1
" 121.7
r
136.
6
T
130. 6
121.4
117.5
124.3
123.1
118.6
130.0
125. 7
122.7
118.7
125. 4
124.7
120.0
133. 9
126.2
123.4
119.9
125. 8
123.5
117.5
134.4
128.4
123.8
120.6
127. 2
125. 8
119.6
137.8
128. 9
124.9
121.9
128.1
126. 1
119.8
135. 0
130.3
125. 6
123.0
128. 7
124. 5
119.9
131.5
133.4
126.5
123.8
130.6
128.1
120.9
140.3
133.5
126.1
122.6
129. 5
125. 6
118.5
137.5
133.8
126.3
123.3
129.5
127.8
122.7
136.5
131.5
126.4
" 123. 6
130.6
128. 7
123. 6
141.1
132.4
127.4
"r 124. 3
131.0
r
128. 9
" 124. 2
" 140. 1
* 133. 1
" 126. 7 " 125. 5
" 123. 5 " 122. 0
" 131.4 r 132. 5
" 131.4 " 131.6
" 127. 7 " 128. 0
136. 9
* 143. 5
" 131.5
133. 2
124. 7
120.6
131.0
131. 6
128.0
117.7
128. 5
128. 9
118.9
130.0
130.0
129 .8
" 119. 0
' 129. 3
130.0
' 128. 6
" 119.9
" 130. 4
- 130. 3
" 130. 5
"r 118. 5
130. 7
130. 6
" 130. 7
"r 115. 3
128. 7
" 128.6
129. 0
113.8
126. 6
125. 8
127.3
r
r
103. 5
107. 5
105. 7
109.6
117.3
125. 9
" 125. 0
" 126. 9
112.5
118.4
116.3
120.8
113.7
119. 1
117.3
121.2
115. 1
121.4
119.0
123. 9
115.7
122.6
121. 5
123. 8
99.0
123.1
75.8
120.2
r
109. 1
138.1
'81.2
138. 4
107.6
139.3
77.1
130.1
110.0
141.5
79.7
131. 9
110.3
141.0
80.8
133.8
129.3
" 128. 3
129. 8
126. 4
125.8
126.8
127. 3
128. 5
126.6
r
r
130.3
117.3
124. 7
124. 0
125. 4
118.8
126.9
126.1
127.8
119.4
127.6
127.1
128.1
110.0
140.1
81. 1
134.7
111.0
140.9
82.2
138. 9
112.2
143.3
82.2
140.2
112.1
144.1
81.3
140.8
105.7
131.0
81.3
140. 9
107.3
133.9
81.7
141.5
108.8
136.4
82.3
141.0
r
109. 8
" 137. 8
82. 9
r
142. 6
" 103. 0
" 95. 8
' 124. 6 r 112.9
" 82. 2 r " 79. 3
144. 8
" 143. 5
94.1
109. 3
79. 5
145. 7
129.1
129. 5
128. 9
129. 9
129. 1
130.4
130.3
127.5
132. 0
129.2
126.6
130.5
129.8
125.4
132.3
129.2
128.4
129. 6
128.8
128.9
128.8
129 7
127.4
131.2
" 129. 3
"127.3
130.4
" 130. 2
" 132. 0
" 729.2
132. 7
133.0
132. 5
131.1
' 128.
1
Lumber, clay, and glass
do
Lumber and products
do
Clay, glass, and stone products-.. ~ ~ d o ! ~ "
120.0
122.4
118.6
P'urniture and miscellaneous
Furniture and fixtures
Miscellaneous manufactures
122.7
113.5
131.1
r
" 135. 1
126. 1
143.3
130.3
119.1
140.5
132.8
122.3
142.4
133.4
122. 8
143.0
133.1
123. 8
141.6
136.0
126.5
144.5
135. 4
126. 5
143.6
135.9
127.5
143.5
137.5
129. 5
144.9
138.2
130.4
145 .3
136.1
128.8
142. 9
" 136. 4
127. 9
" 144. 3
" 135. 5
124. 9
" 145. 1
" 135. 5
124. 2
145. 8
135.3
129. 6
114.7
127. 1
r
113.0
r
83. 7
127.0
113.4
125. 3
112.3
81.3
128. 4
114.4
126. 1
112.6
85. 1 1
128.6
114.6
127.1
112.4
85.0
128. 4
114.0
12(5. 1
111.7
86.8
129.2
113.3
127. 2
110.0
83.0
129.3
115.0
119.2
111.0
86.6
130.6
114.5
128.9
112.1
79.2
130.9
115.4
129. 0
113.6
81.0
130.7
117.5
130.2
115.4
86.4
130.4
116.8
130. 2
114. 9
83.1
131.3 r 131.1
" 116.7 " 117.4
' 12!). 4 " 128. 2
117. 6
" 115.3
" 130. 7
"116.0
127.4
130.4
114.9
122. 1
135. 4
113.2
120. 0
131.8
112. 1
121.5
134.1
113.0
122.4
137.1
112.4
120.8
133.6
112.2
121.9
135. 1
113.2
122.8
134.6
114.8
123.8
135.3
116.0
124.5
137.0
116.2
122.1
134.8
113. 6
121.3
135. 3
112. 1
do
do
do
Nondurable manufactures
Textiles, apparel, and leather
Textile mill products. - .
Apparel products
Leather products
do
do""
do
" " do
do
122. 1
108. 1
117.4
105.7
88.9
Paper and printing
Paper and products..
Printing and publishing
do
do
Ydo!~"
116.1
128. 2
107. 9
' Revised.
* Preliminary.
tf
r
r
Monthly revisions for 1971 are availcible upo i request
91 icludes c ata for i L,ems not shown s eparateljT
f
r $9 ()
r $•> ()
78 5
121.9
136. 2
112.3
* 121. 2
" 136. 7
110.8
9
121. 1
136. 0
"110.8
112.0
r 120.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1973 P
1972
Annual
S-5
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb."
GENERAL BUSINESS INDICATORS—Continued
INDUSTRIAL PRODUCTION*— Continued
Federal Reserve Index of Quantity Output— Con.
Seasonally adjusted— Continued
Bv industry groupings— Continued
Manufacturing, total— Continued
Nondurable manufactures — Continued
Chemicals, petroleum, and rubber 1967=100.
Chemicals and products
do
Petroleum products
_do
Rubber and plastics products
do
Foods and tobacco
Foods
Tobacco products
Mining and utilities
Mining
_ _ _ _ __
_
Metal mining
Stone and earth minerals
Coal oil and gas
Coal
Oil and gas extraction
Crude oil
Utilities
Electric
Gas
-
.
137.8
139.6
120.6
145.5
149.3
150. 2
127.4
163.8
145.5
146.4
127. 3
157.1
146.3
147.2
124.1
160.4
146.3
146.8
123.5
163.4
147.9
147.8
126.9
165.1
150.2
150.2
128.5
166.8
149.8
150.4
129.7
163.9
161.8
152.0
129.3
168.8
151.0
151.4
128.2
167.9
150.9
153.0
126.0
163.6
151.1 '151.6 r 151.6 '150.5
152.7 ' 153. 0 ' 154. 5 ' 153. 9
129. 5 ' 125. 5 122.6
130.4
161.9 ' 164. 5 ' 162. 3 160.8
149.9
154.0
do
.do. -.
do
117.6
118.6
103.7
121.9
122.8
110.7
119.6
120.5
107.9
122.0
122.9
110.3
121.5
121.8
118.1
120.7
121.3
112.9
121.5
122.4
111.2
119.5
120.3
108.1
121.3
122.4
105.3
122.0
122.9
110.1
122.2
123.2
109.1
121.7
122.4
113.7
125.0
126.7
do. _ _
do
do
do
do
do
. do
do
124.1
108.8
120.9
98.1
109.2
104.2
110.0
107.3
128.9
110.3
130.8
109.5
108.3
104.1
109.0
104.5
127.3
108.5
130.3
106.9
106.5
99.1
107.7
105.5
128.0
110.2
131.9
107.8
108.4
103.9
109.1
106.7
127.3
109.5
127.8
109. 4
107.6
105.7
107.9
103.7
126.6
109.0
128.5
108.8
107.1
99.9
108.3
103.6
127.0
109.1
127.0
108.8
107.3
100.9
108.4
104.6
128.2
109.5
121.6
105.2
108.9
108.0
109.1
104.6
130.4
111.0
128.4
109.1
109.5
109.0
109.5
105.4
130.7
111.5
131.4
113.1
109.2
104.0
110.0
104.8
' 124. 7 »•r 123. 4 'T 124. 9
' 125. 4 124. 9 126. 6
115.8 r 104.2
r
130. 6 126. 4 ' 125. 1
131.3
111.8
136.6
109.5
109.6
109.8
109.7
103.9
131.5
111.9 Mil. 3 •• 110. 7 '111.6
138.3
135.2
135.2
132.9
109.2 r 111.7
113.1
111.9
109.7
108. 8 ' 107. 8 r 109.5
103.0
104.1 ' 106. 4 109.0
r
110.8
108.0
109.5
109. 6
104.2
103.7
103.7
105.7
do
do
do
143.4
149.4
123.4
152.3
160.7
124.2
151.0
159.1
150.5
158.3
149.6
157.4
148.7
156.2
149.5
156.8
' 151. 6
159.7
154.8
163.9
154.8
163.8
155.8
165.1
156.2 'r 154. 6 146.0
153.5
163. 4
165.3
r
r
142. 2
149. 5
124.4
110.7
108.7
102.3
109.8
141.6
148.9
BUSINESS SALES §
146,046 154,869
154,834 '154,229 145, 275
1,496,165 1,734 496 125,858 130,874 144,004 141,559 147,001 149,963 138,911
146,353
do, ._
11,496,165 1,734,496 136,863
146,068 '146,235 '150,157 153,096 '151,381 156, 841
do
do
do
1749,587
406, 707
342, 880
866, 321
474, 229
392, 092
68, 401
37, 773
30, 628
69, 245
38, 122
31, 123
69, 719
38,064
31, 655
70, 468
38, 651
31,817
71,284
39,284
32,000
71,616
39,257
32, 359
73,248
40,779
32,469
73, 021
39, 633
33, 388
do
1448,379
do
149, 659
_ do . 298, 720
503, 317
170, 275
330, 042
40, 707
14, 234
26, 473
41,242
14,405
26,837
41,979
14,612
27, 367
41, 185
14, 339
26, 846
41, 723
14, 299
27, 424
41, 167
13,731
27, 436
42, 767
14,409
28, 358
1 298, 199
138, 446
159, 753
364, 858
167,713
197, 145
27, 755
12, 974
14, 781
28,423
13,181
15,242
29,312
13, 720
15, 592
29, 621
13, 806
15, 815
29, 675
13, 964
15,711
29,528
13,781
15,747
30,443
14,039
16,404
Mfg- and trade inventories, book value, end of year
or month (unadj ) total f
mil $ r 194,228
219, 247
196,720 '199,829 '202,959 '204,799 '206,563 '207,491 207,670 '207,691 '209,921 '214,722 '219,589 '219,247 222, 124
Mfg and trade sales (unadj ) total
mil $
Mfg. and trade sales (seas, adj.), total
Manufacturing, total
Durable goods industries
Nondurable goods industries
Retail trade, total.
Durable goods stores
Nondurable goods stores
.
Merchant wholesalers, total
Durable goods establishments
Nondurable goods establishments
do
do
do
138,910 141,010 141,274 142,682 142,311 146,458
73,060 ' 75, 269 77,019 ' 75,355
40,162 '41,567 41,896 ' 40,203
32,898 ' 33, 702 35,123 ' 35,152
79, 054
41,927
37, 127
42, 355 ' 42,529 ' 42, 970
14, 481 14,267 ' 14, 331
27, 874 ' 28,262 ' 28, 639
42,976 '42,116
14,090 r 13,270
28,886 ' 28,846
42, 902
13, 496
29, 406
30, 692
13, 950
16, 742
33,101 ' 33,910
14,995 ' 15,232
18,106 ' 18,678
34, 885
15, 934
18,951
30,646
13,968
16,678
31,918
14, 391
17, 527
BUSINESS INVENTORIES §
Mfg. and trade inventories, book value, end of year
or month (seas, adj ) .total t
mil $ ' 196,002
Manufacturing, total
Durable goods industries
Nondurable goods industries
do
do
do
Retail trade, totalf
Durable goods stores
Nondurable goods stores
do ._
do
do
Merchant wholesalers, total
Durable goods establish ments
Nondurable goods establishments
do
do
do
107,719
70, 218
37, 501
r 56, 551
'26,034
' 30, 517
31, 732
18, 884
12, 848
221,357 '198,157 '199,956 '201,317 '202,529 '204,623 '2C6,961 '208,776 '210,548 '212,227 '214,284 '217,637
120, 870 108,187 109,082 110,174 110,577 111,625 113,025 113,910 114,907 116,114 117,224 118,435
79, 441 70, 590 71, 136 71,873 72, 213 72,867 73,801 74,278 75,213 76,249 76, 951 77,645
41, 429 37, 597 37, 946 38, 301 38, 364 38, 758 39,224 39,632 39, 694 39,865 40, 273 40,790
'221,357 223, 740
'120,870 122, 096
' 79,441 80, 252
' 41,429 41,844
63, 561 ' 57,388 ' 57,823 ' 57,898 ' 58,378 ' 59,012 ' 59,788 ' 60,213 ' 60,677 ' 60, 847 '61,681 ' 62,937
28, 778 26, 144 26, 234 26, 146 26, 356 26, 661 27, 051 27, 494 27,563 27, 507 27, 926 38, 662
34, 783 31,244 31,589 31,752 32, 022 32, 351 32, 737 32,719 33, 114 33, 340 33, 755 34, 275
36, 926 32, 582 33,051 33, 245 33, 574 33, 986 34,148 34,653 34, 964 35,266 35, 379 36,265
21,112 19, 229 19,321 19, 457 19, 496 19, 929 20,141 20,159 20, 089 20,257 20, 331 20, 787
15,814 13, 353 13,730 13,788 14, 078 14,057 14,007
14,494 14, 875 15,009 15, 048 15,478
' 63,561
' 28,778
' 34,783
63, 704
28, 852
34, 852
' 36,926
'21,112
' 15,814
37, 940
21,548
16, 392
'1.43
' 1.42
' 1.46
1.43
1.60
' 1.98
' .61
' .90
.47
1.54
1.91
.60
.86
.46
1.18
'.45
.19
' .54
1.13
.44
.18
.51
'1.46 '1.51
'2.03 ' 2. 17
' 1. 19 ' 1.21
1.48
2.14
1.19
BUSINESS INVENTORY-SALES RATIOS
Manufacturing and trade, total t
Manufacturing, total
Durable goods industries
Materials and supplies
Work in process
Finished goods
Nondurable goods Industries
Materials and supplies
Work in process
Finished goods
Retail trade, total t
Durable goods stores
Nondurable goods stores
1.61
1.43
do
do
do
do
do
1.67
2.00
.67
.90
.53
1.57
1.87
.55
.86
.47
do
do
do
do
1.29
.48
.20
.61
1.20
.46
.19
.55
1.23
.46
.19
.58
do
do
do
'1.45
' 1.96
1.19
1.42
1.91
1.18
' 1.41
'1.84
' 1.18
1.21
1.55
.91
1.13
1.43
.87
1.17
1.48
.90
25, 108
31, 623
749,587
866, 321
Merchant wholesalers total
do
Durable goods establishments
do
Nondurable goods establishments
do
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS
Manufacturers' export sales:
Durable goods industries:
Unadjusted, total.. .
mil. $
Seasonally adj total
do
Shipments (not seas, adj.) total
' 1. 45 '1.44
1.58
1.58
1.87
1.87
.54
.54
.85
.85
.48
.48
ratio. _
do
'1.43
' 1.43
' 1.45
' 1.43
' 1.44
' 1.45
1.58
1.89
.54
.87
.48
1.57
1.87
.54
.86
.47
1.57
1.85
.54
.85
.47
1.58
1.88
.55
.86
.47
1.56
1.82
.53
.83
.46
1.57
1.90
.56
.87
.47
1.59
1.90
.56
.87
.47
1.56
1.85
.55
.84
.45
1.54
1.85
.56
.85
.45
1.21
.46
.19
.56
1.21
.46
.19
.56
1.21
.46
.19
.66
1.21
.46
.19
.56
1.22
.47
.19
.56
1.19
.46
.19
.54
1.21
.47
.19
.55
1.19
.47
.19
.54
1.16
.45
.18
.53
'1.40 '1.38
' 1. 82 ' 1. 79
' 1.18 '1.16
' 1.42
'1.81
1.19
' 1.41
'1.86
' 1.18
' 1.45
' 1.97
1.19
' 1.41
' 1.91
' 1.15
'1.43
' 1.90
' 1.19
1.16
1.47
.90
1.13
1.42
.88
1.13
1.41
.89
1.15
1.43
.89
1.16
1.46
.89
1.14
1.44
.88
1.14
1.44
.89
1.15
1.45
.90
1.11
1.41
.86
2,153
2,289
2,427
2,499
2,699
2,518
2,530
2,487
2,759
2,660
2,627
2,560
2,351
2,651
2,399
2,646
2,684
2,722
2,841
2,815
63,764
70,335
72,843
1.22
.46
.19
.57
Durable goods Industries, total?
do
406, 707 474, 229 35,061 38, 986 40, 328
Stone, clay, and glass products
_ do
22, 344
24, 936
1,752
1,885
2, 061
Primary metals
do
57, 941
72, 027
5, 242
5,793
6,030
Blast furnaces, steel mills
do
28, 109
35, 260
2,679
2,891
3, 012
Nonferrous metals
do
21, 392
26, 539
1,815
2,084
2,153
r
2
Revised.
p Preliminary.
1 Based on data not seas anally ad justed,
Adva nee
estimate; total mfrs. shipments for Jan. 1974 do not i eflect rev sions for s elected c ompone its.
§ The term "business" here includes only manufact uring and trade; biisiness ii ventorie s as
shown on p. S-l cover data for all types of produce rs, both fa rm and n onfarm. Unadjus ted
data for manufacturing are shown below on p. S-6- those for wholesale and ret ail trade on
DD. S-llanrt S-19
'1.43
'1.43 '1.44
' 1. 93 '1.95
'1.18 '1.18
1.10
1.39
.85
' 1. 09
' 1.39
'.85
2, 979 ' 3, 174
2, 920 ' 2, 884
1.09
1.35
.86
2,938
3,119
75,281 77,081 76,387 '71,571 73, 706
72,014 72, 591 76,273 67,354 70,827
39, 942 40, 707 42,641 36, 640 37,291 40,945 42, 285 41,356 38, 047 ' 37,765 241,707
1,889
2, 136 ' 1,809
2,314
2,189
2,045
2,229
2,182
2,270
2,064
6, 072 ' 6, 504 ~2~7,~666"
6,383
6,345
6,155
5,536
5,846
6,402
6,195
6,028
3, 224
'
2,
840
3,057
3,054
2,882
2,986
2,760
3,119
3,034
2, 946
2,530
2, 428 ' 2, 384
2, 355
2,320
1, 991
2,177
2,357
2, 222
2,253
as. adj.)
fSee, note m arked "t ' on p. S-12; revis ions for ,otal mfg . and trade (unac j. and send
nonand ii iventory -sales rat ios for m fg. and ti-ade tota 1 and retail trade , total, d urable, a t shown
items
no
data
for
ncludes
9 I
durab le appea <• on p. 15 of the M arch 197^t SURVEYr.
separgitely.
J See not,e marke i " c T " o ii p. S-4.
g_6
SURVEY OF CURRENT BUSINESS
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
| 1973
Annual
March 1974
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
4,655 4,811
6,468 6, 237
5,654 5, 642
10,134 11,158
6,227 7,314
1,299
1,302
4,668
6,174
5,571
10,911
6, 928
1,258
- 4, 527
- 6, 384
- 5, 438
8, 755
- 4, 866
r
1,218
4.435
6, 340
5, 095
- 8, 926
6, 075
1,143
35,031 -r 33,524
12,337 11, 980
532
- 539
2,675 - 2, 537
34, 853
12,024
5W
2, 588
Feb.
GENERAL BUSINESS INDICATORS—Continued
MANUFACTURERS' SALES, INVENTORIES,
AND ORDERS— Continued
Shipments (not seas, adj.)— Continued
Durable goods industries— Continued
Fabricated metal products.
mil.$.. 47, 098
61, 024
Machinery except electrical
do
Electrical machinery
do _ _ 55, 950
Transportation equipment_ _ _ _ _do _ _ 105, 340
66, 762
Motor vehicles and parts
do _
Instruments and related products ._ _ _ _do _ - 13, 393
53, 707
73, 380
63, 497
122, 860
77, 278
14, 334
3,860
5,316
4,644
9,784
6,710
1,047
4,372
5, 903
5, 178
10,769
7,134
1,138
4,403
6, 294
5, 345
10,854
7,097
1, 182
4,426
6,216
5, 192
10,663
6, 741
1,170
4,503
6,199
5,111
11,151
7,006
1,170
4,732
6,750
5,583
11,249
7,169
1,263
4,295
5,705
4,909
9,151
5, 419
1, 119
4,455
5,734
5,230
8,281
4,667
1,168
-- do _ . 342, 880
114, 496
do
5,863
do _
do._ - 26, 726
392, 092
134, 947
6,201
30, 531
28, 703
9,687
475
2,215
31,349
10, 380
478
2, 451
32,515
11,032
486
2,687
32, 072
10, 683
483
2,501
31,884
10, 740
526
2,549
33,632
11,383
555
2,725
30,714
10,806
517
2,200
33,536
11,750
560
2,602
34,336
11,982
516
2,631
34, 796
12,187
534
2, 758
28, 278
57, 437
29, 932
19, 185
32,417
67, 034
35,815
20, 488
2, 432
4,885
2, 649
1,560
2, 566
5, 579
2, 723
1,709
2, 652
5,741
2, 675
1,766
2, 628
5,910
2, 723
1,796
2,699
5,784
2,781
1,716
2,833
5,962
2, 953
1,794
2,562
5,152
2, 919
1,580
2,798
5, 536
3,017
1,702
2,815
5,769
3,121
1,743
2, 863
5, 643
3, 135
1,809
75,269
Nondurable goods industries, total 9
Food and kindred products
Tobacco products
Textile mill products
- - - Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
do
do do _
do
* 2,719
' 5,463
^ 3, 694
- 1,584
2,945
5,851
3,940
1,722
do
68, 401
69, 245
69,719
70, 468
71, 284
71,616
73,248
73,021
73,060
77,019 - 75,355
79, 054
37, 773
2, 025
5, 449
2,751
1,909
38, 122
2, 042
5, 652
2, 820
2, 031
38,064
2, 068
5, 634
2,784
2,033
38, 651
2, 029
5,471
2, 595
2, 061
39, 284
2,096
5,710
2,704
2,115
39, 257
2,072
5,789
2,753
2,178
40, 779
2, 075
6,023
2, 924
2,245
39, 633
2, 084
6, 165
3,030
2 301
40,162 41, 567
2,046 2, 178
6,266 6, 730
3,149
3,459
2,284 2, 369
41,896
2, 162
6, 792
3,367
2, 495
40, 203
- 2, 048
6, 687
'3,181
r
° 586
40, 792 240,913
2,180
- 6, 766 "2" 6," 833
3,313
0
660
do
do
do
do
do
do
4, 264
5,684
5,085
10, 259
6, 650
1,163
4,449
5, 635
5,141
10,018
6,407
1,170
4,330
5, 818
5, 215
9, 765
6, 342
1,181
4, 362
5, 975
5, 393
10, 105
6, 254
1, 194
4,487
6,047
5,296
10,317
6,395
1,171
4,411
6,159
5,265
10,229
6,250
1,186
4,606
6, 240
5,405
11,173
7,055
1, 196
4,385
6,117
5,350
10,281
6, 524
1,163
4,345
6,243
5,288
10,697
6,692
1,192
4, 648
6, 353
5, 372
10, 809
6, 932
1,245
4,714
6,614
5, 382
10. 624
6, 668
1,232
- 4,730
- 6, 630
- 5, 387
9, 156
- 5, 490
- 1,226
4,897
6, 769
5, 564
- >), 452
6,014
1 , 275
do
do
__do _ do
- __do _
do
do-
30, 628
10, 303
505
2,420
2, 522
5, 245
2, 667
1,681
31,123
10, 454
503
2,477
2, 520
5, 464
2, 674
1,687
31, 655
10, 866
498
2,532
2,548
5,488
2, 702
1,679
31,817
10, 926
499
2, 541
2, 609
5, 409
2, 745
1,698
32, 000
10,872
520
2,611
2, 715
5,387
2,819
1,663
32, 359
11,071
515
2, 566
2 708
5, 593
2,883
1,677
32, 469
11, 222
506
2, 550
2, 722
5,641
2, 936
1,712
33,388
11.827
540
2. 550
2, 767
5, 694
3,017
1,700
32, 898
11,348
498
2, 499
2, 739
5, 575
3, 100
1,706
33,702
11,739
536
2, 532
2, 807
5, 687
3, 170
1,748
35, 123 - 35,152
12, 180 - 12,089
528
2,637 r 2,642
2, 8'.)8 r 2,891
5, 895 r 6, 140
3,456 r 3, 663
1,794 r 1,754
37, 127
12,781
582
2, 825
3, 056
6 9 f )<)
3, 942
1,857
i 80, 572
i 166,933
i 121,165
i 91, 945
i 72, 361
i 333,345
6,473
12, 961
9, 638
7,703
5, 715
25,911
6, 554
13, 148
i), 496
7, 558
5, 979
26,510
6,639
13,532
9, 467
7, 518
5, 943
26, 620
6, 761
13. 559
10, 025
7, 482
5, 939
26, 702
6,682
13,570
10, 192
7, 560
6, 079
27, 201
6.681
13,734
10, 279
7, 436
6, 021
27, 465
6,541
13, 837
10, 480
8,344
6,098
27, 948
6,616
14,472
9, 954
7, 807
5, 92S
28, 244
6, 683
13, 929
10, 433
7, 898
5,928
28, 189
6, 878
14,479
10,222
8, 306
6,112
29,272
7,178 '6,961
14,915 - 14,746
10, 690 - 10,636
7, 980 ' 6, 724
6,301 r 6,314
29, 955 - 29,974
7,137
15,324
11,011
7, 260
6, 327
31.995
131,354 i 36, 451
1121,611 i 141,268
1103,294 i 1121,646
19, 622
U8,317
2, 835
11, 295
9, 597
1, 698
2 929
lli 161
9, 531
1,630
2, 968
11, 155
9, 490
1,665
3,011
11,695
10, 055
1,640
2,993
11,844
10, 098
1,746
2, 975
11, "04
10,381
1,583
3,095
12, 138
10, 465
1,673
3,084
11,687
10, 135
1,552
3, 042 3, 152
12, 032 12, 096
10, 425 10, 386
1,607
1,710
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Motor vehicles and parts
Instruments and related products
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. -Capital goods industries d*
do
Nondefense . .
do
Defense
do
Inventories, end of year or month:
Book value (unadjusted) total
Durable goods industries, total
Nondurable goods industries total
171,555
1146,257
U03.198
1 79, 835
i 63, 500
1285,242
3,260
12, 320
10,713
1,607
3,143 -3,132
12,208 -12.516
10, 661 -lO.HOO
1 , 547 - 1,616
do
do
do
107,415
69, 803
37, 612
120, 312
78, 835
41,477
108,572 109,737 110,837 111,469 112,604
70,625 71,453 72, 390 72, 884 73, 562
37, 947 38, 284 38, 447 38, 585 39, 042
113,175 113,367 114,465 115,045 116,496
73,911 74, 051 75,117 75, 707 76,399
39, 264 39,316 39,348 39, 338 40,097
117,842 - 120,312 122,307
77, 154 - 78,835 80.113
40, 688 -41,477 42, 194
108,187 109,082 110,174 110,577 111,625
113,025 113,910 114,907
116,114 117,224
118,435 - 120,870 122, 096
do
107,719
120, 870
- do
do
do
do
do
70, 218
2,463
9,658
5,268
3,354
79, 441
2,813
9, 356
4,672
3, 449
70, 590
2, 468
9, 575
5, 161
3,364
71, 136
2,446
9, 483
5,043
3,384
71,873
2, 495
9, 365
4, 915
3,391
72,213
2, 477
9, 425
4, 925
3,421
72, 867
2,524
9, 425
4,940
3,403
73, SOI
2, 593
9, 391
4,830
3, 472
74, 278
2,669
9, 452
4,869
3,475
75,213
2, 679
9, 346
4,820
3,388
76, 249
2, 702
9, 323
4, 791
3, 358
76,951
2, 720
9, 222
4, 677
3, 375
77, 645 - 79,441
2, 737 -2,813
9, 226 r 9, 356
4,617 - 4 , 6 7 2
3,402 -3,449
80, 252
2,819
9.347
4, 554
3, 507
Fabricated metal products
do
Machinery, except electrical
do
Electrical machinery
do
Transportation equipment
do
Motor vehicles and parts
do
Instruments and related products, .do
7,832
14, 386
10, 381
16, 150
4,589
2,717
8, 997
16, 703
12, 559
18, 233
5, 646
3,268
7,887
14, 482
10, 654
16,217
4,530
2, 659
8,062
14, 652
10, 768
16,320
4,553
2,627
8,203
14, 843
10,954
16,492
4,644
2, 698
8,113
14, 975
11,030
16, 604
4,732
2,713
8,189
15, 172
11,211
16, 634
4,799
2,744
8,230
15,386
11,369
16, 977
5, 074
2, 823
8,238
15, 504
11,514
17, 029
5,102
2,879
8, 519
8,378
15,681 15,952
1 1 ,742 11,834
17,328 17,690
5,436
5, 107
3,031
2, 978
8, 513
16,164
12,102
17,766
5,391
3,083
8,792 -8,997
16, 365 - 16,703
12, 302 - 12,559
17, 763 - 18,233
5, 391 - 5,646
3,170 - 3, 268
9, 041
16,941
12,795
18,372
5,680
3,308
By stage of fabrication:
Materials and supplies 9
do
Primary metals
do
Machinery (elec. and nonelec.)..-do
Transportation equipment
do
20, 010
3,283
6,516
3,022
24, 423
3,586
8,359
3,888
20, 252
3,309
6,640
3,035
20, 463
3,302
6, 744
3,034
20, 659
3,267
6, 857
3,081
20, 887
3, 328
7,017
3, 139
21,198
3,348
7,157
3,195
21,424
3, 326
7, 245
3,433
21,721
3, 389
7,411
3,413
22,080
3,377
7, 602
3,407
22, 621
3,355
7, 769
3, 667
23,064
3,376
7, 932
3, 624
23, 444 - 24,423
3, 494 -3,586
8,076 - 8, 359
3, 594 -3,888
25, 025
3, 598
8, 609
3,931
Work in process9
do
Primary metals
do
Machinery (elec. and nonelec.) _.do_
Transportation equipment
do
32, 074
3,485
11,250
11, 774
36, 078
3, 450
13, 407
12, 761
32, 286
3,474
11,414
11,860
32, 559
3,488
11,526
11,952
33, 005
3, 466
11,741
12, 036
33,114
3, 509
11,801
12,064
33, 318
3, 544
11,964
11,999
33, 735
3, 4 93
12, 237
12, 100
33, 944
3,514
12, 358
12, 133
34,461
3,477
12,539
1 2,384
34, 742
3,496
12,675
12,439
35,082
3,455
12,983
12,576
35,519 - 36,078
3, 405 - 3, 450
13, 203 - 13,407
12,589 - 12,761
35, 995
3,456
13,497
12,803
Finished goods 9
Prim ary metals
Machinery (elec and nonelec )
Transportation equipment
do
do
do
do
18. 134
2,890
7,001
1,354
18, 940
2,320
7,496
1, 584
18, 052
2, 792
7,082
1,322
18,114
2, 693
7, 150
1,334
18,209
2, 632
7, 199
1, 375
18,212
2, 588
7,187
1,401
18, 351
2, 533
7, 262
1,440
18,642
2, 572
7, 273
1,444
18,613
2,549
7,249
1,483
18, 672
2, 492
7, 282
1,537
18, 886
2, 472
7, 342
1,584
18,805
2, 391
7, 351
1,566
18, 682 - 18,940
2, 327 - 2, 320
7,388 - 7, 4%
1,580 - 1,584
19, 232
2, 293
7, 630
1,638
Nondurable goods industries, total 9. -do
Food and kindred products
do
Tobacco products
do
Textile mill products
do
Paper and allied products.
do
Chemicals and allied products
do
Petroleum and coal products
do
Rubber and plastics products __ _ do
By stage of fabrication:
Materials and supplies
do
Work in process
do
Finished goods .
do
37, 501
9,421
2,369
4,044
2,875
7,018
2,300
2,383
41, 429
10, 584
2,460
4, 589
3,267
7,268
2, 626
2,627
37, 597
9, 595
2,338
4,060
2, 882
7,002
2, 262
2,380
37, 946
9, 723
2,343
4,106
2, 885
6, 992
2,280
2, 391
38, 301
9,830
2, 326
4, 192
2,912
6, 955
2, 268
2, 397
38, 364
9, 760
2, 333
4, 255
2, 915
6, 998
2, 345
2, 389
38, 758
9, 864
2,352
4, 295
2, 948
7,036
2,321
2,457
39, 224
10,0-12
2, 343
4,317
2, 992
7,046
2, 335
2, 484
39, 632
10, 135
2,331
4, 349
3,006
7,136
2, 412
2, 532
39,694
10,011
2, 31)9
4, 379
3, 032
7, 140
2, 3S8
2, 539
39, 865
10,027
2, 398
4, 436
3, 070
7, 175
2,391
2, 551
40,273
10,172
2, 425
4, 407
3, 089
7, 185
2,474
2, 578
40, 790 -41,429
10, 432 - 10,584
2, 446
2, 460
4, 521 - 4,589
3,170 - 3, 267
7, 208 -7,268
2, 548 - 2,626
2, .574 - 2 , 6 2 7
41,844
10,604
~2, 559
4,725
3. 288
7,285
2,741
2,650
13, 865
5,968
17. 668
15, 984
6, 571
18, 874
13, 965
5, 960
17. 672
14, 251
6,006
17. 689
14, 406
6,048
17. 848
14,531
6, 093
17. 740
14, 660
6,134
17. 964
15,010
6, 151
18.063
15, 350 15,514
6,177
6, 250
18. 105 I 17.930
15, 554 15,772
6, 298
6, 323
18.013 18.178
15, 868 - 15,984
6,416
-6,571
18,506 - 18,874
16,314
6,600
18, 930
Book value (seasonally adjusted) total
By industry group:
Durable goods industries, total 9
Stone, clay, and glass products
Primary metals
Blast furnaces, steel mills
Nonferrous metals
r
l
2
Revised.
Based on data not seasonally adjusted.
Advance estimate; total mfrs.
shipments for Jan. 1974 do not reflect revisions for selected components.
9 Includes data
10, 002
do
do
do
do
do
Shipments (seas adl ) total
By industry group:
Durable goods industries total 9
Stone clay and glass products
Primary metals
Blast furnaces steel mills
Nonferrous metals
Food and kindred products
Tobacco products
Textile mill products
Paper and allied products
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products
2, 850
5, 610
3, 425
1,729
2
2
->,371
2 3, 202
2 12,915
2 11,284
2 1,631
for items not shown separately.
d"Capital goods industries series is comparable to the
previous producers' capital goods and defense products (old series) categories.
SURVEY OF CURRENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
S-7
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
T 13 231
r 16 024
'31,140
r 7 305
13 319
16 099
31 , 480
7 401
10, 246
43 551
Feb.
GENERAL BUSINESS INDICATORS—Continued
M A N U F A C T U R E R S ' SALES, INVENTORIES,
AND O R D E R S — Continued
Inventories, end of year or month — Continued
Book value (seasonally adjusted) — Continued
By market category:
Home goods and apparel . .
mil. $..
Consumer staples.
__ .
do _.
Equip, and defense prod., excl. auto
do
Automotive equipment .. _ - _ _ do
Construction materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital poods industries d* - do
Nondefense
.
do Defense
do
13, 231
16,024
31, 140
7, 305
10, 220
42, 950
11 929
14 374
27, 452
6 097
8,942
39 393
12 °08
14 474
27, 656
6 152
8, 950
39 642
12 404
14 575
27, 931
6 264
9,062
39 938
12 299
14 613
28, 237
6 323
9, 044
40 061
12, 426
14, 849
28, 338
6 432
9,235
40 345
12 586
14 976
28, 680
6 753
9, 378
40 659
12 707
15, 254
28,912
6 708
9,446
40 883
12 842
15 '345
29,464
6 749
9, 590
40 917
12, 929
15,417
29,820
7,084
9,760
41 104
13 146
15,638
30,302
7 021
9,764
41 353
13 065
15, 808
30, 582
7 038
10, 019
41 923
5
30
25
5
6,263
35, 103
29, 488
5,615
5
31
25
5
5
31
26
5
5
31
26
5
5
31
26
5
5
32
26
6
5
32
97
6
5
32
27
5
936
740
306
434
5 998
33 351
27*796
5 '555
6
33
28
5
065
691
163
528
6 210
34 200
28 669
5 531
6 112 r g 263
34' 541 r 35 103
29 033 r 29 488
5 508 r 5 615
6
35
29
5
70,068
39,411
30, 657
73,233
39, 737
33,496
76, 978
42, 703
34, 275
79,349
44,517
34,832
78, 917 r 73,590
43, 845 40, 009
35, 072 r 33,581
T
80, 928
562
771
684
087
_ _ d o ... 1762, 170
418, 400
do
. . _ do.. . 343, 770
New orders, net (not seas, adj.), total
Durable goods industries, total
Nondurable goods industries, total
._
.
1
895.626
502, 768
392, 858
613
087
877
210
66, 527
37, 657
28, 870
746
345
097
248
73 046
41 467
31 579
779
677
411
266
76, 638
43, 926
32,712
758
931
547
384
74, 476
42, 241
32, 235
870
101
717
384
74, 318
42, 341
31,977
904
490
013
477
78, 486
44,914
33, 572
r 10,220
r 49 950
358
489
801
681
77, 438
41,292
35, 120
1
45 378
do
762,170
895, 626
70, 016
71, 022
72, 806
73, 325
74, 535
75,361
75, 145
76,113
75,129
77,758
79, 441 ' 76,811
do
do
do
do
418, 400
60, 143
29, 813
21, 670
502, 768
78, 642
39, 913
27, 436
39, 218
5,694
2,819
2,047
39, 765
6 015
3,061
2,138
41,021
6, 500
3, 459
2,146
41, 341
6,656
3,604
2,147
42, 449
7,042
3,729
2,316
43,016
7,015
3,817
2, 232
42, 697
6,658
3,493
2,219
42, 689
7,150
3,912
2,296
42, 259
6,325
3,068
2,338
44 ,037
6,868
3,309
2,516
44, 315
6,730
3,109
2, 582
41,546 ' 42,453
6,597 ' 5, 956
'3,014
2, 095
' 2, 557 2, 928
48, 075
do
. _ do .. 63, 779
57, 171
do
109, 377
__.do.
29, 615
do
57, 881
80, 432
67, 473
128, 169
78,811
4,449
6, 116
5,320
10, 657
2,889
4 635
6, 093
5, 496
10, 203
2 727
4,556
6,443
5,727
10, 281
2,674
4,488
6,411
5,710
10, 503
2,678
4,861
6,544
5,696
10, 739
3,068
4,672
6,719
5,682
11,329
3, 269
5,008
6,902
5,676
10, 980
2,698
4,903
6,647
5, 701
10, 948
2,867
4,982
6,922
5,537
10, 978
3,063
5,135
7,174
5,816
11,368
3,156
4,997
7,313
5,788
11,573
2, 893
' 5, 237
' 7, 308
' 5, 399
9,218 '
2,307
343, 770
89, 291
254, 479
392, 858
99, 484
293, 374
30, 798
7,919
22, 879
31 257
8,009
23, 248
31, 785
8,081
23, 704
31, 984
8,301
23, 683
32, 086
8,417
23, 669
32, 3 45
8, 186
24, 159
32, 448
8,242
24,206
33,424
8,370
25, 054
32, 870
8,260
24, 610
33,721
8,465
25,256
35, 126 ' 35,265
8,687 ' 8, 601
26, 439 r 26,664
6, 393
12 9964
10 05
7 913
5 895
26 646
6 694
13 146
10 100
7 655
6* 118
6,707
13 533
10 724
7 577
6 190
28 075
6,858
13,565
10 903
7 523
6 017
28 459
6,695
13,561
11,097
7 746
6 423
29 013
6,778
13, 738
11 520
7 708
6 240
29 377
6,642
13,846
10 753
8 322
6 406
29 176
6,491
14 480
10 ^39
8 060
6 417
29 726
6, 732
13, 926
11, 107
8 105
6,458
28 801
6,948
14, 488
11 203
8 307
6 630
30 182
7,274
14,911
12 253
8 018
6 558
30 427
3 033
12 461
10, 572
1, 889
3 077
12 571
10, 619
1,952
3 007
12* 768
10,919
1,849
3 078
13* 590
11,415
2, 175
3 154
12 603
11,404
1,199
9 996
12 887
11,032
1, 855
3 055
12 832
11, 267
1,565
3 220
13 488
11,595
1,893
3 358
14 124
11,970
2,154
110 076 112 600 r l!4 623 118 350
105,436 107 921 109 886 r H3 411 i 117 077
4,640
4,679 r 4, 737
5,000
New orders net (seas adj ) total
By industry group:
Durable goods industries, total 9
Primary metals
Blast furnaces, steel mills
Nonferrous metals
Fabricated metal products
Machinery, except electrical
Electrical machinery
Transportation equipment
Aircraft, missiles, and parts
11 852
14 373
27, 251
6 081
8,931
39 231
Nondurable goods industries, total
Industries with unfilled orders©
Industries without unfilled ordersK
do
do
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 poods industries o*
do
Nondefense
do
Defense
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), total.
...
mil. $
By industry group:
Durable goods industries, total 9
do
Primary metals
do
Blast furnaces, steel mills .
do
Nonferrou*: metals.
do
Fabricated metal products.. _
do
Machinery, except electrical
do
Electrical machinerv
do
Transportation equipment. ._
do
Aircraft, missiles, and parts... _ . . do._.
Nondur. poods Ind. with unfilled orders© do
By market category:
Home goods, apparel, consumer staples . do...
Equip, and defense prod., incl. auto
do
C o n s t r u c t i o n materials and supplies
do
Other materials and supplies
do
Supplementary series:
Household durables
do
Capital goods Industriescf
dc
Nondefensedo
Defense
do
2
80, 983
166, 960
131, 581
22 93, 479
64 323 2 76, 200
2290 984 346,423
271,896
2
146,254
2
108,318
2
80 395
2
2
2
2
2
97 3DQ
3 015 r 3 168 i 3 117
I 9 919 r 14 194 i 14 651
11,569 ' 11,746 1 12,549
1,343 '2,378 i 2, 102
85 314
81 345
3,969
114,623
109, 886
4,737
88 077
83 941
4,136
86 422
4 366
94 583
90 090
4,563
97 044
92 316
4J728
98 772
93 950
4,822
100 983 103 699 106 104
96 222 98 995 101 441
4,704
4^761
4 663
107 800
103 198
4,602
86 020
115, 785
87 635
89 419
92 499
95 354
98 602
109 355
104 246 107 344
109 410
111,897
81, 986
7 964
5 008
1 861
110,953
14, 344
9,884
2,787
107,185 109, 606 110 953 ' 112,616
14,996 14 934 14 844 r 14 033
10 309 10 051 r 9 884
8 666
2,730
2 816 T 2 787
3 055
10 926
14 917
15 748
26 107
18, 010
4,034
QO 788
031
438
992
219
90
10
7
2
719
623
000
305
93, 882
11 954
8 025
2 506
97 647
13 181
9 089
2* 560
99, 560 102 621
13 815 14 798
9 658 10 540
2 534
2 528
11 523
16 432
16 850
27 206
18* 617
4 468
11
16
17
27
18
4
650
866
166
604
497
635
12
17
17
28
18
4
12
17
17
29
19
4
285
926
984
126
009
708
12686
18587
18 256
28 932
18 748
4 686
13 206
19 118
18 610
9
9 598
19 003
4 723
13 842
19, 798
18 857
29 878
19, 148
4 694
14, 329
20, 621
19, 300
30, 437
19, 648
4,712
14 614
21 321
19 706
31 385
19 765
4 718
r 15 192 15 500
9
r 99 002 2 462
T 19 718 9Q 593
9
31 446 3 279
T 19 488 19 868
r 4 839
5 103
2 493
45, 843
10, 589
2, 562
47, 159
10, 8369
31 94
2,663
48, 076
10, 915
33 700
2,668
49, 165
11,258
35 511
2,770
50, 683
11,477
37 495
2,877
50,932
11,785
38 652
2 761
52, 173
12, 274
40 136
2,806
53, 052
12, 805
40 747
2 885
54, 035
13,323
41 654
2,978
55,636
13,581
42 129
r
1 981
51 576
2,046
52 882
39 948
19 934
2,112
53 755
33 509
20 246
2,127
54 679
34 329
20 350
2
56
35
20
230
308
364
944
2,288
56 773
36 303
20 470
9 201
57 974
37 209
9O 779
2
58
38
20
2
60
39
20
2
61
40
21
31 967
29 914
29 304
28 693
30 476
28 422
29 003
27 859
27 797
97 §39
27 190
27 374
23 165
25 941
85
8
5
2
15, 122
22,002
19, 718
31, 446
19, i88
4, 332
11
15
15
26
18
4
11 297
15 807
2,432
44, 365
10, 270
28 953
2,881
56, 386
14,
165
49 353
2, 355
45, 142
10, 450
29 688
1,933
50, 165
30 612
19 553
2, 254
62, 671
41 419
oi 959
1 849
50 9079
31 2'*
19 615
316 601 J>329 562
30 114
27* 173
111
349
983
505
198
204
9
114 324 rl!5 785 117 66
104,716
14 857
10 459
2 582
83 431
8 209
5 076
1 999
074
572
317
106
1 fi 338
26 690
18 330
4 338
on 407
88
9
5
2
024
365
566
025
663
720
213
771
042
729
281
165
253
919
9, 874
r
6, 858
7,204
' 14 74915 339
r 11 221 I 9 506
7 318
r 6 887
r 6 897
6 644
r 30 199 31 917
10, 105
1,725
o nci
11 830
1
37,396
9,351
28, 045
2 751
12 037
10, 277
1,760
2
2
6, 529
5, 276
7,231
6, 439
10,283
3, 259
36, 761
153, 669
132, 444
2
21,225
31 645
2128 461
2
107,
790
2
20, 671
1
43,439
1
379
968
511
457
1
1
115,146
13,731
1
32 783
2, 965
2, 881
' 56, 386 57,940
' 14,165 14,482
r 49 353 49 975
9 254 ' 2 289 * 2, 204
69 671 ' 64980 1 66,019
41 419 r 42 264 i 43 531
91 9^9 r 99 016 i 99 488
BUSINESS INCORPORATIONSG
New Incorporations (50 States and Dist. Col.):
Unadjusted
number
Seasonally adjusted.. ..
do
INDUSTRIAL AND COMMERCIAL
FAILURES©
Failures, total
.
number
9 345
9 566
Commercial service
do
1, 182
1 252
Construction .
do
1 419
1 375
Manufacturing and mining.
do
1,463
1 576
Retail trade
...
do
4 341
4 398
Wholesale trade
do
940
965
Liabilities (current), total.. . .
thous $ 2 000 244 2 298 606
Commercial service
do
231 813 244, 958
Construction
do
193, 530 309, 075
Manufacturing and mining
do
766 991 797 490
Retail trade
do_
558, 270 672, 831
Wholesale trade
~ _ ~ _ ~ ~ _ ~ do "
249, 640 274, 252
Fai'ure annual rate (seasonally adjusted)
2
No. per 10.000 concerns.
38. 3
2 36. 4
772
753
90
85
105
94
125
126
376
378
76
70
205 837 137 169
17 526
5 407
20, 282 18, 490
115 440 73 929
37, 826 30, 184
14, 763
9, 152
34.9
796
838
874
840
97
94
94
117
11^
119
149
124
112
125
137
106
411
396
390
411
75
94
86
96
9r
>2 349 119 343 167 94S 180 209
8 071
9 822
37 085
9 290
21,120 19, 202 37, 962 16, 928
84 669 38 588 57 965 89 959
73, 237 33, 528 33, 665 36, 923
36, 258 19, 954 29, 067 26, 577
36.0
'Revised.
"Preliminary.
i Advance estimate; totals for mfrs.
new and unfilled orders
2
for Jan. 1974 do not reflect revisions for selected components.
Based on unadjusted data.
cT bee corresponding note on p. S-6.
9 Includes data for items not shown separately.
e Includes textile mill products, leather and products, paper and allied products, and printing and publishing industries, unfilled orders for other nondurable goods are zero
1f For
35.9
35.2
36.3
38.2
26 705
9Q 215
24 852
27 683
p 02 710
P 24 06S
795
714
739
717
772
693
837
99
102
89
105
109
86
114
120
126
107
121
112
114
139
135
120
130
116
117
119
130
361
331
316
301
396
301
334
74
69
83
60
85
73
73
9
06 186 190 147 189 473 185 660 218 673 245 618 337 284
29
759
69
548
92
378
37 197 17 188 21 054 30 201
33, 800 21, 225 44, 024 34, 791 16, 444 24, 807 47, 237
55 995 55 207 54 935 60 400 44 707 65 696 88 618
42, 572 68, 438 46, 552 41,487 115, 026 113,393 106, 240
36, 622 28, 089 22, 908 18, 781 20, 118 11,963 25, 641
35.7
39.1
38.6
37.0
34.7
35.7
35.5
these industries (food and kindred products, tobacco manufactures, apparel and other textile
products, petroleum and coal products, chemicals and allied products, and rubber and plastics
products) sales are considered equal to new orders.
O Compiled by Dun & Bradstreet,
Inc. (failures data for 48 States and Dist. of Col.).
SURVEY OF CURRENT BUSINESS
S-8
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Jan.
Annual
March 1974
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES
PRICES RECEIVED AND PAID BY
FARMERS
Prices received, all farm products
1910-14 = 100..
Crops 9
do
Commercial vegetables
do
Cotton
do
Feed grains and hay
do
Food grains _ _ _ _
do. _.
Fruit
do
Tobacco
do
Livestock and products 9
do
Dairy products
do
Meat animals
. do
Poultry and eggs
do
Prices paid:
All commodities and services
do
Family living items
. . . _ _ do
Production items
do
All commodities and services, interest, taxes, and
wage rates (parity index)
-1910-14 = 100
Parity ratio §
do
CONSUMER PRICES
(U.S. Department of Labor Indexes}
Not Seasonally Adjusted
All items
1967=100
Special group indexes:
All items less shelter
do
All items less food
do
All items less medical care .
do
Commodities
- _.do_ ...
Nondurables
do
Nondurables less food
do
Durables 9
do. __
Commodities less food .._
do
Services
do
Services less rent
do
Food 9
do
Meats, poultry, and fish
do
Dairy products
_ _ _.
-do
Fruits and vegetables
do
TTousing
do
Shelter 9 .
. _
do
Rent...
.-_
do
Homeownership
do
Fuel and utilities 9 _ _
do
Fuel o i l a n d coal _ _ _ _
_ _
_do__
Gas and electricity
do
Household furnishings and operation
do
Apparel and upkeep
.do
Transportation
do
Private
_ do
New cars
do
Used cars
do
Public
do
Health and recreation 9 ..
__do
Medical care
do
Personal care. ._
__
_ _ do
Reading and recreation
do
Seasonally Adjusted
Food
do
Food at home
do
Fuels and utilities _
_.
do
Fuel oil and coal.
do
Apparel and upkeep __
. . . . do
Transportation
do
Private .. _ . .
_.
__do New cars. _
do
Commodities
._ .
. _ do..
Commodities less food
do
320
261
327
243
183
192
280
685
371
366
494
137
M37
P371
*387
P284
P 282
P376
P320
p?16
P 494
p 422
P664
P231
365
296
402
187
223
283
289
708
424
392
560
192
379
'300
395
199
216
243
301
'706
447
'393
612
179
405
316
411
222
218
251
331
704
481
388
669
204
400
324
463
229
220
262
316
707
466
381
638
211
413
348
434
255
243
262
316
707
469
378
650
204
437
385
444
249
281
291
- 345
706
480
378
664
221
438
371
430
257
288
294
335
703
495
386
687
228
527
440
360
310
363
506
322
709
602
411
849
310
486
414
325
377
325
528
325
729
548
456
731
282
468
411
318
370
331
501
351
724
518
482
670
254
459
408
337
350
330
518
314
735
503
505
635
240
468
437
328
406
351
570
298
757
494
517
605
250
507
476
354
484
376
620
316
' 761
'533
522
680
255
516
503
408
477
400
649
331
764
527
525
668
252
371
401
350
430
444
420
394
414
379
401
421
386
409
426
396
413
433
399
421
438
409
434
443
428
433
443
426
451
453
451
447
456
441
447
458
439
452
470
439
458
472
448
469
480
461
475
492
463
432
74
496
88
458
80
465
82
473
86
480
83
488
85
'501
87
'500
88
'517
102
'513
95
514
91
'519
89
525
89
538
94
545
95
125.3
133.1
127.7
128.6
129.8
130.7
131.5
132.4
132.7
135.1
135.5
136.6
137.6
138 5
139.7
141.5
122.9
125.8
124.9
120.9
121.7
119.8
118.9
119.4
133.3
135. 9
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
131.1
130.7
132. 9
129.9
132.8
124.8
121.9
123.5
139. 1
141.8
141.4
160.4
127.9
142. 5
135. 0
140.7
124.2
146.7
126.9
136.0
126. 4
124. 9
126.8
123. 8
121. 5
111.1
117.6
144.8
130.2
137.7
125.2
125. 9
125.3
127.5
127.3
123.4
124.7
120. 9
119.9
120. 5
135.7
138.3
128.6
136.1
119.1
130.5
131.5
137.0
121.8
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
126.4
127.9
128.2
124.5
126.2
121.6
119.9
120.9
136.2
138.7
131.1
142.8
121.0
133.3
132 0
137.4
122.3
142.9
124.1
127.2
124 5
122. 6
123.6
121.1
118.7
111.0
112 4
144 3
128. 1
135 3
122 4
124 3
127.8
128.4
129.5
126.1
128.3
122. 4
120.2
121.5
136.6
139.2
134.5
152.7
121.5
136.8
132.4
137.7
122.8
143.2
124.6
127.8
125.0
123. 0
124.8
121.5
119.1
110.8
113.7
144.5
128.6
135 8
123.1
124 5
128.9
129.1
130.5
127.4
129.7
123.3
121.0
122.3
137.1
139.6
136.5
155.4
121.8
141.8
132.8
138.1
123.2
143.6
125.1
128.3
125.5
123.6
125.8
122.6
120.3
111.1
117.3
143.9
129.2
136.2
123.8
125.2
129.7
129. 7
131.3
128.3
130. 7
124.0
121.8
123.0
137.6
140.1
137.9
155.6
123.2
144.6
133.3
138.7
123.7
144.2
125.4
129.3
125.7
123.9
126.7
123.6
121.3
111.1
120 6
143.9
129.6
136 6
124.4
125 6
130.6
130.3
132.2
129.4
132.0
124.7
122.3
123.7
138.1
140.7
139.8
156.5
124.1
151.7
133.9
139.4
124.0
145.0
125.6
131.6
125.4
124.7
126.8
124.6
122.4
111.0
122.3
144.9
130.0
137.0
124.9
125.9
131.0
130.4
132.5
129.7
132.4
124.4
122 A
123.5
138.4
141.0
140.9
157.8
124.1
153.7
134.2
139.7
124.4
145.2
125.7
131.7
125.5
125.0
125.8
124.8
122.6
110.9
122.7
144.9
130.3
137 3
125.3
126.2
133.5
130.9
135.0
132.8
136.6
124.7
122.6
123. 8
139.3
141.9
149.4
184.0
126.6
152.6
135.2
141.1
125.0
147.0
126.3
132.8
125 8
125.3
126.5
124. 5
122.3
110.6
121.3
144.9
130.5
137 6
125.7
126. 1
133.6
131.8
135.4
132.8
136.5
125.5
122.6
124.3
140.6
143.4
148.3
180.2
130.3
137.3
136 6
142.9
125.4
149.2
126.8
133.6
126.5
126.1
128.3
123.9
121.6
109.1
120.3
145.5
131.1
138 3
126.3
126 8
134.5
133.1
136.4
133.5
137.4
127.0
123.2
125.4
142.2
145.2
148.4
170.7
137.3
138.8
138 1
144.7
125. 9
151.5
128.6
141.1
127.4
126. 7
129.6
125. 0
122. 9
111.9
118.5
145.2
132.1
140 6
127.3
127 2
135.6
134.0
137. 5
134.7
138.9
128. 5
123.3
126.3
143.0
146.1
150 0
167.4
141.2
143.7
139 4
145.6
126.3
152.6
132.1
155.6
129 8
127.5
130.5
125.8
123.8
112.2
116. 1
144.6
132.6
140 9
12s! 1
127 5
136.5
134.8
138.4
135.7
140 3
130.0
123.2
127.1
143.8
146.9
151 3
165.8
144.9
145 3
140 6
146 4
126.9
153 6
135.9
172 8
131 0
128.0
130 5
126.7
124 6
112.0
112 6
146 5
133 0
141 4
129.2
127 6
137. 8
135.6
139.7
137.0
142 1
131.3
123.3
127.9
144.8
148.0
153 7
169 2
146.3
149 7
142 9
147 4
127.3
154 8
140.8
194 6
134 3
129.0
128 8
128 1
1?6 2
112 9
107 0
146 0
133 97
142
129 8
128 3
139.8
136.8
141.5
139.3
145.2
133.5
123.4
129. 2
145.8
149.1
157.6
174.2
149.3
155.9
143 4
148.3
128.0
155.8
143.5
202.0
137 3
130.1
130.4
129.3
127.5
112.7
103.0
146.2
134.5
143 4
130.8
128 9
128.9
127.6
122.7
120.0
123. 9
120.6
118.3
109. 5
123.8
120.9
131 4
130 4
123 9
126 4
124 2
121 3
119 2
109 7
124 7
121 3
134.5
134.3
124.2
127. 2
125.1
122.0
119.6
110.0
126.2
121. 9
136.4
136. 1
124.7
127.9
125.9
122.8
120.7
110.9
127.4
122.4
137 9
137 6
125 3
129 3
126. 2
193 3
1?1 1
111 1
128 3
192 9
139.2
139.2
125.9
132.0
126.7
124. 1
121.9
111.4
129.1
123.5
139.9
139. 5
125.8
132.1
126.7
124.6
148 3
149. 1
127.3
134. 1
128.0
124.9
122.6
113.2
132.8
124.3
149 1
149.6
129 2
141 7
128 6
194 6
122 5
111 0
133 5
194 9
151 2
151 6
132 0
155 8
129 1
125 7
123 6
111 0
134 7
125 8
151 6
152 0
135 9
173 0
129 5
196 6
124 4
110 6
135 6
126 7
154
154
140
193
112.0
129.4
123 6
148.5
150.2
126.6
133.3
127.9
124.5
122.3
112.5
132.7
194 2
157 9
159.3
143.2
200. 8
131.1
129. 6
128.0
111.4
139.6
129 6
152.9
145.4
158.2
130.7
161 1
158 6
162 9
133 5
171.2
172.8
170 1
136.7
181.9
187.2
178 1
134.9
207 8
236.6
189 8
142.7
194.9
208.0
186 3
140.2
192
197
188
139
0
7
1
5
192 1
191 5
192 4
141.8
204
197
208
145
213
209
215
150
158.8
128.5
125.6
126.6
122.3
167 7
131.5
126.8
127.9
123 1
177 5
134.3
128.7
130.2
123 4
170 9
131.8
128.8
130.4
123 5
207 5
136.1
132.9
135.4
123 9
197 1
133.9
132.2
134.5
124 2
185 7
134 6
132 8
135 0
125 1
182 7
136.4
136.8
139.9
125 7
127.0
133 5
126 7
126.7
126.6
128 0
137 7
128 7
127.7
129.7
128.2
143 1
130 9
127.8
134.0
128.0
140 1
129 8
127.6
132. 0
128. 5
153 3
134 0
128.0
140.1
128 9
148 7
132 5
128.3
136.6
129. 7
146 9
133 0
129.0
136.9
131.1
149 8
135.8
130.1
141.6
WHOLESALE PRICESd 1
(U.S. Department of Labor Indexes)
Not Seasonally Adjusted
Spot market prices, basic commodities:
1
149.9
22 Commodities
1967 = 100
120. 0 1 173 8
134.4
143 0
1
9 Foodstuffs
_-do115.0 1 175 2
127.5
142.3
136 6
1
13 Raw industrials
do
123 0 i 173 i
139.3
155 3
147 5
All commodities
- _
..
do
119.1
124.5
129. 7
126 9
By stage of processing:
Crude materials for further processing
do
127.6
143.3
150 0
151 3
118.7
Intermediate materials, supplies, etc
do
123.1
127. 4
125 1
117.2
Finished goodsO
_
do
121.0
124. 6
122.5
116.6
121.2
Consumerfinishedgoods
. do
125. 5
122 9
Producer finished goods
do
119.5
120. 6
121 7
121 2
By durability of product:
Durable goods.
do
121.1
122.7
125 6
123 9
13') o
Nondurable goods
do
125.9
117.6
129 2
Total manufactures... _
do
117.9
121.6
123 6
r>5 7
Durable manufactures
do
122. 6
121.1
125. 4
123.7
Nondurable manufactures
do
114.7
120.6
123.4
125. 9
1
Computed by BEA.
9 Includes data for items not shown separately.
§ Ratio of
prices received, to prices paid (parity index).
cTFor actual wholesale prices of individual
129 9
commodities see respective commodities.
O Goods to users, incl. raw foods and fuels.
0
8
7
4
129 7
127 7
125 99
111
137 4
128 3
3
4
9
4
232 C
231 £
239 c
186 4
139.6
140.7
144.7
126 7
201 3
143.5
144.5
149.1
128 3
205 f
145. £
146.2
151.1
129. 2
132.7
154 9
139 4
131.6
147.3
134.8
162 1
143 1
133.8
152.6
136.5
164 C
144.7
135. C
154. £
3
7
9
3
152.7
SURVEY OF CUEEENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Jan.
Annual
S-9
Feb.
Mar.
May
Apr.
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
COMMODITY PRICES—Continued
WHOLESALE PRICESd"— Continued
(U.S. Department of Labor Indexes}— Continued
All commodities— Continued
Farm rjrod processed foods and feeds 1967 — 100
122 4
137.0
142 4
149 0
147.9
154.9
163 6
156.9
184.5
173 5
166.8
164 4
168 0
177 8
180 6
Farm products 9
do
Fruits and vegetables, fresh and drled-do
Grains
- -_do_ Live poultry
do.. Livestock
do
125. 0
127.6
102.9
104.0
142.5
144.2
151.2
135.6
127. 9
159.4
150.9
146.9
128.2
137.0
177.8
160. 9
158.5
126. 1
164.8
194. 4
160.6
176.0
130.9
185.8
184. 1
170.4
186.0
149. 9
180.3
188.7
182.3
197.5
178.6
184.5
193.8
173.3
187.8
157. 2
189. 5
199. 3
213.3
162.2
266.4
269.7
243.3
200.4
149. 0
231.5
226.5
207.4
188.4
162.1
229.0
189.2
185.5
184.0
168.2
220.8
154.4
180.0
187 2
171.6
248.7
144.5
171.0
202.6
184.5
270.8
143 2
197.3
205 6
214. 5
278.1
179. 8
195.1
Foods and feeds, processed 9 .--do
Beverages and beverage materials _ _ . do . Cereal and bakery products
do
Dairy products
-- do
Fruits and vegetables, processed
do
]VIeats poultry and
fish
do
120.8
118.0
114 7
118.6
119.7
130.0
132.4
119.8
121.0
123.8
125.3
145.2
137.0
120.0
120 8
124.0
125. 9
153. 1
141.4
120.8
121.3
126. 8
126. 2
165.1
139.8
121.4
123.7
127.2
126.6
163.2
145. 0
121.9
124.3
126. 5
127.2
162.5
151.8
121.4
125. 9
127. 5
127.9
164.9
146.5
121. 1
125. 5
127. 1
127.7
169. 7
166.2
121.2
136.2
131.3
129.3
198.3
156.3
121.6
147.7
137.2
130.0
187.3
153.1
123.0
150.5
139.6
135.0
170.2
151.9
123.8
156. 2
139. 9
136.3
165.0
155.7
124.4
160 1
142 3
137.8
164 9
162.1
125.6
166 3
145. 1
139.3
177.8
164.7
126. 0
169 5
147.6
140.7
179 7
do
117 9
120.0
121.3
122 7
124.4
125.8
126.9
126.9
127.4
128.1
129.6
133.5
137 1
140 5
142 5
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
91 7
101. 2
103.0
115 8
118.0
105.1
93.0
101.4
103.5
130.3
119.4
105.6
93 1
101. 8
103.6
139 1
119.4
106.7
93 6
101. 9
103.8
173 9
119.9
107.7
94.5
102.6
103.8
184.0
120.3
109.3
94.7
102.7
104. 0
232.0
120.8
110.4
95 0
103.0
104.4
263.6
121.0
110.8
96. 7
103.4
104.4
263. 2
121.0
111.0
95.9
103.5
104.3
273.2
121.0
111.5
95.9
104.3
104.7
279. 5
121.2
112.7
95.9
105.3
104.7
273 0
126.0
113.5
104.9
105.4
104.9
241.8
128. 1
115.6
106 1
105. 9
105.1
286 0
128.6
118.2
112 3
108. 1
105.3
298.0
130.1
120.2
113 1
110 2
105.7
335 7
130.1
Fuels and related prod, and power 9
Coal
Electric power
.
-Gas fuels
Petroleum products, refined
do
do
do
do
do
118 6
193.8
121.5
114. 1
108.9
122.2
205.5
123.8
118.4
112. 3
126.0
206.9
125.9
118.6
118.7
126. 7
207. 4
126. 8
118.9
119. 4
131.8
213.8
127.6
120.1
127.9
135.5
214. 2
128. 2
121.4
133.9
142.8
215.1
128. 4
128. 0
146.6
142.8
214.0
129. 0
128.7
146.1
142.9
214.4
129.1
130.4
145.9
144.8
222.6
130.9
132.2
146.1
150.5
224.1
132.1
133.4
156.6
179.2
239.0
133.5
133. 1
210.9
201.3
240.7
135.9
137. 6
252.0
214.6
249.3
137.5
137.1
271.4
221 7
252. 9
142. 2
146.4
277.1
Furniture and household durables 9
Appliances, household
Furniture household
Home electronic equipment _.
do _
do
do
do
111.4
107.6
117 3
92. 7
112.6
107.8
119 1
92.4
113. 1
108.2
119.4
92.4
113.5
108.4
120. 0
92. 2
114 1
108.3
121 8
92 2
115. 1
108.0
122. 3
92.2
115 2
107.4
123 3
91.6
115.2
107.7
123.2
91.6
115.9
109.0
123.6
92.0
116.0
109. 0
124.4
91.5
116.6
109. 1
125.2
91.5
117.2
109. 5
126. 6
91.5
117.5
109.8
127 1
91.1
119.0
111.3
128.9
91.3
120. 2
111.6
129. 8
91.4
Hides, skins, and leather products 9
Footwear
Hides and skins
Leather
Lumber and wood products
._
Lumber
do
do
do
do
do _
do
131.3
124.5
213 7
140.3
144.3
159 4
143.9
129.0
274 0
162. 8
151. 0
169 0
144.9
130.9
272 7
162.9
161.0
182 3
143.5
131.1
246 4
164.5
173.2
195.8
145.0
131 5
270 2
161 1
182 0
207 2
142.2
129 3
253.5
159. 7
186. 9
215.4
140.9
129. 3
241 6
156 4
183. 1
214 8
141.4
129.5
246.3
156.8
177.8
209.6
143.0
129.7
261 6
157.5
178.8
210 8
143.8
130.3
257.3
162.8
181.9
216.9
143.8
131.0
256 3
160 7
180.3
214 5
143.0
131.9
239.8
160.4
184.7
211.1
141.9
132.5
227 3
156.1
186.1
214.8
142.6
134.0
220.9
155.7
183.7
213.3
143.4
134.9
222.0
155. 1
184. 1
212.6
Machinery and equipment 9
- do
Agricultural machinery and equip
do __
Construction machinery and equip
do
Electrical machinery and equip _ - do
Metalworking machinery and equip ..do _ _ ,
117 9
122.3
125 7
110.4
120.2
118 9
123.6
126 6
110.9
121.8
119 4
124.4
127 4
111.0
122.5
120 0
124.7
128 6
111.3
123.4
120
124
130
111
124
8
7
4
7
5
121.5
125.0
130.9
112.3
125.2
121 9
125 4
131 3
112 7
125.6
122.0
125.5
130.9
112.7
125.8
122.3
125.5
131 4
112 7
125.8
122.6
125. 6
131 4
112.8
126.6
123 1
127.5
132 5
113.0
127.5
123.8
128.9
132.7
113.3
128.0
124 6
129.4
134.1
114.0
128.9
126.0
130.9
135.6
115.1
131.2
127.0
131.2
137.0
115.7
132. 1
Metals and metal products 9
Heating equipment
Iron and steel
Nonferrous metals
.. .
do
do
- do
. _ do _.
123.5
118 2
128.4
116.9
125. 6
118 8
131.9
117.9
126.9
119 2
133 0
121. 0
129.2
119 5
133.3
128.3
130 5
120 5
134 0
131 4
131.7
120.2
135.3
133.2
132 5
120 7
135 9
135.0
132.8
120. 9
135.9
135. 9
133.7
190 7
136 0
137 9
134.4
120 7
136 5
138.5
135.9
120 8
138.6
140.7
138.5
121.1
141.6
144.9
141.8
121.6
142.4
155.6
145.0
122.9
144.7
161.1
148.0
123. 7
148.9
165.0
Nonmetallic mineral products 9
do___
Clay prod., structural, excl. refractories
do_C on crete products _
do
Gypsum products
do
Pulp, paper, and allied products
. _ do..
Paper..
.
.
_ do_._
Rubber and plastics products.
..do .
Tires and tubes _
_
..
.do
126.1
128.2
128.4
129.0
130.0
130.5
131.1
130.0
130. 0
129.9
130.9
131.5
132.6
138.7
142. 1
117 3
125.6
114 7
113.4
116.3
109.3
109.2
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
122 2
129 6
118 1
118 3
119.2
110 3
109.3
123
130
119
119
120
110
109
0
8
6
8
2
6
4
123.6
131.5
120 4
120.7
120.8
111 5
110.0
123 8
132 3
194 1
122 0
122 5
112 6
110 4
123.8
132.3
122 9
123 9
132
3
1992 5
133
121 5
113 1
110 4
123 9
132
5
192 0
124 4
121.7
112 8
110 4
124 6
133.6
122 4
125 8
122.3
114 0
115 1
124.6
134.1
122 0
127.6
124.7
114.8
116.3
124.8
134.5
123.3
128.7
125. 2
116.5
116.3
127.2
139.8
127.9
' 131.8
' 126. 8
117.7
118.0
128. 3
142.3
130.0
132.9
127.7
119.8
121. 2
Textile products and apparel 9
do .
Apparel..
.
_ _ _ _ _ _ _ d o .
Cotton products
do
Manmade fiber textile products
do
Textile housefurnishings
do...
Wool products
.
do
113.6
114.8
121.8
108.0
109.2
99.4
116.6
116.5
126 0
111 4
109. 9
114 5
117.4
116.8
128 2
111 8
110.3
119. 2
119.0
117.0
130 0
115 2
110.5
127.7
120.8
117.7
133 3
118 7
110.5
129 8
122 3
118.4
137 4
121 5
110.5
127 5
123 7
118 8
141 3
122 9
111.5
131 3
124.2
118.8
144 6
123 1
111.5
132 1
125 2
119 3
147 3
193 7
134 9
126 8
119.5
153
1
196 7
112.3
133 7
128 5
121.5
155 5
127 7
115.2
130 2
130.0
121.9
161.2
128 6
119.1
128.9
131.4
122.2
165.2
129.7
126. 4
128.7
133.8
123.7
171.5
130.7
133.0
128.6
135.2
124. 6
173.0
132. 8
133. 5
129. 7
Transportation equipment 9 ..Dec. 1968 = 100,
Motor vehicles and equip.
1967=100
113.7
118.0
114 1
118 2
114. 2
118 2
114 5
118 6
114 9
119 0
115 1
119 i
115 0
118 9
115 0
119 o
115 1
119 0
114 5
118 3
115 9
120 0
116.1
120.1
117.3
121.4
118.6
122.9
118.9
123.1
138 8
121 2
141 3
122 4
141
5
194 6
144
9
196 9
148 4
197 7
15°
8
198 8
154
6
198 7
156
5
199 6
161 6
130 3
165 7
131 3
175 8
133.9
180.9
136.4
202.5
143.5
203.2
145.5
121. 1
131 7
114.7
113.3
115.5
120 1
122 7
133 8
115.9
113.5
117.4
120.8
125 2
139 6
116.5
114.4
117.9
121 5
197 o
141 5
118.1
115 3
119.9
1" 3
141 ( )
119. 4
115 9
121.6
193 1
199 9
144 3
121. 93
116
124. 6
193 5
199 6
143 1
121. 1
116 4
124.3
193 6
135 4
158 6
121.3
116 9
124.4
194 3
134 6
155 9
121. 5
117. 1
124. 7
124 7
135. 8
156 3
123.7
116.0
128. 3
125. 2
140. 5
155. 3
131.7
116.4
141.0
125. 7
144.7
156.0
138.1
117.5
151. 1
126.4
148.8
162. 1
140.7
119.1
154. 6
127.9
150.6
166.3
141.5
119.7
155. 4
128. 9
121.6
122. 4
144 9
139 4
123.4
123.3
149 7
136 9
125. 4
125. 0
158 8
141 7
126.
6
196 3
160 8
140 2
128. 6
127.4
168 5
144 9
130.8
127. 8
179 1
151 °
129.
4
197 7
169 9
144 6
134.0
198 4
914 9
165 5
132. 6
128.6
9
03 7
156 5
133.4
129. 1
193 0
154. 3
136.3
130.4
189. 1
153. 6
139.7
131. 9
187.6
157.0
143.1
133.7
202.8
161.9
144.4
134.7
202 4
163.7
$0 803
.783
$0. 788
.778
$0 771
.770
$0 765
765
$0 749
760
$0 732
755
$0 741
754
$0 701
.740
$0 713
.738
$0.717
.732
$0.705
.727
$0. 688
.722
$0. 665
.716
$0. 655
.707
Industrial commodities
121.8
112.9
110.4
Seasonally Adjusted
By stage of processing:
Crude materials for further processing
Intermediate materials, supplies, etc
Finished goods:
Consumer finished goods
Food
Finished goods, exc. foods
Durable.. . .
. . ,
Nondurable
Producer finished goods ..
By durability of product:
Total manufactures
Durable manufactures
Farm products
Processed foods and feeds
do
do
do
do
do...
do
do. . .
do
do. _ .
do
do
do
........
PURCHASING POWER OF THE DOLLAR
As measured by —
Wholesale prices
Consumer prices . .
'Revised.
1967-$! 00
do
cTSee corresponding note on p. S-8.
534-264 O - 74 - S-2
$0 840
.799
$0 739
759
9Includes data for items not shown separately.
SURVEY OF CURRENT BUSINESS
S-10
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
March 1974
Feb.
Jan.
Annual
Apr.
Mar.
June
May
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
CONSTRUCTION AND REAL ESTATE
CONSTRUCTION PUT IN PLACE
New construction (unadjusted) total
123,836
135, 604
9,588
9,216
10, 030
10, 725
11,478
12,060
12, 275
12, 660
12, 527
12, 309
11,845
10,891
9 421
-do _ . 93,640
54,186
do
' 44, 736
do
102, 963
57, 867
47, 745
7,357
4, 265
3,553
7,008
4 023
3,328
7,608
4,317
3,559
8,145
4,633
3,822
8,631
4,919
4,096
9,161
5,274
4,411
9,426
5,478
4,544
9,600
5,528
4,558
9,405
5,369
4,411
' 9, 322 "8,915
' 5, 057 " 4, 720
' 4, 146 " 3, 848
'8,315
' 4, 284
' 3, 464
7,146
3 648
2,953
27 758
6 058
15, 569
1,929
391
1,088
1,862
360
1,051
2,063
418
1,154
2,194
437
1,235
2,302
446
1,322
2,428
510
1,372
2,483
545
1,384
2, 550
587
1,422
2,487
560
1,408
2,563
600
1,442
2,504
582
1,405
' 2, 393
^622
" 1,286
2,144
518
1,174
383
mil. $
Private total 9
Residential (including farm)
New housing units
Nonresidential buildings, except farm and public utilities total 9
mil. $
Industrial '
do ._.
Commercial
- do_ __
Public utilities:
Telephone and telegraph
do . Public total 9
-
Building^ (excluding military) 9
Industrial
Military facilities
Highways and streets
24, 036
4,676
13,462
3,283
3,956
223
245
300
299
336
356
348
379
346
388
353
do
30, 196
32,641
2,231
2,208
2 422
2,580
2,847
2, 899
2,849
3,060
3,122
' 2,987 " 2, 860
' 2, 576
2,275
do
11,500
875
534
1,080
10, 448
13, 001
952
605
1,161
1,051
66
56
94
579
1 001
57
45
96
598
1,075
83
48
94
643
1,131
74
52
85
727
1,162
75
52
106
888
1,066
81
57
107
1,015
1,020
83
43
101
1,082
1,061
75
42
103
1,144
1,085
' 1,129
r
114
1,071
83
57
96
58
96
do .
-do
do
New construction (seasonally adjusted at annual
rates) total
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
Housing and redevelopment
Industrial
Military facilities
Highways and streets
CONSTRUCTION
64
48
89
1,172
53
96
-1,059
" 1,r149
97
52
94
"927
135.7
136.4
137.5
133.8
134.1
133.8
136.9
136.9
136.9
' 136 .5
136.8
' 136. 3
133.2
102.0
104 1
103 8
101.2
101.8
102.8
105.4
105.8
103.7
' 103 .0
102.9
' 100. 5
98.8
59.4
48.1
61 5
49 4
60 7
49 6
58.0
48.9
57 5
49.2
58 2
49.5
59.4
49.5
59.8
49.3
59 0
48.2
56.3
46.0
54.6
44.1
' 52 7
'42.0
50.5
39.7
26.3
5.3
15.0
26 2
5.2
14.9
26 7
5.5
15.1
27.0
5.3
15.5
27.7
5.3
16.1
28 0
5 9
15 7
28.9
6.3
16.1
28.6
6.7
15.8
27.2
28.0
6.3
6.6
15.1
15.6
28.9
6.7
16.1
' 28. 8
'7.1
' 15.7
29.2
7.0
16.2
3.6
3.6
3.6
3.6
4.0
3 9
4.1
4.3
4.0
4.3
4.5
3.9
do
33.7
32 3
33 6
32.6
32.3
31 0
31.5
31.1
33.2
' 33.5
33.8
'35.8
34.3
do
do
do
do
do
14.2
.8
14 0
1.0
.6
1.3
10 5
13.7
.9
.6
1.2
9 9
13.4
.9
.5
1.3
9.6
12 1
9
6
1 2
10 1
12.1
1.0
.7
1.3
10.8
11.6
1.0
.5
1.0
10.4
12.5
r
1.2
10 9
12 7
7
.6
14
11 0
' 10.8
.6
1.0
13.7
.9
.7
1.1
12 2
.7
1.2
11 2
••13.0
1.1
.7
1.0
" 11.6
6 819
6 839
8 644
8,814
9,428
9 910
9,228
10, 303
8 151
8,983
7,905
6,133
5,954
181
191
193
177
173
183
175
199
182
191
194
161
155
.8
.6
1.0
13.6
••1.4
CONTRACTS
Construction contracts in 50 States (F. W. Dodge
Division, McGraw-Hill):
Valuation total
rnil $
101 158
1967 — 100
1165
i igi
_ _ . _mll. $
24.009
67 016
27, 044
74 115
r
T
1,928
4 891
1,717
5 129
2,046
6 599
2,071
6 743
2,359
7 069
2,995
6 916
2,581
6,647
2,968
7,335
2,328
5 822
2,055
6,928
2,140
5,765
1,855
4,277
2,135
3,819
do
do
do
27 055
45 020
18 986
32 154
46 449
22 557
r
r
r
2 402
3 943
1 174
2 229
3 277
1 333
2 707
4 643
1 294
2 634
4 512
1 668
2,629
4,754
2,045
2 976
4 612
2 323
2,991
4, 224
2,013
3,241
4,233
2,828
2,719
3,638
1,794
2,758
3,673
2,552
2,655
3,299
1,951
2,210
2,341
1,581
2,307
2,231
1,415
do -
68 001
86 743
6 102
6 014
7 600
5 710
' 6,660
3 996
5,070
8,373
7,416
8,518
10, 669
10,618
10,692
7,321
thous.. 2, 378.5
do
1 732 7
2, 356.6
do
1,309.2
do
2, 057. 4
1 502 2
2, 045. 3
1,132.0
147.3
113 0
146.6
77.1
139.5
106 1
138.0
73.6
201.1
159 7
200.0
105.1
205.4
154 5
205. 0
120. 5
234.2
171 7
234.0
131.6
203.4
147 5
202. 6
114.8
203.2
141 9
202.6
114.7
199.9
147 2
197.2
106.8
148.9
104 1
148.4
84.5
149.5
101 5
147.1
86.0
134.6
92 3
133.3
70.5
90.5
69 7
90.4
'46.8
"86.7
64 9
r
84. 9
'43.4
104.3
r 2, 152 " 2, 030 ' 1,844
' 1,232 ' 1, 108 '990
r 1, 674
957
'1,675
'938
1, 403 "1,470
'767
" 794
1,800
1,041
1,304
715
Index (mo data seas adj )
Public ownership
r
91 062
By type of building:
Nonresidential
Residential
Non-building construction
New construction planning
(Fngincering News-Record) 0
r
HOUSING STARTS AND PERMITS
New housing units started:
Unadjusted:
Total (private and public)
Tnclrlo ci \/T ^ A ' «:
Privately own ed
One-family structures
Seasonally adjusted at annual rates:
Total privately owned
One-family structures
r
2, 472
'1,418
do
do
New private housing units authorized by building
permits (14,000 permit-issuing places):
Monthly data arc seas. adj. at annual rates:
Total
thous
One-family structures
do
Manufacturers' shipments of mobile homes:
Unadjusted
Seasonally adjusted at annual rates
do
do
r
r
r
2, 423
1, 363
r
2, 283
' 1, 244
r
2, 153 ' 2, 330
' 1,231 r 1, 243
r
r
2, 152
1,140
r
r
r
r
2, 219
1 033
1,796
870
2,233
1,062
2,209
1 079
2,129
1,022
1,939
945
1,838
954
2,030
934
1,780
904
1,750
1,596
778
1,316
654
1,314
647
1,237
606
" 1,301
'638
575 9
580 0
40 7
648
42 9
642
57 0
737
61 6
680
57.3
661
57 3
616
50 3
569
53.7
44.8
473
46.0
444
39.9
530
28.5
466
28.8
469
139
152
144
145
147
149
150
151
153
154
155
156
" 157
'158
159
1,464
1,696
1 513
1 406
1 372
1,496
1,728
1 569
1 434
1 413
1,512
1,752
1 584
1 437
1 430
1,517
1,752
1 581
1 440
1 441
,522
,753
582
497
?
441
1,523
1,752
1,580
1 499
1 471
1,539
1,762
1,591
1,522
1,464
1,547
1,757
1,659
1,518
1,461
1,547
1,756
1,659
1,517
1, 461
1,542
1,772
1,653
1,508
1,457
1,544
1,773
1,651
1,504
1,461
805
546
CONSTRUCTION COST INDEXES
Oept of Commerce composite
1967 — 100
American Appraisal Co., The:
Average, 30 cities
Atlanta.. , .
New York
San Francisco
St Louts
1913 = 100- -do.
do
do
do
1,369
1,563
1 436
1 285
1 286
1,515
1,749
1 590
1 469
1 434
1,426
1,670
1 456
1 349
1 335
Boeckh indexes:
Average, 20 cities:
Apartments, hotels, off ice buildings
Commercial and factory buildings
Resi dences
1967 — 100
do
do
145.4
144 8
145.8
154 0
154 4
159. 2
148 6
148 3
149.8
151 6
152 6
156.3
]
' Revised.
* Preliminary.
Computed from cumulative valuation total.
OData for Mar., May, Aug., and Nov. 1973 and Jan. 1974 are for 5 weeks; other months,
4 weeks.
* Corrected.
153.7
155 1
160.1
154.5
155 3
160.7
157.8
157.7
163.9
157.8
157.7
164.4
158. 9
159.3
165.7
104. 1
57.4
March
SURVEY OF CURRENT BUSINESS
1974
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
S-ll
Annual
July
June
May
Apr.
Mar.
Feb.
Jan.
1974
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
CONSTRUCTION AND REAL ESTATE—Continued
CONSTRUCTION COST INDEXES— Con.
Engineering News-Record:
Building
1967 = 100Construction
- do
Federal Highway Adm. — Highway construction:
Composite (avg. for year or qtr.) - . 1967 = 100._
155.2
163.0
168.4
176.5
138.2
152 4
189.7
194. 1
163.2
171.1
164.9
172.2
167.3
173.7
168.0
174.4
168.9
175.0
137.8
168.5
176.5
168.3 '169.3
177.0
178.8
145.9
170. 2
179. 6
r
' 171.2 ' 171.0 ' 171.4
171.0
180.0 ' 180. 1 - 180. 5 ' 180. 6
155.1
1
1
170. 8
180. 6
167.8
CONSTRUCTION MATERIALS
Output index:
Composite, unadjusted 9
.1947-49=100
Seasonally adjusted _ . . _ _ _ . ._ .do
Iron and steel products, unadjusted _ do ...
Lumber and wood products, unadj
do_ Portland cement, unadjusted .. - do
176.3
185.8
175.2
198.2
206.5
212.6
198.7
195.0
214.3
197.5
209.3
195.1
197.1
206.7
216 1
198 0
191.1
186.9
r
r
206. 3
186. 0
r
r
r
213. 7
206. 4
301. 0
103 1
194. 6
235 4
168 1
190.6
143.3
168.5
186.9
148 5
206.2
213.0
201.0
192.4
202.8
217.1
208.2
210.1
277.9
209.4
197. 0
282.7
200.3
180.8
285.0
204 1
209 7
319 3
192.2
187.0
259.4
225.2
83.2
209 2
161 9
9.4
124
15 5
T 91 7
8.2
102
15
3
T
216
9.2
94
18.4
r9
00
6.3
71
15 9
168
8.4
91
15
1
T
166
9.1
99
14 9
166
7.4
92
12
4
r
136
6.6
69
13 6
T 141
7.5
94
10.5
' 137
577 47
687. 68
396. 44
630. 43
462. 88
599. 05
374. 25
618. 02
385. 90
655. 67
381. 62
650. 60
393. 06
665. 86
295 11
560 30
266. 34
561.04
358. 37
647. 95
175 0
193.9
219 3
r
179. 1
187.0
159. 3
182.2
185.2
185.7
230. 6
168.8
165.8
158.5
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
Home mortgages insured or guaranteed by —
Fed. Hous. Adm.: Face amount
mil. $ 8, 067. 06 4 473 30
Vet. Adm.: Face amount§__
. . _ _ d o ._. 8, 419. 86 7, 467. 53
Federal Home Loan Banks, outstanding advances
to member institutions, end o/period-- ..rail. $ 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
.
3.6
51
12 3
r 149
5.2
56
10.7
' 134
2.1
30
7.3
124
3.3
46
8.9
124
4.8
62
11 0
156
357. 15
720. 58
224. 72
470. 36
315.12
648. 20
259. 94
517. 37
15, 147
14, 993
7,979
15, 147
7,831
7,944
8,420
9,429
10, 156
11, 142
12,365
13, 511
14, 298
14, 799
14, 866
61 408
49 511
3 702
3 710
4,990
4,989
5 477
5,738
5,059
4 791
3 177
2 788
2,381
886
2,762
1 341
931
3 141
1 405
903
3,469
1 366
851
3,079
1 129
801
3 059
1 111
572
1,838
767
532
1,548
708
449
1,366
566
r
r
2, 529
r
425
1,r 338
766
2 353
8 553
26 615
16 240
8 441
289 274
I 796
590
1 970
1 142
614
2 019
1 077
887
2,685
1 418
number
132 335
135 890
11 755
18 458
12 222
11 718
12 719
11 509
11 070
11 239
10 014
11 431
11 017
10 668
mil. $
2 304
2 639
218
213
218
229
224
223
218
221
222
200
211
242
263
231
277
384
192
149
233
282
344
187
176
230
284
343
189
163
230
305
343
190
146
117 1
6 2
7 9
2 7
11 2
6 8
141.7
5.9
13.5
2 8
13.2
8 7
140.1
5.1
12.5
1.7
12.8
9.7
115.7
3.6
7.3
1.0
12.3
7.9
80.1
2.3
5.3
.9
8.5
4.1
11.0
9 2
3.5
2. 1
11.2
61.3
14.8
5 3
3.2
.9
12.0
47 6
3.7
349 1
8.6
80.7
10.3
45.8
399 3
5.0
68 1
9.6
36.3
203. 3
Fire losses (on bldgs., contents, etc.)
r
387
1,306
660
DOMESTIC TRADE
ADVERTISING
McCann-Erickson national
seasonally adjusted:
Combined index
Television (network)
Spot TV
Magazines
.
Newspapers
advertising
index,
1957-59—100
do
do
do
do
Magazine advertising (general and natl. farm magazines):
Cost, total...
mil $
Apparel and accessories
do
Automotive, incl. accessories
do
Building materials
do
Drugs and toiletries
do
Foods, soft drinks, confectionery
do
219
262
341
186
153
r
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.
do
Classified
do
Financial
do
General
do
Retail
.
do
r
219
281
339
175
144
224
289
367
179
137
5
7
9
0
3
0
89 6
2 2
88
1 7
11 7
8 6
109 8
4 9
11 3
37
38
1 6
1 4
8 1
38 0
5
6
9
2
8
46
1
5
5
0
3
2
31 FJ
8
87
11
43
164
5
7
4
4
7
4
238
275
418
187
164
l 210 6 1 309 2
44 2
46 1
102 1
118 9
21 0
145 0
113 6
25 5
140 5
95 7
72
1
5
1
9
5
81
72
29
20
94
486
86
77
36
18
110
552
34
2 9
19
9
7 2
33 4
0
9
4
5
6
2
9
3
6
6
1
9
3 496 5
98 0
881 2
114 5
478 0
1 924 8
3 786 1
99 8
1 024 2
138 9
479 2
2 044 1
279
6
79
13
36
143
Merchant wholesalers sales (unadj.), totaL.mil. $.. 298, 199
Durable goods establishments
do
138, 446
Nondurable goods establishments
do
159 753
364, 858
167 713
197 145
26,326
6
9
8
6
4
0
274
7
76
8
37
143
1
g
9
3
3
9
9 g
12 1
80
000
300
365
184
155
239
287
380
191
146
126. 7
5 7
13 6
3 4
11 6
9 5
126
3
13
3
13
8
7
5
3
5
0
3
109
2
11
2
12
9
8
0
0
5
6
3
81
1
7
1
10
8
3
5
8
2
1
4
77 2
3 7
6 0
13
10 6
53
6 9
9 5
27
2 0
9 3
52 5
8
9
3
2
8
53
0
4
9
0
7
1
7
7
3
1
8
44
4
3
4
3
6
4
5
3
2
j
8
30
6
6
j
4
6
3
3
2
1
8
31
9
5
6
i
1
0
6.4
6 7
4 2
17
9 2
54 1
10.7
9 4
4.4
338
9
91
10
44
5
7
2
4
5
316
8
90
11
40
164
3
8
°
6
8
9
298
8
91
17
30
150
8
8
8
8
4
0
30°
9
91
8
29
163
8
2
8
7
4
8
316 9
88
88 6
9 5
41 6
168.3
331 6
7.9
85 7
12.7
46 1
179.2
32, 391
14 958
17 433
29,849
13,739
34, 067
15, 463
18, 604
340
9
92
15
46
176
7
7
2
2
9
8
Ig9 g
Q
2 2
11 1
59 9
203.8
9 9
2.1
1.5
9.7
39.7
WHOLESALE TRADE
11 856
14 470
25, 562
11 699
13 863
29,852
13 831
16 021
Merchant wholesalers inventories, book value,
end of year or month (unadj.), total.. ..mil. $.. 31,895
37, 292 32,865 33,171 33,493
Durable goods establishments
do
18, 672
20, 954
18,970 19, 139 19,525
Nondurable goods establish merits
do
13, 223
16, 338 13,895 14, 032 13, 968
' Revised.
1 Index as of Mar. 1, 1974: Building, 171.0; construction, 182.9.
9Includes
data for items not shown separately.
§Data include guaranteed direct loans sold. If Home
28,859
13,841
15 018
31,232
14 828
16 404
30, 104
14 567
15 537
29,892
14 073
15 819
16 110
33, 895 r'32,834
14,971 13, 894
18, 924 '18,940
33, 675
14,708
18, 967
33,614 33, 820 33, 921 34,295 34, 317 34,728 35, 667 36, 796 '37,292 38,512
19,714 20, 062 20, 329 20,390 20, 188 20,168 20, 278 20, 657 '20,954 21,216
13,900 13, 758 13, 592 13,905 14, 129 14,560 15, 389 16,139 ' 16, 338 17, 296
mortgage rates (conventional 1st mortgages) are under money and interest rates on p. S-18.
0Source: Media Records, Inc. 64-City Newspaper Advertising Trend Chart.
SURVEY OF CURRENT BUSINESS
S-12
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
March 1974
1973
1973
Jan.
Annual
Feb.
Apr.
Mar.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
DOMESTIC TRADE—Continued
RETAIL TRADE
All retail stores:
Fstimated sales (unadi ^ total
448, 379
503, 317
35, 768
34,977
41,309
40,686
43, 178
43, 586
41, 665
43, 135
40,916
43, 721
44, 552
do_ _
do
do
do
149, 659
88, 612
81,521
7,091
170, 275
100, 661
92, 768
7, 895
12,154
7,504
7,019
485
12, 284
7,612
7,143
469
14,853
9, 374
8,761
614
14,535
8,989
8,347
642
15, 465
9,428
8,744
684
15,410
9,212
8, 522
720
14,518
8,707
8,016
691
14, 654
8,519
7,809
710
13,718
7,843
7,188
656
15,171
8,982
8,258
724
14, 104 r 13, 409 '11,458 111,082
8,083 ' 6, 378 ' 6, 474 1 6, 237
7,342 '5,619
5, 928
741
'759
546
do_ __
do
do _ _
21,315
12, 550
7,029
24, 030
14, 290
7,904
1,789
1,044
595
1,754
1,058
563
1,927
1,158
610
1,856
1,137
578
1,953
1,214
602
2,032
1,228
670
1,940
1,179
634
2,047
1,229
680
1,972
1,142
678
2,049
1,238
660
2,159
1,293
699
r 2, 552
'1,370
'935
20, 064
15, 973
4,091
22, 766
18, 049
4,717
1,458
1,188
270
1,470
1,198
272
1,746
1,417
329
1,861
1,487
374
2,098
1,650
442
2,185
1,704
481
2,080
1,668
412
2,180
1,770
410
1,937
1,536
401
2,068
1, 645
423
1,912
1,497
415
' 1,771
1,430
' 1, 283 1,141
'488
289
298, 720
21,993
5, 198
8,386
3,774
333, 042
24, 062
5,609
9, 119
4,229
23,614
1,608
424
595
283
22, 693
1,460
339
585
247
26,456
1,829
399
712
342
26, 151
2,007
440
743
408
27, 713
1,908
448
738
324
28, 176
1, 975
472
756
345
27, 147
1,740
397
677
299
28, 481
1,931
411
698
378
27, 198
1,974
412
747
401
28, 550
2,030
448
783
365
14, 523
33, 891
95, 020
88, 340
31, 044
15, 474
37, 925
105, 731
98, 392
34, 432
1,205
2,715
7,995
7,468
2,589
1,151
2,623
7,646
7,106
2,474
1,222
2,975
8, 792
8,202
2,773
1,219
2,950
8,171
7,579
2,808
1,281
3,238
8, 745
8,139
2,947
1,300
3,353
9, 135
8,512
3,008
1,240
3,359
8,976
8, 345
3,088
1,303
3,556
9,344
8,687
3,023
1,226
3,339
8, 859
8, 242
2,837
1,300
3,341
8, 929
8,302
2,981
74, 903
83, 301
4,999
4,933
6,307
6,467
6, 713
6,771
6,269
6,915
6,594
7,172
8,543 '11,618
68, 936
46, 560
4,722
7,498
9,215
77, 036
52, 292
5,439
8,212
9, 602
4,572
3,091
300
477
692
4,469
2,976
340
481
667
5,776
3,868
473
601
740
5,975
4,055
425
645
718
6, 194
4,229
419
648
789
6,284
4,308
370
669
825
5, 799
3,910
401
603
826
6,391
4,286
453
677
819
6, 072
4,142
414
630
759
6, 555
4,396
556
665
784
7,886 '11,063 ' 5, 062 i 4, 951
5,297 ' 7, 734 ' 3, 387 i 3, 309
'574
714
345
790 '1,326
522
823 ' 1, 160
727
do
40,707
41,242
41,979
41,185
41, 723
41, 167
42,767
42, 355
do
14,234
8,507
7,904
603
14, 405
8, 575
7,945
630
14,612
8,769
8,127
642
14,339
8,555
7,927
628
14,299
8, 503
7,870
633
13, 731
7, 943
7,328
615
14,409
8,654
7,992
662
14, 481
8, 645
7,968
677
14,267
8,457
7,771
686
14, 331
8,482
7,769
713
1,962
1,145
640
2,021
1,215
659
2,014
1,184
659
2,024
1,208
658
1,995
1,203
635
2,006
1,181
675
2,000
1,217
637
2,025
1,189
685
2,063
1,214
686
2,005
1, 195
661
2,046
1,204
672
' 1, 975
' 1, 165
'668
2,054
1,186
699
1,915
1,545
370
1,937
1,556
381
1,936
1,547
389
1,896
1,508
388
1,939
1,546
393
1,946
1,520
426
1,894
1,515
379
1,894
1,503
391
1,836
1,428
408
1,867
1,460
407
1,890
1,484
406
' 1, 835
' 1, 450
'385
1,827
1,435
392
do
26, 473
1,949
476
741
349
26, 837
2,012
471
788
348
27, 367
2,175
506
825
397
26,846
1,878
444
706
339
27,424
1,962
456
753
335
27,436
1,997
463
780
338
28,358
2,028
469
788
349
do
do
do
do
1,246
3,057
8,476
7,894
2,714
1,254
3,057
8,409
7,800
2,821
1,241
3,089
8,431
7,834
2,821
1,280
3,060
8,616
8,012
2,868
1,291
3,096
8, 665
8,074
2, 884
1,314
3,085
8,598
8,000
2, R43
1,305
3,122
9,128
8,507
2,908
1,298
3,158
8,964
8,345
2,836
6,590
6,753
7,137
6,696
6,917
6,939
7,051
6,923
6,166
4,189
452
635
783
6,386
4,346
453
667
799
6,430
4, 352
450
686
807
6,538
4.423
486
684
817
6,402
4,351
442
682
810
mil. $
Durable goods stores 9
Automotive group
Passenger car, other auto, dealers
Tire battery accessory dealers
Furniture and appliance group?
Furniture, homefurnishings stores
Household appliance TV radio
Lumber building hardware group. . do
Lumber bldg materials dealersc?
do
Hardware stores
- do
Nondurable goods stores 9
Apparel group
- -Men's and boys' wear stores
Women's apparel, accessory stores
Shoe stores
Drug and proprietary stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
do
do
do
do
do
do
do
do_
-do _ _
do
General merchandise group with nonstores 9
rnil. $ .
General merchandise group without nonstores 9 §
rnil. $
Department stores
do - .
Mail order houses (dept. store mdse)-do
Variety stores
do
Liquor stores
- do
Estimated sales (seas adj.), total
Durable goods stores 9
P
n
o r otVi anto dealers
Tire battery accessory dealers
do
do
Furniture homefurnishings stores
do
Lumber bldg materials dealers o71
Hardware stores
do
do
Apparel group
Wnmpn's nr»n rpl
do
rop^sor
storps
Shoe stores
Eating and drinking places
Food group
Grocery stores
Gasoline service stations
"do
General merchandise group with nonstores 9
mil $
General merchandise group without nonstores 9 §
mil $
Department stores
do
Mail order houses (dept. store mdse.)-.do
Variety stores
do
Liquor stores
do
6,095
4,121
412
681
759
Estimated inventories, end of year or month: J
Book value (unadjusted), total t
mil. $.. r 54, 918
25, 268
Durable goods stores 9
do
11,826
Automotive group
do
4,336
Furniture and appliance group
do
3,647
Lumber, building, hardware group. .do
Nondurable goods stores 9
do
Apparel group... . .
do
Food group
do
General merchandise group with nonstores
mil $
Department stores
do
Book value (seas, adj.), total t
Durable goods stores 9
Automotive group.. _
Furniture and appliance group ..
Lumber, building, hardware group
Nondurable goods stores 9
Apparel group
Food group
General merchandise group
stores
..
Department stores
do
do
do
do
do
do
do
do
with nonmil. $
do
6,223
4,233
429
661
795
6,621
4,461
489
715
779
61,643 ' 55,283 ' 56,921 ' 58,629
27, 899 25, 597 26,412 27, 103
13, 847 12,132 12,810 13, 358
4,345
4, 690
4, 358
4,416
4, 024
3,706
3,821
3, 922
r
59,716 r 60,139
27,647 28, 042
13, 649 13, 882
4, 639
4, 551
4, 073
4,017
49, 824 '37,894
' 1, 925
1,099
680
1,286
3,204
9,207
8,596
2, 996
'
'
'
'
'
1, 741
3, 272
9, 932
9, 214
2, 908
' 1, 266
' 3, 007
'9,115
' 8, 498
' 2, 767
27,874 r 28,262 ' 28,639
1,967
2,042
2,019
450
462
462
730
751
764
352
371
371
1,332
3,308
9,194
8,568
28,886 '28,846 ' 29,406
2,006 '2,051
2.060
' 480
462
463
761
' 776
767
339
'346
367
r 2, 951
1,322
3,331
9, 135
8,511
2,966
'1,297
' 3, 387
' 9, 264
' 8, 603
' 2, 902
1.322
3.345
9, 520
8,843
2, 9°5
6,989
6,995
7,213
' 7, 002
7,268
6,486
4,406
468
689
807
6,461
4, 357
482
696
811
6,661
4,485
473
726
793
' 6, 464
' 4, 445
'403
'690
'839
6,700
4,480
475
743
806
60,395 ' 60,008 r 58,909 r 60,148 ' 62,559 r 64,951 '61,643
28, 291 27, 916 25,843 26,308 26, 991 28, 099 27, 899
14,190 13,989 11,854 12, 198 12, 657 13, 490 13, 847
4, 615
4,582
4, 900
4,690
4,800
4, 662
4, 625
3, 981
4,024
3, 990
3, 969
4,050
4,044
3, 963
61,305
28, 217
14, 150
4,658
4,142
1,278
3,261
8,992
8,376
'2,880
31,526
4,894
5,890
32, 069
4, 947
6,010
32, 097
4, 879
6,019
32, 104
4,863
6,139
32, 092
4,883
6, 049
33, 066
5, 125
6,156
33, 840
5, 271
6,308
35, 568
5,512
6,526
36, 852
5, 678
6,749
33, 744
5,012
6, 697
33, 088
4,771
6,588
12 115
7,265
14,548
8,379
12,448
7,401
12,995
7,677
13, 589
8, 079
13, 877
8, 219
13,937
8,217
13, 936
8,124
14, 097
8,247
14,569
8, 590
14,932
8,708
16, 073
9, 368
16, 447
9,476
14, 548
8, 379
14, 354
8,218
63, 561 T 57,388 ' 57,823 ' 57,898 ' 58,378 r 59,012 r 59,788 ' 60,213 ' 60,677 ' 60,847 '61,681 ' 62,937 ' 63,561
28, 778 26, 144 26, 234 26,146 26, 356 26, 661 27, 051 27, 494 27, 563 27, 507 27, 926 28, 662 28, 778
14, 433 12, 380 12,499 12,511 12, 601 12, 731 13,041 13,476 13,470 13, 336 13, 627 14, 302 14,433
4,765
4,641
4,765
4,506
4,727
4,452
4,585
4,612
4, 723
4,643
4,428
4,489
4,613
4,144
3,775
4, 047
4,041
4,144
3,821
3, 936
4,047
4,030
4,036
3,840
3, 974
3, 889
63, 704
28, 852
14, 470
4,831
4,218
39 737
•5,' 035
6,167
34, 852
5,187
6,705
31,244
4, 792
5, 829
31,589
4,888
5, 839
32, 022
4, 938
6,002
15,532 13,482 13,718 13, 756
8,943
8, 019
8,163
8,156
' Revised.
1 Advance estimate.
9 Includes data not shown separately. tf Comprises lumber yards, building materials dealers, and paint, plumbing, and electrical stores.
$} Except department stores mail order.
j Series revised beginning Jan. 1972 to reflect
13, 899
8,233
12 930
7,754
32, 351
4, 970
6, 029
32, 719
5, 021
6, 092
33,114
5, 033
6,250
1,811
i
i
i
i
i
1, 226
2, 873
8, 708
8, 106
2, 468
14,090 ' 13, 270 ' 13, 496 1 13, 057
8,183 ' 7, 400 7,477
7,492 ' 6, 681 6,798
691
' 719
679
30, 509
4,674
5,730
34, 783
5, 244
6,618
1
42, 529 ' 42, 970 42, 976 '42,116 '42,902 i 42, 602
29, 686
4,408
5,729
30,517
4,826
5,789
36, 161
' 5, 536 i 5, 424
33, 744
5,012
6,697
' 56, 551
26, 034
12, 306
4,407
3,756
1
30, 448 '36,415 '26,436 i 25, 079
2,214 ' 3, 386 ' 1, 705 i 1, 473
523
'896
414
842 ' 1, 243
621
361
'476
300
29, 650
4,614
5,858
31,752
4, 919
5, 904
T
r
r
33, 340
5,008
6, 379
33, 755
5, 099
6,389
34, 275
5,170
6,478
34, 783
5,244
6,618
1
29,545
14, 258 14, 369 14,528 14, 590 14, 937 14,925 15, 532 15, 546
8,900
8,943
8,567
8, 623
8,614
8,482
8,708
8,368
benchmark data from the 1972 Annual Retail Trade Report aiind new seas, factors; revisions
for Jan.-Dec. 1972 appear on p. 15 of the Mar. 1974 SURVEY.
14.043
8, 262
SURVEY OF CURRENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
S-13
1973
1973 P
Jan.
Mar.
Feb.
May
Apr.
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
18,305
11,701
Feb.*
DOMESTIC TRADE—Continued
RETAIL TRADE— Continued
Firms with 11 or more stores:
Estimated sales (unadj ) total 9
Apparel group 9
Men's and boys' wear stores . .__
Women's apparel accessory stores
Sh oe stores
_- Drug and proprietary stores
Eating and drinking places
Furniture and appliance group
mil. $ - 137, 650
154, 546
10, 482
10, 162
12, 377
12,119
12,653
12,945
12,214
13,008
12,447
13,181
14,653
6,055
782
2, 194
1,694
5,246
2,887
1,902
6,569
749
2,393
1,908
5,857
3,193
2,085
405
53
141
123
420
228
160
383
40
152
112
407
222
154
620
56
193
147
440
263
178
610
64
216
191
445
263
167
524
63
200
144
479
277
159
544
66
200
162
498
286
178
451
45
172
139
471
286
166
529
49
186
168
494
305
169
555
54
192
185
465
279
174
545
63
193
157
493
265
169
591
77
213
156
494
265
176
do
do
do
do..
do
do
do
r
r
912
' 119
r
336
'751
r
254
T
235
422
46
145
130
477
233
199
224
General merchandise group with nonstoros 9
mil. $
General merchandise group without nonstores §
mil $
Dept. stores, excl. mail order sales
do
Variety stores
do.
58, 113
65, 569
3,878
3,830
4,964
5,075
5,268
5,322
4,930
5 ,426
5,158
5,634
6,749
r
9 335
4 279
55, 100
41, 053
5,933
62, 471
46, 380
6,627
3,680
2,736
376
3,609
2,644
378
4,686
3,451
476
4,836
3,601
518
5, 005
3,745
5,077
3,831
543
4,696
3,482
487
5,172
3,819
5,313
3, 900
542
6,422
4,678
652
r
542
4,907
3,670
509
9 068
6, 823
1,086
4 054
3 007
413
Grocery stores
do
Tire, battery, accessory dealers . - -- do
49, 206
2, 094
55, 165
2,210
4,243
141
4,032
134
4,719
4,235
192
4, 524
189
4,723
202
4,586
197
4,762
200
4,547
176
4,665
204
4,933
193
r
180
5, 196
4 837
140
do
12 477
12,503
12, 814
12 524
12 730
12,634
13,161
12,812
13 024
13,332
13332
r 13 2 »
13 709
do
do
do
do
do
544
64
197
166
461
252
574
59
226
168
472
260
616
72
224
173
454
270
548
63
202
157
483
258
538
64
208
148
4809
26
544
62
204
154
507
263
554
59
210
173
495
255
522
57
185
154
487
274
556
60
198
165
499
282
538
63
182
162
511
280
530
65
190
145
503
289
r 535
566
Estimated sales (seas adj ) total 9
Apparel group 9
Men's and boys' wear stores
\Vomen's apparel accessory stores
Shoe stores
Drug and proprietary stores
518
T
T
202
1
T 61
r 187
154
r 500
r 957
9
09
173
598
o CQ
General merchandise
group with nonstores 9
mil. $
General merchandise group without nonstores §
mil. $
Dept. stores, excl. mail order sales
do
Variety stores
do
5,242
5,331
6,565
5 252
5,426
5,450
5,490
5,454
5 471
5,573
5,674
5 511
5 703
4,986
3, 692
546
5,076
3, 772
525
5,303
3 922
557
4 991
3 720
5,198
3, 850
560
5,236
3,865
558
5,196
3,846
5 234
3, 875
5, 309
3,939
518
5, 158
3,841
'533
561
566
5,405
3,998
600
r 5 265
r
3 942
r 545
5 417
3 988
594
Grocery stores
Tire, battery, accessory dealers
4,480
185
4,335
184
4 369
4 525
4 533
4 712
4,870
204
4,743
181
r 4 899
179
5 076
181
do
do
All retail stores, accts. receivable, end of yr. or mo.:
Total (unadjusted).
mil. $
Durable goods stores .
do
Nondurable goods stores
do_ _
Charge accounts. _ ._
.
_ do
Installment accounts
do
Total (seasonally adjusted)
Durable goods stores.
Nondurable goods stores ._
Charge accounts.. . .
Installment accounts
190
553
184
174
4,406
172
4,848
191
4,592
189
190
25, 068
8,115
16, 953
10, 090
14, 978
27, 038
8, 520
18, 518
10. 445
16, 593
24, 143
7,845
16, 298
9,417
14, 726
23, 703
7,822
15, 881
9,333
14, 370
23, 655
7,910
15,745
9,441
14 214
23 957
8 065
15 892
9 705
14 252
24 547
8 367
16, 180
10 195
14 352
24 712
8 541
16 171
10 205
14*507
24 353
8 452
15901
9 823
14 530
24,582
8,592
15,990
9, 948
14,634
24
8
16
10
14
762
601
161
047
715
25, 272 r 25 752
8,674 r g 446
16, 598 r 17 306
10, 260 r 10 337
15,012 r 15 415
27
8
18
10
16
038
520
518
445
593
25 963
8 192
17, 841
10 036
15 997
23, 518
7,940
15, 578
9,671
13 847
25, 375
8,351
17. 024
9,991
15 384
23, 669
8, 053
15, 616
9,567
14 102
23, 983
8,123
15, 860
9, 749
14 234
24,106
8,205
15,901
9 800
14 306
24,232
8 976
15 956
9 785
14 447
24, 665
8 467
16 198
10 040
14 695
24,790
8 383
16 (407
9 )95
14 795
24,869
8 394
16 475
9 897
14 972
25,064
8,482
16,582
10,037
15 027
24, 942
8 353
16 992
() qgl
14 585
25, 341 r 25,449
8,397 r g 345
16, 944 r \1 104
10 9090 r 10 183
15 51 r 15 9gg
25, 375
8 351
17 Q 9 4
«) 991
1^ 384
25, 503
8 334
17 169
10 945
15 958
do
do
..do .
do
do
LABOR FORCE, EMPLOYMENT, AND EARNINGS
POPULATION OF THE UNITED STATES
Total, incl. armed forces overseas
LABOR FORCEcT
mil..
1
208. 84
1
209. 92
210. 04
210. 16
210.28
210.40
210. 54
210. 69
210. 84
210.98
211. 10
211.22
211.34
89,686
89, 823
87 473
83 °99
3 295
80 004
4 174
89, 891
87 557
83 758
3 467
80 291
3 799
92, 729
90 414
85 567
4 053
81 514
4 847
93, 227
90 917
86 367
4 165
82 201
4 550
92, 436
90 1°9
92, 046
89 757
85 994
91,354
91,692
82 469
3 763
92, 168
89 884
85 828
3i 419
82 409
4 056
89 701
85 643
3 826
89 0%
4 208
91, 298
89 006
84 841
3 436
81 406
4 165
91,983
87 325
8 9 814
3 131
79 g83
4 512
82 441
89 096
84 088
3, 197
80 891
4,058
5,008
89 434
84 994
3, 283
81 Oil
5, 140
288 16°
88 979
3 469
3 '355
88 963
83 950
3 390
88 898
84 Vl
3 519
88 704
84 513
3 495
89 373
85 133
3 376
79,784
88 818
84 518
3 430
80,313
80,498
80,630
81,088
81,109
81,088
90,033
85,669
3,643
82,026
90,543
85,811
3,794
82,017
90, 556
83*854
4 486
898
4 380
869
4 418
'787
4 313
818
4 300
789
4 907
755
5
3
5
15
5
3
4
14
5
3
4
15
4
3
4
15
9
4
6
1
4 8
39
4 9
14 0
4
3
4
14
4 4
9 9
4 3
8 8
9 3
210. 40
209. 72
209. 83
91,040
88, 122
85 718
81 043
2 955
78 088
4 675
89, 075
86 683
81 838
2 956
78 882
4 845
87 000
82 619
3 489
83>930
3 446
79,130
4 381
917
1
Labor force, persons 16 years of age and over__thous__
Civilian labor force
do
Employed, total.. .
do
Agriculture
. do
Nonagricultural industries
do
Unemployed. __
do
Seasorally 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 vears 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
88, 991
86 542
81 70°
3, 472
78 230
4 840
88
84
3
80
4
714
409
459
957
304
87 716
2
2
2
2
83*789
3,525
3,202
89 749
89 903
85,649
85,649
3 455
3 561
81,757
82,194
82,088
4 191
777
4 940
768
4 100
756
4 254
820
4,364
4,732
740
768
4, 753
830
4
3
4
14
7
1
8
3
4 7
3.0
4 8
14 3
4 6
3. 0
4 4
14 o
4.7
3.0
4.7
14 5
4.8
3.0
5.0
14.4
5.2
3.4
5.2
15.6
5.2
3.5
5.1
15.3
4 1
9 9
2 1
4 2
8 8
9 1
4.2
9 2
2 1
4. 1
8 4
2 1
4.2
8.9
2.1
4.4
8.6
2 2
4.7
9.4
2.3
4.7
9.2
2.4
85,803
3, 852
81,951
1 158
812
5 6
4.0
5 4
16 2
4 9
3.2
4 8
14 5
14 4
5.0
10 0
2 8
4.3
8 9
2 3
4 6
8 9
2 4
4 6
9 0
9 4
4 4
9 o
2 5
4 5
°' 4
9 3
3 4
6.5
2 9
5.3
3 1
5 6
3 0
5 7
9 9
5 5
31
5 4
9 9
5 3
9 9
5 3
2 9
5 2
2 9
5. 2
2 9
5.1
2 6
5.1
2.8
5.4
3.1
5.2
3.2
6.0
3.2
6.1
5.7
10 3
5.6
5.4
4.8
88
4.3
3.9
5 i
9 1
5 0
4.7
5
8
4
4
4
8
4
4
4 9
() 3
4 4
4 8
8 9
4 4
4 7
8 2
4 4
3 8
4 n
37
4 7
9 4
3 8
3.3
4 7
8 5
4 0
3.6
4.7
9 g
4 2
4.0
4.5
9 0
3.9
3.7
4.8
9.1
4.3
3.6
5.0
8.2
4.3
3.9
5.3
9.1
5.1
5.0
5.4
7.9
5.3
5.1
5 0
3 4
i
4
0
6
i
9
5
9
o
4
9
°
9
7
6
4
0
4
8
2
9 9
r
Revised.
i As of July 1.
2 gee note "cf" below.
9 Includes data not shown separately.
§ Except department stores mail order.
cT-tor month-to-month comparison, note that effective Mar. 1973, additional adjustments
of the labor force series to the 1970 Census added 60,000 to the labor force and to total emplov-
85 ()91
comparable.
7
1
8
4
March 1974
SURVEY OF CURRENT BUSINESS
S-14
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown in
the 1973 edition of BUSINESS STATISTICS
1972
1973*
Annual
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
EMPLOYMENT
Employees on payrolls of nonagricultural estab.:
Total, not adjusted for seasonal variation. .-thous..
Private sector (excl. government)
. - do
72, 764
59 475
75, 570
61 918
73, 343
59 772
73, 724
59 993
74, 255
60 459
74,861
61 068
75, 404
61 589
76,
308
69 565
75, 368
62,317
75,686
62 715
76,238
62,819
76,914
63,059
77,322 r 77,391
63,281 »• 63,290
75,608
61,614
75, 678
61, 526
Total employees, nonagricultural payrollst--do
Private sector (excl. government)
do
Nonmanufacturing industries
do
Goods-producing
do
Mining
. do
Contract construction... . . . _ . . _ _ d o
72, 764
59, 475
40 54}
93 061
607
3 591
75, 570
61,918
42 097
94 095
625
3 649
74, 252
60, 774
41 311
23 571
610
3 498
74, 715
61, 182
41 596
23 792
612
3 594
74, 914
61, 340
41 697
23 857
' 610
3 604
75,105
61,491
41 764
23,906
608
3,571
75, 321
61,679
41 897
24 010
608
3 620
75, 526
61,867
49 Oil
24 139
629
3, 654
75, 478
61, 883
42, 079
24, 115
631
3,680
75,747
62,110
42 249
24 171
634
3676
75,961
62,305
42,423
24,215
633
3,700
76,363
62,617
42,601
24,349
639
3,694
76,679 - 76,626
62,841 62,739
42,746 r 42,649
24,450 r 24,468
'646
644
3,711 - 3, 732
76,520
62,622
42,611
24,291
-651
- 3, 629
76,695
62, 747
42, 887
24, 248
658
3,730
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
18 933
10 884
188
612
493
660
1 235
1,371
1,864
1,833
1 747
456
42 T
19 821
11 634
192
631
522
693
1 315
1,452
2,042
1, 996
1 859
494
438
19 463
11 326
197
624
511
674
1,284
1,419
1,965
1,925
1 817
477
433
19 586
11 421
198
628
514
682
1,286
1,432
1,973
1,945
1 845
481
437
19 643
11 463
197
630
517
687
1 280
1,436
1,990
1,957
1 846
484
439
19,727
11,534
195
631
520
687
1,288
1,448
2,006
1,970
1,869
481
439
19 7829
11 60
193
629
523
692
1 299
1,456
2,021
1,984
1 877
490
438
19, 856
11,654
192
628
527
693
1,308
1,457
2,040
2,008
1,871
494
436
19, 804
11, 646
193
628
522
697
1,308
1,459
2,040
2,009
1,858
494
438
19 861
11,692
192
631
527
694
1,323
1,459
2,065
2,006
1,859
500
436
19,882
11,708
190
631
525
696
1,339
1,456
2,073
2, 010
1,850
503
435
20,016
11,802
191
634
528
701
1,353
1,466
2,086
2,039
1,858
507
439
20,095 - 20,090 20,011 19, 860
11,859 ' 11,859 11,774 11, 640
-190
190
191
186
-643
-645
646
637
-527
527
523
528
-702
-707
703
701
1,331
1,357 -1,354 - 1,341
1,
469
1,463
1,473 -1,470
2,116
2,121 - 2, 128 - 2, 132
2,057 ' 2, 051 2,032
2,048
1,827 -1,760
1,677
1,857
514
515
518
512
r 444
-440
440
439
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
8 049
1, 751
991
1,335
697
1 080
1,002
190
627
304
8 187
1,736
74
1 024
1,341
718
1 098
1,030
187
683
297
8 137
1,749
72
1 014
1,337
708
1 093
1,016
189
664
295
8 165
1,751
73
1 023
1,349
711
1 099
1,014
185
672
295
8 180
1,748
76
1 023
1,350
715
1 094
1,018
186
674
296
8,193
1,746
76
1,023
1,357
712
1,096
1,021
183
680
299
8 180
1,736
76
1 022
1,351
719
1 095
1,025
182
676
993
8,202
1,729
76
1,024
1,351
719
1,100
1,030
186
687
300
8,158
1,720
76
1,021
1,319
716
1,101
1,034
186
690
295
8 169
1,706
72
1 026
1,337
721
1 100
1,031
189
691
296
8,174
1,719
70
1,025
1,337
719
1,097
1,038
190
683
296
8,214
1,735
72
1,027
1,340
725
1,098
1,043
190
687
297
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
49 704
4, 495
15, 683
3,918
11 765
3,927
12 309
13 290
2 650
10 640
51 474
4,610
16, 294
4,082
12 212
4,053
12 865
13 652
2 624
11 028
50 681
4,574
16, 013
4,001
12 012
3,995
12 621
13 478
2 634
10 844
50 923
4,580
16,114
4,022
12 099
4,014
12 689
13 533
9 g28
10 905
51 057
4,580
16, 163
4,029
12 134
4,024
I 9 716
13 574
2 631
10* 943
51 199
4,591
16,217
4,044
12 173
4,031
12 746
13 614
2, 628
10 986
51 311
4,593
16, 256
4,046
12 210
4,044
I 9 776
13 642
2 641
11 001
51 387
4, 597
16, 262
4, 072
12, 190
4, 049
12 820
13,659
2, 613
11,046
51,363
4,598
16, 294
4,071
12, 223
4,048
12, 828
13, 595
2,588
11,007
51 576
4,617
16,352
4,099
12 253
4,064
12906
13637
2,599
11 038
51, 746
4,629
16,388
4,111
12,277
4,078
12,995
13,656
2,613
11,043
52,014
4,671
16,465
4, 137
12,328
4,088
13,044
13,746
2,626
11,120
52,229
4,654
16,520
4,163
12,357
4,095
13,122
13,838
2,638
11,200
Production or nonsupervisory workers on private
nonagric. payrolls, not sea's, adjusted
thous..
Manufacturing
do
49, 223
13 838
51, 283
14 577
49, 365
14 130
49, 562
H 9RO
49, 994
50,554
14 394
51, 025
14 457
51,899
14 739
51,616
14 458
51,976
14 727
52,063
14,841
52,286
14,866
52,483 - 52,485 - 50,833
14,886 - 14,799 - 14,530
50, 709
14, 401
49 293
51 283 50 316 50 708 50 830
18 064 17* 624 17 827 17 890
' 4f54
' 4fi9
475
469
3, 012
2,867
2, 977
2,961
14, 577 14, 295 14, 402 14,451
8,548
8,307
8,386
8,425
98
102
102
103
544
539
543
543
424
431
426
428
555
539
547
550
1, 059
1 031
1 033 1 027
1 120
1 091
1 104
1 108
9
9
1,381
134
138
1 343
1,378
1,337
1,316
1,349
1,336
1 310
1 327
1 334
306
292
295
298
342
339
343
343
50947
51 090
17 990 17 996
461
461
2,984
2,938
14,521 14,551
8,528
8,483
99
101
542
544
428
430
555
550
1 033 1 044
1 123
1 118
1 366
1 356
1,370
1,361
1 351 1,354
304
296
343
343
51,241
18 111
477
3, 020
14,614
8,573
98
542
436
555
1,052
1 126
1,380
1, 389
1,348
306
341
51, 247
18, 093
479
3,048
14, 566
8,562
99
541
431
557
1,050
1,127
1,379
1,392
1,338
306
342
51 442
18 135
483
3,041
14,611
8,597
97
544
434
554
1,066
1 129
1,399
1,384
1,339
311
340
51, 592
18,155
483
3,063
14,609
8,599
96
544
434
554
1,082
1,123
1,398
1,386
1,332
311
339
51,856
18,257
488
3, 049
14,720
8,674
97
546
434
562
1, 093
1,131
1,411
1,412
1,331
314
343
52,044
18,322
491
3,057
14,774
8,712
93
548
434
561
1,096
1,137
1,441
1,417
1,324
318
343
-51,915
- 18,347
-495
3,081
- 14,771
-8,712
96
-555
-434
-568
- 1, 094
- 1, 134
-1,447
- 1, 423
1,298
320
-343
-51,789
- 18,165
-498
- 2, 968
- 14,699
- 8, 633
-96
- 555
-434
-564
- 1, 079
1,131
- 1,447
-1,417
- 1, 241
-320
-349
51, 884
18,110
502
3,062
14, 546
8,498
97
557
430
567
1,067
1,124
1,431
1,401
1,157
323
344
6 023
1,170
63
900
1,174
557
661
596
115
531
256
6 041
1,165
63
900
1, 175
557
664
599
117
544
257
6,004
1,160
64
899
1,140
556
663
605
118
546
253
6 014
1,144
60
902
1,161
561
662
603
120
547
254
6,010
1,157
57
899
1,160
558
661
606
120
538
254
6,046
1,171
59
902
1,161
563
662
610
120
543
255
6,062
1,184
62
903
1,155
562
664
608
120
549
255
- 6, 059 - 6, 066
- 1,191 - 1, 205
-63
62
-903
904
-1,137
- 1, 144
- 565
-560
-667
-666
-610
-609
122
122
-545
-547
- 249
254
6,048
1,205
64
901
1,128
565
668
602
122
542
251
Seasonally Adjusted |
H
oje
8,236 - 8, 231
1,749 - 1, 753
75
75
1,030
1,028
1,333 - 1,321
-724
-725
1,102 - 1, 105
1,043 - 1, 042
-192
190
693
694
296
297
- 52,158
- 4, 644
- 16,398
- 4, 152
- 12,246
- 4, 101
- 13,128
- 13,887
2,654
- 11,233
- 8, 237
-1,764
-76
- 1,028
-1,316
-728
- 1, 106
- 1,044
- 192
-692
-291
8,220
1,762
77
1,025
1,305
728
1,109
1,040
193
688
293
- 52,229 52, 447
- 4, 684
4,679
- 16,419 16, 484
-4,177
4,197
' 12,242 12, 287
- 4, 105
4,123
- 13,123 13, 213
- 13,898 13, 948
- 2, 658
2,658
- 11,240 11, 290
Seasonally Adjusted
Production or nonsupervisory workers on private
nonagricultural payrolls! .
thous
Goods-producing
do
Mining
do
Contract construction
do
Manufacturing
do
Durable goods
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 _ _
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, n e c _ . _ d o
Leather and leather products .
do
Service-producing
Transportation, comm., elec., gas, etc
Wholesale and retail trade
Wholesale trade ...
Retail trade
Finance, insurance, and real estate
Services
do
do.
do...
do
do
do
do
2, 908
13, 838
7, 919
94
527
408
527
984
1 049
9
l' 36
1,238
1 9°48
76
331
5 919
1, 180
59
871
1, 165
537
657
581
117
489
261
6 098
1,171
61
900
1,164
557
663
600
118
539
254
5 Q88
1,181
59
893
1,161
548
662
590
119
522
253
6 016
l,18i
61
902
1,173
552
661
587
115
529
252
6 096
1,181
63
900
1,174
554
661
592
117
531
253
32,018
3,883
13,923
3, 278
10 645
3,072
11. 140
33, 218
3, 966
14, 457
3,413
11,044
3,146
11.649
32,692
3, 947
14,211
3,350
10,861
3,111
11,423
32,881
3, 949
14, 320
3,363
10, 957
3,127
11.485
32,940
3, 945
14,362
3,372
10,990
3,134
11.499
- Revised.
p Preliminary.
JRevised seasonally adjusted payroll employment, hours, earnings, etc. (back to Jan.
1968) were not incorporated in the 1973 edition of BUSINESS STATISTICS. Revised data for
6 038
1,178
63
900
1,182
552
663
593
115
536
256
33,027 33, 094 33,130 33, 154 33,307 33,437 33,599 33, 722 -33,568 33, 624 33, 774
4, 019
4,002 - 3, 988 - 4, 026 1 4,031
3, 972
3, 952
3,969
3, 960
3,957
3,952
14,404 14,435 14,421 14,449 14,489 14,527 14,596 14, 657 -14,517 - 14, 528 14,590
3,468 - 3, 492 ! 3, 506
3,432
3,
456
3,483
3,404
3,423
3,406
3,385
3,381
11 023 11,050 11,015 11,045 11,066 11,095 11,140 11,174 -11.049 -11,036 I 11,084
3,184
3, 169 -3,172
3,162
3, 165
3,171
3,142
3,144
3,153
3,143
3, 139
11.532 11. 559 11,605 1 11,611 11,696 11,776 11,819 11,892 -11,894 -11,898 11,969
1968-72 appear in EMPLOYMENT AND EARNINGS (June 1973), USDL, BLS; seasonally adjusted
data for 1947-67 as shown in the 1973 BUSINESS STATISTICS are comparable with the current
data.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973 P
1972
Annual
S-15
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.p
Feb. v
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
AVERAGE HOURS PER WEEK
Seasonally Adjusted
Avg. weekly hours per worker on private nonagric.
payrolls:}1! Seasonally adjusted
hours. _
Not seasonally adjusted
do
IVtining
do
Contract construction
do
Manufacturing: Not seasonally adjusted.. .do
Seasonally adjusted.
do_.
Overtime hours
do
Durable goods
Overtime hours
Ordnance and accessories
Lumber and wood products
Furniture a nd fixtures
Stone clay, and glass products
Primary metal industries
Fabricated metai products
Machinery except electrical
Electrical equipment and supplies
Transportation equipment
Instruments and related products
Miscellaneous manufacturing ind
Trans., comm., elec., gas, etc
Wholesale and retail trade
Wholesale trade..
Retail trade
Finance, insurance, and real" estate
Services
37.1
36.9
41.9
37.0
40.8
40.9
3.9
37.2
36.9
41.7
37.0
40.7
40.9
4.1
37.2
37.0
42.5
37.5
40.7
40.7
3.9
37.1
37.4
42.5
37.4
40.9
40.6
3.8
37.2
37.6
42.4
37.5
40.5
40.7
3.8
37.0
37.5
42.6
37.1
40.5
40.5
3.7
37.2
37.3
42.9
36.7
41.0
40.8
3.8
37.0
37.0
42.5
36.9
40.7
40.6
3.7
37.1
37.0
42.8
38.5
40.8
40.6
3.8
37.0
37.2
'43.3
37.2
41.2
40.7
3.7
'36.7
'36.4
'42.5
36.2
'39.9
'40.2
'3.4
36.9
36.5
43.1
37.5
40.1
40.5
3.4
3.5
3.8
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
41.5
4.1
42.4
40.7
39.9
42.1
42.4
41.6
42.6
40.4
41.9
40.7
39.0
41.3
4.1
42.6
39.9
39.0
41.1
42.4
41.4
42.4
40.4
42.3
40.4
38.7
42.0
4.4
42.7
40.7
40.6
42.2
42.4
41.9
42.9
41.1
43.2
40.8
39.4
41.6
4.1
42.4
41.0
40.6
42.3
42.1
41.7
42.6
40.6
42.0
40.7
39.3
41.8
4.4
42.0
41.1
40.4
42.3
42.2
41.8
42.6
40.6
43.5
40.8
39.0
41.6
4.2
41.9
40.7
40.1
42.3
41.9
41.6
42.6
40.6
42.1
40.7
39.1
41.4
4.0
41.9
40.9
40.1
42.2
41.9
41.5
42.5
40.1
41.9
40.5
38.9
41.4
4.1
42.7
40.5
39.8
42.1
42.2
41.6
42.2
40.2
42.3
40.6
38.9
41.1
3.9
41.5
40.7
39.7
42.0
41.8
41.3
42.4
40.1
41.0
40.4
38.7
41.4
4.0
42.5
40.7
39.7
42.2
42.7
41.5
43.0
40.4
41.1
40.9
39.1
41.3
3.9
42.4
40.3
39.4
41.9
42.7
41.5
42.6
40.0
41.5
40.8
38.6
41.4
4.0
42.1
40.3
39.4
42.1
43.4
41.6
42.3
40.2
41.1
40.9
38.9
41.3
3.9
'42.6
MO .9
'39.6
'42.2
'42.4
'41.5
'42.9
40.1
'41.0
'41.0
'38.8
'40.7
'3.5
'41.5
'40.2
'39.7
'41.4
' 41 .9
40.8
'42.2
'39.7
'40.1
'40.6
'38.2
41.0
3.5
42.0
40.5
39.7
41.6
41.7
41.0
42.5
40.1
40.7
40.9
38.9
39.7
3.3
40.4
37.4
41.3
36.0
39.6
3.4
40.4
37.2
40.8
35.8
39.1
3.4
40.1
36.6
39.5
34.5
39.7
3.4
40.2
38.4
41.2
36.0
39.8
3.5
40.2
38.8
41.3
36.2
39.8
3.6
40.1
39.2
41.6
36.1
39.6
3.4
40.4
37.9
40.9
36.0
39.6
3.3
40.1
37.8
40.8
36.0
39.6
3.4
40.2
36.0
40.8
35.9
39.5
3.3
40.4
38.5
40.8
35.7
39.8
3.4
40.6
37.9
40.9
35.9
39.7
3.3
40.6
39.2
40.5
35.8
39.7
3.5
40.8
40.7
40.6
35.7
'39.8
'3.4
'40.9
'38.9
'40.8
35.9
'39.5
'3.3
'40.8
'39.8
'40.4
'35.2
39.7
3.2
40.7
40.0
40.6
35.5
do
do
do
do
do
do
42.8
37.9
41.8
42.2
41.2
38.3
42.8
37.9
42.0
42.2
41.0
37.9
42.5
37.8
41.6
41.9
41.0
37.2
43.0
38.0
42.0
41.9
41.5
37.8
43.1
38.0
42.0
42.0
41.5
37.9
42.8
38.0
41.9
41.9
41.5
38.2
42.8
38.0
42.0
42.1
40.8
37.9
42.7
37.8
42.0
41.7
40.7
38.1
42.7
37.7
42.1
42.4
40.8
37.8
42.4
37.7
42.1
42.1
40.5
38.1
42.8
38.0
42.0
42.5
41.0
38.4
42.6
37.9
41.9
42.2
40.8
38.0
42.7
37.9
42.0
43.0
41.2
38.0
42.8
37.8
41.9
'42.7
'41.0
37.5
'42.7
37.6
'41.7
'42.5
'40.6
'37.1
42.7
37.7
42.1
42.6
41.0
37.8
do
do
do
do
do
do
40.4
35.1
39.8
33.6
37.2
34.1
40.7
34.7
39.5
33.2
37.1
34.1
40.6
34.9
39.7
33.4
37.0
34.1
40.4
35.0
39.7
33.5
37. 1
34.1
40.4
34.8
39.7
33.4
37.0
34.0
40.7
34.8
39.5
33.4
37.2
34.1
41.0
34.8
39.7
33.4
37.0
34.2
40.7
34.9
39.5
33.5
37.1
34.4
40.7
34.7
39.5
33.2
37.2
34.2
40.9
34.5
39.4
33.0
37.0
34.2
40.6
34.6
39.5
33.2
37.2
34.1
40.8
34.5
39.3
33.0
36.9
34.0
40.7
34.6
39.4
33.1
37.0
34.0
'40.4
'34.5
'39.1
'32.9
'37.2
34.0
40.7
34.2
'38.9
'32.7
'37.0
'34.0
40.2
34.3
38.9
32.9
37.0
34.1
142.46
115.37
147. 29
145. 15
146. 28
146.38
118.85
146.98
119.37
39.68
1.38
7.06
41. 62
9.74
1.33
6.93
41.35
9.62
29. 39
7.74
22. 48
1.32
6.87
41.62
9.72
22.60
27.53
27.61
147. 50
119.84
1.34
7.06
41.58
9.79
29.56
7.78
22. 72
27.67
147. 92
120. 22
1.39
7.11
41.65
9.73
29.60
7.81
22.93
27.70
147.69
119.95
1.39
7.18
41.54
9.73
29.46
7.83
22.81
27.74
147. 73
120. 01
1.40
7.09
41.50
9.82
29.42
7.82
22.95
27.73
148.42
120.58
1.41
7.06
41.77
9.77
29.64
7.89
23.04
27.84
148.92
120.90
1.41
7.09
41. 98
9.91
29. 61
7.84
23.06
28.02
149. 62
121.78
1.43
7.43
42. 19
9.85
29.80
7.88
23.20
27.85
'149.11
'121.09
1.45
'7.25
' 42. 14
'9.74
' 29. 36
'7.94
23.20
' 28. 02
148.14
120.18
' 1.44
'6.83
' 41. 63
' 9. 91
' 29. 27
' 7. 90
' 23. 20
' 27. 97
148. 83
120. 91
1.48
7.27
41.51
9.78
29. 51
7.93
23.43
27. 92
109.9
102. 4
96.9
107. 9
101.6
101.7
101.6
1 15. 1
106. 0
113. 2
111.7
113.7
122.0
120. 0
110.4
102.9
96.2
106.5
102.5
103.0
101.7
115.7
107.0
113.4
111.5
114.1
122.8
120.7
110.8
103.1
98.0
109.7
102.1
102.8
101.1
116.1
107. 9
113.7
112.2
114.3
122.3
121.4
111.1
103. 4
101.4
110.7
102.2
102. 9
101.2
116.5
107.2
113.8
112.3
114.3
122.7
122. 6
110.9
103.4
101.6
112.0
102.0
102.9
100.6
116.0
107.0
113.2
112.2
113.6
122.9
121.9
110.9
103.1
102. 9
110.6
101 .8
102.6
100.7
116.3
107.9
113.0
112.6
113.1
122.7
122.8
111.4
103.7
103.7
110.2
102.6
103.5
101.2
116.8
107.2
113.8
113.1
114.1
123.7
123. 3
111.7
104.0
103.8
110.3
103.0
104.0
101.4
117.0
109. 0
113.7
113.4
113.9
122.8
123. 4
110.8
102.4
105.9
105.3
101.8
102.1
101.4
116.6
109.0
112.2
113.4
111.8
123.4
124.2
111.5
103.2
108.3
112.5
101.3
101 .2
101 .5
117.3
107.8
113.2
113.8
113.0
123 .9
125.3
3.80
4.55
6.28
3.98
3.81
4.23
4.03
4.17
3.47
3.19
4.07
4.88
4.15
4.46
3.79
4.96
3.82
3.23
3.83
4.60
6.31
4.01
3.83
4.26
4.06
4.18
3.51
3.21
4.11
4.92
4.19
4.49
3.81
5.00
3.81
3.22
3.85
4.61
6.34
4.02
3.85
4.28
4.08
4.23
3.54
3.24
4.14
4.95
4.21
4.50
3.81
5.00
3.86
3.26
3.87
4.67
6.35
4.04
3.86
4.30
4.09
4. 22
3.61
3.25
4.17
4.96
4.24
4.50
3.83
5.05
3.84
3.27
3.90
4.70
6.40
4.06
3.89
4.31
4.12
4.28
3.59
3.25
4.20
5.00
4.24
4.51
3.86
5.06
3.87
3.26
do
do
do...
do
do
do
do
do
do
do
do
do
do
Nondurable goods
do
Overtime hours
do
Food and kindred products
... .do
Tobacco manufactures 5
do
Textile mill products
do
Apparel and other textile products
do
Paper and allied products
Printing and publishing
Chemicals and allied products
Petroleum and coal products
Rubber and plastics products, nee
Leather and leather products
37.2
36.8
42.0
36.2
40.6
41.0
3.9
36.9
36.6
41.5
36.1
40.0
40.3
3.7
37.2
42.5
37.0
40.6
37.1
42.4
37.1
40.7
MAN-HOURS
Seasonally Adjusted
Man-hours of wage and salary workers, nonagric.
establishments, for 1 week in the month, seasonally adjusted at annual rate f_.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) :JH
Private nonagric. payrolls, total*
1967 = 100..
Goods-producing
.
do
Mining
...
do
Contract construction
do
Manufacturing
do
Durable goods
do
Nondurable goods
do
Service-producing
do
Transportation, comm., elec., gas
do
Wholesale and retail trade
do
Wholesale trade
do
Retail trade
do
Finance, insurance, and real estate - do
Services
do
1.34
6.78
9.47
28.68
7.59
21.83
119.87
27.09
7.82
22. 81
27. 41
106.6
98.1
97.5
105.5
96.8
94. 9
99 5
112 5
104.4
110.4
109.0
110.9
120 1
116.8
110.8
103.2
100.8
109. 3
102. 2
102. 9
101. 1
116.1
107.3
113.4
112. 4
113.7
1" 7
122. 0
117.67
118.69
40.94
1.34
6.76
41.37
9.62
1.32
6.57
9.66
29.12
7.69
29.37
7.74
22.38
27.47
22.49
27.59
108.4
99.5
95.9
101.4
99.3
99.6
98.8
114.5
106.6
112.0
111.0
112.4
121.1
119.6
109.8
102.1
97.5
105.0
101.7
102.1
101.2
115.2
106.1
113. 1
111.4
113.7
122.0
120. 2
29.45
7.80
112.5 ' 111.8
104.9
105.3
105.1 '107.2
112.3
115.3
103.5
103.6
104.6
104.6
102.0
102.0
116.6
117.5
107.1
108.3
112.8
114.6
113.2
114.5
112.6
114.6
124.0
123. 4
124.2
124.1
HOURLY AND WEEKLY EARNINGS
Average hourly earnings per workerrHJ
Not seasonally adjusted:
Private nonagric. payrolls
dollars
3.65
3.89
Mining
do
4.38
4.69
Contract construction
do
6.46
6.06
Manufacturing
do
3.81
4.06
Excluding overtime
do
3. 65
3.88
Durable goods
do
4.05
4.32
Excluding overtime
do
3.88
4.12
Ordnance and accessories
do
4.09
4.28
Lumber and wood products
do
3.31
3.58
Furniture and fixtures
do
3.06
3.26
Stone, clay, and glass products
do
3.91
4.17
Primary metal industries
do
4.66
5.03
Fabricated metal products
do
3.99
4.24
Machinery, except electrical
do
4.27
4.54
Electrical equipment and supplies do
3.67
3.86
Transportation equipment.
do
4.73
5.07
Instruments and related products- -do
3.72
3.88
Miscellaneous manufacturing ind. ..do
3.11
3. 27
r
Revised.
* Preliminary.
1 See note "{", p. S-14.
«[ Production and nonsupervisor y workers
3.77
4.60
6.42
3.98
3.81
4.23
4.04
4.18
3.45
3.15
4.03
4.87
4.13
4.44
3.80
5.00
3.82
3.24
3.78
4.55
6.31
3.97
3.80
4.23
4.03
4.15
3.47
3.17
4.04
4.86
4.15
4.45
3.78
5.00
3.82
3.22 1
3.91
4.69
6.46
4.06
3.88
4.31
4.11
4.29
3.62
3.28
4 .21
5.10
4.24
4.53
3.88
5.02
3.87
3.26
§ R evised b(••ginning June 197 1 to corr 3ct
of p. i3-14, Oct . 1973 SuRVEY.
3.99
4.78
6.64
4.13
3.93
4.39
4.17
4.37
3.68
3.33
4.26
5.16
4.30
4.61
3.91
5.10
3.93
3.31
errors of
4.03
4.02
4.01
4.00
3.99
4.96
4.86 '4.92 '4.98
4.76
6.73
'
6.73
'6.70
6.67
6.66
4.20
'4.21
4.21
4. 16
4.14
4.04
4.04
4.02
3.97
3.95
4.46
'4.47
4.48
4.42
4.39
4.28
4.21 '4.28 '4.29
4.19
4.46
4.48 '4.49 '4.48
4.38
3.68
'3.66
3.65 '3.68
3.67
3.38
'3.36
'
3.36
3.34
3.34
4.29
'4.27
4.29
4.28
4.27
5.21
5. 23 '5.23 '5.24
5.14
4.38
4.38
4.35 '4.39
4.32
4.75
4.65 '4.75 '4.72
4.63
3.96
3.98 '3.98
3.93
3.91
5.25
'5.29
5.16 ' 5 .32
5.14
4.04
'4.02
4.04
3. 95
3. 93
3.40
'3.40
3.36
3.33
3.31
estirr ation; re visions a ppear at bottom
SUEVEY OF CURRENT BUSINESS
S-16
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
March 1974
1973
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.*
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
HOURLY AND WEEKLY EARNINGS— Con.
Average hourlv earnings per worker Ut— Con.
Not seasonally adjusted— Continued
Private nonagric. payrolls— Continued
Manufacturing-- Continued
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
3.69
3.53
3.83
3.78
2. 94
2.78
4. 18
4.68
4.46
5. 22
3.80
2.81
5.04
3.20
4.11
2. 86
3.61
3.36
3.61
3.47
3.75
3.56
2.87
2.72
4.06
4.66
4.36
5.09
3.74
2.77
4.87
3.11
3 99
2.78
3.54
3.27
3.59
3.45
3.75
3.65
2.88
2.72
4.07
4.58
4.35
5.09
3.73
2.78
4.90
3.13
4.02
2.80
3.56
3.28
3.61
3.46
3.77
3.70
2.88
2.73
4.08
4.60
4.36
5.15
3.73
2.80
4.89
3.14
4.03
2.81
3.55
3.30
3.63
3.48
3.78
3.81
2.90
2.74
4.11
4.63
4.40
5.22
3.76
2.79
4.96
3.16
4.07
2.83
3.59
3.32
3.64
3.50
3.82
3.84
2.90
2.74
4.12
4.67
4.42
5.22
3.71
2.80
4.96
3.17
4.09
2.84
3.57
3.32
3.66
3.51
3.82
3.91
2.90
2.75
4.16
4.68
4.46
5.24
3.75
2.80
4.99
3.19
4.10
2.86
3.58
3.34
3.70
3.55
3.82
3.97
2.89
2.74
4.23
4.70
4.49
5.26
3.82
2.79
5.04
3.20
4.12
2.86
3.61
3.36
3.70
3.54
3.83
3.73
2.92
2.79
4.24
4.70
4.50
5.24
3.81
2 80
5.12
3.21
4.13
2.87
3.60
3.34
3.75
3.58
3.85
3.68
3.02
2.84
4.26
4.76
4.53
5.29
3.86
2.84
5.19
3.26
4.19
2 92
3.66
3.44
3.76
3.60
3.89
3.73
3.03
2.85
4.27
4.75
4.54
5.26
3.86
2. 85
5.18
3.27
4.18
2.93
3.64
3.44
t
3 91
3 81
3. 06
2.86
4 30
4.76
4.58
5 29
3.90
2.87
5.19
3. 29
4.22
2.94
3.67
3.45
3.80
3.64
3 97
3 87
r
3.07
'2.83
4 31
r
4.79
'4.60
5 27
3.91
2.87
••5.19
3.28
'4.27
r
2.94
'3.72
3.48
3 82
3 68
3 99
r 3 93
3 06
2.85
4 32
r 4 79
'4.63
r 5 37
'3.92
'5.22
3.34
' 4 28
2 99
'3.72
' 3 50
3 83
3 69
4 02
3 90
3 06
2.87
4 31
4 82
4.63
5 41
3.94
2 91
5.22
3.35
4 30
2 99
3.73
3 50
do
-do . ..
do. _
do
1
do
do _
do
do
3.65
4.38
6.06
3.81
4.64
3.02
3.45
3.18
3.89
4.69
6. 46
4.06
5.04
3.20
3.61
3.36
3.77
4.58
6.37
3.97
4.86
3.09
3.53
3.26
3.78
4.52
6.29
3.96
4.90
3.11
3.53
3.27
3.81
4.54
6.31
3.98
4.92
3.13
3.54
3.30
3.84
4.59
6.35
4.01
4.97
3.15
3.58
3.32
3.85
4.62
6.34
4.02
4.97
3.16
3.56
3.32
3.87
4.70
6.43
4.04
5.01
3.19
3.59
3.36
3.91
4.74
6.46
4.07
5.03
3.21
3.61
3.38
3.92
4.73
6.50
4.09
5.11
3.23
3.61
3.37
3.96
4.78
6.59
4.13
5. 15
3.26
3.67
3.42
3.98
4.76
6.59
4.16
5.17
3.27
3.65
3.43
3.99
4.83
6.63
4. 16
5.18
3.29
3 67
3.44
4.02
'4.90
'6.67
4.18
'5.19
3.31
'3.73
3.48
4 02
' 4 96
' 6.68
' 4 20
'5 21
3.32
' 3 71
'3 49
4 03
4.93
6.71
4 19
5 22
3.33
3 70
3 49
Indexes of avg. hourly earnings, seas, adj.: 0 If
Private nonfarm economy:
Current dollars
1967 = 100-.
1%7 dollars A
- -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
137. 9
110.1
136. 7
146.9
135.4
143.7
135.0
133.4
138.4
146.5
110.1
146.4
156. 2
143.3
155. 7
143. 2
140. 4
146. 4
142.3
111.3
142.4
154. 0
139.5
150.4
138.7
136.8
142.2
142.5
110.7
141. 5
151.8
139.7
151.5
139.2
137.0
142.3
143.3
110.4
142.5
152. 6
140.4
152. 1
140.2
136. 9
143.6
144.4
110.5
144.0
153.4
141. 1
154.6
141.2
139.1
144.7
144.7
110.1
144.8
153.7
141.8
153.5
141.7
138.5
144.7
146.0
110.4
146.2
155.4
142.7
155.0
142.9
139.5
146.3
146.9
110.9
147.9
156.3
143.7
155.6
143.6
140.9
147.3
147.6
109 .3
147.5
157 .2
144.5
157 .7
144.4
140 .9
146.9
149.0
110.0
149. 5
159.1
145.4 i
158.5
145.7
143.4
148.8
149.6
109.5
148.4
159. 2
146.5
159. 8
146.2
142.7
149.1
150.3
109.1
150. 2
160. 3
147. 0
160 0
146 9
143.6
149. 9
151.3
109.3
152.2
161.2
147.9
160.2
147.9
145.5
151.3
151.7
108.4
153.7
160 2
148.5
161 5
148 8
144.9
152.1
152.1
107.4
153.4
162.0
149.2
161 5
148.8
144.6
152.0
6.642
9. 146
1 84
4 923
7.07
9. 59
6.896
9. 410
1 98
6.896
9.410
6.897
9.414
6.910
9.490
1 97
6.93
9.48
7.04
9.52
7.09
9.55
2.02
7.18
9 .66
7.22
9.72
7.22
9.76
1.97
7. 25
9.80
7.27
9.84
7.29
9.89
2 17
7.31
9.89
135. 78
108. 36
144.32
108. 43
139.11
108. 79
140. 62
109. 22
141.35
108. 83
142.85
109. 30
143. 22
108. 94
143. 58
108. 60
145. 45
109.77
145 .04
107 .39
147.31
108.72
147.26
107.80
148. 03
107. 52
148.74
107.45
147.53
105.47
148.71
104. 97
120.79
96. 40
126. 55
95. 08
122.51
95.81
123.70
96.08
124. 26
95.67
125.42
95.96
125.70
95.61
125.98
95. 29
127. 42
96.16
127.11
94.11
128. 86
95. 11
128.82
94. 30
129. 42
94. 00
129.96 ' 129.03
93.88 ' 92.24
129. 94
91.72
135.78
186. 15
224. 22
154.69
167. 27
137.76
187. 46
106. 00
154.42
90. 72
128.34
108. 44
144. 32
198 86
230. 67
165.24
179.28
146 12
205.13
111 04
16° 35
94 95
133.93
114 58
137. 98
189.98
223.42
173.43
139.71
195.77
107. 30
157.61
91.46
130.98
110.85
139. 10
188.37
220.22
161.18
175.97
141.09
197.47
107. 99
158.79
92. 12
132.08
111.19
140. 22
188.37
229. 85
162.38
175.97
142. 96
196. 58
108. 33
159. 59
92. 45
131.35
111.87
141.33
191.82
232.21
163.21
177.22
143. 39
199.39
108.70
159.95
93.39
133.55
112.88
142.45
195.46
237. 75
163. 61
178.05
143. 78
201.87
109. 37
161.56
93.72
131.73
112.55
144. 74
200. 34
241.94
165. 24
179.31
145. 67
204. 09
112.29
162.36
96.67
132. 82
114.90
146. 64
200.22
245.76
164.43
177.14
146. 89
207. 14
113.92
163.56
98. 10
134. 65
116.93 1
146.63
200.73
247 .42
164.43
176.28
147.26
210.43
113.63
163.55
97 .87
133.56
115.90
148.83
205.54
251.66
169. 33
183. 06
150. 00
211.75
113.12
165.51
96. 94
135.79
117.30
147. 63
204.20
251.08
168. 50
181.75
149. 27
211.86
112. 16
164. 27
96. 10
134. 68
116.62
148. 00
''08. 49
250. 13
169. 73
183. 43
150. 82
211. 75
112.85
166. 27
96.43
135.79
116.96
149.17
214.02
' 245.22
173.45
187.71
152.38
' 210.71
' 113.82
r 168.67
'97.61
' 138.38
118.32
101
122
122
119
121
121
122
123
131
126
121
123
120
114
' 111
38
4 6
35
4.2
2. L
1 0
3.1
3.7
2. 1
.8
3.5
4.2
2.5
*•«
4 1
5 1
3 3
4.2
6 ^
5.0
6.5
4.5
4. 7
2 0
39
3.2
4.9
4.0
4.4
•> p
(j
4.8
3.9
4.4
o 7
.9
4.9
4.0
4.7
2.9
.9
Nondurable goods
- - - dollars
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, nee -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
Hourly wages, not seasonally adjusted:
Construction wages, 20 cities (E N R ) : d"
Common labor
$ per hr
Skilled labor
do . .
p n ' i
(
L
i V ~ns
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 adjustedA
Current dollars, not seasonally adjusted :|
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
9
()()
159. 20
5.452
78
62
r
r 2 90
' 146.33
••210.16
' 234.88
' 167.98
' 180.59
' 149.36
' 210.37
112.89
' 165 64
'96.28
' 137.64
' 118.30
147.10
210.80
243.63
168.42
181.08
150.52
209.32
113.23
166.41
96.58
138.01
118.65
HELP- W A N T E D A D V E R T I S I N G
Seasonally adjusted index
-1967 = 100..
109
LABOR T U R N O V E R }
Manufacturing establishments:
Unadjusted for seasonal variation:
Accession rate, total New hires
Separation rate, total
Quit
Layoff
Seasonally adjusted:
Accession rate, total
New hires
Separation rate, total
QuitLayoff
do
do
do
do
_
._ .
do
do
do
do
do
1 l
f
1
.8
WORK STOPPAGES
Industrial disputes:
N u m b e r of stoppages:
380
410
Beginning in month or year
number
5,010
310
5 600
590
670
In effect during month
- _ do
480
Workers involved in stoppages:
141
110
Beginning in month or year
_ . thous
1,714
118
2 20
200
156
In effect d u r i n g month
do
145
1.281
Man-days idle during month or year
do..27,066
1,433
1,330
27,00
r
Revised. p Preliminary.
i See corresponding note, p. S-14.
1 Production and nonsupervisory workers.
©The indexes exclude effects of changes in the proportion of workers in high-wage, and
low-wage industries, and the manufacturing index also excludes effects of fluctuations in
overtime premiums. See also note "i", for p. S-14.
2 4
4
3
4
2
9
9
4
6
8
5 q
4.4
4.3
2.7
.6
5.1
4.3
4.7
2.8
.8
4.1
5.1
2.8
1.4
5.0
4.4
2 8
6
4.5
3.6
4.7
2.9
.8
1
4.8
3.9
4.5
2.8 |
1.0
.8
4.7
3.8
5.1
3.0
.9
5
5.7
3.9
.7
4.7
3.7
4.4
2.4
9
4.3
4.9
3.0
.8
30
4. 1
5.0
3.9
4.6
2.8
.8
r
2.2
r 1.6
9 9
10
15
1.7
4.0
1.9
1.3
4.8
3.8
4.6
2.8
.9
'4 2
4.5
3.6
5.1 i
2. 6
1.5
4.4
3.4
4.8
2.5
1.5
T
3.5
4.4
r 9 -3
1.
4. 9
j
470
710
580
860 |
520
840
500
830
530
890
500
850
420
740
380
650
25
46
310
480
350
560
102
132
167
155
164
238
253
259
213
134
244
341
14
299
354
253
261
360
377
1,142
1,305
1,84
2, 698
2, 729
2,483
2,173
1,890
2,696 * 2,421
2,510
cTWages as of Mar. 1, 1974: Common, $7.31; skilled, $9.90.
§ For line-haul roads only;
omits wages in switching and terminal companies.
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.
146
167
SURVEY OF CUERENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
S-17
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
f
1, 667
2 092
2 740
r
1, 159
1 503
1,619
I 9?2
?2 561
2.4
2.8
3.1
2.9
?4. 1
*>3. 0
1, 138
289. 4
1,363
335.9
Feb.
LABOR FORCE, EMPLOYMENT, AND EARNINGS—Continued
UNEMPLOYMENT INSURANCE
Unemployment insurance programs:
Insured unemployment, all programs, average
weekly §9
thous
State programs:
Initial claims
do
Insured unemployment, avg weekly
do
Percent of covered employment: A
Unadjusted
_ _ _
Seasonally adjusted
Beneficiaries average weekly
thous
Benefits paid §
mil. $_
2,186
pi, 790
2,333
2,250
2,075
1,828
1,610
1,523
1,640
1 572
1 440
1 451
13, 580
1,848
Pl2,815
pi, 630
1,539
2,124
1,000
2,062
916
1,898
920
1,669
887
865
954
747
978
1,465
1,384
1,231
1,505
1 436
3.5
p2. 8
3.8
2.7
1,758
465.3
3.7
2.8
1,803
415.0
3.4
2.8
1,752
440.9
2.8
2.7
1,506
363.6
2.5
2.7
2.4
2.7
2.5
2.6
2.4
2.7
2.1
2.8
2.1
2.8
1,299
339.2
1 210
287. 1
1,202
296.3
1 229
316.3
1 102
248.3
1 070
280.7
1,470
P! 369
4, 471. 0 p4, 078. 0
Federal employees, Insured unemployment,
average weekly
thous
Veterans' program (UCX):
Initial claims
._.
do
Insured unemployment, avg weekly
do
Beneficiaries, average weekly
do_ _
Benefits paid
mil. $
Railroad program:
Applications
thous,
Insured unemployment, avg weekly .do _ _ _
Benefits paid
mil. $
1 299
1 298
T
T
r
r
36
p38
39
37
34
31
28
28
39
42
42
44
47
46
?>47
523
106
102
361.8
p362
p62
p60
pl96 6
39
76
74
21 2
35
76
73
18 0
33
72
74
20 1
26
64
65
27
58
58
28
56
54
32
59
55
31
59
59
26
53
52
27
51
48
'28
54
30
60
53
"67
r 17 0
16 7
14 3
15 3
17 4
13 5
14 3
105
20
51.5
93
12
30 6
3
10
r
7
21
59
T
r
3
18
3.8
26
15
37
9
13
2 9
7
9
13
9
7
9
6
10
4
9
2 3
17
15
18
16
r
••50
14 2
14 6
1 Q
4
10
1.9
16
8
14
2. 7
4
9
FINANCE
BANKING
Open market paper outstanding, end of period:
Bankers 'acceptances _ _ _ _ _
_ _ mil. $ _
Commercial and finance co. paper, total
do
Placed through dealers
do
Placed directly (finance paper)
do
Agricultural loans and discounts outstanding of
agencies supervised by the Farm Credit Adm.:
Total, end of period
mil. $
Farm mortgage loans:
Federal land banks
do
Loans to cooperatives
do
Other loans and discounts.. .
do
Bank debits to demand deposit accounts, except
interbank and U.S. Government accounts,
annual rates, seasonally adjusted:
Total (233 SMSA's)O
bil. $._
New York SMSA
. do _
Total 232 SMSA's (except N.Y.)
do
6 other leading SMSA 'si
do
226 other SMSA's
... __
do
6,898
34, 721
12 172
22 549
8,892
41, 073
13,062
28,011
6,564
35, 727
12, 552
23, 175
6,734
35, 196
10, 924
24, 272
6,859
34, 052
9,359
24, 693
6,713
34, 404
9,334
25, 070
6,888
35, 672
9,436
26,236
7,237
35, 786
9,489
26, 297
7,693
35, 463
9,161
26, 302
7,734
37, 149
9,026
28, 123
8,170
37, 641
10, 198
27, 443
8,237
41,602
13, 046
28, 556
8,493
42, 945
14, 141
28,804
8,892
41,073
13,062
28,011
9,101
45, 491
15, 419
30, 072
18, 293
21, 840
18,925
19, 343
19, 733
20,075
20, 319
20, 641
20, 856
21, 206
21,346
21,454
21, 505
21, 840
22, 506
22, 919
9,107
2,298
6, 889
11, 071
2,577
8,193
9,251
2,808
6,866
9,387
2, 936
7, 020
9,591
2,895
7,246
9,767
2,859
7,449
9,953
2,765
7,601
10, 118
2,725
7,798
10, 256
2,811
7,789
10, 441
2,865
7,899
10, 592
2,738
8,016
10, 781
2,711
7, 961
10, 926
2,662
7,917
11,071
2,577
8,193
11, 245
3,123
8,138
11,402
3,211
8,306
'15,959.2
6, 844. 8
'9,114.4
'3,873.4
5,241.0
'15,971.2
6, 927. 5
'9,043.8
'3,857.5
5, 186. 2
'16,452.0
7, 177. 0
'9,275.1
'3,918.3
5, 356. 7
'17,888.9
7, 744. 6
'10,144.3
'4,318.2
'5,826.0
'17,918.7
8, 025. 3
'9,893.3
'4,195.7
'5,697.6
'18,394.4
S, 137. 2
'10,257.2
'4,418.0
'5,839.1
'19,049.5
8, 437. 9
'10,611.6
'4,519.8
'6,091.7
'18,641.3
8, 097. 7
'10,543.6
'4,462.8
'6,080.8
'15,450.8 '16,074.6
6, 855. 4 7, 227. 0
-•8,595.4 '8,847.5
'3,638.1 '3,809.9
4, 957. 3 5, 037. 6
Federal Reserve banks, condition, end of period:
Assets, total 9.
mil. $
'16,638.8 '17,224.5
7, 224. 6 7, 381. 4
^,414.3 '9,843.1
'4,050.2 '4,282.4
'5,364.1 '5,560.8
18, 816. 9 19,812.5
8, 081. 0 8, 896. 2
10, 736. 0 10, 916. 3
4, 517. 1 4, 585. 0
6, 218. 8 6,331.3
103,656 106,464 '140,665 Pl04,296
97, 675
106, 464
99,061
99, 492
99,325 100,010 100, 010 100, 509 104, 439
Reserve bank credit outstanding, total 9 __do
Discounts and advances
do
U.S. Government securities
do
77, 291
1,981
69, 906
84, 680
1,258
78, 516
77, 228
1,310
72, 022
78, 539
1,564
72, 620
79,717
2,048
74, 276
79, 832
1,716
75, 495
79,392
1,224
74, 128
80, 355
1,770
75, 022
83, 349
2,245
77, 098
Gold certificate account
do
10, 303
11,460
10, 303
10, 303
10,303
10, 303
10,303
10, 303
10, 303
do
97, 675
106, 464
99,061
99,492
99,325 100,010
100,010 100, 509 104, 439
101,577 101, 944 107, 422
28, 667
25, 647
31,486
27, 060
30, 458
26, 727
30,814
27,653
31,626
27,713
30, 968
25,700
29,123
24, 892
29,920
24,818
32. 461
28, 195
30, 822
28, 955
30,919
28,240
34, 886
31, 787
31, 145
28, 108
31, 486 ' 32,134 31,114
27,060 ' 28,241 27, 876
59, 914
65, 470
58, 402
58, 466
58,676
59, 414
60, 223
60, 847
61, 362
61,640
61,628
62, 120
63, 292
65, 470
Liabilities, total 9
Deposits, total__. .._
Member-bank reserve balances
Federal Reserve notes in circulation
do
- d o ._
_do
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
1
1
31, 353 135,068
31, 134 1 34, 806
i 219
1262
1
1,049 11,298
i -830 i -1,069
Large commercial banks reporting to Federal Reserve. System, Wed. nearest end of yr. or mo.:
Deposits:
Demand, adjust edd"
mil. $_. 106, 219
Demand, total 9
do
Individuals , partnerships, and corp
do
State and local governments... _ ._ _do_._
U.S. Government
do
Domestic commercial banks
do
169, 768
121,308
7,221
6,469
22, 412
Time, total 9
_
Individuals, partnerships, and corp.:
Savings
Other time
,
do
160, 661
do
do
58, 572
72,334
112,561
101,577 101,944 107, 422
82,489
2,842
76,093
81,123
1,558
76, 165
85, 454
2,198
78, 491
83,217
1,915
77, 129
84,680
1,258
78, 516
10,303
10, 303
11,460
11,460
11, 460
95, 489
96,237
97,246
95,932
97, 944 100, 189
96,481
97,578
83,422
'961
78, 240
84, 058
721
78, 237
11,460
11, 460
103,656 106,464 '140,665 P 104, 296
32, 962 31, 742 31,973 32,277 32,393 32, 028 33, 524 33, 785 34,019 34, 912 34, 727
32, 620 31, 537 31,678 32, 125 32,275 31, 969 33, 202 33,538 33,782 34, 712 34, 523
204
200
342
205
237
295
118
••156
322
59
246
1,399
1,467
1,165
1,861
1,593
1,858
1,721
1,786
1,789
2,143
2,051
-823 -1,388 -1,563 -1,560 -1,638 -1,653 -1,605 -1,734 -1,477 -1,141 -1,111
97, 765
f
63, 497
63, 662
35,068 'r 36,655 p35, 190
34, 806 36,419 p35, 049
pl41
262
'236
1,298 ' 1,044 pi, 187
1,069 ' -790 P- 1,029
99, 610 100, 178 112, 561
99, 325
98, 174
155, 686
109, 162
6,011
3,245
22, 986
184,486 156,909 157, 135 149,421 156,764 150,507 149, 950 157, 605 143, 547 156, 014 162, 119 156, 083 184, 486 157, 989
128, 187 110,248 109, 337 105,786 109,067 109, 212 107, 431 111,528 105, 789 110,371 112,865 111,459 128, 187 109, 021
6,245
6,173
7,346
7,346
7,159
7,180
6,582
6,417
7,504
6,561
6,968
6,836
5,697
6, 901
5,684
7,149
2,138
7,149
3,480
5,512
6,289
7,258
7,447
2,891
7,230
1,816
3,010
5,646
25, 252 21,992 22, 531 19, 059 21,021 20, 342 19, 362 22, 749 19,072 21, 246 24, 603 22,406 25, 252 22, 819
189, 654 162,936 168,212 174, 302 176, 383 180, 341 179, 961 185, 434 190, 776 189,784 188, 703 186,481 189, 654 193, 151 192, 830
57, 047
95,412
58, 186
74,310
58,091
78, 195
58,591
82,599
58,093
83,266
58, 219
86,317
58, 250
87, 207
57, 345
92, 791
56,289
97,901
56, 162
96, 590
56, 135
95, 432
56, 278
94, 014
57, 047
95, 412
56, 810
98, 898
57, 145
99, 017
270, 458 225, 628 232, 731 238,308 242,960 246,091 250, 625 256, 139 256, 849 259, 742 259,315 260, 267 270, 458 264, 533 266, 947
110,826 92,314 96, 250 99,872 102,487 102, 794 104, 997 107, 557 106, 897 108,362 106,699 107,411 110,826 109, 471 110,458
9, 188
8,129
9,439
9,194
9,439 12,007 11,457 10, 671 10,054 10,119
9,508
9,301
9,629
9, 130
9, 705
28, 072 19,850 20, 938 22, 246 23,107 23,651 24, 879 26, 496 25,762 26,299 25, 610 25, 329 28, 072 26, 320 26, 281
55,
661
55,
627
55, 178 46,473 46, 955 47, 501 48,193 49, 060 50,003 61,006 51,933 53,083 53, 877 54, 509 55, 178
88, 965 68,619 72,218 72, 812 74,540 74, 849 75, 226 76,612 77,969 79, 276 80, 443 80,463 88, 965 83, 111 83, 572
In vestments, total ,. ...
do
85, 146
86, 977 84, 343 80, 868 80, 653 79,618 79, 498 79, 388 78. 333 78,466 80, 235 82, 292 82, 850 86,977 87, 073 86, 906
U.S. Government securities, total
do
29, 133
25, 464 28, 926 25, 663 25,373 24,495 23, 991 23, 839 22, 301 22,100 22,523 23, 195 24, 257 25, 464 25, 687 25, 328
Notes and bonds
do
22, 552
19,936 22, 426 21,066 20, 473 19,973 19, 770 19, 800 19, 447 18,594 19, 202 19, 256 19, 823 19, 936 19, 828 20, 492
Other securities..
do
56, 013
61,513 55,417 55, 205 55, 280 55,123 55, 507 55, 549 55,970 56,366 57,712 59, 097 58, 593 61,513 61, 386 61,578
T
with
Revised.
p Preliminary.
i Average for Dec
§ Insured uneiTiployme nt (all r roproces 5 of colle ction; fo r loans, exclusive of loan 5r to and Federal funds tr ansactio ns
items
grams) data include claims filed under extended du ration pr Dvisions o regular State la ws;
domes tic comn lercial bainks and after dec uction o valuati 311 reserv es (indiv idual loa ninclude
SMSA's
amounts paid under these programs are excluded froi n State b( ne.fi ts pai I data,
O
Total
ves).
AInsu red
are sh awn gro? s; i.e., V efore de<luction ()f valuat ion resei
unemployment as % of average covered eniployme it in a 11 -month p eriod.
If Includ ?s Bostoi i, Philacielphia,
some cities an 1 counti L»S not d 'signated as SMS A's.
9 Inclu des
data not shown separately.
d" For demand deposit s, the ten 11 "adjust ed" dene tes denif ind
Chica§?o, Detrc)it, San Franciscc>-Oaklan d, and L os Ange es-Long Beach.
deposits other than domestic commercial bank ancI U.S. G()vernmen t, less ca sh items in
Loans (adjusted), totald"
Commercial and industrial
For purchasing or carrying securities
To nonbank financial institutions
Real estate loans
.
Other loans
534-264 O - 74 - S-3
do
do
do
do
__do
do
226,042
91,442
12, 535
20, 524
45, 992
72, 063
SUEVEY OF CUERENT BUSINESS
S-18
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Jan.
Annual
March 1974
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Jan.
Feb.
625.4
444 5
53 2
127.7
633.6
450 2
53.9
129.5
641.0
454.7
55.7
130.6
Dec.
FINANCE—Continued
BANKING— Continued
Commercial bank credit (last Wed of mo., except
for June 30 and Dec 31 call dates), seas adj..f
Money and Interest rates: §
Bank rates on short-term business loans:
Discount rate (N.Y.F.R. Bank), end of year or
Federal Intermediate credit bank loans
do
Home mortgage rntes (conventional 1st mortgages):
New home purchase (TJ.S avg )
percent..
Open market rates, New York City:
Bankers' acceptances (prime, 90 days)... do
Commercial paper (prime, 4-0 months)-.dO--_
FlnanceCo paper placed directly, 3-6 mo.do
Stock Exchange call loans, going rate
do
Yield on TJ S. Government securities (taxable):
3-month hills (rate on new Issue)
percent.
564.7
385.8
61.8
117.1
575.4
397.2
60.6
117.6
583.6
405.8
60.4
117.4
589.6
411.1
61 0
602.0
420 3
61.6
120.1
618.2
438.1
56.3
123 8
621.7
440 0
64.9
126 8
624.6
443.6
54.5
126.5
556.4
377.8
61.9
116.7
625.4
444 5
53.2
127.7
6 82
5.57
6.07
8.30
8.06
8.65
6.62
6.22
6.89
7 35
7 04
7 71
9 24
9 08
9 49
10 08
9 90
10 51
6.74
6.07
6.02
6.80
8.29
8.34
8.30
8 26
6.46
6.76
6.63
6.60
7
7
7
7
9 24
9.25
9 16 "
9.25
10 02
9.96
10 08
10.04
117.5
597.7
417.4
61.0
119 3
608.2
427.3
59.6
121.3
44
37
33
26
616.0
435 3
57.7
123.0
4.50
7.50
6.00
5 50
5.60
6.50
6 00
6.50
7.00
7.50
7 50
7.60
7.50
7.50
7.50
7.50
'6.00
17.16
6.32
6.40
6.60
6.71
6.34
7.08
7.21
7.38
7.42
8.05
8.18
8.34
8.42
8.52
17.45
'7.38
'7.95
i 8.01
37.68
37.68
7.70
7.72
7.68
7.69
7.71
7.70
7.71
7.77
7.79
7.79
7 87
7.84
7.94
8.01
8.17
8.26
8.31
8.50
8 39
8.58
8,49
8.61
' 8.52
' 8.64
"8. 61
pg.66
M.47
24.69
M.52
26.16
2
8.08
28.15
2
7
40
2
8. 25
5 60
5.78
6 56
6 01
6.14
6.22
5 97
6.29
6-82
6.85
6.44
6.80
6.97
7.14
6.76
7.00
7.15
7 27
6 85
7.18
7.98
7 99
7.45
7.83
9.19
9.18
8.09
8.41
10.18
10.21
8.90
9.41
10 19
10.23
8.90
10.04
9.07
8.92
7.84
10.02
8 73
8 94
7.94
10.00
8.94
9.08
8.16
10.00
8.72
8.66
7.92
9.95
7.83
7.82
7.40
9.39
2 4. 071
2
6. 85
2 27. 041
6.92
5 307
6 29
5 558
6 61
6. OB4
6.86
6.289
6 74
6.348
6 78
7.188
6.76
8 015
7.49
8.672
7.75
8.478
7 is
7.165
6.81
7 866
6.96
7.364
6.80
7.755
6.94
7.060
6.77
167 664
180 846 167, 227 167 582
127,332
147 437 127, 368 127 959 129 375 131 029
CONSUMER CBEDIT
(Short- and Intermediate-term)
Service credit.. . ..
__
71 978
73 036 174 840
76 969 180, 486 178 686
38, 212 140 810
42 093 143 610
45,400 147,437 146, 575
47 518
48, 549
41 853
6,688
38, 928
49, 352
42 575
6 845
39, 440
50
44
7
40
51,092
44 632
7 235
40, 651
51,371
45 592
7 321
41,116
111 382
59, 783
32, 088
69 495
37 243
16, 913
2,698
19 609
2 958
16, 847
2,518
16 973
2 644
17 239
2 813
17 455
2 735
17 832
2 767
18,269
2,815
18 517
2,877
18, 961
2,847
19 207
2 922
19,339
2, 976
19 517
2 988
19,609
2,958
19 429
2,872
15, 950
261
18 132
299
15, 678
263
15 329
266
15 185
272
15 295
278
15 366
284
15, 568
289
15 733
293
15, 9S7
296
16 053
297
16, 303
300
16 847
302
18, 132
299
17, 705
296
30 232
12 256
10 857
1 399
13 241
11 753
29, 859 9Q R9^
12, 204 19 409
10,825 10 989
1 379
29 945
12 540
11 074
30 469
12 686
11 237
30 746
12 817
11 359
31,065
12, 990
11,520
1 470
30 936
1' 968
11 491
1 477
31,168
13,111
11, 655
1 456
30 942
13' 088
11 608
1 480
31, 230
13,145
11, 654
1 491
31 569
13 161
11 6699
1 49
33, 049
13, 241
11,753
1,488
32, 111
13, 117
11, 652
1 465
do...
do
9,002
7,055
9,829
7,783
8,357
6,402
7,646
5,735
7,702
5,825
8,036
6,129
8,319
6,387
8,655
6,544
8,479
6,424
8,605
6,476
8,336
6,229
8,590
6,554
8,785
6,761
do_.
8,974
9,979
9,,298
9,568
9,703
9,747
9,610
9,520
9,489
9,452
9,519
9^495
9,623
9,829
7,783
2 046
9,' 979
8,875
6,894
1 981
10, 119
661
iQl
378
182
14 799
5 698
4 685
14, 608
4 313
6 678
4 617
14 812
4* 177
5' 753
4 882
16,099
4 252
6,065
4,782
12 624
3 476
6 217
3 931
14, 454
4,196
5,894
4,364
14
3
5
4
098
693
980
425
14,117
2,872
6,826
4,419
12, 375
2,934
5, 471
3,970
12 014
12 283
12 121
12 618
12,601
3 918
3,994
11 341
3 1 11
4 703
3 487
12, 937
6 nil
4 213
5 281
3,995
12 308
3 414
5 020
3 874
12,080
3 113
4 888
4,079
13, 237
3 447
5 698
4,002
14 542
3 930
5 943
4 639
14,294
3,968
5,961
4,365
13 691
3 939
5 537
4,215
14, 149
3,912
5,911
4,326
14 275
3 819
5, 978
4,478
12,677
3,315
5,254
4, 10S
13,714
3,492
5,662
4,560
478
441
408
695
38 376
111,690 119 fi^fl 114 190 l i e 797
60, 148 60 582 61, 388 62 459
32, 177 32 431 32 750 33 078
63 707
33 859
44 817
OQ
7QK
6 ^39
37 108
46 610
39 951
6 328
37, 486
46
40
fi
37
50 232
7 009
40, 064
557
019
120
397
n
nnri
""
"~rl
~ ~
142
40
66
47
951
194
599
111
165, 083
46 453
66' 859
51 771
11,923
3 393
4,949
3 581
11
3
4
3
126
34
49
42
914
729
872
313
144 978
11 887
10 623
214
407
25^
555
13
4
5
4
681
164
169
348
12 265
13
4
5
4
50, 617
47 303
7 303
41,352
120 450 122 479 124 823 126 040 127 307 128 553 129, 305 128 870
64, 999 66| 065 67, 381 67 918 68, 627 69, 161 69, 495 69, 429
34, 367 35 020 35 634 35 993 36, 365 36 887 37, 243 37 140
Tnstallment credit extended and repaidUnadjusted:
Ofhp
51,130
47, 530
7,352
41,425
41 425
By type ol holder:
Charge accounts, total
Retail outlets
_.
69 148
36, 018
44, 129
40 080
6 201
36, 922
51 130
44, 353
39, 952
6,193
36, 870
67, 083
33 631
59 320 161 491
3 641
3 271
3 881
3 893
3 871
do
13 304
4 006
6 282
4,016
13 434
3 972
5 °45
4 217
13 852
4 001
5' 349
4 502
13 465
3 822
5 563
4 080
3 989
5 504
4 439
do
11 355
3 097
4 649
3,609
11 437
3 145
4 6°7
3.665
11 808
3 225
4 755
3,828
12 061 11 941 12 034 12 644 12,399 12, 332 12, 449 12 549 12, 267 12, 797
3,427
3,471
3,335
3,433
3,406
3 253
3 218
3,293
3 261
3 334
4 963
5,001
5,193
5,149
5,154
5,072
5,168
4 917
4 955
6 141
3,928
4,171
3,924
3,873
3,854
3,938
3. 880
3,826
4,069
3.763
§ For bond yields, see p S-21
fBeginmng Jan. 1959, monthly data have been revised to
reflect new seasonal factors and adjustment to benchmarks for the latest call date (June 30,
1973) Revisions are in the Nov. 1973 Federal Reserve Bulletin.
Seasonally adjusted:
All other .
All other..
T
._
Revised
Preliminary
1
z
3
Average for year,
Dally average
Beginning Jan. 1973, data reflect changes in
sample and weighting.
O Adjusted to exclude interbank loans
13
3
5
4
646
762
505
379
SUEVEY OF CU]REENT
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
BUSINESS
1973
1973
Jan.
Annual
S-19
Feb.
M ar.
Apr.
May
1974
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
28, 537
20, 814
18, 121
22, 607
21, 291
22, 139
25, 007
20, 736
17, 637
23,092
20, 209
22, 099
21, 987
19, 686
23 476
23 671
-847
4,271 -5, 455 -1,891
2,302
847 -4, 271
5,455
1,891 -2,302
-563
2,202
564
1,395
3,128
1, 410 -4, 835
4,060
-311 -5,430
—195
195
—773
968
Feb.
FINANCE—Continued
FEDERAL GOVERNMENT FINANCE
Budget receipts and outlays:
Receipts (net)
Outlays (net)
Budget surplus or deficit (—)
Budget financing total
Borrowing from the public .
Reduction in cash balances
mil. $_ - 208, 649
231, 876
do
do
do
..do
do
_.
Gross amount of debt outstanding
Held by the public
do
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
_.
437, 329
323, 770
Personal tax and nontax receipts
Surplus or deficit ( — )
16, 584
20, 157
208, 649 232,225
94, 737 103. 246
32, 166 i 36, 153
21, 130
12, 897
1,382
18, 067
8,067
672
15,987
3,409
4,867
25, 860
11, 587
5,657
16, 684
3,825
923
28, 537
12, 306
8,796
i1 63, 914 i 64, 542
27, 832 128,286
4,486
2,366
7,029
2,298
5,340
2,371
6,359
2,258
9,380
2,456
5,081
2,354
246,526
110,028
i 73, 297
23, 631
1,366
6,332
20, 227
770
6,075
20, 806
328
6,633
22, 306
643
6,207
20, 157
62
6,238
20, 814
273
7,473
i 82, 042
i 30, 982
13,311
i 11.968
7,121
4,210
271
1,154
7,051
2, 148
241
1,043
6,554
2, 475
301
1,061
7,125
3,760
265
1,111
7,583
2,214
255
1,014
7,815
2,124
301
862
18, 121 21, 29 1 25, 007
9,279 11, 707
8,814
695 5,247
1,350
17,637
9,230
1,053
20, 209
10,106
652
21,987
9,134
6,096
23, 476
14 327
1,562
8,778
2,639
5,409
2,644
4, 712
2,641
6,724
2, 827
4,149
2,608
5,232
2,356
22, 607 22, 139
847
2,326
5 033 6,662
20, 736
249
6,032
23, 092
799
6,523
22, 099
1,161
6,647
19,686
137
6, 123
23, 671
1,209
6 690
7,203
2,284
262
1,050
7,396
2,552
246
968
7, 415
3,763
249
1,056
7,463
2,566
246
1, 191
7, 383
2,371
221
1,141
7 996
4,061
251
1,202
5,336
2,621
6 902
3,863
278
1,097
253.6
262 4
269.6
?274 6
107.9
37.8
19.9
63.0
114.5
49.5
21.0
80.1
108.5
46.6
20.7
77.8
111.4
50 8
21.2
79.1
116.9
51.0
20.8
80.8
121.0
?49 7
p-21.5
82.5
do
244.6
264.0
258.6
262.4
265.6
269.6
do
do
104.4
74.4
106.6
'73. 9
105.5
74.3
107.3
74.2
106.8
74.2
106.8
73.0
82.9
37.7
13.5
95.4
40.9
15.9
91.8
41.1
14.7
93.8
40.5
15 6
96.6
40.6
16.2
99.6
41.6
17.0
6.1
5. 1
5.5
5i
5.3
4.6
.0
—.1
-5.0
.0
4.0
*>5.0
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
25, 860
22, 306
265.0
Indirect business tax and nontax accruals do
Contributions for social insurance
do
Purchases of goods and services
National defense
15,987
20, 806
228.7
do
Federal Government expenditures total
18, 067
20, 227
468,426 61, 030 465, 792 469, 587 467, 322 467, 555 468, 426 469, 296 472, 438 472, 073 473,139 474, 973 480, 660 478 957
343,045 342, 674 346, 537 349,542 347, 383 345, 414 343, 045 342, 332 341, 769 342, 333 343, 727 345, 930 349,058 348 285
1
1
-
Receipts and expenditures (national income and
product accounts basis), qtrly. totals seas. adj.
at annual rates:
21, 130
23, 631
3,554 -3, 673
7,723 -4, 486
-23,227 -14,301 -2,501 -2, 160 -4, 820
2,501
2,160
4,820 -3, 554
3,573 -7,723 4,486
i 23, 227 i 14,301
1,519
3,863
3,005 -2, 159 -1,970 -2,369
i 19, 442 i 19, 275
-713
982 -1,703
1,815 -1,395
6,543 -5,354 5,199
i 3, 785 -4, 974
do .. 1231, 876
10, 943
do
i 75, 150
Health. Educa'tion, and Welfare Department
i 71, 779
mil $
i 22, 124
Treasury Department
do
3,422
National Aeronautics and Space Adm
do
1
10, 710
Veterans Administration
do
Outlays, total 9
Agriculture Department
232,225
246,526
do
.0
do
-15.9
r
l. 0
LIFE INSURANCE
Institute of Life Insurance:
Assets total all U S life insurance cos
Government securities
Corporate securities
Mortgage loans total
N on farm
Real estate
Policy loans and premium notes
Cash
Other assets
bil $
do
do
do
do
do
do
do
do
Life Insurance Agency Management Association:
Insurance written (new paid-for insurance):
Value, estimated total
mil $
Group
Industrial...
do
do
..
239.73
11. 37
112. 98
76.95
71. 27
252 07
11.38
117. 73
81.18
75.19
242 02
11.19
114. 53
77.48
71.86
242 07
11.14
115. 39
77.51
71.89
243 08
11.15
115. 97
77.59
71.95
242 66
11.46
115. 18
77.26
71.61
243 59
11.43
115. 90
77.40
71.72
244 53
11.36
116. 16
77.91
72.19
247 08
11.43
118. 06
78.24
72.47
247.66
11.42
117. 84
78.66
72.84
250.20
11.40
119.20
79.04
73.18
251. 59
11.40
119. 71
79.52
73.62
251. 06
11.46
118. 02
80.19
74.26
252.07
11.38
117. 73
81.18
75.19
7.30
18. 00
1.98
11.15
7.77
20.08
2.25
11.69
7.37
18 08
1.60
10.78
7.43
18.17
1.57
10.86
7.45
18. 29
1.55
11.08
7.62
18.42
1.66
11.07
7.54
18.53
1.69
11.09
7.55
18. 67
1.78
11.10
7.68
18.84
1.80
11.13
7.63
19.18
1.73
11.20
7.68
19.51
1.81
11.56
7.76
19. 77
1.83
11.59
7.84
19.93
1.81
11.81
7. 77
20.08
2.25
11.69
208, 497
146 116
55, 054
7,327
232, 033
163 546
61,647
6, 840
15 285
11 316
3 443
526
16 265
12 048
3,691
526
20, 604
14 905
5,077
622
18, 793
13 733
4,458
602
19, 244
14 362
4, 274
608
19, 680
13 858
5,242
580
18, 861
13 115
5,204
542
18, 984
13 555
4,851
578
17, 093
12 497
4,020
576
19, 820
14, 662
4,614
544
19, 794
14, 221
5,042
531
27, 610
15 274
11, 731
605
17. 799
12 623
4,650
526
11,567
10, 410
1 538
1 715
63 053 145 965
357 689 356 150
10, 410
2 786
19 745
10, 410
4.
9 0i5
32 487
10, 410 10,410
g
3
2 899
2 405
27, 526 41, 127
10, 410
2
3 056
33, 070
10, 410
95
21 503
34, 990
10,410
22
24 958
27,134
10, 410
9
4 012
17, 061
10, 410 11, 567
18 —1 685
4 973 23 586
36, 162 33, 770
11, 567
18
15, 970
30, 411
11, 567
36
37 234
23, 236
11, 567
24
20, 223
19, 767
75 0
88 2
62
86 6
6.1
88 5
6.3
86 6
6.2
86 0
68
87 6
6 4
88 3
5.6
90.2
5.7
88.2
5.7
97.5
7.0
97.2
6.3
6.7
31 592
27 637
59 357 268* 63;9
2 558
1 685
616
8 287
2 017
436
6 993
2 236
1,960
8, 664
2.309
856
6,838
2 207
1,718
7,490
2 401
876
15,231
2 621
5,627
32, 988
2 706
4, 563
27, 569
2.636
3,277
30, 764
2.675
1,871
22, 200
2.886
1,593
66, 379
2.860
1, 093
32, 156
3.137
MONETARY STATISTICS
Gold and silver:
Gold:
Monetary stock, U.S. (end of period).. .mil. $..
Exports
Imports
Production :5
South Africa
Canada
Silver:
Exports.
Imports
Price at New York
Production:
United States___.__
thous $
do
mil $
do
thous $
do
dol per fine oz
1,109 8
77 2
A
thous. fineoz... 39,727
3, 629
2,953
3,275
43, 566
Revised.
v Preliminary.
i 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
r
r
11, 567
1, 114
13, 527
3.637
3,370
4,345
3,125
5,314
3,803
3,003
2,089
3,385
4,615
3,036
4,118
9 Includes data for items not shown separately.
§Or increase in earmarked
months,
H Valued at $38 per five ounce from Jan. 1972-Sept. 1973, at $42.22 thereafter.
gold (-).
SURVEY OF CURRENT BUSINESS
S-20
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
| 1973
Annual
March 1974
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
MONETARY STATISTICS— Continued
Currency in circulation (end of period)
bil $
Money supply and related data (avg. of daily fig.):©
Unadjusted for seasonal variation:
Total money supply
bil. $
Currency outside banks
do
Demand deposits __
-do _
Time deposits adjusted^
.._
do...
U.S. Government demand depositslf ... do
Adjusted for seasonal variation:
Total monev supply
Currency outside banks
Demand deposits
Time deposits adjusted!
66.5
72.5
64.3
64.7
65.2
66.1
67.2
67.8
68.2
68.4
68.2
69.0
70.3
248.9
54.6
263.6
263. 5
56.8
255.2
257.9
263.6
265.7
262.9
263.9
266.0
270.5
345.1
7.1
316. 9
80.1
332.6
202.0
323.3
255. 5
57.4
198.1
260.9
59.3
203.8
359.2
205.6
360.2
9.9
10.4
8.3
256.7
257. 9
57. 5
258.1
58. C
200.1
331.1
259.4
200.8
337.3
97.1
95.7
190.9
293.4
7.2
204.3
do
do
do
do
206.8
57.1
199. 6
317.6
Turnover of demand deposits except interbank and
U.S. Oovt., annual rates, seas, adjusted:
Total (233 SMSA's) O ratio ofdcbitsto deposits
New York SMS A
do
Total 232 SMSA's (except N Y )
do
6 other leading SMSA'sd"
do
226 other SMSA's
do
56.8
198. 4
200.4
323. 5
97.9
58.3
202.6
337.6
58.6
58.7
199.2
59.4
204.1
8.7
7.1
262.4
265.5
203.4
342.6
206.2
345.8
342.6
58.9
344.5
59.4
59.9
205.7
347.6
60.0
6.5
356. 6
4.1
266.4
207.0
59.5
349. 4
102.6
60.1
5.3
6.0
266.2
265.4
266.5
206.4
355.0
205.2
357.9
358.9
'106.2
252.5
266.4
107.4
109.5
72.4
74.7
59.8
60.2
66.1
67.8
52.0
53.9
99.9
97 8
245.0
235.1
66.2
68.7
'67.4
' 101. 9 ' 103. 7 ' 107.6
52.5
54.0
56.3
36, 467
3,021
669
10 506
766
190
12 972
897
256
11 649
996
199
4,499
1 012
941
370
291
1,337
574
402
1,473
443
370
1,441
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 $
6 151
1,060
687
1 022
1,406
168
252
336
1,690
376
363
458
1 998
407
290
411
1 569
465
608
564
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
3,481
2 999
1,091
851
1,340
994
1,237
974
780
3 639
5 944
223
1,393
1,369
288
1,461
1,811
191
467
1,692
do
16 110
4,122
4,268
4,126
mil $
T 95 408
'93.9
224.0
'64.2
'98.1
51.2
238.0
228.3 '228.9
'103.3 '104.5
247.5
71.3
'111.7
55.8
60.4
73.6
'113.6
58.4
'111.6
57.5
60.4
206.1
265.3
'116.4
58.8
61.4
209.1
358.7
4.3
268.8
60.9
207.9
359.9
72.5
69.9
278.1 ' 276. 8 P269. 7
62.6
61.5
61.8
215.5
215.3
207.9
361.8 ' 368. 9 373.8
6.3
8.0
8.5
270.4 r 269. 6
61.6
61.8
208.8 r 207. 8
363.1
369.6
' 110.2
269.8
'75.8
77.1
' 118. 6 '115.0
'61.2
60.6
113.2
274.9
111.5
270.3
77.3
116.2
62.2
P272. 6
62.8
210.0
374.1
118.0
294. 2
79.3
120.2
63.6
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
Dividends paid (cash) all industries
SECURITIES ISSUED
Securities and Exchange Commission:
Estimated gross proceeds total
By type of security:
B on ds an d n otes , t otal
Corporate
Common stock
Preferred stock _
By type of issuer:
Corporate, total 9
Manufacturing
Extractive (mining)
Public utility
Transportation
Communication
Financial and real estate
Noncorporate total 9
U.S. Government
State and municipal
State and municipal issues (Bond Buyer):
Long-term...
Short-term
do
do
do
do
mil $
do
do
do
do
do
do
do
do
do
do
do
106,618
6,523
7,325
9,030
6,567
11 219
7,943
7 643
8 036
8 091 ' 8, 924 '12,553
6,635
' 82 337 89,435
22,251
T 27 727
7,800
r 9 700
'3 371 3,383
5,472
6,320
7,213
2,117
984
833
5,809
10,403
7,122
6,882
7,542 ' 7, 883 '11,247
5,866
2 469
573
196
T 40
r6
ri
r 11
2,497
1 915 ' 3, 398
'522
348
57
59
'949
585
3 238
1,276
913
137
957
832
172
1,739
558
200
1 722
627
187
2,757
606
216
1,870
536
226
7 610
1 396
330
96
1,366
430
119
799
515
990
327
33, 434
4 885
1 073
10, 291
2,327
176
90
900
1,962
213
68
596
3,933
490
91
931
282
141
519
2 537
399
109
765
3 578
728
50
1 596
2 631
533
102
920
1 822
275
141
513
T i 997
r 4 330
r 10 635
1,925
4 895
8 633
121
33
903
100
174
751
108
1 008
1,222
92
258
971
245
374
581
183
332
517
250
303
374
86
325
357
142
243
350
54 610
17 080
r 23 070
67 184
19 057
22 760
4,196
1,199
1,889
5 363
1,603
1 445
5 096
606
2 304
4,070
8 681
4 365
559
5 012
490
1 992
6 214
3 097
1 474
6 176
22 941
25 222
22 953
24 640
1,887
1, 622
1,445
1 130
2,297
r
1 638
564
1,688
3,353
1 870
2,046
1,688
1,870
2 492
2,031
2,517
2,062
' 2, 358 ' 2, 257
'685
'668
355
'637
' 114
'678
'926
'3 563
' 476
'34
' 1, 080
504
157
888
'245
796
'814
232
377
807
'5 525 ' 8, 990
4,521
485
1 630 ' 2, 232 ' 2, 224
2,432
2,232
3,397
148
1,966
2,501
2,224
1,765
2,183
2,500
'7,369 ' 7 299 ' 7 081' 6,954 '7,093
5,949
5,912
6 416
6 243
6 056
5 671
5,251
464
1,685
1,700
1,474
1,992
' 1 923 1,740
1,630
2,750
2,101
SECURITY MARKETS
Stock Market Customer Financing
Margin credit at brokers and banks, end of month,
total
mil $
i 9 045
8,840
8 640
8 347
i 5 951
7,975
At brokers
do
i 8* 180
7 773
7 468
i 865
At banks
do
865
867
879
1,484
Other security credit at banks
do
i i 528
1,566
1,508
Free credit balances at brokers:
i 414
i 454
Margin accounts
do
413
431
442
Cash accounts
do
1,883
1,770
1,719
U.957 i 1. 700
' Revised.
P Preliminary.
i End of year.
0Effective February 1974 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
1971 are in the Feb. 1974 Federal Reserve Bulletin
8,165
872
1,482
7 650
6 784
866
1 502
389
1,536
413
1,564
7,293
'953
' 1,056
' 1,025
396
1,472
379
1,542
348
1,462
' 1,005 ' 1,181
379
1,623
419
1,713
454
fAt all commercial banks.
OTotal SMSA's include some cities and counties not designated as SMSA's.
^Includes Boston, Philadelphia, Chicago, Detroit, San Francisco-Oakland, and Los
Angeles-Long Beach.
9 Includes data not shown separately.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Jan.
Annual
S-21
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FINANCE—Continued
SECURITY MARKETS— Continued
Bonds
Prices:
Standard & Poor's Corporation:
High grade corporate:
Compositecf
- _
dol per $100 bond
Domestic municipal (15 bonds)
. do
65.9
84.4
63.6
85.4
66.0
86.9
65.5
86.1
65.2
84.1
64.9
85.7
64.7
86.1
64.4
85.8
63.8
83.2
61.0
82.2
61.2
86.2
62.1
86.9
62.1
85.6
62.9
86.1
62.3
86.2
62.0
85.3
68.71
62.80
65.89
64.09
63.69
64.39
63.43
62.61
60.87
58.71
61.81
63.13
62.71
62.37
60.66
60.83
9, 515. 67 8,301.79
10,077.35 9,429.67
841.21
952. 20
734. 02
790. 10
783.47
869. 21
781.70
923.66
645.90
738. 59
615. 35
725. 34
604.89
701. 33
766.20
852.43
622. 73
664.91
741. 95
823. 72
628. 28
708.70
536. 10
675. 34
594. 86
673. 60
8, 717. 24 7,865.38
9, 168. 52 8,736.82
786. 18
837. 91
692.06
738. 43
740. 12
828.62
747. 12
810. 76
606.45
684. 98
585. 14
679. 35
579. 43
663.75
744. 67
807.02
697. 88
632. 78
691. 10
759. 22
597. 92
672. 62
497. 33
621. 38
567. 26
635. 50
New York Stock Exchange, exclusive of some
stopped sales, face value, total
mil. $ 5, 444. 12 4, 424. 67
448. 44
362. 93
392. 08
351. 32
379. 95
335. 55
364.44
351. 15
355.69
399. 62
344. 40
349. 19
366.42
287. 93
U.S. Treasury bonds, taxablel
do
Sales:
Total, excl. U.S. Government bonds (SEC):
All registered exchanges:
Market value
mil $
Face value
do
New York Stock Exchange:
Market value
Face value
Yields:
Domestic corporate (Moody's)
By rating:
Aaa
Aa _
A
Baa .
do
do
percent.
7.63
7.79
7.49
7.67
7.62
7.62
7.62
7.69
7.80
8.04
8.06
7.96
8.02
8.05
8.15
8.17
do
do
do
do
7.21
7.48
7.66
8.15
7.44
7.6:5
7.83
8.24
7.15
7.37
7.53
7.90
7.22
7.47
7.60
7.97
7.29
7.49
7.66
8.03
7.26
7.49
7.64
8.09
7.29
7.49
7.64
8.06
7.37
7.55
7.71
8.13
7.45
7.64
7.86
8.24
7.68
7.84
8.11
8.53
7.63
7.86
8.11
8.63
7.60
7.84
7.98
8.41
7.67
7.90
8.07
8.42
7.68
7.92
8.11
8.48
7.83
7.97
8.22
8.58
7.85
7.97
8.26
8.59
do _. do
do
7.35
7.74
7.98
7.60
7.83
8.12
7.27
7.51
7.87
7.34
7.61
7.92
7.43
7.64
7.94
7.43
7.64
7.98
7.41
7.63
8.01
7.49
7.69
8.07
7.59
7.81
8.17
7.91
8.06
8.32
7.89
8.09
8.37
7.76
8.04
8.24
7.81
8.11
8.28
7.84
8.17
8.28
7.97
8.27
8.34
8.01
8.33
8.27
_ ..
By group:
Industrials . . . .
Public utilities
Railroads.
_
Domestic municipal:
Bond Buyer (20 bonds)
. ...
Standard & Poor's Corp. (15 bonds)
do
do
6.25
5.27
5.22
5.18
5.16
5.05
5.22
6.12
6.26
5.30
6.10
6.16
5.22
5.12
6.25
5.15
6.59
6.39
5.34
5.47
6.00
5.11
6.17
5.05
5.15
6.17
5.18
5.12
5.20
5.20
5.26
5.19
U.S. Treasury bonds, taxable©
do
5.63
6.30
5.94
6.14
6.20
6.11
6.22
6.32
6.53
6.81
6.42
6.26
6.31
6.35
6.66
6.54
8.92
9.61
4.87
3.73
7.32
10.99
9.58
10.46
5.01
4.03
7.53
12.13
9.29
10.06
4.95
3.95
7.39
11.38
9.32
10.09
4.98
3.96
7.39
11.63
9.34
10.10
4.99
3.96
7.54
11.53
9.38
10.17
4.99
4.00
7.64
11.63
9.39
10.18
4.99
4.00
7.64
11.64
9.41
10.19
5.00
3.97
7.54
12.89
9.53
10.45
6.01
3.97
7.54
13.20
9.59
10.53
5.02
4.06
7.54
13.23
9.62
10.58
5.03
4.06
7.54
11.88
9.73
10.76
5.03
4.09
7.55
11.88
10.16
11.22
6.03
4.09
7.55
11.90
10.19
11.23
5.04
4.19
7.66
12.91
10.34
11.44
5.08
4.19
7.82
12.91
10.37
11.49
5.09
4.04
7.83
13.10
290.65
362. 44
80.20
91.00
285. 44
356. 26
71.21
79.72
311.61
388. 63
79.43
86.38
298. 69
373. 23
77.54
81.39
298.30
374. 61
75.20
84.58
286.63
358. 35
74.73
77.95
281.78
352. 21
74.69
71.60
280. 68
351. 31
72.89
71.40
289. 38
363. 50
69.70
74.55
279. 26
350. 38
67.87
71.44
287. 99 C288.50
357. 90 361. 44
72.38
68.21
77.35
80,73
258. 72
320.11
60.95
83.86
263.71
323. 48
60.87
95.43
259. 96
318. 98
63.23
89.14
259. 77
316. 22
63.72
92.83
3.07
2.65
6.07
4.10
3.35
2.92
3.36
2.94
7.04
5.06
3.05
3.45
2.98
2.59
6.23
4.57
3.07
3.09
3.12
2.70
6.42
4.87
3.26
3.30
3.13
2.70
6.64
4.68
3.30
3.20
3.27
2.84
6.68
5.13
3.49
3.56
3.33
2.89
6.68
5.59
3.46
3.71
3.35
2.90
6.86
5.56
3.20
3.82
3.29
2.87
7.19
5.33
2.91
3.60
3.43
3.01
7.40
5.68
2.83
3.69
3.93
3.51
8.25
4.88
3.02
3.38
3.86
3.47
8.28
4.39
2.91
3.70
3.98
3.59
8.03
4.70
3.20
3.80
3. 99
3.63
7.99
4.35
3.10
3.93
20.28
7.73
6.71
26.00
7.58
7.61
6.89
7.23
7.76
7.60
7.47
273. 50
857. 24
93.16
191. 05
266. 86
831.34
93. 16
186. 15
- - ..
Stocks
Dividend rates, prices, yields, and earnings, common stocks (Moody's):
Dividends per share, annual rate, composite
dollars..
Industrials
__
.
do
Public utilities
_.
do
Railroads
do
N.Y. banks
do
Property and casualty insurance cos . do
Price per share, end of mo. , composite
Industrials
Public utilities
Railroads
do
do
do
do
Yields, composite
Industrials
Public utilities
Railroads
_
N.Y. banks
Property and casualty insurance cos
percent..
do
do
do
do
do
Earnings per share (indust., qtrly. at ann. rate;
pub. utll. and RR., for 12 mo. ending each qtr.) :
Industrials
dollars
Public utilities
do
Railroads
do
Dividend yields, preferred stocks, 10 high-grade
(Standard <fe Poor's Corp.)
percent..
Prices:
Dow-Jones averages (65 stocks)
Industrial (30 stocks)
Public utility (15 stocks)
Transportation (20 stocks)...
319. 36
950.71
112. 83
241. 44
Standard A Poor's Corporation:^
Industrial, public utility, and railroad:
Combined index (500 stocks)
1941-43 = 10--
3.37
2.97
7.37
5.07
2.70
3.28
P29.20
"7.58
"7.61
23.77
7.60
7.11
27.16
7.63
7.10
23.95
7.78
7.17
3.34
2.96
6.95
5.25
2.75
3.20
7.40
6.91
7.03
7.11
7.13
7.25
7.35
7.43
7.38
7.18
286. 73 325. 94 308. 40
923. 88 1,026.82 974.04
103. 39 118.06 113.08
180. 55 216. 58 202.04
300.94
957. 35
109.52
194. 60
297. 65
944. 10
108. 02
194. 22
286. 34
922. 41
107. 38
175. 53
274. 32
893. 90
105. 34
159. 79
275. 35
903.61
101. 38
162. 70
267. 36
883. 73
95.72
157. 72
277. 54
909. 98
99.96
166. 82
295. 03
967. 62
101. 67
182. 75
272.02 259. 84
878 .98 824. 08
93.18 ••87.42
175.93 177. 96
6.87
109. 20
107. 43
118.42
114.16
112.42
110.27
107. 22
104. 75
105. 83
103. 80
105. 61
109.84
102.03
94.78
96.11
93.45
121. 79
119.39
113.90
56.89
44.11
120.44
118.57
107. 13
53.47
37.76
132. 55
127. 04
122.57
60.01
42.87
127. 87
125. 56
117. 54
57.52
40.61
126. 05
124. 53
116.41
55.94
39.29
123. 56
120. 38
111.24
55.34
35.88
119.95
116. 48
107. 44
55.43
36.14
117.20
114.75
104. 83
54.37
34.35
118. 65
116. 31
105. 94
53.31
35.22
116.75
115.98
104.35
50.14
33.76
118. 52
116. 60
105. 16
52.31
35.49
123. 42
122. 30
106.58
53.22
38.24
114.64
115.48
96.97
48.30
39.74
106.16
107. 44
86.57
45.73
41.48
107. 18
108.06
87.63
48.60
44.37
104.13
104. 31
86.85
48.13
41.85
Banks:
New York City (9 stocks)
do... . 67.37
Outside New York City (16 stocks).... do. ... 105. 81
64.60
104.35
65.03
113.88
69.30
103. 73
61.21
105. 59
59.50
100.49
59.79
97.72
58.28
97.45
66.05
102. 23
66.62
102. 43
71.08
107. 24
73.43
113. 30
69.63
107.01
65.33
101. 09
65.38
108.04
62.93
107. 14
Property-liability insurance (16 stocks)__do
132. 58
118.93 134. 69 124.23 124. 67
Revised.
c Corrected,
d* Number of issues represents number currently used; the change i n numbe* does ilot
affect continuity of the series.
If Prices are deriv ed from iverage y elds on [>asis of an
119.77
109. 50 113.36 122. 09 114.02 115.33 119. 88 117.72 111.89 114. 65
O Fo r bonds clue or cal lable in 10 years o r more.
assume d 3 perce nt 20-ye£ir bond.
9 Inchides data not shoAwn separ itely.
106.34
Industrial, total (425 stocks) 9 .
Capital goods (116 stocks)
Consumers' goods (184 stocks) .
Public utility (55 stocks)
Railroad (20 stocks)
r
do
do
do
do
do
SURVEY OF CURRENT BUSINESS
S-22
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
| 1973
March 1974
1973
Jan.
Annual
Feb.
Mar.
Apr.
May
1974
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
50.01
54.02
36.26
35.27
62.81
FINANCE—Continued
SECURITY MARKETS— Continued
Stocks— Continued
Prices— Continued
New York Stock Exchange common stock indexes:
Composite
_
12/31/65=50Industrial
_- - do
Transportation
do
Utility
do
Finance
do
57.42
63.08
37.74
37.69
70.12
64.38
70.55
45.14
41.72
81.62
61.52
67.67
42.34
39.95
74.47
60.15
66.20
40.92
39.13
72. 32
58.67
64.41
40.57
38.97
69.42
56.74
62.22
36.66
39.01
65.33
55.14
60.52
33.72
37.95
63.52
56.12
61.53
34.22
37.68
68.95
55.33
61.09
33.48
35.40
68.26
56.71
62.25
35.82
36.79
72.23
59.26
65.29
39.03
37.47
74.98
54.59
60.15
36.31
34.73
67.85
50.39
55.12
34.69
33.47
62.49
51.39
55.77
36.85
35.28
64.80
178, 037
5, 730
18, 926
565
15,062
446
16, 486
519
12, 878
408
14, 931
475
12, 085
409
11,927
399
12, 659
424
12, 623
408
18,726
587
17, 501
560
14, 232
529
14,411
524
146, 451
4,337
15, 407
414
12, 323
330
13, 449
382
10, 591
301
12, 343
357
9,852
308
9,717
306
10, 342
330
10, 395
309
15,644
457
14, 528
435
11,860
407
12,038
401
4,053
394
318
342
278
337
269
308
271
329
423
400
385
363
257
721.01
20,967
854. 13
19, 323
816.96
19,403
809. 76
19, 525
775. 81
19, 686
758. 59
20, 066
752.58
20,327
792.06
20,466
765. 77
20, 521
807. 24
20, 548
808. 69
20, 607
709. 54
20, 694
721.01
20, 967
719. 81
21,056
718. 89
21,110
60.29
65. 73
50.17
38.48
78.35
Sales:
Total on all registered exchanges (SEC):
204, 032
Market value
mil. $
Shares sold
- . -.millions. . 6,299
On New York Stock Exchange:
159, 700
Market value
mil. $
4,496
Shares sold (cleared or settled)
millions
New York Stock Exchange:
Exclusive of odd-lot and stopped stock sales
4,138
(sales effected)
millions
Shares listed, N.Y. Stock Exchange, end of period:
Market value all listed shares
bil. $.. 871.54
Number of shares listed
- . - millions. . 19, 159
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
mil. $.. 49,788.2 71,314.0
do
.do
49,218.6 70, 798. 4
4,902.9 5,975.1
5,596.1
6,061.8
5,896.4
5,392.2
5,819.3 6,015.6 6, 783. 5
4,731.8 4,866.2 b 922 2
4,954.8 5,070.5 5,308.5
5,560.8
5,491.6
6,020.8 5,857.9
5,557.3 5,725.6
5,326.1
5,859.9
5,787.4 5, 959. 0 6, 749. 3 ,091.1 6, 925. 7 6,831.6 7, 298. 2
6,044.3 6,413.7 6,584.0 6,870.6 6,953.5 7,111.0 7,605.5
4,773.6
, 127. 7 6, 969. 7 6, 873. 6 7, 340. 1
do
do
do
do
171.3
208.2
172.2
199.2
247.2
188.4
167.4
200.4
154.8
149.1
1,576. 1 2, 306. 9
232.0
217.4
11,297.2 18, 425. 4 , 161. 1 1,216.8 1,536.9 ,417.7 1,444.2 , 444. 2 , 466. 3 , 574. 0 1,692.6 1,714.0 ,915.1 , 820. 2
125.5
158.1
142.4
212. 6
248. 5
109 3
150 5
96 0
1 034 4 1 743.9
128 5
107 2
134 0
135 2
17,158.0 22, 179. 6 , 649. 5 1, 705. 5 2, 132. 3 1, 827. 4 2, 022. 5 , 899. 0 1,729.6 1,825.8 1,772 4 2,061.3 2, 237. 3 2, 307. 4
Northern North America
Southern North America
South America
do
do
do
12,418.8 15, 075. 1 ,080.3 1,090.4 1,283.3 1, 314. 1 1,422.1 1, 334. 3 1,049.3 1,080.9 1,190 9 1,516.4
427.4
453.3
509.2
415.9
363.1
410.5
324 2
383.8
3564 1 5, 027. 3 308 9
449 2
357.3
552.8
442.9
375.2
303.9
352.2
353.6
356.8
3,707. 1 4, 901. 3
307.5
447 5
By leading countries:
Africa:
Egypt
Republic of South Africa
do
do
76.1
' 602. 5
do
do
do
do
r
r
Asia; Australia and Oceania:
Australia including New Guinea
India
Pakistan
Malaysia
Indonesia
Philippines
Japan
Europe:
France
East Germany
TVest Germany
Italy
Union of Soviet Socialist Republics
United Kingdom
North and South America:
Canada
Argentina
Brazil
Chile .
Colombia
Mexico
Venezuela
Exports of U S merchandise total
Excluding military grant-aid
Agricultural products total
225.4
746.4
7.4
61.3
12 5
55.1
29.9
52.5
12.7
57.6
26.2
56.5
34.4
60.3
20.7
59.8
13.2
60.8
856 5
350. 1
183.0
128.0
1, 449. 1
524.9
238.9
161.6
86 7
23 8
15.7
81
89 2
28.7
21.0
11.7
80.3
39.4
10.3
11.2
90.5
35.1
16.6
8.6
130.2
31.4
16.0
12.8
108.6
35.5
15.7
10.4
107.6
37.3
24.9
12.3
135.2
49.7
9.0
14.3
106
82
19
15
do
do
do
307.6
365. 5
'4,962.9
442.1
495. 5
8,311.8
46 3
25.3
547 8
34.1
29.1
565.3
21.8
32.4
771.7
27.2
41.4
657.5
30.6
39.0
697.9
35.7
44.6
706.2
34.4
45.6
621.9
do
do
do
1,608. 9
17 5
2,807. 5
2, 263. 1
28.0
3, 755. 9
187 4
3
246 5
180.2
2 4
259.1
240.6
.8
314.0
191.4
2.0
306.9
200.1
1.2
293.6
160.5
.6
322.1
do
do
do
1,434. 2
542 2
2 658 2
2,118.8
1 189.8
3, 563. 5
129 6
98 3
249 7
143.3
99 8
238 0
183.5
111 6
310.4
188.7
103 1
248.9
172.6
137 7
340.5
225.3
142 9
282.5
do
12 415 2 15, 072. 8 1 080 1 1 090 1 1,283.2 1,313 5 1 422.0 1, 334. 1 1, 049. 1 1,080.8 1 190 7 1,516.3 1,342.9 1,377.7
Crude materials, inedible, exc. fuels 9
Cotton raw excl linters and waste
Soybeans exc canned or prepared
Mftf.nl r»r«<j. rnn rant rat «<j and <u»ran
r
Revised.
r
do
do
do
do
do
do
6 466 8
396.1
1 2427
185.9
317 3
1, 982. 2
923 7
do
do
do
48 978 6
48 419 1
9 4069
39 671 7
By commodity groups and principal commodities:
Food and live animals 9
_
- .mil. $
Meats and preparations (incl poultry) do
Grains and cereal preparations
do
Beverages and tobacco
do
.do
do
do
dn
8 921 4
451.3
1,916.0
248.5
436.6
2, 937. 4
1 032 5
70
69
17
52
223
707
676
546
0
4
4
6
5,660.6 11,930.8
251 9
444 2
3 501 1 8 495 1
647
28
113
14
23
180
74
4
4
1
3
4
0
7
0
6
2
4
719 5
677 7
136 1
583 5
690.3
21 7
476 7
4
4
1
3
77.5
6.0
13.7
71.3
15.5
67.0
7
1
0
2
116.5
61.8
23.7
19.7
217.4
47.5
28.8
17.1
183.8
34.5
31.6
20.3
30.2
41.4
747.8
41 5
41 3
704 1
42.8
44.7
757.4
42.5
55.5
794.8
54.0
55.1
771.9
154.0
.8
280.9
165.2
11.0
308.4
167 2
3
298 5
200.8
.5
355.3
198.4
5.3
379.6
217.4
2.7
389.1
182.3
103.8
272.5
166.9
97.3
267.9
152 8
77 1
289 0
169.8
76.8
346.4
213.3
64 4
377.4
190.6
77.0
340.2
554 4
20.8
101.4
14.1
30 3
180.6
92 5
648 7
27.3
123.0
15.4
34.9
215.6
81.0
644 4
34.9
118 4
15.6
32 1
214.8
94 9
688 1
30.6
139.3
11.2
27.0
240.4
77.9
705 7
29.4
149.0
19.4
39.0
235.8
71.4
706.3
25.2
151.3
10.2
33.2
253.0
81.9
812.9
57.9
160.8
15.2
47.3
268.1
84.8
831 1
794 5
179 4
651 7
5 878.7
5, 825. 8
1,407.7
4 471 o
5,491 8
5,456 4
1, 264. 1
4 227 7
5 967 7
5 926.7
1,364.9
4 602 8
5 793.4
5, 754. 9
1,376.0
4 417 4
5, 305. 9
5, 239. 8
1,218.1
4 087 8
6, 706. 6
5, 674. 6
1, 469. 5
4, 236. 9
672.3
26 2
455 5
805.3
48 4
531 1
768.6
45 6
510 0
834.7
45 1
565 1
950. 0
38.5
660 3
907.4
27 5
660 5
33 4
66 9
809
53
183
14
44
271
82
5
5
1
4
2
5
2
8
2
7
0
936 5
879 9
448 7
487 8
974.4
59.1
231.0
38.6
41.1
318.1
99.2
6, 668. 1
6, 633. 9
1,733.7
4 934 4
933 7
53.4
210.5
50.6
40.4
277.9
101.3
896.2
31.0
234.8
29.4
43.6
281.1
91.2
7 037 8
7,001.3
2, 082. 0
4 955 9
8, 886. 0
6, 842. 0
1,975.6
4, 910. 5
1,216.7 1,191.0 1,216.0 1, 385. 2 1,293.1 1,198.1 1, 156. 8
43.9
44.7
41 7
32 4
28 7
935 6
989 7
921 1
847 3
920 2
1,008.5
62.9
74.5
78.4
74.8
68.4
73.4
72.1
77.3
92.9
110.6
128.7
94.3
90.8
87.2
5,030.4 8,383 6
503 3
929 0
1 508 1 2 757 4
fin? Q i r>sn s
584.6
103 2
185 9
/;/» ft
663.1
82 0
°54 6
KQ 3
840.4
104 7
304 4
Qn 8
717.3
99 5
248 1
fi7 5
778.8
69 8
290 4
676.3
81.5
187.0
Q3. 3
563.7
58 6
112 0
19Q n
558.9
52 1
93 4
606.3
47 5
50 1
10fi .0
749.8
50 2
278.0
892.2
56 6
419.8
79.7
852.2
128.9
334.9
79.5
854.0
992.6
908.3
9 Includes data not shown separately.
, 343. 0 1,377.7
474.6
507.1
512.7
539.6
101.3
19Q 4
an. 7
SUEVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
1973
Annual
S-23
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
175.0
105.7
59.6
144.2
178.6
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
Value of Exports—Continued
Exports of U.S. merchandise— Continued
By commodity groups and principal commodities — C ontinued
Mineral fuels lubricants, etc 9
mil. $
Coal and related products
do _ Petroleum and products. . ._ ..do
1, 552. 5
1, 019. 1
444.5
1,670.5
1,052.0
518.0
105.2
62.0
36.2
106.7
65.5
36.3
121.2
71.4
38.2
142.0
95.1
40.2
141.0
95.9
40.7
137.8
91.1
39.8
132.3
81.3
44.2
154.1
102.8
41.8
121.6
65.7
48.0
177.1
119.6
49.9
156.2
105.3
43.1
508.0
684.0
44.0
44.8
61.0
38.0
54.4
58.9
68.9
59.6
66.2
59.1
61.4
77.6
73.7
96.5
do
4,132.8
5,748.5
388.8
384.1
441.4
443.7
460.1
475.8
467.8
516.5
505.6
553.1
566.9
544.8
604.6
650.2
do
- _-do
do
do,_ -
4,904.1
778.8
825.9
566.8
7, 161. 3
1, 224. 7
1, 300. 8
950.3
478.8
78.3
85.5
57.8
458.0
71.6
75.2
54.1
534.4
85.9
98.0
59.7
565.5
91.8
98.6
69.0
578.9
94.2
109.7
64.3
587.0
96.4
102.2
71.2
556.6
89.0
103.2
78.7
607.5
94.9
107.3
87.1
648.8
120.1
106.8
95.8
709.2
127.0
127.4
103.8
731.3
141.0
130.4
109.7
705.4
134.5
155.5
99.0
756.3
795.5
Machinery and transport equipment, total
mil.S.. 21, 532. 7 27, 841. 7
1,955.5
2,026.4
2,526.1
2,249.7
2,568.2
2,317.1
Animal and vegetable oils, fats, waxes. ..do
Chemicals
Manufactured goods 9
Textiles
Iron and steel
..
Nonferrous base metals
- ..
--
2,049.5 2, 067. 6 2,319.4 2, 551. 0 2, 564. 0 2, 647. 5 2,515.5 2,734.3
13,236.1 17, 129. 7 1, 222. 6 1.223.0 1,444.5 1, 360. 9 1,474.2 1,428.8 1,383.2 1, 402. 1 1,433.6 1,631.9 1,554.6 1, 572. 6
Machinery, total 9
do
749.6
Agricultural
do
987.1
77.4
105.0
79.0
76.0
64.3
78.3
86.6
75.5
92.6
97.0
69.0
86.5
410.0
Metalworking
do
488.9
42.1
31.4
32.5
57.5
43.5
38.7
44.2
35.8
37.2
37.0
39.2
50.6
Construction, excav. and mining
do
1,598.9 2, 094. 6
180.7
181.5
188.4
135.0
151.0
169.1
181.0
176.3
182.9
179.8
178.2
191.7
3, 697. 8 5, 030. 7
Electrical
_.-do
409.7
466.1
459.0
369.7
352.4
397.8
429.9
389.6
413.8
414.1
439.3
489.1
8, 296. 6 10,712.1
Transport equipment, total
do
666.4
733.4
803.3 1,082.3
885.8
888.6
888.8 1,094.8
665.4
919.0 1,009.3 1, 074. 9
Motor vehicles and parts
- -do __. 4,799.4 5, 988. 7
544.7
489.7
551.0 527.8
407.7
455.8
477.6
521.7
468.9
543.6
389.5
620.7
521.5
489.5
875.1 1, 107. 9
Miscellaneous manufactured articles
do
3,189.6
3, 950. 7
275.1
270.8
325.7
324.3
334.7
345.4
308.9
331.0
336.9
378.5
373.3
346.1
371.3
382.9
Commodities not classified
do
1,559.5
1,843.5
118.9
132.6
145.7
168.4
146.7
171.1
193.2
126.8
147.7
163.8
178.6
150.2
184. 1
174.2
VALUE OF IMPORTS
General imports, total
Seasonally adjusted
By geographic regions:
Africa
.
Asia._
Australia and Oceania
Europe
..
do
do
._
._
_ __
Northern North America.
Southern North America
South America .. .
.. . __
55, 582. 8 69, 121. 2
5,406.5 4,958.0 5,600.9 5,348.6 6,033.4 5,900.7 5,651.8 5, 997. 4 5, 286. 3 6,373.3 6, 787. 2 5, 777. 3 6, 649. 6 6, 692. 3
5,243.9 '5,482.1 '5,410.5 '5,355.6 '5,700.0 '5,765.2 '5,821.2 '5,991.4 '5,621.3 '5,968.6 '6,627.5 '6,083.9 6, 467. 2 7, 392. 4
244.9
do
1,595.3 2, 350. 5
124.0
155.4
182.6
216.4
145.5
201.2
184.2
232.8
226.3
187.5
245.9
_ do -_ 15,116.9 17,774.5 1, 364. 3 1, 245. 0 1,413.3 1, 352. 4 1,515.7 1, 549. 1 1, 567. 0 1, 789. 0 1,502.6 1, 656. 9 1, 566. 2 1, 254. 1
165.1
_ _ d o _ __ 1,145.5 1,553.6
101.2
139.0
90.1
90.1
200.9
108.5
124.0
116.5
120.3
123.0
175.0
do
15,743.9 19, 680. 5 1, 555. 3 1, 405. 2 1,587.9 1, 529. 7 1,723.2 1, 628. 9 1, 668. 8 1, 769. 1 1,402.9 1, 804. 8 1, 960. 8 1, 629. 2
do
14,933.1 17, 452. 4 1, 477. 9 1,337.8 1,546.9 1, 443. 4 1,667.1 1, 673. 7 1,395.7 1, 177. 7 1,329.3 1, 648. 3 1, 546. 3 1, 221. 2
3,537.0 4, 987. 5
do..
435.7
368.4
468.0
411.6
277. 7
357.9
487.8
428.3
419.2
418.4
364.5
450.8
do
3,459.8 4,340.8
416.3
393.4
470.7
301.8
324.3
343.1
407.6
297.4
356.4
316.0
325.6
388.1
By leading countries:
Africa:
Egypt
Republic of South Africa __ __
do
do -
16.9
324.7
25.9
373.9
3.7
25.2
.6
37.2
1.2
30.1
2.6
32.3
1.4
31.7
2.2
28.4
1.0
38.5
4.9
27.0
2.5
33.6
3.7
31.9
1.6
34.4
.6
23.5
Asia; Australia and Oceania:
Australia, including New Guinea
.
India
_
.
d
Pakistan
... _.
Malaysia
Indonesia
.
__
Philippines. _
...
Japan
do
o
do .
do
do
do...
do
819.9
426.6
40.2
301.2
277.8
490.9
9,064.1
1,087.4
434.9
38.8
417.1
442.2
662.9
9, 644. 8
72.3
35.2
3.3
23.3
29.4
35.0
800.8
62.3
29.0
3.3
23.6
25.0
31.3
708.7
61.9
38.4
3.6
30.9
34.2
50.3
792.2
70.7
29.7
2.5
25.4
30.1
44.6
779.9
76.9
35.9
2.3
40.7
43.8
56.1
812.6
82.5
39.2
1.7
40.0
48.4
55.0
810.9
84.0
33.1
3.4
38.5
32.5
80.9
821.1
123.8
40.8
4.2
38.0
61.4
75.6
944.1
80.3
42.2
3.8
39.5
48.7
71.3
753.4
114.5
41.6
3.1
41.8
44.5
42.3
823.6
146.0
33.5
3.9
41.9
28.9
69.7
895.7
112.1
36.2
3.8
33.5
25.3
50.9
702.5
Europe:
France... . __
_
East Germany
West Germany.-.
Italy
Union of Soviet Socialist Republics
United Kingdom
do
do__.
do
do—
do
do._
1,368.6
10.3
4,250.3
1,756.7
95.4
2,987.1
1,715.3
10.5
5,318.2
1, 988. 0
213.7
3, 642. 1
138.1
.9
421.2
170.2
18.4
296.4
123.1
.5
379.7
162.6
12.5
266.6
128.3
.7
436.8
167.0
15.5
292.6
140.9
.6
415.3
138.9
17 8
288.6
153.3
1.1
482.8
156.6
10.9
317.0
145.7
1.2
460.1
166.8
11.4
298.5
162.3
1.1
470.9
166.7
12.5
300.1
168.7
.9
482.1
208.2
18.7
343.0
121.3
1.0
341.8
141.2
19.1
259.1
131.9
.9
530.4
155.2
22.8
317.9
157.9
1.0
514.0
189.1
26.6
372.1
144.5
.6
382 9
165.2
28.9
274.1
North and South America:
Canada
__ __
do
14,926.7 17, 442. 9 1, 477. 8 1,337.8 1,546.1 1,443.4 1,666.4 1, 672. 8 1, 394. 5 1, 176. 1 1,327.4 1,647.5 1, 546. 2 1, 220. 0
Latin American Republics, total 9 _-.do...
5,772.5 7, 600. 1
615.8
736.2
644.4
700.8
710.0
569.8
662.5
608.9
604.1
604.9
671.8
570.6
Argentina . _ _ . _ . . _
do
24.4
201.4
34.7
274.1
18.6
26.4
22.4
27.7
15.5
21.2
16.9
17.9
24.9
23.6
Brazil __ do
131.2
126.2
941. 6 1, 183. 0
108.9
102.7
77.2
113.0
80.5
85.3
94.5
89.9
74.2
99.0
Chile
do
13.3
82.9
12.1
12.8
4.9
101.9
25.6
12.4
5.4
1.0
3.8
6.5
2.9
1.6
Colombia
do_.
35.1
283.9
47.1
35.7
38.7
43.3
406.9
24.9
21.9
29.4
30.1
32.8
34.7
33.6
Mexico
__ .
_- do
161.7
1,632.2 2, 287. 0
209.0
207.9
189.5
170.5
164.2
218.8
206.6
196.8
193.2
198.0
170.8
Venezuela
_
do
130.6
1, 297. 5 1,624.8
164.4
159.1
109.2
126.8
147.2
128.3
128.5
130.8
107.8
121.9
169.8
By commodity groups and principal commodities:
Agricultural products, total
mil. $.. 6,512.8 8, 450. 0
659.7
772.0
715.6
787.8
839.3
725.4
644.5
618.1
666.0
709.4
670.1
641.8
Nonagricultural products, total
do
49,069.9 60, 671. 2 4, 763. 3 4, 326. 5 4, 929. 6 4, 637. 8 5, 244. 2 5, 230. 7 5, 010. 0 5,272.0 4, 641. 8 5, 657 7 5, 947. 9 5, 005. 3
Food and live animals 9
do
6, 370. 1 7, 986. 2
616.7
725.3
809.0
732.7
770.0
568.4
696.9
630.1
615.7
627.1
598.9
658.5
39 7
Cocoa or cacao beans
do
150. 9
25.7
14.1
212.0
24.0
3.2
24.1
6.3
20.1
15.5
14.4
10.1
21.6
Coffee
do
123.8
1 189 1 1,565.9
132.9
122.9
180.
1
102.2
124.8
126.1
121.5
141.1
127.6
145.2
117.0
Meats and preparations ..
do
156.8
1,222.8 1, 668. 0
108.8
185.0
135. 9
200.1
143.8
120.8
175.1
99.7
96.6
125.7
119.8
Sugar
do
86.9
831.6
71.9
107.6
917.7
79.9
39.2
48.9
72.1
85.5
69.3
75.5
100.6
80.3
Beverages and tobacco
do
113.7
1, 009. 4 1, 213. 1
109.2
127.0
91.0
102.5
128.0
83.5
97.3
91.2
76.3
98.9
94.4
Crude materials, inedible, exc. fuels 9
Metal ores
_
Paper base stocks
Textile
fibers
Rubber
Mineral fuels, lubricants, etc
Petroleum and products
Animal and vegetable oils and fats
Chemicals
r
do
do
do
do
do
780.8
743.4
100.3
86.2
413.6
387.9
3, 859. 8
1,021.6
509.9
195.8
196.2
4, 987. 9
1, 290. 7
676.9
235. 6
344.5
388.5
84.4
56.7
21.9
19.5
341.2
62.6
48.1
21.0
18.0
383.8
69.8
52.2
21.8
23.3
398.3
92.7
50.0
19.2
20.0
443.8
103.6
57.5
23.2
27.0
453.1
121.9
51.9
21.0
29.2
431.3
128.4
55.3
22.1
22.3
408.7
128.5
45.0
20.6
38.9
386.8
99.9
51.8
15.9
39.1
490.7
148.8
70.1
17.4
42.6
478.7
134.8
79.4
17.4
38.3
do
4,799.0
.~"~~_do_"I 4, 299. 6
8,101.0
7, 548. 5
532.2
488.1
495.5
462.4
595.3
553.7
503.5
463.2
610.6
565.2
604.3
566.7
554.9
515.5
776.3
728.8
694.9
648.5
794.7
740.9
908.3 1, 030. 5 1,304.9 1,577.0
962.5
860.6
do
179.6
do """ 2, 014. 6
254.6
2, 436. 7
8.8
189.1
16.8
190.2
14.7
202.5
13.6
221.3
15.8
213.1
19.8
208.8
18.9
185.8
23.6
206.2
21.2
189.2
25.5
206.1
37.4
216.2
983.8 1, 078. 2
220.1
232.0
90.6
107.3
178.2
199.5
143.5
124.1
992. 9
204.4
100.5
159.1
133.5
Manufactured goods 9
do
11,421.6 13, 198. 3 1,106.3
Iron and steel...
do"""" 2, 927. 6 3, 008. 6
240.7
Newsprint
do
1,053.9 1,184.8
110.6
Nonferrous metals.. _
do
1,933.0 2, 449. 4
224.7
Textiles
do
144.2
1, 526. 6 1, 568. 1
Revised.
9 Includes data not shown separatel y.
383.0
114.5
58.8
14.1
26.3
s
1,179.2 1,114.0 1, 192. 7 1, 135. 2
296.2
273.4
243.5
279.5
104.8
97.4
80.9
109.4
186.2
188.8
211.2
178.9
137.8
128.3
128.9
136.5
38.5
208.2
23.6
200.7
24.5
226.3
968.9 1, 136. 0 1, 239. 6 1,071.3 1,094.8 1, 081. 4
257.3
220. 9
281.7
258.9
97.4
109.0
83.6
93.1
231.3
294.9
188.4
209.5
115.3
127.5
116.5
132.0
SURVEY OF CURRENT BUSINESS
S-24
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
March 1974
Annual
Jan.
Feb.
Mar.
Apr.
May
1974
July
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOREIGN TRADE OF THE UNITED STATES—Continued
FOREIGN TRADE— Continued
VALUE OF IMPORTS— Continued
General imports— Continued
By commodity groups and principal commodities—Continued
Machinery and transport equipment
mil. $__ 17, 420. 1 20, 969. 6
7, 786. 9 9, 909. 2
Machinery, total 9
do
187 9
140.4
Metalworking
do
3, 376. 7 4,471.1
Electrical
do
1,661.4
698.4
14.4
275.0
do
do
9, 633. 2 11,060.4
7, 946. 1 9, 216. 1
977.5
805.0
858.0 1,000.6
715.8
841.0
do
6, 910. 6
8, 184. 0
631.5
584.1
643.2
1,598.0
1,789.8
162.8
128.7
151.3
117.6
134.3
158.0
137.5
165.4
227.5
123.5
147.5
182.1
126.8
148.0
187.7
126.1
163.8
206.6
149.6
171.8
257.1
133.3
181.5
242.0
Transport equipment
Automobiles and parts
Miscellaneous manufactured articles
Commodities not classified
do
Indexes
Exports (U.S. mdse., excl. military grant-aid):
Unit value
1967 — 100
Quantity
do
Value
do
General imports:
Unit value
do
Quantity
do
Value
do
Shipping Weight and Value
Waterborne trade:
Exports (incl. reexports):
Value
General imports:
Value
1,572.9
702.0
11.8
317.0
1,818.3
812.3
13 3
363.8
1,710.2 1,954.4
853.8
806.8
16.5
10.9
377.4
344.4
1,918.1 1,700.7 1, 683. 7 1,507.6 1, 943. 9 2, 055. 2 1,443.2 1,943.9 1,770.2
710.7
865.0
759.4
855.3
907.2
934.9 1,003.1
14.5
20.5
14.5
19.6
17 3
15 6
19 1
391.2
358.1
446.5
322.7
387.0
421.6
466.3
903.3 1,100.5 1,053.2
748.3
941.7
896.2
845. 4
706.7
776 6
608.3
748.2 1 009.0 1,052.2
602.8
884.8
867.2
732.5
611.4
609.8
649.7
697.1
720.4
820.0
666.2
781.3
772.2
608.3
642. 3
640.2
141.4
131.6
160.9
153.8
155.6
144.9
160.2
143.4
155.3
144.6
155.1
127.2
179.3
228.0
128.4
166.3
213.6
132.4
175.3
232.1
134.5
167.5
225.3
137.6
149.1
205.2
142.9
155.5
222.2
141.6
162.5
230.2
147.1
176.6
259.8
149.2
183.7
274.1
155.3
172. 5
267.9
156.3
169.1
264.3
134.3
164.3
220.7
137.6
181.6
249.7
145.1
164.5
238.6
146.9
183.3
269.2
147.8
178.2
263.3
150.3
167.8
252.2
153.5
174.4
267.6
152.3
154.9
235.9
159.6
178.2
284.4
165.0
183.6
302.9
172.7
149.3
257.8
179.1
165.7
296.8
P 12. 88 Pll.99
p47. 8
P55 5
P 1, 848 P 1,736
Pl3. 13
P56.9
p 1,826
p 10. 13
P277
P9.77
p257
P58
p 10. 58
P231
P 74
p2. 75
P187
P2.22
P175
P47
v 2. 55
P157
27.7
462
27.7
448
27.7
447
mil $
230 176
25 520
19 814
2 600
18 865
2 633
22 218
3,144
22 741
2,946
24 3Q1
3,177
24 509
3,182
22 524
3,050
25 283
3,429
21,751
3,356
mil $
350 845
33* 617
33 411
3 207
29 981
2 919
34 408
3,319
31 522
3.171
38 259
3,680
37 023
3,538
33 479
3,512
44 749
4,048
37 583
3,340
TRANSPORTATION AND COMMUNICATION
TRANSPORTATION
Air Carriers (Scheduled Service)
Certificated route carriers:
Passenger-miles (revenue)
bil
Passenger-load factor§
percent..
Ton-miles (revenue) total^
mil
Operating revenues9©
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©
..mil. $..
do
do
do
do
do
11,163
9,271
938
271
10 579
222
bil
mil..
do
118.14
2,567
686
mil $
do
do
International operations:A
Passenger-miles (revenue)
Express and freight ton-miles
Mail ton-miles
bll._
mil
do
Operating revenues©
Operating expenses©
Net income after taxes©..
152. 41
53.0
20, 746
mil.$.
do
do
161.96
52.1
22 242
12.50
49.1
1,696
11.05
47.9
1,534
13.24
51.8
1,796
13.16
50.3
1,822
126. 32
2,922
687
9.80
208
56
8.80
203
52
10.26
246
61
10.44
226
55
10.11
255
58
2.69
136
46
2.24
133
42
2,512
2 420
26
2.68
166
47
16.00
54.9
2,088
16. 98
57.5
2,230
11.55
258
55
2.80
148
43
3.05
150
43
3.39
157
43
12.00
235
51
12.96
269
56
9.86
256
53
p 2, 597
p 2, 375
4.00
162
40
4.02
164
43
3.29
180
39
P834
p714
678
656
11
579
602
-17
13.15
48.5
1,843
P 3, 431
P 2, 859
P282
p65
p 3, 089
pl71
2 433
2,267
77
2,207
2,206
-29
35.64
1,916
522
14.95
55.0
2,008
3 111
2,599
260
67
2,923
88
2 785
2 322
241
66
2,808
46
8,652
8,158
196
34.27
1,738
616
12.94
50.2
1,814
Local Transit Lines
Fares, average cash rate
Passengers carried (revenue)
. .
cents
mil..
Motor Carriers
Carriers of property, large, class I:*
Number of reporting carriers
Operating revenues, total
mil. $._
Net income, after extraordinary and prior period
charges and credit"
mil $
Tonnage hauled (revenue), common and contract
carrier service
mil. tons..
Freight carried, volume Indexes, class I and II
(ATA):
Common arid contract carriers of property
(Qtrly.)c?
average same period, 1967=100*. .
Common carriers of general freight, seas. adj.
1967=100..
Class I Railroads
Financial operations, qtrly. (AAR):
Operating revenues, total, excl. Amtrak© 9 mil. $
Freight
do
Passenger, excl. Amtrak©
.
do
Operating expenses
do
Tax accruals and rent s
dn
Net railway operating income
do
Net Income (after taxes) ©
do
27.8
448
27.8
420
27.8
391
27.7
413
27.7
408
94
7, 584
94
8,704
94
2,007
94
2, 109
94
2, 151
94
58
233
51
64
51
67
171
189
44
47
46
50
136.4
163.4
13, 440
12,571
257
10, 580
14, 796
1
830
483
27.8
512
140 0
128.0
153.1
160.1
11,571
2,366
859
1
558
>• Revised.
p Preliminary.
1 Before extraordir ary and r>rior perio d items.
V Includes data not shown separately.
If Applies to passengers, baggage, cargo, and mail ctirried.
§Passeriger-miles as a percent of available seat-mile 5 in reven ue service reflects proporti on
of seating capacity actually sold and utilized.
G Total rev enues, ex lenses, and incoine
for all groups of carriers also reflect nonscheduled s 3rvice.
A Effect!ve July 1973, carr ier
27.8
465
27.8
5,295
9
27.8
'458
27.8
424
27.4
' 5, 290
166.0
3,523
3,305
59
2,761
562
200
i 119
142
145 0
162.5
163.4
162.2
3,727
3,482
66
2,925
592
211
i 151
27.7
483
159.6
159.3
162.6
3,633
3,372
66
2,898
572
163
167.7
174.6
170.1
160.1
3,913
2,990
641
282
1203
group referredI to as "I nternational;" no change in comparability of data.
*New series . Source Interstate Commerce Commission; data not available prior to 1972.
cf Indexes iire comp arable for the identical quarter of each year (and from year to year).
© Natl. Ra ilroad Pf iss. Corp. (Amtrak), not included in AAR data above, for 1972 and 1st
6 months of 1 J73 (mil. dol.): Pass, revenues, 138; 74; net income, -148; -79 (ICC).
March
SURVEY OF CURRENT BUSINESS
1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition oi BUSINESS STATISTICS
1973
S-25
1973
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
3
3
TRANSPORTATION AND COMMUNICATION—Continued
TRANSPORTATION— Continued
Class I Railroads— Continued
Traffic:
Ton-miles of freight (net), revenue and nonrevenue
bll
Revenue ton-miles qtrly (AAR)
do
Revenue per ton-mile
cents
Passengers (revenue) carried 1 mile
mil
800.8
776.7
1.616
8,560
846.8
19.64
63
123
20.42
64
130
2 435. 9
218.0
2 1. 607
2
4, 233
203.6
211.2
214.0
60.6
66 5
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
\llens % Arrivals
do
Departures
do
Passports issued.. _ . .
National parks, visits^f
- _
do
do
1
9 068
i g 312
5* 193
4 310
2 728
54 087
2,729
55, 406
r
19. 38
'58
105
19.85
60
118
20.32
65
143
20.06
67
129
20.53
69
153
20. 39
68
143
20.25
65
130
20.93
70
128
20.71
66
135
21.09
73
132
21.04
63
123
663
548
452
342
589
683
346
272
713
686
426
343
780
746
451
359
775
787
427
376
790
941
474
418
993
1 020
615
480
1,172
870
663
628
761
741
512
470
751
653
495
425
630
567
416
380
183
1,656
230
1 848
322
2,252
345
3 356
335
4 826
306
7,618
255
10, 030
213
10, 296
152
5,616
148
4, 159
20.36
46
129
20.35
56
107
132
2,256
108
1, 493
168
1, 295
185
1,450
COMMUNICATION (QTRLY.)
Telephone carriers (63 carriers except as noted):
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
Operating expenses
Net operating revenues (before taxes)
International:
Operating revenues
Operating expenses
Net operating revenues (before taxes)
23 079
11*261
8 984
14 869
4 032
117 3
- -
6,214
2,985
2,467
3,928
1,108
119 1
6, 447
3,074
2 570
4,032
1,183
120 2
mil $
do
do
431 8
349 8
55 1
110 8
90 4
12 0
113 7
93 4
15 7
do
do
do
226 0
163 7
49 4
61 2
43 5
14 3
63 8
44 2
16 2
CHEMICALS AND ALLIED PRODUCTS
CHEMICALS
Inorganic Chemicals
Production:
Aluminum sulfate, commercial (17% AhOs)!
thous. sh. tons..
Chlorine gas (100% C12H
do
Hydrochloric acid (100% IICDJ
do
Phosphorus element alj
do
Sodium carbonate (soda ash), synthetic (58%
Na 2 O).J
thous. sh. tons..
Sodium hydroxide (100% NaOIDJ
do
Sodium silicate anhydroust
do
Sodium sulfate anhydrous*'
do
Sodium trypolyphosphato (100%, NasPsOioH
do....
Titanium dioxide (composite and puro)t_..do
Sulfur, native (Frasch) and recovered:
Production
thons. Ig. tons..
Stocks (producers') end of period
do
<• 1, 256
9, 873
9 30')
r
556
4,310
1,136
10,301
2,389
525
3,837
91
849
198
44
333
89
779
180
42
328
93
862
211
46
350
94
848
202
49
330
106
886
209
49
337
88
838
196
42
297
96
875
191
42
304
112
866
210
41
338
79
835
188
37
261
108
889
208
44
331
96
882
204
4.5
328
84
892
192
44
300
10 917
661
1.327
10, 678
727
1,429
879
42
103
808
53
111
895
65
141
882
64
138
928
120
870
60
110
904
60
122
895
58
112
868
62
108
913
64
138
913
67
••113
923
60
113
1,033
r
718
914
772
84
62
61
83
65
64
81
68
76
63
7!)
61
76
67
70
61
71
6.5
71
67
71
68
9,218
3, 794
9, 923
3, 923
806
3, 844
709
3,817
835
3, 791
807
3, 774
848
3, 763
839
3, 805
799
3,756
851
3,801
829
3,820
893
3, 903
864
3,876
843
3,923
thons. sh. tons.. r15, 193
1,197
15,468
Ammonium nitrate, original solution!
do
6, 881
545
0. 943
T
Ammonium sulfatet
do
1.858
135
1 985
Nitric acid (100%: HNO 3 )J
do
7, 981
582
7,431
Nitrogen solutions (100% N)f
do
121
' 1.593
1,980
Phosphoric acid (100%. IV^T.
do.
6, 531
469
6. 497
Sulfuric acid (100%, IhSO^t
do
2, 501
31,300
31,588
Superphosphate and other phosphatic fertilizers
(100%P 2 0 5 ):
Production
thons. sh. tons..
.5, 482
491
5, 626
Stocks, end of period
do
433
455
336
Pot ash , deliveries ( K 2 O)
do
4,913
384
5. 902
Exports, t o t a l 9
."do
19.612
1, 666
20, 128
Nitrogenous materials
do
1, 123
81
1,044
Phosphate materials
do
14 953
1,259
14 895
Potash materials do
1 , 353
95
1,579
Imports:
Ammonium n i t r a t e
do
378
338
Ammonium snlfale
do
9()()
264
26
Potassium chloride
.
do
4,855
5899
442
Sodium nitrate
do
111
69
16
r
Revised.
v Preliminary.
1
Annual total; revisions not distributed to the monthly or quarter y data,
months ending in month shown.
s For month shown/ * For 66 t"arriers.
total for 1972 reflects sulfur content, whereas monthly data are gross we ght.
1,135
553
142
608
136
524
2,518
1,319
575
167
616
160
567
2, 672
1,316
611
1.57
644
181
567
2, 634
1,3,53
636
160
661
206
,586
2, 840
1,324
,592
142
622
206
,52,5
2, ,573
1,254
.5,58
170
fill
156
,531
2, 5,59
1, 254
,568
192
608
164
.540
2, 7,58
1,333
569
198
,587
151
,536
2, 514
1,361
,561
212
626
164
,5,52
2, 603
1 °99
,573
1,52
631
170
.537
2,672
1 393
602
1,58
63,5
16,5
,563
2, 744
477
437
511
1,4519
5
1 , 054
136
491
333
782
'1,820
91
r
1,437
129
494
233
706
1,770
109
1,391
83
495
233
,581
1,518
110
1,1-11
114
446
298
308
1,540
68
1,109
146
444
34!)
220
' 1 , 78.5
88
1 , 29.5
184
430
363
33.5
1,798
9.5
1,276
12,5
431
340
41,5
1,639
92
1,11,5
192
471
30 i
,592
1, 764
69
1,362
120
449
322
,577
1,678
100
1.233
130
.507
336
492
1, 698
87
1,221
122
28
23
431
3
39
46
761
1
r
5
776
3,880
Inorganic Fertilizer Materials
Production:
Ammonia, synthetic anhydroust
2 For six
5 Ann ual
r
13
24
16
11
1,5
37
25
74
26
23
11
23
12
12
46
489
601
38,5
669
261
29.5
30,5
713
,547
12
3
9
16
5
0
0
3
0
'
IT D it a inclu de visits o Voyag curs Nat ional Pa rk effect! ve July 1L973.
9 Iiicludes c at a not s hown se mrately.
est.
pon
requ
ail
able
u
71
are
av
t M c)nthly rt visions b ack to ll
'•568
1,896
126
1,334
184
31
20
610
3
P568
SURVEY OF CURRENT BUSINESS
S-26
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
March 1974
1973
Jan.
Annual
Feb.
Mar.
Apr.
May
June
1974
July
Sept.
Aug.
Oct.
Nov.
Dec.
Jan.
Feb.
CHEMICALS AND ALLIED PRODUCTS—Continued
CHEMICALS— Continued
Industrial Gases t
Production:
8,368
Acetylene
-- ---mil. cu. ft.. 11, 568
Carbon dioxide, liquid, gas, and solid
1,380
thous. sh. tons__ r 1,481
61, 570
Hydrogen (high and low purity)
mil. cu. ft.. r 58, 890
193,540 225, 733
Nitrogen (high and low purity)
- -do
353, 190 384, 831
Oxygen (high and low purity)
do
Organic Chemicals d*
Production:
1
32 2
34.6
Acetylsalicylic acid (aspirin)
mil. Ib
i 110.6
119.1
Creosote oil©
mil. gal-i 219. 1
Ethyl acetate (85%)mil. l b - _ 1217.2
15.500.0 16,173.6
Formaldehyde (37% HCHO)
do
359.1
353.0
Glycerin refined, all grades
- -- -do.
Methanol synthetic
._
mil. gaL_ i 897. 0 U,072.0
Phthalic anhydride
mil. Ib . _ i 936. 0 11,026.9
ALCOHOLi
Ethyl alcohol and spirits:
Production ._ .
mil. tax gal- . 621.3
453.0
Used for denaturation.
do...
82.5
Taxable withdrawals
-do
76 9
Stocks end of period
do
Denatured alcohol:
245.9
Production
- .mil. wine gaL_
246.7
Consumption (withdrawals)
do
2.0
Stocks, end of period.
- _
-- --do
965
855
717
661
659
633
627
650
622
653
663
663
102
4, 592
17, 399
31,084
98
4,235
16, 969
29, 286
108
4,958
18, 544
32, 945
102
4,680
18 035
31, 627
112
5,010
19, 326
32, 203
120
4,655
18 601
31,273
126
4, 948
19 221
32,328
136
5 654
19 484
31, 667
116
5 482
19* 903
31, 959
131
5 909
19 953
34, 092
l!6
5 547
19 215
r
33, 035
113
5 800
19 783
33, 332
3.0
7.8
18.1
479. 5
31.5
83.5
75.5
2.8
11.4
14.7
465.7
28.1
79.4
71.4
3 0
10.7
23 8
519. 2
30.8
93.1
89.8
2 4
8.9
24.5
527.7
29.5
88.7
81.9
2.4
9.1
17.1
511.3
29.8
79.7
91.6
30
8.7
18.7
524 5
30.0
94.3
87 3
2 5
8.5
15.0
506 9
29.9
85.6
80 1
2
9
21
525
31
94
92
4
1
3
1
5
5
2
2 4
8 4
18 5
503 2
27 6
90' 8
85 2
3
8
15
543
29
83
81
0
8
6
8
9
9
3
2
8
13
516
30
95
82
57.1
41.3
6.1
95 9
52.5
37.5
4.9
90.7
57.1
41.3
6 2
87 8
58.4
36.7
5 7
97 6
58.1
38.8
6 6
87 7
55.9
37.8
6 4
89 6
54.2
34.3
5 6
94 3
57.4
39 8
6 2
90 9
59.9
38 0
5 8
81 1
62
41
7
82
7
8
0
2
62 2
44 4
6 9
22.2
21.8
2.8
20.2
20.4
2.6
22.2
22.5
2.5
19.8
19.6
2 7
21.6
21.5
2.8
20.3
20.2
2.9
18 9
19.1
2.8
22 1
22. 1
2.7
20 3
20.3
2 8
22 5
22.7
2 5
23 g
23.6
2 8
215.7
679. 5
169. 0
421.6
384.2
162. 9
638.5
162.0
403.1
363.2
182.6
721. 0
156.8
443.6
395.0
159.1
693.8
182.5
407.3
385. 9
172.6
705.8
170 0
418.4
388.8
169.4
682. 2
169.5
420.5
358.7
149.7
699.7
183 5
411 6
354.1
147 1
696.9
185 7
410 0
349 8
161 3
686.1
186 1
395 8
365 9
165 7
784.6
188 4
362 8
374 9
143 0
710.4
184 6
370 9
367 9
225.5
114.5
111.0
235.0
124.7
110.3
270.0
147.4
192. 6
294.4
161.6
132.8
279.4
163.6
115.8
301.7
171.3
130.4
r
QA
0
5
1
7
9
3
3
2
a
10 2
15
534
30
88
95
1
7
3
1
6
8
16
515
30
78
89
5
4
7
8
6
1
Q
PLASTICS AND RESIN MATERIALS
Production:
Phenolic resins
- .- mil. Ib..
Polyethylene and copolymers
do
Polypropylene
do
Polystyrene and copolymers
- do_ _ _
Polyvinyl chloride and copolymers . . do
11,680.1 11,912.3
i 7,629.4 18,451.1
i 1,732.3 1 2,152.5
i 4,602.0 1i 4,896.3
1
4, 288.9 4, 423.4
145 2
742.5
194 7
388 3
377 o
143 4
719. 2
176 6
386 0
377 5
MISCELLANEOUS PRODUCTS
Explosives (industrial), shipments, quarterly
mil. lb._
Paints, varnish, and lacquer, factory shipments:
Total shipments. mil. $. Trade products _
do ...
Industrial
finishes
__do
2, 108. 7
2, 083. 7
3, 009. 2
1, 659. 3
1, 349. 8
3,152.4
1, 674. 0
1, 478. 3
476.0
264.0
140.1
123. 9
528.5
297.5
166.3
131.2
551.2
272.5
140.3
132 2
527.9
274.3
137.6
136 7
r
r
240. 0
114 6
T 125 4
198.2
91 9
106 3
ELECTRIC POWER AND GAS
ELECTRIC POWER
Production (utility and industrial), total
mil. kw.-hr_
Electric utilities total
By fuels
_ _
By waterpower
-.
Privately and municipally owned util
Other producers (publicly owned)
Industrial establishments, total
By fuels
_
By waterpower .
_
1,853,390
168, 386 151,980
1,747,323
do
do._ _ 1,474,589
272, 734
do
159, 320 143, 586 147,68° 139 306 147 II 9 158. 812 179 53q 175 9°8 156, 304 153 888 140 785
133, 398 119,950 122. 137 115,231 122,553 135,056 150, 099 154, 847 139,101 135, 620 121,734
25, 921 23, 636 25, 546 94, 075 24, 560 23,757 22, 440 21, 081 17, 203 18, 268 19, 051
do ___ 1,435,599
301, 724
do
130, 009 116.996 1°0, 573 113,085 121,097 131,667 143 343 146 689 131,044 128, 530 115,947
29, 311 26, 590
_do
do
..do
9,066
8,736
330
106, 067
102, 678
3,389
8, 394
8, 082
311
Sales to ultimate customers, total (Edison Electric
Institute)
mil. kw.-hr 1,577,714 1,703,203 143, 115 139, 596 136 747 131,897 131 814 139 014 149 064 154 594 154 877 145 715 138 889 137 882
Commercial and industrial:
361,859 396, 903 31, 665 31,124 30, 646 29, 848 30 838 33 745 36 733 37 704 37 452 34 146 39 180 30 8"
Small light and power§
- do__
639, 467 687, 235 55,111 54, 619 55 627 55 753 56 784 57 542 57 091 59 023 59 514 60 779 58 910 56 489
Large li^ht and power§
do
Railways and railroads
Residential or domestic
Street and highway lighting
Other public authorities
Interdepartmental
do_ _
do
4,440
511,423
4, 186
554, 171
390
50, 700
379
48 428
397
45 126
325
41 142
329
39 102
330
42 451
324
49 781
335
52 341
328
59 308
339
45 9§5
346
49 308
371
45 198
do
do_ _
- - __do_ _
12, 193
43, 190
5,142
12, 836
42, 340
5, 532
1,187
3,641
422
1,092
3 534
420
1 078
3 447
426
1,021
3 381
426
978
3 316
473
951
3 501
494
966
3 687
482
1 002
3 712
477
1 047
3 735
' 495
1 119
3 567
480
1 177
3 494
474
1 219
3 395
464
Revenue from sales to ultimate customers (Edison
Electric Institute)
mil. $._ 27, 921. 1 31,662.9 2, 540. 6 2 511.3 2 472 6 2 403 4 2 493 5 2 599 6 2 800 9 2 891 1 9 944 o 2 758 7 9 (544 7 9 579 3
GAS
Total utility gas, Quarterly
(American Gas Association):
Customers, end of period, total
thous..
Residential
do
Commercial .
. .. _ . do. ,
Industrial
do
Other
. . _-do-
43, 370
39,776
3,330
216
49
43 826
40 171
3*366
208
81
43 451
39 902
3 290
213
46
43 464
39 948
3 261
200
tril. Btu_.
. . _ _-do. ..
- _ - do. ..
do_.
.....
do...
17,110
5,148
2,280
8, 798
883
5 286
2,256
966
1 850
213
3 930
1 088
508
2 128
9
05
3 160
464
9
86
9 163
947
Revenue from sales to customers, total
mil. $..
Residential
do
Commercial_
... . do. _ .
Industrial
„
do...
Other
do
12, 488
6,105
2 066
3,955
362
4 563
2 552
892
1 005
'l!4
r
Revised.
i Reported annual total; revisions are not distributed to the m o n t h l y data.
§ Data are not wholly comparable on a year to year basis because of changes from one
classification to another.
cf Data are reported on the basis of 100 percent content of the
3 039
1 415
491
1 017
115
9
Sales to customers, total
Residential
Commercial
Industrial
Other
1
135
734
970
1 035
96
specified material unless otherwise indicated.
I Monthly revisions back to 1971 are available upon request.
01n the 1973 B U S I N E S S STATISTICS the unit reads "millions
gallons"; it should read "thousands of gallons."
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
S-27
1973
1973
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
12.12
11.50
13.58
12.38
11.54
13.52
10.90
10.72
12.93
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO
ALCOHOLIC BEVERAGES
Beer:
141.34
Production 9
mil. bbl
131.81
Taxable withdrawals
. _ _
do
12.44
Stocks end of period
do
Distilled spirits (total):
183. 73
Production 9
mil tax gal
Consumption, apparent, for beverage purposes
i 393. 37
mil. wine gal
200.44
Taxable withdrawals
mil tax gal
971. 70
Stocks end of period
do
Imports.
_
mil. proof gal - 100. 16
Whisky:
116. 56
Production . ._
_ mil. tax gal
130. 10
Taxable withdrawals
do
924. 41
Stocks, end of period .
do
87. 69
Imports - _
-_ - mil. proof gal .
Rectified spirits and wines, production, total 9
mil proof gal
Whisky?
_
.
do
Wines and distilling materials:
Effervescent wines:
Production
mil. wine gal
Taxable withdrawals
__.
do
Stocks, end of period _
do
Imports. . . . - -- do
Still wines:
Production ... _
__
do
Taxable withdrawals 9
do
Stocks, end of period.
do
Imports
. ...
do
148. 60
138. 45
12. 76
10.98
9.67
13.07
10.72
9.43
13.70
15.25
15.75
18.44
16.14
18.31
17.49
9.66
11.77
13.20
16.09
15 72
107. 28
28.22
15.14
970. 43
7.77
26.75
13.87
971.96
6.78
33.83
17.98
972. 74
8.37
30.44
16.00
971. 86
7.58
33.64
19.36
970. 31
9.30
33.65
17. 39
971. 05
8.17
29.64
14. 22
965. 20
7.12
32.29
18.04
959. 75
7.73
29.48
17.03
954. 16
8.20
' 35. 92
23.96
930. 87
11.36
40.66
21 14
940 43
13.69
11.20
7.32
92. 30
10.47
9.64
924. 02
6.68
11.00
8.90
926. 03
5.70
11.89
11.33
926. 32
7.21
11.18
10.23
926. 58
6.55
11.93
11.96
925. 34
7.95
10.78
10.44
926. 11
6.98
5.34
8.86
922. 29
6.07
6.61
10.62
917. 57
6.68
6.95
11.05
912. 87
7.08
6.77
16.68
888. 11
9.75
7.93
14 32
895 00
11.98
9.66
6 27
9.24
3.86
7.51
3.53
9.77
4.40
9.11
4.42
10.78
5.27
9.70
4.62
7.60
3.48
9.74
4.49
9.47
4.43
12.41
6.52
10 31
4 66
1.41
1.11
8.19
. 18
1.42
1.10
8.44
1.93
1.24
9.07
1.91
1.06
9.88
1.72
1.54
10.00
1.58
9.17
1.26
9.45
1.73
1.15
9.95
1.99
1.56
10.29
2.36
2.81
9.76
2.35
2.67
9 33
.27
.24
.13
10.54
22.87
277. 34
4.42
10.01
24.54
257. 93
5.10
8.83
22.60
236. 95
4.93
8.42
18. 19
221. 03
4.86
18.80
21.80
214.87
4.26
89.49
20.00
275. 43
3.97
146. 64
26.66
386. 66
4.35
86.32
24. 64
437. 96
4.90
23.69
22. 59
422. 37
4.17
3.93
120. 30
62.60
21.13
20.36
8.09
1.98
20.50
18 97
8 48
2 02
.15
13.14
12.01
14.00
12.86
11.65
14.42
.18
.14
13.83
12.87
14.48
13.09
12.55
14.20
.85
.14
.15
13.76
12.77
14.30
.90
.14
14.17
13. 68
13.81
.12
.10
.20
10.65
10.08
12 76
1.56
2.25
8.48
301. 16
269.58
350. 88
45.07
437
273
499
53
46
18
37
15
12.26
22.13
331. 79
4.38
10.28
20.90
314. 70
3.52
12.19
26.26
294. 31
4.30
261. 10
378 67
1.97
3.05
4.25
1.10
3.41
4.18
1.32
30.24
136. 45
138. 23
35.69
18.78
mil Ib
do
$ per Ib
4 1,101.9
107.5
696
992 4
46 4
2 574
90.6
116.6
93.7
125.8
.624
100.3
140.8
.620
87.6
149.4
69.1
143.4
.639
58.4
114.3
619
51.3
93.5
62.7
67.4
60 4
51.7
67.5
46.4
770
744
mil. Ib
do
4
2,609. 8
4
2 651 9
1 665 8
238.8
151.3
261.5
171.7
261.6
172.4
238.1
154.7
218.3
137.6
186.5
110.3
194.3
119.6
200.4
120.9
228. 6
141. 0
303.4
247.3
12.2
330.6
271.1
16.1
376.3
309.6
20.2
393.3
320.6
31.2
396.4
321.5
14.5
382.5
310.7
13.0
371.5
301.6
28.9
355.8
289.7
29 2
357.0
289.5
29 9
.783
.792
.802
.801
.847
.898
.944
.971
97.4
114.2
114.6
101.0
99.4
83.9
80.6
56.2
85.4
114.1
133.6
67.1
95.6
89.4
()
4.0
.1
3.1
2
3.0
.1
3.0
.1
4.6
.1
1.9
()
3.8
()
2.5
()
3.4
(6)
3.2
10,321
5,386
6.40
10,998
5, 960
6.37
10,570
5, 923
6.37
10,042
5, 261
6.52
9, 466
4,779
7.17
8,888
3, 994
7.81
8,939
4,109
8.29
8,609
3,892
8.63
9,024
4,241
8.82
9,278
4, 719
' 8. 89
8.6
97.3
9.3
121.6
9.3
119.0
6.4
87.1
5.9
64.0
5.5
51.1
5.2
48.7
4.6
45.1
5.5
60.5
5.7
58.4
r
51
'81.5
9 o
102. 2
9 6
' 100. 7
8 2
' 93. 3
7 3
84.7
7.6
'78.1
7 0
63.5
'5 4
'74.5
5 9
58.6
6 2
3 8
3 7
5 9
1 5
4 3
2 4
9 0
'.461
.484
.500
.518
'.522
.531
.540
' 262. 9 ' 310. 1
267.6
237.0
251.5
217.8
202.0
5.8
2.60
9
60
Distilling materials produced at wineries
do
DAIRY PRODUCTS
Butter, creamery:
Production (factory)
Stocks, cold storage, end of period
Price wholesale 92-score ( N Y )
CheeseProduction (factory), total
American, whole milk
._
1,644. 3
r
96.1
109. 9
84.4
' 110. 0
687
687
202.9
123.5
193.7
120.1
226.5
142.7
302.4
321.0
331.4
Stocks, cold storage, end of period .
do
324.6
357 0
244. 9
260.2
269. 4
American, whole milk
do
262. 9
289 5
14.8
179.4
11.4
Imports
do
3 230 0
15.2
Price, wholesale, American, single daisies (Chi.765
.714
.757
cago)
$ per lb__
.745
.844
Condensed and evaporated milk:
92.4
73.5
76.8
Production, case goodsd"
.
mil. Ib '41,177.7 1 081 3
Stocks, manufacturers', case goods, end of month
35.6
74.7
55.2
60.2
or year cf
.
mil. Ib
69 2
Exports:
.2
14.4
.2
.1
Condensed (sweetened)..
.
do
10
40.5
4.8
3.5
3.8
Evaporated (unsweetened)
do
41 4
Fluid milk:
4
119,904 115 620
8,969 10,213
9,581
Production on farms
do
4
5,176
60, 930
4,475
4,713
Utilization in mfd. dairy products
do
57 909
6.52
6.09
6.55
6.56
Price, wholesale, U.S. average 9
$ per 100 l b _ _
7.16
Dry milk:
Production:
4
77. 9
6.9
Dry whole milk
mil Ib
6.7
79 9
5.9
4
1,223.5
85.2
95.1
Nonfat dry milk (human food)
do
79.9
954.5
Stocks, manufacturers', end of period:
3 4
Dry whole milk
do
37.9
' 39. 0
34.5
36.9
Nonfat dry milk (human food)
do
74 5
Exports:
38.3
Drv whole milk
do
164.1
1.4
Nonfat drv milk (human food)
do
.4
3.6
10 4
Price, manufacturers' average selling, nonfat dry
r
.331
'.424
milk (human food)
$ per Ib
.394
464
. 396
GRAIN AND GRAIN PRODUCTS
Exports (barley, corn, oats rye, wheat)... mil. bn_. 1,789.3 3 2, 896. 2 211.2 ' 192. 3 '216.8
Barley:
e 423. 5 6 424 5
Production (crop estimate)
do
399 7
361.8
Stocks (domestic), end of period
do
263.7
246.2
On farms
_. _
do
166.4
208 95
115.6
Off farms _ . .
do
97.3
114
60.6
Exports, including malt§ . _ _ _
do
2.7
5.4
7.7
94 6
Prices, wholesale (Minneapolis):
No. 2, malting
$ per bu
1.23
1.54
1.60
1.57
2 02
1 23
No 3 straight
do
1 59
1 56
2 00
1 53
Corn:
6
5, 573 6 5 643
Production (crop estimate, grain only) mil bu
4,831
Stocks (domestic), end of period, total
do
4 465
3,330
On farms
_ .
do
3, 689
2,375
3 353
1,141
1 119
Offfnnnsdo
955
886 2 1 319 3 102 5
Exports, including meal and flour
do
104 6
92 1
Prices, wholesale:
No. 3. yellow (Chicago)
$ per bu..
1.30
1.55
1.57
2. 19
1.57
Weighted avg., selected markets, all grades
1.26
1.56
2.12
do____
1.57
1.57
Oats:
6
Production (crop estimate)
mil bu
s 692
664
Stocks (domestic), end of period, total
do
776
586
634
On farms.
do
556
473
380
O ft" farms. _
do
161
220
207
5
5
9
Exports, including oatmeal
do
25 2
54 3
Price, wholesale, No. 2, white (Chicago)
8
$ per bu._
.85
91.17
r
Revised.
r> Preliminary.
1 Includes Hawaii: no monthly
data available for Hawaii.
2
3
Average for Jan., Feb., Apr.-July,
Nov., and Dec.
Annual total reflects revisions
4
not distributed to the months.
Revised monthly
data
back
to
1971 are available upon
6
request.
5 Less than 50 thousand pounds.
Crop estimate for the year.
~ Previous
years' crop; new crop not reported until beginning of new crop year (July for barley and
5
5 3
5 2
1.0
'.441
r
216. 4
r
.2
1.5
r
. 446
'. 449
' 243. 6
282.7
7
.2
.2
.7
5
80 6
51.5
708
52 0
653
240. 1
153. 1
r
T
364. 2
297. 6
37 1
384.4
318 9
1.020
1.050
1.040
69.8
78.7
81.6
75.2
69.2
54.5
5
.2
r
.5
5
.4
8,711
*> 8. 95
.5
6 494 . 5
7.5
10.4
7.6
9.8
8.8
423.7
286.1
137. 6
11.9
1.62
1 61
1.64
1 64
1.72
1 69
1.79
1 80
2.47
2 44
2.62
2 60
162 5
' 88.8
7 yo o
9.3
322.7
208.5
114.2
7.5
8.2
2.52
2 49
2.51
2 51
2.71
2 69
108. 1
3. 17
2 95
92 0
92 2
136 6
124 3
138 0
709
405
304
112.4
112 5
6 5, 643
4,465
3,353
1,112
112.7
1.63
2.01
2.43
2.59
2.98
2.39
2.34
2.53
2.67
2.92
3.10
1.65
2.02
2.30
2.33
2.70
2.40
2.35
2.39
2.58
2.58
3.02
5 6
»664
634
473
161
4.8
.3
7
7
7
1,931
1,366
564
7
7
7
r 9 5
7 0
412
231
181
6 9
,
92 3
805
606
199
58
5 7
5 2
9 1
1.52
.95
1.03
9
oats; Oct. for corn).
s Average for July-Sept., and Dec.
Average for April, May, and
Dec.
cfConcleiised milk included with evaporated to avoid disclosing operations of individual firms.
§ Excludes pearl barley.
9 Scattered monthly revisions for 1972 will be
shown later.
SURVEY OF CURRENT BUSINESS
S-28
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
In the 1973 edition of BUSINESS STATISTICS
1973
1972
March 1974
1973
Feb.
Jan.
Annual
Mar.
May
Apr.
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
GRAIN AND GRAIN PRODUCTS— Con.
Rice:
Production (crop estimate)
_ _ m l l . bags 9-Callfornla mills:
Receipts domestic rough
mil. lb__
Shipments from mills, milled rice
do__.Stocks, rough and cleaned (cleaned basis), end
of period
mil. lb._
Southern States mills (Ark., La., Tenn., Tex.):
Receipts rough from producers
mil. Ib
Shipments from mills milled rice
do
Stocks, domestic, rough and cleaned (cleaned
basis) end of period
mil. Ib
Exports
do. _.
Price, wholesale, No. 2, medium grain (Southwest Louisiana)
-- -$perlb._
Rye:
Production (crop estimate)
mil. bu._
Stocks (domestic), end of period
do
Price, wholesale, No. 2 ( Minneapolis).. $ per bu_.
Wheat:
Production (crop estimate), total...
Spring wheat
- Winter wheat
Distribution
mil. bu..
do
do
do
Stocks (domestic), end of period, total
On farms
Offfarms
-.
do
do
do...
Exports total including
do
flour
Prices, wholesale:
No. 1, dark northern spring (Minneapolis)
$ per bu_.
No. 2, hd. and dk. hd. winter (Kans. CttyVdo
Weighted avg., selected markets, all grades
$ per bu._
1
i 85.4
192.8
1,774
1,266
2, 151
1,591
186
97
215
182
252
141
272
311
86
109
135
120
174
7,472
5,133
6,021
4,226
252
438
124
384
1,967
4,447
1,816
3,583
1,713
'340
.098
.180
.129
i 29.2
54.0
1.07
126.4
21.2
1.82
1.17
i 1, 545
1360
i 1, 185
1,695
11,711
1442
i 1, 270
2,177
1,399
510
889
934
368
566
3 817. 0
3
778. 5
3 1, 403
3 1, 372
105.5
101. 9
94.3
92.9
1.86
1.86
3.43
3.58
2.42
2.67
1.87
3.64
18
48
241
115
251
252
236
150
175
148
52
8
144
194
109
114
88
37
259
645
233
1,294
346
2, 263
516
809
545
340
366
326
476
499
159
240
204
435
132
951
215
1,922
253
1,925
402
1,816
405
1, 565
368
.153
.153
.153
.163
.185
.213
.295
.300
.300
.300
1.27
2 33. 3
1.35
1.52
2.23
36.9
2.92
2.70
2.46
i 26.4
21.2
2.69
3.42
3.43
151
123
93
47
78
80
80
62
61
77
90
367
57
313
67
234
41
227
1,429
'300
1,138
478
876
423
672
271
.129
.129
.153
1.20
48 9
1.12
1.18
479
489
701
927
2 430
2 125
2305
1,449
614
835
316
611
r
i 1,711
i 442
i 1, 270
515
934
368
566
152. 8
149. 1
135.3
131.6
123.2
122.1
121.9
120.5
91.6
89.5
85.2
83.1
3.06
2.81
4.49
4.71
4.84
5.09
4.50
4.72
4.50
4.78
4.98
5.23
5.47
5.70
5.88
5.73
2.77
3.22
4.92
5.34
4.87
4.91
5.38
5.96
6.27
20,603
354
45, 808
19,771
342
43, 765
20,068
348
44,681
21, 893
380
48, 889
21, 589
373
48,111
21, 982
385
49, 258
20, 657
359
46, 272
20, 972
356
46, 912
21,993
383
48, 882
1,134
977
5,393
993
1,352
1,596
4 174
1,607
483
612
5, 505
912
914
7.263
6.875
7.325
7.163
7.313
7.038
7. 875
7.738
7.738
7.538
10. 280
9. 388
10.600
10. 463
9.913
9.863
10. 225
10.113
11.525
11.075
12. 975
12.913
169
2,422
188
2,618
139
2,167
131
2,692
117
2,560
118
2,441
115
2,363
128
2,360
168
2,863
171
2,685
156
2,517
181
2, 790
40.24
44.26
49. 00
42.76
48 06
54.00
44. 98
50.90
56.00
44.61
50.67
57.80
45.83
50.79
57.50
46.66
49. 38
61.40
47.77
53.23
59. 30
53. 13
56. 40
67.50
45. 05
49. 73
56.40
41.33
49. 84
53.40
39. 56
47.63
57.50
38.63
44.42
56.50
47.28
48.70
58.50
72, 260
6,641
5,712
6,652
5,992
6,637
5,711
4,996
5,569
5,348
6,613
6,530
5,859
6,804
39.70
31.28
35.47
37.62
35.12
35.82
37.66
45.69
55. 28
42.96
41.28
39.89
38.37
39. 27
38.39
21.1
20.4
18.8
18.5
16.0
15.5
14.3
r
r
102. o
J8. 7
' 109. 3
' 131.1
' 128. 8
128.4
126.1
2.28
2.48
2.32
2.50
2.39
2.55
2.61
2.64
2.75
2.79
2.46
2.36
2.40
2.45
2.62
249, 265
4.301
555, 269
21, 346
375
47, 529
20, 023
346
44, 475
21, 051
358
46, 777
19,310
327
42, 792
5, 505
13, 456
1,553
611
5,581
1,626
8,734
8,454
7.613
7.375
7.138
6.813
2,421
32, 266
1,809
30, 495
209
2,807
35.49
38.89
46.88
44.21
49.61
57.19
78, 759
26.58
Wheat flour:
Production:
Flour
thous. sacks (100 Ib.).- 250, 441
OfFal
thous. sh. tons..
4,303
Qrindings of wheat
thous. bu
557, 801
Stocks held by mills, end of period
thous. sacks (lOOlb.)..
4,746
Exports
do
16, 549
Prices, wholesale:
Spring, standard patent (Minneapolis)
$ per 100 lb_.
6.534
Winter, hard, 95% patent (Kans. City), .do
5.867
92.8
274
112
120
83
T (
112.0
118.4
'115.2
r
r
13. 313
13. 150
LIVESTOCK
Cattle and calves:
Slaughter (federally inspected):
Calves
thous. animalsCattle
do
Prices, wholesale:
Beef steers (Omaha)
SperlOOlbSteers, stockerand feeder (Kansas City)--do
Calves, vealers (Natl. Stockyards, I l l . ) _ _ d o - _ Hogs:
Slaughter (federally inspected). ._ thous. animalsPrices:
Wholesale, average, all grades (Sioux City)
$ per 100 lb.
Hog-corn price ratio, (bu. of corn equal in value
to 100 Ib live hog)
Sheep and lambs:
Slaughter (federally inspected)., thous. animals.
Price, wholesale, lambs, average (Omaha)
$ per 100 Ib.
22.2
21.3
22.3
25.3
28.0
24.7
21.9
18.7
20.2
45. 72
45.30
60.50
9,905
9,234
835
700
710
690
858
727
807
844
789
915
747
612
749
30.13
36.71
33.62
39.25
40.75
34. 50
36.25
38.00
39.25
41.50
33.38
31.75
34.75
37.50
38.38
35, 632
33, 528
3,078
2,658
2,911
2,511
2, 992
2,747
2,561
2,567
2,549
3,140
3, 004
2,810
3, 157
675
66
143
590
49
153
508
57
209
527
53
159
647
207
769
62
184
830
70
156
••864
58
171
1,482
264
6
167
1,515
253
5
123
1,850
327
8
161
1,740
401
10
139
1, 651
459
118
1, 823
••476 i
9
128
.713
.671
.648
.670
.767
.770
40
13
47
16
39
15
33
ID
40
12
12
40.38
MEATS
Total meats:
Production (carcass weight, leaf lard In), Inspected
slaughter t
mil Ib
Stocks (excluding lard), cold storage, end of
period
_._mil. lb_
Exports (meat and meat preparations)
do...
Imports (meat and meat preparations)
do._Reefand veal:
Stocks, cold storage, end of period
do._Exports__ __
._
..do _
Imports
do
Price, wholesale, beef, fresh, steer carcasses, choice
(600-700 Ibs ) (East Coast)
$ per Ib
Lamb and mutton:
Stocks, cold storage, end of period
..do
1
670
614
2,012
830
759
1,972
682
48
165
661
52
148
687
81
133
706
75
149
700
74
166
20, 522
380
54
1,461
19, 486
459
81
1,471
1,802
398
i
121
1,552
'384
4
108
1,645
369
6
94
1,363
374
5
104
1,696
349
7
119
1,624
333
8
102
1,566
309
6
116
.696
.645
.690
.719
.710
.728
.749
488
15
45
14
38
13
47
15
.577
515
16
4
38
' 12
.712 i
39
11
Pork (including lard), production, inspected
13, 554
1,227
1,232
14, 594
slaughter t
mil Ib
1, 068
r
Revised. l Crop estimate for the year. 3 2 Pr 3vious yes rs' crop; i lew crop not repo rted
until July (beginning of new crop year).
Anni lal total r ^fleets rev isions no t distrib uted
38 !
16
42
14
42
13
r
862
458
1,293
1,126
1,225
994
1,243
1,040
953
1,086
1,250
4
t Scattered
9 B igs of 100 Ibs.
A vorage fo <• Jan.-Ju ly and S ••pt.-Dec
l o t h e month s.
mon t h l y rev sions ba •k to 11)71 are ava lable up on reque St.
1,110
SUEVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
1972
Annual
S-29
Jan.
Feb.
Apr.
Mar.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
1 094
1 074
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
MEATS— Continued
Pork (excluding lard):
Production, inspected slaughter
- mil. Ib
Stocks cold storage end of period
do
Exports
- do
Imports
do
Prices, wholesale:
Hams, smoked composite
$perlb__
Fresh loins, 8-14 Ib. average (New York)._do
12, 551
214
105
395
11, 889
286
169
398
203
6
34
'202
242
33
29
976
248
31
37
1,079
12
30
259
29
37
940
253
14
35
839
202
6
30
924
180
4
34
882
198
6
30
.626
.645
i .810
.818
.730
.768
.705
.799
.798
.756
.764
.737
.722
.737
.745
.730
.794
.883
1.045
1.167
.839
.866
.784
10, 883
10, 795
855
721
781
725
886
949
920
1 070
910
324
208
430
280
296
r
188
r
253
153
204
116
179
90
174
88
229
138
292
200
357
262
465
354
1,077
938
1,074
224
14
37
99?
1 143
r 303
306
.937
.815
.859
277
g
36
286
5
30
.957
.765
.818
1 190
999
859
933
583
458
468
326
430
280
••424
r 268
390
242
5
34
POULTRY AND EGGS
Poultry:
Slaughter (commercial production) _ . - _ mil. Ib.
Stocks, cold storage (frozen), end of period, total
mil. lbTurkeys
do
Price, in Georgia producing area, live broilers
$perlb_.
Eggs:
Production on farms
mil. casesO
Stocks , cold storage, end of period:
Shell
_- _
_ - _ thous. casesO
Frozen
mil. Ib
Price, wholesale, large (delivered; Chicago)
$ per doz-_
.133
.240
.155
.190
.235
.255
.220
.240
.260
.420
.305
193 2
184 8
' 15 9
14 4
16 1
15 7
16 0
15 1
r 15 3
r 15 2
r 14 g
41
68
34
43
117
57
87
53
97
49
37
46
41
45
72
46
61
49
65
50
.338
. 598
.559
'.464
.499
.500
.486
562
.650
Cocoa (cacao) beans:
Imports (incl. shells)
thous. Ig. tons_
Price, wholesale, Accra (New York)
$ per Ib..
282.2
.322
248.0
.636
38.1
.369
r
27.7
.414
29.0
.625
29 3
.614
17 0
.674
15 8
.870
Coffee (green):
Inventories (roasters', importers', dealers'), end
of period
. thous. bngscf Roastings (green weight)
do
3,663
20, 075
4,191
19, 384
.230
.185
.180
.200
.230
15 4
r 15 1
r 15 g
15 7
14 3
90
52
72
54
67
49
34
43
r 23
r 3g
43
36
.756
.688
.632
.664
.713
.750
.695
9 9
.790
5 4
.758
2 8
.805
11 1
.770
27 6
.651
28 9
.648
.738
r
MISCELLANEOUS FOOD PRODUCTS
Imports, total
do
From Brazil
do
Price, wholesale, Santos, No. 4 (N.Y.)--$ per lb-_
Confectionery, manufacturers' sales
mil. $..
Fish:
Stocks, cold storage, end of period
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
34 4
.389
3 920
5 203
r
21, 799
4 606
.676
2,141
1,996
1 844
2 101
2, 050
2 494
1 710
1 573
1 731
1 399
1 624
1 624
.620
172
266
r 331
.570
184
.655
182
.650
154
.700
183
.725
233
420
.670
135
.700
114
489
.650
143
.723
227
.730
234
415
459
382
344
298
263
270
291
324
336
364
411
453
' 4, 896
6,700
1,262
4,934
6,556
1 218
650
397
547
55
379
49
305
663
' 11 528 11 539
' 11,415
11 482
2,710
2,608
787
780
696
250
475
r
459
v 452
77
135
587
138
597
107
1 019
581
81
563
663
38
474
32
1 058
1 049
2,777
892
886
1 063
1 058
2, 291
1 027
1 025
2,040
1 203
1 197
1,454
1 026
1 022
979
942
938
1,251
959
957
1,902 ' 2, 608 ^ 2, 488
p 2, 539
313
239
286
196
418
153
448
262
5
566
215
393
285
1
2,831
1 454
64
134
137
Imports:
Haw sugar, total9
From the Philippines
Refined sugar, total
thous. sh. tons__
- _ _ do
do
5, 154
1,246
5,200
3 1 566
435
104
1
288
47
5
441
127
3
475
139
2
506
168
1
(4\
356
86
890
888
919
918
299
439
349
220
24
550
82
g
461
52
(4)
Q
587
244
C4)
o
122
155
128
143
.161
11 997
11 675
.091
103
094
092
094
097
100
103
102
108
109
112
111
112
.704
.123
.775
.713
.725
132
734
132
.736
767
127
775
132
779
137
803
137
821
141
840
150
.860
133
751
127
151,495
173 314
15 481
14 295
15 399
14 107
17 423
12 425
13 660
12 614
12 527
16 878
16 506
3 445 2
114 6
295 5
140 5
275 6
128 8
317 6
125 1
275 3
136 8
291 6
120 6
262 5
137 3
240 4
120 4
9Q4. 7
261 9
95 2
qqo o
301 1
111 5
290 9
97 6
r H4 6
399 2
104 6
3 9?7 7
74 1
320 6
92 9
314 1
88 8
367 9
88 8
306 2
92 6
qcj q
qco q
112 2
287 1
72 3
oqn A.
52 2
900 q
90 9
63 8
327 8
62 2
348 8
66 3
329 9
74 i
373 1
77 0
2 357 0
61 2
232 5
80 6
191 5
80.2
198 4
70 1
184 3
66 6
200 1
68 2
168 3
69 7
151 7
67 4
187 7
47 1
185 7
58 4
224 1
60 2
217 9
59 3
.340
.313
.313
.313
.317
.324
.327
.327
.348
.367
.373
544 8
633 6
45 3
474 7
548 7
40 4
44 4
54 1
50 8
34 2
54 3
43 9
40 5
61 8
31 8
32 4
44 9
28 3
39 5
44 3
26 9
qq c
41 7
22 8
34 9
36 2
22 2
27 1
36 7
20 8
35 8
35 8
18 7
4 834 3
2 761 6
34fi 1
4 335 1
2 540 3
ass fi
34/* O
408 1
232 6
341 1
205 7
365 5
234 7
312 3
205 3
33« ^
375 9
231 1
352 0
206 8
345 5
191 4
335 3
199 6
320 2
197 0
133
122
.710
408
92
112
915
459
.720
216
707
103
35
thous Ib
282
.720
"180
168
2,941
_
1 652 2 182
648
140
3, 946
Tea imports
348
212
778
Prices (New York):
Raw, wholesale.
-$ per Ib
Refined 1 .
Retail (incl. N.E. New Jersev).. $ per 5 Ib
Wholesale (exel excise tax)
.. $ per Ib
411
592
137
281
-.. . _ . sh. tons--
29
211
617
120
Exports, raw and refined
76
424
636
90
988
984
2,604
do
do
do
4 191
5 122
20, 757
6 152
2.544
1, 976
r 740
r
735
3,038
Deliveries, total 9
For domestic consumption
Stocks, raw and ref., end of period
4 532
4 275
4 325
4 784
FATS, OILS, AND RELATED PRODUCTS
Baking or frying fats (Incl. shortening):
Production
mil Ib
3 532 5
Stocks, end of period©
_ do
127.3
Salad or cooking oils:
Production
do
3 904 8
Stocks, end of period© _ .
do
85.6
Margarine:
Production
.
do
2 361.2
Stocks, end of period®.
do
69. 3
Price, wholesale (colored; mfr. to wholesaler or
large retailer; delivered)
$ per l b - _
.313
Animal and fish fats:
Tallow, edible:
Production (quantities rendered)
mil Ib
Consumption in end products
do
Stocks, end of period 1
do
Tallow and grease (except wool), inedible:
Production (Quantities rendered)
do
Consumption in end products
do
Stocks, end of neriodf
do
309 0
3fi3 7
r
Revised.
^Preliminary.
1 Average for Jan.-Sept., and Nov.
2 Average for Apr.3
June and Aug.-Dec.
Reflects revisions not available by months.
Less than 500
Sh. tons.
©Cases of 30 dozen.
cTBags of 132.276 Ib.
'§ Monthly data reflect cumu-
313 A
QOfi 9
Q7fl 3
86 2
3R3 *
39S A.
' 61 2
247 4
54.6
.381
.381
.415
50 9
50 4
25 7
52 7
43 3
37 6
r 42 7
45 2
r
40 4
41 5
50 7
53.0
404 3
229 9
390 2
208 9
389 1
370 1
r 214
g
r
384
r
7
197 3
r 355. 6
418.6
239.1
399.5
lative revisions for prior periods.
$ Includes data not shown separately; see also note'
® Producers' and warehouse stocks.
^Factory and warehouse stocks.
.429
SURVEY OF CURRENT BUSINESS
S-30
1973
tin!*™! otherwise staled in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Annual
March 1974
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
FOOD AND KINDRED PRODUCTS; TOBACCO—Continued
FATS, OILS, AND RELATED
PROD UCTS— Continued
Vegetable oils and related products :
Coconut oil:
Production refined
mil Ib
Consumption in end products
_
._do .Stocks crude and ref end of period^
do
Imports
- - -- do
Corn oil:
Production: Crude
Refined
Consumption in end products
_
Stocks crude and ref., end of period^
593.0
824.9
229. 1
677.0
604.1
879.0
105.9
716. 9
58.7
80.5
232.5
69.8
50.1
69.4
240.4
112.5
56.5
79.4
218.8
70.9
54.2
71.0
181.0
36.7
62.5
82.1
183.4
61.3
54.0
78.2
166.6
43.7
44.2
64.7
148 4
41.9
47.5
68.2
140.4
64.1
46.6
73.8
114.3
29.8
51.4
83.3
79.0
46.7
35. 2
66.1
102 7
64.8
507.2
464. 5
463.7
76.8
527.9
529. 5
508.7
45. C
42.6
45.3
41.6
69.7
41.7
34.7
39.7
65.9
46.3
51.2
45.5
66.7
40.6
40.4
40.2
79.5
46.2
41.0
39.5
88.4
45.9
44. 1
41.7
91.2
45.8
44.1
37.4
92.1
44.3
41.9
45.4
71.9
43.8
42.6
42.6
56.6
45.2
50.7
49.8
54.4
42.4
45.0
44. 1
43.4
1,355.2
1,133.5
712.0
187.4
475.4
.159
1,571.7
1,330.2
864.5
158.0
2
545.
0
3
.157
163 3
124.9
61.2
215.4
57.9
141
162.0
135.0
55.4
239.1
56.6
.166
163.4
140.7
88.4
212.7
78.7
.185
172.0
128.9
73.7
220.6
MO. 9
.190
136.3
126.0
88.1
232.5
63.7
.210
108.4
99. 1
80.5
215. 8
55.3
.223
92 9
76.8
69.5
190.0
39.0
87.8
102.7
66.1
18 1.6
23.8
56.2
66.6
52.3
114.4
43.2
120.6
89.0
70.2
124.5
22.6
.250
169 8
117.2
75.1
161.6
24.9
220
16, 993. 1 16,223.5
245. 6
180.5
1,611.9
162.3
1,479.7
177.8
1,461.6
167.1
1,324.3
169.4
1,406.2 1,189.1
156.5
158.5
1,009.0
166.0
1,078.3
168.1
948.7
141.8
1,424.9
195. 7
7, 540. 2
6, 462. 6
6, 724. 9
690. 5
874.3
3
206
723.5
570. 1
589.2
948 6
52 7
117
676.8
519.4
538.9
966.5
120. 9
.150
680.8
575.2
589.0
920.5
132.3
.166
618.3
611.8
621.2
1,004.8
49.3
174
470.1
428.9
464.2
748. 7
81.5
510.5
538.8
569 .3
620.1
r
37.0
439.8
502.3
522.7
515.5
45.2
676.8
575.5
616.4
531.5
12.9
.309
-do - .
do
_do _do
Cottonseed oil'.
Production' Crude
-do
Refined
do
Consumption in end products
do
Stocks crude and ref. end of period If
do
Exports (crude and refined) - - .. -_do ...
Price wholesale (N Y )
$ per Ib
Soybean cake and meal:
Production
thous. sh. tons
Stocks (at oil mills) end of period
do
Soybean oil:
Production* Crude
mil Ib
Refined
do
Consumption in end products
do
Stocks crude and ref end of period ^f do
K xports (crude and refined)
do
Price wholesale (refined' N Y )
$ per Ib
8, 083. 7
6, 464. 0
6, 748. 7
896 5
1, 148. 7
131
655.8
538.9
581.8
900.1
111.8
.189
553.1
514. 2
534.3
822.7
90.3
. 226
43, 573 '46,192
20, 904 25, 603
4,039
45, 321
19, 045
40, 122
19, 069
4,821
44 693
485
4,226
3,988
52, 042
507
2,642
4,237
50, 757
483
2,917
T
43.2
62.3
105 9
74.6
49 4
68.5
106 5
24.3
'43. 1
'48.5
41.2
45.7
50.4
50.1
43.6
' 45. 0
r
149 0
123.3
'84.0
* 158. 0
38.2
.300
176 9
134.7
80.8
203.3
28.8
.320
365
1,638.5 '1,651.3 1. 702. 0
209. 4
206.3 * 245. 6
764.9
595.8
619.2
599. 9
31.7
219
' 769. 8
591.7
' 578. 7
' 690. 5
108.6
302
798.7
661.4
667. 5
649. 2
122 2
.287
.374
TOBACCO
Leaf:
Production (crop estimated
mil Ib
Stocks, dealers' and manufacturers', end of period
mil Ib
Exports incl scrap and stems
thous Ib
Imports incl scrap and stems
do
Manufactured:
Consumption (withdrawals):
Cigarettes (small):
Tax-exempt
Taxable
Cigars (large) taxable
Exports, cigarettes
millions
do
do
do.
1
1, 749
1
i 1,768
1,768
4 409
2
612.980
268, 585
43, 050
21,516
45, 276
24, 416
4,459
45, 597
20, 052
47, 172
58, 225
551 016 588 019
5, 549
' 5, 896
34, 602
41, 543
4,070
48 230
464
2,343
4,917
45, 676
402
3,546
5,219
49, 346
463
3,834
4 700
606, 176
240, 509
40, 593
21,650
4,196
54, 580
21, 565
70, 213
26,113
81,897
23,216
4,409
56, 617
25, 434
53,510
10, 532
4,469
43, 525
403
3,133
4,913
56, 821
506
4,391
4, 857
46, 122
442
3,544
5,005
58, 502
576
3,814
7,897
52, 420
479
4,194
3,832
39, 985
339
2,960
2,889
LEATHER AND PRODUCTS
HIDES AND SKINS
Exports:
Value total 9
thous $
Calf and kip skins
thous skins
Cattle hides
thous hides
Imports:
Value total 9
Sheep and lamb skins
Goat and kid skins
thous $
thous pieces
do
292 023
2 064
17, 589
376 999
1 886
16 867
35 887
223
1 461
45 483
177
1,837
44 199
200
1 802
30 863
131
1 340
33 474
209
1 411
25 441
113
1 266
23 731
117
1,155
24 077
135
1,100
25 636
139
1,229
30, 958
138
1,463
29, 359
154
1,412
27, 892
151
1,391
29, 025
144
1,423
65 200
16 852
3 355
839 900
I 833
1 600
7 000
910
256
7 500
1,437
253
9 700
1 883
152
9 400
l' 547
237
8 700
1 219
272
7 900
804
52
8 600
1, 598
83
6 900
1,157
113
4 600
540
55
4,400
684
27
5,200
'562
'84
3,800
494
16
765
65
663
.296
A99
343
660
.340
660
.335
660
.283
.383
610
.363
610
.338
610
.363
610
.383
610
.355
610
.363
610
.328
610
.282
.610
.293
1 603
1 969
17 687
88
1 446
215
1 268
1 637
' 946
1 422
124
1 582
248
1 380
81
1 141
141
968
103
1 413
251
1 374
117
1 627
257
1 418
122
1 463
14 534
114
1 504
278
1 312
1 087
991
1, 134
' 1,104
1,076
117 556 2 120 104
8 746
7 872
9 254
11 311
12 618
10 873
8 154
10 353
9 919
10, 184
6 459
9,563
10,014
194 2
166 8
166 8
187.0
179.8
179.8
179.8
179.8
41 669
41 513
31 939
43 971
39, 187
45, 206 ' 38 573 33, 966
9
5 536
5 745
' 569
89
33 079
o' 724
924
244
29 252
8 886
867
182
33 590 ' 28 345 27 310
loUii ' 9 107 5, 757
736
927
914
163
278
' 207
Prices, wholesale* f.o.b. shipping point:
Hides, steer, heavy, native, over 63 Jb
LEATHER
Production:
Calf and whole kip
Goat and kid
Sheep and lamb
do
thous skins
20* 084
3 522
20 191
thous skins
do
Exports:
Upper and lining leather
thous so ft
Prices, wholesale, f.o.b. tannery:
Sole, bends, light
index, 1967=100
Upper, chrome calf, B and C grades
index 1967-100
2
4
QQ
pi n
77
<'
157 6
8 184 5
194 2
194 2
194 2
194 2
106 7
7 119 5
117 9
117 9
117 9
124 2
r 526 500
488 326
49 574
41 555
46 495
41 678
do
do
do
417 604
r gg 272
*• 8* 726
r 2 053
377 719
98* 245
10 129
2 233
•34
do
i 2 253
Prices, wholesale, f.o.b. factory:
Men's and boys' oxfords, dress, elk or side
upper, Goodyear welt
index, 1967 = 100..
128.6
Women's oxfords, elk side upper, Goodyear
welt
index, 1967 = 100..
125.7
Women's pumps, low-medium quality, do
5 127. 0
LEATHER
110
105
122
1 546 ' 1 437 1,374
179. 2
MANUFACTURES
Shoes and slippers:
Production total
thous pairs
Shoes, sandals, and play shoes, except athletic
Slippers
Athletic
Other footwear
Exports
7 249
861
163
33 °65
7 343
80°
145
36 761
8 701
884
149
32 584
8 059
*860
175
3 599
190
226
254
264
140.7
135.0
138.9
138.9
134.2
8
122 1
129.2
131.2
131.2
Ofkl
' Revised.
1 Crop estimate for the year.
i Annual total reflects revisions
not distribu4
ted to the monthly data.
s Average for Jan.-June and Oct.-Dec.
Average for Jan.July and Oct.-Dec.
» Jan.-Aug. average.
9
31 395 3 301
9* 094
8 169
842
' 943
9Q1
237
312
246
284
335
312
357
320
406
140.1
140.1
140.1
140.1
140.1
140.1
142.6
146.1
146.1
147.4
147.4
135.5
130.4
135.5
121.1
135.5
121. 1
135.5
121.1
135.5
121.1
135. 5
121.1
135.5
121.1
135.5
121.1
135.5
121.1
136.8
123.8
136.8
123.8
370
7
s Average for Jan.-July and Sept.-Dec.
Jan.-Apr. average.
« Apr.-Dec. average
9 Includes data for items not shown separately.
U Factory and warehouse stocks.
SURVEY OF CURRENT BUSINESS
March 1974
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
Jan.
Annual
S-31
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
LUMBER AND PRODUCTS
LUMBER— ALL TYPES 9
National Forest Products Association:
Production, total
mil. bd. ft . i 38,867
7,244
Hardwoods
do
31, 622
Softwoods
do
i 38, 275
6,803
31,473
3,012
535
2,477
3,074
545
2,529
3,456
567
2,890
3,272
510
2,763
3,290
491
2,799
3,207
549
2,658
3,038
580
2,458
3,456
631
2,825
3,250
631
2,618
3,453
682
2,771
3,057
571
2,486
2,710
511
2,199
i 40,070
do
7,731
do_ .
32, 339
do
i 38, 215
7, 103
31,112
3,153
678
2,475
3,102
606
2,496
3,474
642
2,832
3,386
620
2,766
3,351
563
2,788
3,264
544
2,720
3,044
534
2,511
3,402
582
2,820
3,096
578
2,518
3,312
628
2,683
3,008
593
2,415
2,623
535
2,088
4,086
512
3,574
4,235
301
3,935
3,954
369
3,586
3,926
307
3,619
3,802
224
3,677
3,896
222
3,674
3,835
150
3,686
3,765
152
3,613
3,758
198
3,561
3,813
248
3,565
3,967
301
3,666
4,108
355
3,753
4, 157
334
3,824
4,235
301
3,935
do.. .
do
1,390
9,428
1,959
9,537
125
935
130
760
176
883
194
837
201
931
174
899
152
823
181
623
204
1,453
192
764
141
780
129
640
163
634
mil. bd ft..
._. ...do .
9,242
617
8,978
679
759
666
720
695
864
752
783
731
692
643
813
636
803
726
736
622
715
670
682
632
745
616
666
679
631
701
_ do _
do
do _
8,983
9,191
735
9,116
8,916
935
743
710
768
736
691
813
877
807
883
814
804
893
769
780
882
792
820
854
682
713
823
814
840
797
722
667
852
769
720
901
760
761
900
638
603
935
644
609
970
do
... do. _
do
405
111
294
637
176
462
46
16
31
45
14
31
53
6
47
76
27
49
79
39
40
53
13
40
47
10
37
56
16
40
68
24
44
63
13
50
37
11
26
42
14
28
60
19
41
152.46
168. 46
193. 96
197. 22
209.91
192. 13
180. 93
180. 19
190. 27
176. 11
170. 43
170. 26
159. 25
7, 697
405
677
472
703
536
763
561
644
525
726
556
656
546
609
528
690
550
564
497
576
412
617
441
472
405
i 7, 847
7, 727
659
640
640
639
731
738
643
680
705
695
649
666
628
627
689
668
644
617
684
661
618
588
557
508
Shipments, total
Hardwoods
Softwoods
._
._ - _ _
Stocks (gross) mill, end of period, total, do Hardwoods
~ - -_
. _ . _ ..do ..
Softwoods
do
Exports, total sawmill products..Imports total sawmill products
SOFTWOODS
Douglas fir:
Orders, new
Orders, unfilled, end of period
Production
_ .._ .
Shipments
Stocks (gross), mill, end of period
Exports, total sawmill products
Sawed timber
.
_ ..
Boards, planks, scantlings, etc
Prices, wholesale:
Dimension, construction, dried, 2" x 4", R. L.
$per M bd. ft..
Southern pine:
Orders, new
Orders unfilled end of period
Production
Shipments
.
mil. bd. ft.
do
_
do ..
do
Stocks (gross), mill and concentration yards, end
of period
mil bd ft
Exports, total sawmill products
M bd ft
Prices, wholesale, (indexes):
Boards, No. 2 and better, 1" x 6", R. L.
1967=100..
Flooring, C and better, F. G., 1" x 4", S. L.tf
1967=100..
Western pine:
Orders, new
Orders unfilled end of period
Production
Shipments
Stocks (gross) , mill, end of period
181.86
8, 539
435
1
1
1
8, 337
8, 525
1
1,028
1,148
1,047
1 048
1,041
1,004
1 014
997
998
1,019
1,046
1,069
1,099
1,148
64,456
94, 346
4,877
4 715
6,508
10, 020
8 803
9,580
7,946
9,696
11, 037
8,826
6,365
5,973
163. 06
7,077
154.7
198.2
160.4
168.5
176.5
188.4
195.0
204.9
201.4
214.1
217.6
217.7
218.8
215.6
210.6
207.4
140.8
186.2
143.4
150.3
162.7
169.9
178.6
200.1
185.9
192.4
211.0
211.0
214.3
214.3
215.4
215.4
10, 756
555
10, 452
556
820
569
877
616
950
629
877
602
901
552
885
551
949
631
957
627
872
592
918
684
748
568
698
556
748
657
do
do
10, 395
10 563
10, 498
10 451
745
806
818
830
933
937
934
904
971
951
882
886
857
869
970
961
924
907
937
926
798
764
729
710
651
647
do
1,214
1,261
1,153
1 141
1,137
1,167
1,187
1,183
1,171
1,180
1,197
1,208
1,242
1,261
1,265
130. 91
179. 62
139. 85
154. 21
183. 12
212.59
243. 95
228. 13
197. 73
160. 65
155. 33
154. 98
155. 90
168. 99
193. 90
268.2
11 6
178 3
51
18 4
9 2
14 8
79
16 3
73
13.3
5 0
15.1
4 0
16.2
6 0
13.2
63
17.4
5.5
14.9
5.5
15.7
4.8
13.7
5.5
9.3
5.1
14.4
5.1
244.8
261 1
6.6
188 0
184 6
8 2
16 8
18 6
5 7
14 9
15 8
51
16 3
17 1
4.6
15. 1
15 9
3.8
15.8
16 6
3.7
14.6
15 3
3.2
12.6
11 6
3.6
18.9
18.1
4.4
15.4
15.0
4.5
18.5
16.4
6.1
15.4
13.4
7.7
13.6
10.8
8.2
16.2
14.3
10.1
388
600
1
473
675
2
455
859
3
448
884
1,313
1,092
20
31
827
24
13
830
21
55
4 732
r 3 783
r
8 54'?
r
7 266
4 759
4 064
9,087
6,983
mil bd ft
do
. . .
144. 27
1
Price, wholesale, Ponderosa, boards, No. 3, I" x
12", R. L. (6' and over) ...
$ per M bd. ft
190. 23
HARDWOOD FLOORING
Oak:
Orders, new .
Orders, unfilled, end of period
mil bd ft
do
Production. _ _ _
Shipments
Stocks (gross) , mill, end of period
do
do
do
METALS AND MANUFACTURES
IRON AND STEEL
Exports:
Steel mill products
thous. sh. tons
Scrap -_ .do
Pig iron.
do
Imports:
Steel mill products
Scrap. _ _ . _ _ .
Pig iron _
_
do
do
do
2,873
7 383
15
14,052
11 256
15
17,681
373
653
15 150
391
459
288
900
221
836
1
1 090
323
I
340
751
2
1 209
372
1
1 057
323
2
1 130
343
1
1 234
324
I
1 025
281
3
374
757
1
1 381
1 306
1 170
1,051
1 229
1 380
1 316
1 075
1,235
31
11
1 604
25
7
4 465
3 328
7 866
7 918
5 071
3 899
8 915
7 973
4 539
3 356
7 832
7 878
4
3
8
7
4 570
3 357
8 288
7 460
4
3
8
7
(2\
36
27
33
59
46
71
51
53
5 099
3* 856
9 039
7* 792
4 810
3 668
8 495
7 789
36
36
39
45
33
24
20
41
Iron and Steel Scrap
thous sh tons
do
do
do
i 51 184
i 42' 599
i 94' 300
8 169
Prices, steel scrap, No. 1 heavy melting:
Composite (5 markets)
$ per Ig. ton
Pittsburgh district
.
do
34.65
38.00
Production
Receipts, net
Consumption
Stocks, end of period
r
2
Revised.
p Preliminary.
Less than 500 tons.
K.~7
CQC
1 40 fi"Q
1Q9 33i
6 983
4 y3i
3 459
8 381
7 878
48.27
46.37
43.53
48.00
48.00
48.50
!
Annual data; monthly revisions are not available.
55.95
57.40
5
3
8
7
013
693
846
843
725
433
107
912
948
909
938
321
79.60 102. 20
80.48
77.53
65.89
52.95
56.28
44. 57
49.65
52.95
52.92
82.00 101.50
77.00
80.50
64.50
58.50
56.00
44.50
55.50
52.50
55.50
9 Totals include data for types of lumber not shown separately.
c7 Through March
1971 data are for flooring, B and better, F.G., 1" x 4", S.L., beginning April 1971, they are
for flooring, C and better, F.O., 1" x 4", S.L.
SURVEY OF CURRENT BUSINESS
S-32
1973
1973
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
March 1974
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1974
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
75, 285
78, 201
35, 761
87, 231
90, 66,5
43,331
r 2, 122
1,783
5,260
2,492
1,585
5,931
2,367
1,529
5,987
6,635
2,863
9,046
10,414
3,977
8,940
10, 404
4,577
8,617
11,066
4,353
8,911
10,868
5, 071
8,496
10, 342
4,233
8,197
9,631
5,577
6,321
7,876
4,705
5,977
6,448
3,080
5,528
2, 979
3,199
U.S. and foreign ores and ore agglomerates:
Receipts at iron and steel plants
do
Consumption at iron and steel plants
do
Exports
do
112,303
119, 937
2,095
132 905
137, 073
2 747
4,018
11,156
84
4,561
10, 423
46
4 334
11,542
65
9,058
11,404
215
14,419
11,771
164
14, 363
11,408
331
15,657
11,636
371
14, 940
11, 645
425
14, 194
11,077
400
14, 240
11,672
310
12, 151
11,491
215
10, 968
11,848
121
5,096
11,676
do
do
do
do
66 962
14, 289
50, 061
2,612
59 461
10' 418
45, 990
3 053
187
17, 928
42, 923
2,336
59 565
20, 626
37,061
1,878
55 267
24, 174
29, 853
1 240
52, 347
23, 537
27, 582
1 228
53, 499
22, 096
30, 230
1,173
55 301
20, 642
33, 204
1 455
57, 006
18, 196
37, 231
1,579
58,415
16, 125
40, 524
1,766
60 291
14, 383
43, 641
2 267
61 609
12 949
46, 209
2 451
60, 705
11,394
46, 869
2 442
59 461
10, 418
45, 990
3 053
54 889
12, 727
39, 241
2,921
do
949
916
106
72
52
101
99
58
85
72
51
127
41
51
56
88, 952
89, 140
1,660
100, 834
100 561
1 200
8,199
8,242
1,655
7,756
7 778
1,542
8,627
8 762
1 450
8,490
8 526
1,415
8,809
8,931
1,358
8,468
8 571
1 295
8,516
8,506
1,372
8,282
8 290
1,335
8,087
7 941
1,285
8,588 r 8,402
8 466 8 114
1 241 *• 1, 207
8,609
8 444
1,200
8,563
71. 38
75.24
71.99
71.99
75.89
75.89
75.89
75.89
75.89
75.89
75.89
75.89
75.89
75.89
75.89
77.44
1,140
15, 320
8,293
1,666
17 092
9, 141
1,245
1,425
709
1,237
1 362
690
1,297
1 542
781
1,339
1,437
746
1,383
1,550
815
1,447
1 500
815
1,493
1 312
727
1,521
1,360
800
1,547
1,367
752
1,559
1 570
876
1, 592
1,r 446
754
1,666
1,221
676
96
960
578
147
1 031
617
98
88
62
110
87
52
115
95
57
116
88
51
118
96
57
124
88
52
131
77
49
138
82
50
140
80
48
139
95
57
'130
r
84
50
147
71
42
150 422
118.2
12 373
114.5
11,626
119.1
13 088
121.1
12, 789
122.3
13 174
121.9
12 488
119.4
12,290
113.8
12181
112.7
12,229
117.0
12 876
119.2
12 587
120.4
12 722
117.7
12,726
'117.8
11, 598
118.8
934
1 897
1 570
338
148
123
364
150
124
407
168
140
444
157
131
471
162
136
535
164
140
602
122
102
689
150
126
729
147
124
796
174
147
Stocks, total, end of period
At mines. _
At furnace yards, _
_
At U.S. docks
Manganese (mn. content), general imports
r
5, 548
r
63
r
94
Pig Iron and Iron Products
Pig iron:
Production (excluding production of ferroalloys)
thous. sh. tons.
Consumption
.
do
Stocks, end of period do
Price, basic furnace If
$ per sh. ton._
1
3
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
r
r
Steel, Raw and Semifinished
Steel (raw):
133, 241
Production
thous sh tons
104.5
Index
daily average 1967 = 100..
Steel castings:
Orders, unfilled, for sale, end of period
318
thous sh tons
Shipments, total ..
do
1,609
1,321
For sale, total
do
'899
T
180
' 139
r
934
175
138
Steel Mill Products
Steel products, net shipments:
Total (all grades)
thous sh
By product:
Semifinished products.
Structural shapes (heavy), steel piling
Plates
Rails and accessories
9 111
8 665
9 861
9 163
10 023
9 657
8 703
9 422
8 905
9 892
9 445
8 670
9 779
do
do
do
do
4,917
5,656
7,553
1,601
i 5 749
7 081
9 678
1 689
463
500
702
146
460
452
679
138
529
562
821
167
460
604
785
146
540
672
847
156
477
619
806
143
424
596
786
125
479
622
853
119
493
584
801
126
475
671
879
145
510
618
851
148
507
582
867
130
504
630
908
153
Bars and tool steel, total
Bars: Hot rolled (incl. light shapes)
Reinforcing^ .__
Cold
finished
do
do
do
do
» 15,518
9,299
4,454
1,675
i 18 170
i 10 763
i 5 135
1
2 161
1,412
880
350
173
1,374
845
359
161
1,667
1 033
434
190
1,522
937
396
179
1,660
977
481
192
1,578
952
434
184
1,419
829
418
164
1,531
890
445
187
1, 470
864
422
175
1,649
939
496
205
1,545
902
447
187
1,412
806
444
153
1,592
Pipe and tubing
Wire and wire products
Tin mill products
do
do
do
7,609
2,952
6,135
9 133
3 245
7 316
653
275
772
646
251
845
776
318
486
737
293
483
818
292
586
785
286
629
708
240
594
791
273
626
729
266
565
864
292
609
822
252
578
795
209
543
802
276
733
Sheets and strip (incl. electrical) total
Sheets: Hot rolled
Cold rolled
do
do
do
i 39, 862
14, 036
16, 123
49 370
16 886
20 377
4 188
1 458
1,761
3,820
1 332
1,605
4 535
1 568
1 883
4 134
1 388
1 744
4 453
1 449
1 908
4 334
l' 439
1 801
3,812
1 320
1,521
4 128
1 394
1 679
3,871
1 290
1,606
4 307
1 489
1 730
4 120
1 440
l'683
3,625
1 300
1,459
4,182
1,503
1,697
do
do
do
do
118,598
9,299
5,055
18, 217
22 705
11,405
6 459
23 217
5,322
2,556
1 459
6 129
5 842
2,980
1 721
6 153
5,580
2,917
1,651
5,611
5,961
2,953
1,628
5,361
2 1, 987
2 1, 023
2591
2 1, 742
do
do
do
do
2,730
5,396
6,616
*25, 893
3 228
6 351
7 811
30, 254
771
1 607
2 186
7,613
842
1 628
1 870
7 806
775
1,507
1,903
7,087
841
1,609
1,852
7,802
2 291
2578
2803
2 2, 764
11.2
6.2
6 0
p 11.7
*7. 4
P6.9
By market (quarterly shipments):
Service centers and distributors
Construction, Incl. maintenance
Contractors' products
Automotive
__
Rail transportation .
Machinery, industrial equip., tools
Containers, packaging, ship, materials
Other
tons
Steel mill products, inventories, end of period:
Consumers' (manufacturers only) mil sh tons
Receipts during period
do
Consumption during period
do
1
91, 805 i m 430
8.8
1
68.0
69.2
11 2
83 6
81 2
89
7 0
69
9 0
6 7
6 6
89
7 1
7 2
9 o
6 7
6 6
9 5
7 5
7 0
9 7
7 2
7 0
9 9
6 5
6 3
10 0
7.0
6 9
10 7
7 1
6 4
10 7
7 4
7 4
11 0
7.2
6 9
do
8.6
8 3
81
7 g
80
85
84
80
8 4
8 6
8 2
7 7
81
0
Producing mills:
In process (ingots, semifinished, etc.)
do
Finished (sheets, plates, bars pipe etc ) do
11.3
10.2
9.7
7 4
11.0
10 0
10.8
9 7
10.5
9 2
10.2
9 0
10.0
9 0
10.0
8 0
10.0
7 9
10.0
7 6
9 9
9.5
7 3
9.3
7 0
9.7
7.4
Service centers (warehouses)
' Revised.
*> Preliminary.
i Annual data; monthly or quarterly revisions are not
available.
» For month shown.
s Average for 11 months.
945
447
189
O
J>9. 4
*7.2
^Effective May 1973 SURVEY, prices are in terms of dollars per short ton.
SUEVEY OF CURRENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Jan.
Annual
S-33
Feb.
Apr.
Mar.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
METALS AND MANUFACTURES—Continued
NONFERROUS METALS AND PRODUCTS
Aluminum:
Production, primary (dom. and foreign ores)
thous. sh. tons..
Recovery from scrap (aluminum content). .do
Imports (general):
Metal and alloys crude
Plates sheets etc
Exports:
Metal and alloys, crude
Plates sheets bars etc
- -
4,122
1, 045
4,530
1,060
372
87
351
88
389
99
371
90
380
99
373
90
382
81
374
87
372
82
388
92
379
86
399
79
403
do
-do
646.4
80.9
507.6
57.3
58.2
38.8
50.9
43.1
44.7
50.7
34.6
36.0
33.0
46.0
35 1
36 5
3.0
30 5
3.6
do
do
108.3
154.0
229.6
215.1
12.4
18.5
11.5
13.1
.2645
.2533
.2500
.2500
1,860.8
9,246.2
4,767.9
1,858.6
14, 460
10, 901
5,742
2,027
,157.0
826.3
424.2
186.3
101.8
818.8
430.5
178.6
4,352
4,840
4,764
1,726.9
L,833.2
1, 663. 0
170.2
137.3
161.0
144.6
16 4
135.7
148.3
133.3
15.0
Price, primary ingot, 90.5% minimum-.. $ per l b _ .
Aluminum products:
Shipments:
Ingot and mill prod, (net ship.)
Mill products total
Sheet and plate
Castings
- -
.mil. lb._
...do
do- do
1
Inventories, total (ingot, mill prod., and scrap),
4,861
end of period
..mil. lb_.
Copper:
Production:
Mine, recoverable copper . . _ thous. sh. tons. 1, 664. 8
1,873.2
Refinery primary
do
1,680.4
From domestic ores
do
192.8
From foreign ores
do 383.0
Secondary recovered as refined Qtrly do
Imports (general):
Refined unrefined, scrap (copper cont.).. do.
Refined
do
Exports:
Refined and scrap
do
Refined
do.
Consumptlon refined (by mills etc ) cjtrly 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 Ib
Copper wire mill products (copper cont ) do
Lead:
Production:
Mine recoverable lead
thous. sh. tons
Recovered from scrap (lead cont )
do
Imports (general), ore (lead cont.), metal.__do - .
Consumption total
do
Stocks, end of period:
Producers', ore, base bullion, and in process
(lead content) ABMS
thous sh tons
Refiners' (primary), refined and antimonial
(lead content)
thous. sh. tons
Consumers' (lead con tent) d"
do
Scrap (lead-base, purchased), all smelters
(gross weight)
thous. sh. tons
Price common grade delivered
$ per Ib
Tin:
Imports (for consumption) :
Ore (tin content)
Ig. tons
Metal, unwrought, unalloyed
do
Recovery from scrap total (tin cont )
do
As metal
do
Consumption, total _
.
. . --do
Primary
do
Exports, incl. reexports (metal)
. .do _
Stocks, pig (industrial) end of period
do
Price, pig, Straits (N.Y.), prompt
$ perlbZinc:
Mine prod., recoverable zinc
.Imports (general) :
Ores (zinc content)
Metal (slab blocks)
thous. sh. tons,
do
- do
Consumption (recoverable zinc content):
O res
Scrap all types
do
do
Revised.
* Preliminary.
Less than 50 tons.
6.2
4.6
5.6
10.6
18.5
12.4
19.4
.2500
6.4
4.8
4.3
11.1
17.0
10.3
17.3
14.1
15.1
16.4
15.7
29.8
18.7
31.2
20.5
47.0
20.8
22.8
20.4
22.0
20.9
.2500
.2500
.2500
.2500
.2500
.2500
.2540
.2625
.2725
.2900
1, 257. 1 1,182.4
910.2
951.3
479.1
502.0
172.7
191.9
,266. 8
973.4
517.7
180.0
1,242.7
954.9
498.2
173.2
1,117.6
886.3
467.5
138.3
1,203.4
918.1
480.8
162.6
4,696
4,622
4,561
4,547
4,574
4,544
4,504
4,423
'4, 375
4,352
151.9
167. 7
146 7
21 0
150.4
158.1
143. 1
15.0
152.1
168.7
153.7
15.0
147.5
163.4
147.3
16.1
130.5
145 0
132 8
12 2
142.6
137.2
127.5
9.8
140.9
135.1
121.3
13.8
154.3
154.1
141.4
12.7
' 141. 8
15Q 8
141 6
9 2
141.9
143 7
129 8
13 9
134.9
147.1
132.4
14.7
108
118
4.9
3.8
3.6
3.5
1,185.4 1,336.5 '1,209.6
1,199.8
969.3 r 907. 2
880.1
904.8
462.6
506.8 ' 482. 9 489. 6
155.3
181.8 ' 164.6
141.3
423.6
189.8
425.6
199.9
40.8
21 3
39.9
18 2
44 6
21 5
27.9
12 7
31.5
16.2
21.5
10.4
36.4
12 2
21. 1
80
25 5
10 2
42.3
17.1
57.4
30 3
36.7
21 7
42.7
23.4
267.7
182.7
342.0
189.4
22 5
15 9
25 0
15 6
23 7
12 8
29 4
17.7
24 0
13.5
31 2
18.3
48 9
19 7
36 3
18 4
28 5
16 2
26.0
15.9
24 7
13.6
21 7
11.9
19.4
8.2
.6008
.6008
.6008
.6008
.6016
.6637
.6875
' 2, 239
271
114
.5124
650
180
98
634
229
103
.5949
.5239
.5457
3,016
2,647
767
5978
.6008
.6008
.6008
867
816
195
878
791
200
740
710
178
618.9
595.1
600.3
636.9
53.5
55.3
49.5
56.2
44.8
56.4
39.3
56.8
56.1
59.1
43.4
56.3
51.4
45.7
55.7
52.9
51.3
47.3
53.6
51.4
'48.7
51 5
53.1
48.2
57.6
344.6
1,485.3
280.5
1, 483. 7
45.1
128.8
27.6
124.1
17.7
134.4
16.5
121.7
22.1
123.7
21.3
124.0
36.5
99.7
28.4
123.1
13.3
122.2
11.9
136.3
20.5
128.4
19.6
117.3
19.4
168.0
157.5
165.9
151.9
141.7
127.4
126.3
134.3
154.2
144.7
147.2
154.3
156 7
157.5
160. 9
64.5
113.2
27.1
117.5
57.3
115.1
51.6
109.8
39.7
115.6
32.9
117.1
34.7
118.7
33.1
120.3
21.8
131.0
25.2
128.7
27.7
119.3
23.5
108.4
21.8
121. 1
27. 1
117.5
60.2
.1503
78.6
.1628
59.3
.1482
59.9
.1526
63.0
.1600
64.9
.1602
68.8
.1648
64.3
.1650
64.2
.1650
64.2
.1650
70.7
.1650
71.5
.1650
72.2
.1650
78.6
.1772
.1898
4,216
52, 451
i 20, 180
i 2, 199
i 69, 033
i 53, 506
4,480
45, 845
504
452
489
4,083
1,705
160
6,230
4,850
0
4,858
1,290
150
5,210
4,255
0
3,622
1,900
165
5,630
4,460
449
2,637
150
6,370
5,025
564
5,474
1, 725
190
6,465
5,185
1,019
3,732
175
5,870
4,735
16
3,547
1,755
155
6,310
5,040
41
73, 500
57, 770
709
2,967
1,710
145
5,945
4,625
1,466
11, 766
1. 7747
3,741
9,62C
2. 2748
311
8,880
1.9197
130
9,610
2. 0509
95
9,270
2. 0244
51
8, 155
2.0911
158
10, 270
1.7904
9,030
2. 1227
291
8,895
2. 3755
» 478. 3
475.9
40 8
36.5
39.3
36.9
40.1
36.8
254.9
522.6
199.1
588.7
22 0
69.8
19 8
46 2
20 4
52 1
18.0
38.8
20.6
40.7
19. 0
50.3
i 118. 3
i 292. 1
158.7
290.1
13 7
22 0
12 7
22 1
13 9
22 8
15.1
22.3
14.9
25.6
p 614. 9
73.0
r/1 7
re> 0
5.8
5.3
6.4
54 1
6.4
128 3
53 2
6.4
134 0
Slab zinc:
Production (primary smelter), from domestic
and foreign ores
_thous. sh. tons- 9 i 639. 4
Secondary (redistilled) production
d o - _ _ 1 67.5
Consumption, fabricators. .
do. _ _ 1,418. 3
4 3
Stocks, end of period:
121.2
Producers', at smelter (ZI)0
do...
Consumers'
. _.
.. .do.. . i 126. 1
.1775
Price, Prime Western..
$nerlb_
T
2
6.5
14 6
29.3
104.9
.2066
5,103
1,670
126
1 90 7
(2)
32.7
123.9
.1866
5,221
1 955
1 ^4 7
.1
. £
31.3
121.1
.1928
30.4
127 A
.1985
i Annual data; monthly revisions are not available.
.4
190
3,193
1,285
496
2,615
1,795
1,430
1 570
160
5,820
4,580
175
6,255
5,145
145
5, 950
4,535
5,785
4,485
249
10, 795
2. 4345
113
9,645
2. 4023
8,860
2. 4591
306
512
9,345
2. 6244
1,399
9,620
3.0099
2. 9814
40.0
40.9
42.8
42.8
40.8
38.2
42.6
12. 1
53.4
16.2
49.8
9.8
40.7
15.7
51.5
11 8
48.2
13. 7
47.3
15. 4
56.2
12.5
24.8
11.5
23.0
11.7
24.6
12.7
25.2
12.7
26.4
14 3
26.0
13.2
25.4
12. 1
25.8
47 3
5. 3
122 3
An o
48 6
6. 8
124 1
50 7
6.2
121 9
51 1
135 2
48 6
5
118.0
5.3
111 4
1.0
1.5
1.2
1.3
1,214
49. 6
44.7
105.5
4.5
118.0
3.1
Q
3.3
25.1
29.8
29.7
29.3
31.6
27.4
32.3
22 2
25.1
24.6
28.1
115. 1
117.8
110.9
116.3
120.9
114.0
. 2037
.2034
.2031
.2034
.2031
.2032
.2039
& Includes secondary smelters' lead stocks in refinery shapes and in copper-base scrap.
O Producers' stocks elsewhere, end of Jan. and end of Feb. 1974,3,900 and 5,900 short tons.
9 1QO
SURVEY OF CURRENT BUSINESS
S-34
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
1973
Annual
March 1974
Jan.
Feb.
Mar.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
133.3
131.1
126.3
116.2
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 9
mil $
Fuel-fired processing heating equip
do
Material handling equipment (industrial):
Orders (new), index, seas, adj
1967 = 100..
Industrial trucks (electric), shipments:
Hand (motorized)
number
Rider-type
do
fndustrial trucks and tractors (internal combustion
engines) shipments
number
75.4
110.3
79.3
12.8
41.3
128 6
19.9
75.8
113.6
108.7
84.6
166.5
119.7
97.2
5.7
13.0
84.0
33.8
4.1
23.2
32 8
5.2
18.9
27. 0
35.0
4.9
20.8
128.4
190.3
157.4
164.1
180.6
186.7
174.0
168.0
186.5
209.6
207.4
217.0
220.4
222.5
21,387
12, 873
1,544
1,525
1,696
1,626
1,849
1,978
1,740
1,860
2,001
2,055
2,155
1,947
1,621
1,361
1,765
1,737
1,890
1,876
1,775
1,745
1,682
1,919
1,669
2,288
40, 698
52, 014
3,828
3,797
4,809
4,260
4,654
4,865
3,568
3,869
4,484
4,652
4,325
4,903
130.4
134.6
139. 1
144.2
147.7
148.0
154.0
156.8
153.7
156.6
164.6
166.7
171.3
130.5
129.4
129.9
135.4
140.0
143.4
144.8
154.4
146.8
144.2
149.9
142.9
149.9
124. 80
103.25
66.15
58.60
760.6
130.40
117 80
74.40
67.40
816 6
170. 80
149. 10
98.80
83.95
888.6
159. 95
145. 90
76.30
68.80
972.2
66.85
49. 55
27. 15
25. 70
290.2
72 45
66 40
28.70
25 85
334 0
76.70
72.05
35.35
33.55
375.4
80. 95
74.45
30.60
28.60
425.8
do_ _ _
do
do.. -do
do
403. 05
368. 20
304. 25
267. 20
260.5
787. 20
717 20
427. 25
388 05
620.6
units
mil $
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 $
21,225
• 1546. 0
i 5, 056
i 198 5
24,097
724 6
Tractors used in construction:
Tracklaying, total
83.9
15, 482
16, 902
Industrial supplies, machinery and equipment:
116.3
149.7
New orders index, seas, adjusted
1967-69=100
Industrial suppliers distribution:
120.3
139.6
Sales index, seas, adjusted!
1967=100..
Machine tools:
Metal cutting type tools:
Orders, new (net), total
...
mil. $... 1, 008. 95 1, 825. 45
877. 25 1, 550. 40
Domestic
do
714. 45 1,073.75
Shipments, total
do
935. 05
Domestic _ _ _ .
. __do. 627. 15
Order backlog, end of period
_ .
do
702.0 1, 453. 7
Metal forming type tools:
Orders, new (net), total Domestic
Shipments, total
Domestic
Order backlog, end of period
74.6
46 052
i gQi 7
196 988
1 141 0
213 193
1 381 9
43 220
43 468
154. 85 133. 20 131.30 127.35
139. 55 110.00 108. 20 111.45
100. 60 102. 90
72.65
76. 90
84.55
63.15
90.40
64.85
1,026.4 1, 056. 7 1,115.4 1,165.9
70.95
66.50
38.25
35.30
458.5
78.20
74 15
42.05
39 85
494 6
52.90
48.40
30.05
27.45
517.4
58.30
52.50
33.85
29 35
541. 9
168.70 184. 05
138 .80 165. 35
95.75
98.45
79.45
85.65
1,238.9 1,324.5
61.55
53.50
36.40
32.40
567.1
3
160. 80 179. 25 169.55 P 174.40
138. 45 122.55 r 144.95 P 149.65
84. 10 P 95. 80
86.35 1 24. 50
75.90 112.35 ' 72. 50 P 86. 40
1,453.7
1,399.0
1,539.2 "1,617.8
56.95
49. 65
41. 25
38.20
615.4
50.00
45.60
44.80
39.35
620.6
1,871 31,760
3 57.0 353.8
3 1, 875
355.4
71.40
64.45
38.80
32.45
599.7
148.9
* 41. 80 P 45. 30
' 39. 85 P 37. 30
' 38. 50 p 38. 30
' 34. 85 p 33. 20
•• 623. 9 p 630. 9
6, 405
190. 9
1,430
55.0
2 1 747
2 67 7
5 719
174 7
2 i 415
2 55 4
13, 831
252.3
14, 627
259.2
12 514
221 9
55, 087
345 6
61 111
382 6
46 304 3 18,488 ••316,700
304 9 3 123. 2 '3H5.2
315,503
3 110. 5
4,830
4,741
4,208
3,952
« 3, 860
3,141
2,976
4
1, 494
1,024
1,327
2,585
497.6
253.5
209.8
242.3
441.2
188. 5
407.3
319.3
674.1
2,576
494.7
242.8
200.7
234.6
450. 3
195.7
400.8
295.8
6 467
1<)9 8
ELECTRICAL EQUIPMENT
Batteries (auto, replacement) shipments
thous
Motors and generators:
New orders, index, qtrly
1967—100
1
Radio sets, production, total marketer
thous. .
Television sets (incl. combination models), production, total market d*
thous
Household major appliances (electrical), factory shipments (domestic and export)* 9
thous. .
Air conditioners (room)
do
Dishwashers
_
do
Disposers (food waste)
.
.
do
Ranges
.
do
Refrigerators
do
Freezers * _ .
"do
Washers.
do
Dryers (incl. gas)
do
Vacuum cleaners
do
99 3
20, 086
4 226
3 108
2 503
2 631
122.0
129 6
50, 198
2 837
2 807
2 915
4 120
3,067
3,935
* 6, 303
3,870
* 1 778
1,535
1,453
134 2
4,025
5,209
< 5, 211
* 1, 681
1,189
1,341 * 1 778
1,018
1,424
*3,990
134.9
127 2
2,916
3,860
4 525
13 507
17 367
1 252
1,425
31,094
4 508
3 199
2,771
3 232
6,315
1 576
5 107
3 925
8 337
35, 049
i 5, 346
3 702
2, 730
486.8
284.9
218.4
285. 2
472. 3
120. 9
457. 3
379. 2
727.9
2, 548
448.9
252. 3
' 224. 4
240.0
452.8
134. 1
417.2
318.2
775 3
3, 309
782.4
322.7
254.0
293.8
579.8
191.4
464.8
331.9
795.9
3, 094
686.4
296.9
245.6
286.4
554.1
199. 1
428.5
305.4
710.5
3, 353
722.4
325.2
260.6
311.9
623.8
216 7
476.0
309.3
677 6
3,384
771. 6
304 1
268.2
292 6
618.5
2>7 3
463.4
330 3
671 7
2. 965
306.2
272.4
236.0
304 0
703.2
311.0
432.5
319. 2
632 5
2, 935
146.0
318.2
252.5
295.2
707.8
200. 1
543.3
422.3
755.2
2,690
128.7
322 1
266.9
294 0
578.6
183 8
502.3
419 2
857 9
3,070
204.0
379.3
280.5
331.3
596.2
213.7
580.0
470.6
929.5
2,625
299.8
325.4
244.4
264.3
470.8
216.6
420.8
362.1
871.8
2,346
348.5
279.1
233.8
231. 2
423.7
199. 1
316.9
288.7
624. 5
9 flfifi
1 793
2 481
3,082
1 fi3 0
1 VI C\
1 fi1 8
174 8
278^2
205 9
278^9
260 9
280^3
148 8
206 3
275^0
145 5
230 6
281.' 8
136 6
238 7
263. 1
143 1
166 8
225. 4
146 0
210 7
25L 7
149 5 r 152 5
201 5
23? 1
279. 7
228.3
r 124 4
183.4
228.7
117 5
•• 169. 7
210.7
*> 976
3 43C
i 96, 774
415
5 504
4 256
() 030
GAS EQUIPMENT (RESIDENTIAL)
Furnaces gravity and forced-air shipments thous
Ranges, total, sales
'
do
Water heaters (storage), automatic, sales
do
2 661
3,' 163
136.0
157.3
211.7 1
PETROLEUM, COAL, AND PRODUCTS
COAL
Anthracite:
Production }
thous. sh. tons
Exports
...
do
Price, wholesale, chestnut, f.o.b. car at mine
S p e r s h . ton..
Bituminous:
Production }
thous. sh. tons..
p
9 T? R f V l Sed "
Preliminary.
i Annual
other r'S ^ gures for rubber - tired dozers.
1
7, 106
780
i 6, 725
717
516
40
560
18. 228
20.044
19.110
19.110
574
58
633
91
601
72
429
33
580
95
525
37
606
97
575
47
513
48
••495
39
P490
Q3
19.110
19. 600
19. 600
19. 600
19. 845
20. 458
20. 703
20. 703
21 .070
21. 621
21.621
22.785
633
595,386 i 590, COO 49,540 r 46, 030 49, 640
data; monthly revisions are not available.
3 For month shown.
•» Data cover 5 weeks;
tEffective Mar. 1973 SURVEY, index revised back to 1968.
cf Effective Jan. 1973, data reflect total market as follows: Sets produced in the United States,
40, 620 51,020 46,010 43,675 i 55,005 "48,785 "54,800 ! "50, 550 "48, 050 p 53, 630 p 49,010
imports by U.S. manufacturers for sale under their brand name and, beginning 1973, sets im
ported directly for resale. .
*New series. Source: Association of Home Appliance Manufacturers.
9 Includes data not shown separately.
| Monthly revisions for 1972 will be shown later.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
S-35
1973
Annual
Jan.
Mar.
Feb.
Apr.
May
June
1974
July
Aug.
Sept.
Oct.
47, 599 '47,593
32, 263 31, 962
14,174 14,710
7,864
7,718
Nov.
Dec.
Jan.
Feb.
PETROLEUM, COAL, AND PRODUCTS—Continued
C O AL— Continued
Bituminous— Continued
Industrial consumption and retail deliveries,
total 9
thous. sh. tons r 519, 396
348, 612
Electric power utilities _
_ do
159, 253
Mfg. and mining industries, total
do
87, 272
Coke plants (oven and beehive)
- do
567,019
386, 879
169, 776
93, 573
' 11, 368
10, 248
Retail deliveries to other consumers
do
Stocks, Industrial and retail dealers', end of period,
fotal
thous. sh. tons r 115, 372
Electric power utilities.
do
98, 450
r 16, 632
Mfg. and mining industries, total _ _ do
' 9, 032
Oven-coke plants _ _ _ _ _ _ do -
r
51,208
34, 175
15, 470
7,804
45,993
30, 425
14,322
7,182
45, 905
30, 533
14, 450
7,950
43, 673
28, 868
14, 262
7,727
44, 600
29, 655
14, 448
8,048
45,846
31,824
13,497
7,772
48, 577
34, 620
13, 364
7,964
49, 666
35, 933
13,119
7,894
46, 229
32, 735
12,732
7,602
1,563
1,246
920
530
480
510
580
600
750
99,022 108, 590 106,422 109,065 110,861 114,551 107,616 105,027 104, 488
85, 512 92, 279 89,516 92, 246 92 971 97, 470 90,747 90, 818 90, 055
13, 220 15, 996 16,601 16, 499 17,550 16, 681 16,594 13, 949 14, 123
6,875
8,439
8,381
8,500
8,821
8,544
6,493
8,498
6,039
1,150
50, 130
33, 886
15, 228
8,048
'910
1,009
103,561 104,397 104, 095
88, 886 90, 200 89, 734
14,400 13,917 13, 991
7,171
6,575
7,097
99, 022
85, 512
13, 220
6,875
_ _ _ _ do _ _
290
290
315
305
320
340
360
276
260
310
275
280
370
290
Exports
_ _
do
Prices, wholesale:
Screenings, indust. use, f.o.b. mine
$ per sh. ton__
Domestic, large sizes, f.o.b. mine
do__
55, 960
52, 870
2,954
2,669
3,377
5,063
5,140
4,969
r 4, 164
' 5, 125
3,424
5,882
5,214
4,889
10. 378
11.367
11.816
* 11. 659
11. 209
12.240
11.311
12. 240
11.160
11. 267
11. 541
11. 267
11.570
11.283
11.616
11.551
11.551
12. 040
12. 129
13.010
13. 103
654
59, 853
23, 953
2784
63, 496
'63
5,364
2,282
62
4,891
2,012
(3)
5, 356
2,227
64
5,262
2,175
66
5, 454
2, 229
60
5,325
2,315
64
5,307
2,351
71
5,383
2,309
67
5, 153
2,067
68
5,358
2, 215
66
5, 218
2 099
'82
5, 426
67
5,422
2,941
2,590
351
1,563
1,232
1,184
1,113
71
2, 824
2,497
326
1,720
76
2,560
2,269
291
1,795
34
2,291
2,039
252
1,948
114
2,035
1,829
206
1,895
61
1,796
1,638
159
1, 922
227
1,712
1,572
139
1,965
108
1,514
1,367
148
2,057
119
1,520
1,370
150
2,087
'147
1,501
1,375
126
2, 027
211
1,435
1,339
96
1,957
109
1,313
1,236
76
2 017
88
1,184
1,113
71
1,125
1,053
72
161
70
number
211,306
$ per bbl__
3.45
mil. bbl
4, 280. 9
% of capacity88
9,892
53.87
4, 537. 1
758
3.51
377.9
91
777
3.51
341.2
90
953
3.56
378.2
90
699
3.77
366.2
90
749
3.77
380.7
90
767
4.13
385.9
94
912
4.11
395. 2
94
724
4.11
391.7
93
854
4.12
376. 8
92
790
4.12
395.5
94
822
1,087
763
901
371.2
91
376.6
5, 839. 0
6, 262. 2
517.6
490.7
543.0
497.8
523.6
605.3
531.2
540.8
516.7
542.0
534
9
519 3
3, 455. 4
648.3
3, 353. 4
645.2
284.6
52.9
262.5
49.8
284.4
54.8
277.0
53.2
288.4
54.9
276.3
62.6
285.0
54.8
284.0
55.1
272.3
53.1
284.3
55.3
274.3
54.0
280.3
54.7
856. 8
878.5
1,234.2
1,029.3
88.0
92.2
82.9
95.5
102.2
101.6
96.2
71.4
103.7
76.7
101.3
75.1
113.0
78.3
115.9
85.8
108.7
82.5
119.5
82.8
108.5
97.4
94.3
90.0
-53.3
-38.8
20.5
25.9
20.4
28.3
10.7
18.7
21.8
-14.2
-14.9
' 585. 2 ' 537. 6 ' 539. 9 r 486. 0
r 599 Q
.238
Retail dealers
_
COKE
Production:
Beehive
Oven (byproduct)
_ _
Petroleum coke§ Stocks, end of period:
Oven-coke plants, total
\t furnace plants
A t merchant plants _ _ _ _
Potroleum coke
Exports
_ _
_
thous. sh. tons
_ _
do
do
do
do
do-_
do.- do
1,395
2,813
PETROLEUM AND PRODUCTS
Crude petroleum:
Oil wells completed
Price at wells (Oklahoma)
Runs to stills}
Refinery operating ratio
All oils, supply, demand, and stocks:
Mew supply, totaled }
mil. bbl
Production:
Crude petroleum}
do
Natural-gas plant liquids} _
-do
Imports:
Crude and unfinished oils
do
Refined products} _
_ _ _ do
Change In stocks, all oils Cdecrease,— )-
do
-85.0
49.4
Demand, total©
___
_
Exports:
Crude petroleum _ _ _ _
Refined products} . _ _ . _ _ .
Domestic product demand, total 9 © _ Gasoline}
- _
Kerosene ..
_ _ _ _ _ _
do
'6,071.7
6, 381. 8
2
do
do
81.2
do ., ' 5, 990. 3
do
2, 350. 7
do
85.9
.7
83.5
6, 297. 6
2, 452. 0
78.9
Distillate fuel oil
Residual fuel oil}
Tet fuel
__do __
do
__do
_ -
Lubricants
Asphalt _
Liquefied gases}
do
do
do
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. _ _
do
.do do
do. ..
„
do
do
do
r
0
0
6.5
7.3
578. 7 ' 530. 3
190.9
181.5
12.6
10.8
r
0
6.9
533. 0
203. 2
6.2
500. 6
0
6.4
r 494.
1
210.3
3.5
r
r
514. 8 ' 546. 6 ' 505. 9 r 536. 8 r 559. 1
2
0
0
0
.2
6.1
7!l
6.7
6.9
7.2
507. 3 ' 539. 8 ' 498. 6 ' 529. 9 ' 553. 0
206.0
198.7
208.6
226.6
218. 9
9.2
5.5
4.5
5.6
4.6
547.3
.2
6.9
540.3
194.1
7.4
1,066.1
925.6
382.5
1, 124. 4
1,020.0
383.2
128.2
101.1
34.4
118.8
92.5
30.5
102.7
95.2
30.8
79.0
74.2
30.4
82.2
78.1
34.5
72.4
78.0
30.2
72.2
74.7
32.4
79.2
83.4
32.5
79.8
80.0
31.9
90.4
79.0
33.0
105.3
' 93.6
30.4
114.2
90.2
32 2
52.8
163.8
519.8
59.0
182.5
528.6
4.6
5.6
61.8
4.6
5.4
52.0
4.9
8.1
43.6
4.4
11.3
38.9
5.1
16.1
39.3
4.5
20.1
34.5
5.4
23.4
34.2
5.3
26.1
39.3
4.6
21.1
38.7
5.7
20.9
46.0
5.0
15.1
50.8
4.9
9.3
49.5
959.0
246.4
100.8
611.7
1, 008. 3
242.5
107.0
658.8
905.7
237.5
94.0
674.3
866.9
235.4
93. 7
537.8
887.4
244.1
103.6
539.7
913. 3
248.8
111.6
552. 9
933.7
257. 9
112.7
563. 1
958.0
248. 9
111.0
598. 2
986.3
243.7
109.5
633.1
997.0 1,015.6 1, 037. 4 1 023 2 1 008.3
242.5
250. 0
241. 3
248.3
246. 3
107.0
109. 4
111.7
106.4
110.3
658.8
661.6
665.0
642.2
680. 9
2 320 0
.7
217.1
1.8
213.4
197.9
0)
226.0
173.0
.2
220.0
192.2
.1
211.1
192.9
.1
208.2
209.8
.2
205.3
211.3
(l)
211.6
218.3
.1
215.0
215.4
.1
208.6
.130
.133
.145
.145
.145
.145
.155 «
.178
.198
.238
.265
.268
.268
.268
.267
.277
.286
.303
.328
.361
1.2
0)
3.3
1.4
0)
3.1
1.3
(l)
3.1
1.6
0)
3.4
1.9
0)
3.4
1.4
0)
3.5
1.7
0)
3.6
0)
4.0
0)
3.9
6.6
18.1
5.2
19.1
4.5
20.2
4.9
20.5
5.4
21.6
5.9
22.1
7.0
23.5
6.6
21.2
21.0
Prices (excl. aviation):
Wholesale, ref. (Okla., group 3)
$ per gaL.
.119
.146
.120
.125
.130
Retail (regular grade, excl. taxes), 55 cities
(1st of following mo.).
$ per gal
.245
.275
.248
.259
.263
Aviation gasoline:
Production
mil bbl
17.0
1.0
.8
1.2
Exports}
do
2
.2
.1
0)
0)
Stocks, end of period
do...
4.3
4.0
3.9
3.6
3.3
Kerosene:
Production
do
80.1
9.5
9.4
8.0
Stocks, end of period
do
19.1
21.0
16.0
14.6
16.4
Price, wholesale, bulk lots (N.Y. Harbor)
$ per gaL
.127
.143
.127
.138
.138
r
2
Revised.
' Less than 50 thousand barrels,
Reflec ts revisio ns not iivailable by
4
months.
3 Withheld to avoid disclosing individucil compar y data.
Aver age for J an.May. fi Average for Jan. -Oct.
9 Includes data not shown separately.
§ Inclucles nonrmirketable catalyst _oke.
d" Includes small amounts of "other hydrocarbcms and ] lydrogen refinery input," not
r
.1
0
7.2
8.3
477. 7 ' 514. 7
215.7
197. 5
4.1
4.9
24.3
r
200.2
0)
213.9
207.1
.3
218.2
193.2
9"
.5 "
213.4
211.4
1.8
. 316
. 226
.174
.146
.166
.138
.138
.138
.138
.138
.138
lat er.
showi i separat plyt MonthlyT revision 3 for 1972 will be s>tiown
gain and
© Begiuni ng Marcli 1974 Si RVEY, d ata are re stated t( account for proc essiug
crude
losses no t previoLisly inclu ded; com parable c [ata for earlier per iods will be shown later.
c
C(Drrected.
SURVEY OF CURRENT BUSINESS
S-36
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
Annual
March 1974
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
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_.
Jet fuel:
Production
Stocks end of period
mil. bbl
do
963.6
66.4
1.2
154.3
138.9
.117
.135
3.4
196.5
94.0
11.2
.3
82.3
18.8
82.8
18.0
.1
.1
75.4
7.2
.2
190.2
.7
203.0
.128
.128
26.4
57.3
26.3
55.2
.137
.159
.164
30.5
48.2
31.8
58.2
55.6
.3
44.7
2.35
47.0
2.60
49.2
2.60
51.8
2.60
53.4
2.60
53.6
2.60
55.1
2.60
55.0
3.00
52.0
3.25
53.5
4.25
28.4
27.6
26.6
27.9
26.0
25.8
25.1
25.4
25.6
25.7
26.2
24.9
25. 4
25.1
27.1
25.6
25.6
28.5
28.5
5.5
1.2
5.8
1.2
5.8
1.0
5.6
1.0
5. 5
6 2
.8
1.2
1.2
.2
1.1
177.3
.9
Lubricants:
Production
do
Exports
do
Stocks end of period
do
Price, wholesale, bright stock (midconttnent,
f o b Tulsa)
$ per pal
65.3
15.0
13.3
12.9
12.2
2.270
3.260
Asphalt:
Production
Stocks, end of period
mil. bbl
do
155.3
21.6
15.0
24.3
27.6
10.1
30.0
12.1
31.0
14.7
30.2
16.8
27.3
17 7
22.9
18.9
16.8
Liquefied gases (incl, ethane and ethylene):
Production total
mil bbl
At gas processing plants (L P G )
do
At refineries (L.R.G )
do
Stocks (at plants and refineries)
do
575.1
444.7
130.4
85.7
447.0
48.6
37.4
11.2
69.2
45.5
35.4
10.1
59.9
50.4
38.6
11.7
63.8
48
37
11
70
51.5
38.4
13.0
80.0
48.4
36.8
11.6
90.0
49 2
36.5
12.7
101 0
98.6
196.5
27.4
49.5
25.2
25.4
5.4
1.1
13.5
.1
200.2
.138
43.1
2.35
13.3
87.7
14.8
90.3
13.5
27.4
52.7
49.2
2.35
5.7
1.2
8.9
.8
.138
29.6
67.7
13.4
84.4
.128
.128
29.1
58.0
26.8
24.8
8.9
.3
29.4
51.7
.128
28.5
86.9
26.3
51.1
.117
34.5
61.3
310.0
25.5
9.9
.1
.128
114.7
.9
85.4
6.5
.3
160.9
111.3
1.0
84.8
137. 9
113.3
666.5
9.1
53.5
2.76
7.7
.1
119.1
131.0
292.5
637.4
12.1
55.2
2.35
78.9
5.9
1.2
13.3
13.4
12.9
5.4
1.2
12.8
12.2
.7
1.0
.6
.2
6.0
.9
8
4.25
4.25
1.1
11.6
12.2
18 1
14 9
17.8
12.5
14.0
12.1
15.0
48.7
36.6
12.1
106.8
47 i
36 0
11 1
111 3
49 7
38 0
11 7
111 3
47 2
37 3
38.3
104 2
98 6
6 081
6 024
5,217
5 795
5, 695
5,281
11.8
.215
.3
12.1
11.8
.250
2 60
7.9
8.3
9
7
2
4
9.9
PULP, PAPER, AND PAPER PRODUCTS
PULPWOOD AND WASTE PAPER
Pulpwood:
Receipts
Consumption
Stocks, end of period
Waste paper:
Consumption
Stocks, end of period
thous cords (128 cu ft )
do
do
70, 273
71, 538
' 5, 165
71,691
71,352
5,281
5 458
5,905
4,701
5 693
5 707
4 734
5 994
6,044
4,636
5 603
5 897
4,343
6 027
6 133
4,291
6 234
6 074
4,330
5 998
5' 845
4,421
6 347
6 097
4,515
5 956
5 746
4,890
6 505
6 185
5 184
thous sh tons
do
11 703
626
12, 223
524
1 008
608
950
575
1 078
546
1 012
509
1 059
495
1 032
'472
926
492
1 047
471
977
433
1 097
467
thous sh tons
do
do
do
46 767
1 656
31 826
2 173
48 238
1,672
32, 460
2,293
4 054
145
2,748
186
3 743
129
2 536
173
4 217
155
2 845
206
3 983
125
2 715
186
4 189
141
2 838
197
4 058
148
2 714
198
3 928
118
2 663
185
4 181
144
2 803
205
3 849
' 113
2 619
185
do
do
do
4 639
2 502
3 971
4 678
3,130
4,003
375
255
343
351
249
305
390
271
351
365
257
335
409
264
339
412
253
333
393
253
317
421
258
351
do
do
do
do
848
r 323
r 393
86
725
791
350
376
65
788
341
381
66
777
348
81
797
357
370
69
377
70
782
324
379
78
807
343
385
79
736
318
339
79
WOODPULP
Production:
Total all grades
Dissolving and special alpha
Sulfate.
.
Sulfite
Groundwood
Defibrated or exploded
Soda, semichem., screenings, etc
Stocks, end of period:
Total, all mills
Pulp mills
Paper and board mills
Nonpaper mills
9Qfi
qqn
r
r 485
980
524
4 185
165
2 764
197
4 104
'l43
2,753
198
3 748
148
2,463
177
350
253
329
421
289
349
404
269
336
386
259
316
736
327
341
68
683
294
328
62
707
725
329
335
r
61
725
296
348
81
196
47
149
198
53
144
211
211
60
151
180
52
128
193
75
118
378
23
355
287
21
266
363
21
341
^94.
323
60
1 057
r
Exports, all grades, total
Dissolving and special alpha
All other
do
do
do
1
2 253 i 2 343
793
736
i i 460 1 1 gQ7
174
70
104
187
61
126
198
74
121
214
65
149
184
68
116
210
60
150
181
62
119
Imports, all grades, total .
Dissolving and special alpha
All other
do
do
do
1
394
338
359
329
365
333
324
250
353
316
qi r
307
247
279
in
270
356
397
4 856
5 416
2 312
2 605
11
488
5 1 71
2 191
2 487
11
482
5 cr»e
2 qcq
1Qfi
2 338
11
432
AQ7
2 509
12
462
4 O1Q
2 123
2 332
10
454
5 qQft
2 280
2 594
11
495
4 0-1 q
9 n^n
2 qfK
11
447
5 4.Q1
2 qqo
2 6479
I
494
r 5 228
r 2 237
r 2 509
11
r 470
4 706
2 054
2 236
11
406
109 6
109 7
108.1
111 0
110 7
108.5
111 7
113 0
109.3
111 7
114 6
110.8
112 4
116 7
111.7
112 4
116 7
112.2
112 4
116 7
112.8
HO A
116 7
115.9
115 3
118 0
117^7
115 3
119 7
118.8
115 3
120 7
120.1
3 728
224
i 3 5Q4
i 3 993
18
376
iq
99
040
69
149
qqo
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_._
59 445
25* 426
28 532
147
5 341
109 0
105 5
106.4
135
5 552
5 149
2 296
2 4859
I
425
112 4
115 1
112.8
109 96
108
107.1
9fi Afiq
90 fiRO
' Revised.
1
Reported annual total; revisions not allocated to the months.
2 076
2
3
9 A^3
19
5
9 9iq
Average for May and June.
Sept. price; other months not available.
116.7
127.0
121.7
116.7
131.0
121.8
SURVEY OF CURRENT BUSINESS
March 1974
1972
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1973
Annual
S-37
1973
Jan.
Feb.
Mar.
Apr.
May
June
1974
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 . . 1,405
164
Orders unfilled, end of period
do
1,317
Shipments
^o
Coated paper:
3,630
Orders new
do
393
Orders' unfilled, end of period .
do
3,522
Shipments
do1—
Uncoated book and writing and related papers . }
6,089
Orders new
_
. --do _ _
6,023
Shipments
_.do
Unbleached kraft packaging and industrial converting papers:
4,039
Orders new
- do
241
Orders unfilled, end of period.
do
3,916
Shipments
do
' 3, 977
Tissue paper production
- -.do
Newsprint:
Canada:
Production
Shipments from mills
Stocks ot mills end of period
-
United States:
Production
Shipments from mills
_
Stocks at mills end of period
126
174
115
102
188
99
134
181
121
132
205
106
112
192
124
125
195
127
130
207
109
136
211
132
112
219
120
126
201
130
96
168
125
100
152
116
3,826
346
3,869
332
379
316
348
445
304
354
448
348
329
457
319
344
462
342
318
462
331
292
420
312
316
435
326
293
419
'304
312
422
'327
279
359
'323
309
346
316
7,022
6,776
566
561
554
517
647
583
586
541
616
592
598
564
522
542
572
588
588
536
'607
'614
'584
'573
582
567
4,045
191
4,016
3,984
'310
213
322
349
'320
212
317
320
366
219
347
353
331
219
326
339
'360
214
354
349
'328
192
340
334
'315
190
314
314
'356
196
346
336
'330
188
327
308
349
180
351
340
'334
'173
'334
328
346
191
338
311
' 827
'796
'313
'792
'821
'283
'828
'846
'265
'825
'811
'279
'775
'781
'273
'684
'665
'292
'592
'665
'218
'716
'722
'213
309
313
34
282
281
35
278
278
35
288
292
30
258
262
27
do
- do _
do
' 8, 820
' 8, 901
'251
9,140
9,199
193
'780
'741
'290
'736
'745
'282
do
do
do
3,422
3,437
27
3,431
3, 435
24
297
293
31
275
271
35
312
310
36
292
290
38
7,569
7, 658
610
585
671
682
702
642
620
610
544
603
573
601
637
637
642
671
670
628
Consumption by publishers d" -- --. do_
Stocks at and in transit to publishers, end of
period
-thous. sh. tons.
Imports
- do
Price, rolls, contract, f.o.b. mill, freight allowed
or delivered
$ per sh. tonPaper board (American Paper Institute):
Orders, new (weekly avg.)
thous. sh. tons,.
Orders, unfilled §
do
Production, total (weekly avg.) _
do^
Paper products:
Shipping containers, corrugated and solid fiber,
shipments
mil sq ft surf area
1
3
3
815
792
3216
758
740
233
261
263
24
3281
3277
3
28
258
261
25
652
623
3569
539
606
603
3657
718
'801
'826
' 188
'785
'780
' 193
291
292
25
289
289
26
608
652
606
590
7,101
7,410
710
578
679
634
656
678
606
586
511
567
656
549
682
163.20
170. 44
163. 70
166. 70
167.75
168. 68
168. 58
168.58
169. 42
169. 42
170. 25
170. 25
179. 67
182. 34
184. 34
184 34
••513
1,446
549
518
1,603
568
526
1,599
495
611
1,664
576
629
1,792
592
611
1,905
584
594
1,899
588
596
1,860
583
541
1,874
518
595
1,903
587
573
1,909
548
575'
1,817
585
579
1,723
590
518
1,603
574
583
1,753
579
563
1,741
587
211, 926 i 226,851
17, 990
17,530
20, 434
18, 192
19, 758
19, 591
16, 762
20, 239
18, 267
21, 744
19,410
16. 934
19 556
18 238
2,571.1
1, 442. 4
' 210. 1
113.4
194.2
105.6
221.6
120.7
207.1
112.9
212.1
116.4
210.4
117.3
188.5
104.4
227.9
129.1
213 3
124.1
240.2
138.0
223.0
128.7
223.1
131.9
220. 1
128.8
2, 525. 0
thous. sh. tons
mil$_. 1,330.0
Folding paper boxes
1,431
152
1,424
RUBBER AND RUBBER PRODUCTS
RUBBER
Natural rubber:
Consumption
thous Ig tons
Stocks, end of period
do
Imports, incl. latex and guayule
do
Price, wholesale, smoked sheets (N.Y.)__$ per lb..
Synthetic rubber:
Production
Consumption
Stocks, end of period
thous Ig tons
do
do
685 44 3 58 08
122. 44 2 122. 84
642. 91 ' 57. 72
56.83
116.77
48.09
63 15
120. 47
59.44
59 43
117. 54
43.26
57 34
116. 17
55.48
54 46
111 08
53.44
48 97
111 49
40.71
56 40
111 04
66.26
56 30
121 68
63.69
63 41
114. 92
60.17
57 12
122. 47
56.32
53 96
122. 44
38.32
53.18
.228
.255
.286
.308
.310
.368
.413
.413
.364
.336
.395
.540
.538
2, 424. 68 2, 585. 49 2217.35
2, 296. 12 2 400 84 2 206 51
495. 68
520. 99 2471 86
209. 17
199 80
473. 14
218. 54
220 64
454 83
223 63
199 03
461 63
222 59
197 72
469 41
199 86
196 06
469 93
210. 04
180 33
499 28
220 38
209 48
505 91
210 67
209 08
517 18
227.49
219 68
50088
212. 61
196 86
494. 73
219. 37
188 97
520 99
640 60
116.72
602. 16
.181
.351
Exports (Bu. of Census)
do
257. 10
275. 84
23.65
22.20
22.99
22 36
24 18
23 58
20.86
18.96
29.34
25.01
21.60
21.10
Reclaimed rubber:
Production
- _ _ _
Consumption
Stocks, end of period
do
do
do
194. 45
187. 58
19.91
201.02
163 71
20 96
2 19. 08
22 15 92
19 33
20.52
16 30
19 49
22.29
17 40
19 42
19 39
14 35
20 55
19 02
13 42
22 40
18 46
13 81
23 16
16 79
11 38
25 04
15 30
11 89
23 87
11 71
11 27
22 18
13.04
14 52
21 43
11.31
11.17
21 66
14.10
10 80
20 96
229, 611
223 418
.510
22.40
TIRES AND TUBES
Pneumatic casings, automotive:
Production
._ . _ _
Shipments, total
Original equipment _ _ _
Replacement equipment
Exports. _. _
_
.
thous
do
do
do
do
Stocks , end of period
Exports (Bu. of Census)
do
do
Inner tubes, automotive:
Production
.
Shipments
Stocks, end of poriod
.
Exports (Bu of Census)
do
do
do
do
21,001
19, 993
22, 229
19, 193
18 693
17, 752
14, 287
17,325
17 727
19, 841
18, 035
17, 343
916
600
216
100
17 769
6 513
11 005
251
17 780
6 054
11 521
204
22 352
1 114
14 907
330
23 429
6,211
16 950
268
21 646
6 3t50
14 969
317
21 994
6 562
15 099
332
19 433
4 671
14 462
300
19 658
4 473
14 892
293
20 765
5*424
14 920
'421
22 582
6,555
15 523
504
17 559
5,884
11 203
471
13, 950
3,778
9, 762
409
50 275
4 393
63 646
236
66 419
131
66 708 62 872
295
' 310
60 485
404
56 834
440
52 341
349
50 392
'245
47 775
*429
45 636
548
46 472
517
50, 275
488
539
' 37 962 38 701
41 774
44 710
9 391
8 556
766
1 290
3 495
3 804
9 605
61
3 564
3 616
9 896
66
3 364
3 912
10 175
149
3 438
3 568
10 366
121
3 233
3 919
10 203
149
2,350
3 348
9 633
67
2 950
3 688
9 311
3 209
3 736
9 234
82
3 592
4 273
8 999
143
3 041
3 395
8*601
141
3,008
3 366
8,556
129
80
' 227 944 238
' 63 924 69
' 161 689 165
' 2 331 4
60 255
2 127
3 836
4 085
10 153
71
' Revised.
* Preliminary.
1 Reported annual total; revisions not allocated to months.
2 Publication of monthly rubber statistics was discontinued by the Census Bureau effective
with the Dec. 1972 report (Series M30A). Data beginning; Tan. 1973 are from the
Rubber
3
Manufacturers Association and are not stricly comparable with earlier data.
Beginning
January 1974, data reflect reduction in basis weight of newsprint from 32 to 30 Ibs. for 500
sheets measuring 24" x 36"; data for January 1974 on 32-lb. basis (thous. short tons): Canadaproduction, 840; shipments, 815; stocks, 222; United States—production, 289; shipments, 285;
'no
mill stocks, 29; consumption by publishers, 586, stocks at and in transit, 676.
t Represents the sum of book paper, uncoated and writing and related papers formerly
shown separately; data for new orders no longer available for the individual items.
d* As reported by publishers accounting for about 75 percent of total newsprint consumption.
§ Monthly data are averages for the 4-week period ending on Saturday nearest the end of the
month; annual data are as of Dec. 31.
SURVEY OF CURRENT BUSINESS
S-38
1972
I
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown \
in the 1973 edition of BUSINESS STATISTICS |
March
1973
1973
Annual
Jan.
Feb.
Mar.
Apr.
May
June
1974
1974
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
26, 500
22, 245
132 5
134 8
Feb.
STONE, CLAY, AND GLASS PRODUCTS
PORTLAND CEMENT
Shipments, finished cement
thous. bbl__ i 433,149 1472,149
23,915
24, 824
33, 606
36, 106
46, 452
47, 181
47, 633
53, 138
43, 367
50, 213
38, 612
616.8
5.1
99.5
610.2
5.8
96.1
782.4
7.3
136.3
783.6
6.4
138.5
861.7
7.2
151.8
862.1
8.3
161.9
832.9
9 2
160.6
868.0
10.5
174.2
704.5
10.0
148.6
781.7
9.9
150.2
695.3
8.1
127.3
CLAY CONSTRUCTION PRODUCTS
Shipments:
Brick, unglazed (common and face)
mil. standard brick.. 8,402.2
Structural tile, except facing
thous. sh. tons..! 100.5
Sewer pipe and fittings, vitrified
do.... 1,718.0
Facing tile (hollow) , glazed and unglazed
mil. brick equivalent..
133.3
Floor and wall tile and accessories, glazed and unglazed
mil sq. ft
307 9
Price index, brick (common), f.o.b. plant or
N Y dock
1967 = 100
122 1
130 9
8.2
•8.4
siO. 1
9.9
11.7
12.1
11.3
13.0
10.2
11.2
9.5
24 4
22 2
26 8
26 4
27 3
26 0
25 2
27 5
93 o
26 8
24 2
127 4
199 1
130 1
130 8
130 9
131 3
131 3
131 5
131 5
132 1
132 1
i ^ft ^
GLASS AND GLASS PRODUCTS
Flat glass, mfrs.' shipments
thous. $. . 550,292
Sheet (window) glass, shipments. ..
Plate and other flat glass, shipments
Glass containers:
Production
.-do
do
157,187
393,105
thous. gross. . 267,347
Shipments, domestic, total
Narrow-neck containers:
Food
Beverage
Beer
Liquor and wine...
147,118
148 395
136, 305
37, 519
104,732
38 680
108,438
37,396
niO,999
38 583
97, 722
277, 286
22, 253
22, 320
25,089
23, 076
24,772
24,476
22, 922
24, 270
22,116
24,662
21,098
20, 232
272, 605
21,281
19, 537
23,567
21,881
26 458
23,813
21 684
26,206
22 543
23,283
21,656
20, 696
24 333
71,053
54 404
22, 425
23 589
71 018
59 999
22, 727
1,876
5, 236
4,217
1,865
1 983
4 756
3 902
l| 652
2
5
5
2
290
880
289
104
1 987
5 506
5 104
1*861
2 296
1 030
5* 836
2 218
1 856
7 094
5 359
1,886
1 482
6 590
5 408
1 439
2 240
6 816
5 805
1 899
2 565
5 739
4 995
1 630
1 890
5 361
5 152
2,159
1 577
o'440
4 541
2,105
1 547
5 570
4 391
1,909
59, 129
197
5,006
20
4,378
14
4 749
16
4 483
16
5 692
25
4 654
13
4 300
12
6 301
4 933
14
5, 313
16
4 874
16
4,446
14
31 525
4 421
2,694
367
2 496
356
2 856
383
2 536
388
o 925
436
2 582
369
2 156
297
9 739
'385
2 330
337
3 008
384
9 694
409
2 509
310
35 842
36 183
36, 705
39, 208
40282
41 006
38 727
39 107
39 936
37 681
36 587
37 608
36 884
36,183
12 368
11,984
13 806
12, 689
2 924
3 081
3 473
3 182
3 777
3 259
3,632
3,167
do
7,718
7 661
1 572
1 904
2 079
2,105
..do
4,719
5 525
862
1 580
1 554
1,530
do
309
349
86
91
79
93
330
513
14 372
451
357
343
10 738
2 279
1
204
293
484
15 151
369
399
341
11 130
2 700
212
76
123
3 661
110
97
80
2 719
603
52
72
118
3 899
82
101
88
2 870
701
56
66
114
3 780
83
99
77
2,757
719
44
do
. . . . . . do ..
do
_ ...do ...
Wide-mouth containers:
Food (incl. packer's tumblers, jelly glasses,
and fruit jars).
.
.
thous. gross. . 58, 241
Dairy products
do
238
Narrow-neck and Wide-mouth containers:
Medicinal and toilet
do .
29 892
Household and industrial
.
do
4,283
.
142,251
152, 178
421,891
264, 869
do
Stocks, end of period
574, 069
do._
GYPSUM AND PRODUCTS (QTRLY)
Production:
Crude gypsum
Calcined
.
thous. sh. tons
do
Imports, crude gypsum.
Sales of gypsum products:
Uncalclned
Calcined:
Industrial plasters
Building plasters:
Regular basecoat
All other (incl. Keene's cement)
Board products total
Lath
Veneer base
Oypsum sheathing
Regular gypsum board
Type X gypsum board
Predecorated wallboard
do
do
mil sq ft
do
do
do
do
do
do
79
128
3 812
93
102
96
2 784
' 678
60
TEXTILE PRODUCTS
WOVEN FABRICS:
Woven fabrics (gray goods), weaving mills:
Production, total 9
mil. linear y d _ _
Cotton
do
Manmade
fiber
do
11,098
5 666
5 336
11,752
5 416
6 214
2
793
285
433
958
407
^45
Orders, unfilled total end of period 9 ff
Cotton
Manmade
fiber
do
do
do
4 164
9 in
2 010
3 C I O(
1 (55 )
1 *51
4 1 Q3
9 140
2 000
4
OVA
9 109
9 087
T
728
296
429
723
285
433
3 640 T 3 553
1 ,527
1 541
1 986
2 090
3 548
1,559
1,951
9, 202
11, 603
564
509
°-711
13,421
14, 444
| 14,434 13,411
5, 015
9,031
7,401
4.374
995
! 1, 029 I
!
10
10
12,595
12, 586
2,788
r
8,761
r
1,037
9
10,816
10,808
1,521
8, 169
1,118
'J
2934
2 430
2 495
902
414
479
900
404
489
2 1, 130
2 506
2
611
871
352
513
830
342
400
789
321
462
800
310
484
792
311
477
763
315
444
739
304
439
790
295
422
A £70
4 OA(\
9 432
2 358
4 666
2 280
9 337
4 489
9 174
2 272
4 251
2 078
2 133
3 894
1 799
9 057
3 821
1 640
9 143
3
135
496
2 573
567
543
3,929 15, 985
3, 916 15, 975
350 13, 160
1,494
2,074
1 492 i 1 321
10
13
15,217
15, 206
12,836
1,249
1 121
11
898
367
524
983
408
567
831
370
453
942
444
488
966
453
501
do
do
do
' 920
404
r
509
948
445
492
933
429
494
Stocks, total, end of period 9 cf
Cotton
Manmade
fiber
2
1, 168
2 556
2 599
1, 178
2 561
2 604
9 333
2 283
r
..
COTTON
Cotton (excluding llnters)Production:
GinningsA
thous. running bales 3 13 267 4 12 596 12 269 3 13 267
Crop estimate, 480-pound bales, net weight
thous bales 3 13 702 4 12 9958
^ 13 702
2 747
Consumption
do
7 79
7 777
597
Stocks in the United States, total, end of period
thous. bales
12, 333
12, 595 10,890
9, 883
Domestic cotton, total
do_
12, 586 10,874
12,319
9,866
9
On farms and in transit
do
2 4')()
3 346
788
2 041
Public storage and compresses. .
do
7,321
7,947
8,761
6, 9527
Consuming establishments
do
1 133
1 0°6
1 037
1 98
Foreign cotton, total
do
i)
!
' 14
16
17
12,375 * 12,596
4
601
8,781
8,766
1 895
5,463
1 408
15
r
2
Revised.
i Annual total; revisions not allocated to the months or quarter.
1>at a
cover o weeks; other months, 4 weeks.
3 Crop for the year 1972.
* Crop for t he year 1(J'73.
Excludes unglazed and salt glazed facing title.
{Monthly revisions (1970-72) appear
Woven Fabrics; Production Stocks and Unfilled Orders," M22A—Supplement 3 (Aug. l«j; '3),
Bureau of the Census.
9 Includes data not shown separately.
5
5,012
2 719
579 " ~~ *„-
6,203
7.351
7,336
6, 191
1 065
1 376
3,476
4, 397
1 650
1 563
15 1
' 12
5,200
5,187
878
2,7379
1 57
13
2
706
12, 958
cf Stocks (owned by weaving mills and billed and held for others) exclude bedsheeting,
toweling,
and b l a n k e t i n g , and hilled and held stocks of denims.
r
Unfilled orders cover wool apparel (including polyester-wool) finished fabrics; production
and stocks exclude figures for such finished fabrics. Orders also exclude bedsheeting, toweling,
and blanketing.
A Cumulative gainings to end of month indicated.
SURVEY OF CURRENT BUSINESS
March 1974
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1972 edition of BUSINESS STATISTICS
1972
1974
1973
1973
Annual
S-39
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
TEXTILE PRODUCTS—Continued
COTTON— Continued
Cotton (excluding llnters)— Continued
Exports
thous. bales..
Imports
do
3,089
75
Price (farm). American upland
cents per lb._
!27.2
Price, Strict Low Middling, Grade 41, staple 34
(\y\§"), average 11 markets*
. cents per Ib . 135.6
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.
mil-do
bil
do
do.
18.3
10.4
115.9
.445
67.7
Cotton cloth:
Cotton broad woven goods over 12" in width:
Production (qtrly.)
.mil. lin. yd--
6,666
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
Exports, raw cotton equiv..Imports, raw cotton equiv
thous. bales..
_
do
5, 495
33
7
7
46. 8
73.2
18.0
9.8
116.2
.447
63.1
2
654
4
528
3
676
3
608
2
437
4
500
2
388
2
329
(3)
22.4
22.8
26.4
27.1
30.2
29.5
30.4
52.1
17.8
9.9
9.3
.372
2
5.0
32.3
33.2
35.0
40.2
45.2
46.0
18.4
10.4
11.6
.463
36.4
18.1
10.2
9.3
.464
5.2
18.1
10.0
9.3
.464
5.1
18.1
10.0
18.1
9.9
9.2
.458
5.0
18.1
9.9
9.1
.456
5.0
211.6
.462
6. 3
2
18.4
4.1
2.9
.18
.16
409.2
735.5
459. 9
680.9
592
1
545
3
43.6
41.2
47.9
57.2
56.5
75.3
666.7
76.6
78.1
68.6
18.1
9.8
2 11.5
.458
M8.0
18.1
9 8
2 11.4
.457
26.1
18.1
9.8
9.2
.460
4.9
259
3
36.7
44.6
66.9
80.5
18.0
9.9
9.0
.452
4.9
18.1
9.8
8.9
.444
4.8
1,343
1 396
22.7
2
257
3
266
6
r 9 g
r
8. 2
* . 409
'4.4
1,188
22.6
23.2
24.0
22.5
21.4
26.2
19.3
17.6
16.5
16.4
18.4
3.8
3.6
3.2
3.2
3.0
2.8
3.6
2.9
2.6
2.7
2 8
o 9
.17
.16
.14
.14
.13
.13
.14
.15
.15
.16
.17
.16
.16
38.0
56.0
38.8
59.2
37.9
56.2
35.4
54.2
33.9
58.1
42.5
49.4
43.8
60.4
44.8
57.7
43.3
56.0
53.6
22.0
32.3
68.0
38.3
59.4
30.7
46.4
M A N M A D E FIBERS AND MANUFACTURES
Fiber production, qtrly. total.
mil. lb_
Filament yarn (rayon and acetate)
do-_.
Staple, incl. tow (rayon)
do
Nonceliulosic, except textile glass:
Yarn and monofilaments
do
Staple, Incl. tow._ _
do
Textile glass
fiber.
do
7, 293. 6
653.1
713.2
8, 329. 7
635. 1
696. 7
2,023.3
158 0
168.5
2,099.3
164 7
168.2
2 077.2
153.7
172 6
2, 129. 9
158.7
187.4
2, 773. 3
2, 582. 4
571.6
3, 339. 6
2, 969. 8
688.5
813 1
720.3
163 4
827 8
765.9
172.7
842.3
738.2
170.4
856.4
745.4
182.0
Exports: Yams and monofllaments
Staple, tow, and tops
117, 405
205, 485
252, 829
316, 441
14, 122
23, 831
249, 948
157, 857
171, 102
164, 251
26, 738 '22,411
12,604 14, 929
61.6
61.5
46. 4
34.0
293.7
298.1
84.0
232. 2
186. 5
70.8
thous. Ib
do
Imports: Yarns and monofilaments
Staple tow and tops
do
do
Stocks, producers', end of period:
Filament yarn (rayon and acetate)
Staple, incl. tow (rayon)
Nonceliulosic fiber, except textile glass:
Yarn and monofllaments
Staple, incl. tow _
Textile glass
fiber
mil. lb._
do
do
do
do
Prices, manmade fibers, f.o.b. producing plant:
Staple: Polyester, 1.5 denier
$perlb_.
Yarn: Rayon (viscose), 150 denier
do
Acrylic (spun), knitting, 2/20, 3-6D..do
Manmade fiber and silk broad woven fabrics:
Production (qtrlv.), total 9
- mil. lin. vd
Filament yarn (100%) fabrics9
do
Chiefly rayon and/or acetate fabrics
do
Chiefly nylon fabrics . _ _ .
_. do
Spun yarn (100%) fab., exc. blanketing 9. .do
Rayon and/or acetate fabrics and blends
do-Polyester blends with cotton
do
Filament and spun yarn fabrics (combinations
and mixtures)
mil. lin. yd ..
.62
.61
1.03
1.22
1.04
1.30
14, 205
27, 654
21,773
24, 730
19, 802
25, 523
17, 099
21, 1^6
27, 451
29, 190
25,270
29, 687
27, 213
25, 025
27, 232
28,425
29, 907
34, 536
22, 692
14, 504
14, 695
16,276
11,281
18,172
10,511
13, 033
6,877
11,032
8,242
14, 487
6,986
13, 266
4,510
8,861
6,049
13,358
19, 277
10,329
16, 876
16, 759
60 7 "
50 9
279 9
259.3
75 4
48.9
32.5
48.4
26.5
46.4
34.0
250 0
228.6
70 2
254.8
199. 6
69.4
232.2
186.5
70.8
* .61
.61
.61
.61
.61
.61
.61
.61
.61
.61
.61
.61
.61
.61
1.05
1.25
1.02
1.26
1.02
1.28
1.03
1.30
1.05
1.31
1.05
1.31
1.05
1.31
1.05
1.32
1.05
1.32
1.05
1.32
1.05
1.32
1.05
1.32
1.08
1.32
1.11
1.32
27.7
2.360
1.480
2.725
5, 530. 9
1,723.0
606. 2
377.0
3,062.6
1 551 4
477 2
122.2
94 1
895.7
1 412 2
439. 9
109.1
87.6
799.2
115 5
O
115 0
639 3
105.1
544 0
123 6
119 6
119 7
1 555 4
480 0
126.2
99 7
895.4
428.2
2, 190. 1
fidl
515.4
142.2
76.4
96.6
71.8
112.4
41.4
59.8
40.6
2 12.6
35.9
7.7
4.3
9.9
5.1
7.2
4.7
9.6
4.2
5.7
3.1
'10.9
25.0
5.6
3.6
10.1
3.7
6.4
4.3
9.7
3.5
6.8
5.3
28.7
22.9
5.6
4.7
4;?
3.5
8.1
2.3
2.8
2.1
210.6
22.8
2.9
2.2
7.1
1.9
1.4
6.4
1.3
2.1
1.3
Wool prices, raw, clean basis, Boston:
Good French combing and staple:
Graded territory,
fine
Graded fleece, % blood
Australian, 64s, warp and half-warp
1.157
.925
1.321
2.500
1.594
3.036
1.880
1.545
2. 523
2.325
1.819
3.118
3.025
2.338
1.462
2. 955
2.335
1.375
3.093
2.575
1.600
3.242
2.600
1.650
3. 215
2.750
1.700
3.210
2.750
1.512
2.942
2.630
1.420
2.741
2.419
1.475
2. 596
2.375
1.500
2.825
101.8
106.2
Wool broadwoven goods, exc. felts:
15.8
18, 196 ' 20, 743 19,451
25, 082 27, 438 28, 661
WOOL AND MANUFACTURES
Wool consumption, mill (clean basis):
Apparel class
mil. lb_.
Carpet class
do. .
Wool imports, clean yield.
do
Duty-free (carpet class)
.do
$ per Ib
do
do
26.1
2. 075
3.968
29.7
30.8
8.6
24.9
21.9
2. 225
1.388
2. 532
20.8
FLOOR COVERINGS
Carpet and rugs: *
Rugs, carpet, and carpeting, shipments, quarterly:
Total woven, tufted, other
...mil. sq. yds..
T
J
2
9*6 2
934. 9
3
Less than
Revised. 4
Season average.
For 5 weeks; other mo nths, 4 weeks.
•> Annual total; revisions
£,00 bales.
Price not directly comparable
with e arlier dat i.
6
aot distributed by months or quarters.
Effective Nov. 1, 1 J73, Little Rock, Ark., deleted
from market average.
? Preliminary average base d on sales through Feb. 1974.
'New series. Cotton market price (U.S. Department of Agriculture) av*Jf>k ^^K^
back to 1947. Carpet and rug shipments (U.S. Department of Commerce Bureau of the
Census) represent total industry volume; quarterly data back to 1958 are available.
9 Includes data not shown separately.
March 1974
SURVEY OF CURRENT BUSINESS
S-40
Unless otherwise stated in footnotes below, data
through 1972 and descriptive notes are as shown
in the 1973 edition of BUSINESS STATISTICS
1972
1973
Annual
1973
Jan.
Feb.
Mar.
Apr.
May
1974
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
14 929
17 007
Feb.
TEXTILE PRODUCTS—Continued
APPAREI4
228,723
Hosiery shipments
thous. doz. pairs
Men's apparel cuttings:^
Suits
.thous. units. _ 18, 174
Coats (separate), dress and sport
do ... 18, 202
182, 034
Trousers (separate) dress and sport
_ do
Slacks (jean's-cut) casual*
thous. doz
20, 914
Shirts dress and aport
-do
228, 269
15 747
16 237
9Q 354
17 805
17 875
22 ^67
19 851
23 066
19 989
22 077
18 079
1,542
1,630
12 548
1,326
1,396
13 049
1 649
1 697
13 339
1 342
2 768
1 372
1 665
15 233
1 317
2 920
1 278
1 533
13 269
1 316
3 001
862
1 480
1*689
13 706
1 401
1 541
11 052
1 115
2 739
1 589
1 775
13 030
1 526
l'714
11 537
1 053
2 967
1,571
20 648
1 677
1 751
16 614
1 753
2,898
2 624
1 589
1 830
14 566
1*097
2' 925
1,392
17, 089
1,485
1,332
18, 744
1,589
1,492
20 864
1 722
974
Women's misses', juniors' apparel, cuttings:}
Coats
thous. units.. 20, 877
221, 546
Dresses
do
Blouses and shirts
.
thous. doz._ 13, 824
5,319
Skirts
do .
756
867
680
858
740
1 125
9 529
1 206
2 113
I'oio
2 942
i r?i
3 087
737
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
23, 842
14,817
21,274
21, 499
13, 492
7,115
3 568
6,381
5,637
3,403
6,099
3,709
5,567
6 532
3,723
6,897
4,449
6 244
5,633
3 599
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 $
26, 922
15, 322
13, 060
2,572
28 400
15,487
13,736
2 650
97 967
15, 473
13, 507
2,763
29, 231
16,323
13,764
2,757
Aircraft (complete):
Shipments
Alrframe weight
Exports commercial
do
thous Ib
mil $
5,272
5,553
5 255
6,009
2,990
2,923
2,785
2,902
436.9
5,376
145.2
332.2
4,630
89.0
242.4
4,196
125.0
285.8
4,112
210.9
454.2
5,717
254.5
516.8
6,855
256.6
134.6
11,270.7 12, 637. 3 1,164.3 1, 108. 2 1, 220. 0 1,096.5 1,219.8 1,186.3
10,646.8 11, 865. 7 1, 107. 3 1,053.1 1, 143. 1 1 091 5 1 140 4 1,122.5
8,823.9 9,657.6
855.1
900.5
940.9
844.0
921.3
941.2
8,352.5 9, 078. 8
815.5
859.8
880.1
786.6
873.3
882.8
2, 446. 8 2, 979. 7
253.2
263.8
252.5
278.9
265.0
278.7
2, 294. 4 2, 786. 8
237.7
247.5
249.2
260.3
234.8
260.3
949.1
898.3
714.0
677.5
235.1
220.8
640.1
603.6
440.3
415.7
199.7
187.8
943.4 1,231.9 1, 139. 8
878.0 1,143.7 1, 062. 3
887.8
955.5
716.9
827.1
887.2
666.1
252.0
276.4
226.5
235.1
256.5
211.9
737.9
691.9
549.0
507.1
197. 8
184.8
855. 9
2 798. 9
787.6
599.9
2 562. 8
552. 1
256.0 "2" 236.1
235.6
3, 231. 8
47,694
1,608.7
4, 588. 2
64,370
2,311.0
277.1
3,912
114.7
390.6
5,435
182.5
364.6
5,462
325.2
435.8
7,121
205.0
599.6
7, 698
314.2
252.2
3,856
88.7
MOTOR VEHICLES
Factory sales (from plants in U.S.), total
Domestic .
_ .
Passenger cars total
Domestic
- _.
Trucks and buses, total
Domestic
thous..
do
do
,do .
do
do
Retail sales, new passenger cars :
Total, not seasonally adjusted
.thous..
DomestlcsA
do
Imports A -...
do
Total seasonally adjusted at annual rates mil
Domestics A
- - -- do
Imports Ado
'1,025
863
162
12.4
10.5
1.9
r 1,146
964
••180
13.0
11.0
'1.9
972
'174
12.5
10.7
1.8
1,086
909
'178
11.6
9.7
r
1.8
'961
808
'153
11.8
10.0
1.8
838
686
152
'11.5
9.9
1.7
875
754
121
'11.7
10.2
1.5
979
858
' 122
'9.9
8.4
'1.5
'913
778
' 135
10.1
8.4
1.8
694
574
' 120
9.5
7.7
1.8
679
551
' 127
'9.3
7.7
'1.6
1,649
1,563
1,652
1,493
1,654
1,480
1,648
1,452
1,708
1,523
1,612
1,592
1,387
1,553
1,360
1,478
1,479
1,664
1,628
1,812
1,600
1,765
1,705
1,713
1,737
1,644
1.8
1.8
1.6
1.7
1.6
1.9
1.9
1.9
1.7
2.4
2.6
2.7
2.7
2.6
36.76
31.47
13.13
34.93
31.18
12. 76
53.32
48.59
15.50
51.06
46.94
14.80
49.52
45.81
13.49
41.74
38.24
12.96
30.27
26.08
12.67
20.95
18.68
9.18
40.33
37.55
9.14
54.46
47.32
14.08
43.18
34.80
11.22
52.66
45.71
12.71
42.37
33.00
13.37
228. 64
80.58
44.65
219.15
74.65
31.75
247. 73
91.02
39.61
203. 09
64.37
37.36
253. 73
100.69
51.39
232. 73
91.01
48.46
189. 15
56.34
37.68
149. 32
28.86
39.79
140. 56
61.60
36.96
203. 04
85.62
48.86
222. 18
84.03
46.80
148. 03
52.77
37.35
252. 03
74. 28
51.42
11, 502
7,524
1,747
1,638
13,410
8,612
2, 236
1,512
14, 384
9, 599
1,969
1,384
13,938
8, 950
1, 948
707
14, 268
9, 222
1,365
696
13, 696
9, 000
1,512
1,028
12, 906
8, 792
1, 935
1,078
12, 997
8, 690
963
1,012
12, 915
8,441
1,069
828
15, 585
10, 384
949
1,018
14,839
10, 556
1,337
977
13 929
9, 469
1,596
912
thous-. 1 4 10,488 1411,351 4 828. 6 4 842. 9
* * 1,529 1*1,720
4119.1
4127.8
do
i * 2,514 1 43, 029 * 207. 1 4 214. 7
do
4 998. 4
4162.4
4
260.1
4 968. 7 41,061.2 41,068.9
4 147. 6 4170.6 4 163. 7
* 262. 7 4 264. 7 4 279. 2
n, 103.1
4 979. 6
4
919. 5
4 116. 5
4 252. 2
4 888. 6
4 119. 6
4 243. 4
* 875. 6
4 141.8
4 248. 0
4 643. 4
4 110.8
4 190. 0
6,373
6,016
13, 535
13,410
57,313
55, 078
5,929
5, 606
9,736
9, 436
60, 799
58,606
5,246
4,820
11,797
11,745
67, 199
65, 380
5, 862
5,701
11,246
8, 921
72, 622
68, 689
Retail Inventories, new cars (domestics), end of
period: A
Not seasonally adjusted
thous..
Seasonally adjusted
. do
10,950
9,327
1,623
11, 457
9,676
1,781
876
736
140
12.1
10.2
1.9
'921
775
146
12.3
10.3
2.0
1,311
1,454
1,600
1,765
1,528
1,535
Inventory-sales ratio, new cars (domestics) A
2.0
ratio..
Exports (Bureau of the Census):
Passenger cars (new), assembled
thous
410. 25
509.19
376. 23
To Canada
do
452. 37
120. 62
Trucks and buses (new) assembled
do
151.65
Imports (Bureau of the Census):
2, 485. 90 2, 437. 34
Passenger cars (new), complete units
do
842.30
From Canada total
do
871. 56
429.41
Trucks and buses f _
do
500.68
Truck trailers and chassis, complete (excludes
detachables) , shipments ©
number. . 139, 029 164, 369
95, 281 109, 239
Vans
do
18, 166
Trailer bodies (detachable), sold separate
do
18, 626
15, 498
Trailer chassis (detachable), sold separate
do
12, 790
Registrations (new vehicles):©
Passenger cars
Imports, Incl. domestically sponsored
Trucks
'
1,144
4 167. 3
4 281. 1
3151.1
3 275. 0
4 815.9
4 132. 6
4 240. 8
3,727
3,466
5,582
5, 282
46,097
43, 189
4,464
4,215
5,461
5,461
47, 067
44, 408
4,797
4,505
8,142
7,442
50,781
47,714
684
568
116
9.1
7.6
1.6
RAILROAD EQUIPMENT
Freight cars (all railroads and private car lines):
Shipments
_.
number.. H7,535
4,782
58, 252
5,157
4,475
Equipment manufacturers
do
i 42, 073
54, 814
4,536
4,191
4,912
New orders
do
147,915 1 105, 765
5,425
5,484
9,811
Equipment manufacturers
do _ _ i 42, 343 1 102, 136
5,084
8,661
5.433
Unfilled orders, end of ppriod
do
21,244
67, 199 22, 283 26, 134 26, 535
Equipment manufacturers
_ _ .-do..
17, 666
65, 380 18, 610 23, 545 24, 140
Freight cars (revenue), class 1 railroads (AAR):§
Number owned, end of period
thous
1,395
1,411
1,409
1,409
1,408
Held for repairs, % of total owned
6.3
5.8
5.9
5.7
5.9
Capacity (carrying), total, end of mo.. mil. tons..
98.19
98.08
98.09
98.15
98.20
Average per car
tons
69.61
70.38
69.53
69. 64
69.74
r
Revised.
» Annual total includes revisions not distributed
bv months.
• Estimate
4
of production, not factory sales.
3 Excludes 2 States.
Excludes 1 State.
J Revisions
appear in Census report, Men's and Women's Selected Monthly Apparel Cuttings, 1971-72
(MA-23A Supplement), Sept, 1973.
cfEffective 1973, data reflect new benchmarks and
revised sampling, shirts include knits (from knitting mills) not included in data prior to 1973
* New series; data not available prior to 1973.
4,001
3,766
13, 994
13, 894
36, 527
34, 267
4,677
4,390
6,551
6,121
38, 027
35, 624
4,647
4,414
11,664
10, 964
44, 469
41,600
4,003
3,876
6,731
6,231
75, 228
70, 922
1,398
1,395
1,395
1,395
1,393
1,396
1,407
1,402
1,403
1,401
6.3
6.3
6.3
6.2
6.2
5.7
6.1
5.8
6.0
5.8
98.19
97.95
98. 19
97. 94
98.41
97.89
98.07
98.12
98.12
70.38
70. 39
70. 20
70.31
70.12
69. 83
69.97
70.06
69.93
9 Total includes backlog for nonrelated products and services and basic research. _
ADomestics include U.S. -type cars produced in the United States and Canada; imports
covpr foreign-type cars and captive imports, and exclude domestics produced in Canada.
1! Effective Sept. 11)73 SURVEY, data include, imports of separate chassis and bodies,
©Effective Feb. 1974 SURVEY, excludes shipments of dollies and converter gear.
OCourtesv of R. L. Folk & Co.; republicaticn prohibited.
§ Excludes railroad-owned private refrigerator cars and private line cars.
INDEX TO CURRENT BUSINESS STATISTICS, Pages S1-S40
SECTIONS
General:
Business indicators
Commodity prices
Construction and real estate
Domestic trade
Labor force, employment, and earnings
Finance
.'
Foreign trade of the United States
Transportation and communication
*...
1-7
8, 9
10,11
11-13
13-17
17-22
22-24
24-25
Industry:
Chemicals and allied products
Electric power and gas
Food and kindred products; tobacco
Leather and products
25, 26
26
27-30
30
Lumber and products
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
Earnings, weekly and hourly
15,16
Eating and drinking places
12,13
Eggs and poultry
3,8,9,29
Electric power
5,9,26
Electrical machinery and equipment
4,6,
7,9,14,15,20,23,24,34
Employment estimates
14
Expenditures, U.S. Government
19
Explosives
26
Exports (see also individual commodities)
1,3,22-24
Failures, industrial and commercial
7
Farm income, marketings, and prices
2,3,8,9
Farm wages
16
Fats and oils
9,23,29,30
Federal Government
finance
19
Federal Reserve banks, condition of
17
Federal Reserve member banks
17
Fertilizers
9,25
Fire losses.
11
Fish
29
Flooring, hardwood
31
Flour, wheat
28
Food products
1,4,6,8,9,14-16,20,22,23,27-30
Foreclosures, real estate
11
Foreign trade (see also individual commod.)
22-24
Foundry equipment
34
Freight cars (equipment)
40
Fruits and vegetables
8,9
Fuel oil
35,36
Fuels
4,8,9,23,34-36
Furnaces
34
Furniture
4,9,12-15
Advertising
11,16
Aerospace vehicles
40
Agricultural loans.
17
Air carrier operations
24
Air conditioners (room)
34
Aircraft and parts
7,40
Alcohol, denatured and ethyl
26
Alcoholic beverages
11,27
Aluminum . . . »
33
Apparel
1,4,8,9,11-16,40
Asphalt
35,36
Automobiles, etc
1,4,6,8,9,11,12,20,23,24,40
Gas, output, prices, sales, revenues
Gasoline
Glass and products
Glycerin
Gold
Grains and products
Grocery stores
Gross national product
Gross national product, price deflators
Gross private domestic investment
Gypsum and products
3
Balance of international payments
17,18
Banking
27
Barley
34
Battery shipments
28
Beef and veal
Beverages
9,11,22, 23,27
5-7
Blast furnaces, steel mills
Bonds, outstanding, issued, prices, sales, yields.... 20,21
33
Brass and bronze
38
Brick
.
4,6,
Building and construction materials....
7,11 31,38
10,11
Building costs
10
Building permits
7
Business incorporations (new), failures.
5
Business sales and inventories
27
Butter
Hardware stores
12
Heating equipment
9,34
Hides and skins
9,30
Highways and roads
10,11
Hogs
28
Home electronic equipment
9
Home Loan banks, outstanding advances
11
Home mortgages
11
Hosiery
40
Hotels and motor-hotels
25
Hours, average weekly
.......
15
Housefurnishings.
1,4,8, ll, 12
Household appliances, radios, and television sets.
4,
8,9,12,34
Housing starts and permits
10
Cattle and calves
28
Cement and concrete products
9,11, 38
Cereal and bakery products
9
Chain-store sales, firms with 11 or more stores. . .
13
Cheese
27
Chemicals
5,6,9,14-16,20,23,25,26
Cigarettes and cigars
30
Clay products.
9,38
Coal
5,9,23,34,35
Cocoa
23,29
Coffee
23,29
Coke
35
Combustion, atmosphere, heating equipment
34
Communication
2,20,25
Confectionery, sales
29
Construction:
Contracts
10
Costs
10,11
Employment, unemployment, hours, earnings.. 13-16
Fixed investment, structures
1
Highways and roads
10,11
Housing starts
10
Materials output indexes
11
New construction put in place
10
Consumer credit
18
Consumer expenditures
1
Consumer goods output, index
4
Consumer price index
8
Copper
33
Corn
27
Cost of living (see Consumer price index)
8
Cotton, raw and manufactures
8,9,22,38,39
Cottonseed oil
30
Credit, short- and intermediate-term
18
Crops
3,8,27,28,30,38
Crude oil
5,35
Currency in circulation
20
Dairy products
Debits, bank
Debt, U.S. Government
Deflators, GNP
Department stores
Deposits, bank
Dishwashers
Disputes, industrial
Distilled spirits.
Dividend payments, rates, and yields
Drug stores, sales
3,8,9,27
17
19
2
12,13
17,20
34
16
27
2,3,20,21
12,13
5,9,26
1,35
38
26
19
8,9,22,27,28
12,13
1
2
1
9,38
Imports (see also individual commodities)... 1,3,23,24
Income, personal
2,3
Income and employment tax receipts
19
Industrial production indexes:
,By industry
4,5
By market grouping
4
Installment credit
13,18
Instruments and related products
4,6,14,15
Insurance, life
19
Interest and money rates
18
Inventories, manufacturers* and trade
5-7,11,12
Inventory-sales ratios
5
Iron and steel
4,9,11,20,23,31,32
Labor advertising index,~stoppages, turnover
16
Labor force
13
Lamb and mutton
28
Lead
33
Leather and products
4,9,14-16,30
Life insurance
19
Livestock
3,8,9, 28
Loans, real estate, agricultural, bank, brokers*
(see also Consumer credit)
11,17,18,20
Lubricants
35,36
Lumber and products
. . . . . 4,9,11,12,14,15,20,31
Machine tools.
34
Machinery
4,6,7,9,14,15,20,23,24,34
Mail order houses, sales
12
Man-hours, aggregate, and indexes
15
Manmade fibers and manufactures
9,39
Manufacturers* sales (or shipments), inventories,
orders
5-7
Manufacturing employment, unemployment, production workers, hours, man-hours, earnings. . . 14-16
Manufacturing production indexes
4,5
Margarine
29
Meat animals and meats.
3,8,9,22,23,28,29
Medical and personal care
9
Metals
4-7,9,14,15,20,22,23,31-33
Milk
27
Mining and minerals
2,4,5,9,14-16,20
Monetary statistics
19, 20
Money supply
20
Mortgage applications, loans, rates
11,17,18,19
Motor carriers
24
Motor vehicles
1,4,6,8,9,11,20,23,40
Motors and generators
34
National defense expenditures
1,19
National income and product
1,2
National parks, visits
25
Newsprint
23,37
New York Stock Exchange, selected data
21,22
Nonfemms metals
4,6,7,9,20,23,33
Noninstallment credit
18
Oats
Oils and fats
Orders, new and unfilled, manufactures*
Ordnance
27
9,23,29,30
7
14,15
Paint and paint materials
Paper and products and pulp
9,26
4-6,
9,14-16,20,23,36,37
Parity ratio
8
Passenger cars
1,4,6,8,9,11,12,20,23,24,40
Passports issued
25
Personal consumption expenditures
1
Personal income
2,3
Personal outlays
2
Petroleum and products
4-6,
8,9,14,15,20,23,35,36
Pig iron
31, 32
Plant and equipment expenditures
2
Plastics and resin materials
26
Population
13
Pork
28,29
Poultry and eggs
3,8,9,29
Price deflators, implicit, GNP
2
Prices (see also individual commodities)
8,9
Printing and publishing
4,14-16
Private sector employment, hours, earnings...... 13-16
Profits, corporate
2, 20
Public utilities
2,5,10,20,21,26
Pulp and pulpwood
36
Purchasing power of the dollar
9
Radio and television
4,11,34
Railroads
2,16,17,21,24,40
Ranges
34
Rayon and acetate
39
Real estate
11,17,19
Receipts, U.S. Government
19
Recreation
8
Refrigerators
34
Registrations (new vehicles)
40
Rent (housing)
'8
Retail trade
5,7,12-16,18
Rice
28
Rubber and products (incl. plastics)
5,6,
9,14-16,23.37
Saving, personal
2
Savings deposits.
17
Securities issued
20
Security markets
20-22
Services
1,8,14-16
Sheep and lambs
28
Shoes and other footwear
9,12,30
Silver
19
Soybean cake and meal and oil
30
Spindle activity, cotton
39
Steel (raw) and steel manufactures
23,31,32
Steel scrap
31
Stock market customer
financing
20
Stock prices, earnings, sales, etc
21,22
Stone, clay, glass products
4-6,9,14,15,20,38
Sugar
23,29
Sulfur
25
Sulfuric acid
25
Superphosphate
25
Tea imports
29
Telephone and telegraph carriers
25
Television and radio
4,11,34
Textiles and products
4,6,9,14-16,20,23,38-40
Tin
33
Tires and inner tubes
9,12,13,37
Tobacco and manufactures.
5,6,8,14,15, 30
Tractors
34
Trade (retail and wholesale)
5,11,12,14-16
Transit lines, local
24
Transportation
1,2,8,14-16,20-22,24, 25
Transportation equipment
4,6,7,14,15,20,40
Travel
24,25
Truck trailers
40
Trucks (industrial and other)
34,40
Unemployment and insurance
U.S. Government bonds
U.S. Government
Utilities
13,17
17-21
finance
19
2,5,8,10,21,22,26
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
12,13
23,29,30
8,97
*
flour
2,3,15, 16
34
34
28
A ' ^ ' l i ,A \*
5,7,11,14-16
36
"»39
33
UNITED STATES
GOVERNMENT PRINTING OFFICE
WASHINGTON, D.C. 2O4O2
OFFICIAL BUSINESS
A Tool for
Business Planning
and Research:
The 1967 InputOutput Tables for
the U.S. Economy
THE data for the 1967 input-output tables of the
U.S. economy, published at the 85-industry level in
the February 1974 SURVEY, are now available on
magnetic tape for computer processing.
Complete I-O tables for the whole economy
These data are available at three levels of detail—
85-industry, 367-industry, and 484-industry. For the
85- and 367-industry levels, there are included a
total transactions table (showing separately directly
allocated output and transferred output), a table
showing direct requirements per dollar of gross output, and a table showing total requirements per
dollar of delivery to final demand. The 484-industry
level tape includes only the transactions table data
(including the separate data on direct allocations
and transfers). Also included in each transactions
table are the trade and transportation costs associated with each transaction, at the relevant level of
detail.
The price of these tapes is $200 for the 85-industry
level, $350 for the 367-industry level, and $250 for
the 484-industry level. Included with each tape is
a detailed description of the tape layout and instructions for use. The tapes are generated on a Honeywell 2015; the data are inscribed as 7 track, 556 BPI
and are available in either even or odd parity. Please
specify parity when ordering a tape.*
Construction worksheet data
A detailed worksheet tape is available for construction activities. This tape shows the sales of about
520 products and services to 32 types of new construction and 17 types of maintenance and repair
construction. The price for the tape is $225. A single
copy printout is $125.*
*These prices are subject to change after June 30, 1974.
The tape records for the construction worksheet
tape contain: Directly allocated output at producers'
prices and purchasers' prices and the separate transportation and trade costs as follows: Railroad, motor
freight, air, water, pipeline, retail, and wholesale.
Published I-O tables
The 85-industry I-O tables for 1967 and the article
presenting them, "Input-Output Structure of the U.S.
Economy: 1967," appear in the SURVEY OF CURRENT BUSINESS, February 1974. Single copies of
the SURVEY are available at $2.25 from the Superintendent of Documents, U.S. Government Printing
Office, Washington, D.C. 20402, or any Commerce
District Office. Reprints of the article are available
at $1.00 per copy, from the same sources.
How to order
Additional information about the available data
tapes, computer printouts, and publications may be
secured from the Interindustry Economics Division
(BE-51), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, D.C. 20230.
Tapes and printouts may be secured by enclosing
a check for the proper amount payable to SESA/BEA
with your order and addressed to the Interindustry
Economics Division at the above address.
Additional publications
In addition, the 367-industry tables will appear in
published form in three separate volumes, as supplements to the SURVEY OF CURRENT BUSINESS. The
three volumes will be entitled /nput-Output Structure
of the U.S. Economy: 1967—Volume 1—Transactions
Data for Detailed Industries; Volume 2—Direct Requirements for Detailed Industries; Volume 3—Total
Requirements for Detailed Industries.
The publication date and prices for these volumes
will be announced later.
@FedFRASER